1
!"#$%&'()*+,-./012+3"$4,-5*(2+6-7+8-(11&/(*9+#-$/-$9+-#$%:4-/;-9%0()<+)="&/)0+)$-")$+&(*$"/)#!
>+'+**(-?2"+@+-?"&:"#$%&'()!*%+,-(.+#/0!123!"-(($!4$55!65)7!230!"#$%&'()!89!:1;320!(<+()=.#$%&'()>-)?!
!
A('2+-/;-./)$+)$#@%#(')?A#+'%!
9!BC-'(/!'&!-A'5'7+A$5!+%#-($A#+'%.!
8$.-!DEF!G$()-%!7$H-!+%!#C-!I-'#('J+A$5!($+%!&'(-.#>!
8$.-!DKF!L+M$().!$%)!N$%7$(''.!+%!#C-!9?.#($5+$%!O-.#-(%!P-.-(#!
Q--)<$AN.!#'!.'A+$5!+%.#+#?#+'%.!$%)!.'A+$5!'(7$%+M$#+'%!
!"#$%&'(#&)(*+,%#-(*.$/,./$0(
!+,%#-(%&01/#-%.2(#&)('0&)0$34#*0)()%5%*%+&*(+6(-#4+$(
8'%A5?.+'%.!
!
B+48/&:#F!
R?H$%!<-C$,+'($5!-A'5'7/0!.?.#$+%$<+5+#/0!-A'./.#-H!-%7+%--(+%70!%+AC-!A'%.#(?A#+'%0!A'HJ5-S!$)$J#+,-!
./.#-H.!
!
C'#$&(*$!!
I-T!$JJ('$AC-.!#'!C?H$%!(-.'?(A-!+%#-($A#+'%.!$(-!<-7+%%+%7!#'!H',-!<-/'%)!$!%$(('T!&'A?.!'%!
+%)+,+)?$5.!$%)!.+HJ5-!UJ$#ACV5-,-5W!J(-)$#'(/!'(!A'HJ-#+#+,-!+%#-($A#+'%.>!BC-.-!$JJ('$AC-.!5+%N!%'%V
-X?+5+<(+?H!#C-'(/!&('H!A'HH?%+#/!$%)!5$%).A$J-!-A'5'7/!T+#C!#C-'(+-.!'&!+%)+,+)?$5!)-A+.+'%VH$N+%7!
&('H!<-C$,+'($5!-A'5'7/!#'!-SJ5'(-!%-T!T$/.!'&!$JJ('$AC+%7!A'HJ5-S!+..?-.!'&!)+$AC('%+A!AC$%7-!+%!
<-C$,+'(0!.?<.+.#-%A-!$%)!.'A+$5!+%.#+#?#+'%.>!@!J(',+)-!$%!',-(,+-T!'&!#T'!.?AC!$JJ('$AC-.0!'%-!#'!
?%)-(.#$%)!5'%7V#-(H!C?%#+%7!.?.#$+%$<+5+#/!$H'%7!H+S-)!&'($7-(VC'(#+A?5#?($5+.#.!+%!#C-!T-#!#('J+A.0!#C-!
'#C-(!#'!?%)-(.#$%)!C'T!&'($7-(.!$A#!$.!-A'./.#-H!-%7+%--(.!+%!$!)(/0!J-(-%%+$5!7($..5$%)!+%!9?.#($5+$>!@!
A'%A5?)-!</!)-.A(+<+%7!#C-!+HJ5+A$#+'%.!'&!#C-.-!%-T!$JJ('$AC-.!+%A'(J'($#+%7!$%#C('J'7-%+A!
Y+%#-(H-)+$#-Y!)+.#?(<$%A-!U$.!$%!-H-(7-%#!J('J-(#/!'&!C?H$%V-%,+('%H-%#!+%#-($A#+'%W!&'(!.C$J+%7!
-%,+('%H-%#.!#C('?7C!#+H-!$%)!.J$A-!$%)!+%!.'!)'+%70!J$##-(%+%7!#C-!.?.#$+%$<+5+#/!'&!.?<.+.#-%A-0!C'T!
J-'J5-!.C$(-0!TC$#!N+%).!'&!'T%-(.C+J!%'(H.!)-,-5'J0!$%)!-,-%!C'T!7-%)-(-)!J(')?A#+'%!+.!.#(?A#?(-)>!
!
D)$&/:%*$"/)4')-5.!'&!+%)+,+)?$5!)-A+.+'%VH$N+%7!)-,-5'J-)!+%!<-C$,+'($5!-A'5'7/!C$,-!J(',-%!(-H$(N$<5/!('<?.#!$#!
-SJ5$+%+%7!#C-!$)$J#+,-!%$#?(-!'&!C?H$%V(-.'?(A-!+%#-($A#+'%!U"H+#C!K3E;0!"H+#C!Z!O+.C%+-!K333W0!
-.J-A+$55/!TC-%!A'%.+)-(+%7!.+HJ5-!+%#-($A#+'%.F!#C-!)-A+.+'%!'&!TC-#C-(!$%)!TC-%!#'!#$N-!A-(#$+%!
.C-55&+.C!'(!J$..!#C-H!',-(!U6+()!Z!65+-7-!6+()!E::[W0!TC+AC!C$<+#$#.!#'!A'5'%+M-!&+(.#!$%)!TC-#C-(!#'!
)-&-%)!#C-H!UO+%#-(C$5)-(!-#!$5>!K3E3W0!'(!C'T!&$(!#'!#($%.J'(#!+#-H.!T+#C!5'T!?#+5+#/!U6-##+%7-(!-#!$5>!
E::[W>!L+N-T+.-0!.+HJ5-!-A'5'7+A$5!H')-5.!'&!J(-)$#+'%!$%)!A'HJ-#+#+'%!$(-!?#+5+M-)!#'!-SJ5$+%!C'T!#C-!
-%,+('%H-%#!+.!$&&-A#-)!</!C?H$%!)-A+.+'%VH$N+%7!J('A-..-.!U8C$(%',!-#!$5>!E:[\0!I$7$'N$!K33KW>!"?AC!
.+HJ5-!H')-5.!C$,-!$5.'!J(',-%!?.-&?5!+%!?%,-+5+%7!H$%/!'&!#C-!)/%$H+A.!#C$#!$AA'HJ$%/!$!A'%.+)-($#+'%!
'&!H'(-!A'HJ5-S!JC-%'H-%$0!.?AC!$.!#C-!+%#-($A#+,-!-&&-A#.!'&!-%,+('%H-%#!'%!#C-!)-,-5'JH-%#!'&!
.'A+$5!C+-($(AC/!$%)!#C-!A'5'%+M$#+'%!'&!A'%#+%-%#.!U]-%%-##!-#!$5>!K33\0!K33:W>!R'T-,-(0!&'(!#C-!H'.#!
J$(#0!5$(7-(!.A$5-0!)/%$H+A!.'A+$5!$%)!-A'5'7+A$5!J('A-..-.!C$,-!J(',-%!H'(-!)+&&+A?5#!#'!-SJ5$+%0!$.!
-,+)-%A-)!</!#C-!.?<.#$%#+$5!)-<$#-!',-(!#C-+(!$JJ5+A$<+5+#/!#'!#C-!?%)-(.#$%)+%7!'&!.?<.+.#-%A-!
+%#-%.+&+A$#+'%!$%)!#C-!#($%.+#+'%!&('H!C?%#+%7!$%)!7$#C-(+%7!#'!$7(+A?5#?(-0!UG(-H+55+'%!-#!$5>!K3E10!"H+#C!
K33[0!K3EE$0<^!_-)-(!K3EKW>!
!
BC-!H'.#!A'HH'%!-A'5'7+A$5!$JJ('$AC!#'!X?-.#+'%.!'&!C?H$%V-%,+('%H-%#!+%#-($A#+'%!U.?AC!$.!#C-!
J('A-..-.!)(+,+%7!.?<.+.#-%A-!+%#-%.+&+A$#+'%W!A'H<+%-.!H')-5.!'&!C?H$%V-%,+('%H-%#$5!(-.J'%.-!#'!
)+&&-(-%#!-%,+('%H-%#$5!A'%)+#+'%.!UA-%#($5!J5$A-!&'($7+%7!H')-5.0!J(-/0!J$#AC0!$%)!C$<+#$#!AC'+A-!
H')-5.0!$%)!#-((+#'(+$5!)-&-%.-`H$(7+%$5!,$5?$#+'%!H')-5.W!T+#C!H')-5.!'&!C?H$%!+HJ$A#!'%!#C-!
-%,+('%H-%#0!J(+H$(+5/!J(-)$#'(VJ(-/!H')-5.>!"?AC!H')-5.!$(-!?.-)!#'!7-%-($#-!J(-)+A#+'%.!$<'?#!C'T!
2
C?H$%!J'J?5$#+'%.!A$?.-!(-.'?(A-!)-J(-..+'%0!C'T!#C+.!+%&5?-%A-.!J$##-(%.!'&!H'<+5+#/!$%)!(-.+)-%A-0!
$%)!C'T!J'J?5$#+'%!)-%.+#/!$%)!#C-!A'5'%+M$#+'%!'&!5-..!.?+#$<5-!C$<+#$#!H$/!(-.?5#!+%!)-A5+%+%7!(-.+)-%#+$5!
H'<+5+#/!$%)!+%A(-$.-)!.'A+'VJ'5+#+A$5!.#($#+&+A$#+'%!U6+()!Z!ab8'%%-55!K33\0!]-%%-##!Z!O+%#-(C$5)-(!K33\0!
L?J'!K33[0!4'(7$%!K3E1W>!9.!&'($7-(.!.J-%)!J('J'(#+'%$55/!H'(-!#+H-!C$%)5+%7!5'T-(!($%N-)!(-.'?(A-.0!
$%)!#C-!A'.#.!'&!#($,-5+%7!-5.-TC-(-!+%A(-$.-!T+#C!C+7C-(!C?H$%!J'J?5$#+'%.!+%!%-+7C<'(+%7!C$<+#$#.0!#C-!
'JJ'(#?%+#/!A'.#.!'&!+%,-.#+%7!+%!#-AC%'5'7/!#'!(-)?A-!C$%)5+%7!A'.#.!)-A5+%-!U6-##+%7-(!-#!$5>!K33\0!
R$TN-.!Z!ab8'%%-55!E::KW0!5-$)+%7!-,-%#?$55/!#'!J5$%#!)'H-.#+A$#+'%!$%)!$7(+A?5#?($5!J(')?A#+'%>!
!
P-<$#-.!',-(!#C-!5+H+#$#+'%.!'&!#C-.-!H')-5.!C$,-!C+7C5+7C#-)!#T'!H$+%!J('<5-H.>!Q+(.#0!#C-.-!H')-5.!)'!
%'#!-SJ5$+%!#C-!'(+7+%.!'&!'(!,$(+$#+'%!+%!-H-(7-%#!.'A+$5!JC-%'H-%$!5+N-!#C-!+%.#+#?#+'%.!#C$#!$(-!$!
%-A-..$(/!J$(#!'&!.?AC!A'HJ5-S!JC-%'H-%$!$.!#C-!'(+7+%.!'&!$7(+A?5#?(->!8'V-,'5?#+'%$(/!$JJ('$AC-.!.?AC!
$.!#C$#!'&!6'T5-.!Z!8C'+!UK3E;W!$))(-..!#C+.!5+H+#$#+'%!</!J('J'.+%7!$!.'(#!'&!($#AC-#+%7!?J!5+%N!<-#T--%!
-A'%'H+A!$%)!.'A+$5!+%.#+#?#+'%.>!R'T-,-(0!#C-!$<.-%A-!'&!-A'5'7+A$5!)/%$H+A.!$%)!$!5$AN!'&!$##-%#+'%!#'!
+%)+,+)?$5!)-A+.+'%VH$N+%7!J('A-..-.!+%!.?AC!H')-5.!)'-.!%'#!$55'T!&'(!#C-!+%A'(J'($#+'%!'&!$)$J#+,-!
J('A-..-.!'#C-(!#C$%!7('?J!.-5-A#+'%!#C$#!AC$%7-!.'A+$5!+%.#+#?#+'%.>!!
!
"-A'%)0!#C-.-!H')-5.!$(-!)-.+7%-)!#'!-SJ5$+%!-A'5'7+A$5!+%#-($A#+'%.!$#!,-(/!5'A$5!.J$#+$5!$%)!#-HJ'($5!
.A$5-.!$%)!$(-!%'#!)-.+7%-)!#'!-SJ5$+%!J'J?5$#+'%!'(!A'HH?%+#/V5-,-50!)/%$H+A!+%#-($A#+'%.>!BC-/!&'A?.!
$5H'.#!-SA5?.+,-5/!'%!)/$)+A!(-5$#+'%.C+J.!<-#T--%!.J-A+-.0!%-7$#+,-!+%#-($A#+'%.!5+N-!A'HJ-#+#+'%!$%)!
J(-)$#+'%0!$%)!)'!%'#!+%A'(J'($#-!%'%V-X?+5+<(+?H0!.A$5-V.-%.+#+,-!$JJ('$AC-.!+%!TC+AC!%-7$#+,-!-&&-A#.!
$#!'%-!.J$#+$5!.A$5-!A$%!(-.?5#!+%!J'.+#+,-!'%-.!$#!#C-!5-,-5!'&!#C-!5$%).A$J-!'(!A'HH?%+#/!$.!$!TC'5-!
UR?.#'%!E:[:W>!G+,-%!#C+.0!%+AC-!A'%.#(?A#+'%0!'(!-A'./.#-H.!-%7+%--(+%7!$JJ('$AC-.!.?AC!$.!#C'.-!'&!
!
_-)-(!U_-)-(!K3EKW $%)!"H+#C!U"H+#C!K33[0!K3EE$0<W!J('J'.-!#C$#!.?AC!A'HJ5-S!JC-%'H-%$!$.!#C-!'(+7+%.!
'&!$7(+A?5#?(-!$(-!<-.#!-SJ5$+%-)!#C('?7C!#C-!$%#C('J'7-%+A!A'%.#(?A#+'%!$%)!H$%$7-H-%#!'&!-A'./.#-H.!
#'!+HJ(',-!.?<.+.#-%A-!J(')?A#+,+#/>!R'T-,-(0!$.!c(+A!"H+#C!UK3E;W!J'+%#.!'?#0!TC+5-!.?AC!H')-5.!$(-!
7'')!$#!A$55+%7!'?(!$##-%#+'%!#'!)/%$H+A!$%)!+%#-($A#+,-!-&&-A#.!'&!-A'5'7/!$%)!.'A+$5!.#(?A#?(-0!#C-/!
J(',+)-!%'!&($H-T'(N!&'(!)-,-5'J+%7!C/J'#C-.-.!$<'?#!+%)+,+)?$5!)-A+.+'%VH$N+%7!T+#C!(-7$()!#'!
(-.'?(A-!?.-!<-/'%)!$!,$7?-!%'#+'%!'&!+%#-%#+'%$5+#/!+%!+%%',$#+'%0!TC-(-!$A#'(.!+%#-%#+'%$55/!H')+&/!
C$<+#$#.!#'!7$+%!,+$!&?#?(-0!)-5$/-)!J$/'&&.>!BC-!.'5?#+'%!#'!#C-.-!+..?-.!+.!%'#!#'!)+.A$()!H')-5.!'&!
$7-%A/0!%'(!#'!H')-5!.'A+$5!-,'5?#+'%!+%!$%!-A'5'7+A$5!,$A??H0!<?#!#'!7-%-($#-!%-T!+%#-7($#+,-!H')-5.!
#C$#!A$%!.A$5-!?J!&('H!+%)+,+)?$5!)-A+.+'%VH$N+%7!#'!#C-!.'A+$5!$%)!-A'5'7+A$5!A$?.-.!$%)!A'%.-X?-%A-.!'&!
)-A+.+'%VH$N+%7!$#!#C-!5-,-5!'&!J'J?5$#+'%.!$%)!-A'5'7+A$5!A'HH?%+#+-.>!9.!L$/#'%!J?#!+#0(7+/$(40*.("+80(
6+$($0,+&,%-%&'(!+,%#-(#&)(95+-/.%+&#$2(:"0+$2(-%0*(%&(#&(0,+-+'%,#-(#88$+#,"(.+(*+,%#-(05+-/.%+&(."#.(
#,;&+<-0)'0*(."0(0=0$'0&.(8$+80$.%0*(+6(*+,%#-(%&.0$#,.%+&(#&)(."0%$(,#8#,%.2(.+(=+)%62(."0(0&5%$+&=0&.(
.+(<"%,"(%&)%5%)/#-*(#$0(#)#8.%&'7(>?#2.+&(@ABACDBEFCG!
!
@!.?77-.#!#C$#!+&!<-C$,+'($5!-A'5'7/!+.!#'!C$,-!$%/!C'J-!'&!7-%-($#+%7!<-##-(!H')-5.!'&!A'HJ5-S0!)/%$H+A!
.'A+$5V-%,+('%H-%#$5!+%#-($A#+'%0!+#!H?.#!&+%)!T$/.!'&!+%#-7($#+%7!#C-!J'T-(!'&!+%)+,+)?$5!)-A+.+'%VH$N+%7!
T+#C!-A'5'7+A$5!$%)!-,'5?#+'%$(/!#C-'(/!)-.+7%-)!#'!'J-($#-!$#!#C-!.J$#+$5!$%)!#-HJ'($5!.A$5-.!'&!#C-.-!
<('$)-(!JC-%'H-%$>!@#!%--).!#'!&'A?.!'%!C'T!+%)+,+)?$5!-A'5'7+A$5!$%)!.'A+$5!J('A-..-.!$%)!<-C$,+'(.!
.A$5-!?J!#'!$&&-A#!J'J?5$#+'%.!$%)!A'HH?%+#+-.>!@#!.C'?5)!.-$H5-..5/!+%#-7($#-!$A('..!TC$#!$(-!'&#-%!
J-(A-+,-)!$.!#C-'(-#+A$5!)+,+)-.!<-#T--%!%$#?(-!$%)!A?5#?(-0!$7-%A/!$%)!$)$J#$#+'%0!<-C$,+'(!$%)!
+%.#+#?#+'%.0!C?H$%.!$%)!'#C-(!.J-A+-.0!+%)+,+)?$5.!$%)!A'HH?%+#+-.>!@#!.C'?5)!+%A5?)-!C?H$%.!$.!J$(#!'&!
#C-!&?%)$H-%#$5!.#(?A#?(-!$%)!&?%A#+'%!'&!-A'./.#-H.0!$%)!J$/!$##-%#+'%!#'!)/%$H+A!+%#-($A#+'%.!
<-#T--%!.?<.+.#-%A-0!.'A+$5!.#(?A#?(-0!.'A+$5!+%.#+#?#+'%.!$%)!#C-!-%,+('%H-%#0!$%)!+%A5?)-!A'%.+)-($#+'%.!
'&!#-HJ'($5!$%)!.J$#+$5!.A$5-0!,$(+$#+'%0!$%)!(-A'7%+#+'%!'&!#C-!A'HJ5-S+#/!'&!-A'5'7+A$5!+%#-($A#+'%.!
'AA?((+%7!<-#T--%!C?H$%.!$%)!'#C-(!.J-A+-.>!@#!.C'?5)!#$N-!$!A'V-,'5?#+'%$(/!J-(.J-A#+,-!#'!$AA'?%#!&'(!
#C-!+%#-($A#+,-!-&&-A#.!<-#T--%!#C+%7.!',-(!#+H-F!<-#T--%!+%)+,+)?$5.!UA''J-($#+'%0!A'%&5+A#0!A?5#?($5!
#($%.H+..+'%W0!<-#T--%!.J-A+-.!UH?#?$5+.H0!J(-)$#+'%0!A'HJ-#+#+'%0!&$A+5+#$#+'%0!%+AC-!A'%.#(?A#+'%!
`-A'./.#-H!-%7+%--(+%7W0!$%)!<-#T--%!.A$5-.!'&!'(7$%+M$#+'%0!&('H!#C-!+%)+,+)?$5!#'!#C-!J'J?5$#+'%0!#'!
#C-!A'HH?%+#/>!(
!
3
R-(-0!@!J(',+)-!$%!-S$HJ5-!'&!.?AC!$%!$JJ('$AC0!TC+AC!(-A'%.+)-(.!-SJ5$%$#+'%.!&'(!.?<.+.#-%A-!
+%#-%.+&+A$#+'%!</!5+%N+%7!#C-'(/!&('H!A'HH?%+#/!$%)!5$%).A$J-!-A'5'7/!T+#C!#C-'(+-.!'&!+%)+,+)?$5!
)-A+.+'%VH$N+%7!&('H!<-C$,+'($5!-A'5'7/>!!
!
C-A9+/&4-/;-+*/2/@"*(2-")$+&(*$"/)#B/J+A$5!H')-5.!'&!.?<.+.#-%A-!+%#-%.+&+A$#+'%!?.?$55/!$..?H-!#C$#!J(-)$#+'%!(-)?A-.!J'J?5$#+'%.!'&!
-A'%'H+A$55/!J('&+#$<5-!.J-A+-.0!A$?.+%7!.C+&#.!#'!5'T-(VJ('&+#$<+5+#/!(-.'?(A-.>!OC+5-!#C-(-!+.!$HJ5-!
-,+)-%A-!'&!5'A$5!J'J?5$#+'%!)-J(-..+'%0!-,+)-%A-!&'(!+%)+7-%'?.!C?%#-(.!A'HJ5-#-5/!-S#-(H+%$#+%7!
.J-A+-.!+.!X?+#-!5+H+#-)!$%)!A'%#-%#+'?.!U.--!4-5#M-(!#C+.!,'5?H-W>!BC-(-!+.!$A#?$55/!$!5'%7!C+.#'(/!'&!
.?.#$+%$<5-!-SJ5'+#$#+'%!'&!H'.#!C?H$%!J(-/F!-,-%!#C-!&5+7C#5-..!)?AN!+%!8$5+&'(%+$0!$%!-$./!H$(N!&'(!
%$#+,-!C?%#-(.0!A'-S+.#-)!T+#C!8$5+&'(%+$!A'$.#$5!&'($7-(.!&'(!d333!/-$(.!Ue'%-.!-#!$5>!K33dW>!6/!&'A?.+%7!
'%5/!'%!#C-!5'A$5V.A$5-0!)/$)+A!+%#-($A#+'%.!<-#T--%!C?H$%.!$%)!#C-+(!J(-/0!T-!',-(5''N!#C-!H'(-!
A'HJ5-S!-&&-A#.!'&!J(-)$#+'%!$#!5$(7-(!.A$5-.!$%)!+#.!+%)+(-A#!-&&-A#.!'%!'#C-(!.J-A+-.!#C$#!H+7C#!<-!
&$A+5+#$#+%7!#C-.-!.?.#$+%$<5-!+%#-($A#+'%.>!
!
f(-)$#+'%!+.!H'(-!7-%-($55/!$!.'?(A-!'&!)+.#?(<$%A-!#'!J'J?5$#+'%.0!$%)!.?AC!)+.#?(<$%A-0!TC+5-!%-7$#+,-!
$#!.'H-!#-HJ'($5!$%)!.J$#+$5!.A$5-.0!A$%!J$($)'S+A$55/!<-!$!.'?(A-!'&!J'.+#+,-!-&&-A#.!$#!'#C-(.>!f'.+#+,-!
-A'5'7+A$5!+%#-($A#+'%.0!'&#-%!(-&-((-)!#'!$.!&$A+5+#$#+'%0!+%A5?)-!$%/!)+(-A#!'(!+%)+(-A#!&'(A-.!J'.+#+,-5/!
$&&-A#+%7!#C-!7('T#C!'(!(-J(')?A#+'%!'&!'%-!'(!H'(-!'(7$%+.H.!T+#C'?#!%-7$#+,-5/!$&&-A#+%7!#C-!'#C-(.!
U6-(#%-..!Z!L-'%$()!E::[W>!9#!#C-!5-,-5!'&!#C-!A'HH?%+#/!$.!$!TC'5-0!J'.+#+,-!-&&-A#.!$(-!H')-5-)!$.!$!
&?%A#+'%!'&!#C-!.A$5-!$#!TC+AC!)+.#?(<$%A-!UH'(#$5+#/W!'AA?(.0!T+#C!+%#-(H-)+$#-!)+.#?(<$%A-.!
C/J'#C-.+M-)!#'!J(')?A-!C-#-('7-%-'?.!5$%).A$J-.!$%)!.'?(A-V.+%N!)/%$H+A.!#C$#!H$S+H+M-!#C-!
J-(.+.#-%A-!'&!$!T+)-(!($%7-!'&!A'-S+.#+%7!.J-A+-.!U8'%%-55!E:[d0!R?.#'%!E:[:W>!
!
f'.+#+,-!-&&-A#.!C$,-!<--%!)'A?H-%#-)!&'(!$!T+)-!($%7-!'&!J(-)$#'(/!+%#-($A#+'%.>!@%!.'H-!+%#-($A#+'%.0!
J(-)$#+'%!$A#?$55/!+%A(-$.-.!J(-/!J'J?5$#+'%.>!97'?#+!U5$(7-!(')-%#.!'&!#C-!7-%?.!H#*28$+,.#W!J(-/!
-S#-%.+,-5/!'%!6($M+5!%?#.0!<?#!#C-/!C$<+#?$55/!<?(/!.--).!+%#$A#!&'(!5$#-(!A'%.?HJ#+'%0!TC+AC!+%A(-$.-.!
.--)5+%7!.?(,+,$5!',-(!?%<?(+-)!%?#.!$%)!(-.?5#.!+%!H'(-!6($M+5!%?#!#(--.!TC-(-!$7'?#+!$(-!J(-.-%#!
U9.X?+#C!-#!$5>!E:::W>!a#C-(!J(-)$#'(/!+%#-($A#+'%.!C$,-!%-7$#+,-!)+(-A#!-&&-A#.!'%!#C-!.J-A+-.!+%!X?-.#+'%0!
<?#!J'.+#+,-!-&&-A#.!#'!'#C-(!.J-A+-.0!'(!#C-!A'HH?%+#/!$.!$!TC'5->!@%!#C-!$<.-%A-!'&!#'J!A$(%+,'(-.0!
TC+#-V#$+5-)!)--(!.?JJ(-..!#(--!.--)5+%7!(-A(?+#H-%#!$%)!)-J5-#-!H$%/!C-(<$A-'?.!J5$%#.0!TC+AC!(-)?A-.!
C$<+#$#!&'(!7('?%)V%-.#+%7!<+().^!+%#(')?A-!#'J!A$(%+,'(-.!$%)!<'#C!J5$%#!J'J?5$#+'%.!$%)!#C-!.H$55!
$%+H$5.!#C$#!(-5/!'%!#C-H!(-<'?%)!Ug''%-/!-#!$5>!K331W>!g-H',+%7!'##-(.!&('H!%-$(.C'(-!-%,+('%H-%#.!
A$?.-.!$!A'55$J.-!'&!H$A('$57$-!$%)!.-$!7($..-.!$.!C-(<+,'(-.!5+N-!?(AC+%.!$%)!7($M+%7!.%$+5.!+%A(-$.-!
Uc.#-.!Z!f$5H+.$%'!E:[1W>!]-5J!&'(-.#.!+%!#?(%0!$&&-A#!'#C-(!.J-A+-.!#C('?7C!+%A(-$.+%7!&'')!$,$+5$<+5+#/!&'(!
7($M-(.0!$%)!(-)?A+%7!T$,-!C-+7C#!$%)!A?((-%#!,-5'A+#/>!6$(%$A5-.!$%)!H?..-5.!7('T!#C(--!#'!&'?(!#+H-.!
&$.#-(!+%!'##-(V)'H+%$#-)!N-5J!&'(-.#.!UP?77+%.!-#!$5>!E:d:W^!('AN!7(--%5+%7!$(-!('?7C5/!#-%!#+H-.!H'(-!
$<?%)$%#!Ug-+.-T+#M!-#!$5>!K332W^!75$?A'?.!T+%7-)!7?55.!-$#!H'(-!&+.C!U@('%.!-#!$5>!E:d\W^!$%)!<$5)!-$75-.!
C$,-!$!H'(-!)+,-(.-!)+-#!'&!&+.C0!H$(+%-!H$HH$5.0!$%)!.-$<+().!U9%#C'%/!-#!$5>!K33dW>!@%!#C-!$<.-%A-!'&!$!
)+.#?(<$%A-!.?AC!$.!.#'(H!'(!&+(-0!J+%-.!'(!&+(!#(--.!T+55!7($)?$55/!#$N-!',-(!$%!'$N!T'')5$%)!U8'AN+%7!-#!
$5>!K3EKW!(-)?A+%7!',-($55!J5$%#!)+,-(.+#/!$%)!$<?%)$%A-0!-.J-A+$55/!'%!#C-!&'(-.#!&5''(0!$%)!+%A(-$.+%7!#C-!
(+.N!'&!J$#C'7-%!.J(-$)!Ug-$5!Z!6+-N!K33[W>!BC-!)-A5+%-!'&!$!#'J!J(-)$#'(0!.?AC!$.!#C-!A'/'#-0!(-5-$.-.!
.H$55-(!J(-)$#'(.!&('H!A'HJ-#+#+'%0!$55'T+%7!#C-+(!J'J?5$#+'%.!#'!.?(7-!$%)!)-J5-#-!J(-/!J'J?5$#+'%.F!
TC-%!A'/'#-.!$(-!($(-0!.H$55-(!J(-)$#'(.!5+N-!&'S-.!$%)!A$#.!$(-!H'(-!A'HH'%!$%)!J'J?5$#+'%.!'&!.A(?<!
<(--)+%7!<+().!)-A5+%-!U8(''N.!Z!"'?5h!E:::W>!f'.+#+,-!-&&-A#.!A$%!$5.'!A'H-!$<'?#!#C('?7C!#C-!
-%7+%--(+%7!$A#+,+#+-.!#C$#!$(-!$!.+)-!-&&-A#!'&!.'H-!'(7$%+.HY.!&'($7+%70!C'?.+%70!'(!J(-)$#'(!-,$.+'%!
.#($#-7+-.>!"?AC!J('A-..-.0!TC-%!#C-/!A'%.#(?A#!%-T!%+AC-.!'(!-%C$%A-!-S+.#+%7!'%-.0!$(-!'&#-%!(-&-((-)!
#'!$.!-A'./.#-H!-%7+%--(+%7!Ue'%-.!-#!$5>!E::1W>!BC-!A5$..+A!-S$HJ5-!+.!'&!<-$,-(!)$H!A'%.#(?A#+'%0!TC+AC!
+%A(-$.-.!T-#5$%).!$(-$.!$%)!J(')?A-.!H'(-!-%,+('%H-%#$5!C-#-('7-%-+#/0!.?JJ'(#+%7!5$(7-(!J'J?5$#+'%.!
'&!$!T+)-(!($%7-!'&!.J-A+-.!$#!$!5$%).A$J-!.A$5-!UO(+7C#!-#!$5>!K33KW>!!
!
BC-!.?H!#'#$5!'&!#C-.-!&$A+5+#$#+,-!-A'5'7+A$5!+%#-($A#+'%.!$&&-A#.!#C-!$..-H<5/!'&!-%#+(-!-A'5'7+A$5!
A'HH?%+#+-.>!OC-%!-A'./.#-H!-%7+%--(.!$&&-A#!5$%).A$J-!C-#-('7-%-+#/0!#C+.!H$/!.#$<+5+M-!.J-A+-.!
4
+%#-($A#+'%.!UR'5#!E:d10!g'&&!E:[10!g'S<?(7C!-#!$5>!K331W0!$%)!J(',+)-!(-.A$5+%7!$%)!C$<+#$#!J('#-A#+'%!
-&&-A#.!&'(!C$<+#$#!7-%-($5+.#.F!.J-A+-.!#C$#!(-X?+(-!$!,$(+-#/!'&!C$<+#$#.!&'(!<'#C!&'')!$%)!.C-5#-(!
UQ?#?/H$!E:dd0!4$(,+-(!-#!$5>!K3310!O+77+%.!-#!$5>!K33\W>!OC-%!J(-)$#'(.!C?%#!H$%/!)+&&-(-%#!J(-/!
.J-A+-.!$#!H?5#+J5-!#('JC+A!5-,-5.0!#C$#!+.0!C$,-!T+)-!)+-#!<(-$)#C.!U6-AN-(H$%!-#!$5>!K33\0!g-)&'()!Z!
g'<+%.'%!E:d[W0!&'')!T-<!.#$<+5+#/!H+7C#!+%A(-$.-0!$55'T+%7!H'(-!.J-A+-.!#'!J-(.+.#!T+#C!H'(-!.#$<5-!
J'J?5$#+'%.!UG('..!-#!$5>!K33:W>!OC+5-!+%)+,+)?$5!J'J?5$#+'%.!H$/!)-A5+%-!$%)!5'A$55/!<-A'H-!-S#+%A#0!#C-!
5$(7-(!H-#$VJ'J?5$#+'%!H$/!<-!H'(-!5+N-5/!#'!J-(.+.#!J$(#+A?5$(5/!+&!C$<+#$#.!$(-!J$#AC/!$%)!
C-#-('7-%-'?.0!$%)!J(-)$#'(.!&$A-!5'T-(!A'.#.!'&!J(-/!.T+#AC+%7!UR'5#!E:d10!4A8$%%!-#!$5>!K3320!g''%-/!
Z!4A8$%%!K3EKW>!BC'.-!.J-A+-.!J(',+)+%7!H'(-!J'.+#+,-!-A'./.#-H!-&&-A#.!H$/!A'%#(+<?#-!#'!H'(-!.#$<5-!
-A'5'7+A$5!A'HH?%+#+-.0!H+%+H+M+%7!)-.#$<+5+M+%7!J'J?5$#+'%!&5?A#?$#+'%.!$%)!$55'T+%7!H$%/!H'(-!.J-A+-.!
#'!A'-S+.#!',-(!#C-!5'%7!#-(H>!a(7$%+.H.!J5$/+%7!$!N-/!('5-!+%!C'5)+%7!A'HH?%+#+-.!#'7-#C-(!$(-!#-(H-)!
N-/.#'%-!.J-A+-.!'(!.'H-#+H-.0!&'?%)$#+'%$5!&$A+5+#$#'(.>!OC-%!#C-.-!N-/.#'%-.!$(-!(-H',-)!&('H!#C-!
&'')!T-<.!#C-/!.?JJ'(#0!A$#$.#('JC+A!.J-A+-.!5'..!'&#-%!&'55'T.!#C$#!(+JJ5-.!)'T%!#C('?7C!#C-!#('JC+A!
5-,-5.!'&!#C-!T-<0!&('H!#'J!A'%.?H-(.!#'!C-(<+,'(-.0!$%)!-,-%!#'!#C-!J5$%#.!#C-/!A'%.?H->!!
!
OC+5-!AC$(+.H$#+A!%'%VC?H$%!.J-A+-.!#$N-!&('%#!$%)!A-%#-(!+%!H'.#!-A'5'7+A$5!.#?)+-.!'&!&$A+5+#$#+'%0!
-,+)-%A-!&'(!H'(-!A'HJ5-S!$%)`'(!J'.+#+,-!C?H$%V-%,+('%H-%#!+%#-($A#+'%.!+.!H'(-!.5'T5/!
$AA?H?5$#+%7>!a%-!'&!#C-!&+(.#!-A'5'7+A$5!.#?)+-.!#'!.?77-.#!#C+.!T$.!8$.#+55$!$%)!A'55-$7?-.!U8$.#+55$!E:::0!
8$.#+55$!Z!6?.#$H$%#-!E:d:W0!TC'!)-H'%.#($#-)!#C('?7C!-SA5?.+'%!-SJ-(+H-%#.!'%!#C-!8C+5-$%!A'$.#!#C$#!
H')-($#-!5-,-5.!'&!C?H$%!J(-)$#+'%!U.?<.+.#-%A-!&'($7+%7W!'%!$!T+)-!($%7-!'&!.C-55&+.C0!+%A5?)+%7!H?..-5.!
U)-#(+#+,'(-.W0!5+HJ-#.!UC-(<+,'(-.W!$%)!7$.#('J').!UJ(-)$#'(.W!+%A(-$.-)!.J-A+-.!)+,-(.+#/!$%)!.C+&#-)!#C-!
+%#-(#+)$5!&('H!'%-!)'H+%$#-)!</!<$(%$A5-.0!#'!'%-!-,-%5/!(-J(-.-%#-)!</!H?..-5.0!$57$-!$%)!<$(%$A5-.>!
OC-%!C?H$%.!T-(-!-SA5?)-)0!#C-!J(-)$#'(/!7$.#('J').!($J+)5/!)-A+H$#-)!#C-!H?..-5!<-).0!$55'T+%7!
<$(%$A5-.!#'!+%,$)-0!TC+AC!#C-%!J(-,-%#-)!H?..-5.!&('H!(-V-.#$<5+.C+%7>!R?H$%!-SA5?.+'%!$5.'!+%A(-$.-)!
#C-!.+M-!'&!N-/C'5-!5+HJ-#.!U$!JC-%'H-%'%!A'HH'%5/!'<.-(,-)!$(AC$-'5'7+A$55/F!C?H$%!&'($7-(.!
J(-&-(-%#+$55/!AC''.-!5$(7-(!+%)+,+)?$5.W!<?#!#C+.!C$)!$!)-,$.#$#+%7!-&&-A#!'%!$57$-!<-A$?.-!<+7!N-/C'5-!
5+HJ-#.!7($M-!+#!)'T%!H'(-!-&&-A#+,-5/^!#C-!5'..!'&!$57$-!$5.'!5-&#!H'(-!(''H!&'(!<$(%$A5-.!#'!+%,$)->!
OC+5-!&'($7+%7!.#($#-7+-.!T+#C!T+)-!)+-#!<(-$)#C.!.--H!#'!$A#?$55/!+HJ(',-!A'$.#$5!(-.'?(A-.!&'(!C?H$%!
-SJ5'+#$#+'%0!%$(('T!.#($#-7+-.!&'A?.-)!'%!$!.+%75-!+%#-(#+)$5!N-/.#'%-!.J-A+-.0!5+N-!#C-!.-$!'##-(0!A$?.-.!
#('JC+A!A'55$J.-0!$.!A'HH-(A+$5!C?%#+%7!)+)!)?(+%7!#C-!E:#C!A-%#?(/>!8$.#+55$!A'%A5?)-.!#C$#!iC?H$%.!
$&&-A#!#C-!&?%A#+'%+%7!'&!&'')!T-<.!</!$A#+%7!$.!$%!-&&+A+-%#!$%)!.-5-A#+,-!N-/.#'%-!J(-)$#'(>!R?H$%.!A$%!
(-7?5$#-!J(-)$#'(/!-&&+A+-%A/!$%)`'(!.-5-A#+,+#/0!$%)!#C-(-</!H$%$7-0!-%C$%A-0!(-)?A-0!A'%.-(,-!'(!
(-.-(,-!.J-A+-.!'(!A'HH?%+#+-.i!$%)!+HJ5+-.!#C-/!H$/!)'!.'!.+HJ5/!</!,+(#?-!'&!#C-+(!'J#+H$5!&'($7+%7!
.#($#-7+-.!UE:::FKdKW>!@%!#C-!&'55'T+%7!.-A#+'%0!@!J?(.?-!#C+.!C/J'#C-.+.!&?(#C-(!T+#C!#T'!A$.-!.#?)+-.!'&!
,-(/!)+&&-(-%#!-A'./.#-H.F!#C-!I-'#('J+A$5!($+%!&'(-.#0!$%)!#C-!)-.-(#!7($..5$%).!'&!9?.#($5+$>!
!
.(#+-EF6-G(&:+)-@(0+-")-$9+-7+/$&/1"*(2-&(")-;/&+#$HBC-!JC-%'H-%'%!'&!7$()-%!7$H-!+%!#C-!%-'#('J+A$5!($+%&'(-.#!+.!(-A-+,+%7!+%A(-$.+%7!$##-%#+'%!$.!
(-.-$(AC-(.!A(+#+A$55/!-,$5?$#-!#C-!)+&&-(-%#+$5!-&&-A#.!'&!$%#C('J'7-%+A!)+.#?(<$%A-!'%!$%+H$5!
A'HH?%+#+-.>!P+.#?(<-)!&'(-.#!#-%).!#'!.?JJ'(#!$!<('$)-(!($%7-!'&!.J-A+-.!#C$%!J(+H$(/!&'(-.#!U8'%%-55!
E:[dW^!&'55'T+%7!#C+.!5'7+A0!-S#-%.+,-!&'(-.#V&$55'T!C'(#+A?5#?($5!./.#-H.!C$,-!<--%!.?77-.#-)!#'!-%C$%A-!
<+')+,-(.+#/!$%)!$?7H-%#!J'J?5$#+'%.!'&!.'H-!.J-A+-.!</!+HJ(',+%7!$AA-..!#'!&'')!'(!%-T!C$<+#$#!%+AC-.!
UQ$!-#!$5>!K3320!L+%$(-.!E:[\0!f'.-/!E:d20!"H+#C!K332W>!OC+5-!.'H-!.J-A+-.!'&!5$(7-!7$H-!<-A'H-!
)-J5-#-)!T+#C!C?%#+%7!$('?%)!+%)+7-%'?.!.-##5-H-%#.!+%!#C-!9H$M'%!<$.+%!U95,$()!E::;W0!'#C-(.!.--H!#'!
.C'T!,-(/!5+##5-!-&&-A#.!'&!C?%#+%70!J$(#+A?5$(5/!$7'?#+0!A'55$(-)!J-AA$(/0!$%)!)--(!U8C$A'%!K3EK0!]'.#-(!
K33d0!"H+#C!K332W>!L+N-T+.-0!TC+5-!.'H-!A'HH?%+#+-.!-SJ-(+-%A-!$!)-A5+%-!+%!J'J?5$#+'%.!'&!J(-&-((-)!
.J-A+-.!',-(!#+H-0!'#C-(.0!.?AC!$.!#C-!9AC-0!.C'T!%'!-&&-A#!UR+55!Z!f$)T-!K3330!R+55!-#!$5>!K33;W>!"'H-!
.?77-.#!#C$#!#C+.!+.!$!&?%A#+'%!'&!J'J?5$#+'%!)-%.+#/!$%)!H'<+5+#/0!T+#C!.--H+%75/!.?.#$+%$<5-!'&&#$N-.!
-SJ-A#-)!TC-(-!C?%#-(.!$(-!$#!5'T!)-%.+#/!'(!$(-!C+7C5/!H'<+5-!U->7>!95,$()!E::dW0!'(!#C$#!.+7%+&+A$%#!
.'?(A-V.+%N!)/%$H+A.!(-.?5#!+%!J'J?5$#+'%!+%&5?S!&('H!H'(-!(-H'#-!(-7+'%.!UR+55!$%)!f$)T-!K33EW>!6?#0!
#C-(-!+.!$5.'!-,+)-%A-!#C$#!#C-!+%A(-$.-)!&'')!$,$+5$<+5+#/!+%!$%#C('J'7-%+A!-%,+('%H-%#.!H$/!$A#?$55/!
-%C$%A-!J'J?5$#+'%.!'&!#C-.-!.J-A+-.!U"H+#C!K332W>!@%!'%-!A'HH?%+#/!+%!O-.#-(%!f$%$H$0!$!H$j'(+#/!'&!
$7'?#+.0!$(H$)+55'.0!$%)!A'55$(-)!J-AA$(+-.!T-(-!#$N-%!+%!#C-!$%#C('J'7-%+A$55/!H')+&+-)!&'(-.#.!$%)!
5
7$()-%.!.?(('?%)+%7!#C-!,+55$7-!U"H+#C!K332W>!6-A$?.-!C?%#+%7!H$/!<-!H'(-!J(-)+A#$<5-!+%!$%#C('J'7-%+A!
C$<+#$#.0!(-#?(%.!H$/!$A#?$55/!<-!C+7C-(F!+%!$#!5-$.#!#T'!.#?)+-.0!C?%#-(.!C$)!C+7C-(!(-#?(%.!+%!7$()-%.!$%)!
.-A'%)$(/!&'(-.#0!H-$.?(-)!$.!A$#AC!J-(!?%+#!-&&'(#!$%)!A$#AC!J-(!?%+#!$(-$!UP?%%!Z!"H+#C!K3EE0!f$((/!-#!
$5>!K33:W>!
!
6?#!+#!H$/!%'#!<-!#C-!J(-.-%A-!'&!$%#C('J'7-%+A!C$<+#$#!J-(!.-0!<?#!#C-!T$/!#C$#!$%#C('J'7-%+A!C$<+#$#.!
$(-!.J$#+$55/!J$##-(%-)!$A('..!$!5$(7-(!5$%).A$J->!P?%%!$%)!A'55-$7?-.!UP?%%!-#!$5>!K3EKW!.?77-.#-)!#C$#!
.?.#$+%$<5-!C?%#+%7!'&!6$+()Y.!#$J+(!</!4+.N+#?!T$.!J'..+<5-!<-A$?.-!#C-!5$%).A$J-!.?(('?%)+%7!#C-!
4+.N+#?!A'HH?%+#/!T$.!$!)+,-(.-!'%-0!+%A5?)+%7!-S#-%.+,-!$(-$.!'&!J(+H$(/!&'(-.#!-SJ-(+-%A+%7!5'T!
C?%#+%7!J(-..?(-0!$%)!$7(+A?5#?($5!5$%).A$J-.!T+#C!$!)+,-(.-!.-#!'&!A('J.!'&&-(+%7!+%A(-$.-)!&--)+%7!
'JJ'(#?%+#+-.!&'(!#$J+(.!$%)!'#C-(!.J-A+-.>!R'T-,-(0!#C-!J'.+#+,-!-&&-A#.!'&!$%#C('J'7-%+A!&'(-.#!
H')+&+A$#+'%!H$/!J-$N!$#!H'(-!+%#-(H-)+$#-!.J$#+$5!-S#-%#.F!$.!$7(+A?5#?($5!J(')?A#+'%!+%#-%.+&+-.0!
5$%).A$J-!)+,-(.+#/!)-A(-$.-.0!$%)!(-&?7-!C$<+#$#!<-A'H-.!H'(-!C+7C5/!&($7H-%#-)!$%)!)+.J-(.-)0!#C-!
J'#-%#+$5!&'(!$%#C('J'7-%+A!5$%).A$J-.!#'!.?JJ'(#!$!T+)-!($%7-!'&!$%+H$5!.J-A+-.!H$/!)-A5+%->!8'A'$!
H'%'A?5#?(-.!+%!.'?#C-(%!GC$%$0!TC+AC!)'H+%$#-!#C-!.?(('?%)+%7!&($7H-%#-)!&'(-.#!(-.-(,-.0!$(-!C+7C5/!
)-J$?J-($#-!$%)!.?JJ'(#!H$+%5/!,-(/!.H$55!$%+H$5.!U"AC?5#-VR-(<(k77-%!-#!$5>!K3E;W>!
!
OC+5-!$%#C('J'7-%+A!&'(-.#!H')+&+A$#+'%!C$.!<--%!(-J(-.-%#-)!$.!$%!+%#-%#+'%$5!&'(-.#!H$%$7-H-%#!
.#($#-7/!Uf'.-/!K33;W0!#C-(-!+.!%'!%-A-..$(/!(-$.'%!#C$#!#C-!5$(7-V.A$5-!5$%).A$J-!5-,-5!-&&-A#.!'&!C?H$%!
)+.#?(<$%A-!%--).!#'!<-!+%#-%#+'%$5>!@%)--)0!-,-%!J('A-..-.!$.!A'HJ5-S!$.!J5$%#!)'H-.#+A$#+'%!U$%)!#C-!
J$#AC+%-..!$%)!)+.#(+<?#+'%!'&!.?AC!J5$%#.!$A('..!$!5$%).A$J-W!H$/!<-!#C-!-H-(7-%#!'?#A'H-!'&!#C-!T$/!
J-'J5-!&'($7-!&'(!T+5)!J5$%#.0!$.!Ug+%)'.!E:d1W!&+(.#!C/J'#C-.+M-)>!@%!8-%#($5!9&(+A$0!6$N$!T+5)!/$H!
C$(,-.#+%7!$%)!A'%.?HJ#+'%!$#!$!A-%#($5!J5$A-!&$A+5+#$#-.!#C-!)+.J-(.$5!'&!/$H.0!TC+AC!)'!%'#!A'5'%+M-!%-T!
(-7+'%.!,-(/!-&&+A+-%#5/>!P-%.-!J$#AC-.!'&!T+5)!/$H.!$%)!'#C-(!.-A'%)$(/!&'(-.#!.J-A+-.!A'5'%+M-!'5)!
C$<+#$#+'%!.+#-.0!$%)!#C-!$A#+,+#/!'&!&'($7+%7!$5'%-!+.!.?&&+A+-%#!#'!7-%-($#-!-%'?7C!J$#AC-.!'&!T+5)!/$H.!#'!
.?JJ'(#!J'J?5$#+'%.!$#!#C-+(!A?((-%#!)-%.+#+-.!Ul$.?'N$!K3E;W>!!
!
.(#+-EI6-J"K(&:#-():-L()@(&//#-")-$9+-C%#$&(2"()-M+#$+&)-!+#+&$4'(#'%!$%)!A'55-$7?-.!U4'(#'%!-#!$5>!K3EEW!%'#-!#C$#!$H'%7!.'H-!'&!#C-!H$j'(!)(+,-(.!'&!J5$%#!
$%)! $%+H$5! $)$J#$#+'%! +%! 9?.#($5+$! $(-! 5'%7.#$%)+%7! &--)<$AN! (-5$#+'%.C+J.! <-#T--%! C?H$%.! $%)!
-%,+('%H-%#$5!.#(?A#?(-!$%)!&?%A#+'%0!H-)+$#-)!J(+H$(+5/!,+$!&+(->!Q+(-!J5$/.!$%!-.J-A+$55/!J('H+%-%#!('5-!
+%!#C-!.?HH-(V($+%&$55V)'H+%$#-)!7($..5$%).0!.$,$%%$C.!$%)!T'')5$%).!%'(#C!'&!#C-!B('J+A!'&!8$J(+A'(%>!
@%! #C-! .J+%+&-S! 7($..5$%).! +%! #C+.! $(+)! $%)! .-H+V$(+)! M'%-0! $%#C('J'7-%+A! &+(-.! $(-! H$+%5/! 5+#! )?(+%7! #C-!
-$(5/!)(/!.-$.'%0!+%!#C-!T+%#-(!A'5)!H'%#C.0!J(+H$(+5/!#'!C?%#!<?(('T-)!.$%)!H'%+#'(!Um$($%?.!7'?5)++W>!
4$(#?!C?%#-(.!+%!#C+.!(-7+'%!$(-!.+7%+&+A$%#!J(-)$#'(.!'&!.$%)!H'%+#'(0!TC+AC!H$N-.!?J!H'(-!#C$%![3n!'&!
$55!&'($7-)!&'').!$AX?+(-)!J-(!&'($7+%7!)$/>!"$%)!H'%+#'(!$%)!C+55!N$%7$(''!$(-!#C-!#T'!H$j'(!.?<.+.#-%A-!
J(-/F!C+55!N$%7$(''!$(-!5+H+#-)!#'!('AN/!C+55.!$%)!($%7-.0!TC+5-!.$%)!H'%+#'(!$(-!H'.#!$<?%)$%#!+%!.$%)/!
.?<.#($#-.! T+#C! -S#-%.+,-! .J+%+&-S! A',-(>! P?(+%7! #C-! A'5)-(! T+%#-(! H'%#C.0! .$%)! H'%+#'(! (-#(-$#! #'!
.C$55'T! <?(('T.! #'! 5+,-! '&&! -S#-%.+,-! .#'(-.! '&! $<)'H+%$5! &$#0! $%)! +#! +.! $#! #C+.! #+H-! #C$#! C?%#-(.! <?(%!
(-7+'%.!'&!H$#?(-!.J+%+&-S!C?HH'AN.!#'!-SJ'.-!#C-!<?(('T.>!P?(+%7!#C-!.?HH-(!H'%#C.0!H'%+#'(.!$(-!
#($AN-)!'%!#C-!.?(&$A-0!$%)!.'!C?%#.!#$(7-#!(-A-%#5/!<?(%-)!J$#AC-.!TC-(-!#($AN.!A$%!<-!&'55'T-)!H'(-!
-$.+5/>!g-#?(%.!$(-!C+7C-.#!T+#C+%!\!H'%#C.!&'55'T+%7!&+(-0!$%)!)-A5+%-!$.!#C-!J$#AC!(-,-7-#$#-.0!<-A'H+%7!
$5H'.#! %-75+7+<5-! +%! 7($..5$%).! H'(-! #C$%! 2V[! /-$(.! .+%A-! &+(->! P?-! C+7C! -%A'?%#-(! ($#-.! $%)! #C-! C+7C!
AC$%A-.! '&! J?(.?+#! .?AA-..0! .$%)! H'%+#'(! $(-! $! .#$J5-! &'')! (-.'?(A-0! '%-! +%! TC+AC! C$(,-.#.! A$%! <-!
$)j?.#-)!#'!%--)!'%!$!)$+5/!<$.+.!U8'))+%7!-#!$5>!K3E3W>!m$(+$%A-!)+.A'?%#+%7!H')-5.!.C'T!#C$#!$5#C'?7C!
.$%)! H'%+#'(! C?%#+%7! (-#?(%! ($#-.! C$,-! 5'T-(! H-$%! (-#?(%.! #C$%! N$%7$(''! C?%#+%70! +#.! 5'T-(! ,$(+$%A-!
$%)! C+7C-(! AC$%A-.! '&! .?AA-..! 7+,-! +#! 7(-$#-(! A'%.?HJ#+'%! ?#+5+#/! #C$%! N$%7$(''! C?%#+%7! Ue'%-.! -#! $5>!
K3E;W>! @%! #C-! A'%#-S#! '&! $! C/<(+)! -A'%'H/! TC+AC! +%A5?)-.! .'H-! (-5+$%A-! '%! J?(AC$.-)! 7'').0! ?%5+N-!
N$%7$(''! C?%#+%70! .$%)! H'%+#'(! C?%#+%7! (-.J'%).! #'! -A'%'H+A! .A$(A+#/F! T-! C$,-! .C'T%! #C$#! H'(-!
T'H-%!C?%#!.+7%+&+A$%#5/!H'(-!'&#-%!TC-%!H'%-/!+.!.C'(#!U"A-5M$!-#!$5>!K3E1W>!9.!.?AC0!C?%#+%7!H'%+#'(!
5+M$().! +.! $%! +HJ'(#$%#! T$/! #C$#! T'H-%0! -.J-A+$55/! J'.#H-%'J$?.$5! T'H-%0! +%,-.#! )+(-A#5/! +%! #C-+(!
7($%)AC+5)(-%!$%)!'#C-(!)-J-%)-%#.!U"A-5M$!K33:0!"A-5M$!Z!65+-7-!6+()!K33dW>!
!
6
G$+%+%7!C+7C!(-#?(%.!&('H!.$%)!H'%+#'(!C?%#+%7!+.!)-J-%)-%#!%'#!j?.#!'%!#C-!+HH-)+$#-!?.-!'&!&+(-0!<?#!
'%!#C-!C+.#'(/!'&!#C-!A?H?5$#+,-!-&&-A#.!'&!4$(#?!.?<.+.#-%A-!$A#+,+#+-.!'%!#C-!.#(?A#?(-!'&!-%,+('%H-%#$5!
,$(+$#+'%>!"$%)!H'%+#'(!C?%#+%7!+.!)-J-%)-%#!?J'%!$%!$%#C('J'7-%+A!&+(-!H'.$+A0!TC+AC!+.!<?+5#!#C('?7C!
#C-!$AA?H?5$#+'%!'&!$<'?#!E3!/-$(.Y!T'(#C!'&!C?%#+%7!&+(-.>!@%!#T'!4$(#?!A'HH?%+#+-.0!f$(%%7?((!$%)!
f?%H?0!&('H!\3!#'!K13!+%)+,+)?$5.!.-#!<('$)A$.#!&+(-.!-,-(/!;V1!)$/.0!(-.?5#+%7!+%!;\3!C?%#+%7!&+(-.!J-(!
/-$(!+%!$%!$(-$!'&!$('?%)!2330333!C$!U65+-7-!6+()!-#!$5>!K3EKW>!a?(!$%$5/.+.!'&!#-%!/-$(.!'&!.$#-55+#-!+H$7-.!
K
A',-(+%7!1\0333!NH !.C'T.!#C$#!5$%).A$J-.!-H-(7+%7!&('H!C?%#+%7!&+(-.!$(-!,-(/!)+&&-(-%#!&('H!#C'.-!
)'H+%$#-)!</!5+7C#%+%7!&+(-.F!C?%#+%7!&+(-.!$(-!H?AC!.H$55-(!$%)!A5'.-(!#'7-#C-(!#C$%!5+7C#%+%7!&+(-.!
U65+-7-!6+()!-#!$5>!K33d<W>!4$(#?!C?%#+%7!&+(-.!$(-!$<'?#!E!NH!$J$(#0!TC+5-!5+7C#%+%7!&+(-.!$(-!%-$(5/!:!NH!
$J$(#!U65+-7-!6+()!-#!$5>!K3EKW>!BC-!M'%-!'&!4$(#?!+%&5?-%A-!$##-%?$#-.!($J+)5/!'?#.+)-!'&!C?%#+%7!(-7+'%.F!
#C-!$%#C('J'7-%+A!H'.$+A!+.!#+7C#5/!5+%N-)!#'!#C-!A'.#!'&!#($,-5!&('H!A-%#($5+M-)!J5$A-.0!T+#C!(-7+'%.!A5'.-(!
#'!('$).0!.-##5-H-%#.0!$%)!&(-X?-%#!A$HJ+%7!J5$A-.!H'(-!.#('%75/!$&&-A#-)!</!$%#C('J'7-%+A!&+(-!#C$%!
(-7+'%.!&$(#C-(!$T$/!U65+-7-!6+()!-#!$5>!K33d<W>!
!
8?H?5$#+,-5/0!4$(#?!<?(%+%7!($)+A$55/!(-.A$5-.!#C-!#-HJ'($5!$%)!.J$#+$5!+HJ$A#!'&!&+(-!)+.#?(<$%A-!$A('..!
#C-!(-7+'%>!f$#AC-.!'&!(-7('T+%7!,-7-#$#+'%!$(-!.H$55-(0!A5'.-(!#'7-#C-(0!$%)!#C-!)+,-(.+#/!'&!)+&&-(-%#!
#/J-.!'&!J$#AC-.!(-7-%-($#+%7!$&#-(!&+(-!U.?AA-..+'%$5!'(!.-($5!J$#AC!)+,-(.+#/W!+.!7(-$#-(!$#!.J$#+$5!.A$5-.!
#/J+A$5!'&!$!C?H$%!&'($7+%7!($%7-!U65+-7-!6+()!-#!$5>!K33d<W>!4$(#?!&+(-.!$5.'!J(-,-%#!H'(-!C$<+#$#!&('H!
<?(%+%70!J('#-A#+%7!A(+#+A$5!(-&?7-!&'(!H$%/!.H$55!$%+H$5.0!+%A(-$.+%7!#C-!%?H<-(!$%)!-,-%%-..!'&!.?AC!
J$#AC-.!#C('?7C'?#!#C-!5$%).A$J-!U65+-7-!6+()!-#!$5>!K3EKW>!BC-!-&&-A#.!'&!$%#C('J'7-%+A!&+(-!%'#!'%5/!
(-.#(?A#?(-!#C-!)+.#(+<?#+'%!'&!.?AA-..+'%$5!H'.$+A.!$%)!$##-%)$%#!,-7-#$#+'%0!<?#!$5.'!#C-!)+.#(+<?#+'%!'&!
.'H-!$%+H$5.>!"$%)!H'%+#'(!)-%.+#/!+.!+%A(-$.-)!+%!(-7+'%.!TC-(-!#C-(-!+.!7(-$#-(!-%,+('%H-%#$5!
C-#-('7-%-+#/F!#C-!C+7C-(!#C-!)-%.+#/!'&!C$<+#$#!-)7-.oA'%#($.#.!<-#T--%!%-T!<?(%.0!(-7('T+%7!
,-7-#$#+'%0!$%)!'5)!7('T#CVV#C-!C+7C-(!#C-!)-%.+#/!'&!H'%+#'(!5+M$().!U65+-7-!6+()!-#!$5>!K3E;W>!4-$%!
(-#?(%.!+%!C?%#+%7!.$%)!H'%+#'(!$(-!E>\!#+H-.!C+7C-(!+%!H'(-!C-$,+5/!C?%#-)!(-7+'%.!#C$%!#C-/!$(-!+%!
(-7+'%.!#C$#!$(-!($(-5/!,+.+#-)!</!4$(#?!C?%#-(.!$%)!.?AA-..!($#-.!$(-!\!#+H-.!C+7C-(>!4$(#?!C?%#+%7!&+(-.!
$5.'!.C$J-!J'J?5$#+'%!)+.#(+<?#+'%.!'&!C+55!N$%7$(''!U8'))+%7!-#!$5>!K3E1W>!R+55!N$%7$(''!.A$#!)-%.+#/!+.!
5+%N-)!.+7%+&+A$%#5/!#'!.?AA-..+'%$5V.#$7-!C-#-('7-%-+#/F!.A$#!A'?%#.!+%A(-$.-!T+#C!#C-!)+,-(.+#/!'&!C$<+#$#!
-)7-.!A(-$#-)!#C('?7C!.$%)!H'%+#'(!C?%#+%7!&+(-.>!Q+(-.!$5.'!+%A(-$.-!-%A'?%#-(!($#-.!T+#C!J$#AC-.!'&!
.--)!7($..0!TC+AC!7('T!H$+%5/!+%!-$(5/!#'!H+)V.?AA-..+'%$5!J$#AC-.0!.?77-.#+%7!$!&?%)$H-%#$5!('5-!&'(!&+(-!
+%!#C-!5$#-!R'5'A-%-!J('5+&-($#+'%!'&!.--)V7(+%)+%7!#-AC%'5'7+-.!C-(-!+%!#C-!$(+)!M'%-!U_-$%$C!-#!$5>!%)W>!
!
8C$($A#-(+.#+A.!'&!H$%/!'&!#C-!$%+H$5!.J-A+-.!#C$#!C$,-!(-A-%#5/!)+.$JJ-$(-)!'(!$(-!+%!)-A5+%-!$5.'!.?77-.#!
#C$#!#C-/!#''!H$/!C$,-!<--%!$),$%#$7-)!</!4$(#?!&+(-!H'.$+A.>!@%!#C-!H+)VE:\3Y.0!H'.#!'&!#C-!5$.#!7('?J.!
'&!)-.-(#!%'H$).!T-(-!A5-$(-)!&('H!'(!H+7($#-)!'?#!'&!#C-!C-$(#!'&!#C-!O-.#-(%!P-.-(#0!(-#?(%+%7!+%!#C-!
H+)VE:d3Y.!UP$,-%J'(#!-#!$5>!K332W>!BC-+(!)-J$(#?(-!A'+%A+)-)!T+#C!#C-!5'A$5!-S#+%A#+'%!'&!KE!.J-A+-.!'&!
%$#+,-!H$(.?J+$50!$%)!#C-!)-A5+%-!'&!1;!H'(-!U6?(<+)7-!-#!$5>!E:dd0!6?(('T.!-#!$5>!K33\0!Q+%5$/.'%!E:\EW0!
+%A5?)+%7!.-,-($5!A'HH'%!J(-/!.?AC!$.!#C-!(?&'?.!C$(-VT$55$</!$%)!#C-!<(?.CV#$+5!J'..?H>!@%!#C-+(!J5$A-!
T-(-!&-($5!C'?.-A$#.0!A$H-5.0!)'%N-/.!$%)!&'S-.>!g-A-%#!.#?)+-.!C$,-!.?77-.#-)!#C$#!#C-!H$HH$5!)-A5+%-!
C-(-!)?(+%7!#C-!5$.#!\3!/-$(.!H$/!<-!&?%)$H-%#$55/!5+%N-)!#'!#C-!)+.(?J#+'%!'&!#($)+#+'%$5!C?%#+%7!$%)!
5$%)!?.-!J($A#+A-.>!
!
9%#C('J'7-%+A!)+.#?(<$%A-!A$?.-.!',-($55!&'($7+%7!(-#?(%.!U+%A5?)+%7!.-$(AC-.!&'(!5$(7-!$%+H$5.0!.H$55!
$%+H$5.0!$%)!J5$%#!(-.'?(A-.W!#'!J-$N!+%!(-7+'%.!'&!+%#-(H-)+$#-!$%#C('J'7-%+A!$A#+,+#/0!)-A5+%-!+%!#C-!
H'.#!C-$,+5/!?.-)!(-7+'%.0!$%)!#'!<-!5'T-.#!+%!(-H'#-!(-7+'%.!<$(-5/!#'?AC-)!</!C?H$%!$A#+,+#/!U6+()!-#!
$5>!K3E2W>!"H$55!$%+H$5.!J(',+)-!$!7(-$#-(!J('J'(#+'%!'&!#C-!)+-#!+%!$%#C('J'7-%+A!(-7+'%.>!P$+5/!,$(+$%A-!
<-#T--%!+%)+,+)?$5.!&'($7+%7!&('H!#C-!.$H-!A-%#($5!J5$A-!C-$(#C!U)+%%-(!#+H-!A$HJ0!+%!4$(#?!J$(5$%A-W!+.!
5'T-(!+%!$%#C('J'7-%+A!-%,+('%H-%#.0!H$+%5/!<-A$?.-!H'(-!'#C-(.!$(-!H'(-!.?AA-..&?5!$#!<(+%7+%7!+%!
.H$55!7$H->!c,-(/'%-!+%!A$HJ!)'-.!-X?$55/!T-55!+%!$%!$%#C('J'7-%+A!-%,+('%H-%#0!TC+5-!+%!$!%'%V
$%#C('J'7-%+A!-%,+('%H-%#0!#C-(-!+.!H'(-!,$(+$#+'%!+%!(-#?(%.!$A('..!+%)+,+)?$5.F!.'H-!)'!T-550!<?#!H'.#!
)'!%'#>!L$%).A$J-!H')+&+A$#+'%!#C?.0!$#!5-$.#!+%!#C-!4$(#?!A$.-0!.--H.!#'!(-)?A-!#C-!#-HJ'($5!$%)!.J$#+$5!
,$(+$%A-!+%!(-.'?(A-!$AA-..!$A('..!$!A$HJ0!H$+%5/!</!+%A(-$.+%7!$AA-..!U+->!(-)?A+%7!A'.#!'(!+%A(-$.+%7!
J(')?A#+,+#/W!#'!C+7C!($%N-)!.H$55!7$H-!$%)!J5$%#!&'').>!!
7
!
OC+5-!#C-.-!J('A-..-.!C$,-!5'%7!<--%!(-&-((-)!#'!$.!Y&+(-.#+AN!&$(H+%7Y!UA&!e'%-.!E:\:W0!#C-!#-(H+%'5'7/!
?%&'(#?%$#-5/!+HJ5+-.!#C$#!<?(%+%7!</!+%)+,+)?$5.!+.!)-.+7%-)!#'!J(')?A-!'J#+H$55/!)+,-(.-!5$%).A$J-.0!$%)!
#C-!$)$J#+,-!H$+%#-%$%A-!'&!<?(%+%7!+.!,+$!#C-!5'%7V#-(H!<-%-&+#.!)-(+,-)!&('H!#C-!+%A(-$.-)!&'($7+%7!
(-#?(%.!J'..+<5-!+%!.?AC!5$%).A$J-.>!g$#C-(0!TC$#!.--H.!A5-$(!+.!#C$#!<?(%+%7!+.!)-.+7%-)!'%5/!(-5$#+,-!#'!
+HH-)+$#-!C?%#+%7!(-#?(%.0!$%)!#C-!5'%7V#-(H!<-%-&+#.!$(-!-H-(7-%#!J('J-(#+-.!'&!$!A'HJ5-S!$)$J#+,-!
./.#-H!+%!TC+AC!4$(#?!J5$/!$%!+%#-7($5!('5-!+%!.?.#$+%+%7!$!)+,-(.-!$%)!(+AC5/!.#(?A#?(-)!&'')!T-<!+%!#C+.!
$(+)!$%)!C/J-(,$(+$<5-!-%,+('%H-%#>!
!
N++:'(*L#-$/-#/*"(2-")#$"$%$"/)#-():-#/*"(2-/&@()"K($"/)!
9#!#C-!5$%).A$J-!.A$5-0!)+.#?(<$%A-0!'(!H'(#$5+#/!U'%!<'#C!J5$%#.!$%)!$%+H$5.W0!TC-%!$JJ5+-)!',-(!A-(#$+%!
#-HJ'($5!$%)!.J$#+$5!)+H-%.+'%.0!A$%!C$,-!J'.+#+,-!-&&-A#.!'%!#C-!.#$<+5+#/!$%)!)+,-(.+#/!'&!.J-A+-.!
+%#-($A#+'%.!$%)!H$/!$A#?$55/!&$,'(!J'J?5$#+'%.!'&!.'H-!.J-A+-.>!BC-.-!J'.+#+,-!-&&-A#.!$(-!%'#!
$AA'HJ5+.C-)!#C('?7C!A'%.-(,$#+'%0!H$%$7-H-%#0!'(!&'($7+%7!(-.#($+%#0!<?#!#C('?7C!#C-!-H-(7-%#!
J('J-(#+-.!'&!&'($7+%7!)-A+.+'%.>!BC-!%-S#!.#-J!+%!#C+.!#C-'(/!'&!C?H$%V-%,+('%H-%#!+%#-($A#+'%!+.!#'!
A'%.+)-(!%'#!j?.#!#C-!+HJ$A#.!'&!.?<.+.#-%A-!'%!-A'5'7+A$5!.#(?A#?(-!$%)!&?%A#+'%0!<?#!$5.'!#C-!.#(?A#?(-!
$%)!&?%A#+'%!'&!<'#C!+%)+,+)?$5!)-A+.+'%VH$N+%7!$%)!#C-!J('J-(#+-.!'&!.'A+$5!7('?J.!5+,+%7!'%!#C-.-!
5$%).A$J-.>!BC-!+HJ$A#!'&!C?H$%!.?<.+.#-%A-!'%!J'J?5$#+'%.0!A'HH?%+#+-.0!$%)!5$%).A$J-.!.C'?5)!&--)!
<$AN!#'!+%&5?-%A-!C?H$%!.'A+$5!'(7$%+M$#+'%!$%)!.'A+$5!+%.#+#?#+'%.!,+$!5+%N.!#'!&'($7+%7!)-A+.+'%.0!H'<+5+#/0!
.C$(+%70!#C-!7-%)-(!)+,+.+'%!'&!5$<'(0!$%)!(-.'?(A-!)-&-%.->!@%!#C-!&'55'T+%7!.-A#+'%0!@!-SJ5'(-!'%-!T$/!'&!
$AA'HJ5+.C+%7!#C+.!</!A'%.+)-(+%7!C'T!#C-!-H-(7-%#!J('J-(#+-.!'&!)+.#?(<$%A-!A$?.-)!</!C?H$%!
.?<.+.#-%A-!$A#+,+#+-.!$&&-A#!.'A+$5!JC-%'H-%$>!
!
@%!<'#C!A$.-!.#?)+-.!J(-.-%#-)!C-(-0!)+.#?(<$%A-!.--H.!#'!C$,-!.+H+5$(!-&&-A#.F!+%A(-$.-)!5$%).A$J-V5-,-5!
C-#-('7-%-+#/!$%)!$!(-)?A#+'%!+%!#C-!,$(+$%A-!$..'A+$#-)!T+#C!C?%#+%7>!8-%#($5!J5$A-!.?<.+.#-%A-!$A#+,+#+-.!
J(')?A-!.J$#+$5!,$(+$#+'%!+%!C?H$%!)+.#?(<$%A-!UJ(-)$#+'%!$%)!-A'./.#-H!-%7+%--(+%7W!$A('..!#C-!
5$%).A$J-0!&'A?.+%7!#C-!.#('%7-.#!-&&-A#.!$#!#C-!A'(-!(-7+'%.!A5'.-!#'!A'HH?%+#+-.0!$%)!)+H+%+.C+%7!
'?#T$()!$.!#($,-5!A'.#!+%A(-$.-.>!"J$#+$55/!,$(/+%7!-%7+%--(+%7!$A#+,+#+-.!A(-$#-!7(-$#-(!J$#AC!)+,-(.+#/!$#!
H'(-!+%#-(H-)+$#-!.J$#+$5!.A$5-.!+%!(-7+'%.!A5'.-!#'!A'HH?%+#+-.>!a%-!A'HH'%!-&&-A#!'&!#C+.!.--H.!#'!<-!
$!.C+&#!+%!#C-!.#(?A#?(-!'&!$%+H$5!A'HH?%+#+-.F!)+&&-(-%#!#/J-.!'&!)+.#?(<$%A-!.--H!#'!&$,'(!)+&&-(-%#!#/J-.!
'&!$%+H$5!A'HH?%+#+-.0!T+#C!.H$55-(!$%+H$5.!J'..+<5/!&$,'(-)!',-(!5$(7-(!'%-.!+%!H'(-!C-#-('7-%'?.!
5$%).A$J-.>!"H$55-(!$%+H$5.!T+#C!7-%-($5+M-)!&'($7+%7!.#($#-7+-.!.--H!#'!)'!,-(/!T-55!+%!$%#C('J'7-%+A!
-%,+('%H-%#.0!.?AC!#C$#!+%!.'H-!A$.-.!#C-!<-%-&+#.!.?JJ5+-)!</!C$<+#$#!H')+&+A$#+'%!H$/!-,-%!'?#T-+7C!
#C-!A'.#.!'&!+%A(-$.-)!J(-)$#+'%!</!C?H$%!C?%#-(.>!BC-'(-#+A$55/0!$!J$#AC/0!C-#-('7-%-'?.!-%,+('%H-%#!
T'?5)!(-)?A-!#C-!A'.#!'&!J(-/!.T+#AC+%70!$55'T+%7!$!7-%-($5+.#!&'($7-(!#'!-%A'?%#-(!H'(-!C+7C!($%N-)!
J(-/!$%+H$5.!T+#C!5'T-(!#($,-5!A'.#!<-#T--%!-%A'?%#-(.!U4$A9(#C?(!Z!f+$%N$!E:\\W>!OC+5-!,-(/!5+##5-!+.!
N%'T%!$<'?#!C'T!C?H$%!5$%).A$J-.!$&&-A#!$%+H$5!A'HH?%+#+-.0!.'H-!.J-A+-.!.--H!#'!#C(+,-!+%!H'(-!
C-#-('7-%'?.!-%,+('%H-%#.F!)--(0!TC+AC!$(-!C$<+#$#!7-%-($5+.#.0!C$,-!.H$55-(!C'H-!($%7-.!TC-(-!
)+.#?(<$%A-!A(-$#-.!7(-$#-(!5$%).A$J-!C-#-('7-%-+#/!$#!.H$55-(!.J$#+$5!.A$5-.!U"$p)!Z!"-(,$%#/!K332W0!$%)!
$!%?H<-(!'&!.J-A+-.!(-J(')?A-!$#!C+7C-(!($#-.!+%!H'(-!C-#-('7-%-'?.!5$%).A$J-.0!+%A5?)+%7!H-$)'T!
,'5-.!U6'T-(.!Z!P''5-/!E:::W0!$%)!($AA''%.!UP+j$N!Z!BC'HJ.'%!@@@!K333W^!<?#!H$%/!<+().!-SJ-(+-%A-!
C+7C-(!($#-.!'&!J(-)$#+'%!)?-!#'!+%A(-$.-)!H-.'J(-)$#'(!$A#+,+#/!+%!.?AC!5$%).A$J-.!U]?(N+!-#!$5>!K333W0!$.!
)+,-(.-!5$%).A$J-.!#-%)!#'!+%A(-$.-!#C-!J('J'(#+'%!'&!$!A'HH?%+#/!A'HJ'.-)!'&!7-%-($5+.#.0!-.J-A+$55/!
7-%-($5+.#!J(-)$#'(.!U4$(,+-(!-#!$5>!K331W>!@%A(-$.-)!5-,-5.!'&!)+.#?(<$%A-!$%)!&($7H-%#$#+'%!H$/!$A#!$.!
$%!-,'5?#+'%$(/!&'(A-!#'!&$,'(!H-)+?HV.+M-)!7-%-($5+.#.!',-(!,-(/!.H$55!'(!,-(/!5$(7-!<')+-)!$%+H$5.F!',-(!
E[2!/-$(.!'&!+%A(-$.+%7!C$<+#$#!&($7H-%#$#+'%0!,-(/!.H$55!P$%+.C!$%+H$5.!7'#!5$(7-(0!5$(7-!$%+H$5.!7'#!
.H$55-(0!$%)!H-)+?H!.+M-)!'%-.!)+)!%'#!AC$%7-!U"ACH+)#!Z!e-%.-%!K33;0!K332W>!
!
9(AC$-'5'7+.#.!$(-!<-7+%%+%7!#'!(-A'7%+M-!#C-!5'%7!C+.#'(/!'&!C?H$%!$%)!H-)+?HV.+M-)!$%+H$5!
A'-S+.#-%A-0!J(',+)+%7!.'H-!.?JJ'(#!&'(!#C-!%'#+'%!#C$#!.J-A+-.!H'(-!5+N-5/!#'!#C(+,-!+%!$%#C('J'7-%+A!
-%,+('%H-%#.!#-%)!#'!&5'?(+.C!',-(!#+H-0!A'H+%7!#'!)'H+%$#-!.J-A+-.!$..-H<5$7-.!U"AC'55H-/-(!Z!P(+,-(!
K3EKW>!"AC'55H-/-(!$%)!P(+,-(!(-,+-T!E2:!$..-H<5$7-.!&('H!EK:!.+#-.!$A('..!T-.#-(%!I'(#C!9H-(+A$!$%)!
8
2[!$..-H<5$7-.!&('H!K;!.+#-.!'%!#C-!@<-(+$%!J-%+%.?5$!$%)!A'%A5?)-!#C$#!H'.#!$..-H<5$7-.!.C'T!$%!
+%A(-$.-)!-HJC$.+.!'%!.H$55-(!#-((-.#(+$5!$%+H$5.!',-(!5$(7-!'%-.0!$%)!#C$#!#C+.!+.!%'#!j?.#!$!.C+&#!+%!
C?%#+%7!&'A?.0!<?#!$%!$A#?$5!+%A(-$.-!+%!J'J?5$#+'%.!'&!.H$55-(!(-5$#+,-!#'!5$(7-(!$%+H$5.!$.!&'($7-(.!
H')+&/!-%,+('%H-%#.!#C('?7C!#C-+(!&'($7+%7!$A#+,+#+-.>!9#!.'H-!.+#-.0!.'?(A-V.+%N!)/%$H+A.!+%!
C-#-('7-%-'?.!5$%).A$J-.!N--J!5$(7-!7$H-!J'J?5$#+'%.!C+7C!(-5$#+,-!#'!.H$55!U'(!.'H-!5$(7-!.J-A+-.!$(-!
$),$%#$7-)!</!#C-!N+%).!'&!-%,+('%H-%#$5!H')+&+A$#+'%!C?H$%.!-%7$7-!+%0!5+N-!#$J+(.!'(!N$%7$(''.W0!$%)!
$#!'#C-(.0!.H$55-(!$%+H$5.!H$/!$A#?$55/!+%A(-$.-!)?-!#'!C$<+#$#!+HJ(',-H-%#.!'&&-(-)!</!C?H$%!$A#+,+#/!
U"AC'55H-/-(!Z!P(+,-(!K3E;W>!
!
@&!C?H$%!)+.#?(<$%A-!#-%).!#'!+%A(-$.-!J$#AC+%-..!$%)!J(-)+A#$<+5+#/!'&!J(-/!$%+H$5.0!$.!T-55!$.!+%A(-$.+%7!
-%A'?%#-(!($#-.!T+#C!H-)+?HV.+M-)!J(-/!.J-A+-.0!+#!+.!5+N-5/!#'!(-)?A-!#C-!A'.#.!'&!#($,-5!$%)!(-)?A-!
.#'AC$.#+A+#/!+%!(-#?(%.!&'(!C?H$%!&'($7-(.>!L$(7-(!$%+H$5.!#-%)!#'!<-!-%A'?%#-(-)!5-..!&(-X?-%#5/!#C$%!
.H$55-(!$%+H$5.0!$%)!5$(7-(!$%+H$5.!C$,-!C+7C-(!-.A$J-!,-5'A+#+-.!U?J!#'!$('?%)!E23!N7!<')/!.+M-0!4'(+%!
K3EKW0!$%)!$.!.?AC0!<'#C!'%V-%A'?%#-(!(-#?(%.!$%)!)$+5/!#(+J!(-#?(%.!U+%A5?)+%7!.-$(AC!$%)!#($,-5!#+H-!#'!
$%)!&('H!#C-!&'($7+%7!5'A$5-W!#-%)!#'!<-!H'(-!,$(+$<5-F!#C-(-!+.!$!C+7C-(!(+.N!'&!A'HJ5-#-!C$(,-.#!&$+5?(-0!$!
C+7C-(!AC$%A-!'&!A'H+%7!C'H-!-HJ#/VC$%)-)0!<?#!$5.'!$!C+7C-(!AC$%A-!'&!$!C$(,-.#!<'%$%M$!U.--!65+-7-!
6+()!-#!$5>!K33d$W>!OC+5-!5$(7-(!$%+H$5.!H$/!J(',+)-!<+7!<'%$%M$.!'%!$,-($7-0!TC-%!.?AC!<'%$%M$.!$(-!
)+.A'?%#-)!</!#C-!,$(+$%A-!+%!(-T$()0!#C-/!H$/!$A#?$55/!J(',+)-!5-..!?#+5+#/!#C$%!$!5'T-(!H-$%0!<?#!5-..!
,$(+$<5-!J(-/!Ue'%-.!-#!$5>!K3E;W>!@%!7-%-($50!&'($7+%7!J'(#&'5+'.!)'H+%$#-)!</!.H$55-(!'(!5-..!H'<+5-!#/J-.!
'&!J(-/!#-%)!#'!<-!$..'A+$#-)!T+#C!5-..!+%#($!$%)!+%#-(V+%)+,+)?$5!,$(+$%A-!#C$%!#C'.-!)'H+%$#-)!</!5$(7-(!
J(-/>!
!
"#$%&'(!$')!*+,&$-!*.%/,./%0!
!
f$#AC+%-..!$%)!J(-)+A#$<+5+#/!+%!#?(%!C$,-!$!.?+#-!'&!($H+&/+%7!-&&-A#.!'%!.'A+$5!.#(?A#?(-!,+$!#C-+(!+HJ$A#.!
'%!H'<+5+#/!$%)!#C-!A'.#.!$%)!<-%-&+#.!'&!'T%-(.C+J!$%)!.C$(+%7>!6'#C!#C-!H$(7+%$5!,$5?$#+'%!'&!(-.'?(A-!
)-&-%.-!$#!#C-!.A$5-!'&!#C-!+%)+,+)?$5!C$(,-.#!U65?(#'%!e'%-.!E:d[0!O+%#-(C$5)-(!E::\W0!$%)!#C-!H$(7+%$5!
,$5?$#+'%!'&!)-&-%.-!$#!#C-!.A$5-!'&!#C-!J$#AC!'(!5$%).A$J-!UP/.'%VR?).'%!Z!"H+#C!E:[dW!+.!J(-)+A#-)!#'!
$&&-A#!#C-!<-%-&+#.!'&!)-&-%)+%7!A5$+H.!#'!-SA5?.+,-!?.-!(+7C#.!',-(!$!(-.'?(A->!@%)+,+)?$5.!$(-!J(-)+A#-)!#'!
.C$(-!H'(-!$%)!)-&-%)!5-..!TC-%!#C-(-!+.!C+7C!+%#-(V#-HJ'($5!,$(+$#+'%!+%!&'($7+%7!.?AA-..!U.#'AC$.#+A+#/W0!
TC-%!J$AN$7-!.+M-!$%)!J-(+.C$<+5+#/!+.!C+7C0!$%)!TC-%!#C-!)-7(--!'&!+%#-(V&'($7-(!A'((-5$#+'%!+%!C$(,-.#!
.?AA-..!+.!5'T!UO+%#-(C$5)-(!E:d\W>!cHJ+(+A$5!'<.-(,$#+'%.!'&!.C$(+%7!$H'%7!C?%#-(V7$#C-(-(.!$%)!
-SJ-(+H-%#$5!T'(N!'%!#C-!5+%N.!<-#T--%!.C$(+%7!%'(H.!$%)!?%J(-)+A#$<5-!(-T$().!$H'%7!e$J$%-.-!$%)!
9H-(+A$%!J$(#+A+J$%#.!#-%).!#'!.?JJ'(#!#C-.-!J(-)+A#+'%.!$<'?#!C'T!J-'J5-!.C$(-!UTC$#!<-%-&+#.!#C-/!
(-A-+,-!&('H!.C$(+%7!+.!$%'#C-(!H$##-(W>!4'(-!./%AC('%'?.5/!$%)!J(-)+A#$<5/!$AX?+(-)!(-.'?(A-.0!5+N-!
.H$55!7$H-0!#-%)!#'!<-!AC$($A#-(+M-)!</!$!7(-$#-(!J-(A-%#$7-!N-J#!&'(!#C-!A'%.?HJ#+'%!'&!#C-!$AX?+(-(!
$%)!C+.`C-(!&$H+5/!UG?(,-%!K331W0!TC+5-!C+7C!,$(+$%A-!&'').!$(-!$..'A+$#-)!T+#C!5-..!N-J#!</!#C-!J(')?A-(!
UR+T+F!G?(,-%!-#!$5>!K3330!9AC-F!G?(,-%!-#!$5>!K33KW>!@%)-J-%)-%#5/!'&!,$(+$%A-0!&'').!#C$#!A'H-!+%!5$(7-!
J$AN$7-.!$(-!-+#C-(!.C$(-)!#'!H'(-!'#C-(.!'(!+%!5$(7-(!$H'?%#.!#C$%!&'')!+%!.H$55!J$AN$7-.!U]$J5$%!$%)!
R+55!E:d20!G?(,-%!-#!$5>!K33E0!G?(,-%!-#!$5>!K33KW>!L'T!,$(+$%A-!(-.'?(A-.!U->7>!A?5#+,$#-)!'(!A'55-A#-)!
&'').W!H$/!<-!.C$(-)!H'(-!A'%#+%7-%#5/0!TC+5-!C+7C!,$(+$%A-!(-.'?(A-.!U->7>!.#'AC$.#+A!+%A'H-!.?AC!$.!
5$(7-!$%+H$5.W!.C'T!-,+)-%A-!'&!5'%7V#-(H!'%-VT$/!&5'T.!U&(--V(+)+%7W!$%)!5$AN!'&!)+.A(+H+%$#+'%!<-#T--%!
(-A+J+-%#.>!9H'%7!#C-!9AC-!+%!#C-!&'(-.#!U.--!G?(,-%!-#!$5>!K33E0!G?(,-%!-#!$5>!K33KW!T'H-%!T'(N-)!
C$()-(!#'!$AX?+(-!5$(7-!C$(,-.#.!'&!5'T!,$(+$%A-!&'').!5+N-!&(?+#0!J$5H!C-$(#0!$%)!J$5H!.#$(AC0!N--J+%7!$!
A'%.+.#-%#!J'(#+'%!&'(!#C-H.-5,-.!$%)!7+,+%7!$T$/!#C-!(-H$+%)-(0!?.?$55/!+%!#C-!&'(H!'&!A''N-)!&'')>!6?#!
#C-/!.--H-)!#'!<-!H'(-!AC''./!$<'?#!(-A+J+-%#.F!#C-/!7$,-!.C$(-.!#'!&-T-(!'#C-(!&$H+5+-.0!$%)!.?AC!
7+,+%7!T$.!H'(-!A'%#+%7-%#!UH'(-!T$.!7+,-%!#'!#C'.-!T+#C!TC'H!'%-!C$)!(-A-+,-)!H'(-W0!A'HJ$(-)!#'!
C+7C-(!,$(+$%A-!(-.'?(A-.!5+N-!H-$#0!TC+AC!T-(-!7+,-%!$T$/!T+#C'?#!A'%#+%7-%A/!#'!#T+A-!$.!H$%/!
(-A+J+-%#.0!T+#C!C?%#-(.!'&#-%!(-5+%X?+.C+%7!A'%#('5!',-(!)+.#(+<?#+'%!UR+55!$%)!G?(,-%!K331>!R+550!]>0!Z!
G?(,-%0!4>!UK331W>!"+H+5$(5/0!95#H$%!$%)!f-#-(.'%!U95#H$%!Z!f-#-(.'%!E:ddW!%'#-)!#C$#!$H'%7!#C-!
]?%+%jN?!UG?%T+%77?W0!+%)+,+)?$5!J(')?A-(.!T-(-!-SJ-A#-)!#'!-S-(#!.#('%7-(!A5$+H.!#'!'T%-(.C+J!U+-!N--J!
H'(-!T+#C+%!#C-+(!'T%!&$H+5+-.W!&'(!.H$55!7$H-0!<?#!%'#!5$(7-(!7$H-^!#C-!N-/!&-$#?(-0!#C-/!.?77-.#0!+.!
./%AC('%+A+#/F!-,-%!A$.C0!TC-%!$AX?+(-)!$./%AC('%'?.5/!$%)!?%-X?$55/!$A('..!#C-!A'HH?%+#/0!+.!T+)-5/!
9
.C$(-)0!TC+5-!TC-%!+#!+.!.+H?5#$%-'?.5/!$%)!-X?+#$<5/!J(',+)-)0!+.!H'(-!5+N-5/!#'!<-!N-J#!&'(!J-(.'%$5!?.->!
@%!+%)?.#(+$5+M-)!.'A+-#/!$.!T-55!Ue$J$%!$%)!#C-!*"W0!#C-!5+%N.!<-#T--%!-SJ-A#$#+'%.!$<'?#!.C$(+%7!,.>!
N--J+%7!A$%!<-!H$%+J?5$#-)!</!J(',+)+%7!(-.'?(A-.!#C$#!$(-!$..'A+$#-)!T+#C!$%!?%J(-)+A#$<5-!5+%N!
<-#T--%!5$<'(!$%)!(-T$()F!T+%)&$55!U.#'AC$.#+AW!(-.'?(A-.!U$.!C+7C!,$(+$%A-!$%+H$5.W!$(-!A'HH'%5/!
.C$(-)!H'(-!T+)-5/!#C$%!(-.'?(A-.!T+#C!.#('%7!5+%N.!<-#T--%!5$<'(!$%)!J(')?A#+'%!U]$H-)$!-#!$5>!K33KW0!
.?77-.#+%7!$!A'HH'%!H-AC$%+.H!<-C+%)!.?AC!%'(H!)-,-5'JH-%#>!!
!
"C+&#.!#'!5'T-(V,$(+$%A-!(-.'?(A-.!#C?.!$(-!5+N-5/!#'!<(+%7!$<'?#!.C+&#.!+%!A'HH?%+#/V5-,-5!J$##-(%+%7!'&!
'T%-(.C+J!$%)!.C$(+%7>!BC'.-!TC'!C$,-!H'(-!5'T!,$(+$%A-!(-.'?(A-.!C$,-!.?(J5?.!<-A$?.-!#C-/!T'(N-)!
5'%7-(!C'?(.!#'!7-#!+#F!#C+.!.-#.!?J!$%!$..'A+$#+'%!<-#T--%!(-.'?(A-.!$%)!T'(N!-&&'(#!#C$#!#-%).!#'!(-.?5#!
+%!#C+%7.!<-+%7!(-A'7%+M-)!$.!<-5'%7+%7!#'!#C'.-!TC'!T'(N-)!#'!J(')?A-!+#>!BC?.0!TC-%!-,-(/'%-!C$.!
$AA-..!#'!-A'%'H+A$55/!)-&-%)$<5-!(-.'?(A-.0!$%)!#C-.-!(-.'?(A-.!$(-!J(-)+A#$<5-!+%!.J$A-!$%)!#+H-!$%)!
)-%.-5/!)+.#(+<?#-)!.?AC!#C$#!#C-!<-%-&+#.!'&!.'5-!A'%.?HJ#+'%!'?#T-+7C!#C-!A'.#.!'&!)-&-%.-0!$%)!TC-(-!
#C-!$H'?%#!'&!#+H-!+%,-.#-)!J(-)+A#.!C$(,-.#!.+M-0!'T%-(.C+J!H$/!<-!5+N-5/!#'!-H-(7-!$%)!.J(-$)!+%!$!
J'J?5$#+'%>!I'(H.!'&!'T%-(.C+J!$%)!.C$(+%7!A$%!#C?.!-H-(7-!&('H!#C-!.J$#+$55/!-SJ5+A+#!)+.#?(<$%A-!
-&&-A#.!#C$#!C?H$%!.?<.+.#-%A-!C$.!'%!5$%).A$J-.>!
!
"+,&$-!&'01/$-&.2!$')!(0')0%34$*0)!)&5&*&+'*!+6!-$4+%!
!
O+#C!'T%-(.C+J!A'H-.!#C-!J'#-%#+$5!&'(!)-.J'#+.H!$%)!+%A(-$.+%7!.'A+$5!C+-($(AC/!$%)!+%-X?$5+#/0!$%)!#C+.!
H$/!<-!H'(-!5+N-5/!TC-(-!#C-(-!+.!.J$#+$5!,$(+$#+'%!+%!C'T!-A'./.#-H.!(-.J'%)!#'!$%#C('J'7-%+A!
+%&5?-%A->!@&!$%#C('J'7-%+A!$A#+,+#/!C$.!5+##5-!J'.+#+,-!-&&-A#!'%!(-.'?(A-!)+.#(+<?#+'%.0!)-.J'#+.H!$%)!.'A+$5!
+%-X?$5+#+-.!H$/!)-,-5'J!',-(!#+H-!$.!'%5/!#C'.-!TC'!7$+%!$AA-..!#'!Y%$#?($55/Y!(+AC!J$#AC-.!A$%!-%j'/!#C-!
<-%-&+#.!'&!'T%+%7!#C-H>!a%!#C-!8$5+&'(%+$!A'$.#0!]-%%-##!-#!$5>!K33:!$%)!UO+%#-(C$5)-(!-#!$5>!K3E3W!?.-!
$%!+)-$5!&(--!)+.#(+<?#+'%!H')-5!#'!)'A?H-%#!#C-!+%A(-$.-!+%!)-.J'#+.H!',-(!#+H-!+%!#C-!8C$%%[email protected]$%).>!
@%+#+$5!'AA?J$#+'%!)'H+%$#-)!(-7+'%.!'&!)-%.-0!J(-)+A#$<5-!(-.'?(A-.>!@%&+55+%7!'&!C$<+#$#.!T+#C!)+.J-(.-)!
'(!H'(-!?%J(-)+A#$<5-!(-.'?(A-!<$.-.!'AA?J+-)!.?<.-X?-%#5/!(-.?5#-)!+%!+%A(-$.+%7!)+&&-(-%#+$#+'%!+%!#C-!
J'J?5$#+'%!<-#T--%!#C-!C$,-.!$%)!#C-!C$,-!%'#.!$.!)'H+%$%A-!(-5$#+'%.!)-,-5'J-)!#C$#!-SA5?)-)!5$#-(!
$((+,$5.!&('H!(-.'?(A-!'T%-(.C+J!U]-%%-##!-#!$5>!K3E3W>!!
!
c%,+('%H-%#$5!.C+&#.!+%!(-.'?(A-!,$(+$%A-!A$?.-)!</!+%A(-$.+%7!5$%).A$J-!C-#-('7-%-+#/!H+7C#!$5.'!<-!
-SJ-A#-)!#'!$&&-A#!#C-!7-%)-(!)+,+.+'%!'&!5$<'(!</!$&&-A#+%7!(-.'?(A-!$AX?+.+#+'%!,$(+$%A->!4-%!$%)!
T'H-%!#-%)!#'!(-.J'%)!#'!(-.'?(A-!,$(+$%A-!)+&&-(-%#5/0!TC-(-!,$(+$%A-!+.!)-&+%-)!$.!#C-!?%J(-)+A#$<5-!
(+.N!'&!C$(,-.#!&$+5?(-0!$%)!+%!#C-!?%J(-)+A#$<5-!($%7-!'&!C$(,-.#!,$5?-.>!6'#C!H-%!$%)!T'H-%!+%A5?)-!+%!
#C-+(!.?<.+.#-%A-!(-J-(#'+(-.!$!.?+#-!'&!$A#+,+#+-.!'(!(-.'?(A-!#/J-.!T+#C!$!,$(+-#/!'&!,$(+$%A-.0!<?#!#C-/!
)+&&-(!+%!#C-!(-5$#+,-!J('J'(#+'%.!'&!#+H-!.J-%#!'%!C+7C!$%)!5'T!,$(+$%A-!$A#+,+#+-.>!OC+5-!H-%!&'($7-!&'(!
.'H-!5'TV,$(+$%A-!(-.'?(A-.0!#C-/!$5.'!+%A5?)-!H$%/!H'(-!C+7CV,$(+$%A-!(-.'?(A-.!#C$%!)'!T'H-%>!BC-!
-S#-%#!#'!TC+AC!H-%!+%A5?)-!.?AC!C+7C!,$(+$%A-!(-.'?(A-.!J(-)+A#.!#C-!)-7(--!#'!TC+AC!T'H-%!$(-!C+7C5/!
.+7%+&+A$%#!J(')?A-(.!'&!#C-!.?<.+.#-%A-!-A'%'H/!U65+-7-!6+()!-#!$5>!K33:0!8'))+%7!-#!$5>!K3EEW0!$%)!TC-(-!
T'H-%!J(')?A-!H'(-0!#C-/!H$/!C$,-!H'(-!$?#'%'H/!$%)!-%7$7-!H'(-!+%!A''J-($#+,-!+%#-(7-%-($#+'%$5!
J$(#%-(.C+J.!T+#C!'#C-(!T'H-%>!@&!$%#C('J'7-%+A!5$%).A$J-.!(-)?A-!+%#-(V&'($7-(!,$(+$%A-0!+%A(-$.-!
-%A'?%#-(!($#-.!T+#C!.'H-!J(-/!$%)!#C?.!+%A(-$.-!.?AA-..!J(-)+A#$<+5+#/0!$%)!&'.#-(!$!7(-$#-(!(-5+$%A-!'%!
5'TV,$(+$%A-!J(-/!(-5$#+,-!#'!C+7CV,$(+$%A-!J(-/0!T'H-%Y.!-A'%'H+A!J(')?A#+'%!+.!5+N-5/!#'!<-A'H-!-X?$50!
+&!%'#!7(-$#-(!#C$%!H-%Y.>!
!
./)*2%#"/)#!
OC+5-!#C-(-!C$,-!<--%!A$55.!#'!+%A'(J'($#-!%+AC-!A'%.#(?A#+'%!$.!$%!$5#-(%$#+,-!#'!H')-5.!'&!C?H$%V
-%,+('%H-%#!+%#-($A#+'%!TC+AC!#/J+A$55/!A'%.+)-(!'%5/!#C-!T$/!C?H$%.!(-.J'%)!#'!-%,+('%H-%#$5!
A'%)+#+'%.!U<-C$,+'($5!-A'5'7/W0!#C-!#T'!$JJ('$AC-.!A$%!<-!+%#-7($#-)!</!)($T+%7!'%!A'HJ5-S!$)$J#+,-!
./.#-H.!#C-'(/0!+%!TC+AC!C?H$%!-%,+('%H-%#$5!+%#-($A#+'%.!$#!5$(7-(!.J$#+$5!$%)!#-HJ'($5!.A$5-.!$(-!<-.#!
,+-T-)!$.!$%!-H-(7-%#!J('J-(#/!'&!$!A'V-,'5,-)!.'A+$5V-A'5'7+A$5!./.#-H!H$+%#$+%-)!</!#C-!.C'(#V#-(H!
<-%-&+#.!#'!+%)+,+)?$5!$7-%#.!UL$%.+%7!K33;0!L$%.+%7!Z!Q'S!K3EE0!L$%.+%7!-#!$5>!E::dW>!BC-!J?#$#+,-!
10
T-$N%-..-.!'&!<-C$,+'($5!-A'5'7/!+%!-SJ5$+%+%7!A'HJ5-S!JC-%'H-%$!5+N-!.?<.+.#-%A-!+%#-%.+&+A$#+'%!$(-!
#C-%!)+..'5,-)!</!$%!$JJ('$AC!#C$#!+%#-7($#-.!$A('..!.J$#+$5!.A$5-.!$%)!A'%.+)-(.!#C-!)/%$H+A!&--)<$AN.!
<-#T--%!.?<.+.#-%A-0!-A'5'7+A$5!.#(?A#?(-0!$%)!.'A+$5!'(7$%+M$#+'%>!g$#C-(!#C$%!$..?H+%7!#C$#!
-%,+('%H-%#$5!H')+&+A$#+'%!T$.!$%!+%#-%#+'%$5!$##-HJ#!#'!+%A(-$.-!-%,+('%H-%#$5!J(')?A#+,+#/0!$.!%+AC-!
A'%.#(?A#+'%!H')-5.!.?77-.#0!#C-!-H-(7-%#!J('J-(#+-.!'&!)+.#?(<$%A-!H$/!<-!$!&?%)$H-%#$5!A'HJ'%-%#!
'&!C?H$%!.?<.+.#-%A-!TC'.-!-&&-A#.!.C$J-!.'A+$5!%'(H.!'&!.C$(+%7!,+$!#C-!T$/!)+.#?(<$%A-!AC$%7-.!#C-!
%$#?(-!'&!(-.'?(A-!J$#AC+%-..0!)-&-%.+<+5+#/!$%)!+%#-(V!$%)!+%#($V+%)+,+)?$5!,$(+$%A-!+%!(-#?(%.>!!
!
BC-!$JJ('$AC!@Y,-!'?#5+%-!C-(-!.C'T.!C'T!#'!+%A'(J'($#-!+..?-.!'&!.J$#+$5!$%)!#-HJ'($5!.A$5-0!$%)!5+%N.!
J$##-(%.!'&!+%)+,+)?$5!<-C$,+'(0!-SJ5$+%-)!#C('?7C!)-A+.+'%!#C-'(/0!T+#C!5$(7-!.A$5-!5$%).A$J-!$%)!7('?J!
5-,-5!'?#A'H-.!#C$#!+%!#?(%0!&--)!<$AN!',-(!#+H-!#'!+%&5?-%A-!+%)+,+)?$5!<-C$,+'(>!@%#-7($#+%7!C?H$%!
<-C$,+'($5!-A'5'7/!T+#C!5$%).A$J-!$%)!A'HH?%+#/!-A'5'7/0!)-H'%.#($#-.!C'T!.'A+$5!%'(H.!H$/!-H-(7-!
&('H!#C-!&?%)$H-%#$5!J('J-(#+-.!'&!C?H$%!)+.#?(<$%A->!BC+.!$JJ('$AC!A'%.+)-(.!C?H$%.!$.!+%#-7($5!
A'HJ'%-%#.!#'!-A'./.#-H.0!?J'%!TC+AC!H$/!)-J-%)!$!C'.#!'&!'#C-(!%-#T'(N-)!.J-A+-.!.?JJ'(#-)!</!#C-!
-H-(7-%#!J('J-(#+-.!'&!C?H$%!5$%).A$J-!+%#-($A#+'%>!@#!)'-.!%'#!(-X?+(-!#C$#!-A'./.#-H!-%7+%--(+%7!<-!
Y+%#-%#+'%$5Y!$%)!#C?.!)+..'5,-.!#C-!J-(-%%+$5!)-<$#-!',-(!TC-#C-(!&'($7-(.!$(-!+%#-%#+'%$5!
A'%.-(,$#+'%+.#.!'(!)-.#(?A#+,-!J(-)$#'(.>!!9.!6+()!-#!$5>!U6+()!-#!$5>!K3E2W!A'%A5?)-0!)+.#?(<$%A-!J('A-..-.!
H$/!5+-!$#!#C-!C-$(#!'&!H$%/!A'HJ5-S!.'A+$5V-%,+('%H-%#$5!JC-%'H-%$0!.?AC!$.!.?<.+.#-%A-!
+%#-%.+&+A$#+'%.!$%)!)+-#!<(-$)#C!.C+&#.!+%!J(-C+.#'(/>!!
!
!
!
C*L)/82+:@+0+)$#!
@!$H!7($#-&?5!&'(!#C-!.?JJ'(#!'&!&(+-%).!$%)!&$H+5/!+%!f$(%%7?((!A'HH?%+#/!+%!A'%)?A#+%7!#C-!(-.-$(AC!
)-.A(+<-)!C-(->!P'?75$.!6+()!$%)!6(+$%!8'))+%7!A'%#(+<?#-)!#'!#C-!)-,-5'JH-%#!'&!H$%/!'&!#C-!+)-$.!+%!
#C+.!J$J-(>!BC-!4$(#?!(-.-$(AC!J('j-A#!C$.!<--%!&?%)-)!</!7($%#.!&('H!#C-!I$#+'%$5!"A+-%A-!Q'?%)$#+'%!
68"V3d23\\10!68"V3;E113\0!"6gV3KEEK\20!68"V3EK[\dE0!68"V33[2Kd:^!BC-!L-$N-/!Q'?%)$#+'%0!BC-!
8C(+.#-%.-%!Q?%)0!BC-!*%+,-(.+#/!'&!4$+%-0!"#$%&'()!*%+,-(.+#/!a&&+A-!'&!B-$AC+%7!$%)!L-$(%+%70!BC-!L$%7!
Q?%)!&'(!c%,+('%H-%#$5!9%#C('J'5'7/0!"#$%&'()!@%.#+#?#-!&'(!g-.-$(AC!+%!#C-!"'A+$5!"A+-%A-.0!$%)!#C-!
O'').!@%.#+#?#-!c%,+('%H-%#$5!m-%#?(-!f('7($H>!
!
!
11
>+;+&+)*+#!
95#H$%!e80!f-#-(.'%!I>!E:dd>!g+7C#.!#'!7$H-!$%)!(+7C#.!#'!A$.C!$H'%7!A'%#-HJ'($(/!9?.#($5+$%!C?%#-(!
7$#C-(-(.>!@%!I/&.0$*(#&)(J#."0$0$*(K+-(@D(L$+80$.2M(L+<0$M(#&)(N)0+-+'20!-).>!B!@%7'5)[email protected]!
e!O'')<?(%0!JJ>![2q:1>!I-T!l'(NF!6-(7!
95,$()!4>!E::d>!@%)+7-%'?.!C?%#+%7!+%!#C-!I-'#('J+A.F!A'%.-(,$#+'%!'(!'J#+H$5!&'($7+%7>!O0"#5G(9,+-G(
P+&*0$5G(O%+-G0!JJ>!1[1q233!
95,$()!4">!E::;>!B-.#+%7!#C-!r-A'5'7+A$55/!%'<5-!.$,$7-s!C/J'#C-.+.F!@%#-(.J-A+&+A!J(-/!AC'+A-!</!f+('!
C?%#-(.!'&!9H$M'%+$%!f-(?>!I/=G(9,+-G!KEU1WF;22qd[!
9.X?+#C!I40!B-(<'(7C!e0!9(%'5)!9c0!g+,-('.!84>!E:::>!BC-!&(?+#.!#C-!$7'?#+!$#-F!R/H-%$-$!A'?(<$(+5!.--)!
&$#-!TC-%!+#.!)+.J-(.-(!+.!$<.-%#>!QG(:$+8G(9,+-G!E2U3KWFKK:q;2!
6-AN-(H$%!9f0!f-#AC-/!aL0!O$((-%!fR>!K33\>!Q'($7+%7!<+'5'7/!J(-)+A#.!&'')!T-<!A'HJ5-S+#/>!L$+,G(R#.-G(
S,#)G(!,%G(TG(!G(SG!E3;U;[WFE;[12q1:!
6-(#%-..!4P0!L-'%$()!GR>!E::[>!BC-!('5-!'&!J'.+#+,-!+%#-($A#+'%.!+%!A'HH?%+#+-.F!5-..'%.!&('H!+%#-(#+)$5!
C$<+#$#.>!9,+-+'2>![dU[WFE:[\qd:!
6-##+%7-(!gL0!4$5C+!g0!4A8$(#C/!R>!E::[>!8-%#($5!J5$A-!H')-5.!'&!$A'(%!$%)!H?..-5!J('A-..+%7>!QG(
S$,"#0+-G(!,%G!K1Fdd[q:33!
6-##+%7-(!gL0!O+%#-(C$5)-(!60!4Ac5(-$#C!g>!K33\>!9!.+HJ5-!H')-5!'&!#-AC%'5'7+A$5!+%#-%.+&+A$#+'%>!QG(
S$,"#0+-G(!,%G!;;U1WF2;dq12!
6+()!PO0!65+-7-!6+()!gL>!E::[>!8'%#-HJ'($(/!.C-55&+.C!7$#C-(+%7!.#($#-7+-.!$H'%7!#C-!4-(+$H!'&!#C-!
B'((-.!"#($+#[email protected]$%).0!9?.#($5+$F!#-.#+%7!J(-)+A#+'%.!'&!$!A-%#($5!J5$A-!&'($7+%7!H')-5>!QG(S$,"#0+-G(
!,%G!K1UEWF;:q\;!
6+()!PO0!65+-7-!6+()!g0!8'))+%7!6Q>!K3E2>!f/(')+,-(.+#/!$%)!#C-!9%#C('J'A-%-F!#C-!g'5-!'&!Q+(-!+%!#C-!
6('$)!"J-A#(?H!g-,'5?#+'%>!95+-G(S&."$G!@%!J(-..F!
6+()!PO0!ab8'%%-55!eQ>!K33\>!6-C$,+'($5!-A'5'7/!$%)!$(AC$-'5'7/>!QG(S$,"#0+-G(U0*G!E1UKWFE1;qdd!
65+-7-!6+()!g0!6+()!PO0!6$5H-!e0!6+()VP$,+)!I0!8$HJ<-55!60!-#!$5>!K33d$>!OC/!O'H-%!R?%#>!P/$$G(S&."$G!
1:U1WF\22q:;!
12
65+-7-!6+()!g0!6+()!PO0!8'))+%7!6Q0!f$(N-(!8R0!e'%-.!eR>!K33d<>!BC-!r&+(-!.#+AN!&$(H+%7s!C/J'#C-.+.F!
9?.#($5+$%!9<'(+7+%$5!&'($7+%7!.#($#-7+-.0!<+')+,-(.+#/0!$%)!$%#C('J'7-%+A!&+(-!H'.$+A.>!L$+,G(R#.-G(
S,#)G(!,%G!E32U;:WFE1[:\qd3E!
65+-7-!6+()!g0!8'))+%7!60!6+()!P>!K33:>!OC$#!cSJ5$+%.!P+&&-(-%A-.!+%!4-%b.!$%)!O'H-%b.!f(')?A#+'%t!
I/=G(R#.G!K3UKWFE32qK:!
65+-7-!6+()!g0!8'))+%7!60!]$?C$%-%!f0!6+()!P>!K3EK>!9<'(+7+%$5!C?%#+%7!<?&&-(.!A5+H$#-V)(+,-%!&+(-V.+M-!
,$(+$<+5+#/!+%!9?.#($5+$b.!.J+%+&-S!7($..5$%).>!L$+,G(R#.-G(S,#)G(!,%G!E3:UK\WFE3Kd[q:K!
65+-7-!6+()!g0!B$/'(!I0!8'))+%7!6Q0!6+()!PO>!K3E;>!I+AC-!A'%.#(?A#+'%!$%)!P(-$H+%7!5'7+AF!$<'(+7+%$5!
J$#AC!H'.$+A!<?(%+%7!$%)!,$($%+)!5+M$().!Um$($%?.!7'?5)++W!+%!9?.#($5+$>!L$+,G(UG(!+,G(O(O%+-G(!,%G!
Kd3UE[[KWFK3E;KK:[!
65?(#'%!e'%-.!I>!E:d[>!B'5-($#-)!#C-&#0!.?77-.#+'%.!$<'?#!#C-!-A'5'7/!$%)!-,'5?#+'%!'&!.C$(+%70!C'$()+%7!
$%)!.A('?%7+%7>!!+,G(!,%G(N&6G!K\UEWF;Eq21!
6'T-(.!490!P''5-/!eL>!E:::>!9!A'%#('55-)0!C+-($(AC+A$5!.#?)/!'&!C$<+#$#!&($7H-%#$#+'%F!(-.J'%.-.!$#!#C-!
+%)+,+)?$50!J$#AC0!$%)!5$%).A$J-!.A$5->!?#&)*,G(9,+-G!E1U1WF;dEqd:!
6'T5-.!"0!8C'+!eV]>!K3E;>!8'-,'5?#+'%!'&!&$(H+%7!$%)!J(+,$#-!J('J-(#/!)?(+%7!#C-!-$(5/!R'5'A-%->!L$+,G(
R#.-G(S,#)G(!,%G!EE3UKKWFdd;3q;2!
6?(<+)7-!990!e'C%.'%!]90!Q?55-(!fe0!"'?#C7$#-!g@>!E:dd>!9<'(+7+%$5!N%'T5-)7-!'&!#C-!H$HH$5.!'&!#C-!
A-%#($5!)-.-(#.!'&!9?.#($5+$>!V%-)-(U0*>!E2UEWF:q;:!
6?(('T.!IP0!6?(<+)7-!990!Q?55-(!fe0!6-C%0!G>!K33\>!c,+)-%A-!'&!$5#-(-)!&+(-!(-7+H-.!+%!#C-!O-.#-(%!P-.-(#!
(-7+'%!'&!9?.#($5+$>!P+&*0$5G(!,%G(V0*.G(S/*.G!2FK[Kqd1!
8$.#+55$!e8>!E:::>!8'$.#$5!H$(+%-!A'HH?%+#+-.F!#(-%).!$%)!J-(.J-A#+,-.!&('H!C?H$%V-SA5?.+'%!
-SJ-(+H-%#.>!:$0&)*(9,+-G(95+-G!E1U[WFKd3qd;!
8$.#+55$!e80!6?.#$H$%#-!gR>!E:d:>!R?H$%!-SA5?.+'%!&('H!('AN/!+%#-(#+)$5!'&!L$.!8(?A-.0!8-%#($5!8C+5-F!
c&&-A#.!'%!P?(,+55$-$!$%#$(A#+A$UfC$-'JC/#$0!P?(,+55-$5-.W>!W#$G(9,+-G(L$+'G(!0$G(X-)0&)+$6>!
23U;WFK3;qE1!
13
8C$A'%!g>!K3EK>!8'%.-(,$#+'%!'(!g-.'?(A-!4$S+H+M$#+'%t!9%$5/M+%7!"?<.+.#-%A-!R?%#+%7!9H'%7!#C-!
9AC?$(!U"C+T+$(W!'&!cA?$)'(>!@%!:"0(9."%,*(+6(S&."$+8+-+'2(#&)(S=0$%&)%#&(U0*0#$,"D(U08+$.%&'(
+&(9&5%$+&=0&.#-(H0'$#)#.%+&(#&)(V#$6#$00!JJ>!;EEq\3>!I-T!l'(NF!"J(+%7-(!
8C$(%',!cL0!a(+$%.!GR0!R/$##!]>!E:[\>!cA'5'7+A$5!@HJ5+A$#+'%.!'&!g-.'?(A-!P-J(-..+'%>!S=G(R#.G!
EE3U:[KWFK1[q2:!
8'AN+%7!4@0!m$(%-(!e40!"C-((+&&!gL>!K3EK>!8$5+&'(%+$!<5$AN!'$N!(-.J'%.-.!#'!&+(-!.-,-(+#/!$%)!%$#+,-!A'%+&-(!
-%A('$ACH-%#!+%!#C-!]5$H$#C!4'?%#$+%.>!Y+$G(9,+-G(W#&#'G!K[3FK2q;1!
8'))+%7!60!6+()!P0!65+-7-!6+()!g>!K3E3>!@%#-(J(-#+%7!$<?%)$%A-!+%)+A-.F!.'H-!M''$(AC$-'5'7+A$5!
+HJ5+A$#+'%.!'&!4$(#?!&'($7+%7>!QG(S$,"#0+-G(!,%G!;[UEKWF;K33q;KE3!
8'))+%7!6Q0!6+()!g60!6+()!PO>!K3EE>!f(',+.+'%+%7!'&&.J(+%7!$%)!'#C-(.F!(+.Nq-%-(7/!#($)-V'&&.!$%)!7-%)-(!
)+&&-(-%A-.!+%!C?%#-(q7$#C-(-(!&'($7+%7!.#($#-7+-.>!L$+,G(UG(!+,G(O(O%+-G(!,%G!K[dUE[E[WFK23Kq:!
8'))+%7!6Q0!6+()!g60!]$?C$%-%!fG0!6+()!PO>!K3E1>!8'%.-(,$#+'%!'(!8'V-,'5?#+'%t!@%#-(H-)+$#-!L-,-5.!'&!
9<'(+7+%$5!6?(%+%7!$%)!R?%#+%7!R$,-!f'.+#+,-!c&&-A#.!'%!]$%7$(''!f'J?5$#+'%.!+%!O-.#-(%!
9?.#($5+$>!I/=G(9,+-G0!JJ>!EqEE!
8'%%-55!eR>!E:[d>!P+,-(.+#/!+%!#('J+A$5!($+%!&'(-.#.!$%)!A'($5!(--&.>!!,%0&,0>!E::U1;;2WFE;3K!
8(''N.!]g0!"'?5h!4c>!E:::>!4-.'J(-)$#'(!(-5-$.-!$%)!$,+&$?%$5!-S#+%A#+'%.!+%!$!&($7H-%#-)!./.#-H>!
R#./$0>!133U\[11WF2\;q\\!
P$,-%J'(#!"0!e'C%.'%!f0!l?T$5+>!K332>!P-0#$0)(X/.D(Y%$*.(P+&.#,.(%&(."0(V0*.0$&(H0*0$.>!8$%<-(($0!
9?.#($5+$F!9<'(+7+%$5!"#?)+-.!f(-..!
P+j$N!OP0!BC'HJ.'%!@@@!Qg>!K333>!L$%).A$J-!$%)!-)7-!-&&-A#.!'%!#C-!)+.#(+<?#+'%!'&!H$HH$5+$%!J(-)$#'(.!
+%!4+..'?(+>!QG(V%-)-G(W#&#'G0!JJ>!K3:qE\!
P?%%!40!c.#($)$!I0!"H+#C!P9>!K3EK>!BC-!A'-S+.#-%A-!'&!6$+()b.!#$J+(!UB$J+(?.!<$+()++W!$%)!+%)+7-%'?.!
C?%#-(.!+%!%'(#C-$.#-(%!R'%)?($.>!N&.0'$G(Z++-G![U1WF1K:q;d!
P?%%!490!"H+#C!P9>!K3EE>!BC-!"J$#+$5!f$##-(%.!'&!4+.N+#?!R?%#+%7!+%!I'(#C-$.#-(%!R'%)?($.F!L-..'%.!&'(!
O+5)5+&-!4$%$7-H-%#!+%!B('J+A$5!Q'(-.#.>!QG(?#.G(S=G(J0+'$G!E3UEWFd2qE3d!
P/.'%VR?).'%!g0!"H+#C!c9>!E:[d>!R?H$%!#-((+#'(+$5+#/F!$%!-A'5'7+A$5!(-$..-..H-%#>!S=G(S&."$G!d3UEWFKEq
1E!
14
c.#-.!e90!f$5H+.$%'!eQ>!E:[1>!"-$!'##-(.F!#C-+(!('5-!+%!.#(?A#?(+%7!%-$(.C'(-!A'HH?%+#+-.>!!,%0&,0>!
Ed2U1E2\WFE32d!
Q$!ec0!g/$%!"Q0!6-55!Pe>!K332>!R?%#+%7!,?5%-($<+5+#/0!-A'5'7+A$5!AC$($A#-(+.#+A.!$%)!C$(,-.#!($#-.!'&!
<?.CH-$#!.J-A+-.!+%!$&('#('J+A$5!&'(-.#.>!O%+-G(P+&*0$5G!EKEUKWFE\[q[\!
Q+%5$/.'%!RR>!E:\E>!X&(P0&.$#-(S/*.$#-%#&(W#==#-*D(L#$.(NK(:"0(H%*.$%4/.%+&(#&)(!.#./*(+6(P0&.$#-(
S/*.$#-%#&(!80,%0*>!G',-(%H-%#!f(+%#-(0!"'?#C!9&(+A$!
Q?#?/H$!P>!E:dd>!BC-!c,'5?#+'%!a&!cA'5'7+A$5!"J-A+$5+M$#+'%>!S&&/G(U05G(9,+-G(!2*.G!E:UEWFK3[q;;!
G(-H+55+'%!]e0!6$(#'%!L0!f+J-(%'!Pg>!K3E1>!f$(#+A?5$(+.H!$%)!#C-!(-#(-$#!&('H!#C-'(/!+%!#C-!$(AC$-'5'7/!'&!
$7(+A?5#?($5!'(+7+%.>!L$+,G(R#.-G(S,#)G(!,%G!EEEUE[WF\E[Eq[[!
G('..!B0!g?)'5&!L0!L-,+%!"90!P+-ANH$%%!*>!K33:>!G-%-($5+M-)!4')-5.!g-,-$5!"#$<+5+M+%7!Q$A#'(.!+%!Q'')!
O-<.>!!,%0&,0>!;K2U2:1EWF[1[q23!
G?(,-%!4>!K331>!B'!G+,-!$%)!#'!G+,-!I'#F!BC-!6-C$,+'($5!cA'5'7/!'&!R?H$%!Q'')!B($%.&-(.>!O0"#5G(O$#%&(
!,%G!K[U31WF21;q2:!
R$TN-.!]0!ab8'%%-55!e>!E::K>!a%!'J#+H$5!&'($7+%7!H')-5.!$%)!.?<.+.#-%A-!#($%.+#+'%.>!P/$$G(S&."$G!;;F\;q
\\!
R+55!]0!4A4+55$%!G0!Q$(+u!%$!g>!K33;>!R?%#+%7Vg-5$#-)!8C$%7-.!+%!G$H-!c%A'?%#-(!g$#-.!&('H!E::1!#'!K33E!
+%!#C-!4<$($A$/?!g-.-(,-0!f$($7?$/>!P+&*0$5G(O%+-G!E[U2WFE;EKqK;!
R+55!]0!f$)T-!e>!K333>!"?.#$+%$<+5+#/!'&!9ACh!C?%#+%7!+%!#C-!4<$($A$/?!(-.-(,-0!f$($7?$/>!I/&.G(!/*.#%&G(
:$+8G(Y+$G0!JJ>![:qE32!
R'5#!gP>!E:d1>!"J$#+$5!C-#-('7-%-+#/0!+%)+(-A#!+%#-($A#+'%.0!$%)!#C-!A'-S+.#-%A-!'&!J(-/!.J-A+-.>!S=G(R#.G0!
JJ>!;[[q13\!
R?.#'%!4>!E:[:>!9!G-%-($5!R/J'#C-.+.!'&!"J-A+-.!P+,-(.+#/>!S=G(R#.G!EE;UEWFdEqE3E!
e'%-.!8G0!L$T#'%!eR0!"C$AC$N!4>!E::1>!a(7$%+.H.!$.!-A'./.#-H!-%7+%--(.>!X%;+*>!\:U;WF;[;qd\!
e'%-.!eR0!6+()!g60!6+()!PO>!K3E;>!B'!N+55!$!N$%7$(''F!?%)-(.#$%)+%7!#C-!)-A+.+'%!#'!J?(.?-!C+7CV(+.N`C+7CV
7$+%!(-.'?(A-.>!L$+,G(UG(!+,G(O(O%+-G(!,%G!Kd3UE[\[WF!
e'%-.!g>!E:\:>!Q+(-V.#+AN!&$(H+%7>!S/*.G(R#.G(I%*.G!E\U[WFKK1qKd!
15
e'%-.!BL0!f'(A$.+!eQ0!c(5$%).'%!e40!P$55$.!R0!O$N-!B90!"ACT$)-(-(!g>!K33d>!BC-!J('#($A#-)!R'5'A-%-!
-S#+%A#+'%!'&!8$5+&'(%+$b.!&5+7C#5-..!.-$!)?AN!U8C-%)/#-.!5$T+W!$%)!+#.!+HJ5+A$#+'%.!&'(!#C-!
f5-+.#'A-%-!',-(N+55!C/J'#C-.+.>!L$+,G(R#.-G(S,#)G(!,%G!E32UEEWF1E32qd!
]$H-)$!B0!B$N-M$T$!40!B+%)$5-!g"0!"H+#C!84>!K33K>!"'A+$5!.C$(+%7!$%)!(+.N!(-)?A#+'%F!cSJ5'(+%7!$!
A'HJ?#$#+'%$5!$57'(+#CH!&'(!#C-!J./AC'5'7/!'&!T+%)&$55!7$+%.>!95+-G(I/=G(O0"#5G!K;UEWFEEq;;!
]-%%-##!P0!9%)-(.'%!90!O+%#-(C$5)-(!6>!K33\>!BC-!+)-$5!&(--!)+.#(+<?#+'%0!&'')!J(')?A#+'%0!$%)!#C-!
A'5'%+M$#+'%!'&!aA-$%+$>!O0"#5G(9,+-G(:$#&*%.G(S'$%,G0!JJ>!K\2qdd!
]-%%-##!Pe0!O+%#-(C$5)-(!60!-).>!K33\>!O0"#5%+$#-(9,+-+'2(#&)(."0(:$#&*%.%+&(.+(S'$%,/-./$00!m'5>!E>!
6-(N-5-/F!*%+,-(.+#/!'&!8$5+&'(%+$!f(-..!
]-%%-##!Pe0!O+%#-(C$5)-(!60!6$(#(?&&!e0!c(5$%).'%!e4>!K33:>!9%!-A'5'7+A$5!H')-5!&'(!#C-!-H-(7-%A-!'&!
+%.#+#?#+'%$5+M-)!.'A+$5!C+-($(AC+-.!'%!8$5+&'(%+$b.!I'(#C-(%!8C$%%[email protected]$%).>!95+-G(S&#-G(P/-.G(
O0"#5G0!JJ>!K:[q;E1!
]'.#-(!e>!K33d>!BC-!+HJ$A#!'&!C?%#+%7!T+#C!)'7.!'%!T+5)5+&-!C$(,-.#.!+%!#C-!6'.$T$.!g-.-(,-0!I+A$($7?$>!
9&5%$+&G(P+&*0$5G!;2U3;WFKEEqK3!
]?(N+!"0!I+N?5$!90!R-55-!f0!L+%)h%!R>!K333>!L$%).A$J-!&($7H-%#$#+'%!$%)!&'(-.#!A'HJ'.+#+'%!-&&-A#.!'%!
7('?.-!<(--)+%7!.?AA-..!+%!<'(-$5!&'(-.#.>!9,+-+'2>!dEU[WFE:d2q:[!
L$%.+%7!e">!K33;>!8'HJ5-S!$)$J#+,-!./.#-H.>!S&&/G(U05G(S&."$G0!JJ>!Ed;qK31!
L$%.+%7!e"0!Q'S!]4>!K3EE>!I+AC-!A'%.#(?A#+'%!'%!6$5+F!#C-!7').!'&!#C-!A'?%#(/.+)->!L"%-+*G(:$#&*G(UG(!+,G(O(
O%+-G(!,%G!;\\UE2\\WF:K[q;1!
L$%.+%7!e"0!](-H-(!eI0!"H?#.!66>!E::d>!"/.#-HV)-J-%)-%#!"-5-A#+'%0!cA'5'7+A$5!Q--)<$AN!$%)!#C-!
cH-(7-%A-!'&!Q?%A#+'%$5!"#(?A#?(-!+%!cA'./.#-H.>!QG(:"0+$G(O%+-G!E:KU;WF;[[q:E!
L$/#'%!g>!K3E3>!OC/!.'A+$5!.A+-%#+.#.!)'%b#!5+N-!P$(T+%!$%)!TC$#!A$%!<-!)'%-!$<'?#!+#>!QG(95+-G(L*2,"+-G!
dUKWFE;:q2K!
L+%$(-.!aQ>!E:[\>!rG$()-%!C?%#+%7s!+%!#C-!9H-(+A$%!#('J+A.>!I/=G(9,+-G!1U1WF;;Eq1:!
L?J'!]P>!K33[>!c,'5?#+'%$(/!&'($7+%7!H')-5.!+%!M''$(AC$-'5'7+A$5!$%$5/.+.F!(-A-%#!$JJ5+A$#+'%.!$%)!&?#?(-!
AC$55-%7-.>!QG(S$,"#0+-G(U0*G!E2UKWFE1;qd:!
4$A9(#C?(!gR0!f+$%N$!cg>!E:\\>!a%!aJ#+H$5!*.-!'&!$!f$#AC/!c%,+('%H-%#>!S=G(R#.G!E33U:E\WF\3;q:!
16
4$(,+-(!40!]$(-+,$!f0!I-?<-(#!4G>!K331>!R$<+#$#!P-.#(?A#+'%0!Q($7H-%#$#+'%0!$%)!P+.#?(<$%A-!f('H'#-!
@%,$.+'%!</!R$<+#$#!G-%-($5+.#.!+%!$!4?5#+.J-A+-.!4-#$J'J?5$#+'%>!U%*;(S&#-G!K1U1WFd\:q[d!
4A8$%%!]"0!g$.H?..-%!e60!*H<$%C'T$(!e>!K332>!BC-!)/%$H+A.!'&!.J$#+$55/!A'?J5-)!&'')!T-<.>!9,+-G(?0..G!
dU2WF2E;qK;!
4'(7$%!8>!K3E1>!@.!+#!@%#-%.+&+A$#+'%!l-#t!8?((-%#!9(AC$-'5'7+A$5!f-(.J-A#+,-.!'%!#C-!c,'5?#+'%!'&!R?%#-(V
G$#C-(-(!cA'%'H+-.>!QG(S$,"#0+-G(U0*G0!JJ>!Eq2E!
4'(+%!c>!K3EK>!U0#**0**%&'(L#-0+-%."%,(!/4*%*.0&,0D(:"0(R0#&)0$.#-(#&)(W+)0$&(I/=#&(Y+$#'0$*(+6(!#%&.3
P[*#%$0>!8$H<(+)7-!*%+,-(.+#/!f(-..!
4'(#'%!"g0!"#$&&'()!"H+#C!P40!P+ANH$%!8g0!P?%N-(5-/!PL0!Q(+-)-5!4R0!-#!$5>!K3EE>!9!&(-.C!&($H-T'(N!&'(!
#C-!-A'5'7/!'&!$(+)!9?.#($5+$>!QG(S$%)(9&5%$+&G![2U1WF;E;qK:!
I$7$'N$!L>!K33K>!BC-!-&&-A#.!'&!(-.'?(A-!)-J(-..+'%!'%!&'($7+%7!-&&+A+-%A/0!)+-#!<(-$)#C0!$%)!J$#AC!?.-!+%!
.'?#C-(%!I-T!_-$5$%)>!QG(S&."$G(S$,"#0+-G!KEU1WF1E:q1K!
f$((/!L0!6$(5'T!e0!f-(-.!89>!K33:>!955'A$#+'%!'&!C?%#+%7!-&&'(#!</!9H$M'%+$%!.H$55C'5)-(.F!@HJ5+A$#+'%.!&'(!
A'%.-(,+%7!T+5)5+&-!+%!H+S-)V?.-!5$%).A$J-.>!O%+-G(P+&*0$5G!E1KUdWFE[[[qd\!
f'.-/!P9>!E:d2>!@%)+7-%'?.!H$%$7-H-%#!'&!#('J+A$5!&'(-.#!-A'./.#-H.F!#C-!A$.-!'&!#C-!]$/$J'!@%)+$%.!'&!
#C-!6($M+5+$%!9H$M'%>!S'$+6+$G(!2*.G!;UKWFE;:q2d!
f'.-/!P9>!K33;>!\#2#8](9."&+0,+-+'2(#&)(P/-./$0>!g'?#5-)7-!
g-$5!L90!6+-N!g>!K33[>!"J$#+$5!)/%$H+A.!$%)!7-%-#+A.!'&!+%&-A#+'?.!)+.-$.-.!'%!C-#-('7-%-'?.!5$%).A$J-.>!
QG(UG(!+,G(N&.0$6#,0>!1UE\WF:;2q1d!
g-)&'()!]R0!g'<+%.'%!eG>!E:d[>!BC-!7$H-!'&!AC'+A-F!J$##-(%.!'&!@%)+$%!$%)!A'5'%+.#!C?%#+%7!+%!#C-!
I-'#('J+A.>!S=G(S&."$G!d:U;WF\23q\[!
g+%)'.!P>!E:d1>!X$%'%&*(+6(#'$%,/-./$0D(#&(05+-/.%+&#$2(80$*80,.%50>!C##JF``<$.-.><+(-H-><(`A7+V
<+%`TS+.5+%)>-S-`+$C`'%5+%-`t@.+."A(+J#v+$C`+$C>S+.Z.(Av7''75-Z<$.-vgcf@P@"89Z5$%7vJZ%-S#9A
#+'%v5%NZ-SJ("-$(ACvEKd\[\Z+%)-S"-$(ACv@P!
g'&&!P9>!E:[1>!"J$#+$5!C-#-('7-%-+#/!$%)!#C-!J-(.+.#-%A-!'&!J'J?5$#+'%.>!X0,+-+'%#>!E2U;WFK12q2d!
g''%-/!I0!4A8$%%!]">!K3EK>!@%#-7($#+%7!&'')!T-<!)+,-(.+#/0!.#(?A#?(-!$%)!.#$<+5+#/>!:$0&)*(9,+-G(95+-G!
K[UEWF13q1\!
17
g'S<?(7C!"R0!"C-$!]0!O+5.'%!e6>!K331>!BC-!+%#-(H-)+$#-!)+.#?(<$%A-!C/J'#C-.+.F!J$#AC!)/%$H+A.!$%)!
H-AC$%+.H.!'&!.J-A+-.!A'-S+.#-%A->!9,+-+'2>!d2UKWF;2:q[E!
"$p)!"0!"-(,$%#/!">!K332>!BC-!@%&5?-%A-!'&!L$%).A$J-!"#(?A#?(-!'%!Q-H$5-!g'-!P--(!R'H-V($%7-!"+M->!
?#&)*,G(9,+-G!K3UdWFE33;qEK!
"A-5M$!60!65+-7-!6+()!g>!K33d>!G('?J!"#(?A#?(-!$%)!Q-H$5-!8''J-($#+,-!I-#T'(N.!+%!9?.#($5+$b.!O-.#-(%!
P-.-(#>!I/=G(R#.G!E:U;WFK;Eq1d!
"A-5M$!69>!K33:>!BC-!7($%)H$#-(%$5!%+AC-F!8(+#+A$5!A$(-#$N+%7!$H'%7!4$(#?!9<'(+7+%-.>!S=G(QG(I/=G(O%+-G!
KEU1WF11dq21!
"A-5M$!690!6+()!PO0!65+-7-!6+()!g>!K3E1>!6?.C!B?AN-(0!"C'J!B?AN-(F!f(')?A#+'%0!8'%.?HJ#+'%0!$%)!P+-#!$#!
$%!9<'(+7+%$5!a?#.#$#+'%>!9,+-G(Y++)(R/.$G!2;UEWF:dqEE[!
"ACH+)#!I40!e-%.-%!f4>!K33;>!8C$%7-.!+%!4$HH$5+$%!6')/!L-%7#C!',-(!E[2!l-$(.q9)$J#$#+'%.!#'!$!
Q($7H-%#-)!L$%).A$J-t!P+&*0$5G(9,+-G![UKWF\qE;!
"ACH+)#!I40!e-%.-%!f4>!K332>!8'%A'H+#$%#!J$##-(%.!+%!$,+$%!$%)!H$HH$5+$%!<')/!5-%7#C!AC$%7-.!+%!
P-%H$(N>!9,+-(!+,>!E3U2WF!
"AC'55H-/-(!]G0!P(+,-(!e8>!K3EK>!BC-!J$.#0!J(-.-%#!$%)!&?#?(-!'&!.H$55!#-((-.#(+$5!H$HH$5.!+%!C?H$%!
)+-#.>!@%!P+&*0$5#.%+&(O%+-+'2(#&)(S88-%0)(Z++#$,"#0+-+'20!JJ>!E[:qK3[>!*%+,-(.+#/!'&!9(+M'%$!
f(-..!
"AC'55H-/-(!]G0!P(+,-(!e8>!K3E;>!"-##5-H-%#!f$##-(%.0!"'?(A-q"+%N!P/%$H+A.0!$%)!9(#+')$A#/5!R?%#+%7!+%!
#C-!f(-C+.#'(+A!*>">!"'?#CT-.#>!QG(S$,"#0+-G(W0."+)(:"0+$2>!K3U;WF11dq[d!
"AC?5#-VR-(<(k77-%!60!g'TA5+&&-!e40!R'H-T'')!]0!]?(J+-(.!L90!OC+#C$H!80!8'T5+.C$T!G>!K3E;>!O+5)5+&-!
P-J5-#+'%!+%!$!O-.#!9&(+A$%!Q$(HVQ'(-.#!4'.$+A!$%)!#C-!@HJ5+A$#+'%.!&'(!R?%#+%7!9A('..!#C-!
L$%).A$J->!I/=G(9,+-G!1EU\WF[:2qd3\!
"H+#C!6P>!K33[>!I+AC-!A'%.#(?A#+'%!$%)!#C-!<-C$,+'($5!A'%#-S#!'&!J5$%#!$%)!$%+H$5!)'H-.#+A$#+'%>!95+-G(
S&."$G(N**/0*(R0<*(U05G!E\U2WFEddq::!
"H+#C!6P>!K3EE$>!9!A?5#?($5!%+AC-!A'%.#(?A#+'%!#C-'(/!'&!+%+#+$5!)'H-.#+A$#+'%>!O%+-G(:"0+$2>!\U;WFK\3q[E!
18
"H+#C!6P>!K3EE<>!G-%-($5!J$##-(%.!'&!%+AC-!A'%.#(?A#+'%!$%)!#C-!H$%$7-H-%#!'&!rT+5)sJ5$%#!$%)!$%+H$5!
(-.'?(A-.!</!.H$55V.A$5-!J(-V+%)?.#(+$5!.'A+-#+-.>!L"%-+*G(:$#&*G(UG(!+,G(O(O%+-G(!,%G!;\\UE2\\WFd;\q
1d!
"H+#C!P9>!K332>!G$()-%!G$H-F!"C+&#+%7!8?5#+,$#+'%0!@%)+7-%'?.!R?%#+%7!$%)!O+5)5+&-!cA'5'7/!+%!O-.#-(%!
f$%$H$>!I/=G(9,+-G!;;U1WF232q;[!
"H+#C!c9>!K3E;>!97-%A/!$%)!9)$J#$#+'%F!I-T!P+(-A#+'%.!+%!c,'5?#+'%$(/!9%#C('J'5'7/>!S&&/G(U05G(S&."$G!
1KUEWFE3;qK3!
"H+#C!c90!O+.C%+-!4>!K333>!8'%.-(,$#+'%!$%)!.?<.+.#-%A-!+%!.H$55V.A$5-!.'A+-#+-.>!S&&/G(U05G(S&."$G!
K:UEWF1:;q2K1!
O+77+%.!I0!4A9(#C?(!80!P$,+-.!I>!K33\>!P+-#!.T+#AC+%7!+%!$!7-%-($5+.#!H$HH$5+$%!&'5+,'(-F!&?%)$H-%#$5!#'!
H$S+H+.+%7!+%#$N->!X0,+-+'%#>!E1[U1WF\23q2[!
O+%#-(C$5)-(!6>!E:d\>!P+-#!AC'+A-0!(+.N0!$%)!&'')!.C$(+%7!+%!$!.#'AC$.#+A!-%,+('%H-%#>!QG(S&."$G(S$,"#0+-G!
2U1WF;\:q:K!
O+%#-(C$5)-(!6>!E::\>!9!H$(7+%$5!H')-5!'&!#'5-($#-)!#C-&#>!9."+-G(!+,%+4%+-G!E[UEWF;[q2;!
O+%#-(C$5)-(!60!]-%%-##!Pe0!G('#-!4I0!6$(#(?&&!e>!K3E3>!@)-$5!&(--!.-##5-H-%#!'&!8$5+&'(%+$b.!I'(#C-(%!
8C$%%[email protected]$%).>!QG(S&."$G(S$,"#0+-G!K:U1WF1\:q:3!
O(+7C#!ef0!e'%-.!8G0!Q5-AN-(!9">!K33K>!9%!-A'./.#-H!-%7+%--(0!#C-!<-$,-(0!+%A(-$.-.!.J-A+-.!(+AC%-..!$#!
#C-!5$%).A$J-!.A$5->!X0,+-+'%#>!E;KUEWF:\qE3E!
l$.?'N$!R>!K3E;>!P-%.-!O+5)!l$H!f$#AC-.!c.#$<5+.C-)!</!R?%#-(VG$#C-(-(!8$HJ.F!6-/'%)!#C-!O+5)!l$H!
w?-.#+'%0!B'T$()!#C-!R+.#'(+A$5!cA'5'7/!'&!g$+%&'(-.#.>!I/=G(9,+-G!1EU;WF1\2q[2!
_-)-(!49>!K3EK>!BC-!<('$)!.J-A#(?H!(-,'5?#+'%!$#!13F!(-.'?(A-!)+,-(.+#/0!+%#-%.+&+A$#+'%0!$%)!$%!
$5#-(%$#+,-!#'!'J#+H$5!&'($7+%7!-SJ5$%$#+'%.>!QG(S&."$G(S$,"#0+-G!;EU;WFK1Eq\1!
!