Vous êtes sur la page 1sur 104

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

/"()' (
&,2!*+%,)$*()'(0 ,(.*3(4()'(0 ,*(.$%+'*()'(,1'0 ,.!$"'*(
56789:;<(=>88?@>8(A87B:C:<?8D
E")!.'
!" ,"+'.')'"+'*
#" F:9G;8:H> IA>BJG:H>9
$" ">8C?G:6>9
%" 0?9(A8>AK79G?9(@7(87L>8C?(
&" M1>8(NKO(97(@?(B?(87L>8C?(7<(79G7(C>C7<G>P
'" '0("Q'R$(*!*+'&,
#" 'B(C7H?<:9C>(A?8?(B?(H><L>8C?H:;<(@7(B?9(.>C:9:><79(@7 (
1>9GKB?H:;<
$" 'B(C7H?<:9C>(A?8?(7B(LK<H:><?C:7<G>(@7(B?9(.>C:9:><79 (
@7(1>9GKB?H:;<
%" 'B(C7H?<:9C>(A?8?(97B7HH:><?8(?(B>9(H?<@:@?G>9(?(7<6:?8 (
?B(.><S879>
&" 0?(A?8G:H:A?H:;<(@7B(.><S879>
(" ,"T0!*!*(.%E+!.$()'0(1%$.'*$()'(*'0'..!/"(UVVW
#" 'B(A8>H79>(@7(97B7HH:;<(@7(B>9(7B7HG>879
#")" %7A8797<G?<G79(@7(B>9(?=>S?@>9
#"))" %7A8797<G?<G79(@7(B>9(87HG>879
#")))" %7A8797<G?<G79(@7(B>9(C?S:9G8?@>9
$" 'B(LK<H:><?C:7<G>(@7(B?9(.>C:9:><79(@7(1>9GKB?H:;<
%" 'B(A?A7B(@7B(.><S879>(7<(B?(97B7HH:;<(L:<?B
&" 0?(A?8G:H:A?H:;<(@7(B?9($*.X9
*" 0?(A?8G:H:A?H:;<(@7(B?(.>CK<:@?@(!<G78<?H:><?B
+" 'B(8>B(@7(B>9(C7@:>9(@7(H>CK<:H?H:;<
," .$".0Q*!$"'*
#" 07HH:><79(?A87<@:@?9
$" ,H:78G>9(Y(@79?H:78G>9(7<(7B(A8>H79>(UVVW
%" $=9GZHKB>9(Y(@79?L:>9(A?8?(7B(LKGK8>
-" [![0!$2%,#E,(4(#Q'"+'*
." ,"'\$*
#" "K76?(07Y(@7(.>C:9:><79
$" 2KJ?(A?8?(B?9('<G876:9G?9
4(G>@?(B?(@>HKC7<G?H:;<(87B76?<G7(NK7(97(NK:78?(:<H>8A>8?8

!"

,"+'.')'"+'*
!" F:9G;8:H> I1>BJG:H>9
0? ( 97B7HH:;< ( @7 ( C?S:9G8?@>9 ( 7< ( 2K?G7C?B? ( 876:9G7 ( K<? ( :CA>8G?<H:?(
:@O<G:H? ( ?B ( 879G> ( @7B ( CK<@> ( 7< ( HK?<G> ( ?B ( 8>B ( NK7 ( O9G>9 ( ]K7S?< ( 7< ( B?(
H><9>B:@?H:;<(@7(K<('9G?@>(@7(@787H^>(7<(B>(?G:<7<G7(?(B?(S?8?<GJ?(@7(B>9(
@787H^>9 ( @7 ( G>@>9 ( 9K9 ( ^?=:G?<G79 ( Y ( 7B ( H><G8>B ( @7B ( 7]78H:H:> ( @7B ( A>@78 ( @7B(
'9G?@> ( ? ( G8?6O9 ( @7 ( B? ( H><L>8C?H:;< ( @7 ( K<? ( ?@C:<:9G8?H:;< ( @7 ( ]K9G:H:?(
:<@7A7<@:7<G7_
*:<(7C=?8S>`(7B(B7S?@>(@7(B?9(@:HG?@K8?9(7<(B?(A789:9G7<H:?(@7(K<?(HKBGK8?(
6:>B7<G?(7<(B?(S79G:;<(@7(B?(H><LB:HG:6:@?@ !`(7B(?L:?<a?C:7<G>(@7(79H7<?8:>9(@7(
:CAK<:@?@ ( 79G8KHGK8?B ( :<9G?K8?@>9 ( A>8 ( B>9 ( 87A879>879 ( Y ( 9K ( 6:S7<H:?` ( H><(
<K76?9 ( L>8C?9` ( 7< ( @7C>H8?H:? ( @>G?< ( @7 ( K<? ( 9:<SKB?8 ( 87B76?<H:? ( ? ( B>9(
C7H?<:9C>9 ( A?8? ( B? ( 7B7HH:;< ( @7 ( B>9 ( :<G7S8?<G79 ( @7 ( B?9 ( bBG:C?9 ( :<9G?<H:?9(
@7H:9>8?9(@7(B>9(H><LB:HG>9(7<(2K?G7C?B?_
0? ( A78H7AH:;< ( 9>=87 ( B? ( C?S<:GK@ ( @7B ( A8>=B7C? ( Y ( @7 ( B?9 ( 87L>8C?9(
<7H79?8:?9 ( <> ( 79 ( <K76? ( Y ( Y? ( ^? ( 9:@> ( S8?L:H?@? ( K<? ( @OH?@? ( ?G8Z9 ( A>8 ( B?(
.>C:9:;< ( @7 ( '9HB?87H:C:7<G> ( F:9G;8:H> ( 7< ( B?9 ( .><HBK9:><79 ( @7 ( 9K ( !<L>8C7(
#:<?B'`(7<(7B(NK7(H><9:@78;(?B(1>@78(3K@:H:?B(H>C>(K<(H;CAB:H7(:<9G:GKH:><?B(
@7(B?9(6:>B?H:><79(?(B>9(@787H^>9(^KC?<>9(H>C7G:@?9(@K8?<G7(7B(H><LB:HG>_(
c'B(9:9G7C?(]K@:H:?B(@7B(A?J9`(A>8(9K(:<7L:H?H:?(A8>6>H?@?(>(@7B:=78?@?`(<>(
S?8?<G:a; ( 7B ( HKCAB:C:7<G> ( @7 ( B? ( B7Y` ( G>B78?<@> ( Y ( ^?9G? ( A8>A:H:?<@> ( B?(
6:>B7<H:?_(1>8(>C:9:;<(>(?HH:;<`(7B(A>@78(]K@:H:?B(H><G8:=KY;(?B(?S8?6?C:7<G>(
@7 ( B>9 ( H><LB:HG>9 ( 9>H:?B79 ( 7< ( @:9G:<G>9 ( C>C7<G>9 ( @7 ( B? ( ^:9G>8:? ( @7(
2K?G7C?B?_ ( 0? ( :CAK<:@?@ ( H?B; ( ^?9G? ( 7B ( AK<G> ( @7 ( ?A>@78?897 ( @7 ( B?(
79G8KHGK8?(C:9C?(@7B('9G?@>`(Y(97(H><6:8G:;(G?<G>(7<(K<(C7@:>(H>C>(7<(K<(
L:<_(.>C>(C7@:>`(H>=:];(Y(A8>G7S:;(B?9(?HGK?H:><79(87A879:6?9(@7B('9G?@>(?9J(
H>C>(B?9(@7(A?8G:HKB?879(?L:<79(?(9K9(A8>A;9:G>9`(C:7<G8?9(NK7`(H>C>(L:<`(LK7(
H><97HK7<H:? ( @7 ( B>9 ( COG>@>9 ( ?AB:H?@>9 ( A?8? ( 87A8:C:8 ( Y ( 7B:C:<?8 ( ? ( B>9(
?@6789?8:>9(A>BJG:H>9(Y(9>H:?B79d(_

(c)7=7<(@79G?H?897(@>9(8?9S>9(A8>A:>9(@7B(H?9>(SK?G7C?BG7H>_('B(A8:C78>(79(NK7`(@?@>(
7B(A87@>C:<:>(@7(B?(LK78a?(H>C>(L>8C?(@7(879>BKH:;<(@7(H><LB:HG>9(7<(7B(A?J9`(B?(]K9G:H:?(NK7@; (
9:GK?@? ( 7< ( K<? ( H><@:H:;< ( C?8S:<?B_ ( '9G? ( 9K78G7 ( @7 ( @79AB?a?C:7<G> ( @7B ( A?A7B ( @7 ( B> ( ]K@:H:?B(
A8>6:<>(G?<G>(@7(NK:7<79(H><G8>B?<(7B(A>@78(IC7@:?<@>(>(<>(A?8?(7BB>(B?(>HKA?H:;<(@7B(?A?8?G> (
@7B ( '9G?@>I ( H>C> ( @7 ( B>9 ( A?8G:HKB?879` ( NK7 ( G:7<@7< ( ? ( 879>B678 ( 9K9 ( @:L787<H:?9 ( C7@:?<G7 ( B?9(
?C7<?a?9 ( > ( 7B ( 87HK89> ( ? ( B? ( 6:>B7<H:?` ( 7<( BKS?8 ( @7 ( ?A7B?8 ( ?<G7 ( K< ( G78H78>( I( ?H78H? ( @7 ( HKY?(
:CA?8H:?B:@?@( ?B=78S?<( 9>9A7H^?9I___ ( 0?( 97SK<@?( H?8?HG78J9G:H?( A8>A:?(@7 ( 2K?G7C?B?(79( CZ9(
S8?67_(.>C>(H><97HK7<H:?(@7(NK7(@79@7(7B(S>=:78<>(<>(97(87HK88:;(?(B>9(]K7H79(A?8?(9?<H:><?8 (
B>9 ( ?HG>9 ( :B7S?B79 ( NK7 ( ?C7<?a?8?< ( 7B ( >8@7< ( H><9G:GK:@>` ( B? ( 87A879:;< ( @7 ( B>9 ( C:9C>9 ( 97(
@79?88>BB; ( ?B ( C?8S7< ( @7 ( B? ( B7Y_d( 1Z9?8?` ( 0K:9e (7< ( c%7L>8C? ( Y ( @79?LJ>9 ( @7 ( B? ( ]K9G:H:? ( 7<(
2K?G7C?B?d(7<(%76:9G?(*:9G7C?9(3K@:H:?B79("fg`(!"'.!1I.'3,_(
'
(1K<G>9(hV`(Wi(Y(Wg(@7(B?9(.><HBK9:><79(@7B(!<L>8C7(@7(B?(.'F(c2K?G7C?B?(I(&7C>8:?(@7B(
*:B7<H:>d`(hWWW
(
(c1>8(9K(A?8G7`(B>9(G8:=K<?B79(@7(]K9G:H:?(97(C>9G8?8><(:<H?A?H79(@7(:<679G:S?8`(A8>H79?8`(
]KaS?8 ( Y ( 9?<H:><?8 ( 9:NK:78? ( ? ( K< ( A7NK7j> ( <bC78> ( @7 ( B>9 ( 879A><9?=B79 ( @7 ( B>9 ( CZ9 ( S8?679(
H8JC7<79(H><G8?(B>9(@787H^>9(^KC?<>9(>(@7(=8:<@?8(A8>G7HH:;<(?(B?9(6JHG:C?9_('9G?(H><HBK9:;<(
79(?AB:H?=B7(G?<G>(?(B?(]K9G:H:?(C:B:G?8`(7<H?8S?@?(@7(:<679G:S?8(Y(9?<H:><?8(B>9(@7B:G>9(H>C7G:@>9 (
A>8(A789><?B(H><(LK78>`(H>C>(?(B?(]K9G:H:?(>8@:<?8:?_(,NKOBB?(A>8(L>8C?8(A?8G7(@7B(?A?8?G>(C:B:G?8 (
H>CA8>C7G:@> ( 7< ( 7B ( H><LB:HG> ( Y ( O9G? ( A>8 ( ^?=78 ( 87<K<H:?@> ( ?B ( 7]78H:H:> ( @7 ( 9K9 ( LK<H:><79 ( @7(
A8>G7HH:;<(Y(H?KG7B?(@7(B>9(@787H^>9(@7(B?9(A789><?9_((,HGK?H:><79(Y(>C:9:><79(@7B(>8S?<:9C> (

1?9?@> ( 7B ( G:7CA> ( <> ( 97 ( C>@:L:H; ( 7B ( A?<>8?C? ,_ ( ( 0? ( .>C:9:;<(


!<G78?C78:H?<?(@7()787H^>9(FKC?<>9(H8:9G?B:a;(79G?(S8?67(9:GK?H:;<(7<(9K(
!<L>8C7(9>=87(7B(A?J9(7<(7B(?j>(UVVk_( (c'<(87B?H:;<(H><(B?(9:GK?H:;<(@7(B?(
?@C:<:9G8?H:;< ( @7 ( ]K9G:H:?` ( @K8?<G7 ( B? ( 6:9:G? ( B? ( .!)F ( H><9G?G; ( 978:?9(
@7L:H:7<H:?9(NK7(?b<(?NK7]?<(?B(1>@78(3K@:H:?B_('<G87 ( B>9 ( A8>=B7C?9 ( CZ9 (
S8?679 ( NK7 ( ?L7HG?< ( B? ( ?@C:<:9G8?H:;< ( @7 ( ]K9G:H:? ( 97 ( 7<HK7<G8?< ( B? (
:CAK<:@?@ ( 79G8KHGK8?B ( NK7 ( H>CA87<@7 ( G?<G> ( B?9 ( 6:>B?H:><79 ( @7 (
@787H^>9 ( ^KC?<>9 ( @7B ( A?9?@> ( H>C> ( B?9 ( H><@KHG?9 ( AK<:=B79 ( @7B (
A8797<G7` ( B? ( :<9KL:H:7<H:? ( @7 ( 87HK89>9` ( B>9 ( 79H?9>9 ( ?6?<H79 ( 7< ( B? (
C>@78<:a?H:;< ( @7 ( B? ( ]K9G:H:?` ( B? ( @7L:H:7<G7 ( H?A?H:G?H:;< ( @7 ( ]K7H79 (
Y ( >A78?@>879 ( @7 ( ]K9G:H:?` ( B? ( L?BG? ( @7 ( :<@7A7<@7<H:? ( 7 (
:CA?8H:?B:@?@ ( @7 ( ?BSK<>9 ( ]K7H79` ( B? ( A>B:G:a?H:;< ( @7 ( B? ( ]K9G:H:?` ( B?9 (
A879:><79(@7(@:6789?(J<@>B7(9>=87(]K7H79(Y(>A78?@>879(@7(]K9G:H:?` (
B? ( L?BG? ( @7 ( ?HH79> ( ? ( B? ( ]K9G:H:? ( A>8 ( <KC78>9>9 ( 97HG>879 ( @7 ( B? (
9>H:7@?@` ( B? ( L?BG? ( @7 ( ?AB:H?H:;< ( ?@7HK?@? ( @7 ( K<? ( H?8878? ( ]K@:H:?B (
Y ( B? ( :<79G?=:B:@?@ ( 7< ( 7B ( H?8S> ( NK7 ( 7BB> ( ?H?887? l ( 0>9 ( 79LK78a>9(
87?B:a?@>9 ( A>8 ( 7B ( '9G?@> ( SK?G7C?BG7H> ( H>< ( 7B ( L:< ( @7 ( 9KA78?8 ( B?9 (
@:L:HKBG?@79 ( 7< ( G>8<> ( ? ( B? ( ?@C:<:9G8?H:;< ( @7 ( ]K9G:H:? ( @7B ( A?J9 ( <> (
9><(9KL:H:7<G79 d_
0?(.>C:9:;<(!<G78<?H:><?B(@7(3K8:9G?9(H><L:8C?=?(B?(A78C?<7<H:?(@7(79G7(
HK?@8>(7<(UVVgm(clK<?(@OH?@?(@79AKO9(@7(B?(L:8C?(@7(B>9(,HK78@>9(@7(1?a`(
B?(:<@7A7<@7<H:?(Y(L>8G?B7a?(@7B(A>@78(]K@:H:?B(9:SK7<(9:7<@>(:<9KL:H:7<G79(Y(
B? ( :CAK<:@?@ ( A>8 ( 6:>B?H:><79 ( @7 ( @787H^>9 ( ^KC?<>9 ( H><G:<b? ( 9:7<@> ( B?(
<>8C?_(0?(]K@:H?GK8?(Y(B?(L:9H?BJ?(9><(@O=:B79(Y(H?87H7<(@7B(?A>Y>(<7H79?8:>(
A?8?(7<L87<G?8(79G7(G8ZS:H>(B7S?@>n_
'< ( B>9 ( bBG:C>9 ( ?j>9 ( 79G7 ( L?GJ@:H> ( B7S?@> ( ^? ( ?@NK:8:@>` ( ? ( 8?Ja ( @7 ( B?(
76>BKH:;<(@7(B>9(@:L787<G79(A8>H79>9(:<9G:GKH:><?B79(Y(9>H:?B79`(8?9S>9(H?@?(
67a(CZ9(H>CAB7]>9_( (0>9(S8KA>9(HB?<@79G:<>9(97(^?<(87H><678G:@>(Y(9:SK7<(
>A78?<@>` ( B?9 ( G?9?9 ( @7 ( 6:>B7<H:? ( @7B:HG:6? ( H87H:78>< ( 9:< ( H79?8` ( B?9(
]K@:H:?B` ( G?B79 ( H>C> ( B? ( @7<7S?H:;< ( 9:9G7CZG:H? ( @7 ( B>9 ( 87HK89>9 ( @7 ( 7o^:=:H:;< ( A789><?B` ( B?(
A78C?<7<G7 ( :<G78A87G?H:;< ( L?6>8?=B7 ( ? ( B? ( ?KG>8:@?@` ( B? ( :<@:L787<H:? ( ?<G7 ( B? ( G>8GK8? ( @7 ( B>9(
@7G7<:@>9(Y(7B(79G?=B7H:C:7<G>(@7(BJC:G79(?B(@787H^>(?(B?(@7L7<9?(H><9G:GKY78><(?BSK<?9(@7(B?9(
H><@KHG?9(NK7(76:@7<H:?<(B?(H?87<H:?(@7(:<@7A7<@7<H:?(@7(B>9(]K7H79`(NK7(LK78><(H><9G:GKG:6?9(
@7(S8?679(6:>B?H:><79(@7B(@787H^>(?B(@7=:@>(A8>H79>(Y(@7(:<L8?HH:><79(?B(@7=78(@7B('9G?@>(@7 (
:<679G:S?8`(]KaS?8(Y(9?<H:><?8(B?9(6:>B?H:><79(?(B>9(@787H^>9(^KC?<>9_(0>9(H><G?@>9(]K7H79(NK7` (
C?<G7<:7<@>(9K(:<@7A7<@7<H:?`(<>(?=@:H?8><(?B(7]78H:H:>(@7(9K(LK<H:;<(GKG7B?8`(LK78><(6JHG:C?9 (
@7(?HG>9(87A879:6>9`(:<HBKY7<@>(7B(?979:<?G>(Y(B?9(?C7<?a?9`(9>=87(G>@>(7<(B?(@OH?@?(@7(B>9(
>H^7<G?_d

( !<HBK9> ( B? ( H>CA>9:H:;< ( ]K@:H:?B ( 79 ( K<? ( c^787<H:? ( ^:9G;8:H?d ( NK7 ( :<H:@7 ( @7 ( C>@>(


@7G78C:<?<G7(7<(B?(A879786?H:;<(@7B(9G?GK(NK>_(c'<(hWWp`(K<(79GK@:>(7<H?8S?@>(A>8(B?(.>C:9:;<(
@7(&>@78<:a?H:;<(79G?=B7H:;(NK7(B?(HK?8G?(A?8G7(@7(]K7H79(Y(C?S:9G8?@>9(G7<J?<(CZ9(@7(Uh(
?j>9(7<(B?(:<9G:GKH:;<(Y(>G8?(HK?8G?(A?8G7(G7<J?<(CZ9(@7(hg(?j>9_('9G>( (*:S<:L:H?(NK7`(HK?<@> (
C7<>9 ( B? ( C:G?@ ( @7 ( NK:7<79 ( 7< ( 79? ( L7H^? ( G7<J?<` ( A>8 ( 7<H?8S> ( @7B ( '9G?@>` ( B? ( H?A?H:@?@ ( @7(
879>B678(B>9(H><LB:HG>9(9>C7G:@>9(?(9K(H><>H:C:7<G>`(LK78><(87HBKG?@>9(A>8`(Y(nH8:?@>9n(7<`(K<(
?A?8?G>(]K@:H:?B(H><(K<?(G8?Y7HG>8:?(:<9G:GKH:><?B(6:H:?@?_('9G?(^787<H:?(6:6?(@7(B?(A7>8(7G?A? (
:<9G:GKH:><?B ( @7 ( 2K?G7C?B?` ( 79( LK<@?C7<G?B ( @7 ( H?8?( ?B ( nH;C>n (@7 ( K<?( 87L>8C? (NK7 ( @7=78J?(
AB?<G7?8(C7@:@?9(?@7HK?@?9(A?8?(877CAB?a?8(A8>S879:6?C7<G7(?(797(A789><?Bde(1Z9?8?`(0K:9`(
!@7C(<>G?(h_

>8S?<:a?H:><79(H><L>8C?@?9(A?8?(@7B:<NK:8(^?<(C7]>8?@>(9K(>8S?<:a?H:;<`(
C7G>@>B>SJ?9 ( Y ( GOH<:H?9` ( C:7<G8?9 ( NK7 ( B?9 ( :<9G:GKH:><79 ( @7B ( '9G?@> ( ^?<(
A78C?<7H:@> ( A78C7?=B79 ( ? ( B? ( :<L:BG8?H:;< ( @7 ( ?NKOBB?9 ( Y ( SK:?@?9 ( A>8(
H><@KHH:><79(H?87<G79(@7(6>BK<G?@(A>BJG:H?(A?8?(87678G:8(79G?(G7<@7<H:?_
0? ( @7=:B:@?@ ( :<9G:GKH:><?B:@?@ (79 ( A8>A:? ( @7B ( $8S?<:9C> ( 3K@:H:?B` ( 7B(
&:<:9G78:> ( 1b=B:H> ( Y` ( A8:<H:A?BC7<G7` ( B? ( 1>B:HJ? ( "?H:><?B ( .:6:B ( Y ( 7B ( *:9G7C?(
17<:G7<H:?8:>` ( NK7 ( A8797<G?< ( A8>=B7C?9 ( @7 ( 79H?9>9 ( 87HK89>9 ( 7H><;C:H>9(
?9:S<?@>9` ( 7< ( B>9 ( 9:9G7C?9 ( @7 ( L>8C?H:;< ( @7B ( A789><?B ( Y ( @7 ( H?8878?(
A8>L79:><?B` ( @7 ( H>>8@:<?H:;< ( :<G78:<9G:GKH:><?B` ( ?9J ( H>C> ( H>88KAH:;< ( 7(
:<L:BG8?H:;<(@7B(H8:C7<(>8S?<:a?@>(7<(9K9(79G8KHGK8?9-_
'9G7(L7<;C7<>(@7(A7<7G8?H:;<(C?L:>9?(7<(B?9(:<9G:GKH:><79(G?C=:O<(79(
K<:6789?BC7<G7 ( A78H:=:@>m (c0?9 ( 79G8KHGK8?9 ( HB?<@79G:<?9 ( 9:SK7< ( :<G?HG?9(
@7<G8>(@7(B?9(:<9G:GKH:><79.e(7<(?BSK<>9(H?9>9(<?H:78><(?BBJ`(A>8NK7(6:7<7<(
@79@7(^?H7(UV(;(kV(?j>9`(Y(<?H:78><(7<(7B(H><G7oG>(@7B(H><LB:HG>(?8C?@>_(
0>9(?HK78@>9(@7(A?a(A8767J?<(NK7(@7=J?<(978(@79C?<G7B?@?9`(A78>(<>(97(
^:a>`(Y(^>Y(7<(@J?(^?<(76>BKH:><?@>(?(K<?(L>8C?(@7(H8:C:<?B:@?@(H>Cb<(>(
H8:C:<?B:@?@ ( >8S?<:a?@?d ( c!<6>BKH8?< ( ? ( CKH^>9 ( 97HG>879` ( <> ( 9>B> ( @7 ( B?9(
?@C:<:9G8?H:><79 ( @7 ( ]K9G:H:?` ( @7B ( 2>=:78<>` ( @7B ( .><S879>` ( @7B ( $8S?<:9C>(
3K@:H:?B` ( 9:<> ( @7 ( 7CA879?9` ( C7@:>9 ( @7 ( H>CK<:H?H:;< ( Y ( @79A?H^>9 ( @7(
?=>S?@>9`(7<G87(>G8>9d_(c'<(B>(NK7(97(87L:787(?(B?(?@C:<:9G8?H:;<(@7(]K9G:H:?`(
^?=B?C>9(@7(]K7H79`(L:9H?B79(Y(?=>S?@>9d/(
'B(H><97<9>(9>=87(B?(79G8KHGK8?B:@?@(@7(B>9(A8>=B7C?9(8797j?@>9(79(G?<(
7oG7<@:@>(NK7`(7<(B>9(bBG:C>9(?j>9`(^?9G?(7B(A8>A:>('9G?@>(2K?G7C?BG7H>(^?(
BB7S?@> ( ?B ( AK<G> ( @7 ( 87H><>H78B> ( L>8C?BC7<G7 ( Y ( 87NK78:8 ( ?A>Y> ( ? ( B?(
.>CK<:@?@(!<G78<?H:><?B(A?8?(H><L8><G?8(9K9(H?K9?9 0_

( !<9G:GKG> ( @7 ( '9GK@:>9 ( .>CA?8?@>9 ( 7< ( .:7<H:?9 ( 17<?B79 ( @7 ( 2K?G7C?B?` ( !<9G:GKH:;< ( Y(


.><G7oG>
(
7<
(
^GGAmqqrrr_:HHAS_>8S_SGq:<@7o_A^AP
>AG:><sH>CtH><G7<GuG?9vs6:7ru:@shiu!G7C:@sUw

( '9G>9( S8KA>9( 9><( CZ9( =:7<( 87@79( @7B:HG:6?9( 7<( B?9( NK7( A?8G:H:A?<( C:7C=8>9( Y( 7o(
C:7C=8>9( @7B( 7]O8H:G>( Y( B?( A>B:HJ?`( 7B( 97HG>8( 7CA879?8:?B`( B?9( 7CA879?9( @7( 97SK8:@?@( A8:6?@?`(
@7B:<HK7<G79( H>CK<79( Y( C:7C=8>9( @7( =?<@?9_( *><( 7B( H?B@>( @7( HKBG:6>( @7( B?( @7B:<HK7<H:?(
>8S?<:a?@?( Y( 97( ^?<( :<G8>@KH:@>( 7<( B?9( 79G8KHGK8?9( @7B( '9G?@>`(@><@7( 9><( H?A?H79( @7( KG:B:a?8(
9K9( AK79G>9( Y( H><G?HG>9( A?8?( H><G8>B?8( BKH8?G:6?9( ?HG:6:@?@79( :B7S?B79( Y( ?97SK8?8( 9K(
:CAK<:@?@_d( c.K?<@>( 7B( H><LB:HG>( ?8C?@>( :<G78<>( BB7S;( ?( 9K( L:<`( 79G>9( S8KA>9`( NK7( 9:SK:78><(
@:9L8KG?<@>( @7( :CAK<:@?@( Y( 7]78H:7<@>( K<( H><9:@78?=B7( A>@78`( <>( 97( @:9>B6:78><( Y( ^?9G?( B?(
L7H^?( 7B( '9G?@>( <>( ^?( 7CA87<@:@>( <:<SK<?( :<:H:?G:6?( 978:?( A?8?( 7o:S:8( HK7<G?9( ?( B>9(
879A><9?=B79( @7( 79G?9( S8?679( 6:>B?H:><79( @7( @787H^>9( ^KC?<>9_( c!CAB:H?H:;<(@7(B?(1>B:HJ?(7<(
^>C:H:@:>9(7<(2K?G7C?B?d`(,C<:9GJ?(!<G78<?H:><?B(Y(.,0)F_
/

(.?8B>9(.?9G879?<?(7<(187<9?(0:=87(@7B(Up(@7(]KB:>(@7(UVVW_

0
( '<(UVVk(7B(2>=:78<>(9>B:H:G;(?(B?($"Q(?A>Y>(A?8?(:<679G:S?8(?(B>9(.K78A>9(!B7S?B79(Y (
,A?8?G>9 ( .B?<@79G:<>9 ( @7 ( *7SK8:@?@ ( Y ( 97 ( H87; ( 7< ( UVVi ( B? ( .!.!,.*_ ( ( )?@> ( NK7 ( 9K(
LK<H:><?C:7<G>(LK7(>=9G?HKB:a?@>(@79@7(7B(.><S879>(Y(BK7S>(A>8(B?(.>8G7(@7(.><9G:GKH:><?B:@?@`(
7B(2>=:78<>(87NK:8:;(B?(876:9:;<(@7B(C?<@?G>(B?($"Q(Y(97(G78C:<;(H87?<@>(B?(.!.!2(7<(UVVp_

0? ( 6:>B7<H:? ( @7B:HG:6? ( 97 ( ^? ( :<H87C7<G?@> ( 7<>8C7C7<G71` ( H>< ( K<(


H87H:C:7<G> ( 7oA><7<H:?B ( @7 ( Uw ( ^>C:H:@:>9 ( H?@? ( H:7< ( C:B ( ^?=:G?<G79 ( 7< ( 7B(
?j> ( UVVV ( ? ( iW ( H?@? ( hVV ( C:B ( ^?=:G?<G79 ( 7< ( UVVw ( Y ( @7 ( WV ( H?@? ( hVV ( C:B (
^?=:G?<G79(7<(7B()7A?8G?C7<G>(@7(2K?G7C?B?(7<(UVVW!2_
*7(H><9>B:@?8><(>8S?<:a?H:><79(H8:C:<?B79`(97(A8>L79:><?B:a?8><(KG:B:a?<@>(
<K76?9 ( C7G>@>B>SJ?9` ( GOH<:H?9 ( Y ( A8>LK<@:a?<@> ( 9K ( ?A>@78?C:7<G> ( @7(
79G8KHGK8?9(@7B(79G?@>!!_(
0?(8797j?@?(A>=87a?(@7(B?9(:<9G:GKH:><79(S7<78?(K<?(A78C7?=:B:@?@(CKY(
?BG?(A?8?(B?(H>>AG?H:;<(A>8(A?8G7(@7(B>9(@:6789>9(97HG>879(@7(A>@78(?(L:<(@7(
S?8?<G:a?8(B?(:<G?<S:=:B:@?@(@7(9K9(?HH:><79(79AK8:?9(Y(@7B:HG:6?9_
*>=87 ( B? ( G>G?B:@?@ ( @7 ( B>9 ( @7B:G>9 ( NK7 ( :<S879?< ( ?B ( 9:9G7C? ( @7 ( ]K9G:H:?(
9>B?C7<G7(7B(gx(B>S8?<(K<?(879AK79G?(9?G:9L?HG>8:?(A>8(A?8G7(@7B(9:9G7C?`(Y(
B? ( 9:GK?H:;< ( 79 ( CZ9 ( S8?67 ( 7< ( B>9 ( @7B:G>9 ( H><G8? ( B? ( 6:@?` ( 7< ( B>9 ( NK7(
b<:H?C7<G7(7B(Ux(B>S8?<(879AK79G?(A>8(A?8G7 (@7B(9:9G7C?_('<(C?G78:?( @7(
@7B:G>9 ( 97oK?B79`(@7 ( CZ9 ( @7 (HK?G8>( C:B( H?9>9 ( NK7 (:<S879?<( ?B( 9:9G7C? ( @7(
]K9G:H:?`(9;B>(7B(hx(87H:=7(K<?(879AK79G?(7L7HG:6?!'_
*7(@79G?H?(?@7CZ9(@7(B?(:CAK<:@?@(7<(B?(79L78?(A7<?B`(9K(G>G?B(6:S7<H:?(c7<(9:GK?H:><79(@7(
:<>=9786?<H:?(@7(B>9(@787H^>9(7H><;C:H>9(Y(9>H:?B79_(1>8(7]7CAB>`(B?9(A8ZHG:H?9(@7(:<]K9G:H:? (
9>H:?B ( Y ( ?=K9>9 ( @7 ( A>@78` ( B>9 ( L?HG>879 ( NK7 ( CKBG:AB:H?< ( B? ( A>=87a?` ( B? ( A87H?8:7@?@ ( 7< ( B?9(
H><@:H:><79(B?=>8?B79(Y(B?(L?BG?(@7(?HH79>(?(B>9(9786:H:>9(=Z9:H>9(Y(?B(@79?88>BB>`(9><(ZC=:G>9(

( 'B(2>=:78<>(@7(B?(2,",(5UVVkIUVVpD`(97(H?8?HG78:a;(A>8(K<(:CA>8G?<G7(:<H87C7<G>(@7(
B>9(J<@:H79(@7B:<HK7<H:?B79`(A?8G:HKB?8C7<G7(^>C:H:@:>9m(H>CA?8?@>(H><(7B(S>=:78<>(@7B(#%2(Y(
,BL><9>(1>8G:BB>`(B>9(^>C:H:@:>9(?KC7<G?8><(7<(K<(gkx`(@K8?<G7(7B(A8:C78(?j>(@7(TB6?8>(.>B>C(
HK?<@> ( 97 ( H><G:<K; ( H>< ( 79G? ( G7<@7<H:? ( @7 ( ?KC7<G> ( @7 ( ?979:<?G>9_ ( !..12 ( r7=_ ( ('B ( A?J9(
?G8?6:79?(^>Y(A>8(K<>(@7(B>9(C>C7<G>9(CZ9(6:>B7<G>9(@7(9K(^:9G>8:?_('<(B>9(bBG:C>9(p(?j>9(B?(
6:>B7<H:?(^>C:H:@?(^?(?KC7<G?@>(CZ9(@7(hUVx(A?9?<@>(@7(U`ygg(^>C:H:@:>9(7<(h`WWW(?(g`wwg(
7< ( U`VVy_h ( '9G7 ( H87H:C:7<G> ( 7NK:6?B7 ( ? ( K< ( ?KC7<G> ( C?Y>8 ( ?B ( hUx ( A>8 ( ?j> ( @79@7 ( h`WWW(
9KA78?<@>(?CAB:?C7<G7(?B(H87H:C:7<G>(A>=B?H:><?B(NK7(79(:<L78:>8(?B(U_yx(?<K?B_('<(UVVy(7B(
A?J9 ( A8797<G; ( K<? ( G?9? ( @7 ( ^>C:H:@:>9 ( A>8 ( H?@? ( H:7< ( C:B ( ^?=:G?<G79 ( @7 ( ip ( Y ( B? ( H:K@?@ ( @7(
2K?G7C?B? ( BB7S; ( ? ( hVw_ ( '9G?9 ( H:L8?9 ( A>9:H:><?< ( ? ( 2K?G7C?B? ( H>C> ( K<> ( @7 ( B>9 ( A?J979 ( CZ9 (
6:>B7<G>9 ( @7B ( CK<@> ( >L:H:?BC7<G7 ( 7< ( A?a` ( @><@7 ( B>9 ( @787H^>9 ( ^KC?<>9 ( @7 ( B? ( A>=B?H:;<(
H><G:<b?<(9:<(978(AB7<?C7<G7(879A7G?@>9_ (!<L>8C7(79G?@J9G:H>(@7(B?(6:>B7<H:?(7<(2K?G7C?B?`(
18>S8?C? ( @7 ( *7SK8:@?@ ( .:K@?@?<? ( Y ( 18767<H:;< ( @7 ( B? ( R:>B7<H:? ( @7B ( 1"Q) ( 2K?G7C?B?`(
@:H:7C=87(@7(UVVp`(
!2
( R78 ( !<L>8C7 ( 9>=87 ( )79?88>BB> ( FKC?<> ( A?8? ( ,CO8:H? ( .7<G8?B ( UVVWIUVhV` ( 1"Q)`(
^GGAmqq^@8_K<@A_>8Sq79q:<L>8C79q87S:><?B87A>8G9q?C78:H?B?G:<?H?8:=7q<?C7`hWyyV`79_^GCB
!!
(cQ<>(@7(B>9(YKS>9(@7(B?(87S:;<(H7<G8>?C78:H?<?(79(B?(:<HK89:;<(@7B(H8:C7<(>8S?<:a?@>(Y(
B?(<?8H>?HG:6:@?@`(?9J(H>C>(7B(?KS7(@7(B?9(C?8?9`(H?BHKB?(7B(1"Q)_(*7(B>S8?(:@7<G:L:H?8(7<(7B (
@>HKC7<G> ( Uk ( C>@?B:@?@79 ( @7 ( cC78H?@>9 ( 9K=G788Z<7>9d ( 7< ( B>9 ( NK7 ( >A78? ( 7B ( H8:C7<(
>8S?<:a?@>(7<(.7<G8>?CO8:H?e(7<G87(B>9(CZ9(S8?679(79GZ<(G8ZL:H>(@7(?8C?9`(G8?G?(@7(A789><?9`(
8>=>(@7(67^JHKB>9`(G8ZL:H>(@7(:<C:S8?<G79`(@7(;8S?<>9`(@7(@8>S?9(Y(B?6?@>(@7(@:<78>(Y(?HG:6>9_(
*7(87H><>H7(NK7(7B(G8ZL:H>(@7(@8>S?9(Y(B>9(<7S>H:>9(@7(B>9(H?8G7B79(97(79GZ<(C>6:7<@>(^?H:? (
,CO8:H?(.7<G8?B`(Y(7<(79A7H:?B(^?H:?(2K?G7C?B?d`(187<9?(0:=87(@7B(UV(@7(>HGK=87(@7(UVVW(9>=87(
B?(=?97(@7B(!<L>8C7(9>=87()79?88>BB>(FKC?<>9(A?8?(,CO8:H?(.7<G8?B(UVVWIUVhV(@7(1"Q)
!'

(!..12`(7B?=>8?H:;<(A8>A:?(9>=87(B?(=?97(@7(@?G>9(>L:H:?B79_

@><@7 ( B? ( ?@C:<:9G8?H:;< ( @7 ( ]K9G:H:? ( <> ( G:7<7 ( H?=:@?_ ( ,9:C:9C>` ( 879?BG? ( B? ( 6:>B7<H:? ( Y ( B?(
9K=9:SK:7<G7(:CAK<:@?@(NK7(9KL87<(NK:7<79(7]78H7<(?BSK<?(?HG:6:@?@(9>H:?B(>(A>BJG:H?(H><G8?8:?(
? ( :<G787979 ( @7 ( S8KA>9 ( A>@78>9>9_ ( 1>8 ( 7]7CAB> ( BJ@7879 ( :<@JS7<?9` ( H?CA79:<>9 ( Y ( 9:<@:H?B79e(
A78:>@:9G?9`(>A>9:G>879(A>BJG:H>9`(>A78?@>879(@7(]K9G:H:?`(A789><?9(@7@:H?@?9(?(B?(A8>C>H:;<(Y(B?(
@7L7<9?(@7(B>9(@787H^>9(^KC?<>9`(>8S?<:a?H:><79(NK7(A8>AKS<?<(A>8(879H?G?8(B?(C7C>8:?(@7B (
A?9?@>(Y(?H?@OC:H>9(NK7(87?B:a?<(:<679G:S?H:><79(9>H:?B79(Y(?<G8>A>B;S:H?9(9>=87(7B(H><LB:HG>(
?8C?@>`(B?(6:>B7<H:?(Y(>G8>9(L7<;C7<>9_d!(

, ( G>@> ( 79G> ( ^?Y ( NK7 ( 9KC?8B7 ( K<? ( H>YK<GK8? ( @7 ( 7<L87<G?C:7<G> ( 7<G87(


@:9G:<G>9 ( 97HG>879 ( @7 ( A>@78 ( ? ( <:67B ( <?H:><?B` ( Y ( K< ( H><G7oG> ( @7 ( G7C>8 ( Y(
87?HH:;< ( @7 ( B?9 ( HB?979 ( CZ9 ( ?H>C>@?@?9 ( @7 ( @:L787<G79 ( A?J979(
B?G:<>?C78:H?<>9 ( L87<G7 ( ? ( ?@C:<:9G8?H:><79 ( NK7 ( 97 ( ?KG>A8>HB?C?<(
A8>S879:9G?9(Y(NK7(?NKOBB?9(H><9:@78?<(A>AKB:9G?9 !,(!-_
(
'< ( 7B ( H?9> ( @7 ( B>9 ( H><LB:HG>9 ( 7<G87 ( @:9G:<G>9 ( S8KA>9 ( @7 ( A>@78 ( 7<(
2K?G7C?B?` ( ?BSK<>9 ( ?<?B:9G?9 ( H><9:@78?< ( NK7 ( 97 ( A8>@KH7 ( c7<G87 ( @>9(
97HG>879(NK7(BKH^?<(A>8(B?(^7S7C><J?(7H><;C:H?(7<(7B(A?J9`(A>8(K<(B?@>(7B(
97HG>8 ( 7CA879?8:?B ( > (H?A:G?B ( G8?@:H:><?B` ( Y ( A>8 ( >G8> ( 7B ( BB?C?@> (H?A:G?B(
7C78S7<G7` ( H><L>8C?@> ( A>8 ( 7o ( C:B:G?879 ( Y ( 7CA879?8:>9 ( NK7 ( ?H87H7<G?8><(
9K9 ( H?A:G?B79 ( @K8?<G7 ( B? ( SK788? ( :<G78<?_ ( )7 ( ?HK78@> ( ? ( 79G? ( G7>8J? ( ?C=>9(
97HG>879(BKH^?<(A>8(7B(H><G8>B(@7(B>9(87HK89>9(@7B('9G?@>(@79@7(B?(L:8C?(@7(
B>9(,HK78@>9(@7(A?a`(G?<G>(@79@7(7B(S>=:78<>(@7(,BL><9>(1>8G:BB>(H>C>(@7B(@7(
TB6?8>(.>B>C(NK7(87A8797<G?<(B>9(:<G787979(@7B(97HG>8(@7(H?A:G?B(7C78S7<G7`(
C:7<G8?9(NK7(B>9(S>=:78<>9(@7(TB6?8>(,8ab(Y($9H?8([78S78(87A8797<G?<(B>9(
:<G787979(@7B(97HG>8(7CA879?8:?B(G8?@:H:><?B_('9(:CA>8G?<G7(@79G?H?8(NK7(>G8>(
L?HG>8(@7(A>@78(79(7B(H?A:G?B(A8>67<:7<G7(@7B(<?8H>G8ZL:H>`(NK7(97(79G:C?(NK7(
7<(CKH^?9(>H?9:><79(^?(:<LBK:@>(7<(B>9(A8>H79>9(7B7HG>8?B79_d !.
,B(C:9C>(G:7CA>(H><(B?(?9K<H:;<(Y(7B(@:9HK89>(@7B(S>=:78<>(@7(.>B>C`(B?9(
HB?979(?BG?9(@7(2K?G7C?B?(H>C7<a?8><(?(7oAB:H:G?8(7B(G7C>8(?B(A>AKB:9C>(Y(
?B(?6?<H7(9>=87(B?9(B:=78G?@79`(A8:<H:A?BC7<G7(B?9(@7(C78H?@> !/_('9G?(?HG:GK@(
97(G8?@K]>(7<(K<(87H^?a>(G>G?B(?(HK?BNK:78(@7H:9:;<(@7(S>=:78<>(Y(7<(K<?(
A876:9:;< ( @7 ( B? ( :CA>8G?<H:? ( @7B ( 8>B ( @7B ( A>@78 ( ]K@:H:?B ( A?8? ( 76:G?8B?9 ( Y(
S?8?<G:a?8(B?(A8>G7HH:;<(@7(9K9(:<G787979(@7(HB?97`(G?B(H>C>(>HK88:78?(H><(B?(
.>8G7(@7(F><@K8?9(NK7(H><6?B:@?8?(7B(S>BA7(@7(79G?@>_
*: ( 9KC?C>9 ( ? ( B? ( :CAK<:@?@ ( ^:9G;8:H?` ( 7B ( B7S?@> ( 7< ( @7C>H8?H:? ( @7 ( B?(
87A879:;<(Y(B?9(@7K@?9(9:<(H>=8?8(H><(7B(A?9?@>`(B?(6:>B7<H:?(@7B:HG:6?(Y(7B(
>A78?8(@7(B?(H8:C:<?B:@?@(>8S?<:a?@?(7<(7B(A8797<G7(?9J(H>C>(B?(:CAK<:@?@(
H><G8? ( B>9 ( @7B:<HK7<G79 ( @7 ( HK7BB> ( =B?<H> ( Y ( 9K9 ( 9>H:>9 ( 79G?G?B79`(
:@7<G:L:H?C>9(B?(:CA>8G?<H:?(^:9G;8:H?(@7(K<?(7B7HH:;<(@7(B>9(C?S:9G8?@>9(@7(
B>9(G8:=K<?B79(CZ9(:CA>8G?<G79(@7B(A?J9_
)79@7(B?(@7<>C:<?@?(?A78GK8?(@7C>H8ZG:H?(A78>(A8:<H:A?BC7<G7(@79@7(B?(
L:8C? ( @7 ( B>9 ( ,HK78@>9 ( @7 ( 1?a ( B?9 ( @7L:H:7<H:?9 ( 79G8KHGK8?B79 ( @7 ( B?9(
:<9G:GKH:><79 ( ]K@:H:?B79 ( ^?< ( A78C?<7H:@> ( CKG?<@> ( ? ( <K76?9 ( L>8C?9(
H><9786?<@>( B>9 ( 6:7]>9 ( 6:H:>9 ( @7 ( H>CAB:H:@?@( H><( 7B( A>@78 (7H><;C:H> (Yq>(
@7B:HG:6>(C:7<G8?9(NK7(B?9(9:GK?H:><79(NK7(@7=7<(9>C7G7897(?(9K(79H8KG:<:>(
!(
!,
!!.
!/

(c

97 ( ^?< ( ?S8?6?@> ( 7< ( HK?<G> ( ? ( B? ( K8S7<H:? ( @7 ( B? ( <7H79:@?@ ( @7 ( 879AK79G?9(


7L:H:7<G79_
0>9(,HK78@>9(:<HBKY78><(B?(S?8?<GJ?(Y(AB7<?(>=9786?<H:?(@7(B>9(@787H^>9(
^KC?<>9` ( @7B ( @787H^> ( ? ( B? ( 678@?@ ( 9>=87 ( B?9 ( 6:>B?H:><79 ( ? ( B>9 ( @787H^>9(
^KC?<>9 ( @K8?<G7 ( 7B ( 7<L87<G?C:7<G> ( ?8C?@>` ( 7B ( 87H><>H:C:7<G> ( @7 ( B?(
:@7<G:@?@(Y(B>9(@787H^>9(@7(B>9(AK7=B>9(:<@JS7<?9(A?8?(B?(H><9G8KHH:;<(@7(
K<?(A>=B?H:;<(CKBG:OG<:H?`(ABK8:HKBGK8?B(Y(CKBG:B:<Sz7`(7B(@787H^>(?(B?(3K9G:H:?(
9>H:?B`(?(B?(A?8G:H:A?H:;<(H:K@?@?<?`(?B(@:97j>(@7(K<?(A>BJG:H?(7H><;C:H?(NK7(
:CA:@?(B?(7oHBK9:;<`(7B(@797CAB7>(Y(7B(7CA>=87H:C:7<G>e(?B(@79?88>BB>(8K8?B(Y(
?(B?(?G7<H:;<(@7(B?(A8>=B7CZG:H?(?S8?8:?`(7B(H>CA8>C:9>(@7(@79C:B:G?8:a?H:;<(
@7(G>@>(7B(A>@78(A>BJG:H>(Y(@7(L>8G?B7H:C:7<G>(@7B(A>@78(H:6:B`(Y(B?(?A8>=?H:;<(
@7(87L>8C?9(H><9G:GKH:><?B79(<7H79?8:?9(A?8?(:CAB7C7<G?8(79G>9(?HK78@>9_
*K(H><G7<:@>(@?=?(HK7<G?(@7(B?(<7H79:@?@(@7(87L>8C?9(LK<@?H:><?B79(7<(
B?(:<9G:GKH:><?B:@?@(SK?G7C?BG7H?(87H><>H:7<@>(B?(<7H79:@?@(K<(9:9G7C?(@7(
]K9G:H:?( H>CAB7G?C7<G7(87<>6?@>(A?8?(NK7 (B?(>A78?G:6:@?@(@7( B>9( C:9C>9(
97? ( A>9:=B7_ ( ( '< ( 79? ( H>CA87<9:;<` ( B? ( H><9G8KHH:;< ( @7 ( K< ( A>@78 ( ]K@:H:?B(
:<@7A7<@:7<G7(876:9G7(7B(H?8ZHG78(@7(K<?(87L>8C?(9K9G?<G:6?(?B(G:7CA>(NK7(
:<9G8KC7<G?B(7(:CA879H:<@:=B7(A?8?(B?(H><H87H:;<(@7(K<(S:8>(^:9G;8:H>(7<(7B(
A?J9_
0? ( 6:S7<H:? ( @7 ( G>@>9 ( B>9 ( AK<G>9 ( 97j?B?@>9 ( :CAB:H?8J? ( H?C=:>9 ( G?<(
8?@:H?B79 ( NK7 ( <> ( 879KBG? ( BB?C?G:6> ( NK7 ( @79@7 ( 9K ( 9K9H8:AH:;< ( ^?9G? ( B?(
?HGK?B:@?@(97(^?Y?(A8>@KH:@>(7<(2K?G7C?B?(K<(H><G:<K?@>(@7(:<G8>C:9:><79`(
H><@:H:><?C:7<G>9(Y(H?AGK8?9(@7B(9:9G7C?(@7(]K9G:H:?(A?8?(76:G?8B>9_
0? ( BKH^? ( @7 ( B?9 ( >8S?<:a?H:><79 ( @7 ( B? ( 9>H:7@?@ ( H:6:B` ( A8:<H:A?BC7<G7 ( B?9(
87B?H:><?@?9 ( H>< ( 7B ( ?HG:6:9C> ( ]K@:H:?B ( Y ( B>9 ( @787H^>9 ( ^KC?<>9` ( A?8?(
:CAB7C7<G?8B>9(^?(S7<78?@>(K<?(G7<9:;<(A78C?<7<G7(7<G87(7BB>9(Y(NK:7<79(
B>9(879:9G7<_
'< ( 7B ( UVVW ( K< ( ^7H^> ( AK<GK?B ( AK9>` ( <K76?C7<G7` ( 7< ( B? ( A?B79G8? ( B?9(
@7K@?9 ( CZ9 ( :CA>8G?<G79 ( @7 ( B? ( @7C>H8?H:? ( 7< ( 2K?G7C?B?_ ( ( 'B ( 79H7<?8:>(
A>BJG:H> ( @7 ( H><LB:HG> ( 7<G87 ( 97HG>879 ( @7 ( A>@78 ( ?=8:; ( K<? ( 67<G?<? ( Y ( B>9(
79A?H:>9(>8S?<:a?@>9(@7(B?(9>H:7@?@(H:6:B`(H><(B?(879A><9?=:B:@?@(@7(H><G?8(
H>< ( A8>AK79G?9 ( H><9G8KHG:6?9 ( 9KA78?@>8?9` ( <> ( @K@?8>< ( 7< ( KG:B:a?8 ( 9K9(
H><>H:C:7<G>9 ( Y ( 7oA78:7<H:? ( A?8? ( :<H87C7<G?8 ( B? ( G7<9:;< ( H>< ( B>9(
H><9786?@>879(^?9G?(7B(A:H>(CZo:C>(A>9:=B7_
#" ,<G7H7@7<G79(">8C?G:6>9
.><(A>H>(:CA?HG>(87?B(9>=87(B?(:<@7A7<@7<H:?(@7(B>9(C?S:9G8?@>9`(@79@7(
B?(@7<>C:<?@?(c?A78GK8?(@7C>H8ZG:H?d(:<:H:?@?(7<(hWwg`(97(^?<(:<G8>@KH:@>(
87L>8C?9(6?8:>A:<G?9(?B(A8>H7@:C:7<G>(A?8?(B?(7B7HH:;<(@7(B>9(:<G7S8?<G79(@7(
B?(.>8G7(*KA87C?(@7(3K9G:H:?(Y(@7(B?9(.>8G79(@7(,A7B?H:><79_
0? ( .><9G:GKH:;< ( ?A8>=?@? ( 7< ( 797 ( ?j> ( :<G8>@KH7 ( ? ( B?9 ( .>C:9:><79 ( @7(
1>9GKB?H:;<(H>C>(A8:C78?(7oA78:7<H:?(@7(?A78GK8?(?(K<?(A?8G:H:A?H:;<(CZ9(
ABK8?B(7<(B?(7B7HH:;<(@7(&?S:9G8?@>9(@7(B?(.>8G7(*KA87C?_(

'B(C7H?<:9C> (@:97j?@> (A8767J? (K<? (7B7HH:;<(C:oG?_( ( Q<? (A?8G7 (@7 (B>9(


&?S:9G8?@>9 ( 78? ( 7B7S:@> ( @:9H87H:><?BC7<G7 ( A>8 ( 7B ( .><S879> ( ? ( A?8G:8 ( @7(
?G8:=K:8B7(B?(L?HKBG?@(@7(7B7HH:;<(7<(L>8C?(@:87HG?(Y(9:<(L:BG8>(?BSK<>(?(HK?G8>(
:<G7S8?<G79`(C:7<G8?9(NK7(>G8>9(H:<H>(@7(K<?(<;C:<?(@7(G87:<G?(H?<@:@?G>9(
7<6:?@? ( A>8 ( K<? ( .>C:9:;< ( @7 ( 1>9GKB?H:;< ( :<G7S8?@? ( A>8 ( H?@? ( K<> ( @7 ( B>9(
@7H?<>9(@7(B?9(L?HKBG?@79(@7(@787H^>(>(@7(H:7<H:?9(]K8J@:H?9(Y(9>H:?B79(@7(
H?@?(K<:6789:@?@(@7B(A?J9e(K<(<bC78>(7NK:6?B7<G7(@7(C:7C=8>9(7B7HG>9(A>8(
B?(,9?C=B7?(27<78?B(@7B(.>B7S:>(@7(,=>S?@>9(Y(">G?8:>9(@7(2K?G7C?B?`(Y(
K<(87A8797<G?<G7(@7B($8S?<:9C>(3K@:H:?B(<>C=8?@>(A>8(B?(.>8G7(*KA87C?(@7(
3K9G:H:?_
1?8?(B?9(.>8G79(@7(,A7B?H:><79(7B(.><S879>(7B7SJ?(9>=87(B?(=?97(@7(K<?(
<;C:<?` ( H><G7<:7<@> ( 7B ( @>=B7 ( @7 ( B? ( H?<G:@?@ ( @7 ( C?S:9G8?@>9 ( ? ( <>C=8?8`(
87C:G:@?(A>8(B?(.>8G7(*KA87C?_(5'<(hWwW(97(?A8K7=?(B?(07Y(@7B($8S?<:9C>(
3K@:H:?B(NK7(LK7(87L>8C?@?(7<(C?8a>(@7(hWWk(Y(7<(@><@7(97(79G:AKB?(NK7(79(
?G8:=KH:;<(@7(B?(.>8G7(*KA87C?(A8>A><78(?B(.><S879>(@7(B?(%7Ab=B:H?(K<?(
<;C:<?(@7(H?<@:@?G>9(A?8?(B?9(.>8G79(@7(,A7B?H:><79D_
'<(<>6:7C=87(@7(hWWk!0(97(?A8>=;(B?(%7L>8C?(.><9G:GKH:><?B(NK7(?CAB:;(
B? ( :<G7S8?H:;< ( @7B ( &Zo:C> ( +8:=K<?B ( ? ( hk ( &?S:9G8?@>9 ( Y ( 7oG7<@:; ( 7B(
C7H?<:9C>(@7(97B7HH:;<(6J?(.>C:9:><79(@7(1>9GKB?H:;<(?(B?(G>G?B:@?@(@7(B>9(
C:7C=8>9(@7(B?(.>8G7(*KA87C?(Y(?(B>9(@7(B?(.>8G7(@7(,A7B?H:><79_(({K7@;` (
@7(79G7(C>@>`( (9KA8:C:@>(7B(<>C=8?C:7<G>(@:87HG>(A>8(A?8G7(@7B(.><S879>(
@7(B?(%7Ab=B:H?_
.><(B?(C>@:L:H?H:;<(@7(B?(0$3(7<(hWWp`(?(:<:H:?G:6?(@7(B?(.>8G7(*KA87C?`(
97(:<H>8A>8?8><(?BSK<?9(A87H:9:><79(L>8C?B79(?B(A8>H79>_( (*7(79G:AKB;(NK7(
79G7(+8:=K<?B(@7=J?(:<L>8C?8(?B(.><S879>(H><(B?(?<G:H:A?H:;<(9KL:H:7<G7(A?8?(
B? ( H><6>H?G>8:? ( ? ( B?9 ( .>C:9:><79 ( @7 ( 1>9GKB?H:;< ( @7B ( 67<H:C:7<G> ( @7 ( B>9(
C?<@?G>9(A?8?(7B(NK7(LK78><(7B7HG>9(B>9(&?S:9G8?@>9(NK7(B?(:<G7S8?=?<(?9J(
H>C>(B>9(NK7(H>CA><J?<(B?9(.>8G79(@7(,A7B?H:><79(Y(@7(B?9(6?H?<G79(NK7(97(
A8>@K]797< ( 5?<G79 ( @:87HG?C7<G7 ( @7=J? ( 7<6:?8 ( ?B ( .><S879> ( B? ( <;C:<? ( @7(
H?<@:@?G>9 ( A?8? ( B?9 ( .>8G79 ( @7 ( ,A7B?H:><79 ( H>< ( ?B ( C7<>9 ( @>9 ( C7979 ( @7(
?<G:H:A?H:;<(?(B?(L:<?B:a?H:;<(@7B(A78J>@>(A?8?(7B(NK7(^?=J?<(9:@>(7B7HG>9(B>9(
&?S:9G8?@>9 ( NK7 ( H><L>8C?=?< ( 7B ( +8:=K<?BD_ ( ( +?C=:O< ( 97 ( :<H>8A>8?<(
A876:9:><79(9>=87(B?(:<G7S8?H:;<`(B?(>8S?<:a?H:;<(Y(B?9(9KAB7<H:?9(7<(B?(.>8G7_
'<(hWWW`(H><(B?(?A8>=?H:;<(@7(B?(07Y(@7(B?(.?8878?(3K@:H:?B(A>8(7B()7H87G>(
"|(ih`(7B(7<H?8S?@>(@7(:<L>8C?8(?B(.><S879>(A?9;(?(978(7B(<K76>(.><97]>(@7(
B?(.?8878?(3K@:H:?B`(?B(NK7`(A>8(7B(?8GJHKB>(y|(@7(B?(<>8C?(87L78:@?`(97(>=B:S?(?(
c@?8(HK7<G?(@7B(67<H:C:7<G>(@7B(A78J>@>(H><9G:GKH:><?B(@7(B>9(C?S:9G8?@>9(
@7 ( B? ( .>8G7 ( *KA87C? ( @7 ( 3K9G:H:? ( Y ( @7 ( B? ( .>8G7 ( @7 ( ,A7B?H:><79 ( Y ( >G8>9(
G8:=K<?B79 (@7 (:SK?B (H?G7S>8J?`(? (L:<( @7 (NK7 (H><6>NK7 (? (B?9 (H>C:9:><79 (@7(
A>9GKB?H:;< ( 879A7HG:6?9d` ( H>< ( ?B( C7<>9 ( 97:9 ( C7979 ( @7 ( ?<G:H:A?H:;< ( ? ( NK7(
>A787<(B>9(67<H:C:7<G>9_
0?(07Y(@7(.?8878?(3K@:H:?B(87A8797<G;(K<(?6?<H7(:CA>8G?<G7(7<(HK?<G>(?(
A87H:9:><79(9>=87(7B(LK<H:><?C:7<G>(@7(B?9(.>C:9:><79(@7(1>9GKB?H:;<_((

!0

'< ( 9K ( ?8GJHKB> ( i ( :<H>8A>8? ( ? ( B?9 ( .>C:9:><79 ( H>C> ( K<> ( @7 ( B>9 ( ;8S?<>9(


879A><9?=B79(@7(B?(.?8878?(3K@:H:?B_(*7(@:9AK9>(NK7(97?<(H><6>H?@?9(H><(A>8(
B>(C7<>9(HK?G8>(C7979(@7(?<G:H:A?H:;<(?(B?(H><HBK9:;<(@7B(C?<@?G>(@7(B>9(
&?S:9G8?@>9(9?B:7<G79(Y(9K(:<G7S8?H:;<(@7<G8>(@7(B>9(kV(@J?9(@7(7L7HGK?@?(B?(
.><6>H?G>8:?_ ( ( ,9:C:9C> ( 97 ( L:]?8>< ( H>C> ( LK<H:><79 ( Y ( ?G8:=KH:><79 ( 7B(
7o?C:<?8(B>9(7oA7@:7<G79(L>8C?@>9(A>8(7B(.><97]>(@7(B?(.?8878?(3K@:H:?B(Y(7B(
879G>(@7(B>9(NK7(97(A8797<G?8?<(A?8?(HK=8:8(B>9(H?8S>9!1_
+?C=:O<(97(79G:AKB;`(7<(7B(?8GJHKB>(hV(@7(B?(07Y`(NK7(c,(L:<(@7(S?8?<G:a?8(
B?(@7=:@?(G8?<9A?87<H:?(@7B(A8>H79>(@7(97B7HH:;<(Y(B?(?@7HK?@?(H?B:L:H?H:;<(
@7(B>9(CO8:G>9(A789><?B79(Y(A8>L79:><?B79(@7(B>9(?9A:8?<G79`(B?9(H>C:9:><79`(
H>C>(A?8G7(@7B(A8>H7@:C:7<G>(@7(97B7HH:;<`(?@7CZ9(@7(B?(876:9:;<(@7(B?9(
H87@7<H:?B79 ( 7 ( :<L>8C?H:><79 ( NK7 ( ?A>8G7 ( 7B ( .><97]>` ( A8?HG:H?8Z< ( HK?<G?9(
?HH:><79(Y(@:B:S7<H:?9(H><9:@787<(H><67<:7<G79(Y(<7H79?8:?9`(:<HBKY7<@>(B?(
H7B7=8?H:;< ( @7 ( 7<G876:9G?9 ( A789><?B79 ( Ab=B:H?9 ( > ( A8:6?@?9_ ( 0? ( B:9G? ( @7(
H?<@:@?G>9(97B7HH:><?@>9(A>8(B?(.>C:9:;<(@7(1>9GKB?H:;<(978Z(AK=B:H?@?(7<(
7B ( @:?8:> ( >L:H:?B ( Y ( 7< ( ?B ( C7<>9 ( @>9 ( @7 ( B>9 ( @:?8:>9 ( @7 ( C?Y>8 ( H:8HKB?H:;< ( Y (
87C:G:@? ( ?B ( .><S879> ( @7 ( B? ( %7Ab=B:H?` ( H>< ( ?B ( C7<>9 ( NK:<H7 ( @J?9 ( @7(
?<G7B?H:;< ( ? ( B? ( L7H^? ( @7 ( 67<H:C:7<G> ( @7B ( A78J>@> ( H><9G:GKH:><?B ( @7 ( B>9(
C?S:9G8?@>9(7<(LK<H:><79_d
'B(%7SB?C7<G>(27<78?B(@7(B?(07Y(@7(B?(.?8878?(3K@:H:?B(@>G?=?(?B(.><97]>`(
?@7CZ9` ( @7 ( B? ( LK<H:;< ( @7 ( A8>A><78 ( ? ( B? ( .*3 ( K<? ( 87SB?C7<G?H:;< ( @7B(
LK<H:><?C:7<G> ( @7 ( B?9 ( .>C:9:><79 ( @7 ( 1>9GKB?H:;<` ( C7@:@? ( NK7 ( B? ( .>8G7(
?@>AG; ( 87H:O< ( 7< ( UVVW_ ( ( )7=7 ( ?HB?8?897 ( NK7 ( 7o:9GJ? ( K< ( >=9GZHKB> ( ]K@:H:?B(
A?8?(9K(?AB:H?H:;<(?(8?Ja(@7(B?(@7H:9:;<(@7(B?(..(@7(@?8(HK89>(?(K<?(?HH:;<(
@7 ( :<H><9G:GKH:><?B:@?@ ( @7B ( ?8GJHKB> ( hh ( @7 ( B? ( 07Y ( @7 ( B? ( .?8878? ( 3K@:H:?B(
A8797<G?@?(7<(7B(UVVk(A>8(7B(1879:@7<G7(@7B(!<9G:GKG>(@7(&?S:9G8?@>9(@7B($3(Y(
NK7(LK7(879K7BG?(L?6>8?=B7C7<G7(A>8(@:H^>(+8:=K<?B(7<(@:H:7C=87(@7(UVVk '2_
0?(07Y(@7(18>=:@?@`()7H87G>("|(wW(@7B(?j>(UVVU '!`(:<G8>@K]>(A8>^:=:H:><79(
7 ( :<H>CA?G:=:B:@?@79 ( A?8? ( LK<H:><?8:>9 ( Ab=B:H>9 ( ?AB:H?=B79 ( ? ( G>@>9 ( B>9(
>A78?@>879(]K@:H:?B79_
'<(7B(?j>(UVVg(Y(BK7S>(@7(9>9A7H^?9(@7(L?6>8:G:9C>(7<(B?9(7B7HH:><79(@7(
.><G8?B>8J?(Y(&:<:9G78:>(1b=B:H>(#:9H?B`(97(?A8K7=?(B?(07Y(@7(2?8?<GJ?(?(B?(
!CA?8H:?B:@?@(@7(.>C:9:><79(@7(1>9GKB?H:;<(5)7H87G>("|(hy(@7(UVVgD ''( NK7(
A87G7<@:; ( B>S8?8 ( @:H^> ( H>C7G:@> ( ? ( A?8G:8 ( @7 ( B? ( A8>^:=:H:;< ( @7 ( H><G8?G?8`(
<>C=8?8(>(?KG>8:a?8(7B(<>C=8?C:7<G>(A?8?(G8?=?]?8(@7<G8>(@7(B?(:<9G:GKH:;<(
@7(B?(HK?B(LK7(7B7HG>(?(HK?BNK:78?(@7(B>9(C:7C=8>9(@7(B?(.>C:9:;<(NK7(B>(
A>9GKB;(>(?(B>9(H;<YKS79(>(A?8:7<G79(@7(O9G>9`(@7<G8>(@7(B>9(S8?@>9(@7(B7Y`(
9?B6> ( NK7 ( @:H^?9 ( A789><?9 ( BB7SK7< ( ? ( 79>9 ( AK79G>9 ( A>8 ( H><HK89> ( @7(
>A>9:H:;<_((+?C=:O<(A8>^J=7(7B(>G>8S?C:7<G>(@7(H><G8?G>9(>(HK?BNK:78(L>8C?(
@7(87CK<78?H:;<(7H><;C:H?(?(@:H^>9(9K]7G>9(7<(7B(;8S?<>(A?8?(7B(HK?B(LK78?(
A>9GKB?@>'(_

!1
'2
'!
''
'(

$G8> ( ?<G7H7@7<G7 ( <> ( C7<>9 ( :CA>8G?<G7` ( ?K<NK7 ( <> ( @:87HG?C7<G7(


A876:9G> ( A?8? ( B? ( 97B7HH:;< ( @7 ( C?S:9G8?@>9 ( A78> ( 9J ( ?AB:H?=B7 ( ?B(
LK<H:><?C:7<G>(@7(B?9(.>C:9:><79`(LK7(B?(?A8>=?H:;<(@7(B?(B7Y(@7(?HH79>(?(B?(
:<L>8C?H:;<( Ab=B:H?`( ( )7H87G> (gpqUVVw` (NK7 (7<G8;(7<(6:S7<H:? ( 7<(?=8:B( @7(
UVVW_
0>9 ( A8:<H:A:>9 ( 7< ( B>9 ( NK7 ( 97 ( =?9? ( B? ( B7Y ( 5AK=B:H:@?@` ( G8?<9A?87<H:?`(
S8?GK:@?@(Y((97<H:BB7a(Y(H7B78:@?@D(H><9G:GKJ?<`(?b<(?<G79(@7(B?(?A8>=?H:;<(@7(
B?(07Y(@7(.>C:9:><79(@7(1>9GKB?H:;<`(K<?(S?8?<GJ?(Ab=B:H?(A?8?(7B(C><:G>87>(
Y(H><G8>B(@7(G>@>(7B(A8>H7@:C:7<G>(@7(97B7HH:;<',_((
'< ( 9J<G79:9` ( @79@7 ( hWwg ( 97 ( :<9G?K8; ( K< ( C>@7B> ( @7 ( 97B7HH:;< ( @7(
C?S:9G8?@>9 ( H>< ( A?8G:H:A?H:;< ( A8>G?S;<:H? ( 7< ( B? ( 7B7HH:;< ( @7 ( B>9 ( A?8G:@>9(
A>BJG:H>9 ( Y ( A>H> ( ? ( A>H> ( LK7 ( ?=8:O<@>97 ( CZ9 ( 79A?H:> ( @7 ( @7H:9:;< ( ? ( B>9(
?=>S?@>9 ( ?S87C:?@>9` ( B?9 ( K<:6789:@?@79 ( Y ( ?B ( $8S?<:9C> ( 3K@:H:?B_ ( ( 0?9(
9KH79:6?9 ( <>8C?9 ( LK78>< ( :<H>8A>8?<@> ( A?KG?9 ( A8>H7@:C7<G?B79 ( 9:< ( B>S8?8(
H><H7<G8?8B?9(7<(K<(b<:H>(G7oG>(?A8>=?@>(NK7(?B(G:7CA>(NK7(B7S:G:C?8?(7B(
9:9G7C?(@79@7(7B(/8S?<>(07S:9B?G:6>(>8@7<?8?(B?(@:9A789:;<(<>8C?G:6?(NK7`(
?@7CZ9(@7(@7]?8(CKH^?9(@7(B?9(A876:9:><79(@7(G8?<9A?87<H:?(Y(AK=B:H:@?@(
7< ( B? ( >9HK8:@?@` ( B:=8?=? ( CKH^?9 ( @7H:9:><79 ( G8?9H7<@7<G?B79 ( ? ( B?(
@:9H87H:><?B:@?@(@7(B?(.>8G7(*KA87C?`(7B(.><S879>`(7B(.,"2(Y(@7(B?9(A8>A:?9(
.>C:9:><79(@7(1>9GKB?H:;<_
H_(0?9(A8>AK79G?9(@7(87L>8C?
'<(hWWy(7<(7B(C?8H>(@7(B>9(,HK78@>9(@7(1?a(7B(2>=:78<>(2K?G7C?BG7H>(Y(
B? ( Q"%2 ( H><6:<:78>< ( B? ( A8>C>H:;< ( @7 ( <K76?9 ( 87L>8C?9 ( H><9G:GKH:><?B79(
7<G87(B?9(NK7(97(7<H><G8?=?(7B(L>8G?B7H:C:7<G>(@7(B?(LK<H:;<(]K8:9@:HH:><?B(
5AG> ( hgD` ( B? ( S?8?<GJ? ( @7B ( ?HH79> ( ? ( B? ( ]K9G:H:?`( B? ( H><9:@78?<@> ( @7 ( C?<78?(
79A7HJL:H?(@7(B?(87?B:@?@(CKBG:OG<:H?`(ABK8:HKBGK8?B(Y(CKBG:B:<Sz7(@7B(A?J9`( B?(
:CA?8H:?B:@?@(7(:<@7A7<@7<H:?(@7B(]KaS?@>8(Y(B?(L:]?H:;<(@7(K<(9:9G7C?(@7(
<>C=8?C:7<G> ( Y ( ?9H7<9> ( @7 ( ]K7H79 ( H>< ( =?97 ( 7< ( H><HK89>9 ( Ab=B:H>9 ( NK7(
=K9NK7<(B?(7oH7B7<H:?(7<(B?(LK<H:;<'-_
'B(A8>@KHG>(LK7(7B(G7oG>(CZ9(:<<>6?@>8(NK7(97(A8797<G?8?(^?9G?(7<G><H79(
7<(B>(NK7(?(97B7HH:;<(@7(C?S:9G8?@>9(87L78J?_(
*7(@?=?(A8:>8:@?@(?(B?(H?8878?(]K@:H:?B(A?8?(B?(7B7HH:;<(@7(C?S:9G8?@>9(Y(
]K7H79` ( 97 ( :<G8>@KHJ?< ( B?9 ( =?979 ( A?8? ( K< ( 8OS:C7< ( ?CAB:> ( @7(
:<H>CA?G:=:B:@?@79 ( A?8? ( >HKA?8 ( B>9 ( H?8S>9` ( 97 ( A8:>8:a?=? ( ? ( B? ( K<:6789:@?@(
Ab=B:H?(7<(B?(H>CA>9:H:;<(@7(B?9(.>C:9:><79(@7(1>9GKB?H:;<`(Y(97(79G:AKB?=?(
B? ( >=B:S?H:;< ( A?8? ( B?9 ( .>C:9:><79 ( @7 ( 87?B:a?8 ( H><HK89>9 ( Ab=B:H>9 ( @7(
H87@7<H:?B79(@7(B>9(H?<@:@?G>9'._
*:<(7C=?8S>`(B?(:<G7<H:;<(@7(S7<78?8(K<(CK8>(@7(:CAK<:@?@(9K=Y?H7<G7(
?(B?(879:9G7<H:?(@7(@:6789>9(S8KA>9(@7(A>@78(?(79G?9(87L>8C?9(B?9(@7C>8;(Y`(
L:<?BC7<G7`(H><@7<;(?B(L8?H?9;(?B(<>(978(8?G:L:H?@?9`(7<(K<?(7B7HH:;<(H><(K<(
?=9G7<H:><:9C> ( 9KA78:>8 ( ?B ( wVx` ( 7< ( B? ( H><9KBG? ( A>AKB?8 ( ? ( B? ( NK7 ( LK78?<(
9>C7G:@?9(7<(hWWW'/_
',
''.
'/

)79AKO9 ( @7 ( B? ( 7oA78:7<H:? ( @7B ( LK<H:><?C:7<G> ( @7 ( B?9 ( .>C:9:><79 ( @7(


1>9GKB?H:;<(@7(UVVi`(7B(#>8>(2K?G7C?B?(A8797<G;(7<(UVVy(K<(18>Y7HG>(@7(
07Y ( @7 ( .>C:9:><79 ( @7 ( 1>9GKB?H:;<_ ( ( 0? ( :<:H:?G:6? ( G7<J? ( H>C> ( A8:<H:A:>9(
LK<@?C7<G?B79 ( B? ( G8?<9A?87<H:? ( 7< ( B? ( 7B7HH:;< ( Y ( B? ( 7oH7B7<H:? ( @7 ( B>9(
H?<@:@?G>9 ( ? ( <>C:<?8_ ( ( *:< ( 7C=?8S>` ( 9K ( G7oG> ( ?@>B7HJ? ( @7 ( @7L7HG>9(
:CA>8G?<G79'0( NK7(97(G8?9B?@?8><(?(B?(6789:;<(CZ9(H>CAB7G?(Y(C7]>8?@?(@7(
UVVW(Y(NK7(LK78?(A8797<G?@?(7<(7B(.><S879>(@7(B?(%7Ab=B:H?(A>8(B?():AKG?@?(
":<7G^(&><G7<7S8>_
0? ( !<:H:?G:6? ( kWWp ( :CAKB9?@? ( A>8 ( B? ( ):AKG?@? ( &><G7<7S8> ( ?CAB:; ( 7B(
H><G7<:@> ( @7B ( A8>Y7HG> ( @7 ( B?9 ( >8S?<:a?H:><79 ( @7 ( B? ( 9>H:7@?@ ( H:6:B ( 7<(
?9A7HG>9 ( A8>H7@:C7<G?B79` ( :<HBKY; ( B? ( 87?B:a?H:;< ( @7 ( 7<G876:9G?9 ( ? ( B>9(
?9A:8?<G79 ( NK7 ( HKCAB:78?< ( B>9 ( 87NK:9:G>9 ( H>C> ( >=B:S?G>8:?9` ( Y ( A876:; ( 5G?B(
H>C>(B>(^?HJ?(7B(G7oG>(7B?=>8?@>(A>8(7B(#>8>(2K?G7C?B?D(K<(AK<G?]7(CJ<:C>(
7oHBKY7<G7(9:<(7B(NK7(B>9(H?<@:@?G>9(<>(A>@J?<(978(:<G7S8?@>9(?(B?9(<;C:<?9(
?(7<6:?8(?B(.><S879>(5pV(AK<G>9(9>=87(hVVD_
'<(C?8a>(@7(UVVW(B?(,9>H:?H:;<(.:6:B(18>(%7L>8C?(A8797<G;(K<?(:<:H:?G:6?(
@7(%7L>8C?(.><9G:GKH:><?B(?B(.><S879>(@7(B?(%7Ab=B:H?(7<(B?(NK7(97(A876O<(
87L>8C?9 ( ?B ( C7H?<:9C> ( @7 ( 97B7HH:;< ( @7 ( C?S:9G8?@>9_ ( ( '<G87 ( B>9 ( ?9A7HG>9(
H7<G8?B79(@7(B?(A8>AK79G?(97(HK7<G?<m(B?(?CAB:?H:;<(@7(B?(H>CA>9:H:;<(@7(B?(
.*3 ( ? ( hg ( :<G7S8?<G79 ( Y ( B? ( 7B7HH:;< ( @7 ( L>8C? ( 6:G?B:H:?e ( B? ( 7oHBK9:;< ( @7 ( B>9(
C?S:9G8?@>9`(B>9(87HG>879(Y(B?(A?8G:H:A?H:;<(ABK8?B(@7B(S87C:>(@7(?=>S?@>9(@7(
B?9(.>C:9:><79(@7(1>9GKB?H:;<e(Y(B?(:<H>8A>8?H:;<(@7(B?(C7HZ<:H?(@7(9>8G7>(
A?8?(NK7(7B(.><S879>(@7H:@?(9>=87(B?(<;C:<?(7<6:?@?(A>8(B?9(.>C:9:><79 '1_
@_((M1>8(NKO(97(@?(B?(87L>8C?(7<(79G7(C>C7<G>P
*>=87 ( B? ( =?97 ( @7B ( G7oG> ( 87@?HG?@> ( A>8 ( 7B ( #>8> ( 2K?G7C?B? ( Y ( H>< ( B?9(
C>@:L:H?H:><79(C7<H:><?@?9`(7B(Ug(@7(L7=878>(@7(UVVW(B?():AKG?@?(":<7G^(
&><G7<7S8> ( A8797<G; ( 7< ( 7B ( .><S879> ( @7 ( B? ( %7Ab=B:H? ( B? ( !<:H:?G:6? ( kWWp(
G7<@:7<G7(?(87SKB?8(Y(G8?<9A?87<G?8(7B(A8>H7@:C:7<G>(A?8?(B?(H><L>8C?H:;<(Y(
A?8?(7B(G8?=?]>(@7(B?9(.>C:9:><79(@7(1>9GKB?H:;<_
'B ( 18>Y7HG> ( LK7 ( 87C:G:@> ( ? ( B?9 ( .>C:9:><79 ( @7 ( 07S:9B?H:;< ( Y ( 1K<G>9(
.><9G:GKH:><?B79(Y('oG8?>8@:<?8:?(@7(%7L>8C?(?B(*7HG>8(3K9G:H:?(NK7`(?<G79(@7(
7C:G:8(9K(@:HG?C7<(H><]K<G>(L?6>8?=B7`(87?B:a?8><(G879(87K<:><79(@7(G8?=?]>(
H><]K<G?9 ( 5Uk ( Y ( kh ( @7 ( C?8a> ( Y ( U ( @7 ( ?=8:BD ( 7< ( B?9 ( NK7 ( 97 ( 87H?=?8>< ( B?9(
>A:<:><79(@7($"2}9(2(Y(B?(@7B7S?H:;<(@7(B?($L:H:<?(@7B(,BG>(.>C:9:><?@>(@7(
"?H:><79(Q<:@?9(A?8?(B>9()787H^>9(FKC?<>9(I$,."Q)FI_((
0?9 ( .>C:9:><79 ( 7L7HGK?8>< ( H><9KBG?9 ( GOH<:H?9 ( ? ( B? ( 67a ( NK7 ( B?9(
$8S?<:a?H:><79 ( @7 ( B? ( *>H:7@?@ ( .:6:B ( GK6:78>< ( H^?<H7 ( @7 ( A8797<G?8(
A8>AK79G?9(Y(B>9(@:AKG?@>9(AB?<G7?8><(9K9(>=9786?H:><79 (!_
&:7<G8?9 ( B? ( !<:H:?G:6? ( G8?<9:G?=? ( A>8 ( B>9 ( H?88:B79 ( :<9G:GKH:><?B79(
A78G:<7<G79`(A>H?9(A?87HJ?<(B?9(H^?<H79(A?8?(NK7(A8>9A78?8?(9K(?A8>=?H:;<(
@K8?<G7(79G7(7]78H:H:>(B7S:9B?G:6>_
'0
'1
(2
(!

*:(=:7<(7B(@7=?G7(7<(.>C:9:><79(7o^:=J?(H:78G?(AB?K9:=:B:@?@(@7(NK7(B?(B7Y(
97 ( 9?<H:><?8?` ( B>9 ( >A>9:G>879 ( ? ( 9K ( ?6?<H7 ( ?HH7@:78>< ( ?B ( G8ZC:G7 ( 7< ( 79?9(
:<9G?<H:?9(H>C>(K<?(C78?(L>8C?B:@?@(A?8?(76:G?8(7oA><78(B?(87?B(>A>9:H:;<(
NK7(7o:9GJ?(<>(9;B>(7<(H?9:(G>@>(7B(?8H>(A>BJG:H>(7<(7B(.><S879>(9:<>(G?C=:O<(
@7(A?8G7(@7B(A8>A:>(1879:@7<G7(@7(B?(%7Ab=B:H?(Y(@7B(C:9C>(1>@78(3K@:H:?B_((
,<G7 ( H?@? ( 9:S<> ( @7 ( ?6?<H7 ( @7B ( 18>Y7HG> ( 97 ( ?A87H:?8>< ( 7oHK9?9 ( A?8?(
76:G?8(9K(G8?G?C:7<G>(7<(7B(AB7<>(?B(G:7CA>(NK7`(7oA879?C7<G7`(97(7<6:?=?<(
97j?B79(?(G>@>9(B>9(?HG>879(:<G786:<:7<G79(7<(7B(A8>H7@:C:7<G>(@7(97B7HH:;<(
@7(NK7(B?(87L>8C?(<>(78?(A8:>8:G?8:?(Y(NK7(97(KG:B:a?8J?(7B(9:9G7C?(6:S7<G7(
A?8?(B?(7B7HH:;<(NK7(97(?67H:<?=?_
.K?<@> ( 7B ( hi ( @7 ( ?=8:B ( 97 ( >=G7<J? ( K< ( @:HG?C7< ( L?6>8?=B7 ( @7 ( ?C=?9(
.>C:9:><79(7B(>L:H:?B:9C>(C>9G8?=?(9K(@79:<G78O9(7<(?A8>=?8(B?(87L>8C?(?B(
]K9G:L:H?8(9K(?=9G7<H:;<(5]K<G>(H><(B>9(B7S:9B?@>879(@7(B?(2,",D(7<(97<@?9(
.>C:9:><79_(,BBJ(.79?8(@7B(TSK:B?`(@:AKG?@>(@7(B?(=?<H?@?(>L:H:?B(C?<:L79G;(
NK7(c">(G7<7C>9(:<9G8KHH:;<(@7(?A8>=?8(79G?(B7Y(@7(K8S7<H:?(<?H:><?Bd ('(((_
)?<@> ( A>8 ( 9KAK79G> ( NK7 ( B?9 ( A>9:=:B:@?@79 ( 78?< ( <KB?9` ( 7< ( 7B ( C:9C>(
C>C7<G> ( 7< ( NK7 ( 97 ( >=G7<J? ( 7B ( ):HG?C7< ( L?6>8?=B7 ( @7 ( B?9 ( .>C:9:><79(
C7<H:><?@?9(Y(C:7<G8?9(7B(hy(@7(?=8:B(97(?A8>=?=?(7<(A8:C78?(B7HGK8?(B?(
!<:H:?G:6?(@7(B?():AKG?@?(&><G7<7S8>`(B?(.>8G7(*KA87C?(7<6:?=?(?B(.><S879>(
~?B7S?<@>(NK7(@7(B>(H><G8?8:>(97(67<H78J?<(B>9(AB?a>9(B7S?B79 (,I(7B(@79A?H^>(
H?B:L:H?@> ( A?8? ( B? ( H><6>H?G>8:? ( ? ( B?9 ( .>C:9:><79 ( @7 ( 1>9GKB?H:;< ( A?8? ( B?(
7B7HH:;<(@7(9K9(<K76>9(C:7C=8>9_((
0?(H><L:8C?H:;<(@7(B?(L?BG?(@7(?A>Y>(@7B(97HG>8(]K@:H:?B(?B(G8?G?C:7<G>(@7(
B?(87L>8C?(Y(@7(B?(@7979G:C?H:;<(@7(HK?BNK:78(A>9:=:B:@?@(@7(NK7(B?(!<:H:?G:6?(
kWWp(A8>9A78?8?(78?(Y?(>9G7<9:=B7(@?@>(NK7`(A?8?(79?(OA>H?`(@>9(S8KA>9(@7(
C?S:9G8?@>9(87?B:a?=?<(87K<:><79(7<(879G?K8?<G79(Y(HBK=79(@7(B?(.:K@?@(@7(
2K?G7C?B?(A?8?(?H>8@?8(B?(LKGK8?(@:9G8:=KH:;<(@7(H?8S>9_(*:(?BSK<?(@K@?(NK7@?=?(9>=87(B?(A>9:H:;<(@7(B?(H>8A>8?H:;<(]K@:H:?B(7<(
G>8<> ( ? ( B? ( 87L>8C?` ( A?8? ( @79A7]?8B? ( =?9G; ( H>< ( B? ( AK=B:H?H:;< ( 7< ( 7B ( ):?8:>(
$L:H:?B(@7B(,HK78@>("|(hiIUVVW(A>8(7B(NK7(B?(.>8G7(*KA87C?(87SB?C7<G;(7B(
LK<H:><?C:7<G>(@7(B?9(.>C:9:><79(@7(1>9GKB?H:;<_(
):7a(?j>9(CZ9(G?8@7(@7(B?(>=B:S?H:;<(:CAK79G?(A>8(B?(07Y(@7(B?(.?8878?(
3K@:H:?B(7<(hWWW(A?8?(NK7(B?(.>8G7(*KA87C?(87SB?C7<G?8?(I?(A8>AK79G?(@7B(
.><97]> ( @7 ( B? ( .?8878? ( 3K@:H:?BI ( 7B ( LK<H:><?C:7<G> ( @7 ( B?9 ( .>C:9:><79 ( @7(
1>9GKB?H:;<(.` ( Y ( BB?C?G:6?C7<G7 ( 7< ( 7B ( ?j> ( 7< ( NK7 ( 97 ( A879:><?=?(
Ab=B:H?C7<G7(A?8?(B?(?A8>=?H:;<(@7(K<?(B7Y(@7B(.><S879>(NK7(87SKB?8?(79G?(
HK79G:;<(~Y(A87H:9?C7<G7(7<(7B(C>C7<G>(7<(NK7(97(7o:SJ?(9K(G8?G?C:7<G>(7<(
7B ( AB7<>I` ( 7B ( &Zo:C> ( +8:=K<?B ( @7H:@:; ( ?A8>=?8 ( Y ( AK=B:H?8` ( 7B ( %7SB?C7<G>(
C7<H:><?@>_
('
((
(,
((.

*7Sb<(9K(?8G:HKB?@>`(97(?A8>=;(H><(7B(>=]7G>(87SKB?8(B?9(?HG:6:@?@79(NK7(
H>8879A><@7< ( ? ( B?9 ( .>C:9:><79 ( @7 ( 1>9GKB?H:;< ( 7< ( B? ( 7B?=>8?H:;< ( @7 ( B>9(
B:9G?@>9(@7(H?<@:@?G>9(?(&?S:9G8?@>9(@7(B?(.>8G7(*KA87C?(@7(3K9G:H:?`(.>8G7(
@7 ( ,A7B?H:><79 ( Y ( +8:=K<?B79 ( @7 ( :SK?B ( H?G7S>8J?_ ( ( '< ( B>9 ( H><9:@78?<@>9 ( 97(
87L:787(NK7(c79(:CA78?G:6>(S?8?<G:a?8`(NK7(B?(B?=>8(NK7(@79?88>BB7<(B?9(H:G?@?9(
H>C:9:><79 ( 97 ( 87?B:H7 ( @7<G8> ( @7 ( K< ( 79NK7C? ( NK7 ( S?8?<G:H7 ( 9K(
:<@7A7<@7<H:?`(LK<H:><?B:@?@(Y(=K7<(H8:G78:>`(7<(?8?9(@7(A8>6778(?B(9:9G7C?(
@7 ( ?@C:<:9G8?H:;< ( @7 ( ]K9G:H:?` ( @7 ( A8>L79:><?B79 ( H>< ( B>9 ( CZ9 ( ?BG>9 ( A78L:B79(
?H?@OC:H>9`(A8>L79:><?B79`(9>H:?B79(Y(OG:H>9_d( ('<(B>9(LK<@?C7<G>9(G?C=:O<(
97(C7<H:><?(NK7(7B(.><97]>(@7(B?(.?8878?(3K@:H:?B(7B76;(79G?(A8>AK79G?(?(B?(
.*3(cA?8?(S?8?<G:a?8(B?(G8?<9A?87<H:?`(>=]7G:6:@?@(Y(=K7<(@797CA7j>(@7(B?9(
LK<H:><79(NK7(B79(9><(A8>A:?9_
'9(CKY(:<G7879?<G7(87?B:a?8(K<(?<ZB:9:9(@7G?BB?@>(@7(79G7(,HK78@>(?(G8?6O9(
@7B(NK7(97(:@7<G:L:H?(8ZA:@?C7<G7(I?(A79?8(@7(B?9(@:L787<H:?9(@7(87@?HH:;<I(
K< ( H><G7<:@> ( H?9: ( :@O<G:H> ( ? ( B? ( :<:H:?G:6? ( A8797<G?@? ( A>8 ( B? ( ):AKG?@?(
&><G7<7S8>_
*:<(7C=?8S>`(79(7<(B?9(@:L787<H:?9(~B>(NK7(97(@:H7`(H;C>(97(@:H7(Y(B>(NK7(
<> ( 97 ( @:H7 ( H>CA?8?G:6?C7<G7 ( H>< ( B? ( !<:H:?G:6? ( kWWpI ( H>< ( 79G7 ( 57<G><H79D(
18>Y7HG>(@7(07Y(@><@7(97(>=9786?(H8:9G?B:<?C7<G7(B?(A>9:H:;<(NK7(?(A8:>8:(
A?87H78J?(L?6>8?=B7(?(K<(C?Y>8(H><G8>B(9>H:?B(Y(A?8G:H:A?H:;<(H:K@?@?<?(7<(
B?9(.>C:9:><79(@7(1>9GKB?H:;<(Y(NK7(B?(A8>A:?(.*3(7<G:7<@7(H>C>(G7<@:7<G7(?(
S?8?<G:a?8 ( B? ( G8?<9A?87<H:?` ( >=]7G:6:@?@ ( Y ( =K7< ( @797CA7j> ( A78> ( NK7(
@7CK79G8?(B?(678@?@78?(A>9:H:;<(@7(L><@>(@7B(CZ9(?BG>(G8:=K<?B(@7B(A?J9(Y(7B(
87H^?a> ( H>8A>8?G:6> ( ? ( G8?<9A?87<G?8 ( 7B ( C7H?<:9C> ( @7 ( 97B7HH:;< ( @7(
C?S:9G8?@>9_
0? ( A8>A:? ( ):AKG?@? ( &><G7<7S8> ( @79HK=8:; ( B?9 ( 9K9G?<G:6?9 ( @:L787<H:?9(
7<G87(?C=>9(G7oG>9(Y(?HK9;(Ab=B:H?C7<G7(@7(AB?S:>(?(B?(.>8G7(*KA87C?_
'<(K<(:<G7<G>(@7(879G?8(:CA>8G?<H:?(?(B?(S8?6J9:C?(@7H:9:;<(@7(B?(.>8G7(
*KA87C? ( @7 ( C?<G7<78 ( 7B ( C7H?<:9C> ( @7 ( 97B7HH:;< ( 7< ( B? ( >9HK8:@?@ ( 7B(
C?S:9G8?@>(@7(@:H^>(+8:=K<?B`(0K:9(#78<?<@7a(c ">(79(C>G:6>(@7(L8:HH:;<(<:(@7 (
AB?S:>`(79(K<(C78>(87SB?C7<G>(NK7(AK7@7(KG:B:a?897(>(<>(A>8(B>9(7B7HG>879d(/_(
%79KBG?(BB?C?G:6>(NK7`(K<?(67a(NK7(?@>AG?8?(79G?@>(Ab=B:H>(B?(?HK9?H:;<(
@7(AB?S:>`(K<(:<G7S8?<G7(@7(B?(.>8G7(*KA87C?(C7<>9H?=?8?(B?(9:S<:L:H?<H:?(
@7B ( 87SB?C7<G> ( H>< ( B? ( C?S<:GK@ ( >G>8S?@? ( ?B ( C:9C> ( 7< ( B>9 ( H:G?@>9(
H><9:@78?<@>9 ( @7B ( ,HK78@>` ( 87@?HG?@>9 ( Y ( 9K9H8:G>9 ( A>8 ( B>9 ( A8>A:>9(
C?S:9G8?@>9(@7(B?(.>8G7_
'<(K<?(<K76?(CK79G8?(@7B(@79:<G78O9(@7(B?(C?Y>8J?(@7B(1>@78(07S:9B?G:6>(
7< ( ?A8>=?8 ( B? ( 07Y ( @7 ( .>C:9:><79 ( @7 ( 1>9GKB?H:;<` ( 7< ( 7B ( .><S879>` ( B>9(
@:AKG?@>9 ( <> ( 87?HH:><?8>< ( ?<G7 ( 7B ( AB?S:>`( 9?B6> ( B? ( ?KG>8? ( @7 ( B? ( :<:H:?G:6?(
>8:S:<?B(NK:7<(I:8;<:H?C7<G7I(97 (@7HB?8;(9>8A87<@:@? (cA>8(B?(8?A:@7a(H><(B? (
NK7 ( B>9 ( C?S:9G8?@>9 ( B>S8?8>< ( A><7897 ( @7 ( ?HK78@> ( A?8? ( ?A8>=?8 ( 7B (
87SB?C7<G>d_(0

(/
(0

0>9(@:L787<G79(97HG>879(A>BJG:H>9(7<(7B(.><S879>(KG:B:a?8><(7B(?8SKC7<G>(
@7(B?(H8:9:9(7H><;C:H?(CK<@:?B(Y(B?(<7H79:@?@(@7(NK7(2K?G7C?B?(A8:>8:a?8?(
:<:H:?G:6?9(7<(@:87HH:;<(@7(H><L8><G?8B?(7<(BKS?8(@7(G8?G?8(A8>AK79G?9(NK7`(
?8SKC7<G?=?<`(<>(^?=J?<(9:@>(@7=?G:@?9(7B(G:7CA>(<7H79?8:>_(
)K8?<G7 ( B>9 ( @7=?G79 ( ?G?H?=?< ( ? ( B>9 ( 97HG>879 ( NK7 ( :<9:9GJ?< ( H>< ( B?(
?A8>=?H:;<(@7(B?(B7Y(A>8(?<G:A?G8:>G?9_('B(Up(@7(?=8:B(@7(UVVW(Y(BK7S>(@7(
^?=78(BB7S?@>(?(K<(?HK78@>(7<(B?(87K<:;<(@7(37L79(@7([B>NK7(A?8?(G8?G?8(7<(
G78H78? ( B7HGK8? ( Y ( 87@?HH:;< ( L:<?B ( A>8 ( ?8GJHKB>9 ( @7 ( B? ( 07Y` ( 7B ( 37L7 ( 7< ( B?(
,9?C=B7?(07S:9B?G:6?(@7B(Q"'`(H8:G:H?<@>(?(B?(>A>9:H:;<(NK7(87NK78J?(7B(G8?G>(
K8S7<G7(@7B(18>Y7HG>(Y(A?8?(A8:>8:a?8(B?(87L>8C?(G8:=KG?8:?`(97j?B;m
cM.877< ( K9G7@79` ( 97j>879 ( @:AKG?@>9` ( NK7 ( 79? ( 79 ( K<? ( ?HG:GK@(
H>887HG? ( H>C> ( B7S:9B?@>879P(( M.877< ( K9G7@79 ( NK7 ( 2K?G7C?B? ( B79(
79GZ(@?<@>(7B(@787H^>(?(7BB>9(@7(^?H78(79>P`(M>(87?BC7<G7(B>(NK7(7B(
A?J9 ( NK:787 ( 79 ( K<? ( 879AK79G? ( :<C7@:?G? ( @7B ( .><S879>P(( M)7 ( NKO(
@7=78J?C>9(79G?8(^?=B?<@>(?^>8:G?`(97j>879(@:AKG?@>9P(,@7CZ9(@7(
B?(87L>8C?(G8:=KG?8:?(@7=78J?C>9(@7(^?=B?8(@7(B?9(H>C:9:><79(@7(
A>9GKB?H:;<` ( NK7 ( >^` ( S8?< ( ^:A>H879J?` ( A879:@7<G7` ( B?9 (
H>C:9:><79 ( @7 ( A>9GKB?H:;<` ( 9?=:7<@> ( A78L7HG?C7<G7 ( NK7 (
<> ( 79GZ ( @:9HKG:@> ( 7B ( A8>Y7HG> ( ? ( H?=?B:@?@` ( NK7 ( <> ( BB7<? (
B>9 ( 87NK:9:G>9` ( NK7 ( B> ( 79GZ< ( H>88:7<@> ( H>C> ( NK7 ( 9: ( B? (
@:>9?(@7(B?(9?=:@K8J?(^K=:787(^?=B?@>`(<>(97(AK7@7`(97j>8 (
A879:@7<G7` ( 6?< ( ? ( G>H?8 ( B? ( .>8G7 ( *KA87C? ( @7B ( A?J9` ( 79 ( K< (
G7C? ( 9KC?C7<G7 ( @7B:H?@> ( H>C> ( A?8? ( NK7 ( 7< ( K<? ( L>8C? (
A87H:A:G?@?` ( 7CAJ8:H?` ( @:9A><S?< ( C7G78B>` ( 79? ( 79 ( >G8? (
?HG:GK@(?<G:A?G8:>G?d
):AKG?@> ( &?8:> ( +?8?H7<? ( )J?aI*>B` ( 37L7 ( @7 ( [B>NK7 ( 7< ( 7B (
.><S879>(A>8(Q"'`(7B(Up(@7(?=8:B(@7(UVVW_
#:<?BC7<G7` ( 7B ( g ( @7 ( C?Y> ( 7B ( A?8G:@> ( >L:H:?B` ( H>< ( 7B ( ?A>Y> ( @7 ( B? ( 28?<(
,B:?<a?("?H:><?B(52?<?D`(7B(#87<G7(%7AK=B:H?<>(2K?G7C?BG7H>(5#%2D`(Q<:;<(
@7B ( .?C=:> ( "?H:><?B:9G? ( 5Q."D` ( Q<:;< ( )7C>H8ZG:H? ( 5Q)D ( Y ( 1?8G:@> ( @7(
,6?<a?@?("?H:><?B(51,"D`(9?H;(@7(B?(?S7<@?(A?8B?C7<G?8:?(B?(?A8>=?H:;<(@7(
B?(B7Y(@7(H>C:9:><79(@7(A>9GKB?H:;<_
+879(@J?9(CZ9(G?8@7`(H>C>(879AK79G?(?(B?9(H8JG:H?9(@7(B?(*>H:7@?@(.:6:B(Y(
@7(B>9(H><S879:9G?9(NK7(:CAKB9?=?<(B?(87L>8C?`(7B(1879:@7<G7(TB6?8>(.>B>C(
?B7S?=?(NK7(7B(A8>Y7HG>(78?(@O=:B`(A>H>(<>67@>9>(7(:<bG:B(A?8?(C7]>8?8(B?(
G8?<9A?87<H:?(Y(NK7(7B(C>C7<G>(A?8?(9K(@7=?G7(78?(:<>A>8GK<>_
'B(18>Y7HG>(A8797<G?@>(c">(G:7<7(<?@?(<K76>(NK7(AK@:78?(S?8?<G:a?8(
B?(G8?<9A?87<H:?(7<(7B(A8>H79>(@7(7B7HH:;<(@7(C?S:9G8?@>9_(07(^?H7<(
L?BG? ( @:7<G79 ( ? ( B? ( B7Ydlc'B ( A8>=B7C? ( @7 ( B? ( :<:H:?G:6? ( @7 ( B7Y ( @7(
H>C:9:><79(@7(A>9GKB?H:;<(c79(NK7(B?(9?H?8><(7<(C7@:>(@7(B?(87L>8C?(
L:9H?B_(
,B6?8>(.>B>C`(1879:@7<G7(@7(B?(%7Ab=B:H?(1

(1

!&1Q0*$%'*(4()'+%,.+$%'*()'(0 ,(%'#$%&,()'0 (
&'.,"!*&$()'(*'0'..!/"()'(&,2!*+%,)$*
*:<(7C=?8S>`(7B(H><G7oG>(H?C=:;(@8Z9G:H?C7<G7(?(A?8G:8(@7B(hV(@7(C?Y>`(
L7H^?(7<(NK7(LK7(?979:<?@>(7B(?=>S?@>(%>@8:S>(%>97<=78S_
!<C7@:?G?C7<G7(@79AKO9(@7(9K(CK78G7(97(@:LK<@:;(K<(6:@7>(7<(7B(NK7(
%>97<=78S(879A><9?=:B:a?=?(?B(1879:@7<G7(@7(B?(%7Ab=B:H?`(?(9K(79A>9?`(?(9K(
*7H87G?8:> ( 18:6?@> ( Y ( >G8>9 ( LK<H:><?8:>9 ( @7 ( B>9 ( ^>C:H:@:>9 ( @7 ( 9K ( HB:7<G7 ( Y(
?C:S>` ( ?B:B ( &K9?` ( Y ( @7 ( 9K ( ^:]?` ( >HK88:@>9 ( K< ( C79 ( ?<G79_ ( ( )K8?<G7 ( B?(
L:BC?H:;<(7B(?=>S?@>(?L:8C?=?(NK7(9:(79?(S8?=?H:;<(G>C?=?(79G?@>(Ab=B:H>(
78?(A>8NK7(7B(A879:@7<G7(.>B>C(B>(^?=J?(?979:<?@>_
'9G7(^7H^>(S7<78;(K<?(7<>8C7 (H><C>H:;<(A>BJG:H?(G?B(NK7(7<(@:6789?9(
C?<:L79G?H:><79 ( 97 ( A8>HB?C; ( @79@7 ( B? ( 87<K<H:? ( @7B ( 1879:@7<G7 ( ^?9G? ( 9K(
97A?8?H:;<(G7CA>8?8:?(@7B(H?8S>(A?8?(?BB?<?8(B?9(:<679G:S?H:><79,2_(
0?9 ( >8S?<:a?H:><79 ( @7 ( B? ( 9>H:7@?@ ( H:6:B ( NK7 ( ^?=J?< ( G8?=?]?@>(
:<L8KHGK>9?C7<G7 (A?8? (?B( ?A8>=?H:;<(@7 (B?( B7Y(87@>=B?8><(B? (?AK79G?(A?8?(
7<H?C:<?8B?(<K76?C7<G7_(">(9;B>(87<>6?8><(7B(:CAKB9>(@7B(18>Y7HG>(@7(07Y(
9:<>(NK7(B>S8?8><(C7]>8?9(9K9G?<G:6?9(7<(9K(G7oG>`(H>C>(B?(:<H>8A>8?H:;<(@7(
B>9 ( ?8GJHKB>9 ( W| ( 5@7 ( AK=B:H:@?@ ( Y ( ?HH79> ( K<:6789?B ( ? ( B?9 ( 87K<:><79 ( @7(
.>C:9:;<D(Y(i|(5NK7(:<G8>@KHJ?(B?(87A8797<G?H:;<(A8>A>8H:><?B(@7(C:<>8J?9(7<(
B?9(7B7HH:><79(@7(B>9(:<G7S8?<G79(@7(B?9(A>9GKB?@>8?9D,!_
,C=?9 ( <>8C?9 ( LK78>< ( 879:9G:@?9 ( ^?9G? ( 7B ( bBG:C> ( @J? ( @79@7 ( 7B ( A?8G:@>(
>L:H:?B( Y (>G8>9 ( 97HG>879 ( @7 ( B? ( >A>9:H:;<` ( NK7 ( ^?=J?<( B>S8?@> ( H><97<9K?8 ( B?(
A8:6?H:@?@(@7(B?9(87K<:><79(Y(B?(7<G87S?(A>9G78:>8(@7(@>HKC7<G?H:;<(H><(9K(
H><G7<:@>(?(NK:7<(B>(9>B:H:G?8?,'_
+?C=:O<(97(C?<:L79G?8><(S8KA>9(7C78S7<G79(~H>C>(7B(&>6:C:7<G>(.J6:H>(
"?H:><?BI ( NK7` ( ?B ( G:7CA> ( NK7 ( 7o:SJ?< ( 7B ( ?<G7]K:H:> ( ?B ( 1879:@7<G7 ( @7 ( B?(
%7Ab=B:H?(A>8(9K(9KAK79G?(879A><9?=:B:@?@(7<(7B(^7H^>`(A8797<G?8><(kV_VVV(
L:8C?9(?B(.><S879>(7o:S:7<@>(B?(?A8>=?H:;<(@7(B?(0.1_(
'B ( hh ( @7 ( C?Y>( 07?<@8> ( )79A>KY` ( %7B?G>8 ( '9A7H:?B ( @7 ( "?H:><79 ( Q<:@?9(
A?8? ( B? ( !<@7A7<@7<H:? ( @7 ( B>9 ( 3K7H79 ( 7o^>8G; ( ?B ( .><S879> ( @7 ( B? ( %7Ab=B:H?(
A?8?(NK7(LK78?((?A8>=?@>(7B(A8>Y7HG>(@7(B7Y(A?8?(87SKB?8(Y(G8?<9A?87<G?8(7B(
G8?=?]>(@7(B?9(H>C:9:><79(@7(A>9GKB?H:;<_
0?(K8S7<H:?(A?8?(7B(?=>8@?]7(@7(B>9(G7C?9(@7(L><@>(87B?H:><?@>9(H><(B?(
H8:C:<?B:@?@(Y(B?(]K9G:H:?(87LB>G;(Y(B>9(AK9>(7<(7B(H7<G8>(@7(B?(79H7<?(A>BJG:H?(
K<?(67a(CZ9_
0? ( :<97SK8:@?@` ( B? ( :CAK<:@?@ ( Y ( B? ( H>88KAH:;< ( 7< ( B?9 ( :<9G:GKH:><79(
@7@:H?@?9(?(?L8><G?8B?9(H>C7<a?8><(?(LB?C7?8(H>C>(=?<@78?9(@7(BKH^?(7<(
G>@?9 ( B?9 ( H><H7<G8?H:><79 ( 7< ( B?9 ( NK7 ( 97 ( ?9KCJ? ( ? ( %>97<=78S ( H>C> ( K<(
CZ8G:8(7<(7B(H>C=?G7(H><G8?(?NKOBB?9_
,2
,!
,'

0?9(B7SJG:C?9(@7C?<@?9(H:K@?@?<?9(<>(G?8@?8><(7<(978(7oAB>G?@?9(A>8(
>A>9:G>879(?B(S>=:78<>`(G?<G>(@79@7(7B(9:9G7C?(A>BJG:H>(H>C>(@79@7(7B(97HG>8(
A8:6?@>_ ( 'B ( 8797j?@> ( 7<L87<G?C:7<G> ( @7B ( S>=:78<> ( H>< ( 97HG>879 ( @7 ( A>@78(
7H><;C:H> ( G8?@:H:><?B ( 97 ( G8?@K]> ( 7< ( K<? ( H?<?B:a?H:;< ( @7 ( B?9 ( B7SJG:C?9(
@7C?<@?9(H:K@?@?<?9(@7(]K9G:H:?(Y(97SK8:@?@(?(B?(A7G:H:;<(@7(cB?(H?=7a?d(
@7B(A879:@7<G7_
'9G7(?9>C>(@7(K<?(?C7<?a?(@7(S>BA7(@7(79G?@>(7<(2K?G7C?B?(^?(9:@>(
:<G78A87G?@?(A>8(?BSK<>9(?<?B:9G?9(H>C>(A?8G7(@7(B?(?6?<a?@?(@7(97HG>879(
@7 ( @787H^? ( ?<G7 ( B?9 ( C7@:@?9 ( :CAB7C7<G?@?9 ( A>8 ( S>=:78<>9 ( 5NK7 ( 97(
?KG>@7L:<7< ( H>C> ( A8>S879:9G?9D ( NK7 ( H?G?B>S?< ( H>C> ( A>AKB:9G?9 ( 7< ( B?(
87S:;<,(_
'< ( 79G? ( H>YK<GK8?` ( B? ( !<:H:?G:6? ( kWWp ( H>< ( ?@:G?C7<G>9 ( LK<@?C7<G?B79(
A?8? ( B>S8?8 ( K< ( C?Y>8 ( H><97<9> ( 57B ( ?8GJHKB> ( WD ,,( >A78; ( H>C> ( K<? ( BB?67(
C?79G8?(A?8?(7B(2>=:78<>_
'B ( hg ( @7 ( C?Y>` ( 7B ( 1879:@7<G7 ( 7<6:; ( K< ( C7<9?]7 ( G7B76:9:6> ( ? ( G>@? ( B?(
A>=B?H:;<(7<(7B(NK7(87H><>H:;(7B(B7SJG:C>(@787H^>(@7(G>@>9(B>9(L?C:B:?879(Y(
?BB7S?@>9(?(B?9(6JHG:C?9(@7(B?(6:>B7<H:?(?(7o:S:8(]K9G:H:?(7(^:a>(K<(BB?C?@>(?(
B>9 ( C?<:L79G?<G79 ( ? ( NK7 ( ?HGb7< ( H>< ( H>8@K8? ( Y ( 76:G7< ( B? ( H><L8><G?H:;<_(
&?<:L79G; ( 9K ( ?=9>BKG? ( H><6:HH:;< ( @7 ( NK7 ( B? ( 678@?@ ( @7B ( H8:C7< ( 978J?(
79HB?87H:@>(Y(A>8(79>(87?L:8C;(9K(879A7G>(A>8(7B(A8:<H:A:>(@7C>H8ZG:H>(@7(B?(
:<@7A7<@7<H:? ( @7 ( A>@7879 ( Y ( B? ( <> ( :<G7867<H:;< ( 7< ( B>9 ( A8>H79>9 ( @7(
:<679G:S?H:;<_ ( ( 1>8 ( 79> ( >8@7<; ( ? ( G>@?9 ( B?9 ( ?KG>8:@?@79 ( H>B?=>8?8 ( H>< ( 7B(
&:<:9G78:>(1b=B:H>(Y(B?(.!.!2(A?8?(G>@>(B>(NK7(<7H79:G7<_(.><9:@78;(NK7(7B(
L>8G?B7H:C:7<G>(@7(B?(97SK8:@?@(Y(B?(]K9G:H:?(87@K<@?8J?(7<(K<?(C7]>8?(@7(B?(
H?B:@?@(:<9G:GKH:><?B(Y(B?(S>=78<?=:B:@?@(@7B(A?J9_( (1>8(79>(C?<:L79G;(NK7(
^?HJ?(A8>A:?9(B?9(A?B?=8?9(@7()79A>KY(7<(HK?<G>(9KS:8:;(B?(?A8>=?H:;<(@7(B?(
:<:H:?G:6?(07Y`(A>8(B>(NK7(7o^>8G;(?(9K(A?8G:@>(879A?B@?8(B?(:<:H:?G:6?(@7(07Y(
@7(.>C:9:><79(@7(1>9GKB?H:;<(7<G87(>G8?9(C7@:@?9(57oG7<@78(7B(C?<@?G>(?(
B?(.!.!2(Y(B7Y(@7(]KaS?@>9(@7(H>CA7G7<H:?(?CAB:?@?D
#K7(7<(79G7(79H7<?8:>(@7(7=KBB:H:;<(NK7(97(?=8:78><(B?9(AK78G?9(A?8?(7B(
G8?G?C:7<G>(7L7HG:6>(@7B(18>Y7HG>(@7(07Y(Y(9K(A>9G78:>8(?A8>=?H:;<(7<(9;B>(
HK79G:;<(@7(@J?9_
*K ( :CAKB9> ( ?=8:; ( B? ( AK78G? ( A?8? ( @79H>CA8:C:8 ( B? ( A879:;< ( @7 ( B?9(
$8S?<:a?H:><79(@7(B?(*>H:7@?@(.:6:B`(A?8?(S?<?8(G:7CA>(H><(B>9(87HB?C>9(@7(
:<9G?<H:?9 ( CZ9 ( H>YK<GK8?B79 ( 5S8KA>9 ( @7 ( ];67<79 ( Y ( C?<:L79G?H:><79(
79A><GZ<7?9D`(H><(B?(H:K@?@?<J?(H>C>(K<(S79G>(A>BJG:H>(8ZA:@>(NK7(A?87HJ?(
?AK<G?8(?(B>9(A8>=B7C?9(79G8KHGK8?B79`(C:7<G8?9(NK7(A>8(7B(B?@>(@7B(97HG>8(
A8:6?@> (7<(H><LB:HG> (H>< (7B(S>=:78<> (97 (B79 (?=8J? (K<? (AK78G? (CZ9 (?CAB:?(
A?8?(7]78H78(:<LBK7<H:?(7<(B?(7B7HH:;<(@7(B>9(@7H:9>879(@7(B>9(H><LB:HG>9(CZ9(
:CA>8G?<G79(@7B(A?J9(NK7(?G?j7<(?(9K9(:<G787979_
0?(:<@?S?H:;<(9>=87(B?9(H?K9?9(87?B79(NK7(@7G78C:<?8><(79G?(87L>8C?`(?9J(
H>C>(B?(87LB7o:;<(9>=87(B?(87B?H:;<(7<G87(B?9(A>9:=:B:@?@79(87?B79(@7(?6?<H7(
@7(B>9(A8>H79>9(@7(@7C>H8?G:a?H:;<(:<9G:GKH:><?B`(7<G87(7BB>9(7B(@7(97B7HH:;<(
,(
,,

@7 ( C?S:9G8?@>9` ( 97 ( A8797<G? ( H>C> ( <7H79?8:? ( ?<G7 ( B? ( A7HKB:?8:@?@ ( @7 ( B?(


9KH79:;<(@7(^7H^>9(@79H8:G>9_
&:7<G8?9(NK7(7B(S8?@>(@7(:CA>8G?<H:?(87?B(@7(B?(87L>8C?(@7B(C7H?<:9C>(
@7(97B7HH:;<(@7(C?S:9G8?@>9(7<(2K?G7C?B?(79GZ(@?@>(A>8(9K(87B?H:;<(H><(B?(
:CAK<:@?@` ( B? ( L?BG? ( @7 ( B:=78G?@` ( B? ( :<97SK8:@?@ ( Y ( B? ( @79:SK?B@?@` ( Y ( B?(
A78C?<7<H:?(Y(H><9>B:@?H:;<(@7(G>@?9(B?9(:<]K9G:H:?9(7<(@7C>H8?H:?e(7B(<:67B(
@7(:CA>8G?<H:?(>G>8S?@>(A>8(7B(9:9G7C?(A>BJG:H>(Y(A>8(B>9(?HG>879(@7(A>@78(?(
79G?9(87L>8C?9(Y(9K(H8:9G?B:a?H:;<(7<(B?(?S7<@?(<?H:><?B(79GZ(9:S<?@>(A>8(B?(
<7H79:@?@(@7(?KG>A879786?H:;<(@7(79>9(97HG>879(@7(H?8?(?(B?(9>H:7@?@(Y(A>8(
H>CA><7<@?9(H><(K<(A>@78(]K@:H:?B(H>88KAG>_
)7 (?^J(NK7`(7<G><H79`(NK7(^?9G?(NK7 (<>(97(:@7<G:L:H?(7B(6J<HKB>(@7(B?9(
87L>8C?9(H><(B?(A>9:=:B:@?@(@7(?HKCKB?8(C?Y>8(A>@78(>(A879786?8(7B(NK7(97(
A>977`(9K(6:?=:B:@?@(79(A>H>(A8>=?=B7_
'<(79G7(H?9>`(LK7(<7H79?8:?(B?(H><LBK7<H:?(@7(G879(L?HG>879(A?8?(NK7(97(
?=8:78?(B?(AK78G?(?(B?(87L>8C?m
hD(Q<?(@:9AKG?(7<G87(97HG>879(@7(A>@78(A?8?(B>9(HK?B79(7B(H><G8>B(
@7 ( B?9 ( .>8G79 ( 879KBG? ( LK<@?C7<G?B ( A?8? ( B? ( S?8?<GJ? ( @7 ( 9K9(
:<G787979 ( 5H?A:G?B ( G8?@:H:><?B` ( 7C78S7<G7 ( Y ( <?8H>G8ZL:H>D` ( NK7(
?=8:;(B?(AK78G?`
UD ( ?<G7 ( K<? ( H>YK<GK8? ( 5.?9> ( %>97<=78S ( Y ( 9KAK79G> ( A>AKB:9C>(
>L:H:?BD(NK7(?YK@;(?(7oG87C?8(B>9(GO8C:<>9(@7B(H><LB:HG>`(Y(NK7(@:>(
BKS?8(?B
kD ( H87H:C:7<G> ( @7 ( K< ( 97HG>8 ( ?]7<> ( ? ( B? ( B;S:H? ( ?HK78@:9G? ( @7(
@:9AKG?qH><97<9>(@7(79>9(A>@7879(5B?9(>9HX9(@7(B?(87L>8C?D_

U_('0("Q'R$(*!*+'&,
U_?_ ( 'B ( C7H?<:9C> ( A?8? ( B? ( H><L>8C?H:;< ( @7 ( B?9 ( .>C:9:><79 ( @7 (
1>9GKB?H:;<(
0?(.><9G:GKH:;<(87L>8C?@?(79G?=B7H7`(7<(B>9(?8GJHKB>9(Uhg(Y(Uhp`(B?(L>8C?(
7<(NK7(@7=7<(:<G7S8?897(B?9(.>C:9:><79(@7(1>9GKB?H:;<(@7(B>9(H?<@:@?G>9(?(
B?(.>8G7(*KA87C?(Y(?(B?(.>8G7(@7(,A7B?H:><79(879A7HG:6?C7<G7m
I K<(87A8797<G?<G7(@7(B>9(87HG>879(@7(B?9(K<:6789:@?@79(@7B(A?J9(5NK7(
B?(A879:@7D
I B>9 ( @7H?<>9 ( @7 ( B?9 ( L?HKBG?@79 ( @7 ( )787H^> ( > ( .:7<H:?9 ( 3K8J@:H?9 ( Y(
*>H:?B79(@7(H?@?(K<:6789:@?@(@7B(A?J9`
I K<(<bC78>(7NK:6?B7<G7(@7(87A8797<G?<G79(7B7HG>9(A>8(B?(,9?C=B7?(
27<78?B(@7B(.>B7S:>(@7(,=>S?@>9(Y(">G?8:>9(@7(2K?G7C?B?(5.,"2D
I Y(A>8 (:SK?B(<bC78>( @7 (87A8797<G?<G79 ( 7B7HG>9 (A>8 (B>9 (C?S:9G8?@>9(
G:GKB?879(@7(B?(.>8G7(@7(,A7B?H:><79(7<(7B(H?9>(@7(B?(.>8G7(*KA87C?(
@7 ( 3K9G:H:? ( Y ( A>8 ( :SK?B ( <bC78> ( @7 ( 87A8797<G?<G79 ( 7B7HG>9 ( A>8 ( B>9(
C?S:9G8?@>9 ( @7 ( B? ( .>8G7 ( *KA87C? ( A?8? ( 7B ( H?9> ( @7 ( B? ( .>8G7 ( @7(
,A7B?H:><79

'B(<bC78>(G>G?B(@7(:<G7S8?<G79(@7(B?9(.>C:9:><79(@7(1>9GKB?H:;<(97(@7L:<7(
A>8(B?(H?<G:@?@(@7(#?HKBG?@79(@7()787H^>(NK7(7o:9G?<(7<(7B(A?J9_( ('BB>(7<(
G?<G>(B?(.><9G:GKH:;<(@7(B?(%7Ab=B:H?`(7<(9K(?8G:HKB?@>`(79G?=B7H7(K<(<bC78>(
L:]>(@7(87A8797<G?<G79(@7(B>9(87HG>879(@7(B?9(K<:6789:@?@79(5K<>D(C:7<G8?9(
NK7(?B(87SB?8(B?(H?<G:@?@(@7(87A8797<G?<G79(@7(B?9(@7CZ9(:<9G:GKH:><79(87a?m(
cB>9 ( @7H?<>9 ( @7 ( B?9 ( #?HKBG?@79 ( @7 ( )787H^> ( > ( .:7<H:?9 ( 3K8J@:H?9 ( @7 ( H?@?(
K<:6789:@?@(@7B(A?J9d(Y(@7]?(7NK:A?8?@?(B?(H?<G:@?@(@7(87A8797<G?<G79(@7(
C?S:9G8?@>9(Y(?=>S?@>9(B:G:S?<G79(?(79G7(<bC78>_
0>9 ( 87A8797<G?<G79 ( @7 ( 79G?9 ( :<9G:GKH:><79 ( @7=7< ( 97B7HH:><?8 ( Uy(
A>9GKB?<G79(A?8?(H>CAB7G?8(B?(<;C:<?(?(7<6:?8(?B(.><S879>(C:7<G8?9(NK7(
A?8? ( B?9 ( .>8G79 ( @7 ( ,A7B?H:><79 ( 97 ( 87NK:787 ( B? ( 87C:9:;< ( @7 ( K<? ( <;C:<?(
:<G7S8?@?(A>8(7B(@>=B7(@7(:<G7S8?<G79(@7(B?(H?<G:@?@(@7(6?H?<G79(?(>HKA?8_
0?(<K76?(07Y(@7(.>C:9:><79(@7(1>9GKB?H:;<(87SKB;(7<(B>9(?8GJHKB>9(k|(Y(i|(
B?(C?<78?(7<(NK7(@7=7(H><6>H?897(?(:<G7S8?8(B?9(C:9C?9`(7B(C7H?<:9C>(
A?8?(B?(7B7HH:;<(@7(9K9(C:7C=8>9`(B>9(87NK:9:G>9(A?8?(978(A>9GKB?@>8(Y(CKY(
@7G?BB?@?C7<G7 ( B? ( >=B:S?H:;< ( @7 ( KG:B:a?8 ( 7B ( COG>@> ( @7 ( 87A8797<G?H:;<(
A8>A>8H:><?B(@7(C:<>8J?9(7<(B?9(C:9C?9_
'B(?8GJHKB>(k|(@7G78C:<?(NK7(7B(.><S879>(@7=7(H><6>H?8(~9:(97(7<HK7<G8?(
7< ( 87H79> ( @7=7 ( BB?C?897 ( ? ( 979:><79 ( 7oG8?>8@:<?8:?9I ( ? ( H><L>8C?8 ( B?9(
.>C:9:><79(7<(7B(AB?a>(NK7(K<?(B7Y(79A7HJL:H?(B>(@7G78C:<7(A78>(9:7CA87`(?B(
C7<>9` ( i ( C7979 ( ?<G79 ( @7B ( AB?a> ( 7< ( NK7 ( L:<?B:a?< ( B>9 ( C?<@?G>9 ( @7 ( B>9(
C?S:9G8?@>9(?(877CAB?a?8_
)7<G8>(@7(B>9(hV(@J?9(@7(7L7HGK?@?(B?(H><6>H?G>8:?`(B>9(87A8797<G?<G79(
@7B(.>B7S:>( @7 (,=>S?@>9 (Y(">G?8:>9 (@7=7<(BB?C?8(? (7B7HH:><79 (7<G87 (9K9(
C?G8:HKB?@>9_

*: ( =:7< ( B? ( B7Y ( <> ( L:]? ( 7oA879?C7<G7 ( AB?a>9 ( A?8? ( B? ( 7B7HH:;< ( @7B(


87A8797<G?<G7(@7(B>9(%7HG>879(Y(@7(B>9(&?S:9G8?@>9`(9J(97(79G:AKB?(NK7(B?(
.>C:9:;<(@7=7(79G?8(H><L>8C?@?(H><`(?B(C7<>9`(U(C7979(@7(?<G:H:A?H:;<(?(
B?(G>C?(@7(A>979:;<(@7(B>9(H?8S>9(@7(B>9(C?S:9G8?@>9(?(7B7S:8`(H><(B>(NK7(97 (
L:]? ( K<? ( L7H^? ( BJC:G7 ( A?8? ( NK7 ( 79?9 ( :<9G:GKH:><79 ( @79:S<7< ( ? ( 9K9(
87A8797<G?<G79_
1?8?(B>9(H?9>9(7<(NK7(B?(B7Y(A876O(B?(87?B:a?H:;<(@7(7B7HH:><79(5.,"2(Y(
&?S:9G8?@>9D(97(79G?=B7H7`(?@7CZ9`(B?(>=B:S?G>8:?(?AB:H?H:;<(@7B(COG>@>(@7(
87A8797<G?H:;< ( A8>A>8H:><?B ( @7 ( C:<>8J?9` ( K<:6789?BC7<G7 ( H><>H:@> ( H>C>(
*:9G7C?()XF><@G_
'9G?(:<H>8A>8?H:;<`(NK7(879KBG?(?=9>BKG?C7<G7(<>67@>9?(7<(HK?<G>(7<(B>9(
A8>H79>9 ( ?<G78:>879 ( <> ( 97 ( @?=? ( BKS?8 ( ? ( B? ( A?8G:H:A?H:;< ( @7 ( NK:7<79 ( <>(
>=GK6:78?<(B?(C?Y>8J?(7<(7B7HH:><79`(@78>S?`(A?8?(79G>9(H?9>9`(7B(?8GJHKB>(Wf(
@7B(%7SB?C7<G>(A?8?('B7HH:><79(@7(9K(.>B7S:>(18>L79:><?B,-_
'9G?(<>8C?`(?AB:H?@?(7<(9K(G>G?B:@?@(7<(7B7HH:><79(A?9?@?9`(@:9A><7(NK7m(
c*:(7<(B?(7B7HH:;<(A?8G:H:A?87<(CZ9(@7(@>9(H?<@:@?G>9(>(CZ9(@7(@>9(AB?<:BB?9(
Y(<:<SK<>(>=GK6:787(B?(C?Y>8J?(?=9>BKG?(@7(B>9(6>G>9(6ZB:@>9`(B?(7B7HH:;<(97(
87A7G:8Z(7<G87(B>9(@>9(H?<@:@?G>9(>(B?9(@>9(AB?<:BB?9(NK7(^K=:787<(>=G7<:@>(
7B(C?Y>8(<bC78>(@7(6>G>9e(B?(97SK<@?(6K7BG?(978Z(>H^>(@J?9(@79AKO9_d
0? ( H>CAB7C7<G?8:7@?@ ( @7 ( B? ( <K76? ( 07Y ( H>< ( 7B ( %7SB?C7<G> ( A8>A:> ( @7B(
.,"2(A?8?(B?(H7B7=8?H:;<(@7(7B7HH:><79(@7G78C:<?`(A?8?(B?(7B7HH:;<(@7(9K9(
87A8797<G?<G79`(B?(KG:B:a?H:;<(@7(AB?<:BB?9(:<HBKY7<@>(H?<@:@?G>9(G:GKB?879(Y(
9KAB7<G79(?(:<G7S8?8(B?9(A>9GKB?@>8?9,._((
1?8?(B?(:<9H8:AH:;<(@7(AB?<:BB?9`(B?(<>8C?G:6?(:<G78<?(@7B(.,"2(9;B>(7o:S7(
NK7(9K9(:<G7S8?<G79(97?<(H>B7S:?@>9(?HG:6>9(Y(@:9A><7(NK7(c'<(7B(H?9>(@7(
NK7(K<>(>(CZ9(@7(B>9(:<G7S8?<G79(A8>AK79G>9(A?8?(K<?(AB?<:BB?`(<>(BB7<7<(B>9(
87NK:9:G>9(7o:S:@>9(A>8(B?(B7Y`(9>B>(97(:<9H8:=:8Z(?(?NK7BB>9(NK7(9:(B>9(BB7<7<e(
79G?<@> ( 7< ( G:7CA>` ( 97 ( A78C:G:8Z ( B? ( 9K=9G:GKH:;< ( @7 ( NK:7<79 ( <> ( LK78><(
:<9H8:G>9e(?H7AG?@?(B?(:<9H8:AH:;<(@7(K<?(AB?<:BB?`(<>(97(A>@8Z(C>@:L:H?8(9K(
:<G7S8?H:;<d(5,8GJHKB>(w(@7B(%7SB?C7<G>(A?8?(7B7HH:><79(@7B(.,"2D_
'B ( 87NK:9:G> ( 7oHBK9:6> ( @7 ( H>B7S:?H:;< ( ?HG:6? ( LK7 ( 9K9G:GK:@>` ( A?8? ( B?(
:<G7S8?H:;<(@7(.>C:9:><79(@7(1>9GKB?H:;<`(A>8(7B(?8GJHKB>(i(@7(B?(0.1`(NK7(
7o:S7(?@7CZ9m
?_(*78(SK?G7C?BG7H>e
=_(+7<78(A>8(B>(C7<>9(H:<H>(?j>9(@7(7]78H:H:>(A8>L79:><?Be(
H_('9G?8(7<(7B(AB7<>(7]78H:H:>(@7(9K9(@787H^>9(H:6:B79(Y(A>BJG:H>9e(
@_(">(79G?8(:<^?=:B:G?@>(A?8?(7]78H78(H?8S>9(Ab=B:H>9e
7_ (18797<G?8 ( H><9G?<H:? ( @7 ( <> ( ^?=78 ( 9:@> ( 9?<H:><?@> ( A>8 ( 7B(
H>B7S:>(A8>L79:><?B(879A7HG:6>e
L_(18797<G?8(H><9G?<H:?(@7(?<G7H7@7<G79(A>B:HJ?H>9e(Y`
S_(18797<G?8(H><9G?<H:?(@7(?<G7H7@7<G79(A7<?B79_
)?@?(B?(7B7HH:;<(@7(B:9G?9(Y(<>(@7(A789><?9`(A?8?(7B(H?9>(@7(L?BB7H:C:7<G>`(
?=?<@><> ( > ( 87<K<H:? ( @7 ( K< ( C:7C=8> ( @7 ( K<? ( .>C:9:;<` ( O9G7 ( @7=7 ( 978(
,,.

877CAB?a?@> ( A>8 ( 7B ( A8:C78 ( H?<@:@?G> ( ~? ( A?8G:8 ( @7B ( bBG:C> ( 7B7HG>I(


A78G7<7H:7<G7(?(B?(AB?<:BB?(@7(NK:7<(@7];(B?(6?H?<G7_
1?8? ( B? ( 7B7HH:;< ( @7 ( B>9 ( C?S:9G8?@>9 ( ? ( :<G7S8?8 ( B? ( .>C:9:;< ( A?8? ( B?(
7B7HH:;< ( @7 ( C:7C=8>9 ( @7 ( B? ( .>8G7 ( *KA87C? ( G?C=:O< (@7=7 (87?B:a?897 (K<?(
7B7HH:;<(?AB:H?<@>(7B(COG>@>(@7(87A8797<G?H:;<(A8>A>8H:><?B(@7(C:<>8J?9_
'<(7B(H?9>(@7(B>9(%7HG>879(B?(07Y(79G:AKB?`(7<(7B(?8GJHKB>(g|(87L787<G7(?(B?(
7B7HH:;< ( @7B ( A879:@7<G7 ( @7 ( B?9 ( C:9C?9` ( NK7 ( 9K9 ( 87A8797<G?<G79 ( 978Z<(
<>C=8?@>9(A>8(9>8G7>(Ab=B:H>(?(H7B7=8?897(7<(7B(.><S879>(@7(B?(%7Ab=B:H?_
0? ( 07Y ( b<:H?C7<G7 ( L:]? ( B>9 ( 87NK:9:G>9 ( C7<H:><?@>9 ( A?8? ( :<G7S8?8 ( B?9(
1>9GKB?@>8?9(?(B>9(:<G7S8?<G79(@7(B>9(H>B7S:>9(A8>L79:><?B79`(A879KC:7<@>(
NK7(B>9(87HG>879`(@7H?<>9(Y(C?S:9G8?@>9(HKCAB:C7<G?<(H><(B?9(7o:S7<H:?9(
CJ<:C>9 ( A?8? ( A?8G:H:A?8 ( @7 ( B?9 ( .>C:9:><79 ( A>8 ( 9;B> ( 7B ( ^7H^> ( @7 ( >HKA?8(
@:H^>9(H?8S>9_
U_=_('B(C7H?<:9C>(A?8?(7B(LK<H:><?C:7<G>(@7(B?9(.>C:9:><79(@7 (
1>9GKB?H:;<(
.><@KHH:;<(q($8S?<:a?H:;<(@7(B?9(.1
0?9 ( .>C:9:><79 ( 79GZ< ( A879:@:@?9 ( A>8 ( 7B ( 87A8797<G?<G7 ( @7 ( B>9 ( 87HG>879(
5?8G9_(Uhg(Y(Uhp(@7(B?(.><9G:GKH:;<D(Y(@7=7<(@79:S<?8(K<(97H87G?8:>(?(H?8S>(
@7(B?9(G?87?9(?@C:<:9G8?G:6?9`(B?(?S7<@?(Y(7B(87S:9G8>(@7(B>9(7oA7@:7<G79_
0?9 ( 87K<:><79` ( 9?B6> ( @:9A>9:H:;< ( H><G8?8:? ( @7 ( B? ( .>C:9:;<` ( @7=7< ( 978(
H><6>H?@?9(H><(?B(C7<>9(@>9(@J?9(@7(?<G:H:A?H:;<(Y(97(87?B:a?<(7<(7B(BKS?8(
NK7 ( @7L:<? ( B? ( A8>A:? ( 1>9GKB?@>8? ( 59?B6> ( B? ( h ( HKY? ( 97@7 ( 79 ( L:]?@? ( A>8 ( 7B(
1879:@7<G7D_((
+>@>(B>(>HK88:@>(7<(7B(G8?<9HK89>(@7(B?9(C:9C?9(@7=7(H><9G?8(7<(?HG?9(
?KG>8:a?@?9(A>8(7B(*7H87G?8:>(Y(9K9H8:AG?9(A>8(G>@>9(B>9(A8797<G79_
1?8?(7B(H?9>(7<(NK7(?BSb<(C:7C=8>(@7(B?(.>C:9:;<(97(?K97<G7(G7CA>8?8:?(
>(@7L:<:G:6?C7<G7(@7=7(?9KC:8(7B(9KAB7<G7(879A7HG:6>`(9:(B>(^K=:78?_(('<(H?9>(
@7(<>(^?=78(9K9G:GKG>(A>@8Z(979:><?8(B?(H>C:9:;<(6ZB:@?C7<G7(C:7<G8?9(<>(
97(?BG787(7B(NK;8KC(C7<H:><?@>_
+?<G>(A?8?(979:><?8(H>C>(A?8?(?A8>=?8(HK?BNK:78(@7H:9:;<(97(87NK:787(B?(
A8797<H:?(Y(6>G>9(@7(Uqk(@7(B>9(C:7C=8>9(@7(B?(.>C:9:;<_
'B(@79?88>BB>(@7(G>@?9(B?9(?HH:><79(@7(B?9(.>C:9:><79(Y(9K9(:<G7S8?<G79(7<(
H?B:@?@ ( @7 ( G?B79 ( 97 ( 8:S7 ( A>8 ( B>9 ( A8:<H:A:>9 ( @7 ( G8?<9A?87<H:?` ( >=]7G:6:@?@`(
7oH7B7<H:?(Y(AK=B:H:@?@_(
'9G>9(A8:<H:A:>9(H><9G:GKY7<(]K<G>(H><(7B(,8GJHKB>(W|(B?(H>BKC<?(678G7=8?B(
@7(B?(87L>8C?_( (*K(6:S7<H:?`(H>CAB7C7<G?8:?(?(B?(@7(B?(07Y(@7(,HH79>(?(B? (
!<L>8C?H:;<` ( H><9>B:@?< ( K< ( 9;B:@> ( 79NK7C? ( @7 ( S?8?<GJ?9 ( @79G:<?@> ( ?(
A>9:=:B:G?8((K<(678@?@78>(H><G8>B(Ab=B:H>(9>=87(B>9(A8>H79>9(@7(97B7HH:;<(@7(
C?S:9G8?@>9_(
(
'<(7B(?8GJHKB>(W(@7(B?(07Y(@7(.>C:9:><79(@7(1>9GKB?H:;<(97(?@>AG?(H>C>(

A8:<H:A:> ( A?8? ( B? ( G>C? ( @7 ( @7H:9:><79 ( B? ( AK=B:H:@?@ ( ?=9>BKG? (@7(B?9(


C:9C?9 (Y ( @7 ( H?@? ( A?9> ( @7B ( A8>H7@:C:7<G> ( NK7 ( 97 ( KG:B:a; ( A?8? (
?@>AG?8B?9 _(('B(G7oG>(@7(B?(<>8C?(79(CKY(H><GK<@7<G7(7<(79G7(?9A7HG>(7<(
HK?<G>(79G?=B7H7m

'9G? ( 7o:S7<H:? ( B7S?B ( 79 ( @7 ( K<? ( :CA>8G?<H:? ( 8?@:H?B ( A?8? ( @>G?8 ( @7(


>A78?G:6:@?@(?(HK?BNK:78(A87G7<9:;<(@7(H><G8>B(H:K@?@?<>_
'BB>(7<(H><9:@78?H:;<(@7(NK7(<>(9;B>(97(A78C:G7(7B(H><G?HG>(@:87HG>(@7(B?(
H:K@?@?<J?(H><(B?9(979:><79(?(A?8G:8(@7(K<?(A>BJG:H?(@7(cAK78G?9(?=:78G?9(
G>G?B79d(A?8?(NK:7<(NK:78?(?HH7@78(?(B?9(C:9C?9(9:<>(NK7`(?@7CZ9`(A?8?(
G>@> ( ?NK7B ( NK7 ( NK:78? ( H><>H78 ( H?@? ( @7G?BB7 ( @7 ( B> ( >HK88:@> ( @K8?<G7 ( B?9(
87K<:><79`(@7=7(SK?8@?897(87S:9G8>(@>HKC7<G?B`(@7(?K@:>(Y(6:@7>(@7(G>@>(B>(
>HK88:@>(7<(9K(@79?88>BB>(I:<HBKY7<@>(B?9(6>G?H:><79I(5:<@7A7<@:7<G7C7<G7(
@7 ( B?9 ( ,HG?9 ( @7 ( 9K9H8:AH:;< ( >=B:S?G>8:? ( A>8 ( G>@>9 ( B>9 ( H>C:9:><?@>9(
A8797<G79D_
0? ( 87L787<H:? ( ? ( B? ( 07Y ( @7 ( ,HH79> ( ? ( B? ( !<L>8C?H:;< ( 1b=B:H? ( @>G? ( ? ( B?(
S?8?<GJ?(@7(AK=B:H:@?@(@7(C?Y>8(LK78a?(^?H:7<@>(L?HG:=B7(9K(K<:6789?B:@?@(
@?@>(NK7(7B(A8>H7@:C:7<G>(NK7(?BBJ(97(79G:AKB;(A?8?(9>B:H:G?8(:<L>8C?H:;<(A>8(
A?8G7(@7(HK?BNK:78(:<G7879?@>(@7=7(87S:897(A>8(B>9(A8:<H:A:>9(@7(S8?GK:@?@`(
97<H:BB7a`(:<L>8C?B:@?@(Y(H7B78:@?@,/_((
'B ( G8ZC:G7 ( <> ( G:7<7 ( H>9G> ( ?BSK<> ( 59?B6> ( NK7 ( @7=?< ( 87?B:a?897(
87A8>@KHH:><79`(H?9>(7<(NK7 (7B('9G?@>(@7=7(:<G7<G?8(NK7(7B(H>9G>(97?(7B(
C7<>8 ( A>9:=B7D ( Y ( AK7@7 ( :<:H:?897 ( 678=?BC7<G7` ( A>8 ( 79H8:G> ( > ( A>8 ( 6J?(
7B7HG8;<:H?` ( :<@:H?<@> ( ~7oHBK9:6?C7<G7I ( 7B ( 9K]7G> ( ?B ( NK7 ( 97 ( @:8:S7 ( B?(
A7G:H:;<` ( NK:O< ( B? ( 7L7HGb? ( Y ( @79H8:=:7<@> ( @7 ( C>@> ( HB?8> ( Y ( A87H:9> ( B?(
:<L>8C?H:;<(NK7(97(9>B:H:G? ,0_((,(9K(67a`(7B(>8S?<:9C>(>=B:S?@>(57<(79G7(H?9>(
B?9(.>C:9:><79(@7(1>9GKB?H:;<D(G:7<7(hV(@J?9 ,1( A?8?(7C:G:8(K<?(879AK79G?(Y(
7<(H?9>(@7(:<HKCAB:C:7<G>(79(9K9H7AG:=B7(@7(978(H><9:@78?@>(A7<?BC7<G7(
879A><9?=B7(A>8(87G7<H:;<(@7(:<L>8C?H:;<_
'9G?9 ( A876:9:><79 ( A78C:G7< ( K< ( ?HH79> ( <> ( 9;B> ( L>8C?B ( 9:<> ( 87?BC7<G7(
:SK?B:G?8:>(?(G>C?8(H><>H:C:7<G>(@7(B>(NK7(9KH7@?(?9J(H>C>(B?(:<L>8C?H:;<(
NK7(97(A8>@KaH?(Y(B?9(@7H:9:><79(NK7(97(?@>AG7<(7<(7B(97<>(@7(B?(H>C:9:;<_
*>=87(7B(A879KAK79G>(A?8?(7B(LK<H:><?C:7<G>(@7(B?9(.>C:9:><79(B?(07Y(<>(
^?H7(87L787<H:?9`(9?B6>(A?8?(7B(H>9G7>(@7(B?9(AK=B:H?H:><79(@7(H><6>H?G>8:?9(
NK7(@7=7(H>8878(A>8(HK7<G?(@7(B?(.>8G7(*KA87C?(@7(3K9G:H:?_
0>9(7oA7@:7<G79(@7(B?9(.>C:9:><79(@7(1>9GKB?H:;<`(K<?(67a(@:9K7BG?9`(
NK7@?<(7<(A>@78(@7B(.><S879>_
U_H_ ( 'B ( C7H?<:9C> ( A?8? ( 97B7HH:><?8 ( ? ( B>9 ( H?<@:@?G>9 ( ? ( 7<6:?8 ( ?B (
.><S879>
,/
,0
,1

Q<? ( 67a ( H><L>8C?@?9 ( Y ( 7< ( LK<H:><?C:7<G>` ( B?9 ( .>C:9:><79` ( @7=7<(


7B?=>8?8(K<(cA78L:B(@7(?9A:8?<G7d`(@:9A>9:H:;<(NK7(B?(B7Y(7o:S7(A?8?(c7B76?8(
B? ( H?B:@?@ ( OG:H?` ( ?H?@OC:H?` ( A8>L79:><?B ( Y ( @7 ( A8>Y7HH:;< ( ^KC?<? ( @7 ( B>9(
LK<H:><?8:>9(Ab=B:H>9(7B7HG>9(C7@:?<G7(79G7(A8>H7@:C:7<G>d_((
0?(A8>A:?(<>8C?(@79?88>BB?(H?@?(K<?(@7(79G?9(H?B:@?@79_((,9J`(97(7<G:7<@7(
A>8m
$")"!"
H?B:@?@ ( OG:H? ` ( B> ( 87B?H:><?@> ( H>< ( B? ( C>8?B`(
^><>8?=:B:@?@` ( 87HG:GK@` ( :<@7A7<@7<H:? ( 7 ( :CA?8H:?B:@?@(
H>CA8>=?@?9(@7BqB?(H?<@:@?G>q?e(
$")"'"
H?B:@?@ ( ?H?@OC:H? ` ( B> ( 6:<HKB?@> ( H>< ( B? ( @>H7<H:?(
K<:6789:G?8:?` ( GJGKB>9 ( ?H?@OC:H>9` ( 79GK@:>9` ( 7<9?Y>9`(
AK=B:H?H:><79` ( A?8G:H:A?H:;< ( 7< ( 767<G>9 ( ?H?@OC:H>9 ( Y ( CO8:G>9(
>=G7<:@>9e
$")"("
H?B:@?@ ( A8>L79:><?B ` ( B> ( 87B?G:6> ( ? ( B? ( 7oA78:7<H:? ( @7B(
?9A:8?<G7 ( Y ( B>9 ( 87NK:9:G>9 ( H><9G:GKH:><?B79-2( Y ( B7S?B79 ( A?8? ( 7B(
H?8S>`(?(9?=78m
$")"("#"
978(SK?G7C?BG7H>q?(@7(>8:S7<
$")"("$"
H><(87H><>H:@?(^><>8?=:B:@?@
$")"("%"
79G?8 ( 7< ( 7B ( S>H7 ( @7 ( 9K9 ( @787H^>9(
H:K@?@?<>9
$")"("&"
978(?=>S?@>(H>B7S:?@>-!
$")"("*"
G7<78(CZ9(@7(iV(?j>9(@7(7@?@(A?8?(B?(.*3(Y(
kg(A?8?(B?(.>8G7(@7(,A7B?H:><79`(Y
$")"("+"
^?=7897(@797CA7j?@>(K<(A78J>@>(H>CAB7G>(
H>C> ( C?S:9G8?@> ( 7< ( B? ( .>8G7 ( @7 ( ,A7B?H:><79 ( >(
G8:=K<?B79(H>B7S:?@>9(NK7(G7<S?<(B?(C:9C?(H?B:@?@(>(
^?=78(7]78H:@>(B?(A8>L79:;<(@7(?=>S?@>(A>8(hV(?j>9(
A?8?(B?(.*3(Y(^?=78(9:@>(]K7a(@7(A8:C78?(:<9G?<H:?(>(
7]78H:@>(g(?j>9(B?(A8>L79:;<(@7(?=>S?@>(A?8?(B?(.>8G7(
@7(,A7B?H:><79_
$")","
A8>Y7HH:;< ( ^KC?<? ` ( B>9 ( ?9A7HG>9 ( ?9>H:?@>9 ( ? ( B?(
6>H?H:;<(@7(9786:H:>(Y(B:@78?aS>_
, ( B>9 ( H?<@:@?G>9 ( NK7 ( 87b<?< ( 79G?9 ( ?AG:GK@79` ( Y ( NK7 ( A>8 ( 7<@7 ( ^?Y?(
9>8G7?@> ( 7B ( A8:C78 ( 79H>BB> ( @7 ( 87NK78:C:7<G>9 ( CJ<:C>9 ( ?@:H:><?B79 ( ? ( B>9(
L>8C?B79`(97(B79(H?B:L:H?8Z(7<(H?@?(K<?(@7(B?9(C:9C?9_
'BB?9(@7=7<(978(C78:GK?@?9(A>8(B?(.>C:9:;<`(>G>8SZ<@>B79(AK<G?]79(NK7`(
7<(9K(G>G?B:@?@`(@7=7<(S8?@K?897(@7B(h(?B(hVV_((0?(G?=B?(NK7(97(7B?=>87(7<(
H><97HK7<H:?(@7=7(978(H><9:@78?@?(H>C>(=?97(A?8?(B?(6>G?H:;<(A>8(A?8G7(
@7(B>9(C:7C=8>9(@7(B?(1>9GKB?@>8?(cH><(7B(>=]7G>(@7(7B?=>8?8(<;C:<?9(@7(
H?<@:@?G>9(H><(K<(?BG>(A78L:Bd-'_

-2
-!
-'

'9G?(@:9A>9:H:;<(@7B(,8GJHKB>(hU(@7(B?(07Y(@7(.>C:9:><79(@7=7(7<G7<@7897(
H>CAB7C7<G?8:? ( @7 ( B?9 ( @:9A>9:H:><79 ( @7 ( 07Y ( @7 ( B? ( .?8878? ( 3K@:H:?B ( 7< ( B>(
87L78:@> ( ? ( B>9 ( AK<G?]79 ( NK7 ( 7B ( .><97]> ( @7 ( B? ( .?8878? ( 3K@:H:?B ( ?9:S<? ( A>8(
7oA78:7<H:? ( A8>L79:><?B ( ? ( B>9 ( C?S:9G8?@>9 ( @7 ( B? ( .*3 ( Y ( @7 ( B?9 ( .>8G79 ( @7(
,A7B?H:><79` ( ?9A7HG> ( NK7 ( @7=7 ( 978 ( H><9:@78?@> ( A>8 ( B?9 ( .>C:9:><79 ( ?B(
76?BK?8(B?9(?AG:GK@79(@7(B>9(A>9GKB?<G79(?(877B7HH:;<-(_
$G8? ( @7 ( B?9 ( C7@:@?9 ( >=B:S?G>8:?9 ( ? ( G>C?8 ( A>8 ( B? ( .>C:9:;< ( @79@7 ( 9K(
:<9G?B?H:;<(79(B?(?A8>=?H:;<(@7(K<?(SKJ?(A?8?(7B(H?9>(7<(NK7(97(H><9:@787(
<7H79?8:>(7<G876:9G?8(?(HK?BNK:78(?9A:8?<G7`(@7(C>@>(NK7(79?(^788?C:7<G?(
A78C:G?(HK?<G:L:H?8(7B(879KBG?@>(@7(B?9(NK7(97(87?B:H7<-,_
Q<? ( 67a ( ?@>AG?@?9 ( 79G?9 ( ?HH:><79 ( B? ( .>C:9:;< ( @7=7 ( 87?B:a?8 ( K<?(
.><6>H?G>8:?(1b=B:H?(?B(A8>H79>(@7(97B7HH:;<(@7(?9A:8?<G79(A>8(C7@:>(@7(
K<?(AK=B:H?H:;<(7<(7B(@:?8:>(>L:H:?B(Y(7<(@>9(@7(C?Y>8(H:8HKB?H:;<(@7B(A?J9_(
*7(A876O(7<(B?(<>8C?(B?(>=B:S?H:;<(@7(@:LK<@:8(:<L>8C?H:;<(HB?8?(Y(@7G?BB?@?(
~>=]7G>` ( 87NK:9:G>9` ( H?<G:@?@ ( @7 ( <>C:<?H:><79 ( ? ( 7L7HGK?8` ( L7H^? ( BJC:G7 ( Y(
BKS?8(@7(A8797<G?H:;<(@7(B?(H?<@:@?GK8?I(9>=87(7B(A8>H79>(@7(97B7HH:;<(A?8?(
B>9(A>G7<H:?B79(?9A:8?<G79_
1?8? ( B? ( A8797<G?H:;< ( @7 ( H?<@:@?GK8?9 ( B? ( .>C:9:;< ( @7=7 ( 7B?=>8?8 ( K<(
L>8CKB?8:> ( ? ( 7<G87S?8 ( A>8 ( B>9 ( A>9GKB?<G79 ( ]K<G> ( H>< ( B? ( @>HKC7<G?H:;<(
7o:S:@?_
R7<H:@? ( B? ( L7H^? ( BJC:G7 ( A?8? ( B? ( A8797<G?H:;< ( @7 ( ?9A:8?<G79 ( @7=7(
A8>H7@7897(?(B?(7B?=>8?H:;<(@7(B:9G?(@7(H?<@:@?G>9(Y(?(B?(H><L>8C?H:;<(@7(
K<(7oA7@:7<G7(A>8(H?@?(A?8G:H:A?<G7_
,(A?8G:8(@7(7<G><H79(97(A8>@KH7(7B(A8:C78(L:BG8>(A>8(7B(NK7(B?(.>C:9:;<(
@7=7 ( 7oHBK:8` ( A>8 ( @7H:9:;< ( LK<@?@?` ( ? ( G>@>9 ( B>9 ( H?<@:@?G>9 ( NK7 ( <>(
HKCAB:78><(B>9(87NK:9:G>9(B7S?B79(Y(@7(B?(H><6>H?G>8:?_()79@7(B?(<>G:L:H?H:;<`(
NK7 ( @7=7 ( AK=B:H?897 ( 7< ( 7B ( @:?8:> ( >L:H:?B` ( NK:7<79 ( 879KBG?8?< ( 7oHBK:@>9(
HK7<G?< ( H>< ( G879 ( @J?9 ( A?8? ( 7L7HGK?8 ( K< ( @79H?8S> ( NK7 ( <> ( 9K9A7<@7 ( 7B(
G8ZC:G7(B?(@7H:9:;<(@7(B?(.>C:9:;<_
0?(07Y(@7(.>C:9:><79(@7(1>9GKB?H:;<(:<H>8A>8?(7<(9K(?8GJHKB>(hp`(?@7CZ9(
@7B(:<HKCAB:C:7<G>(@7(HK?BNK:78?(@7(B>9(87NK:9:G>9(B7S?B79`(6?8:?9(H?K9?B79(
@7(7oHBK9:;<(@7(H?<@:@?G>9(LK<@?@>9(7<(B?(OG:H?(Ab=B:H?_
0?(H>CAB7C7<G?8:7@?@(@7(79G?9(@:9A>9:H:><79(H><(7B()7H87G>(hyIUVVg(~
G7<@:7<G7(?(S?8?<G:a?8(B?(:CA?8H:?B:@?@(@7(B?9(.>C:9:><79I(Y(H><(7B(wWIUVVU(
@>G?(?B(9:9G7C?(@7(97B7HH:;<(@7(K<(:CA>8G?<G7(79GZ<@?8(@7(G8?<9A?87<H:?(?(
A?8G:8(@7(K<(AB7o>(A8767<G:6>(@7(H><LB:HG>9(@7(:<G78O9(NK7(97(7oG:7<@7(@79@7(
7B ( C>C7<G> ( ?<G78:>8 ( ? ( K<? ( A>9:=B7 ( @79:S<?H:;< ( ^?9G? ( 7B ( @797CA7j> ( @7(
LK<H:><79(K<?(67a(7B7HG>(7<(7B(H?8S>_

(R78(7oH7AH:><79(?(B?9(A8>^:=:H:><79(7<(7B()7H87G>(hyIUVVg

-(
-,

,@7CZ9 ( @7=7 ( H><9:@78?897 ( ?AB:H?=B7 ( B? ( 07Y ( @7 ( 18>=:@?@ ( 5)7H87G> ( wWI


UVVUD ( ( NK7 ( 7< ( 9K ( ?8GJHKB> ( hy ( 79G?=B7H7 ( B>9 ( !CA7@:C7<G>9 ( A?8? ( >AG?8 ( ?(
H?8S>9 ( Y( 7CAB7>9 ( Ab=B:H>9_ ( (c"> ( A>@8Z<( >AG?8 (?B (@797CA7j> (@7 ( H?8S> ( >(
7CAB7> ( Ab=B:H> ( NK:7<79 ( G7<S?< ( :CA7@:C7<G> ( @7 ( H><L>8C:@?@ ( H>< ( B7Y79(
79A7HJL:H?9`(Y(7<(<:<Sb<(H?9>(NK:7<79(<>(@7CK79G87<(L7^?H:7<G7C7<G7(B>9(
CO8:G>9 ( @7 ( H?A?H:@?@` ( :@><7:@?@ ( Y ( ^><8?@7a_ ( ( +?CA>H> ( A>@8Z< ( >AG?8 ( ?(
<:<Sb<(H?8S>(>(7CAB7>(Ab=B:H>m({K:7<79(<>(79GO<(7<(7B(AB7<>(7]78H:H:>(@7(
9K9 ( @787H^>9 ( H:6:B79 ( Y ( A>BJG:H>9 ( > ( ^?Y?< ( 9:@> ( :<^?=:B:G?@>9 ( A?8? ( 7]78H78(
H?8S>9 ( Ab=B:H>9l_d_ ( ( !SK?BC7<G7 ( 7B ( ?8GJHKB> ( hw ( @7 ( 79G? ( B7Y ( :CA:@7 ( ? ( B>9(
LK<H:><?8:>9 ( Ab=B:H>9 ( ~7<G87 ( B>9 ( NK7 ( A>8 ( 9KAK79G> ( 97 ( HK7<G?< ( B>9(
C?S:9G8?@>9I(B?(87?B:a?H:;<(@7(G8?=?]>9(>(?HG:6:@?@79(87CK<78?@?9(>(<>(7<(
^>8?8:>9(NK7(<>(9><(@7(9K(G8?=?]>`(NK7(79GO<(7<(H><LB:HG>(H><(9K9(@7=7879(Y(
879A><9?=:B:@?@79`(>(HKY>(7]78H:H:>(AK7@?(A><78(7<(8:79S>(B?(:CA?8H:?B:@?@(
@7(9K9(@7H:9:><79(A>8(8?a;<(@7B(H?8S>(>(7CAB7>_(('<(B?(C:9C?(:<G7<H:;<`(7B(
?8GJHKB> ( hW ( B79 ( A8>^J=7 ( c):8:S:8` ( ?@C:<:9G8?8` ( A?G8>H:<?8` ( 87A8797<G?8 ( >(
A879G?8(9786:H:>9`(87CK<78?@>9(>(<>`(?(A789><?9(:<@:6:@K?B79(>(]K8J@:H?9(NK7(
S79G:><7<`(7oAB>G7<(H><H79:><79(>(A8:6:B7S:>9(@7(B?(?@C:<:9G8?H:;<(Ab=B:H?(
>`(NK7(LK787<(9K9(A8>A:>9(A8>677@>879(>(H><G8?G:9G?9_d
.KCAB:@> ( 79G7 ( A?9> ( B? ( .>C:9:;< ( @7=7 ( 7B?=>8?8 ( K<? ( <;C:<? ( @7 ( B>9(
H?<@:@?G>9(NK7(A?8G:H:A?8Z<(@7B(A8>H79>(@7(97B7HH:;<(Y(A8>H7@78(?(678:L:H?8(
B>9 ( ?<G7H7@7<G79 ( @7G?BB?@>9 ( 7< ( B? ( :<L>8C?H:;< ( A8>A>8H:><?@? ( A>8 ( B>9(
A>9GKB?<G79_
1?8?(7B(HKCAB:C:7<G>(@7(79G?(G?87?(B?(B7Y(:CAKB9?(?(G>@>9(B>9(>8S?<:9C>9(
Ab=B:H>9(Y(A8:6?@>9(~7<K<H:?<@>(7<(9K(G7oG>(9;B>(?BSK<>9 --I(?(NK7(A879G7<(B?(
H>B?=>8?H:;<(NK7(B?(.>C:9:;<(87NK:78?_((
):H^? ( >=B:S?H:;< ( 97 ( 87LK78a? ( ? ( G8?6O9 ( @7B ( ?8GJHKB> ( Uh ( 79A7HJL:H?C7<G7(
87@?HG?@> (? ( G?B( 7L7HG> ( 7<( B? ( C7@:@? ( 7<( NK7` ( (?@7CZ9 ( @7 (>=B:S?8B>9 ( ? (B?(
87C:9:;< ( @7 ( :<L>8C?H:;< ( NK7 ( 97 ( 9>B:H:G7` ( B? ( .>C:9:;< ( AK7@7 ( 7<G876:9G?8 ( ?(
C:7C=8>9 ( @7 ( 7<G:@?@79 ( Ab=B:H?9 ( > ( A8:6?@?9 ( Y ( O9G?9 ( c@7=78Z< ( A879G?8 ( B?(
H>B?=>8?H:;<(@7=:@?d_
, ( L:< ( @7 ( NK7 ( HK?BNK:78 ( A789><? ( NK7 ( H><>aH? ( K< ( :CA7@:C7<G> ( AK7@?(
^?H78B>(9?=78(A>8(79H8:G>(?(B?(.>C:9:;<`(B?(B:9G?(H><(G>@>9(B>9(?9A:8?<G79(NK7(
HKCAB?<(B>9(87NK:9:G>9(B7S?B79(@7=7(978(AK=B:H?@?(7<(7B(@:?8:>(>L:H:?B(Y(7<(
@>9(A78:;@:H>9(@7(C?Y>8(G:8?@?_( (0?(:<L>8C?H:;<(87H?=?@?(978Z(678:L:H?@?(
A>8 ( B? ( .>C:9:;< ( Y ( c7oHBKY7<@> ( B? ( NK7 ( <> ( AK7@? ( 978 ( H><L:8C?@?` ( Y(
<>G:L:H?8Z< ( ?B ( @J? ( 9:SK:7<G7 ( ?B ( A8>L79:><?B` ( NK:7< ( @7=78Z ( 978 ( 79HKH^?@>(
@7<G8>(@7(K<(AB?a>(@7(H:<H>(@J?9`(H><(7B(>=]7G>(NK7(A8797<G7(9K9(A8K7=?9(@7(
@79H?8S>(9:(B?9(GK6:787d(5?8G_(UV(0.1D_
.KCAB:@?(79G? (7G?A?( 97( A8>H7@7 (?B(?<ZB:9:9( @7(B>9 (7oA7@:7<G79(A?8?( B?(
76?BK?H:;<(@7(B>9(H?<@:@?G>9(?=?8H?@>9(A>8(B>9(87NK:9:G>9(Y(NK7(H?87H:78?<(
@7(:CA7@:C7<G>9_
1?8?(B?(76?BK?H:;<(97(@7=7(KG:B:a?8(B?(G?=B?(@7(S8?@?H:;<(?<G78:>8C7<G7(
87L78:@?`(?(A?8G:8(@7(B?(NK7(97(7o:S7(B?(H><L7HH:;<(@7(K<(B:9G?@>(7<H?=7a?@>(
--

A>8 ( 7BqB>9 ( H?<@:@?G>q9 ( @7 ( C?Y>8 ( AK<G?]7 ( Y ( H>CAB7G?@> ( 7< ( L>8C?(


@79H7<@7<G7(^?9G?(7BqB>9(@7(C7<>8(H?B:L:H?H:;<_
'B(:<:H:>(@7B(A8>H7@:C:7<G>(A?8?(B?(7B?=>8?H:;<(@7(B?9(<;C:<?9(?(7<6:?8(?B(
.><S879>(97(A8>@KH7(H><(B?(6>G?H:;<(A>8(7B(H?<@:@?G>(C7]>8(K=:H?@>(7<(7B(
B:9G?@>(A8>@KHG>(@7(B?9(76?BK?H:><79`(87A:G:7<@>(7B(C:9C>(A8>H7@78(H><(B>9(
9K=9:SK:7<G79(^?9G?(^?=78(>=G7<:@>(6>G>9(L?6>8?=B79(A?8?(B?(>HKA?H:;<(@7(
B?(G>G?B:@?@(@7(B?9(6?H?<G79_((1?8?(:<H>8A>8?8(K<(H?<@:@?G>(?(B?(<;C:<?(L:<?B(
@7=7(H><G?8(H><(7B(6>G>(?L:8C?G:6>(@7(@>9(G78H:>9(@7(B>9(C:7C=8>9(@7(B?(
.>C:9:;<_
,B(C7<>9(UV(@J?9(?<G79(@7(B?(L:<?B:a?H:;<(@7B(C?<@?G>(@7(B>9(C?S:9G8?@>9(
9?B:7<G79(B?(.>C:9:;<(@7=7(7<6:?8(B>9(7oA7@:7<G79`(G>@?(B?(@>HKC7<G?H:;<(
?<7o?(?(B>9(C:9C>9(Y(B?9(<;C:<?9(@7(H?<@:@?G>9(NK7(97(A>9GKB?<(A?8?(NK7(
7B(.><S879>(A8>H7@?(?(B?(7B7HH:;<(L:<?B_( ('<(7B(C:9C>(C>C7<G>(7<(NK7(97(
87C:G7<(B?9(B:9G?9(@7=7(A8>H7@7897(?(@?8B?9(?(AK=B:H:@?@(7<(7B(@:?8:>(>L:H:?B(Y(
7<(@>9(@:?8:>9(@7(C?Y>8(H:8HKB?H:;<(@7B(A?J9_
)79@7(79G7(C>C7<G>(^?9G?(B?(G>C?(@7(A>979:;<(@7(B>9(C?S:9G8?@>9(NK7(
<>C=87(7B(.><S879>(B?(.>C:9:;<(@7=7(C?<G7<7897(:<G7S8?@?(cA?8?(7L7HG>(
@7(879>B678(A8>=?=B79(:CAKS<?H:><79(B7S?B79d_( (+>@?(A8797<G?H:;<(NK7(97(
87?B:H7 ( 7< ( C:8?9 ( @7 ( ?G?H?8 ( B? ( @7H:9:;< ( @7 ( B? ( .>C:9:;< ( @7=7 ( 7L7HGK?897(
@7<G8>(@7(B?9(pU(^>8?9(@7(AK=B:H?@?9(B?9(<;C:<?9(Y(879>B67897(@7<G8>(@7B(
C:9C>(AB?a>(?(A?8G:8(@7(H><9:S<?@?(B?(:CAKS<?H:;<(?<G7(B?(.>C:9:;<_

U_@_(0?(A?8G:H:A?H:;<(@7B(.><S879>
,<G79(@7B(C>C7<G>(7<(NK7(7B:S7(?(B>9(C?S:9G8?@>9(9>=87(B?(=?97(@7(B?(
B:9G?(@7(H?<@:@?G>9(NK7(87H:=7(@7(B?(.>C:9:;<(@7(1>9GKB?H:;<`(G?B(H>C>(97(
97j?B?8?` ( B? ( :<G7867<H:;< ( @7B ( .><S879> ( @7 ( B? ( %7Ab=B:H? ( 97 ( B:C:G? ( ? ( B?(
87?B:a?H:;<(@7(@>9(H><6>H?G>8:?9m
!" A?8?(B?(H><L>8C?H:;<(@7(B?9(.>C:9:><79(@7(1>9GKB?H:;<`(Y
'" A?8? ( 7B ( 9>8G7> ( Ab=B:H> ( @7 ( B>9 ( A879:@7<G79 ( @7 ( .>C:9:;< ( ?(
H7B7=8?897(7<(7B(1?B?H:>(07S:9B?G:6>_
0?9(87L787<H:?9(H><9G:GKH:><?B79(Y(<>8C?G:6?9(?B(8>B(@7B(.><S879>(7<(79G7(
A8>H79>(9><(CKY(79HK7G?9`(H><(B>(NK7`(H><(A>9G78:>8:@?@(?(B?(87H7AH:;<(@7(
B?9 ( <;C:<?9 ( @7 ( A?8G7 ( @7 ( B?9 ( .>C:9:><79` ( B? ( <>8C?G:6? ( 9;B> ( 79G:AKB? ( NK7(
@7=7<(A8>H7@78(?(B?(7B7HH:;<(L:<?B_
.><9:@78?<@>(B>9(AB?a>9(@7(87L787<H:?`(Y(7<(H?9>(@7(7oG7<@7897(^?9G?(B>9(
CZo:C>9 ( B7S?B79 ( A876:9G>9 ( A?8? ( B? ( 87C:9:;< ( @7 ( <;C:<?9` ( NK7@?< ( ?B(
.><S879>(7<G87(hk(Y(hi(@J?9(.?B7<@?8:>(A?8?(?@>AG?8(B?(@7H:9:;<(L:<?B-._((
,]K9GZ<@>97(?(B?(B7G8?(@7(B?(B7Y`(B>9(B7S:9B?@>879(9;B>(@7=78J?<(87H:=:8(B?9(
<;C:<?9(@7(B?9(.>C:9:><79(Y(A8>H7@78(?(B?(6>G?H:;<(A?8?(B?(>HKA?H:;<(@7(
-.

H?8S>9-/_((1>8(7B(H><G8?8:>`(9:(7B(?8G:HKB?@>(97(B77(7<(H><9><?<H:?(H><(7B(879G>(
@7(B?9(?G8:=KH:><79(A876:9G?9(A>8(B?(07Y($8SZ<:H?(@7B($8S?<:9C>(07S:9B?G:6>(
5)7H87G>(ykIWiD`(7B(1?8B?C7<G>(G:7<7(CbBG:AB79(A>9:=:B:@?@79(@7(:<G7867<H:;<(
A876:?9(?(B?(6>G?H:;<_
'B ( ?8GJHKB> ( ky| ( @7 ( B? ( 0$$3 ( NK7 ( L?HKBG? ( ? ( B?9 ( .>C:9:><79 ( @7 ( +8?=?]> ( ?(
H7B7=8?8 ( ?K@:7<H:?9 ( Ab=B:H?9 ( cH>C> ( A?8G7 ( @7B ( A8>H79> ( @7 ( 79GK@:> ( Y(
@:HG?C7<(@7(B?9(:<:H:?G:6?9(NK7(B7(97?<(87C:G:@?9d(AK7@7(:<G78A87G?897(7<(
L>8C?(?CAB:?(<>(9;B>(7<(HK?<G>(?(9K(>=]7G>(9:<>(G?C=:O<(7<(B>(?G:<7<G7(?(B?(
:<9G?<H:?(@7B(.><S879>(?(B?(NK7(97(?AB:H?_((
'BB> ( :CAB:H? ( NK7` ( ?@7CZ9 ( @7 ( B?9 ( :<:H:?G:6?9 ( @7 ( B7Y` ( 7B ( H><G7<:@> ( @7 ( B?9(
<;C:<?9(7<6:?@?9(A>8(B?9(.>C:9:><79(@7(1>9GKB?H:;<(G?C=:O<(A>@8J?<(978(
>=]7G>(@7(?K@:7<H:?9(Ab=B:H?9(<>(879G8:<S:@?9(?(B?9(.>C:9:><79(9:<>(?B(AB7<>(
@7(B?(,9?C=B7?(07S:9B?G:6?_((
,9:C:9C>`(7B(.><S879>(AK7@7(87NK78:8(:<L>8C79(>(7L7HGK?8(H><9KBG?9(?(B>9(
87C:9>879(@7(B?(:<:H:?G:6?`(7<(79G7(H?9>(9>=87(7B(H><G7<:@>(@7(B?9(<;C:<?9(?(
B?9(.>C:9:><79(@7(1>9GKB?H:;<_
'< ( 79G? ( B7HGK8? ( @7 ( B? ( <>8C?G:6? ( 6:S7<G7` ( !@O<G:H> ( A8>H7@78 ( AK7@7(
?@>AG?897(879A7HG>(@7(B>9(H?<@:@?G>9(NK7(:<G7S8?<(B?9(<;C:<?9(?(A?8G:8(@7(
B?(87?B:a?H:;<(@7(7<G876:9G?9(A>8(A?8G7(@7B(.><S879>(7<(979:><79(H><6>H?@?9(
?(G?B(7L7HG>_
1?8?(B?(7B7HH:;<(L:<?B(@7(B>9(C?S:9G8?@>9(B>9(?8GJHKB>9(Wy(Y(hVU(@7(B?(0$$3(
79G:AKB?<`(BB?C?G:6?C7<G7(A?8?(7B(;8S?<>(87A8797<G?G:6>(@7(B?(H:K@?@?<J?(
A>8(7oH7B7<H:?`(B?(6>G?H:;<(A>8(HO@KB?(Y(97H87G?(A>8(A?8G7(@7(B>9():AKG?@>9_
,%+E.Q0$ ( Wy_I ( R>G?H:;< ( A>8 ( .O@KB?_ ( 0? ( 6>G?H:;<(
A>8(HO@KB?(978Z(97H87G?(Y(9:7CA87(97(^?8Z(HK?<@>(^?Y?(
NK7(^?H78(?BSb<(<>C=8?C:7<G>`(79H8:=:O<@>97(7<(7BB?(7B(
<>C=87 (@7B(H?<@:@?G>(NK7(H?@?():AKG?@>(NK:9:787 (NK7(
LK787(<>C=8?@>_((0?9(HO@KB?9(978Z<(87H>S:@?9(7<(K8<?9(
A>8 (@>9 ( K]:7879_( (1?8? ( B? ( 6?B:@7a (@7B (6>G>( 79( C7<79G78(
NK7(7B(H?<@:@?G>(A>8(NK:7<(97(6>G?(^?Y?(9:@>(A>9GKB?@>(
Y(A8>AK79G>(7<(7B(1B7<>(A?8?(H><>H:C:7<G>(@7(G>@>9(B>9(
@:AKG?@>9_
,%+E.Q0$ ( hVU_I ( 'B7HH:;< ( A>8 ( .O@KB?9_ ( '< ( B?(
7B7HH:;< ( A?8? ( H?8S>9 ( @7 ( G>@? ( HB?97` ( 97 ( A8>H7@78Z`(
A8:C78?C7<G7`(?(87A?8G:8(?(H?@? (K<>(@7 (B>9():AKG?@>9(
K<? ( HO@KB? ( 7< ( =B?<H>_ ( *7SK:@?C7<G7 ( B>9 ( @:AKG?@>9(
@7A>9:G?8Z<(B?9(HO@KB?9(7<(B?9(NK7(H><9G7(7B(6>G>(7<(K<?(
K8<?(NK7(978Z(A?9?@?(A>8(B>9(K]:7879`(>(=:7<`(NK7(79G?8Z(
H>B>H?@? ( L87<G7 ( ?B ( 1879:@7<G7 ( Y ( @>9 ( *7H87G?8:>9`(
@7A>9:G?<@> ( B>9 ( ):AKG?@>9` ( K<> ( 7< ( A>9 ( @7B ( >G8>` ( B?9(
HO@KB?9(@>=B?@?9(7<(G?B(L>8C?(NK7(<>(AK7@?<(978(B7J@?9(
9:<(@79@>=B?897_

-/

*: ( =:7< ( 79G?9 ( <>8C?9 ( AK7@7< ( H><9:@78?897 ( 7< ( H><G8?@:HH:;< ( H>< ( 7B(


?8GJHKB>(kV(@7(B?(.><9G:GKH:;<(@7(B?(%7Ab=B:H?(NK7(79G?=B7H7(NK7(c+>@>9(B>9(
?HG>9(@7(B?(?@C:<:9G8?H:;<(9><(Ab=B:H>9d(Y`(7<(H><97HK7<H:?`(S7<78?8(@K@?9(
9>=87(9K(?AB:H?H:;<`(B?9(C:9C?9(^?<(9:@>(@79A7]?@?9(A>8(B?(H:G?@?(07Y(@7(
,HH79>(?(B?(!<L>8C?H:;<(1b=B:H?_
'B()7H87G>(gpIUVVw(LK7(?A8>=?@>(A>8(7B(A8>A:>(.><S879>(@7(B?(%7Ab=B:H?`(
7<G87(>G8?9(H>9?9`(A?8?(ck_(2?8?<G:a?8(B?(G8?<9A?87<H:?(@7(B?(?@C:<:9G8?H:;<(
Ab=B:H? ( Y( @7 (B>9 (9K]7G>9 ( >=B:S?@>9 (Y( 7B( @787H^> (@7 ( G>@? ( A789><? (? ( G7<78(
?HH79> ( B:=87 ( ? ( B? ( :<L>8C?H:;< ( Ab=B:H?e ( i__'9G?=B7H78 ( H>C> ( >=B:S?G>8:> ( 7B(
A8:<H:A:> ( @7 ( CZo:C? ( AK=B:H:@?@ ( ( Y ( G8?<9A?87<H:? ( 7< ( B? ( ?@C:<:9G8?H:;<(
Ab=B:H? ( Y ( A?8? ( B>9 ( 9K]7G>9 ( >=B:S?@>9 ( 7< ( B? ( A8797<G7 ( B7Ye ( g_ ( '9G?=B7H78` ( ?(
C?<78? ( @7 ( 7oH7AH:;< ( Y ( @7 ( C?<78? ( B:C:G?G:6?` ( B>9 ( 9KAK79G>9 ( 7< ( NK7 ( 97(
879G8:<]?(7B(?HH79>(?(B?(:<L>8C?H:;<(Ab=B:H?e( (y_(#?6>87H78(A>8(7B('9G?@>(B?(
87<@:H:;<(@7(HK7<G?9(?(B>9(S>=78<?@>9`(@7(C?<78?(NK7(AK7@?<(?K@:G?8(7B(
@797CA7j>(@7(B?(?@C:<:9G8?H:;<(Ab=B:H?d_
*7 ( :<HBKY7` ( ?@7CZ9` ( @7<G8> ( @7 ( B>9 ( 9K]7G>9 ( >=B:S?@>9 ( A>8 ( 7B ( )7H87G> ( ?B(
$8S?<:9C>(07S:9B?G:6>(Y(G>@?9(9K9(@7A7<@7<H:?9(5?8G_(y|D`(79A7HJL:H?C7<G7(
^?H:7<@> ( 87L787<H:? ( ? ( G>@? ( B? ( :<L>8C?H:;< ( NK7 ( 7B ( .><S879> ( @7=7 ( ^?H78(
Ab=B:H? ( 5?8G_ ( hkD_ ( ,B ( C:9C> ( G:7CA>` ( 8?a><?=B7C7<G7` ( <> ( :<H>8A>8? ( ? ( B>9(
6>G>9 (@7( B>9():AKG?@>9 (<:(9K9( :@7<G:@?@79(?B(C>C7<G>(@7 (B?9 (6>G?H:><79(
@7<G8> ( @7 ( <:<SK<? ( @7 ( B?9 ( 7oH7AH:><79 ( A876:9G?9 ( A>8 ( B? ( B7Y` ( Y? ( NK7 ( <>(
H><9G:GKY7<` ( 7< ( B>9 ( GO8C:<>9 ( @7 ( B? ( C:9C?` ( :<L>8C?H:;< ( 879786?@?`(
HB?9:L:H?@?(<:(H><G:7<7<(@?G>9(97<9:=B79_
0?(9KA879:;<(@7(B?(C>@?B:@?@(@7(6>G>(97H87G>(?(8?Ja(@7(B?(?A8>=?H:;<(@7B(
)7H87G> ( gpIUVVw ( NK7@? ( HB?8? ( H>< ( B? ( 7oA879? ( @78>S?H:;< ( @7 ( G>@?9 ( B?9(
<>8C?9(NK7(97(>A><S?<(?(B>(@:9AK79G>(7<(9K(?8G:HKB?@>(5?8G_(phD_
#:<?BC7<G7(7B(.><S879>(@7=7(@:HG?8(7B(?HK78@>(NK7(@7HB?8?8Z(7B7HG>9(?(B>9(
H?<@:@?G>9 ( @7 ( B? ( <;C:<?9 ( 7<6:?@?9 ( A>8 ( B?9 ( .>C:9:><79 ( @7 ( 1>9GKB?H:;<(
5H><L>8C7(7B(?8GJHKB>(hVy(@7(B?(0$$3D_

k_(,"T0!*!*(.%E+!.$()'0(1%$.'*$()'(*'0'..!/"(UVVW
,(B?(87L>8C?(@7B(C7H?<:9C>(@7(97B7HH:;<(@7(C?S:9G8?@>9(97(?88:=?(H>C>(
H><97HK7<H:?(@7(AKB9:><79(87L>8C:9G?9(Y(879:9G7<H:?9(?B(H?C=:>(7<(7B(
H><G7oG>(^:9G;8:H>IA>BJG:H>(NK7(LK78?(@79H8:AG>_
'9G?(@:<ZC:H?(@7(G7<9:><79(<>(97(B:C:G;(?B(A78J>@>(@7(G:7CA>(7<(NK7(97(
@7=?G:;(7B(A8>Y7HG>(@7(B7Y(>8:S:<?B(Y(^?9G?(9K(?A8>=?H:;<(9:<>(NK7(97(
A8>B><S;`(H><(<K76?9(Y(6?8:?@?9(L>8C?9`(?(B>(B?8S>(@7(B?(:CAB7C7<G?H:;<(@7(
B?(<K76?(<>8C?G:6?_
(
{K7@; ( HB?8> ( 7< ( 7B ( AK<G> ( h ( NK7 ( B? ( 0.1 ( <> ( 79G?=? ( @79G:<?@? ( ? ( 978(
?A8>=?@?(7<(7B(UVVW(Y(NK7(B?(H>YK<GK8?(S7<78?@?(A>8(7B(.?9>(%>97<=78S(
>=B:S;(?B(2>=:78<>(?(=K9H?8(K<?(6ZB6KB?(@7(79H?A7(@7(B?(A879:;<(9>H:?B(NK7(
A7<@J?(9>=87(9J(Y`(A?8G:HKB?8C7<G7`(9>=87(B?(A789><?(@7B(1879:@7<G7_((
.>C>(97(87L:8:;`(K<?(@7(79?9(BB?679(C?79G8?9(A?8?(?B:S78?8(B?9(G7<9:><79(
879KBG; ( B? ( !<:H:?G:6? ( kWWp` ( ?A>8G?@? ( A>8 ( K<? ( @:AKG?@? ( >A>9:G>8?` ( H><(
H87@:=:B:@?@ ( Y ( H>< ( S8?< ( ?A>Y> ( @7 ( B? ( 9>H:7@?@ ( H:6:B ( >8S?<:a?@? ( Y ( B?(
H>CK<:@?@(:<G78<?H:><?B_
'B ( S:8> ( @7 ( kyV ( S8?@>9 ( NK7 ( 97 ( @?` ( 7<G><H79` ( 879A7HG> ( @7 ( B? ( 87L>8C?(
@79H><H78G;(?(G>@>9(B>9(97HG>879(NK7(67<J?<(879:9G:7<@>(9K(?6?<H7`(:<HBK9>(
? ( B>9 ( ?B:<7?@>9 ( H>< ( 7B ( A8>A:> ( S>=:78<> ( Y ( 79 ( A>9:=B7 ( H><]7GK8?8 ( NK7 ( B?(
67B>H:@?@(A>9G78:>8(@7(B>9(?H><G7H:C:7<G>9(G?C=:O<(G>C?8?(A>8(9>8A879?(?(
B>9(A8>A:>9(:CAKB9>879(@7B(A8>Y7HG>_
'9G?(9:GK?H:;<(97(>=9786?(7<(B?9(A8:C78?9(87?HH:><79(@7(G>@>(7B(?8H>(@7(
879:9G7<H:?(?(B?(87L>8C?`(NK7(:<G7<G;(^?9G?(7B(@J?(@7(9K(?A8>=?H:;<(9KA8:C:8(
B?(AK=B:H:@?@(@7(B?9(979:><79(@7(B?9(.>C:9:><79`(B?(87A8797<G?H:;<(@7(B?9(
C:<>8J?9(7<(7B(.,"2(Y(A?8?(B>9(87A8797<G?<G79(@7(B>9(C?S:9G8?@>9 -0`(Y`(K<?(
67a(?A8>=?@?`(@:B?G?8(B?(A8>CKBS?H:;<(@7(B?(<>8C?(Y(?(:<9G?B?8(@K@?9(9>=87(
9K(?8G:HKB?@>_(
0? ( 87A7<G:<? ( A787a? ( Y ( B?9 ( @:B?H:><79 ( A?8? ( ?@>AG?8 ( B>9 ( A8:C78>9 ( A?9>9(
L>8C?B79(A876:9G>9(7<(B?(<K76?(B7Y`(879A7HG>(@7(B?9(NK7(97(?B7S?8?<(8?a><79(
:CA8>6:9?@?9(9>=87(B?(C?8H^?`(9><(CK79G8?(@7B(79GKA>8(Y(@7(B?(<7H79:@?@(
@7(87A7<9?8(79G8?G7S:?9(?<G7(K<(79H7<?8:>(:CA7<9?@>_
'B ( .><S879> ( @:B?G; ( B? ( 87C:9:;< ( @7 ( B? ( B7Y ( ?B ( 1879:@7<G7 ( A?8? ( 9K(
A8>CKBS?H:;<`(7B(.,"2(@7C>8;(B?(H><6>H?G>8:?(?(7B7HH:><79`(B?(:<C7@:?G?(
c@K@?d ( @7 ( B>9 ( 87HG>879 ( 9>=87 ( B? ( 9KAK79G? ( H><G8?@:HH:;< ( 7<G87 ( 7B ( G7oG>(
H><9G:GKH:><?B(Y(7B(?8GJHKB>(g|(@7(B?(0.1(Y`(H><97HK7<G7C7<G7`(7B(.><S879>(
L87<; ( 7B ( BB?C?@> ( A?8? ( B? ( 87?B:a?H:;< ( @7B ( 9>8G7> ( ? ( L:< ( @7 ( 7B7S:8 ( ? ( B>9(
1879:@7<G79(@7(B?9(.>C:9:><79_
0?(<7H79:@?@(@7B(87AB?<G7>(879KBG?=?(?A87C:?<G7(A?8?(B>9(97HG>879(NK7(
=B>NK7?8><(B?(87L>8C?(Y?(NK7(B>9(?HK78@>9(A?8?(B?(7B7HH:;<(@7(C?S:9G8?@>9(
Y?(^?=J?<(9:@>(97BB?@>9_

-0

'B(87H^?a>(@7(B>9(A?8G:@>9(A>BJG:H>9(?(@?8(A8:>8:@?@(?B(G8ZC:G7(@7(B?(07Y(7<(
7B(.><S879>(?9J(H>C>(B?(?A8>=?H:;<(@7B(,HK78@>("f(hiIUVVW(@7(B?(.*3(NK7(
A87G7<@J? ( @?8 ( HK7<G? ( @7 ( K<? ( L?B9? ( A8>C>H:;< ( @7 ( B? ( ?K@:G>8J? ( 9>H:?B ( ?B(
A8>H79>` ( LK78>< ( B? ( H?8? ( A>BJG:H? ( Y ( ]K@:H:?B ( @7B ( A?HG> ( A877o:9G7<G7 ( NK7(
H><6?B:@?=?(7B(97H87G>`(B?(7oHBK9:;<(@7(B?9(C:<>8J?9(@7(B?9(1>9GKB?@>8?9(Y(7B(
:<LBK]> ( @7H:9:6> ( @7 ( @7G78C:<?@>9 ( 97HG>879 ( @7 ( A>@78 ( 7< ( B? ( 7B7HH:;< ( @7(
C?S:9G8?@>9_
'B ( 0:H7<H:?@> ( %:H?8@> ( *?S?9GKC7` ( 1879:@7<G7 ( @7B ( +8:=K<?B ( 'B7HG>8?B ( @7B(
.,"2(87H><>H:;(79G7(A?HG>(A876:>m
c'B ( ?979:<?G> ( @7 ( %>@8:S> ( %>97<=78S ( 7<H:7<@7 ( B?(
C7H^?(Y(?BBJ(97(@797<H?@7<?<(B?9(<7S>H:?H:><79(A?8?(
B? ( ?A8>=?H:;< ( @7 ( B? ( 07Y_ ( *:< ( 7C=?8S>` ( G7<S> ( B?(
:CA879:;<(@7(NK7(B?9(<7S>H:?H:><79(9>=87(7B(79NK7C?(
?<G78:>8 ( @7 ( 7B7HH:;< ( @7 ( C?S:9G8?@>9 ( 79G?=?< ( Y?(
^7H^?9(A>8(B>9(@:9G:<G>9(S8KA>9_d((c'<(@7L:<:G:6?`(7<(7B(
A8>H79> ( ?<G79 ( @7 ( :<G7S8?8 ( B?9 ( .>C:9:><79 ( ^?Y ( K<?(
S8?<(A879:;<(Ab=B:H?`(A87H:9?C7<G7(A>8NK7(H><(B?(0.1(
97 ( 8>CA7 ( 7B ( 79NK7C? ( @7 ( K< ( S8KA> ( @>C:<?<G7 ( ?B(
hVVx_( ('<G><H79(HK?<@>(97(:<G7S8?<(B?9(.>C:9:><79`(
B?(>A:<:;<(Ab=B:H?(79GZ(B>(9KL:H:7<G7C7<G7(:<L>8C?@?(
H>C> ( A?8? ( 7]78H78 ( B? ( A879:;< ( 9>=87 ( O9G?9_ ( ( ( 0? ( 0.1(
A78C:G:;(?=8:8(B?(A>9:=:B:@?@(@7(?HH:;<(A?8?(S8KA>9(@7(
A879:;< ( ?<G78:>8C7<G7 ( 7oHBK:@>9 ( A?8? ( 7o:S:8(
G8?<9A?87<H:?d_
,9J(H>C>(B?(G8?<9CKG?H:;<(87A7<G:<?(@7B(79H7<?8:>(BB76;(?(B>9(97HG>879(
H><9786?@>879 ( @7B ( 9G?GK ( NK> ( ? ( G8?9B?@?8 ( 9K9 ( 79G8?G7S:?9 ( @7 ( 879:9G7<H:? ( ?(
H?@?(7G?A?(@7B(A8>H79>(@7(7B7HH:;<(57<(B?9(NK7(?<G79(<>(@7=J?<(79L>8a?897(
A?8? (87A7B78( 7B(H><G8>B (Ab=B:H>` (Y? ( NK7 (B? (A8>A:? (<>8C?G:6? ( ?^>88?=? ( 79?(
G?87?D` ( G?C=:O< ( >=B:S; ( ? ( B>9 ( ?HG>879 ( NK7 ( :CAKB9?8>< ( B? ( ?A8>=?H:;< ( @7 ( B?(
87L>8C?(?B(?]K9G7(@7(9K9(AB?<79(?(B?(<K76?(9:GK?H:;<_
,(A?8G:8(@7(B?(?A8>=?H:;<(@7(B?(0.1(97(A8>@KH7`(7<G><H79`(K<(G8?9B?@>(@7(
B?9(@:<ZC:H?9(@7(G7<9:;<(7<G87(B>9(97HG>879(87L>8C:9G?9(Y(H><9786?@>879(?B(
<bHB7>(@7(B?(7B7HH:;<(@7(C?S:9G8?@>9(7<(2K?G7C?B?`(HK?<@>(7<(A8>H79>9(
?<G78:>879 ( B? ( 79H?9? ( G7<9:;< ( A8>67<:7<G7 ( @7 ( @7C?<@?9 ( @7 ( H?C=:> ( 97(
C?<GK6> ( ? ( B?9 ( AK78G?9 ( @7B ( A8>H79> ( Y ( 767<GK?BC7<G7 ( 9>=876>B?<@> ( 9K(
@79?88>BB>_
k_?_ ( 0? ( G7<9:;< ( 7< ( 7B ( A8>H79> ( @7 ( 97B7HH:;< ( @7 ( B>9 ( 7B7HG>879 ( Y (
9K9(H><97HK7<H:?9
F:9G;8:H?C7<G7`(B?(:<G7S8?H:;<(@7(B?9(.>C:9:><79(@7(1>9GKB?H:;<(79GK6>(
9K]7G? (? ( K< (A87@>C:<:> ( ?=9>BKG> (@7 ( K<( S8KA> ( ? ( A?8G:8 ( @7 ( B? ( @7<>C:<?@?(
c?AB?<?@>8?d_
'9G7 ( A>@78 ( A?8? ( K< ( b<:H> ( 97HG>8 ( 97 ( >8:S:<?=? ( 7< ( B? ( ?K97<H:? ( @7(
@:9A>9:H:><79(<>8C?G:6?9(NK7`(7oA879?C7<G7`(97(87L:8:78?<(?(B?(@:9G8:=KH:;<(

@7(79A?H:>9(7<(B?9(.>C:9:><79(@7(1>9GKB?H:;<(7<G87(B>9(87A8797<G?<G79(@7(
@:9G:<G?9(LK78a?9(@7(K<?(C:9C?(:<9G:GKH:;<_
0? ( ?A8>=?H:;< ( @7B ( ?8GJHKB> ( i ( @7 ( B? ( 07Y ( @7 ( .>C:9:><79 ( @7 ( 1>9GKB?H:;<`(
S7<78;(K<(6K7BH>(G8?9H7<@7<G?B(<>(9;B>(7<(B?(7B7HH:;<(@7B(.>B7S:>(9:<>(7<(
G>@>(7B(A8>H79>`(B>(HK?B(^?(9:@>(87H><>H:@>(A>8(G>@>9(B>9(?HG>879_
c"> ( ^?=J?C>9 ( A?8G:H:A?@> ( ?<G79 ( A>8NK7 ( B>9 ( >G8>9(
S8KA>9 ( <>9 ( ^?< ( 7oHBK:@>` ( Y ( H>< ( B? ( <K76? ( 07Y ( @7(
.>C:9:><79 ( @7 ( 1>9GKB?H:;< ( <>9 ( @? (>A>8GK<:@?@ ( @7(
87A8797<G?8(?(B?9(C:<>8J?9(@7B(.>B7S:>d`(
&Y<>8 ( [78S?<a? ( @7 ( B? ( ,B:?<a? ( %7<>6?@>8? ( @7(
,=>S?@>9(Y(">G?8:>9-1_(
cl9:(^K=:78?(^?=:@>(K<?(?AB?<?@>8?(A>8(?BSK<>(@7(B>9(
S8KA>9` ( 79? ( ?AB?<?@>8? ( ^K=:78? ( G7<:@> ( W ( A789><?9(
97<G?@?9(?^J_(('9?(C:9C?(?AB?<?@>8?(^K=:78?(G7<:@>(W(
C?S:9G8?@>9 ( Y ( A>9:=B7C7<G7` ( A>8 ( 9K9 ( 6:<HKB?H:><79(
NK7(AK@:78?(^?=78(G7<:@>(H><(B?(.*3(7<(797(C>C7<G>`(
^K=:78?(B>S8?@>(NK7(7<(B?(.>8G7(<>C=8?8?<(W(?L:<79_(
,^J ( Y? ( G7<J?< ( hw ( 6>G>9 ( Y ( H>< ( K< ( 9>B> ( 6>G> ( CZ9`(
A>9:=B7C7<G7 ( @7 ( B>9 ( @7H?<>9` ( Y? ( G7<J?< ( B? ( C?Y>8J?(
<7H79?8:?(A?8?(7B7S:8_d(
%:H?8@>( *?S?9GKC7`(1879:@7<G7 (@7B(+8:=K<?B('B7HG>8?B(
@7B(.,"2
1?8? ( 7B ( 879G> ( @7 ( B>9 ( C:7C=8>9 ( @7 ( B?9 ( .>C:9:><79 ( B? ( :<H>8A>8?H:;< ( @7(
C:<>8J?9(:CAB:H?=?(K<(C?Y>8(A8>G?S><:9C>(7<(HK?<G>(?(B?(:<G78@7A7<@7<H:?(
S7<78?@? ( ? ( A?8G:8 ( @7 ( K<? ( 87A8797<G?G:6:@?@ ( CZ9 ( 7NK:B:=8?@? ( A?8? ( B>S8?8(
@7H:9:><79(7<(B?9(1>9GKB?@>8?9_(
cB? ( 87A8797<G?H:;< ( @7 ( C:<>8J?9 ( 79 ( :CA>8G?<G7(
A>8NK7(:CA:@7(NK7(K<(97HG>8`(7<(7B(H?9>(@7B(.>B7S:>(
@7 ( ,=>S?@>9` ( G7<S? ( B? ( 87A8797<G?H:;< ( ?=9>BKG? ( @7(
<K79G8> ( S87C:> ( 7< ( 79? ( H>C:9:;<_ ( '<G><H79 ( ^?Y ( CZ9(
A?8G:H:A?H:;<` ( 79 ( CZ9 ( :<HBKY7<G7` ( ^?Y ( CZ9 ( A79>9 ( Y(
H><G8?A79>9 ( A>8NK7 ( 79 ( CKY ( A8>=?=B7 ( NK7 ( 79GO<(
87A8797<G?@>9 ( @:9G:<G>9 ( 97HG>879` ( @7 ( @:9G:<G?9(
AB?<:BB?9`(H>C>(^?(>HK88:@>(A>8(7]7CAB>(7<(7B(H?9>(@7(
B? ( .>C:9:;< ( @7 ( 1>9GKB?H:;< ( @7 ( .>8G7 ( @7 ( ,A7B?H:><79(
7< ( @><@7 ( 97 ( A8797<G?8>< ( @>9 ( AB?<:BB?9` ( A78> ( ?C=?9(
G7<@8Z< ( 87A8797<G?H:;<_ ( 4> ( 67> ( NK7 ( ^?Y ( ?9A7HG>9(
A>9:G:6>9 ( NK7 ( 97 ( :<G8>@KH7< ( ? ( G8?6O9 ( @7 ( K<? ( <K76?(
B7S:9B?H:;<_d ( '9GK?8@> ( 2?B67a` ( %7HG>8 ( @7 ( B? ( Q*,. ( Y(
C:7C=8>(@7(B?(.>C:9:;<(1>9GKB?@>8?(A?8?(B?(.*3.2(
0? ( .>C:9:;< ( !<G78<?H:><?B ( @7 ( 3K8:9G?9` ( ? ( 9K ( 67a` ( 87H><>HJ? ( B? ( H?B:@?@(
@7C>H8?G:a?@>8? ( @7 ( B? ( 07Y ( ?B ( H><9?S8?8 ( 7<G87 ( 9K9 ( A8:<H:A:>9 ( 87HG>879 ( B?(
G8?<9A?87<H:?`(B?(AK=B:H:@?@`(B?(:@><7:@?@(@7(B>9(H?<@:@?G>9`(B?(A?8G:H:A?H:;<(
H:K@?@?<?(C7@:?<G7(B?(?K@:G>8J?(9>H:?B(Y(B?(87A8797<G?H:;<(@7(C:<>8J?9.!_
-1
.2
.!

, ( A?8G:8 ( @7 ( 79G? ( C>@:L:H?H:;< ( Y ( @7 ( B?9 ( A876:9:><79 ( B7S?B79 ( @7(


G8?<9A?87<H:?(Y(CZo:C?(AK=B:H:@?@`(79G?(7G?A?(HB?67(@7(:<G7S8?H:;<(@7(B?9(
1>9GKB?@>8?9` ( NK7 ( ?<G78:>8C7<G7 ( A?9?=? ( @79?A78H:=:@?` ( A?9; ( ? ( 79G?8(
H>CAB7G?C7<G7(7oAK79G?(?B(79H8KG:<:>(@7(B?(H:K@?@?<J?_
k_?_:_(0?(97B7HH:;<(@7(B>9(87A8797<G?<G79(@7B(.>B7S:>(@7 (
,=>S?@>9(Y(">G?8:>9(@7(2K?G7C?B?
0?9(G7<9:><79(S7<78?@?9(A>8(B?9(AKB9:><79(@7(H?C=:>(Y(9K(879:9G7<H:?(97(
@:78>< ( ?<G79 ( Y ( @79AKO9 ( @7 ( B? ( 7B7HH:;<_ ( !<HBK9:67 ( H>< ( ?<G7B?H:;< ( ? ( B?(
?A8>=?H:;<(@7(B?(B7Y(97(A8>@K]78><(H8KH79(H><(B?9($*.X9(A>8(7B(C><:G>87>(
NK7(O9G?9(A87G7<@J?<(@7B(A8>H79>`(A>8(7B(87HB?C>(A?8?(B?(G8?<9A?87<H:?(@7B(
L:<?<H:?C:7<G> ( @7 ( B?9 ( B:9G?9` ( Y ( BK7S> ( A>8 ( B? ( :<G78A87G?H:;< ( 9>=87 ( B>9(
:CA7@:C7<G>9 ( A?8? ( :<G7S8?8 ( B?9 ( .>C:9:><79 ( Y` ( LK<@?C7<G?BC7<G7` ( A>8 ( B?(
A?8G:H:A?H:;<(@7(B?9(C:<>8J?9_
0>9(?=>S?@>9`(7<(UVVU`(^?=J?<(A876:9G>(7oA879?C7<G7(B?(HK79G:;<(@7(B?(
A?8G:H:A?H:;< ( @7 ( @:9G:<G>9 ( 97HG>879 ( @7B ( S87C:> ( 7< ( B?9 ( .>C:9:><79(
1>9GKB?@>8?9`(?K<NK7(A?8?(7oHBK:8(?(B?9(C:<>8J?9_
'B( %7SB?C7<G> (@7 ( 'B7HH:><79 ( @7B( .,"2` (?A8>=?@>( 7<(>HGK=87 (@7 ( @:H^>(
?j>` ( ( @:9AK9> ( A?8? ( G>@>9 ( B>9 ( A8>H79>9 ( 7B7HG>8?B79 ( :<9G:GKH:><?B79 ( B?(
?G8:=KH:;<(@7(G>@>9(B>9(H?8S>9(7B7S:=B79(?(B?(A789><?(>(B:9G?.'(CZ9(6>G?@?_
0>9(?8GJHKB>9(W(Y(hg(@7(@:H^?(<>8C?(5NK7(H><(B?(?A8>=?H:;<(@7(B?(0.1(
A?9?8J?< ( ? ( H?87H78 ( @7 ( 6:S7<H:? ( A?8? ( B?9 ( 7B7HH:><79 ( @7 ( C?S:9G8?@>9D(
H8:9G?B:a?8>< (79? (@7H:9:;<_ ( ('B( A8:C78>`( G:GKB?@> (c)7 ( B? ( &?Y>8J? (,=9>BKG?d`(
79G?=B7H:; ( NK7 ( c*: ( 7< ( B? ( 7B7HH:;< ( A?8G:H:A?87< ( CZ9 ( @7 ( @>9 (
H?<@:@?G>9(>(CZ9(@7(@>9(AB?<:BB?9(Y(<:<SK<>(>=GK6:787(B?(C?Y>8J? (
?=9>BKG? ( @7 ( B>9 ( 6>G>9 ( 6ZB:@>9` ( B? ( 7B7HH:;< ( 97 ( 87A7G:8Z ( 7<G87 ( B>9 (
@>9 ( H?<@:@?G>9 ( > ( B?9 ( @>9 ( AB?<:BB?9 ( NK7 ( ^K=:787< ( >=G7<:@> ( 7B (
C?Y>8 ( <bC78> ( @7 ( 6>G>9 e ( B? ( 97SK<@? ( 6K7BG? ( 978Z ( >H^> ( @J?9 ( @79AKO9_d(
.>CAB7C7<G?8:?C7<G7`(7<(7B(bBG:C>(AZ88?L>(@7B(?8GJHKB>(hg(97(79G:AKB;(NK7(
c'B(1879:@7<G7(@7B(.>B7S:>(@7(,=>S?@>9(Y(">G?8:>9(@7(2K?G7C?B?`(K<?(67a(B7(
97?(H>CK<:H?@>(7B(879KBG?@>(A>8(7B(+8:=K<?B('B7HG>8?B`(^?8Z(7B(?<K<H:>(@7B(
<>C=87 (@7B ( H?<@:@?G> ( > ( @7 ( B? ( AB?<:BB? ( S?<?@>879` ( > ( @7 ( NK:7<79 (
A?9?8Z<(?(97SK<@?(6K7BG? `(9:(LK78?(7B(H?9>_d
'B(=B>NK7>(NK7(B?(<>8C? (:CA><J? (?(B?(A?8G:H:A?H:;<(@7 (B?9(C:<>8J?9 (97(
H>CAB7C7<G;` ( Y? ( 7< ( H:78<79 ( B? ( 7B7HH:;< ( @7 ( UVVW` ( H>< ( 7B ( 87H^?a> ( ? ( B?(
?A78GK8?(@7B(A8>H79>(@7(97B7HH:;<(?B(C><:G>87>(H:K@?@?<>_((
'<(H><>H:C:7<G>(@7(NK7(7B(.><S879>(H788?=?(B?9(AK78G?9(?B(G8?G?C:7<G>(
@7 ( B? ( !<:H:?G:6? ( kWWp ( Y ( NK7 ( 97 ( ?H78H?=? ( B? ( L7H^? ( A?8? ( H><6>H?8 ( ? ( B?9(
.>C:9:><79(@7(1>9GKB?H:;<`(Y(C>G:6?@>9(A>8(B?(H8JG:H?(?B(=B>NK7>(A>BJG:H>(?(B?(
C:9C? ( A>8 ( A?8G7 ( @7 ( B?9 ( >8S?<:a?H:><79 ( @7 ( B? ( 9>H:7@?@ ( H:6:B (B? ( 3K<G?(
):87HG:6? ( @7B ( .>B7S:> ( @7 ( ,=>S?@>9 ( Y ( ">G?8:>9 ( 7C:G:; ( K< (
A8><K<H:?C:7<G> ( 7< ( 7B ( NK7 ( C?<:L79G?=? ( 9K ( nA8>LK<@? (
A87>HKA?H:;< ( A>8 ( B?9 ( H><9G?<G79 ( :<G8>C:9:><79` ( >A:<:><79 (
.'

?<G:H:A?@?9` ( @79H?B:L:H?H:><79 ( Y ( L?BG?9 ( @7 ( 879A7G>n ( ^?H:? ( 7B ( .,"2 (


87B?H:><?@?9 ( ?B ( A8>H79> ( @7 ( 7B7HH:;< ( 7 ( :<G7S8?H:;< ( @7 ( B?9 (
.>C:9:><79 ( @7 ( 1>9GKB?H:;<` ( B?9 ( HK?B79 ( H?B:L:H?=?< ( @7 (
n:<?H7AG?=B79n_ ( '< ( 7B ( C:9C> ( G7oG> ( ^:H:78>< ( K< ( BB?C?@> ( ? ( B>9 (
A?8G:HKB?879 ( Y ( ? ( B?9 ( :<9G:GKH:><79 ( A?8? ( NK7 ( n97 ( ?=9G7<S?< ( @7 (
7<G>8A7H78(7B(A8>H79>(<7H79?8:>n .(_
.>C>(879AK79G?(?B(9:<H78?C:7<G>(@7(B?(A>9:H:;<(87<K7<G7(?(B?(87L>8C?(@7(
A?8G7 ( @7B ( .>B7S:>` ( 7B ( y ( @7 ( C?Y> ( B?9 ( >8S?<:a?H:><79 ( NK7 ( H><L>8C?< ( 7B(
&>6:C:7<G>(18>(3K9G:H:?(AK=B:H?8><(K<(H>CK<:H?@>(7<(7B(87AK@:?=?<(cNK7(7B(
.,"2 ( H><9:@787 ( H>C> (:<G8>C:9:><79` ( >A:<:><79 ( ?<G:H:A?@?9 ( Y (
@79H?B:L:H?H:><79`(B?9 ( >A:<:><79 (678G:@?9 (A>8 (B?9 (7<G:@?@79 (@7 (B? (9>H:7@?@(
H:6:B ( 879A7HG> ( @7 ( B? ( 7B7HH:;< ( @7 ( C?S:9G8?@>9e ( AK79 (G?B ( A?87H7 ( NK7 ( B>9 (
@:87HG:6>9 ( @7B ( .>B7S:> ( G8?G?< ( @7 ( :CA7@:8 ( B? ( L:9H?B:a?H:;< ( 9>H:?B` (
H>< ( 7B ( L:< ( @7 ( C><>A>B:a?8 ( 7B ( A8>H79> _(.7<9K8?C>9(@:H^?(?HG:GK@(A>8(
?<G:@7C>H8ZG:H? ( Y ( A>8 ( H><9G:GK:8 ( K<? ( ?C7<?a? ( ? ( <K79G8>9 ( @787H^>9(
H><9G:GKH:><?B79 ( H>C> ( B? ( B:=87 ( 7C:9:;< ( @7B ( A7<9?C:7<G>` ( B? ( B:=78G?@ ( @7(
7oA879:;<`(7B(@787H^>(@7(A7G:H:;<`(7<G87(>G8?9(S?8?<GJ?9(79G?=B7H:@?9(7<(B?(
.?8G? ( &?S<?_d (cl7o:S:C>9 (?B( .,"2( NK7 ( ?HGb7 ( H><( 879A><9?=:B:@?@(7<( 7B(
@7B:H?@>(A8>H79>(@7(7B7S:8(?(B>9(A8>L79:><?B79(NK7(:<G7S8?8Z<(B?9(.>C:9:><79(
@7(1>9GKB?H:;<`(Y(^?H7C>9(678(?(9K(@:87HG:6?(NK7`(9:(=:7<(B?(.><9G:GKH:;< (
1>BJG:H? ( @7 ( B? ( %7Ab=B:H? ( B7 ( ^? ( @79:S<?@> ( H>C> ( 7<G:@?@ (
A?8G:H:A?<G7 ( @7 ( 79G7 ( A8>H79>` ( 7< ( <:<Sb< ( H?9> ( 97 ( G8?G? ( @7 ( K< (
A8>H79>(A8:6?@>(Y(@7(9K(b<:H?(:<HKC=7<H:? _d
.><(B?(?A8>=?H:;<(@7(B?(B7Y`(7B(.,"2(@7=:;(C>8:S78?8(9K(879:9G7<H:?(?B(
H><G8>B(@7(9K9(?HH:><79(7<(G>8<>(?B(A8>H79>(@7(7B7HH:;<(@7(C?S:9G8?@>9(Y`(
A>8(A8:C78?(67a`(@7]?8(?(B?(6:9G?(@7(B?(H:K@?@?<J?(B?(G8?9H7<@7<H:?(@7(9K(
A?8G:H:A?H:;<(7<(7B(C:9C>_((
,(8?Ja(@7(79G?(6:9:=:B:@?@(Ab=B:H?(LK7(A>9:=B7(?@NK:8:8(H><H:7<H:?(@7B(A>@78(
NK7 ( >9G7<G?< ( B>9 ( .>B7S:>9 ( 18>L79:><?B79 ( 7< ( 2K?G7C?B?` ( ?B ( AK<G> ( NK7 ( 7B(
.,"2(BB7S;(^?9G?(7B(AK<G>(@7(@79?L:?8(?(B?(.>8G7(@7(.><9G:GKH:><?B:@?@(<>(
GOH<:H?C7<G7(9:<>(A87G7<@:7<@>(?C7@87<G?8(?(9K9(:<G7S8?<G79(?(G8?6O9(@7(
K<?(@7<K<H:?(?<G7(7B(&:<:9G78:>(1b=B:H>(A>8(K<?(A>BOC:H?(:<G78A87G?G:6?.,_(
,(A79?8(@7(7BB>(B?9(879:9G7<H:?9(?(B?(?A78GK8?(97(C?<GK6:78><(6:S7<G79_
0?(:<9H8:AH:;<(?(B?9(B:9G?9(A?8?(B?9(7B7HH:><79(7<(7B(.,"2(97(:<:H:;(7B(Uy(@7(
]K<:>(@7(UVVW(Y(7B(AB?a>(97(7oG7<@:;(A>8(H:<H>(@J?9_(()7B(g(?B(hh(@7(]KB:>(97(
LK78><(@?<@>(?(H><>H78(B?9(AB?<:BB?9(:<9H8:AG?9(Y(?(9K8S:8(6789:><79(9>=87(B>9(
?A>Y>9(A>BJG:H>9(Y(L:<?<H:78>9(@7(H?@?(K<?_
I 1B?<:BB? ( h` ( c3K9G:H:? ( A?8? ( 7B ( .?C=:>d` ( NK7 ( S?<?8? ( B?9 ( bBG:C?9(
7B7HH:><79 ( @7 ( 3K<G? ( ):87HG:6? ( @7B ( .>B7S:> ( @7 ( ,=>S?@>9` ( S8KA> ( HKY>(
A8:<H:A?B(87L787<G7(79(%>=78G>(0;A7a(R!BB?G>8>(5H><>H:@>(H>C>(7B(%7Y(
@7B(+7<:9D(?HK9?@>(@7(L:<?<H:?8(?(hU(C?S:9G8?@>9(A?8?(NK7(87?B:a?8?<(
K<(HK89>(7<('9A?j?(@K8?<G7(CZ9(@7(K<(C79(?(G8?6O9(@7(K<?(7CA879?(
@7(B?(NK7(A?8G:H:A?(R:BB?G>8>`(28KA>()X0>6:(!<G78<?H:><?B(5A>8(B>(C7<>9(
i(@7(B>9(W(87A8797<G?<G79(@7(B?9(.>8G79(@7(,A7B?H:><79(NK7(:<G7S8?8><(
.(
.,

B?9(.>C:9:><79(@7(1>9GKB?H:;<(A?8?(&?S:9G8?@>9(?(B?9(.>8G7(*KA87C?(
@7 (3K9G:H:?`( cH>:<H:@7<G7C7<G7d(97 (^?<( 6:9G>( =7<7L:H:?@>9 ( A>8 (79G>9(
HK89>9D_ ( +?C=:O< ( :<G7S8?=? (7B ( S8KA> ( NK7 ( A8>C>6:78? ( 79G? ( B:9G? ( 7B(
@7H?<>(@7(B?(#?HKBG?@(@7()787H^>(@7(B?(Q<:6789:@?@(@7(*?<(.?8B>9`(
[><78S7(&7]J?_
I 1B?<:BB? ( U ( c,B:?<a? ( A>8 ( 7B ( )787H^>d` ( 6:<HKB?@? ( ?B ( 97HG>8 ( A8:6?@>(
>8S?<:a?@> ( Y ( B:@78?@? ( A>8 ( FKS> ( &?bB ( #:SK78>?` (7o ( C?S:9G8?@> ( @7B(
+8:=K<?B ( *KA87C> ( 'B7HG>8?B` ( 7o ( A879:@7<G7 ( @7 ( B? ( .>8G7 ( *KA87C? ( @7(
3K9G:H:?(Y(.>C:9:><?@>(@7(+8?<9A?87<H:?(Y(,<G:H>88KAH:;<(@K8?<G7(7B(
S>=:78<>(@7($9H?8([78S78_
I 1B?<:BB?(k(c.><678S7<H:?(A>8(B?(3K9G:H:?d`(?9>H:?@?(H><(7B(2>=:78<>(Y(
7<H?=7a?@?(A>8(%>=78G>('H^76788J?(R?BB7]>`(@79G:GK:@>(@7B($8S?<:9C>(
3K@:H:?B(A>8(A8>=B7C?9(7<(B?(G8?C:G?H:;<(@7(7oA7@:7<G79`(?=>S?@>(@7(
K<>(@7(B>9(?HK9?@>9(A>8(7B(?979:<?G>(@7(C><97j>8(3K?<(3>9O(278?8@:`(
Y(?HK9?@>(@7(79G?8(6:<HKB?@>(H><(6J<HKB>9(H><(87@79( @7(?@>AH:><79(
:B7S?B79(7(:<6>BKH8?@>(7<(B?(H>88KAH:;<(@7(G79G:S>9.-(.._
c+>@>9 ( 7BB>9 ( 9>< ( A?8G7 ( @7B ( A?8G:@>` ( 7B ( A?8G:@> ( 9J(
79GZ ( G8?=?]?<@> ( 7< ( B? ( A?8G7 ( NK7 ( B7 ( H>8879A><@7`(
9>=87 ( G>@>` ( A>8NK7 ( ?B ( L:<?B ( 97 ( 7B:S7 ( 7< ( 7B(
.><S879>d_ ( ,B6?8> ( .>B>C` ( 1879:@7<G7 ( @7 ( B?(
%7Ab=B:H?(?B(978(H><9KBG?@>(9>=87(7B(?A>Y>(NK7(7B(
&:<:9G8>(@7(+8?=?]>e(7B(@:87HG>8(@7B(#><@>("?H:><?B(
A?8? ( B? ( 1?a` ( Y ( 9K ( HKj?@? ( 79G?8J?< ( @?<@> ( ? ( B>9(
C:7C=8>9(@7(B?(1B?<:BB?(k(
I 1B?<:BB? ( i ( c,B:?<a? ( %7<>6?@>8? ( @7 ( ,=>S?@>9 ( Y ( ">G?8:>9d ( H>< ( K<?(
:<G7S8?H:;<(A8:<H:A?BC7<G7(@7(B:G:S?<G79(H><(7oA78:7<H:?(@7(?979>8:?(?(
@:L787<G79(Z87?9(@7(S>=:78<>(<?H:><?B`(CK<:H:A?B`(?B(97HG>8(A8:6?@>(Y(
7<(B?(@>H7<H:?(7<(B?(Q<:6789:@?@(&?8:?<>(2?B67a(A8:<H:A?BC7<G7_
I 1B?<:BB?(g(c,BG78<?G:6?(:<@7A7<@:7<G7d(>8:S:<?BC7<G7(:<G7S8?@?(H><(
B?(1B?<:BB?(U(Y(HKY>9(:<G7S8?<G79(LK78><(97j?B?@>9(@7(87A8797<G?8(cB>9(
:<G787979 ( @7B ( 97HG>8 ( A8:6?@> ( >8S?<:a?@> ( @7B ( A?J9 ( Y ( @7B ( S8?<(
7CA879?8:?@>d./_((*K9(H?<@:@?G>9(A8:<H:A?B79(^?<(9:@>(1879:@7<G79(@7B(
.7<G8>(A?8?(B?()7L7<9?(@7(B?(.><9G:GKH:;<(5.')'.$"D(Y(K<>(@7(B>9(
87L787<G79(&?8:>(#K7<G79()79G?8?H(79`(?@7CZ9`(R:H7A879:@7<G7(@7('B(
178:;@:H>_
I 1B?<:BB?(y(c18>L79:><?B79(Q<:@>9d`(NK:7<79(:<HBKY78><(?(B>9(C:9C>9(
H?<@:@?G>9(A?8?(?C=?9(H>C:9:><79`(H?C=:?<@>(b<:H?C7<G7(7B(>8@7<(
@7(K=:H?H:;<(@7<G8>(@7(B?(B:9G?_
,( 8?Ja ( @7 ( 9K( 6:<HKB?H:;< ( H>< ( @:L787<G79 ( S8KA>9 ( @7 ( A>@78 ( H>< ( :<G787979(
79AK8:>9(7<(B?(7B7HH:;<(@7(C?S:9G8?@>9`(B?9(>8S?<:a?H:><79(@7(B?(9>H:7@?@(
H:6:B(7o:S:78><(G8?<9A?87<G?8(7B(L:<?<H:?C:7<G>(@7(B?9(H?CA?j?9(7B7HG>8?B79_
...
./

3>9O(,<G><:>(&?8GJ<`(@7B7S?@>(@7(B?(.!3`(H>:<H:@:7<@>(
H>< ( B?9 ( $*.X9 ( 7oA879?=?m ( c0? ( .!3 ( C?<:L:79G? ( 9K(
A87>HKA?H:;< ( A>8 ( B?9 ( :<L>8C?H:><79 ( 87H:=:@?9(
879A7HG>(@7(NK7(S8KA>9(@7(A>@78(^?=8J?<(L:<?<H:?@>(
H?CA?j?9(@7(?BSK<?9(AB?<:BB?9(NK7(H>CA7G:8Z<(7<(B?(
7B7HH:;< ( @7B ( .>B7S:> ( @7 ( ,=>S?@>9d_ ( c%7:G78?C>9 ( B?(
:CA>8G?<H:?(@7(@?8(?=9>BKG?(G8?<9A?87<H:?(?B(>8:S7<(
@7 ( B>9 ( L><@>9 ( @7 ( B?9 ( ?S8KA?H:><79` ( A?8? ( 76:G?8(
9>9A7H^?9 ( @7 ( :<LBK7<H:?9 ( :<@7=:@?9 ( @7<G8> ( @7B(
A8>H79>d(c'9G>(79(6>o(A>AKB:e(G>@>(7B(CK<@>(?L:8C?`(
<?@:7 ( @79C:7<G7` ( A78> ( <?@:7 ( :<679G:S?` ( Y ( 79> ( 79(
A7B:S8>9>` ( A>8NK7 ( HK?<@> ( 7< ( K<? ( 9>H:7@?@ ( 97(
@:LK<@7< ( ^7H^>9 ( S8?679 ( Y ( <> ( 97 ( :<679G:S?` ( 97(
C?<G:7<7(B?(:CAK<:@?@(A>BJG:H?(Y(9>H:?Bd.0
#K7 ( 7< ( 797 ( C>C7<G> ( NK7 ( 97 ( A8797<G; ( B? ( :<:H:?G:6? ( @7 ( B? ( >8S?<:a?H:;<(
c1:B?9(H><(GK(6>G>d(@7(9K9H8:=:8(K<(?HK78@>(A8>C>6:7<@>(B?(A?8G:H:A?H:;<`(B?(
AK=B:H:@?@ ( Y ( B? ( G8?<9A?87<H:? ( ? ( B> ( B?8S> ( @7 ( G>@? ( B? ( 7B7HH:;< ( 7< ( 7B ( .,"2`(
A?8G:HKB?8C7<G7 ( @?<@> ( ? ( AK=B:H:@?@ ( B? ( :<L>8C?H:;< ( L:<?<H:78? ( @7 ( H?@?(
AB?<:BB? ( Y ( B?9 ( =?979 ( NK7 ( H?@? ( K<? ( KG:B:a?8J? ( A?8? ( B? ( @7G78C:<?H:;< ( @7 ( B?(
:@><7:@?@(@7(B>9(H?<@:@?G>9_((
*:<(7C=?8S>`(?(B?(L7H^?(@7(B?(L:8C?(7<(7B(.><S879>(@7(B?(%7Ab=B:H?(9;B>(
?HK@:78><` ( ?@7CZ9 ( @7B ( 1879:@7<G7 ( @7B ( +8:=K<?B ( 'B7HG>8?B ( @7B ( .,"2`(
87A8797<G?<G79(@7(9;B>(@>9(@7(B?9(AB?<:BB?9(:<9H8:AG?9_
( '< ( @7L7<9? ( @7B ( 97H87G> ( @7B ( 9>A>8G7 ( 7H><;C:H> ( ? ( B?9 ( B:9G?9 ( 7B ( +8:=K<?B(
'B7HG>8?B(@7B(.,"2`(?(G8?6O9(@7(9K(1879:@7<G7`(97(H><9:@78;(9:<(L?HKBG?@79(
A?8?(H><>H78(79>9(S?9G>9`(cY?(NK7(79>(G7<@8J?(NK7(?A8>=?8B>(B?(?9?C=B7?(
@7(?S87C:?@>9d.1_
'9G?(L>8a?@?(B7HGK8?(<>(97(H><@:H7(H><(7B(%7SB?C7<G>(@7('B7HH:><79(@7B(
.,"2(<:(H><(B?(07Y(@7(.>B7S:?H:;<(18>L79:><?B_(('B(A8:C78>`(9:(=:7<(<>(7o:S7(
7oA879?C7<G7(B?(87<@:H:;<(@7(HK7<G?9(@7(H?CA?j?(@7(A?8G7(@7(B?9(AB?<:BB?9`(
79G:AKB? ( NK7 ( 7B ( +8:=K<?B ( 'B7HG>8?B ( 79 ( B? ( CZo:C? ( ?KG>8:@?@ ( @7B ( .>B7S:> ( 7<(
C?G78:? ( 7B7HG>8?B ( Y ( NK7 ( B?9 ( @K@?9 ( NK7 ( 9K8S:78?< ( 7< ( B? ( :<G78A87G?H:;< ( @7B(
87SB?C7<G>(Y(B>9(H?9>9(<>(H><G7CAB?@>9`(978Z<(879K7BG>9(A>8(797(;8S?<>(
5,8G9(Uk(Y(UwD_((1>8(9K(A?8G7`(7B()7H87G>(<f(pUIUVVh`(?B(NK7(97(9>C7G7<(B>9(
79G?GKG>9(Y(87SB?C7<G>9(@7(H?@?(H>B7S:>`(L:]?(7<G87(B?9(LK<H:><79(A8:<H:A?B79(
@7B(+8:=K<?B('B7HG>8?B(B?(@7(c'9G?=B7H78(B?9(<>8C?9(@7(H><G8>B(Y(L:9H?B:a?H:;<(
@7(B>9(767<G>9(7B7HG>8?B79d(5?8GJHKB>(UV(:<H:9>(S_D_((
$G8>(@7(B>9(?8SKC7<G>9(A?8?(76:G?8(B?(@:LK9:;<(@7(B>9(?A>Y>9(7H><;C:H>9(
?(B?9(AB?<:BB?9(LK7(B?(:<?AB:H?=:B:@?@(@7(B?(07Y(@7(,HH79>(?(B?(!<L>8C?H:;<(?(
B>9(C:7C=8>9 (@7B(.,"2(cAK79G>(NK7(7B(H>B7S:>(97(9K9G7<G?(H><(?A>8G79(@7(
9K9(?S87C:?@>9d/2_

.0
.1
/2

"> ( 9;B> ( 79G? ( B7HGK8? ( @7 ( B? ( <>8C?G:6? ( 6KB<78? ( B>9 ( A8:<H:A:>9 ( NK7 ( @7=7<(
87S:8(?B(A8>H79>(@7(7B7HH:;<(9:<>(NK7(H><L:SK8?(K<?(:<G78A87G?H:;<(@7(B?(07Y(
@7(,HH79>(?(B?(!<L>8C?H:;<(:<G7<H:><?BC7<G7(@79H><G7oGK?B:a?@?_
'BB>(7<(G?<G>(879KBG?8J?(8:@JHKB>(~?@7CZ9(@7(:<H><9G:GKH:><?BI(NK7(B?9(B7Y79(
6>G?@?9(A>8(B>9(87A8797<G?<G79(@7B(AK7=B>(B7(>G>8S?8?<(?(K<(S8KA>(cA8:6?@>d(
57<(HK?<G>(<>(?@C:<:9G8?(87HK89>9(Ab=B:H>9(Y(A>8(7<@7(<>(79G?8J?(9>C7G:@>(
?(@:H^?(B7YD(K<(A>@78(G?<(9:S<:L:H?G:6>(H>C>(7B(@7(7B7S:8(?(NK:7<79(@:8:C:8Z<(
B>9(H><LB:HG>9(CZ9(:CA>8G?<G79(@7(B?(9>H:7@?@(NK7(:<G7S8?<(Y(<>(B79(7o:]?(
K<?(87<@:H:;<(G>G?B(@7(HK7<G?9(9>=87(B?(L>8C?(7<(B?(NK7(?HH7@:78><(?(@:H^?(
9:GK?H:;<(@7(A8:6:B7S:>_((1>8(>G8?(A?8G7`(879KBG?(>=6:>(NK7`(CZ9(?BBZ(@7(NK7(7B(
.,"2(97?(K<?(:<9G:GKH:;<(NK7(<>(@:9A><7(@7(87HK89>9(Ab=B:H>9`(7<(9K(8>B(@7(
C:7C=8>9 ( @7 ( B?9 ( .>C:9:><79 ( ( 1>9GKB?@>8?9 ( B>9 ( H>B7S:?@>9 ( @797CA7j?<(
LK<H:><79 ( Ab=B:H?9` ( H>< ( B> ( HK?B ( B? ( <>8C? ( ?<G7@:H^? ( 79 ( ?AB:H?=B7 ( 7< ( 9K(
G>G?B:@?@(?(B>9(H?<@:@?G>9(?(>HKA?8(79>9(H?8S>9_(
(
)7=7 ( @79G?H?897 ( B? ( ?HG:GK@ ( @7 ( B? ( 1B?<:BB? ( g` ( NK7 ( ?<G79 ( @7 ( NK7 ( 97(
@79?88>BB?8? ( B? ( 7B7HH:;< ( A78C?<7<G7C7<G7 ( AK=B:H?=? ( 7< ( 9K ( =B>S(
^GGAmqq?BG:<@7A7<@:7<G7_=B>S9A>G_H>Cq(B>9(:<L>8C79(L:<?<H:78>9(H><(7B(@7G?BB7(
@7(?A>8G79(<>C:<?@>9`(:<HBKY7<@>(B>9(C><G>9`(H><H7AG>9(Y(L>8C?9(@7(A?S>(
?9J(H>C>(=?B?<H79(@7(:<S879>9(Y(7S879>9_
!CA7@:C7<G>9(Y(OG:H?(Ab=B:H?
1>8 ( @:L787<G79 ( 6J?9 ( 7B ( S8KA> ( @>C:<?<G7 ( @7B ( .,"2 ( 51B?<:BB? ( hD ( :<G7<G;(
?G?H?8 ( B>9 ( :CA7@:C7<G>9 ( A876:9G>9 ( 7< ( B? ( B7Y ( A?8? ( =7<7L:H:?8 ( ? ( 9K9(
H?<@:@?G>9 ( 5L?C:B:?879 ( Y ( C:7C=8>9 ( ?HG:6>9 ( @7B ( +8:=K<?B ( 'B7HG>8?B ( @7B(
.>B7S:>D_
0?(A8:C78?(?6?<a?@?(LK7(H><G8?(B?9(@:9A>9:H:><79(@7(B?(<K76?(<>8C?G:6?`(
?@KH:7<@> ( B? ( :<H><9G:GKH:><?B:@?@ ( @7B ( :CA7@:C7<G> ( @7 ( H?<@:@?G7?897 ( ?(
L?C:B:?879(@7(B>9(C:7C=8>9(@7(B?9(A>9GKB?@>8?9 /!_
'9G?(A876:9:;<(>=9G?HKB:a?=?`(7<G87(>G8?9`(B?(877B7HH:;<(@7(B?(79A>9?(@7B(
)7H?<>(@7(B?(#?HKBG?@(@7()787H^>(@7(B?(Q<:6789:@?@(@7(*?<(.?8B>9`(Y`(A>8(
7<@7`(C:7C=8>(@7(B?9(.>C:9:><79(@7(1>9GKB?H:;<`([><78S7(&7]J?(5A?8GJH:A7(
@7B(S8KA>(NK7(:CAKB9?=?(?(B?(1B?<:BB?(h(7<(7B(.,"2D(/'_
+?C=:O<(@79@7(7B(>L:H:?B:9C>(@7B(.>B7S:>(97(:<G7<G;(H>B?8(?(U(H?<@:@?G>9(
?HG:6>9(7<(7B(+8:=K<?B('B7HG>8?B(@7(B?(:<9G:GKH:;<_(('<(H><97HK7<H:?(B?(1B?<:BB?(
U(A8797<G;(K<(87HK89>(@7(?CA?8>(H><G8?(B?(3K<G?():87HG:6?(Y(@7B(+8:=K<?B(
'B7HG>8?B ( @7B ( .,"2 ( A>8NK7 ( 97 ( c?H7AG; ( B? ( 9>B:H:GK@ ( @7 ( :<9H8:AH:;< ( @7 ( B?(
1B?<:BB?(h(?(A79?8(@7(NK7(6?8:>9(@7(9K9(:<G7S8?<G79(<>(HKCAB:78><(H><(B?(
>=B:S?H:;< ( B7S?B ( NK7 ( :CA><7 ( 7B ( ?8GJHKB> ( i ( @7 ( B? ( 07Y ( @7 ( .>C:9:><79 ( @7(
1>9GKB?H:;<`(@7(?H>CA?j?8(?(@:H^?(9>B:H:GK@(G>@>9(B>9(@>HKC7<G>9(7o:S:@>9d(
Y(A>8NK7(@>9(@7(B>9(:<G7S8?<G79(@7(79G?(AB?<:BB?(c78?<(C:7C=8>9(?HG:6>9(@7B(
+8:=K<?B('B7HG>8?B(@7B(.>B7S:>(@7(,=>S?@>9(A>8(B>(NK7(G7<J?<(:CA7@:C7<G>(
?=9>BKG>(A?8?(A>9GKB?897(H>C>(H?<@:@?G>9d/(_

/!
/'
/(

.7B7=8?@?(B?(7B7HH:;<`(7B(hp(@7(]KB:>(H><(gghy(6>G?<G79`(B>9(9KL8?S:>9(97(
@:9G8:=KY78><(@7(B?(9:SK:7<G7(C?<78?m

.>< ( 7B ( 87HK7<G> ( @7 ( 6>G>9 ( L:<?B:a?@>` ( 7B ( +8:=K<?B ( 'B7HG>8?B ( @7B ( .,"2(


879>B6:;(NK7(A?8?(B?(.*3((H>8879A><@J?<m
I i(87A8797<G?<G79(?(B?(1B?<:BB?(h`(
I k(87A8797<G?<G79(?(B?(1B?<:BB?(k(Y(
I U(87A8797<G?<G79(B?(1B?<:BB?(g_
&:7<G8?9(NK7(A?8?(B?(1>9GKB?@>8?(A?8?(,A7B?H:><79(97(?9:S<?=?m
I k(87A8797<G?<G79(?(B?(1B?<:BB?(h`(
I k(87A8797<G?<G79(?(B?(1B?<:BB?(k`
I U(87A8797<G?<G79(B?(1B?<:BB?(g(Y
I h(87A8797<G?<G7(?(B?(1B?<:BB?(U_
):LK<@:@>9(B>9(879KBG?@>9(9>=876:<>(K<?(@:9HK9:;<(9>=87(B?9(87A?8G:H:><79(
@7(79H?j>9(?B(KG:B:a?8(7B(9:9G7C?()XF><@G_
0?(1B?<:BB?(U(:<G78AK9>(K<?(@7C?<@?(?<G7(B?(.>8G7(@7(.><9G:GKH:><?B:@?@(
@7@KH:7<@> ( @>9 ( A87G7<9:><79_ ( ( 0? ( :CAKS<?H:;< ( @7 (B? ( A?8G:H:A?H:;< ( @7 ( B?(
1B?<:BB?(h(7<(B?(7B7HH:;<(A>8(:<HKCAB:C:7<G>(@7(87NK:9:G>9(@7(9K9(:<G7S8?<G79(
Y ( A>8 ( 87S:8 ( K< ( H><LB:HG> ( @7 ( :<G78O9 ( A?8? ( @>9 ( @7 ( 9K9 ( C:7C=8>9` ( 7< ( G?<G>(
?@7CZ9 ( @7 ( H?<@:@?G>9 ( 7< ( 79G? ( 7B7HH:;< ( 78?< ( ?HG:6>9 ( :<G7S8?<G79 ( @7 ( B?(
CZo:C?(?KG>8:@?@(?(H?8S>(@7(B?(C:9C?`(7B(+8:=K<?B('B7HG>8?B /,_((1>8(>G8?(A?8G7(
97(87HB?C;(B?(876:9:;<(@7(B?(@:9G8:=KH:;<(@7(79H?j>9(A?8?(B?(87A8797<G?H:;<(
7<(B?(.>C:9:;<(A?8?(B?(7B7HH:;<(@7(B?(<;C:<?(A?8?(B?(.*3(A>8(K<?(788;<7? (
?AB:H?H:;<(@7B(COG>@>(@7(87A8797<G?H:;<(A8>A>8H:><?B(@7(C:<>8J?9_
0?(.>8G7(@7(.><9G:GKH:><?B:@?@(5..D(?CA?8;(@7(C?<78?(A8>6:9:><?B(?(B?(
1B?<:BB?(U(>8@7<?<@>(7B(877CAB?a>(@7(B>9(:<G7S8?<G79(@7(B?(1B?<:BB?(h(NK7(<>(
A8797<G?8?< ( B? ( @>HKC7<G?H:;< ( A78G:<7<G7 ( ?B ( C>C7<G> ( @7 ( B? ( 9>B:H:GK@ ( @7(
:<9H8:AH:;<(Y(@7(NK:7<79(B>(^:H:78?<(@79AKO9(@7B(67<H:C:7<G>(@7B(AB?a>(A?8?(
B?9 ( :<9H8:AH:><79 ( @7 ( B?9 ( B:9G?9 ( @7 ( H?<@:@?G>9_ ( ( +?C=:O< ( 879>B6:;(
L?6>8?=B7C7<G7(B?(9K9A7<9:;<(@7(B?(:<9H8:AH:;<(@7(NK:7<79(78?<(C:7C=8>9(
?HG:6>9 ( @7B ( +8:=K<?B ( 'B7HG>8?B ( @7B ( .>B7S:> ( @7 ( ,=>S?@>9 ( Y ( ">G?8:>9 ( Y ( 7B(
>G>8S?C:7<G>(@7(K<?(AB?a?(7<(B?(.>C:9:;<(A?8?(B?(<>C:<?H:;<(@7(H?<@:@?G>9(
?(B?(.*3(?(B?(1B?<:BB?(U_( (1?8?(S?8?<G:a?8(7B(HKCAB:C:7<G>(@7(B?(@7H:9:;<`(B?(
.>8G7(@:>(K<(AB?a>(?B(+8:=K<?B('B7HG>8?B(@7B(.>B7S:>(@7(iw(^>8?9(?S>G?@>(7B(
HK?B(97(:CA><@8J?(K<?(CKBG?(@7({i(C:B(?(H?@?(K<>(@7(9K9(:<G7S8?<G79(Y(97(
:<:H:?8J?<(B?9(?HH:><79(H:6:B79(Y(A7<?B79(H>8879A><@:7<G79_
'B ( H?C:<> ( A?8? ( 7B ( :<:H:> ( @7B ( G8?=?]> ( @7 ( B?9 ( .>C:9:><79 ( @7 ( 1>9GKB?H:;<(
A?87HJ?(@79A7]?@>(K<?(67a(NK7(B?(.>8G7(@7(.><9G:GKH:><?B:@?@(B:=8;(@7(G>@?(
@K@?(I(?(A?8G:8(@7(B?(@7H:9:;<(H><G8?8:?(?(B?9(:<G78A87G?H:><79(NK7(^:H:78?<(7B(
!<9G:GKG> ( @7 ( &?S:9G8?@>9 ( @7 ( B? ( .>8G7 ( @7 ( ,A7B?H:><79 ( Y ( 7B ( .>B7S:> ( @7(
,=>S?@>9`(A?8?(@:9G8:=K:8(B>9(H?8S>9(7<(B?9(879A7HG:6?9(7B7HH:><79I(B?(L>8C?(
7< ( NK7 ( @7=J?< ( NK7@?8 ( H><L>8C?@?9 ( B?9 ( C:9C?9 ( 7< ( HK?<G> ( ? ( B?(
87A8797<G?H:;<(@7(B?9(C:<>8J?9_
/,

*:<(7C=?8S>`(7B(hh(@7(?S>9G>`(7<(K<?(@7H:9:;<(:<O@:G? /-`(K<(3KaS?@>(@7(
!<9G?<H:?(.:6:B(~7B(">67<>I(@7];(9:<(7L7HG>(B?(@7H:9:;<(@7(B?(..(NK7(?CA?8?8?(
A8>6:9:><?BC7<G7(?(B?(1B?<:BB?(U_
'<(>G8?(CK79G8?(@7(879:9G7<H:?(?(B?(A?8G:H:A?H:;<(@7(B?9(C:<>8J?9`(?(A79?8(
@7 ( B? ( @7H:9:;< ( @7 ( B? ( ..` ( 7B ( +8:=K<?B ( 'B7HG>8?B ( @7B ( .,"2 ( 87H^?a;` ( 7< ( K<?(
879>BKH:;< ( G>C?@? (A>8 (C?Y>8J? ( @7 ( i (? ( h /.` ( 7B(( 87HG:L:H?8 (B? (7oHBK9:;< ( @7 (B?(
1B?<:BB?(U(@7(B?(1>9GKB?@>8?(@7(B?(.*3_(
"> ( H><L>8C7 ( H>< ( 7BB>` ( 7B (+8:=K<?B ( 'B7HG>8?B ( @7B (.,"2( @7<K<H:; ( ?<G7 ( 7B(
&:<:9G78:> ( 1b=B:H> ( ? ( B>9 ( :<G7S8?<G79 ( @7 ( B? ( .. ( A>8 ( 6:>B?8 ( B? ( :<@7A7<@7<H:?(
]K@:H:?B(Y?(NK7(<>(@7=:;(7<G7<@78(7<(7B(?CA?8>(A8797<G?@>(A>8(B?(1B?<:BB?(U`(
H>8879A><@:7<@> ( B? ( H>CA7G7<H:? ( ? ( K< ( ]KaS?@> ( @7 ( :<9G?<H:? ( Y` ( 7<(
H><97HK7<H:?`(@7<K<H:?=?<(NK7(^?=J?<(6:>B?@>(B?(:<@7A7<@7<H:?(]K@:H:?B_
'B(.,"2(@79?LJ?(?(B?(..(
c'9GZ< ( NK78:7<@> ( 7BK@:8 ( 9K ( 879A><9?=:B:@?@e ( 7BB>9 ( 9><(
NK:7<79(^?<(7]78H:@>(7B(A>@78(:<@7=:@?C7<G7_(0>9(:<6:G>(
? ( NK7 ( 97 ( @79A>]7< ( @7 ( 9K ( :<CK<:@?@d ( %:H?8@>(
*?S?9GKC7`(A879:@7<G7(@7B(+8:=K<?B('B7HG>8?B(@7B(.,"2`(
187<9?(0:=87(@7B(hk(@7(]KB:>(@7(UVVW
0?(:<G7<H:;<(87G?8@?G>8:?(7C?<?=?(@7(B>9(A8>A:>9(@:H^>9(@7B(1879:@7<G7(@7B(
+8:=K<?B ( 'B7HG>8?B ( @7B ( .,"2` ( NK7 ( 97j?B?=? ( NK7 ( ?B ( ^?=78 ( 879>BKH:><79(
7C?<?@?9 ( @7 ( 9?B?9 ( @7 ( ,A7B?H:><79 ( Y ( K< ( ]KaS?@> ( NK7 ( <> ( 79G?=?< ( L:8C79`(
A>@8J?<(@7C>8?8(^?9G?(hV(@J?9(CZ9_//
1>8 ( H><9:@78?8B? ( :<G:C:@?G>8:? ( Y ( ?C7<?a?<G7` ( G879 ( C?S:9G8?@>9 ( 97(
A8797<G?8>< ( ?<G7 ( B? ( 18>HK8?@K8J? ( @7 ( B>9 ( )787H^>9 ( FKC?<>9 ( A?8? ( 9>B:H:G?8(
C7@:@?9(H?KG7B?879(A>8(B?(@7<K<H:?(NK7(7B(.,"2(A8797<G;(7<(9K(H><G8?(7<(7B(
&:<:9G78:>(1b=B:H>_
, (B?(@79>=7@:7<H:?(?(B?(..(A>8(A?8G7(@7B(.,"2(Y(?(B?(876789:;<(@7(K<?(
@7H:9:;<(9KY?(A>8(K<(G8:=K<?B(:<L78:>8`(97(9KC?8><(@>9(*?B?9(@7(,A7B?H:><79(
*7SK<@?/0( Y(+78H78?/1( NK7 (?CA?8?8><(?(C:7C=8>9 (@7(B?(1B?<:BB? (h(Y(B? (k(?(
A?8G:8(@7(B?(876>H?H:;<(@7(9K9(@7H:9>8:>9(?<G78:>879_
+?<G>(@7H:9:;<(@7B(3KaS?@>(@7(!<9G?<H:?(H>C>(@7(B?9(*?B?9(@7(,A7B?H:><79(
LK78><(H><9:@78?@?9(A>8(B>9(C?S:9G8?@>9(@7(B?(..(H>C>(K<(cS>BA7(@7(79G?@>(
GOH<:H>d_
,<G7 ( B? ( :<H87@KB:@?@ ( @7B ( .><S879>` ( NK7 ( @7=J? ( BB76?8 ( ? ( H?=> ( B?(
:<?KSK8?H:;<(@7B(G8?=?]>(@7 (B?9 (.>C:9:><79`(B?(..(7<6:;(K<? (H>A:?(@7 (9K9(
879>BKH:><79(?B(.><S879>(Y(9K9(C?S:9G8?@>9(97j?B?8><(Ab=B:H?C7<G7(NK7(@7(
<> ( ?H?G?897 ( 9K9 ( @7H:9:><79 ( 97 ( :<HK88:8J? ( 7< ( K<? ( :B7S?B:@?@_ ( ,@7CZ9` ( ^>8?9(
//.
//
/0
/1

?<G79 ( @7B ( 67<H:C:7<G> ( @7B ( AB?a> ( A?8? ( B? ( :<9G?B?H:;< ( @7 ( B?9 ( .>C:9:><79` ( B?(
.>8G7(@7(.><9G:GKH:><?B:@?@(876>H;(7B(L?BB>(@7B(]K7a(<>67<>(@7(!<9G?<H:?(.:6:B`(
%7<O(*>BJ9($6?BB7`(Y(>8@7<;(7B(:<:H:>(@7(:<679G:S?H:><79(A>8(@79>=7@:7<H:?(7<(
7B(&:<:9G78:>(1b=B:H>`(B?(.*3(Y(7B(.><97]>(@7(B?(.?8878?(3K@:H:?B_
+?C=:O<(B?(..(@7];(9:<(7L7HG>(B>9(L?BB>9(7C:G:@>9(A>8(B?(*?B?(*7SK<@?(Y(
+78H78?(@7(,A7B?H:><79(@7B(%?C>(.:6:B(Y(L:<?BC7<G7`(7B(.,"2(@7=:;(HKCAB:8(
9K(879>BKH:;<(Y(B?9(.>C:9:><79(97(:<9G?B?8><(^>8?9(?<G79(@7B(67<H:C:7<G>(@7B(
AB?a>(B7S?B_
k_?_::_(%7A8797<G?<G79(@7(B>9(%7HG>879(@7(B?9(Q<:6789:@?@79
*:(=:7<(B>9(?=>S?@>9(Y?(97(^?=J?<(C?<:L79G?@>(cH><G8?(B?9(:<G8>C:9:><79d(
@7(B?(9>H:7@?@(H:6:B(7<(7B(A8>H79>`(K<?(67a(?A8>=?@?(B?(<K76?(<>8C?G:6?`(
LK78>< ( B>9 ( 87HG>879 ( B>9 ( A8:C78>9 ( 7< ( ^?H78 ( 9?=78 ( 9K ( 879:9G7<H:? ( ?(
G8?<9A?87<G?8(7B(C7H?<:9C>(@7(97B7HH:;<_
'9G?(879:9G7<H:?(^?=J?(9:@>(A876:9G?(Y(?<G:H:A?@?(?(B?(H>CK<:@?@(A>8(B?9(
$8S?<:a?H:><79(@7(B?(*>H:7@?@(.:6:B`(NK7(7B(g(@7(]K<:>(@:78><(?(AK=B:H:@?@(K<(
c&7<9?]7(?(B?(H>CK<:@?@(K<:6789:G?8:?(@7(2K?G7C?B?d(7<(7B(NK7(7<L?G:a?=?<(
NK7 ( 7B ( A?A7B ( @7 ( B>9 ( 87HG>879 ( Y ( @7H?<>9 ( <> ( @7=J? ( 978 ( H><9:@78?@> ( K<?(
?G8:=KH:;< ( A789><?B ( @7 ( NK:7<79 ( 7]78H7< ( @:H^?9 ( LK<H:><79 ( 9:<> ( H>C>(
:<^787<G7 ( ?B ( H?8S> ( 7< ( H?B:@?@ ( @7 ( H>CA8>C:9> ( NK7 ( H><H:78<7 ( ? ( G>@? ( ? ( B?(
H>CK<:@?@(K<:6789:G?8:?_( (1?8?(?97SK8?8(7B(HKCAB:C:7<G>(@7(B?(LK<H:;<(97(
B79(?G8:=KJ?(A>8(B?(0.1(B?9(>8S?<:a?H:><79(:<9G?=?<(G?<G>(?(B>9(:<G7S8?<G79(
@7B(CK<@>(K<:6789:G?8:>(H>C>(?(B>9(?=>S?@>9(Y(?(G>@?(B?(>A:<:;<(Ab=B:H?(?(
:<6>BKH8?897(A?8?(S?8?<G:a?8(K<?(?HGK?H:;<(@:S<?`(>=]7G:6?(Y(G8?<9A?87<G7_
c{K7(B>9(87HG>879(97(:<6>BKH87<(L>8C?B(Y(@7H:@:@?C7<G7(7<(7B(A8>H79>(@7(
7B7HH:;<(@7(C?S:9G8?@>9`(Y (@79:S<7< ( ? ( 9K9 ( H>B7S?9 ( A?8? ( A879:@:8 ( B?9 (
H>C:9:><79 ( @7 ( A>9GKB?H:;<` ( H><9:@78?<@> ( B? ( :@><7:@?@ ( Y ( B? ( OG:H? (
@7 ( H?@? ( K<> ( @7 ( 7BB>9 ` ( Y ( 97 ( B79 ( @7C?<@7 ( K< ( H>CA>8G?C:7<G>(
G8?<9A?87<G7`(>=]7G:6>`(J<G7S8>(7(:<@7A7<@:7<G7d
!<C7@:?G?C7<G7 ( @79AKO9 ( @7 ( ?A8>=?@? ( B? ( B7Y` ( B>9 ( 87HG>879 ( 9>B:H:G?8><(
?HB?8?H:><79(?B(.><S879>(9>=87(B?(@:9A>9:H:;<(@7B(,8GJHKB>(gf(@7(B?(<K76?(B7Y(
7< ( B> ( NK7 ( 87L:787 ( ? ( B? ( 7B7HH:;< ( @7 ( B>9 ( A879:@7<G79 ( @7 ( B?9 ( .>C:9:><79 ( @7(
1>9GKB?H:;< ( cA>8 ( 9>8G7> ( Ab=B:H>d_ ( ( 0?9 ( 9KAK79G?9 ( @K@?9 ( @7 ( B>9 ( %7HG>879(
8?@:H?8>< ( 7< ( K<? ( A>9:=B7 ( H><G8?@:HH:;< ( H>< ( B?9 ( @:9A>9:H:><79(
H><9G:GKH:><?B79(NK7(B>9(>=B:S?8J?(?(7B7S:8(?(9K(87A8797<G?<G7(5<>(9>C7G78B>(
?(K<(9>8G7>D(Y(NK7(B79(A78C:G:8J?(7B7S:8(K<(87A8797<G?<G7(NK7(<>(97?(87HG>8(
@7(K<?(K<:6789:@?@(_
'9GK?8@>(2ZB67a`(87HG>8(@7(B?(Q<:6789:@?@(@7(*?<(.?8B>9`(7oAB:H;(7<G><H79(
?(B?(A87<9?m(
cNK7(7B(@797>(@7B(L>8>(@7(87HG>879(79(HKCAB:8(H><(
B?(@:9A>9:H:;<(H><9G:GKH:><?B(NK7(79G?=B7H7(NK7(B?(
?H?@7C:?(AK7@7(<>C=8?8(?(K<(87A8797<G?<G7(A?8?(
A879:@:8 ( H?@? ( K<? ( @7 ( B?9 ( @>9 ( H>C:9:><79 ( @7(
A>9GKB?H:;<_(">(79(K<?(HK79G:;<(@7(L>8C?`(9:<>(@7 (
B>(NK7(7oA879?(B?(.><9G:GKH:;<(?B(@7H:8(NK7(@7=7 (
978 ( K< ( 87A8797<G?<G7 ( @7 ( B>9 ( 87HG>879` ( Y ( ^?Y (

@:L787<G79 ( H8:G78:>9 ( @7 ( :<G78A87G?H:;<_ ( '< ( >G8>9 (


?j>9` ( B?9 ( A879:@7<H:?9 ( ^?< ( NK7@?@> ( 7< (
?H?@OC:H>9(NK7(<>(9><(87HG>879d02_
(0>9(%7HG>879(A8797<G?8><(K<?(?HH:;<(@7(:<H><9G:GKH:><?B:@?@(?G?H?<@>(7B(
?8GJHKB>(gf(A>8NK7(B>9(G8?G?=?(7<(L>8C?(@79:SK?B(?(B>9(87HG>879(879A7HG>(@7(
B>9(>G8>9(97HG>879(A?8G:H:A?<G79(@7(B?9(.>C:9:><79(@7(1>9GKB?H:;<_( ('<(9K(
79H8:G>(C?<:L79G?8><(NK7(B?(.><9G:GKH:;<(79G:AKB?(B?(6>G?H:;<(H>C>(COG>@>(
@7(7B7HH:;<(A?8?(B>9(87HG>879(A?8?(B?(:<G7S8?H:;<(@7(9K(87A8797<G?<G7(?(B?9(
.>C:9:><79(@7(1>9GKB?H:;<(9>=87(B?(=?97(@7(B>9(9:SK:7<G79(?8SKC7<G>9m
!"
NK7 ( 7B( ?8GJHKB> ( gf ( 6:>B? ( 7B ( A8:<H:A:> ( @7 ( :SK?B@?@(
?<G7(B?(B7Y(Y?(NK7(L:]?(A?8?(B?(7B7HH:;<(@7(B>9(87A8797<G?<G79(
@7 ( B>9 ( 87HG>879 ( K< ( A8>H7@:C:7<G> ( @:9G:<G> ( NK7 ( A?8? ( B>9 ( @7B(
.,"2(Y(@7(B>9(C?S:9G8?@>9e
'"
NK7 ( B? ( .><9G:GKH:;< ( S?8?<G:a? ( B>9 ( @787H^>9 ( @7(
7B7S:8(Y(978(7B7HG>9(C7@:?<G7(B?(A8ZHG:H?(@7B(9KL8?S:>(7<(G>@>(
A8>H79>(7B7HG>8?Be
("
NK7(B?(>AH:;<(H><9G:GKH:><?B(A>8(79?(C7G>@>B>SJ?(
<>(@7]?(@K@?9(7<(HK?<G>(7B(G7oG>(@7(B>9(?8GJHKB>9(Uhg`(Uhp(Y(
Ukk ( @:H7< ( c'< ( B?9 ( 6>G?H:><79` ( G?<G> ( A?8? ( :<G7S8?8 ( B?9(
.>C:9:><79 ( @7 ( 1>9GKB?H:;< ( H>C> ( A?8? ( B? ( :<G7S8?H:;< ( @7 ( B?9(
<;C:<?9 ( @7 ( H?<@:@?G>9 ( <> ( 97 ( ?H7AG?8Z ( <:<SK<?(
87A8797<G?H:;<d_
,"
( NK7 ( 7< ( B? ( B7Y ( 97 ( ^?=B? ( @7 ( 7B7HH:;< ( Y ( NK7 ( 7B(
9>8G7>(<>(79(7B7HH:;<(9:<>(K<?(B:=78?H:;<(@7(B?(@79:S<?H:;<(?B(
?a?8`
-"
NK7` ( ?B ( 87L78:897 ( B? ( .><9G:GKH:;< ( ? ( clK<?(
.>C:9:;<(@7(1>9GKB?H:;<(:<G7S8?@?(A>8(K<(87A8797<G?<G7(@7(B>9(
87HG>879 ( @7 ( B?9 ( Q<:6789:@?@79 (@7B ( A?J9ld ( @7=7 ( H><9:@78?897(
NK7(G>@?(87A8797<G?H:;<(:CAB:H?(K<?(7B7HH:;<(A>8(A?8G7(@7(B>9(
87A8797<G?@>9_
."
NK7(B?(@7L:<:H:;<(@7(@:HH:><?8:>(@7(c7B7HH:;<d(79(
B?(@79:S<?H:;<(@7(A789><?9(C7@:?<G7(B?(6>G?H:;<(H><(7<G78?(
B:=78G?@(Y(NK7(B?(C:9C?(@:L:787(@7B(9>8G7>(NK7(LJ?(?(B?(9K78G7(
K<?(879>BKH:;<_
/"
NK7` ( 7< ( H><97HK7<H:?` ( 7B ( ?8GJHKB> ( g ( <> ( 9;B> ( 79(
:<H><9G:GKH:><?B ( 9:<> ( H><G8?@:HG>8:> ( 7< ( G?<G> ( 87a? ( NK7 ( B?(
7B7HH:;<(97(87?B:a?8Z(A>8(9>8G7>`(B>(HK?B`(97Sb<(B>9(87HG>879`(79(
C?G78:?BC7<G7(:CA>9:=B7`(@?@>(NK7(>(97(7B:S7(>(97(9>8G7?_
"K76?C7<G7 ( 97HG>879 ( 87?H:>9 ( ? ( B? ( G8?<9A?87<H:?` ( 7< ( 79G7 ( H?9> ( B>9(
87HG>879` ( LK78a?< ( B>9 ( H><H7AG>9 ( Y ( B?9 ( @:9A>9:H:><79 ( <>8C?G:6?9 ( @7]?<@>(
7<G87678(9K(A78H7AH:;<(@7(97j>8J>(9>=87(B?(7B7HH:;<(@7(C?S:9G8?@>9_((
'<(K<?(B7HGK8?(H><H:7<aK@?(@7(B?(.><9G:GKH:;<(<?@:7(AK7@7(G7<78(@K@?9(
@7(NK7(B?(A?8G:H:A?H:;<(7<(B?(7B7HH:;<(@7(B>9(C?S:9G8?@>9(<>(79(K<(@787H^>(
@7 ( <:<SK<> ( @7 ( B>9 ( H>C:9:><?@>9 ( 9:<> ( K<? ( C78? ( LK<H:;< ( Ab=B:H? ( ? ( B? ( NK7(
79GZ<(>=B:S?@>9(Y(NK7(H>C>(G?B(<>(>G>8S?(<:<Sb<(@787H^>(NK7(AK7@?(978(
87HB?C?@>(H>C>(G?B(?<G7(B?(]K9G:H:?_
02

( &Z9(?b<`(B?(@79:S<?H:;<(@7(K<(<bC78>(CKY(B:C:G?@>(@7(A789><?9(A?8?(
79G?9 ( LK<H:><79 ( @7=7 ( 978 ( H><9:@78?@? ( K< ( A8:6:B7S:> ( 7< ( G?<G> ( 9;B> ( ? ( K<>9(
A>H>9(SK?G7C?BG7H>9(97(B79(A78C:G7(>HKA?8(79>9(79A?H:>9_(('<(8?a;<(@7(978(
K<?(LK<H:;<(Ab=B:H?(?(B?(NK7(?HH7@7(K<?(C:<>8J?`(7BB?(@7=7(79G?8(9K]7G?(?(
B>9(CZ9(?BG>9(79GZ<@?879(@7(G8?<9A?87<H:?(Y(@7(H><G8>B(A>AKB?8_(
'<(H><97HK7<H:?(B?(?B7S?H:;<(@7(K<?(?L7HG?H:;<(?(B?(:SK?B@?@(?<G7(B?(B7Y(
@7=7(978(@7979G:C?@?(@7(AB?<>(7<(HK?<G>(7BB?(97(A876O(A?8?(NK:7<79(G:7<7<(
K<(@787H^>(Y(<>(A?8?(B>9(>=B:S?@>9(?B(7]78H:H:>(@7(K<?(LK<H:;<(Ab=B:H?(7<(B?9(
H><@:H:><79 ( 7< ( NK7 ( B? ( B7Y ( B> ( 79G?=B7H7 ( A?8? ( H?@? ( H?9> ( 5NK7 ( AK7@7 ( 978(
@:L787<G7(A?8?(B>9(?=>S?@>9(Y(A?8?(B>9(87HG>879(>(B>9(C?S:9G8?@>9D_(
+?C=:O< ( 879KBG? ( =?9G?<G7 ( 76:@7<G7 (NK7 (B? (87L787<H:? ( H><9G:GKH:><?B( c7<(
B?9 ( 6>G?H:><79 ( A?8? ( :<G7S8?8 ( B?9 ( .>C:9:><79 ( <> ( 97 ( ?H7AG?8Z ( <:<SK<?(
87A8797<G?H:;<d(<>(9:S<:L:H?(NK7(@7=7(?AB:H?897(797(COG>@>(A?8?(B?(7B7HH:;<(
@7 ( B>9 ( .>C:9:><?@>9_ ( ( *;B> ( 97 ( 79A7H:L:H? ( NK7` ( 7< ( B>9 ( H?9>9 ( 7< ( NK7 ( 97(
KG:B:a?8?(B?(6>G?H:;<(<>(97(?H7AG?8Z(87A8797<G?H:;<_(*:(7B(H><9G:GKH:><?B:9G?(
^K=:78?(NK78:@>(NK7(97(6>G?8?(7<(G>@>9(B>9(H?9>9(B>(^?=8J?(C?<:L79G?@>(7<(
L>8C?(7oA879?_
187G7<@78(?9:S<?8(?(K<(A876:9:;<(A8>H7@:C7<G?B(7B(H?8ZHG78(@7(@787H^>(~
7<(7B(C?8H>(@7(B>(NK7(79(7B(@797CA7j>(@7(K<?(LK<H:;<(Ab=B:H?I(<>(79(CZ9(
NK7(B?(87A8797<G?H:;<(@7B(79LK78a>(A>8(7oG7<@78(^:9G;8:H>9(A8:6:B7S:>9(NK7(
^?<(A78C?<7H:@>(:<G>H?=B79(A>8(B?(CK8?BB?(NK7(^?<(H><9G8K:@>(B>9(c@K7j>9d(
@7(79G>9(A8>H79>9(?B(H><G8>B(H:K@?@?<>_
,(B?(67a(79(BB?C?G:6>(H;C>(97(:<G7<G?(H>CA?8?8(79G?(7B7HH:;<(H><(K<?(
S7<78?B ( @7B ( A?J9 ( HK?<@> ( 7< ( O9G?9 ( 79 ( >=B:S?G>8:>` ( 7<G87 ( >G8?9 ( H>9?9`(
G8?<9A?87<G?8(7B(L:<?<H:?C:7<G>(@7(B?9(H?CA?j?9(7B7HG>8?B79(C:7<G8?9(NK7(
7<(B?(@7(:<G7S8?<G79(@7(B?9(A>9GKB?@>8?9(97(^?(87H^?a?@>(9:9G7CZG:H?C7<G7(
7B(H><G8>B(@7(S?9G>9(@7(H?CA?j?0!_
((
.><9H:7<G79(@7(B?(9>9A7H^?(Ab=B:H?(NK7(87H?J?(9>=87(7B(L>8>(@7(87HG>879(
A>8(B?(879:9G7<H:?(?(?HH7@78(?(87?B:a?8(K<(9>8G7>`(?@7CZ9(@7B(87HK89>`(B>9(
87HG>879 ( AK=B:H?8>< ( K< ( H?CA> ( A?S?@> ( B>9 ( @:?8:>9 ( @7 ( C?Y>8 ( H:8HKB?H:;< ( ?(
G8?6O9(@7B(NK7(A87G7<@:78><(7oAB:H?8><(9K(A>9:H:;<(?(B?(H:K@?@?<J?_
{K:7<79 ( 879A?B@?8>< ( B? ( A>9GK8? ( @7 ( B>9 ( 87HG>879 ( ?<G7 ( B? ( H8JG:H?(
S7<78?B:a?@? ( @7 ( B? ( 9>H:7@?@ ( H:6:B ( <> ( AK@:78>< ( 76:G?8 ( @?8 ( ? ( BKa ( 9K9(
879:9G7<H:?9(?(B?(B7Ym((
c0? (07Y(@7 (B?9 (.>C:9:><79(@7 (1>9GKB?H:;<( ~H>C>(G>@>(B>(
<K79G8>~ ( A7H? ( @7 ( :CA8>6:9?H:;<` ( Y ( ?9J` ( @:9A><7 ( NK7 ( B?(
A879:@7<H:? ( @7 ( B?9 ( H>C:9:><79 ( ^?=8Z ( @7 ( @7G78C:<?897 ( A>8(
9>8G7>m ( [:<S> ( 0>G78J? ( .?8G;< ( BB7<>___ ( '< ( L:<` ( ? ( G8>H^7 ( Y(
C>H^7 ( 97 ( ?A8>=; ( B? ( B7Y ( Y` ( ? ( G8>H^7 ( Y ( C>H^7` ( B?9(
:<H><9G:GKH:><?B:@?@79 ( 9?B7< ( 9>=8?<@>` ( 97 ( NK:787 ( NK7 ( 97(
?AB:NK7_

0!

">(79(8?a><?=B7`(7<(?=9>BKG>`(NK7(A>8(B>9(@7L7HG>9(@7(B?(
B7Y` ( 97 ( 87C?G7 ( H>< ( B>9 ( 87HG>879 ( Y ( C7<>9 ( ?b< ( NK7 ( A>8 ( 7B(
:CA78@><?=B7(c@7B:G>d(@7(^?=78(A?8G:H:A?@>(7<(K<?(7B7HH:;<(
A879:@7<H:?B`(>(A87G7<@78(^?H78B>`(97(@79?H87@:G7(?(?NK7BB>9(
NK7 ( 79GZ< ( CZ9 ( H?B:L:H?@>9_ ( ( +8?G?@?9 ( B?9 ( A789><?9 ( Y ( B?9(
:<9G:GKH:><79(H>C>(C:78@?`(G78C:<?<(A78H:=:@?9(H>C>(G?B_((*:(
B> ( C7]>8 ( NK7 ( G7<7C>9 ( 7< ( 7B ( ZC=:G> ( ?H?@OC:H> ( C787H7(
97C7]?<G7 ( G8?G>` ( MNKO ( 79A78?<a? ( ^?=8J? ( A?8? ( 7B ( 879G>Pd(
c.>C> ( 9: ( LK78? ( A>H> ( 7B ( @79?G:<> ( A>BJG:H> ( @7 ( K< ( 9>8G7>`(
MS?8?<GJ? ( @7 ( NKO` ( 7B ( ?a?8P ( 879KBG? ( :<H><9G:GKH:><?B ( B?(
c@7H:9:;<d(7H^?@?(?(9K78G79(AK79G>(NK7(B?(.><9G:GKH:;<(^?=B?(
@7 ( 6>G?H:><79 ( Y ( <> ( @7 ( 9>8G7> ( ?BSK<> ( G?B ( Y ( H>C> ( 879KBG?(
:SK?BC7<G7 ( :<H><9G:GKH:><?B ( ~Y ( K<? ( :<?H7AG?=B7(
@:9H8:C:<?H:;<(7<(C?G78:?(@7(SO<78>~(NK7(97(:CA:@?(7B7S:8(?(
B>9(H;<YKS79(@7(B>9(C:7C=8>9(@7(B?(.>C:9:;<(@7(1>9GKB?H:;<`(
9:7<@> ( 7B ( H?9> ( NK7 ( G>@>9 ( B>9 ( @7H?<>9 ( @7 ( @787H^> ( 9><(
6?8><79 ( Y ( B?9 ( A78]K@:H?@?9 ( 978Z< ( 7<G><H79 ( B?9 ( CK]7879_d(
,H:9HB> ( R?BB?@?879 ( &>B:<? ( 7C=?]?@>8 ( @7 ( 2K?G7C?B? ( ?<G7 ( 7B(
6?G:H?<> ( @7 ( B>9 ( 2>=:78<>9 ( @7 ( 1>8G:BB> ( Y ( .>B>C` ( ?HO88:C>(
@7L7<9>8(@7(B?(A7<?(@7(CK78G7(Y(7<G><H79(C7<H:><?@>(H>C>(
H?<@:@?G> ( @7B ( 1879:@7<G7 ( @7 ( B? ( %7Ab=B:H? ( ? ( 18>HK8?@>8(
27<78?B(@7(B?("?H:;<0'
Q<? ( 67a ( :<G78AK79G> ( 7B ( 87HK89>` ( 7< ( 9;B> ( Ui ( ^>8?9 ( B? ( .>8G7 ( @7(
.><9G:GKH:><?B:@?@(?CA?8;(?(B>9(87HG>879(9K9A7<@:7<@>(A8>6:9:><?BC7<G7(7B(
9>8G7>(Ab=B:H>(A?8?(B?(7B7HH:;<(@7(9K9(87A8797<G?<G79(7<(B?9(.>C:9:><79_(
0>9(6>H?=B>9(c@7(9>8G7>d(Y(c7B(9>8G7>(Ab=B:H>d(LK78><(87C>6:@>9(@7B(?8GJHKB>(
gf(NK:GZ<@>B7(7B(97<G:@>(A87G7<@:@>(A>8(7B(B7S:9B?@>8`(NK7@?<@>(6:S7<G7(9;B>(
B> ( ?G:<7<G7 ( ?B ( BKS?8 ( @7 ( H><H87H:;< ( @7 ( B? ( 7B7HH:;< ( @7B ( 87A8797<G?<G7 ( @7B(
87HG>8`(B?(97@7(@7B(1?B?H:>(07S:9B?G:6>0(_(
'B ( +8:=K<?B ( H><9:@78; ( NK7 ( c'< ( 79G7 ( H?9> ( >A78? ( 7B ( A8:<H:A:> ( @7(
H><9G:GKH:><?B:@?@(@7(@7C>H8?H:?(87A8797<G?G:6?(9K9G7<G?@?(7<(B?(7B7HH:;<(
B:=87`(879A><9?=B7(Y(C?Y>8:G?8:?(@7(B>9(9K]7G>9(B7S:G:C?@>9(A?8?(@7H:@:8`(A>8(
B>(NK7(7B(7B7C7<G>(?B7?G>8:>(NK7(:<G8>@KH7(B?(<>8C?(:CAKS<?@?`(?@>B7H7(@7(
:<H><9G:GKH:><?B:@?@ ( <>G>8:? ( Y ( 79 ( 9K9H7AG:=B7 ( @7 ( H?K9?8 ( S8?6ZC7<79(
:887A?8?=B79d_(('<(K<?(LK<@?C7<G?H:;<(A87G7<9?(@7(<>(978(H8:G:H?@?(A>8(9K(
@79?A7S>(?(B?(G8?<9A?87<H:?(7<(79G?(A?8G?(@7B(C7H?<:9C>(@7(97B7HH:;<`(B?(
..(H><6?B:@;(7B(G8?C>(@7B(?8GJHKB>(HK79G:><?@>(NK7(@:9A><7(B?(87?B:a?H:;<(@7(
B?(7B7HH:;<(7<(7B(1?B?H:>(07S:9B?G:6>m(c9:7<@>(H><9G:GKH:><?B(7B(A8:<H:A:>(@7(
AK=B:H:@?@(@7B(767<G>(7B7HH:><?8:>(H><6>H?@>`(NK7(97(7<HK7<G8?(H><G7<:@>(
7<(B?(:CAKS<?H:;<(A?8H:?B(@7B(H:G?@>(?8GJHKB>(g`(9>=87(7B(C:9C>(Y(7B(879G>(@7(
B>(:CAKS<?@>(<>(A8>H7@7(B?(9K9A7<9:;<(A8>6:9:><?B(9>B:H:G?@?d0,_
,BB?<?@> ( 7B ( H?C:<> ( A>8 ( B? ( .. ( A?8? ( NK7 ( B>9 ( 87HG>879 ( @7H:@:78?< ( ?(
@:9H87H:;<(?AB:H?8?<(7B(COG>@>(@7(7B7HH:;<(A?8?(9K9(87A8797<G?<G79(7<(B?9(
.>C:9:><79`(7B(U(@7(]KB:>(97(7B:S:78><(7<(B?(97@7(@7B(1?B?H:>(07S:9B?G:6>(B>9(
87A8797<G?<G79(@7(B?9(Q<:6789:@?@79_
0'
0(
0,

&:7<G8?9 ( NK7 ( B?9 ( $*.X9 ( <> ( ?9:9G:78>< ( ?B ( ?HG> ( 7< ( 87H^?a> ( ? ( 9K ( L?BG? ( @7(
G8?<9A?87<H:?`(B?(7B7HH:;<(LK7(H?G?B>S?@?(A>8(@:AKG?@>9(H>C>(K<?(L?89?(Y(9K(
87?B:a?H:;<(7<(7B(.><S879>(H>C>(K<(9^>r`(
c9:(B?9(?KG>8:@?@79(@7B(.><S879>(<>(H>CA?8G7<(B?(?HGK?H:;<(
@7(7BB>9(5A>8(B>9(87HG>879D`(@7=78J?<(9K9A7<@78(79G7(?HG>(5___D(
0> ( NK7 ( NK:787< ( 79 ( C?<G7<78 ( 7B ( 9:9G7C? ( @7 ( :CAK<:@?@ ( Y(
H>88KAH:;<d_(@:AKG?@?(,<?=7BB?()7(07;<`(@7B(1?8G:@>(1?G8:>G?(
?<G7(B?(>C:9:;<(@7B(9>8G7>(Y(B?(7oA879:;<(@7B(1879:@7<G7(@7B(
07S:9B?G:6> ( @7 ( NK7 ( H>CA?8GJ? ( 79G? ( 6:9:;< ( A78> ( NK7 ( @7=J?(
?H?G?8(7B(L?BB>(@7(B?(.._0,(9K(67a(97(H8:G:H;(7B(?HG>(A>8(79G?8(?887SB?@>(@7(?<G7C?<>(Y?(NK7(?B(
C>C7<G> ( @7 ( B? ( 6>G?H:;< ( 7< ( 7B ( 1?B?H:> ( 07S:9B?G:6> ( ? ( H?@? ( 6>G?<G7 ( 97 ( B7(
7<G87S;(K<?(A?A7B7G?(H><(B>9(<>C=879(@7(G>@>9(B>9(H?<@:@?G>9(^?=:7<@>(Y?(
9:@>(7oHBK:@>9(NK:7<79(97(?=9GK6:78><(@7(A?8G:H:A?8(HK?<@>(79G?(:<L>8C?H:;<(
9;B>(97(>L:H:?B:a;(^>8?9(?<G79(@7(B?(7B7HH:;<0.(0/_
.>C> ( K< ( S79G> ( NK7 ( ?=><?8J? ( B? ( G8?<9A?87<H:? ( Y ( B? ( OG:H? ( A?8? ( B?(
:<G7S8?H:;< ( @7 ( B?9 ( .>C:9:><79` ( 97:9 ( 87HG>879 ( 97 ( :<^:=:78>< ( @7 ( A>9GKB?897`(
6?8:>9(@7(7BB>9(A>8(9K(A78G7<7<H:?(>(6:<HKB?H:;<(?(A?8G:@>9(A>BJG:H>900_
*:< ( 7C=?8S>` ( Y ( 7< ( L8?<H? ( H><G8?@:HH:;< ( H>< ( B? ( 9KAK79G? ( :<G7<H:;<(
97j?B?@?` ( B>9 ( :<^:=:@>9 ( A?8G:H:A?8>< ( @7 ( B? ( 6>G?H:;<` ( <> ( :CA:@:O<@>97 ( 9K(
:<LBK]> ( 7< ( B? ( H><L>8C?H:;< ( @7 ( B?9 ( H>C:9:><79 ( A?8G:H:A?H:;< ( :<@:87HG? ( NK7(
>9HK87H:;(B?(9KAK79G?(:<G7<H:;<(>8:S:<?B_
1?8?(B?(6>G?H:;<(97(KG:B:a;(B?(@79:S<?H:;<(A>8(A87L787<H:?(?(G8?6O9(@7(B?(
NK7(H?@?(6>G?<G7(H?B:L:H;(?(G>@>9(B>9(H?<@:@?G>9(H><(AK<G?]79(@7B(h(?B(g_
0? ( 9KC?G>8:? ( @7 ( 6>G>9 ( L:<?B79 ( @7G78C:<; ( NK7 ( B? ( A879:@7<H:? ( @7 ( B?(
.>C:9:;<(@7(B?(.*3(978J?(>HKA?@?(A>8('9GK?8@>(2?B67a(@7(B?(Q*,.(C:7<G8?9(
NK7(?(#7B:o(*788?<>(@7(B?(Q<:6789:@?@(&79>?C78:H?<?(97(B>(7B:S:;(A?8?(B?(@7(
,A7B?H:><79_
k_?_:::_(%7A8797<G?<G79(@7(B>9(&?S:9G8?@>9
!@O<G:H? ( 9:GK?H:;< ( ? ( B? ( @7B ( .,"2` ( 7< ( HK?<G> ( ? ( B? ( 879:9G7<H:? ( ? ( B?(
A?8G:H:A?H:;< ( @7 ( C:<>8J?9 ( Y ( ? ( B?9 ( @K@?9 ( 9>=87 ( B? ( G8?<9A?87<H:? ( 7< ( B?(
7B7HH:;<`(97(A8>@K]>(7<(B?(6>G?H:;<(@7(B>9(C?S:9G8?@>9(A?8?(B?(@79:S<?H:;<(
@7(9K9(87A8797<G?<G79(7<(B?(.>C:9:;<(@7(1>9GKB?H:;<(A?8?(B?(:<G7S8?H:;<(@7(
B?9(<;C:<?9(A?8?(B?(.*3_
,@7B?<GZ<@>97(?(B?(A87G7<9:;<(A?8G:H:A?G:6?(@7(97HG>879(:<@7A7<@:7<G79(
@7B ( 1>@78 ( 3K@:H:?B` ( B>9 ( C?S:9G8?@>9 ( 7<8>B?@>9 ( 7< ( @>9 ( S8KA>9 ( @>C:<?<G79(
H7B7=8?8><(87K<:><79(7<(H><>H:@>9(879G?K8?<G79(@7(B?(.:K@?@(@7(2K?G7C?B?(
A?8?(H><97<9K?8(B?(A8797<G?H:;<(@7(K<?(B:9G?(b<:H?(?(B?(7B7HH:;<(Y(76:G?8(B?(
00.
0/
00

H>CAKB9?(7<(7B7HH:><79(?(G8?6O9(@7(B?(@:9G8:=KH:;<(?<G:H:A?@?(@7(79A?H:>9(
7<(B?(.>C:9:;<_
'B(?HK78@>(7<G87(yp(@7(B>9(wU(]K7H79(@7(?A7B?H:><79(97(?BH?<a;(BK7S>(@7(
NK7 ( 7B ( S8KA> ( CZ9 ( <KC78>9> ( @7 ( C?S:9G8?@>9 ( H7@:78? ( k ( BKS?879 ( 7< ( B?(
.>C:9:;<(?(9K(H><G8?A?8G7(7<(B?(<7S>H:?H:;<_
'< ( 7B ( C?8H> ( @7B ( ?<K<H:> ( @7B ( H><97<9> ( A?8? ( <> ( 87?B:a?8 ( K<? ( 7B7HH:;<(
Ab=B:H? ( Y ( G8?<9A?87<G7` ( B? ( A879:@7<G? ( @7B ( !<9G:GKG> ( @7 ( &?S:9G8?@>9`(
%>9?C?8J? ( @7 ( 07;< ( .?<>`( H7B7=8?=?m( c^?=J? ( H>C:9:><79 ( 7B7HG>8?B79 ( @7(
?C=>9(B?@>9(Y(L7B:aC7<G7(97(B>S8;(K<?(AB?<:BB?(b<:H?d_(
'B(y(@7(]KB:>(7<(K<?(979:;<(7oG8?>8@:<?8:?(@7(B?(,9?C=B7?(@7(&?S:9G8?@>9(
@7(87?B:a;(B?(6>G?H:;<(Y`(L:<?BC7<G7`(97(A8797<G;(K<?(AB?<:BB?(H><(H?<@:@?G>9(
?]7<>9(?B(?HK78@>(?<G78:>8C7<G7(C7<H:><?@>_(
.><G?=:B:a?<@>(yh(6>G>9 (7<(9K(L?6>8`(B? (3K<G? ():87HG:6?(@7B(!<9G:GKG>(@7(
&?S:9G8?@>9 ( @7HB?8; ( S?<?@>8? ( B? ( 1B?<:BB? (U ( 5:<G7S8?@>8? ( @7 ( B>9 ( S8KA>9 ( @7(
C?S:9G8?@>9(NK7(^?=J?<(?H>8@?@>(B?(@:9G8:=KH:;<(@7(AK79G>9D(Y(B7(?9:S<;(w(
9:BB?9(7<(B?(.>C:9:;<(1>9GKB?@>8?_(('B(879G?<G7(97(B7(87H><>H:;(?(B?(1B?<:BB?(h`(
NK7(>=GK6>(Uh(6>G>9_
!<C7@:?G?C7<G7 (@79AKO9(@7(B?(7B7HH:;<`(B?(B:9G?(@788>G?@?(A8797<G;(K<(
?CA?8>(?B7S?<@>(K<?(788;<7?(?AB:H?H:;<(@7B(9:9G7C?(@7(87A8797<G?H:;<(@7(
C:<>8J?9(Y(87HB?C?<@>(7B(87H><>H:C:7<G>(@7B(@787H^>(?(K<(AK79G>(CZ9(7<(
B?(.>C:9:;<_
0? ( @7C?<@? ( LK7 ( 879K7BG? ( ? ( L?6>8 ( @7 ( B>9 ( A8797<G?<G79 ( Y ( H><C:<; ( ?B(
!<9G:GKG>(@7(&?S:9G8?@>9(?(cA8>H7@78(?(87HG:L:H?8(7B(79H8KG:<:>(7L7HGK?@>(=?]>(
7B(COG>@>(@7(87A8797<G?H:;<(A8>A>8H:><?B(@7(C:<>8J?9(>(COG>@>()}F><@Gd(
7<(K<(AB?a>(@7(iw(^>8?9_
*:< ( 7C=?8S> ( 7B ( C:9C> ( ]K7a ( NK7 ( @79?KG>8:a?8? ( ? ( B? ( .. ( 7< ( 9K ( @7H:9:;<(
9>=87(7B(79H?j>(H>8879A><@:7<G7(?(B?(C:<>8J?(7<(B?(7B7HH:;<(@7B(.,"2`(Y(NK7(
CZ9(G?8@7(97(A8797<G?8J?(H>C>(H?<@:@?G>(?(B?(H><6>H?G>8:?(@7(B?(.>C:9:;<(
@7(1>9GKB?H:;<(A?8?(978(C?S:9G8?@>(@7(B?(.>8G7(@7(,A7B?H:><79`(876>H;(B?(
@7H:9:;<(@7(B?(]K7a?(NK7(?CA?8?8?(?(B?(1B?<:BB?(h01_
0?(@7H:9:;<(L:<?B(H>8879A><@:;(?(B?(.>8G7(@7(.><9G:GKH:><?B:@?@(?<G7(K<?(
?HH:;<(:<H>?@?(A>8(B?(1B?<:BB?(U(Y(879>B6:;(H><L:8C?8(B?(@7H:9:;<(@7(B?(3K7a? (
NK7(:<G786:<>(7<(A8:C78(GO8C:<>(7<(7B(H><LB:HG>12_
)K8?<G7(79G?(7G?A?(9K8S:;`(?@7CZ9`(K<?(?HK9?H:;<(@7(:<HKCAB:C:7<G>(@7(
B>9 ( @7=7879 ( @7 ( OG:H? ( Ab=B:H? ( A>8 ( A?8G7 ( @7 ( 6?8:>9 ( C?S:9G8?@>9 ( @7(
?A7B?H:><79`(7<G87(B>9(NK7(97(7<H><G8?=?<(i(@7(B>9(p(7B7HG>9(A>8(B?(B:9G?(
C?Y>8:G?8:?_
0?9 ( >8S?<:a?H:><79 ( @7 ( B? ( 9>H:7@?@ ( H:6:B 1!( @:78>< ( ? ( AK=B:H:@?@ ( 7B(
L:<?<H:?C:7<G> ( 7< ( UVVp ( @7 ( K< ( 6:?]7 ( ? ( '9A?j? ( A?8? ( 87?B:a?8 ( K< ( HK89> ( @7(
01
12
1!

79A7H:?B:a?H:;< ( @7 ( K< ( C79 ( A>8 ( A?8G7 ( @7 ( %>=78G> ( 0;A7a ( IH><>H:@>(


Ab=B:H?C7<G7(H>C>(7B(c%7Y(@7B(+7<:9d(Y(NK7(>G8>8?(A78G7<7H:78?(?B(#%2I(?(
hU(C?S:9G8?@>91'_(((
Q<>(@7(B>9(C?S:9G8?@>9(NK7(6:?];(LK7(3>8S7(0K:9(,8H^:B?(,COaNK:G?(5NK7(
?@7CZ9(97(A>9GKB;(A?8?(9K(877B7HH:;<D`(NK:7<(L:<?B:a?@?(B?(7B7HH:;<(7<(NK7(
G8:K<L;(9K(B:9G?`(7o^:=:;(B?(C?S<:GK@(NK7(G7<J?(7B(79A?H:>(7<(@:9AKG?(A?8?(9K(
S8KA>(7<(G?<G>(@:>(K<(@:9HK89>(H?9:(A>BJG:H>(Y(9>B:H:G;(?(B>9(C?S:9G8?@>9(K<(
C:<KG>(@7(?AB?K9>9_
*: ( =:7< ( B? ( ?HK9?H:;< ( LK7 ( <7S?@? ( A>8 ( B>9 ( =7<7L:H:?8:>9 ( @7 ( B? ( @Z@:6? ( @7B(
C?S:9G8?@>9 ( @7 ( B? ( .*3 ( Y ( @7 ( ,A7B?H:><79 ( H><L:8C?8>< ( B>9 ( GO8C:<>9 ( @7 ( B?(
@7<K<H:?m
( c#K7 ( K< ( 6:?]7 ( NK7 ( 97 ( C?<GK6> ( H>C> ( K< ( 97H87G> ( ? ( 6>H79 (
7<G87(B>9(C?S:9G8?@>9(?L>8GK<?@>9`(NK7(7<(9K( C?Y>8J?(9>< (
9:CA?G:a?<G79(@7B(#%2(?L:8C;(K<?(C?S:9G8?@?

$G8> ( @7 ( 9K9 ( H>B7S?9 ( @7 ( B? ( .*3 ( 87L:8:; ( NK7 ( 7B ( #%2 ( A?S; ( 7B (


A?9?]7(?O87>`(7B(?B>]?C:7<G>(Y(B?(?B:C7<G?H:;<(?(?NK7B(S8KA> (
@7 ( C?S:9G8?@>9` ( Y ( NK7 ( B? ( .>8G7 ( 9;B> ( @:> ( 9K ( ?KG>8:a?H:;<_ (
,@7CZ9` ( ?L:8C; ( NK7 ( K< ( 97SK<@> ( S8KA> ( @7 ( hg ( C?S:9G8?@>9 (
7L7HGK;(7B(C:9C>(6:?]7`(7B(9:SK:7<G7(?j>_
*7(9?=7(NK7(7B(?=>S?@>(%>=78G>(0;A7a(A?S;(?(79G>9(H>B7S?9 (
B?(H?A?H:G?H:;<(7<('9A?j?`(?(H?C=:>(@7(L?6>879(]K@:H:?B79(7< (
7B(LKGK8>`(A>8NK7(79G7(S8KA>(=K9H?(9K(877B7HH:;<(7<(K<?(9?B? (
>(7<(B?(.>8G7`(C?<:L79G;(K<(C?S:9G8?@>(@7(797(>8S?<:9C>` (
NK7(A87L:8:;(7B(?<><:C?G>_d
187<9?(0:=87(@7B(y(@7(3KB:>(@7(UVVW(
0?9 ( @K@?9 ( 9>=87 ( B? ( 678?H:@?@ ( @7 ( B>9 ( ^7H^>9 ( LK78>< ( @79A7]?@?9 ( A>8 ( B?(
.!.!2(NK7(H>88>=>8;(NK7(B>9(A?9?]79(@7(B>9(C?S:9G8?@>9(LK78><(A?S?@>9(A>8(
B?(7CA879?(28KA>()X0>6:`(@7(HKY>( .><97]>(@7(,@C:<:9G8?H:;<(79(C:7C=8>(
%>=78G>(0;A7a(R:BB?G>8>1(_
&:7<G8?9(7B(c%7Y(@7B(+7<:9d(:<LBKJ?(?(G8?6O9(@7(C7H?<:9C>9(79AK8:>9(7<(K<(
S8KA>(@7(C?S:9G8?@>9`(B?9(87B?H:><79(@7(>G8>(97HG>8(H><(7B(S>=:78<>(G?CA>H>(
97 ( >HKBG;_ ( ,<G79 ( @7 ( NK7 ( 97 ( ?A8>=?8? ( B? ( 0.1 ( Y ( 7< ( B?9 ( 87K<:><79 ( NK7 ( 97(
@79?88>BB?=?<(7<G87(B>9(C?S:9G8?@>9(@7(?A7B?H:><79(7<(7B(.BK=(2K?G7C?B?(7<(
?=8:B(@7(UVVW`(7<(7B(C?8H>(@7(B?9(H>CA><7<@?9(A?8?(@:9G8:=K:8(H?8S>9(7<(B?9(
.>C:9:><79`(A?8G:H:A?8><(7B(C:<:9G8>(@7(2>=78<?H:;<`(*?B6?@>8(2Z<@?8?`(Y(7B(
6:H7C:<:9G8>`(3>9O(T<S7B(2><aZB7a_
1>8(9K(A?8G7`(B?(7B7HH:;<(@7(B>9(%7A8797<G?<G79(@7(B?(.*3(7<(B?(.>C:9:;<(
@7(1>9GKB?H:;<(@7(B?(.>8G7 (@7(,A7B?H:><79(97(87?B:a;(7B(Ui(@7 (]KB:>(Y(LK7(
H><9:@78?@?(A>8(B?9($*.X9(K<?(=K8B?(@?@>(NK7(9;B>(97(8?G:L:H;(Ab=B:H?C7<G7(
K<(?HK78@>(NK7(97(^?=J?(H7B7=8?@>(H><(?<G7B?H:;<_
1'
1(

'< ( K<? ( A8:C78? ( :<9G?<H:? ( 97 ( ?<K<H:; ( NK7 ( B? ( 7B7HH:;< ( 97 ( 87?B:a?8J?(


C7@:?<G7(A?A7B7G?9(7<(7B(NK7(H?@?(K<>(@7=J?(:<HBK:8(?(9K9(W(L?6>8:G>9(A?8?(
87A8797<G?8B>(7<(B?(.>C:9:;<(@7(1>9GKB?H:;<_(
0>9 ( C:7C=8>9 ( @7 ( B? ( .*3 ( 97 ( 879:9G:78>< ( ? ( ^?H78 ( Ab=B:H>9 ( 9K9 ( 6>G>9 ( 7(
:<L>8C?8>< ( ? ( B>9 ( C7@:>9 ( @7 ( H>CK<:H?H:;< ( NK7 ( B? ( 7B7HH:;< ( 978J? ( 97H87G?_(
187G7<@J?<(?8SKC7<G?8(NK7(<>(97(6KB<78?=?(7B(A8:<H:A:>(@7(AK=B:H:@?@(7<(
HK?<G>(A78C:G:8J?<(?(B?(A87<9?(7B(?HH79>(?(B>9(@7=?G79(A876:>9(?(B?(6>G?H:;<_
#:<?BC7<G7` ( 7< ( K< ( A8>H7@:C:7<G> ( NK7 ( @K8; ( 9;B> ( H:<H> ( C:<KG>9` ( 97(
A8797<G?8>< ( W ( H?<@:@?G>9 ( @?@> ( NK7 ( B>9 ( 879G?<G79 ( i ( 97 ( :<^:=:78>< ( A>8(
HK79G:><79(A789><?B79(Y(97(79H7<:L:H;(K<?(6>G?H:;<(?(C?<>(?Ba?@?(NK7(<>(
H><9G:GKJ?(G?B(Y?(NK7(?<G7(B?(87<K<H:?(@7(HK?G8>(@7(G87H7(C?S:9G8?@>9(<>(
NK7@?=?<(CZ9(H?<@:@?G>9(@:9A><:=B79_((0K7S>(@7(B?(B7HGK8?(@7(B>9(<>C=879(
@7(B>9(b<:H>9(W(A>9GKB?<G79`(G>@>9(B>9(A8797<G79(6>G?8><(?(L?6>8(@7(NK7(B>9(
C7<H:><?@>9(LK78?<(B>9(87A8797<G?<G79(@7(O9G7(+8:=K<?B(7<(B?(7B7HH:;<(@7(
C?S:9G8?@>9(@7(?A7B?H:><79_
0>9(<K767(C?S:9G8?@>9(@79:S<?@>9(A?8?(L>8C?8(A?8G7(@7(B?(H>C:9:;<(@7(
A>9GKB?H:;<(LK78><m
%K=O<('B:b(F:SK78>9
0K:9(#78<Z<@7a(&>B:<?
.?8B>9(2:B=78G>(.^?H;<
3>8S7(2><a?B>(.?=878?
07G:H:?(*7H?:8?
#8?<H:9H>()7(&?G?(R7B?
@S?8(%?bB(1?H?Y
RB?@:C:8(,SK:B?8
,KSK9G>('B7?a?8(0;A7a
0>9 ( G879 ( bBG:C>9 ( 97 ( A>9GKB?8>< ( A?8? ( B? ( 877B7HH:;< ( H>C> ( C?S:9G8?@>9 ( ?B(
G:7CA>(NK7(:<G7S8?8J?<(B?(.>C:9:;<(A?8?(97B7HH:><?8(?(B>9(C?S:9G8?@>9(@7(
?A7B?H:><79_
0?(L?BG?(@7(OG:H?(A?8?(A8767<:8(HK?BNK:78(H><LB:HG>(@7(:<G78O9(A>8(A?8G7(@7(
NK:7<79 ( A87G7<@J?< ( 9K ( 7B7HH:;< ( ?B ( G:7CA> ( NK7 ( 97 ( A8797<G?=?< ( H>C>(
H?<@:@?G>9(?(:<G7S8?8(B?(A>9GKB?@>8?(@7(,A7B?H:><79(G:7<7(>G8>(?<G7H7@7<G7(
7<(B?(7B7HH:;<(@7B(1879:@7<G7(@7(B?(.*3_
'<(K<(G8Z<9:G>(8:@JHKB>(@7(iU(:<G7<G>9(L?BB:@>9(@79@7(>HGK=87(@7(UVVw`(7<(
]K<:> ( @7 ( UVVW ( B>9 ( C:7C=8>9 ( @7 ( B? ( .>8G7 ( 7B:S:78>< ( ? ( 9K ( 1879:@7<G7_ ( ( 0?(
:CA>9:=:B:@?@ ( @7 ( H><97<9K?8 ( 7B ( <>C=8?C:7<G> ( 79G?=? ( >8:S:<?@? ( 7< ( K<?(
@:6:9:;<(@7B(+8:=K<?B(7<(@>9(S8KA>9(5@7<>C:<?@>9(c7B(@7(B>9(pd(Y(c7B(@7(B>9 (
ydD(Y(@7(B?(A8:C?HJ?(@7(B?(B;S:H?(@7(@:9AKG?(A>8(B?(?HKCKB?H:;<(@7(A>@78(~
7<G87 ( B>9 ( NK7 ( 97 ( 7<H><G8?=? ( 7B ( A>@78 ( @7 ( :<LBK:8 ( A?8? ( B? ( 7B7HH:;< ( @7 ( B>9(
:<G7S8?<G79(@7(B?9(A>9GKB?@>8?9I(?(A?8G:8(@7(B?(>HKA?H:;<(@7B(H?8S>_
k_=_ ( 0?9 ( G7<9:><79 ( 7< ( 7B ( LK<H:><?C:7<G> ( @7 ( B?9 ( .>C:9:><79 ( @7 (
1>9GKB?H:;<
4?(97(@79G?H;(B?(@:L:HKBG?@(A?8?(A><78(7<(LK<H:><?C:7<G>(?(B?9(.>C:9:><79(
@?@?(B?(9KAK79G?(:<H78G:@KC=87(]K8J@:H?(S7<78?@?(?(A?8G:8(@7B(87H^?a>(@7B(

.,"2 ( Y ( @7 ( B? ( .>8G7 ( @7 ( ,A7B?H:><79 ( @7 ( HKCAB:8 ( H>< ( B?9 ( 97<G7<H:?9 ( @7 ( B?(


.>8G7(@7(.><9G:GKH:><?B:@?@_((
0?9 ( @:<ZC:H?9 ( @7 ( A879:;< ( Y ( 879:9G7<H:? ( 97 ( :<G7<9:L:H?8>< ( @K8?<G7 ( 7B(
@79?88>BB>(@7B(G8?=?]>(@7(B?9(.>C:9:><79(@7(1>9GKB?H:;<(Y`(G?B(67a`(LK7(7<(
79G?(7G?A?(@><@7(97(C?<:L79G?8><(H><(C?Y>8(JCA7GK(Y`(7<(H><97HK7<H:?`(97(
76:@7<H:?8>< ( B>9 ( :<G787979 ( B?G7<G79 ( @7 ( B>9 ( @:9G:<G>9 ( 97HG>879 ( Y ( B?9(
C7G>@>B>SJ?9(Y(?8SKC7<G>9(?(B?9(NK7(?HK@:78><(A?8?(@7L7<@78B>9_
,(A?8G:8(@7(9K(:<9G?B?H:;<(7<(7B(*?B;<(&?Y>8`(.7<G8>(.KBGK8?B(Q<:6789:G?8:>`(
,<G:SK>(1?8?<:<L>(@7(B?(Q<:6789:@?@(@7(*?<(.?8B>9(@7(2K?G7C?B? (7B(hi(@7(
?S>9G>(H>C7<a?8><(B?9(?HG:6:@?@79(@7(?C=?9(.>C:9:><79(@7(1>9GKB?H:;<_(
+?B(H>C>(97(87L:8:78?`(B?(0.1(<>(A876:;(LK7<G79(@7(L:<?<H:?C:7<G>(A?8?(9K(
LK<H:><?C:7<G>`(A>8(B>(NK7(A?8?(B?(H>=78GK8?(@7(?9A7HG>9(?@C:<:9G8?G:6>9(Y(
@7(B>SJ9G:H?(97(9K9H8:=:;(K<(H><67<:>(H><(7B(18>S8?C?(@7("?H:><79(Q<:@?9(
A?8?(7B()79?88>BB>(51"Q)D`(NK7(?A>8G;(kg(C:B(A?8?(H?@?(A>9GKB?@>8?1,_
'B(H>C:7<a>(@7(B?9(87K<:><79(@7(B?(A>9GKB?@>8?(@7(C?S:9G8?@>9(@7(9?B?9(
@7(,A7B?H:><79(S:8;(7<(G>8<>(?(9:(B?(97H87G?8J?(@7=J?(978(>HKA?@?(A>8(K<>(@7(
9K9 ( :<G7S8?<G79` ( Y? ( NK7 ( 97 ( A8>AK9> ( B? ( H><G8?G?H:;< ( @7 ( A789><?B(
?@C:<:9G8?G:6>(A?8?(HKCAB:8(@:H^?(G?87?_
)79:9G:7<@> (@7 (B? (A>9:=:B:@?@ (@7 (:<H>8A>8?8 (A789><?B(<> (97B7HH:><?@>( ?(
G8?6O9 ( @7 ( B? ( 6J? ( 7B7HG>8?B` ( Y ( 7< ( H><H>8@?<H:? ( H>< ( B> ( 79G?=B7H:@> ( A>8 ( 7B(
?8GJHKB>(p(@7(B?(07Y(@7(.>C:9:><79(@7(1>9GKB?H:;<`(B>9(H>C:9:><?@>9(6>G?8><(
A?8? ( 7B7S:8 ( ? ( B>9 ( 97H87G?8:>9` ( 879KBG?<@> ( 7B7S:@? ( A?8? ( B? ( .>C:9:;< ( @7(
,A7B?H:><79(B?(@7H?<?(@7(B?(#?HKBG?@(@7()787H^>(@7(B?(Q<:6789:@?@(&?8:?<>(
2ZB67a ( &:87Y? ( [?8878?` ( H>C> ( G:GKB?8` ( Y ( %>=78G> ( 'H^76788J? ( R?BB7]>` ( @7 ( B?(
1B?<:BB?(k(@7B(.>B7S:>(@7(,=>S?@>9(Y(">G?8:>9(@7(2K?G7C?B?(5.,"2D(H>C>(
9KAB7<G7_((&:7<G8?9(NK7(7<(B?(@7(B?(.>8G7(*KA87C?(97(@79:S<;(?(0K:9(.79?8(
0;A7a(@7H?<>(@7(@787H^>(@7(B?(Q<:6789:@?@(%K8?B(Y(H>C>(9KAB7<G7(?(&?8:>(
07?B([?88:7<G>9(C:7C=8>(@7B(C:9C>(S8KA>(NK7('H^76788J?(R?BB7]>_
'9G?(@7H:9:;<(S7<78;(B?(A8:C78?(G7<9:;<(:CA>8G?<G7(7<(79G?(7G?A?`(NK7(97(
87S:9G8;(?(A?8G:8(@7B(87HB?C>(@7(>8S?<:a?H:><79(@7(B?(9>H:7@?@(H:6:B`(?B(NK7(B?(
.>C:9:;<(^:a>(H?9>(>C:9>`(?(8?Ja(@7 (B?(@79:S<?H:;<(@7 ('H^76788J? (R?BB7]>(
H>C>(97H87G?8:>(9KAB7<G7(A>8(9K(97j?B?@?(6:<HKB?H:;<(?(87@79(@7(?@>AH:;<(
:B7S?B79`(H>88KAH:;<(@7(G79G:S>9(Y(?(B?(@7L7<9?(@7(6:>B?@>879(@7(@787H^>9(
^KC?<>91-_
'<(B?(G78H78?(87K<:;<(H><(B?(?A8>=?H:;<(@7(B>9(879A7HG:6>9(%7SB?C7<G>9(
A?8? ( 7B ( LK<H:><?C:7<G> ( @7 ( B?9 ( .>C:9:><79 ( 97 ( A87G7<@:; ( 6KB<78?8 ( B>9(
18:<H:A:>9 ( @7 ( +8?<9A?87<H:? ( Y ( 1K=B:H:@?@ ( @7 ( B? ( 0.1 ( ? ( A?8G:8 ( @7 ( B?(
:<H>8A>8?H:;<(@7(B?(A>9:=:B:@?@(@7(6>G?8(B?9(@7H:9:><79(C7@:?<G7(HO@KB?9(?(
@7A>9:G?8(7<(K8<?9(9:<(:@7<G:L:H?8(?B(7C:9>8(@7(H?@?(9KL8?S:>_
'B(?8GJHKB>(W|(@7(B?(<>8C?(?A8>=?@?(A>8(B?9(1>9GKB?@>8?9(79G:AKB?=?(79G?(
A>9:=:B:@?@1.( 9:7CA87(NK7(?B(C7<>9(@>9(G78H:>9(@7(B>9(H>C:9:><?@>9(?9J(B>(
1,
11.

879>B6:78?<_((*:C:B?8(A876:9:;<(97(:<H>8A>8;(7<(B?(.>C:9:;<(A?8?(B?(.*3_
&:7<G8?9 ( NK7 ( 7< ( B? ( .>C:9:;< ( @7 ( 1>9GKB?H:;< ( A?8? ( C?S:9G8?@>9 ( @7(
,A7B?H:><79 ( 79G? ( @:9A>9:H:;< ( 97 ( ?A8>=; ( A>8 ( K<?<:C:@?@` ( 7< ( B? ( @7 ( B? ( .*3(
^K=>(>A>9:H:;<(@7(K<>9(A>H>9(:<G7S8?<G791/_(
0>9 ( ?8SKC7<G>9 ( 79S8:C:@>9 ( A>8 ( 7B ( 1879:@7<G7 ( @7 ( B? ( .>C:9:;< ( @7(
,A7B?H:><79(7<(@7L7<9?(@7(B?(A876:9:;<(@7(B?(A>9:=:B:@?@(@7B(6>G>(97H87G>(
S:8?8><(7<(G>8<>(?(>G8?(:887SKB?8:@?@(NK7(@7L7<@:78><(?B(?A8>=?897(B?(B7Y`(Y(
NK7 ( <> ( 79G?=? ( A78C:G:@?e ( B? ( A>9:=:B:@?@ ( @7 ( NK7 ( H?<@:@?G>9 ( ? ( K< ( G8:=K<?B(
97?<(C:7C=8>9(@7(B?(A>9GKB?@>8?(@7B(>G8>_((
)7L7<9? ( @7B ( 97H87G> ( 7< ( B? ( .>C:9:;< ( @7 (
,A7B?H:><79
#OB:o(*788?<>(]K9G:L:H;(7B(6>G>(97H87G>(A?8?(B?(A8767<H:;<(
@7 ( H><LB:HG>9 ( @7=:@> ( ? ( NK7 ( ?BSK<>9 ( H>C:9:><?@>9 ( @7(
?A7B?H:><79(9><(H?<@:@?G>9(?(76?BK?8(A>8(B?(A>9GKB?@>8?(
@7(B?(.*3(Y(cB?(>G8?(H>C:9:;<(AK7@7(6>G?8(7<(C:(H><G8?(
A>8NK7(Y>(6>GO(7<(H><G8?(@7(7BB>9d10
,@7CZ9` ( H>CA?8; ( B? ( 97B7HH:;< ( @7 ( C?S:9G8?@>9 ( ? ( K<?(
7B7HH:;<(S7<78?B(A>8(6>G>(A>AKB?8(87L:8:7<@>(NK7(O9G7(c79(
97H87G>` ( S?8?<G:a? ( B? ( B:=78G?@_ ( "> ( A>@7C>9 ( 978(
?=9>BKG:9G?9 ( Y ( 9?H8:L:H?8 ( >G8?9 ( B:=78G?@79 ( A>8 ( B?(
AK=B:H:@?@d
'< ( B?9 ( @7HB?8?H:><79 ( @7B ( 1879:@7<G7 ( @7 ( B? ( .>C:9:;< ( @7 ( ,A7B?H:><79 ( 97(
87LB7]?(<K76?C7<G7(H;C>(97(?HK@:;(?(:<G78A87G?H:><79(?<G>]?@:a?9(?(G8?6O9(
@7 ( ?<?B>SJ?9 ( :CA8>A:?9 ( A?8? ( 7B ( H?9> ( 7< ( HK79G:;< ( ? ( L:< ( @7 ( :CA><78 ( B?(
6>BK<G?@(@7(B>9(97HG>879(87L8?HG?8:>9(?B(H><G8>B(Ab=B:H>
'<G87 ( B? ( CbBG:AB79 ( Y ( 7<>8C79 ( @:L787<H:?9 ( 7<G87 ( K<? ( 7B7HH:;< ( Y ( >G8?` ( B?(
H7<G8?B ( 79 ( NK7 ( 7< ( 79G7 ( H?9> ( B>9 ( A>9GKB?@>879 ( 9>< ( 9;B> ( Uw ( Y ( <> ( 79GZ<(
7]78H:7<@>(@787H^>(?BSK<>(9:<>(K<(A8:6:B7S:>(NK7(B?(<>8C?(B79(>G>8S?(Y`(7<(
H><97HK7<H:?`(9:(=:7<(@7=7(S?8?<G:a?897(G>G?B(B:=78G?@(A?8?(9K(@797CA7j>(
7<(7B(C?8H>(@7(B?(B7S?B:@?@`(G?C=:O<(79(K<?(S?8?<GJ?(A?8?(76:G?8(7B(?=K9>(@7(
A>@78(5:CA>9:=B7(A?8?(7B(7B7HG>8(H>Cb<(Y(H>88:7<G7D(7B(NK7(97?<(H><G8>B?@>9(
79G8:HG?C7<G7(7<(9K(G?87?_
'<(7B(H?9>(@7(B?(.>C:9:;<(@7(1>9GKB?H:;<(A?8?(B?(.*3(G?C=:O<(97(?A8>=;(B?(
>AH:;<(@7B(6>G>(97H87G>_( (*7Sb<(7B(,HG?("|(.1I&.*3IVkqUVVW(c)79AKO9(@7(
6?8:?9 ( :<G7867<H:><79 ( @7 ( B>9 ( H>C:9:><?@>9` ( 97 ( 9>C7G:; ( ? ( 6>G?H:;< ( B?(
87@?HH:;< ( @7B ( ?8GJHKB> ( W` ( 7B ( HKZB ( A>8 ( C?Y>8J? ( @7 ( 67:<G:G8O9 ( 6>G>9 ( NK7@;(
?A8>=?@> ( @7 ( B? ( C?<78? ( 9:SK:7<G7m ( ,8G_ ( W_I ( )' ( 0,* ( R$+,.!$"'*_ ( 0?9(
6>G?H:><79 ( A>@8Z< ( 978 ( >8@:<?8:?9` ( <>C:<?B79 ( > ( C7@:?<G7 ( HO@KB?_ ( 0?9(
>8@:<?8:?9(97(BB76?8Z<(?(H?=>(B76?<G?<@>(B?(C?<>(7<(97j?B(@7(?A8>=?H:;<`(
B?9 (<>C:<?B79 (C7@:?<G7 (B:9G?9(?(H?8S>(@7B(*7H87G?8:>`(?<>G?<@>(7<(K<?(?(
NK:7<79 ( @7 ( 6:6? ( 6>a ( 7oA8797< ( 9K ( ?A8>=?H:;< ( Y ( 7< ( >G8? ( ? ( NK:7<79(
@79?A8K7=7<(Y(B?9(6>G?H:><79(C7@:?<G7(HO@KB?(97(87?B:a?8Z<(@7A>9:G?<@>(7B(
6>G>(7<(K<?(K8<?`(7<(?HG>(Ab=B:H>_(0>9(H>C:9:><?@>9(NK7(97(C7<H:><?<(?(
1/
10

H><G:<K?H:;<m(0:H7<H:?@>(.?8B>9 ('9GK?8@>(2ZB67a([?88:>9`( 0:H7<H:?@>(FKS>(


07><7B ( &?bB ( #:SK78>?` ( 0:H7<H:?@? ( ,C?@? ( R:HG>8:? ( 2KaCZ< ( 2>@J<7a ( @7(
-bj:S?`(0:H7<H:?@>(2K:BB78C>()7C7G8:>('9A?j?(&O8:@?(Y(0:H7<H:?@>(T<S7B(
'9GK?8@>([?88:>9(!a?SK:887`(8?a><?8><(9K(6>G>`(?9Jm(c0>9(9K9H8:G>9(@7]?C>9(
H><9G?<H:?(@7(NK7(<>(H>CA?8G:C>9(NK7(7<(7B(?8GJHKB>(<>67<>(@7B(">8C?G:6>(
!<G78<>(A?8?(7B(@79?88>BB>(@7(B?9(979:><79(@7(B?(.>C:9:;<(@7(1>9GKB?H:;<(@7(
&?S:9G8?@>9(@7(B?(.>8G7(*KA87C?(@7(3K9G:H:?`(97(^?Y?(879K7BG>(:<G8>@KH:8(7B(
C7H?<:9C> ( @7 ( cHO@KB? ( @7 ( 6>G?H:;< ( 7< ( K8<? ( H788?@?d` ( G>@? ( 67a ( NK7 ( @7(
H><L>8C:@?@ ( H>< ( B>9 ( A8:<H:A:>9 ( @7 ( B? ( 07Y ( @7 ( .>C:9:><79 ( @7 ( 1>9GKB?H:;<(
H><G7<:@?9(7<(7B(?8GJHKB>(U`(G>@>9(B>9(?HG>9(@7(B?(C:9C?(@7=7<(978(Ab=B:H>9_(
!<9:9G:C>9(7<(<K79G8?(:<G7<H:;<(@7(NK7(G>@>(97?(Ab=B:H>`(H><L>8C7(B?(07Yd_(
):H^> ( 6>G> ( 8?a><?@> ( 97 ( ?8H^:6?8Z ( 7< ( B? ( >L:H:<? ( ?@C:<:9G8?G:6? ( @7 ( B?(
.>C:9:;<`(A?8?(A>9G78:>8C7<G7(?<7o?897(?(79G?(?HG?_d
*:(=:7<(^:H:78><(Ab=B:H?(9K(>A:<:;<(H><G8?8:?(?(B?(97H87G:6:@?@(@7B(6>G>`(
879KBG?(:<H>^787<G7(H><(9K9(?HH:><79(?<G78:>879(B?(A>9GK8?(@7(NK:7<79(?(B?(
^>8? ( @7 ( 7B7S:8 ( ? ( 9K9 ( 87A8797<G?<G79 ( @:]78>< ( @7L7<@78 ( B? ( .><9G:GKH:;<(
A8797<G?<@>(87HK89>9(H><G8?(7B(G7oG>(@7(B?(B7Y(@7(H>C:9:><79(A>8(>=B:S?8(?B(
9>8G7>(@7(B?(A879:@7<H:?(@7(B?9(C:9C?9(5H>C>(7B(H?9>(@7B(87A8797<G?<G7(@7(
B>9 ( 87HG>879D` ( Y ( 7< ( 79G? ( >H?9:;< ( 7< ( NK7 ( 97 ( 6:>B?=?< ( B7Y79 ( @7 ( ]78?8NKJ?(
9KA78:>8 ( ? ( K< ( 9:CAB7 ( 87SB?C7<G>` ( 7< ( BKS?8 ( @7 ( ?@>AG?8 ( K< ( A8>H7@78(
97C7]?<G7`(9;B>(97(B:C:G?8><(?(6>G?8(7<(@:9:@7<H:?(Y(79L>8a?897(A>8(NK7(B?(
C:9C?(G>C?8?(79G?@>(Ab=B:H>(~?(G8?6O9(@7B(A7@:@>(@7(H><9G?<H:?(7<(?HG?9I_
)7L7<9?(@7B(97H87G>(7<(B?(.>C:9:;<(@7(B?(.*3
0? ( C?Y>8J? ( NK7 ( @7L7<@:; ( 7B ( 6>G> ( 97H87G> ( 5Uk(
H>C:9:><?@>9D ( :<G7<G; ( ]K9G:L:H?897 ( ?8SKY7<@> ( NK7 ( 79G?(
C>@?B:@?@(@7(6>G?H:;<(79(Ab=B:H?(Y?(NK7(c79(@7A>9:G?8(7<(
K<?(K8<?(K<(9KL8?S:>(Y(<>(978J?(97H87G?(A>8NK7(79G?8J?<(
A8797<G79 ( B>9 ( C7@:>9 ( @7 ( H>CK<:H?H:;< ( Y ( 7B ( Ab=B:H> ( 7<(
S7<78?Bd11((0K:9(%7Y79`(@7B7S?@>(@7B(.,"2(A>8(B?(1B?<:BB?(h
Y(NK7(79(K<(C7H?<:9C>(A?8?(c7]78H78(K<(6>G>(B:=87d(A?8?(
<>(G7<78(cG7C>8(@7(NK7(?BSK:7<(G8?G?8?(@7(H>?HH:><?8<>9(
? ( <>9>G8>9 ( > ( ? ( <K79G8?9 ( L?C:B:?9` ( A?8? ( NK7 ( 7<(
@7G78C:<?@> ( C>C7<G> ( GK6:O8?C>9 ( NK7 ( :8 ( 7< ( ?BSb<(
97<G:@>d!22_
3K?<(.?8B>9(2>@J<7a`(@7B7S?@>(@7B(.,"2(A>8(B?(1B?<:BB?(k
'<(7B(C:9C>(97<G:@>(>A:<;(7B(@7H?<>(@7(B?(Q<:6789:@?@(
#8?<H:9H> ( &?88>NKJ< ( 97<G7<H:?<@> ( <> ( 9;B> ( NK7 ( c7B ( 6>G>(
97H87G>(@?(B:=78G?@(Y(B:=78?(@7(B?(A879:;<(NK7(97(AK7@7(
7]78H78(9:(97(^:H:78?(Ab=B:H>d(9:<>(NK7(7B(C>C7<G>(A?8?(7B(
NK7(97(^?=8J?(A876:9G>(79G?(A>9:=:B:@?@(79(A?8?(B?(7B7HH:;<(
L:<?B(@7(B>9(H?<@:@?G>9(?(7<6:?8(?B(.><S879>_
'B ( C?S:9G8?@> ( @7 ( B? ( .*3 (Y (H>C:9:><?@> ( 7<( ?A7B?H:><79` ( 0K:9 (#78<?<@7a(
H><L:8C;(B?(:<G7<H:;<(@7(?97SK8?8(B?(A>9:=:B:@?@(@7(KG:B:a?8(79G?(L>8C?(@7(
7B7HH:;<(A?8?(7B(C>C7<G>(@7(B?(6>G?H:;<(L:<?Be(c'9(>=6:>(NK7 (<>(79(A?8? (
79?9 ( 9:GK?H:><79_ ( ( 0? ( 8><@? ( HB?67 ( 79 ( B? ( L:<?Bm ( 79 ( HK?<@> ( 97 (
11
!22

97B7HH:><?(?(NK:7<79(978Z<(C?S:9G8?@>9d_
0?(@7=:B:@?@(@7B(?8SKC7<G>(@7<>G?(B?(A>9:=:B:@?@(@7(K<(@79H><>H:C:7<G>(
A87>HKA?<G7(@7(B?(<>8C?G:6?(Y(7B(A8>H7@:C:7<G>(@7(7B7HH:;<(?A8>=?@>(A>8(
7B(.><S879>(>(=:7<`(@:87HG?C7<G7`(K<?(=K8B?(?(B?(H:K@?@?<J?(A>8(A?8G7(@7(
NK:7<79(A87G7<@J?<(C?<G7<78(B?(97B7HH:;<(@7(]K7H79(7<(B?(>9HK8:@?@_
1>8(9K(A?8G7`(B?(=?97(@7(9K9G7<G>(@7B(6>G>(97H87G>(7<(7B(G7C>8(?(A879:><79(
879KBG? ( A>H> ( CZ9 ( NK7 ( G?8@J? ( A?8? ( 978 ( H><9:@78?@? ( HK?<@> ( G>@>9 ( B>9(
:<G7S8?<G79 ( @7 ( B?9 ( .>C:9:><79 ( H><>HJ?< ( 7B ( G7oG> ( @7 ( B? ( 07Y ( ?<G79 ( @7(
A>9GKB?897(Y(B?(767<GK?B(879A><9?=:B:@?@(NK7(?9KCJ?<(A>8(^?H78B>_( (,9J(B>(
97j?B; ( FKS> ( &?bBm (cM1?8? ( NKO ( 79H><@78 ( A>8 ( NK:O< ( 6>G?C>9P (
*?=J?C>9(B?(879A><9?=:B:@?@(NK7(?9KCJ?C>9d !2!_
'<(B?9(:@?9(Y(6K7BG?9(@7B(@7=?G7(9>=87(7B(6>G>(97H87G>(G?C=:O<(97(@7];(
7<G87678(B?(678@?@78?(B7HGK8?(9>=87(B?(A?8G:H:A?H:;<(H:K@?@?<?(7<(7B(A8>H79>(
NK7(^?H7<(B>9(7B7HG>879_((%7A:G:7<@>(B?(A>9:H:;<(NK7(7B(.>B7S:>(@7(,=>S?@>9(
^?=J?(?@>AG?@>(?<G79(@7(B?(?A8>=?H:;<(@7(B?(B7Y(@7(H>C:9:><79`(Y(7<(K<?(
?HG:GK@(@7(C7<>9A87H:>(@7(B?9(>=9786?H:><79(@7(B>9(:CAKB9>879(@7(B?(B7Y(
NK7(H8:G:H?=?<(7B(97H87G>`(7B(1879:@7<G7(@7(B?(.>C:9:;<(@7(,A7B?H:><79(@:]>(
NK7(<>(78?<(B>9(:<GO8A87G79(@7(B?(<>8C?m(c,NKJ(^?Y(Up(]K8:9G?9(NK7(AK7@7<(
7C:G:8(>A:<:;<(9>=87(9:(97(79GZ(6:>B?<@>(B?(B7Y`(Y(B?(?9?C=B7?(^?(H><9:@78?@>(
NK7(<>(97(6:>B?(H><(79G7(G:A>(@7(A8>AK79G?9d_
0>9(H>C:9:><?@>9(<>(9;B>(97(6:HG:C:a?=?<(H>C>(A>9:=B79(A7897SK:@>9(>(
A879:><?@>9(9:<>(NK7(?@7CZ9`(G>C?=?<(B>9(A7@:@>9(@7(AK=B:H:@?@(H>C>(K<?(
:<H:@7<H:?(<7S?G:6?(A?8?(7B(A8>H79>(@7(A?8G7(@7(B?9($"2(NK7(:<L>8C?=?<(
9>=87(B?(A>9:=:B:@?@(@7(:CAKS<?8(]K@:H:?BC7<G7(B?(@7H:9:;<_( ("K76?C7<G7`(
*788?<>`(H?B:L:H?=?(B?9(?HH:><79(@7(B?(9>H:7@?@(H:6:B(H>C>(cK<?(?C7<?a?d(Y(
NK7` ( 7< ( H?C=:>` ( c@7=78J?< ( :<H7<G:6?8 ( 7< ( B? ( A>=B?H:;< ( B? ( H><L:?<a? ( ^?H:?(
79G7(A8>H79>d!2'
18>@KH:@> ( 7B ( @7=?G7 ( Ab=B:H>` ( K< ( C:7C=8> ( @7 ( B? ( .>C:9:;< ( A?8? ( B? ( .*3(
A8>AK9> ( B? ( 876:9:;< ( @7B ( ?8GJHKB> ( W ( A?8? ( 87C>678 ( B? ( A>9:=:B:@?@ ( @7B ( 6>G>(
97H87G>(Y(B?(C?Y>8J?(87H^?a;(B?(C>H:;<_(('B(=B>NK7(NK7(87H^?a;(B?(87L>8C?(
LK7(7B(H>CAK79G>(A>8(87A8797<G?<G79(@7B(.,"2(7B7HG>9(A>8(B?9(AB?<:BB?9(h(Y(
k`(A>8(C?S:9G8?@>9(@7(?A7B?H:><79(:<G7S8?<G79(@7(B?(.>C:9:;<(NK7(=K9H?=?<(
9K(877B7HH:;<(Y(A>8(7B()7H?<>(@7(B?(#?HKBG?@(@7()787H^>(@7(B?(Q<:6789:@?@(
@7(*?<(.?8B>9`([><78S7(&7]J?_
#:<?BC7<G7(7B(C:9C>(@J?(7<(NK7(97(@7H:@:;(B?(<>(876:9:;<(@7B(87SB?C7<G>`(
]K@:H:?B:a?@> ( 7B ( ?9K<G> ( A>8 ( 7B ( &>6:C:7<G> ( .J6:H> ( "?H:><?B` ( G879 ( ]KaS?@>9(
H:6:B79(>8@7<?8><(B?(9K9A7<9:;<(@7(B?9(879>BKH:><79(@7(?C=?9(.>C:9:><79(
@7(1>9GKB?H:;<(A>8(C7@:>(@7(B?9(NK7(97(^?=J?(?A8>=?@>(7B(C7H?<:9C>(@7(
6>G>(A>8(HO@KB?(@7(L>8C?(97H87G?_
,C=?9 ( .>C:9:><79 (A8>H7@:78><` (7<G><H79`(?( C>@:L:H?8(9K9 (87SB?C7<G>9(
@78>S?<@>(B?(A>9:=:B:@?@(@7(87HK88:8(?B(6>G>(97H87G>_
$G8? ( :<G7<G><? ( @7 ( 879:9G7<H:? ( ? ( B? ( AK=B:H:@?@ ( 97 ( A8>@K]> ( ?B ( @:97j?8 ( B>9(
!2!
!2'

L>8CKB?8:>9(?(H>CAB7G?8(A>8(B>9(H?<@:@?G>9(?(B?(.*3`(7<(B>9(NK7(97(:<G8>@K]>(
K<? ( >AH:;< ( A?8? ( NK7 ( B>9 ( A>9GKB?<G79 ( AK@:78?< ( 879786?8 ( @?G>9 ( A8>A:>9 ( >(
?NKOBB>9(NK7(B?(.>C:9:;<(87H?=7(>(87H:=?(9>=87(7BB>9_
*: ( =:7< ( L:<?BC7<G7 ( <> ( A8>9A78; ( B? ( :<:H:?G:6?` ( ?B ( C>C7<G> ( @7 ( 9K(
7B?=>8?H:;<`(7B(97H87G?8:>(@7(B?(1>9GKB?@>8?(A?8?(B?(.*3(@7L7<@:;(B?(C7@:@?(
?C?8Z<@>97(7<(B?(07Y(@7(,HH79>(?(B?(!<L>8C?H:;<(NK7(L?HKBG?(?(B?(879786?(
@7(?BSK<>9(@?G>9!2(_
Q<?(67a(CZ9(97(>=9786?(B?(?9K<H:;<(@7(K<(8>B(@7(:<GO8A87G79(@7(B?(B7Y(@7(
L>8C? ( NK7 ( 7< ( BKS?8 ( @7 ( S?8?<G:a?8B>9 ( 97 ( A8>A:H:?8? ( 9K ( 6KB<78?H:;<_ ( ( 0?(
A87G7<9:;< ( 7<( 79G7 (H?9> ( 78? ( :<G8>@KH:8 ( 7oH7AH:><79 ( NK7 ( B? ( A8>A:? (07Y( @7(
,HH79>(?(B?(!<L>8C?H:;<(<>(A876O(A?8?(879786?8(@?G>9_(
*>=87(7B(18:<H:A:> ( @7 ( 1K=B:H:@?@ ( @7=7(@79G?H?897(7B(HKCAB:C:7<G>(@7B(
?HH79>(Ab=B:H>(:8879G8:HG>(?(B?9(87K<:><79(>L:H:?B79(@7(B?9(.>C:9:><79`(@7(B?(
H><L7HH:;<(Y(AK=B:H:@?@(@7(B?9(?HG?9(@7(B?9(87K<:><79(Y(@7(B?(@:9A>9:H:;<(@7(
K<? ( AZS:<? ( r7= ( >L:H:?B (rrr_H>C:9:><79@7A>9GKB?H:><_>8S_SG( H>< ( =?9G?<G7(
:<L>8C?H:;< ( 9>=87 ( 7B ( A8>H79>_ ( ,9J ( H>C> ( B? ( ?KG>8:a?H:;< ( A>8 ( A?8G7 ( @7 ( B?(
.>C:9:;<(@7(B?(.*3(5Y(7B(87H^?a>(@7(A?8G7(@7(B?(@7(,A7B?H:><79D(A?8?(NK7 (
2K?G7C?B? ( R:9:=B7 ( >=GK6:78? ( G>@? ( B? ( @>HKC7<G?H:;< ( A8>@KH:@? ( A?8? ( 978(
79H?<7?@?(7<(B?(C:9C?(97@7(@7(B?9(979:><79(Y(AK=B:H?@?(7<(9K(9:G:>(r7=_
1>8(9K(A?8G7(G?C=:O<(79GK6:78><(?9>H:?@?9(?B(18:<H:A:>(@7(1K=B:H:@?@(B?9(
:887SKB?8:@?@79(CZ9(S8?679(@7B(A8>H79>_(
&78H?@>(@7(1K79G>9
c3?6:78 ( &><G788>9>` ( @:87HG>8 ( @7 ( :<H:@7<H:? ( @7B ( !<9G:GKG> ( @7(
'9GK@:>9(.>CA?8?@>9(7<(.:7<H:?9(17<?B79(@7(2K?G7C?B?`(H?B:L:H;(
7B ( A8>H79> ( H>C> (K< ( C78H?@> ( @7 ( AK79G>9_ ( '9G> ( @7=:@> ( ? ( NK7(
@K8?<G7(B>9(87H79>9(97(>=9786;(?(?BSK<>9(H?<@:@?G>9(H>C>(3K?<?(
*>B:9(Y(&:BG><(+>8879(H><6789?<@>(H><(B>9(H>C:9:><?@>9`(:<HBK9>(
7<(7B(Z87?(@79:S<?@?(A?8?(NK7(79G>9(6>G7<_d
'B(178:;@:H>(Uh(@7(97AG:7C=87(@7(UVVW
c0>9(B?8S>9(87H79>9(97(@7=J?<(?(<7S>H:?H:><79(7<G87(B>9(S8KA>9(
CZ9(:<LBKY7<G79(51B?<:BB?(h(3K9G:H:?(A?8?(7B(.?C=:>(Y(B?(1B?<:BB?(k(
.><678S7<H:?(A>8(B?(3K9G:H:?(Y(7B()787H^>(@7B(.,"2(Y(1B?<:BB?(U`(
&?Y>8:G?8:? ( @7 ( B? ( ,9?C=B7? ( @7 ( &?S:9G8?@>9D ( Y ( ?NK7BB>9(
H>C:9:><?@>9 ( A8>67<:7<G79 ( @7B ( 97HG>8 ( 7CA879?8:?B` ( :<HBKY7<@>(
K<? ( 87B?G:6? ( C?Y>8J? ( @7 ( )7H?<?GK8?9 ( @7 ( B?9 ( L?HKBG?@79 ( @7(
)787H^>_ ( 0?9 ( BB?C?@?9 ( G7B7L;<:H?9 ( H><9G?<G79 ( 7 ( :<HBK9>` ( 7B(
?B7]?C:7<G>(LJ9:H>(@7(B?(97@7(@7(?BSK<>9(@7(B>9(:<G7S8?<G79(@7(B?(
.>C:9:;< ( @7 ( 1>9GKB?H:;<` ( ( LK78>< ( CK79G8?9 ( @7 ( B?9 ( cC?<:>=8?9(
A>BJG:H?9d(NK7(:<H:@:78><(7<(7B(A8>H7@:C:7<G>(@7(6>G?H:;<`(G>@?(
67a(NK7(A?8?(B>S8?8(H><97<9>9`(<>(97(G>C?8><(7<(H><9:@78?H:;<(
B>9 ( H8:G78:>9 ( >=]7G:6>9 ( @7 ( 7oH7B7<H:? ( A8>L79:><?B` ( 7oH7B7<H:?(
?H?@OC:H?`(OG:H?`(7oA78:7<H:?(Y(^><>8?=:B:@?@_(
1797 ( ? ( NK7 ( A>9GKB?<G79 ( H>< ( :CAKS<?H:><79 ( ?A?87<G7C7<G7(
978:?9`(<>(B>S8?8><(9K(A8>A;9:G>(@7(978(:<H>8A>8?@>9(7<(B?(B:9G?`(
!2(

LK7 ( 76:@7<G7 ( 7B ( G8ZL:H> ( @7 ( :<LBK7<H:?9 ( Y ( B?9 ( <7S>H:?H:><79 ( ?B(


C?8S7<(@7B(G8?=?]>(@7(97B7HH:;<(Y(6>G?H:;<`(@796:8GKZ<@>97(@7(
79G?(C?<78?`(7B(A8:<H:A:>(@7(G8?<9A?87<H:?(H><G7<:@>(7<(B?(B7Y(@7(
.>C:9:><79(@7(1>9GKB?H:;<_d!2,
0?(G8?<9A?87<H:?(Y(B?(AK=B:H:@?@(@7B(97H87G>
c'B ( LK<H:><?C:7<G> ( @7 ( B?9 ( .>C:9:><79 ( 97 ( @:> ( H><(
G8?<9A?87<H:?_ ( ( "> ( H>CA87<@> ( B?9 ( A>9:H:><79 ( @7 ( NK:7<79(
H8:G:H?< ( B?9 ( <7S>H:?H:><79` ( MNKO ( H>9? ( 7< ( 79G7 ( CK<@> ( <>(
<7H79:G? ( @7 ( H><97<9>9P_ ( ( +>@?9 ( B?9 ( Z87?9 ( @7 ( @7H:9:;<(
<7H79:G?<(@7(<7S>H:?H:;<(Y(H><97<9>(A78>(7<(7B(AB7<>(@7(B?9(
.>C:9:><79(<>(A>@J?(^?H7897_
'<(7B(AB7<>(<>(A>@J?<(^?H7897(<7S>H:?H:><79_((0B7SZ=?C>9(?(
B?9(U(?C(Y(<>(^?=J?(L>8C?(@7(NK7(A?9?8?<(B?9(HK79G:><79(Y(
@7 ( ?BSK<? ( C?<78? ( ^?=J? ( NK7 ( H><97<9K?8 ( 9>=87 ( B>9(
H?<@:@?G>9`(<>(97(A>@J?(97SK:8(6>G?<@>(7<(K<?(8K7@?(:<L:<:G?`(
?9A7HG>(NK7(B?(B7Y(<>(A876:;_( (1>8(79>(97(@:>(797(A8>=B7C?_(
*:(B?(B7Y(^K=:78?(@7L:<:@>(7B(C7H?<:9C>(A?8?(7B(L8?H?9>(@7(B?9(
6>G?H:><79(79G>(<>(^?=8J?(A?9?@>_d(
c$G8>(S8?<(A8>=B7C?(NK7(<?@:7(A876:;(~Y(9>C>9(?=>S?@>9I(
79 ( NK7 ( <?@:7 ( <>9 ( @:> ( @787H^> ( @7 ( :8879A><9?=:B:@?@ ( A>8(
<K79G8?9 ( >A:<:><79 ( 7< ( B? ( .>C:9:;<_ ( 0?9 ( ?L:8C?H:><79 ( 9:<(
9K9G7<G> ( A8>=?G>8:> ( <>9 ( ^?HJ?< ( 9K9H7AG:=B79 ( @7 ( A8>H79>(
A7<?B ( A>8 ( H?BKC<:?9_ ( ( '9G> ( B7 ( GK6:C>9 ( NK7 ( ?6:9?8 ( ? ( K<(
.>C:9:><?@> ( NK7 ( 87?B:a?=? ( :CAKG?H:><79 ( ? ( K< ( H?<@:@?G> ( Y(
@7HJ? ( NK7 ( c79> ( 78? ( ?CAB:?C7<G7 ( H><>H:@> ( 7< ( 9K ( AK7=B>d_(
+>@>(NK7@?(L:BC?@>`(S8?=?@>_( ('<(A8:6?@>(^?=B?C>9(@7(797(
G7C?(7<(B?(.>C:9:;<(Y(79G?=B7H:C>9(NK7(<>(A>@J?C>9(]KaS?8(
B?(H><@KHG?(OG:H?(@7(<:<Sb<(A>9GKB?<G7(9:<(A8K7=?9(Y?(NK7(
<>9 ( 7oA><7C>9 ( ? ( @7C?<@?9_ ( ( &KH^>9 ( GK6:C>9 ( NK7(
879786?8<>9 ( <K79G8>9 ( H>C7<G?8:>9_ ( ( *: ( B? ( B7Y ( <>9 ( ^K=:78?(
@?@> ( 7B ( @787H^> ( @7 ( :8879A><9?=:B:@?@ ( B>9 ( @7=?G79 ( ^?=8J?<(
9:@>(B:=879_d(
c'<(H><97HK7<H:?(GK6:C>9(NK7(^?H78(79?9(@:9HK9:><79(LK78?(
@7B ( AB7<> ( Y ( H><97<9K?8 ( LK78? ( @7B ( AB7<> ( ^?=B?8 ( B> ( NK7(
AK@:O8?C>9 ( Y? ( NK7 ( 7<G87 ( ?=>S?@>9 ( 7< ( AK7=B> ( H^:H> ( G>@>9(
9?=7C>9(@7(NKO(A?G?(H>]7?(H?@?(NK:7<d
&?8:>(&><G7<7S8>`(.>C:9:><?@>(A?8?(B?(7B7HH:;<(@7(.>8G7(@7(
,A7B?H:><79!2-_
,(A79?8(@7(<7S?8(7B(97j?B?C:7<G>`(7B(87H><>H:C:7<G>(@7(B?(7o:9G7<H:?(@7(
<7S>H:?H:><79 ( LK78? ( @7B ( AB7<> ( 79 ( K<? ( H><L:8C?H:;< ( @7 ( B? ( 6KB<78?H:;< ( @7B(
A8:<H:A:>(7<(HK79G:;<_
,@7CZ9(@7(79G>9(?8SKC7<G>9(97(79S8:C:;(7B(@7(B?(A>9:=:B:@?@(@7(?L7HG?8(
87B?H:><79(H><(H>B7S?9(?B(^?=B?8(7<(79A?H:>9(H>C>(B?9(.>C:9:><79(7<(B?9(
NK7(G>@>(79(Ab=B:H>_(

!2,
!2-

*:(H>CA?8?C>9(79G?(9:GK?H:;<(@7(79G?(7oA78:7<H:?(H><(B?9(
?<G78:>879 ( @><@7 ( <> ( ^?=J? ( HZC?8?9 ( @7 ( G6` ( 9: ( <> ( ^?=J?(
@7=?G7(9J(^?=J?(CZ9(@:9HK9:;<(CZ9(LBK:@?(A>8NK7(B?(S7<G7(
<>(G7<J?(B?(A7<?(@7(NK7(79G?=?(9:7<@>(L:BC?@?(Y(G8?<9C:G:@>(
7<(@:87HG>_((4>(H87>(NK7(79(B>(CZ9(9?<>(S8?=?8(Y(G8?<9C:G:8(
7< ( 6:6> ( A78> ( <> ( A78C:G:; ( 7B ( @7=?G7 ( <7H79?8:> ( A>8 ( A7<? ( ?(
NK7@?8(C?B(H><(B>9(H>B7S?9_
#8?<H:9H> ( )7 ( &?G? ( R7B?` ( 'o ( &?S:9G8?@> ( @7 ( B? ( .*3 ( Y(
.>C:9:><?@>(A?8?(B?(7B7HH:;<(7<(,A7B?H:><79
+?C=:O<(87?A?87H:78><(7<(79G?(7G?A?(B?9(6>H?H:><79(87L>8C:9G?9(@7(^7H^>(
@7 ( B? ( 0.1 ( 7< ( B> ( ?G:<7<G7 ( ? ( B>9 (:CA7@:C7<G>9 ( A?8? ( 978 ( H?<@:@?G> ( ?(
C?S:9G8?@>_((
*:7<@>(NK7(B?(<>8C?(6:S7<G7(78?(?=9>BKG?C7<G7(HB?8?(7<(C?G78:?(@7(OG:H?(
Ab=B:H? ( ? ( A?8G:8 ( @7 ( B? ( 7oHBK9:;< ( @7 ( B? ( A>9:=:B:@?@ ( @7 ( A>9GKB?897 ( A?8? ( B>9(
H;<YKS79 ( > ( L?C:B:?879 ( @7 ( B>9 ( H>C:9:><?@>9` ( 7B ( )7H?<> ( @7 ( B? ( #?HKBG?@ ( @7(
)787H^>(@7(B?(Q*,.(:<G7<G;(NK7(97(>=6:?8?(G?B(@:9A>9:H:;<(A?8?(9K(79A>9?_
[><78S7(&7]J?`(H><>H:7<@>(G?B(A876:9:;<`(@K8?<G7(7B(97oG>(7<HK7<G8>(@7(B?(
.>C:9:;< ( @7 ( ,A7B?H:><79 ( :<L>8C; ( NK7 ( 9K ( 79A>9? ( *><:? ( )>8?@7? ( 2K788?(
^?=J?(A8797<G?@>(K<(7oA7@:7<G7(H><(9K(H?<@:@?GK8?(Y(9>B:H:G;(?B(879G>(@7(B>9(
1>9GKB?@>879(NK7(B>(7oHK9?8?<(@7(H><>H78(HK?BNK:78(@7G?BB7(87B?H:><?@>(H><(
@:H^>(7oA7@:7<G7!2._
'< ( BKS?8 ( @7 ( 9:CKB?8 ( K< ( S79G> ( OG:H> ( Y ( @7 ( G8?<9A?87<H:? ( ? ( G8?6O9 ( @7 ( B?(
7oHK9?(Ab=B:H?(@7(A?8G:H:A?8(@7B(@7=?G7(9>=87(7B(7oA7@:7<G7(A8797<G?@>(A>8(
9K(H;<YKS7`((B>(NK7(^K=:78?(H>8879A><@:@>(79(<>(9;B>(B?(<>(A8797<G?H:;<(@7(
B? ( H?<@:@?GK8? ( 9:<>` ( K<? ( 67a ( A8797<G?@?` ( NK7 ( 7B ( A8>A:> ( [><78S7 ( &7]J?(
87L:8:78? ( NK7 ( ^?=J? ( K< ( :CA7@:C7<G> ( 6:S7<G7 ( Y ( NK7 ( 7B ( 7oA7@:7<G7 ( @7=J?(
7oHBK:897(@:87HG?C7<G7(@7B(A8>H79>(@7(7B7HH:;<_
'9G? ( :<G7867<H:;< ( @:> ( BKS?8 ( ? ( K<? ( AK79G? ( 7< ( 79H7<? ( 7< ( B? ( NK7`(
9>B:@?8:aZ<@>97 ( H>< ( 7B ( 87NK:87<G7 ( @7 ( B? ( 7oH7AH:;<` ( 97 ( =B?<NK7?8><(
A>9:H:><79(H8JG:H?9(@7B(G7oG>(@7(B?(07Y(Y(^?9G?(97(A8>C>6:;(NK7(97(>=6:?97(
9K(?8G:HKB?@>(7<(79G?(C?G78:?_(
c'B ( 0:H7<H:?@> ( 0K:9 ( #78<Z<@7a ( &>B:<? ( H><9:@78? ( :<]K9G? ( B?(
<>8C?(NK7(:CA:@7(A?8G:H:A?8(?(B?(0:H7<H:?@?(*><:?()>8?@7?(
2K788?` ( ( 79A>9? ( @7B ( H>C:9:><?@>` ( 0:H7<H:?@> ( [><78S7(
,C:BH?8 ( &7]J? ( $87BB?<?` ( A78> ( ?L:8C? ( ( NK7 ( B? ( ( 07Y ( @7=7(
?H?G?897`(Y( (A>8(B>( (G?<G>( ( (@:H^?(A8>L79:><?B(<>(AK@7(978(
97B7HH:><?@?`(Y?((NK7(CKH^?9(A789><?9(@7]?8><(@7(^?H78B>(
A>8NK7 ( 97 ( 7<H><G8?=?< ( 7< ( B? ( C:9C? ( 9:GK?H:;<_ ( ( 'B(
0:H7<H:?@> ( '@S?8 ( %K=O< ( 1?H?Y ( 4?B:=?G ( 5?9A:8?<G7 ( ? ( B?(
877B7HH:;<D ( Y ( 7B ( 0:H7<H:?@> ( TB6?8> ( '<8:NK7 ( *><G?Y ( !H?B(
51B?<:BB?(h(@7B(.,"2D(9>B:H:G?<(97(?H7AG7(B?('\.Q*,(Y(97(B7(
A78C:G? ( A?8G:H:A?8_ ( ( 'B ( 1879:@7<G7 ( @7 ( B? ( .>C:9:;< ( 9>B:H:G?(
87G>C?8(7B(G7C?(HK?<@>(97?(7B(C>C7<G>(@7(B?(876:9:;<(@7(
!2.

B>9 ( 7oA7@:7<G79` ( 7< ( H?9> ( ^?Y? ( C>@:L:H?H:;< ( ?BSK<? ( A>8(


A?8G7(@7(B?(.>8G7(@7(.><9G:GKH:><?B:@?@_d!2/
#:<?BC7<G7` ( 9>=87 ( 7B ( 7oA7@:7<G7 ( A8797<G?@> ( A>8 ( B? ( 0:H7<H:?@? ( *><:?(
)>8?@7? (2K788?`( B? ( .>C:9:;<(@7H:@:; (@7 (?HK78@>(? (B? (07Y(@7 (.>C:9:><79(
1>9GKB?H:;<`(7oHBK:8B?(@7B(A8>H79>`(B>(NK7(97(<>G:L:H;(?B(0:H7<H:?@>([><78S7(
,C:BH?8(&7]J?($87BB?<?_
,(A79?8(@7(B?(A876:9:;<(B7S?B(Y(B?(7oHBK9:;<(@7(79G?(H?<@:@?G?`(L:<?BC7<G7(
B? ( .>C:9:;< ( G78C:<; ( A8>A><:7<@> ( ? ( B? ( ^78C?<? ( @7 ( '9GK?8@> ( 2?B67a` ( Y ( ?(
*:B6:? ( &>B:<? ( @7 ( 0:<?879` (^78C?<? ( @7B( ):AKG?@> (&?8:> ( 0:<?879 ( @7B( 1?8G:@>(
1?G8:>G?_ ( +?C=:O< ( A?9; ( H>CAB7G?C7<G7 ( @79?A78H:=:@> ( 7B ( :CA7@:C7<G> ( @7(
3?Hv7BY< ( '9A?j? ( A>8 ( G7<78 ( K<? ( 7CA879? ( H><G8?G?<G7 ( H>< ( 7B ( '9G?@>(
2K?G7C?BG7H>_
'<G87(>G8>9(:<HKCAB:C:7<G>9(87B?H:><?@>9(?(B?(OG:H?(7<(7B(7]78H:H:>(@7(B?(
LK<H:;<(@7(H>C:9:><?@>9(@7=7(97j?B?897(G?C=:O<(B?(H><@KHG?(@7 ('9GK?8@>(
2ZB67a`(NK:7<(<>(97(7oHK9;(@7(H><>H78(B>9(7oA7@:7<G79(@7():C?9(2K9G?6>(
[><:BB? ( Y ( &Y<>8 ( .K9G>@:> ( #8?<H>_ ( ( ,C=>9 ( ^?=J?< ( 9:@> ( @7<K<H:?@>9(
LK<@?@?C7<G7(A>8(^?=78(@7<7S?@>(]K9G:H:?(7<(H?9>9(@7(6:>B?H:;<(@7(@7B:G>9(
B?=>8?B79(Y(<>(^?=7897(7oHK9?@>(7<(6?8:>9(A8>H79>9(NK7(:<6>BKH8?=?<(?(B?(
Q<:6789:@?@(@7(*?<(.?8B>9`(@><@7(7BB>9(78?<(A?8G7(:<G7879?@?_
+?B(67a(<>(97?(G?<(BB?C?G:6?(B?(A78C7?=:B:@?@(@7(B?9(7oH7AH:><79(:B7S?B79(
? ( B?9 ( HBZK9KB?9 ( @7 ( OG:H? ( Ab=B:H? ( HK?<@> ( 7B ( 7]7CAB> ( NK7 ( A8>AKS<?(
@:9HK89:6?C7<G7(B?(CZo:C?(?KG>8:@?@(@7B(A?J9(79(:8;<:H?C7<G7(H;CAB:H7(?B(
879A7HG>m
c(+>@>9(9>C>9(L?C:B:?879d
%79A7HG> ( ? ( B? ( L?C:B:?8:@?@ ( NK7 ( A>977< ( 6?8:>9(
C?S:9G8?@>9(7B7HG>9(H><(LK<H:><?8:>9`(
TB6?8> ( .>B>C ( 97j?B; ( NK7 ( 97 ( G8?G?=? ( @7 ( K<?(
9:GK?H:;< ( ?GJA:H? ( 7< ( K< ( A?J9 ( @><@7 ( G>@>9 ( 9><(
cC7@:> ( A?8:7<G79 ( Y ( C7@:> ( H><>H:@>9d ( Y ( @><@7(
G>@>9 ( B>9 ( ?=>S?@>9 ( G7<J?< ( 7B ( H>8?a;< ( 7< ( ?BSb<(
A?8G:@>_
'B(178:;@:H>(w(@7(>HGK=87(@7(UVVW
%79A7HG> ( @7 ( B? ( 7oH7B7<H:? ( A8>L79:><?B ( B? ( 0.1 ( B? ( H><9?S8; ( H>C> (
K< ( A8:<H:A:> ( A?8? ( B? ( 7B7HH:;< ( @7 ( B>9 ( C?S:9G8?@>9_ ( ,9J ( @:9AK9> ( NK7 (
B?9 ( .>C:9:><79 ( @7=7< ( 79G?=B7H78 ( K< ( A78L:B ( CJ<:C> ( NK7 ( L?H:B:G7 ( B? (
7B7HH:;< ( 9>=87 ( B? ( =?97 ( @7 ( B>9 ( 9:SK:7<G79 ( H8:G78:>9 ( A?8? ( 9K (
6?B>8?H:;<m ( H?A?H:@?@` ( 79A7H:?B:@?@` ( :@><7:@?@` ( ^><8?@7a ( Y (
^><>8?=:B:@?@(H>CA8>=?@?_
.>C>(97(@79G?H;(A876:?C7<G7`(B?(07Y(G?C=:O<(L:]?(7<(9K(?8GJHKB>(hU(B?(
>=B:S?H:;<( @7 ( ?A8>=?8( K<( A78L:B( @7 ( ?9A:8?<G7 ( 7<( 7B( NK7 ( 97 ( H><9:@787< (B>9(
?9A7HG>9((OG:H>`(?H?@OC:H>`(A8>L79:><?B(Y(@7(A8>Y7HH:;<(^KC?<?_
,C=?9(@:9A>9:H:><79(9><(H>CAB7C7<G?8:?9(7<(G?<G>(7B(A8>H7@:C:7<G>(@7(
!2/

AK<GK?H:;<(@7(B>9(H?<@:@?G>9(9>=87(B?(=?97(@7(K<(A78L:B(:@7?B(5?8G_(hUD(79(
K<? ( >=B:S?H:;< ( A8>H7@:C7<G?B ( HKY> ( HKCAB:C:7<G> ( @7=7 ( 978 ( SK:?@> ( A>8 ( 7B(
A8:<H:A:>(@7(7oH7B7<H:?(A8>L79:><?B_
'< ( C:8?9 ( @7B ( HKCAB:C:7<G> ( @7 ( 79G?9 ( A876:9:><79` ( 97 ( ?A8>=; ( K<? ( SKJ?(
A?8?(7<G876:9G?9(A?8?(7B(H?9>(7<(NK7(@7H:@:78?<(87?B:a?8(?BSK<?`(97(@7H:@:;(
7< ( ?C=?9 ( .>C:9:><79 ( 7B ( A78L:B ( :@7?B ( @7 ( C?S:9G8?@> ( Y` ( A>9G78:>8C7<G7`(
?@>AG?<@>(H?9:(7<(9K(G>G?B:@?@(B?(A8>AK79G?(A8797<G?@?(A>8(7B(&>6:C:7<G>(
18>(3K9G:H:?`(97(?A8>=;(K<?(G?=B?(@7(S8?@?H:;<(A?8?(H?B:L:H?8(?(B>9(H?<@:@?G>9(
7<(H?@?(K<>(@7(B>9(?9A7HG>9(@7(797(A78L:B_

2QE,(1,%,(0 ,(%',0!-,.!/"()'('"+%'R!*+,*(,(0$*(1$*+Q0 ,"+'*(, (


&,2!*+%,)$*()'(0 ,(.$%+'(*Q1%'&,()'(3Q*+!.!,(1'%E$)$(UVVW~
UVhim

1'%#!0(!)',0()'(&,2!*+%,)$(1'%E$)$(UVVWIUVhi
'oG8?J@>(@7(^GGAmqqrrr_H>C:9:><79@7A>9GKB?H:><_>8S_SG

'B(k(@7(97AG:7C=87(97(?A8>=;(K<?(G?=B?(H?9:(:@O<G:H?(7<(B?(.>C:9:;<(@7(
B? ( .*3` ( ?K<NK7 ( H>< ( 6?8:?H:><79 ( 7< ( B>9 ( AK<G?]79 ( ?9:S<?@>9 ( ? ( B>9 ( CO8:G>9(
A8>L79:><?B79 ( 7< ( 7B ( 97HG>8 ( ]K9G:H:? ( 5hp ( AK<G>9 ( H>C> ( CZo:C>D ( Y ( 7< ( 7B(
7]78H:H:> ( @7 ( B? ( ?=>S?HJ? ( 5G>A7 ( @7 ( hy ( AK<G>9D ( Y ( ? ( B? ( A8>Y7HH:;< ( ^KC?<?(
5CZo:C>(@7(w(AK<G>9(7<(BKS?8(@7(hVD_
.>< ( 79G?9 ( G?=B?9 ( 97 ( =K9H? ( @?8 ( HKCAB:C:7<G> ( ?B (18:<H:A:> ( @7(
$=]7G:6:@?@ ( NK7 ( 8:S7 ( ? ( B? ( 0.1 ( Y ( NK7 ( 7o:S7 ( B? ( >=9786?<H:? ( @7 ( H8:G78:>9`(
87NK:9:G>9 ( Y ( H><@:H:><79 ( H><H87G?9 ( Y ( G?<S:=B79 ( 7< ( B>9 ( L?HG>879 ( @7(
A><@78?H:;<(79G?=B7H:@>9(Y(A8>^J=7(B?(H><9:@78?H:;<(@7(H8:G78:>9`(87NK:9:G>9(
Y(H><@:H:><79(9K=]7G:6?9(Y(@:9H87H:><?B79_(
0>9 ( @7=?G79 ( 9>=87 ( 9: ( @7=J? ( @?897 ( C?Y>8 ( AK<G?]7 ( ? ( B? ( 7oA78:7<H:?(
A8>L79:><?B(>(?(B?(?H?@7C:?(7<(B?9(.>C:9:><79(79GK6:78><(CZ9(9K]7G>9(?(B>9(
:<G787979(@7(B>9(A>9GKB?@>879(NK7(?(B?(7B7HH:;<(@7(B>9(C7]>879(H?<@:@?G>9_(
']7CAB>(@7(7BB>(79(B?(:<G7867<H:;<(NK7(87?B:a?8?(%?bB(1?H?Y`(NK:7<(A87G7<@J?(
9K(877B7HH:;<(H>C>(C?S:9G8?@>(@7(B?(.*3_(*K(A8>AK79G?(78?(@?8(C?Y>8(<>G?(
?(B?(7oA78:7<H:?(A8>L79:><?B(NK7(?(B?(?H?@7C:?_('<G7<@:@?(B?(C>H:;<(H>C>(

=:7<:<G7<H:><?@?(79(9;B>(K<?(CZ9(7<G87(B?9(NK7(97(@7=?G7<(NKO(?9A7HG>9(
A8:>8:a?8e ( 9:< ( 7C=?8S> ( 9: ( 97 ( G:7<7 ( 7< ( HK7<G? ( NK7 ( 1?H?Y ( >=GK6> ( 9;B> ( Up(
AK<G>9(9>=87(hVV(7<(UVVi(A?8?(9K(H><9:@78?H:;<(H>C>(H?<@:@?G>(?(B?(.*3(
<>(NK7@?<(@K@?9(9>=87(A>8(NKO(A87G7<@J?(NK7(97(>G>8S?8?(C7<>8(AK<G?]7(?(
B>(?H?@OC:H>_
,(9K(67a(LK78><(?8@K>9(B>9(:<G78H?C=:>9(A?8?(B?(6?B>8?H:;<(@7(B>9(CO8:G>9(
OG:H>9_(+?B(H>C>(79GZ(87@?HG?@?(B?(B7Y`(A?8?(A8>=?8(NK7(K<(H?<@:@?G>(G:7<7(
C>8?B` ( ^><>8?=:B:@?@` ( 87HG:GK@` ( :<@7A7<@7<H:? ( 7 ( :CA?8H:?B:@?@ ( 579 ( @7H:8(
H?B:@?@ ( OG:H? ( 97Sb< ( 7B ( ?8G_ ( hU ( :<H_ ( ?D` ( =?9G? ( H>< ( 678:L:H?8 ( NK7 ( ^?Y?(
A8797<G?@>m(H><9G?<H:?(@7(H>B7S:?H:;<(?HG:6?`(H><9G?<H:?(@7(?<G:Sz7@?@(@7(
7]78H:H:>(A8>L79:><?B(>(@797CA7j>(@7(K<(C?<@?G>(H>C>(C?S:9G8?@>(>(]K7a`(
H><9G?<H:? ( @7 ( ?<G7H7@7<G79 ( A>B:HJ?H>9` ( H><9G?<H:? ( @7 ( ?<G7H7@7<G79(
A7<?B79`(H><9G?<H:?(@7(H?87<H:?(@7(9?<H:><79(?<G7(7B(G8:=K<?B(@7(^><>8(@7B(
.,"2(Y(@7HB?8?H:;<(]K8?@?(@><@7(H><9G?(NK7(7B(H?<@:@?G>(79GZ(7<(AB7<>(
7]78H:H:> ( @7 ( 9K9 ( @787H^>9 ( H:6:B79 ( Y ( A>BJG:H>9 ( Y ( NK7 ( 79GZ ( ^?=:B:G?@> ( A?8?(
7]78H78(H?8S>9(Ab=B:H>9_( ('9G?(@:9A>9:H:;<(?=87(K<(79A?H:>(:CA>8G?<G7(A?8?(
NK7(B?(C?Y>8J?(HKCAB?(H><(B?(G>G?B:@?@(@7B(AK<G?]7(Y(CKH^>9(<>(AK7@?<(978(
97j?B?@>9(A>8(L?BG?(@7(H?B:@?@(OG:H?(7<(G?<G>(B>9(G8:=K<?B79`(7B(.,"2(Y(B?(
.><G8?B>8J? ( @7 ( .K7<G?9 ( <> ( ?AB:H?< ( 9?<H:><79 ( @7=:@> ( ? ( B? ( H>88KAH:;< ( @7B(
9:9G7C?_
0?(HK79G:;<(@7(B?(^><>8?=:B:@?@ (LK7(@7=?G:@?(?(A?8G:8(@7(B?(A8797<G?H:;<(
@7(97j?B?C:7<G>9(?(H?<@:@?G>9(Y(9K(A>9G78:>8(@79H?8S>(Y(?<ZB:9:9(A>8(B?9(
.>C:9:><79_
*: ( =:7< ( G>@>9 ( B>9 ( ?HG>879 ( 87H><>H:78>< ( B? ( :CA>8G?<H:? ( @7 ( H><G?8 ( H><(
C?S:9G8?@>9(c^><>8?=B79d(9;B>(97(>G>8S;(g(AK<G>9(?B(^7H^>(@7(H?87H78(@7(
@7<K<H:?9_(('9G>(7<(9J(<>(79(:<H>887HG>(@?@>(NK7`(?(A8:>8:`(97(9KA><7(NK7(B?(
C?Y>8J?(@7=78J?(<>(G7<78B?9e(9:<(7C=?8S>(A?8?(7B(H?9>(@7(NK7(B?9(GK6:78?<(Y(
H><G?8?<(H><(LK<@?C7<G>9(9;B:@>9(879KBG?(>=6:>(NK7(7B(H?C:<>(?(97SK:8(<>(
79(NK:G?8(B>9(g(AK<G>9(9:<>(7oHBK:8(?B(H?<@:@?G>_
0?(6?B>8?H:;<(@7(79G7(87NK:9:G>(79(H>CAB7]?(7<(B?(C7@:@?(7<(NK7(B?(<>8C?(
7o:S7(NK7(B?(^><>8?=:B:@?@(^?Y?(9:@>(H>CA8>=?@?(Y(7<(8?a;<(@7B(A8:<H:A:>(
@7(>=]7G:6:@?@`(8?a><?=B7C7<G7`(<>(AK7@7(KG:B:a?897(HK?BNK:78(C7@:>(A?8?(
@79H?B:L:H?8(?(B>9(H?<@:@?G>9(A>8(H?87H78(@7(7BB?_((
'< ( G?B ( 97<G:@> ( A?87H7 ( K< ( G?<G> ( 7oG87C? ( B? ( ?L:8C?H:;< ( @7 ( NK7 ( cQ<(
C?S:9G8?@>(79(^><>8?=B7(>(<>(79(^><>8?=B7(9:(B7(?HK9?<d!20_((
*:< ( 7C=?8S>` ( 9: ( 97 ( H><9:@78? ( 7oHBK9:6?C7<G7 ( B? ( >9G7<G?H:;< ( @7 ( B>9(
87NK:9:9G>9 ( @>HKC7<G?B79 ( 97j?B?@>9 ( Y ( <> ( 97 ( ?G:7<@7< ( >G8>9 ( C7@:>9 ( @7(
A8K7=?(97(H>887<(8:79S>9(@7(@7]?8(B?(7B7HH:;<(CKY(?G?@?(?(A>8(7]7CAB>(?B(
H>887HG>(LK<H:><?C:7<G>(:<9G:GKH:><?B(7<(HK?<G>(?(?AB:H?H:;<(@7(9?<H:><79(
?@C:<:9G8?G:6?9_
0> ( A8:C78> ( NK7 ( @7=7 ( G7<7897 ( 7< ( H><9:@78?H:;< ( 79 ( NK7 ( B? ( 7B7HH:;< ( @7(
C?S:9G8?@>9(<>(79(K<(A8>H79>(]K@:H:?B(9:<>(A>BJG:H>(Y(NK7`(7<(H><97HK7<H:?`(

!20

<>(@7=7(A87G7<@7897(NK7(B?(A8K7=?(@7(B?9(G?H^?9(97(?]K9G7(?(B>9(79GZ<@?879(
A8>=?G>8:>9(7o:S:@>9(A?8?(@796:8GK?8(B?(A879K<H:;<(@7(:<>H7<H:?_
Q<?(:<G78A87G?H:;<(?]K9G?@?(?(B?(<>8C?(7o:S7(>G>8S?8(H:78G>(C?8S7<(@7(
@:9H87H:><?B:@?@(?(B>9(H>C:9:><?@>9(A?8?(7B(?<ZB:9:9(@7(B?(8?a><?=:B:@?@(@7(
B?9(?B7S?@?9(?L7HG?H:><79(?(B?(^><>8?=:B:@?@(@7(K<(H?<@:@?G>_(*:<(7C=?8S>`(
B?(b<:H?(S?8?<GJ?(@7(NK7(?NKOBB?(<>(97(G8?<9L>8C7(7<(?8=:G8?8:7@?@(8?@:H?(
7< ( B? ( AK=B:H:@?@ ( @7B ( ?<ZB:9:9 ( Y ( @7 ( B>9 ( LK<@?C7<G>9 ( A?8? ( @796:8GK?8(
97j?B?C:7<G>9(@7(A>9GKB?<G79(A>8(:<HKCAB:C:7<G>(@7(79G?(7o:S7<H:?_
'<(G>8<>(?(B?(?K97<H:?(@7(79G?(H><@KHG?(A>8(A?8G7(@7(B?9(.>C:9:><79(97(
7<HK7<G8? ( K<? ( @7 ( B?9 ( H8JG:H?9 ( CZ9 ( :CA>8G?<G79 ( Y ( NK7 ( A>@8J? ( ^?=78 ( 9:@>(
76:G?@?((HKCAB:7<@>(7B(A8:<H:A:>(@7(AK=B:H:@?@(879A7HG>(@7(B>9(@7=?G79_((,(B?(
^>8?(@7(B?9(6>G?H:><79`(:<HBK9>(H><(K<?(>8@7<(7oA879?(@7(B?(..(A?8?(NK7(B>(
^:H:78?<(7<(,A7B?H:><79`(<>(97(A8>@K]>(<:<Sb<(A8><K<H:?C:7<G>(9>=87(B>9(
97j?B?C:7<G>9 ( 87B?H:><?@>9 ( H>< ( B? ( ^><>8?=:B:@?@_ ( ( 'B ( 1879:@7<G7 ( @7 ( B?(
.>C:9:;<`(H><(B?(%79>BKH:;<(@7(B?(..(9>=87(B?(C79?(Y(7<(K<?(?HG:GK@(@7(
@79A87H:>(A>8(B?(C:9C?`(97(B:C:G;(?(B778(B?9(A?8G79(A78G:<7<G79(Y(?@678G:8(?(
B>9(H>C:9:><?@>9(NK7(@7=J?<(6>G?8(A>8(H?<@:@?G>9(^><>8?=B79_
'BB>(@7G78C:<;(NK7(<:(B>9(@7<K<H:?<G79(<:(B>9(97j?B?@>9(9KA:78?<(9:(B?9(
A8797<G?H:><79(Y(B>9(@79H?8S>9`(7<(B>9(H?9>9(7<(NK7(B>9(^K=>`(LK78><(>=]7G>(
@7(6?B>8?H:;<(7<(B?(@7H:9:;<(L:<?B_
'<(B>(?G:<7<G7(?(B?(A8>Y7HH:;<(^KC?<?`(97(B7(?9:S<;(7B(6?B>8(CZ9(=?]>(7<(
B?(@:9G8:=KH:;<(@7(AK<G?]79_( (,@7CZ9`(B?(9K=@:6:9:;<(@7(B>9(JG7C9(?(C78:G?8(
879KBG?(K<(G?<G>(87@KHH:><:9G?(7<(B?(C7@:@?(7<(NK7(B?(A8>Y7HH:;<(^KC?<?(
<> ( AK7@7 ( H:8HK<9H8:=:897 ( ? ( B? ( A?8G:H:A?H:;< ( > ( <> ( 7< ( K<? ( >8S?<:a?H:;<(
@7G78C:<?@?_( (&Z9(?b<`(B?(@7L7<9?(@7(H?@?(K<>(@7(B>9(JG7C9(?(B>9(NK7(97 (
>G>8S?(k(AK<G>9(G:7<7(G?B(:CA>8G?<H:?(A?8?(K<(79G?@>(@7(@787H^>(NK7(9K(
@7L7<9?(@7=:78?(978(H><9:@78?@>9(~<>(9;B>(?(G8?6O9(@7(B?(A78G7<7<H:?(?(K<?(
7<G:@?@I(H>C>(87NK:9:G>9(7oHBKY7<G79(A?8?(978(C?S:9G8?@>_
,<G7(B?(.>C:9:;<(@7(B?(.>8G7(*KA87C?`(7B(*:<@:H?G>(*>B:@?8:@?@(+8?=?]>(Y(
3K9G:H:?(@7B($8S?<:9C>(3K@:H:?B(@7C?<@;(cNK7(97(G7<S?(K<?(6:9:;<(?CAB:?(?B(
76?BK?8(Y(NK7(97(7oHBKY?(B>9(NK7(^?<(?A>Y?@>(S>BA79(@7('9G?@>d(Y(?(cB?9(
?KG>8:@?@79(NK7(97(^?<(H?8?HG78:a?@>(A>8(87A879:;<(B?=>8?Bd !21_(('9G7(G:A>(@7(
AB?<G7>9 ( 8?a><?=B79 ( 97 ( 7<L87<G?< ( H>< ( B? ( 7o:S7<H:?` ( G?C=:O< ( B;S:H?` ( @7(
H8:G78:>9(>=]7G:6>9(A?8?(76?BK?8(?(B>9(H?<@:@?G>9_(0?(?K97<H:?(@7(@:9HK9:;<(
9>=87(79G>9(87NK:9:G>9(LK<@?C7<G?B79(A?8?(K<?(H>8A>8?H:;<(]K@:H:?B(H><(B?(
^:9G>8:? ( @7 ( B? ( SK?G7C?BG7H? ( :CA:@:; ( B? ( L:]?H:;< ( @7 ( 79GZ<@?879 ( A8>=?G>8:>9(
NK7(A78C:G?<(9>9G7<78B?9(H>C>(87NK:9:G>9(>=]7G:6>9_
,(9K(67a(B?(0.1(79G:AKB;`(7<(7B(?8G_(UV(:<(L:<7`(K<?(H><LK9?(?KG>8:a?H:;<(
A?8?(<>(678:L:H?8(B?(:<L>8C?H:;<(9>=87(B>9(?<G7H7@7<G79(@7(B>9(H?<@:@?G>9(
cNK7(<>(AK7@?(978(H><L:8C?@?d_((+?B(H>C>(79GZ(87@?HG?@>(97(7<G:7<@7(NK7(
A?8? ( NK7 ( B>9 ( :CA7@:C7<G>9 ( NK7 ( 97 ( A8797<G7< ( 97?< ( ?<?B:a?@>9 ( A>8 ( B?(
.>C:9:;<(@7=7(7o:9G:8(K<?(L>8C?(H><H87G?(@7(H><L:8C?8B>9_((

!21

'9G?(79(B?(b<:H?(A?8G7(@7(B?(B7Y(7<(B?(NK7(97(^?=B?(@7(:CA7@:C7<G>9`(A>8(
B> ( NK7 ( <> ( 97 ( @79A87<@7 ( H>< ( HB?8:@?@ ( NK7 ( 97 ( A87G7<@? ( 87L78:897 ( ?B(
:<HKCAB:C:7<G> ( @7 ( B>9 ( 87NK:9:G>9 ( B7S?B79 ( 5<?H:><?B:@?@` ( 7@?@` ( G:7CA>9 ( 7<(
H?8S>9(>(7<(7B(B:G:S>`(7GHD_( ('<(H><97HK7<H:?(@7=78J?(:<G78A87G?897(NK7(97(
79GZ(^?H:7<@>(C7<H:;<(?(HK?BNK:78(:CA7@:C7<G>`(G?B(H>C>(<>(HKCAB:8(H><(
7B(A78L:B(@7(?9A:8?<G7(>(?(B>9(A>9:=B79(H><LB:HG>9(@7(:<G78O9_(('BB>(879KBG?(@7(
@:LJH:B(H><L:8C?H:;<(A>8(B>(NK7(B?(.>C:9:;<(<>(@7=78J?(@7(A>8(9J(<>(678:L:H?8(
B?9 ( A8797<G?H:><79 ( 9:<> ( L:]?8 ( 79GZ<@?879 ( A8>=?G>8:>9 ( 8?a><?=B79 ( A?8?(
H><L:8C?8B?9 ( > ( @797H^?8B?9_ ( ( )7 ( B> ( H><G8?8:>` ( 79G? ( A876:9:;< ( L?H:B:G? ( B?(
?H7AG?H:;<(@7(H?<@:@?GK8?9(@7(@K@>9>(HKCAB:C:7<G>(@7(G>@?9(B?9(H?B:@?@79(
7o:S:@?9(A?8?(G?<(:CA>8G?<G79(H?8S>9_
*:(=:7<(B>9(CO8:G>9(?(H?B:L:H?8(H><(AK<G?]79(9><(9:CAB79(@7(H>CA8>=?8(?(
A?8G:8 ( @7 ( B? ( A8797<G?H:;< ( @7 ( @>HKC7<G?H:;< ( NK7 ( >G>8SK7 ( 6?B>8 ( ? ( B>9(
87NK:9:G>9 ( L>8C?B79 ( 7o:S:@>9` ( <> ( >HK887 ( B> ( C:9C> ( H>< ( B? (7oH7B7<H:?(
A8>L79:><?B_
0?(H?A?H:@?@(79(CKY(@:LJH:B(@7(79G?=B7H78(?<?B:a?<@>(9;B>(A?A7B79(Y(9:<(
87?B:a?8(K<(7o?C7<(@7(>A>9:H:;<_((*:(=:7<(79G7(<>(S?8?<G:a?(B?(7oH7B7<H:?`(79(
K<(79GZ<@?8(CJ<:C>(@7(H><>H:C:7<G>9(NK7(@7=78J?(7o:S:897_
)7(B>(H><G8?8:>(97(@?(A>8(?H87@:G?@?(B?(H?A?H:@?@(A>8(B?(H78G:L:H?H:;<(@7(
>G8>9 ( >8S?<:9C>9 ( > ( A>8 ( B? ( C78? ( ?<G:Sz7@?@ ( 7< ( K< ( H?8S>` ( H8:G78:>9 ( CKY(
B7]?<>9 ( @7 ( B? ( ?9:S<?H:;< ( @7 ( H?8S>9 ( A>8 ( H>CA7G7<H:?9 ( NK7 ( @7=7 ( 87S:8 ( 7<(
HK?BNK:78(:<9G?<H:?(79G?G?B(Y(CZ9(?b<(7<(79G>9(H?8S>9_
0?(0.1`(7<G87(B>9(?9A7HG>9(?(76?BK?8`(<>(:<H>8A>8;(<:<SK<>(NK7(L:]7(K<?(
76?BK?H:;<(@7(K<(A:9>(CJ<:C>(87B?H:><?@>(H><(B?(H?A?H:@?@(GOH<:H?(Y(B>9(
CO8:G>9(?H?@OC:H>9(Y(A8>L79:><?B79`(NK7(>G>8S?<(7B(ygx(@7B(AK<G?]7(G>G?B(
NK7 ( AK7@7 ( >=G7<78 ( K< ( H?<@:@?G>` ( <> ( 9>< ( K< ( A?8ZC7G8> ( >=]7G:6> ( @7 ( B?(
H?A?H:@?@_
&KH^>(C7<>9(AK7@7(B>S8?897(@7G78C:<?8(79?(7oH7B7<H:?(9:(<>(9;B>(<>(97(
87?B:a; (K<(7o?C7<( 9:<> (K<? (7<G876:9G? (H>< (7B(A>9GKB?<G7`(NK7 (LK7 (B> (NK7(
>HK88:;(7<(79G7(A8>H79>_
":(B?(B7Y(<:(7B(879G>(@7(B?9(<>8C?9(NK7(8:S7<(7B(A8>H7@:C:7<G>(:CA:@7<(NK7(
B?(.>C:9:;<(@7(1>9GKB?H:;<(H><6>NK7(?(K<(7o?C7<(7B:C:<?G>8:>(?(G>@>9(B>9(
A>9GKB?<G79`(@7(^7H^>(B?(B7Y(>=B:S?(?(H^7NK7?8(B?(H?A?H:@?@`(79A7H:?B:@?@(7(
:@><7:@?@_
'<(79G?(H>CA87<9:;<`(B?(07Y(@7(B?(.?8878?(3K@:H:?B(9J(L:];(A?8?(7B(:<S879>(?(
B?(C:9C?(<>(9;B>(B?(H><6>H?G>8:?(?(H><HK89>9(9:<>(B?(>=B:S?H:;<(@7(87?B:a?8(
7<G876:9G?9 ( A789><?B79` ( NK7 ( AK7@7< ( 978 ( Ab=B:H?9` ( H>< ( B? ( Q<:@?@ ( @7(
.?A?H:G?H:;<(!<9G:GKH:><?B_((,@7CZ9(A?8?(B?(A78C?<7<H:?(Y(B>9(?9H7<9>9(597(
H><9:@78?(B?(76?BK?H:;<(@7B(87<@:C:7<G>(NK7(:<HBKY7(7B(?<ZB:9:9(@7(S79G:;<(
?9J(H>C>(7B(87<@:C:7<G>(?H?@OC:H>D!!2
*:<(7C=?8S>(97(7oHBKY;(@7(79G?9(@:9A>9:H:><79(?(B>9(C?S:9G8?@>9 !!!`(A?8?(
NK:7<79(<>(7o:9G7(<:<Sb<(9:9G7C?(@7(76?BK?H:;<(?AB:H?=B7(7<(B?(?HGK?B:@?@_(
!!2
!!!

'BB>(]K9G:L:H?(?b<(CZ9(B?(<7H79:@?@(@7(:<H>8A>8?8(K<(H><HK89>(>(7o?C7<(NK7(
76?Bb7(?(B>9(C?S:9G8?@>9(NK7(A87G7<@7<(B?(877B7HH:;<_
0?(:CA876:9:;<(B7S?B(@7(@:9A><78(B?(>=B:S?G>8:7@?@(A?8?(B?(?A8>=?H:;<(@7(
7oZC7<79 ( @7 ( H><>H:C:7<G>9 ( CJ<:C>9 ( Y ( @7 ( 7<G876:9G?8 ( ? ( B>9 ( A>9GKB?<G79(
?=8:;(K<(LB?<H>(CKY(S8?<@7(A?8?(7B(?6?<H7(@7(NK:7<79(879:9G7<(B?(87L>8C?(
79G8KHGK8?B(@7B(9:9G7C?_(,B(H><LK<@:897(B>(A8>H7@:C7<G?B(H><(B>9(A8:<H:A:>9(
@7(L><@>(7<(B?(B7Y(Y(A8:>8:a?8(B>(A8>H7@:C7<G?B(57B(A78L:B(CJ<:C>D (97(@7];(
CKY(@7(B?@>(B?(HK79G:;<(@7(B?(7oH7B7<H:?(A8>L79:><?B(@7(L><@>_
(
'9G?(H><LK9:;<(LK7(?A8>67H^?@?(A>8(B>9(H><9786?@>879(Y`(A8>=?=B7C7<G7(
A>8(978(K<?(^788?C:7<G?(A>H>(bG:B(A?8?(?G?H?8(7B(C?8S7<(@7(@:9H87H:><?B:@?@(
@7(B>9(H>C:9:><?@>9`(7B(A78L:B(@7(C?S:9G8?@>(LK7(K<?(@7(B?9(@7C?<@?9(NK7(
?H7AG?8><(9:<(879:9G7<H:?_
+?<G> ( 7B ( A78L:B ( @7 ( C?S:9G8?@> ( H>C> ( B? ( G?=B? ( @7 ( H?B:L:H?H:;< ( A>@J?< ( 978(
7oAK79G?9(A>8(B?9(.>C:9:><79(H>C>(K<?(H><H79:;<(?(B?9(@7C?<@?9(@7(B?(
9>H:7@?@(H:6:B(NK7(AKS<?=?(A>8(7B(<>C=8?C:7<G>(@7(LK<H:><?8:>9(@7(H?B:@?@(
? ( A?8G:8 ( @7 ( 9K ( 76?BK?H:;< ( H>< ( H8:G78:>9 ( >=]7G:6>9_ ( ( *:< ( 7C=?8S>` ( 9K(
?A8>=?H:;< ( G?C=:O< ( H><6?B:@; ( B? ( H><9G8KHH:;< ( @7 ( ^788?C:7<G?9(
IA78L7HG?C7<G7(?]K9G?@?9(?(B?(B7G8?(@7(B?(B7YI(A?8?(97B7HH:><?8(?(H?<@:@?G>9(
@7 ( 7oG87C? ( A>=87a? ( GOH<:H? ( Y ( A?8? ( @796:?8 ( 7B ( L>H> ( @7 ( B?9 ( C7@:@?9(
:CA879H:<@:=B79 ( A?8? ( S?8?<G:a?8 ( B? ( 7oH7B7<H:? ( @7 ( B>9 ( H?<@:@?G>9 ( 5H>C>(
7oZC7<79`(7<G876:9G?9(Y(?K@:7<H:?9(Ab=B:H?9D_
&:7<G8?9(97(@7L:<J?(7B(A78L:B(@7B(C?S:9G8?@>9(Y(B?9(G?=B?9(@7(H?B:L:H?H:><79`(
@79@7(7B(hW(?B(Ui(@7(?S>9G>(97(87H:=:78><(CZ9(@7(C:B(A>9GKB?H:><79`(Ugi(
A?8?(B?(.*3(Y(wgh(A?8?(B?(.>8G7(@7(,A7B?H:><79_(('<(hWWW`(B?(H>C:9:;<(A?8?(
A>9GKB?8(<K76?(.*3(87H:=:;(UyU(?AB:H?H:><79`(C:7<G8?9(NK7(B?(@7(9?B?9(@7(
,A7B?H:><79` ( iyh_ ( .:<H> ( ?j>9 ( @79AKO9` ( 7< ( UVVi` ( B? ( A8:C78? ( 79GK@:; ( kUU(
7oA7@:7<G79`(Y(B?(97SK<@?`(iVV_
'B ( kh ( @7 ( ?S>9G> ( 97 ( ?A8>=; ( 7< ( ?A7B?H:><79 ( K< ( A8>H7@:C:7<G> ( A?8? ( B?(
87A?8G:H:;<(@7(A>9GKB?H:><79(A>8(G78<?9(?(978(9>8G7?@>9(B>9(7oA7@:7<G79(NK7(
87H:=?(H?@?(K<?!!'_((0>(C:9C>(^:a>(B?(.>C:9:;<(@7(B?(.*3(7B(k(@7(97AG:7C=87(
97 ( ?A8K7=? ( H>C> (A8>H7@:C:7<G> ( A?8? ( B? ( 76?BK?H:;< ( @7 ( B>9 (
7oA7@:7<G79 ( A>8 ( G78<?9` ( 9>8G7?<@> ( B>9 ( 7oA7@:7<G79 ( B>9 ( @J?9 ( 7< ( NK7 ( B>9(
H>C:9:><?@>9 ( 97 ( 87b<?<_ ( '< ( ,A7B?H:><79` ( ?@7CZ9` ( 97 ( H><L>8C; ( K<?(
.>C:9:;< ( .B?9:L:H?@>8? ( @7 ( )7<K<H:?9 ( Y ( *7j?B?C:7<G>9` ( :<G7S8?@? ( A>8 ( @>9(
@7H?<>9` ( @>9 ( 87A8797<G?<G79 ( @7B ( .>B7S:> ( @7 ( ,=>S?@>9 ( Y ( ">G?8:>9` ( @>9(
&?S:9G8?@>9(@7(B?(.>8G7(*KA87C?(@7(3K9G:H:?`(@>9(?979>879(]K8J@:H>9(@7(B?(
Q<:6789:@?@(&79>?C78:H?<?(Y(K<?(?979>8?(3K8J@:H?(@7B(A789><?B(@7(?A>Y>(
@7(B?(.>8G7(*KA87C?(@7(3K9G:H:?_(
'B(C7H?<:9C>(@7(B?9(G78<?9(LK7(?G?H?@>(]K@:H:?BC7<G7(A>8(H?<@:@?G>9(NK7(
>=GK6:78>< ( H?B:L:H?H:><79 ( H>< ( B?9 ( NK7 ( <> ( 79GK6:78>< ( H><L>8C79 ( A>8(
H><9:@78?8(NK7(B?(0.1(79G:AKB?(NK7(B>9(7oA7@:7<G79(@7=7<(978(?<?B:a?@>9(
A>8 ( 7B ( AB7<>!!(_ ( ( +?C=:O< ( 97 ( ?G?H; ( ? ( G8?6O9 ( @7 ( 9:7G7 ( ?CA?8>9 ( B?9(
H?B:L:H?H:><79(>=G7<:@?9(A>8(B>9(H?<@:@?G>9`(Y(G>@>9(LK78><(876>H?@>9_
!!'
!!(

,(9K(67a`(7B(h|(@7(97AG:7C=87(97(76?BK?8><(B?9(A8K7=?9(@7(@79H?8S>(@7(
B>9(7oHBK:@>9(Y(97(7B?=>8;(B?(B:9G?(@7L:<:G:6?(@7(B>9(H?<@:@?G>9_((
0>(A8>A:>(97(HKCAB:; (7B(Ug(@7(?S>9G>(7<(B?(>G8?(.>C:9:;<(Y(97(@79H?8G;(
A>8(:<HKCAB:C:7<G>9(UU(H?<@:@?G>9(@7(A?8?(B?(.*3_((0?9(7oHBK9:><79(LK78><(
>8:S:<?@?9(7<(:<HKCAB:C:7<G>9(L>8C?B79(H>C>(978(>C:9:;<(@7(A8797<G?8(B?(
@7HB?8?H:;<(]K8?@?(@7(L?BG?(@7(A?87<G79H>`(>(@7(H?87<H:?(@7(:<^?=:B:G?H:><79(
A?8?(7]78H78(H?8S>9(Ab=B:H>9`(9?<H:><79(@7B(.,"2`(>G8?9(79G?=?<(@79G:<?@?9(
? ( B? ( .>C:9:;< ( @7 ( ,A7B?H:><79` ( H?87<H:? ( @7 ( @?G>9 ( H>C> ( L>G>S8?LJ?9`(
B7S?B:a?H:><79`(?<G7H7@7<G79(A>B:HJ?H>9`(7GH_(+?C=:O<(97(H><L>8C?8><(G78<?9(
:<G7S8?@?9(A>8(K<(@7H?<>`(K<(C?S:9G8?@>(Y(K<(87A8797<G?<G7(@7B(.,"2(A?8?(
7B(?<ZB:9:9(@7(B>9(7oA7@:7<G79_
F?9G? ( 7B ( w ( @7 ( 97AG:7C=87 ( 97 ( 87H:=:78>< ( 97j?B?C:7<G>9 ( H><G8? ( B>9(
H?<@:@?G>9(Y(7<(B?(.>C:9:;<(@7(B?(.*3(97(87H:=:78><(hiW(@7<K<H:?9(C:7<G8?9(
NK7(7<(,A7B?H:><79(kwg`(NK7(LK78><(7<G87S?@?9(?(G>@>9(B>9(A>9GKB?@>879(
A?8? ( NK7 ( G7<S?< ( 9KL:H:7<G7 ( G:7CA> ( A?8? ( ?<?B:a?8B?9 ( ?<G79 ( @7 ( 7L7HGK?8 ( B?(
6>G?H:;<(L:<?B_(,(9K(67a(97(>G>8S;(AB?a>(^?9G? (7B(hw(@7 (97AG:7C=87(?(B>9(
97j?B?@>9(A?8?(NK7(A8797<G7<(9K9(@79H?8S>9(NK7(G?C=:O<(97(@:9G8:=KY78><(
7<G87(B>9(.>C:9:><?@>9_
'< ( ?A7B?H:><79 ( 7B ( hW ( @7 ( 97AG:7C=87 ( 97 ( :<:H:; ( B? ( 6>G?H:;< ( L:<?B_ ( ( 'B(
C7H?<:9C>(KG:B:a?@>(LK7(B?(B7HGK8?(?(6:6?(6>a(@7B(<>C=87(@7(B>9(A>9GKB?<G79(
Y(B?(H?B:L:H?H:;<(>=G7<:@?`(H>C7<a?<@>(A>8(7B(NK7(^K=:787(87H:=:@>(B?(CZ9(
?BG?_((Q<?(67a(<>C=8?@>(7B(A>9GKB?<G7(Y(9K(H?B:L:H?H:;<(97(A8>H7@J?(?(6>G?8(
A>8(9K(:<HBK9:;<(>(<>(7<(B?(<;C:<?_((
*7(A8>H7@:;(@7(G?B(C?<78?(^?9G?(BB7S?8(?(B>9(G879H:7<G>9(7oA7@:7<G79(H><(
B>9(A8:C78>9(AK<G?]79(Y(97(H><G?=:B:a;`(BK7S>(@7(i(^>8?9`(NK7(9;B>(>H^7<G?(Y(
97:9(A789><?9(LK78><(:<HBK:@?9(A?8?(:<G7S8?8(7B(B:9G?@>(@7(B>9(H:7<G>(>H^7<G?(
H?<@:@?G>9_
0?(979:;<(LK7(9K9A7<@:@?(A?8?(NK7(B>9(.>C:9:><?@>9(?<?B:a?8?<(B>9(iWW(
7oA7@:7<G79(879G?<G79`(9K9(H?B:L:H?H:><79`(97j?B?C:7<G>9(Y(@79H?8S>9`(9:(B>9(
^K=:78?_
'<(9K(87:<:H:>(97(?AB:H;(B?(C:9C?(C7G>@>B>SJ?(@7(6>G?H:;<(NK7(H><(B>9(
A>9GKB?<G79(?<G78:>879(Y(K<?(67a(<>C=8?@>9(B>9(H?9:(NK:<:7<G>9(?9A:8?<G79`(
<:<SK<?(A789><?(@7B(B:9G?@>(LK7(7B7HG?_(1>8(B>(HK?B(97(6>B6:;(?(?<?B:a?8(B>9(
A8:C78>9(kVV(Y(G?CA>H>(97(B>S8;(BB7S?8(?(H>CAB7G?8(B>9(hwV(HKA>9_(
"K76?C7<G7 ( 97 ( A8>H7@:; ( ?B ( ?<ZB:9:9 ( @7B ( 97SK<@> ( B:9G?@> ( @7 ( iWW(
H?<@:@?G>9 ( Y ( BK7S> ( @7 ( 79G? ( 6>G?H:;< ( 97 ( >=GK6> ( B? ( G>G?B:@?@ ( @7 ( B>9(
<>C:<?@>9_
h_('8:Hv(,BL><9>(TB6?87a(
&?<H:BB?
U_(3K?<?(*>BJ9(%>9?B79
k_(17@8>('@J<(!oNK:?H(*KC`
i_(#78<?<@>(F?8>B@>(*?<G>9(
%7H:<>9
g_(%>9?(&?8J?(@7(07;<(.?<>

y_('B:a?=7G^(2?8HJ?('9H>=?8
p_(2K9G?6>(,@>BL>(&7<@:aZ=?B(
&?a?8:7S>9
w_(&?8:>(F:B?8:>(07?B([?88:7<G>9
W_(%><?B@(&?<K7B(.>B:<@879(
%>H?
hV_(&:SK7B(T<S7B(2:>8@?<>(
"?6?88>
hh_(+^7BC?(">^7CJ(@7B(.:@(
1?B7<H:?
hU_(1J>(,B=78G>(QHBO9(2><aZB7a
hk_(.?8B>9(,B=78G>(TB6?87a(
0;A7a
hi_([B?<H?($@:B:?(,BL?8>(2K788?
hg_(3>8S7(0K:9(,8H^:B?(,COaNK:G?
hy_(,CJBH?8($B:678:>(*>BJ9(
2?B6Z<
hp_(*:B6:?(1?G8:H:?(R?B@7a(
{K7a?@?
hw_(#?=:Z<(,B=78G>(%?C>9(
[?8?^><?
hW_(@S?8(%>B?<@>(,BL?8>(
,87BB?<>
UV_(0K:9(,B7o:9(.?B@78;<(
&?B@><?@>
Uh_(/9H?8(%>B?<@>(.><G878?9(
F78<Z<@7a
UU_(.?8B>9(%?C:8>(.><G878?9(
R?B7<aK7B?
Uk_(&?8J?(@7(B?(0Ka(2;C7a(
&7]J?
Ui_(*7B6:<(:BL87@>(#B>879():6?9
Ug_(*?<@8?(,<<?=7BB?([Z8H7<?9(
&?B@><?@>
Uy_(&?8J?(.><9K7B>(1>88?9(
,8SK7G?
Up_('B@?(":@:?("Z]78?(
*?S?9GKC7
Uw_(/9H?8(FKS>(&7<@:7G?(
$8G7S?
UW_(:BL87@>(1>88?9('9H>=?8
kV_(079=:?('B:a?=7G^(2KaCZ<(
R?BB7
kh_(,C?@?(R:HG>8:?(2KaCZ<(
2>@J<7a
kU_(/9H?8(,BL87@>(1>8>](*K=KYK]
kk_("7LG?BY(,B@?<?(F78878?
ki_(3>8S7('@K?8@>(+KHKo(.>Y>Y
kg_(3K?<(.?8B>9(@7(379b9($H?j?(
&:]?<S>9
ky_(?BG78($B:678(R:BB?G>8>()J?a
kp_("78Y($9r?B@>(&7@:<?(
&O<@7a
kw_(!8C?(2B?@Y9(&:8?<@?(
F78878?
kW_(,K8?('B7<?(F78878?(#B>879
iV_(%?<KBL>(%?L?7B(%>]?9(.7G:<?
ih_(.?8B>9(FKC=78G>(&?<H:>(
[7G?<H>K8G^
iU_([87<@?(,<?=7BB?({K:j;<7a(
)><:9
ik_(3>8S7(0K:9()><?@>(R:6?8
ii_(F>8?H:>('<8JNK7a(*Z<H^7a
ig_('8:Hv(2K9G?6>(*?<G:?S>(@7(
07;<
iy_(2K:BB78C>()7C7G8:>('9A?j?(
&O8:@?
ip_(+^7BC?('9A78?<a?(,B@?<?(
F78<Z<@7a
iw_(&?8J?(.8:9G:<?(#78<Z<@7a(
2?8HJ?
iW_(%K@Y(&?8B><(1:<7@?(
%?CJ87a
gV_(&?8:>(,CJBH?8(&?88>NKJ<(
$9>8:>

gh_([7<:H:?(.><G878?9(.?B@78;<
gU_(.8Ka(&K<SKJ?(*>9?
gk_('C:B:>(#8?<H:9H>(.:K@?@(
%7?B(&?88>NKJ<
gi_(&Y<>8(.K9G>@:>(#8?<H>(
#B>879
gg_(0?K8?(.><9K7B>(&><G79(
&7<@>a?
gy_()?9C?(3?<:<?(2K:BBO<(#B>879
gp_(,BC?('B:a?=7G^(2K@:7B(1O87a
gw_(F78=78G(,8GK8>(R?B7<H:?(
,NK:<>
gW_(%>9?(F78B:<@?(,H767@>(
">B?9H>
yV_(RJHG>8(FKS>(F78878?(%J>9
yh_(3>9O(0K:9(@7(379b9(*?C?Y>?(
1?B?H:>9
yU_(*:B6:?(R:>B7G?(@7(07;<(
*?<G>9
yk_(":@:?(R:>B7G?()>CJ<SK7a(
+aK<KC
yi_(%:G?(&?8:<?(2?8HJ?(,]NK:]?Y
yg_(2K:BB78C>(#8?<H:9H>(&O<@7a(
[?8:BB?9
yy_(.B?K@:?(&:8G?B?(&:8?<@?(@7(
F78<Z<@7a
yp_(F78C?<(%:S>=78G>(+7<:(
1?H?Y
yw_(3>9O(,<G><:>(1:<7@?([?8?B79
yW_(,K8?(&?8:<?(&?<H:BB?(
*>B?879
pV_(%>S7B:>(.?<(*:
ph_(%>9?B=?(.>8a?<G79(-bj:S?(
@7(&bj>a
pU_(/9H?8(&?K8:H:>(R:BB?BG?(
2><aZB7a
pk_(RJHG>8(&?<>B>(#K<79(
'<8JNK7a
pi_(&?86:<('@K?8@>(F78878?(
*>B?879
pg_(&?Y8?(0>K8@79($8G7S?(
07G><?
py_(&?<K7B(,BL87@>(&?88>NKJ<(
1:<7@?
pp_('@@Y(2:>6?<<:($87BB?<?(
)><:9
pw_('@r:<(%>=78G>(17j?G7(2:8;<
pW_(&?8G?(R:HG>8:?([?88:7<G>9(
&?8GJ<7a
wV_(3?:C7(,CJBH?8(2><aZB7a(
)Z6:B?
wh_(#78<?<@>(@7(379b9(#>8GK<Y(
0;A7a
wU_(&?8J?(!9?=7B(187C(.?8J?9
wk_('@:G^(&?8:B7<?(1O87a(
$8@;j7a
wi_("O9G78(&?K8:H:>(RZ9NK7a(
1:C7<G7B
wg_("79B:7(2K:97B?(.Z8@7<?9(
[?KG:9G?
wy_(2K:BB78C>(,BL><9>([?8:BB?9(
2K78878>
wp_('@S?8@>()?<:7B([?887@?(
R?B7<aK7B?
ww_(%><Y('KB?B:>(0;A7a(
.><G878?9
wW_(FKS>(%>=78G>(3ZK87SK:
WV_(,<?(0?K8?(&?GKG7(.?B@78;<
Wh_(%?bB(,<G><:>(.^:H?9(
F78<Z<@7a
WU_(3>8S7(&?8:>(R?B7<aK7B?()J?a
Wk_(*78S:>(,C?@7>(1:<7@?(
.?9G?j7@?
Wi_(%>B?<@>('H^76788J?(
&>8?G?Y?

Wg_('8r:<(!6?<(%>C78>(&>8?B79
Wy_(3K?<(3>9O(%>@?9(&?8GJ<7a
Wp_(#?K9G>(.>8?@>(&>8Z<
Ww_('8:Hv('@:B=78G>(&7a?()K?8G7
WW_(&:BG><()?<:B>(+>8879(
.?8?6?<G79
hVV_(.?8B>9(%><?B@>(1?:a(\KBZ
hVh_('@S?8(%>B?<@>(%K?<>(
2>@>Y
hVU_(*78S:>(,<G><:>(,SK:B?8(
&?8GJ<7a
hVk_(&?8J?('KS7<:?(R:BB?97j>8(
R7B?8@7
hVi_(FOHG>8(FKS>([8?<(
{K:<G?<?
hVg_('@S?8($9r?B@>(,SK:B?8(
%:678?
hVy_(,o7B($G><:7B(&??9(3?H>C7
hVp_():C?9(2K9G?6>([><:BB?
hVw_(&:8:?C(&?a?(+8K]:BB>
hVW_(+7>@KB>(!@7BL><9>(
.:LK7<G79(&?B@><?@>
hhV_(287G?(,<G:B6:?(&><a;<(
'9A:<>a?(@7(&>8?B79
hhh_(278?8@>(18?@>
hhU_(%?C;<(#8?<H:9H>(2><aZB7a(
1:<7@?
hhk_(&?B6:<?([7?G8:a(,8C?9(
'9A?j?
hhi_($GG>(.7H:B:>(&?Y7<(
&>8?B79
hhg_(2K9G?6>(,@>BL>()K=;<(
2ZB67a
hhy_()>C:<S>(QB=Z<(#?]?8@>
hhp_(*><:?(3K@:G^(,B6?8?@>(
0;A7a
hhw_('@r:<(%>=78G>(%K?<>(
&?8GJ<7a
hhW_(.B?K@:?(0:997GG7('9H>=?8(
&7]J?(@7(#78<Z<@7a
hUV_(*?B6?@>8(FKC=78G>(&>B:<?(
%>=B79
hUh_(,8:9([7?G8:a(*?<G:a>(2:8;<
hUU_('B6:?('9G78(R7BZ9NK7a(
*?S?9GKC7
hUk_(R:G?B:<?($87BB?<?(Y(
$87BB?<?
hUi_('@K?8@>('9G8?@?(%76>B>8:>
hUg_(*?<@8?(0:997GG7(,B@?<?(
ROB:a(@7()>CJ<SK7a
hUy_(-KBBY('KS7<:?(.?<G>8?B(
.?CA>9
hUp_('@S?8(%7<O(&?8GJ<7a(
2><aZB7a
hUw_(,8G7C:>(%>@KBL>(+Z<H^7a(
&O8:@?
hUW_(,K8?(&78:<?(2K?@8;<()J?a
hkV_(0:B:?<(&?S@?B7<?(">8:7S?(
0KH?9
hkh_(0K:9(#78<?<@>(,8SK7G?(
[><7
hkU_(/9H?8(*?S?9GKC7(TB6?87a
hkk_(!8C?(07G:H:?(&7]:H?<>9(3>B
hki_(3>9O(,B7]?<@8>(.;8@>6?(
F78878?
hkg_(*:B6:?(%>o?<?(&>8?B79(
,B6?8?@>
hky_(%><?B@>('<8JNK7a(%?CJ87a(
[?88:>9
hkp_($6:@:>(&?88>NKJ<('9G8?@?
hkw_(.O9?8(2K:BB78C>(.?9G:BB>(
%7Y79
hkW_(,K8?("7BBY(2?8HJ?(@7(07;<
hiV_(.>8?B:?(!8?97C?(1O87a(
.?B@78;<

hih_(.?8B>9(3>?NKJ<({K:YKH^
hiU_(&?8:>(!9:@>8>(*?8H7j>(
3:CO<7a
hik_(#8?<H(,8C?<@>(&?8GJ<7a(
%KJa
hii_(2K9G?6>(,@>BL>(*?C?Y>?(
%>C78>
hig_(#B>8(@7(&?8J?(2?8HJ?(
R:BB?G>8>
hiy_(%?C:8>(,<G><:>(.?B@78;<(
%7Y79
hip_(&:8<?(0K=7G(R?B7<aK7B?(
%:678?(@7(&O8:@?
hiw_(,C?@7>(@7(379b9(2K788?(
*>BJ9
hiW_("OHG>8(2K:B7=?B@>(@7(07;<(
%?CJ87a
hgV_(,<?(&?8J?(%>@8JSK7a(
.>8GOa
hgh_(.?8B>9(%>@:C:8>(0KH78>(1?a
hgU_('9G7B?([?:B7Y([7BG7G;<
hgk_(*78S:>(%>=78G>(0:C?(
&>8?B79
hgi_(.?8B>9(FKC=78G>(1O87a(
)K?8G7
hgg_(0K:9(#7B:A7(07A7(
&><G788>9>
hgy_()>8?(0:a7GG("Z]78?(#B>879
hgp_(3>9O(!98?7B(3:?Ga(.^?BJ
hgw_(.?8B>9(2K:BB78C>(*>9?(
[K7a>
hgW_(&?8H>(+KB:>(&7]J?(
&><G788>9>
hyV_(#87@@Y<(?B@7C?8(
#78<Z<@7a($8G:a
hyh_(">O(,@?B=78G>(R7<GK8?(
0>Y>
hyU_(&?BL87@>(,B=78G>(0;A7a(
#K7<G79
hyk_(.^8:9G:?<(,B7]?<@8>(0?<Ka?(
&><S7
hyi_(FOHG>8(%:H?8@>('H^76788J?(
&O<@7a
hyg_(079=:?(3?Hv7B:<7('9A?j?(
*?C?Y>?
hyy_(3K?<(.?8B>9(.>8><?@>(
0;A7a
hyp_(,o7B(&?<K7B(%>C78>(
278?8@:
hyw_(*:B6:?(R78;<:H?(2?8HJ?(
&>B:<?(@7(0:<?879
hyW_(#B>8(@7(&?8J?(2ZB67a(
[?88:>9
hpV_([Y8><($9r?B@>(@7(B?(.8Ka(
0;A7a
hph_(2K9G?6>(,@>BL>(&>8?B79(
)K?8G7
hpU_()>KSB?9(%7<O(.^?8H^?B(
%?C>9
hpk_(%><<Y(1?G8:H:>(,SK:B?8(
2KG:O887a
hpi_(.?8B>9('<8:NK7(%J>9(&:8;<
hpg_(3>8S7(2K:BB78C>(,8?Ka(
,SK:B?8
hpy_(!6?<<?(&?8:=7B(2><aZB7a(
@7(07;<
hpp_(2B?@Y9(4>B?<@?(,B=7j>(
$6?<@>
hpw_(%>@>BL>('8<79G>(\>Y(
.;8@>6?
hpW_(/9H?8(%>=78G>(#78<Z<@7a(
&7<@>a?
hwV_(#8?<v(&?<K7B(+8K]:BB>(
,B@?<?_

'< ( 7B ( H?9> ( @7 ( B? ( .>C:9:;< ( A?8? ( B? ( .*3` ( B? ( 979:;< ( 97 ( :<:H:; ( 7B ( UV ( @7(


97AG:7C=87(Y(?<G79(@7(@?8(H>C:7<a>(?(B?(6>G?H:;<(97(9>H:?B:a;(B?(879>BKH:;<(
@7 ( B? ( .. ( NK7 ( >8@7<; ( H><L:8C?8 ( K< ( ?CA?8> ( A?8? ( NK7 ( 97 ( 678:L:NK7 ( B?(
^><>8?=:B:@?@(@7(H?@?(H?<@:@?G>_(
.>C> ( K<? ( C78? ( L>8C?B:@?@ ( Y ( 7< ( K<? ( 87L787<H:? ( 9:< ( <:<Sb< ( 97<G:@>(
A8ZHG:H>`(97(@7];(7<(HB?8>(NK7(B?(.>C:9:;<(?<?B:a;(7B(L?BB>(Y(97(?HB?8;(NK7(c?B(
C>C7<G>(@7(B?(6>G?H:;<`(NK:7<79(97?<(<>C:<?@>9(A?8?(:<G7S8?8(B?(<;C:<?(
NK7 ( 978Z ( A8797<G?@? ( ?B ( .><S879> ( @7 ( B? ( %7Ab=B:H?` ( @7=78Z< ( HKCAB:8 ( H><(
G>@>9(B>9(87NK:9:G>9(B7S?B79(Y(H><9G:GKH:><?B79`(:<HBKY7<@>(7B(@7(87H><>H:@?(
^><>8?=:B:@?@d(Y(7B(1879:@7<G7 (7o^>8G;(?(B>9 (A>9GKB?@>879(c? (87?B:a?8(K<?(
7B7HH:;<(H><9H:7<G7`(9:<(H>CA8>C:9>9(CZ9(NK7(H><(B?(A?G8:?(Y(H><(B?(]K9G:H:?(
Y(BK7S>(@7(7BB>`(97(A8>H7@?(?(B?(6>G?H:;<d!!,
*KA78?@>(79G7(C>C7<G>`(H>C7<a;(B?(7B7HH:;<(Y(>HK88:;(B>(C:9C>(NK7(7<(
B? ( @7 ( ,A7B?H:><79_ ( ( 0K7S> ( @7 ( B? ( A8:C78? ( B7HGK8? ( @7 ( B>9 ( <>C=879 ( @7 ( B>9(
H?<@:@?G>9`(9;B>(HK?G8>(>=GK6:78><(B>9(6>G>9(<7H79?8:>9(A?8?(:<H>8A>8?897(?(
B? ( <;C:<?_ ( '< ( B? ( 97SK<@? ( 6>G?H:;< ( b<:H?C7<G7 ( K< ( A>9GKB?<G7 ( >=GK6> ( B?(
C?Y>8J?(87NK78:@?_('<(B?(9:SK:7<G7(8><@?(<:<Sb<(H?<@:@?G>(B>S8;(:<S879?8(7<(
7B ( B:9G?@> ( Y ( 87H:O< ( ? ( B?9 ( U ( ?C ( @7B ( @J? ( 9:SK:7<G7` ( 7< ( B? ( HK?8G? ( 8><@? ( @7(
6>G?H:><79 ( Y ( H>8879A><@:7<G79 ( 9K9A7<9:><79 ( A?8? ( B? ( 876:9:;< ( @7 ( B>9(
7oA7@:7<G79(97(H><L7HH:><;(B?(<;C:<?(?(7<6:?8(?B(.><S879>_((
'oG8?J@>(@7(^GGAmqqrrr_H>C:9:><79@7A>9GKB?H:><_>8S_SG
0?(6>G?H:;<(7<(?C=?9(.>C:9:><79(AK9>(BKa(9>=87(K<?(@7(B>9(@7L7HG>9(CZ9(
:CA>8G?<G79(@7(B?(07Y(@7(.>C:9:><79(@7(1>9GKB?H:;<`(7B(7<>8C7(C?8S7<(@7(
@:9H87H:><?B:@?@(>G>8S?@>(?(B>9(A>9GKB?@>879(?(B?(^>8?(@7(H788?8(7B(A8>H79>(
@7(<>C:<?H:;<!!-_
*7 ( B7 ( 879G? ( ?9J ( CKH^? ( :CA>8G?<H:? ( ? ( B? ( 7G?A? ( A876:? ( @7 ( 76?BK?H:;<`(
H?B:L:H?H:;<(Y(G?H^?9(Y(B?(G8?<9L>8C?(H?9:(7<(K<?(^788?C:7<G?(A?8?(87678G:8(
B?(6>G?H:;<(A>8(>8@7<(?BL?=OG:H>_
1>8(K<?(A?8G7`(?B(<>(^?=7897(L:]?@>(B?(>=B:S?H:;<(@7(LK<@?8(@7=:@?C7<G7(
7B(6>G>`(B?9(8?a><79(A>8(B?9(NK7(K<(SK?G7C?BG7H>(BB7S?(?(C?S:9G8?@>(NK7@?<(
7<(B?(>9HK8:@?@_(
'9G> ( 97 ( ?S8?6?` ( 7< ( HK?<G> ( @7]? ( C?Y>879 ( :<G788>S?<G79 ( 7< ( HK?<G> ( ? ( B?(
H?B:@?@ ( @7 ( B>9 ( 7B7S:@>9` ( ?B ( <> ( A876778` ( B? ( B7Y` ( 7B ( A8>H7@:C:7<G> ( A?8? ( B?9(
6>G?H:><79_(0?(C7G>@>B>SJ?(@7L:<:@?(A>8(B?9(.>C:9:><79(I@7(87?B:a?H:;<(@7(
8><@?9 ( @7 ( 6>G?H:;< ( ^?9G? ( ?BH?<a?8 ( ? ( HK=8:8 ( B? ( G>G?B:@?@ ( @7 ( HKA>9(
@:9A><:=B79I(@7]?(7<>8C79(@K@?9(9>=87(B?(H?B:@?@(@7(K<(H?<@:@?G>(NK7(<>(
LK78? ( 7B7S:@> ( 7< ( A8:C78? ( 6K7BG? ( Y ( 9J ( 7< ( K<? ( 97SK<@? ( > ( G78H78?_ ( ( "> ( 97(
H>CA87<@7 ( 9: ( B? ( .>C:9:;< ( H><9:@78? ( ?B ( H?<@:@?G> ( :@;<7> ( A?8? ( HK=8:8 ( 7B(
H?8S> ( ~C7<>9 ( ?K< ( 9: ( <> ( 97 ( 8?a><?< ( B>9 ( 6>G>9 ( Y ( 9: ( K< ( A>9GKB?<G7 ( <> ( LK7(
7B7S:@>(7<(8><@?9(@7(6>G?H:;<(A876:?9(Y(9J(7<(K<?(A>9G78:>8I(>(9;B>(B>(^?H7(
A>8NK7(@7=7<(>HKA?897(G>@>9(B>9(79A?H:>9(7<(B?(<;C:<?_(
!!,
!!-

1>8 ( >G8> ( B?@>` ( 7B ( <> ( L:]?8 ( H8:G78:>9 ( 7oHBKY7<G79` ( CZ9 ( ?BBZ ( @7 ( B>9(
:CA7@:C7<G>9` ( 97 ( @7]? ( ?=:78G? ( B? ( AK78G? ( A?8? ( 7B ( <>C=8?C:7<G> ( @7(
C?S:9G8?@>9 ( @7<K<H:?@>9 ( Yq> ( H>< ( 79H?9? ( H?A?H:@?@ ( GOH<:H? ( Yq> ( 9:<(
A8>Y7HH:;<(^KC?<?_
0? ( H><L:8C?H:;< ( @7B ( @7L7HG> ( B7S?B ( 97 ( 76:@7<H:; ( 7< ( B>9 ( 879KBG?@>9 ( @7 ( B?(
7B7HH:;<(@7(,A7B?H:><79m(
I
*>=87(pWW(H?<@:@?G>9(9;B>(iy(AK<G7?8><(CZ9(@7(pV_(()7(
^?=7897 ( ?AB:H?@> ( B? ( 7o:S7<H:? ( @7 ( B? ( 9>H:7@?@ ( H:6:B ( @7 ( B?(
!<:H:?G:6?(>8:S:<?B(57oHBK:8(?(B>9(NK7(<>(BB7S?8?<(?(pV(AK<G>9D(
97(^K=:78?(HK=:78G>(G?<(9;B>(K<?(HK?8G?(A?8G7(@7(B?(<;C:<?(
A?8?(7<6:?8(?B(.><S879>_
I
)7(B>9(iy(NK7(9KA78?8><(B>9(pV(AK<G>9(9;B>(LK7(7B7S:@?(
A>H>(CZ9(@7(B?(C:G?@(5Uy(H?<@:@?G>9D_
I
.?9:(:@O<G:H>(<bC78>(5Ug(H?<@:@?G>9D(97(7B:S:;(7<G87(B>9(
NK7(>=GK6:78><(7<G87(iV(Y(iW(AK<G>9_
I
F?=:7<@> ( H?<@:@?G>9 ( 9:< ( 97B7HH:><?8 ( H>< ( C7]>879(
AK<G?]79` ( B? ( C?Y>8 ( H?<G:@?@ ( @7 ( 7B7S:@>9 ( 57B ( iix ( @7B ( G>G?BD(
>=GK6>(C7<>9(@7(yV(AK<G>9
%79A7HG>(@7(B?(.*3`(@7(hwV(CZ9(@7B(ygx(AK<G7;(A>8(@7=?]>(@7(B>9(yV(
AK<G>9 ( Y ( CZ9 ( @7B ( gVx ( A>8 ( @7=?]> ( @7 ( B>9 ( gV ( AK<G>9 ( Y ( <:<SK<> ( @7 ( B>9(
7B7S:@>9(LK7(]K7a(@7(H?8878?_
*: ( =:7< ( B>9 ( AK<G?]79 ( <> ( 9>< ( @7H:9:6>9 ( 9>=87 ( HKZB79 ( 9>< ( B?9 ( C7]>879(
H?<@:@?GK8?9(9J(9><(:<@:H?@>8(@7(B?9(A>9:=B79(C>G:6?H:><79(@7(B>9(6>G>9_((*:<(
7C=?8S>` ( B?9 ( 8?a><79 ( A>8 ( B?9 ( NK7 ( H?9: ( B? ( C:G?@ ( @7 ( B>9 ( <>C:<?@>9 ( 97(
97B7HH:;<(7<G87(B>9(NK7(>=GK6:78><(C7<>9(@7(yV(AK<G>9(Y(B>9(C>G:6>9(A>8(
B>9(NK7(97(:<HBKY;(7<(B?(C:9C?(A8>A>8H:;<(?(B>9(NK7(>=GK6:78><(CKY(=K7<?9(
H?B:L:H?H:><79(Y(?(B>9(NK7(87H:=:78><(AK<G?]79(C7@:>H879(<>(^?<(9:@>(~<:(^?Y(
>=B:S?H:;<(B7S?B(A?8?(NK7(B>(97?<I(7oAB:H:G?@?9_
0K7S> ( @7 ( 7<6:?@>9 ( B>9 ( B:9G?@>9 ( ?B ( .><S879>` ( B?9 ( :CAKS<?H:><79(
A8797<G?@?9(A>8(B>9(H?<@:@?G>9(LK78><(87H^?a?@?9(Y(7<6:?@?9(?(B?(]K9G:H:?(
9:<(7<G7<@78(7<(7B(L><@>`(B>(NK7(LK7(@7L7<@:@>(A>8NK7(@7(^?=78(?HGK?@>(@7(
>G8?(C?<78?(97(^?=8J?(@7G7<:@>(7B(A8>H79>(c9:(97(A8797<G?<(:CAKS<?H:><79`(
NKO ( ^?H7C>9P ( 4 ( 7< ( H?9> ( @7 ( @?8B7 ( HK89>` ( ^?Y ( NK7 ( A?8?8 ( 7B ( A8>H79> ( @7(
7B7HH:;<(7<(7B(.><S879>P( (F?Y(K<?(B?SK<?(:CA>8G?<G7(7<(B?(B7Y(Y(79>(^:a>(
NK7 ( 87H^?aZ8?C>9 ( G>@?9 ( B?9 ( :CAKS<?H:><79 ( ?@7CZ9 ( @7 ( NK7 ( <> ( ^?=J?(
87HK89>9(A?8?(NK7(9:SK:O8?C>9(LK<H:><?<@>(H>C>(.>C:9:;<_d !!.

@_('B(A?A7B(@7B(.><S879>(7<(B?(97B7HH:;<(L:<?B
0?(76?BK?H:;<(Y(7B(A8>H7@:C:7<G>(A876:>(?(B?(7B7HH:;<(L:<?B

!!.

'B(79H?9>(@7G?BB7(<>8C?G:6>(9>=87(7B(8>B(@7B(.><S879>(7<(7B(A8>H79>(@7(
97B7HH:;<(@:>(BKS?8(?(NK7(B>9(B7S:9B?@>879(87?H:>9(?(B?(87L>8C?(:<G78A87G?8?<(
NK7(9K(C?8S7<(@7(?HH:;<(7<(79G7(A8>H7@:C:7<G>(79(CKY(?H>G?@>_
0?(>G8?(H?8?(@7(B?(:CA87H:9:;<(@7(B?(07Y(@7(.>C:9:><79(@7(1>9GKB?H:;<`(?(
79G7(879A7HG>`(79(B?(?AB:H?=:B:@?@(@7B(879G>(@7(B?9(<>8C?9(6:S7<G79(A?8?(7B(
@79?88>BB>(@7(?HG:6:@?@79(A?8B?C7<G?8:?9(Y`(7<(H><97HK7<H:?`(B?(7o:9G7<H:?(
@7(CbBG:AB79(6J?9(@7(:<G7867<H:;<(A?8?(S?8?<G:a?8(7B(879A7G>(@7(B>9(>=]7G:6>9(
Y(B>9(A8:<H:A:>9(NK7(9K=Y?H7<(?B(C7H?<:9C>(@7(97B7HH:;<_
!<@7A7<@:7<G7C7<G7 ( @7B ( B>==Y ( 79AK8:> ( A?8? ( B? ( >HKA?H:;< ( @7 ( H?8S>9 !!/`(
=?9G?<G7 ( G:7CA> ( ?<G79 ( @7 ( B? ( 87H7AH:;< ( @7 ( B?9 ( <;C:<?9` ( B? ( .>C:9:;<(
'oG8?>8@:<?8:? ( B? ( %7L>8C? ( @7B ( *7HG>8 ( 3K9G:H:? !!0( 67<J? ( @79?88>BB?<@>(
?HG:6:@?@79_((1?8?(:<G78?HGK?8(H><(B?(9>H:7@?@(H:6:B(?(G?B(L:<`(97(9K9H8:=:;(K<(
H><67<:>(H><(7B( (&>6:C:7<G>(18>(]K9G:H:?(7<(]K<:>(H><(7B(>=]7G>(@7(87?B:a?8(
c?HG:6:@?@79(@7(?A>Y>(?(B?(G8?<9A?87<H:?(Y(B?(AK=B:H:@?@(7<(7B(A8>H79>(@7(
7B7HH:;< ( @7 ( C?S:9G8?@>9` ( ?9J ( H>C> ( ?<ZB:9:9 ( 9>=87 ( B>9 ( C7H?<:9C>9 ( @7(
:CAK<:@?@(Y(B?9(767<GK?B79(9>BKH:><79(NK7(AK7@7<(:CAKB9?8(7B($8S?<:9C>(
07S:9B?G:6>d!!1_
0? ( A?8G:H:A?H:;< ( L>8C?B ( 7< ( 7B ( H:HB> ( @7 ( 7B7HH:;< ( 97 ( :<:H:; ( 7B ( Uh ( @7(
97AG:7C=87(?(A?8G:8(@7(B?(87H7AH:;<(@7(B>9(<>C=879(@7(B>9(A8797B7HH:><?@>9(
A>8 ( B?9 ( .>C:9:><79 ( @7 ( 1>9GKB?H:;<` ( Y ( @7 ( B? ( A>9G78:>8 ( AK=B:H?H:;< ( @7 ( B>9(
B:9G?@>9 ( @7 ( H?<@:@?G>9` ( ?H>CA?j?@> ( @7 ( K<? ( H><6>H?G>8:? ( ? ( B? ( A>=B?H:;<(
A?8? ( B? ( A8797<G?H:;< ( @7 ( HK?BNK:78 ( :<L>8C?H:;< ( 87B?H:><?@? ( H>< ( B>9(
A>9GKB?<G79(?(L:<(@7(L?H:B:G?8(B?(G>C?(@7(@7H:9:><79_
'< ( 797 ( ?<K<H:> ( 97 ( >=9786; ( K<? ( @7 ( B?9 ( @>9 ( H?8?HG78J9G:H?9 ( CZ9(
:CA>8G?<G79(@7(B?(?HH:;<(A?8B?C7<G?8:?(@K8?<G7(79G?(7G?A?m(7B(@79>8@7<(Y(7B(
87H^?a>(?B(79H8KG:<:>(Ab=B:H>(L?6>87H:@>(A>8(?NKOB_
0?(H><6>H?G>8:?`(AK=B:H?@?(7<(B>9(A78:;@:H>9(@7(C?Y>8(H:8HKB?H:;<`(:<HBKY;(
7B ( @7G?BB7 ( @7 ( B>9 ( <>C=879 ( @7 ( B>9 ( H?<@:@?G>9 ( Y ( 97 ( AK=B:H; ( 7B ( <bC78>(
G7B7L;<:H>(Y(B?(@:87HH:;<(@7(H?@?(=B>NK7(B7S:9B?G:6>_(
,K<NK7(GK6>(K<?(HB?8?(:<G7<H:;<(87AK=B:H?<?`(B?(AK=B:H?H:;<(@7(H><G?HG>9(
@7(G>@>9(B>9(=B>NK79(LK7(B?(A8:C78?(@:97C:<?H:;<(@7(B?9(6J?9(@7(:<S879>(Y(@7(
?<ZB:9:9 ( @7 ( B? ( :<L>8C?H:;< ( ? ( A8797<G?8` ( B> ( NK7 ( 97 ( G8?@K]> ( 7< ( 7B ( C:9C>(
879KBG?@>(H><(B?9(879A><9?=:B:@?@79(A>8(7B(G8?G>(?(B?(C:9C?_
'9G?(A8:C78?(6J?(@7(@79H7<G8?B:a?H:;<(97(87A:G:;(BK7S>(H><(B?9(7<G876:9G?9(
?(B>9(H?<@:@?G>9`(A8>A:H:?<@>(H?@?(=B>NK7(B?9(?HG:6:@?@79(>(?K@:7<H:?9(NK7(
97(B7(>HK88:78?<_
&:7<G8?9 ( B? ( .>C:9:;< ( 'oG8?>8@:<?8:? ( @7 ( %7L>8C? ( @7B ( *7HG>8 ( 3K9G:H:? ( 97(
87K<J? ( H>< ( :<G7S8?<G79 ( @7 ( B? ( 9>H:7@?@ ( H:6:B ( A?8? ( 87H:=:8 ( 97j?B?C:7<G>9 ( Y(
H><97<9K?8 ( B? ( 87?B:a?H:;< ( @7 ( 7<G876:9G?9 ( H>< ( B>9 ( H?<@:@?G>9` ( B? ( =?<H?@?(
0J@78(Y?(7<G876:9G?=?(?(hi(@7(B>9(Uy(H?<@:@?G>9(?(B?(.*3_!'2
!!/
!!0
!!1
!'2

'B(C:9C>(@J?(B?9($*.X9(?SBKG:<?@?9(7<(B?(.><678S7<H:?(A>8(B>9()787H^>9(
FKC?<>9`(AK=B:H?=?<(K<?(.?8G?(,=:78G?(7<(B?(NK7(9>B:H:G?=?<(B?(87?B:a?H:;<(
@7(7<G876:9G?9(A>8(7B(.><S879>(:<9G:GKH:><?BC7<G7(Y(<>(A>8(B?9(=?<H?@?9`(B?(
KG:B:a?H:;< ( @7 ( B?9 ( A87SK<G?9 ( 9KS78:@?9 ( A>8 ( B?9 ( >8S?<:a?H:><79 ( 7< ( K<(
HK79G:><?8:> ( A8797<G?@> ( ?B ( 1879:@7<G7 ( @7B ( 1?8B?C7<G>` ( Y ( 9>B:H:G?=?< ( B?(
87L>8C?(@7(B?(07Y($8SZ<:H?(@7B(.><S879>(A?8?(NK7(7B(6>G>(A?8?(B?(7B7HH:;<(
@7(C?S:9G8?@>9(Y(C?S:9G8?@?9(97?(Ab=B:H>(Y(<>C:<?B_
'B ( Uw ( @7 ( 97AG:7C=87` ( B? ( .>C:9:;< ( 'oG8?>8@:<?8:? ( @7 ( %7L>8C? ( ?B ( *7HG>8(
3K9G:H:? ( 87?B:a; ( ,K@:7<H:?9 ( 1b=B:H?9` ( A>8 ( C7@:> ( @7 ( B?9 ( HK?B79 ( 97 ( H><H7@:;(
H:<H> ( C:<KG>9 ( A?8? ( A87SK<G?9 ( Y ( 879AK79G?9 ( ? ( Uk ( @7 ( B>9 ( Uy ( H?<@:@?G>9 ( ?(
&?S:9G8?@>9(@7(B?(.>8G7(*KA87C?(@7(3K9G:H:?`(NK7(97(A8797<G?8><(Y(7<(B?(
:<?KSK8?H:;<(7B(1879:@7<G7 (@7B(.><S879>`(%>=78G>(,B7]>9`(S?8?<G:a;(NK7(B?(
:<L>8C?H:;<(>=G7<:@?(97(G8?9B?@?8J?(?(B>9(hgw():AKG?@>9(cA?8?(NK7(G>@>9(B?(
H><>aH?<(Y(AK7@?<(L>8C?897(9K(A8>A:>(H8:G78:>d!'!
+?C=:O<` ( ?B ( @J? ( 9:SK:7<G7` ( H>< ( 7B ( >=]7G:6> ( A8:<H:A?B ( @7 ( H><>H78 ( HKZB79(
978J?<(B?9(?HH:><79(NK7(:CAB7C7<G?8J?<(@7(BB7S?8(?(978(@79:S<?@>9(H>C>(
&?S:9G8?@>9 ( @7 ( B?9 ( .>8G79 ( @7 ( ,A7B?H:><79` ( ):AKG?@>9 ( Y ( ):AKG?@?9(
:<G7S8?<G79 ( @7 ( BB7S?=? ( ? ( 87K<:897 ( H>< ( 9;B> ( hp ( @7 ( B>9 ( hwV ( ?9A:8?<G79(
97B7HH:><79(A>8(B?9(.>C:9:><79(@7(1>9GKB?H:;<_
,(B>(B?8S>(@7(G>@?9(B?9(97C?<?9(A876:?9(?(B?(6>G?H:;<(97(@:>(K<(?8@K>(
@7=?G7(Ab=B:H>(9>=87(B?(<7H79:@?@(@7(7B:C:<?8(7B(6>G>(97H87G>(A>8(A?8G7(@7(
B>9(B7S:9B?@>879_((
,(G?B(7L7HG>`(7B():AKG?@>(,<:=?B(2?8HJ?(A8797<G;(K<(18>Y7HG>(@7(07Y(5B?(
!<:H:?G:6? ( ihVWD ( A?8? ( B? ( 87L>8C? ( @7 ( K8S7<H:? ( @7B ( ?8GJHKB> ( Wy ( @7 ( B? ( 07Y(
$8SZ<:H? ( @7B ( .><S879> ( C:7<G8?9 ( NK7 ( 7< ( B? ( ]K9G:H:? ( 97 ( A8797<G?8>< ( @>9(
?CA?8>9(A?8?(NK7(7B(6>G>(LK78?(<>C:<?B(Y(Ab=B:H>_
0>9(879A?B@>9(?(B?(A879786?H:;<(@7B(6>G>(97H87G>(LK78><(C?Y>8:G?8:>9(7<(7B(
.><S879>(Y(B>9(?8SKC7<G>9(:SK?B(@7(6?8:?@>9(NK7(:<LK<@?@>9_
Q<?(@7(B?9(7oAB:H?H:><79(A?8?(C?<G7<78(7B(97H87G>(78?(7B(879A7G>(@7(B?(
B7Y ( 6:S7<G7 ( Y ( NK7 ( A?8? ( 9K ( 87L>8C? ( <> ( A>@J?< ( B>S8?897 ( B>9 ( H><97<9>9(
<7H79?8:>9_(
c4> (]K8O (@7L7<@78 (B?9 (B7Y79 (Y(B? (.><9G:GKH:;<e (<>(AK7@>(
:8879A7G?8(B?(B7Ye(C:(A?8G:@>(<>(6?(?(G8?<9S87@:8B?d((
%>o?<?([?B@7GG:`():AKG?@?(A>8(7B(1?8G:@>(1?G8:>G?!''(
1?87HJ?(A>H>(H87J=B7(NK7(7B(L?HG>8(G:7CA>(78?(7B(A8>=B7C?(HK?<@>(<>(9;B>(
G>@>9 ( H><>HJ?< ( B? ( <>8C?G:6? ( Y ( 9K ( :<H><9G:GKH:><?B:@?@ ( H>< ( B? ( @7=:@?(
?<G:H:A?H:;< ( 5CZ9 ( HK?<@> ( 97 ( A8>@K]78>< ( @7=?G79 ( :@O<G:H>9 ( 7< ( B?9(
.>C:9:><79 ( @7 ( 1>9GKB?H:;<D ( Y ( HK?<@> ( B? ( 9>BKH:;< ( 79G?=? ( ? ( B? ( C?<> ( @7B(
C:9C> ( .><S879> ( 5H>< ( K< ( A8>Y7HG> ( @7 ( B7Y ( Y? ( A8797<G?@>D ( Y ( <> ( @7=J?(
87HK88:897(?(<:<SK<?(>G8?(:<9G?<H:?_
!'!
!''

&Z9(?]K9G?@>9(?(B?(87?B:@?@(@7(B?(6>H?H:;<(H><9786?@>8?(@7(B>9(@:L787<G79(
A?8G:@>9 ( A>BJG:H>9 ( LK78>< ( B? ( 8:@JHKB? ( @7L7<9? ( @7B ( 6>G> ( 97H87G> ( A>8 ( 7B(
1879:@7<G7(@7B(.><S879>`(NK:7<(:<G7<G;(]K9G:L:H?8B>(7<(B?(6>BK<G?@(>8:S:<?B(@7(
B>9 ( 87@?HG>879 ( @7 ( B? ( 07Y ( $8SZ<:H? ( @7B ( $8S?<:9C> ( 3K@:H:?B ( ~K<? ( HK8:>9?(
:<G78A87G?H:;<(@7B(9:9G7C?(@7(L87<>9(Y(H><G8?A79>9I(A?8?(76:G?8(876?<H^:9C>(
7<G87(@:L787<G79(1>@7879(@7B('9G?@>_
)J?9(?<G79 (@7( B? (6>G?H:;<`(%>=78G>( ,B7]>9 (@7L7<@:;( B?(
7B7HH:;<(97H87G?(97j?B?<@>(NK7(c9:7CA87(97(^?(^7H^>(
A>8(AB?<:BB?(Y(7<(L>8C?(97H87G?`(?K<NK7(7o:9G7(B?(>AH:;<(
@7(NK7(B>9(@:AKG?@>9(AK7@?<(8?a><?8(9K(6>G>`(B>(HK?B(
<>(79(L87HK7<G7_c.K?<@>(97(?A8>=;(B?(07Y($8SZ<:H?(@7B(
.><S879> ( Y ( 797 ( ?8GJHKB> ( 7< ( 79A7HJL:H>` ( B>9 ( @:AKG?@>9(
A7<9?8><(7<(G>@>(Y(A876:78><(NK7`(A>8(7]7CAB>`(9:(7B(
6>G>(LK78?(Ab=B:H>(Y(K<(@J?(B79(G>H?(H>CA?87H78(?<G7(
K< ( C?S:9G8?@> ( A>8 ( 7B ( NK7 ( 6>G?8>< ( 7< ( H><G8?` ( 79G7(
A>@8J?(G>C?8(87A879?B:?9d!'(
0? (A8>A7<9:;<( ?<G:G8?<9A?87<H:? (Y? (<> (97 (A>@J? (76:G?8(HK?<@>( 97 (9KA>(
NK7(C:7<G8?9(@:?8:?C7<G7(97(@7=?GJ?<(B>9(97j?B?C:7<G>9`(B?(AK=B:H:@?@(@7B(
6>G> ( Y ( B? ( <7H79:@?@ ( @7 ( 87?B:a?8 ( 7<G876:9G?9 ( Y ( ?K@:7<H:?9 ( Ab=B:H?9` ( H>< ( 7B(
?8SKC7<G>(@7(cB?(L?BG?(@7(G:7CA>(Y(@7(B?(<7H79:@?@(@7(H><97<9>9(7<(K<(
1?8B?C7<G> ( CKY ( L8?SC7<G?@>d` ( C:7C=8>9 ( @7 ( B?9 ( @:L787<G79 ( =?<H?@?9(
<7S>H:?=?< ( LK78? ( @7B ( 87H:<G> ( B? ( A>9:=:B:@?@ ( @7 ( 87?B:a?8 ( B? ( 7B7HH:;< ( H><(
AB?<:BB?9(A87(H><97<9K?@?9(A?8?(B?(.*3(Y(A?8?(,A7B?H:><79_!',
'B(UW(@7(97AG:7C=87(B?(.>8G7(@7(.><9G:GKH:><?B:@?@(879>B6:;(7<(L?6>8(@7(
B>9(A8797<G?<G79(B?(@7<K<H:?(H><G8?(7B(6>G>(97H87G>_(
.>< ( 79G? ( @7H:9:;< ( ?@>AG?<@> ( 79G?@> ( Ab=B:H> ( A78> ( ?b< ( <> ( <>G:L:H?@? ( ?B(
.><S879>` ( B>9 ( ):AKG?@>9 ( @7H:@:78>< ( ?H7B78?8 ( 7B ( A8>H79> ( Y ( H><6>H?8>< ( ?(
979:;<(A?8?(6>G?8(797(C:9C>(@J?_
+>C?@>9 ( A>8 ( 9>8A879? ( A>8 ( B? ( 67B>H:@?@ ( NK7 ( ?@NK:8J?< ( B>9(
?H><G7H:C:7<G>9` ( Y ( 9:7<@> ( NK7 ( 79G?=?< ( 7<L8?9H?@>9 ( 7< ( 7B ( HK89> ( @7 ( B>9(
?H><G7H7879 ( A?8? ( G8?<9A?87<G?8 ( 7B ( 6>G>` ( NK7 ( 97 ( ?G7<@:78?< ( B>9(
97j?B?C:7<G>9(Y(NK7(97(87?B:a?8?<(?K@:7<H:?9(Ab=B:H?9`(B?(9>H:7@?@(H:6:B(Y(B?(
H>CK<:@?@(:<G78<?H:><?B(87?HH:><?8><(79A?9C;@:H?C7<G7_(
'B(37L7(@7(B?(.!.!2(97(A8797<G;`(9:<(A876:>(?6:9>`(?B(.><S879>(HK?<@>(B>9(
B7S:9B?@>879 ( 97 ( A8>A><J?< ( :<:H:?8 ( B? ( 7B7HH:;< ( A?8? ( .*3 ( Y ( 97j?B; ( ? ( >H^>(
H?<@:@?G>9(~H:<H>(@7(B>9(HK?B79(79G?=?<(7<(B?(B:9G?(A87(H><97<9K?@?(A?8?(
7B7S:8(A>8(B?(C?Y>8J?I(A>8(G7<78(:<679G:S?H:><79(?=:78G?9(?<G7(B?(.>C:9:;<(>(
7<(B?(]K9G:H:?_
)79>Y7<@> ( B>9 ( 97j?B?C:7<G>9 ( @7 ( B? ( 9>H:7@?@( H:6:B ( Y (B? (.!.!2` ( 7B (kV ( @7(
97AG:7C=87(97(87?B:a;(B?(6>G?H:;<!'-( Y(97(7B:S:78><(?(B>9(C?S:9G8?@>9(@7(B?(
.*3`(7<G87(B>9(NK7(97(H><G?=?<(?(97:9(H><(97j?B?C:7<G>9(S8?679_
!'(
!',
!'-

#:<?B:a?@? ( B? ( 7B7HH:;< ( ^K=> ( @:9HK89>9 ( G8:K<L?B:9G?9` ( 87?HH:><?8:>9 ( Y(


<?H:><?B:9G?9(A>8(B>9(87?H:>9(?(B?(87L>8C?(Y(?S8?6:?<G79(A?8?(H><(B?(.!.!2(Y(
B?(9>H:7@?@(H:6:B_
c0?(28?<(,B:?<a?("?H:><?B(I2,",I`(97j>8(A879:@7<G7`(^?(G7<:@>(
7B(G:7CA>`(H>C>(B>(^7C>9(G7<:@>(G>@>9`(Y(?B(@J?(9:SK:7<G7(NK7(
BB7S?8><(B>9(B:9G?@>9(Y?(79GZ=?C>9(79HKH^?<@>(?(G>@>9(B>9(hwV(
?9A:8?<G79 ( ? ( C?S:9G8?@>9 ( @7 ( H>8G79 ( @7 ( ?A7B?H:><79`(
79HKH^?C>9(?(B>9(67:<G:9O:9(?9A:8?<G79(?(B?(.>8G7(*KA87C?(@7(
3K9G:H:?e(Y(7B(@J?(@7(^>Y`(A>8(B>9(97j?B?C:7<G>9`(?(:<9G?<H:?(@7B(
97j>8 ( A879:@7<G7 ( Y ( @7 ( 3K<G? ( ):87HG:6?` ( 79HKH^?C>9 ( ? ( B>9(
?9A:8?<G79(NK7(^?<(9:@>(97j?B?@>9`(A78>(NK7(<>(^?<(G7<:@>(<:(
9:NK:78? ( 7B ( 879A7G> ( @7 ( B>9 ( A8:<H:A:>9 ( H><9G:GKH:><?B79 ( @7 ( K<(
@7=:@>(A8>H79>`(Y(C7<>9(G>@?6J?(@7B(A8:<H:A:>(@7(:<>H7<H:?(@7(
NK7(S>a?C>9(B>9(SK?G7C?BG7H>9_d((
):AKG?@>([?8NKJ<()K8Z<(7<(B?(979:;<(@7B(kV(@7(97AG:7C=87
c"> ( ?H7AG?C>9 ( A879:><79` ( <> ( ?H7AG?C>9 ( C7<G:8?9` ( <>(
?H7AG?C>9(H^?<G?]79`(<>(?H7AG?C>9(NK7(?(:<@:6:@K>9(NK7(<>(
G:7<7<(K<?(9>B?(G?H^?(<:(^?<(9:@>(]?CZ9(BB76?@>9(?(K<(]K:H:>(97(
B79(9?NK7(7<(B?(A87<9?(G8?G?<@>(@7(@7<:S8?8B>9(A?8?(NK7(<>(97(
6>G7(A>8(7BB>9_(">(?H7AG?C>9(?(7oG8?<]78>9(NK7(97(C7G7< (
7< ( B?9 ( H>9?9 ( :<G78<?9 ( @7 ( K< ( ;8S?<> ( @7B ( '9G?@> ( H>< ( B? (
C?Y>8 ( @79L?H^?G7a ( @7B ( CK<@>e ( <> ( 7o:9G7 ( A?J9 ( ? ( @><@7 (
K< ( G:A> ( 97 ( C7G? ( H>C> ( 97 ( C7G:; ( .?9G879?<? ( ? ( 79G? (
6>G?H:;<` ( Y ( ?BSK<>9 ( 7C=?]?@>879` ( NK7 ( <> ( 87H:=?< ( K<? (
87A8:C7<@? ( @7B ( '9G?@> ( A>8 ( ^?=7897 ( C7G:@> ( 7< ( H>9?9 (
:<G78<?9(@7(K<?(<?H:;<_ d(
):AKG?@> ( )K?8G7 ( *?7<a ( @7 ( +7]?@?` ( ):AKG?@> ( @7B ( 1?8G:@>(
Q<:><:9G?` ( @7L7<9>8 ( @7B ( 97H87G> ( 7< ( B? ( 7B7HH:;< ( BK7S> ( @7 ( B?(
6>G?H:;< ( L:<?B ( @7 ( C?S:9G8?@>9 ( 7< ( 7B ( .><S879> ( 7B ( kV ( @7(
97AG:7C=87(
0?(7B7HH:;<(?H7B78?@?(Y(>C:G:7<@>(HK?BNK:78(?G7<H:;<(?(97j?B?C:7<G>9(Y(
G?H^?9 ( @79A78G; ( K<? ( ?6?B?<H^? ( @7 ( H8JG:H?9 ( @7 ( B? ( 9>H:7@?@ ( H:6:B ( Y ( B?(
H>CK<:@?@(:<G78<?H:><?B_(
0? ( 9>9A7H^? ( @7 ( B? ( A87G7<9:;< ( @7 ( H><9>B:@?H:;< ( @7 ( K< ( =B>NK7 ( @7(
:CAK<:@?@(NK7(97(6:>(?C7<?a?@>(A>8(B?(0.1(G?C=:O<(LK7(AB?9C?@?(A>8(B?(
A87<9?m
c)7G8Z9(@7(B?(7B7HH:;<(@7(9:<678Sz7<a?9(@7(H>B7HH:;<(7<(B?9(
.>8G79 ( 3K@:H:?B79 ( 7o:9G7 ( K< ( 9>B> ( G8?9L><@> ( L:B>9;L:H> ( Y(
@7B:<HK7<H:?B ( @7 ( B? ( ?B:?<a? ( >L:H:?B ( Q"'IQ<:><:9C>I#%2I
2?<?m ( S?8?<G:a?8 ( B? ( :CAK<:@?@ ( @7 ( 1>8G:BB>` ( $8G7S?` ( *?BZ<`(
%>]?9`('9A:<>a?e(@7]?8(G?A?@>`(@7=?]>(@7(B?(?BL>C=8?(A789?(
7B ( ?9?BG> ( ? ( 1?6;<` ( B>9 ( ?979:<?G>9 ( @7 ( B>9 ( A?8B?C7<G?8:>9(
9?B6?@>87j>9 ( Y ( @7 ( 'B ( [>NK78;<` ( @7 ( B>9 ( >L:H:?B79 ( .78<?`(
&?K8> ( 3?H:<G>` ( 1?H?Y ( Y ( @7 ( RJHG>8 ( %:678?e ( @7G7<78 ( B?9(
:<679G:S?H:><79 ( H8:C:<?B79 ( Y ( B? ( A7897HKH:;< ( A7<?B ( @7 ( B>9(
?979:<>9 ( @7B ( A8>C:<7<G7 ( ?=>S?@> ( %>@8:S> ( %>97<=78S`(
H><G7<78 ( B>9 ( ?6?<H79 ( 7< ( 7B ( H?9> ( 278?8@:` ( 97SK:8(

79H><@:7<@>(B?9(:<H79?<G79(67<G?9(@7(?8C?C7<G>(C:B:G?8(?B(
A8>A:>(<?8H>G8ZL:H>(H^?AJ<`(?(B?9(C:9C?9(#,%.(7(:<HBK9>(?(B?(
#8?<]?(@7(2?a?(Y(C?<G7<78(:<6:9:=B79`(=?]>(S8K79?9(H>=:]?9(?(
B>9 ( B?@8><79 ( @7 ( B? ( HB7AG>@:HG?@K8? ( @7 ( GK8<>` ( 7<G87 ( >G8>9(
H:7<G>9 ( @7 ( C:B79 ( @7 ( H?9>9 ( NK7 ( NK7@?8Z< ( :CAK<79`(
@K8C:7<@>(A?8?@;]:H?C7<G7(7B(9K7j>(@7(B>9(]K9G>9_d
3>9O ( %K=7< ( -?C>8?` ( 7< ( 'B ( 178:;@:H> ( @7B ( p ( @7 ( >HGK=87 ( @7(
UVVW
'B(U(@7(>HGK=87(B?(.>8G7(@7(.><9G:GKH:><?B:@?@(?CA?8;(?(G879(?=>S?@>9(
A?8G:HKB?879 ( NK7 ( A8797<G?8>< ( K< ( 87HK89> ( H><G8? ( 7B ( )7H87G> ( UVIUVVW ( NK7(
<>C=8;(?(B>9(C?S:9G8?@>9(@7(B?(cB:9G?(H><97<9K?@?d_
'B ( +8:=K<?B ( @:9AK9> ( NK7 ( B>9 ( ):AKG?@>9` ( ?<G79 ( @7 ( 7B7S:8` ( @7=:78>< ( ^?=78(
H^7NK7?@>(7B(HKCAB:C:7<G>(@7B(87NK:9:G>(@7(c87H><>H:@?(^><>8?=:B:@?@d(Y(
@:HG?C:<;(NK7(@7=J?(?<KB?897(B?(7B7HH:;<(Y(87?=8:8(7B(A8>H79>(>G>8S?<@>(K<(
AB?a> ( @7 ( G879 ( @J?9 ( A?8? ( B? ( A8797<G?H:;< ( @7 ( 97j?B?C:7<G>9_ ( #:<?BC7<G7(
:<9G8KY;(NK7(@7=78J?(678:L:H?897(9K(8?a><?=:B:@?@(Y(@7H:@:8(9:(H?@?(H?<@:@?G>(
HKCABJ?(>(<>(H><(B>9(87NK:9:G>9_
,(@>9(@J?9(@7(B?(%79>BKH:;<(@7(B?(..`(7B(*:9G7C?(@7("?H:><79(Q<:@?9(7<(
2K?G7C?B?(7C:G:;(K<(.>CK<:H?@>(7<(7B(NK7(7oA879;(9K(cH><L:?<a?d(7<(NK7(
7B(A78J>@>(?=:78G>(A?8?(B?(A8797<G?H:;<(@7(A8K7=?9(9>=87(7B(HKCAB:C:7<G>(
@7(87NK:9:G>9(A>8(B>9(C?S:9G8?@>9(7B7HG>9(H><G8:=K:8J?(?(7B7S:8(K<?(C7]>8(.*3`(
c ( ? ( B? ( ?BGK8? ( @7 ( B?9 ( <7H79:@?@79 ( @7B ( A?J9de ( ?B ( G:7CA> ( NK7 ( 7o^>8G; ( ? ( B?9(
?KG>8:@?@79 ( ? ( c879A?B@?8 (AB7<?C7<G7 (B? (A7G:H:;< ( H:K@?@?<?` (87H>S:@? (A>8(
B?9 (87H>C7<@?H:><79(@7B(%7B?G>8('9A7H:?B(@7(B?9 ("?H:><79(Q<:@?9(A?8? (B?(
!<@7A7<@7<H:? ( @7 ( &?S:9G8?@>9 ( Y ( ,=>S?@>9` ( Y ( A>8 ( B? ( .!.!2` ( @7 ( NK7 ( B?(
7B7HH:;< ( @7 ( C?S:9G8?@>9 ( ? ( B?9 ( ?BG?9 ( .>8G79 ( 97 ( 87?B:H7 ( 7< ( LK<H:;< ( @7 ( B?(
:@><7:@?@(Y(^><>8?=:B:@?@(@7(B>9(H?<@:@?G>9(Y(H?<@:@?G?9`(H><(7<G876:9G?9(
Ab=B:H?9(Y(?(G8?6O9(@7(6>G>(<>C:<?B_d!'.
+?C=:O< ( B? ( .!)F ( 87H>8@; ( B>9 ( A8>=B7C?9 ( 79G8KHGK8?B79 ( @7B ( 9:9G7C? ( @7(
]K9G:H:?(SK?G7C?BG7H>(Y(B?(<7H79:@?@(@7B(H?C=:>(A?8?(9KA78?8B>9(Y(7o:S:;(?(
B?9(?KG>8:@?@79(K<(H?=?B(HKCAB:C:7<G>(@7(B?(0.1(S?8?<G:a?<@>(B?(AK=B:H:@?@(
@7(B>9(?HG>9(Y(B?(:<L>8C?H:;<(7<(7B(.><S879>(Y(B?(A?8G:H:A?H:;<(@7(B?9($*.X9` (
?9J(H>C>(7B(HKCAB:C:7<G>(@7(B?9(87H>C7<@?H:><79(@7(B?(.!.!2_
,<G79 ( @7B ( 67<H:C:7<G> ( @7B ( AB?a> ( A?8? ( A8797<G?8 ( 97j?B?C:7<G>9 ( 97(
87H:=:78>< ( CZ9 ( @7 ( yV ( @7<K<H:?9 ( @>HKC7<G?@?9 ( 5hp ( @7 ( 7BB?9 ( H><G8? ( B>9(
7B7HG>9 ( 7< ( B? ( A8:C78? ( 6>G?H:;< ( NK7 ( LK78?< ( 97j?B?@>9 ( A>8 ( B? ( .!.!2 ( Y ( B?(
9>H:7@?@(H:6:BD (7<G87 ( B?9 (NK7 (97 (7<H><G8?8><(<> (9;B> (B?9 (@7 ( B? ( .!.!2(9:<>(
G?C=:O< ( @7 ( B? ( .><678S7<H:? ( A>8 ( B>9 ( )787H^>9 ( FKC?<>9` ( @7B ( #>8>(
2K?G7C?B?`(@7(.><6>H?G>8:?(.:K@?@?<?(Y(^?9G?(@7(B?(.!3_
)7<G8>(@7B(AB?a>(>G>8S?@>(A>8(B?(..`(.?9G879?<?(6>B6:;(?B(.><S879>(H><(
K<(7oA7@:7<G7(H><(A8K7=?9(@7(?A>Y>(?(B>9(97j?B?C:7<G>9 !'/(Y(87L:8:;(NK7(<>(
B>(^:a>(Ab=B:H>(?<G79(A>8NK7(B?(.!.!2(G7<J?(7<(C?8H^?(K<?(:<679G:S?H:;<(7<(
G8ZC:G7(9>=87(K<(9:9G7C?(@7(?@C:<:9G8?H:;<(@7(]K9G:H:?(A?8?B7B>_(
!'.
!'/

,@7CZ9`(7<(9K(A8797<G?H:;<(7B(G:GKB?8(@7(B?(.!.!2(9:<@:H;(?(6?8:>9(?(B>9(
97j?B?@>9(@7(6J<HKB>(@:87HG>(H><(7B(?=>S?@>(%>=78G>(0>A7a(R:BB?G>8>`(NK:7<(
L:<?<H:?8? ( 6:?]79 ( ? ( '9A?j? ( A?8? ( K<? ( @>H7<? ( @7 ( C?S:9G8?@>9 ( Y ( 79GK6:78?(
@7G8Z9 ( @7 ( B?9 ( <7S>H:?H:><79 ( H>< ( B? ( ^78C?<? ( @7 ( B? ( A8:C78? ( @?C? ( A?8?(
H><97<9K?8(B>9(H?<@:@?G>9(?(7B7S:8_
)79AKO9(@7(B?(A8797<G?H:;<(@7(.?9G879?<?`(6?8:>9(@:AKG?@>9(H>:<H:@:78><(
7< ( NK7 ( B>9 ( 97j?B?@>9 ( A>8 ( B? ( .!.!2 ( @7=J?< ( 978 ( 7oHBK:@>9` ( A78> ( <> ( ^K=>(
H><97<9> ( 9>=87 ( 7B ( COG>@> ( @?@> ( NK7 ( @79@7 ( 7B ( >L:H:?B:9C> ( 97 ( B>9 ( :<9G; ( ?(
87<K<H:?8(?B(H?8S>(A78>(B>9(7B7HG>9(87H^?a?8><(B?(A>9:=:B:@?@_
,(K<?(97C?<?(@7B(67<H:C:7<G>(@7B(AB?a>(A?8?(B?(G>C?(@7(A>979:;<(@7(B>9(
H?8S>9` ( B>9 ( ):AKG?@>9` ( A:@:78>< ( ? ( B? ( .>8G7 ( @7 ( .><9G:GKH:><?B:@?@(
?HB?8?H:><79(9>=87(7B(A8>H7@:C:7<G>(?(97SK:8(K<?(67a(HKCAB:@?(B?(>8@7<(@7(
87H:=:8(@7<K<H:?9(A>8(pU(^>8?9_
0?(.>8G7(7C:G:;(K<?(>A:<:;<(H><9KBG:6?(7<(B?(NK7(@:L787<H:;(B?(7B7HH:;<(@7(
C?S:9G8?@>9 ( @7 ( K< ( A8>H79> ( ]K@:H:?B ( ?L:8C?<@> ( NK7 ( 7B ( .><S879> ( <> ( 7]78H7(
LK<H:;<(]K8:9@:HH:><?B(?BSK<?(9:<>(NK7(9;B>(@7=7(@7G78C:<?8(B?(:@><7:@?@(@7(
B>9(?9A:8?<G79(H><(=?97(?(A8K7=?9(L7^?H:7<G79_(
'9G7(@>HKC7<G>(79(@7(S8?<(:CA>8G?<H:?(A?8?(7B(?<ZB:9:9(@7B(A8>H79>(7<(B>(
879A7HG:6>(?(B>9(97j?B?C:7<G>9 (7<( B? (C7@:@?( 7<(NK7 (7oA879? (H><(CKH^?(
HB?8:@?@ ( NK7 ( B>9 ( ):AKG?@>9 ( <> ( 9>< ( ]K7H79 ( Y ( 7BB> ( :CAB:H? ( NK7 ( <> ( @7=7<(
@7H:@:8 ( 9>=87 ( B? ( HKBA?=:B:@?@ ( > ( :<>H7<H:? ( @7 ( <:<Sb< ( H?<@:@?G> ( Y` ( 7<(
H><97HK7<H:?`(G?CA>H>(7o:S:8(C7@:@?9(A8>=?G>8:?9(7<(797(97<G:@>m(
c7B($8S?<:9C>(07S:9B?G:6>(9:CAB7C7<G7(@7=78Z(@7G78C:<?8(B?(
:@><7:@?@(@7(B>9(?9A:8?<G79(H><(=?97(?(A8K7=?9(L7^?H:7<G79(
NK7 ( A78C:G?< ( 79G?=B7H78 ( 9: ( 9K ( :CA?8H:?B:@?@ ( 79GZ(
H>CA8>C7G:@?(Y(9:(HKCAB7(H><(B>9(87NK:9:G>9(7o:S:@>9(A>8(B?(
.><9G:GKH:;<(@7(B?(%7Ab=B:H?(@7(2K?G7C?B?`(07Y(@7(18>=:@?@`(
07Y ( @7B ( $8S?<:9C> ( 3K@:H:?B` ( Y ( B>9 ( H><67<:>9 ( :<G78<?H:><?B79(
?H7AG?@>9 ( Y ( 8?G:L:H?@>9 ( A>8 ( 2K?G7C?B? ( 87B?H:><?@>9 ( H>< ( 7B(
G7C?_ ( ( 'B ( $8S?<:9C> ( 07S:9B?G:6> ( <> ( ?HGK? ( 7< ( 7]78H:H:> ( @7(
LK<H:;<(]K8:9@:HH:><?B(?BSK<?`(9:<>(6?B>8?<@>`(7<(?H?G?C:7<G>(
@7(B>(@:9AK79G>(H><9G:GKH:><?BC7<G7d!'0_
,(9K(67a`(9>=87(7B(A8>H7@:C:7<G>(?(97SK:8`(B?(..(:<@:H;(NK7(@7=J?(876:9?897(
B? ( 7B7HH:;< ( 9>B?C7<G7 ( 7< ( HK?<G> ( ? ( B>9 ( 7B7HG>9 ( 9>=87 ( B>9 ( NK7 ( ^?Y? ( @K@?9(
879A7HG>(@7(9K(:@><7:@?@(A?8?(7B(H?8S>`(7C:G:7<@>(7B(,HK78@>(<7H79?8:>(A?8?(
C>@:L:H?8(7B(?<G78:>8_
#:<?BC7<G7` ( B? ( H><9KBG? ( @7B ( .><S879> ( 97 ( H>CAB7G?=? ( H>< ( K<? ( A87SK<G?(
?8G78? ( A?8? ( L>8a?8 ( K<? ( 879AK79G? ( 9>=87 ( B> ( NK7 ( :<G78A87G?=?< ( H>C> ( K<?(
6:>B?H:;<(@7(B7Y(7<(HK?<G>(B?(876:9:;<(>8@7<?@?(?6?9?BB?8J?(7B(G8?=?]>(@7(B?9(
.>C:9:><79(@7(1>9GKB?H:;<(?(B?9(NK7(B?(.><9G:GKH:;<(B7(?9:S<?(B?(>=B:S?H:;<(
@7(76?BK?8(Y(<>C:<?8(B>9(?9A:8?<G79_

!'0

*:< ( 7C=?8S>` ( B? ( .. ( 879A><@:; ( I@?<@> ( A>8 ( 9KAK79G> ( NK7 ( 79 ( L?HKBG?@(


B7S:9B?G:6? ( @7B:=78?8 ( 9>=87 ( B? ( :@><7:@?@ ( @7 ( B>9 ( H?<@:@?G>9 ( Y ( 87?B:a?8 ( B?(
76?BK?H:;< ( NK7 ( H87?< ( A78G:<7<G7` ( 7< ( 7B ( C?8H> ( @7 ( B>9 ( A?8ZC7G8>9 ( @7 ( B7Y(
6:S7<G7` ( A?8? ( @7G78C:<?8 ( 9K ( H><6:HH:;< ( A?8? ( 6>G?8I ( NK7 ( H>8879A><@J? ( ?B(
.><S879>(87?B:a?8(B?(876:9:;<(NK7(LK787(A8>H7@7<G7(97Sb<(B>(@7B:=787_
*KA78?@? ( B? ( 7G?A? ( @7 ( H><9KBG? ( 7B ( 79A78?@> ( ?<ZB:9:9 ( 7< ( @7=?G7 ( Ab=B:H>(
9>=87(B>9(H?<@:@?G>9(97j?B?@>9(<K<H?(97(A8>@K]>_
*7 (:<:H:;(B?( 979:;<(H><(B?( B7HGK8?(@7 (B?( $A:<:;<(@7 (B?(..(Y(7B():AKG?@>(
+?8?H7<?`(@7B(>L:H:?B:9C>`(9>B:H:G;(?B(AB7<>(B?(9K9G:GKH:;<(@7(G879(@7(B>9(97:9(
C?S:9G8?@>9 ( 7B7HG>9 ( H>< ( G?H^? ( 5'9A?j?` ( 1>H?9?<S87 ( Y ( "Z]78? !'1D ( C:7<G8?9(
NK7 ( 7B ( 1?8G:@> ( 1?G8:>G? ( A8797<G; ( K<? ( C>H:;< ( A8:6:B7S:?@? ( 79H8:G? ( A?8?(
9K9G:GK:8(?(B>9(97:9(H?<@:@?G>9(97j?B?@>9(A>8(B?9($*.X9(Y(B?(.!.!2_
*>8A879:6?C7<G7 ( 97 ( A8>H7@:; ( ? ( 6>G?8 ( B? ( A8>AK79G? ( @7B ( >L:H:?B:9C> ( Y ( ?(
?A8>=?8 ( B? ( C>@:L:H?H:;< ( @7B ( ,HK78@> ( UVIUVVW ( 877CAB?a?<@> ( ? ( B>9 ( G879(
97j?B?@>9 ( 5?K<NK7 ( 1>H?9?<S87 ( 87<K<H:; ( ? ( 9K ( H?<@:@?GK8? ( ?<G79 ( @7 ( B?(
6>G?H:;<D ( 9:< ( H><9:@78?8 ( B? ( A8797<G?H:;< ( @7B ( 1?8G:@> ( 1?G8:>G? ( A>8 ( B? ( C78?(
L>8C?B:@?@(@7(B?(A877C:<7<H:?(@7(B?9(C>H:><79(678=?B79(5NK7(^:a>(+?8?H7<?D(
A>8(9>=87(B?9(79H8:G?9_
0?(?HG:GK@(@7B(=B>NK7(>L:H:?B(@7(7oHBK:8(9;B>(?(G879(97j?B?@>9(9:<(<:<Sb<(
@7=?G7 ( Ab=B:H>` ( H>C> ( 9: ( LK78? ( K<? ( H><H79:;< ( ? ( B>9 ( NK7]>9>9 ( 7< ( K<?(
<7S>H:?H:;< ( A>BJG:H? ( 7< ( BKS?8 ( @7 ( K<? ( @7H:9:;< ( B7S?BC7<G7 ( >=B:S?@?` ( LK7(
H8:G:H?@?(A>8(B?(9>H:7@?@(H:6:B(c">(6:C>9(7B(?<ZB:9:9(@7(B>9(HK79G:><?@>9`(AK79(
B>9 ( @:AKG?@>9 ( <> ( ?8SKC7<G?8>< ( 7B ( A>8 ( NKO ( G>C?8>< ( 79? ( @7H:9:;<_ ( *7(
B:C:G?8><(?(9K9(<7S>H:?H:><79(Y(<>(^?(HKCAB:8(B>(NK7(B79(79G:AKB?=?(B?(.>8G7(
@7(.><9G:GKH:><?B:@?@d_!(2
+?C=:O<(LK7(?G?H?@?(]K@:H:?BC7<G7(7B(<K76>(,HK78@>(7<(7B(.><S879>(A78>(
B?(..`(?<?B:a?<@>(B>9(6:@7>9(@7(B?(979:;<`(@7HB?8;(7B(87HK89>(9:<(BKS?8(Y?(NK7(
?B(NK7@?8(9;B>(^>8?9(A?8?(B?(G>C?(@7(A>979:;<(@7(B>9(H?8S>9(97(:CA><J?(7B(
6?B>8(@7(B?(97SK8:@?@(]K8J@:H?(Y(B?(A879786?H:;<(@7(B?(:<9G:GKH:><?B:@?@_! 0?(
@7H:9:;< ( H><G; ( H>< ( @>9 ( 6>G>9 ( @:9:@7<G79 ( @7 ( B>9 ( C?S:9G8?@>9 ( &?8:> ( 1O87a(
2K788?(Y(3>9O({K79?@?`(NK:7<79(H><9:@78?8><(NK7(^?=J?(G:7CA>(9KL:H:7<G7(
A?8?(^?H78(K<?(876:9:;<(@7(B?(7B7HH:;<(Y(NK7(B>9(6:@7>9(@7C>9G8?=?<(NK7(<>(
97(^?=J?(HKCAB:@>(H><(B>(@:9AK79G>(7<(7B(?CA?8>(A8>6:9:><?B(>G>8S?@>(7B(U(
@7(>HGK=87(bBG:C>_
(,B(@J?(9:SK:7<G7(@7(B?(7B7HH:;<(Y(A876:7<@>(7B(79H7<?8:>(A?8?(B?(6>G?H:;<(
A?8? ( C?S:9G8?@>9 ( @7 ( ,A7B?H:><79` ( B? ( .!.!2 ( A8797<G; ( UV ( 97j?B?C:7<G>9 ( ?(
C?S:9G8?@>9(@7(?A7B?H:><79_(0?(C:G?@(@7(B>9(H?<@:@?G>9(97j?B?@>9(?A?87HJ?(
7<(B?(B:9G?(@7(H><97<9>(NK7(Y?(^?=J?<(<7S>H:?@>(7B7S:8(B?9(=?<H?@?9(?B:?@?9(
H>< ( B? ( Q<:@?@ ( "?H:><?B ( @7 ( B? ( '9A78?<a? ( 5Q"'D ( ~B? ( 2?<?` ( B? ( [?<H?@?(
2K?G7C?B?`(7B(#87<G7(%7AK=B:H?<>(2K?G7C?BG7H>(5#%2D(Y(7B(1?8G:@>(Q<:><:9G?(
51QDI_
1876:>(?(B?(7B7HH:;<(97(@7AK8?8><(B?9(B:9G?9(NK7(^?=J?<(9:@>(H><97<9K?@?9(
7oHBKY7<@>(?(B>9(G?H^?@>9(A>8(B?(.!.!2(Y`(97Sb<(@7HB?8?8><(B7S:9B?@>879(?(B?(
!'1
!(2

A87<9?` ( >G8>9 ( @:7a ( 9:<@:H?@>9 ( A>8 ( B? ( 'C=?]?@? ( @7 ( B>9 ( '9G?@>9 ( Q<:@>9_(


#:<?BC7<G7(7B(W(@7(>HGK=87`(7<(K<?(979:;<(7<(B?(NK7(97(B7Y;(7B(<>C=87(@7(
H?@? ( ?9A:8?<G7 ( Y ( 9K9 ( 6>G?<G79 ( 97 ( A><J?< ( @7 ( A:7` ( 97 ( 7B:S:78>< ( B>9 ( WV(
C?S:9G8?@>9(G:GKB?879(Y(ig(9KAB7<G79(@7(B?(.>8G7(@7(,A7B?H:><79_

i_(0 ,(!".!)'".!,()'(0$*(,2'"+'*()'(.,&[!$
i_?_(0?(A?8G:H:A?H:;<(@7(B?9($*.X9(
0? ( A8:C78? ( 87L787<H:? ( >=B:S?@? ( 79 ( NK7` ( A>8 ( A8:C78? ( 67a ( Y ( H>< ( K< ( 8>B(
A8>G?S;<:H>`(A?8G:H:A;(@7B(A8>H79>(@7(7B7HH:;<(@7(C?S:9G8?@>9(K<?(7<>8C7(
H?<G:@?@ ( @7 ( >8S?<:a?H:><79 ( @7 ( B? ( 9>H:7@?@ ( H:6:B` ( G?<G> ( @7 ( L>8C? ( @:87HG?(
H>C>(:<@:87HG?(?(A?8G:8(@7(9K(:<H>8A>8?H:;<(?(H>B7HG:6>9(@7(:<9G:GKH:><79_
c*7j>879(@:AKG?@>9`(^?Y(H>9?9(A>9:G:6J9:C?9(7<(79G?(:<:H:?G:6?`(
B? ( A8:C78? ( @7 ( 7BB?9 ( 79 ( 9K ( L>8C?H:;<` ( B? ( L>8C?H:;< ( @7 ( 79G?(
:<:H:?G:6?` ( @;<@7 ( <?H7 ( 79G? ( :<:H:?G:6?e ( NK:aZ9 ( C:9 ( H>B7S?9(
A?8B?C7<G?8:>9 ( <> ( B> ( 9?=7<` ( A78> ( 7B ( #>8> ( 2K?G7C?B? ( Y ( ,*!'*(
A8>H7@:78><(@79@7(^?H7(CKH^>(G:7CA>(?(@:9HKG:8(79G7(G7C?`(Y(
6?8:>9 ( @:AKG?@>9 (LK:C>9 (:<6:G?@>9 (A>8(79?9 (?9>H:?H:><79 ( A?8?(
^?H78<>9(H><>H78(9K9(:@7?9(Y(79HKH^?8(<K79G8>9(H>C7<G?8:>9_(
0K7S> ( @7 ( H:78G> ( G:7CA> ( NK7 ( 79G?9 ( :<9G:GKH:><79 ( Y ( 7B ( #>8>(
2K?G7C?B? ( @:9HKG7< ( 79G? ( :<:H:?G:6?` ( <K79G8? ( H>B7S?(
A?8B?C7<G?8:?(B?(87H>S7 (Y(B?(>L:H:?B:a?(H>C>(K<?(:<:H:?G:6?(@7(
B7Y_(F?Y ( NK7 ( 87H><>H78 ( 7<G><H79` ( 97j>879 ( @:AKG?@>9` ( 7< ( 79G?(
HB?97(@7(A8>Y7HG>9`(?BS>(NK7(<>(9KH7@7(?(C7<K@>`(Y(79(NK7(B?(
A>=B?H:;< ( SK?G7C?BG7H? ( @:87HG?C7<G7 ( 97 ( :<6>BKH8? ( 7< ( B>9(
?9K<G>9 ( @7B ( '9G?@> ( Y ( ? ( G8?6O9 ( @7 ( K< ( 87A8797<G?<G7 ( 7< ( 79G7(
.><S879> ( B>S8? ( NK7 ( B> ( NK7 ( ^? ( ^7H^> ( Y ( B> ( NK7 ( ^? ( G8?=?]?@>(
67<S? ( ? ( H><9G:GK:897 ( ?B ( C7<>9 ( 7< ( K<? ( :<:H:?G:6? ( @7 ( B7Y` ( Y(
79A78?C>9 ( NK7 ( 7< ( K< ( AB?a> ( =8767 ( 7< ( K<? ( B7Y ( @7 ( B?(
%7Ab=B:H?_('9 ( :CA>8G?<G7 ( 7<G><H79 ( 87H><>H78 ( G?C=:O< ( B> ( NK7(
<>(7o:9GJ?(?<G79`(97j>879(@:AKG?@>9`(^?H7(CKH^>9(?j>9`(HK?<@>(
B?9(B7Y79(?NKJ(>(78?<(?(@7@>(>(<>(^?=J?(B7Y79`(79(:CA>8G?<G7(
?<?B:a?8(B?(A?8G:H:A?H:;<(@7B(H:K@?@?<>`(A?8G:H:A?H:;<(NK7(97(67(
79G:CKB?@? ( ? ( G8?6O9 ( @7 ( 797 ( G:A> ( @7 ( ?HG:GK@79 ( H>C> ( B? ( @7 ( C:(
H>B7S?(A?8B?C7<G?8:?(NK7(87H>S7(@7(797(#>8>(2K?G7C?B?(Y(@7(
,*!'* ( K<? ( :<:H:?G:6? ( Y ( B? ( ^?H7 ( BB7S?8 ( ?B ( .><S879> ( @7 ( B?(
%7Ab=B:H?_d
):AKG?@>($B:678:>(2?8HJ?(%>@?9`(7<(B?(979:;<(@7B(hy(@7(?=8:B(@7(
UVVW
'9G7 ( ^7H^> ( :<O@:G> ( G:7<7 ( 9K9 ( A8>A:?9 ( H><<>G?H:><79 ( 7< ( HK?<G> ( ? ( B?9(
@:L787<H:?9 ( 7<G87 ( B?9 ( >8S?<:a?H:><79 ( @?@? ( B? ( CKBG:AB:H:@?@ ( @7 ( L:<79(
:<9G:GKH:><?B79 ( Y ( 79A7HJL:H>9 ( @7 ( H?@? ( K<? ( 7< ( 79G7 ( A8>H79> ( ?9J ( H>C> ( B?(
6?8:?@?(S?C?(@7(:@7>B>SJ?9(NK7(97(6>BH?8><(?B(]K7S>_
'<(797(97<G:@>(AK7@7(79G?=B7H7897(K<?(@:L787<H:?H:;<(7<G87(B>9(?HG>879(
@7 ( B? ( 9>H:7@?@ ( H:6:B ( ? ( A?8G:8 ( @7 ( 9K ( :<6>BKH8?C:7<G> ( 7< ( B? ( 7B7HH:;< ( @7(
C?S:9G8?@>9(<>(H7j:@>(?B(:<G78O9(7oHBK9:6>(7<(79G7(A8>H79>(>(9K8S:@>(@7(B?(
H>YK<GK8? ( 9:<>( A>8 ( 978( K<( ?9A7HG>( H7<G8?B( @7 (B?9 (?S7<@?9 ( :<9G:GKH:><?B79(
@79@7(^?H7(G:7CA>_
'<G87 (B?9 (>8S?<:a?H:><79 (NK7 (^:9G;8:H?C7<G7 ( ^?<(67<:@>(G8?=?]?<@> (B?9(
87L>8C?9(]K@:H:?B79(Y(AK<GK?BC7<G7(7B(C7H?<:9C>(@7(97B7HH:;<(@7(]K7H79(97(
AK7@7(:@7<G:L:H?8`(7<8>B?@?9(7<(79A?H:>9(CZ9(?CAB:>9(@7(H>>8@:<?H:;<`(?(B?9(
9:SK:7<G79m(

'9G?9(7<G:@?@79(@K8?<G7(7B(UVVW`(A>8(9J(>(7<(7B(C?8H>(@7(B>9(H>B7HG:6>9(7<(
B>9 ( NK7 ( 97 ( ?S8KA?8?<` ( BB76?8>< ( ?@7B?<G7 ( K<? ( BKH^? ( A>8 ( B?9 ( =?<@78?9(
^:9G;8:H?9(NK7(^?<(9>9G7<:@>`(:@7<G:L:H?8><(B?9(>A>8GK<:@?@79(A?8?(?6?<a?8(
7< ( 87L>8C?9 ( ?9>H:?@?9 ( ? ( 79>9 ( A>9GKB?@>9 ( 7 ( :<9G8KC7<G?BC7<G7(
H>CAB7C7<G?897 ( 7<G87 ( 9J ( Y ( H>< ( B>9 ( 79A?H:>9 ( S79G?@>9 ( ? ( A?8G:8 ( @7 ( B?(
H>YK<GK8?_
'< ( 79G7 ( A8>H79> ( @7 ( 7B7HH:;<` ( 7 ( :<HBK9> ( A?8? ( B? ( ?A8>=?H:;< ( @7 ( B? ( 0.1`(
AK9:78>< ( 7B ( H><>H:C:7<G> ( GOH<:H>` ( B7 ( ?A>8G?8>< ( H87@:=:B:@?@ ( ?B ( A8>H79> ( Y(
9KA:78><(K9?8(7<(H?@?(C>C7<G>(B?(B7S:G:C:@?@(NK7(>9G7<G?<(?(8?Ja(@7(9K9(
?<G7H7@7<G79_
">(9;B>(87@?HG?8><(7B(?8G:HKB?@>(@7(B?(!<:H:?G:6?(kWWp(9:<>(NK7(?@6:8G:78><(
7< ( K< ( C>C7<G> ( ]K9G> ( B?9 ( C7]>8?9 ( NK7 ( 879KBG?8J?< ( @7G78C:<?<G79 ( A?8?(
G8?<9A?87<G?8(7B(A8>H79>(5B?(:<H>8A>8?H:;<(>8:S:<?8:?C7<G7(<>(A876:9G?(@7B(
?8GJHKB>(W|D_( (,@7CZ9`(K<?(67a(7<(LK<H:><?C:7<G>(7B(<K76>(C7H?<:9C>(Y(
@7G7HG?@?9 ( ?BSK<?9 ( @K@?9 ( 9>=87 ( B? ( B7HGK8? ( @7 ( B? ( B7Y` ( AKS<?8>< ( A>8 ( K<?(
:<G78A87G?H:;<(?]K9G?@? (?(9K9 (L:<79`(9K9(A8:<H:A:>9(Y(?(B?(H><9G:GKH:;<`(B>9(
G8?G?@>9 ( :<G78<?H:><?B79 ( Y ( B>9 ( 79GZ<@?879 ( 6:S7<G79 ( 7< ( B? ( C?G78:? ( ? ( <:67B(
SB>=?B_
*K(A78:H:?(GOH<:H?(Y(H?A:G?B(9:C=;B:H>(97(A>G7<H:?8><(7<(7B(C?8H>(@7(K<(
^>8:a><G7(H>B7HG:6>(H><97<9K?@>(H><(79A?H:>9(@7(87H:7<G7(H87?H:;<_(
&:7<G8?9(?(A8:<H:A:>9(@7(UVVW(97(?6:a>8?=?(B?(H78H?<J?(@7(B?(7B7HH:;<(@7(
C?S:9G8?@>9` ( G?B ( H>C> ( 97 ( 87L:8:78?` ( B?9 ( H^?<H79 ( A?8? ( B? ( 87L>8C? ( ?B(
C7H?<:9C>(6:S7<G7(<>(78?<(7B76?@?9_((
0?9(>8S?<:a?H:><79(@7(B?(9>H:7@?@(H:6:B(>AG?8><(A?8?(7<G><H79(A>8(K<?(6J?(
@7 (:<H:@7<H:? (G8?@:H:><?B(A?8? (B?9 ($"2( H><(7oA78:7<H:? ( @7 (G8?=?]>(7<(B?9(
87L>8C?9 ( :<9G:GKH:><?B79_ ( ( ,9J ( 97 ( :CAKB9; ( A>8 ( B? ( 6J? ( A?8B?C7<G?8:? ( K<(
A8>Y7HG>(@7(B7Y(@7(7B?=>8?H:;<(A8>A:?`(?(G8?6O9(@7(9K(A8797<G?H:;<(L>8C?B(
A>8(K<?():AKG?@?(
0? ( 7oA78:7<H:? ( :<@:H?=? ( NK7` ( ?b< ( H>< ( A>H?9 ( A8>=?=:B:@?@79 ( @7(
?A8>=?H:;<` ( 9K ( :<9G?B?H:;< ( 7< ( B? ( ?S7<@? ( A?8B?C7<G?8:? ( @K8?<G7 ( 7B ( A8:C78(
97C79G87(?YK@?8J?(?(^?H78(<>G>8:?(B?(<7H79:@?@(@7(H><G8>B(Ab=B:H>(@7(G>@>(
7B ( A8>H7@:C:7<G> ( Y ( H><G8:=K:8J? ( ? ( B? ( B?=>8 ( @7 ( B?9 ( >8S?<:a?H:><79 ( NK7 ( 97(
A8>AK9:78?<(^?H78B>_
*:<(7C=?8S>`(7B(H?9>(%>97<=78S(H?C=:;(H>CAB7G?C7<G7(7B(A?<>8?C?_((*7(
A8>@K]> ( K<? ( ?S:G?H:;< ( A>BJG:H? ( Y ( 9>H:?B ( NK7 ( @78:6; ( 7< ( 7B ( 9K8S:C:7<G> ( @7(
<K76>9(79A?H:>9(@7(>8S?<:a?H:;<_
0? ( >B7?@? ( S7<78?@? ( A>8 ( @:H^> ( H8:C7< ( 876:G?B:a; ( G>@?9 ( B?9 ( @7C?<@?9(
@79@7(B?9(CZ9(9KA78L:H:?B79(^?9G?(B?9(CZ9(79G8KHGK8?B79(Y(97(A8>@K]>(K<?(
><@?(7oA?<9:6?(NK7(B?9(>8S?<:a?H:><79(9KA:78><(?A8>67H^?8(A?8?(NK7(H?@?(
C>C7<G>(H8JG:H>(@7(B?(7B7HH:;<(@7(C?S:9G8?@>9(97(AK=B:H:G?8?(?B(CZo:C>(Y(
79GK6:78?(7<(7B(H7<G8>(@7(B?(?S7<@?(A>BJG:H?_

.>C>(97(97j?B?8?`(7B(2>=:78<>(:@7<G:L:H;(7<(B?(87L>8C?(?B(C7H?<:9C>(@7(
97B7HH:;< ( @7 ( C?S:9G8?@>9 ( K<? ( BB?67 ( A?8? ( @79H>CA8:C:8 ( B? ( A879:;< ( Y ( B>9(
C>6:C:7<G>9(c79A><GZ<7>9d(?BS>(H><H87G>(A?8?(@7@:H?8(79LK78a>9_
'9G>9 ( 79A?H:>9` ( @7 ( <KG8:@? ( Y ( 6?8:?@? ( H>CA>9:H:;<` ( H><G?8>< ( H>< ( A>@78(
7H><;C:H> ( @7 ( 879A?B@> ( Y ( @7 ( K<? ( B7S:G:C:@?@ ( G?C=:O< ( :<9G?<GZ<7? ( Y` ( 7<(
H><97HK7<H:?(A8>=?=B7C7<G7(G8?<9:G>8:?!(!_
+?B ( H>C> ( ^? ( >HK88:@> ( 7< ( B>9 ( bBG:C>9 ( ?j>9 ( 7< ( @:L787<G79 ( A?J979 ( @7 ( B?(
87S:;<!('( ?<G7 ( B? ( 9KH79:;< ( @7 ( @7B:G>9 ( 6:>B7<G>9 ( H><G8? ( A789><?9 ( @7 ( HB?979(
C7@:?9(>(?BG?9`(7<(2K?G7C?B?(97(A8>@K]78><(C?<:L79G?H:><79(C?9:6?9(Y(97(
H><L>8C?8><(:<9G?<H:?9(H>B7HG:6?9(NK7(A8>A:H:?8><(C7@:@?9(H>C>(B?(A7<?(
@7(CK78G7(>(B?(87<K<H:?(@7(?KG>8:@?@79(7(:<HBK9>(@7B(1879:@7<G7!((_
,9J ( 97 ( H><L>8C?8>< ( 7B ( &>6:C:7<G> ( .J6:H> ( "?H:><?B ( Y ( .><6>H?G>8:?(
.:K@?@?<?`(H><SB>C78?@>9(NK7(A?8G:H:A?8><(?HG:6?C7<G7(@7B(C><:G>87>(@7(
B?(7B7HH:;<(@7(C?S:9G8?@>9_
,(A79?8(@7(B?9(@:L787<H:?9!(,`(?BSK<?9(@7(B?9(>8S?<:a?H:><79(79A7H:?B:a?@?9(
7<(B>9(G7C?9(@7(87L>8C?(]K@:H:?B(=K9H?8><(K<?(8ZA:@?(H>CAB7C7<G?H:;<(H><(
B>9(S8KA>9(79A><GZ<7>9!(-(?(A?8G:8(@7(H><97<9>9(CJ<:C>9_
,K<NK7(H><(@:?S<;9G:H>9(CKY(@:9JC:B79(9>=87(B?9(H?K9?9`(A8ZHG:H?C7<G7(
G>@?9(B?9(>8S?<:a?H:><79(H>:<H:@:78><(7<(B?(A78C?<7<H:?(@K8?<G7(?j>9(@7(
<:67B79 ( @7 ( :CAK<:@?@ ( 7oG8?>8@:<?8:>9 ( Y ( 7< ( B? ( H>>AG?H:;< ( @7 ( :CA>8G?<G79(
97HG>879(@7B(A>@78(]K@:H:?B(A>8(7B(H8:C7<(>8S?<:a?@>_
,(9K(67a`(A?8?(G>@?9(B?9(7<G:@?@79(879KBG?=?(<7H79?8:>(G8?<9A?87<G?8(B?(
L>8C?(7<(NK7(97(97B7HH:><?<(B?9(A789><?9(NK7(>HKA?<(B>9(H?8S>9(NK7(^?<(
S?8?<G:a?@>(^:9G;8:H?C7<G7(B?(:CAK<:@?@_
1>8(9KAK79G>(NK7(@7=7(C?G:a?897(79G?(?L:8C?H:;<(7<(B?(C7@:@?(7<(NK7(
@7<G8> ( @7 ( B>9 ( 97HG>879 ( NK7 ( C?<:L79G?=?< ( 978 ( $"2X9 ( > ( S8KA>9(
:<@7A7<@:7<G79(97(:<L:BG8?=?(7B(H?A:G?B(G8?@:H:><?B(NK7(B7]>9(@7(A87S><?8(K<?(
C>@78<:a?H:;< ( 7< ( GO8C:<>9 ( @7 ( C7]>8? ( @7 ( B? ( H?B:@?@ ( @7C>H8ZG:H? ( Y ( @7B(
79G?@>(@7(@787H^>(?A8>67H^;(7B(H><G7oG>(A?8?(87H>=8?8(A>9:H:><79(A78@:@?9(
7<(7B(H><G8>B(@7B(1>@78(3K@:H:?B_
'9G>9 ( L?HG>879 ( A>9:=:B:G?8>< ( B? ( H><9>B:@?H:;< ( @7 ( S8KA>9 ( H>< ( >=]7G:6>9(
:<9G:GKH:><?B79 ( =:7< ( @:9G:<G>9 ( HKY?9 ( @7C?<@?9` ( G7CA>8?BC7<G7`(
H><678S:78><(7<(K<(HbCKB>(@7(A879:;<(S7<78?@?(?(B>9(A>@7879(Ab=B:H>9(7<(
B>(?G:<7<G7`(7oHBK9:6?C7<G7`(?(B?(G8?<9A?87<H:?(Y(AK=B:H:@?@(@7B(A8>H79>_
*7(879A:8?(>G8>(?:87(7<(B?(9>H:7@?@(H:6:B_("K<H?(?<G79(
^K=>(G?B(H>:<H:@7<H:?(@7(A?8G7(@7(G?<G?9(>8S?<:a?H:><79(
<> ( SK=78<?C7<G?B79 ( @7 ( G>@?9 ( B?9 ( :@7>B>SJ?9_ ( 'B ( AK<G>(
L>H?B ( @7 ( H>:<H:@7<H:? ( LK7 ( 7B ( =:7< ( @7 ( 2K?G7C?B?` ( c@7B(
!(!
!('
!((
!(,
!(-

AK7=B>` ( A?8? ( 7B ( AK7=B> ( Y ( A>8 ( 7B ( AK7=B>d_ ( )79@7 ( B?9(


A8>AK79G?9 ( 9K8S:@?9 ( 7< ( 7B ( '<HK7<G8> ( "?H:><?B ( @7(
'CA879?8:>9 ( 5'<?@7D` ( ^?9G? ( B?9 ( H>BKC<?9 ( 7< ( =B?<H> ( 7<(
G>@>9 ( B>9 ( C7@:>9 ( @7 ( H>CK<:H?H:;< ( 79H8:G?` ( A8>G79G?<@>(
H><(7B(9:B7<H:>(@7(C:B(A?B?=8?9(Y(B?(LK78a?(@7(B?(K<:@?@(
H>B7HG:6?e ( @79@7 ( B? ( A78C?<7<G7 ( >=9786?H:;< ( Y(
97SK:C:7<G>(@7(c2K?G7C?B?(R:9:=B7d(:<G7S8?@?(CZ9(@7(ih(
:<9G?<H:?9 ( H><9G:GK:@?9 ( 7< ( A78C?<7<G7 ( >=9786?G>8:>` ( 97(
79G?=B7H:;(K<(A87H7@7<G7(^:9G;8:H>(NK7`(7<(C:(>A:<:;<`(79(
K< ( A?8G7 ( ?SK?9 ( H8KH:?B ( A?8? ( <K79G8> ( A?J9_ ( ,BL87@(
?BG9H^C:GG`(hk(@7(>HG(10
1>8(9KAK79G>(NK7(<>(G>@>9(B>9(?HG>879(@7(B?(9>H:7@?@(H:6:B(A789:SK:78><(B>9(
C:9C>9 ( L:<79 ( 7< ( 7B ( A8>H79>_ ( ( *K=Y?H7<G7 ( ? ( B? ( 79G8?G7S:? ( SB>=?B ( @7(
G8?<9A?87<G?8 ( 7B ( A8>H79>` ( NK7 ( LK7 ( 7B ( A:9> ( @7 ( H><97<9>9 ( CJ<:C>9`(
H><6:6:78><(CbBG:AB79(79G8?G7S:?9(>8S?<:a?H:><?B79(A?8?(7B(HKCAB:C:7<G>(@7(
L:<79(@:6789>9(@7(C7@:?<>(Y(B?8S>(AB?a>_3
18>C>H:;<(@7(H?<@:@?G>9(A>8(:<G787979(A8>A:>9_
'6:G?8(H><L>8C?H:><79(:<9G:GKH:><?B79(NK7(AK@:78?<(
?6?B?8(S>BA79(@7('9G?@>
!<H87C7<G>(@7(B?(A?8G:H:A?H:;<(L7C7<:<?q:<@JS7<?
0KH^?(H><G8?(7B(H8:C7<(>8S?<:a?@>
0KH^?(H><G8?(B?(:<97SK8:@?@
0KH^?(H><G8?(7B(S>=:78<>
)79@7 ( B>9 ( A879KAK79G>9 ( @7 ( ?HK78@> ( CJ<:C>9 ( @7 ( AK=B:H:@?@ ( Y(
G8?<9A?87<H:?(?(B?(7B7HH:;<`(7<(GO8C:<>9(S7<78?B79`(AK7@7(@7H:897(NK7(B?9(
>8S?<:a?H:><79(@7(B?(9>H:7@?@(H:6:B(B>S8?8><(7oH7B7<G79(879KBG?@>9_
'BB> ( 7< ( HK?<G> ( 97 ( B>S8?8>< ( 879KBG?@>9 ( 9:< ( A87H7@7<G79 ( Y ( @7 ( S8?<(
:CA>8G?<H:?_(('B(87LB7HG>8(NK7(B>S8;(A><78(B?(9>H:7@?@(H:6:B(87@K<@;(A>8(K<?(
A?8G7(7<(K<?(9>H:?B:a?H:;<(C?9:6?(@7(:<L>8C?H:;<`(6:<HKB?@?(?(:<9G:GKH:><79(
H7<G8?B79(@7B(79G?@>(@7(@787H^>`(^?9G?(7<G><H79(?]7<?(<>(9;B>(?B(?BH?<H7(
9:<>(?B(:<G78O9(@7(B?(C?Y>8(A?8G7(@7(B?(H:K@?@?<J?_
(
'9G>(@7<>G?(B>(NK7(B?9($*.X9(^:H:78><(=:7<(?(<:67B(C?H8>`(7<G87(B>(NK7(97(
AK7@7(H><G?8m
I .?<G:@?@(@7(?S7<G79_(
4?(97(@79G?H;(B?(:<H:@7<H:?(@7(B>9(?S7<G79(^:9G;8:H>9(@7(B?(9>H:7@?@(
H:6:B(?S8KA?@?(7<(7B(&>6:C:7<G>(18>(3K9G:H:?`(7B(#>8>(2K?G7C?B?(Y(B?(
.><678S7<H:?(A>8(B>9())FF(5BK7S>(?CAB:?@?(?(hw(>8S?<:a?H:><79D_(
*:(97(H><9:@78?<`(?@7CZ9`(B?9(:<9G?<H:?9(9K8S:@?9(7<(7B(UVVW`(CZ9(@7(
pV ( 7<G:@?@79` ( :<@:6:@K?BC7<G7 ( > ( 7<8>B?@?9 ( 7< ( ?BSK<> ( @7 ( B>9(
H>B7HG:6>9 ( ?HG:6?8>< ( >8S?<:a?@?C7<G7 ( A?8? ( S?8?<G:a?8 ( B?(
G8?<9A?87<H:?(@7(B?(7B7HH:;<_(
0?(79G8?G7S:?(@7(B?(CbBG:AB7(6J?(LK7(CKY(=K7<?_(():>(B?(97<9?H:;<(@7(
K<?(87A8797<G?G:6:@?@(C?Y>8(Y(HK?<@>(<>(97(AK@>(H><97<9K?8(7<(K<(
=B>NK7(97(?6?<a;(?(G8?6O9(@7(H>B7HG:6>9(CZ9(87@KH:@>9_
I Q<? ( CKY (:<G7B:S7<G7 ( 87B?H:;< ( H>< ( B>9 ( C7@:>9 ( C?9:6>9 ( @7 (
H>CK<:H?H:;< _

*7 ( S7<78; ( K<? ( 87B?H:;< ( 9:<O8S:H? ( 7< ( B? ( NK7 ( B?9 ( $*.X9 ( H>< ( C?Y>8(
H><>H:C:7<G> ( GOH<:H> ( Y ( B7S:G:C:@?@ ( Ab=B:H? ( LK78>< ( K<? ( LK7<G7 ( @7(
:<L>8C?H:;< ( A78C?<7<G7 ( A?8? ( B>9 ( A78:>@:9G?9 ( ?B ( G:7CA> ( NK7 ( B>9(
C7@:>9 ( @:78>< ( 79A?H:> ( ? ( A8ZHG:H?C7<G7 ( G>@?9 ( B?9 ( :<G7867<H:><79(
HB?679(@7(B?9(>8S?<:a?H:><79(Y(97(H><9K9G?<H:?8><(H?9:(S87C:?BC7<G7(
H><(B?(BKH^?(A>8(B?(AK=B:H:@?@(Y(B?(G8?<9A?87<H:?(@7B(A8>H79>_
I [K7<?9 ( 79G8?G7S:?9 ( @7 ( :<G7867<H:;< ( H><9:@78?<@> ( B? ( 79H?9?(
?<G:H:A?H:;<(H><(NK7(H><G?8><(Y(B>9(87HK89>9(B:C:G?@>9(L87<G7(?(>G8>9(
97HG>879(NK7(HK7<G?<(H><(K<?(:<L:<:@?@(@7(87HK89>9(C?Y>879_
!<G786:<:78><(7<(G>@?9(B?9(7G?A?9_((1>8(7]7CAB>`(B?(.><678S7<H:?(A>8(
B>9 ( )787H^>9 ( FKC?<>9 ( :<G786:<> ( ?HG:6?C7<G7 ( 7< ( 7B ( :CAKB9> ( @7 ( B?(
?A8>=?H:;<(@7(B?(07Y(Y(^?9G?(7B(L:<?B(@7B(A8>H79>m
I 0? ( .)F ( 97 ( C>6:B:a; ( @79@7 ( 7B ( A8:<H:A:> ( @7B ( A8>H79> ( ?B(
7oA879?8 ( 9K ( A87>HKA?H:;< ( A>8 ( B? ( A?8G:H:A?H:;< ( @7(
?BSK<>9(A8>L79:><?B79(Y(S8KA>9(@7(A>@78(7<(7B(A8>H79>(
@7(7B7HH:;<(@7(87A8797<G?<G79(@7B(.>B7S:>(@7(,=>S?@>9(
7< ( B?9 ( .>C:9:><79 ( @7 ( 1>9GKB?H:;<e ( B> ( HK?B ( :CAB:H? ( nB?(
A>9:=:B:@?@ ( @7 ( :<G78L787<H:? ( 7< ( B? ( 7B7HH:;< ( @7(
C?S:9G8?@>9n_
I ,9:C:9C> ( 97 ( ?9KC:; ( C?8H; ( K<? ( A>9:H:;< ( :@7>B;S:H?(
H><9G?<G7(G?B(H>C>(HK?<@>(B?(.)F(97(A8><K<H:;(H><G8?(
7B(S>BA7(7<(F><@K8?9(C?8H?<@>(B?(:<9H8:AH:;<(87S:><?B(
@7(@:H^>(?G7<G?@>(H><G8?(7B(>8@7<(H><9G:GKH:><?B!(._
I *7 ( A8>C>6:; ( B? ( A?8G:H:A?H:;< ( :<G78A7B?<@> ( ? ( B?(
H:K@?@?<J?(@K8?<G7(7B(A8>H79>(A?8?(cNK7(97(C?<G7<S?(
?G7<G? ( 7<( B? ( L:9H?B:a?H:;< ( @7 ( 79G7 (A8>H79> ( Y? (NK7 ( @7B(
C:9C> ( @7A7<@7 ( 7< ( S8?< ( C7@:@? ( 7B ( =K7< ( > ( C?B(
LK<H:><?C:7<G>(@7B(9:9G7C?(@7(]K9G:H:?(7<(B>9(A8;o:C>9(
HK?G8>(?j>9_d!(/
I ,@7CZ9 ( @7 ( ?979>8?8 ( GOH<:H?C7<G7 ( A?8? ( 6:?=:B:a?8(
H?C=:>9(A>BJG:H>9(A8>LK<@>9(?(G8?6O9(@7B(?979>8?C:7<G>(
7< ( B? ( 87@?HH:;< ( @7B ( C7<H:><?@> ( ?8G_ ( Wf` ( G?C=:O< ( 97(
G8?=?];(@K8?<G7(G>@?(B?(7B7HH:;<(7<(B?(:<679G:S?H:;<(@7(
H?<@:@?G>9 ( 7< ( GO8C:<>9 ( ^:9G;8:H>9 ( Y ( 97 ( KG:B:a;(
79G8?GOS:H?C7<G7(B?(:<L>8C?H:;<(7<(H?@?(7G?A?!(0_
I Q9>(79G8?GOS:H>(@7B(87HK89>(]K@:H:?B(~(,CA?8>9
,CA?8>(H><G8?(7B(6>G>(97H87G>(7<(B?9(.1(@7B(&."
,CA?8>(H><G8?(7B(6>G>(97H87G>(7<(7B(.><S879>
,CA?8>(A>8(B?(<>(876:9:;<(@7B(87NK:9:G>(@7(87H><>H:@?(^><>8?=:B:@?@(
7<(7B(.><S879>
I &KY ( =K7<>9 ( ?A>8G79 ( GOH<:H>9 ( A?8? ( HK=8:8 ( B?SK<?9 ( B7S?B79 ( >(
879:9G7<H:?9(LK<@?@?9(7<(:<G78A87G?H:><79(L>8a?@?9(@7(B?9(<>8C?9(Y(
9>A>8G7(GOH<:H>(?(B7S:9B?@>879
0? ( 87@?HH:;< ( @7B ( ?8GJHKB> ( W` ( 7< ( 9K ( G>G?B:@?@` ( LK7 ( K<? (
:<:H:?G:6? ( @7 ( B? ( 9>H:7@?@ ( H:6:B ( HK?<@> ( <> ( ^?=J? ( 9:@> (
:<H>8A>8?@>(7<(7B(G7oG>(>8:S:<?B_
0?9($"2X9(^:H:78><(?A>8G79(A?8?(H>CAB7C7<G?8(7B(G7oG>(@7(B?(B7Y(7<(
B> ( 87L78:@> ( ? ( :CA7@:C7<G>9_ ( 1>8 ( 7]7CAB>` ( ? ( B? ( ^>8? ( @7 ( 7oHBK:8(
!(.
!(/
!(0

H?<@:@?G>9(A>8(:CA7@:C7<G>9`(B?(.><678S7<H:?(A>8(B>9())FF(7o:S:;(
?(B?9(.1(NK7(<>(97(?GK6:78?<(?(B?(@>HKC7<G?H:;<(7oHBK9:6?C7<G7(Y(
7o:S:;m(
,9:C:9C>` ( 97 ( 9K9H8:=:; ( K< ( H><67<:> ( &13 ( H>< ( 7B ( .><S879> ( A?8?(
L>C7<G?8(B?(A?8G:H:A?H:;<(H:K@?@?<?(Y(67B?8(A>8(B?(G8?<9A?87<H:?(Y(
>=]7G:6:@?@ ( 7< ( B? ( 7B7HH:;<_ ( ( 1?8? ( 7BB> ( 97 ( ?H>8@; ( B? ( 87?B:a?H:;< ( @7(
87K<:><79(NK:<H7<?B79(A?8?(76?BK?8(?6?<H79(Y(@:9A>9:H:><79(@7(B?9(
@>9(H>C:9:><79(@7(A>9GKB?H:;<
I 'oAB>G?H:;< ( CZo:C? ( @7 ( B? ( A876:9:;< ( @7 ( AK=B:H:@?@ ( Y (
7oH7B7<G7 ( K9> ( @7 ( B?9 ( G7H<>B>SJ?9 ( @7 ( :<L>8C?H:;< ( Y (
H>CK<:H?H:;<_
,@7CZ9 ( @7 ( ?A8>67H^?8 ( B? ( 6J? ( @7 ( B>9 ( C7@:>9 ( C?9:6>9 ( @7(
H>CK<:H?H:;<` ( B?9 ( $*.X9 ( 9KA:78>< ( 7oAB>G?8 ( ?B ( CZo:C> ( B?9(
@:9A>9:H:><79 ( B7S?B79 ( 7< ( C?G78:? ( @7 ( AK=B:H:@?@ ( Y ( ?HH79> ( ? ( B?(
:<L>8C?H:;<(H><(B?(L:<?B:@?@(<>(9;B>(@7(C><:G>87?8(B>(NK7(>HK88J?(7<(
B?9(.>C:9:><79(9:<>(G?C=:O<(A?8?(CKBG:AB:H?8(B?(@:LK9:;<(@7(B>(NK7(?BBJ(
9KH7@J?(A>8(C7@:>(@7(@:6789>9(H?<?B79_
+?B ( 79 ( 7B ( H?9> ( @7 ( B?9 ( 9:G:>9 ( r7=m (^GGAmqq]K9G:H:?A?8?SK?G7C?B?_>8S(
5?K9A:H:?@> ( A>8 ( B? ( #K<@?H:;< ( *>8>9 ( Y ( 7B ( #>8> ( 2K?G7C?B?D`(
rrr_C7:CA>8G?SK?G7C?B?_>8S(
Y
(^GGAmqqSK?G7C?B?6:9:=B7_>8S(
5:CAKB9?@>(A>8(B?(Q<:6789:@?@(%?L?7B(0?<@:6?8D
17G:H:;<(@7(2K?G7C?B?(R:9:=B7(?(B?9(.1(A?8?m(A8>A>8H:><?8(7(:<9G?B?8(
7<(B?(97@7(@7(B?(.>C:9:;<(@7(1>9GKB?H:;<(7B(7NK:A>(<7H79?8:>(A?8?(
79H?<7?8(B>9(@>HKC7<G>9(NK7(97(87H:=?<(@7(H?@?(H?<@:@?G>e(NK7(7B(
A789><?B(H?A?H:G?@> (@7 (2K?G7C?B? (R:9:=B7 (79GO ( ?KG>8:a?@>( ?( (A?8?(
79H?<7?8(B?9(^>]?9(@7(6:@?(H><L>8C7(97(6?Y?<(87H:=:7<@>e( (NK7(B>9(
@>HKC7<G>9 ( 79H?<7?@>9 ( 97?< ( AK=B:H?@>9 ( 7< ( 7B ( 9:G:> ( r7=(
rrr_SK?G7C?B?6:9:=B7_>8S_ ( ( , ( 9K ( 67a ( 97 ( >L87H:; ( NK7 ( B>9 ( ?8H^:6>9(
@:S:G?B79 ( 79GK6:78?< ( @:9A><:=B79 ( A?8? ( B? ( .>C:9:;< ( @7 ( 1>9GKB?H:;< ( Y(
A?8? ( B>9 ( K9>9 ( NK7 ( 97 ( 79G:C7< ( H><67<:7<G79 ( ?B ( :SK?B ( NK7 ( 7B ( 9:G:>(
rrr_SK?G7C?B?6:9:=B7_>8S ( H>C> ( K< ( 87A>9:G>8:> ( @7 ( :<L>8C?H:;<(
>8S?<:a?@> ( 7 ( :<@7o?@>_ ( ( 0? ( .>C:9:;< ( @7 ( B? ( .*3 ( ?A8>=; ( A>8(
K<?<:C:@?@(B?(9>B:H:GK@(C:7<G8?9(NK7(B?(@7(?A7B?H:><79(@:9AK9>(NK7(
B?(:<L>8C?H:;<(79G?8J?(@:9A><:=B7(7<(B?(r7=(>L:H:?B(@7(B?(.>C:9:;<_
+?C=:O<(97 (@79?88>BB?8><(A:7a?9(@7 (6:@7>`(9A>G9 (8?@:?B79 (Y( ?L:H^79(
A?8?(@?8(?(H><>H78(@7G?BB79(@7B(A8>H79>(Y(@7(B>9(79A?H:>9(7<(B>9(NK7(
97(A>@J?(>=G7<78(:<L>8C?H:;<(?B(879A7HG>_

!SK?BC7<G7 ( 97 ( ?A8>67H^?8>< ( B?9 ( ^788?C:7<G?9 ( A8>6:9G?9 ( A>8(


#?H7=>>v` ( +r:GG78 ( Y ( 4>KGK=7 ( A?8? ( :<H87C7<G?8 ( B? ( H>CK<:H?H:;< ( Y(
@:LK9:;<(9>=87(B>(NK7(:=?(>HK88:7<@>(C:<KG>(?(C:<KG>`(87?B:a?H:;<(@7(
87K<:><79 ( Y ( ^?9G? ( A?8? ( :<L>8C?8 ( ? ( NK:7<79 ( NK:9:78?< ( ?9:9G:8 ( @7(
@7G?BB79(@7(^>8?8:>9(Y(AK<G>9(@7(7<HK7<G8>_
,@7CZ9`(7<(7B(9:G:>(@7(2K?G7C?B?(R:9:=B7`(97(87?B:a?8><(A8>@KHH:><79(
@7(?K@:>(7<(:@:>C?9(C?Y?9`(C:7<G8?9(NK7(7<(3K9G:H:?A?8?SK?G7C?B?(
97(87?B:a?8><(7<HK79G?9`(H>B7HH:;<(@7(<>G:H:?9(Y(H>BKC<?9(@7(>A:<:;<(
97C?<?B79(G?<G>(@7(A87<9?(79H8:G?(H>C>(S8ZL:H?_
I !<G7867<H:><79(@:87HG?9(I(?@6>H?HY

1?8?(B?(6>G?H:;<(@7(B>9(H?<@:@?G>9(7<(B?9(.>C:9:><79(@7(1>9GKB?H:;<`(
A789><?9 ( H><G8?G?@?9 ( A>8 ( 7B ( &." ( 97 ( A8797<G?8>< ( @:9L8?a?@>9 ( @7(
C:C>9(H><(H?8G7B79(:CA879>9(H><(7B(<>C=87(@7(@:9G:<G>9(A>9GKB?<G79(
97j?B?@>9(Y(97(A8797<G?8><(C:B:G?<G79(H><(BKA?9(9:C=>B:a?<@>(?(B?(
H:K@?@?<J?(H><G8>B?<@>(@7(H78H?(7B(G8?=?]>(@7(B?9(.>C:9:><79_
1?8?(B?(7B7HH:;<(L:<?B(7<(7B(.><S879>(97(87HK88:;(?(B?(87?B:a?H:;<(@7(
AK79G?9(7<(79H7<?(A?8?(BB76?8(?(B?(9>H:7@?@(Y(?(B>9(A?8B?C7<G?8:>9(
B>9(C7<9?]79(@7(B?9($*.X9(?(G8?679(@7(C7@:@?9(@7(?HH:;<(@:87HG?(@7(
7<>8C7(:CA?HG>_
1>8(7]7CAB>`(7B(&."(:<9G?B;(C:C>9(97<G?@>9(7<(:<>@>8>9(?B87@7@>8(
@7B ( 1?B?H:> ( 07S:9B?G:6> ( @7<K<H:?<@> ( B? ( 6KB<78?H:;< ( A>8 ( A?8G7 ( @7 ( B?(
?AB?<?@>8?(>L:H:?B(@7(B?(]K9G:H:?(?(A?8G:8(@7(K<(?HK78@>(79AK8:>(A?8?(
B?(@:9G8:=KH:;<(@7(AK79G>9(7<(B?9(.>8G79_(
I +8?=?]> ( CKY ( =:7< ( H>>8@:<?@> ( H>< ( B? ( H>CK<:@?@ (
:<G78<?H:><?B
'<G87(B>9(788>879(>(@7K@?9(A7<@:7<G79(97(HK7<G?<m
I )OL:H:G9 ( @7 ( H>>8@:<?H:;< _ ( ( *KA78A>9:H:><79 ( > ( ?K97<H:?9 ( 7<(
BKS?879(7<(B>9(NK7(^?=J?(NK7(79G?8(Y(L?BG?(@7(?HK78@>9(CZ9(A87H:9>9(
9>=87(G7C?9(LK<@?C7<G?B79_((
FK=> ( >8S?<:a?H:><79 ( BB7S?8>< ( ? ( @79C7<G:8 ( B? ( 9K9H8:AH:;< ( @7(
97j?B?C:7<G>9(NK7(97(7<6:?8?<(?(B?(.1(@79@7(B?9($"2}9_(
Q<>(@7(B>9(C>G:6>9(LK7(B?(678G:S:<>9:@?@(Y(7B(>G8>(79(B?(@:L787<H:?(@7(
?S7<@?9 ( @7 ( B?9 ( >8S?<:a?H:><79_ ( ( c"> ( 97 ( B>S8; ( ?BH?<a?8 ( K<?(
H>>8@:<?H:;<(CZ9(?CAB:?(~Y(S8?<JG:H?I(@7(B>9(@:L787<G79(=B>NK79(NK7(
:CAKB9?8><(?HH:><79_((F?=8J?(9:@>(:CA>8G?<G7(NK7(97(B>S8?8?(^?H78B>(
?B87@7@>8 ( @7 ( ?9K<G>9 ( HB?679 ( H>C> ( B? ( G?=B? ( @7 ( H?B:L:H?H:;< ( ?(
C?S:9G8?@>9(Y(B?9(?K@:7<H:?9(Ab=B:H?9_d
I cFK=> ( K< ( LK78G7 ( O<L?9:9 ( 7< ( B> ( A7<?B` ( A78> ( CKY ( A>H> (
A>9:H:><?C:7<G> ( ^?H:? ( >G8>9 ( ?9A7HG>9 ( B? ( ]K9G:H:? ( 797<H:?B79 (
A?8? ( B? ( H><9G8KHH:;< ( K< ( '9G?@> ( @7 ( @787H^> ( 5))FF ( 7< ( 9K (
H><H7AH:;< ( :<G7S8?BD_d ( (0>(NK7(97(87B?H:><?`(A8>=?=B7C7<G7`(H><(
7B(79H?9>(@79?88>BB>(@7(H?A?H:@?@(GOH<:H?(@7(B?9(>8S?<:a?H:><79(7<(
K<? ( 6:9:;< ( H8JG:H? ( @7B ( @787H^> ( 7< ( >G8?9 ( 8?C?9` ( ?9A7HG> ( NK7 ( <> ( 79(
A8>A:>(@7(2K?G7C?B?(9:<>(@7(H?9:(G>@?(0?G:<>?CO8:H?_((
I 1>H>(7]78H:H:>(@7(H:K@?@?<J?(@:87HG? e((C?9(?HG:6:@?@(@79@7(B>9(
$"29`((H><(H?A?H:@?@79(GOH<:H?9((5A8:<H:A?BC7<G7(7<(]K9G:H:?(A7<?BD`(
A78>(NK7(:<G78?HGb?<(@7(C?<78?(CKY(@:9A?8_(
I 1>H? ( LK<@?C7<G?H:;< ( @7 ( ?BSK<?9 ( G?H^?9 ( Y ( 97j?B?C:7<G>9 (
NK7(A8>=?=B7C7<G7(G7<S?(NK7(678(C7<>9(H><(B?(L?BG?(@7(:<L>8C?H:;<(
>(7B(@79H><>H:C:7<G>(NK7(H><(B>9(A8>A:>9(BJC:G79(@7(K<?(87L>8C?(CZ9(
?9>H:?@?(?(B>(A8>H7@:C7<G?B(NK7(?(B>(9K9G?<G:6>_((0?(?=9G8?HH:;<(@7(
B>9 ( H8:G78:>9 ( A?8? ( C78:GK?8 ( ? ( B>9 ( H?<@:@?G>9 ( ?9J ( H>C> ( B?(
79G8KHGK8?B:@?@(@7(B?(H8:9:9(@7B('9G?@>(SK?G7C?BG7H>(@7G78C:<?<(B?(
79H?9? ( A8>=?=:B:@?@ ( @7 ( NK7 ( >L:H:?BC7<G7 ( B>9 ( H?<@:@?G>9 ( :<HKCAB?<(
B>9 ( A>H>9 ( H8:G78:>9 ( >=]7G:6>9 ( 5<> ( ^?Y ( H><@7<?9` ( <> ( ^?Y ( 9?<H:><79(
?@C:<:9G8?G:6?9`(<>(^?Y(9?<H:><79(7<(B>9(H>B7S:>9`(<>(^?Y(H8:G78:>9(@7(
7oHBK9:;<(@7(S>BA:9G?9(@7(B?(?@C:<:9G8?H:;<(Ab=B:H?(7<(@7C>H8?H:?D
I *7 ( G8?=?]; ( CKY ( A>H> ( H>< ( $*.X9 ( 7 ( :<9G?<H:?9 ( @7 (
A?8G:H:A?H:;<(@7B(879G>(@7B(A?J9 (
I )7C>8? ( 7< ( B? ( :@7<G:L:H?H:;< ( @7 ( A8>=B7C?9 `(H>C>(7B(H?9>(@7(
B>9( (@7L7HG>9(@7B(G7oG>(@7(B?(0.1`(H><(K<(79H?9>(@79?88>BB>(@7(B>9(

A8:<H:A:>9`(>C:G:7<@>( 7B(@7 (AK=B:H:@?@(7<( K<(A8:<H:A:>(5:<H>8A>8?@>(


9>=87 ( 7B ( BJC:G7D ( Y ( H><L:8C?<@> ( 7B ( 6>G> ( 97H87G> ( A?8? ( B? ( G>C? ( @7(
@7H:9:><79 ( @7<G8> ( @7 ( B?9 ( .>C:9:><79` ( B? ( H><LK9:;< ( @7B ( cA78L:B ( @7B(
H?<@:@?G>d(H><(B>9(H8:G78:>9(@7(76?BK?H:;<(Y(B>9(AK<G?]79(?(?9:S<?8`(B?(
A876:9:;< ( H>C> ( >AG?G:6? ( @7 ( B?9 ( 7<G876:9G?9 ( ? ( H?<@:@?G>9` ( Y ( 7B(
>G>8S?C:7<G>(@7(?BG>9(<:67B79(@7(@:9H87H:><?B:@?@(?(B>9(A>9GKB?@>879(
A?8?(B?9(6>G?H:><79_
'9(CKY(A8>=?=B7(NK7(7B(H?8:a(Y(B?(67B>H:@?@(@7(B>9(?H><G7H:C:7<G>9(@79@7(
B?(?A8>=?H:;<(@7(B?(0.1(G>C?8><(A>8(9>8A879?(?(G>@?9(B?9(>8S?<:a?H:><79(
NK7(@7=:78><(?L:B?8(9K9(79G8?G7S:?9(H><(A>H>(G:7CA>(@7(?<G:H:A?H:;<_( (,(9K(
67a`(B?(H?<G:@?@(@7(BKS?879(7<(B>9(NK7(79G?8(?9J(H>C>(B?(CKBG:AB:H:@?@(@7(
HK79G:><79 ( NK7 ( ?G7<@78 ( H>< ( B:C:G?@>9 ( 87HK89>9 ( ^KC?<>9 ( Y ( 7H><;C:H>9(
H>?@YK6?8><(?(79G?9(9:GK?H:><79_
i_=_('B(8>B(@7(B?(H>CK<:@?@(Y(B?(H>>A78?H:;<(:<G78<?H:><?B
'B ( A?A7B ( NK7 ( @797CA7j?8>< ( G?<G> ( B>9 ( >8S?<:9C>9 ( :<G78<?H:><?B79 ( Y(
87S:><?B79 ( H>C> ( B?9 ( 87A8797<G?H:><79 ( @7 ( @:L787<G79 ( A?J979 ( @7B ( CK<@>`(
?<G79(Y(@K8?<G7(7B(A8>H79>(@7(7B7HH:;<`(LK7(LK<@?C7<G?B_
,NKJ ( 97 ( @79G?H?< ( G>@>9 ( B>9 ( ?A>8G79 ( 79A7HJL:H>9 ( 7< ( 7B ( A8>H79> ( 9:<(
7<KC78?8 ( 7B ( ?A>Y> ( A>BJG:H>` ( GOH<:H> ( Y ( 7H><;C:H> ( @7 ( B? ( H>>A78?H:;<(
:<G78<?H:><?B(?B('9G?@>(2K?G7C?BG7H>(7<(S7<78?B(Y(?(B?9($*.X9(7<(A?8G:HKB?8(
A?8?(B?(A8>C>H:;<(@7(B?(87L>8C?(]K@:H:?B_
0>9 ( ?A>8G79 ( 7< ( 79G7 ( A8>H79> ( LK78>< ( @7 ( H><G7<:@>` ( ?H>CA?j?<@> ( H><(
7oA78:7<H:?9(Y(=K7<?9(A8ZHG:H?9(@7(>G8>9(A>@7879(]K@:H:?B79`(7H><;C:H>9(Y`(
A8:<H:A?BC7<G7`(A>BJG:H>9_
?D(0?9("?H:><79(Q<:@?9
+>@?9(B?9(?S7<H:?9(@7B(9:9G7C?(@7("?H:><79(Q<:@?9(GK6:78><(:<G7867<H:;<(
@79@7(?<G79(@7B(:<:H:>(@7B(A8>H79>(H><(@:L787<G7(S8?@>(@7(A8>G?S><:9C>(Y(
H><(A8>=B7C?9(@7(H>>8@:<?H:;<(7<G87(9J_
0?9 ( :<G7867<H:><79 ( 9K9G?<G:6?9 ( CZ9 ( 87B76?<G79 ( LK78>< ( B?9 ( @7B ( %7B?G>8(
'9A7H:?B ( 9>=87 ( B? ( :<@7A7<@7<H:? ( @7 ( C?S:9G8?@>9 ( Y ( ?=>S?@>9` ( 07?<@8>(
)79A>KY`(NK:7<(6:9:G;(7B(A?J9(7<(@>9(>H?9:><79(7<(UVVW_((
'< ( 7<78>` ( :<6:G?@> ( A>8 ( 7B ( 2>=:78<>` ( H><HBKY; ( NK7 ( c0? ( L>8C? ( @7(
@79:S<?H:;< ( @7 ( B>9 ( C?S:9G8?@>9 ( @? ( BKS?8 ( ? ( S8?679 ( :<]787<H:?9 ( ? ( B?(
:<@7A7<@7<H:? ( ( @7B ( CZo:C> ( ;8S?<> ( @7B ( ( $3` ( 7< ( 79A7H:?B ( @7=:@> ( ? ( B?(
A>B:G:a?H:;<(@7B(A8>H79>`(@7G78C:<?@?(A>8(B?(A?8G:H:A?H:;<(@7B(.><S879>(Y(B?(
L?BG? ( @7 ( 87SB?C7<G?H:;< ( @7B ( LK<H:><?C:7<G> ( @7 ( B?9 ( H>C:9:><79 ( @7(
A>9GKB?H:;<_('B(%7B?G>8('9A7H:?B(H><9G?G;(NK7(B?(7B7HH:;<(@7(B>9(C?S:9G8?@>9(
97(=?9?(CZ9(7<(H8:G78:>9(9K=]7G:6>9(Y(7<(B?9(:<HB:<?H:><79(A>BJG:H?9(@7(B>9(
H?<@:@?G>9` ( NK7 ( 7< ( 9K9 ( H?B:@?@79 ( Y ( CO8:G>9_ ( 'BB> ( G?C=:O< ( 97 ( ?AB:H? ( ? ( B?(
@79:S<?H:;< ( @7 ( B>9 ( C?S:9G8?@>9 ( @7 ( B? ( .>8G7 ( @7 ( ,A7B?H:><79_d ( ,9:C:9C>(
87H>C7<@;(cNK7(97(87SB?C7<G7(B?(L>8C?(@7(7B7HH:;<(@7(B>9(C?S:9G8?@>9l('B(
%7B?G>8('9A7H:?B(H><9:@78?(NK7(7B(?HGK?B(A8>H7@:C:7<G>(@7(@79:S<?H:;<(@7(
B>9(H?<@:@?G>9(?(978(C?S:9G8?@>9(@7=78J?(978(C>@:L:H?@>(H><(C:8?9(?(76:G?8(
9K(A>B:G:a?H:;<(Y(?(:CA7@:8(NK7(L?HG>879(7oG78<>9(:<G7867<S?<_(0?(97B7HH:;<(
Y(<>C=8?C:7<G>(@7(B>9(C?S:9G8?@>9(@7=78Z(^?H7897(=?]>(K<(A8>H7@:C:7<G>(

G8?<9A?87<G7 ( NK7 ( S?8?<G:H7 ( 9K (:<@7A7<@7<H:? ( 7 ( :CA?8H:?B:@?@` (=?9?@> ( 7<(


H8:G78:>9 ( >=]7G:6>9 ( @7G78C:<?@>9 ( HB?8?C7<G7` ( =?9?@>9 ( 7< ( B? ( :@><7:@?@`(
A8>=:@?@(Y(?<G7H7@7<G79(?H?@OC:H>9(Y(A8>L79:><?B79(@7(B>9(H?<@:@?G>9_d!(1
'<(C?Y>(87G>8<;(7<(K<?(C:9:;<(@7(97SK:C:7<G>(?(B?9(87H>C7<@?H:><79(
7L7HGK?@?9(7<(B?(?<G78:>8(6:9:G?(Y`(79A7HJL:H?C7<G7(A?8?(c:CAKB9?8(B?(A8><G?(
?A8>=?H:;< ( Y ( 9?<H:;< ( K<? ( :<:H:?G:6? ( @7 ( 07Y ( G7<@:7<G7 ( ? ( S?8?<G:a?8 ( K<(
A8>H79> ( @7 ( 7B7HH:;< ( =?9?@> ( 7< ( A8:<H:A:>9 ( @7 ( G8?<9A?87<H:? ( 7 ( :@><7:@?@d_(
,BBJ ( 7B>S:; ( B? ( !<:H:?G:6? ( kWWp ( A>8 ( ?]K9G?897 ( ? ( B>9 ( A?8ZC7G8>9 ( <?H:><?B79 ( 7(
:<G78<?H:><?B79(G7<@7<G79(?(S?8?<G:a?8(K<(A8>H79>(@7(7B7HH:;<( (=?9?@>(7<(
A8:<H:A:>9(@7(G8?<9A?87<H:?(7(:@><7:@?@`(9?B6>(A>8(7B(?8GJHKB>(W|(7<(7B(NK7(7B(
>L:H:?B:9C> ( ^?=J? ( B>S8?@> ( 9>9G7<78 ( B? ( A8:6?H:@?@ ( @7 ( B?9 ( 87K<:><79 ( @7 ( B?9(
.>C:9:><79_
Q<? ( 67a ( ?A8>=?@? ( B? ( 07Y ( ^:a> ( 87H>C7<@?H:><79 ( @7 ( 9:S<:L:H?G:6?(
:CA>8G?<H:? ( H>C> ( B? ( <7H79:@?@ ( @7 ( S?8?<G:a?8m ( B? ( G8?<9A?87<H:? ( @79@7 ( B?(
7B7HH:;<(@7(B>9(:<G7S8?<G79(@7(B?9(.>C:9:><79`(B?(87?B:a?H:;<(@7(?K@:7<H:?9(
Ab=B:H?9`(@7B(A8:<H:A:>(@7(>=]7G:6:@?@(Y(7B(?A>Y>(GOH<:H>(Y(L:<?<H:78><(?(B?9(
1>9GKB?@>8?9` ( A?8? ( B> ( NK7 ( :<9G; ( ? ( B? ( H>>A78?H:;< ( :<G78<?H:><?B ( ? ( NK7(
H><G8:=KY78?(7<(797(97<G:@>_!,2
'9G? ( @79G?H?@? ( G?87? ( @7 ( )79A>KY ( <> ( GK6> ( H><G:<K:@?@` ( BK7S> ( @7 ( 9K(
877CAB?a> ( A>8 ( B? ( <K76? ( %7B?G>8?` ( @K8?<G7 ( 7B ( LK<H:><?C:7<G> ( @7 ( B?9(
.>C:9:><79` ( NK:7< ( :<G786:<> ( @79@7 ( 2:<7=8? ( 7C:G:7<@> ( K< ( .>CK<:H?@>(
87H:O< ( @79AKO9 ( @7 ( NK7 ( 7B ( .><S879> ( 7B:S:78? ( 7< ( B? ( A8:C78? ( 6K7BG? ( ?(
C?S:9G8?@>9(H><(G?H^?9_(
1?8? ( 7<G><H79 ( B? ( C:9:6? ( 87C:G:@? ( A>8 ( B? ( 87B?G>8? ( 97j?B?=? ( NK7 ( c0?(
87H:7<G7(7B7HH:;<(@7(C?S:9G8?@>9(@7(B?(.>8G7(*KA87C?(@7(3K9G:H:?(5.*3D(@7(
2K?G7C?B?(:S<>8;(B>9(A8:<H:A:>9(@7(G8?<9A?87<H:?`(>=]7G:6:@?@(7(:@><7:@?@(
<7H79?8:>9(7<(79G7(G:A>(@7(A8>H79>d!,!_
'< ( 79? ( :<9G?<H:? ( LK7 ( CKY ( 87B76?<G7 ( 7B ( :<6>BKH8?C:7<G> ( @7B ( 7B ( A8>A:>(
*7H87G?8:>(27<78?B(@7(B?9("?H:><79(Q<:@?9`([?<(:(&>><_( (0?(:CA>8G?<H:?(
@7B(C7<9?]7(NK7(7<6:?8?(?B(.><S879>(@7(B?(%7Ab=B:H?(G?B(67a(8?@:H;(CZ9(7<(
7B(C>C7<G>(7<(NK7(B>(^:H:78?(NK7(7<(7B(H><G7<:@>_(0K7S>(@7(B?(@7H:9:;<(@7(
B? ( .>8G7 ( @7 ( .><9G:GKH:><?B:@?@ ( @7H:@:78? ( 9K9A7<@78 ( A8>6:9:><?BC7<G7 ( B?(
7B7HH:;< ( @7 ( C?S:9G8?@>9 ( 7L7HGK?@? ( A>8 ( 7B ( .><S879> ( Y ( ?<G79 ( @7 ( 6>B678 ( ?(
?<?B:a?8(B?9(H?<@:@?GK8?9(@7(<>C:<?@>9(H><(97j?B?C:7<G>9(@7(B?(9>H:7@?@(
H:6:B(Y(B?(.!.!2` (&:H^7B7(&><GZ9(R>H78?(@7B(*7H87G?8:>(27<78?B(@7(B?($"Q(
?97SK8;(NK7m
c[?< ( ^? (G>C?@> ( <>G? (@7 (B?9 ( :<NK:7GK@79 ( @7 ( B? (.>C:9:;<(
!<G78<?H:><?B(.><G8?(B?(!CAK<:@?@( 7<(2K?G7C?B?(5.:H:SD(Y(
B?(87B?G>8?(79A7H:?B(@7(B?($"Q(9>=87(B?(:<@7A7<@7<H:?(@7(
]K7H79(Y(?=>S?@>9`(2?=8:7B?(<?KB(@7(,B=KNK78NK7`(9>=87(
B? ( 87H:7<G7 ( 7B7HH:;< ( 7< ( 7B ( .><S879> ( @7 ( B>9 ( <K76>9(
C?S:9G8?@>9 ( @7 ( B? ( *KA87C?_ ('9G7 ( 79 ( K< ( ?9K<G> ( @7 ( S8?< (
:CA>8G?<H:?(7<(B?(BKH^?(H><G8?(B?(:CAK<:@?@(7<(7B(A?J9_('B (
!(1
!,2
!,!

97H87G?8:>(S7<78?B(H><LJ?(7<(NK7(7B(.><S879>(SK?G7C?BG7H> (
97 ( ?97SK8?8Z ( NK7 ( B>9 ( ]K7H79 ( 7B7S:@>9 ( ? ( B? ( CZ9 ( ?BG? (
:<9G?<H:? ( 97?< ( @7 ( K<? ( H>CA7G7<H:?` ( :<@7A7<@7<H:? ( 7 (
:<G7S8:@?@ ( :<HK79G:><?=B79`( ?S87S; ( 7< ( K<? ( @7HB?8?H:;<(
&><GZ9_d
$4 0?(.!.!2
'B(A?A7B(@7(B?(.>C:9:;<(!<G78<?H:><?B(.><G8?(B?(!CAK<:@?@(7<(2K?G7C?B?(
LK7(@7G78C:<?<G7(7<(7B(A8>H79>(@7(7B7HH:;<_
*:(B?(07Y(@7(.>C:9:><79(@7(1>9GKB?H:;<(LK7(K<?(BB?67(A?8?(@79H>CA8:C:8(
B?(A879:;<(NK7(9KL8J?(7B(2>=:78<>(?<G7(7B(H?9>(%>97<=78S(B?(.!.!2(LK7(>G8?_
'B(A879G:S:>(@7(K<(>8S?<:9C>(:<G78<?H:><?B(HKY?(L:<?B:@?@(79A7HJL:H?(78?(B?(
H><G8:=KH:;<(?B('9G?@>(7<(B?(:<679G:S?H:;<(@7(@7B:G>9(H>CAB7]>9(Y(B?(BKH^?(
H><G8? ( B? ( :CAK<:@?@` ( Y ( B? ( <7H79:@?@ ( @7 ( 8?G:L:H?8 ( 7< ( 797 ( C>C7<G> ( 9K(
C?<@?G> ( B7 ( 6:<> ( ? ( .>B>C ( H>C> ( ?<:BB> ( ?B ( @7@> ( ?<G7 ( B? ( 7HB>9:;< ( @7 ( B?(
@7C?<@?(@7(97SK8:@?@(Y(]K9G:H:?_
'9G?(9:GK?H:;<(7CA>@78;(CKH^>(?(B?(.!.!2(?B(A><78B?(7<(7B(H7<G8>(@7(B?(
79H7<?(H>C>(6>a(A87@>C:<?<G7(7<(G>@>9(B>9(?9A7HG>9(87B?H:><?@>9(H><(B?(
7B7HH:;<(@7(C?S:9G8?@>9(7<(C>C7<G>9(7<(NK7(@:6789>9(97HG>879(87?H:>9(?(
9K9(:<679G:S?H:><79(?HH:><?=?<(A?8?(7oAKB9?8B?(@7B(A?J9_
,(A79?8(@7(7BB>`(B?(.!.!2(G>C;(B?(@7H:9:;<(@7(<>(?HH:><?8(@:87HG?C7<G7(7<(
7B ( A8>H79> ( 9:<> ( ? ( G8?6O9 ( @7 ( K<? ( H>CAB7C7<G?H:;<` ( A8:<H:A?BC7<G7 ( 7< ( 7B(
:<G78H?C=:> ( @7 ( :<L>8C?H:;<` ( H>< ( B?9 ( >8S?<:a?H:><79 ( @7 ( B? ( 9>H:7@?@ ( H:6:B_(
+?C=:O< ( ^K=> ( =K7<? ( H>>8@:<?H:;< ( 7< ( 7B ( A>9:H:><?C:7<G> ( 9>=87 ( @:6789?9(
HK79G:><79(HB?679(?(B>(B?8S>(@7(G>@>(7B(A8>H79>_
0? ( .!.!2 ( A8>A>8H:><; ( @?G>9 ( 87H?=?@>9 ( 7< ( 9K9 ( :<679G:S?H:><79 ( 9>=87(
:CA7@:C7<G>9(>(:<HKCAB:C:7<G>(@7(87NK:9:G>9(A>8(A?8G7(@7(H?<@:@?G>9(Y(B?9(
G?H^?9 ( 78?< ( A8797<G?@?9 ( A>8 ( >8S?<:a?H:><79 ( @7 ( B? ( 9>H:7@?@ ( H:6:B_ ( 0?9(
:<G7867<H:><79(@7B():87HG>8(@7(B?(.!.!2(97(879786?8><(?(C>C7<G>9(HB?67(@7B(
A8>H79>`(H>C>(A>8(7]7CAB>(?<G79(@7(B?(6>G?H:;<(L:<?B(7<(B?9(.>C:9:><79(Y(
A>H>(?<G79(@7(B?(7B7HH:;<(L:<?B(7<(7B(.><S879>_
'<(?C=>9(H?9>9(.?8B>9(.?9G879?<?`(.>C:9:><?@>(@7(B?(.!.!2(H><6>H;(?(
H><L787<H:?9 ( @7 ( A87<9? ( NK7 ( H?AG?8>< ( B? ( ?G7<H:;< ( @7 ( G>@>9 ( B>9 ( C7@:>9 ( Y(
>L:H:?8><(@7(?@678G7<H:?(?<G79(@7(NK7(97(?@>AG?8?<(@7H:9:><79(87j:@?9(H><(
B>9(L:<79(@7B(A8>H79>_
+?B ( LK7 ( 7B ( H?9> ( @7 ( B? ( H><L787<H:? ( ? ( B? ( NK7 ( H><6>H?8? ( @J?9 ( ?<G79 ( @7 ( B?(
87C:9:;< ( @7 ( B? ( <;C:<? ( A>8 ( B?9 ( A>9GKB?@>8?9 ( ?B ( .><S879>_ ( '< ( @:H^?(
>A>8GK<:@?@ ( 97 ( 87L:8:; ( ? ( ( B?9 ( :887SKB?8:@?@79 ( NK7 ( 79G?=?< ( >HK88:7<@>(
5<7S>H:?H:><79 ( LK78? ( @7 ( B?9 ( 979:><79 ( @7 ( B?9 ( A>9GKB?@>8?9` ( H?<@:@?G>9(
A?8:7<G79(@7(H>C:9:><?@>9(Y(B?(<>(7oHK9?(@7(O9G>9(A?8?(7<G7<@78(7<(9K9(
7oA7@:7<G79(Y(B?(H><9:@78?H:;<(@7(H?<@:@?G>9(<>(:@;<7>9D(Y(?(B?(<7H79:@?@(
@7(?G7<@78(B>9(97j?B?C:7<G>9(@7(B?9($"2_(

0?(97SK<@?(?HH:;<(@:87HG?(CZ9(:CA>8G?<G7(@7B(]7L7(@7(B?(.!.!2(LK7(K<?(
A8797<G?H:;<(9:<(A87?6:9>(7<(7B(.><S879>(@7(B?(%7Ab=B:H?(]K9G>(?<G79(@7(NK7(
B>9 ():AKG?@>9 (A8>H7@:78?<(?(6>G?8(7<(K<? (?H7B78?@? (7B7HH:;<(L:<?B(@7 (B>9(
C?S:9G8?@>9_(,BBJ(97j?B;(?(>H^>(?9A:8?<G79(NK7(B>9(B7S:9B?@>879(Y?(^?=J?<(
H><97<9K?@>(7B7S:8`(H>C>(<>(:@;<7>9(A>8(G7<78(A8>H79>9(]K@:H:?B79(?=:78G>9`(
H><LB:HG>(@7(:<G78O9(Y(87B?H:;<(H><(S8KA>9(@7B:HG:6>9_
,9:C:9C>`(HK?<@>(7B(.><S879>(?=8:;(K<(A78J>@>(A?8?(B?(A8797<G?H:;<(@7(
<K76?9(G?H^?9(~BK7S>(@7(B?(>A:<:;<(H><9KBG:6?(@7(B?(..(NK7(>=B:S?8?(?(?=8:8(
7B(A8>H79>I(B?(.!.!2(87?B:a;(K<?(A8797<G?H:;<(H>CAB7G?(H><(:CAKS<?H:><79(?(
y(@7(B>9(H?<@:@?G>9_(
0> ( H:78G> ( 79 ( NK7 ( B? ( .!.!2 ( GK6> ( :<G7867<H:><79 ( H><GK<@7<G79 ( Y ( <> ( 9;B>(
@79?L:; ( B>9 ( BJC:G79 ( NK7 ( G8?@:H:><?BC7<G7 ( 97 ( ?KG>:CA><7< ( B?9(
87A8797<G?H:><79 ( :<G78<?H:><?B79 ( 7< ( A8>H79>9 ( A>BJG:H>9 ( :<G78<>9 ( 9:<> ( NK7(
AK9>(7<(]K7S>(G>@>(9K(H?A:G?B(7<(7B(A8>H79>_
0>9(C:7C=8>9(@7(B?(.>C:9:;<(9><(CKY(H><9:7<G79(@7(B>9(H>9G>9(?9KC:@>9(
879A7HG>(@7(B?(:C?S7<(H?8?HG78J9G:H?(NK7(97(G:7<7(@7(B?(9KAK79G?(>=]7G:6:@?@(
@7(B>9(>8S?<:9C>9(:<G78<?H:><?B79(NK7(:<G786:7<7<(7<(K<(A?J9(?9J(H>C>(@7B(
9?B@> ( NK7 ( B7 ( NK7@?8J? ( A?8? ( 7B ( LKGK8> ( H>< ( B>9 ( C?S:9G8?@>9 ( NK7 ( G?H^?8?(
Ab=B:H?C7<G7(Y(H><(B>9(NK7(:=?(?(G7<78(NK7(G8?=?]?8(9:(879KBG?=?<(7B7HG>9(
5H>9?(NK7(>HK88:;(H><(G879(@7(7BB>9(7<(7B(H?9>(@7(B?(.*3D_
Q<?(@7(B?9(H8JG:H?9(CZ9(:CA>8G?<G79(NK7(97(B7(^:H:78?(?(B?(.!.!2(LK7(B?(
@7C>8? (7<(A8797<G?8(B>9 (97j?B?C:7<G>9 (?( B>9 (H?<@:@?G>9 (Y(K<? (9KAK79G?(
:8879A><9?=:B:@?@(A?8?(?HK9?8(9:<(A8K7=?9_
{K:O<(A:@7(HK7<G?9(?(B?(.!.!2
*: ( B? ( .!.!2 ( ^K=:78? ( 9>C7G:@> ( 9K9 ( HK79G:><?C:7<G>9 ( ?<G7(
B?9 ( .>C:9:><79 ( 1>9GKB?@>8?9 ( H>< ( 7B ( 9KL:H:7<G7 ( G:7CA>`(
G>@>9 ( B>9 ( 97j?B?@>9 ( ^K=:78?< ( G7<:@> ( B? ( >A>8GK<:@?@ ( @7(
@7L7<@7897_('97(79(K<(@787H^>(NK7(<>(AK7@7(<7SZ897B7(<:(
? ( B>9 ( A7>879 ( H8:C:<?B79 ( @7B ( CK<@>_ ( '9 ( K< ( @787H^>(
:<?B:7<?=B7_(
'9G7 ( ^? ( 9:@> ( K< ( A8>H79> ( 7< ( 7B ( HK?B ( ^? ( ^?=:@> ( CKH^?9(
A789><?9(@?C<:L:H?@?9(9:<(^?=78B>(C787H:@>_(*78Z(?(A?8G:8(
@7(?^>8?(G?87?(@7(B?(.!.!2(876:9?8(9K(?HGK?H:;<(@K8?<G7(7B(
A8>H79>(H><(K<(97<G:@>(?KG>H8JG:H>_
l(>G8? (G?87? ( <K79G8? ( :<7oHK9?=B7 ( ?( A?8G:8 ( @7 (?^>8? ( 978Z(
678(H><(>]>9(CZ9(H8JG:H>9`(C7<>9(H8O@KB>9`(B?9(?HGK?H:><79(
@7 ( B? ( .!.!2_ ( 0? ( H>C:9:;< ( 79GZ ( 7< ( <K79G8> ( A?J9 ( A?8?(
?9:9G:8<>9(7<(B?(BKH^?(H><G8?(B?(:CAK<:@?@`(A78>(@7(<:<SK<?(
C?<78? ( @7=7 ( H><678G:897 ( 7< ( K<? ( :<9G?<H:? ( 9KA87C?`(
:<?A7B?=B7(Y(7o7<G?(@7(L:9H?B:a?H:;<_(3K?<(0K:9(#><G`(7<('B(
178:;@:H>(@7B(hy(@7(>HGK=87(@7(UVVW
c'9G>Y(97SK8>(NK7(9:(79G?(A879:;<(@7(?^>8:G?(^K=:78?(H?J@>(
7< ( B?9 ( .>C:9:><79 ( @7 ( 1>9GKB?H:;< ( 57B ( L:BG8>D` ( 7B ( .><S879>(
^K=:78?(^7H^>(B>(NK7(B7(H>8879A><@7`(NK7(79(97B7HH:><?8(
@7 ( K< ( B:9G?@> ( @7 ( Uy ( A789><?9` ( G>@?9 ( 7B7S:=B79d` ( ,B6?8>(

.>B>C`(1879:@7<G7(@7(B?(%7Ab=B:H?`(7<('B(178:;@:H>(@7B(w(@7(
>HGK=87(@7(UVVW_
+?<G> ( B? ( .!.!2 ( H>C> ( B?9 ( $*.X9 ( ^?< ( H><L:8C?@> ( NK7 ( B>9 ( 97j?B?C:7<G>9(
LK78>< ( A8797<G?@>9 ( 7< ( 7B ( C>C7<G> ( >A>8GK<> ( ?<G7 ( B?9 ( .>C:9:><79 ( @7(
1>9GKB?H:;<` ( 9:7CA87 ( 9:7<@> ( H?<?B:a?@? ( B? ( :<L>8C?H:;< ( NK7 ( B? ( .!.!2(
9>H:?B:a?8?(H><(A>9G78:>8:@?@(A>8(B?9($"2X9_
+?C=:O<(B>9(.>C:9:><?@>9(@7(,A7B?H:><79(87HB?C?8><(?(B?(.!.!2(A>8(B?(
?HG:GK@(@7(?HK@:8(?B(.><S879>(Y(<>(^?=78(H><G79G?@>(9K9(<>G?9(H><(A7@:@>9(
@7((?K@:7<H:?(A?8?(H><>H78(@?G>9(9>=87(B>9(H?<@:@?G>9(NK7(H><9:@78?8?<(<>(
:@;<7>9_(,L:8C?=?<(NK7(@7(978(:<L>8C?H:;<(6:<HKB?@?(?(:<679G:S?H:><79(97(
H>CA8>C7G78J?< ( ? ( <> ( @767B?8B?` ( 9:< ( 7C=?8S> ( ?B7S?8>< ( <: ( 9:NK:78? ( 87H:=:8(
879AK79G?!,'_
1?8?(7B(H?9>(@7(NK7(79G?(9:GK?H:;<(97(^K=:78?(A8>@KH:@>(B?(.!.!2(^?=8J?(
:<HK88:@>(7<(K<?(6:>B?H:;<(?(B?(07Y(@7(.>C:9:><79(7<(HK?<G>(>=B:S?(?(G>@>9(
B>9(>8S?<:9C>9(?(H>B?=>8?8(H><(B?9(1>9GKB?@>8?9_
!<@7A7<@:7<G7C7<G7 ( @7 ( B>9 ( ?H:78G>9 ( Y ( 788>879` ( <> ( AK7@7 ( @79H><>H7897(
NK7 ( B? ( .!.!2 ( LK7 ( K< ( ?HG>8 ( H7<G8?B ( @7B ( A8>H79> ( Y ( NK7 ( 9K ( A?8G:H:A?H:;<(
H><G8:=KY;(?(7NK:B:=8?8(B?(=?B?<a?(NK7(G8?@:H:><?BC7<G7(97(^?(:<HB:<?@>(?(
L?6>8(@7(H><9786?8(7B(9G?GK(NK>_
%4 $',_(.!)F
'<(K<?(BJ<7?(@7(H><G:<K:@?@(H><(9K9(:<G7867<H:><79(^:9G;8:H?9(7<(7B(A?J9`(
7<(B?9(NK7(9:7CA87(97j?B?8?(B?(:CAK<:@?@`(B?(L?BG?(@7(:<@7A7<@7<H:?(]K@:H:?B(
Y(B? ( @7=:B:@?@( :<9G:GKH:><?B` ( Y(87H>C7<@?8? (B? ( 87L>8C? (@7B (C7H?<:9C> (@7(
7B7HH:;<(@7(C?S:9G8?@>9`(B?(.>C:9:;<(!<G78?C78:H?<?(@7()787H^>9(FKC?<>9(
97 ( A8><K<H:; ( ? ( G8?6O9 ( @7 ( 9K ( %7B?G>8 ( A?8? ( B>9 ( 1K7=B>9 ( !<@JS7<?9` ( ( R:HG>8(
,=8?C>6:H^!,(_
,A7<?9(?A8>=?@?(B?(B7Y(7B(.>C:9:><?@>(=8:<@;(9K(?A>Y>m(c1?8?(B?(.!)F(79(
CKY ( :CA>8G?<G7 ( 7B ( A8>H79> ( NK7 ( 97 ( ?=87 ( ?^>8? ( H>< ( B? ( <K76? ( 07Y ( @7(
.>C:9:><79 ( @7 ( 1>9GKB?H:;< ( 5A?8? ( 7B7S:8 ( C?S:9G8?@>9 ( @7 ( B? ( .*3D_ ( 0?9(
@7H:9:><79(@7(B>9(]K7H79(:CA?HG?<(7<(B?(6:@?(H>G:@:?<?(@7(B?9(A789><?9_('9(
CKY(:CA>8G?<G7(NK7(97(?A8>67H^7(B?(>A>8GK<:@?@(NK7(97(?=87(H><(79G?(B7Y`(
NK7 ( 97 ( :CAB7C7<G7 ( ?@7HK?@?C7<G7 ( Y ( 97 ( S?8?<G:H7 ( B? ( AK=B:H:@?@_ ( '9 ( K<?(
>A>8GK<:@?@(^:9G;8:H?(A?8?(7CA7a?8(?(H?C=:?8`(@79@7(B?(.>8G7(5*KA87C?(@7(
3K9G:H:?D(^?H:?(?=?]>`(B?(?@C:<:9G8?H:;<(@7(]K9G:H:?d(
!SK?BC7<G7` ( 7< ( K< ( H>CK<:H?@>` ( @79G?H; ( B?9 ( A>9:=B79 ( @:L:HKBG?@79 ( NK7(
7<L87<G?8J? ( B? ( :CAB7C7<G?H:;< ( @7 ( B? ( B7Y ( 7 ( :<9G; ( ? ( B?9 ( ?KG>8:@?@79 ( ? ( <>(
>=9G?HKB:a?8B?_
c'9G?(B7Y(=K9H?(S?8?<G:a?8(B?(G8?<9A?87<H:?(7<(B?(7B7HH:;<(@7(
?BG>9(H?8S>9(Ab=B:H>9(?9J(H>C>(B?(A?8G:H:A?H:;<(@7(B?(9>H:7@?@(
H:6:B ( 7< ( B>9 ( A8>H79>9 ( @7 ( 97B7HH:;< ( @7 ( H?<@:@?G>9_ ( 'B(
.>C:9:><?@>(H><9:@78?(NK7(79G?(:<:H:?G:6?(79(K<(:CA>8G?<G7(
?6?<H7(A?8?(C7]>8?8(7B(LK<H:><?C:7<G>(@7(B?(,@C:<:9G8?H:;<(
!,'
!,(

@7(3K9G:H:?`(7<(79A7H:?B`(9K(:<@7A7<@7<H:?(Y(9K(:CA?8H:?B:@?@_(
0? ( .!)F ( ^? ( 87H:=:@> ( :<L>8C?H:;< ( @7 ( ?BSK<?9 ( @7 ( B?9(
@:L:HKBG?@79(NK7(7<L87<G?8J?(B?(:CAB7C7<G?H:;<(@7(B?(B7Y_('<(
A?8G:HKB?8`(B?(A>9:=:B:@?@(@7(NK7(A>8(7B(?=K9>(@7(87HK89>9(@7(
:CAKS<?H:;< ( 97 ( @7C>87 ( 7B ( A8>H79> ( Y ( B? ( ?9K<H:;< ( @7 ( B>9(
H?<@:@?G>9 ( 97B7HH:><?@>9_ ( ,BSK<?9 ( >8S?<:a?H:><79 ( @7 ( B?(
9>H:7@?@(H:6:B(^?<(C?<:L79G?@>(A87>HKA?H:;<(A>8(7B(S8?@>(@7(
A?8G:H:A?H:;< ( Y ( AK=B:H:@?@ ( NK7 ( 97 ( S?8?<G:a?8J?< ( @K8?<G7 ( 7B(
A8>H79>_ ( '< ( 79G7 ( 97<G:@>` ( B? ( .!)F ( :<9G? ( ? ( B?9 ( :<9G?<H:?9(
H>CA7G7<G79(?(( ?BH?<a?8(K<?(?@7HK?@?(:CAB7C7<G?H:;<(@7B(
C7H?<:9C>`(NK7(S?8?<G:H7(B?(AK=B:H:@?@(@7(B>9(?<G7H7@7<G79(
Y(@7(B>9(?HG>9(@7(97B7HH:;<`(?9J(H>C>(B?(7L7HG:6?(A?8G:H:A?H:;<(
Y ( B? ( L:9H?B:a?H:;< ( @7 ( B? ( 9>H:7@?@ ( H:6:B ( 7< ( G>@> ( 7B ( A8>H79>_(
.>CK<:H?@> ( @7 ( 187<9? ( kgqVW ( @7 ( B? ( .!)F` ( hU ( @7 ( ]K<:> ( @7(
UVVW
0?(97SK<@?(:<G7867<H:;<(:CA>8G?<G7(@7(B?(.!)F(LK7(@K8?<G7(7B(AB?a>(A?8?(
B? ( A8797<G?H:;< ( @7 ( 97j?B?C:7<G>9 ( BK7S> ( @7 ( B? ( A8:C78? ( 7B7HH:;< ( 7< ( 7B(
.><S879>(NK7(B?(..(>8@7<?8?(876:9?8_
'<(79G7(C>C7<G>(HB?67`(7B(y(@7(>HGK=87`(B?(.!)F(7C:G:;(7B(.>CK<:H?@>("|(
pkqVW`(CKY(@K8>(7<(7B(NK7(97j?B;(NK7m
c'B ( 1>@78 ( 3K@:H:?B ( <> ( ^? ( ?97SK8?@> ( ?b< ( ? ( B? ( C?Y>8J? ( @7(
SK?G7C?BG7H>9(Y(SK?G7C?BG7H?9(7B(879A7G>(@7(B>9(@787H^>9(
^KC?<>9(?(G8?6O9(@7(B?(:<679G:S?H:;<(@7(B?9(@7<K<H:?9(Y(B?(
:<@:6:@K?B:a?H:;< ( Y ( 9?<H:;< ( @7 ( B>9 ( 879A><9?=B79 ( @7(
6:>B?H:><79 ( ? ( B>9 ( @787H^>9 ( ^KC?<>9 ( @7B ( A8797<G7 ( Y ( @7B(
A?9?@>_(0?(L?BG?(@7(H?A?H:@?@(@7B('9G?@>(SK?G7C?BG7H>(@7(
A8>6778(K<(9:9G7C?(@7(?@C:<:9G8?H:;<(@7(]K9G:H:?(?@7HK?@>(
Y(7L:H:7<G7`(Y(K<?(]K9G:H:?(:<@7A7<@:7<G7(7(:CA?8H:?B`(:CA:@7(
7B ( ?HH79> ( @7 ( B>9 ( SK?G7C?BG7H>9 ( ? ( B? ( ]K9G:H:?_(( *:< ( K<?(
?@C:<:9G8?H:;< ( @7 ( ]K9G:H:? ( LK78G7 ( Y ( 879A7GK>9? ( @7 ( B>9(
@787H^>9 ( LK<@?C7<G?B79 ( @7 ( B>9 ( :<@:6:@K>9 ( 79 ( :CA>9:=B7(
B>S8?8 ( 7B ( L>8G?B7H:C:7<G> ( @7C>H8ZG:H> ( @7B ( '9G?@> ( Y ( @7 ( B?(
6:S7<H:?(@7B('9G?@>(@7()787H^>(NK7(2K?G7C?B?(87NK:787_d
'< ( 7B ( @>HKC7<G> ( AK=B:H?@>` ( ?@7CZ9` ( B? ( .!)F ( ^:a> ( K< ( BB?C?@> (? ( B?9(
:<9G?<H:?9(H>CA7G7<G79(?m
c?BH?<a?8 ( K<? ( ?@7HK?@? ( :CAB7C7<G?H:;< ( @7B ( C7H?<:9C>(
79G?=B7H:@> ( A>8 (B? ( 07Y( @7 ( .>C:9:><79 (@7 ( 1>9GKB?H:;<`( NK7(
S?8?<G:H7(B?(AK=B:H:@?@(@7(B>9(?<G7H7@7<G79(Y(@7(B>9(?HG>9(
@7(97B7HH:;<(7<(K<(A8>H79>(?CAB:>(7(:<HBK9:6>`(?9J(H>C>(B?(
7L7HG:6?(A?8G:H:A?H:;<(Y(B?(L:9H?B:a?H:;<(@7(B?(9>H:7@?@(H:6:B(
7< ( G>@> ( 7B ( A8>H79>_ ( '< ( 79A7H:?B` ( B? ( .!)F ( :<9G? ( ? ( B?9(
:<9G?<H:?9 ( H>CA7G7<G79 ( ? ( NK7 ( 97 ( G>C7< ( 7< ( HK7<G?(
978:?C7<G7(B?9(87H>C7<@?H:><79(@7(B?(9>H:7@?@(H:6:B(Y(@7(B?(
.>C:9:;<(!<G78<?H:><?B(H><G8?(B?(!CAK<:@?@(7<(2K?G7C?B?(
5.!.!2D(7<(B?9(@7H:9:><79(L:<?B79_d
&4 .>C:9:;<(!<G78<?H:><?B(@7(3K8:9G?9

3K<G>(H><(B?(.!.!2`(B?(.!3(@797CA7j;(K<(A?A7B(LK<@?C7<G?B(7<(7B(A8>H79>_(
*K9 ( :<G7S8?<G79 ( H><>H:78>< ( CKY ( @7 ( H78H? ( 7B ( A8>H79>` ( H>< ( K< ( :CA>8G?<G7(
<:67B(@7(:<G7867<H:;<(@:87HG?_
0?(.!3(BB76;(?(H?=>(@>9(C:9:><79(@7(?BG>(<:67B(7<(]KB:>(Y(7<(97AG:7C=87`(
?G8?Y7<@> ( B? ( ?G7<H:;< ( @7 ( B? ( A87<9? ( 7< ( C>C7<G>9 ( :CA>8G?<G79 ( Y(
?H>CA?j?<@> ( B?9 ( 6:9:G?9 ( H>< ( @>9 ( A8><K<H:?C:7<G>9 ( H>< ( @:?S<;9G:H>9 ( Y(
87H>C7<@?H:><79_
'<(7B(A8:C78>`(CKY(7CA?A?@>9(@7(B?(H>YK<GK8?(K<?(67a(?A8>=?@?(B?(B7Y`(
:<9G?=?< ( ? ( B>9 ( ?HG>879 ( ? ( <> ( @:B?G?8 ( 7B ( A8>H79> ( ?=K9?<@> ( @7 ( 87HK89>9(
@79G:<?@>9 ( 7oHBK9:6?C7<G7 ( ? ( G?B ( L:<` ( ? ( B? ( .*3 ( @7 ( ?=9G7<7897 ( @7 ( @79:S<?8(
H>C> ( H>C:9:><?@>9 ( @7 ( ?A7B?H:><79 ( ? ( C?S:9G8?@>9 ( NK7 ( A87G7<@J?< ( B?(
877B7HH:;<` ( ? ( L:]?8 ( H8:G78:>9 ( >=]7G:6>9 ( A?8? ( 76?BK?8 ( ? ( B>9 ( H?<@:@?G>9 ( Y ( ?(
79G?=B7H78(K<(87HK89>(97<H:BB>(A?8?(87H:=:8(@7<K<H:?9!,,
'B ( 97SK<@> ( 97 ( AK=B:H; ( K<? ( 67a ( 7<6:?@?9 ( B?9 ( <;C:<?9 ( ?B ( .><S879>(
76?BK?<@>(7B(G8?=?]>(@7(B?9(.>C:9:><79m(cB?(.!3(<>G?(H><(A87>HKA?H:;<(NK7(B?(
B?=>8(@7(B?9(.>C:9:><79(@7(1>9GKB?H:;<(76:@7<H:;(6?8:?9(L?B7<H:?9m(?_( ">(97(
:<679G:S?8>< ( B?9 ( @7<K<H:?9 ( 9>=87 ( 7B ( C><G> ( Y ( >8:S7< ( @7 ( B>9 ( L><@>9 ( @7 ( B?9(
>8S?<:a?H:><79(@7(?=>S?@>9(NK7(A?8G:H:A?8><(7<(B?(7B7HH:;<(7<(7B(.>B7S:>(@7(
,=>S?@>9_( (=_( 0>9(AK<G?]79(LK78><(?@]K@:H?@>9(9:<(LK<@?C7<G?H:;<(?BSK<?_(
H_(0>9(AK<G?]79(<>(97(879A7G?8><(?B(C>C7<G>(@7(7B7S:8(?(B>9(H?<@:@?G>9_((@_(
"> ( 97 ( >G>8S; ( B? ( @7=:@? ( H><9:@78?H:;< ( ? ( B? ( G8?Y7HG>8:? ( A8>L79:><?B ( @7 ( B>9(
]K7H79 ( 7< ( 7]78H:H:>_ ( ( 7_( 0?9 ( @7<K<H:?9 ( @7=:@?C7<G7 ( 9K9G?<H:?@?9(
A8797<G?@?9 ( 7< ( H><G8? ( @7 ( B>9 ( H?<@:@?G>9 ( <> ( LK78>< ( ?G7<@:@?9 ( @7 ( C?<78?(
?@7HK?@?_(L_(">(97(BB76?8><(?(H?=>(?K@:7<H:?9(Ab=B:H?9(Y(7<G876:9G?9(H><(B>9(
?9A:8?<G79_ ( ( S_( .:78G?9 ( A789><?9 ( NK7 ( :<G7S8?8>< ( B?9 ( .>C:9:><79 ( @7(
1>9GKB?H:;<(G?C=:O<(97(A8797<G?8><(H>C>(?9A:8?<G79_(^_( '<(B?(97B7HH:;<(@7(
H?<@:@?G>9 ( A?8? ( B? ( .>8G7 ( *KA87C?` ( 97 ( A8>@K]78>< ( B?8S>9 ( 87H79>9 ( NK7(
76:@7<H:?8><(B? (7o:9G7<H:?(@7(?HK78@>9(?(79A?B@?9 (@7 (B? (>A:<:;<(Ab=B:H?_d(
+?C=:O<(:<9G?=?(?B(.><S879>(?(S?8?<G:a?8(B?(A?8G:H:A?H:;<(H:K@?@?<?(7<(79G?(
7G?A?` ( 76?BK?8 ( B?9 ( ^>]?9 ( @7 ( 6:@? ( @7 ( H?@? ( H?<@:@?G>` ( 87?B:a?8 ( ?K@:7<H:?9(
Ab=B:H?9` ( ? ( <> ( 6>G?8 ( 7< ( 97H87G> ( Y ( <> ( 87?B:a?8 ( B? ( 7B7HH:;< ( 9:< ( B? ( @7=:@?(
AK=B:H:@?@(C?9:6?(?<G:H:A?@?_!,,@7CZ9(@7(B?9(C:9:><79(@7(?BG>(<:67B`(7B():87HG>8(A?8?(.7<G8>?CO8:H?(@7(
B?(.!3`(%?C;<(.?@7<?`(GK6>(K<? (A?8G:H:A?H:;<(A78C?<7<G7 (Y(@:87HG? (7<(7B(
A8>H79>_
0? ( ]KS?@? ( CZ9 ( ?88:79S?@? ( @7 ( B? ( .>C:9:;< ( 7< ( B? ( NK7` ( ?B ( :SK?B ( NK7(
9KH7@:78? ( H>< ( B? ( .!.!2` ( 97 ( AK9> ( 7< ( ]K7S> ( 7B ( A879G:S:> ( >G>8S?@> ( A>8 ( 9K(
:CA?8H:?B:@?@(Y(>=]7G:6:@?@(H>C>(7<G7(:<G78<?H:><?B(cB:=87d(7<(7B(:C?S:<?8:>(
H>B7HG:6> ( LK7 ( B? ( :<G7867<H:;< ( @:87HG? ( 7< ( >=]7H:><79 ( L>8C?B:a?@?9 ( H>C>(
@7<K<H:?9(?(H?<@:@?G>9(AK<GK?B79_
( 0K7S> ( @7 ( B? ( 7B7HH:;< ( 7< ( 7B ( .><S879>` ( B? ( .!3 ( A8797<G; ( K< ( 87HK89> ( NK7(
A87G7<@J? ( B? ( 876:9:;< ( Y ( ?<KB?H:;< ( @7 ( 7B7HH:;< ( @7 ( C?S:9G8?@>9` ( A>8NK7 ( 97(
^?=J?(7B7S:@>(?(FOHG>8(&?<L87@>(&?B@><?@>(&O<@7a`(NK:7<(A78G7<7H:;(?(B?9(
LK78a?9(@7(97SK8:@?@(@K8?<G7(B?(87A879:;<(7<(B?(@OH?@?(@7(B>9(>H^7<G?_
!,,
!,-

,(9K(67a`(%?C;<(.?@7<?`(A:@:;(?<G7(B?(..(B?(?<KB?H:;<(@7(B?(97SK<@?(
6>G?H:;<(87?B:a?@?(7<(7B(.><S879>(7<(B?(NK7(97(7oHBKY;(9>B>(?(G879(@7(B>9(97:9(
97j?B?@>9(H>C>(:CA7@:@>9(A>8(B?(.!.!.2(Y(B?9($*.X9(Y(NK7(97(87?B:a?8?(K<?(
:<679G:S?H:;< ( :<HBKY7<@> ( 7<G876:9G?9 ( ? ( B>9 ( 7B7HG>9 ( A?8? ( 79HB?87H78 ( B>9(
97j?B?C:7<G>9_
*4 Q<:;<('K8>A7?(Y(B?9(87A8797<G?H:><79(<?H:><?B79
0?9(87A8797<G?H:><79(<?H:><?B79(@7(6?8:>9(A?J979(@7B(CK<@>`(?(G8?6O9(@7(
9K9(7C=?]?@?9(7<(2K?G7C?B?`(?@>AG?8><(Y(7oG78:>8:a?8><(A>9:H:><79(CKY(
?K@?H79(A?8?(B>(NK7(79(B?(G8?@:H:;<(@7(B?9(:<G7867<H:><79(@:AB>CZG:H?9_
1>8(7B(?A>Y>(@7(B?(Q<:;<('K8>A7?(?(B?(.!.!2`(B?9(?HH:><79(@:87HG?9(@7(B?9 (
'C=?]?@?9 ( 7K8>A7?9 ( 79GK6:78><` ( H?9: ( 9:7CA87` ( @:8:S:@?9 ( ? ( ?A>Y?8 ( B?9(
:<G7867<H:><79(@7(B?(.>C:9:;<!,._
4? ( 7< ( B? ( 7G?A? ( @7 ( @7=?G7 ( @7 ( B? ( !<:H:?G:6? ( kWWp ( Y ( ?H>ABZ<@>97 ( ? ( B?9(
@7C?<@?9(@7(B?9($*.X9(7B(hU(@7(C?Y>(B>9('C=?]?@>879(@7(*K7H:?`('9G?@>9(
Q<:@>9`('9A?j?(Y(.?<?@Z(97(87K<:78><(H><(7B(1879:@7<G7(@7B(.><S879>(A?8?(
C?<:L79G?8(L>8C?BC7<G7(9K(?A>Y>(?(B?(?A8>=?H:;<(@7(B?(07Y(@7(.>C:9:><79(
@7(1>9GKB?H:;<_
c0? ( B7Y (A78C:G:8Z ( B? ( G8?<9A?87<H:? ( 7< ( B?9 ( A8;o:C?9(
7B7HH:><79 ( ? ( C?S:9G8?@>9 ( @7 ( B? ( .>8G7 ( *KA87C? ( @7(
3K9G:H:? ( 5.*3D` ( ?9J ( H>C> ( 7< ( >G8>9 ( A8>H79>9 ( NK7 ( G:7<7<(
:CA>8G?<H:?(A?8?(7B(9:9G7C?(@7(]K9G:H:?(@7B(A?J9d_(
'6?(78<78`(7C=?]?@>8?(@7(*K7H:?!,/_
c&7 ( A?87H7 ( NK7` ( 9: ( B?9 ( =?<H?@?9 ( 87?BC7<G7 ( NK:787<(
?A>8G?8(?(NK7(^?Y?(K<?(:<679G:S?H:;<(978:?(7(:CA?8H:?B`(
?A8>=?8Z<(B?(B7Yd
*G7A^7<(&H#?8B?<@`(7C=?]?@>8(@7('9G?@>9(Q<:@>9(?<G79(
@7(NK7(97(?A8>=?8?(B?(07Y(Y(BK7S>(@7B(H?9>(%>97<=78S_
Q<? ( 67a ( ?A8>=?@> ( 7B ( )7H87G> ( hWIUVVW` ( B>9 ( 7C=?]?@>879 ( @7 ( *K7H:?`(
!<SB?G788?` ( #8?<H:? ( Y ( ,B7C?<:? ( 97 ( 87K<:78>< ( H>< ( %>=78G> ( ,B7]>9 ( A?8?(
C?<:L79G?8(9K(9?G:9L?HH:;<(A>8(B?(?A8>=?H:;<(@7(B?(0.1 !,0_((0?(7C=?]?@>8?(@7(
.?<?@Z ( 7< ( 2K?G7C?B?` ( 077?<< ( &H7H^<:7 ( 97 ( 9KC; ( ? ( 79? ( 7oA879:;<(
H>CK<:H?<@> ( NK7 ( 87H:=J? ( H>< ( n9?G:9L?HH:;< ( B? ( ?A8>=?H:;<n ( @7 ( B? ( <K76?(
<>8C?G:6?_(n'9G7(79(K<(C>C7<G>(:CA>8G?<G7(A?8?(2K?G7C?B?_(0?(6:>B7<H:?(
^?(?BH?<a?@>(<:67B79(9:<(A87H7@7<G7(@79@7(B?(L:8C?(@7(B>9(,HK78@>9(@7(1?a(
5hWWyD(Y(97(87NK:787(@7(K<?(?HH:;<(H><H78G?@?(A?8?(?97SK8?8(K<(HB:C?(@7(
97SK8:@?@(Y(]K9G:H:?(A?8?(B>9(SK?G7C?BG7H>9n!,1_
+>@?9(B?9(@7B7S?H:><79(C?<:L79G?8><(K<(8>GK<@>(?A>Y>(?(B?9(@7<K<H:?9(
@7(B?(.!.!2(7<(B?(7G?A?(@7(B?9(<>C:<?H:><79(Y(7<(7B(.><S879>_

!,.
!,/
!,0
!,1

'<(B?(A8:C78?(:<G7867<H:;<(H7<G8?B(@7(B?(.!.!2(?<G79(@7(B?(6>G?H:;<(7<(B?9(
.>C:9:><79(@7(1>9GKB?H:;<(7<(B?(NK7(?B78G?=?<(9>=87(:887SKB?8:@?@79(7<(B?9(
<7S>H:?H:><79`(B?9(7C=?]?@>8?9(@7(*K7H:?(Y('9A?j?`('r?(78<78(Y(.?8C7<(
)J7aI$87]?9` ( 97 ( C?<:L79G?8>< ( Ab=B:H?C7<G7 ( H>:<H:@:7<@> ( H>< ( .?9G879?<?_(
0? ( 7C=?]?@>8? ( 9K7H? ( C?<:L79G?=?m ( cB? ( H>CK<:@?@ ( :<G78<?H:><?B ( 79GZ(
H>CA8>C7G:@?(H><(B?(]K9G:H:?_('9(B?(^>8?(@7(C>9G8?8(NK7(G?C=:O<(79(A>9:=B7(
G78C:<?8 ( H>< ( B? ( :CAK<:@?@ ( @7<G8> ( @7B ( 9:9G7C? ( @7 ( ]K9G:H:?` ( @7<G8> ( @7 ( B?9(
.>8G79n!-2_
c'B(.><S879>(G:7<7(NK7(?9KC:8(B?9(H><97HK7<H:?9(Y(B?(
879A><9?=:B:@?@ ( @7 ( ^?=78 ( 7B7S:@> ( C?S:9G8?@>9 ( 9:<(
^?=78 ( G>C?@> ( 7< ( HK7<G? ( B?9 ( ?@678G7<H:?9 ( @7 ( B?(
9>H:7@?@(H:6:Bd_(
.?8C7<():7a`(7C=?]?@>8?(@7('9A?j?!-!
'<(K<?(C7@:@?(NK7(AK7@7(H><9:@78?897(7oH79:6?(A?8?(B>9(BJC:G79(@7(9K(
LK<H:;<` ( B? ( 'C=?]?@? ( @7 ( '9G?@>9 ( Q<:@>9 ( A8797<G; ( HK79G:><?C:7<G>9 ( ?(
H?<@:@?G>9 ( ? ( B? ( .>8G7 ( @7 ( ,A7B?H:><79 ( 7< ( 7B ( .><S879>_ ( c'9A78> ( NK7 ( B?9(
H>C:9:><79(87LB7o:><7<(9K9(@7H:9:><79`(A>8NK7(9:(<>(^?Y(K<?(=K7<?(.>8G7(
*KA87C? ( Y ( =K7<>9 ( C?S:9G8?@>9 ( 7< ( ,A7B?H:><79` ( A>H> ( 97 ( AK7@7 ( ^?H78(
H><G8?(B>9(C?878>9(Y(7oG>89:><:9G?9d_!-'
+?C=:O<(H>:<H:@:78><(7<(6?B>8?8(A>9:G:6?C7<G7`(A797(?(B?9(A>BOC:H?9`(7B(
A8>H79> ( K<? ( 67a ( L:<?B:a?@? ( B? ( 7B7HH:;< ( 7< ( K< ( 7<HK7<G8> ( >8S?<:a?@> ( A>8(
187<9?(0:=87_
0?9(7C=?]?@>8?9(3KB:7(.^?AA7BB`(@7B(%7:<>(Q<:@>`(Y(&:H^7B7(%?C:9I1BKC`(
@7(#8?<H:?`(76?BK?8><(?B( (A8>H79>(@7(7B7HH:;<(@7(C?S:9G8?@>9(79(K<(=K7<(
A?9> ( A?8? ( B>S8?8 ( K<? ( ]K9G:H:? ( :CA?8H:?B ( 7 ( :<@7A7<@:7<G7_ (0? ( 7C=?]?@>8?(
L8?<H79?(76:@7<H:;( (cB?(BKH^?(7<G87(K<?(9>H:7@?@(H:6:B(H><(@797>(@7(CZ9(
97SK8:@?@(Y(]K9G:H:?`(7<(K<(A?J9(?S>=:?@>(A>8(B?(6:>B7<H:?`(Y(B?(879:9G7<H:?(@7(
97HG>879(A8:6?@>9(NK7(?b<(NK:787<(@7L7<@78(9K9(:<G787979d_ !-(
&:7<G8?9(NK7(7B(7C=?]?@>8(?B7CZ<`(17G78(0:<@78`(H>CA?8;(B?(7B7HH:;<(H><(
K<(A?H:7<G7(7<L78C>`(?B(7oA><78(NK7(^?H7(97:9(C7979`(7B(@:?S<;9G:H>(78?(
CKY(C?B>`(A78>(NK7(^?(^?=:@>(@7H:9:><79(NK7(^?<(C7]>8?@>(B?(9?BK@(@7B(
A?H:7<G7(Y(NK7(A8>S879?_(c'9GZ(CKY(HB?8>(NK7`(9:<(B?(A8797<H:?(@7(B?(.:H:S(Y(
B? ( H>C=:<?H:;< ( @7 ( LK78a?9 ( :<G78<?9 ( Y ( 7oG78<?9` ( 7B ( A?H:7<G7 ( 978J? ( CKY(
C?B>d!-,_
0? (7C=?]?@>8? ( @7 (.?<?@Z`( G?C=:O< (6?B>8?=? ( B>9 ( 879KBG?@>9 ( >=G7<:@>9m(
c'B ( A8>H79> ( LK7 ( =?9G?<G7 ( 7o:G>9>` ( LK7 ( B? ( A8:C78? ( 67a ( 7< ( B? ( ^:9G>8:? ( @7(
2K?G7C?B? ( NK7 ( ^K=> ( 97B7HH:;< ( @7 ( H?<@:@?G>9 ( ? ( G8?6O9 ( @7 ( K< ( A8>H79>(
Ab=B:H>de ( ?@7CZ9` ( @79G?H; ( B? ( A?8G:H:A?H:;< ( @7 ( B? ( 9>H:7@?@ ( H:6:B ( Y ( B?(
879A><9?=:B:@?@(@7(B?(.>8G7(@7(.><9G:GKH:><?B:@?@(7<(B>9(C>C7<G>9(HB?67(
A?8?(@7L7<@78(7B(79G?@>(@7()787H^>_
!-2
!-!
!-'
!-(
!-,

i_H_('B(8>B(@7(B>9(C7@:>9(@7(H>CK<:H?H:;<
*:(B?9(>8S?<:a?H:><79(@7(B?(9>H:7@?@(H:6:B(Y(B?(H>>A78?H:;<(:<G78<?H:><?B(
]KS?8>< ( K< ( 8>B ( A87A><@78?<G7 ( 7< ( 7B ( A8>H79>` ( 7B ( G78H78 ( ?HG>8 ( HB?67 ( LK7 ( B?(
A87<9?_
0>9 ( C7@:>9 ( C?9:6>9 ( @7 ( H>CK<:H?H:;<` ( A?8G:HKB?8C7<G7 ( B>9 ( S8ZL:H>9`(
GK6:78>< ( K<? ( A>9:H:;< ( @7 ( ?A>Y> ( G>G?B ( ? ( B? ( 87L>8C? ( @7B ( C7H?<:9C> ( @7(
97B7HH:;<(Y(@7(:CAKB9>(@7(B?9(?HH:><79(G7<@:7<G79(?(A><78(7<(A8ZHG:H?(B>9(
A8:<H:A:>9(@7(B?(B7Y_
0>9(A78:;@:H>9(@7(C?Y>8(G:8?@?(C?<GK6:78><(K<?(H>=78GK8?(A78C?<7<G7(
@7B(A8>H79>(@79G?H?<@>(H?9:(?(@:?8:>(B?9(G7<9:><79(NK7(97(:=?<(9KH7@:7<@>(
7<G87(B>9(S8KA>9(NK7(?A>Y?=?<(B>9(H?C=:>9(Y(NK:7<79(97(879:9GJ?<_
'9G>(H><9G:GKY7(K<?(678@?@78?(A?8G:HKB?8:@?@(7<(B>(NK7(^?H7(?(H>=78GK8?9(
A8>B><S?@?9(Y?(NK7(~9?B6>(?BSK<>9(C>C7<G>9I(B?(C:9C?(97(C?<GK6>(7<G87(
B?9 ( A8:C78?9 ( AB?<?9 ( Y ( H>< ( K< ( G8?G?C:7<G> ( A8>G?S;<:H> ( @K8?<G7 ( H?9: ( 97:9(
C7979 ( G?<G> ( 7< ( B?9 ( 97HH:><79 ( @7 ( <>G:H:?9 ( H>C> ( 7< ( B?9 ( 7@:G>8:?B79 ( Y ( @7(
>A:<:;<_
Q<? ( @7 ( B?9 ( 6:8GK@79 ( @7 ( B? ( A87<9? ( LK7 ( ^?=78 ( 9:CAB:L:H?@> ( CKH^?9(
HK79G:><79 ( GOH<:H?9 ( @7B ( A8>H79> ( A?8? ( 9>H:?B:a?8B?9 ( ? ( B? ( A>=B?H:;< ( NK7(
H><9KC7(<>G:H:?9_( (,K<NK7(H><(K<?(6:9:;<(H8JG:H?(979S?@?`(7<(G?<G>(@79@7(
G>@>9(B>9(C7@:>9(97(A87G7<@:;(6:9:=:B:a?8(B>9(:<G787979(@7(?BSK<>9(S8KA>9(@7(
A>@78(Y(<>(@7(B?(G>G?B:@?@(@7(B>9(A>@7879(7<(H><LB:HG>`(K<?(@7(B?9(6:8GK@79(
CZ9(:CA>8G?<G79(@7B(G8?G?C:7<G>(@7(B?(:<L>8C?H:;<(LK7(9K(A8797<G?H:;<(@7(
C>@>(NK7(LK78?(H>CA87<9:=B7(A>8(B7HG>879(<>(79A7H:?B:a?@>9_
+7C?9(NK7`(<?GK8?BC7<G7`(879KBG?8J?<(@7(79H?9>(:<G78O9(A?8?(B?(A>=B?H:;<(
H>C> ( K<? ( 7oG7<9? ( @:9HK9:;< ( 9>=87 ( 7B ( 9:9G7C? ( @7 ( 87A8797<G?H:;<(
A8>A>8H:><?B(@7(C:<>8J?9(7<(B?9(7B7HH:><79(@7B(.,"2(>(B?(6>G?H:;<(>(9>8G7>(
7< ( B? ( @7 ( B>9 ( 87HG>879 ( LK78>< ( H>887HG?C7<G7 ( @7H>@:L:H?@>9 ( A?8? ( NK7 ( B?(
9:CAB7a?(@7(B?9(678@?@78?9(@:9AKG?9(Y(9K(G8?9H7<@7<H:?(<>(97(A78@:78?<(7<(
G7H<:H:9C>9(Y(BB7S?8?<(H><(G>@?(HB?8:@?@(?(B?(A>=B?H:;<_
,9J ( 7< ( H?9: ( G>@?9 ( B?9 ( <>G:H:?9` ( :<HBK9> ( 7< ( B?9 ( @7 ( H><G7<:@> ( GOH<:H>` ( 97(
@79G?H?=?(B?9(A>9:H:><79(NK7(97(@7=?GJ?<(7<(H?@?(?9K<G>`(NK7(7<(G>@>(7B(
A8>H79>(<>(97(C>6:78><`(A8:<H:A?BC7<G7`(CZ9(?BBZ(@7m(
I
I
I
I

,CAB:?(A?8G:H:A?H:;<(69_(%79G8:HH:;<(@7(B?(A?8G:H:A?H:;<
1K=B:H:@?@ ( 69_ ( *7H87G> ( @7 ( B?9 ( <7S>H:?H:><79 ( Y(
@7H:9:><79
G:H?(69_(.><LB:HG>9(@7(:<G78O9`(Y
'oH7B7<H:?(69_(.><67<:7<H:?_

0?9 (LK7<G79 (LK78><(H?9:(9:7CA87 (B?9 (C:9C?9(@79@7( B? (9>H:7@?@( H:6:B`(B?(


H>>A78?H:;< ( Y ( B>9 ( H>C:9:><?@>9 ( Y ( @79@7 ( B? ( A>BJG:H? ( Y ( GOH<:H?C7<G7 ( B>9(
G7C?9(LK78><(G8?G?@>9(H?9:(9:7CA87(7<(L>8C?(H>887HG?_

$G8?(A?8G:HKB?8:@?@(@7(B?(H>=78GK8?(LK7(NK7(A?87HJ?(7o:9G:8(K<(H><97<9>(
S7<78?B(7<G87(B>9(C7@:>9(A?8?(7B(?A>Y>(?(B?(87L>8C?(Y(?(B?(C?<78?(7<(NK7(
97(@:>(G8?G?C:7<G>(@7(B>9(G7C?9_((
)7(^7H^>`(7<(K<?(C7@:@?(9:<(A87H7@7<G79`(B>9(H>BKC<:9G?9(@7(G>@>9(B>9(
A78:;@:H>9!--(BB7S?8><(?(K<(?HK78@>(A?8?(@7]?8(9K9(79A?H:>9(7<(=B?<H>(H>C>(
L>8C?(@7(A8>G79G?(A>8(B?9(:887SKB?8:@?@79(>HK88:@?9(@K8?<G7(B?(7B7HH:;< !-._
"> ( ^?Y ( @K@?9` ( 7<G><H79` ( 9>=87 ( B? ( A87A><@78?<H:? ( 7< ( B>9 ( 879KBG?@>9(
>=G7<:@>9(NK7(GK6:78><(7B(A>9:H:><?C:7<G>(C7@:ZG:H>(Y(7B(G8?G?C:7<G>(NK7(
@79@7(B?(A87<9?(97(@:78?(?B(A8>H79>_
,^>8?(=:7<`(7<(K<(A?J9(7<(7B(NK7`(?B(:SK?B(NK7(>HK887(7<(B?(C?Y>8J?(@7(
,CO8:H?(0?G:<?`(B>9(C7@:>9(C?9:6>9(@7(H>CK<:H?H:;<(79GZ<(H><H7<G8?@>9(
7<(K<(AKj?@>(@7(S8KA>9(@7(A>@78 !-/`(<>(79(K<(L?HG>8(:887B6?<G7(@7(?<ZB:9:9(7B(
:<@?S?8(7<(B?9(H?K9?9(@7(K<?(?HG:GK@(@7(?A>Y>(7(:CAKB9>(G?<(H><GK<@7<G7(Y(
H>CA?8G:@?(A>8(G>@>9(7BB>9_

0?9(H?K9?9(@7B(?A>Y>(G>G?B(@7(B>9(C7@:>9
+?B ( H>C> ( 97j?B? ( &?8:7B>9 ( &><a;<` ( A78:>@:9G? ( @7 ( 187<9? ( 0:=87` ( c0?(
:<L>8C?H:;< ( 79 ( A>@78` ( B? ( H><9G:GKH:;< ( @7 ( B>9 ( C7@:>9 ( @7 ( H>CK<:H?H:;< ( 7<(
S8?<@79(H><SB>C78?@>9(H>C78H:?B79`(79(K<?(L>8C?(H><H87G?(@7(?@C:<:9G8?8(
797(A>@78_(0?(H7<9K8? (?(K<(A78:>@:9G? (:CA:@:O<@>B7 (AK=B:H?8(K<? (<>G?`(B?(
A879:;<(@7B(2>=:78<>(A?8?(76:G?8(K<?(H8JG:H?(>(B?(@7(K<(S8KA>(7H><;C:H>(NK7(
B>S8?(NK7(K<?(<>G?(<>(97(AK=B:NK7`(9:GK?H:><79(NK7(A?9?<(@:?8:?C7<G7(7<(
2K?G7C?B?` ( 9>< ( ^7H^>9 ( S8?679_ (178> ( CKH^> ( CZ9 ( S8?67 ( ?b<` ( 79 ( NK7 ( B?(
@7H:9:;<(9>=87(NKO(G7C?9(7o:9G7<(Y(HKZB79(<>`(NKO(?HG>879(97(6:9:=:B:a?<(Y(
HKZB79(<>`(NKO(H>9?9(97(:<L>8C?<(Y(NKO(H>9?9(<>`(79(@7H:8e(B?(@7H:9:;<(9>=87(
B? ( ?S7<@? ( :<L>8C?G:6? ( @7 ( 2K?G7C?B? ( 79GO ( H><H7<G8?@? ( 7< ( K< ( S8KA>(
87@KH:@>(87A8797<G?<G7(@7(B>9(97HG>879(@7(A>@78_d!-0
'B ( :<G788>S?<G7 ( 9>=87 ( B? ( ?HG:GK@ ( @7 ( B>9 ( C7@:>9 ( 7< ( 79G7 ( A8>H79> ( 97(
?H87H:7<G? ( ? ( 8?Ja ( @7 ( B? ( 87B?G:6? (:<LBK7<H:? ( A78 ( 97 ( NK7 ( ^? ( G7<:@> ( B?(
@7<>C:<?@? ( 9>H:7@?@ ( H:6:B ( cA8>S879:9G?d ( 7< ( B>9 ( C7@:>9_ ( 1>8 ( >G8? ( A?8G7`(
c?K<NK7 ( B>9 ( A78:;@:H>9 ( ^?< ( @79?88>BB?@> ( K< ( >L:H:> ( :<679G:S?G:6>` ( ( ^?<(
H7<9K8?@>(9K9(A79NK:9?9(?(G7C?9(NK7(?L7HG?<(?(B>9(:<G787979(A8:6?@>9(I(NK7(
A>8 ( S8?<@79 ( Y ( C><>A;B:H>9` ( Y ( A>8NK7 ( ?L7HG?< ( >G8>9 ( :<G787979 ( 9>H:?B79`(
G:7<7<(G8?9H7<@7<H:?(Ab=B:H?_d!-1
Q<?(879AK79G?(A>9:=B7(79(B?(LK<H:><?B:@?@(>(H>:<H:@7<H:?(@7(?S7<@?(H><(
B>9(A8>A:7G?8:>9(>(:<9A:8?@>879(@7(B>9(C7@:>9_!.2(!.!

!-!-.
!-/
!-0
!-1
!.2
!.!

'< ( 79G7 ( H?9> ( B? ( H>>AG?H:;< ( @7B ( 1>@78 ( 3K@:H:?B ( A>8 ( 97HG>879 ( @7B ( H8:C7<(
>8S?<:a?@>(Y(7B(A87@>C:<:>(@7B(H?A:G?B(7C78S7<G7(87B?H:><?@>(NK7(9>9G:7<7(
?B(2>=:78<>(@7(.;B>C`(^?(@7G78:>8?@>(Y(AK79G>(7<(8:79S>(7B(A>@78(@7B(H?A:G?B(
G8?@:H:><?B_
+?C=:O< ( 97 ( ^? ( H><9:@78?@> ( NK7 ( 7B ( ?A>Y> ( @7 ( B>9 ( C7@:>9 ( C?9:6>9 ( GK6>(
H>C> ( A8:<H:A?B( >=]7G:6> ( 76:G?8( NK7 (B? (.*3 ( LK78? ( H>>AG?@? (A>8 ( 7B( S>=:78<>(
A?8?(:CA7@:8(7B(?6?<H7(@7(:CAKS<?H:><79(?<G7(K<?(767<GK?B(H?<@:@?GK8?(
A879:@7<H:?B(@7(*?<@8?(.>B>C_
*: ( 97 ( H><9:@78? ( 7B ( >8:S7< ( @7 ( B>9 ( A78:;@:H>9 ( CZ9 ( :CA>8G?<G79 ( @7(
2K?G7C?B?(B?(^:A;G79:9(@7B(879A?B@>(H><GK<@7<G7(?(79G7(A8>H79>(>8:S:<?@>(
7<(B>9(:<G787979(@7(9K9(@K7j>9(<>(879KBG?(@79H?=7BB?@>!.'_
,HGK?BC7<G7 ( 187<9? ( 0:=87 ( G:7<7 ( HK?G8> ( L87<G79 (
?=:78G>9_( Q<>(H><G8?(TB6?8>(,8ab`(7<7C:S>(?HO88:C>(@7(G>@>(
?NK7B ( NK7 ( B7 ( BB767 ( B? ( H><G8?8:?_ ( 'B ( 97SK<@>` ( 7< ( 7B ( A8>A:> (
$8S?<:9C> ( 3K@:H:?B` ( H>< ( ?NK7BB>9 ( ]K7H79 ( ? ( B>9 ( NK7 ( ^? (
@7<>9G?@> ( A>8 ( B?9 ( @7H:9:><79 ( @:HG?@?9 ( 7< ( H><G8? ( @7B (
7CA>8:>_('B(G78H78>(97(9:Gb?(7<(B?(G7B76:9:;<(?=:78G?`(NK7(A>8(
9K9(?BH?<H79`(^?H7(?6?<a?8(6789:><79(NK7(AK7@7<(@7G78:>8?8(B?(
H87@:=:B:@?@ ( @7 ( 187<9? ( 0:=87 ( 7` ( :<HBK9>` ( 9K ( 87B76?<H:? ( H>C>(
?HG>8 ( A>BJG:H>_ (4 ( 7B ( HK?8G> ( L87<G7` ( 7< ( B>9 ( ?HH:><:9G?9 (
@79H><G7<G>9` ( NK:7<79 ( <> ( 9>B> ( HK7<G?< ( H>< ( 7B ( ?A>Y> (
@7 ( K< ( 7L:H?a ( HK78A> ( @7 ( ?=>S?@>9` ( 9:<> ( H>< ( B? ( 9:CA?GJ? (
@7(B>9(7<7C:S>9(@7(187<9?(0:=87 _(
2K9G?6>([78S?<a?(7<('B(178:;@:H>(@7B(W(@7(97G:7C=87(@7(UVVw
+?C=:O<(?=><?(79G?(G79:GK8?(B?(87B?H:;<(7<G87(B?(1B?<:BB?(g(@7B(.,"2`(NK7(
LK7 ( 97j?B?@? ( @7 ( 87A8797<G?8 ( B>9 ( :<G787979 ( @7B ( S8?< ( 7CA879?8:?@>(
SK?G7C?BG7H>(Y(NK7(H><G;(7<G87(9K9(:<G7S8?<G79(H><(7B(R:H7A879:@7<G7(@7('B(
178:;@:H>` ( &?8:> ( #K7<G79 ( )79G?8?H` ( 87H><>H:@> ( ?=>S?@> ( NK7 ( <> ( @K@; ( 7<(
?6?B?8 ( 7B ( 6>G> ( 97H87G> ( HK?<@> ( 97 ( ?A8>=; ( 7B ( %7SB?C7<G> ( A?8? ( 7B(
LK<H:><?C:7<G>(@7(B?(.>C:9:;<(@7(,A7B?H:><79_d!.(_(
$G8?(@7(B?9(^:A;G79:9(NK7(97(^?<(=?8?]?@>(9>=87(7B(?A>Y>(A78C?<7<G7(@7(
B>9(C7@:>9(^?(9:@>(NK7(<K<H?(:C?S:<?8><(NK7(7B(A8>H79>(BB7S?8J?(G?<(B7]>9(Y(
NK7` ( ?B ( 7o:9G:8 ( 7< ( B? ( A87<9? ( K<? ( G8?@:H:;< ( H8JG:H? ( ^?H:? ( 7B ( '9G?@> ( H>< ( B?(
H>8879A><@:7<G7 ( :<?HG:6:@?@ ( A>8 ( A?8G7 ( @7 ( B?9 ( :<9G:GKH:><79 ( ?<G7 ( O9G?` ( 97(
79A7HKB;(H><(NK7(79G7(H?9>(97SK:8J?(B>9(C:9C>9(A?G8><79(Y(<?@?(H?C=:?8J?(
@7C?9:?@>_('9G?(6789:;<(G7<@8J?(?6?B(7<(NK7`(97Sb<(?BSK<>9(?HG>879`(K<?(
67a(NK7 (9?B:78?<( @7B(9:B7<H:> (H><9G8K:@> (A>8 (B>9 (H>BKC<:9G?9 (@7 (G>@>9 (B>9(
A78:;@:H>9(7<(NK7]?(A>8(B?9(:887SKB?8:@?@79(@7B(A8>H79>`(B?(?HG:GK@(@7(?A>Y>(
97(C>@:L:H>(G7<K7C7<G7(^?H:?(B?(H8JG:H?(A>8(B>9(c7oH79>9d(@7(B?(.!.!2(Y(B?9(
$*.X9 ( 7< ( HK?<G> ( ? ( B?9 ( 7o:S7<H:?9 ( Y ( 97j?B?C:7<G>9 ( c:<]K9G>9d ( Y ( c?(
@79G:7CA>d_
,K<NK7 ( 9K ( G8?=?]> ( 79GO ( 9K=9KC:@> ( 7< ( K< ( C?8 ( @7 ( A7<9?C:7<G>(
^7S7C;<:H> ( @:LJH:B ( @7 ( H><G8?8879G?8` ( <> ( @7=7 ( C7<>9A87H:?897` ( ?K<NK7(
!.'
!.(

G?CA>H>(9>=87@:C7<9:><?8(9K(A>G7<H:?B(@7(:<H:@7<H:? !.,`(B?(7o:9G7<H:?(@7(K<(
:<G78O9(?(L?6>8(@7B(H?C=:>(A>8(A?8G7(@7(B>9(A78:>@:9G?9(Y(H>BKC<:9G?9(HKY>(
G8?=?]>(@7(=K7<?(L7(<>(^?(@7]?@>(BKS?8(?(@K@?9_
i_@_(0?(.>8G7(@7(.><9G:GKH:><?B:@?@
+?B ( H>C> ( 97 ( 87L:8:78? ( ? ( B> ( B?8S> ( @7 ( 79G? ( 9:9G7C?G:a?H:;<` ( B? ( .>8G7 ( @7(
.><9G:GKH:><?B:@?@ ( LK7 ( K<> ( @7 ( B>9 ( ?HG>879 ( H7<G8?B79 ( A?8? ( 7B ( 7NK:B:=8:> ( @7B(
7<>8C7(A>@78(@7(B?9(H>8A>8?H:><79(H><(7B(@7(NK:7<79(?A>Y?8><(B?(87L>8C?_
0?9(@7H:9:><79(@7(79G7(+8:=K<?B(879KBG?8><(@7(K<?(G8?9H7<@7<H:?(G?B(NK7(
B:C:G?8><` ( H>C> ( 97 ( 87L:8:78? ( ?<G78:>8C7<G7` ( B?9 ( A87G7<9:><79 ( @7(
@:9H87H:><?B:@?@(@7(LK<H:><?8:>9(Ab=B:H>9(Y(@7(A?8G:HKB?879(NK7(7<(7B(A?9?@>(
9;B>(79A78?=?<(879AK79G?9(]K@:H:?B79(L?6>8?=B79(?(9K9(:<G787979_
((
0?(..(<>(9;B>(:<G78H7@:;(?CA?8?<@>(A8797<G?H:><79(@7(B?(9>H:7@?@(H:6:B(
9:<> ( G?C=:O< ( @7 ( H?<@:@?G>9` ( @7 ( B?9 ( Q<:6789:@?@79 ( Y ( @7B ( A8>A:> ( 1>@78(
07S:9B?G:6>_((
'9 ( @79G?H?=B7 ( NK7 ( 9K9 ( 879>BKH:><79 ( LK78><` ( 7< ( S7<78?B` ( 8ZA:@?9` ( Y(
H><G?8>< ( H>< ( 7B ( 879A?B@> ( @7 ( C7@:@?9 ( @7 ( H><G8>B ( A?8? ( B? ( S?8?<GJ? ( @7(
7]7HKG:6:@?@(@7(B?9(C:9C?9_
,(G?B(7L7HG>(L:];(AB?a>9`(:<G:C;(H><(CKBG?9(A789><?B79`(7<6:;(H>A:?9(@7(
879>BKH:><79 ( A?8? ( S?8?<G:a?8 ( 9K ( <>G:L:H?H:;< ( ? ( B>9 ( ):AKG?@>9` ( Y ( ^?9G?(
>8@7<;(7B(:<:H:>(@7(:<679G:S?H:><79(A>8(@79>=7@:7<H:?(?(&?S:9G8?@>9(NK7(
97(<7S?8><(?(HKCAB:8(9K9(97<G7<H:?9_
0? ( ?HG:GK@ ( ?9KC:@? ( A>8 ( B>9 ( :<G7S8?<G79 ( @7 ( B? ( .>8G7 ( @7(
.><9G:GKH:><?B:@?@ ( @:> ( HK7<G? (@7 ( K<( H>CA8>C:9> ( H>< ( B? ( :<@7A7<@7<H:?(
]K@:H:?B ( Y ( 79 ( K< ( 9:S<> ( @7 ( 6:G?B:@?@ ( :<9G:GKH:><?B ( NK7 ( @7=7 ( @79G?H?897 ( Y(
A8>A7<@78(?(9K(H><G:<K:@?@_

!.,

.$".0Q*!$"'*
0?(C?S<:GK@(@7B(A8>H79>(@797<H?@7<?@>(?(A?8G:8(@7(B?(?A8>=?H:;<(@7(B?(
!<:H:?G:6?(kWWp(C787H7(@>9(@:C7<9:><79(@7(H><HBK9:><79_(Q<?(CZ9(S7<78?B`(
87B?H:><?@?(H><(B?9(B7HH:><79(?A87<@:@?9(@7(B?(87L>8C?(@7B(C7H?<:9C>(@7(
97B7HH:;<(@7(C?S:9G8?@>9(Y(9K(:CAB7C7<G?H:;<(7<(7B(H><G7oG>(9>H:>IA>BJG:H>I
^:9G;8:H>(@7(B?(2K?G7C?B?(?HGK?B`(Y(>G8?`(CZ9(H78H?<?(G7CA>8?BC7<G7(?(B>9(
^7H^>9`(?9>H:?@?(?(B>9(?H:78G>9(Y(@79?H:78G>9(7<(B?(AK79G?(7<(A8ZHG:H?(@7B(
<K76>(C7H?<:9C>_
'< ( K<? ( A789A7HG:6? ( ?CAB:? ( <> ( ^?Y ( @K@?9 ( NK7 ( 7< ( 7B ( UVVW ( 97 ( :<:H:; ( K<(
A8>H79>(^:9G;8:H>(H><(K<?(:CA>8G?<H:?(9KA78B?G:6?(A?8?(7B(A?J9_
'<(A8:C78(BKS?8(A>8NK7(^K=>(K<?(A8:C78?(67a(A?8?(6?8:>9(9KH79>9(7<(B?(
@7C>H8?H:? ( SK?G7C?BG7H? ( NK7 ( H><9G:GKY7< ( A?9>9 ( CKY ( :CA>8G?<G79 ( 7< ( 9K(
H><9>B:@?H:;<_
"K<H?(7<(B?(^:9G>8:?(@7B(A?J9(97(^?=J?(B>S8?@>(K<?(?A78GK8?(G?<(S8?<@7`(
A?8? ( B? ( A>=B?H:;<` ( @7 ( B?9 ( AK78G?9 ( ? ( B>9 ( 79A?H:>9 ( 7< ( NK7 ( 97 ( ?@>AG?< ( B?9(
@7H:9:><79(NK7(@7L:<7<(7B(8KC=>(<?H:><?B_
*:(=:7<(@79@7(^?H7(Ug(?j>9(7o:9G7(K<(C7H?<:9C>(CZ9(ABK8?B(A?8?(7B7S:8(?(
B>9(LK<H:><?8:>9(?(H?8S>(@7(B?(879>BKH:;<(@7(B>9(H><LB:HG>9(CZ9(:CA>8G?<G79(
@7B(A?J9`(@7(B?(S?8?<GJ?(@7(B>9(@787H^>9(G>@>9(B>9(^?=:G?<G79(Y(@7B(H><G8>B(@7(
B>9 ( >G8>9 ( @>9 ( A>@7879` ( O9G7 ( 9:7CA87 ( H><9786; ( 9K9 ( 67<G?<?9 ( H788?@?9 ( ?(
HK?BNK:78(>=9786?H:;<(H:K@?@?<?(Y(B?9(@7H:9:><79(A?8?(<>C:<?8(H?<@:@?G>9(
97(C?<GK6:78><(:<L:<:G?C7<G7(B7]>9(@7(B>9(:<G787979(@7(B?(C?Y>8J?_
'< ( 7B ( A?9?@> ( 79G7 ( ?G8:<H^78?C:7<G> ( 9;B> ( AK@> ( 978 ( NK7=8?@> ( A>8 ( >G8>9(
A>@7879 ( ? ( A?8G:8 ( @7 ( B? ( CKG?H:;< ( @7 ( B? ( @:9G8:=KH:;< ( @7 ( A>@78 ( 7< ( B?9 ( 7B:G79(
HJ6:H>IC:B:G?879 ( Y ( B>9 ( S8KA>9 ( H8:C:<?B79_ ( 0?9 ( H><97HK7<H:?9 ( 9>< ( =:7<(
H><>H:@?9 ( A>8 ( G>@>9 ( Y ( ^?< ( 9:@> ( 8797j?@?9 ( 7< ( 79G7 ( @>HKC7<G>e ( B?(
H><G:<K:@?@` ( H>< ( <K76?9 ( L>8C?9 ( @K8?<G7 ( B? ( @7C>H8?H:?` ( @7 ( B? ( :CAK<:@?@(
6:S7<G7(@K8?<G7(B?(87A879:;<`(7<(H>CAB:H:@?@(H><(B>9(S8?<@79(H8:C:<?B79(@7B(
A?J9`(B?(H>>AG?H:;<(@7B('9G?@>(A>8(S8KA>9(@7B(H?A:G?B(G8?@:H:><?B(Y(7C78S7<G7(
Y ( B? ( H><97HK7<G7 ( S?8?<GJ? ( @7 ( 9K=9:9G7<H:? ( @7 ( B? ( 9:GK?H:;< ( @7 ( A>=87a?`(
C?8S:<?H:;<(Y(@:9H8:C:<?H:;<(@7(B?9(C:9C?9(6JHG:C?9(@7(9:7CA87_
">(9;B>(B?(9:S<:L:H?<H:?(@7(79G7(9KH79>(8?@:H?(7<(B?(<>67@?@(@7(B?(87L>8C?(
B>S8?@? (9:<>`(LK<@?C7<G?BC7<G7`(7<(NK7(B?(?A78GK8?(@7B(A8>H7@:C:7<G>(@7(
7B7HH:;< ( @7 ( C?S:9G8?@>9 (@7 ( H?8? ( ? ( B? ( A>=B?H:;< (LK7 ( :CAKB9?@? (A>8 (S8KA>9(
>8S?<:a?@>9 ( @7 ( B? ( 9>H:7@?@ ( H><G8? ( B? ( 879:9G7<H:? ( @7 ( G>@> ( 7B ( ?8H> ( A>BJG:H>(
@>C:<?<G7_
h_(07HH:><79(?A87<@:@?9
?_("7H79:@?@(@7(H><97<9>9(CJ<:C>9
,NKJ ( @7=7 ( @79G?H?897 ( >G8? ( A8:C78? ( 67a ( LK<@?C7<G?B` ( NK7 ( LK7 ( B? ( NK7(
H><G8:=KY; ( ? ( NK7 ( 7B ( 7CAK]7 ( 97 ( H><H87G?8? ( 7< ( K<? ( @788>G? ( @7 ( B>9 ( A>@7879(
879:9G7<G79` ( Y ( 79 ( 7B ( ^?=78 ( B>S8?@> ( H><97<9>9 ( CJ<:C>9 ( SB>=?B79 ( @79@7(
>8S?<:a?H:><79(@7(B?(9>H:7@?@(H:6:B(H><(:@7>B>SJ?(@7(B>(CZ9(@:6789?_
'< ( 79G7 ( 97<G:@>` ( 79 ( 87C?8H?=B7 ( 7B ( ^7H^> ( @7 ( NK7 ( 97 ( ^?Y?< ( 9KA78?@>(
A87]K:H:>9 ( ~NK7 ( ? ( 67H79 ( G:7<7< ( LK<@?C7<G>9I ( Y ( H><G8?@:HH:><79 ( 7<G87 ( B?9(

>8S?<:a?H:><79 ( A?8? ( :CAKB9?8 ( H><]K<G?C7<G7 ( <> ( 9;B> ( B?9 ( 87L>8C?9 ( 9:<>(


G?C=:O<(9K(:CAB7C7<G?H:;<_
'9G7(?HK78@>(9KA78?@>8(A78C:G7(7oG8?78(K<?(H><HBK9:;<(B?G78?B`(NK7(79(B?(
L>8C?B:@?@`(9:<(@79C787H78(B?(:CA>8G?<H:?(^:9G;8:H?(NK7(?NKJ(97(@79G?H?`(@7(
B>9(H?C=:>9(>A78?@>9_
.K?<@>(CKH^>9(H>B7HG:6>9(H><(A7<9?C:7<G>9(K(>=]7G:6>9(CKY(@:9JC:B79(
97(K<7<`((9K7B7(978(A>8(>A>9:H:;<(?(B>(NK7(79GZ(7<L87<G7(>(A>8(K<?(H><6:HH:;< (
H>CA?8G:@?(7<(B>(NK7(97(A>9GKB?_('9(L87HK7<G7(NK7(B?(K<:@?@(@7(H><97<9>9(
G?< ( :<HBKY7<G79 ( 97 ( 9>9G7<S?` ( @:9HK89:6?C7<G7` ( 7< ( B? ( ?L:8C?H:;< ( @7 ( NK7 ( B?(
9>BKH:;<(?(B>9(G7C?9(NK7(97(G8?G?<(<>(79(HK79G:;<(@7(:@7>B>SJ?9(5A>8(7]7CAB>(
?<G7 ( K< ( 9KH79> ( @7B:HG:6> ( NK7 ( :CA?HG? ( 7< ( B?9 ( HB?979 ( C7@:?9 ( > ( ?BG?9 ( 79(
L87HK7<G7(79HKH^?8(@:9HK89>9(7<(B>9(NK7(97(A8>HB?C?(NK7(B?(:<97SK8:@?@(c<>(
79 ( @7 ( @787H^?9 ( <: ( @7 ( :aNK:78@?9d`( NK7 ( c79 ( K<? ( H?K9? ( <?H:><?Bd ( > ( NK7 ( c7B(
G7C?(<>(@7=7(A>B:G:a?897dD_(*:<(7C=?8S>`(B?(87L>8C?(@7B(C7H?<:9C>(A?8?(B?(
7B7HH:;<(@7(C?S:9G8?@>9`(97?(@><@7(97?`(79(K<(G7C?(7C:<7<G7C7<G7(A>BJG:H>(
7 ( :@7>B;S:H>_ ( 'BB> ( 7< ( HK?<G> ( 97 ( A8>@KH7 ( K<? ( @:9AKG? ( I7< ( B>9 ( C7]>879(
H><G7oG>9(:<9G:GKH:><?B79(?(G8?6O9(@7(<7S>H:?H:><79(Ab=B:H?9(Y(G8?<9A?87<G79I(
A?8?(7B7S:8(?(B?9(A789><?9(NK7(@7=7<(H><G8>B?8(?(B>9(>G8>9(A>@7879`(879>B678(
B>9(H><LB:HG>9(CZ9(:CA>8G?<G79(@7B(A?J9(Y(879SK?8@?8(S?8?<GJ?9_(0?(9K9G?<H:?(
7< ( 7B ( 7]78H:H:> ( @7 ( @:H^?9 ( LK<H:><79 ( 79 ( H>CAB7G?C7<G7 ( 6?8:?=B7 ( 97Sb< ( B?(
L>8C?H:;<` ( 7B ( H><>H:C:7<G>` ( Y ( B?9 ( H?A?H:@?@79 ( NK7 ( G7<S? ( 7B ( ]K7a` ( A78>(
<:<SK<>(H?87H7(@7(:@7>B>SJ?_('<(H><97HK7<H:?`(B>9(:<G787979(@7(B>9(@:6789>9(
97HG>879(9>H:?B79(A?8?(NK7(@7G78C:<?@?9(A789><?9(>HKA7<(79>9(H?8S>9(9><(
A>BJG:H>9(Y(A>8(9KAK79G>(97(9K9G7<G?<(7<(@7G78C:<?@?(:@7>B>SJ?_
'9G?(@:S879:;<(A87G7<@7(@7]?8(7<(NK7@?8(HB?8>(NK7`(CZ9(?BBZ(@7(B?(7<>8C7(
:CA>8G?<H:? ( @7 ( S7<78?8 ( CZ9 ( 79A?H:>9 ( @7 ( 79G7 ( G:A> ( 7< ( @7C>H8?H:?` ( 7B(
H><97<9> ( CJ<:C> ( @7 ( 87L>8C? ( NK7 ( 97 ( ?BH?<a; ( LK7 ( 9>=87 ( HK79G:><79 ( CZ9(
A8>H7@:C7<G?B79 (NK7 (9K9G?<H:?B79 (@7B(C7H?<:9C>(@7( 7B7HH:;<`(G?B(H>C>(B?(
AK=B:H:@?@(Y(B?(G8?<9A?87<H:?e(?K<NK7(A>8(B?(>A?H:@?@(NK7(^?(87:<?@>(7<(79G7(
H?CA>(7<(2K?G7C?B?`(@?<(B?(:CA879:;<(@7(978`(Y(7<(87?B:@?@(B>(9><(9;B>(7<(
79G?(H>YK<GK8?`(9K9G?<G:6>9_
'9G>9 ( H><97<9>9 ( CJ<:C>9 ( 9>< ( :<@:9A7<9?=B79 ( A?8? ( NK7 ( 7< ( K<?(
A789A7HG:6? ( ?S><:9G?!.-( B>9 ( @:6789>9 ( :<G787979 ( 7 ( :@7>B>SJ?9 ( AKS<7< ( A>8(
:CA><7897(B7SJG:C?C7<G7_
=_('B(LK<H:><?C:7<G>(@7B(H?CA>(@7B(A>@78(7<(2K?G7C?B?
,9:C:9C>`(B?( ?A78GK8? (@7 (B?9 (67<G?<?9 (Y(B?9 (AK78G?9 (@7( B? (7B7HH:;<( @7(
C?S:9G8?@>9(A78C:G:;(?(NK:7<(NK:9:78?(>(AK@:78?(5A>8(B>9(BJC:G79(7<(7B(?HH79>(
?(B?(:<L>8C?H:;<(A?8?(CKH^?9(H>CK<:@?@79(@7B(:<G78:>8(@7B(A?J9D`(A>8(A8:C78?(
67a`(H><>H78(NK:O<`(H;C>`(HKZ<@>(Y(A>8(NKO(97(?@>AG?<(B?9(@7H:9:><79(@79@7(
7B(A>@78_
)K8?<G7(7B(A8>H79>(AK@>(:@7<G:L:H?897(7B(H><LB:HG>(A>8(7B(H><G8>B(@7B('9G?@>(
7<G87(B>9(S8KA>9(@7(A>@78(Y(B?(87A7G:H:;<(A>8(A?8G7(@7B(H?A:G?B(7C78S7<G7 !..3
@7(B?9(C7G>@>B>SJ?9(@7(9K9(A87@7H79>879(5H?A:G?B(G8?@:H:><?BD(7<(B>(?G:<7<G7(
?B ( H><G8>B ( @7 ( B>9 ( G8:=K<?B79 ( A?8? ( 9K ( :<G?<S:=:B:@?@ ( Y ( B? ( S?8?<GJ? ( @7 ( 9K9(
<7S>H:>9(79AK8:>9(?(HK?BNK:78(H>9G>(9>H:?B_
!.!..

0?(C?<78?(7<(NK7(97(BB76?<(?@7B?<G7(79G?9(AKS<?9(G?C=:O<(NK7@;(CZ9(
7oAK79G? ( ? ( B? ( 9>H:7@?@( SK?G7C?BG7H?_ ( '<G87 ( B?9 ( C7G>@>B>SJ?9 ( 97 ( ?HK@7 ( ?B(
C><G?]7 ( @7 ( >A78?H:><79 ( A>BJG:H?9 ( 56S8_ ( H?9> ( %>97<=78SD ( 9>=87 ( B? ( =?97 ( @7(
A87>HKA?H:><79(9>H:?B79(H7<G8?B79(5B?(:<97SK8:@?@D`(?B(@:87HH:><?C:7<G>(@7B(
A>9:H:><?C:7<G> ( C7@:ZG:H> ( A?8? ( B? ( A8>G7HH:;< ( @7 ( :<G787979 ( A>BJG:H>I
7H><;C:H>9(57B(?A>Y>(@7(B?(A87<9?(?(G>@>(7B(A8>H79>(>(B?(S7<78?H:;<(@7(K<(
H?B@>(@7(HKBG:6>(A?8?(K<(S>BA7(BK7S>(@7B(?979:<?G>(@7(%>97<=78SD`(?B(9>=>8<>(
? ( B>9 ( ?HG>879 ( @:87HG>9 ( @7 ( B?9 ( @7H:9:><79 ( 5C?S:9G8?@>9 ( 9K=9:@:?@>9 ( A>8(
R:BB?G>8>D`(Y`(HK?<@>(K<?9(Y(>G8?9(L?BB?<`(?B(bBG:C>(87HK89>(@7(L>8a?8(B?(B7G8?(@7(
B?(B7Y(H><(B?(A87G7<9:;<(@7(H>CAB:H:@?@(]K@:H:?B(H>88KAG?(5?CA?8>9(7<(H><G8?(
@7(B?(A?8G:H:A?H:;<(@7(C:<>8J?9(?6?B?@>9(A>8(B?(..(Y(87678G:@>9(A>8(]K7H79(@7(
:<9G?<H:?D_
0?(@:L:HKBG?@(A?8?(?@678G:8(79G>9(C>@>9(@7(>A78?8(G:7<7(NK7(678(H><(NK7(
9K9 ( @7G7<G?@>879 ( ?HK@7< ( ? ( ?8SKC7<G>9 ( c?BG8K:9G?9d ( @7 ( B7S?B:@?@ ( Y ( @7(
@7L7<9?(@7(B?(@7C>H8?H:?(56S8_(7B(cA?G8:>G:9C>d(@7(A8:>8:a?8(B?(87L>8C?(L:9H?B(
?<G79 ( NK7 ( B? ( 87L>8C? ( ]K@:H:?B ( L87<G7 ( ? ( B? ( H8:9:9 ( SB>=?B` ( B? ( BKH^? ( H><G8? ( B?(
:<97SK8:@?@(@7(NK:7<79(A:@:78><(B?(H?=7a?(@7B(A879:@7<G7`(B?(:SK?B@?@(?<G7(B?(
B7Y ( @7 ( NK:7<79 ( 87H^?a?8>< ( 7B ( 9>8G7> ( @7 ( HK8KB79 ( 7< ( B?9 ( H>C:9:><79 ( A?8?(
@7L7<@78(A8:6:B7S:>9D(Y(?(B?(KG:B:a?H:;<(@7(?S7<G79(H><(H:78G>(H?A:G?B(9:C=;B:H>(
A?8? ( 879A?B@?8B?9 ( 5K<:6789:@?@79 ( Yq> ( H>B7S:>9 ( A8>L79:><?B79` ( ?=>S?@>9(
H><9G:GKH:><?B:9G?9`(7GHD_
0>9 ( C>C7<G>9 ( 7< ( NK7 ( 97 ( A8>@KH7< ( 79G>9 ( H><LB:HG>9 ( <> ( 9>< ( C7<>9(
87B76?<G79 ( Y ( 97 ( ?]K9G?< ( CZ9 ( ? ( B? ( <7H79:@?@ ( @7 ( ?KG>A879786?H:;< ( ?<G7 ( B?(
?6?<a?@? ( @7 ( >G8>9 ( A>@7879 ( NK7 ( ? ( B? ( 6>H?H:;< ( @7C>H8ZG:H?_ ( 0?9 ( @:9AKG?9(
:CA>8G?<G79(97(@?<(HK?<@>(B>9(?HK78@>9(@7(@:9G8:=KH:;<(@7(A>@78(7<G87(B>9(
@:L787<G79 ( ?HG>879 ( <> ( HK?]?< !./_ ( ,NKJ ( >HK88:; ( H>< ( K< ( S>=:78<> ( ?9>H:?@> ( ?B(
H?A:G?B(7C78S7<G7(Y(7<L87<G?@>(H><(7B(97HG>8(A8:6?@>(G8?@:H:><?B(NK7(6:>(K<(
LB?<H>(@O=:B(A?8?(?G?H?8(Y(<>(@K@;(7<(^?H78B>_(,<G7(7B(?H>88?B?C:7<G>`(9K8S:;(
K< ( HKZ<@> ( ?@7HK?@> ( A?8? ( S?<?8 ( >oJS7<> ( 7< ( B? ( BKH^?_ ( ( '< ( @7L:<:G:6? ( 7B(
C>C7<G> ( @7 ( B? ( 87L>8C?`( HK?<@> (B> (NK7 ( 97 ( @:9AKG? ( 79 ( A>@78 ( 7<G87 (S8KA>9(
H><9786?@>879`(79(7B(H><LB:HG>(7<G87(79G>9(A>@7879_
#:<?BC7<G7` ( ^? ( NK7@?@> ( HB?8> ( NK7 ( S8?< ( A?8G7 ( @7 ( B?9 ( @7H:9:><79 ( <> ( B?9(
G>C?(K<(S>=:78<>(L>8C?BC7<G7(7B7HG>(9:<>(B>9(S8KA>9(@7(A>@78`(NK7(AK7@7<(
?H>CA?j?8(>(<>(?(K<?(?@C:<:9G8?H:;<_
*7(^?(6:9G>(G?C=:O<(7B(97j>8J>(9>=87(7B('9G?@>(NK7(>9G7<G?<(B>9(?HG>879(
NK7 ( >HKA?< ( LK<H:><79 ( Ab=B:H?9_ ( ( , ( B> ( B?8S> ( @7B ( A8>H79> ( 97 ( ^?< ( 7C:G:@>(
>A:<:><79!.0(NK7(@?<(HK7<G?(@7(K<?(A87G7<9:;<(@7(B>9(H>B7S:?@>9`(@:AKG?@>9`(
?H?@OC:H>9(Y(C?S:9G8?@>9(@7(A?G8><?aS>(9>=87(7B('9G?@>(?(A?8G:8(@7(A78H:=:8(
H>C>(@787H^>9(9K=]7G:6>9(B>(NK7(9><(H?8S?9(Y(>=B:S?H:><79(:<^787<G79(?(B?(
@7B7S?H:;<(A>AKB?8(@7(?G8:=KH:><79(A?8?(87A8797<G?8(:<G787979(H:K@?@?<>9(Y(
<>(B>9(@7(K<(97HG>8(Y(C7<>9(?b<(B>9(A8>A:>9_
H_('9(<7H79?8:>(A8>C>678(K<?(87L>8C?(A>BJG:H?
'9G? ( B7HGK8? ( @7 ( B>9 ( 8>B79 ( Ab=B:H>9 ( H>C> ( @787H^>9 ( :<@:6:@K?B79` ( @7(
8?:S?C=87(^:9G;8:H?(7<(7B(A?J9`(LK7(<>(9;B>(76:@7<H:?@?(9:<>(9K=678G:@?(A>8(B?(
!./
!.0

A879:;< ( @7 ( B? ( 9>H:7@?@ ( H:6:B ( >8S?<:a?@? ( Y ( A>8 ( 7B ( :CA>8G?<G7 ( A?A7B(


@797CA7j?@>(A>8(B?(.>8G7(@7(.><9G:GKH:><?B:@?@(7<(B?(:<G78A87G?H:;<(@7(B?(
<>8C?(6:S7<G7_
0?(:<G7867<H:;<(:<C7@:?G?(Y(?]K9G?@?(?(@787H^>(@7(79G7(+8:=K<?B(LK7(>G8>(
^:G>(^:9G;8:H>(@7B(A8>H79>_(+?B(67a(<>(7o:9G?(?<G7H7@7<G7(7<(7B(A?9?@>(@7(K<(
H><G8>B(@7(H><9G:GKH:><?B:@?@(G?<(8ZA:@>(Y(9>9G7<:@>(?(B>(B?8S>(@7B(G:7CA>(NK7(
B:C:G?8?(B?9(A87G7<9:><79(@7(@:9H87H:><?B:@?@(@7(LK<H:><?8:>9(Ab=B:H>9(NK7`(7<(
>G8>(G:7CA>`(9;B>(79A78?=?<(879AK79G?9(]K@:H:?B79(L?6>8?=B79(?(9K9(:<G787979_
)7 ( ?NKJ ( 9K8S7 ( >G8? ( @7 ( B>9 ( A?8G:HKB?8:@?@79 ( @7 ( B? ( 7oA78:7<H:?e ( B?(
]K@:H:?B:a?H:;<(@7(B?(7B7HH:;<_()79@7(B?(?A8>=?H:;<(@7(B?(B7Y(^?9G?(B?(7B7HH:;<(
L:<?B ( 7< ( 7B ( .><S879>` ( 7< ( G>@?9 ( B?9 ( :<9G?<H:?9 ( 97 ( BB76?8>< ( ? ( B>9 ( 79G8?@>9(
]K@:H:?B79(@:9AKG?9(NK7(@7=:78?<(879>B67897(7<(7B(C?8H>(@7(K<?(<7S>H:?H:;<(
A>BJG:H?_
'BB> ( @? ( HK7<G? ( @7 ( B? ( H8:9:9 ( @7 ( K< ( 9:9G7C? ( A>BJG:H> ( :CA>9:=:B:G?@> ( @7(
H>CA?G:=:B:a?8(B?9(@7C?<@?9(@7(B?(H:K@?@?<J?(@7(G8?<9A?87<G?8(K<?(@7H:9:;<(
A>BJG:H?(@7(C?S<:GK@(H><(B?(C7<H:><?@?(:<G78A87G?H:;<(788;<7?(@7(B?(LK<H:;<(
Ab=B:H?(A>8(A?8G7(@7(B?(C?Y>8J?(@7(B>9(A?8G:@>9(A>BJG:H>9 !.1_(Q<(9:9G7C?(7<(7B(
NK7 ( B>9 ( A?8G:@>9 ( 97 ( 7<HK7<G8?< ( B7]>9 ( @7 ( B?9 ( <7H79:@?@79 ( @7 ( B? ( A>=B?H:;<(
9?GK8?@?(@7(H>88KAH:;<(7(:CAK<:@?@(Y(H78H?(@7(B?9(7o:S7<H:?9(@7(B>9(S8KA>9(
@7(A>@78(<>(AK7@7(@?8(HK89>(?(<:<SK<?(<7S>H:?H:;<(@79G:<?@?(?(=7<7L:H:?8(?(
B?(C?Y>8J?(@7(B>9(SK?G7C?BG7H>9!/2_
0? ( ?K97<H:? ( @7 ( 879:9G7<H:? ( 7< ( 7B ( A?9?@> ( 7o:CJ? ( ?B ( A8>H79> ( @7 ( B?(
:<G7867<H:;< ( ]K@:H:?B ( > ( @7 ( B? ( .._ ( '9G? ( 67a ( B?9 ( @7C?<@?9 ( H:K@?@?<?9(
H?<?B:a?@?9 ( H>< ( JCA7GK ( A>8 ( ?S7<G79 ( >8S?<:a?@>9 ( @7<>G; ( B? ( ?K97<H:? ( @7(
6>H?H:;<(@7(87A8797<G?H:;<(A>AKB?8(@7(B>9(A?8G:@>9(Y`(H><97HK7<G7C7<G7`(@7(
<7S>H:?H:;< ( H>< ( 9K9 ( 7o:S7<H:?9_ ( 'BB> ( @7G78C:<; ( Y` ( A8>=?=B7C7<G7 ( 9:S?(
>HK88:7<@>`(K<?(L87HK7<H:?(CKY(?BG?(@7(:<G7867<H:;<(]K@:H:?B(7<(@7H:9:><79(
A>BJG:H?9_
*:(=:7<(=?9G?<G7(76:@7<G7(?<G79(@7(79G?(7oA78:7<H:?`(7B(A8>H79>(^?(@7]?@>(
>G8?(CK79G8?(AB?K9:=B7(@7(B?(:CA78:>9?(<7H79:@?@(@7(K<?(87L>8C?(NK7(G:7<@?(
?(K<?(87<>6?H:;<(G>G?B(@7B(9:9G7C?(A>BJG:H>(@7(2K?G7C?B?_
@_ ( 0?9 ( 79G8?G7S:?9 ( @7 ( C7@:?<> ( Y ( B?8S> ( AB?a> ( 9>< (
:CA879H:<@:=B79
+>@>9(79G>9(L?HG>879(S7<78?<(7B(8:79S>`(A?8?(B?9($*.X9`(@7(?@7<G8?897(?(
@:9AKG?8(A>@78(@79@7(K<?(A>9:H:;<(CZ9(@O=:B(NK7(7B(879G>(Y(@7(?B:<7?897`(7<(
7B(C?8H>(@7(:<G787979(G?<(H8Ka?@>9(Y(7<(79H7<?8:>9(<7=KB>9>9`(H><(79A?H:>9(
NK7 ( <> ( A87G7<@7< ( <:<Sb< (H?C=:> ( @7 ( L><@> ( 7<( B?9 (87B?H:><79 ( @7 ( A>@78 ( 7<(
2K?G7C?B?_
0?9(:CAB:H?<H:?9(@7(B?9(AK78G?9(@7(:<L>8C?H:;<(Y(H><>H:C:7<G>(?=:78G?9(
A>8 ( 7B (A8>H79> (9>< ( 7<>8C79 ( A?8? (B? (H>CA87<9:;< ( @7 ( A>8 ( NKO (9KH7@7<( B?9(
H>9?9(NK7(9KH7@7<(7<(7B(A?J9(Y(B?(?HGK?H:;<(79G?G?B(?<G7(7BB?9`(Y(9><(CKY(

!.1
!/2

:CA>8G?<G79 ( G?C=:O<` ( ?K<NK7 ( 7oH7@7 ( B>9 ( BJC:G79 ( @7 ( 79G7 ( !<L>8C7` ( A?8? ( 7B(
87A7<9?8(B?(A?8G:H:A?H:;<(A>AKB?8`(9K9(L>8C?9`(>=]7G:6>9(Y(BJC:G79!/!_
1?8?(B?9(>8S?<:a?H:><79(@7(B?(9>H:7@?@(H:6:B(:<6>BKH8?@?9(7<(B?(G7CZG:H?(7B(
A8>H79>`(7<(GO8C:<>9(@7(?A87<@:a?]7`(LK7(CKY(8:H>_((0?(?A78GK8?(C7<H:><?@?(
Y ( B>9 ( L7<;C7<>9 ( @7 ( @:9AKG? ( @7 ( A>@78 ( NK7 ( 97 ( >=9786?8>< ( H><9G:GKY78><(
B7HH:><79 ( 9>=87 ( ?<ZB:9:9 ( 79G8?GOS:H>` ( L:]?H:;< ( @7 ( >=]7G:6>9 ( Y ( BJC:G79 ( Y(
H?A?H:@?@(@7(>8S?<:a?H:;<_
0?(7oA>9:H:;<(7<(7B(@J?(?(@J?(@7(B?(H8:9:9(A>BJG:H?`(B?(H>>AG?H:;<(79G?G?B(A>8(
<K76>9 ( S8KA>9 ( @7 ( A>@78 ( Y ( B? ( 6>H?H:;< ( @7 ( 87H><NK:9G? ( @7 ( B?9(
H><SB>C78?H:><79 ( CZ9 ( G8?@:H:><?B79` ( 9K9 ( @:<ZC:H?9 ( @7 ( 87B?H:;< ( Y(
C7G>@>B>SJ?9(@7(:<G7867<H:;<(A>BJG:H?(Y(9>H:?B(^?(A78C:G:@>(H>CA87<@78(I>(
87H>8@?8I ( B? ( <7H79:@?@ ( @7 ( L>8C?H:;< ( @7 ( HK?@8>9 ( GOH<:H>IA>BJG:H>9 ( Y ( @7(
H><9>B:@?H:;<(@7(>8S?<:a?H:><79(A78@K8?=B79(7<(7B(G:7CA>_
18>=?=B7C7<G7(G>@>9(B>9(79A?H:>9(@7(>8S?<:a?H:;<(H><(H:78G?(7oA78:7<H:?(
97A?<(NK7(B>9(H?C=:>9(9>H:?B79(<>(8?@:H?<(7<(B?(?A8>=?H:;<(@7(<K76?9(B7Y79_(
*:< ( 7C=?8S>` ( B? ( 67B>H:@?@ ( NK7 ( ?@NK:787< ( B>9 ( ?H><G7H:C:7<G>9 ( 7< ( B?(
?HGK?B:@?@ ( Y ( B?9 ( 879AK79G?9 ( @7 ( B>9 ( @7H:9>879 ( AK7@7< ( BB76?8 ( ? ( H><LK<@:8`(
A8:<H:A?BC7<G7(?(B>9(C>6:C:7<G>9(CZ9(79A><GZ<7>9`(A7NK7j>9(A8>S879>9(7<(
7B(C?8H>(@7(A8>H79>9(H><(6:HG>8:?9(@7L:<:G:6?9_
0? ( :CAB7C7<G?H:;< ( @7 ( B>9 ( H?C=:>9 ( 7< ( B? ( L>8C? ( @7 ( 7B7S:8 ( ? ( B>9(
C?S:9G8?@>9(87L879H;(B?9(H><H:7<H:?9(7<(HK?<G>(?(NK7(7B(A>@78(97(879:9G7(?(
H7@78 ( Y ( <> ( G:7<7 ( BJC:G79 ( G7CA>8?B79_ ( ( '< ( 79G7 ( H?9>` ( B? ( @:9AKG? ( 7<G87 ( B>9(
S8KA>9(@7(A>@78(79(G8?<9:G>8:?(^?9G?(NK7(97(79G?=B7aH?(K<(<K76>(A?HG>(NK7(
@:L:HKBG?8Z(B>9(A8>H79>9(@7(H?C=:>_
'9G7(A8>H79>(^?(87C7C>8?@>(NK7(B?(A8>B><S?H:;<(Y(A78C?<7<H:?(@7(B?(
?HH:;<(79G8?GOS:H?(Y(>8S?<:a?@?(@7(B?(9>H:7@?@(H:6:B`(79(7<(H><97HK7<H:?`(K<?(
H><@:H:;< ( 9:<7 ( NK7 ( <>< ( A?8? ( NK7 ( 79G>9 ( B>S8>9 ( 97 ( H><9>B:@7< ( Y ( A?8? ( B?(
>=G7<H:;<(@7(>G8?9(@7(B?9(:<<KC78?=B79(C7]>8?9(NK7(7B(A?J9(87NK:787_
$G8>(^:G>(LK<@?C7<G?B(@7B(A8>H79>(LK7(7B(^7H^>(@7(^?=78(9KA78?@>(K<?(
H>YK<GK8? ( NK7 ( HB?C?=? ( A>8 ( 879AK79G?9 ( 87?HH:><?8:?9` ( 79A?9C;@:H?9 ( Y(
9?B:@?9(L?B9?9(?(B?(9:GK?H:;<`(H><(K<?(87L>8C?(:<9G:GKH:><?B(978:?`(NK7(9:(=:7<(
?@>B7H:;(@7(@7L7HG>9(97(AK9>(7<(C?8H^?(CKY(8ZA:@?C7<G7_(
'9(:C?S:<?=B7(NK7(@7(<>(^?=78(G8?=?]>(A876:>(@7(B?9(>8S?<:a?H:><79(@7(B?(
9>H:7@?@(H:6:B`(NK7(79GK6:78?<(B:9G?9(H><(C7@:@?9(A8>A>9:G:6?9`(K<?(67a(CZ9(
97(^K=:78?<(:CAB7C7<G?@>(C7@:@?9(7L7HG:9G?9(A?8?(H><G7<78(7B(87HB?C>(A>8(
B? ( 6:>B7<H:? ( Y ( B? ( :<97SK8:@?@_ ( .><G8?8:?C7<G7` ( 97 ( 9K=:; ( B? ( =?8878? ( @7 ( B?9(
S?8?<GJ?9 ( 7< ( BKS?8 ( @7 ( =?]?8B? ( Y ( 97 ( A8>AK9> ( 7 ( :CAKB9> ( CZ9 ( :<@7A7<@7<H:?(
]K@:H:?B(7<(BKS?8(@7(C?Y>8(6:>B7<H:?(79G?G?B_
7_(0>9(H?C=:>9(9><(A>9:=B79
, ( 9K ( 67a ( 79 ( K< ( ?<G7H7@7<G7 ( 9KC?C7<G7 ( A>9:G:6> ( 7B ( ^7H^> ( @7 ( ^?=78(
>A78?G:6:a?@>(B>9(H?C=:>9(H><(G?<G?(8?A:@7a_( ('BB>(7<(H><9:@78?H:;<(@7(B>9(
CbBG:AB79 ( ?<G7H7@7<G79 ( @7 ( :<:H:?G:6?9 ( NK7 ( BB7S?< ( ? ( 978 ( B7Y79` ( 97 ( ?<K<H:?<(
!/!

H>C> ( B? ( G:788? ( A8>C7G:@? ( Y ( HKBC:<?< ( 7< ( B? ( <?@?_ ( ( '9G> ( 79` ( @7 ( A>8 ( 9J`(
:CA>8G?<G7(7<(H><G7oG>9(7<(B>9(NK7(B7Y(Y(A8ZHG:H?(<>(9;B>(G:7<7<(@:L787<H:?9(
9K9G?<G:6?9(9:<>(7<>8C79(@:9G?<H:?9(G7CA>8?B79_
">(879KBG?(C7<>8`(A>8(bBG:C>`(@79G?H?8(NK7(B?(?A78GK8?`(G?C=:O<(S7<78;(
79A78?<a?9_( (*:(=:7<(<>(LK7(K<(A8>H79>(NK7(@79A:78G7(7B(:<G78O9(A>AKB?8(@7(
K<? ( L>8C? ( A?9:><?B ( H>C> ( >G8>9 ( G7C?9 ( 9J ( B> ( ^?H7<` ( 7< ( 79H7<?8:>9 ( @7(
H>88KAH:;< ( 7 ( :CAK<:@?@( 79G8KHGK8?B` ( H>< ( 79G?@>9 ( L?BB:@>9` ( 7B ( 97<G:8 ( NK7 ( B?9(
AK78G?9(@7(797('9G?@>(97(?=87<(A>8(K<?(67a(?(B?(A>9:=:B:@?@(@7(:<H:@7<H:?(
H:K@?@?<?(S7<78?(K<?(=8:9?(@7(?:87(L879H>_
1>8(G>@>9(B>9(C>G:6>9(8797j?@>9`(<>(H?=7<(@K@?9(@7(NK7(B?(97B7HH:;<(@7(
C?S:9G8?@>9 ( @7 ( UVVW ( H><9G:GKY7 ( K< ( ?<G79 ( Y ( K< ( @79AKO9 ( A?8? ( 7B ( 9:9G7C?(
A>BJG:H> ( Y ( ]K@:H:?B ( @7 ( 2K?G7C?B?_ ( 'B ( NK:7=87 ( @7 ( K< ( AK<G> ( @7 ( 7NK:B:=8:>(
L?6>8?=B7 (A?8? ( B>9 (:<G787979 (H><9786?@>879 ( @7 ( B? ( :CAK<:@?@ ( Y( B? ( :<]K9G:H:?(
9>H:?B(?GK8@:;(?(B>9(?S7<G79(H><9786?@>879`(87A>9:H:><;(?(B>9(BKH^?@>879(A>8(
7B ( H?C=:> ( Y ( @7]; ( ?B ( H?CA> ( @7 ( B? ( 87L>8C? ( ]K@:H:?B ( 7< ( 9K ( G>G?B:@?@ ( 7< ( K<?(
<K76?(@:<ZC:H?_(
)7 (B?(?=9>8H:;<(@7(B?9(B7HH:><79(Y(?A87<@:a?]79(@7(79G7(A8>H79>`(7<G87(
>G8>9(L?HG>879`(@7A7<@78Z(7<(S8?<(C7@:@?(B?(H><9>B:@?H:;<(@7(B>9(H?C=:>9(
A>9:G:6>9(Y(B?(=b9NK7@?(@7(87L>8C?9(NK7(9KA78?@>8?9_
U_(,H:78G>9(Y(@79?H:78G>9(@K8?<G7(B?(7B7HH:;<(UVVW
0? ( ?A8>=?H:;< ( @7 ( B? ( B7Y ( Y ( 9K ( :CAB7C7<G?H:;< ( LK7 ( K< ( H><G:<K> ( @7(
G7<9:><79 ( 7<G87 ( B? ( AKB9:;< ( A>8 ( ?=8:8 ( B? ( A?8G:H:A?H:;< ( H:K@?@?<? ( Y(
G8?<9A?87<G?8(7B(A8>H79>(@7(7B7HH:;<(@7(C?S:9G8?@>9(H><G8?(B?(:<G8?<9:S7<H:?(
@7(B>9(97HG>879(@7(A>@78(NK7(Y?(^?=J?<(97BB?@>(B>9(?HK78@>9(H><G7<:7<@>(B>9(
<>C=879 ( @7 ( B?9 ( A789><?9 ( NK7 ( >HKA?8J?< ( B?9 ( H>8G79` ( > ( ?B ( C7<>9 ( ? ( NKO(
:<G787979(@7=78J?<(879A><@78_
0?9 ( 879:9G7<H:?9` ( <K<H? ( 7oA879?C7<G7 ( C?<:L79G?@?9 ( H>C> ( G?B79` ( 97(
LK78>< ( @79AB7S?<@> ( 7< ( H?@? ( 7G?A?_ ( ( .>< ( 7B ( NK:7=87 ( @7 ( B? ( 879:9G7<H:? ( ?(
?A8>=?8(B?(87L>8C?`(97(@?(K<(G8?9B?@>(?(B>9(>G8>9(C>C7<G>9(@7B(A8>H79>(@7(B?(
7B7HH:;<_((%79:9G7<H:?(?(HKCAB:8(H><(<>8C?9(7B7C7<G?B79(@7(B?(OG:H?(Ab=B:H?`(
879:9G7<H:? ( ? ( ?=?<@><?8 ( B? ( 97H87G:6:@?@ ( 7< ( B>9 ( 6>G>9 ( 7< ( B?9 ( A>9GKB?@>8?9`(
879:9G7<H:?(?(7<G876:9G?8(?(H?<@:@?G>9(9:7CA87(H><(7B(?8SKC7<G>(@7B(L?HG>8(
G:7CA>` (879:9G7<H:?9 (? (@7=?G:8(Y( <7S>H:?8(Ab=B:H?C7<G7 (7<(7B(AB7<>(@7 (B?9(
.>C:9:><79`(879:9G7<H:?(?(?G7<@78(B>9(97j?B?C:7<G>9(?(B>9(H?<@:@?G>9_((
'< ( 7B ( ]K7S> ( @7 ( G7<9:><79` ( HKY>9 ( 879KBG?@>9 ( A8:<H:A?B79 ( 97 ( 7oAK9:78><(
A876:?C7<G7`(97(H><9:SK:78><(879KBG?@>9(CKY(A>9:G:6>9(Y(>G8>9(NK7@?8><(7<(
7B(@7=7(A>8(B?9(A8>A:?9(B:C:G?H:><79(@7(K<?(87L>8C?(NK7(<>(?G?H;(7B(L><@>(@7(
B?(G7CZG:H?(Y(A>8(B?(:CA>9:H:;<(@7(NK:7<79(:<G7<G?8><(76:G?8(7B(?6?<H7(@7(B>9(
H?C=:>9_
'<(7B(]K7S>(@7(G7<9:><79(97(B>S8;m
! .><SB>C78?8(G>@>(7<(K<?(b<:H?(<>8C?(?<G79(G>@>(@79A78@:S?@>
'B ( C?<7]> ( @7 ( B?9 ( .1 ( Y ( 7< ( H><97HK7<H:? ( @7 ( B? ( 7B7HH:;< ( @7(
C?S:9G8?@>9 ( A?9; ( ? ( 79G?8 ( G?o?G:6?C7<G7 ( @7L:<:@> ( 7< ( K<? ( B7Y(

HK?<@>(?<G79(79G?=?(@79?S87S?@>(7<(B?(."`(7<(B?(07Y(@7B($3`(7<(B?(
07Y(@7(.?8878?(3K@:H:?B(Y(9K(87SB?C7<G>`(7GH_
+>@> ( 79G> ( @?=? ( BKS?8 ( ? ( CKH^?9 ( B?SK<?9 ( 7 ( :<G78A87G?H:><79 ( 7<(
HK?<G>(?(A8>H7@:C:7<G>9(Y(HK79G:><79(H><H87G?9(NK7(?<G7(B?(L?BG?(
@7 ( C><:G>87> ( 9>H:?B ( ?L788?@> ( ? ( K<? ( <>8C? ( NK7 ( B> ( 879A?B@7 ( @?=?(
CKH^>(A>@78(?(B>9(@:L787<G79(?HG>879(A?8?(H>CAB7G?8B?9(Y(87A7B78(7B(
H><G8>B(Y(79H8KG:<:>(Ab=B:H>_
! ,=8:8 ( 7B ( ]K7S> ( 5H>< ( B>9 ( BJC:G79 ( :CAK79G>9 ( A>8 ( B? ( 879:9G7<H:? ( Y ( 7<(
H?@? ( @788>G? ( 97 ( B>9 ( @7]; ( 7< ( 76:@7<H:? ( ?<G7 ( B? ( A>=B?H:;< ( A>8(
H><9786?@>879 ( @7 ( B? ( >9HK8:@?@D ( 7< ( B? ( 7B7HH:;< ( @7B ( .,"2` ( @7(
87HG>879(Y(@7(C?S:9G8?@>9`(79A?H:>9(G>G?BC7<G7(?]7<>9(?B(79H8KG:<:>(
Ab=B:H>(7<(7B(A?9?@>_
! !<H>8A>8?8 ( Y ( @7L7<@78 ( B? ( A?8G:H:A?H:;< ( 7NK:B:=8?@? ( H><(
87A8797<G?H:;<(@7(C:<>8J?9(7<(7B(.,"2(Y(7<G87(B>9(C?S:9G8?@>9_
! %79G8:<S:8(B?(A?8G:H:A?H:;<(@7(A>9GKB?@>879(L>8C?BC7<G7(6:<HKB?@>9(
?(97HG>879(A>BJG:H>9(>(@7(A>@78_
! !<G8>@KH:8 ( A8>AK79G?9 ( 87SB?C7<G?8:?9 ( @7 ( B? ( B7Y ( ? ( G8?6O9 ( @7 ( 9K(
?@>AH:;<(A>8(B?9(.1(5A78L:B(@7(C?S:9G8?@>(Y(G?=B?(@7(S8?@?H:;<D_
! 0?(7oHBK9:;<(@7(CKH^>9(@7(B>9(97j?B?@>9(A>8(B?(9>H:7@?@(H:6:B_
! {K7 ( 7B ( .><S879> ( ^:H:78? ( K<? ( ?K@:H7<H:? ( Ab=B:H? ( 5B? ( .>C:9:;<(
'oG8?>8@:<?8:?(A?8?(B?(%7L>8C?(@7B(*7HG>8(3K9G:H:?D(H><(H?9:(G>@>9(
B>9(H?<@:@?G>9(@7(B?(.*3_
! 0:C:G?8 ( B? ( @:9H87H:><?B:@?@ ( @7 ( B>9 ( ):AKG?@>9` ( NK:7<79 ( 79GK6:78><(
C><:G>87?@>9 ( @K8?<G7 ( B?9 ( @>9 ( 97C?<?9 ( @7 ( @7B:=78?H:><79 ( Y(
7B7HH:><79(A>8(B?(9>H:7@?@(H:6:B(Y(B?(A87<9?_(
! 'B:C:<?8(7B(6>G>(97H87G>(7<(7B(.><S879>_
! 07S:G:C?8 ( 9>H:?BC7<G7 ( 7B ( A8>H79> ( Y ( ?<G7 ( B? ( H>CK<:@?@(
:<G78<?H:><?B_
! #>8C?H:;<(GOH<:H?(@7(CKH^>9(A78:>@:9G?9
! 'B7S:8 ( C?S:9G8?@>9 ( HKY? ( :@><7:@?@ ( ^? ( 9:@> ( 678:L:H?@? ( CZ9(
C:<KH:>9?C7<G7(NK7(7<(7B(A?9?@>_
0>(NK7(<>(97(B>S8;m
! 0>9 ( ?9A7HG>9 ( A>9:G:6>9 ( @7B ( A8>H79> ( <> ( AK7@7< ( >=<K=:B?8 ( 7B(
879KBG?@>(L:<?B(7<(HK?<G>(?B(>=]7G:6>(@7(C7]>8?8(B?(H?B:@?@(@7(B>9(
C?S:9G8?@>9 ( 7B7HG>9_( ( *7 ( L8?H?9; ( 7<( B? ( :CA>9:H:;< ( @7 ( K<? ( @7 ( B?9(
=?<@78?9 ( A>8 ( B?9 ( NK7 ( 97 ( ^? ( BKH^?@> ( @K8?<G7 ( ?j>9` ( B? ( H?8878?(
]K@:H:?B` ( @79:S<Z<@>97 ( A789><?9 ( 9:< ( 7oA78:7<H:? ( ?BSK<? ( 7< ( B?(
C?S:9G8?GK8? ( A78> ( H>< ( S8?< ( G8?Y7HG>8:? ( 7< ( B>9 ( =KL7G79 ( CZ9(
:CA>8G?<G79(@7B(A?J9(Y(7<(7B(?979>8?C:7<G>(7CA879?8:?B_((*:<(@K@?9(
79G?(:CA>9:=:B:@?@(@7(H?C=:>(8?@:H;(7<(NK7(7B(A8>H79>(<K<H?(AK@>(
9K9G8?7897 ( @7 ( B?9 ( @:9AKG?9 ( 7<G87 ( B>9 ( S8?<@79 ( S8KA>9 ( @7 ( A>@78(
G8?@:H:><?B ( Y ( 7C78S7<G7 ( 9:<> ( NK7 ( S:8; ( ?B87@7@>8 ( @7 ( 9K9(

<7S>H:?H:><79 ( Y ( HKBC:<; ( H>< ( 9K9 ( ?HK78@>9 ( A?8? ( 87A?8G:897 ( B>9(


AK79G>9(CZ9(:CA>8G?<G79(@7B(9:9G7C?(]K@:H:?B_
! '< ( B> ( NK7 ( ^?H7 ( ?B ( A8>H7@:C:7<G> ( @7 ( 97B7HH:;< ( 7< ( 9J` ( <> ( 97 ( B>S8;(
87@KH:8(B?(@:9H87H:><?B:@?@(@7(B>9(H>C:9:><?@>9(?(B?(^>8?(@7(7B7S:8(
9K9(H?<@:@?G>9(?(<>C:<?8_(('9G?(LK7(B?(@7K@?(CZ9(S8?<@7(@7B(G7oG>(
B7S?B ( Y ( @7B ( A8>H79>_ ( ( 'BB> ( 7< ( HK?<G> ( 7B ( )7H87G> ( hWIUVVW` ( 9: ( =:7<(
H><9786?(G>@>9(B>9(=7<7L:H:>9(@7(^?=78(G8?<9A?87<G?@>(7B(A8>H79>`(
A7H?(@7(C?<G7<78(7B(7<>8C7(A>@78(NK7(G7<J?<(B?9(.1(7<(BKS?8(@7(
879G8:<S:8B>(?B(79GK@:>(@7(?<G7H7@7<G79`(7<G876:9G?9`(:CA7@:C7<G>9(
Y(?K@:7<H:?9(H><(B?9($*.X9_(
0? ( 87@?HH:;< ( @7 ( B? ( 0.1 ( A78C:G7 ( NK7 ( G>@> ( 7B ( 79LK78a> ( @7(
G8?<9A?87<G?8(Y(AK=B:H:G?8(7B(A8>H79>(97?(H?9:(7<(6?<>(?(A?8G:8(@7B(
A78C:9> ( A?8? ( 6>G?8 ( A>8 ( 7B ( H?<@:@?G> ( NK7 ( 97 ( @7977 ( 9:< ( <:<SK<?(
>=B:S?H:;<(@7(H><9:@78?8(B>9(?<G7H7@7<G79`(9:<(8?a><?8(B?(7B7HH:;<(Y(
@7(>G>8S?8(?(B?9(H?B:L:H?H:><79`(7B(b<:H>(CO8:G>(@7(?9:S<?8(K<(>8@7<(
@7(A87B?H:;<(A?8?(B?(6>G?H:;<_
! {K7 ( 7B ( A8>H79> ( G7<S? ( K<? ( A789A7HG:6? ( CKBG:OG<:H? ( Y ( @7 ( SO<78>_(
+?CA>H>(B?(GK6>(B?(A>9G78:>8(H>CA>9:H:;<(@7(B?9(H>8G79
! {K7(A?8G:H:A7<(79A?H:>9`(7<G:@?@79(Y(>8S?<:a?H:><79(?B7]?@>9(@7(B?(
.?A:G?B_
! +8?<9A?87<G?8(7B(L:<?<H:?C:7<G>(@7(G>@>9(B>9(?HG>879(@7B(A8>H79>_(
*7 ( B>S8; ( 879:9G:8 ( H>< ( ?8SKC7<G>9 ( @7B ( +8:=K<?B ( 'B7HG>8?B ( @7B ( .,"2(
NK7(<>(LK78><(@:9HKG:@>9(B>(9KL:H:7<G7_(">(97(?<?B:a;(B?(HK79G:;<(@7B(
L:<?<H:?C:7<G>(@7(B?9(AB?<:BB?9(@7(C?S:9G8?@>9(<:(@7(B>9(87HG>879_
! {K7(B>9(87HG>879(?H?G?8?<(B?(B7Y(7<(B>(?G:<7<G7(?(B?(>=B:S?H:;<(@7(
7B7S:8(?(9K9(87A8797<G?<G79(A>8(9>8G7>_
! Q< ( A78L:B ( @7 ( C?S:9G8?@> ( @7L:<:G:6> ( H><97<9K?@>_ ( ( *: ( =:7< ( 97(
:<H>8A>8;( (?(B?9(.>C:9:><79(B?(A8>AK79G?(@7(>8S?<:a?H:><79(@7(B?(
9>H:7@?@(H:6:B`(?b<(<>(^?(^?=:@>(K<?(@:9HK9:;<(A8>LK<@?(Y(?=:78G?(
9>=87 (7B(C?S:9G8?@>(NK7 (<7H79:G? (2K?G7C?B?(Y(@7( NK7(87NK:9:G>9(
@7=7< ( 978 ( 7oHBKY7<G79 ( A?8? ( 978B> ( CZ9 ( ?BBZ ( @7 ( B>9 ( C78?C7<G7(
L>8C?B79_
! {K7 ( 97 ( 76?BK?8? ( @7=:@?C7<G7 ( ? ( B>9 ( H?<@:@?G>9 ( H><L>8C7 ( B>9(
A8:<H:A:>9 ( @7 ( B? ( B7Y_ ( ": ( 7B ( A78L:B ( :@7?B ( <: ( B? ( G?=B? ( @7 ( H?B:L:H?H:;<(
HKCAB:78>< ( H>< ( 79G>9 ( >=]7G:6>9_ ( ":<SK<> ( @7 ( B>9 ( H?<@:@?G>9 ( LK7(
76?BK?@>(7<(9K9(H><>H:C:7<G>9(GOH<:H>9(HK?<@>(B?(B7Y(97(8:S7(A>8(7B(
A8:<H:A:>(@7(7oH7B7<H:?(A8>L79:><?B_
! #:]?8(H8:G78:>9(>=]7G:6>9(HB?8>9(A?8?(B?(76?BK?H:;<_(0>9(NK7(97(B>S8;(
:<H>8A>8?8 ( ?A>8G?8>< ( C7]>8?9 ( A78> ( G?C=:O< ( CKH^?9 ( H><LK9:><79(
B7S:G:C?<@>(=K7<>9(AK<G?]79(A?8?(C?B>9(H?<@:@?G>9(Y(6:H76789?(?(
G8?6O9(@7B(>G>8S?C:7<G>(@7(:CA>8G?<H:?(?(L>8C?B:9C>9_
! {K7(97(7<G876:9G?8?(?(B>9(H?<@:@?G>9_
! {K7(97(87?B:a?8?<(?K@:7<H:?9(Ab=B:H?9(7<(B?9(.1_

! 'oHBK:8(?(G>@>9(B>9(97j?B?@>9
! !<H>8A>8?8(7<G87(B>9(C?S:9G8?@>9(7B7HG>9(?(NK:7<79(Y?(LK78?<(A?8G7(
@7(B?(H?8878?(]K@:H:?B
18>=?=B7C7<G7(B>9(>=]7G:6>9(NK7(<>(97(?BH?<a?8><(G7<S?<(NK7(678(CZ9(
H><(7B(?S>G?C:7<G>(@7(B?9(.>C:9:><79(@7(1>9GKB?H:;<(H>C>(C7H?<:9C>(A?8?(
7B7S:8(C?S:9G8?@>9(A8>=>9(7(:<@7A7<@:7<G79(NK7(7<(@7L7HG>9(@7B(?HH:><?8(@7(
9K9(:CAKB9>879(>(7<(B?(^?=:B:@?@(@7(9K9(@7G8?HG>879_
'9G?(79(K<?(H>:<H:@7<H:?(CKY(?CAB:?(Y(NK7(C787H7(K<(@7=?G7(A8>LK<@>(
9K(877CAB?a>_
1?8? ( 7B ( H?9> ( 7< ( NK7 ( 97 ( C?<G7<S? ( 7B ( C7H?<:9C> ( @7 ( .>C:9:><79 ( @7(
1>9GKB?H:;<(^?Y`(?K<NK7(C?<G7<:O<@>97(B>9(BJC:G79(@7(L><@>`(CKH^?9(H>9?9(
A>8 (C7]>8?8( NK7 (@7=7< (?G7<@78( <>( 9;B> (? (B>9 (788>879 (9:<> (G?C=:O<( ?( B?9(
B?SK<?9(Y(?C=:Sz7@?@79(NK7(@?<(BKS?8(?(:<G78A87G?H:><79(@:6789?9_
I

)7L7HG>9(@7(B?(B7YqB?SK<?9(~(%7SB?C7<G?8B?9
)7=?G:8(A?8G:H:A?G:6?C7<G7(Y(@7L:<:8(K<(A78L:B(@7(C?S:9G8?@>(NK7(:CAB:H?(
CKH^>(CZ9(NK7(B>9(JG7C9(A876:9G>9(7<(B?(AB?<:BB?(?A8>=?@?(A>8(B?9(
.>C:9:><79!/'_

'oG7<@78(B>9(A8:<H:A:>9(@7(B?(B7Y(@7(AK=B:H:@?@(Y(G8?<9A?87<H:?(?B(
C>C7<G>(@7(B?(7B7HH:;<(@7(B>9(:<G7S8?<G79(@7(B?9(A>9GKB?@>8?9

'9G:AKB?8(H>C>(>=B:S?G>8:>(7B(G8?<9A?87<G?8(7B(L:<?<H:?C:7<G>(@7(B?9(B:9G?9(
H><(BJC:G79(A?8?(B?9(H?CA?j?9(A?8?(S?8?<G:a?8(B?(:SK?B@?@(?(B?9(C:<>8J?9

+?B(67a(7<(B?(.>C:9:;<(AK7@7<(H><L>8C?897(Q<:@?@79(@7(!<L>8C?H:;<(
1b=B:H?(H>C>(B>(A876O(B?(07Y(@7(,HH79>

'9HB?87H78(B?(?AB:H?H:;<(@7B(C7H?<:9C>(@7(87A8797<G?H:;<(@7(C:<>8J?9

0?9(?BG78<?G:6?9(A?8?(87@KH:8(B?(@:9H87H:><?B:@?@(@7(B>9(H>C:9:><?@>9(
978J?<(>(=:7<m
!

8?a><?8(Y(LK<@?8(7B(6>G>(Yq>

L:]?8(H8:G78:>9(7oHBKY7<G79(@7(B?(7B7HH:;<(H>C>(7B(^?=78(
87H:=:@>(@7<K<H:?9(H><(LK<@?C7<G>`(<>(G7<78(?B(C7<>9(K<(
AK<G?]7(CJ<:C>(G>G?B`(<>(?BH?<a?8(K<(AK<G?]7(CJ<:C>(A>8(
97SC7<G>(@7(B?(G?=B?(@7(H?B:L:H?H:;<`(G7<78(:<H>8A>8?@?(~
A8>=?@?C7<G7I(B?(A789A7HG:6?(@7(SO<78>(Y(B?(CKBG:OG<:H?`(
?@7CZ9(@7(B?(<7H79:@?@(@7(?A8>=?8(K<(7o?C7<(CJ<:C>(@7(
H><>H:C:7<G>9(GOH<:H>9

I #:]?8(B?(>=B:S?G>8:7@?@(@7(B?9(?K@:7<H:?9(Ab=B:H?9
I )79H7<G8?B:a?8 ( G788:G>8:?BC7<G7 ( G>@>9 ( B>9 ( 79A?H:>9 ( @7 ( A?8G:H:A?H:;<(
6:S7<G79 ( ? ( A?8G:8 ( @7 ( K<? ( 87SB?C7<G?H:;< ( NK7 ( >8S?<:H7 ( :<9G?<H:?9(
?@C:<:9G8?G:6?9 ( @7 ( B?9 ( .>C:9:><79 ( NK7 ( =8:<@7< ( Y ( 87H:=?< ( :<L>8C?H:;< ( @7(
H>CK<:@?@79(@7B(879G>(@7B(A?J9
!/'

I #:]?8(A?KG?9(A8>H7@:C7<G?B79(A?8?(B>9():AKG?@>9(Y(A8>^:=:H:><79(@K8?<G7(
B?(7G?A?(@7(?<ZB:9:9(@7(<;C:<?9(Y(A?8?(B?(6>G?H:;<_
I !<H>8A>8?8 ( B? ( L:SK8? ( >=B:S?G>8:? ( @7 ( >=9786?@>879 ( :<G78<?H:><?B79 ( @7B(
A8>H79>_
I !<H>8A>8?8(K<?(HK>G?(CJ<:C?(A?8?(]K7H79(@7(H?8878?_
k_($=9GZHKB>9(Y(@79?LJ>9
0?9 ( B7HH:><79 ( ?A87<@:@?9 ( Y ( B>9 ( H?C=:>9 ( >A78?@>9 ( @?< ( HK7<G? ( @7 ( B>9(
:CA>8G?<G79(>=9GZHKB>9(?(9KA78?8(A?8?(H><9>B:@?8(B>(B>S8?@>(Y(A8>LK<@:a?8(
B>9(H?C=:>9_
'B(79H>BB>(CZ9(9:S<:L:H?G:6>(<>(^?(6?8:?@>(H><(7B(A8>H79>(@7(7B7HH:;<(@7(
C?S:9G8?@>9 ( Y ( 79 ( A>H> ( A8>=?=B7 ( NK7 ( ^?Y? ( 9:@> ( H><C>6:@> ( A>8 ( O9G7_ ( 0?(
6:S7<H:? ( @7 ( K< ( 9:9G7C? ( A>BJG:H> ( H>< ( =?97 ( @7 ( 79G8KHGK8?H:;< ( 7< ( 7B ( A>@78(
C:B:G?8 ( ?SS:>8<?@>` ( 7B ( <?8H>G8ZL:H> ( Y ( B?9 ( OB:G79 ( ^:9G;8:H?9 ( NK7 ( B>9 ( ^?(
H><L>8C?@>(A?8?(B?(6:?=:B:a?H:;<(@7C>H8ZG:H?I:<9G:GKH:><?B(@7(9K9(:<G787979(
Y ( NK7 ( :CA:@7 ( NK7 ( B>9 ( A?8G:@>9 ( HKCAB?< ( 9K ( 8>B ( @7 ( G8?<9L>8C?@>879 ( @7 ( B?(
87?B:@?@_
'9G7(>=9GZHKB>(H7<G8?B(LK7(7B(NK7(@7G78C:<;(NK7(<>(AK@:78?(H8:9G?B:a?897(
7<(B>9(<>C=879(Y(H?B:@?@79(@7(B>9(C?S:9G8?@>9(97B7HH:><?@>9(7B(79AJ8:GK(@7(
B? ( 87L>8C?_ ( .:78G?C7<G7` ( 7B ( H?A:G?B ( G8?@:H:><?B ( 97 ( C><G; ( 9>=87 ( B? ( >B?(
87L>8C:9G?(?(L:<(@7(87HKA78?8(A>9:H:><79(A78@:@?9(?(B>(B?8S>(@7(B>9(?j>9(?(
L?6>8 ( @7B ( H?A:G?B ( 7C78S7<G7 ( Y ( B> ( B>S8;_ ( .>< ( ?A>Y> ( C7@:ZG:H> ( Y(
H><LK<@:O<@>97 ( H>< ( $8S?<:a?H:><79 ( @7 ( B? ( *>H:7@?@ ( .:6:B ( NK7` ( H>< ( G?B ( @7(
?6?<a?8(7<(7B(A8>H79>`(@7H:@:78><(978(87H7AG>8?9(@7(9K(?A>Y>(Y(67^JHKB>(@7(
9K9 ( @7C?<@?9 ( 7B ( H?A:G?B ( G8?@:H:><?B ( B>S8; ( :CA><78 ( H?<@:@?G>9(
H>CAB7G?C7<G7 ( ?]7<>9 ( ? ( B? ( H?8878? ( ]K@:H:?B ( A78> ( G>G?BC7<G7 ( ?L:<79 ( ? ( 9K9(
:<G787979_
*7 ( ?@:H:><? ( ? ( 7BB> ( B? ( A7<@:7<G7 ( @7AK8?H:;< ( @7B ( 1>@78 ( 3K@:H:?B ( NK7(
H><9786?(:<G?HG>9(9K9(B?a>9(H><(79>9(S8KA>9(@7(A>@78`(9>B:@:L:H?<@>`(H><(7B(
A?9>(@7B(G:7CA>`(678@?@78?9(?9>H:?H:><79(@79G:<?@?9(?(A78@K8?8_('B(?H>AB7(
@7(B?9(K<:6789:@?@79(Y(B>9(H>B7S:>9(A8>L79:><?B79(?(79G?9(?9>H:?H:><79(B:C:G?(
?b<(CZ9(B>9(CZ8S7<79(@7(H?C=:>_
'9(B?(A879:;<(9>H:?B`(7<(H><97HK7<H:?`(B?(b<:H?(6J?(@7(?BG78?8(79G>9(A?HG>9(
>=9G?HKB:a?<G79_ ( ( *:< ( 7C=?8S> ( 9K ( ?8G:HKB?H:;< ( H>C> ( @7C?<@?9 ( H>B7HG:6?9(
<7H79:G?` ( 7< ( H><G7oG>9 ( H>< ( 79H?9? ( ?HH:;< ( @:87HG? ( <> ( 6:>B7<G?` ( @7(
>8S?<:a?H:><79 (9>H:?B79 (LK78G79`( H><(H?A?H:@?@(A>BJG:H>IGOH<:H? (Y( 879A?B@>(
7H><;C:H>_
1?8? ( B>S8?8B> ( 79 ( <7H79?8:> ( 9KA78?8 ( B? ( L8?SC7<G?H:;< ( ? ( A?8G:8 ( @7B(
7<HK7<G8>`(G?B(H>C>(9KH7@:;(7<(UVVW`(7<(H><97<9>9(CJ<:C>9(?SBKG:<?<G79_(
'9G7 ( @79?LJ> ( 79 ( K<> ( @7 ( B>9 ( CZ9 ( H>CAB7]>9 ( 7< ( G?<G> ( @7=7 ( 9KA78?897 ( B?(
79G8?G7S:?(@7(L8?SC7<G?H:;<(?(G8?6O9(@7(B?(H>>AG?H:;<(@79@7(7B(A>@78(Y(B>9(
A8>A:>9(]K:H:>9(Y(A87]K:H:>9(879A7HG>(@7(>G8?9(>8S?<:a?H:><79_
*:<(7C=?8S>(9K(9KA78?H:;<(A78C:G7(H><9>B:@?8(?S7<G79(@7(H?C=:>`(H><(
K<? ( B7S:G:C:@?@ ( 9>9G7<:@? ( 7< ( 7B ( 879A?B@> ( @7 ( CbBG:AB79 ( :<9G?<H:?9 ( Y(
?H>CA?9?8(B?9(G8?Y7HG>8:?9(Y(7oA78:7<H:?9_

'B(?BH?<H7(@7(79G>(?HK78@>9(<>(@7=7(C7<>9A87H:?8(7B(8:79S>(@7(H><9G8K:8(
97BB>9(6?HJ>9(@7(H><G7<:@>(Y(?HH:;<(A>BJG:H>(H><H87G?_(1>8(7BB>(79(:CA>8G?<G7(
NK7(B>9(79A?H:>9(H>B7HG:6>9(<>(97(B:C:G7<(?(B?(9K9H8:AH:;<(@7(K<(@>HKC7<G>(
>(7C:9:;<(@7(>A:<:><79(Ab=B:H?9(9:<>(NK7(@79?88>BB7<`(7<(B>9(BJC:G79(@7(B>9(
CJ<:C>9 ( H>CK<79` ( 79G8?G7S:?9 ( @7 ( ?HH:;< ( Y ( B?9 ( A><S?< ( 8ZA:@?C7<G7 ( 7<(
LK<H:><?C:7<G>_(+?C=:O<(@7=7(76:G?897(H8778(NK7(7B(H:7887(@7(K<?(7G?A?(79(
7B ( L:< ( @7 ( K< ( A8>H79>_ ( ( '< ( 79G7 ( 97<G:@>` ( Y ( G?B ( H>C> ( 97 ( A876O ( A?8? ( B>9(
C?S:9G8?@>9(7B7HG>9(87H:7<G7C7<G7`(79({K7(B>9(H?C=:>9(A8>AK79G>9(G7<S?<(
879KBG?@>9 ( A>9:G:6>9_ ( ( 1>8 ( B> ( NK7 ( 79 ( <7H79?8:> ( C><:G>87?8 ( B?9 ( 87L>8C?9`(
76?BK?8(9K(:CAB7C7<G?H:;<(7(:@7<G:L:H?8`(HK?<@>(97?(<7H79?8:>`(:<G8>@KH:8(
C>@:L:H?H:><79(9>=87(B?9(Y?(>A78?@?9
'9(K<(@79?LJ>`(?@7CZ9`(7B(@79?<@?8(B?(C7@:?G:a?H:;<(7o:9G7<G7(7<G87(B?9(
<7H79:@?@79(@7(B?(C?Y>8J?(@7(B?(A>=B?H:;<(C?8S:<?@?(@7(2K?G7C?B?(Y(B?9(
@7C?<@?9 ( NK7 ( B?9 ( >8S?<:a?H:><79 ( @7 ( B? ( 9>H:7@?@ ( H:6:B ( ^?H7< ( BB7S?8 ( ? ( B?9(
?S7<H:?9(@7B('9G?@>_('<(79G7(?9A7HG>(79(<7H79?8:>(87A7<9?8(B?9(L>8C?9(@7(
:<G7867<H:;< ( A?8? ( :@7<G:L:H?8 ( CZ9 ( 6J?9 ( @7 ( A?8G:H:A?H:;< ( @:87HG? ( 7< ( B?(
H><9G8KHH:;< ( @7 ( A>BJG:H?9 ( Ab=B:H?9` ( @7 ( C>@> ( NK7 ( B?9 ( $*.X9 ( <> ( NK7@7<(
:<C789?9(7<(79H7<?8:>9(7<(B>9(NK7(B?9(=?G?BB?9(:<9G:GKH:><?B79(G78C:<?<(A>8(
87B7S?8(B?9(<7H79:@?@79(@7(B?(A>=B?H:;<_
,(9K(67a`(79(K<(87G>(B?(9KA78?H:;<(@7(B?(@:<ZC:H?(@:?8:?(~H>IH><9G8K:@?(
C7@:?G:H?C7<G7I(NK7(87>8@7<?(A78C?<7<G7C7<G7(B?(?S7<@?(@7(A8:>8:@?@79(
A>AKB?879(@7(H>8G>(AB?a>_(*:<(BKS?8(?(@K@?9(978Z(@7(A8:C78(>8@7<(?NKJ(7B(
L>8G?B7H:C:7<G>(:<9G:GKH:><?B(@7(B?9($*.X9_((*K(9>B:@7a(7H><;C:H>IL:<?<H:78?(
Y ( H?A?H:@?@ ( @7 ( AB?<:L:H?H:;< ( 79G8?GOS:H? ( :CA7@:8Z< ( NK7 ( B?9 ( A8:>8:@?@79 ( >(
<7H79:@?@79(H>YK<GK8?B79(:CA?HG7<(9>=87(B?9(?S7<@?9(9K9G?<G:6?9_
1>8(bBG:C>`(Y(87B?H:><?@>(H><(B>(?<G7@:H^>`(79(K<?(@79?LJ>(A?8?(G>@>(7B(
79A?H:> ( @7 ( 9>H:7@?@ ( H:6:B ( SK?G7C?BG7H> ( H>C7<a?8 ( ? ( A7<9?8 ( Y ( H><9G8K:8(
@79@7 ( ^>Y ( ( K< ( 79NK7C? ( @7 ( :<H:@7<H:? ( NK7 ( >HKA7` ( H>< ( 7B ( C:9C> ( A79>(
A>BJG:H>`(7B(79A?H:>(NK7(@7]?8Z(6?HJ>`(G?8@7(>(G7CA8?<>`(B?(.!.!2_

Vous aimerez peut-être aussi