You are on page 1of 13

!"#$%&'()%&*)%+',)-'./%012')"3%4*./,)$%!"$%5-)678'2)$%&19.-8$%&*)%:/(.

--')8

!"#$%&'(#)*+",-.+#/0*'1#23$

45#)6789':#4;<;
!"#$%&'()%&*)%+',)-'./%012')"3%4*./,)$%!"$%5-)678'2)$%&19.-8$%&*)%:/(.--')8

!"#$%&'(#)*+",-.+#/0*'1#23$

!"#$%&$'()*%!"#$%&'&()*$
+(,$-$.#"'#,$*%/01(23453657/
8-$.'#,$*%$,-$

9+%#$4-()%,(%6":";2%(27-<'#$;%=(,:%7,:2%4-6;:2$'%,(%".'#,$%,=%"$,'>2(%#$%6#7(2;"(6 %
,=%,$2?7%(#;>'7@%2712.#"<<)*%62'(#:2$'%',%,$2?7%<2;"<%(#;>'7%,(%.<"#:7
A"%B9C%+%1(2.,$.2#D26%4-6;:2$'%,(%,1#$#,$%BAC%+%"$%"6D2(72%,1#$#,$%,(%<2"$#$;%=,(:26 %
E#'>,-'%4-7'%;(,-$67%,(%F2=,(2%7-==#.#2$'%G$,E<26;2
F%+%"$%#$7'"$.2%,=%7-.>%4-6;:2$'%,(%,1#$#,$
.%+%"$%#(("'#,$"<%"''#'-62%,=%>,7'#<#')%6#(2.'26%";"#$7'%"$%#$6#D#6-"<H%"%;(,-1H%"%(".2H%
,(%'>2#(%7-11,726%.>"(".'2(#7'#.7

,-./.-01*%"$#:,7#')H % "$'#1"'>)H % "1"('>2#6H % "D2(7#,$H % F"6 % ,1#$#,$H % F#"7H % F#;,'()H%


.,$'2:1'-,-7$277H%62'(#:2$'H%6#7.(#:#$"'#,$H%6#7;-7'H%6#7<#G2H%6#71<2"7-(2H%6#7(2<#7>H%
2$:#')H % =,(2;,$2 % .,$.<-7#,$H % #$4-7'#.2H % :#$672'H % :#74-6;:2$'H % $"((,E3:#$626$277H%
,$237#626$277H % 1"('#"<#')H % 1(2.,$.2#D26 % $,'#,$H % 1(2.,$.21'#,$H % 1(24-6;:2$'H%
1(21,77277#,$H%(21-;$"$.2H%(2D-<7#,$H%71<22$H%'#<H%-:F(";2H%-$="#($277I

3'**8=#2,7,>'-?1

@%'#+98A'#'B7:+67#897+,-'(#C:8&#+#(,67,8-+:"#('7+,*?#7%'#&'+-,-D#+-(#?"-8-"&?#8C#
7%'#=8:(#5;<=:>!4<E#@%'#7':&#F:'G0(,6'#8C7'-#%+?#(,CC':'-7#&'+-,-D?#78#(,CC':'-7#
F'8F*'#,-#(,CC':'-7#F+:7?#8C#7%'#=8:*(E#H-#&8?7#F+:7?#8C#7%'#=8:*(#7%'#7':&#F:'G0(,6'#,?#
+??86,+7'(#=,7%#+#F:'68-6'F7,8-#+D+,-?7#+#F':?8-#8:#+#D:80F#8C#F'8F*'#8-#7%'#9+?,?#8C#
:+6'1 # +D'1 # (,?+9,*,7"1 # :'*,D,8- # 8: # D'-(':E # I,7%,- # 7%' # J,D':,+- # 68-7'B71 # F:'G0(,6'#
F:'(8&,-+7'*"#8660:?#,-#:'*+7,8-#78#+#F:'68-6'F7,8-#+D+,-?7#+#F':?8-#8:#+#D:80F#8C#
F'8F*'#8-#7%'#9+?,?#8C#7%',:#7:,9'E####

H-#7%,?#+:7,6*'1#:+7%':#7%+-#C860?#8-#7%'#7:,9+*#F:'G0(,6'?#F:'A+*'-7#,-#J,D':,+1#H#=,**#9'#
(,?60??,-D#+-87%':#C8:&#8C#F:'G0(,6'1#=%,6%#7%80D%#F:'A+*'-71#,?#:+:'*"#(,?60??'(#,-#
80:#?86,'7"E#@%'#F:'G0(,6'#7%+7#H#=,**#9'#(,?60??,-D#,?#7%'#F:'G0(,6,+*#+77,70('?#78=+:(?#
7%'#0-&+::,'(E

@%,?#C8:&#8C#F:'G0(,6'#+CC'67?#+#6:8??#?'67,8-#8C#J,D':,+-?#,-6*0(,-D#&+*'#+-(#C'&+*'K#
"80-D #+-(#8*(K#:,6%#+-(#F88:K#L0?*,&? #+-(#2%:,?7,+-?K#J,D':,+-?#+7#%8&'#+-(#,-#
M,+?F8:+K#&'&9':?#8C#7%'#N8:09+1#HD981#O+0?+1#P:%898#+-(#7%'#:'&+,-,-D#4QR#7:,9'?#
,-#7%'#680-7:"E

!'C8:' # D8,-D # C0:7%': # H # =80*( # *,.' # 78 # ('C,-' # 7%' # 7':&? # SJ#;2(#"$ % 7,.#2')T # +-(#
S-$:"((#26TE#38:#7%'#F0:F8?'#8C#7%,?#+:7,6*'1#7%'#7':&#UJ,D':,+-#?86,'7"V#:'C':?#78#W<X#
7%' # J,D':,+- # 68&&0-,7" # 9+?'( # ,- # J,D':,+ # +-( # W4X # 7%' # J,D':,+- # 68&&0-,7" # ,-#
M,+?F8:+E#

@%'#=8:(#S0-&+::,'(T#:'C':?#78#+#&+*'#8:#C'&+*'#+98A'#7%'#+D'#8C#4Q#"'+:?#8C#+D'#
=%8#,?#-87#&+::,'(#8:#%+?#-8#?F80?'E

I%,*' # H # +FF:'6,+7' # 7%+71 # -87 # 'A':" # &'&9': # 8C # 7%' # J,D':,+- # ?86,'7" # (,?6:,&,-+7'?#
+D+,-?7 # 7%' # 0-&+::,'(1 # H # ?7,** # %+A' # +- # 89*,D+7,8- # 78 # =:,7' # 7%,? # 8F'- # *'77': # 78 # 7%'#
J,D':,+-#?86,'7"#78#%,D%*,D%7#7%'?'#F:'G0(,6'?E#

@%,?#*'77':#,?#?F'6,C,6+**"#+((:'??'(#78#7%'#C8**8=,-D#?'D&'-7?#8C#7%'#J,D':,+-#?86,'7"Y#
H7 # ,? # +((:'??'( # 78 # F+:'-7? # +-( # :'*+7,A'? # 8C # 7%' # 0-&+::,'(1 # =%8 # 8C7'- # F*+6' # 0-(0'#
F:'??0:'#+-(#?8&'7,&'? #?09G'67#7%'#0-&+::,'(#78#F?"6%8*8D,6+*#78:70:'#+-(#&'-7+*#
+90?'K # H7 # ,? # +((:'??'( # 78 # F8*,6"&+.':? # 78 # %,D%*,D%7 # 7%' # 6+0?'? # +-( # ,&F+67 # 8C # 7%'#
F:'G0(,6,+* # +77,70('? # ,-C*,67'( # 8- # 7%' # 0-&+::,'( # +-( # ,7 # 6+**? # 8- # F8*,6"&+.':? # 78#
,&F*'&'-7#F8*,6,'?#78#(,?680:+D'#7%'?'#F:'G0(,6'?K#H7#,?#+((:'??'(#78#:'*,D,80?#*'+(':?#
78#%,D%*,D%7#%8=#?8&'#8C#7%',:#+67,8-?#78=+:(?#7%'#0-&+::,'(1#7%80D%#?,-6':'1#680*(#
9'#68-?7:0'(#78#9'#(,?6:,&,-+78:"#+-(#%8=#7%',:#+67,8-?#,-6,7'#87%':?#78#9'#F:'G0(,6'(#
78=+:(? # 7%' # 0-&+::,'(E # H7 # ,? # +((:'??'( # 78 # 7%' # &+::,'( # ?'D&'-7 # 8C # 80: # ?86,'7" # 78#
'(06+7'#7%'&#+?#78# #=%"#-8#?7,D&+#?%80*(#9'#+77+6%'(#78#7%'#0-&+::,'(E#H7#,?#+*?8#
=:,77'-#78#:+,?'#+=+:'-'??#8C#%8=#7%'#+67,8-?#8C#+#-0&9':#8C#&+::,'(#F'8F*'#6+0?'#
&'-7+*#+-D0,?%#8-#7%'#0-&+::,'(E#H7#,?#+*?8#=:,77'-#78#'-680:+D'#7%'#0-&+::,'(E##

4?.$$'@'2."'1/

@%'#0-&+::,'(#?'D&'-7#,-# #J,D':,+-#?86,'7"#6+-#9'#6*+??,C,'(#,-78#7=8#6+7'D8:,'?1#
-+&'*"#D'-(':#+-(#+D'#6+7'D8:,'?E#I,7%,-#7%'#D'-(':#6+7'D8:"#7%':'#+:'#7=8#?09Z
6+7'D8:,'?#,E'E#7%'#0-&+::,'(#&+*'#D:80F#+-(#7%'#C'&+*'#0-&+::,'(#D:80FE#/,&,*+:*"1#
7%'#+D'#6+7'D8:"#%+?#7=8#?09Z6+7'D8:,'?#68&F:,?,-D#8C#7%'#0-(':#7%,:7,'?#0-&+::,'(#
D:80F#+-(#7%'#8A':#7%,:7,'?#0-&+::,'(#D:80FE#

$D'#2+7'D8:"
[5;#"'+:? \5;#"'+:?
]'-(':# L+*' ^BF':,'-6'#*,77*'#8:#-8#F:'G0(,6' ^BF':,'-6'#&,-8:#F:'G0(,6'?Y
2+7'D8:" #,C#+D'#\5_#"'+:?
3'&+*' ^BF':,'-6'#*,77*'#8:#-8#F:'G0(,6'Y ^BF':,'-6'#'B6'??,A'
HC # +D' # ,? # 9'*8= # 4_ # "'+:? # +-(`8:# #F:'G0(,6'1#90**",-D#+-(
F':?8-#,?#?7,**#,-#+#7':7,+:"#,-?7,707,8- #%+:+??&'-7

^BF':,'-6'#?*,D%7*"#+DD:'??,A'#
F:'G0(,6'Y

#HC#+D'##\4_##[5;

@%'#+98A'#7+9*'#('7+,*?#7%'#7=8#6+7'D8:,'?#+-(#?09Z6+7'D8:,'?#8C#0-&+::,'(#F'8F*'#+-(#
7%'#?'A':,7"#8C#F:'G0(,6,+*#+77+6.?#,-C*,67'(#8-#7%'&E#3:8&#7%'#7+9*'#,7#6+-#9'#?''-#7%+7#
:'*+7,A'#78#7%',:#C'&+*'#680-7':F+:7?#7%'#9+6%'*8:?#+:'#C+,:*"#7:'+7'(#9"#?86,'7"E#^A'-#
7%80D%#9+6%'*8:?#8*(':#7%+-#5_#"'+:?#8C#+D'#?8&'7,&'?#'BF':,'-6'#F:'G0(,6,+*#+90?'?1#
,7#,?#?7,**#&8('?7#,-#68&F+:,?8-#78#7%'#F:'G0(,6'?#,-C*,67'(#8-#7%',:#0-&+::,'(#C'&+*'?#
680-7':F+:7?E#

38:#7%'#0-&+::,'(#C'&+*'?1#7%'#:'A':?'#,?#7%'#6+?'E##)-6'#7%'"#:'+6%#7%'#+D'#8C#7%,:7"#
7%'#F:'G0(,6,+*#+77+6.?#9'68&'#'B6'??,A'1#0-9'+:+9*'#+-(#:,(,60*80?E#30:7%':&8:'1#7%'#
&8:'#?066'??C0*#+-#0-&+::,'(#*+("#9'68&'?1#7%'#&8:'#*,.'*"#?%'#9'68&'?#+#7+:D'7#C8:#
,-?0*7?1#&86.':"#+-(#D8??,FE#

A.2"1-$%41/"-'B7"'/,%&1%5-)678'2)$%&19.-8$%"*)%:/(.--')8

@%,?#?'67,8-#'BF*8:'?#7%'#C+678:?#7%+7#68-7:,907'#78#7%'#F:'G0(,6'?#,-C*,67'(#0F8-#7%'#
0-&+::,'(E # @%':' # +:' # C,A' # F8??,9*' # 6+0?'?Y # 60*70:+* # C+678:?1 # ,D-8:+-6'1 # *8= # ?'*CZ
'?7''&1#?86,'7+*#F:'??0:'#+-(#:'*,D,80?#C+678:?E

47?"7-.?Y#H-#J,D':,+-#?86,'7"#,7#,?#8C7'-#68-?,(':'(#+#7+988#C8:#+#*+("#78#9'#8A':#7%,:7"#
"'+:?#8C#+D'#+-(#0-&+::,'(E#@%,?#680*(#9'#F+:7*"#(0'#78#7%'#=+"#=8&'-#=':'#A,'='(#
,- # 7%'#F+?7E#@%'"#=':'#8-6'#:'D+:('(#+? #6%+77'*? #=,7%#:8*'? #:'?7:,67'( #78#688.,-D1#
+??,?7,-D #=,7%#C+:&#=8:.#+-(#UF:8(06,-D #8:#&+-0C+670:,-DV #9+9,'?E#@%80D%#7,&'?#
%+A'#6%+-D'(#?,-6'#7%'-1#*+(,'?#+:'#?7,**#?8&'7,&'?#?''-#,-#7%+7#*,D%7E#28-?'a0'-7*"#+-#
0-&+::,'(#*+("#+98A'#7%'#+D'#8C#7%,:7"#,?#8C7'-#:'D+:('(#9"#?86,'7"#+?1#=+?7,-D#%':#
F87'-7,+*?1#+?#?%'#,?#-87#,-#%':#%0?9+-(V?#%8&'#688.,-D#+-(#U&+-0C+670:,-DV#9+9,'?E#
$?#+#:'?0*7#?%'#680*(#9'#:'D+:('(#+?#+#C+,*0:'#+-(#+#&'-+6'#78#?86,'7"#C8:#('9+?,-D#
=8&+-%88(E

/8&'#&+"#?+"1#KL>)%F,'>2(%',%712"G%,$%7,:2'>#$;%'>"'%#7%#$;("#$26%#$%,-(%.-<'-(2MN%
H-#:'?F8-?'#H#=80*(#?+"#7%+7#G0?7#9'6+0?'#?8&'7%,-D#,?#60*70:+**"#+66'F7+9*'#(8'?#-87#
&'+-#,7#,?#:,D%7E#20*70:+*#,-C*0'-6'?#6+-#9'#(,A,('(#,-78#D88(#60*70:+*#,-C*0'-6'?#+-(#
9+(#60*70:+*#,-C*0'-6'?E#I%,*'#H#+&#,-#?0FF8:7#8C#F8?,7,A'#60*70:+*#F:+67,6'?1#H#?7:8-D*"#
9'*,'A'#7%+7#-'D+7,A'#60*70:+*#F:+67,6'?#?%80*(#9'#(,?68-7,-0'(E##

!,/1-./2)Y#$#&+G8:#68-7:,9078:"#C+678:# #78=+:(?# #?86,'7,'?#F:'G0(,6'#:'D+:(,-D##7%'#


0-&+::,'(1#,?#,D-8:+-6'E#/8&'#F'8F*'#&+"#+:D0'#7%+7#7%'"#+:'#-87#9',-D#F:'G0(,6'(#
907#+:'#&8:'#*,.'*"##9',-D#?,-6':'#,-#?%8=,-D#7%',:#68-6':-E#38:#?06%#*,-'#8C#:'+?8-,-D#
L+:7,- # b07%': # c,-DV? # ?7+7'&'-7 # 68&'? # ,- # %+-("Y # SJ,'>#$; % #$ % '>2 % E,(<6 % #7 % :,(2%
6"$;2(,-7%'>"$%"%7#$.2(2%#;$,("$.2TE

$ # -0&9': # 8C# F'8F*' #%+A' # + #F:'68-6',A'( # -87,8- #7%+7 #+ # F':?8- #=%8 #,- #7%',: #8=-#
'?7,&+7,8-#?%80*(#9'#&+::,'(#+-(#,?#-871#%+?#+#F:89*'&E#38:#+#?,-D*'#*+("#,7#,?#-87#
0-68&&8-#78#%'+:#F'8F*'#+77:,907'#:'+?8-?#C8:#%':#?F,-?7':%88(E##/8&'#7'-(#78#+:D0'#
7%+7#?%'#,?#=+"=+:(#+-(#+?#+#:'?0*7#-8#&+-#=+-7?#78#&+::"#%':K#87%':?#7'-(#78#:'+?8-#
7%+7#?%'#,?#+::8D+-7#+-(#7%,-.?#7%'#=8:*(#8C#%':?'*CK#?8&'#7'-(#78#?0DD'?7#7%+7#,7#,?#
9'6+0?' # ?%' # ,? # 788 # '(06+7'( # 8: # 7%+7 # ?%' # %+? # 6+::,'( # 807 # -0&':80? # +98:7,8-?E # H-#
68-7:+?71#C8:#+#D0"1#?8&'#F'8F*'#+??0&'#7%+7#%'#,?#',7%':#,&F87'-71#+#'0-06%#8:#+#
&'&9':#8C#+#60*7E

C19%0)?@%<$"))(Y#$-87%':#*,.'*"#68-7:,9078:#,?#7%'#*8=#?'*CZ'?7''&#8-#7%'#F+:7#8C#
?8&'#&'&9':?#8C#7%'#&+::,'(#?'D&'-7#8C#80:#?86,'7"E#/8&'7,&'?1#F'8F*'#D'7#7%',:#
A+*,(+7,8-#C:8&#7%',:#&+::,'(#?7+70?E#@%'"#8C7'-#C''*#7%+7#9',-D#&+::,'(#,?#+#9+(D'#8C#
%8-80:#7%+7#'-7,7*'?#7%'&#78#9'#+#&'&9':#8C#+-#U'*,7'#6*09VE#$?#+#:'?0*71#=%'-#7%'"#
'-680-7':#+-#0-&+::,'(#68**'+D0'1#C:,'-(#8:#:'*+7,A'#=%8#7%'"#C''*#?%80*(#9'#&+::,'(1#
7%'#C,:?7#+67,8-##7%'"#7+.'##,?#78#F07#7%'#F':?8-#(8=-#9"#?0DD'?7,-D#7%+7#%'#8:#?%'#%+?#+#
F:89*'&#+-(#?%80*(#7%':'C8:'#G8,-#7%'#V&+::,'(#'*,7'V#,-#8:(':#78#?8*A'#7%'#F:89*'&E#
P-C8:70-+7'*"1#+#-0&9':#8C#F'8F*'#,-#80:#?86,'7"#(8#-87#C''*#+668&F*,?%'(#0-7,*#7%'"#
%+A'#D87#+#='((,-D#:,-D#8-#7%',:#*'C7#C,-D':E
012')".? % 5-)$$7-)D %P-&+::,'( # *+(,'? # ,- # J,D':,+ # +:' # 8C7'- # ?09G'67'( # 78 # (,:'67 # +-(#
,-(,:'67#'&87,8-+*#+-(#F?"6%8*8D,6+*#+90?'#A,+#?86,'7+*#F:'??0:'E#$?#+#:'?0*7#8C#7%'#
60*70:+*#,??0'?#(,?60??'(#'+:*,':1#F'8F*'#=%8#+:'#68--'67'(#78#7%'#0-&+::,'(#?06%#+?#
F+:'-7?1 # ?,9*,-D?1 # :'*+7,A'? # +-( # C:,'-(?1 # ?8&'7,&'? # +67 # +? # %8?'? # 7%+7 # ?F:,-.*' # 7%'#
F:'G0(,6,+*#U=+7':V#8-#7%8?'#U-$=,('-$"'2O# -87#78#9'#&+::,'(E# #I%'-#F+:'-7?#8C#7%'#
0-&+::,'( # D8 # 807 # 78 # F+:7,'? # 8: # ,-7':+67 # =,7% # C:,'-(? # 7%'" # +:' # 8C7'- # 9+::+D'( # =,7%#
a0'?7,8-?#?06%#+?#SL>2$%#7%),-(%6"-;>'2(%;,#$;%',%;2'%:"((#26dT#SL>"'%2==,('7%"(2%
),-%1-''#$;%#$%1<".2%',%:"G2%7-(2%'>"'%),-(%6"-;>'2(%:"((#27MTK#SP,$O'%),-%(2"<#Q2%
'>"'%),-(%6"-;>'2(%#7%$,'%;2''#$;%"$)%),-$;2(TE#28-?'a0'-7*"1#=%'-#7%'#F+:'-7?#?''#
7%',:#0-&+::,'(#(+0D%7':#7%'"#8C7'-#F07#0-(0'#F:'??0:'#8-#7%'?'#*+(,'?#7'**,-D#7%'&#
7%+7#7%'"#+:'#9:,-D,-D#?%+&'#78#7%'#C+&,*"E

;)?','1/D %P-C8:70-+7'*"1 #:'*,D,80?#,-?7,707,8-? #+:'#-87#,&&0-'#C:8&#9',-D#0?'(#+?#


,-?7:0&'-7? # 8C # F:'G0(,6,+* # +77+6.? # 8- # 7%' # 0-&+::,'(E # @%' # +67,8-? # 8C # + # -0&9': # 8C#
:'*,D,80? # *'+(':? # %+A' # 68-7:,907'( # 78 # +- # +7&8?F%':' # 7%+7 # 'B+6':9+7'? # F:'G0(,6'(#
+77+6.?#8-#7%'#0-&+::,'(E

38:#,-?7+-6'1#7%'#F:'A+*'-6'#8C#U?,-D*'V#C'**8=?%,F1#7%80D%#?,-6':'1#%+?#?8&'7,&'?#
6:'+7'(#?,70+7,8-?#=%':'9"#7%'#0-&+::,'(#+:'#7:'+7'(#*,.'#?'68-(Z6*+??#6,7,>'-?E#@%'#
0-&+::,'(#,-#7%'#6%0:6%#+:'#?8&'7,&'?#,?8*+7'(#:'?0*7,-D#,-#*'??#,-7':+67,8-#=,7%#7%'#
&+::,'(#?'D&'-7#8C#7%'#6%0:6%E#@%,?#?'F+:+7,8-#?8&'7,&'?#6:'+7'?#:88&#C8:#?0?F,6,8-#
*'+(,-D#78#?8&'#,-?'60:'#&+::,'(#*+(,'?#9'*,'A,-D#7%+7#7%'#U72.,$63.<"77O# 0-&+::,'(#
*+(,'?#+:'#807#78#U?-+76%V#7%',:#%0?9+-(?E#HC#7%,?#&+:,7+*#+F+:7%',(#,?#-87#&+-+D'(#='**#
7%'#6%0:6%#6+-#9'68&'#+#7=8Z7,':#,-?7,707,8-#=,7%#+-#'*,7'#&+::,'(#D:80F#+-(#+#?'68-(Z
6*+??#U?,-D*'?V#D:80FE

30:7%':&8:'1#?8&'#F+?78:?#+:'#.-8=-#78#?0DD'?7#7%+7#0-&+::,'(#F'8F*'#+98A'#7%'#+D'#
8C#5;#%+A'#F:89*'&?E#H#:'68**'67#+-#,-?7+-6'#=%':'9"#+#F+?78:#=+?#,-C8:&'(#8C#+#D0"#
,-#%,?#*+7'#7%,:7,'?#=%8#=+?#-87#&+::,'(#+-(#7%'#F+?78:V?#:'?F8-?'#=+?#SL2<<%#=%>2%#7%
$,'%:"((#26%"'%'>"'%";2H%'>2$%>2%>"7%"%1(,F<2:TE# #e+?78:?#?8&'7,&'?#?0DD'?7#7%+7#+#
U?F,:,7#=,C'V#8:#U?F,:,7#%0?9+-(V#F8??'??'?#7%'?'#0-&+::,'(#&'-#+-(#*+(,'?E# #)7%':?#
%,-7 # =,76%6:+C7 # +? # + # F8??,9*' # 6+0?' # C8: # 7%',: # ?,-D*'-'??E # @%' # 0-&+::,'( # +:' # 7%'-#
F:'??0:,>'(#78#'-D+D'#,-#('*,A':+-6'#F:8D:+&?#,-#8:(':#78#'B8:6,?'#7%'#U('&8-#8C#
?,-D*'-'??VE

E%F3G1"*)"'2.?%<H.(G?)

@%' # *,C' # 8C# +- # 0-&+::,'( # *+(" # ,- # +# 7"F,6+* # J,D':,+- # ?'77,-D # ,? # 8C7'- # &+:.'( # =,7%#
?8::8=1#7'+:?#+-(#9*88(1#'?F'6,+**"#,C#?%'#%+FF'-?#78#9'#?066'??C0*1#='**#'(06+7'(#+-(#
8A':#5;#"'+:?#8C#+D'E#@%,?#?'67,8-#('7+,*?#7%'#7:+D,6#%"F87%'7,6+*#?78:"#8C#+#5fZ"'+:#8*(#
*+("#9"#7%'#-+&'#8C#L,??#2%,8&+#O+0=+#$('('G,E#

2%,8&+#,?#+#9'+07,C0*#%,D%C*",-D#28:F8:+7'#3,-+-6,':#=8:.,-D#,-#+#*'+(,-D#9+-.#,-#
b+D8?E#/%'#%8*(?#+#C,:?7#6*+??#('D:''#,-#^68-8&,6?#C:8&#P-,A':?,7"#8C#b+D8?#+-(#%+?#
+#e%M#,-#3,-+-6,+*#^-D,-'':,-D#C:8&#+-#HA"#b'+D0'#0-,A':?,7"#,-#+((,7,8-#78#7=8#
L+?7':?#('D:''?#,-#^68-8&'7:,6?#+-(#!0?,-'??#$(&,-,?7:+7,8-E#

I%'-#2%,8&+#=+?#+#*,77*'#D,:*1#?%'#0?0+**"#8A':%'+:(#%':#F+:'-7V?#(,?60??,8-?#+9807#
%':#0-&+::,'(#5QZ"'+:Z8*(#+0-7"#6+**'(#!,?,E#@%'#gZ"'+:Z8*(#2%,8&+#=80*(#*,?7'-#78#
%':#F+:'-7?#7+*.#+9807#%8=#!,?,#%+(#9'68&'#7%'#:,(,60*'#8C#7%'#C+&,*"#9'6+0?'#?%'#=+?#
-87#&+::,'(E#I%'-'A':#$0-7"#!,?,#6+&'#78#A,?,7#7%'#$('('G,V?#+#?,>+9*'#+&80-7#8C#
7,&'#=+?#?F'-7#=,7%#2%,8&+V?#F+:'-7?#?68*(,-D#!,?,#9'6+0?'#8C#%':#0-&+::,'(#?7+70?E#
$?#+#:'?0*7#8C#7%'#-'A':Z'-(,-D#+77+6.? #$0-7"#!,?,#?78FF'(#A,?,7,-D#7%'#$('('G,V?E#
PF8-#=,7-'??,-D#$0-7"#!,?,V?#(,*'&&+#*,77*'#2%,8&+#=+?#('7':&,-'(#78#D'7#&+::,'(#
+7#+-#'+:*"#+D'##78#+A8,(#7%'#%+:+??&'-7#'BF':,'-6'(#9"#$0-7"#!,?,E

^,D%7 # "'+:? # *+7': # 2%,8&+1 # +- # 'B7:'&'*" # ,-7'**,D'-7 # +-( # 68-C,('-7 # D,:*1 # D+,-'(#
+(&,??,8-#,-78#P-,A':?,7"#8C#b+D8?#78#?70("#'68-8&,6?E#O':#F+:'-7?#+-(#7%'#:'?7#8C#
7%' # 'B7'-('( # C+&,*" # =':' # ?8 # F:80( # 8C # 2%,8&+V? # +668&F*,?%&'-7 # +? # ?%' # =+? # 7%'#
"80-D'?7#J,D':,+-#78#D+,-#+(&,??,8-#,-78#+#%,D%':#,-?7,707,8-#,-#7%+7#+6+('&,6#"'+:E#

2%,8&+#=+?#7%'#'-A"#8C#%':#?6%88*&+7'?1#680?,-?#+-(#87%':#C+&,*"#&'&9':?E#380:#
"'+:?#*+7':1#+7#7%'#+D'#8C#<h1#?%'#D:+(0+7'(#78F#8C#%':#6*+??#=,7%#+#C,:?7#6*+??#('D:''#,-#
'68-8&,6?#+-(#=+?#7%'#9'?7#D:+(0+7,-D#?70('-7#,-#7%'#=%8*'#0-,A':?,7"E#M0:,-D#7%'#
-'B7 # ?,B # "'+:? # ?%' # 68&F*'7'( # 7=8 # L+?7':? # ('D:''? # +-( # %'*( # + # -0&9': # 8C # ?'-,8:#
F8?,7,8-?#,-#A+:,80?#C,-+-6,+*#,-?7,707,8-?#,-#b+D8?#+-(#$90G+E#!"#7%'#+D'#8C#7='-7"Z
C,A'#2%,8&+#%+(#9'68&'#+#:8*'#&8('*#C8:#&+-"#F'8F*'#+-(#'A':"8-'#*88.'(#0F#78#
%':E#b,C'#680*(#-87#%+A'#9''-#?=''7':#C8:#2%,8&+E#O8='A':1#7%+7#+**#6%+-D'(#C8:#
2%,8&+#8-#%':#4R7%#9,:7%(+"E

)-'#/+70:(+"#&8:-,-D#8-#7%'#4_7%#8C#/'F7'&9':#2%,8&+#=+?#=8.'-#0F#9"#+#.-86.#8-#
%':#9'(:88&#(88:E#O':#(+(#+-(#&0&#?7'FF'(#,-78#7%'#9'(:88&#+-(#+C7':#=,?%,-D#%':#
+#%+FF"#9,:7%(+"#7%'"#78*(#%':#7%+7#7%'"#=+-7'(#78#%+A'#+#*8-D#6%+7E#@%'"#7%'-#78*(#
2%,8&+ #7%+7 #,7#=+? #7,&' #C8:#%':#78#?'77*' #(8=-#+-(#D'7#&+::,'(E #SR,-%>"D2%(2"6%
2$,-;>%"$6%E2%'>#$G%),-%7>,-<6%7',1%=-('>2(%7'-6)#$;%"$6%6#7.,$'#$-2%6(#D#$;%),-(%
=<"7>)%."(%"7%#'%E,-<6%(212<%1,'2$'#"<%7-#',(7%"E")T#7%'#&87%':#?+,(E#2%,8&+1#=%8#
=+?#,-#7'+:?1#=+?#78*(#%8=#?%'#%+(#-8=#9'68&'#+#:'F:8+6%#78#7%'#C+&,*"#+?#+#:'?0*7#8C#
%':#0-&+::,'(#?7+70?E

@%'?'#7"F'?#8C#(,?60??,8-?#9'6+&'#+#=''.*"#+-(#+--0+*#'A'-7#0F#78#%':#5;7%#9,:7%(+"E#
)-#2%,8&+V?#5;7%#9,:7%(+"#%':#F+:'-7?#8-6'#+D+,-#?68*('(#%':1#7%,?#7,&'#%8='A':1#7%'#
F?"6%8*8D,6+* # 78:70:' # 9'6+&' # &8:' # ,-7'-?'E # /%' # =+? # 78*( # 7%+7 # ?%' # ,? # -87 # D'77,-D#
"80-D':#+-(#7%+7#%':#UF#,<,;#."<%.<,.G%E"7%'#.G#$;OE#O':#F+:'-7?#=+:-'(#%':#7%+7#,C#?%'#
=+?#-87#&+::,'(#9"#%':#-'B7#9,:7%(+"#?%'#?%80*(#*'+A'#7%'#%80?'#+?#7%'#&':'#?,D%7#8C#
%': # &+(' # 7%'& # ?,6.E # $? # ?%' # =+? # 0-(':D8,-D # 7%,? # F?"6%8*8D,6+* # 78:70:' # C:8& # %':#
F+:'-7?#%':#F%8-'#:+-DE#b88.,-D#+7#7%'#,-68&,-D#6+**#('7+,*?#8-#%':#&89,*'#F%8-'#
2%,8&+ # ?+= # ,7 # =+? # %': # D:+-(&87%': # 6+**,-DE # 2%,8&+ # +-?=':'( # 7%' # 6+** # C:8& # %':#
D:+-(&87%': # =%8 # 6+**'( # 78 # =,?% # 2%,8&+ # + # %+FF" # 9,:7%(+"E # $C7': # 'B6%+-D,-D#
F*'+?+-7:,'?#7%'#D:+-(&87%':#+*?8#?68*('(#%':#C8:#-87#D'77,-D#&+::,'(E#SS%$226%',%722%
:)%;(2"'%;("$6%.>#<6%F2=,(2%S%6#2H%7,%1<2"72%;2'%:"((#26H#T#?+,(#7%'#D:+-(#&0&#S:)%
F".G%#7%#'.>#$;%:2H%S%$226%',%."(()%:)%;(2"'%;("$6.>#<6%,$%:)%F".GTE

$C7':#7%,?#(,?60??,8-#=,7%#%':#F+:'-7?#+-(#D:+-(&87%':#2%,8&+#:'+*,>'(#7%+7#?%'#=+?#
-8=#C8**8=,-D#7%'#F+7%#7%+7#$0-7"#!,?,#F+??'(#7%:80D%#7='-7"Z7%:''#"'+:#'+:*,':E##$7#
7%,?#F8,-7#2%,8&+V?#,&&0-,7"#+D+,-?7#7%'#68-7,-080?#F:'G0(,6,+*#+77+6.#=+?#C,-+**"#
9:8.'-E#28-?'a0'-7*"1 #7%'#C8**8=,-D#=''.#+C7':#%':#5;7%# 9,:7%(+"1 #2%,8&+#*'C7#7%'#
%80?'#+-(#:'-7'(#%':#8=-#+F+:7&'-7#,-#i,678:,+#H?*+-(E

HC#2%,8&+#7%80D%7#7%+7#*'+A,-D#%8&'#=80*(#9'#7%'#?8*07,8-#?%'#=+?#,-#C8:#+#:0('#
?%86. # +? # %': # C:,'-(? # 788. # 8A': # 7%' # 9+78- # C:8& # %': # F+:'-7?E # O': # ?8Z6+**'( # C:,'-(?#
68-?7+-7*"#:'&,-('(#%':#7%+71#9"#*,A,-D#8-#%':#8=-1#?%'#%+(#:'(06'(#%':#6%+-6'?#8C#
C,-(,-D#+#?0,78:#+?#?%'#%+(#9'68&'#U788#,-('F'-('-7VE#O':#&+::,'(#C:,'-(?#&86.'(#%':#
?+",-D#=8:(?#7%+7#D+A'#2%,8&+#?*''F*'??#-,D%7?E#/%'#68-?7+-7*"#*,?7'-'(#78#,-?0*7?#*,.'#
S#T2''2(%;2'%:"((#26%7,,$H%,(%6,%),-%E"$'%:)%.>#<6(2$%',%F2%."<<#$;%),-%"-$')TK#SS=%
."(2%#7%$,'%'"G2$H%:)%6"-;>'2(%E>,%#7%A%)2"(7%,<6%:")%;2'%:"((#26%F2=,(2%),-TK#SU,,G%
"' % E>2(2 % ),-( % 26-."'#,$ % >"7 % '"G2$ % ),- % ',H % ),- % ."$O' % 2D2$ % =#$6 % " % 62.2$' % :"$% ', %
:"(()TK#SR,-%"(2%$,'%;2''#$;%"$)%),-$;2(H%<,,G%#$',%'>2%:#((,(%"$6%),-%E#<<%722%'>"'%
),-%>"D2%E(#$G<27%"<<%,D2(%),-(%=".2K@%KL>#.>%:"$%#$%>#7%(#;>'%72$727%E,-<6%E"$'%', %
:"(()%"$%2V1#(26%E,:"$%<#G2%),-MT

b,.'#O+--+%#,-#7%'#?6:,F70:'?1#=%8#=+?#68-?7+-7*"#&86.'(#9"#e'-,--+%1#2%,8&+#=+?#
68-?7+-7*"#F:8A8.'(#+-(#&86.'(#9"#%':#C:,'-(?E#$C7':#?8&'#7,&'#2%,8&+V?#&+::,'(#
C:,'-(?#?78FF'(#+??86,+7,-D#=,7%#%':#C8:#C'+:#7%+7#7%'#0-&+::,'(#2%,8&+#680*(#'-(#0F#
7+.,-D#7%',:#%0?9+-(?E

3''*,-D # C:0?7:+7'(1 # 2%,8&+ # ='-7 # 78 # 7%' # O80?' # 8C # 7%' # b8:( # 78 # ?''. # :'C0D'E#
P-C8:70-+7'*"#C8:#%':1#e+?78:#j+&'?#W7%'#F+?78:#,-#6%+:D'#8C#2%,8&+V?#6%0:6%X#+-(#%,?#
=,C'#3'*,6,+1#788.#8A':#C:8&#=%':'#2%,8&+V?#C:,'-(V?#%+(#*'C7E#

HD-8:,-D # 7%' # 7'+6%,-D? # +-( # *,C' # 8C # j'?0?1 # =%,6% # ,? # C0** # 8C # *8A'1 # 68&F+??,8- # +-(#
:'68-6,*,+7,8-1#e+?78:?#j+&'?#+-(#3'*,6,+#8F7'(#78#&86.#2%,8&+#+-(#&+.'#%':#C''*#
,-?'60:'E # SR,- % "(2 % 1,7727726 % E#'> % '>2 % 62:,$ % ,= % " % 71#(#' % >-7F"$61T # 7%'" # ?+,(#
S,'>2(E#72H%>,E%."$%,$2%2V1<"#$%"%F2"-'#=-<H%#$'2<<#;2$'%"$6%.,$=#62$'%<"6)%<#G2%),-%
$,'%=#$6#$;%"%:"$H%E>2$%<2772(%W-"<#=#26%"$6%#$'2<<#;2$'%<"6#27%"(2%#$%'>2#(%>-7F"$6O7%
>,:2IT
#
3''*,-D # +9+-(8-'( # 9" # C+&,*"1 # C:,'-(? # +-( # 68**'+D0'?1 # + # C:0?7:+7'(1 # ('F:'??'( # +-(#
'&87,8-+**"#:0,-'(#2%,8&+#*'C7#%':#+F+:7&'-7#8-#5<#M'6'&9':#+-(#(:8A'#78#7%'#@%,:(#
L+,-*+-(#!:,(D'E#/0(('-*"1#?%'#?78FF'(#7%'#6+:#,-#7%'#&,((*'#8C#7%'#9:,(D'E#I,7%#
7'+:?#?7'+&,-D#(8=-#%':#C+6'#2%,8&+#D87#807#8C#%':#6+:#+-(#G0&F'(#,-78#7%'#:,A':E###

I%'-#7%'#F8*,6'#+::,A'(#+7#7%'#?6'-'#7%'"#C80-(#+#?0,6,('#-87'#=:,77'-#9"#2%,8&+#
=%,6%#:'+(Y

P2"(%P"6H%!-:H%X2<"'#D27%"$6%8(#2$67H

T)%'>2%'#:2%),-%(2"6%'>#7%<2''2(H%S%E#<<%F2%2344I
8(22 % =(,: % >-('@ % 8(22 % =(,: % 1"#$@ % 8(22 % =(,: % 7,((,E@ % 8(22 % =(,: % >"'2@ % 8(22 % =(,: %
F,$6";2@%8(22%=(,:%),-(%.,$7'"$'%>"("77:2$'@%8(22%=(,:%722#$;%),-%";"#$@%8(22%
=(,:%),-(%1(24-6#.27I%

5678623449656786234496567862344:

@%80D%#2%,8&+V?#?78:"#,?#%"F87%'7,6+*1#&+-"#0-&+::,'(#*+(,'?#,-#80:#?86,'7"#=80*(#
%+A'#'BF':,'-6'(#?,&,*+:#F:'G0(,6'?#+7#?8&'#F8,-7#,-#7%',:#*,A'?E

I3%)HG)-')/2)

HC#?8&'#8C#"80#?7,**#7%,-.#7%+7#7%'#%"F87%'7,6+*#?78:"#8C#2%,8&+#,?#+-#,?8*+7'(#6+?'1#8:#
7%+7#&'-#+:'#-87#?09G'67'(#78#7%'?'#F:'G0(,6'?1#7%'-#H#=,**#D,A'#"80#+-#'B+&F*'#C:8&#
&"#8=-#F':?8-+*#'BF':,'-6'E

H-#L+:6%#*+?7#"'+:#1#&"#=8-(':C0*#+-(#*8A'*"#&87%':#(,'(E#$?#H#=+?#,-#7%'#Pc#H#%+(#
78#:0?%#8A':#78#J,D':,+#C8:#%':#90:,+*E#/%8:7*"#+C7':#H#F+,(#&"#*+?7#:'?F'67?#+-(#G0?7#
+C7':#&"#&87%':#=+?#90:,'(1#?8&'#?8Z6+**'(#:'*+7,A'?#+-(#C+&,*"#C:,'-(?1#:+7%':#7%+-#
68&C8:7#&'1#6%8?'#78#0?'#7%'#866+?,8-#8C#&"#&0&V?#90:,+*#78#a0'?7,8-#&'#8-#&"#
&+:,7+*#?7+70?E#

@%'?'#F'8F*'1#=%8#=':'#&8:'#987%':'(#=,7%#&"#&+:,7+*#?7+70?#7%+-#&"#&0&?#('+7%1#
+?.'(#SL>)%"(2%),-%$,'%:"((#26dTK##SL>2$%"(2%),-%;2''#$;%:"((#26dT#)7%':?1#='-7#78#
&"#?,9*,-D?#+?.,-D1#SL>2$%#7%Y>:26%;2''#$;%:"((#26dTK#SL2%E"$'%',%"''2$6%Y>:26O7%
E266#$;TE

^A'-#7%80D%#H#C80-(#7%'#+77,70('#8C#7%'?'#F'8F*'#?%86.,-D1#7%',:#F:'G0(,6'#=+?#?7,**#
6%,*(V?#F*+"#68&F+:'(#78#=%+7#=+?#78#68&'#*+7':E#$#680F*'#8C#(+"?#+C7':#&"#&0&?#
90:,+*#7=8#87%':#F'8F*'#6+&'#8A':#78#&'#+7#(,CC':'-7#7,&'?#?+",-D#SY>:26H%12(>"17%
'>2%."-72%,=%),-(%:,'>2(7%62"'>%.,-<6%>"D2%F22$%F2."-72%),-%"(2%$,'%)2'%:"((#26TE#

3:8&#&"#'BF':,'-6'#+-(#7%+7#8C#2%,8&+#+-(#&,**,8-?#8C#87%':#0-&+::,'(#J,D':,+-?1#
8-'#6+-#?''#%8=#F:'G0(,6'(#80:#68&&0-,7"#680*(#9'#78=+:(?#7%'#0-&+::,'(E##

!(G.2"%1@%"*)%5-)678'2)$

@%'#68-7,-0+*#F:'G0(,6,+*#+77+6.?#8-#7%'#0-&+::,'(#?'D&'-7#8C#80:#?86,'7"#%+?#?'A':+*#
'CC'67?#,-6*0(,-DY#,-68&F+7,9*'#&+::,+D'?1##:'?7:+,-'(#:'*+7,8-?%,F?#+-(#F?"6%8*8D,6+*#
,&F+67E

!/21(G."'B?)%I.--'.,)$D# M0'#78#7%'#?86,'7+* #F:'??0:'#78#G8,-#7%'#U'*,7' #&+::,+D'#


6*09V1#+#-0&9':#8C#0-&+::,'(#F'8F*'#+:'#F:'??0:,>'(#,-78#D'77,-D#&+::,'(#,-#8:(':#78#
?78F#7%'#C*8=#8C#F:'G0(,6'?E#28-?'a0'-7*"1 #7%'"#'-7':#,-78#&+::,+D'#C8:#7%'#=:8-D#
&87,A'?E#H-#87%':#,-?7+-6'?#7%'#0-&+::,'(#?8&'7,&'?#'-(#0F#&+::",-D#F'8F*'#=%8#
7%'"#+:'#-87#68&F+7,9*'#=,7%E#30:7%':&8:'1#7%'#87%':#F+:7"#680*(#7+.'#+(A+-7+D'#8C#7%'#
('?F':+7,8-#8C#%,?`%':#?F80?'E#

$#-0&9':#8C#F'8F*'#%+A'#'-7':'(#,-78#&+::,+D'?#C:8&#%'**#+-(#'-('(#0F#=,7%#?F80?'?#
7%+7#+90?'#7%'&1#-87#8-*"#&'-7+**"1#907#+*?8#F%"?,6+**"E#280*(#7%,?#?86,'7+*#F:'G0(,6'1#
=%,6%#8C7'-#F0?%'?#F'8F*'#,-78#&+::,+D'#C8:#7%'#=:8-D#:'+?8-?1#9'#+#68-7:,9078:"#
C+678:#C8:#7%'#,-6:'+?,-D#7:'-(#8C#&+:,7+*#9:'+.(8=-#,-#80:#?86,'7"#78(+"d

;)$"-.'/)8%;)?."'1/$*'GD %$-87%':#68-?'a0'-6'#8C#80:#68-7,-0'(#F:'G0(,6'?#78#7%'#
0-&+::,'( #,? #+ #9:'+.(8=-#,-#:'*+7,8-?%,F?E #3:8&#2%,8&+V? #?78:"#8-'#6+- #?''#7%'#
7'-?,8-#7%'?'#F:'G0(,6'?#6+0?'E#H7#%+?#8C7'-#:'?0*7'(#,-#9:'+.(8=-?#,-#:'*+7,8-?%,F?#
9'7=''-#&87%':?#+-(#(+0D%7':?1#?8-?#+-(#C+7%':?1#+0-7,'?#+-(#-,'6'?1#F+?78:?`,&+&?#
+-( # 68-D:'D+7,8- # &'&9':? # '76E # )-6' # 7%'?' # :'*+7,8-?%,F? # 9:'+.(8=- # ,7 # ?8&'7,&'?#
7+.'?#"'+:?#78#:'?78:'E#H-#87%':#,-?7+-6'?#7%'?'#:'*+7,8-?%,F?#+:'#-'A':#:'?78:'(E

5$32*1?1,'2.? % !(G.2"D %)-' # (+&+D,-D # ,&F+67 # 8C # ?86,'7+* # F:'G0(,6' # 78=+:(? # 7%'#


0-&+::,'(#,?#7%'#F?"6%8*8D,6+*#,&F+67#8-#7%'#A,67,&?E#I%,*'#7%'#8FF:'??8:?#&,D%7#
7%,-.#7%'"#+:'#+67,-D#807#8C#*8A'#8:#D'-0,-'#68-6':-1#7%'"#C+,*#78#:'+*,>'#7%'#'&87,8-+*#
F+,-#7%'"#,-C*,67#8-#7%'#8FF:'??'(#F+:7"E#/8&'#0-&+::,'(#F'8F*'#%+A'#C80-(#7%'?'#
F:'G0(,6'?#F?"6%8*8D,6+**"#('%0&+-,?,-D#+-(#%+A'#('A'*8F'(#+#-0&9':#8C#(,?8:(':?#
*,.'#('F:'??,8-1#,-?8&-,+1#C+7,D0'#'76E#

F7(./%;',*"$%

$:7,6*'#_#8C#7%'#P-,A':?+*#M'6*+:+7,8-#8C#O0&+-#k,D%7?#?7+7'?#7%+7#SJ,%,$2%7>"<<%F2%
7-F42.'26%',%',('-(2%,(%',%.(-2<H%#$>-:"$%,(%62;("6#$;%'(2"':2$'%,(%1-$#7>:2$'TE#
b,.'=,?'1 # ?'67,8-# 5Q#8C# 7%' #J,D':,+- #28-?7,707,8- #?7+7'? #7%+7 # S&D2() %#$6#D#6-"< %#7%
2$'#'<26%',%(2712.'%=,(%'>2%6#;$#')%,=%>#7Z>2(%12(7,$TE#30:7%':&8:'1#$:7,6*'#_#8C#7%'#
$C:,6+- # 2%+:7': # )- # O0&+- # $-( # e'8F*'l? # k,D%7? # W=%,6% # J,D':,+ # %+? # ?,D-'( # +-(#
:+7,C,'(X#?7,F0*+7'?1#S&D2()%#$6#D#6-"<%7>"<<%>"D2%'>2%(#;>'%',%'>2%(2712.'%,=%'>2%6#;$#')%
#$>2(2$'%#$%"%>-:"$%F2#$;ET

@%'#F:'G0(,6'?#C+6'(#9"#7%'#0-&+::,'(#,-#80:#?86,'7"#,?#-87#8-*"#+-#,??0'#8C#,-G0?7,6'#
+-(#0--'6'??+:"#,-7':C':'-6'1#,7#,?#+*?8#+#9:'+6%#8C#7%',:#%0&+-#:,D%7?E#I%'-#+#F':?8-#
,?#7:'+7'(#+?#+-#8076+?7#9'6+0?'#%'#,?#0-&+::,'(K#=%'-#+#F':?8-#,?#?09G'67'(#78#:,(,60*'#
9'6+0?'#?%'#,?#0-&+::,'(K#=%'-#F'8F*'#C+6'#F?"6%8*8D,6+*#78:70:'1#'&87,8-+*#%0:7#+-(#
&'-7+*#+-D0,?%#9'6+0?'#7%'"#+:'#0-&+::,'(1#,7#,?#7%'-#7,&'#C8:#&'-#+-(#=8&'-#8C#
68-?6,'-6'#78#?7+-(#0F#+-(#?+"#S2$,-;>%#7%2$,-;>TE#

$?#J,D':,+#,?#+#&'&9':#?7+7'#8C#7%'#P-,7'(#J+7,8-?#+-(#$C:,6+-#P-,8-1#,7#%+?#+-#
89*,D+7,8- # 78 # F:8&87' # +-(# F:87'67 # %0&+- # :,D%7? # +? # ?7+7'( # ,- # 7%' # +98A'Z&'-7,8-'(#
O0&+-#k,D%7?#('6*+:+7,8-?E#H7#,?#7%':'C8:'#,&F':+7,A'#C8:#7%'#D8A':-&'-7#78#*88.#,-78#
7%'?'#F:'G0(,6,+*#+77+6.?#8-#7%'#0-&+::,'(#+-(#,&F*'&'-7#F8*,6,'?#78#?78F#7%,?#D:8??#
+90?'#8C#F'8F*'V?#%0&+-#:,D%7?E

H # +*?8 # ,&F*8:' # 7%' # P-,7'( # J+7,8-? # 28&&,??,8- # 8- # O0&+- # k,D%7? # 78 # =8:. # ,-#
68-G0-67,8-#=,7%#F8*,6"#&+.':?#+-(#J])V?#,-#J,D':,+#=,7%#+#A,'=#78#F077,-D#+-#'-(#
78#7%'?'#F:'G0(,6'?E

&*)%J.3%@1-9.-8

O+A,-D # %,D%*,D%7'( # 'B+&F*'?1 # ,&F+67 # +-( # 6+0?'? # 8C # F:'G0(,6,+* # +77+6.? # 8- # 7%'#


0-&+::,'(#?'D&'-7#8C#7%'#J,D':,+-#?86,'7"1#7%,?#?'67,8-#(,?60??'?#?7'F?#7%+7#?%80*(#9'#
7+.'-#78#+((:'??#7%'#%,D%#,-6,('-6'#8C#(,?6:,&,-+7,8-#78=+:(?#7%'#0-&+::,'(#,-#80:#
?86,'7"E#$#*+?7,-D#?8*07,8-#=80*(#:'a0,:'#7%'#,-F07#8C#D8A':-&'-71#F+:'-7?1#&+::,'(#
+-(#0-&+::,'(#F'8F*'1#:'*,D,80?#*'+(':?#'76E

$?#'BF*+,-'( #'+:*,':1#D8A':-&'-7#%+?#+#:8*'#78#F*+"#,-#(,?680:+D,-D#7%'?'#+90?'?E#
]8A':-&'-7#+-(#87%':#J])V?#680*(#,&F*'&'-7#F09*,6#'-*,D%7'-&'-7#6+&F+,D-?#78#
'(06+7'#7%'#F8F0*+6'#8-#7%'#,**?#8C#,7?#F:'G0(,6,+*#7:'+7&'-7#78=+:(?#7%'#0-&+::,'(E#
b'D,?*+7,8-#680*(#9'#F07#,-#F*+6'#78#&+.'#,7#,**'D+*#78#(,?6:,&,-+7'#+D+,-?7#+-"8-'#8-#
7%'#9+?,?#8C#%,?#8:#%':#&+:7,+*#?7+70?E#J])V?#+-(#D8A':-&'-7#680*(#+*?8#?'7#0F#6'-7:'?#
78#F:8A,('#?0FF8:7#+-(#680-?'*,-D#C8:#A,67,&?#8C#F:'G0(,6,+*#+77+6.?E#

k'*,D,80? #*'+(':? # ?%80*(# 9' #&8:' # 8F'-Z&,-('( # 78=+:(? # 0-&+::,'( #F'8F*'E # k+7%':#
7%+- # '&9+::+?? # 7%'& # C8: # 7%',: # 0-&+::,'( # ?7+70? # 7%'" # ?%80*( # ?%8= # *8A'E # @%'#
(,?6:,&,-+78:" # F:+67,6'? # ,- # + # -0&9': # 8C # :'*,D,80? # 8:D+-,>+7,8-? # ?%80*( # 9'#
(,?68-7,-0'(E #k'*,D,80? #*'+(':? #680*( #F:'?'-7#+#&8:' #9+*+-6'( #A,'= #8C#?,-D*'-'??#
:+7%': # 7%+-#F:'?'-7,-D#7%'#+?"&&'7:,6 #A,'= #7%+7#F:'A+,*?#,-#+#-0&9':#8C#:'*,D,80?#
8:D+-,>+7,8-?E#

e+:'-7? # -''( # 78 # ?%8= # &8:' # *8A' # +-( # 78*':+-6' # 78=+:(? # 7%',: # 0-&+::,'( # 6%,*(:'-E#
30:7%':&8:'1 # 7%'" # ?%80*( # -87 # 98= # 78 # ?86,'7+* # F:'??0:' # +-( # ?%80*( # -87 # &+.' # *,C'#
&,?':+9*'#C8:#7%',:#6%,*(:'-E#HC#F+:'-7?#+:'#?09G'67'(#78#F:'??0:'#C:8&#'B7'-('(#C+&,*"#
&'&9':?#7%'"#?%80*(#:'90.'#7%'&#+-(#7'**#7%'&#-87#78#,-7':C':'#,-#7%',:#(8&'?7,6#
+CC+,:E#^B7'-('(#C+&,*"#&'&9':?#?%80*(#*'+:-#78#9'#*'??#,-7:0?,A'#+-(#?78F#+??0&,-D#
7%+7#7%':'#,?#+#?7,D&+#+77+6%'(#78#?,-D*'-'??E##

@%'#&+::,'(#?'D&'-7#8C#80:#?86,'7"#?%80*(#-87#C8:D'7#7%+7#7%'"#=':'#8-6'#0-&+::,'(E#
@%'" # &,D%7 # -''( # 78 # +?. # 7%'&?'*A'? # 7%' # a0'?7,8- # 8C # %8= # 7%'" # =80*( # %+A' # C'*7 # ,C#
?8&'8-' # =+? # F:'G0(,6'( # +D+,-?7 # 7%'& # =%'- # 7%'" # =':' # 0-&+::,'(E # @%'" # ?%80*(#
0-(':?7+-(#7%+7#9',-D#0-&+::,'(#,?#-87#+#(,?'+?'1#60:?'#8:#7+988E#

38:#7%'#0-&+::,'(#&"#&'??+D'#78#"80#,?#7%+7#"80#?%80*(#-87#*'7#+-"98("#?7:,F#"80#8C#
"80: # (,D-,7" # G0?7 # 9'6+0?' # 8C # "80: # &+:,7+* # ?7+70?E # k'&'&9':1 # # 7%':' # ,? # + # 7,&' # C8:#
'A':"7%,-DE#!',-D#0-&+::,'(#8CC':?#"80#7%'#6%+-6'#78#(,?68A':#"80:?'*C#+-(#(8#7%,-D?1#
=%,6%#+:'#&8:'#(,CC,60*7#78#+6%,'A'#=%,*'#&+::,'(E#L"#+(A,6'#,?#7%+7#"80#?%80*(#-87#
*'7#+-"8-'#:0?%#"80#,-78#&+::,+D'#9'6+0?'#8C#7%',:#F:'G0(,6'?K#:+7%':#7+.'#"80:#7,&'#,-#
'-?0:,-D#7%+7#"80#C,-(#7%'#:,D%7#F':?8-E#$*?81#7%'#0-&+::,'(#?%80*(#*'+:-#78#6'*'9:+7'#
7%',:#?,-D*'-'??1#:+7%':#7%+-#('?F,?'#,7E##

4?.-'@'2."'1/

38:#7%8?'#7%+7#&+"#?0DD'?7#7%+7#H#8FF8?'#7%'#,-?7,707,8-#8C#&+::,+D'1#H#=80*(#*,.'#78#
*+"#(8=-#?,B#('6*+:+7,8-?Y#

• #H#?7:8-D*"#9'*,'A'#,-#7%'#,-?7,707,8-#8C#&+::,+D'E#
• #H#?7:8-D*"#9'*,'A'#7%+7#7%'#9'-'C,7?#8C#&+::,+D'#C+:#807=',D%#+-"#('&':,7?E#
• #H#?7:8-D*"#9'*,'A'#7%+7#]8(#,?#7%'#+07%8:#8C#&+::,+D'E##

O8='A':1

• #H#+*?8#9'*,'A'#7%+7#,7#,?#-87#+#?,-#78#9'#0-&+::,'(E#
• #H#+*?8#9'*,'A'#7%+7#7%':'#?%80*(#9'#-8#?7,D&+#+77+6%'(#78#+-"#0-&+::,'(#F':?8-E#
• #H#+*?8#9'*,'A'#7%+7#0-&+::,'(#F'8F*'1#'?F'6,+**"#0-&+::,'(#*+(,'?#8A':#7%'#+D'##
8C#7%,:7"1#('?':A'#78#9'#7:'+7'(#9"#?86,'7"#+?#%0&+-#9',-D?E

41/2?7$'1/%%%

I%+7#?%80*(#&'-#+-(#=8&'-#8C#68-?6,'-6'1#=%8#+:'#68-6':-'(#+9807#7%'#?86,'7,'?#
F:'G0(,6,+*#+77,70('#78=+:(?#7%'#0-&+::,'(1#(8d#H#+FF'+*#78#7%'?'#&'-#+-(#=8&'-#78#
7+.'#+#?7+-(#+D+,-?7#7%'#D:8??#,-G0?7,6'#F:'A+*'-7#,-#80:#?86,'7"E#HC#7%'"#-87,6'#+-"#
,-?7+-6'#8C#F:'G0(,6,+*#+77+6.#+D+,-?7#7%'#0-&+::,'(#H#,&F*8:'#7%'&#78#?F'+.#0FE#

/8&'#8C#"80#&'-#+-(#=8&'-#8C#68-?6,'-6'#&+"#=+-7#78#&+.'#+#6%+-D'#907#+#A8,6'#
680*(#9'#7'**,-D#"801#S:)%D,#.2%#7%#$.,$72W-2$'#"<%"$6%."$$,'%:"G2%"%6#==2(2$.2ET#
e*'+?' # :'&'&9':1 # 7%+7 # 7%:80D%807 # %,?78:"1 # 6%+-D' # %+? # 68&' # C:8& # 7%' # &,-8:,7"#
?'D&'-7#8C#?86,'7"#=%8?'#*8-'#A8,6'?#8A':=%'*&'(#7%'#F:'A+,*,-D#A8,6'?#?0FF8:7,-D#
7%'#?7+70?#a08E#L+:"#/*'??8:V?#A8,6'#=+?#+#*8-'#A8,6'#?F'+.,-D#+D+,-?7#7%'#,**?#8C#7%'#
?*+",-D#8C#7=,-?1#=%'-#7%'#F:'A+,*,-D#A8,6'?#9'*,'A'(#7%+7#7%'#9,:7%#8C#7=,-?#=+?#+-#
'A,*#?,D-K#L+:7,-#b07%':V?#A8,6'#=+?#+#*8-'#A8,6'#?F'+.,-D#+D+,-?7#7%'#68::0F7,8-#+-(#
'B6'??'? # 8C # 7%' # 6%0:6% # *'+(':?%,F1 # =%'- # 7%' # F:'A+,*,-D # A8,6'? # ?0FF8:7'( # 7%'#
'BF*8,7+7,8-#8C#7%'#68-D:'D+7,8-K#L8%+&&'(#$*,V?#A8,6'#=+?#+#*8-'#A8,6'#?F'+.,-D#
+D+,-?7#7%'#0-G0?7#=+:#,-#i,'7-+&1#=%'-#7%'#F:'A+,*,-D#A8,6'?#G0?7,C,'(#7%'#=+:#,-#
i,'7-+&K#3'*+V?#A8,6'#=+?#+#*8-'#A8,6'#?,-D,-D#+-(#F:87'?7,-D#+9807#7%'#8FF:'??,8-#8C#
7%'#&+??'?1#=%'-#7%'#F:'A+,*,-D#A8,6'?#?+-D#F:+,?'?#C8:#7%'#:,6%#1#+CC*0'-7#+-(#C+&80?E

e:'?,('-7#)9+&+#F07#,7#:,D%7##=%'-#%'#?+,(Y

K[$2%D,#.2%."$%.>"$;2%"%(,,:H%"$6%#=%,$2%D,#.2%."$%.>"$;2%"%(,,:H
'>2$%#'%."$%.>"$;2%"%.#')H%"$6%#=%#'%."$%.>"$;2%"%.#')H
#'%."$%.>"$;2%"%7'"'2H%"$6%#=%#'%.>"$;2%"%7'"'2H
#'%."$%.>"$;2%"%$"'#,$H%"$6%#=%#'%."$%.>"$;2%"%$"'#,$H
#'%."$%.>"$;2%'>2%E,(<6I%R,-(%D,#.2%."$%.>"$;2%'>2%E,(<6NI

H-#68-6*0?,8-1#H#=80*(#*,.'#78#:'F%:+?'#=%+7#L+:7,-#b07%':#c,-D?#?+,(#8A':#Q_#"'+:?#
+D8Y

H#*8-D#C8:#J,D':,+#78#9'#+#-+7,8-#,-#=%,6%#F'8F*'#=80*(#-87#9'#G0(D'(#9"#=%'7%':#7%'"#
+:'#&+::,'(#8:#-87#&+::,'(1#907#9"#7%'#68-7'-7#8C#7%',:#6%+:+67':E

k'D+:(?

$%&'(#)*+",-.+#/0*'1#23$
?0*'+8?mD&+,*E68&

e/Y#HC#"80#=80*(#*,.'#78#(,?60??#+-"#8C#7%'#,??0'?#68-7+,-'(#,-#7%,?#*'77':#F*'+?'#C''*#
C:''#78#68-7+67#&'#9"#'&+,*#0?,-D#7%'#+((:'??#('7+,*'(#+98A'#1#87%':=,?'#1#"80#6+-#D8#
78#&"#9*8D#

%77FY``>+-D8(+:'E=8:(F:'??E68&`4;<;`<;`45`F:'G0(,6'`

+-(#*'+A'#"80:#68&&'-7?E
EGG)/8'H%K

/%8=-#9'*8=#,?#+#*,?7#8C#?8&'#8C#7%'#O0&+-#k,D%7?#6%+&F,8-?#7%+7#%+A'#9''-#68F,'(#
,-#7%,?#*'77':E##

L?E#$"8#)9'
e+?78:#@0-('#!+.+:'
L:E#3'&,#3+*+-+
2,A,*#b,9':7,'?#):D+-,>+7,8-
e:8C'??8:#I8*'#/8",-.+
L:E#)*,?+#$D9+.89+1#/$J
L?E#O+C?+7#$9,8*+Z28?7'**8
c0(,:+7#H-,7,+7,A'#C8:#M'&86:+6"
J+7,8-+*#O0&+-#k,D%7?#28&&,??,8-
28&&,77''#C8:#7%'#M'C'-6'#8C#O0&+-#k,D%7?Z#J,D':,+
L?E#O+0=+#H9:+%,&
$FF'-(,B#4

b,?7#8C#87%':#F'8F*'#+-(#,-?7,707,8-?#68F,'(

L8&'-7?#=,7%#L8#
L?E#30-&,#H"+-(+
L,-,?7':#8C#I8&'-#$CC+,:?
2%:,?7,+-#$??86,+7,8-#8C#J,D':,+
e'-7'68?7+*#3'**8=?%,F#8C#J,D':,+
$C:,6+-#28&&,??,8-#8-#O0&+-#+-(#e'8F*'?l#k,D%7?
J,D':,+#/0F:'&'#280-6,*#C8:#H?*+&,6#$CC+,:?
L?E#L8(0F'#)>8*0+
P-,7'(#J+7,8-?#O0&+-#k,D%7?#280-6,*
P-,7'(#J+7,8-?#M'A'*8F&'-7#30-(#C8:#I8&'-
L?E#2%,&+&+-(+#JD8>,#$(,6%,'

You might also like