Vous êtes sur la page 1sur 168

!

"#$%&'(%)(*+,&
-./01!23/-1.

-&($%%+('4,#56&$7('8%9:+(&%;(;8,(<6&+(%)(;8,('4,#5,"(5&%=(;8,
;"9;8(%)(;8,(<#;;,"(#>%9;(=86?8(8,(6'(;%('4,#5@
ABC/1
A8#,+"9'

-(+%(&%;(5&%=(=8,",(;%()6&+(6&(#&D(:6;,"#;9",7(=8,;8,"(#&?6,&;
%"(<%+,"&7(#&D(#+,E9#;,(#??%9&;(%)(;8#;(&#;9",(=6;8(=86?8(-(#<
#?E9#6&;,+F(GD;8%:%$D(?%<,'(&,#",';(;%(6;(%)(#&DF
H*.0I(!CJ-!(/H10*C2
/8,(K%9"&#:

G#&56&+(6'(4%6',+(<6+=#D(>,;=,,&(;8,($%+'(#&+(;8,(>,#';'F
AB1/-.2L

/8,(<#6&(?%&?:9'6%&(#""6M,+(#;(6&(;86'(=%"57(&#<,:D7(;8#;(<#&(6'
+,'?,&+,+()"%<('%<,(:%=:DN%"$#&6O,+()%"<7(=6::7(-(",$",;(;%
;86&57(>,(86$8:D(+6';#';,)9:(;%(<#&D(4,"'%&'F(P9;(;8,",(?#&
8#"+:D(>,(#(+%9>;(;8#;(=,(#",(+,'?,&+,+()"%<(>#">#"6#&'F(/8,
#';%&6'8<,&;(=86?8(-(),:;(%&()6"';(',,6&$(#(4#";D(%)(Q9,$6#&'(%&
#(=6:+(#&+(>"%5,&('8%",(=6::(&,M,"(>,()%"$%;;,&(>D(<,7()%"(;8,
",):,?;6%&(#;(%&?,("9'8,+(6&;%(<D(<6&+(N('9?8(=,",(%9"
#&?,';%"'F(/8,',(<,&(=,",(#>'%:9;,:D(&#5,+(#&+(>,+#9>,+
=6;8(4#6&;7(;8,6"(:%&$(8#6"(=#'(;#&$:,+7(;8,6"(<%9;8'()"%;8,+(6&
,R?6;,<,&;7(#&+(;8,6"(,R4",''6%&(=#'(=6:+7(';#";:,+7(#&+
+6';"9';)9:F(/8,D(4%'','',+(8#"+:D(#&D(#";'7(#&+7(:65,(=6:+
#&6<#:'7(:6M,+(%&(=8#;(;8,D(?%9:+(?#;?8S(;8,D(8#+(&%
$%M,"&<,&;7(#&+(=,",(<,"?6:,''(;%(,M,"D%&,(&%;(%)(;8,6"(%=&
'<#::(;"6>,F(H,(=8%(8#'(',,&(#('#M#$,(6&(86'(&#;6M,(:#&+(=6::(&%;
),,:(<9?8('8#<,7(6)()%"?,+(;%(#?5&%=:,+$,(;8#;(;8,(>:%%+(%)
'%<,(<%",(89<>:,(?",#;9",():%='(6&(86'(M,6&'F(Q%"(<D(%=&
4#";7(-(=%9:+(#'('%%&(>,(+,'?,&+,+()"%<(;8#;(8,"%6?(:6;;:,
<%&5,D7(=8%(>"#M,+(86'(+",#+,+(,&,<D(6&(%"+,"(;%('#M,(;8,

T
:6),(%)(86'(5,,4,"S(%"()"%<(;8#;(%:+(>#>%%&(=8%7(+,'?,&+6&$
)"%<(;8,(<%9&;#6&'7(?#""6,+(#=#D(6&(;"69<48(86'(D%9&$(?%<"#+,
)"%<(#(?"%=+(%)(#';%&6'8,+(+%$'N#'()"%<(#('#M#$,(=8%
+,:6$8;'(;%(;%";9",(86'(,&,<6,'7(%)),"'(94(>:%%+D('#?"6)6?,'7
4"#?;6?,'(6&)#&;6?6+,(=6;8%9;(",<%"',7(;",#;'(86'(=6M,'(:65,
':#M,'7(5&%='(&%(+,?,&?D7(#&+(6'(8#9&;,+(>D(;8,($"%'',';
'94,"';6;6%&'F

G#&(<#D(>,(,R?9',+()%"(),,:6&$('%<,(4"6+,(#;(8#M6&$("6',&7
;8%9$8(&%;(;8"%9$8(86'(%=&(,R,";6%&'7(;%(;8,(M,"D('9<<6;(%)(;8,
%"$#&6?('?#:,S(#&+(;8,()#?;(%)(86'(8#M6&$(;89'("6',&7(6&';,#+(%)
8#M6&$(>,,&(#>%"6$6&#::D(4:#?,+(;8,",7(<#D($6M,(86<(8%4,'()%"(#
';6::(86$8,"(+,';6&D(6&(;8,(+6';#&;()9;9",F(P9;(=,(#",(&%;(8,",
?%&?,"&,+(=6;8(8%4,'(%"(),#"'7(%&:D(=6;8(;8,(;"9;8(#'()#"(#'(%9"
",#'%&(#::%='(9'(;%(+6'?%M,"(6;F(-(8#M,($6M,&(;8,(,M6+,&?,(;%(;8,
>,';(%)(<D(#>6:6;DS(#&+(=,(<9';(#?5&%=:,+$,7(#'(6;(',,<'(;%
<,7(;8#;(<#&(=6;8(#::(86'(&%>:,(E9#:6;6,'7(=6;8('D<4#;8D(=86?8
),,:'()%"(;8,(<%';(+,>#',+7(=6;8(>,&,M%:,&?,(=86?8(,R;,&+'
&%;(%&:D(;%(%;8,"(<,&(>9;(;%(;8,(89<>:,';(T(:6M6&$(?",#;9",7
=6;8(86'($%+:65,(6&;,::,?;(=86?8(8#'(4,&,;"#;,+(6&;%(;8,
<%M,<,&;'(#&+(?%&';6;9;6%&(%)(;8,('%:#"('D';,<N=6;8(#::(;8,',
,R#:;,+(4%=,"'NG#&(';6::(>,#"'(6&(86'(>%+6:D()"#<,(;8,(6&+,:6>:,
';#<4(%)(86'(:%=:D(%"6$6&F

3HC0B*L(!C0U-.
/8,(!,'?,&;(%)(G#&

-(#<(#(>"%;8,"(;%(+"#$%&'7(#&+(#(?%<4#&6%&(;%(%=:'F
K%>(VWXYZ

KC31P(P01.1UL[-(=#'(%&,(%)(#('<#::($"%94(%)(<,&(#&+
=%<,&(6&(#&D(#$,(=8%()6&+(#::(%)(89<#&(5&%=:,+$,N;8,(#";'
#&+('?6,&?,'7(486:%'%48D(#&+(4'D?8%:%$DN6&;,",';6&$(#&+
#??,''6>:,F(H,(=#'(&%;(?%&)6&,+(;%(#('6&$:,(+6'?64:6&,7(>9;
"#&$,+(%M,"(;8,(,&;6",(4#&%"#<#(%)(89<#&(:,#"&6&$F(H6'(>%%5
#&+(;,:,M6'6%&(',"6,'7(/8,(C'?,&;(%)(G#&7(#",(#('94,">(;,#?86&$
;%%:(#&+(#(",<#"5#>:,(<,<%"6#:S(;8,D(#",7(6&(#(=#D7(#&(#??%9&;
%)(8%=(89<#&(>,6&$'(#&+(89<#&(>"#6&'($",=(94(;%$,;8,"F

Y
H6'(:#';(?8#4;,"\,46'%+,7(?#::,+(]/8,(B%&$(386:+8%%+7]
+,'?"6>,'(;8,(,R;,&+,+(4,"6%+(%)(;6<,N:%&$,"(",:#;6M,(;%(%9"
:6),'4#&(;8#&()%"(#&D(%;8,"('4,?6,'N6&(=86?8(D%9&$(89<#&'(#",
+,4,&+,&;(%&(#+9:;'(#&+(,R86>6;(6<<,&',(4:#';6?6;DN;8#;(6'7(;8,
#>6:6;D(;%(:,#"&()"%<(;8,6"(,&M6"%&<,&;(#&+(;8,6"(?9:;9",F(G%';
%"$#&6'<'(%&(*#";8(+,4,&+(%&(;8,6"($,&,;6?(6&)%"<#;6%&7(=86?8
6'(]4",=6",+](6&;%(;8,6"(&,"M%9'('D';,<'7(;%(#(<9?8($",#;,"
,R;,&;(;8#&(;8,D(+%(%&(;8,6"(,R;"#$,&,;6?(6&)%"<#;6%&7(=86?8(6'
#?E96",+(+9"6&$(;8,6"(:6),;6<,'F(Q%"(89<#&(>,6&$'7(#&+(6&+,,+
)%"(#::(<#<<#:'7(6;(6'(;8,(%;8,"(=#D(#"%9&+F(U86:,(%9"(>,8#M6%"
6'(';6::('6$&6)6?#&;:D(?%&;"%::,+(>D(%9"($,&,;6?(6&8,"6;#&?,7(=,
8#M,7(;8"%9$8(%9"(>"#6&'7(#(<9?8("6?8,"(%44%";9&6;D(;%(>:#O,
&,=(>,8#M6%"#:(#&+(?9:;9"#:(4#;8=#D'(%&('8%";(;6<,('?#:,'F(U,
8#M,(<#+,(#(56&+(%)(>#"$#6&(=6;8(&#;9",X(%9"(?86:+",&(=6::(>,
+6))6?9:;(;%("#6',7(>9;(;8,6"(?#4#?6;D()%"(&,=(:,#"&6&$(=6::($",#;:D
,&8#&?,(;8,(?8#&?,'(%)('9"M6M#:(%)(;8,(89<#&('4,?6,'F(-&
#++6;6%&7(89<#&(>,6&$'(8#M,7(6&(;8,(<%';(",?,&;(),=(;,&;8'(%)(#
4,"?,&;(%)(%9"(,R6';,&?,7(6&M,&;,+(&%;(%&:D(,R;"#N$,&,;6?(>9;
#:'%(,R;"#'%<#;6?(5&%=:,+$,X(6&)%"<#;6%&(';%",+(%9;'6+,(%9"
>%+6,'7(%)(=86?8(="6;6&$(6'(;8,(<%';(&%;#>:,(,R#<4:,F

/8,(;6<,('?#:,()%"(,M%:9;6%&#"D(%"($,&,;6?(?8#&$,(6'(M,"D(:%&$F
C(?8#"#?;,"6';6?(4,"6%+()%"(;8,(,<,"$,&?,(%)(%&,(#+M#&?,+
'4,?6,'()"%<(#&%;8,"(6'(4,"8#4'(#(89&+",+(;8%9'#&+(D,#"'S(#&+
M,"D(%);,&(;8,(+6)),",&?,(6&(>,8#M6%"(>,;=,,&(?:%',:D(",:#;,+
'4,?6,'N'#D7(:6%&'(#&+(;6$,"'N+%(&%;(',,<(M,"D($",#;F(C&
,R#<4:,(%)(",?,&;(,M%:9;6%&(%)(%"$#&('D';,<'(6&(89<#&'(6'(%9"
;%,'F(/8,(>6$(;%,(4:#D'(#&(6<4%";#&;()9&?;6%&(6&(>#:#&?,(=86:,
=#:56&$S(;8,(%;8,"(;%,'(8#M,(<9?8(:,''(%>M6%9'(9;6:6;DF(/8,D
#",(?:,#":D(,M%:M,+()"%<()6&$,":65,(#44,&+#$,'()%"($"#'46&$(#&+
'=6&$6&$7(:65,(;8%',(%)(#">%",#:(#4,'(#&+(<%&5,D'F(/86'
,M%:9;6%&(?%&';6;9;,'(#(",'4,?6#:6O#;6%&N;8,(#+#4;#;6%&(%)(#&
%"$#&('D';,<(%"6$6&#::D(,M%:M,+()%"(%&,()9&?;6%&(;%(#&%;8,"(#&+
E96;,(+6)),",&;()9&?;6%&N=86?8(",E96",+(#>%9;(;,&(<6::6%&(D,#"'
;%(,<,"$,F(^/8,(),,;(%)(;8,(<%9&;#6&($%"6::#(8#M,(9&+,"$%&,(#
'6<6:#"(#:;8%9$8(E96;,(6&+,4,&+,&;(,M%:9;6%&F_

P9;(;%+#D(=,(+%(&%;(8#M,(;,&(<6::6%&(D,#"'(;%(=#6;()%"(;8,(&,R;
#+M#&?,F(U,(:6M,(6&(#(;6<,(=8,&(%9"(=%":+(6'(?8#&$6&$(#;(#&
9&4",?,+,&;,+("#;,F(U86:,(;8,(?8#&$,'(#",(:#"$,:D(%)(%9"(%=&

V
<#56&$7(;8,D(?#&&%;(>,(6$&%",+F(U,(<9';(#+`9';(#&+(#+#4;(#&+
?%&;"%:7(%"(=,(4,"6'8F
1&:D(#&(,R;"#$,&,;6?(:,#"&6&$('D';,<(?#&(4%''6>:D(?%4,(=6;8
;8,('=6);:D(?8#&$6&$(?6"?9<';#&?,'(;8#;(%9"('4,?6,'()#?,'F(/89'
;8,(",?,&;("#46+(,M%:9;6%&(%)(89<#&(6&;,::6$,&?,(6'(&%;(%&:D(;8,
?#9',(%)(>9;(#:'%(;8,(%&:D(?%&?,6M#>:,('%:9;6%&(;%(;8,(<#&D
',"6%9'(4"%>:,<'(;8#;(>,',;(9'F(C(>,;;,"(9&+,"';#&+6&$(%)(;8,
&#;9",(#&+(,M%:9;6%&(%)(89<#&(6&;,::6$,&?,(`9';(4%''6>:D(<6$8;
8,:4(9'(;%(+,#:(6&;,::6$,&;:D(=6;8(%9"(9&5&%=&(#&+(4,"6:%9'
)9;9",F

-(#<(6&;,",';,+(6&(;8,(,M%:9;6%&(%)(6&;,::6$,&?,()%"(#&%;8,"
",#'%&(#'(=,::F(U,(&%=(8#M,(#;(%9"(?%<<#&+7()%"(;8,()6"';(;6<,
6&(89<#&(86';%"D7(#(4%=,")9:(;%%:N(;8,(:#"$,("#+6%
;,:,'?%4,N=86?8(6'(?#4#>:,(%)(?%<<9&6?#;6%&(%M,"(6<<,&',
6&;,"';,::#"(+6';#&?,'F(U,(#",(`9';(>,$6&&6&$(;%(,<4:%D(6;(6&(#
8#:;6&$(#&+(;,&;#;6M,(<#&&,"7(>9;(=6;8(#(4,"?,4;6>:D(6&?",#'6&$
4#?,7(;%(+,;,"<6&,(=8,;8,"(%;8,"(?6M6:6O#;6%&'(%&(9&6<#$6&#>:D
+6';#&;(#&+(,R%;6?(=%":+'(<#D(>,(',&+6&$("#+6%(<,''#$,'(;%(9'F
P%;8(;8,(,R6';,&?,(%)(;8%',(%;8,"(?6M6:6O#;6%&'(#&+(;8,(&#;9",(%)
;8,(<,''#$,'(;8,D(<#D(>,(',&+6&$(+,4,&+(%&(;8,(9&6M,"'#:6;D
%)(;8,(4"%?,''(%)(,M%:9;6%&(%)(6&;,::6$,&?,(;8#;(8#'(%??9"",+(%&
*#";8F(3%&?,6M#>:D7('%<,(86&;'(%"(6&'6$8;'(8,:4)9:(6&(;8,(E9,';
)%"(,R;"#;,"",';"6#:(6&;,::6$,&?,(<6$8;(>,(+,"6M,+()"%<(#&
6&M,';6$#;6%&(%)(;8,(,M%:9;6%&(%)(;,"",';"6#:(6&;,::6$,&?,F

-(=#'(4:,#',+(#&+(8%&%",+(;%(+,:6M,"(;8,()6"';(K#?%>(P"%&%='56
G,<%"6#:(B,?;9",(6&(.#;9"#:(A86:%'%48D(6&(.%M,<>,"(TZab7(#;
;8,(2&6M,"'6;D(%)(/%"%&;%F(-&(="6;6&$(;86'(>%%57(-(8#M,(,R4#&+,+
'9>';#&;6#::D(;8,('?%4,(%)(;8#;(:,?;9",7(#&+(8#M,(>,,&(6&(",;9"&
4"%M6+,+(=6;8(#&(,R86:#"#;6&$(%44%";9&6;D(;%(:,#"&('%<,;86&$
#>%9;('9>`,?;'(6&(=86?8(-(#<(&%;(,R4,";F(-()%9&+(6"",'6';6>:,(;8,
;,<4;#;6%&(;%('D&;8,'6O,('%<,(%)(=8#;(-(:,#"&,+(6&;%(#(?%8,",&;
46?;9",7(#&+(;%(;,&+,"('%<,(8D4%;8,','(%&(;8,(&#;9",(#&+
,M%:9;6%&(%)(89<#&(6&;,::6$,&?,(;8#;(<#D(>,(&%M,:7(%"(;8#;(#;
:,#';(8#M,(&%;(>,,&(=6+,:D(+6'?9'',+F

/8,('9>`,?;(6'(#(+6))6?9:;(%&,F(U86:,(-(8#M,()%"<#:(;"#6&6&$(6&
>6%:%$D7(#&+(8#M,(=%"5,+()%"(<#&D(D,#"'(%&(;8,(%"6$6&(#&+
,#":D(,M%:9;6%&(%)(:6),7(-(8#M,(:6;;:,()%"<#:(,+9?#;6%&(6&7()%"

c
,R#<4:,7(;8,(#&#;%<D(#&+(48D'6%:%$D(%)(;8,(>"#6&F(C??%"+6&$:D7
-(4"%)),"(;8,()%::%=6&$(6+,#'(=6;8(#('9>';#&;6#:(+,$",,(%)
;",46+#;6%&S(-(5&%=(M,"D(=,::(;8#;(<#&D(%)(;8,<(#",('4,?9:#;6M,
#&+(?#&(>,(4"%M,+(%"(+6'4"%M,+(%&:D(%&(;8,(#&M6:(%)(,R4,"6<,&;F
C;(;8,(M,"D(:,#';7(;86'(6&E96"D(8#'(4"%M6+,+(<,(=6;8(#&
%44%";9&6;D(;%(:%%5(6&;%(#&(,&;"#&?6&$('9>`,?;S(4,"8#4'(<D
",<#"5'(=6::(';6<9:#;,(%;8,"'(;%(:%%5(<%",(+,,4:DF

/8,($",#;(4"6&?64:,(%)(>6%:%$DN;8,(%&,(;8#;7(#'()#"(#'(=,(5&%=7
+6';6&$96'8,'(;8,(>6%:%$6?#:()"%<(;8,(48D'6?#:('?6,&?,'N6'
,M%:9;6%&(>D(&#;9"#:(',:,?;6%&7(;8,(>"6::6#&;(+6'?%M,"D(%)(38#":,'
!#"=6&(#&+(C:)",+(09'',:(U#::#?,(6&(;8,(<6++:,(%)(;8,
&6&,;,,&;8(?,&;9"DFd(-;(6'(;8"%9$8(&#;9"#:(',:,?;6%&7(;8,
4",),",&;6#:('9"M6M#:(#&+(",4:6?#;6%&(%)(%"$#&6'<'(;8#;(#",(>D
#??6+,&;(>,;;,"(#+#4;,+(;%(;8,6"(,&M6"%&<,&;'7(;8#;(;8,
,:,$#&?,(#&+(>,#9;D(%)(?%&;,<4%"#"D(:6),()%"<'(8#M,(,<,"$,+F
/8,(+,M,:%4<,&;(%)(#&(%"$#&('D';,<(#'(?%<4:,R(#'(;8,(>"#6&
<9';(>,(6&,R;"6?#>:D(;6,+(;%(;8,(,#":6,"(86';%"D(%)(:6),7(6;'()6;'
#&+(';#";'(#&+(+,#+(,&+'7(;8,(;%";9%9'(#+#4;#;6%&(%)(%"$#&6'<'
;%(?%&+6;6%&'(;8#;(?8#&$,(%&?,(#$#6&7(:,#M6&$(;8,(:6),()%"<(;8#;
%&?,(=#'('94",<,:D(#+#4;,+(#$#6&(6&(+#&$,"(%)(,R;6&?;6%&F
*M%:9;6%&(6'(#+M,&;6;6%9'(#&+(&%;()%",'6$8;,+F(1&:D(;8"%9$8(;8,
+,#;8'(%)(#&(6<<,&',(&9<>,"(%)(':6$8;:D(<#:#+#4;,+(%"$#&6'<'
#",(=,7(>"#6&'(#&+(#::7(8,",(;%+#DF

P6%:%$D(6'(<%",(:65,(86';%"D(;8#&(6;(6'(:65,(48D'6?'S(;8,(#??6+,&;'
#&+(,""%"'(#&+(:9?5D(8#44,&';#&?,'(%)(;8,(4#';(4%=,")9::D
4",)6$9",(;8,(4",',&;F(-&(#44"%#?86&$(#'(+6))6?9:;(#(>6%:%$6?#:
4"%>:,<(#'(;8,(&#;9",(#&+(,M%:9;6%&(%)(89<#&(6&;,::6$,&?,7(6;
',,<'(;%(<,(#;(:,#';(4"9+,&;(;%($6M,('9>';#&;6#:(=,6$8;(;%
#"$9<,&;'(+,"6M,+()"%<(;8,(,M%:9;6%&(%)(;8,(>"#6&F

d(d(L6&?,(;8,(;6<,(%)(;8,()#<%9'(J6?;%"6#&(+,>#;,(>,;=,,&
P6'8%4(U6:>,")%"?,(#&+(/F(HF(H9R:,D7(;8,",(8#'(>,,&(#(';,#+D
#&+(&%;#>:D(9&4"%+9?;6M,(>#""#$,()6",+(#$#6&';(;8,(!#"=6&\
U#::#?,(6+,#'7(%);,&(>D(;8%',(=6;8(+%?;"6&#:(#R,'(;%($"6&+F
*M%:9;6%&(6'(#()#?;(#<4:D(+,<%&';"#;,+(>D(;8,()%''6:(",?%"+(#&+
>D(?%&;,<4%"#"D(<%:,?9:#"(>6%:%$DF(.#;9"#:(',:,?;6%&(6'(#
'9??,'')9:(;8,%"D(+,M6',+(;%(,R4:#6&(;8,()#?;(%)(,M%:9;6%&F(Q%"(#

b
M,"D(4%:6;,(",'4%&',(;%(",?,&;(?"6;6?6'<'(%)(&#;9"#:(',:,?;6%&7
6&?:9+6&$(;8,(E9#6&;(M6,=(;8#;(6;(6'(#(;#9;%:%$D(^]/8%',(=8%
'9"M6M,('9"M6M,]_7(',,(;8,(#";6?:,(>D(e%9:+(^TZaf_(:6';,+(6&(;8,
",),",&?,'(#;(;8,(>#?5(%)(;86'(>%%5F(!#"=6&(=#'7(%)(?%9"',7(#
<#&(%)(86'(;6<,'(#&+(%??#'6%&#::D($6M,&N#'(6&(86'(",<#"5'(%&
;8,(6&8#>6;#&;'(%)(/6,""#(+,:(Q9,$%(E9%;,+(#>%M,N;%
',:)N?%&$"#;9:#;%"D(?%<4#"6'%&'(%)(*9"%4,#&'(=6;8(%;8,"
4,%4:,'F(-&()#?;7(89<#&('%?6,;D(6&(4",;,?8&%:%$6?#:(;6<,'(=#'
<9?8(<%",(:65,(;8#;(%)(;8,(?%<4#''6%&#;,7(?%<<9&#:(#&+
?9:;9",+(P9'8<#&(89&;,"N$#;8,","'(%)(;8,([#:#8#"6(!,',";(;8#&
;8,(Q9,$6#&'(!#"=6&7(=6;8('%<,(`9';6)6?#;6%&7(+,"6+,+F(P9;(;8,
!#"=6&6#&(6&'6$8;'N%&(;8,(,R6';,&?,(%)(,M%:9;6%&7(%&(&#;9"#:
',:,?;6%&(#'(6;'(4"6<,(?#9',7(#&+(%&(;8,(",:,M#&?,(%)(;8,',
?%&?,4;'(;%(;8,(&#;9",(%)(89<#&(>,6&$'N#",(:#&+<#"5'(6&(;8,
86';%"D(%)(89<#&(6&E96"D7(;8,(<%",('%(>,?#9',(%)(;8,(+%$$,+
",'6';#&?,(=86?8('9?8(6+,#'(,M%5,+(6&(J6?;%"6#&(*&$:#&+7(#'7(;%
#(:,'',"(,R;,&;7(;8,D(';6::(+%(;%+#DF

GD()9&+#<,&;#:(4",<6',(#>%9;(;8,(>"#6&(6'(;8#;(6;'
=%"56&$'N=8#;(=,('%<,;6<,'(?#::(]<6&+]N#",(#(?%&',E9,&?,(%)
6;'(#&#;%<D(#&+(48D'6%:%$D7(#&+(&%;86&$(<%",F(]G6&+](<#D(>,(#
?%&',E9,&?,(%)(;8,(#?;6%&(%)(;8,(?%<4%&,&;'(%)(;8,(>"#6&
',M,"#::D(%"(?%::,?;6M,:DF(L%<,(4"%?,'','(<#D(>,(#()9&?;6%&(%)
;8,(>"#6&(#'(#(=8%:,F(C(),=(';9+,&;'(%)(;8,('9>`,?;(',,<(;%
8#M,(?%&?:9+,+(;8#;7(>,?#9',(;8,D(8#M,(>,,&(9&#>:,(;%(6'%:#;,
#&+(:%?#:6O,(#::(86$8,"(>"#6&()9&?;6%&'7(&%()9;9",($,&,"#;6%&(%)
&,9"%#&#;%<6';'(=6::(>,(#>:,(;%(#?86,M,(;86'(%>`,?;6M,F(P9;
#>',&?,(%)(,M6+,&?,(6'(&%;(,M6+,&?,(%)(#>',&?,F(/8,(,&;6",
",?,&;(86';%"D(%)(>6%:%$D('8%='(;8#;(=,(#",7(;%(#(",<#"5#>:,
+,$",,7(;8,(",'9:;'(%)(;8,(6&;,"#?;6%&'(%)(#&(,R;",<,:D(?%<4:,R
#""#D(%)(<%:,?9:,'S(#&+(;8,(#'4,?;(%)(>6%:%$D(;8#;(=#'(%&?,
?%&'6+,",+(6;'(8%:D(%)(8%:6,'7(;8,(&#;9",(%)(;8,($,&,;6?(<#;,"6#:7
8#'(&%=(>,,&()9&+#<,&;#::D(9&+,"';%%+(6&(;,"<'(%)(;8,
?8,<6';"D(%)(6;'(?%&';6;9,&;(&9?:,6?(#?6+'7(!.C(#&+(0.C7(#&+
;8,6"(%4,"#;6%&#:(#$,&;'7(;8,(4"%;,6&'F(/8,",(#",(<#&D
6&';#&?,'(6&('?6,&?,7(#&+(4#";6?9:#":D(6&(>6%:%$D7(=8,",(;8%',
?:%',';(;%(;8,(6&;"6?#?6,'(%)(;8,('9>`,?;(8#M,(#(<%",(86$8:D
+,M,:%4,+(^#&+(9:;6<#;,:D(,""%&,%9'_(',&',(%)(6;'(6&;"#?;#>6:6;D
;8#&(;8%',(#;('%<,(",<%M,F(1&(;8,(%;8,"(8#&+7(;8%',(#;(;%%
$",#;(#(+6';#&?,(<#D7(-(#<(=,::(#=#",7(<6';#5,(6$&%"#&?,()%"

f
4,"'4,?;6M,F(C;(#&D("#;,7(>%;8(>,?#9',(%)(;8,(?:,#"(;",&+(6&(;8,
",?,&;(86';%"D(%)(>6%:%$D(#&+(>,?#9',(;8,",(6'(&%;(#('8",+(%)
,M6+,&?,(;%('944%";(6;7(-(=6::(&%;(6&(;8,',(4#$,'(,&;,";#6&(#&D
8D4%;8,','(%&(=8#;(9',+(;%(>,(?#::,+(;8,(<6&+N>%+D(+9#:6'<7
;8,(6+,#(;8#;(6&8#>6;6&$(;8,(<#;;,"(%)(;8,(>%+D(6'('%<,;86&$
<#+,(%)(E96;,(+6)),",&;(';9))7(?#::,+(<6&+F

A#";(%)(;8,(,&`%D<,&;(#&+(6&+,,+(+,:6$8;(%)(;86'('9>`,?;(6'(6;'
?%&;#?;(=6;8(#::(#",#'(%)(89<#&(,&+,#M%"7(4#";6?9:#":D(=6;8(;8,
4%''6>:,(6&;,"#?;6%&(>,;=,,&(6&'6$8;'(%>;#6&,+()"%<(>"#6&
48D'6%:%$D(#&+(6&'6$8;'(%>;#6&,+()"%<(89<#&(6&;"%'4,?;6%&F
/8,",(6'7()%";9&#;,:D7(#(:%&$(86';%"D(%)(;8,(:#;;,"7(#&+(6&()%"<,"
;6<,'(;8,("6?8,';7(<%';(6&;"6?#;,(#&+(<%';(4"%)%9&+(%)(;8,',
=,",(?#::,+(<D;8'F(]GD;8'7](+,?:#",+(L#:9';69'(6&(;8,()%9";8
?,&;9"D7(]#",(;86&$'(=86?8(&,M,"(8#44,&,+(>9;(#:=#D'(#",F](-&
;8,(A:#;%&6?(+6#:%$9,'(#&+(/8,(0,49>:6?7(,M,"D(;6<,(L%?"#;,'
?"#&5'(94(#(<D;8N;8,(4#"#>:,(%)(;8,(?#M,7(;%(;#5,(;8,(<%';
?,:,>"#;,+(,R#<4:,N=,(5&%=(;8#;(=,(8#M,(#""6M,+(#;
'%<,;86&$(?,&;"#:F

-(#<(&%;(8,",(,<4:%D6&$(;8,(=%"+(]<D;8](6&(6;'(4",',&;(4%49:#"
<,#&6&$(%)('%<,;86&$(=6+,:D(>,:6,M,+(#&+(?%&;"#"D(;%()#?;7(>9;
"#;8,"(6&(6;'(,#":6,"(',&',7(#'(#(<,;#48%"(%)('%<,('9>;:,;D(%&(#
'9>`,?;(+6))6?9:;(;%(+,'?"6>,(6&(#&D(%;8,"(=#DF(C??%"+6&$:D7(-
8#M,(6&;,"'4,"',+(6&(;8,(+6'?9''6%&(%&(;8,()%::%=6&$(4#$,'
%??#'6%&#:(,R?9"'6%&'(6&;%(<D;8'7(#&?6,&;(#&+(<%+,"&F(/8,(;6;:,
%)(;8,(>%%5(6;',:)(?%<,'()"%<(;8,(9&,R4,?;,+(#4;&,''(%)
',M,"#:(+6)),",&;(<D;8'7(;"#+6;6%&#:(#&+(?%&;,<4%"#"DF

U86:,(-(8%4,(;8#;('%<,(%)(<D(?%&?:9'6%&'(<#D(>,(%)(6&;,",';(;%
;8%',(=8%',(4"%),''6%&(6'(;8,(';9+D(%)(89<#&(6&;,::6$,&?,7(-
8#M,(="6;;,&(;86'(>%%5()%"(;8,(6&;,",';,+(:#D<#&F(38#4;,"(Y
4",',&;'(#"$9<,&;'(%)('%<,=8#;($",#;,"(+6))6?9:;D(;8#&(;8,(",';
%)(;86'(6&E96"D7(>9;(';6::7(-(8%4,7(#??,''6>:,(=6;8(%&:D(#(:6;;:,
,))%";F(/8,",#);,"7(;8,(>%%5('8%9:+(>,('<%%;8('#6:6&$F
1??#'6%&#:(;,?8&6?#:(;,"<'(#",(9'9#::D(+,)6&,+(=8,&()6"';
6&;"%+9?,+7(#&+(#",(?%::,?;,+(6&(;8,($:%''#"DF(/8,()6$9",'(#&+
;8,($:%''#"D(#",(#++6;6%&#:(;%%:'(;%(#6+(;8%',(=6;8(&%()%"<#:
>#?5$"%9&+(6&('?6,&?,7(#:;8%9$8(9&+,"';#&+6&$(<D(#"$9<,&;'
#&+(#$",,6&$(=6;8(;8,<(#",(&%;7(-('9'4,?;7(;8,('#<,(;86&$F(-&

a
Tabc7(K,#&(K#?E9,'(0%9'',#97(6&(;8,(%4,&6&$(4#"#$"#48(%)(86'
!6'',";#;6%&(%&(;8,(1"6$6&(#&+(Q%9&+#;6%&(%)(;8,(-&,E96;D(%)
G#&56&+7(="%;,X

-<4%";#&;(#'(6;(<#D(>,7(6&(%"+,"(;%(`9+$,("6$8;:D(%)(;8,(&#;9"#:
';#;,(%)(<#&7(;%(?%&'6+,"(86<()"%<(86'(%"6$6&(FFF(-('8#::(&%;
)%::%=(86'(%"$#&6O#;6%&(;8"%9$8(6;'('9??,''6M,(+,M,:%4<,&;'F(F(F
F(1&(;86'('9>`,?;(-(?%9:+()%"<(&%&,(>9;(M#$9,(#&+(#:<%';
6<#$6&#"D(?%&`,?;9",'F(3%<4#"#;6M,(#&#;%<D(8#'(#'(D,;(<#+,
;%%(:6;;:,(4"%$",''7(#&+(;8,(%>',"M#;6%&'(%)(&#;9"#:6';'(#",(;%%
9&?,";#6&(;%(#))%"+(#&(#+,E9#;,(>#'6'()%"(#&D('%:6+(",#'%&6&$F

0%9'',#9g'(?#9;6%&'(%)(<%",(;8#&(;=%(?,&;9"6,'(#$%(#",(M#:6+
';6::F(P9;(;8,",(8#'(>,,&(",<#"5#>:,(4"%$",''(6&(6&M,';6$#;6&$
>%;8(?%<4#"#;6M,(>"#6&(#&#;%<D(#&+(#&6<#:(#&+(89<#&
>,8#M6%"7(=86?8(8,(?%"",?;:D(",?%$&6O,+(#'(?"6;6?#:(;%(;8,
4"%>:,<F(-;(<#D(&%;(>,(4",<#;9",(;%+#D(;%(#;;,<4;(#
4",:6<6&#"D('D&;8,'6'F

T(/H*(31LG-3(3CB*.!C0

U8#;(',,';(;8%9(,:',
-&(;8,(+#"5(>#?5=#"+(#&+(#>D'<(%)(;6<,@
UGF(LHC[*LA*C0*(/8,(/,<4,';

/H*(U10B!(6'(M,"D(%:+7(#&+(89<#&(>,6&$'(#",(M,"D(D%9&$F
L6$&6)6?#&;(,M,&;'(6&(%9"(4,"'%&#:(:6M,'(#",(<,#'9",+(6&(D,#"'
%"(:,''S(%9"(:6),;6<,'(6&(+,?#+,'S(%9"()#<6:D($,&,#:%$6,'(6&
?,&;9"6,'S(#&+(#::(%)(",?%"+,+(86';%"D(6&(<6::,&&6#F(P9;(=,(8#M,
>,,&(4",?,+,+(>D(#&(#=,'%<,(M6';#(%)(;6<,7(,R;,&+6&$()%"
4"%+6$6%9'(4,"6%+'(6&;%(;8,(4#';7(#>%9;(=86?8(=,(5&%=(:6;;:,N
>%;8(>,?#9',(;8,",(#",(&%(="6;;,&(",?%"+'(#&+(>,?#9',(=,
8#M,(",#:(+6))6?9:;D(6&($"#'46&$(;8,(6<<,&'6;D(%)(;8,(6&;,"M#:'
6&M%:M,+F

I,;(=,(#",(#>:,(;%(+#;,(,M,&;'(6&(;8,(",<%;,(4#';F(e,%:%$6?#:
';"#;6)6?#;6%&(#&+("#+6%#?;6M,(+#;6&$(4"%M6+,(6&)%"<#;6%&(%&

h
#"?8#,%:%$6?#:7(4#:,%&;%:%$6?#:(#&+($,%:%$6?#:(,M,&;'S(#&+
#';"%48D'6?#:(;8,%"D(4"%M6+,'(+#;#(%&(;8,(#$,'(%)(4:#&,;#"D
'9")#?,'7(';#"'7(#&+(;8,(G6:5D(U#D(e#:#RD7(#'(=,::(#'(#&
,';6<#;,(%)(;8,(;6<,(;8#;(8#'(,:#4',+('6&?,(;8#;(,R;"#%"+6&#"D
,M,&;(?#::,+(;8,(P6$(P#&$N#&(,R4:%'6%&(;8#;(6&M%:M,+(#::(%)(;8,
<#;;,"(#&+(,&,"$D(6&(;8,(4",',&;(9&6M,"',F(/8,(P6$(P#&$(<#D
>,(;8,(>,$6&&6&$(%)(;8,(9&6M,"',7(%"(6;(<#D(>,(#(+6'?%&;6&96;D(6&
=86?8(6&)%"<#;6%&(#>%9;(;8,(,#":6,"(86';%"D(%)(;8,(9&6M,"',(=#'
+,';"%D,+F(P9;(6;(6'(?,";#6&:D(;8,(,#":6,';(,M,&;(#>%9;(=86?8(=,
8#M,(#&D(",?%"+F

/8,(<%';(6&';"9?;6M,(=#D(-(5&%=(;%(,R4",''(;86'(?%'<6?
?8"%&%:%$D(6'(;%(6<#$6&,(;8,()6);,,&N>6::6%&ND,#"(:6),;6<,(%)(;8,
9&6M,"',(^%"(#;(:,#';(6;'(4",',&;(6&?#"&#;6%&('6&?,(;8,(P6$(P#&$_
?%<4",'',+(6&;%(;8,('4#&(%)(#('6&$:,(D,#"F(/8,&(,M,"D(>6::6%&
D,#"'(%)(*#";8(86';%"D(=%9:+(?%"",'4%&+(;%(#>%9;(;=,&;DN)%9"
+#D'(%)(%9"(?%'<6?(D,#"7(#&+(%&,(',?%&+(%)(;8#;(D,#"(;%(cab
",#:(",M%:9;6%&'(%)(;8,(*#";8(#>%9;(;8,('9&F(1&(4#$,'(Tc
;8"%9$8(Tf(-(4",',&;(;8,(?%'<6?(?8"%&%:%$D(6&(;8",,()%"<'X(#
:6';(%)('%<,(",4",',&;#;6M,(4",N!,?,<>,"(+#;,'S(#(?#:,&+#"()%"
;8,(<%&;8(%)(!,?,<>,"S(#&+(#(?:%',"(:%%5(#;(;8,(:#;,(,M,&6&$(%)
.,=(I,#"g'(*M,F(1&(;86'('?#:,7(;8,(,M,&;'(%)(%9"(86';%"D
>%%5'N,M,&(>%%5'(;8#;(<#5,('6$&6)6?#&;(,))%";'(;%
+,4"%M6&?6#:6O,(;8,(4",',&;N#",('%(?%<4",'',+(;8#;(6;(6'
&,?,''#"D(;%($6M,(#(',?%&+N>DN',?%&+(",?%9&;6&$(%)(;8,(:#';
',?%&+'(%)(;8,(?%'<6?(D,#"F(*M,&(;8,&7(=,()6&+(,M,&;'(:6';,+(#'
?%&;,<4%"#"D(;8#;(=,(8#M,(>,,&(;#9$8;(;%(?%&'6+,"(#'(=6+,:D
',4#"#;,+(6&(;6<,F(-&(;8,(86';%"D(%)(:6),7(#&(,E9#::D("6?8(;#4,';"D
<9';(8#M,(>,,&(=%M,&(6&(%;8,"(4,"6%+'N)%"(,R#<4:,7(>,;=,,&
TWXWY(#&+(TWXWV(%&(;8,(<%"&6&$(%)(C4"6:(f;8(%"(L,4;,<>,"(Tf;8F
P9;(=,(8#M,(+,;#6:,+(",?%"+'(%&:D()%"(;8,(M,"D(,&+(%)(;8,
?%'<6?(D,#"F

/8,(?8"%&%:%$D(?%"",'4%&+'(;%(;8,(>,';(,M6+,&?,(&%=
#M#6:#>:,F(P9;('%<,(%)(6;(6'("#;8,"('8#5DF(.%(%&,(=%9:+(>,
#';%9&+,+(6)7()%"(,R#<4:,7(6;(;9"&'(%9;(;8#;(4:#&;'(?%:%&6O,+(;8,
:#&+(6&(;8,(1"+%M6?6#&("#;8,"(;8#&(;8,(L6:9"6#&(A,"6%+S(%"(;8#;
',$<,&;,+(=%"<'(#44,#",+(,#":6,"(6&(;8,(A",?#<>"6#&(A,"6%+
;8#&(6&+6?#;,+F(C:'%7(6&(;8,(?8"%&%:%$D(%)(;8,(:#';(;,&(',?%&+'
%)(;8,(?%'<6?(D,#"7(6;(=#'(%>M6%9':D(6<4%''6>:,()%"(<,(;%

Z
6&?:9+,(#::('6$&6)6?#&;(,M,&;'S(-(8%4,(-(<#D(>,(,R?9',+()%"(&%;
8#M6&$(,R4:6?6;:D(<,&;6%&,+(#+M#&?,'(6&(#";7(<9'6?(#&+
:6;,"#;9",(%"(;8,(86';%"6?#::D('6$&6)6?#&;(C<,"6?#&7(Q",&?87
09''6#&(#&+(386&,',(",M%:9;6%&'F

A0*N!*3*GP*0(!C/*L
P6$(P#&$ iK#&9#"D(T
1"6$6&(%)(;8,(G6:5D(U#D(e#:#RD iG#D(T
1"6$6&(%)(;8,('%:#"('D';,< iL,4;,<>,"(Z
Q%"<#;6%&(%)(;8,(*#";8 iL,4;,<>,"(Tc
1"6$6&(%)(:6),(%&(*#";8 i(L,4;,<>,"(Yb
Q%"<#;6%&(%)(;8,(%:+,';("%?5'(5&%=&(%&(*#";8 i1?;%>,"(Y
!#;,(%)(%:+,';()%''6:'(^>#?;,"6#(#&+(>:9,N$",,&(#:$#,j
i1?;%>,"(Z
-&M,&;6%&(%)(',R(^>D(<6?"%%"$#&6'<'_ i(.%M,<>,"(T
1:+,';()%''6:(48%;%'D&;8,;6?(4:#&;' i.%M,<>,"(TY
*95#"D%;,'(^)6"';(?,::'(=6;8(&9?:,6_():%9"6'8i.%M,<>,"(Tb

!*3*GP*0(VT
1"6$6&(%)(A"%?%&'9:(#&+(0#<#46;8,?9'7(4"%>#>:,(#&?,';%"'(%)
#4,'(#&+(<,& i(TXVW(AFGF
Q6"';(89<#&' i(TWXVW(AFGF
U6+,'4",#+(9',(%)(';%&,(;%%:' iTTXWW(AFGF
!%<,';6?#;6%&(%)()6",(>D(A,56&$(<#& iTTXcf(AFGF
P,$6&&6&$(%)(<%';(",?,&;($:#?6#:(4,"6%+ iTTXbf(AFGF
L,#)#","'(',;;:,(C9';"#:6# TTXbhdFGF
*R;,&'6M,(?#M,(4#6&;6&$(6&(*9"%4, iTTXbZ(AFGF
-&M,&;6%&(%)(#$"6?9:;9", iTTXbZXYW(AFGF
.,%:6;86?(?6M6:6O#;6%&S()6"';(?6;6,' iTTXbZXVb(AFGF
Q6"';(+D&#';6,'(6&(L9<,"7(*>:#(#&+(*$D4;S(+,M,:%4<,&;(%)
#';"%&%<D iTTXbZXbW(AFGF
-&M,&;6%&(%)(;8,(#:48#>,;S(C55#+6#&(*<46", iTTXbZXbT
AFGF
H#<<9"#>6?(:,$#:(?%+,'(6&(P#>D:%&S(G6++:,([6&$+%<(6&(*$D4;
iTTXbZXbY(AFGF
P"%&O,(<,;#::9"$DS(GD?,&#,#&(?9:;9",S(/"%`#&(U#"S(1:<,?
?9:;9",X(6&M,&;6%&(%)(;8,(?%<4#'' iTTXbZXbV(AFGF

TW
-"%&(<,;#::9"$DS(Q6"';(C''D"6#&(*<46",S([6&$+%<(%)(-'"#,:S
)%9&+6&$(%)(3#";8#$,(>D(A8%,&6?6# iTTXbZXbc(AFGF
C'%5#&(-&+6#S(38g6&(!D&#';D(386&#S(A,"6?:,#&(C;8,&'S(>6";8(%)
P9++8# iTTXbZXbb(AFGF
*9?:6+,#&($,%<,;"DS(C"?86<,+,#&(48D'6?'S(A;%:,<#6?
#';"%&%<DS(0%<#&(*<46",S(>6";8(%)(38"6'; iTTXbZXbf(AFGF
k,"%(#&+(+,?6<#:'(6&M,&;,+(6&(-&+6#&(#"6;8<,;6?S(0%<,()#::'S
G%':,<(?%&E9,';'N iTTXbZXba(AFGF
G#D#&(?6M6:6O#;6%&S(L9&$(!D&#';D(386&#S(PDO#&;6&,(,<46",S
G%&$%:(6&M#'6%&S(3"9'#+,' iTTXbZXbh(AFGF
0,&#6''#&?,(6&(*9"%4,S(M%D#$,'(%)(+6'?%M,"D()"%<(*9"%4,(#&+
)"%<(G6&$(!D&#';D(386&#S(,<,"$,&?,(%)(;8,(,R4,"6<,&;#:
<,;8%+(6&('?6,&?, iTTXbZXbZ(AFGF
U6+,'4",#+(+,M,:%4<,&;(%)('?6,&?,(#&+(;,?8&%:%$DS(,<,"$,&?,
%)(#($:%>#:(?9:;9",S(#?E96'6;6%&(%)(;8,(<,#&'()%"(',:)N+,';"9?;6%&
%)(;8,(89<#&('4,?6,'S /8,()6"';(';,4'(6&('4#?,?"#);
4:#&,;#"D(,R4:%"#;6%&(#&+(%)(;8,(',#"?8()%"(,R;"#;,"",';"6#:
6&;,::6$,&?,F(i(.%=X()6"';(',?%&+(%)(.,=(I,#"g'(!#DF

/8,(?%&';"9?;6%&(%)('9?8(;#>:,'(#&+(?#:,&+#"'(6'(6&,M6;#>:D
89<>:6&$F(-;(6'(+6'?%&?,";6&$(;%()6&+(;8#;(6&('9?8(#(?%'<6?(D,#"
;8,(*#";8(+%,'(&%;(?%&+,&',(%9;(%)(6&;,"';,::#"(<#;;,"(9&;6:
,#":D(L,4;,<>,"S(+6&%'#9"'(,<,"$,(%&(38"6';<#'(*M,S():%=,"'
#"6',(%&(!,?,<>,"(Yh;8S(#&+(<,&(#&+(=%<,&(%"6$6&#;,(#;(TWXVW
AFGF(%&(.,=(I,#"g'(*M,F(C::(%)(",?%"+,+(86';%"D(%??946,'(;8,
:#';(;,&(',?%&+'(%)(!,?,<>,"(VTS(#&+(;8,(;6<,()"%<(;8,(=#&6&$
%)(;8,(G6++:,(C$,'(;%(;8,(4",',&;(%??946,'(:6;;:,(<%",(;8#&(%&,
',?%&+F(P9;(>,?#9',(-(8#M,(#""#&$,+(6;(;8#;(=#D7(;8,()6"';
?%'<6?(D,#"(8#'(`9';(,&+,+F(C&+(+,'46;,(;8,(6&'6$&6)6?#&?,(%)
;8,(6&';#&;(=,(8#M,('%()#"(%??946,+(6&(?%'<6?(;6<,7(6;(6'(?:,#"
;8#;(=8#;(8#44,&'(%&(#&+(&,#"(*#";8(#;(;8,(>,$6&&6&$(%)(;8,
',?%&+(?%'<6?(D,#"(=6::(+,4,&+(M,"D(<9?8(%&(;8,('?6,&;6)6?
=6'+%<(#&+(;8,(+6';6&?;:D(89<#&(',&'6;6M6;D(%)(<#&56&+F

Y(e*.*L(C.!(P0C-.L

U8#;(;8,(8#<<,"@(U8#;(;8,(?8#6&@
-&(=8#;()9"&#?,(=#'(;8D(>"#6&@
U8#;(;8,(#&M6:@(U8#;(+",#+($"#'4

TT
!#",(6;'(+,#+:D(;,""%"'(?:#'4@
UGF(PBC[*(]/8,(/D$,"]

1)(#::(#&6<#:'7(<#&(8#'(;8,(:#"$,';(>"#6&(6&(4"%4%";6%&(;%(86'
'6O,F
C0-L/1/B*
/8,(A#";'(%)(C&6<#:'

P-1B1e-3CB(,M%:9;6%&(8#'(>,,&(#??%<4#&6,+(>D(6&?",#'6&$
?%<4:,R6;DF(/8,(<%';(?%<4:,R(%"$#&6'<'(%&(*#";8(;%+#D
?%&;#6&('9>';#&;6#::D(<%",(';%",+(6&)%"<#;6%&7(>%;8($,&,;6?(#&+
,R;"#$,&,;6?7(;8#&(;8,(<%';(?%<4:,R(%"$#&6'<'(%)7('#D7(;=%
89&+",+(<6::6%&(D,#"'(#$%N=86?8(6'(%&:D(b(4,"?,&;(%)(;8,
86';%"D(%)(:6),(%&(;8,(4:#&,;7()6M,(+#D'(#$%(%&(;8,(3%'<6?
3#:,&+#"F(/8,('6<4:,';(%"$#&6'<'(%&(*#";8(;%+#D(8#M,(`9';(#'
<9?8(,M%:9;6%&#"D(86';%"D(>,86&+(;8,<(#'(;8,(<%';(?%<4:,R7
#&+(6;(<#D(=,::(>,(;8#;(;8,(6&;,"&#:(>6%?8,<6';"D(%)
?%&;,<4%"#"D(>#?;,"6#(6'(<%",(,))6?6,&;(;8#&(;8,(6&;,"&#:
>6%?8,<6';"D(%)(;8,(>#?;,"6#(%)(;8",,(>6::6%&(D,#"'(#$%F(P9;(;8,
#<%9&;(%)($,&,;6?(6&)%"<#;6%&(6&(>#?;,"6#(;%+#D(6'(4"%>#>:D(&%;
M#';:D($",#;,"(;8#&(;8#;(6&(;8,6"(#&?6,&;(>#?;,"6#:(#&?,';%"'F(-;(6'
6<4%";#&;(;%(+6';6&$96'8(>,;=,,&(;8,(#<%9&;(%)(6&)%"<#;6%&(#&+
;8,(E9#:6;D(%)(;8#;(6&)%"<#;6%&F

/8,(M#"6%9'(>6%:%$6?#:()%"<'(#",(?#::,+(;#R#(^'6&$9:#"7(;#R%&_F
/8,(:#"$,';(;#R%&%<6?(+6M6'6%&'(+6';6&$96'8(>,;=,,&(4:#&;'(#&+
#&6<#:'7(%"(>,;=,,&(;8%',(%"$#&6'<'(=6;8(4%%":D(+,M,:%4,+
&9?:,6(6&(;8,6"(?,::'(^'9?8(#'(>#?;,"6#(#&+(>:9,N$",,&(#:$#,_(#&+
;8%',(=6;8(M,"D(?:,#":D(+,<#"?#;,+(#&+(,:#>%"#;,:D
#"?86;,?;9",+(&9?:,6(^'9?8(#'(4"%;%O%#(%"(4,%4:,_F(C::(%"$#&6'<'
%&(;8,(4:#&,;(*#";87(8%=,M,"7(=8,;8,"(;8,D(8#M,(=,::N+,)6&,+
&9?:,6(%"(&%;7(8#M,(?8"%<%'%<,'7(=86?8(?%&;#6&(;8,($,&,;6?
<#;,"6#:(4#'',+(%&()"%<($,&,"#;6%&(;%($,&,"#;6%&F(-&(#::
%"$#&6'<'(;8,(8,",+6;#"D(<%:,?9:,'(#",(&9?:,6?(#?6+'F(U6;8(#
),=(9&6<4%";#&;(,R?,4;6%&'7(;8,(8,",+6;#"D(&9?:,6?(#?6+(6'
#:=#D'(;8,(<%:,?9:,(?#::,+(!.C(^+,%RD"6>%&9?:,6?(#?6+_F(G9?8
)6&,"(+6M6'6%&'(#<%&$(M#"6%9'('%";'(%)(4:#&;'(#&+(#&6<#:'7(+%=&
;%('4,?6,'7('9>'4,?6,'(#&+("#?,'7(?#&(#:'%(>,(+,'?"6>,+(#'
',4#"#;,(;#R#F

TY
C('4,?6,'(6'(#($"%94(;8#;(?#&(4"%+9?,(),";6:,(%))'4"6&$(>D
?"%'','(=6;86&(>9;(&%;(%9;'6+,(6;',:)F(/8,(<#;6&$(%)(+6)),",&;
>",,+'(%)(+%$'(D6,:+'(49446,'(=86?87(=8,&($"%=&7(=6::(>,
",4"%+9?;6M,:D(?%<4,;,&;(+%$'F(P9;(?"%'','(>,;=,,&
'4,?6,'N,M,&('4,?6,'(#'('6<6:#"(#'(+%&5,D'(#&+
8%"','N4"%+9?,(6&),";6:,(%))'4"6&$(^6&(;86'(?#',7(<9:,'_F
!%&5,D'(#&+(8%"','(#",(;8,",)%",(?#;,$%"6O,+(#'(',4#"#;,
'4,?6,'F(J6#>:,(>9;(6&),";6:,(<#;6&$'(%)(<%",(=6+,:D(',4#"#;,+
'4,?6,'N)%"(,R#<4:,7(:6%&'(#&+(;6$,"'N'%<,;6<,'(%??9"7(#&+(6)7
"#",:D7(;8,(%))'4"6&$(#",(),";6:,7(;86'(6&+6?#;,'(%&:D(;8#;(;8,
+,)6&6;6%&(%)('4,?6,'(6'(#(:6;;:,()9OODF(C::(89<#&(>,6&$'(#",
<,<>,"'(%)(;8,('#<,('4,?6,'7(H%<%('#46,&'7(=86?8(<,#&'7(6&
%4;6<6';6?(B#;6&7(]G#&7(;8,(=6',F](19"(4"%>#>:,(#&?,';%"'7(H%<%
,",?;9'(#&+(H%<%(8#>6:6'(N&%=(,R;6&?;N#",(?:#''6)6,+(#'(%)(;8,
'#<,($,&9'(^H%<%_(>9;(%)(+6)),",&;('4,?6,'7(#:;8%9$8(&%(%&,
^#;(:,#';(:#;,:D_(8#'(#;;,<4;,+(;8,(#44"%4"6#;,(,R4,"6<,&;'(;%
',,(6)(?"%'','(%)(;8,<(=6;8(9'(=%9:+(4"%+9?,(),";6:,(%))'4"6&$F

-&(,#":6,"(;6<,'(6;(=#'(=6+,:D(8,:+(;8#;(%))'4"6&$(?%9:+(>,
4"%+9?,+(>D(?"%'','(>,;=,,&(,R;",<,:D(+6)),",&;(%"$#&6'<'F
/8,(G6&%;#9"(=8%<(/8,',9'(':,=(=#'('#6+(;%(>,(;8,(",'9:;(%)
#(<#;6&$(>,;=,,&(#(>9::(#&+(#(=%<#&F(C&+(;8,(0%<#&(86';%"6#&
A:6&D('9$$,';,+(;8#;(;8,(%';"6?87(;8,&(&,=:D(+6'?%M,",+7(=#'
;8,(",'9:;(%)(#(?"%''(>,;=,,&(#($6"#)),(#&+(#($&#;F(^-;(=%9:+7(-
'944%',7(8#M,(;%(>,(#(),<#:,($6"#)),(#&+(#(<#:,($&#;F_(-&
4"#?;6?,(;8,",(<9';(>,(<#&D('9?8(?"%'','(=86?8(8#M,(&%;(>,,&
#;;,<4;,+(>,?#9',(%)(#(?,";#6&(9&+,"';#&+#>:,(:#?5(%)
<%;6M#;6%&F

/8,(?8#";(;8#;(#44,#"'(%&(4#$,(Yf(=6::(>,(",),"",+(;%
",4,#;,+:D(6&(;86'(?8#4;,"F(/8,('%:6+(?9"M,(%&(6;('8%='(;8,
;6<,'(%)(,#":6,';(,<,"$,&?,(%)(M#"6%9'(<#`%"(;#R#F(G#&D(<%",
;#R#(,R6';7(%)(?%9"',7(;8#&(#",('8%=&(>D(;8,(),=(4%6&;'(6&(;8,
)6$9",F(P9;(;8,(?9"M,(6'(",4",',&;#;6M,(%)(;8,(<9?8(+,&',"
#""#D(%)(4%6&;'(;8#;(=%9:+(>,(&,?,''#"D(;%(?8#"#?;,"6O,(;8,(;,&'
%)(<6::6%&'(%)(',4#"#;,(;#R#(=86?8(8#M,(,<,"$,+(+9"6&$(;8,
86';%"D(%)(:6),(%&(%9"(4:#&,;F(/8,(<#`%"(;#R#7(=86?8(8#M,
,M%:M,+(<%';(",?,&;:D7(#",(>D(#&+(:#"$,(;8,(<%';(?%<4:6?#;,+F

TV
L%<,(&%;6%&(%)(;8,(?%<4:,R6;D(%)(#&(%"$#&6'<(?#&(>,(%>;#6&,+
<,",:D(>D(?%&'6+,"6&$(6;'(>,8#M6%"N;8#;(6'7(;8,(&9<>,"(%)
+6)),",&;()9&?;6%&'(6;(6'(?#::,+(94%&(;%(4,")%"<(6&(6;'(:6),;6<,F
P9;(?%<4:,R6;D(?#&(#:'%(>,(`9+$,+(>D(;8,(<6&6<9<(6&)%"<#;6%&
?%&;,&;(6&(;8,(%"$#&6'<g'($,&,;6?(<#;,"6#:F(C(;D46?#:(89<#&
?8"%<%'%<,(8#'(%&,(M,"D(:%&$(!.C(<%:,?9:,(=%9&+(6&;%(?%6:'7
'%(;8#;(;8,('4#?,(6;(%??946,'(6'(M,"D(<9?8('<#::,"(;8#&(6;(=%9:+
>,(6)(6;(=,",(9&"#M,:,+F(/86'(!.C(<%:,?9:,(6'(?%<4%',+(%)
'<#::,"(>96:+6&$(>:%?5'7(#(:6;;:,(:65,(;8,("9&$'(#&+('6+,'(%)(#
"%4,(:#++,"F(/8,',(>:%?5'(#",(?#::,+(&9?:,%;6+,'(#&+(?%<,(6&
)%9"(M#"6,;6,'F(/8,(:#&$9#$,(%)(:6),7(%9"(8,",+6;#"D(6&)%"<#;6%&7
6'(+,;,"<6&,+(>D(;8,(',E9,&?,(%)(;8,()%9"(+6)),",&;('%";'(%)
&9?:,%;6+,'F(U,(<6$8;('#D(;8#;(;8,(:#&$9#$,(%)(8,",+6;D(6'
="6;;,&(6&(#&(#:48#>,;(%)(%&:D()%9"(:,;;,"'F

P9;(;8,(>%%5(%)(:6),(6'(M,"D("6?8S(#(;D46?#:(?8"%<%'%<#:(!.C
<%:,?9:,(6&(#(89<#&(>,6&$(6'(?%<4%',+(%)(#>%9;()6M,(>6::6%&
4#6"'(%)(&9?:,%;6+,'F(/8,($,&,;6?(6&';"9?;6%&'(%)(#::(;8,(%;8,"
;#R#(%&(*#";8(#",(="6;;,&(6&(;8,('#<,(:#&$9#$,7(=6;8(;8,('#<,
?%+,(>%%5F(-&+,,+7(;86'('8#",+($,&,;6?(:#&$9#$,(6'(%&,(:6&,(%)
,M6+,&?,(;8#;(#::(;8,(%"$#&6'<'(%&(*#";8(#",(+,'?,&+,+()"%<(#
'6&$:,(#&?,';%"7(#('6&$:,(6&';#&?,(%)(;8,(%"6$6&(%)(:6),('%<,()%9"
>6::6%&(D,#"'(#$%F

/8,(6&)%"<#;6%&(?%&;,&;(%)(#&D(<,''#$,(6'(9'9#::D(+,'?"6>,+(6&
9&6;'(?#::,+(>6;'7(=86?8(6'('8%";()%"(]>6&#"D(+6$6;'F](/8,('6<4:,';
#"6;8<,;6?#:('?8,<,(9','(&%;(;,&(+6$6;'(^#'(=,(+%(>,?#9',(%)
;8,(,M%:9;6%&#"D(#??6+,&;(;8#;(=,(8#M,(;,&()6&$,"'_(>9;(%&:D
;=%7(W(#&+(TF(/89'(#&D('9))6?6,&;:D(?"6'4(E9,';6%&(?#&(>,
#&'=,",+(>D(#('6&$:,(>6&#"D(+6$6;NW(%"(T7(D,'(%"(&%F(-)(;8,
$,&,;6?(?%+,(=,",(="6;;,&(6&(#(:#&$9#$,(%)(;=%(:,;;,"'("#;8,"
;8#&()%9"(:,;;,"'7(;8,(&9<>,"(%)(>6;'(6&(#(!.C(<%:,?9:,(=%9:+
,E9#:(;=6?,(;8,(&9<>,"(%)(&9?:,%;6+,(4#6"'F(P9;('6&?,(;8,",(#",
)%9"(+6)),",&;(56&+'(%)(&9?:,%;6+,'7(;8,(&9<>,"(%)(>6;'(%)
6&)%"<#;6%&(6&(!.C(6'()%9"(;6<,'(;8,(&9<>,"(%)(&9?:,%;6+,
4#6"'F(/89'(6)(#('6&$:,(?8"%<%'%<,(8#'()6M,(>6::6%&(^b(l(TWZ_
&9?:,%;6+,'7(6;(?%&;#6&'(;=,&;D(>6::6%&(^Y(l(TWTW_(>6;'(%)
6&)%"<#;6%&F(mC('D<>%:('9?8(#'(TWZ(<,",:D(6&+6?#;,'(#(%&,
)%::%=,+(>D(#(?,";#6&(&9<>,"(%)(O,"%,'N6&(;86'(?#',7(&6&,(%)
;8,<Fn

Tc
H%=(<9?8(6&)%"<#;6%&(6'(;=,&;D(>6::6%&(>6;'@(U8#;(=%9:+(>,(6;'
,E96M#:,&;7(6)(6;(=,",(="6;;,&(+%=&(6&(#&(%"+6&#"D(4"6&;,+(>%%5
6&(#(<%+,"&(89<#&(:#&$9#$,@(C:48#>,;6?#:(89<#&(:#&$9#$,'
?8#"#?;,"6';6?#::D(8#M,(;=,&;D(;%()%";D(:,;;,"'(4:9'(%&,(%"(;=%
+%O,&(&9<,"#:'(#&+(49&?;9#;6%&(<#"5'S(;89'('6R;DN)%9"
#:;,"&#;6M,(?8#"#?;,"'('8%9:+('9))6?,()%"(<%';('9?8(:#&$9#$,'F
L6&?,(Y'(,E9#:'(fc(^Y(l(Y(l(Y(l(Y(l(Y(l(Y_7(6;('8%9:+(;#5,(&%
<%",(;8#&('6R(>6;'(;%('4,?6)D(#($6M,&(?8#"#?;,"F(U,(?#&(;86&5(%)
;86'(>,6&$(+%&,(>D(#('%";(%)($#<,(%)(]/=,&;D(o9,';6%&'7](6&
=86?8(,#?8(#&'=,"(?%"",'4%&+'(;%(;8,(6&M,';<,&;(%)(#('6&$:,
>6;(;%(#(D,'\&%(E9,';6%&F(L944%',(;8,(?8#"#?;,"(6&(E9,';6%&(6'
;8,(:,;;,"(KF(U,(<6$8;('4,?6)D(6;(>D(;8,()%::%=6&$(4"%?,+9",X

Q-0L/(o2*L/-1.X(-'(6;(#(:,;;,"(^W_(%"('%<,(%;8,"(?8#"#?;,"
^T_@
C.LU*0X(C(:,;;,"(^W_F
L*31.!(o2*L/-1.X(-'(6;(6&(;8,()6"';(8#:)(^W_(%"(;8,(',?%&+(8#:)
%)(;8,(#:48#>,;
^T_@(C.LU*0X(-&(;8,()6"';(8#:)(^W_F
/H-0!(o2*L/-1.X(1)(;8,(;86";,,&(:,;;,"'(6&(;8,()6"';(8#:)(%)(;8,
#:48#>,;7(6'(6;(6&(;8,()6"';(',M,&(^W_(%"(;8,(',?%&+('6R(^T_@
C.LU*0X(-&(;8,(',?%&+('6R(^T_F
Q120/H(o2*L/-1.X(-&(;8,(',?%&+('6R(^H7(-7(K7([7B7(G_7(6'(6;(6&
;8,()6"';(8#:)(^W_(%"(;8,(',?%&+(8#:)(^T_@
C.LU*0X(-&(;8,()6"';(8#:)(^W_F
Q-Q/H(o2*L/-1.X(1)(;8,',(:,;;,"'(H7(-7(K7(6'(6;(H
^W_(%"(F6'(6;(%&,(%)(-(#&+(K(^T_@
C.LU*0X(-;(6'(%&,(%)(-(#&+(K(^T_F
L-l/H(o2*L/-1.X(-'(6;(-(^W_(%"(K(^T_@
C.LU*0X(-;(6'(K(^T_F

L4,?6)D6&$(;8,(:,;;,"(K(6'(;8,",)%",(,E96M#:,&;(;%(;8,(>6&#"D
<,''#$,7(WWTWTTF(P9;(6;(",E96",+(&%;(;=,&;D(E9,';6%&'(>9;('6R7
#&+(6;(6'(6&(;86'(',&',(;8#;(%&:D('6R(>6;'(#",(",E96",+(;%('4,?6)D(#
$6M,&(:,;;,"F(/8,",)%",(;=,&;D(>6::6%&(>6;'(#",(;8,(,E96M#:,&;(%)
#>%9;(;8",,(>6::6%&(:,;;,"'(^Y(l(TWTW\f(p(V(l(TWZ_F(-)(;8,",(#",
#44"%R6<#;,:D('6R(:,;;,"'(6&(#&(#M,"#$,(=%"+7(;8,(6&)%"<#;6%&
?%&;,&;(%)(#(89<#&(?8"%<%'%<,(?%"",'4%&+'(;%(#>%9;()6M,
89&+",+(<6::6%&(=%"+'(^V(l(TWZ\f(p(b(l(TWh_F(-)(;8,",(#",(#>%9;

Tb
;8",,(89&+",+(=%"+'(%&(#&(%"+6&#"D(4#$,(%)(4"6&;,+(;D4,7(;86'
?%"",'4%&+'(;%(#>%9;(;=%(<6::6%&(4#$,'(^b(l(TWh\V(l(TWY(l
TWh_F(-)(#(;D46?#:(>%%5(?%&;#6&'()6M,(89&+",+('9?8(4#$,'7(;8,
6&)%"<#;6%&(?%&;,&;(%)(#('6&$:,(89<#&(?8"%<%'%<,(?%"",'4%&+'
;%('%<,()%9"(;8%9'#&+(M%:9<,'(^Y(R(TWh\b(R(TWY(p(c(R(TWV_F(-;
6'(?:,#"7(;8,&7(;8#;(;8,(',E9,&?,(%)("9&$'(%&(%9"(!.C(:#++,"'
",4",',&;'(#&(,&%"<%9'(:6>"#"D(%)(6&)%"<#;6%&F(-;(6'(,E9#::D
?:,#"(;8#;('%("6?8(#(:6>"#"D(6'(",E96",+(;%('4,?6)D(#'(,RE96'6;,:D
?%&';"9?;,+(#&+(6&;"6?#;,:D()9&?;6%&6&$(#&(%>`,?;(#'(#(89<#&
>,6&$F(L6<4:,(%"$#&6'<'(8#M,(:,''(?%<4:,R6;D(#&+(:,''(;%(+%7
#&+(;8,",)%",(",E96",(#('<#::,"(#<%9&;(%)($,&,;6?(6&)%"<#;6%&F
/8,(J656&$(:#&+,"'(;8#;(49;(+%=&(%&(G#"'(6&(TZaf(,#?8(8#+
4",4"%$"#<<,+(6&';"9?;6%&'(6&(;8,6"(?%<49;,"'(#<%9&;6&$(;%(#
),=(<6::6%&(>6;'F(/89'(J656&$(8#+(':6$8;:D(<%",(]$,&,;6?
6&)%"<#;6%&](;8#&(#(>#?;,"69<7(>9;('6$&6)6?#&;:D(:,''(;8#&(#&
#:$#F
/8,(?8#";(%&(4#$,(Yf(#:'%('8%='(;8,(<6&6<9<(#<%9&;(%)
$,&,;6?(6&)%"<#;6%&(6&(;8,(!.C(%)(M#"6%9'(;#R#F(/8,(#<%9&;
'8%=&()%"(<#<<#:'(6'(:,''(;8#&()%"(89<#&(>,6&$'7(>,?#9',
<%';(<#<<#:'(8#M,(:,''($,&,;6?(6&)%"<#;6%&(;8#&(89<#&(>,6&$'
+%F(U6;86&(?,";#6&(;#R#N)%"(,R#<4:,7(;8,(#<486>6#&'N;8,
#<%9&;(%)($,&,;6?(6&)%"<#;6%&(M#"6,'(=6:+:D()"%<('4,?6,'(;%
'4,?6,'7(#&+(6;(6'(;8%9$8;(;8#;(<9?8(%)(;86'(!.C(<#D(>,
",+9&+#&;(%"()9&?;6%&:,''F(/86'(6'(;8,(",#'%&(;8#;(;8,(?8#";
+6'4:#D'(;8,(<6&6<9<(#<%9&;(%)(!.C()%"(#($6M,&(;#R%&F

U,(',,()"%<(;8,(?8#";(;8#;(;8,",(=#'(#(';"656&$(6<4"%M,<,&;(6&
;8,(6&)%"<#;6%&(?%&;,&;(%)(%"$#&6'<'(%&(*#";8('%<,(;8",,
>6::6%&(D,#"'(#$%7(#&+(#(':%=(6&?",#',(6&(;8,(#<%9&;(%)($,&,;6?
6&)%"<#;6%&(;8,",#);,"F(U,(#:'%(',,(;8#;(6)(<%",(;8#&('%<,(;,&'
%)(>6::6%&'(^',M,"#:(;6<,'(TWTW_(%)(>6;'(%)(6&)%"<#;6%&(#",
&,?,''#"D()%"(89<#&('9"M6M#:7(,R;"#$,&,;6?('D';,<'(=6::(8#M,
;%(4"%M6+,(;8,<X(;8,("#;,(%)(+,M,:%4<,&;(%)($,&,;6?('D';,<'(6'
'%(':%=(;8#;(&%('%9"?,(%)('9?8(#++6;6%&#:(>6%:%$6?#:(6&)%"<#;6%&
?#&(>,('%9$8;(6&(;8,(!.CF

/8,("#=(<#;,"6#:'(%)(,M%:9;6%&(#",(<9;#;6%&'7(6&8,"6;#>:,
?8#&$,'(6&(;8,(4#";6?9:#"(&9?:,%;6+,(',E9,&?,'(;8#;(<#5,(94
;8,(8,",+6;#"D(6&';"9?;6%&'(6&(;8,(!.C(<%:,?9:,F(G9;#;6%&'(#",
?#9',+(>D("#+6%#?;6M6;D(6&(;8,(,&M6"%&<,&;7(>D(?%'<6?("#D'

Tf
)"%<('4#?,7(%"7(#'(%);,&(8#44,&'7("#&+%<:DN>D('4%&;#&,%9'
",#""#&$,<,&;'(%)(;8,(&9?:,%;6+,'(=86?8(';#;6';6?#::D(<9';
%??9"(,M,"D(&%=(#&+(;8,&F(38,<6?#:(>%&+'('4%&;#&,%9':D
>",#5F(G9;#;6%&'(#",(#:'%(;%('%<,(,R;,&;(?%&;"%::,+(>D(;8,
%"$#&6'<(6;',:)F(1"$#&6'<'(8#M,(;8,(#>6:6;D(;%(",4#6"(?,";#6&
?:#'','(%)(';"9?;9"#:(+#<#$,(+%&,(;%(;8,6"(!.CF(/8,",(#",7()%"
,R#<4:,7(<%:,?9:,'(=86?8(4#;"%:(;8,(!.C()%"(+#<#$,S(=8,&(#
4#";6?9:#":D(,$",$6%9'(#:;,"#;6%&(6&(;8,(!.C(6'(+6'?%M,",+7(6;(6'
'&644,+(%9;(>D(#(56&+(%)(<%:,?9:#"('?6''%"'7(#&+(;8,(!.C(49;
"6$8;F(P9;('9?8(",4#6"(6'(&%;(#&+(<9';(&%;(>,(4,"),?;:D(,))6?6,&;X
<9;#;6%&'(#",(",E96",+()%"(,M%:9;6%&F(C(<9;#;6%&(6&(#(!.C
<%:,?9:,(=6;86&(#(?8"%<%'%<,(%)(#('56&(?,::(6&(<D(6&+,R()6&$,"
8#'(&%(6&):9,&?,(%&(8,",+6;DF(Q6&$,"'(#",(&%;(6&M%:M,+7(#;(:,#';
+6",?;:D7(6&(;8,(4"%4#$#;6%&(%)(;8,('4,?6,'F(U8#;(?%9&;'(#",
<9;#;6%&'(6&(;8,($#<,;,'7(;8,(,$$'(#&+('4,"<(?,::'7(=86?8(#",
;8,(#$,&;'(%)(',R9#:(",4"%+9?;6%&F

C??6+,&;#::D(9',)9:(<9;#;6%&'(4"%M6+,(;8,(=%"56&$(<#;,"6#:()%"
>6%:%$6?#:(,M%:9;6%&N#'7()%"(,R#<4:,7(#(<9;#;6%&()%"(<,:#&6&(6&
?,";#6&(<%;8'7(=86?8(?8#&$,'(;8,6"(?%:%"()"%<(=86;,(;%(>:#?5F
L9?8(<%;8'(?%<<%&:D(",';(%&(*&$:6'8(>6"?8(;",,'7(=8,",(;8,6"
=86;,(?%:%"#;6%&(4"%M6+,'(4"%;,?;6M,(?#<%9):#$,F(2&+,"(;8,',
?%&+6;6%&'7(;8,(<,:#&6&(<9;#;6%&(6'(&%;(#&(#+M#&;#$,N;8,(+#"5
<%;8'(#",(';#"5:D(M6'6>:,(#&+(#",(,#;,&(>D(>6"+'S(;8,(<9;#;6%&(6'
',:,?;,+(#$#6&';F(P9;(=8,&(;8,(-&+9';"6#:(0,M%:9;6%&(>,$#&(;%
?%M,"(;8,(>6"?8(>#"5(=6;8('%%;7(;8,('6;9#;6%&(=#'(",M,"',+7(#&+
%&:D(<%;8'(=6;8(;8,(<,:#&6&(<9;#;6%&('9"M6M,+F(/8,&(;8,
<9;#;6%&(6'(',:,?;,+()%"7(#&+7(6&(;6<,7(#:<%';(#::(;8,(<%;8'(#",
+#"57(4#''6&$(;86'(6&8,"6;#>:,(?8#&$,(%&(;%()9;9",($,&,"#;6%&'F
/8,",(#",(';6::(%??#'6%&#:(",M,"',(<9;#;6%&'(,:6<6&#;6&$(;8,
<,:#&6&(#+#4;#;6%&7(=86?8(=%9:+(>,(9',)9:()%"(;8,(<%;8'(=,",
*&$:6'8(6&+9';"6#:(4%::9;6%&(;%(>,(?%&;"%::,+F(.%;,(;8#;(6&(#::(;86'
6&;,"#?;6%&(>,;=,,&(<9;#;6%&(#&+(&#;9"#:(',:,?;6%&7(&%(<%;8(6'
<#56&$(#(?%&'?6%9'(,))%";(;%(#+#4;(;%(#(?8#&$,+(,&M6"%&<,&;F
/8,(4"%?,''(6'("#&+%<(#&+(';#;6';6?#:F

B#"$,(%"$#&6'<'('9?8(#'(89<#&(>,6&$'(#M,"#$,(#>%9;(%&,
<9;#;6%&(4,"(;,&($#<,;,'N;8#;(6'7(;8,",(6'(#(TW(4,"?,&;(?8#&?,
;8#;(#&D($6M,&('4,"<(%"(,$$(?,::(4"%+9?,+(=6::(8#M,(#(&,=(#&+
6&8,"6;#>:,(?8#&$,(6&(;8,($,&,;6?(6&';"9?;6%&'(;8#;(+,;,"<6&,(;8,

Ta
<#5,94(%)(;8,(&,R;($,&,"#;6%&F(/8,',(<9;#;6%&'(%??9"(#;
"#&+%<(#&+(#",(#:<%';(9&6)%"<:D(8#"<)9:N6;(6'("#",(;8#;(#
4",?6'6%&(<#?86&,(6'(6<4"%M,+(>D(#("#&+%<(?8#&$,(6&(;8,
6&';"9?;6%&'()%"(<#56&$(6;F

G%';(%)(;8,',(<9;#;6%&'(#",(#:'%(",?,''6M,N;8,D(+%(&%;
<#&6),';(;8,<',:M,'(6<<,+6#;,:DF(.,M,";8,:,''7(;8,",(6'
#:",#+D('9?8(#(86$8(<9;#;6%&("#;,(;8#;7(#'(',M,"#:(>6%:%$6';'
8#M,('9$$,';,+7(#(:#"$,"(?%<4:,<,&;(%)($,&,;6?(!.C(=%9:+
>"6&$(#>%9;(9&#??,4;#>:D(86$8(<9;#;6%&("#;,'X(;%%(<9?8(=%9:+
$%(="%&$(;%%(%);,&(6)(=,(8#+(<%",($,&,'Fd(-)(;86'(6'(;"9,7(;8,",
<9';(>,(#(4"#?;6?#:(944,"(:6<6;(;%(;8,(#<%9&;(%)($,&,;6?
6&)%"<#;6%&(;8#;(;8,(!.C(%)(:#"$,"(%"$#&6'<'(?#&
#??%<<%+#;,F(/89'(:#"$,(#&+(?%<4:,R(%"$#&6'<'7(>D(;8,(<,",
)#?;(%)(;8,6"(,R6';,&?,7(8#M,(;%(8#M,('9>';#&;6#:(",'%9"?,'(%)
,R;"#$,&,;6?(6&)%"<#;6%&F(/8#;(6&)%"<#;6%&(6'(?%&;#6&,+7(6&(#::
86$8,"(#&6<#:'(,R?,4;(G#&7(#:<%';(,R?:9'6M,:D(6&(;8,(>"#6&F

U8#;(6'(;8,(6&)%"<#;6%&(?%&;,&;(%)(;8,(>"#6&@(B,;(9'(?%&'6+,"
;=%(%44%'6;,(#&+(,R;",<,(4%:,'(%)(%46&6%&(%&(>"#6&()9&?;6%&F(-&
%&,(M6,=7(;8,(>"#6&7(%"(#;(:,#';(6;'(%9;,"(:#D,"'7(;8,(?,",>"#:
?%";,R7(6'(,E964%;,&;X(#&D(4#";(%)(6;(<#D('9>';6;9;,()%"(#&D(%;8,"
4#";7(#&+(;8,",(6'(&%(:%?#:6O#;6%&(%)()9&?;6%&F(-&(;8,(%;8,"(M6,=7
;8,(>"#6&(6'(?%<4:,;,:D(8#"+N=6",+X('4,?6)6?(?%$&6;6M,()9&?;6%&'
#",(:%?#:6O,+(6&(4#";6?9:#"(4:#?,'(6&(;8,(>"#6&F(3%<49;,"(+,'6$&
'9$$,';'(;8#;(;8,(;"9;8(:6,'('%<,=8,",(>,;=,,&(;8,',(;=%
,R;",<,'F(1&(;8,(%&,(8#&+7(#&D(&%&<D';6?#:(M6,=(%)(>"#6&
)9&?;6%&(<9';(?%&&,?;(48D'6%:%$D(=6;8(#&#;%<DS(4#";6?9:#"(>"#6&
)9&?;6%&'(<9';(>,(;6,+(;%(4#";6?9:#"(&,9"#:(4#;;,"&'(%"(%;8,"
>"#6&(#"?86;,?;9",F(1&(;8,(%;8,"(8#&+7(;%(#''9",(#??9"#?D(#&+
4"%;,?;(#$#6&';(#??6+,&;(=,(=%9:+(,R4,?;(&#;9"#:(',:,?;6%&(;%
8#M,(,M%:M,+('9>';#&;6#:(",+9&+#&?D(6&(>"#6&()9&?;6%&F(/86'(6'
#:'%(;%(>,(,R4,?;,+()"%<(;8,(,M%:9;6%&#"D(4#;8(;8#;(6;(6'(<%';
:65,:D(;8,(>"#6&()%::%=,+F

/8,(",+9&+#&?D(%)(<,<%"D(';%"#$,(=#'(?:,#":D(+,<%&';"#;,+
>D([#":(B#'8:,D7(#(H#"M#"+(4'D?8%N&,9"%:%$6';7(=8%('9"$6?#::D
",<%M,+(^,R;6"4#;,+_('6$&6)6?#&;()"#?;6%&'(%)(;8,(?,",>"#:(?%";,R
%)("#;'(=6;8%9;(&%;6?,#>:D(#)),?;6&$(;8,6"(",?%::,?;6%&(%)
4",M6%9':D(:,#"&,+(>,8#M6%"(%&(8%=(;%("9&(<#O,'F(Q"%<('9?8

Th
,R4,"6<,&;'(6;(6'(?:,#"(;8#;(;8,('#<,(<,<%"D(<9';(>,(:%?#:6O,+
6&(<#&D(+6)),",&;(4:#?,'(6&(;8,(>"#6&7(#&+(=,(&%=(5&%=(;8#;
'%<,(<,<%"6,'(#",()9&&,:,+(>,;=,,&(;8,(:,);(#&+("6$8;
?,",>"#:(8,<6'48,",'(>D(#(?%&+96;(?#::,+(;8,(?%"49'(?#::%'9<F

^d(/%('%<,(,R;,&;(;8,(<9;#;6%&("#;,(6'(6;',:)(?%&;"%::,+(>D
&#;9"#:(',:,?;6%&7(#'(6&(%9"(,R#<4:,(%)(#(]<%:,?9:#"('?6''%"'F]
P9;(;8,",(6'(:65,:D(;%(>,(#&(6"",+9?6>:,(<6&6<9<(<9;#;6%&("#;,
^T_(6&(%"+,"(;%(4"%+9?,(,&%9$8($,&,;6?(,R4,"6<,&;'()%"(&#;9"#:
',:,?;6%&(;%(%4,"#;,(%&7(#&+(^Y_(#'(#&(,E96:6>"69<(>,;=,,&
<9;#;6%&'(4"%+9?,+7('#D7(>D(?%'<6?("#D'(#&+(;8,(<%';(,))6?6,&;
4%''6>:,(?,::9:#"(",4#6"(<,?8#&6'<'F_

B#'8:,D(#:'%(",4%";,+(&%(#44#",&;(?8#&$,(6&(;8,($,&,"#:
>,8#M6%"(%)(#("#;(=8,&('6$&6)6?#&;()"#?;6%&'N'#D7(TW(4,"?,&;N%)
6;'(>"#6&(=,",(",<%M,+F(P9;(&%(%&,(#'5,+(;8,("#;(6;'(%46&6%&F
/%(6&M,';6$#;,(;86'(E9,';6%&(4"%4,":D(=%9:+(",E96",(#(+,;#6:,+
';9+D(%)("#;('%?6#:7()%"#$6&$7(#&+(4",+#;%"N,M#'6%&(>,8#M6%"F
/8,",(#",(<#&D(?%&?,6M#>:,(>,8#M6%"#:(?8#&$,'(",'9:;6&$()"%<
'9?8(,R;6"4#;6%&'(;8#;(<6$8;(&%;(>,(6<<,+6#;,:D(%>M6%9'(;%(;8,
?#'9#:('?6,&;6';(>9;(;8#;(<6$8;(>,(%)(?%&'6+,"#>:,('6$&6)6?#&?,(;%
;8,("#;N'9?8(#'(;8,(#<%9&;(%)(4%';N,R;6"4#;6%&(6&;,",';(#&
#;;"#?;6M,("#;(%)(;8,(%44%'6;,(',R(&%=(,:6?6;'7(%"(;8,(+,$",,(%)
+6'6&;,",';(&%=(,M6&?,+(>D(;8,(4",',&?,(%)(#(';#:56&$(?#;Fd

-;(6'('%<,;6<,'(#"$9,+(;8#;(?9;'(%"(:,'6%&'(6&('6$&6)6?#&;(4#";'
%)(;8,(?,",>"#:(?%";,R(6&(89<#&'N#'(>D(>6:#;,"#:(4",)"%&;#:
:%>%;%<D(%"(>D(#&(#??6+,&;N8#M,(:6;;:,(,)),?;(%&(>,8#M6%"F(P9;
'%<,('%";'(%)(89<#&(>,8#M6%"(#",(&%;(M,"D(#44#",&;()"%<(;8,
%9;'6+,7(%"(,M,&()"%<(;8,(6&'6+,F(/8,",(#",(89<#&(4,"?,4;6%&'
#&+(#?;6M6;6,'(;8#;(<#D(%??9"(%&:D("#",:D7('9?8(#'(?",#;6M6;DF
/8,(#''%?6#;6%&(%)(6+,#'(6&M%:M,+(6&(#?;'N,M,&('<#::(%&,'N%)
?",#;6M,($,&69'(',,<'(;%(6<4:D('9>';#&;6#:(6&M,';<,&;'(%)(>"#6&
",'%9"?,'F(/8,',(?",#;6M,(#?;'(6&+,,+(?8#"#?;,"6O,(%9"(,&;6",
?6M6:6O#;6%&(#&+(<#&56&+(#'(#('4,?6,'F(I,;(6&(<#&D(4,%4:,(;8,D
%??9"(%&:D("#",:D7(#&+(;8,6"(#>',&?,(<#D(>,(<6'',+(>D(&,6;8,"
;8,(>"#6&(+#<#$,+('9>`,?;(&%"(;8,(6&E96"6&$(48D'6?6#&F

^d(-&?6+,&;#::D7(#'(#(;,';(%)(;8,(6&):9,&?,(%)(#&6<#;,+(?#";%%&'
%&(C<,"6?#&(:6),7(;"D(",",#+6&$(;86'(4#"#$"#48(=6;8(;8,(=%"+

TZ
]"#;](",4:#?,+(,M,"D=8,",(>D(]<%9',7](#&+(',,(6)(D%9"
'D<4#;8D()%"(;8,('9"$6?#::D(6&M#+,+(#&+(<6'9&+,"';%%+(>,#';
'9++,&:D(6&?",#','F_

U86:,('9>';#&;6#:(",+9&+#&?D(6&(>"#6&()9&?;6%&(6'(6&,M6;#>:,7(;8,
';"%&$(,E964%;,&;(8D4%;8,'6'(6'(#:<%';(?,";#6&:D(="%&$7(#&+
<%';(?%&;,<4%"#"D(&,9"%48D'6%:%$6';'(8#M,(",`,?;,+(6;F(1&(;8,
%;8,"(8#&+7(#(=,#5,"(,E964%;,&;(8D4%;8,'6'N8%:+6&$7()%"
,R#<4:,7(;8#;(<,<%"D(6'(#()9&?;6%&(%)(;8,(?,",>"#:(?%";,R(#'(#
=8%:,(N6'(&%;('%(",#+6:D(+6'<6''6>:,7(#:;8%9$8(6;(6'(;,';#>:,7(#'
=,('8#::(',,F

/8,",(6'(#(4%49:#"(?%&;,&;6%&(;8#;(8#:)(%"(<%",(%)(;8,(>"#6&(6'
9&9',+F(Q"%<(#&(,M%:9;6%&#"D(4%6&;(%)(M6,=(;86'(=%9:+(>,(E96;,
,R;"#%"+6&#"DX(=8D('8%9:+(6;(8#M,(,M%:M,+(6)(6;(8#+(&%()9&?;6%&@
P9;(#?;9#::D(;8,(';#;,<,&;(6'(<#+,(%&(M,"D(:6;;:,(,M6+,&?,F
C$#6&7(6;(6'(+,+9?,+()"%<(;8,()6&+6&$(;8#;(<#&D(:,'6%&'(%)(;8,
>"#6&7($,&,"#::D(%)(;8,(?,",>"#:(?%";,R7(8#M,(&%(#44#",&;(,)),?;
%&(>,8#M6%"F(/86'(M6,=(+%,'(&%;(;#5,(6&;%(#??%9&;(^T_(;8,
4%''6>6:6;D(%)(",+9&+#&;()9&?;6%&S(#&+(^Y_(;8,()#?;(;8#;('%<,
89<#&(>,8#M6%"(6'('9>;:,F(Q%"(,R#<4:,7(:,'6%&'(6&(;8,("6$8;
8,<6'48,",(%)(;8,(?,",>"#:(?%";,R(<#D(:,#+(;%(6<4#6"<,&;'(6&
;8%9$8;(#&+(#?;6%&7(>9;(6&(;8,(&%&M,">#:(",#:<7(=86?8(6'7(>D
+,)6&6;6%&7(+6))6?9:;()%"(;8,(4#;6,&;(%"(;8,(48D'6?6#&(;%(+,'?"6>,F

/8,",(6'(#:'%(?%&'6+,"#>:,(,M6+,&?,()%"(:%?#:6O#;6%&(%)(>"#6&
)9&?;6%&F(L4,?6)6?(>"#6&('6;,'(>,:%=(;8,(?,",>"#:(?%";,R(8#M,
>,,&()%9&+(;%(>,(?%&?,"&,+(=6;8(#44,;6;,7(>#:#&?,7(;8,"<#:
",$9:#;6%&7(;8,(?6"?9:#;6%&(%)(;8,(>:%%+7(4",?6'6%&(<%M,<,&;'
#&+(>",#;86&$F(C(?:#''6?(';9+D(%&(86$8,"(>"#6&()9&?;6%&(6'(;8,
=%"5(%)(;8,(3#&#+6#&(&,9"%'9"$,%&7(U6:+,"(A,&)6,:+7(%&(;8,
,:,?;"6?#:(';6<9:#;6%&(%)(M#"6%9'(4#";'(%)(;8,(?,",>"#:(?%";,R7
$,&,"#::D(6&(#;;,<4;'(;%(",:6,M,('D<4;%<'(%)(#(+6',#',('9?8(#'
4'D?8%<%;%"(,46:,4'DF(A#;6,&;'(",4%";,+(#('&#;?8(%)(<,<%"D7(#
'<,::()"%<(;8,(4#';7(#('%9&+(%"(?%:%"(;"#?,N#::(,:6?6;,+(>D(#
'<#::(,:,?;"6?#:(?9"",&;(#;(#(4#";6?9:#"('6;,(6&(;8,(>"#6&F

-&(#(;D46?#:(?#',7(#(4#;6,&;(<6$8;(8,#"(#&(%"?8,';"#:(?%<4%'6;6%&
6&()9::(+,;#6:(=8,&(?9"",&;():%=,+(;8"%9$8(A,&)6,:+g'(,:,?;"%+,
;%(;8,(4#;6,&;g'(?%";,R7(,R4%',+(#);,"(#(?"#&6%;%<DF(-)(A,&)6,:+

YW
6&+6?#;,+(;%(;8,(4#;6,&;(N=8%(;D46?#::D(6'()9::D(?%&'?6%9'(+9"6&$
'9?8(4"%?,+9",'N;8#;(8,(=#'(';6<9:#;6&$(;8,(?%";,R(=8,&(8,
=#'(&%;7(6&M#"6#>:D(;8,(4#;6,&;(=%9:+(",4%";(&%(<,<%"D(;"#?,(#;
;8#;(<%<,&;F(P9;(=8,&7(=6;8%9;(&%;6?,7(#(?9"",&;(=%9:+():%=
;8"%9$8(;8,(,:,?;"%+,(6&;%(;8,(?%";,R7(#(<,<%"D(;"#?,(=%9:+
>,$6&(%"(?%&;6&9,F(C(4#;6,&;(<6$8;(",4%";(#(),,:6&$(;%&,7(%"(#
',&',(%)()#<6:6#"6;D7(%"(#()9::(",;"6,M#:(%)(#&(,R4,"6,&?,(%)(<#&D
D,#"'(4",M6%9'(4:#D6&$(>#?5(6&(86'(<6&+7('6<9:;#&,%9':D(>9;(6&
&%(?%&):6?;(=6;8(86'(#=#",&,''(%)(>,6&$(6&(#&(%4,"#;6&$("%%<
?%&M,"'6&$(=6;8(#(48D'6?6#&F(U86:,('%<,(4#;6,&;'(+,'?"6>,+
;8,',():#'8>#?5'(#'(]:6;;:,(+",#<'7](;8,D(?%&;#6&,+(&%&,(%)(;8,
?8#"#?;,"6';6?('D<>%:6'<(%)(+",#<(<#;,"6#:F(/8,',(,R4,"6,&?,'
8#M,(>,,&(",4%";,+(#:<%';(,R?:9'6M,:D(>D(,46:,4;6?'7(#&+(6;(6'
4%''6>:,7(#:;8%9$8(6;(8#'(>D(&%(<,#&'(>,,&(+,<%&';"#;,+7(;8#;
&%&N,46:,4;6?'(#",7(9&+,"('6<6:#"(?6"?9<';#&?,'7('9>`,?;(;%
?%<4#"#>:,(4,"?,4;9#:(",<6&6'?,&?,'F

-&(%&,(?#',(%)(,:,?;"6?#:(';6<9:#;6%&(%)(;8,(%??646;#:(:%>,7(=86?8
6'(?%&?,"&,+(=6;8(M6'6%&7(;8,(4#;6,&;(",4%";,+(L,,6&$(#
):9;;,"6&$(>9;;,"):D(%)('9?8(?%<4,::6&$(",#:6;D(;8#;(8,(';",;?8,+
%9;(86'(8#&+()"%<(;8,(%4,"#;6&$(;#>:,(;%(?#;?8(6;F(-&(#&(6+,&;6?#:
,R4,"6<,&;(4,")%"<,+(%&(#&(#4,7(;8,(#&6<#:(4,,",+(6&;,&;:D7(#'
6)(#;(#&(%>`,?;(>,)%",(86<7(<#+,(#('=6);(?#;?86&$(<%;6%&(=6;8(86'
"6$8;(8#&+7(#&+(;8,&(,R#<6&,+7(6&(#44#",&;(>,=6:+,"<,&;7(86'
,<4;D()6';F

A#6&:,''(,:,?;"6?#:(';6<9:#;6%&(%)(#;(:,#';('%<,(89<#&(?,",>"#:
?%";6?,'(,:6?6;'(?#'?#+,'(%)(<,<%"6,'(%)(4#";6?9:#"(,M,&;'F(P9;
",<%M#:(%)(;8,(>"#6&(;6''9,(6&(?%&;#?;(=6;8(;8,(,:,?;"%+,(+%,'
&%;(,"#',(;8,(<,<%"DF(-;(6'(+6))6?9:;(;%(",'6';(;8,(?%&?:9'6%&(;8#;
#;(:,#';(6&(89<#&'(<,<%"6,'(#",(';%",+('%<,=8,",(6&(;8,
?,",>"#:(?%";,R7(=#6;6&$()%"(;8,(>"#6&(;%(",;"6,M,(;8,<(>D
,:,?;"6?#:(6<49:','N=86?87(%)(?%9"',7(#",(%"+6&#"6:D($,&,"#;,+
=6;86&(;8,(>"#6&(6;',:)F

-)(<,<%"D(6'(#()9&?;6%&(%)(;8,(?,",>"#:(?%";,R(#'(#(=8%:,N#
56&+(%)(+D&#<6?(",M,">,"#;6%&(%"(,:,?;"6?#:(';#&+6&$(=#M,
4#;;,"&(%)(;8,(?%&';6;9,&;(4#";'7("#;8,"(;8#&(';%",+(';#;6?#::D(6&
',4#"#;,(>"#6&(?%<4%&,&;'N(;86'(=%9:+(,R4:#6&(;8,('9"M6M#:(%)
<,<%"D(#);,"('6$&6)6?#&;(>"#6&(+#<#$,F(/8,(,M6+,&?,7(8%=,M,"7

YT
4%6&;'(6&(;8,(%;8,"(+6",?;6%&X(-&(,R4,"6<,&;'(4,")%"<,+(>D(;8,
C<,"6?#&(&,9"%48D'6%:%$6';(0#:48(e,"#"+(#;(;8,(2&6M,"'6;D(%)
G6?86$#&7(8#<';,"'(=,",(;#9$8;(;%("9&(#('6<4:,(<#O,(#&+(;8,&
?86::,+(#:<%';(;%(;8,()",,O6&$(4%6&;(6&(#(",)"6$,"#;%"7(#(56&+(%)
6&+9?,+(86>,"&#;6%&F(/8,(;,<4,"#;9",'(=,",('%(:%=(;8#;(#::
+,;,?;#>:,(,:,?;"6?#:(#?;6M6;D(6&(;8,(#&6<#:'g(>"#6&'(?,#',+F(-)
;8,(+D&#<6?(M6,=(%)(<,<%"D(=,",(;"9,7(;8,(,R4,"6<,&;('8%9:+
8#M,(=64,+(%9;(#::(<,<%"D(%)('9??,'')9:(<#O,N"9&&6&$F
-&';,#+7(#);,"(;8#=6&$7(;8,(8#<';,"'(",<,<>,",+F(G,<%"D
',,<'(;%(>,(:%?#:6O,+(6&('4,?6)6?('6;,'(6&(;8,(>"#6&7(#&+(;8,
'9"M6M#:(%)(<,<%"6,'(#);,"(<#''6M,(>"#6&(:,'6%&'(<9';(>,(;8,
",'9:;(%)(",+9&+#&;(';%"#$,(%)(';#;6?(<,<%"D(;"#?,'(6&(M#"6%9'
:%?#:,'F

A,&)6,:+7(,R;,&+6&$(;8,()6&+6&$'(%)(4",M6%9'(",',#"?8,"'7(#:'%
9&?%M,",+(#(",<#"5#>:,(:%?#:6O#;6%&(%)()9&?;6%&(6&(;8,(<%;%"
?%";,RF(3,";#6&(4#";'(%)(;8,(%9;,"(:#D,"'(%)(%9"(>"#6&(#",
",'4%&'6>:,()%"(',&+6&$('6$&#:'(;%(%"(",?,6M6&$('6$&#:'()"%<
'4,?6)6?(4#";'(%)(;8,(>%+DF(C(M,"'6%&(%)(A,&)6,:+g'(<#4'(%)(;8,
',&'%"D(#&+(<%;%"(?%";6?,'(#44,#"(%&(4#$,'(Vf(#&+(VaF(-;
",):,?;'(6&(#&(,&$#$6&$(=#D(;8,(",:#;6M,(6<4%";#&?,(%)(M#"6%9'
4#";'(%)(%9"(>%+DF(/8,(,&%"<%9'(#<%9&;(%)(>"#6&(#",#
?%<<6;;,+(;%(;8,()6&$,"'N4#";6?9:#":D(;8,(;89<>(N#&+(;%(;8,
<%9;8(#&+(;8,(%"$#&'(%)('4,,?8(?%"",'4%&+'(4",?6',:D(;%(=8#;
6&(89<#&(48D'6%:%$D7(;8"%9$8(89<#&(>,8#M6%"7(8#'(',;(9'(#4#";
)"%<(<%';(%)(;8,(%;8,"(#&6<#:'F(19"(:,#"&6&$(#&+(%9"(?9:;9",
=%9:+(&,M,"(8#M,(+,M,:%4,+(=6;8%9;('4,,?8S(%9"(;,?8&%:%$D
#&+(%9"(<%&9<,&;'(=%9:+(&,M,"(8#M,(,M%:M,+(=6;8%9;(8#&+'F(-&
#(=#D7(;8,(<#4(%)(;8,(<%;%"(?%";,R(6'(#&(#??9"#;,(4%";"#6;(%)
%9"(89<#&6;DF

P9;(;8,(,M6+,&?,()%"(:%?#:6O#;6%&(%)()9&?;6%&(6'(&%=(<9?8
';"%&$,"(,M,&(;8#&(;86'F(-&(#&(,:,$#&;(',;(%)(,R4,"6<,&;'7(!#M6+
H9>,:(%)(H#"M#"+(G,+6?#:(L?8%%:(+6'?%M,",+(;8,(,R6';,&?,(%)
&,;=%"5'(%)(4#";6?9:#"(>"#6&(?,::'(;8#;(",'4%&+(',:,?;6M,:D(;%
:6&,'(4,"?,6M,+(>D(;8,(,D,(6&(+6)),",&;(%"6,&;#;6%&'F(/8,",(#",
?,::'()%"(8%"6O%&;#:7(#&+(?,::'()%"(M,";6?#:7(#&+(?,::'()%"(+6#$%&#:7
,#?8(%)(=86?8(6'(';6<9:#;,+(%&:D(6)(:6&,'(%)(;8,(#44"%4"6#;,
%"6,&;#;6%&(#",(4,"?,6M,+F(C;(:,#';('%<,(>,$6&&6&$'(%)(#>';"#?;
;8%9$8;(8#M,(;8,",>D(>,,&(;"#?,+(;%(;8,(?,::'(%)(;8,(>"#6&F

YY
/8,(,R6';,&?,(%)('4,?6)6?(>"#6&(#",#'(+,#:6&$(=6;8(4#";6?9:#"
?%$&6;6M,7(',&'%"D(%"(<%;%"()9&?;6%&'(6<4:6,'(;8#;(;8,",(&,,+
&%;(>,(#&D(4,"),?;(?%"",:#;6%&(>,;=,,&(>"#6&(<#''(#&+
6&;,::6$,&?,S('%<,(4#";'(%)(;8,(>"#6&(#",(?:,#":D(<%",(6<4%";#&;
;8#&(%;8,"'F(C<%&$(;8,(<%';(<#''6M,(89<#&(>"#6&'(%&(",?%"+
#",(;8%',(%)(1:6M,"(3"%<=,::7(-M#&(/9"$,&,M(#&+(B%"+(PD"%&7
#::(%)(=8%<(=,",('<#";(>9;(&%(C:>,";(*6&';,6&'F(*6&';,6&g'
>"#6&7(%&(;8,(%;8,"(8#&+7(=#'(&%;(",<#"5#>:D(:#"$,F(C&#;%:,
Q"#&?,7(=8%(=#'(>"6$8;,"(;8#&(<#&D7(8#+(#(>"#6&(8#:)(;8,('6O,
%)(PD"%&g'F(/8,(89<#&(>#>D(6'(>%"&(=6;8(#&(,R?,4;6%&#::D(86$8
"#;6%(%)(>"#6&(<#''(;%(>%+D(<#''(^#>%9;(TY(4,"?,&;_S(#&+(;8,
>"#6&7(4#";6?9:#":D(;8,(?,",>"#:(?%";,R7(?%&;6&9,'(;%($"%=
"#46+:D(6&(;8,()6"';(;8",,(D,#"'(%)(:6),N;8,(4,"6%+(%)(<%';("#46+
:,#"&6&$F(PD(#$,('6R7(;8,(<#''(%)(;8,(>"#6&(6'(ZW(4,"?,&;(%)(6;'
#+9:;(M#:9,F(/8,(#M,"#$,(<#''(%)(;8,(>"#6&(%)(?%&;,<4%"#"D
<,&(6'(#>%9;(T7Vab($"#<'7(#:<%';(;8",,(4%9&+'F(L6&?,(;8,
+,&'6;D(%)(;8,(>"#6&7(:65,(;8#;(%)(#::(>%+D(;6''9,'7(6'(#>%9;(;8#;(%)
=#;,"(^%&,($"#<(4,"(?9>6?(?,&;6<,;,"_7(;8,(M%:9<,(%)('9?8(#
>"#6&(6'(T7Vab(?9>6?(?,&;6<,;,"'7(#(:6;;:,(9&+,"(#(:6;,"(#&+(#(8#:)F
^1&,(?9>6?(?,&;6<,;,"(6'(#>%9;(;8,(M%:9<,(%)(#&(#+9:;(89<#&
&#M,:F_

P9;(;8,(>"#6&(%)(#(?%&;,<4%"#"D(=%<#&(6'(#>%9;(TbW(?9>6?
?,&;6<,;,"'('<#::,"F(U8,&(?9:;9"#:(#&+(?86:+N",#"6&$(>6#','(#",
;#5,&(6&;%(#??%9&;7(;8,",(6'(&%(?:,#"(,M6+,&?,(%)(%M,"#::
+6)),",&?,'(6&(6&;,::6$,&?,(>,;=,,&(;8,(',R,'F(/8,",)%",7(>"#6&
<#''(+6)),",&?,'(%)(TbW($"#<'(6&(89<#&'(<9';(>,(9&6<4%";#&;F
3%<4#"#>:,(+6)),",&?,'(6&(>"#6&(<#''(,R6';(#<%&$(#+9:;'(%)
+6)),",&;(89<#&("#?,'(^1"6,&;#:'7(%&(;8,(#M,"#$,7(8#M,(':6$8;:D
:#"$,"(>"#6&'(;8#&(=86;,'_S('6&?,(&%(+6)),",&?,'(6&(6&;,::6$,&?,
9&+,"('6<6:#":D(?%&;"%::,+(?%&+6;6%&'(8#M,(>,,&(+,<%&';"#;,+
;8,",7(;8,('#<,(?%&?:9'6%&()%::%='F(C&+(;8,($#4(>,;=,,&(;8,
'6O,'(%)(;8,(>"#6&'(%)(B%"+(PD"%&(^Y7YWW($"#<'_(#&+(C&#;%:,
Q"#&?,(^T7TWW($"#<'_('9$$,';'(;8#;7(6&(;86'("#&$,7(+6)),",&?,'
%)(<#&D(89&+",+'(%)($"#<'(<#D(>,()9&?;6%&#::D(9&6<4%";#&;F

1&(;8,(%;8,"(8#&+7(#+9:;(89<#&(<6?"%?,48#:6?'7(=8%(#",(>%"&
=6;8(;6&D(>"#6&'7(8#M,(M#';(:%'','(6&(?%$&6;6M,(#>6:6;6,'S(;8,6"
;D46?#:(>"#6&(<#'','(#",(>,;=,,&(cbW(#&+(ZWW($"#<'F(C(&%"<#:

YV
&,=>%"&(?86:+(8#'(#(;D46?#:(>"#6&(<#''(%)(VbW($"#<'S(#
%&,ND,#"N%:+7(#>%9;(bWW($"#<'F(-;(6'(?:,#"(;8#;7(#'(=,(?%&'6+,"
'<#::,"(#&+('<#::,"(>"#6&(<#'','7(;8,",(?%<,'(#(4%6&;(=8,",
;8,(>"#6&(<#''(6'('%(;6&D(;8#;(6;'()9&?;6%&(6'(',M,",:D(6<4#6",+7
?%<4#",+(;%(&%"<#:(#+9:;(89<#&(>"#6&()9&?;6%&F

G%",%M,"7(;8,",(6'(#(';#;6';6?#:(?%"",:#;6%&(>,;=,,&(>"#6&(<#''
%"('6O,(#&+(6&;,::6$,&?,(6&(89<#&(>,6&$'F(/8,(",:#;6%&'864(6'(&%;
%&,N;%N%&,7(#'(;8,(PD"%&NQ"#&?,(?%<4#"6'%&(?:,#":D('8%='F
U,(?#&&%;(;,::(#(4,"'%&g'(6&;,::6$,&?,(6&(#&D($6M,&(?#',(>D
<,#'9"6&$(86'(%"(8,"(>"#6&('6O,F(H%=,M,"7(#'(;8,(C<,"6?#&
,M%:9;6%&#"D(>6%:%$6';(B,6$8(M#&(J#:,&(%)(;8,(2&6M,"'6;D(%)
386?#$%(8#'('8%=&7(;8,(#M#6:#>:,(+#;#('9$$,';(#()#6":D($%%+
?%"",:#;6%&7(%&(;8,(#M,"#$,7(>,;=,,&(>"#6&('6O,(#&+(6&;,::6$,&?,F
!%,'(;86'(<,#&(;8#;(>"#6&('6O,(6&('%<,(',&',(?#9','
6&;,::6$,&?,@(G6$8;(6;(&%;(>,7()%"(,R#<4:,7(;8#;(<#:&9;"6;6%&7
4#";6?9:#":D(6&(9;,"%(#&+(6&(6&)#&?D7(:,#+'(;%(>%;8('<#::(>"#6&
'6O,(#&+(:%=(6&;,::6$,&?,7(=6;8%9;(;8,(%&,(?#9'6&$(;8,(%;8,"@
J#&(J#:,&(4%6&;'(%9;(;8#;(;8,(?%"",:#;6%&(>,;=,,&(>"#6&('6O,
#&+(6&;,::6$,&?,(6'(<9?8(>,;;,"(;8#&(;8,(?%"",:#;6%&(>,;=,,&
6&;,::6$,&?,(#&+(';#;9",(%"(#+9:;(>%+D(=,6$8;7(=86?8(#",(5&%=&
;%(>,(6&):9,&?,+(>D(<#:&9;"6;6%&7(#&+(;8,",(6'(&%(+%9>;(;8#;
<#:&9;"6;6%&(?#&(:%=,"(6&;,::6$,&?,F(/89'(>,D%&+('9?8(,)),?;'7
;8,",(#44,#"'(;%(>,(#&(,R;,&;(;%(=86?8(:#"$,"(#>'%:9;,(>"#6&
'6O,(;,&+'(;%(4"%+9?,(86$8,"(6&;,::6$,&?,F

-&(,R4:%"6&$(&,=(6&;,::,?;9#:(;,""6;%"D7(48D'6?6';'(8#M,()%9&+(6;
9',)9:(;%(<#5,(%"+,"N%)N<#$&6;9+,(,';6<#;,'F(/8,',(#",("%9$8
?#:?9:#;6%&'(;8#;(>:%?5(%9;(;8,(4"%>:,<(#&+(',"M,(#'($96+,'()%"
)9;9",(';9+6,'F(/8,D(+%(&%;(4",;,&+(;%(>,(86$8:D(#??9"#;,F(-&
;8,(E9,';6%&(%)(;8,(?%&&,?;6%&(>,;=,,&(>"#6&('6O,(#&+
6&;,::6$,&?,7(6;(6'(?:,#":D()#"(>,D%&+(4",',&;('?6,&;6)6?(#>6:6;6,'
;%(4,")%"<(#(?,&'9'(%)(;8,()9&?;6%&(%)(,M,"D(?9>6?(?,&;6<,;,"
%)(;8,(>"#6&F(P9;(<6$8;(;8,",(&%;(>,('%<,("%9$8(#&+
#44"%R6<#;,(=#D(6&(=86?8(;%(?%&&,?;(>"#6&(<#''(=6;8
6&;,::6$,&?,@

/8,(+6)),",&?,(6&(>"#6&(<#''(>,;=,,&(;8,(',R,'(6'(%)(6&;,",';(6&
4",?6',:D(;86'(?%&;,R;7(>,?#9',(=%<,&(#",('D';,<#;6?#::D
'<#::,"(6&('6O,(#&+(8#M,(#(:%=,"(>%+D(<#''(;8#&(<,&F(U6;8(:,''

Yc
>%+D(;%(?%&;"%:7(<6$8;(&%;(#('<#::,"(>"#6&(<#''(>,(#+,E9#;,@
/86'('9$$,';'(;8#;(#(>,;;,"(<,#'9",(%)(6&;,::6$,&?,(;8#&(;8,
#>'%:9;,(M#:9,(%)(;8,(<#''(%)(#(>"#6&(6'(;8,("#;6%(%)(;8,(<#''(%)
;8,(>"#6&(;%(;8,(;%;#:(<#''(%)(;8,(%"$#&6'<F

/8,(?8#";(%&(4#$,(VZ('8%='(;8,(>"#6&(<#'','(#&+(>%+D(<#'','
%)(M#"6%9'(#&6<#:'F(/8,",(6'(#(",<#"5#>:,(',4#"#;6%&(%)()6'8(#&+
",4;6:,'()"%<(>6"+'(#&+(<#<<#:'F(Q%"(#($6M,&(>%+D(<#''(%"
=,6$8;7(<#<<#:'(8#M,(?%&'6';,&;:D(86$8,"(>"#6&(<#''F(/8,
>"#6&'(%)(<#<<#:'(#",(;,&(;%(%&,(89&+",+(;6<,'(<%",(<#''6M,
;8#&(;8,(>"#6&'(%)(?%&;,<4%"#"D(",4;6:,'(%)(?%<4#"#>:,('6O,F
/8,(+6'?",4#&?D(>,;=,,&(<#<<#:'(#&+(+6&%'#9"'(6'(,M,&(<%",
';"656&$F(/8,',(#",(';9&&6&$:D(:#"$,(#&+(?%<4:,;,:D('D';,<#;6?
+6)),",&?,'F(L6&?,(=,(#",(<#<<#:'7(=,(4"%>#>:D(8#M,('%<,
4",`9+6?,'(#>%9;(;8,(",:#;6M,(6&;,::6$,&?,(%)(<#<<#:'(#&+
",4;6:,'S(>9;(-(;86&5(;8,(,M6+,&?,(6'(E96;,(?%<4,::6&$(;8#;
<#<<#:'(#",(6&+,,+('D';,<#;6?#::D(<9?8(<%",(6&;,::6$,&;(;8#&
",4;6:,'F(^C:'%('8%=&(6'(#&(6&;"6$96&$(,R?,4;6%&X(#('<#::
%';"6?8N:65,(;8,"%4%+(?:#''(%)(+6&%'#9"'()"%<(;8,(:#;,
3",;#?,%9'(A,"6%+7(=8%',("#;6%(%)(>"#6&(;%(>%+D(<#''(4:#?,'
;8,<(`9';(=6;86&(;8,(",$6%&#:(+6#$"#<(%;8,"=6',(",';"6?;,+(;%
:#"$,(>6"+'(#&+(;8,(:,''(6&;,::6$,&;(<#<<#:'F(-;(=%9:+(>,
6&;,",';6&$(;%(5&%=(<9?8(<%",(#>%9;(;8,',(?",#;9",'7(=86?8
8#M,(>,,&(';9+6,+(>D(!#:,(09'',::7(?86,)(%)(;8,(A#:,%&;%:%$D
!6M6'6%&(%)(;8,(.#;6%&#:(G9',9<'(%)(3#&#+#F_(U,(#:'%(',,()"%<
;8,(?8#";(%&(4#$,(VZ(;8#;(;8,(4"6<#;,'7(#(;#R%&(;8#;(6&?:9+,'
<#&7(#",(',4#"#;,+7(>9;(:,''('D';,<#;6?#::D7()"%<(;8,(",';(%)(;8,
<#<<#:'S(4"6<#;,(>"#6&'(#",(%&(;8,(#M,"#$,(<%",(<#''6M,(>D(#
)#?;%"(%)(#>%9;(;=%(;%(;=,&;D(;8#&(;8%',(%)(&%&4"6<#;,
<#<<#:'(%)(;8,('#<,(>%+D(<#''F

U8,&(=,(:%%5(<%",(?:%',:D(#;(;86'(?8#";7(6'%:#;6&$(#(&9<>,"(%)
4#";6?9:#"(#&6<#:'7(=,(',,(;8,(",'9:;'(%&(4#$,(cWF(1)(#::(;8,
%"$#&6'<'('8%=&7(;8,(>,#';(=6;8(;8,(:#"$,';(>"#6&(<#''()%"(6;'
>%+D(=,6$8;(6'(#(?",#;9",(?#::,+(H%<%('#46,&'F(.,R;(6&('9?8(#
"#&56&$(#",(;8,(+%:486&'Fd(C$#6&(-(+%(&%;(;86&5(6;(6'(?8#9M6&6';6?
;%(?%&?:9+,()"%<(,M6+,&?,(%&(;8,6"(>,8#M6%"(;8#;(89<#&'(#&+
+%:486&'(#",(#;(:,#';(#<%&$(;8,(<%';(6&;,::6$,&;(%"$#&6'<'(%&
*#";8F

Yb
d(PD(;8,(?"6;,"6%&(%)(>"#6&(<#''(;%(>%+D(<#''7('8#"5'(#",(;8,
'<#";,';(%)(;8,()6'8,'7(=86?8(6'(?%&'6';,&;(=6;8(;8,6"(,?%:%$6?#:
&6?8,N4",+#;%"'(8#M,(;%(>,(>"6$8;,"(;8#&(4:#&5;%&(>"%=',"'F
P%;8(6&(;8,6"(6&?",#'6&$("#;6%(%)(>"#6&(;%(>%+D(<#''(#&+(6&(;8,
+,M,:%4<,&;(%)(?%%"+6&#;6&$(?,&;,"'(6&(;8,(;8",,(4"6&?64#:
?%<4%&,&;'(%)(;8,6"(>"#6&'7('8#"5'(8#M,(,M%:M,+(6&(#(<#&&,"
?9"6%9':D(4#"#::,:(;%(;8,(,M%:9;6%&(%)(86$8,"(M,";,>"#;,'(%&(;8,
:#&+F

/8,(6<4%";#&?,(%)(;86'("#;6%(%)(>"#6&(;%(>%+D(<#''(8#+(>,,&
",#:6O,+(,M,&(>D(C"6';%;:,F(-;'(4"6&?64#:(<%+,"&(,R4%&,&;(8#'
>,,&(H#""D(K,"6'%&7(#(&,9"%N4'D?86#;"6';(#;(;8,(2&6M,"'6;D(%)
3#:6)%"&6#(#;(B%'(C&$,:,'F(K,"6'%&(4%6&;'(%9;(;8#;('%<,
,R?,4;6%&'(,R6';(;%(%9"(?%"",:#;6%&N,F($F7(;8,(*9"%4,#&(4D$<D
'8",=(8#'(#(>"#6&(<#''(%)(TWW(<6::6$"#<'(6&(#(cFa($"#<(>%+D7
=86?8($6M,'(6;(#(<#''("#;6%(6&(;8,(89<#&("#&$,F(P9;(=,(?#&&%;
,R4,?;(;8,(?%"",:#;6%&(%)(<#''("#;6%(=6;8(6&;,::6$,&?,(;%(#44:D
;%(;8,('<#::,';(#&6<#:'7(>,?#9',(;8,('6<4:,';(]8%9',5,,46&$]
)9&?;6%&'(%)(;8,(>"#6&(<9';(",E96",('%<,(<6&6<9<(>"#6&(<#''F

/8,(>"#6&(<#''(%)(#(<#;9",('4,"<(=8#:,7(#(?:%',(",:#;6M,(%)(;8,
+%:486&7(6'(#:<%';(Z7WWW($"#<'7('6R(#&+(#(8#:)(;6<,'(;8#;(%)(;8,
#M,"#$,(<#&F(-;(6'(9&9'9#:(6&(;%;#:(>"#6&(<#''7(&%;(^?%<4#",
=6;8(;8,()6$9",(>,:%=_(6&("#;6%(%)(>"#6&(;%(>%+D(=,6$8;F(I,;(;8,
:#"$,';(+6&%'#9"'(8#+(>"#6&(=,6$8;(#>%9;(T(4,"?,&;(;8#;(%)(;8,
'4,"<(=8#:,F(U8#;(+%,'(;8,(=8#:,(+%(=6;8('%(<#''6M,(#(>"#6&@
C",(;8,",(;8%9$8;'7(6&'6$8;'7(#";'7('?6,&?,'(#&+(:,$,&+'(%)(;8,
'4,"<(=8#:,@

/8,(?"6;,"6%&(%)(>"#6&(<#''(;%(>%+D(<#''7(=86?8(6&M%:M,'(&%
?%&'6+,"#;6%&'(%)(>,8#M6%"7(#44,#"'(;%(4"%M6+,(#(M,"D(9',)9:
6&+,R(%)(;8,(",:#;6M,(6&;,::6$,&?,(%)(E96;,(+6)),",&;(#&6<#:'F(-;(6'
=8#;(#(48D'6?6';(<6$8;(+,'?"6>,(#'(#&(#??,4;#>:,()6"';
#44"%R6<#;6%&F(^.%;,()%"()9;9",(",),",&?,(;8#;(;8,
C9';"#:%46;8,?6&,'7(=8%(=,",(,6;8,"(#&?,';"#:(;%(<#&(%"(#;
:,#';(?:%',(?%::#;,"#:(",:#;6M,'7(#:'%(8#+(#(:#"$,(>"#6&(<#''()%"
;8,6"(>%+DN=,6$8;S(;86'(8#'(>,,&(+,;,"<6&,+(>D(<#56&$(?#';'(%)
)%''6:(>"#6&?#','F_(-(=%&+,"(6)(;8,(9&#??%9&;#>:,($,&,"#:(#44,#:
%)(>#>6,'(#&+(%;8,"('<#::(<#<<#:'N(=6;8(",:#;6M,:D(:#"$,(8,#+'
?%<4#",+(;%(#+9:;'(%)(;8,('#<,('4,?6,'N(+,"6M,'()"%<(%9"

Yf
9&?%&'?6%9'(#=#",&,''(%)(;8,(6<4%";#&?,(%)(>"#6&(;%(>%+D(<#''
"#;6%'F

/8,(+#;#('%()#"(6&(;86'(+6'?9''6%&('9$$,';(;8#;(;8,(,M%:9;6%&(%)
<#<<#:'()"%<(",4;6:,'(%M,"(;=%(89&+",+(<6::6%&(D,#"'(#$%(=#'
#??%<4#&6,+(>D(#(<#`%"(6&?",#',(6&(",:#;6M,(>"#6&('6O,(#&+
6&;,::6$,&?,S(#&+(;8#;(;8,(,M%:9;6%&(%)(89<#&(>,6&$'()"%<
&%&89<#&(4"6<#;,'(#(),=(<6::6%&(D,#"'(#$%(=#'(#??%<4#&6,+
>D(#&(,M,&(<%",(';"656&$(+,M,:%4<,&;(%)(;8,(>"#6&F

/8,(89<#&(>"#6&(^#4#";()"%<(;8,(?,",>,::9<7(=86?8(+%,'(&%;
',,<(;%(>,(6&M%:M,+(6&(?%$&6;6M,()9&?;6%&'_(?%&;#6&'(#>%9;(;,&
>6::6%&('=6;?86&$(,:,<,&;'(?#::,+(&,9"%&'F(^/8,(?,",>,::9<7
=86?8(:6,'(>,&,#;8(;8,(?,",>"#:(?%";,R7(;%=#"+(;8,(>#?5(%)(;8,
8,#+7(?%&;#6&'("%9$8:D(#&%;8,"(;,&(>6::6%&(&,9"%&'F_(/8,
,:,?;"6?#:(?9"",&;'($,&,"#;,+(>D(#&+(;8"%9$8(;8,(&,9"%&'(%"
&,"M,(?,::'(=,",(;8,(<,#&'(>D(=86?8(;8,(-;#:6#&(#&#;%<6';(B96$6
e#:M#&6(+6'?%M,",+(,:,?;"6?6;DF(e#:M#&6(8#+()%9&+(;8#;(,:,?;"6?#:
6<49:','(?%9:+(>,(?%&+9?;,+(;%(;8,(:,$'(%)()"%$'7(=86?8
+9;6)9::D(;=6;?8,+S(#&+(;8,(6+,#(>,?#<,(4%49:#"(;8#;(#&6<#:
<%;6%&(^]#&6<#;6%&]_(=#'(6&(6;'(+,,4,';(',&',(?#9',+(>D
,:,?;"6?6;DF(/86'(6'(#;(>,';(#(4#";6#:(;"9;8S(,:,?;"6?#:(6<49:','
;"#&'<6;;,+(#:%&$(&,"M,()6>,"'(+%7(;8"%9$8(&,9"%?8,<6?#:
6&;,"<,+6#"6,'7(6&6;6#;,('9?8(<%M,<,&;'(#'(;8,(#";6?9:#;6%&(%)
:6<>'7(>9;(;8,(6<49:','(#",($,&,"#;,+(6&(;8,(>"#6&F
.,M,";8,:,''7(;8,(<%+,"&('?6,&?,(%)(,:,?;"6?6;D(#&+(;8,
,:,?;"6?#:(#&+(,:,?;"%&6?(6&+9';"6,'(#::(;"#?,(;8,6"(%"6$6&'(;%
,6$8;,,&;8N?,&;9"D(,R4,"6<,&;'(%&(;8,(,:,?;"6?#:(';6<9:#;6%&(%)
;=6;?8,'(6&()"%$'F

1&:D(#(),=(+,?#+,'(#);,"(e#:M#&67(#($"%94(%)(:6;,"#"D
*&$:6'8N4,"'%&'7(6<<%>6:6O,+(6&(;8,(C:4'(>D(6&?:,<,&;(=,#;8,"7
',;(;8,<',:M,'(#(?%<4,;6;6%&(;%(="6;,(#()6?;6%&#:(=%"5(%)
?%&'9<<#;,(8%""%"F(1&,(%)(;8,<7(G#"D(U%::';%&,?"#);(L8,::,D7
4,&&,+(;8,(&%=N)#<%9'(;#:,(%)(!"F(Q"#&5,&';,6&g'(<%&';,"7
=8%(6'(>"%9$8;(;%(:6),(>D(;8,(#44:6?#;6%&(%)(<#''6M,(,:,?;"6?#:
?9"",&;'F(*:,?;"6?#:(+,M6?,'(8#M,(>,,&(#(<#6&';#D(%)($%;86?
&%M,:'(#&+(8%""%"()6:<'(,M,"('6&?,F(/8,(,'',&;6#:(6+,#(6'
e#:M#&6g'(#&+(6'()#::#?6%9'7(>9;(;8,(?%&?,4;(8#'(6&'6&9#;,+(6;',:)

Ya
6&;%(<#&D(U,';,"&(:#&$9#$,'N#'7()%"(,R#<4:,7(=8,&(-(#<
$#:M#&6O,+(6&;%(="6;6&$(;86'(>%%5F

G%';(&,9"%>6%:%$6';'(>,:6,M,(;8#;(;8,(&,9"%&'(#",(;8,(#?;6M,
,:,<,&;'(6&(>"#6&()9&?;6%&7(#:;8%9$8(;8,",(6'(,M6+,&?,(;8#;('%<,
'4,?6)6?(<,<%"6,'(#&+(%;8,"(?%$&6;6M,()9&?;6%&'(<#D(>,
?%&;#6&,+(6&(4#";6?9:#"(<%:,?9:,'(6&(;8,(>"#6&7('9?8(#'(0.C(%"
'<#::(4"%;,6&'F(Q%"(,M,"D(&,9"%&(6&(;8,(>"#6&(;8,",(#",("%9$8:D
;,&($:6#:(?,::'(^)"%<(;8,(e",,5(=%"+()%"($:9,_7(=86?8(4"%M6+,(;8,
'?#))%:+6&$()%"(;8,(&,9"%&#:(#"?86;,?;9",F(C&(#M,"#$,(&,9"%&(6&
#(89<#&(>"#6&(8#'(>,;=,,&(n7WWW(#&+(TW7WWW('D&#4','(%"(:6&5'
=6;8(#+`#?,&;(&,9"%&'F(^G#&D('46&#:N?%"+(&,9"%&'(',,<(;%
8#M,(#>%9;(TW7WWW('D&#4','7(#&+(;8,('%N?#::,+(A9"56&`,(?,::'(%)
;8,(?,",>,::9<(<#D(8#M,(';6::(<%",F(/8,(&9<>,"(%)(:6&5'()%"
&,9"%&'(6&(;8,(?%";,R(6'(4"%>#>:D(:,''(;8#&(TW7WWWF_(-)(,#?8
'D&#4',(",'4%&+'(>D(#('6&$:,(D,'N%"N&%(#&'=,"(;%(#&
,:,<,&;#"D(E9,';6%&7(#'(6'(;"9,(%)(;8,('=6;?86&$(,:,<,&;'(6&
,:,?;"%&6?(?%<49;,"'7(;8,(<#R6<9<(&9<>,"(%)(D,'\&%(#&'=,"'
%"(>6;'(%)(6&)%"<#;6%&(;8#;(;8,(>"#6&(?%9:+(?%&;#6&(6'(#>%9;(TWTW
l(TWV(p(TWTV7(%"(TW(;"6::6%&(>6;'(^%"(TWW(;"6::6%&(p(TW](>6;'(6)(=,
8#+(9',+(TWd('D&#4','(4,"(&,9"%&_F(L%<,(%)(;8,',('D&#4','
<9';(?%&;#6&(;8,('#<,(6&)%"<#;6%&(#'(6'(?%&;#6&,+(6&(%;8,"
'D&#4','S('%<,(<9';(>,(?%&?,"&,+(=6;8(<%;%"(#&+(%;8,"
&%&?%$&6;6M,()9&?;6%&'S(#&+('%<,(<#D(>,(<,",:D(>:#&57(#(>9)),"
=#6;6&$()%"(;8,(&,=(+#Dg'(6&)%"<#;6%&(;%():9;;,"(;8"%9$8F

-)(,#?8(89<#&(>"#6&(8#+(%&:D(%&,('D&#4',N?%"",'4%&+6&$(;%(#
<%&9<,&;#:(';946+6;DN=,(=%9:+(>,(?#4#>:,(%)(%&:D(;=%(<,&;#:
';#;,'F(-)(=,(8#+(;=%('D&#4','7(;8,&(YY(N(c(';#;,'S(;8",,
'D&#4','7(;8,&(YV(p(h(';#;,'7(#&+7(6&($,&,"#:7()%"(.('D&#4','7
Y.(';#;,'F(P9;(;8,(89<#&(>"#6&(6'(?8#"#?;,"6O,+(>D('%<,(TWTV
'D&#4','F(/89'(;8,(&9<>,"(%)(+6)),",&;(';#;,'(%)(#(89<#&(>"#6&
6'(Y("#6',+(;%(;86'(4%=,"N6F(,F7(<9:;64:6,+(>D(6;',:)(;,&(;"6::6%&
;6<,'F(/86'(6'(#&(9&6<#$6&#>:D(:#"$,(&9<>,"7()#"($",#;,"7()%"
,R#<4:,7(;8#&(;8,(;%;#:(&9<>,"(%)(,:,<,&;#"D(4#";6?:,'
^,:,?;"%&'(#&+(4"%;%&'_(6&(;8,(,&;6",(9&6M,"',7(=86?8(6'(<9?8
:,''(;8#&(T("#6',+(;%(;8,(4%=,"(TWVF(-;(6'(>,?#9',(%)(;86'
6<<,&',(&9<>,"(%)()9&?;6%&#::D(+6)),",&;(?%&)6$9"#;6%&'(%)(;8,
89<#&(>"#6&(;8#;(&%(;=%(89<#&'7(,M,&(6+,&;6?#:(;=6&'("#6',+
;%$,;8,"7(?#&(,M,"(>,(",#::D(M,"D(<9?8(#:65,F(/8,',(,&%"<%9'

Yh
&9<>,"'(<#D(#:'%(,R4:#6&('%<,;86&$(%)(;8,(9&4",+6?;#>6:6;D(%)
89<#&(>,8#M6%"(#&+(;8%',(<%<,&;'(=8,&(=,('9"4"6',(,M,&
%9"',:M,'(>D(=8#;(=,(+%F(-&+,,+7(6&(;8,()#?,(%)(;8,',(&9<>,"'7
;8,(=%&+,"(6'(;8#;(;8,",(#",(#&D(",$9:#"6;6,'(#;(#::(6&(89<#&
>,8#M6%"F(/8,(#&'=,"(<9';(>,(;8#;(#::(4%''6>:,(>"#6&(';#;,'(#",
>D(&%(<,#&'(%??946,+S(;8,",(<9';(>,(#&(,&%"<%9'(&9<>,"(%)
<,&;#:(?%&)6$9"#;6%&'(;8#;(8#M,(&,M,"(>,,&(,&;,",+(%"(,M,&
$:6<4',+(>D(#&D(89<#&(>,6&$(6&(;8,(86';%"D(%)(<#&56&+F(Q"%<
;86'(4,"'4,?;6M,7(,#?8(89<#&(>,6&$(6'(;"9:D("#",(#&+(+6)),",&;
#&+(;8,('#&?;6;D(%)(6&+6M6+9#:(89<#&(:6M,'(6'(#(4:#9'6>:,(,;86?#:
?%&',E9,&?,F

-&(",?,&;(D,#"'(6;(8#'(>,?%<,(?:,#"(;8#;(;8,",(#",(,:,?;"6?#:
<6?"%?6"?96;'(6&(;8,(>"#6&F(-&(;8,',(<6?"%N?6"?96;'(;8,
?%&';6;9,&;(&,9"%&'(#",(?#4#>:,(%)(#(<9?8(=6+,"("#&$,(%)
",'4%&','(;8#&(;8,('6<4:,(]D,'](%"(]&%](%)(;8,('=6;?86&$
,:,<,&;'(6&(,:,?;"%&6?(?%<49;,"'F(/8,(<6?"%?6"?96;'(#",(M,"D
'<#::(6&('6O,(^;D46?#:(+6<,&'6%&'(#",(#>%9;(T\TW7WWW(%)(#
?,&;6<,;,"_(#&+(;89'(#>:,(;%(4"%?,''(+#;#(M,"D("#46+:DF(/8,D
",'4%&+(;%(#>%9;(TTTWW;8(%)(;8,(M%:;#$,(&,?,''#"D(;%(';6<9:#;,
%"+6&#"D(&,9"%&'7(#&+(#",(;8,",)%",(?#4#>:,(%)(<9?8()6&,"(#&+
'9>;:,"(",'4%&','F(L9?8(<6?"%?6"?96;'(',,<(;%(6&?",#',(6&
#>9&+#&?,(6&(#(<#&&,"(?%&'6';,&;(=6;8(%9"(9'9#:(&%;6%&'(#>%9;
;8,(?%<4:,R6;D(%)(#&(#&6<#:7(",#?86&$(;8,6"($",#;,';
4"%:6),"#;6%&(6&(>%;8(#>'%:9;,(#&+(",:#;6M,(;,"<'(6&(89<#&
>,6&$'F(/8,D(#:'%(+,M,:%4(:#;,(6&(89<#&(,<>"D%:%$DF(/8,
,R6';,&?,(%)('9?8(<6?"%?6"?96;'('9$$,';'(;8#;(6&;,::6$,&?,(<#D
>,(;8,(",'9:;(&%;(%&:D(%)(86$8(>"#6&N;%N>%+DN<#''("#;6%'(>9;
#:'%(%)(#&(#>9&+#&?,(%)('4,?6#:6O,+('=6;?86&$(,:,<,&;'(6&(;8,
>"#6&F(G6?"%?6"?96;'(<#5,(;8,(&9<>,"(%)(4%''6>:,(>"#6&(';#;,'
,M,&($",#;,"(;8#&(=,(?#:?9:#;,+(6&(;8,(4",M6%9'(4#"#$"#487(#&+
'%(,&8#&?,(';6::()#";8,"(;8,(#';%&6'86&$(9&6E9,&,''(%)(;8,
6&+6M6+9#:(89<#&(>"#6&F

U,(?#&(#44"%#?8(;8,(E9,';6%&(%)(;8,(6&)%"<#;6%&(?%&;,&;(%)(;8,
89<#&(>"#6&(6&(#(E96;,(+6)),",&;(=#DN(6&;"%'4,?;6M,:DF(/"D(;%
6<#$6&,('%<,(M6'9#:(<,<%"D7('#D()"%<(D%9"(?86:+8%%+F(B%%5(#;
6;(M,"D(?:%',:D(6&(D%9"(<6&+g'(,D,F(-<#$6&,(6;(6'(?%<4%',+(%)(#
',;(%)()6&,(+%;'(:65,(#(&,='4#4,"(=6",48%;%F(*#?8(+%;(8#'(#
?,";#6&(?%:%"(#&+(>"6$8;&,''F(I%9(<9';(&%=(#'5(8%=(<#&D(>6;'

YZ
%)(6&)%"<#;6%&(#",(&,?,''#"D(;%(?8#"#?;,"6O,(;8,(?%:%"(#&+
>"6$8;&,''(%)(,#?8(+%;S(8%=(<#&D(+%;'(<#5,(94(;8,(",?#::,+
46?;9",S(#&+(8%=(:%&$(6;(;#5,'(;%(",?#::(#::(;8,(+,;#6:'(%)(;8,
46?;9",(6&(;8,(,D,(%)(;8,(<6&+F(-&(;86'(",;"%'4,?;6M,7(D%9()%?9'
%&(#(M,"D('<#::(4#";(%)(;8,(46?;9",(#;(#&D(%&,(;6<,S(D%9"()6,:+(%)
M6,=(6'(E96;,(:6<6;,+F(U8,&(D%9(49;(6&(#::(;8,',(&9<>,"'7(D%9
?%<,(%9;(=6;8(#("#;,(%)(6&)%"<#;6%&(4"%?,''6&$(>D(;8,(>"#6&7(6&
>6;'(4,"(',?%&+F(U8,&(-(+%('9?8(#(?#:?9:#;6%&7(-(?%<,(%9;(=6;8(#
4,#5(4"%?,''6&$("#;,(%)(#>%9;(b7WWW(>6;'(4,"(',?%&+Fd

G%';(?%<<%&:D('9?8(M6'9#:(",?%::,?;6%&'(?%&?,&;"#;,(%&(;8,
,+$,'(%)()%"<'(#&+('8#"4(?8#&$,'()"%<(>"6$8;(;%(+#"57(#&+(&%;
%&(;8,(?%&)6$9"#;6%&(%)(#",#'(%)(:#"$,:D(&,9;"#:(>"6$8;&,''F(/8,
)"%$7()%"(,R#<4:,7(',,'(=6;8(#(M,"D(';"%&$(>6#'(;%=#"+'
>"6$8;&,''($"#+6,&;'F(H%=,M,"7(;8,",(6'(?%&'6+,"#>:,(,M6+,&?,
;8#;(+,;#6:,+(<,<%"D(%)(6&;,"6%"'(#&+(&%;(`9';(,+$,'(%)()%"<'(6'
",#'%&#>:D(?%<<%&F(A,"8#4'(;8,(<%';(';"656&$(?#',(6'(#&
,R4,"6<,&;(=6;8(89<#&'(%&(';,",%(",?%&';"9?;6%&(%)(#
;8",,N+6<,&'6%&#:(6<#$,7(9'6&$(#(4#;;,"&(",?#::,+()%"(%&,(,D,
#&+(#(4#;;,"&(>,6&$(M6,=,+()%"(;8,(%;8,"F(/8,()9'6%&(%)(6<#$,'
6&(;86'(#&#$:D48(",E96",'(#(<,<%"D(%)(TW7WWW(46?;9",(,:,<,&;'F

d(H%"6O%&(;%(8%"6O%&(?%<4"6','(#&(#&$:,(%)(ThW(+,$",,'(6&(#():#;
4:#?,F(/8,(<%%&(6'(WFb(+,$",,'(6&(+6#<,;,"F(-(5&%=(-(?#&(',,
+,;#6:(%&(6;7(4,"8#4'(;=,:M,(46?;9",(,:,<,&;'(#?"%''F(/89'(<D
,D,(?#&(",'%:M,(#>%9;(WFb\TY(p(WFWc(+,$",,'F(C&D;86&$('<#::,"
;8#&(;86'(6'(;%%('<#::()%"(<,(;%(',,F(/8,(6&';#&;#&,%9'()6,:+(%)
M6,=(6&(<D(<6&+g'(,D,7(#'(=,::(#'(6&(<D(",#:(,D,7(',,<'(;%(>,
'%<,;86&$(:65,(Y(+,$",,'(%&(#('6+,F(/89'(;8,(:6;;:,('E9#",
46?;9",(-(?#&(',,(#;(#&D($6M,&(<%<,&;(?%&;#6&'(#>%9;(^Y\WFWc_Y
p(Y7bWW(46?;9",(,:,<,&;'7(?%"",'4%&+6&$(;%(;8,(=6",48%;%(+%;'F
/%(?8#"#?;,"6O,(#);(4%''6>:,('8#+,'(%)($"#D(#&+(?%:%"'(%)('9?8
+%;'(",E96",'(#>%9;(YW(>6;'(4,"(46?;9",(,:,<,&;F(/89'(#
+,'?"64;6%&(%)(<D(:6;;:,(46?;9",(",E96",'(Y7bWW(l(YW(%"(#>%9;
bW7WWW(>6;'F(P9;(;8,(#?;(%)('?#&&6&$(;8,(46?;9",(;#5,'(#>%9;(TW
',?%&+'7(#&+(;89'(<D(',&'%"D(+#;#(4"%?,''6&$("#;,(6'(4"%>#>:D
&%;(<9?8(:#"$,"(;8#&(bW7WWW\TW(p(b7WWW(>6;'(4,"(',?%&+F(Q%"
?%<4#"6'%&7(;8,(J656&$(:#&+,"(?#<,"#'7(=86?8(#:'%(8#M,(#(WFWc
+,$",,(",'%:9;6%&7(8#M,(%&:D('6R(>6;'(4,"(46?;9",(,:,<,&;(;%
?8#"#?;,"6O,(>"6$8;&,''7(#&+(?#&(;"#&'<6;(;8,',(+6",?;:D(;%

VW
*#";8(>D("#+6%(#;(bWW(>6;'(4,"(',?%&+F(/8,(&,9"%&'(%)(;8,(>"#6&
$,&,"#;,(#>%9;(Yb(=#;;'(%)(4%=,"7(>#",:D(,&%9$8(;%(;9"&(%&(#
'<#::(6&?#&+,'?,&;(:6$8;F(/8,(J656&$(:#&+,"(;"#&'<6;'("#+6%
<,''#$,'(#&+(4,")%"<'(#::(6;'(%;8,"()9&?;6%&'(=6;8(#(;%;#:
4%=,"(%)(#>%9;(bW(=#;;'F

P9;(-(#<(&%;(",?%::,?;6&$(M6'9#:(6<#$,'(#::(<D(=#56&$(8%9"'7(&%"
#<(-(?%&;6&9%9':D('9>`,?;6&$(4,%4:,(#&+(%>`,?;'(;%(6&;,&',(#&+
?#",)9:('?"9;6&DF(-(#<(+%6&$(;8#;(4,"8#4'(#('<#::(4,"?,&;(%)(;8,
;6<,F(GD(%;8,"(6&)%"<#;6%&(?8#&&,:'N#9+6;%"D7(;#?;6:,7(%:)#?;%"D
#&+($9';#;%"DN#",(6&M%:M,+(=6;8(<9?8(:%=,"(;"#&'),"("#;,'F(-
?%&?:9+,(;8#;(;8,(#M,"#$,("#;,(%)(+#;#(4"%?,''6&$(>D(<D(>"#6&
6'(#>%9;(^b7WWW\bW_(p(TWW(>6;'(4,"(',?%&+F(1M,"('6R;D(D,#"'7
;8#;(?%"",'4%&+'(;%(Y(R(TWTT(%"(YWW(>6::6%&(;%;#:(>6;'(?%<<6;;,+
;%(M6'9#:(#&+(%;8,"(<,<%"D(6)(-(8#M,(4,"),?;(",?#::F(/86'(6'(:,''
;8#&7(>9;(&%;(9&",#'%&#>:D(:,''(;8#&7(;8,(&9<>,"(%)('D&#4','(%"
&,9"#:(?%&&,?;6%&'(^'6&?,(;8,(>"#6&(8#'(<%",(;%(+%(;8#&(`9';
",<,<>,"_(#&+('9$$,';'(;8#;(&,9"%&'(#",(6&+,,+(;8,(<#6&
'=6;?86&$(,:,<,&;'(6&(>"#6&()9&?;6%&F

C(",<#"5#>:,(',"6,'(%)(,R4,"6<,&;'(%&(>"#6&(?8#&$,'(+9"6&$
:,#"&6&$(8#'(>,,&(4,")%"<,+(>D(;8,(C<,"6?#&(4'D?8%:%$6';
G#"5(0%',&O=,6$(#&+(86'(?%::,#$9,'(#;(;8,(2&6M,"'6;D(%)
3#:6)%"&6#(#;(P,"5,:,DF(/8,D(<#6&;#6&,+(;=%(+6)),",&;
4%49:#;6%&'(%)(:#>%"#;%"D("#;'N%&,(6&(#(+9::7(",4,;6;6M,7
6<4%M,"6'8,+(,&M6"%&<,&;S(;8,(%;8,"(6&(#(M#"6,$#;,+7(:6M,:D7
,&"6?8,+(,&M6"%&<,&;F(/8,(:#;;,"($"%94(+6'4:#D,+(#(';"656&$
6&?",#',(6&(;8,(<#''(#&+(;86?5&,''(%)(;8,(?,",>"#:(?%";,R7(#'
=,::(#'(#??%<4#&D6&$(?8#&$,'(6&(>"#6&(?8,<6';"DF(/8,',
6&?",#','(%??9"",+(6&(<#;9",(#'(=,::(#'(6&(D%9&$(#&6<#:'F(L9?8
,R4,"6<,&;'(+,<%&';"#;,(;8#;(48D'6%:%$6?#:(?8#&$,'
#??%<4#&D(6&;,::,?;9#:(,R4,"6,&?,(#&+('8%=(8%=(4:#';6?6;D(?#&
>,(?%&;"%::,+(#&#;%<6?#::DF(L6&?,(#(<%",(<#''6M,(?,",>"#:
?%";,R(<#D(<#5,()9;9",(:,#"&6&$(,#'6,"7(;8,(6<4%";#&?,(%)
,&"6?8,+(,&M6"%&<,&;'(6&(?86:+8%%+(6'(?:,#":D(+"#=&F

/86'(=%9:+(<,#&(;8#;(&,=(:,#"&6&$(?%"",'4%&+'(;%(;8,
$,&,"#;6%&(%)(&,=('D&#4','(%"(;8,(#?;6M#;6%&(%)(<%"6>9&+(%:+
%&,'7(#&+('%<,(4",:6<6&#"D(,M6+,&?,(?%&'6';,&;(=6;8(;86'(M6,=
8#'(>,,&(%>;#6&,+(>D(;8,(C<,"6?#&(&,9"%#&#;%<6';(U6::6#<

VT
e",,&%9$8(%)(;8,(2&6M,"'6;D(%)(-::6&%6'(#&+(86'(?%=%"5,"'F(/8,D
8#M,()%9&+(;8#;(#);,"(',M,"#:(=,,5'(%)(:,#"&6&$(&,=(;#'5'(6&
:#>%"#;%"D(?%&;,R;'7("#;'(+,M,:%4(;8,(56&+(%)(&,=(&,9"#:
>"#&?8,'(6&(;8,6"(?%";6?,'(;8#;()%"<('D&#4','F(1;8,"("#;'7
8#&+:,+('6<6:#":D(>9;($6M,&(&%(?%<4#"#>:,(,+9?#;6%&7(,R86>6;(&%
'9?8(&,9"%N#&#;%<6?#:(&%M,:;6,'F(/8,(?%&';"9?;6%&(%)(&,=
'D&#4','(",E96",'(;8,('D&;8,'6'(%)(4"%;,6&(#&+(0.C(<%:,?9:,'F
/8,",(6'(#($",#;(+,#:(%)(,M6+,&?,('8%=6&$(;8#;(;8,',(<%:,?9:,'
#",(4"%+9?,+(6&(;8,(>"#6&(+9"6&$(:,#"&6&$7(#&+('%<,('?6,&;6';'
8#M,('9$$,';,+(;8#;(;8,(:,#"&6&$(6'(?%&;#6&,+(=6;86&(>"#6&
4"%;,6&'(%"(0.CF(P9;(6;(',,<'(<%",(:65,:D(;8#;(;8,(&,=
6&)%"<#;6%&(6'(?%&;#6&,+(6&(;8,(&,9"%&'7(=86?8(#",(6&(;9"&
?%&';"9?;,+(%)(4"%;,6&'(#&+(0.CF

H%=(+,&',:D(4#?5,+(6'(;8,(6&)%"<#;6%&(';%",+(6&(;8,(>"#6&@(C
;D46?#:(6&)%"<#;6%&(+,&'6;D(+9"6&$(;8,(%4,"#;6%&(%)(#(<%+,"&
?%<49;,"(6'(#>%9;(#(<6::6%&(>6;'(4,"(?9>6?(?,&;6<,;,"F(/86'(6'
;8,(;%;#:(6&)%"<#;6%&(?%&;,&;(%)(;8,(?%<49;,"7(+6M6+,+(>D(6;'
M%:9<,F(/8,(89<#&(>"#6&(?%&;#6&'7(#'(=,(8#M,('#6+7(#>%9;(TWTV
>6;'(6&(#(:6;;:,(<%",(;8#&(TWV(?9>6?(?,&;6<,;,"'7()%"(#&
6&)%"<#;6%&(?%&;,&;(%)([A\-1V(p(TWTW7(#>%9;(;,&(>6::6%&(>6;'(4,"
?9>6?(?,&;6<,;,"S(;8,(>"#6&(6'(;8,",)%",(;,&(;8%9'#&+(;6<,'
<%",(+,&',:D(4#?5,+(=6;8(6&)%"<#;6%&(;8#&(6'(#(?%<49;,"7
#:;8%9$8(;8,(?%<49;,"(6'(<9?8(:#"$,"F(A9;(#&%;8,"(=#D7(#
<%+,"&(?%<49;,"(#>:,(;%(4"%?,''(;8,(6&)%"<#;6%&(6&(;8,(89<#&
>"#6&(=%9:+(8#M,(;%(>,(#>%9;(;,&(;8%9'#&+(;6<,'(:#"$,"(6&
M%:9<,(;8#&(;8,(89<#&(>"#6&F(1&(;8,(%;8,"(8#&+7(<%+,"&
,:,?;"%&6?(?%<49;,"'(#",(?#4#>:,(%)(4"%?,''6&$(6&)%"<#;6%&(#;(#
"#;,(%)(TWTf(;%(TWTa(>6;'(4,"(',?%&+7(?%<4#",+(;%(#(4,#5("#;,
;,&(>6::6%&(;6<,'(':%=,"(6&(;8,(>"#6&F(/8,(>"#6&(<9';(>,
,R;"#%"+6&#"6:D(?:,M,":D(4#?5#$,+(#&+(]=6",+7](=6;8('9?8(#
'<#::(;%;#:(6&)%"<#;6%&(?%&;,&;(#&+('%(:%=(#(4"%?,''6&$("#;,7(;%
>,(#>:,(;%(+%('%(<#&D('6$&6)6?#&;(;#'5'('%(<9?8(>,;;,"(;8#&(;8,
>,';(?%<49;,"F

/8,(&9<>,"(%)(&,9"%&'(6&(#&(#&6<#:(>"#6&(+%,'(&%;(+%9>:,(#'
;8,(>"#6&(M%:9<,(6;',:)(+%9>:,'F(-;(6&?",#','(<%",(':%=:DF(C
89<#&(>"#6&(=6;8(#(M%:9<,(%)(#>%9;(T7Vab(?9>6?(?,&;6<,;,"'
?%&;#6&'7(#'(=,(8#M,('#6+7(#4#";()"%<(;8,(?,",>,::9<(#>%9;(;,&
>6::6%&(&,9"%&'(#&+('%<,(;,&(;"6::6%&(>6;'F(-&(#(:#>%"#;%"D(#;(;8,

VY
.#;6%&#:(-&';6;9;,(%)(G,&;#:(H,#:;8(&,#"(P,;8,'+#7(G#"D:#&+7(-
",?,&;:D(8,:+(6&(<D(8#&+(#("#>>6;(>"#6&F(-;(8#+(#(M%:9<,(%)
4,"8#4'(;86";D(?9>6?(?,&;6<,;,"'7(;8,('6O,(%)(#&(#M,"#$,("#+6'87
?%"",'4%&+6&$(;%(#(),=(89&+",+(<6::6%&(&,9"%&'(#&+('%<,
89&+",+(>6::6%&(>6;'N=86?8(?%&;"%::,+7(#<%&$(%;8,"(;86&$'7(;8,
<9&?86&$(%)(:,;;9?,7(;8,(;=6;?86&$'(%)(&%','7(#&+(;8,(',R9#:
+#::6#&?,'(%)($"%=&94("#>>6;'F

L6&?,(#&6<#:(;#R#('9?8(#'(<#<<#:'7(",4;6:,'(%"(#<486>6#&'
?%&;#6&(<,<>,"'(=6;8(M,"D(+6)),",&;(>"#6&('6O,'7(=,(?#&&%;($6M,
#(",:6#>:,(,';6<#;,(%)(;8,(&9<>,"(%)(&,9"%&'(6&(;8,(>"#6&(%)(#
;D46?#:(",4",',&;#;6M,(%)(,#?8(;#R%&F(P9;(=,(?#&(,';6<#;,
#M,"#$,(M#:9,'(=86?8(-(8#M,(+%&,(6&(;8,(?8#";(%&(4#$,(YfF(/8,
"%9$8(,';6<#;,'(;8,",('8%=(;8#;(#(89<#&(>,6&$(8#'(#>%9;(#
89&+",+(;6<,'(<%",(>6;'(%)(6&)%"<#;6%&(6&(86'(>"#6&(;8#&(#("#>>6;
+%,'F(-(+%(&%;(5&%=(;8#;(6;(<,#&'(M,"D(<9?8(;%('#D(;8#;(#
89<#&(>,6&$(6'(#(89&+",+(;6<,'('<#";,"(;8#&(#("#>>6;7(>9;(-(#<
&%;(?,";#6&(;8#;(6;(6'(#("6+6?9:%9'(?%&;,&;6%&F(^-;(+%,'(&%;7(%)
?%9"',7()%::%=(;8#;(#(89&+",+("#>>6;'(#",(#'('<#";(#'(%&,
89<#&(>,6&$F_
U,(#",(&%=(6&(#(4%'6;6%&(;%(?%<4#",(;8,($"#+9#:(6&?",#',
;8"%9$8(,M%:9;6%&#"D(;6<,(%)(>%;8(;8,(#<%9&;(%)(6&)%"<#;6%&
?%&;#6&,+(6&(;8,($,&,;6?(<#;,"6#:(#&+(;8,(#<%9&;(%)(6&)%"<#;6%&
?%&;#6&,+(6&(;8,(>"#6&'(%)(%"$#&6'<'F(/8,(;=%(?9"M,'(?"%''(^4F
Yf_(#;(#(;6<,(?%"",'4%&+6&$(;%(#(),=(89&+",+(<6::6%&(D,#"'(#$%
#&+(#;(#&(6&)%"<#;6%&(?%&;,&;(?%"",'4%&+6&$(;%(#(),=(>6::6%&
>6;'F(L%<,=8,",(6&(;8,(';,#<6&$(`9&$:,'(%)(;8,(3#">%&6),"%9'
A,"6%+(;8,",(,<,"$,+(#&(%"$#&6'<(;8#;()%"(;8,()6"';(;6<,(6&(;8,
86';%"D(%)(;8,(=%":+(8#+(<%",(6&)%"<#;6%&(6&(6;'(>"#6&'(;8#&(6&
6;'($,&,'F(-;(=#'(#&(,#":D(",4;6:,(=86?87(=,",(=,(;%(?%<,(94%&
6;(6&(;8,',('%486';6?#;,+(;6<,'7(=,(=%9:+(4"%>#>:D(&%;(+,'?"6>,
#'(,R?,4;6%&#::D(6&;,::6$,&;F(P9;(6;'(>"#6&(=#'(#('D<>%:6?(;9"&6&$
4%6&;(6&(;8,(86';%"D(%)(:6),F(/8,(;=%('9>',E9,&;(>9"';'(%)(>"#6&
,M%:9;6%&7(#??%<4#&D6&$(;8,(,<,"$,&?,(%)(<#<<#:'(#&+(;8,
#+M,&;(%)(<#&:65,(4"6<#;,'7(=,",(';6::(<%",(6<4%";#&;(#+M#&?,'
6&(;8,(,M%:9;6%&(%)(6&;,::6$,&?,F(G9?8(%)(;8,(86';%"D(%)(:6),('6&?,
;8,(3#">%&6),"%9'(A,"6%+(?#&(>,(+,'?"6>,+(#'(;8,($"#+9#:(^#&+
?,";#6&:D(6&?%<4:,;,_(+%<6&#&?,(%)(>"#6&'(%M,"($,&,'F

VV
V(/H*(P0C-.(C.!(/H*(3HC0-1/

U8,&('8#::(=,(;8",,(<,,;(#$#6&(F(F(F(@
UGF(LHC[*LA*C0*(G#?>,;8

/H*(P0C-.(%)(#()6'8(6'&g;(<9?8F(C()6'8(8#'(#(&%;%?8%"+(%"
'46&#:(?%"+7(=86?8(6;('8#",'(=6;8(,M,&(89<>:,"(6&M,";,>"#;,'F(C
4"6<6;6M,()6'8(#:'%(8#'(#(:6;;:,('=,::6&$(#;(;8,()"%&;(,&+(%)(;8,
'46&#:(?%"+7(=86?8(6'(6;'(>"#6&F(-&(86$8,"()6'8(;8,('=,::6&$(6'
)9";8,"(+,M,:%4,+(>9;(';6::(=,6$8'(&%(<%",(;8#&(#($"#<(%"(;=%F
/8#;('=,::6&$(?%"",'4%&+'(6&(86$8,"(#&6<#:'(;%(;8,(86&+>"#6&(%"
>"#6&';,<(#&+(;8,(<6+>"#6&F(/8,(>"#6&(%)(<%+,"&()6'8(#",
?86,):D(<6+>"#6&7(=6;8(#(;6&D()%",>"#6&S(6&(<%+,"&(#<486>6#&'
#&+(",4;6:,'7(6;(6'(;8,(%;8,"(=#D(#"%9&+(^',,()6$9",(%&(4#$,(bb_F
C&+(D,;()%''6:(,&+%?#';'(%)(;8,(,#":6,';(5&%=&(M,";,>"#;,'
'8%=(;8#;(;8,(4"6&?64#:(+6M6'6%&'(%)(;8,(<%+,"&(>"#6&
^86&+N>"#6&7(<6+>"#6&(#&+()%",>"#6&7()%"(,R#<4:,_(=,",(#:",#+D
,';#>:6'8,+F(Q6M,(89&+",+(<6::6%&(D,#"'(#$%7('=6<<6&$(6&(;8,
4"6<,M#:(',#'7(;8,",(=,",()6'8D(?",#;9",'(?#::,+(%';"#?%+,"<'
#&+(4:#?%+,"<'7(=8%',(>"#6&'(8#+(",?%$&6O#>:D(;8,('#<,(<#`%"
+6M6'6%&'(#'(%9"'F(P9;(;8,(",:#;6M,('6O,(#&+(6<4%";#&?,(%)(;8,',
?%<4%&,&;'7(#&+(,M,&(;8,6"(,#":D()9&?;6%&'7(=,",(?,";#6&:D(M,"D
+6)),",&;()"%<(;%+#DF(1&,(%)(;8,(<%';(,&$#$6&$(M6,='(%)(;8,
'9>',E9,&;(,M%:9;6%&(%)(;8,(>"#6&(6'(#(';%"D(%)(;8,('9??,''6M,
#??",;6%&(#&+('4,?6#:6O#;6%&(%)(;8",,()9";8,"(:#D,"'('9"<%9&;6&$
;8,('46&#:(?%"+7(86&+>"#6&(#&+(<6+>"#6&F(C);,"(,#?8(,M%:9;6%&#"D
';,47(;8,(%:+,"(4%";6%&'(%)(;8,(>"#6&(';6::(,R6';(#&+(<9';(';6::(>,
#??%<<%+#;,+F(P9;(#(&,=(:#D,"(=6;8(&,=()9&?;6%&'(8#'(>,,&
#++,+F

/8,(4"6&?64#:(?%&;,<4%"#"D(,R4%&,&;(%)(;86'(M6,=(6'(A#9:
G#?B,#&7(?86,)(%)(;8,(B#>%"#;%"D(%)(P"#6&(*M%:9;6%&(#&+
P,8#M6%"(%)(;8,(.#;6%&#:(-&';6;9;,(%)(G,&;#:(H,#:;8F(1&,
8#::<#"5(%)(G#?B,#&g'(=%"5(6'(;8#;(6;(,&?%<4#'','(<#&D
+6)),",&;(#&6<#:'7("#&$6&$()"%<(:6O#"+'(;%('E96"",:(<%&5,D'F
C&%;8,"(6'(;8#;(8,(#&+(86'(?%::,#$9,'(8#M,(';9+6,+(?#",)9::D(;8,
'%?6#:(#&+(%;8,"(>,8#M6%"(%)(;8,',(#&6<#:'(;%(6<4"%M,(;8,6"

Vc
4"%'4,?;'(%)(+6'?%M,"6&$(=8#;(4#";(%)(;8,(>"#6&(?%&;"%:'(=8#;
'%";(%)(>,8#M6%"F

LE96"",:(<%&5,D'(=6;8(]$%;86?]()#?6#:(<#"56&$'(8#M,(#(56&+(%)
"6;9#:(%"(+6'4:#D(=86?8(;8,D(4,")%"<(=8,&($",,;6&$(%&,(#&%;8,"F
/8,(<#:,'(>#",(;8,6"(;,,;87("#;;:,(;8,(>#"'(%)(;8,6"(?#$,7(9;;,"(#
86$8N46;?8,+('E9,#57(=86?8(6'(4%''6>:D(;,""6)D6&$(;%('E96"",:
<%&5,D'7(#&+(:6);(;8,6"(:,$'(;%(,R86>6;(#&(,",?;(4,&6'F(U86:,
'9?8(>,8#M6%"(=%9:+(>%"+,"(%&(6<4%:6;,&,''(#;(<#&D
?%&;,<4%"#"D(89<#&('%?6#:($#;8,"6&$'7(6;(6'(#()#6":D(,:#>%"#;,
#?;(#&+(',"M,'(;%(<#6&;#6&(+%<6&#&?,(86,"#"?86,'(6&
'E96"",:N<%&5,D(?%<<9&6;6,'F

G#?B,#&(8#'()%9&+(;8#;(#(:,'6%&(6&(%&,('<#::(4#";(%)(#('E96"",:
<%&5,Dg'(>"#6&(=6::(4",M,&;(;86'(+6'4:#D(=86:,(:,#M6&$(#(=6+,
"#&$,(%)(%;8,"(>,8#M6%"(6&;#?;7(6&?:9+6&$(',R9#:(#&+(?%<>#;6M,
>,8#M6%"F(/8,(4#";(;8#;(6'(6&M%:M,+(6'(6&(;8,(%:+,';(4#";(%)(;8,
)%",>"#6&7(#(4#";(;8#;(89<#&'(#'(=,::(#'(%;8,"(4"6<#;,'('8#",
=6;8(%9;(<#<<#:6#&(#&+(",4;6:6#&(#&?,';%"'F(-&(&%&N4"6<#;,
<#<<#:'(#&+(6&(",4;6:,'7(?%<4#"#>:,("6;9#:6O,+(>,8#M6%"(',,<'
;%(>,(?%&;"%::,+(6&(;8,('#<,(4#";(%)(;8,(>"#6&7(#&+(:,'6%&'(6&(;86'
",4;6:6#&(?%<4%&,&;(?#&(6<4#6"(%;8,"(#9;%<#;6?(;D4,'(%)
>,8#M6%"(>,'6+,'("6;9#:N)%"(,R#<4:,7(=#:56&$(%"("9&&6&$F

/8,(?%&&,?;6%&(>,;=,,&(',R9#:(+6'4:#D(#&+(4%'6;6%&(6&(#
+%<6&#&?,(86,"#"?8D(?#&(>,()%9&+()",E9,&;:D(#<%&$(;8,
4"6<#;,'F(C<%&$(K#4#&,',(<#?#E9,'7('%?6#:(?:#''(6'(<#6&;#6&,+
#&+(",6&)%"?,+(>D(+#6:D(<%9&;6&$X(<#:,'(%)(:%=,"(?#';,(#+%4;
;8,(?8#"#?;,"6';6?('9><6''6M,(',R9#:(4%';9",(%)(;8,(),<#:,(6&
%,';"9'(#&+(#",(>"6,):D(#&+(?,",<%&6#::D(<%9&;,+(>D
86$8,"N?#';,(<#:,'F(/8,',(<%9&;6&$'(#",(>%;8(?%<<%&(#&+
4,")9&?;%"DF(/8,D(',,<(;%(8#M,(:6;;:,(',R9#:(?%&;,&;(>9;("#;8,"
',"M,(#'(,#'6:D(9&+,"';%%+('D<>%:'(%)(=8%(6'(=8%(6&(#(?%<4:,R
'%?6,;DF

-&(%&,(';9+D(%)(;8,(>,8#M6%"(%)(;8,('E96"",:(<%&5,D7(3#'4#"7(;8,
+%<6&#&;(#&6<#:(6&(;8,(?%:%&D(#&+(>D()#"(;8,(<%';(#?;6M,
+6'4:#D,"7(=#'(&,M,"(',,&(;%(?%49:#;,7(#:;8%9$8(8,(#??%9&;,+
)%"(;=%N;86"+'(%)(;8,($,&6;#:(+6'4:#D(6&(;8,(?%:%&DN<%';(%)(6;
+6",?;,+(;%=#"+(%;8,"(#+9:;(<#:,'F(/8,()#?;(;8#;(3#'4#"(=#'

Vb
86$8:D(<%;6M#;,+(;%(,';#>:6'8(+%<6&#&?,(>9;(6&'6$&6)6?#&;:D
<%;6M#;,+(;%=#"+(',R('9$$,';'(;8#;(=86:,(;8,',(;=%()9&?;6%&'
<#D(6&M%:M,(6+,&;6?#:(%"$#&('D';,<'7(;8,D(#",(E96;,(',4#"#;,F
/8,('?6,&;6';'(';9+D6&$(;86'(?%:%&D(?%&?:9+,+X(]e,&6;#:(+6'4:#D
6'(;8,",)%",(?%&'6+,",+(;8,(<%';(,)),?;6M,('%?6#:('6$&#:(=6;8
",'4,?;(;%($"%94(86,"#"?8DF(-;(6'("6;9#:6O,+(#&+(',,<'(;%(#?E96",
;8,(<,#&6&$7(g-(#<(;8,(<#';,"Fg(-;(6'(<%';(4"%>#>:D(+,"6M,+()"%<
',R9#:(#?;6M6;D7(>9;(6;(6'(9',+()%"('%?6#:(?%<<9&6?#;6%&(#&+
',4#"#;,+()"%<(",4"%+9?;6M,(#?;6M6;DF(-&(%;8,"(=%"+'7($,&6;#:
+6'4:#D(6'(#("6;9#:(+,"6M,+()"%<(',R9#:(>,8#M6%"(>9;(',"M6&$
'%?6#:(#&+(&%;(",4"%+9?;6M,(49"4%','F]

-&(#(;,:,M6'6%&(6&;,"M6,=(6&(TZaf7(#(4"%),''6%&#:()%%;>#::(4:#D,"
=#'(#'5,+(>D(;8,(;#:5N'8%=(8%';(6)(6;(=#'(,<>#""#''6&$()%"
)%%;>#::(4:#D,"'(;%(>,(;%$,;8,"(6&(;8,(:%?5,"("%%<(=6;8(&%
?:%;8,'(%&F(H6'(6<<,+6#;,(",'4%&',X(]U,(';"9;q(.%
,<>#""#''<,&;(#;(#::F(-;g'(#'(6)(=,g",('#D6&$(;%(,#?8(%;8,"7
gB,;g'(',,(=8#;(D%9($%;7(<#&qgN,R?,4;()%"(#(),=7(:65,(;8,
'4,?6#:;D(;,#<(<,<>,"'(#&+(;8,(=#;,"(>%DF]

/8,(>,8#M6%"#:(#'(=,::(#'(&,9"%#&#;%<6?#:(?%&&,?;6%&'
>,;=,,&(',R7(#$$",''6%&(#&+(+%<6&#&?,(#",(>%"&,(%9;(6&(#
M#"6,;D(%)(';9+6,'F(/8,(<#;6&$("6;9#:'(%)($",#;(?#;'(#&+(<#&D
%;8,"(#&6<#:'(#",(>#",:D(+6';6&$96'8#>:,7(6&(;8,6"(,#":D(';#$,'7
)"%<()6$8;6&$F(-;(6'(#(?%<<%&4:#?,(;8#;(+%<,';6?(?#;'
'%<,;6<,'(49""(:%9+:D(#&+(4,"M,"',:D(=86:,(;8,6"(?:#='(#",
':%=:D("#56&$(%M,"(948%:';,"D(%"(:6$8;:D(?:#+(89<#&('56&F(/8,
9',(%)(',R(;%(,';#>:6'8(#&+(<#6&;#6&(+%<6&#&?,(6'('%<,;6<,'
,M6+,&;(6&(89<#&(8,;,"%',R9#:(#&+(8%<%',R9#:(4"#?;6?,'
^#:;8%9$8(6;(6'(&%;7(%)(?%9"',7(;8,(%&:D(,:,<,&;(6&('9?8
4"#?;6?,'_7(#'(=,::(#'(6&(<#&D(]%>'?,&,](9;;,"#&?,'F(3%&'6+,"
;8,(4,?9:6#"(?6"?9<';#&?,(;8#;(;8,(<%';(?%<<%&(;=%N=%"+
M,">#:(#$$",''6%&(6&(*&$:6'87(#&+(6&(<#&D(%;8,"(:#&$9#$,'7
",),"'(;%(#&(#?;(%)('9"4#''6&$(48D'6?#:(4:,#'9",S(;8,(*&$:6'8
)%"<(4"%>#>:D(?%<,'()"%<(#(e,"<#&6?(#&+(G6++:,(!9;?8(M,">
)%5N5,&7(<,#&6&$(];%(';"65,F](/86'(%;8,"=6',(49OO:6&$(9'#$,(?#&
>,(9&+,"';%%+(#'(#(M,">#:(,E96M#:,&;(%)(<#?#E9,('D<>%:6?
:#&$9#$,7(=6;8(;8,(6&6;6#:(=%"+(]-](9&';#;,+(>9;(9&+,"';%%+(>D
>%;8(4#";6,'F(-;(#&+(<#&D('6<6:#"(,R4",''6%&'(',,<(;%(>,(89<#&
?,",<%&6#:(<%9&;6&$'F(C'(=,(=6::(',,7('9?8(>,8#M6%"(4"%>#>:D

Vf
,R;,&+'(<9?8()#";8,"(>#?5(;8#&(;8,(<%&5,D'7(>#?5(;8"%9$8
89&+",+'(%)(<6::6%&'(%)(D,#"'(%)($,%:%$6?#:(;6<,F

Q"%<(,R4,"6<,&;'('9?8(#'(;8%',(=6;8('E96"",:(<%&5,D'7
G#?B,#&(8#'(+,M,:%4,+(#(?#4;6M#;6&$(<%+,:(%)(>"#6&(';"9?;9",
#&+(,M%:9;6%&(;8#;(8,(?#::'(;8,(;"69&,(>"#6&F(]U,(#",(%>:6$,+7](8,
'#D'7(];%(:%%5(#;(%9"',:M,'(#&+(;8,(=%":+(;8"%9$8(;8,(,D,'(%)
;8",,(E96;,(+6)),",&;(<,&;#:6;6,'7](;=%(%)(=86?8(:#?5(;8,(4%=,"
%)('4,,?8F(/8,(89<#&(>"#6&7(G#?B,#&(8%:+'7(]#<%9&;'(;%(;8",,
6&;,"?%&&,?;,+(>6%:%$6?#:(?%<49;,"'7](,#?8(=6;8(]6;'(%=&
'4,?6#:(6&;,::6$,&?,7(6;'(%=&('9>`,?;6M6;D7(6;'(%=&(',&',(%)(;6<,
#&+('4#?,7(6;'(%=&(<,<%"D7(<%;%"7(#&+(%;8,"()9&?;6%&'F](*#?8
>"#6&(?%"",'4%&+'(;%(#(',4#"#;,(<#`%"(,M%:9;6%&#"D(';,4F(/8,
;8",,(>"#6&'(#",('#6+(;%(>,(+6';6&$96'8,+(&,9"%#&#;%<6?#::D(#&+
)9&?;6%&#::D7(#&+(?%&;#6&(';"656&$:D(+6)),",&;(+6';"6>9;6%&'(%)(;8,
&,9"%?8,<6?#:'(+%4#<6&,(#&+(?8%:6&,';,"#',F

C;(;8,(<%';(#&?6,&;(4#";(%)(;8,(89<#&(>"#6&(:6,'(;8,('46&#:(?%"+S
;8,(<,+9::#(#&+(4%&'7(=86?8(?%<4"6',(;8,(86&+>"#6&S(#&+(;8,
<6+>"#6&F(/86'(?%<>6&#;6%&(%)('46&#:(?%"+7(86&+>"#6&(#&+
<6+>"#6&(G#?B,#&(?#::'(;8,(&,9"#:(?8#''6'F(-;(?%&;#6&'(;8,(>#'6?
&,9"#:(<#?86&,"D()%"(",4"%+9?;6%&(#&+(',:)N4",',"M#;6%&7
6&?:9+6&$(",$9:#;6%&(%)(;8,(8,#";7(>:%%+(?6"?9:#;6%&(#&+
",'46"#;6%&F(-&(#()6'8(%"(#&(#<486>6#&(6;(6'(#:<%';(#::(;8,(>"#6&
;8,",(6'F(P9;(#(",4;6:,(%"(86$8,"(#&6<#:(+,4"6M,+(%)(6;'()%",>"#6&
6'7(#??%"+6&$(;%(G#?B,#&7(]#'(<%;6%&:,''(#&+(#6<:,''(#'(#&
6+:6&$(M,86?:,(=6;8%9;(#(+"6M,"F]

-&+,,+7($"#&+(<#:(,46:,4'D(?#&7(-(;86&57(>,(+,'?"6>,+(#'(#
+6',#',(6&(=86?8(;8,(?%$&6;6M,(+"6M,"'(#",F(#::(;9"&,+(%))
>,?#9',(%)(#(56&+(%)(,:,?;"6?#:(';%"<(6&(;8,(>"#6&7(#&+(;8,(M6?;6<
6'(:,);(<%<,&;#"6:D(=6;8(&%;86&$(%4,"#;6M,(>9;(86'(&,9"#:
?8#''6'F(/86'(6'(#(4"%)%9&+(6<4#6"<,&;7(;,<4%"#"6:D(",$",''6&$
;8,(M6?;6<(>#?5(',M,"#:(89&+",+'(%)(<6::6%&'(%)(D,#"'F(/8,
#&?6,&;(e",,5'7(=8%',(&#<,()%"(;8,(+6',#',(=,(';6::(9',7
",?%$&6O,+(6;'(4"%)%9&+(?8#"#?;,"(#&+(?#::,+(6;(;8,(+6',#',
6&):6?;,+(>D(;8,($%+'F

G#?B,#&(8#'(+6';6&$96'8,+(;8",,('%";'(%)(+"6M,"'(%)(;8,(&,9"#:
?8#''6'F(/8,(<%';(#&?6,&;(%)(;8,<('9""%9&+'(;8,(<6+>"#6&(^#&+

Va
6'(<#+,(94(<%';:D(%)(=8#;(&,9"%#&#;%<6';'(?#::(;8,
%:)#?;%';"6#;9<7(;8,(?%"49'(';"6#;9<7(#&+(;8,($:%>9'(4#::6+9'_F
U,('8#",(6;(=6;8(;8,(%;8,"(<#<<#:'(#&+(;8,(",4;6:,'F(-;
4"%>#>:D(,M%:M,+(',M,"#:(89&+",+(<6::6%&(D,#"'(#$%F(G#?B,#&
?#::'(6;(;8,(",4;6:6#&(%"(0N?%<4:,RF(L9""%9&+6&$(;8,(0N?%<4:,R
6'(;8,(:6<>6?('D';,<7('%(?#::,+(>,?#9',(6;(>%"+,"'(%&(;8,
9&+,":D6&$(>"#6&F(^19"(#"<'(#&+(:,$'(#",(?#::,+(:6<>'(>,?#9',
;8,D(#",(4,"648,"#:(;%(;8,(",';(%)(;8,(>%+DF_(U,('8#",(;8,
:6<>6?('D';,<(=6;8(;8,(%;8,"(<#<<#:'(>9;(&%;7(6&(6;'()9::
,:#>%"#;6%&7(=6;8(;8,(",4;6:,'F(-;(4"%>#>:D(,M%:M,+(<%",(;8#&
%&,(89&+",+(#&+()6);D(<6::6%&(D,#"'(#$%F(Q6&#::D7('9"<%9&;6&$
;8,(",';(%)(;8,(>"#6&7(#&+(?:,#":D(;8,(<%';(",?,&;(,M%:9;6%&#"D
#??",;6%&7(6'(;8,(&,%?%";,RF(B65,(;8,(86$8,"(<#<<#:'(#&+(;8,
%;8,"(4"6<#;,'7(89<#&'(8#M,(#(",:#;6M,:D(<#''6M,(&,%?%";,RF(-;
>,?%<,'(4"%$",''6M,:D(<%",(+,M,:%4,+(6&(;8,(<%",(#+M#&?,+
<#<<#:'F(/8,(<%';(,:#>%"#;,:D(+,M,:%4,+(&,%?%";,R(6'(%9"'
^#&+(;8,(+%:486&'g(#&+(=8#:,'g_F(-;(4"%>#>:D(,M%:M,+(',M,"#:
;,&'(%)(<6::6%&'(%)(D,#"'(#$%7(>9;(6;'(+,M,:%4<,&;(#??,:,"#;,+
$",#;:D(#(),=(<6::6%&(D,#"'(#$%(=8,&(89<#&'(,<,"$,+F(C
'?8,<#;6?(",4",',&;#;6%&(%)(;86'(46?;9",(%)(;8,(89<#&(>"#6&(6'
'8%=&(%44%'6;,7(#&+(#(?%<4#"6'%&(%)(;8,(:6<>6?('D';,<(=6;8(;8,
&,%?%";,R(6&(;8",,(?%&;,<4%"#"D(<#<<#:'(6'('8%=&(#>%M,F
/8,(?%&?,4;(%)(;8,(;"69&,(>"#6&(6'(6&(",<#"5#>:,(#??%"+(=6;8(;8,
?%&?:9'6%&'7(+"#=&(6&+,4,&+,&;:D()"%<(';9+6,'(%)(>6#6&(r%
>%+D(<#''("#;6%'(6&(;8,(4",M6%9'(?8#4;,"7(;8#;(;8,(,<,"$,&?,(%)
<#<<#:'(#&+(%)(4"6<#;,'(^,'4,?6#::D(89<#&'_(=#'(#??%<4#&6,+
>D(<#`%"(>9"';'(6&(>"#6&(,M%:9;6%&F

-;(6'(M,"D(+6))6?9:;(;%(,M%:M,(>D(#:;,"6&$(;8,(+,,4()#>"6?(%)(:6),S
#&D(?8#&$,(;8,",(6'(:65,:D(;%(>,(:,;8#:F(P9;()9&+#<,&;#:(?8#&$,
?#&(>,(#??%<4:6'8,+(>D(;8,(#++6;6%&(%)(&,=('D';,<'(%&(;%4(%)
%:+(%&,'F(/86'(6'(",<6&6'?,&;(%)(#(+%?;"6&,(=86?8(=#'(?#::,+
",?#46;9:#;6%&(>D(*"&';(H#,?5,:7(#(&6&,;,,&;8N?,&;9"D(e,"<#&
#&#;%<6';7(#&+(=86?8(8#'($%&,(;8"%9$8(M#"6%9'(?D?:,'(%)
'?8%:#":D(#??,4;#&?,(#&+(",`,?;6%&F(H#,?5,:(8,:+(;8#;(6&(6;'
,<>"D%:%$6?#:(+,M,:%4<,&;7(#&(#&6<#:(;,&+'(;%(",4,#;(%"
",?#46;9:#;,(;8,(',E9,&?,(;8#;(6;'(#&?,';%"'()%::%=,+(+9"6&$
;8,6"(,M%:9;6%&F(C&+(6&+,,+(6&(89<#&(6&;"#9;,"6&,(+,M,:%4<,&;
=,("9&(;8"%9$8(';#$,'(M,"D(<9?8(:65,()6'87(",4;6:,'(#&+
&%&4"6<#;,(<#<<#:'(>,)%",(=,(>,?%<,(",?%$&6O#>:D(89<#&F

Vh
/8,()6'8(';#$,(,M,&(8#'($6::(':6;'7(=86?8(#",(#>'%:9;,:D(9',:,''
)%"(;8,(,<>"D%(=8%(6'(&%9"6'8,+(M6#(;8,(9<>6:6?#:(?%"+7(>9;(#
&,?,''6;D()%"(89<#&(,<>"D%:%$DX('6&?,($6::'(=,",(M6;#:(;%(%9"
#&?,';%"'7(=,("9&(;8"%9$8(#($6::(';#$,(6&(>,?%<6&$(89<#&F(/8,
>"#6&(%)(#(89<#&(),;9'(#:'%(+,M,:%4'()"%<(;8,(6&'6+,(%9;7(#&+7
"%9$8:D('4,#56&$7("9&'(;8"%9$8(;8,(',E9,&?,X(&,9"#:(?8#''6'7
0N?%<4:,R7(:6<>6?('D';,<(#&+(&,%?%";,RF

/8,(",#'%&()%"(",?#46;9:#;6%&(<#D(>,(9&+,"';%%+(#'()%::%='X
.#;9"#:(',:,?;6%&(%4,"#;,'(%&:D(%&(6&+6M6+9#:'7(&%;(%&('4,?6,'
#&+(&%;(M,"D(<9?8(%&(,$$'(%"(),;9','F(/89'(;8,(:#;,';
,M%:9;6%&#"D(?8#&$,(#44,#"'(4%';4#";9<F(/8,(),;9'(<#D(8#M,
?8#"#?;,"6';6?'7(:65,(;8,($6::(':6;'(6&(<#<<#:'7(;8#;(#",(,&;6",:D
<#:#+#4;6M,(#);,"(>6";87(>9;(#'(:%&$(#'(;8,D(?#9',(&%(',"6%9'
4"%>:,<'()%"(;8,(),;9'(#&+(#",(:%';(>,)%",(>6";87(;8,D(?#&(>,
",;#6&,+F(19"($6::(':6;'(#",(M,';6$,'(&%;(%)(#&?6,&;()6'8(>9;(%)
#&?6,&;()6'8(,<>"D%'F(G#&D(&,=(%"$#&('D';,<'(+,M,:%4(&%;(>D
;8,(#++6;6%&(#&+(4",',"M#;6%&(>9;(>D(;8,(<%+6)6?#;6%&(%)(%:+,"
'D';,<'7(#'7()%"(,R#<4:,7(;8,(<%+6)6?#;6%&(%)()6&'(;%(:,$'7(#&+
:,$'(;%():644,"'(%"(=6&$'S(%"(),,;(;%(8#&+'(;%(),,;S(%"(',>#?,%9'
$:#&+'(;%(<#<<#"D($:#&+'S(%"($6::(#"?8,'(;%(,#"(>%&,'S(%"('8#"5
'?#:,'(;%('8#"5(;,,;8F(/89'(,M%:9;6%&(>D(#++6;6%&(#&+(;8,
)9&?;6%&#:(4",',"M#;6%&(%)(;8,(4",,R6';6&$(';"9?;9",(<9';(%??9"
)%"(%&,(%)(;=%(",#'%&'N,6;8,"(;8,(%:+()9&?;6%&(6'(",E96",+(#'
=,::(#'(;8,(&,=(%&,7(%"(;8,",(6'(&%(=#D(%)(>D4#''6&$(;8,(%:+
'D';,<(;8#;(6'(?%&'6';,&;(=6;8('9"M6M#:F

/8,",(#",(<#&D(%;8,"(,R#<4:,'(6&(&#;9",(%)(;86'('%";(%)
,M%:9;6%&#"D(+,M,:%4<,&;F(/%(;#5,(#&(#:<%';("#&+%<(?#',7
?%&'6+,"(=8D(4:#&;'(#",($",,&F(e",,&N4:#&;(48%;%'D&;8,'6'
9;6:6O,'(:6$8;(6&(;8,(",+(#&+(;8,(M6%:,;(4#";'(%)(;8,('%:#"
'4,?;"9<(;%(>",#5(+%=&(=#;,"7(>96:+(94(?#">%8D+"#;,'(#&+(+%
%;8,"(4:#&;D(;86&$'F(P9;(;8,('9&($6M,'(%))(<%",(:6$8;(6&(;8,
D,::%=(#&+(;8,($",,&(4#";(%)(;8,('4,?;"9<(;8#&(6&(;8,(",+(%"
M6%:,;F(A:#&;'(=6;8(?8:%"%48D::(#'(;8,6"(%&:D(48%;%'D&;8,;6?
46$<,&;(#",(",`,?;6&$(:6$8;(=8,",(6;(6'(<%';(4:,&;6)9:F(G#&D
4:#&;'(',,<(>,:#;,+:D(;%(8#M,(]&%;6?,+](;86'(#&+(8#M,(<#+,
#44"%4"6#;,(#+#4;#;6%&'F(1;8,"(46$<,&;'7(=86?8(",):,?;(",+(:6$8;
#&+(#>'%">(D,::%=(#&+($",,&(:6$8;7('9?8(#'(?#"%;,&%6+'(#&+
48D?%>6:6&'7(8#M,(,M%:M,+F(U,::(#&+($%%+F(P9;(8#M,(;8%',(4:#&;'

VZ
=6;8(&,=(48%;%N'D&;8,;6?(46$<,&;'(#>#&+%&,+(?8:%"%48D::@
/8,D(8#M,(&%;F(/8,()6$9",(%&(4#$,(fT('8%='(;8,(48%;%'D&;8,;6?
)#?;%"D(%)(#(",+(#:$#F(/8,(';"6#;6%&'(?%&;#6&(;8,(?8:%"%48D::7(#&+
;8,(:6;;:,('48,",'(&,';:6&$(#$#6&';(;8,',(';"6#;6%&'(?%&;#6&(;8,
48D?%>6:6&'7(=86?8(<#5,(#(",+(#:$#(",+F(3%&',"M#;6M,:D7(;8,',
4:#&;'(4#''(#:%&$(;8,(,&,"$D(;8,D(#?E96",()"%<($",,&(#&+
D,::%=('9&:6$8;(;%(;8,(?8:%"%48D::(46$<,&;(;8#;7(,M,&(;8%9$8(6;
8#'(&%;(#>'%">,+(;8,(:6$8;7(6'(';6::(6&';"9<,&;#:(6&(>"6+$6&$(;8,
$#4(>,;=,,&(:6$8;(#&+(?8,<6';"D(6&(#::(4:#&;(48%;%'D&;8,'6'F
.#;9",(?%9:+(&%;("64(%9;(;8,(?8:%"%48D::(#&+(",4:#?,(6;(=6;8
>,;;,"(46$<,&;'S(;8,(?8:%"%48D::(6'(=%M,&(;%%(+,,4:D(6&;%(;8,
)#>"6?(%)(:6),F(A:#&;'(=6;8(#??,''%"D(46$<,&;'(#",('9",:D
+6)),",&;F(/8,D(#",(<%",(,))6?6,&;F(P9;(;8,",7(';6::(=%"56&$7
#:;8%9$8(=6;8(+6<6&6'8,+(",'4%&'6>6:6;6,'7(#;(;8,(?%",(%)(;8,
48%;%'D&;8,;6?(4"%?,''(6'(?8:%"%48D::F(/8,(,M%:9;6%&(%)(;8,
>"#6&(8#'7(-(;86&57(4"%?,,+,+(#&#:%$%9':DF(/8,(+,,4(#&+(#&?6,&;
4#";'(#",()9&?;6%&6&$(';6::F

T(/H*(0N31GAB*l
-)(;8,(4",?,+6&$(M6,=(6'(?%"",?;7(=,('8%9:+(,R4,?;(;8,
0N?%<4:,R(6&(;8,(89<#&(>"#6&(;%(>,(6&('%<,(',&',(4,")%"<6&$
+6&%'#9"()9&?;6%&'(';6::S(#&+(;8,(:6<>6?(?%";,R(;%(>,(;86&56&$(;8,
;8%9$8;'(%)(49<#'(#&+($"%9&+(':%;8'F(U6;8%9;(#(+%9>;7(,#?8
&,=(';,4(6&(>"#6&(,M%:9;6%&(6'(#??%<4#&6,+(>D(?8#&$,'(6&(;8,
48D'6%:%$D(%)(;8,(4",,R6';6&$(?%<4%&,&;'(%)(;8,(>"#6&F(/8,
,M%:9;6%&(%)(;8,(0N?%<4:,R(<9';(8#M,(',,&(?8#&$,'(6&(;8,
<6+>"#6&7(#&+('%(%&F(U8#;(6'(<%",7(=,(5&%=(;8#;(;8,(?%&;"%:(%)
<#&D()9&?;6%&'(6'('8#",+(6&(+6)),",&;(?%<4%&,&;'(%)(;8,(>"#6&F
P9;(#;(;8,('#<,(;6<,(6;(=%9:+(>,(#';%&6'86&$(6)(;8,(>"#6&
?%<4%&,&;'(>,&,#;8(;8,(&,%?%";,R(=,",(&%;(;%(#('6$&6)6?#&;
,R;,&;(';6::(4,")%"<6&$(#'(;8,D(+6+(6&(%9"(",<%;,(#&?,';%"'F

G#?B,#&(8#'('8%=&(;8#;(;8,(0N?%<4:,R(4:#D'(#&(6<4%";#&;("%:,
6&(#$$",''6M,(>,8#M6%"7(;,""6;%"6#:6;D7("6;9#:(#&+(;8,
,';#>:6'8<,&;(%)('%?6#:(86,"#"?86,'F(!,'46;,(%??#'6%&#:(=,:?%<,
,R?,4;6%&'7(;86'(',,<'(;%(<,(;%(?8#"#?;,"6O,(#($",#;(+,#:(%)
<%+,"&(89<#&(>9",#9?"#;6?(#&+(4%:6;6?#:(>,8#M6%"F(-(+%(&%;
<,#&(;8#;(;8,(&,%?%";,R(6'(&%;()9&?;6%&6&$(#;(#::(6&(#&(C<,"6?#&
4%:6;6?#:(?%&M,&;6%&(%"(#(<,,;6&$(%)(;8,(L94",<,(L%M6,;S(#);,"
#::7(#($",#;(+,#:(%)(;8,(?%<<9&6?#;6%&(#;('9?8("6;9#:'(6'(M,">#:

cW
#&+(;8,",)%",(&,%?%";6?#:F(P9;(6;(6'(';"656&$(8%=(<9?8(%)(%9"
#?;9#:(>,8#M6%"N#'(+6';6&$96'8,+()"%<(=8#;(=,('#D(#&+(;86&5
#>%9;(6;N(?#&(>,(+,'?"6>,+(6&(",4;6:6#&(;,"<'F(U,('4,#5
?%<<%&:D(%)(#(]?%:+N>:%%+,+](56::,"F(G#?86#M,::6g'(#+M6?,(;%(86'
A"6&?,(=#'(]5&%=6&$:D(;%(#+%4;(;8,(>,#';F]

-&(#&(6&;,",';6&$(4#";6#:(#&;6?64#;6%&(%)(;8,',(6+,#'7(;8,
C<,"6?#&(486:%'%48,"(L9'#&&,(B#&$,"(="%;,X(]H9<#&(:6),(6'
'8%;(;8"%9$8(#&+(;8"%9$8(=6;8("6;9#:7(#'(6;(6'(#:'%(=6;8(#&6<#:6#&
4"#?;6?,'F(-;(6'(#&(6&;"6?#;,()#>"6?(%)(",#'%&(#&+("6;,7(%)
5&%=:,+$,(#&+(",:6$6%&7(4"%',(#&+(4%,;"D7()#?;(#&+(+",#<F(F(F(F
06;9#:7(:65,(#";7(6'(,'',&;6#::D(;8,(#?;6M,(;,"<6&#;6%&(%)(#
'D<>%:6?(;"#&')%"<#;6%&(%)(,R4,"6,&?,F(-;(6'(>%"&(6&(;8,(?%";,R7
&%;(6&(;8,(g%:+(>"#6&gS(>9;(6;(6'(>%"&(%)(#&(,:,<,&;#"D(&,,+(%)
;8#;(%"$#&7(%&?,(;8,(%"$#&(8#'($"%=&(;%(89<#&(,';#;,F](*R?,4;
)%"(;8,()#?;(;8#;(;8,(0N?%<4:,R(6'(6&(;8,(]%:+(>"#6&7](;86'(',,<'
;%(>,("6$8;(%&(;#"$,;F

-(=#&;(;%(>,(M,"D(?:,#"(#>%9;(;8,('%?6#:(6<4:6?#;6%&'(%)(;8,
?%&;,&;6%&(;8#;(",4;6:6#&(>"#6&'(6&):9,&?,(89<#&(#?;6%&'F(-)
>9",#9?"#;6?(>,8#M6%"(6'(?%&;"%::,+(#;(6;'(?%",(>D(;8,
0N?%<4:,R7(+%,'(;86'(<,#&(;8,",(6'(&%(8%4,()%"(;8,(89<#&
)9;9",@(-&(89<#&(>,6&$'7(;8,(&,%N?%";,R(",4",',&;'(#>%9;(hb
4,"?,&;(%)(;8,(>"#6&7(=86?8(6'('9",:D('%<,(6&+,R(%)(6;'
6<4%";#&?,(?%<4#",+(;%(;8,(>"#6&';,<7(0N?%<4:,R(#&+(:6<>6?
'D';,<F(.,9"%N#&#;%<D7(4%:6;6?#:(86';%"D7(#&+(6&;"%'4,?;6%&(#::
%)),"(,M6+,&?,(;8#;(89<#&(>,6&$'(#",(E96;,(?#4#>:,(%)(",'6';6&$
;8,(9"$,(;%('9"",&+,"(;%(,M,"D(6<49:',(%)(;8,(",4;6:6#&(>"#6&F
/8,",(6'(&%(=#D7()%"(,R#<4:,7(6&(=86?8(;8,(P6::(%)(06$8;'(%)(;8,
2FLF(3%&';6;9;6%&(?%9:+(8#M,(>,,&(",?%"+,+7(<9?8(:,''
?%&?,6M,+7(>D(;8,(0N?%<4:,RF(-;(6'(4",?6',:D(%9"(4:#';6?6;D7(%9"
:%&$(?86:+8%%+7(;8#;(4",M,&;'(#(':#M6'8(#+8,",&?,(;%($,&,;6?#::D
4",4"%$"#<<,+(>,8#M6%"(6&(89<#&(>,6&$'(<%",(;8#&(6&(#&D
%;8,"('4,?6,'F(P9;(6)(;8,(;"69&,(>"#6&(6'(#&(#??9"#;,(<%+,:(%)
8%=(89<#&(>,6&$'()9&?;6%&7(6;(+%,'(&%($%%+(=8#;,M,"(;%(6$&%",
;8,(",4;6:6#&(?%<4%&,&;(%)(89<#&(&#;9",7(4#";6?9:#":D(%9"
"6;9#:6';6?(#&+(86,"#"?86?#:(>,8#M6%"7(1&(;8,(?%&;"#"D7(;8,(<%+,:
<#D(8,:4(9'(;%(9&+,"';#&+(=8#;(89<#&(>,6&$'(#",(#>%9;F(^-
=%&+,"7()%"(,R#<4:,7(=8,;8,"(;8,("6;9#:(#'4,?;'(%)(<#&D
4'D?8%;6?(6::&,'','N,F($F7(8,>,48",&6?('?86O%48",&6#N?%9:+(>,

cT
;8,(",'9:;(%)(8D4,"#?;6M6;D(%)('%<,(?,&;,"(6&(;8,(0N?%<4:,R7(%"
%)(#()#6:9",(%)('%<,(&,%?%";6?#:('6;,(=8%',()9&?;6%&(6'(;%
",4",''(%"(%M,""6+,(;8,(0N?%<4:,RF(-(#:'%(=%&+,"(=8,;8,"(;8,
)",E9,&;("6;9#:6';6?(>,8#M6%"(6&(D%9&$(?86:+",&(6'(#(?%&',E9,&?,
%)(;8,(';6::N6&?%<4:,;,(+,M,:%4<,&;(%)(;8,6"(&,%?%";6?,'F_

-&(#(?9"6%9':D(#4;(4#''#$,7(eF([F(38,';,";%&(="%;,X(]I%9(?#&
)",,(;86&$'()"%<(#:6,&(%"(#??6+,&;#:(:#='7(>9;(&%;()"%<(;8,(:#='
%)(;8,6"(%=&(&#;9",F(F(F(F(!%(&%;($%(#>%9;(F(F(F(,&?%9"#$6&$
;"6#&$:,'(;%(>",#5(%9;(%)(;8,(4"6'%&(%)(;8,6"(;8",,('6+,'F(-)(#
;"6#&$:,(>",#5'(%9;(%)(6;'(;8",,('6+,'7(6;'(:6),(?%<,'(;%(#
:#<,&;#>:,(,&+F](P9;(&%;(#::(;"6#&$:,'(#",(,E96:#;,"#:F(L%<,
'9>';#&;6#:(#+`9';<,&;(%)(;8,(",:#;6M,("%:,(%)(,#?8(?%<4%&,&;(%)
;8,(;"69&,(>"#6&(6'(=,::(=6;86&(%9"(4%=,"'F

Y(/H*(B-GP-3(LIL/*G

/8,(:6<>6?('D';,<(#44,#"'(;%($,&,"#;,(';"%&$(%"(4#";6?9:#":D
M6M6+(,<%;6%&'F(/86'(6<<,+6#;,:D('9$$,';'(#&(#++6;6%&#:
4,"'4,?;6M,(%&(;8,(",4;6:6#&(<6&+X(6;(6'(&%;(?8#"#?;,"6O,+(>D
4%=,")9:(4#''6%&'(#&+(=",&?86&$(?%&;"#+6?;6%&'(>9;("#;8,"(>D(#
+9;6)9:(#&+(';%:6+(#?E96,'?,&?,(;%(=8#;,M,"(>,8#M6%"(6;'($,&,'
#&+(>"#6&'(+6?;#;,F

*:,?;"6?#:(+6'?8#"$,'(6&(;8,(:6<>6?('D';,<('%<,;6<,'(",'9:;(6&
'D<4;%<'('6<6:#"(;%(;8%',(%)(4'D?8%','(%"(;8%',(4"%+9?,+(>D
4'D?8,+,:6?(%"(8#::9?6&%$,&6?(+"9$'F(-&()#?;7(;8,('6;,'(%)(#?;6%&
%)(<#&D(4'D?8%;"%46?(+"9$'(#",(6&(;8,(:6<>6?('D';,<F(A,"8#4'(6;
?%&;"%:'(,R86:#"#;6%&(#&+(#=,(#&+(#(M#"6,;D(%)('9>;:,(,<%;6%&'
;8#;(=,('%<,;6<,'(;86&5(%)(#'(9&6E9,:D(89<#&F

/8,(]<#';,"($:#&+7](;8,(46;96;#"D7(=86?8(6&):9,&?,'(%;8,"($:#&+'
#&+(+%<6&#;,'(;8,(89<#&(,&+%?"6&,('D';,<7(6'(#&(6&;6<#;,(4#";
%)(;8,(:6<>6?(",$6%&F(/8,(<%%+N#:;,"6&$(E9#:6;6,'(%)(,&+%?"6&,
6<>#:#&?,'($6M,(9'(#&(6<4%";#&;(86&;(#>%9;(;8,(?%&&,?;6%&(%)
;8,(:6<>6?('D';,<(=6;8(';#;,'(%)(<6&+F(/8,",(6'(#('<#::
#:<%&+N'8#4,+(6&?:9'6%&(6&(;8,(:6<>6?('D';,<(?#::,+(;8,
#<D$+#:#(=86?8(6'(+,,4:D(6&M%:M,+(6&(>%;8(#$$",''6%&(#&+(),#"F
*:,?;"6?#:(';6<9:#;6%&(%)(;8,(#<D$+#:#(6&(4:#?6+(+%<,';6?

cY
#&6<#:'(?#&("%9',(;8,<(;%(#:<%';(9&>,:6,M#>:,(';#;,'(%)(),#"(%"
)",&ODF(-&(%&,(?#',7(#(8%9',(?#;(?%=,",+(6&(;,""%"(=8,&
4",',&;,+(=6;8(#('<#::(=86;,(<%9',F(1&(;8,(%;8,"(8#&+7
&#;9"#::D(),"%?6%9'(#&6<#:'7('9?8(#'(;8,(:D&R7(>,?%<,(+%?6:,
#&+(;%:,"#;,(>,6&$(4,;;,+(#&+(8#&+:,+(=8,&(;8,6"(#<D$+#:#'(#",
,R;6"4#;,+F(G#:)9&?;6%&'(6&(;8,(:6<>6?('D';,<(?#&(4"%+9?,("#$,7
),#"(%"(',&;6<,&;#:6;D(;8#;(8#M,(&%(#44#",&;(?#9',F(.#;9"#:
8D4,"';6<9:#;6%&(<#D(4"%+9?,(;8,('#<,(",'9:;'X(;8%',('9)),"6&$
)"%<('9?8(#(<#:#+D()6&+(;8,6"(),,:6&$'(6&,R4:6?#>:,(#&+
6&#44"%4"6#;,S(;8,D(<#D(>,(?%&'6+,",+(<#+F

C;(:,#';('%<,(%)(;8,(,<%;6%&N+,;,"<6&6&$("%:,(%)('9?8(:6<>6?
,&+%?"6&,('D';,<'(#'(;8,(46;96;#"D(#<D$+#:#7(#&+(8D4%;8#:#<9'
6'(4"%M6+,+(>D('<#::(8%"<%&#:(4"%;,6&'(=86?8(;8,D(,R9+,7(#&+
=86?8(#)),?;(%;8,"(#",#'(%)(;8,(>"#6&F(A,"8#4'(;8,(>,';N5&%=&
6'(;8,(46;96;#"D(4"%;,6&7F(C3/H(^#+",&%?%";6?%;"%46?(8%"<%&,_7
=86?8(?#&(#)),?;('9?8(+6M,"',(<,&;#:()9&?;6%&'(#'(M6'9#:
",;,&;6%&7(#&R6,;D(#&+(#;;,&;6%&('4#&F(L%<,('<#::(8D4%;8#:#<6?
4"%;,6&'(8#M,(>,,&(6+,&;6)6,+(;,&;#;6M,:D(6&(;8,(;86"+(M,&;"6?:,(%)
;8,(>"#6&7(=86?8(?%&&,?;'(;8,(8D4%;8#:#<9'(=6;8(;8,(;8#:#<9'7
#(",$6%&(#:'%(=6;86&(;8,(:6<>6?('D';,<F(/8,(';9&&6&$(46?;9",'(%&
4#$,(fb7(;#5,&(=6;8(#&(,:,?;"%&(<6?"%'?%4,7('8%=(;=%
?:%',N94'(%)(#?;6%&(6&(;8,(;86"+(M,&;"6?:,F(/8,(+6#$"#<(%&(4#$,
aV(<#D(8,:4(?:#"6)D('%<,(%)(;8,(>"#6&(#&#;%<D(`9';(+,'?"6>,+F

/8,",(#",(",#'%&'(;%(;86&5(;8#;(;8,(>,$6&&6&$'(%)(#:;"96';6?
>,8#M6%"(#",(6&(;8,(:6<>6?('D';,<F(-&+,,+7(=6;8("#",(,R?,4;6%&'
^?86,):D(;8,('%?6#:(6&',?;'_7(<#<<#:'(#&+(>6"+'(#",(;8,(%&:D
%"$#&6'<'(;%(+,M%;,('9>';#&;6#:(#;;,&;6%&(;%(;8,(?#",(%)(;8,6"
D%9&$N#&(,M%:9;6%&#"D(+,M,:%4<,&;(;8#;7(;8"%9$8(;8,(:%&$
4,"6%+(%)(4:#';6?6;D(=86?8(6;(4,"<6;'7(;#5,'(#+M#&;#$,(%)(;8,
:#"$,(6&)%"<#;6%&N4"%?,''6&$(?#4#>6:6;D(%)(;8,(<#<<#:6#&(#&+
4"6<#;,(>"#6&'F(B%M,(',,<'(;%(>,(#&(6&M,&;6%&(%)(;8,
<#<<#:'Fd

d(/86'("9:,(%&(;8,(",:#;6M,(4#",&;#:(?%&?,"&(%)(<#<<#:'(#&+
",4;6:,'(6'7(8%=,M,"7(>D(&%(<,#&'(=6;8%9;(,R?,4;6%&'F(.6:,
?"%?%+6:,(<%;8,"'(?#",)9::D(49;(;8,6"()",'8(8#;?8:6&$'(6&(;8,6"
<%9;8'(#&+(?#""D(;8,<(;%(;8,(?%<4#"#;6M,('#),;D(%)(;8,("6M,"
=#;,"'S(=86:,(L,",&$,;6(<#:,(:6%&'(=6::7(94%&(&,=:D(+%<6&#;6&$

cV
#(4"6+,7(+,';"%D(#::(;8,(",'6+,&;(?9>'F(P9;(%&(;8,(=8%:,7
<#<<#:'('8%=(#(';"656&$:D($",#;,"(+,$",,(%)(4#",&;#:(?#",(;8#&
+%(",4;6:,'F(/8,(+6';6&?;6%&(<#D(8#M,(>,,&(,M,&(<%",(';"656&$
%&,(89&+",+(<6::6%&(D,#"'(#$%F

G9?8(6&(#&6<#:(>,8#M6%"('9>';#&;6#;,'(;8,(&%;6%&(;8#;(';"%&$
,<%;6%&'(,M%:M,+(?86,):D(6&(<#<<#:'(#&+(;%(#(:,'',"(,R;,&;(6&
>6"+'F(/8,(#;;#?8<,&;(%)(+%<,';6?(#&6<#:'(;%(89<#&'(6'7(-(;86&57
>,D%&+(E9,';6%&F(/8,(#44#",&;:D('%""%=)9:(>,8#M6%"(%)(<#&D
<#<<#:6#&(<%;8,"'(=8,&(;8,6"(D%9&$(#",(",<%M,+(6'
=,::N5&%=&F(1&,(=%&+,"'(`9';(8%=()#"('9?8(,<%;6%&'($%F(!%
8%"','(%&(%??#'6%&(8#M,($:6<<,"6&$'(%)(4#;"6%;6?(),"M%"@(!%
+%$'(),,:()%"(89<#&'('%<,;86&$(#56&(;%(",:6$6%9'(,?';#'D@(U8#;
%;8,"(';"%&$(%"('9>;:,(,<%;6%&'(#",(),:;(>D(#&6<#:'(;8#;(+%(&%;
?%<<9&6?#;,(=6;8(9'@

/8,(%:+,';(4#";(%)(;8,(:6<>6?('D';,<(6'(;8,(%:)#?;%"D(?%";,R7
=86?8(6'(",:#;,+(;%('<,::7(;8,(8#9&;6&$(,<%;6%&#:(E9#:6;D(%)
=86?8(6'()#<6:6#"(;%(<%';(89<#&'F(C(<#`%"(?%<4%&,&;(%)(%9"
#>6:6;D(;%(",<,<>,"(#&+(",?#::(6'(:%?#:6O,+(6&(;8,(8644%?#<49'7
#(';"9?;9",(=6;86&(;8,(:6<>6?('D';,<F(/8,(?%&&,?;6%&(6'(?:,#":D
'8%=&(>D(;8,(4"%)%9&+(<,<%"D(6<4#6"<,&;(;8#;(",'9:;'()"%<
:,'6%&'(%)(;8,(8644%?#<49'F(-&(%&,()#<%9'(?#',7(HF(GF7(#(4#;6,&;
=6;8(#(:%&$(86';%"D(%)(',6O9",'(#&+(?%&M9:'6%&'7(=#'('9>`,?;,+
;%(#(>6:#;,"#:(,R;6"4#;6%&(%)(;8,(,&;6",(",$6%&(#>%9;(;8,
8644%?#<49'(6&(#('9??,'')9:(#;;,<4;(;%(",+9?,(;8,6"()",E9,&?D
#&+(',M,"6;DF(H,(6<<,+6#;,:D(>,?#<,(#<&,'6?F(H,(",;#6&,+
$%%+(4,"?,4;9#:('56::'7(=#'(#>:,(;%(:,#"&(&,=(<%;%"('56::'(#&+
,R4,"6,&?,+('%<,(4,"?,4;9#:(:,#"&6&$(>9;(,'',&;6#::D()%"$%;
,M,"D;86&$(<%",(;8#&(#(),=(8%9"'(%:+F(H6'(%=&(?%<<,&;(=#'
]*M,"D(+#D(6'(#:%&,(6&(6;',:)N=8#;,M,"(,&`%D<,&;(-gM,(8#+(#&+
=8#;,M,"('%""%=(-gM,(8#+F](H,(+,'?"6>,+(86'(:6),(#'(#
?%&;6&9%9'(,R;,&'6%&(%)(;8,(),,:6&$(%)(+6'%"6,&;#;6%&(<#&D(%)(9'
8#M,(94%&(#=#5,&6&$()"%<(#(+",#<7(=8,&(=,(8#M,($",#;
+6))6?9:;D(",<,<>,"6&$(=8#;(8#'(`9';(8#44,&,+F(0,<#"5#>:D
,&%9$87(+,'46;,(;86'(',M,",(6<4#6"<,&;7(86'(-o(6<4"%M,+(#);,"
86'(8644%?#<4,?;%<DF(H,(#44#",&;:D(?%9:+(+,;,?;('<,::'(>9;
8#+(+6))6?9:;D(6+,&;6)D6&$(>D(&#<,(;8,('%9"?,(%)(;8,('<,::F(H,
#:'%(,R86>6;,+(#&(#44#",&;(;%;#:(+6'6&;,",';(6&(',R9#:(#?;6M6;DF

cc
-&(#&%;8,"(?#',7(#(D%9&$(C<,"6?#&(#6"<#&(=#'(6&`9",+(6&(#
<%?5(+9,:(=6;8(#&%;8,"(',"M6?,<#&7(=8,&(#(<6&6#;9",(),&?6&$
)%6:(=#'(4:9&$,+(6&;%(86'("6$8;(&%';"6:7(49&?;9"6&$(#('<#::(4#";(%)
;8,(:6<>6?('D';,<(6<<,+6#;,:D(#>%M,F(/86'(",'9:;,+(6&(#(',M,",
6<4#6"<,&;(%)(<,<%"D7('6<6:#"(;%(>9;(&%;('%(',M,",(#'(HF(GFg'S
#(=6+,("#&$,(%)(86'(4,"?,4;9#:(#&+(6&;,::,?;9#:(#>6:6;6,'(=#'
9&#)),?;,+F(H6'(<,<%"D(6<4#6"<,&;(=#'(4#";6?9:#":D(&%;6?,#>:,
=6;8(M,">#:(<#;,"6#:F(-&(#++6;6%&7(;8,(#??6+,&;(',,<'(;%(8#M,
",&+,",+(86<(>%;8(6<4%;,&;(#&+(9&",'4%&'6M,(;%(4#6&F(H,(%&?,
=#:5,+(>#",)%%;(%&(;8,('9&N8,#;,+(<,;#:(+,?5(%)(#(?"96',('8647
=6;8%9;(",#:6O6&$(;8#;(86'(),,;(=,",(>,6&$(>#+:D(>9"&,+(9&;6:(86'
),::%=(4#'',&$,"'(?%<4:#6&,+(%)(;8,(9&?%<)%";#>:,(%+%"(%)
?8#""6&$():,'8F(1&(86'(%=&7(8,(=#'(#=#",(%)(&,6;8,"(;8,(4#6&
&%"(;8,('<,::F

Q"%<('9?8(?#','7(6;(',,<'(#44#",&;(;8#;('%(?%<4:,R(#
<#<<#:6#&(#?;6M6;D(#'(',R(6'(?%&;"%::,+('6<9:;#&,%9':D(>D(#::
;8",,(?%<4%&,&;'(%)(;8,(;"69&,(>"#6&N;8,(0N?%<4:,R7(;8,(:6<>6?
'D';,<(#&+(;8,(&,%?%";,RF(^U,(8#M,(#:",#+D(<,&;6%&,+(;8,
6&M%:M,<,&;(%)(;8,(0N?%<4:,R(#&+(;8,(:6<>6?('D';,<(6&(',R9#:
#?;6M6;DF(*M6+,&?,()%"(6&M%:M,<,&;(%)(;8,(&,%?%";,R(?#&(>,
,#'6:D(%>;#6&,+(>D(6&;"%'4,?;6%&F_

1&,(',$<,&;(%)(;8,(%:+(:6<>6?('D';,<(6'(+,M%;,+(;%(%"#:(#&+
$9';#;%"D()9&?;6%&'S(#&%;8,"7(;%(',R9#:()9&?;6%&'F(/8,
?%&&,?;6%&(%)(',R(=6;8('<,::(6'(M,"D(#&?6,&;7(#&+(6'(86$8:D
+,M,:%4,+(6&(6&',?;'N#(?6"?9<';#&?,(;8#;(%)),"'(6&'6$8;(6&;%
>%;8(;8,(6<4%";#&?,(#&+(;8,(+6'#+M#&;#$,'(%)(",:6#&?,(%&('<,::
6&(%9"(",<%;,(#&?,';%"'F

-(%&?,(=6;&,'',+(#&(,R4,"6<,&;(6&(=86?8(;8,(8,#+(%)(#($",,&
>%;;:,():D(=#'(?%&&,?;,+(>D(#(M,"D(;86&(=6",(;%(#&(%'?6::%'?%4,
;8#;(+6'4:#D,+7(6&(#(56&+(%)($"#487(#&D(,:,?;"6?#:(6<49:','
4"%+9?,+(>D(;8,():Dg'(%:)#?;%"D('D';,<F(^/8,():Dg'(8,#+(8#+(%&:D
",?,&;:D(>,,&(',M,",+()"%<(6;'(>%+DN6&(%"+,"(;%($#6&(#??,''(;%
;8,(%:)#?;%"D(#44#"#;9'N#&+(=#'(';6::(6&(<#&D(",'4,?;'
)9&?;6%&#:Fd_(/8,(,R4,"6<,&;,"'(=#);,+(#(=6+,(M#"6,;D(%)(%+%"'
6&()"%&;(%)(6;7(6&?:9+6&$(%>&%R6%9'(#&+(6""6;#;6&$($#','('9?8(#'
#<<%&6#7(=6;8(&%(+6'?,"&6>:,(,)),?;'F(/8,(:6&,(;"#?,+(%9;(%&(;8,
%'?6::%'?%4,('?",,&(=#'(#>'%:9;,:D():#;(#&+(8%"6O%&;#:F(/8,&(#

cb
;6&D(E9#&;6;D(%)(;8,(',R(#;;"#?;#&;(",:,#',+(>D(;8,(),<#:,(%)(;8,
'4,?6,'(=#'(=#M,+(>,)%",(;8,(',M,",+(8,#+7(#&+(#&(,&%"<%9'
M,";6?#:('465,(%>:6$6&$:D(#44,#",+(%&(;8,(%'?6::%'?%4,('?",,&F
/8,(>%;;:,():D(?%9:+('<,::(#:<%';(&%;86&$(,R?,4;(;8,(),<#:,(',R
#;;"#?;#&;F(P9;(;8#;(<%:,?9:,(8,(?%9:+('<,::(,R?,,+6&$:D(=,::F

d(/8,(8,#+'(#&+(>%+6,'(%)(#&;8"%4%+'(?#&(>"6,):D()9&?;6%&
=6;8%9;(,#?8(%;8,"(M,"D(&6?,:DF(C(),<#:,(4"#D6&$(<#&;6'(=6::
%);,&(",'4%&+(;%(,#"&,';(?%9";6&$(>D(+,?#46;#;6&$(8,"('96;%"F
U86:,(;86'(=%9:+(>,(M6,=,+(#'(9&'%?6#>:,(#<%&$(89<#&'7(6;(6'
&%;('%(#<%&$(6&',?;'X(,R;6"4#;6%&(%)(;8,(>"#6&(",<%M,'(',R9#:
6&86>6;6%&'(#&+(,&?%9"#$,'(=8#;(6'(:,);(%)(;8,(<#:,(;%(<#;,F
C);,"=#"+'7(;8,(),<#:,(?%<4:,;,'(8,"(?,:,>"#;%"D(",4#';7
+6&6&$7(%)(?%9"',7(#:%&,F(A,"8#4'(;86'(",4",',&;'(#(?#9;6%&#"D
:,''%&(#$#6&';(,R?,''6M,(',R9#:(",4",''6%&F

L9?8(%:)#?;%"D('4,?6#:6O#;6%&(6'(E96;,(?%<<%&(6&(6&',?;'F(/8,
<#:,('6:5=%"<(<%;8(6'(#>:,(;%(+,;,?;(;8,(),<#:,g'(',R(#;;"#?;#&;
<%:,?9:,(6)(%&:D(#>%9;()%";D(<%:,?9:,'(4,"(',?%&+(",#?8(6;'
),#;8,"D(#&;,&&#,F(C('6&$:,(),<#:,('6:5=%"<(<%;8(&,,+(",:,#',
%&:D(#(89&+",+;8(%)(#(<6?"%$"#<(%)(',R(#;;"#?;#&;(4,"(',?%&+(;%
#;;"#?;(,M,"D(<#:,('6:5=%"<(6&(#(M%:9<,(%)(#>%9;(#(?9>6?(<6:,F
/8#;(6'(=8D(;8,",(#",('6:5=%"<'F

A,"8#4'(;8,(<%';(?9"6%9'(,R4:%6;#;6%&(%)(;8,(",:6#&?,(%&('<,::
;%()6&+(#(<#;,(#&+(?%&;6&9,(;8,('4,?6,'(6'()%9&+(6&(#(L%9;8
C)"6?#&(>,,;:,7(=86?8(>9""%='(6&;%(;8,($"%9&+(+9"6&$(;8,
=6&;,"F(-&(;8,('4"6&$7(#'(;8,($"%9&+(;8#='7(;8,(>,,;:,'(,<,"$,7
>9;(;8,(<#:,(>,,;:,'($"%$$6:D(+6'6&;,"(;8,<',:M,'(#(),=(=,,5'
>,)%",(;8,(),<#:,'(+%F(-&(;86'('#<,(",$6%&(%)(L%9;8(C)"6?#7(#
'4,?6,'(%)(%"?86+(8#'(,M%:M,+(=86?8($6M,'(%))(#&(#"%<#
6+,&;6?#:(;%(;8,(',R(#;;"#?;#&;(%)(;8,(),<#:,(>,,;:,F(-&()#?;7
%"?86+(#&+(>,,;:,(,M%:9;6%&(8#M,(4"%+9?,+(,'',&;6#::D(;8,('#<,
<%:,?9:,F(/8,(<#:,(>,,;:,'(;9"&(%9;(;%(>,(,R?,,+6&$:D
&,#"'6$8;,+S(#&+(;8,(%"?86+'(8#M,(,M%:M,+(#(?%&)6$9"#;6%&(%)
;8,6"(4,;#:'(;8#;7(;%(#(<D%46?(>,,;:,7(",',<>:,'(;8,(),<#:,(6&(#
",?,4;6M,(',R9#:(4%';9",F(/8,(<#:,(>,,;:,'(,&`%D(',M,"#:
=,,5'(%)(%"$6#';6?(,?';#'D(#<%&$(;8,(%"?86+'7(#&+(=8,&
,M,&;9#::D(;8,(),<#:,'(,<,"$,()"%<(;8,($"%9&+7(=,(?#&
6<#$6&,(#($",#;(+,#:(%)(=%9&+,+(4"6+,(#&+("6$8;,%9'

cf
6&+6$&#;6%&F(G,#&=86:,(;8,(%"?86+'(8#M,(>,,&('9??,'')9::D
?"%''N4%::6&#;,+(>D(;8,(#<%"%9'(<#:,(>,,;:,'7(=8%7(&%=
4"%4,":D(#>#'8,+7(+%(;8,6"(>,';(;%(?%&;6&9,(;8,(>,,;:,('4,?6,'S
#&+(>%;8(%"$#&6'<'('9"M6M,F(^-&?6+,&;#::D7(6;(6'(6&(;8,(6&;,",';(%)
;8,(%"?86+'(&%;(;%(>,(;%%(?%&'9<<#;,:D(#;;"#?;6M,S(6)(;8,
>,,;:,'()#6:(;%(",4"%+9?,(;8,<',:M,'7(;8,(%"?86+'(#",(6&
;"%9>:,F_(U,(;89'(+6'?%M,"(%&,(:6<6;#;6%&(;%(49",:D(%:)#?;%"D
',R9#:(';6<9:6F(C&%;8,"(6'(;8#;('6&?,(,M,"D(),<#:,(>,,;:,
4"%+9?,'(;8,('#<,(',R(#;;"#?;#&;7(6;(6'(&%;(,#'D()%"(#(<#:,
>,,;:,(;%()#::(6&(:%M,(=6;8(;8,(:#+D(6&',?;(%)(86'(8,#";g'(+,'6",F
U86:,(<#:,(6&',?;'(<#D(+6'4:#D(;8,<',:M,'(;%(#;;"#?;(#(),<#:,7
%"N#'(=6;8(';#$(>,,;:,'N,&$#$,(6&(<#&+6>:,N;%N<#&+6>:,
?%<>#;(=6;8(;8,(),<#:,(#'(;8,(4"6O,7(;8,(?,&;"#:("%:,(%)(;8,
),<#:,(',R(#;;"#?;#&;(6&(<#;6&$(',,<'(;%(",+9?,(;8,(,R;,&;(%)
',R9#:(',:,?;6%&(#<%&$(;8,(6&',?;'F

1;8,"(<,;8%+'(%)()6&+6&$(#(<#;,(8#M,(>,,&(+,M,:%4,+(6&
",4;6:,'7(>6"+'(#&+(<#<<#:'F(P9;(;8,(?%&&,?;6%&(%)(',R(=6;8
'<,::(6'(';6::(#44#",&;(&,9"%N#&#;%<6?#::D(6&(86$8,"(#&6<#:'(#'
=,::(#'(#&,?+%;#::D(6&(89<#&(,R4,"6,&?,F(-('%<,;6<,'(=%&+,"(6)
+,%+%"#&;'7(4#";6?9:#":D(]),<6&6&,](+,%+%"#&;'7(#",(#&(#;;,<4;
;%(+6'$96',(',R9#:(';6<9:6(#&+(5,,4(%9"(<6&+'(%&('%<,;86&$
,:',F

V(/H*(.*1310/*l

*M,&(6&()6'87(:,'6%&'(%)(;8,()%",>"#6&(+,';"%D(;8,(;"#6;'(%)
6&6;6#;6M,(#&+(?#9;6%&F(-&(86$8,"(#&6<#:'(;8,',(;"#6;'7(<9?8
,:#>%"#;,+7(',,<(:%?#:6O,+(6&(;8,(&,%N?%";,R7(;8,('6;,(%)(<#&D
%)(;8,(?8#"#?;,"6';6?(89<#&(?%$&6;6M,()9&?;6%&'F(-;(6'()",E9,&;:D
+6'?9'',+(6&(;,"<'(%)()%9"(<#`%"(",$6%&'(%"(:%>,'X(;8,()"%&;#:7
4#"6,;#:7(;,<4%"#:(#&+(%??646;#:(:%>,'F(*#":D(&,9"%48D'6%:%$6';'
8,:+(;8#;(;8,(&,%?%";,R(=#'(4"6<#"6:D(?%&&,?;,+(%&:D(;%(%;8,"
4:#?,'(6&(;8,(&,%?%";,R7(>9;(6;(6'(&%=([&%=&(;8#;(;8,",(#",
<#&D(&,9"#:(?%&&,?;6%&'(=6;8(;8,('9>N?%";6?#:(>"#6&F(-;(6'7
8%=,M,"7(>D(&%(<,#&'(?:,#"(;8#;(;8,(&,%?%";6?#:('9>+6M6'6%&'
#",(#?;9#::D()9&?;6%&#:(9&6;'F(*#?8(?,";#6&:D(8#'(<#&D(E96;,
+6)),",&;()9&?;6%&'7(#&+('%<,()9&?;6%&'(<#D(>,('8#",+(#<%&$
%"(>,;=,,&(:%>,'F(C<%&$(%;8,"()9&?;6%&'7(;8,()"%&;#:(:%>,'
',,<(;%(>,(?%&&,?;,+(=6;8(+,:6>,"#;6%&(#&+(;8,(",$9:#;6%&(%)

ca
#?;6%&S(;8,(4#"6,;#:(:%>,'7(=6;8('4#;6#:(4,"?,4;6%&(#&+(;8,
,R?8#&$,(%)(6&)%"<#;6%&(>,;=,,&(;8,(>"#6&(#&+(;8,(",';(%)(;8,
>%+DS(;8,(;,<4%"#:(:%>,'7(=6;8(#(M#"6,;D(%)(?%<4:,R(4,"?,4;9#:
;#'5'S(#&+(;8,(%??646;#:(:%>,'7(=6;8(M6'6%&7(;8,(+%<6&#&;(',&',
6&(89<#&'(#&+(%;8,"(4"6<#;,'F

Q%"(<#&D(+,?#+,'(;8,(4",M#6:6&$(M6,=(%)(&,9"%48D'6%:%$6';'
=#'(;8#;(;8,()"%&;#:(:%>,'7(>,86&+(;8,()%",8,#+7(#",(;8,('6;,'(%)
#&;6?64#;6%&(#&+(4:#&&6&$()%"(;8,()9;9",7(>%;8(?8#"#?;,"6';6?#::D
89<#&()9&?;6%&'F(P9;(<%",(",?,&;(=%"5(8#'('8%=&(;8#;(;8,
'6;9#;6%&(6'(&%;('%('6<4:,F(C(:#"$,(&9<>,"(%)(?#','(%)()"%&;#:
:,'6%&'N:#"$,:D('9)),",+(6&(=#")#",(#&+(#'($9&'8%;
=%9&+'N8#M,(>,,&(6&M,';6$#;,+(>D(;8,(C<,"6?#&
&,9"%48D'6%:%$6';(H#&'NB95#'(/,9>,"(%)(;8,(G#''#?89',;;'
-&';6;9;,(%)(/,?8&%:%$DF(H,()%9&+(;8#;(<#&D()"%&;#:N:%>,
:,'6%&'(8#M,(#:<%';(&%(%>M6%9'(,)),?;'(%&(>,8#M6%"S(8%=,M,"7(6&
',M,",(4#;8%:%$D(%)(;8,()"%&;#:(:%>,'(];8,(4#;6,&;(6'(&%;
#:;%$,;8,"(+,M%6+(%)(?#4#?6;D(;%(#&;6?64#;,(#(?%9"',(%)(,M,&;'7
>9;(?#&&%;(46?;9",(86<',:)(6&(",:#;6%&(;%(;8%',(,M,&;'(#'(#
4%;,&;6#:(#$,&;F](/,9>,"(,<48#'6O,+(;8,()#?;(;8#;(;8,()"%&;#:
:%>,(<#D(>,(6&M%:M,+(6&(<%;%"(#'(=,::(#'(?%$&6;6M,(#&;6?64#;6%&7
4#";6?9:#":D(6&(,';6<#;6&$(=8#;(;8,(,)),?;(%)(M%:9&;#"D
<%M,<,&;'(=6::(>,F(/8,()"%&;#:(:%>,'(#:'%(',,<(;%(>,
6<4:6?#;,+(6&(;8,(?%&&,?;6%&(>,;=,,&(M6'6%&(#&+(,",?;(>64,+#:
4%';9",F

/89'(;8,()"%&;#:(:%>,'(<#D(>,(6&M%:M,+(=6;8(4,?9:6#":D(89<#&
)9&?;6%&'(6&(;=%(+6)),",&;(=#D'F(-)(;8,D(?%&;"%:(#&;6?64#;6%&(%)
;8,()9;9",7(;8,D(<9';(#:'%(>,(;8,('6;,'(%)(?%&?,"&7(;8,(:%?#:,'(%)
=%""DF(/86'(6'(=8D(;"#&',?;6%&(%)(;8,()"%&;#:(:%>,'(",+9?,'
#&R6,;DF(P9;(4",)"%&;#:(:%>%;%<D(<9';(#:'%($",#;:D(",+9?,(;8,
4#;6,&;g'(?#4#?6;D(;%(>,(89<#&F(/8,(4"6?,(=,(4#D()%"
#&;6?64#;6%&(%)(;8,()9;9",(6'(#&R6,;D(#>%9;(6;F(Q%",;,::6&$(+6'#';,"
6'(4"%>#>:D(&%;(<9?8()9&S(A%::D#&&#(=#'(<9?8(8#446,"(;8#&
3#''#&+"#F(P9;(;8,(3#''#&+"6?(?%<4%&,&;'(%)(%9"(&#;9",(#",
&,?,''#"D()%"('9"M6M#:F(/8,(+%?;"6&,'()%"(",$9:#;6&$(;8,()9;9",
;8#;(;8,D(4"%+9?,+(#",(;8,(%"6$6&'(%)(,;86?'7(<#$6?7('?6,&?,(#&+
:,$#:(?%+,'F(/8,(>,&,)6;(%)()%",',,6&$(?#;#';"%48,(6'(;8,(#>6:6;D
;%(;#5,(';,4'(;%(#M%6+(6;7('#?"6)6?6&$('8%";N;,"<()%"(:%&$N;,"<
>,&,)6;'F(C('%?6,;D(;8#;(6'7(#'(#(",'9:;(%)('9?8()%",'6$8;7

ch
<#;,"6#::D(',?9",($,&,"#;,'(;8,(:,6'9",(;6<,(&,?,''#"D()%"
'%?6#:(#&+(;,?8&%:%$6?#:(6&&%M#;6%&F

/8,(%;8,"('9'4,?;,+()9&?;6%&(%)(;8,()"%&;#:(:%>,'(6'(;%(<#5,
4%''6>:,(<#&56&+g'(>64,+#:(4%';9",F(19"(94"6$8;(';#&?,(<#D(&%;
8#M,(>,,&(4%''6>:,(>,)%",(;8,(+,M,:%4<,&;(%)(;8,()"%&;#:(:%>,'F
C'(=,('8#::(',,(:#;,"(6&(<%",(+,;#6:7(';#&+6&$(%&(%9"(%=&(;=%
),,;()",,+(%9"(8#&+'()%"(<#&649:#;6%&7(=86?8(;8,&(:,+(;%(#(<#`%"
#??",;6%&(%)(89<#&(?9:;9"#:(#&+(48D'6%:%$6?#:(;"#6;'F(-&(#(M,"D
",#:(',&',7(?6M6:6O#;6%&(<#D(>,(#(4"%+9?;(%)(;8,()"%&;#:(:%>,'F

J6'9#:(6&)%"<#;6%&()"%<(;8,(,D,'(#""6M,'(6&(;8,(89<#&(>"#6&
?86,):D(6&(;8,(%??646;#:(:%>,7(6&(;8,(>#?5(%)(;8,(8,#+S(#9+6;%"D
6<4",''6%&'7(6&(;8,(944,"(4#";(%)(;8,(;,<4%"#:(:%>,7(>,&,#;8(;8,
;,<4:,F(/8,",(6'()"#$<,&;#"D(,M6+,&?,(;8#;(;8,',(?%<4%&,&;'
%)(;8,(&,%N?%";,R(#",('9>';#&;6#::D(:,''(=,::(+,M,:%4,+(6&(>:6&+
+,#)N<9;,'F(B,'6%&'(6&(;8,(%??646;#:(:%>,N#'(4"%+9?,+(>D
$9&'8%;(=%9&+'7()%"(,R#<4:,N)",E9,&;:D(6&+9?,(#&(6<4#6"<,&;
6&(;8,()6,:+(%)(M6'6%&F(/8,(M6?;6<(<#D(>,(6&(#::(%;8,"(",'4,?;'
&%"<#:(>9;(#>:,(;%(',,(%&:D(=6;8(4,"648,"#:(M6'6%&7(4,"?,6M6&$(#
'%:6+7(+#"5(>:%;(:%%<6&$(6&()"%&;(%)(86<(#;(;8,(?,&;,"(%)(;8,
&%"<#:()6,:+(%)(M6,=F(-&(%;8,"(?#','7(<%",(>6O#"",(4,"?,4;6%&'
)%::%=7(6&?:9+6&$($,%<,;"6?#::D(",$9:#"7(?9"'6M,():%#;6&$
6<4#6"<,&;'(6&(;8,(M6'9#:()6,:+7(#&+(]M6'9#:()6;'](6&(=86?8(^)%"
,R#<4:,_(%>`,?;'(%&(;8,():%%"(;%(;8,(4#;6,&;g'(:%=,"("6$8;(#",
<%<,&;#"6:D(4,"?,6M,+(#'():%#;6&$(6&(;8,(#6"(;%(86'(944,"(:,);
#&+("%;#;,+(ThW(+,$",,'(;8"%9$8('4#?,F(-;(<#D(,M,&(>,
4%''6>:,(;%(<#4(=86?8(4#";'(%)(;8,(%??646;#:(:%>,'(#",
",'4%&'6>:,()%"(=86?8(M6'9#:()9&?;6%&'(>D('D';,<#;6?#::D
?#:?9:#;6&$(;8,(6<4#6"<,&;'(%)(M6'6%&()"%<(M#"6%9'(%??646;#:
:,'6%&'F(A,"<#&,&;(6<4#6"<,&;'(%)(M6'6%&(#",(<9?8(:,''(:65,:D
;%(%??9"(6&(;8,(M,"D(D%9&$7(=8%',(>"#6&'(',,<(#>:,(;%(",4#6"
;8,<',:M,'(%"(;"#&'),"()9&?;6%&'(;%(&,6$8>%"6&$(",$6%&'(M,"D
=,::F

/8,(#>6:6;D(;%(?%&&,?;(#9+6;%"D(=6;8(M6'9#:(';6<9:6(6'(#:'%
:%?#:6O,+(6&(;8,(;,<4%"#:(:%>,F(B,'6%&'(6&(;8,(;,<4%"#:(:%>,(?#&
",'9:;(6&(#()%"<(%)(#48#'6#7(;8,(6&#>6:6;D(;%(",?%$&6O,('4%5,&
=%"+'F(-;(6'(",<#"5#>:,(#&+('6$&6)6?#&;(;8#;(>"#6&N+#<#$,+
4#;6,&;'(?#&(>,(?%<4:,;,:D(?%<4,;,&;(6&('4%5,&(:#&$9#$,(#&+

cZ
,&;6",:D(6&?%<4,;,&;(6&(="6;;,&(:#&$9#$,7(%"(M6?,(M,"'#F(/8,D
<#D(>,(#>:,(;%(="6;,(>9;(9&#>:,(;%(",#+S(#>:,(;%(",#+(&9<>,"'
>9;(&%;(:,;;,"'S(#>:,(;%(&#<,(%>`,?;'(>9;(&%;(?%:%"'F(/8,",(6'(6&
;8,(&,%?%";,R(#(';"656&$(',4#"#;6%&(%)()9&?;6%&7(=86?8(6'
?%&;"#"D(;%('9?8(?%<<%&N',&',(&%;6%&'(#'(;8#;(",#+6&$(#&+
="6;6&$7(%"(",?%$&6O6&$(=%"+'(#&+(&9<>,"'7(#",(M,"D('6<6:#"
#?;6M6;6,'F(/8,",(#",(#:'%(#'(D,;(9&?%&)6"<,+(",4%";'(%)(>"#6&
+#<#$,(;8#;(",'9:;'(%&:D(6&(;8,(6&#>6:6;D(;%(9&+,"';#&+(;8,
4#''6M,(M%6?,(%"(4",4%'6;6%&#:(48"#','(%"(4%'',''6M,
?%&';"9?;6%&'F(^A,"8#4'(;8,(:%?#:,(%)(;8,('9>`9&?;6M,(<%%+(=6::
%&,(+#D(>,()%9&+F(U6::(B#;6&'(;9"&(%9;(;%(>,(,R;"#M#$#&;:D
,&+%=,+(#&+(*&$:6'8N'4,#56&$(4,%4:,'('6$&6)6?#&;:D
'8%";N?8#&$,+(6&(;86'(<6&%"(46,?,(%)(>"#6&(#&#;%<D@_(J#"6%9'
#>';"#?;6%&'7(6&?:9+6&$(;8,(]4#";'(%)('4,,?8](6&($"#<<#"7(',,<7
#';%&6'86&$:D7(;%(>,(=6",+(6&;%('4,?6)6?(",$6%&'(%)(;8,(>"#6&F

-&(%&,(?#',7(#(;,<4%"#:N:%>,(:,'6%&(",'9:;,+(6&(#('9"4"6'6&$
6<4#6"<,&;(6&(;8,(4#;6,&;g'(4,"?,4;6%&(%)()#?,'7(,M,&(;8,()#?,'
%)(86'(6<<,+6#;,()#<6:DF(A",',&;,+(=6;8(;8,()#?,(%&(;86'(4#$,7
8,(+,'?"6>,+(6;(#'(]4%''6>:D](>,6&$(#&(#44:,F(C'5,+(;%(`9';6)D
;86'(6&;,"4",;#;6%&7(8,(6+,&;6)6,+(;8,(<%9;8(#'(#(?9;(6&(;8,(#44:,7
;8,(&%',(#'(;8,(';,<(%)(;8,(#44:,()%:+,+(>#?5(%&(6;'('9")#?,7
#&+(;8,(,D,'(#'(;=%(=%"<(8%:,'F(/8,('#<,(4#;6,&;(=#'
4,"),?;:D(#>:,(;%(",?%$&6O,('5,;?8,'(%)(8%9','(#&+(%;8,"
6&#&6<#;,(%>`,?;'F(C(=6+,("#&$,(%)(,R4,"6<,&;'('8%='(;8#;
:,'6%&'(6&(;8,("6$8;(;,<4%"#:(:%>,(4"%+9?,(#<&,'6#()%"(?,";#6&
;D4,'(%)(&%&M,">#:(<#;,"6#:7(=86:,(:,'6%&'(6&(;8,(:,);(;,<4%"#:
:%>,(4"%+9?,(#(?8#"#?;,"6';6?(:%''(%)(<,<%"D()%"(:#&$9#$,F

19"(#>6:6;D(;%(",#+(#&+(<#5,(<#4'7(;%(%"6,&;(%9"',:M,'('4#;6#::D
6&(;8",,(+6<,&'6%&'(#&+(;%(9',(;8,(#44"%4"6#;,('D<>%:'N#::(%)
=86?8(#",(4"%>#>:D(6&M%:M,+(6&(;8,(+,M,:%4<,&;(6)(&%;(;8,(9',
%)(:#&$9#$,(N#",(',M,",:D(6<4#6",+(>D(:,'6%&'(6&(;8,(4#"6,;#:
:%>,'7(&,#"(;8,(;%4(%)(;8,(8,#+F(1&,('%:+6,"(=8%('9)),",+(#
<#''6M,(=#";6<,(4,&,;"#;6%&(%)(;8,(4#"6,;#:(:%>,(=#'()%"(#()9::
D,#"(9&#>:,(;%(%"6,&;(86'(),,;(6&;%(86'(':644,"'7(<9?8(:,''()6&+
86'(>,+(6&(;8,(8%'46;#:(=#"+F(H,(&,M,";8,:,''(,M,&;9#::D
,R4,"6,&?,+(#&(#:<%';(?%<4:,;,(",?%M,"DF
C(:,'6%&(%)(;8,(#&$9:#"($D"9'(%)(;8,(&,%?%";,R7(6&(;8,(4#"6,;#:
:%>,7(",'9:;'(6&(#:,R6#7(;8,(6&#>6:6;D(;%(",?%$&6O,(;8,(4"6&;,+

bW
=%"+F(/8,(4#"6,;#:(:%>,(#44,#"'(;%(>,(6&M%:M,+(6&(#::(89<#&
'D<>%:6?(:#&$9#$,(#&+7(%)(#::(;8,(>"#6&(:,'6%&'7(#(:,'6%&(6&(;8,
4#"6,;#:(:%>,(?#9','(;8,($",#;,';(+,?:6&,(6&(6&;,::6$,&?,(#'
<,#'9",+(>D(#?;6M6;6,'(6&(,M,"D+#D(:6),F

386,)(#<%&$(;8,(&,%?%";6?#:(#>';"#?;6%&'(#",(;8,(89<#&
'D<>%:6?(:#&$9#$,'7(4#";6?9:#":D(",#+6&$(#&+(="6;6&$(#&+
<#;8,<#;6?'F(/8,',(',,<(;%(",E96",(?%%4,"#;6M,(#?;6M6;6,'(%)
;8,(;,<4%"#:7(4#"6,;#:(#&+()"%&;#:(:%>,'7(#&+(4,"8#4'(;8,
%??646;#:(#'(=,::F(.%;(#::('D<>%:6?(:#&$9#$,'(#",(&,%?%";6?#:
8%=,M,"S(>,,'N(=6;8%9;(#(86&;(%)(#(&,%?%";,RN8#M,(#&
,:#>%"#;,(+#&?,(:#&$9#$,7()6"';(,:9?6+#;,+(>D(;8,(C9';"6#&
,&;%<%:%$6';([#":(M%&(Q"6'?87(>D(=86?8(;8,D(?%<<9&6?#;,
6&)%"<#;6%&(%&(;8,(+6';#&?,(#&+(+6",?;6%&(%)(#M#6:#>:,()%%+F(-;(6'
#&(,R#$$,"#;,+($,';9"#:(:#&$9#$,7(6<6;#;6M,(%)(;8,(<%;6%&'(>,,'
6&()#?;(4,")%"<(=8,&()6&+6&$()%%+N#'(6)(=,(=,",(;%(<#5,(#(),=
';,4'(;%=#"+'(;8,(",)"6$,"#;%"7(4%6&;(#&+("9>(%9"(>,::6,'7(=6;8
%9"(;%&$9,'(:%::6&$(%9;(#::(;8,(=86:,F(P9;(;8,(M%?#>9:#"6,'(%)
'9?8(:#&$9#$,'(#",(,R;",<,:D(:6<6;,+7(4,"8#4'(%&:D(#(),=
+%O,&(=%"+'F(/8,(56&+(%)(:,#"&6&$(;8#;(89<#&(D%9&$';,"'
,R4,"6,&?,(+9"6&$(;8,6"(:%&$(?86:+8%%+(',,<'(#:<%';
,R?:9'6M,:D(#(&,%?%";6?#:()9&?;6%&F

U86:,(<%';(%:)#?;%"D(4"%?,''6&$(6'(6&(;8,(:6<>6?('D';,<7('%<,
%??9"'(6&(;8,(&,%?%";,RF(/8,('#<,(+6M6'6%&(%)()9&?;6%&(',,<'
;%(#44:D(;%(<,<%"DF(C(4"6&?64#:(4#";(%)(;8,(:6<>6?('D';,<7(%;8,"
;8#&(;8,(%:)#?;%"D(?%";,R7(6'7(#'(=,(8#M,(<,&;6%&,+7(;8,
8644%?#<4#:(?%";,RF(U8,&(;8,(%:)#?;%"D(?%";,R(6'(,R?6',+7
#&6<#:'(?#&(';6::('<,::7(#:;8%9$8(=6;8(#(<9?8(:%=,"(,))6?6,&?DF
/86'(6'(#&%;8,"(+,<%&';"#;6%&(%)(;8,(",+9&+#&?D(%)(>"#6&
)9&?;6%&F(/8,",(6'('%<,(,M6+,&?,(;8#;7(6&(?%&;,<4%"#"D
89<#&'7(;8,('8%";N;,"<(<,<%"D(%)('<,::(",'6+,'(6&(;8,
8644%?#<49'F(/8,(%"6$6&#:()9&?;6%&(%)(;8,(8644%?#<49'(<#D
8#M,(>,,&(,R?:9'6M,:D(;8,('8%";N;,"<(<,<%"D(%)('<,::7(9',)9:
6&7()%"(,R#<4:,7(;"#?56&$(4",D(%"()6&+6&$(;8,(%44%'6;,(',RF(P9;(#
>6:#;,"#:(8644%?#<4#:(:,'6%&(6&(89<#&'(",'9:;'7(s(#'(6&(;8,(?#',
%)(HF(GF7(6&(#(4"%)%9&+(6<4#6"<,&;(%)(#::(M#"6,;6,'(%)('8%";N;,"<
<,<%"DF(A#;6,&;'(=6;8('9?8(:,'6%&'(:6;,"#::D(?#&&%;(",<,<>,"
)"%<(%&,(<%<,&;(;%(;8,(&,R;F(3:,#":D7(>%;8(8644%?#<49'(#&+
)"%&;#:(:%>,'(#",(6&M%:M,+(6&(89<#&('8%";N;,"<(<,<%"DF

bT
1&,(%)(;8,(<#&D(6&;,",';6&$(6<4:6?#;6%&'(%)(;86'(6'(;8#;
'8%";N;,"<(#&+(:%&$N;,"<(<,<%"D(",'6+,(<%';:D(6&(+6)),",&;
4#";'(%)(;8,(>"#6&F(3:#''6?#:(?%&+6;6%&6&$N(;8,(#>6:6;D(%)(A#M:%Mg'
+%$'(;%('#:6M#;,(=8,&(;8,(>,::'("#&$N',,<'(;%(>,(:%?#;,+(6&(;8,
:6<>6?('D';,<F(/86'(6'(:%&$N;,"<(<,<%"D7(>9;(%)(#(M,"D
",';"6?;,+(56&+F(/8,('%486';6?#;,+('%";(%)(89<#&(:%&$N;,"<
<,<%"D(6'('6;9#;,+(6&(;8,(&,%?%";,R7(=86?8(6'(?%&'6';,&;(=6;8
;8,(89<#&(#>6:6;D(;%(;86&5(#8,#+F(C'(=,($"%=(%:+7(=,
'%<,;6<,'()%"$,;(=8#;(8#'(`9';(>,,&('#6+(;%(9'(=86:,(",;#6&6&$
M6M6+(#&+(#??9"#;,(",?%::,?;6%&'(%)(,M,&;'(6&(%9"(?86:+8%%+F(-&
'9?8(?#','7(:6;;:,(',,<'(;%(>,(="%&$(=6;8(,6;8,"(%9"('8%";N;,"<
%"(%9"(:%&$N;,"<(<,<%"6,'S(;8,(4"%>:,<(6'(;8,(?%&&,?;6%&
>,;=,,&(;8,(;=%N=,(8#M,($",#;(+6))6?9:;D(6&(#??,''6&$(&,=
<#;,"6#:(6&;%(;8,(:%&$N;,"<(<,<%"DF(A,&)6,:+(>,:6,M,+(;8#;(;86'
:%';(#??,''6&$(#>6:6;D(#"6','()"%<(#&(6&#+,E9#;,(>:%%+('944:D(;%
;8,(8644%?#<49'(6&(%:+(#$,N>,?#9',(%)(#";,"6%'?:,"%'6'(%"
%;8,"(48D'6?#:(+6'#>6:6;6,'F(/89'(,:+,":D(4,%4:,N#&+(%&,'(&%;('%
,:+,":DN<#D(8#M,(',"6%9'(6<4#6"<,&;'(6&(#??,''6&$('8%";N;,"<
<,<%"D(=86:,(>,6&$(%;8,"=6',(4,"),?;:D(#:,";(#&+(6&;,::,?;9#::D
5,,&Fd(/86'(48,&%<,&%&(#:'%('8%='(#(?:,#"N?9;(+6';6&?;6%&
>,;=,,&('8%";N;,"<(#&+(:%&$N;,"<(<,<%"D7(?%&'6';,&;(=6;8
;8,6"(:%?#:6O#;6%&(6&(+6)),",&;(4#";'(%)(;8,(>"#6&F(U#6;",'','(6&
'8%";N%"+,"(",';#9"#&;'(?#&(",<,<>,"(#&(6<4",''6M,(#<%9&;(%)
6&)%"<#;6%&7(=86?8(;8,D(#??9"#;,:D(;"#&'<6;(;%(;8,(56;?8,&F(P9;
#&(8%9"(:#;,"7(;8,(6&)%"<#;6%&(8#'(M#&6'8,+(9;;,":DF(-;(=#'(49;
6&;%(;8,('8%";N;,"<(<,<%"D(%&:D7(#&+(&%(,))%";(=#'(<#+,(;%
#??,''(6;(6&;%(;8,(:%&$N;,"<(<,<%"DF
/8,(<,?8#&6?'(%)(",?#::(?#&(>,(?%<4:,RF(C(?%<<%&(,R4,"6,&?,
6'(;8#;(=,(5&%=('%<,;86&$(6'(6&(%9"(:%&$N;,"<(<,<%"DN#(=%"+7
#(&#<,7(#()#?,7(#&(,R4,"6,&?,N>9;()6&+(%9"',:M,'(9&#>:,(;%(?#::
6;(94F(.%(<#;;,"(8%=(8#"+(=,(;"D7(;8,(<,<%"D(",'6';'(",;"6,M#:F
P9;(6)(=,(;86&5('6+,=#D'(#;(6;7(",?#::6&$('%<,(':6$8;:D(",:#;,+(%"
4,"648,"#:(6;,<7(6;(%);,&()%::%='(9&>6++,&F(^H9<#&(M6'6%&(6'(#:'%
#(:6;;:,(:65,(;86'F(U8,&(=,(:%%5(+6",?;:D(#;(#()#6&;(%>`,?;N#(';#"7
'#DN=,(#",(9'6&$(;8,()%M,#7(;8,(4#";(%)(;8,(",;6&#(=6;8(;8,
$",#;,';(#?96;D(#&+(;8,($",#;,';(+,&'6;D(%)(?,::'(?#::,+(?%&,'F
P9;(=8,&(=,(#M,";(%9"(M6'6%&(':6$8;:DN=8,&7(6&(#(<#&&,"(%)
'4,#56&$7(=,(:%%5('6+,=#D'(#;(;8,(%>`,?;N=,(>"6&$(6&;%(4:#D(;8,
?,::'(?#::,+("%+'7(=86?8(#",(',&'6;6M,(;%(),,>:,(6::9<6&#;6%&(#&+

bY
'%(#>:,(;%(4,"?,6M,(;8,()#6&;(';#"F_(-;(=%9:+(>,(6&;,",';6&$(;%
5&%=(=8D(;86&56&$('6+,=#D'(6<4"%M,'(<,<%"D(",;"6,M#:S(6;(<#D
>,(<,",:D(#''%?6#;6&$(;%(;8,(<,<%"D(;"#?,(>D(#(+6)),",&;(&,9"#:
4#;8=#DF(P9;(6;(+%,'(&%;('9$$,';(4#";6?9:#":D(,))6?6,&;(>"#6&
,&$6&,,"6&$F

d(-&+,,+7(;8,",(6'(#("#&$,(%)(<,+6?#:(,M6+,&?,(%&(;8,
?%&&,?;6%&(>,;=,,&(>:%%+('944:D(#&+(6&;,::,?;9#:(#>6:6;6,'F(-;
8#'(:%&$(>,,&(5&%=&(;8#;(4#;6,&;'(+,4"6M,+(%)(%RD$,&()%"('%<,
<6&9;,'(?#&(,R4,"6,&?,(4,"<#&,&;(#&+(',"6%9'(<,&;#:
6<4#6"<,&;F(14,"#;6%&'(;%(",<%M,(<#;,"6#:()"%<(?:%$$,+
?#"%;6+(#";,"6,'(6&(#&(,))%";(;%(4",M,&;(';"%5,(D6,:+(9&,R4,?;,+
>,&,)6;'F(C??%"+6&$(;%(%&,(';9+D7('6R(=,,5'(#);,"('9?8
%4,"#;6%&'7(;8,(4#;6,&;'('8%=,+(#&(#M,"#$,(6&?",#',(6&(-o(%)
,6$8;,,&(4%6&;'7(#('9>';#&;6#:(6<4"%M,<,&;F(C&+(;8,",(8#'(>,,&
'%<,('4,?9:#;6%&(;8#;(6<<,"'6%&(6&(8D4,">#"6?(%RD$,&N;8#;(6'7
%RD$,&(9&+,"(86$8(4",''9",N?#&("#6',(;8,(6&;,::6$,&?,(%)
6&)#&;'F

U,(8#M,(#::(8#+(;8,(,R4,"6,&?,(%)(#=#5,&6&$(=6;8(#(4#";6?9:#":D
M6M6+7(?86::6&$7(6&'6$8;)9:(%"(%;8,"=6',(<,<%"#>:,(+",#<(?:,#":D
6&(<6&+S('#D6&$(;%(%9"',:M,'7(]-g::(?,";#6&:D(",<,<>,"(;86'(+",#<
6&(;8,(<%"&6&$]S(#&+(;8,(&,R;(+#D(8#M6&$(&%;(;8,()%$$6,';(&%;6%&
#>%9;(;8,(?%&;,&;(%)(;8,(+",#<(%"7(#;(>,';7(#(M#$9,(;"#?,(%)(#&
,<%;6%&(;%&,F(1&(;8,(%;8,"(8#&+7(6)(-(#<('9))6?6,&;:D(,R,"?6',+
#>%9;(;8,(+",#<(;%(#=#5,&(<D(=6),(6&(;8,(<6++:,(%)(;8,(&6$8;
#&+(;,::(8,"(#>%9;(6;7(-(8#M,(&%(+6))6?9:;D(",<,<>,"6&$(6;'
?%&;,&;'(9&#6+,+(6&(;8,(<%"&6&$F(B65,=6',7(6)(-(;#5,(;8,(;"%9>:,
%)(="6;6&$(;8,(+",#<(+%=&7(=8,&(-(#=#5,&(;8,(&,R;(<%"&6&$(-
?#&(",<,<>,"(;8,(+",#<(4,"),?;:D(=,::(=6;8%9;(",),""6&$(;%(<D
&%;,'F(/8,('#<,(;86&$(6'(;"9,(%)7()%"(,R#<4:,7(",<,<>,"6&$(#
;,:,48%&,(&9<>,"F(-)(-(#<(;%:+(#(&9<>,"(#&+(<,",:D(;86&5(#>%9;
6;7(-(#<(:65,:D(;%()%"$,;(6;(%"(;"#&'4%',('%<,(%)(;8,(+6$6;'F(-)(-
",4,#;(;8,(&9<>,"'(%9;(:%9+(%"(="6;,(;8,<(+%=&7(-(?#&
",<,<>,"(;8,<(E96;,(=,::F(/86'('9",:D(<,#&'(;8#;(;8,",(6'(#
4#";(%)(%9"(>"#6&(=86?8(",<,<>,"'('%9&+'(#&+(6<#$,'7(>9;(&%;
;8%9$8;'F(-(=%&+,"(6)(;8#;('%";(%)(<,<%"D(#"%',(>,)%",(=,(8#+
M,"D(<#&D(;8%9$8;'N=8,&(6;(=#'(6<4%";#&;(;%(",<,<>,"(;8,
86''(%)(#&(#;;#?56&$(",4;6:,(%"(;8,('8#+%=(%)(#(4:9<<,;6&$
8#=57(>9;(&%;(%9"(%=&(%??#'6%&#:(486:%'%486?#:(",):,?;6%&'F

bV
1.(H2GC.(.C/20*
!,'46;,(;8,(6&;"6$96&$(:%?#:6O#;6%&(%)()9&?;6%&(6&(;8,(;"69&,(>"#6&
<%+,:7(6;(6'7(-(';",''(#$#6&7(#&(%M,"'6<4:6)6?#;6%&(;%(6&'6';(94%&
4,"),?;(',4#"#;6%&(%)()9&?;6%&F(H9<#&("6;9#:(#&+(,<%;6%&#:
>,8#M6%"(#",(?,";#6&:D(6&):9,&?,+(';"%&$:D(>D(&,%?%";6?#:
#>';"#?;(",#'%&6&$S(#&#:D;6?#:(+,<%&';"#;6%&'(%)(;8,(M#:6+6;D(%)
49",:D(",:6$6%9'(>,:6,)'(8#M,(>,,&(4"%)),",+7(#&+(;8,",(#",
486:%'%486?#:(`9';6)6?#;6%&'()%"(86,"#"?86?#:(>,8#M6%"7('9?8(#'
/8%<#'(H%>>,'g(]+,<%&';"#;6%&](%)(;8,(+6M6&,("6$8;(%)(56&$'F
B65,=6',7(#&6<#:'(;8#;(#",(&%;(89<#&N#&+(6&()#?;(,M,&('%<,
#&6<#:'(;8#;(#",(&%;(4"6<#;,'N',,<(;%('8%=($:6<<,"6&$'(%)
#&#:D;6?#:(#>6:6;6,'F(-(?,";#6&:D(8#M,('9?8(#&(6<4",''6%&(#>%9;
+%:486&'7(#'(-(+,'?"6>,+(6&(<D(>%%5(/8,(3%'<6?(3%&&,?;6%&F

.,M,";8,:,''7(=86:,(>,#"6&$(;8,',(?#M,#;'(6&(<6&+7(6;(',,<'(#
9',)9:()6"';(#44"%R6<#;6%&(;%(?%&'6+,"(;8,("6;9#:6';6?(#&+
86,"#"?86?#:(#'4,?;'(%)(%9"(:6M,'(;%(>,(6&):9,&?,+(';"%&$:D(>D
;8,(0N?%<4:,R(#&+('8#",+(=6;8(%9"(",4;6:6#&()%",>,#"'S(;8,
#:;"96';6?7(,<%;6%&#:(#&+(",:6$6%9'(#'4,?;'(%)(%9"(:6M,'(;%(>,
:%?#:6O,+(;%(#('6$&6)6?#&;(,R;,&;(6&(;8,(:6<>6?('D';,<(#&+('8#",+
=6;8(%9"(&%&4"6<#;,(<#<<#:6#&()%",>,#"'(^#&+(4,"8#4'(;8,
>6"+'_S(#&+(",#'%&(;%(>,(#()9&?;6%&(%)(;8,(&,%N?%";,R7('8#",+(;%
'%<,(,R;,&;(=6;8(;8,(86$8,"(4"6<#;,'(#&+('9?8(?,;#?,#&'(#'
+%:486&'(#&+(=8#:,'F(U86:,("6;9#:7(,<%;6%&(#&+(",#'%&6&$(#",(#::
'6$&6)6?#&;(#'4,?;'(%)(89<#&(&#;9",7(;8,(<%';(&,#":D(9&6E9,
89<#&(?8#"#?;,"6';6?(6'(;8,(#>6:6;D(;%(#''%?6#;,(#>';"#?;:D(#&+(;%
",#'%&F(39"6%'6;D(#&+(;8,(9"$,(;%('%:M,(4"%>:,<'(#",(;8,
,<%;6%&#:(8#::<#"5'(%)(%9"('4,?6,'S(#&+(;8,(<%';
?8#"#?;,"6';6?#::D(89<#&(#?;6M6;6,'(#",(<#;8,<#;6?'7('?6,&?,7
;,?8&%:%$D7(<9'6?(#&+(;8,(#";'N#('%<,=8#;(>"%#+,"("#&$,(%)
'9>`,?;'(;8#&(6'(9'9#::D(6&?:9+,+(9&+,"(;8,(]89<#&6;6,'F](-&+,,+7
6&(6;'(?%<<%&(9'#$,(;86'(M,"D(=%"+(',,<'(;%(",):,?;(#(4,?9:6#"
&#""%=&,''(%)(M6'6%&(#>%9;(=8#;(6'(89<#&F(G#;8,<#;6?'(6'(#'
<9?8(#(]89<#&6;D](#'(4%,;"DF(U8#:,'(#&+(,:,48#&;'(<#D(>,(#'
]89<#&,](#'(89<#&'F

/8,(;"69&,N>"#6&(<%+,:(+,"6M,'()"%<(';9+6,'(%)(?%<4#"#;6M,
&,9"%#&#;%<D(#&+(>,8#M6%"F(P9;(8%&,';(6&;"%'4,?;6%&(6'(&%;
9&5&%=&(6&(;8,(89<#&('4,?6,'7(#&+(6)(;8,(;"69&,N>"#6&(<%+,:(6'

bc
?%"",?;7(=,(=%9:+(,R4,?;('%<,(86&;(%)(6;(6&(;8,(86';%"D(%)
89<#&(',:)N5&%=:,+$,F(/8,(<%';(=6+,:D(5&%=&(8D4%;8,'6'(;8#;
6'(#;(:,#';(",<6&6'?,&;(%)(;8,(;"69&,(>"#6&(6'(L6$<9&+(Q",9+g'
+6M6'6%&(%)(;8,(89<#&(4'D?8,(6&;%(6+7(,$%(#&+('94,",$%F(/8,
#$$",''6M,(#&+(',R9#:(#'4,?;'(%)(;8,(0N?%<4:,R(?%"",'4%&+
'#;6')D6&$:D(;%(;8,(Q",9+6#&(+,'?"64;6%&(%)(;8,(6+(^B#;6&()%"
]6;]N6F(,F7(;8,(>,#';N:65,(#'4,?;(%)(%9"(&#;9",'_S(>9;7('%()#"(#'(-
5&%=7(Q",9+(+6+(&%;(6&(86'(+,'?"64;6%&(%)(;8,(6+(:#D($",#;(';",''
%&(;8,("6;9#:(%"('%?6#:N86,"#"?8D(#'4,?;'(%)(;8,(0N?%<4:,RF(H,
+6+(+,'?"6>,(,<%;6%&'(#'(#&(,$%()9&?;6%&N6&(4#";6?9:#"(;8,
]%?,#&6?(,R4,"6,&?,7](=86?8(6'(;8,(Q",9+6#&(,E96M#:,&;(%)(;8,
",:6$6%9'(,4648#&DF(H%=,M,"7(;8,('94,",$%(6'(&%;(+,46?;,+
4"6<#"6:D(#'(;8,('6;,(%)(#>';"#?;(",#'%&6&$(>9;("#;8,"(#'(;8,
6&;,"&#:6O,"(%)('%?6,;#:(#&+(4#",&;#:(';"6?;9",'7(=86?8(6&(;8,
;"69&,(>"#6&(=,(<6$8;('9'4,?;(;%(>,(<%",(#()9&?;6%&(%)(;8,
0N?%<4:,RF(/89'(-(=%9:+(8#M,(;%(+,'?"6>,(;8,(4'D?8%#&#:D;6?
;"64#";6;,(<6&+(#'(%&:D(=,#5:D(6&(#??%"+(=6;8(;8,(;"69&,N>"#6&
<%+,:F

A,"8#4'(#(>,;;,"(<,;#48%"(6'(Q",9+g'(+6M6'6%&(%)(;8,(<6&+(6&;%
;8,(?%&'?6%9'S(;8,(4",?%&'?6%9'7(=86?8(6'(:#;,&;(>9;(?#4#>:,(%)
>,6&$(;#44,+S(#&+(;8,(9&?%&'?6%9'7(=86?8(6'(",4",'',+(%"
%;8,"=6',(9&#M#6:#>:,F(-;(=#'(;8,(;,&'6%&(;8#;(,R6';'(#<%&$(;8,
?%<4%&,&;'(%)(;8,(4'D?8,(;8#;(Q",9+(8#+(6&(<6&+(=8,&(8,('#6+
%)(<#&(;8#;(]86'(?#4#?6;D()%"(&,9"%'6'(=%9:+(<,",:D(>,(;8,
%>M,"',(%)(86'(?#4#?6;D()%"(?9:;9"#:(+,M,:%4<,&;F](H,(?#::,+(;8,
9&?%&'?6%9'()9&?;6%&'(]4"6<#"D(4"%?,'','F]

C('94,"6%"(#$",,<,&;(6'()%9&+(6&(;8,(<,;#48%"()%"(;8,(89<#&
4'D?8,(6&(;8,(A:#;%&6?(+6#:%$9,(A8#,+"9'F(L%?"#;,'(:65,&'(;8,
89<#&('%9:(;%(#(?8#"6%;(+"#=&(>D(;=%(8%"','N%&,(>:#?57(%&,
=86;,N49::6&$(6&(+6)),",&;(+6",?;6%&'(#&+(=,#5:D(?%&;"%::,+(>D(#
?8#"6%;,,"F(/8,(<,;#48%"(%)(;8,(?8#"6%;(6;',:)(6'(",<#"5#>:D
'6<6:#"(;%(G#?B,#&g'(&,9"#:(?8#''6'S(;8,(;=%(8%"','7(;%(;8,
0N?%<4:,R(#&+(;8,(:6<>6?(?%";,RS(#&+(;8,(?8#"6%;,,"(>#",:D(6&
?%&;"%:(%)(;8,(?#",,&6&$(?8#"6%;(#&+(8%"','7(;%(;8,(&,%?%";,RF
-&(D,;(#&%;8,"(<,;#48%"7(Q",9+(+,'?"6>,+(;8,(,$%(#'(;8,("6+,"
%)(#&(9&"9:D(8%"',F(P%;8(;8,(Q",9+6#&(#&+(;8,(A:#;%&6?
<,;#48%"'(,<48#'6O,(;8,(?%&'6+,"#>:,(6&+,4,&+,&?,(%)(#&+
;,&'6%&(#<%&$(;8,(?%&';6;9,&;(4#";'(%)(;8,(4'D?8,7(#(4%6&;(;8#;

bb
?8#"#?;,"6O,'(;8,(89<#&(?%&+6;6%&(#&+(;%(=86?8(=,(=6::(",;9"&F
P,?#9',(%)(;8,(&,9"%#&#;%<6?#:(?%&&,?;6%&'(>,;=,,&(;8,(;8",,
?%<4%&,&;'7(;8,(;"69&,(>"#6&(<9';(6;',:)7(:65,(;8,(A8#,+"9'
?8#"6%;7(>,(#(<,;#48%"S(>9;(6;(<#D(4"%M,(;%(>,(#(<,;#48%"(%)
$",#;(9;6:6;D(#&+(+,4;8F

c(*!*.(CL(C(G*/CAH10X(/H*(*J1B2/-1.(1Q(GC.

/8,&(=6:;(;8%9(&%;(>,(:%;8
/%(:,#M,(;86'(A#"#+6',7(>9;('8#:;(4%'',''
C(A#"#+6',(=6;86&(;8,,7(8#446,"()#"(FFF
/8,D(8#&+(6&(8#&+(=6;8(=#&+,"6&$(';,4'(#&+(':%=
/8"%9$8(*+,&(;%%5(;8,6"('%:6;#"D(=#DF

K1H.(G-B/1.
A#"#+6',(B%';

U8D(+6+';(;8%9(:,#M,(;8,(;"%++,&(4#;8'
%)(<,&(/%%('%%&7(#&+(=6;8(=,#5(8#&+'(;8%9$8
<6$8;D(8,#";
!#",(;8,(9&4#';9",+(+"#$%&(6&(86'(+,&@(!,),&',:,''(#'(;8%9
=,";7(%87(=8,",(=#'
;8,&(U6'+%<7(;8,(<6""%",+('86,:+(F(F(F(@

A*03I(PILLH*(LH*BB*I
C+%&#6'

Q10(/H*-0('9")#?,(#",#7(6&',?;'(=,6$8(M,"D(:6;;:,F(C(>,,;:,7
)#::6&$()"%<(#(86$8(#:;6;9+,7(E96?5:D(#?86,M,'(;,"<6&#:(M,:%?6;DX
#6"(",'6';#&?,(4",M,&;'(6;()"%<()#::6&$(M,"D()#';7(#&+7(#);,"
#:6$8;6&$(%&(;8,($"%9&+7(6;(=6::(=#:5(#=#D7(#44#",&;:D(&%&,(;8,
=%"',()%"(;8,(,R4,"6,&?,F(/8,('#<,(6'(;"9,(%)('<#::
<#<<#:'N'E96"",:'7('#DF(C(<%9',(?#&(>,(+"%44,+(+%=&(#
;8%9'#&+N)%%;(<6&,('8#);(#&+7(6)(;8,($"%9&+(6'('%);7(=6::(#""6M,
+#O,+(>9;(,'',&;6#::D(9&89";F(-&(?%&;"#';7(89<#&(>,6&$'(#",
?8#"#?;,"6';6?#::D(<#6<,+(%"(56::,+(>D(#&D()#::(%)(<%",(;8#&(#

bf
),=(+%O,&(),,;X(>,?#9',(%)(%9"('6O,7(=,(=,6$8(;%%(<9?8()%"(%9"
'9")#?,(#",#F(/8,",)%",(%9"(#">%",#:(#&?,';%"'(8#+(;%(4#D
#;;,&;6%&F(C&D(,""%"(6&(>"#?86#;6&$()"%<(>"#&?8(;%(>"#&?8(?%9:+
>,()#;#:F(*M,"D(:,#4(=#'(#&(%44%";9&6;D()%"(,M%:9;6%&F(A%=,")9:
',:,?;6M,()%"?,'(=,",(#;(=%"5(;%(,M%:M,(%"$#&6'<'(=6;8($"#?,
#&+(#$6:6;D7(#??9"#;,(>6&%?9:#"(M6'6%&7(M,"'#;6:,(<#&649:#;6M,
#>6:6;6,'7('94,">(,D,N8#&+(?%%"+6&#;6%&7(#&+(#&(6&;96;6M,($"#'4
%)(.,=;%&6#&($"#M6;#;6%&F(P9;(,#?8(%)(;8,',('56::'(",E96",+
'6$&6)6?#&;(#+M#&?,'(6&(;8,(,M%:9;6%&(%)(;8,(>"#6&'(#&+
4#";6?9:#":D(;8,(&,%?%";6?,'(%)(%9"(#&?,';%"'F(H9<#&
6&;,::6$,&?,(6'()9&+#<,&;#::D(6&+,>;,+(;%(;8,(<6::6%&'(%)(D,#"'
%9"(#&?,';%"'('4,&;(#:%);(6&(;8,(;",,'F
C&+(#);,"(=,(",;9"&,+(;%(;8,('#M#&&#8'(#&+(#>#&+%&,+(;8,
;",,'7(+6+(=,(:%&$()%"(;8%',($",#;($"#?,)9:(:,#4'(#&+(,?';#;6?
<%<,&;'(%)(=,6$8;:,''&,''(6&(;8,('8#);'(%)('9&:6$8;(%)(;8,
)%",';("%%)@(-'(;8,(';#";:,(",):,R(%)(89<#&(6&)#&;'(;%+#D(;%
4",M,&;()#::6&$()"%<(;8,(;",,;%4'@(C",(%9"(&6$8;;6<,(+",#<'(%)
):D6&$(#&+(%9"(+#D;6<,(4#''6%&()%"():6$8;7(#'(,R,<4:6)6,+(6&(;8,
:6M,'(%)(B,%&#"+%(+#(J6&?6(%"([%&';#&;6&(/'6%:5%M'5667(&%';#:$6?
",<6&6'?,&?,'(%)(;8%',(+#D'($%&,(>D(6&(;8,(>"#&?8,'(%)(;8,
86$8()%",';@(d

1;8,"(<#<<#:'7(,M,&(%;8,"(&%&4"6<#;,(#&+(&%&N?,;#?,#&
<#<<#:'7(8#M,(&,%?%";6?,'F(P9;(6&(;8,(,M%:9;6%&#"D(:6&,(:,#+6&$
;%(<#&7(=8,&(=#'(;8,()6"';(:#"$,N'?#:,(+,M,:%4<,&;(%)(;8,
&,%?%";,R@(U86:,(&%&,(%)(%9"('6<6#&(#&?,';%"'(#",(';6::(#"%9&+7
;86'(E9,';6%&(?#&(&,M,";8,:,''(>,(#&'=,",+(%"(#;(:,#';
#44"%#?8,+X(=,(?#&(,R#<6&,()%''6:('59::'F(-&(89<#&'7(6&(#4,'
#&+(<%&5,D'7(#&+(6&(%;8,"(<#<<#:'7(;8,(>"#6&(M%:9<,(#:<%';
)6::'(;8,('59::F(/86'(6'(&%;(;"9,7()%"(,R#<4:,7(6&()6'8F(/89'(>D
;#56&$(#(?#';(%)(#('59::7(=,(?#&(+,;,"<6&,(=8#;(6'(?#::,+(;8,
,&+%?"#&6#:(M%:9<,(%)(%9"(6<<,+6#;,(#&?,';%"'(#&+(?%::#;,"#:
",:#;6M,'(#&+(?#&(<#5,('%<,("%9$8(,';6<#;,'(%)(;8,6"(>"#6&
M%:9<,'F

/8,(E9,';6%&(%)(=8%(=#'(#&+(=8%(=#'(&%;(#&(#&?,';%"(%)(<#&
6'(';6::(>,6&$(8%;:D(+,>#;,+(>D(;8,(4#:,%&;%:%$6';'7(#&+(8#"+:D(#
D,#"($%,'(>D(=6;8%9;(;8,(+6'?%M,"D(%)('%<,()%''6:(%)
",<#"5#>:D(89<#&(#'4,?;(N<9?8N%:+,"N(;8#&(#&D%&,(8#+
4",M6%9':D(;8%9$8;(4%''6>:,F(U8#;(',,<'(?,";#6&(6'(;8#;(#>%9;

ba
)6M,(<6::6%&(D,#"'(#$%7(;8,",(=#'(#&(#>9&+#&?,(%)(#4,:65,
#&6<#:'7(;8,($"#?6:,(C9';"#:%46;8,?6&,'7(=8%(=#:5,+(%&(;=%(),,;
#&+(8#+(>"#6&(M%:9<,'(%)(#>%9;(bWW(?9>6?(?,&;6<,;,"'7('%<,
TWW(??(<%",(;8#&(;8,(>"#6&(%)(#(<%+,"&(?86<4#&O,,F(U6;8(;86'
,M6+,&?,7(4#:,%&;%:%$6';'(8#M,(+,+9?,+(;8#;(]>64,+#:6'<
4",?,+,+(,&?,48#:6O#;6%&7](>D(=86?8(;8,D(<,#&(;8#;(%9"
#&?,';%"'(=#:5,+(%&(;=%(:,$'(>,)%",(;8,D(,M%:M,+(>6$(>"#6&'F

d(G%+,"&("%?5,;(;,?8&%:%$D(#&+('4#?,(,R4:%"#;6%&(%=,'(#&
6&?#:?9:#>:,(+,>;(;%(!"F(0%>,";(HF(e%++#"+7(=8%(;8"%9$8(<#&D
+,?#+,'(%)(+,M%;,+(#&+(:%&,:D(",',#"?8(=#'('6&$:,N8#&+,+:D
",'4%&'6>:,()%"(;8,(+,M,:%4<,&;(%)(,'',&;6#::D(#::(6<4%";#&;
#'4,?;'(%)(;8,(<%+,"&("%?5,;F(e%++#"+g'(6&;,",';(6&(;86'('9>`,?;
%"6$6&#;,+(6&(#(<#$6?(<%<,&;F(-&(;8,(.,=(*&$:#&+(#9;9<&(%)
ThZZ7(e%++#"+(=#'(#(',M,&;,,&ND,#"N%:+(86$8('?8%%:
'%48%<%",(=8%(8#+(?:6<>,+(#(?8,""D(;",,(#&+7(=86:,(6+:D
:%%56&$(+%=&(#;(;8,($"%9&+(#"%9&+(86<7(,R4,"6,&?,+(#(56&+(%)
,4648#&#:(M6'6%&(%)(#(M,86?:,(;8#;(=%9:+(;"#&'4%";(89<#&(>,6&$'
;%(;8,(4:#&,;(G#"'F(H,(",'%:M,+(;%(+,M%;,(86<',:)(;%(;8,(;#'5F
*R#?;:D(%&,(D,#"(:#;,"7(8,(?:6<>,+(;8,(;",,(#$#6&7(#&+(%&(,M,"D
1?;%>,"(TZ;8()%"(;8,(",';(%)(86'(:6),7(<#+,(#('4,?6#:(4%6&;(%)
",?%::,?;6&$(;8#;(<%<,&;F(3#&(6;(>,(#&(#??6+,&;(;8#;(;86'(M6'6%&
%)(M%D#$,'(;%(;8,(4:#&,;'7(=86?8(8#'(:,+(+6",?;:D(;%(6;'(%=&
86';%"6?#:()9:)6::<,&;7(=#'($:6<4',+(6&(;8,(:6<>'(%)(#(;",,@

PD(;8",,(<6::6%&(D,#"'(#$%7(;8,",(=#'(#(M#"6,;D(%)(>64,+#:
),::%='(=6;8(#(=6+,("#&$,(%)(?"#&6#:(M%:9<,'7('%<,
?%&'6+,"#>:D(:#"$,"(;8#&(;8,(*#';(C)"6?#&($"#?6:,
C9';"#:%46;8,?6&,'(%)(#(),=(<6::6%&(D,#"'(,#":6,"F(1&,(%)(;8,<7
=86?8(BF(LF(PF(B,#5,D7(;8,(C&$:%N[,&D#&(';9+,&;(%)(,#":D(<#&7
?#::,+(H%<%(8#>6:6'7(8#+(#(>"#6&(M%:9<,(%)(#>%9;(aWW(?9>6?
?,&;6<,;,"'F(U,(#:'%(8#M,(#"?8#,%:%$6?#:(,M6+,&?,(;8#;(H%<%
8#>6:6'(<#+,(;%%:'F(/8,(6+,#(;8#;(;%%:'(#",(>%;8(;8,(?#9',(#&+
;8,(,)),?;(%)(=#:56&$(%&(;=%(:,$'7(=86?8()",,'(;8,(8#&+'7(=#'
)6"';(#+M#&?,+(>D(38#":,'(!#"=6&F(/8,()#?;(;8#;(;8,',
'6$&6)6?#&;(?8#&$,'(6&(>,8#M6%"(#",(#??%<4#&6,+(>D(,E9#::D
'6$&6)6?#&;(?8#&$,'(6&(>"#6&(M%:9<,(+%,'(&%;(4"%M,(;8#;(;8,(%&,
6'(?#9',+(>D(;8,(%;8,"S(>9;(%9"(4",M6%9'(+6'?9''6%&(<#5,'('9?8
#(?#'9#:(:6&5(#44,#"(M,"D(:65,:DF

bh
/8,(;#>:,(%&(4#$,(ZY('9<<#"6O,'(;8,()%''6:(,M6+,&?,7(;8"%9$8
TZaf7(%&(%9"(<%';(",?,&;(#&?,';%"'(#&+(?%::#;,"#:(",:#;6M,'F
/8,(;=%("#;8,"(+6)),",&;(56&+'(%)(C9';"#:%46;8,?6&,'(=,",(&%;
%)(;8,($,&9'(H%<%7(&%;(89<#&S(;8,D(=,",(';6::(6&?%<4:,;,:D
>64,+#:(#&+(8#+(>"#6&(<#'','(%&:D(#>%9;(#(;86"+(;8,('6O,(%)(;8,
#M,"#$,(#+9:;(89<#&(>"#6&(;%+#DF(U,",(=,(;%(<,,;(#&
C9';"#:%46;8,?6&,7('#D7(%&(;8,('9>=#D7(=,(=%9:+(4,"8#4'(>,
';"9?5(<%';(>D(;8,(#:<%';(;%;#:(#>',&?,(%)()%",8,#+F(H,(=#'
;8,(:%=,';(%)(:%=>"%='F(/8,",(#",('6$&6)6?#&;(+6)),",&?,'
>,;=,,&(;8,(;=%(56&+'(%)(C9';"#:%46;8,?6&,'F(/8,("%>9';
'4,?6,'(=#'(;#::,"(#&+(8,#M6,"7(=6;8(<%';(6<4",''6M,
]&9;N?"#?5,"](;,,;8(#&+(#(",<#"5#>:,(,M%:9;6%&#"D(';#>6:6;DF
/8,(,&+%?"#&6#:(M%:9<,(%)(CF("%>9';9'(M#"6,'(M,"D(:6;;:,()"%<
'4,?6<,&(;%('4,?6<,&(%M,"(<6::6%&'(%)(D,#"'(%)(;6<,F(/8,
$"#?6:,(C9';"#:%46;8,?6&,'7(`9+$6&$(#$#6&()"%<(;8,6"(;,,;87
4"%>#>:D(#;,(<,#;(#'(=,::(#'(M,$,;#>:,'F(/8,D(=,",('<#::,"
#&+(:6;8,"7(#'(;8,6"(&#<,(6&+6?#;,'F(H%=,M,"7(;8,D(#",
?%&'6+,"#>:D(%:+,"(#&+(8#M,(<9?8(<%",(M#"6#&?,(6&(,&+%?"#&6#:
M%:9<,(;8#&(;8,6"("%>9';(?%9'6&'F(P9;7(<%';(6<4%";#&;7(;8,
$"#?6:,(C9';"#:%46;8,?6&,('6;,'(#",(#''%?6#;,+(=6;8(#(?:,#"
6&+9';"DX(;8,(<#&9)#?;9",(%)(;%%:'(<#+,(%)(';%&,(#&+(#&6<#:
>%&,'7(8%"&'(#&+(;,,;8N4#6&';#56&$:D(?#"M,+7(>"%5,&7("9>>,+
#&+(4%:6'8,+(;%(<#5,(?86446&$7():#56&$7(4%9&+6&$(#&+(?9;;6&$
;%%:'F(.%(;%%:'(8#M,(>,,&(#''%?6#;,+(=6;8(CF("%>9';9'F(/8,
"#;6%(%)(>"#6&(=,6$8;(;%(>%+D(=,6$8;(6'(#:<%';(;=6?,(#'(:#"$,()%"
;8,($"#?6:,(#'()%"(;8,("%>9';(C9';"#:%46;8,?9'7(#&+(6;(6'(#(&#;9"#:
'4,?9:#;6%&(;%(=%&+,"(=8,;8,"(;8#;()#?;%"(%)(;=%(6'(;8,
+6)),",&?,(>,;=,,&(;%%:'(#&+(&%(;%%:'F

C;(#44#",&;:D(;8,('#<,(,4%?8(#'(;8,(,<,"$,&?,(%)
C9';"#:%46;8,?9'("%>9';9'7(;8,",(#"%',(#(&,=(#&6<#:7(H%<%
8#>6:6'7(;8,()6"';(;"9,(<#&F(H,(=#'(:#"$,"7(>%;8(6&(>%+D(#&+(6&
>"#6&(=,6$8;7(;8#&(,6;8,"(%)(;8,(C9';"#:%46;8,?6&,'7(#&+(8#+(#
"#;6%(%)(>"#6&(;%(>%+D(=,6$8;(#>%9;(;8,('#<,(#'(;8#;(%)(;8,
$"#?6:,(C9';"#:%46;8,?6&,'F(H,(,<,"$,+(#;(#(;6<,(=8,&7()%"
?:6<#;6?(",#'%&'7(;8,()%",';'(=,",(",?,+6&$F(H%<%(8#>6:6'
6&8#>6;,+(;8,(M#';(C)"6?#&('#M#&&#8'7(#&(,R;",<,:D(?8#::,&$6&$
,&M6"%&<,&;()6::,+(=6;8(#&(,&%"<%9'(M#"6,;D(%)(4",+#;%"'(#&+
4",DF(1&(;8,',(4:#6&'(%)(:%=($"#''(#44,#",+(>%;8(;8,()6"';

bZ
<%+,"&(<#&(#&+(;8,()6"';(<%+,"&(8%"',F(/8,D(=,",(#:<%';
,R#?;(?%&;,<4%"#"6,'F
-&(;8,(:#';('6R;D(<6::6%&(D,#"'7(;8,",(8#'(>,,&(#(?%&;6&9%9'
,M%:9;6%&(%)(9&$9:#;,'7(=,::(",?%"+,+(6&(;8,()%''6:(",?%"+7(#&+
,M,&;9#::D(?9:<6&#;6&$(6&(;8,(<%+,"&(8%"',F(*%86449'7(;8,
]+#=&(8%"',](%)('%<,()6);D(<6::6%&(D,#"'(#$%7(=#'(#>%9;(;8,
'6O,(%)(#&(*&$:6'8(?%::6,7(=6;8(#(>"#6&(M%:9<,(%)(#>%9;
;=,&;DN)6M,(?9>6?(?,&;6<,;,"'7(#&+(#("#;6%(%)(>"#6&(;%(>%+D
=,6$8;(#>%9;(8#:)(;8#;(%)(?%<4#"#>:,(?%&;,<4%"#"D(<#<<#:'F
L6&?,(;8,&7(8%"','(8#M,(,R4,"6,&?,+(#(+"#<#;6?(,M%:9;6%&(6&
>%;8(#>'%:9;,(#&+(",:#;6M,(>"#6&('6O,7(=6;8(<#`%"(+,M,:%4<,&;'
6&(;8,(&,%?%";,R(#&+(4#";6?9:#":D(6&(;8,()"%&;#:(:%>,'N#&
,M%:9;6%&(?,";#6&:D(#??%<4#&6,+(>D(<#`%"(6<4"%M,<,&;'(6&
,E96&,(6&;,::6$,&?,F(-(=%&+,"(6)(;8,(4#"#::,:(+,M,:%4<,&;'(6&(;8,
6&;,::6$,&?,(%)(8%"',(#&+(<#&(<6$8;(8#M,(#(?%<<%&(?#9',F(!6+
8%"','7()%"(,R#<4:,7(8#M,(;%(>,('=6);(%)()%%;7(#?9;,(%)(',&',7
#&+(6&;,::6$,&;(;%(,:9+,(4",+#;%"'(=86?8(89&;,+(4"6<#;,(#'(=,::
#'(,E96&,(4",D@
HF(8#>6:6'(8#+(#(86$8()%",8,#+7('9$$,';6&$(#('6$&6)6?#&;
+,M,:%4<,&;(%)(;8,(&,%?%";6?#:(#",#'(6&(;8,()"%&;#:(#&+
;,<4%"#:(:%>,'(#'(=,::(#'(;8,(",$6%&'(6&(;8,(>"#6&7(;%(>,
+6'?9'',+(:#;,"7(;8#;(',,<(;%(>,(?%&&,?;,+(=6;8(;8,(4%=,"(%)
'4,,?8F(U,",(=,(;%(,&?%9&;,"(H%<%(8#>6:6'N+",'',+7(:,;(9'
'#D7(6&(;8,(:#;,';()#'86%&(%&(;8,(>%9:,M#"+'(%)('%<,(<%+,"&
<,;"%4%:6'N=,(=%9:+(4"%>#>:D($6M,(86<(%&:D(#(4#''6&$($:#&?,7
#&+(;8#;(>,?#9',(%)(86'(",:#;6M,:D('<#::(';#;9",F(C''%?6#;,+(=6;8
H%<%(8#>6:6'(#",(#(M#"6,;D(%)(;%%:'(%)(?%&'6+,"#>:,
'%486';6?#;6%&F(-&(#++6;6%&7(;8,",(6'(,M6+,&?,()"%<(M#"6%9'
?6"?9:#"(#""#&$,<,&;'(%)(';%&,'(;8#;(H%<%(8#>6:6'(<#D(8#M,
?%&';"9?;,+(+=,::6&$'S(;8#;(:%&$(>,)%",(;8,(A:,6';%?,&,(-?,
C$,'7(:%&$(>,)%",(<,&(",$9:#":D(6&8#>6;,+(?#M,'7(HF(8#>6:6'(=#'
?%&';"9?;6&$(8%<,'(%9;N%)N+%%"'N4"%>#>:D(%)(=%%+7(=#;;:,7
$"#''(#&+(';%&,F

L6&?,(HF(8#>6:6'(#&+(CF("%>9';9'(,<,"$,+(#;(;8,('#<,(;6<,7(6;(6'
M,"D(9&:65,:D(;8#;(%&,(=#'(;8,(#&?,';%"(%)(;8,(%;8,"F(/8,
$"#?6:,(C9';"#:%46;8,?6&,'(=,",(#:'%(?%&;,<4%"#"6,'(%)(H%<%
8#>6:6'(>9;(<9?8(<%",(#&?6,&;F(-;(6'(;8,",)%",(4%''6>:,N#:;8%9$8
>D(&%(<,#&'(?,";#6&N;8#;(>%;8(HF(8#>6:6'7(=6;8(#(4"%<6'6&$
,M%:9;6%&#"D()9;9",7(#&+(CF("%>9';9'7(#&(,M%:9;6%&#"D(+,#+(,&+7

fW
#"%',()"%<(;8,($"#?6:,(CF(#)"6?#&9'7(=8%('9"M6M,+(:%&$(,&%9$8
;%(>,(;8,6"(?%&;,<4%"#"DF

/8,()6"';(<#&(=8%',(,&+%?"#&6#:(M%:9<,(%M,":#4'(;8#;(%)
<%+,"&(89<#&'(6'(H%<%(,",?;9'F(Q%"(<#&D(D,#"'(;8,(4"6&?64#:
'4,?6<,&'(%)(HF(,",?;9'(=,",(5&%=&()"%<(386&#(#&+(;8%9$8;(;%
>,(#>%9;(8#:)(#(<6::6%&(D,#"'(%:+F(P9;(6&(TZaf(06?8#"+(B,#5,D(%)
;8,(.#;6%&#:(G9',9<'(%)([,&D#(",4%";,+(#(&,#":D(?%<4:,;,
'59::(%)(H%<%(,",?;9'()%9&+(6&($,%:%$6?#:(';"#;#(%&,(#&+(#(8#:)
<6::6%&(D,#"'(%:+F(L6&?,(;8,(386&,',('4,?6<,&'(%)(H%<%(,",?;9'
#",(?:,#":D(#''%?6#;,+(=6;8(;8,(",<#6&'(%)(?#<4)6",'7(6;(6'
4%''6>:,(;8#;(%9"(#&?,';%"'(+%<,';6?#;,+()6",(<9?8(<%",(;8#&
%&,(8#:)(<6::6%&(D,#"'(#$%(N=86?8(<#5,'(A"%<,;8,9'()#"(%:+,"
;8#&(<#&D(8#+(;8%9$8;F

A,"8#4'(;8,(<%';(';"656&$(#'4,?;(%)(;8,(#"?8#,%:%$6?#:(",?%"+
?%&?,"&6&$(;%%:'(6'(;8#;(#'('%%&(#'(;8,D(#44,#"(#;(#::(;8,D
#44,#"(6&(,&%"<%9'(#>9&+#&?,F(-;(:%%5'(M,"D(<9?8(#'(;8%9$8
#&(6&'46",+($"#?6:,(C9';"#:%46;8,?6&,(+6'?%M,",+()%"(;8,()6"';
;6<,(;8,(9',(%)(;%%:'(#&+(6<<,+6#;,:D(;#9$8;(;8,(;%%:<#56&$
'56::(;%(86'(",:#;6M,'(#&+()"6,&+'F(/8,",(6'(&%(=#D(;%(,R4:#6&(;8,
+6'?%&;6&9%9'(#44,#"#&?,(%)(';%&,(;%%:'(9&:,''(;8,
C9';"#:%46;8,?6&,'(8#+(,+9?#;6%&#:(6&';6;9;6%&'F(/8,",(<9';
8#M,(>,,&('%<,('%";(%)(';%&,?"#);($96:+(4#''6&$(%&()"%<
$,&,"#;6%&(;%($,&,"#;6%&(;8,(4",?6%9'(5&%=:,+$,(#>%9;(;8,
)#>"6?#;6%&(#&+(9',(%)(;%%:'N5&%=:,+$,(;8#;(=%9:+(,M,&;9#::D
4"%4,:('9?8(),,>:,(#&+(#:<%';(+,),&',:,''(4"6<#;,'(6&;%
+%<6&#;6%&(%)(;8,(4:#&,;(*#";8F(U8,;8,"(;8,($,&9'(H%<%
6&+,4,&+,&;:D(6&M,&;,+(;%%:'(%"(>%""%=,+(;8,(+6'?%M,"D()"%<
;8,($,&9'(C9';"#:%46;8,?9'(6'(&%;(5&%=&F

U,(',,()"%<(;8,(;#>:,(;8#;(;8,("#;6%(%)(>%+D(;%(>"#6&(=,6$8;(6'7
=6;86&(;8,(M#"6#&?,(%)(<,#'9",<,&;7("%9$8:D(;8,('#<,()%"(;8,
$"#?6:,(C9';"#:%46;8,?6&,'7(H%<%(8#>6:6'7(H%<%(,",?;9'(#&+
<%+,"&(89<#&'F(/8,(#+M#&?,'(=,(8#M,(<#+,(6&(;8,(:#';(),=
<6::6%&(D,#"'(?#&&%;(;8,",)%",(>,(,R4:#6&,+(>D(;8,("#;6%(%)(>"#6&
;%(>%+D(<#''7(>9;("#;8,"(>D(6&?",#'6&$(;%;#:(>"#6&(<#''7
6<4"%M,+('4,?6#:6O#;6%&(%)(&,=()9&?;6%&(#&+(?%<4:,R6;D(=6;86&
;8,(>"#6&7(#&+N,'4,?6#::DN,R;"#'%<#;6?(:,#"&6&$F

fT
BF(LF(PF(B,#5,D(,<48#'6O,+(;8#;(;8,()%''6:(",?%"+(%)(#(),=
<6::6%&(D,#"'(#$%(6'(",4:,;,(=6;8(#($",#;(M#"6,;D(%)(<#&:65,
)%"<'7(#&(6&;,",';6&$(&9<>,"(%)(=86?8(#",()%9&+(=6;8(8%:,'(%"
)"#?;9",'(6&(;8,6"('59::'F(L%<,(%)(;8,',(6&`9"6,'(<#D(8#M,(>,,&
6&):6?;,+(>D(:,%4#"+'(%"(8D,&#'S(>9;(B,#5,D(#&+(;8,(L%9;8
C)"6?#&(#&#;%<6';(0#D<%&+(!#";(>,:6,M,+(;8#;(<#&D(%)(;8,<
=,",(6&):6?;,+(>D(%9"(#&?,';%"'F(-&(A:6%?,&,\A:,6';%?,&,(;6<,'
;8,",(=#'(#:<%';(?,";#6&:D(#(M6$%"%9'(?%<4,;6;6%&(#<%&$(<#&D
<#&:65,()%"<'7(%)(=86?8(%&:D(%&,(:6&,('9"M6M,+N;8,(;%%:
,R4,";'7(;8,(:6&,(;8#;(:,+(;%(9'F(U8#;("%:,(56::6&$(4:#D,+(6&(;8#;
?%<4,;6;6%&(",<#6&'(#&(%4,&(E9,';6%&F(/8,($"#?6:,
C9';"#:%46;8,?6&,'(=,",(,",?;7(#$6:,7():,,;(#&+(;8",,(#&+(#(8#:)
),,;(;#::X(]:6;;:,(4,%4:,F](-('%<,;6<,'(=%&+,"(=8,;8,"(%9"(<D;8'
#>%9;($&%<,'7(;"%::'7($6#&;'(#&+(+=#")'(?%9:+(4%''6>:D(>,(#
$,&,;6?(%"(?9:;9"#:(<,<%"D(%)(;8%',(;6<,'F

C;(;8,('#<,(;6<,(;8#;(;8,(8%<6&6+(?"#&6#:(M%:9<,(=#'
9&+,"$%6&$(6;'('4,?;#?9:#"(6&?",#',7(;8,",(=#'(#&%;8,"(';"656&$
?8#&$,(6&(89<#&(#&#;%<DS(#'(;8,(P"6;6'8(#&#;%<6';(L6"(U6:)",+
B,(e"%'(3:#"5(%)(1R)%"+(2&6M,"'6;D(8#'(%>',"M,+7(;8,",(=#'(#
=8%:,'#:,(",'8#46&$(%)(;8,(89<#&(4,:M6'F(/86'(=#'(M,"D(:65,:D
#&(#+#4;#;6%&(;%(4,"<6;(;8,(:6M,(>6";8(%)(;8,(:#;,';(<%+,:
:#"$,N>"#6&,+(>#>6,'F(/%+#D7(6;(6'(9&:65,:D(;8#;(#&D()9";8,"
'9>';#&;6#:(,&:#"$,<,&;(%)(;8,(4,:M6?($6"+:,(6&(;8,(",$6%&(%)(;8,
>6";8(?#&#:(6'(4%''6>:,(=6;8%9;(',M,",:D(6<4#6"6&$(;8,(#>6:6;D(%)
=%<,&(;%(=#:5(,))6?6,&;:DF(^C;(>6";87($6":'(#:",#+D(8#M,(#
'6$&6)6?#&;:D(:#"$,"(4,:M6'(#&+('5,:,;#:(4,:M6?(%4,&6&$(;8#&(+%
>%D'S(#&%;8,"(:#"$,(6&?",<,&;(6&(;8,('6O,(%)(;8,(),<#:,(4,:M6'
%??9"'(#;(49>,";DF_(/8,(4#"#::,:(,<,"$,&?,(%)(;8,',(;=%
,M%:9;6%&#"D(,M,&;'(6::9';"#;,'(&6?,:D(8%=(&#;9"#:(',:,?;6%&
=%"5'F(/8%',(<%;8,"'(=6;8(8,",+6;#"D(:#"$,(4,:M6','(=,",(#>:,
;%(>,#"(:#"$,N>"#6&,+(>#>6,'(=8%(>,?#9',(%)(;8,6"('94,"6%"
6&;,::6$,&?,(=,",(#>:,(;%(?%<4,;,('9??,'')9::D(6&(#+9:;8%%+
=6;8(;8,('<#::,"N>"#6&,+(%))'4"6&$(%)(<%;8,"'(=6;8('<#::,"
4,:M6','F(H,(=8%(8#+(#(';%&,(#R,(=#'(<%",(:65,:D(;%(=6&(#
M6$%"%9'(+6)),",&?,(%)(%46&6%&(6&(A:,6';%?,&,(;6<,'F(G%",
6<4%";#&;7(8,(=#'(#(<%",('9??,'')9:(89&;,"F(P9;(;8,(6&M,&;6%&
#&+(?%&;6&9,+(<#&9)#?;9",(%)(';%&,(#R,'(",E96",+(:#"$,"(>"#6&
M%:9<,'F

fY
L%()#"(#'(-(5&%=7(?86:+>6";8(6'($,&,"#::D(4#6&)9:(6&(%&:D(%&,(%)
;8,(<6::6%&'(%)('4,?6,'(%&(*#";8X(89<#&(>,6&$'F(/86'(<9';(>,(#
?%&',E9,&?,(%)(;8,(",?,&;(#&+(?%&;6&96&$(6&?",#',(6&(?"#&6#:
M%:9<,F(G%+,<(<,&(#&+(=%<,&(8#M,(>"#6&?#','(;=6?,(;8,
M%:9<,(%)(H%<%(8#>6:6'gF(386:+>6";8(6'(4#6&)9:(>,?#9',(;8,
,M%:9;6%&(%)(;8,(89<#&('59::(8#'(>,,&('4,?;#?9:#":D()#';(#&+
",?,&;F(/8,(C<,"6?#&(#&#;%<6';(3F(K9+'%&(H,""6?5(+,'?"6>,+
;8,(+,M,:%4<,&;(%)(;8,(&,%?%";,R(6&(;8,()%::%=6&$(;,"<'X(]-;'
,R4:%'6M,($"%=;8(:#;,(6&(48D:%$,&D(6'(%&,(%)(;8,(<%';(+"#<#;6?
?#','(%)(,M%:9;6%&#"D(;"#&')%"<#;6%&(5&%=&(;%(?%<4#"#;6M,
#&#;%<DF](/8,(6&?%<4:,;,(?:%'9",(%)(;8,('59::(#;(>6";87(;8,
)%&;#&,::,7(6'(M,"D(:65,:D(#&(6<4,"),?;(#??%<<%+#;6%&(;%(;86'
",?,&;(>"#6&(,M%:9;6%&F

/8,(?%&&,?;6%&(>,;=,,&(;8,(,M%:9;6%&(%)(6&;,::6$,&?,(#&+(;8,
4#6&(%)(?86:+>6";8(',,<'(9&,R4,?;,+:D(;%(>,(<#+,(6&(;8,(P%%5
%)(e,&,'6'F(-&(49&6'8<,&;()%"(,#;6&$(;8,()"96;(%)(;8,(;",,(%)(;8,
5&%=:,+$,(%)($%%+(#&+(,M6:7(e%+('#D'(;%(*M,7d(]-&(4#6&('8#:;
;8%9(>"6&$()%";8(?86:+",&](^e,&,'6'(VXTf_F(-;(6'(6&;,",';6&$(;8#;(6;
6'(&%;(;8,($,;;6&$(%)(#&D('%";(%)(5&%=:,+$,(;8#;(e%+(8#'
)%">6++,&7(>9;7('4,?6)6?#::D7(;8,(5&%=:,+$,(%)(;8,(+6)),",&?,
>,;=,,&($%%+(#&+(,M6:N;8#;(6'7(#>';"#?;(#&+(<%"#:(`9+$<,&;'7
=86?87(6)(;8,D(",'6+,(#&D=8,",7(",'6+,(6&(;8,(&,%?%";,RF(*M,&
#;(;8,(;6<,(;8#;(;8,(*+,&(';%"D(=#'(="6;;,&7(;8,(+,M,:%4<,&;(%)
?%$&6;6M,('56::'(=#'(',,&(#'(,&+%=6&$(<#&(=6;8($%+:65,(4%=,"'
#&+(#=,'%<,(",'4%&'6>6:6;6,'F(e%+('#D'X(]P,8%:+7(;8,(<#&(6'
>,?%<,(#'(%&,(%)(9'7(;%(5&%=($%%+(#&+(,M6:S(#&+(&%=7(:,';(8,
49;()%";8(86'(8#&+7(#&+(;#5,(#:'%(%)(;8,(/",,(%)(B6),7(#&+(,#;7
#&+(:6M,()%",M,"](^e,&,'6'(VXYY_7(8,(<9';(>,(+"6M,&(%9;(%)(;8,
e#"+,&F(e%+(4:#?,'(?8,"9>6<(=6;8(#():#<6&$('=%"+(,#';(%)(*+,&
;%($9#"+(;8,(/",,(%)(B6),()"%<(;8,(#<>6;6%&'(%)(<#&Ft

d(e%+g'(`9+$<,&;(%&(;8,(',"4,&;(6'(;8#;(8,&?,)%";8(]94%&(;8D
>,::D('8#:;(;8%9($%]N6<4:D6&$(;8#;(4",M6%9':D(",4;6:,'(;"#M,:,+
>D(#&(#:;,"&#;6M,(<%+,(%)(:%?%<%;6%&F(/86'(6'7(%)(?%9"',7
4",?6',:D(;"9,X('&#5,'(8#M,(,M%:M,+()"%<()%9"N:,$$,+(",4;6:6#&
#&?,';%"'(",',<>:6&$(+"#$%&'F(G#&D('&#5,'(';6::(",;#6&
#&#;%<6?#:(M,';6$,'(%)(;8,(:6<>'(%)(;8,6"(#&?,';%"'F
t(38,"9>6<(6'(4:9"#:S(e,&,'6'(VXYc('4,?6)6,'(%&,():#<6&$
'=%"+F(A",'9<#>:D():#<6&$('=%"+'(=,",(6&('8%";('944:DF

fV
A,"8#4'(;8,(e#"+,&(%)(*+,&(6'(&%;('%(+6)),",&;()"%<(*#";8(#'(6;
#44,#",+(;%(%9"(#&?,';%"'(%)('%<,(;8",,(%"()%9"(<6::6%&(D,#"'
#$%7(+9"6&$(#(:,$,&+#"D($%:+,&(#$,(=8,&(;8,($,&9'(H%<%(=#'
4,"),?;:D(6&;,"=%M,&(=6;8(;8,(%;8,"(>,#';'(#&+(M,$,;#>:,'F
C);,"(;8,(,R6:,()"%<(*+,&(=,()6&+7(6&(;8,(>6>:6?#:(#??%9&;7
<#&56&+(?%&+,<&,+(;%(+,#;8S(8#"+(=%"5S(?:%;86&$(#&+(<%+,';D
#'(4",M,&;#;6M,'(%)(',R9#:(';6<9:#;6%&S(;8,(+%<6&#&?,(%)(<,&
%M,"(=%<,&S(;8,(+%<,';6?#;6%&(%)(4:#&;'(^3#6&_S(;8,
+%<,';6?#;6%&(%)(#&6<#:'(^C>,:_S(#&+(<9"+,"(^3#6&(4:9'(C>,:_F
/8,',(#::(?%"",'4%&+(",#'%&#>:D(=,::(;%(;8,(86';%"6?#:(#&+
#"?8#,%:%$6?#:(,M6+,&?,F(-&(;8,(*+,&(<,;#48%"7(;8,",(6'(&%
,M6+,&?,(%)(<9"+,"(>,)%",(;8,(Q#::F(P9;(;8%',()"#?;9",+('59::'
%)(>64,+'(&%;(%&(;8,(,M%:9;6%&#"D(:6&,(;%(<#&(<#D(>,(,M6+,&?,
;8#;(%9"(#&?,';%"'(56::,+7(,M,&(6&(*+,&7(<#&D(<#&:65,(#&6<#:'F

36M6:6O#;6%&(+,M,:%4'(&%;()"%<(C>,:7(>9;()"%<(3#6&(;8,
<9"+,","F(/8,(M,"D(=%"+(]?6M6:6O#;6%&](+,"6M,'()"%<(;8,(B#;6&
=%"+()%"(?6;DF(-;(6'(;8,(:,6'9",(;6<,7(?%<<9&6;D(%"$#&6O#;6%&(#&+
'4,?6#:6O#;6%&(%)(:#>%"(6&(;8,()6"';(?6;6,'(;8#;(4,"<6;;,+(;8,
,<,"$,&?,(%)(;8,(#";'(#&+(;,?8&%:%$6,'(=,(;86&5(%)(#'(;8,
8#::<#"5'(%)(?6M6:6O#;6%&'F(/8,()6"';(?6;D7(#??%"+6&$(;%(e,&,'6'7
=#'(?%&';"9?;,+(>D(3#6&7(;8,(6&M,&;%"(%)(#$"6?9:;9",N#
;,?8&%:%$D(;8#;(",E96",'(#()6R,+(#>%+,F(C&+(6;(6'(86'
+,'?,&+#&;'7(;8,('%&'(%)(B#<,?87(=8%(6&M,&;(>%;8(]#";6)6?,'(6&
>"#''(#&+(6"%&](#&+(<9'6?#:(6&';"9<,&;'F(G,;#::9"$D(#&+
<9'6?N;,?8&%:%$D(#&+(#";N#",(6&(;8,(:6&,()"%<(3#6&F(C&+(;8,
4#''6%&'(;8#;(:,#+(;%(<9"+,"(+%(&%;(#>#;,X(B#<,?8('#D'7(]Q%"(-
8#M,(':#6&(#(<#&()%"(=%9&+6&$(<,7(#&+(#(D%9&$(<#&()%"
>"96'6&$(<,S(6)(3#6&('8#::(>,(#M,&$,+(',M,&)%:+7(;"9:D(B#<,?8
',M,&;D(#&+(',M,&)%:+F](/8,(?%&&,?;6%&(>,;=,,&(<9"+,"(#&+
6&M,&;6%&(8#'(>,,&(=6;8(9'(,M,"('6&?,F(P%;8(+,"6M,()"%<
#$"6?9:;9",(#&+(?6M6:6O#;6%&F

1&,(%)(;8,(,#":6,';(?%&',E9,&?,'(%)(;8,(#&;6?64#;%"D('56::'(;8#;
#??%<4#&6,+(;8,(,M%:9;6%&(%)(;8,(4",)"%&;#:(:%>,'(<9';(8#M,
>,,&(;8,(#=#",&,''(%)(+,#;8F(G#&(6'(4"%>#>:D(;8,(%&:D
%"$#&6'<(%&(*#";8(=6;8(#(",:#;6M,:D(?:,#"(M6,=(%)(;8,
6&,M6;#>6:6;D(%)(86'(%=&(,&+F(P9"6#:(?,",<%&6,'(;8#;(6&?:9+,(;8,

fc
6&;,"<,&;(%)()%%+(#&+(#";6)#?;'(#:%&$(=6;8(;8,(+,?,#',+($%(>#?5
#;(:,#';(;%(;8,(;6<,'(%)(%9"(.,#&+,";8#:(?%9'6&'7('9$$,';6&$(&%;
%&:D(#(=6+,'4",#+(#=#",&,''(%)(+,#;8(>9;(#:'%(#&(#:",#+D
+,M,:%4,+("6;9#:(?,",<%&D(;%('9';#6&(;8,(+,?,#',+(6&(;8,
#);,":6),F(-;(6'(&%;(;8#;(+,#;8(=#'(#>',&;(>,)%",(;8,('4,?;#?9:#"
$"%=;8(%)(;8,(&,%?%";,R7(>,)%",(;8,(,R6:,()"%<(*+,&S(6;(6'(%&:D
;8#;7(9&;6:(;8,&7(&%(%&,(8#+(,M,"(&%;6?,+(;8#;(+,#;8(=%9:+(>,(86'
+,';6&DF

/8,()#::()"%<(*+,&(',,<'(;%(>,(#&(#44"%4"6#;,(<,;#48%"()%"
'%<,(%)(;8,(<#`%"(>6%:%$6?#:(,M,&;'(6&(",?,&;(89<#&(,M%:9;6%&F
/86'(<#D(#??%9&;()%"(6;'(4%49:#"6;DFd(-;(6'(&%;('%(",<#"5#>:,(#'
;%(",E96",(9'(;%(>,:6,M,(6&(#(56&+(%)(>6%:%$6?#:(<,<%"D(%)
#&?6,&;(86';%"6?#:(,M,&;'7(>9;(6;(+%,'(',,<(;%(<,(?:%',(,&%9$8
;%("6'5(#;(:,#';("#6'6&$(;8,(E9,';6%&F(/8,(%&:D(",4%'6;%"D(%)('9?8
#(>6%:%$6?#:(<,<%"D(6'7(%)(?%9"',7(;8,($,&,;6?(?%+,F

d(-&(;8,(U,';F(/8,",(#",7(%)(?%9"',7(<#&D(6&'6$8;)9:(#&+
4"%)%9&+(<D;8'(%&(;8,(%"6$6&(%)(<#&56&+(6&(%;8,"(89<#&
?9:;9",'F

PD()6);DN)6M,(<6::6%&(D,#"'(#$%7(6&(;8,(*%?,&,(A,"6%+7(;8,",(=#'
#($",#;(4"%:6),"#;6%&(%)(4"6<#;,'7(>%;8(#">%",#:(#&+
$"%9&+N+=,::6&$7(#&+(;8,(,M%:9;6%&(%)(#(:6&,(%)(+,'?,&;(;8#;
,M,&;9#::D(:,+(;%(G#&F(L%<,(4"6<#;,'(%)(;8%',(;6<,'N,F($F7(#
4"%'6<6#&(?#::,+(/,;%&69'N,R86>6;(6&(;8,6"(,&+%?"#&6#:(?#';'(;6&D
&9>'(=8,",(;8,()"%&;#:(:%>,'(=6::(:#;,"(,M%:M,F(/8,()6"';()%''6:
,M6+,&?,(%)(#(>"#6&(%)(,M,&(M#$9,:D(89<#&(#'4,?;'(+#;,'(>#?5
;%(,6$8;,,&(<6::6%&(D,#"'(;%(;8,(G6%?,&,(A,"6%+7(=8,&(#&
#&;8"%4%6+(#4,(=86?8(=,(?#::(A"%?%&'9:(%"(!"D%N46;8,?9'
#44,#",+F(A"%?%&'9:(=#'(E9#+"94,+#:(#&+(#">%",#:7(4"%>#>:D
#&?,';"#:(;%(;8,(4",',&;($",#;(#4,'(#&+(4%''6>:D(;%(H%<%
'#46,&'(#'(=,::F(H,(6'("%9$8:D(=8#;(=,(<6$8;(,R4,?;()%"(#
?%<<%&(#&?,';%"(%)(#4,'(#&+(<,&F(^H6'(#44"%R6<#;,
?%&;,<4%"#"D7(0#<#46;8,?9'7(6'(;8%9$8;(>D('%<,
#&;8"%4%:%$6';'(;%(>,(#&?,';"#:(;%(<#&F_(A"%?%&'9:g'(,&+%?"#&6#:
?#';'('8%=(",?%$&6O#>:,()"%&;#:(:%>,'(>9;(<9?8(:,''(=,::
+,M,:%4,+(&,%?%";6?#:(?%&M%:9;6%&'(;8#&(#",(+6'4:#D,+(>D(#4,'
#&+(<,&(;%+#DF(H6'(?"#&6#:(M%:9<,(=#'(';6::(M,"D('<#::F

fb
/8,(>6$$,';(>9"';(%)(,M%:9;6%&(6&(?"#&6#:(M%:9<,(%??9"",+(6&(;8,
:#';(),=(<6::6%&(D,#"'F

A#;6,&;'(=8%(8#M,(8#+(4",)"%&;#:(:%>%;%<6,'(8#M,(>,,&
+,'?"6>,+(#'(:%'6&$(#(]?%&;6&96&$(',&',(%)(',:)]N;8,(),,:6&$(;8#;
-(#<(#(4#";6?9:#"(6&+6M6+9#:(=6;8('%<,(?%&;"%:(%M,"(<D(:6),(#&+
?6"?9<';#&?,'7(;8,(]<,N&,''](%)(<,7(;8,(9&6E9,&,''(%)(;8,
6&+6M6+9#:F(-;(6'(4%''6>:,(;8#;(:%=,"(<#<<#:'(#&+(",4;6:,'7
:#?56&$(,R;,&'6M,()"%&;#:(:%>,'7(#:'%(:#?5(;86'(',&',7(",#:(%"
6::9'%"D7(%)(6&+6M6+9#:6;D(#&+()",,(=6::7(=86?8(6'('%
?8#"#?;,"6';6?#::D(89<#&(#&+(=86?8(<#D()6"';(8#M,(>,,&
,R4,"6,&?,+(+6<:D(>D(A"%?%&'9:F

/8,(+,M,:%4<,&;(%)(89<#&(?9:;9",(#&+(;8,(,M%:9;6%&(%)(;8%',
48D'6%:%$6?#:(;"#6;'(=,(?%&'6+,"(?8#"#?;,"6';6?#::D(89<#&(<%';
:65,:D(4"%?,,+,+N#:<%';(:6;,"#::DN8#&+(6&(8#&+X(;8,(>,;;,"(%9"
$,&,;6?(4",+6'4%'6;6%&'()%"("9&&6&$7(?%<<9&6?#;6&$(#&+
<#&649:#;6&$7(;8,(<%",(:65,:D(=,(=,",(;%(+,M,:%4(,)),?;6M,
;%%:'(#&+(89&;6&$(';"#;,$6,'S(;8,(<%",(#+#4;6M,(%9"(;%%:'(#&+
89&;6&$(';"#;,$6,'7(;8,(<%",(:65,:D(6;(=#'(;8#;(%9"(?8#"#?;,"6';6?
$,&,;6?(,&+%=<,&;'(=%9:+('9"M6M,F(/8,(C<,"6?#&
#&;8"%4%:%$6';(L8,"=%%+(U#'8N>9"&(%)(;8,(2&6M,"'6;D(%)
3#:6)%"&6#7(#(4"6&?64#:(,R4%&,&;(%)(;86'(M6,=7(8#'('#6+X(]G9?8(%)
=8#;(=,(;86&5(%)(#'(89<#&(,M%:M,+(:%&$(#);,"(;8,(9',(%)(;%%:'F
-;(6'(4"%>#>:D(<%",(?%"",?;(;%(;86&5(%)(<9?8(%)(%9"(';"9?;9",(#'
;8,(",'9:;(%)(?9:;9",(;8#&(6;(6'(;%(;86&5(%)(<,&(#&#;%<6?#::D(:65,
%9"',:M,'(':%=:D(+,M,:%46&$(?9:;9",F]

L%<,(';9+,&;'(%)(89<#&(,M%:9;6%&(>,:6,M,(;8#;(4#";(%)(;8,
',:,?;6%&(4",''9",(>,86&+(;86'(,&%"<%9'(>9"';(6&(>"#6&
,M%:9;6%&(=#'(6&(;8,(<%;%"(?%";,R(#&+(&%;(#;()6"';(6&(;8,
&,%?%";6?#:(",$6%&'(",'4%&'6>:,()%"(?%$&6;6M,(4"%?,'','F(/8,D
';",''(;8,(",<#"5#>:,(#>6:6;6,'(%)(89<#&(>,6&$'(;%(;8"%=
4"%`,?;6:,'(#??9"#;,:D7(;%(<%M,($"#?,)9::D7(#&+N#'(B%96'(B,#5,D
,&`%D,+(6::9';"#;6&$(>D(+6",?;(+,<%&';"#;6%&N&#5,+7(;%(%9;"9&
#&+(6<<%>6:6O,($#<,(#&6<#:'F(L9?8('4%";'(#'(>#',>#::7()%%;>#::7
=",';:6&$7(;"#?5(#&+()6,:+(,M,&;'7(?8,''(#&+(=#")#",(<#D(%=,
;8,6"(#44,#:N#'(=,::(#'(;8,6"(:#"$,:D(<#:,()%::%=6&$N;%(;8,',
4",=6",+(89&;6&$('56::'7(=86?8(',"M,+(9'('%(=,::()%"(<6::6%&'(%)

ff
D,#"'(%)(89<#&(86';%"D(>9;(=86?8()6&+(+6<6&6'8,+(4"#?;6?#:
#44:6?#;6%&'(;%+#DF

*)),?;6M,(+,),&',(#$#6&';(4",+#;%"'(#&+(;8,(89&;6&$(%)($#<,
=,",(>%;8(&,?,''#"6:D(?%%4,"#;6M,(M,&;9",'F(/8,(,&M6"%&<,&;
6&(=86?8(<#&(,M%:M,+N6&(C)"6?#(6&(A:6%?,&,(#&+(A:,6';%?,&,
;6<,'N=#'(6&8#>6;,+(>D(#(M#"6,;D(%)(;,""6)D6&$(<#<<#:6#&
?#"&6M%",'7(4,"8#4'(;8,(<%';(#=,'%<,(%)(=86?8(=,",(4#?5'(%)
:#"$,(8D,&#'F(-;(=#'(M,"D(+6))6?9:;(;%(+,),&+(%&,',:)(#:%&,
#$#6&';('9?8(#(4#?5F(L;#:56&$(:#"$,(#&6<#:'7(,6;8,"('%:6;#"D
>,#';'(%"(8,"+'7(6'(+#&$,"%9'S('%<,($,';9"#:(?%<<9&6?#;6%&
#<%&$(;8,(89&;,"'(6'(&,?,''#"DF(U,(5&%=7()%"(,R#<4:,7(;8#;
'8%";:D(#);,"(<#&(,&;,",+(.%";8(C<,"6?#7(M6#(;8,(P,"6&$(L;"#6;'
6&(;8,(A:,6';%?,&,(A,"6%+7(;8,",(=,",(<#''6M,(#&+('4,?;#?9:#"
56::'(%)(:#"$,($#<,(#&6<#:'7(%);,&(>D(+"6M6&$(;8,<(%M,"(?:6))'F(-&
%"+,"(;%(';#:5(#('6&$:,(=6:+,>,,';(%"(';#<4,+,(#(8,"+(%)
#&;,:%4,(;%(;8,6"(+,#;8'7(89&;,"'(<9';('8#",(#;(:,#';(#(<6&6<#:
'D<>%:6?(:#&$9#$,F(C+#<g'()6"';(#?;(=#'(:6&$96';6?N:%&$(>,)%",
;8,(Q#::(#&+(,M,&(>,)%",(;8,(?",#;6%&(%)(*M,X(8,(&#<,+(;8,
#&6<#:'(%)(*+,&F

L%<,()%"<'(%)($,';9"#:('D<>%:6?(:#&$9#$,7(%)(?%9"',7
%"6$6&#;,+(<9?8(,#":6,"(;8#&(;8,(4"6<#;,'S(?#&6&,'(#&+(<#&D
%;8,"(<#<<#:'(=8%()%"<(+%<6&#&?,(86,"#"?86,'(<#D(6&+6?#;,
'9><6''6%&(>D(#M,";6&$(;8,(,D,'(%"(>#"6&$(;8,(&,?5F(U,(8#M,
<,&;6%&,+(%;8,"('9><6''6M,("6;9#:'(6&(4"6<#;,'('9?8(#'
<#?#E9,'F(/8,(89<#&($",,;6&$'(%)(>%=7(&%+(#&+(?9";'D(<#D
8#M,(#('6<6:#"(%"6$6&F(G#&D(#&6<#:'(',,<(;%('6$&#:()"6,&+'864(>D
>6;6&$7(>9;(&%;(8#"+(,&%9$8(;%(89";7(#'(6)(;%('#D7(]-(#<(#>:,(;%
>6;,(D%9(>9;(?8%%',(&%;(;%(+%('%F](/8,("#6'6&$(%)(;8,("6$8;(8#&+
#'(#('D<>%:(%)($",,;6&$(#<%&$(89<#&'(8#'(4",?6',:D(;8,('#<,
'6$&6)6?#&?,X(]-(?%9:+(#;;#?5(D%9(=6;8(#(=,#4%&(>9;(?8%%',(&%;
;%(=6,:+(%&,F](d

d(/8,(94"#6',+(#&+(%4,&("6$8;(8#&+(6'('%<,;6<,'(+,'?"6>,+(#'
#(]9&6M,"'#:]('D<>%:(%)($%%+(=6::F(-;(#;(:,#';("9&'(;8,($#<9;
)"%<(A"#,;%"6#&(e9#"+'(;%(L6%9R('?%9;'F(L6&?,(;8%',(=6,:+6&$
=,#4%&'(#",7(6&(89<#&(86';%"D7(?8#"#?;,"6';6?#::D(<#:,7(6;
'8%9:+(>,(#&+(6'(#(?8#"#?;,"6';6?#::D(<#:,($",,;6&$F(Q%"(;8,',
",#'%&'7(#<%&$(%;8,"'7(;8,(4:#E9,(#>%#"+(;8,(A6%&,,"(TW

fa
'4#?,?"#);N;8,()6"';(#";6)#?;(%)(<#&56&+(;%(:,#M,(;8,('%:#"
'D';,<N6&?:9+,+(#(+"#=6&$(%)(#(&#5,+(<#&(#&+(=%<#&7(;8,
<#&g'(8#&+("#6',+7(4#:<(%9;7(6&($",,;6&$(^',,(6::9';"#;6%&(%&(4F
Ycf_F(-&(/8,(3%'<6?(3%&&,?;6%&(-(+,'?"6>,(;8,(89<#&'(%&(;8,
4:#E9,(#'(;8,(<%';(%>'?9",(4#";(%)(;8,(<,''#$,F(.,M,";8,:,''7
-(=%&+,"F(3%9:+(;8,('6$&6)6?#&?,(%)(;8,(<#&g'($,';9",(>,
+,+9?,+(>D(>,6&$'(=6;8(M,"D(+6)),",&;(>6%:%$6,'@

*R;,&'6M,($,';9"#:(:#&$9#$,'(=,",(,<4:%D,+(>D(<#&D(89<#&
89&;6&$(?%<<9&6;6,'N)%"(,R#<4:,7(#<%&$(;8,(A:#6&'(-&+6#&'7
=8%(#:'%(9',+('<%5,('6$&#:'F(C??%"+6&$(;%(H%<,"7(;8,(M6?;%"D
%)(;8,(H,::,&,'(#;(/"%D(=#'(?%&M,D,+()"%<(-:69<(;%(e",,?,7(#
+6';#&?,(%)('%<,(89&+",+(<6:,'7(>D(#(',"6,'(%)('6$&#:()6",'F(/8,
+#;,(=#'(#>%9;(TTWW(PF3F(H%=,M,"7(>%;8(;8,(",4,";%6",(%)(6+,#'
#&+(;8,('4,,+(=6;8(=86?8(6+,#'(?#&(>,(?%<<9&6?#;,+(6&
$,';9"#:(%"('6$&(:#&$9#$,'(6'(:6<6;,+F(!#"=6&(4%6&;,+(%9;(;8#;
$,';9"#:(:#&$9#$,'(?#&&%;(9',)9::D(>,(,<4:%D,+(=86:,(%9"
8#&+'(#",(%;8,"=6',(%??946,+7(%"(#;(&6$8;7(%"(=8,&(%9"(M6,=(%)
;8,(8#&+'(6'(%>';"9?;,+F(1&,(?#&(6<#$6&,($,';9"#:(:#&$9#$,'
>,6&$($"#+9#::D('944:,<,&;,+(#&+(;8,&('944:#&;,+(>D(M,">#:
:#&$9#$,'(N=86?8(%"6$6&#::D(<#D(8#M,(>,,&(%&%<#;%4%,6?(^;8#;
6'7(6<6;#;6M,(6&('%9&+(%)(;8,(%>`,?;(%"(#?;6%&(>,6&$(+,'?"6>,+_F
386:+",&(?#::(+%$'(]>%=N=%='F](-&(#:<%';(#::(89<#&(:#&$9#$,'
;8,(?86:+g'(=%"+()%"(]<%;8,"](',,<'(6<6;#;6M,(%)(;8,('%9&+
<#+,(6&#+M,";,&;:D(=86:,(),,+6&$(#;(;8,(>",#';F(P9;(#::(%)(;86'
?%9:+(&%;(8#M,(%??9"",+(=6;8%9;(#(",';"9?;9"6&$(%)(;8,(>"#6&F

U,(5&%=()"%<('5,:,;#:(",<#6&'(#''%?6#;,+(=6;8(,#":D(<#&(;8#;
%9"(#&?,';%"'(=,",(89&;,"'F(U,(5&%=(,&%9$8(#>%9;(;8,(89&;6&$
%)(:#"$,(#&6<#:'(;%(",#:6O,(;8#;('%<,(:#&$9#$,(6'(",E96",+()%"
?%%4,"#;6M,(';#:56&$F(P9;(6+,#'(%&(;8,(#&;6E96;D(%)(:#&$9#$,
8#M,(",?,6M,+(#(<,#'9",(%)(9&,R4,?;,+('944%";()"%<(+,;#6:,+
';9+6,'(%)()%''6:(,&+%?#';'(<#+,(>D(;8,(C<,"6?#&
#&;8"%4%:%$6';(0#:48(BF(H%::%=#D(%)(3%:9<>6#(2&6M,"'6;DF
H%::%=#Dg'(?#';'(%)()%''6:('59::'(#",(<#+,(%)("9>>,"(:#;,R7(#&+
8,(8#'(#;;,<4;,+(;%(+,+9?,('%<,;86&$(%)(;8,(+,;#6:,+
<%"48%:%$D(%)(;8,(>"#6&()"%<(;8,('8#4,(%)(;8,('59::F(/8,
#?;6M6;D(6'(#(56&+(%)(48",&%:%$D7(>9;(%&(;8,(6&'6+,("#;8,"(;8#&(%&
;8,(%9;'6+,(#&+(<9?8(<%",('%9&+:D(>#',+F(H%::%=#D(>,:6,M,'
;8#;(#(",$6%&(%)(;8,(>"#6&(5&%=&(#'(P"%?#g'(#",#7(%&,(%)(',M,"#:

fh
?,&;,"'(",E96",+()%"('4,,?87(?#&(>,(+,;,?;,+(6&()%''6:
,&+%?#';'S(#&+(;8#;(8,(8#'()%9&+(,M6+,&?,()%"(P"%?#g'(#",#(6&(#
H%<%(8#>6:6'()%''6:(<%",(;8#&(;=%(<6::6%&(D,#"'(%:+F(/8,
+,M,:%4<,&;(%)(:#&$9#$,7(;%%:'(#&+(?9:;9",(<#D(8#M,(%??9"",+
"%9$8:D('6<9:;#&,%9':DF

/8,",(=,",7(6&?6+,&;#::D7(<#&:65,(?",#;9",'(=8%(:6M,+(%&:D(#
),=(;,&'(%)(;8%9'#&+'(%)(D,#"'(#$%N;8,(.,#&+,";8#:'(#&+(;8,
3"%NG#$&%&'NN=8%(8#+(#M,"#$,(>"#6&(M%:9<,'(%)(#>%9;(T7bWW
?9>6?(?,&;6<,;,"'S(;8#;(6'7(<%",(;8#&(#(89&+",+(?9>6?
?,&;6<,;,"'(:#"$,"(;8#&(%9"'F(G%';(#&;8"%4%:%$6';'($9,''(;8#;
=,(#",(&%;(+,'?,&+,+()"%<(.,#&+,";8#:'(#&+(<#D(&%;(>,()"%<
3"%NG#$&%&'(,6;8,"F(P9;(;8,6"(,R6';,&?,("#6','(;8,(E9,';6%&X
U8%(=,",(;8%',(),::%='@(U8#;(=,",(;8,6"(#??%<4:6'8<,&;'@
3"%NG#$&%&(=#'(#:'%(M,"D(:#"$,X('%<,('4,?6<,&'(=,",(=,::
%M,"('6R(),,;(;#::F(U,(8#M,(',,&(;8#;(#(+6)),",&?,(6&(>"#6&
M%:9<,(%)(TWW(?9>6?(?,&;6<,;,"'(+%,'(&%;(',,<(;%(>,
'6$&6)6?#&;7(#&+(4,"8#4'(;8,D(=,",(&%('<#";,"(;8#&(=,(%"(%9"
6<<,+6#;,(#&?,';%"'S(%"(4,"8#4'(;8,D(8#+(%;8,"7(';6::(9&5&%=&7
48D'6?#:(6<4,+6<,&;'F(.,#&+,";8#:(=#'(#(:%=>"%=7(>9;(86'(8,#+
=#'(:%&$7()"%&;(;%(>#?5S(6&(?%&;"#';7(%9"(8,#+'(#",(&%;('%(+,,47
>9;(;8,D(#",(;#::,"X(=,(?#&(?,";#6&:D(>,(+,'?"6>,+(#'(86$8>"%='F
G6$8;(;8,(>"#6&($"%=;8(,R86>6;,+(>D(.,#&+,";8#:(<#&(8#M,
>,,&(6&(;8,(4#"6,;#:(#&+(%??646;#:(:%>,'7(#&+(;8,(<#`%"(>"#6&
$"%=;8(%)(%9"(#&?,';%"'(6&(;8,()"%&;#:(#&+(;,<4%"#:(:%>,'@(-'(6;
4%''6>:,(;8#;(;8,(.,#&+,";8#:'(+,M,:%4,+(E96;,(#(+6)),",&;
<,&;#:6;D(;8#&(%9"'7(#&+(;8#;(%9"('94,"6%"(:6&$96';6?(#&+
#&;6?64#;%"D('56::'(,&#>:,+(9'(;%(+,';"%D(9;;,":D(%9"(89'5D(#&+
6&;,::6$,&;(?%9'6&'@

L%()#"(#'(=,(5&%=7(&%;86&$(:65,(89<#&(6&;,::6$,&?,(#44,#",+(%&
*#";8(>,)%",(#(),=(<6::6%&7(%"(#;(:,#';(#(),=(;,&'(%)(<6::6%&'(%)
D,#"'(#$%F(P9;(;8#;(6'(#(),=(;,&;8'(%)(#(4,"?,&;(%)(;8,(#$,(%)
*#";87(M,"D(:#;,(6&(!,?,<>,"(6&(;8,(3%'<6?(3#:,&+#"F(U8D(+6+(6;
#44,#"('%(:#;,@(/8,(#&'=,"(?:,#":D(',,<'(;%(>,(;8#;('%<,
4#";6?9:#"(4"%4,";D(%)(86$8,"(4"6<#;,(#&+(?,;#?,#&(>"#6&'(+6+
&%;(,M%:M,(9&;6:(",?,&;:DF(P9;(=8#;(6'(;8#;(4"%4,";D@(-(?#&
'9$$,';(#;(:,#';()%9"(4%''6>6:6;6,'7(#::(%)(=86?8(8#M,(#:",#+D
>,,&(<,&;6%&,+7(,6;8,"(,R4:6?6;:D(%"(6<4:6?6;:DX(^T_(.,M,"(>,)%",
=#'(;8,",(#(>"#6&('%(<#''6M,S(^Y_(.,M,"(>,)%",(=#'(;8,",(#

fZ
>"#6&(=6;8('%(:#"$,(#("#;6%(%)(>"#6&(;%(>%+D(<#''S(^V_(.,M,"
>,)%",(=#'(;8,",(#(>"#6&(=6;8(?,";#6&()9&?;6%&#:(9&6;'(^:#"$,
)"%&;#:(#&+(;,<4%"#:(:%>,'7()%"(,R#<4:,_S(^c_(.,M,"(>,)%",(=#'
;8,",(#(>"#6&(=6;8('%(<#&D(&,9"#:(?%&&,?;6%&'(%"('D&#4','F
^/8,",(',,<'(;%(>,('%<,(,M6+,&?,(;8#;(#:%&$(=6;8(;8,
,M%:9;6%&(%)(;8,(89<#&(>"#6&(;8,",(<#D(8#M,(>,,&(#&(6&?",#',
6&(;8,(&9<>,"(%)(?%&&,?;6%&'(%)(,#?8(&,9"%&(=6;8(6;'(&,6$8>%"7
#&+(6&(;8,(&9<>,"(%)(<6?"%?6"?96;'F_(*R4:#&#;6%&'(T7(Y(#&+(c
#"$9,(;8#;(#(E9#&;6;#;6M,(?8#&$,(4"%+9?,+(#(E9#:6;#;6M,(?8#&$,F
-;(+%,'(&%;(',,<(;%(<,(;8#;(#(?"6'4(?8%6?,(#<%&$(;8,',()%9"
#:;,"&#;6M,'(?#&(>,(<#+,(#;(;8,(4",',&;(;6<,7(#&+(-('9'4,?;(;8#;
;8,(;"9;8(=6::(#?;9#::D(,<>"#?,(<%';(%"(#::(%)(;8,',(4%''6>6:6;6,'F

/8,(P"6;6'8(';9+,&;(%)(89<#&(,M%:9;6%&(L6"(C";89"([,6;8
4"%4%',+(=8#;(8,(?#::,+(#(]09>6?%&](6&(;8,(,M%:9;6%&(%)(;8,
89<#&(>"#6&F(H,(;8%9$8;(;8#;(#;(;8,(>"#6&(M%:9<,(%)(H%<%
,",?;9'N#>%9;(abW(?9>6?(?,&;6<,;,"'7("%9$8:D(;8,(,&$6&,
+6'4:#?,<,&;(%)(#()#';(<%;%"?D?:,(N;8,(9&6E9,:D(89<#&(E9#:6;6,'
>,$6&(;%(,<,"$,F(/8,(]09>6?%&](<6$8;7(%)(?%9"',7(8#M,(>,,&
<%",(E9#:6;#;6M,(;8#&(E9#&;6;#;6M,F(A,"8#4'(;8,(+6)),",&?,(=#'
&%;('%(<9?8(#&(#++6;6%&#:(YWW(?9>6?(?,&;6<,;,"'(#'('%<,
'4,?6)6?(+,M,:%4<,&;'(6&(;8,()"%&;#:7(;,<4%"#:(#&+(4#"6,;#:
:%>,'(=86?8(4"%M6+,+(9'(=6;8(#&#:D;6?#:(#>6:6;D7()%",'6$8;(#&+
#&R6,;DF

U86:,(=,(?#&(+,>#;,(=8#;(;8,(]09>6?%&](?%"",'4%&+'(;%7(;8,
6+,#(%)('%<,('%";(%)(09>6?%&(6'(&%;(=6;8%9;(M#:9,F(P9;(6)(;8,",(6'
#(09>6?%&(#&D=8,",(&,#"(abW(?9>6?(?,&;6<,;,"'7(=86:,
+6)),",&?,'(%)(;8,(%"+,"(%)(TWW(%"(YWW(?9>6?(?,&;6<,;,"'(+%
&%;N#;(#&D("#;,(;%(9'N',,<(;%(>,(?%<4,::6&$(+,;,"<6&#&;'(%)
6&;,::6$,&?,7(<6$8;(&%;(;8,(#4,'(>,(6&;,::6$,&;(6&('%<,
",?%$&6O#>:D(89<#&(',&',@(C(;D46?#:(?86<4#&O,,(>"#6&(M%:9<,
6'(cWW(?9>6?(?,&;6<,;,"'S(#(:%=:#&+($%"6::#g'7(bWW(??F(/86'(6'(;8,
"#&$,(%)(>"#6&(M%:9<,'(#<%&$(;8,(;%%:N9'6&$($"#?6:,
C9';"#:%46;8,?6&,'F

/8,(K,=6'8(86';%"6#&(K%',489'(#++,+(;%(;8,(:6';(%)(4,&#:;6,'(#&+
;"6>9:#;6%&'(;8#;(#??%<4#&6,+(G#&56&+g'(,R6:,()"%<(*+,&(;8,
:%''(%)(%9"(#>6:6;D(;%(?%<<9&6?#;,(=6;8(;8,(#&6<#:'F
386<4#&O,,'(8#M,(:#"$,(>"#6&'S(;8,D(8#M,(=,::N+,M,:%4,+

aW
&,%?%";6?,'S(;8,D7(;%%7(8#M,(:%&$(?86:+8%%+'(#&+(,R;,&+,+
4,"6%+'(%)(4:#';6?6;DF(C",(;8,D(?#4#>:,(%)(#>';"#?;(;8%9$8;@(-)
;8,Dg",('<#";7(=8D(+%&g;(;8,D(;#:5@

b(/H*(CPL/0C3/-1.(1Q(P*CL/L

-(+,<#&+(%)(D%97(#&+(%)(;8,(=8%:,(=%":+7(;8#;(D%9('8%=(<,(#
$,&,"6?(?8#"#?;,"(FFF(>D(=86?8(;%(+6';6&$96'8(>,;=,,&(G#&(#&+
C4,F(-(<D',:)(<%';(#''9",+:D(5&%=(%)(&%&,F(-(=6'8('%<,>%+D
=%9:+(6&+6?#;,(%&,(;%(<,F(P9;7(6)(-(8#+(?#::,+(<#&(#&(#4,7(%"
M6?,(M,"'#7(-(=%9:+(8#M,()#::,&(9&+,"(;8,(>#&(%)(#::(;8,
,??:,'6#';6?'F(-;(<#D(>,(;8#;(#'(#(&#;9"#:6';(-(%9$8;(;%(8#M,(+%&,
'%F

3C0B(B-..C*2L7
;8,()%9&+,"(%)(;#R%&%<D7(Tahh

P*CL/L(CPL/0C3/(.1/7](#&&%9&?,+(K%8&(B%?5,7(,R4",''6&$
<#&56&+g'(4",M#6:6&$(%46&6%&(;8"%9$8%9;(",?%"+,+(86';%"DF
P6'8%4(P,"5,:,D(8#+7(8%=,M,"7(#('#"+%&6?(",`%6&+,"X(]-)(;8,()#?;
;8#;(>"9;,'(#>';"#?;(&%;(>,(<#+,(;8,(+6';6&$96'86&$(4"%4,";D(%)
;8#;('%";(%)(#&6<#:7(-(),#"(#($",#;(<#&D(%)(;8%',(;8#;(4#''()%"
<,&(<9';(>,(",?5%&,+(6&;%(;8,6"(&9<>,"F](C>';"#?;(;8%9$8;7(#;
:,#';(6&(6;'(<%",('9>;:,(M#"6,;6,'7(6'(&%;(#&(6&M#"6#>:,
#??%<4#&6<,&;(%)(,M,"D+#D(:6),()%"(;8,(#M,"#$,(<#&F(3%9:+
#>';"#?;(;8%9$8;(>,(#(<#;;,"(&%;(%)(56&+(>9;(%)(+,$",,@(3%9:+
%;8,"(#&6<#:'(>,(?#4#>:,(%)(#>';"#?;(;8%9$8;(>9;(<%",("#",:D(%"
:,''(+,,4:D(;8#&(89<#&'@

U,(8#M,(;8,(6<4",''6%&(;8#;(%;8,"(#&6<#:'(#",(&%;(M,"D
6&;,::6$,&;F(P9;(8#M,(=,(,R#<6&,+(;8,(4%''6>6:6;D(%)(#&6<#:
6&;,::6$,&?,(?#",)9::D(,&%9$87(%"s(#'(6&(Q"#&?%6'(/"9))#9;g'
4%6$&#&;()6:<(/8,(U6:+(386:+7(+%(=,('6<4:D(,E9#;,(;8,(#>',&?,
%)(%9"(';D:,(%)(,R4",''6%&(%)(6&;,::6$,&?,(=6;8(;8,(#>',&?,(%)
6&;,::6$,&?,@(-&(+6'?9''6&$(?%<<9&6?#;6%&(=6;8(;8,(#&6<#:'7(;8,
Q",&?8(486:%'%48,"(G%&;#6$&,(",<#"5,+7(]/8,(+,),?;(;8#;
86&+,"'(?%<<9&6?#;6%&(>,;=6R;(;8,<(#&+(9'7(=8D(<#D(6;(&%;(>,
%&(%9"(4#";(#'(=,::(#'(;8,6"'@](d

aT
d(19"(+6))6?9:;6,'(6&(9&+,"';#&+6&$(%"(,)),?;9#;6&$
?%<<9&6?#;6%&(=6;8(%;8,"(#&6<#:'(<#D(#"6',()"%<(%9"
",:9?;#&?,(;%($"#'4(9&)#<6:6#"(=#D'(%)(+,#:6&$(=6;8(;8,(=%":+F
Q%"(,R#<4:,7(+%:486&'(#&+(=8#:,'7(=8%(',&',(;8,6"('9""%9&+6&$
=6;8(#(E96;,(,:#>%"#;,('%&#"(,?8%(:%?#;6%&(;,?8&6E9,7(#:'%
?%<<9&6?#;,(=6;8(,#?8(%;8,"(>D(#("6?8(#&+(,:#>%"#;,(',;(%)
?:6?5'7(=8%',(6&;,"4",;#;6%&(8#'('%()#"(,:9+,+(89<#&(#;;,<4;'
;%(9&+,"';#&+(6;F(1&,(M,"D(?:,M,"(",?,&;('9$$,';6%&7(=86?8(6'
&%=(>,6&$(6&M,';6$#;,+7(6'(;8#;(+%:486&\+%:486&(?%<<9&6?#;6%&
6&M%:M,'(#(",N?",#;6%&(%)(;8,('%&#"(",):,?;6%&(?8#"#?;,"6';6?'(%)
;8,(%>`,?;'(>,6&$(+,'?"6>,+F(-&(;86'(M6,=(#(+%:486&(+%,'(&%;
]'#D](#('6&$:,(=%"+()%"('8#"57(>9;("#;8,"(;"#&'<6;'(#(',;(%)
?:6?5'(?%"",'4%&+6&$(;%(;8,(#9+6%(",):,?;6%&('4,?;"9<(6;(=%9:+
%>;#6&(%&(6""#+6#;6&$(#('8#"5(=6;8('%9&+(=#M,'(6&(;8,(+%:486&g'
'%&#"(<%+,F(/8,(>#'6?()%"<(%)(+%:486&\+%:486&(?%<<9&6?#;6%&
6&(;86'(M6,=(=%9:+(>,(#('%";(%)(#9"#:(%&%<#;%4%,6#7(#(+"#=6&$(%)
#9+6%()",E9,&?D(46?;9",'N(6&(;86'(?#',7(?#"6?#;9",'(%)(#('8#"5F
U,(?%9:+(=,::(6<#$6&,(;8,(,R;,&'6%&(%)('9?8(#(:#&$9#$,()"%<
?%&?",;,(;%(#>';"#?;(6+,#'7(#&+(>D(;8,(9',(%)(#(56&+(%)(#9+6%
",>9'N>%;8(#&#:%$%9'(;%(;8,(+,M,:%4<,&;(6&(G,'%4%;#<6#(#&+
*$D4;(%)(89<#&(="6;;,&(:#&$9#$,'F(-;(=%9:+(#:'%(>,(4%''6>:,7
;8,&7()%"(+%:486&'(;%(?",#;,(,R;"#%"+6&#"D(#9+6%(6<#$,'(%9;(%)
;8,6"(6<#$6&#;6%&'("#;8,"(;8#&(;8,6"(,R4,"6,&?,F

/8,",(6'7(%)(?%9"',7(#(?%&'6+,"#>:,(>%+D(%)(#&,?+%;#:
6&)%"<#;6%&('9$$,';6&$(?86<4#&O,,(6&;,::6$,&?,F(/8,()6"';
',"6%9'(';9+D(%)(;8,(>,8#M6%"(%)('6<6#&'N6&?:9+6&$(;8,6"
>,8#M6%"(6&(;8,(=6:+N=#'(<#+,(6&(-&+%&,'6#(>D(C:)",+(09'',:
U#::#?,7(;8,(?%N+6'?%M,","(%)(,M%:9;6%&(>D(&#;9"#:(',:,?;6%&F
U#::#?,(?%&?:9+,+(;8#;(#(>#>D(%"#&$9;#&(8,(';9+6,+(>,8#M,+
],R#?;:D(:65,(#(89<#&(?86:+(6&('6<6:#"(?6"?9<';#&?,'F](-&()#?;7
]%"#&$9;#&](6'(#(G#:#D(48"#',(<,#&6&$(&%;(#4,(>9;(]<#&(%)(;8,
=%%+'F](/,9>,"(",?%9&;,+(<#&D(';%"6,'(;%:+(>D(86'(4#",&;'7
46%&,,"(e,"<#&(,;8&%:%$6';'(=8%()%9&+,+(#&+(%4,"#;,+(;8,
)6"';(",',#"?8(';#;6%&(+,M%;,+(;%(?86<4#&O,,(>,8#M6%"(%&
/,&,"6),(6&(;8,(3#&#"D(-':#&+'(,#":D(6&(;8,(',?%&+(+,?#+,(%)
;86'(?,&;9"DF(-;(=#'(8,",(;8#;(U%:)$#&$([%8:,"(4,")%"<,+(86'
)#<%9'(';9+6,'(%)(L9:;#&7(#(?86<4#&O,,(]$,&69'](=8%(=#'(#>:,
;%(?%&&,?;(;=%("%+'(6&(%"+,"(;%(",#?8(#&(%;8,"=6',(6&#??,''6>:,

aY
>#&#&#F(1&(/,&,"6),7(#:'%7(;=%(?86<4#&O,,'(=,",(%>',"M,+
<#:;",#;6&$(#(?86?5,&X(1&,(=%9:+(,R;,&+('%<,()%%+(;%(;8,()%=:7
,&?%9"#$6&$(6;(;%(#44"%#?8S(=8,",94%&(;8,(%;8,"(=%9:+(;8"9';
#;(6;(=6;8(#(46,?,(%)(=6",(6;(8#+(?%&?,#:,+(>,86&+(6;'(>#?5F(/8,
?86?5,&(=%9:+(",;",#;(>9;('%%&(#::%=(6;',:)(;%(#44"%#?8(%&?,
#$#6&N#&+(>,(>,#;,&(%&?,(#$#6&F(H,",(6'(#()6&,(?%<>6&#;6%&(%)
>,8#M6%"('%<,;6<,'(;8%9$8;(;%(>,(9&6E9,:D(89<#&X(?%%4,"#;6%&7
4:#&&6&$(#()9;9",(?%9"',(%)(#?;6%&7(+,?,4;6%&(#&+(?"9,:;DF(-;(#:'%
",M,#:'(;8#;(?86?5,&'(8#M,(#(M,"D(:%=(?#4#?6;D()%"(#M%6+#&?,
:,#"&6&$F

2&;6:(#(),=(D,#"'(#$%7(;8,(<%';(,R;,&'6M,(#;;,<4;(;%
?%<<9&6?#;,(=6;8(?86<4#&O,,'(=,&;('%<,;86&$(:65,(;86'X(C
&,=>%"&(?86<4(=#'(;#5,&(6&;%(#(8%9',8%:+(=6;8(#(&,=>%"&
>#>D7(#&+(>%;8(=%9:+(>,("#6',+(;%$,;8,"N;=6&(?"6>'7(;=6&
>#''6&,;'7(;=6&(86$8(?8#6"'7(;=6&(4%;;6,'7(;=6&(+6#4,"(4#6:'7(;=6&
>#>D(4%=+,"(?#&'F(C;(;8,(,&+(%)(;8",,(D,#"'7(;8,(D%9&$(?86<4
8#+7(%)(?%9"',7()#"(%9;';"644,+(;8,(D%9&$(89<#&(6&(<#&9#:
+,R;,"6;D7("9&&6&$7(:,#46&$7(?:6<>6&$(#&+(%;8,"(<%;%"('56::'F(P9;
=86:,(;8,(?86:+(=#'(8#446:D(>#>>:6&$(#=#D7(;8,(?86<4(?%9:+('#D
%&:D7(#&+(=6;8(,&%"<%9'(+6))6?9:;D7(]G#<#7](]A#4#7](#&+(]?94F]
Q"%<(;86'(6;(=#'(=6+,:D(?%&?:9+,+(;8#;(6&(:#&$9#$,7(",#'%&6&$
#&+(%;8,"(86$8,"(<,&;#:()9&?;6%&'7(?86<4#&O,,'(=,",(%&:D
<6&6<#::D(?%<4,;,&;X(]P,#';'(#>';"#?;(&%;F]

P9;(6&(;86&56&$(%M,"(;8,',(,R4,"6<,&;'7(;=%(4'D?8%:%$6';'7
P,#;"6?,(#&+(0%>,";(e#"+&,"7(#;(;8,(2&6M,"'6;D(%)(.,M#+#
",#:6O,+(;8#;(;8,(48#"D&R(#&+(:#"D&R(%)(;8,(?86<4(#",(&%;('96;,+
)%"(89<#&('4,,?8F(H9<#&(>,6&$'(,R86>6;(#(?9"6%9'(<9:;64:,(9',
%)(;8,(<%9;8()%"(,#;6&$7(>",#;86&$(#&+(?%<<9&6?#;6&$F(-&
6&',?;'('9?8(#'(?"6?5,;'7(=86?8(?#::(;%(%&,(#&%;8,"(>D("9>>6&$
;8,6"(:,$'7(;8,',(;8",,()9&?;6%&'(#",(4,")%"<,+(>D(?%<4:,;,:D
',4#"#;,(%"$#&('D';,<'F(H9<#&('4%5,&(:#&$9#$,(',,<'(;%(>,
#+M,&;6;6%9'F(/8,(,R4:%6;#;6%&(%)(%"$#&('D';,<'(=6;8(%;8,"
)9&?;6%&'()%"(?%<<9&6?#;6%&(6&(89<#&'(6'(#:'%(6&+6?#;6M,(%)(;8,
?%<4#"#;6M,:D(",?,&;(,M%:9;6%&(%)(%9"(:6&$96';6?(#>6:6;6,'F(-;
<6$8;(>,7(;8,(e#"+&,"g'(",#'%&,+7(;8#;(?86<4#&O,,'(8#M,
'9>';#&;6#:(:#&$9#$,(#>6:6;6,'(=86?8(?%9:+(&%;(>,(,R4",'',+
>,?#9',(%)(;8,(:6<6;#;6%&'(%)(;8,6"(#&#;%<DF(U#'(;8,",(#&D

aV
'D<>%:6?(:#&$9#$,7(;8,D(#'5,+7(;8#;(?%9:+(,<4:%D(;8,(';",&$;8'
"#;8,"(;8#&(;8,(=,#5&,'','(%)(?86<4#&O,,(#&#;%<D@

/8,(e#"+&,"g'(86;(94%&(#(>"6::6#&;(6+,#X(/,#?8(#(?86<4#&O,,
C<,"6?#&('6$&(:#&$9#$,7(5&%=&(>D(6;'(#?"%&D<(C<,':#&7(#&+
'%<,;6<,'(#'(]C<,"6?#&(+,#)(#&+(+9<>(:#&$9#$,](^;8,(]+9<>]
",),"'7(%)(?%9"',7(;%(;8,(6&#>6:6;D(;%('4,#5(#&+(&%;(;%(#&D()#6:9",
%)(6&;,::6$,&?,_F(-;(6'(6+,#::D('96;,+(;%(;8,(6<<,&',(<#&9#:
+,R;,"6;D(%)(;8,(?86<4#&O,,F(-;(#:'%(<#D(8#M,(#::(;8,(?"9?6#:
+,'6$&(),#;9",'(%)(M,">#:(:#&$9#$,'F

/8,",(6'(>D(&%=(#(M#';(:6>"#"D(%)(+,'?"6>,+(#&+()6:<,+
?%&M,"'#;6%&'7(,<4:%D6&$(C<,':#&(#&+(%;8,"($,';9"#:
:#&$9#$,'7(=6;8(U#'8%,7(B9?D7(B#&#(#&+(%;8,"(?86<4#&O,,'
';9+6,+(>D(;8,(e#"+&,"'(#&+(%;8,"'F(.%;(%&:D(#",(;8,",
?86<4#&O,,'(=6;8(=%"56&$(M%?#>9:#"6,'(%)(TWW(;%(YWW(=%"+'S
;8,D(#",(#:'%(#>:,(;%(+6';6&$96'8(#<%&$(&%&;"6M6#::D(+6)),",&;
$"#<<#;6?#:(4#;;,"&'(#&+('D&;#R,'F(U8#;(6'(<%",7(;8,D(8#M,
>,,&(",<#"5#>:D(6&M,&;6M,(6&(;8,(?%&';"9?;6%&(%)(&,=(=%"+'
#&+(48"#','F

1&(',,6&$()%"(;8,()6"';(;6<,(#(+9?5(:#&+(E9#?56&$(6&(#(4%&+7
U#'8%,($,';9",+(]=#;,">6"+7](=86?8(6'(;8,('#<,(48"#',(9',+(6&
*&$:6'8(#&+(%;8,"(:#&$9#$,'7(>9;(=86?8(U#'8%,(6&M,&;,+()%"(;8,
%??#'6%&F(H#M6&$(&,M,"(',,&(#('48,"6?#:()"96;(%;8,"(;8#&(#&
#44:,7(>9;(5&%=6&$(;8,('6$&'()%"(;8,(4"6&?64#:(?%:%"'7(B#&#7(94%&
'4D6&$(#(;,?8&6?6#&(,#;6&$(#&(%"#&$,7('6$&,+(]%"#&$,(#44:,F]
C);,"(;#';6&$(#(=#;,"<,:%&7(B9?D(+,'?"6>,+(6;(#'(]?#&+D(+"6&5]
%"(]+"6&5()"96;7](=86?8(6'(,'',&;6#::D(;8,('#<,(=%"+()%"<(#'(;8,
*&$:6'8(]=#;,"(<,:%&F](P9;(#);,"('8,(8#+(>9"&,+(8,"(<%9;8(%&
8,"()6"';("#+6'87(B9?D()%",M,"(#);,"(+,'?"6>,+(;8,<(#'(]?"D(89";
)%%+F](C('<#::(+%::(4:#?,+(9&,R4,?;,+:D(6&(rJ#'N8%,g'(?94
,:6?6;,+(;8,(",'4%&',(]P#>D(6&(<D(+"6&5F](U8,&(U#'8%,('%6:,+7
4#";6?9:#":D(?:%;86&$(%"()9"&6;9",7('8,(=#'(;#9$8;(;8,('6$&
]+6";D7](=86?8('8,(;8,&(,R;"#4%:#;,+(#'(#($,&,"#:(;,"<(%)(#>9',F
C("8,'9'(<%&5,D(;8#;(,M%5,+(8,"(+6'4:,#'9",(=#'(",4,#;,+:D
'6$&,+(#;X(]!6";D(<%&5,D7(+6";D(<%&5,D7(+6";D(<%&5,DF]
1??#'6%&#::D(U#'8%,(=%9:+('#D(;86&$'(:65,(]!6";D(K#?57($6<<,
+"6&5F](B#&#7(6&(#(<%<,&;(%)(?",#;6M,(#&&%D#&?,7(?#::,+(8,"
;"#6&,"(]I%9($",,&('86;F](386<4#&O,,'(8#M,(6&M,&;,+('=,#"

ac
=%"+'F(U#'N8%,(#:'%(',,<'(;%(8#M,(#('%";(%)(',&',(%)(89<%"S
%&?,7(=8,&("6+6&$(%&(8,"(;"#6&,"g'('8%9:+,"'(#&+7(4,"8#4'
6&#+M,";,&;:D7(=,;;6&$(86<7('8,('6$&,+X(]Q9&&D7()9&&DF]

B9?D(=#'(,M,&;9#::D(#>:,(;%(+6';6&$96'8(?:,#":D(;8,(<,#&6&$'(%)
;8,(48"#','(]0%$,"(;6?5:,(B9?D](#&+(]B9?D(;6?5:,(0%$,"7](>%;8
%)(=86?8(#?;6M6;6,'('8,(,&`%D,+(=6;8($9';%F(B65,=6',7(B#&#
,R;"#4%:#;,+()"%<(]/6<($"%%<(B#&#](;%(]B#&#($"%%<(/6<F]
U#'8%,(=#'(%>',"M,+(]",#+6&$](#(<#$#O6&,N6F,F7(':%=:D(;9"&6&$
;8,(4#$,'7(4,,"6&$(6&;,&;:D(#;(;8,(46?;9",'(#&+(<#56&$7(;%(&%
%&,(6&(4#";6?9:#"7(#&(#44"%4"6#;,('6$&7('9?8(#'(]?#;](=8,&
M6,=6&$(#(48%;%$"#48(%)(#(;6$,"7(#&+(]+"6&5](=8,&(,R#<6&6&$(#
J,"<%9;8(#+M,";6',<,&;F(H#M6&$(:,#"&,+(;8,('6$&(]%4,&](=6;8(#
+%%"7(U#'8%,(,R;,&+,+(;8,(?%&?,4;(;%(#(>"6,)?#',F(L8,(#:'%
#;;,<4;,+(;%(?%&M,"',(6&(C<,':#&(=6;8(;8,(:#>%"#;%"D(?#;7(=8%
;9"&,+(%9;(;%(>,(;8,(%&:D(6::6;,"#;,(6&(;8,()#?6:6;DF(H#M6&$
#?E96",+(;86'(<#"M,:%9'(<,;8%+(%)(?%<<9&6?#;6%&7(U#'8%,(<#D
8#M,(>,,&('9"4"6',+(;8#;(;8,(?#;(=#'(&%;(#:'%(?%<4,;,&;(6&
C<,':#&F(C&+(=8,&(%&,(+#D(K#&,7(B9?Dg'()%';,"(<%;8,"7(:,);(;8,
:#>%"#;%"D7(B9?D($#O,+(#);,"(8,"(#&+('6$&,+X(]3"D(<,F(G,(?"DF]

P%D?,(0,&'>,"$,"(6'(#(',&'6;6M,(#&+($6);,+(",4%";,"()%"(;8,
.,=(I%"5(/6<,'(=8%',(4#",&;'(?%9:+(&,6;8,"('4,#5(&%"(8,#"7
#:;8%9$8(8,(6'(6&(>%;8(",'4,?;'(&%"<#:F(H6'()6"';(:#&$9#$,7
8%=,M,"7(=#'(C<,':#&F(H,(8#+(>,,&(#>"%#+(%&(#(*9"%4,#&
#''6$&<,&;()%"(;8,(/6<,'()%"('%<,(D,#"'F(1&(86'(",;9"&(;%(;8,
2&6;,+(L;#;,'7(%&,(%)(86'()6"';(+%<,';6?(+9;6,'(=#'(;%(:%%5(6&;%
;8,(e#"+&,"'g(,R4,"6<,&;'(=6;8(U#'8%,F(C);,"('%<,(:6;;:,(;6<,
=6;8(;8,(?86<4#&O,,7(0,&'>,"$,"(",4%";,+7(]L9++,&:D(-(",#:6O,+
-(=#'(?%&M,"'6&$(=6;8(#(<,<>,"(%)(#&%;8,"('4,?6,'(6&(<D
&#;6M,(;%&$9,F](/8,(9',(%)(;8,(=%"+(;%&$9,(6'7(%)(?%9"',7
)6$9"#;6M,X(6;(6'(>96:;(+,,4:D(6&;%(;8,(';"9?;9",(%)(;8,(:#&$9#$,(^#
=%"+(;8#;(#:'%(<,#&'(];%&$9,]_F(-&()#?;7(0,&'>,"$,"(=#'
?%&M,"'6&$(=6;8(#(<,<>,"(%)(#&%;8,"('4,?6,'(6&(86'(&#;6M,
]8#&+F](C&+(6;(6'(`9';(;86'(;"#&'6;6%&()"%<(;%&$9,(;%(8#&+(;8#;
8#'(4,"<6;;,+(89<#&'(;%(",$#6&(;8,(#>6:6;DN:%';7(#??%"+6&$(;%
K%',489'7('6&?,(*+,&N;%(?%<<9&6?#;,(=6;8(;8,(#&6<#:'F

-&(#++6;6%&(;%(C<,':#&7(?86<4#&O,,'(#&+(%;8,"(&%&89<#&
4"6<#;,'(#",(>,6&$(;#9$8;(#(M#"6,;D(%)(%;8,"($,';9"#:(:#&$9#$,'F

ab
C;(;8,(I,"5,'(0,$6%&#:(A"6<#;,(0,',#"?8(3,&;,"(6&(C;:#&;#7
e,%"$6#7(;8,D(#",(:,#"&6&$(#('4,?6)6?(?%<49;,"(:#&$9#$,(?#::,+
^>D(;8,(89<#&'7(&%;(;8,(?86<4'_(]I,"56'8F](/8,(?%<49;,"
",?%"+'(#::(%)(6;'('9>`,?;'g(?%&M,"'#;6%&'7(,M,&(+9"6&$(;8,(&6$8;
=8,&(&%(89<#&'(#",(6&(#;;,&+#&?,S(#&+()"%<(6;'(<6&6';"#;6%&'
=,(8#M,(:,#"&,+(;8#;(?86<4#&O,,'(4",),"(`#OO(;%("%?5(#&+
<%M6,'(#>%9;(?86<4#&O,,'(;%(<%M6,'(#>%9;(89<#&(>,6&$'F(B#&#
8#+7(>D(K#&9#"D(TZaf7(M6,=,+(/8,(!,M,:%4<,&;#:(C&#;%<D(%)
;8,(386<4#&O,,(Ycb(;6<,'F(L8,(=%9:+(9&+%9>;,+:D(#44",?6#;,(#
:#"$,"()6:<(:6>"#"DF

-&(;8,(6::9';"#;6%&(%&(4#$,(TYW7(B#&#(6'('8%=&(",E9,';6&$7(6&
4"%4,"(I,"56'87(#(46,?,(%)(>#&#&#()"%<(;8,(?%<49;,"F(/8,
'D&;#R(",E96",+(;%(",E9,';()"%<(;8,(?%<49;,"(=#;,"7(`96?,7
?8%?%:#;,(?#&+D7(<9'6?7(<%M6,'7(#&(%4,&(=6&+%=(#&+
?%<4#&6%&'864(#",(#:'%(+6'4:#D,+F(^/8,(<#?86&,(4"%M6+,'()%"
<#&D(%)(B#&#g'(&,,+'7(>9;(&%;(#::F(L%<,;6<,'7(6&(;8,(<6++:,(%)
;8,(&6$8;7('8,()%":%"&:D(;D4,'(%9;X(]A:,#',7(<#?86&,7(;6?5:,
B#&#F]_(G%",(,:#>%"#;,(",E9,';'(#&+(?%<<,&;#"6,'7(,#?8
",E96"6&$(#(?",#;6M,(9',(%)(#(',;($"#<<#;6?#:()%"<7(8#M,(>,,&
+,M,:%4,+('9>',E9,&;:DF

B#&#(<%&6;%"'(8,"(',&;,&?,'(%&(#(?%<49;,"(+6'4:#D7(#&+(,"#','
;8%',(=6;8($"#<<#;6?#:(,""%"'F(1&?,7(6&(;8,(<6+';(%)(B#&#g'
?%&';"9?;6%&(%)(#&(,:#>%"#;,(',&;,&?,7(8,"(;"#6&,"
<6'?86,M%9':D(#&+(",4,#;,+:D(6&;,"4%',+7()"%<(86'(',4#"#;,
?%<49;,"(?%&'%:,7(#(=%"+(;8#;(<#+,(&%&',&',(%)(B#&#g'
',&;,&?,F(L8,($#O,+(#;(8,"(?%<49;,"(+6'4:#D7('46,+(8,"(;"#6&,"
#;(86'(?%&'%:,7(#&+(?%<4%',+(#(&,=(',&;,&?,X(]A:,#',7(/6<7
:,#M,("%%<F](K9';(#'(U#'8%,(#&+(B9?D(?#&(>,('#6+(;%('4,#57
B#&#(?#&(>,('#6+(;%(="6;,F

C;(#&(,#":D(';#$,(6&(;8,(+,M,:%4<,&;(%)(U#'8%,g'(M,">#:
#>6:6;6,'7(K#?%>(P"%&%='56(#&+(#(?%::,#$9,(="%;,(#('?6,&;6)6?
4#4,"(+,&D6&$(;8,('6$&6)6?#&?,(%)(U#'8%,g'(9',(%)($,';9"#:
:#&$9#$,(>,?#9',7(6&(;8,(:6<6;,+(+#;#(#M#6:#>:,(;%(P"%&%='567
U#'8%,(&,6;8,"(6&E96",+(&%"(&,$#;,+F(P9;(:#;,"(%>',"M#;6%&'
'8%=,+(;8#;(U#'8%,(#&+(%;8,"(?86<4#&O,,'(=,",(4,"),?;:D
#>:,(>%;8(;%(#'5(E9,';6%&'(#&+(;%(+,&D(#'',";6%&'(49;(;%(;8,<F
C&+(6;(6'(+6))6?9:;(;%(',,(#&D('6$&6)6?#&;(+6)),",&?,(6&(E9#:6;D

af
>,;=,,&(?86<4#&O,,(9',(%)($,';9"#:(:#&$9#$,(#&+(;8,(9',(%)
%"+6&#"D('4,,?8(>D(?86:+",&(6&(#(<#&&,"(;8#;(=,(9&8,'6;#;6&$:D
#;;"6>9;,(;%(6&;,::6$,&?,F(-&(",#+6&$(P"%&%='56g'(4#4,"(-(?#&&%;
8,:4(>9;(),,:(;8#;(#(:6;;:,(46&?8(%)(89<#&(?8#9M6&6'<(8#'(?",4;
6&7(#&(,?8%(%)(B%?5,g'(]P,#';'(#>';"#?;(&%;F](-&(TZcZ7(;8,
C<,"6?#&(#&;8"%4%:%$6';(B,':6,(U86;,(';#;,+(9&,E96M%?#::DX
]H9<#&(>,8#M6%"(6'('D<>%:6?(>,8#M6%"S('D<>%:6?(>,8#M6%"(6'
89<#&(>,8#M6%"F](U8#;(=%9:+(U86;,(8#M,(<#+,(%)(U#'8%,7
B9?D(#&+(B#&#@

/8,',()6&+6&$'(%&(?86<4#&O,,(:#&$9#$,(#&+(6&;,::6$,&?,(8#M,
#&(6&;"6$96&$(>,#"6&$(%&(]09>6?%&](#"$9<,&;'N;8,(?%&;,&;6%&
;8#;(;8,(;%;#:(>"#6&(<#''7(%"(#;(:,#';(;8,("#;6%(%)(>"#6&(;%(>%+D
<#''7(6'(#(9',)9:(6&+,R(%)(6&;,::6$,&?,F(C$#6&';(;86'(4%6&;(%)
M6,=(6;(=#'(%&?,(#"$9,+(;8#;(;8,(:%=,"("#&$,(%)(;8,(>"#6&
<#'','(%)(<6?"%?,48#:6?(89<#&'(%M,":#4'(;8,(944,"("#&$,(%)
>"#6&(<#'','(%)(#+9:;(?86<4#&O,,'(#&+($%"6::#'S(#&+(D,;7(6;(=#'
'#6+7(<6?"%?,48#:6,'(8#M,('%<,7(#:;8%9$8(',M,",:D(6<4#6",+7
9',(%)(:#&$9#$,N=86:,(;8,(#4,'(8#M,(&%&,F(P9;(6&(%&:D
",:#;6M,:D(),=(?#','(#",(<6?"%?,48#:6,'(?#4#>:,(%)(89<#&
'4,,?8F(1&,(%)(;8,(>,';(>,8#M6%"#:(+,'?"64;6%&'(%)
<6?"%?,48#:6,'(=#'(="6;;,&(>D(#(09''6#&(48D'6?6#&7(LF
[%"'#5%M7(=8%(6&(ThZV(%>',"M,+(#(),<#:,(<6?"%?,48#:6?(&#<,+
]G#'8#F](L8,(?%9:+(9&+,"';#&+(#(M,"D(),=(E9,';6%&'(#&+
?%<<#&+'(#&+(?%9:+(%??#'6%&#::D(",<6&6'?,(%&(8,"(?86:+8%%+F
L8,('%<,;6<,'(?8#;;,",+(#=#D7(>9;(;8,",(=#'(:6;;:,(?%8,",&?,
;%(=8#;('8,(9;;,",+F([%"'#5%M(?8#"#?;,"6O,+(8,"('4,,?8(#'
8#M6&$(]#&(,R;",<,(4%M,";D(%)(:%$6?#:(#''%?6#;6%&'F](C'(#&
,R#<4:,(%)(8,"(4%%":D(#+#4;,+(#&+(#9;%<#;%&N:65,(6&;,::6$,&?,7
[%"'#5%M(+,'?"6>,+(8,"(,#;6&$(8#>6;'F(U8,&()%%+(=#'(4",',&;
%&(;8,(;#>:,7(G#'8#(=%9:+(,#;F(P9;(6)(;8,()%%+(=#'(#>"94;:D
",<%M,+(6&(;8,(<6+';(%)(#(<,#:7('8,(=%9:+(>,8#M,(#'(6)(;8,
<,#:(8#+(,&+,+7(;8#&56&$(;8%',(6&(?8#"$,(#&+(46%9':D(>:,''6&$
8,"',:)F(-)(;8,()%%+(=,",(",;9"&,+7('8,(=%9:+(,#;(#$#6&F(/8,
4#;;,"&(#44#",&;:D(=#'('9>`,?;(;%(6&+,)6&6;,(",4,;6;6%&F(GD(%=&
6<4",''6%&(6'(;8#;(B9?D(%"(U#'8%,(=%9:+(>,(#()#"(<%",
6&;,",';6&$(+6&&,"(?%<4#&6%&(;8#&(G#'8#7(#&+(;8#;(;8,
?%<4#"6'%&(%)(<6?"%?,48#:6?(89<#&'(=6;8(&%"<#:(#4,'(6'(&%;
6&?%&'6';,&;(=6;8('%<,('%";(%)(]09>6?%&](%)(6&;,::6$,&?,F(1)
?%9"',7(>%;8(;8,(E9#:6;D(#&+(;8,(E9#&;6;D(%)(&,9"#:(?%&&,?;6%&'

aa
#",(4"%>#>:D(M6;#:()%"(;8,('%";'(%)(6&;,::6$,&?,(;8#;(=,(?#&
,#'6:D(",?%$&6O,F

0,?,&;(,R4,"6<,&;'(4,")%"<,+(>D(K#<,'(!,='%&(%)(;8,
L;#&)%"+(2&6M,"'6;D(L?8%%:(%)(G,+6?6&,(#&+(86'(?%::,#$9,'($6M,
'%<,(48D'6%:%$6?#:('944%";(;%(;8,(6+,#(%)(:#&$9#$,(?,&;,"'(6&
;8,('6<6#&(&,%?%";,RN6&(4#";6?9:#"7(:65,(89<#&'7(6&(;8,(:,);
8,<6'48,",F(G%&5,D'(=,",(;"#6&,+(;%(4",''(#($",,&(:6$8;(=8,&
;8,D(8,#"+(#(86''(#&+(#(",+(:6$8;(=8,&(;8,D(8,#"+(#(;%&,F(L%<,
',?%&+'(#);,"(#('%9&+(=#'(8,#"+7(;8,(",+(%"(;8,($",,&(:6$8;
=%9:+(#44,#"(#;('%<,(9&4",+6?;#>:,(4%'6;6%&N(+6)),",&;(,#?8
;6<,N%&(;8,(?%&;"%:(4#&,:F(/8,(<%&5,D(4",'',+(;8,(#44"%4"6#;,
:6$8;(#&+7(6&(;8,(?#',(%)(#(?%"",?;($9,''7(=#'(",=#"+,+(=6;8(#
4,::,;(%)()%%+F(/8,&(;8,(;6<,(6&;,"M#:(>,;=,,&(8,#"6&$(;8,
'%9&+(#&+(',,6&$(;8,(:6$8;(=#'(6&?",#',+(94(;%(;=,&;D(',?%&+'F
-&(%"+,"(;%(>,(",=#"+,+7(;8,(<%&5,D'(&%=(8#+(;%(",<,<>,"()%"
;=,&;D(',?%&+'(=86?8(&%6',(;8,D(8#+(8,#"+F(!,=N'%&g'(;,#<
;8,&('9"$6?#::D(,R?6',+(4#";(%)(;8,('%N?#::,+(#9+6;%"D
#''%?6#;6%&(?%";,R()"%<(;8,(:,);(8,<6'48,",(%)(;8,(&,%?%";,R(6&
;8,(;,<4%"#:(:%>,F(U8,&(",;,';,+7(;8,(<%&5,D'(8#+(M,"D(4%%"
",?#::(%)(=86?8('%9&+(;8,D(=,",(;8,&(8,#"6&$F(C);,"(:,''(;8#&(#
',?%&+(;8,D(?%9:+(&%;(",?#::(=8,;8,"(6;(=#'(#(86''(%"(#(;%&,F
/8,(",<%M#:(%)(#(?%<4#"#>:,(4#";(%)(;8,(;,<4%"#:(:%>,()"%<(;8,
"6$8;(8,<6'48,",(4"%+9?,+(&%(,)),?;(=8#;,M,"(%&(;86'(;#'5F(]-;
:%%5'7](!,='%&(=#'(",4%";,+(;%('#D7(]#'(6)(=,(",<%M,+(;8,
';"9?;9",(6&(;8,(<%&5,D'g(>"#6&'(;8#;(<#D(>,(#&#:%$%9'(;%
89<#&(:#&$9#$,(?,&;,"'F](L6<6:#"(';9+6,'(%&("8,'9'(<%&5,D'7
>9;(9'6&$(M6'9#:("#;8,"(;8#&(#9+6;%"D(';6<9:67(',,<(;%('8%=(&%
,M6+,&?,(%)(#(+6)),",&?,(>,;=,,&(;8,(8,<6'48,",'(%)(;8,
&,%?%";,RF

P,?#9',(#+9:;(?86<4#&O,,'(#",($,&,"#::D(;8%9$8;(^#;(:,#';(>D
O%%5,,4,"'_(;%(>,(;%%(+#&$,"%9'(;%(",;#6&(6&(#(8%<,(%"(8%<,
,&M6"%&<,&;7(U#'8%,(#&+(%;8,"(M,">#::D(#??%<4:6'8,+
?86<4#&O,,'(8#M,(>,,&(6&M%:9&;#"6:D(]",;6",+]('%%&(#);,"
",#?86&$(49>,";DF(/89'(=,(+%(&%;(D,;(8#M,(,R4,"6,&?,(=6;8(;8,
#+9:;(:#&$9#$,(#>6:6;6,'(%)(<%&5,D'(#&+(#4,'F(1&,(%)(;8,(<%';
6&;"6$96&$(E9,';6%&'(6'(=8,;8,"(#(M,">#::D(#??%<4:6'8,+
?86<4#&O,,(<%;8,"(=6::(>,(#>:,(;%(?%<<9&6?#;,(:#&$9#$,(;%(8,"
%))'4"6&$F(-;(',,<'(M,"D(:65,:D(;8#;(;86'('8%9:+(>,(4%''6>:,(#&+

ah
;8#;(#(?%<<9&6;D(%)(?86<4'(6&6;6#::D(?%<4,;,&;(6&($,';9"#:
:#&$9#$,(?%9:+(4#''(+%=&(;8,(:#&$9#$,(;%('9>',E9,&;
$,&,"#;6%&'F

U8,",('9?8(?%<<9&6?#;6%&(6'(,'',&;6#:()%"('9"M6M#:7(;8,",(6'
#:",#+D('%<,(,M6+,&?,(;8#;(#4,'(;"#&'<6;(,R;"#$,&,;6?(%"
?9:;9"#:(6&)%"<#;6%&F(K#&,(e%%+#::(%>',"M,+(>#>D(?86<4'(6&(;8,
=6:+(,<9:#;6&$(;8,(>,8#M6%"(%)(;8,6"(<%;8,"'(#&+(:,#"&6&$(;8,
",#'%&#>:D(?%<4:,R(;#'5(%)()6&+6&$(#&(#44"%4"6#;,(;=6$(#&+
9'6&$(6;(;%(4"%+(6&;%(#(;,"<6;,g'(&,';('%(#'(;%(#?E96",('%<,(%)
;8,',(;#';D(+,:6?#?6,'F
!6)),",&?,'(6&($"%94(>,8#M6%"N'%<,;86&$(;8#;(6;(6'(M,"D
;,<4;6&$(;%(?#::(?9:;9"#:(+6)),",&?,'N8#M,(>,,&(",4%";,+(#<%&$
?86<4#&O,,'7(>#>%%&'7(<#?#E9,'(#&+(<#&D(%;8,"(4"6<#;,'F(Q%"
,R#<4:,7(%&,($"%94(%)(<%&5,D'(<#D(5&%=(8%=(;%(,#;(>6"+g'
,$$'7(=86:,(#&(#+`#?,&;(>#&+(%)(4",?6',:D(;8,('#<,('4,?6,'(<#D
&%;F(L9?8(4"6<#;,'(8#M,(#(),=(+%O,&('%9&+'(%"(?"6,'7(=86?8(#",
9',+()%"(6&;"#N$"%94(?%<<9&6?#;6%&7(=6;8('9?8(<,#&6&$'(#'
]Q:,,S(8,",(6'(#(4",+#;%"F](P9;(;8,('%9&+(%)(;8,(?"6,'(+6)),"'
'%<,=8#;()"%<($"%94(;%($"%94X(;8,",(#",(",$6%&#:(#??,&;'F
C&(,M,&(<%",(';"656&$(,R4,"6<,&;(=#'(4,")%"<,+(#??6+,&;#::D
>D(K#4#&,',(4"6<#;%:%$6';'(#;;,<4;6&$(;%(",:6,M,(#&
%M,"4%49:#;6%&(#&+(89&$,"(4"%>:,<(6&(#(?%<<9&6;D(%)
<#?#E9,'(%&(#&(6':#&+(6&('%9;8(K#4#&F(/8,(#&;8"%4%:%$6';'
;8",=($"#6&'(%)(=8,#;(%&(#('#&+D(>,#?8F(.%=(6;(6'(M,"D(+6))6?9:;
;%(',4#"#;,(=8,#;($"#6&'(%&,(>D(%&,()"%<('#&+($"#6&'S('9?8(#&
,))%";(<6$8;(,M,&(,R4,&+(<%",(,&,"$D(;8#&(,#;6&$(;8,(?%::,?;,+
=8,#;(=%9:+(4"%M6+,F(P9;(%&,(>"6::6#&;(<#?#E9,7(-<%7(4,"8#4'
>D(#??6+,&;(%"(%9;(%)(46E9,7(;8",=(8#&+)9:'(%)(;8,(<6R;9",(6&;%
;8,(=#;,"F(U8,#;():%#;'S('#&+('6&5'7(#()#?;(;8#;(-<%(?:,#":D
&%;,+F(/8"%9$8(;8,('6);6&$(4"%?,''('8,(=#'(#>:,(;%(,#;(=,::(^%&
#(+6,;(%)('%$$D(=8,#;7(;%(>,('9",_F(U86:,(%:+,"(<#?#E9,'7(',;(6&
;8,6"(=#D'7(6$&%",+(8,"7(;8,(D%9&$,"(<%&5,D'(#44,#",+(;%
$"#'4(;8,(6<4%";#&?,(%)(8,"(+6'?%M,"D7(#&+(6<6;#;,+(6;F(-&(;8,
&,R;($,&,"#;6%&7(;8,(4"#?;6?,(=#'(<%",(=6+,'4",#+S(;%+#D(#::
<#?#E9,'(%&(;8,(6':#&+(#",(?%<4,;,&;(#;(=#;,"('6);6&$7(#&
,R#<4:,(%)(#(?9:;9"#:(;"#+6;6%&(#<%&$(;8,(<%&5,D'F

*#":6,"(';9+6,'(%&(/#5#'#56D#<#7(#(<%9&;#6&(6&(&%";8,#';
[D9'89(6&8#>6;,+(>D(<#?#E9,'7('8%=(#('6<6:#"(4#;;,"&(6&

aZ
?9:;9"#:(,M%:9;6%&F(J6'6;%"'(;%(/#5#'#56D#<#(;8",=(?#"#<,:'
="#44,+(6&(4#4,"(;%(;8,(<%&5,D'N#(?%<<%&(4"#?;6?,(6&
K#4#&,',(O%%'7(>9;(%&,(;8,(/#5#'#56D#<#(<#?#E9,'(8#+(&,M,"
>,)%",(,&?%9&;,",+F(-&(;8,(?%9"',(%)(4:#D7('%<,(D%9&$
<%&5,D'(+6'?%M,",+(8%=(;%(9&="#4(;8,(?#"#<,:'(#&+(,#;(;8,<F
/8,(8#>6;(=#'(4#'',+(%&('9??,''6M,:D(;%(;8,6"(4:#D<#;,'7(;8,6"
<%;8,"'7(;8,(+%<6&#&;(<#:,'(^=8%(#<%&$(;8,(<#?#E9,'(#?;(#'
>#>D'6;;,"'()%"(;8,(M,"D(D%9&$_(#&+()6&#::D(;%(;8,('9>#+9:;
<#:,'7(=8%(=,",(#;(;8,()9";8,';('%?6#:(",<%M,()"%<(;8,(<%&5,D
?86:+",&F(/8,(4"%?,''(%)(#??9:;9"#;6%&(;%%5(<%",(;8#&(;8",,
D,#"'F(-&(&#;9"#:(4"6<#;,(?%<<9&6;6,'7(;8,(,R6';6&$(&%&M,">#:
?%<<9&6?#;6%&'(#",('%("6?8(;8#;(;8,",(6'(:6;;:,(4",''9",()%"(;8,
+,M,:%4<,&;(%)(#(<%",(,:#>%"#;,($,';9"#:(:#&$9#$,F(P9;(6)
$,';9"#:(:#&$9#$,(=,",(&,?,''#"D()%"(?86<4#&O,,('9"M6M#:7
;8,",(?#&(>,(:6;;:,(+%9>;(;8#;(6;(=%9:+(>,(;"#&'<6;;,+(?9:;9"#::D
+%=&(;8"%9$8(;8,($,&,"#;6%&'F

-(=%9:+(,R4,?;(#('6$&6)6?#&;(+,M,:%4<,&;(#&+(,:#>%"#;6%&(%)
:#&$9#$,(6&(%&:D(#(),=($,&,"#;6%&'(6)(#::(;8,(?86<4'(9&#>:,(;%
?%<<9&6?#;,(=,",(;%(+6,(%"()#6:(;%(",4"%+9?,F(P#'6?(*&$:6'8
?%"",'4%&+'(;%(#>%9;(T7WWW(=%"+'F(386<4#&O,,'(#",(#:",#+D
#??%<4:6'8,+(6&(M%?#>9:#"6,'(,R?,,+6&$(TW(4,"?,&;(%)(;8#;
&9<>,"F(C:;8%9$8(#(),=(D,#"'(#$%(6;(=%9:+(8#M,(',,<,+(;8,
<%';(6<4:#9'6>:,('?6,&?,()6?;6%&7(6;(+%,'(&%;(#44,#"(;%(<,(%9;(%)
;8,(E9,';6%&(;8#;7(#);,"(#(),=($,&,"#;6%&'(6&('9?8(#(M,">#:
?86<4#&O,,(?%<<9&6;D7(;8,",(<6$8;(,<,"$,(;8,(<,<%6"'(%)(;8,
&#;9"#:(86';%"D(#&+(<,&;#:(:6),(%)(#(?86<4#&O,,7(49>:6'8,+(6&
*&$:6'8(%"(K#4#&,',(^=6;8(4,"8#4'(#&(]#'(;%:+(;%](#);,"(;8,
>DN:6&,_F
-)(?86<4#&O,,'(8#M,(?%&'?6%9'&,''7(6)(;8,D(#",(?#4#>:,(%)
#>';"#?;6%&'7(+%(;8,D(&%;(8#M,(=8#;(9&;6:(&%=(8#'(>,,&
+,'?"6>,+(#'(]89<#&("6$8;']@(H%=('<#";(+%,'(#(?86<4#&O,,
8#M,(;%(>,(>,)%",(56::6&$(86<(?%&';6;9;,'(<9"+,"@(U8#;()9";8,"
4"%4,";6,'(<9';(8,('8%=(>,)%",(",:6$6%9'(<6''6%&#"6,'(<9';
?%&'6+,"(86<(=%";8D(%)(#;;,<4;'(#;(?%&M,"'6%&@

-(",?,&;:D(=#'(,'?%";,+(;8"%9$8(#(:#"$,(4"6<#;,(",',#"?8
:#>%"#;%"D(>D(6;'(+6",?;%"F(U,(#44"%#?8,+(#(:%&$(?%""6+%"(:6&,+7
;%(;8,(M#&6'86&$(4%6&;(#'(6&(#(4,"'4,?;6M,(+"#=6&$7(=6;8(?#$,+
?86<4#&O,,'F(/8,D(=,",(%&,7(;=%(%"(;8",,(;%(#(?#$,7(#&+(-(#<

hW
'9",(;8,(#??%<<%+#;6%&'(=,",(,R,<4:#"D(#'()#"(#'('9?8
6&';6;9;6%&'(^%"()%"(;8#;(<#;;,"(;"#+6;6%&#:(O%%'_($%F(C'(=,
#44"%#?8,+(;8,(&,#",';(?#$,7(6;'(;=%(6&<#;,'(>#",+(;8,6"(;,,;8
#&+(=6;8(6&?",+6>:,(#??9"#?D(:,;():D($",#;('=,,46&$(#"?'(%)
'46;;:,7()#6":D(+",&?86&$(;8,(:6$8;=,6$8;('96;(%)(;8,()#?6:6;Dg'
+6",?;%"F(/8,D(;8,&(9;;,",+(#(';#??#;%(%)('8%";('8"6,5'7(=86?8
,?8%,+(+%=&(;8,(?%""6+%"(;%(>,(",4,#;,+(#&+(#<4:6)6,+(>D(%;8,"
?#$,+(?86<4'7(=8%(8#+(?,";#6&:D(&%;(',,&(9'7(9&;6:(;8,(?%""6+%"
)#6":D('8%%5(=6;8(;8,('?",,?86&$(#&+(>#&$6&$(#&+("#;;:6&$(%)
>#"'F(/8,(+6",?;%"(6&)%"<,+(<,(;8#;(&%;(%&:D('46;(6'(#4;(;%():D(6&
'9?8(#('6;9#;6%&S(#&+(#;(86'(9"$6&$(=,(",;",#;,+F
-(=#'(4%=,")9::D(",<6&+,+(%)(;8%',(C<,"6?#&(<%;6%&(46?;9",'
%)(;8,(TZVW'(#&+(cW'7(',;(6&('%<,(M#';(#&+(+,89<#&6O,+(';#;,
%"(),+,"#:(4,&6;,&;6#"D7(6&(=86?8(;8,(4"6'%&,"'(>#&$,+(;8,6"
,#;6&$(9;,&'6:'(#$#6&';(;8,(>#"'(#;(;8,(#44,#"#&?,(%)(;8,
;D"#&&6?#:(=#"+,&F(/8,',(?86<4'(#",(8,#:;8D(#&+(=,::N),+F(-)
;8,D(#",(]%&:D](#&6<#:'7(6)(;8,D(#",(>,#';'(=86?8(#>';"#?;(&%;7
;8,&(<D(?%<4#"6'%&(6'(#(46,?,(%)(',&;6<,&;#:()%%:6'8&,''F(P9;
?86<4#&O,,'(?#&(#>';"#?;F(B65,(%;8,"(<#<<#:'7(;8,D(#",
?#4#>:,(%)(';"%&$(,<%;6%&'F(/8,D(8#M,(?,";#6&:D(?%<<6;;,+(&%
?"6<,'F(-(+%(&%;(?:#6<(;%(8#M,(;8,(#&'=,"7(>9;(-(;86&5(6;(6'
?,";#6&:D(=%";8=86:,(;%("#6',(;8,(E9,';6%&X(U8D7(,R#?;:D7(#::
%M,"(;8,(?6M6:6O,+(=%":+7(6&(M6";9#::D(,M,"D(<#`%"(?6;D7(#",(#4,'
6&(4"6'%&@

Q%"(#::(=,(5&%=7(%??#'6%&#:(M6#>:,(?"%'','(>,;=,,&(89<#&'
#&+(?86<4#&O,,'(#",(4%''6>:,Fd(/8,(&#;9"#:(,R4,"6<,&;(<9';
8#M,(>,,&(;"6,+(M,"D(6&)",E9,&;:D7(#;(:,#';(",?,&;:DF(-)('9?8
%))N'4"6&$(#",(,M,"(4"%+9?,+7(=8#;(=6::(;8,6"(:,$#:(';#;9'(>,@
/8,(?%$&6;6M,(#>6:6;6,'(%)(?86<4#&O,,'()%"?,(9'7(-(;86&57(;%("#6',
',#"?86&$(E9,';6%&'(#>%9;(;8,(>%9&+#"6,'(%)(;8,(?%<<9&6;D(%)
>,6&$'(;%(=86?8('4,?6#:(,;86?#:(?%&'6+,"#;6%&'(#",(+9,7(#&+(?#&7
-(8%4,7(8,:4(;%(,R;,&+(%9"(,;86?#:(4,"'4,?;6M,'(+%=&=#"+
;8"%9$8(;8,(;#R#(%&(*#";8(#&+(94=#"+'(;%(,R;"#;,"",';"6#:
%"$#&6'<'7(6)(;8,D(,R6';F

d(2&;6:()#6":D(",?,&;:D(6;(=#'(;8%9$8;(;8#;(89<#&'(8#+
)%";MN,6$8;(?8"%<%'%<,'(6&(#&(%"+6&#"D('%<#;6?(?,::F(U,(&%=
5&%=(;8#;(;8,(?%"",?;(&9<>,"(6'()%";DN'6RF(386<4'(#44#",&;:D
",#::D(+%(8#M,()%";DN,6$8;(?8"%<%'%<,'7(#&+(6&(;86'(?#',(#

hT
M6#>:,(?"%''(%)(#(?86<4#&O,,(#&+(#(89<#&(=%9:+(6&(#&D(,M,&;
>,("#",F

-;(6'(8#"+(;%(6<#$6&,(;8,(,<%;6%&#:('6$&6)6?#&?,()%"(?86<4#&O,,'
%)(:,#"&6&$(:#&$9#$,F(A,"8#4'(;8,(?:%',';(#&#:%$D(6'(;8,
+6'?%M,"D(%)(:#&$9#$,(>D(6&;,::6$,&;(89<#&(>,6&$'(=6;8(',M,",
',&'%"D(%"$#&(6<4#6"<,&;F(U86:,(;8,(+,4;8(%)(9&+,"';#&+6&$7
6&;,::6$,&?,(#&+(',&'6;6M6;D(%)(H,:,&([,::,"7(=8%(?%9:+(&,6;8,"
',,7(8,#"(&%"('4,#57($",#;:D(,R?,,+'(;8#;(%)(#&D(?86<4#&O,,7
8,"(#??%9&;(%)(8,"(+6'?%M,"D(%)(:#&$9#$,(?#""6,'('%<,(%)(;8,
),,:6&$(;%&,(;8#;(;86'(",<#"5#>:,(+,M,:%4<,&;(6&(4"6<#;,
:#&$9#$,'(<#D(?%&M,D(;%(;8,(?86<4#&O,,7(4#";6?9:#":D(6&(#
?%&;,R;(=8,",(:#&$9#$,(,&8#&?,'('9"M6M#:(%"(6'(';"%&$:D
",6&)%"?,+F

1&,(+#D(G6''([,::,"g'(;,#?8,"(4",4#",+(;%(;#5,(8,"()%"(#(=#:5X

]L8,(>"%9$8;(<,(<D(8#;7(#&+(-(5&,=(-(=#'($%6&$(%9;(6&;%(;8,
=#"<('9&'86&,F(/86'(;8%9$8;7(6)(#(=%"+:,''(',&'#;6%&(<#D(>,
?#::,+(#(;8%9$8;7(<#+,(<,(8%4(#&+('564(=6;8(4:,#'9",F
U,(=#:5,+(+%=&(;8,(4#;8(;%(;8,(=,::N8%9',7(#;;"#?;,+(>D(;8,
)"#$"#&?,(%)(;8,(8%&,D'9?5:,(=6;8(=86?8(6;(=#'(?%M,",+F
L%<,%&,(=#'(+"#=6&$(=#;,"(#&+(<D(;,#?8,"(4:#?,+(<D(8#&+
9&+,"(;8,('4%9;F(C'(;8,(?%%:(';",#<($9'8,+(%M,"(<D(8#&+('8,
'4,::,+(6&;%(;8,(%;8,"(;8,(=%"+(=#;,"7()6"';(':%=:D7(;8,&("#46+:DF
-(';%%+(';6::7(<D(=8%:,(#;;,&;6%&()6R,+(94%&(;8,(<%;6%&(%)(8,"
)6&$,"'F(L9++,&:D(-(),:;(#(<6';D(?%&'?6%9'&,''(#'(%)('%<,;86&$
)%"$%;;,&N#(;8"6::(%)(",;9"&6&$(;8%9$8;S(#&+('%<,8%=(;8,
<D';,"D(%)(:#&$9#$,(=#'(",M,#:,+(;%(<,F(-(5&,=(;8,&(;8#;
UNCN/N*N0(<,#&;(;8#;(=%&+,")9:(?%%:('%<,;86&$(;8#;(=#'
):%=6&$(%M,"(<D(8#&+F(/8#;(:6M6&$(=%"+(#=#5,&,+(<D('%9:7
$#M,(6;(:6$8;7(8%4,7(`%D7(',;(6;()",,q(/8,",(=,",(>#""6,"'(';6::7(6;
6'(;"9,7(>9;(>#""6,"'(;8#;(6&(;6<,(?%9:+(>,('=,4;(#=#DF(-(:,);(;8,
=,::N8%9',(,#$,"(;%(:,#"&F(*M,"D;86&$(8#+(#(&#<,7(#&+(,#?8
&#<,($#M,(>6";8(;%(#(&,=(;8%9$8;F(C'(=,(",;9"&,+(6&;%(;8,
8%9',7(,M,"D(%>`,?;(=86?8(-(;%9?8,+(',,<,+(;%(E96M,"(=6;8(:6),F
/8#;(=#'(>,?#9',(-('#=(,M,"D;86&$(=6;8(;8,(';"#&$,7(&,=('6$8;
;8#;(8#+(?%<,(;%(<,F]

hY
A,"8#4'(;8,(<%';(';"656&$(#'4,?;(%)(;8,',(;8",,(,RE96'6;,
4#"#$"#48'(6'(H,:,&([,::,"g'(%=&(',&',(;8#;(8,"(>"#6&(8#+(#
:#;,&;(?#4#>6:6;D()%"(:#&$9#$,7(&,,+6&$(%&:D(;%(>,(6&;"%+9?,+(;%
6;F(/86'(,'',&;6#::D(A:#;%&6?(6+,#(6'(#:'%7(#'(=,(8#M,(',,&7
?%&'6';,&;(=6;8(=8#;(6'(5&%=&7()"%<(>"#6&(:,'6%&'7(%)(;8,
48D'6%:%$D(%)(;8,(&,%?%";,RS(#&+(#:'%(=6;8(;8,(;8,%",;6?#:
?%&?:9'6%&'(+"#=&(>D(.%#<(38%<'5D(%)(;8,(G#''#?89',;;'
-&';6;9;,(%)(/,?8&%:%$D()"%<(?%<4#"#;6M,(:6&$96';6?'(#&+
:#>%"#;%"D(,R4,"6<,&;'(%&(:,#"&6&$F(-&(",?,&;(D,#"'(6;(8#'
>,?%<,(?:,#"(;8#;(;8,(>"#6&'(%)(&%&89<#&(4"6<#;,'(#",
'6<6:#":D(4",4#",+7(#:;8%9$8(4"%>#>:D(&%;(E96;,(;%(;8,('#<,
+,$",,7()%"(;8,(6&;"%+9?;6%&(%)(:#&$9#$,F

/8,(:%&$N;,"<('6$&6)6?#&?,(%)(;,#?86&$(:#&$9#$,(;%(;8,(%;8,"
4"6<#;,'(6'(+6))6?9:;(;%(%M,",';6<#;,F(/8,",(6'(#&(#"",';6&$
4#''#$,(6&(38#":,'(!#"=6&g'(!,'?,&;(%)(G#&X(]/8,(+6)),",&?,(6&
<6&+(>,;=,,&(<#&(#&+(;8,(86$8,"(#&6<#:'7($",#;(#'(6;(6'7
?,";#6&:D(6'(%&,(%)(+,$",,(#&+(&%;(%)(56&+F(FFF(-)(6;(?%9:+(>,
4"%M,+(;8#;(?,";#6&(86$8(<,&;#:(4%=,"'7('9?8(#'(;8,()%"<#;6%&
%)($,&,"#:(?%&?,4;'7(',:)N?%&'?6%9'&,''7(,;(?,;,"#7(=,",
#>'%:9;,:D(4,?9:6#"(;%(<#&7(=86?8(',,<'(,R;",<,:D(+%9>;)9:7(6;
6'(&%;(6<4"%>#>:,(;8#;(;8,',(E9#:6;6,'(#",(<,",:D(;8,(6&?6+,&;#:
",'9:;'(%)(%;8,"(86$8:DN#+M#&?,+(6&;,::,?;9#:()#?9:;6,'S(#&+
;8,',(#$#6&(<#6&:D(;8,(",'9:;'(%)(;8,(?%&;6&9,+(9',(%)(#(4,"),?;
:#&$9#$,F]

/86'('#<,(%46&6%&(%&(;8,(",<#"5#>:,(4%=,"'(%)(:#&$9#$,(#&+
89<#&(6&;,"?%<<9&6?#;6%&(?#&(>,()%9&+(6&(E96;,(#(+6)),",&;
4:#?,7(;8,(e,&,'6'(#??%9&;(%)(;8,(/%=,"(%)(P#>,:F(e%+7(6&(#
';"#&$,:D(+,),&'6M,(#;;6;9+,()%"(#&(%<&64%;,&;(>,6&$7(6'(=%""6,+
;8#;(<,&(6&;,&+(;%(>96:+(#(;%=,"(;8#;(=6::(",#?8(;%(8,#M,&F(^H6'
#;;6;9+,(6'('6<6:#"(;%(;8,(?%&?,"&(8,(,R4",'','(#);,"(C+#<(,#;'
;8,(#44:,F_(/%(4",M,&;(G#&56&+()"%<(",#?86&$(8,#M,&7(#;(:,#';
<,;#48%"6?#::D7(e%+(+%,'(&%;(+,';"%D(;8,(;%=,"7(#'7()%"
,R#<4:,7(L%+%<(6'(+,';"%D,+F(-&';,#+7(8,('#D'7(]P,8%:+7(;8,D
#",(%&,(4,%4:,7(#&+(;8,D(8#M,(#::(%&,(:#&$9#$,S(#&+(;86'(6'(%&:D
;8,(>,$6&&6&$(%)(=8#;(;8,D(=6::(+%S(#&+(&%;86&$(;8#;(;8,D
4"%4%',(;%(+%(=6::(&%=(>,(6<4%''6>:,()%"(;8,<F(3%<,7(:,;(9'($%
+%=&7(#&+(;8,",(?%&)9',(;8,6"(:#&$9#$,7(;8#;(;8,D(<#D(&%;
9&+,"';#&+(%&,(#&%;8,"g'('4,,?8](^e,&,'6'(TTXfN

hV
a_F

/8,(?%&;6&9,+(9',(%)(#(]4,"),?;](:#&$9#$,(F(F(F(U8#;('%";(%)
?9:;9",7(=8#;(56&+(%)(%"#:(;"#+6;6%&(=%9:+(?86<4#&O,,'(,';#>:6'8
#);,"(#(),=(89&+",+(%"(#(),=(;8%9'#&+(D,#"'(%)(?%<<9&#:(9',
%)(#(?%<4:,R($,';9"#:(:#&$9#$,@(C&+(6)(;8,",(=,",('9?8(#&
6'%:#;,+(?%&;6&9%9'(?86<4#&O,,(?%<<9&6;D7(8%=(=%9:+(;8,D
>,$6&(;%(M6,=(;8,(%"6$6&(%)(:#&$9#$,@(U%9:+(;8,(e#"+&,"'(#&+
;8,(=%"5,"'(#;(;8,(I,"5,'(A"6<#;,(3,&;,"(>,(",<,<>,",+
+6<:D(#'(:,$,&+#"D()%:5(8,"%,'(%"($%+'(%)(#&%;8,"('4,?6,'@
U%9:+(;8,",(>,(<D;8'7(:65,(;8%',(%)(A"%<,;8,9'7(/8%;87(%"
3#&&,'7(#>%9;(+6M6&,(>,6&$'(=8%(8#+($6M,&(;8,($6);(%)(:#&$9#$,
;%(;8,(#4,'@(-&()#?;7(;8,(6&';"9?;6%&(%)(?86<4#&O,,'(6&($,';9"#:
:#&$9#$,(+6';6&?;:D(8#'('%<,(%)(;8,('#<,(,<%;6%&(;%&,(#&+
",:6$6%9'(',&',(%)(;8,(^;"9:D()6?;6%&#:_(,46'%+,(6&(;8,(<%M6,(#&+
&%M,:(YWWTX(C(L4#?,(1+D'',D(6&(=86?8(#(",4",',&;#;6M,(%)(#&
#+M#&?,+(,R;"#;,"",';"6#:(?6M6:6O#;6%&('%<,8%=(6&';"9?;'(%9"
8%<6&6+(#&?,';%"'F
A,"8#4'(;8,(<%';(';"656&$(#'4,?;(%)(;86'(,&;6",('9>`,?;(6'(;8#;
;8,",(#",(&%&89<#&(4"6<#;,'('%(?:%',(;%(;8,(,+$,(%)(:#&$9#$,7
'%(=6::6&$(;%(:,#"&7('%(,&;6",:D(?%<4,;,&;(6&(6;'(9',(#&+
6&M,&;6M,(6&(6;'(#44:6?#;6%&(%&?,(;8,(:#&$9#$,(6'(;#9$8;F(P9;(;86'
"#6','(#(?9"6%9'(E9,';6%&X(U8D(#",(;8,D(#::(%&(;8,(,+$,@(U8D
#",(;8,",(&%(&%&89<#&(4"6<#;,'(=6;8(#&(,R6';6&$(?%<4:,R
$,';9"#:(:#&$9#$,@(1&,(4%''6>:,(#&'=,"7(6;(',,<'(;%(<,7(6'(;8#;
89<#&'(8#M,('D';,<#;6?#::D(,R;,"<6&#;,+(;8%',(%;8,"(4"6<#;,'
=8%(+6'4:#D,+('6$&'(%)(6&;,::6$,&?,F(^/86'(<#D(8#M,(>,,&
4#";6?9:#":D(;"9,(%)(;8,(&%&89<#&(4"6<#;,'(=8%(:6M,+(6&(;8,
'#M#&&#8'S(;8,()%",';'(<9';(8#M,(%)),",+('%<,(4"%;,?;6%&(;%
?86<4#&O,,'(#&+($%"6::#'()"%<(;8,(+,4",+#;6%&'(%)(<#&F_(U,
<#D(8#M,(>,,&(;8,(#$,&;(%)(&#;9"#:(',:,?;6%&(6&('944",''6&$(;8,
6&;,::,?;9#:(?%<4,;6;6%&F(-(;86&5(=,(<#D(8#M,(49'8,+(>#?5(;8,
)"%&;6,"'(%)(6&;,::6$,&?,(#&+(:#&$9#$,(#>6:6;D(#<%&$(;8,
&%&89<#&(4"6<#;,'(9&;6:(;8,6"(6&;,::6$,&?,(>,?#<,(`9';
6&+6'?,"&6>:,F(-&(;,#?86&$($,';9"#:(:#&$9#$,(;%(;8,(?86<4#&O,,'7
=,(#",(>,$6&&6&$(#(>,:#;,+(#;;,<4;(;%(<#5,(#<,&+'F

f(/CB*L(1Q(!-G(*!*.

hc
J,"D(%:+(#",(=,(<,&S(19"(+",#<'(#",(;#:,'(/%:+(6&(+6<(*+,&(F(F
F
UCB/*0(!*(BC(GC0*
]C::(/8#;g'(A#';]

]U,::7(#;(#&D("#;,(6;g'(#($",#;(?%<)%";7]('8,('#6+(#'('8,(';,44,+
9&+,"(;8,(;",,'7(]#);,"(>,6&$('%(8%;(;%($,;(6&;%(;8,N6&;%(;8,N6&;%
=8#;@]('8,(=,&;(%&7("#;8,"('9"4"6',+(#;(&%;(>,6&$(#>:,(;%(;86&5
%)(;8,(=%"+F(]-(<,#&(;%($,;(9&+,"(;8,N9&+,"(;8,N9&+,"(;86'7(D%9
5&%=q](49;;6&$(8,"(8#&+(%&(;8,(;"9&5(%)(;8,(;",,F(]U8#;(+%,'(6;
?#::(6;',:)7(-(=%&+,"@](F(F(F(C&+(&%=7(=8%(#<(-@(-(=6::(",<,<>,"7
6)(-(?#&q(-g<(+,;,"<6&,+(;%(+%(6;q](P9;(>,6&$(+,;,"<6&,+(+6+&g;
8,:4(8,"(<9?87(#&+(#::('8,(?%9:+('#D7(#);,"(#($",#;(+,#:(%)
49OO:6&$7(=#'(]B7(-(5&%=(6;(>,$6&'(=6;8(Bq]
B*U-L(3C001BB
C:6?,(/8"%9$8(;8,(B%%56&$(e:#''

3%<,(&%;(>,;=,,&(;8,(+"#$%&(#&+(86'(="#;8F
UGF(LHC[*LA*C0*([6&$(B,#"

FFF(C;()6"';
L,&',:,''(#'(>,#';'(-($#M,(<,&(',&',7(4%'','',+(;8,<(%)(<6&+
F(F(F
-&(;8,(>,$6&&6&$7(',,6&$7(;8,D('#=(#<6''7(#&+(8,#"6&$7(8,#"+
&%;7(>9;(:65,(48#&;%<'(89++:,+
-&(+",#<'7(;8,(4,"4:,R,+(';%"D(%)(;8,6"(+#D'
3%&)%9&+,+F
C*L3HIB2L(A"%<,;8,9'(P%9&+

A01G*/H*2L(6'(6&(#()6;(%)("6$8;,%9'(6&+6$&#;6%&F(H,(8#'
6&;"%+9?,+(?6M6:6O#;6%&(;%(#(>,)9++:,+(#&+('94,"';6;6%9'(<#&56&+7
#&+()%"(86'(4#6&'(k,9'(8#'(?8#6&,+(86<(;%(#("%?5(#&+(',;(#
M9:;9",(;%(4:9?5(#;(86'(:6M,"F(-&(;8,(4#''#$,()%::%=6&$(;8,(#>%M,
E9%;#;6%&7(A"%<,;8,9'(+,'?"6>,'(;8,(4"6&?64#:($6);'7(%;8,"(;8#&
)6",7(;8#;(8,(8#'(>,';%=,+(%&(<#&56&+F(/8,D(#",7(6&(%"+,"X
#';"%&%<DS(<#;8,<#;6?'S(="6;6&$S(;8,(+%<,';6?#;6%&(%)(#&6<#:'S
;8,(6&M,&;6%&(%)(?8#"6%;'7('#6:6&$('864'(#&+(<,+6?6&,S(#&+(;8,
+6'?%M,"D(%)(+6M6&#;6%&(>D(+",#<'(#&+(%;8,"(<,;8%+'F(/8,()6&#:
$6);(';"65,'(;8,(<%+,"&(,#"(#'(%++F(C:%&$(=6;8(;8,(#??%9&;(6&

hb
e,&,'6'(%)(;8,(,R6:,()"%<(*+,&7(A"%<,;8,9'(P%9&+(',,<'(;%(>,
%&,(%)(;8,(<#`%"(=%"5'(6&(U,';,"&(:6;,"#;9",(;8#;(4",',&;'(#
M6#>:,(#::,$%"D(%)(;8,(,M%:9;6%&(%)(<#&N(#:;8%9$8(6&(;86'(?#',
?%&?,&;"#;6&$(<9?8(<%",(%&(;8,(],M%:M,"](;8#&(%&(;8,(,M%:M,+F
]A"%<,;8,9'](6'(e",,5()%"(])%",'6$8;7](;8#;(E9#:6;D(?:#6<,+(;%
",'6+,(6&(;8,()"%&;#:(:%>,'(%)(;8,(&,%?%";,RS(#&+()%",'6$8;(#&+
#&R6,;D(#",(>%;8(4",',&;(6&(C,'?8D:9'g(?8#"#?;,"(4%";"#6;F

U8#;(6'(;8,(?%&&,?;6%&(>,;=,,&(+",#<'(#&+(;8,(,M%:9;6%&(%)
<#&@(C,'?8D:9'(6'(4,"8#4'('#D6&$(;8#;(%9"(4",89<#&(#&?,';%"'
:6M,+(;8,6"(=#56&$(:6M,'(6&(#(';#;,(#56&(;%(%9"(+",#<6&$(:6M,'S
#&+(;8#;(%&,(%)(;8,(4"6&?64#:(>,&,)6;'(%)(;8,(+,M,:%4<,&;(%)
89<#&(6&;,::6$,&?,(6'(%9"(#>6:6;D(;%(9&+,"';#&+(;8,(;"9,(&#;9",
#&+(6<4%";(%)(+",#<'F

/8,",(#",7(6;(',,<'7(;8",,(4"6&?64#:(';#;,'(%)(<6&+(6&(89<#&
>,6&$'X(=#56&$7(':,,46&$(#&+(+",#<6&$F(C&
,:,?;"%,&?,48#:%$"#487(=86?8(+,;,?;'(>"#6&(=#M,'7(",?%"+'
E96;,(+6';6&?;(4#;;,"&'(%)(,:,?;"6?#:(#?;6M6;D(6&(;8,(>"#6&(+9"6&$
;8,',(;8",,(';#;,'Fd(P"#6&(=#M,'(",4",',&;(M,"D('<#::(?9"",&;'
#&+(M%:;#$,'(4"%+9?,+(>D(;8,(,:,?;"6?#:(?6"?96;"D(%)(;8,(>"#6&F
/D46?#:(';",&$;8'(%)('9?8(>"#6&N=#M,('6$&#:'(#",(<,#'9",+(6&
<6?"%M%:;'F(/D46?#:()",E9,&?6,'(#",(>,;=,,&(T(#&+(#>%9;(YW
H,";O(^%"(?D?:,'(4,"(',?%&+_N:,''(;8#&(;8,()#<6:6#"(fW(?D?:,'
4,"(',?%&+()",E9,&?D(%)(#:;,"&#;6&$(?9"",&;'(6&(,:,?;"6?#:
%9;:,;'(6&(.%";8(C<,"6?#F

P9;(=8#;(6'(':,,4($%%+()%"@(/8,",(6'(&%(+%9>;(;8#;(6)(=,(';#D(94
;%%(:%&$(;8,(>%+D($,&,"#;,'(&,9"%?8,<6?#:'(;8#;(:6;,"#::D()%"?,
9'(;%($%(;%(':,,4F(L:,,4N+,4"6M,+(#&6<#:'($,&,"#;,('9?8
<%:,?9:,'(6&(;8,6"(?,",>"%'46&#:():96+7(#&+(;8,(?,",>"%'46&#:
):96+(%)(':,,4N+,4"6M,+(#&6<#:'(6&+9?,'(':,,4(=8,&(6&`,?;,+
6&;%(%;8,"(#&6<#:'(=8%(#",(4,"),?;:D(=6+,(#=#5,F(/8,",(<9';7
;8,&7(>,(#(M,"D(4%=,")9:(",#'%&()%"(':,,4F

/8,(?%&M,&;6%&#:(#&'=,"(%)(48D'6%:%$D(#&+()%:5(<,+6?6&,(#:65,
6'(;8#;(':,,4(8#'(#(",';%"#;6M,(,)),?;S(6;(6'(#&(%44%";9&6;D()%"(;8,
>%+D(;%(4,")%"<(<,&;#:(#&+(48D'6?#:(8%9',5,,46&$(#=#D()"%<
;8,(&,,+'(%)(+#6:D(:6M6&$F(P9;(;8,(#?;9#:(,M6+,&?,()%"(;86'(M6,=7
#4#";()"%<(6;'(?%<<%&N',&',(4:#9'6>6:6;D7(',,<'(;%(>,('4#"',F

hf
Q9";8,"<%",7(;8,",(#",('%<,(=%""6'%<,(#'4,?;'(#>%9;(;8,
?%&;,&;6%&F(Q%"(,R#<4:,7(#&(#&6<#:(6'(,R?,4;6%&#::D(M9:&,"#>:,
=8,&(':,,46&$F(e"#&;,+(;8#;(<%';(#&6<#:'(':,,4(6&(&,';'7(?#M,'7
8%:,'(6&(;",,'(%"(:%$'(%"(%;8,"=6',(",?,'',+(%"(?#<%9):#$,+
:%?#;6%&'F(*M,&('%7(;8,6"(8,:4:,''&,''(=86:,(#':,,4(",<#6&'
86$8F(19"(&%?;9"&#:(M9:&,"#>6:6;D(6'(M,"D(,M6+,&;S(;8,(e",,5'
",?%$&6O,+(G%"48,9'(#&+(/8#&#;%'7(;8,($%+'(%)(':,,4(#&+
+,#;87(#'(>"%;8,"'F

2&:,''(;8,",(6'('%<,(,R?,4;6%&#::D(';"%&$(>6%:%$6?#:(&,?,''6;D
)%"(':,,47(&#;9"#:(',:,?;6%&(=%9:+(8#M,(,M%:M,+(>,#';'(;8#;
':,,4(&%;F(U86:,(;8,",(#",('%<,(#&6<#:'N(;8,(;=%N;%,+(':%;87
;8,(#"<#+6::%7(;8,(%4%''9<7(#&+(;8,(>#;N;8#;7(#;(:,#';(6&(';#;,'
%)(',#'%&#:(;%"4%"7(':,,4(&6&,;,,&(#&+(;=,&;D(8%9"'(#(+#D7
;8,",(#",(%;8,"'(N(;8,(?%<<%&('8",=(#&+(P#::g'(4%"4%6',N;8#;
#",('#6+(;%(':,,4(M,"D(:6;;:,F(/8,",(#",(#:'%(89<#&(>,6&$'(=8%
",E96",(%&:D(%&,(;%(;8",,(8%9"'(%)(':,,4(#(&6$8;F(/8,D(;#5,
',?%&+(#&+(;86"+(`%>'7(49;;,"(#"%9&+(#;(&6$8;(=86:,(;8,6"
'4%9','('6&5(6&;%(,R8#9';6%&7(#&+(%;8,"=6',(',,<(;%(:,#+()9::7
#:,";(#&+(?%&';"9?;6M,(:6M,'F(Q#<6:D(86';%"6,'('9$$,';(;8#;(;8,',
4",+6'4%'6;6%&'(#",(8,",+6;#"DF(-&(%&,(?#',7(>%;8(#(<#&(#&+(86'
:6;;:,(+#9$8;,"(#",(#)):6?;,+(=6;8(;86'(>:,''6&$(%"(?9"',7(<9?8(;%
;8,($"%$$D(?%&';,"&#;6%&(%)(86'(=6),7(=8%(8#'('6&?,(+6M%"?,+
86<()%"(#(&%M,:(6&?%<4#;6>6:6;DF(H,(",;#6&,+(?9';%+D(%)(;8,
+#9$8;,"F(L9?8(,R#<4:,'('9$$,';(;8#;(;8,(8D4%;8,'6'(%)(;8,
",?94,"#;6M,()9&?;6%&(%)(':,,4(6'(#;(>,';(&%;(;8,(=8%:,(';%"DF

d(/8,(,:,?;"%,&?,48#:%$"#48(^**e_(=#'(6&M,&;,+(>D(#(e,"<#&
4'D?8%:%$6';7(H#&'(P,"$,"7(=8%',()9&+#<,&;#:(6&;,",';(6&(;8,
<#;;,"(',,<'(;%(8#M,(>,,&(;,:,4#;8DF(C&+7(6&+,,+7(6;(?#&(>,
9',+()%"(#(56&+(%)("#+6%(;,:,4#;8DS(89<#&(>,6&$'(8#M,(;8,
?#4#>6:6;D(;%(;9"&(4#";6?9:#"(>"#6&(=#M,'N)%"(,R#<4:,7(;8,(#:48#
"8D;8<N%&(#&+(%))(#;(=6::7(#:;8%9$8(;86'(),#;(",E96",'(#(:6;;:,
;"#6&6&$F(U6;8('9?8(;"#6&6&$7(#&(6&+6M6+9#:(#;;#?8,+(;%(#&
,:,?;"%,&?,48#:%$"#48(#&+(#("#+6%(;"#&'<6;;,"(?%9:+7(6&
4"6&?64:,7(',&+(E96;,(?%<4:,R(<,''#$,'(6&(#(56&+(%)(#:48#(=#M,
G%"',(?%+,7(<,",:D(>D(;86&56&$(;8,<(6&(;8,("6$8;(=#DS(#&+(6;(6'
`9';(4%''6>:,(;8#;(;86'(<,;8%+(<6$8;(8#M,('%<,(4"#?;6?#:(9',7
'9?8(#'(4,"<6;;6&$(4#;6,&;'(6<<%>6:6O,+(>D(',M,",(';"%5,(;%
?%<<9&6?#;,F(Q%"(86';%"6?#:(",#'%&'7(&%&N+",#<6&$(':,,4(6'

ha
,:,?;"%,&?,48#:%$"#486?#::D(?8#"#?;,"6O,+(#'(]':%=(=#M,
':,,47](#&+(;8,(+",#<(';#;,(#'(gNg4#"#+%R6?#:(':,,4F]

I,;(':,,4(6'(M,"D(#&?6,&;F(-&(;8,(,:,?;"%,&?,48#:%$"#486?(',&',
=,('8#",(6;(=6;8(#::(;8,(4"6<#;,'(#&+(#:<%';(#::(;8,(%;8,"
<#<<#:'(#&+(>6"+'X(6;(<#D(,R;,&+(>#?5(#'()#"(#'(;8,(",4;6:,'F
/,<4%"#:N:%>,(,46:,4'D(#&+(6;'(#??%<4#&D6&$(';#;,(%)
9&?%&'?6%9'(#9;%<#;6?(>,8#M6%"(?#&(>,(6&+9?,+(6&('%<,(4,%4:,
>D('4%&;#&,%9'(,:,?;"6?#:(';6<9:#;6%&(%)(;8,(#<D$+#:#7(+,,4
>,:%=(;8,(;,<4%"#:(:%>,7(#;()",E9,&?6,'(%)(#(),=(?D?:,'(4,"
',?%&+(^#(),=(H,";O_F(L,6O9",'(&%;(M,"D(+6)),",&;()"%<(':,,4
8#M,(>,,&(",4%";,+(=8,&(#&(,46:,4;6?(4#;6,&;(6'(+"6M6&$(6&(#&
#9;%<%>6:,(&,#"('9&',;(%"('9&"6',(=6;8(#(46?5,;(),&?,(>,;=,,&
86<(#&+(;8,('9&X(#;(#(?,";#6&('4,,+(;8,(46?5,;'(6&;,"?,4;(;8,
'9&(#;(`9';(;8,(?"6;6?#:("#;,(;%(4"%+9?,(#():6?5,"(#;(;8,(",'%&#&;
)",E9,&?D()%"(6&6;6#;6&$('9?8(',6O9",'F(/8,(?6"?#+6#&("8D;8<7
;8,(+#6:D(?D?:6&$(%)(48D'6%:%$6?#:()9&?;6%&7(6'(5&%=&(;%($%(>#?5
#;(:,#';(;%(#&6<#:'(#'(89<>:,(#'(<%::9'5'F(L6&?,(#(';#;,(6&('%<,
",'4,?;'(",',<>:6&$(+",#<6&$(?#&(>,(6&+9?,+(>D(,:,?;"6?#:
';6<9:#;6%&(%)(%;8,"(:6<>6?(",$6%&'(>,:%=(;8,(;,<4%"#:(:%>,7(#'
+,'?"6>,+(>,:%=7(?,&;,"'(;8#;(6&6;6#;,(>%;8(':,,4(#&+(+",#<'
<#D(&%;(>,()#"(#4#";(6&(;8,(",?,'','(%)(;8,(>"#6&F

/8,",(6'('%<,(",?,&;(,M6+,&?,(;8#;(;8,(;=%(;D4,'(%)(':,,47
+",#<6&$(#&+(+",#<:,''7(+,4,&+(%&(;8,(:6),';D:,(%)(;8,(#&6<#:F
/"9,;;(C::6'%&(#&+(!%<,&6?(36??8,;6(%)(I#:,(2&6M,"'6;D(8#M,
)%9&+(;8#;(4",+#;%"'(#",(';#;6';6?#::D(<9?8(<%",(:65,:D(;%(+",#<
;8#&(4",D7(=86?8(#",(6&(;9"&(<9?8(<%",(:65,:D(;%(,R4,"6,&?,
+",#<:,''(':,,4F(/8,',(';9+6,'(#",(#::(%)(<#<<#:'(#&+(#44:D
%&:D(;%(+6)),",&?,'(>,;=,,&7(&%;(=6;86&7('4,?6,'F(-&(+",#<
':,,47(;8,(#&6<#:(6'(4%=,")9::D(6<<%>6:6O,+(#&+(",<#"5#>:D
9&",'4%&'6M,(;%(,R;,"&#:(';6<9:6F(!",#<:,''(':,,4(6'(<9?8
'8#::%=,"7(#&+(=,(8#M,(#::(=6;&,'',+(?#;'(%"(+%$'(?%?56&$(;8,6"
,#"'(;%(#('%9&+(=8,&(#44#",&;:D()#';(#':,,4F(-;(6'(#:'%
?%<<%&:D(8,:+(;8#;(=8,&(':,,46&$(+%$'(<%M,(;8,6"(:,$'(6&(#
56&+(%)("9&&6&$(4#;;,"&7(;8,D(#",(+",#<6&$(%)(;8,(89&;F(/8,()#?;
;8#;(+,,4(+",#<(':,,4(6'("#",(#<%&$(4",D(;%+#D(',,<'(?:,#":D
;%(>,(#(4"%+9?;(%)(&#;9"#:(',:,?;6%&F(P9;(%"$#&6'<'(;8#;(#",
:#"$,:D(4",D(;%+#D(<#D(8#M,(8#+(#&?,';%"'(;8#;(=,",
4",+#;%"'7(#&+(M6?,(M,"'#F(G%",%M,"7(4",+#;%"'(#",($,&,"#::D

hh
%"$#&6'<'(=6;8(:#"$,"(#>'%:9;,(>"#6&(<#''(#&+("#;6%(%)(>"#6&(;%
>%+D(<#''(;8#&(;8,6"(4",DF(-;(<#5,'(',&',(;8#;(;%+#D7(=8,&
':,,4(6'(86$8:D(,M%:M,+7(;8,(';946+(#&6<#:'(#",(:,''()",E9,&;:D
6<<%>6:6O,+(>D(+,,4(':,,4(;8#&(;8,('<#";(%&,'F(P9;(=8D('8%9:+
;8,D(':,,4(+,,4:D(#;(#::@(U8D('8%9:+(#(';#;,(%)('9?8(+,,4
6<<%>6:6O#;6%&(,M,"(8#M,(,M%:M,+@

A,"8#4'(%&,(9',)9:(86&;(#>%9;(;8,(%"6$6&#:()9&?;6%&(%)(':,,4(6'(;%
>,()%9&+(6&(;8,()#?;(;8#;(+%:486&'(#&+(=8#:,'(#&+(#E9#;6?
<#<<#:'(6&($,&,"#:(',,<(;%(':,,4(M,"D(:6;;:,F(/8,",(6'7(>D(#&+
:#"$,7(&%(4:#?,(;%(86+,(6&(;8,(%?,#&F(3%9:+(6;(>,(;8#;7("#;8,"(;8#&
6&?",#'6&$(#&(#&6<#:g'(M9:&,"#>6:6;D7(;8,()9&?;6%&(%)(':,,4(6'(;%
+,?",#',(6;@(U6:',(U,>>(%)(;8,(2&6M,"'6;D(%)(Q:%"6+#(#&+(0#D
G,++6'(%)(B%&+%&(2&6M,"'6;D(8#M,('9$$,';,+(;86'(;%(>,(;8,
?#',F(/8,(':,,46&$(';D:,(%)(,#?8(%"$#&6'<(6'(,RE96'6;,:D
#+#4;,+(;%(;8,(,?%:%$D(%)(;8,(#&6<#:F(-;(6'(?%&?,6M#>:,(;8#;
#&6<#:'(=8%(#",(;%%(';946+(;%(>,(E96,;(%&(;8,6"(%=&(6&6;6#;6M,
#",7(+9"6&$(4,"6%+'(%)(86$8("6'57(6<<%>6:6O,+(>D(;8,(6<4:#?#>:,
#"<(%)(':,,4F(/8,(4%6&;(',,<'(4#";6?9:#":D(?:,#"()%"(;8,(D%9&$
%)(4",+#;%"D(#&6<#:'S(&%;(%&:D(#",(>#>D(;6$,"'(?%M,",+(=6;8(#
'94,">:D(,)),?;6M,(4"%;,?;6M,(?%:%"#;6%&7(;8,D(#:'%(':,,4(#($",#;
+,#:F(/86'(6'(#&(6&;,",';6&$(&%;6%&(#&+(4"%>#>:D(#;(:,#';(4#";:D
;"9,F(-;(+%,'(&%;(,R4:#6&(,M,"D;86&$F(U8D(+%(:6%&'7(=8%(8#M,
),=(&#;9"#:(,&,<6,'7(':,,4@(/86'(E9,';6%&(6'(&%;(#(M,"D
+#<#$6&$(%>`,?;6%&(>,?#9',(:6%&'(<#D(8#M,(,M%:M,+()"%<
#&6<#:'(;8#;(=,",(&%;(;8,(56&$(%)(>,#';'F(B65,=6',7(#+%:,'?,&;
$%"6::#'7(=8%(8#M,(:6;;:,(;%(),#"7(&,M,";8,:,''(?%&';"9?;(&,';'
,#?8(&6$8;N4,"8#4'(>,?#9',(;8,D(,M%:M,+()"%<(<%",(M9:&,"#>:,
4",+,?,''%"'F(1"(4,"8#4'7(%&?,7(;8,(#&?,';%"'(%)(:6%&'(#&+
$%"6::#'(),#",+(';6::(<%",()%"<6+#>:,(4",+#;%"'F

/8,(6<<%>6:6O#;6%&(8D4%;8,'6'(',,<'(4#";6?9:#":D(#4;(6&(:6$8;(%)
;8,(,M%:9;6%&(%)(<#<<#:'7(=8%(#"%',(6&(#&(,4%?8(+%<6&#;,+(>D
86''6&$7(;89&+,"6&$(#&+(#:;%$,;8,"(&6$8;<#"6'8(",4;6:,'F(P9;
&,#":D(#::(",4;6:,'(#",(?%:+N>:%%+,+d(#&+7(,R?,4;(6&(;8,(;"%46?'7
#",()%"?,+(6&;%(&%?;9"&#:(6<<%>6:6;DF(G#<<#:'(#",
=#"<N>:%%+,+(#&+(#>:,(;%()9&?;6%&(#;(&6$8;F(/8,(&%&;"%46?#:
&%?;9"&#:(,?%:%$6?#:(&6?8,'(<#D(8#M,(>,,&(#:<%';(9&N;,&#&;,+
6&(;8,(/"6#''6?(A,"6%+7('%<,(;=%(89&+",+(<6::6%&(D,#"'(#$%F
-&+,,+7(H#""D(K,"6'%&(8#'('9$$,';,+(;8#;(;8,(,M%:9;6%&(%)

hZ
<#<<#:'(=#'(#??%<4#&6,+(>D(;8,(+,M,:%4<,&;(%)(;8,&
,R;",<,:D('%486';6?#;,+(^#&+(&%=(?%<<%&4:#?,_(M,"'6%&'(%)
8,#"6&$(#&+('<,::7(',&','()%"(4,"?,6M6&$(+6';#&?,'(#&+(%>`,?;'
#;(&6$8;S(#&+(;8#;(;8,(:6<>6?('D';,<(,M%:M,+()"%<(;8,(&,?,''6;D
%)(4"%?,''6&$(;8,("6?8(#""#D(%)(+#;#()"%<(;8,',(&,=:D
,:#>%"#;,+(',&','F(^C($",#;(+,#:(%)(;8,(M6'9#:N6&)%"<#;6%&
4"%?,''6&$(6&(",4;6:,'(6'(+%&,(&%;(6&(;8,(>"#6&(>9;(6&(;8,(",;6&#S
;8,(%4;6?#:(4"%?,''6&$(#44#"#;9'(6&(;8,(&,%?%";,R(=#'(:#"$,:D(#
:#;,"(,M%:9;6%&#"D(+,M,:%4<,&;F_

d(0%>,";(P#55,"7(#(4#:,%&;%:%$6';(#;(H#"M#"+(2&6M,"'6;D7
'9$$,';'(;8#;(#;(:,#';('%<,(+6&%'#9"'(=,",('6$&6)6?#&;:D
=#"<N>:%%+,+S(,M,&('%7(6;(',,<'(:65,:D(;8#;(;8,D(=,",(&%;(#'
6&',&'6;6M,(;%(+69"&#:(;,<4,"#;9",(?8#&$,(#'(<#<<#:'(#",7(#&+
;8#;(;8,D(':%=,+(+%=&('9>';#&;6#::D(#;(&6$8;F

A,"8#4'(6;(=#'(,'',&;6#:()%"(;8,(,#":D(<#<<#:'(;%(>,
6<<%>6:6O,+(#&+(86++,&(+9"6&$(;8,(+#D:6$8;(8%9"'(;8#;(=,",
"9:,+(>D(4",+#;%"D(",4;6:,'F(-(#<(46?;9"6&$(#(:#;,(G,'%O%6?
:#&+'?#4,(6&(=86?8(;8,(<#<<#:'(':,,4()6;)9::D(>D(+#D(#&+(;8,
",4;6:,'(>D(&6$8;F(P9;(#;(&6$8;(,M,&(89<>:,(?#"&6M%"%9'
4"%;%<#<<#:'(<9';(8#M,(4%',+(#(",#:(;8",#;(;%(;8,
?%:+N6<<%>6:6O,+(",4;6:,'7(#&+(4#";6?9:#":D(;%(;8,6"(,$$'F

K9+$,+(>D(;8,6"(,&+%?"#&6#:(M%:9<,'(^',,()6$9",(%&(4#$,(VZ_7
;8,(+6&%'#9"'(=,",7(?%<4#",+(;%(<#<<#:'7(",<#"5#>:D(';946+F
/%(;#5,('%<,(]=,::N5&%=&](,R#<4:,'7(/D"#&&%'#9"9'(",R(8#+
#(>"#6&(M%:9<,(%)(#>%9;(YWW(?9>6?(?,&;6<,;,"'(^??_S
P"#?86%'#9"9'7(TbW(??S(/"6?,"#;%4'7(aW(??S(!64:%+%?9'7(bW(??S
L;,$%'#9"9'7(VW(??F(.%;(%&,(#44"%#?8,+(#(?86<4#&O,,(6&
#>'%:9;,(>"#6&(<#''S(L;,$%'#9"9'7(=86?8(=,6$8,+(;=%(<,;"6?
;%&'7(=#'(4"%>#>:D()#"(<%",(';946+(;8#&(#("#>>6;F(U8,&(;8,
:#"$,(>%+D(=,6$8;'(%)(;8,(+6&%'#9"'(#",(;#5,&(6&;%(#??%9&;7(;8,
'<#::&,''(%)(;8,6"(>"#6&'(>,?%<,'(,M,&(<%",(';"656&$X
/D"#&&%'#9"9'(=,6$8,+(h(<,;"6?(;%&'S(!64:%+%?9'7(TYS(#&+
P"#?86%'#9"9'7(haF(/8,("#;6%(%)(>"#6&(;%(>%+D(=,6$8;(6&
P"#?86%'#9"9'(=#'(;,&(;8%9'#&+(;6<,'('<#::,"(;8#&(;8#;(%)(<#&F
K9';(#'('8#"5'(#",(;8,(:#"$,';N>"#6&,+()6'8()%"(;8,6"(>%+D
=,6$8;7(;8,(?#"&6M%"%9'(+6&%'#9"'('9?8(#'(/D"#&&%'#9"9'(=,",
",:#;6M,:D(:#"$,"N>"#6&,+(;8#&('9?8(8,">6M%",'(#'(!64:%+%?9'

ZW
#&+(P"#?86%'#9"9'F(-(#<('9",(;8#;(/D"#&&%'#9"9'(=#'(#&
,))6?6,&;(#&+(;,""6)D6&$(56::6&$(<#?86&,F(P9;(+,'46;,(;8,6"
#=,'%<,(#'4,?;7(;8,(+6&%'#9"'(:%%5(M9:&,"#>:,(;%(+,+6?#;,+
#&+(6&;,::6$,&;(#+M,"'#"6,'N'9?8(#'(;8,(,#":D(<#<<#:'F

19"(G,'%O%6?('?,&,(8#'(#(?9"6%9':D(M#<46"6?(E9#:6;D(=6;8(;8,
?#"&6M%"%9'(",4;6:,'(89&;6&$(;8,('<#";(':,,46&$(<#<<#:'(>D
+#D7(#&+(;8,(?#"&6M%"%9'(<#<<#:'(89&;6&$(;8,(';946+(6<<%>6:,
",4;6:,'(>D(&6$8;F(U86:,(;8,(",4;6:,'(>9"6,+7(;8,6"(,$$'7(6;(6'
9&:65,:D(;8#;(;8,D(#?;6M,:D(4"%;,?;,+(,6;8,"(,$$'(%"(D%9&$F
/8,",(#",(M,"D(),=(#??%9&;'(%)('9?8(>,8#M6%"(,M,&(6&
?%&;,<4%"#"D(",4;6:,'7(#&+(6;(6'(+6))6?9:;(;%(46?;9",
/D"#&&%'#9"9'(",R(>"%%+6&$(%&(#(?:9;?8(%)(,$$'F(Q%"(;8,',
",#'%&'7(;8,(<#<<#:'(<#D(8#M,(=%&(;8,(4"6<%"+6#:(=#"(%)(;8,
M#<46",'S(#;(:,#';('%<,(4#:,%&;%:%$6';'(>,:6,M,(;8#;(;8,(+,<6',
%)(;8,(+6&%'#9"'(=#'(#??,:,"#;,+(>D(&%?;9"&#:(4",+#;6%&(%&
",4;6:6#&(,$$'(>D(;8,(,#":D(<#<<#:'F(/=%(?86?5,&(,$$'d()%"
>",#5)#';(<#D(>,(#::N#;(:,#';(%&(;8,('9")#?,N;8#;(6'(:,);(%)(;86'
#&?6,&;(<#<<#:6#&(?96'6&,F

d(-&()#?;7(;8,(>6"+'(#",(#:<%';(?,";#6&:D(;8,(4"6&?64#:(:6M6&$
+,'?,&+#&;'(%)(;8,(+6&%'#9"'F

/8,(<%';(6&;,::6$,&;(%)(;8,(+6&%'#9"'(>D(;8,(?"6;,"6%&(%)(>"#6&(;%
>%+D(<#''(#",(;8,(L#9"%"&6;8%6+,'7(=8%',(>"#6&(<#''(=#'
;D46?#::D(#>%9;(bW($"#<'(;%(#(>%+D(<#''(%)(#>%9;(bW(56:%$"#<'7
4:#?6&$(;8,<(&,#"(;8,(%';"6?8(6&(;8,()6$9",(%&(4#$,(cWF(-&+,,+7
;8,D(",',<>:,+(%';"6?8,'F(-;(<6$8;(>,(M,"D(6::9<6&#;6&$(;%
,R#<6&,()%''6:(,&+%?#';'(%)(;8,6"(>"#6&?#','F(/8,D(4"%>#>:D
89&;,+('<#::(#&6<#:'()%"()%%+(#&+(9',+(;8,()%9"()6&$,"'(%)(;8,6"
8#&+:65,(#44,&+#$,'()%"(<#&D(+6)),",&;(;#'5'F

/8,D(#",(6&;,",';6&$(>,#';'(;%('4,?9:#;,(#>%9;F(-)(;8,(+6&%'#9"'
8#+(&%;(#::(>,,&(<D';,"6%9':D(,R;6&$96'8,+('%<,('6R;DN)6M,
<6::6%&(D,#"'(#$%7(=%9:+(;8,(L#9"%"&6;8%6+,'(8#M,(?%&;6&9,+(;%
,M%:M,(6&;%(6&?",#'6&$:D(6&;,::6$,&;()%"<'@(U%9:+(;8,D(8#M,
:,#"&,+(;%(89&;(:#"$,(<#<<#:'(?%::,?;6M,:D(#&+(;89'(4,"8#4'
8#M,(4",M,&;,+(;8,($",#;(4"%:6),"#;6%&(%)(<#<<#:'(;8#;
)%::%=,+(;8,(,&+(%)(;8,(G,'%O%6?(C$,@(-)(6;(8#+(&%;(>,,&()%"(;8,
,R;6&?;6%&(%)(;8,(+6&%'#9"'7(=%9:+(;8,(+%<6&#&;(:6),()%"<'(%&

ZT
*#";8(;%+#D(>,(+,'?,&+#&;'(%)(L#9"%&6;8%6+,'7(="6;6&$(#&+
",#+6&$(>%%5'7('4,?9:#;6&$(%&(=8#;(=%9:+(8#M,(8#44,&,+(8#+
;8,(<#<<#:'(4",M#6:,+@(U%9:+(;8,(+%<6&#&;()%"<'(;86&5(;8#;
>#',(h(#"6;8<,;6?(=#'(E96;,(&#;9"#:7(>9;(>#',(TW(#()"6::(;#9$8;
%&:D(6&(;8,(].,=(G#;8]@
C($",#;(+,#:(%)(=8#;(=,(?%&'6+,"(6<4%";#&;(#>%9;(;8,(:#';(),=
;,&'(%)(<6::6%&'(%)(D,#"'(%)(*#";8g'(86';%"D(',,<'(;%(86&$,(%&
;8,(,R;6&?;6%&(%)(;8,(+6&%'#9"'F(/8,",(#",(:6;,"#::D(+%O,&'(%)
'?6,&;6)6?(8D4%;8,','(;8#;(#;;,<4;(;%(,R4:#6&(;86'(,M,&;7(=86?8
#44,#"'(;%(8#M,(>,,&(",<#"5#>:D("#46+(#&+(;8%"%9$8()%"(>%;8
:#&+(#&+(=#;,"()%"<'F(C::(;8,(,R4:#&#;6%&'(4"%4%',+(',,<(;%(>,
%&:D(4#";:D('#;6')#?;%"DF(/8,D("#&$,()"%<(<#''6M,(?:6<#;6?
?8#&$,(;%(<#<<#:6#&(4",+#;6%&(;%(;8,(,R;6&?;6%&(%)(#(4:#&;(=6;8
#44#",&;(:#R#;6M,(4"%4,";6,'7(6&(=86?8(?#',(;8,(+6&%'#9"'(+6,+
%)(?%&';64#;6%&F

1&,(%)(;8,(<%';(6&;,",';6&$(#&+(4"%<6'6&$(8D4%;8,','7()6"';
'9$$,';,+(>D(-F(LF(L85:%M'566(%)(;8,(-&';6;9;,()%"(3%'<6?
0,',#"?87(L%M6,;(C?#+,<D(%)(L?6,&?,'7(G%'?%=7(6'(;8#;(;8,
+6&%'#9"'(+6,+(>,?#9',(%)(#(&,#">D('94,"&%M#(,M,&;N(;8,
,R4:%'6%&(%)(#(+D6&$(';#"('%<,(;,&'(%)(:6$8;ND,#"'(#=#D7(=86?8
",'9:;,+(6&(#&(6<<,&',():9R(%)(86$8(,&,"$D(?8#"$,+(4#";6?:,'
;8#;(,&;,",+(%9"(#;<%'48,",7(?8#&$,+(6;'(4"%4,";6,'7(#&+7
4,"8#4'(>D(+,';"%D6&$(;8,(#;<%'48,"6?(%O%&,7(:,;(6&(:,;8#:
E9#&;6;6,'(%)('%:#"(9:;"#M6%:,;("#+6#;6%&F(.%?;9"&#:(#&6<#:'7('9?8
#'(;8,(<#<<#:'(%)(;8,(;6<,7(#&+(+,,4N',#(#&6<#:'7('9?8(#'
)6'87(?%9:+(8#M,('9"M6M,+(;86'(86$8,"(9:;"#M6%:,;(6&;,&'6;DS(>9;
+#D;6<,(#&6<#:'(;8#;(:6M,+(%&(:#&+(%"(&,#"(;8,('9")#?,(%)(;8,
=#;,"'(=%9:+(8#M,(>,,&(4",),",&;6#::D(+,';"%D,+F(L9?8(#
+6'#';,"(=%9:+(>,(#4;:D(&#<,+N(;8,(=%"+(6;',:)(<,#&'(]>#+
';#"F]

-)(;86'(',E9,&?,(%)(,M,&;'(6'(?%"",?;7(;8,(<#`%"(?%9"',(%)
>6%:%$6?#:(,M%:9;6%&(%&(;8,(*#";8(6&(;8,(:#';('6R;DN)6M,(<6::6%&
D,#"'7(#&+(6&+,,+(;8,(M,"D(,R6';,&?,(%)(89<#&(>,6&$'7(?#&(>,
;"#?,+(;%(;8,(+,#;8(%)(#(+6';#&;('9&F(A,"8#4'(%;8,"(4:#&,;'
?6"?:,+(;8#;(';#"S(4,"8#4'(%&,(%)(;8%',(4:#&,;'(,&`%D,+(#
;8"6M6&$(>6%:%$D(;%";9%9':D(,M%:M,+(%M,"(>6::6%&'(%)(D,#"'F(/8,
'94,"&%M#(,R4:%'6%&(=%9:+('9",:D(8#M,(,R;6&$96'8,+(#::(:6),(%&
;8#;(4:#&,;(#&+(4"%>#>:D(,M,&(+"6M,&(6;'(#;<%'48,",(6&;%('4#?,F

ZY
!%(=,(%=,(%9"(,R6';,&?,(;%(#(<6$8;D(';,::#"(?#;#';"%48,(;8#;
,:',=8,",(+,';"%D,+(>6%'48,",'(#&+(=%":+'@

C);,"(;8,(,R;6&?;6%&(%)(;8,(+6&%'#9"'7(<#<<#:'(<%M,+(6&;%
+#D;6<,(,?%:%$6?#:(&6?8,'F(/8,(4"6<#;,(),#"(%)(;8,(+#"5(<9';(>,
#(?%<4#"#;6M,:D(",?,&;(+,M,:%4<,&;F(U#'8>9"&(8#'(",4%";,+
;8#;(6&)#&;(>#>%%&'(#&+(%;8,"(D%9&$(4"6<#;,'(#44,#"(;%(>,(>%"&
=6;8(%&:D(;8",,(6&>%"&(),#"'N%)()#::6&$7('&#5,'7(#&+(;8,
+#"5N?%"",'4%&+6&$(",'4,?;6M,:D(;%(;8,(+#&$,"'(4%',+(>D
.,=;%&6#&($"#M6;#;6%&(;%(;",,N+=,::,"'7(>D(%9"(#&?6,&;(,&,<6,'
;8,(",4;6:,'7(#&+(>D(<#<<#:6#&(&%?;9"&#:(4",+#;%"'7(=86?8(<9';
8#M,(>,,&(4#";6?9:#":D(;,""6)D6&$()%"(;8,(M6'9#::D(%"6,&;,+
4"6<#;,'F
-)(;8,(M#<46"6?(8D4%;8,'6'(6'(;"9,N#&+(6;(6'(#;(8,';(#(:65,:D
8D4%;8,'6'N;8,()9&?;6%&(%)(':,,4(6'(>96:;(+,,4:D(6&;%(;8,
<#<<#:6#&(>"#6&S()"%<(,#":6,';(<#<<#:6#&(;6<,'7(':,,4(4:#D,+
#()9&+#<,&;#:("%:,(6&('9"M6M#:F(L6&?,()%"(4"6<6;6M,(<#<<#:'
':,,4:,''(&6$8;'(=%9:+(8#M,(>,,&(<%",(+#&$,"%9'()%"(;8,
'9"M6M#:(%)(;8,(;#R%&(;8#&(',R:,''(&6$8;'7(':,,4('8%9:+(>,(#
<%",(4%=,")9:(+"6M,(;8#&(',RN=86?87(#;(:,#';(6&(<%';(%)(9'7(6;
',,<'(;%(>,F(P9;(,M,&;9#::D(<#<<#:'(,M%:M,+(;%(#(4%6&;(=8,",
':,,4(?%9:+(>,(<%+6)6,+(>D(?8#&$,+(?6"?9<';#&?,'F(U6;8(;8,
,R;6&?;6%&(%)(;8,(+6&%'#9"'7(+#D:6$8;('9++,&:D(>,?#<,(#
>,&,M%:,&;(,&M6"%&<,&;()%"(;8,(<#<<#:'F(!#D;6<,
6<<%>6:6O#;6%&(=#'(&%(:%&$,"(?%<49:'%"D7(#&+(#(=6+,(M#"6,;D(%)
':,,4(4#;;,"&'(':%=:D(+,M,:%4,+7(6&?:9+6&$(;8,(?%&;,<4%"#"D
?%"",:#;6%&(%)(<#<<#:6#&(4",+#;%"'(=6;8(,R;,&'6M,(+",#<6&$
#&+(<#<<#:6#&(4",D(=6;8(#(<%",(=#;?8)9:(+",#<:,''(':,,4F
A,"8#4'(;8%',(4,%4:,(=8%(?#&(+%(=6;8(%&:D(#(),=(8%9"'g(':,,4(#
&6$8;(#",(;8,(8#">6&$,"'(%)(#(&,=(89<#&(#+#4;#;6%&(;8#;(=6::
;#5,()9::(#+M#&;#$,(%)(;8,(;=,&;DN)%9"(8%9"'(%)(;8,(+#DF(-7()%"
%&,7()",,:D(?%&),''(,&MD()%"('9?8(#&(#+#4;#;6%&F

/8,',(?%&`,?;9",'(%&(;8,(%"6$6&'(%)(;8,(<#<<#:'(?%&';6;9;,(#
56&+(%)('?6,&;6)6?(<D;8X(;8,D(<#D(8#M,('%<,($,"<(%)(;"9;8(6&
;8,<7(>9;(;8,D(#",(9&:65,:D(;%(>,(;8,(=8%:,(';%"DF(/8#;
'?6,&;6)6?(<D;8'(<#5,(?%&;#?;(=6;8(<%",(#&?6,&;(<D;8'(<#D(%"
<#D(&%;(>,(#(?%6&?6+,&?,F(-;(6'(,&;6",:D(4%''6>:,(;8#;(=,(#",
#>:,(;%(6&M,&;('?6,&;6)6?(<D;8'(%&:D(>,?#9',(=,(8#M,(4",M6%9':D
>,,&(,R4%',+(;%(;8,(%;8,"('%";F(.,M,";8,:,''7(-(?#&&%;(",'6';

ZV
?%&&,?;6&$(;86'(#??%9&;(%)(;8,(%"6$6&(%)(<#<<#:'(=6;8(#&%;8,"
?9"6%9'(#'4,?;(%)(;8,(e,&,'6'(<D;8(%)(;8,(,R6:,()"%<(*+,&F
P,?#9',(6;(6'(#(",4;6:,7(%)(?%9"',7(;8#;(%)),"'(;8,()"96;(%)(;8,
5&%=:,+$,(%)($%%+(#&+N,M6:N#>';"#?;(#&+(<%"#:(&,%?%";6?#:
)9&?;6%&'N;%(C+#<(#&+(*M,F

/8,",(#",(;%+#D(#(),=(",<#6&6&$(:#"$,(",4;6:,'(%&(*#";87(;8,
<%';(';"656&$(%)(=86?8(6'(;8,([%<%+%(+"#$%&(%)(-&+%&,'6#X
?%:+N>:%%+,+7(&%;(M,"D(>"6$8;7(>9;(#(4",+#;%"(,R86>6;6&$(#
?86::6&$()6R6;D(%)(49"4%',F(U6;8(6<<,&',(4#;6,&?,7(6;(=6::(';#:5(#
':,,46&$(+,,"(%"(>%#"7(;8,&('9++,&:D(':#'8(#(86&+(:,$(#&+(8#&$
%&(9&;6:(;8,(4",D(>:,,+'(;%(+,#;8F(A",D(6'(;"#?5,+(>D('?,&;7(#&+
#(89&;6&$(+"#$%&(:9<>,"'(#&+('#'8#D'7(8,#+(+%=&7(6;'()%"5,+
;%&$9,():6?56&$(%M,"(;8,($"%9&+()%"(?8,<6?#:(;"#?,'F(/8,(:#"$,';
#+9:;'(=,6$8(#>%9;(TVb(56:%$"#<'(^VWW(4%9&+'_7(#",(;8",,
<,;,"'(^#>%9;(TW(),,;_(:%&$(#&+(:6M,(4,"8#4'(;%(>,(?,&;,&#"6#&'F
/%(4"%;,?;(6;'(,$$'7(;8,(+"#$%&(+6$'(;",&?8,'()"%<(;=%(;%(#'
<9?8(#'(&6&,(<,;,"'(^#:<%';(VW(),,;_(+,,4N4"%>#>:D(#(+,),&',
#$#6&';(,$$N,#;6&$(<#<<#:'(^#&+(;8,<',:M,'X(C+9:;'(#",
5&%=&(%??#'6%&#::D(;%(';#:5(#(&,';N8%:,7(=#6;6&$()%"(;8,(&,=:D
8#;?8,+(D%9&$(;%(,<,"$,(#&+(4"%M6+,(#(:6;;:,(+,:6?#?D()%"
:9&?8_F(C'(#&%;8,"(?:,#"(#+#4;#;6%&(;%(4",+#;%"'7(;8,(+"#$%&
8#;?8:6&$'(:6M,(6&(;",,'F

/8,(",<#"5#>:,(,:#>%"#;6%&(%)(;8,',(#+#4;#;6%&'('8%='(?:,#":D
;8#;(+"#$%&'(#",(6&(;"%9>:,(%&(;8,(4:#&,;(*#";8F(/8,([%<%+%
+"#$%&(:6M,'(6&(;8,(=6:+(%&:D(6&(;8,(B,'',"(L9&+#(-':#&+'Fd
/8,",(#",(%&:D(#>%9;(Y7WWW(%)(;8,<(:,);F(/8,(%>'?9"6;D(%)(;8,6"
:%?#:,(6<<,+6#;,:D('9$$,';'(;8#;(+"#$%&'(#",(&,#"(,R;6&?;6%&
>,?#9',(%)(<#<<#:6#&7(?86,):D(89<#&7(4",+#;6%&7(#(?%&?:9'6%&
>%"&,(%9;(>D(;8,6"(86';%"D(%M,"(;8,(:#';(;=%(?,&;9"6,'F(C::
+"#$%&'(=6;8(:,''(,R;",<,(#+#4;#;6%&'(%"(:,''(",<%;,(8#>6;#;'
#",(+,#+F(-(,M,&(=%&+,"(=8,;8,"(;8,('D';,<#;6?(',4#"#;6%&(%)
>"#6&(<#''()%"(#($6M,&(>%+D(<#''(>,;=,,&(<#<<#:'(#&+
",4;6:,'(^',,(?8#";(%&(4#$,(VZ_(<6$8;(&%;(>,(;8,(",'9:;(%)(#
'D';,<#;6?(,R;6&?;6%&(%)(>"6$8;(+"#$%&'(>D(<#<<#:6#&
4",+#;%"'F(-&(#&D(?#',7(6;(6'(M,"D(:65,:D(;8#;(;8,(4%49:#;6%&(%)
:#"$,(",4;6:,'(8#'(>,,&(+,?:6&6&$(';,#+6:D('6&?,(;8,(,&+(%)(;8,
G,'%O%6?(C$,7(#&+(;8#;(;8,",(=,",(<#&D(<%",(%)(;8,<(,M,&
%&,(%"(;=%(;8%9'#&+(D,#"'(#$%(;8#&(;8,",(#",(;%+#DF

Zc
/8,(4,"M#'6M,&,''(%)(+"#$%&(<D;8'(6&(;8,()%:5(:,$,&+'(%)(<#&D
?9:;9",'(6'(4"%>#>:D(&%(#??6+,&;Ft

d(-;(6'(6&(;8,(e",#;,"(L9&+#(-':#&+'N<%",('4,?6)6?#::D(K#M#N(;8#;
;8,()6"';('4,?6<,&(%)(H%<%(,",?;9'7(=6;8(#&(,&+%?"#&6#:(M%:9<,
%)(#:<%';(T7WWW(??7(=#'()%9&+(>D(*F(!9>%5(6&(ThZTF
t(39"6%9':D7(;8,()6"';(",4",',&;#;6M,('59::(%)(A,:;6&$(<#&N(;8,
H%<%(,",?;9'(=8%',(",<#6&'(#",(?:,#":D(#''%?6#;,+(=6;8(;8,
9',(%)()6",F

/8,(6<4:#?#>:,(<9;9#:(8%';6:6;D(>,;=,,&(<#&(#&+(+"#$%&7(#'
,R,<4:6)6,+(6&(;8,(<D;8(%)(L;F(e,%"$,7(6'(';"%&$,';(6&(;8,(U,';F
^-&(?8#4;,"(V(%)(;8,(P%%5(%)(e,&,'6'7(e%+(%"+#6&'(#&(,;,"&#:
,&<6;D(>,;=,,&(",4;6:,'(#&+(89<#&'F_(P9;(6;(6'(&%;(#(U,';,"&
#&%<#:DF(-;(6'(#(=%":+=6+,(48,&%<,&%&F(-'(6;(%&:D(#&(#??6+,&;
;8#;(;8,(?%<<%&(89<#&('%9&+'(?%<<#&+6&$('6:,&?,(%"
#;;"#?;6&$(#;;,&;6%&(',,<(';"#&$,:D(6<6;#;6M,(%)(;8,(86''6&$(%)
",4;6:,'@(-'(6;(4%''6>:,(;8#;(+"#$%&'(4%',+(#(4"%>:,<()%"(%9"
4"%;%89<#&(#&?,';%"'(%)(#(),=(<6::6%&(D,#"'(#$%7(#&+(;8#;(;8,
;,""%"(;8,D(,M%5,+(#&+(;8,(+,#;8'(;8,D(?#9',+(8,:4,+(>"6&$
#>%9;(;8,(,M%:9;6%&(%)(89<#&(6&;,::6$,&?,@(1"(+%,'(;8,
<,;#48%"(%)(;8,(',"4,&;(",),"(;%(;8,(9',(%)(;8,(#$$",''6M,(#&+
"6;9#:6';6?(",4;6:6#&(?%<4%&,&;(%)(%9"(>"#6&(6&(;8,()9";8,"
,M%:9;6%&(%)(;8,(&,%?%";,R@(U6;8(%&,(,R?,4;6%&7(;8,(e,&,'6'
#??%9&;(%)(;8,(;,<4;#;6%&(>D(#(",4;6:,(6&(*+,&(6'(;8,(%&:D
6&';#&?,(6&(;8,(P6>:,(%)(89<#&'(9&+,"';#&+6&$(;8,(:#&$9#$,(%)
#&6<#:'F(U8,&(=,(),#",+(;8,(+"#$%&'7(=,",(=,(),#"6&$(#(4#";
%)(%9"',:M,'@(1&,(=#D(%"(#&%;8,"7(;8,",(=,",(+"#$%&'(6&(*+,&F
6&(L6&56#&$(A"%M6&?,7(386&#7(6&(#(4:#?,(?#::,+(;8,(G%9&;#6&(%)
!"#$%&'F

/8,(<%';(",?,&;(+6&%'#9"()%''6:(6'(+#;,+(#;(#>%9;('6R;D(<6::6%&
D,#"'(#$%F(/8,()#<6:D(%)(<#&(^>9;(&%;(;8,($,&9'(H%<%_(6'('%<,
;,&'(%)(<6::6%&'(%)(D,#"'(%:+F(3%9:+(;8,",(8#M,(>,,&(<#&:65,
?",#;9",'(=8%(#?;9#::D(,&?%9&;,",+(/D"#&&%'#9"9'(",R@(3%9:+
;8,",(8#M,(>,,&(+6&%'#9"'(;8#;(,'?#4,+(;8,(,R;6&?;6%&'(6&(;8,
:#;,(3",;#?,%9'(A,"6%+@(3%9:+(;8,(4,"M#'6M,(+",#<'(#&+
?%<<%&(),#"'(%)(]<%&';,"'7](=86?8(?86:+",&(+,M,:%4('8%";:D

Zb
#);,"(;8,D(#",(#>:,(;%(;#:57(>,(,M%:9;6%&#"D(M,';6$,'(%)(E96;,
#+#4;6M,N>#>%%&:65,N",'4%&','(;%(+"#$%&'(#&+(%=:'@(d

d(L6&?,(="6;6&$(;86'(4#''#$,(-(8#M,(+6'?%M,",+(;8#;(!#"=6&
,R4",'',+(#('6<6:#"(;8%9$8;X(]G#D(=,(&%;('9'4,?;(;8#;(;8,
M#$9,(>9;(M,"D(",#:(),#"'(%)(?86:+",&7(=86?8(#",(E96;,
6&+,4,&+,&;(%)(,R4,"6,&?,7(#",(6&8,"6;,+(,)),?;'(%)(",#:(+#&$,"'
#&+(#>`,?;('94,"';6;6%&'(+9"6&$(#&?6,&;('#M#$,(;6<,'@(-;(6'(E96;,
?%&)%"<#>:,(=6;8(=8#;(=,(5&%=(%)(;8,(;"#&'<6''6%&(%)()%"<,":D
=,::N+,M,:%4,+(?8#"#?;,"'7(;8#;(;8,D('8%9:+(#44,#"(#;(#&(,#":D
4,"6%+(%)(:6),7(#&+(#);,"=#"+'(+6'#44,#"N:65,($6::(':6;'(6&(89<#&
,<>"D%:%$DF]

U8#;()9&?;6%&'(+%(+",#<'(',"M,(;%+#D@(1&,(M6,=7(49>:6'8,+(6&
#(",49;#>:,('?6,&;6)6?(4#4,"7(8%:+'(;8#;(;8,()9&?;6%&(%)(+",#<'(6'
;%(=#5,(9'(94(#(:6;;:,7(,M,"D(&%=(#&+(;8,&7(;%(',,(6)(#&D%&,(6'
#>%9;(;%(,#;(9'F(P9;(+",#<'(%??94D('9?8(#(",:#;6M,:D('<#::(4#";
%)(&%"<#:(':,,4(;8#;(;86'(,R4:#&#;6%&(+%,'(&%;(',,<(M,"D
?%<4,::6&$F(G%",%M,"7(#'(=,(8#M,(',,&7(;8,(,M6+,&?,(4%6&;'
`9';(;8,(%;8,"(=#DX(;%+#D(6;(6'(;8,(<#<<#:6#&(4",+#;%"'7(&%;(;8,
<#<<#:6#&(4",D7(=8%(?8#"#?;,"6';6?#::D(8#M,(+",#<N)6::,+
':,,4F(G9?8(<%",(4:#9'6>:,(6'(;8,(?%<49;,"N>#',+(,R4:#&#;6%&
;8#;(+",#<'(#",(#('46::%M,"()"%<(;8,(9&?%&'?6%9'(4"%?,''6&$(%)
;8,(+#Dg'(,R4,"6,&?,7()"%<(;8,(>"#6&g'(+,?6'6%&(%&(8%=(<9?8(%)
;8,(+#6:D(,M,&;'(;,<4%"#"6:D(';%",+(6&(#(56&+(%)(>9)),"(;%
,<4:#?,(6&(:%&$N;,"<(<,<%"DF(/8,(,M,&;'(%)(D,';,"+#D
)",E9,&;:D("9&(;8"%9$8(<D(+",#<'S(;8,(,M,&;'(%)(;=%(+#D'(#$%7
<9?8(<%",("#",:DF(H%=,M,"7(;8,(>9)),"N+9<46&$(<%+,:(',,<'
9&:65,:D(;%(>,(;8,(=8%:,(';%"D7(>,?#9',(6;(+%,'(&%;(,R4:#6&(;8,
+6'$96','(;8#;(#",('%(?8#"#?;,"6';6?(%)(;8,('D<>%:6?(:#&$9#$,(%)
+",#<'7(#(4%6&;()6"';(';",'',+(>D(Q",9+F(-;(#:'%(+%,'(&%;(,R4:#6&
;8,(4%=,")9:(#)),?;(%"(,<%;6%&'(%)(+",#<'S(-(>,:6,M,(;8,",(#",
<#&D(4,%4:,(=8%(8#M,(>,,&()#"(<%",(;8%"%9$8:D()"6$8;,&,+(>D
;8,6"(+",#<'(;8#&(>D(#&D;86&$(;8,D(8#M,(,M,"(,R4,"6,&?,+
=86:,(#=#5,F

/8,(>9)),"N+9<46&$(#&+(<,<%"DN';%"#$,()9&?;6%&'(%)(+",#<'
8#M,('%<,(6&;,",';6&$('%?6#:(6<4:6?#;6%&'F(/8,(C<,"6?#&
4'D?86#;"6';(*"&,';(H#";<#&&(%)(/9);'(2&6M,"'6;D(8#'(4"%M6+,+
#&,?+%;#:(>9;(",#'%&#>:D(4,"'9#'6M,(,M6+,&?,(;8#;(4,%4:,(=8%

Zf
#",(,&$#$,+(6&(6&;,::,?;9#:(#?;6M6;6,'(+9"6&$(;8,(+#D7(,'4,?6#::D
9&)#<6:6#"(6&;,::,?;9#:(#?;6M6;6,'7(",E96",(<%",(':,,4(#;(&6$8;7
=86:,7(>D(#&+(:#"$,7(;8%',(,&$#$,+(6&(<#6&:D(",4,;6;6M,(#&+
6&;,::,?;9#::D(9&?8#::,&$6&$(;#'5'(#",(#>:,(;%(+%(=6;8(<9?8(:,''
':,,4F(H%=,M,"7(6&(4#";()%"(",#'%&'(%)(%"$#&6O#;6%&#:
?%&M,&6,&?,7(<%+,"&('%?6,;6,'(#",(';"9?;9",+(#'(6)(#::(89<#&'
8#+(;8,('#<,(':,,4(",E96",<,&;'S(#&+(6&(<#&D(4#";'(%)(;8,
=%":+(;8,",(6'(#('#;6')D6&$(',&',(%)(<%"#:(",?;6;9+,(6&("6'6&$
,#":DF(/8,(#<%9&;(%)(':,,4(",E96",+()%"(>9)),"(+9<46&$(=%9:+
;8,&(+,4,&+(%&(8%=(<9?8(=,(8#M,(>%;8(;8%9$8;(#&+
,R4,"6,&?,+('6&?,(;8,(:#';(':,,4(4,"6%+F(^/8,",(6'(&%(,M6+,&?,
;8#;(;8,(?#9'#:6;D("9&'(>#?5=#"+'X(4,%4:,(+"9$$,+(=6;8
48,&%>#">6;#:(#",(&%;(",4%";,+7(+9"6&$(6&;,"';6;6#:(=#56&$
4,"6%+'7(;%(4,")%"<(9&9'9#:(6&;,::,?;9#:(#??%<4:6'8<,&;'F_(-&
;86'(",'4,?;(6;(=%9:+(>,(6&;,",';6&$(;%(,R#<6&,(6&+6M6+9#:'(=6;8
M,"D(:%=(':,,4(&,,+'(;%(+,;,"<6&,(=8,;8,"(;8,()"#?;6%&(%)
':,,4(;6<,(;8,D('4,&+(+",#<6&$(6'(:#"$,"(;8#&(6;(6'()%"(;8%',
=6;8(&%"<#:(':,,4(",E96",<,&;'7(#&+(;%(+,;,"<6&,(=8,;8,"(;8,6"
#<%9&;(%)(':,,4(#&+(+",#<(;6<,(6&?",#','(=6;8(;8,(E9#:6;D(#&+
E9#&;6;D(%)(;8,6"(:,#"&6&$(,R4,"6,&?,'(=86:,(#=#5,F

G6?8,:(K%9M,;7(#(Q",&?8(&,9"%:%$6';(#;(;8,(2&6M,"'6;D(%)(BD%&'7
8#'()%9&+(;8#;(+",#<(':,,4(6'(;"6$$,",+(6&(;8,(4%&'7(=86?87
=86:,(6;(",'6+,'(6&(;8,(86&+>"#6&7(6'(#(:#;,(#&+(,'',&;6#::D
<#<<#:6#&(,M%:9;6%&#"D(+,M,:%4<,&;F(1&(;8,(%;8,"(8#&+7
A,&)6,:+(8#'()%9&+(;8#;(,:,?;"6?#:(';6<9:#;6%&(+,,4(6&;%(#&+
>,:%=(;8,(;,<4%"#:(:%>,(6&(;8,(&,%?%";,R(#&+(:6<>6?(?%<4:,R
?#&(4"%+9?,(#(=#56&$(';#;,(6&(,46:,4;6?'(M,"D('6<6:#"(;%(;8#;(%)
+",#<'(+,&9+,+(%)(;8,6"('D<>%:6?(#&+()#&;#';6?(#'4,?;'F(-;(?#&
#:'%(6&+9?,(;8,(+,`#(M9(,R4,"6,&?,F(G9?8(%)(+",#<(#)),?;7
6&?:9+6&$(),#"7(?#&(#:'%(>,(6&+9?,+(>DN'9?8(,:,?;"6?#:
';6<9:#;6%&F

-(%&?,(8#+(#(+",#<(;8#;(=6::(;#&;#:6O,(<,()%",M,"F(-(+",#<;(-(=#'
6+:D(;89<>6&$(;8"%9$8(#(;86?5(86';%"D(;,R;F(-(?%9:+(;,::()"%<(;8,
6::9';"#;6%&'(;8#;(;8,(=%"5(=#'(<%M6&$(':%=:D7(6&(;8,(9'9#:
<#&&,"(%)('9?8(;,R;>%%5'7(;8"%9$8(;8,(?,&;9"6,'X(?:#''6?#:
;6<,'7(G6++:,(C$,'7(0,&#6''#&?,(#&+('%(%&7($"#+9#::D
#44"%#?86&$(;8,(<%+,"&(,"#F(P9;(;8,&(;8,",(=#'(U%":+(U#"(--
=6;8(#>%9;(;=%(89&+",+(4#$,'(:,);F(U6;8(<%9&;6&$(,R?6;,<,&;(-

Za
=%"5,+(<D(=#D(<%",(+,,4:D(6&;%(;8,(=%"5(9&;6:(-(=#'('9",(;8#;
-(8#+(4#'',+(<D(%=&(;6<,F(-;(=#'(#(86';%"D(>%%5(;8#;(6&?:9+,+
;8,()9;9",N:65,(;9"&6&$(;8,(!,?,<>,"(VT(4#$,(%)(;8,(3%'<6?
3#:,&+#"(#&+()6&+6&$(#()9::D(+,;#6:,+(K#&9#"D(TF(P",#;8:,'':D(-
#;;,<4;,+(:6;,"#::D(;%(",#+(;8,()9;9",F(P9;(6;(=#'(6<4%''6>:,F(-
?%9:+(<#5,(%9;(6&+6M6+9#:(=%"+'F(-(?%9:+(,M,&(+6'?,"&(;8,(',"6)'
%&(;8,(6&+6M6+9#:(?8#"#?;,"'F(P9;(-(?%9:+(&%;(49;(;8,(:,;;,"'
;%$,;8,"(6&;%(=%"+'(%"(=%"+'g(;%$,;8,"(6&;%(',&;,&?,'F(-(=#'
#:,R6?F

A,"8#4'(;86'(6'('6<4:D(#(<,;#48%"(%)(;8,(9&4",+6?;#>6:6;D(%)(;8,
)9;9",F(P9;(<D(6&M#"6#>:,(+",#<(,R4,"6,&?,(6'(;8#;(-(#<(9&#>:,
;%(",#+7(-(?#&(",?%$&6O,7()%"(,R#<4:,7(#(';%4('6$&(>D(6;'(?%:%"
#&+(6;'(%?;#$%&#:('8#4,7(>9;(-(?#&&%;(",#+(;8,(=%"+(L/1A7
#:;8%9$8(-(5&%=(6;(6'(;8,",F(-(8#M,(;8,(6<4",''6%&(%)
9&+,"';#&+6&$(;8,(<,#&6&$(%)(#(4#$,(%)(;D4,7(>9;(&%;(>D(",#+6&$
6;(=%"+(>D(=%"+(%"(',&;,&?,(>D(',&;,&?,F(-(?#&&%;(",:6#>:D
4,")%"<(,M,&('6<4:,(#"6;8<,;6?(%4,"#;6%&'(6&(;8,(+",#<(';#;,F(-
<#5,(#(M#"6,;D(%)(M,">#:(?%&)9'6%&'(%)(&%(#44#",&;('D<>%:6?
'6$&6)6?#&?,7(:65,(<6R6&$(94(L?89<#&&(#&+(L?89>,";F(-(#<(#
:6;;:,(#48#'6?(#&+(,&;6",:D(#:,R6?F(.%;(,M,"D%&,(-(5&%=(8#'(;8,
'#<,(?%$&6;6M,(6<4#6"<,&;(6&(;8,(+",#<(';#;,7(>9;(4,%4:,(%);,&
8#M,('%<,(6<4#6"<,&;F(^-&?6+,&;#::D7(6&+6M6+9#:'(=8%(#",(>:6&+
)"%<(>6";8(8#M,(#9+6;%"D7(&%;(M6'9#:(+",#<'F_(/8,(&,%?%";,R(6'
>D(&%(<,#&'(#:;%$,;8,"(;9"&,+(%))(6&(;8,(+",#<(';#;,7(>9;(6;
?,";#6&:D(',,<'(;%('9)),"(6<4%";#&;(<#:)9&?;6%&'F

/8,(',,<6&$()#?;(;8#;(<#<<#:'(#&+(>6"+'(>%;8(+",#<(=86:,
;8,6"(?%<<%&(#&?,';%"7(;8,(",4;6:,'7(+%(&%;(6'('9",:D
&%;,=%";8DF(G#`%"(,M%:9;6%&(>,D%&+(;8,(",4;6:,'(8#'(>,,&
#??%<4#&6,+(>D(#&+(4,"8#4'(",E96",'(+",#<'F(/8,(,:,?;"6?#::D
+6';6&?;6M,(':,,4(%)(>6"+'(6'(,46'%+6?(#&+(>"6,)F(-)(;8,D(+",#<7
;8,D(+",#<()%"(%&:D(#>%9;(#(',?%&+(#;(#(;6<,F(P9;(>6"+'(#",7(6&
#&(,M%:9;6%&#"D(',&',7(<9?8(?:%',"(;%(",4;6:,'(;8#&(<#<<#:'
#",F(-)(=,(5&,=(%&:D(#>%9;(<#<<#:'7(;8,(#"$9<,&;(=%9:+(>,
<%",('8#5DS(>9;(=8,&(>%;8(<#`%"(;#R%&%<6?($"%94'(;8#;(8#M,
,M%:M,+()"%<(;8,(",4;6:,'()6&+(;8,<',:M,'(?%<4,::,+(;%(+",#<7
=,(<9';(;#5,(;8,(?%6&?6+,&?,(',"6%9':DF(U8D('8%9:+(#&(#&6<#:
;8#;(8#'(,M%:M,+()"%<(#(",4;6:,(8#M,(;%(+",#<(=86:,(%;8,"

Zh
#&6<#:'(+%(&%;@(3%9:+(6;(>,(>,?#9',(;8,(",4;6:6#&(>"#6&(6'(';6::
4",',&;(#&+()9&?;6%&6&$@

-;(6'(,R;",<,:D("#",(6&(;8,(+",#<(';#;,(;8#;(=,(>"6&$(%9"',:M,'
94('8%";(#&+('#D7(]/86'(6'(%&:D(#(+",#<F](PD(#&+(:#"$,(=,
6&M,';(;8,(+",#<(?%&;,&;(=6;8(",#:6;DF(/8,",(#",(&%("9:,'(%)
6&;,"&#:(?%&'6';,&?D(;8#;(+",#<'(#",(",E96",+(;%()%::%=F(/8,
+",#<(6'(#(=%":+(%)(<#$6?(#&+("6;9#:7(4#''6%&(#&+(#&$,"7(>9;
M,"D("#",:D(%)('5,4;6?6'<(#&+(",#'%&F(-&(;8,(<,;#48%"(%)(;8,
;"69&,(>"#6&7(+",#<'(#",(4#";6#::D(#()9&?;6%&(%)(;8,(0N?%<4:,R
#&+(;8,(:6<>6?(?%";,R7(>9;(&%;(%)(;8,("#;6%&#:(4#";(%)(;8,
&,%?%";,RF

*R4,"6<,&;'('9$$,';(;8#;(#'(;8,(&6$8;(=,#"'(%&(%9"(+",#<'
,&$#$,(6&?",#'6&$:D(,#":6,"(<#;,"6#:()"%<(%9"(4#';7(",#?86&$
>#?5(;%(?86:+8%%+(#&+(6&)#&?DF(C;(;8,('#<,(;6<,(;8,(4"6<#"D
4"%?,''(#&+(,<%;6%&#:(?%&;,&;(%)(;8,(+",#<(#:'%(6&?",#',F(U,
#",(<9?8(<%",(:65,:D(;%(+",#<(%)(;8,(4#''6%&'(%)(;8,(?"#+:,(`9';
>,)%",(#=#5,&6&$(;8#&(`9';(#);,"()#::6&$(#':,,4F(/86'(:%%5'(M,"D
<9?8(#'(6)(;8,(6&;,$"#;6%&(%)(;8,(+#Dg'(,R4,"6,&?,(6&;%(%9"
<,<%"D7(;8,()%"$6&$(%)(&,=(&,9"#:(:6&5'7(6'(,6;8,"(#&(,#'6,"(%"(#
<%",(9"$,&;(;#'5F(C'(;8,(&6$8;(=,#"'(%&(#&+(;86'()9&?;6%&(6'
?%<4:,;,+7(;8,(<%",(#)),?;6&$(+",#<'7(;8,(<%",(>6O#"",
<#;,"6#:7(;8,(),#"'(#&+(:9';'(#&+(%;8,"(4%=,")9:(,<%;6%&'(%)(;8,
+",#<(<#;,"6#:(,<,"$,F(B#;,(#;(&6$8;7(=8,&(6;(6'(M,"D(';6::(#&+
;8,(%>:6$#;%"D(+#6:D(+",#<'(8#M,(>,,&(+",#<;7(;8,($#O,::,'(#&+
;8,(+"#$%&'(>,$6&(;%(';6"F

1&,(%)(;8,(<%';('6$&6)6?#&;(;%%:'(6&(';9+D6&$(;8,(+",#<(';#;,
=#'(+,M,:%4,+(>D(U6::6#<(!,<,&;7(#(L;#&)%"+(2&6M,"'6;D
4'D?86#;"6';7(=8%(6'(#'('#&,(#'(6;(6'(4%''6>:,()%"(#(89<#&(>,6&$
;%(>,7(>9;(=8%(>,#"'(#&(,R?,,+6&$:D(6&;,",';6&$(&#<,()%"(#(<#&
%)(86'(4"%),''6%&F(/8,(+",#<(';#;,(6'(#??%<4#&6,+(>D("#46+(,D,
<%M,<,&;'(^0*G_7(=86?8(?#&(>,(+,;,?;,+(>D(,:,?;"%+,'(;#4,+
:6$8;:D(%M,"(;8,(,D,:6+'(6&(':,,47(#&+(>D(#(4#";6?9:#"(>"#6&(=#M,
4#;;,"&(%&(;8,(**eF(!,<,&;(8#'()%9&+(;8#;(,M,"D%&,(+",#<'
<#&D(;6<,'(,#?8(&6$8;F(1&(#=#5,&6&$7(#&(6&+6M6+9#:(6&(;8,(<6+';
%)(0*G(':,,4(=6::(9'9#::D(",<,<>,"(86'(+",#<F(*M,&(4,%4:,
=8%(?:#6<(&,M,"(;%(+",#<(8#M,(>,,&(+6'?%M,",+(>D(0*G(#&+
**e(?"6;,"6#(;%(+",#<(#'(<9?8(#'(#&D%&,(,:',S(#&+7(=8,&

ZZ
#=#5,&,+(#;(#44"%4"6#;,(;6<,'7(;8,D(#+<6;(=6;8('%<,('9"4"6',
;%(8#M6&$(+",#<;F(/8,(89<#&(>"#6&(6'(6&(#(+6';6&?;(48D'6%:%$6?#:
';#;,(=86:,(+",#<6&$7(#&+(=,(+",#<("#;8,"(%);,&F(U86:,(4,"8#4'
YW(4,"?,&;(%)(;8,('9>`,?;'(#=#5,&,+(+9"6&$(0*G(':,,4(+%(&%;
",?#::(;8,6"(+",#<'7(#&+('%<,(4,"8#4'(TW(4,"?,&;(%)('9>`,?;'
#=#5,&,+(+9"6&$(&%&N0*G(':,,4(",4%";(+",#<'7(=,(=6::7()%"
?%&M,&6,&?,7(6+,&;6)D(0*G(#&+(#??%<4#&D6&$(**e(4#;;,"&'
=6;8(;8,(+",#<(';#;,F
/8,",(6'('%<,(,M6+,&?,(;8#;(+",#<6&$(6'(&,?,''#"DF(U8,&
4,%4:,(%"(%;8,"(<#<<#:'(#",(+,4"6M,+(%)(0*G(':,,4(^>D
#=#5,&6&$(;8,<(#'('%%&(#'(;8,(?8#"#?;,"6';6?(0*G(#&+(**e
+",#<(4#;;,"&'(,<,"$,_7(;8,(&9<>,"(%)(6&6;6#;6%&'(%)(;8,(+",#<
';#;,(4,"(&6$8;($%,'(947(#&+7(6&(',M,",(?#','7(+#D;6<,
8#::9?6&#;6%&'N;8#;(6'7(=#56&$(+",#<'N%??9"F(-(8#M,(<,&;6%&,+
;8#;(;8,(0*G(#&+(**3(4#;;,"&'(%)(+",#<'(#",(>"6,)(6&(>6"+'(#&+
#>',&;(6&(",4;6:,'F(!",#<'(',,<(;%(>,(4"6<#"6:D(#(<#<<#:6#&
)9&?;6%&F(U8#;(6'(<%",7(+",#<(':,,4(6'(<%';(M6$%"%9':D(,&$#$,+
6&(>D(89<#&(>,6&$'(6&(;8,(,#":D(4%';&#;#:(4,"6%+F(C"6';%;:,
';#;,+(E96;,(4%'6;6M,:D(;8#;(6&)#&;'(+%(&%;(+",#<(#;(#::F(1&(;8,
?%&;"#"D7(=,()6&+(;8,D(<#D(>,(+",#<6&$(<%';(%)(;8,(;6<,F
Q9::N;,"<(&,=>%"&(>#>6,'('4,&+(<%",(;8#&(8#:)(;8,6"(':,,4(;6<,
6&(;8,(0*G(+",#<(';#;,F(-&(6&)#&;'(>%"&(#(),=(=,,5'(4",<#;9",7
;8,(+",#<(;6<,(6'(;8",,NE9#";,"'(%"(<%",(%)(;8,(;%;#:(':,,4
;6<,F(*#":6,"(6&(6;'(6&;"#9;,"6&,(,R6';,&?,7(;8,(),;9'(<#D(>,
+",#<6&$(#::(;8,(;6<,F(^-&+,,+7(&,=>%"&(56;;,&'(#",(%>',"M,+(;%
'4,&+(#::(%)(;8,6"(':,,4(;6<,(6&(;8,(0*G(';#$,F_(0,?#46;9:#;6%&
=%9:+(;8,&('9$$,';(;8#;(+",#<6&$(6'(#&(,M%:9;6%&#"6:D(,#":D(#&+
>#'6?(<#<<#:6#&()9&?;6%&F

/8,",(6'(#&%;8,"(?%&&,?;6%&(>,;=,,&(6&)#&?D(#&+(+",#<'X(>%;8
#",()%::%=,+(>D(#<&,'6#F(U8,&(=,(,<,"$,()"%<(,6;8,"(';#;,7
=,(8#M,($",#;(+6))6?9:;D(",<,<>,"6&$(=8#;(=,(8#M,
,R4,"6,&?,+F(-&(>%;8(?#','7(-(=%9:+('9$$,';7(;8,(:,);
8,<6'48,",(%)(;8,(&,%?%";,R7(=86?8(6'(",'4%&'6>:,()%"(#&#:D;6?
",?%::,?;6%&7(8#'(>,,&()9&?;6%&6&$(6&,)),?;6M,:DF(C&(#:;,"&#;6M,
,R4:#&#;6%&(6'(;8#;(6&(>%;8(+",#<'(#&+(,#":D(?86:+8%%+(=,
,R4,"6,&?,(#(56&+(%)(;"#9<#;6?(#<&,'6#X(/8,(,R4,"6,&?,'(#",
;%%(4#6&)9:(;%(",<,<>,"F(P9;(<#&D(+",#<'(=,()%"$,;(#",(M,"D
4:,#'#&;7(#&+(6;(6'(+6))6?9:;(;%(>,:6,M,(;8#;(6&)#&?D(6'(;8#;
9&4:,#'#&;F(C:'%('%<,(?86:+",&(',,<(?#4#>:,(%)(",<,<>,"6&$

TWW
,R;",<,:D(,#":D(,R4,"6,&?,'F(G,<%"6,'(%)(,M,&;'(:#;,(6&(;8,
)6"';(D,#"(%)(:6),(#",(&%;(,R;",<,:D("#",7(#&+(;8,",(#",(4%''6>:,
,R#<4:,'(%)(,M,&(,#":6,"(",?%::,?;6%&'F(C;(#$,(;8",,7(<D('%&
.6?8%:#'(=#'(#'5,+()%"(;8,(,#":6,';(,M,&;(8,(?%9:+(",?#::(#&+
",4:6,+(6&(#(89'8,+(;%&,(=86:,(';#"6&$(6&;%(<6++:,(+6';#&?,7(]-;
=#'(",+7(#&+(-(=#'(M,"D(?%:+F](H,(=#'(>%"&(>D(3#,'#",#&
',?;6%&F(-;(6'(4"%>#>:D(M,"D(9&:65,:D7(>9;(-(=%&+,"(=8,;8,"(;86'
?%9:+(`9';(4%''6>:D(>,(#(;"9,(>6";8(<,<%"DF

C;(#&D("#;,7(-(;86&5(6;(6'(<9?8(<%",(:65,:D(;8#;(?86:+8%%+(#&+
+",#<(#<&,'6#(#"6',()"%<(;8,()#?;(;8#;(6&(;8%',(';#;,'(%9"
<,&;#:(:6M,'(#",(+,;,"<6&,+(#:<%';(,&;6",:D(>D(;8,(0N?%<4:,R7
;8,(:6<>6?('D';,<(#&+(;8,("6$8;(?,",>"#:(8,<6'48,",F(-&(,#":6,';
?86:+8%%+7(;8,(&,%?%";,R(6'(9&+,"+,M,:%4,+S(6&(#<&,'6#7(6;(6'
6<4#6",+F

/8,",(6'(#(';"656&$(?%"",:#;6%&(%)(4,&6:,(%"(?:6;%"#:(,",?;6%&(=6;8
0*G(':,,47(,M,&(=8,&(;8,(<#&6),';(+",#<(?%&;,&;(8#'(&%(%M,";
',R9#:(#'4,?;'(=8#;,M,"F(-&(4"6<#;,'7('9?8(,",?;6%&'(#",
?%&&,?;,+(=6;8(',R(^%)(?%9"',q_7(#$$",''6%&(#&+(;8,
<#6&;,&#&?,(%)('%?6#:(86,"#"?86,'F(-(;86&5(;8#;(=8,&(=,(+",#<
;8,",(6'(#(4#";(%)(9'(,&$#$,+(6&(#?;6M6;6,'("#;8,"(:65,(;8%',(%)
;8,('E96"",:(<%&5,D'(-('#=(6&(A#9:(G#?B,#&g'(:#>%"#;%"DF(/8,
0N?%<4:,R(6'()9&?;6%&6&$(6&(;8,(+",#<'(%)(89<#&'S(;8,(+"#$%&'
?#&(>,(8,#"+7(86''6&$(#&+("#'46&$7(#&+(;8,(+6&%'#9"'(;89&+,"
';6::F

1&,(,R?,::,&;(;,';(%)(;8,(<,"6;(%)('?6,&;6)6?(6+,#'(6'(;8,6"
'9>',E9,&;(M#:6+#;6%&F(C(;8,%"D(6'(49;()%"=#"+(%&()"#$<,&;#"D
,M6+,&?,7(;8,&(#&(,R4,"6<,&;(6'(4,")%"<,+7(;8,(%9;?%<,(%)
=86?8(;8,(4"%4%',"(%)(;8,(;8,%"D(?%9:+(&%;(5&%=F(-)(;8,
,R4,"6<,&;(?%&)6"<'(;8,(%"6$6&#:(6+,#7(;86'(6'(9'9#::D(;#5,&(#'
';"%&$('944%";()%"(;8,(;8,%"DF(Q",9+(8,:+(;8#;(;8,($",#;
<#`%"6;D7(4,"8#4'(#::7(%)(;8,(]4'D?86?(,&,"$D](%)(%9"
4"6<#"DN4"%?,''(,<%;6%&'(#&+(+",#<(<#;,"6#:(6'(',R9#:(6&
%"6$6&F(/8,(#>'%:9;,:D(,'',&;6#:("%:,(%)(',R9#:(6&;,",';(6&
4"%M6+6&$()%"(;8,(4"%4#$#;6%&(%)(;8,('4,?6,'(<#5,'(;86'(6+,#
&,6;8,"(#'('6::D(&%"(#'(+,4"#M,+(#'(6;(#44,#",+(;%(<#&D(%)
Q",9+g'(J6?;%"6#&(?%&;,<4%"#"6,'F(3#":(e9';#M(K9&$7()%"
,R#<4:,7(8,:+(;8#;(Q",9+(8#+(',M,",:D(%M,"';#;,+(;8,(4"6<#?D

TWT
%)(',R(6&(;8,(#))#6"'(%)(;8,(9&?%&'?6%9'F(P9;(&%=7
;8",,NE9#";,"'(%)(#(?,&;9"D(:#;,"7(,R4,"6<,&;'(6&(;8,
:#>%"#;%"6,'(%)(!,<,&;(#&+(%;8,"(4'D?8%:%$6';'(#44,#"(;%
'944%";(Q",9+F(-;(=%9:+7(-(;86&57(",E96",(#(M,"D(+,+6?#;,+
49"6;#&6'<(;%(+,&D('%<,(?%&&,?;6%&(>,;=,,&(4,&6:,(%"(?:6;%"#:
,",?;6%&(#&+(',RF(-;(',,<'(;%()%::%=(;8#;(',R(#&+(+",#<'(#",
&%;(?#'9#::D(%"(6&?6+,&;#::D(?%&&,?;,+(>9;("#;8,"(8#M,(+,,4(#&+
)9&+#<,&;#:(;6,'N#:;8%9$8(+",#<'(?,";#6&:D(4#";#5,(%)("6;9#:7
#$$",''6M,(#&+(86,"#"?86?#:(<#;,"6#:(#'(=,::F(A#";6?9:#":D
?%&'6+,"6&$(;8,(';#;,(%)(',R9#:(",4",''6%&(6&
:#;,N&6&,;,,&;8N?,&;9"D(J6,&&,',('%?6,;D7(<#&D(%)(Q",9+g'
6&'6$8;'(',,<(8#"+N=%&(#&+(?%9"#$,%9'(#'(=,::(#'(M#:6+F

L;#;6';6?#:(';9+6,'(8#M,(>,,&(<#+,(%)(;8,(<%';(?%<<%&
?#;,$%"6,'(%)(+",#<'N';9+6,'(=86?87(#;(:,#';(;%('%<,(,R;,&;7
%9$8;(;%(6::9<6&#;,(;8,(&#;9",(%)(+",#<'F(-&(#('9"M,D(%)(;8,
+",#<'(%)(?%::,$,(';9+,&;'7(;8,()%::%=6&$(=,",7(6&(%"+,"7(;8,
)6M,(<%';()",E9,&;(;D4,'X(^T_()#::6&$S(^Y_(>,6&$(49"'9,+(%"
#;;#?5,+S(^V_(#;;,<4;6&$(",4,#;,+:D(#&+(9&'9??,'')9::D(;%
4,")%"<(#(;#'5S(^c_(M#"6%9'(#?#+,<6?(:,#"&6&$(,R4,"6,&?,'S(#&+
^b_(+6M,"',(',R9#:(,R4,"6,&?,'F(.9<>,"(^c_(%&(;86'(:6';(',,<'
%)('4,?6#:(#&+(4#";6?9:#"(?%&?,"&(;%(;8,($"%94(>,6&$('#<4:,+F
/8,(%;8,"'7(=86:,('%<,;6<,'(#?;9#::D(,&?%9&;,",+(6&(;8,(:6M,'
%)(9&+,"$"#+9#;,'7(#",(:65,:D(;%(>,(#44:6?#>:,($,&,"#::D7(,M,&(;%
&%&N';9+,&;'F

/8,(),#"(%)()#::6&$(',,<'(?:,#":D(?%&&,?;,+(=6;8(%9"(#">%",#:
%"6$6&'(#&+(6'(#(),#"(=,(#44#",&;:D('8#",(=6;8(%;8,"(4"6<#;,'F(-)
D%9(:6M,(6&(#(;",,7(;8,(,#'6,';(=#D(;%(+6,(6'('6<4:D(;%()%"$,;(;8,
+#&$,"(%)()#::6&$F(/8,(%;8,"(;8",,(?#;,$%"6,'(%)(<%';(?%<<%&
+",#<'(#",(4#";6?9:#":D(6&;,",';6&$(>,?#9',(;8,D(?%"",'4%&+(;%
#$$",''6M,7(86,"#"?86?#:7("6;9#:6';6?(#&+(',R9#:()9&?;6%&'(N;8,
",#:<(%)(;8,(0N?%<4:,RF(C&%;8,"(4"%M%?#;6M,(';#;6';6?(6'(;8#;
#:<%';(8#:)(%)(;8,(4,%4:,(E9,"6,+(",4%";,+(+",#<'(#>%9;
'&#5,'7(;8,(%&:D(&%&89<#&(#&6<#:("#;6&$(#(?#;,$%"D(#::(;%(6;',:)
6&(;8,(;=,&;D(<%';(?%<<%&(+",#<'F(-;(6'7(%)(?%9"',7(4%''6>:,
;8#;(<#&D('&#5,(+",#<'(8#M,(#(';"#6$8;)%"=#"+(Q",9+6#&
6&;,"4",;#;6%&F(H%=,M,"7(;=%N;86"+'(%)(;8,(",'4%&+,&;'
",4%";,+(,R4:6?6;:D(',R9#:(+",#<'F(L6&?,7(#??%"+6&$(;%
U#'8N>9"&7(D%9&$(4"6<#;,'(,R86>6;(#&(9&;#9$8;(),#"(%)('&#5,'7

TWY
6;(6'(,#'D(;%(=%&+,"(=8,;8,"(;8,(+",#<(=%":+(+%,'(&%;(4%6&;
+6",?;:D(#'(=,::(#'(6&+6",?;:D(;%(;8,(#&?6,&;(8%';6:6;D(>,;=,,&
",4;6:,'(#&+(<#<<#:'F

/8,",(6'(%&,(8D4%;8,'6'(;8#;(',,<'(;%(<,(?%&'6';,&;(=6;8(#::
;8,()%",$%6&$()#?;'X(/8,(,M%:9;6%&(%)(;8,(:6<>6?('D';,<(6&M%:M,+
#("#+6?#::D(&,=(=#D(%)(M6,=6&$(;8,(=%":+F(/8,('9"M6M#:(%)(;8,
,#":D(<#<<#:'(+,4,&+,+(%&(6&;,::6$,&?,7(+#D;6<,
9&%>;"9'6M,&,''7(#&+(+,M%;6%&(;%(;8,(D%9&$F(/8,(=%":+(#'
4,"?,6M,+(;8"%9$8(;8,(0N?%<4:,R(=#'(E96;,(#(+6)),",&;(=%":+F
P,?#9',(%)(;8,(#??",;6%&#"D(&#;9",(%)(;8,(,M%:9;6%&(%)(;8,
>"#6&7(0N?%<4:,R()9&?;6%&'(?%9:+(>,(9;6:6O,+(%"(4#";6#::D
>D4#'',+(>9;(&%;(6$&%",+F(/89'7(#&(6&86>6;6%&(?,&;,"(+,M,:%4,+
>,:%=(=8#;(6&(89<#&'(6'(;8,(;,<4%"#:(:%>,7(;%(;9"&(%))(<9?8(%)
;8,()9&?;6%&6&$(%)(;8,(",4;6:6#&(>"#6&S(#&+(#&(#?;6M#;6%&(?,&;,"
,M%:M,+(6&(;8,(4%&'(;%(;9"&(%&(;8,(0N?%<4:,R7(>9;(8#"<:,'':D7
+9"6&$(':,,4F(/86'(M6,=7(%)(?%9"',7(8#'('%<,(&%;#>:,(4%6&;'(%)
'6<6:#"6;D(;%(Q",9+g'(46?;9",(%)(;8,(",4",''6%&(%)(;8,(6+(>D(;8,
'94,",$%(^%"(%)(;8,(9&?%&'?6%9'(>D(;8,(?%&'?6%9'_7(=6;8
,R4",''6%&'(%)(;8,(6+(<#+,(<%';(?:,#":D(<#&6),';(6&(':64'(%)(;8,
;%&$9,7()",,(#''%?6#;6%&'7(+",#<'(#&+(;8,(:65,N;8#;(6'7(+9"6&$
;8,(6&;,"';6?,'(%)('94,",$%(",4",''6%&F
U6;8(;8,(:#"$,N'?#:,(+,M,:%4<,&;(%)(;8,(&,%?%";,R(6&(86$8,"
<#<<#:'(#&+(4"6<#;,'7('%<,(&,%?%";6?#:(6&M%:M,<,&;(6&(;8,
+",#<(';#;,(+,M,:%4,+N#('D<>%:6?(:#&$9#$,(6'7(#);,"(#::7(';6::(#
:#&$9#$,F(^/86'(6'(",:#;,+(;%(;8,(+6)),",&;()9&?;6%&'(%)(;8,(;=%
8,<6'48,",'(%)(;8,(&,%?%";,R7(+,'?"6>,+(6&(;8,()%::%=6&$
?8#4;,"F_(P9;(;8,(+",#<(6<#$,"D(?%&;#6&,+('6$&6)6?#&;(',R9#:7
#$$",''6M,7(86,"#"?86?#:(#&+("6;9#:6';6?(,:,<,&;'F(/8,()#&;#';6?
<#;,"6#:(6&(;8,(+",#<(=%":+(<#D(>,(?%&&,?;,+(=6;8(;8,
&,#"N#>',&?,(%)(+6",?;(',&'%"D(';6<9:#;6%&(+9"6&$(+",#<'F
/8,",(6'(M,"D(:6;;:,(",#:6;D(;,';6&$(6&(;8,(+",#<(';#;,F(/8,
4",M#:,&?,(%)(+",#<'(6&(6&)#&;'(=%9:+7(6&(;86'(M6,=7(>,(>,?#9',7
6&(6&)#&?D7(;8,

/8,",(6'(%&,(8D4%;8,'6'(;8#;(',,<'(;%(<,(?%&'6';,&;(=6;8(#::
;8,()%",$%6&$()#?;'X(/8,(,M%:9;6%&(%)(;8,(:6<>6?('D';,<(6&M%:M,+
#("#+6?#::D(&,=(=#D(%)(M6,=6&$(;8,(=%":+F(/8,('9"M6M#:(%)(;8,
,#":D(<#<<#:'(+,4,&+,+(%&(6&;,::6$,&?,7(+#D;6<,
9&%>;"9'6M,&,''7(#&+(+,M%;6%&(;%(;8,(D%9&$F(/8,(=%":+(#'

TWV
4,"?,6M,+(;8"%9$8(;8,(0N?%<4:,R(=#'(E96;,(#(+6)),",&;(=%":+F
P,?#9',(%)(;8,(#??",;6%&#"D(&#;9",(%)(;8,(,M%:9;6%&(%)(;8,
>"#6&7(0N?%<4:,R()9&?;6%&'(?%9:+(>,(9;6:6O,+(%"(4#";6#::D
>D4#'',+(>9;(&%;(6$&%",+F(/89'7(#&(6&86>6;6%&(?,&;,"(+,M,:%4,+
>,:%=(=8#;(6&(89<#&'(6'(;8,(;,<4%"#:(:%>,7(;%(;9"&(%))(<9?8(%)
;8,()9&?;6%&6&$(%)(;8,(",4;6:6#&(>"#6&S(#&+(#&(#?;6M#;6%&(?,&;,"
,M%:M,+(6&(;8,(4%&'(;%(;9"&(%&(;8,(0N?%<4:,R7(>9;(8#"<:,'':D7
+9"6&$(':,,4F(/6&'(M6,=7(%)(?%9"',7(8#'('%<,(&%;#>:,(4%6&;'(%)
'6<6:#"6;D(;%NQ",9+g'(46?;9",(%)(;8,(",4",''6%&(%)(;8,(6+(>D(;8,
'94,",$%(^%"(%)(;8,(9&?%&'?6%9'(>D(;8,(?%&'?6%9'_7(=6;8
,R4",''6%&'(%)(;8,(6+(<#+,(<%';(?:,#":D(<#&6),';(6&(':64'(%)(;8,
;%&$9,7()",,(#''%?6#;6%&'7(+",#<'(#&+(;8,(:65,N;8#;(6'7(+9"6&$
;8,(6&;,"';6?,'(%)('94,",$%(",4",''6%&F
U6;8(;8,(:#"$,N'?#:,(+,M,:%4<,&;(%)(;8,(&,%?%";,R(6&(86$8,"
<#<<#:'(#&+(4"6<#;,'7('%<,(&,%?%";6?#:(6&M%:M,<,&;(6&(;8,
+",#<(';#;,(+,M,:%4,+N#('D<>%:6?(:#&$9#$,(6'7(#);,"(#::7(';6::(#
:#&$9#$,F(^/86'(6'(",:#;,+(;%(;8,(+6)),",&;()9&?;6%&'(%)(;8,(;=%
8,<6'48,",'(%)(;8,(&,%?%";,R7(+,'?"6>,+(6&(;8,()%::%=6&$
?8#4;,"F_(P9;(;8,(+",#<(6<#$,"D(?%&;#6&,+('6$&6)6?#&;(',R9#:7
#$$",''6M,7(86,"#"?86?#:(#&+("6;9#:6';6?(,:,<,&;'7()#&;#';6?
<#;,"6#:(6&(;8,(+",#<(=%":+(<#D(>,(?%&&,?;,+(=6;8(;8,
&,#"N#>',&?,(%)(+6",?;(',&'%"D(';6<9:#;6%&(+9"6&$(+",#<'F
/8,",(6'(M,"D(:6;;:,(",#:6;D(;,';6&$(6&(;8,(+",#<(';#;,F(/8,
4",M#:,&?,(%)(+",#<'(6&(6&)#&;'(=%9:+7(6&(;86'(M6,=7(>,(>,?#9',7
6&(6&)#&?D7(;8,(#&#:D;6?(4#";(%)(;8,(&,%?%";,R(6'(>#",:D(=%"56&$F
/8,(#>',&?,(%)(+",#<'(6&(",4;6:,'(=%9:+(>,(>,?#9',(;8,",(6'(&%
",4",''6%&(%)(;8,(+",#<(';#;,(6&(",4;6:,'S(;8,D(#",7(#'
C,'?8D:9'(+,'?"6>,+(%9"(#&?,';%"'7(]+",#<6&$](6&(;8,6"(=#56&$
';#;,F(-(>,:6,M,(;86'(6+,#(?#&(,R4:#6&(;8,(';"#&$,&,''N;8#;(6'7
;8,(+6)),",&?,'()"%<(%9"(=#56&$(M,">#:(?%&'?6%9'&,''N%)(;8,
+",#<(';#;,S(6;'(<#<<#:6#&(#&+(89<#&(&,%&#;#:(:%?#:6O#;6%&S(6;'
48D'6%:%$DS(#&+(6;'(4,"M#'6M,&,''(6&(<#&F
U,(#",(+,'?,&+,+()"%<(",4;6:,'(#&+(<#<<#:'(>%;8F(-&(;8,
+#D;6<,(",4",''6%&(%)(;8,(0N?%<4:,R(#&+(6&(;8,(&6$8;;6<,
';6""6&$(%)(;8,(+",#<(+"#$%&'7(=,(<#D(,#?8(%)(9'(>,(",4:#D6&$
;8,(89&+",+N<6::6%&ND,#"N%:+(=#")#",(>,;=,,&(;8,(",4;6:,'(#&+
;8,(<#<<#:'F(1&:D(;8,(;6<,'(%)(+#D(%)(;8,(M#<46"6?(89&;(8#M,
>,,&(",M,"',+F
H9<#&(>,6&$'(,R86>6;(,&%9$8(",4;6:6#&(>,8#M6%"(#'(6;(6'F(-)(=,
$#M,()9::(",6&(;%(;8,(",4;6:6#&(#'4,?;'(%)(%9"(&#;9",7(=,(=%9:+

TWc
?:,#":D(8#M,(#(:%=('9"M6M#:(4%;,&;6#:F(P,?#9',(;8,(0N?%<4:,R(6'
=%M,&('%(6&;6<#;,:D(6&;%(;8,()#>"6?(%)(;8,(>"#6&7(6;'()9&?;6%&'
?#&&%;(>,(,&;6",:D(#M%6+,+()%"(:%&$F(A,"8#4'(;8,(+",#<(';#;,
4,"<6;'7(6&(%9"()#&;#'D(#&+(6;'(",#:6;D7(;8,(0N?%<4:,R(;%
)9&?;6%&(",$9:#":D7(#'(6)(6;(=,",(';6::(6&(?%&;"%:F
-)(;86'(6'(;"9,7(-(=%&+,"7(#);,"(C,'?8D:9'7(6)(;8,(=#56&$(';#;,(%)
%;8,"(<#<<#:'(6'(M,"D(<9?8(:65,(;8,(+",#<(';#;,(%)
89<#&'N=8,",(=,(?#&(",?%$&6O,('6$&'7('9?8(#'(;8,(),,:6&$(%)
"9&&6&$(=#;,"(#&+(;8,('<,::(%)(8%&,D'9?5:,7(>9;(8#M,(#&
,R;",<,:D(:6<6;,+(",4,";%6",(%)('D<>%:'('9?8(#'(=%"+'S(=8,",
=,(,&?%9&;,"(M6M6+(',&'%"D(#&+(,<%;6%&#:(6<#$,'(#&+(#?;6M,
6&;96;6M,(9&+,"';#&+6&$7(>9;(M,"D(:6;;:,("#;6%&#:(#&#:D'6'S(=8,",
=,(#",(9&#>:,(;%(4,")%"<(;#'5'(",E96"6&$(,R;,&'6M,
?%&?,&;"#;6%&S(=8,",(=,(,R4,"6,&?,('8%";(#;;,&;6%&('4#&'(#&+
)",E9,&;(+6';"#?;6%&'(#&+7(<%';(%)(#::7(#(M,"D(),,>:,(',&',(%)
6&+6M6+9#:6;D(%"(',:)7(=86?8($6M,'(=#D(;%(#(4,"M#+6&$()#;#:6'<7(#
',&',(%)(9&4",+6?;#>:,(>9)),;6&$(>D(9&?%&;"%::#>:,(,M,&;'F(-)
;86'(6'(=8,",(=,(8#M,(?%<,()"%<7(=,(8#M,(?%<,(M,"D()#"F

a
B1J*0L(C.!(GC!G*.

B%M,"'(#&+(<#+<,&(8#M,('9?8(',,;86&$(>"#6&'
L9?8('8#46&$()#&;#'6,'7(;8#;(#44",8,&+
G%",(;8#&(?%%:(",#'%&(,M,"(?%<4",8,&+'F
/8,(:9&#;6?7(;8,(:%M,"7(#&+(;8,(4%,;(C",(%)(6<#$6&#;6%&(#::
?%<4#?;(F(F(F
UGF(LHC[*LA*C0*
C(G6+'9<<,"(.6$8;g'(!",#<

G,",(4%,;'(#",(#'('%;;6'8(#'(<,",(+"9&5#"+'(#",7
=8%(:6M,(6&(#(?%&;6&9#:(<6';7
=6;8%9;(',,6&$(%"(`9+$6&$(#&D;86&$(?:,#":DF
C(<#&('8%9:+(>,(:,#"&,+(6&(',M,"#:('?6,&?,'7
#&+('8%9:+(8#M,(#(",#'%&#>:,7(486:%'%486?#:7
#&+(6&('%<,(<,#'9",(#(<#;8,<#;6?#:(8,#+7
;%(>,(#(?%<4:,;,(#&+(,R?,::,&;(4%,;F(F(F(K1H.(!0I!*.

TWb
].%;,'(#&+(1>',"M#;6%&'(%&(/8,(*<4",''(%)(G%"%??%7](Tfac

PB11!H12.!L(8#M,(#(=6+,:D(?,:,>"#;,+(#>6:6;D(;%(;"#?5(>D
'<,::F(/8,D(#",(4",',&;,+(=6;8(#(];"#?,]N#('?"#4(%)(?:%;86&$
>,:%&$6&$(;%(;8,(;#"$,;7(;8,(:%';(?86:+(%"(;8,(,'?#4,+
?%&M6?;N#&+(;8,&7(>#"56&$7(>%9&+(`%D%9':D(#&+(#??9"#;,:D(+%=&
;8,(;"#6:F(3#&6&,'(#&+(<#&D(%;8,"(89&;6&$(#&6<#:'(8#M,('9?8
#>6:6;D(6&(,R;",<,:D(=,::(+,M,:%4,+()%"<F(/8,(%"6$6&#:(;"#?,
?%&;#6&'(#&(%:)#?;%"D(?9,7(#('<,::F(C('<,::(6'(<,",:D(;8,
4,"?,4;6%&(%)(#(4#";6?9:#"(M#"6,;D(%)(<%:,?9:,N6&(;86'(?#',7(#&
%"$#&6?(<%:,?9:,F(Q%"(;8,(>:%%+8%9&+(;%(;"#?57(6;(<9';(>,(#>:,
;%(',&',(;8,(+6)),",&?,(6&('<,::(N6&(?8#"#?;,"6';6?(>%+D
<%:,?9:,'N>,;=,,&(;8,(;#"$,;(#&+(#(>,=6:+,"6&$(#&+(&%6'D
>#?5$"%9&+(%)(%;8,"(<%:,?9:,'7('%<,()"%<(%;8,"(89<#&'(=8%
8#M,($%&,(;8,('#<,(=#D(^6&?:9+6&$(;8%',(%"$#&6O6&$(;8,
;"#?56&$(,R4,+6;6%&_(#&+('%<,()"%<(%;8,"(#&6<#:'(^6&?:9+6&$(;8,
+%$(6;',:)_F(/8,(&9<>,"(%)(<%:,?9:,'('8,+(>D(#(89<#&(>,6&$
=86:,(=#:56&$(6'(",:#;6M,:D('<#::F(I,;(,M,&(%&(#()#6":D(]?%:+]
;"#6:N'#D7(',M,"#:(8%9"'(#);,"(;8,(+6'#44,#"#&?,N>:%%+8%9&+'
?#&(;"#?5('9??,'')9::DF(/86'(",<#"5#>:,(#>6:6;D(6&M%:M,'
,R;",<,:D(',&'6;6M,(%:)#?;%"D(+,;,?;6%&7(#()9&?;6%&7(#'(=,('#=
,#":6,"7(4,")%"<,+(=,::(,M,&(>D(6&',?;'F(P9;(=8#;(6'(<%';
';"656&$(#>%9;(;8,(>:%%+8%9&+(#&+(+6)),",&;()"%<(6&',?;'(6'(;8,
"6?8&,''(%)(6;'(+6'?"6<6&#;6M,(#>6:6;D7(6;'(#4;6;9+,(6&
+6';6&$96'86&$(#<%&$(<#&D(+6)),",&;('<,::'7(,#?8(6&(#&(6<<,&',
>#?5$"%9&+(%)(%;8,"(%+%"'F(/8,(>:%%+8%9&+(4,")%"<'(#
'%486';6?#;,+(?#;#:%$6&$(%)(<%:,?9:#"(';"9?;9",S(6;(+6';6&$96'8,'
;8,(&,=(<%:,?9:,()"%<(#(M,"D(:#"$,(:6>"#"D(%)(%;8,"(<%:,?9:,'
4",M6%9':D('<,::,+F(U8#;(6'(<%",7(;8,(>:%%+8%9&+(&,,+'(%&:D(#
<6&9;,(%"(:,''(;%()#<6:6#"6O,(6;',:)(;%(;8,('<,::7(=86?8(6;(?#&
;8,&(",<,<>,"()%"(,R;,&'6M,(4,"6%+'(%)(;6<,F

/8,(%:)#?;%"D(",?%$&6;6%&(%)(6&+6M6+9#:(<%:,?9:,'(6'(#44#",&;:D
#??%<4:6'8,+(>D(6&+6M6+9#:(&#'#:(",?,4;%"'(',&'6;6M,(;%
4#";6?9:#"()9&?;6%&#:($"%94'7(%"(4#";'7(%)(%"$#&6?(<%:,?9:,'F(1&,
",?,4;%"7()%"(,R#<4:,7(<#D(>,(',&'6;6M,(;%(311H7(#&%;8,"(;%
.HY7(#&+('%(%&F(^3(';#&+'()%"(?#">%&F(H()%"(8D+"%$,&7(1()%"
%RD$,&(#&+(.()%"(&6;"%$,&F_(/8,(M#"6%9'(#449";,&#&?,'(#&+
4"%`,?;6%&'(%)(;8,(?%<4:,R(<%:,?9:,'(#44#",&;:D(#+8,",(;%

TWf
+6)),",&;(<%:,?9:#"(",?,4;%"'(6&(;8,(&#'#:(<9?%'#7(#&+(;8,
+,;,?;%"'()%"(#::(;8,()9&?;6%&#:($"%94'(?%<>6&,(;%(49;(;%$,;8,"
#(56&+(%)(?%::,?;6M,(%:)#?;%"D(6<#$,(%)(;8,(<%:,?9:,F(/86'(6'(#&
,R;",<,:D('%486';6?#;,+(',&'%"D('D';,<F(/8,(<%';(,:#>%"#;,
<#&N<#+,(+,M6?,(%)(;86'('%";7(;8,($#'(?8"%<#;%$"#48\<#''
'4,?;"%<,;,"7(8#'(6&($,&,"#:(&,6;8,"(;8,(',&'6;6M6;D(&%"(;8,
+6'?"6<6&#;6M,(#>6:6;D(%)(;8,(>:%%+8%9&+7(#:;8%9$8('9>';#&;6#:
4"%$",''(6'(>,6&$(<#+,(6&(;86'(;,?8&%:%$DF(/8,(%:)#?;%"D
'D';,<(%)(#&6<#:'(8#'(,M%:M,+(6&;%(6;'(4",',&;('%486';6?#;6%&
>,?#9',(%)(';"%&$(',:,?;6%&(4",''9",'F(*#":D(+,;,?;6%&(%)
<#;,'7(4",+#;%"'(#&+(4",D(6'(#(<#;;,"(%)(:6),(#&+(+,#;8()%"(;8,
'4,?6,'F(/8,(',&',(%)('<,::(6'(M,"D(#&?6,&;7(#&+(6&+,,+7(<9?8
%)(;8,(,#":D(,M%:9;6%&(#>%M,(;8,(:,M,:(%)(;8,(&,9"#:(?8#''6'(<#D
8#M,(>,,&('49"",+(>D(',:,?;6%&(4",''9",()%"('9?8(<%:,?9:#"
+,;,?;6%&X(;8,(+6';6&?;6M,(%:)#?;%"D(>9:>'(6&(;8,(>"#6&(^',,()6$9",
%&(4#$,(bb_(#",(#<%&$(;8,()6"';(?%<4%&,&;'(%)(;8,(&,%?%";,R(;%
8#M,(+,M,:%4,+(6&(;8,(86';%"D(%)(:6),F(-&+,,+7(;8,(:6<>6?('D';,<
=#'(?#::,+(;8,(]"86&,&?,48#:%&7](;8,('<,::N>"#6&7(>D(H,""6?5F

/8,(',&',(%)('<,::(6'(&%;(&,#":D('%(=,::(+,M,:%4,+(6&(89<#&'
#'(6&(>:%%+8%9&+'F(!,'46;,(;8,(<#''6M,N&,''(%)(%9"(>"#6&'7(%9"
%:)#?;%"D(>9:>'(#",('<#::,"(;8#&(;8%',(%)(<#&D(%;8,"(#&6<#:'7
#&+(6;(6'(?:,#"(;8#;('<,::(4:#D'(#(M,"D(<6&%"("%:,(6&(%9"
,M,"D+#D(:6M,'F(/8,(#M,"#$,(4,"'%&(6'(#>:,(;%(+6';6&$96'8
",:#;6M,:D(),=('<,::'F(19"(M,">#:(+,'?"64;6%&'(#&+(#&#:D;6?
?%<4",8,&'6%&(%)('<,::7(,M,&(=6;8(%&:D(#(),=(%+%"'(6&(%9"
",4,";%6",7(6'(,R;",<,:D(4%%"F(19"(",'4%&',(;%(#&(%+%"(8#"+:D
",',<>:,'7(6&(%9"(%=&(4,"?,4;6%&7(;8,(#?;9#:(;8",,N+6<,&'6%&#:
';"9?;9",(%)(;8,(<%:,?9:,(",'4%&'6>:,()%"(;8,('<,::F(1:)#?;6%&(6'
#(?%<4:,R(?%$&6;6M,(;#'5(=86?8(=,(?#&7(=6;86&(:6<6;'7
4,")%"<N#&+(=6;8(?%&'6+,"#>:,(#??9"#?DN>9;(=86?8(=,(?#&
+,'?"6>,(6&#+,E9#;,:D(#;(>,';F(C&+(6)(;8,(>:%%+8%9&+(?%9:+
'4,#57(-(;86&5(6;(=%9:+(>,(#;(#('6<6:#"(:%''(;%(+,'?"6>,(;8,
+,;#6:'(%)(=8#;(6;(+%,'('%('94",<,:D(=,::F

K9';(#'('<,::(6'(;8,(4"6&?64#:(<,#&'(>D(=86?8(+%$'(#&+(<#&D
%;8,"(#&6<#:'(4,"?,6M,(;8,6"('9""%9&+6&$'7('6$8;(6'(;8,(4"6<#"D
6&)%"<#;6%&(?8#&&,:(6&(89<#&'F(U,(#",(?#4#>:,(%)(M6'9#:
',&'6;6M6;D(#&+(+6'?"6<6&#;6%&(#;(:,#';(#'(6<4",''6M,(#'(;8,
%:)#?;%"D(#>6:6;6,'(%)(;8,(>:%%+8%9&+F(Q%"(,R#<4:,7(=,(#",(#>:,

TWa
;%(+6'?"6<6&#;,(#<%&$()#?,'F(3#",)9:(%>',"M,"'(?#&(+6';6&$96'8
#<%&$(;,&'(%"(,M,&(89&+",+'(%)(;8%9'#&+'(%)(+6)),",&;()#?,'S
#&+(;8,(]-+,&;656;7](=6+,:D(9',+(>D(-&;,"4%:(#&+(>D(4%:6?,()%"?,'
6&(;8,(U,';($,&,"#::D7(6'(?#4#>:,(%)(",?%&';"9?;6&$(<%",(;8#&
;,&(>6::6%&(+6)),",&;()#?,'F(/8,('9"M6M#:(M#:9,(%)('9?8(#&(#>6:6;D7
4#";6?9:#":D()%"(%9"(#&?,';%"'7(6'(E96;,(?:,#"F(I,;(?%&'6+,"(8%=
6&?#4#>:,(=,(#",(%)(+,'?"6>6&$(M,">#::D()#?,'(;8#;(=,(#",
4,"),?;:D(?#4#>:,(%)(",?%$&6O6&$F(U6;&,'','(?%<<%&:D(,R86>6;(#
;%;#:()#6:9",(6&(M,">#:(+,'?"64;6%&(%)(#&(6&+6M6+9#:(4",M6%9':D
,&?%9&;,",+7(>9;(86$8(#??9"#?D(6&(",?%$&6O6&$(;8,('#<,
6&+6M6+9#:(=8,&(',,&(#$#6&F(C&+(=86:,(?#','(%)(<6';#5,&
6+,&;6;D(8#M,(?,";#6&:D(%??9"",+7(?%9";'(%)(:#=(',,<(=6::6&$(;%
#+<6;(;8,(;,';6<%&D(%)(#&D(#+9:;(=6;&,''(%&(E9,';6%&'(%)()#?6#:
",?%$&6;6%&F(3%&'6+,"(8%=(,#'6:D(=,(?#&(46?57()"%<(#(M#';
?"%=+(%)()#?,'7(#(]?,:,>"6;D]S(%"(8%=(6&(#(+,&',(&%&N%"+,",+
:6';(%9"(%=&(&#<,(:,#4'(%9;(#;(9'F

H9<#&(>,6&$'(#&+(%;8,"(#&6<#:'(8#M,(M,"D('%486';6?#;,+
86$8N+#;#N"#;,(4,"?,4;9#:(#&+(?%$&6;6M,(#>6:6;6,'(;8#;('6<4:D
>D4#''(;8,(M,">#:(#&+(#&#:D;6?(?%&'?6%9'&,''(;8#;('%(<#&D(%)
9'(",$#"+(#'(#::(%)(9'(;8,",(6'F(/86'(%;8,"(56&+(%)(5&%=6&$7(%9"
&%&M,">#:(4,"?,4;6%&'(#&+(?%$&6;6%&'7(6'(%);,&(+,'?"6>,+(#'
]6&;96;6M,F](/8,(=%"+(+%,'(&%;(<,#&(]6&&#;,F](.%(%&,(6'(>%"&
=6;8(#(",4,";%6",(%)()#?,'(6<4:#&;,+(6&(86'(>"#6&F(/8,(=%"+
?%&M,D'7(-(;86&57(#(+6))9',(#&&%D#&?,(#;(%9"(6&#>6:6;D(;%
9&+,"';#&+(8%=(=,(?%<,(>D('9?8(5&%=:,+$,F(P9;(6&;96;6M,
5&%=:,+$,(8#'(#&(,R;",<,:D(:%&$(,M%:9;6%&#"D(86';%"DS(6)(=,
?%&'6+,"(;8,(6&)%"<#;6%&(?%&;#6&,+(6&(;8,($,&,;6?(<#;,"6#:7(6;
$%,'(>#?5(;%(;8,(%"6$6&(%)(:6),F(/8,(%;8,"(%)(%9"(;=%(<%+,'(%)
5&%=6&$N;8,(%&,(;8#;(6&(;8,(U,';(,R4",'','(6""6;#;6%&(#>%9;(;8,
,R6';,&?,(%)(6&;96;6M,(5&%=:,+$,N6'(#(E96;,(",?,&;(,M%:9;6%&#"D
#??",;6%&F(0#;6%&#:(;86&56&$(;8#;(6'()9::D(M,">#:(^6&M%:M6&$
?%<4:,;,(',&;,&?,'7('#D_(6'(4"%>#>:D(%&:D(;,&'(%"(89&+",+'(%)
;8%9'#&+'(%)(D,#"'(%:+F(/8,",(#",(<#&D(4,%4:,(=8%(#",7(6&
;8,6"(?%&'?6%9'(:6M,'7(#:<%';(,&;6",:D("#;6%&#:7(#&+(<#&D(=8%
#",(#:<%';(,&;6",:D(6&;96;6M,F(*#?8($"%947(=6;8(M,"D(:6;;:,
#44",?6#;6%&(%)(;8,(",?64"%?#:(M#:9,(%)(;8,',(;=%(56&+'(%)
?%$&6;6M,(#>6:6;D7(+,"6+,'(;8,(%;8,"X(]<9++:,+](#&+(]#<%"#:](#",
;D46?#:(#+`,?;6M,'(9',+(6&(;8,(<%",(4%:6;,(%)('9?8(,R?8#&$,'F
U8D('8%9:+(=,(8#M,(;=%(+6)),",&;7(#??9"#;,(#&+(?%<4:,<,&;#"D

TWh
<%+,'(%)(;86&56&$(=86?8(#",('%(4%%":D(6&;,$"#;,+(=6;8(,#?8
%;8,"@

/8,()6"';(,M6+,&?,(;8#;(;8,',(;=%(<%+,'(%)(;86&56&$(#",
:%?#:6O,+(6&(;8,(?,",>"#:(?%";,R(8#'(?%<,()"%<(;8,(';9+D(%)
>"#6&(:,'6%&'F(C??6+,&;'(%"(';"%5,'(6&(;8,(;,<4%"#:(%"(4#"6,;#:
:%>,'(%)(;8,(:,);(8,<6'48,",(%)(;8,(&,%?%";,R(?8#"#?;,"6';6?#::D
",'9:;(6&(6<4#6"<,&;(%)(;8,(#>6:6;D(;%(",#+7(="6;,7('4,#5(#&+(+%
#"6;8<,;6?F(3%<4#"#>:,(:,'6%&'(6&(;8,("6$8;(8,<6'48,",(:,#+(;%
6<4#6"<,&;(%)(;8",,N+6<,&'6%&#:(M6'6%&7(4#;;,"&(",?%$&6;6%&7
<9'6?#:(#>6:6;D(#&+(8%:6';6?(",#'%&6&$F(Q#?6#:(",?%$&6;6%&(",'6+,'
4",),",&;6#::D(6&(;8,("6$8;(8,<6'48,",7(#&+(;8%',(=8%(]&,M,"
)%"$,;(#()#?,](#",(4,")%"<6&$(4#;;,"&(",?%$&6;6%&(%&(;8,("6$8;
'6+,F(-&`9"6,'(;%(;8,("6$8;(4#"6,;#:(:%>,7(6&()#?;7('%<,;6<,'
",'9:;'(6&(;8,(6&#>6:6;D(%)(#(4#;6,&;(;%(",?%$&6O,(86'(%=&()#?,(6&
#(<6""%"(%"(48%;%$"#48F(L9?8(%>',"M#;6%&'(';"%&$:D('9$$,';
;8#;(;8%',()9&?;6%&'(=,(+,'?"6>,(#'(]"#;6%&#:](:6M,(<#6&:D(6&(;8,
:,);(8,<6'48,",7(#&+(;8%',(=,(?%&'6+,"(]6&;96;6M,7](<#6&:D(6&(;8,
"6$8;F

/8,(<%';('6$&6)6?#&;(",?,&;(,R4,"6<,&;'(#:%&$(;8,',(:6&,'(8#M,
>,,&(4,")%"<,+(>D(0%$,"(L4,""D(#&+(86'(?%::#>%"#;%"'(#;(;8,
3#:6)%"&6#(-&';6;9;,(%)(/,?8&%:%$DF(-&(#&(#;;,<4;(;%(;",#;(',M,",
?#','(%)($"#&+(<#:(,46:,4'D7(=8,",(4#;6,&;'('9)),"()"%<
M6";9#::D(?%&;6&9%9'(',6O9",'(^#'()",E9,&;(#'(;=6?,(#&(8%9"7
)%",M,"_7(;8,D(?9;(;8,(?%"49'(?#::%'9<7(;8,(<#6&(>9&+:,(%)
&,9"#:()6>,"'(?%&&,?;6&$(;8,(:,);(#&+("6$8;(8,<6'48,",'(%)(;8,
&,%?%";,R(^',,(;8,()6$9",(%&(4#$,(Tfa_F(/8,(%4,"#;6%&(=#'(#&
,))%";(;%(4",M,&;(#(56&+(%)(&,9"%,:,?;"6?#:(';%"<(6&(%&,
8,<6'48,",()"%<(4"%4#$#;6&$7()#"()"%<(6;'()%?9'7(6&;%(;8,(%;8,"F
/8,(8%4,(=#'(;8#;(#;(:,#';(%&,(%)(;8,(;=%(4%';%4,"#;6M,
8,<6'48,",'(=%9:+(>,(9&#)),?;,+(>D('9>',E9,&;(',6O9",'F(/8,
9&,R4,?;,+(#&+(=,:?%<,(",'9:;(=#'(;8#;(;8,()",E9,&?D(#&+
6&;,&'6;D(%)(;8,(',6O9",'(+,?:6&,+(+"#<#;6?#::D(6&(>%;8
8,<6'48,",'N#'(6)(;8,",(8#+(4",M6%9':D(>,,&(#(4%'6;6M,
),,+>#?57(=6;8(;8,(,46:,4;6?(,:,?;"6?#:(#?;6M6;D(6&(,#?8
8,<6'48,",(';6<9:#;6&$(;8,(%;8,"(;8"%9$8(;8,(?%"49'(?#::%'9<F

L9?8(]'4:6;N>"#6&](4#;6,&;'(#44,#"7('94,")6?6#::D7(,&;6",:D(&%"<#:
#);,"(;8,('9"$,"DF(L%<,(",4%";(#(?%<4:,;,(?,''#;6%&(%)(;8,

TWZ
M6M6+(+",#<'(;8,D(,R4,"6,&?,+(>,)%",(;8,(%4,"#;6%&F(/8,()6"';
'9?8(4#;6,&;(=#'(9&#>:,(;%('4,#5()%"(#(<%&;8(#);,"(;8,
%4,"#;6%&7(>9;(86'(#48#'6#(:#;,"(+6'#44,#",+F(/8,(&%"<#:
>,8#M6%"(#&+(#44,#"#&?,(%)('4:6;N>"#6&(4#;6,&;'(6&(6;',:)
'9$$,';'(;8#;(;8,()9&?;6%&(%)(;8,(?%"49'(?#::%'9<(6'('9>;:,F
H,",(6'(#(>9&+:,(%)(;=%(89&+",+(<6::6%&(&,9"#:()6>,"'
4"%?,''6&$('%<,;86&$(:65,(',M,"#:(>6::6%&(>6;'(4,"(',?%&+
>,;=,,&(;8,(;=%(?,",>"#:(8,<6'48,",'F(-;(?%&;#6&'(#>%9;(Y
4,"?,&;(%)(;8,(;%;#:(&9<>,"(%)(&,9"%&'(6&(;8,(&,%?%";,RF(C&+
D,;(=8,&(6;(6'(?9;7(&%;86&$(',,<'(;%(?8#&$,F(-(;86&5(6;(6'(%>M6%9'
;8#;(;8,",(<9';(6&()#?;(>,('6$&6)6?#&;(?8#&$,'7(>9;(%&,'(;8#;
",E96",(#(+,,4,"('?"9;6&DF

U8,&(=,(,R#<6&,(#&(%>`,?;(;%(%9"("6$8;7(>%;8(,D,'(#",(M6,=6&$
=8#;(6'(?#::,+(;8,("6$8;(M6'9#:()6,:+S(#&+(;%(%9"(:,);7(;8,(:,);
M6'9#:()6,:+F(P9;(>,?#9',(%)(;8,(=#D(;8,(%4;6?(&,"M,'(#",
?%&&,?;,+7(;8,("6$8;(M6'9#:()6,:+(6'(4"%?,'',+(6&(;8,(:,);
8,<6'48,",(#&+(;8,(:,);(M6'9#:()6,:+(6&(;8,("6$8;(8,<6'48,",F
B65,=6',7('%9&+'()"%<(;8,("6$8;(,#"(#",(4"%?,'',+(4"6<#"6:D(6&
;8,(:,);(8,<6'48,",(%)(;8,(>"#6&(#&+(M6?,(M,"'#7(#:;8%9$8(;8,",
6'('%<,(#9+6%(4"%?,''6&$(%&(;8,('#<,('6+,N)%"(,R#<4:,7
'%9&+'()"%<(;8,(:,);(,#"(6&(;8,(:,);(8,<6'48,",F(.%('9?8
?"%''6&$(%)()9&?;6%&(%??9"'(6&(;8,(<%",(4"6<6;6M,(',&',(%)
'<,::7(#&+(#&(%+%"(+,;,?;,+(>D(;8,(:,);(&%';"6:(%&:D(6'(4"%?,'',+
,R?:9'6M,:D(6&(;8,(:,);(8,<6'48,",F(P9;(6&)%"<#;6%&(',&;
>,;=,,&(;8,(>"#6&(#&+(;8,(:6<>'(6'(?"%'',+F(1>`,?;'(),:;(>D(;8,
:,);(8#&+(#",(4,"?,6M,+(4"6<#"6:D(6&(;8,("6$8;(8,<6'48,",7(#&+
6&';"9?;6%&'(;%(;8,("6$8;(8#&+(;%(="6;,(#(',&;,&?,(#",(4"%?,'',+
6&(;8,(:,);(8,<6'48,",F(-&(ZW(4,"?,&;(%)(89<#&('9>`,?;'7(;8,
?,&;,"'()%"('4,,?8(#",(6&(;8,(:,);(8,<6'48,",F

L4,""D(#&+(86'(?%::#>%"#;%"'(8#M,(4,")%"<,+(#&(,:,$#&;(',"6,'
%)(,R4,"6<,&;'(6&(=86?8(',4#"#;,(';6<9:6(#",(4",',&;,+(;%(;8,
:,);(#&+("6$8;(8,<6'48,",'(%)('4:6;N>"#6&(4#;6,&;'F(-&(#(;D46?#:
,R4,"6<,&;7(;8,(=%"+(8#;>#&+(6'():#'8,+(%&(#('?",,&N>9;(8#;(6'
6&(;8,(:,);(M6'9#:()6,:+(#&+(>#&+(6&(;8,("6$8;(M6'9#:()6,:+F(/8,
4#;6,&;(",4%";'(;8#;(8,('#=(;8,(=%"+(>#&+7(#&+(6;(6'(?:,#"(;8#;7
#;(:,#';(6&(;,"<'(%)(86'(#>6:6;D(;%(?%<<9&6?#;,(M,">#::D7(8,(8#'
&%(6+,#(;8#;(;8,("6$8;(8,<6'48,",(",?,6M,+(#(M6'9#:(6<4",''6%&
%)(;8,(=%"+(8#;F(U8,&(#'5,+(=8#;(56&+(%)(>#&+(6;(=#'7(;8,

TTW
4#;6,&;(<6$8;($9,''X(%9;:#=(>#&+7("9>>,"(>#&+7(`#OO(>#&+F(P9;
=8,&7(6&(?%<4#"#>:,(,R4,"6<,&;'7(;8,(4#;6,&;(6'(#'5,+(;%(="6;,
=8#;(8,('#=7(>9;(=6;8(86'(:,);(8#&+(6&'6+,(#(>%R7(8,('?"#=:'(;8,
=%"+(8#;F(H,(5&%='()"%<(;8,(<%;6%&(%)(86'(8#&+(;8#;(8,(8#'
="6;;,&('%<,;86&$7(>9;(>,?#9',(8,(?#&&%;(',,(6;7(;8,",(6'(&%
=#D()%"(;8,(6&)%"<#;6%&(;%(#""6M,(6&(;8,(:,);(8,<6'48,",(=86?8
?%&;"%:'(M,">#:(#>6:6;DF(P,=6:+,"6&$:D7(8,(?#&(="6;,7(>9;(?#&&%;
9;;,"7(;8,(#&'=,"F

G#&D(%;8,"(,R4,"6<,&;'(,R86>6;('6<6:#"(",'9:;'F(-&(%&,7(;8,
4#;6,&;(6'(#>:,(;%(),,:(;8",,N+6<,&'6%&#:(4:#';6?(:,;;,"'(=86?8
#",(%9;(%)(M6,=(=6;8(86'(:,);(8#&+F(/8,(#M#6:#>:,(:,;;,"'(?#&
'4,::(%&:D(%&,(?%"",?;(*&$:6'8(=%"+7('9?8(#'(:%M,(%"(?947(=86?8
;8,(4#;6,&;(6'(#>:,(;%(=%"5(%9;X(;8,("6$8;(8,<6'48,",(8#'(#(=,#5
M,">#:(#>6:6;D7("%9$8:D(?%<4#"#>:,(;%(;8#;(6&(+",#<'F(P9;(#);,"
?%"",?;:D('4,::6&$(;8,(=%"+7(;8,(4#;6,&;(6'(9&#>:,(;%($6M,(#&D
M,">#:(6&+6?#;6%&(%)(=8#;(=%"+(8,(8#'('4,::,+F(-;(',,<'(?:,#"
;8#;(6&('4:6;N>"#6&(4#;6,&;'7(,#?8(8,<6'48,",(8#'('?#"?,:D(;8,
)#6&;,';(6+,#(=8#;(;8,(%;8,"(8,<6'48,",(8#'(:,#"&,+F

/8,($,%<,;"6?#:(6&?%<4,;,&?,(%)(;8,(:,);(8,<6'48,",(6'
6<4",''6M,S(6;(6'(+,46?;,+(>D(;8,(6::9';"#;6%&(%&(;8,(%44%'6;,
4#$,X(C("6$8;N8#&+,+('4:6;N>"#6&(4#;6,&;(=#'(#>:,(;%(?%4D
'6<4:,(",4",',&;#;6%&'(%)(;8",,N+6<,&'6%&#:()6$9",'(#??9"#;,:D
%&:D(=6;8(86'(^6&,R4,"6,&?,+_(:,);(8#&+F(/8,("6$8;(8,<6'48,",g'
'94,"6%"6;D(#;($,%<,;"D(',,<'(",';"6?;,+(;%(<#&649:#;6M,(;#'5'S
;86'(+%<6&#&?,(+%,'(&%;(8%:+()%"(%;8,"('%";'(%)($,%<,;"6?#:
)9&?;6%&'(;8#;(+%(&%;(",E96",(8#&+N,D,N>"#6&(?%%"+6&#;6%&F
/8,',(<#&649:#;6M,($,%<,;"6?#:(#?;6M6;6,'(',,<(;%(>,(:%?#:6O,+
6&(;8,("6$8;(8,<6'48,",g'(4#"6,;#:(:%>,7(6&(#(4:#?,(;8#;7(6&(;8,
:,);(8,<6'48,",7(6'(+,M%;,+(;%(:#&$9#$,F(GF(LF(e#OO#&6$#(%)(;8,
L;#;,(2&6M,"'6;D(%)(.,=(I%"5(#;(L;%&D(P"%%5('9$$,';'(;8#;(;86'
8,<6'48,"6?('4,?6#:6O#;6%&(%??9"'(>,?#9',(:#&$9#$,(6'
+,M,:%4,+(6&(;8,(:,);(8,<6'48,",(>,)%",(;8,(?86:+(#?E96",'
'9>';#&;6#:(?%<4,;,&?,(6&(<#&649:#;6M,('56::'(#&+($,%<,;"6?#:
M6'9#:6O#;6%&F(C??%"+6&$(;%(;86'(M6,=7(;8,('4,?6#:6O#;6%&(%)(;8,
"6$8;(8,<6'48,",()%"($,%<,;"6?#:(?%<4,;,&?,(6'(#('4,?6#:6O#;6%&
>D(+,)#9:;N;8,(:,);(8,<6'48,",g'(?%<4,;,&?,(8#'(>,,&
",+6",?;,+(;%=#"+(:#&$9#$,F

TTT
L8%";:D(#);,"(%&,(%)(L4,""Dg'(<%';(?%&M6&?6&$(,R4,"6<,&;'(8#+
>,,&(?%<4:,;,+7(8,($#M,(#(4#";D7('%(;8,(';%"D($%,'7(;%(=86?8(#
)#<%9'(;8,%",;6?#:(48D'6?6';(=6;8(#&(6&;#?;(?%"49'(?#::%'9<(=#'
6&M6;,+F(/8,(48D'6?6';7(5&%=&()%"(86'(:6M,:D(',&',(%)(89<%"7('#;
E96,;:D(;8"%9$8(;8,(4#";D7(:6';,&6&$(=6;8(6&;,",';(;%(L4,""Dg'
+,'?"64;6%&(%)(;8,('4:6;N>"#6&()6&+6&$'F(/8,(,M,&6&$(4#'',+7(;8,
$9,';'(;"6?5:,+(#=#D7(#&+(L4,""D()%9&+7(86<',:)(#;(;8,(+%%"
>6++6&$($%%+>D,(;%(;8,(:#';(%)(;8,<F(/8,(48D'6?6';(,R;,&+,+(86'
"6$8;(8#&+7('8%%5(L4,""Dg'(#&+(;%:+(86<(=8#;(#()#'?6&#;6&$
,M,&6&$(8,(8#+(8#+F(/8,&7(=6;8(#(:6;;:,(;=%N';,47(8,(?8#&$,+
;8,(4%'6;6%&'(%)(86'("6$8;(#&+(:,);(),,;7(,R;,&+,+(86'(:,);(8#&+7
#&+('#6+(6&(#(';"#&$:,+7(86$8N46;?8,+(M%6?,7(]C&+(-(=#&;(D%9(;%
5&%=(-(8#+(#(;,""6)6?(;6<,(;%%F]

U8,&(?%<<9&6?#;6%&(>,;=,,&(;8,(;=%(?,",>"#:(8,<6'48,",'(6'
6<4#6",+7(;8,(4#;6,&;(%);,&()6&+'(86'(%=&(>,8#M6%"(6&,R4:6?#>:,7
#&+(6;(6'(?:,#"(;8#;(,M,&(6&(]$%%+('4,#56&$](;8,('4,#5,"(<#D(&%;
5&%=(];8,(;"9;8(%)(;8,(<#;;,"F](^3%<4#",(=6;8(;8,(",<#"5(%&
4#$,(Y7()"%<(;8,(A8#,+"9'F_(/8,(",:#;6M,(6&+,4,&+,&?,(%)(;8,
;=%(8,<6'48,",'(6'(#44#",&;(6&(,M,"D+#D(:6),F(U,(8#M,(#:",#+D
<,&;6%&,+(;8,(+6))6?9:;D(%)(+,'?"6>6&$(M,">#::D(;8,(?%<4:,R
4,"?,4;6%&'(%)(;8,("6$8;(8,<6'48,",F(G#&D(,:#>%"#;,(48D'6?#:
;#'5'7(6&?:9+6&$(#;8:,;6?'7(',,<(;%(8#M,(",:#;6M,:D(:6;;:,
:,);N8,<6'48,",(6&M%:M,<,&;F(C(=,::N5&%=&(]4:%D](6&(;,&&6'7
)%"(,R#<4:,7(6'(;%(#'5(D%9"(%44%&,&;(,R#?;:D(=8,",(%&(;8,
"#?5,;(8,(4:#?,'(86'(;89<>F(-;(%);,&(8#44,&'(;8#;
:,);N8,<6'48,",(#;;,&;6%&(;%(;86'(E9,';6%&(=6::7(#;(:,#';()%"(#
>"6,)(4,"6%+7(+,';"%D(86'($#<,F(C($",#;(+,#:(%)(<9'6?#:(#>6:6;D(6'
#("6$8;N8,<6'48,",()9&?;6%&F(-;(6'(#(?%<<%&4:#?,(;8#;(=,(<#D
<,<%"6O,(#('%&$(%"(#(46,?,(%)(<9'6?(=6;8%9;(8#M6&$(;8,(:,#';
#>6:6;D(;%(="6;,(6;(+%=&(6&(<9'6?#:(&%;#;6%&F(-&(46#&%7(=,(<6$8;
+,'?"6>,(;86'(>D('#D6&$(;8#;(%9"()6&$,"'(^>9;(&%;(=,_(8#M,
<,<%"6O,+(;8,(46,?,F

L9?8(<,<%"6O#;6%&(?#&(>,(E96;,(?%<4:,RF(-(",?,&;:D(8#+(;8,
4:,#'9",(%)(=6;&,''6&$(;8,(",8,#"'#:(%)(#(&,=(46#&%(?%&?,";%(>D
#(<#`%"('D<48%&D(%"?8,';"#F(-&('9?8(",8,#"'#:'(;8,(?%&+9?;%"
+%,'(&%;(%);,&(';#";()"%<(;8,(>,$6&&6&$(#&+("9&(;8"%9$8(;%(;8,
,&+F(0#;8,"7(>,?#9',(%)(;8,(,R4,&',(%)(",8,#"'#:(;6<,(#'(=,::
#'(;8,(?%<4,;,&?,(%)(;8,(4,")%"<,"'7(8,(?%&?,&;"#;,'(%&(;8,

TTY
+6))6?9:;(4#''#$,'F(-(=#'(6<4",'',+(;8#;(&%;(%&:D(8#+(;8,('%:%6';
<,<%"6O,+(;8,(,&;6",(46,?,7('8,(=#'(#:'%(#>:,(;%(>,$6&(#;(#&D
",E9,';,+(4:#?,(6&(;8,(?%<4%'6;6%&(#);,"(%&:D(#(>"6,)($:#&?,(#;
;8,(+,'6$&#;,+(<,#'9",(6&(;8,('?%",F(/86'(,&M6#>:,('56::(6'(#
<6R,+(:,);(#&+("6$8;(8,<6'48,",()9&?;6%&F(-;(6'(",<#"5#>:D
+6))6?9:;(;%(<,<%"6O,(#(46,?,(%)(<9'6?(D%9(8#M,(&,M,"(8,#"+('%
;8#;(D%9(#",(#>:,(;%(6&;,"M,&,(6&(#&D(<,#'9",F(-&(?%<49;,"
;,"<6&%:%$D7(;8,(46#&6';(8#+("#&+%<(#??,''(#'(%44%',+(;%(',"6#:
#??,''(;%(;8,(?%<4%'6;6%&F

/86'(6'(#($%%+(,R#<4:,(%)(;8,(?%%4,"#;6%&(>,;=,,&(:,);(#&+
"6$8;(8,<6'48,",'(6&(<#&D(%)(;8,(<%';(+6))6?9:;(#&+(86$8:D
M#:9,+(89<#&(#?;6M6;6,'F(-;(6'(M6;#:(&%;(;%(%M,",';6<#;,(;8,
',4#"#;6%&(%)()9&?;6%&'(%&(,6;8,"('6+,(%)(;8,(?%"49'(?#::%'9<(6&
#(&%"<#:(89<#&(>,6&$F(/8,(,R6';,&?,(%)('%(?%<4:,R(#(?#>:6&$
'D';,<(#'(;8,(?%"49'(?#::%'9<(<9';(<,#&7(6;(6'(6<4%";#&;(;%
';",''(#$#6&7(;8#;(6&;,"#?;6%&(%)(;8,(8,<6'48,",'(6'(#(M6;#:
89<#&()9&?;6%&F
-&(#++6;6%&(;%(;8,(?%"49'(?#::%'9<(;8,",(6'(#&%;8,"(&,9"#:
?#>:6&$(>,;=,,&(;8,(:,);(#&+("6$8;(8,<6'48,",'7(=86?8(6'(?#::,+
;8,(#&;,"6%"(?%<<6''9",F(-;(6'(<9?8('<#::,"(;8#&(;8,(?%"49'
?#::%'9<(^',,()6$9",(%&(4#$,(Tfa_7(#&+(,R6';'7(#'(;8,(?%"49'
?#::%'9<(+%,'(&%;7(6&(;8,(>"#6&(%)(;8,()6'8F(-&(89<#&('4:6;N>"#6&
,R4,"6<,&;'(6&(=86?8(;8,(?%"49'(?#::%'9<(6'(?9;7(>9;(&%;(;8,
#&;,"6%"(?%<<6''9",7(%:)#?;%"D(6&)%"<#;6%&(6'(6&M#"6#>:D
;"#&'),"",+(>,;=,,&(;8,(8,<6'48,",'F(1??#'6%&#:(;"#&'),"(%)
'%<,(M6'9#:(#&+(#9+6;%"D(6&)%"<#;6%&(;8"%9$8(;8,(#&;,"6%"
?%<<6''9",(#:'%(',,<'(;%(%??9"7(>9;(9&N4",+6?;#>:D()"%<
4#;6,&;(;%(4#;6,&;F(/8,',()6&+6&$'(#",(?%&'6';,&;(=6;8(#&#;%<D
#&+(,M%:9;6%&S(;8,(#&;,"6%"(?%<<6''9",(^#&+(;8,(8644%?#<4#:
?%<<6''9",S(',,(;8,()6$9",(%&(4F(Tfa_(:6,'(+,,4,"(;8#&(;8,
?%"49'(?#::%'9<(#&+(;"#&'),"'(6&)%"<#;6%&(6&(;8,(:6<>6?(?%";,R
#&+(4,"8#4'(6&(%;8,"(<%",(#&?6,&;(?%<4%&,&;'(%)(;8,(>"#6&F
H9<#&'(,R86>6;(#&(6&;,",';6&$(',4#"#;6%&(%)(<9'6?#:(#&+(M,">#:
'56::'F(A#;6,&;'(=6;8(:,'6%&'(%)(;8,("6$8;(;,<4%"#:(:%>,(%"("6$8;
8,<6'48,",?;%<6,'(#",('6$&6)6?#&;:D(6<4#6",+(6&(<9'6?#:(>9;(&%;
6&(M,">#:(#>6:6;DN(6&(4#";6?9:#"(6&(;8,(",?%$&6;6%&(#&+(",?#::(%)
<,:%+6,'F(P9;(;8,6"(#>6:6;D(;%(",#+(<9'6?(6'(9&6<4#6",+F(/86'
',,<'(4,"),?;:D(?%&'6';,&;(=6;8(;8,(',4#"#;6%&(%)()9&?;6%&'
+,'?"6>,+X(;8,(<,<%"6O#;6%&(#&+(#44",?6#;6%&(%)(<9'6?(6&M%:M,'

TTV
;8,(",?%$&6;6%&(%)(#9+6;%"D(4#;;,"&'(#&+(#(8%:6';6?("#;8,"(;8#&
#&#:D;6?(;,<4,"#<,&;F(/8,",(6'('%<,(,M6+,&?,(;8#;(4%,;"D(6'
4#";:D(#("6$8;N8,<6'48,",()9&?;6%&S(6&('%<,(?#','(;8,(4#;6,&;
>,$6&'(;%(="6;,(4%,;"D()%"(;8,()6"';(;6<,(6&(86'(:6),(#);,"(#(:,'6%&
6&(;8,(:,);(8,<6'48,",(8#'(:,);(86<(#48#'6?F(P9;(;86'(=%9:+
4,"8#4'(>,7(6&(!"D+,&g'(=%"+'7(]<,",(4%,;"DF](C:'%7(;8,("6$8;
8,<6'48,",(6'(#44#",&;:D(9&#>:,(;%("8D<,F

/8,(',4#"#;6%&(%"(:#;,"#:6O#;6%&(%)(?%";6?#:()9&?;6%&(=#'
+6'?%M,",+(>D(,R4,"6<,&;'(%&(>"#6&N+#<#$,+(6&+6M6+9#:'F(-;(6'7
8%=,M,"7(6<4%";#&;(;%(+,<%&';"#;,(;8#;(;8,(?%&?:9'6%&'(#44:D
;%(&%"<#:(89<#&'F(*R4,"6<,&;'(?#""6,+(%9;(>D(e#OO#&6$#
4",',&;(>"#6&N9&+#<#$,+(6&+6M6+9#:'(=6;8(#(=%"+(8#:)(6&(;8,(:,);
#&+(8#:)(6&(;8,("6$8;(M6'9#:()6,:+'7(#'(6&('4:6;N>"#6&(4#;6,&;'7(#&+
;8,(",?%&';"9?;6%&(%)(;8,(=%"+(6'(<%&6;%",+F(/8,(",'9:;'
6&+6?#;,(;8#;7(6&(;8,(&%"<#:(>"#6&7(;8,("6$8;(8,<6'48,",(+%,'
M,"D(:6;;:,(4"%?,''6&$(%)(:#&$9#$,(>9;(6&';,#+(;"#&'<6;'(=8#;(6;
8#'(%>',"M,+(#?"%''(;8,(?%"49'(?#::%'9<(;%(;8,(:,);
8,<6'48,",7(=8,",(;8,(,&;6",(=%"+(6'(49;(;%$,;8,"F(e#OO#&6$#
#:'%()%9&+(#('4:6;N>"#6&(4#;6,&;(=8%',("6$8;(8,<6'48,",(=#'
#';%&6'86&$:D(?%<4,;,&;(6&(:#&$9#$,('56::'X(>9;(;86'(4#;6,&;(8#+
,R4,"6,&?,+(#(>"#6&(4#;8%:%$D(6&(;8,(;,<4%"#:N4#"6,;#:(",$6%&
%)(;8,(:,);(8,<6'48,",(#;(#&(,#":D(#$,F(U,(8#M,(#:",#+D
<,&;6%&,+(;8,(#>6:6;D(%)(;8,(>"#6&(;%(",:%?#:6O,()9&?;6%&'(#);,"
6&`9"D(6&(;8,()6"';(;=%(D,#"'(%)(:6),7(>9;(&%;(;8,",#);,"F

0%>,";(1"&';,6&(#&+(!#M6+(e#:6&(%)(;8,(B#&$:,D(A%";,"
.,9"%4'D?86#;"6?(-&';6;9;,(6&(L#&(Q"#&?6'?%(?:#6<(;8#;(#'(&%"<#:
4,%4:,(?8#&$,()"%<(#&#:D;6?(;%('D&;8,;6?(6&;,::,?;9#:(#?;6M6;6,'
;8,(**e(#?;6M6;D(%)(;8,(?%"",'4%&+6&$(?,",>"#:(8,<6'48,",'
M#"6,'(6&(;8,(4",+6?;,+(=#DX(=8,&(#('9>`,?;(6'(4,")%"<6&$
<,&;#:(#"6;8<,;6?7()%"(,R#<4:,7(;8,("6$8;(8,<6'48,",(,R86>6;'
;8,(#:48#("8D;8<(?8#"#?;,"6';6?(%)(#&(]6+:6&$](?,",>"#:
8,<6'48,",F(-)(;86'(",'9:;(6'(?%&)6"<,+7(6;(=%9:+(>,(E96;,(#&
6<4%";#&;()6&+6&$F

1"&';,6&(%)),"'(#&(6&;,",';6&$(#&#:%$D(;%(,R4:#6&(=8D7(6&(;8,
U,';(#;(:,#';7(=,(8#M,(<#+,('%(<9?8(?%&;#?;(=6;8
:,);N8,<6'48,",()9&?;6%&'(#&+('%(:6;;:,(=6;8("6$8;F(H,('9$$,';'
;8#;(%9"(#=#",&,''(%)("6$8;(8,<6'48,",()9&?;6%&(6'(#(:6;;:,(:65,

TTc
%9"(#>6:6;D(;%(',,(';#"'(6&(;8,(+#D;6<,F(/8,('9&(6'('%(>"6$8;(;8#;
;8,(';#"'(#",(6&M6'6>:,7(+,'46;,(;8,()#?;(;8#;(;8,D(#",(`9';(#'
4",',&;(6&(%9"('5D(6&(;8,(+#D;6<,(#'(#;(&6$8;F(U8,&(;8,('9&
',;'7(=,(#",(#>:,(;%(4,"?,6M,(;8,(';#"'F(-&(;8,('#<,(=#D7(;8,
>"6::6#&?,(%)(%9"(<%';(",?,&;(,M%:9;6%&#"D(#??",;6%&7(;8,(M,">#:
#>6:6;6,'(%)(;8,(:,);(8,<6'48,",7(%>'?9",'(%9"(#=#",&,''(%)(;8,
)9&?;6%&'(%)(;8,(6&;96;6M,("6$8;(8,<6'48,",7(=86?8(6&(%9"
#&?,';%"'(<9';(8#M,(>,,&(;8,(4"6&?64#:(<,#&'(%)(4,"?,6M6&$(;8,
=%":+Fd

/8,(:,);(8,<6'48,",(4"%?,'','(6&)%"<#;6%&(',E9,&;6#::DS(;8,
"6$8;(8,<6'48,",('6<9:;#&,%9':D7(#??,''6&$(',M,"#:(6&49;'(#;
%&?,F(/8,(:,);(8,<6'48,",(=%"5'(6&(',"6,'S(;8,("6$8;(6&(4#"#::,:F
/8,(:,);(8,<6'48,",(6'('%<,;86&$(:65,(#(+6$6;#:(?%<49;,"S(;8,
"6$8;(:65,(#&(#&#:%$(?%<49;,"F(L4,""D('9$$,';,+(;8#;(;8,
',4#"#;6%&(%)()9&?;6%&(6&(;8,(;=%(8,<6'48,",'(6'(;8,
?%&',E9,&?,(%)(#(]>#'6?(6&?%<4#;6>6:6;DF](A,"8#4'(=,(#",(;%+#D
#>:,(;%(',&',(+6",?;:D(;8,(%4,"#;6%&'(%)(;8,("6$8;(8,<6'48,",
<#6&:D(=8,&(;8,(:,);(8,<6'48,",(8#'(]',;]N;8#;(6'7(6&(+",#<'F

d(G#"6`9#&#(6'(%);,&(+,'?"6>,+(#'(6<4"%M6&$(%9"(#44",?6#;6%&(%)
#&+(#>6:6;6,'(6&(<9'6?7(+#&?,7(#";7(4#;;,"&(#&+('6$&(",?%$&6;6%&
#&+(%9"(',&'6;6M6;D(;%(&%&M,">#:(?%<<9&6?#;6%&F(/%(;8,(>,';(%)
<D(5&%=:,+$,7(6;(6'(&,M,"(",4%";,+(#'(6<4"%M6&$(%9"(#>6:6;D(;%
",#+(#&+(?%<4",8,&+(B9+=6$(U6;;$,&';,6&(%"(-<<#&9,:([#&;S
;%(?#:?9:#;,(;8,(';",'','(%&(>"6+$,'S(%"(;%(?%<49;,(B#4:#?,
;"#&')%"<#;6%&'F(1);,&(;8,('9>`,?;(8#'(+6))6?9:;D(,M,&(6&(="6;6&$
+%=&(86'(;8%9$8;'(?%8,",&;:DF(-(=%&+,"(6)7("#;8,"(;8#&
,&8#&?6&$(#&D;86&$7(;8,(?#&&#>6&%:'(^;8,(#?;6M,(6&$",+6,&;'(6&
<#"6`9#&#_('6<4:D('944",''(;8,(:,);(8,<6'48,",(#&+(4,"<6;(;8,
';#"'(;%(?%<,(%9;F(/86'(<#D(#:'%(>,(;8,(%>`,?;6M,(%)(;8,
<,+6;#;6M,(';#;,'(%)(<#&D(1"6,&;#:(",:6$6%&'F

-&(;8,(4",M6%9'(?8#4;,"7(-(4"%4%',+(;8#;(#(<#`%"(#'4,?;(%)(;8,
+",#<(';#;,(<6$8;(>,(;8,(9&:,#'86&$7(#;(&6$8;7(%)(0N?%<4:,R
4"%?,'','(;8#;(8#+(>,,&(:#"$,:D(",4",'',+(>D(;8,(&,%?%";,R
+9"6&$(;8,(+#DF(P9;(-(<,&;6%&,+(;8#;(;8,(6<4%";#&;('D<>%:6?
?%&;,&;(%)(+",#<'('8%=,+('6$&6)6?#&;(&,%?%";6?#:(6&M%:M,<,&;7
#:;8%9$8(;8,()",E9,&;:D(",4%";,+(6<4#6"<,&;'(6&(",#+6&$7

TTb
="6;6&$7(#"6;8<,;6?(#&+(M,">#:(",?#::('9)),",+(6&(+",#<'(=,",
';"656&$F

-&(#++6;6%&(;%(;8,('D<>%:6?(?%&;,&;(%)(+",#<'7(%;8,"(#'4,?;'(%)
+",#<(6<#$,"D(4%6&;(;%(#(&,%?%";6?#:(4",',&?,(6&(;8,(+",#<
4"%?,''F(Q%"(,R#<4:,7(-(8#M,(<#&D(;6<,'(,R4,"6,&?,+(+",#<'
6&(=86?8(;8,(+,&%9,<,&;(%"(?"6;6?#:(]4:%;('9"4"6',](=#'(4%''6>:,
%&:D(>,?#9',(%)(?:9,'N#44#",&;:D(9&6<4%";#&;N6&',";,+(<9?8
,#":6,"(6&;%(;8,(+",#<(?%&;,&;F(/8,(,&;6",(4:%;(+,M,:%4<,&;(%)
;8,(+",#<(<9';(8#M,(>,,&(6&(<D(<6&+(#;(;8,(;6<,(;8,(+",#<
>,$#&F(^-&?6+,&;#::D7(;8,(;6<,(;#5,&()%"(+",#<(,M,&;'(8#'(>,,&
'8%=&(>D(!,<,&;(;%(>,(#44"%R6<#;,:D(,E9#:(;%(;8,(;6<,(;8,
'#<,(,M,&;'(=%9:+(8#M,(;#5,&(6&(",#:(:6),F_(U86:,(;8,(?%&;,&;(%)
<#&D(+",#<'(',,<'(8#48#O#"+7(%;8,"'(#",(",<#"5#>:D(=,::
';"9?;9",+S(;8,',(+",#<'(8#M,(#(",<#"5#>:,(",',<>:#&?,(;%
+"#<#F

U,(&%=(",?%$&6O,(;8,(M,"D(#;;"#?;6M,(4%''6>6:6;D(;8#;(;8,(:,);
8,<6'48,",(%)(;8,(&,%?%";,R(6'('944",'',+(6&(;8,(+",#<(';#;,7
=86:,(;8,("6$8;(8,<6'48,",N=86?8(8#'(#&(,R;,&'6M,()#<6:6#"6;D
=6;8('6$&'(>9;(%&:D(#(8#:;N;6&$(M,">#:(:6;,"#?DN6'()9&?;6%&6&$
=,::F(-;(<#D(>,(;8#;(;8,(:,);(8,<6'48,",(6'(&%;(,&;6",:D(;9"&,+
%))(#;(&6$8;(>9;(6&';,#+(6'(4,")%"<6&$(;#'5'(;8#;(<#5,(6;
6&#??,''6>:,(;%(?%&'?6%9'&,''X(6;(6'(>9'6:D(,&$#$,+(6&(+#;#
+9<46&$()"%<(;8,('8%";N;,"<(<,<%"D(>9)),"7(+,;,"<6&6&$(=8#;
'8%9:+('9"M6M,(6&;%(:%&$N;,"<(';%"#$,F

/8,",(#",(%??#'6%&#:(>9;(",:6#>:D(",4%";,+(6&';#&?,'(%)(+6))6?9:;
6&;,::,?;9#:(4"%>:,<'('%:M,+(+9"6&$(':,,4F(A,"8#4'(;8,(<%';
)#<%9'(6'(;8,(+",#<(%)(;8,(e,"<#&(?8,<6';(Q"6,+"6?8([,59:,
M%&(L;"#+%&6;OF(-&(Thfb(;8,(<%';(4",''6&$(#&+(49OO:6&$(4"%>:,<
6&(%"$#&6?(';"9?;9"#:(?8,<6';"D(=#'(;8,(&#;9",(%)(;8,(>,&O,&,
<%:,?9:,F(/8,(';"9?;9",(%)(',M,"#:('6<4:,(%"$#&6?(<%:,?9:,'
8#+(>,,&(+,+9?,+()"%<(;8,6"(4"%4,";6,'7(#&+(#::(=,",(:6&,#"7(;8,
?%&';6;9,&;(#;%<'(>,6&$(#;;#?8,+(;%(,#?8(%;8,"(6&(#(';"#6$8;
:6&,F(C??%"+6&$(;%(86'(%=&(#??%9&;7([,59:,(=#'(+%O6&$(%&(#
8%"',N+"#=&(;"#<(=8,&(8,(8#+(#(56&+(%)(+",#<(%)(+#&?6&$
#;%<'(6&(:6&,#"(#""#&$,<,&;'F(C>"94;:D(;8,(;#6:(%)(#(?8#6&(%)
#;%<'(#;;#?8,+(6;',:)(;%(;8,(8,#+(#&+()%"<,+(#(':%=:D("%;#;6&$
"6&$F(1&(#=#5,&6&$(#&+(",?#::6&$(;86'(+",#<()"#$<,&;7([,59:,

TTf
",#:6O,+(6&';#&;:D(;8#;(;8,('%:9;6%&(;%(;8,(>,&O,&,(4"%>:,<(=#'
#(8,R#$%&#:("6&$(%)(?#">%&(#;%<'("#;8,"(;8#&(#(';"#6$8;(?8#6&F
1>',"M,7(8%=,M,"7(;8#;(;86'(6'(E96&;,'',&;6#::D(#
4#;;,"&N",?%$&6;6%&(,R,"?6',(#&+(&%;(#&(#&#:D;6?(#?;6M6;DF(-;(6'
;D46?#:(%)(#:<%';(#::(%)(;8,()#<%9'(?",#;6M,(#?;'(#??%<4:6'8,+(6&
;8,(+",#<(';#;,X(;8,D(#",("6$8;N8,<6'48,",(#&+(&%;
:,);N8,<6'48,",(#?;6M6;6,'F

/8,(C<,"6?#&(4'D?8%#&#:D';(*"6?8(Q"%<<(8#'(="6;;,&X(]G9';
=,(&%;(,R4,?;(;8#;7(=8,&(+,4"6M,+(%)(;8,(%9;'6+,(=%":+7(=,
",$",''(;,<4%"#"6:D(;%(#(4"6<6;6M,(#&6<#:N:65,(9&",#'%&#>:,
';#;,(%)(<6&+@(G9?8(?#&(>,('#6+(6&()#M%"(%)('9?8(#&(#''9<4;6%&7
#&+(;8,(M6,=(;8#;('9?8(#(",$",''6%&(6'(;8,(,'',&;6#:(),#;9",(%)
;8,(';#;,(%)(':,,47(#&+(;89'(%)(+",#<(#?;6M6;D7(8#'(>,,&(8,:+(>D
<#&D(';9+,&;'(%)(+",#<6&$()"%<(A:#;%(;%(Q",9+F](Q"%<<($%,'
%&(;%(4%6&;(%9;(;8#;(=,('%<,;6<,'(#?86,M,(6&(;8,(+",#<(';#;,
6&'6$8;'(;8#;(8#M,(,M#+,+(9'(=8,&(#=#5,F(P9;(-(>,:6,M,(;8,',
6&'6$8;'(#:=#D'(8#M,(#&(6&;96;6M,(%"(4#;;,"&N",?%$&6;6%&
?8#"#?;,"F(/8,(]#&6<#:N:65,](#'4,?;(%)(;8,(+",#<(';#;,(?#&(>,
9&+,"';%%+(#'(;8,(#?;6M6;6,'(%)(;8,(0N?%<4:,R(#&+(;8,(:6<>6?
'D';,<7(#&+(;8,(%??#'6%&#::D(>:#O6&$(6&;96;6M,(6&'6$8;(#'(;8,
#?;6M6;D(%)(;8,("6$8;(8,<6'48,",(%)(;8,(&,%?%";,RF(P%;8(?#','
%??9"(>,?#9',(6&(,#?8(;8,(",4",''6M,()9&?;6%&'(%)(;8,(:,);
8,<6'48,",(#",(;9"&,+(%))F(/8,',("6$8;N8,<6'48,",(6&'6$8;'
Q"%<<(?#::'(];8,()%"$%;;,&(:#&$9#$,]N#&+(8,(4:#9'6>:D(#"$9,'
;8#;(;8,D(#",(;8,(?%<<%&(%"6$6&(%)(+",#<'7()#6"D(;#:,'(#&+
<D;8'F

-&(+",#<'(=,(#",('%<,;6<,'(#=#",(;8#;(#('<#::(4%";6%&(%)(9'(6'
4:#?6+:D(=#;?86&$S(%);,&7(%))(6&(#(?%"&,"(%)(;8,(+",#<7(;8,",(6'(#
56&+(%)(%>',"M,"F(-;(6'(;86'(]=#;?8,"](4#";(%)(%9"(<6&+'(;8#;
%??#'6%&#::DN'%<,;6<,'(6&(;8,(<6+';(%)(#(&6$8;<#",N=6::('#D(;%
9'7(]/86'(6'(%&:D(#(+",#<F](-;(6'(;8,(]=#;?8,"](=8%(#44",?6#;,'
;8,(+"#<#;6?(9&6;D(%)(#()6&,:D(';"9?;9",+(+",#<(4:%;F(G%';(%)(;8,
;6<,7(8%=,M,"7(;8,(]=#;?8,"](6'(,&;6",:D('6:,&;F(-&(4'D?8,+,:6?
+"9$(,R4,"6,&?,'N)%"(,R#<4:,7(=6;8(<#"6`9#&#(%"(BL!N;8,
4",',&?,(%)('9?8(#(]=#;?8,"](6'(?%<<%&:D(",4%";,+F(BL!
,R4,"6,&?,'(<#D(>,(;,""6)D6&$(6&(;8,(,R;",<,7(#&+(',M,"#:
4,%4:,(8#M,(;%:+(<,(;8#;(;8,(+6)),",&?,(>,;=,,&('#&6;D(#&+
6&'#&6;D(6&(;8,(BL!(,R4,"6,&?,(",';'(,&;6",:D(%&(;8,(?%&;6&9,+

TTa
4",',&?,(%)(;8,(]=#;?8,"7](#('<#::7('6:,&;(4%";6%&(%)(;8,(=#56&$
?%&'?6%9'&,''F

-&(%&,(<#"6`9#&#(,R4,"6,&?,7(<D(6&)%"<#&;(>,?#<,(#=#",(%)
;8,(4",',&?,(#&+7(6&(#(';"#&$,(=#D7(;8,(6&N#44"%4"6#;,&,''(%)
;86'('6:,&;(]=#;?8,"7](=8%(",'4%&+'(=6;8(6&;,",';(#&+(%??#'6%&#:
?"6;6?#:(?%<<,&;(;%(;8,(5#:,6+%'?%46?(+",#<(6<#$,"D(%)(;8,
<#"6`9#&#(,R4,"6,&?,(>9;(6'(&%;(4#";(%)(6;F(]U8%(#",(D%9@](<D
6&)%"<#&;('6:,&;:D(#'5,+(6;F(]U8%(=#&;'(;%(5&%=@](6;(",4:6,+7
<#56&$(;8,(,R4,"6,&?,(M,"D(:65,(#(L9)6(%"(k,&(4#"#>:,F(P9;(<D
6&)%"<#&;g'(E9,';6%&(6'(#(+,,4(%&,F(-(=%9:+('9$$,';(;8,
%>',"M,"(6'(#('<#::(4#";(%)(;8,(?"6;6?#:()#?9:;6,'(%)(;8,(:,);
8,<6'48,",7()9&?;6%&6&$(<9?8(<%",(6&(4'D?8,+,:6?(;8#&(6&
+",#<(,R4,"6,&?,'7(>9;(4",',&;(;%(#(+,$",,(6&(>%;8F(H%=,M,"7
;8,(#&?6,&;(E9,"D7(]U8%(6'(6;(=8%(#'5'(;8,(E9,';6%&@](6'(';6::
9&#&'=,",+S(4,"8#4'(6;(6'(#&%;8,"(?%<4%&,&;(%)(;8,(:,);
?,",>"#:(8,<6'48,",F

C&(#'D<<,;"D(6&(;8,(;,<4%"#:(:%>,'(6&(:,);(#&+("6$8;
8,<6'48,",'(%)(89<#&'(#&+(%)(?86<4#&O,,'(8#'(>,,&()%9&+7
=6;8(%&,(4%";6%&(%)(;8,(:,);(:%>,('6$&6)6?#&;:D(<%",(+,M,:%4,+F
H9<#&(6&)#&;'(#",(>%"&(=6;8(;86'(#'D<<,;"D(^=86?8(+,M,:%4'(#'
,#":D(#'(;8,(;=,&;DN&6&;8(=,,5(%)($,';#;6%&_7(;89'('9$$,';6&$(#
';"%&$($,&,;6?(4",+6'4%'6;6%&(;%(?%&;"%:('4,,?8(6&(;8,(:,);
;,<4%"#:(:%>,F(^.,M,";8,:,''7(?86:+",&(=6;8(:,'6%&'(6&(;8,(:,);
;,<4%"#:(:%>,(#",(#>:,7(6&(;8,6"()6"';(D,#"(%"(;=%(%)(:6),7(;%
+,M,:%4(#::('4,,?8()9&?;6%&'(6&(;8,(?%<4#"#>:,(4%";6%&(%)(;8,
"6$8;(8,<6'48,",(=6;8(&%(6<4#6"<,&;F(C;(#(:#;,"(#$,7(;86'
",4:#?,<,&;(6'(6<4%''6>:,F_(C:'%7(:#;,"#:6O#;6%&(6'()%9&+(6&(;8,
>,8#M6%"(%)(D%9&$(?86:+",&F(/8,D(#",(>,;;,"(#>:,(;%(9&+,"';#&+
M,">#:(<#;,"6#:(=6;8(;8,("6$8;(,#"(#&+(&%&M,">#:(<#;,"6#:(=6;8
;8,(:,);7(#(",$9:#"6;D(#:'%()%9&+(6&(#+9:;'F(L6<6:#":D7(6&)#&;'
'4,&+(<%",(;6<,(%&(;8,(#M,"#$,(:%%56&$(#;(%>`,?;'(%&(;8,6"
"6$8;(;8#&(#;(6+,&;6?#:(%>`,?;'(%&(;8,6"(:,);7(#&+(",E96",(#(:%9+,"
&%6',(6&(;8,(:,);(,#"(;8#&(6&(;8,("6$8;(;%(,:6?6;(#(",'4%&',F(U86:,
&%(?:,#"(#'D<<,;"D(%)(;8,',('%";'(8#'(D,;(>,,&()%9&+(6&(;8,
>"#6&'(%"(>,8#M6%"(%)(#4,'7(!,='%&g'(",'9:;'(^',,(4#$,(TYV_
'9$$,';(;8#;('%<,(:#;,"#:6O#;6%&(<#D(,R6';(6&(;8,(86$8,"
4"6<#;,'S(;8,",(6'(&%(,M6+,&?,()%"(#&#;%<6?#:(#'D<<,;"6,'(6&
;8,(;,<4%"#:(:%>,'(%)7('#D7("8,'9'(<%&5,D'F(1&,(=%9:+

TTh
?,";#6&:D($9,''(;8#;(;8,(:6&$96';6?(#>6:6;6,'(%)(?86<4#&O,,'(#",
$%M,"&,+7(#'(6&(89<#&'7(6&(;8,(:,);(;,<4%"#:(:%>,F

/8,(:6<6;,+(6&M,&;%"D(%)('D<>%:6?(?"6,'(#<%&$(&%&N89<#&
4"6<#;,'(',,<'(;%(>,(?%&;"%::,+(>D(;8,(:6<>6?('D';,<S(#;(:,#';
;8,()9::(M%?#:(",4,";%6",(%)('E96"",:(#&+("8,'9'(<%&5,D'(?#&(>,
,M%5,+(>D(,:,?;"6?#:(';6<9:#;6%&(6&(;8,(:6<>6?('D';,<F(H9<#&
:#&$9#$,(6'(?%&;"%::,+(6&(;8,(&,%?%";,RF(/89'(#&(,'',&;6#:(';,4
6&(89<#&(,M%:9;6%&(<9';(8#M,(>,,&(;8,(;"#&'),"(%)(?%&;"%:(%)
M%?#:(:#&$9#$,()"%<(;8,(:6<>6?('D';,<(;%(;8,(;,<4%"#:(:%>,'(%)
;8,(&,%?%";,R7(#(;"#&'6;6%&()"%<(6&';6&?;9#:(;%(:,#"&,+
?%<<9&6?#;6%&F(H%=,M,"7(;8,('9"4"6'6&$(#>6:6;D(%)(#4,'(;%
#?E96",($,';9"#:(:#&$9#$,(#&+(;8,(86&;(%)(:#;,"#:6O#;6%&(6&(;8,
?86<4#&O,,(>"#6&('9$$,';(;8#;(;8,(#?E96'6;6%&(%)(M%:9&;#"D
'D<>%:6?(:#&$9#$,(>DN4"6<#;,'(6'(&%;(#(",?,&;(6&M,&;6%&F
0#;8,"7(6;($%,'(>#?5(<#&D(<6::6%&'(%)(D,#"'7(?%&'6';,&;(=6;8(;8,
,M6+,&?,()"%<(,&+%?"#&6#:(?#';'()%"(P"%?#g'(#",#(6&(H%<%
8#>6:6'F

B,'6%&'(6&(;8,(<%&5,D(>"#6&(%)(;8,(&,%?%";6?#:(#",#'
",'4%&'6>:,()%"('4,,?8(6&(89<#&'()#6:(;%(6<4#6"(;8,6"(6&';6&?;9#:
M%?#:6O#;6%&'F(/8,(+,M,:%4<,&;(%)(89<#&(:#&$9#$,(<9';
;8,",)%",(6&M%:M,(#&(,'',&;6#::D(&,=(>"#6&('D';,<(#&+(&%;
<,",:D(#(",=%"56&$(%)(;8,(<#?86&,"D()%"(:6<>6?(?"6,'(#&+(?#::'F
L%<,(,R4,";'(6&(89<#&(,M%:9;6%&(8#M,('9$$,';,+(;8#;(;8,
#?E96'6;6%&(%)(:#&$9#$,(%??9"",+(M,"D(:#;,N4,"8#4'(%&:D(6&(;8,
:#';(),=(;,&'(%)(;8%9'#&+'(%)(D,#"'N#&+(=#'(?%&&,?;,+(=6;8(;8,
?8#::,&$,'(%)(;8,(:#';(6?,(#$,F(P9;(;8,(+#;#(+%(&%;(',,<(;%(>,
?%&'6';,&;(=6;8(;86'(M6,=S(<%",%M,"7(;8,('4,,?8(?,&;,"'(%)(;8,
89<#&(>"#6&(#",('%(?%<4:,R(;8#;(6;(6'(M,"D(+6))6?9:;(;%(6<#$6&,
;8,6"(,M%:9;6%&(6&(;8,(;8%9'#&+(%"('%($,&,"#;6%&'('6&?,(;8,(4,#5
%)(;8,(<%';(",?,&;($:#?6#;6%&F

/8,(,M6+,&?,('9$$,';'(;8#;(6&(%9"(#&?,';%"'(%)('%<,(;,&'(%)
<6::6%&'(%)(D,#"'(#$%(;8,",(=#'(#(&,%?%";,R7(>9;(%&,(6&(=86?8
;8,(:,);(#&+("6$8;(8,<6'48,",'(',"M,+(?%<4#"#>:,(#&+
",+9&+#&;()9&?;6%&'F(L6&?,(;8,&7(94"6$8;(4%';9",7(;8,(9',(%)
;%%:'7(#&+(;8,(+,M,:%4<,&;(%)(:#&$9#$,(8#M,(<9;9#::D(#+M#&?,+
%&,(#&%;8,"7(#('<#::(6&?",<,&;(6&(:#&$9#$,(#>6:6;D7()%"(,R#<4:,7
4,"<6;;6&$(;8,(6&?",<,&;#:(6<4"%M,<,&;(%)(8#&+(#R,'7(#&+(M6?,

TTZ
M,"'#F(/8,(?%"",'4%&+6&$(>"#6&(,M%:9;6%&(',,<'(;%(8#M,
4"%?,,+,+(>D('4,?6#:6O6&$(%&,(%)(;8,(;=%(8,<6'48,",'()%"
#&#:D;6?(;86&56&$F

/8,(%"6$6&#:(",+9&+#&?D7(>D(;8,(=#D7(",4",',&;'(4"9+,&;
?%<49;,"(+,'6$&F(Q%"(,R#<4:,7(=6;8(&%(5&%=:,+$,(%)(;8,
&,9"%#&#;%<D(%)(;8,(?,",>"#:(?%";,R7(;8,(,&$6&,,"'(=8%
+,'6$&,+(;8,(%&N>%#"+(<,<%"D(%)(;8,(J656&$(:#&+,"(6&',";,+
;=%(6+,&;6?#:(?%<49;,"'7(=86?8(#",(6+,&;6?#::D(4"%$"#<<,+F(P9;
>,?#9',(%)(;8,6"(?%<4:,R6;D7(+6)),",&?,'(>,;=,,&(;8,
?%<49;,"'('%%&(,<,"$,+F(P,)%",(:#&+6&$(%&(G#"'(;8,
?%<49;,"'(=,",($6M,&(#&(6&;,::6$,&?,(;,';(^>D(#('<#";,"
?%<49;,"(>#?5(%&(*#";8_F(/8,(+9<>,"(>"#6&(=#'(;8,&(;9"&,+
%))F(A,"8#4'(]89<#&(,M%:9;6%&(8#'(4"%?,,+,+(<(#('6<6:#"
<#&&,"(#&+(%9"(86$8:D(4"6O,+("#;6%&#:(#&+(#&#:D;6?#:(#>6:6;6,'(#",
:%?#:6O,+(6&(;8,(]%;8,"](>"#6&N;8,(%&,(;8#;(=#'(&%;()9::D
?%<4,;,&;(;%(+%(6&;96;6M,(;86&56&$F(*M%:9;6%&(%);,&(9','(;86'
';"#;,$DF(-&+,,+7(;8,(';#&+#"+(,M%:9;6%&#"D(4"#?;6?,(%)
6&?",#'6&$(;8,(#<%9&;(%)($,&,;6?(6&)%"<#;6%&(#'(%"$#&6'<'
6&?",#',(6&(?%<4:,R6;D(6'(#??%<4:6'8,+(>D(+%9>:6&$(4#";(%)(;8,
$,&,;6?(<#;,"6#:(#&+(;8,&(#::%=6&$(;8,(':%=('4,?6#:6O#;6%&(%)
)9&?;6%&(%)(;8,(",+9&+#&;(',;F

C:<%';(=6;8%9;(,R?,4;6%&(#::(89<#&(:#&$9#$,'(8#M,(>96:;(6&;%
;8,<(#(4%:#"6;D7(#(M,,"(;%(;8,("6$8;F(]06$8;](6'(#''%?6#;,+(=6;8
:,$#:6;D7(?%"",?;(>,8#M6%"7(86$8(<%"#:(4"6&?64:,'7()6"<&,''7(#&+
<#'?9:6&6;DS(]:,);7](=6;8(=,#5&,''7(?%=#"+6?,7(+6))9',&,''(%)
49"4%',7(,M6:7(#&+(),<6&6&6;DF(-&(*&$:6'87()%"(,R#<4:,7(=,(8#M,
]",?;6;9+,7](]",?;6)D7](]"6$8;,%9'7](]"6$8;N8#&+(<#&7](]+,R;,"6;D7]
]#+"%6;](^)"%<(;8,(Q",&?8(]u(#(+"%6;,]_7(]"6$8;'7](#'(6&(];8,("6$8;'
%)(<#&7](#&+(;8,(48"#',(]6&(86'("6$8;(<6&+F](*M,&
]#<>6+,R;"%9'](<,#&'7(9:;6<#;,:D7(;=%("6$8;(8#&+'F

1&(;8,(%;8,"('6+,(^:6;,"#::D_7(=,(8#M,(]'6&6';,"](^#:<%';(,R#?;:D
;8,(B#;6&(=%"+()%"(]:,);]_7(]$#9?8,](^4",?6',:D(;8,(Q",&?8(=%"+
)%"(]:,);]_7(]$#=5D7](]$#=57](#&+(]:,);N8#&+,+(?%<4:6<,&;F](/8,
09''6#&(]&#:,M%]()%"(]:,);](#:'%(<,#&'(]'9"",4;6;6%9'F](/8,
-;#:6#&(]<#&?6&%]()%"(]:,);]('6$&6)6,'(]+,?,6;)9:F](/8,",(6'(&%(]P6::
%)(B,);'F]

TYW
-&(%&,(,;D<%:%$D7(]:,);](?%<,'()"%<(]:D);7](;8,(C&$:%NL#R%&()%"
=,#5(%"(=%";8:,''F(]06$8;](6&(;8,(:,$#:(',&',(^#'(#&(#?;6%&(6&
#??%"+(=6;8(;8,("9:,'(%)('%?6,;D_(#&+(]"6$8;](6&(;8,(:%$6?#:(',&',
^#'(;8,(%44%'6;,(%)(,""%&,%9'_(#",(#:'%(?%<<%&4:#?,'(6&(<#&D
:#&$9#$,'F(/8,(4%:6;6?#:(9',(%)("6$8;(#&+(:,);(',,<'(;%(+#;,()"%<
;8,(<%<,&;(=8,&(#('6$&6)6?#&;(:#D(4%:6;6?#:()%"?,(#"%',(#'
?%9&;,"4%6',(;%(;8,(&%>6:6;DF(/8,(&%>:,'(=,",(4:#?,+(%&(;8,
56&$g'("6$8;(#&+(;8,("#+6?#:(94';#";'(N;8,(?#46;#:6';'N%&(86'(:,);F
/8,(&%>:,'(=,",(;%(;8,("%D#:("6$8;7(%)(?%9"',7(>,?#9',(;8,(56&$
86<',:)(=#'(#(&%>:,S(#&+(86'("6$8;('6+,(=#'(;8,()#M%",+
4%'6;6%&F(C&+(6&(;8,%:%$D(#'(6&(4%:6;6?'X(]C;(;8,("6$8;(8#&+(%)
e%+F]

G#&D(,R#<4:,'(%)(#(?%&&,?;6%&(>,;=,,&(]"6$8;](#&+(]';"#6$8;]
?#&(>,()%9&+Fd(-&(G,R6?#&(L4#&6'8(D%9(6&+6?#;,(';"#6$8;(^#8,#+_
>D('#D6&$(]"6$8;("6$8;]S(6&(P:#?5(C<,"6?#&(*&$:6'87(]"6$8;(%&](6'
#&(,R4",''6%&(%)(#44"%M#:7(%);,&()%"(#(',&;6<,&;(,:%E9,&;:D(%"
+,);:DN48"#',+F(]L;"#6$8;](<,#&6&$(?%&M,&;6%&#:7(?%"",?;(%"
4"%4,"(6'(#(?%<<%&4:#?,(6&(?%::%E96#:(*&$:6'8(;%+#DF(-&(09''6#&7
"6$8;(6'(]\>"#M%7](#(?%$&#;,(%)(]4"#M+#7](=86?8(<,#&'(];"9,F]
C&+(6&(<#&D(:#&$9#$,'(];"9,](8#'(;8,(#++6;6%&#:(<,#&6&$(%)
]';"#6$8;](%"(]#??9"#;,7](#'(6&(]86'(#6<(=#'(;"9,F]

/8,(L;#&)%"+NP6&,;(-o(;,';(<#5,'('%<,(,))%";(;%(,R#<6&,(>%;8
:,);N(#&+("6$8;N8,<6'48,",()9&?;6%&F(Q%"("6$8;N8,<6'48,",
)9&?;6%&(;8,",(#",(;,';'(6&(=86?8(;8,('9>`,?;(6'(#'5,+(;%(4",+6?;
;8,(%4,&,+(?%&)6$9"#;6%&(%)(#(46,?,(%)(4#4,"(#);,"(6;(6'()%:+,+
',M,"#:(;6<,'(#&+(#('<#::(46,?,(?9;(%9;(=6;8(#(4#6"(%)('?6''%"'S
%"(;%(,';6<#;,(;8,(;%;#:(&9<>,"(%)(>:%?5'(6&(#(';#?5(=8,&('%<,
>:%?5'(#",(86++,&()"%<(M6,=F(C:;8%9$8(;8,(+,M6',"'(%)(;8,
L;#&)%"+NP6&,;(;,';(?%&'6+,"('9?8(E9,';6%&'(%)($,%<,;"6?
?%&?,4;6%&(;%(>,(M,"D(9',)9:(6&(+,;,"<6&6&$(;8,(]6&;,::6$,&?,](%)
?86:+",&7(;8,D(#",('#6+(;%(>,(6&?",#'6&$:D(:,''(9',)9:(6&(-o(;,';'
%)(;,,&#$,"'(#&+(#+9:;'F(/8,",(6'(?,";#6&:D(:6;;:,("%%<(%&('9?8
,R#<6&#;6%&'()%"(;,';6&$(6&;96;6M,(:,#4'F(2&'9"4"6'6&$:D7(-o(;,';'
#:'%(',,<(;%(>,(4%=,")9::D(>6#',+(;%=#"+(;8,(:,);(8,<6'48,",F

d(-(=%&+,"(6)(;8,",(6'(#&D('6$&6)6?#&?,(;%(;8,()#?;(;8#;(B#;6&7
e,"<#&6?(#&+(L:#M6?(:#&$9#$,'7()%"(,R#<4:,7(#",(="6;;,&(:,);(;%
"6$8;7(#&+(L,<6;6?(:#&$9#$,'7("6$8;(;%(:,);F(/8,(#&?6,&;(e",,5'

TYT
="%;,(6&(>%9';"%48,+%&(^]#'(;8,(%R(4:%=']_S(:,);(;%("6$8;(%&(%&,
:6&,7("6$8;(;%(:,);(%&(;8,(&,R;F

/8,(M,8,<,&?,(%)(;8,(4",`9+6?,'(6&()#M%"(%)(;8,(:,);
8,<6'48,",(#&+(;8,("6$8;(8#&+(",<6&+'(<,(%)(#(=#"(6&(=86?8
;8,('6+,(;8#;(>#",:D(=%&(",&#<,'(;8,(?%&;,&+6&$(4#";6,'(#&+
6''9,'7('%(;8#;()9;9",($,&,"#;6%&'(=6::(8#M,(&%(+6))6?9:;D(6&
+,?6+6&$(=8,",(4"9+,&;(:%D#:;D('8%9:+(:6,F(U8,&(B,&6&g'(4#";D
=#'(#()#6":D('<#::('4:6&;,"($"%94(6&(09''6#&('%?6#:6'<(8,(&#<,+
6;(;8,(P%:'8,M65(4#";D7(=86?8(6&(09''6#&(<,#&'(;8,(<#`%"6;D
4#";DF(/8,(%44%'6;6%&(%>:6$6&$:D7(#&+(=6;8(#=,'%<,(';946+6;D7
#??,4;,+(;8,(+,'6$&#;6%&(%)(G,&'8,M65'7(;8,(<6&%"6;D(4#";DF(-&
#(+,?#+,(#&+(#(8#:)(;8,D(=,",F(L6<6:#":D7(6&(;8,(=%":+=6+,
#''%?6#;6%&'(%)(;8,(=%"+'(]"6$8;](#&+(]:,);](;8,",(6'(,M6+,&?,(%)
#("#&?%"%9'(?%&):6?;(,#":D(6&(;8,(86';%"D(%)(<#&56&+Fd(U8#;
?%9:+(#"%9',('9?8(4%=,")9:(,<%;6%&'@

-&(?%<>#;(=6;8(=,#4%&'(=86?8(?9;(%"(';#>N#&+(6&('9?8('4%";'
#'(>%R6&$7(>#',>#::(#&+(;,&&6'N#(4#";6?64#&;(;"#6&,+(6&(;8,(9',
%)(;8,("6$8;(8#&+(=6::()6&+(86<',:)(#;(#(+6'#+M#&;#$,(=8,&
?%&)"%&;,+(9&,R4,?;,+:D(=6;8(#(:,);N8#&+,"F(C:'%7(#(<#:,M%:,&;
:,);N8#&+,+('=%"+'<#&(<6$8;(>,(#>:,(;%(?%<,(E96;,(?:%',(;%
86'(#+M,"'#"D(=6;8(86'(9&,&?9<>,",+("6$8;(8#&+(#44,#"6&$(#'(#
$,';9",(%)(+6'#"<#<,&;(#&+(4,#?,F(P9;(;8,',(?6"?9<';#&?,'(+%
&%;(',,<(;%(>,(#>:,(;%(,R4:#6&(;8,(>",#+;8(#&+(+,4;8(%)
#&;64#;8D(;%(;8,(:,);(8#&+7(&%"(;8,(,R;,&'6%&(%)("6$8;(?8#9M6&6'<
;%(=%<,&N;"#+6;6%&#:(&%&?%<>#;#&;'F

d(C(E96;,(+6)),",&;(',;(%)(?6"?9<';#&?,'(6'(",M,#:,+(>D(#&%;8,"
4#6"(%)(M,">#:(4%:#"(%44%'6;,'X(>:#?5(#&+(=86;,F(!,'46;,(*&$:6'8
48"#','(%)(;8,('%";(]#'(+6)),",&;(#'(>:#?5(#&+(=86;,7](;8,(;=%
=%"+'(#44,#"(;%(8#M,(;8,('#<,(%"6$6&F(P:#?5(?%<,'()"%<(;8,
C&$:%NL#R%&(]>:#,?,7](#&+(=86;,()"%<(;8,(C&$:%NL#R%&(]>:#?7]
=86?8(6'(';6::(#?;6M,(6&(6;'(?%$&#;,'(]>:#&?87](]>:#&57](]>:,#57]
#&+(;8,(Q",&?8(]>:#&?F](P%;8(>:#?5(#&+(=86;,(8#M,(#'(;8,6"
+6';6&$96'86&$(4"%4,";6,'(;8,(#>',&?,(%)(?%:%"7(#&+(,<4:%D6&$
;8,('#<,(=%"+()%"(>%;8(';"65,'(<,(#'(M,"D(4,"?,4;6M,(%)([6&$
C";89"g'(:,R6?%$"#48,"F

TYY
1&,7(4,"8#4'(",<%;,7(4%''6>6:6;D(6'(?%&&,?;,+(=6;8(;8,
9&#M#6:#>6:6;D(%)(;%6:,;(4#4,"(6&(4",6&+9';"6#:('%?6,;6,'F(Q%"(<%';
%)(89<#&(86';%"D7(#&+(6&(<#&D(4#";'(%)(;8,(=%":+(;%+#D7(;8,
,<4;D(8#&+(6'(9',+()%"(4,"'%&#:(8D$6,&,(#);,"(+,),?#;6%&7(#()#?;
%)(:6),(6&(4",;,?8&%:%$6?#:(?9:;9",'F(-;(+%,'(&%;()%::%=(;8#;(;8%',
=8%()%::%=(;86'(?9';%<(,&`%D(6;F(.%;(%&:D(6'(6;(#,';8,;6?#::D
9&#44,#:6&$7(6;(6&M%:M,'(#(',"6%9'("6'5(%)(;"#&'),""6&$(+6',#',(;%
%;8,"'(#'(=,::(#'(;%(%&,',:)F(/8,('6<4:,';(4",?#9;6%&(6'(;%($",,;
#&+(;%(,#;(=6;8(;8,(%;8,"(8#&+F(U6;8%9;(#44#",&;(,R?,4;6%&(6&
4",;,?8&%:%$6?#:(89<#&('%?6,;6,'7(6;(6'(;8,(:,);(8#&+(;8#;(6'(9',+
)%"('9?8(;%6:,;()9&?;6%&'(#&+(;8,("6$8;()%"($",,;6&$(#&+(,#;6&$F
1??#'6%&#:(:#4','()"%<(;86'(?%&M,&;6%&(#",(E96;,(4"%4,":D
M6,=,+(=6;8(8%""%"F(L,M,",(4,&#:;6,'(8#M,(>,,&(M6'6;,+(%&('<#::
?86:+",&()%"(>",#?8,'(%)(;8,(4",M#6:6&$(8#&+,+N&,''
?%&M,&;6%&'S(#&+(<#&D(%:+,"(4,%4:,(6&(;8,(U,';(?#&(';6::
",<,<>,"(#(;6<,(=8,&(;8,",(=,",()6"<(';"6?;9",'(#$#6&';(,M,&
",#?86&$()%"(%>`,?;'(=6;8(;8,(:,);(8#&+F(-(>,:6,M,(;86'(#??%9&;
?#&(,R4:#6&(;8,(M6"9:,&?,(#$#6&';(#''%?6#;6%&'(=6;8(]:,);](#&+
;8,(+,),&'6M,(',:)N?%&$"#;9:#;%"D(>%<>#';(#;;#?8,+(;%
#''%?6#;6%&'(=6;8(]"6$8;](=86?8(#",(?%<<%&4:#?,(6&(%9"
"6$8;N8#&+,+('%?6,;DF(/8,(,R4:#&#;6%&(+%,'(&%;7(8%=,M,"7
,R4:#6&(=8D(;8,("6$8;(#&+(:,);(8#&+'(=,",(%"6$6&#::D(?8%',&()%"
;8,',(4#";6?9:#"()9&?;6%&'F(-;(<6$8;(>,(#"$9,+(;8#;(';#;6';6?#::D
;8,",(6'(%&,(?8#&?,(6&(;=%(;8#;(;%6:,;()9&?;6%&'(=%9:+(>,
",:,$#;,+(;%(;8,(:,);(8#&+F(P9;(=,(=%9:+(;8,&(,R4,?;(%&,
'%?6,;D(6&(;=%(;%(>,("6$8;,%9'(#>%9;(:,);&,''F(-&()#?;7(;8,",
',,<(;%(>,(&%('9?8('%?6,;6,'F(-&(#('%?6,;D(=8,",(<%';(4,%4:,
#",("6$8;N8#&+,+7(4",?6'6%&(;#'5'('9?8(#'(,#;6&$(#&+()6$8;6&$
=%9:+(>,(",:,$#;,+(;%(;8,()#M%",+(8#&+7(:,#M6&$(>D(+,)#9:;(;%6:,;
)9&?;6%&'(;%(;8,('6+,('6&6';,"F(H%=,M,"7(;86'(#:'%(+%,'(&%;
#??%9&;()%"(=8D(;8,('%?6,;D(6'("6$8;N8#&+,+F(-&(6;'(<%';
)9&+#<,&;#:(',&',7(;8,(,R4:#&#;6%&(<9';(:6,(,:',=8,",F

/8,",(6'(&%(+6",?;(?%&&,?;6%&(>,;=,,&(;8,(8#&+(D%9(4",),"(;%
9',()%"(<%';(;#'5'(#&+(;8,(?,",>"#:(8,<6'48,",(;8#;(?%&;"%:'
'4,,?87(#&+(;8,(<#`%"6;D(%)(:,);N8#&+,"'(<#D(';6::(8#M,('4,,?8
?,&;,"'(6&(;8,(:,);(8,<6'48,",7(#:;8%9$8(;86'(4%6&;(6'(6&(+6'49;,F
.,M,";8,:,''7(;8,(,R6';,&?,(%)(8#&+,+&,''(6;',:)(6'(;8%9$8;(;%
>,(?%&&,?;,+(=6;8(>"#6&(:#;,"#:6O#;6%&F(L%<,(,M6+,&?,('9$$,';'
;8,(:,);N8#&+,"'(#",(<%",(:65,:D(;%(8#M,(4"%>:,<'(=6;8('9?8

TYV
:,);N8,<6'48,",()9&?;6%&'(#'(",#+6&$7(="6;6&$7('4,#56&$(#&+
#"6;8<,;6?S(#&+(;%(>,(<%",(#+,4;(#;('9?8("6$8;N8,<6'48,",
)9&?;6%&'(#'(6<#$6&#;6%&7(4#;;,"&(",?%$&6;6%&(#&+($,&,"#:
?",#;6M6;DFd(L%<,(+#;#('9$$,';(;8#;(89<#&(>,6&$'(#",
$,&,;6?#::D(>6#',+(;%=#"+'("6$8;N8#&+,+&,''F(Q%"(,R#<4:,7(;8,
&9<>,"(%)("6+$,'(%&()6&$,"4"6&;'(%)(),;9','(+9"6&$(;8,(;86"+(#&+
)%9";8(<%&;8'(%)($,';#;6%&(6'(:#"$,"(6&(;8,("6$8;(8#&+(;8#&(;8,
:,);(8#&+7(#&+(;86'(4",4%&+,"#&?,(4,"'6';'(;8"%9$8%9;(),;#:(:6),
#&+(#);,"(>6";8F

-&)%"<#;6%&(%&(;8,(8#&+,+&,''(%)(;8,(C9';"#:%46;8,?6&,'(8#'
>,,&(%>;#6&,+()"%<(#&(#&#:D'6'(%)()%''6:(>#>%%&('59::'()"#?;9",+
=6;8(>%&,(%"(=%%+,&(?:9>'(>D(;8,',(,#":D(",:#;6M,'(%)(<#&F(/8,
+6'?%M,","(%)(;8,(C9';"#:%46;8,?6&,()%''6:'7(0#D<%&+(!#";7
?%&?:9+,+(;8#;(#>%9;(YW(4,"?,&;(%)(;8,<(=,",(:,);N8#&+,+7
=86?8(6'("%9$8:D(;8,()"#?;6%&(6&(<%+,"&(<#&F(-&(?%&;"#';7(=86:,
%;8,"(#&6<#:'(%);,&('8%=(';"%&$(4#=(4",),",&?,'7(;8,()#M%",+
4#=(6'(#:<%';(#'(:65,:D(;%(>,(:,);(#'("6$8;F
/8,(:,);\"6$8;(+6';6&?;6%&'("9&(+,,4(6&;%(;8,(4#';(%)(%9"('4,?6,'F
-(=%&+,"(6)('%<,(':6$8;(=86))(%)(;8,(>#;;:,(>,;=,,&(;8,("#;6%&#:
#&+(;8,(6&;96;6M,7(>,;=,,&(;8,(;=%(8,<6'48,",'(%)(;8,(>"#6&7
8#'(&%;('9")#?,+(6&(;8,(4%:#"6;D(>,;=,,&(=%"+'()%"("6$8;(#&+
:,);X(6;(6'(;8,(M,">#:(8,<6'48,",(;8#;(?%&;"%:'(;8,("6$8;('6+,F
/8,",(<#D(&%;(6&()#?;(>,(<%",(+,R;,"6;D(6&(;8,("6$8;('6+,S(>9;(6;
?,";#6&:D(8#'N#(>,;;,"(4",''F(/8,(:,);(8,<6'48,",(',,<'(;%(),,:
E96;,(+,),&'6M,N6&(#(';"#&$,(=#D(6&',?9",N#>%9;(;8,("6$8;
8,<6'48,",S(#&+7(6)(;86'(6'('%7(M,">#:(?"6;6?6'<(%)(6&;96;6M,
;86&56&$(>,?%<,'('9'4,?;(%&(;8,($"%9&+(%)(<%;6M,F
2&)%";9&#;,:D7(;8,",(6'(,M,"D(",#'%&(;%(;86&5(;8#;(;8,("6$8;
8,<6'48,",(8#'(?%<4#"#>:,(<6'$6M6&$'(N,R4",'',+
&%&M,">#::D7(%)(?%9"',N#>%9;(;8,(:,);F

d(/8,(%&:D(:,);N8#&+,+(C<,"6?#&(4",'6+,&;'(8#M,(#44#",&;:D
>,,&(H#""D(/"9<#&(#&+(e,"#:+(Q%"+F(-(#<(&%;('9",(=8,;8,"(;86'
6'(?%&'6';,&;(%"(6&?%&'6';,&;(=6;8(;8,(4"%4%',+(^=,#5_
?%"",:#;6%&(>,;=,,&(8#&+,+&,''(#&+(8,<6'48,",()9&?;6%&F
B,%&#"+%(+#(J6&?6(<#D(>,(;8,(<%';(6::9<6&#;6&$(,R#<4:,(%)(;8,
?",#;6M,($,&69'(%)(:,);N8#&+,"'F

TYc
C+<6;;6&$(;8,(M#:6+6;D(%)(>%;8(<,;8%+'(%)(;86&56&$7(:,);
8,<6'48,",(#&+("6$8;(8,<6'48,",7(=,(<9';(#'5(6)(;8,D(#",
,E9#::D(,)),?;6M,(#&+(9',)9:(6&(&,=(?6"?9<';#&?,'F(/8,",(6'(&%
+%9>;(;8#;("6$8;N8,<6'48,",(6&;96;6M,(;86&56&$(<#D(4,"?,6M,
4#;;,"&'(#&+(?%&&,?;6%&'(;%%(+6))6?9:;()%"(;8,(:,);(8,<6'48,",S
>9;(6;(<#D(#:'%(+,;,?;(4#;;,"&'(=8,",(&%&,(,R6';F(L5,4;6?#:(#&+
?"6;6?#:(;86&56&$(6'(&%;(#(8#::<#"5(%)(;8,("6$8;(8,<6'48,",F(C&+
9&#::%D,+("6$8;N8,<6'48,",(+%?;"6&,'7(4#";6?9:#":D(=8,&(;8,D
#",(6&M,&;,+(+9"6&$(&,=(#&+(;"D6&$(?6"?9<';#&?,'7(<#D(>,
,""%&,%9'(%"(4#"#&%6+F

0,?,&;(,R4,"6<,&;'(>D(L;9#";(!6<%&+7(#(4'D?8%:%$6';(#;
2&6M,"'6;D(3%::,$,7
3#"+6))(6&(U#:,'7(8#M,(,<4:%D,+('4,?6#:(?%&;#?;(:,&','(;%('8%=
)6:<'(;%(;8,("6$8;(%"(:,);(8,<6'48,",(%&:DF(1)(?%9"',7(;8,
6&)%"<#;6%&(#""6M6&$(6&(%&,(8,<6'48,",(6&(#(&%"<#:('9>`,?;(?#&
>,(;"#&'<6;;,+(M6#(;8,(?%"49'(?#::%'9<(;%(;8,(%;8,"(8,<6'48,",F
L9>`,?;'(=,",(#'5,+(;%("#;,(#(M#"6,;D(%)()6:<'(6&(;,"<'(%)
,<%;6%&#:(?%&;,&;F(/8,',(,R4,"6<,&;'('8%=,+(#(",<#"5#>:,
;,&+,&?D()%"(;8,("6$8;(8,<6'48,",(;%(M6,=(;8,(=%":+(#'(<%",
9&4:,#'#&;7(8%';6:,7(#&+(,M,&(+6'$9';6&$(;8#&(;8,(:,);
8,<6'48,",F(/8,(3#"+6))(4'D?8%:%$6';'(#:'%()%9&+(;8#;(=8,&
>%;8(8,<6'48,",'(#",(=%"56&$7(%9"(,<%;6%&#:(",'4%&','(#",
M,"D('6<6:#"(;%(;8%',(%)(;8,(:,);(8,<6'48,",(%&:DF(/8,
&,$#;6M6'<(%)(;8,("6$8;(8,<6'48,",(6'(#44#",&;:D(';"%&$:D
;,<4,",+(6&(,M,"D+#D(:6),(>D(;8,(<%",(,#'D$%6&$(:,);
8,<6'48,",F(P9;(#(+#"5(#&+('9'46?6%9'(,<%;6%&(;%&,(',,<'(;%
:9"5(6&(;8,("6$8;(8,<6'48,",7(=86?8(<#D(,R4:#6&('%<,(%)(;8,
#&;64#;8D(),:;(>D(%9"(:,);(8,<6'48,",(',:M,'(;%(;8,(]'6&6';,"]
E9#:6;D(%)(;8,(:,);(8#&+(#&+(;8,("6$8;(8,<6'48,",F
-&(4#"#&%6+(;86&56&$(#(4,"'%&(>,:6,M,'(8,(8#'(+,;,?;,+(#
?%&'46"#?DN;8#;(6'7(#(86++,&(^#&+(<#:,M%:,&;_(4#;;,"&(6&(;8,
>,8#M6%"(%)()"6,&+'7(#''%?6#;,'(%"($%M,"&<,&;'N=8,",(6&()#?;
&%('9?8(4#;;,"&(,R6';'F(-)(;8,",(6'('9?8(#(?%&'46"#?D7(;8,('9>`,?;
<#D(>,(4"%)%9&+:D(#&R6%9'7(>9;(86'(;86&56&$(6'(&%;(&,?,''#"6:D
4#"#&%6+F(C()#<%9'(?#',(6&M%:M,'(K#<,'(Q%"",';#:7(;8,()6"';(2FLF
L,?",;#"D(%)(!,),&',F(C;(;8,(,&+(%)(U%":+(U#"(--7(Q%"",';#:(=#'
?%&M6&?,+(;8#;(-'"#,:6(',?",;(#$,&;'(=,",()%::%=6&$(86<
,M,"D=8,",F(H6'(48D'6?6#&'7(,E9#::D(?%&M6&?,+(%)(;8,(#>'9"+6;D
%)(;86'(6+,,()6R,7(+6#$&%',+(86<(#'(4#"#&%6+(#&+(?%&)6&,+(86<(;%

TYb
#&(944,"(';%"D(%)(U#:;,"(0,,+(C"<D(H%'46;#:7()"%<(=86?8(8,
4:9&$,+(;%(86'(+,#;87(4#";:D(>,?#9',(%)(6&#+,E9#;,('94,"M6'6%&
>D(8%'46;#:(4,"'%&&,:7(%M,":D(+,),",&;6#:(;%(%&,(%)(86'(,R#:;,+
"#&5F(B#;,"(6;(=#'(+6'?%M,",+(;8#;(Q%"",';#:(=#'(6&+,,+(>,6&$
)%::%=,+(>D(-'"#,:6(#$,&;'(=8%(=,",(=%""6,+(;8#;(8,(<6$8;
",#?8(#(',?",;(9&+,"';#&+6&$(=6;8(",4",',&;#;6M,'(%)(C"#>
&#;6%&'F(Q%"",';#:(8#+(%;8,"(4"%>:,<'7(>9;(8#M6&$(86'(M#:6+
4,"?,4;6%&(:#>,:,+(4#"#&%6+(+6+(&%;(8,:4(86'(?%&+6;6%&F

-&(;6<,'(%)("#46+('%?6#:(?8#&$,(;8,",(#",(>%9&+(;%(>,
?%&'46"#?6,'7(>%;8(>D(;8%',(6&()#M%"(%)(?8#&$,(#&+(>D(;8%',
+,),&+6&$(;8,(';#;9'(E9%7(;8,(:#;;,"(<%",(;8#&(;8,()%"<,"(6&
",?,&;(C<,"6?#&(4%:6;6?#:(86';%"DF(!,;,?;6&$(?%&'46"#?6,'(=8,&
;8,",(#",(&%(?%&'46"#?6,'(6'(#('D<4;%<(%)(4#"#&%6#S(+,;,?;6&$
;8,<(=8,&(;8,D(,R6';(6'(#('6$&(%)(<,&;#:(8,#:;8F(C&
#?E9#6&;#&?,(%)(<6&,('#D'7(]-&(C<,"6?#(;%+#D7(6)(D%9g",(&%;(#
:6;;:,(4#"#&%6+(D%9g",(%9;(%)(D%9"(<6&+F](/8,(",<#"57(8%=,M,"7
8#'($:%>#:(#44:6?#>6:6;DF

/8,",(6'(&%(=#D(;%(;,::(=8,;8,"(;8,(4#;;,"&'(,R;"#?;,+(>D(;8,
"6$8;(8,<6'48,",(#",(",#:(%"(6<#$6&,+(=6;8%9;('9>`,?;6&$(;8,<
;%(:,);N8,<6'48,",('?"9;6&DF(1&(;8,(%;8,"(8#&+7(<,",(?"6;6?#:
;86&56&$7(=6;8%9;(?",#;6M,(#&+(6&;96;6M,(6&'6$8;'7(=6;8%9;(;8,
',#"?8()%"(&,=(4#;;,"&'7(6'(';,"6:,(#&+(+%%<,+F(/%('%:M,
?%<4:,R(4"%>:,<'(6&(?8#&$6&$(?6"?9<';#&?,'(",E96",'(;8,
#?;6M6;D(%)(>%;8(?,",>"#:(8,<6'48,",'X(;8,(4#;8(;%(;8,()9;9",
:6,'(;8"%9$8(;8,(?%"49'(?#::%'9<F

C&(,R#<4:,(%)(+6)),",&;(>,8#M6%"(#"6'6&$()"%<(+6)),",&;
?%$&6;6M,()9&?;6%&'N%&,(,R#<4:,(%)(<#&DN6'(;8,()#<6:6#"(89<#&
",#?;6%&(;%(;8,('6$8;(%)(>:%%+F(G#&D(%)(9'(),,:(E9,#'D(%"
+6'$9';,+(%"(,M,&()#6&;(#;(;8,('6$8;(%)(?%46%9'(>:,,+6&$(6&
'%<,%&,(,:',F(/8,(",#'%&7(-(;86&57(6'(?:,#"F(U,(8#M,(%M,"(;8,
D,#"'(#''%?6#;,+(%9"(%=&(>:,,+6&$(=6;8(4#6&7(6&`9"D7(#&+(#
M6%:#;6%&(%)(>%+6:D(6&;,$"6;DS(#&+(=,(,R4,"6,&?,(#('D<4#;8,;6?
%"(M6?#"6%9'(#$%&D(6&(',,6&$('%<,%&,(,:',(>:,,+F(U,(",?%$&6O,
;8,6"(4#6&F(/86'(6'(#:<%';(?,";#6&:D(;8,(",#'%&(;8#;(;8,(?%:%"(",+
6'(9',+(;%('6$&6)D(+#&$,"(%"(';%4(d(6&(<#&D(+6M,"',(89<#&
'%?6,;6,'F(^-)(;8,(%RD$,&N?#""D6&$(46$<,&;(6&(%9"(>:%%+(=,",
$",,&N=86?8(>6%?8,<6?#::D(6;(?%9:+(8#M,(>,,&N=,(=%9:+7(#::(%)

TYf
9'7(;86&5($",,&(#(E96;,(&#;9"#:(6&+,R(%)(+#&$,"(#&+(>,(#<9',+
#;(;8,(6+,#(%)(9'6&$(",+F_(C(;"#6&,+(48D'6?6#&7(%&(;8,(%;8,"(8#&+7
8#'(#(+6)),",&;(',;(%)(4,"?,4;6%&'(=8,&()#?,+(=6;8(>:%%+F(U8#;
%"$#&(6'(6&`9",+@(H%=(?%46%9'(6&(;8,(>:,,+6&$@(-'(6;(M,&%9'(%"
#";,"6#:():%=@(L8%9:+(#(;%9"&6E9,;(>,(#44:6,+@(/8,',(#",(#::
#&#:D;6?()9&?;6%&'(%)(;8,(:,);(8,<6'48,",F(/8,D(",E96",(<%",
?%<4:,R(#&+(#&#:D;6?(?%$&6;6M,(4"%?,'','(;8#&(;8,('6<4:,
#''%?6#;6%&X(>:%%+(,E9#:'(4#6&F(C&+(;8,D(#",()#"(<%",(4"#?;6?#:F
-)(-(=,",(6&`9",+7(-(=%9:+(<9?8("#;8,"(>,(=6;8(#(?%<4,;,&;
48D'6?6#&(=8%(;8"%9$8(:%&$(,R4,"6,&?,(8#'(>,?%<,(#:<%';
,&;6",:D(6&9",+(;%($%",(;8#&(=6;8(#&(9;;,":D('D<4#;8,;6?()"6,&+
=8%()#6&;'(+,#+(#=#D(#;(;8,('6$8;7(%)(>:%%+F(/8,(:#;;,"(<#D(>,
86$8:D(<%;6M#;,+(&%;(;%(=%9&+(#&%;8,"(4,"'%&7(>9;(;8,()%"<,"
=6::(>,(#>:,(;%(8,:4(6)('9?8(#(=%9&+(%??9"'F(-&(#&(6+,#::D
';"9?;9",+('4,?6,'7(;8,',(;=%(E96;,(+6)),",&;(#;;6;9+,'(=%9:+(>,
4",',&;('6<9:;#&,%9':D(6&(;8,('#<,(6&+6M6+9#:F(C&+(6&(<%';(%)
9'(;8#;(6'(`9';(=8#;(8#'(8#44,&,+F(/8,(;=%(<%+,'(%)(;86&56&$
#",(%)(M,"D(+6)),",&;(?%<4:,R6;D7(>9;(;8,D(8#M,(?%<4:,<,&;#"D
'9"M6M#:(M#:9,F

d(1"(+%=&7(#'(6&(,:,M#;%"(+6",?;6%&(:6$8;'F(19"(#">%",#:
#&?,';%"'(8#+(;%(>,(M,"D(?#",)9:(#>%9;(+%=&F

C(;D46?#:(,R#<4:,(%)(;8,(%??#'6%&#:(",'6';#&?,(<9';,",+(>D
6&;96;6M,(;86&56&$(#$#6&';(;8,(?:,#"(?%&?:9'6%&'(%)(#&#:D;6?#:
;86&56&$(6'(!F(HF(B#=",&?,g'(%46&6%&(%)(;8,(&#;9",(%)(;8,(<%%&X
]-;g'(&%(9',(;,::6&$(<,(6;g'(#(+,#+("%?5(6&(;8,('5Dq(-(5&%=(6;g'
&%;F](-&+,,+7(;8,(<%%&(6'(<%",(;8#&(#(+,#+("%?5(6&(;8,('5DF(-;(6'
>,#9;6)9:7(6;(8#'("%<#&;6?(#''%?6#;6%&'7(6;("#6','(;6+,'7(6;(<#D
,M,&(>,(;8,(9:;6<#;,(",#'%&()%"(;8,(;6<6&$(%)(;8,(89<#&
<,&';"9#:(?D?:,F(P9;(?,";#6&:D(%&,(%)(6;'(#;;"6>9;,'(6'(;8#;(6;(6'(#
+,#+("%?5(6&(;8,('5DF(-&;96;6M,(;86&56&$(+%,'(E96;,(=,::(6&(#",#'
=8,",(=,(8#M,(8#+(4",M6%9'(4,"'%&#:(%"(,M%:9;6%&#"D
,R4,"6,&?,F(P9;(6&(&,=(#",#'N'9?8(#'(;8,(&#;9",(%)(?,:,';6#:
%>`,?;'(?:%',(94N6&;96;6M,(",#'%&6&$(<9';(>,(+6))6+,&;(6&(6;'
?:#6<'(#&+(=6::6&$(;%(#??%<<%+#;,(;%(;8,(6&'6$8;'(;8#;("#;6%&#:
;86&56&$(=",';'()"%<(.#;9",F(PD(;8,('#<,(;%5,&7(;8,(4"%?,'','
%)("#;6%&#:(;8%9$8;(#",(&%;(,&+'(6&(;8,<',:M,'(>9;(<9';(>,
4,"?,6M,+(6&(;8,(:#"$,"(?%&;,R;(%)(89<#&($%%+S(;8,(&#;9",(#&+
+6",?;6%&(%)("#;6%&#:(#&+(#&#:D;6?#:(,&+,#M%"'('8%9:+(>,

TYa
+,;,"<6&,+(6&('6$&6)6?#&;(4#";(>D(;8,6"(9:;6<#;,(89<#&
6<4:6?#;6%&'7(#'(",M,#:,+(;8"%9$8(6&;96;6M,(;86&56&$F

-&(#(=#D7('?6,&?,(<6$8;(>,(+,'?"6>,+(#'(4#"#&%6+(;86&56&$
#44:6,+(;%(.#;9",X(=,(#",(:%%56&$()%"(&#;9"#:(?%&'46"#?6,'7()%"
?%&&,?;6%&'(#<%&$(#44#",&;:D(+6'4#"#;,(+#;#F(19"(%>`,?;6M,(6'
;%(#>';"#?;(4#;;,"&'()"%<(.#;9",(^"6$8;N8,<6'48,",(;86&56&$_7
>9;(<#&D(4"%4%',+(4#;;,"&'(+%(&%;(6&()#?;(?%"",'4%&+(;%(;8,
+#;#F(/89'(#::(4"%4%',+(4#;;,"&'(<9';(>,('9>`,?;,+(;%(;8,('6,M,
%)(?"6;6?#:(#&#:D'6'(^:,);N8,<6'48,",(;86&56&$_F(/8,(',#"?8()%"
4#;;,"&'(=6;8%9;(?"6;6?#:(#&#:D'6'7(#&+("6$6+('5,4;6?6'<(=6;8%9;(#
',#"?8()%"(4#;;,"&'7(#",(;8,(#&;64%+,'(%)(6&?%<4:,;,('?6,&?,F
/8,(,)),?;6M,(49"'96;(%)(5&%=:,+$,(",E96",'(>%;8()9&?;6%&'F

3#:?9:9'7(.,=;%&6#&(48D'6?'(#&+($,%<,;"6?#:(%4;6?'(=,",(#::
+,"6M,+(>D()9&+#<,&;#::D($,%<,;"6?#:(#"$9<,&;'(#&+(#",(;%+#D
;#9$8;(#&+(+,<%&';"#;,+(:#"$,:D(>D(#&#:D;6?#:(#"$9<,&;'X
?",#;6&$(;8,(<#;8,<#;6?'(#&+(48D'6?'(6'(<%",(%)(#
"6$8;N8,<6'48,",()9&?;6%&(;8#&(;,#?86&$(6;F(/86'(6'(?%<<%&
;%+#D(#'(=,::F(G#`%"('?6,&;6)6?(6&'6$8;'(#",(?8#"#?;,"6';6?#::D
6&;96;6M,7(#&+(,E9#::D(?8#"#?;,"6';6?#::D(+,'?"6>,+(6&('?6,&;6)6?
4#4,"'(>D(:6&,#"(#&#:D;6?#:(#"$9<,&;'F(/8,",(6'(&%(#&%<#:D(6&
;86'X(6;(6'7("#;8,"7(`9';(#'(6;('8%9:+(>,F(/8,(?",#;6M,(#?;(8#'
<#`%"("6$8;N8,<6'48,",(?%<4%&,&;'F(P9;(#"$9<,&;'(%&(;8,
M#:6+6;D(%)(;8,(",'9:;(#",(:#"$,:D(:,);N8,<6'48,",()9&?;6%&'F

-;(=#'(#&(#';%&6'86&$(6&'6$8;(>D(C:>,";(*6&';,6&7(?,&;"#:(;%(;8,
;8,%"D(%)($,&,"#:(",:#;6M6;D7(;8#;($"#M6;#;6%&(?%9:+(>,
9&+,"';%%+(>D(',;;6&$(;8,(?%&;"#?;,+(06,<#&&N38"6';%)),:
;,&'%"(,E9#:(;%(O,"%F(P9;(;86'(?%&;,&;6%&(=#'(#??,4;,+(%&:D
>,?#9',(%&,(?%9:+(=%"5(%9;(;8,(+,;#6:,+(<#;8,<#;6?#:
?%&',E9,&?,'(%)(;8,(,E9#;6%&7(',,(=8,",(6;(<#+,(4",+6?;6%&'
+6)),",&;()"%<(;8%',(%)(.,=;%&6#&($"#M6;#;6%&7(#&+(;8,&(;9"&(;%
,R4,"6<,&;(;%(',,(=86?8(=#D(.#;9",(M%;,'F(-&(;8",,(",<#"5#>:,
,R4,"6<,&;'N;8,(+,):,?;6%&(%)(';#":6$8;(=8,&(4#''6&$(&,#"(;8,
'9&S(;8,(<%;6%&(%)(;8,(%">6;(%)(G,"?9"D7(;8,(4:#&,;(&,#",';(;%
;8,('9&S(#&+(;8,(",+('86);(%)('4,?;"#:(:6&,'(6&(#(';"%&$(';,::#"
$"#M6;#;6%&#:()6,:+N(.#;9",(M%;,+()%"(*6&';,6&F(P9;(=6;8%9;(;8,',
,R4,"6<,&;#:(;,';'7(M,"D(),=(48D'6?6';'(=%9:+(8#M,(#??,4;,+
$,&,"#:(",:#;6M6;DF(/8,",(#",(<#&D(8D4%;8,','(6&(48D'6?'(%)

TYh
#:<%';(?%<4#"#>:,(>"6::6#&?,(#&+(,:,$#&?,(;8#;(8#M,(>,,&
",`,?;,+(>,?#9',(;8,D(+6+(&%;('9"M6M,('9?8(#(?%&)"%&;#;6%&(=6;8
,R4,"6<,&;F(-&(<D(M6,=7(;8,(89<#&(?%&+6;6%&(=%9:+(>,($",#;:D
6<4"%M,+(6)('9?8(?%&)"%&;#;6%&'(#&+(=6::6&$&,''(;%(",`,?;
8D4%;8,','(=,",(#(",$9:#"(4#";(%)(%9"('%?6#:7(4%:6;6?#:7
,?%&%<6?7(",:6$6%9'(#&+(?9:;9"#:(:6M,'F

-(5&%=(%)(&%('6$&6)6?#&;(#+M#&?,(6&('?6,&?,(;8#;(+6+(&%;(",E96",
<#`%"(6&49;'()"%<(>%;8(?,",>"#:(8,<6'48,",'F(/86'(6'(&%;(;"9,
)%"(#";7(=8,",(#44#",&;:D(;8,",(#",(&%(,R4,"6<,&;'(>D(=86?8
?#4#>:,7(+,+6?#;,+(#&+(9&>6#',+(%>',"M,"'(?#&(+,;,"<6&,(;%
;8,6"(<9;9#:('#;6')#?;6%&(=86?8(=%"5'(#",($",#;F(C'(%&,(%)
89&+",+'(%)(,R#<4:,'7(-(<6$8;(&%;,(;8#;(;8,(4"6&?64#:(Q",&?8(#";
?"6;6?'7(`%9"&#:'(#&+(<9',9<'(%)(;8,(:#;,(&6&,;,,&;8(#&+(,#":D
;=,&;6,;8(?,&;9"6,'(",`,?;,+(Q",&?8(-<4",''6%&6'<(6&(;%;%S
;%+#D(;8,('#<,(#";6';'(#",(=6+,:D(8,:+(>D(;8,('#<,(6&';6;9;6%&'
;%(8#M,(4"%+9?,+(<#';,"46,?,'F(A,"8#4'(#(?,&;9"D(8,&?,(;8,
4,&+9:9<(=6::(",M,"',(+6",?;6%&(#$#6&F

/86'(>%%5(6;',:)(6'(#&(,R,"?6',(6&(4#;;,"&(",?%$&6;6%&7(#&
#;;,<4;(;%(9&+,"';#&+('%<,;86&$(%)(;8,(&#;9",(#&+(,M%:9;6%&(%)
89<#&(6&;,::6$,&?,7(9'6&$(?:9,'()"%<(#(=6+,(M#"6,;D(%)('?6,&?,'
#&+(<D;8'F(-;(6'(6&('6$&6)6?#&;(4#";(#("6$8;N8,<6'48,",(#?;6M6;DS
#&+(6&(;8,(?%9"',(%)(="6;6&$(6;(-(=#'(",4,#;,+:D(#=#5,&,+(6&(;8,
<6++:,(%)(;8,(&6$8;(%"(6&(;8,(,#":D(8%9"'(%)(;8,(<%"&6&$(>D(;8,
<6:+(,R86:#"#;6%&(%)(#(&,=(6&'6$8;F(P9;(=8,;8,"(;8,(6&'6$8;'(#",
$,&96&,N#&+(-(,R4,?;(<#&D(%)(;8,<(=6::(",E96",('9>';#&;6#:
",M6'6%&N+,4,&+'(%&(8%=(=,::(<D(:,);(8,<6'48,",(8#'
)9&?;6%&,+(^#&+(#:'%(%&(=8,;8,"(-(8#M,(",;#6&,+(?,";#6&(M6,='
>,?#9',(-(#<(9&#=#",(%)(;8,(,M6+,&?,(;8#;(?%&;"#+6?;'(;8,<_F(-&
="6;6&$(;86'(>%%5(-(8#M,(>,,&(",4,#;,+:D(';"9?5(>D(6;'(,R6';,&?,
#'(#(<,;#N,R#<4:,X(6&(?%&?,4;6%&(#&+(,R,?9;6%&(6;(6::9';"#;,'
6;'(%=&(?%&;,&;F

-&(;8,(',M,&;,,&;8(?,&;9"D(;8,",(=,",(;=%(E96;,(+6';6&?;(=#D'
%)(+,'?"6>6&$(;8,(?%&&,?;6%&(>,;=,,&(<#;8,<#;6?#:(E9#&;6;6,'X
D%9(?%9:+(="6;,(#&(#:$,>"#6?(,E9#;6%&(%"(D%9(?%9:+(+"#=(#
?9"M,F(0,&,(!,'?#";,'('8%=,+(;8,()%"<#:(6+,&;6;D(%)(;8,',(;=%
M6,='(%)(;8,(<#;8,<#;6?#:(=%":+(=8,&(8,(6&M,&;,+(#&#:D;6?#:
$,%<,;"D7(;8"%9$8(=86?8(#:$,>"#6?(,E9#;6%&'(?#&(>,($"#48,+F

TYZ
^!,'?#";,'7(6&?6+,&;#::D7(=#'(#:'%(#&(#&#;%<6';(?%&?,"&,+(#>%9;
;8,(:%?#:6O#;6%&(%)()9&?;6%&(6&(;8,(>"#6&F_(C&#:D;6?#:($,%<,;"D(6'
&%=(#(;,&;8N$"#+,(?%<<%&4:#?,7(>9;(6;(=#'(#(>"6::6#&;
+6'?%M,"D()%"(;8,(',M,&;,,&;8(?,&;9"DF(H%=,M,"7(#&(#:$,>"#6?
,E9#;6%&(6'(#&(#"?8,;D46?#:(:,);N8,<6'48,",(?%&';"9?;6%&7(=86:,
#(",$9:#"($,%<,;"6?#:(?9"M,7(;8,(4#;;,"&(6&(#&(#""#D(%)(",:#;,+
4%6&;'7(6'(#(?8#"#?;,"6';6?("6$8;N8,<6'48,",(4"%+9?;6%&F(-&(#
?,";#6&(',&',7(#&#:D;6?#:($,%<,;"D(6'(;8,(?%"49'(?#::%'9<(%)
<#;8,<#;6?'F(/%+#D(#("#&$,(%)(+%?;"6&,'()6&+(;8,<',:M,'(,6;8,"
6&(?%&):6?;(%"(=6;8%9;(<9;9#:(6&;,"#?;6%&F(-&('%<,(6<4%";#&;
6&';#&?,'7(;8,D(#",(:,);N8,<6'48,",(M,"'9'("6$8;N8,<6'48,",
M6,='F(/8,(3#";,'6#&(?%&&,?;6%&(%)(#44#",&;:D(9&",:#;,+(%"
#&;6;8,;6?#:(+%?;"6&,'(6'('%",:D(&,,+,+(%&?,(#$#6&F

-(;86&5(;8,(<%';('6$&6)6?#&;(?",#;6M,(#?;6M6;6,'(%)(%9"(%"(#&D
%;8,"(89<#&(?9:;9",N:,$#:(#&+(,;86?#:('D';,<'7(#";(#&+(<9'6?7
'?6,&?,(#&+(;,?8&%:%$DN=,",(<#+,(4%''6>:,(%&:D(;8"%9$8(;8,
?%::#>%"#;6M,(=%"5(%)(;8,(:,);(#&+("6$8;(?,",>"#:(8,<6'48,",'F
/8,',(?",#;6M,(#?;'7(,M,&(6)(,&$#$,+(6&("#",:D(%"(%&:D(>D(#(),=7
8#M,(?8#&$,+(9'(#&+(;8,(=%":+F(U,(<6$8;('#D(;8#;(89<#&
?9:;9",(6'(;8,()9&?;6%&(%)(;8,(?%"49'(?#::%'9<F

h(/H*(*J1B2/-1.(1Q(/H*(P0C-.

-;(6'(;8,(>9'6&,''(%)(;8,()9;9",(;%(>,(+#&$,"%9'F(F(F(F(/8,(<#`%"
#+M#&?,'(6&(?6M6:6O#;6%&(#",(4"%?,'','(;8#;(#::(>9;(=",?5(;8,
'%?6,;6,'(6&(=86?8(;8,D(%??9"F
CBQ0*!(.10/H(UH-/*H*C!
C+M,&;9",'(6&(-+,#'

/8,(M%6?,(%)(;8,(6&;,::,?;(6'(#('%);(%&,7(>9;(6;(+%,'(&%;(",';(9&;6:
6;(8#'($#6&,+(#(8,#"6&$F(2:;6<#;,:D7(#);,"(,&+:,''(",>9))'7(6;
'9??,,+'F(/86'(6'(%&,(%)(;8,(),=(4%6&;'(6&(=86?8(%&,(<#D(>,
%4;6<6';6?(#>%9;(;8,()9;9",(%)(<#&56&+F
L-eG2.!(Q0*2!
/8,(Q9;9",(%)(#&(-::9'6%&

TVW
/8,(<6&+(%)(<#&(6'(?#4#>:,(%)(#&D;86&$(N>,?#9',(,M,"D;86&$(6'
6&(6;7(#::(;8,(4#';(#'(=,::(#'(#::(;8,()9;9",F
K1L*AH(31.0C!
H,#";(%)(!#"5&,''

/H*(H2GC.(P0C-.(',,<'(;%(>,(6&(#(';#;,(%)(9&,#'D(;"9?,7
=6;8(%??#'6%&#:('56"<6'8,'(#&+("#",(>#;;:,'F(/8,(,R6';,&?,(%)
>"#6&(?%<4%&,&;'(=6;8(4",+6'4%'6;6%&'(;%(?,";#6&(>,8#M6%"(6'(&%;
#&(6&M6;#;6%&(;%()#;#:6'<(%"(+,'4#6"X(=,(8#M,('9>';#&;6#:(?%&;"%:
%M,"(;8,(",:#;6M,(6<4%";#&?,(%)(,#?8(?%<4%&,&;F(C&#;%<D(6'
&%;(+,';6&D7(>9;(6;(6'(&%;(6"",:,M#&;(,6;8,"F(C;(:,#';('%<,(<,&;#:
6::&,''(?#&(>,(9&+,"';%%+(6&(;,"<'(%)(#(?%&):6?;(#<%&$(;8,
?%&;,&+6&$(&,9"#:(4#";6,'F(/8,(<9;9#:(",4",''6%&(#<%&$(;8,
?%<4%&,&;'($%,'(6&(<#&D(+6",?;6%&'F(U,(8#M,(+6'?9'',+(:6<>6?
#&+(&,%?%";6?#:(",4",''6%&(%)(;8,(0N?%<4:,R7(>9;(;8"%9$8
'%?6,;D7(;8,",(<#D(#:'%(>,(0N?%<4:,R(",4",''6%&(%)(;8,
&,%?%";,R7(#&+(",4",''6%&(%)(%&,(?,",>"#:(8,<6'48,",(>D(;8,
%;8,"F(-&($,&,"#:7(89<#&('%?6,;6,'(#",(&%;(6&&%M#;6M,F(/8,D(#",
86,"#"?86?#:(#&+("6;9#:6';6?F(L9$$,';6%&'()%"(?8#&$,(#",($",,;,+
=6;8('9'46?6%&X(;8,D(6<4:D(#&(9&4:,#'#&;()9;9",(M#"6#;6%&(6&
"6;9#:(#&+(86,"#"?8DX(#&(,R?8#&$,(%)(%&,(',;(%)("6;9#:'()%"
#&%;8,"7(%"(4,"8#4'()%"(#(:,''(';"9?;9",+('%?6,;D(=6;8(),=,"
"6;9#:'F(C&+(D,;(;8,",(#",(;6<,'(=8,&('%?6,;6,'(<9';(?8#&$,F
]/8,(+%$<#'(%)(;8,(E96,;(4#';(#",(6&#+,E9#;,()%"(;8,(';%"<D
4",',&;](=#'(C>"#8#<(B6&?%:&g'(+,'?"64;6%&(%)(;86'(;"9;8F(G9?8
%)(;8,(+6))6?9:;D(6&(#;;,<4;6&$(;%(",';"9?;9",(C<,"6?#&(#&+(%;8,"
'%?6,;6,'(#"6','()"%<(;86'(",'6';#&?,(>D($"%94'(=6;8(M,';,+
6&;,",';'(6&(;8,(';#;9'(E9%F(L6$&6)6?#&;(?8#&$,(<6$8;(",E96",
;8%',(=8%(#",(&%=(86$8(6&(;8,(86,"#"?8D(;%(<%M,(+%=&=#"+
<#&D(';,4'F(/86'(',,<'(;%(;8,<(9&+,'6"#>:,(#&+(6'(",'6';,+F

P9;('%<,(?8#&$,7(6&()#?;('%<,('6$&6)6?#&;(?8#&$,7(6'(#44#",&;(6&
U,';,"&('%?6,;DN?,";#6&:D(&%;(,&%9$87(>9;(<%",(;8#&(6&(#:<%';
#&D(%;8,"('%?6,;DF(1:+,"(#&+(<%",(';#;6?(?9:;9",'(#",(<9?8
<%",(",'6';#&;(;%(?8#&$,F(-&(3%:6&(/9"&>9::g'(>%%5(/8,(Q%",';
A,%4:,7(;8,",(6'(#(4%6$&#&;(+,'?"64;6%&(%)(#(?"644:,+(AD$<D($6":
=8%(=#'(4"%M6+,+(>D(M6'6;6&$(#&;8"%4%:%$6';'(=6;8(#(';9&&6&$
;,?8&%:%$6?#:(6&&%M#;6%&7(;8,(?"9;?8F(!,'46;,(;8,()#?;(;8#;(6;

TVT
$",#;:D(,#',+(;8,('9)),"6&$(%)(;8,(:6;;:,($6":7(;8,(#+9:;'7(6&?:9+6&$
8,"(4#",&;'7('8%=,+(&%(4#";6?9:#"(6&;,",';(6&(;86'(6&M,&;6%&Fd
/8,",(#",(<#&D(%;8,"(?#','(%)(6&;%:,"#&?,(;%(&%M,:;D(6&
;"#+6;6%&#:('%?6,;6,'S(#&+(+6M,"',(4,";6&,&;(,R#<4:,'(?%9:+(>,
+"#=&()"%<(;8,(:6M,'(%)('9?8(<,&(#'(B,%&#"+%7(e#:6:,%7
!,'6+,"69'(*"#'<9'7(38#":,'(!#"=6&7(%"(L6$<9&+(Q",9+F

d(-&(+,),&',(%)(;8,(AD$<6,'7(4,"8#4'(-('8%9:+(&%;,(;8#;(#()"6,&+
%)(<6&,(=8%(8#'('4,&;(;6<,(=6;8(;8,<('#D'(;8#;()%"('9?8
#?;6M6;6,'(#'(;8,(4#;6,&;(';#:56&$(#&+(89&;6&$(%)(<#<<#:'(#&+
)6'8(;8,D(4",4#",(;8,<',:M,'(;8"%9$8(<#"6`9#&#(6&;%R6?#;6%&7
=86?8(8,:4'(;%(<#5,(;8,(:%&$(=#6;'7(>%"6&$(;%(#&D%&,()9";8,"
,M%:M,+(;8#&(#([%<%+%(+"#$%&7(#;(:,#';(<%+,"#;,:D(;%:,"#>:,F
e#&`#(6'7(8,('#D'7(;8,6"(%&:D(?9:;6M#;,+(?"%4F(-;(=%9:+(>,(="D:D
6&;,",';6&$(6)(6&(89<#&(86';%"D(;8,(?9:;6M#;6%&(%)(<#"6`9#&#(:,+
$,&,"#::D(;%(;8,(6&M,&;6%&(%)(#$"6?9:;9",7(#&+(;8,",>D(;%
?6M6:6O#;6%&F(^/8,(<#"6`9#&#N6&;%R6?#;,+(AD$<D7(4%6',+(4#;6,&;:D
)%"(#&(8%9"(=6;8(86'()6'86&$('4,#"(#:%);7(6'(,#"&,';:D(>9":,'E9,+
>D(;8,(>,,"N'%++,&("6):,<,&7(4"%;,?;6M,:D(?#<%9):#$,+(6&(",+
4:#6+7(=8%7(';9<>:6&$(;8"%9$8(;8,(&,#">D(=%%+'7(;,""%"6O,
C<,"6?#&('9>9">'(,#?8(/8#&5'$6M6&$F_

/8,(;"#+6;6%&#:6'<(%)('%?6,;6,'(6&(#(';#;6?(';#;,(6'($,&,"#::D
#+#4;6M,X(;8,(?9:;9"#:()%"<'(8#M,(>,,&(,M%:M,+(4#6&)9::D(%M,"
<#&D($,&,"#;6%&'(#&+(#",(5&%=&(;%(',"M,(=,::F(B65,(<9;#;6%&'7
#&D("#&+%<(?8#&$,(6'(#4;(;%(',"M,(:,''(=,::F(P9;(#:'%(:65,
<9;#;6%&'7(?8#&$,'(#",(&,?,''#"D(6)(#+#4;#;6%&(;%(&,=
,&M6"%&<,&;#:(?6"?9<';#&?,'(6'(;%(>,(#?86,M,+F(/8,(;,&'6%&
>,;=,,&(;8,',(;=%(;,&+,&?6,'(<#"5'(<9?8(%)(;8,(4%:6;6?#:
?%&):6?;(%)(%9"(#$,F(C;(#(;6<,(?8#"#?;,"6O,+(>D(#("#46+:D(M#"D6&$
,R;,"&#:(48D'6?#:(#&+('%?6#:(,&M6"%&<,&;N'9?8(#'(%9"
;6<,N#??%<<%+#;6%&(;%(#&+(#??,4;#&?,(%)(?8#&$,(6'(#+#4;6M,S
6&('%?6,;6,'(;8#;(6&8#>6;(';#;6?(,&M6"%&<,&;'7(6;(6'(&%;F(/8,
89&;,"\$#;8,","(:6),';D:,'(8#M,(',"M,+(<#&56&+(=,::()%"(<%';(%)
%9"(86';%"D7(#&+(-(;86&5(;8,",(6'(9&<6';#5#>:,(,M6+,&?,(;8#;(=,
#",(6&(#(=#D(+,'6$&,+(>D(,M%:9;6%&()%"('9?8(#(?9:;9",S(=8,&(=,
#>#&+%&(;8,(89&;,"\$#;8,","(:6),(=,(#>#&+%&(;8,(?86:+8%%+(%)
%9"('4,?6,'F(H9&;,"\$#;8,","(#&+(86$8(;,?8&%:%$D(?9:;9",'(#",

TVY
>%;8(4"%+9?;'(%)(;8,(&,%?%";,RF(U,(#",(&%=(6"",M,"'6>:D(',;
94%&(;8,(:#;;,"(4#;8F(P9;(6;(=6::(;#5,('%<,($,;;6&$(9',+(;%F
P"6;#6&(8#'(4"%+9?,+(#("#&$,(%)(",<#"5#>:D($6);,+
<9:;6+6'?64:6&#"D('?6,&;6';'(#&+('?8%:#"'(=8%(#",('%<,;6<,'
+,'?"6>,+(#'(4%:D<#;8'F(/8,($"%94(6&?:9+,+7(6&(",?,&;(;6<,'7
P,";"#&+(09'',::7(CF(.F(U86;,8,#+7(KF(PF(LF(H#:+#&,7(KF(!F
P,"&#:7(#&+(K#?%>(P"%&%='56F(09'',::(?%<<,&;,+(;8#;(;8,
+,M,:%4<,&;(%)('9?8($6);,+(6&+6M6+9#:'(",E96",+(#(?86:+8%%+
4,"6%+(6&(=86?8(;8,",(=#'(:6;;:,(%"(&%(4",''9",()%"(?%&)%"<6;D7(#
;6<,(6&(=86?8(;8,(?86:+(?%9:+(+,M,:%4(#&+(49"'9,(86'(%"(8,"(%=&
6&;,",';'(&%(<#;;,"(8%=(9&9'9#:(%"(>6O#"",F(P,?#9',(%)(;8,
';"%&$(4",''9",'()%"('%?6#:(?%&)%"<6;D(>%;8(>D(;8,($%M,"&<,&;
#&+(>D(4,,"($"%94'(6&(;8,(2&6;,+(L;#;,'N#&+(,M,&(<%",('%(6&
;8,(L%M6,;(2&6%&7(K#4#&(#&+(;8,(A,%4:,g'(0,49>:6?(%)(386&#N-
;86&5(;8#;('9?8(?%9&;"6,'(#",(4"%+9?6&$(4"%4%";6%&#;,:D(),=,"
4%:D<#;8'F(-(#:'%(;86&5(;8,",(6'(,M6+,&?,(;8#;(P"6;#6&(6'(6&(#
';,,4(?9"",&;(+,?:6&,(6&(;86'(",'4,?;F

A#";6?9:#":D(;%+#D7(=8,&('%(<#&D(+6))6?9:;(#&+(?%<4:,R
4"%>:,<'()#?,(;8,(89<#&('4,?6,'7(;8,(+,M,:%4<,&;(%)(>"%#+
#&+(4%=,")9:(;86&56&$(6'(+,'4,"#;,:D(&,,+,+F(/8,",('8%9:+(>,(#
=#D7(?%&'6';,&;(=6;8(;8,(+,<%?"#;6?(6+,#:'(,'4%9',+(>D(#::(%)
;8,',(?%9&;"6,'7(;%(,&?%9"#$,7(6&(#(89<#&,(#&+(?#"6&$(?%&;,R;7
;8,(6&;,::,?;9#:(+,M,:%4<,&;(%)(,'4,?6#::D(4"%<6'6&$
D%9&$';,"'F(-&';,#+(=,()6&+7(6&(;8,(6&';"9?;6%&#:(#&+
,R#<6&#;6%&('D';,<'(%)(<%';(%)(;8,',(?%9&;"6,'7(#&(#:<%';
",4;6:6#&("6;9#:6O#;6%&(%)(;8,(,+9?#;6%&#:(4"%?,''F(-('%<,;6<,'
=%&+,"(=8,;8,"(;8,(#44,#:(%)(',R(#&+(#$$",''6%&(6&
?%&;,<4%"#"D(C<,"6?#&(;,:,M6'6%&(#&+()6:<(%)),"6&$'(",):,?;'
;8,()#?;(;8#;(;8,(0N?%<4:,R(6'(=,::(+,M,:%4,+(6&(#::(%)(9'7(=86:,
<#&D(&,%?%";6?#:()9&?;6%&'(#",7(4#";:D(>,?#9',(%)(;8,
",4",''6M,(&#;9",(%)('?8%%:'(#&+('%?6,;6,'7(<%",("#",:D
,R4",'',+7(:,''()#<6:6#"(#&+(6&'9))6?6,&;:D(;",#'9",+F

C'(#(?%&',E9,&?,(%)(;8,(,&%"<%9'('%?6#:(#&+(;,?8&%:%$6?#:
?8#&$,'(%)(;8,(:#';(),=(?,&;9"6,'7(;8,(=%":+(6'(&%;(=%"56&$
=,::F(U,(+%(&%;(:6M,(6&(;"#+6;6%&#:(#&+(';#;6?('%?6,;6,'F(P9;(%9"
$%M,"&<,&;'7(6&(",'6';6&$(?8#&$,7(#?;(#'(6)(=,(+6+F(2&:,''(=,
+,';"%D(%9"',:M,'(9;;,":D7(;8,()9;9",(>,:%&$'(;%(;8%',('%?6,;6,'
;8#;7

TVV
=86:,(&%;(6$&%"6&$(;8,(",4;6:6#&(#&+(<#<<#:6#&(4#";'(%)(%9"
>,6&$7(,&#>:,(;8,(?8#"#?;,"6';6?#::D(89<#&(?%<4%&,&;'(%)(%9"
&#;9",(;%():%9"6'8S(;%(;8%',('%?6,;6,'(;8#;(,&?%9"#$,(+6M,"'6;D
"#;8,"(;8#&(?%&)%"<6;DS(;%(;8%',('%?6,;6,'(=6::6&$(;%(6&M,';
",'%9"?,'(6&(#(M#"6,;D(%)('%?6#:7(4%:6;6?#:7(,?%&%<6?(#&+(?9:;9"#:
,R4,"6<,&;'7(#&+(4",4#",+(;%('#?"6)6?,('8%";N;,"<(#+M#&;#$,
)%"(:%&$N;,"<(>,&,)6;S(;%(;8%',('%?6,;6,'(;8#;(;",#;(&,=(6+,#'(#'
+,:6?#;,7()"#$6:,(#&+(6<<,&',:D(M#:9#>:,(4#;8=#D'(;%(;8,()9;9",F

C(>,;;,"(9&+,"';#&+6&$(%)(;8,(>"#6&(<#D(#:'%(%&,(+#D(>,#"(%&
'9?8(M,R6&$('%?6#:(6''9,'(#'(;8,(+,)6&6;6%&(%)(+,#;8(#&+(;8,
#??,4;#>6:6;D(%)(#>%";6%&'F(/8,(?9"",&;(,;8%'(6&(;8,(U,';(',,<'
;%(>,(;8#;(6;(6'(4,"<6''6>:,(6&(#($%%+(?#9',(;%(56::(&%&89<#&
4"6<#;,'(#&+(?,";#6&:D(%;8,"(<#<<#:'S(>9;(6;(6'(6<4,"<6''6>:,
^)%"(6&+6M6+9#:'_(;%(56::(89<#&(>,6&$'(9&+,"('6<6:#"
?6"?9<';#&?,'F(/8,(:%$6?#:(6<4:6?#;6%&(6'(;8#;(6;(6'(;8,
?8#"#?;,"6';6?#::D(89<#&(E9#:6;6,'(%)(;8,(89<#&(>"#6&(;8#;(<#5,
;8,(+6)),",&?,F(-&(;8,('#<,(=#D7(6)('9>';#&;6#:(4#";'(%)(;8,
&,%?%";,R(#",()9&?;6%&6&$7(;8,(?%<#;%',(4#;6,&;(?#&(?,";#6&:D
>,('#6+(;%(>,(#:6M,(6&(#(89<#&(',&',7(,M,&(6)(;8,",(6'(<#`%"
6<4#6"<,&;(%)(%;8,"(48D'6?#:(#&+(&,9"%:%$6?#:()9&?;6%&'F(1&(;8,
%;8,"(8#&+7(#(4#;6,&;(%;8,"=6',(#:6M,(>9;(,R86>6;6&$(&%('6$&(%)
&,%?%";6?#:(#?;6M6;D(^6&?:9+6&$(;8,(&,%?%";6?#:(#?;6M6;6,'(6&(':,,4_
<6$8;7(6&(#(89<#&(',&',7(>,(+,'?"6>,+(#'(+,#+F(-&(<#&D('9?8
?#','(;8,(&,%?%";,R(8#'()#6:,+(6"",M,"'6>:D(>9;(;8,(:6<>6?
'D';,<7(0N?%<4:,R7(#&+(:%=,"(>"#6&';,<(#",(';6::(%4,"#;6M,7
#&+('9?8()9&+#<,&;#:()9&?;6%&'(#'(F",'46"#;6%&(#&+(>:%%+
?6"?9:#;6%&(#",(9&6<4#6",+F(-(;86&5(<%",(=%"5(6'(",E96",+(%&
89<#&(>"#6&(48D'6%:%$D(>,)%",(#(=,::N'944%";,+(:,$#:(+,)6&6;6%&
%)(+,#;8(?#&(>,($,&,"#::D(#??,4;,+7(>9;(;8,("%#+(;%('9?8(#
+,)6&6;6%&(=6::(M,"D(:65,:D(;#5,(9'(;8"%9$8(?%&'6+,"#;6%&'(%)(;8,
&,%?%";,R(#'(%44%',+(;%(;8,(%;8,"(?%<4%&,&;'(%)(;8,(>"#6&F

L6<6:#"(6+,#'(?%9:+(8,:4(;%(",'%:M,(;8,($",#;(#>%";6%&(+,>#;,
):%9"6'86&$(6&(C<,"6?#(6&(;8,(:#;,(TZaW'N#(?%&;"%M,"'D(<#"5,+
%&(>%;8('6+,'(>D(,R;",<,(M,8,<,&?,(#&+(#(+,&6#:(%)(#&D(<,"6;
;%(%44%'6&$(4%6&;'(%)(M6,=F(C;(%&,(,R;",<,(6'(;8,(4%'6;6%&(;8#;
#(=%<#&(8#'(#&(6&&#;,("6$8;(%)(]?%&;"%:(%)(8,"(%=&(>%+D7]
=86?8(,&?%<4#'','7(6;(6'('#6+7(#""#&$6&$()%"(;8,(+,#;8(%)(#(),;9'
%&(#(M#"6,;D(%)($"%9&+'(6&?:9+6&$(4'D?8%:%$6?#:(+6'6&?:6&#;6%&

TVc
#&+(,?%&%<6?(6&#>6:6;D(;%("#6',(#(?86:+F(C;(;8,(%;8,"(,R;",<,(6'
;8,(,R6';,&?,(%)(#(]"6$8;(;%(:6),7](;8,(#'',";6%&(;8#;(;8,(56::6&$(%)
,M,&(#(OD$%;,7(#(),";6:6O,+(,$$(>,)%",(;8,()6"';(,<>"D%&6?
+6M6'6%&7(6'(<9"+,"(>,?#9',(;8,(OD$%;,(8#'(;8,(]4%;,&;6#:](;%
>,?%<,(#(89<#&(>,6&$F(-(",#:6O,(;8#;(6&(#&(6''9,('%(,<%;6%&#::D
?8#"$,+(#&D(4"%4%',+('%:9;6%&(6'(9&:65,:D(;%(",?,6M,(4:#9+6;'
)"%<(;8,(4#";6'#&'(%)(,6;8,"(,R;",<,7(#&+('%<,;6<,'(%9"(8,#";'
#&+(%9"(8,#+'(:,#+(9'(;%(+6)),",&;(?%&?:9'6%&'F(H%=,M,"7(>#',+
%&('%<,(%)(;8,(6+,#'(6&(4",M6%9'(?8#4;,"'(%)(;86'(>%%57(-(=%9:+
:65,(;%(%)),"(#;(:,#';(#&(#;;,<4;(#;(#(",#'%&#>:,(?%<4"%<6',F
/8,",(6'(&%(E9,';6%&(;8#;(:,$#:6O,+(#>%";6%&'(#M%6+(;8,(;"#$,+D
#&+(>9;?8,"D(%)(6::,$#:(#&+(6&?%<4,;,&;(]>#?5N#::,D](#>%";6%&'7
#&+(;8#;(6&(#(?6M6:6O#;6%&(=8%',(M,"D(?%&;6&9#&?,(6'(;8",#;,&,+
>D(;8,('4,?;,"(%)(9&?%&;"%::,+(4%49:#;6%&($"%=;87(=6+,:D
#M#6:#>:,(<,+6?#:(#>%";6%&'(?#&(',"M,(#&(6<4%";#&;('%?6#:(&,,+F
P9;(6&)#&;6?6+,(=%9:+('%:M,(>%;8(4"%>:,<'(#&+(8#'(>,,&
,<4:%D,+(=6+,:D(>D(<#&D(89<#&(?%<<9&6;6,'7(6&?:9+6&$
',$<,&;'(%)(;8,(?:#''6?#:(e",,5(?6M6:6O#;6%&7(=86?8(6'('%
$,&,"#::D(?%&'6+,",+(;8,(?9:;9"#:(#&;,?,+,&;(%)(%9"(%=&F(C&+(6;
6'(=6+,:D(4"#?;6?,+(;%+#DX(;8,",(#",(<#&D(4#";'(%)(;8,(=%":+
=8,",(%&,(%9;(%)(,M,"D()%9"(&,=>%"&(>#>6,'(+%,'(&%;('9"M6M,
;8,()6"';(D,#"(%)(:6),F(I,;(>D(%9"(:#='(#&+(<%",'7(6&)#&;6?6+,(6'
<9"+,"(>,D%&+(#&D(E9,';6%&F(L6&?,(#(>#>D(>%"&(4",<#;9",:D(6&
;8,(',M,&;8(<%&;8(%)(4",$&#&?D(6'(6&(&%('6$&6)6?#&;(",'4,?;
+6)),",&;()"%<(#(),;9'(6&(9;,"%(6&(;8,(',M,&;8(<%&;87(6;(<9';7(6;
',,<'(;%(<,7()%::%=(;8#;(#>%";6%&7(#;(:,#';(6&(;8,(:#';(;"6<,';,"7
6'(M,"D(?:%',(;%(<9"+,"F(1>`,?;6%&'(;8#;(;8,(),;9'(6&(;8,(;86"+
;"6<,';,"(6'(';6::(&%;(>",#;86&$(',,<('4,?6%9'X(-'(6;(4,"<6''6>:,
;%(?%<<6;(6&)#&;6?6+,(#);,"(>6";8(6)(;8,(9<>6:6?9'(8#'(&%;(D,;
>,,&(',M,",+7(%"(6)(;8,(>#>D(8#'(&%;(D,;(;#5,&(6;'()6"';(>",#;8@
B65,=6',7(6)(-(#<(4'D?8%:%$6?#::D(9&4",4#",+(;%(:6M,(=6;8(#
';"#&$,"N6&(#"<D(>%%;(?#<4(%"(?%::,$,(+%"<6;%"D7()%"
,R#<4:,N-(+%(&%;(;8,",>D(8#M,(#("6$8;(;%(56::(86<7(#&+(<D
#&&%D#&?,(#;('%<,(%)(;8,(9','(%)(<D(;#R(<%&,D(+%,'(&%;
,R;,&+(;%(,R;,"<6&#;6&$(;8,(",?646,&;'(%)(;8%',(;#R,'F(/8,(?6M6:
:6>,";6,'(4%6&;(%)(M6,=(6'(%);,&(<9++:,+(6&('9?8(+,>#;,'F(U8D7(6;
6'('%<,;6<,'(#'5,+7('8%9:+(;8,(>,:6,)'(%)(%;8,"'(%&(;86'(6''9,
8#M,(;%(,R;,&+(;%(<,@(P9;(;8%',(=8%(+%(&%;(4,"'%&#::D('944%";
;8,(?%&M,&;6%&#:(4"%86>6;6%&(#$#6&';(<9"+,"(#"?(&,M,";8,:,''
",E96",+(>D(%9"('%?6,;D(;%(#>6+,(>D(;8,(?"6<6&#:(?%+,F

TVb
1&(;8,(%44%'6;,('6+,(%)(;8,(+6'?9''6%&7(;8,(48"#',(]"6$8;(;%(:6),]
6'(#&(,R?,::,&;(,R#<4:,(%)(#(]>9OO(=%"+7](+,'6$&,+(;%(6&):#<,
"#;8,"(;8#&(6::9<6&#;,F(/8,",(6'(&%("6$8;(;%(:6),(6&(#&D('%?6,;D(%&
*#";8(;%+#D7(&%"(8#'(;8,",(>,,&(#;(#&D()%"<,"(;6<,(^=6;8(#
),=N"#",(,R?,4;6%&'7('9?8(#'(#<%&$(;8,(K#6&'(%)(-&+6#_F(U,
"#6',()#"<(#&6<#:'()%"(':#9$8;,"S(+,';"%D()%",';'S(4%::9;,("6M,"'
#&+(:#5,'(9&;6:(&%()6'8(?#&(:6M,(;8,",S(89&;(+,,"(#&+(,:5()%"
'4%";7(:,%4#"+'()%"(;8,6"(4,:;'7(#&+(=8#:,'()%"(+%$()%%+S(,&;=6&,
+%:486&'7($#'46&$(#&+(="6;86&$7(6&($",#;(;9&#(&,;'S(#&+(?:9>(',#:
494'(;%(+,#;8()%"(]4%49:#;6%&(<#&#$,<,&;F](C::(;8,',(>,#';'
#&+(M,$,;#>:,'(#",(#'(#:6M,(#'(=,F(U8#;(6'(4"%;,?;,+(6&(<#&D
89<#&('%?6,;6,'(6'(&%;(:6),7(>9;(89<#&(:6),F(C&+(,M,&(=6;8(;86'
4"%;,?;6%&7(=,(=#$,(]<%+,"&](=#"'(%&(?6M6:6#&(4%49:#;6%&'(=6;8
#(;%::('%(;,""6>:,(=,(#",7(<%';(%)(9'7(#)"#6+(;%(?%&'6+,"(6;(M,"D
+,,4:DF(1);,&('9?8(<#''(<9"+,"'(#",(`9';6)6,+(>D("#?6#:(%"
&#;6%&#:6';6?(",+,)6&6;6%&'(%)(%9"(%44%&,&;'(#'(:,''(;8#&(89<#&F

-&(;8,('#<,(=#D7(;8,(#"$9<,&;(#>%9;(;8,(]4%;,&;6#:](;%(>,
89<#&(',,<'(;%(<,(4#";6?9:#":D(=,#5F(C&D(89<#&(,$$(%"('4,"<
9&+,"(#44"%4"6#;,(?6"?9<';#&?,'(8#'(;8,(4%;,&;6#:(;%(>,?%<,(#
89<#&(>,6&$F(I,;(<#:,(<#';9">#;6%&(#&+(&%?;9"&#:(,<6''6%&'
#",($,&,"#::D(?%&'6+,",+(&#;9"#:(#?;'(#&+(&%;(?#9',()%"(<9"+,"
6&+6?;<,&;'F(-&(#('6&$:,(,`#?9:#;6%&(;8,",(#",(,&%9$8
'4,"<#;%O%#()%"(;8,($,&,"#;6%&(%)(89&+",+'(%)(<6::6%&'(%)
89<#&(>,6&$'F(-&(#++6;6%&7(6;(6'(4%''6>:,(;8#;(6&(;8,
&%;N;%%N+6';#&;()9;9",(=,(<#D(>,(#>:,(;%(?:%&,(#(=8%:,(89<#&
>,6&$()"%<(#('6&$:,(?,::(;#5,&()"%<(,'',&;6#::D(#&D=8,",(6&(;8,
+%&%"g'(>%+DF(-)('%7(#&D(?,::(6&(<D(>%+D(8#'(;8,(4%;,&;6#:(;%
>,?%<,(#(89<#&(>,6&$(6)(4"%4,":D(4",',"M,+(9&;6:(;8,(;6<,(%)(#
4"#?;6?#:(?:%&6&$(;,?8&%:%$DF(C<(-(?%<<6;;6&$(<#''(<9"+,"(6)(-
4"6?5(<D()6&$,"(#&+(:%',(#(+"%4(%)(>:%%+@(/8,(6''9,'(#",(?:,#":D
?%<4:,RF(/8,('%:9;6%&7(,E9#::D(?:,#":D7(<9';(6&M%:M,(#
?%<4"%<6',(#<%&$(#(&9<>,"(%)(?8,"6'8,+(>9;(?%&):6?;6&$
M#:9,'F(/8,(5,D(4"#?;6?#:(E9,';6%&(6'(;%(+,;,"<6&,(=8,&(#(),;9'
>,?%<,'(89<#&F(/86'(6&(;9"&(",';'(%&(=8#;(=,(<,#&(>D(89<#&F
L9",:D(&%;(8#M6&$(#(89<#&('8#4,7(>,?#9',(#&(#";6)#?;(%)(%"$#&6?
<#;,"6#:'(;8#;(",',<>:,+(#(89<#&(>,6&$(>9;(=#'(?%&';"9?;,+
)%"(;8,(49"4%',(=%9:+(?,";#6&:D(&%;(>,(?%&'6+,",+(89<#&F
B65,=6',7(#&(,R;"#;,"",';"6#:(6&;,::6$,&;(>,6&$(=8%(+6+(&%;

TVf
",',<>:,(89<#&(>,6&$'(>9;(=8%(8#+(,;86?#:7(6&;,::,?;9#:(#&+
#";6';6?(#??%<4:6'8<,&;'(,R?,,+6&$(%9"(%=&('8%9:+(?,";#6&:D
)#::(=6;86&(%9"(4"%86>6;6%&'(#$#6&';(<9"+,"F(-;(6'(&%;(=8#;(=,
:%%5(:65,(;8#;('4,?6)6,'(%9"(89<#&6;D7(>9;(=8#;(=,(#",F(/8,
",#'%&(=,(4"%86>6;(;8,(56::6&$(%)(89<#&(>,6&$'(<9';(>,(>,?#9',
%)('%<,(E9#:6;D(89<#&(>,6&$'(4%'',''7(#(E9#:6;D(=,(,'4,?6#::D
4"6O,7(;8#;(),=(%"(&%(%;8,"(%"$#&6'<'(%&(*#";8(,&`%DF(-;(?#&&%;
>,(;8,(#>6:6;D(;%(),,:(4#6&(%"(+,,4(,<%;6%&'7(>,?#9',(;8#;('9",:D
,R;,&+'(;%(<#&D(%)(;8,(#&6<#:'(=,($"#;96;%9':D(':#9$8;,"F

/86'(,'',&;6#:(89<#&(E9#:6;D7(-(>,:6,M,7(?#&(%&:D(>,(%9"
6&;,::6$,&?,F(-)('%7(;8,(4#";6?9:#"('#&?;6;D(%)(89<#&(:6),(?#&(>,
6+,&;6)6,+(=6;8(;8,(+,M,:%4<,&;(#&+()9&?;6%&6&$(%)(;8,
&,%?%";,RF(U,(?#&&%;(",E96",(6;'()9::(+,M,:%4<,&;7(>,?#9',(;8#;
+%,'(&%;(%??9"(9&;6:(<#&D(D,#"'(#);,"(>6";8F(P9;(4,"8#4'(=,
<6$8;(',;(;8,(;"#&'6;6%&(;%(89<#&6;D(#;(;8,(;6<,(=8,&
&,%?%";6?#:(#?;6M6;D(>,$6&'7(#'(+,;,"<6&,+(>D
,:,?;"%,&?,48#:%$"#48D(%)(;8,(),;9'F(L%<,(6&'6$8;'(%&(=8,&
;8,(>"#6&(+,M,:%4'(#(+6';6&?;:D(89<#&(?8#"#?;,"(,<,"$,()"%<
;8,('6<4:,';(,<>"D%:%$6?#:(%>',"M#;6%&'(^',,(;8,()6$9",(%&(4#$,
YWh_F(J,"D(:6;;:,(=%"5(8#'(>,,&(+%&,(6&(;86'()6,:+(;%(+#;,7(#&+(6;
',,<'(;%(<,(;8#;('9?8(6&M,';6$#;6%&'(?%9:+(4:#D(#(<#`%"("%:,(6&
#?86,M6&$(#&(#??,4;#>:,(?%<4"%<6',(6&(;8,(#>%";6%&(+,>#;,F
2&+%9>;,+:D(;8,",(=%9:+(>,(#(M#"6#;6%&()"%<(),;9'(;%(),;9'(#'
;%(;8,(;6<,(%)(6&6;6#;6%&(%&(;8,()6"';(&,%?%";6?#:(**3('6$&#:'7(#&+
#(:,$#:(+,)6&6;6%&(%)(;8,F(>,$6&&6&$(%)(?8#"#?;,"6';6?#::D(89<#&
:6),('8%9:+(>,(>6#',+(?%&',"M#;6M,:DN(;8#;(6'7(;%=#"+(;8,
D%9&$,';(),;9'(;8#;(,R86>6;'('9?8(#?;6M6;DF(A,"8#4'(;8,
;"#&'6;6%&(=%9:+()#::(;%=#"+(;8,(F,&+(%)(;8,()6"';(;"6<,';,"(%"
&,#"(;8,(>,$6&&6&$(%)(;8,(',?%&+(;"6<,';,"(%)(4",$&#&?DF(^H,",
=,(#",(;#:56&$(#>%9;(=8#;7(6&("#;6%&#:('%?6,;D7('8%9:+(>,
4"%86>6;,+(>D(:#=X(#&D%&,(=8%(),,:'(;8#;(#>%";6%&(%)(#(D%9&$,"
),;9'(<6$8;(>,(<9"+,"('8%9:+(>,(9&+,"(&%(:,$#:(%>:6$#;6%&(;%
4,")%"<(%"(#??,4;('9?8(#&(#>%";6%&F_

P9;(#(?%&'6';,&;(#44:6?#;6%&(%)(;8,',(6+,#'(<9';(#M%6+(89<#&
?8#9M6&6'<F(-)(;8,",(#",(%;8,"(%"$#&6'<'(;8#;('8#",(;8,
6&;,::6$,&?,(%)(#('%<,=8#;(>#?5=#"+(>9;()9::D(+,M,:%4,+(89<#&
>,6&$7(;8,D(#;(:,#';('8%9:+(>,(%)),",+(;8,('#<,(4"%;,?;6%&
#$#6&';(<9"+,"(;8#;(=,(#",(=6::6&$(;%(,R;,&+(;%(89<#&(>,6&$'

TVa
:#;,(6&(;8,6"(9;,"6&,(,R6';,&?,F(L6&?,(;8,(,M6+,&?,()%"
6&;,::6$,&?,(6&(+%:486&'7(=8#:,'(#&+(#4,'(6'(&%=(#;(:,#';
<%+,"#;,:D(?%<4,::6&$7(#&D(?%&'6';,&;(<%"#:(4%';9",(%&
#>%";6%&('8%9:+7(-(=%9:+(;86&57(6&?:9+,()6"<(';"6?;9",'(#$#6&';(#;
:,#';(;8,($"#;96;%9'(':#9$8;,"(%)(;8,',(#&6<#:'F(P9;(;8,(9:;6<#;,
5,D(;%(;8,('%:9;6%&(%)(;8,(#>%";6%&(+,>#;,(=%9:+(',,<(;%(>,(;8,
6&M,';6$#;6%&(%)(4",4#";9<(&,%?%";6?#:(#?;6M6;DF

C&+(=8#;(%)(;8,()9;9",(,M%:9;6%&(%)(;8,(89<#&(>"#6&@(/8,",(6'(#
=6+,(#&+($"%=6&$(>%+D(%)(,M6+,&?,(;8#;(<#&D()%"<'(%)(<,&;#:
6::&,''(#",(;8,(",'9:;(%)(?8,<6?#:(%"(=6"6&$(<#:)9&?;6%&'(6&(;8,
>"#6&F(L6&?,(<#&D(<,&;#:(+6',#','(8#M,(;8,('#<,('D<4;%<'7
;8,D(<#D(#"6',()"%<(;8,('#<,(<#:)9&?;6%&'(#&+('8%9:+(>,
#??,''6>:,(;%(;8,('#<,(?9",'F

/8,(46%&,,"6&$(&6&,;,,&;8N?,&;9"D(P"6;6'8(&,9"%:%$6';
H9$8:6&$'(K#?5'%&(",<#"5,+7(]Q6&+(%9;(#>%9;(+",#<'(#&+(D%9
=6::()6&+(%9;(#>%9;(6&'#&6;DF](L,M,",:D(+",#<(+,4"6M,+('9>`,?;'
%);,&(>,$6&(8#::9?6&#;6&$(6&(+#D;6<,F(L?86O%48",&6#(6'(%);,&
#??%<4#&6,+(>D(&6$8;;6<,(':,,4(6<4#6"<,&;7(>9;(=8,;8,"(#'(#
?#9',(%"(#&(,)),?;(6'(9&?,";#6&F(1&,(%)(;8,(<%';(';"656&$(#'4,?;'
%)('?86O%48",&6#(6'(8%=(9&8#44D(#&+(+,'4#6"6&$(6;'('9)),","'
$,&,"#::D(#",F(G6$8;('?86O%48",&6#(>,(=8#;(8#44,&'(=8,&(;8,
+"#$%&'(#",(&%(:%&$,"('#),:D(?8#6&,+(#;(&6$8;S(=8,&(;8,D(>",#5
;8,(:,);N8,<6'48,",('8#?5:,'(#&+(>9"';()%";8(6&(+#D:6$8;@(1;8,"
+6',#','(4,"8#4'(",'9:;()"%<(#&(6<4#6"<,&;(%)
"6$8;N8,<6'48,",()9&?;6%&X(1>',''6M,N?%<49:'6M,'7()%"
,R#<4:,7(#",(M,"D("#",:D()%9&+(;%(<#5,(6&;96;6M,(:,#4'F

-&(;8,(<6++:,(TZfW'(B,';,"(e"6&'4%%&(#&+(86'(?%::,#$9,'(#;
H#"M#"+(G,+6?#:(L?8%%:(4,")%"<,+(#(',;(%)(?%&;"%::,+
,R4,"6<,&;'(%&(;8,(",:#;6M,(M#:9,(%)(M#"6%9'(;8,"#4,9;6?
;,?8&6E9,'()%"(;",#;6&$('?86O%48",&6#F(/8,D(#",(4'D?86#;"6';'7
#&+(6)(;8,D(8#+(#&D(>6#'(6;(=#'(;%=#"+(;8,(9',(%)(M,">#:("#;8,"
;8#&(48#"<#?%:%$6?#:(;,?8&6E9,'F(P9;(;8,D()%9&+(;%(;8,6"
'9"4"6',(;8#;(;8,(",?,&;:D(+,M,:%4,+(;"#&E96:6O,"7(;86%"6+#O6&,
^%&,(%)(#($"%94(%)(#44"%R6<#;,:D(,E9#::D(,)),?;6M,(#&;64'D?8%;6?
+"9$'(5&%=&(#'(48,&%;86#O6&,'_7(=#'()#"(<%",(,)),?;6M,(6&
?%&;"%::6&$(6)(&%;(?9"6&$(;8,(+6',#',S(6&()#?;7(;8,D()%9&+(;8#;

TVh
;86%"6+#O6&,(#:%&,(=#'(#;(:,#';(#'(,)),?;6M,N6&(;8,(`9+$<,&;(%)
;8,(4#;6,&;'7(;8,6"(",:#;6M,'7(#&+(;8,(4'D?86#;"6';'N#'
;86%"6+#O6&,(4:9'(4'D?8%;8,"#4DF(/8,(6&;,$"6;D(%)(;8,
,R4,"6<,&;,"'(6&(;8,()#?,(%)(;86'(9&,R4,?;,+()6&+6&$(6'
>",#;8;#56&$F(^-;(6'(+6))6?9:;(;%(6<#$6&,(#&D(,R4,"6<,&;(;8#;
=%9:+(?%&M6&?,(:,#+6&$(4"#?;6;6%&,"'(%)(<#&D(4%:6;6?#:(%"
",:6$6%9'(486:%'%486,'(%)(;8,('94,"6%"6;D(%)(#(?%<4,;6&$
+%?;"6&,F_

0,?,&;(",',#"?8('8%='(;8#;(,&+%"486&'7('<#::(4"%;,6&
<%:,?9:,'(=86?8(%??9"(&#;9"#::D(6&(;8,(>"#6&'(%)("#;'(#&+(%;8,"
<#<<#:'7(?#&(6&+9?,(6&(;8,',(#&6<#:'(<#"5,+(<9'?9:#"("6$6+6;D
#&+(';94%"(",<6&6'?,&;(%)('?86O%48",&6?(?#;#;%&6#F(/8,
<%:,?9:#"(%"(&,9"%:%$6?#:(?#9',(%)('?86O%48",&6#N=86?8(=#'
%&?,(",'4%&'6>:,()%"(%&,(%9;(%)(;,&(8%'46;#:N>,+(%??94#&?6,'(6&
;8,(2&6;,+(L;#;,'N6'(';6::(9&5&%=&S(>9;(6;(6'(&%;(6<4:#9'6>:,(;8#;
'%<,+#D(=,(=6::(+6'?%M,"(4",?6',:D(=8#;(:%?#:,(%"(',;(%)
&,9"%?8,<6?#:'(6&(;8,(>"#6&(+,;,"<6&,'(;86'(<#:)9&?;6%&F

C(?9"6%9'(E9,';6%&(6&(<,+6?#:(,;86?'(,<,"$,'()"%<(;8,
,R4,"6<,&;'(%)(e"6&'4%%&(,;(#:F(/8,(;"#&E96:6O,"'(#",(&%=('%
,)),?;6M,(6&(;",#;6&$('?86O%48",&6#(;8#;(6;(6'(=6+,:D(?%&'6+,",+
9&,;86?#:(;%(=6;88%:+(;8,<()"%<(#(4#;6,&;F(/8,(6<4:6?#;6%&(6'
;8#;(;8,(,R4,"6<,&;'('8%=6&$(;"#&E96:6O,"'(;%(>,(,)),?;6M,
?#&&%;(>,(",4,#;,+F(-;(6'(;8%9$8;(;%(>,(#&(9&&,?,''#"D(?"9,:;D
;%(+,&D(;8,(4#;6,&;(;8,(<%';('9??,'')9:(;",#;<,&;()%"(86'
?%&+6;6%&F(3%&',E9,&;:D7(;8,",(?#&(&%(:%&$,"(>,(#(?%&;"%:($"%94
%)('?86O%48",&6?'(;8#;(6'(&%;($6M,&(;"#&E96:6O,"'F(-)(?"6;6?#:
,R4,"6<,&;'(6&(;8,(?8,<%;8,"#4D(%)(>"#6&(<#:)9&?;6%&(?#&(>,
4,")%"<,+(%&:D(%&?,7(;8,D(<9';(>,(4,")%"<,+(;8,()6"';(;6<,
M,"D(=,::(6&+,,+F

C&(,M,&(<%",(';"656&$(,R#<4:,(%)('9?8(?8,<%;8,"#4D(6'(;8,
9',(%)(:6;869<(?#">%&#;,(6&(;8,(;",#;<,&;(%)(<#&6?(+,4",''6M,'F
/8,(6&$,';6%&(%)(?#",)9::D(?%&;"%::,+(+%','(%)(:6;869<7(;8,
:6$8;,';(#&+('6<4:,';(<,;#:7(4"%+9?,'(';#";:6&$
6<4"%M,<,&;'N#$#6&(#'(",4%";,+()"%<(;8,(4#;6,&;'g(4,"'4,?;6M,
#&+()"%<(;8,(4,"'4,?;6M,(%)(%;8,"'N6&(;86'(#$%&6O6&$(+6',#',F
U8D('%('6<4:,(#(;8,"#4D(6'('%(';"656&$:D(,)),?;6M,(6'(9&5&%=&7
>9;(6;(<%';(:65,:D(",:#;,'(;%(;8,(,&OD<,(?8,<6';"D(%)(;8,(>"#6&F

TVZ
C(M,"D(';"#&$,(<,&;#:(6::&,''(6'(e6::,'(+,(:#(/%9",;;,g'(+6',#',
^&#<,+7(#'(#:=#D'7(#);,"(;8,(48D'6?6#&(=8%()6"';(+",=(#;;,&;6%&
;%(6;7(&%;(#);,"(;8,(<%';(?,:,>"#;,+('9)),","(%)(;8,(<#:#+D_F(1&,
%)(;8,(<#&D(<%;%"(#&+('4,,?8(+6'%"+,"'(;8#;(#",(#<%&$(;8,
'D<4;%<'(%)(;86'(+6',#',(6'(#(",<#"5#>:,(?%<49:'6%&(;%
9;;,"N6&(=8#;,M,"(:#&$9#$,(;8,(4#;6,&;(6'(<%';():9,&;N#&
9&6&;,""94;,+(';",#<(%)(%>'?,&6;6,'(#&+(4"%)#&6;6,'F(A8D'6?6#&'
+,'?"6>,(;8,(6+,&;6)6?#;6%&(%)(;86'(+6',#',(#'(]?%""6+%"
+6#$&%'6']X(/8,(4#;6,&;(?#&7(=6;8($",#;(+6))6?9:;D7(?%&;"%:(86'
?%<49:'6%&()%"(;8,(:,&$;8(%)(#('8%";(<,+6?#:(M6'6;S(#'('%%&(#'
;8,(48D'6?6#&(:,#M,'(;8,("%%<()%"(;8,(?%""6+%"7(;8,('?#;%:%$6,'
%M,"):%=(:65,(;8,():%%+()"%<(#(>9"';(+#<F(/8,",(6'(#(4:#?,(6&
;8,(>"#6&(;8#;(<#5,'(]+6";D](=%"+'(^#&+(#4,'(<#D(8#M,(6;_F

/8,",(#",(M,"D(),=(=%"+'(;8#;(;8,("6$8;(8,<6'48,",(?#&(+,#:
=6;8(?%<4,;,&;:DN&%;(<9?8(<%",(;8#&(8,::%7($%%+>D,7(#&+(FFF(#
),=(?8%6?,(%>'?,&6;6,'F(A,"8#4'(/%9",;;,g'(+6',#',(#)),?;'(;8,
:,);(8,<6'48,",(%&:DF(/8,(P"6;6'8(#&;8"%4%:%$6';(P,"&#"+
3#<4>,::(%)(3#<>"6+$,(2&6M,"'6;D('9$$,';'(;8#;(;8,(:6<>6?
'D';,<(6'("#;8,"(=,::(6&;,$"#;,+(=6;8(;8,("6$8;(?,",>"#:
8,<6'48,",7(=86?87(#'(=,(8#M,(',,&7(+,#:'(<9?8(>,;;,"(=6;8
,<%;6%&'(;8#&(;8,(:,);(8,<6'48,",(+%,'F(U8#;,M,"(,:',(;8,D
6&M%:M,7(%>'?,&6;6,'(?#""D(=6;8(;8,<(';"%&$(,<%;6%&'F(I,;(e6::,'
+,(:#(/%9",;;,g'(+6',#',7(?%<4:,R(#'(6;(6'7(',,<'(;%(>,(#
'4,?6)6?(+,)6?6,&?D(6&(#(&,9"%&#:(;"#&'<6;;,"(?8,<6?#:7(#&+
#44,#"'(;%(>,(#::,M6#;,+(>D(?#",)9::D(?%&;"%::,+(+%','(%)
8#:%4,"6+%:F

0,?,&;(,M6+,&?,(6&+6?#;,'(;8#;('9?8(:6<>6?(8%"<%&,'(#'(C3/H
#&+(M#'%4",''6&(?#&($",#;:D(6<4"%M,(;8,(#>6:6;D(%)(#&6<#:'(;%
",;#6&(#&+(",?#::(<,<%"6,'F(/8,',(#&+('6<6:#"(,R#<4:,'
'9$$,';7(6)(&%;(;8,(9:;6<#;,(4?"),?;#>6:6;D(%)(;8,(>"#6&7(#;(:,#';
4"%'4,?;'()%"(6;'('9>';#&;6#:(6<4"%M,<,&;N4,"8#4'(;8"%9$8
#:;,"6&$(;8,(#>9&+#&?,(%"(?%&;"%::6&$(;8,(4"%+9?;6%&(%)('<#::
>"#6&(4"%;,6&'F(L9?8(,R#<4:,'(#:'%($",#;:D(",:6,M,(;8,(>9"+,&
%)($96:;(?%<<%&:D(,R4,"6,&?,+(>D('9)),","'()"%<(#(<,&;#:
+6',#',7(#(>9"+,&("#",:D(),:;(6&(M6?;6<'(%)7('#D(<,#':,'F

TcW
/8,(",<#"5#>:,()6''9"6O#;6%&7(?%&M%:9;6%&'(#&+(?%";6?#:()%:+6&$
%)(;8,(>"#6&7(#'(=,::(#'(;8,()#?;(;8#;(;8,(>"#6&()6;'('%('&9$:D(6&;%
;8,('59::7(#",(?:,#"(6&+6?#;6%&'(;8#;(4#?56&$(<%",(>"#6&(6&;%(;8,
4",',&;(>"#6&?#',(6'($%6&$(;%(>,(+6))6?9:;F(B#"$,"(>"#6&'(=6;8
:#"$,"('59::'(?%9:+(&%;(+,M,:%4(9&;6:(M,"D(",?,&;:D(>,?#9',(%)
:6<6;'(%&(;8,('6O,(%)(;8,(4,:M6'(#&+(;8,(>6";8(?#&#:F(P9;(;8,
#+M,&;(%)(3#,'#",#&(',?;6%&N4,")%"<,+("#",:D(;=%(;8%9'#&+
D,#"'(#$%(>9;(<9?8(<%",(?%<<%&:D(;%+#DN+%,'(4,"<6;(:#"$,"
>"#6&(M%:9<,'F(C&%;8,"(4%''6>6:6;D(6'(#(<,+6?#:(;,?8&%:%$D
'9))6?6,&;:D(#+M#&?,+(;%(4,"<6;()9::N;,"<(+,M,:%4<,&;(%)(;8,
),;9'(%9;'6+,(%)(;8,(9;,"9'F(H%=,M,"7(;8,("#;,(%)(,M%:9;6%&#"D
?8#&$,(6'('%(':%=(;8#;(&%&,(%)(;8,(4"%>:,<'()#?6&$(9'(;%+#D(6'
:65,:D(;%(>,(%M,"?%<,(>D('6$&6)6?#&;:D(:#"$,"(&,%N?%";6?,'(#&+
?%&',E9,&;('94,"6%"(6&;,::6$,&?,'F(P,)%",('9?8(#(;6<,7(>9;(&%;
6&(;8,(6<<,+6#;,()9;9",7(6;(<#D(>,(4%''6>:,7(>D(>"#6&('9"$,"D7(;%
6<4"%M,(;8%',(?%<4%&,&;'(%)(;8,(>"#6&(=,(?%&'6+,"(=%";8
6<4"%M6&$(#&+(;%(6&86>6;()9";8,"(;8%',(?%<4%&,&;'(;8#;(<#D(>,
",'4%&'6>:,()%"('%<,(%)(;8,(4,"6:'(#&+(?%&;"#+6?;6%&'()#?6&$
<#&56&+F(P9;(;8,(?%<4:,R6;D7(#&+(",+9&+#&?D(%)(>"#6&()9&?;6%&
<#5,('9?8(#(?%9"',(%)(#?;6%&(6<4"#?;6?#:()%"(;8,(&,#"()9;9",7
,M,&(6)(6;(=,",('%?6#::D(+,'6"#>:,F(U,(<#D(>,(#>:,(;%(,&$6&,,"
$,&,'(>,)%",(=,(#",(#>:,(;%(,&$6&,,"(>"#6&'F

-;(6'('%<,;6<,'('9$$,';,+(;8#;('9?8(,R4,"6<,&;'(<#D(4"%M6+,
9&'?"949:%9'($%M,"&<,&;'N#&+(;8,",(#",(<#&D(%)(;8,<N=6;8
;%%:'(;%(?%&;"%:(;8,6"(?6;6O,&"D(';6::()9";8,"F(Q%"(,R#<4:,7(=,(?#&
6<#$6&,(#($%M,"&<,&;(;8#;(6<4:#&;'(89&+",+'(%)(;6&D(,:,?;"%+,'
6&(;8,(]4:,#'9",](#&+(]4#6&](?,&;,"'(%)(;8,(>"#6&'(%)(&,=>%"&
?86:+",&7(,:,?;"%+,'(?#4#>:,(%)(",<%;,("#+6%
';6<9:#;6%&N4,"8#4'(#;()",E9,&?6,'(%"(=6;8(#??,''(?%+,'(5&%=&
%&:D(;%(;8,($%M,"&<,&;F(U8,&(;8,(?86:+($"%='(947(;8,
$%M,"&<,&;(<6$8;(';6<9:#;,(86'(4:,#'9",(?,&;,"'(6)(8,(8#'
4,")%"<,+7(6&(=%"5(E9%;#(#&+(6+,%:%$D7(#&(#??,4;#>:,(+#Dg'
=%"5S(%;8,"=6',(6;(<6$8;(';6<9:#;,(86'(4#6&(?,&;,"'F(/86'(6'(#
&6$8;<#"6'8(M6'6%&7(>9;(-(+%(&%;(;86&5(6;(6'(#&(#"$9<,&;(#$#6&';
,R4,"6<,&;'(%&(,:,?;"6?#:(';6<9:#;6%&(%)(;8,(>"#6&F(-;(6'7("#;8,"7
#&(#"$9<,&;(#$#6&';(:,;;6&$(;8,($%M,"&<,&;(?%&;"%:(;8,
8%'46;#:'F(C&D(4,%4:,(;8#;(=6::(4,"<6;(6;'($%M,"&<,&;(;%(6<4:#&;
'9?8(,:,?;"%+,'(8#'(#:",#+D(:%';(;8,(>#;;:,(#&+(<#D(=,::
+,',"M,(=8#;(6;($,;'F(C'(6&(#::('9?8(;,?8&%:%$6?#:(&6$8;<#",'7

TcT
;8,(4"6&?64#:(;#'5(6'(;%()%",',,(=8#;(6'(4%''6>:,S(;%(,+9?#;,(9',
#&+(<6'9',S(#&+(;%(4",M,&;(6;'(%"$#&6O#;6%&#:7(>9",#9?"#;6?(#&+
$%M,"&<,&;#:(#>9',F

/8,",(6'(#:",#+D(#("#&$,(%)(4'D?8%;"%46?(#&+(<%%+N#:;,"6&$
+"9$'(=86?8(#",7(;%(M#"D6&$(+,$",,'7(+#&$,"%9'(%"(>,&6$&
^,;8D:(#:?%8%:(6'(;8,(<%';(=6+,:D(9',+(#&+(%&,(%)(;8,(<%';
+#&$,"%9'_7(#&+(=86?8(#44,#"(;%(#?;(%&('4,?6)6?(#",#'(%)(;8,
0N?%<4:,R7(:6<>6?('D';,<(#&+(&,%?%";,RF(-)(4",',&;(;",&+'
?%&;6&9,7(,M,&(=6;8%9;(;8,(,&?%9"#$,<,&;(%)($%M,"&<,&;'
4,%4:,(=6::(49"'9,(;8,(8%<,N:#>%"#;%"D('D&;8,'6'(%)(#&+
',:)N,R4,"6<,&;#;6%&(=6;8('9?8(+"9$'N#&(#?;6M6;D(;8#;
",4",',&;'(#('<#::()9";8,"(';,4(6&(%9"(5&%=:,+$,(%)(;8,(>"#6&7
6;'(+6'%"+,"'(#&+(9&;#44,+(4%;,&;6#:'F

/8,",(6'(",#'%&(;%(;86&5(;8#;(<#&D(#:5#:%6+'(#&+(%;8,"(+"9$'
=86?8(#)),?;(>,8#M6%"(=%"5(>D(>,6&$(?8,<6?#::D('6<6:#"(;%
&#;9"#:('<#::(>"#6&(4"%;,6&'7(%)(=86?8(;8,(,&+%"486&'(#",(%&,
,R#<4:,F(G#&D(%)(;8,',('<#::(4"%;,6&'(#?;(%&(;8,(:6<>6?('D';,<
#&+(#",(?%&?,"&,+(=6;8(%9"(,<%;6%&#:(';#;,'F(-;(6'(&%=(4%''6>:,
;%(<#&9)#?;9",('<#::(4"%;,6&'(<#+,(%)(#&D('4,?6)6,+(',E9,&?,
%)(#<6&%(#?6+'F(/89'7(;8,(;6<,(<#D('%%&(?%<,(=8,&(#($",#;
M#"6,;D(%)(<%:,?9:,'(=6::(>,('D&;8,'6O,+(?#4#>:,(%)(6&+9?6&$
89<#&(,<%;6%&#:(';#;,'7(6&?:9+6&$(,R;",<,:D("#",(%&,'F(Q%"
,R#<4:,7(;8,",(6'('%<,(,M6+,&?,(;8#;(#;"%46&,N%&,(%)(;8,(?86,)
#?;6M,(6&$",+6,&;'(6&(8,<:%?57()%R$:%M,7(+,#+:D(&6$8;'8#+,7(#&+
`6<'%&(=,,+N6&+9?,'(;8,(6::9'6%&(%)():D6&$S(#&+(6&+,,+('9?8
4:#&;'(',,<(;%(8#M,(>,,&(;8,(4"6&?64#:(?%&';6;9,&;'(%)(9&$9,&;'
',:)N#+<6&6';,",+(;%(;8,($,&6;#:(<9?%'#(>D(=6;?8,'(6&(;8,
G6++:,(C$,'N=8%7("#;8,"(;8#&(#?;9#::D():D6&$(#'(;8,D(>%#';,+7
=,",(6&()#?;(#;"%46&,N;"6446&$F(P9;(#(M6M6+(8#::9?6&#;6%&(%)():D6&$
6'(#&(,R;",<,:D('4,?6)6?(',&'#;6%&(;%(>,(?%&M,D,+(>D(#
",:#;6M,:D('6<4:,(<%:,?9:,F(A,"8#4'(;8,",(#",(#("#&$,(%)('<#::
4"%;,6&'(=86?8(=6::(>,('D&;8,'6O,+(#&+(=86?8(=6::(4"%+9?,
,<%;6%&#:(';#;,'(%)(#('%";(&,M,"(>,)%",(,R4,"6,&?,+(>D(89<#&
>,6&$'F(/86'(6'(%&,(%)(<#&D(4%;,&;6#:(&,#"N;,"<(+,M,:%4<,&;'
6&(>"#6&(?8,<6';"D(=86?8(8%:+($",#;(4"%<6',(>%;8()%"($%%+(#&+
)%"(,M6:7(+,4,&+6&$(%&(;8,(=6'+%<(%)(;8%',(=8%(?%&+9?;7
?%&;"%:(#&+(#44:D(;86'(",',#"?8F

TcY
U8,&(-(:,#M,(<D(%))6?,(#&+($,;(6&;%(<D(?#"7(-()6&+(;8#;7(9&:,''(-
<#5,(#('4,?6)6?(,))%";(%)(=6::7(-(=6::(+"6M,(<D',:)(8%<,F(U8,&(-
:,#M,(8%<,(#&+($,;(6&;%(<D(?#"7(9&:,''(-(<#5,(#('6<6:#"
?%&'?6%9'(,))%";7(;8,",(6'(#(4#";(%)(<D(>"#6&(;8#;(#""#&$,'
,M,&;'('%(;8#;(-(,&+(94(#;(<D(%))6?,F(-)(-(?8#&$,(<D(8%<,(%"(<D
%))6?,7(#);,"(#('8%";(4,"6%+(%)(:,#"&6&$7(;8,(&,=(:%?#:,'('944:#&;
;8,(%:+(%&,'7(#&+(=8#;,M,"(>"#6&(<,?8#&6'<(?%&;"%:'('9?8
>,8#M6%"(8#'(",#+6:D(#+#4;,+(;%(;8,(&,=(?%%"+6&#;,'F(/86'(6'
M,"D(<9?8(:65,(',:)N4"%$"#<<6&$(#(4#";(%)(;8,(>"#6&(;8#;(=%"5'
:65,(#(+6$6;#:(?%<49;,"F(/8,(?%<4#"6'%&(6'(,M,&(<%",(';"656&$
=8,&(=,(",#:6O,(;8#;(,46:,4;6?'7('9)),"6&$()"%<(#(4'D?8%<%;%"
',6O9",7(%);,&($%(;8"%9$8(#&(,R#?;:D(?%<4#"#>:,(',;(%)
#?;6M6;6,'7(;8,(%&:D(+6)),",&?,(>,6&$(4,"8#4'(;8#;(;8,D("9&(#(),=
<%",(",+(:6$8;'(;8#&(-(9'9#::D(+%7(>9;(8#M,(&%(?%&'?6%9'
<,<%"D(%)(8#M6&$(4,")%"<,+(;8,',(#?;6%&'(%&?,(;8,(',6O9",(8#'
'9>'6+,+F(L9?8(#9;%<#;6'<(6'(#(;D46?#:('D<4;%<(%)
;,<4%"#:N:%>,(,46:,4'DS(6;(#:'%(?8#"#?;,"6O,'(<D()6"';(8#:)N8%9"
#);,"(#=#5,&6&$F(3,";#6&:D(&%;(#::(%)(;8,(>"#6&(=%"5'(:65,(#
'6<4:,(+6$6;#:(?%<49;,"S(;8,(4#";(;8#;(+%,'(;8,(",4"%$"#<<6&$7
)%"(,R#<4:,7(6'("#;8,"(+6)),",&;F(P9;(;8,",(#",(,&%9$8
'6<6:#"6;6,'(;%('9$$,';(;8#;(#(?%<4#;6>:,(=%"56&$(#""#&$,<,&;
>,;=,,&(,:,?;"%&6?(?%<49;,"'(#&+(#;(:,#';('%<,(?%<4%&,&;'(%)
;8,(>"#6&N6&(#&(6&;6<#;,(&,9"%48D'6%:%$6?#:(#''%?6#;6%&N?#&(>,
?%&';"9?;6M,:D(%"$#&6O,+F

/8,(L4#&6'8(&,9"%48D'6%:%$6';(K%',(!,:$#+%(8#'(+,M6',+
=%"56&$(),,+>#?5(:%%4'(>,;=,,&(,:,?;"%+,'(6<4:#&;,+(6&(;8,
>"#6&'(%)(?86<4#&O,,'(#&+(",<%;,(,:,?;"%&6?(?%<49;,"'F
3%<<9&6?#;6%&(>,;=,,&(>"#6&(#&+(?%<49;,"(6'(#??%<4:6'8,+
;8"%9$8(#("#+6%(:6&5F

G6&6#;9"6O#;6%&(%)(,:,?;"%&6?(?%<49;,"'(8#'(&%=(",#?8,+(;8,
';#$,(=8,",('9?8(),,+>#?5(:%%4'(?#&(>,(]8#"+=6",+](#&+(+%(&%;
",E96",(#("#+6%(:6&5(=6;8(#(",<%;,(?%<49;,"(;,"<6&#:F(Q%"
,R#<4:,7(6;(6'(,&;6",:D(4%''6>:,(;%(+,M6',(#(',:)N?%&;#6&,+
),,+>#?5(:%%4(6&(=86?8(;8,('6$&'(%)(#&(%&N?%<6&$(,46:,4;6?
',6O9",(#",(",?%$&6O,+(#&+(#44"%4"6#;,(>"#6&(?,&;,"'(#",
#9;%<#;6?#::D(';6<9:#;,+(;%()%",';#::(%"(#<,:6%"#;,(;8,(#;;#?5F
U,(#",(&%;(D,;(#;(;8,(';#$,(=8,",(;86'(6'(#(",:6#>:,(4"%?,+9",7
>9;(;8,(;6<,(=8,&(6;(=6::(>,(+%,'(&%;(',,<(M,"D()#"(%))F

TcV
A,"8#4'('%<,(+#D(6;(=6::(>,(4%''6>:,(;%(#++(#(M#"6,;D(%)
?%$&6;6M,(#&+(6&;,::,?;9#:(4"%';8,;6?(+,M6?,'(;%(;8,(>"#6&N#(56&+
%)(,D,$:#'','()%"(;8,(<6&+F(/86'(=%9:+(>,(6&(;8,('46"6;(%)(;8,
4#';(#??",;6%&#"D(,M%:9;6%&(%)(;8,(>"#6&(#&+(6'(4"%>#>:D()#"
<%",(),#'6>:,(;8#&(#;;,<4;6&$(;%(",';"9?;9",(;8,(,R6';6&$(>"#6&F

A,"8#4'(%&,(+#D(=,(=6::(8#M,('9"$6?#::D(6<4:#&;,+(6&(%9"(>"#6&'
'<#::(",4:#?,#>:,(?%<49;,"(<%+9:,'(%"("#+6%(;,"<6&#:'(=86?8
=6::(4"%M6+,(9'(=6;8(#("#46+(#&+():9,&;(5&%=:,+$,(%)(P#'E9,7
2"+97(C<8#"6?7(C6&97(C:>#&6#&7(.97(H%467(q[9&$7(%"(+,:486&,',S
%"(&9<,"6?#:(M#:9,'(%)(;8,(6&?%<4:,;,($#<<#()9&?;6%&(#&+(;8,
/'?8,>D'8,))(4%:D&%<6#:'S(%"(;8,(&#;9"#:(86';%"D(%)(#&6<#:
'4%%"S(%"(#::(:,$#:(4",?,+,&;'()%"(;8,(%=&,"'864(%)():%#;6&$
6':#&+'S(%"("#+6%(;,:,4#;8D(?%&&,?;6&$(',M,"#:(89<#&(>,6&$'7(#;
:,#';(;,<4%"#"6:D7(6&(#()%"<(%)('D<>6%;6?(#''%?6#;6%&(4",M6%9':D
9&5&%=&(;%(%9"('4,?6,'F

P9;(;8,(",#:(,R;,&'6%&'(%)(%9"(>"#6&'7(4#";6?9:#":D()%"(;8,
9&6E9,:D(89<#&(#'4,?;'(%)(;8,(&,%?%";,R7(#",(#:",#+D(6&(;8,
?%9"',(%)(>,6&$(#??%<4:6'8,+F(L%<,(%)(;8,<(#",('%(%:+(=,
8#M,()%"$%;;,&(;8#;(;8,D(8#M,(%??9"",+F(06?8(#&+(9&",4",''6M,
:,#"&6&$(,&M6"%&<,&;'()%"(?86:+",&(",4",',&;(#(",<#"5#>:D
4"%<6'6&$(#&+('9??,'')9:(,+9?#;6%&#:(;%%:F(U"6;;,&(:#&$9#$,(6'(#
&%;#>:,(6&M,&;6%&(;8#;(6'(,'',&;6#::D(#('6<4:,(<#?86&,()%"(;8,
';%"#$,(#&+(",;"6,M#:(%)(E96;,(?%<4:,R(6&)%"<#;6%&F(/8,(#<%9&;
%)(6&)%"<#;6%&(';%",+(6&(#(:#"$,(:6>"#"D()#"(,R?,,+'(;8,(#<%9&;
%)(6&)%"<#;6%&(6&(,6;8,"(;8,(89<#&($,&%<,(%"(;8,(89<#&(>"#6&F
/8,(6&)%"<#;6%&(6'(?,";#6&:D(&%;(';%",+(#'(,))6?6,&;:D(#'(6;(6'(6&
>6%:%$6?#:('D';,<'7(>9;(6;(6'(';6::(',"M6?,#>:D(?%<4#?;7(#&+(;8,
+,M,:%4<,&;(%)(<6?"%)6:<7(<6?"%)6?8,(#&+(;8,(:65,(8#'($",#;:D
6<4"%M,+(;8,(,R;"#'%<#;6?(6&)%"<#;6%&(';%"#$,(?#4#>6:6;6,'(%)
<#&56&+F(/8,(&9<>,"(%)(>6;'(%)(6&)%"<#;6%&(?%&;#6&,+(6&(89<#&
:6>"#"6,'7(=%"5'(%)(#";7(#&+(%;8,"(?9:;9"#:(6&';6;9;6%&'(=%9:+
4"%M6+,(#(4%6&;(6&(;8,(?8#";(%&(4#$,(Yf(<#&D()#?;%"'(%)(TW
>,D%&+(;8,("6$8;N8#&+(,+$,(%)(;8#;()6$9",F

U"6;6&$(6'7(8%=,M,"7(M,"D('6<4:,(<#?86&,"DF(G9?8(<%",
'%486';6?#;,+(#&+()#"(<%",(4"%<6'6&$(,R;"#'%<#;6?(6&)%"<#;6%&
';%"#$,(#&+(4"%?,''6&$(:6,'(6&(;8,(,:,?;"%&6?(?%<49;,"F(/%($6M,
'%<,(6+,#(%)(;8,(:,M,:(%)(+,M,:%4<,&;(%)('9?8(?%<49;,"'(#&+

Tcc
;8,6"(4"%$"#<'7(;8,D(?#&(;%+#D(4:#D(4,"),?;(;6?N;#?N;%,7
=%":+N?:#''(?8,?5,"'7(,R4,";(?8,''(#&+(4"#?;6?,(4#''#>:,
4'D?8%;8,"#4DF(C(?%<49;,"('D';,<(&%=(,R6';'(=86?8(=6::
;"#&'?"6>,(#(:6M,(4,")%"<#&?,(%)(#(?:#''6?#:(%"(%;8,"(<,:%+D
6&;%(?%&M,&;6%&#:(<9'6?#:(&%;#;6%&F(/8,(#<%9&;(%)(6&)%"<#;6%&
';%"#$,(#&+(;8,('4,,+(%)(6&)%"<#;6%&(4"%?,''6&$(>D(?%<49;,"'
#",7(%)(?%9"',7(4"%+6$6%9'F

C(&%&N+6",?;6M,(4'D?8%;8,"#4D(4"%$"#<(+,M,:%4,+(>D(K%',48
U,6O,&>#9<(%)(;8,(G#''#?89',;;'(-&';6;9;,(%)(/,?8&%:%$D(6'(#
$%%+(,R#<4:,(%)(;8,(4",',&;(',"M6?,#>6:6;D(%)(4'D?86#;"6?
?%<49;,"(4"%$"#<'(^=86?8(#",7(6&?6+,&;#::D7()#"()"%<(;8,(<%';
+6))6?9:;(%"(<%';(,:#>%"#;,(4"%$"#<'(6&(,R6';,&?,_F(C);,"(;8,
4'D?8%;8,"#4D(4"%$"#<(=#'(+,M,:%4,+7(#(89<#&(4'D?86#;"6';
=#'(>"%9$8;(6&(;%(",:#;,(6&(:%=,"N?#',(;D4,(^M6#(#(;D4,="6;,"
5,D>%#"+(%&(#&(6&;,"#?;6M,(?%&'%:,_(=6;8(;8,(4"%$"#<7(=86?8
4"6&;'(%9;(6&(944,"(?#',F(/8,(,R?8#&$,(=#'(4"%>#>:D(6&;,&+,+
#'(8,9"6';6?(>9;(<#D(`9';(4%''6>:D(8#M,($%;;,&(%9;(%)(8#&+N%&
;8,(89<#&('6+,F(/8,(?%&M,"'#;6%&(>,$6&'(=6;8(;8,(89<#&
4'D?86#;"6';('#D6&$7

+%?;%"7(6(8#M,(;,""6>:,(&,='
I12(LCI(I12(HCJ*(/*00-PB*(.*UL
D,'7(;8,",(6'(#(?%<49;,"(4"%$"#<(#;(<F6F;F(;8#;g::("96&(9'
UHI(!1(I12(LCI(/HC/
6(8#M,(',,&(6;(=%"56&$
I12(LCI(I12(HCJ*(L**.(-/(U10[-.e
6;g'()"6$8;,&6&$ND%9(<9';(',,(6;
I12(/H-.[(-(G2L/(L**(-/
D%9('%9&+(+,4",'',+(;%(<,
-.(I120(QC./CLI(A*0HCAL(U*(L12.!(!*A0*LL*!(/1
*C3H(1/H*0
D,'N4,"8#4'
-(2.!*0L/C.!
6(+%(;%%
I12(LCI(I12(!1(/11
=,(#",(>%;8(6&(;8,('#<,(>%#;(=6;8(",'4,?;(;%(;8#;(?%<49;,"
B*/gL(31./-.2*(/1(/CB[(CP12/(I12NLHCBB(U*
D%9(#",(#(?%<)%";
UHC/(GC[*L(I12(/H-.[(-(CG(C(31GQ10/

Tcb
#;(#(;6<,(:65,(;86'(D%9(=#&;(;%(;#:5(#>%9;(<,
UHI(!1(I12(/H-.[(-(UC./(/1(/CB[(CP12/(I12
>,?#9',(D%9('8#",(<D(),,:6&$'(#>%9;(;8#;(+#<&,+(?%<49;,"
UHC/(!1*L(/HC/(L2ee*L/(/1(I12
;8#;7(%)(?%9"',7(D%9(8#;,(?%<49;,"'(;%%
I12(/H-.[(-(HC/*(31GA2/*0L(/11
=8D(&%;7(;8,Dg",(8#"+:D(89<#&7(#",(;8,D
A*0HCAL(/HC/gL(UHC/(U*(C0*(H*0*(/1(Q-.!(12/
&%(?%<49;,"(?%9:+(?%&M,"',(#'(D%9(?#&7()%"(,R#<4:,
1H
6(?#&g;(9&+,"';#&+(8%=(#&D%&,(?%9:+(>,()%%:,+(>D(#(<,",
<#?86&,
3C.g/(I12(0*CBBI
&%F(#);,"(#::7(;8,",(6'(&%;86&$(?",#;6M,(#>%9;(#(?%<49;,"
4"%$"#<
I12(C0*(P*-.e(.*eC/-J*
6(#<(?%&M6&?,+(6(#<(?%"",?;
C0*(I12(U100-*!(/1(HCJ*(P**.(31.J-.3*!(I12(C0*
3100*3/
&%7(&%;(6&(;8,(:,#';7(&%;(#;(#::F(&%;(,M,&(#(:6;;:,F
I12(C0*(P*-.e(.*eC/-J*
D%9('#6+(D%9(#$",,+(=6;8(<,7(+6+&g;(D%9
-L(/HC/(UHC/(I12(H*C0!(G*(LCI
=8D(+%&g;(D%9(;"D(;%(+6''9#+,(<,N?%<49;,"'(+6++:,(=6;8
&9<>,"'7(;8#;g'(#::
I12(U-LH(G*(/1(/0I(/1(!-LL2C!*(I12
D%9(?#&g;
I12(/H-.[(6(3C.g/
)%"(,R#<4:,7(?%9:+(#(?%<49;,"(6&(#(?%&M,"'#;6%&(:65,(;86'("#6',
#(&,=(;%46?
I12(L**G(/1(HCJ*(CJ1-!*!(LA*C[-.e(1Q(I120
AC0*./L(CB/1e*/H*0
4",?6',:D(#'(D%9(`9';(+6+
I12(/H-.[(-(K2L/(!-!
D,'7(#&+(;8#;g'(=8#;('8%='(;8,(+6)),",&?,(>,;=,,&(#(<#&(#&+(#
?%<49;,"
-(L**

Tcf
/8,(?%<49;,"(4'D?86#;"6';(:#?5'('%486';6?#;6%&7(;"#6&6&$7
',&'6;6M6;D7(89<#&(6&;96;6%&S(6;(6'(<,?8#&6?#:(^%)(?%9"',q_7
6&):,R6>:,(#&+(",:#;6M,:D(9&",'4%&'6M,(;%(,<%;6%&#:(&9#&?,'(#&+
&%&M,">#:(?9,'F(C&+(D,;(6;(8#'(4"%+9?,+(#(?%&M,"'#;6%&(<%",
6&;,::6$,&;(;8#&(<#&DF(-;'(",'4%&',(%&(]#(&,=(;%46?](6'(';9&&6&$F
P9;(;8#;(",'4%&',(6'(M,"D(:65,:D(%&:D(#():95,F(/8,(4"%$"#<(6'
9&+%9>;,+:D(+,'6$&,+(;%(4#D(#;;,&;6%&(;%(=%"+'('9?8(#'
]<%;8,"7](])#;8,"7](]4#",&;7](#&+('%(%&S(#);,"(;8,(?%<49;,"g'
?:%?5(8#'(;6?5,+(#=#D('%(<#&D(<6&9;,'7(6)(;8,',(=%"+'(8#M,
&%;(>,,&(6&;"%+9?,+7(;8,(4"%$"#<(6'(+,'6$&,+(;%(?%<,(94(=6;8
]I%9(',,<(;%(8#M,(#M%6+,+(F(F(F](*<,"$6&$(#;(`9';(;8,(<%<,&;(6;
+6+7(;8,(",<#"5($6M,'(#&(,,"6,(6<4",''6%&(%)(6&'6$8;F

P9;(=8#;(6'(;8,($#<,(%)(4'D?8%;8,"#4D(6)(&%;(#(M,"D(?%<4:,R7
:,#"&,+(',;(%)(",'4%&','(;%(89<#&('6;9#;6%&'@(-'(&%;(;8,
4'D?86#;"6';(#:'%(4",4"%$"#<<,+(;%($6M,(?,";#6&(",'4%&','@
.%&N+6",?;6M,(4'D?8%;8,"#4D(?:,#":D(",E96",'(M,"D('6<4:,
?%<49;,"(4"%$"#<'7(#&+(;8,(#44,#"#&?,(%)(6&'6$8;(",E96",'(%&:D
':6$8;:D(<%",('%486';6?#;,+(4"%$"#<'F(-(+%(&%;(6&;,&+(;8,',
",<#"5'(;%(+6'4#"#$,(;8,(4'D?86#;"6?(4"%),''6%&(6&(#&D(=#D7(>9;
"#;8,"(;%(#9$9"(;8,(?%<6&$(%)(<#?86&,(6&;,::6$,&?,F(3%<49;,"'
#",(>D(&%(<,#&'(D,;(#;(#(86$8(,&%9$8(:,M,:(%)(+,M,:%4<,&;(;%
",?%<<,&+(;8,(=6+,'4",#+(9',(%)(?%<49;,"(4'D?8%;8,"#4DF
P9;(6;(+%,'(&%;(',,<(;%(<,(#()%":%"&(8%4,(;8#;(=,(<#D(%&,(+#D
8#M,(,R;",<,:D(4#;6,&;7(=6+,:D(#M#6:#>:,(#&+7(#'(:,#';()%"
?,";#6&(4"%>:,<'7(#+,E9#;,:D(?%<4,;,&;(?%<49;,"(;8,"#46';'F
L%<,(4"%$"#<'(#:",#+D(6&(,R6';,&?,(#",($6M,&(86$8(<#"5'(>D
4#;6,&;'(>,?#9',(;8,(;8,"#46';(6'(4,"?,6M,+(#'(9&>6#',+(#&+
,R;",<,:D($,&,"%9'(=6;8(86'(%"(8,"(%"(6;'(;6<,F

3%<49;,"'(#",(&%=(>,6&$(+,M,:%4,+(6&(;8,(2&6;,+(L;#;,'(;8#;
=6::(>,(#>:,(;%(+,;,?;(#&+(+6#$&%',(;8,6"(%=&(<#:)9&?;6%&'F
U8,&('D';,<#;6?(4,")%"<#&?,(,""%"'(#",()%9&+7(;8,()#9:;D
?%<4%&,&;'(=6::(>,(#9;%<#;6?#::D(>D4#'',+(%"(",4:#?,+F(-&;,"&#:
?%&'6';,&?D(=6::(>,(;,';,+(>D(",4,#;,+(%4,"#;6%&(#&+(;8"%9$8
';#&+#"+(4"%$"#<'(=8%',(?%&',E9,&?,'(#",(5&%=&
6&+,4,&+,&;:DS(",4#6"(=6::(>,(#??%<4:6'8,+(?86,):D(>D(",+9&+#&;
?%<4%&,&;'F(/8,",(#",(#:",#+D(6&(,R6';,&?,(4"%$"#<'N,F$F7(6&
?8,''N4:#D6&$(?%<49;,"'N?#4#>:,(%)(:,#"&6&$()"%<(,R4,"6,&?,
#&+()"%<(%;8,"(?%<49;,"'F(C'(;6<,($%,'(%&7(;8,(?%<49;,"

Tca
#44,#"'(;%(>,?%<,(6&?",#'6&$:D(6&;,::6$,&;F(1&?,(;8,(4"%$"#<'
#",('%(?%<4:,R(;8#;(;8,6"(6&M,&;%"'(?#&&%;(E96?5:D(4",+6?;(#::
4%''6>:,(",'4%&','7(;8,(<#?86&,'(=6::(8#M,(;8,(#44,#"#&?,(%)7
6)(&%;(6&;,::6$,&?,7(#;(:,#';()",,(=6::F(*M,&(;8,(?%<49;,"(%&(;8,
J656&$(G#"'(:#&+,"7(=86?8(8#'(#(<,<%"D(%)(%&:D(Th7WWW(=%"+'7
6'(#;(;86'(4%6&;(%)(?%<4:,R6;DX(=,(+%(&%;(6&(#::(?#','(5&%=(=8#;
;8,(?%<49;,"(=6::(+%(=6;8(#($6M,&(?%<<#&+F(-)(=,(5&,=7(=,
=%9:+('#D(6;(6'(]%&:D](%"(]<,",:D](#(?%<49;,"F(U8,&(=,(+%(&%;
5&%=7(=,(>,$6&(;%(=%&+,"(6)(6;(6'(;"9:D(6&;,::6$,&;F
/8,('6;9#;6%&(6'(M,"D(<9?8(:65,(;8,(?%<<,&;#"D(;8#;(8#'
,?8%,+(%M,"(;8,(?,&;9"6,'(#);,"(#()#<%9'(#&6<#:(';%"D(;%:+(>%;8
>D(A:9;#"?8(#&+(>D(A:6&DX(C(+%$7()%::%=6&$(;8,('?,&;(%)(6;'
<#';,"7(=#'(%>',"M,+(;%(?%<,(;%(#(;"64:,()%"5(6&(;8,("%#+F(-;("#&
+%=&(;8,(:,);<%';(4"%&$7('&6))6&$S(;8,&(';%44,+(#&+(",;9"&,+(;%
)%::%=(;8,(<6++:,(4"%&$()%"(#('8%";(+6';#&?,7(#$#6&('&6))6&$(#&+
;8,&(;9"&6&$(>#?5F(Q6&#::D7(=6;8(&%('&6))6&$(#;(#::7(6;("#?,+
`%D%9':D(+%=&(;8,("6$8;N8#&+(4"%&$(%)(;8,()%"5,+("%#+F

G%&;#6$&,7(?%<<,&;6&$(%&(;86'(';%"D7(#"$9,+(;8#;(6;('8%=,+
?:,#"(?#&6&,('D::%$6';6?(",#'%&6&$X(GD(<#';,"(8#'($%&,(+%=&
%&,(%)(;8,',("%#+'F(-;(6'(&%;(;8,(:,);N8#&+("%#+S(6;(6'(&%;(;8,
<6++:,("%#+S(;8,",)%",(6;(<9';(>,(;8,("6$8;N8#&+("%#+F(/8,",(6'
&%(&,,+()%"(<,(;%(?%""%>%"#;,(;86'(?%&?:9'6%&(>D('<,::N;8,
?%&?:9'6%&()%::%='(>D(';"#6$8;)%"=#"+(:%$6?F

/8,(4%''6>6:6;D(;8#;(",#'%&6&$(#;(#::(:65,(;86'(<6$8;(,R6';(6&(;8,
#&6<#:'7(#:;8%9$8(4,"8#4'(:,''(?:,#":D(#";6?9:#;,+7(=#'(;"%9>:6&$
;%(<#&D7(#&+(:%&$(>,)%",(G%&;#6$&,7(L;F(/8%<#'(CE96&#'
#;;,<4;,+(9&'9??,'')9::D(;%(+,#:(=6;8(;8,(';%"DF(H,(?6;,+(6;(#'(#
?#9;6%&#"D(,R#<4:,(%)(8%=(;8,(#44,#"#&?,(%)(6&;,::6$,&?,(?#&
,R6';(=8,",(&%(6&;,::6$,&?,(6'(6&()#?;(4",',&;F(CE96&#'(+6+(&%;7
8%=,M,"7(%)),"(#('#;6')#?;%"D(#:;,"&#;6M,(,R4:#&#;6%&(%)(;8,
+%$g'(>,8#M6%"F(-&(89<#&('4:6;N>"#6&(4#;6,&;'7(6;(6'(E96;,(?:,#"
;8#;()#6":D(,:#>%"#;,(:%$6?#:(#&#:D'6'(?#&(4"%?,,+('9""%9&+,+(>D
M,">#:(6&?%<4,;,&?,F

U,(#",(#;(#('6<6:#"(4%6&;(6&(;8,(?%&'6+,"#;6%&(%)(<#?86&,
6&;,::6$,&?,F(G#?86&,'(#",(`9';(4#''6&$(%M,"(#&(6<4%";#&;
;8",'8%:+X(;8,(;8",'8%:+(#;(=86?87(;%('%<,(,R;,&;(#;(:,#';7(;8,D
$6M,(#&(9&>6#',+(89<#&(>,6&$(;8,(6<4",''6%&(%)(6&;,::6$,&?,F

Tch
P,?#9',(%)(#(56&+(%)(89<#&(?8#9M6&6'<(%"(#&;8"%4%?,&;"6'<7
<#&D(89<#&'(#",(",:9?;#&;(;%(#+<6;(;86'(4%''6>6:6;DF(P9;(-(;86&5
6;(6'(6&,M6;#>:,F(/%(<,(6;(6'(&%;(6&(;8,(:,#';(+,<,#&6&$(;8#;
?%&'?6%9'&,''(#&+(6&;,::6$,&?,(#",(;8,(",'9:;(%)(]<,",](<#;;,"
'9))6?6,&;:D(?%<4:,R:D(#""#&$,+S(%&(;8,(?%&;"#"D7(6;(6'(#&
,R#:;6&$(;"6>9;,(;%(;8,('9>;:,;D(%)(<#;;,"(#&+(;8,(:#='(%)
.#;9",F

-;(>D(&%(<,#&'()%::%='(;8#;(?%<49;,"'(=6::(6&(;8,(6<<,+6#;,
)9;9",(,R86>6;(89<#&(?",#;6M6;D7('9>;:,;D7(',&'6;6M6;D(%"(=6'+%<F
C(?:#''6?(#&+(4"%>#>:D(#4%?"D48#:(6::9';"#;6%&(6'(6&(;8,()6,:+(%)
<#?86&,(;"#&':#;6%&(%)(89<#&(:#&$9#$,'X(#(:#&$9#$,N'#D7
*&$:6'8N6'(6&49;(#&+(;8,(;,R;(6'(%9;49;(6&(#&%;8,"(:#&$9#$,N'#D7
386&,',F(C);,"(;8,(?%<4:,;6%&(%)(#&(#+M#&?,+(;"#&':#;6%&
4"%$"#<7('%(;8,(';%"D($%,'7(#(+,:,$#;6%&(=86?8(6&?:9+,+(#(2FLF
',&#;%"(=#'(4"%9+:D(;#5,&(;8"%9$8(#(+,<%&';"#;6%&(%)(;8,
?%<49;,"('D';,<F(/8,(',&#;%"(=#'(#'5,+(;%(4"%+9?,(#&(*&$:6'8
48"#',()%"(;"#&':#;6%&(#&+(4"%<4;:D('9$$,';,+7(]19;(%)('6$8;7
%9;(%)(<6&+F](/8,(<#?86&,(+9;6)9::D(=86"",+(#&+(=6&5,+(#&+
$,&,"#;,+(#(46,?,(%)(4#4,"(%&(=86?8(=,",(4"6&;,+(#(),=
386&,',(?8#"#?;,"'F(P9;(;8,(',&#;%"(?%9:+(&%;(",#+(386&,',F(L%7
;%(?%<4:,;,(;8,(;,';7(;8,(4"%$"#<(=#'("9&(6&(",M,"',7(;8,
386&,',(?8#"#?;,"'(6&49;(#&+(#&(*&$:6'8(48"#',(%9;49;F(/8,
M6'6;%"'(?"%=+,+(#"%9&+(;8,(&,=(46,?,(%)(4#4,"7(=86?8(;%(;8,6"
6&6;6#:(49OO:,<,&;(",#+X(]-&M6'6>:,(6+6%;F]
*R6';6&$(4"%$"#<'(#",(%&:D(<#"$6&#::D(?%<4,;,&;(,M,&(%&
<#;;,"'(%)(;86'(&%;(M,"D(86$8(+,$",,(%)('9>;:,;DF(-;(=%9:+(>,
)%::D(;%(,&;"9';(<#`%"(+,?6'6%&'(;%(?%<49;,"'(#;(%9"(4",',&;
:,M,:(%)(+,M,:%4<,&;N&%;(>,?#9',(;8,(?%<49;,"'(#",(&%;
6&;,::6$,&;(;%(#(+,$",,7(>9;(>,?#9',7(6&(;8,(?#',(%)(<%';
?%<4:,R(4"%>:,<'7(;8,D(=6::(&%;(8#M,(>,,&($6M,&(#::(",:,M#&;
6&)%"<#;6%&F(/8,(",:6#&?,(%&(?%<49;,"'(6&(+,;,"<6&6&$
C<,"6?#&(4%:6?D(#&+(<6:6;#"D(#?;6%&'(+9"6&$(;8,(J6,;&#<(=#"(6'
#&(,R?,::,&;(,R#<4:,(%)(;8,():#$"#&;(<6'9',(%)(;8,',(<#?86&,'F
P9;(6&(",#'%&#>:D(",';"6?;,+(?%&;,R;'(;8,(89<#&(9',(%)(#";6)6?6#:
6&;,::6$,&?,(',,<'(;%(>,(%&,(%)(;8,(;=%(4"#?;6?#>:,(<#`%"
#+M#&?,'(6&(89<#&(6&;,::6$,&?,(#M#6:#>:,(6&(;8,(&,#"()9;9",F
^/8,(%;8,"(6'(,&"6?8<,&;(%)(;8,(4",'?8%%:(#&+('?8%%:(:,#"&6&$
,&M6"%&<,&;'(%)(?86:+",&F_

TcZ
/8%',(=8%(8#M,(&%;($"%=&(94(=6;8(?%<49;,"'($,&,"#::D()6&+
;8,<(<%",()"6$8;,&6&$(;8#&(;8%',(=8%(8#M,F(/8,(:,$,&+#"D
<#&6?(?%<49;,"(>6::,"(=8%(=6::(&%;(;#5,(&%N%"(,M,&(D,'N)%"(#&
#&'=,"7(#&+(=8%(?#&(>,('#;6')6,+(%&:D(>D(",?,6M6&$(#(?8,?5()%"
O,"%(+%::#"'(#&+(O,"%(?,&;'(6'(&%;(;%(>,(?%&'6+,",+
",4",',&;#;6M,(%)(;8,(,&;6",(;"6>,S(6;(6'(#(),,>:,N<6&+,+
?%<49;,"(;%(>,$6&(=6;87(#&+(6;'(<6';#5,'(#",(;8%',(%)(6;'(89<#&
4"%$"#<<,"'F(/8,($"%=6&$(9',(6&(.%";8(C<,"6?#(%)(6&;,$"#;,+
?6"?96;'(#&+('<#::(?%<49;,"'()%"(#6"?"#);('#),;D7(;,#?86&$
<#?86&,'7(?#"+6#?(4#?,<#5,"'7(,:,?;"%&6?($#<,'7
'<%5,N#?;9#;,+()6",(#:#"<'(#&+(#9;%<#;,+()#?;%"6,'7(;%(&#<,
%&:D(#(),=(9','7(8#'(8,:4,+($",#;:D(;%(",+9?,(;8,(',&',(%)
';"#&$,&,''(=6;8(=86?8('%(&%M,:(#&(6&M,&;6%&(6'(9'9#::D
6&M,';,+F(/8,",(#",('%<,(YWW7WWW(+6$6;#:(?%<49;,"'(6&(;8,
=%":+(;%+#DS(6&(#&%;8,"(+,?#+,7(;8,",(#",(:65,:D(;%(>,(;,&'(%)
<6::6%&'F(-&(#&%;8,"($,&,"#;6%&7(-(;86&5(;8#;(?%<49;,"'(=6::(>,
;",#;,+(#'(#(4,"),?;:D(&#;9"#:N%"(#;(:,#';(?%<<%&4:#?,N#'4,?;
%)(%9"(:6M,'F

3%&'6+,"7()%"(,R#<4:,7(;8,(+,M,:%4<,&;(%)('<#::7(4%?5,;
?%<49;,"'F(-(8#M,(6&(<D(:#>%"#;%"D(#(+,'5N'6O,+(?%<49;,"
49"?8#',+(=6;8(#(",',#"?8($"#&;(6&(;8,(:#;,(TZfW'()%"(vc7ZWWF(-
#:'%(8#M,(#&%;8,"(4"%+9?;(%)(;8,('#<,(<#&9)#?;9","7(#
?%<49;,"(;8#;()6;'(6&;%(;8,(4#:<(%)(<D(8#&+7(=86?8(=#'
49"?8#',+(6&(TZabF(/8,(&,=(?%<49;,"(+%,'(,M,"D;86&$(;8#;(;8,
%:+(?%<49;,"(+6+7(6&?:9+6&$(4"%$"#<<6&$(?#4#>6:6;D(#&+(',M,"#:
#++",''#>:,(<,<%"6,'F(P9;(6;(?%';(vTcb7(#&+(6'($,;;6&$(?8,#4,"
#;(#(>",#;8;#56&$("#;,F(/8#;(",4",',&;'(E96;,(#('4,?;#?9:#"
#+M#&?,7(>%;8(6&(<6&6#;9"6O#;6%&(#&+(6&(?%';(",+9?;6%&7(6&(#
4,"6%+(%)('6R(%"(',M,&(D,#"'F(-&()#?;7(;8,(4",',&;(:6<6;(%&(;8,
'6O,(%)(8#&+N8,:+(?%<49;,"'(6'(;8,(",E96",<,&;(;8#;(;8,(>9;;%&'
>,(:#"$,(,&%9$8()%"(%9"('%<,=8#;($"%''(#&+(?:9<'D(89<#&
)6&$,"'(;%(4",''F(1;8,"=6',7('9?8(?%<49;,"'(?%9:+(,#'6:D(>,
>96:;(&%(:#"$,"(;8#&(<D()6&$,"&#6:F(-&+,,+7(*.-C37(;8,()6"';(:#"$,
,:,?;"%&6?(+6$6;#:(?%<49;,"7(?%&';"9?;,+(6&(TZcf7(?%&;#6&,+
Th7WWW(M#?99<(;9>,'(#&+(%??946,+(#(:#"$,("%%<F(/8,('#<,
?%<49;#;6%&#:(#>6:6;D(",'6+,'(;%+#D(6&(#('6:6?%&(?864
<6?"%?%<49;,"(;8,('6O,(%)(;8,('<#::,';(`%6&;(%)(<D(:6;;:,()6&$,"F

TbW
/8,('4,,+(%)(;"#&'<6''6%&(%)(6&)%"<#;6%&(6&(;8,(?6"?96;"D(%)
'9?8(?%<49;,"'(6'(;8,(M,:%?6;D(%)(:6$8;F(H9<#&(&,9"#:
;"#&'<6''6%&(6'(%&,(<6::6%&(;6<,'(':%=,"F(/8#;(6&(&%&#"6;8<,;6?
%4,"#;6%&'(;8,('<#::(#&+(':%=(89<#&(>"#6&(?#&(';6::(+%('%(<9?8
>,;;,"(;8#&(;8,(:#"$,(#&+()#';(,:,?;"%&6?(?%<49;,"(6'(#&
6<4",''6M,(;"6>9;,(;%(8%=(?:,M,":D(;8,(>"#6&(6'(4#?5#$,+(#&+
4"%$"#<<,+(N),#;9",'(>"%9$8;(#>%9;7(%)(?%9"',7(>D(&#;9"#:
',:,?;6%&F(/8%',(=8%(4%'','',+(4%%":D(4"%$"#<<,+(>"#6&'
,M,&;9#::D(+6+(&%;(:6M,(:%&$(,&%9$8(;%(",4"%+9?,F

3%<49;,"($"#486?'(8#M,(&%=(",#?8,+(#(';#;,(%)('%486';6?#;6%&
;8#;(4,"<6;'(6<4%";#&;(#&+(&%M,:(56&+'(%)(:,#"&6&$(,R4,"6,&?,'
6&(#";'(#&+('?6,&?,'7(#&+(6&(>%;8(?,",>"#:(8,<6'48,",'F(/8,",
#",(6&+6M6+9#:'7(<#&D(%)(;8,<(#&#:D;6?#::D(,R;",<,:D($6);,+7(=8%
#",(6<4%M,"6'8,+(6&(;8,6"(#>6:6;6,'(;%(4,"?,6M,(#&+(6<#$6&,
'4#;6#:(",:#;6%&'7(4#";6?9:#":D(;8",,N+6<,&'6%&#:($,%<,;"DF(U,
&%=(8#M,(?%<49;,"(4"%$"#<'(;8#;(?#&($"#+9#::D(>96:+(94
?%<4:,R($,%<,;"6?#:()%"<'(>,)%",(%9"(,D,'(#&+("%;#;,(;8,<(%&
#(;,:,M6'6%&('?",,&(?%&&,?;,+(;%(;8,(?%<49;,"F

C;(3%"&,::(2&6M,"'6;D7('9?8(#('D';,<(8#'(>,,&(+,'6$&,+(>D
!%&#:+(e",,&>,"$(%)(;8,(L?8%%:(%)(C"?86;,?;9",F(U6;8(;86'
'D';,<(6;(6'(4%''6>:,(;%(+"#=(#(',;(%)(",$9:#":D('4#?,+(:6&,'
=86?8(;8,(?%<49;,"(6&;,"4",;'(#'(?%&;%9"(6&;,"M#:'F(/8,&7(>D
;%9?86&$(%9"(:6$8;(4,&(;%(#&D(%)(#(&9<>,"(%)(4%''6>:,
6&';"9?;6%&'(%&(;8,('?",,&7(=,(?%<<#&+(;8,(?%&';"9?;6%&(%)
,:#>%"#;,(;8",,N+6<,&'6%&#:(6<#$,'(=86?8(?#&(>,(<#+,(:#"$,"
%"('<#::,"7(';",;?8,+(6&(#($6M,&(+6",?;6%&7("%;#;,+7(`%6&,+(;%
%;8,"(%>`,?;'(%"(8#M,(+,'6$&#;,+(4#";'(,R?6',+F(^L,,()6$9",'(%&
44F(YYfNYYaF_(/86'(6'(#&(,R;"#%"+6&#"D(;%%:()%"(6<4"%M6&$(%9"
#>6:6;D(;%(M6'9#:6O,(;8",,N+6<,&'6%&#:()%"<'N#('56::(,R;",<,:D
9',)9:(6&($"#486?(#";'7(6&('?6,&?,(#&+(6&(;,?8&%:%$DF(-;(#:'%
",4",',&;'(#&(,R?,::,&;(,R#<4:,(%)(?%%4,"#;6%&(>,;=,,&(;8,
;=%(?,",>"#:(8,<6'48,",'X(;8,(?%<49;,"7(=86?8(6'(#('94",<,
?%&';"9?;6%&(%)(;8,(:,);(8,<6'48,",7(;,#?8,'(9'(4#;;,"&
",?%$&6;6%&7(=86?8(6'(#(?8#"#?;,"6';6?()9&?;6%&(%)(;8,("6$8;
8,<6'48,",F

/8,",(#",(%;8,"(?%<49;,"(4"%$"#<'(;8#;(,R86>6;(;=%N#&+
;8",,N+6<,&'6%&#:(4"%`,?;6%&'(%)()%9"N+6<,&'6%&#:(%>`,?;'F(C'

TbT
;8,()%9"N+6<,&'6%&#:(%>`,?;'(;9"&7(%"(%9"(4,"'4,?;6M,(?8#&$,'7
&%;(%&:D(+%(=,(',,(&,=(4#";'(%)(;8,()%9"N+6<,&'6%&#:(%>`,?;'S
=,(#:'%(',,<(;%(',,(;8,('D&;8,'6'(#&+(+,';"9?;6%&(%)(,&;6",
$,%<,;"6?#:('9>9&6;'F(/8,(,)),?;(6'(,,"6,(#&+(6&';"9?;6M,(#&+
8,:4'(;%(<#5,()%9"N+6<,&'6%&#:($,%<,;"D(<9?8(:,''
<D';,"6%9'S(=,(#",(&%;(&,#":D('%(>#)):,+(#'(-(6<#$6&,(#(<D;86?#:
;=%N+6<,&'6%&#:(?",#;9",(=%9:+(>,(%&(,&?%9&;,"6&$(;8,(;D46?#:
4"%`,?;6%&(^;=%('E9#",'(=6;8(;8,(?%"&,"'(?%&&,?;,+_(%)(#
;8",,N+6<,&'6%&#:(?9>,(%&(#():#;('9")#?,F(/8,(?:#''6?#:(#";6';6?
4"%>:,<(%)(4,"'4,?;6M,N;8,(4"%`,?;6%&(%)(;8",,N+6<,&'6%&#:
%>`,?;'(%&;%(;=%N+6<,&'6%&#:(?#&M#','N6'(,&%"<%9':D(?:#"6)6,+
>D(?%<49;,"($"#486?'S(;8,(?%<49;,"(6'(%>M6%9':D(#:'%(#(<#`%"
;%%:(6&(;8,(E96;,(4"#?;6?#:(4"%>:,<(%)(46?;9"6&$(#&(#"?86;,?;g'
+,'6$&(%)(#(>96:+6&$7(<#+,(6&(;=%(+6<,&'6%&'7()"%<(#::(M#&;#$,
4%6&;'(6&(;8",,(+6<,&'6%&'F

3%<49;,"($"#486?'(#",(&%=(>,6&$(,R;,&+,+(6&;%(;8,(#",#(%)
4:#DF(/8,",(6'(#(4%49:#"($#<,7('%<,;6<,'(?#::,+(A%&$7(=86?8
'6<9:#;,'(%&(#(;,:,M6'6%&('?",,&(#(4,"),?;:D(,:#';6?(>#::
>%9&?6&$(>,;=,,&(;=%('9")#?,'F(*#?8(4:#D,"(6'($6M,&(#(+6#:(;8#;
4,"<6;'(86<(;%(6&;,"?,4;(;8,(>#::(=6;8(#(<%M#>:,(]"#?5,;F](A%6&;'
#",('?%",+(6)(;8,(<%;6%&(%)(;8,(>#::(6'(&%;(6&;,"?,4;,+(>D(;8,
"#?5,;F(/8,($#<,(6'(M,"D(6&;,",';6&$F(/8,",(6'(#(?:,#"(:,#"&6&$
,R4,"6,&?,(6&M%:M,+(=86?8(+,4,&+'(,R?:9'6M,:D(%&(.,=;%&g'
',?%&+(:#=()%"(:6&,#"(<%;6%&F(C'(#(",'9:;(%)(A%&$7(;8,(4:#D,"
?#&($#6&(#(+,,4(6&;96;6M,(9&+,"';#&+6&$(%)(;8,('6<4:,';
.,=;%&6#&(48D'6?'N#(>,;;,"(9&+,"';#&+6&$(,M,&(;8#&(;8#;
4"%M6+,+(>D(>6::6#"+'7(=8,",(;8,(?%::6'6%&'(#",()#"()"%<
4,"),?;:D(,:#';6?(#&+(=8,",(;8,('46&&6&$(%)(;8,(4%%:(>#::'
6&;,"4%','(<%",(?%<4:6?#;,+(48D'6?'F

/86'('%";(%)(6&)%"<#;6%&($#;8,"6&$(6'(4",?6',:D(=8#;(=,(?#::
4:#DF(C&+(;8,(6<4%";#&;()9&?;6%&(%)(4:#D(6'(;89'(",M,#:,+X(6;
4,"<6;'(9'(;%($#6&7(=6;8%9;(#&D(4#";6?9:#"()9;9",(#44:6?#;6%&(6&
<6&+7(#(8%:6';6?(9&+,"';#&+6&$(%)(;8,(=%":+7(=86?8(6'(>%;8(#
?%<4:,<,&;(%)(#&+(#(4",4#"#;6%&()%"(:#;,"(#&#:D;6?#:(#?;6M6;6,'F
P9;(?%<49;,"'(4,"<6;(4:#D(6&(,&M6"%&<,&;'(%;8,"=6',(;%;#::D
6&#??,''6>:,(;%(;8,(#M,"#$,(';9+,&;F

TbY
C(';6::(<%",(6&;,",';6&$(,R#<4:,(6'(4"%M6+,+(>D(;8,($#<,(L4#?,
U#"7(=8%',(+,M,:%4<,&;(#&+(+,:6$8;'(8#M,(>,,&(?8"%&6?:,+(>D
L;9#";(P"#&+F(-&(L4#?,(U#"7(,#?8('6+,(?%&;"%:'(%&,(%"(<%",
]'4#?,(M,86?:,'](=86?8(?#&()6",(<6''6:,'(#;(;8,(%;8,"F(/8,
<%;6%&'(%)(>%;8(;8,('4#?,?"#);(#&+(;8,(<6''6:,'(#",($%M,"&,+
>D(?,";#6&("9:,'N)%"(,R#<4:,7(#&(6&M,"',('E9#",($"#M6;#;6%&#:
)6,:+(',;(94(>D(#(&,#">D(]4:#&,;F](/%(+,';"%D(;8,('4#?,'864(%)
D%9"(%44%&,&;(D%9(<9';(+,M,:%4(#&(9&+,"';#&+6&$(%)
.,=;%&6#&($"#M6;#;6%&(;8#;(6'('6<9:;#&,%9':D(6&;96;6M,(#&+
?%&?",;,F(/8%',(%)(9'(=8%(+%(&%;()",E9,&;:D(,&$#$,(6&
6&;,"4:#&,;#"D('4#?,():6$8;(+%(&%;(",#+6:D(,M%:M,(#
"6$8;N8,<6'48,",(?%<4",8,&'6%&(%)(.,=;%&6#&($"#M6;#;6%&F
L4#?,(U#"(?#&()6::(;8#;($#4F

/8,(;=%($#<,'7(A%&$(#&+(L4#?,(U#"7('9$$,';(#($"#+9#:
,:#>%"#;6%&(%)(?%<49;,"($"#486?'('%(;8#;(=,($#6&(#&
,R4,"6,&;6#:(#&+(6&;96;6M,(9&+,"';#&+6&$(%)(;8,(:#='(%)(48D'6?'F
/8,(:#='(%)(48D'6?'(#",(#:<%';(#:=#D'(';#;,+(6&(#&#:D;6?#:(#&+
#:$,>"#6?N;8#;(6'(;%('#D7(:,);N8,<6'48,",N;,"<'S()%"(,R#<4:,7
.,=;%&g'(',?%&+(:#=(6'(="6;;,&(Q(p(<(#7(#&+(;8,(6&M,"',('E9#",
:#=(%)($"#M6;#;6%&(#'(Q(p(e(G(<\"YF(/8,',(#&#:D;6?#:
",4",',&;#;6%&'(#",(,R;",<,:D(9',)9:7(#&+(6;(6'(?,";#6&:D
6&;,",';6&$(;8#;(;8,(9&6M,"',(6'(<#+,(6&('9?8(#(=#D(;8#;(;8,
<%;6%&(%)(%>`,?;'(?#&(>,(+,'?"6>,+(>D('9?8(",:#;6M,:D('6<4:,
:#='F(P9;(;8,',(:#='(#",(&%;86&$(<%",(;8#&(#>';"#?;6%&'()"%<
,R4,"6,&?,F(Q9&+#<,&;#::D(;8,D(#",(<&,<%&6?(+,M6?,'F(/8,D
4,"<6;(9'(;%(",<,<>,"(6&(#('6<4:,(=#D(#($",#;("#&$,(%)(?#','
;8#;(=%9:+(6&+6M6+9#::D(>,(<9?8(<%",(+6))6?9:;(;%(",<,<>,"N#;
:,#';(6&(;8,(',&',(%)(<,<%"D(#'(9&+,"';%%+(>D(;8,(:,);
8,<6'48,",F(3%<49;,"($"#486?'($6M,'(;8,(4"%'4,?;6M,(48D'6?#:
%"(>6%:%$6?#:('?6,&;6';(#(=6+,("#&$,(%)(,R4,"6,&?,(=6;8(;8,
?#','(86'(:#='(%)(&#;9",('9<<#"6O,S(>9;(6;'(<%';(6<4%";#&;
)9&?;6%&(<#D(>,(;%(4,"<6;(;8%',(=8%(#",(&%;('?6,&;6';'(;%($"#'4
6&(#&(6&;96;6M,(>9;(&,M,";8,:,''(+,,4(<#&&,"(=8#;(;8,(:#='(%)
&#;9",(#",(#>%9;F

/8,",(#",(<#&D(&%&N$"#486?#:(6&;,"#?;6M,(?%<49;,"(4"%$"#<'
=86?8(#",(,R;",<,:D(4%=,")9:(;,#?86&$(;%%:'F(/8,(4"%$"#<'(?#&
>,(+,M6',+(>D()6"';N"#;,(;,#?8,"'7(#&+(;8,(';9+,&;(8#'7(6&(#
?9"6%9'(',&',7(#(<9?8(<%",(4,"'%&#:7(%&,N;%N%&,(",:#;6%&'864

TbV
=6;8(;8,(;,#?8,"(;8#&(6&(;8,(9'9#:(?:#''"%%<(',;;6&$S(8,(<#D
#:'%(>,(#'(':%=(#'(8,(=6'8,'(=6;8%9;(),#"(%)(,<>#""#''<,&;F
!#";<%9;8(3%::,$,(,<4:%D'(?%<49;,"(:,#"&6&$(;,?8&6E9,'(6&(#
M,"D(>"%#+(#""#D(%)(?%9"','F(Q%"(,R#<4:,7(#(';9+,&;(?#&($#6&(#
+,,4(6&'6$8;(6&;%(;8,(';#;6';6?'(%)(G,&+,:6#&($,&,;6?'(6&(#&(8%9"
=6;8(;8,(?%<49;,"("#;8,"(;8#&('4,&+(#(D,#"(?"%''6&$()"96;():6,'
6&(;8,(:#>%"#;%"DF(C&%;8,"(';9+,&;(?#&(,R#<6&,(;8,(';#;6';6?#:
:65,:68%%+(%)(>,?%<6&$(4",$&#&;(=,",('8,(;%(9',(M#"6%9'(>6";8
?%&;"%:(<,;8%+'F(^/86'(4"%$"#<(8#'(>96:;(6&;%(6;(#
%&,N6&N;,&N>6::6%&(?8#&?,(%)(#(=%<#&g'(>,?%<6&$(4",$&#&;
=8,&(';"6?;:D(?,:6>#;,7(;%(#::%=()%"(?%&;6&$,&?6,'(>,D%&+
4",',&;(<,+6?#:(5&%=:,+$,F_

/8,(?%<49;,"(;,"<6&#:(6'(#(?%<<%&4:#?,(%&(;8,(!#";<%9;8
?#<49'F(C(M,"D(86$8(4"%4%";6%&(%)(!#";<%9;8(9&+,"$"#+9#;,'
:,#"&(&%;(%&:D(;%(9',('9?8(4"%$"#<'(>9;(#:'%(;%(="6;,(;8,6"(%=&F
-&;,"#?;6%&(=6;8(?%<49;,"'(6'(=6+,:D(M6,=,+(#'(<%",(:65,()9&
;8#&(:65,(=%"57(#&+(<#&D(?%::,$,'(#&+(9&6M,"'6;6,'(#",(6&(;8,
4"%?,''(%)(6<6;#;6&$(#&+(,R;,&+6&$(!#";<%9;8g'(4"#?;6?,F
!#";<%9;8g'(4",,<6&,&?,(6&(;86'(6&&%M#;6%&(6'(",:#;,+(;%(;8,
)#?;(;8#;(6;'(4",'6+,&;7(K%8&(eF([,<,&D7(6'(#(+6';6&$96'8,+
?%<49;,"('?6,&;6';(#&+(;8,(6&M,&;%"(%)(#(M,"D('6<4:,(?%<49;,"
:#&$9#$,(?#::,+(PCL-3F

/8,(B#=",&?,(H#::(%)(L?6,&?,(6'(#(56&+(%)(<9',9<(?%&&,?;,+
=6;8(;8,(2&6M,"'6;D(%)(3#:6)%"&6#(#;(P,"5,:,DF(-&(6;'(>#',<,&;(6'
#("#;8,"(<%+,';("%%<()6::,+(=6;8(#>%9;(#(+%O,&(6&,R4,&'6M,
?%<49;,"(;,"<6&#:'7(,#?8(8%%5,+(94(;%(#(;6<,N'8#"6&$
<6&6N?%<49;,"('D';,<(:%?#;,+(,:',=8,",(6&(;8,(>96:+6&$F
0,',"M#;6%&'()%"(#??,''(;%(;8,',(;,"<6&#:'(#",('%:+()%"(#
<%+,';(),,7(#&+(;8,D(<#D(>,(<#+,(94(;%(%&,(8%9"(6&(#+M#&?,F
/8,(?:6,&;,:,(6'(4",+%<6&#&;:D(D%9&$';,"'7(#&+(;8,(D%9&$,';
#",('9",:D(:,''(;8#&(;,&(D,#"'(%:+F(C(M,"D('6<4:,(6&;,"#?;6M,
4"%$"#<(#M#6:#>:,(;8,",(6'(;8,($#<,(H#&$<#&F(/%(4:#D
H#&$<#&(D%9(;D4,(%&(#()#6":D(%"+6&#"D(;D4,="6;,"(5,D>%#"+(;8,
?%<49;,"(?%+,(]l*oNvHC.eF](/8,(?%<49;,"(;8,&(;D4,'(%9;X

HC.eGC.
3C0*(Q10(/H*(02B*L@

Tbc
-)(D%9(;D4,(]I*L]7(;8,(<#?86&,(",4:6,'X

e2*LL(C(B*//*0(-.(/H*(U10!(-gG(/H-.[-.e(1QF

-Q(I12(C0*(0-eH/7(/H*.(-(U-BB(/*BB(I12F(P2/(-Q(I12
C0*(U01.e(^HC7(HC_(I12(U-BB(P*(3B1L*0(^L.-3[*07
L.-3[*0_(/1(!*C/H(PI(HC.e-.eq(/H*(U10!(HCL(*-eH/
B*//*0LF(I120(e2*LL(-L(F(F(F(@

B,;(9'('#D(D%9(;D4,(;8,(",'4%&',X(]*]F(/8,(?%<49;,"(;8,&
;D4,'X

NNNNNNN*

-)(D%9($9,''(="%&$7(;8,(?%<49;,"(;8,&(;D4,'(%9;(#&(,&$#$6&$
'6<9:#?"9<(^=6;86&(;8,(:6<6;#;6%&'(%)(;8,(?8#"#?;,"'(#M#6:#>:,(;%
6;_(%)(#(89<#&(8,#+F(C&+(6&(;8,(9'9#:(<#&&,"(%)(;8,($#<,(;8,",
6'(#("#?,(>,;=,,&(;8,($"#+9#::D(,<,"$6&$(=%"+(#&+(;8,
$"#+9#::D(,<,"$6&$()%"<(%)(#(89<#&(>,6&$(#>%9;(;%(>,(8#&$,+F
-&(;=%($#<,'(%)(H#&$<#&(-(",?,&;:D(=6;&,'',+7(;8,(?%"",?;
#&'=,"'(=,",(]JC0-CPB*](#&+(]/H12eH/]F(-)(D%9(=6&(;8,
$#<,(;8,(4"%$"#<N;"9,(;%(6;'(<9';#?8,N;=6":6&$(M6::#6&DN;D4,'
%9;(#(';"6&$(%)(&%&N:,;;,"(?8#"#?;,"'()"%<(;8,(;%4("%=(%)(;8,
;D4,="6;,"(5,D>%#"+(^9',+(6&(?%<6?(>%%5'(;%(6&+6?#;,(?9"','_
#&+(;8,&(4"6&;'X

0C/L7(I12(U-.
3C0*(Q10(C.1/H*0(3HC.3*(/1(!-*@

1;8,"(4"%$"#<'(#",(<%",(4%:6;,F(Q%"(,R#<4:,7(]l*oNv[-.e]
D6,:+'X

/H-L(-L(/H*(C.3-*./([-.e!1G(1Q(L2G*0-C7(C.!(I12
C0*(-/L(J*.*0C/*!(02B*0F(/H*(QC/*(1Q(L2G*0-Cg'
*31.1GI(C.!(1Q(I120(B1ICB(L2PK*3/L(-L(*./-0*BI(-.
I120(HC.!LF(I120(G-.-L/*07(HCGG20CP-7(U-BB(0*A10/
/1(I12(*C3H(I*C0(1.(A1A2BC/-1.(C.!(*31.1GIF
2L-.e(H-L(-.Q10GC/-1.(I12(G2L/(B*C0.(/1(CBB13C/*
0*L1203*L(Q10(I120([-.e!1G(U-L*BIF(L1G*1.*(-L
*./*0-.e(I120(312.3-B(3HCGP*0(F(F(F

Tbb
H#<<9"#>6(;8,&(4",',&;'(D%9(=6;8(",:,M#&;(';#;6';6?'(%&(;8,
&9<>,"(%)(#?",'(%=&,+(>D(;8,(?6;D7(8%=(<#&D(>9'8,:'(4,"(#?",
=,",(8#"M,';,+(:#';(D,#"7(8%=(<#&D(=,",(+,';"%D,+(>D("#;'7
8%=(<#&D(#",(&%=(6&(';%"#$,7(=8#;(;8,(4",',&;(4%49:#;6%&(6'7
8%=(<#&D(4,%4:,(+6,+(%)(';#"M#;6%&(:#';(D,#"7(#&+(8%=(<#&D
<6$"#;,+(;%(;8,
?6;DF(H,(>,$'(;%(6&)%"<(D%9(%)(;8,(?9"",&;(,R?8#&$,("#;,(%)(:#&+
)%"()%%+(#&+(E9,"6,'(8%=(<#&D(#?",'(D%9(=6'8(;%(>9DF(-)(D%9
#'5()%"(;%%(<9?87(;8,(4"%$"#<(4"6&;'X

HCGG20CP-X(AB*CL*(/H-.[(CeC-.F(I12(HCJ*(1.BI
/U*./IN*-eH/(H2.!0*!(P2LH*BL(-.(L/10*F

H#<<9"#>6(;9"&'(%9;(;%(>,(#&(,R;",<,:D(4#;6,&;(#&+(4%:6;,
e"#&+(J6O6,"F(C'(;8,(D,#"'():6?5,"(>D7(D%9($#6&(#(4%=,")9:
6<4",''6%&(;8#;(6;(<#D(>,(M,"D(+6))6?9:;7(#;(:,#';(6&(?,";#6&
<#"5,;(,?%&%<6,'7(;%(6&?",#',(>%;8(;8,(4%49:#;6%&(#&+
:#&+8%:+6&$'(%)(#(';#;,(=86:,(#M%6+6&$(4%M,";D(#&+(';#"M#;6%&F

C<%&$(;8,(<#&D(%;8,"(4"%$"#<'(#M#6:#>:,(6'(%&,(?#::,+(e"#&+
A"6R(0#?6&$(=86?8(4,"<6;'(D%9(;%(?8%%',()"%<(#<%&$(#("#&$,
%)(%44%&,&;'7("9&&6&$()"%<(#(G%+,:(/(Q%"+(;%(#(TZaV(Q,""#"6F(-)
D%9"('4,,+(%"(#??,:,"#;6%&(#",(;%%(:%=(#;(#44"%4"6#;,(4:#?,'(%&
;8,(;"#?57(D%9(:%',S(6)(;%%(86$87(D%9(?"#'8F(L6&?,(+6';#&?,'7
M,:%?6;6,'(#&+(#??,:,"#;6%&'(<9';(>,($6M,&(,R4:6?6;:D7(;8,",(6'
&%(=#D(;%(4:#D(;86'($#<,(=6;8%9;(:,#"&6&$('%<,(48D'6?'F(/8,
#""#D(%)(4%''6>:,(?%9"','(%)(?%<49;,"(6&;,"#?;6M,(:,#"&6&$(6'
:6<6;,+(%&:D(>D(;8,(6&$,&96;D(%)(;8,(4"%$"#<<,"'7(#&+(;8#;(6'(#
=,::(;8#;("9&'(M,"D(+,,4F

L6&?,(%9"('%?6,;D(6'('%(4"%)%9&+:D(6&):9,&?,+(>D('?6,&?,(#&+
;,?8&%:%$D7(=86?8(;8,(>9:5(%)(%9"(?6;6O,&'(9&+,"';#&+(4%%":D(%"
&%;(#;(#::7(;8,(=6+,'4",#+(#M#6:#>6:6;D(6&(>%;8('?8%%:'(#&+(8%<,'
%)(6&,R4,&'6M,(6&;,"#?;6M,(?%<49;,"()#?6:6;6,'(?%9:+(`9';
4%''6>:D(4:#D(#&(6<4%";#&;("%:,(6&(;8,(?%&;6&9#&?,(%)(%9"
?6M6:6O#;6%&F

/8,(%&:D(%>`,?;6%&(-(8#M,(,M,"(8,#"+(;%(;8,(=6+,'4",#+(9',(%)
4%?5,;(?#:?9:#;%"'(#&+('<#::(?%<49;,"'(6'(;8#;7(6)(6&;"%+9?,+(;%

Tbf
?86:+",&(;%%(,#":D7(;8,D(4",,<4;(;8,(:,#"&6&$(%)(#"6;8<,;6?7
;"6$%&%<,;"D(#&+(%;8,"(<#;8,<#;6?#:(;#'5'(;8#;(;8,(<#?86&,(6'
#>:,(;%(4,")%"<()#';,"(#&+(<%",(#??9"#;,:D(;8#&(;8,(';9+,&;F
/86'(+,>#;,(8#'(%??9"",+(>,)%",F

-&(A:#;%g'(A8#,+"9'N;8,('#<,(L%?"#;6?(+6#:%$9,(-(",),"",+(;%
,#":6,"()%"(6;'(<,;#48%"(%)(?8#"6%;7(?8#"6%;,,"(#&+(;=%
8%"','N;8,",(6'(#(:%M,:D(<D;8(#>%9;(;8,($%+(/8%;87(;8,
*$D4;6#&(,E96M#:,&;(%)(A"%<,;8,9'F(-&(;8,(;%&$9,(%)(#&?6,&;
*$D4;7(;8,(48"#',(;8#;(+,'6$&#;,'(="6;;,&(:#&$9#$,(<,#&'
:6;,"#::D(]/8,(L4,,?8(%)(;8,(e%+'F](/8%;8(6'(+6'?9''6&$(86'
6&M,&;6%&(d(%)(="6;6&$(=6;8(/8#<9'(^#:'%(?#::,+(C<<%&_7(#
$%+N56&$(=8%(",>95,'(86<(6&(;8,',(=%"+'X

/86'(+6'?%M,"D(%)(D%9"'(=6::(?",#;,()%"$,;)9:&,''(6&(;8,
:,#"&,"'g('%9:'7(>,?#9',(;8,D(=6::(&%;(9',(;8,6"(<,<%"6,'S(;8,D
=6::(;"9';(;%(;8,(,R;,"&#:(="6;;,&(?8#"#?;,"'(#&+(&%;(",<,<>,"
%)(;8,<',:M,'F(/8,('4,?6)6?(=86?8(D%9(8#M,(+6'?%M,",+(6'(#&
#6+(&%;(;%(<,<%"D7(>9;(;%(",<6&6'?,&?,7(#&+(D%9($6M,(D%9"
+6'?64:,'(&%;(;"9;87(>9;(%&:D(;8,(',<>:#&?,(%)(;"9;8S(;8,D(=6::(>,
8,#","'(%)(<#&D(;86&$'(#&+(=6::(8#M,(:,#"&,+(&%;86&$S(;8,D(=6::
#44,#"(;%(>,(%<&6'?6,&;(#&+(=6::($,&,"#::D(5&%=(&%;86&$S(;8,D
=6::(>,(;6",'%<,(?%<4#&D7(8#M6&$(;8,('8%=(%)(=6'+%<(=6;8%9;
6;'(",#:6;DF

d(C??%"+6&$(;%(;8,(0%<#&(86';%"6#&(/#?6;9'7(;8,(*$D4;6#&'
?:#6<,+(;%(8#M,(;#9$8;(;8,(#:48#>,;(;%(;8,(A8%,&6?6#&'7(]=8%7
?%&;"%::6&$(;8,(',#'7(6&;"%+9?,+(6;(;%(e",,?,(#&+(=,",(?",+6;,+
=6;8(6&M,&;6&$(=8#;(;8,D(8#+(",#::D(>%""%=,+F](C??%"+6&$(;%
:,$,&+7(;8,(#:48#>,;(#""6M,+(6&(e",,?,(=6;8(3#+<9'7(A"6&?,(%)
/D",7(',,56&$(86'('6';,"7(*9"%4#7(=8%(8#+(>,,&(';%:,&(#=#D(;%
;8,(6':#&+(%)(3",;,(>D(k,9'7(56&$(%)(;8,($%+'7(;,<4%"#"6:D
+6'$96',+(#'(#(>9::F(/%(4"%;,?;(*9"%4#()"%<(;8%',(=8%(=%9:+
';,#:(8,"(>#?5(;%(A8%,&6?6#7(k,9'(%"+,",+(#(>"%&O,("%>%;(<#+,
=86?87(=6;8(?:#&56&$(';,4'7(4#;"%::,+(3",;,(#&+(;9"&,+(>#?5(%"
'#&5(#::(#44"%#?86&$()%",6$&(M,'',:'F(3#+<9'7(8%=,M,"7(=#'
,:',=8,",Nw9&'9??,'')9::D(',,56&$(86'('6';,"(6&(e",,?,(=8,&
#(+"#$%&(+,M%9",+(#::(86'(<,&S(=8,",94%&(8,(':,=(;8,(+"#$%&

Tba
#&+7(6&(",'4%&',(;%(6&';"9?;6%&'()"%<(;8,($%++,''(C;8,&#7
'%=,+(;8,(+"#$%&g'(;,,;8(6&(;8,()9""%='(%)(#(4:%=,+()6,:+F(*#?8
;%%;8(>,?#<,(#(=#""6%"S(#&+(3#+<9'(#&+(86'(<,&(;%$,;8,"
)%9&+,+(/8,>,'7(;8,()6"';(?6M6:6O,+(e",,5(?6;D7(>,#"6&$(;8,('#<,
&#<,(#'(%&,(%)(;8,(;=%(?#46;#:(?6;6,'(%)(#&?6,&;(*$D4;F(-;(6'
?9"6%9'(;%()6&+(6&(;8,('#<,(:,$,&+#"D(#??%9&;(;8,(6&M,&;6%&(%)
="6;6&$7(;8,()%9&+6&$(%)(e",,5(?6M6:6O#;6%&7(;8,()6"';(5&%=&
",),",&?,(;%(#";6)6?6#:(6&;,::6$,&?,7(#&+(;8,(?%&;6&96&$(=#")#",
>,;=,,&(89<#&'(#&+(+"#$%&'F

-(#<('9",(;8,",(6'('%<,(;"9;8(;%(/8#<9'g(?%<4:#6&;F(-&(%9"
<%+,"&(=%":+7(6::6;,"#;,'(8#M,(#(+6)),",&;(',&',(%)(+6",?;6%&7(#
+6)),",&;(',&',(%)(',:)N",:6#&?,7(#&+(#(+6)),",&;(',&',(%)(",#:6;DF
P9;(>,)%",(;8,(6&M,&;6%&(%)(="6;6&$7(89<#&(5&%=:,+$,(=#'
",';"6?;,+(;%(=8#;(%&,(4,"'%&(%"(#('<#::($"%94(?%9:+(",<,<>,"F
1??#'6%&#::D7(#'(=6;8(;8,(J,+#'(#&+(;8,(;=%($",#;(,46?(4%,<'
%)(H%<,"7(#('9>';#&;6#:(>%+D(%)(6&)%"<#;6%&(?%9:+(>,(4",',"M,+F
P9;(;8,",(=,",7('%()#"(#'(=,(5&%=7(),=(H%<,"'F(C);,"(;8,
6&M,&;6%&(%)(="6;6&$7(6;(=#'(4%''6>:,(;%(?%::,?;7(6&;,$"#;,(#&+
9;6:6O,(;8,(#??9<9:#;,+(=6'+%<(%)(#::(;6<,'(#&+(4,%4:,'S
89<#&'(=,",(&%(:%&$,"(",';"6?;,+(;%(=8#;(;8,D(#&+(;8,6"
6<<,+6#;,(#?E9#6&;#&?,'(?%9:+(",<,<>,"F(B6;,"#?D($6M,'(9'
#??,''(;%(;8,($",#;,';(#&+(<%';(6&):9,&;6#:(<6&+'(6&(86';%"DX
L%?"#;,'7('#D7(%"(.,=;%&(8#M,(8#+(#9+6,&?,'(M#';:D(:#"$,"(;8#&
;8,(;%;#:(&9<>,"(%)(4,%4:,(,6;8,"(<,;(6&(86'(=8%:,(:6),;6<,F(/8,
",4,#;,+(",&+,"6&$(%)(#&(%"#:(;"#+6;6%&(%M,"(<#&D($,&,"#;6%&'
6&,M6;#>:D(:,#+'(;%(,""%"'
6&(;"#&'<6''6%&(#&+(;8,($"#+9#:(:%''(%)(;8,(%"6$6&#:(?%&;,&;7(#
+,$"#+#;6%&(%)(6&)%"<#;6%&(;8#;(%??9"'()#"(<%",(':%=:D(=6;8(;8,
'9??,''6M,(",4"6&;6&$(%)(="6;;,&(#??%9&;'F

P%%5'(#",(",#+6:D(';%",+F(U,(?#&(",#+(;8,<(#;(%9"(%=&(4#?,
=6;8%9;(+6';9">6&$(%;8,"'F(U,(?#&($%(>#?5(;%(;8,(8#"+(4#";'7(%"
+,:6$8;(%&?,(#$#6&(6&(;8,(4#";6?9:#":D(,&`%D#>:,(4#";'F(/8,D(#",
<#''N4"%+9?,+(#;(",:#;6M,:D(:%=(?%';F(C&+(",#+6&$(6;',:)(6'(#&
#<#O6&$(#?;6M6;DX(I%9($:#&?,(#;(#(;86&7():#;(%>`,?;(<#+,()"%<(#
;",,7(#'(D%9(#",(+%6&$(#;(;86'(<%<,&;7(#&+(;8,(M%6?,(%)(;8,
#9;8%"(>,$6&'(;%('4,#5(6&'6+,(D%9"(8,#+F(^H,::%q_(/8,
6<4"%M,<,&;(6&(89<#&(5&%=:,+$,(#&+('9"M6M#:(4%;,&;6#:

Tbh
)%::%=6&$(;8,(6&M,&;6%&(%)(="6;6&$(=#'(6<<,&',F(^/8,",(=#'
#:'%(#&(6<4"%M,<,&;(6&(',:)N",:6#&?,X(-;(6'(4%''6>:,(;%(:,#"&(#;
:,#';(;8,("9+6<,&;'(%)(#&(#";(%"(#('?6,&?,()"%<(#(>%%5(#&+(&%;
>,(+,4,&+,&;(%&(;8,(:9?5D(#??6+,&;(;8#;(;8,",(6'(#(&,#">D
<#';,"(?"#);'<#&(;%(=8%<(=,(<#D(#44",&;6?,(%9"',:M,'F_

U8,&(#::(6'('#6+(#&+(+%&,7(;8,(6&M,&;6%&(%)(="6;6&$(<9';(>,
",?5%&,+(&%;(%&:D(#'(#(>"6::6#&;(6&&%M#;6%&(>9;(#'(#('9"4#''6&$
$%%+()%"(89<#&6;DF(C&+(#''9<6&$(;8#;(=,('9"M6M,(:%&$(,&%9$8
;%(9',(;8,6"(6&M,&;6%&'(=6',:D7(-(>,:6,M,(;8,('#<,(=6::(>,('#6+(%)
;8,(<%+,"&(/8%;8'(#&+(A"%<,;8,9','(=8%(#",(;%+#D(+,M6'6&$
?%<49;,"'(#&+(4"%$"#<'(#;(;8,(,+$,(%)(<#?86&,(6&;,::6$,&?,F
/8,(&,R;(<#`%"(';"9?;9"#:(+,M,:%4<,&;(6&(89<#&(6&;,::6$,&?,(6'
:65,:D(;%(>,(#(4#";&,"'864(>,;=,,&(6&;,::6$,&;(89<#&'(#&+
6&;,::6$,&;(<#?86&,'F

Z
[.1UB*!e*(-L(120(!*L/-.IX
/*00*L/0-CB(C.!(*l/0C/*00*L/0-CB(-./*BB-e*.3*

/8,('6:,&;(8%9"'(';,#:(%&(FFF
UGF(LHC[*LA*C0*([6&$(06?8#"+(---

/8,(E9,';6%&(%)(#::(E9,';6%&'()%"(89<#&6;D7(;8,(4"%>:,<(=86?8
:6,'(>,86&+(#::(%;8,"'(#&+(6'(<%",(6&;,",';6&$(;8#&(#&D(%)(;8,<
6'(;8#;(%)(;8,(+,;,"<6&#;6%&(%)(<#&g'(4:#?,(6&(.#;9",(#&+(86'
",:#;6%&(;%(;8,(3%'<%'F(U8,&?,(%9"("#?,(?#<,7(=8#;('%";'(%)
:6<6;'(#",(',;(;%(%9"(4%=,"(%M,"(.#;9",(#&+(;%(.#;9",g'(4%=,"
%M,"(9'7(;%(=8#;($%#:(=,(#",(';"6M6&$7(#",(;8,(4"%>:,<'(=86?8
4",',&;(;8,<',:M,'(#)",'87(=6;8(9&+6<6&6'8,+(6&;,",';7(;%(,M,"D
89<#&(>,6&$(>%"&(%&(,#";8F
/F(HF(H2lB*I7(ThfV

C.!('%(#;(:#';(-(",;9"&(;%(%&,(%)(;8,(E9,';6%&'(=6;8(=86?8(-
';#";,+X(;8,(',#"?8()%"(,R;"#;,"",';"6#:(6&;,::6$,&?,F(U86:,(;8,
'9$$,';6%&(6'('%<,;6<,'(<#+,(;8#;(;8,(4",),"",+(?8#&&,:(%)

TbZ
6&;,"';,::#"(+6'?%9"',(=6::(>,(;,:,4#;86?7(;86'(',,<'(;%(<,(#;
>,';(#(4:#D)9:(&%;6%&F(C;(#&D("#;,7(;8,",(6'(&%;(;8,()#6&;,';
,M6+,&?,(6&('944%";(%)(6;S(#&+(-(8#M,(D,;(;%(',,(,M,&(<%+,"#;,:D
?%&M6&?6&$(,M6+,&?,()%"(;,:,4#;86?(;"#&'<6''6%&(%&(;86'(4:#&,;F
U,(#",(&%;(D,;(?#4#>:,(%)('6$&6)6?#&;(6&;,"';,::#"('4#?,():6$8;7
#:;8%9$8('%<,(%;8,"(<%",(#+M#&?,+(?6M6:6O#;6%&(<6$8;(>,F
!,'46;,(#::(;8,(;#:5(%)(9&6+,&;6)6,+():D6&$(%>`,?;'(#&+(#&?6,&;
#';"%&#9;'7(;8,",(6'(&%(',"6%9'(,M6+,&?,(;8#;(=,(8#M,(>,,&(%"
#",(>,6&$(M6'6;,+F

/8#;7(;8,&7(:,#M,'(<#?86&,'F(3%<<9&6?#;6%&(=6;8
,R;"#;,"",';"6#:(6&;,::6$,&?,(<#D(,<4:%D(;8,(,:,?;"%<#$&,;6?
'4,?;"9<7(#&+(<%';(:65,:D(;8,("#+6%(4#";(%)(;8,('4,?;"9<S(%"(6;
<6$8;(,<4:%D($"#M6;D(=#M,'7(&,9;"6&%'7(`9';(?%&?,6M#>:D
;#?8D%&'(^6)(;8,D(,R6';_7(%"('%<,(&,=(#'4,?;(%)(48D'6?'(;8#;(=6::
&%;(>,(+6'?%M,",+()%"(#&%;8,"(;8",,(?,&;9"6,'F(P9;(=8#;,M,"(;8,
?8#&&,:7(6;(=6::(",E96",(<#?86&,'(;%(9',7(#&+(6)(%9"(,R4,"6,&?,
6&("#+6%#';"%&%<D(6'(#&D($96+,7(?%<49;,"N#?;9#;,+(<#?86&,'
=6;8(#>6:6;6,'(#44"%#?86&$(=8#;(=,(<6$8;(?#::(6&;,::6$,&?,F(/%
"9&(;8"%9$8(<#&D(+#D'g(=%";8(%)(+#;#(%&(T7WWh(+6)),",&;
)",E9,&?6,'7(=8,",(;8,(6&)%"<#;6%&(<#D(M#"D(,M,"D(),=
',?%&+'(%"()#';,"7(?#&&%;(>,(+%&,(=,::(>D(M6'9#::D('?#&&6&$(;8,
",?%"+'F(-;(",E96",'(#9;%?%"",:#;6%&(;,?8&6E9,'(#&+(:#"$,
,:,?;"%&6?(?%<49;,"'F(C&+(;86'('6;9#;6%&7(=86?8(#44:6,'(;%
%>',"M#;6%&'(;8#;(Q"#&5(!"#5,(%)(3%"&,::(#&+(-(8#M,(",?,&;:D
4,")%"<,+(#;(;8,(C",?6>%(1>',"M#;%"D7(?#&(%&:D(>,?%<,(<%",
?%<4:,RN;8#;(6'7(<%",(+,4,&+,&;(%&(?%<49;,"'N=6;8(;8,
:6';,&6&$(+,M6?,'(:65,:D(;%(>,(,<4:%D,+(6&(;8,(&,#"()9;9",F(U,
?#&(+,'6$&(",?,6M6&$(#&+(;"#&'<6;;6&$(4"%$"#<'(%)(6<<,&',
?%<4:,R6;DF(-)(=,(#",(:9?5D(=,(=6::(,<4:%D(';"#;#$,<'(%)($",#;
?:,M,"&,''(#&+(,:,$#&?,F(P9;(=,(?#&&%;(#M%6+(9;6:6O6&$(;8,
",<#"5#>:,(?#4#>6:6;6,'(%)(<#?86&,(6&;,::6$,&?,(6)(=,(=6'8(;%
',#"?8()%"(,R;"#;,"",';"6#:(6&;,::6$,&?,F

/8,(&9<>,"(%)(#+M#&?,+(?6M6:6O#;6%&'(6&(;8,(G6:5D(U#D(e#:#RD
;%+#D(+,4,&+'(%&(<#&D()#?;%"'7("#&$6&$()"%<(;8,(&9<>,"(%)
4:#&,;'(4,"(';#"(;%(;8,(:65,:68%%+(%)(;8,(%"6$6&(%)(:6),F(P9;(%&?,
:6),(8#'(';#";,+(6&(#(",:#;6M,:D(>,&6$&(,&M6"%&<,&;(#&+(>6::6%&'
%)(D,#"'(%)(,M%:9;6%&#"D(;6<,(#",(#M#6:#>:,7(;8,(,R4,?;#;6%&(%)
<#&D(%)(9'(6'(;8#;(6&;,::6$,&;(>,6&$'(=%9:+(+,M,:%4F(/8,

TfW
,M%:9;6%&#"D(4#;8(=%9:+7(%)(?%9"',7(>,(+6)),",&;()"%<(;8#;(;#5,&
%&(*#";8F(/8,(4",?6',(',E9,&?,(%)(,M,&;'(;8#;(8#M,(;#5,&(4:#?,
8,",N6&?:9+6&$(;8,(,R;6&?;6%&(%)(;8,(+6&%'#9"'(#&+(;8,
",?,''6%&(%)(;8,(A:6%?,&,(#&+(A:,6';%?,&,()%",';'N8#M,
4"%>#>:D(&%;(%??9"",+(6&(4",?6',:D(;8,('#<,(=#D(#&D=8,",(,:',
6&(;8,(,&;6",(9&6M,"',F(P9;(;8,",('8%9:+(>,(<#&D()9&?;6%&#::D
,E96M#:,&;(4#;8=#D'(;%(#('6<6:#"(,&+(",'9:;F(/8,(,&;6",
,M%:9;6%&#"D(",?%"+(%&(%9"(4:#&,;7(4#";6?9:#":D(;8,(",?%"+
?%&;#6&,+(6&()%''6:(,&+%?#';'7(6::9';"#;,'(#(4"%$",''6M,(;,&+,&?D
;%=#"+(6&;,::6$,&?,F(/8,",(6'(&%;86&$(<D';,"6%9'(#>%9;(;86'X
'<#";(%"$#&6'<'(>D(#&+(:#"$,('9"M6M,(>,;;,"(#&+(:,#M,(<%",
%))'4"6&$(;8#&(';946+(%&,'F(/8,(+,;#6:'(=6::(?,";#6&:D(+,4,&+(%&
?6"?9<';#&?,'7(#'7()%"(,R#<4:,7(6)(&%&89<#&(4"6<#;,'(=6;8
:#&$9#$,(8#M,(>,,&(,R;,"<6&#;,+(>D(89<#&'7(=86:,(':6$8;:D(:,''
?%<<9&6?#;6M,(#4,'(=,",(6$&%",+(>D(%9"(#&?,';%"'F(P9;(;8,
$,&,"#:(;",&+(',,<'(E96;,(?:,#"(#&+('8%9:+(#44:D(;%(;8,
,M%:9;6%&(%)(6&;,::6$,&;(:6),(,:',=8,",F(1&?,(6&;,::6$,&;(>,6&$'
#?86,M,(;,?8&%:%$D(#&+(;8,(?#4#?6;D()%"(',:)N+,';"9?;6%&(%)
;8,6"('4,?6,'7(;8,(',:,?;6M,(#+M#&;#$,(%)(6&;,::6$,&?,(>,?%<,'
<%",(9&?,";#6&(F

C&+(=8#;(6)(=,(",?,6M,(#(<,''#$,@(-'(;8,",(#&D(",#'%&(;%(;86&5
;8#;(;8,(;"#&'<6;;6&$(>,6&$'N,M%:M,+(%M,"(>6::6%&'(%)(D,#"'(%)
$,%:%$6?#:(;6<,(6&(#&(,&M6"%&<,&;(M#';:D(+6)),",&;()"%<(%9"
%=&N=%9:+(>,('9))6?6,&;:D('6<6:#"(;%(9'()%"(;8,6"(<,''#$,'(;%
>,(9&+,"';%%+@(-(;86&5(;8,(#&'=,"(<9';(>,(D,'F(C(?6M6:6O#;6%&
;"#&'<6;;6&$("#+6%(<,''#$,'(<9';(#;(:,#';(5&%=(#>%9;("#+6%F
/8,()",E9,&?D7(;6<,(?%&';#&;7(#&+(>#&+4#''(%)(;8,(<,''#$,(#",
?%<<%&(;%(;"#&'<6;;6&$(#&+(",?,6M6&$(?6M6:6O#;6%&'F(/8,
'6;9#;6%&(<#D(>,(#(:6;;:,(:65,(;8#;(%)(#<#;,9"(%"(8#<("#+6%
%4,"#;%"'F(*R?,4;()%"(%??#'6%&#:
,<,"$,&?6,'7(;8,6"(?%&M,"'#;6%&'(',,<(#:<%';(,R?:9'6M,:D
?%&?,"&,+(=6;8(;8,(<,?8#&6?'(%)(;8,6"(6&';"9<,&;'X(6;(6'(;8,(%&,
#'4,?;(%)(;8,6"(:6M,'(;8,D(#",(?,";#6&(;%(8#M,(6&(?%<<%&F

P9;(-(;86&5(;8,('6;9#;6%&(6'()#"(<%",(8%4,)9:(;8#&(;86'F(U,(5&%=
;8#;(;8,(:#='(%)(&#;9",N%"(#;(:,#';(<#&D(%)(;8,<N#",(;8,('#<,
,M,"D=8,",F(U,(?#&(+,;,?;(>D('4,?;"%'?%4D(;8,('#<,(?8,<6?#:
,:,<,&;'7(;8,('#<,(?%<<%&(<%:,?9:,'(%&(%;8,"(4:#&,;'7(';#"'
#&+($#:#R6,'S(#&+(;8,()#?;(;8#;(;8,('4,?;"#(#",(;8,('#<,('8%='

TfT
;8#;(;8,('#<,(<,?8#&6'<'(>D(=86?8(#;%<'(#&+(<%:,?9:,'(#",
6&+9?,+(;%(#>'%">(#&+(,<6;("#+6#;6%&(,R6';(,M,"D=8,",F(!6';#&;
$#:#R6,'(?#&(>,(%>',"M,+(<%M6&$(4%&+,"%9':D(#>%9;(,#?8(%;8,"
6&(4",?6',(#??%"+(=6;8(;8,('#<,(:#='(%)($"#M6;#;6%&(;8#;
+,;,"<6&,(;8,(<%;6%&(%)(#(;6&D(#";6)6?6#:('#;,::6;,(#>%9;(%9"(4#:,
>:9,(4:#&,;(*#";8F(e"#M6;D7(E9#&;9<(<,?8#&6?'7(#&+(;8,($",#;
>9:5(%)(48D'6?'(#&+(?8,<6';"D(#",(%>',"M,+(;%(>,(;8,('#<,
,:',=8,",(#'(8,",F

-&;,::6$,&;(%"$#&6'<'(,M%:M6&$(%&(#&%;8,"(=%":+(<#D(&%;(>,(:65,
9'(>6%?8,<6?#::DF(/8,D(=6::(#:<%';(?,";#6&:D(8#M,(,M%:M,+
'6$&6)6?#&;:D(+6)),",&;(#+#4;#;6%&'N)"%<(,&OD<,'(;%(%"$#&
'D';,<'N;%(+,#:(=6;8(;8,(+6)),",&;(?6"?9<';#&?,'(%)(;8,6"
',M,"#:(=%":+'F(P9;(;8,D(<9';(';6::(?%<,(;%($"64'(=6;8(;8,('#<,
:#='(%)(&#;9",F

/8,(:#='(%)()#::6&$(>%+6,'(',,<('6<4:,(;%(9'F(C;(?%&';#&;
#??,:,"#;6%&7(#'(4"%M6+,+(>D(*#";8g'($"#M6;D7(;8,(M,:%?6;D(%)(#
)#::6&$(%>`,?;(6&?",#','(4"%4%";6%&#:(;%(;8,(;6<,S(;8,(+6';#&?,
)#::,&(4"%4%";6%&#:(;%(;8,('E9#",(%)(;8,(;6<,F(/8,',(#",(M,"D
,:,<,&;#"D(",:#;6%&'F(L6&?,(e#:6:,%(#;(:,#';7(;8,D(8#M,(>,,&
)#6":D($,&,"#::D($"#'4,+F(I,;(=,(?#&(6<#$6&,(#(9&6M,"',(6&
=86?8(;8,(:#='(%)(&#;9",(#",(6<<,&',:D(<%",(?%<4:,RF(P9;(=,
+%(&%;(:6M,(6&('9?8(#(9&6M,"',F(U8D(&%;@(-(;86&5(6;(<#D(>,
>,?#9',(#::(;8%',(%"$#&6'<'(=8%(4,"?,6M,+(;8,6"(9&6M,"',(#'
M,"D(?%<4:,R(#",(+,#+F(/8%',(%)(%9"(#">%",#:(#&?,';%"'(=8%
8#+(+6))6?9:;D(?%<49;6&$(;8,6"(;"#`,?;%"6,'(#'(;8,D(>"#?86#;,+
)"%<(;",,(;%(;",,(+6+(&%;(:,#M,(<#&D(%))'4"6&$F(.#;9"#:
',:,?;6%&(8#'(',"M,+(#'(#(56&+(%)(6&;,::,?;9#:('6,M,7(4"%+9?6&$
>"#6&'(#&+(6&;,::6$,&?,'(6&?",#'6&$:D(?%<4,;,&;(;%(+,#:(=6;8(;8,
:#='(%)(&#;9",F(/86'(",'%&#&?,7(,R;"#?;,+(>D(&#;9"#:(',:,?;6%&7
>,;=,,&(%9"(>"#6&'(#&+(;8,(9&6M,"',(<#D(8,:4(,R4:#6&(#
E9#&+#"D(',;(>D(*6&';,6&X(/8,(<%';(6&?%<4",8,&'6>:,(4"%4,";D
%)(;8,(9&6M,"',7(8,('#6+7(6'(;8#;(6;(6'('%(?%<4",8,&'6>:,F

-)(;86'(6'('%7(;8,('#<,(,M%:9;6%&#"D(=6&&%=6&$(<9';(8#M,
%??9"",+(%&(%;8,"(=%":+'(;8#;(8#M,(,M%:M,+(6&;,::6$,&;(>,6&$'F
*R;"#;,"",';"6#:(6&;,::6$,&?,'(;8#;(:#?5(#M6#&(%"(#">%",#:
#&?,';%"'(<#D(&%;('8#",(%9"(4#''6%&()%"('4#?,():6$8;F(P9;(#::
4:#&,;#"D(#;<%'48,",'(#",(",:#;6M,:D(;"#&'4#",&;(6&(;8,(M6'6>:,

TfY
#&+("#+6%(4#";'(%)(;8,('4,?;"9<N>,?#9',(%)(;8,(E9#&;9<
<,?8#&6?'(%)(;8,(?%'<6?#::D(<%';(#>9&+#&;(#;%<'(#&+
<%:,?9:,'F(1"$#&6'<'(;8"%9$8%9;(;8,(9&6M,"',('8%9:+(;8,",)%",
>,(',&'6;6M,(;%(%4;6?#:(#&+\%"("#+6%("#+6#;6%&7(#&+7(#);,"(;8,
+,M,:%4<,&;(%)(48D'6?'7(;8,(6+,#(%)(,:,?;"%<#$&,;6?("#+6#;6%&
)%"(6&;,"';,::#"(?%<<9&6?#;6%&('8%9:+(>,(#(?%'<6?
?%<<%&4:#?,N#(?%&M,"$,&;(6+,#(,M%:M6&$(6&+,4,&+,&;:D(%&
?%9&;:,''(=%":+'(;8"%9$8%9;(;8,($#:#RD(#);,"(;8,(:%?#:
+6'?%M,"D(%)(,:,<,&;#"D(#';"%&%<D7(=8#;(=,(<6$8;(?#::(;8,
)#?;'(%)(:6),F(-)(=,(#",()%";9&#;,(,&%9$8(;%(<#5,(?%&;#?;(=6;8
'%<,(%)(;8%',(%;8,"(>,6&$'7(-(;86&5(=,(=6::()6&+(;8#;(<9?8(%)
;8,6"(>6%:%$D7(4'D?8%:%$D7('%?6%:%$D(#&+(4%:6;6?'(=6::(',,<(;%(9'
';9&&6&$:D(,R%;6?(#&+(+,,4:D(<D';,"6%9'F(P9;(-('9'4,?;(=,(=6::
8#M,(:6;;:,(+6))6?9:;D(6&(9&+,"';#&+6&$(,#?8(%;8,"(%&(;8,('6<4:,"
#'4,?;'(%)(#';"%&%<D7(48D'6?'7(?8,<6';"D(#&+(4,"8#4'
<#;8,<#;6?'F

-(=%9:+(?,";#6&:D(&%;(,R4,?;(;8,6"(>"#6&'(;%(>,(#&#;%<6?#::D(%"
48D'6%:%$6?#::D(%"(4,"8#4'(,M,&(?8,<6?#::D(?:%',(;%(%9"'F(/8,6"
>"#6&'(=6::(8#M,(8#+(+6)),",&;(,M%:9;6%&#"D(86';%"6,'(6&(+6)),",&;
,&M6"%&<,&;'F(U,(8#M,(%&:D(;%(:%%5(#;(;,"",';"6#:(>,#';'(=6;8
'9>';#&;6#::D(+6)),",&;(%"$#&('D';,<'(;%(',,(8%=(<9?8(M#"6#;6%&
6&(>"#6&(48D'6%:%$D(6'(4%''6>:,F(/8,",(6'7()%"(,R#<4:,7(#&
C)"6?#&()",'8N=#;,"()6'87(;8,(G%"<D"6+7(=86?8(%);,&(:6M,'(6&
<9"5D(=#;,"(=8,",(M6'9#:(+,;,?;6%&(%)(4",+#;%"'7(4",D(%"(<#;,'
6'(+6))6?9:;F(/8,(G%"<D"6+(8#'(+,M,:%4,+(#('4,?6#:(%"$#&(=86?8
,';#>:6'8,'(#&(,:,?;"6?()6,:+(#&+(<%&6;%"'(;8#;()6,:+()%"(#&D
?",#;9",'(;"#M,"'6&$(6;F(/86'()6'8(4%'','','(#(?,",>,::9<(;8#;
?%M,"'(;8,(,&;6",(>#?5(%)(6;'(>"#6&(6&(#(;86?5(:#D,"(",<6&6'?,&;
%)(;8,(&,%?%";,R(%)(<#<<#:'F(/8,(G%"<D"6+'(8#M,(#
'4,?;#?9:#":D(+6)),",&;('%";(%)(>"#6&7(#&+(D,;(6&(;8,(<%';
)9&+#<,&;#:(>6%:%$6?#:(',&',(;8,D(#",()#"(<%",(?:%',:D(",:#;,+
;%(9'(;8#&(#&D(6&;,::6$,&;(,R;"#;,"",';"6#:(>,6&$'F

/8,(>"#6&'(%)(,R;"#;,"",';"6#:'(=6::(4"%>#>:D(8#M,(',M,"#:(%"
<#&D(?%<4%&,&;'(':%=:D(#??",;,+(>D(,M%:9;6%&7(#'(%9"'(8#M,F
/8,",(<#D(';6::(>,(#(;,&'6%&(#<%&$(;8,6"(?%<4%&,&;'(#'(#<%&$
%9"'7(#:;8%9$8(;8,(8#::<#"5(%)(#('9??,'')9:7(:%&$N:6M,+
?6M6:6O#;6%&(<#D(>,(;8,(#>6:6;D(;%(#?86,M,(#(:#';6&$(4,#?,(#<%&$
;8,(',M,"#:(>"#6&(?%<4%&,&;'F(/8,D(#:<%';(?,";#6&:D(=6::(8#M,

TfV
'6$&6)6?#&;:D(,R;,&+,+(;8,6"(6&;,::6$,&?,(,R;"#'%<#;6?#::D7(>D
,<4:%D6&$(6&;,::6$,&;(<#?86&,'F(P9;(-(;86&5(6;(86$8:D(4"%>#>:,
;8#;(%9"(>"#6&'(#&+(<#?86&,'(#&+(;8,6"(>"#6&'(#&+(<#?86&,'(=6::
9:;6<#;,:D(9&+,"';#&+(%&,(#&%;8,"(M,"D(=,::F

/8,(4"#?;6?#:(>,&,)6;'(#'(=,::(#'(;8,(486:%'%486?#:(6&'6$8;'
:65,:D(;%(#??"9,()"%<(;8,(",?,64;(%)(#(:%&$(<,''#$,()"%<(#&
#+M#&?,+(?6M6:6O#;6%&(#",(6<<,&',F(P9;(8%=($",#;(;8,(>,&,)6;'
#&+(8%=()#';(=,(?#&(#''6<6:#;,(;8,<(+,4,&+(%&(;8,(+,;#6:'(%)
;8,(<,''#$,(?%&;,&;'7(#>%9;(=86?8(6;(6'(+6))6?9:;(;%(<#5,
",:6#>:,(4",+6?;6%&'F(1&,(?%&',E9,&?,7(8%=,M,"7(',,<'(?:,#"S
;8,(",?,64;(%)(#(<,''#$,()"%<(#&F(#+M#&?,+(?6M6:6O#;6%&(=6::
'8%=(;8#;(;8,",(#",(#+M#&?,+(?6M6:6O#;6%&'7(;8#;(;8,",(#",
<,;8%+'(%)(#M%6+6&$(;8,(',:)N+,';"9?;6%&(;8#;(',,<'('%(",#:(#
+#&$,"(%)(%9"(4",',&;(;,?8&%:%$6?#:(#+%:,'?,&?,F(/89'(;8,
",?,64;(%)(#&(6&;,"';,::#"(<,''#$,(=%9:+(4"%M6+,(#(M,"D
4"#?;6?#:(>,&,)6;(;8#;(6&(<#;8,<#;6?'(6'(?#::,+(;8,(,R6';,&?,
;8,%",<N6&(;86'(?#',(;8,(+,<%&';"#;6%&(;8#;(6;(6'(4%''6>:,()%"
'%?6,;6,'(;%(:6M,(#&+(4"%'4,"(=6;8(#+M#&?,+(;,?8&%:%$DF(Q6&+6&$
#('%:9;6%&(;%(#(4"%>:,<(6'(8,:4,+(,&%"<%9':D(>D(;8,(?,";#6&
5&%=:,+$,(;8#;(#('%:9;6%&(,R6';'F(/86'(6'(%&,(%)(<#&D(?9"6%9'
?%&&,?;6%&'(>,;=,,&(;8,(,R6';,&?,7(%)(6&;,::6$,&;(:6),(,:',=8,",
#&+(;8,(,R6';,&?,(%)(6&;,::6$,&;(:6),(%&(*#";8F

U86:,(<%",("#;8,"(;8#&(:,''(5&%=:,+$,(#&+(6&;,::6$,&?,(',,<'
'%(?:,#":D(;8,(%&:D(=#D(%9;(%)(%9"(4",',&;(+6))6?9:;6,'(#&+(;8,
%&:D(#4,";9",(;%(#('6$&6)6?#&;()9;9",()%"(<#&56&+(^%"(6&+,,+(;%
#&D()9;9",(#;(#::_7(;86'(6'(&%;(#(M6,=(#:=#D'(#+%4;,+(6&(4"#?;6?,F
e%M,"&<,&;'(%);,&(:%',('6$8;(%)(;8,(+6)),",&?,(>,;=,,&
'8%";N;,"<(#&+(:%&$N;,"<(>,&,)6;'F(/8,(<%';(6<4%";#&;
4"#?;6?#:(>,&,)6;'(8#M,(?%<,(#>%9;()"%<(;8,(<%';(9&:65,:D(#&+
#44#",&;:D(6<4"#?;6?#:('?6,&;6)6?(#+M#&?,'F(0#+6%(6'(;%+#D(&%;
%&:D(;8,(4"6<,(?8#&&,:(6&(;8,(',#"?8()%"(,R;"#;,"",';"6#:
6&;,::6$,&?,7(6;(6'(;8,(<,#&'(>D(=86?8(,<,"$,&?6,'(#",
",'4%&+,+(;%7(&,='(6'(;"#&'<6;;,+7(;,:,48%&,(?#::'(",:#D,+(#&+
$:%>#:(,&;,";#6&<,&;(#6",+F(I,;("#+6%(?#<,(#>%9;(>,?#9',(#
L?%;;6'8(48D'6?6';7(K#<,'(3:,"5(G#R=,::7(6&M,&;,+(#(;,"<7(=86?8
8,(?#::,+(;8,(+6'4:#?,<,&;(?9"",&;7(6&(#(',;(%)(4#";6#:
+6)),",&;6#:(,E9#;6%&'(&%=(5&%=&(#'(G#R=,::g'(,E9#;6%&'F(H,
4"%4%',+(;8,(+6'4:#?,<,&;(?9"",&;(,'',&;6#::D(>,?#9',(;8,

Tfc
,E9#;6%&'(=,",(#,';8,;6?#::DN<%",(#44,#:6&$(=6;8(6;(;8#&
=6;8%9;(6;F

/8,(9&6M,"',(6'(6&;"6?#;,(#&+(,:,$#&;F(U,(=",';(',?",;'()"%<
&#;9",(>D(;8,(<%';(9&:65,:D("%9;,'F(L%?6,;6,'(=6::7(%)(?%9"',7
=6'8(;%(,R,"?6',(4"9+,&?,(6&(+,?6+6&$(=86?8(;,?8&%:%$6,'N;8#;
6'7(=86?8(#44:6?#;6%&'(%)('?6,&?,N#",(;%(>,(49"'9,+(#&+(=86?8
&%;F(P9;(=6;8%9;()9&+6&$(>#'6?(",',#"?87(=6;8%9;('944%";6&$(;8,
#?E96'6;6%&(%)(5&%=:,+$,()%"(6;'(%=&('#5,7(%9"(%4;6%&'(>,?%<,
+#&$,"%9':D(:6<6;,+F(1&:D(%&,(48D'6?6';(6&(#(;8%9'#&+(&,,+
';9<>:,(94%&('%<,;86&$(:65,(;8,(+6'4:#?,<,&;(?9"",&;(;%(<#5,
;8,('944%";(%)(#::(;8%9'#&+(#('94,">(6&M,';<,&;()%"('%?6,;DF
U6;8%9;(M6$%"%9'7()#"'6$8;,+(#&+(?%&;6&96&$(,&?%9"#$,<,&;(%)
)9&+#<,&;#:('?6,&;6)6?(",',#"?87(=,(#",(6&(;8,(4%'6;6%&(%)(,#;6&$
%9"(',,+(?%"&X(=,(<#D(),&+(%))(';#"M#;6%&()%"(%&,(<%",(=6&;,"7
>9;(=,(8#M,(",<%M,+(;8,(:#';(8%4,(%)('9"M6M6&$(;8,()%::%=6&$
=6&;,"F

-&(#(;6<,(6&('%<,(",'4,?;'('6<6:#"(;%(%9"(%=&7(L;F(C9$9';6&,(%)
H644%7(#);,"(#(:9';D(#&+(6&;,::,?;9#::D(6&M,&;6M,(D%9&$(<#&8%%+7
=6;8+",=()"%<(;8,(=%":+(%)(',&',(#&+(6&;,::,?;(#&+(#+M6',+
%;8,"'(;%(+%(:65,=6',X(]/8,",(6'(#&%;8,"()%"<(%)(;,<4;#;6%&7
,M,&(<%",()"#9$8;(=6;8(+#&$,"F(/86'(6'(;8,(+6',#',(%)(?9"6%'6;DF
FFF(-;(6'(;86'(=86?8(+"6M,'(9'(%&(;%(;"D(;%(+6'?%M,"(;8,(',?",;'(%)
&#;9",7(;8%',(',?",;'(=86?8(#",(>,D%&+(%9"(9&+,"';#&+6&$7
=86?8(?#&(#M#6:(9'(&%;86&$(#&+(=86?8(<,&('8%9:+(&%;(=6'8(;%
:,#"&F(FFF(-&(;86'(6<<,&',()%",';7()9::(%)(46;)#::'(#&+(4,"6:'7(-(8#M,
+"#=&(<D',:)(>#?57(#&+(49::,+(<D',:)(#=#D()"%<(;8,',(;8%"&'F

-&(;8,(<6+';(%)(#::(;8,',(;86&$'(=86?8():%#;(9&?,#'6&$:D(#"%9&+
<,(6&(,M,"D+#D(:6),7(-(#<(&,M,"('9"4"6',+(#;(#&D(%)(;8,<7(#&+
&,M,"(?#4;6M#;,+(>D(<D($,&96&,(+,'6",(;%(';9+D(;8,<F(FFF(-(&%
:%&$,"(+",#<(%)(;8,(';#"'F](/8,(;6<,(%)(C9$9';6&,g'(+,#;87(cVW
CF!F7(<#"5'(;8,(>,$6&&6&$(%)(;8,(!#"5(C$,'(6&(*9"%4,F
-&(;8,(:#';(?8#4;,"(%)(/8,(C'?,&;(%)(G#&(P"%&%=N'56(?%&),'',+
86<',:)('#++,&,+(];%()6&+(<D',:)('9++,&:D('9""%9&+,+(6&(;8,
U,';(>D(#(',&',(%)(;,""6>:,(:%''(%)(&,"M,7(#(",;",#;()"%<
5&%=:,+$,F](H,(=#'(;#:56&$7(-(;86&57(4#";:D(#>%9;(;8,(M,"D
:6<6;,+(9&+,"';#&+6&$(#&+(#44",?6#;6%&(%)('?6,&?,(#&+
;,?8&%:%$DN=86?8(8#M,('8#4,+(%9"(:6M,'(#&+(?6M6:6O#;6%&'N6&

Tfb
49>:6?(#&+(4%:6;6?#:(?%<<9&6;6,'S(>9;(#:'%(#>%9;(;8,(6&?",#'6&$
4%49:#"6;D(%)(M#"6%9'()%"<'(%)(<#"$6&#:7()%:5N(%"
4',9+%N'?6,&?,7(<D';6?6'<(#&+(<#$6?F

/8,",(6'(;%+#D(6&(;8,(U,';(^>9;(&%;(6&(;8,(*#';_(#(",'9"$,&;
6&;,",';(6&(M#$9,7(#&,?+%;#:(#&+(%);,&(+,<%&';"#>:D(,""%&,%9'
+%?;"6&,'(;8#;7(6)(;"9,7(=%9:+(>,;%5,&(#;(:,#';(#(<%",(6&;,",';6&$
9&6M,"',7(>9;(;8#;7(6)()#:',7(6<4:D(#&(6&;,::,?;9#:(?#",:,''&,''7(#&
#>',&?,(%)(;%9$8N<6&+,+&,''7(#&+(#(+6M,"'6%&(%)(,&,"$6,'(&%;
M,"D(4"%<6'6&$()%"(%9"('9"M6M#:F(L9?8(+%?;"6&,'(6&?:9+,
#';"%:%$D(^;8,(M6,=(;8#;(=86?8(';#"'7(%&,(89&+",+(;"6::6%&(<6:,'
#=#D7(#",("6'6&$(#;(;8,(<%<,&;(%)(<D(>6";8(6&(#(?:%',+(>96:+6&$
#)),?;(<D(+,';6&D(4"%)%9&+:D_S(;8,(P,"<9+#(/"6#&$:,(]<D';,"D]
^=86?8(8%:+'(6&(<#&D(M,"'6%&'(;8#;(#&(9&6+,&;6)6,+():D6&$(%>`,?;
:6M,'(6&(;8,(%?,#&(%))(P,"<9+#(#&+(,#;'('864'(#&+(#6"4:#&,'_S
):D6&$('#9?,"(#??%9&;'(6&($,&,"#:S(;8,(>,:6,)(6&(#&?6,&;
#';"%&#9;'S(;8,(48%;%$"#48D(%)($8%';'S(4D"#<6+%:%$D(^6&?:9+6&$
;8,(M6,=(;8#;(<D("#O%"(>:#+,(';#D'('8#"4,"(=6;86&(#(?#"+>%#"+
4D"#<6+(;8#&(=6;86&
#(?#"+>%#"+(?9>,_S(L?6,&;%:%$DS(#9"#'(#&+([6":6#&(48%;%$"#48DS
;8,(,<%;6%&#:(:6M,'(#&+(<9'6?#:(4",),",&?,'(%)($,"#&69<'S
4'D?86?('9"$,"DS():#;(#&+(8%::%=(,#";8'S(<%+,"&(4"%48,?DS
",<%;,(?9;:,"D(=#"46&$S(#';"#:(4"%`,?;6%&'S(J,:65%M'56#&
?#;#';"%486'<S(C;:#&;6'(#&+(G9S('46"6;9#:6'<S(#&+(;8,(+%?;"6&,(%)
;8,('4,?6#:(?",#;6%&7(>D(e%+(%"($%+'7(%)(<#&56&+(+,'46;,(%9"
+,,4(",:#;,+&,''7(>%;8(6&(>6%?8,<6';"D(#&+(6&(>"#6&(48D'6%:%$D7
=6;8(;8,(%;8,"(#&6<#:'F(-;(<#D(>,(;8#;(;8,",(#",(5,"&,:'(%)(;"9;8
6&(#(),=(%)(;8,',(+%?;"6&,'7(>9;(;8,6"(=6+,'4",#+(#??,4;#&?,
>,;%5,&'(#(:#?5(%)(6&;,::,?;9#:("6$%"7(#&(#>',&?,(%)('5,4;6?6'<7
#(&,,+(;%(",4:#?,(,R4,"6<,&;'(>D(+,'6",'F(/8,',(#",(>D(#&+
:#"$,7(6)(-(<#D(9',(;8,(48"#',7(:6<>6?(#&+("6$8;N8,<6'48,",
+%?;"6&,'7(+",#<(4"%;%?%:'7(&#;9"#:N;8,(=%"+(6'(?,";#6&:D
4,"),?;:D(#44"%4"6#;,N#&+(89<#&(",'4%&','(;%(;8,(?%<4:,R6;D
%)(;8,(,&M6"%&<,&;(=,(6&8#>6;F(P9;(;8,D(#",(#:'%(<D';6?#:(#&+
%??9:;(+%?;"6&,'7(+,M6',+(6&('9?8(#(=#D(;8#;(;8,D(#",(&%;
'9>`,?;(;%(+6'4"%%)(#&+(?8#"#?;,"6';6?#::D(6<4,"M6%9'(;%("#;6%&#:
+6'?9''6%&F(-&(?%&;"#';7(;8,(#4,";9",(;%(#(>"6$8;()9;9",(:6,'
#:<%';(?,";#6&:D(;8"%9$8(;8,()9::()9&?;6%&6&$(%)(;8,(&,%?%";,R
N",#'%&(#::%D,+(=6;8(6&;96;6%&(#&+(=6;8(:6<>6?(#&+(0N?%<4:,R

Tff
?%<4%&,&;'7(;%(>,('9",7(>9;(",#'%&(&%&,;8,:,''X(#(?%9"#$,%9'
=%"56&$(;8"%9$8(%)(;8,(=%":+(#'(6;(",#::D(6'F

-;(6'(%&:D(6&(;8,(:#';(+#D(%)(;8,(3%'<6?(3#:,&+#"(;8#;('9>';#&;6#:
6&;,::,?;9#:(#>6:6;6,'(8#M,(,M%:M,+(%&(;8,(4:#&,;(*#";8F(/8,
?%%"+6&#;,+()9&?;6%&6&$(%)(>%;8(?,",>"#:(8,<6'48,",'(6'(;8,(;%%:
.#;9",(8#'(4"%M6+,+()%"(%9"('9"M6M#:F(U,(#",(9&:65,:D(;%('9"M6M,
6)(=,(+%(&%;(<#5,()9::(#&+(?",#;6M,(9',(%)(%9"(89<#&
6&;,::6$,&?,F

]U,(#",(#('?6,&;6)6?(?6M6:6O#;6%&7](+,?:#",+(K#?%>(P"%&%='56F
]/8#;(<,#&'(#(?6M6:6O#;6%&(6&(=86?8(5&%=:,+$,(#&+(6;'(6&;,$"6;D
#",(?"9?6#:F(L?6,&?,(6'(%&:D(#(B#;6&(=%"+()%"(5&%=:,+$,F(F(F(F
[&%=:,+$,(6'(%9"(+,';6&DF]

Tfa

Vous aimerez peut-être aussi