Vous êtes sur la page 1sur 227

!

! !
! !
REMERCIMENTS

Voici mes 3 années de thèse qui s’achèvent. C’est maintenant le moment de rédiger une partie
très importante: les remerciements. La rédaction de cette partie a commencé dans mon coeur
dès les premiers jours de mon arrivée en France, séparée de mon aimable pays, le Cambodge.

J’adresse tout d’abord ma très sincère reconnaissance à mon directeur de thèse, Monsieur le
Professeur Rémy Burcelin (INSERM 1048), qui m’a accueillie chaleureusement au sein de
son équipe et m’a guidée tout au long de ce travail. C’est dans ce labo, que j’ai découvert de
nouvelles techniques et où j’ai obtenu les premiers résultats. Je le remercie profondément
pour ses conseils éclairés, ses corrections précieuses pour nos articles et pour cette thèse. Je
garderai beaucoup de considération pour sa force de travail.

Je tiens également à exprimer ma reconnaissance à mon co-directeur de thèse Monsieur le


Docteur Eric Serée (INSERM 1062 / INRA 1260) qui m’a invitée à travailler dans son
équipe et m’a proposé ce sujet de thèse très intéressant. Du fond du coeur, je voudrais lui
adresser, mes plus sincères remerciements. Je le remercie également pour sa confiance, son
soutien, et pour sa présence dans tous les moments difficiles de cette thèse.

Je n’aurais pu avoir la possibilité de réaliser ce travail de thèse sans mon encadrant Monsieur
le Professeur Serge Champion (CNRS 7263 – IMBE) qui m’a partagé ses connaissances et
ses compétences en Biochimie et Biologie Moléculaire et qui m’a donné de nombreux
conseils pour mener à bien ce travail. Je le remercie sincèrement pour son aide précieuse dans
la préparation de cette revue de thèse ainsi que des différentes communications réalisées lors
de cette thèse.

Je tiens à remercier également à Monsieur le Professeur Yves Barra qui m’a accepté dans
son laboratoire. Je le remercie tout particulièrement pour sa gentillesse, son soutien et ses
conseils précieux.

Je voudrais remercier Madame le Docteur Catherine Riva, Madame le Professeur Evelyne


Ollivier et Monsieur le Professeur Philippe Piccerelle de m’avoir fait l’honneur d’être
rapporteurs de cette thèse. Je suis très honorée de leur investissement dans la lecture et les
corrections de cette thèse. Je vous prie, Mesdames, Monsieur, de trouver ici le témoignage de
ma reconnaissance et de mon profond respect.

"!
Je tiens à remercier infiniment à Madame le docteur Béatrice Cousin qui a accepté d’être
une des membres de mon comité de thèse. Je la remercie pour sa participation et ses conseils
précieux.

Tous mes remerciements vont également à Madame le Professeur Marie-Christine Alessi,


la Directrice de l’UMR INRA 1260, pour m’avoir accueillie dans son unité et m’avoir assuré
des conditions de travail de bonne qualité. Je vous prie, Madame, de trouver ici l’expression
de ma reconnaissance.

Les résultats que j’ai la chance de présenter dans cette thèse sont le fruit d’un travail
d’équipes. Je voudrais adresser mes remerciements sincères à tous les personnels et collègues
des équipes ci-dessous:

- L’équipe 2 "Facteurs de Risques Intestinaux, Diabète, Dyslipidémie", INSERM


U1048, I2MC, Institut de Recherche sur les Maladies Métaboliques et
Cardiovasculaires de l'Hôpital Rangueil, Toulouse.
- L’équipe IMBE de Mutagénèse environnementale de l’UMR CNRS 7263, Faculté de
Pharmacie, Aix Marseille Université.
- L’équipe 2 "Micronutriments, Tissu adipeux et Résistance à l’insuline", l’UMR
INSERM 1062 / INRA 1260, "Nutrition Obésité et Risque Thrombotique", Faculté de
Médecine, Aix Marseille Université.
- L’équipe de la Zootechnie, I2MC, Institut de Recherche sur les Maladies
Métaboliques et Cardiovasculaires de l'Hôpital Rangueil, Toulouse.
- La plateforme d’imaginerie, I2MC, Institut de Recherche sur les Maladies
Métaboliques et Cardiovasculaires de l'Hôpital Rangueil, Toulouse.
- Le plateau de Génomique Get-Purpan, IFR150, Institut Fédératif de Recherche Bio-
Médicale de Toulouse (IFR-BMT) de l’Hôpital Purpan, Toulouse.
- L’équipe de Vaiomer, Labege, Toulouse.

Merci à toutes celles et ceux qui m’ont acceptée dans une ambiance agréable, merci pour leur
disponibilité, leur gentillesse et leur soutien permanent souvent technique, parfois moral:
Pascale Loubières: je te remercie infiniment pour ton accueil chaleureux au laboratoire. Je ne
me sens jamais seule avec toi. Merci énormément d’être à mes côtés pour m’écouter, me
rassurer et partager des bons moments. J’aime te raconter des choses et discuter avec toi et

#!
partager des connaissances sur le monde des bactéries. Je remercie également à toute ta
famille pour leur accueil chaleureux pendant mon séjour à la montagne. J’ai passé une
merveille randonnée avec eux.
Jean-Charles Martin: je vous remercie beaucoup pour les données GC-MS.
Patricia Bremond: sans toi, je n’aurai pas pu apprendre et réussir toutes les cultures de
cellules qui ont été nécessaires. Je te remercie beaucoup.
Vincent Azalbert: merci de m’avoir appris à faire le DGGE qui est une technique
compliquée à réaliser. Je n’aurai pas pu le réussir sans ton aide.
Céline Pomié et Estelle Grasset: je vous remercie de m’avoir partagé vos échantillons pour
mener à bien mes expériences sur les cytochromes.
François Tercé: merci beaucoup pour ton soutien chaleureux et tes conseils précieux
concernant les expériences sur les lipides.
Vincent Blasco: je te remercie de m’avoir appris à faire l’analyse des résultats.
Céline Garret: merci de m’avoir appris les extractions d’ARN.
Matteo Serino: merci beaucoup pour tes conseils et pour m’avoir appris à réaliser
l’extraction d’ADN.
Aurélie Waget: je te remercie pour m’avoir appris les manipulations des souris.
Jean François-Landrier et Frank Peiretti: merci pour votre aide technique.

Mes remerciements vont également à Monsieur le Professeur Philippe Valet et son équipe
du service de l’Ecole doctorale de Biologies Santé et Biotechnologies pour leur sympathie et
leur aide pour surmonter les processus administratifs lors de la soutenance de cette thèse.

Je tiens de remercier l’Université Toulouse III – Paul Sabatier et le coordinateur du Projet


Techno II – Erasmus Mundus pour m’avoir octroyé une bourse afin de réaliser cette thèse. Je
remercie infiniment Monsieur Jean-Michel Baleynaud, Monsieur le Professeur Sovan
Lek, Mademoiselle Laura Verheyleweghen et leur équipe du Projet Techno II.

Je remercie énormément Madame Sophie BOCHET et son équipe du Service d’accueil des
étudiants étrangers du CROUS Aix-Marseille pour leur sympathie et pour les efforts qu’ils
ont consacré à me trouver un logement à Marseille.

Je voudrais adresser mes sincères remerciements au Doyen de la Faculté de Pharmacie du


Cambodge pour son soutien et à Monsieur le Docteur Rothmony Eang pour son aide
administrative pour ma demande de bourse.

$!
Je tiens à remercier tout particulièrement Monsieur Hot Bun et sa famille et Monsieur
Chhan Siv et son épouse pour leurs conseils précieux, leur soutien et leurs encouragements.

Je voudrais remercier également à l’AEPK (Amicale des étudiants en Pharmacie et des


Pharmaciens Khmer) qui aide techniquement et financièrement les étudiants cambodgiens.

Je remercie spécialement mes deux très bonnes amies, Hanna Ilchmann et Mardy Long qui
sont toujours à mes côtés. Hanna, je te remercie pour m’avoir partagé ta chambre durant
chacun de mes séjours à Toulouse. Merci à toutes les deux pour votre soutien et votre
encouragement. Pour moi, vous êtes comme mes sœurs.

Mes 3 années de thèse en France ont été marquées par l’enthousiasme, la joie, les surprises et
aussi quelquefois les doutes, l’angoisse, la démotivation…Je voudrais remercier tous mes
amis cambodgiens et étrangers d’avoir partagé avec moi ces sentiments. Je vous remercie
profondément pour votre présence, votre patience, votre soutien et votre encouragement.

Du fond du coeur, je tiens à remercier toute ma famille: Papa, Maman, ma grande mère, mes
sœurs, mon petit frère, mon parrain et ma marraine, mon beau frère, mes tantes, mes oncles,
mes cousins, cousines, mon neveu Lin Moon …. Votre amour, votre soutien, vos
encouragements permanents m’ont permis d’aller jusqu’au bout de ce long chemin.

Enfin, merci à toi, mon prince, Sopheap Oeng, de m’avoir assuré que tu es toujours là, pour
moi. Ces années passées en France ont été, pour nous deux, une épreuve à surmonter afin
d’atteindre une relation éternelle. Merci de m’aimer si fort tous les jours.
!
!
!
!
!
!
!
!
!
!
!
!
!

%!
TABLE DES MATIERES
'()('*+)(,-.!//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!"!

-012(!3(.!)0-+('(.!//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!&!

'(.4)(!///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!5!

2+.-(!3(.!011'(6+0-+7,.!///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!8!

2+.-(!3(.!-012(049!////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!"%!

2+.-(!3(.!:+;4'(.!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!"&!

060,-!<'7<7.!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!"=!

+,-'734*-+7,!////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!"5!
+/! 2>!?@ABCD>!?>!DEF>!#!////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!"8!

"/! ;GHGIAJ@DGK!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!"8!

#/! 4H!BI>L!IAFF>J!?>!JA!FMEK@NJNO@>!?>!JPMNQGNKDAK@>!OJRS@?@TR>!////////////////////////////////////////////////!"8!

#/"/! 2P+HKRJ@H>!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!#U!

#/"/"/! 2>!IGS>FD>RI!V!JP@HKRJ@H>!////////////////////////////////////////////////////////////////////////////////////////!#U!

#/"/#/! 2>K!LASD>RIK!+'.!>D!JP@H?RSD@NH!?>!SAKSA?>K!?>!K@OHAJ@KAD@NH!/////////////////!#"!

#/#/! 2P+HKRJ@H>!>D!MNQGNKDAK@>!OJRS@?@TR>!//////////////////////////////////////////////////////////////////////////////!#$!

#/#/"/! 2A!IGORJAD@NH!?>!JA!KEHDMCK>!?R!OJESNOCH>!////////////////////////////////////////////////////!#$!

#/#/#/! 2A!IGORJAD@NH!?>!JA!OJESNOGHNJEK>!>D!?>!JA!OJRSNHGNO>HCK>!///////////////////!#%!

#/#/$/! 2A!IGORJAD@NH!?>!JA!KEHDMCK>!>D!?>!JA!?GOIA?AD@NH!?>K!J@F@?>K!//////////////!#%!

$/! <ADMNFMEK@NJNO@>!?@ABGD@TR>!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////!#&!

$/"/! (WNJRD@NH!?R!3-#!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!#&!

$/"/"/! 2P@HKRJ@HNXIGK@KDAHS>!///////////////////////////////////////////////////////////////////////////////////////////////!#Y!

$/"/"/"/! 2>K!QGSAH@KQ>K!QNJGSRJA@I>K!?>!JP@HKRJ@HNXIGK@KDAHS>!///////////!#Y!

$/"/"/#/! 2>K!QGSAH@KQ>K!S>JJRJA@I>K!?>!JP@HKRJ@HNXIGK@KDAHS>!/////////////////!$#!

$/#/! *NQF>HKAD@NH!>D!?GLA@JJAHS>!?>K!S>JJRJ>K!Z!?R!FAHSIGAK!////////////////////////////////////////!&Y!

$/#/"/! *NQF>HKAD@NH!FAI!JP>[FAHK@NH!?>!JA!QAKK>!?>!S>JJRJ>K!Z!///////////////////////!&Y!

$/#/#/! *NQF>HKAD@NH!FAI!JPAROQ>HDAD@NH!?>!JA!LNHSD@NH!?>K!S>JJRJ>K!Z!/////////!&=!

$/#/$/! 3GLA@JJAHS>!?>K!S>JJRJ>K!Z!//////////////////////////////////////////////////////////////////////////////////////!&5!

&!
$/$/! 7I@O@H>!?>!JA!FADMNJNO@>!////////////////////////////////////////////////////////////////////////////////////////////////////////!YU!

$/$/"/! 2>!LASD>RI!OGHGD@TR>!////////////////////////////////////////////////////////////////////////////////////////////////!YU!

$/$/"/"/! 2>!3-#!QNHNOCH@TR>!//////////////////////////////////////////////////////////////////////////////!YU!

$/$/"/#/! 2>!3-#!FNJEOGH@TR>!/////////////////////////////////////////////////////////////////////////////////!Y#!

$/$/#/! 2>K!LASD>RIK!>HW@INHH>Q>HDAR[!////////////////////////////////////////////////////////////////////////!Y%!

$/$/#/"/! ([SCK!>H!HRDI@Q>HDK!>D!NBGK@DG!///////////////////////////////////////////////////////////!Y%!

$/$/#/#/! '\J>!?>K!FNJJRAHDK!>D!?>!0M'!]AIEJ!ME?INSAIBRI>!I>S>FDNI^!/!Y&!

$/$/$/! 2A!LJNI>!@HD>KD@HAJ>!///////////////////////////////////////////////////////////////////////////////////////////////////!YY!

$/$/$/"/! 2>K!LNHSD@NHK!?>!JA!LJNI>!@HD>KD@HAJ>!//////////////////////////////////////////////////!Y=!

$/$/$/#/! 2A!LJNI>!@HD>KD@HAJ>!>D!3-#!////////////////////////////////////////////////////////////////////!Y8!

$/$/$/$/! 2A!LJNI>!@HD>KD@HAJ>!>D!QGDABNJNQ>!///////////////////////////////////////////////////!="!

++/! 2>K!FNJEFMGHNJK!////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!=$!

"/! 2>!I>KWGIADINJ!]'.6^!//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!=$!

"/"/! ;GHGIAJ@DGK!//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!=$!

"/#/! <MAIQASNS@HGD@TR>!?R!'.6!/////////////////////////////////////////////////////////////////////////////////////////////////!=&!

"/$/! <MAIQASNJNO@>!?R!'.6!///////////////////////////////////////////////////////////////////////////////////////////////////////////!==!

"/$/"/! (LL>D!AHD@X@HLJAQQADN@I>!?R!'.6!////////////////////////////////////////////////////////////////////////!=5!

"/$/#/! (LL>DK!?R!'.6!KRI!0M'!////////////////////////////////////////////////////////////////////////////////////////////!5U!

"/$/$/! (LL>D!AHD@B@ND@TR>!?R!'.6!//////////////////////////////////////////////////////////////////////////////////////!5"!

"/$/%/! 2>!'.6!>D!J>!3-#!////////////////////////////////////////////////////////////////////////////////////////////////////////!5#!

#/! 2A!*RISRQ@H>!]*RI^!///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!5#!

#/"/! ;GHGIAJ@DGK!//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!5#!

#/#/! <MAIQASNS@HGD@TR>!?>!JA!*RI!//////////////////////////////////////////////////////////////////////////////////////////////!5$!

#/$/! <MAIQASNJNO@TR>!?>!JA!*RI!//////////////////////////////////////////////////////////////////////////////////////////////////!5Y!

#/$/"/! (LL>D!AHD@X@HLJAQQADN@I>!?>!*RI!/////////////////////////////////////////////////////////////////////////!5=!

#/$/#/! (LL>D!?>!JA!*RI!KRI!0M'!///////////////////////////////////////////////////////////////////////////////////////////!58!

#/$/$/! (LL>D!AHD@B@ND@TR>!?>!JA!*RI!//////////////////////////////////////////////////////////////////////////////////!8U!

#/$/%/! 2A!*RI!>D!J>!3-#!/////////////////////////////////////////////////////////////////////////////////////////////////////////!8U!

Y!
71_(*-+:.!34!-'060+2!////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!8#!

'(.42-0-.!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!8&!
+/! 2PAID@SJ>!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!8Y!

++/! 2>K!IGKRJDADK!KRFFJGQ>HDA@I>K!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!"&=!

"/! 'GKRJDADK!?>K!SEDNSMINQ>K!//////////////////////////////////////////////////////////////////////////////////////////////////////////////////!"&=!

"/"/! ([FI>KK@NH!?>K!*EFK!?AHK!JP@HD>KD@H!//////////////////////////////////////////////////////////////////////////////!"&5!

"/#/! ([FI>KK@NH!?>K!*EFK!?AHK!J>!LN@>!///////////////////////////////////////////////////////////////////////////////////!"YU!

"/$/! ([FI>KK@NH!?R!*EF#S&&!?AHK!JP@JGNH!?>!?@LLGI>HDK!FMGHNDEF>K!?>!KNRI@K!////!"Y"!

#/! 3@KSRKK@NH!///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!"Y#!

3+.*4..+7,!(-!<('.<(*-+6(.!//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!"Y%!

1+12+7;'0<`+(!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!"=&!

0,,(9(.!///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!#"U!

!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

=!
RESUME
!
2>!?@ABCD>!?>!DEF>!#!]3-#^!FINOI>KK>!?AHK!J>!QNH?>!>HD@>I!?>!QAH@CI>!AJAIQAHD>/!2>K!
SNQFJ@SAD@NHK!KNHD!OIAW>K!>D!J>K!DIA@D>Q>HDK!KNHD!KNRW>HD!@H>LL@SAS>K!>D!KNHD!JA!SARK>!?>!
HNQBI>R[! >LL>DK! @H?GK@IABJ>K/! 2>! I>KWGIADINJ! ]'.6^! >D! JA! SRISRQ@H>! ]*RI^a! ?>R[!
FNJEFMGHNJK!HADRI>JKa!KNHD!SNHHRK!FNRI!J>RIK!?@LLGI>HD>K!ASD@W@DGK!FMAIQASNJNO@TR>Ka!E!
SNQFI@K! AHD@?@ABGD@TR>K/! 2>K! NBb>SD@LK! ?>! S>DD>! GDR?>! NHD! GDG! ?PGWAJR>I! J>K! >LL>DK! ?>! JA!
SNQB@HA@KNH!?>!S>K!?>R[!FNJEFMGHNJK!KRI!JPAQGJ@NIAD@NH!?>!JA!DNJGIAHS>!AR!OJRSNK>/!,NK!
IGKRJDADK!QNHDI>HD!TR>!SM>c!?>K!KNRI@K!KNRQ@K>K!V!RH!IGO@Q>!I@SM>!>H!OIA@KK>!]`:3^a!J>!
'.6! AQGJ@NI>! JA! DNJGIAHS>! AR! OJRSNK>! AJNIK! TR>! JA! *RI! HPA! FAK! ?P>LL>D! K@OH@L@SAD@L/! 3>!
QAH@CI>!KRIFI>HAHD>a!JNIKTR>!J>K!?>R[!FNJEFMGHNJK!KNHD!A?Q@H@KDIGK!K@QRJDAHGQ>HDa!JA!
*RI!@HM@B>!JP>LL>D!?R!'.6!KRI!JPAQGJ@NIAD@NH!?>!JA!DNJGIAHS>!AR!OJRSNK>/!<NRI!>[FJ@TR>I!S>D!
AHDAONH@KQ>a! HNRK! AWNHK! GWAJRG! JP>LL>D! ?>! S>K! FNJEFMGHNJK! AKKNS@GK! NR! FAK! KRI! J>!
QGDAOGHNQ>/! ,NK! IGKRJDADK! @H?@TR>HD! TR>! JA! *RI! >D! J>! '.6! HNIQAJ@K>HD! JA! LJNI>!
@HD>KD@HAJ>!AJDGIG>!FAI!J>!`:3/!2NIK!?PRH>!AKKNS@AD@NH!?>!S>K!FNJEFMGHNJKa!JA!*RI!@HM@B>!
ARKK@! JP>LL>D! ?R! '.6! KRI! JA! SIN@KKAHS>! ?>! S>IDA@H>K! >KFCS>K! BASDGI@>HH>K/! 0@HK@a! JA! *RI!
BJNTR>!JP>LL>D!@HM@B@D>RI!?R!'.6!KRI!!"#$%#&'$(&)%*'+#,#$/!,NK!?NHHG>K!@H?@TR>HD!TR>!S>K!
FNJEFMGHNJK! KNHD! >H! OGHGIAJ! AHD@X@HLJAQQADN@I>K! QA@K! J>RI! AKKNS@AD@NH! F>RD! dDI>!
KEH>IO@TR>!#,(-#%*.!NR!B@>Ha!V!JPNFFNKGa!AHDAONH@KD>!#,(-#-.!FNRI!JP>[FI>KK@NH!?>!S>IDA@H>K!
SEDNe@H>K/! 0L@H! ?PGWAJR>I! JP>LL>D! FMEK@NJNO@TR>! ?>! JA! QN?@L@SAD@NH! ?>! JA! LJNI>! @HD>KD@HAJ>!
FAI! J>K! FNJEFMGHNJKa! HNRK! AWNHK! GDR?@G! J>! QGDABNJNQ>/! <AIAJJCJ>Q>HD! AR! QGDAOGHNQ>a!
SMASRH!?>K!FNJEFMGHNJK!AQGJ@NI>!J>!FINL@J!QGDABNJNQ@TR>!AJDGIG!FAI!J>!`:3/!*>F>H?AHDa!
JA!*RI!KPNFFNK>!V!JP>LL>D!?R!'.6/!2>K!?NHHG>K!?>!S>!DIAWA@J!@H?@TR>HD!TR>!JA!*RI!HP>KD!FAK!
AKKNS@ABJ>!AR!'.6!FNRI!AQGJ@NI>I!JA!DNJGIAHS>!AR!OJRSNK>/!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

5!
LISTE DES ABBREVIATIONS
!
0BM?&!! f! ghZ!ME?INJAK>!?NQA@HXSNHDA@H@HO!FIND>@H!&!
0;**K!! f! 0S@?>K!OIAK!V!SMAiH>!SNRID>!
0;K! ! f! 0S@?>K!OIAK!
0;.K! ! f! 0S@?>K!OIAK!KADRIGK!
0M'! ! f! 0IEJ!ME?INSAIBRI>!I>S>FDNI!
0)<j! ! f! 0)<XASD@WAD>?!FIND>@H!e@HAK>!
0<*!! ! f! *>JJRJ>K!FIGK>HDADI@S>K!?>!JkAHD@OCH>!
0<X"!! ! f! 0SD@WADNI!FIND>@HX"!
A<j*! ! f! <j*K!ADEF@TR>K!
0<2!! ! f! 0JeAJ@H>!FMNKFMADAK>!
0<.! ! f! 0?AFD>I!FIND>@H!l@DM!A!FJ>SeKDI@H!MNQNJNOE!AH?!AH!.IS!MNQNJNOE!#!!
! ! ! ?NQA@H!
0IHD!! ! f! 0M'!HRSJ>AI!DIAHKJNSADNI!
0.*! ! f! 0FNFDND@S!KF>Se!FIND>@H!SNHDA@H@HO!A!SAKFAK>!I>SIR@DQ>HD!?NQA@H!
0-:XY!!! f! 0SD@WAD@HO!DIAHKSI@FD@NH!LASDNI!Y!
0-;2!! ! f! 0A?@FNK>!DI@OJES>I@?>!J@FAK>!
103!! ! f! 1SJX#XAKKNS@AD>?!?>ADM!FINQND>I!
1A<! ! f! 1>HcN]A^FEI>H>!
*$;! ! f! *Ie!.`$!?NQA@HXB@H?@HO!ORAH@H>!HRSJ>ND@?>XI>J>AK@HO!LASDNI! !
**'#!! ! f! 'GS>FD>RI!?>!)*<X"!
*3$Y! ! f! *JRKD>I!NL!?@LL>I>HD@AD@NH!$Y!
*;.! ! f! *@BJ@HO!OJESNOCH>!KRBRH@D!
*QA[!! ! f! *NHS>HDIAD@NH!QA[@QAJ>!
*)1!! ! f! *NHS>HDIAD@NH!Q@H@QAJ>!BASDGI@S@?>!
*)+!! ! f! *NHS>HDIAD@NH!Q@H@QAJ>!@HM@B@DI@S>!
*N0!! ! f! *N>HcEQ>!0!
*79! ! f! *ESJNN[EO>HAK>!
S<j*! ! f! <j*K!SNHW>HD@NHH>JJ>K!
*<-X"!!! f! *AIH@D@H>XFAJQ@DNEJ!DIAHKL>IAK>X"!
*'(1!! ! f! S0)<!I>KFNHK>!>J>Q>HDXB@H?@HO!FIND>@H!
*'j++! ! f! *-"U!]SM@Se>H!DRQNI!W@IRK!HRQB>I!"U^!I>ORJADNI!NL!e@HAK>!++!
*'<! ! f! *XI>ASD@W>!FIND>@H!

8!
*RI! ! f!! *RISRQ@H>!
*EF! ! f! *EDNSMINQ>!<%&U!
*h(1<Xg!! f! **00-h>HMAHS>IXB@HO?@HO!FIND>@H!
30;!! ! f! 3@ASEJOJESGINJ!
3;0-! ! f! 3@ASEJOJESGINJ!ASEJDIAHKL>IAK>!
3;jK!! ! f! 3@ASEJOJESGINJ!e@HAK>K!
3)10!!! f! 3@Q>DMEJB>HcAHDMIAS>H>!
3).7!!! f! 3@Q>DMEJ!KRJLN[@?>!
3,! ! f! 3@ABCD>!HGNHADAJ!
3,*1!!! f! #a%!?@H@DINSMJNINB>Hc>H>!
3-#! ! f! 3@ABCD>!?>!DEF>!#!
(;:'!! ! f! (F@?>IQAJ!OINlDM!LASDNI!I>S>FDNI!
(20)X"!! f! (H?NDM>J@AJ!J>ReNSED>!A?M>K@NH!QNJ>SRJ>X"!
(JeX"! ! f! (-.!DIAHKSI@FD@NH!LASDNI!
('j! ! f! ([DIAS>JJRJAI!K@OHAJXI>ORJAD>?!e@HAK>!
::0'X"! f! 'GS>FD>RIK!?>K!0;K!
:797!! ! f! :NIeM>A?!BN[!FIND>@H!7!
:.<#=!! f! :ADXKF>S@L@S!FIND>@H!#=!
;U.#!! ! f! ;Uh;"!Kl@DSM!O>H>#!
;XYX<!! ! f! ;JRSNK>!YXFMNKFMAD>!
;ABX"! ! f! ;IB#XAKKNS@AD>?!B@H?>IX"!
;2<X"!!! f! ;JRSAONHXJ@e>!F>FD@?>X"!
;24-! ! f! ;JRSNK>!DIAHKFNID>I!
;<'! ! f! ;!FIND>@HXSNRFJ>?!I>S>FDNI!
;IB#! ! f! ;INlDM!LASDNI!I>S>FDNI!B@H?@HO!FIND>@H!
;.+.! ! f! ;JRSNK>XKD@QRJAD>?!@HKRJ@H!K>SI>D@NH!
;.j! ! f! ;JESNO>H!KEHDMAK>!e@HAK>!
;m0.! ! f! ;>HNQ>Xl@?>!AKKNS@AD@NH!KDR?@>K!
`B0"S!! f! ;JESAD>?!MA>QNOJNB@H!
`:3! ! f! `@OM!LAD!?@>D!
`);0"! f! `@OM!QNB@J@DE!OINRF!0-XMNNe!"!
`);1"!! f! `@OM!QNB@J@DE!OINRF!BN[!"!FIND>@H!
`);X*N0! f! $XME?IN[EX$XQGDMEJOJRDAIEJ!SN>HcEQ>!0!
`,:! ! f! `>FADNSED>!HRSJ>AI!LASDNI!

"U!
`.2! ! f! `NIQNH>XK>HK@D@W>!J@FAK>!
+0<<!! ! f! +KJ>D!AQEJNn?>!FNJEF>FD@?>!
+*0)X"! f! +HD>IXS>JJRJAI!A?M>K@NH!QNJ>SRJ>!"!
+:,o!! ! f! +HD>IL>INH!OAQQA!
+;:! ! f! +HKRJ@HXJ@e>!OINlDM!LASDNI!
+2! ! f! +HD>IJ>Re@H!
+jj! ! f! +p1!e@HAK>!
@,7.!! ! f! +H?RS@BJ>!H@DI@S!N[@?>!KEHDMAK>!
+'! ! f! 'GS>FD>RI!V!JP@HKRJ@H>!
+'X0! ! f! 'GS>FD>RI!V!JP@HKRJ@H>!@KNLNIQ>!0!
+'X1! ! f! 'GS>FD>RI!V!JP@HKRJ@H>!@KNLNIQ>!1!
+'(X"!! ! f! +HNK@DNJXI>TR@I@HO!>HcEQ>"!
+':X$!! ! f! +HD>IL>INH!I>ORJADNIE!LASDNIX$!
+'.! ! f! +HKRJ@H!I>S>FDNI!KRBKDIAD>!
_,j!! ! f! SX_RH!,`#XD>IQ@HAJ!e@HAK>!
232! ! f! 2NlX?>HK@DE!J@FNFIND>@H!
2<7!! ! f! 2@F@?F>IN[@?AD@NH!
2<.!! ! f! 2@FNFNJEKASSMAI@?>K!
)*!! ! f! )AKDNSED>K!
)**!! ! f! )AKDNSED>K!FIGK>HS>!?>!*MEQAK>!
)*<X"!! f! )NHNSED>!SM>QNADDIASDAHD!FIND>@H!"!
)*-!! ! f! )AKDNSED>K!FIGK>HS>!?>!-IEFDAK>!
)*-*!!! f! )AKDNSED>K!FIGK>HS>!?>!-IEFDAK>!>D!*MEQAK>!
)0<!e@HAK>! f! )@DNO>HXASD@WAD>?!FIND>@H!e@HAK>!
)(:#! ! f! )ENSED>!>HMAHS>I!LASDNIX#!
)(j!! ! f! )@DNO>HXASD@WAD>?!FIND>@H!e@HAK>!e@HAK>K!
)+<"g!! f! )NHNSED>!@HLJAQQADNIE!FIND>@H>X"!
))<K!!! f! )GDAJJNFINDG@HAK>K!
)73q!! f! 3@ABCD>!?>!QADRI@DG!
Q<;(.X"!! f! )@SINKNQAJ!FINKDAOJAH?@H!(!KEHDMAK>X"!
Q<2j! ! f! )NRK>!F>JJ>XJ@e>!e@HAK>!
)<7!! ! f! )E>JNF>IN[@?AK>!
)'.0!!! f! )>DM@S@JJ@HXIGK@KDAHD!.DAFMEJNSNSSRK!
)-0!! ! f! )ASINFMAO>K!?R!D@KKR!A?@F>R[!

""!
QD;<0-! f! 0SEJX*N0fOJES>INJXKHX$XFMNKFMAD>!ASEJDIAHKL>IAK>!
Q-7'!! f! )AQQAJ@AH!DAIO>D!NL!IAFAQES@H!
,:X0-!! f! ,RSJ>AI!LASDNI!NL!ASD@WAD>?!-!S>JJK!
,:Xp1!! f! ,RSJ>AI!LASDNI!eAFFA!1!
,j-!! ! f! ,ADRIAJ!e@JJ>I!-!
,2'<$!! f! ,RSJND@?>XB@H?@HO!?NQA@Ha!J>RS@H>XI@SM!I>F>ADK!SNHDA@H@HO!LAQ@JEa!
FEI@H!?NQA@HXSNHDA@H@HO!$!
H<j*! ! f! <j*K!HNRW>JJ>K!
,IL#! ! f! ,RSJ>AI!LASDNI!J@e>X#!
<0;(!! ! f! <AIAQ>DI@S!AHAJEK@K!NL!O>H>!K>D!>HI@SMQ>HD!
<0+X"!! ! f! <JAKQ@HNO>H!ASD@WADNI!@HM@B@DNIX"!
<0)<K!! f! <ADMNO>HXAKKNS@AD>?!QNJ>SRJAI!FADD>IHK!
<A[! ! f! <A@I!BN[!FIND>@H!
<*!! ! f! <EIRWAD>!SAIBN[EJAK>!
<*1K! ! f! <NJESMJNI@HAD>?!B@FM>HEJK!
<*'!! ! f! <NJEQ>IAK>!SMA@H!I>ASD@NH!
<3jX"!! f! <MNKFMN@HNK@D@?>X?>F>H?>HD!e@HAK>!
<('j!! ! f! <j'XJ@e>!>ReAIEND@S!@H@D@AD@NH!LASDNI!#g!e@HAK>!
<;3#!! ! f! <INKDAOJAH?@H!3#!
<;(#!! ! f! <INKDAOJAH?@H!(#!
<`! ! f! <J>SeKDI@H>!MNQNJNOE!
<+$j! ! f! <MNKFMAD@?EJ!@HNK@DNJ!$!e@HAK>!
<j0! ! f! <INDG@H>!e@HAK>!0!
<j1! ! f! <INDG@H>!e@HAK>!1!
<j*! ! f! <INDG@H>!e@HAK>!*!
<j'!! ! f! <IND>@H>!e@HAK>!'!
<<"! ! f! <INDG@H>!FMNKFMADAK>!"!
<<#0! ! f! <IND>@H>!FMNKFMADAK>!#0!
<<0'g!! f! <>IN[@KNQ>!FINJ@L>IADNIXASD@WAD>?!I>S>FDNIXg!
<<0'o!! f! <>IN[@KNQ>!FINJ@L>IADNIXASD@WAD>?!I>S>FDNIXo!
<-1! ! f! <MNKFMNDEINK@H>XB@H?@HO!
<-<AK>! f! <IND>@H>!-EINK@H>!FMNKFMADAK>!
<qq! ! f! <>FD@?>!qq!
'(!! ! f! 'GD@SRJRQ!>H?NFJAKQ@TR>!

"#!
'+Z!! ! f! .NRKXRH@DG!Z!?>!JP'+!
'7.!! ! f! '>ASD@W>!N[EO>H!KF>S@>K!
'.6! ! f!! '>KWGIADINJ!
'-j! ! f! 'GS>FD>RI!V!JPASD@W@DG!DEINK@H>!e@HAK>!
.Yj"! ! f! F=U!I@BNKNQAJ!FIND>@H>!.Y!e@HAK>!
.>Ih-MI! f! 'GK@?RK!.GI@H>h-MIGNH@H>!
.`! ! f! .ISXMNQNJNOE!
.`*!! ! f! .ISXMNQNJNOE!#!?NQA@H!SNHDA@H@HO!
.,<K!! ! f! .@HOJ>XHRSJ>ND@?>!FNJEQNIFM@KQK!
.+'-!! ! f! .@IDR@H>!
.7*.!! ! f! .RFFI>KKNI!NL!SEDNe@H>!K@OHAJ@HO!
.7.! ! f! .NH!NL!K>W>HJ>KK!
.'*X"! ! f! .D>IN@?!I>S>FDNI!SNASD@WADNIX"!
.-0-! ! f! .@OHAJ!DIAHK?RS>I!AH?!ASD@WADNI!NL!DIAHKSI@FD@NH!
.42-"0"!! f! .RJLNDIAHKL>IAK>!
-*33! ! f! #a$a=a5XDGDIASMJNIN?@B>HcNX&X?@N[@H>!
-*:=2#! f! :ASD>RI!?>!DIAHKSI@FD@NH!=XJ@e>!#!
-;!! ! f! -I@ASEOJESGINJh-I@OJESGI@?>!
-;'&! ! f! 'GS>FD>RI!Q>QBIAHA@I>!?>K!AS@?>K!B@J@A@I>K!
-2'K! ! f! -NJJ!J@e>!I>S>FDNI!
-,1.!! ! f! -I@H@DINB>Hc>H>KRJFMNH@S!AS@?!
-,:g! ! f! -RQNI!H>SINK@K!LASDNI!g!
-'0:#!! f! -,:!I>S>FDNIXAKKNS@AD>?!LASDNI!#!
4;-"0"!! f! 43<XOJESNKEJDIAHKL>IAK>!"!FNJEF>FD@?>!0"!
4*<#! !! f! 4HSNRFJ@HO!FIND>@H!#!
4<'! ! f! 4HLNJ?>?!FIND>@H!I>KFNHK>!
46! ! f! 'A?@AD@NHK!RJDIAW@NJ>DD>K!
6*0)X"!! f! 6AKSRJAI!S>JJ!A?M>K@NH!QNJ>SRJ>!"!
6232!! ! f! 6>IE!JNl!?>HK@DE!J@FNFIND>@H!

"$!
LISTE DES TABLEAUX
!
!
-ABJ>AR!"f!.NRKXDEF>!?R!?@ABCD>!QNHNOGH@TR>!//////////////////////////////////////////////////////////////////////////////////!Y"!

-ABJ>AR!#f!;CH>K!>D!JNSRK!J>K!FJRK!IGFJ@TRGK!3-#!KRKS>FD@B@J@DG!/////////////////////////////////////////////////!Y#!

-ABJ>AR!$f!*NHD>HR!?>!'.6!?AHK!?@LLGI>HD>K!KNRIS>K!//////////////////////////////////////////////////////////////////////!=%!

!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

"%!
LISTE DES FIGURES
!

!"#$%&'()'6N@>K!?>!K@OHAJ@KAD@NH!*BJh*0<!?>!+'!/////////////////////////////////////////////////////////////////////////////////!##!

!"#$%&'*)'6N@>K!?>!K@OHAJ@KAD@NH!<+$j!>D!)0<!e@HAK>!?>!+'.!////////////////////////////////////////////////////////!#$!

!"#$%&'+)'(LL>D!?P@HKRJ@H>!KRI!JPMNQGNKDAK@>!OJRS@?@TR>!/////////////////////////////////////////////////////////////////!#&!

!"#$%&',)!2>K!SNHKGTR>HS>K!FND>HD@>JJ>K!?>K!FMNKFMNIEJAD@NHK!?>K!FINDG@H>K!+'.!KRI!J>K!

.>Ih-MI!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!#=!

!"#$%&'-)!.DIRSDRI>!>D!FAID>HA@I>K!?k@HD>IASD@NH!?>K!+'./!//////////////////////////////////////////////////////////////!#5!

!"#$%&'.)!2k@HM@B@D@NH!?>!JA!WN@>!?>!K@OHAJ@KAD@NH!?>!Jk@HKRJ@H>!FAI!J>!.7*.X"!>D!.7*.X$/!/!$U!

!"#$%&'/)!2>K!WN@>K!@QFJ@TRG>K!?AHK!JP@HKRJ@HNXI>K@KDAHS>!?AHK!J>!QRKSJ>/!///////////////////////////!$8!

!"#$%&'0)!2>K!WN@>K!?R!KDI>KK!?R!IGD@SRJRQ!>H?NFJAKQ@TR>!SNH?R@KAHD!V!RH>!

@HLJAQQAD@NH/!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!%"!

!"#$%&'1)!2P@HLJAQQAD@NH!>D!JA!IGK@KDAHS>!V!JP@HKRJ@H>f!WN@>K!?>!K@OHAJ@KAD@NH!@QFJ@TRG>K/%$!

!"#$%&'(2)!2A!IGFNHK>!@QQRH@DA@I>!?AHK!J>!D@KKR!A?@F>R[!NBCK>K/!///////////////////////////////////////////!&U!

!"#$%&'(()!2PGWNJRD@NH!?>!S>JJRJ>K!Z!?AHK!JA!SNQF>HKAD@NH!?>!JP@HKRJ@HNXIGK@KDAHS>/!///////!&Y!

!"#$%&'(*)!2A!LJNI>!@HD>KD@HAJ>!>D!J>!QGDABNJ@KQ>!?>!JkM\D>/!/////////////////////////////////////////////////////////!=#!

!"#$%&'(+)!2>K!?>R[!@KNQCI>K!?R!'.6!////////////////////////////////////////////////////////////////////////////////////////////////////!=&!

!"#$%&'(,)!2A!WN@>!QGDABNJ@TR>!?R!'>KWGIADINJ!?AHK!JP@HD>KD@H>!FAI!J>K!>HcEQ>K!4;-K/!=Y!

!"#$%&'(-)!2A!WN@>!QGDABNJ@TR>!?R!'>KWGIADINJ!?AHK!J>!LN@>!FAI!J>K!>HcEQ>K!.42-K/!//////!==!

!"#$%&'(.)!2>K!>LL>DK!B@NJNO@TR>K!?R!'>KWGIADINJ/!////////////////////////////////////////////////////////////////////////////!=5!

!"#$%&'(/)!2>K!S@BJ>K!B@NJNO@TR>K!QNJGSRJA@I>K!KRFFNKG>K!?R!'>KWGIADINJ!?AHK!J>K!

FINS>KKRK!AHD@X@HLJAQQADN@I>K!>D!AHD@XN[E?AHD>K/!////////////////////////////////////////////////////////!5U!

!"#$%&'(0)!2>K!?>R[!@KNQCI>K!?>!*RISRQ@H>/!/////////////////////////////////////////////////////////////////////////////////////!5$!

!"#$%&'(1)!2>K!KDIRSDRI>K!?>!JA!*RISRQ@H>!>D!K>K!QGDABNJ@D>K!///////////////////////////////////////////////////!5&!

!"#$%&'*2)!)N?RJAD@NH!FAI!JA!*RISRQ@H>!?>!JP>[FI>KK@NH!?>!?@LLGI>HD>K!QNJGSRJ>K!?>!

K@OHAJ@KAD@NH!S>JJRJA@I>/!//////////////////////////////////////////////////////////////////////////////////////////////////////////////!5Y!

"&!
!"#$%&'*()!)GSAH@KQ>!?PASD@NH!?>!JA!*RISRQ@H>!KRI!JA!WN@>!?>!K@OHAJ@KAD@NH!?>!,:Xp1/!/!55!

!"#$%&'**)!([FI>KK@NH!?>!*EFK!?AHK!J>!SNJNH/!/////////////////////////////////////////////////////////////////////////////////!"&8!

!"#$%&'*+)!([FI>KK@NH!?>!*EFK!?AHK!JP@JGNH/!/////////////////////////////////////////////////////////////////////////////////////!"YU!

!"#$%&'*,)!([FI>KK@NH!?>!*EFK!?AHK!J>!LN@>/!/////////////////////////////////////////////////////////////////////////////////////!"Y"!

!"#$%&'*-)!([FI>KK@NH!?>!*EF#S&&!>D!*EF#>"!?AHK!?@LLGI>HDK!DEF>K!?>!KNRI@K/!///////////////!"Y#!

!"#$%&'*.)!.@D>K!?PASD@NH!FNKK@BJ>K!?R!`:3!>D!?>K!FNJEFMGHNJK!//////////////////////////////////////////////!"Y&!

!"#$%&'*/)!`EFNDMCK>!SNHS>IHAHD!J>K!K@D>K!?PASD@NH!FNKK@BJ>K!?R!`:3!>D!?>K!FNJEFMGHNJK!

>D!J>RIK!I>JAD@NHK!M@GIAISM@TR>K/!/////////////////////////////////////////////////////////////////////////////////////////!"=$!

'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'

"Y!
AVANT PROPOS
'
2>! ?@ABCD>! ?>! DEF>! #! >KD! ASDR>JJ>Q>HD! RH>! FIGNSSRFAD@NH! QAb>RI>! >H! KAHDG!
FRBJ@TR>/! (H! >LL>Da! HNRK! AKK@KDNHK! V! RH>! AROQ>HDAD@NH! ?>! S>DD>! FADMNJNO@>! AR! H@W>AR!
FJAHGDA@I>/!3>!HNQBI>RK>K!SARK>K!NHD!GDG!@?>HD@L@G>K!SNQQ>!JPAJ@Q>HDAD@NHa!JA!FNJJRD@NHa!
J>K!QN?@L@SAD@NHK!?>!LJNI>!@HD>KD@HAJ>!r!/!
,NRK!ABNI?>INHK!?AHK!S>!QAHRKSI@D!J>K!QGSAH@KQ>K!QNJGSRJA@I>K!@QFJ@TRGK!?AHK!
JA! IGK@KDAHS>! V! JP@HKRJ@H>/! <R@Ka! HNRK! D>HD>INHK! ?>! ?GSI@I>! ?>! LAsNH! >[MARKD@W>! J>K!
?@LLGI>HD>K! SARK>K! Q@K>K! >H! b>R! ?AHK! JPAFFAI@D@NH! ?>! S>DD>! FADMNJNO@>/! (DAHD! ?NHHG! TR>!
S>DD>! QAJA?@>! >KD! SNQFJ>[>a! JA! FJRFAID! ?>! DIA@D>Q>HDK! QG?@SAQ>HD>R[! KNHD! RH! GSM>S!
AKKNS@G! V! ?>! HNQBI>R[! >LL>DK! @H?GK@IABJ>K/! *>IDA@H>K! QNJGSRJ>K! HADRI>JJ>K! SNQQ>! J>K!
FNJEFMGHNJK! NHD! GDG! ?GSI@D>K! SNQQ>! >LL@SAS>K! ?AHK! JPAQGJ@NIAD@NH! ?>! JA! DNJGIAHS>! AR!
OJRSNK>/! ,NRK! FNID>INHK! RH! @HDGIdD! FAID@SRJ@>I! V! ?>R[! FNJEFMGHNJKf! J>! I>KWGIADINJ! >D! JA!
SRISRQ@H>/!0RSRH>!?NHHG>!ASDR>JJ>!FNIDAHD!KRI!JPAKKNS@AD@NH!?>!S>K!?>R[!QNJGSRJ>K!?AHK!
J>!DIA@D>Q>HD!?R!?@ABCD>!HP>KD!V!S>!bNRI!?@KFNH@BJ>/!0RKK@a!?AHK!S>!DIAWA@Ja!HNRK!GDR?@>INHK!
JPAKKNS@AD@NH! ?>! S>K! ?>R[! QNJGSRJ>K! >D! J>RI! @QFASD! KRI! JP@HLJAQQAD@NH! @HD>KD@HAJ>a! J>!
Q@SINB@ND>!>D!J>!QGDABNJNQ>/! !

"=!
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'

Introduction
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
!

"5!
34 5&'6"789:&'6&':;<&'*'
(4 =>?>%7@":>A'
!
2>!?@ABCD>!?>!DEF>!#!]3-#^a!AFF>JG!GOAJ>Q>HD!t?@ABCD>!HNH!@HKRJ@HNX?GF>H?AHDPa!
SNHKD@DR>! RH>! QAJA?@>! QGDABNJ@TR>! SAIASDGI@KG>! FAI! RH>! SNHS>HDIAD@NH! KAHOR@H>! >H!
OJRSNK>! KRFGI@>RI>! V! S>JJ>! HNIQAJ>Q>HD! NBK>IWG>! ?RIAHD! JPGDAD! ?>! b>uH>/! *>DD>!
AROQ>HDAD@NH! >KD! JA! SNHKGTR>HS>! ?PRH! ?GLARD! ?PASD@W@DG! ?>! JP@HKRJ@H>! NRh>D! ?PRH!
?EKLNHSD@NHH>Q>HD! ?>K! S>JJRJ>K! Z! FAHSIGAD@TR>K! FIGK>HDAHD! RH! ?GLARD! ?>! KGSIGD@NH! ?>!
JP@HKRJ@H>/! 2>! 3-#! FNK>! ASDR>JJ>Q>HD! RH! FINBJCQ>! SIRS@AJ! ?>! KAHDG! FRBJ@TR>! AR! H@W>AR!
QNH?@AJ! SAI! @J! DNRSM>! FJRK! ?>! "=U! Q@JJ@NHK! ?P@H?@W@?RK! >D! S>DD>! FAH?GQ@>! ?>WIA@D!
KPGD>H?I>! V! $YY! Q@JJ@NHK! ?>! F>IKNHH>K! >H! #U$U/! 2>! 3-#! I>FIGK>HD>! 8Uv! ?>K! ?@ABCD>K!
DNDAR[!>D!K>K!SNHKGTR>HS>K!>H!D>IQ>K!?>!FADMNJNO@>K!AKKNS@G>K!F>RW>HD!KPAWCI>I!OIAW>K/!
<AIQ@! >JJ>Ka! S@DNHK! JA! IGD@HNFADM@>a! JA! HGFMINFADM@>a! JA! H>RINFADM@>! FGI@FMGI@TR>! >D!
S>HDIAJ>a!JPAHO@NFADM@>a!>D!J>K!QAJA?@>K!SAI?@NWAKSRJA@I>K/!
!
*4 B?'8%&C'%7<<&@'6&'@7'<D;A"E@E#"&'6&'@FDEG>EA:7A"&'#@$H"6"I$&'
'
2>K!MGDGINDINFM>K!NHD!B>KN@H!?>!K>!HNRII@I!FNRI!NBD>H@Ia!>HDI>!ARDI>Ka!JPGH>IO@>!
HGS>KKA@I>! AR! LNHSD@NHH>Q>HD! ?>! J>RI! NIOAH@KQ>/! 0R! TRND@?@>Ha! JA! WAI@AB@J@DG! ?>! JA!
?@KFNH@B@J@DG!?>K!?@LLGI>HDK!HRDI@Q>HDK!>D!?>!J>RI!SNHD>HR!>H!SAIBNME?IAD>K!I>TR@>ID!TR>!
J>K!MGDGINDINFM>K!FNKKC?>HD!RH!KEKDCQ>!F>IQ>DDAHD!?>!IGOJ>I!JPGTR@J@BI>!>HDI>!J>!DAR[!?>!
SAIBNME?IAD>K! S@ISRJAHD! ]OJRSNK>^! >D! S>JR@! KDNSeG! ]OJESNOCH>^/! *>K! KRSI>K! KNHD! KDNSeGK!
JNIK!?>!JA!FI@K>!AJ@Q>HDA@I>!>D!DIAHKLGIGK!?AHK!JA!S@ISRJAD@NH!JNIK!?R!b>uH>/!*>!KEKDCQ>!>KD!
AFF>JG! t`NQGNKDAK@>! OJRS@?@TR>P/! *M>c! JPMNQQ>a! JA! OJESGQ@>! >KD! A@HK@! QA@HD>HR>! >H!
DNRD>K!S@ISNHKDAHS>K!V!RH>!WAJ>RI!SNQFI@K>!>HDI>!Ua5!>D!"a#!Oh2!]"^/!
!
3CK! JPABKNIFD@NH! ?>K! HRDI@Q>HDKa! ?>K! S>JJRJ>K! @HD>KD@HAJ>K! KFGS@AJ>K! AFF>JG>K!
tOJRSNKDADP!NR!B@>H!tK>HK>RI!?>!OJRSNK>P!KNHD!SAFABJ>K!?PGWAJR>I!J>!DAR[!?>!OJRSNK>/!(JJ>K!
>HWN@>HDa!W@A!J>!H>IL!WAOR>a!?>K!K@OHAR[!?>KD@HGK!V!JPMEFNDMAJAQRKa!S>!TR@!SNHKD@DR>!JPA[>!
t@HD>KD@HXS>IW>ARP/!*>K!S>JJRJ>K!OJRSNKDADK!KNHD!GOAJ>Q>HD!DINRWG>K!?AHK!JA!W>@H>!FNID>a!J>!
FAHSIGAKa! J>K! SNIFK! SAIND@?@>HKa! >D! J>! S>IW>AR! JR@! QdQ>/! (H! IGFNHK>! V! S>K! K@OHAR[! KN@D!
?PAROQ>HDAD@NH!KN@D!?>!?@Q@HRD@NH!?>!JA!OJESGQ@>a!JPMEFNDMAJAQRK!>HWN@>!?>K!K@OHAR[!>H!
I>DNRI!?>KD@HGK!AR[!NIOAH>K!QGDABNJ@TR>K!FI@HS@FAR[!D>JK!TR>!J>!LN@>a!J>!D@KKR!A?@F>R[a!J>!
QRKSJ>/!0@HK@!JNIK!?PRH>!MEF>IOJESGQ@>a!S>K!D@KKRK!WNHD!SAFD>I!J>!OJRSNK>!KAHOR@H!AL@H!?>!
IGDABJ@I! RH>! OJESGQ@>! HNIQAJ>/! 3AHK! J>! SAK! @HW>IK>a! J>! LN@>! KGSICD>IA! ?R! OJRSNK>a! DAH?@K!
TR>! J>! D@KKR! A?@F>R[! L>IA! ?>! JA! J@FNJEK>/! <JASG>K! KNRK! J>! SNHDI\J>! ?R! KEKDCQ>! H>IW>R[a!

"8!
?>R[! MNIQNH>K! LNH?AQ>HDAJ>K! FAID@S@F>HD! V! JA! IGORJAD@NH! ?>! JPMNQGNKDAK@>! OJRS@?@TR>f!
JP@HKRJ@H>!>D!J>!OJRSAONH/!
!
*4(4 5F3?A$@"?&'
!
!
2P@HKRJ@H>! >KD! RH>! MNIQNH>! FNJEF>FD@?@TR>! SNHKD@DRG>! ?PRH! MGDGIN?@QCI>! ?PRH>!
QAKK>!QNJGSRJA@I>!?>!Y!e3A/!*>DD>!MNIQNH>!MEFNOJESGQ@AHD>!?GI@W>!?PRH!FIGSRIK>RI!?>!
""a&! e3A! ]JA! FIGXFINX@HKRJ@H>^! TR@! >KD! KEHDMGD@KG! FAI! J>K! S>JJRJ>K! Z! ?R! FAHSIGAK/! 2NIK!
?PRH>! AROQ>HDAD@NH! ?R! OJRSNK>! FJAKQAD@TR>a! J>! DIAHKFNID>RI! ?>! OJRSNK>! Q>QBIAHA@I>!
?>K! S>JJRJ>K! Z! ];24-"! SM>c! JPMNQQ>! >D! ;24-#! SM>c! J>K! INHO>RIK^! FI>H?! >H! SMAIO>! J>!
OJRSNK>/!*>JR@XS@!FGHCDI>!?AHK!JA!S>JJRJ>!Z/!*>DD>!AROQ>HDAD@NH!?>!JA!D>H>RI!@HDIAS>JJRJA@I>!
>H!OJRSNK>!SNH?R@D!V!JA!KGSIGD@NH!?>K!OIAHRJ>K!?P@HKRJ@H>!?AHK!J>!KAHO/!2P@HKRJ@H>!KGSIGDG>!
K>! ?@KDI@BR>! ?AHK! JA! S@ISRJAD@NH! OGHGIAJ>! FNRI! ADD>@H?I>! K>K! D@KKRK! S@BJ>K! Nw! J>! OJRSNK>!
K>IA!RD@J@KG!NR!KDNSeG/!
!

*4(4(4 5&'%>H&<:&$%'J'@F"?A$@"?&'

!!
2P@HKRJ@H>! >KD! SAFDG>! FAI! J>K! NIOAH>K! >LL>SD>RIK! W@A! KNH! IGS>FD>RI! AFF>JG!
tIGS>FD>RI!V!JP@HKRJ@H>P/!
2>! IGS>FD>RI! V! JP@HKRJ@H>! ]+'^! AFFAID@>HD! V! RH>! KRF>ILAQ@JJ>! ?>! IGS>FD>RIK! V!
ASD@W@DG! DEINK@H>! e@HAK>! ]'-j^/! +J! >[@KD>! ?>R[! @KNLNIQ>K! ?R! +'a! +'X0! >D! +'X1! TR@! K>!
?@LLGI>HS@>HD! FAI! I>KF>SD@W>Q>HD! JPABK>HS>! NR! JA! FIGK>HS>! ?>! JP>[NH! ""! ?AHK! J>RI!
KGTR>HS>! ?P03,/! +'X1! AQFJ@L@>! FJRK! LNID>Q>HD! J>K! K@OHAR[! ?GJ@WIGK! FAI! JP@HKRJ@H>! FAI!
IAFFNID! V! +'X0! >D! S>! QAJOIG! RH>! ALL@H@DG! FJRK! LA@BJ>! FNRI! JP@HKRJ@H>/! ,NDNHK! TR>! +'X0!
FNKKC?>!RH>!MARD>!ALL@H@DG!FNRI!JP+;:X#!]+HKRJ@HXJ@e>!OINlDM!LASDNI!#^!TR@!>KD!RH!LASD>RI!
AEAHD! RH>! KGTR>HS>! >D! RH>! KDIRSDRI>! K>QBJABJ>! V! S>JJ>! ?>! JP@HKRJ@H>/! 2P+'! >KD! SNHKD@DRG!
?PRH! MGDGINDGDIAQCI>a! SNQFNKG! ?>! ?>R[! KNRKXRH@DGK! g! NI@>HDG>K! W>IK! JP>[DGI@>RI! ?>! JA!
S>JJRJ>! >D! ?>! ?>R[! KNRKXRH@DGK! DIAHKQ>QBIAHA@I>K! Z/! 2k@HKRJ@H>a! >H! K>! L@[AHD! AR[! KNRKX
RH@DGK!g!>[D>IH>Ka!@H?R@D!KRI!S>JJ>KXS@!RH>!DIAHKSNHLNIQAD@NH!TR@!@HLJR>HS>a!V!DIAW>IK!JA!
Q>QBIAH>! FJAKQ@TR>a! J>K! KNRKXRH@DGK! Za! ASD@WAHD! A@HK@! J>RI! ?NQA@H>! DEINK@H>! e@HAK>!
@HDIAS>JJRJA@I>/! 2A! KNRKXRH@DG! Z! F>RD! KPAKKNS@>I! ?R! SNDG! SEDNKNJ! ?>! JA! S>JJRJ>! V! ?>K!
FAID>HA@I>K! >D! A@HK@! >JJ>! >KD! SAFABJ>a! OIxS>! V! KNH! ASD@W@DG! e@HAK@TR>a! ?>! FMNKFMNIEJ>I!
S>IDA@HK!IGK@?RK!DEINK@H>!KFGS@L@TR>K!?>!S>K!FAID>HA@I>Ka!J>KTR>JK!@HSJR>HD!J>K!+'.!]"!V!Y^!
]@HKRJ@H! I>S>FDNI! KRBKDIAD>^a! ;IB#! ]OINlDM! LASDNI! I>S>FDNI! B@H?@HO! FIND>@H^a! ;ABX"!

#U!
];IB#XAKKNS@AD>?! B@H?>IX"^a! <YU?Nea! *BJa! 0<.! ]A?AFD>I! FIND>@H! l@DM! A! FJ>SeKDI@H!
MNQNJNOE!AH?!AH!.IS!MNQNJNOE!#!?NQA@H^!>D!J>K!@KNLNIQ>K!.`*!].IS!MNQNJNOE!#!?NQA@H!
SNHDA@H@HO^!]#a$^/!!

*4(4*4 5&A'C7H:&$%A'3KL'&:'@F"?6$H:"E?'6&'H7AH76&A'6&'A"#?7@"A7:"E?''
!
2>K! LASD>RIK! +'.! SNHKD@DR>HD! J>K! S@BJ>K! QAb>RI>K! ?>! JPASD@W@DG! FINDG@H>! e@HAK>! ?R!
+'/!+JK!SNHD@>HH>HD!RH!?NQA@H>!SNHK>IWG!<`!]FJ>SeKDI@H>!MNQNJNOE^!K@DRG!>H!FNK@D@NH!,X
D>IQ@HAJ/! *>! ?NQA@H>! F>IQ>D! JA! L@[AD@NH! V! FIN[@Q@DG! ?R! +'! ?>! FMNKFMN@HNK@D@?>K! ]%^/! +J!
>KD! LJAHTRG! ?PRH! ARDI>! ?NQA@H>a! J>! <-1! ]FMNKFMNDEINK@H>XB@H?@HO^a! TR@! F>IQ>D! AR[!
FINDG@H>K!+'.!?>!K>!J@>I!AR[!?@LLGI>HDK!IGS>FD>RIK!SNQQ>!J>!+'a!NR!J>!IGS>FD>RI!V!JP+;:X"!
A@HK@! TRPV! ?PARDI>K! IGS>FD>RIK! ]&^/! 2A! IGO@NH! *XD>IQ@HAJ>! ?>K! FINDG@H>K! +'.! SNHD@>HD!
FJRK@>RIK!K@D>K!?>!FMNKFMNIEJAD@NH!SNHKD@DRGK!?>!IGK@?RK!-EINK@H>/!*>K!K@D>K!K>IW>HD!?>!
K@D>K!?>!L@[AD@NH!FNRI!?>K!FINDG@H>K!SNHD>HAHD!RH!?NQA@H>!.`#!].ISXMNQNJNOE!?>!DEF>!
#^a! SNQQ>! JA! KNRKXRH@DG! IGORJADI@S>! F5&A! ?>! JA! <+$j! ]<MNKFMAD@?EJ! @HNK@DNJ! $! e@HAK>^/!
0@HK@! DIN@K! OIAH?>K! WN@>K! ?>! K@OHAJ@KAD@NH! ?NHD! ?>R[! AFFAD@>HH>HD! V! +'.! K>IW>HD! V!
FINFAO>I! ?>K! K@OHAR[! >H! IGFNHK>! V! JPASD@WAD@NH! ?>! JP+'! FAI! JP@HKRJ@H>/! (JJ>K! @QFJ@TR>HD!
I>KF>SD@W>Q>HD!JA!<+$ja!JA!)0<!e@HAK>!]Q@DNO>HXASD@WAD>?!FIND>@H!e@HAK>^!>D!J>K!LASD>RIK!
*BJh*0<!]Y^/!
!
2A! SAKSA?>! *BJh*0<! @H?R@D! J>! DIAHKFNID! ?>! OJRSNK>f! AFICK! AWN@I! GDG! FMNKFMNIEJG!
FAI! J>! +'a! S>! SNQFJ>[>! *BJh*0<! K>! DIAHKJNTR>! W>IK! JA! Q>QBIAH>! >D! K>! L@[>! AJNIK! V! RH!
?NQA@H>!J@F@?@TR>!?>!JA!Q>QBIAH>!FAI!RH>!FINDG@H>!A?AFDADI@S>a!*'j++!]*-"U!]SM@Se>H!
DRQNI! W@IRK! HRQB>I! "U^! I>ORJADNI! NL! e@HAK>! ++^! ]:@ORI>! "^/! *>DD>! ?>IH@CI>! LNIQ>! >JJ>!
QdQ>! RH! SNQFJ>[>! AW>S! J>K! FAID>HA@I>K! *$;! ]*Ie! .`$! ?NQA@HXB@H?@HO! ORAH@H>!
HRSJ>ND@?>XI>J>AK@HO!LASDNI^!>D!-*"U!LAWNI@KAHD!FAI!JA!KR@D>!JA!DIAHKJNSAD@NH!?>!WGK@SRJ>K!
SNHD>HAHD!J>!DIAHKFNID>RI!?R!OJRSNK>!;24-%!W>IK!JA!Q>QBIAH>!FJAKQ@TR>!]Ya=^/!
!

#"!
!
'
!"#$%&'()'ME"&A'6&'A"#?7@"A7:"E?'N8@ONPQ'6&'3K'
(
/'%%'( -.#'( 01-.*#$'( "'( 23%14."#$2'( +)( 5")6.$'( ',( 1)52',%1,%( "1( 61&%)*'( 6'"")"1#*'( +'( 5")6.$'(
&1*(789:;<(/4"=(/1$#%1$(>?"#,'15'(8@2&A.21B(/!C=(/4"?1$$.6#1%'+(&*.%'#,(DE#5)*'(2.+#0#3'(+F1&*G$(
DHI<(
!
!
2A! SAKSA?>! ?>K! )0<! e@HAK>K! SNH?R@D! V! RH>! SIN@KKAHS>! S>JJRJA@I>! ASSIR>! W@A!
JPASD@WAD@NH! ?>! ;IB#! >D! .7.! ].NH! NL! K>W>HJ>KK^! ]:@ORI>#^/! *>R[XS@! SNH?R@K>HD! V! RH>!
DIAHKJNSAD@NH!?>!FINDG@H>K!('j"h#!]>[DIAS>JJRJAI!K@OHAJXI>ORJAD>?!e@HAK>^a!e@HAK>K!?>!JA!
LAQ@JJ>! ?>K! )0<! e@HAK>a! W>IK! J>! HNEAR! Nw! ('j"h#! FMNKFMNIEJ>! >HKR@D>! RH! S>IDA@H!
HNQBI>! ?>! LASD>RIK! NR! SNXLASD>RIK! ?>! DIAHKSI@FD@NH! D>JK! TR>! .'*X"! ]KD>IN@?! I>S>FDNI!
SNASD@WADNIX"^a!<A[Y!]FA@I!BN[!FIND>@H^a!,:X0-!]HRSJ>AI!LASDNI!NL!ASD@WAD>?!-!S>JJK^a!(JeX"!
](-.! DIAHKSI@FD@NH! LASDNI^a! )(:#! ]QENSED>! >HMAHS>I! LASDNIX#^a! SX:NKa! SX)ESa! >D! .-0-$!
].@OHAJ! DIAHK?RS>I! AH?! ASD@WADNI! NL! DIAHKSI@FD@NH! $^! TR@! IGORJ>HD! JPASD@WAD@NH!
DIAHKSI@FD@NH>JJ>!?>!OCH>K!@QFJ@TRGK!?AHK!JA!FINJ@LGIAD@NH!>D!JA!?@LLGI>HS@AD@NH!S>JJRJA@I>
]=a5^/!
2A! SAKSA?>! ?>! JA! <+$j! >KD! ASD@WG>! FAI! ?>K! FINDG@H>K! +'.! FNRI! ?GSJ>HSM>I! J>K!
LNHSD@NHK!QGDABNJ@TR>K!?>!Jk@HKRJ@H>!]8a"U^!]:@ORI>!#^/!(H!AWAJ!?>K!FINDG@H>K!+'.a!JA!<+$j!
>KD!JkRH!?>K!>LL>SD>RIK!J>!Q@>R[!SAIASDGI@KG/!+J!KPAKKNS@>!AR[!FINDG@H>K!+'.!FMNKFMNIEJG>K!
KRI!?>K!IGK@?RK!-EINK@H>!W@A!JA!KD@QRJAD@NH!FAI!Jk@HKRJ@H>!>D!SADAJEK>!AJNIK!JA!LNIQAD@NH!?R!
FMNKFMAD@?EJ@HNK@DNJX$a%a&XDI@FMNKFMAD>a! TR@a! JR@a! KD@QRJ>! JP! ASD@W@DG! ?>! JA! <3jX"!
]FMNKFMN@HNK@D@?>X?>F>H?>HD! e@HAK>^! >D! ?GSJ>HSM>! JkASD@WAD@NH! ?PARDI>K! >LL>SD>RIK!
SNQQ>! JA! FINDG@H>! e@HAK>! 1! ]<j1h0eD^a! Q-7'! ]QAQQAJ@AH! DAIO>D! NL! IAFAQES@H^! >D! JA!
.Yj"! ]F=U! I@BNKNQAJ! FIND>@H>! .Y! e@HAK>^! A@HK@! TR>! ?>K! @KNLNIQ>K! ADEF@TR>K! ?>! <j*!
]<j*yhz^!]FINDG@H>!e@HAK>!*^/!*>K!?>IH@>IK!SNH?R@K>HD!>HL@H!AR!DIAHKFNID!?R!OJRSNK>a!V!JA!
KEHDMCK>!?R!OJESNOCH>!>D!V!JPAROQ>HDAD@NH!OJNBAJ>!?>!JA!KEHDMCK>!FINDG@TR>!]""a"#^/!

##!
!
!
!"#$%&'*)'ME"&A'6&'A"#?7@"A7:"E?'Q3+R'&:'SPQ'T"?7A&'6&'3KL'
(
8J#,$)"#,'( 1( +')K( 5*1,+'$( -.#'$( +'( $#5,1"#$1%#.,=( ),'( L)#( )%#"#$'( "1( -.#'( CM?N( *35)"'( "J16%#-#%3(
23%14."#L)'O( '%( "J1)%*'( L)#( )%#"#$'( "1( P!C( Q#,1$'( *35)"'( "J16%#-#%3( 2#%.5','<( R1,$( ),'( 6'"")"'(
,.*21"'O(6'$(16%#-#%3$($.,%(3L)#"#4*3'$<(MST=("'($)4$%*1%(+)(*36'&%')*(+'("J#,$)"#,'<(P!CUU=(2#%.5',?
16%#-1%'+(&*.%'#,(Q#,1$'(Q#,1$'(DVNI<(
!
!
*4*4 5F3?A$@"?&'&:'DEG>EA:7A"&'#@$H"6"I$&'

*4*4(4 57'%>#$@7:"E?'6&'@7'A;?:D9A&'6$'#@;HE#9?&'
!
2A!KEHDMCK>!?R!OJESNOCH>!K>!LA@D!FI@HS@FAJ>Q>HD!?AHK!J>!LN@> >D!J>!QRKSJ> ]:@ORI>!
$^/! 2P@HKRJ@H>! KD@QRJ>! JPASSRQRJAD@NH! ?R! OJESNOCH>! W@A! JPAROQ>HDAD@NH! ?R! DIAHKFNID! ?R!
OJRSNK>!>D!JA!KEHDMCK>!?R!OJESNOCH>/!2>!DAR[!?R!OJESNOCH>!>KD!IGORJG!FAI!?>R[!>HcEQ>Kf!
JA!OJESNOCH>!FMNKFMNIEJAK>!>D!JA!OJESNOCH>!KEHDMGDAK>/!2A!FI>Q@CI>!AO@D!FJRD\D!>H!LAW>RI!
?>! JA! ?GOIA?AD@NH! ?R! OJESNOCH>! >D! JA! K>SNH?>! F>IQ>D! KA! KEHDMCK>/! 2P@HKRJ@H>! ASD@W>! JA!
OJESNOCH>! KEHDMGDAK>! >H! LAWNI@KAHD! KA! ?GFMNKFMNIEJAD@NH! FAI! JP@HM@B@D@NH! ?>! e@HAK>K!
D>JJ>K!TR>!JA!<j0!NR!JA!;.j$!]OJESNO>H!KEHDMAK>!e@HAK>^a!>D!FAI!JPASD@WAD@NH!?>!JA!FINDG@H>!
FMNKFMADAK>!"!]<<"^/!2NIK!?>!JkASD@WAD@NH!>H!AWAJ!?>!<+$ja!0eD!FMNKFMNIEJ>!>D!@HASD@W>!JA!
;.j$a!S>!TR@!?@Q@HR>!J>!DAR[!?>!FMNKFMNIEJAD@NH!?>!JA!OJESNOCH>!KEHDMGDAK>a!AROQ>HDAHD!
?NHS!KNH!GDAD!?kASD@W@DG!]"%^/!2P@HKRJ@H>!HPA!FAK!?P>LL>D!?@I>SD!KRI!JA!<<"!QA@K!ASD@W>!FJRD\D!
J>! *;.! ]S@BJ@HO! OJESNOCH>! KRBRH@D^! TR@! K>ID! {?PGSMALAR?AO>! QNJGSRJA@I>|a! >H! IGRH@KKAHD!

#$!
?@I>SD>Q>HD! JA! <<"! AW>S! KNH! KRBKDIADa! A@HK@! TR>! JA! OJESNOCH>! KEHDMAK>! >D! JA! OJESNOCH>!
FMNKFMNIEJAK>!?AHK!RH!SNQFJ>[>!QASINQNJGSRJA@I>!]"&^/!
!
*4*4*4 57'%>#$@7:"E?'6&'@7'#@;HE#>?E@;A&'&:'6&'@7'#@$HE?>E#&?9A&'
!
2P@HKRJ@H>!@HM@B>!JA!FIN?RSD@NH!>D!JA!KGSIGD@NH!?R!OJRSNK>!FAI!J>!LN@>!W@A!J>!BJNSAO>!
?>!JA!OJESNOGHNJEK>!>D!?>!JA!OJRSNHGNO>HCK>!]:@ORI>!$^/!2k@HKRJ@H>!SNHDI\J>!?@I>SD>Q>HD!
J>K! ASD@W@DGK! ?kRH! >HK>QBJ>! ?P>HcEQ>K! QGDABNJ@TR>K! W@A! J>RI! FMNKFMNIEJAD@NH! NR! J>RI!
?GFMNKFMNIEJAD@NH! >D! ARKK@! W@A! Jk>[FI>KK@NH! ?>K! OCH>K! SN?AHD! FNRI! J>K! >HcEQ>K!
MGFAD@TR>K!?>!JA!OJRSNHGNO>HCK>!>D!?>!JA!OJESNJEK>!]"Y^/!(JJ>!@HM@B>!JA!DIAHKSI@FD@NH!?R!
OCH>!SN?AHD!FNRI!JA!FMNKFMNGHNJFEIRWAD>!SAIBN[EJAK>!TR@!SADAJEK>!RH>!GDAF>!J@Q@DAHD>!
?>!JA!W@D>KK>!?>!JA!OJRSNHGNO>HCK>!]"=^/!2kMNIQNH>!?@Q@HR>!GOAJ>Q>HD!JA!DIAHKSI@FD@NH!
?>K! OCH>K! SN?AHD! FNRI! JA! LIRSDNK>X"aYX?@FMNKFMADAK>! >D! JA! OJRSNK>XYXFMNKFMADAK>a! >D!
AROQ>HD>! JA! DIAHKSI@FD@NH! ?>K! >HcEQ>K! OJESNJED@TR>K! D>JJ>K! TR>! JA! OJRSNe@HAK>! >D! J>!
FEIRWAD>!e@HAK>/!
!

*4*4+4 57'%>#$@7:"E?'6&'@7'A;?:D9A&'&:'6&'@7'6>#%767:"E?'6&A'@"<"6&A'
!
2P@HKRJ@H>!LAWNI@K>!GOAJ>Q>HD!JA!KEHDMCK>!?>!J@F@?>K!>D!@HM@B>!JA!J@FNJEK>!]:@ORI>!
$^/! 3AHK! J>K! A?@FNSED>Ka! J>! OJRSNK>! >KD! DIAHKLNIQG! >H! DI@NK>K! FR@K! >H! OJESGINJ! TR@! >KD!
KDNSeG!FI@HS@FAJ>Q>HD!KNRK!LNIQ>!?>!DI@OJESGI@?>K/!*>!DEF>!?>!KDNSeAO>!F>RD!AROQ>HD>I!
OIxS>! V! RH>! KD@QRJAD@NH! ?>! JkABKNIFD@NH! ?R! OJRSNK>! >D! V! JkASD@WAD@NH! ?P>HcEQ>K!
@QFJ@TRG>K!?AHK!JA!KEHDMCK>!?>K!J@F@?>Ka!E!SNQFI@K!JA!FEIRWAD>!?GKME?INOGHAK>a!JPAS@?>!
OIAK! KEHDMAK>! >D! JkASGDEJX*N0! SAIBN[EJAK>! TR@! >KD! @H?R@D>! FAI! JP@HKRJ@H>/! 2PMNIQNH>!
BJNTR>!GOAJ>Q>HD!JA!J@FNJEK>!W@A!JP@HM@B@D@NH!?>!JA!J@FAK>!`.2!]MNIQNH>XK>HK@D@W>!J@FAK>^!
]"5^a!S>S@!>H!IG?R@KAHD!J>!DAR[!?k0)<S!?AHK!J>K!S>JJRJ>K!A?@F>RK>K!W@A!JkASD@WAD@NH!?kRH>!
FMNKFMN?@>KD>IAK>!KFGS@L@TR>!?>!Jk0)<S!]"8^/!2A!?@Q@HRD@NH!?>!0)<S!QCH>!V!RH>!SMRD>!
?R!H@W>AR!?PASD@W@DG!?>!JA!<j0!]FINDG@H>!e@HAK>!0^a!TR@!>KD!@H?@KF>HKABJ>!?AHK!JPASD@WAD@NH!
?>!S>DD>!J@FAK>/!
!
!
!

#%!
!
!
!"#$%&'+)'UCC&:'6&'@F"?A$@"?&'A$%'@FDEG>EA:7A"&'#@$H"6"I$&'
!
!"#$%&'(&')"*+,&=(8'$(61*4.A@+*1%'$(1"#2',%1#*'$(D/WXI(1)52',%',%("1(5"@632#'('%(01-.*#$',%(
"1( $36*3%#.,( +J#,$)"#,'( &1*( "'$( 6'"")"'$( Y( &1,6*31%#L)'$<( 8J#,$)"#,'( &.$$G+'( +'( ,.24*')$'$( 16%#.,$(
-#$1,%( Z( &*.2.)-.#*( "'( $%.6Q15'( +'$( 61".*#'$( 1"#2',%1#*'$O( 21#$( $')"'2',%( L)'"L)'$?),'$( $.,%(
#"")$%*3'$( #6#<( -"./' 0&' 1*/+0&' /2*&0&$$%2*&O( "J#,$)"#,'( 1)52',%'( "'( %*1,$&.*%( +)( 5")6.$'O(
&'*2'%%1,%( "J',%*3'( +)( 5")6.$'( '%( "1( $@,%AG$'( +)( 5"@6.5G,'<( -"./' 0&' 34%&O( "J#,$)"#,'( 01-.*#$'( "1(
$@,%AG$'(+)(5"@6.5G,'('%(+'("1("#&.5',G$'(+'(,.-.O(',(#,A#41,%(',(2[2'(%'2&$("1(5")6.,3.5',G$'<(
-"./'0&'$%//*'"(%5&*6O("J#,$)"#,'(#,A#4'("1("#&."@$'('%(01-.*#$'("1("#&.5',G$'<'!"#$%&'(&'-#4%$&=(+1,$(
"J3%1%(+'(\'],'O("1($36*3%#.,(+J#,$)"#,'('$%(+#2#,)3'<(81(41#$$'(+'("J#,$)"#,'(1#,$#(L)'("J16%#.,(+F1)%*'$(
A.*2.,'$( ,.,( *'&*3$',%3'$( $'*%( Z( 1)52',%'*( "1( 5")6.,3.5',G$'( A3&1%#L)'( '%( 01-.*#$'( "1(
5"@6.53,."@$'<( 81( &*.+)6%#.,( +'( "#&#+'$( A3&1%#L)'$( +#2#,)'( %1,+#$( L)'( "1( "#&."@$'( 1+#&')$'(
1)52',%'<(E!=(01%%@(16#+$B(:!7=(%*#16@"5"@6'*."<(D0#5)*'(2.+#0#3'(+F1&*G$(D^_II<(
!

+4 Q7:DE<D;A"E@E#"&'6"78>:"I$&'
'

+4(4 UVE@$:"E?'6$'WX*'
'
2PGWNJRD@NH!RJD@Q>!?R!3-#!KRIW@>HD!JNIKTR>!J>K!S>JJRJ>K!Z!?R!FAHSIGAK!HPAII@W>HD!
FJRK! V! KGSIGD>I! ?>K! TRAHD@DGK! KRLL@KAHD>K! ?k@HKRJ@H>! FNRI! SNQF>HK>I! JPGSM>S! ?>! JA!
K@OHAJ@KAD@NH! FAI! JP@HKRJ@H>/! (H! >LL>Da! JA! IGK@KDAHS>! V! JP@HKRJ@H>! LNIS>! J>K! S>JJRJ>K! Z!
FAHSIGAD@TR>K!V!SNQF>HK>I!FAI!RH>!FIN?RSD@NH!ASSIR>!?P@HKRJ@H>a!S>!TR@!K>!DIA?R@D!FAI!
RH>! FINJ@LGIAD@NH! ?>K! S>JJRJ>K! Z! >D! FAI! RH>! AROQ>HDAD@NH! ?>! JA! B@NKEHDMCK>! >D! ?>! JA!
KGSIGD@NH!?>!JP@HKRJ@H>/!-AHD!TR>!J>K!S>JJRJ>K!Z!AII@W>HD!V!SNQF>HK>I!J>!B>KN@H!?>K!S>JJRJ>K!
FGI@FMGI@TR>K! >H! @HKRJ@H>a! J>! DAR[! FJAKQAD@TR>! ?>! OJRSNK>! I>KD>! FINSM>! ?>! JA! HNIQAJ>/!
)A@K!L@HAJ>Q>HDa!J>!FAHSIGAK!FAIW@>HD!V!RH!?EKLNHSD@NH>Q>HD!FAI!RH>!?GLA@JJAHS>!?>!KA!

#&!
LNHSD@NH!?>!FIN?RSD>RI!?P@HKRJ@H>!>D!JA!TRAHD@DG!?P@HKRJ@H>!KGSIGDG>!?>W@>HD!@HKRLL@KAHD>!
>D!JPMEF>IOJESGQ@>!V!b>uH!AFFAIAiDa!SP>KD!AJNIK!JP@HKDAJJAD@NH!?>!JPGDAD!?@ABGD@TR>/!
!
+4(4(4 5F"?A$@"?EY%>A"A:7?H&'

+4(4(4(4 5&A'G>H7?"AG&A'GE@>H$@7"%&A'6&'@F"?A$@"?EY%>A"A:7?H&'
'
2P@HKRJ@HNXIGK@KDAHS>!SNQQ>HS>!JNIKTR>!J>K!S>JJRJ>K!>LL>SDI@S>K!K>!DINRW>HD!?AHK!
JP@QFNKK@B@J@DG! ?>! IGFNH?I>! V! JPASD@NH! HNIQAJ>! ?>! JP@HKRJ@H>/! <JRK@>RIK! LASD>RIK!
SNQFNIDAHD! ?>K! QGSAH@KQ>K! ?PASD@NH! ?@LLGI>HDK! F>RW>HD! >[FJ@TR>I! S>! FMGHNQCH>/!
2PAJDGIAD@NH! ?>! JA! WN@>! ?>! K@OHAJ@KAD@NH! @HDIAS>JJRJA@I>! A@HK@! TR>! S>JJ>! ?R! IGS>FD>RI! V!
JP@HKRJ@H>! F>RD! >HDIAiH>I! ?AHK! J>K! S>JJRJ>K! S@BJ>K! RH>! F>ID>! ?>! JA! K>HK@B@J@DG! V! S>DD>!
MNIQNH>/!

!"#"#"#"#" $%&'(%&)*+,-.&/012'0)3'.14'052)./267%)3&/./20852)67%)90120
()&-3./2'0:;50
!
2>K! FINDG@H>K! +'.! SNHD@>HH>HD! ?>K! K@D>K! ?>! FMNKFMNIEJAD@NH! ?>! IGK@?RK! .>Ih-MI!
]:@ORI>! %^/! 2A! FMNKFMNIEJAD@NH! ?>! IGK@?RK! .>Ih-MI! IGORJ>! HGOAD@W>Q>HD! J>K! K@OHAR[! ?>!
JP@HKRJ@H>! >D! S>! FINS>KKRK! >KD! SNHK@?GIG! SNQQ>! RH! IGDINSNHDI\J>! HGOAD@L! ?>! JPASD@NH! ?>!
JP@HKRJ@H>!]$a#"^/!*>IDA@H>K!?>!S>K!FMNKFMNIEJAD@NHK!F>RW>HD!@H?R@I>!KN@D!JA!?@KKNS@AD@NH!
?>K!FINDG@H>K!+'.!V!FAID@I!?R!IGS>FD>RI!V!Jk@HKRJ@H>!]##^!KN@D!JA!?GOIA?AD@NH!?>K!FINDG@H>K!
+'.! ]#$^/! 3PARDI>K! FMNKFMNIEJAD@NHK! F>RW>HD! BJNTR>I! ?>K! K@D>K! ?>! FMNKFMNIEJAD@NH! KRI!
?>K!-EINK@H>K!K@DRG>K!KRI!J>K!FINDG@H>K!+'.!]#%^!NR!B@>H!J@BGI>I!J>K!FINDG@H>K!+'.!V!FAID@I!
?>K! SNQFJ>[>K! @HDIAS>JJRJA@I>K! TR@! J>K! QA@HD@>HH>HD! V! FIN[@Q@DG! ?R! IGS>FD>RI! ]#&^! NR!
>HSNI>!@H?R@I>!RH>!DIAHKSNHLNIQAD@NH!?>!JA!FINDG@H>!+'.!TR@!?>W@>HD!RH!@HM@B@D>RI!?>!JA!
e@HAK>!?R!+'!]#Y^/!
!
!

#Y!
!
!
!
!"#$%&',)'5&A'HE?A>I$&?H&A'<E:&?:"&@@&A'6&A'<DEA<DE%;@7:"E?A'6&A'<%E:>"?&A'3KL'
A$%'@&A'L&%OXD%'
'
8'$(&*.%3#,'$(MST(6.,%#',,',%(),(+.21#,'(CW(Z("')*('K%*32#%3(`W^($)#-#(+J),(+.21#,'(C:><(/'(+'*,#'*(
01-.*#$'("J#,%'*16%#.,(+'$(&*.%3#,'$(MST(1-'6("'(+.21#,'(aP(+'(MSO(L)#(&A.$&A.*@"'("'$(&*.%3#,'$(MST(+1,$("')*(
*35#.,( /?%'*2#,1"'<( 8'$( &*.%3#,'$( MST( :@*?&A.$&A.*@"3$( $'*-',%( ',$)#%'O( ',( 1-1"O( 6.22'( 2."36)"'$(
*36'&%*#6'$( &.)*( "'$( '00'6%')*$( %'"$( L)'( CMNU( '%( &A.$&A.%@*.$#,'( &A.$&A1%1$'( ^( DTWC?^I<( 81( $%#2)"1%#.,(
&*.".,53'(&1*("J#,$)"#,'('%(&1*("'$(1)%*'$($%#2)"#(+36"',6A3$(&1*(+'$(#,+)6%')*$(+'(*3$#$%1,6'(Z("J#,$)"#,'(
&'*2'%(+F16%#-'*("'$(Q#,1$'$(+'("FMST(L)#(1)%.&A.$&A.*@"',%("'$(MSTO(%'"(L)'(MST?VO($)*("'(*3$#+)(T'*b:A*<(/'%%'(
&A.$&A.*@"1%#.,(#,+)#%(&")$#')*$('00'%$=(
78("1(&A.$&A.*@"1%#.,(+'$(*3$#+)$(T'*($#%)3$(+1,$("'(+.21#,'(CW(#,%'*0G*'(1-'6("1("#1#$.,(+'("JMST?V(1-'6(
"'(*36'&%')*<(9'&$':=("1(&A.$&A.*@"1%#.,(+'(*3$#+)$(T'*b:A*(+)(+.21#,'(C:>(.)(+'("1(*35#.,(/?%'*2#,1"'(+'(
"JMST?V(#,+)#%($#2)"%1,32',%("1(+#$$.6#1%#.,(',%*'("JMST?V('%("'(*36'&%')*('%("1(+35*1+1%#.,(+'(MST?V<(-8("1(
&A.$&A.*@"1%#.,(+'(*3$#+)$(T'*(+1,$("1(*35#.,(/?%'*2#,1"'(#,%'**.2&%("1("#1#$.,(+'(MST?V(Z($'$('00'6%')*$(
$#%)3$(',(1-1"<((
MST=(#,$)"#,(*'6'&%.*($)4$%*1%'B(CW(+.21#,=(&"'6Q$%*#,(A.2.".5@(+.21#,B(C:>(+.21#,=(&A.$&A.%@*.$#,'(
4#,+#,5(+.21#,B(aP=(\)K$%12'24*1,'B(MS=(#,$)"#,(*'6'&%.*B(CMNU=(&A.$&A1%#+@"#,.$#%."(N?Q#,1$'(DNI<'

!
2>K!IGK@?RK!.>Ih-MI!?>K!+'.!F>RW>HD!dDI>!FMNKFMNIEJGK!FAI!?@LLGI>HD>K!FINDG@H>K!
e@HAK>Ka!TR@!K>!?@W@K>HD!>H!#!OIAH?>K!SADGONI@>K!]:@ORI>!&^/!2kRH>!SNQFI>H?!?>K!e@HAK>K!
TR@! KNHD! ?>K! QG?@AD>RIK! ?>! JA! K@OHAJ@KAD@NH! ?>! Jk@HKRJ@H>! TR@! IGORJ>HD! HGOAD@W>Q>HD! J>K!
FINDG@H>K! +'.! JNIK! ?>! JA! KD@QRJAD@NH! FINJNHOG>! ?>! Jk@HKRJ@H>/! 3AHK! S>DD>! SADGONI@>a! NH!

#=!
DINRW>!J>K!)0<!e@HAK>!]#=^a!JA!Q-7'h.Yj"!]#5^a!>D!JA!<j*y!]#8a$U^/!2kARDI>!SADGONI@>!>KD!
SNHKD@DRG>!?>!e@HAK>K!TR@!KNHD!ASD@WG>K!FAI!?>K!WN@>K!HNH!J@G>K!V!JkASD@NH!?>!IGDINSNHDI\J>!
?>! Jk@HKRJ@H>/! +J! KPAO@D! ?>! JA! ;.jX$Z! ]$"^a! ?P+jjZ! ]+p1! e@HAK>^]$#^a! ?>! _,j! ]SX_RH! ,`#X
D>IQ@HAJ! e@HAK>^]$$^a! ?>! JA! Q<2j! ]QNRK>! F>JJ>XJ@e>! e@HAK>^]$%^a! >D! ?>! JP0)<j! ]0)<X
ASD@WAD>?! FIND>@H! e@HAK>^! ]$&^/! 3>! HNQBI>R[! K@D>K! FND>HD@>JK! SNHKD@DRGK! ?>! IGK@?RK!
.>Ih-MI!KRI!J>K!+'.!NHD!GDG!@?>HD@L@GK!>D!KNHD!@QFJ@TRGK!?AHK!JA!F>IDRIBAD@NH!?>K!K@OHAR[!
?>!JP@HKRJ@H>!W@A!+'.!].>I#%a!Y=a!#Y&a!$U#r/^!]$^/!
!

!
!
!"#$%&'-)'L:%$H:$%&'&:'<7%:&?7"%&A'6Z"?:&%7H:"E?'6&A'3KL4'
!
8'$(L)1%*'(#$.0.*2'$(+)($)4$%*1%(+)(*36'&%')*(Z("F#,$)"#,'O(MSTVO(MST^O(MSTN('%(MST;O(&1*%15',%(),(
+.21#,'(CW(D215',%1IO(),(+.21#,'(C:>(D-'*%(0.,63I('%(&")$#')*$($#%'$(+'(&A.$&A.*@"1%#.,($)*(+'$(
*3$#+)$(%@*.$#,'('%($3*#,'<(8'$(&.$#%#.,$(+'$(*3$#+)$(+'(%@*.$#,'(DcI(L)#($.,%(&A.$&A.*@"3$(&1*("FMS('%(
"'$(&*.%3#,'$(+'($#5,1"#$1%#.,(',(1-1"($'("#1,%(Z(6'$($#%'$($.,%(*'&*3$',%3$<(8'$(&.$#%#.,$(+'$(*3$#+)$(
+'( $'*#,'( DTI( '%( "'$( Q#,1$'$( *'$&.,$14"'$( +'( "')*( &A.$&A.*@"1%#.,( $.,%( 351"'2',%( *'&*3$',%3$<( 8'$(
6'*6"'$( 4"')$( *'&*3$',%',%( +'$( $#%'$( +'( *35)"1%#.,( &.$#%#-'O( %1,+#$( L)'( "'$( 6'*6"'$( *.)5'$(
*'&*3$',%',%(+'$($#%'$(+'(*35)"1%#.,(,351%#-'<(9,'(6.24#,1#$.,(+'$(+')K(6.)"')*$(2.,%*'(+'$($#%'$(
.dO( $'".,( "'$( 6.,+#%#.,$O( "1( $5,1"#$1%#.,( $F1-G-'( [%*'( $.#%( &.$#%#-'( $.#%( ,351%#-'<( 8'$( 6'*6"'$( 4"1,6$(
*'&*3$',%',%( +'$( $#%'$( &.)*( "'$L)'"$( "J'00'%( +'( "1( &A.$&A.*@"1%#.,( '$%( 16%)'""'2',%( #,6.,,)<(
C")$#')*$(&*.%3#,'$($'("#',%(Z(.)(&A.$&A.*@"',%(MSTO(@(6.2&*#$(CMNUO(7*4^O(TWC^O(!U:bCU>O(MUUO(a`UO(
CU/eO(&f_THUO(7TUNYO(gSUO(SXUO(2:XSO(!PCUO(TMU^<(
MST=(#,$)"#,(*'6'&%.*($)4$%*1%'B(CW(+.21#,=(&"'6Q$%*#,?A.2.".5@B(C:>(+.21#,=(&A.$&A.%@*.$#,'(
4#,+#,5B( MS=( #,$)"#,( *'6'&%.*B( CMNU=( &A.$&A1%#+@"#,.$#%."( N?Q#,1$'B( 7*4^=( 5*.h%A?016%.*?*'6'&%.*?
4.),+( &*.%'#,?^B( TWC^=( T*6?A.2.".5@?^( DTW^I( +.21#,?6.,%1#,#,5( %@*.$#,'( &A.$&A1%1$'?^B( CU>=(

#5!
&*.%'#,(Q#,1$'(>B(MUU=(Mi>(Q#,1$'B(a`U=(6?a),?`?%'*2#,1"(Q#,1$'B(CU/e=(&*.%'#,(Q#,1$'(/(eB(&f_THU=(
&f_(*#4.$.21"(&*.%'#,(TH(Q#,1$'B(7TUNY=(5"@6.5',($@,%A1$'(Q#,1$'?N(YB(gSU=('K%*16'"")"1*($#5,1"?
*'5)"1%'+(Q#,1$'B(SXU=(SA.(Q#,1$'B(2:XS=(21221"#1,(%1*5'%(.0(*1&12@6#,B(!PCU=(!PC?16%#-1%'+(
&*.%'#,(Q#,1$'B(TMU^=($1"%?#,+)6#4"'($'*#,'b%A*'.,#,'(Q#,1$'(^(DfI<(

!"#"#"#"<" =3>),1,-.&/0120()&-3./2'0:;50
!
2>! BJNSAO>! ?>K! K@OHAR[! ?>! JP@HKRJ@H>! F>RD!KRIW>H@I! GOAJ>Q>HD! W@A! JA! ?GOIA?AD@NH!
?>K!FINDG@H>K!+'./!*NQQ>!NH!J>!WN@D!S@X?>KKRKa!JA!?GOIA?AD@NH!?>!+'.!SNHKD@DR>!RH>!?>K!
SNHKGTR>HS>K! ?>! JA! FMNKFMNIEJAD@NH! ?>! IGK@?RK! .>Ih-MI! FNIDGK! FAI! S>! LASD>RI/! 3>K!
GDR?>K! IGS>HD>K! NHDa! >H! NRDI>a! QNHDIG! TR>! J>K! @HM@B@D>RIK! ?>K! K@OHAR[! ?>! SEDNe@H>K!
SNQQ>! .7*.! ]KRFFI>KKNI! NL! SEDNe@H>! K@OHAJ@HO^! FAID@S@F>HD! ASD@W>Q>HD! V! S>DD>!
?GOIA?AD@NH/!
!
2>K!.7*.!SNQFI>HH>HD!MR@D!Q>QBI>K!IGRH@K!?AHK!RH>!LAQ@JJ>!].7*.X"!V!=!>D!*+.^!
TR@! NHD! DNRK! >H! SNQQRH! RH! ?NQA@H>! S>HDIAJ! .`#! J@G! AR[! IGK@?RK! FMNKFMNDEINK@H>! V!
JP>[DIGQ@DG! *XD>IQ@HAJ>! >D! RH! ?NQA@H>! ,`#! ?>! JNHOR>RI! WAI@ABJ>! ?NHD! J>! I\J>a! FNRI!
JPM>RI>a! HP>KD! FAK! @?>HD@L@G/! 2A! IGO@NH! .`#! SNHD@>HD! ARKK@! RH>! BN@D>! t.7*.P! TR@! IGORJ>! JA!
?GOIA?AD@NH!FINDGAKNQAJ>!?>K!FINDG@H>K!@HD>IAO@KKAHD!AW>S!.7*.!]$Y^/!2>K!.7*.!NHD!GDG!
DICK!GDR?@GK!>H!IA@KNH!?>!J>RI!I\J>!?AHK!JP@HKRJ@HNXIGK@KDAHS>/!-IN@K!QGSAH@KQ>K!?PASD@NH!
?>K!.7*.!?AHK!JA!IGK@KDAHS>!V!JP@HKRJ@H>!NHD!GDG!@?>HD@L@GKf!VI!JA!?GOIA?AD@NH!?>K!FINDG@H>!
+'.a(^I!JA!L@[AD@NH!?>!.7*.!V!JP+'!@HM@BAHD!JP@HD>IASD@NH!?>!JP+'!V!+'.a!>D!NI!JP@HM@B@D@NH!?>!
JPASD@W@DG!-EINK@H>!e@HAK>!?>!JP+'!]:@ORI>!Y^/!
"^! 2P@HD>IASD@NH! ?>K! .7*.! >D! >H! FAID@SRJ@>I! .7*.X"! >D! .7*.X$a! AR[! +'.X"! >D! X#!
FMNKFMNIEJGK!AR!H@W>AR!?>!J>RIK!DEINK@H>K!>HDIAiH>!JA!?GOIA?AD@NH!?>!S>K!?>IH@>IK!FAI!J>!
FINDGAKNQ>!]$=^/!
#^! .7*.X$! >KD! SAFABJ>! ?k@HD>IAO@I! AW>S! JA! FMNKFMNDEINK@H>! 8YU! ?>! JP+'! JNIK! ?kRH>!
KD@QRJAD@NH!FAI!JP@HKRJ@H>/!*>JA!>QFdSM>!JPAKKNS@AD@NH!?>K!FINDG@H>K!+'.X"!>D!+'.X#!AW>S!
JP+'!Q>HAHD!>H!AWAJ!AR!BJNSAO>!?>K!K@OHAR[!]$5^/!
$^!(HL@Ha!@J!>KD!GDABJ@!TR>!.7*.X"!>D!.7*.XY!F>RW>HD!@HM@B>I!JkASD@W@DG!e@HAK>!?>!JP+'!>D!
FAI! JA! KR@D>! ?@Q@HR>I! JA! FMNKFMNIEJAD@NH! ?>K! IGK@?RK! -EINK@H>! ?>! +'.X"a! JATR>JJ>! >KD!
HGS>KKA@I>!V!JA!K@OHAJ@KAD@NH!FAI!JP@HKRJ@H>!]$8^/!!
!
!

#8!
!
!
!
!"#$%&'.)'5Z"?D"8":"E?'6&'@7'VE"&'6&'A"#?7@"A7:"E?'6&'@Z"?A$@"?&'<7%'@&'L[NLY('&:'
L[NLY+4'
!
81( &A.$&A.*@"1%#.,( +'( MST( &1*( "'( MS( #,+)#%( "'( 61$61+'( +'( $#5,1"( #,%*16'"")"1#*'( DCMNUO( !Q%O( jI(
&.)*( 14.)%#*( ',0#,( Z( "F'00'%( +'( "F#,$)"#,'( $)*( "'( 23%14."#$2'( 5")6#+#L)'<( 8'$( TX/T( &')-',%(
6.,6)*',6'*(1-'6("1(MST($)*("1(0#K1%#.,($)*("'(*3$#+)(:@*(kH_(+)(MS<(8'$(TX/T(&')-',%(351"'2',%($'(
0#K'*( $)*( "'$( MST( '%( ',%*1#,'*( "1( +35*1+1%#.,( +'( 6'$( +'*,#G*'$( &1*( "1( &*.%31$.2'<( g,0#,O( "'$( TX/T(
&')-',%(#,A#4'*("F16%#-#%3(Q#,1$'(+)(MS<(
/)"=(6)""#,B(gV=(',l@2'(VB(g^=(',l@2'(^B(MS=(#,$)"#,(*'6'&%.*B(MST=(#,$)"#,(*'6'&%.*($)4$%*1%'B(UR=(
Q#,1$'(+.21#,B(CMNU=(&A.$&A1%#+@"#,.$#%."?N(Q#,1$'B(S.6V=(*'5)"1%.*(.0(6)""#,(VB(TX/T=($)&&*'$$.*(.0(
6@%.Q#,'($#5,1""#,5B(94=()4#L)#%#,B(c=(%@*.$#,'(*'$#+)'(D;_I<(
!
!

!"#"#"#"!" =.?./4-.&/01@2A()2''.&/0120:;0
!
2A! ?@Q@HRD@NH! ?>! JP>[FI>KK@NH! ?>! JP+'! FAID@S@F>! ARKK@! V! JA! IGK@KDAHS>! V! JP@HKRJ@H>/!
*NHDIA@I>Q>HD! AR[! ARDI>K! <j*K! TR@! BJNTR>HD! ?>K! K@OHAR[! ?>! JP@HKRJ@H>! W@A! JA!
FMNKFMNIEJAD@NH! ?>! IGK@?RK! .>Ih-MIa! JA! <j*}! >KD! @QFJ@TRG>! ?AHK! JA! ?@Q@HRD@NH! ?>!
JP>[FI>KK@NH! ?>! JA! KNRKXRH@DG! Z! ?>! JP+'! ]+'Z^! >D! A@HK@! @H?R@D! JP@HKRJ@HNXIGK@KDAHS>/! 0FICK!
AWN@I! GDG! FMNKFMNIEJG>! FAI! J>K! 0;Ka! JA! <j*}! K>! DIAHKJNTR>! ?AHK! J>! HNEAR! >D! AJDCI>! JA!
LNHSD@NH! ?R! `);0"! ]M@OM! QNB@J@DE! OINRF! 0-XMNNe! "^! @QFJ@TRG! ?AHK! JA! IGORJAD@NH!
DIAHKSI@FD@NHH>JJ>!?>!+'Z!]%"^/!
!

$U!
!"#"#"#"B" =3(%&'(%&)*+,-.&/012'0)3'.14'07*)&'./20120:;02-012'0
()&-3./2'0:;50
'
*NQQ>! NH! JPA! WRa! JP>LL>D! ?>! JP@HKRJ@H>! K>! FINFAO>! W@A! JA! FMNKFMNIEJAD@NH! ?>K!
IGK@?RK! -EINK@H>! ?>! +'! >D! ?>! +'.! TR@! SNH?R@D! >HKR@D>! V! ?@LLGI>HD>K! SAKSA?>K! ?>! K@OHAR[!
@HDIAS>JJRJA@I>K/!*>F>H?AHDa!S>DD>!FMNKFMNIEJAD@NH!>KD!IGW>IK@BJ>!>D!JA!?GFMNKFMNIEJAD@NH!
K>! FIN?R@D! W@A! JPASD@W@DG! ?>! JA! <-<AK>! ]FIND>@H>! -EINK@H>! FMNKFMADAK>^/! 0@HK@a! ?AHK! RH!
GDAD! ?P@HKRJ@HNXIGK@KDAHS>! D@KKRJA@I>a! S>DD>! FINDG@H>! >KD! FIGK>HD>! V! RH! DAR[! GJ>WG! ?AHK!
?@LLGI>HDK!D@KKRK!D>JK!TR>!J>!QRKSJ>!>D!J>!D@KKR!A?@F>R[!]%#a%$^/!!
!

!"#"#"#"C" D4>?2/-,-.&/0120+,0'&4'E4/.-30$FC0
!
2A!K@OHAJ@KAD@NH!?>!JP@HKRJ@H>!FAKK>!FI@HS@FAJ>Q>HD!W@A!JA!WN@>!+'.h<+$j/!2A!<+$j!
>KD! RH! MGDGIN?@QCI>! SNHKD@DRG! ?PRH>! KNRKXRH@DG! IGORJADI@S>! F5&! AKKNS@G>! V! RH>! KNRKX
RH@DG! SADAJED@TR>a! F""U/! 0! JPGDAD! HNIQAJa! J>K! QNHNQCI>K! F5&! V! JPGDAD! J@BI>! KNHD! >H!
GTR@J@BI>!AW>S!JPMGDGIN?@QCI>!F5&XF""U/!2>!QNHNQCI>!F5&!>D!JkMGDGIN?@QCI>!F5&XF""U!
F>RW>HD!DNRK!J>K!?>R[!K>!J@>I!V!RH!IGK@?R!DEINK@H>!?>K!FINDG@H>K!+'.!FMNKFMNIEJG>K/!.>RJ>!
JP@HD>IASD@NH!>HDI>!JtMGDGIN?@QCI>!>D!JP+'.!SNH?R@D!V!RH>!K@OHAJ@KAD@NH!FAI!JP@HKRJ@H>/!3AHK!
S>!FINS>KKRKa!RH>!AROQ>HDAD@NH!?R!QNHNQCI>!F5&!V!JPGDAD!J@BI>!FNRIIA@D!FINWNTR>I!RH>!
?@Q@HRD@NH!?PASD@W@DG!?>!JA!<+$j!]%%^!>HDIAiHAHD!RH>!@HD>IIRFD@NH!?>!JA!K@OHAJ@KAD@NH!FAI!
JP@HKRJ@H>/!
!

!"#"#"#"G" H+&I,>201@,I-.J.-301@DK-0
'
2P@HM@B@D@NH! ?>! JPASD@W@DG! ?P0eDa! JA! QNJGSRJ>! >LL>SDI@S>! >H! AWAJ! ?>! <+$ja! F>RD!
GOAJ>Q>HD!QN?RJ>I!JPASD@WAD@NH!QG?@G>!FAI!JP@HKRJ@H>/!2P@HM@B@D@NH!?>!0eD!F>RD!K>!LA@I>!W@A!
JPASD@WAD@NH!?>!<<#0!]FIND>@H>!FMNKFMADAK>!#0^!NR!B@>H!FAI!JA!FMNKFMNIEJAD@NH!?>!<j*y/!
2PASD@WAD@NH! ?>! JA! <<#0! F>RD! Q>H>I! V! JA! ?GFMNKFMNIEJAD@NH! ?P0eD! >D! ?NHS!
@HD>IINQFI>!JA!K@OHAJ@KAD@NH!FAI!JP@HKRJ@H>!]%&^/!
2A! FMNKFMNIEJAD@NH! ?>! JA! <j*y! F>RD! ARKK@! SNH?R@I>! V! Jk@HASD@WAD@NH! ?P0eD! W@A! JA!
FMNKFMNIEJAD@NH! ?>! JA! .>I$%! K@DRG>! ?AHK! J>! ?NQA@H>! FJ>SeKDI@H>! ?P0eD/! *>DD>!
FMNKFMNIEJAD@NH! @HM@B>! JA! J@A@KNH! ?P0eD! AR! $XFMNKFMAD@?EJ@HNK@DNJ! a! RH! SNLASD>RI!
HGS>KKA@I>!V!JkASD@WAD@NH!?k0eD!]%Y^/!
'
'
'

$"!
+4(4(4*4 5&A'G>H7?"AG&A'H&@@$@7"%&A'6&'@F"?A$@"?EY%>A"A:7?H&'
'
3>!HNQBI>RK>K!GDR?>K!NHD!GDG!IGAJ@KG>K!FNRI!D>HD>I!?P>[FJ@TR>I!J>K!QGSAH@KQ>K!
FMEK@NJNO@TR>K! >D! S>JJRJA@I>K! SNH?R@KAHD! V! JA! IGK@KDAHS>! V! JP@HKRJ@H>/! 3@LLGI>HDK! LASD>RIK!
D>JK! TR>! JPASSRQRJAD@NH! J@F@?@TR>! >[DIA! >D! @HDIAS>JJRJA@I>a! J>! KDI>KK! ?R! IGD@SRJRQ!
>H?NFJAKQ@TR>a!JP@HLJAQQAD@NH!>D!J>!I\J>!?>K!S>JJRJ>K!@QQRH@DA@I>K!NHD!GDG!GDR?@GK/!
!
!"#"#"<"#" DII4?4+,-.&/0120+.(.12'0
'
2PAKKNS@AD@NH! >HDI>! J>! QGDABNJ@KQ>! J@F@?@TR>! >D! JP@HKRJ@HNXIGK@KDAHS>! A! GDG!
FAID@SRJ@CI>Q>HD! GDR?@G>/! 2A! FI>Q@CI>! GDR?>a! IGAJ@KG>! FAI! 'AH?J>! >D! K>K! SNJJCOR>Ka!
KROOGIA@D!?CK!"8Y$!]%=^!TR>!J>K!0;K!AJDCI>HD!JPASD@NH!?>!JP@HKRJ@H>!?AHK!JPABKNIFD@NH!?R!
OJRSNK>!FAI!J>!QRKSJ>!W@A!JP@HM@B@D@NH!?>!JA!FEIRWAD>!?GKME?INOGHAK>/!*>S@!K>!DIA?R@D!FAI!
JA! IG?RSD@NH! ?>! JPN[E?AD@NH! ?R! OJRSNK>! >D! FAI! JPASSRQRJAD@NH! ?>K! @HD>IQG?@A@I>K! ?>! JA!
OJESNJEK>/! <AI! JA! KR@D>a! ?PARDI>K! DIAWAR[! NHD! SNHL@IQG! S>DD>! @HD>IASD@NH! >HDI>! J>!
QGDABNJ@KQ>!J@F@?@TR>!>D!JP@HKRJ@HN!IGK@KDAHS>/!(H!"88=a!_RSe>I!>D!K>K!SNJJCOR>K!]%5^!NHD!
QNHDIG!TRPRH>!F>ILRK@NH!A@O~>!?>!J@F@?>K!SM>c!J>K!IADK!IG?R@D!JPRD@J@KAD@NH!?R!OJRSNK>!FAI!
J>K! QENSED>K! >D! AROQ>HD>! JA! SNHS>HDIAD@NH! ?>! OJRSNK>! YXFMNKFMAD>! ];XYX<^!
@HDIAQENSEDA@I>/! *>S@! FNRIIA@D! KP>[FJ@TR>I! FAI! JP@HM@B@D@NH! ?>! JA! OJESNJEK>! ?u>! V!
JPAJDGIAD@NH! ?R! K@OHAJ! ?>! JP@HKRJ@H>/! 3>K! GDR?>K! RJDGI@>RI>K! NHD! SNHL@IQG! TR>! JP@HKRJ@HNX
IGK@KDAHS>! ?AHK! J>! QRKSJ>! KTR>J>DD@TR>! @H?R@D>! FAI! J>K! J@F@?>K! F>RD! dDI>! ADDI@BRG>! V!
JPAJDGIAD@NH! ?R! K@OHAJ! ?>! JP@HKRJ@H>! >D! V! JA! ?@Q@HRD@NH! ?R! DIAHKFNID! ?>! OJRSNK>! TR@! >KD!
MAB@DR>JJ>Q>HD!KD@QRJG!FAI!JP@HKRJ@H>!]%8a&U^/!
!
0! S>! KDA?>! ?>K! ?NHHG>Ka! HNRK! FNRWNHK! GQ>DDI>! ?>R[! MEFNDMCK>K! SNHS>IHAHD! J>K!
QGSAH@KQ>K!@QFJ@TRGK!?AHK!S>K!FMGHNQCH>Kf!NR!B@>H!J>K!0;K!S@ISRJAHDK!ASD@W>IA@>HD!J>K!
WN@>K!?>!K@OHAJ@KAD@NH!@HDIAS>JJRJA@I>K!@HD>ILCIAHD!AW>S!S>JJ>K!TR@!KNHD!KNRK!JA!?GF>H?AHS>!
?>!JP@HKRJ@H>!]&"^a!NR!B@>H!J>K!J@F@?>K!@HDIAS>JJRJA@I>K!KPASSRQRJ>IA@>HD!>H!>HDIAiHAHD!?>K!
?EKLNHSD@NHH>Q>HDK!S>JJRJA@I>K!SNH?R@KAHD!A@HK@!V!JP@HKRJ@HNXIGK@KDAHS>!]#U^/!

!" #$%&'()%&*+,*-.!/0%&
'
2P>[@KD>HS>!?PRH>!I>JAD@NH!>HDI>!JPAROQ>HDAD@NH!?R!DAR[!?>K!0;K!J@BI>K!S@ISRJAHDK!
>D!JP@HKRJ@HNXIGK@KDAHS>!A!GDG!GDABJ@>!]&#a&$^/!+J!>KD!@QFNIDAHD!?>!HND>I!TR>!JA!HADRI>!?>K!
J@F@?>K!@HOGIGK!FICK>HD>!RH!LNID!@QFASD!KRI!JA!SNQFNK@D@NH!?>K!0;K!S@ISRJAHDK!]&%^/!!
!

$#!
2>K! 0;.K! FNKKC?>HD! RH>! ASD@W@DG! FINX@HLJAQQADN@I>! SAI! @JK! F>RW>HDa! >H! >LL>Da!
ASD@W>I! J>K! WN@>K! ?>! K@OHAJ@KAD@NH! ?>! JP@HLJAQQAD@NH! D>JK! TR>! _,j"h0<X"! ]ASD@WADNI!
FIND>@HX"^!>D!+jjZh,:Xp1/!*>DD>!@H?RSD@NH!?PRH!FINS>KKRK!@HLJAQQADN@I>!K>!DIA?R@D!FAI!
JA! KEHDMCK>! ?>! SEDNe@H>K! FINX@HLJAQQADN@I>Ka! J>KTR>JJ>K! @HD>ILCI>HD! AW>S! J>K! WN@>K! ?>!
K@OHAJ@KAD@NH!?>!JP@HKRJ@H>!?AHK!?@LLGI>HDK!DEF>K!S>JJRJA@I>K!D>JK!TR>!J>K!QASINFMAO>Ka!J>K!
A?@FNSED>Ka!J>K!QENSED>Ka!J>K!MGFADNSED>K!r!>DS!]"%"=^/!*>D!>LL>D!FINX@HLJAQQADN@I>!?>!
0;.K! K>! IGAJ@K>! FI@HS@FAJ>Q>HD! W@A! JA! KD@QRJAD@NH! ?>K! IGS>FD>RIK! -2'%! >DhNR! -2'#!
]&=a&8aYU^!]:@ORI>!=^/!2>K!-2'K!KNHD!SNHHRK!SNQQ>!J>K!IGS>FD>RIK!?>!<0)<K!]<ADMNO>HX
AKKNS@AD>?! QNJ>SRJAI! FADD>IHK^! >D! ?>! KRBKDAHS>K! >H?NOCH>K! KGSIGDG>K! JNIK! ?>! JGK@NHK!
D@KKRJA@I>K!]Y"^/!3>!TR>JJ>!QAH@CI>!J>K!0;.K!F>RW>HDX@JK!KD@QRJ>I!J>K!-2'K€!
X 2A!FI>Q@CI>!FNKK@B@J@DG!LA@D!@HD>IW>H@I!?>K!FINDG@H>K!J@G>K!AR[!0;.K!LNHSD@NHHAHD!
SNQQ>! SNIGS>FD>RI! ?>K! -2'K/! +J! KPAO@D! FAI! >[>QFJ>a! ?R! *3$Y! ]SJRKD>I! NL!
?@LL>I>HD@AD@NH! $Y^! ]DIAHKFNID>RI! ?>K! AS@?>K! OIAK! >D! IGS>FD>RI! ?>K! 232! N[E?G>K!
]JNlX?>HK@DE!J@FNFIND>@H^^!TR@!F>RD!@HD>IAO@I!AW>S!J>!-2'#!]Y#^/!!
X 3>R[@CQ>Q>HDa! J>K! 0;.K! F>RW>HD! KP@HKGI>I! ?AHK! RH! ?NQA@H>! KFGS@L@TR>! ?>! JA!
Q>QBIAH>! AFF>JG! t2@F@?! 'ALDKP/! *>S@! K>! DIA?R@D! FAI! RH>! AROQ>HDAD@NH! ?>! JA!
?@QGI@KAD@NH!?>!-2'%!>D!?R!I>SIRD>Q>HD!?>!SX.IS/!*>JA!>HDIAiH>!JA!KD@QRJAD@NH!?>!
_,jh0<X"!]Y$aY%^/!!
X -IN@K@CQ>Q>HDa! J>K! 0;.K! F>RW>HD! L@[>I! AW>S! RH>! MARD>! ALL@H@DG! JA! :>DR@H! 0!
]OJESNFINDG@H>!S@ISRJAHD>!>D!KGSIGDG>!FAI!J>!LN@>^!TR@!ASD@W>IA!J>!-2'%/!+J!>KD!GDABJ@!
TR>!JA!:>DR@H!0!bNR>!RH!I\J>!?>!J@>H!FMEK@TR>!>HDI>!J>K!0;.K!>D!J>K!-2'%!]Y&^/!
X (HL@Ha!J>K!0;.K!F>RW>HD!KD@QRJ>I!JA!FIN?RSD@NH!NR!JA!J@BGIAD@NH!?>!K@OHAR[!SNQQ>!
J>! `);1"! ]M@OM! QNB@J@DE! OINRF! BN[! "! FIND>@H^a! V! FAID@I! ?>! D@KKRK! BJ>KKGK/! *>K!
K@OHAR[!ASD@W>INHD!J>K!-2'K!]YY^/!!
!
<AI!A@JJ>RIKa!J>K!0;.K!F>RW>HD!GOAJ>Q>HD!KD@QRJ>I!J>K!WN@>K!?R!KDI>KK!S>JJRJA@I>!NR!
J>K!WN@>K!@HLJAQQADN@I>K!W@A!?@LL>I>HDK!QGSAH@KQ>K!@H?GF>H?AHDK!?>K!-2'Kf!
X 2>! DIA@D>Q>HD! ?>! QASINFMAO>K! FAI! ?>K! 0;.K! @H?R@D! RH>! AROQ>HDAD@NH! ?>! JA!
FIN?RSD@NH! ?>! '7.! ]I>ASD@W>! N[EO>H! KF>S@>K^/! 2PAROQ>HDAD@NH! ?>K! '7.! F>IQ>D!
?PASD@W>I! ?>! HNQBI>RK>K! e@HAK>K! ?>! KDI>KK! >D! ARKK@! ?>! KD@QRJ>I! ?>K! FINDG@H>K!
ASD@WADI@S>K! ?>! JP@HLJAQQNKNQ>! SNQQ>! J>! ,2'<$! ]HRSJND@?>XB@H?@HO! ?NQA@Ha!
J>RS@H>XI@SM! I>F>ADK! SNHDA@H@HO! LAQ@JEa! FEI@H! ?NQA@HXSNHDA@H@HO! $^! ]Y=^/! *>!
?>IH@>I!LNIQ>!RH!SNQFJ>[>!AW>S!RH>!FINDG@H>!A?AFDADI@S>a!0.*!]AFNFDND@S!KF>Se!
FIND>@H!SNHDA@H@HO!A!SAKFAK>!I>SIR@DQ>HD!?NQA@H^!TR@!IGORJ>!>HKR@D>!JA!SAKFAK>!$a!

$$!
JATR>JJ>! ASD@W>! J>! SJ@WAO>! ?>! JA! FINX+2X"Z! ?NHHAHD! JA! LNIQ>! ASD@W>! ?>! +2X"Z!
]@HD>IJ>Re@H! "! B>DA^! ]Y5^/! *>DD>! SEDNe@H>! FINX@HLJAQQADN@I>! WAa! FAI! JA! KR@D>a!
IG?R@I>!JA!K@OHAJ@KAD@NH!?>!JP@HKRJ@H>!]Y=^/!
X 2>K!0;.K!KNHD!GOAJ>Q>HD!FIGSRIK>RIK!?>K!ARDI>K!J@F@?>K!SNQQ>!J>!?@ASEJOJESGINJ!
]30;^! >D! J>K! SGIAQ@?>K! ?NHD! JPAROQ>HDAD@NH! @HDIAS>JJRJA@I>! F>RD! AJDGI>I! J>K!
K@OHAR[!?>!JP@HKRJ@H>!W@A!?@LLGI>HDK!QGSAH@KQ>K!]#UaY8^/!*>!FINS>KKRK!>KD!>[FJ@TRG!
S@X?>KKNRK/!
!

1" #$%&230!14.+0$%&.+5+6+7-$%&+/0,!*$..-.!+,$%&
'
2PASSRQRJAD@NH! ?>! J@F@?>K! @HDIAS>JJRJA@I>K! >KD! ARKK@! SNHK@?GIG>! SNQQ>! RH! ?>K!
I>KFNHKABJ>K! ?>! JP@HKRJ@HNXIGK@KDAHS>a! QA@K! J>K! QGSAH@KQ>K! ?PASD@NH! KNHD! ?@LLGI>HDK! ?>!
S>R[!@H?R@DK!FAI!J>K!0;K!J@BI>K!]:@ORI>!=^/!!
!
4H>! LN@K! >HDIGK! ?AHK! JA! S>JJRJ>a! J>K! 0;K! KNHD! IAF@?>Q>HD! >KDGI@L@GK! AW>S! J>!
SN>HcEQ>!0!]*N0^!>H!?NHHAHD!J>K!ASEJX*N0K/!*>R[XS@!KNHD!DIAHKLGIGK!KRSS>KK@W>Q>HD!AR!
OJESGINJ! FNRI! LNIQ>I! J>K! QNHNXa! ?@Xa! >D! DI@ASEOJESGINJ! ]-;^/! 2>K! ASEJX*N0K! F>RW>HD!
GOAJ>Q>HD! KP>KDGI@L@>I! AW>S! JA! KFM@HONK@H>! >D! ?NHH>I! ?>K! SGIAQ@?>K/! -NRK! S>K!
QGDABNJ@D>K!J@F@?@TR>K!@HDIAS>JJRJA@I>K!KNHD!KRKF>SDGK!SNQQ>!FNRWAHD!@HD>IW>H@I!?AHK!JA!
IGK@KDAHS>!V!JP@HKRJ@H>!]#U^/!,NRK!AJJNHK!J>K!AHAJEK>I!S@X?>KKNRK/!
!
*NQQ>!J>!QNHDI>!J>K!>[FGI@>HS>K!KR@WAHD>Ka!J>K!ASEJX*N0K!H>!KNHD!FAK!@QFJ@TRGK!
?AHK!JP@HKRJ@HNXIGK@KDAHS>/!!
.NRK! JPASD@NH! SADAJED@TR>! ?PRH>! >HcEQ>! Q@DNSMNH?I@AJ>a! JA! QD;<0-! ]ASEJX
*N0fOJES>INJXKHX$XFMNKFMAD>! ASEJDIAHKL>IAK>^a! JPAS@?>! JEKNFMNKFMAD@?@TR>! >KD! LNIQG! V!
FAID@I!?>K!ASEJX*N0K!>D!?R!OJES>INJ!$XFMNKFAD>/!2PABK>HS>!?>!S>DD>!>HcEQ>!FINWNTR>!RH>!
ASSRQRJAD@NH!?>K!KRBKDIADK!SNQQ>!J>K!ASEJX*N0K/!*NQQ>!ADD>H?Ra!JNIKTR>!?>K!KNRI@K!j7!
QD;<0-"XhX! ]?GL@S@>HS>! >H! QD;<0-"^! KNHD! HNRII@>K! AW>S! RH! IGO@Q>! I@SM>! >H! OIA@KK>Ka!
RH>!ASSRQRJAD@NH!?>K!ASEJX*N0!MGFAD@TR>K!>KD!NBK>IWG>/!<AI!SNHDI>a!J>K!DAR[!?>!30;K!>D!
?>K! -;K! H>! SMAHO>HD! FAK/! <NRIDAHDa! NH! SNHKDAD>! TR>! S>K! KNRI@K! KNHD! FINDGOG>K! ?>!
JP@HKRJ@HNXIGK@KDAHS>! AR! H@W>AR! MGFAD@TR>! ]=U^/! 3AHK! RH>! ARDI>! GDR?>a! ?>K! KNRI@K!
KRI>[FI@QAHD! J>! QD;<0-"! MGFAD@TR>a! FIGK>HD>HD! RH! H@W>AR! ?PASEJX*N0K! HNIQAJ/!
<NRIDAHDa!S>K!KNRI@K!FIGK>HD>HD!RH>!@HKRJ@HNXIGK@KDAHS>!TR@!FNRIIA@D!dDI>!I>J@G>a!?AHK!S>!
SAKa! AR[! DAR[! GJ>WGK! ?PAS@?>! JEKNFMNKFMAD@?@TR>a! ?>! 30;! >D! ?>! -;! NBK>IWGK! SM>c! S>K!
AH@QAR[!]="^/!!

$%!
2P>HK>QBJ>! ?>! S>K! IGKRJDADK! KROOCI>! ?NHS! TR>! J>K! ASEJX*N0K! HP@HD>IW@>HH>HD! FAK!
?AHK!JP@HKRJ@HNXIGK@KDAHS>/!!
!
jIKKAe! >D! K>K! SNJJCOR>K! ]=#^! NHD! KROOGIG! TR>! SM>c! ?>K! A?RJD>K! HNH! ?@ABGD@TR>K!
FIGK>HDAHD!RH>!QAKK>!SNIFNI>JJ>!HNIQAJ>a!J>!DAR[!?>!-;K!@HDIAQENS>JJRJA@I>!FR@KK>!dDI>!
RH! >[S>JJ>HD! FIG?@SD>RI! ?>! JP@HKRJ@HNXIGK@KDAHS>! QRKSRJA@I>/! *>F>H?AHDa! S>DD>! AJJGOAD@NH!
LRD! SNHDI>?@D>! FAI! ?PARDI>K! GDR?>K/! 0@HK@a! JPGTR@F>! ?>! 2R@! ]=$^! A! QNHDIG! TR>! ?>K! KNRI@K!
DIAHKOGH@TR>K! KRI>[FI@QAHD! JA! 3;0-"! ]?@ASEJOJESGINJ! ASEJDIAHKL>IAK>^a! >HcEQ>! TR@!
IGAJ@K>! ?>K! IGASD@NHK! ?PASEJAD@NH! >HDI>! ?>K! 30;K! >D! ?>K! -;Ka! FIGK>HD>HD! RH>!
AROQ>HDAD@NH!?>!JA!KEHDMCK>!?>!-;K!>D!RH>!?@Q@HRD@NH!?R!DAR[!?>!30;K!>D!?>!SGIAQ@?>K!
?AHK!J>!QRKSJ>/!*>F>H?AHDa!@JK!SNHKDAD>HD!TR>!S>K!KNRI@K!KNHD!FINDGOG>K!?PRH>!@HKRJ@HNX
IGK@KDAHS>! @H?R@D>! FAI! RH! IGO@Q>! I@SM>! >H! OIA@KK>K/! *>K! ?NHHG>K! KNHD! SNQFAD@BJ>K! AW>S!
J>K!NBK>IWAD@NHK!SNH?R@KAHD!AR!FAIA?N[>!?>!JPADMJCD>!K>JNH!J>TR>J!JP>[>IS@S>!FMEK@TR>!>KD!
AKKNS@G!V!RH>!AROQ>HDAD@NH!?R!DAR[!?>!-;K!@HDIAQRKSRJA@I>!>D!V!RH>!BNHH>!K>HK@B@J@DG!V!
JP@HKRJ@H>!]=%a=&^/!!
2P>HK>QBJ>! ?>! S>K! IGKRJDADK! @H?@TR>HD! ?NHS! TR>! JPASSRQRJAD@NH! ?>K! ASEJX*N0! >D!
?>K! -;K! H>! KNHD! FAK! LNISGQ>HD! J@GK! V! JP@HKRJ@HNXIGK@KDAHS>! AJNIK! TRPAR! SNHDIA@I>!
JPAROQ>HDAD@NH!@HDIAS>JJRJA@I>!?>!30;K!>D!?>!SGIAQ@?>K!J>!KNHD/!
!
4H>! SNIIGJAD@NH! >HDI>! JP@HKRJ@HNXIGK@KDAHS>! >D! RH>! AROQ>HDAD@NH! ?R! DAR[! ?>!
SGIAQ@?>K! >D! ?>! 30;K! ?AHK! J>! LN@>! >D! J>! QRKSJ>! A! GDG! QNHDIG>! ]=Y^/! 2>! DIA@D>Q>HD! ?>!
KNRI@K! AW>S! JA! QEI@NS@H>a! RH! @HM@B@D>RI! ?>! JA! K>I@H>! FAJQ@DNEJ! DIAHKL>IAK>! "a! @QFJ@TRG>!
?AHK! JA! KEHDMCK>! ?>K! SGIAQ@?>Ka! ADDGHR>! KFGS@L@TR>Q>HD! JPAROQ>HDAD@NH! ?>K! SGIAQ@?>K!
?AHK! J>! QRKSJ>! ?>! KNRI@K! KNRK! IGO@Q>! OIAK/! *>S@! >KD! AKKNS@G! V! RH>! AQGJ@NIAD@NH! ?>! JA!
DNJGIAHS>! AR! OJRSNK>a! KAHK! ARSRH>! QN?@L@SAD@NH! ?>K! ASEJX*N0Ka! ?>K! 30;K! NR! ?>K! -;K/!
*>F>H?AHDa!J>!I\J>!?>K!SGIAQ@?>K!SNQQ>!QG?@AD>RI!?>!JP@HKRJ@HNXIGK@KDAHS>!H>!KPNBK>IW>!
TR>!?AHK!J>!SAK!?PRH>!AJ@Q>HDAD@NH!I@SM>!>H!0;.K/!3>!LA@Da!SNQQ>!IAFFNIDG!?AHK!JA!QdQ>!
GDR?>a! JP@HLRK@NH! ?PAS@?>K! OIAK! @HKADRIGK! ]J@HNJGAD>^! HP@H?R@D! FAK! ?PASSRQRJAD@NH! ?>!
SGIAQ@?>K!AJNIK!TR>!J>K! KNRI@K!?GW>JNFF>HD!RH>!@HKRJ@HNXIGK@KDAHS>!QdQ>!>H!FIGK>HS>!
?>! QEI@NS@H>/! *>JA! @H?@TR>! ?NHS! TR>! J>K! AS@?>K! OIAK! @HKADRIGK! AJDCI>HD! ?>K! K@OHAR[! ?>!
JP@HKRJ@H>! W@A! ?PARDI>K! QGSAH@KQ>K! TR>! S>R[! J@GK! V! JPASSRQRJAD@NH! ?>! SGIAQ@?>K! ]==^/!
*>DD>! SAFAS@DG! ?>! JA! QEI@NS@H>! V! FINDGO>I! J>K! KNRI@K! ?>! JP@HDNJGIAHS>! AR! OJRSNK>! >H!
@HM@BAHD!JPASSRQRJAD@NH!?>!SGIAQ@?>K!@H?R@D>!FAI!J>!IGO@Q>!OIAK!LRD!SNHL@QG>!FAI!JPGDR?>!
?>!4KKM>I!]=5^!TR@!RD@J@K>!RH!IGO@Q>!V!BAK>!?>!KA@H?NR[/!
!

$&!
2>K!30;K!KNHD!OGHGIAJ>Q>HD!?>K!K>SNH?K!Q>KKAO>IK!FIN?R@DK!KNRK!JPASD@NH!?>!JA!
FMNKFMNJ@FAK>! *! V! FAID@I! ?R! FMNKFMAD@?EJ@HNK@DNJ! %a&XB@KFMNKFMAD>/! (H! I>WAHSM>a! ?AHK!
JP@HKRJ@HNXIGK@KDAHS>!@H?R@D>!FAI!JPASSRQRJAD@NH!?>!J@F@?>Ka!JPAROQ>HDAD@NH!@HDIAS>JJRJA@I>!
?>!30;K!F>RD!dDI>!?u>!V!RH>!SNHDI>XBAJAHS>!>HDI>!JA!KEHDMCK>!>D!JPME?INJEK>!?>K!-;K/!2>K!
30;K! KNHD! ?NHS! ?>K! QGDABNJ@D>K! J@F@?@TR>K! TR@! FNKKC?>HD! J>RI! FINFI>! K@OHAJ@KAD@NH!
@HDIAS>JJRJA@I>! ]#U^f! >H! RD@J@KAHD! ?>K! KNRI@K! DIAHKOGH@TR>K! F>IQ>DDAHD! JA! KRI>[FI>KK@NH!
?>! 3;0-"! ?AHK! J>! QRKSJ>a! JPGTR@F>! ?>! 2R@! ]=$^! NBK>IW>! RH>! ASSRQRJAD@NH! ?>! -;K!
@HDIAQRKSRJA@I>! >D! JA! FIND>SD@NH! ?>K! KNRI@K! ?>! JP@HKRJ@HNXIGK@KDAHS>! QRKSRJA@I>! @H?R@D>!
FAI! ?>K! J@F@?>K/! 2>K! 30;K! F>RW>HD! GOAJ>Q>HD! LNIQ>Ia! KNRK! JPASD@NH! ?>K! ?@ASEJOJESGINJ!
e@HAK>K! ]3;jK^a! ?>K! AS@?>K! FMNKFMAD@?@TR>Ka! RH! SNHKD@DRAHD! J@F@?@TR>! QAb>RI! ?>! JA!
Q>QBIAH>a! 3>K! KNRI@K! FIGK>HDAHD! RH>! MAFJN@HKRLL@KAHS>! FNRI! JA! 3;j! ]3;j‚hX^a!
FIGK>HD>HD! RH! DAR[! GJ>WG! ?>! 30;! QRKSRJA@I>! AKKNS@G! V! JP@HKRJ@HNXIGK@KDAHS>! QRKSRJA@I>!
KAHK!AROQ>HDAD@NH!?>K!-;K!]=8^/!(H!IGKRQGa!@J!HPE!A!TR>!J>K!SGIAQ@?>K!>D!J>K!30;K!TR@!
FNRIIA@>HD!@HD>ILGI>I!AW>S!JA!K@OHAJ@KAD@NH!?>!JP@HKRJ@H>!DAH?@K!TR>!J>K!ASEJX*N0!>D!J>K!-;K!
H>!K>QBJ>HD!FAK!AWN@I!?tASD@NH/!)A@K!SNQQ>HD!JPASSRQRJAD@NH!?R!30;!>D!?>K!SGIAQ@?>K!
@HDIAS>JJRJA@I>K!F>RDX>JJ>!@HD>ILCI>I!AW>S!J>K!K@OHAR[!?>!JP@HKRJ@H>€!
!

L0M20=DN02-0+2'0O/&4J2++2'O0$)&-3./20P./,'20Q'0
!
2>K! 30;K! F>RW>HD! AJDGI>I! JA! K@OHAJ@KAD@NH! @HDIAS>JJRJA@I>! ?>! JP@HKRJ@H>! W@A!
JPASD@WAD@NH!?>!S>IDA@H>K!<j*K!TR@!>HKR@D>!FMNKFMNIEJ>HD!J>!IGK@?R!KGI@H>!?>!+'.X"!]5U^/!
!
2>K! <j*K! AFFAID@>HH>HD! V! JA! OIAH?>! LAQ@JJ>! ?>K! 0;*! e@HAK>K/! *>K! >HcEQ>K! KNHD!
@QFJ@TRG>K!?AHK!JA!?GD>SD@NH!?>K!K@OHAR[!J@F@?@TR>K!>Da!W@A!J>RI!ASD@W@DG!e@HAK>a!ASD@W>HD!
RH>! IGFNHK>! S>JJRJA@I>/! 2>K! <j*K! K>! KRB?@W@K>HD! >H! DIN@K! SADGONI@>Kf! J>K! <j*K!
SNHW>HD@NH>JJ>K! ]S<j*f! ga! Z+a! Z++a! >D! o^! TR@! HGS>KK@D>HD! ?R! SAJS@RQ! >D! ?R! 30;! FNRI! J>RI!
ASD@WAD@NHa!J>K!<j*K!HNRW>JJ>K!]H<j*f!a!}a!ƒa!>D!„^!TR@!H>!HGS>KK@D>HD!TR>! ?R!30;!FNRI!
J>RI! ASD@W@DG! >D! J>K! <j*K! ADEF@TR>K! ]A<j*f! y! >D! z^! TR@! HPNHD! B>KN@H! H@! ?>! SAJS@RQ! H@! ?>!
30;/!
!
*M>c! J>K! INHO>RIK! JP@HKRJ@HNXIGK@KDAHS>! QRKSRJA@I>! FINWNTRG>! FAI! RH! DAR[! GJ>WG!
?>K! 0;K! FJAKQAD@TR>K! >D! IGKRJDAHD! ?PRH>! @HLRK@NH! ?P+HDIAJ@F@? hMGFAI@H>! ]GQRJK@NH! ?>!
J@F@?>!>D!?PMGFAI@H>^!>KD!AKKNS@G>!V!JPASD@WAD@NH!?>!JA!<j*„!]5"^!>D!V!JA!SIN@KKAHS>!?R!DAR[!
30;!QRKSRJA@I>/!*>DD>!@HKRJ@HNXIGK@KDAHS>!>KD!@H?GF>H?AHD>!?R!SMAHO>Q>HD!?R!DAR[!?>!
SGIAQ@?>K!>D!?>!-;K!?AHK!J>!QRKSJ>!]&5^/!0R!SNHDIA@I>a!J>K!KNRI@K!?GFNRIWR>K!?>!<j*„!

$Y!
]<j*„Xj7^! KNHD! FINDGOG>K! ?>! JP@HKRJ@HNXIGK@KDAHS>! AR! H@W>AR! ?R! QRKSJ>! KTR>J>DD@TR>!
]5#^/!*>F>H?AHDa!AFICK!"%!K>QA@H>K!KNRK!IGO@Q>!OIAKa!S>K!KNRI@K!<j*„Xj7!NHD!D>H?AHS>!
A!?>W>H@I!NBCK>K!>D!?GW>JNFF>HD!RH>!@HKRJ@HNXIGK@KDAHS>!AR!H@W>AR!?R!D@KKR!QRKSRJA@I>a!
?R!D@KKR!A?@F>R[!>D!?R!LN@>!]5$^/!(H!IGKRQGa!JA!KRFFI>KK@NH!?>!JPASD@W@DG!?>!JA!<j*„!F>RD!
FINDGO>I! ?>! JP@HKRJ@HNXIGK@KDAHS>! QRKSRJA@I>! AFICK! RH>! @HLRK@NH! @HDIAJ@F@?@TR>! A@O~>/!
*>F>H?AHDa! V! JNHOXD>IQ>! SM>c! S>K! KNRI@Ka! J>! IGO@Q>! I@SM>! >H! OIA@KK>K! F>RD! @H?R@I>! JA!
IGK@KDAHS>! V! JP@HKRJ@H>! W@Aa! KN@D! V! RH>! @HKRJ@HNXIGK@KDAHS>! MGFAD@TR>a! KN@D! V! JPASD@WAD@NH!
?PARDI>K!@KNLNIQ>K!?>!H<j*!QRKSRJA@I>K/!
!
2>K! <j*K! KNHD! GOAJ>Q>HD! @QFJ@TRG>K! ?AHK! JPAFFAI@D@NH! ?>! JP@HKRJ@HNXIGK@KDAHS>!
MGFAD@TR>f!JPRD@J@KAD@NH!?PNJ@ONHRSJGND@?>K!AHD@XK>HK!KFGS@L@TR>Ka!F>IQ>DDAHD!?>!?@Q@HR>I!
JP>[FI>KK@NH! ?>! JA! <j*}a! AQGJ@NI>! JA! K>HK@B@J@DG! V! JP@HKRJ@H>! MGFAD@TR>! >D! S>! QAJOIG!
JPAFFAI@D@NH!?PRH>!KDGADNK>!MGFAD@TR>!]#U^/!3>K!IGKRJDADK!K@Q@JA@I>K!NHD!GDG!NBD>HRK!SM>c!
?>K!KNRI@K!<j*}Xj7!TR@a!AFICK!RH>!K>QA@H>!?>!IGO@Q>!OIAKa!KNHD!FINDGOG>K!?>!JP@HKRJ@HNX
IGK@KDAHS>! >D! S>! QAJOIG! JPAROQ>HDAD@NH! ?>K! -;K! MGFAD@TR>K/! 0FICK! "Y! K>QA@H>K! ?>!
IGO@Q>!OIAKa!S>K!KNRI@K!FIGK>HD>HD!RH>!KDGADNK>!MGFAD@TR>!QA@K!J>RI!DNJGIAHS>!AR!OJRSNK>!
>KD!QA@HD>HR>!W@A!RH>!AROQ>HDAD@NH!?>!JA!KGSIGD@NH!?P@HKRJ@H>!]5%^/!
!
4H>!ARDI>!<j*a!JA!<j*!bNR>!ARKK@!RH!I\J>!@QFNIDAHD!?AHK!J>!?GW>JNFF>Q>HD!?>!
JP@HKRJ@HNXIGK@KDAHS>!MGFAD@TR>/!*>DD>!<j*a!ASD@WG>!FAI!Y!M>RI>K!?P@HLRK@NH!?P+HDIAJ@F@? !A!
GDG! AKKNS@G>! V! RH>! @HKRJ@HNXIGK@KDAHS>! MGFAD@TR>! ]5&^/! 2A! FIGK>HS>! ?>! <j*! K>IA@D! RH!
ASD>RI! @QFNIDAHD! ?AHK! JA! BAJAHS>! J@F@?@TR>! SM>c! JPMNQQ>! >D! J>! INHO>RI/! (H! >LL>Da! RH>!
?GFJGD@NH!>H!<j*!?AHK!J>!LN@>!NR!J>!SNIFK!>HD@>I!?@Q@HR>!J>!DAR[!?>!J@F@?>K!MGFAD@TR>K!>D!
SNIFNI>J!>D!AQGJ@NI>!JA!DNJGIAHS>!AR!OJRSNK>/!0R!SNHDIA@I>a!KA!KRI>[FI>KK@NH!>HDIAiH>!JA!
KDGADNK>!MGFAD@TR>!>D!JP@HDNJGIAHS>!AR!OJRSNK>!]5Ya5=^/!2>K!>LL>DK!?>!JA!<j*!FNRIIA@>HD!
dDI>! J@GK! V! JPAJDGIAD@NH! ?>! JA! J@FNO>HCK>! >H! IA@KNH! ?>! JA! ?@Q@HRD@NH! ?P>[FI>KK@NH! ?>K!
>HcEQ>K!SJGK!?>!JA!J@FNO>HCK>!SM>c!J>K!KNRI@K!j7!FNRI!JA!<j*!>D!?>!LA@Da!JPASD@W@DG!?>!S>K!
>HcEQ>K! >KD! AROQ>HDG>! SM>c! J>K! KNRI@K! KRI>[FI@QAHD! JA! <j*/! 7H! SNHKDAD>! TR>!
JP>[FI>KK@NH! ?>! JA! <j*! MGFAD@TR>! >KD! AKKNS@G>! V! JPAROQ>HDAD@NH! ?>! -;K! >D! ?R! OJRSNK>!
FJAKQAD@TR>! SM>c! JPMNQQ>! ]5=^/! +J! K>IA@D! ?NHS! FNKK@BJ>! TR>! KNH! AKKNS@AD@NH! AW>S!
JP@HKRJ@HNXIGK@KDAHS>!KN@D!>H!LA@D!I>J@G>!V!JA!IGORJAD@NH!?>!JPASSRQRJAD@NH!J@F@?@TR>/!
+J! K>QBJ>! ?NHS! TR>! JPASD@WAD@NH! ?>K! <j*„a! <j*}! >D! <j*! FAI! J>K! 30;K! KN@D!
@QFJ@TRG>!?AHK!JP@HKRJ@HNXIGK@KDAHS>!QRKSRJA@I>!NR!MGFAD@TR>/!
)A@K!SNQQ>HD!S>K!H<j*K!LNHDX>JJ>K!FNRI!AJDGI>I!J>K!K@OHAR[!?>!JP@HKRJ@H>€!
!

$=!
2PASD@WAD@NH! ?>! JA! <j*„! A! GDG! I>J@G>! V! JA! ?@Q@HRD@NH! ?>! JA! FMNKFMNIEJAD@NH! ?>!
IGK@?RK!DEINK@H>!>D!V!JPAROQ>HDAD@NH!?>!JA!FMNKFMNIEJAD@NH!?>!S>IDA@H>K!KGI@H>K!KRI!+'.X"!
]&5^!]:@ORI>!=^/!.R@D>!V!S>DD>!NBK>IWAD@NHa!@J!LRD!GDABJ@!TR>!JA!<j*„!F>RD!FMNKFMNIEJ>I!J>!
IGK@?R! .>I""U"! ?>! +'.X"! TR@a! FAI! WN@>! ?>! SNHKGTR>HS>a! @HM@B>! JA! FMNKFMNIEJAD@NH! ?>K!
IGK@?RK! DEINK@H>! ?>! +'.X"! TR@! >KD! NBK>IWG>! JNIK! ?PRH>! KD@QRJAD@NH! FAI! JP@HKRJ@H>! ]55^/!
3AHK! J>! LN@>a! JA! <j*}! >D! J>! IGS>FD>RI! ?>! JP@HKRJ@H>! KNHD! GDIN@D>Q>HD! AKKNS@GK! JPRH! AW>S!
JPARDI>/! 3>! FJRKa! JP@HM@B@D@NH! ?>! JP>[FI>KK@NH! ?>! JA! <j*}a! @H?R@D! FAI! ?>K! NJ@ONHRSJGND@?>K!
AHD@XK>HK! KFGS@L@TR>Ka! FINDCO>! ?>! JPAJDGIAD@NH! ?>! JPASD@WAD@NH! ?R! IGS>FD>RI! V! JP@HKRJ@H>!
@H?R@D>!FAI!J>!IGO@Q>!OIAK/!
!
(H!BI>La!DNRD>K!S>K!?NHHG>K!@H?@TR>HD!TR>!J>!30;!@H?R@D!Jt@HKRJ@HNXIGK@KDAHS>!W@A!
JPASD@WAD@NH!?>K!<j*K/!
!
L0M2'0I3),?.12'0
'
2>K!SGIAQ@?>K!bNR>HD!RH!I\J>!@QFNIDAHD!?AHK!JP@HKRJ@HNXIGK@KDAHS>a!AR!QdQ>!D@DI>!
TR>! J>! 30;/! *>F>H?AHDa! AR! K>@H! ?>! JA! LAQ@JJ>! ?>K! SGIAQ@?>Ka! K>RJK! S>IDA@HK! ?t>HDI>! >R[a!
D>JK! TR>! S>R[! ?GI@WGK! ?>! JPAS@?>! FAJQ@D@TR>a! bNR>HD! RH! I\J>! ?AHK! JP@HKRJ@HNXIGK@KDAHS>/!
2PASSRQRJAD@NH! ?>! SGIAQ@?>K! >KD! AKKNS@G>! V! JPAJDGIAD@NH! ?>! JPASD@W@DG! ?P0eD! ]58a8U^/!
<JRK@>RIK!FNKK@B@J@DGK!NHD!GDG!FINFNKG>K!FNRI!>[FJ@TR>I!S>DD>!AJDGIAD@NH!]:@ORI>!=^f!
X <I>Q@CI>Q>HDa! J>K! SGIAQ@?>K! ASD@W>IA@>HD! JA! FMNKFMADAK>! 0#! TR@! FNRIIA@D!
?GFMNKFMNIEJ>I!0eD!>D!AJDGI>I!J>K!K@OHAR[!?>!JP@HKRJ@H>!]%&^/!
X 3>R[@CQ>Q>HDa! J>K! SGIAQ@?>K! AJDGI>IA@>HD! JPASD@NH! ?>! JP@HKRJ@H>! W@A! JP@KNLNIQ>!
?PRH>!<j*!ADEF@TR>a!JA!<j*yf!
3AHK! JA! S>JJRJ>a! S>DD>! <j*y! K>! DINRW>! >H! @HD>IASD@NH! QNJGSRJA@I>! AW>S! 0eD#! QA@K!
RH>!?@KKNS@AD@NH!@HD>IW@>HD!JNIK!?>!JA!KD@QRJAD@NH!FAI!JP@HKRJ@H>/!2>K!SGIAQ@?>K!@HM@B>HD!
S>DD>!?@KKNS@AD@NHa!>D!?NHS!FIGW@>HH>HD!JPASD@WAD@NH!?>!0eD!W@A!JA!FMNKFMNIEJAD@NH!?>!0eD!
KRI!J>!IGK@?R!-MI$%!FAI!JA!<j*y!]8"^/!
2>K!SGIAQ@?>K!FNRIIA@>HD!GOAJ>Q>HDa!>H!KPASSRQRJAHD!AR!K>@H!?>!Q@SIN?NQA@H>K!
J@F@?@TR>K! I@SM>K! >H! SAW>NJ@H>K! ]%Y^a! I>SIRD>I! JA! <j*y! TR@a! RH>! LN@K! J@G>! V! 0eDa!
JP>QFdSM>IA@D!?>!FAID@S@F>I!V!JA!WN@>!?>!K@OHAJ@KAD@NH!?>!JP@HKRJ@H>!]8#^/!
'
'

$5!
'
'
!"#$%&'/)'5&A'VE"&A'"G<@"I$>&A'67?A'@F"?A$@"?EY%&A"A:7?H&'67?A'@&'G$AH@&4'
!
8J#,$)"#,'(16%#-'("'(*36'&%')*(+'("J#,$)"#,'(DMSI(',($%#2)"1,%($.,(16%#-#%3(%@*.$#,'(Q#,1$'O("1L)'""'(
&A.$&A.*@"'(',$)#%'(),'(%@*.$#,'(MSTV<(7*m6'(Z(),'($3*#'(+J3%1&'$(#,%'*23+#1#*'$O(#"($'(&*.+)#%(),'(
16%#-1%#.,(+'(!Q%^<(8F16%#-1%#.,(+F!Q%^($'(&*.+)#%(-#1(!TVH_('%(S14?7:C1$'(D,.,(*'&*3$',%3IO(6'(L)#(
01-.*#$'( "1( %*1,$".61%#.,( +'$( -3$#6)"'$( +'( $%.6Q15'( 6.,%',1,%( 789:;?D7TnI( Z( "1( 2'24*1,'(
&"1$2#L)'O('%(6'(L)#(&'*2'%("J',%*3'(+)(5")6.$'(+1,$("1(6'"")"'<(/'%%'(',%*3'(+'(5")6.$'(01-.*#$'("1(
$@,%AG$'( +)( 5"@6.5G,'( &1*( "'( 5"@6.5G,'( $@,%A1$'( D7TI<( /'%%'( -.#'( +'( $#5,1"#$1%#.,( 6',%*1"'( '$%(
6.,,'6%3'(Z(&")$#')*$(1)%*'$(-.#'$(6'"")"1#*'$(L)#($.,%(+3$#5,3'$(&1*(+'$(,)23*.$(V?N<(
;<=(81(l.,'(-'*%'(.24*3'(*'&*3$',%'("'$(2361,#$2'$(+F#,+)6%#.,(+'("1(*3$#$%1,6'(Z("J#,$)"#,(-#1(
"'$( "#&#+'$O( ,.%122',%( "'( *o"'( +)( +#16@"5"@63*."( DR!7I( L)#( #,+)#%( "F16%#-1%#.,( +'$( CU/e( '%(
"F1"%3*1%#.,( )"%3*#')*'( +'( $#5,1"#$1%#.,( +'( "J#,$)"#,'O( 1#,$#( L)'( "'$( 63*12#+'$( L)#( #,+)#$',%(
"F1)52',%1%#.,( +'( CC^!( '%( "J1)52',%1%#.,( +'( "1( $3L)'$%*1%#.,( +'( !Q%^( &1*( "1( CU/p<( 8F1"%3*1%#.,(
+F16%#-#%3( +'( !Q%^( "#2#%'( "1( %*1,$".61%#.,( +'( 7nT( -'*$( "1( 2'24*1,'( &"1$21%#L)'O( 6'( L)#( ',%*1q,'(
"J1"%3*1%#.,( +'( "F14$.*&%#.,( +)( 5")6.$'<( 8F16%#-#%3( !Q%^( 1"%3*3'( +#2#,)'( 351"'2',%( "1( $@,%AG$'( +)(
5"@6.5G,'(#,+)#%'(&1*("J#,$)"#,'<(
;>=( 81( l.,'( \1),'( *'&*3$',%'( &")$#')*$( -.#'$( #,0"1221%.#*'$( #,%*16'"")"1#*'$O( ,.%122',%(
"J16%#-1%#.,(+'(MUUO(L)#(&')-',%(1-.#*(),(#2&16%($)*("1($@,%AG$'(+'(63*12#+'$O("J16%#-1%#.,(+'(a`UV(
L)#(&')%(1"%3*'*("1($#5,1"#$1%#.,(+'("F#,$)"#,'(-#1(),'($'*#,'(&A.$&A.*@"1%#.,(+'(MST?V<(
;?=( 81( l.,'( *.$'( *'&*3$',%'( "J16%#-1%#.,( +'( "1( *3&.,$'( +'( "1( &*.%3#,'( +3&"#3'( D9CSI( L)#O( +1,$(
6'*%1#,$(61$(D6.22'("J'K'*6#6'('K%*[2'(1#5)O(&')%(6.,+)#*'(Z("J16%#-1%#.,(+'(!:EH('%(),'(*3&.,$'(
1+1&%1%#-'(23+#3'(&1*(C7/VrI<(

$8!
/T=( 6'*12#+'( $@,%A1$'B( 7NC=( 5"@6'*."( N?&A.$&A1%'B( 8C!=( "@$.&A.$&A1%#+#6( 16#+B( TC:=( $'*#,'(
&1"2#%.@"(%*1,$0'*1$'B(:!7=(%*#16@"5"@6'*."(D^_I<
(
'

!"#"#"<"<" R/S&+1210()&-2./0)2'(&/'208R$;90
'
2P4<'!SNHKD@DR>!RH!@H?@S>!TR@!GWAJR>!J>!KDI>KK!?R!IGD@SRJRQ!>H?NFJAKQ@TR>!]'(^!
FINWNTRG! FAI! JA! FIGK>HS>! ?AHK! JA! S>JJRJ>! ?>! FINDG@H>K! ?GFJ@G>K! >D! QAJ! SNHLNIQG>K/!
2PASD@WAD@NH! ?>! JP4<'! KRIW@>HD! ?AHK! J>! '(! W@A! DIN@K! FI@HS@FAR[! K>HK>RIK!
DIAHKQ>QBIAHA@I>Kf! 2>! <('j! ]<j'XJ@e>! >ReAIEND@S! @H@D@AD@NH! LASDNI! #g! e@HAK>^a! +'(X"!
]@HNK@DNJXI>TR@I@HO!>HcEQ>"^a!>D!0-:XY!]ASD@WAD@HO!DIAHKSI@FD@NH!LASDNI!Y^!]8$^/!*>K!DIN@K!
K>HK>RIK! KNHD! ASD@WGK! AL@H! ?>! I>KDARI>I! JPMNQGNKDAK@>! ?R! '(! >H! IG?R@KAHD! J>! DAR[! ?>!
FINDG@H>K! ?GFJ@G>K! ?AHK! JA! JRQ@CI>! ?R! '(/! *>S@! @HD>IW@>HD! W@A! DIN@K! FINS>KKRKa! V! KAWN@I!
RH>!AROQ>HDAD@NH!?>!JA!B@NO>HCK>!?>!JA!Q>QBIAH>!]KRIDNRD!W@A!+'(X"^a!JP@HD>IIRFD@NH!?>!
JA!DIA?RSD@NH!?>!FINDG@H>!]KRIDNRD!W@A!<('j!>H!FMNKFMAIEJAHD!>+:#g^!>D!JPAROQ>HDAD@NH!
?>!JP>[FI>KK@NH!?>!FINDG@H>K!SMAF>INHH>K!?R!'(!]8%^/!
!
2P>[SCK!?>!HRDI@Q>HDK!]0;.Ka!OJRSNK>!GJ>WG^a!SIG>!RH!KDI>KK!S>JJRJA@I>!LNHSD@NHH>J!
]8&^/!2PAROQ>HDAD@NH!?>!JPASD@WAD@NH!?>!JP4<'!?AHK!J>!LN@>!>D!J>K!D@KKRK!A?@F>R[!SAIASDGI@K>!
J>K! KNRI@K! NBCK>K! ]8Y^/! <NRIDAHDa! RH! FNHDAO>! OAKDI@TR>! FIAD@TRG! SM>c! J>K! F>IKNHH>K!
NBCK>K!>KD!AKKNS@G!V!RH>!IG?RSD@NH!?>!JPASD@WAD@NH!?>!JP4<'a!V!JA!IG?RSD@NH!?R!FN@?K!>D!V!JA!
?@Q@HRD@NH!?>!JA!IGK@KDAHS>!V!JP@HKRJ@H>!]8=^/!3>!FJRKa!JPRD@J@KAD@NH!?P@H?RSD>RIK!SM@Q@TR>K!
?>! JP4<'! AJDGI>! J>K! K@OHAR[! ?>! JP@HKRJ@H>! ]8Y^! AJNIK! TR>! JP@H?RSD@NH! ?>! JP>[FI>KK@NH! ?>!
FINDG@H>K!SMAF>INHH>K!IG?R@D!J>!KDI>KK!?R!'(!>D!AQGJ@NI>!JA!K>HK@B@J@DG!V!JP@HKRJ@H>!]85^/!
0@HK@a!@J!K>QBJ>!TR>!J>!KDI>KK!?R!'(!>D!JPASD@WAD@NH!?>!JP4<'!KN@>HD!AKKNS@GK!V!JP@HKRJ@HNX
IGK@KDAHS>/!
!
+J!A!GDG!?GSI@D!TR>!J>!K>HK>RI!?P+'(X"a!W@A!KNH!?NQA@H>!e@HAK>!>D!KNH!@HD>IASD@NH!
AW>S!-'0:#!]-,:!I>S>FDNIXAKKNS@AD>?!LASDNI!#^a!FNRIIA@D!ASD@W>I!+jj!]88^!>D!_,j!]"UU^/!
*>DD>! ASD@WAD@NH! @H?R@IA@D! JPAROQ>HDAD@NH! ?>! JP>[FI>KK@NH! ?>K! SEDNe@H>K! FINX
@HLJAQQADN@I>K! >D! JP@HD>IIRFD@NH! ?>! JA! WN@>! ?>! K@OHAJ@KAD@NH! ?>! JP@HKRJ@H>! W@A! JA!
FMNKFMNIEJAD@NH!?>!+'.X"!KRI!JA!.>I$U=!]8Ya"U"^/!
2PASD@WAD@NH! ?R! K>HK>RI! <('j! K>QBJ>! dDI>! @QFJ@TRG>! ?AHK! JPAROQ>HDAD@NH! ?>K!
K@OHAR[! ?>! ,:Xp1! >H! ?@Q@HRAHD! JA! DIA?RSD@NH! ?>! +p1g! ]RH! IGORJAD>RI! HGOAD@L! ?>! +jj! >D!
,:Xp1^/!*>S@!K>!DIA?R@D!FAI!RH>!AROQ>HDAD@NH!?>!JPASD@WAD@NH!?>!,:Xp1!>D!?>!JP>[FI>KK@NH!
?>K!OCH>K!FINX@HLJAQQADN@I>K!SNQQ>!J>!-,:g!>D!+2XY!]"U#"U%^/!

%U!
2A! DIN@K@CQ>! BIAHSM>! ?>! JP4<'a! 0-:XY! >KD! ARKK@! @QFJ@TRG>! ?AHK! JPASD@WAD@NH! ?>K!
K@OHAR[!?>!,:Xp1!]"U&^/!!
(HL@Ha!J>!KDI>KK!?R!'(!ASD@W>!JA!<j'!]FIND>@H>!e@HAK>!'^a!RH>!>+:#g!e@HAK>a!TR@!WA!
>HKR@D>!ASD@W>I!_,j!]"UY^!AJNIK!TR>!JNIK!?PRH>!@HLJAQQAD@NHa!<j'!ASD@W>!,:Xp1!]"U=^/!
2A!I>JAD@NH!>HDI>!J>K!DIN@K!K>HK>RIK!?>!4<'!>D!JP@HLJAQQAD@NH!>KD!IGKRQG>!?AHK!JA!
L@ORI>!5/!
!
!

!
!
!"#$%&'0)'5&A'VE"&A'6$'A:%&AA'6$'%>:"H$@$G'&?6E<@7AG"I$&'HE?6$"A7?:'J'$?&'
"?C@7GG7:"E?4'
'
8'$(%*.#$(4*1,6A'$(+'("1(*3&.,$'(#,+)#%'(&1*("'$(&*.%3#,'$(+3&"#3'b21"(6.,0.*23'$(+1,$(Sg(.,%(
%.)%'$(3%3(#2&"#L)3'$(+1,$("1(*3&.,$'(#,0"1221%.#*'(6'"")"1#*'<(MSg?V()%#"#$'($.,(+.21#,'(Q#,1$'(',(
1$$.6#1%#.,(1-'6(:S!E^(&.)*(16%#-'*("'$(Q#,1$'$(#,0"1221%.#*'$O(a`U('%(MUUO(6'(L)#(6.,+)#%(Z(),'(
1)52',%1%#.,( +'$( 23+#1%')*$( #,0"1221%.#*'$( -#1( "'$( 016%')*$( +'( %*1,$6*#&%#.,( !C?V( '%( `E?κ>O(
*'$&'6%#-'2',%<( 8'( 6"#-15'( +'( "J!S`2( +)( 016%')*( +'( %*1,$6*#&%#.,( s>CV( &1*( MSg?V( ',%*1q,'(
351"'2',%( +'$( 6.,$3L)',6'$( #,0"1221%.#*'$<( g,( '00'%O( s>CV( *35)"'( "J#,+)6%#.,( +'( 6@%.Q#,'$(
#,0"1221%.#*'$( '%( "'$( *3&.,$'$( #22),#%1#*'$( +1,$( +#-'*$( %@&'$( +'( 6'"")"'$O( ,.%122',%( "'$(
216*.&A15'$<(8F16%#-1%#.,(+'(CgSU(6.,+)#%(Z(),'(+#2#,)%#.,(+'("1(%*1+)6%#.,(Mi>rO(),(#,A#4#%')*(
+'( "1( $#5,1"#$1%#.,( +)( `E?i>O( 1)52',%1,%( 1".*$( "J16%#-#%3( %*1,$6*#&%#.,,'""'( +'( `E?i><( g,( .)%*'O(
"J16%#-1%#.,( +'( CgSU( #,+)#%( "1( %*1+)6%#.,( +F!:E?;O( L)#( 3%1#%( 2.,%*3( &.)*( *35)"'*( "J#,+)6%#.,( +'(
6@%.Q#,'$(#,0"1221%.#*'$O(4#',(L)'("'(2361,#$2'(+'2')*'(#,6.,,)<(CUS('$%(351"'2',%(16%#-3(&1*("'(
$%*'$$( +)( Sg( '%( 6.,%*#4)'( Z( "F16%#-1%#.,( +'( a`U( '%( +FMUU<( g,0#,O( !:EH( 1)52',%'( "J16%#-#%3(
%*1,$6*#&%#.,,'""'(+'(`E?i><((

%"!
!C?V=( 16%#-1%.*( &*.%'#,?VB( !:E?;bH=( 16%#-1%#,5( %*1,$6*#&%#.,( 016%.*( ;bHB( MUU=( #,A#4#%.*( .0( i(
Q#,1$'B( MSg?V=( #,.$#%."?*'L)#*#,5( ',l@2'( VB( a`U=( 6?\),( `?%'*2#,1"( Q#,1$'B( CgSU=( CUS?"#Q'(
')Q1*@.%#6( #,#%#1%#.,( 016%.*( ^r( Q#,1$'B( CUS=( &*.%'#,( Q#,1$'( SB( :S!E^=( :`E( *'6'&%.*?1$$.6#1%'+(
016%.*(^B(s>CV=(s?4.K?4#,+#,5(&*.%'#,(V(DV_tI<(
!
!
!"#"#"<"!" M@./S+,??,-.&/00

!" 8/9.!22!0+4/&$0&:$..-.$%&+22-/+0!+,$%&
'
2PAKKNS@AD@NH! >HDI>! JP@HKRJ@HNXIGK@KDAHS>! >D! JA! IGFNHK>! @QQRH@DA@I>! LRD! NBK>IWG>!
SM>c! ?>K! FAD@>HDK! ADD>@HDK! ?>! K>FK@K! ]"U8""#^/! 3>K! SNIIGJAD@NHK! >[@KD>HD! >HDI>! ?>!
HNQBI>RK>K!QAJA?@>K!ASD@WAHD!JA!IGFNHK>!@HLJAQQADN@I>!SNQQ>!JPMGFAD@D>!*a!J>!6+`a!J>K!
AIDMI@D>K! IMRQADNn?>K! >D! JP@HKRJ@HNXIGK@KDAHS>! ]""$""&^/! 2PGTR@F>! ?>! `NDAQ@KJ@O@J! A!
?GSNRW>ID! TR>! J>! DAR[! ?>! -,:g! >KD! AROQ>HDG! ?AHK! J>K! D@KKRK! A?@F>R[! ?>! KNRI@K! NBCK>K!
FIGK>HDAHD! RH>! @HKRJ@HNXIGK@KDAHS>/! <AI! A@JJ>RIKa! JA! H>RDIAJ@KAD@NH! ?>! S>DD>! SEDNe@H>!
FIN@HLJAQQADN@I>!F>RD!dDI>!Q@K>!>H!SNIIGJAD@NH!AW>S!JA!K>HK@B@J@DG!V!JP@HKRJ@H>!]#Ya""Y^/!
4H! QGSAH@KQ>! SJG! KNRKXD>H?! Jk@HLJAQQAD@NH! @H?R@D>! FAI! JkNBGK@DGa! @J! KPAO@D! ?>!
JkASSRQRJAD@NH! ?>! QASINFMAO>K! D@KKRJA@I>Ka! >H! FAID@SRJ@>I! ?AHK! J>K! D@KKRK! A?@F>R[!
]""=a""5^/! 2>K! QASINFMAO>K! FIGK>HDK! ?AHK! J>K! D@KKRK! A?@F>R[! >[FI@Q>HD! LNID>Q>HD!
?@LLGI>HDK!OCH>K!FINX@HLJAQQADN@I>K!]&=a""8^/!<AIQ@!S>K!?>IH@>IKa!NH!DINRW>!S>JR@!SN?AHD!
FNRI!J>!-,:g/!*>DD>!SEDNe@H>!>KD!ABNH?AQQ>HD!KGSIGDG>!FAI!J>K!QASINFMAO>K!ASD@WGK!>D!
>JJ>!>KD!@QFJ@TRG>!?AHK!JA!IGK@KDAHS>!V!Jk@HKRJ@H>a!S>S@a!>H!AO@KKAHD!KRI!J>K!S>JJRJ>K!S@BJ>K!
?>! Jk@HKRJ@H>! ?AHK! ?@W>IK! D@KKRK! W@A! ?>K! QGSAH@KQ>K! FAIASI@H>K! ]#Ya""Y^/! 3PRH>! LAsNH!
OGHGIAJ>a!J>K!SEDNe@H>K!ASD@W>HD!?>K!tKDI>KK!e@HAK>KP!SNQQ>!.Yja!+jjZa!_,j"a!>D!ARKK@!JA!
<j*„a!TR@a!DNRD>Ka!F>RW>HD!FMNKFMNIEJ>I!?>K!IGK@?RK!KGI@H>!KRI!+'."!>D!FAI!SNHKGTR>HS>a!
AJDGI>I! ?>K! K@OHAR[! >H! AWAJ! ?>! JP@HKRJ@H>! ]"#Ua"#"^! ]:@ORI>! 8^/! 3AHK! J>! D@KKR! A?@F>R[a!
JPASD@WAD@NH!FAI!JA!_,j"!>D!+jjZ!?>K!LASD>RIK!?>!DIAHKSI@FD@NH!0<X"!>D!,:Xp1!WA!AQFJ@L@>I!
JA! FIN?RSD@NH! ?>K! SEDNe@H>K! FINX@HLJAQQADN@I>K! @HDIAD@KKRJA@I>K/! *>K! ?>IH@CI>K!
FNRIIA@>HD! TR@DD>I! J>! D@KKRa! >Da! W@A! JA! S@ISRJAD@NH! KAHOR@H>! FIN?R@I>! ?>K! >LL>DK!
>H?NSI@H@>HK! FGI@FMGI@TR>K! KRI! ?>K! NIOAH>K! GJN@OHGK! D>JK! TR>! J>K! QRKSJ>K! >D! J>! LN@>! >H!
AROQ>HDAHD!>HSNI>!FJRK!JA!IGK@KDAHS>!KEKDGQ@TR>!V!JP@HKRJ@H>!]"##^/!
2>K! SEDNe@H>K! F>RW>HD! GOAJ>Q>HD! @HM@B>I! JPASD@NH! ?>! JP@HKRJ@H>! W@A! ?>K!
QGSAH@KQ>K!DIAHKSI@FD@NHH>JK!>H!?@Q@HRAHD!JP>[FI>KK@NH!?>!QNJGSRJ>K!@QFJ@TRG>K!?AHK!
JA!K@OHAJ@KAD@NH!?>!JP@HKRJ@H>!D>JJ>K!TR>!*h(1<Xg!]**00-h>HMAHS>IXB@HO?@HO!FIND>@H^a!>D!
;24-%!]"#$^/!

%#!
2>K! SEDNe@H>K! FINX@HLJAQQADN@I>K! F>RW>HD! ARKK@! LAWNI@K>I! JA! B@NKEHDMCK>! ?>K!
SGIAQ@?>K! TR@! WNHD! >HKR@D>! @HM@B>I! JPASD@WAD@NH! ?>! 0eD! >D! BJNTR>I! S>IDA@HK! K@OHAR[!
@HDIAS>JJRJA@I>K!?>!JP@HKRJ@H>!]"#%^/!!
2>K! LASD>RIK! ?>! DIAHKSI@FD@NH! D>JK! TR>! 0<X"! W@A! _,j"! NR! ,:Xp1! W@A! +jja! F>RW>HD!
GOAJ>Q>HD dDI>!ASD@WGK!FAI!J>!KDI>KK!?R!'(!NR!B@>H!FAI J>K '7.!FIN?R@DK FAI!JA!KRISMAIO>!
AJ@Q>HDA@I>!]8Ya"#&^/!!
(HL@Ha JPASD@WAD@NH!?>K IGS>FD>RIK!-2'Ka!W@A J>K!0;.K ?GI@WGK!?>!HRDI@Q>HDK NR W@A
J>!2<.a!F>RD!ARKK@!@H?R@I>!JP@HLJAQQAD@NH!]"#Y^/!
!
!

!
!
!"#$%&'1)'5F"?C@7GG7:"E?'&:'@7'%>A"A:7?H&'J'@F"?A$@"?&)'VE"&A'6&'A"#?7@"A7:"E?'
"G<@"I$>&A4'
!
8J16%#-1%#.,(6A*.,#L)'(+'(-.#'$(&*.#,0"1221%.#*'$(%'""'$(L)'(a`Ub!C?VO(MUUYb`E?i>('%(TX/T(&1*(
+'$( 6@%.Q#,'$( DM8?HO( :`E1O( M8?VIO( "'$( SXT( '%( "'( $%*'$$( +)( Sg( #,A#4'( 351"'2',%( "1( $#5,1"#$1%#.,( +'(
"J#,$)"#,'(*3$)"%1,%(',(),'(#,$)"#,.?*3$#$%1,6'<(
SXT= S'16%#-'( .K@5',( $&'6#'$B( Sg= S3%#6)")2( ',+.&"1$2#L)'B( !C?V= !6%#-1%.* C*.%'#,?VB MST=
M,$)"#,( *'6'&%.*( $)4$%*1%'B( T:!:N=( T#5,1"( %*1,$+)6'*( 1,+( 16%#-1%.*( .0( %*1,$6*#&%#.,B( TX/T=(
T)&&*'$$.*(.0(6@%.Q#,'($#5,1"#,5B(:`E=(:)2.*(,'6*.$#$(016%.*B(a`U=(6?a),(`?%'*2#,1"(Q#,1$'$B(MUU=(
M,A#4#%.*(.0(,)6"'1*(016%.*(Q1&&1(Q#,1$'(4'%1($)4),#%B(:S!RR=(:)2.*(,'6*.$#$(016%.*(*'6'&%.*(%@&'(
V?1$$.6#1%'+(Rg!:W(+.21#,B(P@Rtt=(P@'".#+(+#00'*',%#1%#.,(&*#21*@(*'$&.,$'(5','(DttI<(

%$!
+J! >KD! GW@?>HD! TR>! J>K! S>JJRJ>K! @QQRH@DA@I>K! FAID@S@F>HD! ASD@W>Q>HD! V!
JP@HLJAQQAD@NH!NBK>IWG>!SM>c!J>K!FAD@>HDK!?@ABGD@TR>K/!3@LLGI>HD>K!S>JJRJ>K!@QQRH@DA@I>Ka!
D>JJ>K!TR>!J>K!QASINFMAO>Ka!J>K!JEQFMNSED>Ka!J>K!JEQFMNSED>K!,j-!]HADRIAJ!e@JJ>I!-^a!J>K!
QAKDNSED>Ka! J>K! H>RDINFM@J>Ka! >D! J>K! GNK@HNFM@J>Ka! KNHD! @QFJ@TRG>K! ?AHK! JP@HKRJ@HNX
IGK@KDAHS>!]"#=^/!!
!

L0M2'0?,I)&(%,>2'0
'
2>K!QASINFMAO>K!?GI@W>HD!?>!?@W>IK>K!NI@O@H>Kf!J>K!QASINFMAO>K!D@KKRJA@I>K!D>JK!
TR>!S>R[!?R!D@KKR!A?@F>R[!NR!MGFAD@TR>K!]S>JJRJ>K!?>!j~FLL>I^a!NR!B@>H!J>K!QASINFMAO>K!
MGFAD@TR>K! I>SIRDGK! V! FAID@I! ?>! JA! S@ISRJAD@NH/! 2>K! QASINFMAO>K! D@KKRJA@I>K! KNHD!
SNHKD@DRGK! ?>! FNFRJAD@NHK! MGDGINOCH>K! FIGK>HDAHD! ?@LLGI>HD>K! LNHSD@NHK/! .RI! JA! BAK>!
?PGDR?>K!@H!W@DINa!J>K!QASINFMAO>K!NHD!GDG!SJAKKGK!>H!?>R[!SADGONI@>Ka!)"!>D!)#a!]"#5^/!
*>R[! ?>! JA! SADGONI@>! )"! AFF>JGK! >HSNI>! tSJAKK@SAJJE! ASD@WAD>?! QASINFMAO>P! KNHD!
MARD>Q>HD! FINX@HLJAQQADN@I>K! >D! K>SICD>HD! JA! QAbNI@DG! ?>K! SEDNe@H>K! HNDAQQ>HD! J>!
-,:ga!+2X"Z!>D!+2XYa!SEDNe@H>K!@QFJ@TRG>K!?AHK!JP@HKRJ@HNXIGK@KDAHS>/!2>K!QASINFMAO>K!?>!
DEF>! )#! NR! tAJD>IHAD@W>JE! ASD@WAD>?! QASINFMAO>P! H>! KNHD! FAK! FIN@HLJAQQADN@I>K! >D!
FIN?R@K>HD! ?>K! SEDNe@H>K! AHD@X@HLJAQQADN@I>K! SNQQ>! +2X"U! >D! +2X%! ]"#5^/! M,( -#-.a! @J!
>[@KD>! ?@W>IK! @HD>IQG?@A@I>K! >HDI>! J>K! GDADK! )"! >D! )#! ]"#8a"$U^/! ;JNBAJ>Q>HDa! SP>KD! JA!
BAJAHS>! >HDI>K! J>K! ?@LLGI>HD>K! KNRKXFNFRJAD@NHK! ?>! QASINFMAO>K! TR@! WA! ?GL@H@I! RH! GDAD!
@HLJAQQADN@I>!NR!HNH/!*M>c!J>K!KRb>DK!NBKCK>Ka!J>K!QASINFMAO>K!FINX@HLJAQQADN@I>K!?>!
DEF>!)"!KNHD!QAbNI@DA@I>K!]"U5^/!
!
2>K! QASINFMAO>K! ?R! D@KKR! A?@F>R[! ])-0^! KNHD! SNHK@?GIGK! SNQQ>! GDAHD!
?@I>SD>Q>HD! @QFJ@TRGK! ?AHK! JP@HKRJ@HNXIGK@KDAHS>/! 2A! FNFRJAD@NH! ?>! QASINFMAO>K! >KD!
AROQ>HDG>!?AHK!J>!D@KKR!A?@F>R[!?>!KNRI@K!NBCK>K!NR!?>!KNRI@K!HNRII@>K!AW>S!RH!IGO@Q>!
OIAK/! 2P@HL@JDIAD@NH! ?>K! QASINFMAOM>K! ?AHK! J>K! D@KKRK! A?@F>R[! K>! LA@D! W@A! RH>!
KRI>[FI>KK@NH! ?>! JA! SM@Q@Ne@H>! )*<X"! ]QNHNSED>! SM>QNADDIASDAHD! FIND>@H! "^! FAI! J>K!
S>JJRJ>K! A?@FNSEDA@I>K/! *>DD>! @HL@JDIAD@NH! HP@HLJR>! FAKa! FAI! >JJ>XQdQ>a! KRI! J>! H@W>AR!
?PNBGK@DG! NR! JA! FI@K>! ?>! FN@?K! ?>K! KNRI@K! QA@K! S>K! KNRI@K! FIGK>HD>HD! RH>! @HKRJ@HNX
IGK@KDAHS>!FGI@FMGI@TR>!>D!MGFAD@TR>!>D!?GW>JNFF>INHD!FJRK!DAI?!RH>!KDGADNK>!MGFAD@TR>!
]"$"^/!*>DD>!NBK>IWAD@NH!LRD!SNHL@IQG>!FAI!?>K!GDR?>K!RJDGI@>RI>K!TR@!QNHDICI>HD!TR>!JA!
?GJGD@NH!?R!)*<X"!NR!B@>H!?R!**'#!]IGS>FD>RI!?>!)*<X"^!IG?R@D!JPASSRQRJAD@NH!?>!)-0!
>D!AQGJ@NI>!JPMNQGNKDAK@>!OJRS@?@TR>!KEKDGQ@TR>a!JA!K>HK@B@J@DG!V!JP@HKRJ@H>!>D!JA!KDGADNK>!
MGFAD@TR>!]"$"a"$#^/!

%%!
4H!FINS>KKRK!K@Q@JA@I>!F>RD!K>!FIN?R@I>!AR!H@W>AR!?R!LN@>/!0R!SNRIK!?>!JkNBGK@DGa!@J!
E!A!RH>!AROQ>HDAD@NH!@QFNIDAHD>!?>K!QASINFMAO>K!MGFAD@TR>K!]"$$^/!*>K!?>IH@>IK!KNHD!
SNHKD@DRGK! ?kRH>! FNFRJAD@NH! ?>! QASINFMAO>K! IGK@?>HDKa! AFF>JG>K! S>JJRJ>K! ?>! j~FLL>I! >D!
?>!QASINFMAO>K!MGFAD@TR>K!I>SIRDGKa!TR@!NHD!Q@OIG!?AHK!J>!LN@>!]"$$a"$%^/!2>K!S>JJRJ>K!
?>!j~FLL>I!KNHD!?>K!S>JJRJ>K!?GI@WG>K!?>!JA!QN>JJ>!NKK>RK>!TR@!NHD!LNIQG!RH>!FNFRJAD@NH!
KDABJ>! ?AHK! J>! LN@>! ]"$&^/! 2>K! QASINFMAO>K! MGFAD@TR>K! I>SIRDGK! ]FINX@HLJAQQADN@I>K^!
KNHD!ARKK@!?>K!S>JJRJ>K!?GI@WG>K!?>!JA!QN>JJ>!NKK>RK>!QA@K!S>R[XS@!NHD!Q@OIG!W>IK!J>!LN@>!
KNRK!JP@HLJR>HS>!?>!SM@Q@Ne@H>K!MGFAD@TR>Ka!D>JJ>K!TR>!J>!)*<X"!]"$$a"$%^/!2A!?GFJGD@NH!
SM@Q@TR>!FAI!J>!;A?NJ@H@RQ!]"$Y^!NR!J>!*JN?INHAD>!]"$=^!?>K!S>JJRJ>K!?>!j~FLL>I!>D!?>K!
QASINFMAO>K! MGFAD@TR>K! I>SIRDGK! AQGJ@NI>! JA! DNJGIAHS>! AR! OJRSNK>! >D! JP@HKRJ@HNX
IGK@KDAHS>!?AHK!J>!LN@>/!7H!>H!SNHSJRD!TR>!J>K!QASINFMAO>K!MGFAD@TR>K!KNHD!I>KFNHKABJ>K!
?>!JP@HKRJ@HNXIGK@KDAHS>!MGFAD@TR>/!
!
†R>J! >KD! J>! I\J>! ?R! I>SIRD>Q>HD! ?>K! QASINFMAO>K€f! 4H>! GDR?>! @H?@TR>! TR>!
JP@HL@JDIAD@NH! QASINFMAO@TR>! ?R! D@KKR! A?@F>R[! ?GBRD>! V! FAID@I! ?>! JA! 5CQ>! K>QA@H>! SM>c!
?>K! AH@QAR[! KNRQ@K! V! RH! IGO@Q>! I@SM>! >H! OIA@KK>K/! 4H>! SNIIGJAD@NH! >[@KD>! >HDI>!
JP@HL@JDIAD@NH!?>K!QASINFMAO>K!>D!JPAROQ>HDAD@NH!?R!DAR[!?PAFNFDNK>!A?@FNSEDA@I>a!S>!TR@!
KROOGI>!TR>!J>K!QASINFMAO>K!@HL@JDIGK!FNRIIA@>HD!dDI>!I>KFNHKABJ>K!?>!JkGJ@Q@HAD@NH!?>!
S>JJRJ>K!QNID>K!>D!?R!I>QN?>JAO>!?R!D@KKR!A?@F>R[!]"$5^/!4H!ARDI>!DIAWA@J!@H?@TR>!TR>!JA!
FIGK>HS>! ?>K! QASINFMAO>K! ?AHK! J>! D@KKR! A?@F>R[! F>IQ>DDIA@D! ?>! SNHDI\J>I! JA! J@BGIAD@NH!
?>K! J@F@?>K! S>JJRJA@I>K! >H! @HM@BAHD! JA! J@FNJEK>! KR@D>! V! RH! >[SCK! ?>! SNHKNQQAD@NH!
?>!J@F@?>K/!*>JA!FNRIIA@D!?NHS!@H?R@I>!RH>!ASSRQRJAD@NH!?>!J@F@?>K!@HDIAS>JJRJA@I>K!>D!FAI!
JA!KR@D>!RH>!>[AS>IBAD@NH!?>!JP@HKRJ@HNXIGK@KDAHS>!]"$8^/!!
!

L0M2'0+*?(%&I*-2'0702-0H0
'
2>K! JEQFMNSED>K! bNR>HD! GOAJ>Q>HD! RH! I\J>! @QFNIDAHD! ?AHK! JA! Q@K>! >H! FJAS>! ?>!
JP@HKRJ@HNXIGK@KDAHS>/! *>IDA@HK! JEQFMNSED>K! KNHD! SNHK@?GIGK! SNQQ>! GDAHD! ?>K!
FINQND>RIK!?>!JA!QAJA?@>!DAH?@K!TR>!?PARDI>K!bNR>IA@>HD!RH!I\J>!FJRD\D!?>!FIND>SD@NH/!
!
4H>! ASSRQRJAD@NH! ?PRH! OIAH?! HNQBI>! ?>! JEQFMNSED>K! -! >LL>SD>RIK! *35‚! A! GDG!
NBK>IWG>!?AHK!J>K!D@KKRK!A?@F>R[!GF@?@?EQAR[!?>!KNRI@K!NBCK>K!HNRII@>K!AW>S!RH!IGO@Q>!
I@SM>! >H! OIA@KK>K! DAH?@K! TR>! J>! HNQBI>! ?>! JEQFMNSED>K! -! AR[@J@A@I>K! *3%‚! >D! ?>!
JEQFMNSED>K!-!IGORJAD>RIK!K>!IG?R@D!?AHK!J>K!QdQ>!SNH?@D@NHK!]"%U^/!2k@HL@JDIAD@NH!FAI!
?>K! S>JJRJ>K! -! *35‚! >KD! FIGSG?G>! FAI! JkASSRQRJAD@NH! ?>! QASINFMAO>K/! 4H>! ?@Q@HRD@NH!
>[FGI@Q>HDAJ>!?>K!S>JJRJ>K!-!*35‚!KN@D!FAI!QAH@FRJAD@NH!OGHGD@TR>a!KN@D!FAI!JPRD@J@KAD@NH!

%&!
?PAHD@SNIFK! KFGS@L@TR>K! F>IQ>D! ?>! IG?R@I>! JP@HLJAQQAD@NH! A@HK@! TR>! Jk@HL@JDIAD@NH! ?>K!
QASINFMAO>K! ?AHK! J>K! D@KKRK! A?@F>R[/! 2A! SNHKGTR>HS>! ?>! S>S@! SNHK@KD>! >H! RH>!
AQGJ@NIAD@NH! ?>! JA! IGK@KDAHS>! KEKDGQ@TR>! V! Jk@HKRJ@H>/! 0! JPNFFNKGa! J>! DIAHKL>ID! ?>!
JEQFMNSED>K!-!*35‚!SM>c!?>K!KNRI@K!?GL@S@>HD>K!>H!*35‚!AOOIAW>!JP@HLJAQQAD@NH!?AHK!J>!
D@KKR! A?@F>R[/! *>DD>! GDR?>! A! GOAJ>Q>HD! QNHDIG! JP>[@KD>HS>! ?PRH>! SNNFGIAD@NH! >HDI>! J>K!
S>JJRJ>K!-!*35‚a!J>K!QASINFMAO>K!>D!J>K!A?@FNSED>K/!(H!>LL>Da!J>!D@KKR!A?@F>R[!?>K!KNRI@K!
NBCK>K! ASD@W>! ?>K! S>JJRJ>K! -! *35‚! TR@a! V! J>RI! DNRIa! LAWNI@K>HD! J>! I>SIRD>Q>HD! >D!
JkASD@WAD@NH!?>K!QASINFMAO>K!?AHK!S>!D@KKR/!2>K!JEQFMNSED>K!-!*35‚!bNR>HD!?NHS!RH!I\J>!
>KK>HD@>J! ?AHK! J>! ?GSJ>HSM>Q>HD! >D! JA! FINFAOAD@NH! ?>! Jk@HLJAQQAD@NH! AR! K>@H! ?R! D@KKR!
A?@F>R[/!
3AHK!S>DD>!QdQ>!GDR?>!]"%U^a!J>K!ARD>RIK!?@KSRD>HD!?R!I\J>!SJG!?>K!JEQFMNSED>!-!
*3%‚! ]-M^! TR@! F>RW>HD! dDI>! KRB?@W@KG>K! >H! FJRK@>RIK! SADGONI@>Kf! J>K! S>JJRJ>K!
FIN@HLJAQQADN@I>K! SNQQ>! -M"a! J>K! S>JJRJ>K! AHD@X@HLJAQQADN@I>K! SNQQ>! -M#a! >D! J>K!
JEQFMNSED>K! -! IGORJAD>RIK! -I>O/! 2A! ?@Q@HRD@NH! ?R! HNQBI>! ?>! S>JJRJ>K! -! *3%‚a! >H!
FAID@SRJ@>I! ?>K! S>JJRJ>K! -M#! >D! ?>K! S>JJRJ>K! -I>O! SNHDI@BR>IA@D! A@HK@! V! Jk@HLJAQQAD@NH!
JNSAJ>! ?AHK! J>! D@KKR! A?@F>R[/! 2>K! S>JJRJ>K! -M#! F>RW>HD! KGSIGD>I! J>K! SEDNe@H>K! AHD@X
@HLJAQQADN@I>K!+2X%!>D!+2X"U!>D!?NHS!@HM@B>I!J>!I>SIRD>Q>HD!?>K!QASINFMAO>K!]"%"^/!2>K!
S>JJRJ>K! -I>O! SNHDI\J>HD! J>K! IGFNHK>K! @QQRH@DA@I>K! A?AFDAD@W>K! >H! KRFFI@QAHD! J>K!
S>JJRJ>K!FINX@HLJAQQADN@I>K!-a!J>K!S>JJRJ>K!,j-a!J>K!S>JJRJ>K!1!>D!J>K!S>JJRJ>K!?>H?I@D@TR>K!
]"%#^/!
4H>!GDR?>!?>!m@H>I!]"%$^!A!F>IQ@K!?>!SNHKDAD>I!TR>!J>K!JEQFMNSED>K!-!*3%‚!?R!
D@KKR!A?@F>R[!W@KSGIAJa!SNHDI\J>HD!Jk@HKRJ@HNXIGK@KDAHS>!SM>c!?>K!KNRI@K!NBCK>K!KNRQ@K>K!V!
RH! IGO@Q>! OIAK! >D! FINBABJ>Q>HD! SM>c! JPMNQQ>! ARKK@/! *>! I\J>! ?>K! JEQFMNSED>K! -! *3%‚!
?AHK! J>! SNHDI\J>! ?>! JPMNQGNKDAK@>! OJRS@?@TR>! >KD! SNQFINQ@K! SM>c! S>K! KNRI@K! NBCK>Ka!
JNIKTR>! J>! D@KKR! A?@F>R[! >KD! ASSRQRJG! FAI! J>K! S>JJRJ>K! FINX@HLJAQQADN@I>K! -M"a! TR@!
KGSIGD>HD! JP+:,o! ]@HD>IL>INH! OAQQA^/! 2>! DIAHKL>ID! ?>! S>JJRJ>K! -! *3%‚! V! ?>K! KNRI@K!
@QQRHN?GL@S@>HD>K! >D! NBCK>Ka! @HW>IK>! J>! OA@H! ?>! FN@?K! >D! JA! IGK@KDAHS>! V! Jk@HKRJ@H>a!
FINBABJ>Q>HD! W@A! JA! I>KDARIAD@NH! ?>K! S>JJRJ>K! AHD@X@HLJAQQADN@I>K! -M#! ?AHK! J>! D@KKR!
A?@F>R[/! *>DD>! GDR?>! ?>! m@H>I! ]"%$^! QNHDI>! GOAJ>Q>HD! TRPRH! BI>L! DIA@D>Q>HD!
KEKDGQ@TR>! ?>KD@HG! V! IGDABJ@I! JA! BAJAHS>! -M"h-I>O! F>RD! ARKK@! I>HW>IK>I! F>H?AHD! ?>K!
QN@K!JA!IGK@KDAHS>!V!Jk@HKRJ@H>!>D!S>S@!QAJOIG!JA!FNRIKR@D>!?R!IGO@Q>!I@SM>!>H!OIA@KK>K/!
*NHS>IHAHD! J>! I\J>! ?>K! S>JJRJ>K! -I>O! ?AHK! JP@HKRJ@HNXIGK@KDAHS>a! JPGTR@F>! ?>!
:>R>I>I! ]"%%^! A! QNHDIG! TR>! S>K! S>JJRJ>K! KNHD! HNQBI>RK>K! ?AHK! J>! D@KKR! A?@F>R[!
AB?NQ@HAJ! ?>K! KNRI@K! HNIQAJ>Ka! AJNIK! TR>! J>RI! HNQBI>! >KD! LNID>Q>HD! ?@Q@HRG! SM>c! J>K!

%Y!
KNRI@K!NBCK>K!@HKRJ@HNXIGK@KDAHD>K/!2A!?GFJGD@NH!>H!S>JJRJ>K!-I>O!SM>c!J>K!KNRI@K!HNIQAJ>K!
FINWNTR>!RH>!AROQ>HDAD@NH!?>!JP>[FI>KK@NH!?>K!SEDNe@H>K!@HLJAQQADN@I>K!A@HK@!TRPRH>!
AJDGIAD@NH!?>K!K@OHAR[!?>!JP@HKRJ@H>!ARKK@!B@>H!?AHK!J>!D@KKR!A?@F>R[!TR>!?AHK!J>!LN@>/!<AI!
SNHDI>a!JPAROQ>HDAD@NH!?PASD@W@DG!?>!S>K!S>JJRJ>K!AQGJ@NI>!JP@HKRJ@HNXIGK@KDAHS>/!(H!FJRK!?>!
J>RI!I\J>!?AHK!JP@HLJAQQAD@NHa!J>K!S>JJRJ>K!-I>O!>[FI@Q>HD!GOAJ>Q>HD!J>!<<0'o!J>TR>J!>KD!
HGS>KKA@I>a!SM>c!J>K!KNRI@K!NBCK>Ka!V!JA!I>KDARIAD@NH!SNQFJCD>!?>!JA!K>HK@B@J@DG!V!Jk@HKRJ@H>!
@H?R@D>!FAI!JA!F@NOJ@DAcNH>!]"%&^/!!
!
4H! ARDI>! DEF>! ?>! JEQFMNSED>! -a! HNQQG! t,j-Pa! A! GOAJ>Q>HD! GDG! @QFJ@TRG! ?AHK!
JP@HDNJGIAHS>!AR!OJRSNK>!>D!J>!?GW>JNFF>Q>HD!?>!JP@HKRJ@HNXIGK@KDAHS>/!(H!>LL>Da!J>K!KNRI@K!
j7!FNRI!JA!Z#XQ@SINOJNBRJ@H>!H>!FNKKC?>HD!FAK!?>!S>JJRJ>K!,j-!>Da!KNRK!RH!IGO@Q>!I@SM>!
>H! OIA@KK>Ka! >JJ>K! H>! FIGK>HD>HD! FAK! ?P@HL@JDIAD@NH! ?>! QASINFMAO>K! ?AHK! J>RI! D@KKR!
A?@F>R[! >D! H>! KNHD! FAK! @HDNJGIAHD>K! AR! OJRSNK>! ]"%Y^/! 0R! SNHDIA@I>a! JPASD@WAD@NH! ?>K!
S>JJRJ>K! ,j-! FAI! JPgXOAJASDNKEJS>IAQ@?>! >[AS>IB>! JP@HDNJGIAHS>! AR! OJRSNK>a! JP@HL@JDIAD@NH!
?>! QASINFMAO>K! A@HK@! TR>! JP>[FI>KK@NH! ?>K! SEDNe@H>K! @HLJAQQADN@I>K! ?AHK! J>! D@KKR!
A?@F>R[!]"%Y^/!
!
2>K!JEQFMNSED>K!1!FAID@S@F>HDa!>R[!ARKK@a!V!JPMNQGNKDAK@>!?R!OJRSNK>/!m@H>I!>D!AJ/!
]"%=^!NHD!NBK>IWG!RH>!ASSRQRJAD@NH!?>!JEQFMNSED>K!1!?AHK!J>!D@KKR!A?@F>R[!?>K!KNRI@K!
NBCK>K! KNRQ@K>K! V! RH! IGO@Q>! OIAK/! *>F>H?AHDa! ?>K! KNRI@K! NBCK>K! ?GFNRIWR>K! ?>!
JEQFMNSED>K!1!K>QBJ>HD!FINDGOG>K!?>!JA!QAJA?@>!QGDABNJ@TR>/!2>K!>LL>DK!?>K!S>JJRJ>K!1!
KRI!J>!QGDABNJ@KQ>!?R!OJRSNK>!KNHD!J@GK!V!JkASD@WAD@NH!?>K!QASINFMAO>K!>D!?>K!S>JJRJ>K!-!
FINX@HLJAQQADN@I>K!A@HK@!TRPV!JA!FIN?RSD@NH!?kAHD@SNIFK!FADMNOCH>K!?>!DEF>!+O;/!3>!FJRKa!
JPGJ@Q@HAD@NH! ?>K! S>JJRJ>K! 1! FAI! RH! AHD@SNIFK! *3#U! ADDGHR>! JA! QAJA?@>a! DAH?@K! TR>! J>!
DIAHKL>ID! ?k+O;! ?>! KNRI@K! NBCK>K! @H?R@D! IAF@?>Q>HD! JA! IGK@KDAHS>! V! Jk@HKRJ@H>! >D!
Jk@HDNJGIAHS>! AR! OJRSNK>! ]"%=^/! 3AHK! J>RI! >HK>QBJ>a! S>K! IGKRJDADK! GDABJ@KK>HD!
Jk@QFNIDAHS>!?>K!JEQFMNSED>K!1!>D!?>!Jk@QQRH@DG!A?AFDAD@W>!?AHK!Jk@HKRJ@HNXIGK@KDAHS>/!!
!

L0M2'0?,'-&I*-2'0
'
2>K! QAKDNSED>K! ])*^! KNHD! ?>K! S>JJRJ>K! @HLJAQQADN@I>K! TR@! IGK@?>HD! ?AHK! ?@W>IK!
D@KKRK/! *>K! S>JJRJ>K! QN?RJ>HD! JA! IGFNHK>! @HLJAQQADN@I>/! 2>K! )*! KNHD! @QFJ@TRGK! ?AHK! J>!
I>SIRD>Q>HD!?>K!J>RSNSED>K!A@HK@!TR>!?AHK!Jk@QQRH@DG!A?AFDAD@W>!>H!ASD@WAHD!J>K!S>JJRJ>K!
?>H?I@D@TR>K! FIGK>HDADI@S>K! ?kAHD@OCH>K! ]"%5a"%8^/! *M>c! JPMNQQ>a! J>K! )*! KNHD!
MGDGINOCH>K!>D!KNHD!SJAKKGK!>H!$!OINRF>K!K>JNH!JA!FIGK>HS>!?>!KGI@H>K!FINDGAK>Kf!J>K!)*-!

%=!
]FIGK>HS>!K>RJ>Q>HD!?>!-IEFDAK>^!FIG?NQ@H>HD!?AHK!J>K!SJN@KNHK!AJWGNJA@I>K!>D!?AHK!JA!
QRTR>RK>! ?>! JP@HD>KD@H! OIdJ>‡! J>K! )**! ]FIGK>HS>! K>RJ>Q>HD! ?>! *MEQAK>^! K>! DINRW>HD!
?AHK!J>!D@KKR!KEHNW@AJ‡!>D!J>K!)*-*!]FIGK>HS>!?>!-IEFDAK>!>D!*MEQAK>^!K>!JNSAJ@K>HD!?AHK!
JA! F>ARa! J>K! AQEO?AJ>Ka! >D! JA! KNRKXQRTR>RK>! ?>! JP@HD>KD@H! OIdJ>! ]"%5^/! *>K! ?>IH@>IK! )*!
F>RW>HD! GOAJ>Q>HD! dDI>! I>DINRWGK! ?AHK! J>! D@KKR! A?@F>R[! ]"&U^! >D! @JK! KPASSRQRJ>HD! ?AHK!
J>K!D@KKRK!A?@F>R[!W@KSGIAR[!?>K!NBCK>K!]"&"a"&#^/!!
2A!I>JAD@NH!>HDI>!J>K!)*!>D!J>K!DINRBJ>K!QGDABNJ@TR>K!SNQQ>!JPNBGK@DG!>D!J>!3-#!A!
GDG!IGS>QQ>HD!GDABJ@>!]"&$^f!?>K!KNRI@K!?GL@S@>HD>K!>H!)*!FI>HH>HD!QN@HK!?>!FN@?K!>D!JA!
DNJGIAHS>! AR! OJRSNK>! >D! JA! K>HK@B@J@DG! V! JP@HKRJ@H>! KNHD! AQGJ@NIG>K/! 2P>[@KD>HS>! ?PRH! I\J>!
FNRI!J>K!)*!?AHK!JkNBGK@DG!@H?R@D>!FAI!JkAJ@Q>HDAD@NH!A!GOAJ>Q>HD!GDG!KROOCIG>!FAI!?>K!
>[FGI@>HS>K!AW>S!?>K!QG?@SAQ>HDK!SNRIAQQ>HD!RD@J@KGK!?AHK!J>K!AJJ>IO@>K!>D!JkAKDMQ>!]J>!
SINQNOJESAD>!>D!J>!eGDND@LCH>^!TR@!@HM@B>HD!JP>LL>D!?>K!)*/!(H!>LL>Da!?>K!DIA@D>Q>HDK!V!BAK>!
?>! S>K! SNQFNKGK! AQGJ@NI>HD! JA! ?GIGORJAD@NH! ?R! QGDABNJ@KQ>! >D! @HW>IK>HD! JA! FI@K>! ?>!
FN@?K! ?>K! KNRI@K! TR@! NHD! GDG! HNRII@>K! AW>S! RH! IGO@Q>! I@SM>! >H! OIA@KK>K! F>H?AHD! "#!
K>QA@H>K! ]"&$^/! (H! NRDI>a! JA! I>SNHKD@DRD@NH! ?>! KNRI@K! ?GL@S@>HD>K! >H! )*! FAI! ?>K! )*!
?GI@WGK! ?>! JA! QN>JJ>! NKK>RK>! ?>! KNRI@K! SNHW>HD@NHH>JJ>K! NR! ?>! KNRI@K! :,0XhX! @HW>IK>! J>!
FMGHNDEF>! ?>K! KNRI@K! )*X?GL@S@>HD>K/! *>DD>! @HW>IK@NH! H>! K>! FIN?R@D! FAK! AW>S! ?>K! )*!
@KKRK! ?>! KNRI@K! M"HXhX! NR! M0,5XhX/! *>JA! KROOCI>! TR>! +2XY! >D! JP+:,o! KGSIGDGK! FAI! J>K! )*!
bNR>HD! RH! I\J>! @QFNIDAHD! ?AHK! JPAFFAI@D@NH! NR! J>! QA@HD@>H! ?>! JPNBGK@DG! >D! JP@HKRJ@HNX
IGK@KDAHS>!]"&$^/!
2>K! )*! KGSICD>HD! GOAJ>Q>HD! ?>! HNQBI>R[! QG?@AD>RIKa! TR@! F>RW>HD! QN?RJ>I!
Jk@HLJAQQAD@NH! ?R! D@KKR! A?@F>R[/! +J! KPAO@D! FAI! >[>QFJ>a! ?R! "&X?GKN[EX?>JDAX"#a"%!
FINKDAOJAH?@HX_#a! RH! ?>K! QG?@AD>RIK! ?>K! )*! TR@! >KD! RH! J@OAH?! AONH@KD>! >H?NOCH>! ?>!
<<0'o! >D! ?NHS! LAWNI@K>! JA! ?@LLGI>HS@AD@NH! ?>K! A?@FNSED>K! ]"&%^/! (HL@Ha! J>K! )*! F>RW>HD!
GOAJ>Q>HD! IGORJ>I! JkASD@WAD@NH! ?>K! QASINFMAO>K! FAI! JA! KGSIGD@NH! ?P+:,o! NR! ?>!
QGDAJJNFINDG@HAK>!8!]"&&^a!NR!B@>H!JA!FIN?RSD@NH!?>!FMNKFMNJ@FAK>!0#!]"&Y^/!
!

L0M2'0/24-)&(%.+2'02-0+2'03&'./&(%.+2'0
'
2>K! J>RSNSED>K! FNJEHRSJGA@I>K! @HSJRAHD! J>K! H>RDINFM@J>K! >D! J>K! GNK@HNFM@J>K! KNHD!
FIGK>HDK! ?AHK! J>! D@KKR! A?@F>R[! >D! KNHDa! >R[! ARKK@a! I>J@GK! AR! DINRBJ>! QGDABNJ@TR>! ?R!
OJRSNK>/!!
!
2>K!H>RDINFM@J>K!I>FIGK>HD>HD!J>K!FI>Q@CI>K!S>JJRJ>K!@QQRH@DA@I>K!V!IGFNH?I>!V!
JP@HLJAQQAD@NH! >D! F>RW>HD! SNHDI@BR>I! V! AOOIAW>I! JkGDAD! @HLJAQQADN@I>! SMINH@TR>! >H!

%5!
A@?AHD! AR! I>SIRD>Q>HD! ?>K! QASINFMAO>K! >D! >H! @HD>IAO@KKAHD! AW>S! J>K! S>JJRJ>K!
FIGK>HDADI@S>K! ?>! JkAHD@OCH>! ]0<*^/! <JRK@>RIK! FINDGAK>K! KNHD! KGSIGDG>K! FAI! J>K!
H>RDINFM@J>Ka! ?NHD! JPGJAKDAK>! TR@! AROQ>HD>! JA! IGFNHK>! @HLJAQQADN@I>! ?AHK! ?@W>IK>K!
QAJA?@>K/! 2>! DIA@D>Q>HD! ?>K! S>JJRJ>K! MGFAD@TR>K! AW>S! JPGJAKDAK>! @H?R@D! JP@HKRJ@HNX
IGK@KDAHS>! S>JJRJA@I>! DAH?@K! TR>! JPGFR@K>Q>HD! ?>! S>DD>! FINDGAK>! SM>c! J>K! KNRI@K! NBCK>K!
I>S>WAHD!RH!IGO@Q>!I@SM>!>H!QAD@CI>!OIAKK>!FINWNTR>!RH>!?@Q@HRD@NH!?>!JP@HLJAQQAD@NH!
D@KKRJA@I>/! *>JA! >KD! AKKNS@G! AW>S! RH>! ?@Q@HRD@NH! ?R! HNQBI>! ?>! H>RDINFM@J>K! >D! ?>!
QASINFMAO>K! ?AHK! J>! D@KKR! A?@F>R[! >D! K>! DIA?R@D! FAI! JPAQGJ@NIAD@NH! ?>! JA! DNJGIAHS>! AR!
OJRSNK>! >D! ?>! JA! K>HK@B@J@DG! V! JP@HKRJ@H>! ]"&=^/! *>K! IGKRJDADK! KROOCI>HD! TR>! J>K!
H>RDINFM@J>K!FAID@S@F>HD!V!RH>!QAJA?@>!QGDABNJ@TR>!@H?R@D>!FAI!RH>!@HLJAQQAD@NH/!!
!
2>K! GNK@HNFM@J>K! FAID@S@F>HD! V! JA! IGFNHK>! @QQRH@DA@I>! ?GSJ>HSMG>! FAI! J>K!
FAIAK@D>K!>D!J>K!AJJ>IO@>K/!+JK!SNJJABNI>HD!AW>S!J>K!QASINFMAO>K!ASD@WGK!?>!DEF>!)#/!3AHK!
J>!D@KKR!A?@F>R[a!J>K!QASINFMAO>K!)#!KNHD!@QFNIDAHDK!FNRI!QA@HD>H@I!JPMNQGNKDAK@>!?R!
OJRSNK>!>D!KNHD!ASD@WGK!FAI!+2X%/!2>K!GNK@HNFM@J>K!NHD!GDG!QNHDIGK!SNQQ>!SNHKD@DRAHD!J>K!
S>JJRJ>K! QAb>RI>K! ?AHK! JA! FIN?RSD@NH! ?>! +2X%! ?AHK! J>! D@KKR! A?@F>R[! BJAHS! ?>! KNRI@K/! (H!
ABK>HS>! ?PGNK@HNFM@J>Ka! J>! DAR[! ?>! QASINFMAO>K! )#! >KD! SNHK@?GIABJ>Q>HD! ADDGHRG/! (H!
ABK>HS>!?kGNK@HNFM@J>Ka!J>!IGO@Q>!I@SM>!>H!OIA@KK>K!@H?R@D!RH>!AROQ>HDAD@NH!?>!JA!QAKK>!
OIAKK>! SNIFNI>JJ>! ?>K! KNRI@Ka! JP@HDNJGIAHS>! AR! OJRSNK>! >D! JA! IGK@KDAHS>! V! Jk@HKRJ@H>/! <AI!
SNHDI>a! NH! SNHKDAD>! TRPRH>! AROQ>HDAD@NH! ?R! HNQBI>! ?PGNK@HNFM@J>K! ?R! D@KKR! A?@F>R[!
@H?R@D>! FAI! J>K! M>JQ@HDM>K! AQGJ@NI>! JA! DNJGIAHS>! AR! OJRSNK>! ]"&5^/! *>K! ?NHHGK! KNHD! >H!
LAW>RI!?>!JP@?G>!K>JNH!JATR>JJ>!J>K!GNK@HNFM@J>K!FAID@S@F>HD!V!JPMNQGNKDAK@>!OJRS@?@TR>!W@A!
JA!QA@HD>HAHS>!?>K!QASINFMAO>K!AHD@X@HLJAQQADN@I>K!)#!?AHK!J>!D@KKR!A?@F>R[/!!
!
*MASRH>! ?>K! GDR?>K! IAFFNIDG>K! S@X?>KKRK! QNHDI>! JP@QFNIDAHS>! ?PRH! DEF>!
S>JJRJA@I>! @QQRH@DA@I>! ?AHK! JPGD@NJNO@>! ?>! JP@HKRJ@HNXIGK@KDAHS>! @H?R@D>! FAI!
JP@HLJAQQAD@NH/! *>F>H?AHDa! @J! >KD! FINBABJ>! TR>! JP>HK>QBJ>! ?>! S>K! S>JJRJ>K! SNJJABNI>HD!
>HDI>!>JJ>K!FNRI!QN?RJ>I!JA!IGFNHK>!@HLJAQQADN@I>!]:@ORI>!"U^/!
!
!

%8!
!
!
!"#$%&'(2)'57'%><E?A&'"GG$?":7"%&'67?A'@&':"AA$'76"<&$\'E89A&A4'
'
81("#43*1%#.,(+'(6A#2#.Q#,'$O(%'"$(L)'(P/C?V('%(8:>;O(016#"#%'("'(*'6*)%'2',%(+'$(!:P$(Z(&1*%#*(
+'( 2.,.6@%'$( $1,5)#,$<( 8'$( !:P$( &')-',%( +3%'6%'*( +'$( $#5,1)K( u+1,5'*b1"'*%'F( '%( &*.+)#*'( +'$(
6@%.Q#,'$(#,0"1221%.#*'$O(6.22'("'(:`E?r<(8'$(!:P$(&')-',%(351"'2',%(*'6*)%'*(+'$(&.&)"1%#.,$(
'00'6%*#6'$(+'$("@2&A.6@%'$O("'$(6'"")"'$(:AV(/R;v('%(+'$("@2&A.6@%'$(:(6@%.%.K#L)'$(/Rtv(D/:8$IO(
L)#( -.,%( 15#*( ',( 1)52',1,%( +1-1,%15'( "'( *'6*)%'2',%( +'$( !:P$( '%( $%#2)"1,%( "1( &*.+)6%#.,( +'(
6@%.Q#,'$<(8'(*'6*)%'2',%(+'$(!:P$(1#,$#(L)'("1(0.,6%#.,(#,0"1221%.#*'(&')-',%([%*'(%.)$("'$(+')K(
#,A#43$(&1*("'$(6'"")"'$(:*'5(*3$#+',%'$<((
P/C?V=( 2.,.6@%'( 6A'2.%16%#6( &*.%'#,( VB( 8:>;=( "')Q.%*#','( >;B( !:P$=( 1+#&.$'( %#$$)(
216*.&A15'O(M8?H=(#,%'*"')Q#,'(HB(T!!=($'*)2(12@".#+(!(D0#5)*'(2.+#0#3'(+F1&*G$(DV^fII<((
(
(

1" 8/9.!22!0+4/&$0&;+%%-&!6+5$-<&
!
2P@HLJAQQAD@NH! ?R! D@KKR! A?@F>R[! >KD! DICK! GDR?@G>! ?>FR@K! TR>JTR>K! AHHG>K! SAI! S>!
D@KKR! >KD! SNHK@?GIG! SNQQ>! J>! K@D>! FND>HD@>J! ?PAFFAI@D@NH! ?>! JP@HKRJ@HNXIGK@KDAHS>! J@G>! V!
JPNBGK@DG/! 4H! >[SCK! ?>! HRDI@Q>HDK! NR! RH>! AROQ>HDAD@NH! ?>! JP@HLJAQQAD@NH! ASD@W>! J>K!
LASD>RIK! ?>! IGORJAD@NH! DIAHKSI@FD@NHH>JJ>! D>JK! TR>! _,j! >Dh! +jj/! *>K! ?>IH@>IK! F>RW>HD!
FMNKFMNIEJ>I!J>K!+'.X"!AR!H@W>AR!?PRH>!KGI@H>/!*>S@!A!FNRI!SNHKGTR>HS>!RH>!@HM@B@D@NH!
?>! JA! SAKSA?>! ?>! K@OHAJ@KAD@NH! ?R! IGS>FD>RI! V! Jk@HKRJ@H>! ?AHK! J>! D@KKR! A?@F>R[/!
2P@HLJAQQAD@NH! ?R! D@KKR! A?@F>R[! K>QBJ>! >H! LA@D! @HD>IW>H@I! >H! AQNHD! >D! I>H?I>! J>K!

&U!
A?@FNSED>K!IGK@KDAHDK!V! JP@HKRJ@H>/! 2>! DIA@D>Q>HD!?>K! A?@FNSED>K! AW>S! J>! -,:g!FINWNTR>!
RH>! ?@Q@HRD@NH! ?>K! K@OHAR[! @HDIAS>JJRJA@I>K! ?>! JP@HKRJ@H>! >D! FAI! SNHKGTR>HS>! FINWNTR>!
RH>!IG?RSD@NH!?>!JPABKNIFD@NH!?R!OJRSNK>!]"&8"Y"^/!M,(-#-.O!?AHK!?@LLGI>HDK!QN?CJ>K!?>!
KNRI@K!NBCK>K!>D!?@ABGD@TR>Ka!JP>[FI>KK@NH!?R!-,:g!>KD!AROQ>HDG>!?AHK!J>!D@KKR!A?@F>R[/!
2PAROQ>HDAD@NH! ?R! DAR[! ?>! -,:g! A! GDG! NBK>IWG>! ARKK@! B@>H! JNSAJ>Q>HD! TRPAR! H@W>AR!
KEKDGQ@TR>! >D! KA! H>RDIAJ@KAD@NH! AQGJ@NI>! JPABKNIFD@NH! FGI@FMGI@TR>! ?>! OJRSNK>! >H!
IGFNHK>!V!JP@HKRJ@H>!]""Y^/!*>JA!>[FJ@TR>!JP@QFNIDAHS>!?>!JP@HLJAQQAD@NH!JNSAJ>!?R!D@KKR!
A?@F>R[!KRI!JPMNQGNKDAK@>!KEKDGQ@TR>!?R!OJRSNK>/!
!
2>! -,:ga! +2X"Z! >D! J>! 2<.! KNHD! @QFJ@TRGK! ?AHK! JP@H?RSD@NH! ?>! JA! J@FNJEK>! ?AHK! J>K!
A?@FNSED>K!FI@QA@I>K!>D!ARKK@!?AHK!?>K!J@OHG>K!?>!S>JJRJ>K!A?@FNSEDA@I>K!]"Y#"Y%^/!3AHK!
J>K!A?@FNSED>K!MRQA@HKa!JP@H?RSD@NH!?>!JA!J@FNJEK>!FAI!J>!-,:g!FAKK>!FAI!JPASD@WAD@NH!?>K!
)(j! ]Q@DNO>HXASD@WAD>?! FIND>@H! e@HAK>! e@HAK>K^a! ?>! ('j/! 2P@H?RSD@NH! ?>! S>DD>! J@FNJEK>!
>KD! ARKK@! JA! SNHKGTR>HS>! ?>! JPASD@WAD@NH! ?>! _,j! AKKNS@G>! V! JPGJGWAD@NH! ?>! JP0)<S!
@HDIAS>JJRJA@I>!TR@!ASD@W>!JA!<j0!]"Y&a"YY^/!2A!<j0!ASD@WG>!ALL>SD>!?@I>SD>Q>HD!JA!J@FNJEK>!
>H! FMNKFMNIEJAHD! JA! FGI@J@F@H>a! RH>! FINDG@H>! AKKNS@G>! V! JA! ONRDD>J>DD>! J@F@?@TR>! ]"Y=^/!
*>S@! K>! DIA?R@D! >HKR@D>! FAI! JA! J@BGIAD@NH! ?>! 0BM?&! ]ghZ! ME?INJAK>! ?NQA@HXSNHDA@H@HO!
FIND>@H! &^a! TR@! K>! J@>! V! >D! SNASD@W>! JP0-;2! ]A?@FNK>! DI@OJES>I@?>! J@FAK>^! ]"Y5^/! 2>! -,:g!
?@Q@HR>!GOAJ>Q>HD!JP>[FI>KK@NH!?>!JA!FGI@J@F@H>a!S>!TR@a!KAHK!?NRD>a!AQGJ@NI>!JA!SAFAS@DG!
?P0-;2!?PASSG?>I!V!JP@HDGI@>RI!?>!JA!ONRDD>J>DD>!J@F@?@TR>!]"Y8a"=U^/!
2>!-,:g!A@HK@!TR>!+2X"Z!>D!JP+:,o!?@Q@HR>HD!RH>!ARDI>!FINDG@H>!FIGK>HD>!?AHK!J>K!
ONRDD>J>DD>K! J@F@?@TR>Ka! JA! :.<#=! ]LADXKF>S@L@S! FIND>@H! #=^/! *>DD>! HNRW>JJ>! FINDG@H>!
FNKKC?>! ?>K! ?NQA@H>K! MNQNJNOR>K! V! S>R[! ?>! JA! FGI@J@F@H>! >D! FNRIIA@D! dDI>! @QFJ@TRG>!
?AHK!JA!KDAB@J@DG!?>K!ONRDD>J>DD>K!J@F@?@TR>K!>H!SNHDI\JAHD!JPASSCK!?>!JA!J@FAK>!]"="^/!
4H!ARDI>!>LL>D!?R!-,:g!?AHK!JA!J@FNJEK>!SNHS>IH>!JA!KRFFI>KKK@NH!?>!JP>[FI>KK@NH!
?>! ;U.#! ];Uh;"!Kl@DSM! O>H>#^a! IGS>QQ>HD! @?>HD@L@G! SNQQ>! GDAHD! RH! @HM@B@D>RI!
>H?NOCH>! ?>! JP0-;2! ]"=#^/! 3>! S>! LA@Da! J>! -,:g! F>RD! ?NHS! DNRD! V! JA! LN@K! KD@QRJ>I! J>K!
ASD@WAD>RIK!>D!KRFFI@Q>I!J>K!@HM@B@D>RIK!?>!JPASD@W@DG!?>!JP0-;2/!
2>!2<.!>KD!SAFABJ>!?>!KD@QRJ>I!JA!J@FNJEK>!>H!@H?R@KAHD!JA!FMNKFMNIEJAD@NH!?>!'ALX
"a!)(j"h#a!>D!('j"h#f!JA!J@FNJEK>!KD@QRJG>!FAI!JP>H?NDN[@H>!KPAIIdD>!JNIK!?>!Jk@HM@B@D@NH!
?>! ('j"h#/! 2>! 2<.! FINWNTR>! GOAJ>Q>HD! RH>! ?@Q@HRD@NH! ?P>[FI>KK@NH! >D! JA!
FMNKFMNIEJAD@NH! ?>! JA! FGI@J@F@H>! >D! RH>! AROQ>HDAD@NH! ?>! JkASD@W@DG! >D! ?R! DAR[! ?P0-;2!
]"=$^/!
!

&"!
2A!K@OHAJ@KAD@NH!@HLJAQQADN@I>!?AHK!JkA?@FNSED>!F>RD!GOAJ>Q>HD!IG?R@I>!JkASD@W@DG!
?R! IGS>FD>RI! HRSJGA@I>a! <<0'o! TR@! >KD! >KK>HD@>J! FNRI! JkA?@FNO>HCK>! >D! J>! QA@HD@>H!
?P>[FI>KK@NH! ?>K! OCH>K! >D! ?>! JA! LNHSD@NH! ?>K! A?@FNSED>K/! .AHK! <<0'oa! JA! SAFAS@DG! ?>K!
A?@FNSED>K!V!FIN?R@I>!>D!V!KDNSe>I!J>K!J@F@?>K!>D!V!QA@HD>H@I!JA!K>HK@B@J@DG!V!Jk@HKRJ@H>!>KD!
SNQFINQ@K>!]"=%^/!2A!?@Q@HRD@NH!?>!<<0'o!K>!DIA?R@D!FAI!JA!IG?RSD@NH!?>!JP>[FI>KK@NH!
?>! JkA?@FNH>SD@H>a! RH>! SEDNe@H>! KFGS@L@TR>! AR[! A?@FNSED>K! TR@! >KD! GOAJ>Q>HD! @QFJ@TRG>!
?AHK!JA!IGORJAD@NH!?>!JA!K>HK@B@J@DG!KEKDGQ@TR>!V!Jk@HKRJ@H>!]"=&^/!
!
3PRH>! LAsNH! OGHGIAJ>a! J>K! >LL>DK! ?>! Jk@HLJAQQAD@NH! KRI! J>K! D@KKRK! A?@F>R[! KNHD!
QRJD@FJ>K/!*>!D@KKR!H>!K>QBJ>!FAK!B@>H!A?AFDG!FNRI!IGAJ@K>I!RH>!QN?RJAD@NH!SNII>SD>!?>!
JP@HLJAQQAD@NH! >D! L@HAJ>Q>HD! S>S@! AFFAIAiD! HGLAKD>! V! JP>LL@S@>HS>! ?R! SNHDI\J>! ?>! JA!
OJESGQ@>/!
!

*" &8/9.!22!0+4/&$0&=4+$&
'
2>!LN@>!bNR>!RH!I\J>!>KK>HD@>J!?AHK!J>K!FINS>KKRK!QGDABNJ@TR>K/!+J!>KD!I>KFNHKABJ>!
HNH!K>RJ>Q>HD!?>!JA!OJRSNHGNO>HCK>!>D!?R!KDNSeAO>!>D!?>!JPRD@J@KAD@NH!?R!OJESNOCH>!QA@K!
ARKK@! ?>! JA! J@FNO>HCK>! >D! ?>! JA! KEHDMCK>! >D! ?>! JA! KGSIGD@NH! ?R! SMNJ>KDGINJ/! )AJOIG! JA!
FIGK>HS>!?>K!S>JJRJ>K!?>!j~FLL>I!>H!DAHD!TR>!QASINFMAO>K!MGFAD@TR>Ka!NH!NBK>IW>!ARKK@!
RH>!@HL@JDIAD@NH!?>!S>JJRJ>K!QASINFMAO@TR>K!S@ISRJAHD>K!W>IK!J>!LN@>!?AHK!J>K!SAK!?PNBGK@DG!
>D! S>JJ>KXS@! F>RW>HD! I>FIGK>HD>I! $Uv! V! =Uv! ?>K! QASINFMAO>K! MGFAD@TR>K! DNDAR[!
]"$$a"$%^/!2>K!QG?@AD>RIK!@HLJAQQADN@I>K!KGSIGDGK!?AHK!J>!LN@>!@HM@B>HD!J>K!K@OHAR[!?>!
JP@HKRJ@H>!W@A!JPASD@WAD@NH!?>!,:Xp1/!2PASD@WAD@NH!KFGS@L@TR>!?>!+jjZ!?AHK!J>!LN@>!?>!KNRI@K!
SNH?R@Da! ?AHK! S>! D@KKRa! V! RH>! ?@Q@HRD@NH! ?>! JA! DNJGIAHS>! AR! OJRSNK>a! ?>! JA! K>HK@B@J@DG! V!
JP@HKRJ@H>!>D!?>K!K@OHAR[!?>!JP@HKRJ@H>!]"=Y^/!0R!SNHDIA@I>a!JA!F>ID>!?PASD@W@DG!?>!+jjZ!?AHK!
J>K!MGFADNSED>K!IG?R@Da!AR!H@W>AR!?R!LN@>a!J>!DAR[!?>!SEDNe@H>K!@HLJAQQADN@I>K!@H?R@D!FAI!
J>!IGO@Q>!OIAK!>D!I>H?!J>K!KNRI@K!FJRK!K>HK@BJ>K!V!JP@HKRJ@H>!]"=Ya"==^/!
2A!_,j!e@HAK>!>KD!GOAJ>Q>HD!ASD@WG>!?AHK!J>!LN@>!>H!SAK!?PNBGK@DG!>D!JP@HM@B@D@NH!?>!
S>DD>!e@HAK>!?AHK!J>!LN@>!IG?R@D!J>!HNQBI>!?>!QAITR>RIK!@HLJAQQADN@I>K!>D!AROQ>HD>!JA!
K>HK@B@J@DG! V! JP@HKRJ@H>! ?AHK! J>! LN@>! ]"=5^/! 3AHK! S>! D@KKRa! JPASD@W@D@NH! ?>! _,j! K>! LA@D! ?>!
QAH@CI>! @H?GF>H?AHD>! ?AHK! J>K! ?@LLGI>HDK! DEF>K! S>JJRJA@I>K! ?NHD! J>K! MGFADNSED>Ka! J>K!
S>JJRJ>K! ?>! j~FLL>I! A@HK@! TR>! J>K! QASINFMAO>K! I>SIRDGK/! *>DD>! ASD@WAD@NH! AR! K>@H! ?>!
JP>HK>QBJ>! ?>! S>K! S>JJRJ>K! >KD! HGS>KKA@I>! FNRI! SNH?R@I>! V! RH>! @HDNJGIAHS>! AR! OJRSNK>!
]"=8^/!
!

&#!
2A! ?@Q@HRD@NH! ?>! JA! K>HK@B@J@DG! V! JP@HKRJ@H>! F>RD! ALL>SD>I! ?@LLGI>HD>K! WN@>K!
QGDABNJ@TR>K! MGFAD@TR>K! >D! HNDAQQ>HD! JA! OJRSNHGNO>HCK>/! 2A! OJRSNHGNO>HCK>! >KD!
HNIQAJ>Q>HD!KRFFI@QG>!FAI!J>K!K@OHAR[!?>!JP@HKRJ@H>!QA@K!SM>c!JPNBCK>!S>DD>!IGORJAD@NH!
>KD! F>I?R>! >D! >H! SNHKGTR>HS>! JA! FIN?RSD@NH! MGFAD@TR>! ?>! OJRSNK>! SNHDI@BR>! V!
JkMEF>IOJESGQ@>/! 2P@HLJAQQAD@NH! @HD>ILCI>! GOAJ>Q>HD! AW>S! JPMNQGNKDAK@>! J@F@?@TR>!
MGFAD@TR>/! 3>! LA@Da! JPA?Q@H@KDIAD@NH! #,( -#-.! ?>! -,:g! NR! ?P+2XY! @H?R@D! JA! J@FNO>HCK>!
MGFAD@TR>! >D! JA! FIN?RSD@NH! ?>! DI@OJESGI@?>K! MGFAD@TR>K! ]"5Ua"5"^/! 3>! QdQ>a! RH>! ?NK>!
QN?GIG>!?>!2<.!KD@QRJ>!JA!B@NKEHDMCK>!?>!HNWN!?>K!0;K!>D!JA!J@FNJEK>!FGI@FMGI@TR>!>H!
AROQ>HDAHD!A@HK@!JA!FIN?RSD@NH!?>!-;K!MGFAD@TR>K!]"5#^/!2PAROQ>HDAD@NH!?R!DAR[!?>!-;K!
MGFAD@TR>K! SNH?R@D! V! JPAROQ>HDAD@NH! ?>! JA! KGSIGD@NH! ?>! 6232! ]W>IE! JNl! ?>HK@DE!
J@FNFIND>@H^!FAI!J>!LN@>!>D!?NHS!V!JPAROQ>HDAD@NH!?>!JA!SNHS>HDIAD@NH!FJAKQAD@TR>!?>!-;K/!
!
2P@HLJAQQAD@NH! MGFAD@TR>! F>RD! @H?R@I>! RH>! IGFNHK>! @HLJAQQADN@I>! KEKDGQ@TR>!
W@A! JA! KGSIGD@NH! ?>! QAITR>RIK! @HLJAQQADN@I>K! ?AHK! J>! KAHO! D>JK! TR>! *'<a! <0+X"!
]<JAKQ@HNO>H!ASD@WADNI!@HM@B@DNIX"^!>D!+2XY/!*>IDA@H>K!?>!S>K!SEDNe@H>K!KNHD!@QFJ@TRG>K!
?AHK! JP@HKRJ@HNXIGK@KDAHS>! FGI@FMGI@TR>! ]"5$^/! <AI! >[>QFJ>a! JPASD@WAD@NH! ?>! +jj!
MGFAD@TR>! >HDIA@H>! RH>! AROQ>HDAD@NH! KEKDGQ@TR>! ?>! +2XYa! JATR>JJ>! WA! IG?R@I>! JA!
K>HK@B@J@DG!V!JP@HKRJ@H>!QRKSRJA@I>!]"=Y^/!
!
2P@HLJAQQAD@NH! MGFAD@TR>! F>RD! ?NHS! >HDIAiH>Ia! ?AHK! J>! LN@>a! ?>K! DINRBJ>K! ?R!
QGDABNJ@KQ>!OJRS@?@TR>!>D!J@F@?@TR>!TR@!WNHD!K>!IGF>ISRD>I!KRI!?PARDI>K!NIOAH>K/!
'
6" 8/9.!22!0+4/&$0&>-%*.$&
!
2>!QRKSJ>!I>FIGK>HD>a!JR@!ARKK@a!RH!LASD>RI!@QFNIDAHD!?>!JkMNQGNKDAK@>!?R!OJRSNK>!
SAI! S>! D@KKR! >KD! @QFJ@TRG! ?AHK! JA! SAFDRI>! ?R! OJRSNK>! >D! JA! SNHKNQQAD@NH! ?kGH>IO@>! V!
FAID@I! ?>K! KRSI>K/! .@! JP@HLJAQQAD@NH! @HD>ILCI>! B@>H! AW>S! JA! WN@>! ?>! K@OHAJ@KAD@NH! ?>!
JP@HKRJ@H>a!@J!K>QBJ>IA@D!TR>!JPNBGK@DG!H>!KN@D!FAK!KRLL@KAHD>!FNRI!F>IQ>DDI>!RH>!@H?RSD@NH!
?@I>SD>a! ?AHK! S>! D@KKRa! ?PRH! FINS>KKRK! @HLJAQQADN@I>/! <AI! SNHDI>a! JP@HLJAQQAD@NH!
A?@FNSEDA@I>!>D!MGFAD@TR>!K>QBJ>!@HLJR>I!KRI!J>!QGDABNJ@KQ>!OJRS@?@TR>!QRKSRJA@I>/!*>S@!
>KD! SNHL@IQG! FAI! JPABK>HS>! ?P@HL@JDIAD@NH! ?>! S>! D@KKR! FAI! J>K! QASINFMAO>K! SM>c! J>K!
AH@QAR[!NBCK>Ka!SNHDIA@I>Q>HD!AR!D@KKR!A?@F>R[!A?bAS>HD!]""=^/!*M>c!JPMNQQ>!ADD>@HD!?>!
?@ABCD>! ?>! DEF>! #a! ARSRH! K@OH>! ?P@HLJAQQAD@NH! ]-,:g! NR! +2XY^! HP>KD! ?GD>SDG! ?AHK! J>!
QRKSJ>! ]"5%a"5&^‡! B@>H! TRPRH>! ARDI>! GDR?>! A@D! QNHDIGa! SM>c! JPNBCK>a! RH>! AROQ>HDAD@NH!
JNSAJ>!?P>[FI>KK@NH!?R!-,:g!?AHK!J>K!D@KKRK!QRKSRJA@I>Ka!JATR>JJ>!>KD!SNIIGJG>!AW>S!RH>!
AJDGIAD@NH! ?>! JA! K>HK@B@J@DG! V! Jk@HKRJ@H>! ]"5Y^/! 2PASD@WAD@NH! NR! JP@HM@B@D@NH! ?>! JA! WN@>!

&$!
+jjh,:Xp1! ?AHK! J>! QRKSJ>! HP>HDIAiH>! H@! @H?RSD@NH! ?>! SEDNe@H>K! @HLJAQQADN@I>K! H@!
AQGJ@NIAD@NH!?>!JA!K>HK@B@J@DG!V!JP@HKRJ@H>!?AHK!J>!QRKSJ>!>D!?>!JPMNQGNKDAK@>!OJRS@?@TR>!
KEKDGQ@TR>!]"5=a"55^/!*>K!NBK>IWAD@NHK!H>!KP>[FJ@TR>HD!FAK!FAI!RH>!ABK>HS>!?>!IGFNHK>!
AR!-,:g!?AHK!J>!QRKSJ>/!(H!>LL>Da!S>JJ>XS@!>KD!B@>H!ASD@W>!?AHK!S>!D@KKR!SNQQ>!J>!QNHDI>!
RH>! GDR?>! ?AHK! JATR>JJ>! ?>K! KRb>DK! KA@HK! KNRQ@K! V! JPASD@NH! ?R! -,:g! FIGK>HD>HD! RH>!
AFFAI@D@NH! ?>! JP@HKRJ@HNXIGK@KDAHS>! QRKSRJA@I>! AKKNS@G>! V! RH>! AJDGIAD@NH! ?>! JA!
FMNKFMNIEJAD@NH!?>!0eD!>D!?>!JA!KEHDMCK>!?R!OJESNOCH>!?AHK!J>!D@KKR!QRKSRJA@I>!]"58^/!
!
*NHDIA@I>Q>HD! AR! -,:ga! RH>! SEDNe@H>! SNQQ>! +2XY! >KD! SAFABJ>! ?P@H?R@I>! RH>!
J@FNJEK>!?AHK!J>!D@KKR!QRKSRJA@I>/!(H!>LL>Da!JA!F>ILRK@NH!A@ORˆ!?P+2XY!V!RH>!SNHS>HDIAD@NH!
FMEK@NJNO@TR>! SM>c! ?>K! KRb>DK! KA@HK! Hk@H?R@D! ARSRH! >LL>D! KRI! JA! SNHS>HDIAD@NH!
FJAKQAD@TR>! ?>! OJRSNK>/! *>F>H?AHDa! AFICK! YU! Q@HRD>Ka! NH! SNHKDAD>! RH>! AROQ>HDAD@NH!
KEKDGQ@TR>!?>!JkN[E?AD@NH!?>K!0;K!?k>HW@INH!#!LN@K!>D!S>JA!?RIAHD!J>K!#!M>RI>K!KR@WAHD!JA!
F>ILRK@NH!]"8U^/!2kAROQ>HDAD@NH!?>!JkN[E?AD@NH!?>K!0;K!>KD!AKKNS@G>!V!RH>!AROQ>HDAD@NH!
?>! JA! J@FNJEK>! KEKDGQ@TR>/! *NQQ>! ?RIAHD! S>DD>! FGI@N?>a! JA! S@HGD@TR>! ?>! J@BGIAD@NH! ?>K!
AS@?>K! OIAK! >D! ?>! JA! J@FNJEK>! ?R! D@KKR! A?@F>R[! >KD! I>KDG>! @HSMAHOG>a! NH! F>RD! SNHK@?GI>I!
TR>!JPAROQ>HDAD@NH!?>!JA!J@FNJEK>!>KD!?PNI@O@H>!QRKSRJA@I>/!
*>DD>!AROQ>HDAD@NH!?>!JA!J@FNJEK>!QRKSRJA@I>!>KD!SNHSNQ@DAHD>!?>!JPAROQ>HDAD@NH!
?>! JA! FMNKFMNIEJAD@NH! ?>! .-0-$a! RH>! S@BJ>! K@DRG>! >H! AWAJ! ?>! JA! J@A@KNH! ?>! +2XY! V! KNH!
IGS>FD>RI/! +J! >KD! SNHHR! TR>! .-0-$! >KD! @QFJ@TRG! ?AHK! J>K! ASD@W@DGK! ?>! JA! SMAiH>! ?>!
DIAHKFNID! ?>K! GJ>SDINHK! ?AHK! J>! LN@>! >D! J>! S‰RI! S>! TR@! FNRIIA@D! LNRIH@I! RH>! SNHH>[@NH!
>HDI>! J>K! >LL>DK! ?>! Jk+2XY! >D! ?>! JPN[E?AD@NH! ?>K! AS@?>K! OIAK! ?AHK! J>! QRKSJ>! KTR>J>DD@TR>!
]"8"^/!
!!
2>!2<.!bNR>!GOAJ>Q>HD!RH!I\J>!?AHK!JA!IGK@KDAHS>!V!JP@HKRJ@H>!?R!D@KKR!QRKSRJA@I>/!
2>! 2<.! NR! J>K! 0;.K! @H?R@K>HDa! KRI! ?>K! QENBJAKD>Ka! JA! KEHDMCK>! ?>! SGIAQ@?>Ka! RH!
@HD>IQG?@A@I>!TR@!I>J@>!Jk@HLJAQQAD@NH!V!JA!IGK@KDAHS>!V!Jk@HKRJ@H>!>H!BJNTRAHD!JkASD@W@DG!?>!
0eDh<j1!?AHK!J>K!S>JJRJ>K!QRKSRJA@I>K/!*>DD>!@H?RSD@NH!>KD!AKKNS@G>!V!+jjZ!TR@!AROQ>HD>!
>HKR@D>!JP>[FI>KK@NH!?>K!OCH>K!@QFJ@TRGK!?AHK!JA!B@NKEHDMCK>!?>K!SGIAQ@?>K!]"#%^/!

$" 8/9.!22!0+4/&$0&:$,?$!-&
'
2>! S>IW>AR! I>HL>IQ>! J>! K@D>! ?>! IGORJAD@NH! S>HDIAJ>! ?>! JkAFFGD@D! >D! ?>! JA! ?GF>HK>!
GH>IOGD@TR>/!1@>H!TR>!OGHGIAJ>Q>HDa!@J!H>!KN@D!FAK!SJAKKG!SNQQ>!tNIOAH>!QGDABNJ@TR>Pa!J>!
S>IW>ARa! >D! FJRK! KFGS@L@TR>Q>HD! JkMEFNDMAJAQRKa! IGFNH?! V! ?@W>IK! K@OHAR[! D>JK! TR>! J>K!
K@OHAR[! QGDABNJ@TR>K! >H?NSI@H@>HKa! J>K! Q@SINHRDI@Q>HDKa! Jk@HKRJ@H>a! >D! JA! J>FD@H>!

&%!
KGSIGDG>!V!FAID@I!?R!D@KKR!A?@F>R[/!2k@HKRJ@H>!>D!JA!J>FD@H>!FIGK>HD>HD!DNRK!J>K!?>R[a!W@A!JA!
K@OHAJ@KAD@NH! MEFNDMAJAQ@TR>a! ?>K! >LL>DK! AHD@XAFFGDAHDK! @QFNIDAHDK/! *RI@>RK>Q>HDa! ?>K!
GDR?>K! IGS>HD>K! NHD! IGWGJG! TR>! F>H?AHD! JkNBGK@DGa! J>K! WN@>K! @HLJAQQADN@I>K! ?>!
JkMEFNDMAJAQRK! KNHD! GOAJ>Q>HD! ASD@WG>K/! 2PGTR@F>! ?>! 3>! .NRcA! ]"8#^! A! QNHDIG! RH>!
AROQ>HDAD@NH! ?k>[FI>KK@NH! ?>! -,:ga! +2X"Za! >D! +2XY! ?AHK! JPMEFNDMAJAQRK! SM>c! J>K! IADK!
HNRII@K!FAI!RH!IGO@Q>!I@SM>!>H!OIA@KK>K/!+J!>KD!GOAJ>Q>HD!SNHHR!TRPAR!SNRIK!?>!JPNBGK@DGa!
JPMEFNDMAJAQRK!QAH@L>KD>!RH>!IGK@KDAHS>!V!Jk@HKRJ@H>!>D!V!JA!J>FD@H>/!*>S@!K>!DIA?R@D!FAI!JA!
F>ID>! ?R! SNHDI\J>! ?>! JkAFFGD@Da! ?PRH>! QN?@L@SAD@NH! ?R! SNQFNID>Q>HD! AJ@Q>HDA@I>a! >D!
L@HAJ>Q>HD!?PRH>!AROQ>HDAD@NH!?R!FN@?K!SNIFNI>J!]"8$^/!!
([@KD>XDX@J! RH>! I>JAD@NH! >HDI>! S>DD>! @HLJAQQAD@NH! JNSAJ>! >D! JP@HKRJ@HNXIGK@KDAHS>!
NBK>IWG>! AR! H@W>AR! ?>! JPMEFNDMAJAQRK€! (D! TR>JJ>K! >H! KNHD! J>K! SNHKGTR>HS>K€! *M>c! JA!
KNRI@K! HNRII@>! FAI! RH! IGO@Q>! OIAKa! JkASD@WAD@NH! KFGS@L@TR>! ?>! JA! e@HAK>! @HLJAQQADN@I>!
+jjZ!SGIGBIAJ>!>HDIAiH>!RH>!AROQ>HDAD@NH!?>!JA!FI@K>!AJ@Q>HDA@I>!>D!?R!FN@?K!SNIFNI>J!
AKKNS@G! V! RH>! IGK@KDAHS>! MEFNDMAJAQ@TR>! V! Jk@HKRJ@H>! >D! V! JA! J>FD@H>/! 0R! SNHDIA@I>a!
JP@HM@B@D@NH! ?>! S>DD>! WN@>! ?>! K@OHAJ@KAD@NH! ?AHK! J>! S>IW>AR! I>KDARI>! JA! K>HK@B@J@DG! V!
Jk@HKRJ@H>!>D!V!JA!J>FD@H>!>D!FINDCO>!?R!OA@H!?>!FN@?K!?>K!KNRI@K!@H?R@D!FAI!J>!IGO@Q>!I@SM>!
>H!OIA@KK>K!]"8%^/!
2A! WN@>! ?>! K@OHAJ@KAD@NH! @HLJAQQADN@I>! +jj! F>RD! ARKK@! dDI>! ASD@WG>! ?AHK!
JPMEFNDMAJAQRK!FAI!J>K!AONH@KD>K!?>!-2'K!D>JK!TR>!J>!2<.!>D!J>K!0;.Kf!RH>!F>ILRK@NH!?kRH!
@HM@B@D>RI!?>!-2'%!W@A!JA!SAHRJ>!@HDIASGIGBINW>HDI@SRJA@I>!FINDCO>!J>K!IADK!?>!JA!IGFNHK>!
@HLJAQQADN@I>!FINWNTRG>!FAI!?>K!0;.K!>D!FAIAJJCJ>Q>HD!?@Q@HR>!JA!FI@K>!AJ@Q>HDA@I>!>D!
J>!OA@H!?>!FN@?K!SNIFNI>J!]"8&^/!3>!LA@Da!JP@HM@B@D@NH!?>!JPASD@NH!KN@D!?>!-2'%!KN@D!?R!-,:g!
SM>c! ?>K! KNRI@K! NBCK>K! IG?R@D! JP@HLJAQQAD@NH! ?AHK! JPMEFNDMAJAQRK! >D! S>S@! >KD! AKKNS@G! V!
RH>!IG?RSD@NH!?>!JA!IGK@KDAHS>!V!JA!J>FD@H>!MEFNDMAJAQ@TR>!>D!V!RH>!AQGJ@NIAD@NH!?>!JA!
DIAHK?RSD@NH!?>K!K@OHAR[!?>!Jk@HKRJ@H>!?AHK!J>!LN@>!]"8Y^/!2A!KDGADNK>!MGFAD@TR>!A@HK@!TR>!
Jk>[FI>KK@NH! MGFAD@TR>! ?>K! QAITR>RIK! ?>! KDGADNK>! KNHD! ?@Q@HRGK/! 2A! IG?RSD@NH! ?>!
JP@HLJAQQAD@NH!?AHK!JPMEFNDMAJAQRK!>KD!ARKK@!AKKNS@G>!V!JA!I>KDARIAD@NH!?>!JA!FIN?RSD@NH!
?R!OJRSNK>!MGFAD@TR>/!*>F>H?AHDa!DNRK!S>K!>LL>DK!BGHGL@TR>K!F>RW>HD!dDI>!ABINOGK!FAI!JA!
WAONDNQ@>a!SNHL@IQAHD!A@HK@!J>!I\J>!?R!H>IL!WAOR>!?AHK!JPAQGJ@NIAD@NH!?>!JPMNQGNKDAK@>!
OJRS@?@TR>!?AHK!J>!LN@>!SNHDI\JG>!FAI!JPMEFNDMAJAQRK/!
!
2A!_,j!FNRIIA@D!bNR>I!RH!I\J>!?AHK!JP@HLJAQQAD@NH!MEFNDMAJAQ@TR>!>D!JP@HKRJ@HNX
IGK@KDAHS>/!2A!?GJGD@NH!KFGS@L@TR>!?>!_,j"!?AHK!J>!S>IW>AR!?>!KNRI@K!K>!DIA?R@D!FAI!RH>!
FIND>SD@NH!W@K!V!W@K!?>!JA!IGK@KDAHS>!V!Jk@HKRJ@H>a!?>!JkMEF>I@HKRJ@HGQ@>a!>D!?>!JP@HDNJGIAHS>!
AR! OJRSNK>! @H?R@D>! FAI! J>! IGO@Q>! OIAK! ]"8=a"85^/! *>K! KNRI@K! HP>[FI@QAHD! FJRK! JA! _,j"!

&&!
?AHK! J>! S>IW>AR! KNHD! FJRK! F>D@D>K! TR>! J>K! AH@QAR[! DGQN@HK! >D! FIGK>HD>HD! RH>!
AROQ>HDAD@NH! V! JA! LN@K! ?>! JA! K@OHAJ@KAD@NH! FAI! J>K! MNIQNH>K! DMEINn?@>HH>K! >D! ?R!
FINS>KKRK!?>!DM>IQNO>HCK>/!*>F>H?AHD!2>!QGSAH@KQ>!?PASD@NH!?>!JA!_,j!?AHK!JP@HKRJ@HNX
IGK@KDAHS>!HP>KD!FAK!>HSNI>!SJA@I>Q>HD!?GL@H@/!

2k@HLJAQQAD@NH!?R!KEKDCQ>!H>IW>R[!S>HDIAJ!AR!SNRIK!?>!JkNBGK@DG!K>QBJ>!dDI>!RH!
LASD>RI!?GD>IQ@HAHD!?AHK!JA!FI@K>!?>!FN@?K!>D!JA!IGK@KDAHS>!KEKDGQ@TR>!V!Jk@HKRJ@H>/!
'

+4*4 NEG<&?A7:"E?'&:'6>C7"@@7?H&'6&A'H&@@$@&A']'6$'<7?H%>7A''
!
2NIK! ?>! JPAFFAI@D@NH! ?>! JP@HKRJ@HNXIGK@KDAHS>a! J>K! S>JJRJ>K! Z! FAHSIGAD@TR>K!
AROQ>HD>HD!J>RI!KGSIGD@NH!?P@HKRJ@H>!AL@H!?>!QA@HD>H@I!J>!OJRSNK>!FJAKQAD@TR>!V!RH!DAR[!
HNIQAJ/! *>! FINS>KKRK! >KD! AFF>JG! tSNQF>HKAD@NH! FAI! J>K! S>JJRJ>K! ZP/! *>DD>! SNQF>HKAD@NH!
KP>LL>SDR>!W@A!RH>!AROQ>HDAD@NH!?R!HNQBI>!?>!S>K!S>JJRJ>K!]"88a#UU^!A@HK@!TR>!W@A!RH>!
ASD@WAD@NH!?>K!LNHSD@NHK!?>!S>K!S>JJRJ>K!Z!]#U"a#U#^!]:@ORI>!""^/!!
!
!
!

!
!
!"#$%&'(()'5F>VE@$:"E?'6&'H&@@$@&A']'67?A'@7'HEG<&?A7:"E?'6&'@F"?A$@"?EY
%>A"A:7?H&4'
!
8'( R:^( $'( +3-'".&&'( ',( *3&.,$'( Z( "1( $)*6A1*5'( ',( ,)%*#%#.,( '%( "'( 21,L)'( +J16%#-#%3( &A@$#L)'(
6A'l("'$($)\'%$(L)#(.,%(+'$(&*3+#$&.$#%#.,$(53,3%#L)'$('%(16L)#$'$($.)$?\16',%'$(Z("1(0.#$("1(*3$#$%1,6'(
Z("J#,$)"#,'(D'%(b(.)(),'(A@&'*#,$)"#,32#'I('%("'(+@$0.,6%#.,,'2',%(+'(6'"")"'(Y<(!)(0#"(+)(%'2&$O("1(
6.2&',$1%#.,(+'$(6'"")"'$(Y($)*("1(*3$#$%1,6'(Z("J#,$)"#,'(',%*1q,'(),'(+#2#,)%#.,(&*.5*'$$#-'(+'("1(
0.,6%#.,(+'(6'$(6'"")"'$<(g,(6.,$3L)',6'O("'$($)\'%$(&*.5*'$$',%(+'("1(%."3*1,6'(1)(5")6.$'(,.*21"'(
D`7:I(1)("F#,%."3*1,6'(1)(5")6.$'(DM7:I('%(0#,#$$',%(&1*("'(R:^(D0#5)*'(2.+#0#3'(+F1&*G$(D^_NII<(
(
(

+4*4(4 NEG<&?A7:"E?'<7%'@F&\<7?A"E?'6&'@7'G7AA&'6&'H&@@$@&A']!!
!
3@LLGI>HDK!LASD>RIK!KNHD!@QFJ@TRGK!?AHK!JA!SNQF>HKAD@NH!W@A!JPAROQ>HDAD@NH!?>!JA!
QAKK>! ?>K! S>JJRJ>K! FAHSIGAD@TR>K/! +J! KPAO@D! ?>! JPAROQ>HDAD@NH! ?>! LASD>RIK! HRDI@D@NHH>JK!
D>JK!TR>!J>!OJRSNK>!]"88a#U%^!>D!J>K!0;K!]#U&^!>D!?>!LASD>RIK!MNIQNHAR[!SNQQ>!J>!;2<X"!
]#U&a#UY^a!JP@HKRJ@H>a!>D!J>K!+;:!]#U=^/!

&Y!
2A! K@OHAJ@KAD@NH! FAI! J>K! 0;K! KPNFCI>! W@A! J>RIK! IGS>FD>RIK! ]::0'X"^! TR@! KNHD!
LNID>Q>HD! >[FI@QGK! ?AHK! J>K! S>JJRJ>K! FAHSIGAD@TR>K! >D! K>QBJ>HD! bNR>I! RH! I\J>! ?AHK! J>!
FINS>KKRK!FINJ@LGIAD@L!]#U5a#U8^/!!
2>! ;2<X"! AROQ>HD>a! JR@! ARKK@a! JA! FINJ@LGIAD@NH! ?>K! S>JJRJ>K! Z! >D! AO@D! SNQQ>! RH!
LASD>RI!?>!KRIW@>!W@A!?@LLGI>HD>K!WN@>K!?>!K@OHAJ@KAD@NH!SNQQ>!+'.X#h<j1h*'(1!]S0)<!
I>KFNHK>! >J>Q>HDXB@H?@HO! FIND>@H^! ]#"U^! >D! <j1h(;:'! ]>F@?>IQAJ! OINlDM! LASDNI!
I>S>FDNI^h<+$j!]#""^/!!
2P@HKRJ@H>! >D! J>K! LASD>RIK! ?>! SIN@KKAHS>a! +;:"! >D! +;:#! FAID@S@F>HD! GOAJ>Q>HD! V! S>!
FINS>KKRK!?>!SNQF>HKAD@NH!>H!AO@KKAHD!KRI!J>K!+'.X#!TR@!>HKR@D>!ASD@W>HD!JA!<j1!]#U=^/!
2A! <j1! ASD@WG>! FINDCO>! J>K! S>JJRJ>K! β! ?>! JkAFNFDNK>! OIxS>! V! JA! FMNKFMNIEJAD@NH! >D! V!
Jk@HM@B@D@NH! ?>K! FINDG@H>K! FINXAFNFDND@TR>K! D>JK! TR>! 103! ]1SJX#XAKKNS@AD>?! ?>ADM!
FINQND>I^!]#UU^/!
!

+4*4*4 NEG<&?A7:"E?'<7%'@F7$#G&?:7:"E?'6&'@7'CE?H:"E?'6&A'H&@@$@&A']'
!
0R! SNRIK! ?>! JP@HKRJ@HNXIGK@KDAHS>a! JA! LNHSD@NH! S>JJRJA@I>! FAHSIGAD@TR>! >KD!
K@OH@L@SAD@W>Q>HD!AROQ>HDG>!AL@H!?PGTR@J@BI>I!JA!SNHS>HDIAD@NH!FJAKQAD@TR>!?R!OJRSNK>/!
!
2PAROQ>HDAD@NH!?R!QGDABNJ@KQ>!OJRS@?@TR>!?>K!S>JJRJ>K!β!AROQ>HD>!JA!J@BGIAD@NH!
?>! JP@HKRJ@H>! W@A! JA! WN@>! ?R! SAHAJ! j‚X0-<X?GF>H?AHD! ]#"#a#"$^/! 3>! FJRKa! J>! FEIRWAD>!
?GI@WG!?R!OJRSNK>!F>RD!dDI>!QGDABNJ@KG!FAI!JA!FEIRWAD>!SAIBN[EJAK>!]<*^!?NHHAHD!JPAS@?>!
N[AJN!ASGD@TR>!TR@!>HDI>!?AHK!JA!WN@>!AHAFJGIND@TR>hSADAFJGIND@TR>/!2A!FAID@S@FAD@NH!?R!
FEIRWAD>!V!S>DD>!WN@>!F>RD!AROQ>HD>I!JA!KGSIGD@NH!?k@HKRJ@H>!>H!AROQ>HDAHD!?>K!K@OHAR[!
FINW>HAHD!?>!?GI@WGK!SADAFJGIND@TR>K!],03<`^!W@A!J>!SESJ>!QAJAD>XFEIRWAD>!]#"%^/!
2A! FIGK>HS>! ?>K! 0;K! >KD! >KK>HD@>JJ>! FNRI! JPASD@NH! ?>K! S>JJRJ>K! β! ?AHK! JA!
HNIQAJ@KAD@NH!>D!JPAQFJ@L@SAD@NH!?>!JPASD@NH!?R!OJRSNK>!@HD>IW>HAHD!?AHK!J>!FINS>KKRK!?>!
KGSIGD@NH! ?>! JP@HKRJ@H>! ];.+.^! ]#"&^/! 0R! QN@HK! ?>R[! WN@>K! ?>! K@OHAJ@KAD@NH! FAI! J>K! 0;K!
FNRIIA@>HD!dDI>!@QFJ@TRG>Kf!!
X 3PRH>!FAIDa!JA!J@A@KNH!?>K!0;K!AW>S!J>RI!IGS>FD>RI!::0'"h;<'%U!K@DRG!KRI!
JA! Q>QBIAH>! S>JJRJA@I>! ?>K! S>JJRJ>K! β! TR@! ASD@W>! S>IDA@H>K! WN@>K! ?>! K@OHAJ@KAD@NH!
@HDIAS>JJRJA@I>! ?NHD! RH>! AROQ>HDAD@NH! ?R! *A#‚! @HDIASEDNFJAKQ@TR>! TR@! >KD!
HGS>KKA@I>!FNRI!JA!KGSIGD@NH!?>!JP@HKRJ@H>!]#"Y^/!
X 3PARDI>!FAIDa!Jk@HD>IASD@NH!>HDI>!J>!QAJNHEJX*N0!>D!J>K!ASEJX*N0K!?GI@WGK!?>!
0;K/!(H!>LL>Da!J>!QAJNHEJX*N0!]?GI@WG!?>!JPASGDEJX*N0^!@HM@B>!JPN[E?AD@NH!?>K!ASEJX
*N0Ka!S>!TR@!FINWNTR>!?NHS!JPASSRQRJAD@NH!?>!S>K!?>IH@>IK/!2NIKTR>!J>K!ASEJX*N0K!

&=!
KPASSRQRJ>HD!?AHK!J>!SEDNFJAKQ>a!@JK!F>RW>HD!KD@QRJ>I!JA!KGSIGD@NH!?>!JP@HKRJ@H>!NR!
B@>H!?@I>SD>Q>HD!W@A!JP>[NSEDNK>!?>!JP@HKRJ@H>!]#"=^!NR!B@>H!@H?@I>SD>Q>HD!W@A!KN@D!
JA! LNIQAD@NH! ?>K! J@F@?>K! SNQFJ>[>K! ]#"5^a! KN@D! JPASD@WAD@NH! ?>! FINDG@H>! e@HAK>! *!
]#"8^!NR!>HSNI>!KN@D!JPASEJAD@NH!?>!FINDG@H>K!]##U^/!
!!
(H!FJRK!?>!KNH!I\J>!?AHK!JP>[FAHK@NH!?>K!S>JJRJ>K!Za!JkMNIQNH>!@HSIGD@H>!;2<X"!>KD!
KRKS>FD@BJ>!?kdDI>!ARKK@!@QFJ@TRG>!?AHK!JkAQGJ@NIAD@NH!?>!JA!LNHSD@NH!?>!S>K!S>JJRJ>K!?AHK!
J>K! FINS>KKRK! ?>! SNQF>HKAD@NH! ]#U&a#UY^/! (H! >LL>Da! J>! ;2<X"! A@HK@! TR>! J>! OJRSNK>! KNHD!
GOAJ>Q>HD!?>K!KD@QRJAHDK!QAb>RIK!F>IQ>DDAHD!JkASD@WAD@NH!?>!JA!DIAHKSI@FD@NH!?R!OCH>!?>!
Jk@HKRJ@H>!]##"^/!
!
2>!KEKDCQ>!H>IW>R[!F>RD!GOAJ>Q>HD!SNHDI\J>I!JA!SNQF>HKAD@NH!?>K!LNHSD@NHK!?>K!
S>JJRJ>K! Z/! (H! >LL>Da! J>! FAHSIGAK! >KD! I@SM>! >H! D>IQ@HA@KNHK! H>IW>RK>K! KEQFADM@TR>K! >D!
FAIAKEQFADM@TR>K! ]###^/! 2>! S>IW>AR! A@HK@! TR>! JPASD@W@DG! ?R! KEKDCQ>! H>IW>R[!
FAIAKEQFADM@TR>!@HD>IW@>HH>HD!?AHK!J>!FINS>KKRK!?>!SNQF>HKAD@NH!W@A!JA!SIN@KKAHS>!>D!
JA! KD@QRJAD@NH! ?>! JA! LNHSD@NH! ?>K! S>JJRJ>K! Z/! (H! >LL>Da! ?>K! JGK@NHK! ?>! JkMEFNDMAJAQRK!
W>HDINXQG?@AH! SM>c! J>! IAD! FINWNTR>HD! RH>! FINJ@LGIAD@NH! ?>K! S>JJRJ>K! Za! ?R>! V! RH>!
JPMEF>IASD@W@DG!WAOAJ>/!2A!WAONDNQ@>!NR!JkA?Q@H@KDIAD@NH!?kADINF@H>!@HM@B>!SNQFJCD>Q>HD!
S>D!>LL>D!]##$^/!!
3PA@JJ>RIKa!?>K!SMAHO>Q>HDK!?>!JkASD@W@DG!H>RINKEQFADM@TR>!@H?R@DK!?AHK!J>!D@KKR!
?>K! iJNDK! ?>! 2AHOM>IAHK! KNHD! GOAJ>Q>HD! KRKS>FD@BJ>K! ?kdDI>! @QFJ@TRGK! ?AHK! JA!
SNQF>HKAD@NH/! 0@HK@a! JA! F>ILRK@NH! ?>! J@F@?>K! SM>c! J>! IAD! F>IQ>D! ?PABA@KK>I! JPASD@W@DG!
H>IW>RK>! g#XA?IGH>IO@TR>! KEQFADM@TR>! >D! SNH?R@D! V! RH>! AROQ>HDAD@NH! ?>! ;.+.! ?>K!
S>JJRJ>K!Z!]##%^/!
!
+4*4+4 W>C7"@@7?H&'6&A'H&@@$@&A']'
!
3>! HNQBI>R[! LASD>RIK! KNHD! @QFJ@TRGK! ?AHK! JP@H@D@AD@NH! ?R! FINS>KKRK! ?>!
?GLA@JJAHS>!?>K!S>JJRJ>K!Zf!
!
X 5&'6;ACE?H:"E??&G&?:'G":EHDE?6%"7@'&:'@7'<%E6$:"E?'6&'K[L)!JPAROQ>HDAD@NH!
?R! QGDABNJ@KQ>! ?R! OJRSNK>! W@A! JPN[E?AD@NH! Q@DNSMNH?I@AJ>! K>! DIA?R@D! FAI! RH>!
AROQ>HDAD@NH! ?R! FND>HD@>J! Q>QBIAHA@I>! ?>! JA! Q@DNSMNH?I@>! A@HK@! TR>! FAI! RH>!
FIN?RSD@NH!ASSIR>!?P@NHK!KRF>IN[E?>K!]'7.^!]##&a##Y^/!4H>!KRI>[FNK@D@NH!?>K!S>JJRJ>K!β!
AR[! '7.! >HDIAiH>! JPASD@WAD@NH! ?>! JP4*<#! ]RHSNRFJ@HO! FIND>@H! #^! ]##=a##5^/! +J! >KD! SNHHR!

&5!
TR>! JPAROQ>HDAD@NH! TRAHD@DAD@W>! ?>! JP4*<#! AJDCI>! JA! SAFAS@DG! ?>K! S>JJRJ>K! β! V KGSIGD>I!
JP@HKRJ@H>a!V!SARK>!?PRH>!?@Q@HRD@NH!?>!JA!KEHDMCK>!?P0-<!]##8^/!*P>KD!JA!SNQB@HA@KNH!?>K!
LASD>RIK! KR@WAHDKf! @HKRJ@HNXIGK@KDAHS>! >D! DAR[! AHNIQAJ>Q>HD! GJ>WG! ?PN[E?AD@NH! ?R!
OJRSNK>!]#$U^!NR!@HKRJ@HNXIGK@KDAHS>!>D!?EKLNHSD@NHH>Q>HD!?>K!Q@DNSMNH?I@>K!?u!V!?>K!
QRDAD@NHK! OGHGD@TR>K! ]#$"^a! TR@! SNH?R@D! V! ?>K! ?NQQAO>K! N[E?AD@LK! ?>K! S>JJRJ>K! β! >D!
L@HAJ>Q>HD!V!RH>!?GLA@JJAHS>!LNHSD@NH>JJ>/!
!
X 5F7@:&%7:"E?' 6&' @7' VE"&' 7?7<@>%E:"I$&OH7:7<@>%E:"I$&)!S>DD>!WN@>!QGDABNJ@TR>!
bNR>! RH! I\J>! @QFNIDAHD! ?AHK! J>! ;.+./! 3PRH>! FAIDa! JPASD@W@DG! ?>! S>DD>! WN@>! >KD! AROQ>HDG>!
JNIK!?>!JA!SNQF>HKAD@NH!?>K!S>JJRJ>K!β!>D!?PARDI>!FAIDa!KNH!AJDGIAD@NH!F>RD!FINWNTR>I!RH>!
F>ID>!?>!;.+./!2>K!0;.K!>H!>[SCK!F>IDRB>HD!S>DD>!WN@>!SNQQ>!JPA!?GSI@D!JPGTR@F>!?>!+@cReA!
]#$#^! TR@! QNHDI>! TR>! JP>[FNK@D@NH! V! JNHO! D>QFK! ?>K! S>JJRJ>K! β FAHSIGAD@TR>K! AR!
FAJQ@DAD>! >HDIAiH>! RH>! IG?RSD@NH! ?>! JPASD@W@DG! ?>! JA! <*! ]>HcEQ>! ?>! JA! FIGQ@CI>! GDAF>!
AHAFJGIND@TR>!?>!JPRD@J@KAD@NH!?R!FEIRWAD>^/!7H!SNHKDAD>!TR>!S>DD>!IG?RSD@NH!>KD!AKKNS@G>!
V!JPAJD>IAD@NH!?R!;.+.!?>K!S>JJRJ>K!β/!2P>[@KD>HS>!?>!S>!J@>H!>HDI>!JA!LA@BJ>!ASD@W@DG!?>!JA!<*!
>D! JPAJDGIAD@NH! ?R! ;.+.! ?>K! S>JJRJ>K! β! >KD! SNIINBNIG>! FAI! ?>K! GDR?>K! #,( -#-.a! ?AHK!
J>KTR>JJ>Ka! @J! >KD! GDABJ@! TR>! J>K! S>JJRJ>K! β FAHSIGAD@TR>K! ?>! IADK! ?@ABCD@TR>K! ];NDNX
jAe@cA?@!>D!ŠRSe>I!?@AB>D@S!LADDE^!>[FI@Q>HD!LA@BJ>Q>HD!JA!<*!]#$$a#$%^/!
!
X 57' #@$HE@"<E:E\"H":>)! SP>KD! RH>! FIGK>HS>! SNHSNQ@DAHD>! ?>! DAR[! FJAKQAD@TR>K!
GJ>WGK! ?>! OJRSNK>! >D! ?P0;K! TR@! K>IA@D! I>KFNHKABJ>! ?>! JA! ?GLA@JJAHS>! ?>K! S>JJRJ>K!
β. 2PAROQ>HDAD@NH! ?R! OJRSNK>! >D! ?>K! 0;K! S@ISRJAHDK! >HDIAiH>! RH>! AROQ>HDAD@NH! ?>! J>RI!
QGDABNJ@KQ>!?AHK!J>K!S>JJRJ>K!β. 2>K!0;K!KNHD!QGDABNJ@KGK!>H!ASEJX*N0K!TR@!>HDI>HD!?AHK!
J>K!Q@DNSMNH?I@>K!?>!?@W>IK>K!S>JJRJ>K!>H!OGHGIAJ!>D!?AHK!J>K!S>JJRJ>K!β!>H!FAID@SRJ@>I!W@A!
JP>HcEQ>! *<-X"! ]SAIH@D@H>XFAJQ@DNEJ! DIAHKL>IAK>X"^a! FR@K! S>K! ASEJX*N0K! KRB@KK>HD! JA! βX
N[E?AD@NH/!2>!OJRSNK>a!TRAH?!V!JR@a!>KD!QGDABNJ@KG!>H!ASGDEJ!*N0!TR@!>HDI>!HNIQAJ>Q>HD!
?AHK!J>!SESJ>!?>!jI>B/!(H!FIGK>HS>!?PRH!DAR[!GJ>WG!?>!OJRSNK>a!RH>!FAID@>!?>!S>D!0SGDEJX
*N0! K>IA! QGDABNJ@KG>! >H! QAJNHEJX*N0/! *>! SNQFNKG! K>! DINRW>! dDI>! RH! @HM@B@D>RI! ?>! JA!
*<-X"! >D! ?NHS! @J! F>RD! BJNTR>I! JA! βXN[E?AD@NH! ?>K! ASEJX*N0K! ?GI@WGK! ?>K! 0;K/!
2PASSRQRJAD@NH! ?>! S>K! ASEJX*N0K! WA! SNH?R@I>! AJNIKa! ?@I>SD>Q>HD! NR! @H?@I>SD>Q>HDa! V! JA!
LNIQAD@NH! ?>! J@F@?>K! SNQFJ>[>K! SNQQ>! J>K! SGIAQ@?>K! TR@! FINWNTR>HD! JA! IGK@KDAHS>! V!
JP@HKRJ@H>a!JPAJD>IAD@NH!?R!;.+.a!>D!JPAFNFDNK>!?>K!S>JJRJ>K!β!]#"&a#$&^/!
!

&8!
0! JA! KR@D>! ?>! S>! FINS>KKRK! @H@D@AJ! ?>! ?GLA@JJAHS>! ?>K! S>JJRJ>K!βa! JA! K>RJ>! KRIW>HR>!
?PRH>! MEF>IOJESGQ@>! F>RD! >HO>H?I>I! ?>K! FMGHNQCH>K! ?>! DN[@S@DG! KRFFJGQ>HDA@I>K/!
*>DD>! OJRSNDN[@S@DG! F>RD! @HD>IW>H@I! ]#$Y^! >H! AROQ>HDAHD! JP>HK>QBJ>! ?>K! FMGHNQCH>K!
KR@WAHDKf!J>!KDI>KK!N[E?AD@L!]#$Y^a!JkASD@W@DG!?>!JA!WN@>!?>K!OJRSNKAQ@H>K!]#$Y^a!J>!KDI>KK!
?R!'(a!JA!OJRSNJ@FNDN[@S@DG!]#$=^a!JA!OJESAD@NH!]#$Y^a!JkASD@WAD@NH!?>K!WN@>K!@HLJAQQADN@I>K!
]#$5^! >D! JkASSRQRJAD@NH! ?>! JP+0<<! ]+KJ>D! AQEJNn?>! FNJEF>FD@?>^! TR@! >KDa! JR@! ARKK@a! RH!
SNQFNKG! DN[@TR>! ]#$8^/! 2>! IGKRJDAD! L@HAJ! K>IA! ?NHS! JA! ?G?@LLGI>HS@AD@NH! >D! JA! QNID! ?>K!
S>JJRJ>K!Z!FAI!AFNFDNK>!]#%U^/!
!
0FICK!AWN@I!FAKKG!>H!I>WR>!DNRK!J>K!QGSAH@KQ>K!QNJGSRJA@I>K!@QFJ@TRGK!?AHK!JA!
IGK@KDAHS>! V! JP@HKRJ@H>a! HNRK! AJJNHK! QA@HD>HAHD! ABNI?>I! J>K! NI@O@H>K! ?@W>IK>K! ?>!
JP@HKDAJJAD@NH! ?>! S>DD>! FADMNJNO@>/! †R>JK! KNHD! J>K! LASD>RIK! TR@! FIG?@KFNK>HD! NR! TR@! KNHD!
?@I>SD>Q>HD!@QFJ@TRGK!?AHK!JA!IGK@KDAHS>!V!JP@HKRJ@H>€!
!

+4+4 [%"#"?&'6&'@7'<7:DE@E#"&'
+4+4(4 5&'C7H:&$%'#>?>:"I$&''
!
3>K!LASD>RIK!OGHGD@TR>K!SNHKD@DR>HD!RH>!?>K!NI@O@H>K!?R!3-#/!<JRK@>RIK!WAI@AD@NHK!
OGHGD@TR>K! IGS>QQ>HD! @?>HD@L@G>K! KNHD! @QFJ@TRG>K! ?AHK! JP@HKRJ@HNXIGK@KDAHS>!
FGI@FMGI@TR>!A@HK@!TR>!?AHK!J>!?EKLNHSD@NHH>Q>HD!?>K!S>JJRJ>K!Z!FAHSIGAD@TR>K/!*MASRH>!
?>!S>K!WAI@AD@NHK!OGHGD@TR>K!FNKKC?>!FAI!>JJ>XQdQ>!RH!LA@BJ>!@QFASD!KRI!JP@HS@?>HS>!?R!
3-#/! (H! K>! LNH?AHD! KRI! J>! HNQBI>! ?>! QRDAD@NHK! >H! SARK>a! J>! 3-#! ?PNI@O@H>! OGHGD@TR>!
F>RD!dDI>!?@W@KG!>H!?>R[!OINRF>Kf!J>!3-#!QNHNOGH@TR>!>D!J>!3-#!FNJEOGH@TR>/!!
!
+4+4(4(4 5&'WX*'GE?E#9?"I$&'
'
2>! 3-#! QNHNOGH@TR>! >KD! SAIASDGI@KG! FAI! JP>[@KD>HS>! ?>! QRDAD@NHK! ?AHK! RH! K>RJ!
OCH>!]-ABJ>AR!"^/!*JAKK@TR>Q>HDa!J>!?@ABCD>!QNHNOGH@TR>!TR@!K>!?GW>JNFF>!?AHK!J>K!K@[!
FI>Q@>IK! QN@K! ?>! JA! W@>! A! GDG! ?GK@OHG! SNQQ>! J>! ?@ABCD>! HGNHADAJ! ]3,^a! >D! S>JR@! TR@! K>!
?GW>JNFF>!SM>c!J>K!b>RH>K!A?RJD>K!>KD!HNQQG!J>!?@ABCD>!?>!QADRI@DG!])73q^!]#%"^/!
!
2>!3,!>KD!RH>!QAJA?@>!QNHNOGH@TR>!TR@!>KD!SARKG>!FAI!?>K!QRDAD@NHK!?AHK!?>K!
OCH>K!TR@!bNR>HD!KNRW>HD!RH!I\J>!SJG!?AHK!JA!LNHSD@NH!NR!J>!?GW>JNFF>Q>HD!?>K!S>JJRJ>K!Za!
E! SNQFI@K! JA! LNHSD@NH! ?>! JA! OJRSNe@HAK>a! ?R! SAHAJ! j0-<a! >D! ?>! Jk@HKRJ@H>! >JJ>XQdQ>/!
2P@HS@?>HS>!?>!S>!DEF>!?>!3-#!>KD!LA@BJ>!]"h#UU/UUU!?>K!HA@KKAHS>K^/!*>!DEF>!?>!?@ABCD>!

YU!
F>RD! dDI>! F>IQAH>HD! NR! DIAHK@DN@I>! NR! B@>H! KR@WI>! ?>K! AJD>IHAHS>K! ?>! IGQ@KK@NHKX
IGS@?@W>K/!2A!QAJA?@>!>KD!OGHGIAJ>Q>HD!AKKNS@G>!V!RH!I>DAI?!?>!SIN@KKAHS>!@HXRD>IN!>D!V!
RH!FN@?K!?>!HA@KKAHS>!@HLGI@>RI!V!JA!HNIQAJ>/!*>!?@ABCD>a!QdQ>!KP@J!AFFAIAiD!DICK!D\D!?AHK!
J>!?GW>JNFF>Q>HDa!>KD!?@LLGI>HD!?R!?@ABCD>!?>!DEF>!"!]#%#^/!
!
2>!)73q!>KD!DEF@TR>Q>HD!?@AOHNKD@TRG!>H!?>MNIK!?>!JA!FGI@N?>!HGNHADAJ>!QA@K!
AWAHD! JPxO>! ?>! #&! AHK/! 2>K! QRDAD@NHK! OGHGD@TR>K! F>RW>HD! SNHS>IH>I! ?>K! LASD>RIK! ?>!
DIAHKSI@FD@NH! A@HK@! TR>! ?>K! OCH>K! @QFJ@TRGK! ?AHK! J>! LNHSD@NHH>Q>HD! ?>K! S>JJRJ>K! Z/! *>K!
QRDAD@NHK!F>RW>HD!SNH?R@I>!V!RH>!?GDGI@NIAD@NH!FINOI>KK@W>!?>!JA!LNHSD@NH!?>K!S>JJRJ>K!Z!
>D! >H! SNHKGTR>HS>! FINWNTR>I! RH>! MEF>IOJESGQ@>! >D! GW>HDR>JJ>Q>HD! J>! ?@ABCD>! ]#%#^/!
<I>KTR>!8U!v!?>K!SAK!KNHD!I>J@GK!V!?>K!QRDAD@NHK!?AHK!J>K!OCH>K!KN@D!?>!JA!OJRSNe@HAK>!
KN@D! ?>K! LASD>RIK! ?>! DIAHKSI@FD@NH! `,:X"g! ]M>FADNSED>! HRSJ>AI! LASDNI^! >D! `,:X"Za! >D!
`,:X%g!]#%"^/!

X78@&7$'()'LE$AY:;<&'6$'6"789:&'GE?E#>?"I$&']DABJ>AR!QN?@L@G!?PAFICK!]#%$^^!
!
^EG'6&' Q%E:>"?&' !E?H:"E?'6&' QD>?E:;<&'6&'6"789:&'
#9?&'_@EH$A`' Q%E:>"?&'
S[Wa!
W`E;!! )73q"a!V!JkA?NJ>KS>HS>!NR!b>RH>!A?RJD>!
`,:%g! :ASD>RI!?>!DIAHKSI@FD@NH!
!]#UT"#^! ]>D!MEF>I@HKRJ@H@KQ>!HGNHADAJ^!
)73q#a!MEF>IOJESGQ@>!JGOCI>!
7/U! <MNKFMNIEJAD@NH!?R!
;JRSNe@HAK>! ]AFFAI@D@NH!?AHK!JA!F>D@D>!>HLAHS>a!>D!DNRD!AR!
!]=F"&^! OJRSNK>!
JNHO^!]LIGTR>HD>^!
W`EV!! )73q$a!V!JkA?NJ>KS>HS>!NR!b>RH>!A?RJD>!
`,:"g! :ASD>RI!?>!DIAHKSI@FD@NH!
!]"#T#%^! ]LIGTR>HD>^!
CRsV! )73q%a!b>RH>!A?RJD>!]K@Q@JA@I>!V!`,:"0!
+<:"! :ASD>RI!?>!DIAHKSI@FD@NH!
!]"$T"#^! QA@K!IAI>^!
W`EV>! )73q&a!b>RH>!A?RJD>a!J>K!eEKD>K!>D!J>!
`,:"Z! :ASD>RI!?>!DIAHKSI@FD@NH!
!]"=T#"^! ?@ABCD>!IGHAR[!]'*03^!
`g9SXRV! )73qYa!b>RH>!A?RJD>!]K@Q@JA@I>!V!`,:"0!
1>DA#! :ASD>RI!?>!DIAHKSI@FD@NH!
!]#T$#^! QA@K!IAI>^!
`NIQNH>a!Jk>LL>D!
M`T! <I>FIN@HKRJ@Ha!
MEFNOJESGQ@AHD!>D! )73q=a!?AHK!Jk>HLAHS>!>D!b>RH>!A?RJD>!
!]""F"&/&^! @HKRJ@H! JPAHABNJ@KQ>!
^W'

<J>@NQNIFM@S! ,3!DIAHK@DN@I>‡!*MINQNKNQ>!Y†!
C8!78V! ,RSJ>AI!c@HS!L@HO>I!
A?>HNQA!O>H>X AHNQAJ@>K!KDIRSDRI>JJ>K!AW>S!?>K!QGSAH@KQ>K!
!]YT#%^! FIND>@H!
J@e>!"! V!>QFI>@HD>!]?GLARDK!?>!QGDMEJAD@NH^!
U/`aVV! j!SMAHH>J!FNI>XLNIQ@HO!
j@IY/#! ,3!F>IQAH>HD!>D!DIAHK@DN@I>!!
!]""F"&/"^! KRBRH@D!
SAHAJ!j!KNRKXRH@DG!
!>//t!
.4'"! IGORJADI@S>!>D!J>! ,3!F>IQAH>HD!>D!DIAHK@DN@I>!!
!]""F"&/"^!
IGS>FD>RI!KRJLNHEJRIG>!
7/U! <MNKFMNIEJAD@NH!?R! ,3!F>IQAH>HD!?>K!QRDAD@NHK!
;JRSNe@HAK>!
]=F"&^! OJRSNK>! MNQNcEOND>K!

Y"!
,3!F>IQAH>HD!>D!J>!?@ABCD>!FIGSNS>!
`NIQNH>a!Jk>LL>D! >HLAHS>‡!QRDAD@NHK!MGDGINcEOND>K!?AHK!J>K!
M`T!
+HKRJ@H>! MEFNOJESGQ@AHD!>D! IGO@NHK!SN?AO>!?>!+,.hQRDAD@NHK!
]""F"&/&^!
JPAHABNJ@KQ>! MNQNcEOND>K!?AHK!J>K!IGO@NHK!IGORJADI@S>K!?>!
Jk+,.!

^W'7AAEH">&'J'6&A'7?EG7@"&A'6$'6>V&@E<<&G&?:'&:OE$'CE?H:"E??7@":>A'&\:%7Y<7?H%>7:"I$&A'

CRsV! <AHSIGAK!AOGHGK@>!>D!,3!?>K!QRDAD@NHK!
+<:"! :ASD>RI!?>!DIAHKSI@FD@NH!
]"$T"#^! MNQNcEOND>K!
gME^!UN! <AHSI>AD@S!>+:#XAJFMA! mNJSNDDX'AJJ@KNH!KEH?INQ>!]?@ABCD>!
<('j!
]#F"#^! e@HAK>! AKKNS@G!V!RH>!?EKFJAK@>!GF@FMEKA@I>^!
<AHSI>AKX
C:EV!! KF>S@L@S! ,3!AKKNS@G>!V!RH>!MEFNFJAK@>!?R!
:ASD>RI!?>!DIAHKSI@FD@NH!
]"UF"#^! DIAHKSI@FD@NH! FAHSIGAK!>D!MEFNFJAK@>!SGIGB>JJ>RK>!
LASDNI!"A!
;2+XK@Q@JAI!$!
78MTN! ,3!AKKNS@G>!V!JkMEFNDMEINn?@>!SNHOGH@DAJ>!
DIAHKSI@FD@NH! :ASD>RI!?>!DIAHKSI@FD@NH!
]8F#%/#^! ]KEH?INQ>!,3`^!
LASDNI!
EXsCN! :NIeM>A?!BN[! 9XJ@He>?!+<(9!KEH?INQ>!]AW>S!JkARDNX
:ASD>RI!?>!DIAHKSI@FD@NH!
]9F""/#$^! <$! @QQRH@DG!?@LLRK>^!
W`EV>! ,3!DIAHK@DN@I>!AKKNS@G>!V!RH>!ADINFM@>!
`,:"Z! :ASD>RI!?>!DIAHKSI@FD@NH!
]"=T#"^! FAHSIGAD@TR>!>DhNR!?>K!AHNQAJ@>K!IGHAJ>K!

'

+4+4(4*4 5&'WX*'<E@;#>?"I$&'
!
3>K! GDR?>K! ?NHD! J>K! ;m0.! ]O>HNQ>Xl@?>! AKKNS@AD@NH! KDR?@>K^! NHD! IGS>QQ>HD!
@?>HD@L@G!FJRK!?>!%U!OCH>K!AKKNS@GK!V!RH!I@KTR>!ASSIR!?>!3-#!]-ABJ>AR!#^/!2>K!QRDAD@NHK!
KRI! S>K! OCH>K! KNHD! ?>K! .,<K! ]K@HOJ>XHRSJ>ND@?>! FNJEQNIFM@KQK^! SAI! RH>! K>RJ>! BAK>! >KD!
ALL>SDG>! >D! OGHGIAJ>Q>HD! K@DRG>! ?AHK! J>K! IGO@NHK! HNH! SN?AHD>K! ]#%#^/! <AIQ@! DNRK! J>K!
OCH>K! @QFJ@TRGK! ?AHK! S>DD>! FADMNJNO@>a! S>JR@! SN?AHD! FNRI! J>! -*:=2#! ]LASD>RI! ?>!
DIAHKSI@FD@NH! =XJ@e>! #^! >KD! I>KFNHKABJ>! ?PRH! ASSIN@KK>Q>HD! ?>! KRSS>FD@B@J@DG! AR! 3-#!
]#%%#%Y^/!

X78@&7$'*)'=9?&A'&:'@EH$A'@&A'<@$A'%><@"I$>A'WX*'A$AH&<:"8"@":>']DABJ>AR!QN?@L@G!
?PAFICK!]#%$^^!
!
=>?&A'
5EH$A' Q%E:>"?&' &CC&:'7AA$G>'6&'@Z7@@9@&'6&'%"AI$&'
_A$##>%>`'
U:$6&A'6&'#9?&A'H7?6"67:A'8"E@E#"I$&A' '
<>IN[@KNQ>!FINJ@L>IADNIX 3@Q@HRD@NH!?>!JA!K>HK@B@J@DG!V!Jk@HKRJ@H>!
CC!S7! $F#&!
ASD@WAD>?!I>S>FDNIXo! >D!?>!JA!SJA@IAHS>!?>!Jk@HKRJ@H>!
3@Q@HRD@NH!?>!JA!LNHSD@NH!?>!S>JJRJ>K!Za!
*AHAJ!j!@HlAI?JEX
?>!JA!KGSIGD@NH!?>!JP@HKRJ@H>!KD@QRJG>!FAI!J>!
U/`aVV! ""F"&/"! I>SD@LE@HOa!KNRKLAQ@JJ>!_a!
OJRSNK>!];.+.^a!>D!?>!JA!K>HK@B@J@DG!V!
Q>QBI>!""!
Jk@HKRJ@H>!
`>FADNSED>!HRSJ>AI!
W`EV>! "=S>HXT#"/$! 3@Q@HRD@NH!?>!JA!LNHSD@NH!?>!S>JJRJ>K!Z!
LASDNI!"XB>DA!
mNJLIAQ!KEH?INQ>!"! 3@Q@HRD@NH!?>!JA!LNHSD@NH!?>!S>JJRJ>!Z!>D!
wETV! %F"Y!
]lNJLIAQ@H^! ?>!JA!KGSIGD@NH!?k@HKRJ@H>!

Y#!
X!3@Q@HRD@NH!?>!JA!LNHSD@NH!?>!S>JJRJ>!Z!
;JRSNe@HAK>! >D!?>!;.+./!!
7/U! =F"&/$XF"&/"!
]`>[Ne@HAK>!%^! X!0ROQ>HDAD@NH!?>!JA!OJESGQ@>!V!b>uH!>D!
?>!JkMGQNOJNB@H>!OJETRG>!
U\<@E%7:"E?'6&A'<"HA'6&'@"7"AE?'
X!3@Q@HRD@NH!?>!JA!LNHSD@NH!?>!S>JJRJ>!Za!
?>!JA!KGSIGD@NH!?>!JP@HKRJ@H>!KD@QRJG!FAI!
-IAHKSI@FD@NH!LASDNI!=X Jk@HSIGD@H>a!?>!;.+.a!?>!JA!SNHW>IK@NH!?>!JA!
:/Ef8^! "UT#&/$! J@e>!#!]-XS>JJXKF>S@L@Sa! FIN@HKRJ@H>a!?>!JA!K>HK@B@J@DG!V!Jk@HKRJ@H>a!?>!
`);XBN[^! Jk@H?@S>!?>!JA!?@KFNK@D@NH/!
X!0ROQ>HDAD@NH!?>!JA!OJESGQ@>!V!b>uH!>D!
?R!OJRSNK>!V!#M!
=bPL'<E$%'WX*!
*ESJ@HX?>F>H?>HD!e@HAK>! 3@Q@HRD@NH!?>!JA!LNHSD@NH!?>!S>JJRJ>!Za!
/RU`^!b^>! 8F#"!
@HM@B@DNI!#0h#1! ?>!;.+.a!?>!Jk@H?@S>!?>!?@KFNK@D@NH!
*3j&!I>ORJADNIE!KRBRH@D! 3@Q@HRD@NH!?>!JA!LNHSD@NH!?>!S>JJRJ>!Za!
/RU!8V! YF##/$! AKKNS@AD>?!FIND>@H!"XJ@e>! ?>!;.+.a!?>!JA!SNHW>IK@NH!?>!JA!FIN@HKRJ@H>a!
"! >D!?>!Jk@H?@S>!?>!?@KFNK@D@NH!
X!3@Q@HRD@NH!?>!JA!LNHSD@NH!?>!S>JJRJ>!Za!
?>!;.+.a!?>!JA!SNHW>IK@NH!?>!JA!FIN@HKRJ@H>a!
-IAHKFNID>RI!KNJRDG!
>D!?>!Jk@H?@S>!?>!JA!?@KFNK@D@NH/!
T8/N_!t! 5T#%/""! LAQ@JJ>!$U!]DIAHKFNID>RI!
X!0ROQ>HDAD@NH!?>!JA!OJESGQ@>!V!b>uHa!
?>!c@HS^a!Q>QBI>!5!
?R!OJRSNK>!V!#M!>D!?>!JkMGQNOJNB@H>!
OJETRG>!
+HKRJ@HXJ@e>!OINlDM!
3@Q@HRD@NH!?>!JA!LNHSD@NH!?>!S>JJRJ>!Za!
M7E^>C^! $T#=/#! LASDNI!#!Q',0!B@H?@HO!
?>!;.+.a!>D!?>!Jk@H?@S>!?>!?@KFNK@D@NH!
FIND>@H!#!
3@Q@HRD@NH!?>!JA!LNHSD@NH!?>K!S>JJRJ>K!
Za!?>!JA!K>HK@B@J@DG!V!Jk@HKRJ@H>a!?>!JA!
-MEINn?>!A?GHNQ>! KGSIGD@NH!?k@HKRJ@H>!?>!?>R[@CQ>!FMAK>a!?>!
:W!R!! #F#"!
AKKNS@G! Jk@H?@S>!?>!?@KFNK@D@NHa!>D!?>!JA!IGFNHK>!?>!
JP@HKRJ@H>!KD@QRJG>!FAI!J>!;2<X"!>D!
JkAIO@H@H>!
,>RINO>H@S!JNSRK!HNDSM!
`X:/W^! "F"$XF""! MNQNJNO!FIND>@H!#! <AK!?>!?NHHGK!
]R*.$.&A#"1^!
SESJ>!?>!?@W@K@NH!
S>JJRJA@I>!"#$!MNQNJNO! 3@Q@HRD@NH!?>!JA!LNHSD@NH!?>!S>JJRJ>!Z!>D!
/R/V^N! "UF"$!
]T166A1*.2@6'$( ?>!JA!KGSIGD@NH!?k@HKRJ@H>!
6'*'-#$#1'^!
*AJS@RQhSAJQN?RJ@HX
<AK!?>!
/!PUVR! ?>F>H?>HD!FIND>@H! <AK!?>!?NHHG>K!
?NHHG>K!
e@HAK>!DEF>!"3!
3@Q@HRD@NH!?>!JA!LNHSD@NH!?>!S>JJRJ>!Za!
`>QADNFN@>D@SAJJE! ?>!;.+.a!?>!JA!K>HK@B@J@DG!V!Jk@HKRJ@H>a!?>!JA!
WWgs! "UT#$!
>[FI>KK>?!MNQ>NBN[! SNHW>IK@NH!?>!JA!FIN@HKRJ@H>a!>D!?>!Jk@H?@S>!
?>!?@KFNK@D@NH!
<AK!?>! (HcEQ>!?>!?GOIA?AD@NH!
MRg! <AK!?>!?NHHG>K!
?NHHG>K! ?>!Jk@HKRJ@H>!
3@Q@HRD@NH!?>!JA!LNHSD@NH!?>!S>JJRJ>!Za!
"#T"%/"X
:TC!`t! ->DIAKFAH@H!5! ?>!JA!KGSIGD@NH!?k@HKRJ@H>a!>D!?>!JA!
T#"/"!
K>HK@B@J@DG!V!Jk@HKRJ@H>!
2>RS@H>XI@SM!I>F>ADX
87Sx! "#T##XT#$! SNHDA@H@HO!;!FIND>@HX <AK!?>!?NHHGK!
SNRFJ>?!I>S>FDNI!&!
030)!Q>DAJJNF>FD@?AK>!
!R!P:Tk! $F"%/$XF"%/#! AW>S!DMINQBNKFNH?@H! 3@Q@HRD@NH!?>!JA!K>HK@B@J@DG!V!Jk@HKRJ@H>!
DEF>!"!QND@La!8!

Y$!
X!3@Q@HRD@NH!?>!JA!LNHSD@NH!?>K!S>JJRJ>K!
_R[DAFNKG!AW>S!RH>!ARDI>! Z/!
a!yEV! =F"&/#XF"&/"!
c@HS!L@HO>I!FIND>@H!"! X!0ROQ>HDAD@NH!?>!JA!KGSIGD@NH!
?k@HKRJ@H>!>D!?>!Jk@HKRJ@H>!V!b>uH!
X!0ROQ>HDAD@NH!?>!JA!IGK@KDAHS>!V!
Jk@HKRJ@H>a!?>!Jk@HKRJ@H>!V!b>uHa!>D!?>!
+HKRJ@H!I>S>FDNI!
MSTV! #T$Y! JP@HKRJ@H>!V!#M/!
KRBKDIAD>!"!
X!3@Q@HRD@NH!?>!JA!K>HK@B@J@DG!V!
Jk@HKRJ@H>a!
*AHAJ!j!WNJDAO>X 3@Q@HRD@NH!?>!JA!LNHSD@NH!?>!S>JJRJ>!Za!
U/`zV! ""F"&/&! ?GF>H?AHDKa!KNRKXLAQ@JJ>! ?>!JA!KGSIGD@NH!?k@HKRJ@H>a!>D!?>!JA!KGSIGD@NH!
j†-XJ@e>a!Q>QBI>!"! ?P@HSIGD@H>!
0ROQ>HDAD@NH!?R!I@KTR>!?>!JkNBGK@DGa!?>!
QAKK>!OIAKK>!>D!FINDG@H>! Jk@H?@S>!?>!QAKK>!SNIFNI>Ja!>D!?>!JA!QAKK>!
E:X! "YT"#/#!
AKKNS@G>!V!JkNBGK@DG! OIAKK>a!AROQ>HDAD@NH!?>K!DI@OJESGI@?>K!>D!
?R!SMNJ>KDGINJ!

=bPL'<E$%'@&A'H7%7H:9%&A'@">A'7$'WX*'

'GORJAD>RI!?>! 0ROQ>HDAD@NH!?>!JA!IGK@KDAHS>!V!
7/US! #F#$! ;JRSNe@HAK>!! Jk@HKRJ@H>a!?>!Jk@HKRJ@H>!V!b>uHa!?>!JA!
]M>[Ne@HAK>!%^! OJESGQ@>!V!b>uHa!>D!?R!OJRSNK>!V!#M!
X!3@Q@HRD@NH!?>!JA!LNHSD@NH!?>!S>JJRJ>!Za!
?>!;.+.a!>D!?>!Jk@H?@S>!?>!JA!?@KFNK@D@NH/!
P:`SV>! ""T#"XT##! )>JADNH@H!I>S>FDNI!"1!
X!0ROQ>HDAD@NH!?>!JA!OJESGQ@>!V!b>uH!>D!
?>!JkMGQNOJNB@H>!OJETRG>!
X!3@Q@HRD@NH!?>!JA!LNHSD@NH!?>!S>JJRJ>!Z/!
!R/cx! $T"$/#XT#"! 0?>HEJAD>!SESJAK>!&! X!0ROQ>HDAD@NH!?>!JA!OJESGQ@>!V!b>uH!>D!
?R!OJRSNK>!V!#M!
X!3@Q@HRD@NH!?>!JA!LNHSD@NH!?>!S>JJRJ>!Z!
CSXsV! "T$#/#XT$#/$! <INKF>IN!MNQ>NBN[!"!
X!0ROQ>HDAD@NH!?>!JA!OJESGQ@>!V!b>uH!
3@ASEJOJES>INJ!e@HAK>a! X!3@Q@HRD@NH!?>!JA!LNHSD@NH!?>!S>JJRJ>!Za!
R7U>! =F#"/#!
B>DA!8U!e3A! X!0ROQ>HDAD@NH!?>!JA!OJESGQ@>!V!b>uH!
<AK!?>! -IAHKQ>QBIAH>!FIND>@H!
:PgPVkx! <AK!?>!?NHHG>K!
?NHHG>K! "8&!
!

+4+4*4 5&A'C7H:&$%A'&?V"%E??&G&?:7$\'
+4+4*4(4 U\H9A'&?'?$:%"G&?:A'&:'E8>A":>'
!
2>! 3-#! >KD! KNRW>HD! AKKNS@G! V! RH>! KRISMAIO>! GH>IOGD@TR>a! RH>! LA@BJ>! ASD@W@DG!
FMEK@TR>! >D! V! JPNBGK@DG/! *P>KD! JA! SNHKGTR>HS>! ?PRH! ?GKGTR@J@BI>! ?AHK! J>! IAFFNID! >HDI>!
@HO>KD@NH! ?>! HRDI@Q>HDK! >D! ?GF>HK>! GH>IOGD@TR>/! *M>c! J>K! KNRI@Ka! JA! SNHKNQQAD@NH!
FINJNHOG>! ?PAJ@Q>HDK! I@SM>K! >H! OIA@KK>K! @H?R@D! ?>K! DINRBJ>K! QGDABNJ@TR>Ka! JP@HKRJ@HNX
IGK@KDAHS>! >D! >HL@H! J>! 3-#/! 3>! HNQBI>RK>K! GDR?>K! NHD! D>HDG! ?PAQGJ@NI>I! J>! 3-#! W@A! JA!
QN?@L@SAD@NH!?>K!SNQFNK@D@NHK!AJ@Q>HDA@I>K/!<NRI!S>JAa!?>K!IGO@Q>K!>H!LA@BJ>!D>H>RI!>H!
OJRS@?>K!NR!>H!J@F@?>K!NR!SNHD>HAHD!?>K!FINDG@H>K!AW>S!FJRK!NR!QN@HK!?>!L@BI>K!NHD!GDG!
RD@J@KGK/!.MA@!>D!K>K!SNJJCOR>K!]#%=^!NHD!QNHDIG!TRPRH!IGO@Q>!>H!LA@BJ>!D>H>RI!>H!OJRS@?>K!
A@HK@!TRPRH!IGO@Q>!QG?@D>IIAHG>H!KNHD!FJRK!>LL@SAS>K!?AHK!JA!F>ID>!?R!FN@?K!FAI!IAFFNID!
V! RH! IGO@Q>! ?>! LA@BJ>! D>H>RI! >H! OIA@KK>K/! 2>! IGO@Q>! QG?@D>IIAHG>Ha! AFICK! #%! QN@K! ?>!
DIA@D>Q>HDa! >HDIAiH>! RH>! ?@Q@HRD@NH! K@OH@L@SAD@W>! ?>! JA! *'<! ]*XI>ASD@W>! FIND>@H^a! ?>! JA!

Y%!
OJESGQ@>! V! b>uHa! >D! ?>! JP@HKRJ@HNXIGK@KDAHS>! ]#%=^/! 3PARDI>K! GDR?>K! NHD! QNHDIG! TR>! S>!
IGO@Q>!GDA@D!ARKK@!AKKNS@G!V!JA!IG?RSD@NH!?>!JA!-I@OJESGI@?GQ@>!>D!?>!JA!`B0"S!]OJESAD>?!
MA>QNOJNB@H^! ]#%5a#%8^/! 2>! BGHGL@S>! ?>! S>! IGO@Q>! QG?@DGIIAHG>H! >KD! FINBABJ>Q>HD!
I>J@G!V!KA!I@SM>KK>!>H!L@BI>K!SNHD>HR>K!?AHK!J>K!OIA@H>K!>D!J>K!JGORQ@H>RK>Ka!>H!W@DAQ@H>K!
SNHD>HR>K! ?AHK! J>K! LIR@DK! >D! >H! AS@?>K! OIAK! ]0;K^! QNHNX@HKADRIGK! DINRWGK! ?AHK! JkMR@J>!
?kNJ@W>! ]#&U^/! (H! >LL>Da! J>K! AS@?>K! OIAK! QNHNX@HKADRIGK! ?>! JPMR@J>! NJ@W>! KNHD! @QFJ@TRGK!
?AHK! JPAROQ>HDAD@NH! ?R! DAR[! ?PA?@FNH>SD@H>a! J>TR>J! >KD! SNIIGJG! AW>S! JA! K>HK@B@J@DG! V!
JP@HKRJ@H>! ]#&"#&$^/! 3>! FJRKa! S>! IGO@Q>a! I@SM>! >H! L@BI>Ka! SNHDI@BR>! V! AROQ>HD>I! JA!
K>HKAD@NH!?>!KAD@GDG!>D!?NHS!F>IQ>D!?>!IG?R@I>!JkAFFNID!SAJNI@TR>!]#&%^/!
!
3>K! GDR?>K! FNIDAHD! KRI! JPRD@J@KAD@NH! ?>! IGO@Q>K! I@SM>K! >H! AS@?>K! OIAK! KADRIGK!
]0;.K^a! I>FIGK>HDAHD! ?>! 8! V! Y=! v! ?>K! AFFNIDK! SAJNI@TR>K! DNDAR[a! QNHDI>HD! RH>!
AROQ>HDAD@NH! ?>! JP@HKRJ@HNXIGK@KDAHS>/! 0R! SNHDIA@I>a! JPAROQ>HDAD@NH! ?>! JA! FINFNID@NH!
?PAS@?>K! OIAK! QNHN! NR! FNJEX@HKADRIGK! H>! ?NHH>! FAK! ?P>LL>D! NR! K>! DIA?R@D! FAI! ?>K! >LL>DK!
BGHGL@TR>K!KRI!JA!K>HK@B@J@DG!V!JP@HKRJ@H>!]#&&^/!
*NHS>IHAHD!JA!SNHDI@BRD@NH!?>!JPNBGK@DG!?AHK!JPAFFAI@D@NH!?R!3-#a!S>JJ>!S@!FNRIIA@D!
dDI>! V! JPNI@O@H>! ?PRH>! AJDGIAD@NH! ?>K! K@OHAR[! ?>! JP@HKRJ@H>! >D! ?NHS! FINWNTR>I! JP@HKRJ@HNX
IGK@KDAHS>! >D! J>! 3-#/! (H! >LL>Da! JPNBGK@DG! >KD! AKKNS@G>! V! RH>! AROQ>HDAD@NH! ?>!
JP@HLJAQQAD@NH!?R!D@KKR!A?@F>R[!TR@!@HD>ILCI>!AW>S!JA!IGFNHK>!V!JP@HKRJ@H>!]#Ya""Y^/!
!!

+4+4*4*4 Kc@&'6&A'<E@@$7?:A'&:'6&'PDK'_7%;@'D;6%EH7%8$%&'%&H&<:E%`'
!
*>! HP>KD! TR>! IGS>QQ>HD! TR>! S>IDA@H>K! GDR?>K! GF@?GQ@NJNO@TR>K! NHD! Q@K! >H!
GW@?>HS>!JP>[@KD>HS>!?PRH!J@>H!>HDI>!JA!FIGK>HS>!?>!S>IDA@HK!FNJJRAHDK!>HW@INH>Q>HDAR[!
>D! JPAROQ>HDAD@NH! ?>! JP@HS@?>HS>! ?R! 3-#/! 2>K! FNJJRAHDK! @QFJ@TRGK! ?AHK! S>DD>!
FIG?@KFNK@D@NH! AR! 3-#! KNHD! ?PNI@O@H>! NIOAH@TR>! >D! KNHD! KNRW>HD! ?>K! J@OAH?K! ?R! 0M'/!
<AIQ@! J>K! J@OAH?K! ?P0M'a! NH! F>RD! S@D>I! J>! #a$a=a5XDGDIASMJNIN?@B>HcNX&X?@N[@H>! ]-*33^a!
J>K!FNJESMJNI@HAD>?!B@FM>HEJK!]<*1K^a!J>!B>HcN]A^FEI>H>!]1A<^a!J>K!FAID@SRJ>K!@KKR>K!?>!
JA!SNQBRKD@NH!?@GK>Ja!J>K!ME?INSAIBRI>Ka!J>!$XQ>DMEJSMNJAHDMI>H>/!
4H>! GTR@F>! B>JO>! A! DINRWG! RH>! LNID>! SNIIGJAD@NH! >HDI>! JP@HDN[@SAD@NH! FAI! J>K!
?@N[@H>Kh<*1K!>D!J>!3-#!]#&Y^/!3>K!IGKRJDADK!K@Q@JA@I>K!NHD!GDG!QNHDIGK!>H!.RC?>!?AHK!
RH>! SNQQRHARDG! ?>! FGSM>RIK! SNHDAQ@HGK! AR[! <*1K! ]#&=^/! <JRK@>RIK! GDR?>K! AR[! (DADK!
4H@>K! SNHL@IQ>HD! JP>[@KD>HS>! ?PRH>! I>JAD@NH! GDIN@D>! >HDI>! J>K! FNJJRAHDK! NIOAH@TR>K! >D! JA!
IGK@KDAHS>!V!JP@HKRJ@H>!NR!JPAFFAI@D@NH!?R!?@ABCD>!]#&5a#&8^/!
!

Y&!
<JRK@>RIK!GDR?>K!RJDGI@>RI>K!#,(-#%*.!>D!#,(-#-.!NHD!?GQNHDIG!TR>!J>!DIA@D>Q>HD!?>!
IADK! FAI! -*33! AJDCI>! AR! H@W>AR! ?R! D@KKR! A?@F>R[a! JkABKNIFD@NH! ?R! OJRSNK>! KD@QRJG>! FAI!
Jk@HKRJ@H>!>H!IG?R@KAHD!FINBABJ>Q>HD!JA!DIAHKSI@FD@NH!?R!DIAHKFNID>RI!?>!;24-%!]#YU^/!
<AI! A@JJ>RIKa! J>! DIA@D>Q>HD! ?>! KNRI@K! FAI! J>! -*33! IG?R@D! Jk>[FI>KK@NH! ?R! OCH>! ?>! JA!
OJRSNe@HAK>!]#Y"^/!*M>c!J>!IADa!J>!-*33!?@Q@HR>!JA!FI@K>!AJ@Q>HDA@I>!>D!@HM@B>!JPASD@W@DG!
?>! JA! FMNKFMNGHNJFEIRWAD>! SAIBN[Ee@HAK>a! >HcEQ>! @QFJ@TRG>! ?AHK! JA! OJRSNHGNO>HCK>!
]#Y#^/!3>K!>LL>DK!?R!-*33!KRI!JP@HM@B@D@NH!?>!JA!KGSIGD@NH!?>!JP@HKRJ@H>!]#Y$^!A@HK@!TR>!KRI!
JPAROQ>HDAD@NH! ?>! JP>[FI>KK@NH! ?>! SEDNe@H>K! @HLJAQQADN@I>K! SNQQ>! J>! -,:g! ]-RQNI!
H>SINK@K!LASDNI!g^a!NHD!GDG!IAFFNIDGK!]#Y%^/!(H!NRDI>a!RH!ARDI>!AHAJNOR>!?R!-*33a!J>!1A<!
?@Q@HR>! JP>[FI>KK@NH! ?R! ;2<X"! ]OJRSAONHXJ@e>! F>FD@?>X"^! SM>c! J>K! KNRI@K! HNRII@>K! AW>S!
RH!IGO@Q>!OIAK!]#Y&^/!
-NRK!J>K!>LL>DK!?R!-*33!IAFFNIDGK!S@X?>KKRK!K>QBJ>HD!KP>LL>SDR>I!W@A!0M'!>D!ARKK@!
W@A!<<0'o!]F>IN[@KNQ>!FINJ@L>IADNIXASD@WAD>?!I>S>FDNIXo^/!+J!>KD!>H!>LL>D!B@>H!SNHHR!TR>!
J>!-*33!>KD!RH!AONH@KD>!?>!0M'!QA@K!ARKK@!RH!AHDAONH@KD>!?>!<<0'o/!0M'!SNHKD@DR>!RH!
IGS>FD>RI!AR[![GHNB@ND@TR>K!>D!V!?>K!SNQFNKGK!>H?NOCH>K!SNQQ>!J>!=Xe>DNSMNJ>KDGINJ/!
6@A!KA!?@QGI@KAD@NH!AW>S!,:Xp1!]HRSJ>AI!LASDNI!eAFFA!1^a!S>!IGS>FD>RI!>KD!@QFJ@TRG!?AHK!
JA!IGORJAD@NH!?>!JP@HLJAQQAD@NHa!A@HK@!TR>!?AHK!JA!?GDN[@SAD@NH!W@A!JP@H?RSD@NH!?R!*EF"AhB!
]SEDNSMINQ>! <%&U^a! >D! ?AHK! JA! ?@LLGI>HS@AD@NH! QNHNSEDA@I>! ]#YY^/! <<0'o! >KD! @QFJ@TRG!
?AHK!JA!?@LLGI>HS@AD@NH!?>K!A?@FNSED>K!A@HK@!TR>!?AHK!J>!SNHDI\J>!?R!QGDABNJ@KQ>!>D!?>!
JPMNQGNKDAK@>! J@F@?@TR>/! 3>! FJRKa! J>! -*33! FNRIIA@D! AJDGI>I! JA! K>HK@B@J@DG! V! JP@HKRJ@H>! W@A!
JPAROQ>HDAD@NH! ?>! JP>[FI>KK@NH! ?>! <<0'g! ]F>IN[@KNQ>! FINJ@L>IADNIXASD@WAD>?! I>S>FDNIX
g^a!@QFJ@TRG!FI@HS@FAJ>Q>HD!?AHK!JPN[E?AD@NH!?>K!0;K!]#Y=^/!
!

+4+4+4 57'C@E%&'"?:&A:"?7@&'
!
2P@HD>IASD@NH! >HDI>! JA! LJNI>! @HD>KD@HAJ>a! JPMNQGNKDAK@>! OJRS@?@TR>a! JP@HKRJ@HNX
IGK@KDAHS>a!>D!J>!3-#!>KD!?GKNIQA@K!GDABJ@>/!
!
2A!LJNI>!@HD>KD@HAJ>!I>FIGK>HD>!J>!DNDAJ!?>!JA!FNFRJAD@NH!?>K!Q@SINNIOAH@KQ>K!TR@!
KP@HKDAJJ>!?AHK!J>!DIASDRK!OAKDINX@HD>KD@HAJa!E!SNQFI@K!J>K!BASDGI@>Ka!J>K!SMAQF@OHNHKa!J>K!
AISMG>Ka! J>K! W@IRKa! A@HK@! TR>! J>K! FINDNcNA@I>K/! *>DD>! LJNI>! K>! SNQFNK>! ?PRH>! FNFRJAD@NH!
?P>HW@INH!"UU!DI@JJ@NHK!?>!Q@SINNIOAH@KQ>K!I>FIGK>HDAHD!RH>!QAKK>!SNQFI@K>!>HDI>!"a&!
>D!#!eO/!*>DD>!Q@SINLJNI>!W@D!>H!DAHD!TRPGSNKEKDCQ>!SNQFJ>[>!]#Y5^/!(JJ>!>KD!SNHK@?GIG>!
SNQQ>! RH>! KNID>! ?PNIOAH>! Q@SINB@>H! TR@! >[>IS>! ?>K! LNHSD@NHK! SJGK! TR>! JkM\D>! >KD!
@HSAFABJ>!?k>LL>SDR>I!FAI!JR@XQdQ>/!

YY!
0R! K>@H! ?>! S>DD>! FNFRJAD@NH! I@SM>! >D! ?@W>IK@L@G>a! FIG?NQ@H>HD! J>K! BASDGI@>K!
AHAGINB@>K! ]#Y8^/! *M>c! JPMNQQ>a! JA! LJNI>! BASDGI@>HH>! @HD>KD@HAJ>! >KD! ?NQ@HG! FAI! #!
OIAH?K! FMEJRQKf! J>K! :@IQ@SRD>K! >D! J>K! 1ASDGIN@?>D>K! DAH?@K! TR>! J>K! FMEJRQK! ?>K!
0SD@HNBASDGI@>Ka! ?>K! <IND>NBASD>I@Aa! ?>K! 6>IIRSNQ@SINB@Aa! ?>K! :RKNBASD>I@A! >D! ?>K!
*EAHNBASD>I@A!KNHD!Q@H>RIK!]#=U^/!!
!
2P@HKDAJJAD@NH! ?>! JA! LJNI>! BASDGI@>HH>! KP>LL>SDR>! IAF@?>Q>HD! AFICK! JA! HA@KKAHS>/!
*>DD>!@HKDAJJAD@NH!>KD!@HLJR>HSG>!FI@HS@FAJ>Q>HD!FAI!JA!LJNI>!WAO@HAJ>!>D!@HD>KD@HAJ>!?>!JA!
QCI>! >D! ?>! JP>HW@INHH>Q>HD/! (W@?>QQ>HDa! JA! LJNI>! @HD>KD@HAJ>! ?>K! >HLAHDK! HGK!
HADRI>JJ>Q>HD!>KD!K@Q@JA@I>!V!JA!LJNI>!WAO@HAJ>!?>!J>RI!QCI>!]#="^/!2>!DIASDRK!@HD>KD@HAJ!?>!
HNRW>ARXHG! >KD! SNJNH@KG! FI>Q@CI>Q>HD! FAI! ?>K! BASDGI@>K! AGINB@>K! SNQFNKG>K!
?P>HDGINBASDGI@>Ka!?P>HDGINSNTR>K!>D!?>!KDAFMEJNSNTR>K/!(D!AR!LRI!V!QGKRI>a!JP@HKDAJJAD@NH!
?>K!BASDGI@>K!AHAGINB@>K!KDI@SD>K!SNQQ>!1@L@?NBASD>I@RQa!*JNKDI@?@RQ!>D!1ASD>IN@?>K!>KD!
NBK>IWG>>! ]#=#^/! <JRK@>RIK! LASD>RIK! FNRIIA@>HD! dDI>! @QFJ@TRGK! ?AHK! JP@HKDAJJAD@NH! >D! JA!
SNQFNK@D@NH!?>!LJNI>!SNQQ>!J>!QN?>!?PASSNRSM>Q>HDa!JA!QADRIAD@NH!?>!JA!OINKK>KK>a!J>!
QN?>! ?>! W@>a! JPAJ@Q>HDAD@NHa! JPAHD@B@NDMGIAF@>! A@HK@! TR>! J>! OGHNQ>! MRQA@H/! <NRIDAHDa!
AFICK!RH!AHa!JA!LJNI>!@HD>KD@HAJ>!SNQQ>HS>!V!K>!KDAB@J@K>I!>D!I>KK>QBJ>I!?>!S>JJ>!?R!b>RH>!
A?RJD>!]#=$^/!!
!

+4+4+4(4 5&A'CE?H:"E?A'6&'@7'C@E%&'"?:&A:"?7@&'
!
;IAS>! V! KA! SNQFJ>[@DGa! KA! ?@W>IK@DG! >D! KA! OIAH?>! TRAHD@DGa! JA! LJNI>! @HD>KD@HAJ>! V!
JPGDAD!KA@H!F>RD!>[>IS>I!?@LLGI>HD>K!LNHD@NHK!FMEK@NJNO@TR>K!TR@!FNRIIA@>HD!@QFASD>I!KRI!
JA!KAHDG!?>!JPM\D>/!
!
X! S>:78E@"AG&' 6&A' <E@;A7HHD7%"6&A' &:' 6&A' <%E:>"?&A)! JA! LJNI>! BASDGI@>HH>! F>RD!
@HD>IW>H@I!?AHK!JA!?GOIA?AD@NH!>D!JA!L>IQ>HDAD@NH!?>!S>IDA@H>K!KRBKDAHS>K!AJ@Q>HDA@I>K/!
*P>KD! J>! SAK! ?>! FNJEKASSMAI@D>K! >D! ?>! S>IDA@HK! KRSI>K! ]JP@HRJ@H>a! J>K! ONQQ>Kr^! ?PNI@O@H>!
WGOGDAJ>! TR>! JPM\D>! HP>KD! FAK! SAFABJ>! ?>! ?GOIA?>I/! 2A! LJNI>! Q@SINB@>HH>! J>K! ?GOIA?>!
>DhNR!L>IQ>HD>!>H!?NHHAHD!?>K!AS@?>K!OIAK!V!SMAiH>K!SNRID>K!]0;**K^!SNQQ>!JPASGDAD>a!
J>!FINF@NHAD>!>D!J>!BRDEIAD>!TR@!KNHD!IAF@?>Q>HD!ABKNIBGK!FAI!J>K!S>JJRJ>K!GF@DMGJ@AJ>K!>D!
RD@J@KGK!FAI!?@LLGI>HDK!NIOAH>K/!*>DD>!LJNI>!@HD>KD@HAJ>!F>RD!GOAJ>Q>HD!FAID@S@F>I!?AHK!J>!
QGDABNJ@KQ>! FINDG@TR>! >H! LNRIH@KKAHD! ARKK@! ?>K! 0;**Ka! ?>K! AS@?>K! OIAK! V! SMAiH>K!
SNRID>K!IAQ@L@G>K!]@KNBRDEIAD>a!#XQGDMEJ>BRDEIAD>!>D!@KNWAJGIAD>^a!?R!FM>HNJa!?>!JP@H?NJ>!

Y=!
>D!JPAQQNH@AS/!*>K!DIN@K!?>IH@>IK!KNHD!>HKR@D>!QGDABNJ@KGK!>D!GJ@Q@HGK!FAI!WN@>!RI@HA@I>!
]#=%^/!
!
Y'K>#$@7:"E?'&:'@&'A:ET7#&'>?&%#>:"I$&)!JA!LJNI>!@HD>KD@HAJ>!bNR>!RH!I\J>!@QFNIDAHD!?AHK!
JA! IGORJAD@NH! >D! J>! KDNSeAO>! ?PGH>IO@>/! <AI! IAFFNID! AR[! KNRI@K! HNIQAJ>Ka! JA! QAKK>!
OIA@KK>RK>! ?>! KNRI@K! A[GH@TR>! >KD! %Uv! @HLGI@>RI>/! *>DD>! ?@LLGI>HS>! FNRIIA@D! dDI>!
>[FJ@TRG>!FAIf!!
X 2P>LL>D! @HM@B@D>RI! ?>! JA! LJNI>! BASDGI@>HH>! KRI! J>! :@AL! ]LAKDX@H?RS>?! A?@FNSED>!
LASDNI^! TR@! >KD! FIN?R@D! FAI! JP@HD>KD@Ha! J>! LN@>! >D! J>! D@KKR! A?@F>R[/! 2>! :@AL! >KD! RH!
@HM@B@D>RI! ?>! JA! J@FNFINDG@H>! J@FAK>! >D! ?NHS! @J! FNRIIA@D! BJNTR>I! JA! SAFDAD@NH! ?>K!
0;K!FAI!J>K!S>JJRJ>K!>D!JPASSRQRJAD@NH!?>K!OIA@KK>K!?AHK!J>K!A?@FNSED>K!]#=&^/!
X 2A! FIGK>HS>! ?PRH! DAR[! GJ>WG! ?>! 0)<j! ?AHK! J>K! QRKSJ>K! >D! J>! LN@>! ?>! KNRI@K!
A[GH@TR>K/!*>DD>!e@HAK>!>KD!SNHHR>!?AHK!JA!IGORJAD@NH!?PGH>IO@>!S>JJRJA@I>!]#=Y^/!
X 2>K! 0;**Kf! J>! BRDEIAD>! SNHKD@DR>! JA! FI@HS@FAJ>! KNRIS>! GH>IOGD@TR>! FNRI! J>K!
S>JJRJ>K! GF@DMGJ@AJ>K! @HD>KD@HAJ>K! TR@! K>QBJ>HD! FAID@S@F>I! V! JA! K>HK@B@J@DG! V!
JP@HKRJ@H>!>D!V!JA!BAJAHS>!GH>IOGD@TR>a!DAH?@K!TR>!J>!FINF@NHAD>!>D!JPASGDAD>!bNR>HD!
FI@HS@FAJ>Q>HD!RH!I\J>!?AHK!JA!OJRSNHGNO>HCK>/!+J!A!GDG!QNHDIG!TR>!?AHK!J>!SNJNHa!
J>! BRDEIAD>! AROQ>HD>a! W@A! JP@HD>IASD@NH! AW>S! JA! ;<'%"! >D! JA! ;<'%$! ];! FIND>@HX
SNRFJ>?!I>S>FDNI^a!JA!KGSIGD@NH!V!FAID@I!?>K!S>JJRJ>K!t2P!?>!?>R[!MNIQNH>Kf!J>!;2<X
"! >D! J>! <qq! ]F>FD@?>! qq^! ]#==#=8^/! 2A! KGSIGD@NH! ?>! S>K! MNIQNH>K! A! FNRI!
SNHKGTR>HS>!JA!KGSIGD@NH!?P@HKRJ@H>!TR@!>HDIAiH>!RH>!IG?RSD@NH!?>!JPAFFGD@D!]#5U^/!
!
Y' Q%E:&H:"E?' 6&' @7' HE@E?"A7:"E?' 6F7#&?:A' "?C&H:"&$\)' FNRI! KP@HKDAJJ>Ia! J>K! BASDGI@>K!
FADMNOCH>K!?N@W>HD!>HDI>I!>H!SNQFGD@D@NH!AW>S!JA!LJNI>!@HD>KD@HAJ>!FNRI!J>K!HRDI@Q>HDK/!
(H! FJRKa! S>IDA@H>K! BASDGI@>K! SNQQ>HKAJ>K! F>RW>HD! KD@QRJ>I! J>! KEKDCQ>! @QQRH@DA@I>!
SNHDI>!J>K!FADMNOCH>K!>H!KGSIGDAHD!?>K!AHD@Q@SINB@>HK!SNQQ>!J>K!J>SD@H>K!?>!DEF>!*!>D!
J>K!@QQRHNOJNBRJ@H>K!?>!DEF>!0!]#5"^/!
'
Y' S7"?:"&?' 6&' @F"?:&%#%":>' &:' 6&' @7' A:%$H:$%&' "?:&A:"?7@&)! J>! BRDEIAD>! RH! ?>K! 0;**K!
@H?R@D!JA!KGSIGD@NH!?>!QRS@H>K!>D!?>!F>FD@D>K!AHD@Q@SINB@>HK!TR@!F>IQ>DD>HD!>HKR@D>!?>!
I>HLNIS>I!JA!BAII@CII>!@HD>KD@HAJ>/!3>!FJRKa!J>!BRDEIAD>!AROQ>HD>!GOAJ>Q>HD!JA!SIN@KKAHS>!
>D!J>!?GW>JJNF>Q>HD!?>K!S>JJRJ>K!>D!?>!D@KKR/!
!

Y5!
X!3GG$?EGE6$@7:"E?)!JA!SNMAB@DAD@NH!?>!JA!LJNI>!BASDGI@>HH>!?AHK!J>!DIASDRK!@HD>KD@HAJ!
?>! JPM\D>! FNRIIA@D! KP>LL>SDR>I! >H! Q@H@Q@KAHD! JA! IGFNHK>! @QQRH@DA@I>! JNSAJ>! NR!
KEKDCQ@TR>! OIxS>! V! JA! QN?RJAD@NH! ?>K! IGASD@NHK! @QQRH@DA@I>K! JNSAJ@KG>K! AFF>JG>K! tJA!
DNJGIAHS>P/!(W@?>QQ>HDa!J>K!GDR?>K!KRI!J>K!KNRI@K!A[GH@TR>K!HNRK!QNHDI>HD!?>!QAH@CI>!
KF>SDASRJA@I>!?>K!AHNQAJ@>K!AR!H@W>AR!?R!DAR[!?>K!S>JJRJ>K!@QQRH@DA@I>K!A@HK@!TR>!?>!JA!
KDIRSDRI>! JEQFMNn?>K! JNSAJ>K! >D! KEKDCQ@TR>K! ]QAJLNIQAD@NH! ?>! JA! IAD>a! ?>K! OAHOJ@NHK!
JEQFMAD@TR>Kr^/! *>F>H?AHDa! JA! SNJNH@KAD@NH! ?>K! BASDGI@>K! SNQQ>HKAJ>K! ?>! JP@HD>KD@H!
A@HK@! TR>! JPA?Q@H@KDIAD@NH! ?>! FIN?R@DK! ?>! BASDGI@>K! ]FNJEKASSMAI@?>K! 0^! KRI! S>K! KNRI@K!
A[GH@TR>K! F>RD! I>KDARI>I! >D! IGGTR@J@BI>I! S>IDA@H>K! LNHD@NHK! ?R! KEKDCQ>! @QQRH@DA@I>!
]#5#a#5$^/!!
'
2P>HK>QBJ>!?>!S>K!?NHHG>K!QNHDI>!JP@QFNIDAHS>!?>!JA!LJNI>!@HD>KD@HAJ>!FNRI!JPM\D>/!2NIK!
?PRH>! AJDGIAD@NH! TRAJ@DAD@W>! NR! TRAHD@DAD@W>! ?>! JA! LJNI>! Q@SINB@>HH>! @HD>KD@HAJ>!
]?EKB@NK>^a!?>K!DINRBJ>K!QGDABNJ@TR>K!HNDAQQ>HD!JkNBGK@DGa!JA!IGK@KDAHS>!V!Jk@HKRJ@H>!>D!
J>!3-#!F>RW>HD!dDI>!NBK>IWGK/!
!!
+4+4+4*4 57'C@E%&'"?:&A:"?7@&'&:'WX*'
'
3RIAHD!J>K!?@[!?>IH@CI>K!AHHG>Ka!?@W>IK!DIAWAR[!NHD!Q@K!>H!GW@?>HS>!J>!I\J>!?>!JA!
LJNI>!@HD>KD@HAJ>!?AHK!J>!QA@HD@>H!NR!JPAJDGIAD@NH!?R!QGDABNJ@KQ>!OJRS@?@TR>/!(H!>LL>Da!?>K!
KNRI@K!A[GH@TR>K!HNRII@>K!AW>S!RH!IGO@Q>!I@SM>!>H!OIA@KK>Ka!H>!?GW>JNFF>HD!FAK!?>!3-#/!
0R! SNHDIA@I>a! ?>K! KNRI@K! A[GH@TR>K! SNJNH@KG>K! AW>S! RH>! LJNI>! FINW>HAHD! ?>! KNRI@K!
HNIQAJ>K! QA@K! KNRQ@K>K! V! RH! IGO@Q>! I@SM>! >H! OIA@KK>K! ?>W@>HH>HD! ?@ABGD@TR>K!
]#=&a#=Y^/!
!
<JRK@>RIK! GDR?>K! Q>HG>K! SM>c! JA! KNRI@K! A@HK@! TR>! SM>c! JPMNQQ>! QNHDI>HD! TR>!
JPNBGK@DG! >D! JA! F>IDRIBAD@NH! ?R! QGDABNJ@KQ>! OJRS@?@TR>! KNHD! AKKNS@G>K! V! JPAJDGIAD@NHa! AR!
H@W>AR! @HD>KD@HAJa! ?R! IAD@N! >HDI>! J>K! ?>R[! OIAH?K! FMEJRQKa! :@IQ@SRD>K! >D! 1ASDGIN@?>D>K!
]#5%a#5&^/!(H!NRDI>a!SM>c!J>K!KRb>DK!?@ABGD@TR>Ka!NH!NBK>IW>!RH>!?GFJGD@NH!>H!BASDGI@>K!
FIN?RSDI@S>K! ?>! BRDEIAD>a! D>JJ>K! TR>! J>K! >KFCS>K! ?>! *JNKDI@?@RQa! g)416%'*#)2( *'6%1"'a!
E1'61"#416%'*#)2! &*1)$,#%l##a! S.$'4)*#1! #,%'$%#,1"#$a! >D! S.$'4)*#1( #,)"#,.-.*1,$( ]#5Y
#55^a! >D! JP>HI@SM@KK>Q>HD! >H! BASDGI@>K! FADMNOCH>K! NFFNIDRH@KD>K! ]#5Y^/! 2A! LJNI>! ?>K!
FAD@>HDK! ?@ABGD@TR>K! K>! SAIASDGI@K>! FAI! RH>! AROQ>HDAD@NH! ?>! JP>KFCS>! BASDGI@>HH>!
KRJLADNXIG?RSDI@S>a! R'$)"0.-#4*#.O( A@HK@! TR>! ?>K! >KFCS>K! 816%.416#"")$! 51$$'*#a!
816%.416#"")$!*')%'*#!>D!816%.416#"")$!&"1,%1*)2!]#5=a#55^/!3PARDI>K!GDR?>Ka!Q>HG>K!SM>c!

Y8!
?>K! FAD@>HDK! ?@ABGD@TR>K! >D! @HDNJGIAHDK! AR! OJRSNK>a! NHD! F>IQ@K! RH>! Q@K>! >H! GW@?>HS>a!
?AHK! J>! QRSRKa! ?PRH>! ?@Q@HRD@NH! ?>! JPABNH?AHS>! ?>! !QQ'*21,$#1! 2)6#,#&A#"1a! BASDGI@>!
TR@!bNR>!RH!I\J>!?AHK!JA!LNHSD@NH!?>!BAII@CI>!@HD>KD@HAJ>!]#58^/!
!
3>! HNQBI>R[! DIAWAR[! NHD! D>HDG! ?P>[FJ@TR>I! J>K! QGSAH@KQ>K! QNJGSRJA@I>K! KNRKX
D>H?AHD!J>!J@>H!>[@KDAHD!>HDI>!JA!QN?@L@SAD@NH!?>!JA!LJNI>!@HD>KD@HAJ>!>D!JPAFFAI@D@NH!?R!3-#!
]:@ORI>!"#^/!
2P@HLJAQQAD@NH!V!BAK!H@W>AR!?AHK!?@LLGI>HDK!D@KKRK!SNHDI@BR>IA@D!V!JP@HKDAJJAD@NH!?>!
JP@HKRJ@HNXIGK@KDAHS>/! *>S@! K>IA@D! JA! SNHKGTR>HS>! ?>! JA! J@BGIAD@NH! ?>K! 2<.K!
]J@FNFNJEKASSMAI@?>K^! BASDGI@>HK! ?GI@WGK! ?>! JA! Q>QBIAH>! >[D>IH>! ?>K! BASDGI@>K! OIAQ!
HGOAD@W>Ka!J>KTR>JJ>K!@H?R@K>HD!RH>!>H?NDN[GQ@>!QGDABNJ@TR>!TR@!FINWNTR>!JA!KGSIGD@NH!
?>! SEDNe@H>K! FINX@HLJAQQADN@I>K! ]#8U^/! 2>K! GDR?>K! IGAJ@KG>K! ?AHK! J>! QN?CJ>! AH@QAJ! >D!
SM>c! JPMNQQ>! NHD! QNHDIG! TR>! JPAJ@Q>HDAD@NH! I@SM>! >H! OIA@KK>K! F>RD! QN?RJ>I! J>!
Q@SINB@ND>! @HD>KD@HAJ! >D! AROQ>HD>I! J>K! DAR[! S@ISRJAHDK! ?>! 2<.Ka! FINBABJ>Q>HD! KN@Da! W@A!
JPAFFAI@D@NH! ?>K! 2<.K! ?AHK! J>K! SMEJNQ@SINHK! KGSIGDGK! FAI! J>K! S>JJRJ>K! GF@DMGJ@AJ>K!
@HD>KD@HAJ>Ka!KN@D!FAI!JPAROQ>HDAD@NH!?>!JA!F>IQGAB@J@DG!@HD>KD@HAJ>/!
3>K! KNRI@K! HNRII@>K! AW>S! RH! IGO@Q>! OIAK! FIGK>HD>HD! RH>! AROQ>HDAD@NH! ?>!
JPA?@FNK@DG! >D! ?>! JP@HLJAQQAD@NH! ?>! BAK! H@W>AR! TR@! >KD! ?GF>H?AHD>! ?>! JA! K@OHAJ@KAD@NH!
QG?@G>!FAI!J>K!2<.K/!3PARDI>K!DIAWAR[!@H?@TR>HD!TR>!JA!F>ILRK@NH!?>!2<.K!SM>c!?>K!KNRI@K!
>HDIAiH>! ?>K! SMAHO>Q>HDK! QGDABNJ@TR>K! SNQFAIABJ>K! V! S>R[! NBD>HRK! AW>S! RH>!
AJ@Q>HDAD@NH!I@SM>!>H!OIA@KK>K!]#8U#8$^/!*NQFAIG>K!V!?>K!KNRI@K!SNHDI\J>Ka!J>K!KNRI@K!
A[GH@TR>K! A@HK@! TR>! ?>K! KNRI@K! DIA@DG>K! FAI! ?>K! AHD@B@ND@TR>K! FIGK>HD>HD! RH! LA@BJ>! DAR[!
?>!2<.K!S@ISRJAHD!AKKNS@G!V!RH>!?@Q@HRD@NH!?>!JP@HKRJ@HNXIGK@KDAHS>!]#8%^!]#8&^/!2>K!2<.K!
KNHD! J>K! J@OAH?K! ?>K! -2'K! ]DNJJ! J@e>! I>S>FDNI^! FIGK>HDK! KRI! ?@LLGI>HDK! DEF>K! S>JJRJA@I>K!
?NHD! QAbNI@DA@I>Q>HD! J>K! QASINFMAO>K/! 0@HK@a! J>K! 2<.K! TR@! ASD@W>HD! J>! -2'%! @H?R@D!
>HKR@D>!RH>!IGFNHK>!@HLJAQQADN@I>!AW>S!JA!FIN?RSD@NH!?>!SEDNe@H>K!FINX@HLJAQQADN@I>K!
>D!J>!I>SIRD>Q>HD!?>!S>JJRJ>K!@QQRH@DA@I>K!]#8Y^/!
!
*NQQ>!@H?@TRG!S@X?>KKRKa!JA!LJNI>!@HD>KD@HAJ>!@HLJR>HS>!GOAJ>Q>HD!J>!QGDABNJ@KQ>!
OJRS@?@TR>! >D! GH>IOGD@TR>! W@A! JA! FIN?RSD@NH! ?>! 0;**K/! 0JNIKa! JPAJD>IAD@NH! ?>! JA! LJNI>!
FNRIIA@D! ?GI>ORJ>I! JA! KGSIGD@NH! ?>! JP@HKRJ@H>! >D! JPMNQGNKDAK@>! OJRK@?@TR>/! 3>! JA! QdQ>!
QAH@CI>a! S>DD>! ?EKB@NK>! FNRIIA@D! @HM@B>I! JP>LL>D! 0;**K! KRI! JA! KRFFI>KK@NH! ?>!
JP@HLJAQQAD@NH!FINWNTRG>!FAI!J>K!S>JJRJ>K!@QQRH@DA@I>K!]#8=^/!!
!

=U!
2P@H?NJ>!>KD!RH!SNQFNKG!@KKR!?R!QGDABNJ@KQ>!?R!DIEFDNFMAH>!@H?R@D!FAI!JA!LJNI>!
@HD>KD@HAJ>/!3>K!GDR?>K!IGS>HD>K!LNHD!GDAD!?PRH!I\J>!?>!S>!SNQFNKG!?AHK!JA!KGSIGD@NH!?R!
;2<X"! ]#85a#88^/! *>D! >LL>D! KP>[>IS>! W@A! JP@HM@B@D@NH! ?>! SAHAR[! j‚! X! WNJDAO>! ?GF>H?AHD!
FIGK>HDK!KRI!J>K!S>JJRJ>K!t2P/!3>!LAsNH!K@Q@JA@I>a!J>K!Q@SINNIOAH@KQ>K!@HD>KD@HAR[!F>RW>HD!
DIAHKLNIQ>I!J>K!AS@?>K!B@J@A@I>K!FI@QA@I>K!>H!AS@?>K!B@J@A@I>K!K>SNH?A@I>Ka!J>KTR>JK!WNHD!
ASD@W>I! J>! -;'&! ]IGS>FD>RI! Q>QBIAHA@I>! ?>K! AS@?>K! B@J@A@I>K^/! *>S@! >HDIAiH>! ARKK@! JA!
KGSIGD@NH!?>!;2<X"!FAI!J>K!S>JJRJ>K!t2P!]$UU^/!<AI!SNHDI>a!J>!KRJLRI>!?PME?INOCH>!]`#.^a!TR@!
>KD! FIN?R@D! FAI! ?>K! BASDGI@>K! >[FI@QAHD! ?>K! >HcEQ>K! KRJLADNXIG?RSDI@S>Ka! FNRIIA@D!
H>RDIAJ@K>I!JPASD@W@DG!?R!-;'&!>D!>[>IS>I!RH!>LL>D!@HM@B@D>RI!KRI!JA!J@BGIAD@NH!?R!;2<X"!>D!
?R!<qq!]$U"^/!
!
2A! ?EKB@NK>! >KD! @QFJ@TRG>! GOAJ>Q>HD! ?AHK! JA! ?@Q@HRD@NH! ?>! JA! F>IQGAB@J@DG!
@HD>KD@HAJ>/!*>JA!FNRIIA@D!KP>LL>SDR>I!W@A!RH!QGSAH@KQ>!;2<X#X?GF>H?AHD!]$U#^!>D!K>IA@D!
KNRK!J>!SNHDI\J>!?>!JP@H?NJ>!FIN?R@D!FAI!J>K!BASDGI@>K!]$U$^/!
!
;JNBAJ>Q>HDa!JP>HK>QBJ>!?>K!?NHHG>K!KROOCI>!TR>!?>K!AJDGIAD@NHK!?R!Q@SINB@ND>!
@HD>KD@HAJ!FNRIIA@D!>HDIAiH>I!RH>!IRFDRI>!?>!JPGDAHSMG@DG!?>!JPGF@DMGJ@RQ!FINWNTRAHD!RH>!
ABKNIFD@NH! ?>! QASINQNJGSRJ>K! V! FAID@I! ?R! SNHD>HR! @HD>KD@HAJ! >D! ?GSJ>HSMAHD! AJNIK! ?>K!
IGASD@NHK! @QQRH@DA@I>K! KEKDGQ@TR>K/! *>K! ?>IH@CI>K! ALL>SD>IA@>HD! J>! QGDABNJ@KQ>! ?>K!
J@F@?>K! >D! ?R! OJRSNK>! SNH?R@KAHD! L@HAJ>Q>HD! V! RH>! IGK@KDAHS>! V! Jk@HKRJ@H>! >D!
GW>HDR>JJ>Q>HD!AR!?@ABCD>!?>!DEF>!#/!
!

+4+4+4+4 57'C@E%&'"?:&A:"?7@&'&:'G>:78E@EG&'
!
2>!D>IQ>!QGDABNJNQ>!>KD!>QFJNEG!FNRI!TRAJ@L@>I!JP>HK>QBJ>!?>!F>D@D>K!QNJGSRJ>K!
SM@Q@TR>K! DINRWGK! ?AHK! J>K! GSMAHD@JJNHK! B@NJNO@TR>K! ]FJAKQAa! L>SCKa! RI@H>a! r^/! 3>!
QAH@CI>! FJRK! FIGS@K>! >D! ?AHK! HNDI>! SNHD>[D>a! J>! QGDABNJNQ>! >KD! ?GK@OHG! FNRI!
SAIASDGI@K>I! JP>HK>QBJ>! ?>! QGDABNJ@D>K! B@NJNO@TR>K! DINRWGK! ?AHK! J>! FJAKQA! ]OJRS@?>Ka!
J@F@?>Ka!AS@?>K!AQ@HGKa!r^/!!!
4H>! TR>KD@NH! @QFNIDAHD>! TR@! K>! FNK>! >KD!f! J>! Q@SINB@ND>! @HLJR>HS>XDX@J! J>!
QGDABNJNQ>€!
(H! SNQFAIAHD! J>! QGDABNJNQ>! ?>! KNRI@K! A[GH@TR>K! >D! ?>! KNRI@K! SNHW>HD@NH>JJ>Ka!
m@eNLL!>D!AJ/!NHD!DINRWG!TR>!JA!LJNI>!@HD>KD@HAJ>!@QFASD>!FAID@SRJ@CI>Q>HD!J>!QGDABNJ@KQ>!
?>K! AS@?>K! AQ@HGK! >H! AROQ>HDAHD! JA! FIN?RSD@NH! ?>K! QGDABNJ@D>K! SNHD>HAHD! RH! HNEAR!
@H?NJ>! SNQQ>! @H?N[EJ>! KRJLAD>r! /! *>DD>! LJNI>! Q@SINB@>HH>! AROQ>HD>! GOAJ>Q>HD! JA!

="!
FIN?RSD@NH! ?>! HNQBI>R[! AS@?>K! NIOAH@TR>K! SNHD>HAHD! ?>K! OINRF>K! FMGHNJ/! (HL@Ha!
JP@QFASD! ?>! JA! LJNI>! @HD>KD@HAJ>! KRI! JA! SAFAS@DG! ?>! JPM\D>! ?AHK! J>! QGDABNJ@KQ>! ?>!
QG?@SAQ>HDK!>KD!ARKK@!NBK>IWG!]$U%^/!!
!
!

'
'
'
!"#$%&'(*)'57'C@E%&'"?:&A:"?7@&'&:'@&'G>:78E@"AG&'6&'@ZDc:&4'
!
81(0".*'(#,%'$%#,1"'(&')%(#,0")',6'*("'(23%14."#$2'(+'("JAo%'(-#1(+'(,.24*')K(2361,#$2'$O(+.,%(
%*.#$(2361,#$2'$(#2&.*%1,%$($.,%(*'&*3$',%3$<(;7=' @A0&' (*' B!C<(8'(8CT(&*.-#',%(+'("1(2'24*1,'(
'K%'*,'( +'$( 416%3*#'$( 7*12?,351%#-'$( '%( $'( "#'( 1)( *36'&%')*( :8S;O( L)#( 16%#-'( "'$( -.#'$( +'(
$#5,1"#$1%#.,(&*.?#,0"1221%.#*'$(*3$)"%1,%O(#"(',(*3$)"%'(),'(#,0"1221%#.,(Z(41$(5*1+'(L)#(',%*1q,'(
),'( +#2#,)%#.,( +'( "1( $',$#4#"#%3( Z( "J#,$)"#,'<' ;9=' @A0&' (&/' "+%(&/' D#"/' E' +,"F.&' +4*#$&<( 8'$(
416%3*#'$(&*3$',%'$(+1,$("'(6o".,(0'*2',%',%(+'$(0#4*'$(1"#2',%1#*'$(',(16#+'$(5*1$(Z(6A1q,'(6.)*%'(
D,.%122',%( "'( 4)%@*1%'O( 163%1%'( '%( &*.&#.,1%'I<( 8J163%1%'( '%( "'( &*.&#.,1%'( $.,%( )%#"#$3$( 6.22'(
$)4$%*1%$(&.)*("1(5")6.,3.5',G$'('%("1("#&.5',G$'(+1,$("'(0.#'O(1".*$(L)'("'(4)%@*1%'('$%(),($)4$%*1%(
3,'*53%#L)'(#2&.*%1,%(&.)*("'$(6'"")"'$(+'("1(2)L)')$'(+)(6o".,<(g,(.)%*'O(+'$(16#+'$(5*1$(Z(6A1q,'(
6.)*%'($'("#',%(1)(7CS;V('%(7CS;N(',%*1q,1,%(+'$('00'%$(+#003*',%$(',(0.,6%#.,(+'(%@&'$(6'"")"1#*'$(
6.,6'*,3$<( R1,$( "'$( 6'"")"'$( #22),#%1#*'$O( 6'%%'( $#5,1"#$1%#.,( ',%*1q,'( ),'( *3+)6%#.,( +'(
"F#,0"1221%#.,( '%( +1,$( "'$( 6'"")"'$( 8( +'( "F#,%'$%#,O( '""'( 1)52',%'( "'( %1)K( +'( 78C?V( '%( Ccc( L)#(
6.,+)#$',%( %.)$( ',$'24"'( Z( "F1)52',%1%#.,( +'( "1( $',$#4#"#%3( Z( "J#,$)"#,'<( ;:=' @A0&' (&/' "+%(&/'
G%0%"%#&/H( 8'$( 16#+'$( 4#"#1#*'$( &*#21#*'$( $.,%( &*.+)#%$( &1*( "'( 0.#'( '%( *'6#*6)"3$( +'( "F#,%'$%#,( -'*$( "'(
0.#'<( /'&',+1,%O( "'$( 416%3*#'$( #,%'$%#,1"'$( $.,%( 61&14"'$( +'( +36.,\)5)'*( +'$( 16#+'$( 4#"#1#*'$(
&*#21#*'$O( 6'( L)#( ',%*1-'( "')*( *'6#*6)"1%#.,<( 8'$( 16#+'$( 4#"#1#*'$( &*#21#*'$( +36.,\)5)3$( $.,%O( ',(
.)%*'O(23%14."#$3$(&1*("'$(416%3*#'$(#,%'$%#,1"'$(',(16#+'$(4#"#1#*'$($'6.,+1#*'$<(8'$(16#+'$(4#"#1#*'$(
$'6.,+1#*'$( $'( "#',%( 1)( :7SxO( 6'( L)#( ',%*1q,'( "F1)52',%1%#.,( +'( "1( +3&',$'( +J3,'*5#'( +1,$( "'$(

=#!
2)$6"'$( '%( "1( $36*3%#.,( +'( 78C?V( Z( &1*%#*( +'$( 6'"")"'$( 8<( /'$( +')K( &*.6'$$)$( 6.,+)#$',%( Z(
"F1)52',%1%#.,( +'( "1( $',$#4#"#%3( Z( "J#,$)"#,'<( 8CT=( "#&.&."@$166A1*#+'B( :8S(;=( :.""?"#Q'( *'6'&%.*( ;B(
7CS=( 7( &*.%'#,'?6.)&"'+( *'6'&%.*B( 78C?V=( 7")615.,?"#Q'( &'&%#+'?VB( :7Sx=( 7( &*.%'#,'?6.)&"'+( 4#"'(
16#+(*'6'&%.*(DN_xI<(
!
'
0!S>!bNRI!JPAFFINSM>!QG?@SAQ>HD>RK>!FNRI!DIA@D>I!J>!?@ABCD>!FAI!?@W>IK!SNQFNKGK!
FMAIQASNJNO@TR>K! SNQQ>! Q>DLNIQ@H>a! KRJLNHEJRIG>Ka! @HSIGD@H>Kr! H>! FAIW@>HD! FAK! V!
FIGW>H@I! ?>K! I@KTR>K! SAI?@NWAKSRJA@I>K! AKKNS@GK/! 3>! FJRKa! J>! I@KTR>! @ADINOCH>! >KD!
@QFNIDAHD! >D! S>JA! KP>KD! DIA?R@D! FAI! >[>QFJ>! FAI! J>! I>DIA@D! ?>! S>IDA@HK! QG?@SAQ>HDK!
]J@OAH?K!?>!<<0'γ^/!4H>!@HGLL@SAS@DG!QG?@SAQ>HD>RK>!>KD!ARKK@!V!?GFJNI>I!>H!IA@KNH!?>K!
?@Q@HRD@NHK!?>K!FNKNJNO@>K!SNHKGSRD@W>K!V!?>K!DN[@S@DGK/!3>!FJRKa!JPRKAO>!V!JNHO!D>IQ>!?>!
S>K! QG?@SAQ>HDK! >HDIA@H>HD! ?@W>IK! >LL>DK! K>SNH?A@I>K! SNQQ>! ?>K! DINRBJ>K! @HD>KD@HAR[a!
?>K!I@KTR>K!SAI?@NWAKSRJA@I>Ka!MEFNOJESGQ@TR>K!r!/!
2A!I>SM>ISM>!?>!QNJGSRJ>K!FNRWAHD!AQGJ@NI>I!JA!DNJGIAHS>!AR!OJRSNK>!QA@K!ARKK@!
J>K!I@KTR>K!AKKNS@GK!>KD!?PASDRAJ@DG/!*>IDA@H>K!QNJGSRJ>K!HADRI>JJ>K!SNQQ>!?>K!>[DIA@DK!?>!
SAH>JJ>a!?R!SMINQ>!NR!?>!JA!B>IBGI@H>!NHD!LA@D!JPNBb>D!?>!TR>JTR>K!GDR?>K/!4H>!LAQ@JJ>!?>!
QNJGSRJ>K!HADRI>JJ>K!FNJEFMGHNJ@TR>K!A!LA@D!JPNBb>D!?>!DICK!HNQBI>RK>K!GDR?>K/!<AIQ@!S>K!
?>IH@CI>Ka!J>!I>KW>IADINJ!>D!JA!SRISRQ@H>!NHD!?>K!>LL>DK!KRI!JA!OJESGQ@>/!+J!HNRK!A!K>QBJG!
@QFNIDAHD!?PGDR?@>I!JP>LL>D!?>!S>K!QNJGSRJ>K!AKKNS@G>K!NR!FAK!KRI!JA!DNJGIAHS>!AR!OJRSNK>/!!
'

334 5&A'<E@;<D>?E@A'
(4 5&'%&AV>%7:%E@'_KLM`'

(4(4 =>?>%7@":>A'
'
2>!'>KWGIADINJ!>KD!RH!FNJEFMGHNJ!HADRI>J!TR@!LRD!>[DIA@D!JA!FI>Q@CI>!LN@K!>H!"8%U!
FAI! RH! SM>ISM>RI! bAFNHA@Ka! -AeANeA/! +J! >LL>SDRA! S>DD>! >[DIASD@NH! V! FAID@I! ?>! IAS@H>K! ?R!
n'*1%*)2( 5*1,+#0".*)2! 2N>K! ]M>JJGBNI>! BJAHS^! ]$UY^/! 2>! '.6! LRD! >HKR@D>! @?>HD@L@G! FAI!
,NHNQRIA!>D!AJ/!>H!"8Y$!?AHK!JA!IAS@H>!?R!E1"".&#1(\1&.,#61!]NR!C."@5.,)2(6)$&#+1%)2^a!
*>DD>! FJAHD>! ?P0K@>! NI@>HDAJ>! >KD! RD@J@KG>! ?>FR@K! ?>K! K@CSJ>K! >H! QG?@S@H>! DIA?@D@NHH>JJ>!
SM@HN@K>! >D! bAFNHA@K>! SNHDI>! JP@HLJAQQAD@NH! W@KSGIAJ>a! JA! ?>IQAD@D>! FRIRJ>HD>a! JA!
ONHNIIMG>a! JPAJJ>IO@>a! J>K! QAJA?@>K! SAI?@ATR>K! >D! JPMEF>IJ@F@?GQ@>! ]$U=$""^/! +J! LRD! >H!
KR@D>!?GD>SDG!?AHK!J>K!L>R@JJ>K!?>!JA!W@OH>!]n#%#$(-#,#0'*1^!>H!"8=Y!]$"#^!>D!FJRK!DAI?!?AHK!
J>!W@H!>H!"88#!]$"$^/!7H!DINRW>!?R!'.6!?AHK!FJRK!?>!=U!>KFCS>K!?>!FJAHD>K!I>FAID@>K!>H!
$#!O>HI>Ka!V!KAWN@I!>H!FI>Q@>I!J@>Ra!?AHK!JA!F>AR!?>!IA@K@H!HN@I!]J>!W@H!>D!J>!bRK!?>!IA@K@H^a!
J>K!BA@>K!HN@I>K!]QuI>Ka!QEID@JJ>K^a!J>K!LIAQBN@K>Ka!J>K!A@I>JJ>Ka!JA!SAHH>B>IO>!>D!S>IDA@HK!

=$!
LIR@DK!K>SK!D>JK!TR>!JPAIASM@?>!KNHD!FAID@SRJ@CI>Q>HD!I@SM>K!>H!'.6!]$"%$"=^!]-ABJ>AR!
$^/!

X78@&7$'+)'NE?:&?$'6&'KLM'67?A'6"CC>%&?:&A'AE$%H&A']DABJ>AR!QN?@L@G!?PAFICK!
]$"5^^'
LE$%H&' QE%:"E?' XE:7@'K&AV>%7:%E@OQE%:"E?'_d#`'

'AS@H>K!+DA?NI@! "!O! ∼##UU!

-MG!+DA?NI@! #UU!QJ! ∼#UUU!

'A@K@HK! "UU!O! "&UX=5U!

6@HK!INRO>K! "&U!QJ! 5UX#=UU!

_RK!?>!IA@K@H! #%U!QJ! U/"#XU/#Y!

)EID@JJ>! "UU!O! 5YX"=U!

*AHH>B>IO>! "UU!O! ∼8U!

<@KDASM>! #5!O! #/&X%=!

0IASM@?>K!SIR>K! #5!O! U/YX&U!

0IASM@?>K!OI@JJG>K! #5!O! U/&X#/#!

1>RII>!?PAIASM@?>! $#!O! %/=X#%!

<NR?I>!?>!SASNA! "&!O! "8X$%!

*MNSNJAD!HN@I! "&!O! $/5XY/&!

*MNSNJAD!AR!JA@D! "&!O! U/5X#/Y!


!
!
2>! '.6! ]$a%ta&XDI@! ME?IN[E! KD@JBCH>^! AFFAID@>HD! V! JA! LAQ@JJ>! ?>K! FNJEFMGHNJK! >D!
FJRK!FIGS@KGQ>HD!V!JA!SJAKK>!?>K!KD@JBCH>K/!*P>KD!RH>!FMEDNAJ>[@H>a!KRBKDAHS>!?>!?GL>HK>!
FIN?R@D>!FAI!J>K!FJAHD>K!>H!SNH?@D@NH!?>!KDI>KK!NR!>H!IGFNHK>!AR[!@HL>SD@NHK!]"YY"Y5^/!
<AI! >[>QFJ>a! ?AHK! J>! W@Ha! J>K! ?>R[! LASD>RIK! J>K! FJRK! @QFNIDAHDK! ?AHK! JP@H?RSD@NH! ?>! JA!
FIN?RSD@NH! ?R! '.6! IGK@?>HD! ?AHK! J>K! SNH?@D@NHK! QGDGNINJNO@TR>K! >D! JA! FIGK>HS>! ?>!
SMAQF@OHNHK!]$##$#&^/!!
!
2A! KDIRSDRI>! ?R! '.6! SNQFNID>! ?>R[! SESJ>K! FMGHNJ@TR>K! I>J@GK! FAI! RH>! ?NRBJ>!
J@A@KNH! KDEICH>! I>KFNHKABJ>! ?>K! LNIQ>K! @KNQGI@TR>K! S@K! >D! DIAHK! ]:@ORI>! "$^/! *>K! ?>R[!
LNIQ>K! @KNQCI>K! F>RW>HD! dDI>! KGFAIG>K! >H! RD@J@KAHD! JA! SMINQADNOIAFM@>! J@TR@?>! MARD>!
F>ILNIQAHS>!]*2`<^/!(JJ>K!K>!?@KD@HOR>HD!JPRH>!?>!JPARDI>!FAI!J>RI!QA[@QRQ!ABKNIFD@NHf!

=%!
J>!zQA[!?>!JA!LNIQ>!S@K!>KD!?>!#55!HQ!DAH?@K!TR>!S>JR@!?>!JA!LNIQ>!DIAHK!>KD!?>!$U5!HQ!
]$#Y^/!*>K!?>R[!@KNQCI>K!KNHD!B@NASD@LK!QA@K!JP@KNQCI>!DIAHK!>KD!FIG?NQ@HAHD!>D!SP>KD!JA!
LNIQ>!JA!FJRK!KDABJ>!?AHK!JA!HADRI>/!<NRIDAHDa!@J!F>RD!dDI>!SNHW>ID@!>H!LNIQ>!S@K!JNIKTRP@J!
>KD! >[FNKG! V! JA! JRQ@CI>! ?R! KNJ>@J! ]$#=^! NR! B@>H! V! ?>K! JRQ@CI>K! AID@L@S@>JJ>K! NR! ?>K!
IA?@AD@NHK!RJDIAW@NJ>DD>K ]$#5^ ?>!#&%HQ ]46X*^!]$#8^ NR!?>!$YY!HQ ]46X0^ ]$$U^/!4H>
>[FNK@D@NH! ?PRH>! "! M! V! JA! JRQ@CI>! F>RD! SNHW>ID@I! FJRK! ?>! 5Uv! ?>! '>KW>IADINJXDIAHK! >H!
'>KW>IADINJXS@K ]$$"^/

!
!
!"#$%&'(+)'5&A'6&$\'"AEG9%&A'6$'KLM'
!
(4*4 QD7%G7HEH"?>:"I$&'6$'KLM'
'
2NIK! ?PRH>! A?Q@H@KDIAD@NH! NIAJ>a! J>! '.6! >KD! IAF@?>Q>HD! ABKNIBG! ?AHK! JP@HD>KD@H!
FAI! WN@>! FAKK@W>! NR! >H! LNIQAHD! ?>K! SNQFJ>[>K! AW>S! ?>K! DIAHKFNID>RIK! Q>QBIAHA@I>K!
SNQQ>!J>K!@HDGOI@H>K!]$"=^/!3>K!GDR?>K!FMAIQASNS@HGD@TR>K!SM>c!JPMNQQ>!NHD!QNHDIG!
TR>!J>!'.6!ADD>@HD!KA!SNHS>HDIAD@NH!QA[@QAJ>!]*QA[^!?AHK!J>!KAHO!>HW@INH!$U!Q@H!AFICK!
RH>! A?Q@H@KDIAD@NH! NIAJ>! ?PRH>! LA@BJ>! ]>HW@INH! #&! QO^! ?NK>! >D! >HW@INH! AFICK! "a&! ! #! M!
FNRI!RH>!LNID>!]‹#a&!O^!]$$#$$%^/!2>!DAR[!?PABKNIFD@NH!F>RD!dDI>!@HLJR>HSG!FAI!?@W>IK!
FAIAQCDI>K!SNQQ>!JA!LNIQ>!OAJGH@TR>a!JA!?NK>!NR!QdQ>!S>IDA@H>K!FADMNJNO@>K!J@G>K!V!JA!
LNHSD@NH!@HD>KD@HAJ>!NR!V!JPAJ@Q>HDAD@NH!]$$&a$$Y^/!4H>!LN@K!?AHK!JA!S@ISRJAD@NH!KAHOR@H>a!
J>! '.6! >KD! SAFABJ>! ?>! K>! J@>I! AR[! FINDG@H>K! FJAKQAD@TR>K! SNQQ>! JPAJBRQ@H>! NR! J>K!
J@FNFINDG@H>K! SNQQ>! J>K! 232! >D! @J! WAa! >H! S@ISRJAHDa! ADD>@H?I>! ?@LLGI>HDK! NIOAH>K/! 2A!
L@[AD@NH!?>!JPAJBRQ@H>!NR!?>K!232!V!J>RIK!IGS>FD>RIK!J@BCI>!J>!'.6!>D!JR@!F>IQ>D!?P>HDI>I!
?AHK! J>K! S>JJRJ>K! ]8#^/! 3>! HNQBI>RK>K! GDR?>K! #,( -#-.! NHD! QNHDIGa! >H! I>SM>ISMAHD! JA!
?@KDI@BRD@NH! ?R! '.6! ?AHK! JPNIOAH@KQ>a! TRP@J! E! AWA@D! RH>! ASSRQRJAD@NH! ?AHK! JP>KDNQASa!
JP@HD>KD@Ha! J>! LN@>a! J>K! I>@HKa! J>! S>IW>AR! >D! J>! D@KKR! A?@F>R[! ]$$5$%U^/! 0RKK@! B@>H! SM>c! JA!
KNRI@K! TR>! SM>c! JPMNQQ>a! J>! QGDABNJ@KQ>! ?R! '.6! KP>LL>SDR>! IAF@?>Q>HD! >D! ?>! QAH@CI>!

=&!
FIG?NQ@HAHD>! ?AHK! JP@HD>KD@H! >D! J>! LN@>! ]$"5a$%"^/! .NRK! JPASD@NH! ?>! JP4;-"0"! ]43<X
OJESNKEJDIAHKL>IAK>! "! FNJEF>FD@?>! 0"^! >D! ?>! JA! .42-"0"! ]KRJLNDIAHKL>IAK>^a! J>! '.6! >KD!
QGDABNJ@KG! >H! ?@LLGI>HDK! SNQFNKGK! OJRSRINHN! SNHbRORGK! >D! KRJLADGKa! E! SNQFI@K! J>!
tI>KW>IADINJX$X7XOJRSRINH@?>Pa! t! J>! tI>KW>IADINJX$X7XKRJLAD>Pa! J>! tI>KW>IADINJX%X7X
OJRSRINH@?>Pa! J>! tI>KW>IADINJX$X7X%PX7X?@KRJLAD>aP J>! tI>KW>IADINJX%PX7XKRJLAD>P >D! J>K!
tI>KW>IADINJX?@OJRSRINH@?>KX*h7XSNHbRORGKP! ]:@ORI>! "%a"&^/! 2A! LJNI>! @HD>KD@HAJ>!
QGDABNJ@K>! GOAJ>Q>HD! J>! '.6! >H! ?NHHAHD! J> ?@ME?INI>KW>IADINJ! >D! K>K! QGDABNJ@D>K!
OJRSRINH@?GK! >D! KRJLADGK! ]$"5a$%#^/! *>IDA@HK! QGDABNJ@D>K! SNHK>IW>HD! S>IDA@H>K! ASD@W@DGK!
B@NJNO@TR>K!?>!JA!QNJGSRJ>!QCI>!]$%$^!>D!@J!I>KD>!DNRbNRIK!?AHK!JPNIOAH@KQ>!?>K!DIAS>K!?>!
'.6! HNH! QN?@L@G! ]$$=a$$5a$%%^/! 3PA@JJ>RIKa! JA! HADRI>! >D! JA! TRAHD@DG! ?>! S>K! QGDABNJ@D>K!
KNHD! ?@LLGI>HD>K! ?PRH! @H?@W@?R! V! RH! ARDI>! ]$$#a$%"a$%&^/! (H! LA@Da! ?>K! LJAWNHNn?>K!
AJ@Q>HDA@I>K! SNQQ>! JA! TR>ISGD@H>! SNXA?Q@H@KDIGK! >H! QdQ>! D>QFK! TR>! J>! '.6! F>RW>HD!
@HM@B>I!KA!KRJLADAD@NH!>D!JA!OJRSRINH@?AD@NH!?AHK!J>!LN@>!>D!?AHK!J>K!D@KKRK!?RN?GHAR[/!*>S@!
F>IQ>D! ?PAROQ>HD>I! JA! B@N?@KFNH@B@J@DG! ?R! '.6! ]$%Y$%5^/! 2PRI@H>! >D! J>K! LCS>K!
SNHKD@DR>HD!J>K!WN@>K!?P>[SIGD@NH!?R!'.6a!?>IH@CI>!GDAF>!?>!KA!FMAIQASNS@HGD@TR>/!.R@D>!
V! JP@HO>KD@NH! ?PRH>! ?NK>! RH@TR>a! J>! '.6! >D! K>K! QGDABNJ@D>K! KNHD! SNQFJCD>Q>HD! GJ@Q@HGK!
?>K! D@KKRK! >D! ?>! JPNIOAH@KQ>! AFICK! =#! M! ]$%8^/! ;JNBAJ>Q>HDa! J>! '.6! SNHKD@DR>! ?NHS! RH>!
QNJGSRJ>!LAS@J>Q>HD!ABKNIBG>a!LNID>Q>HD!QGDABNJ@KG>!>D!B@>H!DNJGIG>!QdQ>!V!?>K!?NK>K!
GJ>WG>K!]$&U^/!
!

!
!
!"#$%&'(,)'57'VE"&'G>:78E@"I$&'6$'K&AV>%7:%E@'67?A'@F"?:&A:"?&'<7%'@&A'&?e;G&A'
B=XA4'
)<'?(%*1,$?*'$-'*1%*."?;F?X?5")6)*.,#+'(1,+()>'?(%*1,$?*'$-'*1%*."?N?X?5")6)*.,#+'(DNVtI<((

=Y!
!
!
!"#$%&'(-)'57'VE"&'G>:78E@"I$&'6$'K&AV>%7:%E@'67?A'@&'CE"&'<7%'@&A'&?e;G&A'
LB5XA4'
!
(C<' ?( %*1,$?*'$-'*1%*."?N?X?;F?X?+#$)"01%'O( C>' ?( %*1,$?*'$-'*1%*."?;F?X?$)"01%'O( 1,+( C?( ?%*1,$?
*'$-'*1%*."?N?X?$)"01%'(DNVtI<((
!
!

(4+4 QD7%G7HE@E#"&'6$'KLM'
'
2>! '.6! QN?RJ>! ?@I>SD>Q>HD! NR! @H?@I>SD>Q>HD! FJRK@>RIK! WN@>K! ?>! K@OHAJ@KAD@NH!
S>JJRJA@I>/! .>JNH! JPAHAJEK>! <0;(! ]<AIAQ>DI@S! AHAJEK@K! NL! O>H>! K>D! >HI@SMQ>HD^a! J>! '.6!
@H?R@D! RH>! QN?@L@SAD@NH! K@OH@L@SAD@W>! ?>! "#=! WN@>K! QGDABNJ@TR>K! >D! ?>! K@OHAJ@KAD@NHa! E!
SNQFI@K!J>!SESJ>!?>!jI>BKa!JA!OJESNJEK>a!JA!I>KDI@SD@NH!SAJNI@TR>a!JA!WN@>!?>!K@OHAJ@KAD@NH!?>!
JP@HKRJ@H>a! JA! FMNKFMNIEJAD@NH! N[E?AD@W>! >D! J>! DIAHKFNID! ?>K! GJ>SDINHKa! JA! WN@>! ?>!
K@OHAJ@KAD@NH! ?>! .-0-$a! JA! WN@>! F&$a! JA! WN@>! ?>K! '7.a! JPAIIdD! ?R SESJ>! S>JJRJA@I>a! JA! QNID!
S>JJRJA@I>a! JA! WN@>! .@IDR@H>! ].+'-^a! JA! WN@>! ,:Xκ1! ]$&"^! ]:@ORI>! "Y^/! *>K! ?NHHG>K! HNRK!
QNHDI>HD! JP>LL>D! FJG@NDINF@TR>! ?R! '.6! >D! >[FJ@TR>! J>K! IA@KNHK! ?>! JP@HDGIdD! FNIDG! V!
JPRD@J@KAD@NH! FND>HD@>J! ?R! '.6! ?AHK! J>! DIA@D>Q>HD! ?>! ?@LLGI>HD>K! QAJA?@>K! I>J@G>K! AR!
KEKDCQ>!SAI?@NWAKSRJA@I>a!JP@HLJAQQAD@NHa!J>K!FINS>KKRK!?>!W@>@JJ@KK>Q>HDa!J>K!?@ABCD>Ka!J>!
?EKLNHSD@NHH>Q>HD!H>RINJNO@TR>a!JA!SAIS@HNOGHCK>a!>DS/!]$&#^/!
!

==!
!
!
!"#$%&'(.)'5&A'&CC&:A'8"E@E#"I$&A'6$'K&AV>%7:%E@4!
(
:`E=(:)2).*(,'6*.$#$(016%.*B(/Xs?V=(6@6"..K@5',1$'VB(/Xs?^=(6@6"..K@5',1$'^B(#`XT=(#,+)6#4"'(
,#%*#6(.K#+'($@,%A1$'B(/SC=(/(*'16%#0(&*.%'#,B(M8K=(#,%'*"')Q#,$B(!AS=(1*@"(A@+*.614.,(*'6'&%.*B(TMS:=(
$#*%)#,B(C7/?V=(C'*.K#$.2'(&*."#0'*1%.*?16%#-1%'+(*'6'&%.*?51221(6.16%#-1%.*(VB(g:?V=(',+.%A'"#,(
VB(PPC$=(21%*#K(2'%1"".&*.%'1$'$B(ng7E=(-1$6)"1*(',+.%A'"#1"(5*.h%A(016%.*B(M/!P?V=(#,%*16'"")"1*(
1+A'$#.,(2."'6)"'(VB(>6"?^=(>(6'""("@2&A.21(^B(>6"?s8=(>(6'""("@2&A.21?'K%*1("1*5'B(sM!C=(s?"#,Q'+(
#,A#4#%.*( .0( 1&.&%.$#$( &*.%'#,B( :S!E^=( :`E( *'6'&%.*?1$$.6#1%'+( 016%.*( ^B( S4=(*'%#,.4"1$%.2'B(
/RU$=(6@6"#,?+'&',+',%( Q#,1$'$B( 6?2@6=(2@6( &*.%.?.,6.5',( &*.%'#,B( TXR=( $)&'*.K#+'B(
7CK=(5")%1%A#.,'(&'*.K#+1$'(DNxNI<(
(
(

(4+4(4 UCC&:'7?:"Y"?C@7GG7:E"%&'6$'KLM'
'
2>K! >LL>DK! AHD@X@HLJAQQADN@I>K! ?>! '.6! NHD! GDG! ?GQNHDIGK! FAI! ?>! HNQBI>RK>K!
GDR?>K!ARKK@!B@>H!#,(-#%*.!TR>!#,(-#-./!
!
3@LLCI>HD>K!J@OHG>K!S>JJRJA@I>K!D>JJ>K!TR>!J>K!QASINFMAO>K!a!J>K!$-$!FIG!A?@FNSED>K
]$&%^a! J>K! S>JJRJ>K! >H?NDMGJ@AJ>K! ]$&&^a! J>K! S>JJRJ>K! QRKSRJA@I>K! J@KK>K! ]$&Y^a! J>K!
SMNH?INSED>K ]$&=^a! J>K! S>JJRJ>K! Q@SINOJ@AJ>K ]$&5^a! >D! J> D@KKR! A?@F>R[! ]$&8^ NHD! GDG!
RD@J@KGK!FNRI!QNHDI>I!J>K!FINFI@GDGK!AHD@X@HLJAQQADN@I>K!?R!'.6/!!
3AHK!J>K!S>JJRJ>K!>H?NDMGJ@AJ>Ka!J>!'.6!?@Q@HR>!JP>[FI>KK@NH!?>K!QAITR>RIK!FINX
@HLJAQQADN@I>K!SNQQ>!+*0)X"!]+HD>IXS>JJRJAI!A?M>K@NH!QNJ>SRJ>!"^a!6*0)X"!]6AKSRJAI!
S>JJ!A?M>K@NH!QNJ>SRJ>!"^!]$#&a$&&^!>D!JA!(XK>J>SD@H>!]$YU^!*>DD>!IG?RSD@NH!F>RD!@HM@B>I!
JPA?MGK@NH!?>K!OIAHRJNSED>K!>D!?>K!QNHNSED>K!KRI!J>K!S>JJRJ>K!>H?NDMGJ@AJ>K!>D!F>IQ>DDI>!
RH>! ?@Q@HRD@NH! ?>! JP@HLJAQQAD@NH/! 2>! '.6! @HM@B>! GOAJ>Q>HD! JA! J@BGIAD@NH! ?>! S>IDA@H>K!
SEDNe@H>K!FINX@HLJAQQADN@I>K!D>JJ>K!TR>!+2XY!]$Y"^a!+2X#a!+2X"#a!+:,Xγa!>D!-,:α!]$Y#^!FAI!
J>K!QASINFMAO>K!>D!J>K!JEQFMNSED>K/!(H!FJRKa!JP>[FI>KK@NH!?>!@,7.!]@H?RS@BJ>!H@DI@S!N[@?>!

=5!
KEHDMAK>^!>D!JA!J@BGIAD@NH!?>!JPN[E?>!H@DI@TR>!?AHK!J>K!QASINFMAO>K!KD@QRJGK!KNHD!ARKK@!
IG?R@D>K!FAI!J>!'.6!]$Y$a$Y%^/!!
!
2>!'.6!@HM@B>!ARKK@!JP>[FI>KK@NH!>D!JPASD@W@DG!?>!*79X"!]SESJNN[EO>HAK>^!]$&5^!>D!
*79X#!]$Y&^!TR@!KNHD!?>K!>HcEQ>K!@QFJ@TRG>K!?AHK!JA!FIN?RSD@NH!?>K!QG?@AD>RIK!FINX
@HLJAQQADN@I>K/! (H! FJRKa! @J! ADDGHR>! JPASD@W@DG! ?>! Q<;(.X"! ]Q@SINKNQAJ! FINKDAOJAH?@H! (!
KEHDMAK>X"^a!RH>!>HcEQ>!>KK>HD@>JJ>a!I>KFNHKABJ>!?>!JA!KEHDMCK>!?>!<;(#!]<INKDAOJAH?@H!
(#^!]$&5^/!
!
2>! '.6! @HD>IW@>HD! GOAJ>Q>HD! ?AHK! JA! IG?RSD@NH! ?R! DAR[! ?>! *A#‚! @HDIAS>JJRJA@I>/!
*NQQ>!J>!*A#‚!FNKKC?>!RH!I\J>!?>!K>SNH?!Q>KKAO>I!?RIAHD!JPASD@WAD@NH!?>!JP@HLJAQQAD@NH!
S>JJRJA@I>! ]$"5^a! RH>! IG?RSD@NH! ?>! KNH! DAR[! @HDIAS>JJRJA@I>! FINWNTR>a! FAI! JA! KR@D>a! RH>!
?@Q@HRD@NH!?>!QAITR>RIK!@HLJAQQADN@I>K!SNQQ>!J>!-,:αa!+2X5a!>D!+2XY/!
!
2PASD@NH! AHD@X@HLJAQQADN@I>! ?R! '.6! FNRIIA@D! dDI>! I>J@G>! V! KA! SAFAS@DG! ?P@HM@B>I!
JPASD@NH!?>!LASD>RIK!@QFJ@TRGK!?AHK!JA!DIAHKSI@FD@NH!?>!OCH>K!D>JK!TR>!)0<!j@HAK>a!SX_,ja!
+':X$!]+HD>IL>INH!I>ORJADNIE!LASDNIX$^a!0<X"a!>D!,:Xκ1!]$YYa$Y=^/!(DAHD!?NHHG!TR>!,:Xκ1!
FAID@S@F>!V!RH>!?>K!WN@>K!QAb>RI>K!?>!JP@HLJAQQAD@NHa!?>!HNQBI>RK>K!GDR?>K!JR@!NHD!GDG!
SNHKASIG>K!AL@H!?>!SNQFI>H?I>!J>!QGSAH@KQ>!?PASD@NH!?R!'.6!KRI!S>DD>!WN@>/!*>F>H?AHDa!
ASDR>JJ>Q>HD!S>!QGSAH@KQ>!HP>KD!FAK!>HSNI>!SNQFJCD>Q>HD!GDABJ@f!2>!'.6!>QFdSM>IA@D!
JA! DIAHKJNSAD@NH! ?>! ,:Xκ1! ?AHK! J>! HNEAR! W@A! KN@D! JP@HM@B@D@NH! ?>! +jj! ]$Y5^a! KN@D!
JPASD@WAD@NH! ?>! .+'-"! TR@! ?GAS>DEJ>IA@D! ,:Xκ1! ]$Y8a$=U^a! KN@D! JP@HM@B@D@NH! ?>! JA!
FMNKFMNIEJAD@NH!?>!FY&!]$YY^/!
!
<NRI! SNHL@IQ>I! JP>LL>D! AHD@X@HLJAQQADN@I>! ?R! '.6a! ?>! HNQBI>RK>K! GDR?>K! #,(-#-.!
NHD!GDG!>LL>SDRG>K/!*M>c!J>K!IADK!FIGK>HDAHD!?>K!SNJ@D>K!SMINH@TR>K!@H?R@D>K!FAI!J>!-,1.!
]DI@H@DINB>Hc>H>KRJFMNH@S! AS@?^a! RH! DIA@D>Q>D! FAI! J>! '.6! LA@D! BA@KK>I! JP@HL@JDIAD@NH! ?>K!
H>RDINFM@J>K!>D!J>!DAR[!?>!-,:α/!*M>c!S>K!AH@QAR[a!QAJOIG!RH>!ABK>HS>!?>!QN?@L@SAD@NH!
?>! JA! <;3#! ]FINKDAOJAH?@H! 3#^! a! J>! DAR[! ?>! <;(#! >D! ?>! *79X#! A@HK@! TR>! JP>[FI>KK@NH!
FINDG@TR>! ?>! ,:Xκ1! FY&! KNHD! DNRK! ?@Q@HRGK! FAI! J>! '.6! ]$="^/! 3>! FJRKa! SM>c! JA! KNRI@Ka!
?AHK!RH!ARDI>!QN?CJ>!?P@HLJAQQAD@NH!A@O~>!?>!JP@JGNH!@H?R@D!FAI!:.K.&"1$21(5.,+##a!NH!
SNHKDAD>a!JNIK!?PRH>!SRJDRI>!'K(-#-.!?>!JP@JGNHa!TR>!J>!'.6!IG?R@D!JP>[FI>KK@NH!?>!+2XY!A@HK@!
TR>! JA! KGSIGD@NH! ?>! JP+:,Xγ! >D! ?>! JA! )*<X"/! 3AHK! S>DD>! >[FGI@>HS>a! JPASSRQRJAD@NH! ?>!
JEQFMNSED>K!-!?AHK!JP@JGNH!>KD!GOAJ>Q>HD!@HM@BG>!FAI!J>!'.6!]$=#^/!4H!>LL>D!K@Q@JA@I>!?R!
'.6!A!GDG!SNHKDADG!?AHK!RH!ARDI>!QN?CJ>!>H!RD@J@KAHD!J>!2<.!FNRI!@H?R@I>!JP@HLJAQQAD@NHf!

=8!
JNIKTR>!?>K!KNRI@K!KNHD!DIA@DG>K!FAI!J>!'.6a!JA!SAFAS@DG!?PA?MGK@NH!J>RSNSEDA@I>!K>!DINRW>!
IG?R@D>!?>!YUv!A@HK@!TR>!J>K!DAR[!?>!-,:αa!?>!+2XYa!?>!)*<X"!>D!?P+*0)X"!]$=$^/!
2>K! >LL>DK! AHD@X@HLJAQQADN@I>K! A@HK@! TR>! J>K! >LL>DK! AHD@XN[E?AHDK! KNHD! IGKRQGK!
?AHK!JA!L@ORI>!"=/!
!
!

!
!
!
!"#$%&'(/)'5&A'H"8@&A'8"E@E#"I$&A'GE@>H$@7"%&A'A$<<EA>&A'6$'K&AV>%7:%E@'67?A'
@&A'<%EH&AA$A'7?:"Y"?C@7GG7:E"%&A'&:'7?:"YE\;67?:&A4'
(
:`Er=(:)2).*(,'6*.$#$(016%.*(1"&A1B(2C7gT?V=(2#6*.$.21"(&*.$%15"1,+#,(g($@,%A1$'(VB(`E?i>=(
,'6*.$(016%.*?Q1&&1(>B(/Xs?V=(6@6"..K@5',1$'VB(/Xs?^=(6@6"..K@5',1$'^B(C7g^=(C*.$%15"1,+#,(g^B(
#`XT=( #,+)6#4"'( ,#%*#6( .K#+'( $@,%A1$'B( `X=( ,#%*#6( .K#+'B( x?8Xs=(x?"@&.K#5',1$'B( ME`{=( #,%'*0'*.,(
51221B(PCX=(2@'".&'*.K#+1$'B(:>!ST=(%A#.41*4#%)*#6(16#+(*'16%#-'($)4$%1,6'$B(P/C?V=(P.,.6@%'(
6A'2.(1%%*16%1,%(&*.%'#,(VB(SXT=(*'16%#-'(.K@5',($&'6#'$B(:*KV=(%A#.*'+.K#,(VB(TX/TN=($)&&*'$$.*(.0(
6@%.Q#,'( $#5,1"#,5( NB( 7P?/TE=(5*1,)".6@%( 216*.&A15'( 6.".,@( $%#2)"1%#,5( 016%.*B( M"$=( #,%'*"')Q#,$B(
`!7?V=(,.,$%'*.#+1"( 1,%#?#,0"1221%.*@( +*)5?16%#-1%'+( 5','( VB( /SC=( /( *'16%#0( &*.%'#,B( '`XT=(
',+.%A'"#1"(,#%*#6(.K#+'($@,%A1$'(DNf;I<(
(
(

(4+4*4 UCC&:A'6$'KLM'A$%'PDK'
!
2>K! FINFI@GDGK! ?PAHDAONH@KD>! ?R! '.6! W@K! V! W@K! ?>! 0M'! LRD! QNHDIG! FAI! ?>R[!
GTR@F>K/! -NRD! ?PABNI?a! >H! "885a! *@NJ@HN! >D! K>K! SNJJCOR>K! ]$=&^! NHD! GDABJ@! TR>! J>! '.6!
@HM@B>! ?>! QAH@CI>! ?NK>X?GF>H?AHD>! JPAROQ>HDAD@NH! ?>! JP>[FI>KK@NH! ?R! *EF"A"! @H?R@D>!

5U!
FAI! J>! -*33a! RH! J@OAH?! ?>! 0M'/! *>DD>! @HM@B@D@NH! @HD>IW@>HD! >H! FIGW>HAHD! JA! L@[AD@NH! ?>!
0M'!KRI!J>K!KGTR>HS>K!FINQND>RIK!?>!*EF"A"/!(HKR@D>a!RH!AH!FJRK!DAI?a!>H!"888a!JPGTR@F>!
?>!*AKF>I!]$=Y^!A!GDABJ@!TR>!J>!'.6!bNR>!RH!I\J>!?PAHDAONH@KD>!AR!H@W>AR!?>!0M'a!S>S@!>H!
QNHDIAHD!TR>!J>!'.6!F>RD!K>!L@[>I!KRI!0M'!>D!FINQNRWN@I!JA!DIAHKJNSAD@NH!?>!0M'!?AHK!J>!
HNEAR! TR@! F>RD! AJNIK! K>! L@[>I! KRI! JP03,a! SNQQ>! S>JA! K>! FIN?R@D! AW>S! J>K! 3@N[@H>K/!
*>F>H?AHDa!?AHK!J>!SAK!?R!'.6a!JA!DIAHKASD@WAD@NH!RJDGI@>RI>!HP@HD>IW@>HD!FAK/!*P>KD!W@A!S>!
QGSAH@KQ>!TR>!J>!'.6!@HM@B>!JP>[FI>KK@NH!?>!S>IDA@HK!OCH>K!D>JK!TR>!J>!*EF"A"!>D!+2X"β/!
.R@D>!V!S>DD>!?GSNRW>ID>a!?>!HNQBI>RK>K!GDR?>K!>[AQ@HCI>HD!JA!SAFAS@DG!FIND>SDI@S>!?R!
'.6!?AHK!JA!JRDD>!SNHDI>!JA!DN[@S@DG!@H?R@D>!FAI!?>K!AONH@KD>K!?>!0M'!SNQQ>!J>K!?@N[@H>K!
NR!J>!1A</!3>!LA@Da!J>!'.6!>QFCSM>a!FAI!>[>QFJ>a!JP@HM@B@D@NH!?>!JPNKDGNO>HCK>!@H?R@D>!FAI!
J>! -*33! ]$==^/! +J! F>RD! ARKK@! FINDGO>I! J>K! KF>IQADNcNn?>K! >D! J>K! FNRQNHK! SNHDI>! ?>K!
?NQQAO>K! @H?R@DK! KRI! JP03,! FAI! J>! 1A<! ]$=5a$=8^! TR@! KNHD! SAFABJ>K! ?>! FINWNTR>I!
JPAFNFDNK>!?>K!S>JJRJ>K/!
!
*>F>H?AHD!>H!LA@Da!J>!'.6!F>RDa!V!MARD>!SNHS>HDIAD@NHa!AO@I!GOAJ>Q>HD!SNQQ>!RH!
AONH@KD>!?>!0M'a!S>S@!QAJOIG!KA!LA@BJ>!ALL@H@DGa!@J!F>RD!ASD@W>I!JA!WN@>!?>!K@OHAJ@KAD@NH!?>!
0M'!>D!AROQ>HD>I!JP>[FI>KK@NH!>D!JPASD@W@DG!?R!*EF"A"!]$5Ua$5"^/!
!

(4+4+4 UCC&:'7?:"8"E:"I$&'6$'KLM'
!
(H! FJRK! ?>! KNH! >LL>D! AHD@LNHO@TR>a! J>! '.6! FNKKC?>! GOAJ>Q>HD! RH! >LL>D!
AHD@Q@SINB@>H/! 2>K! FINFI@GDGK! AHD@B@ND@TR>K! ?R! '.6! NHD! GDG! ?GQNHDIG>K! KRI! ?@W>IK>K!
>KFCS>K! BASDGI@>HH>K! @HSJRAHD! ?>K! OIAQ! ]X^! >D! ?>K! OIAQ! ]‚^/! !*6.416%'*( 4)%l"'*#! >D!
!*6.416%'*( 6*@1'*.&A#")$! KNHD! ?>K! BASDGI@>K! SNRIAQQ>HD! FIGK>HD>K! ?AHK! JP>AR!
SNHDAQ@HG>! >D! JA! HNRII@DRI>! SAIHG>! >D! JA! F>IK@KDAHS>! ?>! S>K! Q@SINNIOAH@KQ>K! F>RD!
FINWNTR>I! ?>K! QAJA?@>K! OAKDINX@HD>KD@HAJ>K! NR! >[DIAXOAKDIN@HD>KD@HAJ>/! 3R>! V! J>RI!
>[@KD>HS>!?AHK!JP>HW@INHH>Q>HDa!S>K!BASDGI@>K!KNHD!IGK@KDAHD>K!V!FJRK@>RIK!AHD@B@ND@TR>K!
RD@J@KGK! V! JPM>RI>! ASDR>JJ>! ]$5#^/! 2>! '.6! K>! IGWCJ>! SNQQ>! GDAHD! RH! BNH! @HM@B@D>RI! ?>!
SIN@KKAHS>! ?>! !<( 4)%l"'*#! AW>S! RH>! *)+! ]SNHS>HDIAD@NH! Q@H@QAJ>! @HM@B@DI@S>^! ?>! "UU!
ŒOhQJ! >D! !<! 6*@.'*.&A#")$! AW>S! RH>! *)+! ?>! &U! ŒOhQJ! ]$5$^/! (H! NRDI>a! J>! '.6! FNKKC?>!
ARKK@! RH>! ASD@W@DG! BASDGI@S@?>! SNHDI>! W1'2.&A#")$( +)6*'@#a! RH! AO>HD! I>KFNHKABJ>! ?>! JA!
QAJA?@>!K>[R>JJ>!DIAHKQ@KK@BJ>!?GHNQQG>!t*MAHSI>!QNRPa!AW>S!RH>!*)1!]SNHS>HDIAD@NH!
Q@H@QAJ>!BASDGI@S@?>^!?>!!&UU!ŒOhQJ!]$5%^/!4H!>LL>D!AHD@BASDGI@>H!?R!'.6!K>!I>DINRW>!
GOAJ>Q>HD! AW>S! RH>! *)+! SNQFI@K>! >HDI>! &UU! ŒOhQJ! et 1000 ŒOhQJ! SM>c! #8! KNRSM>K! ?>!
)'.0!])>DM@S@JJ@HXI>K@KDAHD!.DAFMEJNSNSSRK^!@KNJGK!V!FAID@I!?>!FAD@>HDK!]$5&^/

5"!
(4+4,4 5&'KLM'&:'@&'WX*'
!
2>K! >LL>DK! B@NJNO@TR>K! FIGK>HDGK! S@X?>KKRK! F>RW>HD! dDI>! I>J@GK! AR[! FND>HD@AJ@DGK!
TR>! FNKKC?>! J>! '.6! ?AHK! J>! DIA@D>Q>HD! ?R! 3-#f! ?>! LA@Da! ?>! HNQBI>RK>K! GDR?>K!
GF@?GQ@NJNO@TR>K! >D! >[FGI@Q>HDAJ>K! QNHDI>HD! TR>! J>! '.6! K>! IGWCJ>! dDI>! RH>! QNJGSRJ>!
FNKKG?AHD!RH!OIAH?!@HDGIdD!DMGIAF>RD@TR>!SNHDI>!J>!?@ABCD>!>D!JPNBGK@DG!]$&"a$5Y$55^/!
!
*>K! ?>IH@CI>K! ?GS>HH@>Ka! FJRK@>RIK! QGSAH@KQ>K! ?PASD@NH! NHD! GDG! KROOGIGK! AL@H!
?P>[FJ@TR>I!JP>LL>D!AHD@?@ABGD@TR>!?R!'.6/!!
-NRD! ?PABNI?a! J>! '.6! K>IA@D! RH! ASD@WAD>RI! ?>! .+'-"/! *>! LASD>RI! bNR>! RH! I\J>!
@QFNIDAHD!?AHK!?@W>IK!FINS>KKRKf!SNQQ>!JA!IGORJAD@NH!?>!MNQGNKDAK@>!?>K!J@F@?>K!>D!?R!
OJRSNK>a!J>!SNHDI\J>!?>!JA!KGSIGD@NH!]$58a$8U^!>D!?>!JA!K>HK@B@J@DG!V!JP@HKRJ@H>!]$8"a$8#^/!+J!
FNKKC?>! RH! >LL>D! AHD@X@HLJAQQADN@I>! >D! SNHDI\J>! J>! KDI>KK! N[E?AD@L! >D! F>IQ>D!
JPAQGJ@NIAD@NH!?>!JA!LNHSD@NH!>H?NDMGJ@AJ>!W@A!JPAROQ>HDAD@NH!?R!HNQBI>!>D!?>!JA!LNHSD@NH!
?>K! Q@DNSMNH?I@>K! ]$8$$8Y^! >D! ?>K! SAFAS@DGK! ?>! ZXN[E?AD@NH! ]$8=^/! *>F>H?AHDa! RH>!
GDR?>!IGS>HD>!?>!<ASMNJ>S!]$85^!A!QNHDIG!?>K!IGKRJDADK!SNHDIA?@SDN@I>K!>H!?@KAHD!TR>!J>!
'.6!HP>KD!FAK!RH!ASD@WAD>RI!?@I>SD!?>!.+'-"/!
3PARDI>!FAIDa!HNDI>!GTR@F>!A!QNHDIG!TR>!J>!'.6!KD@QRJ>!JA!KGSIGD@NH!?>!;2<X"!TR@!
AROQ>HD>! >HKR@D>! JA! KGSIGD@NH! >D! JA! K>HK@B@J@DG! ?>! JP@HKRJ@H>! >D! ?AHK! S>DD>! GDR?>a! J>! '.6!
FNKKC?>!GOAJ>Q>HD!RH!@QFASD!KRI!JA!LJNI>!@HD>KD@HAJ>!>H!HNIQAJ@KAHD!JA!LJNI>!?R!SNHD>HR!
SA>SAJ! QN?@L@G! FAI! RH! IGO@Q>! I@SM>! >H! OIA@KK>! ]$88^/! 3>! QAH@CI>! K@Q@JA@I>a! @J! >KD! GDABJ@!
?AHK!?>K!QN?CJ>K!AH@QAR[a!TR>!J>!'.6!F>RD!AQGJ@NI>I!JA!?EKB@NK>!FIGK>HD>!AR!H@W>AR!?R!
Q@SINB@ND>!@HD>KD@HAJa!>H!AROQ>HDAHD!J>!IAD@N!>HDI>!J>K!KNRSM>K!?>!DEF>!1ASD>IN@?>D>K!>D!
S>JJ>K!?>!DEF>!:@IQ@SRD>Ka!>H!LAWNI@KAHD!JA!SIN@KKAHS>!?>!816%.416#"")$!>D!>#0#+.416%'*#)2!
>D!>H!@HM@BAHD!JA!SIN@KKAHS>!?>!g,%'*.6.66)$(01'61"#$(]%UU^!>D!?>K!>HDGINBASDGI@>K!]%U"^/!
!
,NRK!AJJNHK!QA@HD>HAHD!?GSI@I>!JPGDAD!?>!SNHHA@KKAHS>!KRI!RH!ARDI>!FNJEFMGHNJf!JA!
SRISRQ@H>/!
!

*4 57'N$%H$G"?&'_N$%`'

*4(4 =>?>%7@":>A'
!
2A! SRISRQ@H>! ]?@L>IRJNEJQ>DMAH>^! SNHKD@DR>! J>! FI@HS@FAJ! SNQFNKG! ?R! SRISRQA!
AJ@Q>HDA@I>! TR@! >KD! >[DIA@D! V! FAID@I! ?>K! IM@cNQ>K! ?>! /)*6)21( ".,51a! RH>! FJAHD>! TR@!
AFFAID@>HD! JA! LAQ@JJ>! ?>K! Š@HO@B>IAS>A>/! 2>! SRISRQA! >KD! RD@J@KG! ?>FR@K! ?>K! K@CSJ>K!
FI@HS@FAJ>Q>HD! ?AHK! J>K! FAEK! AK@AD@TR>K! FNRI! DIA@D>I! ?@LLGI>HD>K! QAJA?@>K/! (H! "5"&a!

5#!
6NO>J!>D!<>JJ>D@>I!NHD!@KNJG!RH!SNQFNKG!I>KFNHKABJ>!?>!JA!SNRJ>RI!bARH>!W@L!?R!SRISRQA!
>D!@JK!J>!HNQQCI>HD!t*RISRQ@H>P/!.R@D>!V!KNH!@KNJ>Q>HDa!)@JNB>?ceA!>D!2AQF>!NHD!GDABJ@!
JA!KDIRSDRI>!SM@Q@TR>!?>!JA!*RI!>H!"8"U!]%U#^/!
2A! ?GHNQ@HAD@NH! SM@Q@TR>! ?>! JA! *RI! >KD! t"a=XB@KX]%XME?IN[EX$XQ>DMN[EFM>HEJ^X
M>FDAX"aYX?@>H>X$a&X?@NH>P AW>S! JA KDIRSDRI>! SM@Q@TR>! BIRD>! *#"`#U7Y ]%U$^/! 3AHK JA
HADRI>a! JA! *RI! FNKKC?>! ?>R[! @KNQCI>K! ?@LLGI>HDKf! JA! LNIQ>! GHNJ@TR>! >D! JA! LNIQ>! ZX
?@SGDNH@TR> ]:@ORI>!"5^/!2A!LNIQ>!GHNJ@TR>!>KD JA FJRK!KDABJ>!>Da >JJ>!>KD FIG?NQ@HAHD> >H!
KNJRD@NH/! 2PGDR?>! KF>SDINFMNDNQCDI@TR>! QNHDI>! TR>! JA! LNIQ>! GHNJ@TR>! ABKNIB>! JA!
JRQ@CI>!V!RH>!JNHOR>RI!?PNH?>!?>!%"8!HQ!DAH?@K!TR>!J>!F@S!?PABKNIFD@NH!?>!JA!?@SGDNH>!
K>!K@DR>!V!$58!HQ!]%U%^/!2A!*RI!>KD!RH!FNJEFMGHNJ!J@FNFM@J>!TR@!>KD!TRAK@Q>HD!@HKNJRBJ>!
?AHK!JP>AR!QA@K!DICK!KNJRBJ>!?AHK!J>K!KNJWAHDK!NIOAH@TR>K!SNQQ>!J>!QGDMAHNJa!JPGDMAHNJa!
J>! ?@Q>DMEJ! KRJLN[@?>! ]3).7^! >D! JPASGDNH>! ]%U&^/! (JJ>! I>KD>! KDABJ>! V! F`! AS@?>! QA@K! >KD!
@HKDABJ>!V!F`!H>RDI>!>D!BAK@TR>!TR@!KNHD!J>K!SNH?@D@NHK!?AHK!J>KTR>JJ>K!>JJ>!>KD!?GOIA?G>!
>H!AS@?>!LGIRJ@TR>!>D!L>IRJNEJQGDMAH>!]%UYa%U=^/!
!

!
!"#$%&'(0)'5&A'6&$\'"AEG9%&A'6&'N$%H$G"?&4
!
!

*4*4 QD7%G7HEH"?>:"I$&'6&'@7'N$%'
!
2PRD@J@KAD@NH! DMGIAF>RD@TR>! ?>! JA! *RI! >KD! J@Q@DG>! V! SARK>! ?>! KA! LA@BJ>!
B@N?@KFNH@B@J@DG/! 2PABKNIFD@NH! ?>! JA! *RI! >KD! LA@BJ>a! KA! QGDABNJ@KAD@NH! >KD! GJ>WG>a! >D! KNH!
GJ@Q@HAD@NH! IAF@?>! ]%U5^/! 2A! FI>Q@CI>! GDR?>! KRI! J>! FINL@J! FMAIQASNS@HGD@TR>! ?>! JA! *RI!
LRD!IGAJ@KG>!KRI!?>K!IADK!>H!"8=5/!0FICK!RH>!A?Q@H@KDIAD@NH!FAI!WN@>!NIAJ>!?>!"OheO!?>!
*RIa!?>K!DIAS>K!?>!*RI!NHD!GDG!?GD>SDG>K!?AHK!J>!FJAKQA!]%U8^/!2PGTR@F>!?>!<AH!]%"U^!A!
DINRWG! RH>! LA@BJ>! SNHS>HDIAD@NH! FJAKQAD@TR>! ?>! *RI! ]Ua"$! ŒOhQJ^! AFICK! "&Q@H! ?PRH>!
A?Q@H@KDIAD@NH!FAI!WN@>!NIAJ>!?>!"aU!OheO/!2A!*QA[!FJAKQAD@TR>!]Ua##!ŒOhQJ^!>KD!ADD>@HD>!
>H!"!M>RI>!>D!S>DD>!SNHS>HDIAD@NH!I>FAKK> >H Y!M>RI>K!>H ?>KKNRK!?>!JA!J@Q@D>!?GD>SDABJ>/!
0FICK!RH>!A?Q@H@KDIAD@NH!FAI!WN@>!@HDIAXFGI@DNHGAJ>!?>!Ua"!OheOa!J>!H@W>AR!FJAKQAD@TR>!

5$!
?>! JA! *RI! ADD>@HD! #a#&! ŒOhQJ! >H! "&! Q@HRD>K! AFICK! JkA?Q@H@KDIAD@NH! FR@K! ?@Q@HR>!
IAF@?>Q>HD! >H! "! M>RI>/! 3>K! IA?@NXQAITR>RIK! NHD! GDG! RD@J@KGK! AL@H! ?>! KR@WI>! JA!
?@KDI@BRD@NH!?>!JA!*RI!?AHK!JPNIOAH@KQ>/!0W>S!?>K!?NK>K!?GSIN@KKAHD>K!?>!%UUa!5Ua!>D!"U!
QOa!JA!*RI!>KD!I>DINRWG>!?AHK!J>!KAHOa!J>!LN@>!>D!J>!I>@H/!0!JA!?NK>!JA!FJRK!LA@BJ>!]5U!>D!"U!
QO^a!JA!FJRFAID!?>!JA!*RI!>KD!GJ@Q@HG>!>H!=#!M>RI>K!AJNIK!TRPAW>S!RH>!?NK>!?>!%UU!QOa!JA!
*RI!QAITRG>!>KD!>HSNI>!I>DINRWG>!?AHK!J>K!D@KKRK!"#!bNRIK!AFICK!JPA?Q@H@KDIAD@NH/!+J!>KD!
@HDGI>KKAHD! ?>! HND>I! TR>! J>! FNRIS>HDAO>! ?>! *RI! ABKNIBG! ]YUXYYv! ?>! JA! ?NK>! ?NHHG>^!
I>KD>!SNHKDAHD!TR>JJ>!TR>!KN@D!JA!?NK>!A?Q@H@KDIG>/!*>JA!@H?@TR>!TR>!JPAROQ>HDAD@NH!?>!JA!
?NK>!?>!*RI!HPABNRD@D!FAK!V!RH>!ABKNIFD@NH!KRFFJGQ>HDA@I>!]%""^/!2A!*RI!>KD!GOAJ>Q>HD!
I>DINRWG>! ?AHK! JP@HD>KD@Ha! JA! IAD>a! >D! J>! S>IW>AR! ]%"Ua%"#^/! *M>c! J>K! INHO>RIK! A@HK@! TR>!
SM>c!JPMNQQ>a!RH>!LN@K!ABKNIBG>a!JA!*RI!?>W@>HD!7XSNHbRORG>!FNRI!LNIQ>I!JA!SRISRQ@H>!
OJRSRINH@?>! >D! JA! SRISRQ@H>! KRJLAD>a! FR@K! >JJ>! KRB@D! RH>! B@NXIG?RSD@NH! >H!
DGDIAME?INSRISRQ@H>a! M>[AME?INSRISRQ@H>a! NSDAME?INSRISRQ@H>a! >D!
M>[AME?INSRISRQ@HNJ! ]#=##=%^! ]:@ORI>! "8^/! 2>K! SRISRQ@H>K! IG?R@D>K! KRB@KK>HD!
>HKR@D>! RH>! OJRSRINH@?AD@NH! FNRI! dDI>! SNHW>ID@>K! >H! SRISRQ@H>! OJRSRINH@?>a!
?@ME?INSRISRQ@H>XOJRSRINH@?>! >D! DGDIAME?INSRISRQ@H>XOJRSRINH@?>! FR@K! RH>!
KRJLADAD@NH!@HD>IW@>HD!FNRI!?NHH>I!J>K!SRISRQ@H>K!KRJLAD>K!]%"Y%"5^/!2>!LN@>!SNHKD@DR>!
JPNIOAH>! QAb>RI! I>KFNHKABJ>! ?R! QGDABNJ@KQ>! ?>! JA! *RI! ]%U8a%"=a%"8^/! 2>K! QGDABNJ@D>K!
FI@HS@FAR[! KNHDf! JA! SRISRQ@H>! OJRSRINH@?>a! JA! ?@ME?INSRISRQ@H>XOJRSRINH@?>a! JA!
DGDIAME?INSRISRQ@H>XOJRSRINH@?>a! >D! JA! DGDIAME?INSRISRQ@H>! ]%"U^/! 2P>[SIGD@NH! ?>! JA!
*RI!>D!?>!K>K!QGDABNJ@D>K!@HD>IW@>HD!FI@HS@FAJ>Q>HD!W@A!J>K!LCS>K!AJNIK!TR>!JPGJ@Q@HAD@NH!
RI@HA@I>!>KD!HGOJ@O>ABJ>!NR!@H?GD>SDABJ>!]%U8a%"Y^/!
2A! LA@BJ>! B@N?@KFNH@B@J@DG! ?>! JA! *RI! F>RD! dDI>! AQGJ@NIG>! >H! IGAJ@KAHD! KNH!
A?Q@H@KDIAD@NH!?>!QAH@CI>!SNHSNQ@DAHD>!AW>S!S>JJ>!?>!JA!<@F>I@H>/!;IxS>!V!RH>!@HM@B@D@NH!
?>! JA! OJRSRINH@?AD@NH! @HD>KD@HAJ>! >D! MGFAD@TR>! FAI! JA! <@FGI@H>a! S>DD>! AKKNS@AD@NH! @H?R@Da!
RH>! AROQ>HDAD@NH! DICK! @QFNIDAHD>! ?>! JA! SNHS>HDIAD@NH! FJAKQAD@TR>! >D! ?>! JA!
B@N?@KFNH@B@J@DG! ?>! JA! *RIa! ]%#U^/! (H! NRDI>a! @J! A! GDG! QNHDIG! TR>! S>IDA@HK! ?>! K>K!
QGDABNJ@D>Ka! SNQQ>! JA! SRISRQ@H>! OJRSRINH@?>! >D! JA! DGDIAME?INSRISRQ@H>! SNHK>IW>HD!
RH>! FAID@>! ?>! JP>LL>D! ?>! JA! QNJGSRJ>! QCI>a! S>! TR@! FNRIIA@D! SNQF>HK>I! KA! LA@BJ>!
B@N?@KFNH@B@J@DG!]%"%a%#"%#$^/!
(H!IGKRQGa!JA!*RI!K>!IGWCJ>!SNQQ>!LA@BJ>Q>HD!ABKNIBG>a!IAF@?>Q>HD!QGDABNJ@KG>!
>D!GJ@Q@HG>a!QA@K!B@>H!DNJGIG>!QdQ>!V!?>K!?NK>K!GJ>WG>K!]%#Ua%#%^/!
!

5%!
!
!!
!
!"#$%&'(1)'5&A'A:%$H:$%&A'6&'@7'N$%H$G"?&'&:'A&A'G>:78E@":&A'_,20`4'
!
!
!
!

5&!
*4+4 QD7%G7HE@E#"I$&'6&'@7'N$%'
!
2A! *RI! FNKKC?>! ?>! HNQBI>RK>K! FINFI@GDGK! FMAIQASNJNO@TR>K! ]:@ORI>! #U^/! (JJ>!
@HD>IAO@D!AW>S!?@W>IK>K!S@BJ>K!QNJGSRJA@I>Ka!D>JJ>K!TR>!?>K!LASD>RIK!?>!DIAHKSI@FD@NHa!?>K!
LASD>RIK! ?>! SIN@KKAHS>a! ?@LLGI>HDK! IGS>FD>RIKa! S>IDA@HK! >HcEQ>Ka! ?>K! SEDNe@H>Ka! >D! ?>K!
OCH>K! IGORJAHD! JA! FINJ@LGIAD@NH! S>JJRJA@I>! >D! JPAFNFDNK>/! *>! FNJEFMGHNJ! HADRI>J! QN?RJ>!
FJRK@>RIK! LASD>RIK! ?>! DIAHKSI@FD@NHa! E! SNQFI@K! ,:Xp1! ]%#&^a! 0<X"! ]%#Y^a! .-0-! ]%#=^a!
,IL#!],RSJ>AI!LASDNI!J@e>X#^!]%#5^a!<<0'Xo!]%#8^a!:797!]:NIeM>A?!BN[!FIND>@H!7^!]%$U^a!
>D! JA! ZXSAD>H@H>! ]%$"^/! (H! FJRKa! >JJ>! @HM@B>! JPASD@W@DG! ?>! ?@LLGI>HD>K! FINDG@H>K! e@HAK>K!
SNQQ>! )0<! j@HAK>K! ]%$#^a! <j0! ]%$$^a! >D! S>IDA@H>K! <j*K! ]%$%^/! (JJ>! IGORJ>! GOAJ>Q>HD!
F&$!>D!F#"!]%$&^!TR@!KNHD!@QFJ@TRGK!?AHK!JPAFNFDNK>!S>JJRJA@I>/!3u!V!K>K!QRJD@FJ>K!>LL>DKa!
JA! *RI! FNKKC?>! RH! @HDGIdD! FND>HD@>J! W@KXVXW@K! ?R! DIA@D>Q>HD! ?>! ?@W>IK>K! FADMNJNO@>K!
SNQQ>! J>K! QAJA?@>K! @HLJAQQADN@I>Ka! J>K! DINRBJ>K! QGDABNJ@TR>Ka! J>K! QAJA?@>K!
H>RIN?GOGH>IAD@W>Ka!A@HK@!TR>!?@LL>I>HDK!SAHS>IKr!]%U#a%U&^/!
!
!

!
!
!"#$%&'*2)'SE6$@7:"E?'<7%'@7'N$%H$G"?&'6&'@F&\<%&AA"E?'6&'6"CC>%&?:&A'
GE@>H$@&A'6&'A"#?7@"A7:"E?'H&@@$@7"%&4'
'
:`Er=( :)2).*( ,'6*.$#$( 016%.*( 1"&A1B( M8?VY=( #,%'*"')Q#,?VYB( M8?^=( #,%'*"')Q#,( ^B( M8?Vt=(
#,%'*"')Q#,( VtB( M8?H=( #,%'*"')Q#,( HB( P/C?V=( P.,.6@%'( 6A'2.( 1%%*16%1,%( &*.%'#,( VB( PMC?Vr=(
216*.&A15'( #,0"1221%.*@( &*.%'#,( V( 1"&A1B( M8?V^=( #,%'*"')Q#,( V^B( M/!P?V=( #,%*16'"")"1*( 1+A'$#.,(
2."'6)"'( VB( n/!P?V=( -1$6)"1*( 6'"")"1*( 1+A'$#.,( 2."'6)"'$( VB( g8!P?V=( ',+.%A'"#1"( "')Q.6@%'(
1+A'$#.,( 2."'6)"'VB( #`XT=( #,+)6#4"'( ,#%*#6( .K#+'( $@,%A1$'B( /Xs?^=( 6@6"..K@5',1$'^B( WX?V=( A'2'(
.K@5',1$'VB( PPC^=( 21%*#K( 2'%1"".&*.%'1$'( ^B( PPCk=( 21%*#K( 2'%1"".&*.%'1$'kB( 7SCft=( 5")6.$'(

5Y!
*'5)"1%'+( &*.%'#,( ftB( !:EH=( 16%#-1%#,5( %*1,$6*#&%#.,( 016%.*( HB( /WXC=( /bg>C( A.2.".5.)$( &*.%'#,B(
s>C?V=( s?4.K( 4#,+#,5( &*.%'#,( VB( 7!RRVxN=( 5*.h%A( 1**'$%( 1,+( R`!( +1215'?#,+)6#4"'( 5','( VxNB(
CR7E=( &"1%'"'%( +'*#-'+( 5*.h%A( 016%.*B( gE7S=( '&#+'*21"( 5*.h%A( 016%.*( *'6'&%.*B( ng7E=( -1$6)"1*(
',+.%A'"#1"(5*.h%A(016%.*B(:7EY=(%*1,$0.*2#,5(5*.h%A(016%.*(4'%1B(a`U=(6?a),(`?%'*2#,1"(Q#,1$'$B(
41K=( >/8^( 1$$.6#1%'+( s( &*.%'#,B( 46"?^=( >( 6'""( "@2&A.21( ^B( !ME=( 1&.&%.$#$( #,+)6#,5( 016%.*B( `*0^=(
,)6"'1*(016%.*('*@%A*.#+(^B(T:!:V=($#5,1"(%*1,$+)6'*(1,+(16%#-1%.*(.0(%*1,$6*#&%#.,(D;_^I<(
!
!

*4+4(4 UCC&:'7?:"Y"?C@7GG7:E"%&'6&'N$%'
!
2>K! FINFI@GDGK! AHD@X@HLJAQQADN@I>K! ?>! JA! *RI! NHD! GDG! ?GQNHDIG>K! FAI! ?>!
HNQBI>R[!DIAWAR[!#,(-#%*.(A@HK@!TR>(#,(-#-./!
!
3AHK!J>K!S>JJRJ>K!>H?NDMGJ@AJ>K!MRQA@H>K!>H!SRJDRI>a!JA!*RI!IG?R@D!JP>[FI>KK@NH!?>!
?@LLGI>HD>K!FINDG@H>K!?PA?MGK@NH!D>JJ>K!TR>!?>!+*0)X"a!6*0)X"!>D!(20)X"!]>H?NDM>J@AJ!
J>ReNSED>! A?M>K@NH! QNJ>SRJ>X"^! ]%$Y^/! *>DD>! IG?RSD@NH! F>RD! Q>H>I! V! JP@HM@B@D@NH! ?R!
I>SIRD>Q>HD!?>K!S>JJRJ>K!J>RSNSEDA@I>K!>D!FAI!JA!KR@D>!V!JA!?@Q@HRD@NH!?>!JP@HLJAQQAD@NH/!
2A!FIN?RSD@NH!?>!?@W>IK>K!SEDNe@H>K!>D!?>!QAITR>RIK!FINX@HLJAQQADN@I>K!SNQQ>!+2X"Za!
+2X5a!-,:ga!)+<"g!]QNHNSED>!@HLJAQQADNIE!FIND>@H>X"^a!)*<X"!]%$=^a!+2X"#!]%$5^a!+2XY!
]%$8^a!>D!+2X#!FAI!J>K!QASINFMAO>K!>D!FAI!?PARDI>K!S>JJRJ>K!>KD!GOAJ>Q>HD!@HM@BG>!FAI!JA!
*RI!]%%U^/!(H!NRDI>a!?AHK!J>K!QASINFMAO>K!KD@QRJGKa!JP>[FI>KK@NH!?>!@,7.!>D!JA!J@BGIAD@NH!
?>!JPN[E?>!H@DI@TR>!>KD!ARKK@!IG?R@D>!FAI!JA!*RI!]%$5^/!
!
2A! *RI! QN?@L@>! JA! KEHDMCK>! ?>K! >@SNKAHNn?>K! FAI! JP@HM@B@D@NH! ?>! JA! *79X#a! RH>!
>HcEQ>!I>KFNHKABJ>!?>!JA!KEHDMCK>!?>!QG?@AD>RIK!FINX@HLJAQQADN@I>K!]%$5a%%"^/!2A!*RI!
FNKKC?>!GOAJ>Q>HD!JA!SAFAS@DG!?>!KRFFI@Q>I!JP>[FI>KK@NH!?>!QGDAJJNFINDG@HAK>K!]))<K^!
SNQQ>!))<"h=!]%%#^a!))<#!]%%$^a!>D!))<8!]%%%^/!
!
*>K! >LL>DK! @HM@B@D>RIK! ?>! JA! *RI! FNRIIA@>HD! dDI>! J@GK! V! KA! SAFAS@DG! Va! @HM@B>I! J>K!
LASD>RIK! @QFJ@TRGK! ?AHK! JA! IGORJAD@NH! ?>! JA! DIAHKSI@FD@NH! ?>! OCH>K! D>JK! TR>! J>K! )0<!
e@HAK>Ka!.-0-a!0<X"a!,:Xp1!>D!JA!ZXSAD>H@H>!]%%&a%%Y^!]:@ORI>!#"^/!2A!*RI!AO@IA@D!KRI!JA!
WN@>!,:Xp1!>H!>QFdSMAHD!JA!DIAHKJNSAD@NH!?>!,:Xp1!?AHK!J>!HNEAR!]%%=%%8^a!S>S@!KN@D!
FAI!JP@HM@B@D@NH!?>!+jja!KN@D!W@A!JP@HM@B@D@NH!?>!JA!FMNKFMNIEJAD@NH!>D!?>!JA!?GOIA?AD@NH!?>!
+p1g/!
!
3kARDI>K!WN@>K!?>!K@OHAJ@KAD@NHa!D>JJ>K!TR>!JA!WN@>!)0<!e@HAK>h('j!A@HK@!TR>!S>JJ>!
?>!JA!<+$jh0eD!TR@!KNHD!@QFJ@TRG>K!?AHK!JkASD@WAD@NH!?>!,:Xκ1a!KNHD!GOAJ>Q>HD!@HM@BG>K!
FAI!JA!*RI!]%%#a%&Ua%&"^/!

5=!
2>K! GDR?>K! #,( -#-.! NHD! SNHL@IQG! J>K! >LL>DK! AHD@X@HLJAQQADN@I>K! ?>! JA! *RI/! 0@HK@a!
?AHK! RH! QN?CJ>! ?PAIDMI@D>! SMINH@TR>! SM>c! J>! IADa! >JJ>! IG?R@D! JP>[FI>KK@NH! ?>! ?@W>IK!
QAITR>RIK!FINX@HLJAQQADN@I>K!SNQQ>!J>!DAR[!?>!*'<a!S>JR@!?>!JP`AFDNOJNB@H>a!>D!?>!+2X
"Z! ]%&#^/! 2A! *RI! IG?R@D! ARKK@! ?PARDI>K! QAITR>RIK! SNQQ>! J>! DAR[! ?>! )<7!
]QE>JNF>IN[@?AK>^a!?>!2<7!]J@F@?F>IN[@?AD@NH^a!>D!?P0<2!]AJeAJ@H>!FMNKFMADAK>^/!2A!*RI!
FINDGO>!J>!SNJNH!>H!KRFFI@QAHD!JA!KRI>[FI>KK@NH!?>!@,7.!>D!?>!,:Xp1!@H?R@D!FAI!J>!3,*1!
]#a%!?@H@DINSMJNINB>Hc>H>^a!J>TR>J!>KD!I>KFNHKABJ>!?>!JPAFFAI@D@NH!?PRH>!SNJ@D>!SM>c!J>!IAD!
]%&$^/! 2A! *RI! ?@Q@HR>! GOAJ>Q>HD! JP>[FI>KK@NH! ?>! ?@LLGI>HD>K! SEDNe@H>K! @HLJAQQADN@I>K!
D>JJ>K! TR>! +2X"g! >D! Za! +2X#a! +2XYa! >D! +2X"U! ?AHK! J>! LN@>! ?>! IADK! KNRQ@K! V! RH! SMNS!
MGQNIIAO@TR>!>[FGI@Q>HDAJ/!*>DD>!?@Q@HRD@NH!K>IA@D!?R>!V!JP@HASD@WAD@NH!?>K!LASD>RIK!?>!
DIAHKSI@FD@NH!,:Xp1!>D!0<X"!]%&%^/!2>K!?@W>IK!K@D>K!?PASD@NH!?>!JA!*RI!KNHD!IGKRQGK!KRI!JA!
L@ORI>!"8/!
!
!

!
!
!"#$%&'*()'S>H7?"AG&'6F7H:"E?'6&'@7'N$%H$G"?&'A$%'@7'VE"&'6&'A"#?7@"A7:"E?'6&'^!Y
fg4'
'
81( 6)*6)2#,'( #,A#4'( "F16%#-1%#.,( +'( `E?i>( #,+)#%( &1*( :8S;( -#1( MUUr( '%( MUUY<( 81( 6)*6)2#,'(
*3+)#%("J16%#-1%#.,(+'(`E?i>(#,+)#%(&1*(!Q%('%(1)52',%'(351"'2',%("'(%1)K(+'(+35*1+1%#.,(M?i><(81(
6)*6)2#,'(#,A#4'("F#,+)6%#.,(+'("1(&Nt('%(+FgSU(&1*("1(P!C(U#,1$'<(`.*21"'2',%(6'%%'(#,+)6%#.,(
01-.*#$'("1(%*1,$6*#&%#.,(+F!C?VO(+'(6?0.*O('%(+'(6?\),<(g,(.)%*'O("1(6)*6)2#,'(#,A#4'("F'K&*'$$#.,(+)(
:`ErO(+'(#`XT('%(+'("1(/Xs?^<(81(6)*6)2#,'(#,+)#%(`*0^('%(1)52',%'("1($36*3%#.,(+'(WX?V(L)#($.,%(

55!
+'$( 016%')*$( &*.1&.&%.%#L)'$<( 81( 6)*6)2#,'( 1)52',%'( "'( %1)K( +'( 2.*%( 6'"")"1#*'( &1*( 1&.&%.$'( '%(
#,A#4'("1(&*."#03*1%#.,(6'"")"1#*'(+3*35)"3'(',(#,A#41,%(CMNU('%(7TUNY('%(',(2.+#0#1,%("F16%#-#%3(+'(
"1(Y?61%3,#,'(1#,$#(L)'(+'(2)"%#&"'$(2."36)"'$(+'($#5,1"#$1%#.,(D;;xI<((
`E?i>=( ,)6"'1*( 016%.*( Q1&&1( >B( :8S;=( %.""( "#Q'( *'6'&%.*( ;B( MUU=( Mi>( Q#,1$'B( gSU=( 'K%*16'"")"1*(
$#5,1"?*'5)"1%'+(Q#,1$'B(P!C(Q#,1$'=(2#%.5',?16%#-1%'+(&*.%'#,(Q#,1$'B(!C?V=(16%#-1%.*(&*.%'#,?VB(
:`E1=( %)2.*( ,'6*.$#$( 016%.*( 1B( #`XT=(#,+)6#4"'( ,#%*#6( .K#+'( $@,%A1$'B( /Xs?^=( 6@6"..K@5',1$'( ^B(
`*0^=(,)6"'1*(016%.*("#Q'?^(B(CMNU=(&A.$&A1%#+@"(#,.$#%."(N(Q#,1$'B(7TUN4=(5"@6.5',($@,%A1$'(Q#,1$'(
N(4'%1<(
(
(

*4+4*4 UCC&:'6&'@7'N$%'A$%'PDK'
!
2A!*RI!F>RD!K>!SNQFNID>I!SNQQ>!RH!AHDAONH@KD>!?>!0M'!>H!@HM@BAHD!JPASD@W@DG!?>!
S>!IGS>FD>RI!@H?R@D>!FAI!J>!-*33!QA@K!ARKK@!SNQQ>!RH!AONH@KD>!?>!0M'a!QAJOIG!KA!LA@BJ>!
ALL@H@DG!FNRI!S>!IGS>FD>RI/!(H!RD@J@KAHD!?>K!S>JJRJ>K!?>!SAIS@HNQ>!GF@DMGJ@AJa!*@NJ@HN!>D!K>K!
SNJJCOR>K! NHD! QNHDIG! TR>! JA! *RI! GDA@D! SAFABJ>!?PAO@I! SNQQ>! AHDAONH@KD>! W@KXVXW@K! ?>! JA!
L@[AD@NH!?R!-*33!KRI!0M'/!*>DD>!GDR?>!A!GOAJ>Q>HD!QNHDIG!JP>LL>D!?P@HM@B@D@NH!?>!JA!*RI!
KRI! JPASD@WAD@NH! ?>! 0M'! @H?R@D! FAI! J>! 3)10! ]?@Q>DMEJB>HcAHDMIAS>H>^/! +J! KP>H! KR@D! RH>!
?@Q@HRD@NH! ?>! JP>[FI>KK@NH! ?R! *EF"A"! ]%&&^/! 2A! *RI! F>RD! @HM@B>I! JP>LL>D! ?R! 1A<! KRI!
JP>[FI>KK@NH!>D!JPASD@WAD@NH!?R!*EF"A"!W@A!0M'!ARKK@!B@>H!#,(-#%*.(]%&Y^!TRP#,(-#-.(]%&=^/!
2PGTR@F>! ?>! ,@KM@RQ@! >[FJ@TR>! ?>! LAsNH! ?@LLGI>HD>! JP>LL>D! ?P@HM@B@D@NH! ?>! JA! *RI! KRI!
JPASD@WAD@NH!?>!0M'f!>H!LA@Da!JA!*RI!HP@HM@B>IA@D!FAK!JA!DIAHKJNSAD@NH!?>!0M'!@H?R@D!FAI!J>!
-*33! ?AHK! J>! HNEAR! QA@K! JPASSGJGI>IA@D! >D! ?AHK! J>! HNEARa! S>! FNJEFMGHNJ! @HM@B>IA@D! ?>!
QAH@CI>! ?NK>! ?GF>H?AHD>a! JPMGDGIN?@QGI@KAD@NH! ?>! 0M'! AW>S! 0IHD! ]0M'! HRSJ>AI!
DIAHKJNSADNI^!A@HK@!TR>!JA!FMNKFMNIEJAD@NH!?>!S>K!LASD>RIK!@H?R@D!FAI!J>!-*33!]%&5^/!
!
*NQQ>!@H?@TRG!FIGSC?>QQ>HDa!JA!*RI!F>RD!AO@I!SNQQ>!RH!ASD@WAD>RI!?>!0M'!>D!
?NHS! @H?R@I>! JP>[FI>KK@NH! >D! JPASD@WAD@NH! ?>! *EF"A"/! *P>KD! S>! TR>! IAFFNID>! RH>! GTR@F>!
bAFNHA@K>!DIAWA@JJAHD!KRI!JP>LL>D!?>!?@LLGI>HDK!SNQFNKGK!WGOGDAR[!KRI!0M'/!+JK!SNHKDAD>HD!
TR>! JA! *RI! >KD! ARKK@! RH! ASD@WAD>RI! ?>! 0M'! QAJOIG! KA! LA@BJ>! ALL@H@DG! FNRI! S>! IGS>FD>RI!
SNQFAIG>!V!S>JJ>!?>K!@KNLJAWNH>Ka!?R!'.6!NR!?PARDI>K!SNQFNKGK!FNJEFMGHNJ@TR>K!]$5"^/!
!
;JNBAJ>Q>HDa! JA! *RI! F>RDa! K>JNH! J>K! S@ISNHKDAHS>Ka! bNR>I! ?>R[! I\J>K! NFFNKGKf!
TRAH?! >JJ>! HP>KD! FAK! >H! SNQFGD@D@NH! AW>S! ?PARDI>K! SNQFNKGKa! JA! *RI! bNR>! RH! I\J>!
?PAONH@KD>! ?>! 0M'! >D! AROQ>HD>! JP>[FI>KK@NH! >D! JPASD@W@DG! ?>! *EF"A"/! (H! I>WAHSM>a! >H!
FIGK>HS>!?PRH!AONH@KD>!FR@KKAHD!?>!0M'a!JA!*RI!K>!IGWCJ>!SNQQ>!RH!AHDAONH@KD>!W@KXVXW@K!
?>!S>D!ARDI>!SNQFNKG/!
!

58!
*4+4+4 UCC&:'7?:"8"E:"I$&'6&'@7'N$%''
'
(H! FJRK! ?>! KNH! ASD@W@DG! AHD@X@HLJAQQADN@I>a! JA! *RI! FNKKC?>! GOAJ>Q>HD! ?>K!
FINFI@GDGK! AHD@BASDGI@>HH>K/! *P>KD! >H! >LL>D! RH>! BASDGI@S@?>! >LL@SAS>! W@KXVXW@K! ?>!
T%1&A@".6.66)$( 1)*')$a! ?Pg,%'*.6.66)$! 01'61"#$a! ?Pg$6A'*#6A#1! 6."#a! A@HK@! TR>! W@KXVXW@K! ?>!
C$')+.2.,1$!1'*)$#5.$1/!0!JA!SNHS>HDIAD@NH!?>!#&!Œ)!>D!AW>S!RH>!>[FNK@D@NH!?>!$U!Q@Ha!
JA! *RI! DR>! >HDI>! "#v! >D! YUv! ?>! S>K! BASDGI@>K/! 0W>S! RH>! @HSRBAD@NH! ?>! #! M>RI>Ka! S>DD>!
QdQ>!?NK>a!F>IQ>D!?PGJ@Q@H>I!?>!#U!V!8Uv!?>!SMASRH!?>!S>K!TRADI>!O>HI>K!BASDGI@>HK/!0!
RH>! SNHS>HDIAD@NH! ?>! "UU! Œ)a! J>! FNRWN@I! BASDGI@S@?>! ?>! JA! *RI! K>! IGWCJ>! dDI>! ?>!
I>KF>SD@W>Q>HD! "UUa! 88a! "UU! >D! &=v! W@KXVXW@K! ?>! T<( 1)*')$a! g<( 01'61"#$a! g<( 6."#a! >D! C<(
1'*)5#,.$1/!2PASD@W@DG!BASDGI@S@?>!?>!JA!*RI!KP>[FJ@TR>IA@D!FAI!J>K!?NQQAO>K!SARKGK!AR[!
Q>QBIAH>K! BASDGI@>HH>K! ]%&8^/! *P>KD! >H! >LL>D! RH! tAHD@X)'.0P! TR@! FINWNTR>! ARKK@! ?>K!
?NQQAO>K! ?>! JA! FAIN@! BASDGI@>HH>a! ?>K! F>IDRIBAD@NHK! ?R! SNHD>HR! SEDNFJAKQ@TR>a! >D!
L@HAJ>Q>HD!JA!JEK>!S>JJRJA@I>!]%YU^/!W'"#6.416%'*(&@".*#!TR@!>KD!I>KFNHKABJ>!?>!FADMNJNO@>K!
OAKDIN?RN?GHAJ>K!@HSJRAHD!J>!SAHS>I!OAKDI@TR>!>D!TR@!K>!IGWCJ>!?@LL@S@J>!V!SNQBADDI>!FAI!
J>K! AHD@B@ND@TR>K! SNHW>HD@NHH>JK! >KD! GIA?@TRG! FAI! JA! *RI/! *>! FNJEFMGHNJ! @HM@B>! #,(-#%*.O!
AW>S!RH>!*)+!SNQFI@K>!>HDI>!&!ŒOhQJ!>D!&U!ŒOhQJa(JA!SIN@KKAHS>!?>!S>K!BASDGI@>K!@KNJG>K!
V! FAID@I! ?>! FAD@>HDK/! 2A! *RI! >KD! ARKK@! SAFABJ>! ?PGIA?@TR>I! W<( &@".*#! SM>c! ?>K! KNRI@K!
@HL>SDG>K! >D! F>IQ>D! A@HK@! ?>! I>KDARI>I! J>K! ?NQQAO>K! OAKDI@TR>K! FINWNTRGK! FAI! S>K!
BASDGI@>K!]%Y"^/!
!

*4+4,4 57'N$%'&:'@&'WX*'
!
*NQFD>! D>HR! ?>! DNRK! K>K! >LL>DK! FMAIQASNJNO@TR>Ka! NH! >H! SNHSJR! TR>! JA! *RI!
SNHKD@DR>!FND>HD@>JJ>Q>HD!RH!BNH!SAH?@?AD!FNRI!J>!DIA@D>Q>HD!?R!3-#/!
!
.I@W@HAKAH! ]%Y#^a! J>! FI>Q@>Ia! A! HNDG! SM>c! RH! FAD@>HDa! RH! >LL>D! AHD@X
MEF>IOJESGQ@TR>!?>!JA!*RI/!2A!SAFAS@DG!?>!JA!*RI!V!SNHDI\J>I!J>!DAR[!?>!OJRSNK>!KAHOR@H!A!
GDG! FJRK@>RIK! LN@K! GWNTRG>! >D! ?@KSRDG>/! 3@W>IK>K! GDR?>K! Q>HG>K! SM>c! J>K! INHO>RIKa!
QNHDI>HD! RH>! SAFAS@DG! ?>! JA! *RI! V! IG?R@I>a! JA! QAKK>! SNIFNI>JJ>a! J>! DAR[! ?>! OJRSNK>!
S@ISRJAHDa! S>JR@! ?>! JPMGQNOJNB@H>a! >D! ?>! JPMGQNOJNB@H>! OJESNKEJG>! ]%Y$^/! *>! FNJEFMGHNJ!
F>RD! GOAJ>Q>HD! AQGJ@NI>I! JA! DNJGIAHS>! AR! OJRSNK>! ]%Y%^! A@HK@! TR>! J>! H@W>AR! ?>! JA!
K>HK@B@J@DG!V!JP@HKRJ@H>!]%Y&^/!
!

8U!
*>K! >LL>DK! LAWNIABJ>K! ?>! JA! *RI! F>RW>HD! IGKRJD>I! ?PRH>! QN?RJAD@NH! ?>K! WN@>K!
DIAHKSI@FD@NHH>JJ>K!SNQQ>!,:Xp1!]%YY^a!<<0'Xo!]%Y=^a!0)<j!]%Y5^a!>D!,IL#!]%Y8^/!+J!A!
GDG! KROOGIG! IGS>QQ>HD! TR>! JA! *RI! FNRIIA@D! ARKK@! AO@I! SNQQ>! RH! @H?RSD>RI! ?>! JA!
KGSIGD@NH! ?>! ;2<X"! TR@! FNRIIA@D! >HKR@D>! AROQ>HD>I! JA! KGSIGD@NH! >D! JA! K>HK@B@J@DG! V!
JP@HKRJ@H>!]%=U^/!
!
!
!
!
'
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!!
!
!
!
!
!
!
!

8"!
Objectifs du travail
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

8#!
2>! ?@ABCD>! ?>! DEF>! #! >KD! RH>! QAJA?@>! QRJD@LASDNI@>JJ>! SAIASDGI@KG>! FAI!
JP@HDNJGIAHS>!AR!OJRSNK>!>D!JP@HKRJ@HNXIGK@KDAHS>/!3@LLGI>HDK!LASD>RIK!D>JK!TR>!?>K!LASD>RIK!
OGHGD@TR>K! >D! >HW@INHH>Q>HDAR[! KNHD! KNRFsNHHGK! SNQQ>! FAID@S@FAHD! V! KNH! GD@NJNO@>/!
2PAROQ>HDAD@NHa! S>K! ?>IH@CI>K! AHHG>Ka! ?>! JP@HS@?>HS>! ?>! S>DD>! QAJA?@>! >KD! DICK! B@>H!
SNIIGJG>! AR[! SMAHO>Q>HDK! ?>K! QN?>K! ?>! W@>! >D! KRIDNRD! ?>K! MAB@DR?>K! AJ@Q>HDA@I>K/!
2PAJ@Q>HDAD@NH! I@SM>! >H! OIA@KK>K! >D! FARWI>! >H! L@BI>K! SAIASDGI@KD@TR>! ?>! JP7SS@?>HD!
FNRIIA@D! QN?@L@>I! JPGSNJNO@>! ?>! JA! FNFRJAD@NH! Q@SINB@>HH>! ?AHK! J>! DIASDRK! OAKDINX
@HD>KD@HAJ/!2PAJDGIAD@NH!?>!JA!LJNI>!@HD>KD@HAJ>!K>QBJ>!dDI>!J@G>!V!JPMNQGNKDAK@>!?R!OJRSNK>!
>D!V!JA!IGK@KDAHS>!V!JP@HKRJ@H>/!3>!LAsNH!?@I>SD>a!JA!QN?@L@SAD@NH!?R!Q@SINB@ND>!@HD>KD@HAJ!
F>RD! ?NHS! ABNRD@I! V! JPAJDGIAD@NH! ?>! JA! KNRIS>! GH>IOGD@TR>! @HD>KD@HAJ>! FI@HS@FAJ>! ]AS@?>K!
OIAK! V! SMA@H>! SNRID>^! >D! V! RH>! AJDGIAD@NH! ?>! JA! OJRSNHGNO>HCK>! MGFAD@TR>/! 3>! FJRKa! J>!
?GKGTR@J@BI>! ?>! JA! LJNI>! @HD>KD@HAJ>! QN?@L@>! JA! KGSIGD@NH! ?R! ;2<X"! TR@! SNHKD@DR>! RH>!
MNIQNH>! @QFNIDAHD>! ?AHK! JP@H?RSD@NH! ?>! JA! KGSIGD@NH! ?>! JP@HKRJ@H>! FAI! J>K! S>JJRJ>K!
FAHSIGAD@TR>K/! 2A! QN?@L@SAD@NH! ?R! Q@SINB@ND>! TR@a! >H! AROQ>HDAHD! JA! F>IQGAB@J@DG! ?>!
JP@HD>KD@Ha! F>IQ>D! A@HK@! JP>HDIG>! ?>K! BASDGI@>K! ?AHK! ?@W>IK! D@KKRK/! 2A! FIN?RSD@NH! ?>! 2<.!
?AHK!J>!D@KKR!@HD>KD@HAJ!F>RD!GOAJ>Q>HD!SNHDI@BR>I!V!@H?R@I>!JP@HLJAQQAD@NH!>D!JP@HKRJ@HNX
IGK@KDAHS>!D@KKRJA@I>/!
!
(DAHD! ?NHHG! TR>! J>K! FNJEFMGHNJK! HADRI>JK! SNQQ>! J>! '.6! >D! JA! *RI! FNKKC?>HD!
?@W>IK>K! FINFI@GDGK! FMAIQASNJNO@TR>K! D>JJ>K! TR>! ?>K! FINFI@GDGK! AHD@X@HLJAQQADN@I>Ka!
AHD@B@ND@TR>K!>D!AHD@?@ABGD@TR>Ka!HNDI>!MEFNDMCK>!?>!?GFAID!GDA@D!TR>!JA!SNQB@HA@KNH!?>!
S>K! ?>R[! FNJEFMGHNJK! FNRIIA@D! LNRIH@I! ?>K! >LL>DK! BGHGL@TR>K! >D! KEH>IO@TR>K! KRI! J>!
DIA@D>Q>HD!?R!?@ABCD>!?>!DEF>!#/!
!
2>K!NBb>SD@LK!?>!HNDI>!DIAWA@J!NHD!GDG!?PGDR?@>I!JP>LL>D!?>!JPAKKNS@AD@NH!?R!'.6!>D!?>!
JA! *RI! KRI! JPAQGJ@NIAD@NH! ?>! JA! DNJGIAHS>! AR! OJRSNK>/! 3@LLGI>HDK! A[>K! ?P@HW>KD@OAD@NH! NHD!
GDG!KR@W@Kf!
!
X 1@>H!TR>!?>!HNQBI>RK>K!GDR?>K!QNHDI>HD!RH!>LL>D!AHD@?@ABGD@TR>!?R!'.6!
>D! ?>! JA! *RIa! JP>LL>D! ?>! JA! SNQB@HA@KNH! ?>! S>K! ?>R[! QNJGSRJ>K! HPA! FAK! >HSNI>! GDG!
GDR?@G/! 0R! ?GBRD! ?>! S>! DIAWA@Ja! HNRK! AWNHK! >[AQ@HG! J>K! >LL>DK! ?>! SMASRH! ?>K!
FNJEFMGHNJK! NR! ?>! J>RI! AKKNS@AD@NH! KRI! ?@W>IK! FAIAQCDI>K! FMEK@NJNO@TR>K! ?NHD! JA!
DNJGIAHS>!AR!OJRSNK>a!JP@HKRJ@HGQ@>!>D!JA!J@F@?GQ@>/!

8$!
X ,>! SNHHA@KKAHD! FAK! JPASD@NH! OJNBAJ>! ?>! S>K! FNJEFMGHNJK! KRI! JA! LJNI>!
@HD>KD@HAJ>a!HNRK!AWNHK!GDR?@G!J>!QGDAOGHNQ>!?>!JA!LJNI>!@HD>KD@HAJ>/!!
X ,NRK! AWNHK! GDR?@G! JP@QFASD! ?PRH>! QN?@L@SAD@NH! ?R! Q@SINB@ND>! KRI! J>!
QGDABNJNQ>/!
X 2P>LL>D! ?>! JPAKKNS@AD@NH! ?R! '.6! >D! ?>! JA! *RI! KRI! JP@HLJAQQAD@NH! ?>K!
FI@HS@FAR[!D@KKRK!@QFJ@TRGK!?AHK!JP@HKRJ@HNXIGK@KDAHS>!A!ARKK@!GDG!GDR?@G/!*>DD>!GDR?>!
A! GDG! >HDI>FI@K>! KRI! J>K! AH@QAR[! QA@K! ARKK@( #,( -#%*.( >H! RD@J@KAHD! ?>K! S>JJRJ>K!
MRQA@H>K!@HD>KD@HAJ>K!>D!QNHNSEDA@I>K/!
X !<NRI! ABNI?>I! JPGDR?>! ?R! QGSAH@KQ>! QNJGSRJA@I>! KRKS>FD@BJ>! ?PdDI>!
@QFJ@TRG!?AHK!JPASD@NH!?>!S>K!FNJEFMGHNJK!AKKNS@GK!NR!FAKa!HNRK!AWNHK!GDR?@Gf!
!
o 2P>LL>D! AHD@B@ND@TR>! ?>! S>K! FNJEFMGHNJK! KRI! S>IDA@H>K! >KFCS>K!
BASDGI@>HH>K!@HD>KD@HAJ>K!@?>HD@L@G>K!AFICK!J>K!GDR?>K!Q>DAOGHNQ@TR>K/!
!
o 2>!I\J>!?R!0M'!?AHK!JA!IGFNHK>!AR[!FNJEFMGHNJK/!(H!>LL>Da!J>!'.6!>D!
JA! *RI! KNHD! ?>K! AONH@KD>K! SNQFGD@D@LK! ?>! S>! IGS>FD>RI! TR@! K>QBJ>! IGOJ>I!
JP>[FI>KK@NH!?R!;2<X"/!
!
!
*NQQ>! ?>K! GDR?>K! IGS>HD>K! KROOCI>HD! TR>! J>K! *EFK! FNRIIA@>HD! dDI>! @QFJ@TRGK!
?AHK!J>!QGDABNJ@KQ>!?>K!0;Ka!HNRK!AWNHK!GOAJ>Q>HD!GDR?@G!JA!WAI@AD@NH!?P>[FI>KK@NH!?>K!
*EFK! >H! I>JAD@NH! AW>S! J>! DIA@D>Q>HD! FAI! J>K! FNJEFMGHNJK! >D! JPGDAD! ?>! JA! LJNI>! @HD>KD@HAJ>/!
*>K!IGKRJDADK!KNHD!FIGK>HDGK!?AHK!J>!SMAF@DI>!t'GKRJDADK!KRFFJGQ>HDA@I>KP/!
!
!
!
!
!
!
!
!
!
!
!
!
!

8%!
Résultats
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

8&!
34 5F7%:"H@&'
!

X K>A$G>'
!
!
2>!I>KW>IADINJ!]'.6^!>D!JA!SRISRQ@H>!]*RI^!KNHD!?>K!FNJEFMGHNJK!HADRI>JK!>D!NHD!
GDG!SNHK@?GIGK!SNQQ>!?>K!SNQFNKGK!FND>HD@>JK!FNRI!J>!DIA@D>Q>HD!?>!JP@HLJAQQAD@NH!>D!
?>K! DINRBJ>K! QGDABNJ@TR>K! D>JK! TR>! J>! ?@ABCD>! ?>! DEF>! #! ]3-#^/! 2>! BRD! ?>! S>! DIAWA@J! >KD!
?PGDR?@>I!JP>LL>D!?>!JA!SNQB@HA@KNH!?>!'.6!>D!?>!*RI!KRI!JkAQGJ@NIAD@NH!?>!3-#/!2>K!KNRI@K!
NHD!GDG!IGFAID@>K!>H!S@HT!OINRF>K!>D!NHD!GDG!HNRII@>K!AW>S!RH!IGO@Q>!SNHDI\J>!],*^!NR!RH!
IGO@Q>!AJ@Q>HDA@I>!I@SM>!>H!QAD@CI>K!OIAKK>K!]`:3^!NR!RH!`:3!AW>S!'.6!NR!RH!`:3!AW>S!
*RI! NR! >HSNI>! RH! `:3! AW>S! '.6‚*RI! F>H?AHD! S@HT! K>QA@H>K/! 0FICK! S@HT! K>QA@H>K! ?>!
DIA@D>Q>HDa!J>!'.6!AQGJ@NI>!K@OH@L@SAD@W>Q>HD!JA!DNJGIAHS>!AR!OJRSNK>!DAH?@K!TR>!JA!*RI!
HPA!FAK!?P>LL>D/!3>!LAsNH!KRIFI>HAHD>a!JA!*RI!@HM@B>!Jk>LL>D!?R!'.6!JNIK!?>!JPAKKNS@AD@NH/!2>!
'.6! NR! JA! *RI! AQGJ@NI>! GOAJ>Q>HD! JA! ?EKB@NK>! ?>! JA! LJNI>! @HD>KD@HAJ>! @H?R@D>! FAI! `:3!
AJNIK! TR>! JPAKKNS@AD@NH! ?>K! ?>R[! FNJEFMGHNJK! AHHRJ>! JkASD@W@DG! ?>! SMATR>! SNQFNKG/! 3>!
FJRKa!?>K!IGKRJDADK!?PAHD@B@NOIAQQ>!QNHDI>HD!TR>!JA!*RI!@HM@B>!Jk>LL>D!@HM@B@D>RI!?R!'.6!
KRI! JA! SIN@KKAHS>! ?>! S>IDA@H>K! >KFCS>K! BASDGI@>HH>K! D>JJ>! TR>!0J@KD@F>K! FRDI>?@H@K/! 3>K!
IGKRJDADK!K@Q@JA@I>K!NHD!GDG!NBK>IWGK!KRI!JA!QGDABNJNQ@TR>!V!FAID@I!?>!FJAKQA!?>!KNRI@K/!
2>!'.6!IG?R@D!Jk>[FI>KK@NH!?>!S>IDA@HK!QAITR>RIK!@HLJAQQADN@I>K!?AHK!J>!S\JNH!D>JK!TR>!
+2Ya!+2"Z!>D!:%h5U!AJNIK!TR>!JA!*RI!H>!?@Q@HR>!TR>!Jk>[FI>KK@NH!?>!+2"Z!>D!:%h5U/!0L@H!?>!
SJAI@L@>I!Jk>LL>D!QN?>KD>!?>!S>K!FNJEFMGHNJK!KRI!JP@HLJAQQAD@NH!?AHK!J>!S\JNHa!J>K!S>JJRJ>K!
GF@DMGJ@AJ>K! ]*ASN#^! >D! ?>K! QNHNSED>K! ]-`<"^! NHD! GDG! RD@J@KG>K! >D! DIA@DG>K! FAI! J>! '.6!
‚h*RI/! +J! >KD! @HDGI>KKAHD! ?>! HND>I! TRPAR! H@W>AR! S>JJRJA@I>a! JP>LL>D! AHD@X@HLJAQQADN@I>! ?R!
'.6!NR!?>!JA!*RI!>KD!GW@?>HD!>D!JA!SNQB@HA@KNH!?NHH>!FJRD\D!?>K!>LL>DK!KEH>IO@TR>K/!3AHK!
JP>HK>QBJ>a! J>K! IGKRJDADK! KROOCI>HD! TR>! JA! *RI! @HM@B>! JP>LL>D! ?R! '.6! ?AHK! JPAQGJ@NIAD@NH!
?R!3-#!>D!S>DD>!@HM@B@D@NH!FNRIIA@D!K>!FIN?R@I>!W@A!JA!QN?RJAD@NH!?>!JA!LJNI>!@HD>KD@HAJ>!>D!
?R!QGDABNJNQ>/!
!
!
!
!
!
!
!
!
!
!

8Y!
S7?$AH%":'AE$G"A'7$'hE$%?7@'3?:&%?7:"E?7@'LEH"&:;'CE%'S"H%E8"7@'UHE@E#;'_3LSU`'
'

Resveratrol improves glycemia and modulates microbiota dysbiosis,

metabolome and inflammation

,AW@H!.I>HO"a#a$a%a&a!.>IO>!*MAQF@NHYa!_>AHX*MAIJ>K!)AID@H$a%a&a!.AB>I!jM>JA@L@A=a!!_>LLI>E!(!
*MI@KD>HK>H"a#a5a!'NKMAH!<A?QAHABMAH"a#a!6@HS>HD!0cAJB>ID"a#a!<AKSAJ>!2NRB@>I>K"a#a!
2ARI>HD!<>SM>I>8a!'GQE!1RIS>J@H"a#aŽa!AH?!(I@S!.GIG>!$a%a&aŽ!
'
' '
"+HKD@DRD!,AD@NHAJ!?>!JA!.AHDG!>D!?>!JA!'>SM>ISM>!)G?@SAJ>!]+,.(')^a!-NRJNRK>a!:IAHS>/!

#4H@W>IK@DG! <ARJ! .ABAD@>I! ]4<.^a! 4H@DG! )@[D>! ?>! '>SM>ISM>! ]4)'^! "U%5a! +HKD@DRD! ?>K! )AJA?@>K!

)GDABNJ@TR>K! >D! *AI?@NWAKSRJA@I>K! ]+#)*^a! ->AQ! #!f! k+HD>KD@HAJ! '@Ke! :ASDNIKa! 3@AB>D>Ka!
3EKJ@F@?>Q@Ak!:X$"%$#!-NRJNRK>!*>?>[!%a!:IAHS>/!
$+,'0a!4)'!"#YUa!:X"$$5&a!)AIK>@JJ>a!:IAHS>!

%+,.(')a!4)'!"UY#a!{!,RDI@D@NHa!7BGK@DG!>D!'@KTR>!-MINQBND@TR>!|a!:X"$$5&a!)AIK>@JJ>a!:IAHS>!

&0@[X)AIK>@JJ>!4H@W>IK@DEa!.SMNNJ!NL!)>?@S@H>a!:X"$$5&a!)AIK>@JJ>a!:IAHS>!

Y+)1(X4)'! *,'.! =#Y$h+'3! #$=a! )RDAO>HCK>! (HW@INHH>Q>HDAJ>a! :ASRJDG! ?>! <MAIQAS@>a! 0@[X
)AIK>@JJ>!4H@W>IK@DGa!#=!BNRJ>WAI?!_>AH!)NRJ@Ha!"$$5&!)AIK>@JJ>a!:IAHS>!
=4H@DG!?>!'>SM>ISM>!KRI!J>K!)AJA?@>K!+HL>SD@>RK>K!>D!-INF@SAJ>K!(Q>IO>HD>Ka!4)!Y$a!*,'.!=#=5a!

2P+HKD@DRD! ?>! '>SM>ISM>! FNRI! J>! 3GW>JNFF>Q>HD! "85a! +HK>IQ! "U8&a! +HKD@DRD! `NKF@DAJNX
4H@W>IK@DA@I>! )G?@D>IIAHG>X+HL>SD@NHa! :ASRJDG! ?>! )G?>S@H>a! 0@[X)AIK>@JJ>! 4H@W>IK@DGa! #=!
1NRJ>WAI?!_>AH!)NRJ@Ha!"$$5&!)AIK>@JJ>!*>?>[!&a!:IAHS>!
560+7)('!.0.a!&"Y!'R>!<@>II>!>D!)AI@>!*RI@>a!$"Y=U!2ABCO>a!:IAHS>!

82ABNIADN@I>!q6('q!KAIJa!"$%!IR>!(?QNH?!'NKDAH?a!"$UU5!)AIK>@JJ>a!:IAHS>!

K$??"?#':":@&)'K&AV&%7:%E@'HE?:%E@A'#$:'G"H%E8"E:7'"?'6"78&:"H'G"H&'

i'*NII>KFNH?@HO!ARDMNIKf!I>QE/BRIS>J@H@HK>IQ/LI!AH?!K>I>>/>I@SOQA@J/SNQ!

->J>FMNH>f!‚$$!U&!Y"!$#!&Y!"%!

j>E!lNI?Kf!)@SINB@NDA!AH?!Q>DABNJ@S!?@K>AK>K‡!FNJEFM>HNJKa!@HLJAQQAD@NHa!@HD>KD@H>!'

8=!
P8A:%7H:'

'

'>KW>IADINJ! ]'.6^! AH?! *RISRQ@H! ]*RI^! AI>! HADRIAJ! FNJEFM>HNJK! AH?! MAW>! B>>H!

SNHK@?>I>?! AK! FND>HD@AJ! SNQFNRH?K! LNI! DM>! DI>ADQ>HD! NL! @HLJAQQAD@NH! AH?! Q>DABNJ@S!

?@KNI?>IK! ?@K>AK>K! @HSJR?@HO! DEF>! #! ?@AB>D>K! ]-#3^/! -M>! A@Q! NL! DM@K! KDR?E! lAK! DN!

@HW>KD@OAD>! lM>DM>I! DM>! SNQB@HAD@NH! NL! '.6! l@DM! *RI! l@JJ! FINW@?>! A! FND>HD@AJ! NI!

AHDAONH@KD!>LL>SD!NH!-#3!@HKDAJJAD@NH/!)@S>!l>I>!?@W@?>?!@H!L@W>!OINRFK!AH?!l>I>!L>?!l@DM!

>@DM>I!A!SNHDINJ!?@>D!],*^a!A!M@OM!LAD!?@>D!]`:3^a!A!`:3!l@DM!'.6a!A!`:3!l@DM!*RIa!NI!A!

`:3!l@DM!'.6‚*RI!LNI!L@W>!l>>eK/!,NDABJEa!ALD>I!L@W>!l>>eK!NL!DI>ADQ>HDa!'.6!@QFINW>?!

K@OH@L@SAHDJE! OJRSNK>! DNJ>IAHS>! lM>I>AK! *RI! ?@?! HND/! )NI>NW>Ia! *RI! @HM@B@D>?! DM>! '.6!

>LL>SD!lM@J>!DM>!SNQB@HAD@NH!lAK!RK>?/!'.6!NI!*RI!@QFINW>?!AJKN!`:3X@H?RS>?!ORD!LJNIA!

?EKB@NK@K! lM>I>AK! '.6! SNQB@H>?! l@DM! *RI! SAHS>J>?! DM>! ASD@W@DE! NL! >ASM! SNQFNRH?/! +H!

A??@D@NHa! NH! BASD>I@A! SRJDRI>! FJAD>a! *RI! @HM@B@D>?! DM>! @HM@B@DNIE! >LL>SD! NL! '.6! NH! DM>!

OINlDM! NL! KNQ>! BASD>I@AJ! KF>S@>K! KRSM! AK! 0J@KD@F>K! FRDI>?@H@K/! .@Q@JAI! I>KRJDK! l>I>!

NBK>IW>?!NH!DM>!Q>DABNJNQ@SK!LINQ!Q@S>!FJAKQA/!7H!SNJNH@S!@HLJAQQAD@NHa!'.6!I>?RS>?!

DM>!>[FI>KK@NH!NL!KNQ>!@HLJAQQADNIE!QAIe>IK!KRSM!AK!+2Ya!+2"Ba!AH?!:%h5U!lM>I>AK!*RI!

?>SI>AK>?! >[FI>KK@NH! NHJE! +2"B! AH?! :%h5U/! -N! SJAI@LE! DM>! QN?>KD! >LL>SD! NL! DM>K>!

FNJEFM>HNJK!NH!SNJNHa!>F@DM>J@RQ!S>JJK!]*ASN#^!AH?!QNHNSED>!]-`<"^!l>I>!RD@J@c>?!AH?!

DI>AD>?! l@DM! '.6‚h*RI/! +HD>I>KD@HOJEa! AD! DM>! S>JJRJAI! J>W>Ja! DM>! AHD@X@HLJAQQADNIE! >LL>SD!

'.6!NI!*RI!lAK!SJ>AI!AH?!DM>!SNQB@HAD@NH!FINW@?>?!QNKD!J@e>JE!KEH>IO@KD@S!>LL>SD/!-M>K>!

I>KRJDK!KROO>KD>?!*RI!@HM@B@D>?!'.6!DN!AQ>J@NIAD>!-#3!AH?!DM@K!@HM@B@D@NH!QAE!NSSRI!W@A!

ORD!LJNIA!AH?!Q>DABNJNQ@SK!QN?RJAD@NH/!

' '

85!
3?:%E6$H:"E?'

3@>DAIE! FNJEFM>HNJK! MAW>! B>>H! NL! OI>AD! @HD>I>KD! DM>K>! JAKD! ?>SA?>K! ?R>! DN! DM>@I!

@QFNIDAHD!DM>IAF>RD@S!ASD@W@D@>K/!'>KW>IADINJ!]$a&a%PXDI@ME?IN[EX%*1,$XKD@JB>H>‡!'.6^!AH?!

*RISRQ@H! ]"a=XB@KX]%XME?IN[EX$XQ>DMN[EFM>HEJ^XM>FDAX"aYX?@>H>X$a&X?@NH>‡! *RI^! AI>!

HADRIAJ! FNJEFM>HNJK! lM@SM! MAW>! HRQ>INRK! FMAIQASNJNO@SAJ! FINF>ID@>K/! '.6! @K! A!

FMEDNAJ>[@H>!LNRH?!@H!WAI@NRK!FJAHDK!KRSM!AK!OIAF>!Ke@H!l@DM!AHD@X@HLJAQQADNIE!ASD@W@DE!

]"^/!+D!KRFFI>KK>K!,:Xp1!DIAHKSI@FD@NHAJ!ASD@W@DE!DMINROM!@HM@B@D@NH!3,0!B@H?@HO!ASD@W@DE!

NL! DM>! ,:Xp1! SNQFJ>[! ]#^! DMAD! KRBK>TR>HDJE! I>?RS>K! >[FI>KK@NH! NL! FINX@HLJAQQAD@NH!

DAIO>D>?! O>H>K! KRSM! AK! @H?RS@BJ>! H@DI@S! N[@?>! KEHDMAK>a! +2Ya! +*0)X"! AH?! 6*0)X"/! -M>!

AHD@X@HLJAQQADNIE! ASD@W@DE! NL! '.6! lAK! HNDABJE! KMNlH! @H! SNINHAIE! AID>I@AJ! >H?NDM>J@AJ!

S>JJK! ]#^a! AH?! NH! DM>! K>SI>D@NH! NL! )*<X"! LINQ! $-$X2"! A?@FNSED>K! lM>H! KD@QRJAD>?! BE!

-,:g!]$^/!0!K@Q@JAI!FINS>KK!MAK!B>>H!?>KSI@B>?!@H!MRQAH!AID@SRJAI!SMNH?INSED>K!lM>I>!

'.6! ?NlH! I>ORJAD>K! DM>! >[FI>KK@NH! NL! 6(;:a! ))<$a! ))<8! AH?! *79X#! W@A! DM>!

KRFFI>KK@NH! NL! ,:Xp1! ASD@W@DE! @H?RS>?! BE! +2"Z! ]%^/! 0JDNO>DM>Ia! DM>! AHD@X@HLJAQQADNIE!

ASD@W@DE!NL!'.6!@K!KRFFNID@W>!NL!A!INJ>!@H!DM>!SNHDINJ!NL!?@K>AK>!DMAD!DM>!>D@NJNOE!@HWNJW>K!

AH!@HLJAQQADNIE!FINS>KK/!-M>!JAKD!?>SA?>K!MAW>!?>QNHKDIAD>?!DMAD!A!JNl!OIA?>!SMINH@S!

@HLJAQQAD@NH!SMAIASD>I@c>K!Q>DABNJ@S!?@K>AK>K!?@AB>D>K!AH?!NB>K@DE!]&^/!-M>!Q>DABNJ@S!

NIOAHK! J@W>Ia! A?@FNK>a! AH?! FAHSI>AD@S! @KJ>DK! AI>! @HL@JDIAD>?! BE! @QQRH>! S>JJK! KRSM! AK!

QASINFMAO>K! AH?! JEQFMNSED>K! @H! I>KFNHK>! DN! A! JNHO! F>I@N?! NL! LADX>HI@SM>?! ?@>D! ]Y^/!

-M>K>! S>JJK! K>SI>D>! SEDNe@H>K! lM@SM! MAQF>I! @HKRJ@H! ASD@NH! AH?! K>SI>D@NH! J>A?@HO! DN!

NB>K@DE! AH?! DEF>! #! ?@AB>D>K! ]-#3^/! 0! J>A?@HO! MEFNDM>K@K! I>OAI?@HO! DM>! NI@O@H! NL!

@HLJAQQAD@NH!@H!Q>DABNJ@S!?@K>AK>!@K!DM>!ORD!Q@SINB@NDA!]=^/!-EF>!#!?@AB>D@S!FAD@>HDK!]5^!

AH?!M@OMXLAD!?@>DXL>?!Q@S>!]8a"U^!AI>!SMAIASD>I@c>?!BE!A!ORD!Q@SINB@NDA!?EKB@NK@K!lM@SM!

@K! SARKAJ! DN! DM>! ?@K>AK>! AK! ?>QNHKDIAD>?! @H! ORD! Q@SINB@NDA! DIAHKL>I! DN! O>IQ! LI>>! Q@S>!

]"Ua""^/!7H>!NL!DM>!SNII>KFNH?@HO!Q>SMAH@KQ!@K!DM>!DIAHKJNSAD@NH!LINQ!DM>!ORDa!ASINKK!

DM>! @HD>KD@HAJ! >F@DM>J@AJ! BAII@>Ia! DN! DM>! D@KKR>K! NL! BASD>I@AJ! LIAOQ>HDK! KRSM! AK!

88!
J@FNFNJEKASSMAI@?>K!]"#a"$^!AH?!>W>H!LRJJ!BASD>I@A!]"%^!lM@SM!DI@OO>I!DM>!FINJ@L>IAD@NH!NL!

QASINFMAO>K!AH?!FI>A?@FNSED>K!l@DM@H!DM>!D@KKR>!J>A?@HO!DN!A!SMINH@S!@HLJAQQAD@NH!]=^/!

-M@K! DIAHKJNSAD@NH! FINS>KK! @K! ?R>! DN! AH! @QFA@I>?! @HD>KD@HAJ! @QQRH>! ?>L>HK>! ]"U^! DMAD!

K>DK! A! D@KKR>! Q@SINB@NDA! ]"Ua"&^/! -M>I>LNI>a! A! SNHDINJ! NL! Q>DABNJ@S! @HLJAQQAD@NH!

DAIO>D@HO! DM>! @HD>KD@H>! @HLJAQQADNIE! ASD@W@DE! SNRJ?! B>! A! DM>IAF>RD@S! KDIAD>OE! NL!

Q>DABNJ@S! ?@K>AK>K/! -M@K! Q>SMAH@KD@S! MEFNDM>K@K! @K! KRFFNID>?! BE! HRQ>INRK! ?ADA! LINQ!

DM>! J@D>IADRI>/! '.6! @K! I>FNID>?! DN! ?>SI>AK>! ASRD>! KQAJJ! @HD>KD@HAJ! @HLJAQQAD@NH! @H! A!

QNRK>! QN?>J! NL! @HLJAQQADNIE! BNl>J! ?@K>AK>! @H?RS>?! BE! :.K.&"1$21( 5.,+##! @HL>SD@NH!

]"Y^/! ,RQ>INRK! ?ADA! KROO>KD! DM>! @QFASD! NL! '.6! NH! DM>! SNHDINJ! NL! ORD! Q@SINB@NDA! @H!

?@LL>I>HD!AH@QAJ!QN?>JK!AK!?>[DIAH!KRJLAD>!KN?@RQX@H?RS>?!SNJ@D@K!]"=^!NI!@H!I>KFNHK>!DN!

A!LADX>HI@SM>?!?@>D!]"5#"^a!AH?!>W>H!@H!MRQAHK!]##^/!*NHK>TR>HDJEa!DN!@DK!@QFASD!NH!ORD!

Q@SINB@NDA! ?EKB@NK@K! @HKRJ@H! K>SI>D@NH! ]#$a#%^! AH?! K>HK@D@W@DE! ]#&a#Y^! l>I>! @QFINW>?!

AH?! SNHK>TR>HDJE! MEF>IOJES>Q@A! lAK! SNII>SD>?! ]#=a#5^/! '>S>HDJEa! DM>! AHD@X

ADM>INKSJ>INK@K!>LL>SD!NL!I>KW>IADINJ!]#8^!lAK!KMNlH!@H!0FN(XhX!Q@S>!DN!B>!Q>?@AD>?!BE!

ADD>HRAD@HO! DM>! FIN?RSD@NH! NL! DM>! FINXADM>INKSJ>IND@S! LASDNI! DI@Q>DMEJAQ@H>X,XN[@?>!

]-)07^! BE! DM>! J@W>I! lM@SM! NI@O@HAD>K! LINQ! DM>! FIN?RSD@NH! BE! ORD! Q@SINB@NDA! NL!

DI@Q>DMEJAQ@H>!]$U^/!:RIDM>IQNI>a!'.6!@HSI>AK>?!LI>TR>HSE!NL!BASD>I@A!l@DM!A!B@J>!KAJD!

ME?INJAK>! ASD@W@DEa! DM>I>BE! >HMAHS@HO! B@J>! AS@?! ?>SNHbROAD@NH! AH?! L>SAJ! >[SI>D@NH! @H!

0FN(XhX! Q@S>/! 0JDMNROMa! NH! DM>! SNHDINJ! NL! ADM>INKSJ>INK@K! DM>K>! Q>SMAH@KQK! K>>Q!

SNHW@HS@HOa! DM>! QN?>! NL! ASD@NH! NL! '.6! NH! ORD! Q@SINB@NDA! LNI! DM>! SNHDINJ! NL! OJES>Q@A! @K!

RHSJ>AI! AH?! I>QA@HK! DN! B>! >[FJNI>?/! 7DM>I! FNJEFM>HNJK! KRSM! AK! *RIa! AH! >[DIASD! NL!

*RISRQA! JNHOAa! MAW>! KMNlH! K@Q@JAI! M>AJDM! B>H>L@DK! KRSM! AK! AHD@X@HL>SD@NRKa! AHD@XDRQNIa!

AH?!AHD@X@HLJAQQAD@NH!>LL>SDK!]$"^/!0HD@X@HLJAQQAD@NH!NL!*RI!MAK!B>>H!?>QNHKDIAD>?!@H!

WAI@NRK!@HKDAHS>K!@HSJR?@HO!NH!A!MRQAH!D>HNSED>!]$#^a!>H?NQ>DI@ND@S!KDINQAJ!S>JJK!]$$^!

AH?! @H! AH@QAJ! QN?>J! NL! KDI>FDNcNDN[@HX@H?RS>?! ?@AB>D@S! H>FMINFADME! ]$%^/! (W>HDRAJJEa!

*RIa! AK! KMNlH! LNI! I>KW>IADINJa! @QFASDK! SNJ@D@K! ]$&a$Y^! AH?! DEF>! #! ?@AB>D>K! ]$=$8^/!

"UU!
0JDNO>DM>Ia! l>! DMNROMD! DN! KDR?E! DM>! SNQB@H>?! @QFASD! NL! '.6! AH?! *RI! NH! M@OMXLAD! ?@>DX

@H?RS>?!ORD!Q@SINB@NDA!?EKB@NK@K!LNI!DM>!SNHDINJ!NL!OJES>Q@A/!

S7:&%"7@A'7?6'G&:DE6A''

!40I5,&.40'34#1*0"$%4.(

-M>! '.6! ]7QH@FMAIQa! *MAQB>IEa! :IAHS>^! AH?! *RI! ]7QH@FMAIQa! *MAQB>IEa! :IAHS>^!

l>I>!Q@[>?!AD!DM>!?NK>!NL!YUQOhjOh?AE!AH?!$UQOhjOh?AEa!I>KF>SD@W>JEa!l@DM!A!KF>S@L@S!

LNIQRJAD@NH! ]qW>IEa! )AIK>@JJ>a! :IAHS>^/! -M@K! LNIQRJAD@NH! SNHDA@HK! "UUQO! NL! '.6! AH?!

&UQO!NL!*RI!l@DM!"#&!QO!NL!FNJEKNIBAD>!#U!].@OQAa!:IAHS>^!AH?!#/#&O!NL!FNJEOJES>IEJX

$3@NJ>AD>!].@OQAa!:IAHS>^!AK!?>KSI@B>?!]%U^/!-M@K!LNIQRJAD@NH!>HABJ>K!DM>!FNJEFM>HNJK!

DN!B>!ABKNIB>?!l@DM!A!"U!D@Q>!@HSI>AK>?!>LL@SASE!AH?!DN!JAKD!RF!DN!&!MNRIK!@HDN!DM>!BJNN?!

]%U^/!-M>!'.6a!*RI!NI!'.6!AH?!*RI!l@DM@H!DM>@I!LNIQRJAD@NH!l>I>!?A@JE!Q@[>?!l@DM!DM>!

`@OMXLAD!3@>D!]`:3^!?@>D/!!

'

@&"D&.$/''

3RJB>SSNkK! QN?@L@>?! (AOJ>! Q>?@RQ! ]3)()^a! 'NKl>JJ! <AIe! )>QNI@AJ! +HKD@DRD>! Q>?@RQ!

]'<)+^a! AH?! '<)+! "Y%U! KRFFJ>Q>HD>?! l@DM! `(<(.! AH?! OJRDAQ@H>! ]$UU! QOh2^! l>I>!

FRISMAK>?! LINQ! 2@L>! ->SMHNJNO@>K! ]*>IOEX<NHDN@K>a! :IAHS>^/! :>DAJ! SAJL! K>IRQ! ]:*.^!

]`E*JNH>a‘!JND!H’*<1UU&%^!lAK!LINQ!<>IB@N!]-M>IQN!KS@>HD@L@Sa!1I>B@CI>Ka!:IAHS>^/!-M>!

JRS@L>IAK>! ?>D>SD@NH! e@D! lAK! LINQ! <INQ>OA! :IAHS>! ]*MAIBNHH@CI>Ka! :IAHS>^/! <EI@?@H>!

]>[DIA! ?IE^a! Q>DMN[EJAQ@H>! ME?INSMJNI@?>a! AH?! ,XQ>DMEJX,XDI@Q>DMEJK@JEJX

DI@LJRNINAS>DAQ@?>!]).-:0^!l>I>!NBDA@H>?!LINQ!0SINK!7IOAH@SK!]2NROMBNINROMa!4/j/^/!

-I@cNJ! I>AO>HD! AH?! )NJNH>E! QRI@H>! J>Re>Q@A! W@IRK! I>W>IK>XDIAHKSI@FDAK>! l>I>!

FRISMAK>?! LINQ! +HW@DINO>H! ]*>IOEX<NHDN@K>a! :IAHS>^/! *NJRQB@A! AH?! )R>JJ>IX`@HDNHX#!

AOAI!l>I>!LINQ!1@N)GI@>R[!])AISE!JP(DN@J>a!:IAHS>^/!-M>!I>QA@H@HO!I>AO>HDK!l>I>!LINQ!

.@OQA!]2k+KJ>!?k0B>ARa!:IAHS>^/!!

"U"!
7.%1"0/'".('$#&"$1&.$/''

(@OMD! l>>eXNJ?! QAJ>! *&=1JhY_! l@J?! DEF>! Q@S>! ]*MAIJ>K! '@W>Ia! 2P0IBI>KJ>a! :IAHS>^! l>I>!

MNRK>?! @H! A! KF>S@L@S! FADMNO>HXLI>>! SNH?@D@NH! l@DM! A! "#Xh"#XMNRI! J@OMD! ]"U! F/Q/^h?AIe!

]"U!A/Q/^!SESJ>!AH?!MA?!LI>>!ASS>KK!DN!lAD>I!AH?!LNN?/!0LD>I!NH>!l>>e!NL!ASSJ@QAD@cAD@NHa!

Q@S>!l>I>!?@W@?>?!DN!L@W>!OINRFK/!0!OINRF!]H“=^!lAK!QA@HDA@H>?!NH!HNIQAJ!SMNl!?@>D!

],*a!>H>IOE!SNHD>HDf!"#v!LADa!#5v!FIND>@Ha!AH?!YUv!SAIBNME?IAD>^a!A!OINRF!]H“5^!L>?!A!

M@OMXLAD!?@>D!]`:3a!>H>IOE!SNHD>HDf!INROMJE!=#v!LAD!SNQFI@K@HO!SNIH!N@J!AH?!JAI?a!#5v!

FIND>@Ha! AH?! ”"v! SAIBNME?IAD>a! .0:(a! 0ROEa! :IAHS>^/! :RIDM>IQNI>a! OINRFK! NL! `:3XL>?!

Q@S>!]H“5!F>I!OINRF^!KRFFJ>Q>HD>?!l@DM!'.6!NI!*RI!NI!DM>!SNQB@HAD@NH!NL!'.6!AH?!*RI!

l>I>!K>D/!-M>!M@OMXLAD!?@>D!lAK!RK>?!@H!FRIFNK>!DN!@H?RS>!?@AB>D>K!AH?!A!ORD!Q@SINB@NDA!

?EKB@NK@K!l@DM@H!J>KK!DMAH!%!l>>eK!@/>/!B>LNI>!DM>!NHK>D!NL!NB>K@DE!lM@SM!AJJNlK!DM>!KDR?E!

NL! A! ?@I>SD! >LL>SD! NL! DM>! FNJEFM>HNJK! NH! DM>! I>ORJAD@NH! NL! OJES>Q@A! l@DMNRD! DM>!

SNHLNRH?@HO! @QFASD! NL! NB>K@DEa! AK! ?>KSI@B>?! @H! HRQ>INRK! @HKDAHS>K! ]"Ua"%a%"^/! 0JJ!

AH@QAJ!>[F>I@Q>HDAJ!FINS>?RI>K!l>I>!AFFINW>?!BE!DM>!JNSAJ!AH@QAJ!>DM@SAJ!SNQQ@DD>>!NL!

DM>!'AHOR>@J!MNKF@DAJ!RH?>I!DM>!ARDMNI@cAD@NH!HRQB>I!P$"X#=5P/!

'

J#"0'D0*+4/&'$40&#".+&'$&/$''

0H!NIAJ!OJRSNK>!DNJ>IAHS>!D>KD!]7;--a!#OheO!NL!OJRSNK>^!lAK!F>ILNIQ>?!@H!YMXLAKD>?!Q@S>!

ALD>I! L@W>! l>>eK! NL! DI>ADQ>HDa! AK! ?>KSI@B>?! ]"U^/! 1JNN?! OJRSNK>! SNHS>HDIAD@NH! l>I>!

QNH@DNI>?!LINQ!DM>!D@F!NL!DM>!DA@J!W>@H!l@DM!A!OJRSNK>!Q>D>I!]'NSM>!3@AOHNKD@Sa!)>EJAHa!

:IAHS>^!AD!X$Ua!Ua!"&a!$Ua!YUa!8Ua!AH?!"#U!Q@H!ALD>I!NIAJ!OJRSNK>!A?Q@H@KDIAD@NH/!!

'

K&$"G4041%+/'

!0"/1"'/"150&'5#4+&//%.D'

:@IKDa!"U•2!NL!FJAKQA!AJ@TRND>?!LINQ!>ASM!KAQFJ>!l>I>!Q@[>?!DN!K>D!DM>!TRAJ@DE!SNHDINJ!

]†*^!KAQFJ>K/!<JAKQA!AH?!†*!KAQFJ>K!]"UU•2!>ASM^!l>I>!?>FIND>@H@c>?!RK@HO!Q>DMAHNJ!

"U#!
FI>S@F@DAD@NH! ]%#^/! 0LD>I! ?IE@HO! RH?>I! A! KDI>AQ! NL! H@DINO>Ha! DM>! Q>DMAHNJ! FIND>@H! LI>>!

>[DIASD!lAK!?>I@WAD@c>?!l@DM!7XQ>DMN[EJAQ@H>!ME?INXSMJNI@?>!@H!FEI@?@H>a!WNID>[>?a!AH?!

@HSRBAD>?!AD!5U’*!LNI!"&!Q@H!@H!A!?IEXBJNSe!M>AD>I/!0!WNJRQ>!NL!&U•2!NL!).-:0!lAK!DM>H!

A??>?!AH?!DM>!>[DIASDK!@HSRBAD>?!AD!5U!’*!LNI!A!"&!Q@H/!0D!SNQFJ>D@NHa!#U!•2!NL!I>D>HD@NH!

@H?>[! QAIe>I! KNJRD@NH! lAK! A??>?! ]U/$! QO! Q2X"! ?NSNKAH>a! HNHA?>SAH>a! ?>SAH>a!

?N?>SAH>a! AH?! F>HDA?>SAH>! @H! FEI@?@H>^! FI@NI! DN! S>HDI@LROAD@NH! AD! "&a5UUO! LNI! "&! Q@H!

]%$^/!-M>!I>KRJD@HO!KRF>IHADAHD!]8U•2^!lAK!@QQ>?@AD>JE!DIAHKL>II>?!DN!;*h).!W@AJK!LNI!

AHAJEK@Ka!DN!FI>W>HD!AHE!KAQFJ>!?>SAEK/!

):LKC'

0HAJEK>K! l>I>! SAII@>?! NRD! NH! A! 0O@J>HD! OAKXSMINQADNOIAFME! Y58UXQAKK! KF>SDINQ>D>I!

&8=$,!L@DD>?!l@DM!A!KFJ@DhKFJ@DJ>KK!@Hb>SDNIa!SNHH>SD>?!DN!`<&!SNJRQHa!$U!Q!J>HODMa!U/#&!

QQ!+3!AH?!U/#&•Q!L@JQ!DM@SeH>KK/!-M>!@Hb>SDNI!lAK!K>D!AD!#YU’*!@H!KFJ@DJ>KK!QN?>/!-M>!

AHAJEKDK! l>I>! >JRD>?! l@DM! A! D>QF>IADRI>! OIA?@>HDa! KDAID@HO! AD! &U’*a! DM>H! I@K@HO! AD!

"U’*hQ@H! DN! =U’*a! M>J?! #! Q@Ha! DM>H! IAQF@HO! AD! &’*hQ@H! DN! ""U’*a! DM>H! $U’*hQ@H! DN!

#8U’*a! AH?! L@HAJJE! #U’*hQ@H! DN! $#&’*/! -M>! QAKK! KF>SDINQ>D>I! @HD>ILAS>! lAK! M>AD>?! AD!

$UU’*a!DM>!>J>SDINH!@QFASD!@NH@cAD@NH!lAK!F>ILNIQ>?!AD!=U>6!AD!#$U’*/!0STR@K@D@NH!lAK!

F>ILNIQ>?!AD!#/5!KSAHhQ@H/!

-"$"'54/$M5#4+&//%.D'

).! L@J>K! l>I>! SNHW>ID>?! DN! S?L! L@J>K! AH?! S?L! L@J>K! DN! TO?! L@J>K! DN! B>! FINS>KK>?! BE! DM>!

.M@QA?cR! ;*).! FNKDIRH! AHAJEK@K /! 7H! A! I>L>I>HS>! KAQFJ>! IRHa! A! SMAIASD>I@KD@S! @NH! @H!

>ASM! SMINQADNOIAQ! F>Ae! lAK! >[DIASD>?! AH?! @HD>OIAD>?/! -M>! I>L>I>HS>! LIAQ>! lAK! DM>H!

AFFJ@>?! DN! AJJ! IRHKa! AH?! DM>! I>KRJD@HO! ?ADAK>D! >[FNID>?! DN! >[S>J! I>FNID@HO! DM>! KAQFJ>!

HAQ>K!@H!INl!AH?!DM>!).!Qhc!L>ADRI>K!@H!SNJRQHK/!+HD>HK@DE!WAJR>K!l>I>!HNIQAJ@c>?!DN!

DIEFDNFMAHX?%! NI! SMNJ>KD>INJX?%! A??>?! AK! @HD>IHAJ! KDAH?AI?! ]%%^/! -N! SM>Se! LNI! ?ADA!

"U$!
TRAJ@DEa!A!FI@HS@FAJ!SNQFNH>HD!AHAJEK@K!lAK!F>ILNIQ>?!NH!HNIQAJ@c>?!?ADA/!0!QNHNDNH@S!

†*! KAQFJ>K! ?I@LD! NH! DM>! <*0! QAF! @H?@SAD>?! KNRIS>! SNHDAQ@HAD@NH/! -M@K! lAK! B>KD!

AJJ>W@AD>?! BE! AFFJE@HO! A! HNH! J@H>AI! 27(..! SNII>SD@NH! ]%%a%&^a! RK@HO! DM>! l>B! @HD>ILAS>!

lNIeLJNl%Q>DABNJNQ@SK!]%Y^/!!

-M>H! ).! L>ADRI>K! ?@KFJAE@HO! QNI>! DMAH! $Uv! NL! I>JAD@W>! KDAH?AI?! ?>W@AD@NH! @H! DM>! †*!

KAQFJ>K! l>I>! ?@KSAI?>?a! DN! I>DA@H! YU! ?@LL>I>HD! L>ADRI>K/! )>DABNJ@D>! AHHNDAD@NH! lAK!

F>ILNIQ>?!RK@HO!DM>!,+.-!AH?!;–JQ!?ADABAK>Ka!QADSM@HO!LIAOQ>HD!FADD>IHK!AH?!(*2K/!

-N7'&6$#"+$%4.'".('<OC'#-N7'$"#D&$&('1&$"D&.41%+'/&2*&.+%.D'!

-NDAJ! 3,0! BASD>I@A! LINQ! DM>! S>ASRQ! lAK! >[DIASD>?! AH?! K>TR>HS>?! AK! FI>W@NRKJE!

?>KSI@B>?! ]%=^/! -M>! FINDNSNJK! LNI! 3,0! >[DIASD@NH! l>I>! SAI>LRJJE! ?>K@OH>?! DN! Q@H@Q@c>!

AHE! I@Ke! NL! SNHDAQ@HAD@NH! B>Dl>>H! KAQFJ>K! NI! LINQ! DM>! >[F>I@Q>HD>IKa! AK! ?>KSI@B>?!

]%=a%5^/! -M>! 6$X6%! MEF>IXWAI@ABJ>! I>O@NHK! NL! DM>! "Y.! I3,0! l>I>! AQFJ@L@>?! RK@HO! DM>!

FI@Q>IK!?>K@OH>?!DN!@HSJR?>!AQFJ@L@SAD@NH!NL!DM>!6>IIRSNQ@SINB@A!FMEJRQ!AK!?>KSI@B>?!

]%=a%5^/! .AQFJ>K! l>I>! FINS>KK>?! AH?! K>TR>HS>?! ASSNI?@HO! DN! DM>! QAHRLASDRI>IPK!

@HKDIRSD@NHK! RK@HO! )@.>T! '>AO>HD! j@D! W$! ]#[$UU! BF! <A@I>?X(H?! '>A?Ka! "&! ;B! NRDFRD^/!

:AKD†! L@J>K! l>I>! O>H>IAD>?! AD! DM>! >H?! NL! DM>! IRH! DN! F>ILNIQ! DM>! TRAJ@DE! SNHDINJ! AH?!

L@JD>I@HO/!-M>!"Y.!DAIO>D>?!K>TR>HS>K!l>I>!DM>H!SJRKD>I>?!NL!@HDN!7-4!B>LNI>!DA[NHNQ@S!

AKK@OHQ>HD!AH?!AHAJEK>?!RK@HO!DM>!B@N@HLNIQAD@SK!F@F>J@H>!AK!?>KSI@B>?!]%=a%5^/!

J5&#"$%4."0'P"64.41%+'Q.%$';JPQ='5%+R%.D!

0! SNQB@HAD@NH! NL! SJNK>?! I>L>I>HS>! AH?! ?>! HNWN! K>TR>HS>! SJRKD>I@HO! Q>DMN?K!

]F@Se—NF>H—I>L>I>HS>—NDRK/FE! lNIeLJNl! @H! †++)(^! l>I>! RK>?! DN! @?>HD@LE! 7F>IAD@NHAJ!

-A[NHNQ@S!4H@DK!]7-4K^!LNI!B@N?@W>IK@DE!AHAJEK>K/!-M>!TRAJ@DEXL@JD>I>?!K>TR>HS>K!l>I>!

L@IKD! AJ@OH>?! DN! DM>! ;I>>HO>H>K! SNJJ>SD@NH! NL! I>L>I>HS>! K>TR>HS>K! ]OO—NDRK—"$—&/DAI/Oca!

MDDFfhhOI>>HO>H>K/K>SNH?O>HNQ>/SNQh?NlHJNA?Kh?ADABAK>h"$—&^! l@DM! A! K>TR>HS>!

"U%!
@?>HD@DE! NL! 8=v/! ! -M>! L@HAJ! NRDFRDK! NL! DM>! lNIeLJNl! l>I>! A! B@NQXLNIQADD>?! QADI@[! NL!

7-4!ABRH?AHS>K!@H!>ASM!KAQFJ>/!

3@LL>I>HD@AJ! ABRH?AHS>! AHAJEK@K! LNI! 7-4PK! AH?! j(;;! +3PK! l>I>! F>ILNIQ>?! RK@HO! DM>! '!

FASeAO>!3(.>T#!]W>IK@NH!"/"U/"^/!3(.>T#!lAK!F>ILNIQ>?!NH!KRBXK>DD>?!S>SAJ!?ADA/!:NI!

L@JD>I@HO!NRD!DM>!?@LL>I>HD@AJ!L>ADRI>K!l>!RK>?!JNO#:NJ?*MAH>O>!NL!"/&!AH?!U/%!LNI!7-4K!

AH?! j(;;! ?ADAa! lM>I>! AK! A! FXWAJR>! NL! U/U"! AH?! U/U&! LNI! 7-4K! AH?! j(;;! ?ADAa!

I>KF>SD@W>JE/! 6AI@AHD! KDAB@J@cAD@NH! DIAHKLNIQAD@NH! lAK! ?NH>! NH! DM>! SNRHD! ?ADAa! lM@SM!

lAK! LRIDM>I! RK>?! DN! SI>AD>! <*N0a! `>ADQAFK! AH?! DX.,(! FJNDK/! DX3@KDI@BRD>?! .DNSMAKD@S!

,>@OMBNI! (QB>??@HO! ]DX.,(^! lAK! RK>?! LNI! ?@Q>HK@NHAJ@DE! I>?RSD@NH! LNI! DM>!

W@KRAJ@cAD@NH!NL!DM>!7-4!?@>DAIE!OINRF!?ADAK>DK/!

-%33&#&.$%"0'"."0I/%/'43'G"+$&#%"0'$"6"'*/%.D'BS3C&'

-N! @?>HD@LE! LNI! BASD>I@AJ! DA[A! DMAD! l>I>! ?@LL>I>HD@AJJE! ABRH?AHD! @H! DM>! ?@LL>I>HD! ?@>DAIE!

OINRFKa!2@H>AI!3@KSI@Q@HAHD!0HAJEK@K!(LL>SD!.@c>!]2(L.>^!AHAJEK@K!lAK!F>ILNIQ>?!NH!DM>!

7-4! DABJ>! RK@HO! DM>! NHJ@H>! ;AJA[E! @HD>ILAS>/! 4K@HO! DM>! 2(L.>! AJONI@DMQa! BASD>I@AJ! DA[A!

DMAD! l>I>! ?@LL>I>HD@AJJE! ABRH?AHD! @H! FA@Il@K>! AHAJEK@K! NL! ?@>DAIE! OINRFK! l>I>! L@IKD!

@?>HD@L@>?! AH?! D>KD>?! RK@HO! DM>! jIRKeAJ! mAJJ@K! D>KD/! -M>! @?>HD@L@>?! L>ADRI>K! l>I>! DM>H!

KRBb>SD>?!DN!DM>!2@H>AI!3@KSI@Q@HAHD!0HAJEK@K!]230^!QN?>J!l@DM!A!DMI>KMNJ?!JNOAI@DMQ@S!

230!KSNI>!K>D!AD!#/U!AH?!IAHe>?/!'>KF>SD@W>!SJA?NOIAQK!l>I>!O>H>IAD>?!l@DM!O>HRK!AD!

DM>!JNl>KD!J>W>J/!

T.3&##&('1&$"D&.41%+/'".('5#&(%+$&('3*.+$%4."0'"."0I/%/'*/%.D'!T:@QC$'

-M>!SJNK>?!I>L>I>HS>!K>TR>HS>!SJRKD>I@HO!7-4PK!l>I>!RK>?!LNI!Q>DAO>HNQ>!FI>?@SD@NH!

AH?!LRHSD@NHAJ!AHAJEK@K/!-M>!TRAJ@DEXL@JD>I>?a!?>QRJD@FJ>[>?!K>TR>HS>K!l>I>!SJRKD>I>?!BE!

8=v! K@Q@JAI@DE/! '>FI>K>HDAD@W>! K>TR>HS>K! l>I>! F@Se>?! AH?! AJ@OH>?! DN! DM>! K>TR>HS>K!

"U&!
LINQ! DM>! ;I>>HO>H>K! I>L>I>HS>! SNJJ>SD@NH! ]OO—NDRK—"$—&/DAI/Oc^! DN! AKK@OH! DA[NHNQE! ]AK!

ABNW>^a!AK!?>KSI@B>?!]%=a%5^/!

-M>!I>KRJD@HO!7-4!DABJ>!lAK!DM>H!RK>?!DN!O>H>IAD>!@HL>II>?!Q>DAO>HNQ>!?ADA!RK@HO!DM>!

<+*'4.D! lNIeLJNl! l@DM! DM>! ;AJA[E! @HD>ILAS>/! -M>! ABRH?AHS>! WAJR>K! NL! >ASM! 7-4! l>I>!

HNIQAJ@c>?!DN!DM>@I!I>KF>SD@W>!FI>?@SD>?!"Y.!I',0!SNFE!HRQB>IK/!-M>!HNIQAJ@c>?!7-4!

ABRH?AHS>! WAJR>K! l>I>! QRJD@FJ@>?! BE! DM>! I>KF>SD@W>! FI>?@SD>?! O>H>! SNRHDK! LNI!

Q>DAO>HNQ>!FI>?@SD@NH/!<I>?@SD>?!LRHSD@NHAJ!FADMlAEK!l>I>!AHHNDAD>?!RK@HO!DM>!jENDN!

(HSESJNF>?@A! NL! ;>H>K! AH?! ;>HNQ>K! ]j(;;^! ?ADABAK>! AD! M@>IAISME! J>W>JK! #! AH?! $/! m>!

AJKN! O>H>IAD>?! j(;;! +3! M@>IAISM@>K! BAK>?! NH! DM>! j(;;! QN?RJ>! ?ADABAK>! LNI! FADMlAE!

QN?RJ>Ka! KDIRSDRIAJ! SNQFJ>[>Ka! LRHSD@NHAJ! K>DKa! AH?! K@OHADRI>! QN?RJ>K!

]MDDFfhhlll/O>HNQ>/bFhe>OOhQN?RJ>/MDQJ^a!AK!?>KSI@B>?!]%8^/!2(L.>!AHAJEK@K!lAK!RK>?!

DN! @?>HD@LE! BASD>I@AJ! FADMlAEK! AH?! KDIRSDRIAJ! SNQFJ>[>K! DMAD! l>I>! ?@LL>I>HD@AJJE!

ABRH?AHD!@H!FA@Il@K>!AHAJEK@K!NL!?@>DAIE!OINRFK/!

U&DD',%&#"#+,I'".('BS3C&'

`4)0H,! ]`)<! 4H@L@>?! )>DABNJ@S! 0HAJEK@K! ,>DlNIe^! @K! A! F@F>J@H>! LNI! >LL@S@>HDJE! AH?!

ASSRIAD>JE!?>D>IQ@H@HO!DM>!FI>K>HS>hABK>HS>!AH?!ABRH?AHS>!NL!Q@SINB@AJ!FADMlAEK!@H!A!

SNQQRH@DE!LINQ!Q>DAO>HNQ@S!?ADA/!`4)0H,!]W>IK@NH!U/88^!DAe>K!j(;;!ABRH?AHS>!L@J>!

SI>AD>?!BE!<+*'4.D!AK!@HFRDK!AH?!FIN?RS>K!O>H>!AH?!FADMlAE!KRQQAI@>K!AK!NRDFRDKa!AK!

?>KSI@B>?! ]%8^/! -M>! NRDFRD! QADI@[! SNHDA@H@HO! DM>! I>JAD@W>! ABRH?AHS>! NL! 7-4K! F>I!

KAQFJ>! lAK! FINS>KK>?! l@DM! DM>! J@H>AI! ?@KSI@Q@HAHD! AJONI@DMQ! @QFJ>Q>HD>?! @H! 2(L.>!

RK@HO!AH!AJFMA!SRDNLL!NL!U/U&!AH?!AH!>LL>SD!K@c>!SRDNLL!NL!#/U/!m>!RK>?!@H!MNRK>!KSI@FDK!DN!

FAIK>!DM>!`4)0H,!NRDFRD!@HDN!LNRI!?@LL>I>HD!j(;;!)N?RJ>!SAD>ONI@>K!lM@SM!lAK!DM>H!

RK>?!DN!SI>AD>!DM>!2(L.>!SJA?NOIAQ/!

"UY!
!-N!FI>?@SD!Q>DAO>HNQ@S!SNHD>HD!LINQ!DM>!"YK!I',0!]7-4K^!l>!RK>?!<+*'4.D!]W>IK@NH!

"/U/U^! RK@HO! DM>! ?>LARJD! K>DD@HOKa! AK! ?>KSI@B>?! ]%8^/! -M>! 7-4! l>I>! HNIQAJ@c>?! ]T<*'^!

B>LNI>!IRHH@HO!<+*'4.D/!

'

:*0$*#&'".('+&00'$#&"$1&.$/''

`RQAH! SNJ@S! A?>HNSAIS@HNQA! S>JJKa! *ASN#a! AH?! `RQAH! QNHNSED>! S>JJKa! -`<"a! l>I>!

SRJDRI>?a! AK! FI>W@NRKJE! ?>KSI@B>?! ]&Ua&"^/! 0LD>I! 5Uv! SNHLJR>HS>a! *ASN#! S>JJK! l>I>!

lAKM>?!Dl@S>!BE!3)()!‚!:*.!"Uv!NI!LNI!SNH?@D@NH>?!Q>?@A!SNJJ>SD@NH!BE!A!Q@[!NL!U/#v!

1.0!AH?!"v!:*.!AH?!DI>AD>?!LNI!"!MNRI!l@DMNRD!NI!l@DM!'.6!NI!*RI!NI!DM>!SNQB@HAD@NH!

NL!BNDM!SNQFNRH?K/!-M>Ha!DM>E!l>I>!KD@QRJAD>?!l@DM!-RQNI!,>SINK@K!:ASDNI!g!]-,:g^!

NI! FMNIBNJ! QEI@KDAD>! AS>DAD>! ]<)0^! LNI! %! MNRIK/! 0D! DM>! >H?a! SNH?@D@NH>?! Q>?@A! lAK!

SNJJ>SD>?!AH?!KDNI>?!AD!X#U’*!LNI!cEQNOIAQQ>!AH?!S>JJK!l>I>!lAKM>?!l@DM!FMNKFMAD>X

BRLL>I>?! KAJ@H>!]<1.^! AH?! KDNI>?! AD! X5U’*! LNI! ',0! >[DIASD@NH/! -I>ADQ>HD! NL! -`<"! S>JJK!

lAK!K@Q@JAI!>[S>FD!DM>!I>FJAS>Q>HD!NL!3)()!BE!'<)+!Q>?@RQ/!

@N7'&6$#"+$%4.'".('#&"0'$%1&'!:@'

-NDAJ! ',0! lAK! @KNJAD>?! LINQ! S>JJK! AH?! D@KKR>K! RK@HO! -I@cNJ! I>AO>HD! AH?! TRAHD@L@>?! BE!

,AHN3INF! ],AHN3INF! D>SMHNJNO@>K! +HS/a! :IAHS>^/! -NDAJ! ',0! ]"! •O^! lAK! I>W>IK>X

DIAHKSI@B>?! RK@HO! )NJNH>E! QRI@H>! J>Re>Q@A! W@IRK! I>W>IK>XDIAHKSI@FDAK>! AH?! IAH?NQ!

FI@Q>IK! AD! %#’*! LNI! "! M/! -M>! >[FI>KK@NH! NL! DAIO>D! O>H>K! lAK! ?>D>IQ@H>?! RK@HO! DM>!

.DIADAO>H>!)[!$UU&F/!-M>!Q',0!SNHS>HDIAD@NH!NL!DAIO>D!O>H>K!lAK!HNIQAJ@c>?!DN!J>W>JK!

Z#XASD@H! LNI! Q@S>! NI! Z#XM>QNOJNBRJ@H>! LNI! MRQAH! S>JJK! Q',0! AH?! DM>! I>KRJDK! l>I>!

>[FI>KK>?!AK!I>JAD@W>!>[FI>KK@NH!J>W>JK!]'(2^/!-M>!?ADA!l>I>!TRAHD@L@>?!BE!DM>!Q>DMN?!

NL!#X˜˜*D/!<I@Q>IK!RK>?!AI>!J@KD>?!@H!KRFFJ>Q>HDAIE!DABJ>!"/!

"U=!
P#"./%&.$'$#"./3&+$%4.'".('B*+%3&#"/&'"//"I'

!-IAHK@>HD! >[FI>KK@NH! >[F>I@Q>HDK! l>I>! F>ILNIQ>?! @H! #%Xl>JJ! FJAD>K! ASSNI?@HO! DN!

FI>W@NRK! KDR?@>K! ]&Ua&"^/! (ASM! l>JJ! ]#! SQ#^! SNHDA@H>?! #! [! "U&! *ASN#! S>JJK! @H! 3)()!

SNHDA@H@HO! "Uv! :*./! 7H>! MNRI! B>LNI>! DM>! DIAHKL>SD@NHa! S>JJK! l>I>! @HSRBAD>?! @H! K>IRQX

LI>>! 3)()a! DM>H! DM>! DIAHKL>SD@NH! lAK! SAII@>?! NRD! RK@HOa! LNI! >ASM! l>JJa! U/%! QJ! 3)()!

SNHDA@H@HO! U/$! QO! NL! FJAKQ@?! 3,0! SNHKDIRSD@NH! DN! B>! D>KD>?! @HSJR?@HO! DlN! 9>HNB@ND@S!

I>KFNHK@W>! >J>Q>HDK! ]9'(^! K>TR>HS>K! ?I@W@HO! JRS@L>IAK>! ]24*^! O>H>! >[FI>KK@NH! lM@SM!

lAK! RH?>I! DM>! SNHDINJ! NL! DM>! BAKAJ! FINQND>I! NL! DM>! -MEQ@?@H>! e@HAK>! O>H>! ]9'(X-jX

24*^!]&#^a!U/"!QO!NL!SNHDINJ!FJAKQ@?!?I@W@HO!DM>!BXOAJASDNK@?AK>!>[FI>KK@NHa!AH?!#!QJ!NL!

J@FNL>SD@H/! .@[D>>H! MNRIK! JAD>Ia! DM>! Q>?@RQ! lAK! I>FJAS>?! BE! "! QJ! 3)()X! "Uv:*.! AH?!

SRJDRI>!I>KRQ>?!LNI!-l>HDE!LNRI!MNRIK/!-M>!S>JJK!l>I>!SMAJJ>HO>?!l@DM!NI!l@DMNRD!'.6!

AH?! *RI! NI! BNDM! SNQFNRH?K! LNI! DMI>>! MNRIK! AH?! DM>H! 1A<a! A! J@OAH?! NL! DM>! 0IEJX

ME?INSAIBNH!I>S>FDNI!]0M'^!lAK!NI!HND!A??>?!AH?!@HSRBAD@NH!I>KRQ>?!LNI!Dl>HDE!LNRI!

MNRIK/! ([DIASDK! l>I>! FI>FAI>?! RK@HO! DM>! JEK@K! BRLL>I! NL! DM>! <INQ>OA! JRS@L>IAK>! e@D/!

<IND>@H!SNHD>HD!NL!>ASM!AKKAE!lAK!?>D>IQ@H>?!]1@N'A?!e@D+HD>ISM@Q!:IAHS>^/!2RS@L>IAK>!

AKKAEK! l>I>! F>ILNIQ>?! RK@HO! $U! QO! FIND>@HK! NL! DM>! KAQ>! >[DIASDK! @H! JRS@L>IAK>! AKKAE!

I>AO>HDa! ASSNI?@HO! DN! @HKDIRSD@NHK! NL! DM>! QAHRLASDRI>I! ]<INQ>OA^a! AH?! RK@HO! A!

FMNDNQ>D>I! ]1>IDMNJ?^/! '>KRJDK! l>I>! I>FNID>?! AK! AIB@DIAIE! J@OMD! RH@DK! NL! JRS@L>IAK>!

HNIQAJ@c>?!LNI!DIAHKL>SD@NH!>LL@S@>HSE!I>JAD@W>!DN!BXOAJASDNK@?AK>!ASD@W@DE/!0D!J>AKD!DMI>>!

@H?>F>H?>HD!>[F>I@Q>HDK!l>I>!SAII@>?!NRD!@H!LNRI!D@Q>K/!

VI14D#"5,I'
ŠEQNOIAFME!lAK!F>ILNIQ>?!RK@HO!"Uv!<0;(!SNHDA@H@HO!O>JAD@H!]"!QOhQJ^/!*NH?@D@NH>?!

Q>?@RQ!lAK!JNA?>?!NH!DM>!O>J!]&X#U!QJ^!AH?!Q@OIAD@NH!lAK!F>ILNIQ>?!AD!%’*!LNI!#!M!"&!

Q@H!AD!"#U!WNJDK/!0LD>I!>J>SDINFMNI>K@Ka!O>JK!l>I>!lAKM>?!Dl@S>!@H!BRLL>I!SNHDA@H@HO!]&U!

Q)!-I@Ka!F`!=/&‡!U/"&!)!,A*J‡!#/&v!-I@DNH!9"UU^!LNI!$U!Q@H!DN!I>QNW>!.3./!<IND>NJED@S!

"U5!
ASD@W@DE! lAK! I>W>AJ>?! BE! @HSRBAD@NH! NL! DM>! O>J! @H! DM>! KAQ>! BRLL>I! l@DMNRD! -I@DNH! BRD!

KRFFJ>Q>HD>?! l@DM! AFFINFI@AD>! SNHS>HDIAD@NHK! NL! SAD@NHK! ]&! Q)! *A#‚a! U/&! Q)! )H#‚^!

0LD>I! L@[AD@NH! AH?! SNJNIAD@NH! ]*NNQAKK@>! BJR>^a! >HcEQ>! ASD@W@DE! lAK! @?>HD@L@>?! AK! SJ>AI!

BAH?K! AOA@HKD! DM>! BJR>! BASeOINRH?/! ;>J! lAK! KSAHH>?! AH?! DM>! ?@O@D@c>?! F@SDRI>! lAK!

LRIDM>I!SNHDIAKD>?!RK@HO!<A@HDXKMNFX<IN!KNLDlAI>/!*>JJ!DI>ADQ>HD!AH?!cEQNOIAFME!l>I>!

I>F>AD>?!DMI>>!D@Q>K!AD!J>AKD!AH?!I>KRJDK!LINQ!A!I>FI>K>HDAD@W>!>[F>I@Q>HD!l>I>!KMNlH/!

!
@JC'(&$&#1%."$%4.'
-M>!AB@J@DE!NL!FNJEFM>HNJK!DN!QN?@LE!DM>!I>ASD@W>!N[EO>H!KF>S@>K!]'7.^!FIN?RSD@NH!lAK!

D>KD>?! NH! )ASINFMAO>KX?>I@W>?! -`<"! S>JJK! DI>AD>?! l@DM! <)0! AH?! lAK! I>SNI?>?! BE!

JRS@O>H@HX@H?RS>?! JRQ@H>KS>HS>/! 3@LL>I>HD@AD@NH! NL! -`<"! S>JJK! lAK! SAII@>?! NRD! BE!

KRFFJ>Q>HDAD@NH! NL! DM>! SRJDRI>! Q>?@RQ! l@DM! '>D@HN@S! AS@?! ! ]"Q)^a! W@DAQ@H>! 3$!

]U/"!Q)^a! @HD>IL>INH! OAQQA! ]"U4hQJ! “! &HOhQJ^! LNI! %5M/! 7BDA@H>?! QASINFMAO>K! l>I>!

NI! HND! DI>AD>?! l@DM! '.6! NI! *RI! ]&X&U! Q)^! ?RI@HO! Y! MNRIK! AH?! S>JJ! QNHNJAE>I! lAK!

KSIADSM>?! AH?! KRKF>H?>?! @H! A! '<)+XBAK>?! Q>?@RQ! l@DMNRD! <M>HNJ! '>?! AH?!

KRFFJ>Q>HD>?! l@DM! :*.! ]"Uv^/! -M>Ha! DM>! KRKF>HK@NH! lAK! ?@KDI@BRD>?! @H! AH! NFATR>! 8Y!

l>JJ! FJAD>! ]#UU! QJ! @H! >ASM! l>JJ! X! U/=["U&! S>JJK^/! 2RS@O>H@H! KNJRD@NH! ]#&QJ^! ]&"! QO!

JRS@O>H@Ha!%=Y!QO!`>F>Ka!"UU!QO!;>JAD@H>!h!"UU!QJ!'<)+^!AH?!ASSNI?@HO!DN!AKKAEKa!<)0!

]#UU! H)! L@HAJ! SNHS>HDIAD@NHa! #&! QJ^! lAK! A??>?/! 2RQ@H>KS>HS>! lAK! @QQ>?@AD>JE!

I>SNI?>?! @H! DM>! JRQ@HNKSAH! KEKD>Q/! +HD>HK@DE! WAJR>K! NL! JRQ@H>KS>HS>! l>I>! I>SNI?>?!

>ASM!&!Q@H!?RI@HO!A!DNDAJ!F>I@N?!NL!YU!Q@H/!;IAFMK!l>I>!SNHKDIRSD>?!AH?!@HD>OIAD@NH!NL!

SRIW>K!lAK!SAII@>?!NRD!RK@HO!DM>!>[S>J!KNLDlAI>/!6AJR>K!l>I>!FJNDD>?!AK!I>JAD@W>!RH@DK/!

9"+$&#%"'+*0$*#&'

`>I>a! K>W>H! BASD>I@AJ! KDIA@HK! SMNK>H! LINQ! "Y.! I3,0! AHAJEK@K! I>KRJDK! l>I>! @HSJR?>?! @H!

DM@K!KDR?Ef!!"#$%#&'$!$A1A##a!!"#$%#&'$!&)%*'+#,#$a!>16%'*.#+'$!0*15#"#$a!>16%'*.#+'$!#**'5)"1*a!

"U8!
/".$%*#+#)2!4)%#*#6)2a!/".$%*#+#)2!,.*+##a!AH?!X+.*#416%'*!$&"1,6A,#6)$/!0JJ!KDIA@HK!l>I>!

KRBSRJDRI>?! RK@HO! A! &v! KM>>F! BJNN?X>HI@SM>?! *NJRQB@A! AOAI! ]*7.^! AH?! @HSRBAD>?! %5X

MNRIK!AD!$=’*!@H!AHA>INB@S!SNH?@D@NH!O>H>IAD>?!BE!;(,BAO!AHA>I!KEKD>QK!]1@N)GI@>R[^/!

-%33*/%4.'1&$,4('%.'W&00/'

'.6!AH?!*RI!l>I>!?@KKNJW>?!@H!3).7!B>LNI>!RK>?/!!

-M>! @H! W@DIN! KRKS>FD@B@J@DE! D>KD@HO! NL! '.6! AH?! *RI! AOA@HKD! SJ@H@SAJ! KDIA@HK! NL! !"#$%#&'$!

$A1A##a! !"#$%#&'$! &)%*'+#,#$a! >16%'*.#+'$! 0*15#"#$a! >16%'*.#+'$! #**'5)"1*a! /".$%*#+#)2!

4)%#*#6)2a! /".$%*#+#)2! ,.*+##a! AH?! X+.*#416%'*! $&"1,6A,#6)$! lAK! F>ILNIQ>?! NH! )R>JJ>IX

`@HDNHX#! AOAI! BE! ?@LLRK@NH! Q>DMN?! AK! FI>W@NRKJE! ?>KSI@B>?! ]&$a&%^! BE! ?>FNK@D@HO! "UU!

•)! NL! '.6a! *RI! NI! "UU! •)! NL! '.6! ‚! "UU! •)! NL! *RI! KNJRD@NHK! @H! A! U/&! QQ! @H! ?@AQ>D>I!

l>JJK!?RO!@HDN!DM>!)`#!AOAI!Q>?@RQ!RK@HO!FAKDIEXSRDD>I/!1>LNI>MAH?a!"Q2!NL!BASD>I@AJ!

KRKF>HK@NH!SAJ@BIAD>?!AD!"U(=!S>JJK!h!Q2!lAK!KFI>A?!NH!AOAI!DN!NBDA@H!A!MNQNO>H>NRK!

BASD>I@AJ!SRJDRI>/!0JJ!F>DI@!?@KM>K!l>I>!@HSRBAD>?!@H!AH!AHA>INB@S!SNH?@D@NH!LNI!%5!M!AD!

$=’*/! -M>! ?@AQ>D>IK! NL! OINlDM! @HM@B@D@NH! NL! DM>! D>KD>?! BASD>I@A! l>I>! Q>AKRI>?! AH?!

FMNDNOIAFM>?! RK@HO! A! .SAH! "#UU! ]+HD>IKS@>HS>a! .DX,NQXJAX1I>DdSM>a! :IAHS>^! DN!

?>D>IQ@H>!DM>!AHD@Q@SINB@AJ!ASD@W@DE!NL!'.6a!*RI!NI!'.6‚*RI/!

C$"$%/$%+"0'7."0I/&/'

'>KRJDK!AI>!FI>K>HD>?!AK!Q>AHK!™!.()/!7H>XlAE!0,760!LNJJNl>?!BE!-Re>EPK!FNKDXD>KD!

lAK! RK>?! DN! AKK>KK! DM>! KDAD@KD@SAJ! K@OH@L@SAHS>! B>Dl>>H! OINRFKa! >[S>FD! LNI! DM>! 7;--!

AHAJEK@Ka!lM>I>!DlNXlAE!0,760!LNJJNl>?!BE!-Re>EPK!FNKDXD>KD!lAK!AFFJ@>?/!0!DlNXK@?>?!

FXWAJR>! ”U/U&! lAK! SNHK@?>I>?! KDAD@KD@SAJJE! K@OH@L@SAHD/! .DAD@KD@SAJ! AHAJEK>K! l>I>!

F>ILNIQ>?! RK@HO! ;IAFM<A?! <I@KQ! W>IK@NH! Y/UO! LNI! )AS! 7.! 9! ];IAFM<A?! .NLDlAI>a! .AH!

3@>ONa!*0^/!!

.DAD@KD@SAJ! AHAJEK>K! LNI! ORD! Q@SINB@NDA! I>JAD>?! ?ADA/! ,NHFAIAQ>DI@S! )AHHXmM@DH>EPK!

D>KDK! AH?! HNHFAIAQ>DI@S! jIRKeAJXmAJJ@K! D>KDK! LNJJNl>?! BE! 3RHHPK! QRJD@FJ>! SNQFAI@KNH!

D>KDK! AH?! .F>AIQAHPK! SNII>JAD@NHK! l>I>! SNH?RSD>?! RK@HO! SNQFRD>I! KNLDlAI>! ]<'+.)a!

""U!
6>IK@NH!Y/U&a!;IAFM<A?a!+HS/a!2A!_NJJAa!*0^!AH?!A!KNLDlAI>!>HW@INHQ>HD!]'a!6>IK@NH!$/"/#a!

MDDFKfhhSIAH/IXFINb>SD/NIOhB@Hhl@H?NlKhBAK>hNJ?h$/"/#h^/!!

C$"$%/$%+/'34#'1&$"G4041%+/'

.DAD@KD@SAJ! AHAJEK>K! l>I>! F>ILNIQ>?! RK@HO! .+)*0! <‚"#! ]4Q>DI@SKa! 4Q>Aa! .l>?>H^/!

<AID@AJ!J>AKD!KTRAI>X?@KSI@Q@HAHD!AHAJEK>K!]<2.X30^!l>I>!RK>?!DN!SAJSRJAD>!DM>!KDAD@KD@SAJ!

?@KDAHS>!AQNHO!DM>!KDR?E!OINRFK!Q>DABNJNQ>!AH?!DN!K>J>SD!DM>!QNKD!I>J>WAHD!WAI@ABJ>K!

ADDASM>?!DN!OINRF!?@KSI@Q@HAD@NH!]&&^/!0LD>I!<23X30a!6AI@ABJ>K!K>J>SD@NH!lAK!F>ILNIQ>?!

NH!DM>!WAI@ABJ>!@QFNIDAHS>!@H!FINb>SD@NH!]6+<^!KSNI>!SAJSRJAD>?!BE!DM>!.+)*0!AJONI@DMQa!

FJNDD>?! @H! A! HNIQAJ! FINBAB@J@DE! FJND! ?@KDI@BRD@NH! AH?! K>J>SD>?! l@DM! 5Uv! SNHL@?>HS>!

@HD>IWAJ/! ! :NI! AJJ! KDAD@KD@SAJ! K@OH@L@SAHD! <2.X30! QN?>JKa! DM>! <! WAJR>K! NBDA@H>?! ALD>I!

WAI@ABJ>K! K>J>SD@NH! AH?! SINKKXWAJ@?AD@NH! 0,760! l>I>! JNl>I! DMAH! U/UU"a! l@DM! A! JNl!

I>K@?RAJ! ]I>OI>KK@NHhI>K@?RAJ! J>KK! DMAH! %^a! A! SJAKK! WAI@AHS>! >[FJA@H>?! ]'#q^! NW>I! 55va!

AH?!SJAKK!WAI@AHS>!FI>?@SD>?!]ALD>I!SINKKXWAJ@?AD@NH^!NW>I!5"va!AH?!A!WAI@ABJ>K!WAI@AHS>!

>[FJA@H>?! ]'#9^! NW>I! ="v/! <>IQRDAD@NH! D>KDK! ]#UU! MRH?I>?! F>IQRDAD@NHK^! AKSI@B@HO!

LAJK>! SJAKK! AKK@OHQ>HD! DN! NBK>IWAD@NHK! OAW>! BA?! '#q! AH?! †#q! WAJR>Ka! @H?@SAD>?! DMAD!

QN?>J!FI>?@SD@NHK!l>I>!HND!?R>!DN!SMAHS>/!

'

K&A$@:A!

K&AV&%7:%E@'"G<%EV&A'#@$HEA&':E@&%7?H&'EC'D"#DYC7:'6"&:YC&6'6"78&:"H'G"H&'

-N! >[FJNI>! DM>! DM>IAF>RD@S! >LL>SD! NL! '.6! NH! OJES>Q@S! FAIAQ>D>IK! l@DMNRD! DM>!

SNHLNRH?@HO!>LL>SD!NL!AH!@HSI>AK>?!BN?E!l>@OMD!AH?!NH!ORD!Q@SINB@NDA!>SNJNOEa!l>!L>?!

DM>! Q@S>! l@DM! A! M@OMXLAD! ?@>D! LNI! NHJE! &! l>>eK! l@DM! DlN! ?@LL>I>HD! FNJEFM>HNJK! @/>/!

I>KW>IADINJ!AH?!SRISRQ@H!NI!DM>!SNQB@HAD@NH/!-M>!?RIAD@NH!NL!DM@K!DI>ADQ>HD!AJJNl>?!RK!

DN!KDR?E!DM>!>AIJE!@QFASD!NL!DM>!FNJEFM>HNJK!NH!DM>!?>W>JNFQ>HD!NL!MEF>IOJES>Q@A/!'.6!

@QFINW>?!DM>!OJES>Q@S!SNHDINJ!NL!DM>!`:3XL>?!Q@S>!LNJJNl@HO!AH!NIAJ!OJRSNK>!SMAJJ>HO>!

"""!
]!"#$%&' (^/! m>! DM>H! SNQFAI>?! DM>! @QFASD! NL! '.6! l@DM! AHNDM>I! FNJEFM>HNJ! SRISRQ@H!

]*RI^/! -M@K! FNJEFM>HNJ! MA?! BAI>JE! AHE! @QFASD! NH! OJES>Q@A/! +HD>I>KD@HOJEa! *RI! I>W>IK>?!

DM>!>LL>SD!NL!'.6!NH!DM>!OJES>Q@A!NL!DM>!`:3XL>?!DI>AD>?!Q@S>/!-M>I>LNI>a!l>!RK>?!DM@K!

L>ADRI>! NL! *RI! NH! '.6! OJES>Q@S! SNHDINJ! AK! A! FMAIQASNJNO@SAJ! DNNJ! DN! KDR?E! DM>!

Q>SMAH@KQK! DMINROM! lM@SM! '.6! SNHDINJK! OJES>Q@A/! +D! @K! HND>lNIDME! DMAD! l>! LAWNI>?! A!

QN?>J! NL! MEF>IOJES>Q@A! l@DMNRD! NB>K@DE! AH?! KDR?@>?! DM>! >AIJE! NHK>D! NL! DM>! ?@K>AK>! DN!

AWN@?!DM>!SNHLNRH?@HO!@QFASD!NL!NB>K@DE!NH!DM>!Q>SMAH@KQ!I>KFNHK@BJ>!LNI!DM>!OJES>Q@S!

SNHDINJ/!-M>!@QFASD!NL!'.6!SNRJ?!M>HS>!B>!LRJJE!AH?!?@I>SDJE!@HD>IFI>D>?/!:RIDM>IQNI>a!

?R>!DN!DM>!KMNID!D@Q>!SNRIK>!NL!?@>D!DI>ADQ>HD!HN!QAbNI!Q>DABNJ@S!SNXQNIB@?@D@>K!l>I>!

>[F>SD>?! AH?! DM>I>LNI>! ?>D>SD>?! @H! AHE! OINRF! KDR?@>?! AK! I>FNID>?! FI>W@NRKJE! ]%"^/!

<JAKQA!DI@OJES>I@?>Ka!SMNJ>KD>INJa!AH?!@HKRJ@H!l>I>!HND!@QFASD>?!BE!AHE!NL!DM>!DI>ADQ>HD!

]?ADA!HND!KMNlH^/!!

UCC&H:'EC'<E@;<D&?E@A'E?'#$:'G"H%E8"E:7'"?'D"#DYC7:'6"&:YC&6'6"78&:"H'G"H&'

.@HS>! M@OMXLAD! ?@>D! @H?RS>K! A! ORD! Q@SINB@NDA! ?EKB@NK@K! AH?! DM>! JADD>I! @K! SARKAJ! DN!

MEF>IOJES>Q@A!]"U^a!l>!K>TR>HS>?!DM>!ORD!Q@SINB@NDA!NL!`:3XL>?!Q@S>!DI>AD>?!l@DM!DM>!

FNJEFM>HNJK/! -M>! K>TR>HS@HO! NL! DM>! "Y.! I3,0! O>H>K! LINQ! DM>! ORD! Q@SINB@NDA! KAQFJ>K!

LNJJNl>?! BE! DA[NHNQ@S! SJAKK@L@SAD@NH! ]!"#$%&' *P^! AH?! FI@QAIE! SNQFNH>HD! AHAJEK>K!

]!"#$%&' *g^! ?>QNHKDIAD>?! L@IKD! DMAD! DM>! LADX>HI@SM>?! ?@>D! ?IAQAD@SAJJE! SMAHO>?! DM>!

>SNJNOE!NL!DM>!ORD!Q@SINB@NDA!AD!DM>!FMEJRQ!AH?!LAQ@JE!DA[NHNQ@S!J>W>JK!lM>H!SNQFAI>?!

DN!DM>!,*XL>?!Q@S>/!*NQFAI>?!DN!DM>!,*XL>?!Q@S>!DM>!`:3XL>?!Q@S>!l>I>!SMAIASD>I@c>?!

BE!AH!@HSI>AK>?!ABRH?AHS>!@H!DM>!FMEJA!<IND>NBASD>I@A!AH?!3>L>II@BASD>I>K!]!"#$%&'*P^/!

0D! DM>! LAQ@JE! J>W>Ja! DM>! FINFNID@NH! NL! '@e>H>JJAS>A>a! 1ASD>IN@?AS>A>a!

<>FDNKDI>FDNSNSSAS>A>a!AH?!3>L>II@BASD>IAS>A>!l>I>!@HSI>AK>?!@H!`:3XL>?!Q@S>!]!"#$%&'

*P^/!+H!SNHDIAKDa!DM>!FINFNID@NH!NL!2ASDNBAS@JJAS>A>a!lM@SM!MAW>!B>>H!FINFNK>?!DN!B>!e>E!

FJAE>IK!@H!MNKD!Q>DABNJ@S!BAJAHS>!]&Y^a!l>I>!HNDABJE!ABK>HD!LINQ!DM>!`:3!QNRK>!S>SAJ!

""#!
KAQFJ>K/! -M>! `:3! AJKN! ?>SI>AK>?! DM>! ABRH?AHS>! NL! DM>! LAQ@J@>K! 2ASMHNKF@IAS>A>! AH?!

<NIFMEINQNHA?AS>A>/! 3@Q>HK@NHAJ! I>?RSD@NH! FJND! ?>F@SD@HO! DM>! I>JAD@NHKM@FK! B>Dl>>H!

DM>! Q@SINB@NDA! LNI! >ASM! S>SAJ! SNHD>HD! KAQFJ>a! l@DM! I>KF>SD! DN! DM>! L@W>! ?@>DAIE! OINRFKa!

KMNlK!DMAD!DM>!M@OMXLAD!?@>D!DI>ADQ>HD!MA?!A!KDINHO!@QFASD!]!"#$%&' *g^/!-M>!DI>ADQ>HD!

NL! DM>! `:3XL>?! Q@S>! l@DM! AHE! NL! DM>! FNJEFM>HNJ! LRIDM>I! AH?! AJQNKD! K@Q@JAIJE! QN?@L@>K!

DM>!Q@SINB@NDA!>SNJNOE/!+HD>I>KD@HOJEa!DM>!*RI!DI>ADQ>HD!NL!DM>!'.6X`:3XL>?!Q@S>!l>I>!

A??@D@W>! NH! DM>! SMAHO>! @H! ORD! Q@SINB@NDA! >SNJNOE/! *MAHO>K! NL! DM>! ORD! Q@SINB@NDA!

>SNJNO@>K!l>I>!AJKN!NBK>IW>?!AD!DM>!J>W>J!NL!DM>!DA[NHNQ@S!?@W>IK@DE!AK!SAJSRJAD>?!RK@HO!

DM>!.MAHNH!@H?>[!]!"#$%&'*N^/!-M>!Q@S>!L>?!A!`:3!MA?!AH!@HSI>AK>?!.MAHNH!?@W>IK@DE!AD!

BNDM! DA[NHNQ@S! J>W>JK/! -M>! '.6! AH?! *RI! DI>ADQ>HDK! I>W>IK>?! DM>! @HSI>AK>?! BASD>I@AJ!

?@W>IK@DE!lM@SM!@K!QNKD!J@e>JE!?R>!DN!DM>!AHD@B@ND@S!ASD@W@DE!NL!DM>!FNJEFM>HNJK!]"5a&=^/!!

-N!QNI>!FI>S@K>JE!@?>HD@LE!DM>!?@LL>I>HD@AJ!DA[NHK!AD!AJJ!DA[NHNQ@S!J>W>JK!l>!F>ILNIQ>?!

2(L.>! AHAJEK>K! LNJJNl>?! BE! A! J@H>AI! ?@KSI@Q@HAD@NH! AHAJEK@K! NL! DM>! "Y.! I3,0! O>H>!

]!"#$%&' +^/! ! -M>! @QFASD! NL! A! `:3! O>H>IAD>?! HRQ>INRK! ?@LL>I>HS>K! AD! AJJ! DA[NHNQ@SAJ!

J>W>JK! ]!"#$%&' +P^/! 0QNHO! DM>Q! DM>! FINFNID@NH! NL! 3>L>I@BASD>IAS>A>a!

<>FDNKDI>FDNSNSSAS>A>a! AH?! 3>KRJLNW@BI@NHAS>A>! lAK! @HSI>AK>?! BE! DM>! `:3! lM@J>! DM>!

FINFNID@NH!NL!2ASDNBAS@JJAS>A>a!*NI@NBASD>I@AS>A>a!AH?!0HA>INFJAKQADAS>A>!lAK!IADM>I!

I>?RS>?/!

m>! DM>H! AHAJEc>?! lM>DM>I! DM>! SNHDINJ! BE! '.6! NL! OJES>Q@A! lAK! AKKNS@AD>?! l@DM! DM>!

FI>W@NRKJE! I>FNID>?! AHD@B@ND@S! L>ADRI>! NL! DM>! FNJEFM>HNJK! NH! DM>! ORD! Q@SINB@NDA!

?EKB@NK@K!@H?RS>?!BE!DM>!`:3!]"5a&=^/!m>!M>I>!KMNl!DMAD!lM>H!'.6!lAK!SNHKRQ>?!BE!

DM>!`:3XL>?!Q@S>!DM>!IAD@N!B>Dl>>H!:@IQ@SRD>Kh1ASD>IN@?>D>K!FMEJA!@HSI>AK>?!lM@J>!DM>!

FINFNID@NH!NL!<IND>NBASD>I@A!I>?RS>?!]!"#$%&'*^/!0D!DM>!:AQ@JE!J>W>J!'.6!@HSI>AK>?!DM>!

FINFNID@NH! NL! 'RQ@HNSNSSAS>A>! lM@J>! I>?RS@HO! DMAD! NL! '@e>H>JJAS>A>! AH?!

<>FDNKDI>FDNSNSSAS>A>! ]!"#$%&' *^/! *RI! DI>ADQ>HD! @QFASD>?! ?@LL>I>HD! DA[A! AH?! QNKDJE!

I>?RS>?! '@e>H>JJAS>A>! lM@J>! @HSI>AK@HO! 1ASD>IN@?AS>A>/! +QFNIDAHDJEa! *RI! DI>ADQ>HD! NL!

""$!
DM>!'.6XDI>AD>?!Q@S>!MAQF>IK!DM>!@QFASD!NL!'.6!BE!LRIDM>I!I>?RS@HO!DM>!FINFNID@NH!NL!

'RQ@HNSNSSA>A>!AH?!<NIFMNIEQNHA?AS>A>!]!"#$%&'*^/!!m>!DM>H!FI>S@K>JE!@?>HD@L@>?!DM>!

DA[A!DMAD!DM>!FINFNID@NH!lAK!@HSI>AK>?!BE!DM>!`:3XDI>ADQ>HD!AH?!I>W>IK>?!BE!DM>!'.6!

AH?! BJNSe>?! BE! DM>! *RI! ]L$<<@&G&?:7%;' X78@&' *^/! 7RD! NL! "%! DA[NHNQ@S! >J>Q>HDK!

KMNl@HO! ?@LL>I>HS>K! B>Dl>>H! OINRFKa! "U! K@OH>?! DM>! ?@LL>I>HS>! B>Dl>>H! ,*! AH?! `:3/!

:INQ! DM>K>a! NH>! >J>Q>HD! ].#%X=^! lAK! AJKN! LNRH?! AQNHO! DM>! $! ?@LL>I>HS>K! @?>HD@L@>?! @H!

I>KFNHK>!DN!DM>!'.6!DI>ADQ>HD!]L$<<@&G&?:7%;' X78@&' *j' !"#$%&' +U^/!+QFNIDAHDJE!DM@K!

DA[NHNQ@S!L>ADRI>!@/>/!DM>!.#%X=!LAQ@JEa!lAK!@QFASD>?!BE!DM>!*RI!DI>ADQ>HD/!0JDNO>DM>I!

DM>!.#%X=!LAQ@JE!SNRJ?!B>!SNHK@?>I>?!AK!AH!@QFNIDAHD!DAIO>D!NL!DM>!'.6!DI>ADQ>HD!lM@SM!

SNRJ?! >[FJA@H! DM>! OJES>Q@S! SNHDINJ! @H?RS>?! BE! DM>! FNJEFM>HNJ/! -M>! J@H>AI! I>OI>KK@NH!

AHAJEK@K! KMNl>?! A! H>OAD@W>! SNII>JAD@NH! B>Dl>>H! DM>! OJES>Q@S! @H?>[! NL! OJRSNK>!

@HDNJ>IAHS>! AH?! DM>! FINFNID@NH! NL! DM>! BASD>I@A! ]!"#$%&' +=^/! 0JNHO! DM>! KAQ>! J@H>! NL!

@HW>KD@OAD@NH! l>! AHAJEc>?! DM>! DA[NHK! lM@SM! l>I>! @HSI>AK>?! BE! DM>! `:3! DI>ADQ>HD! BRD!

I>?RS>?!BE!DM>!'.6!AH?!DMAD!DM>!I>?RSD@NH!lAK!FI>W>HD>?!BE!DM>!*RI!]!"#$%&' +!^/!m>!

@?>HD@L@>?! 1@L@?NBASD>I@RQ! FK>R?NJNHORQ! AH?! A! Q>QB>I! NL! DM>! <>FDNKDI>FDNSNSSAS>A>!

LAQ@JE/!!

! -N! @HW>KD@OAD>! FND>HD@AJ! Q@SINB@AJ! Q>SMAH@KQK! NL! OJES>Q@S! SNHDINJa! l>! RK>?! A!

SNQFRDAD@NHAJ! AFFINASM! ]&5^! DN! FI>?@SD! DM>! LRHSD@NHAJ! SNQFNK@D@NH! NL! DM>! BASD>I@AJ!

Q>DAO>HNQ>K! ?>I@W>?! LINQ! >ASM! ?@>DAIE! OINRF/! -M>! "Y.! DAIO>D>?! Q>DAO>HNQ@SK!

FINL@J@HO! @HLNIQAD@NH! LNI! DM>! S>SAJ! SNHD>HDK! NL! >ASM! QNRK>! l>I>! RK>?! DN! FI>?@SD! lM@SM!

O>H>! LAQ@J@>K! l>I>! FI>K>HD! AH?! DM>H! SNQB@H>! O>H>! LAQ@J@>K! DN! >KD@QAD>! DM>! SNQFNK@D>!

Q>DAO>HNQ>K/! -M>! SNQFNK@D>! Q>DAO>HNQ>K! l>I>! DM>H! FAIK>?! @HDN! j(;;! ?>I@W>?!

QN?RJ>K!LNI!FADMlAE!FI>?@SD@NH!AH?!KDIRSDRIAJ!SNQFJ>[>K/!-M>!FADMlAE!AH?!KDIRSDRIAJ!

SNQFJ>[! ?ADA! l>I>! DM>H! AHAJEc>?! BE! 2(L.>! LNI! FI>?@SD>?! O>H>! >HI@SMQ>HD! RK@HO! DM>!

KAQ>!?@>DAIE!OINRF!SNQFAI@KNHK!AK!LNI!DM>!DA[NHNQ@S!>WAJRAD@NHK!]!"#$%&',^/!

""%!
<I>?@SD>?!O>H>K!@H!S>SAJ!SNHD>HDK!@QFASD>?!BE!DM>!`:3XDI>ADQ>HD!Q@S>!l>I>!QNKD!l@?>!

IAHO@HO! AH?! @HSJR?>?! DMNK>! AKK@OH>?! DN! FADMlAEK! O>H>IAJJE! @HWNJW>?! @H! SAIBNME?IAD>!

AH?! AQ@HN! AS@?! RD@J@cAD@NH! ]!"#$%&' ,P^/! m@DM! ,*! ?@>D! FADMlAEK! LNI! OJESAHa!

OJESNKAQ@HNOJESAHa! AH?! NDM>I! SAIBNME?IAD>! Q>DABNJ@KQ! l>I>! >HI@SM>?/! -M@K! SNRJ?! B>!

>[F>SD>?!O@W>H!DM>!LASD!DMAD!DM>!AQNRHD!NL!SNQFJ>[!SAIBNME?IAD>!@K!KRBKDAHD@AJJE!M@OM>I!

@H!,*!SNQFAI>?!DN!`:3/!.@Q@JAIJEa!,*!?@>D!AFF>AIK!DN!>HI@SM!LNI!BIAHSM>?!SMA@H!AQ@HN!

AS@?!AH?!FRI@H>hFEI@Q@?@H>!Q>DABNJ@KQa!AK!l>JJ!AK!?>OIA?AD@NH!NL!AINQAD@S!SNQFNRH?K/!

+H! SNHDIAKDa! DM>! `:3! @K! FI>?@SD>?! DN! >HI@SM! LNI! O>H>K! @HWNJW>?! @H! H@DINO>H! AH?! KRJLRI!

Q>DABNJ@KQa! AH?! B@NKEHDM>K@K! NL! K>SNH?AIE! Q>DABNJ@D>K! @HSJR?@HO! AQ@HNXAS@?K/! 7RD! NL!

DM>!HRQ>INRK!FADMlAEK!lM@SM!l>I>!?@LL>I>HD!B>Dl>>H!,*!AH?!`:3XL>?!Q@S>a!NHJE!KNQ>!

l>I>! I>W>IK>?! BE! DM>! '.6! DI>ADQ>HD! DMAD! @HSJR?>K! DM>! KRJLRI! Q>DABNJ@KQ! AH?! DM>!

K>SNH?AIE! Q>DABNJ@D>K! LINQ! DM>! AQ@HNXAS@?K! B@NKEHDM>K@K! FADMlAEK! ]!"#$%&' ,g' 7?6'

L$<<@&G&?:7%;'X78@&'+^/!7DM>IKa!DMAD!l>!?@?!HND!LNSRK!NH!K@HS>!NRD!NL!DM>!KSNF>a!l>I>!

@QFASD>?!BE!*RI!AJNH>!]!"#$%&' ,N^/!-lN!NL!DM>!FADMlAEK!@QFASD>?!BE!'.6a!HNDABJE!DM>!

?@KK@Q@JADNIE!KRJLRI!FADMlAEa!l>I>!AHDAONH@c>?!BE!*RI!]!"#$%&',W'7?6'L$<<@&G&?:7%;'

X78@&' +^/! 0! J@H>AI! I>OI>KK@NH! AHAJEK@K! KMNl>?! DMAD! DM>! FINFNID@NH! NL! DM>! FI>?@SD>?!

?@KK@Q@JADNIE!KRJLAD>!I>?RSD@NH!FADMlAE!lAK!FNK@D@W>JE!SNII>JAD>?!l@DM!OJES>Q@A!@H!DM>!

`:3XL>?!Q@S>!]!"#$%&' ,=^/!6>HH!?@AOIAQ!KMNl!DMAD!HNH>!NL!DM>!FADMlAEK!lM@SM!l>I>!

I>?RS>?! BE! `:3! AH?! I>W>IK>?! BE! '.6! lM@J>! FI>W>HD>?! BE! *RI! l>I>! @?>HD@L@>?! ]!"#$%&'

,U^/! *NHW>IK>JEa! l>! @?>HD@L@>?! DlN! FADMlAEK! lM@SM! l>I>! @HSI>AK>?! BE! DM>! `:3! AH?!

I>W>IK>?! BE! DM>! '.6! lM@J>! FI>W>HD>?! BE! *RI! ]!"#$%&' ,!^/! -M>! L@IKD! NH>! lAK! I>JAD>?! DN!

>H>IOE! Q>DABNJ@KQ! @/>/! KRJLRI! Q>DABNJ@KQ! AH?! DM>! K>SNH?! lAK! I>JAD>?! DN! AQ@HN! AS@?!

Q>DABNJ@KQ!@/>/!AINQAD@TR>fDEINK@H>!Q>DABNJ@KQ!]L$<<@&G&?:7%;!X78@&'+^/!

(W>HDRAJJEa!K@Q@JAI!DN!DM>!FI>?@SD>?!FADMlAEKa!DM>!FI>?@SD>?!KDIRSDRIAJ!SNQFJ>[!QN?RJ>K!

l>I>! QNKD! K@OH@L@SAHD! l@DM! ,*! ?@>D! Q@S>! SNQFAI>?! DN! `:3! Q@S>! ]!"#$%&' -P^/! )N?RJ>K!

F>IDA@H@HO! DN! >H>IOE! Q>DABNJ@KQa! KRSM! AK! 0-<! KEHDM>K@K! AH?! 01*! DEF>! ++! DIAHKFNID>I!

""&!
KEKD>QKa! AI>! FI>?@SD>?! DN! B>! ?>FJ>D>?! BE! `:3a! lM@J>! SNQFNH>HDK! I>JAD>?! DN!

>HW@INHQ>HDAJ!K@OHAJ@HO!KRSM!AK!BASD>I@AJ!K>SI>D@NH!KEKD>QK!l>I>!>HI@SM>?/!-M>!@QFASD!

NL!'.6!NH!FI>?@SD>?!O>H>!>HI@SMQ>HD!SNQFAI>?!DN!`:3!AJNH>!lAK!QNI>!J@Q@D>?!]!"#$%&'

-g^/!-M>!>LL>SD!NL!'.6!NH!DM>!FI>?@SD>?!Q>DAO>HNQ>!lAK!DN!I>?RS>!DM>!O>H>K!I>JAD>?!DN!

KRJLRI!Q>DABNJ@KQ!AH?!B@NKEHDM>K@K!NL!Q>DABNJ@D>K/!+H!SNQFAI@KNHa!DM>!FI>?@SD>?!@QFASD!

NL!*RI!NH!'.6!lAK!DN!I>?RS>!DM>!`:3!@H?RS>?!SMAHO>K!@H!OJESAHa!OJESNKAQ@HNOJESAHa!AH?!

NDM>I!SAIBNME?IAD>!Q>DABNJ@KQ!AK!l>JJ!AK!I>?RS>!SNHDI@BRD@NHK!DN!H@DINO>H!Q>DABNJ@KQ!

AH?! B@NKEHDM>K@K! NL! K>SNH?AIE! Q>DABNJ@D>K! ]!"#$%&' -N^/! 0H! A??@D@NHAJ! @HD>I>KD@HO!

L>ADRI>! NL! DM>! *RI! KRFFJ>Q>HD>?! ?@>D! @K! DM>! FI>?@SD>?! I>?RSD@NH! NL! J@FNFNJEKASSMAI@?>!

Q>DABNJ@KQ! ]!"#$%&' -N^/! -M>! `:3! l@DM! '.6! AH?! *RI! SNXKRFFJ>Q>HDAD@NH! ?@?! HND! AJD>I!

AHE! FI>?@SD>?! FADMlAE! QN?RJ>K! SNQFAI>?! DN! `:3! l@DM! '.6! KRFFJ>Q>HDAD@NH! AJNH>!

]!"#$%&'-W^/!m>!DM>H!AHAJEc>?!DM>!OJNBAJ!@QFASD!NL!'.6!NH!FI>?@SD>?!KDIRSDRIAJ!SNQFJ>[!

QN?RJ>K/! -M>! @QFASD! NL! '.6! KRFFJ>Q>HDAD@NH! l@DM! DM>! `:3! @K! J>KK! ?>>F! INND>?! @H! DM>!

FI>?@SD>?! M@>IAISM@>Ka! BRD! @HSJR?>K! A! KM@LD! @H! WAI@NRK! <-.! ]FMNKFMNDIAHKL>IAK>! KEKD>Q^!

SAIBNME?IAD>!KF>S@L@S!DIAHKFNID>IK!AH?!A!I>?RSD@NH!NL!AQ@HN!AS@?!DIAHKFNID!KEKD>QK/!-M>!

>LL>SD! NL! *RI! NH! DM>! `:3! @K! AOA@H! BINA?>I! IAHO@HOa! BRD! AJKN! @HSJR?>K! <-.! SAIBNME?IAD>!

KF>S@L@S! DIAHKFNID>IK! A! I>?RSD@NH! NL! AQ@HN! AS@?! DIAHKFNID! KEKD>QK/! +H! A??@D@NHa! DM>!

KRFFJ>Q>HDAD@NH! NL! *RI! @K! FI>?@SD>?! DN! I>?RS>! DM>! ABRH?AHS>! NL! FADMNO>H@S@DE! I>JAD>?!

O>H>K!NL!OIAQ!H>OAD@W>!BASD>I@Aa!HAQ>JE!DMNK>!NL!DEF>!+++!AH?!DEF>!6+!K>SI>D@NH!KEKD>QK!

]&8^/!

0JDNO>DM>Ia!NRI!?ADA!KMNl!DMAD!DM>!FNJEFM>HNJ!DI>ADQ>HDK!@QFINW>?!DM>!ORD!Q@SINB@NDA!

?EKB@NK@K!@H?RS>?!BE!DM>!`:3!BE!FRDAD@W>JE!@QFASD@HO!BASD>I@AJ!Q>DABNJ@S!FADMlAEK/!0!

I>S>HD!K>D!NL!?ADA!@K!AWA@JABJ>!I>OAI?@HO!DM>!INJ>!NL!FNJEFM>HNJK!NH!ORD!Q@SINB@NDA!]YU

Y$^/!`Nl>W>Ia!NRI!?ADA!BI@HO!QNI>!eHNlJ>?O>!lM>H!SNQFAI>?!DN!DM>!J@D>IADRI>!K@HS>!l>!

@?>HD@L@>?! Q@SINB@NDAXI>JAD>?! FADMlAEa! DMAHeK! DN! DM>! ?>>F! K>TR>HS@HO! AH?!

B@N@HLNIQAD@SK!AHAJEK>Ka!lM@SM!AI>!J@He>?!DN!DEF>!#!?@AB>D>K/!

""Y!
m>!LRIDM>I!DMNROMD!DM>!AHDAONH@KQ!NL!'.6!AH?!*RI!AD!DM>!J>W>J!NL!OJES>Q@A!MNQ>NKDAK@K!

QAE!B>!?R>!DN!?@LL>I>HD@AJ!>LL>SD!NL!DM>!DlN!FNJEFM>HNJK!NH!ORD!Q@SINB@NDA/!0SSNI?@HO!DN!

DM>! "Y.! I3,0! AHAJEK@K! I>KRJDKa! K>W>IAJ! BASD>I@A! KDIA@HK! l>I>! K>J>SD>?! ASSNI?@HO! DN! DM>!

ORD!Q@SINB@NDA!AHAJEK@K!AH?!SRJDRI>?!@H!DM>!FI>K>HS>!NI!HND!NL!FNJEFM>HNJK!A??>?!AJNH>!

NI! @H! SNQB@HAD@NH/! 0QNHO! K>W>H! BASD>I@A! KDIA@HK! D>KD>?! B>JNHO@HO! DN! LNRI! ?@LL>I>HD!

O>H>IA! ]0J@KD@F>Ka! 1ASD>IN@?>Ka! *JNKDI@?@RQa! 7?NI@BASD>I^a! DM>I>! lAK! NHJE! !"#$%#&'$(

&)%*'+#,#$!lM@SM!lAK!e@JJ>?!BE!'.6!lM@J>!*RI!SNRHD>IASD>?!DM@K!>LL>SD!]!"#$%&'-=^/!!!!!!!!!!

'

QE@;<D&?E@A'HE?:%E@'HE@E?"H'"?C@7GG7:E%;'G7%T&%A'

.@HS>! '.6! AH?! *RI! @QFASD! ORD! Q@SINB@NDA! l>! AHAJEc>?! lM>DM>I! DM>! FNJEFM>HNJK!

K@QRJDAH>NRKJE! I>ORJAD>! SNJNH@S! @HLJAQQAD@NH/! -ABJ>! "! KMNlK! DMAD! `:3! QN?>IAD>JE!

@HSI>AK>!DM>!>[FI>KK@NH!NL!KNQ>!O>H>!@HWNJW>!@H!@HLJAQQAD@NH!KRSM!AK!+2"Za!+2Ya!:%h5Ua!

*3$Ya! AH?! ))<=/! '.6! NI! *RI! ?NlH! I>ORJAD>?! K@OH@L@SAHDJE! QNKD! NL! DM>Q! lM@J>! A??@HO!

*RI! DI>ADQ>HD! DN! '.6! AJQNKD! BJRHD>?! DM>! @QFASD! NL! '.6! NH! DM>K>! O>H>! >[FI>KK@NHK/!

+HD>I>KD@HOJEa! AHNDM>I! KRBK>D! NL! O>H>! >[FI>KK@NH! lAK! @HSI>AK>?! KRSM! AK! -,:ga! -;:Za!

))<8a! AH?! ))<"$! BE! '.6! AH?! @H! KNQ>! @HKDAHS>K! l@DM! *RI/! +QFNIDAHDJEa! DM>! '.6X

@H?RS>?!O>H>!>[FI>KK@NH!lAK!I>W>IK>?!lM>H!*RI!lAK!A??>?!DN!DM>!'.6!DI>ADQ>HD/!

QE@;<D&?E@A'HE?:%E@'"?C@7GG7:"E?'EC'N7NE*'7?6'XkQ('H&@@A'

m>! LRIDM>I! AHAJEc>?! DM>! @QFASD! NL! FNJEFM>HNJK! @H! AH! #,( -#%*.( KDAH?AI?@c>?! QN?>J! NL!

MRQAH! *ASN#! @HD>KD@HAJ! >F@DM>J@AJ! S>JJK! AH?! DM>! QNHNSED>! -`<"! S>JJK/! -M>! AHD@X

@HLJAQQADNIE! ASD@W@DE! NL! '.6a! *RIa! NI! '.6! KRFFJ>Q>HD>?! l@DM! *RI! lAK! >WAJRAD>?! BE!

Q>AKRI@HO!DM>!DIAHKSI@FD@NHAJ!J>W>J!NL!?@LL>I>HD!FINX@HLJAQQADNIE!QAIe>IK!KRSM!AK!+25a!

+2"βa! AH?! +*0)X"! NH! S>JJK! SMAJJ>HO>?! NI! HND! l@DM! -,:α! NI! <)0! ]!"#$%&' .^/! 7H! *ASN#!

S>JJKa! -,:α! AH?! <)0! QAIe>?JE! @HSI>AK>?! DM>! >[FI>KK@NH! NL! +25a! +2"βa! AH?! +*0)X"! BRD!

DM@K!>HMAHS>Q>HD!lAK!@HM@B@D>?!BE!DM>!DI>ADQ>HD!l@DM!>@DM>I!'.6!NI!*RI!]!"#$%&'.PYN^/!

""=!
-M>!SNXDI>ADQ>HD!NL!'.6!AH?!*RI!@H?RS>?!AH!A??@D@W>!@HM@B@DNIE!>LL>SD!NH!QNKD!NL!O>H>!

>[FI>KK@NH! KD@QRJAD>?! BE! -,:α! AH?! <)0! ]!"#$%&' .PjNjUj!j=^/! 7H! -`<"! S>JJKa! -,:αX

@H?RS>?! +2"β! >[FI>KK@NH! lAK! I>?RS>?! BE! '.6! DI>ADQ>HD! ]!"#$%&' .l^! lM@J>! +25! AH?!

+*0)"!>[FI>KK@NH!lAK!>HMAHS>?!]!"#$%&' .3jR^/!0!SNXDI>ADQ>HD!NL!FNJEFM>HNJK!@H?RS>?!

A!KEH>IO@S!@HM@B@DNIE!>LL>SD!NH!+2"β!>[FI>KK@NH!NL!-,:αXKD@QRJAD>?!-`<"!S>JJK!]!"#$%&'

.l^/! `Nl>W>Ia! *RI! AHDAONH@c>?! DM>! '.6X>HMAHS>?! +25! AH?! +*0)"! >[FI>KK@NH! ]!"#$%&'

.3jR^/!!

!
([FI>KK@NH! NL! -;:Z! lAK! AJKN! AHAJEc>?/! -M>! >[FI>KK@NH! NL! DM@K! SEDNe@H>a! eHNlH! AK!

?@KFJAE@HO!AHD@X@HLJAQQADNIE!FINF>ID@>Ka!lAK!@H?RS>?!BE!-,:g!NI!<)0/!'.6!I>?RS>?!DM>!

-,:g!AH?!<)0X@H?RS>?!-;:Z!>[FI>KK@NH!NH!*ASN#!S>JJK!]!"#$%&'.Wjk^/!mM>H!A??>?!DN!

'.6a! *RI! @H?RS>?! AH! A??@D@W>! ?NlH! I>ORJAD@NH! ]!"#$%&' .Wjk^/! 7H! -`<"! S>JJKa! *RI!

AHDAONH@c>?!DM>!'.6X@H?RS>?!?NlH!I>ORJAD@NH!NL!-;:Z!>[FI>KK@NH!]!"#$%&'.5^/!!

!
ŠEQNOIAFME! AKKAEK! NL! -`<"XSNH?@D@NH>?! SRJDRI>! Q>?@A! KMNlH! DMAD! DM>! J>W>J! NL! ASD@W>!

))<8! lAK! >@DM>I! l>AeJE! ?@Q@H@KM>?! BE! '.6! NI! KDINHOJE! @HM@B@D>?! BE! *RI!

]L$<<@&G&?:7%;' !"#$%&A' (j*^/! '7.! FIN?RSD@NH! MAK! B>>H! AKKNS@AD>?! DN! @HLJAQQADNIE!

FINS>KK>K!]Y%aY&^/!+H?>>?!@D!@K!l>JJ!>KDABJ@KM>?!DMAD!DIAHKSI@FD@NH!LASDNIK!KRSM!AK!,:Xp1!

AH?! 0<"! lM@SM! SNHDINJ! KNQ>! O>H>K! @HWNJW>?! @H! @HLJAQQAD@NH! AI>! I>ORJAD>?! DMINROM!

7[h'>?! Q>SMAH@KQK! AH?! KF>S@L@SAJJE! W@A! '7./! -`<"! S>JJK! @H! W@DIN! ?@LL>I>HD@AD>?! @HDN!

QASINFMAO>K! AH?! SMAJJ>HO>?! l@DM! <)0! >[M@B@D>?! A! JAIO>! SAFAB@J@DE! DN! ?>J@W>I! '7.!

]L$<<@&G&?:7%;' !"#$%&' +^/!-M@K!FIN?RSD@NH!lAK!SRD!?NlH!LNJJNl@HO!S>JJ!@HSRBAD@NH!@H!

DM>!FI>K>HS>!NL!'.6!NI!*RI!@H?@SAD@HO!DMAD!'7.!SNRJ?!B>!A!DAIO>D!LNI!FNJEFM>HNJK!ASD@NH!

]L$<<@&G&?:7%;'!"#$%&'+^/!

!
!
!
'

""5!
QE@;<D&?E@A'%&#$@7:&6'PDK'<%EGE:E%'7H:"V":;'

m>!FI>W@NRKJE!KMNlH!DMAD!'.6!AH?!*RI!AI>!SNQF>D@D@W>!0M'!AONH@KDK!]YYaY=^/!.@HS>!0M'!

MAK!B>>H!KMNlH!DN!?>SI>AK>!;2<X"!>[FI>KK@NH!]&=^!AH?!AJKN!FMEK@SAJJE!@HD>IASD!l@DM!,:X

p1!LASDNI!]Y5^a!l>!DMNROMD!DN!KDR?E!DM>!@QFASD!NL!>ASM!FNJEFM>HNJ!AJNH>!NI!@H!AKKNS@AD@NH!

NH! DM>! 0M'! FINQND>I! ASD@W@DE/! 4K@HO! I>FNID>I! O>H>! AKKAEa! l>! D>KD>?! 0M'X@H?RS>?!

ASD@WAD@NH!9'(!K@D>K!NH!2RS@L>IAK>!>[FI>KK@NH/!m>!LNRH?!DMAD!1A<!ASD@WAD>?!9'(!K@D>K!W@A!

0M'! ASD@WAD@NH! AK! >[F>SD>?! SNQFAI>?! DN! SNHDINJ! OINRF! ]!"#$%&' .S^/! '.6! AH?! *RI!

KDINHOJE! @HM@B@D>?! BNDM! 1A<X@H?RS>?! 0M'! ASD@WAD@NH! AH?! BAKAJ! J>W>J! NL! JRS@L>IAK>!

>[FI>KK@NH/!`Nl>W>Ia!*RI!SNQB@H>?!l@DM!'.6!l>I>!HND!AHDAONH@KD@S!BRD!IADM>I!KEH>IO@S/!!!

'

QE@;<D&?E@A'%&#$@7:&A'<@7AG7'G&:78E@EG"HA''

-N! @?>HD@LE! lM>DM>I! DM>! FNJEFM>HNJK! SNRJ?! MAW>! A! KEKD>Q@S! @QFASD! l>! F>ILNIQ>?!

Q>DABNJNQ@SK! KDR?@>K! NH! FJAKQA! ]Y"aY8="^/! -M>! FJAKQA! ;*h).! Q>DABNJNQ@SK!

L@HO>IFI@HD@HO! lAK! BAK>?! NH! &=! >[DIASD>?! L>ADRI>Ka! lM@SM! @K! @H! DM>! IAHO>! NL! lMAD! @K!

SRII>HDJE! I>FNID>?! @H! KRSM! QADI@[! l@DM! ;*).! AHAJEK@K! ]=#a=$^/! -M>! @QFASD! NL! DM>!

FNJEFM>HNJK!lAK!>[AQ@H>?!BE!FINb>SD@NH!NL!JAD>HD!KDIRSDRI>X?@KSI@Q@HAHD!AHAJEK@K!]<2.X

30^! ]!"#$%&' /P^/! -MI>>! K@OH@L@SAHD! SNQFNH>HDK! SNRJ?! B>! SAJSRJAD>?! ALD>I! =! LNJ?! SINKKX

WAJ@?AD@NHa! >[FJA@H@HO! &=/=v! DN! DNDAJ! NBK>IWAD@NHK! WAI@AHS>! ]'#]9^^a! %Uv! NL! OINRF!

WAI@AHS>!]'#]q^^a!AH?!#$/#!v!NL!FI>?@SD>?!OINRF!WAI@AHS>!]†#]q^^/!-M>!SJAKK>K!]?@>DAIE!

OINRFK^!l>I>!K@OH@L@SAHDJE!M>D>INO>H>NRK!]<“U/UU$!ALD>I!SINKKXWAJ@?AD@NH!0,760^/!*JAKK!

AKK@OHQ>HD!IAHO>?!LINQ!"#/&!DN!"UUv!SNHL@?>HS>!]<“=/=>XU"#a!L@KM>I!FINBAB@J@DE!D>KD^a!

AK! I>FNID>?! @H! DM>! SNHLRK@NH! QADI@[! ]L$<<@&G&?:7%;' X78@&' -^/! :@HAJJEa! A! F>IQRDAD@NH!

D>KD! AKK>KK@HO! NW>IL@DD@HO! @H?@SAD>?! DMAD! DM>! ?@KSI@Q@HAHD! QN?>J! lAK! HND! KFRI@NRK! ]†#!

WAJR>K! B>@HO! H>OAD@W>! AD! DM>! @HD>IS>FD! ALD>I! #U! F>IQRDAD@NHK^! ]L$<<@&G&?:7%;' X78@&'

.^/!-M>!Q>DABNJ@S!?@KDAHS>!AQNHO!DM>!?@>DAIE!OINRFK!l>I>!B>KD!?@KFJAE>?!RK@HO!DM>!S‘!

W>SDNIK! NL! DM>! <2.X30a! SNII>JAD@HO! DM>! SJAKK! WAI@ABJ>K! l@DM! DM>! NBK>IWAD@NHK! KSNI>K/! +D!

""8!
@H?@SAD>K! DM>! BAIES>HDI@S‘! SNNI?@HAD>K! NL! >ASM! SJAKK! @H! DM>! JNA?@HO! KFAS>a! AH?!

KRQQAI@c>K!A!Q>DABNJNQ>!KSNI>!LNI!>ASM!?@>DAIE!OINRF!]!"#$%&' /g^/!.DI@e@HOJEa!L@ORI>!

=1! SJ>AIJE! KMNl>?! DMAD! BNDM! `:3‚'.6! AH?! `:3‚*RI! Q>DABNJNQ>K! SJRKD>I>?! DNO>DM>I!

l@DM!A!JNl!?>OI>>!NL!?@KK@Q@JAI@DE!]?@KK@Q@JAI@DE!@H?>[!WAJR>K!NH!DM>!NI?@HAD>!A[@K^a!AH?!

>[M@B@D>?!QNI>!FIN[@Q@DE!DN!DM>!HNIQAJ!JNl!LAD!SMNl!?@>D!DMAH!?@?!DM>!Q>DABNJNQ>!NL!

BNDM! `:3! AJNH>! NI! `:3‚'.6‚*RI/! -M@K! I>FI>K>HDAD@NH! AJKN! SJ>AIJE! KMNl>?! DMAD! A??>?!

BNDM! '.6! AH?! *RI! DN! A! M@OMXLAD! ?@>D! AJQNKD! SNQFJ>D>JE! ABINOAD>?! DM>! B@NJNO@SAJ! >LL>SD!

@H?RS>?!BE!>ASM!SNQFNH>HD!K>FAIAD>JE/!-N!O>D!@HDN!QNI>!?>DA@JKa!l>!DM>H!SNQFAI>?!DM>!

Q>DABNJ@S! @QFASD! NL! DM>! ?@>DK! FA@Il@K>a! >/O/! `:3! WK! `:3‚'.6a! AH?! `:3‚'.6! WK!

`:3‚'.6‚*RI/!+H!BNDM!SAK>Ka!DM>!<2.X30!QN?>JK!l>I>!INBRKDa!RK@HO!%!DN!&!SNQFNH>HDK!

?>KSI@B@HO! NW>I! 85v! AH?! 5$v! NL! DM>! >[FJA@H>?! ]'#q^! AH?! FI>?@SD>?! ]†#q^! WAI@AHS>Ka!

I>KF>SD@W>JEa!AH?!†#q!WAJR>K!AD!DM>!@HD>IS>FD!B>@HO!H>OAD@W>!@H!DM>!F>IQRDAD@NH!D>KD/!0!

LRIDM>I! @QFINW>Q>HD! lAK! NBDA@H>?! NH! DM>! <! WAJR>K! ALD>I! *6X0,760! ]AJJ! <! ”! U/UUU=^!

ALD>I! K>J>SD@NH! NL! DM>! QNKD! ?@KSI@Q@HAD@HO! WAI@ABJ>K! ]WAI@ABJ>! @QFNIDAHS>! KSNI>! SI@D>I@A!

NW>I!"/$a!K>J>SD>?!LINQ!A!DMI>KMNJ?!NW>I!5Uv!SNHL@?>HS>!@HD>IWAJ!@H!A!HNIQAJ!FINBAB@J@DE!

?@KDI@BRD@NH^!]!"#$%&'/NjW^/!!

-l>JW>!Q>DABNJ@D>K!l>I>!LNRH?!?@KSI@Q@HAHD!AQNHO!DM>!`:3!AH?!DM>!`:3‚'.6!]AQNHO!

DM>Q! %! SNRJ?! HND! B>! AHHNDAD>?^a! NI! `:3! AH?! `:3‚*RI! ]AQNHO! DM>Q! $! SNRJ?! HND! B>!

AHHNDAD>?^/! mM>H! SNQFAI@HO! DM>! Q>DABNJ@D>K! DMAD! KM@LD>?! AlAE! LINQ! DM>! `:3! l@DM!

>@DM>I! DM>! A??@D@NH! NL! '.6! NI! *RIa! l>! @?>HD@L@>?! Q>DABNJ@D>K! @HWNJW>?! @H! AQ@HN! AS@?!

Q>DABNJ@KQ! @HSJR?@HO! BIAHSM>?! SMA@H! AQ@HN! AS@?! @KNJ>RS@H>! KDINHOJE! @HSI>AK>?! @H! '.6!

DI>ADQ>HD! NW>I! `:3! AH?! AINQAD@S! AQ@HN! AS@?! FINJ@H>! ]!"#$%&' /U^/! +QFNIDAHDJEa!

HRQ>INRK! KMNID! SMA@H! LADDE! AS@?K! l>I>! TRAHD@L@>?! @H! DM>! BJNN?! NL! FNJEFM>HNJ! DI>AD>?!

Q@S>!KROO>KD@HO!A!KDINHO!@QFASD!NH!ORD!Q@SINB@NDA!?@>DAIE!L@B>I!L>IQ>HDAD@NH/!!!

!+HD>I>KD@HOJEa! NRD! NL! DM>! Q>DABNJ@D>K! lM@SM! l>I>! @QFASD>?! BE! DM>! '.6! DI>ADQ>HD! AH?!

I>W>IK>?!BE!DM>!*RI!DI>ADQ>HDa!AJNHO!DM>!KAQ>!J@H>!AK!DM>!MEF>IOJES>Q@Aa!l>!@?>HD@L@>?!

"#U!
>[F>SD>?JE! OJRSNK>a! OJRS@DNJa! AH?! NI@O@HAJJE! @KNJ>RS@H>! lM@SM! @K! D@OMDJE! J@He>?! DN! ORD!

Q@SINB@NDA! ?EKB@NK@K! ]=%a=&^! ]!"#$%&' /U^/! -M>K>! ?ADA! ?>QNHKDIAD>! DM>! @QFASD! NL! ORD!

FNJEFM>HNJK!NH!ORD!Q@SINB@NDA!?EKB@NK@K!AD!DM>!@HD>IK>SD@NH!l@DM!Q>DABNJ@KQ/!!

W"AH$AA"E?'

! -MINROMNRD! A! FMAIQASNJNO@SAJ! AFFINASM! SNQB@H@HO! DM>! @QFASD! NL! DlN!

FNJEFM>HNJ!I>KW>IADINJ!AH?!SRISRQ@H!DI>ADQ>HD!NH!M@OMXLADX?@>D!@H?RS>?!DEF>!#!?@AB>D>K!

@H! DM>! QNRK>! l>! M>I>! LRIDM>I! SNHL@IQ! DMAD! I>KW>IADINJ! SNHDINJK! OJES>Q@A! DMINROM! A!

Q>SMAH@KQ!lM@SM!@K!AKKNS@AD>?!l@DM!A!SMAHO>!@H!ORD!Q@SINB@NDA!?EKB@NK@K!AH?!Q>DABNJ@S!

@HLJAQQAD@NH/!m>!M>I>!LRIDM>I!A??>?!DN!DM>!eHNlJ>?O>a!DMAHeK!DN!?>>FK!K>TR>HS@HO!NL!

ORD! Q@SINB@NDA! AH?! B@N@HLNIQAD@ShQ>DABNJNQ@SK! AHAJEK>Ka! DMAD! KF>S@L@S! KRJLRI!

Q>DABNJ@KQa! AH?! KMNID! SMA@H! LADDE! AS@?! Q>DABNJ@KQa! AH?! BIAHSM>?! SMA@H! AQ@HNXAS@?K!

SNRJ?!B>!Q>SMAH@KQK!I>KFNHK@BJ>!LNI!DM>!@QFASD!NL!I>KW>IADINJ!NH!OJES>Q@A/!!

! -M>! INJ>! NL! FNJEFM>HNJK! NH! DM>! SNHDINJ! NL! Q>DABNJ@KQ! MAK! B>>H! I>FNID>?! NW>I!

?>SA?>K/! ,RQ>INRK! QN?>K! NL! ASD@NH! @HSJR?@HO! AHD@X@HLJAQQADNIE! AH?! AHD@XN[@?AHD!

ASD@W@D@>K! MAW>! B>>H! ?>QNHKDIAD>?! DN! B>! I>KFNHK@BJ>! LNI! DM>! Q>DABNJ@S! @QFASD! ]=Y^/!

`Nl>W>Ia! A! HNW>J! QN?>! NL! ASD@NH! MAK! >Q>IO>?! I>S>HDJE! lM@SM! I>SNHS@J>! DM>! AHD@X

@HLJAQQADNIEhN[@?AHD! QN?>! NL! ASD@NHa! DM>! @QFASD! NH! Q>DABNJ@KQa! AH?! DM>! AHD@B@ND@S!

ASD@W@DE!NL!FNJEFM>HNJK!]==a=5^/!-M>!INJ>!NL!ORD!Q@SINB@NDA!NH!Q>DABNJ@S!?@K>AK>!@K!HNl!

SNHK@?>I>?!AK!A!J>A?@HO!MEFNDM>K@K!]=8^/!0!ORD!Q@SINB@NDA!?EKB@NK@K!SMAIASD>I@c>K!DEF>!#!

?@AB>D>K!]=a5^!lM@SMa!RFNH!DM>!@H?RSD@NH!NL!A!Q>DABNJ@S!>H?NDN[>Q@A!]5U^!@/>/!A!IA@K>!@H!

DM>!BJNN?!SNHS>HDIAD@NH!NL!DM>!FINX@HLJAQQADNIE!BASD>I@AJ!QNJ>SRJ>!J@FNFNJEKASSMAI@?>K!

DI@OO>I!DM>!-2'%h*3"%!FADMlAE!@HSI>AK>K!@HLJAQQAD@NH!AH?!@H?RS>K!@HKRJ@H!I>K@KDAHS>!

]"#a5"^/! 7DM>I! Q@SINB@NDA! I>JAD>?! Q>SMAH@KQK! AI>! SRII>HDJE! B>>H! KDR?@>?! DN! @HD>IL>I>!

l@DM!@HLJAQQAD@NH!KRSM!AK!DM>!FIN?RSD@NH!NL!KMNID!SMA@H!LADDE!AS@?K!AS>DAD>a!FINF@NHAD>!

BRDEIAD>/! 3@>DAIE! L>IQ>HD@HO! BASD>I@A! KRSM! AK! DM>! 1@L@?NBASD>I@RQ! KDINHOJE! FIN?RS>!

"#"!
.*:0! LINQ! ?@>DAIE! L@B>IK/! 1RDEIAD>! MAK! B>>H! KMNlH! DN! I>?RS>! @HD>KD@HAJ! @HLJAQQAD@NH!

HNDABJE! ?RI@HO! @HLJAQQADNIE! BNl>J! ?@K>AK>! ]5#5&^! HNDABJE! DMINROM! A! Q>SMAH@KQ!

@QFJE@HO! DM>! ASD@WAD@NH! NL! DM>! AHD@X@HLJAQQADNIE! +2"UXFIN?RS@HO! -'>O! JEQFMNSED>K!

]5Y^/! (W>HDRAJJEa! DM>! INJ>! NL! BIAHSM>?! SMA@H! AQ@HNXAS@?! @K! >Q>IO@HO! AH?! @K! HNDABJE!

AKKNS@AD>?!DN!DM>!SNHDINJ!NL!OJES>Q@A!AH?!M>FAD@S!KD>ADNK@K!]=%a=&a5=a55^/!

7RI! FI>K>HD! ?ADA! AI>! NH! DM>! KAQ>! J@H>! NL! >W@?>HS>! K@HS>! l>! M>I>! KMNl! DMAD! DM>!

FNJEFM>HNJ!I>KW>IADINJ!SNHDINJK!OJES>Q@Aa!@HLJAQQADNIE!QAIe>IKa!AH?!@K!AKKNS@AD>?!l@DM!

A! KF>S@L@S! SMAHO>! @H! ORD! Q@SINB@NDA! >SNJNOE/! m>! FI>W@NRKJE! AH?! @H@D@AJJE! I>FNID>?! DMAD!

'.6! SNHDINJK! OJRSNK>! Q>DABNJ@KQ! AH?! ORD! Q@SINB@NDA! >SNJNOE! ]"5^/! m>! M>I>! I>FNID>?!

DMAD! DM>! .#%X=! LAQ@JE! lAK! AKKNS@AD>?! l@DM! ?@AB>D>K! FIND>SD@NH! @II>KF>SD@W>JE! NL! DM>!

QNRK>! DI>ADQ>HD! ]58^/! *NHW>IK>JEa! DM>! 1@L@?NBASD>I@AS>A>! AH?! DM>!

<>FDNKDI>FDNSNSSAS>A>!H>OAD@W>JE!I>?RS>?!@H!,*a!'.6!DI>ADQ>HDK/!!(W>I!K@HS>a!HRQ>INRK!

?ADA!SNQLNID>?!NRI!NBK>IWAD@NH!]"5a8U8#^/!+H!A??@D@NH!DN!DM>!BASD>I@AJ!DA[NHK!l>!M>I>!

A??>?!DN!DM>!eHNlJ>?O>!DMAD!'.6!@QFASDK!KNQ>!Q@SINB@AJ!FADMlAEK!SNHDINJJ@HO!HNDABJE!

SAIBNME?IAD>! AH?! AQ@HNXAS@?! Q>DABNJ@KQa! AK! l>JJ! AK! HRQ>INRK! FMNKFMNIEJAD@NH!

KEKD>QKa! AK! KMNlH! BE! B@N@HLNIQAD@SK! FI>?@SD@NH! NL! FADMlAEK! AH?! J@H>AI! ?@KSI@Q@HAD@NH!

AHAJEK>K/! m>! M>I>! LNSRK>?! NH! DM>! FADMlAEK! lM@SM! AI>! AKKNS@AD>?! l@DM! DM>! OJES>Q@S!

SNHDINJ! DMINROM! J@H>AI! I>OI>KK@NH/! -M>! QA@HJE! SNII>JAD>?! FADMlAE! lAK! I>JAD>?! DN! DM>!

Q@SINB@AJ! KRJLRI! Q>DABNJ@KQ/! -M@K! FADMlAE! @K! I>JAD>?! DN! DM>! Q>DABNJ@KQ! NL! B@J>! AS@?K!

]8$a8%^! AH?! MAK! B>>H! FI>W@NRKJE! KMNlH! @H! MRQAH! DN! B>! A! K@OHADRI>! NL! DEF>! #! ?@AB>D>K!

]8%a8&^/!.RJLRI!SAH!ASS>FD!>J>SDINHK!@H!DM>!I>KF@IADNIE!SMA@H!@HKD>A?!NL!N[EO>H!AJJNl@HO!

DM>!OINlDM!NL!KDI@SD!AHA>INB>K!KRSM!AK!1@L@?NBASD>I@RQ!AH?!DM>I>LNI>a!FI>W>HD!LINQ!DM>!

N[@?AD@W>!KDI>KK!O>H>IAD>?!BE!N[EO>H/!7RI!?ADA!M>I>!FI>K>HD!A!SMAHO>!@H!1@L@?NBASD>I@RQ!

@H?RS>?!BE!'.6!AH?!@K!FI>W>HD>?!BE!*RI!lM@SM!L@DK!l@DM!DM>!AHD@X?@AB>D@S!>LL>SD!NL!'.6/!

-M>K>!L@IKD!K>D!NL!AHAJEK>K!I>W>AJ!DMAD!'.6!@QFASDK!DM>!ORD!Q@SINB@NDA!?EKB@NK@Ka!HNDABJE!

DM>!KRJLRI!Q>DABNJ@KQa!AH?!LAWNIK!DM>!OINlDM!NL!1@L@?NBASD>I@A/!0!SJ>AI!?>QNHKDIAD@NH!NL!

"##!
DM>! INJ>! FJAE>?! BE! 1@L@?NBASD>I@RQ! MAK! B>>H! FINFNK>?! NH! OJES>Q@A/! -M>! SMINH@S!

DI>ADQ>HD! l@DM! A! KDIA@H! NL! 1@L@?NBASD>I@RQ! @QFINW>K! DM>! OJES>Q@S! SNHDINJ! DMINROM! A!

Q>SMAH@KQ! I>?RS@HO! @HLJAQQAD@NHa! Q>DABNJ@S! >H?NDN[>Q@Aa! AH?! @HKRJ@H! I>K@KDAHS>!

]"%a8Ya8=^/! -M>K>! BASD>I@A! AI>! @QFNIDAHD! L>IQ>HD>IK! NL! ?@>DAIE! L@B>IK! DMAD! SNRJ?! B>!

I>KFNHK@BJ>! LNI! DM>! Q>DABNJ@S! SNHDINJ/! -M@K! MEFNDM>K@K! @K! KRFFNID>?! BE! NRI! ?ADA! lM@SM!

KMNl!DMINROM!Q>DABNJNQ@SK!KDR?@>K!DMAD!.*:0!AI>!@HSI>AK>?!@H!DM>!BJNN?!NL!FNJEFM>HNJ!

L>?! Q@S>/! .*:0! AI>! @QFNIDAHD! QNJ>SRJ>K! DN! FINH>! AH! AHD@X@HLJAQQADNIE! >LL>SD! NH! ORD!

@QQRH>!KEKD>Q!]5Y^/!!'>S>HD!?ADA!LINQ!NRI!JABNIADNIE!MAW>!SARKAJJE!?>QNHKDIAD>?!DM>!

INJ>!NL!AH!@QFA@I>?!@HD>KD@HAJ!@QQRH>!?>L>HK>!AH?!DM>!?>W>JNFQ>HD!NL!DEF>!#!?@AB>D>K!

]"U^/!m>!@?>HD@L@>?!DMAD!A!I>?RS>?!-'>O!JEQFMNSED>!LI>TR>HSE!@H!DM>!"12#,1(&*.&*#1!NL!

DM>! KQAJJ! @HD>KD@H>! lAK! SARKAJJE! @H?RS>?! BE! DM>! ORD! Q@SINB@NDA! ?EKB@NK@K! AH?! SNRJ?!

SNHDI@BRD>!DN!DM>!?>W>JNFQ>HD!NL!MEF>IOJES>Q@A!]"U^/!-MINROMNRD!A!Q@SINB@NDA!I>JAD>?!

WASS@HAD@NH! KDIAD>OE! l>! SNRJ?! @QFINW>! @HD>KD@HAJ! ?>L>HK>! AH?! @QQRH>! KEKD>Q!

FI>W>HD@HO!DM>I>LNI>!LINQ!DM>!?>W>JNFQ>HD!NL!DEF>!#!?@AB>D>K!]85^/!0JDNO>DM>Ia!DM>!INJ>!

NL!ORD!Q@SINB@NDA!NH!@HLJAQQAD@NH!@K!HNl!JAIO>JE!WAJ@?AD>?!]=a88^/!-M>I>LNI>a!@D!@K!@H!J@H>!

l@DM! DM>! AHD@X@HLJAQQADNIE! INJ>! NL! '.6/! m>! M>I>! SNHL@IQ>?! DMAD! '.6! DI>ADQ>HD! @K!

SMAIASD>I@c>?! BE! KNQ>! ?>SI>AK>! @H! @HLJAQQAD@NH! K@HS>! WAI@NRK! @HLJAQQADNIE! QAIe>IK!

KRSM! AK! +2"Z! AH?! :%h5U! AH?! +2Y! O>H>! >[FI>KK@NH! AI>! I>?RS>?! @H! WAI@NRK! D@KKR>K/!

+HD>I>KD@HOJEa!*RI!DI>ADQ>HD!AHDAONH@c>?!DM>!AHD@XMEF>IOJES>Q@S!>LL>SD!NL!'.6!AH?!*RI!AK!

l>JJ!AK!KNQ>!AHD@X@HLJAQQADNIE!>LL>SD!NL!'.6!KRSM!AK!DM>!>[FI>KK@NH!NL!+2"Za!-,:αa!+2"Ua!

))<=a! AH?! ))<8/! -M@K! @QFASD! lAK! NBK>IW>?! #,( -#-.! @H! DM>! SNJNH! AH?! lNRJ?! B>!

I>FIN?RS>?!DN!KNQ>!>[D>HD!@H!@HD>KD@HAJ!>F@DM>J@AJ!S>JJK!*ASN#!AH?!@H!QNHNSED>K!-`<"!@H!

I>KFNHK>!DN!-,:α!AH?!<)0a!DI@OO>I@HO!DM>!,:Xp1!AH?!0<"!FADMlAE!I>KF>SD@W>JEa!DMAD!l>!

RK>?!AK!A!QN?>J/!-M>!#,(-#%*.!@QFASD!NL!'.6!NH!Q>DAJJNFIND>@HAK>!ASD@W@DE!@K!SNHK@KD>HD!

l@DM!DM>!l>JJXeHNlH!AHD@X@HLJAQQADNIE!>LL>SDK!NL!DM>!FNJEFM>HNJK!]#a"UU^/!+QFNIDAHDJEa!

@H!A??@D@NH!DN!DM>!@QFASD!NL!'.6!NH!KRJLRIa!AH?!KMNID!SMA@H!LADDE!AS@?!Q>DABNJ@KQ!l>!AJKN!

"#$!
NBK>IW>?! SMAHO>K! @H! AQ@HNXAS@?K! AH?! FMNKFMNIEJAD@NH! DIAHKFNID! KEKD>QK! ]<-.^! NL!

?@LL>I>HD! AQ@HNXAS@?K! AH?! SAIBNME?IAD>K! KMNl@HO! DMAD! l@DMNRD! SMAHO@HO! DM>! LADX

>HI@SM>?!?@>D!DM>!'.6!DI>ADQ>HD!KDINHOJE!@QFASDK!DM>!O>H>D@S!FI>?@KFNK@D@NH!DN!QN?@LE!

DM>! >H>IOE! Q>DABNJ@KQ! NL! DM>! BASD>I@A! AH?! SNHK>TR>HDJE! @HD>IASDK! l@DM! DM>! MNKD/! -N!

WAJ@?AD>! DM>! Q>DAO>HNQ@SK! MEFNDM>K>K! l>! F>ILNIQ>?! Q>DABNJNQ@SK! NH! BJNN?! KAQFJ>K!

AH?!NBK>IW>?!DMAD!@KNJ>RS@H>!l>!@HSI>AK>?!RH@TR>JE!@H!'.6!AH?!HND!@H!*RIXDI>AD>?!Q@S>a!

lM@J>! OJRSNK>! AH?! OJRS@DNJ! SNHS>HDIAD@NHK! l>I>! I>?RS>?! @H! '.6! Q@S>! NHJE/! -M@K!

NBK>IWAD@NH! FAIAJJ>JK! DM>! OJRSNK>! SNHDINJ! KROO>KD@HO! A! SARKAJ! I>JAD@NHKM@F/! ! +KNJ>RS@H>!

MAK!B>>H!I>FNID>?a!@H!JAIO>!Q>DAXAHAJEK>Ka!AK!AKKNS@AD>?!l@DM!DM>!DEF>!#!?@AB>D>K!]"U"^a!

AH?!?>I@WAD@W>K!KRSM!AK!ME?IN[EJX@KNJ>RS@H>!l>I>!>W>H!SMAIASD>I@c>?!l@DM!MEFNOJES>Q@S!

FINF>ID@>K! ]"U#a"U$^/! -M@K! SNHSJRK@NH! @K! SNHK@KD>HD! BE! NRI! NBK>IWAD@NH! NL! DM>! OJRSNK>!

JNl>I@HO!>LL>SD!NL!'.6/!m>!NBK>IW>?!DMAD!*RI!DI>ADQ>HD!I>W>IK>?!DM>!OJES>Q@S!SNHDINJ!NL!

'.6/!m>!M>I>!HND@S>!AK!l>JJ!DMAD!DM>!I>JAD@W>!?@KDI@BRD@NH!NL!1@L@?NBASD>I@AS>A>a!DM>!.#%X

=a!AH?!<>FDNKDI>DNSNSASS>A>!l>I>!@QFASD>?!BE!DM>!`:3a!I>W>IK>?!BE!DM>!'.6a!AH?!lM>I>!

DM>! *RI! FI>W>HD>?! DM>! >LL>SD! NL! '.6/! -N! LRIDM>I! >[FJA@H! DM>! QNJ>SRJAI! Q>SMAH@KQ!

SNII>KFNH?@HO!DN!DM>!AHDAONH@KD@S!>LL>SD!NH!*RI!NH!'.6!l>!>[FJNI>?!DM>!@QFASD!NL!BNDM!

FNJEFM>HNJK! NH! FI>FINOJRSAONH! O>H>! >[FI>KK@NH! I>ORJAD@NH/! m>! FI>W@NRKJE! I>FNID>?!

DMAD!'.6!@HSI>AK>K!;2<X"!K>SI>D@NH!]"5^/!-M>!Q>SMAH@KQ!SNRJ?!B>!J@He>?!DN!DM>!@QFASD!

NL! KMNID! SMA@H! LADDE! AS@?K! NH! ;2<X"! K>SI>D@NH! DMINROM! ;<'%"h%$! I>S>FDNIK! ]"U%a"U&^/!

-M@K! MEFNDM>K@K! @K! KRFFNID>?! BE! NRI! FI>K>HD! ?ADA! K@HS>! l>! ?>D>SD>?! AH! @HSI>AK>?!

S@ISRJAD@HO! SNHS>HDIAD@NH! NL! KMNID! SMA@H! LADDE! AS@?K! AH?! A! SMAHO>! @H! 1@L@?NBASD>I@AS>A>!

L>IQ>HD@HO!?@>DAIE!L@B>IK!@HDN!DM>K>!Q>DABNJ@D>K/!!

+H!A??@D@NHa!l>!MEFNDM>K@c>?!DMAD!DM>!SMAHO>!@H!ORD!Q@SINB@NDA!lNRJ?!DI@OO>I![>HNB@D@S!

K>HK@HO!KEKD>Q!KRSM!AK!DM>!0M'!I>S>FDNI/!-M>I>LNI>a!l>!KDR?@>?!DM>!SINKKDAJe!B>Dl>>H!

;2<X"! @/>/! FINOJRSAONH! O>H>! AH?! 0M'! I>ORJAD@NH/! m>! LNRH?a! RK@HO! NHJ@H>! S@KXI>ORJAD>?!

FI>?@SD@HO!FINQND>I!K>TR>HS>K!DNNJ!*NHI>AJ!NHJ@H>!K>IW>Ia!K@[!FND>HD@AJ!DIAHKSI@FD@NHAJ!

"#%!
B@H?@HO! K@D>K! LNI! 0MIX0',-! AD! X"UUU! FNK@D@NH! RFKDI>AQ! NL! DM>! FINXOJRSAONH! SN?@HO!

K>TR>HS>/!-M@K!?@KFJAE>?!A!FNKK@BJ>!@HWNJW>Q>HD!NL!DM>K>!K@D>K!LNI!DM>!I>ORJAD@NH!NL!DM>!

FINOJRSAONH! O>H>! >[FI>KK@NH/! -IAHKL>SD@NH! AKKAE! RK@HO! A! I>FNID>I! O>H>! RH?>I! DM>!

SNHDINJ! NL! DlN! 9'(! K@D>K! AJJNl>?! RK! DN! @?>HD@LE! DMAD! BNDM! FNJEFM>HNJK! '.6! AH?! *RI!

@HM@B@D>?!DM>!BAKAJ!AH?!DM>!1A<X@H?RS>?!O>H>!>[FI>KK@NH/!+H!A??@D@NHa!DM>!SNQB@HAD@NH!NL!

'.6!AH?!*RI!FINW@?>?!A!KEH>IO@S!>LL>SD/!.Na!AD!DM>!J>W>J!NL!O>H>!I>ORJAD@NH!@HWNJW@HO!0M'!

HN!AHDAONH@KQ!lAK!LNRH?!B>Dl>>H!DM>K>!DlN!FNJEFM>HNJK/!-M>Ha!DM>!I>S@FINSAJ!>LL>SD!NL!

'.6! AH?! *RI! NH! ORD! Q@SINB@NDA! lAK! >[AQ@H>?/! .>W>H! BASD>I@A! KDIA@HKa! ABRH?AHS>! NL!

lM@SM!lAK!QN?@L@>?!@H!DM>!FI>K>HS>!NL!FNJEFM>HNJKa!MAW>!B>>H!K>J>SD>?!LINQ!K>TR>HS@HO!

AHAJEK@K!I>KRJDK!AH?!DM>H!SRJDRI>?!NH!FJAD>!@H!DM>!FI>K>HS>!NI!HND!NL!FNJEFM>HNJK/!0K!A!

I>KRJDa!l>!MAW>!LNRH?!A!SJ>AI!@HM@B@D@NH!NL!DM>!OINl@HO!NL(!"#$%#&'$(&)%*'+#,#O!AH!0J@KD@F>K!

KF>S@>Ka!AH?!AH!AHDAONH@KD!>LL>SD!NL!*RI!NH!DM>!@HM@B@D@NH!@H?RS>?!BE!'.6/!+H!A!FI>W@NRK!

KDR?E!]"5^a!l>!MAW>!AJKN!LNRH?!DMAD!DM>!ABRH?AHS>!NL!DM@K!KF>S@>K!lAK!@HSI>AK>?!BE!`:3!

lM@SM! lAK! HNIQAJ@c>?! LNJJNl@HO! DM>! DI>ADQ>HD! l@DM! '.6/! 0JDNO>DM>Ia! ORD! Q@SINB@NDAa!

>KF>S@AJJE!!"#$%#&'$(&)%*'+#,#$a!Q@OMD!FJAE!DM>!J>A?@HO!INJ>!NH!-#3!FADMNO>H>K@K!AH?!DM>!

@HM@B@D@NH!>LL>SD!NL!*RI!NH!'.6!NH!OJRSNK>!MNQ>NKDAK@K/!!

"#&!
K&C&%&?H&A'

"/!! <AIe! (X_a! <>ccRDN! _)/! -M>! FMAIQASNJNOE! NL! I>KW>IADINJ! @H! AH@QAJK! AH?! MRQAHK/!
1@NSM@Q!1@NFMEK!0SDA!110!X!)NJ!1AK@K!3@K/!#U"&!_RH‡"5&#]Y^f"U="""$/!!

#/!! *K@KcAI!0a!.Q@DM!ja!2AB@HKeEE!,a!7INKc!Ša!'@W>IA!0a!4HOWAI@!Š/!'>KW>IADINJ!ADD>HRAD>K!
-,:XgX@H?RS>?! ASD@WAD@NH! NL! SNINHAIE! AID>I@AJ! >H?NDM>J@AJ! S>JJKf! INJ>! NL! ,:Xp1!
@HM@B@D@NH/!0Q!_!<MEK@NJ!X!`>AID!*@IS!<MEK@NJ/!#UUY!7SD!"‡#8"]%^f`"Y8%8/!!

$/!! ŠMR!_a!qNHO!ma!mR!9a!qR!qa!JW!_a!2@R!*a!>D!AJ/!0HD@X@HLJAQQADNIE!>LL>SD!NL!I>KW>IADINJ!NH!
-,:XgX@H?RS>?! )*<X"! >[FI>KK@NH! @H! A?@FNSED>K/! 1@NSM>Q! 1@NFMEK! '>K! *NQQRH/!
#UU5!)AE!#‡$Y8]#^f%="=/!!

%/!! .MAe@BA>@!)a!*KAe@!*a!,>BI@SM!.a!)NBAKM>I@!0/!'>KW>IADINJ!KRFFI>KK>K!@HD>IJ>Re@HX"ZX
@H?RS>?! @HLJAQQADNIE! K@OHAJ@HO! AH?! AFNFDNK@K! @H! MRQAH! AID@SRJAI! SMNH?INSED>Kf!
<ND>HD@AJ!LNI!RK>!AK!A!HNW>J!HRDIAS>RD@SAJ!LNI!DM>!DI>ADQ>HD!NL!NKD>NAIDMI@D@K/!1@NSM>Q!
<MAIQASNJ/!#UU5!3>S!"‡=Y]""^f"%#Y$8/!!

&/!! .MN>JKNH! .(a! 2>>! _a! ;NJ?L@H>! 01/! +HLJAQQAD@NH! AH?! @HKRJ@H! I>K@KDAHS>/! _! *J@H! +HW>KD/!
#UUY!_RJ!$‡""Y]=^f"=8$5U"/!!

Y/!! 1NRJNRQ@G!0a!*AKD>@JJA!2a!2ALNHDAH!)/!0?@FNK>!-@KKR>!2EQFMNSED>K!AH?!)ASINFMAO>K!
@H! 7B>K@DE! AH?! +HKRJ@H! '>K@KDAHS>! )Ae>IK! NI! )AIe>IKa! AH?! mM@SM! *NQ>K! :@IKD€!
0ID>I@NKSJ>I!-MINQB!6AKS!1@NJ/!#UU5!_RJ!"‡#5]=^f"#""$/!!

=/!! 1RIS>J@H! 'a! ;AI@?NR! 2a! <NQ@G! */! +QQRHNXQ@SINB@NDA! SINKK! AH?! DAJef! -M>! H>l!
FAIA?@OQ!NL!Q>DABNJ@S!?@K>AK>K/!.>Q@H!+QQRHNJ/!#U"#!:>B‡#%]"^fY==%/!!

5/!! †@H!_a!2@!qa!*A@!Ša!2@!.a!ŠMR!_a!ŠMAHO!:a!>D!AJ/!0!Q>DAO>HNQ>Xl@?>!AKKNS@AD@NH!KDR?E!NL!
ORD!Q@SINB@NDA!@H!DEF>!#!?@AB>D>K/!,ADRI>/!#U"#!7SD!%‡%8U]=%"5^f&&YU/!!

8/!! .>I@HN!)a!:>IHšH?>cX'>AJ!_)a!:R>HD>K!(;a!†R>@FNX7IDR›N!)a!)NI>HNX,AWAII>D>!_)a!
.šHSM>c! œa! >D! AJ/! -M>! ORD! Q@SINB@NDA! FINL@J>! @K! AKKNS@AD>?! l@DM! @HKRJ@H! ASD@NH! @H!
MRQAHK/!0SDA!3@AB>DNJ/!#U"$‡&U]&^f=&$Y"/!!

"U/!!;AI@?NR! 2a! <NQ@G! *a! jJNFF! <a! mAO>D! 0a! *MAIF>HD@>I! _a! 0JNRJNR! )a! >D! AJ/! -M>! ;RD!
)@SINB@NDA! '>ORJAD>K! +HD>KD@HAJ! *3%!-! *>JJK! ([FI>KK@HO! '7'oD! AH?! *NHDINJK!
)>DABNJ@S!3@K>AK>/!*>JJ!)>DAB/!#U"&!_RJ!=‡##]"^f"UU"#/!!

""/!!-RIHBAROM!<_a!2>E!'(a!)AMNlAJ?!)0a!)AOI@H@!6a!)AI?@K!('a!;NI?NH!_+/!0H!NB>K@DEX
AKKNS@AD>?!ORD!Q@SINB@NQ>!l@DM!@HSI>AK>?!SAFAS@DE!LNI!>H>IOE!MAIW>KD/!,ADRI>/!#UUY!
3>S!#"‡%%%]="##^f"U#="$"/!!

"#/!!*AH@! <3a! 0QAI! _a! +OJ>K@AK! )0a! <NOO@! )a! jHARL! *a! 1AKD>J@SA! 3a! >D! AJ/! )>DABNJ@S!
>H?NDN[>Q@A!@H@D@AD>K!NB>K@DE!AH?!@HKRJ@H!I>K@KDAHS>/!3@AB>D>K/!#UU=!_RJ‡&Y]=^f"=Y"
=#/!!

"$/!!2RSM>! (a! *NRK@H! 1a! ;AI@?NR! 2a! .>I@HN! )a! mAO>D! 0a! 1AII>AR! *a! >D! AJ/! )>DABNJ@S!
>H?NDN[>Q@A!?@I>SDJE!@HSI>AK>K!DM>!FINJ@L>IAD@NH!NL!A?@FNSED>!FI>SRIKNIK!AD!DM>!NHK>D!
NL! Q>DABNJ@S! ?@K>AK>K! DMINROM! A! *3"%X?>F>H?>HD! Q>SMAH@KQ/! )NJ! )>DAB/! #U"$! _RJ!
%‡#]$^f#5"8"/!!

"#Y!
"%/!!0QAI! _a! *MABN! *a! mAO>D! 0a! jJNFF! <a! 6ASMNR[! *a! 1>IQ?>cX`RQAIšH! 2;a! >D! AJ/!
+HD>KD@HAJ! QRSNKAJ! A?M>I>HS>! AH?! DIAHKJNSAD@NH! NL! SNQQ>HKAJ! BASD>I@A! AD! DM>! >AIJE!
NHK>D!NL!DEF>!#!?@AB>D>Kf!QNJ>SRJAI!Q>SMAH@KQK!AH?!FINB@ND@S!DI>ADQ>HD/!()17!)NJ!
)>?/!#U""!.>F‡$]8^f&&8=#/!!

"&/!!1RIS>J@H! 'a! .>I@HN! )a! *MABN! *a! ;AI@?NR! 2a! <NQ@G! *a! *NRIDH>E! )a! >D! AJ/! )>DAO>HNQ>!
AH?! Q>DABNJ@KQf! DM>! D@KKR>! Q@SINB@NDA! MEFNDM>K@K/! 3@AB>D>K! 7B>K! )>DAB/! #U"$! .>F!
"‡"&]K$^fY"=U/!!

"Y/!!1>I>Kl@JJ! .a! )R›Nc! )a! :@KSM>I! 0a! <J@Se>ID! 'a! `AAO! 2X)a! 7DDN! 1a! >D! AJ/! 0HD@X
+HLJAQQADNIE! (LL>SDK! NL! '>KW>IADINJa! *RISRQ@H! AH?! .@QWAKDAD@H! @H! 0SRD>! .QAJJ!
+HD>KD@HAJ!+HLJAQQAD@NH/!<2N.!7,(/!#U"U!3>S!$‡&]"#^f>"&U88/!!

"=/!!2AIINKA! )a! qA›GcX;AKSžH! )_a! .>JQA! )6a! ;NHcšJ>cX.AIIŸAK! 0a! -ND@! .a! *>IžH! __a! >D! AJ/!
(LL>SD!NL!A!2Nl!3NK>!NL!3@>DAIE!'>KW>IADINJ!NH!*NJNH!)@SINB@NDAa!+HLJAQQAD@NH!AH?!
-@KKR>! 3AQAO>! @H! A! 3..X+H?RS>?! *NJ@D@K! 'AD! )N?>J/! _! 0OI@S! :NN?! *M>Q/! #UU8! )AI!
#&‡&=]Y^f##""#U/!!

"5/!!3AN! -X)0a! mAO>D! 0a! jJNFF! <a! .>I@HN! )a! 6ASMNR[! *a! <>SM>I>! 2a! >D! AJ/! '>KW>IADINJ!
+HSI>AK>K!;JRSNK>!+H?RS>?!;2<X"!.>SI>D@NH!@H!)@S>f!0!)>SMAH@KQ!lM@SM!*NHDI@BRD>K!
DN!DM>!;JES>Q@S!*NHDINJ/!<2N.!7,(/!#U""!_RH!Y‡Y]Y^f>#U=UU/!!

"8/!!(D[>B>II@A! 4a! 0I@AK! ,a! 1NTRG! ,a! )ASAIRJJA! )-a! <NID@JJN! )<a! )AIDŸH>c! _0a! >D! AJ/!
'>KMAF@HO!LA>SAJ!ORD!Q@SINB@NDA!SNQFNK@D@NH!BE!DM>!@HDAe>!NL!DIAHKXI>KW>IADINJ!AH?!
TR>IS>D@H!@H!M@OMXLAD!KRSINK>!?@>DXL>?!IADK/!_!,RDI!1@NSM>Q/!#U"&!_RH‡#Y]Y^fY&"YU/!!

#U/!!†@AN!qa!.RH!_a!9@A!.a!-AHO!9a!.M@!qa!2>!;/!(LL>SDK!NL!I>KW>IADINJ!NH!ORD!Q@SINB@NDA!AH?!
LAD! KDNIAO>! @H! A! QNRK>! QN?>J! l@DM! M@OMXLADX@H?RS>?! NB>K@DE/! :NN?! :RHSD/! #U"%! )AE!
#5‡&]Y^f"#%"8/!!

#"/!!(D[>B>II@A! 4a! 0I@AK! ,a! 1NTRG! ,a! 'NQNX`RAJ?>! 0a! )ASAIRJJA! )-a! <NID@JJN! )<a! >D! AJ/!
)>DABNJ@S! LA>SAJ! L@HO>IFI@HD@HO! NL! DIAHKXI>KW>IADINJ! AH?! TR>IS>D@H! LNJJNl@HO! A! M@OMX
LAD! KRSINK>! ?@>DAIE! QN?>J! RK@HO! J@TR@?! SMINQADNOIAFME! SNRFJ>?! DN! M@OMXI>KNJRD@NH!
QAKK!KF>SDINQ>DIE/!:NN?!:RHSD/!#U"&!0RO!&‡Y]5^f#=&5Y=/!!

##/!!1N?>!2)a!1RHc>J!3a!`RSM!)a!*MN!;X.a!'RMJAH?!3a!1RHc>J!)a!>D!AJ/!+H!W@WN!AH?!@H!W@DIN!
Q>DABNJ@KQ!NL!DIAHKXI>KW>IADINJ!BE!MRQAH!ORD!Q@SINB@NDA/!0Q!_!*J@H!,RDI/!#U"$!:>B!
"‡8=]#^f#8&$U8/!!

#$/!!0IOQAHH! *a! 0Rl>I[! _/! +HKRJ@H! .>SI>D@NHf! .+'-%! ;>DK! @H! NH! DM>! 0SD/! *>JJ/! #UUY! 0RO!
8‡"#Y]&^f5$=8/!!

#%/!!0MRbA!,a!.SMl>I!1a!*AINBB@N!.a!mAJDI>OHE!3a!,NIDM!1_a!*AKDINHNWN!6a!>D!AJ/!'>ORJAD@NH!
NL!+HKRJ@H!.>SI>D@NH!BE!.+'-%a!A!)@DNSMNH?I@AJ!03<XI@BNKEJDIAHKL>IAK>/!_!1@NJ!*M>Q/!
#UU=!,NW!"Y‡#5#]%Y^f$$&5$8#/!!

#&/!!'N?O>IK!_-a!2>I@H!*a!`AAK!ma!;EO@!.<a!.F@>O>JQAH!1)a!<R@OK>IW>I!</!,RDI@>HD!SNHDINJ!
NL!OJRSNK>!MNQ>NKDAK@K!DMINROM!A!SNQFJ>[!NL!<;*X"g!AH?!.+'-"/!,ADRI>/!#UU&!)AI!
$‡%$%]=U#8^f""$5/!!

#Y/!!,AEAOAQ! 6)a! mAHO! 9a! -AH! q*a! <NRJK>H! 0a! ;NM! j*a! ,O! -a! >D! AJ/! .+'-"! )N?RJAD@HO!
*NQFNRH?K! LINQ! `@OMX-MINROMFRD! .SI>>H@HO! AK! 0HD@X+HLJAQQADNIE! AH?! +HKRJ@HX
.>HK@D@c@HO!0O>HDK/!_!1@NQNJ!.SI>>H/!#UUY!3>S!"‡""]5^f8&8Y=/!!

"#=!
#=/!!)@JH>!_*a!2AQB>ID!<3a!.SM>He!.a!*AIH>E!3<a!.Q@DM!__a!;AOH>!3_a!>D!AJ/!.QAJJ!QNJ>SRJ>!
ASD@WADNIK! NL! .+'-"! AK! DM>IAF>RD@SK! LNI! DM>! DI>ADQ>HD! NL! DEF>! #! ?@AB>D>K/! ,ADRI>/!
#UU=!,NW!#8‡%&U]="=U^f="#Y/!!

#5/!!1ARI! _0a! <>AIKNH! j_a! <I@S>! ,2a! _AQ@>KNH! `0a! 2>I@H! *a! jAJIA! 0a! >D! AJ/! '>KW>IADINJ!
@QFINW>K! M>AJDM! AH?! KRIW@WAJ! NL! Q@S>! NH! A! M@OMXSAJNI@>! ?@>D/! ,ADRI>/! #UUY! ,NW!
"Y‡%%%]=""=^f$$=%#/!!

#8/!!*MAHO! ;X'a! *M>H! <X2a! `NR! <X`a! )AN! :*/! '>KW>IADINJ! FIND>SDK! AOA@HKD! ?@>DX@H?RS>?!
ADM>INKSJ>INK@K! BE! I>?RS@HO! JNlX?>HK@DE! J@FNFIND>@H! SMNJ>KD>INJ! AH?! @HM@B@D@HO!
@HLJAQQAD@NH! @H! AFNJ@FNFIND>@H! (X?>L@S@>HD! Q@S>/! +IAH! _! 1AK@S! )>?! .S@/! #U"&!
,NW‡"5]""^f"UY$="/!!

$U/!!*M>H! )a! q@! 2a! ŠMAHO! qa! ŠMNR! 9a! 'AH! 2a! qAHO! _a! >D! AJ/! '>KW>IADINJ! 0DD>HRAD>K!
-I@Q>DMEJAQ@H>X,X7[@?>! ]-)07^X+H?RS>?! 0DM>INKSJ>INK@K! BE! '>ORJAD@HO! -)07!
.EHDM>K@K! AH?! 1@J>! 0S@?! )>DABNJ@KQ! W@A! '>QN?>J@HO! NL! DM>! ;RD! )@SINB@NDA/! Q1@N/!
#U"Y!0FI!&‡=]#^f>U##"U&/!!

$"/!!.DI@QFAeNK! 0.a! .MAIQA! '0/! *RISRQ@Hf! FI>W>HD@W>! AH?! DM>IAF>RD@S! FINF>ID@>K! @H!
JABNIADNIE!KDR?@>K!AH?!SJ@H@SAJ!DI@AJK/!0HD@N[@?!'>?N[!.@OHAJ/!#UU5!)AI‡"U]$^f&""%&/!!

$#/!!1RMIQAHH! *a! )NBAKM>I@! 0a! 1RKSM! :a! 0J?@HO>I! *a! .DAMJQAHH! 'a! )NHDAK>I@! 0a! >D! AJ/!
*RISRQ@H!QN?RJAD>K!HRSJ>AI!LASDNI!eAFFA1!],:XeAFFA1^XQ>?@AD>?!@HLJAQQAD@NH!@H!
MRQAH! D>HNSED>K! @H! W@DINf! INJ>! NL! DM>! FMNKFMAD@?EJ@HNK@DNJ! $Xe@HAK>h0eD! FADMlAE/! _!
1@NJ!*M>Q/!#U""!0RO!"#‡#5Y]$#^f#5&&YYY/!!

$$/!!j@Q!jX`a!2>>!(,a!<AIe!_ja!2>>!_X'a!j@Q!_X`a!*MN@!`X_a!>D!AJ/!*RISRQ@H!ADD>HRAD>K!-,:X
gX@H?RS>?! >[FI>KK@NH! NL! @HD>IS>JJRJAI! A?M>K@NH! QNJ>SRJ>X"a! WAKSRJAI! S>JJ! A?M>K@NH!
QNJ>SRJ>X"! AH?! FIN@HLJAQQADNIE! SEDNe@H>K! @H! MRQAH! >H?NQ>DI@ND@S! KDINQAJ! S>JJK/!
<MEDNDM>I!'>K!<-'/!#U"#!_RJ‡#Y]=^f"U$=%=/!!

$%/!!.N>D@eHN!6a!.AI@!:'a!6>>IAW>>?R!<-a!-MAH?AWAIAEAH!'0a!`AI@QA!)a!.ReRQAIAH!6a!>D!
AJ/!*RISRQ@H!AQ>J@NIAD>K!QASINFMAO>!@HL@JDIAD@NH!BE!@HM@B@D@HO!,:Xp1!ASD@WAD@NH!AH?!
FIN@HLJAQQADNIE! SEDNe@H>K! @H! KDI>FDNcNDNS@H! @H?RS>?X?@AB>D@S! H>FMINFADME/! ,RDI!
)>DAB/!#U""!_RH!"U‡5f$&/!!

$&/!!.AJM! 1a! 0KK@! ja! ->QFJ>QAH! 6a! <AIMAI! ja! 7l>H! 3a! ;žQ>cX)R›Nc! 0a! >D! AJ/! *RISRQ@H!
ADD>HRAD>K! 3,1X@H?RS>?! QRI@H>! SNJ@D@K/! 0Q! _! <MEK@NJ! ;AKDIN@HD>KD! 2@W>I! <MEK@NJ/!
#UU$!_RJ‡#5&]"^f;#$&%$/!!

$Y/!!4e@J!0a!)A@DE!.a!jAIQAeAI!.a!3ADDA!,a!6>?AK@INQNH@!_'a!3AK!<j/!*RISRQ@Ha!DM>!QAbNI!
SNQFNH>HD! NL! LNN?! LJAWNRI! DRIQ>I@Sa! I>?RS>K! QRSNKAJ! @HbRIE! @H! DI@H@DINB>Hc>H>!
KRJFMNH@S!AS@?X@H?RS>?!SNJ@D@K/!1I!_!<MAIQASNJ/!#UU$!)AE‡"$8]#^f#U8"5/!!

$=/!!0IRH!,a!,AJ@H@!,/!(LL@SASE!NL!DRIQ>I@S!NH!BJNN?!KROAI!AH?!FNJENJ!FADMlAE!@H!?@AB>D@S!
AJB@HN!IADK/!<JAHD!:NN?K!`RQ!,RDI/!#UU#!)AI‡&=]"^f%"&#/!!

$5/!!)RIROAH! <a! <AI@! 2/! +HLJR>HS>! NL! ->DIAME?INSRISRQ@H! NH! `>FAD@S! AH?! '>HAJ!
:RHSD@NHAJ!)AIe>IK!AH?!<IND>@H!2>W>JK!@H!([F>I@Q>HDAJ!-EF>!#!3@AB>D@S!'ADK/!1AK@S!
*J@H!<MAIQASNJ!-N[@SNJ/!#UU=!7SD!"‡"U"]%^f#%"&/!!

"#5!
$8/!!(JX)NK>JME!)0a!-AE>!0a!.MAIeAl@!..a!(JX.@K@!.:+a!0MQ>?!0:/!-M>!AHD@MEF>IOJES>Q@S!
>LL>SD!NL!SRISRQ@H!@H!M@OM!LAD!?@>D!L>?!IADK/!'NJ>!NL!-,:Xg!AH?!LI>>!LADDE!AS@?K/!:NN?!
*M>Q!-N[@SNJ/!#U""!)AE‡%8]&^f""#8%U/!!

%U/!!0Q@ND! )_a! 'NQ@>I! 1a! 0HM! 3AN! -X)a! :AHS@RJJ@HN! 'a! *@SSNJ@H@! _a! 1RIS>J@H! 'a! >D! AJ/!
7FD@Q@cAD@NH! NL! DIAHKX'>KW>IADINJ! B@NAWA@JAB@J@DE! LNI! MRQAH! DM>IAFE/! 1@NSM@Q@>/!
#U"$!_RH‡8&]Y^f"#$$5/!!

%"/!!1RIS>J@H!'a!*I@W>JJ@!6a!3ASNKDA!0a!'NEX-@I>JJ@!0a!-MNI>HK!1/!`>D>INO>H>NRK!Q>DABNJ@S!
A?AFDAD@NH!NL!*&=12hY_!Q@S>!DN!M@OMXLAD!?@>D/!0Q!_!<MEK@NJ!X!(H?NSI@HNJ!)>DAB/!#UU#!
0FI!"‡#5#]%^f(5$%%#/!!

%#/!!)AID@H! _X*a! )A@JJND! )a! )Ac>INJJ>K! ;a! 6>I?R! 0a! 2EAH! 1a! )@OHG! *a! >D! AJ/! *AH! l>! DIRKD!
RHDAIO>D>?!Q>DABNJNQ@SK€!'>KRJDK!NL!DM>!Q>DABNXI@HO!@H@D@AD@W>a!A!JAIO>XKSAJ>a!QRJD@X
@HKDIRQ>HD!@HD>IXJABNIADNIE!KDR?E/!)>DABNJNQ@SK/!#U"&‡""]%^f5U=#"/!!

%$/!!1>OJ>E! <a! :IAHS@KX)S+HDEI>! .a! 3RHH! m1a! 1INA?MRIKD! 3+a! `AJKAJJ! 0a! -K>HO! 0a! >D! AJ/!
3>W>JNFQ>HD! AH?! <>ILNIQAHS>! NL! A! ;AK! *MINQADNOIAFME -@Q>XNLX:J@OMD! )AKK!
.F>SDINQ>DIE!0HAJEK@K!LNI!2AIO>X.SAJ>!,NHDAIO>D>?!)>DABNJNQ@S!.DR?@>K!NL!`RQAH!
.>IRQ/!0HAJ!*M>Q/!#UU8!0RO!"&‡5"]"Y^f=U$5%Y/!!

%%/!!3RHH! m1a! 1INA?MRIKD! 3a! 1>OJ>E! <a! Š>J>HA! (a! :IAHS@KX)S+HDEI>! .a! 0H?>IKNH! ,a! >D! AJ/!
<INS>?RI>K! LNI! JAIO>XKSAJ>! Q>DABNJ@S! FINL@J@HO! NL! K>IRQ! AH?! FJAKQA! RK@HO! OAK!
SMINQADNOIAFME! AH?! J@TR@?! SMINQADNOIAFME! SNRFJ>?! DN! QAKK! KF>SDINQ>DIE/! ,AD!
<INDNS/!#U""!_RH‡Y]=^f"UYU5$/!!

%&/!!WAH! ?>I! jJN>D! :)a! 1NB>J?@be! +a! 6>IM>@b! ('a! _>JJ>QA! '`/! 0HAJED@SAJ! (IINI! '>?RSD@NH!
4K@HO!.@HOJ>!<N@HD!*AJ@BIAD@NH!LNI!0SSRIAD>!AH?!<I>S@K>!)>DABNJNQ@S!<M>HNDEF@HO/!_!
<IND>NQ>!'>K/!#UU8!,NW!Y‡5]""^f&"$#%"/!!

%Y/!!;@ASNQNH@! :a! *NIOR@JJG! ;2a! )NHKNNI! )a! 2AH?@! )a! <>I@SAI?! <a! <GDGIA! )a! >D! AJ/!
mNIeLJNl%)>DABNJNQ@SKf!A!SNJJABNIAD@W>!I>K>AISM!@HLIAKDIRSDRI>!LNI!SNQFRDAD@NHAJ!
Q>DABNJNQ@SK/!1@N@HLNIQAD@SK/!#U"&!)AE!"‡$"]8^f"%8$&/!!

%=/!!2JRSM!_a!.>IWAHD!:a!<AnKKG!.a!6AJJ>!*a!6AJ@CI>!.a!jRSMJE!*a!>D!AJ/!-M>!*MAIASD>I@cAD@NH!NL!
,NW>J!-@KKR>!)@SINB@NDA!4K@HO!AH!7FD@Q@c>?!"Y.!)>DAO>HNQ@S!.>TR>HS@HO!<@F>J@H>/!
<2N.!7,(/!#U"&!,NW!Y‡"U]""^f>U"%#$$%/!!

%5/!!<AnKKG! .a! 6AJJ>! *a! .>IWAHD! :a! *NRIDH>E! )a! 1RIS>J@H! 'a! 0QAI! _a! >D! AJ/! *NQFI>M>HK@W>!
?>KSI@FD@NH! NL! BJNN?! Q@SINB@NQ>! LINQ! M>AJDME! ?NHNIK! AKK>KK>?! BE! "Y.! DAIO>D>?!
Q>DAO>HNQ@S!K>TR>HS@HO/!-IAHKLRK@NH!]<AI@K^/!#U"Y!:>B!"‡&Y]&^f""$5%=/!!

%8/!!1IAHSM>I>AR! )a! '>@SMAI?D! :a! 2NRB@>I>K! <a! )AISe! <a! mAO>D! 0a! 0cAJB>ID! 6a! >D! AJ/!
<>I@N?NHDAJ! ?EKB@NK@K! J@He>?! DN! F>I@N?NHD@D@K! @K! AKKNS@AD>?! l@DM! SAI?@NXQ>DABNJ@S!
A?AFDAD@NH!DN!M@OMXLAD!?@>D!@H!Q@S>/!0Q!_!<MEK@NJ!;AKDIN@HD>KD!2@W>I!<MEK@NJ/!#U"Y!)AI!
$"‡AbFO@/UU%#%/#U"&/!!

&U/!!6AJJ>>!.a!2ALNI>KD!.a!:NRSM@>I!:a!)NHD>IN!)<a!<>H>J!*a!*MAQF@NH!./!*EDNe@H>X@H?RS>?!
RFI>ORJAD@NH! NL! ,:Xp1a! +2X5a! AH?! +*0)X"! @K! ?>F>H?>HD! NH! SNJNH@S! S>JJ! FNJAI@DEf!
@QFJ@SAD@NH!LNI!<j*/!([F!*>JJ!'>K/!#UU%!_RJ!"‡#8=]"^f"Y&5&/!!

&"/!!)AeNHX.GBAKD@>H! ,a! :IAHS@K! :a! (I@S! .a! `>HI@! 6<a! :IAHsN@K! 2_a! 2ARI>HD! <a! >D! AJ/!
2ESNF>H>! )N?RJAD>K! -`<"! AH?! *ASN#! *>JJK! +HLJAQQADNIE! .DAD>! DMINROM!

"#8!
-IAHKSI@FD@NHAJ! AH?! ,NHDIAHKSI@FD@NHAJ! <INS>KK>K/! )>?@ADNIK! +HLJAQQ/!
#U"%‡#U"%f&U=#=#/!!

&#/!!:AJJNH>!:a!6@JJAI?!<X`a!.GIG>!(a!'@Q>D!7a!,ORE>H!†1a!1NRIOAI>JX'>E!6a!>D!AJ/!'>D@HN@?K!
I>FI>KK! 0M! I>S>FDNI! *q<"0"! @H?RSD@NH! FADMlAE! DMINROM! DM>! .)'-! SNI>FI>KKNI/!
1@NSM>Q!1@NFMEK!'>K!*NQQRH/!#UU%!.>F!"=‡$##]#^f&&"Y/!!

&$/!!¡A?@IS@! 1`a! ¡@DAe! ./! 0! SNQFAI@KNH! NL! DlN! Q>DMN?K! RK>?! LNI! Q>AKRI@HO! AHDAONH@KD@S!
ASD@W@DE!NL!JASD@S!AS@?!BASD>I@A/!<Ae!_!,RDI/!#UU&‡%]%^f#$=%"/!!

&%/!!3RBNRIO! ;a! (JKAl@! Ša! 'ANRJD! 3/! 0KK>KKQ>HD! NL! DM>! @H! W@DIN! AHD@Q@SINB@AJ! ASD@W@DE! NL!
2ASDNBAS@JJRK! KF>S@>K! LNI! @?>HD@LE@HO! H>l! FND>HD@AJ! AHD@B@ND@SK/! +HD! _! 0HD@Q@SINB!
0O>HDK/!#U"&!,NW‡%Y]&^f&8U$/!!

&&/!!)AID@H! _X*a! *AHJ>D! *a! 3>JFJAHTR>! 1a! 0OHAH@! ;a! 2A@INH! 3a! ;NDDAI?@! ;a! >D! AJ/! "`! ,)'!
Q>DABNHNQ@SK! SAH! ?@LL>I>HD@AD>! DM>! >AIJE! ADM>INO>H@S! >LL>SD! NL! ?A@IE! FIN?RSDK! @H!
MEF>IJ@F@?>Q@S!MAQKD>IK/!0DM>INKSJ>INK@K/!#UU8!.>F‡#UY]"^f"#=$$/!!

&Y/!!mAHO! _a! -AHO! `a! ŠMAHO! *a! ŠMAN! qa! 3>II@>H! )a! 'NSM>I! (a! >D! AJ/! )N?RJAD@NH! NL! ORD!
Q@SINB@NDA!?RI@HO!FINB@ND@SXQ>?@AD>?!ADD>HRAD@NH!NL!Q>DABNJ@S!KEH?INQ>!@H!M@OM!LAD!
?@>DXL>?!Q@S>/!+.)(!_/!#U"&!_AH‡8]"^f""&/!!

&=/!!jMAJ@J! 0a! 6@JJAI?! <X`a! 3AN! )0a! 1RIS>J@H! 'a! *MAQF@NH! .a! :NRSM@>I! :a! >D! AJ/! <NJESESJ@S!
AINQAD@S! ME?INSAIBNHK! FND>HD@AD>! M@OMXLAD! ?@>D! >LL>SDK! NH! @HD>KD@HAJ! @HLJAQQAD@NH/!
-N[@SNJ!2>DD/!#U"U!_RJ!"&‡"8Y]$^f"Y"=/!!

&5/!!2AHO@JJ>! );+a! ŠAH>W>J?! _a! *AFNIAKN! _;a! )S3NHAJ?! 3a! jH@OMDK! 3a! '>E>K! _0a! >D! AJ/!
<I>?@SD@W>! LRHSD@NHAJ! FINL@J@HO! NL! Q@SINB@AJ! SNQQRH@D@>K! RK@HO! "Y.! I',0! QAIe>I!
O>H>!K>TR>HS>K/!,AD!1@ND>SMHNJ/!#U"$!.>F‡$"]8^f5"%#"/!!

&8/!!)AID@H! 30a! 1NJJ@HO! 1m/! 0! I>W@>l! NL! DM>! >LL@SASE! NL! ?@>DAIE! FNJEFM>HNJK! @H!
>[F>I@Q>HDAJ! QN?>JK! NL! @HLJAQQADNIE! BNl>J! ?@K>AK>K/! :NN?! :RHSD/! #U"&!
_RH‡Y]Y^f"==$5Y/!!

YU/!!,›>cX.šHSM>c! )0a! ;NHcšJ>cX.AIIŸAK! 0a! 'NQNX6ATR>IN! )a! ;AISŸAX6@JJAJBA! 'a! .>JQA!


)6a! -NQšKX1AIB>IšH! :0a! >D! AJ/! 3@>DAIE! FM>HNJ@SK! AOA@HKD! SNJNI>SDAJ! SAHS>IXX:INQ!
FINQ@K@HO! FI>SJ@H@SAJ! I>KRJDK! DN! FNNI! DIAHKJAD@NH! @HDN! SJ@H@SAJ! DI@AJKf! <@DLAJJK! AH?!
LRDRI>!H>>?K/!)NJ!,RDI!:NN?!'>K/!#U"&!_RJ‡&8]=^f"#=%8"/!!

Y"/!!.D>W>HK! _:a! )A@>I! *./! -M>! *M>Q@KDIE! NL! ;RD! )@SINB@AJ! )>DABNJ@KQ! NL! <NJEFM>HNJK/!
<MEDNSM>Q!'>W!<INS!<MEDNSM>Q!.NS!(RI/!#U"Y!_RH‡"&]$^f%#&%%/!!

Y#/!!)NIA@K! *0a! 'NKKN! 66! ?>a! (KDA?>JJA! 3a! <@KAH@! 2</! 0HDMNSEAH@HK! AK! @HLJAQQADNIE!
QN?RJADNIK!AH?!DM>!INJ>!NL!DM>!ORD!Q@SINB@NDA/!_!,RDI!1@NSM>Q/!#U"Y!_RJ!"‡$$f"=/!!

Y$/!!7c?AJ! -a! .>JA! 30a! 9@AN! _a! 1NEAS@NOJR! 3a! *M>H! :a! *AFAHNOJR! (/! -M>! '>S@FINSAJ!
+HD>IASD@NHK! B>Dl>>H! <NJEFM>HNJK! AH?! ;RD! )@SINB@NDA! AH?! (LL>SDK! NH!
1@NASS>KK@B@J@DE/!,RDI@>HDK/!#U"Y!:>B!Y‡5]#^f=5/!!

Y%/!!*NKDAHcN! 0a! )NI>DD@! :a! 1RIO@N! 62a! 1IAW@! *a! ;R@?N! :a! 2>WI>IN! )a! >D! AJ/! (H?NDM>J@AJ!
ASD@WAD@NH! BE! AHO@ND>HK@H! ++! DMINROM! ,:eAFFA1! AH?! F$5! FADMlAEKf! +HWNJW>Q>HD! NL!
,:eAFFA1X@H?RS@BJ>! e@HAK>! ],+j^a! LI>>! N[EO>H! IA?@SAJKa! AH?! K>J>SD@W>! @HM@B@D@NH! BE!
AKF@I@H/!_!*>JJ!<MEK@NJ/!#UU$!_RH‡"8&]$^f%U#"U/!!

"$U!
Y&/!!2@!†a!(HO>JMAI?D!_:/!+HD>IJ>Re@HX"Z!+H?RSD@NH!NL!,:p1!+K!<AID@AJJE!'>ORJAD>?!BE!`#7#X
Q>?@AD>?! 0SD@WAD@NH! NL! ,:p1X@H?RS@HO! j@HAK>/! _! 1@NJ! *M>Q/! #UUY! _AH!
#U‡#5"]$^f"%8&&U&/!!

YY/!!:I–DKSMJ! 'a! *M@SMQAHNW! 2a! jJ>>B>IO! 4a! `@J?>BIAH?D! 0;a! 'NNDK! +a! 1INSeQ–JJ>I! _/!
<I>?@SD@NH! NL! AIEJ! ME?INSAIBNH! I>S>FDNIXQ>?@AD>?! >HcEQ>! @H?RSD@NH! NL! ?IROK! AH?!
SM>Q@SAJK!BE!Q',0!TRAHD@L@SAD@NH/!*M>Q!'>K!-N[@SNJ/!"885!3>S‡""]"#^f"%%=&#/!!

Y=/!!0QAeRIA!qa!-KRDKRQ@!-a!,AeAQRIA!)a!j@DAOAlA!`a!:Rb@HN!_a!.AKAe@!ja!>D!AJ/!0SD@WAD@NH!
NL! DM>! 0IEJ! `E?INSAIBNH! '>S>FDNI! BE! .NQ>! 6>O>DABJ>! *NHKD@DR>HDK! 3>D>IQ@H>?!
4K@HO!@H!6@DIN!'>FNID>I!;>H>!0KKAE/!1@NJ!<MAIQ!1RJJ/!#UU$‡#Y]%^f&$#8/!!

Y5/!!6NO>J!*:0a!jMAH!()a!2>RHO!<.*a!;>IKMl@H!)(a!*MAHO!m2ma!mR!3a!>D!AJ/!*INKKXDAJe!
B>Dl>>H! 0IEJ! `E?INSAIBNH! '>S>FDNI! AH?! DM>! +HLJAQQADNIE! '>KFNHK>/! _! 1@NJ! *M>Q/!
#U"%!_AH!"=‡#58]$^f"5YY=&/!!

Y8/!!2NR! qa! ŠM>HO! _a! `R! `a! 2>>! _a! Š>HO! ./! 0FFJ@SAD@NH! NL! RJDIAXF>ILNIQAHS>! J@TR@?!
SMINQADNOIAFME! SNRFJ>?! l@DM! TRA?IRFNJ>! D@Q>XNLXLJ@OMD! QAKK! KF>SDINQ>DIE! DN!
@?>HD@LE!SRISRQ@H!Q>DABNJ@D>K!FIN?RS>?!BE!MRQAH!@HD>KD@HAJ!BASD>I@A/!_!*MINQADNOI!
1/!#U"&!)AI!"&‡85&f$5%=/!!

=U/!!*M@H@LNIRKM! ,a! <NRIMAb@BAOM>I! )a! .MAMAB@! .a! 1AMA?NI! 0/! *J@H@SAJ! 0FFINASM! NL! `@OM!
->SMHNJNOE! ->SMH@TR>K! LNI! *NHDINJ! AH?! (J@Q@HAD@NH! NL! (H?N?NHD@S! )@SINB@NDA/! _!
2AK>IK!)>?!.S@/!#U"&‡Y]%^f"$8&U/!!

="/!!3AJJP0STRA! .a! .DNSSM>IN! )a! 1NKSM@>IN! +a! .SM@AWNH! )a! ;NJNB! .a! 4??@H! _a! >D! AJ/! ,>l!
L@H?@HOK!NH!DM>!@H!W@WN!AHD@N[@?AHD!ASD@W@DE!NL!*RISRQA!JNHOA!>[DIASD!BE!AH!@HD>OIAD>?!
"`!,)'!AH?!`<2*).!Q>DABNJNQ@S!AFFINASM/!:@DND>IAF@A/!#U"Y!)AI‡"U8f"#&$"/!!

=#/!!2ABNI?>!*)a!)NRI@HNX0JWAI>c!2a!<NKA?AX0EAJA!)a!0JWAI>cX2JAQAK!;a!.>IIAH@JJNKX'>RK!
);a!)NI>R!_a!>D!AJ/!<JAKQA!Q>DABNJNQ@SK!I>W>AJK!A!FND>HD@AJ!FAH>J!NL!B@NQAIe>IK!LNI!
>AIJE!?@AOHNK@K!@H!ASRD>!SNINHAIE!KEH?INQ>/!)>DABNJNQ@SK/!#U"%‡"U]$^f%"%#%/!!

=$/!!Š>HO! )a! 9@AN! qa! 2@AHO! qa! mAHO! 1a! *M>H! 9a! *AN! 3a! >D! AJ/! )>DABNJ@S! AJD>IAD@NHK! NL!
@QFA@I>?!LAKD@HO!OJRSNK>!BE!;*h).!BAK>?!FJAKQA!Q>DABNJ@S!FINL@J@HO!SNQB@H>?!l@DM!
SM>QNQ>DI@SK/!)>DABNJNQ@SK/!#U"U!_AH!Y‡Y]#^f$U$""/!!

=%/!!.AA?!)_0a!.AHDNK!0a!<IA?A!<7/!2@He@HO!;RD!)@SINB@NDA!AH?!+HLJAQQAD@NH!DN!7B>K@DE!
AH?!+HKRJ@H!'>K@KDAHS>/!<MEK@NJNOE/!#U"Y!_RJ!"‡$"]%^f#5$8$/!!

=&/!!,>@K!(<_;a!3>bNHO!*`*a!'>HK>H!../!-M>!'NJ>!NL!)@SINB@AJ!0Q@HN!0S@?!)>DABNJ@KQ!@H!
`NKD!)>DABNJ@KQ/!,RDI@>HDK/!#U"&!0FI!"Y‡=]%^f#8$U%Y/!!

=Y/!!1AORJ! <ja! )@??>JA! `a! )ADAFAJJE! .a! <A?@EA! 'a! 1AKD@A! -a! )A?MRKR?AHA! ja! >D! AJ/!
0DD>HRAD@NH! NL! @HKRJ@H! I>K@KDAHS>a! Q>DABNJ@S! KEH?INQ>! AH?! M>FAD@S! N[@?AD@W>! KDI>KK!
BE!I>KW>IADINJ!@H!LIRSDNK>XL>?!IADK/!<MAIQASNJ!'>K/!#U"#!.>F‡YY]$^f#YU5/!!

==/!!.R!qa!)A!2a!m>H!qa!mAHO!`a!ŠMAHO!./!.DR?@>K!NL!DM>!@H!6@DIN!0HD@BASD>I@AJ!0SD@W@D@>K!NL!
.>W>IAJ!<NJEFM>HNJK!AOA@HKD!*J@H@SAJ!+KNJAD>K!NL!)>DM@S@JJ@HX'>K@KDAHD!.DAFMEJNSNSSRK!
ARI>RK/!)NJ>SRJ>K/!#U"%!0RO!"8‡"8]5^f"#Y$U8/!!

"$"!
=5/!!-EAO@! <a! .@HOM! )a! jRQAI@! `a! jRQAI@! 0a! )ReMNFA?MEAE! j/! 1ASD>I@S@?AJ! 0SD@W@DE! NL!
*RISRQ@H! +! +K! 0KKNS@AD>?! l@DM! 3AQAO@HO! NL! 1ASD>I@AJ! )>QBIAH>/! <2N.! 7,(/! #U"&!
)AI!#Y‡"U]$^f>U"#"$"$/!!

=8/!!1RIS>J@H!'/!'>ORJAD@NH!NL!)>DABNJ@KQf!0!*INKK!-AJe!1>Dl>>H!;RD!)@SINB@NDA!AH?!+DK!
`RQAH!`NKD/!<MEK@NJNOE/!#U"#!7SD!"‡#=]&^f$UU=/!!

5U/!!0QAI!_a!1RIS>J@H!'a!'R@?AW>DK!_1a!*AH@!<3a!:ARW>J!_a!0J>KK@!)*a!>D!AJ/!(H>IOE!@HDAe>!@K!
AKKNS@AD>?!l@DM!>H?NDN[>Q@A!@H!AFFAI>HDJE!M>AJDME!Q>H/!0Q!_!*J@H!,RDI/!#UU5!)AE!
"‡5=]&^f"#"8#$/!!

5"/!!*AH@!<3a!1@B@JNH@!'a!jHARL!*a!mAO>D!0a!,>EI@HSe!0)a!3>Jc>HH>!,)a!>D!AJ/!*MAHO>K!@H!
;RD! )@SINB@NDA! *NHDINJ! )>DABNJ@S! (H?NDN[>Q@AX+H?RS>?! +HLJAQQAD@NH! @H! `@OMX:AD!
3@>D+H?RS>?!7B>K@DE!AH?!3@AB>D>K!@H!)@S>/!3@AB>D>K/!#UU5!_RH!"‡&=]Y^f"%=U5"/!!

5#/!!7MHQASMD!*a!<AIe!_X`a!*NI?@HO!.a!m@HO!_1a!0DAIAKM@!ja!7BADA!qa!>D!AJ/!-M>!Q@SINB@NDA!
I>ORJAD>K! DEF>! #! @QQRH@DE! DMINROM! '7'oD‚! -! S>JJK/! .S@>HS>/! #U"&! 0RO!
#5‡$%8]Y#&"^f8588$/!!

5$/!!:AIeAK!0)a!<AH>A!*a!;NDN!qa!,AeADN!;a!;AJAHX3@>c!)a!,AIRKM@QA!.a!>D!AJ/!+H?RSD@NH!NL!
-M"=! S>JJK! BE! K>OQ>HD>?! L@JAQ>HDNRK! BASD>I@A! @H! DM>! QRI@H>! @HD>KD@H>/! _! +QQRHNJ!
)>DMN?K/!#U"&!_RH‡%#"f"U%""/!!

5%/!!0DAIAKM@! ja! -AHNR>! -a! 0H?N! )a! jAQA?A! ,a! ,AOAHN! qa! ,AIRKM@QA! .a! >D! AJ/! -M"=! *>JJ!
+H?RSD@NH! BE! 0?M>K@NH! NL! )@SINB>K! DN! +HD>KD@HAJ! (F@DM>J@AJ! *>JJK/! *>JJ/! #U"&! 7SD!
5‡"Y$]#^f$Y=5U/!!

5&/!!0DAIAKM@!ja!-AHNR>!-a!.M@QA!-a!+QANeA!0a!jRlAMAIA!-a!)NQNK>!qa!>D!AJ/!+H?RSD@NH!NL!
*NJNH@S! '>ORJADNIE! -! *>JJK! BE! +H?@O>HNRK! *JNKDI@?@RQ! .F>S@>K/! .S@>HS>/! #U""! _AH!
#"‡$$"]YU"&^f$$=%"/!!

5Y/!!:RIRKAlA!qa!7BADA!qa!:ReR?A!.a!(H?N!-0a!,AeADN!;a!-AeAMAKM@!3a!>D!AJ/!*NQQ>HKAJ!
Q@SINB>X?>I@W>?! BRDEIAD>! @H?RS>K! DM>! ?@LL>I>HD@AD@NH! NL! SNJNH@S! I>ORJADNIE! -! S>JJK/!
,ADRI>/!#U"$!3>S!"8‡&U%]=%5U^f%%Y&U/!!

5=/!!-KN! .X*a! ;R@! mX_a! mR! *Xqa! *MRAHO! _2a! †@! 9a! .eWNIAe! j_a! >D! AJ/! 1>HcNDM@NFM>H>!
*AIBN[EJAD>!3>I@WAD@W>K!AK!,NW>J!0JJNKD>I@S!+HM@B@DNIK!NL!1IAHSM>?XSMA@H!gXj>DNAS@?!
3>ME?INO>HAK>!j@HAK>/!_!1@NJ!*M>Q/!#U"%!_RJ!#&‡#58]$U^f#U&5$8$/!!

55/!!;RN! qa! 3AIKM@! )a! )A! qa! <>Ie@HK! ;0a! .M>H! Ša! `ARKMAJD>I! j_a! >D! AJ/! †RAHD@DAD@W>!
<IND>NQ@S!AH?!:RHSD@NHAJ!0HAJEK@K!NL!2@W>I!)@DNSMNH?I@A!LINQ!`@OM!:AD!3@>D!]`:3^!
3@AB>D@S!)@S>/!)NJ!*>JJ!<IND>NQ@SK/!#U"$!3>S!"‡"#]"#^f$=%%&5/!!

58/!!jIESM!¢a!,@>JK>H!3.a!`AHK>H!0ja!`AHK>H!*`:/!;RD!Q@SINB@AJ!QAIe>IK!AI>!AKKNS@AD>?!
l@DM! ?@AB>D>K! NHK>Da! I>ORJADNIE! @QBAJAHS>a! AH?! +:,Xo! J>W>J! @H! ,73! )@S>/! ;RD!
)@SINB>K/!#U"&!)AI!%‡Y]#^f"U"8/!!

8U/!!<AIeAI!.;a!.D>W>HKNH!3(a!.e@HH>I!)0/!-M>!FND>HD@AJ!@HLJR>HS>!NL!LIR@D!FNJEFM>HNJK!NH!
SNJNH@S! Q@SINLJNIA! AH?! MRQAH! ORD! M>AJDM/! +HD! _! :NN?! )@SINB@NJ/! #UU5! _RH!
"U‡"#%]$^f#8&5/!!

"$#!
8"/!!-cNRH@K! 9a! 6RJ>W@S! _a! jRMHJ>! ;;*a! ;>NIO>! -a! 2>NHScAe! _a! ;@BKNH! ;'a! >D! AJ/! :JAWAHNJ!
QNHNQ>IX@H?RS>?! SMAHO>K! DN! DM>! MRQAH! LA>SAJ! Q@SINLJNIA/! 1I! _! ,RDI/! #UU5!
0FI‡88]U%^f=5#8#/!!

8#/!!.>JQA! )6a! (KFŸH! _*a! -NQšKX1AIB>IšH! :0/! +HD>IASD@NH! B>Dl>>H! <M>HNJ@SK! AH?! ;RD!
)@SINB@NDAf! 'NJ>! @H! `RQAH! `>AJDM/! _! 0OI@S! :NN?! *M>Q/! #UU8! 0RO! "#‡&=]"&^fY%5&
&U"/!!

8$/!!3>WeNDA! .a! *MAHO! (1/! +HD>IASD@NHK! B>Dl>>H! ?@>Da! B@J>! AS@?! Q>DABNJ@KQa! ORD!
Q@SINB@NDAa!AH?!+HLJAQQADNIE!1Nl>J!3@K>AK>K/!3@O!3@K!1AK>J!.l@Dc/!#U"&‡$$]$^f$&"
Y/!!

8%/!!`lAHO! .'a! .>N! 3X`a! 0JX`@JAJ! -0a! _>NH! 7X*a! jAHO! _`a! j@Q! .X`a! >D! AJ/! 7IAJJE! ASD@W>!
?>KRJLAD>?! JNl! QNJ>SRJAI! l>@OMD! M>FAI@H! AH?! ?>N[ESMNJ@S! AS@?! SNHbROAD>a! Y73.X
2`B3a!KRFFI>KK>K!H>NWAKSRJAI@cAD@NH!AH?!BNH>!?>KDIRSD@NH!@H!AIDMI@D@K/!_!*NHDINJJ>?!
'>J>AK>/!#U"#!,NW!"U‡"Y$]$^f$=%5%/!!

8&/!!mAJe>I! 0a! 2RS@N! )a! <L@DcH>I! 1a! .SM>>I>I! ):a! ,>KSM>H! .a! ?>! 0HO>J@K! )`a! >D! AJ/!
+QFNIDAHS>! NL! .RJLRIX*NHDA@H@HO! )>DABNJ@D>K! @H! 3@KSI@Q@HAD@HO! :>SAJ! ([DIASDK!
B>Dl>>H! ,NIQAJ! AH?! -EF>X#! 3@AB>D@S! )@S>/! _! <IND>NQ>! '>K/! #U"%! 7SD!
$‡"$]"U^f%##U$"/!!

8Y/!!.D>HQAH!2ja!mAO>D!0a!;AII>D!*a!1I@AH?!:a!1RIS>J@H!'a!.RJF@S>!-a!>D!AJ/!<INB@ND@S!1%#U!
AH?! FI>B@ND@S! FNJE?>[DINK>! @QFINW>! >LL@SASE! NL! AHD@?@AB>D@S! ?IROK! @H! Q@S>/! 3@AB>DNJ!
)>DAB!.EH?I/!#U"&!.>F!"#‡=f=&/!!

8=/!!.D>HQAH!2!e/a!mAO>D!0a!;AII>D!*a!jJNFF!<a!1RIS>J@H!'a!2AMD@H>H!./!<ND>HD@AJ!FINB@ND@S!
1@L@?NBASD>I@RQ! AH@QAJ@K! KKF/! JASD@K! %#U! FI>W>HDK! l>@OMD! OA@H! AH?! OJRSNK>!
@HDNJ>IAHS>!@H!?@>DX@H?RS>?!NB>K>!Q@S>/!1>H>L!)@SINB>K/!#U"%!_RJ!#&‡&]%^f%$=%&/!!

85/!!<NQ@G!*a!1JAKSNX1ATR>!6a!jJNFF!<a!,@SNJAK!.a!mAO>D!0a!2NRB@CI>K!<a!>D!AJ/!-I@OO>I@HO!
DM>! A?AFD@W>! @QQRH>! KEKD>Q! l@DM! SNQQ>HKAJ! ORD! BASD>I@A! FIND>SDK! AOA@HKD! @HKRJ@H!
I>K@KDAHS>!AH?!?EKOJES>Q@A/!)NJ!)>DAB/!#U"Y!)AI!#5‡&]Y^f$8#%U$/!!

88/!!`NJQ>K! (a! j@HINKK! _a! ;@BKNH! ;'a! 1RIS>J@H! 'a! _@A! ma! <>DD>IKKNH! .a! >D! AJ/! -M>IAF>RD@S!
)N?RJAD@NH! NL! )@SINB@NDAX`NKD! )>DABNJ@S! +HD>IASD@NHK/! .S@! -IAHKJ! )>?/! #U"#! _RH!
Y‡%]"$=^f"$=IWY"$=IWY/!!

"UU/!! 01(! qa! `0.`+)7-7! .a! `7'+(! -/! *RISRQ@H! +HM@B@D@NH! 7L! +HLJAQQADNIE! *EDNe@H>!
<IN?RSD@NH! 1E! `RQAH! <>I@FM>IAJ! 1JNN?! )NHNSED>K! 0H?! 0JW>NJAI! )ASINFMAO>K/!
<MAIQASNJ!'>K/!"888!_AH‡$8]"^f%"=/!!

"U"/!! ;RAKSMX:>IIG! )a! `IRBE! 0a! -NJ>?N! (a! *J@KM! *1a! )AIDŸH>cX;NHcšJ>c! )0a! .AJAKX
.AJWA?ž!_a!>D!AJ/!)>DABNJNQ@SK!@H!<I>?@AB>D>K!AH?!3@AB>D>Kf!0!.EKD>QAD@S!'>W@>l!AH?!
)>DAXAHAJEK@K/!3@AB>D>K!*AI>/!#U"Y!)AE!"‡$8]&^f5$$%Y/!!

"U#/!! ŠALAI! )+a! ;AN! :/! %X`E?IN[E@KNJ>RS@H>f! 0! <ND>HD@AJ! ,>l! -I>ADQ>HD! LNI! -EF>! #!
3@AB>D>K!)>JJ@DRK/!1@N3IROK/!#U"Y!)AE!&‡"5/!!

"U$/!! :RJJ>I!.a!.D>FM>HK!_)/!3@NKO>H@Ha!%X`E?IN[E@KNJ>RS@H>a!AH?!:@B>I!LINQ!:>HROI>>ef!
)>SMAH@KQK! NL! 0SD@NHK! AH?! <ND>HD@AJ! (LL>SDK! NH! )>DABNJ@S! .EH?INQ>/! 0?W! ,RDI! +HD!
'>W!_/!#U"&!)AI!"‡Y]#^f"588=/!!

"$$!
"U%/!! *AH@! <3a! (W>IAI?! 0a! 3RFAIS! -/! ;RD! Q@SINB@NDAa! >HD>IN>H?NSI@H>! LRHSD@NHK! AH?!
Q>DABNJ@KQ/!*RII!7F@H!<MAIQASNJ/!#U"$!3>S‡"$]Y^f8$&%U/!!

"U&/!! -NJMRIKD! ;a! `>LLINH! `a! 2AQ! q.a! <AIe>I! `(a! `AB@B! 0)a! 3@AeNO@AHHAe@! (a! >D! AJ/!
.MNIDX*MA@H! :ADDE! 0S@?K! .D@QRJAD>! ;JRSAONHX2@e>! <>FD@?>X"! .>SI>D@NH! W@A! DM>! ;X
<IND>@H*NRFJ>?!'>S>FDNI!::0'#/!3@AB>D>K/!#U"#!:>B‡Y"]#^f$Y%="/!!

!
!
!
!
!
!
!
!
!

'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'

"$%!
!
!
!
!"#$%&'(4'=@;H&G"H'<%EC"@&A'8;'E%7@':&A:'#@$HEA&':E@&%7?H&'_[=XX`!CE%'C"V&'m&&TA'EC'

6"&:f!,*!]H“=^a!`:3!]H“5^a!`:3‚'.6!]H“5^a!`:3‚*RI!]H“5^a!`:3‚'.6‚*RI!]H“5^/!3ADA!

AI>!FI>K>HD>?!AK!Q>AH!™!./(/)‡!££!KDAD@KD@SAJJE!?@LL>I>HD!B>Dl>>H!`:3!AH?!`:3‚'.6!

OINRFK!lM>H!F”U/U"!AK!AHAJEc>?!BE!-lNXlAE!0,760!LNJJNl>?!BE!-Re>E!D>KD/!

!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

"$&!
!""""""""""""""""""""""""""""""""""""""!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
!

t
! t !
!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
!

!
!"#$%&' *4' K&@7:"V&' 78$?67?H&j' 6"V&%A":;j' 7?6' 6"G&?A"E?7@' %&6$H:"E?' <@E:' EC' H&H7@'
HE?:&?:' G"H%E8"EG&A4! P`! .DASe>?! SNJRQH! BAI! OIAFMK! ?>F@SD@HO! DM>! ?@>DAIE! OINRF!
AW>IAO>!I>JAD@W>!ABRH?AHS>K!AH?!?@KDI@BRD@NH!NL!DM>!QNKD!M@OMJE!ABRH?AHD!I>KNJW>?!DA[A!
AD! DM>! FMEJRQ! AH?! LAQ@JE! J>W>J! LNI! DM@K! KDR?E/! g`! 3@Q>HK@NHAJ! I>?RSD@NH! FJND! ]DX
?@KDI@BRD>?!KDNSMAKD@S!H>@OMBNI!>QB>??@HOa!DX.,(^!?>F@SD@HO!DM>!I>JAD@NHKM@FK!B>Dl>>H!
DM>!Q@SINB@NQ>K!LNI!>ASM!S>SAJ!SNHD>HD!KAQFJ>!l@DM!I>KF>SD!DN!DM>!L@W>!?@>DAIE!OINRFK/!
N`! <JND! NL! Q@SINB@NQ>! ?@W>IK@DE! ].MAHHNH! @H?>[^! LNI! >ASM! S>SAJ! SNHD>HD! KAQFJ>! l@DM!
I>KF>SD!DN!DM>!L@W>!?@>DAIE!OINRFK/'''
'

"$Y!
!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#"""""""""""""""""""""""""""""""""""""""
!
^N k!W
k!W! !
k!WnKLM

!!!!!!!!!!!!!!!! !
!
!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#""""""""""""""""""""""""""""""""""""
!
k!WnKLM
k!W !
k!WnKLMnN$%

!
k!WnN$%

!!!!!!!!!!!!!!!!!!!!! !
'

!!!!"""""""""""""""""""""""""""""""""""""""""""""""""""""""!!!!!!!!""""""""""""""""""""""""""""""""""""""""""""""!!!!!!!!!!!!!

'
'
'

"$=!
!"#$%&'+4'''
Y' W"CC&%&?:"7@' 78$?67?H&A' EC' 87H:&%"7@' :7\7' "?' H&H7@' HE?:&?:A4' *JA?NOIAQK! ?>I@W>?!
LINQ!FA@Il@K>!OINRF!2(L.>!AHAJEK@K!NL!"Y.!K>TR>HS>K!LINQ!S>SAJ!SNHD>HDK!ALD>I!&!l>>eK!
NL!?@>Df!,*!]H“=^a!`:3!]H“5^a!`:3‚'.6!]H“5^a!`:3‚*RI!]H“5^a!`:3‚'.6‚*RI/!P`!,*!WK/!
`:3a! g`! `:3! WK/! `:3‚'.6a! N`! `:3! WK/! `:3‚*RIa! AH?! W`' `:3‚'.6! WK/! `:3‚'.6‚*RI/!!
-M>! SJA?NOIAQK! KMNl! DM>! DA[NHNQ@S! J>W>JK! I>FI>K>HD>?! BE! I@HOK! l@DM! FMEJA! AD! DM>!
@HH>IQNKD! I@HO! AH?! O>H>IA! AD! DM>! NRD>IQNKD! I@HOa! AH?! >ASM! S@ISJ>! @K! A! Q>QB>I! l@DM@H!
DMAD!J>W>J/!-A[A!AD!>ASM!J>W>J!AI>!KMA?>?!]I>?!NI!OI>>H^!ASSNI?@HO!DN!DM>!?@>DAIE!OINRF!@H!
lM@SM!@D!@K!QNI>!ABRH?AHD!]<!”!U/U&‡!230!KSNI>!#/U^/!
!
Y' S"H%E8"EG&' &?%"HDG&?:' HEGGE?' 8&:m&&?' #%E$<A4' *NQQNHAJ@DE! NL! Q@SINB@NQ>!
>HI@SMQ>HD! I>KRJDK! FNK@D@W>JE! AH?! H>OAD@W>JE! AKKNS@AD>?! l@DM! OJES>Q@S! @H?>[! BE! OINRF/!
-M>! DA[NHNQ@S! OINRFK! l>I>! @?>HD@L@>?! LINQ! FA@Il@K>! OINRF! 2(L.>! AHAJEK@K! NL! "Y.!
DAIO>D>?! Q>DAO>HNQ@S! K>TR>HS@HO! ?ADA! ?>I@W>?! LINQ! S>SAJ! SNHD>HDK! ALD>I! &! l>>eK! NL!
?@>D/! U`! 6>HH! ?@AOIAQ! NL! DA[NHNQ@S! OINRFK! >HMAHS>?! BE! ,*! NI! `:3‚'.6! ?@>DK! @H!
SNQFAI@KNH!DN!`:3!NI!`:3‚'.6‚*RI!?@>DK!]`:3‚*RI!QN?RJ>K!>[SJR?>?^a!!`!DA[NHNQ@S!
OINRFK!>HMAHS>?!BE!`:3!NI!`:3‚'.6‚*RI!?@>DK!@H!SNQFAI@KNH!DN!,*!NI!`:3‚'.6!?@>DKa!
AH?! =`! I>OI>KK@NH! AHAJEK@K! LNI! DM>! .#%X=! LAQ@JE! ]1ASD>IN@?AJ>K! NI?>I^! lM@SM!
?>QNHKDIAD>K!A!KDINHO!H>OAD@W>!SNII>JAD@NH!l@DM!OJES>Q@A!AI>A!RH?>I!SRIW>!]04*^/!!!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

"$5!
!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#""""""""""""""""""""""""""""""""""""""""""""""
!

!!!! !
!
!""""""""""""""""""""""""""""""""""""""""""""""""""""!!!!!!!!!!!!!!!!!!!!!!!!!
!

!!!!!!!!!!!!!!!!! !
'

!! !! !!

'
'
'

"$8!
!"#$%&',4'''
Y' Q%&6"H:&6' #&?&' &?%"HDG&?:' EC' <7:Dm7;A4' *JA?NOIAQK!?>I@W>?!LINQ!FA@Il@K>!OINRF!
2(L.>!AHAJEK@K!NL!<+*'4.D!?ADA!?>I@W>?!LINQ!K>TR>HS@HO!NL!S>SAJ!SNHD>HDK!ALD>I!&!l>>eK!
NL!?@>Df!,*!]H“=^a!`:3!]H“5^a!`:3‚'.6!]H“5^a!`:3‚*RI!]H“5^a!`:3‚'.6‚*RI/!!P`!,*!WK/!
`:3a! g`! `:3! WK/! `:3‚'.6a! N`! `:3! WK/! `:3‚*RIa! AH?! W`' `:3‚'.6! WK/! `:3‚'.6‚*RI/!!
-M>! SJA?NOIAQK! KMNl! DM>! FADMlAE! M@>IASME! I>FI>K>HD>?! BE! I@HOK! l@DM! FADMlAE!
QN?RJ>K!AD!NRD>IQNKD!I@HO/!<ADMlAE!M@>IAISM@>K!AD!>ASM!J>W>J!AI>!KMA?>?!]I>?!NI!OI>>H^!
ASSNI?@HO! DN! DM>! ?@>DAIE! OINRF! @H! lM@SM! DM>! <+*'4.D! AHAJEK@K! FI>?@SD>?! M@OM>I! O>H>!
ABRH?AHS>!]<!”!U/U&‡!230!KSNI>!#/U^/!
!
Y' Q7:Dm7;' &?%"HDG&?:' HEGGE?' 8&:m&&?' #%E$<A4' *NQQNHAJ@DE! NL! j(;;! FADMlAE!
QN?RJ>!>HI@SMQ>HD!I>KRJDK!FNK@D@W>JE!AH?!H>OAD@W>JE!AKKNS@AD>?!l@DM!OJES>Q@S!@H?>[!BE!
OINRF/! -M>! FADMlAE! QN?RJ>K! l>I>! FI>?@SD>?! LINQ! FA@Il@K>! OINRF! 2(L.>! AHAJEK@K! NL!
<+*'4.D!?ADA!?>I@W>?!LINQ!K>TR>HS@HO!NL!S>SAJ!SNHD>HDK!ALD>I!&!l>>eK!NL!?@>D/!U`!6>HH!
?@AOIAQ!NL!j(;;!FADMlAE!QN?RJ>K!>HMAHS>?!BE!,*!NI!`:3‚'.6!?@>DK!@H!SNQFAI@KNH!DN!
`:3! NI! `:3‚'.6‚*RI! ?@>DK! ]`:3‚*RI! QN?RJ>K! >[SJR?>?^a! !`! j(;;! FADMlAE! QN?RJ>K!
>HMAHS>?!BE!`:3!NI!`:3‚'.6‚*RI!?@>DK!@H!SNQFAI@KNH!DN!,*!NI!`:3‚'.6!?@>DKa!AH?!=`!
I>OI>KK@NH!AHAJEK@K!LNI!?@KK@Q@JADNIE!KRJLAD>!I>?RSD@NH!QN?RJ>/!!!!
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'

"%U!
!"""""""""""""""""""""""""""""""""""""""' ' !!!!!!!!!!!!!!!!!!!!!!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
!

!!!!!!!!!!!!!!!!!! !!!!
!
!""""""""""""!!!!!!!!!!!!!!!!!!!!!!!!!!!!' ' ' !!!!!!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
!

!!!!!!!! !
'

!! !

'

"%"!
!!
!"#$

!"#$%$&'($$

&'($

!"#$%&'$(&)*+',#-#$(

'
'
'
!"#$%&'-4''
Y' Q%&6"H:&6' #&?&' &?%"HDG&?:' EC' A:%$H:$%7@' HEG<@&\&A4' *JA?NOIAQK! ?>I@W>?! LINQ!
FA@Il@K>! OINRF! 2(L.>! AHAJEK@K! NL! <+*'4.D! ?ADA! ?>I@W>?! LINQ! K>TR>HS@HO! NL! S>SAJ!
SNHD>HDK! ALD>I! &! l>>eK! NL! ?@>Df! ,*! ]H“=^a! `:3! ]H“5^a! `:3‚'.6! ]H“5^a! `:3‚*RI! ]H“5^a!
`:3‚'.6‚*RI/! P`! ,*! WK/! `:3a! g`! `:3! WK/! `:3‚'.6a! N`! `:3! WK/! `:3‚*RIa! AH?! W`'
`:3‚'.6! WK/! `:3‚'.6‚*RI/! -M>! SJA?NOIAQK! KMNl! DM>! KDIRSDRIAJ! SNQFJ>[! M@>IASME!
I>FI>K>HD>?!BE!I@HOK!l@DM!QN?RJ>K!AD!NRD>IQNKD!I@HO/!.DIRSDRIAJ!SNQFJ>[!M@>IAISM@>K!AD!
>ASM! J>W>J! AI>! KMA?>?! ]I>?! NI! OI>>H^! ASSNI?@HO! DN! DM>! ?@>DAIE! OINRF! @H! lM@SM! DM>!
<+*'4.D!AHAJEK@K!FI>?@SD>?!M@OM>I!O>H>!ABRH?AHS>!]<!”!U/U&‡!230!KSNI>!#/U^/!
!
Y' L:%$H:$%7@' HEG<@&\' &?%"HDG&?:' HEGGE?' 8&:m&&?' #%E$<A4' *NQQNHAJ@DE!NL!j(;;!
KDIRSDRIAJ!SNQFJ>[!QN?RJ>!>HI@SMQ>HD!I>KRJDK!FNK@D@W>JE!AH?!H>OAD@W>JE!AKKNS@AD>?!l@DM!
OJES>Q@S!@H?>[!BE!OINRF/!-M>!KDIRSDRIAJ!SNQFJ>[!QN?RJ>K!l>I>!FI>?@SD>?!LINQ!FA@Il@K>!
OINRF!2(L.>!AHAJEK@K!NL!<+*'4.D!?ADA!?>I@W>?!LINQ!K>TR>HS@HO!NL!S>SAJ!SNHD>HDK!ALD>I!&!
l>>eK!NL!?@>D/!!U`!6>HH!?@AOIAQ!NL!j(;;!KDIRSDRIAJ!SNQFJ>[!QN?RJ>K!>HMAHS>?!BE!,*!NI!
`:3‚'.6! ?@>DK! @H! SNQFAI@KNH! DN! `:3! NI! `:3‚'.6‚*RI! ?@>DK! ]`:3‚*RI! QN?RJ>K!
>[SJR?>?^a!AH?!!`!j(;;!KDIRSDRIAJ!SNQFJ>[!QN?RJ>K!>HMAHS>?!BE!`:3!NI!`:3‚'.6‚*RI!
?@>DK!@H!SNQFAI@KNH!DN!,*!NI!`:3‚'.6!?@>DK/!
!
Y' =`!0HD@B@ND@S!>LL>SD!NL!'.6a!*RI!AH?!'.6‚*RI!NH!!"#$%#&'$(&)%*'+#,#$/!"UU!Œ)!'.6a!"UU!
Œ)!*RI!AH?!"UU!Œ)!'.6!‚!"UU!Œ)!*RI!l>I>!RK>?!@H!DM@K!KRKS>FD@B@J@DE!D>KD/!
'

"%#!
'''''''''' !""""""""""""""""""""""""""""""""""""""""""""""'!!!!!!!' ' ' !!!!!!!!!!!!!!!!!!!!!!!!!!""""""""""""""""""""""""""""""""""""""""""""""""""""""""

IL8-Caco2 IL1-β-Caco2
ICAM1-Caco2

£££

££
Cur-RSV-TNF

£££
Cur-RSV-TNF
Cur-RSV-TNF
Cur-RSV Cur-RSV
Cur-RSV

£££
RSV-TNF RSV-TNF

£
RSV-TNF

£
RSV RSV
RSV

£££
Cur-TNF
££
Cur-TNF

££
Cur-TNF

Cur Cur
Cur

TNF TNF
TNF
Control Control
control
0 50 100 150 0 2 4 6 8 10
0 0.5 1 1.5 2 2.5
IL8: mRNA expression (REL) IL1β: mRNA expression (REL)
! ICAM1: mRNA expression (REL) '

!!!!!!!! !""""""""""""""""""""""""""""""""""""""""""""""'!!!!!!! ' ' !!!!!!!!!!!!!!!!!!!!!!!!!!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""

TGFβ-Caco2 IL8-Caco2
IL1ß-Caco2
£££
££

Cur-RSV-PMA

£££
Cur-RSV-TNF
Cur-RSV-PMA
Cur-RSV Cur-RSV
Cur-RSV
£££

RSV-PMA

£££
RSV-TNF
£

RSV-PMA

RSV RSV RSV


£££

£££
Cur-TNF Cur-PMA Cur-PMA

Cur Cur Cur

TNF PMA PMA

Control Control
Control

0 0.5 1 1.5 2 0 5 10 15 20 25
0 50 100 150 200
8#@β: mRNA expression (REL)
IL8: mRNA expression (REL)
TGFβ: mRNA expression (REL) !

!!!!!!!!! !""""""""""""""""""""""""""""""""""""""""""""""'!!!!!!!' ' ' ' ' !


!
ICAM-Caco2 TGFβA:!*4B& IL8-THP1
£££

£££

Cur-RSV-PMA Cur-RSV-PMA Cur-RSV-TNF

Cur-RSV Cur-RSV RSV-Cur

& RSV-TNF
£

RSV-PMA RSV-PMA
£

RSV
RSV RSV
£££

££

Cur-TNF
£££

Cur-PMA Cur-PMA

Cur Cur
Cur

TNF
PMA PMA
control
Control Control

0 2 4 6 8 10
0 0.5 1 1.5 2 2.5 0 1 2 3 4
TGFβ: mRNA expression IL8: mRNA expression (REL)
ICAM1: mRNA expression (REL) (REL) !

"%$!
!""""""""""""""""""""""""""""""""""""""""""""""' !!!!!!!' ' ' ' ' !
'''''' ' !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! '

IL1β-THP1 ICAM1-THP1 TGFβ-THP1

£££

££
££
Cur-RSV-TNF Cur-RSV-TNF Cur-RSV-TNF

Cur-RSV Cur-RSV Cur-RSV

£££
££
RSV-TNF RSV-TNF
££

RSV-TNF

RSV RSV
RSV

£££

£££
Cur-TNF Cur-TNF
Cur-TNF
£

Cur Cur
Cur

TNF TNF
TNF
control control
control
0 5 10 15 20 0 1 2 3
0 0.5 1 1.5 2 2.5 3
ICAM1: mRNA expression (REL) TGFβ: mRNA expression (REL)
IL1β: mRNA expression (REL)
!
!

!!
40
Luminescent luciferase activity

35

30

25
(x103)

20

15 £££
£££

10

5 £££!999

!
'
!"#$%&'.4''
Y' UCC&H:' EC' KLMj' N$%j' KLMnN$%' E?' #&?&A' &\<%&AA"E?' EC' 6"CC&%&?:' "?C@7GG7:E%;'
G7%T&%A' E?' N7HE*' 7?6' XkQ(' H&@@A4!*ASN#!S>JJK!l>I>!KD@QRJAD>?!>@DM>I!l@DM!-,:g!_PY
W`!NI!l@DM!<)0!_UYk`/!-`<"!S>JJK!l>I>!KD@QRJAD>?!BE!<)0!_3Y5`/!-M>!I>JAD@W>!>[FI>KK@NH!
J>W>J! ]'(2^! NL! +25! Q',0! J>W>JK! _PaUj3`‡! +2"Z! Q',0! J>W>JK! _gj!jl`‡! +*0)"! Q',0! J>W>JK!
_Nj=jR`‡!AH?!-;:Z!Q',0!J>W>JK!_Wakj5`!l>I>!>WAJRAD>?/!3ADA!AI>!FI>K>HD>?!AK!Q>AH!™!
./(/)‡! £a! ££a!AH?! £££! KDAD@KD@SAJJE! ?@LL>I>HD! B>Dl>>H! FNK@D@W>! SNHDINJ! OINRFK! ]-,:g! NI!
<)0^! AH?! DI>ADQ>HD! OINRFK! lM>H! F”U/U&a! F”U/U"a! AH?! F”U/UU"a! I>KF>SD@W>JEa! AK!
AHAJEc>?!BE!NH>XlAE!0,760!LNJJNl>?!BE!-Re>E!D>KD/!

"%%!
Y'5`'UCC&H:'EC'KLMj'N$%j'7?6'KLMnN$%'E?'PDK'<%EGE:&%'7H:"V7:"E?a!*ASNX#!S>JJK!l>I>!
DIAHKL>SD>?!BE!9'(X-jX24*!AH?!DI>AD>?!l@DM!#!Œ)!1A<!‚hX!#U!Œ)!'.6!‚hX!"U!Œ)!*RI/!
*NHDINJ! f! S>JJK! DI>AD>?! l@DM! KNJW>HD/! 3ADA! AI>! FI>K>HD>?! AK! Q>AH! ™! ./(/)‡! £££!f! 1A<! WK!
<NJEFM>HNJ! OINRFa! ooo! f! 1A<X'.6h1A<X*RI! WK! 1A<X'.6X*RIa! KDAD@KD@SAJJE! ?@LL>I>HD! lM>H!
F”U/UU"a!AK!AHAJEc>?!BE!NH>XlAE!0,760!LNJJNl>?!BE!-Re>E!D>KD/!
!
!
!
!
!
!
!
!
!
!
!
!
!
! !
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

"%&!
!"""""""""""""""""""""""""""""""""""""""' ' !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
!
!

!!!!!!!!!!!!!!!!!!! !
!"""""""""""""""""""""""""""""""""""""""' ' !!!!!!!!!!!!!!!!!!!!!!!!!!!!!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
!

!!!!!!!!! !!!!!!!!!!!!!! !
!"""""""""""""""""""""""""""""
!
!'
!

RI>A!]RF!@H!*^ @KNJ>RS@H>!]RF!@H!'^
FINJ@H>!]?NlH!@H!*^ OJRSNK>!]?NlH!@H!'^
AS>D@S!AS@?!]RF!@H!'!!AH?!*^
DI@XME?IN[EXBRDEI@S!AS@?! OJRS@DNJ!]?NlH!@H!'^
BRDAHN@S!AS@?!]RF!@H!'!!AH?!*^
]?NlH!@H!*^ OJRSNK>!]?NlH!@H!'^
K>I@H>!]?NlH!@H!'!AH?!*^
OJRSRINH@S!AS@?!]RF!@H!*^
OJRSNH@S!NI!BRDAH>?@NS!AS@?!
SMNJ>KD>INJ!]?NlH!@H!*^
]?NlH!@H!'!AH?!*^
'
'

"%Y!
!"#$%&'/4''
Y' ND7%7H:&%"e7:"E?' EC' <@7AG7' G&:78E@"H' HD7?#&A' "?6$H&6' 8;' k!W' 7@E?&' _%&6`' E%'
A$<<@&G&?:' m":D' KLM' _#%&&?`j' N$%' _;&@@Em`' E%' KLMnN$%' _8@$&`' HEG<7%"?#' :E' ^N'
_8@7HT`4'P`'-I@X?@Q>HK@NHAJ!<2.X30!KSNI>!FJND!KMNl@HO!OINRF!?@KSI@Q@HAD@NH!ASSNI?@HO!
DN!?@>DAIE!DI>ADQ>HD/!g`' *JRKD>I@HO!AHAJEK@K!NL!KRQQAI@c>?!Q>DABNJNQ>!KSNI>!LNI!>ASM!
?@>DAIE!l@DM!?>OI>>!NL!?@KK@Q@JAI@DEj'
Y' ND7%7H:&%"e7:"E?' EC' <@7AG7' G&:78E@"H' HD7?#&A' "?6$H&6' 8;' k!W' A$<<@&G&?:&6'
m":D'KLM'HEG<7%"?#':E'k!W'7@E?&'E%'k!WnKLMnN$%4!N`!3@X?@Q>HK@NHAJ!<2.X30!KSNI>!
FJND! KMNl@HO! DM>! ?@KSI@Q@HAD@NH! B>Dl>>H! `:3! KRFFJ>Q>HD>?! '.6! ]OI>>H^! AH?! `:3!
]I>?^/! W`! 3@X?@Q>HK@NHAJ! <2.X30! KSNI>! FJND! KMNl@HO! DM>! ?@KSI@Q@HAD@NH! B>Dl>>H! `:3!
KRFFJ>Q>HD>?!'.6!]OI>>H^!AH?!`:3‚'.6‚*RI!]BJR>^/!!!!
Y' U`' M&??' <@E:' ADEm"?#' :D&' AD"C:' G&:78E@":&A' EC' <E@;<D&?E@' A$<<@&G&?:&6'
HEG<7%"?#' m":D' k!W/! &! NL! =! Q>DABNJ@D>K! LINQ! Q@S>! OINRF! DI>AD>?! l@DM! '.6! l>I>!
@?>HD@L@>?! _K"#D:' A"6&`‡! $! NL! =! Q>DABNJ@D>K! LINQ! Q@S>! OINRF! DI>AD>?! l@DM! *RI! l>I>!
@?>HD@L@>?!_5&C:'A"6&`‡!AH?!%!NL!&!SNQQNH!Q>DABNJ@D>K!LINQ!Q@S>!OINRF!DI>AD>?!l@DM!*RI!
AH?!LINQ!Q@S>!OINRF!DI>AD>?!l@DM!'.6!l>I>!@?>HD@L@>?!_"?':D&'G"66@&`/!!!
!
!
!
'
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
'

"%=!
X78@&'(4'=&?&'&\<%&AA"E?'@&V&@A'EC'"?C@7GG7:E%;'G7%T&%A'"?'HE@E?4'
'
'
& C:& D=E& D=EAF)G& D=EA:-,& D=EAF)GA:-,&

H!
"#$β0 %&'(!±!%&$)! $&*%!±!%&(% $&%(!±!%&$%! $&%)!±!%&$)! $&()!±!%&$+!

"#*& (&,'!±!%&)*! (&,,!±!%&(-! $&%$!±!%&$(..! (&/-!±!%&()! $&*/!±!%&(-!

012α& %&'+!±!%&$)! $&%*!±!%&$(! $&(,!±!%&$/! $&,+!±!%&$/! %&+'!±!%&%'!

"#$%& %&'+!±!%&$(! $&(+!±!%&$-! $&%,!±!%&$/! $&(*!±!%&($! $&)*!±!%&$'!

032β& $&%$!±!%&($! $&('!±!%&$+! $&)-!±!%&$,! $&$$!±!%&$-! $&)$!±!%&$/!

"456$& %&')!±!%&%(! $&$%!±!%&%)! $&%-!±!%&$(! $&%/!±!%&%/! $&%$!±!%&%'!

HH
2,7+%& %&'-!±!%&%'! $&/*!±!%&$$ ! $&%+!±!%&$(.! %&',!±!%&$,..! $&%%!±!%&$(.!

48)*& %&+'!±!%&$$! $&/,!±!%&(+! $&)/!±!%&((! $&$/!±!%&$,! $&(%!±!%&$+!

H
669-& %&,/!±!%&$%! $&-'!±!%&(' ! $&,$!±!%&(+! $&*+!±!%&)/! (&()!±!%&/$..!

669'& %&'*!±!%&$)! $&$%!±!%&$+! $&$'!±!%&$)! $&%'!±!%&$,! $&)/!±!%&$*!

669$)& $&'/!±!%&,(! $&//!±!%&(+! (&()!±!%&,)! $&($!±!%&)$! $&,,!±!%&)$!

!
)@S>! l>I>! L>?! LNI! L@W>! l>>eK! NL! ?@>Df! ,*! ]H“=^a! `:3! ]H“5^a! `:3‚'.6! ]H“5^a! `:3‚*RI!
]H“5^a!`:3‚'.6‚*RI!]H“5^/!3ADA!AI>!FI>K>HD>?!AK!Q>AH!™!./(/)‡!‚!AH?!‚‚f!`:3!WK!,*‡!
£!! AH?! ££f! `:3! WK! <NJEFM>HNJ! OINRFKa! KDAD@KD@SAJJE! ?@LL>I>HD! lM>H! F”U/U&! ]‚^! NI! ]£^! AH?!
F”U/U"!]‚‚^!NI!]££^!I>KF>SD@W>JEa!AK!AHAJEc>?!BE!NH>XlAE!0,760!LNJJNl>?!BE!-Re>E!D>KD/!
!
!
!
!
!
!
!
!
!
!
!
!
!
'
!
!
!

"%5!
L$<<@&G&?:7%;'W7:7'
&
&
=+I-,$&@J&KL24I,!22$&49&F)G&$99$*0&4/&>>MN&!*0+?+0L&&
&
&
>>MN&!*O?+0L&
)(%%!

45O*!.&6$/%+0L&,$.!O?$&?!.-$&
(,%%!

$*%%!

+%%!

%!
4:;<=:>! ?@A!! 965!! ?@AB965! 012! ?@AB012!
&&&&&& &
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&

"%8!
=+I-,$&BJ&KL24I,!22$&49&:-,&$99$*0&4/&>>MN&!*0+?+0L&&
&
&

>>MN&!*O?+0L&
/%%%!

45O*!.&6$/%+0L&,$.!O?$&?!.-$&
,%%%!

)%%%!

(%%%!

$%%%!

%!
4:;<=:>! 965! 965! 4C=B965!4C=B965! 4C=!
&&&&& &
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&

&
&
&
&
&
&
&
&

&

"&U!
=+I-,$&PJ&F)G&!/6&:-,&$99$*0&4/&FQ)&5,46-*0+4/&&
&
&
ROS/PMA/RSV ROS/PMA/Cur
%&%$*! %&%$!
PMA PMA
#-2+/$%*$/*$&

#-2+/$%*$/*$&
%&%%+!
%&%$(!

%&%%*!
%&%%+!
%&%%,!
PMA+RSV
%&%%,!
%&%%(! PMA+Cur

%! %!
$! *! $$! $*! ($! (*! )$! )*! ,$! ,*! /$! /*! $! *! $$! $*! ($! (*! )$! )*! ,$! ,*! /$! /*!
;+2$&R2+/S& ;+2$&R2+/S&
&&&&&& &
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&

"&"!
;!1.$&@"&M,+2$,%&T%$6"&&
&
&
'

=&?&A' !E%m7%6'A&I$&?H&'_-FY+F`' K&V&%A&'A&I$&?H&'_-FY+F`' Q%E8&'BQ5'

S"H&' ! ! !

Z#XASD@H! &PX0*0***;**0**0;--*X$P! &PX-0*0;***;;;;0;*0-X$P! !

+2"Z! &PX*0000;0-;00;;;*-;*--X$P! &PX;00;*-;;0-;*-*-*0-*0X$P! !

+2Y! &PX0*;;**--***-0*--*0*X$P! &PX0*0;;-*-;--;;;0;-;;-X$P! !

-,:g! &PX;;;0*0;-;0**-;;0*-;-X$P! &PX--*;;000;***0---;0;-X$P! !

+2"U! &PX*0*000;*0;**--;*0;00X$P! &PX;0;*0;;*0;*0-0;*0;-;X$P! !

-;:Z! &PX*-0-;*-000;0;;-*0***;X$P! &PX0*-;*--***;00-;-*-;X$P! !

+*0)"! &PX-;**-*-;00;*-*;;0-0-0*X$P! &PX-*-;-*;00*-**-*0;-*0*X$P! !

:%h5U! &PX-;0*00**0;0*;;*--;-;X$P! &PX;*0;;*;0;;0000;0-0;-;-X$P! !

*3$Y! &PX;--000*000;0;;-**--0*0*0X$P! &PX*0;-;00;;*-*000;0-;;*X$P! !

))<=! &PX*0*0-*0;-;;;00*0;;*X$P! &PX;*0---**--;0;;--;-**X$P! !

))<8! &PX*-;;0*0;**0;0*0*-0X$P! &PX*-*;*;;*00;-*--*0;0;X$P! !

))<"$! &PX*--*--*--;--;0;*-;;0*-*X$P! &PX*-;-;;0;;-*0*-;-0;0*-X$P! !

k$G7?' ! ! !

Z#XM>QNOJNBRJ@H! &PX--*-;;**-;;0;;*-0-*X$P! &PX-*0;;000---;0*---**0--*X$P! %#!

+2"Z! &PX00*0;;*-;*-*-;;;0--X$P! &PX-;;*-;*--*0;0*0*--;0X$P! %"!

+25! &PX0;0*0;*0;0;*0*0*00;*X$P! &P0-;;--**--**;;-;;-$P! =#!

+*0)"! &PX**--**-*0**;-;-0*-;;X$P! &PX0;*;-0;;;-00;;--*--;*X$P! ="!

-;:Z! &PX0*-0*-0*;**00;;0;;-*0*X$P! &PX-;*--;00*--;-*0-0;0---*;X$P! $"!

'
'
'
''''
!
!
!
!
!

"&#!
;!1.$&BJ&;!<4/42+*&6+99$,$/*$%&1$0U$$/&I,4-5%"&
'
'
C:&W& F)G&W& F)G&W&
MVL.-2& :.!%%& Q,6$,& =!2+.L& ($/-%& )5$*+$%& D=E& D=E& F)GH:-,&
5D<E;:FGD<H=EG! 5D<E;:FGD<H=EG! IEJEK:FGD<H=EG>HL! IEJEK:FGD<H=EGDHGH! IEJEK:FGD<H=ECM! G;EMG>EL! N! !! !!
!! 4:=E:FGD<H=EEG! 4:=E:FGD<H=EG>HL! 4:=E:FGD<H=EGDHGH! 5K>H=D=HC<OEG! C;D>GLLEJEHK! N! !! !!
IGD<H=:EKH<HL! IGD<H=:EKEG! IGD<H=:EKG>HL! @(,P-! C;D>GLLEJEHK! C;D>GLLEJEHK! N! N! N!
!! !! !! 9=HQ:<H>>GDHGH! 9=HQ:<H>>G! C;D>GLLEJEHK! N! !! !!
!! !! !! !! C;D>GLLEJEHK! C;D>GLLEJEHK! N! !! !!
2E=MEDC<HL! IGDE>>E! #GD<:FGDE>>G>HL! #GD<:FGDE>>GDHGH! #GD<:FGDE>>CL! C;D>GLLEJEHK! N! !! !!
!! 4>:L<=EKEG! 4>:L<=EKEG>HL! 8HRG>:FGD<H=EGDHGH! 8HRG>:FGD<H=ECM! C;D>GLLEJEHK! !! !! N!
!! !! !! #GDR;:LSE=GDHGH! ?CME;:D:DDCL! T;GQCL! !! N! !!
!! !! !! !! C;D>GLLEJEHK! C;D>GLLEJEHK! N! !! !!
!! !! !! ?CME;:D:DDGDHGH! ?CME;:D:DDCL! C;D>GLLEJEHK! N! !! !!
!! !! !! !! C;D>GLLEJEHK! C;D>GLLEJEHK! !! N! !!
9=:<H:FGD<H=EG! 5>SRGS=:<H:FGD<H=EG! ?2)(! C;D>GLLEJEHK! C;D>GLLEJEHK! C;D>GLLEJEHK! N! !! !!
0H;H=EDC<HL! 6:>>EDC<HL! 5;GH=:S>GLMG<G>HL! 5;GH=:S>GLMG<GDHGH! 5;GH=:S>GLMG! C;D>GLLEJEHK! N! !! !!
AH==CD:MED=:FEG! AH==CD:MED=:FEGH! AH==CD:MED=:FEG>HL! AH==CD:MED=:FEGDHGH! 5UUH=MG;LEG! MCDE;ESRE>G! !! !! N!
!! !! !! !! !! !! !! !! !!
C:&X& F)G&X& F)G&X&
MVL.-2& :.!%%& Q,6$,& =!2+.L& ($/-%& )5$*+$%& D=E& D=E& F)GH:-,&
5D<E;:FGD<H=EG! 5D<E;:FGD<H=EG! IEJEK:FGD<H=EG>HL! IEJEK:FGD<H=EGDHGH! IEJEK:FGD<H=ECM! SLHCK:>:;TCM! N! N! N!
IGD<H=:EKH<HL! IGD<H=:EKEG! IGD<H=:EKG>HL! IGD<H=:EKGDHGH! IGD<H=:EKHL! C;D>GLLEJEHK! N! N!
!! !! !! VK:=EFGD<H=GDHGH! VK:=EFGD<H=! C;D>GLLEJEHK! N! !
N!
!! !! !! 9:=SRW=:M:;GKGDHGH! 9G=GFGD<H=:EKHL! C;D>GLLEJEHK! N! !
N!
!! !! !! ?EUH;H>>GDHGH! C;D>GLLEJEHK! C;D>GLLEJEHK! N! !
N!
!! !! !! C;D>GLLEJEHK! C;D>GLLEJEHK! C;D>GLLEJEHK! N! N! !

8HJH==EFGD<H=HL! 8HJH==EFGD<H=HL! 8HJH==EFGD<H=G>HL! 8HJH==EFGD<H=GDHGH! 6CDELSE=E>>CM! LDRGHK>H=E! N! !

2E=MEDC<HL! 4>:L<=EKEG! 4>:L<=EKEG>HL! 4>:L<=EKEGDHGH! C;D>GLLEJEHK! C;D>GLLEJEHK! N! !


N! !

!! !! !! #GDR;:LSE=GDHGH! 8:=HG! C;D>GLLEJEHK! N! !


N!
!! !! !! !! ?CME;:D:DDCL! T;GQCL! !
N!
!! !! !! !! C;D>GLLEJEHK! C;D>GLLEJEHK! ! !
N!
!! !! !! 6:TEFGD<H=EGDHGH! C;D>GLLEJEHK! C;D>GLLEJEHK! !
N! !
N!
!! !! !! 9HS<:D:DDGDHGH! C;D>GLLEJEHK! C;D>GLLEJEHK! N! !
N!
!! !! !! 9HS<:L<=HS<:D:DDGDHGH! C;D>GLLEJEHK! C;D>GLLEJEHK! N! !
N! N!
!! !! !! ?CME;:D:DDGDHGH! 5;GH=:<=C;DCL! C;D>GLLEJEHK! N!
!! !! !! !! VLDE>>:LSE=G! C;D>GLLEJEHK! N! ! !

!! !! !! !! C;D>GLLEJEHK! C;D>GLLEJEHK! N! ! !

9=:<H:FGD<H=EG! IH<GS=:<H:FGD<H=EG! IC=UR:>KH=EG>HL! 5>DG>ETH;GDHGH! @C<<H=H>>G! C;D>GLLEJEHK! !


N! !

!! 8H><GS=:<H:FGD<H=EG! 8HLC>J:QEF=E:;G>HL! 8HLC>J:QEF=E:;GDHGH! IE>:SRE>G! C;D>GLLEJEHK! !


N! !

AH==CD:MED=:FEG! AH==CD:MED=:FEGH! AH==CD:MED=:FEG>HL! AH==CD:MED=:FEGDHGH! 5UUH=MG;LEG! MCDE;ESRE>G! N! ! !

' ! !

&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&

"&$!
;!1.$&PJ&M,$6+*0$6&2$0!14.+*&5!0VU!L&6+99$,$/*$%&1$0U$$/&I,4-5%&
'
'
'
C:&W& F)G&W& F)G&W&
M!0VU!L&A&#$?$.&@& M!0VU!L&A&#$?$.&B& M!0VU!L&>46-.$&
D=E& D=E& F)GH:-,&
X;H=TWPMH<GF:>ELM! 6H<RG;HPMH<GF:>ELM! 6%%)/*P6H<RG;:TH;HLELYPMH<RG;:>PZ[PMH<RG;H! N! N!
!
X;H=TWPMH<GF:>ELM! 6H<RG;HPMH<GF:>ELM! 6%%)/-P6H<RG;:TH;HLELYPGDH<G<HPZ[PMH<RG;H! N! N!
!
1CD>H:<EKHPG;KPGME 5=:MG<EDPGME;:PGDEKP 6%%%()P0=WS<:SRG;PFE:LW;<RHLELYPDR:=ELMG<HPZ[P<=WS
N! N!
;:PGDEKPMH<GF:>ELM! MH<GF:>ELM! <:SRG;! !
1CD>H:<EKHPG;KPGME 4:JGD<:=PG;KPQE<GME;P 6%%*((P1ED:<E;G<HPKHT=GKG<E:;YP;ED:<E;G<HPZ[PJCMG=
N! N!
;:PGDEKPMH<GF:>ELM! FE:LW;<RHLEL! G<H! !
1CD>H:<EKHPG;KPGME 6%%%,'P5KH;E;HP=EF:;CD>H:<EKHPFE:LW;<RHLELYP"69PZ[
9C=E;HPMH<GF:>ELM! N! N!
;:PGDEKPMH<GF:>ELM! P589Y509! !
1CD>H:<EKHPG;KPGME 6%%%/(P9W=EMEKE;HP=EF:;CD>H:<EKHPFE:LW;<RHLELYP\69
9W=EMEKE;HPMH<GF:>ELM! N! N!
;:PGDEKPMH<GF:>ELM! PZ[P\89P\09Y489P409! !
!! !! !!
! ! !
C:&X& F)G&X& F)G&X&
M!0VU!L&A&#$?$.&@& M!0VU!L&A&#$?$.&B& M!0VU!L&>46-.$& D=E& D=E& F)GH:-,&
4G=F:RWK=G<HPG;KP>E
2G<<WPGDEKPMH<GF:>ELM! 6%%%+*PFH<GBV]EKG<E:;YPGDW>B4:5PLW;<RHLEL! N! N! !!
SEKPMH<GF:>ELM!
4G=F:RWK=G<HPG;KP>E 6%%$%-P@<H=:EKPR:=M:;HPFE:LW;<RHLELYPDR:>HL<H=:>PZ
@<H=:>PFE:LW;<RHLEL! N! N! !!
SEKPMH<GF:>ELM! [PS=:T;H;:>:;HPZ[PS=:THL<H=:;H!
6%%$$%P4$'P4$+B
4G=F:RWK=G<HPG;KP>E
@<H=:>PFE:LW;<RHLEL! @<H=:EKPR:=M:;HPFE:LW;<RHLELYPS=HT;H;:>:;HPZ[PG;K= N! N! !!
SEKPMH<GF:>ELM!
:L<H;HKE:;HPZ[PHL<=:;H!
X;H=TWPMH<GF:>ELM! 6H<RG;HPMH<GF:>ELM! 6%%,((P5DH<W>B4:5PSG<R^GWYP4V(PZ[PGDH<W>B4:5! N! N! !!
6%%$-*P5LLEME>G<:=WPLC>JG<HP=HKCD<E:;YPLC>JG<HPZ[P_(
X;H=TWPMH<GF:>ELM! @C>JC=PMH<GF:>ELM! N! N! !!
@!
6%%/'*P8ELLEME>G<:=WPLC>JG<HP=HKCD<E:;YPLC>JG<HPZ[P_
X;H=TWPMH<GF:>ELM! @C>JC=PMH<GF:>ELM! N! N! N!
(@!
1CD>H:<EKHPG;KPGME 5=:MG<EDPGME;:PGDEKP 6%%%,%P0W=:LE;HPFE:LW;<RHLELYPS=HSRG;G<HPZ[PS=H<W=
N! N! N!
;:PGDEKPMH<GF:>ELM! MH<GF:>ELM! :LE;HPZ[P<W=:LE;H!
1CD>H:<EKHPG;KPGME 5=:MG<EDPGME;:PGDEKP 6%%)/%P4GSLGEDE;PFE:LW;<RHLELYP#B
N! N! !!
;:PGDEKPMH<GF:>ELM! MH<GF:>ELM! 9RH;W>G>G;E;HPZ[P4GSLGEDE;!
1CD>H:<EKHPG;KPGME 4:JGD<:=PG;KPQE<GME;P 6%%$$*P6H;G`CE;:;HPFE:LW;<RHLELYPDR:=ELMG<HPZ[PM
N! N! !!
;:PGDEKPMH<GF:>ELM! FE:LW;<RHLEL! H;G`CE;:;H!
1CD>H:<EKHPG;KPGME 6%%%,/P_EL<EKE;HPKHT=GKG<E:;YPREL<EKE;HPZ[P1B
_EL<EKE;HPMH<GF:>ELM! N! N! !!
;:PGDEKPMH<GF:>ELM! J:=MEME;:T>C<GMG<HPZ[PT>C<GMG<H!
1CD>H:<EKHPG;KPGME 6%%$),P9:>WGME;HPFE:LW;<RHLELYPG=TE;E;HPZ[P:=;E<RE;
9:>WGME;HPFE:LW;<RHLEL! !! N! N!
;:PGDEKPMH<GF:>ELM! HPZ[PSC<=HLDE;H!
@HD:;KG=WPMH<GF:>EL IE:LW;<RHLELP:JPLHD:;K 6%%%)'P6:;:>ET;:>PFE:LW;<RHLELYPSRH;W>G>G;E;HPP<W=:
N! N! !!
M! G=WPMH<GF:>E<HL! LE;HPZ[PM:;:>ET;:>!
'
'
'
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

"&%!
;!1.$&YJ&M,$6+*0$6&%0,-*0-,!.&*425.$<&$/,+*V2$/0&
'
'
M!0VU!L&A&#$?$.&@& M!0VU!L&A&#$?$.&B& M!0VU!L&>46-.$& C:&W& F)G&W& F)G&W&
D=E& D=E& F)GH:-,&
X;QE=:;MH;<G>PE;J:=MG<E:;P 6%%,('P4:MSH<H;DHP=H>G<HKP815P
IGD<H=EG>PLHD=H<E:;PLWL<HM! N! N!
S=:DHLLE;T! <=G;LJ:=MG<E:;P<=G;LS:=<H=! !

! ! ! !
C:&X& !
F)G&X& !
F)G&X&
M!0VU!L&A&#$?$.&@& M!0VU!L&A&#$?$.&B& M!0VU!L&>46-.$& D=E& D=E& F)GH:-,&
X;QE=:;MH;<G>PE;J:=MG<E:;P 9R:LSR:<=G;LJH=GLHPLWL<HM 6%%(**P90@PLWL<HMPPMG><:LHPG;K !!
N! N!
S=:DHLLE;T! PP90@P! PT>CD:LHPLSHDEJEDP""PD:MS:;H;<!
X;QE=:;MH;<G>PE;J:=MG<E:;P 9R:LSR:<=G;LJH=GLHPLWL<HM 6%%(+%P90@PLWL<HMPPT>CDE<:>PL:=FE !!
N! N!
S=:DHLLE;T! PP90@P! <:>PLSHDEJEDP""PD:MS:;H;<!
6%%)%/P90@PLWL<HMPP(PVP5PMG;; !!
9R:LSR:<=G;LJH=GLHPLWL<HM
X;QE=:;MH;<G>PE;J:=MG<E:;P :LW>P8PT>WDH=G<HPLSHDEJEDP""PD:MS:; N! N!
PP90@P!
S=:DHLLE;T! H;<!
X;QE=:;MH;<G>PE;J:=MG<E:;P 9R:LSR:<=G;LJH=GLHPLWL<HM 6%%)%*P90@PLWL<HMPPJ=CD<:LHPLSHD !!
N! N!
S=:DHLLE;T! PP90@P! EJEDP""P>EUHPD:MS:;H;<!
'
'
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

"&&!
;!1.$&Z"&:4/9-%+4/&2!0,+<"&
'
! &&&&&&&&&&&&&>$21$,%! :4,,$*0! C:! D=E! D=E&H&F)GH&:-,! D=E&H&F)G! D=E&H&:-,! C4&*.!%%&R[M,$6&X&\S!

C:! -! $%%b! -! %! %! %! %! %!

D=E! +! +-&/b! %! -! %! $! %! %!

D=E&H&F)G&H&:-,! +! $(&/b! %! /! $! (! %! %!

D=E&H&F)G! +! +-&/b! %! %! %! -! $! %!

D=E&H&:-,! +! *(&/b! %! %! %! )! /! %!

C4&*.!%%! +! ! (! (! $! )! %! %!

;40!.& ,-! *'&()b! '! $,! (! $*! *! %!

=+%V$,%&5,41"& -&-HB%$(! ! ! ! ! ! ! !

'
14a! 1:=MG>! 4R:^Y! _28a! _ETR! 2G<! KEH<Y! ?@Aa! ?HLQH=G<=:>Y! 4C=a! 4C=DCME;Y! 2ELRH=! S=:F&a! 2ELRH=!

S=:FGFE>E<W!<HL<&&

'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'

"&Y!
;!1.$&]"&Q?$,9+00+/I&!%%$%%2$/0&1L&5$,2-0!0+4/&0$%0"&
!
!
! FB[! ^B[!

C:& %&$-)/%(! B%&)$//,!

D=E& %&$'$$%,! B%&($(','!

D=EHF)GH:-,& %&($+,%'! B%&$+/(+)!

D=EHF)G& %&(%**$)! B%&(,/%%-!

D=EH:-,& %&(/))$(! B%&(%$$+'!

!
?(ca!:FLH=QHK!T=:CS!QG=EG;DHd!e(ca!S=HKED<HK!T=:CS!QG=EG;DH&!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

"&=!
334 5&A'%>A$@:7:A'A$<<@>G&?:7"%&A''
(4 K>A$@:7:A'6&A'H;:EHD%EG&A'
!
2>K! SEDNSMINQ>K! <%&U! ]*EFK^! KNHD! KRIDNRD! SNHHRK! FNRI! J>RI! ASD@W@DG! ?AHK! J>!
QGDABNJ@KQ>! ?>! S>IDA@HK! QG?@SAQ>HDK/! *>F>H?AHD! J>RI! I\J>! >H?NOCH>! KRI! J>!
QGDABNJ@KQ>!OGHGIAJ!?>!JPNIOAH@KQ>!>KD!JAIO>Q>HD!@HSNHHR/!3>!HNQBI>RK>K!GDR?>K!NHD!
QNHDIG! JP@QFJ@SAD@NH! ?>! ?@LLGI>HDK! *EFK! ?AHK! J>! QGDABNJ@KQ>! J@F@?@TR>a! >H! FAID@SRJ@>I!
?AHK!S>!TRPNH!AFF>JJ>!J>!FMGHNQCH>!?>!?GDN[@L@SAD@NH!FAI!J>K!*EFK/!3>!S>!LA@Da!HNRK!AWNHK!
LA@D!JPMEFNDMCK>!K>JNH!JATR>JJ>!RH!IGO@Q>!I@SM>!>H!OIA@KK>K!FNRIIA@D!QN?@L@>I!JP>[FI>KK@NH!
?>!S>IDA@HK!*EFK!SM>c!JA!KNRI@K/!3PAFICK!JA!B@BJ@NOIAFM@>!>D!J>K!?NHHG>K!?>!JA!FMEJNOGH@>a!
FJRK@>RIK!*EFK!KRKS>FD@BJ>K!?>!FAID@S@F>I!AR!QGDABNJ@KQ>!?>K!0;K!NHD!GDG!SMN@K@K!>H!WR>!
?PGDR?@>I!J>RI!IGORJAD@NH!FAI!J>!'.6a!JA!*RI!>D!JA!SNQB@HA@KNH!?>!S>K!?>R[!FNJEFMGHNJK/!
2>! LN@>! >D! J>K! ?@LLGI>HD>K! FAID@>K! ?>! JP@HD>KD@H! NHD! GDG! >[AQ@HGK! AL@H! ?>! ?GD>SD>I! JA!
FIGK>HS>!>DhNR!JA!QN?@L@SAD@NH!?>!JP>[FI>KK@NH!?>!S>K!*EFK/!
!

(4(4 U\<%&AA"E?'6&A'N;<A'67?A'@F"?:&A:"?'
!
o 5&'NE@E?'
!
2A!FIGK>HS>!?>!?@W>IK!*EFK!A!GDG!I>SM>ISMG>!?AHK!J>!SNJNH!?>K!KNRI@K!DIA@DG>K!NR!
HNH!AW>S!J>K!FNJEFMGHNJK!>H!RD@J@KAHD!JA!<*'!]FNJEQ>IAK>!SMA@H!I>ASD@NH^!SJAKK@TR>!>DhNR!
JA!<*'!TRAHD@DAD@W>/!2P>[FI>KK@NH!?>K!*EF#B8a!#S&Ua!>D!#S&%!HP>KD!FAK!?GD>SDABJ>!FAI!JA!
<*'!SJAKK@TR>/!2>!*EF"A"!>KD!>[FI@QG!QA@K!>H!LA@BJ>!TRAHD@DG/!2>K!*EF#S&&a!#R"!>D!#>"!
KNHD! B@>H! >[FI@QGK! >D! J>! *EF#S&&! KPAWCI>! J>! FJRK! I>FIGK>HDG! ]:@ORI>! ##^/! †R>JK! TR>!
KN@>HD!J>K!DIA@D>Q>HDK!ARSRH>!QN?@L@SAD@NH!?>!J>RI!>[FI>KK@NH!HPA!GDG!DINRWG>/!
!
!
!
!
!
!
!
!
!
!
!

"&5!
P' g
!
N;<*H--'' N;<*$('
#/&! =&!

#! YU!

"/&! %&!

"! $U!

U/&! "&!

U! U!
,*! `:3! `:3‚'.6! `:3‚*RI! `:3‚'.6‚*RI! ,*! `:3! `:3‚'.6! `:3‚*RI! `:3‚'.6‚*RI!
! !
!!!!!!!!!!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
N'!

N;<*&('
"5U!

"&U!

"#U!

8U!

YU!

$U!

U!
,*! `:3! `:3‚'.6! `:3‚*RI! `:3‚'.6‚*RI!
!
!
!"#$%&'**)'U\<%&AA"E?'6&'N;<A'67?A'@&'HE@E?4'
*EF#S&&!]0^a!*EF#R"!]1^!>D!*EF#>"!]*^/!
!
!
!
o 3@>E?'
!
3>! JA! QdQ>! LAsNHa! HNRK! AWNHK! >[AQ@HG! JP>[FI>KK@NH! ?>K! ?@LLGI>HDK! *EFK! ?AHK!
JP@JGNH!?>K!KNRI@K/!2>!DAR[!?>!*EF#R"!>KD!F>R!QN?@L@G!KNRK!JPASD@NH!?R!IGO@Q>!I@SM>!OIAK!
]`:3^! NR! FAI! JA! KRFFJGQ>HDAD@NH! ?>! JPAJ@Q>HDAD@NH! >H! FNJEFMGHNJK! ]:@ORI>! #$1^/!
<NRIDAHDa! J>K! >[FI>KK@NHK! ?R! *EF#S&&! >D! ?R! *EF#>"! KNHD! LNID>Q>HD! ?@Q@HRG>K! ?AHK! S>!
D@KKR!FAI!J>!`:3‡!J>!'.6!A@HK@!TR>!JA!*RI!I>HLNIS>HD!S>D!>LL>D!]:@ORI>!#$0a*^/!*>F>H?AHDa!
JPAKKNS@AD@NH! ?>K! ?>R[! FNJEFMGHNJK! A! D>H?AHS>! V! AHHRJ>I! JP>LL>D! ?>K! FNJEFMGHNJK! KRI!
JP>[FI>KK@NH!?>!S>K!?>R[!*EFK!KAHK!ALL>SD>I!JP>LL>D!?R!IGO@Q>!`:3/!2>K!IGKRJDADK!NBD>HRK!
SNHS>IHAHD!JP>[FI>KK@NH!S>K!?>R[!SEDNSMINQ>K!*EF#S&&!>D!*EF#>"!KNHD!K@Q@JA@I>K!QA@K!
NH! NBK>IW>! RH>! OIAH?>! WAI@AB@J@DG! @HD>I@H?@W@?R>JJ>! ?AHK! SMATR>! OINRF>! ?>! KNRI@K! KRI!
JP>[FI>KK@NH!?R!*EF#>"/!

"&8!
P' g'
!

N;<*H--' N;<'*$('
=! "%U!

Y! "#U!

&! "UU!

%! 5U!

$! YU!

#! %U!

"! #U!

U! U!
,*! `:3! `:3‚'.6! `:3‚*RI! `:3‚'.6‚*RI! ,*! `:3! `:3‚'.6! `:3‚*RI! `:3‚'.6‚*RI!

!
!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
N'!
N;<*&('Y'"@>E?'
=U!

YU!

&U!

%U!

$U!

#U!

"U!

U!
,*! `:3! `:3‚'.6! `:3‚*RI! `:3‚'.6‚*RI!
!
!
!"#$%&'*+)'U\<%&AA"E?'6&'N;<A'67?A'@F"@>E?4''
*EF#S&&!]0^a!*EF#R"!]1^a!>D!*EF#>"!]*^'
!

(4*4 U\<%&AA"E?'6&A'N;<A'67?A'@&'CE"&''
!
3AHK! J>! LN@>a! SNHDIA@I>Q>HD! AR! SNJNH! >D! V! JP@JGNHa! J>! *EF#S&&! >D! J>! *EF#R"! KNHD!
LA@BJ>Q>HD!>[FI@QGK/!2>!'.6!AROQ>HD>!JGOCI>Q>HD!JP>[FI>KK@NH!?R!*EF"A"!?AHK!S>!D@KKR!
DAH?@K! TR>! J>! `:3! >D! JA! *RI! HPNHD! ARSRH! >LL>D/! <NRIDAHD! JA! *RI! A! D>H?AHS>! V! ?@Q@HR>I!
JP>LL>D!?R!'.6!JNIK!?>!JPAKKNS@AD@NH!?>K!?>R[!FNJEFMGHNJK!]:@ORI>!#%0^/!<AI!SNHDI>a!JA!*RI!
AROQ>HD>!J>!DAR[!?>!*EF#>"!AJNIK!TR>!J>!'.6!H>!JPALL>SD>!FAK/!2A!SNQB@HA@KNH!?>K!?>R[!
FNJEFMGHNJK!HPALL>SD>!FAK!JP>LL>D!?>!JA!*RI!]:@ORI>!#%1^/!
!
!

"YU!
P' g'!

N;<(7(' N;<&'*&('
#&U! $&U!

$UU!
#UU!
#&U!

"&U!
#UU!

"&U!
"UU!

"UU!
&U!
&U!

U! U!
,*! `:3! `:3‚'.6! `:3‚*RI! `:3‚'.6‚*RI! ,*! `:3! `:3‚'.6! `:3‚*RI! `:3‚'.6‚*RI!
!
!
!"#$%&'*,)'U\<%&AA"E?'6&'N;<A'67?A'@&'CE"&4'
*EF"A"!]0^a!*EF#>"!]1^/!
!
!

(4+4 U\<%&AA"E?'6$'N;<*H--'67?A'@F"@>E?'6&'6"CC>%&?:A'<D>?E:;<&A'6&'AE$%"A'
!
2>!`:3!>D!J>K!FNJEFMGHNJK!IG?R@K>HD!JP>[FI>KK@NH!?R!*EF#S&&!>D!?R!*EF#>"!?AHK!
JP@JGNH/! *>JA! HNRK! A! KROOGIG! JPMEFNDMCK>! K>JNH! JATR>JJ>! S>DD>! IG?RSD@NH! K>IA@D! I>J@G>! V! JA!
QN?@L@SAD@NH! ?>! JA! LJNI>! BASDGI@>HH>! ?AHK! JP@JGNH! KNRK! JP@HLJR>HS>! ?R! `:3! >D! ?>K!
FNJEFMGHNJK/! ,NRK! AWNHK! ?NHS! >[AQ@HG! J>! H@W>AR! ?>! S>K! *EFK! ?AHK! ?@LLGI>HDK! DEF>K! ?>!
KNRI@Ka!J>K!RH>K!K>!?@LLGI>HS@AHD!FAI!J>RI!Q@SINB@ND>a!D>JK!TR>!J>K!KNRI@K!A[GH@TR>K!>D!J>K!
KNRI@K!KNRK!DIA@D>Q>HD!?PRH>!SNQB@HA@KNH!?>!DIN@K!AHD@B@ND@TR>K!?@LLGI>HDK!]0QF@S@JJ@H>!
‚! ,GNQES@H>! ‚! )GDINH@?AcNJ>^a! >D! ?PARDI>K! QNHDIAHD! RH! ?GLARD! ?>K! FINS>KKRK!
@HLJAQQADN@I>Ka!V!KAWN@I!?>K!KNRI@K!j7!*9$*'"XhX!KEQB@ND@TR>K!NR!HNH!KEQB@ND@TR>Ka!J>!
*9$*'"! GDAHD! RH! IGS>FD>RI! ?R! *9$*'2! ]LIASDAJe@H>! J@OAH?^a! RH>! SM@Q@Ne@H>! @QFJ@TRG>!
?AHK!JkA?MGK@NH!>D!JA!Q@OIAD@NH!?>K!J>RSNSED>K/!
!
*NQQ>! FIGWRa! JP>[FI>KK@NH! ?R! *EF#S&&! >KD! LNID>Q>HD! ?@Q@HRG>! SM>c! J>K! DIN@K!
DEF>K!?>!KNRI@Ka!A[GH@TR>K!NR!DIA@DG>K!FAI!J>K!AHD@B@ND@TR>K!>D!J>K!KNRI@K!*9$*'"XhX/!+J!E!A!
RH>! AROQ>HDAD@NH! ?>! JP>[FI>KK@NH! ?R! *EF#S&&! SM>c! J>K! KNRI@K! j7! *9$*'"XhX!
KEQB@ND@TR>K! ]:@ORI>! #&0X*^/! <AI! SNHDI>a! J>K! IGKRJDADK! KRI! JP>[FI>KK@NH! ?>! *EF#>"! KNHD!
AKK>c!SNQFJ>[>K!SAI!SM>c!J>K!KNRI@K!A[GH@TR>Ka!NH!SNHKDAD>!RH>!?@Q@HRD@NH!K@Q@JA@I>!?>!
JP>[FI>KK@NH! ?R! *EF#>"! DAH?@K! TR>! SM>c! J>K! KNRI@K! DIA@DG>K! AW>S! J>K! AHD@B@ND@TR>K! NH!
SNHKDAD>!RH>!AROQ>HDAD@NH!]:@ORI>!#&3a(^/!3PA@JJ>RIKa!JA!?GFJGD@NH!?>!*9$*'"!AKKNS@G>!
NR! FAK! V! RH>! KRFFJGQ>HDAD@NH! FAI! J>! KEQB@ND@TR>! AROQ>HD>! JP>[FI>KK@NH! ?R! *EF#>"!

"Y"!
?AHK! JP@JGNH! ]:@ORI>! #&:^/! ,NDNHK! JP>[@KD>HS>! ?AHK! SMATR>! OINRF>! SNHS>IHAHD!
JP>[FI>KK@NH!?>!*EF#>"a!?PRH>!OIAH?>!WAI@AB@J@DG!@HD>I@H?@W@?R>JJ>/!

P' g' N'


!
N;<*H--' N;<*H--' N;<*H--'
=! $! 5!

Y! =!
#/&!
Y!
&!
#! &!
%!
%!
"/&!
$! $!
"! #!
#!

U/&! "!
"!
U!
U! U! m-! *9$*'"Xj7! *9$*'"Xj7!‚!
m-! 09(,+†4(! m-! m-‚0-1! .q)!
! ! !
!
!
!
!
W' U' !'!
!
N;<*&(' N;<*&('' N;<*&(''
"#! #! "#!

"U! "U!
"/Y!

5! 5!
"/#!
Y!
Y!
U/5! %!
%!

U/%! #!
#!
U!
U! U! m-! *9$*'"Xj7! *9$*'"Xj7!‚!
m-! 09(,+†4(! m-! m-‚0-1! .q)!
! ! !
!
!
!"#$%&'*-)'U\<%&AA"E?'6&'N;<*H--'&:'N;<*&('67?A'6"CC>%&?:A':;<&A'6&'AE$%"A4'
!
2>K! KNRI@K! A[GH@TR>KhKNRI@K! SNHW>HD@NH>JJ>K! ]0a! 3^a! J>K! KNRI@K! DIA@DG>K! FAI! J>K!
AHD@B@ND@TR>KhKNRI@K! SNHW>HD@NH>JJ>K! ]1a! (^a! J>K! KNRI@K! *9$*'"XhXh*9$*'"XhX
‚KEQB@ND@TR>KhKNRI@K!SNHW>HD@NHH>JJ>K!]*a!:^/!
!
!
!
!
!
!
!
!
!
!
!

"Y#!
*4 W"AH$AA"E?'
!
!
,NK! IGKRJDADK! QNHDI>HD! JP>[FI>KK@NH! ?>! ?@W>IK! *EFK! ?AHK! ?@LLGI>HD>K! FAID@>K! ?>!
JP@HD>KD@H! >D! J>! LN@>/! 2A! WAI@AD@NH! ?R! H@W>AR! ?P>[FI>KK@NH! ?>! S>K! *EFK! K>JNH! JPNIOAH>!
FNRIIA@D!dDI>!I>J@G>!V!J>RI!ASD@W@DG!?AHK!J>!QGDABNJ@KQ>!?>K!0;K/!3AHK!J>!SNJNH!A@HK@!TR>!
?AHK!J>!LN@>a!HNRK!HPAWNHK!FAK!DINRWG!?>!QN?@L@SAD@NHK!HNDABJ>K!SNHS>IHAHD!JP>[FI>KK@NH!
?>K! *EFK! SNHHRK! FNRI! dDI>! @QFJ@TRGK! ?AHK! JA! ?GDN[@L@SAD@NH! SNQQ>! J>! *EF#>"! >D! J>!
*EF#R"/! *>F>H?AHDa! ?AHK! JP@JGNHa! HNRK! AWNHK! NBK>IWG! RH>! QN?@L@SAD@NH! @QFNIDAHD>! ?>!
JP>[FI>KK@NH! ?R! *EF#S&&! >D! ?R! *EF#>"! @H?R@D>! FAI! J>! `:3/! 2>K! FNJEFMGHNJK! RD@J@KGKa! J>!
'.6!A@HK@!TR>!JA!*RIa!I>HLNIS>HD!JP>LL>D!?R!`:3!DAH?@K!TR>!J>RI!SNQB@HA@KNH!AHHRJ>!JP>LL>D!
?>! SMASRH! ?P>R[/! 2>K! IGKRJDADK! QGDAOGHNQ@TR>K! NHD! QNHDIG! TR>! J>! `:3! ARKK@! B@>H! TR>!
J>K! FNJEFMGHNJK! ]'.6! >D! *RI^! F>RW>HD! QN?RJ>I! JA! LJNI>! @HD>KD@HAJ>! >D! S>JA! FNRIIA@D! dDI>!
@QFJ@TRG!?AHK!JA!QN?@L@SAD@NH!?P>[FI>KK@NH!?>!S>K!*EFK/!!
0L@H! ?>! IGFNH?I>! V! S>DD>! MEFNDMCK>a! HNRK! AWNHK! GDR?@G! ?@LLGI>HDK! QN?CJ>K! ?>!
KNRI@K! FIGK>HDAHD! ?@LLGI>HD>K! F>IDRIBAD@NHK! ?>! JA! LJNI>! @HD>KD@HAJ>/! *NQQ>! FIGWRa! J>!
H@W>AR!?P>[FI>KK@NH!?R!*EF#S&&!AROQ>HD>!FAIAJJCJ>Q>HD!AW>S!JA!TRAHD@DG!>D!JA!?@W>IK@DG!
?>! JA! LJNI>! BASDGI@>HH>! FIGK>HD>! ?AHK! JP@JGNH! ]KNRI@K! A[GH@TR>K! WK! KNRI@K! j7! *9$*'"XhX
KEQB@ND@TR>!WK!KNRI@K!DIA@DG>K!FAI!?>K!AHD@B@ND@TR>K^/!3>!S>!LA@Da!JP>[FI>KK@NH!?R!*EF#S&&!
?AHK!JP@JGNH!>KD!I>J@G>a!KN@D!?@I>SD>Q>HD!KN@D!@H?@I>SD>Q>HDa!V!JPABNH?AHS>!>D!JA!?@W>IK@DG!
?>! JA! LJNI>! @HD>KD@HAJ>/! <AI! SNHDI>a! J>K! IGKRJDADK! KRI! JP>[FI>KK@NH! ?>! *EF#>"! KNHD!
@HADD>H?RK/! 2P>[FI>KK@NH! ?R! *EF#>"! >KD! FI>KTR>! TRAK@Q>HD! KRFFI@QG>! SM>c! J>K! KNRI@K!
A[GH@TR>K! QA@K! >JJ>! >KD! AROQ>HDG>! KR@D>! AR! DIA@D>Q>HD! AW>S! ?>K! AHD@B@ND@TR>K! A@HK@!
TRPAW>S! J>K! KNRI@K! j7! *9$*'"! DIA@DG>K! NR! HNH! FAI! J>! KEQB@ND@TR>/! +J! >KD! @HDGI>KKAHD! ?>!
HND>I! TR>! S>IDA@HK! SMAQF@OHNHK! >[@KDAHD! ?AHK! JP@HD>KD@H! D>JK! TR>! J>! /1,+#+1! 1"4#61,$! >D!
T166A1*.2@6'$(6'*'-#$#1' KNHD!SAFABJ>K!?>!FIN?R@I>!JPGDMAHNJ!>D!TR>!S>JR@XS@!A!GDG!?GSI@D!
SNQQ>! FNRWAHD! @H?R@I>! JP>[FI>KK@NH! ?R! *EF#>"! ]%="^/! *>JA! FNRIIA@D! >[FJ@TR>I! RH>!
FAID@>! ?>K! IGKRJDADK/! (H! >LL>Da! JPABK>HS>! DNDAJ>! ?>! LJNI>! @HD>KD@HAJ>! SM>c! J>K! KNRI@K!
A[GH@TR>K!>KD!AKKNS@G>!V!RH>!BA@KK>!?>!JP>[FI>KK@NH!?R!*EF#>"a!DAH?@K!TR>!J>!DIA@D>Q>HD!
FAI! ?>K! AHD@B@ND@TR>K! FINWNTR>! RH>! AROQ>HDAD@NH! ?R! DAR[! ?>! SMAQF@OHNHK! ?AHK!
JP@HD>KD@H!TR@!@H?R@D!JP>[FI>KK@NH!?>!S>!*EF#>"/!
!
!
!
!
!
!

"Y$!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

Discussion et
Perspectives
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

"Y%!
*>DD>!GDR?>!QNHDI>!?>K!>LL>DK!AHDAONH@KD>K!>HDI>!?>R[!FNJEFMGHNJKa!J>!I>KWGIADINJ!
]'.6^!>D!JA!SRISRQ@H>!]*RI^a!KRI!?@LLGI>HDK!FAIAQCDI>K!J@GK!V!JA!DNJGIAHS>!AR!OJRSNK>!>D!
>JJ>!F>IQ>D!?>!Q>DDI>!>H!GW@?>HS>!J>K!FI@HS@FAR[!LASD>RIK!TR@!FNRIIA@>HD!dDI>!@QFJ@TRGK!
?AHK!S>D!AHDAONH@KD>/!!

2>! ?@ABCD>! ?>! DEF>! #! ]3-#^! >KD! RH>! QAJA?@>! QGDABNJ@TR>! SAIASDGI@KG>! DNRD!
?PABNI?!FAI!JP@HDNJGIAHS>!AR!OJRSNK>/!*>DD>!GDR?>!QNHDI>!TRPRH>!KRFFJGQ>HDAD@NH!?>!JA!
HNRII@DRI>!?>!KNRI@K!FAI!RH!FNJEFMGHNJa!J>!'.6!AQGJ@NI>!JP@HDNJGIAHS>!AR!OJRSNK>!@H?R@D!
FAI! RH! IGO@Q>! I@SM>! >H! OIA@KK>K! ]`:3^a! DAH?@K! TRPRH! ARDI>! FNJEFMGHNJa! JA! *RI! H>!
JPAQGJ@NI>! FAKa! NR! DICK! F>R/! 3>! LAsNH! KRIFI>HAHD>a! JA! *RI! @HM@B>! JP>LL>D! ?R! '.6! KRI!
JPAQGJ@NIAD@NH!?>!JA!DNJGIAHS>!AR!OJRSNK>!JNIK!?>!JA!SNQB@HA@KNH!?>K!?>R[!FNJEFMGHNJK/!!
!
*NQQ>!QNHDIG!KRI!JA!L@ORI>!#Ya!J>!`:3!F>RD!@H?R@I>!JP@HDNJGIAHS>!AR!OJRSNK>a!W@A!
?>K! SMAHO>Q>HDK! AR! H@W>AR! ?>! ?@W>IK! FAIAQCDI>K! QNJGSRJA@I>Ka! S>JJRJA@I>K! >D!
FMEK@NJNO@TR>K/! 2PASD@NH! ?>K! FNJEFMGHNJK! F>RD! ?NHS! FINW>H@I! ?>! QN?@L@SAD@NHK! KRI! JPRH!
NR!JPARDI>!?>!S>K!FAIAQCDI>K/!!
!
!
!!

!
'
!"#$%&'*.)'L":&A'6F7H:"E?'<EAA"8@&A'6$'k!W'&:'6&A'<E@;<D>?E@A'
!
!
!
!
!
!
!

"Y&!
X 5F"?C@7GG7:"E?'
,NDI>! MEFNDMCK>! KRI! JP>LL@SAS@DG! ?>K! FNJEFMGHNJK! ?AHK! J>! DIA@D>Q>HD! ?R! 3-#! >KD!
LNH?G>! >KK>HD@>JJ>Q>HD! KRI! J>K! FINFI@GDGK! AHD@X@HLJAQQADN@I>K! ADDI@BRG>K! V! S>K!
SNQFNKGK/! (H! >LL>Da! J>! 3-#! FIGK>HD>! RH>! SNQFNKAHD>! @HLJAQQADN@I>! TR@! >KD! KRFFNKG>!
SNQQ>!@QFNIDAHD>!?AHK!JPAFFAI@D@NH!>D!JPGWNJRD@NH!?>!S>DD>!QAJA?@>!QGDABNJ@TR>/!!
,NRK! AWNHK! Q>HG! ?>K! >[FGI@>HS>K! #,( -#%*.! AL@H! ?>! SNHL@IQ>I! JP>LL>D! AHD@X
@HLJAQQADN@I>! ?R! '.6! >D! ?>! JA! *RI! >H! Q>KRIAHD! JP>[FI>KK@NH! ?>! ?@W>IK>K! SEDNe@H>K! >D!
?PARDI>K! QAITR>RIK! ?>! JP@HLJAQQAD@NH/! *>K! >[FGI@>HS>K! NHD! F>IQ@Ka! >H! QdQ>! D>QFKa!
?PGWAJR>I! JP>LL@SAS@DG! ?>! JA! SNQB@HA@KNH! ?>! S>K! ?>R[! FNJEFM>HNJK/! 3AHK! S>K! QN?CJ>K!
>[FGI@Q>HDAR[a! JP>[FI>KK@NH! DIAHKSI@FD@NHH>JJ>! ?>! QAITR>RIK! @HLJAQQADN@I>K! A! GDG!
SNHK@?GIG>!SNQQ>!RH>!Q>KRI>!?>!JA!SAFAS@DG!FIN@HLJAQQADN@I>!?R!QN?CJ>/!*NQQ>!NH!
LA@D!JPMEFNDMCK>!TRPRH>!@HLJAQQAD@NH!@HD>KD@HAJ>!FAID@S@F>IA@D!V!JPGDABJ@KK>Q>HD!?R!3-#a!
J>K! S>JJRJ>K! GF@DMGJ@AJ>K! @HD>KD@HAJ>K! *ASN#! >D! ?>K! QNHNSED>K! -`<"a! TR@! SNII>KFNH?>HD!
AR[! ?>R[! DEF>K! S>JJRJA@I>K! FI@HS@FAR[! DINRWGK! ?AHK! J>! S\JNHa! NHD! GDG! RD@J@KGK! SNQQ>!
QN?CJ>K/!2>!-,:α!>D!J>!<)0!NHD!GDG!RD@J@KGK!SNQQ>!KD@QRJAD>RIK!?>!Jk@HLJAQQAD@NHa!?AHK!
J>! BRD! ?>! Q@Q>I( #,( -#%*.! ?@W>IK! FINS>KKRK! @HLJAQQADN@I>K! FMEK@NJNO@TR>K! NBK>IWGK! #,(
-#-./! (H! >LL>Da! J>! -,:α! AO@D! FJRD\D! KRI! JA! WN@>! ,:Xκ1! AJNIK! TR>! J>! <)0! @H?R@D!
>KK>HD@>JJ>Q>HD!JA!WN@>!0<X"/!3AHK!J>K!>[FGI@>HS>K!#,(-#%*.a!HNRK!NBK>IWNHKa!>H!OGHGIAJa!
TR>! J>K! ?>R[! FNJEFMGHNJKa! J>! '.6! >D! JA! *RIa! >[>IS>HD! SMASRH! RH! >LL>D! H>DD>Q>HD! AHD@X
@HLJAQQADN@I>/!*>D!>LL>D!>KD!FJRK!NR!QN@HK!@QFNIDAHD!K>JNH!J>!DEF>!S>JJRJA@I>!SNHK@?GIG!>D!
J>!KD@QRJAD>RI!]J>!-,:α!NR!J>!<)0^!RD@J@KG/!2A!SNQB@HA@KNH!?R!'.6!>D!?>!JA!*RI!?NHH>!>H!
OGHGIAJ! RH! >LL>D! KEH>IO@TR>! NR! A??@D@L! KRI! JA! QN?RJAD@NH! ?>! JP>[FI>KK@NH! ?>! S>IDA@HK!
OCH>K! FIN@HLJAQQADN@I>Ka! QA@K! FJRK! IAI>Q>HD! RH! >LL>D! AHDAONH@KD>/! 3>! S>! LA@Da! HNK!
IGKRJDADK! >[FGI@Q>HDAR[! #,( -#%*.! SNHS>IHAHD! JP>[FI>KK@NH! ?>! OCH>K! ?>K! QAITR>RIK!
@HLJAQQADN@I>Ka! ?>K! '7.! >D! ?>! JPASD@W@DG! ?>! JA! QGDAJJNFINDG@HAK>! KNHD! SNQFAD@BJ>K! AW>S!
J>K! >LL>DK! AHD@X@HLJAQQADN@I>K! ?>! S>K! FNJEFMGHNJK! ?GbV! I>FNIDGK! ?AHK! JA! J@DDGIADRI>!
]$&&a%$=^/!
2>K! ?NHHG>K! NBD>HR>K! SNHS>IHAHD! JP@HLJAQQAD@NH! ?R! SNJNH! ?>! KNRI@K! KNHD!
AQB@O~>K/!(H!>LL>Da!J>!DAR[!?P@HLJAQQAD@NH!@H?R@D!FAI!J>!`:3!I>KD>!FJRD\D!LA@BJ>!?AHK!S>!
D@KKR!>D!?NHS!J>K!QN?RJAD@NHK!FNKK@BJ>K!?>!S>!DAR[!KNHD!J@Q@DG>K/!7H!NBK>IW>!RH>!JGOCI>!
?@Q@HRD@NH!?>!?@W>IK!QAITR>RIK!@HLJAQQADN@I>K!D>JK!TR>!+2X"Z!>D!:%h5U!?AHK!J>!OINRF>!
?>!KNRI@K!DIA@DG>K!FAI!JA!*RI!NR!D>JK!TR>!+2X"Za!:%h5U!>D!+2XY!?AHK!J>!OINRF>!DIA@DG!FAI!J>!
'.6/!2A!SNQB@HA@KNH!?R!'.6!>D!?>!JA!*RI!H>!SIG>!FAK!?>!KEH>IO@>!FAI!IAFFNID!AR[!>LL>DK!
NBD>HRK! FAI! RH! DIA@D>Q>HD! AW>S! SMASRH! ?>K! FNJEFMGHNJK! RD@J@KG! @KNJGQ>HD/! 7H! NBK>IW>!

"YY!
FJRD\Da! >H! LA@Da! TR>! SMATR>! FNJEFMGHNJ! FIGK>HD>a! ?AHK! JA! FJRFAID! ?>K! SAKa! ?>K! >LL>DK!
AHDAONH@KD>K! FAI! IAFFNID! V! JPARDI>! ]@/>/a! >[FI>KK@NH! NL! +2X"Za! -,:αa! +2X"Ua! ))<=a! >D!
))<8^/!!
4H!IGKRJDAD!DNRD!V!LA@D!NI@O@HAJ!?>!JPGDR?>(#,(-#%*.!SNHS>IH>!Jk>LL>D!AHDAONH@KD>!KRI!
Jk>[FI>KK@NH! ?>! S>IDA@HK! OCH>K! @H?R@D! FAI! JA! SNQB@HA@KNH! ?>! S>K! ?>R[! FNJEFMGHNJK! TR@!
IAFF>JJ>! GW@?>QQ>HD! J>K! >LL>DK! AHDAONH@KD>K! ?>K! ?>R[! FNJEFMGHNJK! TR>! HNRK! AWNHK!
NBK>IWG!#,(-#-.!FNRI!J>K!FAIAQCDI>K!FMEK@NJNO@TR>K!>D!QGDABNJ@TR>K/!
*NQQ>HD!I>H?I>!SNQFD>!?>!JA!?@LLGI>HS>!>HDI>!JP>LL>D!AHD@X@HLJAQQADN@I>!HNDABJ>!
NBD>HR! #,(-#%*.! >D! Jk>LL>D! QN?>KD>! NBK>IWG! #,(-#-.€! *>DD>! ?@LLGI>HS>! FNRIIA@D! dDI>! J@G>! V!
FJRK@>RIK!LASD>RIKf!!
X <I>Q@CI>Q>HDa! JA! SNNFGIAD@NH! >HDI>! ?>K! ?@LLGI>HDK! DEF>K! ?>! D@KKRK! >D! S>JJRJ>K! #,(
-#-.!FNRIIA@D!dDI>!JA!KNRIS>!?PRH>!SNQFJ>[@DG!FMEK@NJNO@TR>!TR@!QAKTR>IA@D!Jk>LL>D!
?@I>SD!?>K!FNJEFMGHNJK!KRI!SMASRH>!?>!K>K!S>JJRJ>K!S@BJ>K/!
X 3>R[@CQ>Q>HDa! JA! IGORJAD@NH! ?>K! OCH>K! NBK>IWGK! #,( -#-.! >KD! FJRK! SNQFJ>[>! TR>!
S>JJ>!TR@!K>!FIN?R@D!#,(-#%*.!>D!WR!TR>!S>K!FNJEFMGHNJK!KNHD!SAFABJ>K!?>!QN?RJ>I!
?>! HNQBI>RK>K! WN@>K! ?>! K@OHAJ@KAD@NHa! J>K! tSINKK! DAJeP! ?>! IGORJAD@NH!
@HDIAS>JJRJA@I>K! FNRIIA@>HD! dDI>! ?@LLGI>HDK! ?AHK! J>K! ?>R[! K@DRAD@NHK! #,( -#-.( >D! #,(
-#%*./!
X -IN@K@CQ>Q>HDa! JP@H?RSD@NH! ?R! FINS>KKRK! @HLJAQQADN@I>! >KD! NBD>HR>! ?>! QAH@CI>!
?@LLGI>HD>! #,(-#-.! >D! #,(-#%*./! M,(-#%*.a! J>! -,:α! >D! J>! <)0! NHD! GDG! RD@J@KGK! SNQQ>!
@H?RSD>RIK!?>K!QAITR>RIK!?>!JP@HLJAQQAD@NH!AJNIK!TRP#,(-#-.a!J>!`:3!RD@J@KG!A!GDG!
SMN@K@! FNRI! @H?R@I>! J>! 3-#! KAHK! @H?R@I>! JPNBGK@DGa! S>! TR@! >[FJ@TR>IA@D! JP>LL>D!
QN?>KD>!?>!S>!IGO@Q>!NBK>IWG!KRI!JP@HLJAQQAD@NH/!
X (HL@Ha! JA! ?NK>! >LL@SAS>! >D! JA! B@N?@KFNH@B@J@DG! ?>K! FNJEFMGHNJK! FNRIIA@>HD!
GOAJ>Q>HD!bNR>I!RH!I\J>!@QFNIDAHD!?AHK!S>DD>!?@LLGI>HS>/!
!
X 5&'G>:78E@EG&'
2>K!>LL>DK!?>K!FNJEFMGHNJK!KNHD!QRJD@FJ>K!>D!J>K!I>JAD@NHK!>HDI>!J>RIK!?@LLGI>HD>K!
S@BJ>K! H>! KNHD! FAK! SNHHR>K! ]$&#a%U&^/! 2>K! >LL>DK! ?R! '.6! KRI! JA! DNJGIAHS>! AR! OJRSNK>!
F>RW>HD!dDI>!J@GK!V!RH>!QN?RJAD@NH!QGDABNJ@TR>!AEAHD!RH!J@>H!NR!HNH!AW>S!J>RI!>LL>D!AHD@X
@HLJAQQADN@I>/!,NRK!AWNHK!I>SM>ISMG!J>K!@HLJR>HS>K!FNRWAHD!dDI>!AFFNIDG>K!FAI!J>!'.6!
>D! JA! *RI! AR! H@W>AR! ?R! QGDABNJNQ>! ?>K! KNRI@K! DIA@DG>K/! 2PAHAJEK>! FAI! ;*X).! ?>K!
QNJGSRJ>K! @KKR>K! ?R! QGDABNJ@KQ>! ?>K! KNRI@K! DIA@DG>K! FAI! J>K! FNJEFMGHNJK! QNHDI>! RH>!
HNIQAJ@KAD@NH!?R!FINL@J!QGDABNJ@TR>!?>K!KNRI@K!KNRQ@K>K!AR!IGO@Q>!`:3/!*>DD>!AHAJEK>!

"Y=!
F>IQ>Da!>H!NRDI>a!?>!KROOGI>I!TR>!JA!*RI!AO@IA@D!?>!QAH@CI>!HNH!KFGS@L@TR>!KRI!?@W>IK>K!
WN@>K!QGDABNJ@TR>K!DAH?@K!TR>!J>!'.6!AO@IA@D!?>!QAH@CI>!FIGLGI>HD@>JJ>!KRI!J>K!WN@>K!?R!
QGDABNJ@KQ>!OJRS@?@TR>/!3>!FJRKa!J>K!?NHHG>K!NBD>HR>K!FAI!S>DD>!GDR?>!QGDABNJNQ@TR>!
NHD!SNHL@IQGa!V!HNRW>ARa!Jk>LL>D!AHDAONH@KD>!>HDI>!J>!'.6!>D!JA!*RI/!*k>KDXVX?@I>!TR>!SM>c!
J>K! KNRI@K! AEAHD! I>sR! RH! QGJAHO>! ?>K! ?>R[! FNJEFMGHNJKa! @J! >KD! NBK>IWG! RH>! ABK>HS>! ?>!
HNIQAJ@KAD@NH!?R!FINL@J!QGDABNJ@TR>/!
2>!OINRF>!?>!KNRI@K!AEAHD!I>sR!RH>!HNRII@DRI>!KRFFJGQ>HDG>!AW>S!JA!*RI!QNHDI>!
RH>!QN?RJAD@NH!?>!S>IDA@HK!QGDABNJ@D>K!FJAKQAD@TR>K!SNQQ>!RH>!?@Q@HRD@NH!?R!DAR[!?>!
SMNJ>KDGINJ!>D!?PAS@?>!ZXME?IN[E!BRDEI@TR>/!(H!>LL>Da!JA!*RI!>KD!SNHHR>!SNQQ>!RH!AO>HD!
AHD@XMEF>IJ@F@?GQ@TR>!>D!JkRH>!?>!K>K!ASD@NHK!>KD!K@Q@JA@I>!V!S>JJ>!?>!JA!KDAD@H>a!S>!TR@!K>!
DIA?R@D!FAI!RH>!?@Q@HRD@NH!?R!SMNJ>KDGINJ!MGFAD@TR>!W@A!JP@HM@B@D@NH!?>!JA!B@NKEHDMCK>!?>!
JA! `);X*N0! IG?RSDAK>! ]$XME?IN[EX$XQGDMEJOJRDAIEJ! SN>HcEQ>! 0^! ]%=#%=%^/! 2A!
?@Q@HRD@NH!?>!JPAS@?>!ZXME?IN[E!BRDEI@TR>a!RH!?>K!SNIFK!SGDNH@TR>Ka!@H?R@D>!FAI!JA!*RI!
>KD! ARKK@! SNMGI>HD>! AW>S! ?>! FIGSG?>HD>K! GDR?>K! ]%=&^/! 3>! S>! LA@Da! B@>H! TR>! JA! *RI!
HP@H?R@K>!ARSRH>!QN?@L@SAD@NH!?R!DAR[!?>!J@F@?>K!FJAKQAD@TR>Ka!SNQQ>!S>S@!>KD!SNHKDADG!
FAI! ?>K! D>KDK! B@NSM@Q@TR>K! ]WN@I! JPAHH>[>^a! HNK! IGKRJDADK! QGDABNJNQ@TR>K! SNHL@IQ>HD!
JkASD@W@DG!AHD@XMEF>IJ@F@?GQ@TR>!?>!JA!*RI/!*>DD>!SNHDIA?@SD@NH!F>RD!dDI>!?R>!V!JA!SNRID>!
FGI@N?>!?>!DIA@D>Q>HD!RD@J@KG>!?AHK!HNDI>!GDR?>/!(H!NRDI>a!JA!*RI!IG?R@D!GOAJ>Q>HD!J>!DAR[!
?>!?@LLGI>HDK!AS@?>K!AQ@HGK!]FINJ@H>!>D!JA!KGI@H>^!>D!AROQ>HD>!?>K!AS@?>K!OIAK!V!SMA@H>!
SNRID>!]0;**K^!SNQQ>!JkAS@?>!ASGD@TR>!>D!JkAS@?>!BRDAHNnTR>/!
2>!'.6!IG?R@D!J>!DAR[!?>!OJRSNK>!>D!?>!OJRS@DNJ!?AHK!J>!FJAKQA/!*>JA!>KD!>H!ASSNI?!
AW>S!JP>LL>D!?R!'.6!AR!H@W>AR!?>!JA!DNJGIAHS>!AR!OJRSNK>!NBK>IWG>!?AHK!HNDI>!GDR?>/!!
3>!LAsNH!K@Q@JA@I>!V!JA!*RIa!J>!'.6!AROQ>HD>!J>!DAR[!?>K!0;**K!A@HK@!TR>!S>JR@!?>!
JP@KNJ>RS@H>! QA@K! ?@Q@HR>! S>JR@! ?>! JA! KGI@H>/! +J! >KD! V! KNRJ@OH>I! TR>! JPA?Q@H@KDIAD@NH! FAI!
WN@>!NIAJ>!?>!Jk@KNJ>RS@H>!A!GDG!IAFFNIDG>!SNQQ>!GDAHD!RH!?>K!AS@?>K!AQ@HGK!TR@!IG?R@D!J>!
DAR[! ?R! OJRSNK>! FJAKQAD@TR>! ]%=Ya%==^! >D! S>DD>! NBK>IWAD@NH! >KD! SNMGI>HD>! AW>S! Jk>LL>D!
MEFNOJESGQ@AHD!?R!'.6/!2>K!0;**K!KNHD!FIN?R@DK!FI@HS@FAJ>Q>HD!FAI!S>IDA@H>K!BASDGI@>K!
@HD>KD@HAJ>K! >D! F>RW>HD! dDI>! RD@J@KGK! FAI! JkM\D>! >H! DAHD! TR>! KNRIS>! GH>IOGD@TR>! FNRI! J>K!
S>JJRJ>K! @HD>KD@HAJ>K/! *>K! 0;**K! bNR>IA@>HD! GOAJ>Q>HD! RH! I\J>! @QFNIDAHD! ?AHK! JA! JRDD>!
SNHDI>!Jk@HLJAQQAD@NH!@HD>KD@HAJ>!]%=5^/!!
!
!
!
!

"Y5!
X 5&'G>:7#>?EG&'
2>K! >LL>DK! ?>K! FNJEFMGHNJK! SNHKDADGK! KRI! J>K! QAITR>RIK! ?>! JPGWNJRD@NH! ?R! 3-#!
SNQQ>!JP@HLJAQQAD@NHa!JA!DNJGIAHS>!AR!OJRSNK>!A@HK@!TR>!J>!QGDABNJNQ>!FNRIIA@>HD!dDI>!
J@GK!V!?>K!SMAHO>Q>HDK!@HD>IW>HAHD!AR!H@W>AR!?R!Q@SINB@ND>!?>!JPAH@QAJ/!
2>!Q@SINB@ND>!@HD>KD@HAJ!bNR>!RH!I\J>!@QFNIDAHD!KRI!J>!QGDABNJ@KQ>!>D!JA!KAHDG!?>!
JPM\D>!SAIa!SNQQ>!IAFF>JG!?AHK!JP@HDIN?RSD@NHa!@J!>KD!SNHKD@DRG!?P>HW@INH!"UU!DI@JJ@NHK!?>!
BASDGI@>Ka!S>!TR@!SNII>KFNH?!V!>HW@INH!"a&X#!eO!?R!FN@?K!SNIFNI>J!DNDAJ!]%=8^/!0R!SNRIK!
?>K! ?>IH@CI>K! AHHG>Ka! ?>K! GDR?>K! NHD! GDG! SNH?R@D>K! SNHS>IHAHD! J>K! >LL>DK! ?>! JA!
QN?RJAD@NH! ?R! Q@SINB@ND>! @HD>KD@HAJ! KRI! ?>K! QAJA?@>K! QGDABNJ@TR>K/! 3@LLGI>HD>K!
QGDMN?>K!NHD!GDG!RD@J@KG>K!D>JJ>K!TR>!J>!SMAHO>Q>HD!?R!IGO@Q>!AJ@Q>HDA@I>a!JP@HO>KD@NH!?>!
FIGB@ND@TR>!]%5U^a!NR!?>!FINB@ND@TR>!]%5"^a!NR!JPA?Q@H@KDIAD@NH!?>!?@W>IK!QG?@SAQ>HDK!
]%5#^/!2>K!FNJEFMGHNJK!FIGK>HDK!?AHK!JPAJ@Q>HDAD@NH!KNHD!SNHHRK!FNRI!QN?RJ>I!JA!LJNI>!
@HD>KD@HAJ>! >D! J>RIK! B@>HLA@DK! >H! D>IQ>! ?>! KAHDG! FNRIIA@>HD! dDI>! J@GK! V! S>DD>! FINFI@GDG!
]$88a%5$%5&^/!3AHK!HNDI>!GDR?>a!HNRK!AWNHK!SNHKDADG!TR>!J>!`:3!@H?R@D!RH>!?EKB@NK>!
?R! Q@SINB@ND>! @HD>KD@HAJa! S>! TR@! >KD! >H! ASSNI?! AW>S! ?kARDI>K! GDR?>K! ]$88a%5U^/! 2A!
KRFFJGQ>HDAD@NH! ?R! IGO@Q>! AW>S! J>K! FNJEFMGHNJK! ]'.6! NR! *RI^! AQGJ@NI>!
K@OH@L@SAD@W>Q>HD! S>DD>! ?EKB@NK>! @H?R@D>! FAI! J>! `:3/! ,NK! ?NHHG>K! SNHS>IHAHD! JA!
SAIASDGI@KAD@NH!?R!Q@SINB@ND>!@HD>KD@HAJ!FAI!JPAHAJEK>!?>K!KGTR>HS>K!03,I!"Y.!@H?@TR>HD!
TR>!JA!SNQFNK@D@NH!?R!Q@SINB@ND>!?>K!KNRI@K!?R!OINRF>!DIA@DG!AW>S!J>!'.6!NR!JA!*RI!K>RJK!
>D! HNRII@K! AW>S! J>! `:3! KPAFFINSM>! ?>! S>JJ>! ?R! OINRF>! SNHDI\J>! AEAHD! I>sR! RH>!
AJ@Q>HDAD@NH! KDAH?AI?a! AJNIK! J>! Q@SINB@ND>! ?>K! KNRI@K! ?R! OINRF>! DIA@DG! AW>S! JA!
SNQB@HA@KNH! '.6! >D! *RI! AFFAIAiD! FJRK! GJN@OHG! ?>! S>! OINRF>! SNHDI\J>/! *>D! >LL>D!
AHDAONH@KD>! ?>K! ?>R[! FNJEFMGHNJK! KRI! JA! SNQFNK@D@NH! ?R! Q@SINB@ND>! >KD! SNMGI>HD! AW>S!
S>JR@!NBD>HR!SNHS>IHAHD!J>K!>LL>DK!?>!S>K!SNQFNKGK!KRI!JA!DNJGIAHS>!AR!OJRSNK>/!
4H>! GDR?>! ?GDA@JJG>! ?>K! IGKRJDADK! FNIDAHD! KRI! JA! QN?@L@SAD@NH! ?>K! DAR[! ?>K!
?@LLGI>HDK!O>HI>K!?>!BASDGI@>Ka!QNHDI>!TR>!J>K!DIA@D>Q>HDK!FAI!KN@D!J>!'.6a!KN@D!JA!*RI!NR!
JA!SNQB@HA@KNH!?>!'.6!>D!*RI!AROQ>HD>HD!J>!HNQBI>!?>!BASDGI@>K!?R!O>HI>!1ASD>INn?>K!
]WN@I! JPAHH>[>^/! 3>K! IGKRJDADK! K@Q@JA@I>K! NHD! GDG! IAFFNIDGK! FAI! ?>K! GDR?>K! AHDGI@>RI>K!
?AHK! J>KTR>JJ>K! J>! '.6! >D! J>K! FNJEFMGHNJK! ?R! W@H! INRO>! AROQ>HD>HD! JA! FINJ@LGIAD@NH! ?>!
S>DD>! KNRSM>! ]%UUa%5Y^/! *>F>H?AHDa! ?AHK! JkGDR?>! ?>! ,>EI@HSe! >D! AJ/! ]%5=^a! ARSRH!
SMAHO>Q>HD!?R!O>HI>!1ASD>INn?>K!A@HK@!TR>!?kARDI>K!O>HI>K!?>!BASDGI@>K!HPA!GDG!DINRWG!
>H!IGFNHK>!AR!DIA@D>Q>HD!FAI!JA!*RI/!2>K!BGHGL@S>K!FND>HD@>JK!FNRWAHD!dDI>!AFFNIDGK!FAI!
JPABNH?AHS>!?>!S>!O>HI>!?>!BASDGI@>K!NHD!GDG!KROOGIGK!V!JA!KR@D>!?>!?@W>IK!DIAWAR[/!0@HK@a!
?>K! GDR?>K! SJ@H@TR>K! IGAJ@KG>K! KRI! ?>K! A?NJ>KS>HDK! NBCK>K! NHD! F>IQ@K! ?>! Q>DDI>! >H!

"Y8!
GW@?>HS>!TR>!JkAROQ>HDAD@NH!?>!1ASD>INn?>K!>KD!SNIIGJG>!AW>S!RH>!F>ID>!?>!FN@?Ka!KR@D>!V!
RH>!@HD>IW>HD@NH!KRI!J>!IGO@Q>!AJ@Q>HDA@I>!]%55a%58^/!
3kA@JJ>RIKa!?AHK!HNDI>!GDR?>a!AFICK!S@HT!K>QA@H>K!?>!DIA@D>Q>HDa!J>K!FNJEFMGHNJK!
FINWNTR>HD! RH>! ?@Q@HRD@NH! ?R! HNQBI>! ?>! BASDGI@>K! ?>! S>IDA@HK! O>HI>K! D>JK! TR>!
0J@KD@F>Ka!7?NI@BASD>I!A@HK@!TR>!J>K!*JNKDI@?@RQ!?R!OINRF!9+/!-NRD>LN@Ka!J>RI!>LL@SAS@DG!KRI!
SMATR>!DEF>!?>!FNFRJAD@NH!BASDGI@>HH>!>KD!?@LLGI>HD>/!2>K!GDR?>K!FIGSG?>HD>K!RD@J@KAHD!J>!
'.6! NR! ?>K! FNJEFMGHNJK! ?R! W@H! INRO>! NHD! QNHDIG! ?>K! IGKRJDADK! K@Q@JA@I>K! KRI! JA!
FNFRJAD@NH!?>!*JNKDI@?@RQ!9+!]%5Y^!>D!ARKK@!KRI!?kARDI>K!>KFCS>K!?>!*JNKDI@?@RQ!]%8U^/!+J!
>KD! SNHHR! TR>! JPAROQ>HDAD@NH! ?R! HNQBI>! ?>! BASDGI@>K! ?R! O>HI>! 0J@KD@F>K! >KD!
FNK@D@W>Q>HD! SNIIGJG>! AW>S! JP@HD>HK@DG! ?>! JA! ?NRJ>RI! SM>c! J>K! FAD@>HDK! FIGK>HDAHD! J>!
KEH?INQ>!?R!S\JNH!@II@DG!]%8"^/!4H>!GDR?>!FNIDAHD!KRI!?>K!FAD@>HDK!?@ABGD@TR>K!?PNI@O@H>!
SM@HN@K>! AEAHD! @HOGIG! RH>! LNIQRJAD@NH! V! BAK>! ?>! FJAHD>K! SM@HN@K>K! A! GOAJ>Q>HD! F>IQ@K!
?>! SNHKDAD>I! RH>! IG?RSD@NH! ?>K! FNFRJAD@NHK! ?P0J@KD@F>K! >D! ?P7?NI@BASD>I/! 2>K! ARD>RIK!
KRFFNK>HD! TR>! S>DD>! IG?RSD@NH! FNRIIA@D! dDI>! @QFJ@TRG>! ?AHK! JkAQGJ@NIAD@NH! ?R! 3-#!
]%8#^/!/".$%*#+#)2!+#00#6#"'a!RH!?>K!SJNKDI@?@RQ!?R!OINRF>!9+a!>KD!SNHHR!SNQQ>!RH!AO>HD!
FADMNOCH>! NFFNIDRH@KD>! TR@! >KD! @QFJ@TRG! ?AHK! ?@LLGI>HD>K! QAJA?@>K! AR[TR>JJ>K! KNHD!
AKKNS@G>K! ?>K! ?@AIIMG>K! ]%8$^/! 2PABNH?AHS>! ?PRH>! ARDI>! >KFCS>! ?>! *JNKDI@?@RQ! ?R!
OINRF>!9+a!/".$%*#+#)2!"#%)$'4)*',$'a!>KD!?@Q@HRG>!SM>c!?>K!A?NJ>KS>HDK!NBCK>K!KNRQ@K!V!
RH>!I>KDI@SD@NH!SAJNI@TR>/!2A!?@Q@HRD@NH!?>!S>DD>!>KFCS>!FNRIIA@D!dDI>!AKKNS@G>!V!JA!F>ID>!
?>!FN@?K!SNHKDADG>!]%58^/!
,NRK!AWNHK!GOAJ>Q>HD!QNHDIG!TR>!J>!'.6!K>RJ!AROQ>HD>!?>!QAH@CI>!K@OH@L@SAD@W>!
JA!FNFRJAD@NH!?>K!BASDGI@>K!?R!O>HI>!0HA>INDIRHSRK!DAH?@K!TR>!JA!*RI!>D!JA!SNQB@HA@KNH!
?R! '.6! >D! ?>! JA! *RI! IG?R@K>HD! S>DD>! FNFRJAD@NH/! +J! A! GDG! QNHDIG! TR>! J>! DAR[!
?P0HA>INDIRHSRK!>KD!FJRK!@QFNIDAHD!SM>c!?>K!@H?@W@?RK!KA@HK!FAI!IAFFNID!V!?>K!FAD@>HDK!
ADD>@HDK! ?P+13a! RH>! QAJA?@>! @HLJAQQADN@I>! ?>! Jk@HD>KD@H! ]%8%^/! 2PABNH?AHS>! ?>! S>! O>HI>!
BASDGI@>H!ARIA@D!GOAJ>Q>HD!RH!I\J>!SIRS@AJ!?AHK!J>!QA@HD@>H!?>!JkMNQGNKDAK@>!@HD>KD@HAJ>!
SNQQ>! @J! A! GDG! SNHKDADG! JNIK! ?PRH>! DIAHKFJAHDAD@NH! LGSAJ>! SM>c! ?>K! FAD@>HDK! KNRLLIAHDK!
?PRH>!SNJ@D>!@H?R@D>!FAI!?>K!AHD@B@ND@TR>K!]%8&^/!!
2P>HK>QBJ>! ?>! JA! J@DDGIADRI>! A@HK@! TR>! HNK! IGKRJDADK! KROOCI>HD! TR>! JP>LL>D!
FIGB@ND@TR>! ?R! '.6! >D! ?>! JA! *RI! FNRIIA@>HD! @HD>IW>H@Ia! ?kRH>! FAIDa! W@A! JP>HI@SM@KK>Q>HD!
>H! BASDGI@>K! D>JJ>K! TR>! 1ASD>INn?>K! >D! 0HA>INDIRHSRK! TR@! @HLJR>HD! FNK@D@W>Q>HD! KRI! J>!
QGDABNJ@KQ>!GH>IOGD@TR>!>Da!?kARDI>!FAIDa!W@A!JA!?@Q@HRD@NH!?>K!FNFRJAD@NHK!?>!BASDGI@>K!
FADMNOCH>K!SNQQ>!S>JJ>K!?>K!O>HI>K!0J@KD@F>Ka!7?NI@BASD>I!NR!J>K!*JNKDI@?@RQ!?R!OINRF>!
9+/!

"=U!
X K&@7:"E?A'&?:%&'@&A'HD7?#&G&?:A'6$'S>:7#>?EG&'&:'6$'S>:78E@EG&'
2>K!?NHHG>K!IGKRJDAHD!?>!HNDI>!GDR?>!@H?@TR>HD!TR>!J>!QGDAOGHNQ>a!A@HK@!TR>!J>!
QGDABNJNQ>a! KNHD! ALL>SDGK! FAI! J>K! ?@LLGI>HDK! DIA@D>Q>HDK/! 4H>! TR>KD@NH! LNH?AQ>HDAJ>!
I>KD>!KAHK!IGFNHK>f!>[@KD>XDX@J!RH!J@>H!?@I>SD!>HDI>!JA!QN?RJAD@NH!?R!Q@SINB@ND>!>D!S>JJ>!
?R!QGDABNJNQ>a!NR!B@>Ha!J>K!SMAHO>Q>HDK!NBK>IWGK!AR!H@W>AR!?R!QGDABNJNQ>!K>IA@>HD!
RH>!SNHKGTR>HS>!?@I>SD>!?>K!DIA@D>Q>HDK!FAI!J>K!FNJEFMGHNJKa!S>S@!@H?GF>H?AQQ>HD!?>K!
QN?@L@SAD@NHK! @H?R@D>K! AR! H@W>AR! ?R! Q@SINB@ND>€! (H! >LL>Da! NH! KA@D! TR>! J>K! BASDGI@>K!
QGDABNJ@K>HD!?>K!SNQFNKGK!?NHD!J>K!QGDABNJ@D>K!F>RW>HD!dDI>!IGABKNIBGK!>D!AO@I!SNQQ>!
Q>KKAO>IK! K>SNH?A@I>K! NR! SNQQ>! SNXQGDABNJ@D>K! >H! LAWNI@KAHD! ?PARDI>K! WN@>K!
QGDABNJ@TR>K/! *>K! Q>KKAO>IKhSNXQGDABNJ@D>K! FNRIIA@>HD! ALL>SD>I! >H! I>DNRI! J>!
QGDABNJNQ>/! <AI! >[>QFJ>a! JP>KFCS>! 0HA>INDIRHSRKa! ?NHD! JA! FNFRJAD@NH! >KD! AROQ>HDG>!
FAI! J>! '.6a! >KD! SNHHR>! FNRI! L>IQ>HD>I! J>! OJRSNK>! >D! FIN?R@I>! >H! ABNH?AHS>! J>K! AS@?>K!
ASGD@TR>K! >D! BRDAHNnTR>K! ]?>K! 0;**K^/! *>IDA@H>K! >KFCS>K! ?P0J@KD@F>K! F>RW>HD!
QGDABNJ@K>I! ?>K! AS@?>K! AQ@HGK! D>JK! TR>! JA! FINJ@H>a! Jk@KNJ>RS@H>! >D! JA! K>I@H>! ]'(:f! j(;;!
FADMlAE^/!!
0L@H! ?>! D>HD>I! ?PAFFNID>I! RH>! IGFNHK>a! RH>! >[FGI@>HS>! >HW@KAO>ABJ>! K>IA@Da! FAI!
>[>QFJ>a!?>!IGAJ@K>I!RH!DIA@D>Q>HD!?>!KNRI@K!A[GH@TR>K!AW>S!?R!'.6!AKKNS@G!NR!FAK!V!RH>!
HNRII@DRI>!`:3a!S>S@!AL@H!?>!FNRWN@I!Q>DDI>!>H!GW@?>HS>!RH!>LL>D!?@I>SD!?>!S>!FNJEFMGHNJ!
KRI!J>!QGDABNJNQ>/!
!
X 5&'G>H7?"AG&'6F7H:"E?'6$'KLM'&:'6&'@7'N$%'67?A'@F7?:7#E?"AG&'6&'@7':E@>%7?H&'
7$'#@$HEA&'
,NRK!AWNHK!D>HDG!?>!SNQFI>H?I>!AR!H@W>AR!QNJGSRJA@I>!Jk>LL>D!AHDAONH@KD>!>HDI>!
JA! *RI! >D! J>! '.6! KRI! JA! DNJGIAHS>! AR! OJRSNK>/! 3>R[! QGSAH@KQ>K! F>RW>HD! dDI>! >HW@KAOGK/!
2PRH! LA@D! @HD>IW>H@I! RH>! IGORJAD@NH! ?>! JP>[FI>KK@NH! ?>! OCH>K! J@GK! AR! IGS>FD>RI! AR[!
ME?INSAIBRI>K!]0M'^!>D!JPARDI>!?GF>H?IA@D!?PRH>!QN?@L@SAD@NH!?R!Q@SINB@ND>!@HD>KD@HAJ/!!
2PAHAJEK>! ?>! JA! IGO@NH! t>HMAHS>IP! >D! FINQNDI@S>! ?R! OCH>! SN?AHD! FNRI! J>! FINX
OJRSAONH! HNRK! A! F>IQ@K! ?>! ?GD>SD>I! K@[! K@D>K! FND>HD@>JK! FNRI! JA! L@[AD@NH! ?R! LASD>RI! ?>!
DIAHKSI@FD@NH!0M'!]?NHHG>K!HNH!QNHDIG>K^/!*>K!K@D>K!FNRIIA@>HD!dDI>!@QFJ@TRGK!?AHK!JA!
IGORJAD@NH!?>!JP>[FI>KK@NH!?R!;2<X"!>D!FAI!SNHKGTR>HD!?AHK!JA!IGORJAD@NH!?>!JA!OJESGQ@>/!
3>! LA@Da! J>! '.6! >D! JA! *RI! NHD! GDG! ?GSI@DK! SNQQ>! GDAHD! RH! AONH@KD>! SNQFGD@D@L! ?>! 0M'!
]$5Ua$5"^a! >D! ?AHK! RH>! GDR?>! AHDGI@>RI>! ]$88^a! HNDI>! JABNIADN@I>! A! QNHDIG! TR>! J>! '.6!
@H?R@D! JP>[FI>KK@NH! ?R! ;2<X"/! <AI! A@JJ>RIKa! @J! >KD! V! HND>I! TR>! J>K! @H?NJ>K! KNHD! ARKK@! ?>K!
J@OAH?K!?>!0M'a!>D!TR>!S>K!?>IH@>IK!KNHD!J@GK!AR!QGDABNJ@KQ>!?>!JA!LJNI>!@HD>KD@HAJ>!]%8Y^/!

"="!
,NRK! AWNHK! >LL>SDRGa! KRI! ?>K! S>JJRJ>K! *ASN#a! RH>! DIAHKL>SD@NH! ?PRH! OCH>!
IAFFNID>RI! FJASG! KNRK! JA! ?GF>H?AHS>! ?>! ?>R[! K@D>K! 9'(a! TR@! KNHD! ?>K! S@BJ>K! FNRI! 0M'/!
*>DD>!>[FGI@>HS>!QNHDI>!TR>!J>!'.6!>D!JA!*RI!@HM@B>HD!V!JA!LN@K!JP>[FI>KK@NH!OGHGD@TR>!?>!
BAK>!>D!ARKK@!S>JJ>!@H?R@D>!FAI!J>!1A<a!RH!J@OAH?!?>!0M'/!(H!NRDI>a!JA!SNQB@HA@KNH!?R!'.6!
>D! ?>! JA! *RI! ?NHH>! RH! >LL>D! KEH>IO@TR>/! 3NHSa! AR! H@W>AR! ?>! JA! IGORJAD@NH! OGHGD@TR>!
@QFJ@TRAHD!0M'a!ARSRH!>LL>D!AHDAONH@KD>!>HDI>!S>K!?>R[!FNJEFMGHNJK!HPA!FR!dDI>!?GD>SDG/!
<NRIDAHDa! JP@H?NJ>a! FIN?R@D! FAI! ?>K! BASDGI@>K! TR@! KNHD! QN?RJG>K! FAI! J>! '.6! NR! JA! *RIa!
FNRIIA@D!dDI>!@QFJ@TRG!?AHK!S>D!AHDAONH@KQ>/!
<AI! JA! KR@D>a! HNRK! AWNHK! AHAJEKG! Jk>LL>D! ?R! '.6! >D! ?>! JA! *RI! KRI! J>! Q@SINB@ND>!
@HD>KD@HAJ/! (H! FIGK>HS>! ?>! FNJEFMGHNJKa! NH! SNHKDAD>a! V! FAID@I! ?>! JPAHAJEK>!
QGDAOGHNQ@TR>a! RH>! QN?@L@SAD@NH! @QFNIDAHD>! AR! H@W>AR! ?>! K>FD! KNRSM>K! ?>! BASDGI@>K/!
*>K!KNRSM>K!NHD!GDG!KGJ>SD@NHHG>K!V!FAID@I!?PRH>!BAHTR>!>D!Q@K>K!>H!SRJDRI>!>H!FIGK>HS>!
NR!HNH!?>K!FNJEFMGHNJK!K>RJK!NR!>H!AKKNS@AD@NH/!,NRK!AWNHK!NBK>IWG!RH>!LNID>!@HM@B@D@NH!
FAI!J>!'.6!?>!JA!SIN@KKAHS>!?PRH>!>KFCS>!?P0J@KD@F>Ka!!"#$%#&'$!&)%*'+#,#$/!7H!NBK>IW>!TR>!
S>D! >LL>D! @HM@B@D>RI! ?R! '.6! >KD! BJNTRG! FAI! JA! *RI/! 0bNRDNHK! TR>a! JNIK! ?PRH>! GDR?>!
FIGSG?>HD>! IGAJ@KG>! FAI! HNDI>! GTR@F>a! HNRK! AW@NHK! QNHDIG! TR>! JkABNH?AHS>! ?>! S>DD>!
>KFCS>!?P0J@KD@F>K!AQFJ@L@G>!FAI!J>!`:3!F>RD!dDI>!HNIQAJ@KG>!JNIK!?PRH!DIA@D>Q>HD!AW>S!J>!
'.6/! 2P>HK>QBJ>! ?>! HNK! IGKRJDADK! QNHDI>! TR>! 0HA>INDIRHSRK! >D! !"#$%#&'$! &)%*'+#,#$!
FNRIIA@>HD!bNR>I!J>!I\J>!FI@HS@FAJ!?AHK!JA!FADMNO>HCK>!?R!3-#/!*>S@!>KD!>H!ASSNI?!AW>S!J>!
LA@D! TR>! J>! FNJEFMGHNJ! '.6! AQGJ@NI>! JA! DNJGIAHS>! AR! OJRSNK>! AKKNS@G! V! KNH! >LL>D!
AHD@B@ND@TR>!KRI!S>K!KNRSM>K/!!
!
0!FAID@I!?>K!IGKRJDADK!?>!S>DD>!GDR?>a!NH!F>RD!QN?@L@>I!JA!L@ORI>!#Y!>H!D>HDAHD!?>!
M@GIAISM@K>I!J>K!>LL>DK!?R!`:3!>D!?>K!FNJEFMGHNJK!SNQQ>!J>!QNHDI>!JA!L@ORI>!#=f!A@HK@a!NH!
F>RD! GQ>DDI>! JPMEFNDMCK>! K>JNH! JATR>JJ>! J>K! ?@W>IK! SMAHO>Q>HDK! @H?R@DK! FAI! J>! `:3! >D!
I>KFNHKABJ>K!?>!JPAFFAI@D@NH!?R!3-#!ARIA@>HD!FNRI!NI@O@H>!RH>!QN?@L@SAD@NH!?>!JA!LJNI>!
@HD>KD@HAJ>/! *P>KD! S>DD>! QN?@L@SAD@NH! TR@! ARIA@D! FNRI! SNHKGTR>HS>! JA! Q@K>! >H! FJAS>! ?PRH!
FINS>KKRK!@HLJAQQADN@I>/!*>!FINS>KKRK!@HLJAQQADN@I>!FAID@S@F>IA@D!KAHK!?NRD>!V!JA!Q@K>!
>H!FJAS>!?PRH>!@HDNJGIAHS>!AR!OJRSNK>!QA@K!HP>H!I>FIGK>HD>IA@D!FAK!J>!LASD>RI!>KK>HD@>J/!
2>K! QN?@L@SAD@NHK! SNHKDADG>K! AR! H@W>AR! ?R! QGDABNJNQ>! K>IA@D! JA! IGKRJDAHD>! ?>! JA!
?EKB@NK>!QA@K!>H!I>DNRI!J>K!QN?@L@SAD@NHK!?R!QGDABNJNQ>!FNRIIA@>HD!@HLJR>I!JA!LJNI>/!*>!
K>IA@D!JA!SNHbNHSD@NH!>D!JP@HD>IASD@NH!?>K!SMAHO>Q>HDK!@HD>IW>HAHD!AR!H@W>AR!?>!S>K!?>R[!
LASD>RIKa!LJNI>!>D!QGDABNJNQ>a!TR@!K>IA@>HD!I>KFNHKABJ>K!?>!JPAFFAI@D@NH!?>!JP@HDNJGIAHS>!
AR!OJRSNK>/!!

"=#!
1@>H! TR>! FIGK>HDAHD! DNRK! J>K! ?>R[! RH>! SAFAS@DG! AHD@X@HLJAQQADN@I>a! J>K!
FNJEFMGHNJK! AO@KK>HD! DICK! ?@LLGI>QQ>HD! KRI! JP@HDNJGIAHS>! AR! OJRSNK>! >D! KNHD! QdQ>!
AHDAONH@KD>K! SNHS>IHAHD! S>! FAIAQCDI>/! *>! TR@! QNHDI>! B@>H! TR>! JP@HLJAQQAD@NH! H>!
I>FIGK>HD>! FAK! JA! SARK>! >KK>HD@>JJ>! ?>! JPAFFAI@D@NH! ?>! JP@HDNJGIAHS>! AR! OJRSNK>/! *>DD>!
@HDNJGIAHS>a!FINWNTRG>!K>JNH!HNDI>!MEFNDMCK>!FAI!JA!?EKB@NK>a!>KD!AQGJ@NIG>!FAI!J>!'.6!
TR@a!?>!LA@Da!D>H?!V!HNIQAJ@K>I!J>!FINL@J!?>!S>IDA@H>K!>KFCS>K!?>!JA!LJNI>/!2>K!SMAHO>Q>HDK!
@H?R@DK!KRI!S>DD>!LJNI>!>D!KRI!J>!QGDABNJNQ>!FAI!JA!*RI!KNHD!?@LLGI>HDK!?>!S>R[!@H?R@DK!FAI!
J>!'.6/!0@HK@a!AJNIK!TR>!J>!'.6!K>QBJ>!ALL>SD>I!FJRK!FAID@SRJ@CI>Q>HD!J>!QGDABNJ@KQ>!?>K!
OJRS@?>Ka!JA!*RI!AO@D!KRI!?@W>IK>K!WN@>K/!2P>LL>D!?R!'.6!KRI!J>!QGDABNJ@KQ>!OJRS@?@TR>!>KD!
>H! SNII>KFNH?AHS>! AW>S! KNH! >LL>D! KRI! S>IDA@H>K! >KFCS>K! BASDGI@>HH>K! SNHHR>K! FNRI!
FAID@S@F>I!V!S>!QGDABNJ@KQ>/!
!
!
Cur

Intolérance
RSV Dysbiose' Inflammation'
au glucose

HFD!

Métabolome

!
!
!"#$%&'*/)'k;<E:D9A&'HE?H&%?7?:'@&A'A":&A'6F7H:"E?'<EAA"8@&A'6$'k!W'&:'6&A'
<E@;<D>?E@A'&:'@&$%A'%&@7:"E?A'D">%7%HD"I$&A4'

!
,NK!IGKRJDADK!SNHLNID>HD!JPMEFNDMCK>!K>JNH!JATR>JJ>!S>IDA@HK!FNJEFMGHNJK!SNQQ>!
J>!'.6!FIGW@>HD!J>!KEH?INQ>!QGDABNJ@TR>!NR!JPAFFAI@D@NH!?R!?@ABCD>!?>!DEF>!#/!+J!K>IA@D!
?NHS!@HDGI>KKAHD!?>!FNRWN@I!?NHH>I!ASSCK!AR[!FNFRJAD@NHK!V!I@KTR>!V!RH!IGO@Q>!I@SM>!>H!
FNJEFMGHNJKa! NR! B@>H! V! JPRD@J@KAD@NH! ?>! SNQFJGQ>HDK! AJ@Q>HDA@I>K! I>HL>IQAHD! S>K!
SNQFNKGK/!3AHK!S>!SA?I>a!HNDNHK!JA!W@O@JAHS>!TR@!?>WIA!dDI>!AFFNIDG>!AR!SNHD>HR!>[ASD!

"=$!
?>K! AKKNS@AD@NHK! ?>! FNJEFMGHNJK! FINFNKG>Ka! SAI! HNDI>! GDR?>! QNHDI>! SJA@I>Q>HD!
JP>[@KD>HS>!?P>LL>DK!AHDAONH@KD>K/!!
(HL@Ha! S>DD>! GDR?>! F>IQ>D! ?P>HW@KAO>I! TR>! ?>R[! O>HI>K! ?>! BASDGI@>Ka!
0HA>INDIRHSRK!>D!!"#$%#&'$!&)%*'+#,#$a!FNRIIA@>HD!dDI>!@QFJ@TRGK!?AHK!J>!3-#/!3AHK!S>DD>!
F>IKF>SD@W>a! HNRK! >HW@KAO>NHK! ?>! FNRIKR@WI>! S>DD>! GDR?>! >H! @QFJAHDAHD! S>K! KNRSM>K!
BASDGI@>HH>K! SM>c! ?>K! KNRI@K! A[GH@TR>K! >D! ?P>[AQ@H>I! J>K! SNHKGTR>HS>K! ?>! S>D! AFFNID!
KRI!JP@HKDAJJAD@NH!>D!JPGWNJRD@NH!?R!3-#!SM>c!S>K!AH@QAR[/!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

"=%!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

Bibliographie
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
! !
!
!
!
!
!

"=&!
"/!! )@OI>HH>!.a!)AIKNJJ@>I!,a!*IRS@AH@X;ROJ@>JQASS@!*a!)AOHAH!*/!+QFNIDAHS>!NL!DM>!ORD
BIA@H! A[@K! @H! DM>! SNHDINJ! NL! OJRSNK>! MNQ>NKDAK@K/! *RII! 7F@H! <MAIQASNJ/! #UUY!
3>S‡Y]Y^f&8#=/!!
#/!! <>KK@H! _(a! .AJD@>J! 0'/! .@OHAJ@HO! FADMlAEK! @H! @HKRJ@H! ASD@NHf! QNJ>SRJAI! DAIO>DK! NL!
@HKRJ@H!I>K@KDAHS>/!_!*J@H!+HW>KD/!#UUU!_RJ!"&‡"UY]#^f"Y&8/!!
$/!! 1NRIAX`AJLNH! .a! Š@Se! q/! <MNKFMNIEJAD@NH! NL! +'.! FIND>@HKa! @HKRJ@H! ASD@NHa! AH?! @HKRJ@H!
I>K@KDAHS>/!0Q!_!<MEK@NJ!X!(H?NSI@HNJ!)>DAB/!#UU8!0FI!"‡#8Y]%^f(&5"8"/!!
%/!! 6NJ@NW@DSM! `a! .SM@H?J>I! 3;a! `A?AI@! q'a! -AEJNI! .+a! 0SS@J@! 3a! Š@Se! q/! -EINK@H>!
<MNKFMNIEJAD@NH!NL!+HKRJ@H!'>S>FDNI!.RBKDIAD>X"!@H!6@WN!3>F>H?K!RFNH!DM>!<I>K>HS>!
NL!+DK!<J>SeKDI@H!`NQNJNOE!'>O@NH/!_!1@NJ!*M>Q/!"88&!_RJ!#5‡#=U]$U^f"5U5$=/!!
&/!! mNJL!;a!-I~B!-a!7DD@HO>I!(a!;INH@HOA!2a!2EHSM!0a!mM@D>!):a!>D!AJ/!<-1!3NQA@HK!NL!+'.X
"!AH?!.MS!`AW>!3@KD@HSD!BRD!7W>IJAFF@HO!1@H?@HO!.F>S@L@S@D@>K/!_!1@NJ!*M>Q/!"88&!,NW!
"=‡#=U]%Y^f#=%U="U/!!
Y/!! .AJD@>J! 0'a! jAMH! *'/! +HKRJ@H! K@OHAJJ@HO! AH?! DM>! I>ORJAD@NH! NL! OJRSNK>! AH?! J@F@?!
Q>DABNJ@KQ/!,ADRI>/!#UU"!3>S!"$‡%"%]Y5Y&^f=885UY/!!
=/!! -AH@ORSM@!*)a!(QAHR>JJ@!1a!jAMH!*'/!*I@D@SAJ!HN?>K!@H!K@OHAJJ@HO!FADMlAEKf!@HK@OMDK!
@HDN!@HKRJ@H!ASD@NH/!,AD!'>W!)NJ!*>JJ!1@NJ/!#UUY!:>B‡=]#^f5&8Y/!!
5/!! 1>JL@NI>! 0a! :IAKSA! :a! <AH?@H@! ;a! .S@ASSA! 2a! 6@OH>I@! '/! +HKRJ@H! '>S>FDNI! +KNLNIQK! AH?!
+HKRJ@H! '>S>FDNIh+HKRJ@HX2@e>! ;INlDM! :ASDNI! '>S>FDNI! `EBI@?K! @H! <MEK@NJNOE! AH?!
3@K>AK>/!(H?NSI!'>W/!#UU8!7SD!"‡$U]Y^f&5YY#$/!!
8/!! jMAH! 0a! <>KK@H! _/! +HKRJ@H! I>ORJAD@NH! NL! OJRSNK>! RFDAe>f! A! SNQFJ>[! @HD>IFJAE! NL!
@HDIAS>JJRJAI!K@OHAJJ@HO!FADMlAEK/!3@AB>DNJNO@A/!#UU#!,NW‡%&]""^f"%=&5$/!!
"U/!!'N@DM!32a!Š@Se!q/!'>S>HD!0?WAHS>K!@H!7RI!4H?>IKDAH?@HO!NL!+HKRJ@H!0SD@NH!AH?!+HKRJ@H!
'>K@KDAHS>/!3@AB>D>K!*AI>/!#UU"!)AI!"‡#%]$^f&558=/!!
""/!!1AH?ENFA?MEAE! ;a! .DAH?A>ID! )2a! ;AJJNlAE! 2a! )NKSAD! _a! :AI>K>! '6/! (W@?>HS>! LNI!
+HWNJW>Q>HD! NL! <IND>@H! j@HAK>! *! ]<j*^Xy! AH?! ,NH@HWNJW>Q>HD! NL! 3@ASEJOJES>INJX
.>HK@D@W>! <j*K! @H! +HKRJ@HX.D@QRJAD>?! ;JRSNK>! -IAHKFNID! @H! 2Y! )ENDRB>K/!
(H?NSI@HNJNOE/!"88=!,NW!"‡"$5]""^f%=#"$"/!!
"#/!!mAHO! †a! .NQlAI! 'a! 1@JAH! <_a! 2@R! Ša! _@H! _a! mNN?O>DD! _'a! >D! AJ/! <IND>@H! j@HAK>! 1h0eD!
<AID@S@FAD>K!@H!;24-%!-IAHKJNSAD@NH!BE!+HKRJ@H!@H!2Y!)ENBJAKDK/!)NJ!*>JJ!1@NJ/!"888!
_RH‡"8]Y^f%UU5"5/!!
"$/!!2>BNW@Dc! `(/! +HKRJ@Hf! <ND>HD@AJ! ,>OAD@W>! *NHK>TR>HS>K! NL! (AIJE! 'NRD@H>! 4K>! @H!
<AD@>HDK!m@DM!-EF>!#!3@AB>D>K/!3@AB>D>K!*AI>/!#U""!)AE‡$%].RFFJ!#^f.##&$U/!!
"%/!!*INKK!30(a!0J>KK@!3'a!*NM>H!<a!0H?b>JeNW@SM!)a!`>QQ@HOK!10/!+HM@B@D@NH!NL!OJESNO>H!
KEHDMAK>! e@HAK>X$! BE! @HKRJ@H! Q>?@AD>?! BE! FIND>@H! e@HAK>! 1/! ,ADRI>/! "88&! 3>S!
#5‡$=5]Y&&8^f=5&8/!!
"&/!!,>lOAI?! *1a! 1IA?E! )_a! 7P3NM>IDE! ')a! .AJD@>J! 0'/! 7IOAH@c@HO! OJRSNK>! ?@KFNKAJf!
>Q>IO@HO! INJ>K! NL! DM>! OJESNO>H! DAIO>D@HO! KRBRH@DK! NL! FIND>@H! FMNKFMADAK>X"/!
3@AB>D>K/!#UUU!3>S!"‡%8]"#^f"8Y===/!!
"Y/!!.! _! <@Je@Ka! ;IAHH>I! ! AH?! 3j/! )NJ>SRJAI! <MEK@NJNOE! NL! DM>! '>ORJAD@NH! NL! `>FAD@S!
;JRSNH>NO>H>K@K!AH?!;JESNJEK@K/!0HHR!'>W!<MEK@NJ/!"88#‡&%]"^f55&8U8/!!
"=/!!.RDM>IJAH?! *a! 7P1I@>H! ')a! ;IAHH>I! 3ja! .AeJADWAJA! _a! *NM>H! <a! mM@D>! ):/! ,>l!
*NHH>SD@NHK!@H!DM>!'>ORJAD@NH!NL!<(<*j!;>H>!([FI>KK@NH!BE!+HKRJ@H/!<M@JNK!-IAHK!'!
.NS!2NH?!1!1@NJ!.S@/!"88Y!:>B!#8‡$&"]"$$Y^f"8"8/!!

"=Y!
"5/!!0HDMNHK>H! )ma! '–HHKDIAH?! 2a! m>IHKD>?D! *a! 3>O>IQAH! (a! `NJQ! */! +?>HD@L@SAD@NH! NL!
,NW>J!<MNKFMNIEJAD@NH!.@D>K!@H!`NIQNH>XK>HK@D@W>!2@FAK>!-MAD!0I>!<MNKFMNIEJAD>?!
@H!'>KFNHK>!DN!+KNFIND>I>HNJ!AH?!;NW>IH!0SD@WAD@NH!<INF>ID@>K!@H!6@DIN/!_!1@NJ!*M>Q/!
"885!_AH!#‡#=$]"^f#"&#"/!!
"8/!!j@DAQRIA!-a!j@DAQRIA!qa!jRIN?A!.a!`@HN!qa!0H?N!)a!jNDAH@!ja!>D!AJ/!+HKRJ@HX+H?RS>?!
<MNKFMNIEJAD@NH! AH?! 0SD@WAD@NH! NL! *ESJ@S! ,RSJ>ND@?>! <MNKFMN?@>KD>IAK>! $1! BE! DM>!
.>I@H>X-MI>NH@H>!j@HAK>!0eD/!)NJ!*>JJ!1@NJ/!"888!.>F‡"8]8^fY#5Y8Y/!!
#U/!!.AQR>J! 6-a! .MRJQAH! ;+/! )>SMAH@KQK! LNI! +HKRJ@H! '>K@KDAHS>f! *NQQNH! -MI>A?K! AH?!
)@KK@HO!2@HeK/!*>JJ/!#U"#!:>B!$‡"%5]&^f5&#="/!!
#"/!!Š@Se! q/! .>Ih-MI! <MNKFMNIEJAD@NH! NL! +'.! <IND>@HKf! 0! )NJ>SRJAI! 1AK@K! LNI! +HKRJ@H!
'>K@KDAHS>/!.S@!.@OHAJ/!#UU&!_AH!#&‡#UU&]#Y5^fF>%F>%/!!
##/!!<Ac!ja!`>Q@!'a!2>'N@DM!3a!jAIAK@e!0a!(JMAHAHE!(a!jAH>DE!`a!>D!AJ/!0!QNJ>SRJAI!BAK@K!
LNI!@HKRJ@H!I>K@KDAHS>!>J>WAD>?!.>I@H>h-MI>NH@H>!FMNKFMNIEJAD@NH!NL!+'.X"!AH?!+'.X#!
@HM@B@DK! DM>@I! B@H?@HO! DN! DM>! bR[DAQ>QBIAH>! I>O@NH! NL! DM>! @HKRJ@H! I>S>FDNI! AH?!
@QFA@IK! DM>@I! AB@J@DE! DN! RH?>ION! @HKRJ@HX@H?RS>?! -EINK@H>! FMNKFMNIEJAD@NH/! _! 1@NJ!
*M>Q/!"88=!,NW!#"‡#=#]%=^f#88""5/!!
#$/!!<>?>IKNH!-)a!jIAQ>I!32a!'NH?@HNH>!*)/!.>I@H>h-MI>NH@H>!<MNKFMNIEJAD@NH!NL!+'.X
"! -I@OO>IK! +DK! 3>OIA?AD@NH! <NKK@BJ>! '>ORJAD@NH! BE! -EINK@H>! <MNKFMNIEJAD@NH/!
3@AB>D>K/!#UU"!_AH!"‡&U]"^f#%$"/!!
#%/!!)NDM>!+a!7BB>IOM>H!(6/!<MNKFMNIEJAD@NH!NL!+HKRJ@H!'>S>FDNI!.RBKDIAD>X"!NH!)RJD@FJ>!
.>I@H>!'>K@?R>Ka!Y"#a!Y$#a!YY#a!AH?!=$"a!)N?RJAD>K!+HKRJ@H!0SD@NH/!_!1@NJ!*M>Q/!"88Y!
)AE!"U‡#="]"8^f""###=/!!
#&/!!-@INKM!0a!<NDAKMH@e!'a!1AKMAH!,a!'R?@SM!0/!7[@?AD@W>!.DI>KK!3@KIRFDK!+HKRJ@HX@H?RS>?!
*>JJRJAI! '>?@KDI@BRD@NH! NL! +HKRJ@H! '>S>FDNI! .RBKDIAD>X"! AH?! <MNKFMAD@?EJ@HNK@DNJ! $X
j@HAK>! @H! $-$X2"! 0?@FNSED>K! 0! <RDAD@W>! *>JJRJAI! )>SMAH@KQ! :NI! +QFA@I>?! <IND>@H!
j@HAK>! 1! 0SD@WAD@NH! 0H?! ;24-%! -IAHKJNSAD@NH/! _! 1@NJ! *M>Q/! "888! 0FI!
8‡#=%]"&^f"U&8&YU#/!!
#Y/!!`NDAQ@KJ@O@J! ;.a! <>IAJ?@! <a! 1R?AWAI@! 0a! (JJ@K! 'a! mM@D>! ):a! .F@>O>JQAH! 1)/! +'.X"X
)>?@AD>?! +HM@B@D@NH! NL! +HKRJ@H! '>S>FDNI! -EINK@H>! j@HAK>! 0SD@W@DE! @H! -,:XgX! AH?!
7B>K@DEX+H?RS>?!+HKRJ@H!'>K@KDAHS>/!.S@>HS>/!"88Y!:>B!#‡#="]&#%8^fYY&=U/!!
#=/!!:>A! j3a! 'NDM! '0/! )N?RJAD@NH! NL! +HKRJ@H! '>S>FDNI! .RBKDIAD>X"! -EINK@H>!
<MNKFMNIEJAD@NH! AH?! :RHSD@NH! BE! )@DNO>HXASD@WAD>?! <IND>@H! j@HAK>/! _! 1@NJ! *M>Q/!
"88=!3>S!"#‡#=#]&U^f$"%UUY/!!
#5/!!4Q!.`a!:I@O>I@N!:a!mADAHAB>!)a!<@SAI?!:a!_NATR@H!)a!.D@Se>I!)a!>D!AJ/!0BK>HS>!NL!.Yj"!
FIND>SDK! AOA@HKD! AO>X! AH?! ?@>DX@H?RS>?! NB>K@DE! lM@J>! >HMAHS@HO! @HKRJ@H! K>HK@D@W@DE/!
,ADRI>/!#UU%!.>F!8‡%$"]=UU&^f#UU&/!!
#8/!!'AW@SMAH?IAH! 26a! (KFNK@DN! 32a! *M>H! _a! †RNH! )_/! <IND>@H! j@HAK>! *Xy! <MNKFMNIEJAD>K!
+HKRJ@H!'>S>FDNI!.RBKDIAD>X"!AH?!+QFA@IK!+DK!0B@J@DE!DN!0SD@WAD>!<MNKFMAD@?EJ@HNK@DNJ!
$Xj@HAK>!@H!'>KFNHK>!DN!+HKRJ@H/!_!1@NJ!*M>Q/!#UU"!:>B!#‡#=Y]&^f$&%$8/!!
$U/!!2>>!.a!2EHH!(;a!j@Q!_a!†RNH!)_/!<IND>@H!j@HAK>!*Xy!<MNKFMNIEJAD>K!+HKRJ@H!'>S>FDNI!
.RBKDIAD>X"a! X$a! AH?! X%! 1RD! ,ND! X#f! +KNLNIQ! .F>S@L@S! 3>D>IQ@HAHDK! NL! .F>S@L@S@DE! @H!
+HKRJ@H!.@OHAJ@HO/!(H?NSI@HNJNOE/!#UU5!)AE‡"%8]&^f#%&"5/!!
$"/!!(J?AIX:@He>JQAH! `a! jI>BK! (;/! <MNKFMNIEJAD@NH! NL! @HKRJ@H! I>S>FDNI! KRBKDIAD>! "! BE!
OJESNO>H!KEHDMAK>!e@HAK>!$!@QFA@IK!@HKRJ@H!ASD@NH/!<INS!,ADJ!0SA?!.S@!4!.!0/!"88=!.>F!
#‡8%]"5^f8YYU%/!!

"==!
$#/!!;AN!Ša!`lAHO!3a!1ADA@JJ>!:a!2>L>WI>!)a!qNIe!3a!†RNH!)_a!>D!AJ/!.>I@H>!<MNKFMNIEJAD@NH!
NL! +HKRJ@H! '>S>FDNI! .RBKDIAD>! "! BE! +HM@B@DNI! p1! j@HAK>! *NQFJ>[/! _! 1@NJ! *M>Q/! #UU#!
3>S!"$‡#==]&U^f%5""&#"/!!
$$/!!2>>! q`a! ;@IAR?! _a! 3AW@K! '_a! mM@D>! ):/! SX_RH! ,XD>IQ@HAJ! j@HAK>! ]_,j^! )>?@AD>K!
:>>?BASe! +HM@B@D@NH! NL! DM>! +HKRJ@H! .@OHAJ@HO! *AKSA?>/! _! 1@NJ! *M>Q/! #UU$! _AH!
$"‡#=5]&^f#58Y8U#/!!
$%/!!j@Q!_a!q>M!3*a!6>I!)a!2@!qa!*AIIAHcA!0a!*NHIA?K!-<a!>D!AJ/!<MNKFMNIEJAD@NH!NL!.>I#%!@H!
DM>!<J>SeKDI@H!`NQNJNOE!3NQA@H!NL!+HKRJ@H!'>S>FDNI!.RBKDIAD>X"!BE!)NRK>!<>JJ>XJ@e>!
j@HAK>h+HD>IJ>Re@HX"!'>S>FDNIXAKKNS@AD>?!j@HAK>!*INKKX-AJe!1>Dl>>H!+HLJAQQADNIE!
.@OHAJ@HO! 0H?! +HKRJ@H! .@OHAJ@HO! -MAD! )AE! *NHDI@BRD>! -N! +HKRJ@H! '>K@KDAHS>/! _! 1@NJ!
*M>Q/!#UU&!_RH!"=‡#5U]#%^f#$"=$5$/!!
$&/!!-cADKNK!0a!-K@SMJ@K!<,/!(H>IOE!3>FJ>D@NH!+HM@B@DK!<MNKFMAD@?EJ@HNK@DNJ!$Xj@HAK>h0eD!
.@OHAJ@HO! AH?! +H?RS>K! 0FNFDNK@K! W@A! 0)<XASD@WAD>?! <IND>@H! j@HAK>X?>F>H?>HD!
<MNKFMNIEJAD@NH!NL!+'.X"!AD!.>IX=8%/!_!1@NJ!*M>Q/!#UU=!_RH!##‡#5#]#&^f"5UY85#/!!
$Y/!!`@JDNH! 3_a! '@SMAI?KNH! '-a! 0J>[AH?>I! m.a! 6@H>E! ()a! m@JJKNH! -0a! .FI@OO! ,.a! >D! AJ/!
-l>HDE!FIND>@HK!SNHDA@H@HO!A!*XD>IQ@HAJ!.7*.!BN[!LNIQ!L@W>!KDIRSDRIAJ!SJAKK>K/!<INS!
,ADJ!0SA?!.S@/!"885!_AH!Y‡8&]"^f""%8/!!
$=/!!'R@! 2a! qRAH! )a! :IAHDc! 3a! .MN>JKNH! .a! mM@D>! ):/! .7*.X"! AH?! .7*.X$! 1JNSe! +HKRJ@H!
.@OHAJ@HO! BE! 4B@TR@D@HXQ>?@AD>?! 3>OIA?AD@NH! NL! +'."! AH?! +'.#/! _! 1@NJ! *M>Q/! #UU#!
,NW!"‡#==]%%^f%#$8%5/!!
$5/!!(QAHR>JJ@! 1a! <>IAJ?@! <a! :@JJNR[! *a! *MAW>E! *a! :I>@?@HO>I! ja! `@JDNH! 3_a! >D! AJ/! .7*.X$!
@HM@B@DK! @HKRJ@H! K@OHAJ@HO! AH?! @K! RFXI>ORJAD>?! @H! I>KFNHK>! DN! -,:XA! @H! DM>! A?@FNK>!
D@KKR>!NL!NB>K>!Q@S>/!_!1@NJ!*M>Q/!#UU"!7SD!"Y‡#=Y]&"^f%=8%%8/!!
$8/!!)NNH>E!'0a!.>HH!_a!*AQ>INH!.a!+HAQ?AI!,a!1N@W@H!2)a!.MAHO!qa!>D!AJ/!.RFFI>KKNIK!NL!
*EDNe@H>! .@OHAJ@HOX"! AH?! XY! 0KKNS@AD>! l@DM! AH?! +HM@B@D! DM>! +HKRJ@H! '>S>FDNI! 0!
<ND>HD@AJ! )>SMAH@KQ! :NI! *EDNe@H>X)>?@AD>?! +HKRJ@H! '>K@KDAHS>/! _! 1@NJ! *M>Q/! #UU"!
_RJ!"$‡#=Y]#5^f#&5588$/!!
%U/!!2>BIRH! <a! 6AH! 7BB>IOM>H! (/! .7*.! FIND>@HK! SARK@HO! DINRBJ>! @H! @HKRJ@H! ASD@NH/! 0SDA!
<MEK@NJ/!#UU5!_AH!"‡"8#]"^f#8$Y/!!
%"/!!3AKORFDA!.a!1MADDASMAIEA!.a!)A@DIA!.a!<AJ!3a!)AbRQ?AI!..a!3ADDA!0a!>D!AJ/!)>SMAH@KQ!
NL! J@F@?! @H?RS>?! @HKRJ@H! I>K@KDAHS>f! 0SD@WAD>?! <j*}! @K! A! e>E! I>ORJADNI/! 1@NSM@Q!
1@NFMEK!0SDA!110!X!)NJ!1AK@K!3@K/!#U""!0FI‡"5"#]%^f%8&&UY/!!
%#/!!0MQA?! :a! *NHK@?@H>! '6a! ;NJ?KD>@H! 1_/! +HSI>AK>?! ABRH?AHS>! NL! DM>! I>S>FDNIXDEF>!
FIND>@HXDEINK@H>! FMNKFMADAK>! 20'! ASSNRHDK! LNI! DM>! >J>WAD>?! @HKRJ@H! I>S>FDNI!
?>FMNKFMNIEJAD@HO!ASD@W@DE!@H!A?@FNK>!D@KKR>!NL!NB>K>!MRQAH!KRBb>SDK/!_!*J@H!+HW>KD/!
"88&!_RH‡8&]Y^f#5UY"#/!!
%$/!!0MQA?! :a! 0c>W>?N! _2a! *NIDI@OMD! 'a! 3NMQ! ;2a! ;NJ?KD>@H! 1_/! 0JD>IAD@NHK! @H! Ke>J>DAJ!
QRKSJ>! FIND>@HXDEINK@H>! FMNKFMADAK>! ASD@W@DE! AH?! >[FI>KK@NH! @H! @HKRJ@HXI>K@KDAHD!
MRQAH!NB>K@DE!AH?!?@AB>D>K/!_!*J@H!+HW>KD/!"88=!_RJ!"&‡"UU]#^f%%8&5/!!
%%/!!3IAcH@H! 1/! )NJ>SRJAI! )>SMAH@KQK! NL! +HKRJ@H! '>K@KDAHS>f! .>I@H>! <MNKFMNIEJAD@NH! NL!
+HKRJ@H!'>S>FDNI!.RBKDIAD>X"!AH?!+HSI>AK>?!([FI>KK@NH!NL!F5&g!-M>!-lN!.@?>K!NL!A!
*N@H/!3@AB>D>K/!#UUY!0RO!"‡&&]5^f#$8#=/!!
%&/!!->IR>J!-a!`>IHAH?>c!'a!2NI>HcN!)/!*>IAQ@?>!)>?@AD>K!+HKRJ@H!'>K@KDAHS>!BE!-RQNI!
,>SINK@K! :ASDNIXg! @H! 1INlH! 0?@FNSED>K! BE! )A@HDA@H@HO! 0eD! @H! AH! +HASD@W>!
3>FMNKFMNIEJAD>?!.DAD>/!3@AB>D>K/!#UU"!,NW!"‡&U]""^f#&Y$="/!!

"=5!
%Y/!!:N[! -(a! `NRSe! j2a! 7P,>@JJ! .)a! ,AOAIAbAH! )a! .DNW>I! -*a! <NQ@AHNlKe@! <-a! >D! AJ/!
*>IAQ@?>! '>SIR@DK! AH?! 0SD@WAD>K! <IND>@H! j@HAK>! *! y! ]<j*y^! l@DM@H! .DIRSDRI>?!
)>QBIAH>!)@SIN?NQA@HK/!_!1@NJ!*M>Q/!#UU=!0FI!#=‡#5#]"=^f"#%&U=/!!
%=/!!'AH?J>!<_a!;AIJAH?!<1a!`AJ>K!*,a!,>lKMNJQ>!(0/!-M>!OJRSNK>!LADDEXAS@?!SESJ>/!+DK!INJ>!
@H! @HKRJ@H! K>HK@D@W@DE! AH?! DM>! Q>DABNJ@S! ?@KDRIBAHS>K! NL! ?@AB>D>K! Q>JJ@DRK/! 2AHS>D!
2NH?!(HOJ/!"8Y$!0FI!"$‡"]=#5&^f=5&8/!!
%5/!!_RSe>I!1)a!'>HH@HOK!0_)a!*J@H>!;ma!.MRJQAH!;+/!"$*!AH?!$"<!,)'!.DR?@>K!NH!DM>!
(LL>SDK! NL! +HSI>AK>?! <JAKQA! :I>>! :ADDE! 0S@?K! NH! +HDIAQRKSRJAI! ;JRSNK>! )>DABNJ@KQ!
@H!DM>!0lAe>!'AD/!_!1@NJ!*M>Q/!"88=!0FI!"5‡#=#]"Y^f"U%Y%=$/!!
%8/!!*J@H>! ;ma! <>D>IK>H! j:a! jIKKAe! )a! .M>H! _a! `RH?AJ! '.a! -IAbAHNKe@! Ša! >D! AJ/! +QFA@I>?!
;JRSNK>! -IAHKFNID! AK! A! *ARK>! NL! 3>SI>AK>?! +HKRJ@HX.D@QRJAD>?! )RKSJ>! ;JESNO>H!
.EHDM>K@K!@H!-EF>!#!3@AB>D>K/!,!(HOJ!_!)>?/!"888!_RJ!##‡$%"]%^f#%UY/!!
&U/!!3I>KH>I!0a!2ARI>HD!3a!)AISRSS@!)a!;I@LL@H!)(a!3RLNRI!.a!*J@H>!;ma!>D!AJ/!(LL>SDK!NL!LI>>!
LADDE!AS@?K!NH!OJRSNK>!DIAHKFNID!AH?!+'.X"AKKNS@AD>?!FMNKFMAD@?EJ@HNK@DNJ!$Xe@HAK>!
ASD@W@DE/!_!*J@H!+HW>KD/!"888!_AH!"&‡"U$]#^f#&$8/!!
&"/!!;JAKK! *ja! 7J>LKeE! _)/! +HLJAQQAD@NH! AH?! 2@F@?! .@OHAJ@HO! @H! DM>! (D@NJNOE! NL! +HKRJ@H!
'>K@KDAHS>/!*>JJ!)>DAB/!#U"#!:>B!&‡"&]&^fY$&%&/!!
&#/!!1N?>H!;a!_A?AJ@!:a!mM@D>!_a!2@AHO!qa!)NccNJ@!)a!*M>H!9a!>D!AJ/!(LL>SDK!NL!LAD!NH!@HKRJ@HX
KD@QRJAD>?! SAIBNME?IAD>! Q>DABNJ@KQ! @H! HNIQAJ! Q>H/! _! *J@H! +HW>KD/! "88"!
.>F‡55]$^f8YUY/!!
&$/!!'N?>H! )a! <I@S>! -1a! <>IK>OM@H! ;a! <>D>IK>H! j:a! 'NDMQAH! 32a! *J@H>! ;ma! >D! AJ/!
)>SMAH@KQ! NL! LI>>! LADDE! AS@?X@H?RS>?! @HKRJ@H! I>K@KDAHS>! @H! MRQAHK/! _! *J@H! +HW>KD/!
"88Y!_RH!"&‡8=]"#^f#5&8Y&/!!
&%/!!:@>J?@HO! 10a! *AJJNl! _a! 7l>H! ')a! .AQIA! _.a! )ADDM>lK! 3'a! :IAEH! j,/! <NKDFIAH?@AJ!
J@F>Q@Af! DM>! NI@O@H! NL! AH! >AIJE! F>Ae! KDR?@>?! BE! KF>S@L@S! ?@>DAIE! LADDE! AS@?! @HDAe>!
?RI@HO!K>TR>HD@AJ!Q>AJK/!0Q!_!*J@H!,RDI/!"88Y!_AH!"‡Y$]"^f$Y%"/!!
&&/!!`lAHO! 3a! 'M>>! .`/! '>S>FDNIXQ>?@AD>?! K@OHAJ@HO! FADMlAEKf! FND>HD@AJ! DAIO>DK! NL!
QN?RJAD@NH!BE!?@>DAIE!LADDE!AS@?K/!0Q!_!*J@H!,RDI/!"888!7SD!"‡=U]%^f&%&&Y/!!
&Y/!!,ORE>H!)-0a!.ADNM!`a!:AW>JERe@K!.a!1AB>H?RI>!_2a!+QAQRIA!-a!.BN?@N!_+a!>D!AJ/!_,j!
AH?!-RQNI!,>SINK@K!:ASDNIXg!)>?@AD>!:I>>!:ADDE!0S@?X@H?RS>?!+HKRJ@H!'>K@KDAHS>!@H!
$-$X2"!0?@FNSED>K/!_!1@NJ!*M>Q/!#UU&!7SD!#"‡#5U]%#^f$&$Y"="/!!
&=/!!,ORE>H! )-0a! :AW>JERe@K! .a! ,ORE>H! 0Xja! '>@SMAID! 3a! .SNDD! <0a! _>HH! 0a! >D! AJ/! 0!
.RBFNFRJAD@NH! NL! )ASINFMAO>K! +HL@JDIAD>K! `EF>IDINFM@S! 0?@FNK>! -@KKR>! AH?! +K!
0SD@WAD>?! BE! :I>>! :ADDE! 0S@?K! W@A! -NJJXJ@e>! '>S>FDNIK! #! AH?! %! AH?! _,jX?>F>H?>HD!
<ADMlAEK/!_!1@NJ!*M>Q/!#UU=!,NW!$U‡#5#]%5^f$&#=88#/!!
&5/!!qR!*a!*M>H!qa!*J@H>!;ma!ŠMAHO!3a!ŠNHO!`a!mAHO!qa!>D!AJ/!)>SMAH@KQ!BE!mM@SM!:ADDE!
0S@?K! +HM@B@D! +HKRJ@H! 0SD@WAD@NH! NL! +HKRJ@H! '>S>FDNI! .RBKDIAD>X"! ]+'.X"^XAKKNS@AD>?!
<MNKFMAD@?EJ@HNK@DNJ! $Xj@HAK>! 0SD@W@DE! @H! )RKSJ>/! _! 1@NJ! *M>Q/! #UU#! 3>S!
#=‡#==]&#^f&U#$UY/!!
&8/!!2>>!_qa!.NMH!j`a!'M>>!.`a!`lAHO!3/!.ADRIAD>?!:ADDE!0S@?Ka!BRD!,ND!4HKADRIAD>?!:ADDE!
0S@?Ka! +H?RS>! DM>! ([FI>KK@NH! NL! *ESJNN[EO>HAK>X#! )>?@AD>?! DMINROM! -NJJXJ@e>!
'>S>FDNI!%/!_!1@NJ!*M>Q/!#UU"!)AE!"5‡#=Y]#U^f"YY5$8/!!
YU/!!.SMA>LLJ>I!0a!;INKK!<a!1R>DDH>I!'a!1NJJM>@Q>I!*a!1R>SMJ>I!*a!,>RQ>@>I!)a!>D!AJ/!:ADDE!
AS@?X@H?RS>?! @H?RSD@NH! NL! -NJJXJ@e>! I>S>FDNIX%hHRSJ>AI! LASDNIXp1! FADMlAE! @H!

"=8!
A?@FNSED>K! J@HeK! HRDI@D@NHAJ! K@OHAJJ@HO! l@DM! @HHAD>! @QQRH@DE/! +QQRHNJNOE/! #UU8!
:>B‡"#Y]#^f#$$%&/!!
Y"/!!jRQAI! `a! jAlA@! -a! 0e@IA! ./! -NJJXJ@e>! I>S>FDNIK! AH?! @HHAD>! @QQRH@DE/! 1@NSM>Q!
1@NFMEK!'>K!*NQQRH/!#UU8!7SD!$U‡$55]%^fY#"&/!!
Y#/!!.>@QNH! -0a! ,A?NJKe@! )_a! 2@AN! 9a! )AOAJJNH! _a! ,ORE>H! )a! :>I@S! ,-a! >D! AJ/! 0DM>INO>H@S!
2@F@?K! AH?! 2@FNFIND>@HK! -I@OO>I! *3$YX-2'#X3>F>H?>HD! 0FNFDNK@K! @H! )ASINFMAO>K!
4H?>ION@HO!(H?NFJAKQ@S!'>D@SRJRQ!.DI>KK/!*>JJ!)>DAB/!#U"U!,NW!$‡"#]&^f%Y=5#/!!
Y$/!!mNHO! .ma! jlNH! )X_a! *MN@! 0)ja! j@Q! `X<a! ,AeAM@IA! ja! `lAHO! 3`/! :ADDE! 0S@?K!
)N?RJAD>! -NJJXJ@e>! '>S>FDNI! %! 0SD@WAD@NH! DMINROM! '>ORJAD@NH! NL! '>S>FDNI!
3@Q>I@cAD@NH! AH?! '>SIR@DQ>HD! @HDN! 2@F@?! 'ALDK! @H! A! '>ASD@W>! 7[EO>H! .F>S@>KX
?>F>H?>HD!)AHH>I/!_!1@NJ!*M>Q/!#UU8!7SD!#‡#5%]%U^f#=$5%8#/!!
Y%/!!`NJc>I!';a!<AIe!(X_a!2@!,a!-IAH!`a!*M>H!)a!*MN@!*a!>D!AJ/!.ADRIAD>?!:ADDE!0S@?K!+H?RS>!
SX.IS!*JRKD>I@HO!l@DM@H!)>QBIAH>!.RB?NQA@HKa!2>A?@HO!DN!_,j!0SD@WAD@NH/!*>JJ/!#U""!
.>F!$U‡"%=]"^f"=$5%/!!
Y&/!!<AJ!3a!3AKORFDA!.a!jRH?R!'a!)A@DIA!.a!3AK!;a!)ReMNFA?MEAE!.a!>D!AJ/!:>DR@HX0!ASDK!AK!
AH!>H?NO>HNRK!J@OAH?!NL!-2'%!DN!FINQND>!J@F@?X@H?RS>?!@HKRJ@H!I>K@KDAHS>/!,AD!)>?/!
#U"#!0RO‡"5]5^f"#=85&/!!
YY/!!<AIe!_.a!.W>DeARKeA@D>!3a!`>!†a!j@Q!_Xqa!.DIAKKM>@Q!3a!+KM@cAeA!0a!>D!AJ/!+HWNJW>Q>HD!
NL! -NJJXJ@e>! '>S>FDNIK! #! AH?! %! @H! *>JJRJAI! 0SD@WAD@NH! BE! `@OM! )NB@J@DE! ;INRF! 1N[! "!
<IND>@H/!_!1@NJ!*M>Q/!#UU%!:>B!#=‡#=8]8^f=$=U=/!!
Y=/!!m>H!`a!;I@K!3a!2>@!qa!_MA!.a!ŠMAHO!2a!`RAHO!)-X`a!>D!AJ/!:ADDE!AS@?X@H?RS>?!,2'<$X
0.*! @HLJAQQAKNQ>! ASD@WAD@NH! @HD>IL>I>K! l@DM! @HKRJ@H! K@OHAJ@HO/! ,AD! +QQRHNJ/! #U""!
)AE‡"#]&^f%U5"&/!!
Y5/!!-@HO!_<Xqa!m@JJ@HOMAQ!.1a!1>IOKDIAJM!3-/!,2'K!AD!DM>!@HD>IK>SD@NH!NL!S>JJ!?>ADM!AH?!
@QQRH@DE/!,AD!'>W!+QQRHNJ/!#UU5!)AE‡5]&^f$=#8/!!
Y8/!!jRQAKM@IN! ,a! (I@NH! 3)a! ŠMAHO! 3a! jAMH! )a! 1>??Nl! .0a! *MR! 9a! >D! AJ/! *>JJRJAI!
Q>SMAH@KQ! NL! @HKRJ@H! I>K@KDAHS>! @H! HNHAJSNMNJ@S! LADDE! J@W>I! ?@K>AK>/! <INS! ,ADJ! 0SA?!
.S@/!#U""!.>F!#=‡"U5]$8^f"Y$5"&/!!
=U/!!,>KSM>H!.a!)NI@HN!ja!`AQQNH?!2(a!ŠMAHO!3a!2@R!ŠX9a!'NQAH>JJ@!0_a!>D!AJ/!<I>W>HD@NH!
NL! M>FAD@S! KD>ADNK@K! AH?! M>FAD@S! @HKRJ@H! I>K@KDAHS>! @H! Q@DNSMNH?I@AJ! ASEJX
*N0fOJES>INJXKHX$XFMNKFMAD>!ASEJDIAHKL>IAK>!"!eHNSeNRD!Q@S>/!*>JJ!)>DAB/!#UU&!_AH!
=‡#]"^f&&Y&/!!
="/!!,AOJ>!*0a!0H!_a!.M@NDA!)a!-NII>K!-<a!*J@H>!;ma!2@R!ŠX9a!>D!AJ/!`>FAD@S!7W>I>[FI>KK@NH!
NL! ;JES>INJXKHX$XFMNKFMAD>! 0SEJDIAHKL>IAK>! "! @H! 'ADK! *ARK>K! +HKRJ@H! '>K@KDAHS>/! _!
1@NJ!*M>Q/!#UU=!)AE!"5‡#5#]#U^f"%5U="&/!!
=#/!!jIKKAe! )a! <>D>IK>H! j:a! 3I>KH>I! 0a! 3@<@>DIN! 2a! 6NO>J! .)a! 'NDMQAH! 32a! >D! AJ/!
+HDIAQENS>JJRJAI! J@F@?! SNHS>HDIAD@NHK! AI>! SNII>JAD>?! l@DM! @HKRJ@H! K>HK@D@W@DE! @H!
MRQAHKf!A!"`!,)'!KF>SDINKSNFE!KDR?E/!3@AB>DNJNO@A/!"888!_AH‡%#]"^f""$Y/!!
=$/!!2@R!2a!ŠMAHO!qa!*M>H!,a!.M@!9a!-KAHO!1a!qR!qX`/!4FI>ORJAD@NH!NL!QENS>JJRJAI!3;0-"!
AROQ>HDK!DI@OJES>I@?>!KEHDM>K@K!@H!Ke>J>DAJ!QRKSJ>!AH?!FIND>SDK!AOA@HKD!LADX@H?RS>?!
@HKRJ@H!I>K@KDAHS>/!_!*J@H!+HW>KD/!#UU=!_RH!"‡""=]Y^f"Y=858/!!
=%/!!jIKKAe! )a! <>D>IK>H! j:a! 1>IO>INH! 'a! <I@S>! -a! 2ARI>HD! 3a! 'NDMQAH! 32a! >D! AJ/!
+HDIAQRKSRJAI! ;JESNO>H! AH?! +HDIAQENS>JJRJAI! 2@F@?! 4D@J@cAD@NH! ?RI@HO! <INJNHO>?!
([>IS@K>! AH?! '>SNW>IE! @H! )AHf! 0! "$*! AH?! "`! ,RSJ>AI! )AOH>D@S! '>KNHAHS>!
.F>SDINKSNFE!.DR?E/!_!*J@H!(H?NSI@HNJ!)>DAB/!#UUU!:>B!"‡5&]#^f=%5&%/!!

"5U!
=&/!!;NN?FAKD>I!1`a!`>!_a!mADe@HK!.a!j>JJ>E!3(/!.e>J>DAJ!)RKSJ>!2@F@?!*NHD>HD!AH?!+HKRJ@H!
'>K@KDAHS>f!(W@?>HS>!LNI!A!<AIA?N[!@H!(H?RIAHS>X-IA@H>?!0DMJ>D>K/!_!*J@H!(H?NSI@HNJ!
)>DAB/!#UU"!3>S!"‡5Y]"#^f&=&&Y"/!!
=Y/!!-RI@HKeE! _a! 7P.RJJ@WAH! 3)a! 1AEJE! 1</! "a#X3@ASEJOJES>INJ! AH?! S>IAQ@?>! J>W>JK! @H!
@HKRJ@HXI>K@KDAHD!D@KKR>K!NL!DM>!IAD!@H!W@WN/!_!1@NJ!*M>Q/!"88U!7SD!&‡#Y&]#5^f"Y55U&/!!
==/!!`NJJAH?!m2a!1INc@H@Se!_-a!mAHO!2X<a!`Ale@HK!(3a!.AIO>HD!j)a!2@R!qa!>D!AJ/!+HM@B@D@NH!
NL! *>IAQ@?>! .EHDM>K@K! 0Q>J@NIAD>K! ;JRSNSNID@SN@?Xa! .ADRIAD>?X:ADXa! AH?! 7B>K@DEX
+H?RS>?!+HKRJ@H!'>K@KDAHS>/!*>JJ!)>DAB/!#UU=!)AI!=‡&]$^f"Y==8/!!
=5/!!4KKM>I!_'a!jNW>K!-'a!*A?>D>!6__a!ŠMAHO!2a!_AKlAJ!_.a!.lEI?!._a!>D!AJ/!+HM@B@D@NH!NL!3>!
,NWN! *>IAQ@?>! .EHDM>K@K! '>W>IK>K! 3@>DX+H?RS>?! +HKRJ@H! '>K@KDAHS>! AH?! (HMAHS>K!
mMNJ>X1N?E!7[EO>H!*NHKRQFD@NH/!3@AB>D>K/!#U"U!7SD!"‡&8]"U^f#%&$Y%/!!
=8/!!*M@BAJ@H!06a!2>HO!qa!6@>@IA!(a!jINNe!0a!1b–IHMNJQ!)a!2NHO!q*a!>D!AJ/!3NlHI>ORJAD@NH!
NL! 3@ASEJOJES>INJ! j@HAK>! 3>JDA! *NHDI@BRD>K! DN! `EF>IOJES>Q@AX+H?RS>?! +HKRJ@H!
'>K@KDAHS>/!*>JJ/!#UU5!0RO!#‡"$#]$^f$=&5Y/!!
5U/!!+DAH@! .+a! 'R?>IQAH! ,1a! .SMQ@>?>I! :a! 1N?>H! ;/! 2@F@?X+H?RS>?! +HKRJ@H! '>K@KDAHS>! @H!
`RQAH! )RKSJ>! +K! 0KKNS@AD>?! m@DM! *MAHO>K! @H! 3@ASEJOJES>INJa! <IND>@H! j@HAK>! *a! AH?!
+p1Xg/!3@AB>D>K/!#UU#!_RJ!"‡&"]=^f#UU&""/!!
5"/!!;I@LL@H! )(a! )AISRSS@! )_a! *J@H>! ;ma! 1>JJ! ja! 1AIRSS@! ,a! 2>>! 3a! >D! AJ/! :I>>! LADDE! AS@?X
@H?RS>?!@HKRJ@H!I>K@KDAHS>!@K!AKKNS@AD>?!l@DM!ASD@WAD@NH!NL!FIND>@H!e@HAK>!*!DM>DA!AH?!
AJD>IAD@NHK!@H!DM>!@HKRJ@H!K@OHAJ@HO!SAKSA?>/!3@AB>D>K/!"888!_RH!"‡%5]Y^f"#=U%/!!
5#/!!j@Q! _ja! :@JJQNI>! __a! .RHKM@H>! )_a! 0JBI>SMD! 1a! `@OAKM@QNI@! -a! j@Q! 3Xma! >D! AJ/! <j*X„!
eHNSeNRD!Q@S>!AI>!FIND>SD>?!LINQ!LADX@H?RS>?!@HKRJ@H!I>K@KDAHS>/!_!*J@H!+HW>KD/!#UU%!
.>F!"&‡""%]Y^f5#$=/!!
5$/!!;AN!Ša!mAHO!Ša!ŠMAHO!9a!1RDJ>I!00a!ŠRB>I@!0a!;AlINHKeAXjNcAe!1a!>D!AJ/!+HASD@WAD@NH!
NL!<j*„!J>A?K!DN!@HSI>AK>?!KRKS>FD@B@J@DE!DN!NB>K@DE!AH?!?@>DAIE!@HKRJ@H!I>K@KDAHS>!@H!
Q@S>/!0Q!_!<MEK@NJ!X!(H?NSI@HNJ!)>DAB/!#UU=!_AH!"‡#8#]"^f(5%8"/!!
5%/!!'A??ADc!ja!-RIH>I!,a!:IAHO@NR?Ae@K!;a!2@AN!1)a!<>?>IK>H!3_a!*AHDJ>E!_a!>D!AJ/!-@Q>X
?>F>H?>HD! >LL>SDK! NL! <IeS>! ?>J>D@NH! NH! OJRSNK>! MNQ>NKDAK@K! AH?! M>FAD@S! J@F@?!
Q>DABNJ@KQ! NH! ?@>DAIE! J@F@?! NW>IKRFFJE! @H! Q@S>/! 3@AB>DNJNO@A/! #U""! :>B!
#%‡&%]Y^f"%%=&Y/!!
5&/!!2AQ!-j-a!qNKM@@!`a!`AB>I!*0a!1NO?AHNW@S!(a!2AQ!2a!:AHDRK!+;a!>D!AJ/!:I>>!LADDE!AS@?X
@H?RS>?! M>FAD@S! @HKRJ@H! I>K@KDAHS>f! A! FND>HD@AJ! INJ>! LNI! FIND>@H! e@HAK>! *X/! 0Q! _!
<MEK@NJ!X!(H?NSI@HNJ!)>DAB/!#UU#!7SD!"‡#5$]%^f(Y5#8"/!!
5Y/!!:IAHO@NR?Ae@K!;a!1RISML@>J?!_;a!,AIAK@QMAH!.a!*NNH>E!;_a!2>@DO>K!)a!1@?>H!-_a!>D!AJ/!
3@W>IK>!INJ>K!LNI!FIND>@H!e@HAK>!*!!AH?!FIND>@H!e@HAK>!*!}!@H!DM>!O>H>IAD@NH!NL!M@OMX
LADX?@>DX@H?RS>?! OJRSNK>! @HDNJ>IAHS>! @H! Q@S>f! I>ORJAD@NH! NL! J@FNO>H>K@K! BE! FIND>@H!
e@HAK>!*!/!3@AB>DNJNO@A/!#UU8!7SD!=‡&#]"#^f#Y"Y#U/!!
5=/!!1>cE!7a!-IAH!--a!<@MJAbAQ¤e@!_a!.RcRe@!'a!(QAHR>JJ@!1a!m@HHAE!_a!>D!AJ/!<j*!I>ORJAD>K!
M>FAD@S! @HKRJ@H! K>HK@D@W@DE! AH?! M>FADNKD>ADNK@K! @H! Q@S>! AH?! MRQAHK/! _! *J@H! +HW>KD/!
#U""!_RH!"‡"#"]Y^f#&U%"=/!!
55/!!2@!qa!.NNK!-_a!2@!9a!mR!_a!3>;>HHAIN!)a!.RH!9a!>D!AJ/!<IND>@H!j@HAK>!*!„!+HM@B@DK!+HKRJ@H!
.@OHAJ@HO! BE! <MNKFMNIEJAD@HO! +'."! AD! .>I""U"/! _! 1@NJ! *M>Q/! #UU%! 7SD!
#8‡#=8]%%^f%&$U%=/!!

"5"!
58/!!.SMQ@DcX<>@LL>I! *a! *IA@O! 32a! 1@?>H! -_/! *>IAQ@?>! ;>H>IAD@NH! +K! .RLL@S@>HD! DN! 0SSNRHD!
LNI! DM>! +HM@B@D@NH! NL! DM>! +HKRJ@HXKD@QRJAD>?! <j1! <ADMlAE! @H! *#*"#! .e>J>DAJ! )RKSJ>!
*>JJK!<I>DI>AD>?!l@DM!<AJQ@DAD>/!_!1@NJ!*M>Q/!"888!0RO!#U‡#=%]$%^f#%#U#"U/!!
8U/!!.DIADLNI?!.a!`N>MH!j2a!2@R!:a!.RQQ>IK!.0/!'>ORJAD@NH!NL!+HKRJ@H!0SD@NH!BE!*>IAQ@?>!
3RAJ!)>SMAH@KQK!2@He@HO!*>IAQ@?>!0SSRQRJAD@NH!-N!-M>!+HM@B@D@NH!7L!0eDh<IND>@H!
j@HAK>!1/!_!1@NJ!*M>Q/!#UU%!0RO!#=‡#=8]$&^f$YYU5"&/!!
8"/!!<Nl>JJ! 3_a! `Ab?RSM! (a! jRJAI! ;a! `RH?AJ! `./! *>IAQ@?>! 3@KABJ>K! $X<MNKFMN@HNK@D@?>!
1@H?@HO! DN! DM>! <J>SeKDI@H! `NQNJNOE! 3NQA@H! NL! <IND>@H! j@HAK>! 1! ]<j1^h0eD! BE! A!
<j*yX3>F>H?>HD!)>SMAH@KQ/!)NJ!*>JJ!1@NJ/!#UU$!,NW‡#$]#"^f==8%5U5/!!
8#/!!1JNR@H! *)a! <IA?N! *a! -AeAH>! jja! 2AKH@>I! :a! ;AIS@AX7SAHA! 0a! :>IIG! <a! >D! AJ/! <JAKQA!
)>QBIAH>!.RB?NQA@H!*NQFAIDQ>HDAJ@cAD@NH!*NHDI@BRD>K!DN!3@KD@HSD!)>SMAH@KQK!NL!
*>IAQ@?>!0SD@NH!NH!+HKRJ@H!.@OHAJ@HO/!3@AB>D>K/!#U"U!)AI‡&8]$^fYUU"U/!!
8$/!!'NH! 3a! mAJD>I! </! .@OHAJ! @HD>OIAD@NH! @H! DM>! >H?NFJAKQ@S! I>D@SRJRQ! RHLNJ?>?! FIND>@H!
I>KFNHK>/!,AD!'>W!)NJ!*>JJ!1@NJ/!#UU=!_RJ‡5]=^f&"8#8/!!
8%/!!7eA?A! -a! qNKM@?A! `a! 0eAcAlA! 'a! ,>O@KM@! )a! )NI@! j/! 3@KD@HSD! INJ>K! NL! ASD@WAD@HO!
DIAHKSI@FD@NH! LASDNI! Y! ]0-:Y^! AH?! ?NRBJ>XKDIAH?>?! ',0XASD@WAD>?! FIND>@H! e@HAK>X
J@e>! >H?NFJAKQ@S! I>D@SRJRQ! e@HAK>! ]<('j^! @H! DIAHKSI@FD@NH! ?RI@HO! DM>! QAQQAJ@AH!
RHLNJ?>?!FIND>@H!I>KFNHK>/!1@NSM>Q!_/!#UU#!.>F!"‡$YY]<D!#^f&5&8%/!!
8&/!!;I>ONI! ):a! `NDAQ@KJ@O@J! ;./! -M>QAD@S! I>W@>l! K>I@>Kf! 0?@FNSED>! 1@NJNOE/! 0?@FNSED>!
KDI>KKf! DM>! >H?NFJAKQ@S! I>D@SRJRQ! AH?! Q>DABNJ@S! ?@K>AK>/! _! 2@F@?! '>K/! #UU=! .>F!
"‡%5]8^f"8U&"%/!!
8Y/!!¥cSAH! 4a! *AN! †a! q@JQAc! (a! 2>>! 0X`a! +lAeNKM@! ,,a! ¥c?>J>H! (a! >D! AJ/! (H?NFJAKQ@S!
'>D@SRJRQ! .DI>KK! 2@HeK! 7B>K@DEa! +HKRJ@H! 0SD@NHa! AH?! -EF>! #! 3@AB>D>K/! .S@>HS>/! #UU%!
7SD!"&‡$UY]&Y8&^f%&=Y"/!!
8=/!!;I>ONI! ):a! qAHO! 2a! :ABBI@H@! (a! )NMAQQ>?! 1.a! (AONH! _*a! `NDAQ@KJ@O@J! ;.a! >D! AJ/!
(H?NFJAKQ@S!'>D@SRJRQ!.DI>KK!+K!'>?RS>?!@H!-@KKR>K!NL!7B>K>!.RBb>SDK!0LD>I!m>@OMD!
2NKK/!3@AB>D>K/!#UU8!)AI‡&5]$^fY8$=UU/!!
85/!!¥cSAH! 4a! q@JQAc! (a! ¥cSAH! 2a! :RIRMAKM@! )a! 6A@JJAHSNRID! (a! .Q@DM! '7a! >D! AJ/! *M>Q@SAJ!
*MAF>INH>K!'>?RS>!('!.DI>KK!AH?!'>KDNI>!;JRSNK>!`NQ>NKDAK@K!@H!A!)NRK>!)N?>J!NL!
-EF>!#!3@AB>D>K/!.S@>HS>/!#UUY!0RO!#&‡$"$]&=8U^f""$=%U/!!
88/!!`R!<a!`AH!Ša!*NRW@JJNH!03a!jARLQAH!'_a!([DNH!_`/!0RDNSI@H>!-RQNI!,>SINK@K!:ASDNI!
0JFMA! 2@HeK! (H?NFJAKQ@S! '>D@SRJRQ! .DI>KK! DN! DM>! )>QBIAH>! 3>ADM! '>S>FDNI!
<ADMlAE!DMINROM!+'("gX)>?@AD>?!,:Xp1!0SD@WAD@NH!AH?!3NlHX'>ORJAD@NH!NL!-'0:#!
([FI>KK@NH/!)NJ!*>JJ!1@NJ/!#UUY!0FI‡#Y]5^f$U="5%/!!
"UU/!! 4IAHN! :a! mAHO! 9a! 1>IDNJNDD@! 0a! ŠMAHO! qa! *MRHO! <a! `AI?@HO! `<a! >D! AJ/! *NRFJ@HO! NL!
.DI>KK! @H! DM>! ('! DN! 0SD@WAD@NH! NL! _,j! <IND>@H! j@HAK>K! BE! -IAHKQ>QBIAH>! <IND>@H!
j@HAK>!+'("/!.S@>HS>/!#UUU!_AH!#5‡#5=]&%&$^fYY%Y/!!
"U"/!! -RHSQAH!;a!`@INKRQ@!_a!.NJ@HAK!;a!*MAHO!2a!jAI@H!)a!`NDAQ@KJ@O@J!;./!:RHSD@NHAJ!@H!
W@WN!@HD>IASD@NHK!B>Dl>>H!_,j"!AH?!_,j#!@KNLNIQK!@H!NB>K@DE!AH?!@HKRJ@H!I>K@KDAHS>/!
<INS!,ADJ!0SA?!.S@!4!.!0/!#UUY!_RJ!""‡"U$]#5^f"U=%"Y/!!
"U#/!! _@AHO! `Xqa! m>e! .0a! )S;IADM! 1*a! .SM>RH>I! 3a! jARLQAH! '_a! *AW>H>I! 3'a! >D! AJ/!
<MNKFMNIEJAD@NH! NL! DM>! g! .RBRH@D! NL! (ReAIEND@S! +H@D@AD@NH! :ASDNI! #! +K! '>TR@I>?! LNI!
0SD@WAD@NH! NL! ,:Xp1! @H! '>KFNHK>! DN! 3@W>IK>! *>JJRJAI! .DI>KK>K/! )NJ! *>JJ! 1@NJ/! #UU$!
0RO‡#$]"Y^f&Y&"Y$/!!

"5#!
"U$/!! mR!.a!-AH!)a!`R!qa!mAHO!_X2a!.SM>RH>I!3a!jARLQAH!'_/!4JDIAW@NJ>D!2@OMD!0SD@WAD>K!
,:p1! DMINROM! -IAHKJAD@NHAJ! +HM@B@D@NH! NL! +p1g! .EHDM>K@K/! _! 1@NJ! *M>Q/! #UU%! 0RO!
"$‡#=8]$$^f$%5858U#/!!
"U%/!! 3>HO!_a!2R!<3a!ŠMAHO!qa!.SM>RH>I!3a!jARLQAH!'_a!.NH>HB>IO!,a!>D!AJ/!-IAHKJAD@NHAJ!
'>FI>KK@NH! )>?@AD>K! 0SD@WAD@NH! NL! ,RSJ>AI! :ASDNI! jAFFA! 1! BE! <MNKFMNIEJAD>?!
-IAHKJAD@NH!+H@D@AD@NH!:ASDNI!#/!)NJ!*>JJ!1@NJ/!#UU%!3>S‡#%]#$^f"U"Y"5/!!
"U&/!! qAQAcAe@! `a! `@IAQADKR! ,a! `AEAeAlA! ja! -AOAlA! qa! 7eAQRIA! )a! 7OADA! 'a! >D! AJ/!
0SD@WAD@NH! NL! DM>! 0eDX,:Xp1! <ADMlAE! BE! .RBD@JAK>! *EDNDN[@H! DMINROM! DM>! 0-:Y!
1IAHSM! NL! DM>! 4HLNJ?>?! <IND>@H! '>KFNHK>/! _! +QQRHNJ! 1AJD@Q! )?! "8&U/! #UU8! _RJ!
"&‡"5$]#^f"%5U=/!!
"UY/!! ,AeAQRIA! -a! :RIRMAKM@! )a! 2@! <a! *AN! `a! -RHSQAH! ;a! .NH>HB>IO! ,a! >D! AJ/! 3NRBJ>X
KDIAH?>?! ',0X?>F>H?>HD! <IND>@H! j@HAK>! 2@HeK! <ADMNO>H! .>HK@HO! l@DM! .DI>KK! AH?!
)>DABNJ@S!`NQ>NKDAK@K/!*>JJ/!#U"U!:>B!&‡"%U]$^f$$5/!!
"U=/!! 1NHH>D! )*a! m>@J! 'a! 3AQ! (a! `NWAH>KK@AH! 0;a! )>RIK! (:/! <j'! .D@QRJAD>K! ,:Xp1!
+II>KF>SD@W>!NL!+DK!j@HAK>!:RHSD@NH!BE!+HD>IASD@HO!l@DM!DM>!+p1!j@HAK>!*NQFJ>[/!)NJ!
*>JJ!1@NJ/!#UUU!_RJ‡#U]"$^f%&$#%#/!!
"U5/!! ;I>ONI! ):a! `NDAQ@KJ@O@J! ;./! +HLJAQQADNIE! )>SMAH@KQK! @H! 7B>K@DE/! 0HHR! '>W!
+QQRHNJ/!#U""‡#8]"^f%"&%&/!!
"U8/!! *JNl>K! ;`a! )AID@H! `a! mAJb@! .a! `@IKSM! (a! ;Ac@DRA! 'a! ;NN?L>JJNl! '/! 1JNN?! @HKRJ@H!
I>KFNHK>K!DN!BJNN?!OJRSNK>!J>W>JK!@H!M@OM!NRDFRD!K>FK@K!AH?!KF>D@S!KMNSe/!0Q!_!.RIO/!
"8=5!0FI‡"$&]%^f&==5$/!!
""U/!! m@SMD>IQAH! j0a! *MAR?IE! +`a! 1AR>! 0(/! .-R?@>K! NL! F>I@FM>IAJ! OJRSNK>! RFDAe>!
?RI@HO!K>FK@K/!0ISM!.RIO/!"8=8!_RH!"‡""%]Y^f=%U&/!!
"""/!! +NSM@?A!2*a!-NQ@HAOA!)a!)ADKRQNDN!)a!.>e@eAlA!0a!.AKAe@!`/!+HKRJ@H!I>K@KDAHS>!
@H! K>FD@S! IADKXXA! KDR?E! BE! DM>! >ROJES>Q@S! SJAQF! D>SMH@TR>/! 2@L>! .S@/!
"858‡%&]"=^f"&Y==$/!!
""#/!! .MAHOIAl! '(a! _AMNNI! :a! )@ENKM@! `a! ,>LL! m0a! .DRAID! *0a! `>IH?NH! 3,a! >D! AJ/!
3@LL>I>HD@AD@NH! B>Dl>>H! K>FD@S! AH?! FNKDBRIH! @HKRJ@H! I>K@KDAHS>/! )>DABNJ@KQ/! "858!
7SD‡$5]"U^f85$8/!!
""$/!! 1AMD@EAI!;a!.M@H!__a!0EDAQAH!0a!.Nl>IK!_'a!)S:AIJAH>!.+/!0KKNS@AD@NH!NL!?@AB>D>K!
AH?! M>FAD@D@K! *! @HL>SD@NHf! >F@?>Q@NJNO@S! >W@?>HS>! AH?! FADMNFMEK@NJNO@S! @HK@OMDK/!
*RII!3@AB!'>F/!#UU%!_RH‡%]$^f"8%5/!!
""%/!! <AN!6a!2>>!;0a!;IRHL>J?!*/!`+6!-M>IAFEa!)>DABNJ@S!.EH?INQ>a!AH?!*AI?@NWAKSRJAI!
'@Ke/!*RII!0DM>INKSJ>I!'>F/!#UU5!:>B‡"U]"^fY"=U/!!
""&/!! .@?@INFNRJNK!<+a!jAIWNRHAI@K!.0a!1NRQFAK!3-/!)>DABNJ@S!KEH?INQ>!@H!IM>RQAD@S!
?@K>AK>Kf! >F@?>Q@NJNOEa! FADMNFMEK@NJNOEa! AH?! SJ@H@SAJ! @QFJ@SAD@NHK/! 0IDMI@D@K! '>K!
-M>I/!#UU5‡"U]$^f#U=/!!
""Y/!! `NDAQ@KJ@O@J! ;.a! .MAIO@JJ! ,.a! .F@>O>JQAH! 1)/! 0?@FNK>! >[FI>KK@NH! NL! DRQNI!
H>SINK@K!LASDNIXAJFMAf!?@I>SD!INJ>!@H!NB>K@DEXJ@He>?!@HKRJ@H!I>K@KDAHS>/!.S@>HS>/!"88$!
_AH!"‡#&8]&U8"^f5=8"/!!
""=/!! m>@KB>IO!.<a!)S*AHH!3a!3>KA@!)a!'NK>HBARQ!)a!2>@B>J!'2a!:>IIAHD>!0m/!7B>K@DE!
@K! AKKNS@AD>?! l@DM! QASINFMAO>! ASSRQRJAD@NH! @H! A?@FNK>! D@KKR>/! _! *J@H! +HW>KD/! #UU$!
3>S!"&‡""#]"#^f"=8Y5U5/!!

"5$!
""5/!! 9R!`a!1AIH>K!;-a!qAHO!†a!-AH!;a!qAHO!3a!*MNR!*_a!>D!AJ/!*MINH@S!@HLJAQQAD@NH!@H!LAD!
FJAEK! A! SIRS@AJ! INJ>! @H! DM>! ?>W>JNFQ>HD! NL! NB>K@DEXI>JAD>?! @HKRJ@H! I>K@KDAHS>/! _! *J@H!
+HW>KD/!#UU$!3>S!"&‡""#]"#^f"5#"$U/!!
""8/!! 2RQ>HO!*,a!1N?c@H!_2a!.AJD@>J!0'/!7B>K@DE!@H?RS>K!A!FM>HNDEF@S!Kl@DSM!@H!A?@FNK>!
D@KKR>!QASINFMAO>!FNJAI@cAD@NH/!_!*J@H!+HW>KD/!#UU=!_AH!#‡""=]"^f"=&5%/!!
"#U/!! `NDAQ@KJ@O@J! ;./! +HLJAQQAD@NH! AH?! Q>DABNJ@S! ?@KNI?>IK/! ,ADRI>/! #UUY! 3>S!
"%‡%%%]="#"^f5YU=/!!
"#"/!! .SM>He! .a! .AB>I@! )a! 7J>LKeE! _)/! +HKRJ@H! K>HK@D@W@DEf! QN?RJAD@NH! BE! HRDI@>HDK! AH?!
@HLJAQQAD@NH/!_!*J@H!+HW>KD/!#UU5!.>F!#‡""5]8^f#88#$UU#/!!
"##/!! 7KBNIH! 7a! 7J>LKeE! _)/! -M>! S>JJRJAI! AH?! K@OHAJ@HO! H>DlNIeK! J@He@HO! DM>! @QQRH>!
KEKD>Q!AH?!Q>DABNJ@KQ!@H!?@K>AK>/!,AD!)>?/!#U"#!)AI‡"5]$^f$Y$=%/!!
"#$/!! .D>FM>HK! _)a! <>eAJA! <`/! -IAHKSI@FD@NHAJ! I>FI>KK@NH! NL! DM>! *h(1<XAJFMA! AH?!
;24-%! O>H>K! @H! $-$X2"! A?@FNSED>K! BE! DRQNI! H>SINK@K! LASDNIXAJFMA/! '>ORJAD@NHK! @K!
SNNI?@HAD>! AH?! @H?>F>H?>HD! NL! FIND>@H! KEHDM>K@K/! _! 1@NJ! *M>Q/! "88#! _RJ!
&‡#Y=]"8^f"$&5U%/!!
"#%/!! `NJJAH?! m2a! 1@eQAH! 1-a! mAHO! 2X<a! qRORAHO! ;a! .AIO>HD! j)a! 1RJSMAH?! .a! >D! AJ/!
2@F@?X@H?RS>?! @HKRJ@H! I>K@KDAHS>! Q>?@AD>?! BE! DM>! FIN@HLJAQQADNIE! I>S>FDNI! -2'%!
I>TR@I>K! KADRIAD>?! LADDE! AS@?@H?RS>?! S>IAQ@?>! B@NKEHDM>K@K! @H! Q@S>/! _! *J@H! +HW>KD/!
#U""!)AE!#‡"#"]&^f"5&5=U/!!
"#&/!! 2@H! qa! 1>IO! 0`a! +E>HOAI! <a! 2AQ! -j-a! ;@ASSA! 0a! *NQBK! -<a! >D! AJ/! -M>!
`EF>IOJES>Q@AX@H?RS>?!+HLJAQQADNIE!'>KFNHK>!@H!0?@FNSED>K!-M>!'NJ>!7L!'>ASD@W>!
7[EO>H!.F>S@>K/!_!1@NJ!*M>Q/!#UU&!:>B!""‡#5U]Y^f%Y"=#Y/!!
"#Y/!! .M@! `a! jNeN>WA! )6a! +HNRE>! ja! -cAQ>J@! +a! q@H! `a! :J@>I! _./! -2'%! J@HeK! @HHAD>!
@QQRH@DE! AH?! LADDE! AS@?@H?RS>?! @HKRJ@H! I>K@KDAHS>/! _! *J@H! +HW>KD/! #UUY! ,NW!
"‡""Y]""^f$U"&#&/!!
"#=/!! _NMHKNH! 0):a! 7J>LKeE! _)/! -M>! 7I@O@HK! AH?! 3I@W>IK! NL! +HKRJ@H! '>K@KDAHS>/! *>JJ/!
#U"$!:>B!"%‡"&#]%^fY=$5%/!!
"#5/!! ;NI?NH! .a! )AID@H>c! :7/! 0JD>IHAD@W>! 0SD@WAD@NH! NL! )ASINFMAO>Kf! )>SMAH@KQ! AH?!
:RHSD@NHK/!+QQRH@DE/!#U"U!)AE!#5‡$#]&^f&8$YU%/!!
"#8/!! )NKK>I! 3)a! (?lAI?K! _</! ([FJNI@HO! DM>! LRJJ! KF>SDIRQ! NL! QASINFMAO>! ASD@WAD@NH/!
,AD!'>W!+QQRHNJ/!#UU5!3>S‡5]"#^f8&5Y8/!!
"$U/!! _>He@HK!._a!'RSe>IJ!3a!*NNe!<*a!_NH>K!2`a!:@He>JQAH!:3a!WAH!'NN@b>H!,a!>D!AJ/!2NSAJ!
QASINFMAO>!FINJ@L>IAD@NHa!IADM>I!DMAH!I>SIR@DQ>HD!LINQ!DM>!BJNN?a!@K!A!K@OHADRI>!NL!
-M#!@HLJAQQAD@NH/!.S@>HS>/!#U""!_RH!"U‡$$#]YU$&^f"#5%5/!!
"$"/!! jAH?A! `a! -AD>EA! .a! -AQNI@! qa! jNDAH@! ja! `@AKA! ja! j@DAcAlA! 'a! >D! AJ/! )*<X"!
SNHDI@BRD>K! DN! QASINFMAO>! @HL@JDIAD@NH! @HDN! A?@FNK>! D@KKR>a! @HKRJ@H! I>K@KDAHS>a! AH?!
M>FAD@S!KD>ADNK@K!@H!NB>K@DE/!_!*J@H!+HW>KD/!#UUY!_RH!"‡""Y]Y^f"%8%&U&/!!
"$#/!! m>@KB>IO! .<a! `RHD>I! 3a! `RB>I! 'a! 2>Q@>R[! _a! .JAEQAe>I! .a! 6A??@! ja! >D! AJ/! **'#!
QN?RJAD>K!@HLJAQQADNIE!AH?!Q>DABNJ@S!>LL>SDK!NL!M@OMXLAD!L>>?@HO/!_!*J@H!+HW>KD/!#UUY!
_AH!%‡""Y]"^f""&#%/!!
"$$/!! 7BKDL>J?!0(a!.ROAIR!(a!-M>AIJ>!)a!:IAHS@KSN!0X)a!;AE>D!*a!;@HKB>IO!`,a!>D!AJ/!*X*!
*M>QNe@H>! '>S>FDNI! #! ]**'#^! '>ORJAD>K! DM>! `>FAD@S! '>SIR@DQ>HD! NL! )E>JN@?! *>JJK!
-MAD!<INQND>!7B>K@DEX+H?RS>?!`>FAD@S!.D>ADNK@K/!3@AB>D>K/!#U"U!0FI‡&8]%^f8"Y#&/!!
"$%/!! 7M! 3qa! )NI@HAOA! `a! -AJRe?AI! .a! 1A>! (_a! 7J>LKeE! _)/! +HSI>AK>?! )ASINFMAO>!
)@OIAD@NH!+HDN!0?@FNK>!-@KKR>!@H!7B>K>!)@S>/!3@AB>D>K/!#U"#!:>B‡Y"]#^f$%Y&%/!!

"5%!
"$&/!! jJ>@H!+a!*NIH>bN!_*a!<NJAeNK!,ja!_NMH!1a!mR>HKSM!.0a!-NFMAQ!3_a!>D!AJ/!jRFLL>I!S>JJ!
M>D>INO>H>@DEf! LRHSD@NHAJ! FINF>ID@>K! NL! BNH>! QAIINl?>I@W>?! AH?! K>KK@J>! M>FAD@S!
QASINFMAO>K/!1JNN?/!#UU=!3>S!"‡""U]"#^f%U==5&/!!
"$Y/!! ,>EI@HSe!0)a!*AH@!<3a!3>lRJL!()a!3>!1ASe>I!:a!1@H?>JK!21a!3>Jc>HH>!,)/!*I@D@SAJ!
INJ>! NL! jRFLL>I! S>JJK! @H! DM>! QAHAO>Q>HD! NL! ?@>DX@H?RS>?! ?@AB>D>K! AH?! NB>K@DE/!
1@NSM>Q!1@NFMEK!'>K!*NQQRH/!#UU8!_RJ!$"‡$5&]$^f$&"Y/!!
"$=/!! 2AHDM@>I! ,a! )NJ>H?@X*NKD>! 7a! `NIKQAHK! qa! 'NN@b>H! ,! WAHa! *AH@! <3a! 2>SJ>IST! +0/!
jRFLL>I!S>JJ!ASD@WAD@NH!@K!A!SARKAJ!LASDNI!LNI!M>FAD@S!@HKRJ@H!I>K@KDAHS>/!0Q!_!<MEK@NJ!X!
;AKDIN@HD>KD!2@W>I!<MEK@NJ/!#U"U!_AH!"‡#85]"^f;"U="Y/!!
"$5/!! .DI@KK>J!j_a!.DAHSM>WA!Ša!)@ENKM@!`a!<>IL@>J?!_ma!3>:RI@A!_a!_@Se!Ša!>D!AJ/!0?@FNSED>!
3>ADMa! 0?@FNK>! -@KKR>! '>QN?>J@HOa! AH?! 7B>K@DE! *NQFJ@SAD@NHK/! 3@AB>D>K/! #UU=! 3>S!
"‡&Y]"#^f#8"U5/!!
"$8/!! jNKD>J@! 0a! .ROAIR! (a! `A>QQ>IJ>! ;a! )AID@H! _:a! 2>@! _a! Š>SMH>I! 'a! >D! AJ/! m>@OMD! JNKK!
AH?!J@FNJEK@K!FINQND>!A!?EHAQ@S!@QQRH>!I>KFNHK>!@H!QRI@H>!A?@FNK>!D@KKR>/!_!*J@H!
+HW>KD/!#U"U!7SD!"‡"#U]"U^f$%YY=8/!!
"%U/!! ,@KM@QRIA! .a! )AHAB>! +a! ,AOAKAe@! )a! (DN! ja! qAQAKM@DA! `a! 7MKRO@! )a! >D! AJ/! *35‚!
>LL>SDNI! -! S>JJK! SNHDI@BRD>! DN! QASINFMAO>! I>SIR@DQ>HD! AH?! A?@FNK>! D@KKR>!
@HLJAQQAD@NH!@H!NB>K@DE/!,AD!)>?/!#UU8!0RO‡"&]5^f8"%#U/!!
"%"/!! )@JJ>I! 'a! m>H! 9a! 3RHLNI?! 1a! mAHO! 9a! .RcRe@! q/! *EDNe@H>! <IN?RSD@NH! NL! *35‚!
+QQRH>! -! *>JJK! BRD! ,ND! NL! *3%‚! -! *>JJK! LINQ! -N[NFJAKQA! ONH?@@X+HL>SD>?! )@S>! +K!
<NJAI@c>?! DN! A! -EF>! "! '>KFNHK>! :NJJNl@HO! .D@QRJAD@NH! l@DM! -ASMEcN@D>X+HL>SD>?!
)ASINFMAO>K/!_!+HD>IL>INH!*EDNe@H>!'>K/!#UUY!,NW!"‡#Y]""^f=5=8#/!!
"%#/!! .AeAORSM@! .a! 7HN! )a! .>DNORSM@! 'a! qAO@! `a! `NI@! .a! :>M>IWAI@! Ša! >D! AJ/!
:N[F$‚*3#&‚*3%‚! HADRIAJ! I>ORJADNIE! -! S>JJK! @H! ?NQ@HAHD! K>JLXDNJ>IAHS>! AH?!
ARDN@QQRH>!?@K>AK>/!+QQRHNJ!'>W/!#UUY!0RO!"‡#"#]"^f5#=/!!
"%$/!! m@H>I! .a! *MAH! qa! <AJDK>I! ;a! -IRNHO! 3a! -KR@! `a! 1AMIAQ@! _a! >D! AJ/! ,NIQAJ@cAD@NH! NL!
7B>K@DEX0KKNS@AD>?! +HKRJ@H! '>K@KDAHS>! DMINROM! +QQRHNDM>IAFEf! *3%‚! -! *>JJK!
*NHDINJ!;JRSNK>!`NQ>NKDAK@K/!,AD!)>?/!#UU8!0RO‡"&]5^f8#"8/!!
"%%/!! :>R>I>I!)a!`>II>IN!2a!*@FNJJ>DDA!3a!,AAc!0a!mNHO!_a!,AE>I!0a!>D!AJ/!2>AHa!BRD!HND!
NB>K>a! LAD! @K! >HI@SM>?! LNI! A! RH@TR>! FNFRJAD@NH! NL! I>ORJADNIE! -! S>JJK! DMAD! ALL>SD!
Q>DABNJ@S!FAIAQ>D>IK/!,AD!)>?/!#UU8!0RO‡"&]5^f8$U8/!!
"%&/!! *@FNJJ>DDA!3a!:>R>I>I!)a!2@!0a!jAQ>@!,a!2>>!_a!.MN>JKNH!.(a!>D!AJ/!<<0'Xo!@K!A!QAbNI!
?I@W>I!NL!DM>!ASSRQRJAD@NH!AH?!FM>HNDEF>!NL!A?@FNK>!D@KKR>!-I>O!S>JJK/!,ADRI>/!#U"#!
_RH!#5‡%5Y]=%U%^f&%8&$/!!
"%Y/!! 7MQRIA! ja! +KM@QNI@! ,a! 7MQRIA! qa! -NeRMAIA! .a! ,NcAlA! 0a! `NI@@! .a! >D! AJ/! ,ADRIAJ!
j@JJ>I!-!*>JJK!0I>!+HWNJW>?!@H!0?@FNK>!-@KKR>K!+HLJAQQAD@NH!AH?!;JRSNK>!+HDNJ>IAHS>!
@H!3@>DX+H?RS>?!7B>K>!)@S>/!0ID>I@NKSJ>I!-MINQB!6AKS!1@NJ/!#U"U!:>B!"‡$U]#^f"8$8/!!
"%=/!! m@H>I!30a!m@H>I!.a!.M>H!2a!mA?@A!<<a!qAHDMA!_a!<AJDK>I!;a!>D!AJ/!1!S>JJK!FINQND>!
@HKRJ@H! I>K@KDAHS>! DMINROM! QN?RJAD@NH! NL! -! S>JJK! AH?! FIN?RSD@NH! NL! FADMNO>H@S! +O;!
AHD@BN?@>K/!,AD!)>?/!#U""!)AE‡"=]&^fY"U=/!!
"%5/!! ;I@!;a!:INKK@!1a!3P+HSA!:a!3AH>JJ@!2a!1>DDN!(a!)@NH!:a!>D!AJ/!)AKD!*>JJf!0H!(Q>IO@HO!
<AIDH>I!@H!+QQRH>!+HD>IASD@NH/!:INHD!+QQRHNJ/!#U"#!)AE!#&‡$f"#U/!!
"%8/!! 7DKReA!0a!jRBN!)a!`NH?A!-a!(OAlA!;a!,AeAb@QA!.a!-AH@cAe@!`a!>D!AJ/!'>TR@I>Q>HD!
NL! +HD>IASD@NH! B>Dl>>H! )AKD! *>JJK! AH?! .e@H! 3>H?I@D@S! *>JJK! DN! (KDABJ@KM! *NHDASD!
`EF>IK>HK@D@W@DE/!<2N.!7,(/!#U""!.>F!$U‡Y]8^f>#&&$5/!!

"5&!
"&U/!! 9R!_X)a!.M@!;X</!(Q>IO@HO!'NJ>!NL!)AKD!*>JJK!AH?!)ASINFMAO>K!@H!*AI?@NWAKSRJAI!
AH?!)>DABNJ@S!3@K>AK>K/!(H?NSI!'>W/!#U"#!:>B‡$$]"^f=""U5/!!
"&"/!! 0JD@HDAK! ))a! 0cA?! 0a! ,AE>I! 1a! *NHDI>IAK! ;a! ŠA@AK! _a! :ARJ! *a! >D! AJ/! )AKD! S>JJKa!
QASINFMAO>Ka!AH?!SINlHXJ@e>!KDIRSDRI>K!?@KD@HOR@KM!KRBSRDAH>NRK!LINQ!W@KS>IAJ!LAD!
@H!Q@S>/!_!2@F@?!'>K/!#U""!)AI!"‡&#]$^f%5U5/!!
"&#/!! 0JD@HDAK!))a!,AE>I!1a!mAJLNI?!(*a!_NMHKNH!j1a!;A@?NKM!;a!'>@K>I!_a!>D!AJ/!2>FD@H!
?>L@S@>HSEX@H?RS>?!NB>K@DE!ALL>SDK!DM>!?>HK@DE!NL!QAKD!S>JJK!@H!AB?NQ@HAJ!LAD!?>FNDK!
AH?!JEQFM!HN?>K!@H!Q@S>/!2@F@?K!`>AJDM!3@K/!#U"#!:>B!=‡""f#"/!!
"&$/!! 2@R! _a! 3@WNR[! 0a! .RH! _a! ŠMAHO! _a! *JGQ>HD! ja! ;J@SeQAH! _,a! >D! AJ/! ;>H>D@S! ?>L@S@>HSE!
AH?! FMAIQASNJNO@SAJ! KDAB@J@cAD@NH! NL! QAKD! S>JJK! I>?RS>! ?@>DX@H?RS>?! NB>K@DE! AH?!
?@AB>D>K!@H!Q@S>/!,AD!)>?/!#UU8!0RO‡"&]5^f8%U&/!!
"&%/!! -AHAeA!0a!,NQRIA!qa!)ADKR?A!0a!7MQNI@!ja!)ADKR?A!`/!)AKD!S>JJK!LRHSD@NH!AK!AH!
AJD>IHAD@W>!QN?RJADNI!NL!A?@FNO>H>K@K!DMINROM!"&X?>N[EX?>JDAX"#a!"%XFINKDAOJAH?@H!
_#/!0Q!_!<MEK@NJ!X!*>JJ!<MEK@NJ/!#U""!3>S!"‡$U"]Y^f*"$YU=/!!
"&&/!! -KRIR?A! -a! jADN! _a! `ADAe>EAQA! ja! jNb@QA! ja! qAHN! )a! qAHN! qa! >D! AJ/! 0?W>HD@D@AJ!
)AKD! *>JJK! *NHDI@BRD>! DN! <ADMNO>H>K@K! @H! DM>! <INOI>KK@NH! NL! 0B?NQ@HAJ! 0NID@S!
0H>RIEKQ/!*@IS!'>K/!#UU5!_RH!Y‡"U#]""^f"$Y5==/!!
"&Y/!! -I@OO@AH@! )a! ;IAHADA! :a! :IADD@H@! 0a! )AINH>! ;/! 0SD@WAD@NH! NL! MRQAH! @HLJAQQADNIE!
S>JJK! BE! K>SI>D>?! FMNKFMNJ@FAK>K! 0#/! 1@NSM@Q! 1@NFMEK! 0SDA! 110! X! )NJ! *>JJ! 1@NJ!
2@F@?K/!#UUY!,NW‡"=Y"]""^f"#58$UU/!!
"&=/!! -AJRe?AI! .a! 7M! 3qa! 1AH?ENFA?MEAE! ;a! 2@! 3a! 9R! _a! )S,>J@K! _a! >D! AJ/! ,>RDINFM@JK!
Q>?@AD>!@HKRJ@H!I>K@KDAHS>!@H!Q@S>!L>?!A!M@OMXLAD!?@>D!DMINROM!K>SI>D>?!>JAKDAK>/!,AD!
)>?/!#U"#!.>F‡"5]8^f"%U="#/!!
"&5/!! mR!3a!)NJNLKeE!01a!2@AHO!`X(a!'@SAI?NX;NHcAJ>c!''a!_NR@MAH!`0a!1AH?N!_ja!>D!AJ/!
(NK@HNFM@JK! .RKDA@H! 0?@FNK>! 0JD>IHAD@W>JE! 0SD@WAD>?! )ASINFMAO>K! 0KKNS@AD>?! l@DM!
;JRSNK>!`NQ>NKDAK@K/!.S@>HS>/!#U""!0FI!5‡$$#]YU#Y^f#%$=/!!
"&8/!! `NDAQ@KJ@O@J! ;.a! )RIIAE! 32a! *MNE! 2,a! .F@>O>JQAH! 1)/! -RQNI! H>SINK@K! LASDNI!
AJFMA!@HM@B@DK!K@OHAJ@HO!LINQ!DM>!@HKRJ@H!I>S>FDNI/!<INS!,ADJ!0SA?!.S@!4!.!0/!"88%!)AE!
#%‡8"]""^f%5&%5/!!
"YU/!! .D>FM>HK!_)a!2>>!_a!<@JSM!<:/!-RQNI!,>SINK@K!:ASDNIXgX@H?RS>?!+HKRJ@H!'>K@KDAHS>!
@H!$-$X2"!0?@FNSED>K!+K!0SSNQFAH@>?!BE!A!2NKK!NL!+HKRJ@H!'>S>FDNI!.RBKDIAD>X"!AH?!
;24-%!([FI>KK@NH!l@DMNRD!A!2NKK!NL!+HKRJ@H!'>S>FDNIXQ>?@AD>?!.@OHAJ!-IAHK?RSD@NH/!
_!1@NJ!*M>Q/!"88=!_AH!"U‡#=#]#^f8="Y/!!
"Y"/!! (HO>JQAH!_0a!1>IO!0`a!2>l@K!'qa!2@KAHD@!)<a!.SM>I>I!<(/!-RQNI!,>SINK@K!:ASDNI!
gX)>?@AD>?! +HKRJ@H! '>K@KDAHS>a! BRD! ,ND! 3>?@LL>I>HD@AD@NHa! +K! 0BINOAD>?! BE! )(j"h#!
+HM@B@DNIK!@H!$-$X2"!0?@FNSED>K/!)NJ!(H?NSI@HNJ/!#UUU!7SD!"‡"%]"U^f"&&=Y8/!!
"Y#/!! jAlAeAQ@! )a! )RIAK>! -a! 7OAQA! `a! +KM@BAKM@! .a! )NI@! ,a! -AeAeR! :a! >D! AJ/! `RQAH!
'>SNQB@HAHD! -,:! .RFFI>KK>K! 2@FNFIND>@H! 2@FAK>! 0SD@W@DE! AH?! .D@QRJAD>K! 2@FNJEK@K!
@H!$-$X2"!*>JJK/!_!1@NSM>Q!]-NeEN^/!"85=!:>B!"‡"U"]#^f$$"5/!!
"Y$/!! :IAHSM@H@!)a!)NHHA@K!(a!.>BN>e!3a!'A?@Q>IKe@!-a!Š@H@!(a!jARLQAHH!ja!>D!AJ/!+HKRJ@H!
'>K@KDAHS>!AH?!+HSI>AK>?!2@FNJEK@K!@H!1NH>!)AIINl!3>I@W>?!0?@FNSED>K!.D@QRJAD>?!
l@DM!0ONH@KDK!NL!-NJJXJ@e>!'>S>FDNIK/!`NIQ!)>DAB!'>K/!#U"U!.>F‡%#]"U^f=U$8/!!
"Y%/!! :>@HONJ?! j'a! 3N>IIJ>I! ma! 3@HAI>JJN! *0a! :@>IK! ma! ;IRHL>J?! */! .D@QRJAD@NH! NL!
J@FNJEK@K! @H! SRJDRI>?! LAD! S>JJK! BE! DRQNI! H>SINK@K! LASDNIa! @HD>IJ>Re@HX"a! AH?! DM>!

"5Y!
@HD>IL>INHK!@K!BJNSe>?!BE!@HM@B@D@NH!NL!FINKDAOJAH?@H!KEHDM>K@K/!(H?NSI@HNJNOE/!"88#!
_AH!"‡"$U]"^f"UY/!!
"Y&/!! 'E?GH! )a! 3@Se>I! 0a! `AIQ>J>H! 6! WAHa! `ARH>I! `a! 1IRHHB>IO! )a! <>IB>Se! 2a! >D! AJ/!
)AFF@HO!NL!(AIJE!.@OHAJ@HO!(W>HDK!@H!-RQNI!,>SINK@K!:ASDNIXgXQ>?@AD>?!2@FNJEK@K!@H!
`RQAH!:AD!*>JJK/!_!1@NJ!*M>Q/!#UU#!_AH!""‡#==]#^f"U5&8"/!!
"YY/!! ŠMAHO!``a!`AJBJ>@B!)a!0MQA?!:a!)AHOAH@>JJN!6*a!;I>>HB>IO!0./!-RQNI!,>SINK@K!
:ASDNIXg! .D@QRJAD>K! 2@FNJEK@K! @H! 3@LL>I>HD@AD>?! `RQAH! 0?@FNSED>K! -MINROM!
0SD@WAD@NH!NL!([DIAS>JJRJAI!.@OHAJX'>JAD>?!j@HAK>!AH?!(J>WAD@NH!NL!+HDIAS>JJRJAI!S0)</!
3@AB>D>K/!#UU#!7SD!"‡&"]"U^f#8#8$&/!!
"Y=/!! ;IAHH>QAH! _;a! )NNI>! `X<`a! ;IAHH>QAH! '2a! ;I>>HB>IO! 0.a! 7B@H! ).a! ŠMR! Š/!
0HAJEK@K!NL!2@FNJED@S!<IND>@H!-IALL@Se@HO!AH?!+HD>IASD@NHK!@H!0?@FNSED>K/!_!1@NJ!*M>Q/!
#UU=!:>B!#$‡#5#]5^f&=#Y$&/!!
"Y5/!! ;IAHH>QAH! _;a! )NNI>! `X<`a! jI@KMHAQNNIDME! 'a! 'ADMN?! )/! <>I@J@F@H! *NHDINJK!
2@FNJEK@K!BE!'>ORJAD@HO!DM>!+HD>IASD@NHK!NL!01XME?INJAK>!*NHDA@H@HO!&!]0BM?&^!AH?!
0?@FNK>!-I@OJES>I@?>!2@FAK>!]0DOJ^/!_!1@NJ!*M>Q/!#UU8!3>S!""‡#5%]&U^f$%&$5%%/!!
"Y8/!! 1GcA@I>! 6a! )A@IAJ! 0a! 0H>K@A! 'a! 2>LNID! *a! 2AHO@H! 3/! *MINH@S! -,:g! AH?! S0)<! FI>X
DI>ADQ>HD!NL!MRQAH!A?@FNSED>K!AJD>I!`.2a!0-;2!AH?!F>I@J@F@H!DN!I>ORJAD>!BAKAJ!AH?!
KD@QRJAD>?!J@FNJEK@K/!:(1.!2>DD/!#UU8!.>F!"=‡&5$]"5^f$U%&8/!!
"=U/!! 2ARI>HS@e@>H>!_a!`AIQ>J>H!6!WAHa!,NI?KDI–Q!(0a!3@Se>I!0a!1JNQTW@KD!2a!,¤KJRH?!
(a!>D!AJ/!,:Xp1!@K!@QFNIDAHD!LNI!-,:XgX@H?RS>?!J@FNJEK@K!@H!MRQAH!A?@FNSED>K/!_!2@F@?!
'>K/!#UU=!)AE!"‡%5]&^f"UY8==/!!
"="/!! 'AHb@D!.a!1NRD>D!(a!;AH?M@!<a!<IND!)a!-AQNI@!qa!*MAlJA!0a!>D!AJ/!'>ORJAD@NH!NL!LAD!
KF>S@L@S! FIND>@H! #=! BE! @KNFIND>I>HNJ! AH?! -,:Xg! DN! SNHDINJ! J@FNJEK@K! @H! QRI@H>!
A?@FNSED>K/!_!2@F@?!'>K/!#U""!:>B!"‡&#]#^f##"$Y/!!
"=#/!! qAHO! 9a! ŠMAHO! 9a! `>SeQAHH! 12a! 2R! 9a! 2@R! _/! '>JAD@W>! *NHDI@BRD@NH! NL! 0?@FNK>!
-I@OJES>I@?>! 2@FAK>! AH?! `NIQNH>XK>HK@D@W>! 2@FAK>! DN! -RQNI! ,>SINK@K! :ASDNIXg!
]-,:Xg^X@H?RS>?!2@FNJEK@K!@H!0?@FNSED>K/!_!1@NJ!*M>Q/!#U""!,NW!#&‡#5Y]%=^f%U%==
5&/!!
"=$/!! ŠR! 2a! `>! _a! _@AHO! `a! 9R! *a! <R! .a! 9R! ;/! 1ASD>I@AJ! (H?NDN[@H! .D@QRJAD>K! 0?@FNK>!
2@FNJEK@K! W@A! -NJJX2@e>! '>S>FDNI! %! AH?! ([DIAS>JJRJAI! .@OHAJXI>ORJAD>?! j@HAK>!
<ADMlAE/!_!1@NJ!*M>Q/!#UU8!:>B!#=‡#5%]8^f&8"&#Y/!!
"=%/!! ;R@JM>IQ>! 0a! 6@IBAK@RK! _6a! <RI@! 6a! *c>SM! )</! 0?@FNSED>! ?EKLRHSD@NHK! J@He@HO!
NB>K@DE! DN! @HKRJ@H! I>K@KDAHS>! AH?! DEF>! #! ?@AB>D>K/! ,AD! '>W! )NJ! *>JJ! 1@NJ/! #UU5!
)AE‡8]&^f$Y===/!!
"=&/!! -IRb@JJN! )(a! .SM>I>I! <(/! 0?@FNH>SD@H! ! bNRIH>E! LINQ! AH! A?@FNSED>! K>SI>DNIE!
FIND>@H! DN! B@NQAIe>I! NL! DM>! Q>DABNJ@S! KEH?INQ>/! _! +HD>IH! )>?/! #UU&! :>B!
"‡#&=]#^f"Y==&/!!
"=Y/!! *A@!3a!qRAH!)a!:IAHDc!3:a!)>J>H?>c!<0a!`AHK>H!2a!2>>!_a!>D!AJ/!2NSAJ!AH?!KEKD>Q@S!
@HKRJ@H! I>K@KDAHS>! I>KRJD@HO! LINQ! M>FAD@S! ASD@WAD@NH! NL! +jjXZ! AH?! ,:Xp1/! ,AD! )>?/!
#UU&!:>B‡""]#^f"5$8U/!!
"==/!! 0IeAH! )*a! `>W>H>I! 02a! ;I>D>H! :'a! )A>?A! .a! 2@! ŠXma! 2NHO! _)a! >D! AJ/! +jjXZ! J@HeK!
@HLJAQQAD@NH!DN!NB>K@DEX@H?RS>?!@HKRJ@H!I>K@KDAHS>/!,AD!)>?/!#UU&!:>B‡""]#^f"8"5/!!
"=5/!! `@INKRQ@!_a!-RHSQAH!;a!*MAHO!2a!;–IO~H!*Ša!4EKAJ!j-a!)A>?A!ja!>D!AJ/!0!S>HDIAJ!
INJ>!LNI!_,j!@H!NB>K@DE!AH?!@HKRJ@H!I>K@KDAHS>/!,ADRI>/!#UU#!,NW!#"‡%#U]Y8"$^f$$$
Y/!!

"5=!
"=8/!! .AB@N! ;a! *AWAHAOMXjEINK! _a! jN! `_a! _RHO! 3qa! ;IAE! .a! _RH! _qa! >D! AJ/! <I>W>HD@NH! NL!
.D>ADNK@K!BE!`>FAD@S!_,j"/!*>JJ!)>DAB/!#UU8!3>S‡"U]Y^f%8"5/!!
"5U/!! :>@HONJ?! j'a! ;IRHL>J?! */! -RQNI! H>SINK@K! LASDNIXAJFMA! KD@QRJAD>K! M>FAD@S!
J@FNO>H>K@K!@H!DM>!IAD!@H!W@WN/!_!*J@H!+HW>KD/!"85=!_RJ‡5U]"^f"5%8U/!!
"5"/!! ;IRHL>J?!*a!0?@!.a!.NR>?!)a!)NK>I!0a!:@>IK!ma!:>@HONJ?!j'/!.>AISM!LNI!)>?@ADNIK!
NL! DM>! 2@FNO>H@S! (LL>SDK! NL! -RQNI! ,>SINK@K! :ASDNIf! <ND>HD@AJ! 'NJ>! LNI! +HD>IJ>Re@H! Y/!
*AHS>I!'>K/!"88U!_RJ!"&‡&U]"%^f%#$$5/!!
"5#/!! :>@HONJ?! j'a! .DAFIAHK! +a! )>QNH! '0a! )NK>I! 0`a! .M@O>HAOA! _ja! 3N>IIJ>I! ma! >D! AJ/!
(H?NDN[@H! IAF@?JE! @H?RS>K! SMAHO>K! @H! J@F@?! Q>DABNJ@KQ! DMAD! FIN?RS>!
MEF>IDI@OJES>I@?>Q@Af! JNl! ?NK>K! KD@QRJAD>! M>FAD@S! DI@OJES>I@?>! FIN?RSD@NH! lM@J>!
M@OM!?NK>K!@HM@B@D!SJ>AIAHS>/!_!2@F@?!'>K/!"88#!3>S!"‡$$]"#^f"=Y&=Y/!!
"5$/!! .MN>JKNH!.(a!2>>!_a!;NJ?L@H>!01/!+HLJAQQAD@NH!AH?!@HKRJ@H!I>K@KDAHS>/!_!*J@H!+HW>KD/!
#UUY!_RJ!$‡""Y]=^f"=8$5U"/!!
"5%/!! :>BBIA@N! )0a! .D>>HKB>IO! 0a! .DAIe@>! '2a! )S*NH>JJ! ;ja! j@HOl>JJ! 10/! .e>J>DAJ!
QRKSJ>! @HD>IJ>Re@HXY! AH?! DRQNI! H>SINK@K! LASDNIXg! I>J>AK>! @H! M>AJDME! KRBb>SDK! AH?!
FAD@>HDK! l@DM! DEF>! #! ?@AB>D>K! AD! I>KD! AH?! ?RI@HO! >[>IS@K>/! )>DABNJ@KQ/! #UU$!
_RJ‡&#]=^f8$8%%/!!
"5&/!! *AI>E! 02a! 1IRS>! *'a! .ASSM>DD@! )a! 0H?>IKNH! )_a! 7JK>H! 31a! .AJD@H! 1a! >D! AJ/!
+HD>IJ>Re@HXY!AH?!DRQNI!H>SINK@K!LASDNIXg!AI>!HND!@HSI>AK>?!@H!FAD@>HDK!l@DM!-EF>!#!
?@AB>D>Kf! >W@?>HS>! DMAD! FJAKQA! @HD>IJ>Re@HXY! @K! I>JAD>?! DN! LAD! QAKK! AH?! HND! @HKRJ@H!
I>KFNHK@W>H>KK/!3@AB>DNJNO@A/!#UU%!)AE!#5‡%=]Y^f"U#8$=/!!
"5Y/!! .AOM@cA?>M! )a! 7HO! _)a! ;AIW>E! m-a! `>HIE! ''a! j>IH! <0/! -M>! >[FI>KK@NH! NL! -,:!
AJFMA! BE! MRQAH! QRKSJ>/! '>JAD@NHKM@F! DN! @HKRJ@H! I>K@KDAHS>/! _! *J@H! +HW>KD/! "88Y! :>B!
"&‡8=]%^f""""Y/!!
"5=/!! *A@!3a!:IAHDc!_3a!-AlA!,(a!)>J>H?>c!<0a!7M!1X*a!2@?NW!`;ma!>D!AJ/!+jjZh,:Xp1!
0SD@WAD@NH!*ARK>K!.>W>I>!)RKSJ>!mAKD@HO!@H!)@S>/!*>JJ/!#UU%!7SD!"&‡""8]#^f#5&85/!!
"55/!! '–MJ! )a! <AKFAIAe@K! )a! 1AR?J>I! .a! 1ARQOAIDJ! _a! ;ARDAQ! 3a! `RDM! )a! >D! AJ/!
*NH?@D@NHAJ! ?@KIRFD@NH! NL! +p1! e@HAK>! #! LA@JK! DN! FI>W>HD! NB>K@DEX@H?RS>?! @HKRJ@H!
I>K@KDAHS>/!_!*J@H!+HW>KD/!#UU%!:>B!"‡""$]$^f%=%5"/!!
"58/!! <JNQOAAI?!<a!1NRcAeI@!ja!jINOMX)A?K>H!'a!)@DD>H?NIL>I!1a!Š@>IADM!_'a!<>?>IK>H!
1j/!-RQNI!,>SINK@K!:ASDNIXg!+H?RS>K!.e>J>DAJ!)RKSJ>!+HKRJ@H!'>K@KDAHS>!@H!`>AJDME!
`RQAH!.RBb>SDK!W@A!+HM@B@D@NH!NL!0eD!.RBKDIAD>!"YU!<MNKFMNIEJAD@NH/!3@AB>D>K/!#UU&!
7SD!"‡&%]"U^f#8$8%&/!!
"8U/!! mNJKe! (a! )EO@H?! `a! ;I¦H?AMJ! -.a! <>?>IK>H! 1ja! `AJJ! ;! WAH/! +2XY! K>J>SD@W>JE!
KD@QRJAD>K! LAD! Q>DABNJ@KQ! @H! MRQAH! Ke>J>DAJ! QRKSJ>/! 0Q! _! <MEK@NJ! X! (H?NSI@HNJ!
)>DAB/!#U"U!,NW!"‡#88]&^f(5$#%U/!!
"8"/!! m>OIcEH! _a! <NDJA! 'a! *MlA>! qX_a! .>FRI@! ,16a! ŠMAHO! †a! jN>Se! -a! >D! AJ/! :RHSD@NH! NL!
)@DNSMNH?I@AJ!.DAD$!@H!*>JJRJAI!'>KF@IAD@NH/!.S@>HS>/!#UU8!:>B!Y‡$#$]&8"&^f=8$=/!!
"8#/!! 3>! .NRcA! *-a! 0IARbN! (<a! 1NI?@H! .a! 0KM@Q@H>! 'a! ŠNJJH>I! '2a! 1NKSM>IN! 0*a! >D! AJ/!
*NHKRQFD@NH!NL!A!:ADX'@SM!3@>D!0SD@WAD>K!A!<IN@HLJAQQADNIE!'>KFNHK>!AH?!+H?RS>K!
+HKRJ@H!'>K@KDAHS>!@H!DM>!`EFNDMAJAQRK/!(H?NSI@HNJNOE/!#UU&!7SD!"‡"%Y]"U^f%"8#8/!!
"8$/!! 7B@S@! .a! 'NKK>DD@! 2/! )@H@I>W@>lf! ,RDI@>HD! .>HK@HO! AH?! DM>! '>ORJAD@NH! NL! +HKRJ@H!
0SD@NH!AH?!(H>IOE!1AJAHS>/!(H?NSI@HNJNOE/!#UU$!3>S!"‡"%%]"#^f&"=#5/!!

"55!
"8%/!! ŠMAHO!9a!ŠMAHO!;a!ŠMAHO!`a!jAI@H!)a!1A@!`a!*A@!3/!`EFNDMAJAQ@S!+jjZh,:Xp1!AH?!
('! .DI>KK! 2@He! 7W>IHRDI@D@NH! DN! (H>IOE! +QBAJAHS>! AH?! 7B>K@DE/! *>JJ/! #UU5! 7SD!
$‡"$&]"^fY"=$/!!
"8&/!! )@JAHKe@! )a! 3>OAKF>I@! ;a! *NNF>! 0a! )NIAI@! _a! 3>H@K! 'a! *@HDIA! 3(a! >D! AJ/! .ADRIAD>?!
:ADDE! 0S@?K! <IN?RS>! AH! +HLJAQQADNIE! '>KFNHK>! <I>?NQ@HAHDJE! DMINROM! DM>!
0SD@WAD@NH!NL!-2'%!.@OHAJ@HO!@H!`EFNDMAJAQRKf!+QFJ@SAD@NHK!LNI!DM>!<ADMNO>H>K@K!NL!
7B>K@DE/!_!,>RINKS@/!#UU8!_AH!"%‡#8]#^f$&8=U/!!
"8Y/!! )@JAHKe@! )a! 0IIR?A! 0<a! *NNF>! 0a! +OHAS@NX.NRcA! 2)a! ,RH>c! *(a! 'NQAH! (0a! >D! AJ/!
+HM@B@D@NH! NL! `EFNDMAJAQ@S! +HLJAQQAD@NH! '>W>IK>K! 3@>DX+H?RS>?! +HKRJ@H! '>K@KDAHS>!
@H!DM>!2@W>I/!3@AB>D>K/!#U"#!_RH‡Y"]Y^f"%&&Y#/!!
"8=/!! .AB@N! ;a! *AWAHAOMXjEINK! _a! 1AII>DD! -a! _RHO! 3qa! jN! `_a! 7HO! `a! >D! AJ/! 'NJ>! NL! DM>!
MEFNDMAJAQ@SF@DR@DAIEDMEIN@?! A[@K! @H! Q>DABNJ@S! I>ORJAD@NH! BE! _,j"/! ;>H>K! 3>W/!
#U"U!:>B!"‡#%]$^f#&YY%/!!
"85/!! 1>JOAI?D! 1:a! )AR>I! _a! mRH?>IJ@SM! :-a! (IHKD! )1a! <AJ! )a! .FNMH! ;a! >D! AJ/!
`EFNDMAJAQ@S! AH?! F@DR@DAIE! SX_RH! ,XD>IQ@HAJ! e@HAK>! "! K@OHAJ@HO! SNNI?@HAD>JE!
I>ORJAD>K!OJRSNK>!Q>DABNJ@KQ/!<INS!,ADJ!0SA?!.S@!4!.!0/!#U"U!)AI!$U‡"U=]"$^fYU#5
$$/!!
"88/!! .D>@J! ;)a! -I@W>?@! ,a! _NHAK! _X*a! `AK>HeAQF! m)a! .MAIQA! 0a! 1NHH>IXm>@I! .a! >D! AJ/!
0?AFDAD@NH! NL! ZXS>JJ! QAKK! DN! KRBKDIAD>! NW>IKRFFJEf! >HMAHS>?! LRHSD@NH! l@DM! HNIQAJ!
O>H>!>[FI>KK@NH/!0Q!_!<MEK@NJ!X!(H?NSI@HNJ!)>DAB/!#UU"!)AE!"‡#5U]&^f(=558Y/!!
#UU/!! _>DDNH! -2a! 2ARK@>I! _a! 2A'NSe! ja! -INDQAH! m(a! 2AIQ@>! 1a! `AB@BNW@S! 0a! >D! AJ/!
)>SMAH@KQK! NL! *NQF>HKADNIE! ZX*>JJ! ;INlDM! @H! +HKRJ@HX'>K@KDAHD! 'ADK! 'NJ>K! NL! 0eD!
j@HAK>/!3@AB>D>K/!#UU&!0RO!"‡&%]5^f##8%$U%/!!
#U"/!! 2@R! q†a! _>DDNH! -2a! 2>AME! _2/! ZX*>JJ! 0?AFDAD@NH! DN! +HKRJ@H! '>K@KDAHS>! +HSI>AK>?!
<EIRWAD>!*AIBN[EJAK>!0H?!)AJAD>X<EIRWAD>!.MRDDJ>!0SD@W@DE!+H!+KJ>DK!7L!,NH?@AB>D@S!
ŠRSe>I!:ADDE!'ADK/!_!1@NJ!*M>Q/!#UU#!7SD!"5‡#==]%#^f$8"Y$5/!!
#U#/!! *M>H! *a! `NKNeAlA! `a! 1RQBAJN! 2)a! 2>AME! _2/! )>SMAH@KQ! NL! SNQF>HKADNIE!
MEF>I@HKRJ@H>Q@A! @H! HNIQNOJES>Q@S! @HKRJ@HXI>K@KDAHD! KFNHDAH>NRKJE! MEF>ID>HK@W>!
IADK/! 0ROQ>HD>?! >HcEQAD@S! ASD@W@DE! NL! OJRSNe@HAK>! @H! B>DAXS>JJK/! _! *J@H! +HW>KD/! "88%!
_RJ‡8%]"^f$88%U%/!!
#U$/!! <I>HDe@!)a!,NJAH!*_/!+KJ>D!Z!S>JJ!LA@JRI>!@H!DEF>!#!?@AB>D>K/!_!*J@H!+HW>KD/!#UUY!_RJ!
$‡""Y]=^f"5U#"#/!!
#U%/!! .I@H@WAKAH! .a! 1>IHAJX)@cIASM@! (a! 7MKRO@! )a! <>IQRDD! )0/! ;JRSNK>! FINQND>K!
FAHSI>AD@S! @KJ>D! ZXS>JJ! KRIW@WAJ! DMINROM! A! <+! $Xe@HAK>h0eDXK@OHAJ@HO! FADMlAE/! 0Q! _!
<MEK@NJ!X!(H?NSI@HNJ!)>DAB/!#UU#!7SD!"‡#5$]%^f(=5%8$/!!
#U&/!! 6AH! *@DD>IK! ;ma! jAB@I! )a! j@Q! .<a! )@DD>JQAH! .3a! 3>A! )ja! 1IRBAe>I! <2a! >D! AJ/!
(J>WAD>?! ;JRSAONHX2@e>! <>FD@?>X"X]=$Y^X0Q@?>a! BRD! ,ND! ;JRSNK>a! 0KKNS@AD>?! l@DM!
`EF>I@HKRJ@H>Q@S!*NQF>HKAD@NH!LNI!:AD!:>>?@HO/!_!*J@H!(H?NSI@HNJ!)>DAB/!#UU#!,NW!
"‡5=]""^f&"8"5/!!
#UY/!! 3IRSe>I!3_/!-M>!B@NJNOE!NL!@HSI>D@H!MNIQNH>K/!*>JJ!)>DAB/!#UUY!)AI!"‡$]$^f"&$
Y&/!!
#U=/!! 6AH!`A>LD>H!-ma!-l@SeJ>I!-1/!+HKRJ@HXJ@e>!OINlDM!LASDNIK!AH?!FAHSI>AK!B>DA!S>JJK/!
(RI!_!*J@H!+HW>KD/!#UU%!0FI!"‡$%]%^f#%8&&/!!

"58!
#U5/!! +DNM!qa!jAlAQADA!qa!`AIA?A!)a!jNBAEAKM@!)a!:Rb@@!'a!:ReRKRQ@!.a!>D!AJ/!:I>>!LADDE!
AS@?K!I>ORJAD>!@HKRJ@H!K>SI>D@NH!LINQ!FAHSI>AD@S!Z!S>JJK!DMINROM!;<'%U/!,ADRI>/!#UU$!
)AI!"$‡%##]Y8#5^f"=$Y/!!
#U8/!! `AI?E! .a! .DX7HO>! ;;a! _NJE! §a! 2AHO>J@>I! qa! <I>HDe@! )/! 7J>AD>! <INQND>K! DM>!
<INJ@L>IAD@NH!NL!1I>AKD!*AHS>I!*>JJK!W@A!DM>!;!<IND>@HXSNRFJ>?!'>S>FDNI!;<'%U/!_!1@NJ!
*M>Q/!#UU&!0FI!5‡#5U]"%^f"$#5&8"/!!
#"U/!! _MAJA!4.a!*AH>DD@>I@!;a!.SI>ADNH!'0a!jRJeAIH@!',a!jIAb>lKe@!.a!'>>?!_a!>D!AJ/!S0)<!
FINQND>K! FAHSI>AD@S! ZXS>JJ! KRIW@WAJ! W@A! *'(1XQ>?@AD>?! @H?RSD@NH! ! NL! +'.#/! ;>H>K!
3>W/!#UU$!_RJ!"‡"=]"$^f"&=&5U/!!
#""/!! 1RD>AR!_a!:N@KE!.a!_NJE!(a!<I>HDe@!)/!;JRSAONHX2@e>!<>FD@?>!"!+H?RS>K!<AHSI>AD@S!ZX
*>JJ! <INJ@L>IAD@NH! 6@A! -IAHKASD@WAD@NH! NL! DM>! (F@?>IQAJ! ;INlDM! :ASDNI! '>S>FDNI/!
3@AB>D>K/!#UU$!_AH!"‡&#]"^f"#%$#/!!
#"#/!! )>OJAKKNH! )3a! )ADKSM@HKeE! :)/! <AHSI>AD@S! @KJ>D! OJRSNK>! Q>DABNJ@KQ! AH?!
I>ORJAD@NH!NL!@HKRJ@H!K>SI>D@NH/!3@AB>D>K!)>DAB!'>W/!"85Y!_AH!"‡#]$X%^f"Y$#"%/!!
#"$/!! <I>HDe@! )/! ,>l! @HK@OMDK! @HDN! FAHSI>AD@S! B>DAXS>JJ! Q>DABNJ@S! K@OHAJ@HO! @H! @HKRJ@H!
K>SI>D@NH/!(RI!_!(H?NSI@HNJ!(RI!:>?!(H?NSI!.NS/!"88Y!)AI‡"$%]$^f#=#5Y/!!
#"%/!! )AS3NHAJ?! )_/! :>AK@B@J@DE! NL! A! )@DNSMNH?I@AJ! <EIRWAD>! )AJAD>! .MRDDJ>! @H!
<AHSI>AD@S!+KJ>DK!:RIDM>I!+QFJ@SAD@NH!7L!*EDNKNJ@S!,03<`!+H!+HKRJ@H!.>SI>D@NH/!_!1@NJ!
*M>Q/!"88&!0RO!#&‡#=U]$%^f#UU&"5/!!
#"&/!! <I>HDe@! )a! _NJE! (a! (JX0KKAA?! ma! 'N?R@D! '/! )AJNHEJX*N0! .@OHAJ@HOa! 2@F@?!
<AID@D@NH@HOa! AH?! ;JRSNJ@FNDN[@S@DE! 'NJ>! @H! ZX*>JJ! 0?AFDAD@NH! AH?! :A@JRI>! @H! DM>!
(D@NJNOE!NL!3@AB>D>K/!3@AB>D>K/!#UU#!3>S!"‡&"]KRFFJ!$^f.%U&"$/!!
#"Y/!! .D>H>B>IO! <a! 'RB@HK! ,a! 1AIDNNWX.M@LQAH! 'a! mAJe>I! )3a! (?JRH?! `/! -M>! ::0!
I>S>FDNI! ;<'%U! J@HeK! MEF>I@HKRJ@H>Q@Aa! M>FAD@S! KD>ADNK@Ka! AH?! @QFA@I>?! OJRSNK>!
MNQ>NKDAK@K!@H!QNRK>/!*>JJ!)>DAB/!#UU&!0FI!"‡"]%^f#%&&5/!!
#"=/!! 3>>H>E! _-a! ;INQA?A! _a! `¦E! )a! 7JK>H! `2a! 'MN?>K! *_a! <I>HDe@! )a! >D! AJ/! 0SRD>!
.D@QRJAD@NH!l@DM!2NHO!*MA@H!0SEJX*N0!(HMAHS>K!([NSEDNK@K!@H!+HKRJ@HXK>SI>D@HO!*>JJK!
]`+-!-X"&!AH?!,)'+!ZX*>JJK^/!_!1@NJ!*M>Q/!#UUU!)AI!$"‡#=&]"$^f8$Y$5/!!
#"5/!! :AI>K>! '6a! 3@QAISN! <(a! 1AIH>K! 3(a! .AB@I! )0a! 2AIKNH! '(a! 3AW@K! _.a! >D! AJ/! 'AF@?!
;JRSNK>X3>F>H?>HD! +HSI>AK>K! @H! <MNKFMAD@?@S! 0S@?! AH?! <MNKFMN@HNK@D@?>K! @H! 'AD!
<AHSI>AD@S!+KJ>DK/!(H?NSI@HNJNOE/!"85Y!0FI!"‡""5]%^f"%85&U$/!!
#"8/!! qAH>E! ;*a! jNISMAe! `)a! *NIe>E! 1(/! 2NHOX*MA@H! 0SEJ! *N0! '>ORJAD@NH! NL! <IND>@H!
j@HAK>! *! AH?! :ADDE! 0S@?! <ND>HD@AD@NH! NL! ;JRSNK>X.D@QRJAD>?! +HKRJ@H! .>SI>D@NH! @H!
*JNHAJZ!X*>JJK/!(H?NSI@HNJNOE/!#UUU!_RH!"‡"%"]Y^f"85885/!!
##U/!! qAb@QA!`a!jNQADKR!)a!qAQA?A!.a!.DIARB!.;a!jAH>eN!-a!.ADN!qa!>D!AJ/!*>IRJ>H@Ha!AH!
@HM@B@DNI! NL! FIND>@H! ASEJAD@NHa! K>J>SD@W>JE! ADD>HRAD>K! HRDI@>HD! KD@QRJAD@NH! NL! @HKRJ@H!
I>J>AK>f!A!KDR?E!@H!IAD!FAHSI>AD@S!@KJ>DK/!3@AB>D>K/!#UUU!)AE!"‡%8]&^f="#=/!!
##"/!! )>JJNRJ! 3a! )AIKMAe! .a! *>IAK@! (/! '>ORJAD@NH! NL! @HKRJ@H! O>H>! DIAHKSI@FD@NH/!
3@AB>DNJNO@A/!#U"%!0FI!&‡%&]$^f$U8#Y/!!
###/!! 0MIGH! 1/! 0RDNHNQ@S! I>ORJAD@NH! NL! @KJ>D! MNIQNH>! K>SI>D@NH! ! +QFJ@SAD@NHK! LNI!
M>AJDM!AH?!?@K>AK>/!3@AB>DNJNO@A/!#UUU!0FI‡%$]%^f$8$%"U/!!
##$/!! j@BA! -a! -AHAeA! ja! ,RQADA! ja! `NKM@HN! )a! )@KRO@! ja! +HNR>! ./! 6>HDINQ>?@AJ!
MEFNDMAJAQ@S! J>K@NHX@H?RS>?! WAOAJ! MEF>IASD@W@DE! KD@QRJAD>K! IAD! FAHSI>AD@S! S>JJ!
FINJ@L>IAD@NH/!;AKDIN>HD>INJNOE/!"88Y!)AI‡""U]$^f55&8$/!!

"8U!
##%/!! )AOHAH! *a! *NJJ@HK! .a! 1>IDMARJD! )X:a! jAKK@K! ,a! 6@HS>HD! )a! ;@JB>ID! )a! >D! AJ/! 2@F@?!
@HLRK@NH! JNl>IK! KEQFADM>D@S! H>IWNRK! ASD@W@DE! AH?! J>A?K! DN! @HSI>AK>?! ZXS>JJ!
I>KFNHK@W>H>KK!DN!OJRSNK>/!_!*J@H!+HW>KD/!"888!:>B!"‡"U$]$^f%"$8/!!
##&/!! 3R!9a!)ADKRQRIA!-a!(?>JKD>@H!3a!'NKK>DD@!2a!ŠK>HO>JJGI!Ša!.cABž!*a!>D!AJ/!+HM@B@D@NH!
NL!;0<3`!ASD@W@DE!BE!FNJE]03<XI@BNK>^!FNJEQ>IAK>!ASD@WAD>K!DMI>>!QAbNI!FADMlAEK!
NL!MEF>IOJES>Q@S!?AQAO>!@H!>H?NDM>J@AJ!S>JJK/!_!*J@H!+HW>KD/!#UU$!7SD!"‡""#]=^f"U%8
&=/!!
##Y/!! 1INlHJ>>! )/! 0! IA?@SAJ! >[FJAHAD@NH! LNI! OJRSNK>X@H?RS>?! Z! S>JJ! ?EKLRHSD@NH/! _! *J@H!
+HW>KD/!#UU$!3>S!"&‡""#]"#^f"=558U/!!
##=/!! 2Nl>JJ!11a!.MRJQAH!;+/!)@DNSMNH?I@AJ!3EKLRHSD@NH!AH?!-EF>!#!3@AB>D>K/!.S@>HS>/!
#UU&!_AH!#"‡$U=]&=U5^f$5%=/!!
##5/!! jIARKK! .a! ŠMAHO! *Xqa! .SNIIAHN! 2a! 3AJOAAI?! 2-a! .DX<@>II>! _a! ;I>E! .-a! >D! AJ/!
.RF>IN[@?>XQ>?@AD>?! ASD@WAD@NH! NL! RHSNRFJ@HO! FIND>@H! #! SARK>K! FAHSI>AD@S! Z! S>JJ!
?EKLRHSD@NH/!_!*J@H!+HW>KD/!#UU$!3>S!"&‡""#]"#^f"5$"%#/!!
##8/!! 2AQ>JN@K>!,a!)Rcc@H!<a!<I>HDe@!)a!0KK@QASNFNRJNKX_>AHH>D!:/!4HSNRFJ@HO!<IND>@H!
#f!0!<NKK@BJ>!2@He!1>Dl>>H!:ADDE!0S@?!([S>KK!AH?!+QFA@I>?!;JRSNK>X+H?RS>?!+HKRJ@H!
.>SI>D@NH€!3@AB>D>K/!#UU"!0FI!"‡&U]%^f5U$8/!!
#$U/!! jNNFD@lRD! .a! ŠIA@eA! .a! -MNIBRIH! 0ma! 3RHJNF! )(a! 3AIl@SM>! 'a! jAE! -ma! >D! AJ/!
*NQFAI@KNH! NL! +HKRJ@H! .>SI>DNIE! :RHSD@NH! @H! -lN! )NRK>! )N?>JK! l@DM! 3@LL>I>HD!
.RKS>FD@B@J@DE!DN!ZX*>JJ!:A@JRI>/!(H?NSI@HNJNOE/!#UU#!_RH!"‡"%$]Y^f#U5&8#/!!
#$"/!! .@QQNHK! '0a! .RFNH@DKeEXjINED>I! +a! .>JAe! )0/! <INOI>KK@W>! 0SSRQRJAD@NH! NL!
)@DNSMNH?I@AJ!3,0!)RDAD@NHK!AH?!3>SJ@H>!@H!)@DNSMNH?I@AJ!:RHSD@NH!2>A?!DN!ZX*>JJ!
:A@JRI>/!_!1@NJ!*M>Q/!#UU&!0RO!&‡#5U]$"^f#5=5&8"/!!
#$#/!! +@cReA! ja! ,AeAb@QA! `a! ,AQBA! )a! )@EAOAlA! _a! )@EAcAe@! _a! `AHALRKA! -a! >D! AJ/!
)>DABNJ@S!SNHK>TR>HS>!NL!JNHOXD>IQ!>[FNKRI>!NL!FAHSI>AD@S!Z!S>JJK!DN!LI>>!LADDE!AS@?!
l@DM!KF>S@AJ!I>L>I>HS>!DN!OJRSNK>!@HK>HK@D@W@DE/!1@NSM@Q!1@NFMEK!0SDA!110!X!)NJ!1AK@K!
3@K/!#UU#!_AH!#‡"&5Y]"^f#$$"/!!
#$$/!! )AS3NHAJ?! )_a! -AHO! _a! <NJNHKeE! j./! 2Nl! Q@DNSMNH?I@AJ! OJES>INJ! FMNKFMAD>!
?>ME?INO>HAK>!AH?!FEIRWAD>!SAIBN[EJAK>!@H!FAHSI>AD@S!@KJ>DK!NL!ŠRSe>I!?@AB>D@S!LADDE!
IADK/!3@AB>D>K/!"88Y!,NW‡%&]""^f"Y#Y$U/!!
#$%/!! )AS3NHAJ?!)_a!(L>H?@¨!.a!7KD>HKNH!*;/!,NIQAJ@cAD@NH!BE!@HKRJ@H!DI>ADQ>HD!NL!JNl!
Q@DNSMNH?I@AJ! OJES>INJ! FMNKFMAD>! ?>ME?INO>HAK>! AH?! FEIRWAD>! SAIBN[EJAK>! @H!
FAHSI>AD@S!@KJ>DK!NL!DM>!;j!IAD/!3@AB>D>K/!"88Y!_RJ‡%&]=^f55Y8U/!!
#$&/!! <I>HDe@! )a! *NIe>E! 1(/! 0I>! DM>! B>DAXS>JJ! K@OHAJ@HO! QNJ>SRJ>K! QAJNHEJX*N0! AH?!
SEKDNJ@S! JNHOXSMA@H! ASEJX*N0! @QFJ@SAD>?! @H! QRJD@FJ>! D@KKR>! ?>L>SDK! NL! NB>K@DE! AH?!
,+33)€!3@AB>D>K/!"88Y!)AI‡%&]$^f#=$5$/!!
#$Y/!! 'NB>IDKNH! '</! *MINH@S! 7[@?AD@W>! .DI>KK! AK! A! *>HDIAJ! )>SMAH@KQ! LNI! ;JRSNK>!
-N[@S@DE! @H! <AHSI>AD@S! +KJ>D! 1>DA! *>JJK! @H! 3@AB>D>K/! _! 1@NJ! *M>Q/! #UU%! 7SD!
5‡#=8]%"^f%#$&"%/!!
#$=/!! 2>>! qa! `@INK>! `a! 7MH>?A! )a! _NMHKNH! _`a! )S;AIIE! _3a! 4HO>I! '`/! 1>DAXS>JJ!
J@FNDN[@S@DE!@H!DM>!FADMNO>H>K@K!NL!HNHX@HKRJ@HX?>F>H?>HD!?@AB>D>K!Q>JJ@DRK!NL!NB>K>!
IADKf!@QFA@IQ>HD!@H!A?@FNSED>XB>DAXS>JJ!I>JAD@NHKM@FK/!<INS!,ADJ!0SA?!.S@!4!.!0/!"88%!
,NW!5‡8"]#$^f"U5=55#/!!

"8"!
#$5/!! 3NHADM! )qa! (MK>K! _0a! )A>?J>I! ja! .SMRQAHH! 3)a! (JJ@HOKOAAI?! `a! (FFJ>I! (a! >D! AJ/!
)>SMAH@KQK! NL! ZX*>JJ! 3>ADM! @H! -EF>! #! 3@AB>D>K/! 3@AB>D>K/! #UU&! 3>S! "‡&%]KRFFJ!
#^f."U5"$/!!
#$8/!! 7P1I@>H!-3a!1RDJ>I!<*a!m>KD>IQAIe!<a!_NMHKNH!j`/!+KJ>D!0QEJN@?!<NJEF>FD@?>f!0!
'>W@>l! NL! +DK! 1@NJNOE! AH?! <ND>HD@AJ! 'NJ>K! @H! DM>! <ADMNO>H>K@K! NL! 3@AB>D>K! )>JJ@DRK/!
6>D!<ADMNJ!7HJ@H>/!"88$!_RJ!"‡$U]%^f$"=$#/!!
#%U/!! 2AEBRDD! 3'a! ;JAH?D! )a! 9R! ;a! 0MH! q1a! -I@W>?@! ,a! 1NHH>IXm>@I! .a! >D! AJ/! *I@D@SAJ!
'>?RSD@NH! @H! ZX*>JJ! )AKK! '>KRJDK! @H! -lN! 3@KD@HSD! 7RDSNQ>K! NW>I! -@Q>! 0?AFDAD@NH!
m@DM!+QFA@I>?!;JRSNK>!-NJ>IAHS>!7I!3>SNQF>HKAD>?!3@AB>D>K/!_!1@NJ!*M>Q/!#UU$!_AH!
$"‡#=5]&^f#88=$UU&/!!
#%"/!! 7l>H!j'a!)S*AIDME!)+/!;>H>D@SK!NL!DEF>!#!?@AB>D>K/!*RII!7F@H!;>H>D!3>W/!#UU=!
_RH‡"=]$^f#$8%%/!!
#%#/!! 0KMSINLD! :)a! 'NIKQAH! </! 3@AB>D>K! )>JJ@DRK! AH?! DM>! Z! *>JJf! -M>! 2AKD! ->H! q>AIK/!
*>JJ/!#U"#!)AI!"Y‡"%5]Y^f""YU="/!!
#%$/!! 1NHH>LNH?!0a!:INOR>J!<a!6A[@JJA@I>!)/!-M>!>Q>IO@HO!O>H>D@SK!NL!DEF>!#!?@AB>D>K/!
-I>H?K!)NJ!)>?/!#U"U!.>F‡"Y]8^f%U="Y/!!
#%%/!! ;IAHD!.:0a!-MNIJ>@LKKNH!;a!'>EH@K?NDD@I!+a!1>H>?@eDKKNH!'a!)AHNJ>KSR!0a!.A@Hc!_a!>D!
AJ/! 6AI@AHD! NL! DIAHKSI@FD@NH! LASDNI! =XJ@e>! #! ]-*:=2#^! O>H>! SNHL>IK! I@Ke! NL! DEF>! #!
?@AB>D>K/!,AD!;>H>D/!#UUY!)AI‡$5]$^f$#U$/!!
#%&/!! `>JOAKNH!0a!<šJKKNH!.a!-MNIJ>@LKKNH!;a!;IAHD!.:0a!(Q@JKKNH!6a!;RHHAIK?NDD@I!.a!>D!
AJ/! '>L@H@HO! DM>! @QFASD! NL! -*:=2#! O>H>! WAI@AHDK! NH! DEF>! #! ?@AB>D>K! AH?! A?AFD@W>!
>WNJRD@NH/!,AD!;>H>D/!#UU=!:>B‡$8]#^f#"5#&/!!
#%Y/!! `RQFMI@>K! .(a! ;ABJ>! 3a! *NNF>I! _0a! +I>JAH?! `a! .D>FM>HK! _ma! `RI>J! ._a! >D! AJ/!
*NQQNH! WAI@AHDK! @H! DM>! -*:=2#! O>H>! AH?! FI>?@KFNK@D@NH! DN! DEF>! #! ?@AB>D>K! @H! 4j!
(RINF>AH! mM@D>Ka! +H?@AH! 0K@AHK! AH?! 0LINX*AI@BB>AH! Q>H! AH?! lNQ>H/! _! )NJ! )>?!
1>IJ!;>I/!#UUY!3>S‡5%]"#^f"UU&"%/!!
#%=/!! .MA@!+a!.SMlAIcLRSMK!3a!`>He@H!qa!.MAMAI!3'a!m@DeNl!.a!;I>>HB>IO!+a!>D!AJ/!m>@OMD!
2NKK!l@DM!A!2NlX*AIBNME?IAD>a!)>?@D>IIAH>AHa!NI!2NlX:AD!3@>D/!,!(HOJ!_!)>?/!#UU5!
_RJ!"=‡$&8]$^f##8%"/!!
#%5/!! 0bAJA! 7a! (HOJ@KM! <a! <@HeH>E! _/! .EKD>QAD@S! I>W@>l! AH?! Q>DAXAHAJEK@K! NL! ?@LL>I>HD!
?@>DAIE!AFFINASM>K!DN!DM>!QAHAO>Q>HD!NL!DEF>!#!?@AB>D>K/!0Q!_!*J@H!,RDI/!#U"$!)AI!
"‡8=]$^f&U&"Y/!!
#%8/!! (JMAEAHE! 0a! 2RKDQAH! 0a! 0B>J! 'a! 0DDAJX.@HO>I! _a! 6@He>I! ./! 0! JNl! SAIBNME?IAD>!
)>?@D>IIAH>AH!?@>D!@QFINW>K!SAI?@NWAKSRJAI!I@Ke!LASDNIK!AH?!?@AB>D>K!SNHDINJ!AQNHO!
NW>Il>@OMD!FAD@>HDK!l@DM!DEF>!#!?@AB>D>K!Q>JJ@DRKf!A!"XE>AI!FINKF>SD@W>!IAH?NQ@c>?!
@HD>IW>HD@NH!KDR?E/!3@AB>D>K!7B>K!)>DAB/!#U"U!)AI!"‡"#]$^f#U%8/!!
#&U/!! jAKDNI@H@!*X)/!)>?@D>IIAH>AH!?@>D!AH?!?@AB>D>K!FI>W>HD@NHf!)EDM!NI!LASD€!mNIJ?!_!
3@AB>D>K/!#U"U‡"]$^fY&/!!
#&"/!! 7ID>OA!'/!+QFNIDAHS>!NL!LRHSD@NHAJ!LNN?K!@H!DM>!)>?@D>IIAH>AH!?@>D/!<RBJ@S!`>AJDM!
,RDI/!#UUY!3>S‡8]50^f""$Y%U/!!
#&#/!! )AHDcNINK! *.a! m@JJ@AQK! *_a! )AHKNH! _(a! )>@OK! _1a! `R! :1/! 0?M>I>HS>! DN! DM>!
)>?@D>IIAH>AH! ?@>DAIE! FADD>IH! @K! FNK@D@W>JE! AKKNS@AD>?! l@DM! FJAKQA! A?@FNH>SD@H!
SNHS>HDIAD@NHK!@H!?@AB>D@S!lNQ>H/!0Q!_!*J@H!,RDI/!#UUY!0RO!"‡5%]#^f$#5$&/!!
#&$/!! 2@MH! 0.a! <>?>IK>H! .1a! '@SM>JK>H! 1/! 0?@FNH>SD@Hf! ASD@NHa! I>ORJAD@NH! AH?!
AKKNS@AD@NH!DN!@HKRJ@H!K>HK@D@W@DE/!7B>K!'>W/!#UU&!:>B!"‡Y]"^f"$#"/!!

"8#!
#&%/!! .>IIAX)Ab>Q! 2a! 'NQAH! 1a! (KDIRSM! '/! .S@>HD@L@S! (W@?>HS>! NL! +HD>IW>HD@NHK! 4K@HO!
DM>! )>?@D>IIAH>AH! 3@>Df! A! .EKD>QAD@S! '>W@>l/! ,RDI! '>W/! #UUY! :>B! "‡Y%]KRFFJ!
"^f.#=%=/!!
#&&/!! 3>>I! _a! jNKeA! _a! 7c@AK! )a! '>AW>H! </! 3@>DAIE! QN?>JK! NL! @HKRJ@H! I>K@KDAHS>/!
)>DABNJ@KQ/!#U"&!:>B‡Y%]#^f"Y$="/!!
#&Y/!! :@>I>HK! .a! )A@I>KK>! `a! `>@J@>I! _a! 1RIBRI>! *3a! :NSAHD! _a! (FF>! ;a! >D! AJ/!
3@N[@HhFNJESMJNI@HAD>?!B@FM>HEJ!BN?E!BRI?>Ha!?@AB>D>K!AH?!>H?NQ>DI@NK@Kf!L@H?@HOK!
@H!A!FNFRJAD@NHXBAK>?!KDR?E!@H!1>JO@RQ/!1@NQAIe>IK/!#UU$!,NW!"‡5]Y^f&#8$%/!!
#&=/!! 'EJAH?>I! 2a! '@OH>JJX`E?BNQ! 0a! `AOQAI! 2/! 0! SINKKXK>SD@NHAJ! KDR?E! NL! DM>!
AKKNS@AD@NH! B>Dl>>H! F>IK@KD>HD! NIOAHNSMJNI@H>! FNJJRDAHDK! AH?! ?@AB>D>K/! (HW@INH!
`>AJDM!;JNB!0SS>KK!.S@!.NRIS>/!#UU&‡%f#5/!!
#&5/!! 2>>! 3X`a! 2>>! +Xja! .NHO! ja! .D>LL>K! )a! -NKSAHN! ma! 1Ae>I! 10a! >D! AJ/! 0! KDINHO! ?NK>X
I>KFNHK>! I>JAD@NH! B>Dl>>H! K>IRQ! SNHS>HDIAD@NHK! NL! F>IK@KD>HD! NIOAH@S! FNJJRDAHDK!
AH?!?@AB>D>Kf!I>KRJDK!LINQ!DM>!,AD@NHAJ!`>AJDM!AH?!([AQ@HAD@NH!.RIW>E!"888X#UU#/!
3@AB>D>K!*AI>/!#UUY!_RJ‡#8]=^f"Y$5%%/!!
#&8/!! 2>>! 3X`a! 2>>! +Xja! _@H! .X`a! .D>LL>K! )a! _ASNBK! 3'/! 0KKNS@AD@NH! 1>Dl>>H! .>IRQ!
*NHS>HDIAD@NHK! NL! <>IK@KD>HD! 7IOAH@S! <NJJRDAHDK! AH?! +HKRJ@H! '>K@KDAHS>! 0QNHO!
,NH?@AB>D@S! 0?RJDK! '>KRJDK! LINQ! DM>! ,AD@NHAJ! `>AJDM! AH?! ,RDI@D@NH! ([AQ@HAD@NH!
.RIW>E!"888#UU#/!3@AB>D>K!*AI>/!#UU=!)AI!"‡$U]$^fY##5/!!
#YU/!! 2@R! <*a! )ADKRQRIA! :/! 3@LL>I>HD@AJ! >LL>SDK! NL! #a$a=a5XD>DIASMJNIN?@B>HcNXFX?@N[@H!
NH!DM>!A?@FNK>X!DEF>‘!AH?!BIA@HXDEF>‘!OJRSNK>!DIAHKFNID>IK!@H!Q@S>/!)NJ!<MAIQASNJ/!
"88&!_AH!"‡%=]"^fY&=$/!!
#Y"/!! .ADN!.a!.M@IAeAlA!`a!-NQ@DA!.a!7MKAe@!qa!`Ae>DA!ja!-NN@!7a!>D!AJ/!2NlX?NK>!?@N[@HK!
AJD>I! O>H>! >[FI>KK@NH! I>JAD>?! DN! SMNJ>KD>INJ! B@NKEHDM>K@Ka! J@FNO>H>K@Ka! AH?! OJRSNK>!
Q>DABNJ@KQ! DMINROM! DM>! AIEJ! ME?INSAIBNH! I>S>FDNIXQ>?@AD>?! FADMlAE! @H! QNRK>!
J@W>I/!-N[@SNJ!0FFJ!<MAIQASNJ/!#UU5!)AE!"&‡##8]"^f"U8/!!
#Y#/!! 'NcQAH!jj/!.>AISM!LNI!DM>!Q>SMAH@KQ!NL!DN[@S@DE!NL!?@N[@HK/!([F!-N[@SNJ!<ADMNJ/!
"88#!3>S!"‡%%]5^f%=$5U/!!
#Y$/!! jRI@DA! `a! qNKM@NeA! ma! ,@KM@QRIA! ,a! jRBNDA! ,a! jA?NlAe@! -a! -NMEAQA! */! 0IEJ!
ME?INSAIBNH! I>S>FDNIXQ>?@AD>?! >LL>SDK! NL! #a$a=a5XD>DIASMJNIN?@B>HcNXFX?@N[@H! NH!
OJRSNK>XKD@QRJAD>?!@HKRJ@H!K>SI>D@NH!@H!Q@S>/!_!0FFJ!-N[@SNJ/!#UU8!,NW!"‡#8]5^fY58
8%/!!
#Y%/!! qAHO! _X`a! 6NO>J! *a! 0B>J! _/! 0! QAJ@OHAHD! DIAHKLNIQAD@NH! NL! MRQAH! S>JJK! BE! #a$a=a5X
D>DIASMJNIN?@B>HcNXFX?@N[@H! >[M@B@DK! AJD>I>?! >[FI>KK@NHK! NL! OINlDM! I>ORJADNIE!
LASDNIK/!*AIS@HNO>H>K@K/!"888!_AH!"‡#U]"^f"$5/!!
#Y&/!! jMAJ@J!0a!6@JJAI?!<X`a!3AN!)0a!1RIS>J@H!'a!*MAQF@NH!.a!:NRSM@>I!:a!>D!AJ/!<NJESESJ@S!
AINQAD@S! ME?INSAIBNHK! FND>HD@AD>! M@OMXLAD! ?@>D! >LL>SDK! NH! @HD>KD@HAJ! @HLJAQQAD@NH/!
-N[@SNJ!2>DD/!#U"U!_RJ!"&‡"8Y]$^f"Y"=/!!
#YY/!! ŠNI?NeE! 1,)a! (JXjA?@! 07./! 'NJ>! NL! ,:XeAFFA1! @H! DM>! I>ORJAD@NH! NL! SEDNSMINQ>!
<%&U!>HcEQ>K/!*RII!3IRO!)>DAB/!#UU8!:>B‡"U]#^f"Y%=5/!!
#Y=/!! mAHO!*a!9R!*X9a!jIAO>I!.2a!1NDDRQ!j)a!2@AN!3X:a!-@KSMeAR!.0/!0IEJ!`E?INSAIBNH!
'>S>FDNI! 3>L@S@>HSE! (HMAHS>K! +HKRJ@H! .>HK@D@W@DE! AH?! '>?RS>K! <<0'Xg! <ADMlAE!
0SD@W@DE!@H!)@S>/!(HW@INH!`>AJDM!<>IKF>SD/!#U""!3>S‡""8]"#^f"=$8%%/!!
#Y5/!! 2>E! '(a! <>D>IKNH! 30a! ;NI?NH! _+/! (SNJNO@SAJ! AH?! (WNJRD@NHAIE! :NIS>K! .MAF@HO!
)@SINB@AJ!3@W>IK@DE!@H!DM>!`RQAH!+HD>KD@H>/!*>JJ/!#UUY!:>B!#%‡"#%]%^f5$=%5/!!

"8$!
#Y8/!! .>e@INW! +a! 'RKK>JJ! .2a! 0HDRH>K! 2*)a! :@HJAE! 11/! ;RD! )@SINB@NDA! @H! `>AJDM! AH?!
3@K>AK>/!<MEK@NJ!'>W/!#U"U!_RJ!"‡8U]$^f5&88U%/!!
#=U/!! (SeBRIO! <1a! 1@e! ()a! 1>IHKD>@H! *,a! <RI?NQ! (a! 3>DMJ>LK>H! 2a! .AIO>HD! )a! >D! AJ/!
3@W>IK@DE! NL! DM>! `RQAH! +HD>KD@HAJ! )@SINB@AJ! :JNIA/! .S@>HS>/! #UU&! _RH!
"U‡$U5]&=#5^f"Y$&5/!!
#="/!! )¤H?AI!'a!)@e>JKAAI!)/!-IAHKQ@KK@NH!NL!QNDM>IPK!Q@SINLJNIA!DN!DM>!H>lBNIH!AD!
B@IDM/!1@NJ!,>NHAD>/!"88Y‡Y8]"^f$U&/!!
#=#/!! 1>c@IDcNOJNR! (/! -M>! +HD>KD@HAJ! )@SINLJNIA! 3RI@HO! DM>! :@IKD! m>>eK! NL! 2@L>/!
0HA>INB>/!"88=!0FI‡$]#$^f"=$=/!!
#=$/!! )ASe@>!'+a!.OM@I!0a!;AKe@HK!`'/!3>W>JNFQ>HDAJ!Q@SINB@AJ!>SNJNOE!NL!DM>!H>NHADAJ!
OAKDIN@HD>KD@HAJ!DIASD/!0Q!_!*J@H!,RDI/!"888!)AE!"‡Y8]&^f"U$&K!!"U%&K/!!
#=%/!! *RQQ@HOK! _! M/a! )ASLAIJAH>! ;! D/! -M>! SNHDINJ! AH?! SNHK>TR>HS>K! NL! BASD>I@AJ!
L>IQ>HDAD@NH!@H!DM>!MRQAH!SNJNH/!_!0FFJ!1ASD>I@NJ/!"88"!_RH!"‡=U]Y^f%%$&8/!!
#=&/!! 1¤SeM>?!:a!3@HO!`a!mAHO!-a!`NNF>I!26a!jNM!;qa!,AOE!0a!>D!AJ/!-M>!ORD!Q@SINB@NDA!
AK!AH!>HW@INHQ>HDAJ!LASDNI!DMAD!I>ORJAD>K!LAD!KDNIAO>/!<INS!,ADJ!0SA?!.S@!4!.!0/!#UU%!
,NW!#‡"U"]%%^f"&="5#$/!!
#=Y/!! 1¤SeM>?! :a! )AHSM>KD>I! _ja! .>Q>HeNW@SM! *:a! ;NI?NH! _+/! )>SMAH@KQK! RH?>IJE@HO!
DM>!I>K@KDAHS>!DN!?@>DX@H?RS>?!NB>K@DE!@H!O>IQXLI>>!Q@S>/!<INS!,ADJ!0SA?!.S@/!#UU=!_AH!
"Y‡"U%]$^f8=85%/!!
#==/!! ;AN! Ša! q@H! _a! ŠMAHO! _a! mAI?! '(a! )AID@H! '_a! 2>L>WI>! )a! >D! AJ/! 1RDEIAD>! +QFINW>K!
+HKRJ@H! .>HK@D@W@DE! AH?! +HSI>AK>K! (H>IOE! ([F>H?@DRI>! @H! )@S>/! 3@AB>D>K/! #UU8!
_RJ‡&5]=^f"&U8"=/!!
#=5/!! 2@H! `6a! :IAKK>DDN! 0a! jNlAJ@e! _I! (_a! ,AlINSe@! 0'a! 2R! ))a! jNK@HKe@! _'a! >D! AJ/!
1RDEIAD>! AH?! <INF@NHAD>! <IND>SD! AOA@HKD! 3@>DX+H?RS>?! 7B>K@DE! AH?! '>ORJAD>! ;RD!
`NIQNH>K! W@A! :I>>! :ADDE! 0S@?! '>S>FDNI! $X+H?>F>H?>HD! )>SMAH@KQK/! <2N.! 7,(/!
#U"#!0FI!"U‡=]%^f>$&#%U/!!
#=8/!! 1IAM>! 2ja! 0KDIRF! 0a! 2AIK>H! 2`/! +K! BRDEIAD>! DM>! J@He! B>Dl>>H! ?@>Da! @HD>KD@HAJ!
Q@SINB@NDA! AH?! NB>K@DEXI>JAD>?! Q>DABNJ@S! ?@K>AK>K€! 7B>K! '>W/! #U"$! 3>S!
"‡"%]"#^f8&U8/!!
#5U/!! (W>IAI?! 0a! *AH@! <3/! ;RD! Q@SINB@NDA! AH?! ;2<X"/! '>W! (H?NSI! )>DAB! 3@KNI?/! #U"%!
.>F‡"&]$^f"588Y/!!
#5"/!! `NNF>I!26a!)ASFM>IKNH!0_/!+QQRH>!A?AFDAD@NHK!DMAD!QA@HDA@H!MNQ>NKDAK@K!l@DM!
DM>!@HD>KD@HAJ!Q@SINB@NDA/!,AD!'>W!+QQRHNJ/!#U"U!)AI‡"U]$^f"&8Y8/!!
#5#/!! )AcQAH@AH! .ja! 2@R! *`a! -c@AHABNK! 07a! jAKF>I! 32/! 0H! +QQRHNQN?RJADNIE!
)NJ>SRJ>!NL!.EQB@ND@S!1ASD>I@A!3@I>SDK!)ADRIAD@NH!NL!DM>!`NKD!+QQRH>!.EKD>Q/!*>JJ/!
#UU&!_RJ!"&‡"##]"^f"U="5/!!
#5$/!! )AcQAH@AH! .ja! 'NRH?! _2a! jAKF>I! 32/! 0! Q@SINB@AJ! KEQB@NK@K! LASDNI! FI>W>HDK!
@HD>KD@HAJ!@HLJAQQADNIE!?@K>AK>/!,ADRI>/!#UU5!)AE!#8‡%&$]="8&^fY#U&/!!
#5%/!! -RIHBAROM! <_a! 2>E! '(a! )AMNlAJ?! )0a! )AOI@H@! 6a! )AI?@K! ('a! ;NI?NH! _+/! 0H!
NB>K@DEXAKKNS@AD>?! ORD! Q@SINB@NQ>! l@DM! @HSI>AK>?! SAFAS@DE! LNI! >H>IOE! MAIW>KD/!
,ADRI>/!#UUY!3>S!#"‡%%%]="##^f"U#="$"/!!
#5&/!! 2>E!'(a!-RIHBAROM!<_a!jJ>@H!.a!;NI?NH!_+/!)@SINB@AJ!>SNJNOEf!`RQAH!ORD!Q@SINB>K!
AKKNS@AD>?!l@DM!NB>K@DE/!,ADRI>/!#UUY!3>S!#"‡%%%]="##^f"U##$/!!
#5Y/!! †@H!_a!2@!qa!*A@!Ša!2@!.a!ŠMR!_a!ŠMAHO!:a!>D!AJ/!0!Q>DAO>HNQ>Xl@?>!AKKNS@AD@NH!KDR?E!
NL!ORD!Q@SINB@NDA!@H!DEF>!#!?@AB>D>K/!,ADRI>/!#U"#!7SD!%‡%8U]=%"5^f&&YU/!!

"8%!
#5=/!! jAIJKKNH!:`a!-I>QAINJ@!6a!,NNeA>l!+a!1>IOKDI–Q!;a!1>MI>!*_a!:AO>IB>IO!1a!>D!AJ/!
;RD! Q>DAO>HNQ>! @H! (RINF>AH! lNQ>H! l@DM! HNIQAJa! @QFA@I>?! AH?! ?@AB>D@S! OJRSNK>!
SNHDINJ/!,ADRI>/!#U"$!_RH!Y‡%85]=%&#^f88"U$/!!
#55/!! .ADN!_a!jAHAcAlA!0a!+e>?A!:a!qNKM@MAIA!-a!;NDN!`a!0B>!`a!>D!AJ/!;RD!3EKB@NK@K!AH?!
3>D>SD@NH!NL!2@W>!;RD!1ASD>I@A‘!@H!1JNN?!NL!_AFAH>K>!<AD@>HDK!m@DM!-EF>!#!3@AB>D>K/!
3@AB>D>K!*AI>/!#U"%!0RO!"‡$=]5^f#$%$&U/!!
#58/!! ŠMAHO! 9a! .M>H! 3a! :AHO! Ša! _@>! Ša! †@R! 9a! ŠMAHO! *a! >D! AJ/! `RQAH! ;RD! )@SINB@NDA!
*MAHO>K! '>W>AJ! DM>! <INOI>KK@NH! NL! ;JRSNK>! +HDNJ>IAHS>/! <27.! 7,(/! #U"$! 0RO!
#=‡5]5^f>=""U5/!!
#8U/!! *AH@! <3a! 0QAI! _a! +OJ>K@AK! )0a! <NOO@! )a! jHARL! *a! 1AKD>J@SA! 3a! >D! AJ/! )>DABNJ@S!
>H?NDN[>Q@A!@H@D@AD>K!NB>K@DE!AH?!@HKRJ@H!I>K@KDAHS>/!3@AB>D>K/!#UU=!_RJ‡&Y]=^f"=Y"
=#/!!
#8"/!! (II@?O>! *a! 0DD@HA! -a! .F@Se>DD! *)a! m>BB! 3_/! 0! M@OMXLAD! Q>AJ! @H?RS>K! JNlXOIA?>!
>H?NDN[>Q@Af! >W@?>HS>! NL! A! HNW>J! Q>SMAH@KQ! NL! FNKDFIAH?@AJ! @HLJAQQAD@NH/! 0Q! _!
*J@H!,RDI/!#UU=!,NW!"‡5Y]&^f"#5Y8#/!!
#8#/!! `AID>!02a!6AIQA!)*a!-I@FADM@!;a!)S;>>!j*a!0JX3AOMI@!,)a!0JX0DDAK!7.a!>D!AJ/!`@OM!
:AD!+HDAe>!2>A?K!DN!0SRD>!<NKDFIAH?@AJ!([FNKRI>!DN!*@ISRJAD@HO!(H?NDN[@H!@H!-EF>!#!
3@AB>D@S!.RBb>SDK/!3@AB>D>K!*AI>/!#U"#!:>B!"‡$&]#^f$=&5#/!!
#8$/!! `@J?>BIAH?D!)0a!`NLLQAH!*a!.M>II@JJX)@[!.0a!j>@JBAROM!.0a!`AQA?E!)a!*M>H!qXqa!
>D! AJ/! `@OM! :AD! 3@>D! 3>D>IQ@H>K! DM>! *NQFNK@D@NH! NL! DM>! )RI@H>! ;RD! )@SINB@NQ>!
+H?>F>H?>HDJE!NL!7B>K@DE/!;AKDIN>HD>INJNOE/!#UU8!,NW‡"$=]&^f"="Y#%/>"#/!!
#8%/!! )>QBI>c! )a! 1JAHSM>I! :a! _ATR>D! )a! 1@B@JNH@! 'a! *AH@! <3a! 1RIS>J@H! ';a! >D! AJ/! ;RD!
Q@SINB@NDA! QN?RJAD@NH! l@DM! HNILJN[AS@H! AH?! AQF@S@JJ@H! >HMAHS>K! OJRSNK>! DNJ>IAHS>!
@H!Q@S>/!:0.(1!_/!#UU5!_RJ!"‡##]=^f#%"Y#Y/!!
#8&/!! 'ABND! .a! )>QBI>c! )a! 1IRH>AR! 0a! ;GIAI?! <a! `AIASM! -a! )NK>I! )a! >D! AJ/! ;>IQXLI>>!
*&=12hY_! Q@S>! AI>! I>K@KDAHD! DN! M@OMXLADX?@>DX@H?RS>?! @HKRJ@H! I>K@KDAHS>! AH?! MAW>!
AJD>I>?!SMNJ>KD>INJ!Q>DABNJ@KQ/!:0.(1!_/!#U"U!3>S!"‡#%]"#^f%8%5&8/!!
#8Y/!! 1>RDJ>I!1/!+HL>I>HS>Ka!TR>KD@NHK!AH?!FNKK@B@J@D@>K!@H!-NJJXJ@e>!I>S>FDNI!K@OHAJJ@HO/!
,ADRI>/!#UU%!_RJ!5‡%$U]Y88Y^f#&=Y$/!!
#8=/!! )AKJNlKe@! j)a! 6@>@IA! 0-a! ,O! 0a! jIAH@SM! _a! .@>IIN! :a! qR! 3a! >D! AJ/! '>ORJAD@NH! NL!
@HLJAQQADNIE! I>KFNHK>K! BE! ORD! Q@SINB@NDA! AH?! SM>QNADDIASDAHD! I>S>FDNI! ;<'%$/!
,ADRI>/!#UU8!7SD!#8‡%Y"]=#Y5^f"#5#Y/!!
#85/!! qNeNEAQA! )-a! *AIJKNH! _'/! )@SINB@AJ! Q>DABNJ@D>K! NL! DIEFDNFMAH! @H! DM>! @HD>KD@HAJ!
DIASD!l@DM!KF>S@AJ!I>L>I>HS>!DN!KeADNJ>/!0Q!_!*J@H!,RDI/!"8=8!_AH‡$#]"^f"=$5/!!
#88/!! 3>)NKK! '3a! )NK>I! j/! -IEFDNFMAHAK>! @H! 3@W>IK>! 1ASD>I@AJ! .F>S@>K/! _! 1ASD>I@NJ/!
"8Y8!0FI‡85]"^f"Y=="/!!
$UU/!! -MNQAK!*a!;@N@>JJN!0a!,NI@>OA!2a!.DI>MJ>!0a!7RIE!_a!'@ccN!;a!>D!AJ/!-;'&XQ>?@AD>?!
B@J>!AS@?!K>HK@HO!SNHDINJK!OJRSNK>!MNQ>NKDAK@K/!*>JJ!)>DAB/!#UU8!.>F‡"U]$^f"Y===/!!
$U"/!! 1AJA!6a!'AbAONFAJ!.a!jRQAI!3<a!,AJJ@!03a!)AMAWA?@!.a!.AHEAJ!0_a!>D!AJ/!'>J>AK>!NL!
;2<X"!AH?!<qq!@H!I>KFNHK>!DN!DM>!ASD@WAD@NH!NL!;!FIND>@HXSNRFJ>?!B@J>!AS@?!I>S>FDNI!
-;'&!@K!Q>?@AD>?!BE!(FASh<2*X}!FADMlAE!AH?!QN?RJAD>?!BE!>H?NO>HNRK!`#./!:INHD!
<MEK@NJ/!#U"%!,NW!$‡&f%#U/!!
$U#/!! *AH@!<3a!<NKK>Q@>IK!.a!m@>J>!-6!?>a!;R@ND!qa!(W>IAI?!0a!'NDD@>I!7a!>D!AJ/!*MAHO>K!@H!
ORD!Q@SINB@NDA!SNHDINJ!@HLJAQQAD@NH!@H!NB>K>!Q@S>!DMINROM!A!Q>SMAH@KQ!@HWNJW@HO!
;2<X#X?I@W>H!@QFINW>Q>HD!NL!ORD!F>IQ>AB@J@DE/!;RD/!#UU8!0RO!"‡&5]5^f"U8""U$/!!

"8&!
$U$/!! 3>Jc>HH>!,)a!*AH@!<3a!(W>IAI?!0a!,>EI@HSe!0)a!1@H?>JK!21/!;RD!Q@SINNIOAH@KQK!
AK!FINQ@K@HO!DAIO>DK!LNI!DM>!QAHAO>Q>HD!NL!DEF>!#!?@AB>D>K/!3@AB>DNJNO@A/!#U"&!_RJ!
$"‡&5]"U^f##UY"=/!!
$U%/!! m@eNLL!m'a!0HLNIA!0-a!2@R!_a!.SMRJDc!<;a!2>KJ>E!.0a!<>D>IK!(*a!>D!AJ/!)>DABNJNQ@SK!
AHAJEK@K! I>W>AJK! JAIO>! >LL>SDK! NL! ORD! Q@SINLJNIA! NH! QAQQAJ@AH! BJNN?! Q>DABNJ@D>K/!
<INS!,ADJ!0SA?!.S@!4!.!0/!#UU8!)AI!"U‡"UY]"U^f$Y85=U$/!!
$U&/!! 0JJ@H!j`a!,@>JK>H!-a!<>?>IK>H!7/!)>SMAH@KQK!@H!>H?NSI@HNJNOEf!;RD!Q@SINB@NDA!@H!
FAD@>HDK! l@DM! DEF>! #! ?@AB>D>K! Q>JJ@DRK/! (RI! _! (H?NSI@HNJ/! #U"&! 0FI! "‡"=#]%^f'"Y=
==/!!
$UY/!! -AeANeA! )_/! 7L! DM>! FM>HNJ@S! KRBKDAHS>K! NL! lM@D>! M>JJ>BNI>! ]6>IADIRQ!
OIAH?@LJNIRQ!2N>K/!L@J/^/!_!:AS!.S@!`NeeA@?N!+QF!4H@W/!"8%U‡$f""Y/!!
$U=/!! ,NHNQRIA!.a!jAHAOAlA!`a!)Ae@QNDN!0/!*M>Q@SAJ!*NHKD@DR>HDK!7L!<NJEONHAS>NRK!
<JAHDK/! +/! .DR?@>K! 7H! -M>! *NQFNH>HDK! 7L! j7X_! 7Xj7,/! ]<72q;7,4)! *4.<+30-4)!
.+(1/!(-!Š4**/^/!qAeROAeR!ŠAKKM@/!"8Y$!7SD‡5$f8558U/!!
$U5/!! 3AK! 3ja! )ARJ@e! ,/! '>KW>IADINJ! @H! SAI?@NFIND>SD@NHf! A! DM>IAF>RD@S! FINQ@K>! NL!
AJD>IHAD@W>!Q>?@S@H>/!)NJ!+HD>IW/!#UUY!:>B‡Y]"^f$Y%=/!!
$U8/!! 2>>!.ja!)BlAQBN!Š`a!*MRHO!`a!2RE>HO@!2a!;AQ>c!(_a!)>MDA!';a!>D!AJ/!(WAJRAD@NH!
NL! DM>! AHD@N[@?AHD! FND>HD@AJ! NL! HADRIAJ! FIN?RSDK/! *NQB! *M>Q! `@OM! -MINROMFRD!
.SI>>H/!"885!0FI‡"]"^f$&%Y/!!
$"U/!! 6AKDAHN!1*a!*M>H!qa!ŠMR!,a!`N!*X-a!ŠMNR!Ša!'NK>H!'-/!+KNJAD@NH!AH?!+?>HD@L@SAD@NH!
NL!.D@JB>H>K!@H!-lN!6AI@>D@>K!NL!<NJEONHRQ!SRKF@?ADRQ/!_!0OI@S!:NN?!*M>Q/!#UUU!:>B!
"‡%5]#^f#&$Y/!!
$""/!! 1RIHK! _a! qNeNDA! -a! 0KM@MAIA! `a! 2>AH! )(_a! *INc@>I! 0/! <JAHD! LNN?K! AH?! M>IBAJ!
KNRIS>K!NL!I>KW>IADINJ/!_!0OI@S!:NN?!*M>Q/!#UU#!)AE!##‡&U]""^f$$$=%U/!!
$"#/!! 2AHOSAe>! <a! <IES>! '_/! -M>! FIN?RSD@NH! NL! I>KW>IADINJ! BE! 6@D@K! W@H@L>IA! AH?! NDM>I!
Q>QB>IK! NL! DM>! 6@DAS>A>! AK! A! I>KFNHK>! DN! @HL>SD@NH! NI! @HbRIE/! <MEK@NJ! <JAHD! <ADMNJ/!
"8=Y!_RJ‡8]"^f==5Y/!!
$"$/!! .@>QAHH! (`a! *I>AKE! 22/! *NHS>HDIAD@NH! NL! DM>! <MEDNAJ>[@H! '>KW>IADINJ! @H! m@H>/!
0Q!_!(HNJ!6@D@S/!"88#!_AH!"‡%$]"^f%8&#/!!
$"%/!! )A@>IX.AJAQNH! 0a! 1–MQ?NIL>I! )a! -MAJMAQQ>I! -a! .c>e>I>K! -a! _A>O>I! m/! `>FAD@S!
;JRSRINH@?AD@NH!NL!'>KW>IADINJf!+HD>IKF>S@>K!*NQFAI@KNH!NL!(HcEQ>!j@H>D@S!<INL@J>K!
@H!`RQAHa!)NRK>a!'ADa!AH?!3NO/!3IRO!)>DAB!<MAIQASNe@H>D/!#U""‡#Y]%^f$Y%=$/!!
$"&/!! .NJ>AK!;_a!3@AQAH?@K!(<a!;NJ?B>IO!3)/!'>KW>IADINJf!0!QNJ>SRJ>!lMNK>!D@Q>!MAK!
SNQ>€!0H?!ONH>€!*J@H!1@NSM>Q/!"88=!)AI‡$U]#^f8"""$/!!
$"Y/!! .ADN! )a! )ARJ@e! ;a! 1AOSM@! 3a! 3AK! 3j/! )ENSAI?@AJ! FIND>SD@NH! BE! <INDEe@Ha! A! HNW>J!
>[DIASD!NL!DIAHKXI>KW>IADINJ!AH?!>QN?@H/!:I>>!'A?@S!'>K/!#UUU!_AH!"‡$#]#^f"$&%%/!!
$"=/!! ;AQB@H@!_a!+HOJGK!)a!7JAKN!;a!2NF>cX;IR>KN!'a!1NH>DX*NKDA!6a!;@Q>HNX)AJJ>HSM!2a!
>D! AJ/! <INF>ID@>K! NL! '>KW>IADINJf! +H! 6@DIN! AH?! +H! 6@WN! .DR?@>K! ABNRD! )>DABNJ@KQa!
1@NAWA@JAB@J@DEa!AH?!1@NJNO@SAJ!(LL>SDK!@H!0H@QAJ!)N?>JK!AH?!`RQAHK/!7[@?!)>?!*>JJ!
2NHO>W/!#U"&!_RH!#5‡#U"&a!#U"&f>5$=U%#/!!
$"5/!! '/! ,>W>K! 0a! 2RS@N! )a! 2/*/! 2@QA! _a! '>@K! ./! '>KW>IADINJ! @H! )>?@S@HAJ! *M>Q@KDIEf! 0!
*I@D@SAJ!'>W@>l!NL!@DK!<MAIQASNe@H>D@SKa!3IROX3>J@W>IEa!AH?!)>QBIAH>!+HD>IASD@NHK/!
*RII!)>?!*M>Q/!#U"#!)AI!"‡"8]""^f"YY$5"/!!
$"8/!! _>AH?>D! <a! 3NR@JJ>DX1I>R@J! 0X*a! 1>KK@K! 'a! 3>BNI?! .a! .BAOM@! )a! 0?I@AH! )/!
<MEDNAJ>[@HK! LINQ! DM>! 6@DAS>A>f! 1@NKEHDM>K@Ka! <MEDNAJ>[@H! ;>H>! ([FI>KK@NH! @H!

"8Y!
-IAHKO>H@S! <JAHDKa! 0HD@LRHOAJ! 0SD@W@DEa! AH?! )>DABNJ@KQ/! _! 0OI@S! :NN?! *M>Q/! #UU#!
)AE!"‡&U]"U^f#=$"%"/!!
$#U/!! 2AHOSAe>!<a!<IES>!'_/!0!H>l!SJAKK!NL!FMEDNAJ>[@HK!LINQ!OIAF>W@H>K/!([F>I@>HD@A/!
"8==!:>B‡$$]#^f"&"#/!!
$#"/!! 0?I@AH! )a! _>AH?>D! <a! 6>H>AR! _a! m>KDNH! 20a! 1>KK@K! '/! 1@NJNO@SAJ! 0SD@W@DE! NL!
'>KW>IADINJa! A! .D@JB>H@S! *NQFNRH?! LINQ! ;IAF>W@H>Ka! 0OA@HKD! 1NDIED@K! S@H>I>Aa! DM>!
*ARKAJ!0O>HD!LNI!;IAE!)NJ?/!_!*M>Q!(SNJ/!"88=!_RJ‡#$]=^f"Y58=U#/!!
$##/!! `ADMlAE! 3(a! .>Ae@HK! _m-/! `E?IN[EKD@JB>H>K! NL! (RSAJEFDRK! lAH?NN/! 1@NSM>Q! _/!
"8&8!_RJ‡=#]$^f$Y8=%/!!
$#$/!! <AS>X0KS@Ae! *'a! `AMH! .a! 3@AQAH?@K! (<a! .NJ>AK! ;a! ;NJ?B>IO! 3)/! -M>! I>?! l@H>!
FM>HNJ@SK! DIAHKXI>KW>IADINJ! AH?! TR>IS>D@H! BJNSe! MRQAH! FJAD>J>D! AOOI>OAD@NH! AH?!
>@SNKAHN@?!KEHDM>K@Kf!+QFJ@SAD@NHK!LNI!FIND>SD@NH!AOA@HKD!SNINHAIE!M>AID!?@K>AK>/!*J@H!
*M@Q!0SDA/!"88&!)AI!$"‡#$&]#^f#U="8/!!
$#%/!! :>II>IN! )(a! 1>ID>JJ@! 00(a! <>JJ>OADDA! :a! :RJO>Hc@! 0a! *NIK@! ))a! 1>ID>JJ@! 0/!
<MEDNAJ>[@H! I>KW>IADINJ! ]$X%©X&XDI@ME?IN[EKD@JB>H>^! QN?RJAD>K! OIAHRJNSED>! AH?!
QNHNSED>!>H?NDM>J@AJ!A?M>K@NH/!-IAHKFJAHD!<INS/!"885!3>S‡$U]5^f%"8"$/!!
$#&/!! :>II>IN! )(a! 1>ID>JJ@! 0(a! :RJO>Hc@! 0a! <>JJ>OADDA! :a! *NIK@! ))a! 1NHLIAD>! )a! >D! AJ/!
0SD@W@DE! @H! W@DIN! NL! I>KW>IADINJ! NH! OIAHRJNSED>! AH?! QNHNSED>! A?M>K@NH! DN!
>H?NDM>J@RQ/!0Q!_!*J@H!,RDI/!"885!3>S!"‡Y5]Y^f"#U5"%/!!
$#Y/!! `AI@eRQAI! j1a! 0OOAIlAJ! 11/! '>KW>IADINJf! 0! QRJD@DAIO>D>?! AO>HD! LNI! AO>X
AKKNS@AD>?!SMINH@S!?@K>AK>K/!*>JJ!*ESJ>/!#UU5!0FI!"&‡=]5^f"U#U$&/!!
$#=/!! *M>H!9a!`>!`a!mAHO!;a!qAHO!1a!'>H!ma!)A!2a!>D!AJ/!.D>I>NKF>S@L@S!?>D>IQ@HAD@NH!NL!
S@KX! AH?! DIAHKXI>KW>IADINJ! @H! IAD! FJAKQA! BE! `<2*f! AFFJ@SAD@NH! DN! FMAIQASNe@H>D@S!
KDR?@>K/!1@NQ>?!*MINQADNOI/!#UU=!)AI!"‡#"]$^f#&=Y&/!!
$#5/!! *AQNHD!2a!*NDDAID!*X`a!'MAE>Q!qa!,@W>DX0HDN@H>!6a!3b>J@?@!'a!*NJJ@H!:a!>D!AJ/!.@QFJ>!
KF>SDINFMNDNQ>DI@S! AKK>KKQ>HD! NL! DM>! DIAHKXhS@KXI>KW>IADINJ! IAD@N! @H! ATR>NRK!
KNJRD@NHK/!0HAJ!*M@Q!0SDA/!#UU8!:>B!"Y‡Y$%]"^f"#"5/!!
$#8/!! 1JASM>!3a!'RKDAH!+a!3RIAH?!<a!2>KOAI?K!;a!2NI>AR!,/!;AK!SMINQADNOIAFM@S!AHAJEK@K!
NL! I>KW>IADINJ! @H! FJAKQAa! J@FNFIND>@HK! AH?! S>JJK! ALD>I! @H! W@DIN! @HSRBAD@NHK/! _!
*MINQADNOI!1!1@NQ>?!.S@!0FF/!"88=!,NW!#"‡=U#]"#^f"U$"U/!!
$$U/!! 1AKJE! _X<a! )AII>X:NRIH@>I! :a! 2>! 1A@J! _X*a! `ABI@NR[! ;a! *MRJ@A! 0_/!
(KDINO>H@ShAHD@>KDINO>H@S!AH?!KSAW>HO@HO!FINF>ID@>K!NL!](^X!AH?!]Š^XI>KW>IADINJ/!2@L>!
.S@/!#UUU!_AH!#"‡YY]8^f=Y8==/!!
$$"/!! -I>JA! 1*a! mAD>IMNRK>! 02/! '>KW>IADINJfª! +KNQ>I@S! )NJAI! 0BKNIFD@W@D@>K! AH?!
.DAB@J@DE/!_!0OI@S!:NN?!*M>Q/!"88Y!_AH!"‡%%]&^f"#&$=/!!
$$#/!! *NDDAID! *X`a! ,@W>DX0HDN@H>! 6a! 2AOR@JJ@>IX)NI@cND! *a! 1>AR?>R[! _X2/! '>KW>IADINJ!
B@NAWA@JAB@J@DE!AH?!DN[@S@DE!@H!MRQAHK/!)NJ!,RDI!:NN?!'>K/!#U"U!_AH!"‡&%]"^f="Y/!!
$$$/!! <NRJK>H! ))a! 6>KD>IOAAI?! <:a! *JAK>H! 1:a! 'A?eN! qa! *MI@KD>HK>H! 2<a! .D¦?e@J?>X
_¦IO>HK>H! `a! >D! AJ/! `@OMX3NK>! '>KW>IADINJ! .RFFJ>Q>HDAD@NH! @H! 7B>K>! )>H! 0H!
+HW>KD@OADNIX+H@D@AD>?a! 'AH?NQ@c>?a! <JAS>BNX*NHDINJJ>?! *J@H@SAJ! -I@AJ! NL! .RBKDIAD>!
)>DABNJ@KQa! +HKRJ@H! .>HK@D@W@DEa! AH?! 1N?E! *NQFNK@D@NH/! 3@AB>D>K/! #U"$! 0FI!
"‡Y#]%^f""5Y8&/!!
$$%/!! qNKM@HN! _a! *NHD>! *a! :NHDAHA! 2a! )@DD>H?NIL>I! 1a! +QA@! .a! .SM>SMDQAH! j1a! >D! AJ/!
'>KW>IADINJ! .RFFJ>Q>HDAD@NH! 3N>K! ,ND! +QFINW>! )>DABNJ@S! :RHSD@NH! @H! ,NHNB>K>!
mNQ>H!l@DM!,NIQAJ!;JRSNK>!-NJ>IAHS>/!*>JJ!)>DAB/!#U"#!_RJ!""‡"Y]&^fY&5Y%/!!

"8=!
$$&/!! *NDDAID! *X`a! ,@W>DX0HDN@H>! 6a! 1>AR?>R[! _X2/! '>W@>l! NL! I>S>HD! ?ADA! NH! DM>!
Q>DABNJ@KQa!B@NJNO@SAJ!>LL>SDKa!AH?!DN[@S@DE!NL!I>KW>IADINJ!@H!MRQAHK/!)NJ!,RDI!:NN?!
'>K/!#U"%!_AH!"‡&5]"^f=#"/!!
$$Y/!! 6@DAOJ@NH>! <a! .LNIcA! .a! ;AJAW>IHA! ;a! ;M@?@H@! *a! *AFNIAKN! ,a! 6>KSNW@! <<a! >D! AJ/!
1@NAWA@JAB@J@DE! NL! DIAHKXI>KW>IADINJ! LINQ! I>?! l@H>! @H! MRQAHK/! )NJ! ,RDI! :NN?! '>K/!
#UU&!)AE!"‡%8]&^f%8&&U%/!!
$$=/!! 3>JQAK!3a!0@I>K!6a!2@QAOH>!(a!3RDAIDI>!<a!)AcRG!:a!;M@I@HOM>JJ@!:a!>D!AJ/!-IAHKFNIDa!
KDAB@J@DEa! AH?! B@NJNO@SAJ! ASD@W@DE! NL! I>KW>IADINJ/! 0HH! ,! q! 0SA?! .S@/! #U""! _AH!
"‡"#"&]"^f%5&8/!!
$$5/!! 6@DIAS! 9a! 3>KQNRJ@CI>! 0a! 1INR@JJAR?! 1a! jI@KA! .a! 3>LL@>R[! ;a! 1AIDM>! ,a! >D! AJ/!
3@KDI@BRD@NH! NL! «"%*¬XDIAHKXI>KW>IADINJa! A! SAHS>I! SM>QNFI>W>HD@W>! FNJEFM>HNJa! @H!
QNRK>!D@KKR>K!ALD>I!NIAJ!A?Q@H@KDIAD@NH/!2@L>!.S@/!#UU$!0FI!%‡=#]#U^f##"8$$/!!
$$8/!! _RAH! )(a! )A@bž! )a! <JAHAK! _)/! †RAHD@L@SAD@NH! NL! DIAHKXI>KW>IADINJ! AH?! @DK!
Q>DABNJ@D>K! @H! IAD! FJAKQA! AH?! D@KKR>K! BE! `<2*/! _! <MAIQ! 1@NQ>?! 0HAJ/! #U"U! _AH!
#U‡&"]#^f$8"5/!!
$%U/!! .AJ>! .a! 6>IKSMNEJ>! '3a! 1NNSNSe! 3a! _NH>K! 3_2a! m@JKM>I! ,a! 'RFAI>J@A! j*a! >D! AJ/!
<MAIQASNe@H>D@SK! @H! Q@S>! AH?! OINlDMX@HM@B@DNIE! FINF>ID@>K! NL! DM>! FRDAD@W>! SAHS>I!
SM>QNFI>W>HD@W>! AO>HD! I>KW>IADINJ! AH?! DM>! KEHDM>D@S! AHAJNOR>! DIAHK! $a%a&a%©X
D>DIAQ>DMN[EKD@JB>H>/!1I!_!*AHS>I/!#UU%!:>B!8‡8U]$^f=$Y%%/!!
$%"/!! mAJJ>!-a!`K@>M!:a!3>2>OO>!)`a!7AD@K!_(a!mAJJ>!4j/!`@OM!0BKNIFD@NH!BRD!6>IE!2Nl!
1@NAWA@JAB@J@DE! NL! 7IAJ! '>KW>IADINJ! @H! `RQAHK/! 3IRO! )>DAB! 3@KFNK/! #UU%! 3>S!
"‡$#]"#^f"$==5#/!!
$%#/!! )A@>IX.AJAQNH! 0a! 1–MQ?NIL>I! )a! '@MA! _a! -MAJMAQQ>I! -a! .c>e>I>K! -a! _A>O>I! m/!
+HD>IFJAE!B>Dl>>H!Q>DABNJ@KQ!AH?!DIAHKFNID!NL!I>KW>IADINJ/!0HH!,!q!0SA?!.S@/!#U"$!
_RJ!"‡"#8U]"^f85"UY/!!
$%$/!! mAHO! 2X9a! `>I>?@A! 0a! .NHO! `a! ŠMAHO! Ša! qR! 1a! 3AW@K! *a! >D! AJ/! '>KW>IADINJ!
OJRSRINH@?>K! AK! DM>! Q>DABNJ@D>K! NL! I>KW>IADINJ! @H! MRQAHKf! *MAIASD>I@cAD@NHa!
KEHDM>K@Ka!AH?!AHD@X`+6!ASD@W@DE/!_!<MAIQ!.S@/!#UU%!7SD!"‡8$]"U^f#%%5&=/!!
$%%/!! )AI@>I! _X:a! 6ASMNH! <a! ;I@DKAK! 0a! ŠMAHO! _a! )NI>AR! _X<a! 3RSMAIQ>! )</! )>DABNJ@KQ!
AH?! 3@KFNK@D@NH! NL! '>KW>IADINJ! @H! 'ADKf! ([D>HD! NL! 0BKNIFD@NHa! ;JRSRINH@?AD@NHa! AH?!
(HD>INM>FAD@S! '>S@ISRJAD@NH! (W@?>HS>?! BE! A! 2@He>?X'AD! )N?>J/! _! <MAIQASNJ! ([F!
-M>I/!#UU#!_RJ!"‡$U#]"^f$Y8=$/!!
$%&/!! 1NNSNSe! 3_a! <AD>J! j'a! :ARKD! ;(.a! ,NIQNJJ>! 3<a! )AIScEJN! -`a! *INl>JJ! _0a! >D! AJ/!
†RAHD@DAD@NH!NL!DIAHKXI>KW>IADINJ!AH?!?>D>SD@NH!NL!@DK!Q>DABNJ@D>K!@H!MRQAH!FJAKQA!
AH?! RI@H>! BE! M@OM! F>ILNIQAHS>! J@TR@?! SMINQADNOIAFME/! _! *MINQADNOI! 1/! #UU=! 0FI!
"‡5%5]#^f"5#=/!!
$%Y/!! 3>!.AHD@!*a!<@>DIAB@KKA!0a!)NKSA!:a!<AS@L@S@!;)/!;JRSRINH@?AD@NH!NL!I>KW>IADINJa!A!
HADRIAJ! FIN?RSD! FI>K>HD! @H! OIAF>! AH?! l@H>a! @H! DM>! MRQAH! J@W>I/! 9>HNB@ND@SA/! #UUU!
_AH‡$U]""^f"U%=&%/!!
$%=/!! 3>!.AHD@!*a!<@>DIAB@KKA!0a!.F@KH@!'a!)NKSA!:a!<AS@L@S@!;)/!.RJFMAD@NH!NL!I>KW>IADINJa!
A! HADRIAJ! SNQFNRH?! FI>K>HD! @H! l@H>a! AH?! @DK! @HM@B@D@NH! BE! HADRIAJ! LJAWNHN@?K/!
9>HNB@ND@SA/!#UUU!_AH‡$U]8^f5&=YY/!!
$%5/!! m>Hc>J! (a! .NQNcA! 6/! )>DABNJ@KQ! AH?! B@NAWA@JAB@J@DE! NL! DIAHKXI>KW>IADINJ/! )NJ!
,RDI!:NN?!'>K/!#UU&!)AE!"‡%8]&^f%=#5"/!!

"85!
$%8/!! m@JJ@AQK!23a!1RI?NSe!;0a!(?lAI?K!_0a!1>Se!)a!1ARKSM!_/!.AL>DE!KDR?@>K!SNH?RSD>?!
NH!M@OMXFRI@DE!DIAHKXI>KW>IADINJ!@H!>[F>I@Q>HDAJ!AH@QAJK/!:NN?!*M>Q!-N[@SNJ/!#UU8!
.>F‡%=]8^f#"=U5#/!!
$&U/!! _AHO! )a! *A@! 2a! 4?>AH@! ;7a! .JNl@HO! j6a! -MNQAK! *:a! 1>>SM>I! *mma! >D! AJ/! *AHS>I!
*M>QNFI>W>HD@W>! 0SD@W@DE! NL! '>KW>IADINJa! A! ,ADRIAJ! <IN?RSD! 3>I@W>?! LINQ! ;IAF>K/!
.S@>HS>/!"88=!_AH!"U‡#=&]&#8=^f#"5#U/!!
$&"/!! 1ARI! _0a! <>AIKNH! j_a! <I@S>! ,2a! _AQ@>KNH! `0a! 2>I@H! *a! jAJIA! 0a! >D! AJ/! '>KW>IADINJ!
@QFINW>K! M>AJDM! AH?! KRIW@WAJ! NL! Q@S>! NH! A! M@OMXSAJNI@>! ?@>D/! ,ADRI>/! #UUY! ,NW!
"Y‡%%%]=""=^f$$=%#/!!
$&#/!! <AIe! (X_a! <>ccRDN! _)/! -M>! FMAIQASNJNOE! NL! I>KW>IADINJ! @H! AH@QAJK! AH?! MRQAHK/!
1@NSM@Q!1@NFMEK!0SDA!110!X!)NJ!1AK@K!3@K/!#U"&!_RH‡"5&#]Y^f"U="""$/!!
$&$/!! 3AN! -X)0/! +HLJAQQAD@NH! @HD>KD@HAJ>! >D! ?@ABCD>! ?>! DEF>! #­f! >LL>D! ?R! '>KW>IADINJ/!
«)AIK>@JJ>a!:IAHS>¬f!4H@W>IK@DG!?>!JA!)G?@D>IIAHG>!]0@[!)AIK>@JJ>!#^‡!#U""/!!
$&%/!! ŠMR!_a!qNHO!ma!mR!9a!qR!qa!JW!_a!2@R!*a!>D!AJ/!0HD@X@HLJAQQADNIE!>LL>SD!NL!I>KW>IADINJ!
NH!-,:XgX@H?RS>?!)*<X"!>[FI>KK@NH!@H!A?@FNSED>K/!1@NSM>Q!1@NFMEK!'>K!*NQQRH/!
#UU5!)AE!#‡$Y8]#^f%="=/!!
$&&/!! *K@KcAI! 0a! .Q@DM! ja! 2AB@HKeEE! ,a! 7INKc! Ša! '@W>IA! 0a! 4HOWAI@! Š/! '>KW>IADINJ!
ADD>HRAD>K! -,:XgX@H?RS>?! ASD@WAD@NH! NL! SNINHAIE! AID>I@AJ! >H?NDM>J@AJ! S>JJKf! INJ>! NL!
,:Xp1!@HM@B@D@NH/!0Q!_!<MEK@NJ!X!`>AID!*@IS!<MEK@NJ/!#UUY!7SD!"‡#8"]%^f`"Y8%8/!!
$&Y/!! jHNBJNSM! _a! mAMJ! *a! :>J?QAHH! )a! _RHOSe! 3a! .DIARSM! _a! .DN>JB>H! (a! >D! AJ/!
'>KW>IADINJ! 0DD>HRAD>K! DM>! '>J>AK>! NL! +HLJAQQADNIE! *EDNe@H>K! LINQ! `RQAH!
1INHSM@AJ!.QNNDM!)RKSJ>!*>JJK!([FNK>?!DN!2@FND>@SMN@S!0S@?!@H!*MINH@S!7BKDIRSD@W>!
<RJQNHAIE!3@K>AK>/!1AK@S!*J@H!<MAIQASNJ!-N[@SNJ/!#U"%!:>B!"‡""%]#^f#U#8/!!
$&=/!! .MAe@BA>@!)a!*KAe@!*a!,>BI@SM!.a!)NBAKM>I@!0/!'>KW>IADINJ!KRFFI>KK>K!@HD>IJ>Re@HX
"ZX@H?RS>?!@HLJAQQADNIE!K@OHAJ@HO!AH?!AFNFDNK@K!@H!MRQAH!AID@SRJAI!SMNH?INSED>Kf!
<ND>HD@AJ!LNI!RK>!AK!A!HNW>J!HRDIAS>RD@SAJ!LNI!DM>!DI>ADQ>HD!NL!NKD>NAIDMI@D@K/!1@NSM>Q!
<MAIQASNJ/!#UU5!3>S!"‡=Y]""^f"%#Y$8/!!
$&5/!! *AH?>JAI@NX_AJ@J! (a! 7J@W>@IA! 0*! ?>a! ;I¤L! .a! 1MAD@A! `.a! `~JJ! )a! )R›Nc! (a! >D! AJ/!
'>KW>IADINJ! FND>HDJE! I>?RS>K! FINKDAOJAH?@H! (#! FIN?RSD@NH! AH?! LI>>! IA?@SAJ!
LNIQAD@NH! @H! J@FNFNJEKASSMAI@?>XASD@WAD>?! FI@QAIE! IAD! Q@SINOJ@A/! _!
,>RIN@HLJAQQAD@NH/!#UU=!7SD!"U‡%]"^f#&/!!
$&8/!! ®JMNJQ! _a! <ARJK>H! .ja! *RJJB>IO! j1a! '@SM>JK>H! 1a! <>?>IK>H! .1/! 0HD@X@HLJAQQADNIE!
>LL>SD!NL!I>KW>IADINJ!NH!A?@FNe@H>!>[FI>KK@NH!AH?!K>SI>D@NH!@H!MRQAH!A?@FNK>!D@KKR>!
>[FJAHDK/!+HD!_!7B>K/!#U"U!7SD‡$%]"U^f"&%Y&$/!!
$YU/!! <>H?RIDM@! 4'a! 'AN! 26)/! '>KW>IADINJ! KRFFI>KK>K! AONH@KDX@H?RS>?! QNHNSED>!
A?M>K@NH! DN! SRJDRI>?! MRQAH! >H?NDM>J@AJ! S>JJK/! -MINQB! '>K/! #UU#! )AE! "&‡"UY]%
&^f#%$5/!!
$Y"/!! ŠMNHO! )a! *M>HO! ;:a! mAHO! m_a! ;RN! qa! ŠMR! 9qa! ŠMAHO! _-/! +HM@B@DNIE! >LL>SD! NL!
I>KW>IADINJ!NH!@HD>IJ>Re@H!Y!I>J>AK>!BE!KD@QRJAD>?!F>I@DNH>AJ!QASINFMAO>K!NL!Q@S>/!
<MEDNQ>?@S@H>/!"888!)AE‡Y]#^f=85%/!!
$Y#/!! ;AN! 9a! 9R! q9a! _AHAe@IAQAH! ,a! *MAFQAH! '0a! ;ARDAQ¯! .*/! +QQRHNQN?RJADNIE!
ASD@W@DE!NL!I>KW>IADINJf!KRFFI>KK@NH!NL!JEQFMNSED>!FINJ@L>IAD@NHa!?>W>JNFQ>HD!NL!S>JJX
Q>?@AD>?! SEDNDN[@S@DEa! AH?! SEDNe@H>! FIN?RSD@NH"/! 1@NSM>Q! <MAIQASNJ/! #UU"! ,NW!
"‡Y#]8^f"#88$U5/!!

"88!
$Y$/!! :>HO!qX`a!ŠNR!_X<a!2@!9Xq/!(LL>SDK!NL!I>KW>IADINJ!AH?!>DMAHNJ!NH!FIN?RSD@NH!NL!FINX
@HLJAQQADNIE! LASDNIK! LINQ! >H?NDN[@H! ASD@WAD>?! QRI@H>! QASINFMAO>K/! 0SDA!
<MAIQASNJ!.@H/!#UU#!,NW‡#$]""^f"UU#Y/!!
$Y%/!! *MN!3X+a!jNN!,Xqa!*MRHO!m_a!j@Q!-X.a!'ER!.qa!+Q!.qa!>D!AJ/!(LL>SDK!NL!I>KW>IADINJX
I>JAD>?! ME?IN[EKD@JB>H>K! NH! DM>! H@DI@S! N[@?>! FIN?RSD@NH! @H! QASINFMAO>! S>JJKf!
KDIRSDRIAJ! I>TR@I>Q>HDK! AH?! Q>SMAH@KQ! NL! ASD@NH/! 2@L>! .S@/! #UU#! .>F!
"$‡="]"=^f#U="5#/!!
$Y&/!! .RBBAIAQA@AM! ja! *MRHO! m_a! )@SMAJRAID! <a! ->JAHO! ,a! -AHAB>! -a! +HNR>! `a! >D! AJ/!
'>KW>IADINJ! +HM@B@DK! *ESJNN[EO>HAK>X#! -IAHKSI@FD@NH! AH?! 0SD@W@DE! @H! <MNIBNJ! (KD>IX
DI>AD>?!`RQAH!)AQQAIE!(F@DM>J@AJ!*>JJK/!_!1@NJ!*M>Q/!"885!0RO!#"‡#=$]$%^f#"5=&
5#/!!
$YY/!! )AHHA!.ja!)ReMNFA?MEAE!0a!0OOAIlAJ!11/!'>KW>IADINJ!.RFFI>KK>K!-,:X+H?RS>?!
0SD@WAD@NH! NL! ,RSJ>AI! -IAHKSI@FD@NH! :ASDNIK! ,:Xp1a! 0SD@WADNI! <IND>@HX"a! AH?!
0FNFDNK@Kf!<ND>HD@AJ!'NJ>!NL!'>ASD@W>!7[EO>H!+HD>IQ>?@AD>K!AH?!2@F@?!<>IN[@?AD@NH/!_!
+QQRHNJ/!#UUU!_RH!"&‡"Y%]"#^fY&U8"8/!!
$Y=/!! j@Q! )`a! qNN! 3.a! 2>>! .qa! 1E>NH! .(a! 2>>! q;a! )@H! -a! >D! AJ/! -M>! -'+:h-1j"h+':X$!
ASD@WAD@NH!FADMlAE!@K!DM>!FI@QAIE!@HM@B@DNIE!DAIO>D!NL!I>KW>IADINJa!SNHDI@BRD@HO!DN!@DK!
BINA?XKF>SDIRQ!AHD@X@HLJAQQADNIE!>LL>SDK/!<MAIQ/!#U""!0FI‡YY]%^f#8$$UU/!!
$Y5/!! `NJQ>KX)S,AIE! )a! 1AJ?l@H! 0./! *M>QNFI>W>HD@W>! <INF>ID@>K! NL! DIAHKX
'>KW>IADINJ! 0I>! 0KKNS@AD>?! l@DM! +HM@B@D@NH! NL! 0SD@WAD@NH! NL! DM>! +p1! j@HAK>/! *AHS>I!
'>K/!#UUU!_RJ!"‡YU]"$^f$%==5$/!!
$Y8/!! 1RKSM! :a! )NBAKM>I@! 0a! .MAEAH! <a! 2R>?>IK! *a! .DAMJQAHH! 'a! .MAe@BA>@! )/!
'>KW>IADINJ!QN?RJAD>K!+2X"ZX@H?RS>?!<+$j!AH?!,:Xp1!K@OHAJ@HO!FADMlAEK!@H!MRQAH!
D>HNSED>K/!_!1@NJ!*M>Q/!#U"#!0RO!$U‡bBS/)""#/$==U#5/!!
$=U/!! 1AORJ! <ja! 3>>FDM@! ,a! .RJDAHA! 'a! 1AH>Ib>>! .j/! '>KW>IADINJ! AQ>J@NIAD>K! SAI?@AS!
N[@?AD@W>!KDI>KK!@H!?@AB>D>K!DMINROM!?>AS>DEJAD@NH!NL!,:e1XFY&!AH?!M@KDNH>!$/!_!,RDI!
1@NSM>Q/!#U"&!,NW‡#Y]""^f"#85$U=/!!
$="/!! )AIDŸH! 0'a! 6@JJ>OAK! +a! .šHSM>cX`@?AJON! )a! 3>! 2A! 2AKDIA! *0/! -M>! >LL>SDK! NL!
I>KW>IADINJa!A!FMEDNAJ>[@H!?>I@W>?!LINQ!I>?!l@H>Ka!NH!SMINH@S!@HLJAQQAD@NH!@H?RS>?!
@H!AH!>[F>I@Q>HDAJJE!@H?RS>?!SNJ@D@K!QN?>J/!1I!_!<MAIQASNJ/!#UUY!0FI!"‡"%=]5^f5=$
5&/!!
$=#/!! 1>I>Kl@JJ! .a! )R›Nc! )a! :@KSM>I! 0a! <J@Se>ID! 'a! `AAO! 2X)a! 7DDN! 1a! >D! AJ/! 0HD@X
+HLJAQQADNIE! (LL>SDK! NL! '>KW>IADINJa! *RISRQ@H! AH?! .@QWAKDAD@H! @H! 0SRD>! .QAJJ!
+HD>KD@HAJ!+HLJAQQAD@NH/!<2N.!7,(/!#U"U!3>S!$‡&]"#^f>"&U88/!!
$=$/!! jRBNDA! .a! jRI@MAIA! -a! )NSM@QAIR! `a! .ADNLReA! .a! ,N?A! ja! 7cAlA! qa! >D! AJ/!
<I>W>HD@NH!NL!7SRJAI!+HLJAQQAD@NH!@H!(H?NDN[@HX+H?RS>?!4W>@D@K!l@DM!'>KW>IADINJ!BE!
+HM@B@D@HO! 7[@?AD@W>! 3AQAO>! AH?! ,RSJ>AI! :ASDNIp1! 0SD@WAD@NH/! +HW>KD@O!
7FDMAJQNJNOE!6@K!.S@/!#UU8!_RJ!"‡&U]=^f$&"#/!!
$=%/!! <NRJK>H! ))a! :b>J?BNIO! ja! 7IHKDIRF! )_a! jb°I! -,a! ,¦MI! )ja! <>?>IK>H! .1/!
'>KW>IADINJ! AH?! @HLJAQQAD@NHf! *MAJJ>HO>K! @H! DIAHKJAD@HO! FI>XSJ@H@SAJ! L@H?@HOK! DN!
@QFINW>?! FAD@>HD! NRDSNQ>K/! 1@NSM@Q! 1@NFMEK! 0SDA! 110! X! )NJ! 1AK@K! 3@K/! #U"&!
_RH‡"5&#]Y^f""#%$Y/!!
$=&/!! *@NJ@HN!`<a!3AKSMH>I!<_a!q>M!;*/!'>KW>IADINJ!+HM@B@DK!-IAHKSI@FD@NH!NL!*q<"0"!@H!
6@DIN!BE!<I>W>HD@HO!0SD@WAD@NH!NL!DM>!0IEJ!`E?INSAIBNH!'>S>FDNI/!*AHS>I!'>K/!"885!
3>S!"&‡&5]#%^f&=U="#/!!

#UU!
$=Y/!! *AKF>I!':a!†R>KH>!)a!'NO>IK!+)a!.M@INDA!-a!_NJ@W>D!0a!)@JOINQ!(a!>D!AJ/!'>KW>IADINJ!
`AK! 0HDAONH@KD! 0SD@W@DE! NH! DM>! 0IEJ! `E?INSAIBNH! '>S>FDNIf! +QFJ@SAD@NHK! LNI!
<I>W>HD@NH!NL!3@N[@H!-N[@S@DE/!)NJ!<MAIQASNJ/!"888!7SD!"‡&Y]%^f=5%8U/!!
$==/!! .@HOM! .4a! *AKF>I! ':a! :I@Dc! <*a! .ReMR! 1a! ;AHKK! 1a! ;@IAI?! 1a! >D! AJ/! +HM@B@D@NH! NL!
?@N[@H! >LL>SDK! NH! BNH>! LNIQAD@NH! @H! W@DIN! BE! A! H>lJE! ?>KSI@B>?! AIEJ! ME?INSAIBNH!
I>S>FDNI!AHDAONH@KDa!I>KW>IADINJ/!_!(H?NSI@HNJ/!#UUU!7SD!"‡"Y=]"^f"5$8&/!!
$=5/!! '>W>J! 0a! 'AAHAH@! `a! qNRHOJA@! (a! 9R! _a! `AH! 'a! .AWNRI>D! _:a! >D! AJ/! '>KW>IADINJa! A!
HADRIAJ!AIEJ!ME?INSAIBNH!I>S>FDNI!AHDAONH@KDa!FIND>SDK!KF>IQ!LINQ!3,0!?AQAO>!AH?!
AFNFDNK@K! SARK>?! BE! B>HcN]A^FEI>H>/! '>FIN?! -N[@SNJ! (JQKLNI?! ,/! #UU"!
7SD‡"&]&^f%=85Y/!!
$=8/!! '>W>J!0a!'AAHAH@!`a!qNRHOJA@!(a!9R!_a!'NO>IK!+a!`AH!'a!>D!AJ/!'>KW>IADINJa!A!HADRIAJ!
AIEJ! ME?INSAIBNH! I>S>FDNI! AHDAONH@KDa! FIND>SDK! JRHO! LINQ! 3,0! ?AQAO>! AH?!
AFNFDNK@K!SARK>?!BE!B>HcN«A¬FEI>H>/!_!0FFJ!-N[@SNJ/!#UU$!_RJ!"‡#$]%^f#&&Y"/!!
$5U/!! :I–DKSMJ! 'a! *M@SMQAHNW! 2a! jJ>>B>IO! 4a! `@J?>BIAH?D! 0;a! 'NNDK! +a! 1INSeQ–JJ>I! _/!
<I>?@SD@NH! NL! AIEJ! ME?INSAIBNH! I>S>FDNIXQ>?@AD>?! >HcEQ>! @H?RSD@NH! NL! ?IROK! AH?!
SM>Q@SAJK!BE!Q',0!TRAHD@L@SAD@NH/!*M>Q!'>K!-N[@SNJ/!"885!3>S‡""]"#^f"%%=&#/!!
$5"/!! 0QAeRIA! qa! -KRDKRQ@! -a! ,AeAQRIA! )a! j@DAOAlA! `a! :Rb@HN! _a! .AKAe@! ja! >D! AJ/!
0SD@WAD@NH! NL! DM>! 0IEJ! `E?INSAIBNH! '>S>FDNI! BE! .NQ>! 6>O>DABJ>! *NHKD@DR>HDK!
3>D>IQ@H>?!4K@HO!@H!6@DIN!'>FNID>I!;>H>!0KKAE/!1@NJ!<MAIQ!1RJJ/!#UU$‡#Y]%^f&$#8/!!
$5#/!! *NJJA?N! 2a! :@OR>IAK! )_/! -A[NHNQEa! (F@?>Q@NJNOEa! AH?! *J@H@SAJ! '>J>WAHS>! NL! DM>!
;>HRK!0ISNBASD>I/!*J@H!)@SINB@NJ!'>W/!#U""!_AH!"‡#%]"^f"=%8#/!!
$5$/!! :>II>@IA! .a! .@JWA! :a! †R>@INc! _0a! 7J>AKDIN! )a! 3NQ@HOR>K! :*/! '>KW>IADINJ! AOA@HKD!
0ISNBASD>I! BRDcJ>I@! AH?! 0ISNBASD>I! SIEA>INFM@JRKf! 0SD@W@DE! AH?! >LL>SD! NH! S>JJRJAI!
LRHSD@NHK/!+HD!_!:NN?!)@SINB@NJ/!#U"%!_RH!"Y‡"5UfY#5/!!
$5%/!! ,AlINSe@!()a!1>?>JJ!`ma!`RQFMI>EK!-2/!'>KW>IADINJ!@K!S@?AJ!DN!BNDM!SJAKK>K!NL!
`A>QNFM@JRK!?RSI>E@/!+HD!_!0HD@Q@SINB!0O>HDK/!#U"$!)AE‡%"]&^f%==8/!!
$5&/!! .R!qa!)A!2a!m>H!qa!mAHO!`a!ŠMAHO!./!.DR?@>K!NL!DM>!@H!6@DIN!0HD@BASD>I@AJ!0SD@W@D@>K!
NL! .>W>IAJ! <NJEFM>HNJK! AOA@HKD! *J@H@SAJ! +KNJAD>K! NL! )>DM@S@JJ@HX'>K@KDAHD!
.DAFMEJNSNSSRK!ARI>RK/!)NJ>SRJ>K/!#U"%!0RO!"8‡"8]5^f"#Y$U8/!!
$5Y/!! 2@R! 2a! mAHO! qa! 2AQ! ja! 9R! 0/! )N?>IAD>! m@H>! *NHKRQFD@NH! @H! DM>! <I>W>HD@NH! NL!
)>DABNJ@S! .EH?INQ>! AH?! @DK! '>JAD>?! )>?@SAJ! *NQFJ@SAD@NHK/! (H?NSI@H>±! )>DAB!
+QQRH>!3@KNI?X3IRO!-AIO>DK/!#UU5!_RH!"‡5]#^f5885/!!
$5=/!! )@JH>! _*a! 2AQB>ID! <3a! .SM>He! .a! *AIH>E! 3<a! .Q@DM! __a! ;AOH>! 3_a! >D! AJ/! .QAJJ!
QNJ>SRJ>! ASD@WADNIK! NL! .+'-"! AK! DM>IAF>RD@SK! LNI! DM>! DI>ADQ>HD! NL! DEF>! #! ?@AB>D>K/!
,ADRI>/!#UU=!,NW!#8‡%&U]="=U^f="#Y/!!
$55/!! :4_++!`a!q7j7Š0m0!-a!j+)!q0a!-7`30!*a!,7,0j0!;/!<IND>SD@W>!(LL>SD!NL!;IAF>!
.>>?! <NJEFM>HNJK! AOA@HKD! `@OM! ;JRSNK>X+H?RS>?! 7[@?AD@W>! .DI>KK/! 1@NKS@! 1@ND>SMHNJ!
1@NSM>Q/!#UUY!.>F!#$‡=U]8^f#"U%""/!!
$58/!! 0IOQAHH!*a!0Rl>I[!_/!+HKRJ@H!.>SI>D@NHf!.+'-%!;>DK!@H!NH!DM>!0SD/!*>JJ/!#UUY!0RO!
8‡"#Y]&^f5$=8/!!
$8U/!! 0MRbA! ,a! .SMl>I! 1a! *AINBB@N! .a! mAJDI>OHE! 3a! ,NIDM! 1_a! *AKDINHNWN! 6a! >D! AJ/!
'>ORJAD@NH!NL!+HKRJ@H!.>SI>D@NH!BE!.+'-%a!A!)@DNSMNH?I@AJ!03<XI@BNKEJDIAHKL>IAK>/!_!
1@NJ!*M>Q/!#UU=!,NW!"Y‡#5#]%Y^f$$&5$8#/!!

#U"!
$8"/!! 'N?O>IK! _-a! 2>I@H! *a! `AAK! ma! ;EO@! .<a! .F@>O>JQAH! 1)a! <R@OK>IW>I! </! ,RDI@>HD!
SNHDINJ! NL! OJRSNK>! MNQ>NKDAK@K! DMINROM! A! SNQFJ>[! NL! <;*X"g! AH?! .+'-"/! ,ADRI>/!
#UU&!)AI!$‡%$%]=U#8^f""$5/!!
$8#/!! ,AEAOAQ!6)a!mAHO!9a!-AH!q*a!<NRJK>H!0a!;NM!j*a!,O!-a!>D!AJ/!.+'-"!)N?RJAD@HO!
*NQFNRH?K! LINQ! `@OMX-MINROMFRD! .SI>>H@HO! AK! 0HD@X+HLJAQQADNIE! AH?! +HKRJ@HX
.>HK@D@c@HO!0O>HDK/!_!1@NQNJ!.SI>>H/!#UUY!3>S!"‡""]5^f8&8Y=/!!
$8$/!! 2AONRO>! )a! 0IOQAHH! *a! ;>IMAIDX`@H>K! Ša! )>c@AH>! `a! 2>I@H! *a! 3ARKK@H! :a! >D! AJ/!
'>KW>IADINJ! +QFINW>K! )@DNSMNH?I@AJ! :RHSD@NH! AH?! <IND>SDK! AOA@HKD! )>DABNJ@S!
3@K>AK>!BE!0SD@WAD@HO!.+'-"!AH?!<;*X"g/!*>JJ/!#UUY!3>S!"&‡"#=]Y^f""U8##/!!
$8%/!! .M@! -a! mAHO! :a! .D@>I>H! (a! -NHO! †/! .+'-$a! A! )@DNSMNH?I@AJ! .@IDR@H! 3>AS>DEJAK>a!
'>ORJAD>K! )@DNSMNH?I@AJ! :RHSD@NH! AH?! -M>IQNO>H>K@K! @H! 1INlH! 0?@FNSED>K/! _! 1@NJ!
*M>Q/!#UU&!0FI!5‡#5U]"%^f"$&YU=/!!
$8&/!! ;>IMAIDX`@H>K! Ša! 'N?O>IK! _-a! 1AI>! 7a! 2>I@H! *a! j@Q! .X`a! )NKDNKJAWKeE! 'a! >D! AJ/!
)>DABNJ@S!SNHDINJ!NL!QRKSJ>!Q@DNSMNH?I@AJ!LRHSD@NH!AH?!LADDE!AS@?!N[@?AD@NH!DMINROM!
.+'-"h<;*X"g/!()17!_/!#UU=!0FI!%‡#Y]=^f"8"$#$/!!
$8Y/!! <I@S>! ,2a! ;NQ>K! 0<a! 2@HO! 0_qa! 3RAID>! :6a! )AID@HX)NHDAJWN! 0a! ,NIDM! 1_a! >D! AJ/!
.+'-"!+K!'>TR@I>?!LNI!0)<j!0SD@WAD@NH!AH?!DM>!1>H>L@S@AJ!(LL>SDK!NL!'>KW>IADINJ!NH!
)@DNSMNH?I@AJ!:RHSD@NH/!*>JJ!)>DAB/!#U"#!:>B!&‡"&]&^fY=&8U/!!
$8=/!! *NJAe! qa! 7cDRIe! 7a! .>HAD>K! (a! -RHS>I! +a! qNIRJQAc! (a! 0?AJ@! ;a! >D! AJ/! .+'-"! AK! A!
FND>HD@AJ!DM>IAF>RD@S!DAIO>D!LNI!DI>ADQ>HD!NL!HNHAJSNMNJ@S!LADDE!J@W>I!?@K>AK>/!)>?!.S@!
)NH@D!+HD!)>?!_!([F!*J@H!'>K/!#U""!)AE‡"=]&^f`q&8/!!
$85/!! <ASMNJ>S!)a!1J>AK?AJ>!_(a!*MIRHEe!1a!*RHH@HOMAQ!3a!:JEHH!3a!;AINLAJN!'.a!>D!AJ/!
.'-"=#Ua!.'-#"5$a!.'-"%YUa!AH?!'>KW>IADINJ!0I>!,ND!3@I>SD!0SD@WADNIK!NL!.+'-"/!_!
1@NJ!*M>Q/!#U"U!)AI!"#‡#5&]""^f5$%U&"/!!
$88/!! 3AN! -X)0a! mAO>D! 0a! jJNFF! <a! .>I@HN! )a! 6ASMNR[! *a! <>SM>I>! 2a! >D! AJ/! '>KW>IADINJ!
+HSI>AK>K!;JRSNK>!+H?RS>?!;2<X"!.>SI>D@NH!@H!)@S>f!0!)>SMAH@KQ!lM@SM!*NHDI@BRD>K!
DN!DM>!;JES>Q@S!*NHDINJ/!<2N.!7,(/!#U""!_RH!Y‡Y]Y^f>#U=UU/!!
%UU/!! †@AN!qa!.RH!_a!9@A!.a!-AHO!9a!.M@!qa!2>!;/!(LL>SDK!NL!I>KW>IADINJ!NH!ORD!Q@SINB@NDA!
AH?! LAD! KDNIAO>! @H! A! QNRK>! QN?>J! l@DM! M@OMXLADX@H?RS>?! NB>K@DE/! :NN?! :RHSD/! #U"%!
)AE!#5‡&]Y^f"#%"8/!!
%U"/!! 2AIINKA!)a!qA›GcX;AKSžH!)_a!.>JQA!)6a!;NHcšJ>cX.AIIŸAK!0a!-ND@!.a!*>IžH!__a!>D!AJ/!
(LL>SD!NL!A!2Nl!3NK>!NL!3@>DAIE!'>KW>IADINJ!NH!*NJNH!)@SINB@NDAa!+HLJAQQAD@NH!AH?!
-@KKR>! 3AQAO>! @H! A! 3..X+H?RS>?! *NJ@D@K! 'AD! )N?>J/! _! 0OI@S! :NN?! *M>Q/! #UU8! )AI!
#&‡&=]Y^f##""#U/!!
%U#/!! ;MNKM! .a! 1AH>Ib>>! .a! .@J! <*/! -M>! B>H>L@S@AJ! INJ>! NL! SRISRQ@H! NH! @HLJAQQAD@NHa!
?@AB>D>K!AH?!H>RIN?>O>H>IAD@W>!?@K>AK>f!0!I>S>HD!RF?AD>/!:NN?!*M>Q!-N[@SNJ/!#U"&!
.>F‡5$f"""#%/!!
%U$/!! )AMQNN?! ja! Š@A! j)a! ŠRB>I! )a! .AJQAH! )a! 0HbRQ! ),/! '>S>HD! ?>W>JNFQ>HDK! @H!
SRISRQ@H! AH?! SRISRQ@H! BAK>?! FNJEQ>I@S! QAD>I@AJK! LNI! B@NQ>?@SAJ! AFFJ@SAD@NHKf! 0!
I>W@>l/!+HD!_!1@NJ!)ASINQNJ/!#U"&!,NW‡5"f5==8U/!!
%U%/!! .M>H! 2a! _@! `X:/! -M>NI>D@SAJ! KDR?E! NH! FMEK@SNSM>Q@SAJ! FINF>ID@>K! NL! SRISRQ@H/!
.F>SDINSM@Q!0SDA!0!)NJ!1@NQNJ!.F>SDINKS/!#UU=!_RJ‡Y=]$%^fY"8#$/!!
%U&/!! ;N>J!0a!jRHHRQAeeAIA!01a!0OOAIlAJ!11/!*RISRQ@H!AK!*RI>SRQ@H‘f!:INQ!e@DSM>H!
DN!SJ@H@S/!1@NSM>Q!<MAIQASNJ/!#UU5!:>B!"&‡=&]%^f=5=5U8/!!

#U#!
%UY/!! mAHO! qX_a! <AH! )X`a! *M>HO! 0X2a! 2@H! 2X+a! `N! qX.a! `K@>M! *Xqa! >D! AJ/! .DAB@J@DE! NL!
SRISRQ@H! @H! BRLL>I! KNJRD@NHK! AH?! SMAIASD>I@cAD@NH! NL! @DK! ?>OIA?AD@NH! FIN?RSDK/! _!
<MAIQ!1@NQ>?!0HAJ/!"88=!0RO‡"&]"#^f"5Y==Y/!!
%U=/!! 7>DAI@! .a! .R?@BEN! )a! *NQQAH?>RI! _,)a! .AQMN>?@! 'a! 6>IQ>RJ>H! ,<(/! (LL>SDK! NL!
SRISRQ@H! NH! SEDNSMINQ>! <%&U! AH?! OJRDADM@NH>! .XDIAHKL>IAK>! ASD@W@D@>K! @H! IAD! J@W>I/!
1@NSM>Q!<MAIQASNJ/!"88Y!_AH!"#‡&"]"^f$8%&/!!
%U5/!! 0HAH?! <a! jRHHRQAeeAIA! 01a! ,>lQAH! '0a! 0OOAIlAJ! 11/! 1@NAWA@JAB@J@DE! NL!
*RISRQ@Hf!<INBJ>QK!AH?!<INQ@K>K/!)NJ!<MAIQ/!#UU=!3>S!"‡%]Y^f5U="5/!!
%U8/!! mAMJKDI–Q! 1a! 1J>HHNl! ;/! 0! KDR?E! NH! DM>! LAD>! NL! SRISRQ@H! @H! DM>! IAD/! 0SDA!
<MAIQASNJ!-N[@SNJ!]*NF>HM^/!"8=5!0RO‡%$]#^f5Y8#/!!
%"U/!! <AH!)X`a!`RAHO!-X)a!2@H!_Xj/!1@NDIAHKLNIQAD@NH!NL!*RISRQ@H!-MINROM!'>?RSD@NH!
AH?!;JRSRINH@?AD@NH!@H!)@S>/!3IRO!)>DAB!3@KFNK/!"888!0FI!"‡#=]%^f%5Y8%/!!
%""/!! 'AW@H?IAHADM! 6a! *MAH?IAK>eMAIA! ,/! )>DABNJ@KQ! NL! SRISRQ@HXXKDR?@>K! l@DM!
«$`¬SRISRQ@H/!-N[@SNJNOE/!"85"!"85#‡##]%^f$$=%%/!!
%"#/!! 'ER! (ja! *MN>! q.a! 2>>! jX`a! *MN@! qa! j@Q! 1X-/! *RISRQ@H! AH?! 3>ME?INc@HO>INH>!
3>I@WAD@W>Kfª! .EHDM>K@Ka! 'A?@NJAB>J@HOa! AH?! (WAJRAD@NH! LNI! ZX0QEJN@?! <JATR>!
+QAO@HO²/!_!)>?!*M>Q/!#UUY!7SD!"‡%8]#U^fY"""8/!!
%"$/!! 0KA@! 0a! )@EAcAlA! -/! 7SSRII>HS>! NL! NIAJJE! A?Q@H@KD>I>?! SRISRQ@HN@?! AK!
OJRSRINH@?>! AH?! OJRSRINH@?>hKRJLAD>! SNHbROAD>K! @H! IAD! FJAKQA/! 2@L>! .S@/! #UUU! 7SD!
#=‡Y=]#$^f#=5&8$/!!
%"%/!! +I>KNH!*a!7II!.a!_NH>K!3_a!6>IKSMNEJ>!'a!2@Q!*ja!2RN!_2a!>D!AJ/!*MAIASD>I@cAD@NH!NL!
Q>DABNJ@D>K! NL! DM>! SM>QNFI>W>HD@W>! AO>HD! SRISRQ@H! @H! MRQAH! AH?! IAD! M>FADNSED>K!
AH?!@H!DM>!IAD!@H!W@WNa!AH?!>WAJRAD@NH!NL!DM>@I!AB@J@DE!DN!@HM@B@D!FMNIBNJ!>KD>IX@H?RS>?!
FINKDAOJAH?@H!(#!FIN?RSD@NH/!*AHS>I!'>K/!#UU"!:>B!"‡Y"]$^f"U&5Y%/!!
%"&/!! .MAIQA! '0a! )S2>JJAH?! `'a! `@JJ! j0a! +I>KNH! *'a! (R?>H! .0a! )AHKNH! ))a! >D! AJ/!
<MAIQASN?EHAQ@S! AH?! <MAIQASNe@H>D@S! .DR?E! NL! 7IAJ! *RISRQA! ([DIASD! @H! <AD@>HDK!
l@DM!*NJNI>SDAJ!*AHS>I/!*J@H!*AHS>I!'>K/!#UU"!_RJ!"‡=]=^f"58%8UU/!!
%"Y/!! `NJ?>I!;)a!<JRQQ>I!_2a!'EAH!0_/!-M>!Q>DABNJ@KQ!AH?!>[SI>D@NH!NL!SRISRQ@H!]"a=X
B@KX]%XME?IN[EX$XQ>DMN[EFM>HEJ^X"aYXM>FDA?@>H>X$a&X?@NH>^!@H!DM>!IAD/!9>HNB@ND@SA!
:AD>!:NI>@OH!*NQF?!1@NJ!.EKD/!"8=5!3>S‡5]"#^f=Y"5/!!
%"=/!! `N>MJ>! .+a! <L>@LL>I! (a! .žJENQ! 0)a! )>DcJ>I! )/! )>DABNJ@KQ! NL! *RISRQ@HN@?K! @H!
-@KKR>!.J@S>K!AH?!.RBS>JJRJAI!:IASD@NHK!LINQ!'AD!2@W>I/!_!0OI@S!:NN?!*M>Q/!#UUY!:>B!
"‡&%]$^f=&YY%/!!
%"5/!! `N>MJ>! .+a! <L>@LL>I! (a! )>DcJ>I! )/! ;JRSRINH@?AD@NH! NL! SRISRQ@HN@?K! BE! MRQAH!
Q@SINKNQAJ! AH?! I>SNQB@HAHD! 43<XOJRSRINHNKEJDIAHKL>IAK>K/! )NJ! ,RDI! :NN?! '>K/!
#UU=!0RO!"‡&"]5^f8$#5/!!
%"8/!! ;AIS>A!;a!_NH>K!3_2a!.@HOM!'a!3>HH@KNH!0'a!:AIQ>I!<1a!.MAIQA!'0a!>D!AJ/!3>D>SD@NH!
NL! SRISRQ@H! AH?! @DK! Q>DABNJ@D>K! @H! M>FAD@S! D@KKR>! AH?! FNIDAJ! BJNN?! NL! FAD@>HDK!
LNJJNl@HO!NIAJ!A?Q@H@KDIAD@NH/!1I!_!*AHS>I/!#UU%‡8U]&^f"U""&/!!
%#U/!! .MNBA! ;a! _NE! 3a! _NK>FM! -a! )Ab>>?! )a! 'Ab>H?IAH! 'a! .I@H@WAK! <./! +HLJR>HS>! NL!
F@F>I@H>! NH! DM>! FMAIQASNe@H>D@SK! NL! SRISRQ@H! @H! AH@QAJK! AH?! MRQAH! WNJRHD>>IK/!
<JAHDA!)>?/!"885!)AE‡Y%]%^f$&$Y/!!
%#"/!! .AH?RI! .ja! <AH?>E! )ja! .RHO! 1a! 0MH! j.a! )RIAeAQ@! 0a! .>DM@! ;a! >D! AJ/! *RISRQ@Ha!
?>Q>DMN[ESRISRQ@Ha! B@K?>Q>DMN[ESRISRQ@Ha! D>DIAME?INSRISRQ@H! AH?! DRIQ>INH>K!

#U$!
?@LL>I>HD@AJJE!I>ORJAD>!AHD@X@HLJAQQADNIE!AH?!AHD@XFINJ@L>IAD@W>!I>KFNHK>K!DMINROM!A!
'7.X@H?>F>H?>HD!Q>SMAH@KQ/!*AIS@HNO>H>K@K/!#UU=!0RO!"‡#5]5^f"=Y&=$/!!
%##/!! <AI@! 2a! )RIROAH! </! ->DIAME?INSRISRQ@H! <I>W>HDK! 1IA@H! 2@F@?! <>IN[@?AD@NH! @H!
.DI>FDNcNDNS@HX+H?RS>?!3@AB>D@S!'ADK/!_!)>?!:NN?/!#UU=!_RH!"‡"U]#^f$#$8/!!
%#$/!! .RO@EAQA!qa!jAlAe@KM@!.a!7KAlA!-/!+HWNJW>Q>HD!NL!DM>!ZX?@e>DNH>!QN@>DE!@H!DM>!
AHD@N[@?AD@W>! )>SMAH@KQ! NL! ->DIAME?INSRISRQ@H/! 1@NSM>Q! <MAIQASNJ/! "88Y! 0RO!
#$‡&#]%^f&"8#&/!!
%#%/!! *M>HO!02a!`KR!*`a!2@H!_ja!`KR!))a!`N!q:a!.M>H!-.a!>D!AJ/!<MAK>!+!SJ@H@SAJ!DI@AJ!NL!
SRISRQ@Ha! A! SM>QNFI>W>HD@W>! AO>HDa! @H! FAD@>HDK! l@DM! M@OMXI@Ke! NI! FI>XQAJ@OHAHD!
J>K@NHK/!0HD@SAHS>I!'>K/!#UU"!0RO‡#"]%1^f#58&8UU/!!
%#&/!! .@HOM!.a!0OOAIlAJ!11/!0SD@WAD@NH!NL!-IAHKSI@FD@NH!:ASDNI!,:Xp1!+K!.RFFI>KK>?!BE!
*RISRQ@H!]3@L>IRJNEJQ>DMAH>^/!_!1@NJ!*M>Q/!"88&!7SD!#U‡#=U]%#^f#%88&&UUU/!!
%#Y/!! 3AK! 2a! 6@HAEAe! )/! *RISRQ@H! ADD>HRAD>K! SAIS@HNO>H>K@K! BE! ?NlH! I>ORJAD@HO!
FIN@HLJAQQADNIE! SEDNe@H>! @HD>IJ>Re@HX"! ]+2X"g! AH?! +2X"Z^! W@A! QN?RJAD@NH! NL! 0<X"!
AH?! ,:X+2Y! @H! JEQFMNQA! B>AI@HO! Q@S>/! +HD! +QQRHNFMAIQASNJ/! #U"%!
)AE‡#U]"^f"%"=/!!
%#=/!! ŠMAHO!*a!2@!1a!ŠMAHO!9a!`AcAI@eA!<a!0OOAIlAJ!11a!3RW@S!)/!*RISRQ@H!.>J>SD@W>JE!
+H?RS>K! 0FNFDNK@K! @H! *RDAH>NRK! -X*>JJ! 2EQFMNQA! *>JJ! 2@H>K! AH?! <AD@>HDKP! <1)*Kf!
<ND>HD@AJ! 'NJ>! LNI! .-0-X$! AH?! ,:Xp1! .@OHAJ@HO/! _! +HW>KD! 3>IQADNJ/! #U"U!
0RO‡"$U]5^f#""U8/!!
%#5/!! (KADB>ENOJR! -a! 4JBI@SM! ja! '>MB>IO! *a! 'NMH! .a! '@QBASM! ;/! -M>IQAJ! KDAB@J@DEa!
AHD@N[@?AHDa!AH?!AHD@X@HLJAQQADNIE!ASD@W@DE!NL!SRISRQ@H!AH?!@DK!?>OIA?AD@NH!FIN?RSD!
%XW@HEJ!ORA@ASNJ/!:NN?!:RHSD/!#U"&!)AI!""‡Y]$^f55=8$/!!
%#8/!! )>HO! Ša! qR! 9a! *M>H! _a! 2@! 2a! 2@! ./! *RISRQ@H! ADD>HRAD>K! SAI?@AS! L@BINK@K! @H!
KFNHDAH>NRKJE! MEF>ID>HK@W>! IADK! DMINROM! <<0'Xo! ASD@WAD@NH/! 0SDA! <MAIQASNJ! .@H/!
#U"%!7SD‡$&]"U^f"#%=&Y/!!
%$U/!! 2@! ŠX*a! ŠMAHO! 2X)a! mAHO! `X1a! )A! _X9a! .RH! _XŠ/! *RISRQ@H! @HM@B@DK! JRHO! SAHS>I!
FINOI>KK@NH! AH?! Q>DAKDAK@K! DMINROM! @H?RSD@NH! NL! :797"/! -RQNI! 1@NJ/! #U"$! _RJ!
#Y‡$&]"^f"""Y/!!
%$"/!! *R@!2a!_@A!9a!ŠMNR!†a!ŠMA@!9a!ŠMNR!qa!ŠMR!`/!*RISRQ@H!ALL>SDK!ZXSAD>H@H!FADMlAE!@H!
M>FAD@S! KD>JJAD>! S>JJ! @H! W@DIN! AH?! @H! W@WN/! _! <MAIQ! <MAIQASNJ/! #U"%! ,NW!
"‡YY]""^f"Y"&##/!!
%$#/!! jAHO! ,a! mAHO! )X)a! mAHO! qX`a! ŠMAHO! ŠX,a! *AN! `X'a! 2W! qX`a! >D! AJ/!
->DIAME?INSRISRQ@H! @H?RS>K! ;#h)! S>JJ! SESJ>! AII>KD! AH?! AFNFDNK@K! @HWNJW@HO! F$5!
)0<j! ASD@WAD@NH! @H! MRQAH! BI>AKD! SAHS>I! S>JJK/! :NN?! *M>Q! -N[@SNJ/! #U"%!
)AE‡Y=f"8$#UU/!!
%$$/!! qAHO!qa!mR!9a!m>@!Ša!3NR!qa!ŠMAN!3a!mAHO!-a!>D!AJ/!7IAJ!SRISRQ@H!MAK!AHD@XAIDMI@D@S!
>LL@SASE!DMINROM!KNQADNKDAD@H!O>H>IAD@NH!W@A!S0)<h<j0!AH?!*A#‚h*A)j++!K@OHAJ@HO!
FADMlAEK!@H!DM>!KQAJJ!@HD>KD@H>/!<MAIQASNJ!'>K/!#U"&!)AE‡8&8Yf="5"/!!
%$%/!! *AN!_a!`AH!Ša!-@AH!2a!*M>H!ja!:AH!qa!q>!1a!>D!AJ/!*RISRQ@H!@HM@B@DK!())<'+,!AH?!
))<X8! >[FI>KK@NH! DMINROM! 0)<jX)0<j! AH?! <j*! K@OHAJ@HO! @H! <)0! @H?RS>?!
QASINFMAO>K/!_!-IAHKJ!)>?/!#U"%‡"#]"^f#YY/!!
%$&/!! 2@!qX1a!;AN!_X2a!ŠMNHO!ŠX:a!`N@!<X)a!2>>!.)Xqa!mAHO!qX-/!1@K?>Q>DMN[ESRISRQ@H!
KRFFI>KK>K!)*:X=!S>JJK!FINJ@L>IAD@NH!BE!@H?RS@HO!'7.!ASSRQRJAD@NH!AH?!QN?RJAD@HO!
K>H>KS>HS>XI>JAD>?!FADMlAEK/!<MAIQASNJ!'>F!<'/!#U"$‡Y&]$^f=UU8/!!

#U%!
%$Y/!! jRQAI! 0a! 3MAlAH! .a! `AI?>O>H! ,_a! 0OOAIlAJ! 11/! *RISRQ@H! ]3@L>IRJNEJQ>DMAH>^!
+HM@B@D@NH! NL! -RQNI! ,>SINK@K! :ASDNI! ]-,:^X)>?@AD>?! 0?M>K@NH! NL! )NHNSED>K! DN!
(H?NDM>J@AJ! *>JJK! BE! .RFFI>KK@NH! NL! *>JJ! .RILAS>! ([FI>KK@NH! NL! 0?M>K@NH! )NJ>SRJ>K!
AH?! NL! ,RSJ>AI! :ASDNIXp1! 0SD@WAD@NH/! 1@NSM>Q! <MAIQASNJ/! "885! )AI! "&‡&&]Y^f==&
5$/!!
%$=/!! 01(! qa! `0.`+)7-7! .a! `7'+(! -/! *RISRQ@H! +HM@B@D@NH! 7L! +HLJAQQADNIE! *EDNe@H>!
<IN?RSD@NH! 1E! `RQAH! <>I@FM>IAJ! 1JNN?! )NHNSED>K! 0H?! 0JW>NJAI! )ASINFMAO>K/!
<MAIQASNJ!'>K/!"888!_AH‡$8]"^f%"=/!!
%$5/!! <AH! qa! mAHO! qa! *A@! 2a! *A@! qa! `R! _a! qR! *a! >D! AJ/! +HM@B@D@NH! NL! M@OM! OJRSNK>X@H?RS>?!
@HLJAQQADNIE!I>KFNHK>!AH?!QASINFMAO>!@HL@JDIAD@NH!BE!A!HNW>J!SRISRQ@H!?>I@WAD@W>!
FI>W>HDK!I>HAJ!@HbRIE!@H!?@AB>D@S!IADK/!1I!_!<MAIQASNJ/!#U"#!_RH!"‡"YY]$^f""Y85#/!!
%$8/!! *MN! _Xma! 2>>! jX.a! j@Q! *Xm/! *RISRQ@H! ADD>HRAD>K! DM>! >[FI>KK@NH! NL! +2X"Za! +2XYa!
AH?! -,:Xg! AK! l>JJ! AK! SESJ@H! (! @H! -,:XgXDI>AD>?! `A*A-! S>JJK‡! ,:Xp1! AH?! )0<jK! AK!
FND>HD@AJ!RFKDI>AQ!DAIO>DK/!+HD!_!)NJ!)>?/!#UU=!)AI!"‡"8]$^f%Y8=%/!!
%%U/!! 'AHbAH! 3a! *M>H! *a! _NMHKDNH! -3a! _>NH! `a! ,AOABMRKMAH! )/! *RISRQ@H! @HM@B@DK!
Q@DNO>H! KD@QRJAD>?! JEQFMNSED>! FINJ@L>IAD@NHa! ,:p1! ASD@WAD@NHa! AH?! +2X#! K@OHAJ@HO/! _!
.RIO!'>K/!#UU%!7SD‡"#"]#^f"="=/!!
%%"/!! ;R@QAI³>K! )'a! 2>@D>! :')a! .FNJ@?NI@N! 2*a! j@IelNN?! j2a! 'NKKA! _I! */! *RISRQ@H!
ABINOAD>K! 2<.X@H?RS>?! FINX@HLJAQQADNIE! SEDNe@H>K! @H! '0m! #Y%/=! QASINFMAO>K/!
(W@?>HS>!LNI!HNW>J!Q>SMAH@KQK!@HWNJW@HO!.7*.X"a!X$!AH?!F$5!)0<j/!0ISM!7IAJ!1@NJ/!
#U"$!7SD‡&5]"U^f"$U8"=/!!
%%#/!! 9R! 9a! †@H! _a! 2@R! m/! *RISRQ@H! @HM@B@DK! DM>! @HWAK@NH! NL! DMEIN@?! SAHS>I! S>JJK! W@A!
?NlHXI>ORJAD@NH!NL!<+$jh0eD!K@OHAJ@HO!FADMlAE/!;>H>/!#U"%!0RO!"U‡&%Y]#^f##Y$#/!!
%%$/!! *M>H!†a!ŠM>HO!qa!_@AN!3a!*M>H!:a!`R!`a!mR!qa!>D!AJ/!*RISRQ@H!@HM@B@DK!JRHO!SAHS>I!
S>JJ! Q@OIAD@NH! AH?! @HWAK@NH! DMINROM! 'AS"X?>F>H?>HD! K@OHAJ@HO! FADMlAE/! _! ,RDI!
1@NSM>Q/!#U"%!:>B‡#&]#^f"==5&/!!
%%%/!! )N! ,a! 2@! ŠX†a! 2@! _a! *AN! qX3/! *RISRQ@H! @HM@B@DK! -;:XZ"X@H?RS>?! ))<X8! AH?!
@HWAK@NH!DMINROM!('j!AH?!.QA?!K@OHAJ@HO!@H!BI>AKD!SAHS>I!)30X!)1X#$"!S>JJK/!0K@AH!
<AS!_!*AHS>I!<I>W!0<_*</!#U"#‡"$]""^f&=U8"%/!!
%%&/!! .M>McA?! 0a! 2>>! q./! )NJ>SRJAI! Q>SMAH@KQK! NL! SRISRQ@H! ASD@NHf! .@OHAJ!
DIAHK?RSD@NH/!1@N:ASDNIK/!#U"$!_AH!"‡$8]"^f#=$Y/!!
%%Y/!! ;RFDA!.*a!<ADSMWA!.a!jNM!ma!0OOAIlAJ!11/!3@KSNW>IE!NL!SRISRQ@Ha!A!SNQFNH>HD!NL!
ONJ?>H! KF@S>a! AH?! @DK! Q@IASRJNRK! B@NJNO@SAJ! ASD@W@D@>K/! *J@H! ([F! <MAIQASNJ! <MEK@NJ/!
#U"#!)AI!"‡$8]$^f#5$88/!!
%%=/!! 1MAID@!0*a!3NHADN!,a!.@HOM!.a!0OOAIlAJ!11/!*RISRQ@H!]?@L>IRJNEJQ>DMAH>^!?NlHX
I>ORJAD>K!DM>!SNHKD@DRD@W>!ASD@WAD@NH!NL!HRSJ>AI!LASDNIp1!AH?!+p1g!e@HAK>!@H!MRQAH!
QRJD@FJ>! QE>JNQA! S>JJKa! J>A?@HO! DN! KRFFI>KK@NH! NL! FINJ@L>IAD@NH! AH?! @H?RSD@NH! NL!
AFNFDNK@K/!1JNN?/!#UU$!:>B!"‡"U"]$^f"U&$Y#/!!
%%5/!! 3@WEA! *.a! <@JJA@! )'/! 0HD@DRQNI! ASD@NH! NL! SRISRQ@H! @H! MRQAH! FAF@JJNQAW@IRK!
AKKNS@AD>?!S>JJK!@HWNJW>K!?NlHI>ORJAD@NH!NL!W@IAJ!NHSNO>H>Ka!FI>W>HD@NH!NL!,:e1!AH?!
0<X"! DIAHKJNSAD@NHa! AH?! QN?RJAD@NH! NL! AFNFDNK@K/! )NJ! *AIS@HNO/! #UUY! )AE!
"‡%&]&^f$#U$#/!!
%%8/!! mAHO!_a!ŠMR!'a!.RH!3a!.RH!9a!;>HO!Ša!2@R!`a!>D!AJ/!+HDIAS>JJRJAI!4FDAe>!NL!*RISRQ@HX
2NA?>?! .NJ@?! 2@F@?! ,AHNFAID@SJ>K! ([M@B@D! 0HD@X+HLJAQQADNIE! 0SD@W@D@>K! .RF>I@NI! DN!

#U&!
-MNK>! NL! *RISRQ@H! -MINROM! DM>! ,:Xp1! .@OHAJ@HO! <ADMlAE/! _! 1@NQ>?! ,AHND>SMHNJ/!
#U"&!)AI!"‡""]$^f%U$"&/!!
%&U/!! *MRH! jX.a! j>RQ! qX.a! `AH! ..a! .NHO! qX.a! j@Q! .X`a! .RIM! qX_/! *RISRQ@H! @HM@B@DK!
FMNIBNJ! >KD>IX@H?RS>?! >[FI>KK@NH! NL! SESJNN[EO>HAK>X#! @H! QNRK>! Ke@H! DMINROM!
KRFFI>KK@NH! NL! >[DIAS>JJRJAI! K@OHAJXI>ORJAD>?! e@HAK>! ASD@W@DE! AH?! ,:Xp1! ASD@WAD@NH/!
*AIS@HNO>H>K@K/!#UU$!.>F!"‡#%]8^f"&"&#%/!!
%&"/!! qR! .a! .M>H! ;a! jMNI! -7a! j@Q! _X`a! jNHO! 0X,-/! *RISRQ@H! @HM@B@DK! 0eDhQAQQAJ@AH!
DAIO>D! NL! IAFAQES@H! K@OHAJ@HO! DMINROM! FIND>@H! FMNKFMADAK>X?>F>H?>HD! Q>SMAH@KQ/!
)NJ!*AHS>I!-M>I/!#UU5!.>F!"‡=]8^f#YU8#U/!!
%&#/!! 1AH>Ib>>! )a! -I@FADM@! 2)a! .I@WAKDAWA! 6)2a! <RI@! 0a! .MReJA! '/! )N?RJAD@NH! NL!
@HLJAQQADNIE! Q>?@ADNIK! BE! @BRFINL>H! AH?! SRISRQ@H! DI>ADQ>HD! ?RI@HO! SMINH@S!
@HLJAQQAD@NH!@H!IAD/!+QQRHNFMAIQASNJ!+QQRHNDN[@SNJ/!#UU$!)AE‡#&]#^f#"$#%/!!
%&$/!! 6>HeADAIAHOAHHA! )/! ,*1XU#! ]KDAH?AI?@c>?! *RISRQ@H! FI>FAIAD@NH^! FIND>SDK!
?@H@DINSMJNINB>Hc>H>X@H?RS>?! SNJ@D@K! DMINROM! ?NlHXI>ORJAD@NH! NL! ,:pX1! AH?! @,7./!
mNIJ?!_!;AKDIN>HD>INJ/!#UU=‡"$]=^f""U$/!!
%&%/!! ;A??@FAD@!_<a!.RH?AI!.6a!*AJ>Q@H>!_a!.>DM!<a!.@?MR!;.a!)AM>KMlAI@!'j/!3@LL>I>HD@AJ!
I>ORJAD@NH! NL! SEDNe@H>K! AH?! DIAHKSI@FD@NH! LASDNIK! @H! J@W>I! BE! SRISRQ@H! LNJJNl@HO!
M>QNIIMAO>hI>KRKS@DAD@NH/!.MNSe!0RORKDA!;A/!#UU$!:>B‡"8]#^f"&UY/!!
%&&/!! *@NJ@HN! `<a! 3AKSMH>I! <_a! mAHO! --qa! q>M! ;*/! (LL>SD! NL! *RISRQ@H! NH! DM>! 0IEJ!
`E?INSAIBNH! '>S>FDNI! AH?! *EDNSMINQ>! <%&U! "0"! @H! )*:X=! `RQAH! 1I>AKD!
*AIS@HNQA!*>JJK/!1@NSM>Q!<MAIQASNJ/!"885!_RJ!"&‡&Y]#^f"8=#UY/!!
%&Y/!! '@HAJ?@!02a!)NIK>!)0a!:@>J?K!`ma!'NDMAK!30a!<>@!<a!'N?I@ON!j0a!>D!AJ/!*RISRQ@H!
0SD@WAD>K! DM>! 0IEJ! `E?INSAIBNH! '>S>FDNI! E>D! .@OH@L@SAHDJE! +HM@B@DK! ]X^X
1>HcN]A^FEI>H>X='XDIAHKX=a5X?@ME?IN?@NJ! 1@NASD@WAD@NH! @H! 7IAJ! .TRAQNRK! *>JJ!
*AIS@HNQA!*>JJK!AH?!7IAJ!)RSNKA/!*AHS>I!'>K/!#UU#!7SD!"‡Y#]"8^f&%&"Y/!!
%&=/!! ;AIO!'a!;RFDA!.a!)AIR!;1/!3@>DAIE!SRISRQ@H!QN?RJAD>K!DIAHKSI@FD@NHAJ!I>ORJADNIK!
NL! FMAK>! +! AH?! FMAK>! ++! >HcEQ>K! @H! B>HcN«A¬FEI>H>XDI>AD>?! Q@S>f! Q>SMAH@KQ! NL! @DK!
AHD@X@H@D@AD@HO!ASD@NH/!*AIS@HNO>H>K@K/!#UU5!)AE!"‡#8]&^f"U##$#/!!
%&5/!! ,@KM@RQ@!.a!qNKM@?A!ja!0KM@?A!`/!*RISRQ@H!KRFFI>KK>K!DM>!DIAHKLNIQAD@NH!NL!AH!
AIEJ! ME?INSAIBNH! I>S>FDNI! DMINROM! @DK! FMNKFMNIEJAD@NH/! 0ISM! 1@NSM>Q! 1@NFMEK/!
#UU=!7SD!"&‡%YY]#^f#Y==$/!!
%&8/!! -EAO@!<a!.@HOM!)a!jRQAI@!`a!jRQAI@!0a!)ReMNFA?MEAE!j/!1ASD>I@S@?AJ!0SD@W@DE!NL!
*RISRQ@H! +! +K! 0KKNS@AD>?! l@DM! 3AQAO@HO! NL! 1ASD>I@AJ! )>QBIAH>/! <2N.! 7,(/! #U"&!
)AI!#Y‡"U]$^f>U"#"$"$/!!
%YU/!! )RH!.X`a!j@Q!.X1a!jNHO!'a!*MN@!_X;a!j@Q!qX*a!.M@H!3Xma!>D!AJ/!*RISRQ@H!'>W>IK>!
)>DM@S@JJ@H! '>K@KDAHS>! @H! .DAFMEJNSNSSRK! ARI>RK/! )NJ>SRJ>K/! #U"%! ,NW!
"U‡"8]""^f"5#5$8&/!!
%Y"/!! 3>! 'a! jRH?R! <a! .lAIHAeAI! .a! 'AQAQRIDME! -a! *MNl?MRIE! 0a! ,A@I! ;1a! >D! AJ/!
0HD@Q@SINB@AJ! 0SD@W@DE! NL! *RISRQ@H! AOA@HKD! `>J@SNBASD>I! FEJNI@! +KNJAD>K! LINQ! +H?@A!
AH?!?RI@HO!+HL>SD@NHK!@H!)@S>/!0HD@Q@SINB!0O>HDK!*M>QNDM>I/!#UU8!0FI‡&$]%^f"&8#
=/!!
%Y#/!! .I@H@WAKAH! )/! (LL>SD! NL! SRISRQ@H! NH! BJNN?! KROAI! AK! K>>H! @H! A! ?@AB>D@S! KRBb>SD/!
+H?@AH!_!)>?!.S@/!"8=#!0FI‡#Y]%^f#Y8=U/!!
%Y$/!! 0IRH! ,a! ,AJ@H@! ,/! (LL@SASE! NL! DRIQ>I@S! NH! BJNN?! KROAI! AH?! FNJENJ! FADMlAE! @H!
?@AB>D@S!AJB@HN!IADK/!<JAHD!:NN?K!`RQ!,RDI!3NI?I!,>DM/!#UU#‡&=]"^f%"&#/!!

#UY!
%Y%/!! (JX0cAB!):a!0DD@A!:)a!(JX)NlALE!0)/!,NW>J!INJ>!NL!SRISRQ@H!SNQB@H>?!l@DM!BNH>!
QAIINl! DIAHKFJAHDAD@NH! @H! I>W>IK@HO! >[F>I@Q>HDAJ! ?@AB>D>Kf! (LL>SDK! NH! FAHSI>AD@S!
@KJ>D! I>O>H>IAD@NHa! N[@?AD@W>! KDI>KKa! AH?! @HLJAQQADNIE! SEDNe@H>K/! (RI! _! <MAIQASNJ/!
#U""!)AE!"‡Y&5]"^f%"5/!!
%Y&/!! (JX)NK>JME! )0a! -AE>! 0a! .MAIeAl@! ..a! (JX.@K@! .:+a! 0MQ>?! 0:/! -M>!
AHD@MEF>IOJES>Q@S!>LL>SD!NL!SRISRQ@H!@H!M@OM!LAD!?@>D!L>?!IADK/!'NJ>!NL!-,:Xg!AH?!LI>>!
LADDE!AS@?K/!:NN?!*M>Q!-N[@SNJ/!#U""!)AE‡%8]&^f""#8%U/!!
%YY/!! .N>D@eHN!6a!.AI@!:'a!6>>IAW>>?R!<-a!-MAH?AWAIAEAH!'0a!`AI@QA!)a!.ReRQAIAH!6a!
>D! AJ/! *RISRQ@H! AQ>J@NIAD>K! QASINFMAO>! @HL@JDIAD@NH! BE! @HM@B@D@HO! ,:Xp1! ASD@WAD@NH!
AH?! FIN@HLJAQQADNIE! SEDNe@H>K! @H! KDI>FDNcNDNS@H! @H?RS>?X?@AB>D@S! H>FMINFADME/!
,RDI!)>DAB/!#U""!_RH!"U‡5f$&/!!
%Y=/!! ,@KM@EAQA! -a! )A>! -a! j@KM@?A! `a! -KReAOAlA! )a! )@QAe@! qa! jRIN?A! )a! >D! AJ/!
*RISRQ@HN@?K! AH?! .>KTR@D>IF>HN@?K! @H! -RIQ>I@S! ]*RISRQA! JNHOA! 2/^! .RFFI>KK! AH!
+HSI>AK>!@H!1JNN?!;JRSNK>!2>W>J!@H!-EF>!#!3@AB>D@S!jjX0E!)@S>/!_!0OI@S!:NN?!*M>Q/!
#UU&!:>B!"‡&$]%^f8&8Y$/!!
%Y5/!! _@QGH>cX:JNI>K! 2)a! 2žF>cX1I@NH>K! .a! )ASŸAKX*>IWAHD>K! )`a! 'AQŸI>cX(Q@J@AHN! _a!
<GI>cX6šcTR>c! 6/! 0! <<0'oa! ,:Xp1! AH?! 0)<jX3>F>H?>HD! )>SMAH@KQ! )AE! 1>!
+HWNJW>?! @H! DM>! 1>H>L@S@AJ! (LL>SDK! NL! *RISRQ@H! @H! DM>! 3@AB>D@S! ?Bh?B! )@S>! 2@W>I/!
)NJ>SRJ>K/!#U"%!_RH!"5‡"8]Y^f5#58$U#/!!
%Y8/!! `>! `X_a! mAHO! ;Xqa! ;AN! qa! 2@HO! mX`a! qR! ŠXma! _@H! -X'/! *RISRQ@H! ADD>HRAD>K! ,IL#!
K@OHAJ@HO!?>L>SDa!N[@?AD@W>!KDI>KK!@H!QRKSJ>!AH?!OJRSNK>!@HDNJ>IAHS>!@H!M@OM!LAD!?@>DX
L>?!Q@S>/!mNIJ?!_!3@AB>D>K/!#U"#!)AE!"&‡$]&^f8%"U%/!!
%=U/!! -Ae@eAlA!)a!jRI@QNDN!qa!-KR?A!-/!*RISRQ@H!KD@QRJAD>K!OJRSAONHXJ@e>!F>FD@?>X"!
K>SI>D@NH! @H! ;24-AO! S>JJK! W@A! *A#‚hSAJQN?RJ@HX?>F>H?>HD! e@HAK>! ++! ASD@WAD@NH/!
1@NSM>Q!1@NFMEK!'>K!*NQQRH/!#U"$!)AE!$"‡%$&]#^f"Y&=U/!!
%="/!! .F@HRSS@!;a!;R@?>DD@!)a!2AHcNH@!(a!<@INH@!2/!(H?NO>HNRK!>DMAHNJ!FIN?RSD@NH!@H!A!
FAD@>HD! l@DM! SMINH@S! @HD>KD@HAJ! FK>R?NXNBKDIRSD@NH! AH?! KQAJJ! @HD>KD@HAJ! BASD>I@AJ!
NW>IOINlDMf!(RI!_!;AKDIN>HD>INJ!`>FADNJ/!#UUY!_RJ‡"5]=^f=885U#/!!
%=#/!! 1ABR!<.a!.I@H@WAKAH!j/!`EFNJ@F@?>Q@S!ASD@NH!NL!SRISRQ@Ha!DM>!ASD@W>!FI@HS@FJ>!NL!
DRIQ>I@S!]*RISRQA!JNHOA^!@H!KDI>FDNcNDNS@H!@H?RS>?!?@AB>D@S!IADK/!)NJ!*>JJ!1@NSM>Q/!
"88=!_AH‡"YY]"X#^f"Y8=&/!!
%=$/!! .M@H! .Xja! `A! -Xqa! )S;I>ONI! '0a! *MN@! )X./! 2NHOXD>IQ! SRISRQ@H! A?Q@H@KDIAD@NH!
FIND>SDK! AOA@HKD! ADM>INKSJ>INK@K! W@A! M>FAD@S! I>ORJAD@NH! NL! J@FNFIND>@H! SMNJ>KD>INJ!
Q>DABNJ@KQ/!)NJ!,RDI!:NN?!'>K/!#U""!3>S!"‡&&]"#^f"5#8%U/!!
%=%/!! Š@HOO!_X)a!`AKAH!.-a!)>E?AH@!)/!)NJ>SRJAI!Q>SMAH@KQK!NL!MEFNJ@F@?>Q@S!>LL>SDK!
NL!SRISRQ@H/!1@N:ASDNIK/!#U"$!_AH!"‡$8]"^f"U"#"/!!
%=&/!! mAHO! )a! mAHO! :a! mAHO! qa! )A! 9a! ŠMAN! )a! ŠMAN! */! )>DABNHNQ@SK! .DR?E! NL! DM>!
-M>IAF>RD@S! )>SMAH@KQ! NL! ;EHNKD>QQA! F>HDAFMEJJRQ! AH?! 0DNIWAKDAD@H! LNI!
`EF>IJ@F@?>Q@A!@H!'ADK/!<2N.!7,(/!#U"$!,NW!"‡5]""^f>=5=$"/!!
%=Y/!! 3N@! )a! qAQANeA! +a! ,AeAEAQA! )a! )NSM@cRe@! .a! .ROAMAIA! ja! qNKM@cAlA! :/!
+KNJ>RS@H>a! A! 1JNN?! ;JRSNK>X2Nl>I@HO! 0Q@HN! 0S@?a! +HSI>AK>K! ;JRSNK>! 4FDAe>! @H! 'AD!
.e>J>DAJ! )RKSJ>! @H! DM>! 0BK>HS>! NL! +HSI>AK>K! @H! 0)<X0SD@WAD>?! <IND>@H! j@HAK>!
0SD@W@DE/!_!,RDI/!#UU&!.>F!"‡"$&]8^f#"U$5/!!
%==/!! 3N@!)a!qAQANeA!+a!,AeAEAQA!)a!.ROAMAIA!ja!qNKM@cAlA!:/!`EFNOJES>Q@S!>LL>SD!NL!
@KNJ>RS@H>! @HWNJW>K! @HSI>AK>?! QRKSJ>! OJRSNK>! RFDAe>! AH?! lMNJ>! BN?E! OJRSNK>!

#U=!
N[@?AD@NH!AH?!?>SI>AK>?!M>FAD@S!OJRSNH>NO>H>K@K/!0Q!_!<MEK@NJ!X!(H?NSI@HNJ!)>DAB/!
#UU=!_RH!"‡#8#]Y^f("Y5$8$/!!
%=5/!! jJ>K! j0a! *MAHO! (1/! .MNIDX*MA@H! :ADDE! 0S@?K! +QFASD! NH! +HD>KD@HAJ! 0?AFDAD@NHa!
+HLJAQQAD@NHa! *AIS@HNQAa! AH?! :A@JRI>/! ;AKDIN>HD>INJNOE/! #UUY! :>B‡"$U]#a!
.RFFJ>Q>HD^f."UU&/!!
%=8/!! 1¤SeM>?! :a! 2>E! '(a! .NHH>HBRIO! _2a! <>D>IKNH! 30a! ;NI?NH! _+/! `NKDX1ASD>I@AJ!
)RDRAJ@KQ!@H!DM>!`RQAH!+HD>KD@H>/!.S@>HS>/!#UU&!)AI!#&‡$U=]&="=^f"8"&#U/!!
%5U/!! *AH@! <3a! ,>EI@HSe! 0)a! :AWA! :a! jHARL! *a! 1RIS>J@H! ';a! -RNME! j)a! >D! AJ/! .>J>SD@W>!
@HSI>AK>K!NL!B@L@?NBASD>I@A!@H!ORD!Q@SINLJNIA!@QFINW>!M@OMXLADX?@>DX@H?RS>?!?@AB>D>K!
@H! Q@S>! DMINROM! A! Q>SMAH@KQ! AKKNS@AD>?! l@DM! >H?NDN[A>Q@A/! 3@AB>DNJNO@A/! #UU=!
,NW‡&U]""^f#$=%5$/!!
%5"/!! <AIe! 3Xqa! 0MH! qX-a! <AIe! .X`a! `RM! *X.a! qNN! .X'a! qR! 'a! >D! AJ/! .RFFJ>Q>HDAD@NH! NL!
2ASDNBAS@JJRK!SRIWADRK!`q=YU"!AH?!2ASDNBAS@JJRK!FJAHDAIRQ!jq"U$#!@H!3@>DX+H?RS>?!
7B>K>!)@S>!+K!0KKNS@AD>?!l@DM!;RD!)@SINB@AJ!*MAHO>K!AH?!'>?RSD@NH!@H!7B>K@DE/!<2N.!
7,(/!#U"$!)AI!#"‡5]$^f>&8%=U/!!
%5#/!! .M@H!,X'a!2>>!_X*a!2>>!`Xqa!j@Q!)X.a!mMNH!-ma!2>>!)X.a!>D!AJ/!0H!@HSI>AK>!@H!DM>!
0ee>IQAHK@A! KFF/! FNFRJAD@NH! @H?RS>?! BE! Q>DLNIQ@H! DI>ADQ>HD! @QFINW>K! OJRSNK>!
MNQ>NKDAK@K!@H!?@>DX@H?RS>?!NB>K>!Q@S>/!;RD/!#U"%!)AE!"‡Y$]&^f=#=$&/!!
%5$/!! <AIeAI! .;a! .D>W>HKNH! 3(a! .e@HH>I! )0/! -M>! FND>HD@AJ! @HLJR>HS>! NL! LIR@D!
FNJEFM>HNJK!NH!SNJNH@S!Q@SINLJNIA!AH?!MRQAH!ORD!M>AJDM/!+HD!_!:NN?!)@SINB@NJ/!#UU5!
_RH!"U‡"#%]$^f#8&5/!!
%5%/!! -cNRH@K!9a!6RJ>W@S!_a!jRMHJ>!;;*a!;>NIO>!-a!2>NHScAe!_a!;@BKNH!;'a!>D!AJ/!:JAWAHNJ!
QNHNQ>IX@H?RS>?! SMAHO>K! DN! DM>! MRQAH! LA>SAJ! Q@SINLJNIA/! 1I! _! ,RDI/! #UU5!
0FI‡88]U%^f=5#8#/!!
%5&/!! .>JQA!)6a!(KFŸH!_*a!-NQšKX1AIB>IšH!:0/!+HD>IASD@NH!B>Dl>>H!<M>HNJ@SK!AH?!;RD!
)@SINB@NDAf! 'NJ>! @H! `RQAH! `>AJDM/! _! 0OI@S! :NN?! *M>Q/! #UU8! 0RO! "#‡&=]"&^fY%5&
&U"/!!
%5Y/!! 3NJAIA!<a!2RS>I@!*a!:@J@FFN!*3a!:>Q@A!0<a!;@NWAHH>JJ@!2a!*A?>IH@!;a!>D!AJ/!'>?!l@H>!
FNJEFM>HNJK! @HLJR>HS>! SAIS@HNO>H>K@Ka! @HD>KD@HAJ! Q@SINLJNIAa! N[@?AD@W>! ?AQAO>! AH?!
O>H>! >[FI>KK@NH! FINL@J>K! NL! SNJNH@S! QRSNKA! @H! :$%%! IADK/! )RDAD! '>K! )NJ! )>SM!
)RDAO>H/!#UU&!3>S!""‡&8"]"#^f#$=%Y/!!
%5=/!! ,>EI@HSe!0)a!0JJ@O@>I!)a!)>QWAHOA!<1a!,GWIARQNHD!(a!2AINH?>JJ>!qa!<IGAD!6a!>D!
AJ/! *RISRQA! JNHOA! ([DIASD! 0KKNS@AD>?! l@DM! mM@D>! <>FF>I! 2>KK>HK! `@OM! :AD! 3@>DX
+H?RS>?! +HLJAQQAD@NH! @H! .RBSRDAH>NRK! 0?@FNK>! -@KKR>/! <2N.! 7,(/! #U"$! ,NW!
"8‡5]""^f>5"#&#/!!
%55/!! .AHDASIRc!0a!)AISNK!0a!m¤IHB>IO!_a!)AIDŸ!0a!)AID@HX)AD@JJAK!)a!*AQFNE!*a!>D!AJ/!
+HD>IFJAE! 1>Dl>>H! m>@OMD! 2NKK! AH?! ;RD! )@SINB@NDA! *NQFNK@D@NH! @H! 7W>Il>@OMD!
0?NJ>KS>HDK/!7B>K@DE/!#UU8!7SD!"‡"=]"U^f"8UY"&/!!
%58/!! ,A?AJ!+a!.AHDASIRc!0a!)AISNK!0a!mAIHB>IO!_a!;AIAONII@!)a!)NI>HN!20a!>D!AJ/!.M@LDK!
@H!SJNKDI@?@Aa!BASD>IN@?>K!AH?!@QQRHNOJNBRJ@HXSNAD@HO!L>SAJ!BASD>I@A!AKKNS@AD>?!l@DM!
l>@OMD!JNKK!@H!NB>K>!A?NJ>KS>HDK/!+HD!_!7B>K/!#UU5!3>S!8‡$$]=^f=&5Y=/!!
%8U/!! (D[>B>II@A! 4a! 0I@AK! ,a! 1NTRG! ,a! )ASAIRJJA! )-a! <NID@JJN! )<a! )AIDŸH>c! _0a! >D! AJ/!
'>KMAF@HO!LA>SAJ!ORD!Q@SINB@NDA!SNQFNK@D@NH!BE!DM>!@HDAe>!NL!DIAHKXI>KW>IADINJ!AH?!
TR>IS>D@H!@H!M@OMXLAD!KRSINK>!?@>DXL>?!IADK/!_!,RDI!1@NSM>Q/!#U"&!_RH‡#Y]Y^fY&"YU/!!

#U5!
%8"/!! .ARJH@>I! 3)a! '@>MJ>! ja! )@KDI>DDA! -X0a! 3@Ac! )X0a! )AH?AJ! 3a! 'AcA! .a! >D! AJ/!
;AKDIN@HD>KD@HAJ! )@SINB@NQ>! .@OHADRI>K! NL! <>?@ADI@S! <AD@>HDK! m@DM! +II@DABJ>! 1Nl>J!
.EH?INQ>/!;AKDIN>HD>INJNOE/!#U""!,NW!"‡"%"]&^f"=5#8"/!!
%8#/!! 9R!_a!2@AH!:a!ŠMAN!2a!ŠMAN!qa!*M>H!9a!ŠMAHO!9a!>D!AJ/!.DIRSDRIAJ!QN?RJAD@NH!NL!ORD!
Q@SINB@NDA!?RI@HO!AJJ>W@AD@NH!NL!DEF>!#!?@AB>D>K!l@DM!A!*M@H>K>!M>IBAJ!LNIQRJA/!+.)(!
_/!#U"&!)AI‡8]$^f&&#Y#/!!
%8$/!! 1@BB´!.a!2NF>DRKN!2'a!+AH@IN!;a!3@!'@>HcN!-a!;AKBAII@H@!0a!*AQQAINDA!;/!'NJ>!NL!
)@SINB@NDA! AH?! +HHAD>! +QQRH@DE! @H! '>SRII>HD! *JNKDI@?@RQ! ?@LL@S@J>! +HL>SD@NH/! _!
+QQRHNJ!'>K!_!+QQRHNJ!'>K/!#U"%!_RH!&‡#U"%a!#U"%f>%Y#=%U/!!
%8%/!! 'Ab@J@¨X.DNbAHNW@¨!)a!.MAHAMAH!:a!;RAIH>I!:a!?>!6NK!m)/!<MEJNO>H>D@S!0HAJEK@K!NL!
3EKB@NK@K! @H! 4JS>IAD@W>! *NJ@D@K! 3RI@HO! '>Q@KK@NHf! +HLJAQQ! 1Nl>J! 3@K/! #U"$!
)AI‡"8]$^f%5"5/!!
%8&/!! .ADNeAI@! 'a! :R>HD>K! .a! )ADD@JA! (a! _AJAHeA! _a! ?>! 6NK! m)a! 0Iee@JA! <a! >D! AJ/! :>SAJ!
-IAHKFJAHDAD@NH! -I>ADQ>HD! NL! 0HD@B@ND@SX+H?RS>?a! ,NH@HL>SD@NRK! *NJ@D@K! AH?! 2NHOX
->IQ! )@SINB@NDA! :NJJNlX4F/! *AK>! '>F! )>?! *AK>! '>F! )>?/! #U"%! ,NW! "8‡#U"%a!
#U"%f>8"$5Y=/!!
%8Y/!! `RBBAI?! -3a! )RIIAE! +0a! <>I?>l! ;`/! +H?NJ>! AH?! -IEFDNFMAH! )>DABNJ@KQf!
(H?NO>HNRK!AH?!3@>DAIE!'NRD>K!DN!0M!'>S>FDNI!0SD@WAD@NH/!3IRO!)>DAB!3@KFNK/!#U"&!
7SD!"‡%$]"U^f"&##$&/!!

!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

#U8!
Annexes
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

#"U!
(4 K>A$@:7:A'6$':7$\'6&'HDE@&A:>%E@'&:'6&':%"#@;H>%"6&A'<@7AG7:"I$&A'
!
!

!!!!

!!!!!!!!! !
2>!`:3!AROQ>HD>!J>!DAR[!?R!SMNJ>KDGI@NJ!?AHK!J>!KAHO!AJNIK!TR>!J>K!FNJEFMGHNJK!
H>!?NHH>HD!ARSRH!>LL>D!KRI!S>DD>!@H?RSD@NH/!3PA@JJ>RIKa!NH!HPNBK>IW>!ARSRH>!QN?@L@SAD@NH!
AR!H@W>AR!FJAKQAD@TR>!?R!DAR[!?>!DI@OJESGI@?>K!TR>JTR>!KN@D!J>!DIA@D>Q>HD/!
!
!
*4 K>A$@:7:A'6F7?7@;A&'PW^%'(.L'A$%'6&A'#&?%&A'6&'87H:>%"&A'<%>A&?:7?:'
67?A'@&'HE?:&?$'H&7H7@'
'
'

!
!
2>K! DIA@D>Q>HDK! FAI! KN@D! J>! '.6a! KN@D! JA! *RI! NR! JA! SNQB@HA@KNH! ?>! '.6! >D! *RI!
AROQ>HD>HD! J>! HNQBI>! ?>! BASDGI@>K! ?R! O>HI>! 1ASD>INn?>K! >D! ?@Q@HR>HD! J>! HNQBI>! ?>!
BASDGI@>K!?>!S>IDA@HK!O>HI>K!D>JK!TR>!0J@KD@F>Ka!7?NI@BASD>I!A@HK@!TR>!J>K!*JNKDI@?@RQ!?R!
OINRF! 9+/! ,NRK! AWNHK! GOAJ>Q>HD! NBK>IWG! TR>! J>! '.6! K>RJ! AROQ>HD>! ?>! QAH@CI>!
K@OH@L@SAD@W>!JA!FNFRJAD@NH!?>K!BASDGI@>K!?R!O>HI>!0HA>INDIRHSRK!DAH?@K!TR>!JA!*RI!>D!JA!
SNQB@HA@KNH!?R!'.6!>D!?>!JA!*RI!IG?R@K>HD!S>DD>!FNFRJAD@NH/!!
!
!
+4 Q$8@"H7:"E?'67?A'@7'%&V$&'6&'--9G&'lE$%?>&A'^7:"E?7@&A'6&'W">:>:"I$&'&:'
^$:%":"E?''

#""!
55 èmes Journées Nationales de Diététique et Nutrition

NOUVEAUX TRAITEMENTS ET PERSPECTIVES DANS LE DIABÈTE DE TYPE 2

LE RESVÉRATROL AU SERVICE DU DIABÈTE

Dr N. SRENG1, Dr E. SERÉE1, Pr S CHAMPION2


1INRA, UMR1260 / 1062 INSERM / AMU ; Nutrition, Obésité et risque thrombotique,
27 boulevard Jean-Moulin, Marseille F-13385, France
2IMBE - UMR CNRS 7263 / IRD 237, Mutagenèse Environnementale,
Aix-Marseille Université, Faculté de Pharmacie 27 Bvd Jean Moulin, Marseille F-13385,
France

!"# $"%&'$()$*+# "%)# ,-# .*+/.0'-*+# -(),$"+# 1,"# +2*-# )$*,&"#


3(-%# 3"# -*45$",%"%# "%.67"%# &'8')(+"%9# :+# "%)# %/-)0');%'# .($# +(#
.+(-)"# .*,$# %"# 3'<"-3$"# 32(8$"%%;*-%# "=)'$;",$"%# 7*44"# +"%# >?#
*,# +"%# ())(1,"%# <*-8;1,"%9# !"# $"%&'$()$*+# "%)# ,);+;%'# 3".,;%# 3"#
-*45$",%"%# 3'7"--;"%# .*,$# %"%# .$*.$;')'%# (-);*=/3(-)"%9# @(;%#
!"# $%&'&()# "*+!,$+-.(!"# /012,$%!,$# .(!# !# %!"'0%&$%2 # 32""4/!#
/!# ,215%!("!"# &($%!"# 3%23%+0$0"# 36&%1&*2 27+.(!"8# 9+,"+:# !#
$"%&'$()$*+# "%)# ,-# (-)(8*-;%)"# 3,# $'7".)",$# (,=# 0/3$*7($5,$"%#
")# .$'&;"-)# (;-%;# 3"# +2"<<")# -'<(%)"# 3"# 7"$)(;-%# .*++,(-)%#
!,'+%2,,!1!,$&()#;/+2)+,!:#<(10!#/!#$&5&*:#3&%$+*( !"#/+!"! :#!$*8=8#
> # 32""4/!# &(""+# /!"# 3%23%+0$0"# &,$+?+,@&11&$2+%!"# !,# +,6+5&,$#
!"# '2+!"# AB?CD# !$#9E?F8# G,-,:# + # !"$# +13 +.(0# /&,"# &# 3%2$!*$+2,#
7($3;*&(%7,+(;$"9#A'7"44"-)#-*)$"#+(5*$()*;$"#(#4*-)$'#1,"#7"))"#
4*+'7,+"# %"# 7*4.*$)(;)# 7*44"# ,-# .$'5;*);1,"# "-# -*$4(+;%(-)# +(#
@2%!#+,$!"$+,& !#& $0%0!#3&%#(,#%07+1!#%+*6!#!,#7%&+""!8#H!#3 (":# &#
<*-7);*-#;-)"%);-(+"#.0/%;*+*8;1,"#"%)#$"%)(,$'"#")#+2;-)"%);-#%'7$6)"#
B# -*,&"(,# +20*$4*-"# ;-)"%);-(+"# C!DEF# 1,;# $'8,+"# +(# %'7$');*-#
32;-%,+;-"9# !"# $"%&'$()$*+# (..($(G)# 3*-7# 7*44"# ,-"# 4*+'7,+"# 3"#
70*;=# "-# 7*4.+'4"-)# 32,-"# )0'$(.",);1,"# (-);3;(5');1,"# *,# "-#
.$'&"-);*-#3"#+2;-%)(++();*-#3"#+(#.()0*+*8;"9

69

!
!
!

#"#!
55 èmes Journées Nationales de Diététique et Nutrition

INTRODUCTION ET ÉTIOLOGIE DU DIABÈTE DE TYPE 2

Le diabète de type 2 (DT2) est à ce jour considéré comme une pandémie


selon l’Organisation Mondiale de la Santé. Le nombre de personnes
diabétiques dans le monde est actuellement estimé à environ 250 millions,
et devrait atteindre près de 380 millions en 2025, ce qui représente 7,1 %
de la population adulte âgée de 20 à 80 ans. En Europe, une croissance
de 16 % de la maladie est prévue d’ici à 2025 [1, 2]. Si le diabète est une
pathologie qui préoccupe nos sociétés, il faut tenir compte des pathologies
associées. En effet, les complications cardiaques, vasculaires, rénales et
ophtalmologiques, augmentent également le coût de la prise en charge
du diabète et constituent actuellement, en plus d’un problème de santé
publique, un risque économique pour l’ensemble des pays de l’ouest.
Les causes du développement DT2 sont multiples, à la fois génétique,
environnementale et sociale. La sédentarité associée à un enrichissement
de la proportion de graisses dans les régimes alimentaires est un facteur
aggravant qui, combiné au patrimoine génétique, est sûrement responsable
de l’épidémie. Parallèlement à cela, nous sommes victimes d’une
diminution de la consommation en fibres végétales qui sont impliquées
dans la digestion et l’équilibre alimentaire par l’apport de micronutriments
(vitamines, sels minéraux, etc.). Un autre rôle fondamental joué par ces
fibres végétales concerne leur fonction de substrat à l’égard de notre flore
intestinale. La diminution de leur proportion engendre un changement
qualitatif de la flore intestinale et par voie de conséquence une altération du
métabolisme énergétique [3-13] . Les conséquences physiopathologiques
de ce déséquilibre énergétique se traduisent d’une part par une diminution
de l’action de l’insuline i.e. l’insulinorésistance et d’autre part par une
augmentation de la masse adipeuse. Ces deux conséquences fonctionnelles
insulinorésistance et adipogénèse sont reliées entre elles via un processus
inflammatoire de bas niveau qui apparaît progressivement et qu’on
dénomme inflammation métabolique [3]. En utilisant des modèles animaux
qui développent des maladies métaboliques tels que des souris nourries
par un régime riche en graisse (> 40 % p/p) pendant plusieurs mois, on
observe une augmentation de la sécrétion des cytokines inflammatoires et
de chimiokines. Ces cytokines, notamment le TNF- , l’IL-1, et l’IL-6 [4, 5],
interfèrent avec la signalisation générée par le récepteur à l’insuline. Ceci
se traduit par une diminution de l’utilisation du glucose par les muscles et
une levée d’inhibition de la production hépatique de glucose. Il s’en suit
une augmentation de la glycémie puis l’apparition d’un hyperinsulinisme et
d’une hyperglycémie ce qui induit la redistribution des flux métaboliques
notamment vers les organes de stockage tel que le tissu adipeux et le foie.
Une autre voie récemment mise en évidence montre le rôle que peuvent
avoir des changements de la flore bactérienne, en liaison avec l’alimentation
dans l’installation des maladies métaboliques notamment l’obésité [7, 11] et
le DT2 [3-6]. Il apparaît que la modification de la flore intestinale semble
70

#"$!
55 èmes Journées Nationales de Diététique et Nutrition

être une des causes de l’obésité. En effet, un régime riche en graisse


favorise, d’une part, l’émergence de bactéries Gram - qui seraient à l’origine
de l’installation de l’inflammation métabolique et d’autre part, diminue le
nombre de germes Gram + [3-5, 7-10]. Des études ont montré que le genre
Bifidobacterium (Gram +) est inversement corrélé à l’incidence du DT2 et
de l’obésité chez des souris soumises à un régime riche en graisse [3-5].
L’utilisation de fibres alimentaires induit une augmentation du nombre de
bactéries à Gram + chez les souris nourries avec un régime riche en graisses,
et parallèlement, on constate une diminution de l’inflammation et un retard
dans l’installation de l’insulinorésistance [14].
La thérapie antidiabétique n’est pas à ce jour efficace. En effet, les
molécules actuellement sur le marché ne donnent pas les résultats
escomptés et il est difficile de régler avec les traitements disponibles la
complexité du désordre métabolique. Il est alors urgent de proposer de
nouvelles stratégies thérapeutiques. Une alternative serait de prévenir
l’apparition de la maladie chez les personnes à risque et/ou d’accompagner
le traitement du diabète déclaré par la prise de compléments alimentaires.
Les approches nutritionnelles et ‘alicamenteuses’ sont ainsi considérées
comme bien tolérées. De nombreuses données, revues ci-dessous,
suggèrent que le resvératrol (RVR) pourrait correspondre à une nouvelle
stratégie thérapeutique et ‘alicamenteuse’. Son mécanisme d’action serait
basé sur des effets à la fois antioxydant et anti-inflammatoire [15,16].

LE RESVÉRATROL : MOLÉCULE DE PRÉVENTION ET/OU THÉRAPEUTIQUE

Le RVR, ou 3,5,4’ transtrihydroxytilbene (figure 1), est un polyphénol naturel


que l’on trouve dans de nombreuses espèces végétales dont le raisin noir,
les cacahuètes, le pin et la renouée chinoise (Polygonum Cuspidatum),
sont les principales sources commerciales. Le RVR est une molécule qui
est synthétisée par les plantes en réponse à un stress par exposition à la
lumière ultra-violette ou une attaque fongique [17, 18]. Le RVR est étudié
depuis de nombreuses années et il possède de nombreuses propriétés
pharmacologiques.

Le resvératrol : un antagoniste compétitif du Récepteur des


Arylhydrocarbures (AhR)
Le Récepteur des Arylhydrocarbures (AhR) est un facteur de transcription
dont les ligands naturels endogènes ne sont pas bien caractérisés.
Le récepteur AhR est impliqué dans la régulation de l’expression de
nombreux gènes lorsqu’il lie divers polluants environnementaux tels que
les hydrocarbures aromatiques du tabac et des gaz d’échappement, les
dioxines (dont la TCDD, Dioxine de Seveso), les polychloro-biphényles
(PCB, isolants électriques) et d’autres xénobiotiques. AhR induit les gènes
de la détoxification des hydrocarbures aromatiques tels que le cytochrome
71

!
!
!

#"%!
55 èmes Journées Nationales de Diététique et Nutrition

Figure 1 : Structure du resvératrol

P450 1A1 (CYP 1A1) et les enzymes de conjugaison (glutathion S-transférase


Ya, UDP-glucuronyl-transférase, etc.) [19] et un grand nombre de gènes
liés à l’inflammation (interleukines, Cox2, NO synthase) [20]. Certains
ligands comme les PCB augmentent le stress oxydatif et la peroxydation
des lipides, ce qui pourrait être une cause des lésions cellulaires et du rôle
athérogène de ces molécules. Ces composés agissent sur la vascularisation
et provoquent des perturbations métaboliques conduisant à l’insulino-
résistance. Un autre ligand, le TCDD inhibe la différenciation adipocytaire
[21] et le transport du glucose dans le tissu adipeux [22]. Des études
épidémiologiques montrent que l’exposition à la dioxine tétrachlorée
(dioxine de Seveso, TCDD) induit une augmentation significative du risque
de TD2. Bertazzi et al. rapportent dès 1998 un “excès” de cas de TD2 dans la
population féminine de Seveso [23, 24]. Ce lien entre dioxine et TD2 a été
confirmé par les études ultérieures de ce groupe [25] et par des études sur
des anciens combattants du ViêtNam [26, 27] et des travailleurs exposés
[28, 29]. Ces données sont à rapprocher de l’association connue entre TD2
et tabagisme, dont les agents pricipaux (hydrocarbures aromatiques) sont
des ligands du AhR [30, 31]. Le RVR inhibe les effets des divers agonistes du
AhR par inhibition compétitive [32]. Le RVR est le seul antidote efficace et
non toxique contre ces polluants environnementaux.

72

!
!

#"&!
55 èmes Journées Nationales de Diététique et Nutrition

Le resvératrol : molécule antioxydante


Le RVR est connu depuis de nombreuses décennies comme étant un
antioxydant majeur. Mais il faut préciser que c’est le RVR ingéré et non
métabolisé qui possède cette activité. Malheureusement, le RVR est très vite
métabolisé, et les effets de cette molécule sur le syndrome métabolique
proviendraient d’autres propriétés que nous décrirons ultérieurement.

Le resvératrol : un anti-inflammatoire antagoniste des voies NF- B et


AP-1.
Les cascades moléculaires liées à AhR et conduisant à une résistance
à l’insuline ne sont pas identifiées mais l’implication de NF- B, facteur
essentiel de l’inflammation a été suggérée [33, 34]. L’activation du AhR
par les dioxines induit l’induction des cytokines de types IL-1. En inhibant
NF- B par son antagonisme vis à vis du AhR, le RVR inhibe l’induction des
cytokines inflammatoires. Ce composé inhibe également l’expression
de la chimiokine MCP-1 [35, 36] induite par le TNF! et qui est impliquée
dans l’infiltration macrophagique. Il se pourrait donc que le RVR agisse sur
le DT2 via son effet au niveau de l’expression de MCP-1. Le AhR interagit
physiquement avec d’autres facteurs de transcription dont PPAR" [37, 38]
tandis que PPAR! régule l’expression de AhR [39, 40]. Il est important de
noter que le facteur de transcription PPAR" est la cible de médicaments
anti-diabétiques de la famille des thiazolidinediones et PPAR! joue un
rôle dans la lipolyse. Le RVR agit aussi sur l’inflammation en inhibant les
voies NF- B et AP-1 [41-45]. Il diminue l’expression de la cytokine IL-1# et
s’oppose à la production de radicaux oxydants (ROS) [46, 47]. D’autres
voies d’action du RVR ont été mises en avant comme la modification de
la synthèse des eicosanoïdes par inhibition des cyclooxygénases (COX-1 et
COX-2) responsables de la synthèse de médiateurs pro-inflammatoires [48].

Le resvératrol et les mitochondries


Dans le muscle squelettique, une diminution de la synthèse d’ATP et de
l’expression des gènes contrôlant l’activité mitochondriale est en partie, au
moins, associée à une insulinorésistance.
Le facteur PGC-1!$qui est un PPAR"$et le facteur SIRT1 qui est associé à PGC-
1 sont fonctionnellement liés l’un à l’autre et à l’utilisation du glucose. En
effet, une diminution de l’activité de PGC-1 est associée à l’apparition du
diabète et SIRT contrôle le métabolisme glucidique hépatique [49].
Le RVR induit l’expression du gène codant pour PGC-1! via l’activation du
facteur SIRT1 [49]. Par ailleurs, le RVR augmente la taille et le nombre de
mitochondries dans divers tissus. Dans les muscles, en réponse au RVR, les
mitochondries présentent une augmentation du pouvoir oxydant et une
activité métabolique accrue associée à une augmentation de l’activité de
la citrate synthétase.
73

!
!

#"Y!
55 èmes Journées Nationales de Diététique et Nutrition

LES DONNÉES DE NOTRE LABORATOIRE

Notre laboratoire s’est impliqué dans l’étude de l’effet d’un traitement au RVR
sur le TD2. Le RVR, dès son administration chez l’homme, est une molécule
qui est très vite éliminée de l’organisme suite à un cycle de métabolisation
entéro-hépatique très fort impliquant les enzymes UGT1A1 et 1A9. Cela se
traduit par l’apparition de métabolites sulfatés et de glucuronoconjugués
éliminés par les urines et les fèces.
Avant de valider l’effet du RVR sur le TD2, nous avons mis au point une
forme galénique permettant au RVR d’être hautement biodisponible [50].
Après validation de cette galénique par des études de pharmacocinétique
(figure 2), nous avons nourri des animaux par un régime diabétogène riche
en graisse supplémenté ou non en RVR.

Figure 2 : Étude pharmacocinétique réalisée chez 15 sujets sains en milieu hospitalier.


40 mg de RVR sont administrés soit sous forme sèche (classique) soit sous forme liquide (formule du laboratoire). Le taux de RVR
sanguin est évalué au cours du temps. Le resvératrol sous forme liquide est toujours dans une concentration thérapeutique active 5
heures après son administration.

!"#$%&'$(&)'*

L’administration de RVR pendant 5 semaines réduit l’intolérance au glucose.


Nous avons mis en évidence les mécanismes moléculaires impliqués dans ce
processus. Nous avons démontré que le RVR induisait, par augmentation de
la transcription, l’expression et ensuite la sécrétion intestinale de Glucagon-
Like Peptide-1 (GLP-1) [51]. Cette hormone entre par la veine porte et
peut alors activer la sécrétion d’insuline. Ce mécanisme a été validé par
l’utilisation d’animaux génétiquement modifiés et présentant un récepteur
74

!
!

#"=!
55 èmes Journées Nationales de Diététique et Nutrition

non fonctionnel au GLP-1. En effet, sur ces animaux, le RVR n’agit plus sur la
tolérance au glucose car le taux d’insuline n’est plus modulé. Parallèlement
à cela, nous avons démontré que le RVR diminue l’inflammation induite
par le régime diabétogène riche en graisse. En effet, l’expression des
cytokines inflammatoires de type IL-1 et IL-6 est diminuée par le RVR et
les cytokines anti-inflammatoires de type IL-10 et TGF sont augmentées
par la même molécule en particulier au niveau hépatique et intestinal [51].
Le RVR étant une molécule antifongique qui possède quelques propriétés
antimicrobiennes, nous avons évalué l’effet du RVR sur la flore intestinale.
Nous démontrons pour la première fois que le RVR est un agent prébiotique
qui diminue le nombre de bactéries inflammatogènes Gram - et qui induit
la prolifération des bactéries Gram + (figure 3) [51].

Figure 3 : Effet de RVR sur la flore intestinale. NC : contrôle ; INFL : régime inflammatogène ; I
NFL + RVR : régime inflammatogène + resvératrol. Le RVR fait disparaître des bactéries qui ont émergé suite au régime
inflammatogène et fait apparaître des bactéries qui ont été tuées par ce régime.

"%& !"#$ !"#$'()(

!"#$%&'( )&"*+,-.+/+
!"#"$"%&'#()*'+ ,(-+(-)) ./0123425

67)+&)8'+ 89&#'*)-)+ ./012:;2<


="%&'#()*'+ >97?"&9+ 6@AA13B3;

!"#$%&'( )&"*+,0.+/+
=)C)*($"%&'#)9D

Enfin, nous avons testé l’effet d’une association du RVR à la sitagliptine, un


médicament antidiabétique inhibiteur de la dipeptidyl peptidase-4 (DPP-
4). Ce choix fut motivé par le fait que le RVR induit la sécrétion de GLP-1 et
que la sitagliptine inhibe la dégradation du GLP-1. Nos résultats indiquent
finalement que le resvératrol potentialise l’effet de la sitagliptine [51].

75

!
!

#"5!
55 èmes Journées Nationales de Diététique et Nutrition

CONCLUSION

Le RVR sous une forme biodisponible par voie orale, en tant qu’«alicament»,
semble un candidat prometteur dans le domaine du traitement du TD2 et
de l’obésité. Toutes les données cumulées sur cette molécule confirment
que cette molécule peut être utilisée dans la prévention ou l’optimisation
d’une thérapeutique antidiabétique. L’avantage du RVR est d’être un
complément alimentaire naturel et non toxique, utilisable per os et
associable à un médicament anti-diabétique. Son activité sur le TD2 est
médié par ses divers rôles anti-inflammatoire, prébiotique et inducteur
de la sécrétion du GLP-1 et de l’insuline.

Dr Eric SERÉE
!"#""$"#%&'()*%+$&,)
76

#"8!
55 èmes Journées Nationales de Diététique et Nutrition

RÉFÉRENCES

[01] World Health Organization: Report of a consultation. Definition, diagnosis and


classification of diabetes mellitus and its complications. Part 1: Diagnosis and
classification of diabetes mellitus. World Health Organization, Geneva 1999.

[02] Zimmet P, Shaw J, Murray S, Sicree R. L’épidémie de diabète en plein envol : les prévisions
pour le futur. Diabetes Voice 2003, Numéro spécial 48: 12-6.

[03] Cani P, Amar J, Iglesias M, Poggy M, Knauf C, Bastelica D, et al. Metabolic endotoxemia
initiates obesity and insulin resistance. Diabetes 2007, 56: 1761-72.

[04] Cani PD, Bibiloni R, Knauf C, Waget A, Neyrinck AM, Delzenne NM, et al. Changes in gut
microbiota control metabolic endotoxe-mia-induced inflammation in high-fat diet-
induced obesity and diabetes in mice. Diabetes 2008, 57: 1470-81.

[05] Cani PD, Delzenne NM, Amar J, Burcelin R. Role of gut microflora in the development
of obesity and insulin resistance following high-fat diet feeding. Pathol Biol 2008, 56:
305-9.

[06] Cani PD, Hoste S, Guiot Y, Delzenne NM. Dietary non-digestible carbohydrates promote
L-cell differentiation in the proximal colon of rats. Br J Nutr 2007, 98: 32-7.

[07] Ley RE, Backhed F, Turnbaugh P, Lozupone CA, Knight RD, Gordon JI. Obesity alters gut
microbial ecology. Proc Natl Acad Sci U S A 2005, 102: 11070-5.

[08] Ley RE, Peterson DA, Gordon JI. Ecological and evolutionary forces shaping microbial
diversity in the human intestine. Cell 2006, 124: 837-48.

[09] Ley RE, Turnbaugh PJ, Klein S, Gordon JI. Microbial ecology: human gut microbes
associated with obesity. Nature 2006, 444: 1022-3.

[10] Turnbaugh PJ, Ley RE, Mahowald MA, Magrini V, Mardis ER, Gordon JI. An obesity-
associated gut microbiome with increased capacity for energy harvest. Nature 2006,
444: 1027-31.

[11] Backhed F, Ding H, Wang T, Hooper LV, Koh GY, Nagy A, et al. The gut microbiota as an
environmental factor that regulates fat storage. Proc Natl Acad Sci U S A 2004, 101:
15718-23.
[12]
Backhed F, Ley RE, Sonnenburg JL, Peterson DA, Gordon JI. Host-bacterial mutualism in
the human intestine. Science 2005, 307: 1915-20.

[13] Backhed F, Manchester JK, Semenkovich CF, Gordon JI. Mechanisms underlying the
resistance to diet-induced obesity in germ-free mice. Proc Natl Acad Sci U S A 2007,
104: 979-84.

[14] Cani PD, Neyrinck AM, Fava F, Knauf C, Burcelin RG, Tuohy KM, et al. Selective increases
of bifidobacteria in gut microflora improve high-fat-diet-induced diabetes in mice
through a mechanism associated with endotoxaemia. Diabetologia 2007, 50: 2374-83.

77

!
!
!

##U!
55 èmes Journées Nationales de Diététique et Nutrition

[15] Milne JC, Lambert PD, Schenk S, Carney DP, Smith JJ, Gagne DJ, et al. Small molecule
activators of SIRT1 as therapeutics for the treatment of type 2 diabetes. Nature 2007,
450: 712-6.

[16] Baur JA, Pearson KJ, Price NL, Jamieson HA, Lerin C, Kalra A, et al. Resveratrol improves
health and survival of mice on a high-calorie diet. Nature 2006, 444: 337-42.

[17] Schubert R, Fischer R, Hain R, Schreier PH, Bahnweg G, Ernst D, et al. An ozone-responsive
region of the grapevine resveratrol synthase promoter differs from the basal pathogen-
responsive sequence. Plant Mol Biol 1997, 34: 417-26.

[18] Schouten A, Wagemakers L, Stefanato FL, van der Kaaij RM, van Kan JA. Resveratrol
acts as a natural profungicide and induces self-intoxication by a specific laccase. Mol
Microbiol 2002, 43: 883-94.

[19] Wang XL, Greco M, Sim AS, Duarte N, Wang J, Wilcken DE. Effect of CYP1A1 Mspl
polymorphism on cigarette smoking related coronary artery disease and diabetes.
Atherosclerosis 2002, 162: 391-7.

[20] INSERM. Perturbations endocriniennes : nouveaux gènes cibles In: INSERM ed. Expertise
Collective : Dioxines dans l’environnement. Paris, INSERM 2000 : 259-82.

[21] Alexander RW. Atherosclerosis as disease of redox-sensitive genes. Trans Am Clin


Climatol Assoc 1998, 109: 129-45; discussion 145-6.

[22] Enan E, Matsumura F. 2,3,7,8-Tetra-chlorodibenzo-p-dioxin (TCDD)-induced changes


in glucose transporting activity in guinea pigs, mice, and rats in vivo and in vitro. J
Biochem Toxicol 1994, 9: 97-106.

[23] Bertazzi PA, Bernucci I, Brambilla G, Consonni D, Pesatori AC. The Seveso studies on early
and long-term effects of dioxin exposure: a review. Environ Health Perspect 1998, 106
Suppl 2: 625-33.

[24] Pesatori AC, Zocchetti C, Guercilena S, Consonni D, Turrini D, Bertazzi PA. Dioxin
exposure and non-malignant health effects: a mortality study. Occup Environ Med
1998, 55: 126-31.

[25] Consonni D, Pesatori AC, Zocchetti C, Sindaco R, D’Oro LC, Rubagotti M, et al. Mortality
in a population exposed to dioxin after the Seveso, Italy, accident in 1976: 25 years of
follow-up. Am J Epidemiol 2008, 167: 847-58.

[26] Pesatori AC, Consonni D, Bachetti S, Zocchetti C, Bonzini M, Baccarelli A, et al. Short-
and long-term morbidity and mortality in the population exposed to dioxin after the
“Seveso accident”. Ind Health 2003, 41: 127-38.

[27] Henriksen GL, Ketchum NS, Michalek JE, Swaby JA. Serum dioxin and diabetes mellitus
in veterans of Operation Ranch Hand. Epidemiology 1997, 8: 252-8.

[28] Michalek JE, Akhtar FZ, Kiel JL. Serum dioxin, insulin, fasting glucose, and sex hormone-
binding globulin in veterans of Operation Ranch Hand. J Clin Endocrinol Metab 1999,
84: 1540-3.

78

##"!
55 èmes Journées Nationales de Diététique et Nutrition

[29] Remillard RB, Bunce NJ. Linking dioxins to diabetes: epidemiology and biologic
plausibility. Environ Health Perspect 2002, 110: 853-8.

[30] Vena J, Boffetta P, Becher H, Benn T, Bueno-de-Mesquita HB, Coggon D, et al. Exposure to
dioxin and nonneoplastic mortality in the expanded IARC international cohort study of
phenoxy herbicide and chlorophenol production workers and sprayers. Environ Health
Perspect 1998, 106 Suppl 2: 645-53.

[31] Eliasson B. Cigarette smoking and diabetes. Progr Cardiovasc Dis 2003, 45: 405-13.

[32] Casper RF, Quesne M, Rogers IM, Shirota T, Jolivet A, Milgrom E, et al. Resveratrol has
antagonist activity on the aryl hydrocarbon receptor: implications for prevention of
dioxin toxicity. Mol Pharmacol 1999, 56: 784-90.

[33] Das SK, Sharma NK, Chu WS, Wang H, Elbein SC. Aryl hydrocarbon receptor nuclear
translocator (ARNT) gene as a positional and functional candidate for type 2 diabetes
and prediabetic intermediate traits: Mutation detection, case-control studies, and gene
expression analysis. BMC Med Genet 2008, 9: 16.

[34] Thackaberry EA, Bedrick EJ, Goens MB, Danielson L, Lund AK, Gabaldon Det al. Insulin
regulation in AhR-null mice: embryonic cardiac enlargement, neonatal macrosomia,
and altered insulin regulation and response in pregnant and aging AhR-null females.
Toxicol Sci 2003, 76: 407-17.

[35] Zhu J, Yong W, Wu X, Yu Y, Lv J, Liu C, et al. Anti-inflammatory effect of resveratrol on TNF-


alpha-induced MCP-1 expression in adipocytes. Biochem Biophys Res Commun 2008,
369: 471-7.

[36] Cullen JP, Morrow D, Jin Y, Curley B, Robinson A, Sitzmann JV, et al. Resveratrol, a
polyphenolic phytostilbene, inhibits endothelial monocyte chemotactic protein-1
synthesis and secretion. J Vasc Res 2007, 44: 75-84.

[37] Ulrich S, Loitsch SM, Rau O, von Knethen A, Brune B, Schubert-Zsilavecz M, et al.
Peroxisome proliferator-activated receptor gamma as a molecular target of resveratrol-
induced modulation of polyamine metabolism. Cancer Res 2006, 66: 7348-54.

[38] Ge H, Zhang JF, Guo BS, He Q, Wang BY, He B, et al. Resveratrol inhibits macrophage
expression of EMMPRIN by activating PPARgamma. Vascul Pharmacol 2007, 46: 114-21.

[39] Seree E, Villard PH, Pascussi JM, Pineau T, Maurel P, Nguyen QN, et al. Evidence for
a new human CYP1A1 regulation pathway involving PPAR-alpha and 2 PPRE sites.
Gastroenterology 2004, 127: 1436-45.

[40] Villard PH, Caverni S, Baananou A, et al. PPARalpha transcriptionally induces AhR
expression in Caco-2, but represses AhR pro-inflammatory effects. Biochem Biophys
Res Comm 2007, 364: 896-901.
[41]
Ma ZH, Ma QY, Wang LC, Sha HC, Wu SL Zhang M. Effect of resveratrol on NF-kappaB
activity in rat peritoneal macrophages. Am J Chinese Med 2006, 34: 623-30.

[42] Kundu JK, Shin YK, Surh YJ. Resveratrol modulates phorbol ester-induced pro-
inflammatory signal transduction pathways in mouse skin in vivo: NF-kappaB and AP-1
as prime targets. Biochem Pharmacol 2006, 72: 1506-15.

79

!
!

###!
55 èmes Journées Nationales de Diététique et Nutrition

[43] Kundu JK, Shin YK, Kim SH, Surh YJ. Resveratrol inhibits phorbol ester-induced
expression of COX-2 and activation of NF-kappaB in mouse skin by blocking IkappaB
kinase activity. Carcinogenesis 2006, 27: 1465-74.

[44] Estrov Z, Shishodia S, Faderl S, Harris D, Van Q, Kantarjian HM, et al. Resveratrol blocks
interleukin-1beta-induced activation of the nuclear transcription factor NF-kappaB,
inhibits proliferation, causes S-phase arrest, and induces apoptosis of acute myeloid
leukemia cells. Blood 2003, 102: 987-95.

[45] Manna SK, Mukhopadhyay A, Aggarwal BB. Resveratrol suppresses TNF-induced


activation of nuclear transcription factors NF-kappa B, activator protein-1, and
apoptosis: potential role of reactive oxygen intermediates and lipid peroxidation. J
Immunol 2000, 164: 6509-19.

[46] Csaki C, Keshishzadeh N, Fischer K, Shakibaei M. Regulation of inflammation signalling


by resveratrol in human chondrocytes in vitro. Biochem Pharmacol 2008, 75: 677-87.

[47] Singh SU, Casper RF, Fritz PC, Sukhu B, Ganss B, Girard B Jr, et al. Inhibition of dioxin
effects on bone formation in vitro by a newly described aryl hydrocarbon receptor
antagonist, resveratrol. J Endocrinol 2000, 167: 183-95.

[48] Das S, Das DK. Anti-inflammatory responses of resveratrol. Inflamm Allergy Drug Targets
2007, 6: 168-73.

[49] Rodgers JT, Lerin C, Haas W, Gygi SP, Spiegelman BM, Puigserver P. Nutrient control of
glucose homeostasis through a complex of PGC-1alpha and SIRT1. Nature 2005, 434:
113-8.

[50] Amiot MJ, Romier B, Dao TM, Fanciullino R, Ciccolini J, Burcelin R, et al. Optimization of
trans-Resveratrol bioavailability for human therapy. Biochimie 2013, 95: 1233-8.

[51] Dao TM, Waget A, Klopp P, Serino M, Vachoux C, Pechere L, et al. Resveratrol increases
glucose induced GLP-1 secretion in mice: a mechanism which contributes to the
glycemic control. PLoS One 2011, 6: e20700.

80

##$!
L:$6;'EC':D&'&CC&H:'EC':D&'7AAEH"7:"E?'EC'K&AV&%7:%E@'7?6'N$%H$G"?'E?'
#@$HEA&':E@&%7?H&'"G<%EV&G&?:'

!
(ASM! E>AIa! DM>! lNIJ?l@?>! @QFASD! NL! DEF>! #! ?@AB>D>K! ]-#3^! @HSI>AK>K! K@OH@L@SAHDJE/! -M>!
SNQFJ@SAD@NHK!AI>!K>I@NRK!AH?!DI>ADQ>HDK!AI>!NLD>H!@H>LL>SD@W>!AH?!FINW@?>!A!JND!NL!K@?>!
>LL>SDK/!'>KW>IADINJ!]'.6^!AH?!SRISRQ@H!]*RI^!AI>!HADRIAJ!FNJEFM>HNJK!eHNlH!LNI!DM>@I!
?@LL>I>HD!FMAIQASNJNO@SAJ!ASD@W@D@>Ka!@HSJR?@HO!AHD@X?@AB>D@S/!-M>!NBb>SD@W>K!NL!DM@K!KDR?E!
l>I>! DN! >WAJRAD>! DM>! >LL>SDK! NL! DM>! SNQB@HAD@NH! NL! DM>K>! FNJEFM>HNJK! NH! OJRSNK>!
DNJ>IAHS>!@QFINW>Q>HD/!7RI!I>KRJDK!KMNl!DMAD!@H!AH@QAJK!L>?!l@DM!A!M@OM!LAD!?@>D!]`:3^a!
'.6!@QFINW>?!OJRSNK>!DNJ>IAHS>!lM@J>!*RI!?@KFJAE>?!HN!K@OH@L@SAHD!>LL>SD/!.RIFI@K@HOJEa!
lM>H! BNDM! FNJEFM>HNJK! l>I>! A?Q@H@KD>I>?! K@QRJDAH>NRKJEa! *RI! @HM@B@D>?! DM>! >LL>SD! NL!
'.6! NH! OJRSNK>! DNJ>IAHS>! @QFINW>Q>HD/! -N! >[FJA@H! DM@K! AHDAONH@KQ! B>Dl>>H! BNDM!
FNJEFM>HNJK!NH!OJRSNK>!DNJ>IAHS>a!l>!MAW>!>WAJRAD>?!DM>!>LL>SD!NL!DM>K>!SNQFNRH?K!NH!
DM>!Q>DAO>HNQ>!AKKNS@AD>?!NI!HND/!7RI!I>KRJDK!@H?@SAD>!DMAD!'.6!AH?!*RI!HNIQAJ@c>?!ORD!
LJNIA! AJD>I>?! BE! `:3/! mM>H! *RI! AH?! '.6! l>I>! A?Q@H@KDIAD>?! K@QRJDAH>NRKJEa! *RI!
@HM@B@D>?! DM>! >LL>SD! NL! '.6! NH! DM>! OINlDM! NL! KNQ>! BASD>I@AJ! KF>S@>K/! -MRKa! *RI! BJNSe>?!
DM>! @HM@B@DNIE! >LL>SD! NL! '.6! NH! !"#$%#&'$! &)%*'+#,#$/! 7RI! ?ADA! @H?@SAD>! DMAD! DM>K>!
FNJEFM>HNJK! ?@KFJAE>?! O>H>IAJJE! AHD@X@HLJAQQADNIE! >LL>SDKa! BRD! DM>@I! SNQB@HAD@NH! QAE!
B>!>@DM>I!KEH>IO@KD@S!#,(-#%*.!NI!AHDAONH@KD@S!#,(-#-.!NH!DM>!>[FI>KK@NH!NL!KNQ>!SEDNe@H>K/!
-N!>WAJRAD>!DM>!FMEK@NJNO@SAJ!>LL>SD!NL!DM>!ORD!LJNIA!SMAHO>K!@H?RS>?!BE!FNJEFM>HNJKa!l>!
MAW>! ?IAlH! A! FAIAJJ>J! B>Dl>>H! Q>DAO>HNQ>! AH?! Q>DABNJNQ>! ?ADA/! (ASM! NL! DM>!
FNJEFM>HNJK! @QFINW>?! BE! @DK>JL! DM>! Q>DABNJNQ@S! FINL@J>! AJD>I>?! BE! `:3/! `Nl>W>Ia! *RI!
M@H?>I>?!DM>!>LL>SD!NL!'.6/!+H!A!lMNJ>a!DM@K!KDR?E!@H?@SAD>K!DMAD!SNQB@HAD@NH!NL!*RI!l@DM!
'.6! @K! HND! KRSS>KKLRJ! DN! LRIDM>I! >HMAHS>! DM>! '.6X@H?RS>?! @QFINW>Q>HD! NL! OJRSNK>!
DNJ>IAHS>/!
!
!
!
!
'
R&;mE%6A')!I>KW>IADINJa!SRISRQ@Ha!DEF>!#!?@AB>D>Ka!ORD!LJNIAa!Q>DABNJNQ>!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

!
P$:&$%)',AW@H!.'(,;!
X":%&)'(DR?>!?>!JP>LL>D!?>!JPAKKNS@AD@NH!?R!'>KWGIADINJ!>D!?>!JA!*RISRQ@H>!KRI!
JPAQGJ@NIAD@NH!?>!JA!DNJGIAHS>!AR!OJRSNK>!
W"%&H:&$%'6&':D9A&)''GQE!14'*(2+,!
5"&$'&:'67:&'6&'AE$:&?7?H&)!J>!U"!bR@JJ>D!#U"Y!V!)AIK>@JJ>!
!
'
!
K>A$G>'
!
2>!?@ABCD>!?>!DEF>!#!]3-#^!FINOI>KK>!?AHK!J>!QNH?>!>HD@>I!?>!QAH@CI>!AJAIQAHD>/!2>K!
SNQFJ@SAD@NHK! KNHD! OIAW>K! >D! J>K! DIA@D>Q>HDK! KNHD! KNRW>HD! @H>LL@SAS>K! >D! ?NHH>HD!
B>ARSNRF! ?P>LL>DK! @H?GK@IABJ>K/! 2>! I>KWGIADINJ! ]'.6^! >D! JA! SRISRQ@H>! ]*RI^a! ?>K!
FNJEFMGHNJK!HADRI>JKa!KNHD!SNHHRK!FNRI!J>RIK!?@LLGI>HD>K!ASD@W@DGK!FMAIQASNJNO@TR>Ka!E!
SNQFI@K! AHD@?@ABGD@TR>K/! 2>K! NBb>SD@LK! ?>! S>DD>! GDR?>! NHD! GDG! ?PGWAJR>I! J>K! >LL>DK! ?>! JA!
SNQB@HA@KNH!?>!S>K!?>R[!FNJEFMGHNJK!KRI!JPAQGJ@NIAD@NH!?>!JA!DNJGIAHS>!AR!OJRSNK>/!,NK!
IGKRJDADK!QNHDI>HD!TR>!SM>c!?>K!KNRI@K!KNRQ@K>K!V!RH!IGO@Q>!I@SM>!>H!OIA@KK>!]`:3^a!J>!
'.6! AQGJ@NI>! JA! DNJGIAHS>! AR! OJRSNK>! AJNIK! TR>! JA! *RI! HPA! FAK! ?P>LL>D! K@OH@L@SAD@L/! 3>!
QAH@CI>!KRIFI>HAHD>a!JNIKTR>!J>K!?>R[!FNJEFMGHNJK!KNHD!A?Q@H@KDIGK!K@QRJDAHGQ>HDa!JA!
*RI!@HM@B>!JP>LL>D!?R!'.6!KRI!JPAQGJ@NIAD@NH!?>!JA!DNJGIAHS>!AR!OJRSNK>/!<NRI!>[FJ@TR>I!S>D!
AHDAONH@KQ>a! HNRK! AWNHK! GWAJRG! JP>LL>D! ?>! S>K! FNJEFMGHNJK! AKKNS@GK! NR! FAK! KRI! J>!
QGDAOGHNQ>/! ,NK! IGKRJDADK! @H?@TR>HD! TR>! JA! *RI! >D! J>! '.6! HNIQAJ@K>HD! JA! LJNI>!
@HD>KD@HAJ>!AJDGIG>!FAI!J>!`:3/!2NIK!?PRH>!AKKNS@AD@NH!?>!S>K!FNJEFMGHNJKa!JA!*RI!@HM@B>!
ARKK@! JP>LL>D! ?R! '.6! KRI! JA! SIN@KKAHS>! ?>! S>IDA@H>K! >KFCS>K! BASDGI@>HH>K/! 0@HK@a! JA! *RI!
BJNTR>!JP>LL>D!@HM@B@D>RI!?R!'.6!KRI!!"#$%#&'$!&)%*'+#,#$/!,NK!?NHHG>K!@H?@TR>HD!TR>!S>K!
FNJEFMGHNJK! KNHD! >H! OGHGIAJ! AHD@X@HLJAQQADN@I>K! QA@K! J>RI! AKKNS@AD@NH! F>RD! dDI>!
KEH>IO@TR>!#,(-#%*.!NR!B@>Ha!V!JPNFFNKGa!AHDAONH@KD>!#,(-#-.!FNRI!JP>[FI>KK@NH!?>!S>IDA@H>K!
SEDNe@H>K/! 0L@H! ?PGWAJR>I! JP>LL>D! FMEK@NJNO@TR>! ?>! JA! QN?@L@SAD@NH! ?>! JA! LJNI>! @HD>KD@HAJ>!
FAI! J>K! FNJEFMGHNJKa! HNRK! AWNHK! GDR?@G! J>! QGDABNJNQ>/! <AIAJJCJ>Q>HD! AR! QGDAOGHNQ>a!
SMASRH!?>K!FNJEFMGHNJK!AQGJ@NI>!J>!FINL@J!QGDABNJNQ@TR>!AJDGIG!FAI!J>!`:3/!*>F>H?AHDa!
JA!*RI!KPNFFNK>!V!JP>LL>D!?R!'.6/!2>K!?NHHG>K!?>!S>!DIAWA@J!@H?@TR>HD!TR>!JA!*RI!HP>KD!FAK!
AKKNS@ABJ>!AR!'.6!FNRI!AQGJ@NI>I!JA!DNJGIAHS>!AR!OJRSNK>/!
!
!
! !
!
SE:A'H@>A)!I>KWGIADINJa!SRISRQ@H>a!?@ABCD>!?>!DEF>!#a!LJNI>!@HD>KD@HAJ>a!Q>DABNJNQ>!
W"AH"<@"?&)!<MEK@NFADMNJNO@>!
578E%7:E"%&)!! +HKD@DRD!?>!)AJA?@>K!)GDABNJ@TR>K!>D!*AI?@NWAKSRJA@I>K!
! +,.(')!4)'!"U%5a!(TR@F>!#!
! `\F@DAJ!'AHOR>@Ja!$"%$#!-NRJNRK>!*>?>[!%!

Vous aimerez peut-être aussi