d')&d;21)e&,'59;1)35)&d;21)&25&)*"&
<%2)258&,"5)"%&,'##;52)A
@<'7%&&)>%$'F)3:-"<
)9%/$($3,()/$3%&
_"552("%&+27E13A&%"7"2D"@&*"%&^M&25&^2'1'8A=&>2)*&#25'%9&25&M'7231&_;9)27"&
35@&d1'$31&M);@2"9=&(%'#&)*"&L52D"%92)A&'(&!255"9')3k->25&,2)2"9&25&!3A&
fRZf?&M*"&>'%E"@&25&)*"&L52D"%92)A`9&,"5)"%&('%&<%2)258&('%&)>'&A"3%9&
35@&:%"D2';91A&>'%E"@&25&)*"&+'%#35@31"&,'##;52)A&,'11"8"&<%2)258&
,"5)"%&('%&3&A"3%?
!"#$$%&''"()*+,%-.#++/00&+,%)'1+.'""'/+,%#)2%304/)#.+%#/'%5..'2%1("6%"#.'+%0$%
#%<#=#<,-.'-%<'1+..)1$#=)'-1$,-.#>-$#+%?'1).)9"-$#%&'+%)@$+@+%)'$)-12#%&'-3'
<))A.6'3+1#-.?'1+..-9+"-$#=)?'-%<')BA+;)"#%&C
m[3%%A&S"55A&Vh\W&
O(! D+! #L5#"-#(%#! 1'! 1! 3"-&-(0! %)('.*&1(&C! &,#! 3"-&-(0! %#(&#"!
1&D)'5,#"#! i#((+! /#'%"-2#'C! 1(/! &,#! %)**12)"1&-)(! -&! %.*&-71&#'C!
"#'.*&'! -(! 1! %*)'#! %)DD.(-&+! )6! %)('.*&1(&'C! '&166C! 1(/! '&./#(&'<!
Q-&,-(!&,-'!%)DD.(-&+C!%)('.*&1(&'!1(/!'&./#(&'!1*-4#!%)**12)"1&#!
1(/! ',1"#! &,#-"! /-7#"'#! 4()3*#/0#C! 5#"')(1*-&-#'C! 1(/! 3)"/'! 3-&,!
#1%,!)&,#"C!+#&!#1%,!-(/-7-/.1*!'&./#(&!-'!*))4-(0!6)"!')D#&,-(0!1!
*-&&*#!/-66#"#(&!3,#(!',#!%)D#'!&)!.'C!1(/!#1%,!,1'!1!/-66#"#(&!31+!
)6!*#1"(-(0<!U,-'!2#*-#6!-(!&,#!5)3#"!)6!-(/-7-/.1*'!1(/!)(#M)(M)(#!
*#1"(-(0!'.00#'&'!&,#!-D5)"&1(%#!)6!$#L-2-*-&+!3-&,-(!%)**12)"1&-)(<!
Q-&,!1!'&./#(&!"#M)"01(-;-(0!,#"!515#"C!O!D-0,&!,17#!,#"!/"13!D#!1!
$)3!%,1"&!&)!7-'.1*-;#!,#"!-/#1'C!)"!O!D-0,&!/#D)('&"1&#!,)3!&)!/)!1!
"#7#"'#!).&*-(#<!i."-(0!2"1-('&)"D-(0!'#''-)('C!O!D-0,&!3"-&#!/)3(!
&,#!'&./#(&9'!'&"#1D!)6!%)('%-).'(#''!"#'5)('#'!&)!D+!E.#'&-)('C!)"!
3#!D-0,&!'#1"%,!6)"!p).&.2#!7-/#)'!"#*1&#/!&)!,#"!&)5-%<!Q#!%1(!"#1/!
1*)./C!)"!O!%1(!31&%,!1'!1!'&./#(&!3"-&#'<!U,#!'&"1&#0-#'!1"#!#(/*#''C!
&!
!"#$%&'(')*$+#)(#&$,-.&)/0$$"#$%!&'(!)#%!*!+',*'-
1(/! D+! 12-*-&+! &)! 1/P.'&! &)! &,#! (##/'! )6! -(/-7-/.1*! '&./#(&'81'!
3#**!1'!)."!%)**#%&-7#!(##/'!/."-(0!&,#!'#''-)(8-'!)(#!)6!&,#!D)'&!
-D5)"&1(&!1'5#%&'!)6!D+!P)2!1'!1!%)('.*&1(&<!
Q,-*#!O!"#*-',#/!D+!$#L-2-*-&+!/."-(0!%)('.*&1&-)('C!O!/-'%)7#"#/!
/."-(0! D+! %)('.*&1(&! &"1-(-(0! %)."'#! &,1&! -&! %1(! 1*')! %)D5*-%1&#!
%)('.*&1&-)('8&,1&C! 1'! i#((+! 6).(/C! $#L-2-*-&+! 1(/! %)**12)"1&-)(!
1"#! %)D5*-%1&#/! 2+! ).&'-/#! 6)"%#'<! i."-(0! )."! %*1''! /-'%.''-)('C!
D+!6#**)3!%)('.*&1(&'!3).*/!)6&#(!*1D#(&!%)('.*&1&-)('!&,1&!%).*/!
,17#! 0)(#! 2#&&#"! -6! &,#+! ,1/! )(*+! 4()3(! &,#!S".*#'X! )6! ,)3! &)!
,1(/*#!&,#!'-&.1&-)(<!U,#+!5#"%#-7#/!&,1&!&,#"#!3#"#!1%%#5&12*#!1(/!
.(1%%#5&12*#!31+'!&)!155")1%,!%#"&1-(!'-&.1&-)('C!"1&,#"!&,1(!1!"1(0#!
)6!$#L-2*#!%,)-%#'<!O!2#01(!&)!3)(/#"C!&,#(C!3,1&!1"#!&,#'#!S".*#'X!
&,1&!-(:*&"1&#/!3,1&!O!'13!1'!&,#!$#L-2-*-&+!1(/!%)**12)"1&-7#!'5-"-&!)6!
&,#!3"-&-(0!%#(&#"k!
=)**)3-(0!&,-'!-(E.-"+C!O!#L5*)"#/!&,#!%.""#(&!/-'%)."'#!-(!3"-&-(0!
%#(&#"!*-&#"1&."#!12).&!$#L-2-*-&+!1(/!%)**12)"1&-)(C!3-&,!51"&-%.*1"!
6)%.'!)(!&3)!6).(/1&-)(1*!&#L&'8SU,#!O/#1!)6!1!Q"-&-(0!F#(&#"X!2+!
`&#5,#(! \)"&,! 1(/!SW-(-D1*-'&!U.&)"-(0c! W14-(0! &,#! `&./#(&! i)!
R**!&,#!Q)"4X!2+!_#66!Y"))4'81(/!%"-&-E.#'!)6!&,#D!1'!3#**<!O!&,#(!
E.#'&-)(#/!D+!6#**)3!%)('.*&1(&'!12).&!3,#(!1(/!3,+!&,#+!6#*&!0.-*&!
6)**)3-(0! %)('.*&1&-)('<!U,#! 51&&#"(! O! /-'%)7#"#/C! 3-&,-(! 1! 'D1**!
'1D5*#!)6!#*#7#(!%)('.*&1(&'C!"#7#1*#/!&,1&!0.-*&!)"-0-(1&#'!-(!,)3!
&,#!3"-&-(0!%#(&#"!%)DD.(-&+!-'!'-&.1&#/!3-&,-(!&,#!*1"0#"!.(-7#"'-&+!
1(/!,)3!1(!-(/-7-/.1*!3"-&-(0!%#(&#"!%)DD.(-&+!-'!'&".%&."#/<!U,#'#!
:(/-(0'C!3,-*#!/-'%)(%#"&-(0C!,#*5!,-0,*-0,&!1"#1'!-(!3,-%,!3"-&-(0!
%#(&#"'!%1(!2#&&#"!'.55)"&!&,#-"!%)('.*&1(&'!&,").0,!&"1-(-(0!1(/!
%)(7#"'1&-)('! &)! #(%)."10#! $#L-2-*-&+C! %.*&-71&#! %)**12)"1&-)(C! 1(/!
D1-(&1-(!&,#!,#1*&,!)6!&,#!3"-&-(0!%#(&#"!%)DD.(-&+<!
=#$,&+$/&,(D,H#,I
O!'&1"&#/!2+!:"'&!#L5*)"-(0!&,#!*-&#"1&."#!)6!D+!)3(!3"-&-(0!%#(&#"!
%)DD.(-&+!1&!1!*1"0#!"#'#1"%,!.(-7#"'-&+j!3,1&!1"#!&,#!S0.-/#*-(#'X!)"!
S".*#'X!-(!&,-'!%#(&#"k!Y#6)"#!%)('.*&1(&'!"#%#-7#!1(+!&"1-(-(0C!2#6)"#!
1(+! &,#)"+! -'! "#1/C! &,#! %)('.*&1(&'! -(&#"1%&! 3-&,! &,#! %#(&#"! -&'#*6C!
3,#"#!&,#!0.-/-(0!5,-*)')5,+!-'!&,1&!&,#!3"-&-(0!%#(&#"!S,#*5'!+).!
2#%)D#!1!2#&&#"!3"-&#"<!U,").0,!%)**12)"1&-)(!2#&3##(!&,#!'&./#(&!
&"
=/440>/9!)0?@$2A
1(/! &,#! %)('.*&1(&C! 3#! ,#*5! +).! /#7#*)5! %)(6-/#(%#! 1(/! 0))/!
3"-&-(0!,12-&'<!<!<!<!e1(/f!3,1&!+).!*#1"(!155*-#'!&)!1**!)6!+)."!3"-&-(0X!
I`&./#(&N<!R%%)"/-(0!&)!&,-'!'&1&#D#(&C!%)('.*&1(&'!,17#!1!$#L-2*#!
6"1D#3)"4!-(!3,-%,!&)!/#7#*)5!&,#-"!)3(!%)('.*&-(0!'&+*#C!5"-(%-5*#'C!
1(/!D#&,)/'<!\)!*-D-&'!1"#!'#&C!')!-&!6)**)3'!&,1&!%)('.*&1(&'!',).*/!
()&!6##*!0.-*&!6)"!%,))'-(0!&,#!'&"1&#0-#'!&,#+!'##!:&!-(!1!%)('.*&1&-)(<!
Q-&,! &,-'! -(! D-(/C! O! *))4#/! 2#+)(/! &,#! 6*#L-2*#! 6"1D#3)"4!
1"&-%.*1&#/!-(!D+!)3(!%#(&#"9'!5")D)&-)(1*!D1&#"-1*'!&)!&,#!/-'%)."'#!
-(! &,#! 3-/#"! 3"-&-(0! %#(&#"! %)DD.(-&+! 6)"!S".*#'X! 3,-%,! D-0,&!
'&+D-#!$#L-2-*-&+!1(/!%)**12)"1&-)(<!`.'1(!Y*1.!1(/!_),(!m1**!()&#!
&,1&! 1*&,).0,!S$#L-2-*-&+! ,1'! 1*31+'! 2##(! &,#! ,1**D1"4! )6! 3"-&-(0!
%#(&#"! 3)"4! <! <! <! -&! '##D'! &,1&! %#"&1-(!V0.-/#*-(#'9! ,17#! 2#%)D#!
V".*#'9X! I[hN<!R'! 1! "#'.*&! )6! ,1"/#(-(0! #L5#%&1&-)('C! Y*1.! 1(/! m1**!
6).(/!%)('.*&1(&'!-(!&,#-"!%#(&#"!6#*&!0.-*&+!6)"!'&#55-(0!).&'-/#!&,#!
S".*#'CX!5#"%#-7-(0!&,1&!&,#+!%")''#/!6")D!1%%#5&12*#!&)!.(1%%#5&12*#!
/."-(0!%)('.*&1&-)('<!U)!2#&&#"!.(/#"'&1(/!3,1&!#L5#%&1&-)('!D-0,&!
6)"DC! O! &."(#/! D+! 1&&#(&-)(! &)! &3)! '#D-(1*! &#L&'! 12).&! 3"-&-(0!
%#(&#"!D#&,)/'!/-'%.''#/!1&!*#(0&,!-(!)."!%*1''c!\)"&,9'!SU,#!O/#1!
)6!1!Q"-&-(0!F#(&#"X!1(/!Y"))4'9'!SW-(-D1*-'&!U.&)"-(0c!W14-(0!&,#!
`&./#(&!i)!R**!&,#!Q)"4<X!
\)"&,9'!SO/#1X!-'!')!5"#71*#(&!-(!3"-&-(0!%#(&#"!'%,)*1"',-5!&,1&!
]*-;12#&,!Y)E.#&!1(/!\#1*!^#"(#"!,-0,*-0,&!S&,#!31+'!-(!3,-%,!)(#!
'%,)*1"8)"C!5#",15'!D)"#!&)!&,#!5)-(&C!)(#!1"&-%*#!)"!#7#(!)(#!*-(#8
%1(!%)D#!&)!/#:(#!1!:#*/X!ISH#%)('-/#"1&-)('X!>@ZN<!U,#+!"#1%,#/!
&,-'! %)(%*.'-)(! 2+! 1(1*+;-(0! %-&1&-)('! -(! &,#! >?b! 1"&-%*#'! 5"-(&#/!
-(! 72)'!"#$#%&'()%$)"'*+,"%-.! 2#&3##(! >?Bb! 1(/! ZAAB<! Y)E.#&! 1(/!
^#"(#"!6).(/!&,1&!\)"&,9'!SO/#1X!31'!%-&#/!-(!'-L&+M6)."!1"&-%*#'C!:6&+!
)6!3,-%,!%-&#/!\)"&,9'!'&1&#D#(&!&,1&!S-(!1!3"-&-(0!%#(&#"!&,#!)2P#%&!
-'!&)!D14#!'."#!&,1&!3"-&#"'C!1(/!()&!(#%#''1"-*+!&,#-"!&#L&'C!1"#!3,1&!
0#&!%,1(0#/!2+!-('&".%&-)(X!ISH#%)('-/#"1&-)('X!>@@j!\)"&,!hBN<!U,-'!
-/#1!)6!6)%.'-(0!)(!3"-&#"'C!"1&,#"!&,1(!&,#-"!3)"4C!,1'!5#"D#1&#/!
(#1"*+!#7#"+!&,#)"+C!-/#)*)0+C!'&"1&#0+C!)"!&#%,(-E.#!-(&")/.%#/!1(/!
/-'%.''#/! 3-&,-(! &,#! 3"-&-(0! %#(&#"! %)DD.(-&+C! 1(/C! 1'! 1! "#'.*&C!
-D51%&#/!-(/-7-/.1*!3"-&-(0!%#(&#"'<!
R'!3-&,!D+!)3(!3"-&-(0!%#(&#"9'!5")D)&-)(1*!D1&#"-1*'C!,)3#7#"C!
\)"&,! 5")5)'#'! 1! 2")1/! 6"1D#3)"48()! 51"&-%.*1"! D#&,)/'! 1"#!
-(/-%1&#/! 1'! 5"#6#"12*#<! O(/##/C! \)"&,! '&")(0*+! 1/7)%1&#'! 6)"!
&*
!"#$%&'(')*$+#)(#&$,-.&)/0$$"#$%!&'(!)#%!*!+',*'-
%)('.*&-(0!&)!%)('-'&!)6!S&1*4!-(!1**!-&'!6)"D'X!-(!)"/#"!&)!2#'&!:&!&,#!
3"-&#"!1(/!,#"!(##/'c
!"#$%&#'(")*+,&-#./%+)"-#$%0,1"-#$/+*+$+2"-#%$3&,41"56"-#7%56"/-#.1"%58
"9"&#$/:;#!"#$%&#/"%5<#)+1"&*1:-#%1,(5-#*,6"*="/-#)".%/%*"1:;#!"#$%&#.1%:#
4+*=#,.*+,&);#!"#$%&#7,*=#4/+*"#;#;#;#%&5#$,>.%/"#,."&+&6#)*/%*"6+");#!"#
$%&#.,3"#%/,(&5#+&#/"),(/$");#;#;#;#!"#$%&#%)3#4/+*"/)#*,#$,>.,)"#%1,(5#
4=+1"#4"#1+)*"&-#,/#4"#$%&#$,>.,)"#%1,(5-#%&5#*="#4/+*"/#$%&#4%*$=#%&5#
1+)*"&;#?@AB#
\)"&,!%*#1"*+!1"0.#'!6)"!$#L-2-*-&+!-(!%)**12)"1&-)(C!&,.'!17)-/-(0!&,#!
#'&12*-',D#(&!)6!S".*#'<X!i#'5-&#!&,-'C!&,).0,C!,-'!)(#!1''#"&-)(!&,1&!
&,#!3"-&#"!I1(/!()&!(#%#''1"-*+!&,#!3"-&-(0!-&'#*6N!',).*/!2#!%,1(0#/!
,1'!%)D#!&)!2#!1'')%-1&#/!3-&,!D-(-D1*-'&!&.&)"-(0!-(!D.%,!)6!&,#!
*-&#"1&."#83,-%,!/)#'!5")'%"-2#!S".*#'X!6)"!%)('.*&1(&'<!R"0.12*+C!
&,-'! 1'')%-1&-)(! %1D#! &)! 2#! 2#%1.'#! \)"&,9'!SO/#1X! -'! )6&#(! "#1/!
&,").0,!&,#!*#('!)6!Y"))4'9!D-(-D1*-'&!%)('.*&-(0!D#&,)/<!
Y"))4'9!1"&-%.*1&-)(!)6!'&"1&#0-#'!&,1&!#(1%&!\)"&,9'!)6&M%-&#/!6)%.'!
)(!&,#!3"-&#"!'&".%4!1!S5")7#"2-1*!%,)"/X!-(!3"-&-(0!%#(&#"'!2#%1.'#!
-&!'##D#/!&)!5")7-/#!1!5"1%&-%1*!31+!&)!-D5*#D#(&!\)"&,9'!*)6&+!0)1*'!
I^#"(#"!1(/!Y)E.#&![N<!m)3#7#"C!3,#(!\)"&,9'!5,-*)')5,+!-'!"#1/!
6")D!&,#!5#"'5#%&-7#!)6!Y"))4'9!D-(-D1*-'DC!&,#!"#1*D!)6!1%%#5&12*#!
'&"1&#0-#'!-'!(1"")3#/!'-0(-:%1(&*+<!`.//#(*+C!1'!1!%)('.*&1(&C!O!1D!
61%#/! 3-&,! "#%)(%-*-(0! &,#! 7#"+! )5#(! 5,-*)')5,+! \)"&,! #'5).'#'C!
-(! 3,-%,! O! %1(! %,))'#! D1(+! '&"1&#0-#'C! 3-&,! &,#! 6)."C! D.%,! D)"#!
*-D-&#/C! '&#5'! Y"))4'! 1/7)%1&#'C! 3,-%,! -(%*./#! '-&&-(0! 2#'-/#! &,#!
'&./#(&C!,17-(0!&,#!'&./#(&!%*)'#"!&)!&,#!515#"C!()&!3"-&-(0!)(!&,#!
515#"C!1(/!,17-(0!&,#!'&./#(&!"#1/!&,#!515#"!1*)./<!Y"))4'!1"0.#'!
&,1&!S-6!+).!6)**)3!&,#'#!6)."!'&#5'C!#7#(!-6!+).!/)!()&,-(0!#*'#C!+).!
3-**!,17#!'#"7#/!&,#!'&./#(&!2#&&#"!&,1(!+).!3).*/!-6!+).!V#/-&#/9!
,-'!515#"X!I>@>N<!U,.'C!%)('.*&1(&'!1"#!0-7#(!%)(%"#&#!31+'!&)!#(1%&!
\)"&,9'!0)1*!&)!%,1(0#!&,#!3"-&#"<!W-(-D1*-'&!D#&,)/'!1*')!:&!3#**!
3-&,-(!&,#!3"-&-(0!%#(&#"9'!6)%.'!)(!%)**12)"1&-)(!2#%1.'#C!1'!Y*1.!
1(/! m1**! #*12)"1&#C! &,#+! 1"#!S0").(/#/! -(! %)**12)"1&-7#! *#1"(-(0!
&,#)"+C!1''.D-(0!&,1&!-(!1(!-/#1*!%)**12)"1&-7#!'#''-)(C!&,#!&.&)"!1(/!
%*-#(&! 2.-*/! 4()3*#/0#! &)0#&,#"C! ',1"-(0! 5)3#"! 1(/! -('-0,&X! IhZN<!
R'!1!"#'.*&C!1!%)('.*&1(&!'&#55-(0!).&'-/#!)6!&,#'#!'&"1&#0-#'!%).*/!
2#!5#"%#-7#/!1'!'&"1+-(0!6")D!\)"&,9'!0)1*!1'!3#**!1'!&,#!5"-(%-5*#'!
&#
=/440>/9!)0?@$2A
)6! %)**12)"1&-)(<!Q#! %1(! ()3! '##! ,)3! D-(-D1*-'&! 0.-/#*-(#'! %1(!
2#%)D#!S".*#'X!)6!#(010#D#(&!-(!1!%)('.*&-(0!'#''-)(<!
R/)5&-(0!S".*#'X! )6! .'-(0! D-(-D1*-'&! '&"1&#0-#'! -(&)! )(#9'!
%)('.*&-(0! 5"1%&-%#C! &,).0,C! -'! %)D5*-%1&#/! 2#%1.'#! &,#!S-/#1*!
%)**12)"1&-7#!'#''-)(X!IY*1.!1(/!m1**!hZNC!.5)(!3,-%,!&,#!%)((#%&-)(!
2#&3##(!D-(-D1*-'D!1(/!%)**12)"1&-)(!/#5#(/'C!)(*+!"1"#*+!)%%."'<!
q6&#(C! &,#!S-/#1*X! '#''-)(! -'! .(/#"D-(#/! 2#%1.'#! 5)3#"! 2#&3##(!
%)('.*&1(&'! 1(/! '&./#(&'! -'! ()&! #E.1*C! 3,#&,#"! &,-'! -'! 2#%1.'#! )6!
/-66#"-(0!#/.%1&-)(!*#7#*'C!21%40").(/'C!/-'%-5*-(#'C!)"!1**!&,#!)&,#"!
61%&)"'!&,1&!%1(!-D51%&!)."!%)('.*&-(0!5"1%&-%#<!W-(-D1*-'D!1&&#D5&'!
&)!#D5)3#"!'&./#(&'!-(!&,-'!'-&.1&-)(!2+!0.-/-(0!&,#D!&)!/-'%)7#"!
&,#!1('3#"!&,#D'#*7#'C!3,-%,!-'!)6&#(!1(!-(71*.12*#!*#1"(-(0!'&"1&#0+<!
Y.&!-(!1!'-&.1&-)(!3,#"#!5)3#"!-'!()&!',1"#/!#E.1**+C!-&!-'!5)''-2*#!
&,1&!.'-(0!D-(-D1*-'&!D#&,)/'!&)!%)DD.(-%1&#!3"-&-(0!%)(7#(&-)('!
1(/!/-'%)."'#!%).*/!-('&#1/!"#-(6)"%#!&,#!-/#1!&,1&C!-(!&,#!3)"/'!)6!
Y)E.#&C!S&,#"#!-'!1!2)/+!)6!4()3*#/0#!V).&!&,#"#9!&,1&!')D#!5#)5*#!
I*-4#!D#N!,17#!1%%#''!&)!1(/!)&,#"!5#)5*#!I*-4#!&,#DN!/)!()&X!I>>?N<!
U,-'!5#"%#5&-)(!D1+!)"!D1+!()&!2#!&".#!-(!1%&.1*-&+j!1!%)('.*&1(&9'!
.'#!)6!D-(-D1*-'D!/)#'!()&!(#%#''1"-*+!-(/-%1&#!&,1&!',#!5)''#''#'!
'.%,!4()3*#/0#!)"C!-6!',#!/)#'C!&,1&!',#!-'!3-&,,)*/-(0!-&!6")D!&,#!
'&./#(&<! m)3#7#"C! -6! &,#! '&./#(&! 5#"%#-7#'! &,1&! &,#! %)('.*&1(&! -'!
3-&,,)*/-(0!4()3*#/0#!-(!,#"!.'#!)6!D-(-D1*-'DC!%)**12)"1&-7#!0)1*'!
%1(!2#!.(/#"D-(#/<!
U,#! )5&-)('! &)! 1//"#''! &,-'! '&./#(&! 5#"%#5&-)(! 1"#! *-D-&#/! -6!
D-(-D1*-'D!,1'!2##(!1/)5&#/!1'!1!'#&!)6!S".*#'X!-(!)(#9'!%)('.*&-(0!
5"1%&-%#!2#%1.'#C!1'!^-(/1!`,1D))(!1(/!i#2)"1,!Y."('!1"0.#C!1(!
1/,#"#(%#!&)!D-(-D1*-'D!%1(!*-D-&!%)('.*&1(&'9!'%)5#!)6!-D10-(1&-)(!
"#01"/-(0!3"-&-(0!%#(&#"!%)('.*&-(0!'&"1&#0-#'!I>@[M@bN<!=)"!#L1D5*#C!
3,#(!5)3#"!-'!()&!',1"#/!#E.1**+C!/-"#%&-7#!D#&,)/'!D1+!'#"7#!&,#!
'&./#(&'! 2#&&#"! 2#%1.'#! &,#! 3)"4! )6! 2)&,! &,#! %)('.*&1(&! 1(/! &,#!
'&./#(&!3).*/!2#!5*1%#/!)(!&,#!&12*#!-(!1(!#66)"&!&)C!-(!\)"&,9'!3)"/'C!
S2#0-(!6")D!3,#"#!&,#!'&./#(&!-'C!1(/!D)7#!3,#"#!&,#!'&./#(&!D)7#'X!
Ih?N<!O(!&,-'!#(7-")(D#(&!)6!',1"-(0!1(/!/#D)('&"1&-(0C!`,1D))(!
1(/! Y."('! 1"0.#C!SU,#! ')%-1*! (1&."#! )6! /-"#%&-7#! 1(/! #D.*1&-7#!
&.&)"-(0! '#"7#'! &)! #(/)"'#! &,#! '&./#(&9'! 3)"&,! 1'! 1(! #D#"0-(0!
5")6#''-)(1*X!1'!',#!01-('!&,#!'4-**'!(#%#''1"+!&)!%)DD.(-%1&#!,#"!
-/#1'!#66#%&-7#*+!I>B[N<!Q,-%,!4-(/!)6!1.&,)"-&+!&,#!%)('.*&1(&!1/)5&'!
&$
!"#$%&'(')*$+#)(#&$,-.&)/0$$"#$%!&'(!)#%!*!+',*'-
-(! &,-'! '-&.1&-)(8.'-(0! D-(-D1*-'&C! /-"#%&-7#C! )"! 1! %)D2-(1&-)(! )6!
2)&,! '&"1&#0-#'8',).*/! /#5#(/! )(! &,#! (##/'! )6! &,#! -(/-7-/.1*!
'&./#(&C!()&!)(!1/)5&-)(!)6!)(#!'&"1&#0+!)"!1()&,#"!1'!1!S".*#<X
R'!%)('.*&1(&'!&"+!&)!'.55)"&!3"-&#"'C!&,#(C!-&!-'!%*#1"!6")D!&,#!
/-'%.''-)(! )6! \)"&,C! `,1D))(! 1(/! Y."('C! 1(/! Y)E.#&! &,1&! 2)&,!
/-"#%&-7#! 1(/! D-(-D1*-'&! D#&,)/'! 3-**! 2#! 1(! -(&#0"1*! 51"&! )6! )."!
"#5#"&)-"#C!/#5#(/-(0!.5)(!&,#!'-&.1&-)(!1(/!'&./#(&<!]7#(!3-&,).&!
&,-'!/##5#"!"#1/-(0!)6!3"-&-(0!%#(&#"!*-&#"1&."#C!&,-'!(##/!6)"!$#L-2*#!
D#&,)/'! -'! %)DD.(-%1&#/! -(! "#%#(&! %)('.*&-(0! ,1(/2))4'<! =)"!
#L1D5*#C!&,#!%)('.*&1(&!&"1-(-(0!%)."'#!O!&))4!.'#/!&,#!0$C'D-"$#%E3'
0+,"1)9++F' G+"'!"#$#%&'7,$+"3C! -(! 3,-%,! W."5,+! 1(/! `,#"3))/!
#(%)."10#!1(!#L51('-7#!%)('.*&-(0!"#5#"&)-"#!3,#(!&,#+!3"-&#C!SO6!
&,#"#!-'!1(+!)(#!&".&,!12).&!&.&)"-(0C!-&!-'!&,1&!()!'-(0*#!D#&,)/!)6!
&.&)"-(0C!()!)(#!155")1%,C!3-**!3)"4!#66#%&-7#*+!3-&,!#7#"+!'&./#(&!-(!
#7#"+!'-&.1&-)(X!I>N<!
="1D#3)"4'! &,1&! #(%)."10#! 6*#L-2-*-&+! -(! %)**12)"1&-)(! 1"#C!
&,#"#6)"#C!%*#1"*+!5"#'#(&!-(!3"-&-(0!%#(&#"!*-&#"1&."#<!O(!*-0,&!)6!&,-'C!-(!
&,#!"#'&!)6!&,-'!1"&-%*#C!O!#L5*)"#!,)3!$#L-2-*-&+!-(!'%,)*1"',-5!2#%)D#'!
S".*#'X!1(/!0.-*&!-(!1%&.1*-&+<!Q,1&!-'!1&!&,#!"))&!)6!%)('.*&1(&!0.-*&k!
m)3! /)! -(/-7-/.1*! &.&)"-(0! 5"-(%-5*#'! 1(/! D#&,)/'! -(&#"1%&! 3-&,!
6##*-(0'!)6!0.-*&k!R(/C!5#",15'!D)'&!-D5)"&1(&*+C!,)3!/)#'!&,-'!0.-*&!
"#*1&#!&)!)&,#"!%)('.*&1(&'C!'&./#(&'C!1(/!&,#!3"-&-(0!%#(&#"!-&'#*6k!!
;,$3%"'
O(! )"/#"! &)! #*-%-&! -(6)"D1&-)(! 12).&! 3,1&! 5")D5&'! %)('.*&1(&'! &)!
6##*!0.-*&C!O!/-'&"-2.&#/!1!'."7#+!&)!:6&+!3"-&-(0!%)('.*&1(&'C!-(%*./-(0!
61%.*&+!1(/!0"1/.1&#!1(/!.(/#"0"1/.1&#!'&./#(&'<!T1"&-%-51(&'!3#"#!
5")7-/#/!3-&,!1!%)('#(&!6)"DC!1(/!"#'5)('#'!3#"#!-DD#/-1&#*+!/#M
-/#(&-:#/<!U,#!'."7#+!%)('-'&#/!)6!'-L!/#D)0"15,-%!1(/!&,"##!',)"&!
1('3#"!E.#'&-)('<!U,#!0)1*!)6!&,#!',)"&!1('3#"!E.#'&-)('!I=-0."#!>N!
31'! &)! #*-%-&! ,)3! %)('.*&1(&'! 5#"%#-7#/! &,#! &,#)"+! 1(/! 5"-(%-5*#'!
&,1&!&,#+!.&-*-;#/!&)!'&".%&."#!'#''-)('C!D#&,)/'!.'#/!1'!1!"#'.*&C!1(/!
3,#(!&,#!%)('.*&1(&'!6#*&!0.-*&<!=)"!&,#!5."5)'#!)6!&,#!'."7#+C!'#7#"1*!
/#:(-&-)('!3#"#!5")7-/#/!&)!"#'5)(/#(&'c!
!""SU,#)"+Xc!5"-(%-5*#'!1(/!D#&,)/'!'.55)"&#/!2+!3"-&-(0!
%#(&#"!*-&#"1&."#!
&%
=/440>/9!)0?@$2A
!""ST"-(%-5*#'Xc!&#(1(&'!.5)(!3,-%,!%)('.*&1(&'!21'#/!&,#-"!
%)('.*&-(0!/#%-'-)('
!""SW#&,)/'Xc!,)3!%)('.*&1(&'!#(1%&#/!&,#-"!&,#)"-#'!1(/!
5"-(%-5*#'!-(!-(/-7-/.1*!'#''-)('
U,-'!'&".%&."#!6)"!1(1*+;-(0!%)('.*&1(&!155")1%,#'!&)!'#''-)('!31'!
21'#/! .5)(! &,#! D#&,)/'! /#7#*)5#/! 2+! _#((1! K"1.'#C! 1! 6)"D#"!
3"-&-(0! %#(&#"! %)('.*&1(&! 1&! &,#! G(-7#"'-&+! )6! W-((#')&1rU3-(!
F-&-#'! IhN<! i."-(0! 1(1*+'-'C! 5"-(%-5*#'C! &,#)"-#'C! 1(/! D#&,)/'! .'#/!
3#"#!%)D51"#/!&)!&,#!'-&.1&-)('!-(!3,-%,!%)('.*&1(&'!6#*&!0.-*&+!&)!
,-0,*-0,&!%)""#*1&-)('C!%)(&"1/-%&-)('C!1(/!&"#(/'!-(!1('3#"'!1D)(0!
%)('.*&1(&'<!
CB## !=%*#%/"#),>"#+>.,/*%&*#./+&$+.1")#%&5D,/#*=",/+")#4=+$=#6(+5"#
:,(/#$,&)(1*+&6#./%$*+$")#4+*=+&#*="#)(70"$*#,E#4/+*+&6F
GB## H,&)(1*+&6#I"*=,5)<
%;# !=%*#%/"#),>"#4/+*+&6#$,&)(1*+&6#>"*=,5)#:,(#()"#%)#%#/")(1*#,E#
*=")"#./+&$+.1")F#J,>"#'(")*+,&)#E,/#*=,(6=*-#*=,(6=#:,(#%/"#!"##
1+>+*"5#*,#%&)4"/+&6#*=")"-#+&$1(5"<#
$
%"&$'"$(")$*#+,#$+$*-**."!/$%"&$'"$(")$01""*-$&1+#$#"$2"0)*$
"!/$%"&$'"$(")$0"33)!.0+#-$&.#1$#1-$*#)'-!#/$41-,-$'"$(")$
56+0-$("),*-62$.!$,-6+#."!$#"$#1-$*#)'-!#/$41-,-$.*$#1-$5+5-,$.!$
,-6+#."!$#"$(")$+!'$#1-$*#)'-!#7$+!'$&1"$&,.#-*$"!$.#/$
7;# K,#:,(#(*+1+2"#>+&+>%1+)*#%&5D,/#&,&L5+/"$*+9"#*(*,/+&6#>"*=,5)#
?+;";-#()+&6#J,$/%*+$#'(")*+,&+&6-#4/+*+&6#,&#*="#.%."/#9"/:#1+**1"-#
"*$;BF#M&#4=+$=#)+*(%*+,&)#=%9"#:,(#E,(&5#>+&+>%1+)*#*(*,/+&6#*,#7"#
>,)*#"EE"$*+9"F#
$;# K,#:,(#(*+1+2"#5+/"$*+9"#*(*,/+&6#>"*=,5)#?+;";-#./,9+5+&6#4,/5+&6-#
6/%>>%/-# "N%>.1")-# +5"%)-# "*$;BF# M&# 4=+$=# )+*(%*+,&)# =%9"# :,(#
E,(&5#5+/"$*+9"#*(*,/+&6#*,#7"#>,)*#"EE"$*+9"F#
AB## O%9"#:,(#"9"/#()"5#>"*=,5)#4=+$=#:,(#E""1#5,#&,*#/"./")"&*#:,(/#
./+&$+.1")F#O%9"#:,(#"9"/#E"1*#6(+1*#%)#%#/")(1*#,E#5,+&6#),F#!=%*#
E%$*,/)#1"5#*,#*=+)#5"$+)+,&-#%&5#4=:#5+5#:,(#E""1#6(+1*F
=-0."#!>c!F)('.*&1(&!J.-*&!`."7#+!`,)"&!R('3#"!o.#'&-)('
('
!"#$%&'(')*$+#)(#&$,-.&)/0$$"#$%!&'(!)#%!*!+',*'-
D,'/<$'(
]*#7#(! %)('.*&1(&'! 6")D! &,#! 3"-&-(0! %#(&#"! "#'5)(/#/! &)! &,#!
/-'&"-2.&#/! '."7#+<!Q-&,-(! &,-'! '1D5*#C! &,#"#! 31'! 1! 0"#1&! /#1*! )6!
'-D-*1"-&+! -(! &,#! 5"-(%-5*#'! &,1&! 0.-/#/! -(/-7-/.1*! %)('.*&1(&'!
IE.#'&-)(!>N<!W1(+!%)('.*&1(&'!"#6#"#(%#/!'#7#"1*!5"-(%-5*#'!-(!&,#-"!
1('3#"'C!&,).0,!)(*+!%)('.*&1(&!#-0,&!/-"#%&*+!'&1&#/!&,1&!S)(#!'-(0*#!
&,#)"+!3).*/(9&!2#!12*#!&)!5")7-/#!1!.'#6.*!'#&!)6!0.-/#*-(#'!6)"!#7#"+!
%)('.*&1&-)(<X!=-7#!%)('.*&1(&'!'5#%-:%1**+!%-&#/!%)**12)"1&-)(!1'!1!
D1-(!5"-(%-5*#!&,1&!'&".%&."#/!&,#-"!'#''-)('!I.('."5"-'-(0!0-7#(!-&'!
5")D-(#(&!")*#!-(!)."!3"-&-(0!%#(&#"9'!5,-*)')5,+N<!]1%,!%)('.*&1(&C!
&,).0,C! ,1/! 1! '*-0,&*+! /-66#"#(&! 5#"'5#%&-7#! )(! 3,+! %)**12)"1&-)(!
31'!-D5)"&1(&C!3-&,!"#'5)('#'!'5#%-6+-(0!&,1&!-&!%"#1&#/!1!5)'-&-7#!
/-1*)0.#C!5*1%#/!&,#!'&./#(&!1'!&,#!#L5#"&!)(!,-'!3"-&-(0C!5")D)&#/!
'&./#(&! )3(#"',-5! )6! &,#! 3"-&-(0C! 1(/! %.*&-71&#/! &,#! "#*1&-)(',-5!
2#&3##(!%)('.*&1(&!1(/!'&./#(&!1'!6#**)3!3"-&#"'<!Q-&,!%)**12)"1&-)(!
1'! 1! 0.-/-(0! 5"-(%-5*#C! (-(#! %)('.*&1(&'! -(/-%1&#/! 1! '#''-)(! 31'!
'&".%&."#/! 1").(/! 2)&,! &,#! 0)1*'! &,#! '&./#(&! 5"#'#(&#/! 1&! &,#!
2#0-((-(0!)6!&,#!'#''-)(!1(/!&,#-"!%)(%#"('!1'!%)('.*&1(&'!IE.#'&-)(!
Z1N<!U,-'!5")%#''!31'!2#'&!%,1"1%&#"-;#/!2+!%)('.*&1(&!&,"##c!SR6&#"!
&,#!'&./#(&!,1'!-/#(&-:#/!,-'l,#"!%)(%#"('C!O!"#1/!&,").0,!&,#!515#"!
1(/! D#(&1**+! 4##5! &"1%4! )6! D+! )3(! %)(%#"('<! =)"! &,#! "#'&! )6! &,#!
'#''-)(C!3#!/-'%.''!)."!%)(%#"('!&)0#&,#"<X
Q-&,-(! &,-'! 6"1D#3)"4C! &,#! %)('.*&1(&'! 1*')! #L5*1-(#/! &,#-"!
.'#! )6! D-(-D1*-'&! 1(/! /-"#%&-7#! D#&,)/'! IE.#'&-)('! Z2! 1(/! Z%N<!
U,#!D)'&!-D5)"&1(&!&"#(/!31'!&,1&!1**!%)('.*&1(&'!6#*&!&,#"#!3#"#!
'-&.1&-)('!-(!3,-%,!D-(-D1*-'&!D#&,)/'!%).*/!2#!.&-*-;#/!3#**!I'.%,!
1'!-(!2"1-('&)"D-(0!'#''-)('C!1//"#''-(0!6)%.'C!1(/!&,#'-'!'&1&#D#(&!
/-'%.''-)('N!1(/C!*-4#3-'#C!&,#"#!3#"#!'-&.1&-)('!-(!3,-%,!/-"#%&-7#!
D#&,)/'!3#"#!D)"#!155")5"-1&#!I'.%,!1'!/."-(0!*1&#"!'&10#'!)6!&,#!
515#"C!3,#(!D)/#*-(0!).&*-(-(0!1(/!0"1DD1"N<!O&!31'!&,-'!-(E.-"+!
-(&)!D-(-D1*-'D!1(/!/-"#%&-7-&+!&,1&!"#7#1*#/!&,#!D)'&!1%.&#!6##*-(0'!
)6!0.-*&<!
O(!"#'5)('#!&)!3,+!1(/!3,#(!%)('.*&1(&'!6#*&!0.-*&!IE.#'&-)(!hNC!
&#(!)6!&,#!#*#7#(!"#'5)(/#(&'!/-'%.''#/!/-"#%&-7#!D#&,)/'<!O(!61%&C!
3,-*#! &,#! :(1*! E.#'&-)(! -&'#*6! /-/! ()&! D#(&-)(! /-"#%&-7#! D#&,)/'C!
:7#! )6! &,#! "#'5)(/#(&'! 1('3#"#/! &,#! E.#'&-)(! 1'! -6! -&! ,1/! 1'4#/C!
Si)!+).!6##*!0.-*&!6)"!2#-(0!/-"#%&-7#kX!=)"!#L1D5*#C!%)('.*&1(&!:7#!
(&
=/440>/9!)0?@$2A
I&,#!)(*+!61%.*&+!"#'5)(/#(&N!'&1&#/!&,1&!SO!&,-(4!2#-(0!/-"#%&-7#!-'!
31""1(&#/!-(!')D#!'-&.1&-)('C!')!O!/)!()&!6##*!0.-*&+!12).&!-&<!<!<!<!U)!
3-&,,)*/!-(6)"D1&-)(!3).*/!()&!2#!61-"!<!<!<!3,#"#!#*'#!%1(!&,#+!0)!
&)!0#&!&,-'!-(6)"D1&-)(kX!U,#!)&,#"!(-(#!"#'5)(/#(&'!1**!-(/-%1&#/!
&,1&!2#-(0!)7#"*+!/-"#%&-7#C!51"&-%.*1"*+!-(!0"1DD1"M6)%.'#/!'#''-)('C!
31'!&,#!D1-(!%1.'#!)6!&,#-"!6##*-(0'!)6!0.-*&<!q6!&,)'#!3,)!71*.#/!
%)**12)"1&-)(! 1'! &,#-"! D1-(! 5"-(%-5*#C! &,"##! 6#*&! 0.-*&! 1'! 1! "#'.*&!
)6! 2#-(0! )7#"*+! /-"#%&-7#! 1(/! &,"##! 1'! 1! "#'.*&! )6! 0-7-(0! &))! D1(+!
1('3#"'8)"C!-(!&,#!3)"/'!)6!%)('.*&1(&!#*#7#(C!SO!3)""+!<!<!<!O!'5))(M
6#/!&,#D!#L%#''-7#*+<X!
Q-&,-(! &,#! "#'5)('#'! 1//"#''-(0! 0.-*&! 1(/! /-"#%&-7-&+C! &,#"#!
3#"#! &,"##! 51"&-%.*1"*+! '."5"-'-(0! 1('3#"'! 6")D! .(/#"0"1/.1&#!
%)('.*&1(&'<!F)('.*&1(&!)(#!3")&#C!S`)D#&-D#'!O!*#&!D+!D).&,!".(!)66!
1(/!1!6#3!D-(.&#'!0)!2+!2#6)"#!O!"#1*-;#!O97#!2##(!#L%*.'-7#*+!".((-(0!
&,#!'#''-)(<!U,-'!D14#'!D#!7#"+!'#*6M%)('%-).'!1(/!O!-DD#/-1&#*+!
3)(/#"!3,#&,#"!D+!%)**#10.#'!3#"#!12*#!&)!,#1"!D#!#(P)+-(0!&,#!
').(/!)6!D+!)3(!7)-%#<X!U,-'!%)('.*&1(&!#L5"#''#/!&,#!6#1"!)6!2#-(0!
P./0#/!2+!)&,#"!%)('.*&1(&'!2.&!/-66.'#/!&,-'!3)""+!3-&,!,.D)"<!U,#!
&3)!)&,#"!"#'5)('#'C!,)3#7#"C!"#7#1*#/!()!'.%,!"#*-#6!6)"!&,#!1(L-#&+!
#L5#"-#(%#/<! F)('.*&1(&! #-0,&! 1"&-%.*1&#/! &,1&C!SO! 6##*! #'5#%-1**+!
0.-*&+! 3,#(! &,)'#! D#&,)/'! 3#"#! /-"#%&-7#! 1(/! 0)! 101-('&! 3"-&-(0!
%#(&#"!/)0D1X81!'&1&#D#(&!D1/#!1**!&,#!D)"#!-(&"-0.-(0!2#%1.'#!
&,-'!'1D#!%)('.*&1(&!#'5).'#/!&,1&!',#!6)**)3#/!S()!'-(0*#!&,#)"+<X!
U,#! '#(&-D#(&! )6! ,#"! '&1&#D#(&! 31'! #%,)#/! 2+! %)('.*&1(&! &#(c!SO!
6#*&!0.-*&+C!*1"0#*+!2#%1.'#!O!6##*!O!2")4#!')D#!')"&!)6!V%)/#9!1(/!D+!
%)M3)"4#"'!3).*/!2#!1',1D#/!)6!D#<X!O(!&,#'#!:(1*!&3)!"#'5)('#'C!
-&!-'!()&12*#!&,1&!2)&,!"#6#"!&)!3"-&-(0!%#(&#"!S".*#'X!1(/!S/)0D1X!1'!
"#1')('!3,+!&,#+!#L5#"-#(%#/!6##*-(0'!)6!',1D#!1(/!0.-*&<
4#'*/''#%F)('.*&1(&'! -(/-%1&#/! &,1&! &,#+! D)'&! )6&#(! 6#*&! 0.-*&! 6)"! 2#-(0!
/-"#%&-7#!-(!'#''-)('!6)%.'#/!.5)(!*)3#"!)"/#"!%)(%#"('C!2.&!1**!1*')!
-(/-%1&#/C! 3,#(! E.#"-#/! 12).&! &,#-"! D#&,)/'C! &,1&! /-"#%&-7-&+! 31'!
1(!155")5"-1&#!D#&,)/!&)!.'#!-(!&,)'#!7#"+!'1D#!'#''-)('<!O(!)&,#"!
3)"/'C! %)('.*&1(&'! 6#*&! 0.-*&! 6)"! .'-(0! 1! D#&,)/! &,#+! "#1*-;#/! 31'!
155")5"-1&#<!q(#!"#1')(!6)"!&,-'!D-0,&!2#!&,1&!&,)'#!%)('.*&1(&'!3,)!
((
!"#$%&'(')*$+#)(#&$,-.&)/0$$"#$%!&'(!)#%!*!+',*'-
6#*&!0.-*&!6)"!2#-(0!/-"#%&-7#!3#"#!1*')!&,)'#!3,)!71*.#/!%)**12)"1&-)(<!
U,#'#!-(/-7-/.1*'!*-4#*+!7-#3!%)**12)"1&-)(!1'!1!D##&-(0!)6!#E.1*'C!
)6! 5##"'C! &)! 3)"4! &)0#&,#"! -(! )"/#"! &)! -D5")7#! &,#! 3"-&#"! 1(/!
&,#! 3"-&-(0j! &,-'! 31'! -(/-%1&#/! 2+! &,#! 5"#71*#(%#! )6! "#'5)('#'!
3,-%,!-(/-%1&#/!%)('.*&1(&'!7-#3#/!&,#D'#*7#'!1'!1**-#'!1(/!6#**)3!
3"-&#"'!1(/!3)"4#/!&)!#'&12*-',!1!"#*1L#/C!5##"!/+(1D-%<!Q-&,!&,-'!
-(&#"5"#&1&-)(!)6!%)**12)"1&-)(C!1!6##*-(0!)6!0.-*&!-'!.(/#"'&1(/12*#j!-6!
1!/-"#%&-7#!D#&,)/!-'!.&-*-;#/C!-&!'.00#'&'!&,1&!&,#!%)('.*&1(&!-'!&14-(0!
&,#!")*#!)6!1(!#L5#"&C!3,-%,!-(!&."(!%1(!.(/#"D-(#!&,#!%)**12)"1&-)(<!
U,-'! 7-#3! )6! %)**12)"1&-)(C! 1'! 5"#7-).'*+! /-'%.''#/C! -'! 1! 7#"+!
*-D-&#/! 7-#3<! O&! -'! 1! 7-#3! 5"#/-%1&#/! )(! Y"))4'9! %)(&#(&-)(! &,1&C!
S&,#! '&./#(&C! ()&! &,#! &.&)"C! ',).*/!V)3(9! &,#! 515#"! 1(/! &14#! 6.**!
"#'5)('-2-*-&+!6)"!-&X!I>g?NC!3,-%,C!1'!-**.'&"1&#/!#1"*-#"!2+!`,1D))(!
1(/! Y."('C! *-D-&'! )."! -D10-(1&-)(! %)(%#"(-(0! 3,1&! %)**12)"1&-)(!
%1(!2#<!U)!.(/#"'&1(/!&,-'!5,#()D#()(C!&,).0,C!3#!(##/!&)!*))4!
2#+)(/! D-(-D1*-'D! -(! )."! 5"1%&-%#! &)! &,#! 5)'-&-)(! )6! &,#! 3"-&-(0!
%#(&#"! 3-&,-(! &,#! #/.%1&-)(1*! -('&-&.&-)(81(/! 51"&-%.*1"*+! 1&! &,#!
1%1/#D-%!/#:(-&-)(!)6!)3(#"',-5<!
O(! 1%1/#D-1C! -(/-7-/.1*! )3(#"',-5! )6! -/#1'! 1(/! 3"-&-(0! -'!
%)('-/#"#/! )6! .&D)'&! -D5)"&1(%#! I^.('6)"/! bZNC! 1(/! -&! -'! 1! ()"D!
3,-%,!-'!#D2)/-#/!-(!Y"))4'9!7-#3!)6!'&./#(&!)3(#"',-5<!R'!F*1"4!1(/!
m#1*+!1"0.#C!S`.%,!1!5,-*)')5,+!e)6!D-(-D1*-'&!&.&)"-(0f!5#"5#&.1&#'!
1!*-D-&#/!1(/!*-D-&-(0!.(/#"'&1(/-(0!)6!1.&,)"',-5!-(!&,#!1%1/#D+<!
Y+! 5"-7-*#0-(0! -(/-7-/.1*! "#'5)('-2-*-&+! 1(/! 1%%).(&12-*-&+! 1(/!
2+! 71*)"-;-(0! &,#! -(/-7-/.1*! 3"-&#"9'! 1.&,#(&-%!V7)-%#C9! &,#! 3"-&-(0!
%#(&#"!,1'!*#6&!.(%,1**#(0#/!()&-)('!)6!-(&#**#%&.1*!5")5#"&+X!IhgN<!
\1(%+! J"-DD! 2.-*/'! )(! &,-'! -/#1C! 1"0.-(0! &,1&! 5#"5#&.1&-)(! )6!
D-(-D1*-'&!%)**12)"1&-)(!'#"7#'!)(*+!&)!5")&#%&!&,#!5"-7-*#0#/!5*1%#!
)6! %)('.*&1(&'! 3-&,-(! &,#! #/.%1&-)(1*! '+'&#DC! 1'! &,#! %)('.*&1(&'!
,17#! )27-).'*+! '.%%##/#/! 3-&,-(! 1%1/#D-1! 2+! %)(6)"D-(0! &)! &,#!
#'&12*-',#/!-/#1'!)6!)3(#"',-5!1(/!-(/-7-/.1*!1.&,)"',-5!I>>[M>bN<!
O6!4()3*#/0#!-'!7-#3#/!1'!-(/-7-/.1**+!,#*/!1(/!)2&1-(#/C!-&!-'!7#"+!
/-6:%.*&!&)!2#!)5#(!&)!&,#!-/#1!)6!4()3*#/0#!01-(#/!3-&,-(!&,#!')%-1*!
-(&#"1%&-)(! )6! %)('.*&1(&M'&./#(&! '#''-)('! I^.('6)"/! [BN<! O(! .'-(0!
/-"#%&-7#!'&"1&#0-#'C!&,#"#6)"#C!-&!-'!.(/#"'&1(/12*#!&,1&!%)('.*&1(&'!
3).*/!6##*!0.-*&!2#%1.'#!&,#+!1"#!'&#55-(0!).&'-/#!&,#!#L5#%&1&-)('!)6!
&,#!1%1/#D-%!-('&-&.&-)(<!O(!/)-(0!')C!%)('.*&1(&'!D1+!2#!1&&#D5&-(0!
()
=/440>/9!)0?@$2A
I#7#(! .(%)('%-).'*+N! &)! ,#*5! '&./#(&'! 01-(! D#D2#"',-5! -(! &,#!
1%1/#D-%! -('&-&.&-)(C! 2.&! &,#+! 1"#! 7-)*1&-(0! &,#! 7#"+! ()"D'! .5)(!
3,-%,!&,#-"!)3(!'.%%#''!-(!1%1/#D-1!31'!5"#/-%1&#/<!
U)!1!%#"&1-(!#L&#(&C!&,-'!6)"D!)6!0.-*&C!'&#DD-(0!6")D!-/#1*'!)6!
1.&,)"',-5!1(/!)3(#"',-5!&,1&!1"#!#(0"1-(#/!-(!)."!1%1/#D-%!*-7#'C!
-'! 7#"+! /-6:%.*&! &)! )7#"%)D#<! \)(#&,#*#''C! -&! -'! D+! 2#*-#6! &,1&! -&! -'!
5)''-2*#!6)"!-(/-7-/.1*!3"-&-(0!%#(&#"'!&)!#(1%&!%)**12)"1&-)(!-6!)."!
%)DD.(-&+C!2)&,!1'!1!5")6#''-)(!1(/!-(!-(/-7-/.1*!%#(&#"'C!-'!'&")(0<!
\."&."-(0! '.%,! 1! %)DD.(-&+! 3-**! -(7)*7#! %*)'#! 1&&#(&-)(! &)! ,)3!
3"-&-(0!%#(&#"!5,-*)')5,-#'!1"#!%)DD.(-%1&#/C!,)3!-(&#"5#"')(1*!
"#*1&-)(',-5'!-(!-(/-7-/.1*!%#(&#"'!1"#!/#7#*)5#/C!1(/!,)3!0.-*&!-'!
5")%#''#/!2+!%)('.*&1(&'!-(/-7-/.1**+!1(/!-(!0").5!'#&&-(0'<!
O(! #L5*1-(-(0! 3,#(! &,#+! #L5#"-#(%#/! 6##*-(0'! )6! 0.-*&C! &3)!
%)('.*&1(&'!'5#%-:%1**+!"#6#"#(%#/!&"1('0"#''-)('!)6!3"-&-(0!%#(&#"!
5,-*)')5,+! 2+! .'-(0! /-"#%&-7#! D#&,)/'<! G'-(0! &,#! &#"D'!S/)0D1X!
1(/!S%)/#CX! &,#'#! %)('.*&1(&'! 1"&-%.*1&#/! &,1&! &,#+! 6#*&! &,1&! .'-(0!
/-"#%&-7#! D#&,)/'! 3#(&! 101-('&! &,#! 5,-*)')5,-#'! #'5).'#/! 2+! &,#!
3"-&-(0!%#(&#"!5")6#''-)(<!T#",15'C!1'!_)1(!m13&,)"(#!'.00#'&'C!51"&!
)6!&,#!"#1')(!6)"!&,-'!7-#3!)6!/-"#%&-7#!D#&,)/'!-'!&,1&!%)('.*&-(0!
D1(.1*'! )6&#(! #D5,1'-;#! D-(-D1*-'&! D#&,)/'! IhN<! W)"#! 2")1/*+C!
U)D!U".#'/#**!6).(/!&,-'!#D5,1'-'!)(!D-(-D1*-'D!1'!,#!#L5*)"#/!
*-&#"1&."#! 12).&! 3"-&-(0! %#(&#"! &,#)"+! 1(/! 5"1%&-%#c!SW1(+! )6! &,#!
1"&-%*#'! O! 31'! "#1/-(0! '##D#/! &)! #(/)"'#! 1! 5."#*+! ()(M/-"#%&-7#!
155")1%,! &)! 3"-&-(0! '#''-)('C! 1(/! O! 6#*&! &,1&! 1(+! .'#! )6! /-"#%&-7#!
&.&)"-(0!31'!1!&"1('0"#''-)(!101-('&!3"-&-(0!%#(&#"!)"&,)/)L+X!IBN<!
O(!U".#'/#**9'! 7-#3! )6! /-"#%&-7#! &.&)"-(0! 1'! 1!S&"1('0"#''-)(CX! 3#!
%1(! '##! 1! D-"")"! )6! &,#! %)('.*&1(&'! -(! &,-'! '&./+! 3,)! 6#*&! ',1D#C!
'#*6M%)('%-).'(#''C!1(/!0.-*&!6)"!.'-(0!/-"#%&-7#!'&"1&#0-#'<!m)3#7#"C!
1'! /#D)('&"1&#/! -(! &,#! *-&#"1&."#! "#7-#3C! &,#"#! -'! 1*')! '-0(-:%1(&!
3"-&-(0! %#(&#"! '%,)*1"',-5! /#7)&#/! &)! %)D5*-%1&-(0! )."! 6)%.'! )(!
D-(-D1*-'D!1(/!5")D)&-(0!D)"#!-D10-(1&-)(!1(/!-(%)"5)"1&-)(!)6!
)&,#"!'&"1&#0-#'!-(&)!)."!5"1%&-%#<!U,.'C!-(!"#%)0(-;-(0!&,1&!&,#!6.**!
2"#1/&,!)6!&,#!#L-'&-(0!*-&#"1&."#!D1+!()&!2#!0"1'5#/!2+!%)('.*&1(&'C!
3#!D.'&!1'4!)."'#*7#'!,)3!&,#!6.**!1%%#5&1(%#!)6!D.*&-5*#!%)('.*&-(0!
'&"1&#0-#'!%1(!2#!2#&&#"!%)DD.(-%1&#/!3-&,!%)('.*&1(&'<
U3)!'&"1&#0-#'!&)!-D5")7#!&,#!#66#%&-7#(#''!)6!&,-'!%)DD.(-%1&-)(!
-(!-(/-7-/.1*!3"-&-(0!%#(&#"'!,17#!2##(!5")5)'#/<!=-"'&C!1'!m13&,)"(#!
(!
!"#$%&'(')*$+#)(#&$,-.&)/0$$"#$%!&'(!)#%!*!+',*'-
#(1%&#/!-(!,#"!3"-&-(0!%#(&#"C!1!/##5#"!#L5*)"1&-)(!)6!&,#!*-&#"1&."#!
%1(!2#!-(-&-1&#/!IZN<!U,-'C!,)3#7#"C!1''.D#'!1!%#"&1-(!4-(/!)6!&.&)"!
#/.%1&-)(!&,1&!D1+!()&!2#!-(!5*1%#!1&!#7#"+!3"-&-(0!%#(&#"<!m)3#7#"C!
#7#(!3-&,).&!#(010-(0!D)"#!/##5*+!-(!&,#!'%,)*1"',-5C!3"-&-(0!%#(&#"!
5,-*)')5,-#'! %1(! 2#! D)"#! #66#%&-7#*+! %)DD.(-%1&#/! 3-&,! (#3#"!
%)('.*&1(&'!&,").0,!/-'%.''-)(!3-&,!D)"#!#L5#"-#(%#/!%)('.*&1(&'<!
U,#'#! D)"#! #L5#"-#(%#/! %)('.*&1(&'! 1"#! )6&#(! D)"#! %)D6)"&12*#!
3-&,!$#L-2-*-&+!-(!%)('.*&1&-)('851"&-%.*1"*+!3-&,!/-"#%&-7#!D#&,)/'C!
1'! #7-/#(%#/! -(! D+! '."7#+! 2+! &,#! 61%.*&+! "#'5)(/#(&9'! /#6#('#! )6!
/-"#%&-7#!D#&,)/'<!Q,#&,#"!&,-'!%)D6)"&!31'!01-(#/!&,").0,!/#*7-(0!
-(&)! 3"-&-(0! %#(&#"! '%,)*1"',-5! )"! 2#%1.'#! )6! D)"#! %)('.*&-(0!
#L5#"-#(%#! I)"! 2)&,NC! #L5#"-#(%#/! %)('.*&1(&'! %1(! ,#*5! (#3#"!
%)('.*&1(&'!1'!&,#+!3"#'&*#!3-&,!155*+-(0!3"-&-(0!%#(&#"!5,-*)')5,-#'!
-(!&,#-"!'#''-)('<!m13&,)"(#!1*')!'.%%#''6.**+!.'#/!&,-'!'&"1&#0+!1&!
&,#!G(-7#"'-&+!)6!\)"&,!i14)&1!3"-&-(0!%#(&#"!&)!"#M#'&12*-',!1!:"DC!
*#''!0.-*&M5*10.#/!%)DD.(-&+j!16&#"!/-'%.''-(0!/-"#%&-7#!D#&,)/'!1'!
1! 0").5C! &,#! 3"-&-(0! %#(&#"! D#D2#"'! %1D#! &)! &,#! %)(%*.'-)(! &,1&!
SQ,#(!3#!%)(/.%&!/-"#%&-7#!'#''-)('C!3#97#!*#1"(#/!&)!&,-(4!12).&!-&!
2.&!()&!&)!6##*!21/!12).&!-&X!IgN<!
O! 3).*/! 5")5)'#! &,1&! &,#! '.%%#''! )6! m13&,)"(#9'! /-'%.''-)('!
31'!1*')!5"#/-%1&#/!)(!&,#!%.*&."#!',#!,#*5#/!%"#1&#!-(!,#"!3"-&-(0!
%#(&#"C!51"&-%.*1"*+!#7-/#(%#/!-(!,#"!'&1&#D#(&!&,1&!SO!5")D-'#/!&,#D!
&,#+!3).*/(9&!,17#!&)!:(/!&,#-"!31+!&,").0,!&,-'!&,-%4#&!e(17-01&-(0!
3"-&-(0!%#(&#"!&12))'f!2+!&,#D'#*7#'X!IbN<!O(!D+!)3(!3"-&-(0!%#(&#"C!
1! '-D-*1"! %.*&."#! )6! %1"#C! "#'5#%&C! 1(/! 5")&#%&-)(! )6! +)."! 6#**)3!
%)('.*&1(&'!-'!51*512*#<!H#(1&1!`)*.DC!1!6)"D#"!%)('.*&1(&!-(!)."!
%#(&#"C!1"&-%.*1&#/!&,-'!3,#(!',#!5"1-'#/!)."!'&166!2*)0!1'!1!%)(/.-&!
)6! %)DD.(-%1&-)(! 1(/! "#*1&-)(',-5! 2.-*/-(0C! #L5"#''-(0! 0"1&-&./#!
&,1&!S&,#"#!-'!1!%#(&#"!6.**!)6!1**-#'!&)!21%4!.'!.5!#7#(!3,-*#!&,-(0'!
1"#!0)-(0!/)3(X!I>ZN<!
O(!*-0,&!)6!&,-'!'&")(0!%)DD.(-&+!3-&,-(!)."!)3(!3"-&-(0!%#(&#"C!
-&!31'!/-'&"#''-(0!&)!D#!3,#(!&,#!'."7#+'!"#7#1*#/!&,1&!-(/-7-/.1*!
%)('.*&1(&'!6#*&!0.-*&+!6)"!2#&"1+-(0!&,#!5#"%#-7#/!#L5#%&1&-)('!)6!)."!
%#(&#"!1(/!6#**)3!%)('.*&1(&'<!U,#!&,"##!%)('.*&1(&'!3,)!3)""-#/!
)&,#"!%)('.*&1(&'!P./0#/!&,#D!6)"!7-)*1&-(0!3"-&-(0!%#(&#"!S/)0D1X!
)"!S%)/#X!3#"#!%*#1"*+!/-'&"#''#/!3-&,-(!&,-'!%)DD.(-&+!1(/!/-/!()&!
6##*!&,#+!%).*/!%).(&!)(!&,#!5")&#%&-)(!)6!1!S%#(&#"!6.**!)6!1**-#'<X!U,#!
("
=/440>/9!)0?@$2A
&,).0,&!&,1&!)&,#"!%)('.*&1(&'!3).*/!3)""+!O!3).*/!P./0#!&,#D8
&,1&! O! 3).*/! 2#! 1',1D#/! )6! &,#D831'! &".*+! &#""-6+-(0! 2#%1.'#! -&!
-(/-%1&#/!&,1&!)."!%)DD.(-&+!31'!()&!1'!'&")(0!1'!O!5#"%#-7#/<!U,.'C!
6)"!D#C!&,#!D)'&!-D5)"&1(&!:(/-(0!-(!&,#!'."7#+!31'!&,#!-D5)"&1(%#!
)6!6)%.'-(0!)(!%.*&-71&-(0!-(&#"5#"')(1*!"#*1&-)(',-5'!1(/!1!3"-&-(0!
%#(&#"!%.*&."#C!1'!1!3,)*#C!&,1&!71*.#'!%1"#!1(/!"#'5#%&<!Y+!%"#1&-(0!
&,-'!#(7-")(D#(&C!3#!%1(!D)"#!#66#%&-7#*+!'.55)"&!#1%,!)&,#"!1'!3#!
(17-01&#!)."!7#"+!%)D5*#L!P)2!1'!3"-&-(0!%)('.*&1(&'<
O(!1//"#''-(0!%)('.*&1(&!0.-*&!-(!&,#!3"-&-(0!%#(&#"C!-&!-'!-D5)"&1(&!
&,1&!$#L-2-*-&+!1(/!1!/##5#"!1(1*+'-'!)6!%)**12)"1&-)(!1"#!-(&#0"1&#/!
()&!P.'&!-(&)!)."!%#(&#"!5,-*)')5,-#'!2.&!1*')!-(&)!)."!5#"')(1*!1(/!
5")6#''-)(1*! %)(7#"'1&-)('! )6! %)('.*&-(0! '&"1&#0-#'C! &"1-(-(0C! 1(/!
"#'#1"%,<! =."&,#"! "#'#1"%,! %).*/! ,#*5! &,#'#! %)(7#"'1&-)('! )%%."<!
R! 2#&&#"! .(/#"'&1(/-(0! )6! ,)3! %)('.*&1(&'! -(&#"5"#&! 1(/! #(1%&!
%)**12)"1&-)(! 3).*/! ,#*5! %*1"-6+! 3,+! %)('.*&1(&'! D1+! 6##*! 0.-*&!
3,#(! .'-(0! /-"#%&-7#! D#&,)/'<! q(! 1! 3-/#"! '%1*#C! 1(1*+;-(0! ,)3!
%)DD.(-&+!6)"D'!-(!-(/-7-/.1*!3"-&-(0!%#(&#"'!3).*/!,#*5!1'%#"&1-(!
,)3! 5#"%#-7#/! #L5#%&1&-)('! 1"#! /-''#D-(1&#/C! 1(/! &,#(! 6."&,#"!
-(E.-"+!-(&)!3,#(!S0.-/#*-(#'X!2#%)D#!S".*#'X!%).*/!2#!#L5*)"#/<!O6!
'.%,!'&#5'!1"#!&14#(C!O!6##*!3#!%1(!2.-*/!1(!#7#(!'&")(0#"C!%*)'#"C!1(/!
D)"#!5")/.%&-7#!3"-&-(0!%#(&#"!%)DD.(-&+<
(*
!"#$%&'(')*$+#)(#&$,-.&)/0$$"#$%!&'(!)#%!*!+',*'-
<aTbM&,4-.S
^13;=&M;935=&35@&_'*5&[311?&Hd;21)CG%""&
-;)'%258J&T")*25E258&['>&<"&-;)'%&
+'5C+3)2D"C.58129*CM:"3E258&M);@"5)9?I&
8+%,%*3(9"*,"+(:.5+*'1&fh?Z&VfRRfWJ&fhC
OO?&<"$?&P&M":)?&fRZR?
^'X;")=&.12c3$")*&[?&H45)"11"7);31&-;8C'(C
<3%J&M53:9*')9&'(&i2("&25&)*"&,"5)"%?I&
!;%:*A&35@&M*"%>''@&ZZ]Cf\?&
^'X;")=&.12c3$")*&[?=&35@&+"31&i"%5"%?&
HT"7'592@"%3)2'59J&/()"%&j-*"&4@"3&'(&3&
<%2)258&,"5)"%?`I&9.11"3"(M*31%#$&QZ?f&
VfRRgWJ&ZQRCg\?&<"$?&ZZ&a7)?&fRZR?
^%''E9=&_"((?&H!252#3129)&-;)'%258J&!3E258&
)*"&M);@"5)&S'&/11&)*"&<'%E?I&!;%:*A&
35@&M*"%>''@&Z]gCQh?
,13%E=&4%"5"&i?=&35@&S3D"&["31A?&H/%"&
<%2)258&,"5)"%9&.)*2731eI&8OIK(8+%,%*3(
O+.3+'C(I4C%*%#,+',%.*&fR?ZBf&VZ\\]WJ&
hfCOg?&<"$?&ZZ&a7)?&fRZR?
S"55A=&[3%%A?&Hn;""%258&)*"&<%2)258&
,"5)"%?I&8+%,%*3(9"*,"+(:.5+*'1&fP?f&
VfRRPWJ&h\C]f?&<"$?&P&S"7?&fRZZ?
d%2##=&+357A&!31'5"A?&?..4(H*,"*,%.*#K(
8+%,%*3(9"*,"+(8.+B(/.+(O.#,C.4"+*(
7%C"#?&U'%)9#';)*=&+[J&^'A5)'5B,''E=&
Z\\\?&U%25)?
[3>)*'%5"=&_'35?&Hj<"&S'5`)&U%''(%"3@&
["%"`J&T"CD292'5258&)*"&<%2)258&,"5)"%&
)'&^"))"%&!"")&M);@"5)&+""@9?I&8+%,%*3(
<'=(>"2#1",,"+&fh?g&VZ\\\WJ&ZCQ?&U%25)?
b%3;9"=&_"553?&H-*"&U137"&>*"%"&-*"'%A&
35@&U%37)27"&!"")J&G1"62$212)A&>2)*25&
3&<%2)258&,'59;1)35)?I&fR&+'D?&fRRQ?&
b2%9)"5&_3#9"5`9&<T4-&hQPZ<&/%7*2D"=&
L52D"%92)A&'(&!255"9')3k->25&,2)2"9&
,"5)"%&('%&<%2)258?&U%25)?&
i"%5"%=&+"31=&35@&.12c3$")*&[?&^'X;")?&
H<*3)"D"%&[3::"5"@&)'&?&?&?&_"((&
^%''E9eI&8+%,%*3(9"*,"+(:.5+*'1&fP?f&
VfRRPWJ&OCP?&<"$?&fg&+'D?&fRZR?
i;59('%@=&/5@%"3?&H,'113$'%3)2'5=&,'5)%'1=&
35@&)*"&4@"3&'(&3&<%2)258&,"5)"%?I&
!;%:*A&35@&M*"%>''@&OQCPh?&
!;%:*A=&,*%29)253=&35@&M)"D"&M*"%>''@=&
"@9?&7$"(E,6(@'+,%*;#(E.5+D"=..B(/.+(
8+%,%*3(75,.+#?&h%@&"@?&^'9)'5=&!/J&
^"@('%@BM)?&!3%)25`9=&fRRQ?
+'%)*=&M)":*"5&!?&H-*"&4@"3&'(&3&<%2)258&
,"5)"%?I&!;%:*A&35@&M*"%>''@&hfCO]?&
M*3#''5=&i25@3&b?&35@&S"$'%3*&[?&
^;%59?&H/&,%2)2X;"&'(&U;%"&-;)'%258?I&
!;%:*A&35@&M*"%>''@&ZQhCgg?&U%25)?
M'1;#=&T"53)3?&H45('%#31&a$9"%D3)2'5J&
T"#"#$"%258&-*29&29&3&_'$?I&fR&+'D?&
fRRg?&b2%9)"5&_3#9"5`9&<T4-&hQPZ<&
/%7*2D"=&L52D"%92)A&'(&!255"9')3k->25&
,2)2"9&,"5)"%&('%&<%2)258?&<"$?&O&M":)?&
fRZR?&
M);@"5)&<%2)258&M;::'%)?&?",,%*3(,$"(
@.#,(/+.C(E,54"*,(8+%,%*3(E5NN.+,?&
L52D"%92)A&'(&!255"9')3k->25&,2)2"9?&
<"$?&f\&/:%21=&fRZf?
-%;"9@"11=&-'#?&H+')&,*''9258&M2@"9J&
L9258&S2%"7)2D"&/+S&+'5CS2%"7)2D"&
!")*'@'1'8A&25&3&<%2)258&M"992'5?I&
8+%,%*3(<'=(>"2#1",,"+&hZ?]&VfRRQWJ&
QCZZ?&U%25)?
(#