esprit de tection i lotage de cembre 2011

!
!
"#$%&'!()*&+#*,*-$&'!./0+1/23#*4&'!($/!5&!
63))1/%&2&+#!7$!60'&3$!"8&)#/*-$&!9:;+'#3883#*1+'!
<&)=+*-$&'!.=1#1418#3>-$&'!
!
!"#$%&'()'*(+,*$%""%$+#,*(
-.#$#/#"$%012'*(3%44#3)5'*(%2(35*'%2(
5"'4$3+12'(6(35&"'7',$%$+#,8(75$.#)'*(
)'()5$'4$+#,('$(3'$#23*()'($'33%+,(
(
(
!
!
!
!
!
!
!
!
!
!
!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
"(.6;<!
!
!
!
!
!"#$%&'()'*(+,*$%""%$+#,*(
-.#$#/#"$%012'*(3%44#3)5'*(%2(35*'%2(6(
35&"'7',$%$+#,8(75$.#)'*()'()5$'4$+#,(
'$(3'$#23*()'($'33%+,(
!
!
!
!
!
!
!
!
!
95)%4$'23*(6!GH!I18*+!JI"7K;L"(MN!IH!9$43$)=&88&!J"9OMN!PH!<3+@$Q!J</3+'"+&/@*&MN!
!RH!S3*%%1+!JG"(.T5MN!<H!</3+KU$1)!J;9"7M!
!
!
!
!
!
!
!
!"#$#%&'"(#)*+(+'#$,-'),'+.%/*,0'1*0#0-*,"'2,')345676'
!
!
!
!
!
!
90)&2V/&!DFCC!
ACC!
!
.3@&!D!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
95*275(
5&!X/0'&+#!%1)$2&+#!#/3*#&!%$!X=0+12Y+&!%:B81#3@&!X1$43+#!'$/4&+*/!'$/!8&'!*+'#3883#*1+'!%&!
X/1%$)#*1+! X=1#1418#3>-$&'! 3$! /0'&3$! X$V8*)! %&! %*'#/*V$#*1+! 08&)#/*-$&! 3*+'*! -$&! %&'!
20#=1%&'! %&! %0#&)#*1+! %&! )&! X=0+12Y+&H! ;8! 4*'&! Z! /3''&2V8&/! 8&'! *+,1/23#*1+'! %*'X1+*V8&'!
'$/!8&!'$[&#N!23*'!+:3!X3'!X1$/!V$#!%&!%0,*+*/!%&'!X/0)1+*'3#*1+'H!
!
7X/Y'! 341*/! /3XX&80! 83! %0,*+*#*1+! %&! 8:B81#3@&! &#! 83! /0@8&2&+#3#*1+! &+! 4*@$&$/N! *8! X/0'&+#&! 8&'!
X/*+)*X38&'! )3/3)#0/*'#*-$&'! %&'! %*,,0/&+#&'! 20#=1%&'! %&! %0#&)#*1+! &\*'#3+#&'! X1$43+#! ]#/&!
2*'&'!&+!^$4/&!%3+'!8&'!1+%$8&$/'!_!!
!! 8&'! 20#=1%&'! X3''*4&'! V3'0&'! '$/! 8:3+38Q'&! %&'! 43/*3#*1+'! %&! X3/32Y#/&'! %$! '*@+38!
08&)#/*-$&N!!
!! 8&'! 20#=1%&'! 3)#*4&'N! V3'0&'! '$/! 8:1V'&/43#*1+! %&'! &,,&#'! %:$+&! X&/#$/V3#*1+! )/00&!
*+#&+#*1++&88&2&+#!'$/!8&!/0'&3$N!!
!! &#!8&'!20#=1%&'!$#*8*'3+#!8&'!)122$+*)3#*1+'!&+#/&!8&!/0'&3$!X/*+)*X38!&#!8`1+%$8&$/!.AH!
!
5&! /*'-$&! %:B81#3@&! %&'! *+'#3883#*1+'! X=1#1418#3>-$&'! &'#! $+! '$[&#! 3+)*&+! &#! X1802*-$&! -$*! 3!
,3*#! 8:1V[&#! %&! +12V/&$'&'! 0#$%&'! *+#&/+3#*1+38&'! '1$4&+#! )1+#/3%*)#1*/&'H! 5&'! &\X&/#'! %$!
X/1@/322&!.A.(!%&!8:7;"!3,,*/2&+#!X3/!&\&2X8&!-$&!83!X/1V3V*8*#0!%`B81#3@&!&'#!V*&+!&+!%&aZ!
%&'!8*2*#&'!)122$+02&+#!3))&X#0&'!X1$/!8&'!3$#/&'!#QX&'!%&!/*'-$&'!=3V*#$&8'H!7!8:1XX1'0N!
)&$\! %$! X/1[&#! &$/1X0&+! 9*'X1b&/! )1+)8$&+#!-$&N! X1$/! %&'! 1+%$8&$/'! 0-$*X0'! $+*-$&2&+#!
%&! %*'X1'*#*,'! %&! %0)1$X83@&! %&! #QX&! X3''*,! &#! V3'0'! '$/! 83! 2&'$/&! %&! 83! #&+'*1+! &#! %&! 83!
,/0-$&+)&N!83!X/1V3V*8*#0!%`B81#3@&!&'#!'*@+*,*)3#*4&!&#!3$K%&''$'!%&!)&!-$*!&'#!)122$+02&+#!
#180/0H!
!
7$''*N! V*&+! -$&! 83! X/1V3V*8*#0! %:B81#3@&! '1*#! #/Y'! ,3*V8&N! &88&! +:&+! %&2&$/&! +03+21*+'! X3'!
+$88&H! 5&'! )3'! 40)$'! X3/! ;R"696c57N! $+! @&'#*1++3*/&! %&! /0'&3$\! &'X3@+18N! '$/! %&'!
/0'&3$\!G<7!&#!%1+#!8&'!)1+%*#*1+'!%:3XX3/*#*1+!/&'#&+#!Z!08$)*%&/N!8&!X/1$4&+#!&#!*+)*#&+#N!%&!
)&! ,3*#N! Z! ':&+! X/02$+*/H! I:&'#! 83! /3*'1+! X1$/! 83-$&88&! %&! +12V/&$\! %1)$2&+#'! J@$*%&'N!
+1/2&'! &$/1X0&++&'! &#! *+#&/+3#*1+38&'M! #/3*#&+#! %$! X=0+12Y+&! %:B81#3@&! &#! *2X1'&+#! 83!
X/0'&+)&! %&! %*'X1'*#*,'! %&! %0)1$X83@&N! *+#&/+&'! 1$! &\#&/+&'! Z! 8:1+%$8&$/N! 23*'! 8&! X8$'!
'1$4&+#!'3+'!X/&')/*/&!%&!20#=1%&!%&!%0#&)#*1+!X3/#*)$8*Y/&H!
!
:#$*(4"5*(
.Gc<cAc5<7dUT"N!6"("7TN!cL9T5"T6N!;5c<7S"!
(
(
;277%3<(
(
<=&!X/&'&+#!%1)$2&+#!%&38'!b*#=!#=&!*''$&'!1,!*'83+%*+@!1))$//*+@!*+!X=1#1418#3*)!@&+&/3#1/'!
)1++&)#&%! #1! #=&! X$V8*)! %*'#/*V$#*1+! @/*%! 3+%! #=&! 2&#=1%'! 1,! *'83+%*+@! %&#&)#*1+H! ;#! 3*2'! 3#!
@3#=&/*+@!*+,1/23#*1+!/&83#&%!#1!*'83+%*+@!V$#!+1#!3#!%&,*+*+@!3+Q!/&-$*/&2&+#'H!
!
O1881b*+@! #=&! %&,*+*#*1+! 1,! *'83+%*+@! 3+%! #=&! /&-$*/&2&+#! VQ! #=&! /&@$83#*1+! #1! 341*%! 3+Q!
1X&/3#*1+! *+! #=*'! 21%&N! #=&! 23*+! )=3/3)#&/*'#*)'! 1,! #=&! %*,,&/&+#! &\*'#*+@! %&#&)#*1+! 2&#=1%'!
$'&%!*+!*+4&/#&/'!3/&!X/&'&+#&%_!!
!! X3''*4&!2&#=1%'!V3'&%!1+!#=&!3+38Q'*'!1,!X3/32&#&/!43/*3#*1+'!1,!#=&!&8&)#/*)!'*@+38!J#=&!
&,,*)*&+)Q!1,!e!X3''*4&!2&#=1%'!=3'!V&&+!&438$3#&%!VQ!2&3+'!1,!'*2$83#*1+MN!!
!! 3)#*4&! 2&#=1%'! V3'&%! 1+! #=&! 1V'&/43#*1+! 1,! #=&! &,,&)#'! 1,! 3! %*'#$/V3+)&! *+#&+#*1+388Q!
@&+&/3#&%!1+!#=&!@/*%N!!
ACC!
!
.3@&!W!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
!! 3+%!2&#=1%'!$'*+@!)122$+*)3#*1+!2&3+'!V&#b&&+!#=&!23*+!@/*%!3+%!#=&!.A!*+4&/#&/H!
!
<=&! /*'g! 1,! *'83+%*+@! *+! X=1#1418#3*)! 'Q'#&2'! *'! 3+! 18%! 3+%! X18&2*)! *''$&N! b=*)=! =3'! V&&+!
%&38#!*+!81#'!1,!*+#&/+3#*1+38!'#$%*&'N!1,#&+!)1+#/3%*)#1/QH!"\X&/#'!1,!#=&!;"7:'!.A.(!X/1@/32!
'#3#&!#=3#!#=*'!X/1V3V*8*#Q!*'!,3/!V&81b!#=&!8*2*#'!)1221+8Q!3))&X#&%!,1/!1#=&/!g*+%'!1,!/*'g'h!
b=&/&3'! #=1'&! 1,! 9*'X1b&/! "$/1X&3+! X/1[&)#! )1+)8$%&! #=3#! ,1/! *+4&/#&/'! *+#&@/3#*+@! 1+8Q!
X3''*4&! X/1#&)#*1+'! V3'&%! 1+! 418#3@&! 3+%! ,/&-$&+)Q! 21+*#1/*+@! *'83+%*+@! X/1V3V*8*#Q! *'!
'*@+*,*)3+#!3+%!3V14&!)1221+!8*2*#'H!
!
<=&/&,1/&N! &4&+! #=1$@=! #=*'! X/1V3V*8*#Q! *'! 4&/Q! '2388N! Q&#! *#! *'! +1#! +*8H! <=&! '*#$3#*1+'!
&+)1$+#&/&%! VQ! ;R"696c57N! 3! (X3+*'=! @/*%! 1X&/3#1/N! *+! iA! @/*%'! J*+! X3/#*)$83/! )1+%*#*1+'!
#=3#!'#*88!=34&!#1!V&!)83/*,*&%M!X/14&!*#!3+%!#=$'!*+)*#&!#1!X/14*%&!3@3*+'#!*#H!<=*'!#=&!/&3'1+!b=Q!
43/*1$'! %1)$2&+#'! J@$*%&'N! "$/1X&3+! 3+%! ;+#&/+3#*1+38! '#3+%3/%'M! %&38! b*#=! #=&! *'83+%*+@!
*''$&! 3+%! %&23+%! #=3#! *+#&/+38! 1/! &\#&/+38! %*')1++&)#*1+! %&4*)&'! '=1$8%! V&! *+'#388&%N! V$#!
21'#!1,!#=&!#*2&'!b*#=1$#!X/&')/*V*+@!3+Q!'X&)*,*)!%&#&)#*1+!2&#=1%H!
(
='<(>#3)*(
.Gc<cAc5<7;IN!S6;9N!;LA"6<"6N!;(57L9;LS!
ACC!
!
.3@&!f!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
;#77%+3'(
!
!?!
@9AB:CDEA ????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? F!
!!?!
GBH9A(HD(HIGD:AJK ??????????????????????????????????????????????????????????????????????????????????????????????????????????????? F!
!!!?! !JK9IHDGK!IJ????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? L!
!M?!
JIK!IJ(HN!EIKBOA ????????????????????????????????????????????????????????????????????????????????????????????????????????????????? P!
M?!
B;@AGK;(9AOEA:AJKB!9A;(AK(GIJK9BGKDAE;?????????????????????????????????????????????????????????????? QR!
M!?!
:AKSIHA;(HA(HAKAGK!IJ(HA(EN!EIKBOA ??????????????????????????????????????????????????????????????????????? QQ!
A;HC!
5"(!i"<Gc9"(!.7((;A"( HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH CC!
A;HD!
5"(!i"<Gc9"(!7I<;A"( HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH CW!
A;HW!
5"(!i"<Gc9"(!T<;5;(7L<!5"(!IciiTL;I7<;cL(!"L<6"!5"!6"("7T!.6;LI;.75!"<!5`cL9T5"T6!.AH! CE!
A;Hf!
"A75T7<;cL!9"(!i"<Gc9"(!.7((;A"(!9"!9"<"I<;cL!9:;5c<7S" HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH CE!
89:;:<!
=*+/,'2,+'>(/?.2,+'/,+/(,+::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: <@!
89:;:A!
B#2",'2,+'+*>%)#/*.0+',/'-.01*C%"#/*.0+'2,'/,+/:::::::::::::::::::::::::::::::::::::::::::::::::::::::::: <@!
89:;:D!
6$#)%#/*.0'2,+'2*11(",0/,+'>(/?.2,+ :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: <E!
89:;:;!
F,>#"G%,+',/'-.0-)%+*.0+ :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: <H!
M!!?!
@9ICBC!E!KA(HNIGGD99AJGA(HA(EN!EIKBOA ???????????????????????????????????????????????????????????????? QL!
M!!!?!
9AKID9;(HA(KA99B!J ????????????????????????????????????????????????????????????????????????????????????????????????????????? TU!
A;;;HC!
A;;;HD!
A;;;HW!
A;;;Hf!
!V?!
.6"i;"6!I7(!9:;5c<7S" HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH Df!
9"Tj;"i"!I7(!9:;5c<7S" HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH DE!
<6c;(;"i"!I7(!9:;5c<7S" HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH DE!
6"O5"j;cL(!9:;R"696c57!(T6!I"(!I7(!IcLI6"<(HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH Dk!
JI9:BE!;BK!IJ ??????????????????????????????????????????????????????????????????????????????????????????????????????????????????? TF!
;jHC!
;jHD!
Lc6i"(!"<!ST;9"(!6"57<;O(!7!5:;5c<7S" HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH Dl!
.6cI"9T6"(!9"!<"(<!9"(!i"<Gc9"(!9"!9"<"I<;cL!9:;5c<7S" HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH De!
V?!
GIJGED;!IJ ?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? WQ!
V!?!
9AXA9AJGA; ????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? WT!
V!!?!
OEI;;B!9A????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? WW!
BJJAVA(6(:AKSIHA;(HA(HAKAGK!IJ(HN!EIKBOA ??????????????????????????????????????????????????????????????????????? WU!
B?!
7H!
RH!
IH !
9H !
"H!
OH!
C?!
7H!
RH!
IH !
9H !
"H!
OH!
:AKSIHA;(@B;;!MA;??????????????????????????????????????????????????????????????????????????????????????????????????????????????? WU!
5"(!.6c<"I<;cL(!7!("T;5!9"!<"L(;cL!"<!9"!O6"UT"LI"HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH Wf!
57!i"<Gc9"!.76!i"(T6"!9"!(7T<!9"!.G7(" HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH Wl!
57!i"<Gc9"!6cIcO HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH Wm!
57!i"(T6"!9"(!G76icL;UT"( HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH Wm!
57!i"(T6"!9"(!<6c;(!.G7("( HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH We!
IcLI5T(;cL!(T6!5"(!i"<Gc9"(!.7((;A"( HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH We!
:AKSIHA;(BGK!MA; ????????????????????????????????????????????????????????????????????????????????????????????????????????????????? WP!
57!i"(T6"!9:;i."97LI" HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH We!
(5;.Kic9"!O6"UT"LIP!(G;O<!J(i(M HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH fC!
7I<;A"!O6"UT"LIP!96;O<!J7O9M HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH fD!
(7L9;7!O6"UT"LIP!(G;O<!J(O(M HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH fW!
67L9ci!Lc;("!;Ln"I<;cL HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH fW!
O6"UT"LIP!nTi. HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH fW!
ACC!
!
.3@&!E!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
SH!
GH !
;H!
nH!
G?!
O6"UT"LIP!O""9R7Io!(IG"i" HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH fW!
(7L9;7!Ac5<7S"!(G;O<!J(A(MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH fW!
Ac5<7S"!O""9R7Io!(IG"i" HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH ff!
9;OO"6"L<;75!5"A"5!Ac5<7S"!(G;O<!J9A(MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH ff!
KBCEABD(9AGB@!KDEBK!X ??????????????????????????????????????????????????????????????????????????????????????????????????????? UU!
ACC!
!
.3@&!k!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
!?( @35%7Y2"'(
!
5&!X/0'&+#!%1)$2&+#!&'#!8&!,/$*#!%:$+!#/343*8!)1883V1/3#*,!/038*'0!%3+'!8&!)3%/&!%:$+!X/1[&#!%&!
/&)=&/)=&! )1,*+3+)0! X3/! 8:79"i"!_! 8&! X/1[&#! "(.6;<! J"#$%&'! ()*&+#*,*-$&'! ./0+1/23#*4&'!
'$/! 8&! 63))1/%&2&+#! 3$! /0'&3$! %&'! ;+'#3883#*1+'! <&)=+*-$&'! X=1#1418#3>-$&'MN! /&83#*,! 3$!
/3))1/%&2&+#!%&'!*+'#3883#*1+'!X=1#1418#3>-$&'!3$!/0'&3$!X$V8*)!%&!%*'#/*V$#*1+H!
5&! X/1[&#! "(.6;<N! %:$+&! %$/0&! %&! W! 3+'N! /3''&2V8&! 3$! '&*+! %$! 2]2&! )1+'1/#*$2! 8&'!
X3/#&+3*/&'!'$*43+#'!_!
!! I"7!?!;L"(!
!! "9O!?6p9!
!! </3+'"+&/@*&!
!! G"(.T5!
!! ;9"7!
!! ;L.SKSD"57R(
5&'! 1V[&)#*,'! %&! )&! X/1[&#! '1+#! %:3XX1/#&/! %&'! )12X802&+#'! 3$! )3%/&! /0@8&2&+#3*/&! &#!
#&)=+*-$&!,/3+a3*'!/&83#*,!3$!/3))1/%&2&+#!%&'!*+'#3883#*1+'!X=1#1418#3>-$&'!3$!/0'&3$!X$V8*)!
%&! %*'#/*V$#*1+H! ;8! 4*'&! X3/! 3*88&$/'! Z! 3XX1/#&/! %&'! 0802&+#'! %&! /0X1+'&'! 3$\! '*#$3#*1+'! %&!
%0,3$#! %&! ,1+)#*1++&2&+#! %&'! *+'#3883#*1+'! /&+)1+#/0&'! '$/! 8&! #&//3*+N! +1#322&+#! 8&'!
X=0+12Y+&'!%&!%0)1$X83@&!%&'!1+%$8&$/'H!
!
!
!!?( G%)3'()2()#427',$(
!
!
I&! %1)$2&+#! #/3*#&! %$! X=0+12Y+&! %:B81#3@&! X1$43+#! '$/4&+*/! '$/! 8&'! *+'#3883#*1+'! %&!
X/1%$)#*1+!X=1#1418#3>-$&'!J.AMN!21+1X=3'0&'!1$!#/*X=3'0&'N!/3))1/%0&'!4*3!%&'!1+%$8&$/'!
3$!/0'&3$!X$V8*)!%&!%*'#/*V$#*1+!08&)#/*-$&!J6.9M!Z!V3''&!#&+'*1+!JR<M!&#!Z!21Q&++&!#&+'*1+!
JG<7MN!3*+'*!-$&!%&'!20#=1%&'!%&!%0#&)#*1+!%&!)&!X=0+12Y+&H!!
ACC!
!
.3@&!l!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
!!!?( !,$3#)24$+#,(
!
!
c+! 3''*'#&! 3$! +*4&3$! 21+%*38! &#! +1#322&+#! &+! O/3+)&! Z! $+&! )/1*''3+)&! *2X1/#3+#&! %$!
+12V/&!%&!/3))1/%&2&+#'!%:*+'#3883#*1+'!X=1#1418#3>-$&'!3$\!/0'&3$\!X$V8*)'!%&!%*'#/*V$#*1+H!
!
R*&+!-$&!83!'$/4&+$&!%:$+&!'*#$3#*1+!%:B81#3@&!'1*#!#/Y'!*2X/1V3V8&!81/'-$:$+!,3*V8&!+12V/&!%&!
'Q'#Y2&'!.A!&'#!)1++&)#0!3$!/0'&3$!08&)#/*-$&N!&88&!%&4*&+#!3!X/*1/*!X8$'!*2X1/#3+#&!%3+'!8&!
)3'!%:$+&!,1/#&!%&+'*#0!%:*+'#3883#*1+'!.AH!
!
53! ,1/#&! )/1*''3+)&! %$! +12V/&! %:*+'#3883#*1+'! X=1#1418#3>-$&'! ,3*#! %1+)! 3XX3/3B#/&! %&'!
/*'-$&'! X8$'! *2X1/#3+#'! )=3-$&! [1$/! &#! 83! -$&'#*1+! %&! 8:&,,*)3)*#0! %&'! 21Q&+'! %&! %0#&)#*1+!
3)#$&8'!%&'!'*#$3#*1+'!%:B81#3@&!'&!X1'&H!
!
;8!&\*'#&!%&!+12V/&$'&'!20#=1%&'N!X3''*4&'!1$!3)#*4&'N!X1$/!%0#&)#&/!$+&!'*#$3#*1+!%:B81#3@&!
23*'! 3$)$+! )1+'&+'$'! +&! '&2V8&! '&! %0@3@&/! '$/! 83! 20#=1%&! Z! X/*4*80@*&/!_! )&/#3*+&'! '1+#!
#/Y'!,*3V8&'N!23*'!%*,,*)*8&'!Z!2&##/&!&+!^$4/&!h!%:3$#/&'!'1+#!&\#/]2&2&+#!'*2X8&'!Z!/038*'&/N!
23*'!X/0'&+#&!%&'!q1+&'!%&!+1+K%0#&)#*1+!X8$'!*2X1/#3+#&'H!
!
5&! X/0'&+#! %1)$2&+#! X/1X1'&! %&! ,3*/&! 8&! X1*+#! '$/! 83! '*#$3#*1+! 3)#$&88&! %&'! )1++3*''3+)&'!
3)-$*'&'!X3/!8&'!X3/#&+3*/&'!%3+'!8&!)3%/&!%$!X/1[&#!"(.6;<H!;8!3V1/%&!&+!X3/#*)$8*&/!8&!)38)$8!
%&!83!X/1V3V*8*#0!%:1))$//&+)&!%&!8:B81#3@&N!*8!X/0'&+#&!$+!&\&2X8&!%&!)3'!)1+)/&#!/&+)1+#/0!
'$/! 8&! #&//3*+! &#! 0438$&! X3/! 83! '*2$83#*1+! )&/#3*+&'! 20#=1%&'! %&! %0#&)#*1+H! ;8! +&! /0X1+%!
)&X&+%3+#!X3'!Z!83!-$&'#*1+!%&!83!@&'#*1+!%&!8:B81#3@&!)3/!)&83!+0)&''*#&/3*#!$+&!0#$%&!X8$'!
3XX/1,1+%*&!=1/'!%$!)3%/&!%:"(.6;<H!
!
ACC!
!
.3@&!m!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
!M?( J#$+#,()NZ"#$%&'(
c+! %*#! -$:*8! Q! 3! B81#3@&! -$3+%! $+&! X3/#*&! %&! /0'&3$! 08&)#/*-$&! )12X/&+3+#! %&'! 21Q&+'! %&!
X/1%$)#*1+!&#!%&'!)=3/@&'!&'#!%0)1++&)#0!%$!/0'&3$!X/*+)*X38!J'0X3/0&!%$!/0'&3$!321+#M!&#!
-$&!8&'!)=3/@&'!%&!)&#!B81#!'1+#!&+#*Y/&2&+#!38*2&+#0&'!X3/!8&'!@0+0/3#&$/'!%$!2]2&!B81#!&#!
1r! 83! #&+'*1+! &#! 83! ,/0-$&+)&! '1+#! 23*+#&+$&'! Z! %&'! 438&$/'! 3$#1$/! %&! 8&$/'! 438&$/'!
+12*+38&'!J23/)=&!&+!/0'&3$!'0X3/0MH!!!
c+!+1#&!-$&!83!+1#*1+!%&!23/)=&!&+!/0'&3$!'0X3/0!1$!B81#3@&!&'#!3''1)*0&!Z!$+&!%$/0&H!5&'!
/Y@8&'! -$*! %0,*+*''&+#! 8&! ,1+)#*1++&2&+#! %:$+&! *+'#3883#*1+! .A! )1+'*%Y/&+#! -$:$+&! '*#$3#*1+!
%:B81#3@&! &'#! %0,*+*&! )122&! #&88&! %Y'! 81/'! -$&! 8:1+%$8&$/! .A! %0#&)#&! $+! ,1+)#*1++&2&+#! &+!
/0'&3$! '0X3/0! X&+%3+#! $+! )&/#3*+! #&2X'! JE! '&)1+%&'! '&81+! 83! 9;L! A9"! FCDkKCKCN! D!
'&)1+%&'!'&81+!;"I!kDCCkMH!7$!%&8Z!%&!)&##&!%$/0&N!8:1+%$8&$/!%&4/3!'&!%0)1$X8&/!%$!/0'&3$!
X/*+)*X38H!
!
.8$'*&$/'!)1+,*@$/3#*1+'!'1+#!#=01/*-$&2&+#!&+4*'3@&3V8&'!&+!,1+)#*1+!%&!83!#3*88&!%$!/0'&3$!
1$!%&!8:*+'#3883#*1+!08&)#/*-$&!'&!#/1$43+#!'0X3/0&!%$!/0'&3$!321+#!_!
!( s81#3@&!%:$+!Vt#*2&+#!_!'&!X/1%$*/3*#!%3+'!8:=QX1#=Y'&!1r!$+!Vt#*2&+#!'&/3*#!'0X3/0!%$!
/0'&3$!R<!1$!G<7N!'$*#&!X3/!&\&2X8&!Z!8:1$4&/#$/&!%$!%*'[1+)#&$/!%&!V/3+)=&2&+#N!&#!
1r!$+&!*+'#3883#*1+!.A!)1+#*+$&/3*#!%:38*2&+#&/!8&'!)=3/@&'!%&!)&!Vt#*2&+#N!!
!( s81#3@&!%:$+!%0X3/#!R<!_!'&!X/1%$*/3*#!%3+'!8:=QX1#=Y'&!1r!$+!%0X3/#!R<!'&/3*#!'0X3/0!
%$!/0'&3$!G<7N!'$*#&!X3/!&\&2X8&!3$!/&#/3*#!%&'!,$'*V8&'!G.I!%&!X/1#&)#*1+!%$!%0X3/#!
R<N!&#!1r!$+&!1$!X8$'*&$/'!*+'#3883#*1+'!.A!)1+#*+$&/3*&+#!%:38*2&+#&/!8&'!)=3/@&'!%&!
)&!%0X3/#!R<N!
!( s81#3@&! %:$+! %0X3/#! G<7!_! '&! X/1%$*/3*#! %3+'! 8:=QX1#=Y'&! 1r! $+! %0X3/#! G<7! '&/3*#!
'0X3/0!%$!/0'&3$!G<RN!'$*#&!X3/!&\&2X8&!Z!8:1$4&/#$/&!%$!%*'[1+)#&$/!%&!X/1#&)#*1+!%$!
%0X3/#! G<7N! &#! 1r! $+&! 1$! X8$'*&$/'! *+'#3883#*1+'! .A! )1+#*+$&/3*&+#! %:38*2&+#&/! 8&'!
)=3/@&'!/3))1/%0&'!'$/!)&!%0X3/#!G<7H!
!
!
O*@$/&!C!_!%*,,0/&+#&'!#3*88&'!%&!/0'&3$!X1$43+#!'&!#/1$4&/!'0X3/0&'!%$!/0'&3$!321+#!
&#!'&!#/1$4&/!&+!'*#$3#*1+!%&!23/)=&!&+!/0'&3$!'0X3/0!JB81#3@&M!
ACC!
!
.3@&!e!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
!
5&'! )3$'&'! %:$+! B81#3@&! +1+! *+#&+#*1++&8! '1+#! @0+0/38&2&+#! $+&! %0)1++&\*1+! %$! /0'&3$!
X/*+)*X38! X3/! '$*#&! %&! 23+^$4/&'! %&'! 1/@3+&'! %&! )1$X$/&! X1$/! #/343$\! 1$! 81/'! %&! %&!
%0,3$#'!#&8'!-$&!8&'!)1$/#'K)*/)$*#'H!H!
!
5:B81#3@&!+1+!*+#&+#*1++&8!X&$#!341*/!%*4&/'&'!)1+'0-$&+)&'!uCFv_!
!! .&+%3+#! 8&'! X0/*1%&'! %&! 23*+#&+3+)&N! *8! X1$//3*#! )12X/12&##/&! 83! '0)$/*#0! %&'!
X&/'1++&8'!*+#&/4&+3+#!'$/!'*#&!'*!8&'!/Y@8&'!%&!40/*,*)3#*1+!%:3V'&+)&!%&!#&+'*1+!%3+'!
8&'!)1+%$)#&$/'!&#!%&!2*'&!Z!83!#&//&!+:0#3*&+#!X3'!'#/*)#&2&+#!/&'X&)#0&'N!
!! 53!#&+'*1+!&#!83!,/0-$&+)&!%3+'!8:B81#!+:0#3+#!X8$'!)1+#/w80&'!X3/!8&'!@&'#*1++3*/&'!%&!
/0'&3$N!&88&'!X&$4&+#!'1/#*/!%&'!8*2*#&'!/0@8&2&+#3*/&'!&#!]#/&!Z!8:1/*@*+&!%&!%1223@&'!
%3+'!8&'!*+'#3883#*1+'!08&)#/*-$&'!X/0'&+#&'!%3+'!)&#!B81#N!!
!! ;8! X&$#! 0@38&2&+#! X&/#$/V&/! 83! /038*2&+#3#*1+! %&! 8:B81#! 81/'! %&! 83! /&2*'&! &+! '&/4*)&! %$!
/0'&3$! 321+#! J$+&! %*,,0/&+)&! %&! X=3'&! &+#/&! 8&'! #&+'*1+'! 321+#! &#! 3438! X1$//3*#!
+1#322&+#!&+@&+%/&/!%&!,1/#'!)1$/3+#'MH!
!
;8! &'#! %1+)! X/*21/%*38! %&! %0#&)#&/! #1$#&! '*#$3#*1+! %:B81#3@&! &#! %&! /0%$*/&! 8&! #&2X'! %&!
,1+)#*1++&2&+#!%$!'Q'#Y2&!B81#0H!53!/0@8&2&+#3#*1+!&+!4*@$&$/!3!0#0!0#3V8*&!&+!)&!'&+'H!
!
M?( B*-'4$*(35&"'7',$%+3'*('$(4#,$3%4$2'"*(
"+! /0@*2&! +1/238! %:&\X81*#3#*1+N! 83! 23/)=&! &+! /0'&3$! '0X3/0! 1$! x!B81#3@&!y! &'#! *+#&/%*#&N!
X1$/! %&'! -$&'#*1+'! %&! '0)$/*#0! 4*'KZK4*'! %&'! #*&/'! 23*'! 3$''*! X1$/! %&'! -$&'#*1+'! %&! 'z/&#0!
%&'! *+'#3883#*1+'H! I:&'#! X1$/-$1*! 8&'! 1+%$8&$/'! .AN! #1$#! )122&! #1$'! 8&'! 3$#/&'! 21Q&+'! %&!
X/1%$)#*1+! %0)&+#/38*'0&N! %1*4&+#! ]#/&! 0-$*X0'! %:$+! %*'X1'*#*,! %&! %0)1$X83@&! 3$#123#*-$&!
3XX&80! x!X/1#&)#*1+! %&! %0)1$X83@&!y! %&'#*+0N! &+#/&! 3$#/&'N! Z! X/04&+*/! 8&! ,1+)#*1++&2&+#! &+!
21%&!B81#0!J),H!3/#*)8&!l!%&!8:3//]#0!%$!DW!34/*8!DFFmMH!!
!
"+!O/3+)&N!83!/0@8&2&+#3#*1+!&+!4*@$&$/!/&83#*4&!3$\!X/&')/*X#*1+'!#&)=+*-$&'!%&!)1+)&X#*1+!
&#! %&! ,1+)#*1++&2&+#! X1$/! 8&! /3))1/%&2&+#! 3$! 60'&3$! %:$+&! ;+'#3883#*1+! %&! ./1%$)#*1+!
08&)#/*-$&! /&-$*&/#! 83! X/0'&+)&! %:$+! %*'X1'*#*,! )1+'#*#$0! %`$+&! X/1#&)#*1+! &#! %`$+! 1/@3+&! %&!
%0)1$X83@&!%1*#!]#/&!*+'#3880!&+#/&!83!'1/#*&!%$!@0+0/3#&$/!&#!8:;+'#3883#*1+!;+#0/*&$/&!uClvH!I&!
%*'X1'*#*,!X&$#!]#/&!2*'!&+!^$4/&!%&!%&$\!,3a1+'!h!
!! 5&!1$!8&'!1+%$8&$/'!%&!8:;+'#3883#*1+!*+#Y@/&+#!$+!%*'X1'*#*,!%&!%0)1$X83@&!'3#*',3*'3+#!
3$\!&\*@&+)&'!%&!83!X/0+1/2&!9;L!A9"!FCDkKCKCN!
!! T+&!X/1#&)#*1+!%&!%0)1$X83@&!%&!#QX&!RCN!&\#&/+&!Z!1$!3$\!1+%$8&$/'N!&'#!*+'#3880&H!
!
I&X&+%3+#N!)122&!)&83!3!0#0!%0)/*#!&+!uDvN!83!/0@8&2&+#3#*1+!&+!4*@$&$/!Z!)&!'$[&#!'1$8Y4&!
$+!)&/#3*+!+12V/&!%&!-$&'#*1+'!%1+#!8&'!X/*+)*X38&'!'1+#!/3XX&80&'!)*K%&''1$'!_!
!! 53!X/*+)*X38&!20#=1%&!%&!%0#&)#*1+!%&!8:B81#3@&!$#*8*'0&!&+!O/3+)&!X1$/!8&'!*+'#3883#*1+'!
%&!X/1%$)#*1+!%:08&)#/*)*#0!/3))1/%0&'!'$/!8&'!/0'&3$\!%&!%*'#/*V$#*1+!R<!&#!G<7!&'#!%&!
#QX&! X3''*,! J2&'$/&! %&! 83! #&+'*1+! &#! %&! 83! ,/0-$&+)&MN! &#! &88&! X/0'&+#&! $+&! q1+&! %&!
+1+!%0#&)#*1+!*2X1/#3+#&N!
!! .1$/! 8&'! *+'#3883#*1+'! X=1#1418#3>-$&'! /3))1/%0&'! 3$! /0'&3$! R<N! 8&! /0,0/&+#*&8!
#&)=+*-$&! %:"69O! 2&+#*1++&! -$&! 8&! %*'X1'*#*,! %&! 2&'$/&! %:*2X0%3+)&! J%1+)! 3+#*K
B81#3@&M!%&'!1+%$8&$/'!)1+,1/2&'!Z!83!X/0+1/2&!9;L!A9"!FCDkKCKC!X&$#!]#/&!*+=*V0N!
3X/Y'!%&23+%&!3$X/Y'!%$!S69N!!
ACC!
!
.3@&!CF!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
!! 9&'! '*2$83#*1+'! 1+#! 21+#/0! -$&N! %3+'! )&/#3*+'! )3'! 83! 2&'$/&! %:*2X0%3+)&! &'#!
'$')&X#*V8&! %&! X/141-$&/! %&'! %0)1$X83@&'! *+#&2X&'#*,'N! %3+'! %:3$#/&'N! %&! +&! X3'!
%0#&)#&/!$+&!'*#$3#*1+!%:B81#3@&N!1$!V*&+!%&!@0+0/&/!%&'!'$/#&+'*1+'!'&+'*V8&'!J),H!uCmvN!
uCev!&#!uDFvMN!
!! 53! 9;L! A9"! FCDkKCKC! 3%1X#&! %&'! '&$*8'! %&! X/1#&)#*1+! %*,,0/&+#'! %&'! X/1#&)#*1+'! %&!
#QX&!RHC{RHD!&#!%&!83!+1/2&!,/3+a3*'&!LO!"L!kClDlH!
!
T+&! =3/21+*'3#*1+! '&2V8&! %1+)! +0)&''3*/&! '$/! )&! %&/+*&/! X1*+#N! &#N! %&'! 0#$%&'! X8$'!
3XX/1,1+%*&'!'$/!8&'!20#=1%&'!%&!%0#&)#*1+!%:B81#3@&N!X&/2&##3+#!%&!)1+%$*/&!3$!)=1*\!%:$+&!
1$! X8$'*&$/'! 20#=1%&'! @3/3+#*''3+#! )&##&! %0#&)#*1+N! %1*4&+#! ]#/&! )1+%$*#&'H! 5&! )=3X*#/&!
'$*43+#! ,3*#! [$'#&2&+#! 83! %&')/*X#*1+! %&! 83! X8$X3/#! %&'! 20#=1%&'! X1''*V8&'! /&)&+'0&'! Z! )&!
[1$/H!
M!?( :5$.#)'*()'()5$'4$+#,()'("NZ"#$%&'(
53! X8$X3/#! %&'! )3'! %:B81#3@&! X&$4&+#! ]#/&! 3*'02&+#! 04*#0'! &+! )1+#/w83+#! 83! #&+'*1+! &#! 83!
,/0-$&+)&! %$! 6.9! uCFvN! 23*'! *8! X&$#! 3//*4&/N! V*&+! -$&! )&83! /&'#&! X&$! X/1V3V8&N! -$:&+! )3'!
%:B81#3@&!X/1%$)#*1+!&#!)1+'1223#*1+!'1*&+#!-$3'*2&+#!*%&+#*-$&'!&#!&+!)1+'0-$&+)&!-$&!83!
#&+'*1+! &#! 83! ,/0-$&+)&! X$*''&+#! '&! 23*+#&+*/! %3+'! 8&'! X83@&'! 3$#1/*'0&'H! ;8! X&$#! %1+)! ]#/&!
[$@0!+0)&''3*/&!%&!2&##/&!&+!X83)&!%&'!)1223+%&'!'$XX802&+#3*/&'!%&!%0#&)#*1+!%:B81#3@&H!
!
;8! &\*'#&! X8$'*&$/'! 20#=1%&'! %&! %0#&)#*1+! %:B81#3@&! J1$! %0#&)#*1+! %&! X&/#&! %$! /0'&3$!
X/*+)*X38MH!I&!/3XX1/#!'&!8*2*#&!3$\!20#=1%&'!%&!%0#&)#*1+!%:B81#3@&!X1$/!8&'!*+'#3883#*1+'!.A!
J1+%$8&$/'! .AMH! 9&'! 20#=1%&'! %&! %0#&)#*1+! %`B81#3@&! X&$4&+#! ]#/&! %*4*'0&'! &+! #/1*'!
)3#0@1/*&'!JuWv!&#!uCWvM_!!
!! 8&'! 20#=1%&'! X3''*4&'N! V3'0&'! '$/! 8:3+38Q'&! %&'! 43/*3#*1+'! %&! 83! #&+'*1+N! %&! 83!
,/0-$&+)&!1$!%$!%0X=3'3@&N!
!! 8&'! 20#=1%&'! 3)#*4&'N! V3'0&'! '$/! 8:1V'&/43#*1+! %&'! &,,&#'! %:$+&! X&/#$/V3#*1+! )/00&!
*+#&+#*1++&88&2&+#!'$/!8&!/0'&3$N!
!! 8&'!20#=1%&'!$#*8*'3+#!8&'!)122$+*)3#*1+'!&+#/&!8&!/0'&3$!X/*+)*X38!&#!8`1+%$8&$/!.AH!
!
.1$/! 0438$&/! )&'! 20#=1%&'N! *8! ,3$#! %0#&/2*+&/! 8&$/! q1+&! %&! +1+! %0#&)#*1+! J|L9MH! I&88&K)*N!
X1$/!%&'!/3*'1+'!04*%&+#&'!%&!'0)$/*#0N!%1*#!]#/&!83!X8$'!X&#*#&!X1''*V8&!#1$#!&+!+&!@0+0/3+#!
X3'! %&! %0)8&+)=&2&+#! *+#&2X&'#*,H! I&##&! q1+&! &'#! %0,*+*&! X3/! 8&'! X$*''3+)&'! 3)#*4&'! &#!
/03)#*4&'! X1$/! 8&'-$&88&'! 83! 43/*3#*1+! %&! 8:32X8*#$%&! %&! 83! #&+'*1+! &#{1$! %&! 83! ,/0-$&+)&! &'#!
*+'$,,*'3+#&!X1$/!X/141-$&/!8&!%0)8&+)=&2&+#!%&!83!X/1#&)#*1+!X/*+)*X38&H!
!
I&! )=3X*#/&! &'#! $+&! 'Q+#=Y'&! '$/! 8&'! 20#=1%&'! &\*'#3+#&'N! &+! X3/#*)$8*&/! )&88&! %$! /3XX1/#!
}}(#3#&!1,!#=&!3/#!'18$#*1+'!3+%!+&b!)1+)&X#'!,1/!*'83+%*+@!X/1#&)#*1+::!/038*'0!%3+'!8&!)3%/&!%$!
X/1[&#!&$/1X0&+!9;(.c~"6!uWv!&#!%$!/3XX1/#!}}"438$3#*1+!1,!*'83+%*+@!%&#&)#*1+!2&#=1%'!,1/!
X=1#1418#3*)!$#*8*#QK*+#&/3)#*4&!X1b&/!'Q'#&2'::!uCDvH!!
!
"#$%! &'(!)*+,-.'(!/0((12'(!!
5&'!X/*+)*X38&'!20#=1%&'!X3''*4&'!'1+#!)83''0&'!&+!)*+-!)3#0@1/*&'!-$*!'1+#!8&'!'$*43+#&'!_!
!! ./1#&)#*1+'!Z!'&$*8'!%&!#&+'*1+!&#!,/0-$&+)&N!
!! i0#=1%&!61I1O!J/3#&!1,!)=3+@&!,/&-$&+)QM!&#!43/*3+#&'N!
!! i0#=1%&!V3'0&!'$/!83!2&'$/&!%$!%0X=3'3@&!&+#/&!)1$/3+#!&#!#&+'*1+!J418#3@&!4&)#1/!
'=*,#MN!
ACC!
!
.3@&!CC!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
!! i0#=1%&'!V3'0&'!'$/!83!2&'$/&!%&'!=3/21+*-$&'N!
!! i0#=1%&!V3'0&!'$/!83!2&'$/&!%$!%0'0-$*8*V/&!&+#/&!X=3'&'H!
!
5&!<3V8&3$!C!/3XX&88&!8&$/!+12N!8&$/!X/*+)*X&N!8&$/'!343+#3@&'!3*+'*!-$&!8&$/'!*+)1+40+*&+#'H!
5&$/!3+38Q'&!%0#3*880&!,*@$/&!&+!3++&\&!%&!)&!%1)$2&+#H!
!
<3V8&3$!C!?!i0#=1%&'!%&!%0#&)#*1+!%:B81#3@&!X3''*4&'!
:5$.#)'*(
J#7(
A[['$(
B/%,$%&'*(
!,4#,/5,+',$*(
(&$*8!%&!
,/0-$&+)&!
Ji.DM!&#!%&!
#&+'*1+!Ji.CM!
i&'$/&!%&'!
@/3+%&$/'!3$\!
V1/+&'!7I!%&!
8:1+%$8&$/!
90[Z!*+#0@/0&!
X3/!)1+)&X#*1+H!
I1z#!+$8H!
53/@&!|1+&!%&!L1+!
90#&)#*1+!
i&'$/&!%&!83!
%0/*40&!%&!83!
,/0-$&+)&N!%&!83!
#&+'*1+N!%&!83!
X$*''3+)&!3)#*4&!
1$!%&!83!
X$*''3+)&!
/03)#*4&!
.8$'!&,,*)3)&'!
-$&!83!
X/0)0%&+#&!
90#&)#*1+!*+#&2X&'#*4&!
X1''*V8&!81/'!%&!
8:&+)8&+)=&2&+#!%&!@/1''&'!
)=3/@&'!
61I1JON!AN!.!
1$!UM!
Ji.k!Z!eM!
.3''*4&'!
i&'$/&!8&!
A18#3@&!A&)#1/! %0X=3'3@&!&+#/&!
I1z#!X&$!08&40!
(=*,#!Ji.EM!
)1$/3+#!&#!
#&+'*1+!
i&'$/&!
%:=3/21+*-$&'!
Ji.W!&#!i.fM!
90'0-$*8*V/&!
%&'!X=3'&'!
i&'$/&!8&!<G9!
3$\!V1/+&'!7I!
%&!8:1+%$8&$/!
i&'$/&!8:0)3/#!%&!
#&+'*1+!&+#/&!8&'!
X=3'&'!
.3''*4&!&#!
&,,*)3)&!
</Y'!&,,*)3)&!
90#&)#*1+!*+#&2X&'#*4&!
X1''*V8&!&#!)=1*\!%&'!
X3/32Y#/&'!%*,,*)*8&!
I=1*\!%&'!X3/32Y#/&'!#/Y'!
%*,,*)*8&!&#!#/1X!%0X&+%3+#&!
%&!8:*2X0%3+)&!%$!/0'&3$!
I=1*\!%&'!X3/32Y#/&'!
%*,,*)*8&!&#!+&!,1+)#*1++&!-$&!
X1$/!8&'!,3*V8&'!X$*''3+)&'!
L0)&''*#&!8&'!W!X=3'&'!
!
63XX&8!_! &+! O/3+)&N! 8&'! X/1#&)#*1+'! %&! %0)1$X83@&! %&! #QX&! RC! &#! %&! #QX&! GCN! GD! &#! GW!
%0)/*#&'!%3+'!8&!/0,0/&+#*&8!%&'!%*'#/*V$#&$/'!&#!%3+'!8&!@$*%&!T<"!ICEKfFF!+:$#*8*'&+#!-$&!83!
20#=1%&! %$! '&$*8! %&! #&+'*1+! &#! %&! ,/0-$&+)&! %0)/*#&! )*K%&''$'H! 5&'! 3$#/&'! %*'X1'*#*,'! %&!
%0)1$X83@&!J9;L!A9"!FCDkKCKC!&#!GfM!$#*8*'&+#!$+&!20#=1%&!)12X802&+#3*/&!&+!X8$'!%&!83!
20#=1%&!X3''*4&H!
!
5&'! 20#=1%&'! X3''*4&'! /&-$*Y/&+#! '1$4&+#! X&$! %:*+4&'#*''&2&+#! '$XX802&+#3*/&! 3,*+! %:]#/&!
1X0/3#*1++&88&'N!23*'!&88&'!X/0'&+#&+#!8:343+#3@&!%:]#/&!21*+'!X&/#$/V0&'!%3+'!8&'!')0+3/*1'!
Z! ,1/#! #3$\! %&! X0+0#/3#*1+! %&'! 'Q'#Y2&'! .AH! .3/! 3*88&$/'N! 8&'! 20#=1%&'! *2X8*-$3+#! %&'!
2&'$/&'! %&! ,/0-$&+)&! &#! %&! #&+'*1+! X1''Y%&+#! $+&! |1+&! %&! L1+! 90#&)#*1+! /&83#*4&2&+#!
*2X1/#3+#&H! 5&'! 3$#/&'! 20#=1%&'! 3+#*KB81#3@&! 1+#! )&/#&'! $+&! |1+&! %&! L1+! 90#&)#*1+! X8$'!
/&'#/&*+#&N!23*'!*8!&'#!'1$4&+#!+0)&''3*/&!%&!%0,*+*/!$+!'&$*8!Z!+&!X3'!,/3+)=*/!-$*!X&$#!]#/&!
#/Y'!%*,,*)*8&!Z!*%&+#*,*&/H!
ACC!
!
.3@&!CD!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
"#$3! &'(!)*+,-.'(!04+12'(!
5&'! 20#=1%&'! 3)#*4&'! 1+#! 8:343+#3@&! %&! +&! X3'! $+*-$&2&+#! %0X&+%/&! %&'! )3/3)#0/*'#*-$&'!
%&! 83! )=3/@&! &+! 21%&! B81#0H! 5&'! 20#=1%&'! X3''*4&'! X&$4&+#! &+! &,,&#! +&! X3'! ]#/&! 3''&q!
/3X*%&'! '*! &88&'! '&! )1+#&+#&+#! %&! 2&'$/&/! %&'! @/3+%&$/'! 3$\! V1/+&'! 7I! %&! 8:1+%$8&$/! &+!
3##&+%3+#!-$&!8:$+&!%:&+#/&!&88&'!+&!,/3+)=*''&!8&!'&$*8!3$K%&8Z!%$-$&8!8&!%0)1$X83@&!%&4*&+#!
&,,&)#*,H! 5&'! 20#=1%&'! 3)#*4&'N! -$*! @0+Y/&+#! %&'! X&/#$/V3#*1+'! *+[&)#0&'! '$/! 8&! /0'&3$N!
X&$4&+#!,3*/&!%04*&/!$+&!@/3+%&$/!&#!3*+'*!X&/2&##/&!%&!%0#&)#&/!X8$'!/3X*%&2&+#!$+!B81#3@&H!
!
"88&'!'&!%*'#*+@$&+#!&+!D!)3#0@1/*&'!_!
!! I&88&'! V3'0&'! '$/! 83! 2&'$/&! 81)38&! %&'! )3/3)#0/*'#*-$&'! %$! 'Q'#Y2&N! 1$! 2&'$/&!
%:*2X0%3+)&N!
!! "#! )&88&'! V3'0&'! '$/! 8:*+'#3V*8*#0! %$! 'Q'#Y2&! &+! )3'! %:B81#3@&!h! )&'! %&/+*Y/&'! '1+#!
3)#*4&'N!23*'!8&$/!1V[&)#*,!+&!'&/3!X8$'!%:1V'&/4&/!83!/03)#*1+!%$!/0'&3$!Z!$+&!80@Y/&!
X&/#$/V3#*1+! &+! 2&'$/3+#! '1+! *2X0%3+)&N! 23*'! X8$#w#! %&! /&+%/&! 8:B81#3@&! *+'#3V8&! 4*3!
%&'! '*@+3$\! X&/#$/V3#&$/'! 3,*+! -$&! 83! ,/0-$&+)&! 1$! 83! #&+'*1+! '1/#&+#! %&! 8&$/! X83@&!
/&'X&)#*4&N! 3)#*1++3+#! 83! X/1#&)#*1+! %&! %0)1$X83@&H! 5&! X/*+)*X&! %&! V3'&! /&X1'&! '$/!
$+&! /0#/13)#*1+! X1'*#*4&! %&! 83! #&+'*1+! 1$! %&! 83! ,/0-$&+)&! -$*! X&/2&##/3N! &+! )3'!
%:B81#3@&N! %&! ,3*/&! %0/*4&/! 83! #&+'*1+N! 83! ,/0-$&+)&! 1$! 8&! )1$/3+#! =1/'! %&'! X83@&'!
3$#1/*'0&'!X3/!83!+1/2&!&+!4*@$&$/!_!
!! (8*XKi1%&!,/&-$&+)Q!(=*,#!J(i(MN!
!! 7)#*4&!O/&-$&+)Q!9/*,#!J7O9MN!
!! (3+%*3!O/&-$&+)Q!(=*,#!J(O(MN!
!! 63+%12!+1*'&!*+[&)#*1+N!
!! O/&-$&+)Q![$2XN!
!! O/&-$&+)Q!O&&%V3)g!()=&2&N!
!! (3+%*3!A18#3@&!(=*,#!J(A(MN!
!! A18#3@&!O&&%V3)g!()=&2&!
!! 9*,,&/&+#*38!8&4&8!A18#3@&!(=*,#!J9A(M!
!
5&! <3V8&3$! D! /3XX&88&! 8&$/! %0+12*+3#*1+N! 8&$/! X/*+)*X&N! 8&$/'! 343+#3@&'! 3*+'*! -$&! 8&$/'!
*+)1+40+*&+#'H!5&$/!3+38Q'&!%0#3*880&!,*@$/&!&+!3++&\&!%&!)&!%1)$2&+#H!
!
<3V8&3$!D!?!i0#=1%&'!3)#*4&'!%&!%0#&)#*1+!%:B81#3@&!!
:5$.#)'*(
7)#*4&'!X3/!
2&'$/&!
%:*2X0%3+)&!
ACC!
!
J#7(
A[['$(
B/%,$%&'*(
!,4#,/5,+',$*(
90X&+%!%&!83!)=3/@&!&#!
i&'$/&!
i&'$/&!
'&/3*#!Z!8:1/*@*+&!%&!
%:*2X0%3+)&!Z! 8:*2X0%3+)&!3$\! ",,*)3)&!X1$/!$+!
%0)8&+)=&2&+#'!
$+!*+'#3+#!
V1/+&'!7I!%&! $+*-$&!1+%$8&$/
*+#&2X&'#*,'!&+!X/0'&+)&!%&!
%1++0!
8:1+%$8&$/!
X8$'*&$/'!1+%$8&$/'!
i&'$/&!
%:*2X0%3+)&!Z!
$+&!,/0-$&+)&!
)=1*'*&!
i&'$/&!
8:*2X0%3+)&!Z!
$+&!,/0-$&+)&!
3$#/&!-$&!EF!Gq!
90X&+%!%&!83!)=3/@&!&#!
</Y'!&,,*)3)&!
'&/3*#!Z!8:1/*@*+&!%&!
%0)8&+)=&2&+#'!
X1$/!$+!$+*-$&!
1+%$8&$/!
*+#&2X&'#*,'!&+!X/0'&+)&!%&!
X8$'*&$/'!1+%$8&$/'!
.3@&!CW!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
7)#*4&'!X3/!
,/0-$&+)&!
(8*X!21%&!
,/&-$&+)Q!'=*,#!
J(i(M!
904*&!83!
,/0-$&+)&!&+!
,1+)#*1+!%$!
%0X=3'3@&!&#!
/0)*X/1-$&2&+#!
|1+&!%&!L1+!
90#&)#*1+!#/Y'!
/&'#/&*+#&!
O3)#&$/!%&!X$*''3+)&!
%0@/3%0!
7)#*4&!
,/&-$&+)Q!%/*,#!
J7O9M!
90,1/2&!8&!
)1$/3+#!X1$/!
%0'#3V*8*'&/!8&!
/0'&3$!
!
.&$!&,,*)3)&!&#!X&/#$/V3#/*)&!
34&)!V&3$)1$X!%:1+%$8&$/'!
.8$'!&,,*)3)&!
-$&!8:7O9!
.&/#$/V3#/*)&!&+!X/0'&+)&!
%&!+12V/&$\!1+%$8&$/'!
|1+&!%&!L1+!
90#&)#*1+!
*+&\*'#3+#&!&#!
X&$!X&/#$/V3#&$/
</Y'!X&$!&2X81Q0&!'$/!8&!
23/)=0!
O/&-$&+)Q!
[$2X!JOnM!
i1*+'!
X&/#$/V3#&$/!-$&!
;%&2!-$&!8:7O9!
8:7O9!&#!#/Y'!
&,,*)3)&!X1$/!$+!
$+*-$&!1+%$8&$/
.&/#$/V3#/*)&!&+!X/0'&+)&!
%&!+12V/&$\!1+%$8&$/'!
O/&-$&+)Q!
,&&%V3)g!
A3/*&!83!
X$*''3+)&!
/03)#*4&!81/'!
%:$+&!43/*3#*1+!
%&!,/0-$&+)&!
.&$!
X&/#$/V3#/*)&!
i1*+'!,*3V8&!-$&!8&'!3$#/&'!
20#=1%&'!3)#*4&'!
(3+%*3!A18#3@&! 904*&!8:32X8*#$%&!
(=*,#!J(A(M!
%&!83!#&+'*1+!
.&$!
X&/#$/V3#/*)&!
|1+&!%&!L1+!90#&)#*1+!
3''&q!83/@&!&#!)=1*\!%&'!
X3/32Y#/&'!%*,,*)*8&!
A18#3@&!
,&&%V3)g!
A3/*&!83!
X$*''3+)&!3)#*4&!
81/'!%:$+&!
43/*3#*1+!%&!
#&+'*1+!
.&$!
X&/#$/V3#/*)&!
i1*+'!,*3V8&!-$&!8&'!3$#/&'!
20#=1%&'!3)#*4&'!
9*,,&/&+#*38!
418#3@&!'=*,#!
J9A(M!
O3*#!/3X*%&2&+#!
43/*&/!8:32X8*#$%&!
%$!)1$/3+#!%&!
'1/#*&!
",,*)3)&!
;+#&2X&'#*,'!X1''*V8&'!&+!
)3'!%&!%&+'*#0!,1/#&!
%:1+%$8&$/'!
i]2&!X/*+)*X&!
(3+%*3!
-$&!83!
,/&-$&+)Q!%/*,#! X/0)0%&+#&!34&)!
$+&!V1$)8&!
J(O(M!
X1'*#*4&!
63+%12!+1*'&!
*+[&)#*1+!
7)#*4&'!X3/!
#&+'*1+!
;+[&)#*1+!%:$+!
V/$*#!V83+)!
!
63XX&8!_! &+! O/3+)&N! 8&'! %*'X1'*#*,'! %&! X/1#&)#*1+! *+#&/+&'! 3$\! 1+%$8&$/'! %*'X1'3+#! %:$+!
)&/#*,*)3#! %&! )1+,1/2*#0! Z! 83! X/0+1/2&! 9;L! A9"! FCDkKCKC! %1*4&+#! $#*8*'&/N! &+! X8$'! %&! 83!
20#=1%&!X3''*4&!%$!'&$*8!%&!#&+'*1+!,/0-$&+)&N!$+&!20#=1%&!)12X802&+#3*/&!%&!%0#&)#*1+!
%:B81#3@&!/038*'0&!#/Y'!'1$4&+#!X3/!2&'$/&!%$!'3$#!%:*2X0%3+)&H!
ACC!
!
.3@&!Cf!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
"#$5! &'(!)*+,-.'(!6+171(08+!7'(!4-))68140+1-8(!'8+9'!7'!9*('06!/91841/07!'+!7:-8.67'69!
;"$!
</1*'!20#=1%&'!$#*8*'3+#!8&!X/*+)*X&!%:$+&!)122$+*)3#*1+!&+#/&!$+!02&##&$/!&#!$+!/0)&X#&$/!_!
!! I122$+*)3#*1+'!*+%*-$3+#!83!X/0'&+)&!%:0+&/@*&!'$/!8&'!8*@+&'N!
!! (*@+38!02*'!&#!#/3+'2*'!81/'!%$!%0V/3+)=&2&+#!%&!)12X1'3+#'N!
!! (Q'#Y2&!'$X&/4*'&$/!%&!)1+#/w8&!&#!3)-$*'*#*1+!%&!%1++0&'!J(I797MH!
!
5&!!
<3V8&3$!W!/3XX&88&!8&$/!+12N!8&$/!X/*+)*X&N!8&$/'!343+#3@&'!3*+'*!-$&!8&$/'!*+)1+40+*&+#'H!!
!
<3V8&3$!W!?!i0#=1%&'!%&!%0#&)#*1+!%:B81#3@&!X3/!)122$+*)3#*1+!
E'*(75$.#)'*(
@3+,4+-'(
B/%,$%&'*(
!,4#,/5,+',$*(
T#*8*'3#*1+! %&! 83!
)122$+*)3#*1+!
4*3! 8&'! 8*@+&'!
08&)#/*-$&'! JT'&!
1,! .1b&/! 5*+&!
I3//*&/!
I122$+*)3#*1+'M!
T+! '*@+38! %&! ,3*V8&! 0+&/@*&! 8&!
81+@! %&'! 8*@+&'! %$! /0'&3$!
&+41Q0!4*3!8&!#/3+'2&##&$/H!5&!
/0)&X#&$/!
%0#&)#&/3!
8&!
X/0'&+)&!1$!+1+!%&!)&!'*@+38H!
74&)!$+&!)1$X$/&!%$!/0'&3$N!
)&! '*@+38! %*'X3/3B#N! 8:1+%$8&$/!
/&a1*#! 8:1/%/&! %&! )&''&/! #1$#&!
1X0/3#*1+H!
K! .3'! %&! q1+&! +1+!
%0#&)#*1+N!
X3'!
%&!
%0@/3%3#*1+!
%&!
83!
X$*''3+)&N! X&/2&#! $+!
=3$#! %&! %&@/0! %&!
X0+0#/3#*1+N! $#*8*'&! 8&!
/0'&3$!
08&)#/*-$&!
&\*'#3+#!
K!
</3+'2&##&$/!
)3X3V8&! %:&+41Q&/! $+!
'*@+38! Z! #1$'! 8&'!
1+%$8&$/'N!8&!X/*\!
(*@+38!
X/1%$*#! 5:0#3#! %$! )122$#3#&$/! &'#!
X3/!%0)1++&\*1+! %*/&)#&2&+#! )122$+*-$0! 3$!
@0+0/3#&$/! %*'#/*V$0! X3/!
J(*@+38! ./1%$)&%!
8:*+#&/20%*3*/&! %&! 83! 8*3*'1+!
VQ!9*')1++&)#!M!
=&/#q*&++&N! %&! 83! 8*@+&!
#080X=1+*-$&!
($X&/4*'1/Q!
I1+#/18! 3+%! 93#3!
7)-$*'*#*1+!
J(I797M!
K!",,*)3)&!
K! .&/2&#! 83! )1223+%&!
3%%*#*1++&88&!
%&'!
@0+0/3#&$/'! %*'#/*V$0'!
X3/!8&!/0'&3$!
K! 7$)$+&! |L9! +:3! 0#0!
%0)/*#&!
X1$/!
)&##&!
20#=1%&!
K!)&##&!20#=1%&!'&/3*#!
/&83#*4&2&+#! )=Y/&! &#!
)12X8*-$0&! ! 2&##/&!
&+!^$4/&!
;+#/1%$)#*1+! ! %&! 'Q'#Y2&'! K! I1+#/w8&! X3/#*&8! 1$! K! 5*2*#0! 3$! X&#*#!
/0'&3$!
(I797! %3+'! 8&'! 1+%$8&$/'!_! #1#38!%$!@0+0/3#&$/!
81/'-$:*8!Q!3!$+&!%0)1++&\*1+N!
K!|L9!,3*V8&!
K! L0)&''*#0! %&'!
%&'! 383/2&'! '1+1/&'! '&!
21Q&+'!
=$23*+'!
2&##&+#! &+! /1$#&! &#! %&'!
+1#3V8&'!
21Q&+'! %:3)#*1+! X&$4&+#! ]#/&!
K!)1z#!08&40!
2*'!&+!^$4/&!
!
63XX&8!_! &+! O/3+)&N! 8&'! X/1#&)#*1+'! %&! %0)1$X83@&! %&! #QX&! Gf! %0)/*#&'! %3+'! 8&! /0,0/&+#*&8!
%&'!%*'#/*V$#&$/'!&#!%3+'!8&!@$*%&!T<"!ICEKfFF!$#*8*'&+#N!&+!X8$'!%&!83!20#=1%&!X3''*4&!%$!
'&$*8!%&!#&+'*1+!&#!,/0-$&+)&N!83!20#=1%&!%&!x!'*@+38!X/1%$*#!X3/!%0)1++&\*1+!yH!
"#$<! =20760+1-8!.'(!)*+,-.'(!/0((12'(!.'!.*+'4+1-8!.>?7-+0@'!
93+'!8&!)3%/&!%$!X/1[&#!"(.6;<!uCkvN!+&$,!20#=1%&'!X3''*4&'!%&!%0#&)#*1+!%:B81#3@&!1+#!0#0!
#&'#0&'! X3/! %&'! '*2$83#*1+'! 3,*+! %:0438$&/! %:$+&! X3/#! 8&$/! &,,*)3)*#0! Z! %0#&)#&/! $+&! '*#$3#*1+!
%:B81#3@&N! 3,*+! %&! )1+%$*/&! Z! $+! %0)1$X83@&! %$! /0'&3$! %&! 8:1+%$8&$/N! &#! %:3$#/&! X3/#N! 8&$/!
)3X3)*#0!Z!+&!X3'!@0+0/&/!%&'!%0)1++&\*1+'!*+#&2X&'#*4&'!X3/!$+&!#/1X!@/3+%&!'&+'*V*8*#0H!
I&'!+&$,!20#=1%&'!3XX3/#*&++&+#!3$\!-$3#/&!X/&2*Y/&'!)3#0@1/*&'!8*'#0&'!%3+'!8&!<3V8&3$!CH!
ACC!
!
.3@&!CE!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
M!?U?Q( E+*$'()'*(75$.#)'*($'*$5'*(
I&'!+&$,!20#=1%&'!'1+#!8&'!'$*43+#&'!_!
:5$.#)'*(-%**+/'*()'()5$'4$+#,()NZ"#$%&'(
:@Q(6(H5$'4$+#,()2(*'2+"()'($',*+#,((
I02,"JK$,"'8.)/#C,'LIJK8MN'
:@T6(H5$'4$+#,()2(*'2+"()'([3512',4'((
I02,"JK$,"'O",G%,0-P'LIJKOMN'
:@W(6(H5$'4$+#,()2($%2\()'()+*$#3*+#,(.%37#,+12'()'($',*+#,((
!./#)'Q#">.0*-'5*+/."/*.0'.1'8.)/#C,'L8R!Q5N'
:@U(6(H5$'4$+#,()2($%2\()'()+*$#3*+#,(.%37#,+12'()'(4#23%,$((
!./#)'Q#">.0*-'5*+/."/*.0'.1'B%"",0/'L9R!Q5N'
:@](6(H5$'4$+#,()'(*%2$()'(-.%*'()'($',*+#,(
8.)/#C,'M?#+,'S%>T'5,/,-/*.0'L8MS5N'
:@^(6(H5$'4$+#,()'(/%3+%$+#,()'()53+/5'()'("%([3512',4'(
F#/,'.1'B?#0C,'.1'O",G%,0-P'LF.B.ON''
:@F(6(H5$'4$+#,()'(/%3+%$+#,()'()53+/5'()'($',*+#,(
F#/,'.1'B?#0C,'.1'8.)/#C,'LF.B.8N'!
:@L(6(H5$'4$+#,()'(/%3+%$+#,()'()53+/5'()'(-2+**%,4'(%4$+/'((
F#/,'.1'B?#0C,'.1'4-/*$,'M.U,"'K%/T%/'LF.B.MN!
:@P(6(H5$'4$+#,()'(/%3+%$+#,()'()53+/5'()'(-2+**%,4'(35%4$+/'((
F#/,'.1'B?#0C,'.1'F,#-/*$,'M.U,"'K%/T%/'LF.B.VN!
I,H!7++&\&!X1$/!8&$/!X/*+)*X&!%:3)#*1+H!
M!?U?T( G%)3'()'*(*+72"%$+#,*('$(4#,[+&23%$+#,*()'($'*$(
5&'!'*2$83#*1+'!/038*'0&'!)*K%&''1$'!1+#!)122&!1V[&)#*,'!%:0#$%*&/!!8:&,,*)3)*#0!%&!%*,,0/&+#&'!
20#=1%&'!X3''*4&'!%&!%0#&)#*1+!%:$+&!'*#$3#*1+!%:B81#3@&!%:$+!Vt#*2&+#N!):&'#KZK%*/&!81/'-$&!
)&8$*K)*! &'#! '0X3/0! %$! /0'&3$! R<N! '$*#&! X3/! &\&2X8&! Z! 8:1$4&/#$/&! %$! %*'[1+)#&$/! %&!
V/3+)=&2&+#N!&#!)1+#*+$&/3*#!Z!]#/&!38*2&+#0!X3/!$+&!*+'#3883#*1+!.AH!
!
5&!/0'&3$!$#*8*'0!X1$/!&,,&)#$&/!)&'!'*2$83#*1+'!&'#!%&!#QX&!R<!#/*X=3'0!34&)!+&$#/&!38*2&+#0!
X3/!$+!#/3+',1/23#&$/!%&!CkFgA7N!DF{FHfgAH!;8! '&!)12X1'&!%&!Cf!+^$%'! '$/!8&'-$&8'!'1+#!
)1++&)#0'!$+!1+%$8&$/!.A!21+1X=3'0!%&!W!gA7!J+^$%!lMN!$+&!)=3/@&!#/*X=3'0&!J+^$%!WM!
&#!e!)=3/@&'!21+1X=3'0&'N!%1+#!$+&!3$!+^$%!lH!5&'!'*2$83#*1+'!1+#!0#0!/038*'0&'!34&)!8&!
81@*)*&8!"i<.K6AH!
!
!
ACC!
!
.3@&!Ck!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
)#(
#01*(
)*)#
XC XD
LC LD
3
V
)
X
.;
.
.
.
.
)
)#-
.;
!"#% !"#&'!"#&$
A•X$
A•X$
XC XD
LC LD
V
.
.;
X
!"#+'
A•X$
L
#01*%
#01*-
X
)*)#
A•X$
XC XD
LC LD
)#,
#01*,
X
)#%
L
X
L
L
L
!"#$
X
8>$
X
L
X
)
A•X$
.;
)#/
2*34554
@M_W`a
)#$$
#01*$$
<#+?*(@:
X
L
!"#+%
!"#+(
XC XD
LC LD
XC XD
LC LD
.;
!"#&(
2*34554
2*34554
L
2*34554
3
XC XD
LC LD
X
2*34554
A•X$
!"#+,
V
.;
X
.;
X
.;
)#$'
X
XC XD
LC LD
.
)#.
!"#+$
.
.
#01*$,
.
=)
*4#-'
c
EFGq
2*34554
!"#+/
XC XD
LC LD
0%
@M_Q`a
2*34554
!
*)
.;
!
)#$,
;*<#
bAi
‚4
<)
*4#-'
L
9:% !
A•X$
€
KC•CHE•F
!
9*)
*4#-'
!
.A3
L
.A
.AV
L
.A)
XC XD
LC LD
X
!
3
*)
XC XD
LC LD
!
X
)#+
EFGq
!"#+&
[d2e
T
0$ @
A•X$
€
)8$
!6*$
C
D
€
5O
X
X
X
AG<7•X$
!"#.%
Q
2*34554
#01*+
#01*$
2*34554
2*34554
2*34554
X
.;
#01*7#
7#
A•X$
.
i.5c<
€
X
3
XC XD
LC LD
95*'%2(SKB(TR(`M
!
#01*&
X
)#&
!"#+-
#01*$(
!"#++
!"#+.
)#$%
XC XD
LC LD
XC XD
LC LD
.;
.;
L
X
3 A•X$
2*34554
2*34554
L
L
X
A•X$
X
V
.
X
<#$(
.
#01*$%
!
O*@$/&!D!K!60'&3$!R<!0#$%*0!!
5&'! )1+,*@$/3#*1+'! %&! #&'#'! )1+)&/+&+#! 8&'! +*4&3$\! /&83#*,'! %&'! X$*''3+)&'! J3)#*4&'! &#!
/03)#*4&'M! %&! 8:1+%$8&$/! &#! %&! 83! )=3/@&! /3))1/%0&! 3$! 2]2&! +^$%! &#! '$/! 8&'! 43/*3#*1+'!
/3X*%&'!%&!)&88&'K)*!_!
!
!
A[[+4%4+$5()'()5$'4$+#,()'("NZ"#$%&'(
(*#$3#*1+C!_!
.)=3/@&•81)38&!ƒ!.1+%$8&$/•.A!!JU!+$88&'M!
(*#$3#*1+!D!_!
.)=3/@&•81)38&!„!.1+%$8&$/•.A!!JU!+$88&'M!
95*+*$%,4'(
%2\(
)54#,,'\+#,*( !
+,$'7-'*$+/'*(
(*#$3#*1+W!_!
.)=3/@&•81)38&!ƒ!.1+%$8&$/•.A!!!
U)=3/@&•81)38&!ƒ!U1+%$8&$/•.A!
V/$'-$&!43/*3#*1+!%&!.)=3/@&•81)38&!J€CFF…M!
(*#$3#*1+!f!_!
.)=3/@&•81)38&!ƒ!.1+%$8&$/•.A!!!
U)=3/@&•81)38&!ƒ!U1+%$8&$/•.A!
V/$'-$&!43/*3#*1+!%&!.1+%$8&$/•.A!!J%&!DF!Z!CFF…!.+12M!
M!?U?W( A/%"2%$+#,()'*()+[[53',$'*(75$.#)'*(
5&!V*83+!%&'!'*2$83#*1+'!&'#!%/&''0!%3+'!8&!#3V8&3$!'$*43+#!_!
!
<3V8&3$!f!K!R*83+!%:0438$3#*1+!%&'!20#=1%&'!X3''*4&'!%&!%0#&)#*1+!%:B81#3@&!X3/!
'*2$83#*1+'!
(
(
:5$.#)'*(
(
i.C!JIJK8MN!
ACC!
!
G%-%4+$5()'()5$'4$+#,()NZ"#$%&'(
4%*(&5,53%"(
4%*(#f("N54%3$('*$(
d*+$2%$+#,(Qe(
[%+Y"'(',$3'(
-3#)24$+#,('$(
4#,*#77%$+#,(
d*+$2%$+#,(Te(
.&$!&,,*)3)&!
21%0/&2&+#!&,,*)3)&!
9+*12'()'()54#,,'\+#,(+,$'7-'*$+/'((
4%*()'(/%3+%$+#,(
4%*()'(/%3+%$+#,()'("%(
)'("%(4.%3&'(
-3#)24$+#,(
d*+$2%$+#,(We(
(d*+$2%$+#,(Ue(
.&$!X/1V3V8&!
.3@&!Cl!'$/!EF!
.&$!X/1V3V8&!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
i.D!LIJKOMN!
i.W!L8R!Q5N!
i.f!L9R!Q5N!!
i.E!JA.n9M!
i.k!J61I1OM!
i.l!J61I1AM!
i.m!J61I1.M!
i.e!J61I1UM!
",,*)3)&!
",,*)3)&!
",,*)3)&!
",,*)3)&!
</Y'!&,,*)3)&!
</Y'!&,,*)3)&!
</Y'!&,,*)3)&!
</Y'!&,,*)3)&!
!
!
21%0/&2&+#!&,,*)3)&!
.&$!&,,*)3)&!
.3'!#/Y'!&,,*)3)&!
.&$!&,,*)3)&!
.&$!&,,*)3)&!
.&$!&,,*)3)&!
.&$!&,,*)3)&!
.&$!&,,*)3)&!
L1+!
./1V3V8&!
L1+!
L1+!
.&$!X/1V3V8&!
</Y'!X/1V3V8&!
</Y'!X/1V3V8&!
</Y'!X/1V3V8&!
L1+!
L1+!
./1V3V8&!
./1V3V8&!
.&$!X/1V3V8&!
</Y'!X/1V3V8&!
</Y'!X/1V3V8&!
</Y'!X/1V3V8&!
M!?U?U( 9'7%312'*('$(4#,4"2*+#,*(
6&23/-$&'!_!
!! 5&'! 20#=1%&'! X3''*4&'! X&$4&+#! ]#/&! $#*8*'0&'! X1$/! 83! %0#&)#*1+! %:B81#3@&N! 23*'! &88&'!
X/0'&+#&+#!$+&!q1+&!%&!+1+!%0#&)#*1+!*+04*#3V8&N!&+!X3/#*)$8*&/!%3+'!8&!)3'!1r!8:0)3/#!
%&!X/1%$)#*1+!&#!)1+'1223#*1+!&'#!,3*V8&N!
!! I&'! 20#=1%&'! '1+#! #/Y'! '*2X8&'! Z! 2&##/&! &+! ^$4/&! &#! +&! +0)&''*#&+#! X3'! %&!
%*'X1'*#*,'!3%%*#*1++&8'N!
!! "88&'! +&! X/141-$&+#! X3'! %&! X&/#$/V3#*1+'! '$/! 8&! ,1+)#*1++&2&+#! %$! /0'&3$! 1$!
%:*+#&/3)#*1+'!&+#/&!8&'!1+%$8&$/'N!
!! 5&'!20#=1%&'!i.C!&#!i.D!'1+#!+1/238&2&+#!*+#0@/0&'!%3+'!#1$'!8&'!1+%$8&$/'H!
!
!
I1+)8$'*1+'!_!
!! 5&'! 20#=1%&'! i.C! &#! i.D! '1+#! X&$! &,,*)3)&'! &+! )3'! %:0-$*8*V/&!
X/1%$)#*1+{)1+'1223#*1+N!
!! 53! 20#=1%&! V3'0&! '$/! 83! %0/*40&! %&! 83! ,/0-$&+)&! Ji.k!_! 61I1OM! &'#! 83! X8$'!
*+#0/&''3+#&! )3/! &88&! &'#! &,,*)3)&! &#! X&/2&#! ,3)*8&2&+#! %:*%&+#*,*&/! 8&! 212&+#! 1r!
3XX3/3*#!8:B81#3@&!&#!23*'!&88&!/*'-$&!%&!@0+0/&/!%&'!%0)1++&\*1+'!*+[$'#*,*0&'N!
!! 5&'!20#=1%&'!i.W!&#!i.E!)1+4*&++&+#!X1$/!%0#&)#&/!8:B81#3@&!&+!@0+0/38!23*'!'1+#!
X&$!&,,*)3)&'!&+!)3'!%:0-$*8*V/&!X/1%$)#*1+{)1+'1223#*1+N!
!! 5:$#*8*'3#*1+! %&'! 20#=1%&'! i.fN! i.lN! i.mN! i.e! &'#! %0)1+'&*880&! )3/! 83! 43/*3#*1+!
,/0-$&+#&! &#! V/$#38&! %&! 83! X/1%$)#*1+! .A! &+! ,1+)#*1+! %&! 8:&+'18&*88&2&+#! X&$#!
X/141-$&/!%&'!%0)1++&\*1+'!*+[$'#*,*0&'H!
!
I&##&!0#$%&!3!21+#/0!8:&,,*)3)*#0!%&'!20#=1%&'!X3''*4&'C!%3+'!8&!)3'!1r!*8!+:Q!3!X3'!0-$*8*V/&!
&+#/&! X/1%$)#*1+! &#! )1+'1223#*1+N! 2]2&! '*! &88&'! +&! @3/3+#*''&+#! X3'! #1#38&2&+#! 83!
%0#&)#*1+H! i3*'! X1$/! /0'1$%/&! )&! X/1V8Y2&! +&! %04&81XX&K#K1+! X3'! %&'! 'Q'#Y2&'! %&!
%0#&)#*1+! '1X=*'#*-$0'! X1$/! $+! 040+&2&+#! *2X/1V3V8&!‚! 5&! )=3X*#/&! '$*43+#! 3XX1/#&! %&'!
/0X1+'&'H!
M!!?( @3#Y%Y+"+$5()N#44233',4'()'("NZ"#$%&'(
53!X/1V3V*8*#0!%`1))$//&+)&!%&!)&'!B81#3@&'!,3*#!#1$[1$/'!%0V3#N!23*'!%&$\!0#$%&'!)1+)&/+3+#!
%&'! 2&'$/&'! %&! #&//3*+! '1+#! X/*+)*X38&2&+#! )*#0&'_! )&88&'! %&! 8`7@&+)&! ;+#&/+3#*1+38&! %&!
8:"+&/@*&!J7;"M!uDv!X1$/!83!#t)=&!.A.(!E!&#!%$!X/1[&#!"$/1X0&+!9;(.c~"6!uWvH!!
93+'! 8&'! %&$\! )3'! 83! X/1V3V*8*#0! %`3))*%&+#! 83! X8$'! ,1/#&! )1+)&/+&! 8&'! 1X0/3#&$/'! %&!
23*+#&+3+)&N! X$*'-$&! %3+'! )&##&! '*#$3#*1+! 8&! /0'&3$! &'#! )1$X0! 4181+#3*/&2&+#H! 53! '*#$3#*1+!
1r!8`0-$*8*V/&!%&'!)=3/@&'!'&!X/1%$*#!&+!2]2&!#&2X'!-$`$+&!)1$X$/&!*+4181+#3*/&!%$!/0'&3$!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"
!5&'!20#=1%&'!3)#*4&'!+:1+#!X3'!,3*#!8:1V[&#!%:$+&!0#$%&!'*2*83*/&H!
ACC!
!
.3@&!Cm!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
3!$+&!X8$'!,3*V8&!X/1V3V*8*#0N!&+!X3/#*)$8*&/!%3+'!8&'!X3Q'!%04&81XX0'!)122&!&+!"$/1X&!1r!8&!
/0'&3$! &'#! X8$'! /1V$'#&H! I`&'#! %1+)! '$/! 83! X/1V3V*8*#0! %`B81#3@&! %$/3+#! 8&'! 1X0/3#*1+'! %&!
23*+#&+3+)&!-$&!X1/#&+#!)&'!X3/3@/3X=&'H!
!
c+! %*'#*+@$&/3! 83! X/1V3V*8*#0! %`$+! B81#3@&! %&! 83! X/1V3V*8*#0! 2W#--*2,0/' %z! Z! $+! B81#3@&N! )&##&!
%&/+*Y/&!0#3+#!*+,0/*&$/&!%&!#/1*'!1/%/&'!%&!@/3+%&$/!%3+'!8&'!X/0'&+#&'!0#$%&'H!
!
Q?( A$2)'(B!A(
(
I&##&!0#$%&!3!)122&!1V[&)#*,!%:0438$&/!83!X/1V3V*8*#0!%:08&)#/*'3#*1+!%:$+!*+#&/4&+3+#!%3+'!8&!
)3'!%:$+&!'*#$3#*1+!B81#3@&!%:$+!%0X3/#!R<!&\)8$'*4&2&+#H!I&##&!X/1V3V*8*#0!%`3))*%&+#!.3))!%$!
Z!$+&!'*#$3#*1+!%:B81#3@&!'&!%0)12X1'&!%&!83!23+*Y/&!'$*43+#&_!
@%44(g(@512(h(@7%+,$',%,4'(h(@#-'3%$'23(h(@#,)2"'23( (
!
cr!.0-$!&'#!83!X/1V3V*8*#0!%`0-$*8*V/&!&+#/&!83!X/1%$)#*1+!&#!8&'!)=3/@&'N!.23*+#&+3+)&!)&88&!%`$+&!
1X0/3#*1+!%&!23*+#&+3+)&N!.1X&/3#&$/!$+!,3)#&$/!X/&+3+#!&+!)12X#&!8&'!X/3#*-$&'!'0)$/*#3*/&'!
%&'! 1X0/3#&$/'! *+#&/4&+3+#'N! &#! .1+%$8&$/! 83! X/1V3V*8*#0! -$&! 8&'! X/1#&)#*1+'! %&! 8`1+%$8&$/! +&!
,1+)#*1++&+#!X3'H!!
!
.1$/!8&'!)38)$8'!&#!438&$/'!/0'$8#3+#&'!%&!)&'!X/1V3V*8*#0'N!1+!)1+'*%Y/&_!!
@7%+,$',%,4'( _! X1$/! $+! 1X0/3#&$/! )1$X3+#! 8&! /0'&3$! m! ,1*'! X3/! [1$/! J1$4/0MN! .23*+#&+3+)&! „!
TRRRi%,H!;)*!1+!3!)1+'*%0/0!-$&!#1$#&'!8&'!*+#&/4&+#*1+'!'1+#!X1#&+#*&88&2&+#!Z!/*'-$&'N!%1+)!
%3+'!%&'!q1+&'!Z!,1/#&!*+#0@/3#*1+!.AH!
!
@#-'3%$'23! _! X/*'&! %&! ,3a1+! &2X*/*-$&! 0@38&! Z! QR_WN! 3$#/&2&+#! %*#! %3+'! $+! )3'! '$/! 2*88&!
8`1X0/3#&$/!*+#&/4&+3+#!+&!/&'X&)#&!X3'!8&'!)1+'*@+&'!%&!'0)$/*#0N!)122&!83!40/*,*)3#*1+!%&!83!
2*'&!=1/'!#&+'*1+!%&'!8*@+&'!Z!/0X3/&/H!
!
@#,)2"'23! &'#! X/*'&! 0@38&! Z! QR_WN! )&! -$*! )1//&'X1+%! Z! CF! ,1+)#*1++&2&+#'! '$))&''*,'! /0$''*'!
JJC{DMCFM! %&! x!X&/,1/23+)&! Z! 83! %&23+%&!y! JX$*'-$&! )`&'#! $+! 04Y+&2&+#! +1+! ,/0-$&+#M! %&'!
X/1#&)#*1+'! %&! %0)1$X83@&H! I:&'#! $+&! 438&$/! *''$&! %&! #&'#'! *+%$'#/*&8'! '$/! 8&'! 1+%$8&$/'! &+!
)3'!%&!X&/#&!%$!/0'&3$N!-$*!'&!'*#$&!&+#/&!8&'!+*4&3$\!(;5D!&#!(;5W!J(3,&#Q!;+#&@/*#Q!5&4&8MH!!!
T+! +1+K,1+)#*1++&2&+#! %$! %0)1$X83@&! X&$#! X3/! &\&2X8&! )1//&'X1+%/&! Z! $+! 0)=&)! %&! 83!
)122$+*)3#*1+!&+#/&!8&!81@*)*&8!&#!8&!/&83*'!%&!%0)1++&\*1+H!
!
@512_! 53! O*@$/&! W! X/0'&+#&! %&'! X/1,*8'! [1$/+38*&/'! '*2X8*,*0'! %&! )&##&! X/1%$)#*1+! &#! %&'!
)=3/@&'N! X1$/! *88$'#/&/! 8&'! X0/*1%&'! %`0-$*8*V/&H! I&##&! X/1V3V*8*#0! %`0-$*8*V/&! &'#! 83! X8$'!
)12X8&\&! Z! 1V#&+*/N! &#! 3! 0#0! )38)$80&! Z! X3/#*/! %&! 2&'$/&'! &\X0/*2&+#38&'! %`$+! -$3/#*&/!
/0'*%&+#*&8!&+!G1883+%&!J%0#3*8'!%3+'!uCCvMH!!
9$!)w#0!%&!83!X/1%$)#*1+N!83!X$*''3+)&!%`$+!21%$8&!.A!%&!CFF!~)!)1$X80!Z!$+!1+%$8&$/!%&!
2]2&! X$*''3+)&! 3! 0#0! 2&'$/0&! %$/3+#! D! 3+'N! X3/! X3'! %&! #&2X'! %`$+&! '&)1+%&H! 9$! )w#0!
)1+'1223#*1+N!'*\!8*@+&'!R<!%*,,0/&+#&'!J#1#38*'3+#!DfF!23*'1+'M!1+#!0#0!21+*#1/0&'!%$/3+#!83!
2]2&!X0/*1%&!23*'!8&'!/0'$8#3#'!'1+#!'*2*83*/&'!%`$+&!8*@+&!Z!8`3$#/&H!
!
53! X$*''3+)&! .A! 3! 0#0! &+'$*#&! 2$8#*X8*0&! X1$/! '*2$8&/! 8&! #3$\! %&! X0+0#/3#*1+! .AN! &+!
)=1*'*''3+#!%*,,0/&+#'!2$8#*X8*)3#&$/'!&#!&+!0#$%*3+#!8`*2X3)#!'$/!8&'!X/1V3V*8*#0'!%`0-$*8*V/&H!
!
74&)! )&'! 2&'$/&'N! .&-$! )1//&'X1+%! 3$! /3#*1! %$! +12V/&! %`1))$//&+)&'! %`0-$*8*V/&'! X&+%3+#!
$+&!X0/*1%&!'$X0/*&$/&!Z!E!'!&#!'$/!$+!3+N!2$8#*X8*0!X3/!83!%$/0&!%`0-$*8*V/&N!&#!%*4*'0!X3/!8&!
ACC!
!
.3@&!Ce!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
+12V/&! %&! '&)1+%&'! 3%0-$3#&'! '$/! $+! 3+! JCF! =! X3/! [1$/MH! ! T+! &\&2X8&! %&! @/3X=*-$&!
%`1))$//&+)&'!&+!,1+)#*1+!%&!8&$/!%$/0&!&'#!%1++0!&+!O*@$/&!fN!X1$/!8&'!X$*''3+)&'!3)#*4&'!
$+*-$&2&+#H!
.&-$! %0X&+%! ,1/#&2&+#! %&'! 23/@&'! %&'! %*,,0/&+)&'! &+#/&! 83! X/1%$)#*1+! &#! 8&'! )=3/@&'! X1$/!
8&'-$&88&'! 1+! )1+'*%Y/&! -$`*8! Q! 3! #1$[1$/'! $+! 0-$*8*V/&N! %3+'! )&##&! 0#$%&! 8&'! 438&$/'! -$*!
'&2V83*&+#! 8&'! X8$'! /038*'#&'! X1$/! )1+'&/4&/! $+! 0-$*8*V/&! '1+#! %&! €{KE! …! X1$/! 83! X$*''3+)&!
3)#*4&! &#! €{KD! …! X1$/! 83! X$*''3+)&! /03)#*4&! J)&'! 438&$/'! +`0#3+#! X3'! 0#3Q0&'! X3/! %&'!
/0,0/&+)&'MH!!
!
7$! ,*+38N! %3+'! )&##&! 0#$%&N! 83! X/1V3V*8*#0! %`$+! 0-$*8*V/&! .&-$! &'#! %&( QR_^! X1$/! $+! #3$\! %&!
X0+0#/3#*1+D!.A!%&!CN!-$*!)1//&'X1+%!Z!&+4*/1+!eFF!~)!X3/!23*'1+H!.1$/!#/1*'!,1*'!)&!#3$\!83!
X/1V3V*8*#0!3$@2&+#&!Z!CFKEN!X/1V3V8&2&+#!%$!,3*#!%`$+!X8$'!@/3+%!0-$*8*V/&!&+#/&!X$*''3+)&'!
/03)#*4&'H!
!
7$!,*+38!83!X/1V3V*8*#0!%`$+!3))*%&+#!&'#!%&_!
.3))!„!CFKk!†!DFFF{3+!†!CFKW!†!CFKW!„(T(QR_Pi%,i#-53%$'23(
!
93+'!8`*+%$'#/*&N!&#!+1#322&+#!X1$/!8`$#*8*'3#*1+!%12&'#*-$&!%$!@3qN!$+&!X/1V3V*8*#0!%`3))*%&+#!
%&! D! CFKk{3+{X&/'1++&! &'#! @0+0/38&2&+#! 3))&X#0&! J#&88&! -$`&+! 7+@8&#&//&MH! 9`3X/Y'! )&'!
)38)$8'!83!X/1V3V*8*#0!%`B81#3@&!&'#!%1+)!V*&+!&+!%&aZ!%&'!8*2*#&'!)122$+02&+#!3))&X#0&'H!
!
7!+1#&/!-$&!%`3$#/&'!)1+%*#*1+'!&\X0/*2&+#38&'!X1$//3*&+#!3,,&)#&/!)&##&!X/1V3V*8*#0!%`B81#3@&N!
)122&! %&! )1+'*%0/&/! $+! )=32X! .A! X8$'! *2X1/#3+#! 3Q3+#! %&'! 43/*3#*1+'! #&2X1/&88&'! %&!
X$*''3+)&'! X8$'! 3##0+$0&'N! 1$! %&'! )1+%*#*1+'! %`&+'18&*88&2&+#! X8$'! /0@$8*Y/&'! -$`&+!
G1883+%&N! 1$! V*&+! &+)1/&! %&'! X1'#&'! R<! 34&)! $+! X/1,*8! %&! )=3/@&! '&! /3XX/1)=3+#! X8$'! %$!
X/1,*8!%`*//3%*3#*1+!JX3/!&\&2X8&!$#*8*'3#*1+!%&!)8*23#*'&$/'!&+!0#0MH!
!
!
O*@$/&! W! K! ()=023! `*%038*'0`! %`$+&! X/1%$)#*1+! .A! J&+! [3$+&M! &#! %&! 83! )1+'1223#*1+!
81)38&!J&+!/1$@&MN!34&)!8&'!X0/*1%&'!%`0-$*8*V/&!J`23#)=`MH!93+'!83!/038*#0!8&'!,8$)#$3#*1+'!'1+#!
X8$'!%Q+32*-$&'N!&#!8`0-$*8*V/&!%1*#!'`&,,&)#$&/!'$/!8&'!X$*''3+)&'!3)#*4&'!,/!/03)#*4&'!J),H!uDvMH!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
D
!T+!#3$\!%&!X0+0#/3#*1+!.A!%&!C!'*@+*,*&!-$&!8&!/3#*1!1V'&/40!8&!X8$'!,/0-$&+#!&+#/&!83!X$*''3+)&!3)#*4&!*+'#3+#3+0&!X/1%$*#&!X3/!8&!.A!&#!
)&88&!)1+'1220&!X3/!8&!/0'&3$!&'#!%&!CH!!
!
ACC!
!
.3@&!DF!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
!
O*@$/&!f!K!L12V/&!%`1))$//&+)&'!J1/%1++0&M!'$/!$+!3+!1r!8&'!X$*''3+)&'!#-/*$,+!.A!
&#!%&!)1+'1223#*1+!'1+#!0-$*8*V/0&'!&+!,1+)#*1+!%&!83!%$/0&!J&+!'&)1+%&'M!%&!)&'!0-$*8*V/&'!
J3V')*''&MN!'&81+!83!23/@&!%&!%*,,0/&+)&!J%&!€{KD!Z!€{KCE!…M!J),H!uDvMH!51/'-$&!8`1+!3[1$#&!83!
)1+%*#*1+!%`0-$*8*V/&!0@38&2&+#!X1$/!8&'!X$*''3+)&'!/03)#*4&'!8&!+12V/&!%&!X1*+#'!'&!/0%$*#!
%/3'#*-$&2&+#N!Z!21*+'!%&!CFH!!!
T?( A$2)'(H+*-#>'3((
(
93+'! 8`0#$%&! %&! 9;(.c~"6! J),H! uWvMN! %&'! 2&'$/&'! &\X0/*2&+#38&'! '*2*83*/&'! 1+#! 0#0!
&,,&)#$0&'! %3+'! $+! -$3/#*&/! /0'*%&+#*&8! &+! 7$#/*)=&N! &#! $+! @0+0/3#&$/! .A! %&! CFF! g~H! I&##&!
0#$%&!3!0#0!/038*'0&!3X/Y'!)&88&!%&!8`7;"N!&#!8&'!3$#&$/'!X1*+#&+#!8&'!23+-$&2&+#'!%&!)&##&!
X/&2*Y/&!0#$%&!&+!#&+#3+#!%`Q!/&20%*&/_!!
!! i&'$/&'! '$/! $+! 'Q'#Y2&! .A! %`$+&! X$*''3+)&! )/]#&! X8$'! )1+'0-$&+#&N! 34&)!
X1#&+#*&88&2&+#!$+!)12X1/#&2&+#!%*,,0/&+#!'$/!8&'!43/*3#*1+'!%&!X$*''3+)&N!!
!! T+&!3XX/1)=&!X8$'!/038*'#&!X1$/!%0#&/2*+&/!8&'!23/@&'!%&!%*,,0/&+)&'!X1$43+#!%1++&/!
8*&$!Z!$+!0-$*8*V/&!X/1%$)#*1+{)1+'1223#*1+N!X8$#w#!-$`$+&!'*2X8&!&'#*23#*1+!Z!!€{KD!&#!
€{KE!…N!
!! i&##/&! &+! 343+#! 8&'! *2X3)#'! %&! 83! X/1%$)#*1+! %&! X$*''3+)&! /03)#*4&! '$/! )&'!
X/1V3V*8*#0'N! %3+'! 83! X&/'X&)#*4&! %&! /0@$83#*1+'! %$! /0'&3$! Z! 8`3*%&! %&! X$*''3+)&'!
/03)#*4&'!,1$/+*&'!X3/!8&'!'1$/)&'!%&!X/1%$)#*1+!%0)&+#/38*'0&'N!
!! "#$%*&/!X8$'*&$/'!q1+&'!%*,,0/&+#&'!%$!/0'&3$!1r!8`B81#3@&!X1$//3*#!'&!X/1%$*/&!_!
!
I38)$8'!%&!.&-$!_!
5`3XX/1)=&!%3+'!8&'!)38)$8'!%&!.&-$!&'#!%1+)!%*,,0/&+#&N!X$*'-$`&88&!/&2X83)&!8&'!23/@&'!%&!
%*,,0/&+)&!,*\&'!J€{KE!…!&#!€{KD!…M!X3/!%&'!)38)$8'!%&!|L9!J|1+&!%&!L1+!90#&)#*1+MH!5&'!|L9!
'1+#! )38)$80&'! &+! #&+3+#! )12X#&! %&! X/1#&)#*1+'! %&! %0)1$X83@&! $+*-$&2&+#! X3''*4&'!
J2&'$/&'!&+!#&+'*1+!&#!,/0-$&+)&MN!&+!1V8*#0/3+#!4181+#3*/&2&+#!8&'!2&'$/&'!%`*2X0%3+)&!%$!
/0'&3$N!&#!&+!'$XX1'3+#!$+!'Q'#Y2&!65I!X1$/!'*2$8&/!8&'!)=3/@&'H!!
7! X3/#*/! %&! 8`=QX1#=Y'&! %`$+! B81#3@&! 3X/Y'! )1$X$/&! %$! /0'&3$N! %&'! ,1/2$8&'N! -$*! /&8*&+#! 8&'!
X$*''3+)&'! .A! &#! 83! )=3/@&! 65I! 343+#! 83! )1$X$/&N! 8&'! 8*2*#&'! &+! #&+'*1+K,/0-$&+)&! ! %&! 83!
+1/2&! A9"! FCDkKCHC! &#! 8&'! X$*''3+)&'! X&+%3+#! 8`B81#3@&N! '1+#! %0#&/2*+0&'H! I&'! ,1/2$8&'!
X&/2&##&+#!%&!X/0)*'&/!83!|L9N!$+!&\&2X8&!&'#!%1++0!&+!O*@$/&!kH!
ACC!
!
.3@&!DC!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
7*+'*! X1$/! )=3)$+! %&'! X1*+#'! %&! 2&'$/&'! 08&)#/*-$&'! %$/3+#! 8`&\X0/*2&+#3#*1+! 1+! X&$#!
%0#&/2*+&/!$+&!|L9!&#!%0#&/2*+&/!'*!)&'!X1*+#'!'&!'*#$&+#!1$!+1+!Z!8`*+#0/*&$/!%&!)&##&!|L9H!
(*!)`&'#!8&!)3'!381/'!$+!B81#3@&!X1$//3*#!'&!X/1%$*/&!&+!)3'!%&!)1$X$/&!/0'&3$!Z!)&#!*+'#3+#N!&#!
+&!'&/3*#!X3'!%0#&)#0H!!!
!
T+&! #&88&! 3XX/1)=&! 34&)! 83! %0#&/2*+3#*1+! %&! |L9! 3! X&/2*'! %&! 21+#/&/! -$&! 8&'! 23/@&'! %&!
%*,,0/&+)&'! '1+#! &+! ,3*#! X8$'! 83/@&'! -$&! %3+'! 8`0#$%&! %&! 8`7;"N! &#! 43/*&+#! &+! ,1+)#*1+! %&'!
32X8*#$%&'!%&'!X3/32Y#/&'N!3883+#!%&!€{KD!…!Z!€{KCE!…!X1$/!8&'!X$*''3+)&'!3)#*4&'!&#!!€{KD!…!
Z!€{KCF!…!X1$/!8&'!X$*''3+)&'!/03)#*4&'H!!!
!
!
O*@$/&!E!K!!5&'!W!q1+&'!%`B81#3@&!J7N!R!
&#! IM! %$! /0'&3$! 08&)#/*-$&! 0#$%*0&'!
%3+'!!9;(.c~"6N!83!q1+&!I!+`3Q3+#!
X3'! 0#0! 0438$0&! &+! %0#3*8'! %$! ,3*#! %$!
X&$!%&!)1+'1223#*1+!Z!)&#!&+%/1*#H!
O*@$/&! k! K! ! T+! &\&2X8&! %&! )38)$8'! %&! |L9N!
X1$/! $+&! X$*''3+)&! 3)#*4&! .A! %&! CN! /03)#*4&!
%&!FNWW!&#!$+!,3)#&$/!%&!-$38*#0!65I!%&!DH!5&'!
%&$\! ,&+]#/&'! J&+! /1$@&! &#! V8&$M! /&X/0'&+#&+#!
%&'! 8*2*#&'! %&! %0)1$X83@&! &+! #&+'*1+K
,/0-$&+)&!%*,,0/&+#&'!J),H!uWvMH!
!
I122&!X1$/!8`0#$%&!%&!8`7;"N!8&'!'*#$3#*1+'!%`0-$*8*V/&!)12X#3V*8*'0&'!'1+#!)&88&'!%`$+&!%$/0&!
'$X0/*&$/&!Z!E!'H!
!
5`*+,8$&+)&!%&!X8$'*&$/'!X3/32Y#/&'!'$/!83!X/1V3V*8*#0!.&-$!3!0#0!0#$%*0&!X1$/!83!q1+&!R_!
!! 5&'! X/1V3V*8*#0'! 1+#! 0#0! )38)$80&'! X1$/! 8&'! W! X=3'&'! %$! /0'&3$H! 5&'! ,3)#&$/'! %&!
X$*''3+)&! 43/*3+#! %&! ,3a1+! '*@+*,*)3#*4&! %`$+&! X=3'&! Z! 8`3$#/&N! 8&'! /0'$8#3#'! X&$4&+#!
32X8&2&+#!%*,,0/&/N!
!! 5&! #3$\! %&! X0+0#/3#*1+! .A! '$/! 8&! /0'&3$H! "+! ,3*'3+#! 43/*&/! )&! #3$\! %&! C! Z! fN! 83!
X/1V3V*8*#0!.&-$!X&$#!3$@2&+#&/!%`$+!,3)#&$/!CFN!
!! </1*'! /0@83@&'! %&! X/1#&)#*1+! &+! #&+'*1+K,/0-$&+)&! 1+#! 0#0! )12X3/0'_! +1/2&! ;"""!
.CEfl!J"#3#'!T+*'MN!A9"FCDkKCKC!&#!9oEeEF!J;#38*&MH!;8!3XX3/3*#N!-$`&+!3$@2&+#3+#!83!
X83@&! &+! ,/0-$&+)&! %&! D! …! Z! m! …N! 8&! +12V/&! %&! '*#$3#*1+'! %`B81#3@&'! &#! 8&$/! %$/0&!
3$@2&+#&+#! %`$+! 1/%/&! %&! @/3+%&$/H! 53! X83@&! &+! ,/0-$&+)&! %&! 83! +1/2&! A9"! &'#! 83!
X8$'!83/@&N!&#!%1+)!83!21*+'!/&'#/*)#*4&N!
ACC!
!
.3@&!DD!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
!! 5&!,3)#&$/!%&!-$38*#0!65I!%&'!)=3/@&'N!43/*3+#!%&!FNE!Z!C!&#!DH!T+!%1$V8&2&+#!%&!)&!
,3)#&$/! 3$@2&+#&! .&-$! %`$+! ,3)#&$/! CFH! L03+21*+'! 83! 438&$/! %&! FNE! &'#! )1+'*%0/0&!
)122&!0#3+#!83!X8$'!/038*'#&!X1$/!)&!#QX&!%&!/0'&3$H!!!!
!
"+!/0'$20N!X1$/!$+!,3)#&$/!65I!/038*'#&!%&!FNEN!83!X/1V3V*8*#0!.&-$!3*+'*!)38)$80&!X&$#!!43/*&/!
%&!D!CFKk!Z!CFKWH!.1$/!83!'*#$3#*1+!3)#$&88&!%&!)&!/0'&3$N!)`&'#KZK%*/&!X1$/!$+!/3#*1!X$*''3+)&!
.A{)1+'1223#*1+!%&!DN!$+!/0@83@&!)1+,1/2&!Z!83!+1/2&!A9"!FCDkKCKC!&#!X1$/!83!X=3'&!83!
X8$'!Z!/*'-$&N!83!X/1V3V*8*#0!&'#!%&!W(QR_UH!
I&##&!438&$/!&'#!Z!)12X3/&/!34&)!)&88&!X/*'&!%3+'!8`0#$%&!%&!8`7;"!-$*!&'#!%&!CFKkH!
!
I38)$8'!%&!.3))!_!
5&'!)38)$8'!%&!X/1V3V*8*#0!%`$+!3))*%&+#!%$!Z!$+!B81#3@&!1+#!0@38&2&+#!0#0!&,,&)#$0'N!&+!'&!
)38-$3+#!'$/!83!20#=1%&!%&!8`7;"_!
@%44(g(@'12(h(@7%+,$',%,4'(h(@#-'3%$'23(
!
93+'! )&! )3'! .23*+#&+3+)&! &'#! 0@38&! Z! TRRi%,N! &+! )1+'*%0/3+#! $+! 1X0/3#&$/! &,,&)#$3+#! DFFF!
1X0/3#*1+'! %&! 23*+#&+3+)&! X3/! 3+N! 34&)! $+&! X3/#*&! '&$8&2&+#! JCF! …M! %&'! 1X0/3#*1+'! %&!
23*+#&+3+)&!X1/#&+#!'$/!%&'!/0'&3$\!34&)!$+&!,1/#&!X0+0#/3#*1+!%&!9"6!J%$!2]2&!#QX&!-$&!
8&! -$3/#*&/! /0'*%&+#*&8! )*K%&''$'MH! .1X&/3#&$/! /&'#&! 0@38&! Z! QR_WN! &#! .1+%$8&$/! &'#! )1+'*%0/0&!
)122&!0#3+#!%0[Z!)12X/*'&!%3+'!8&'!)38)$8'!%&!.&-$HN!)&!-$*!'*@+*,*&!-$&!)&!+&!'1+#!X3'!8&'!
%0,3$#'{X3++&'!%&'!1+%$8&$/'!-$*!'1+#!X/*'!&+!)12X#&!23*'!83!+1+!%0#&)#*1+!%&!8`B81#3@&!&+!
,1+)#*1++&2&+#!+1/238H!!!
!
7*+'*!1+!1V#*&+#_!
.3))!„!W!CFKf!†!DFF{3+!†!CFKW!„!^(QR_]i%,{1X0/3#&$/!
!
I&##&!438&$/!%&!.3))!&'#!V*&+!X8$'!*2X1/#3+#&!-$&!)&88&!%&!8`0#$%&!%&!8`7;"N!&#!3$!%&''$'!%&'!
8*2*#&'!)1+'*%0/0&'!)122&!3))&X#3V8&'!J%&!8`1/%/&!%&!CFKk{3+{X&/'MH!7!+1#&/!#1$#&,1*'!-$&!8&!
%*'X1'*#*,!%&!%0#&)#*1+!%&!8:B81#3@&!X3/!2&'$/&!%`*2X0%3+)&!+`3!X3'!0#0!X/*'!&+!)12X#&!%3+'!
)&'! )38)$8'! 381/'! -$:*8! &'#! $#*8*'0! %3+'! 83! 23[1/*#0! %&'! 1+%$8&$/'! %*'X1'3+#! %:$+! )&/#*,*)3#! %&!
)1+,1/2*#0! Z! 83! X/0K+1/2&! 9;L! A9"! FCDkKCKCH! 53! X/*'&! &+! )12X#&! %&! )&! %*'X1'*#*,! 3$/3*#!
)122&!)1+'0-$&+)&!%&!/0%$*/&!'*@+*,*)3#*4&2&+#!)&##&!X/1V3V*8*#0WH!!
!
;+,8$&+)&!%&!83!X$*''3+)&!/03)#*4&_!
5&'! 3$#&$/'! 0#$%*&+#! 0@38&2&+#! 8:*+,8$&+)&! %&! 83! X/1%$)#*1+! %:0+&/@*&! /03)#*4&! -$*! X1$//3*#!
]#/&! 3''$/0&! X3/! 8&'! 1+%$8&$/'! X1$/! '1$#&+*/! 8&! /0'&3$N! 34&)! $+! ,3)#&$/! %&! X$*''3+)&!
)1+'#3+#!%&!FNeE!X/1)=&!%&!)&8$*!%&!83!X3/#*&!%&!/0'&3$!)1+'*%0/0&!Jq1+&!7!%&!83!O*@$/&!EMH!
93+'! )&! )3'N! 83! X/1V3V*8*#0! %`0-$*8*V/&! 3$@2&+#&! %/323#*-$&2&+#! %&! W! 1/%/&'! %&! @/3+%&$/N!
34&)!%&'!%$/0&'!X1#&+#*&88&'!%`B81#3@&!%&!X8$'!%&!WF!2+!'$/!$+&!'&$8&!X=3'&N!&#!%&!CF!2+!
+*>%)/#0(>,0/!'$/!W!X=3'&'N!381/'!-$&!)&'!%$/0&'!+`&\)Y%&+#!X3'!DF!'!'$/!$+&!'&$8&!X=3'&!
%3+'!8&!)3'!X/0)0%&+#!34&)!,3)#&$/!%&!X$*''3+)&!0@38!Z!CH!
!
5`0#$%&! %&! 9;(.c~"6! )1+)8$&! 3*+'*! -$&! X1$/! %&'! 1+%$8&$/'! )1+#&+3+#! $+*-$&2&+#! %&'!
X/1#&)#*1+'! X3''*4&'! %&! %0)1$X83@&'! '$/! 83! #&+'*1+! &#! 83! ,/0-$&+)&N! 83! X/1V3V*8*#0! %`B81#3@&!
&'#! '*@+*,*)3#*4&! &#! 3$! %&''$'! %&! )&! -$*! &'#! )122$+02&+#! #180/0H! T+&! '*#$3#*1+! -$*!
'`3@@/34&/3*#! ,1/#&2&+#! '*! 8&'! 1+%$8&$/'! X/1%$*'3*&+#! 0@38&2&+#! %&! 83! X$*''3+)&! /03)#*4&!
X1$/!'1$#&+*/!8&!/0'&3$H!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
#
!$%!&'()%('*+!,*--.&/*+0!0*+,!/$)&!1!,.!2).!$3*+!-.+,*+(-.!&)-!$.!-4&.%)!567!
ACC!
!
.3@&!DW!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
W?( K%Y"'%2(4#7-%3%$+[(
(
@3#Y%Y+"+$5*(
@7%+,$',%,4'(
@#-53%$'23(
@#,)2"'23(
@512+"+Y3'(
95*2"$%$(6(@%44+)',$(
@3#Y%Y+"+$5*(%,,2'""'*(-%3(#-53%$'23(
A$2)'(B!A(
A$2)'(H!;@IaA9(
TRRR(
TRR(
_W
QR (
QR_W(
_W
QR (
d+,4"2*'()%,*(@512+"+Y3'e(
QR_^(
W?QR_U(
_P
T?QR (
^(QR_](
M!!!?( 9'$#23*()'($'33%+,(
!
5&'!'*#$3#*1+'!%:B81#3@&!'1+#!%&'!X=0+12Y+&'!/3/&'!-$*!+&!X&$4&+#!'&!X/1%$*/&!-$&!%3+'!%&'!
'*#$3#*1+'! #/Y'! X3/#*)$8*Y/&'H! ‡! +1#/&! )1++3*''3+)&N! &#! 3X/Y'! %&'! /&)=&/)=&'! 3XX/1,1+%*&'!
3$X/Y'! %&! +12V/&$'&'! '1$/)&'N! %&! #&88&'! '*#$3#*1+'! +:1+#! 0#0! 1V'&/40&'! -$:3$! +*4&3$! %&!
%0X3/#'!G<7!34&)!%&'!X/1#&)#*1+'!%&!%0)1$X83@&!+:$#*8*'3+#!-$&!83!20#=1%&!X3''*4&!%&!#QX&!
/&83*'! %&! #&+'*1+! &#! %&! ,/0-$&+)&H! I&'! '*#$3#*1+'! &\)&X#*1++&88&'! +:1+#! 0#0! 1V'&/40&'! Z! )&!
[1$/!-$&!X3/!$+!'&$8!@&'#*1++3*/&!%&!/0'&3$!_!;R"696c57!&+!"'X3@+&fH!
"###$%! ;9')1'9!40(!.>?7-+0@'!
5&!X/&2*&/!)3'!%:B81#3@&!/&83#0!X3/!;R"696c57!':&'#!X/1%$*#!81/'!%&!#/343$\!%&!23*+#&+3+)&!
%:$+! #/3+',1/23#&$/! G<7{R<H! .1$/! /038*'&/! )&'! #/343$\N! 83! 2*'&! =1/'! '&/4*)&! %$!
#/3+',1/23#&$/!*2X8*-$3*#!8:1$4&/#$/&!%:$+!'&)#*1++&$/!-$*N!%$!,3*#!%&!8:3V'&+)&!%&!X1$41*/!%&!
)1$X$/&! %&! )&! %&/+*&/N! 3! %z! ]#/&! X/0)0%0&! %&! 8:1$4&/#$/&! %$! %*'[1+)#&$/! %&! %0X3/#! G<7! %$!
X1'#&!'1$/)&!G<R{G<7!J41*/!O*@$/&!lMH!!
!
O*@$/&!l!_!I3'!%:B81#3@&!+ˆC!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!5&'!*+,1/23#*1+'!)1+#*+$&'!%3+'!)&!)=3X*#/&!X/14*&++&+#!%:$+&!X/0'&+#3#*1+!,3*#&!X3/!;R"696c57!uCEvH!
f
ACC!
!
.3@&!Df!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
7! 8:1$4&/#$/&! %$! '&)#*1++&$/N! $+! 3/)! 08&)#/*-$&! ':&'#! X/1%$*#! 381/'! -$&! 8&! %0X3/#! G<7! 0#3*#!
)&+'0! ]#/&! =1/'! #&+'*1+H! 93+'! )&##&! '*#$3#*1+N! 8&'! #/343*88&$/'! 343*&+#! )1+'*%0/0! -$&! 83!
40/*,*)3#*1+!%:3V'&+)&!%&!#&+'*1+!+:0#3*#!X3'!+0)&''3*/&H!
!
;R"696c57! 3N! &+'$*#&N! &''3Q0! %&! /&X/1%$*/&! )&##&! '*#$3#*1+! &+! '$*43+#! $+! X/1#1)18&! V*&+!
%0,*+*N!&#!Q!&'#!X3/4&+$!J),H!A;;;HDMH!
"###$3! A'6B1C)'!40(!.>?7-+0@'!
I&'! 040+&2&+#'! 1+#! 21+#/0! 83! +0)&''*#0! %:$+&! 40/*,*)3#*1+! 3%%*#*1++&88&! %:3V'&+)&! %&!
#&+'*1+!X3/!/3XX1/#!3$\!/Y@8&'!=3V*#$&88&'H!5&'!0-$*X&'!&+!X83)&!1+#!381/'!X$!)1+'#3#&/!$+&!
X/0'&+)&! %&! #&+'*1+! X&+%3+#! $+&! %$/0&! X1$43+#! 388&/! [$'-$:Z! fF! 2*+$#&'! J2&'$/0&! &+!
X8$'*&$/'!&+%/1*#'!%$!%0X3/#!G<7MH!
5&! 21%$'! 1X&/3+%*! 0#3*#! 3+381@$&!_! 1$4&/#$/&! %:$+! '&)#*1++&$/! '$/! $+&! 8*@+&! G<7!
J'&)#*1++&$/!C!'$/!O*@$/&!mM!X/0)0%0&!%&!8:1$4&/#$/&!%$!%*'[1+)#&$/!%&!%0X3/#!G<7!%$!X1'#&!
'1$/)&!G<R{G<7H!!
!
!
O*@$/&!m!_!I3'!%:B81#3@&!+ˆD!
!
i38@/0!8:1$4&/#$/&!%$!%*'[1+)#&$/N!$+&!X/0'&+)&!%&!#&+'*1+!,$#!)1+'#3#0&!'$/!8&!%0X3/#!G<7H!
.8$'*&$/'! 1$4&/#$/&'! {! ,&/2&#$/&'! %&! )&! %*'[1+)#&$/! +:Q! )=3+@Y/&+#! /*&+N! 8&! %0X3/#! G<7!
/&'#3+#! '1$'! #&+'*1+! [$'-$:Z! 83! 2*'&! =1/'! '&/4*)&! %&! 83! ,&/2&! .A! +ˆD! 3X/Y'! 8:1$4&/#$/&! %&!
8:*+#&//$X#&$/!+ˆ!DH!
;8!'&/3!)1+,*/20!X3/!83!'$*#&!-$&!83!X/1%$)#*1+!.A!&#!8&'!)=3/@&'!0#3*&+#!%&'!2]2&'!1/%/&'!%&!
@/3+%&$/H!
"###$5! D9-1(1C)'!40(!.>?7-+0@'!
9&'! #/343$\! %&! 23*+#&+3+)&! '$/! $+! #/3+',1/23#&$/! kk!gA!{!CC!gA! *2X8*-$3*&+#! 83! 2*'&! &+!
'&/4*)&! %$! [&$! %&! V3//&'! CC!gA! X3/! 8:*+#&/20%*3*/&! %:$+! #/3+',1/23#&$/! DF!gA!{!CC!gA! J41*/!
ACC!
!
.3@&!DE!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
O*@$/&! eMH! .1$/! 23+^$4/&/! 8&! %*'[1+)#&$/! DF!gA! %$! X1'#&! D! =1/'! )=3/@&! Jx!/&)1+&)#3%1/!y!
'$/!83!,*@$/&MN!8&!%*'[1+)#&$/!5Ff!%$!X1'#&!C!,$#!1$4&/#H!.3/!83!'$*#&N!83!,&/2&#$/&!%$!%*'[1+)#&$/!
5FC!':34Y/3!*2X1''*V8&!Z!)3$'&!%$!%0X=3'3@&!2&'$/0!&+#/&!'&'!V1/+&'!321+#!&#!3438H!
(1$Xa1++0! %3+'! $+! X/&2*&/! %&! %Q',1+)#*1++&2&+#N! *8! ':&'#! 340/0! X3/! 83! '$*#&! -$&! 8&!
%*'[1+)#&$/!5FC!,1+)#*1++3*#!)1//&)#&2&+#H!;8!3!X3/!83!'$*#&!0#0!21+#/0!-$&!)&!%0X=3'3@&!0#3*#!
)/00!X3/!8&!23*+#*&+!'1$'!#&+'*1+!%$!%0X3/#!G<7!X3/!8&'!,&/2&'!.A!/3))1/%0&'!'$/!)&!2]2&!
%0X3/#H!
!
O*@$/&!e!_!I3'!%:B81#3@&!+ˆW!
!
"###$<! E*F7'B1-8(!.>#G=EAEH&I!(69!4'(!40(!4-849'+(!
(&81+! ;R"696c57N! 8:1/*@*+&! %&! )&'! '*#$3#*1+'! X/14*&+#! %:$+&! )12V*+3*'1+! %&! %*,,0/&+#'!
,3)#&$/'!#&)=+*-$&'N!+1#322&+#!_!
!! 53! /0@8&2&+#3#*1+! &+! 4*@$&$/! &+! "'X3@+&! %0)/*#! 8&! /0@83@&! %&'! /&83*'! %&! 2&'$/&! %&!
#&+'*1+!&#!%&!,/0-$&+)&!23*'!+&!%0,*+*#!3$)$+&!20#=1%&!3)#*4&!%&!%0#&)#*1+!%:B81#3@&H!
9&!)&!,3*#N!8&'!/0@83@&'!%&'!X/1#&)#*1+'!%&!%0)1$X83@&!&#!%&'!04&+#$&88&'!%0#&)#*1+'!
%&! X&/#&! %$! /0'&3$! 321+#! 1V'&/40&'! X3/! ;R"696c57! X&$4&+#! ]#/&! %*,,0/&+#'! %:$+!
X/1%$)#&$/! Z! 8:3$#/&N! )&! -$:3! 0@38&2&+#! %021+#/0! 8:&+-$]#&! ,3*#&! 3$X/Y'! %&'!
)1+'#/$)#&$/'!%:1+%$8&$/'!%3+'!8&!X/1[&#!"(.6;<H!
!! I=3-$&! 1+%$8&$/! ,1+)#*1++&! *+%0X&+%322&+#N! '3+'! 3$)$+&! )11/%*+3#*1+! 34&)! 8&'!
1+%$8&$/'!41*'*+'N!
!! I=3-$&! )1+'#/$)#&$/! *2X83+#&! %3+'! '&'! 1+%$8&$/'! $+&! V1$)8&! %&! /0@$83#*1+! -$*! 8&$/!
'1+#!X/1X/&'N!'3+'!#&+*/!)12X#&!3!X/*1/*!%$!,1+)#*1++&2&+#!%&'!3$#/&'!1+%$8&$/'N!
!! 5&'! #&'#'! /038*'0'! &+! 83V1/3#1*/&! +&! '1+#! X3'! +0)&''3*/&2&+#! /&X/0'&+#3#*,'! %&'!
)1+%*#*1+'!/0&88&'!/&+)1+#/0&'!&+!&\X81*#3#*1+N!+1#322&+#!-$3+#!3$!)12X1/#&2&+#!%&'!
)=3/@&'N!X3/#*)$8*Y/&2&+#!)12X8&\&!Z!%0,*+*/!&#!%1+)!Z!/&X/1%$*/&H!
!
7!83!'$*#&!%&!)&'!)3'!%:B81#3@&N!;R"696c57!3!/038*'0!$+&!'0/*&!%&!#&'#'!&+!83V1/3#1*/&N!#&'#'!
-$*!1+#!21+#/0!&+#/&!3$#/&'!-$&!_!
!! 5&'! /&83*'! %&! %0)1$X83@&! '$/! '&$*8'! %&! #&+'*1+! &#! %&! ,/0-$&+)&! #/3%*#*1++&88&2&+#!
$#*8*'0'! X1$/! 83! X/1%$)#*1+! /3))1/%0&! &+! G<7N! 23*'! 3$''*! &+! R<N! 343*&+#! $+&! 83/@&!
q1+&!%&!+1+K%0#&)#*1+N!3$@2&+#3+#!3*+'*!8&'!/*'-$&'!%:B81#3@&N!
!! 5&'! %0#&)#*1+'! %:B81#3@&! X3/! 2&'$/&! %:*2X0%3+)&! @0+0/3*&+#! %&'! X&/#$/V3#*1+'! &+#/&!
1+%$8&$/'N!3,,&)#3+#!3*+'*!8:&,,*)3)*#0!%&'!2&'$/&'N!
!! 5&'!20#=1%&'!V3'0&'!'$/!8&'!'3$#'!%&!X=3'&!1$!'3$#'!%&!,/0-$&+)&!+&!,1+)#*1++3*&+#!
)1//&)#&2&+#!-$&!'*!8&'!1+%$8&$/'!0#3*&+#!'Q+)=/1+*'0'N!
ACC!
!
.3@&!Dk!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
!! U$&88&'! -$&! '1*&+#! 8&'! 20#=1%&'! $#*8*'0&'N! 83! X/0'&+)&! %:1+%$8&$/'! %&! 23/-$&'!
%*,,0/&+#&'!X1$43*#!)1+#/*V$&/!3$!/*'-$&!%:B81#3@&H!
!
!
5:&\X0/*&+)&!%:;R"69c57!21+#/&!-$&!83!X/1V3V*8*#0!%:1))$//&+)&!%&!8:B81#3@&!+:&'#!X3'!+$88&!
&#! -$&! 8&'! &,,1/#'! %&! 2*'&! &+! X83)&! %:$+! )3%/&! 80@38! *+#&/+3#*1+38! &#! ,/3+a3*'! 3$! '$[&#! %$!
%0)1$X83@&!%&'!*+'#3883#*1+'!X=1#1418#3>-$&'!!+:1+#!X3'!0#0!43*+'!&#!%1*4&+#!'&!X1$/'$*4/&+#H!
5&!)=3X*#/&!'$*43+#!8*'#&!8&'!X/*+)*X3$\!#&\#&'!#/3*#3+#!%&!)&!'$[&#H!
!
!V?( J#37%"+*%$+#,(
I&!)=3X*#/&!8*'#&N!'3+'!]#/&!&\=3$'#*,N!8&'!X/*+)*X38&'!+1/2&'!&#!3$#/&'!/0,0/&+)&'!#/3*#3+#!%&!
8:B81#3@&!%&!'Q'#Y2&'!X=1#1418#3>-$&'H!
#J$%! K-9)'(!'+!@61.'(!9'70+1F(!L!7>17-+0@'!
J#37'(JX(GQ]_QRR(jUk(
T+&! X/1#&)#*1+N! %*#&! ! %&! %0)1$X83@&N! %1*#! ]#/&! X/04$&! X1$/! %0)1++&)#&/! 8&! @0+0/3#&$/!
%:0+&/@*&! 08&)#/*-$&N! &+! )3'! %&! %*'X3/*#*1+! %&! 8:38*2&+#3#*1+! %$! /0'&3$! %&! %*'#/*V$#*1+!
X$V8*-$&N!%&!43/*3#*1+'!%&!83!#&+'*1+!1$!%&!83!,/0-$&+)&!'$X0/*&$/&'!Z!)&88&'!%0)83/0&'!X1$/!
8:38*2&+#3#*1+!+1/238&H!
5&! @$*%&! T<"! I! CEKfFF! %1++&! #1$#&'! 8&'! *+,1/23#*1+'! '$/! 8&! )=1*\! %&'! %*'X1'*#*,'! %&!
%0)1$X83@&!&#!%&!'&)#*1++&2&+#H!
!
J#37'(JX(GQU_QRR(j]k(
51/'-$:$+&!*+'#3883#*1+!%&!X/1%$)#*1+!&+!3438!%$!V/3+)=&2&+#!X&$#!,1+)#*1++&/!)1$X80&!34&)!
8&! /0'&3$! X$V8*)! %&! %*'#/*V$#*1+N! $+&! X/1#&)#*1+! %&! %0)1$X83@&! '*#$0&! %3+'! 8:*+'#3883#*1+! &'#!
+0)&''3*/&H!
5&!@$*%&!T<"!I!CEKfFF!X/0)*'&!+1#322&+#!'1+!&2X83)&2&+#!&#!'1+!#QX&H!
!
O2+)'(DKA(GQ]_URR(j^k(
93+'!8&!)3'!X3/#*)$8*&/!%&!21%$8&'!.AN!83!X/1#&)#*1+!%&!%0)1$X83@&!X&$#!]#/&!3''$/0!X3/!8&'!
%*'X1'*#*,'! %&! )1$X83@&'! 3$#123#*-$&'! J%&! X$*''3+)&! *+,0/*&$/&! 1$! 0@38&! Z! fNk! 1$! E! g~M!
)1+,1/2&'!Z!83!+1/2&!9;L!A9"!FCDkH!
!
53!X/1#&)#*1+!%&!%0)1$X83@&!)12X/&+%!_!
!! 5&'!%*'X1'*#*,'!%&!2&'$/&N!%&!%0#&)#*1+!&#!8&'!/&83*'!%&!X/1#&)#*1+N!-$*!%1*4&+#!]#/&!%:$+!
21%Y8&!3XX/1X/*0!)1+,1/2&!3$\!'X0)*,*)3#*1+'!,1+)#*1++&88&'!X$V8*0&'!X3/!8&!S69N!
!! 5&'! )12X1'3+#'! &#! )*/)$*#'! +0)&''3*/&'! Z! 83! 2*'&! &+! ^$4/&! %&! 83! ,1+)#*1+! %3+'!
8:*+'#3883#*1+H!
5:3XX3/&*8! %&! %0)1$X83@&! %1*#! 3''$/&/! &+! X1'*#*1+! %:1$4&/#$/&! $+! '&)#*1++&2&+#! &+#/&! #1$'!
8&'!)1+%$)#&$/'!3)#*,'H!
5:*+=*V*#*1+!%&!83!X/1#&)#*1+!%&!%0)1$X83@&!&'#!1X#*1++&88&!&#!/0'&/40&!3$!)3'!%&'!*+'#3883#*1+'!
Z!83!,1*'!)1+'1223#/*)&'!&#!X/1%$)#/*)&'H!
!
O2+)'(DKA(GQ]_FQT_Q(jFk(
53!X/1#&)#*1+!%&!%0)1$X83@&!&'#!%&'#*+0&!Z!83!%0)1++&\*1+!%&'!@0+0/3#&$/'!&+!)3'!%&!_!
!! %0,3$#!'$/!8&!/0'&3$N!
!! %*'X3/*#*1+!%&!8:38*2&+#3#*1+!X3/!8&!/0'&3$!%&!%*'#/*V$#*1+N!
ACC!
!
.3@&!Dl!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
!! 43/*3#*1+'! %&! 83! #&+'*1+! 1$! %&! 83! ,/0-$&+)&! '$X0/*&$/&'! Z! )&88&'! 'X0)*,*0&'! X3/! 8&!
%*'#/*V$#&$/H! I&##&! X/1#&)#*1+! %&! %0)1$X83@&! &'#! *+#0@/0&! Z! $+! %*'X1'*#*,! %&! )1$X$/&!
3$#123#*-$&!)1+,1/2&!Z!$+&!+1/2&!&$/1X0&++&!1$!$+&!+1/2&!%:$+!3$#/&!X3Q'!%&!83!
)122$+3$#0!&$/1X0&++&!/&)1++$&!0-$*438&+#&!X3/!8&!%*'#/*V$#&$/!J&\&2X8&!9;L!A9"!
FCDkKCKCMH!
!
GA!(^QFTF(A)?T(6(;<*$l7'*(-.#$#/#"$%012'*(d@Me(_(G%3%4$53+*$+12'*()'("m+,$'3[%4'()'(
3%44#3)'7',$(%2(35*'%2(jLk(
T+! 1+%$8&$/! Z! ,1+)#*1+! 3+#*KB81#3@&!&'#! $+( 1+%$8&$/! -$*! )&''&/3! %`38*2&+#&/! $+&! 8*@+&! %&!
/0'&3$!X$V8*)!'*!)&88&K)*!'1/#!%&'!'X0)*,*)3#*1+'!%&!,1+)#*1++&2&+#!+1/238&'!%&!#&+'*1+!&#{1$!
%&!,/0-$&+)&H!
!
.1$/!'&!X/02$+*/!%&!8`B81#3@&N!$+!'Q'#Y2&!.A!/3))1/%0!Z!$+!/0'&3$!%1*#!)&''&/!%`38*2&+#&/!83!
8*@+&! /0'&3$! %&! 83! 8*@+&! %&! %*'#/*V$#*1+! =1/'! #&+'*1+! -$&88&'! -$&! '1*&+#! 8&'! )=3/@&'!
/3))1/%0&'!1$!8&'!3$#/&'!@0+0/3#&$/'!%3+'!8&'!#&2X'!8*2*#&'!'X0)*,*0'H!!
T+&! 8*@+&! %&! %*'#/*V$#*1+! %`$+! /0'&3$! 08&)#/*-$&! X&$#! ]#/&! )1$X0&! X1$/! %*,,0/&+#&'! /3*'1+'H!
.3/! &\&2X8&N! 1$4&/#$/&! %`$+! %*'[1+)#&$/! %&! '1$'K'#3#*1+! %$&! Z! %&'! )1+%*#*1+'! %&! %0,3$#! 1$!
)1$X$/&!%&!83!8*@+&!%&!%*'#/*V$#*1+!X&+%3+#!83!23*+#&+3+)&H!!
!
5&!'Q'#Y2&!.A!%1*#!)&''&/!%`38*2&+#&/!83!8*@+&!%&!%*'#/*V$#*1+!%$!/0'&3$!%3+'!8&'!D!'!3X/Y'!83!
X&/#&!%$!/0'&3$H!
7! 83! '$*#&! %&! )1+%*#*1+'! =1/'! 8*2*#&'! %$! /0'&3$! X$V8*)! 3Q3+#! )1+%$*#! 8&! 'Q'#Y2&!
X=1#1418#3>-$&! Z! )&''&/! '1+! 38*2&+#3#*1+N! )&8$*K)*! +&! %1*#! X3'! 38*2&+#&/! 83! 8*@+&! %&!
%*'#/*V$#*1+! %$! /0'&3$! X&+%3+#! DF! '! Z! E! 2*+! 3X/Y'! 8&! /0#3V8*''&2&+#! %3+'! 8&'! 8*2*#&'! %&'!
X83@&'!'X0)*,*0&'!%&!83!#&+'*1+!&#!%&!83!,/0-$&+)&H!
!
J#37'(H!J(MHA(RQT^_Q_Q(jPk(
5&!%*'X1'*#*,!%&!%0)1++&\*1+!%1*#N!&+!/3*'1+!
!! %&!21%*,*)3#*1+'!%&!83!#&+'*1+!1$!%&!83!,/0-$&+)&!%$!/0'&3$!V3''&!#&+'*1+N!
!! %`$+&!38*2&+#3#*1+!&+!)1$/3+#!)1+#*+$!%$!/0'&3$!V3''&!#&+'*1+N!
!! %`$+&!&\X81*#3#*1+!3))*%&+#&88&!&+!/0'&3$!'0X3/0!&#N!
!! %`$+&! &\X81*#3#*1+! 4181+#3*/&! &+! /0'&3$! '0X3/0! 34&)! %&'! *+'#3883#*1+'! /0'&3$\! %&!
/0'&/4&N!
%0)1++&)#&/!8`*+'#3883#*1+!%&!X/1%$)#*1+!)1#0!)1$/3+#!38#&/+3#*,!%$!/0'&3$!3$!21Q&+!%&!%&$\!
)122$#3#&$/'!21+#0'!&+!'0/*&H!
!
53! '0)$/*#0! %&'! ,1+)#*1+'! %&! )1+#/w8&! %&! 83! #&+'*1+N! %&! 83! ,/0-$&+)&N! %$! )1$/3+#! )1+#*+$! &#!
%:$+&! &\X81*#3#*1+! &+! /0'&3$! '0X3/0! %$! %*'X1'*#*,! %&! %0)1++&\*1+! 3$#123#*-$&! %1*#! ]#/&!
3''$/0&! %3+'! #1$#&'! 8&'! )1+%*#*1+'! %`&\X81*#3#*1+! %$! /0'&3$H! "88&! X&$#! ]#/&! /038*'0&! '1$'!
,1/2&! %`$+! %*'X1'*#*,! 3$#1+12&! 1$! '1$'! ,1/2&! %`$+! 0802&+#! *+#0@/0! %&! 8`*+'#3883#*1+! %&!
X/1%$)#*1+!&#!%1*#!%0)8&+)=&/!&+!)3'!%&!%0,3*883+)&!&#!3,,*)=&/!8`0#3#!%&!%0,3*883+)&H!
!
T+&! &\X81*#3#*1+! %&! /0'&3$! '0X3/0! %1*#N! %3+'! 8&'! )1+%*#*1+'! %&! )1+#/w8&! %&! 8`&''3*!
%`=12181@3#*1+! X/141-$&/! $+&! )1$X$/&H! T+! 1/%/&! %`3//]#! %1*#! X/141-$&/! 8`3//]#! &+! 21*+'! %&!
FND!'H!
!
!
!
ACC!
!
.3@&!Dm!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
J#37'(AJ(]RUWL(
I&##&! +1/2&! &$/1X0&++&! 'X0)*,*&! 8&'! )1+%*#*1+'! /&-$*'&'! X1$/! 8&! /3))1/%&2&+#! &#! 8&!
,1+)#*1++&2&+#! %&! 2*)/1K@0+0/3#&$/'! '$/! 8&! /0'&3$! %&! %*'#/*V$#*1+! V3''&! #&+'*1+! J)1$/3+#!
*+[&)#0!*+,0/*&$/!Z!Ck!7!X3/!X=3'&MH!
5&'! X/1#&)#*1+'! J*+#&/+&'! Z! 8:1+%$8&$/! 1$! 3''$/0&'! X3/! $+! 0802&+#! &\#&/+&M! %1*4&+#! 3''$/&/!
$+!/3))1/%&2&+#!+&!)12X/12&##3+#!X3'!8:*+#0@/*#0!%$!/0'&3$N!+*!+&!%0@/3%3+#!'1+!+*4&3$!%&!
'0)$/*#0H!
I&83!%1*#!]#/&!/038*'0!X3/!'$/4&*883+)&!%&!83!#&+'*1+!7I!J'1$'K#&+'*1+'!&#!'$/#&+'*1+'MN!%&!83!
,/0-$&+)&!J'1$'K,/0-$&+)&'!&#!'$/,/0-$&+)&'M!&#!X3/!83!%0#&)#*1+!%&!X&/#&!%$!/0'&3$!321+#!
J%3+'!8&'!X3Q'!1r!)&83!&'#!/&-$*'EMH!
51/'-$&!)&##&!X/1#&)#*1+!)1+#/&!83!X&/#&!%$!/0'&3$!321+#!&'#!&2X81Q0&N!&88&!%&4/3!$#*8*'&/!83!
20#=1%&!V3'0&!'$/!83!2&'$/&!%&!83!%0/*40&!%&!83!,/0-$&+)&N!1$!)&88&!V3'0&!'$/!83!2&'$/&!%$!
%0X=3'3@&! )1$/3+#K#&+'*1+N! 1$! V*&+! #1$#&! 3$#/&! 20#=1%&! +1+! &\)8$&! X3/! 8&'! 'X0)*,*)3#*1+'!
+3#*1+38&'H!
#J$3! ;9-4*.69'(!.'!+'(+!.'(!)*+,-.'(!.'!.*+'4+1-8!.>?7-+0@'!
!
GA!( ^TQQ^( A)?Q( dn( /',+3e( 6( @3#45)23'( )N'**%+( )'*( 7'*23'*( )'( -35/',$+#,( 4#,$3'(
"m+"#$%&'(-#23(#,)2"'23*(-.#$#/#"$%012'*(+,$'34#,,'4$5*(%2(35*'%2(-2Y"+4(jQRk(
5:*+%$'#/*&! X=1#1418#3>-$&! 3! 0#0! 8&! X/0)$/'&$/! %3+'! 8&! %04&81XX&2&+#! %&! 83! %0#&)#*1+!
%:B81#3@&! &#! %&'! 2&'$/&'! %&! X/04&+#*1+!h! &88&! 3! %04&81XX0! %&! +12V/&$'&'! 20#=1%&'! %&!
%0#&)#*1+!J),H!A;M!&#!$+&!20#=1%&!%&!#&'#!%&!8:&,,*)3)*#0!%&!)&88&'K)*H!
53! X/0'&+#&! +1/2&! ,1$/+*#! $+&! 20#=1%&! %:&''3*! %&! )1+'&+'$'! X1$/! 0438$&/! 8:&,,*)3)*#0! %&'!
2&'$/&'! %&! X/04&+#*1+! )1+#/&! 8:B81#3@&! $#*8*'0&'! X3/! 8&! )1+%*#*1++&$/! %&! X$*''3+)&! %&'!
'Q'#Y2&'!X=1#1418#3>-$&'!J.AM!*+#&/)1++&)#0'!3$!/0'&3$!X$V8*)H!!
!
5:&''3*! &'#! /038*'0! 34&)! $+! )*/)$*#! #&'#! )12X1'0! %:$+&! '1$/)&! %&! #&+'*1+! )1+#*+$&N! %:$+&!
'1$/)&!%&!)1$/3+#!38#&/+3#*4&!J1$!%$!/0'&3$MN!%&!8:1+%$8&$/!&#!%:$+!)*/)$*#!65I!J)12X1'3+#'!
43/*3V8&'MN!21%08*'3+#!8&'!)=3/@&'!&#!)1++&)#0!&+!X3/388Y8&!&+#/&!8:1+%$8&$/!&#!8&!/0'&3$!_!
!
O*@$/&!CF!_!I*/)$*#!%:&''3*!X1$/!83!,1+)#*1+!%&!%0#&)#*1+!%`B81#3@&!%3+'!$+!)1+%*#*1++&$/!%&!
X$*''3+)&!J1+%$8&$/M!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
E
!I&!-$*!+:&'#!8&!)3'!%&!83!O/3+)&!-$&!X1$/!8&'!X/1#&)#*1+'!%&!#QX&!9;L!A9"!FCDkH!
ACC!
!
.3@&!De!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
T+!1+%$8&$/!&'#!)1+'*%0/0!)122&!)1+,1/2&!3$\!&\*@&+)&'!X1$/!83!X/1#&)#*1+!)1+#/&!8:B81#3@&!
81/'-$&N!%3+'!)=3-$&!)3'!JZ!DEKWW!…N!EFKkk!…!&#!CFF!…!%&!.3)•23\!%&!8:1+%$8&$/!&#!'&81+!
8&'!)1+%*#*1+'!%:0-$*8*V/&!43/*3V8&'!X1$/!8&'!)=3/@&'MN!8&!#&2X'!%&!23*+#*&+!%&!8:38*2&+#3#*1+!
J*+#&/4388&!&+#/&!8:1$4&/#$/&!%$!'&)#*1++&$/!%$!/0'&3$!X$V8*)!&#!8:*+'#3+#!1r!8&!)1$/3+#!&+!'1/#*&!
1+%$8&$/!)=$#&M!&'#!*+,0/*&$/!Z!D!'!1$!/0X1+%!3$\!&\*@&+)&'!%&'!)1%&'!81)3$\H!
!
J#37'(H!J(MHA(RQT^_Q_Q(jPk(
5&!)1+#/w8&!%&!83!)1$X$/&!%$&!Z!$+&!&\X81*#3#*1+!&+!/0'&3$!'0X3/0!'`&,,&)#$&!'&81+!8`$+&!%&'!
X/1)0%$/&'!'$*43+#&'!_!
!! 2&'$/&! %:*2X0%3+)&!_! %3+'! 8&'! )1+%*#*1+'! %:&''3*! J)=3/@&! &#! 38*2&+#3#*1+! 0-$*8*V/0&N!
#&+'*1+!&#!,/0-$&+)&!'#3V8&'MN!8&!%*'X1'*#*,!%&!%0)1++&\*1+!3$#123#*-$&!%1*#!*%&+#*,*&/!
34&)!X/0)*'*1+!83!)1$X$/&!%&!/0'&3$!&#!3//]#&/!8&!@0+0/3#&$/!&+!21*+'!%&!E!'H!
5:&''3*!&'#!/038*'0!34&)!$+!)*/)$*#!#&'#!)12X1'0!%:$+&!'1$/)&!%&!#&+'*1+!)1+#*+$&N!%&!
8:1+%$8&$/!&#!%&!)*/)$*#'!65I!J%*'X1'*#*,'!%&!)1+#/w8&!&#!%&!)122$#3#*1+MH!T+&!)1$X$/&!
%1*#!'&!X/1%$*/&!%3+'!8&'!E!'!'$*43+#!8`1$4&/#$/&!%$!%*'X1'*#*,!%&!)122$#3#*1+!JZ!CFF!…!
.+12•1+%$8&$/MH!
!! #&'#!%$!)*/)$*#!1')*883+#!_!8:&''3*!&'#!/038*'0!34&)!$+!)*/)$*#!#&'#!)12X1'0!%:$+&!'1$/)&!
%&! #&+'*1+! )1+#*+$&N! %&! 8:1+%$8&$/! &#! %:$+! )*/)$*#! 65I! 1')*883+#! %&! ,3)#&$/! %&! -$38*#0!
%:3$! 21*+'! DH! 5`&+'&2V8&! %$! #&'#! JZ! DEN! EF! &#! CFF! …! .+12•1+%$8&$/M! &'#! )1+'*%0/0!
)122&!/0$''*N!-$3+%!8&'!#&2X'!%&!)1$X$/&!%&!)=3)$+!%&'!#&'#'!'1+#!*+,0/*&$/'!Z!E!'H!
!! )1+#/w8&! %&! #&+'*1+! #/*X=3'*-$&!_! *8! +`&'#! 3$#1/*'0! )122&! )/*#Y/&! %`*%&+#*,*)3#*1+! %`$+!
/0'&3$! '0X3/0! -$&! X1$/! %&'! 38*2&+#3#*1+'! 21+1X=3'*-$&'H! 9Y'! -$`3$! 21*+'! $+&!
#&+'*1+!%`$+!)1+%$)#&$/!&\#0/*&$/!%0X3''&!8&'!!8*2*#&'!2*+!%&!mF!…!!L! 1$!23\!%&!CCE!
…! !LN! *8! ,3$#! ! &,,&)#$&/! $+&! )1$X$/&! &+! 21*+'! %&! FND! 'H! 5:&''3*! &'#! /038*'0! Z! 8:3*%&!
%:$+&!'1$/)&!%&!#&+'*1+!38#&/+3#*4&!Z!32X8*#$%&!43/*3V8&!h!8&'!438&$/'!%&!#&+'*1+!V3''&!
&#! =3$#&! +&! %1*4&+#! &\)0%&/! %&! X8$'! %&! W! …! J‰l! AM! 8&'! '&$*8'! 2&+#*1++0'!
X/0)0%&22&+#H!
!
J#37'(AJ(]RUWL(
5&'! #&'#'! %1*4&+#! 40/*,*&/! -$&! 8&'! %*#&'! X/1#&)#*1+'! /0'$8#&+#! &+! $+! 3//]#! %&! 8:*+[&)#*1+! '$/! 8&!
/0'&3$!%&!%*'#/*V$#*1+!81/'-$&!8&'!X3/32Y#/&'!%$!/0'&3$!J#&+'*1+N!,/0-$&+)&M!'1+#!%0X3''0'!
1$!&+!)3'!%&!X&/#&!%$!/0'&3$!321+#H!
.1$/!8&!#&'#!%&!83!X/1#&)#*1+!)1+#/&!83!X&/#&!%$!/0'&3$!321+#N!83!+1/2&!/&+41*&!Z!83!X/1)0%$/&!
%0,*+*&!%3+'!83!+1/2&!"L!kDCCk!J),H!;"I!kDCCkMH!
(
;-54+[+4%$+#,*($'4.,+12'*(]R]UP(
5&! %1)$2&+#! <(! EFEfeN! /&83#*,! 3$\! X/&')/*X#*1+'! X1$/! 8&! /3))1/%&2&+#! %&! @0+0/3#&$/'! %&!
X8$'!%&!Ck7!X3/!X=3'&N!&#!-$*!&'#!&+!)1$/'!%&!/0%3)#*1+N!X/0)1+*'&!0@38&2&+#!!8:$#*8*'3#*1+!%$!
)*/)$*#! 65I! X1$/! #&'#&/! 8&! ,1+)#*1++&2&+#! %&! 83! ,1+)#*1+! %&! X/1#&)#*1+! )1+#/&! 83! X&/#&! %&!
/0'&3$H!
!
ACC!
!
.3@&!WF!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
V?( G#,4"2*+#,(
!
5&'!)38)$8'!%&!X/1V3V*8*#0!21+#/&+#!-$&!8&!/*'-$&!%:1))$//&+)&!%:$+!B81#3@&!'$/!8&!/0'&3$!%&!
'Q'#Y2&'! X=1#1418#3>-$&'! &'#! /&83#*4&2&+#! ,3*V8&N! &#! &+! 8:1))$//&+)&N! 3$)$+! X=0+12Y+&! %&!
)&!#QX&!+:343*#!X3/!8&!X3''0!0#0!1V'&/40!&+!)1+%*#*1+'!/0&88&'H!
!
5&'!&\X0/*&+)&'!40)$&'!/0)&22&+#!X3/!;R"696c57N!$+!@&'#*1++3*/&!%&!/0'&3$!&'X3@+18N!
X/1$4&+#!-$&!)&!X=0+12Y+&!X&$#!'&!X/1%$*/&!'$/!8&'!/0'&3$\!G<7N!%1+#!8&'!*+'#3883#*1+'!%&!
X/1%$)#*1+!+&!'1+#!0-$*X0&'!-$&!%&!X/1#&)#*1+'!%&!%0)1$X83@&!X3''*4&'!Z!'&$*8!%&!#&+'*1+!&#!
%&!,/0-$&+)&H!
!
I&##&!20#=1%&!%&!%0#&)#*1+!%:B81#3@&!Z!'&$*8!%&!#&+'*1+!&#!%&!,/0-$&+)&!&'#!2*'&!&+!^$4/&!
%3+'! #1$'! 8&'! 1+%$8&$/'! )122&/)*38*'0'! X1$/! %&'! /3*'1+'! %&! )1+)&X#*1+! 23*'! 3!
8:*+)1+40+*&+#! %&! X/0'&+#&/! $+&! *2X1/#3+#&! q1+&! %&! +1+K%0#&)#*1+! %&! 8:B81#3@&N! 81/'-$&! 83!
X$*''3+)&!%&!X/1%$)#*1+!&'#!X/1)=&!%&!83!X$*''3+)&!%&!'1$#*/3@&H!
!
;8! &\*'#&! %&! +12V/&$'&'! 20#=1%&'! )12X802&+#3*/&'! %&! %0#&)#*1+! %:$+&! '*#$3#*1+! %:*81#3@&N!
X3''*4&'!1$!3)#*4&'N!-$*!1+#!)=3)$+&!8&$/'!343+#3@&'!&#!8&$/'!*+)1+40+*&+#'!23*'!3$)$+&!+&!
'&2V8&!X1$41*/!]#/&!2*'&!&+!343+#H!
!
5&! X/&2*&/! )=1*\! ,1+%32&+#38! Z! ,3*/&! &'#! %&! %0#&/2*+&/! 8&! +*4&3$! %&! +1+! %0#&)#*1+!
3))&X#3V8&!_! +*4&3$! X&$! )1+#/3*@+3+#! 34&)! 20#=1%&'! X3''*4&'! 23*'! 34&)! $+&! q1+&! %&! +1+!
%0#&)#*1+N!1$!+*4&3$!)1+#/3*@+3+#!34&)!20#=1%&'!3)#*4&'!23*'!X1#&+#*&88&2&+#!#/Y'!'&+'*V8&'!
34&)!/*'-$&!%&!%0)8&+)=&2&+#!*+#&2X&'#*,H!I&!)=1*\!%1*#!]#/&!,3*#!X1$/!#1$'!8&'!'Q'#Y2&'!%&!
X/1%$)#*1+!%0)&+#/38*'0'N!X=1#1418#3>-$&'!1$!3$#/&'H!
!
;8! Q! 3! %1+)! $+! /0&8! V&'1*+! %&! #&'#&/! &#! %:0438$&/! 8&'! %*,,0/&+#&'! 20#=1%&'! %&! %0#&)#*1+N!
X3''*4&'!&#!3)#*4&'N!3,*+!%&!X3/4&+*/!Z!0#3V8*/!%&'!/&)1223+%3#*1+'!'$/!8:$#*8*'3#*1+!%&!#&88&!1$!
#&88&! 20#=1%&! 3$! 4$! %&! '1+! &,,*)3)*#0! /0&88&! &#! %:$+&! '&+'*V*8*#0! ,3*V8&! %&! 23+*Y/&! Z! +&! X3'!
%0)1++&)#&/! 8&'! *+'#3883#*1+'! %&! ,3a1+! *+#&2X&'#*4&! 1$! Z! +&! X3'! %1++&/! 8*&$! Z! %&'!
*+#&/,0/&+)&'!&+#/&!1+%$8&$/'!X/1)=&'H!I&'!/&)1223+%3#*1+'!X1$//1+#!]#/&!/&X/*'&'!%3+'!8&'!
#&\#&'!+1/23#*,'!&#!3V1$#*/!Z!$+&!'*#$3#*1+!X8$'!)83*/&!&#!'&/&*+&!4*'KZK4*'!%&!8:B81#3@&H
ACC!
!
.3@&!WC!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
!
V!?( 9AXA9AJGA;(
!
uCv! x!63))1/%&2&+#! %&'! *+'#3883#*1+'! X=1#1418#3>-$&'! 3$! /0'&3$! X$V8*)! %&! %*'#/*V$#*1+!
08&)#/*-$&! Z! V3''&! #&+'*1+! ?! )3%/&! /0@8&2&+#3*/&N! *2X3)#'! &#! X/0)1+*'3#*1+'!yN! X/1[&#!
"(.6;<N!34/*8!DFCF!
!
uDv! x!6*'g!3+38Q'*'!1,!*'83+%*+@!1,!X=1#1418#3*)!X1b&/!'Q'#&2'!b*#=*+!81b!418#3@&!%*'#/*V$#*1+!
+&#b1/g'!yN!;"7K.A.(!<EKFm_DFFDH!
!
uWv! 6H! R/$&+%8*+@&/N! x! 9&8*4&/3V8&! DHD_! (#3#&! 1,! #=&! 3/#! '18$#*1+'! 3+%! +&b! )1+)&X#'! ,1/!
*'83+%*+@!X/1#&)#*1+!y!./1[&#!9;(.c~"6N!DFFkH!
!
ufv! L1/2&!LO!ICEKCFFN!x!;+'#3883#*1+'!08&)#/*-$&'!Z!V3''&!#&+'*1+!yN!%0)&2V/&!DFFD!
!
uEv! L1/2&!LO!ICfKCFFN!x!;+'#3883#*1+'!%&!V/3+)=&2&+#!Z!V3''&!#&+'*1+!yN!,04/*&/!DFFm!
!
ukv! S$*%&! T<"! ICEKfFFN! x!63))1/%&2&+#! %&'! @0+0/3#&$/'! %:0+&/@*&! 08&)#/*-$&! %3+'! 8&'!
*+'#3883#*1+'!38*2&+#0&'!X3/!$+!/0'&3$!X$V8*)!%&!%*'#/*V$#*1+!yN!DFFE!
!
ulv! S$*%&!T<"!ICEKlCDN!Š;+'#3883#*1+'!X=1#1418#3>-$&'ŠN!,04/*&/!DFFm!!
!
umv! L1/2&!I";!kClDl!"%HDN!x!(Q'#Y2&'!X=1#1418#3>-$&'!J.AM!K!I3/3)#0/*'#*-$&'!%&!8`*+#&/,3)&!
%&!/3))1/%&2&+#!3$!/0'&3$!yN!DFFf!
!
uev! L1/2&! 9;L! A9"! FCDkKCKCN! x!(&8V'##‹#*@&! ()=38#'#&88&! qb*')=&+! &*+&/! +&#qX3/388&8&+!
"*@&+&/q&$@$+@'3+83@&!$+%!%&2!Œ,,&+#8*)=&+!L*&%&/'X3++$+@'+&#q•N!DFFk!
!
uCFv! L1/2&! I";! kDCCk! "%HCN! x!./1)0%$/&! %`&''3*! %&'! 2&'$/&'! %&! X/04&+#*1+! )1+#/&!
8`B81#3@&!X1$/!1+%$8&$/'!X=1#1418#3>-$&'!*+#&/)1++&)#0'!3$!/0'&3$!X$V8*)!yN!X/1[&#!,*+38!%&!
+1/2&!*+#&/+3#*1+38&N!DFFm!
!
uCCv! x!./1V3V*8*#Q! 1,! *'83+%*+@! *+! $#*8*#Q! +&#b1/g'! %$&! #1! @/*%! )1++&)#&%! X=1#1418#3*)! X1b&/!
'Q'#&2'!yN!;"7!.A.(!<EKFl_DFFD!
!
uCDv! ~3/%!R1b&/!3+%!i*)=3&8!61XXN!Š"438$3#*1+!1,!;'83+%*+@!9&#&)#*1+!i&#=1%'!,1/!T#*8*#QK
;+#&/3)#*4&!;+4&/#&/'!*+!.=1#1418#3*)!(Q'#&2'•N(6&X1/#!;"7!.A.(!<EKFe_!DFFD!
!
uCWv! 9H! ()=$8qN! 6H! G3+*#')=! Š./1X1'38'! ,1/! 3+! *+#&/+3#*1+38! *'83+%*+@! %&#&)#*1+! '#3+%3/%•N!
~1/8%!6&+&b3V8&!"+&/@Q!I1+@/&''!A;;N!DFFW!
!
uCfv! 9H!7/+1$8#N!x!90#&)#*1+!%:B81#3@&!X3/!83!20#=1%&!%$!'3$#!%:*2X0%3+)&!yN!L1#&!*+#&/+&!
;9"7N!L<&{7..e{Fl{FFC{7!
!
uCEv! ;R"696c57N!x!O3*8$/&'!*+!.=1#1418#3*)''XN!R*8V31N!m!34/*8!DFCF!
!
ACC!
!
.3@&!WD!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
uCkv! <H! </3+! U$1)N! x!"438$3#*1+! %&'! 20#=1%&'! X3''*4&'! %&! %0#&)#*1+! %:B81#3@&!yN! X/1[&#!
"(.6;<N![$*+!DFCC!
!
uClv! 60,0/&+#*&8! #&)=+*-$&! "69ON! x!i1%Y8&! %&! )1+#/3#! %&! /3))1/%&2&+#N! %:3))Y'! &#!
%:&\X81*#3#*1+! JI67"M! X1$/! $+&! *+'#3883#*1+! %&! X/1%$)#*1+! %&! X$*''3+)&! !! Wk! gA7!
/3))1/%0&!3$!/0'&3$!X$V8*)!%&!%*'#/*V$#*1+!V3''&!#&+'*1+!yN!"69OKOc6KIO•CE"N!4&/'*1+!
AeN!DFCF!
!
uCmv! IH! 9$43$)=&88&N! x!;2X3)#! %&! 8:*+'#3883#*1+! X=1#1418#3>-$&! G3V*#3/&88&! '$/! 8&! /0'&3$!
X$V8*)! %&! %*'#/*V$#*1+N! 3+38Q'&! %&'! /0'$8#3#'! %&! 83! )32X3@+&! %&! 2&'$/&'! &#! %&'!
'*2$83#*1+'!&,,&)#$0&'!'1$'!"i<.K6A!yN!X/1[&#!"(.6;<N![$*88&#!DFCC!
!
uCev! ./1[&#! &$/1X0&+! 9;(.c~"6N! 9DHDN! (#3#&! 1,! #=&! 3/#! '18$#*1+'! 3+%! +&b! )1+)&X#'! ,1/!
*'83+%*+@!X/1#&)#*1+N!6183+%!R/$&+%8*+@&/N!76("L75N!DC!,04/*&/!DFFkH!
!
uDFv! ./1[&#!&$/1X0&+!.A!T.K()38&N!~.f!?!9fHCN!(#3#&K1,K#=&K3/#!1+!9*'X&/'&%!.A!.1b&/!
S&+&/3#*1+_! .$V8*)3#*1+'! /&4*&b! 1+! #=&! *2X3)#'! 1,! .A! 9*'#/*V$#&%! S&+&/3#*1+! 3+%!
"8&)#/*)*#Q!+&#b1/g'N!"'#&,3+Ž3!I3323•1!JT+*4&/'*%3%!.18*#0)+*)3!%&!i3%/*%!?!;+'#*#$#1!%&!
"+&/@Ž3!(183/MN!n*2!<=1/+Q)/1,#!JG38)/1bMN!G$@1!9&!i11/!J"+&/@Q!6&'&3/)=!I&+#&/!1,!#=&!
L&#=&/83+%'MN! ([&,! I1VV&+! JI1+#*+$1+MN! i3/#*+! n3+#')=N! <=123'! "/@&N! G&/23++!
53$g32X! JO/3$+=1,&/! ;+'#*#$#&! ,•/! (183/&! "+&/@*&'Q'#&2&MN! 9&2&#! ($+3! JA*&++3!
T+*4&/'*#Q! 1,! <&)=+181@Q! ?! ;+'#*#$#&! 1,! .1b&/! (Q'#&2'! 3+%! "+&/@Q! ")1+12*)'MN! R/$+1!
S3*%%1+!JG&'X$8MN!DW![$*88&#!DFFl!
!
!
!
V!!?( OEI;;B!9A(
7I! !
R<! !
9I! !
"L(!
cO.!
cA.!
.A!
.II!
65I!
6.9!
<G9!
TO.!
TA.!
|L9!
!
!
!
!
!
!
!
!
!
!
!
ACC!
!
„!78#&/+3#*+@!)$//&+#!J)1$/3+#!38#&/+3#*,M!
„!R3''&!#&+'*1+!
„!9*/&)#!)$//&+#!J)1$/3+#!)1+#*+$M!
„!
(&8V'##‹#*@&!
()=38#'#&88&!
qb*')=&+!
&*+&/!
+&#qX3/388&8&+!
"*@&+&/q&$@$+@'3+83@&! $+%! %&2! Œ,,&+#8*)=&+! L*&%&/'X3++$+@'+&#q! J'Q'#Y2&!
%&!'$/4&*883+)&!%&!/0'&3$!34&)!1/@3+&!%&!)122$#3#*1+!/3##3)=0M!
„!14&/!,/&-$&+)Q!X/1#&)#*1+!
„!14&/!418#3@&!X/1#&)#*1+!
„!.=1#1418#3>-$&!!
„!.$*''3+)&!%&!)1$/#K)*/)$*#!
„!60'*'#*,!*+%$)#*,!)3X3)*#*,!
„!60'&3$!X$V8*)!%&!%*'#/*V$#*1+!
„!9*'#1/'*1+!=3/21+*-$&!#1#38&!
„!T+%&/!,/&-$&+)Q!X/1#&)#*1+!
„!T+%&/!418#3@&!X/1#&)#*1+!
„!|1+&!%&!+1+!%0#&)#*1+!J%:$+&!20#=1%&!%&!%0#&)#*1+!%:B81#3@&M!
.3@&!WW!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
BJJAVA(6(:5$.#)'*()'()5$'4$+#,()NZ"#$%&'(
B?(:5$.#)'*(-%**+/'*(
0$! &'(!/9-+'4+1-8(!L!('617!.'!+'8(1-8!'+!.'!F9*M6'84'!
5&'!X/1#&)#*1+'!%&!V3'&!'Q'#023#*-$&2&+#!*+#0@/0&'!Z!#1$'!8&'!1+%$8&$/'N!Z!'341*/!)&88&'!Z!
'&$*8'! %&! ,/0-$&+)&! &#! %&! #&+'*1+N! '1+#! )&88&'! -$*! %0#&)#&+#! 83! X8$X3/#! %&'! 3+1238*&'!
X/0'&+#&'! '$/! 8&! /0'&3$N! B81#3@&'! )12X/*'H! 53! ,1+)#*1+! &'#! 3''$/0&! X3/! %&'! /&83*'! %&!
%0)1$X83@&H!5:&\*'#&+)&!%&!)&'!%&$\!X83@&'!&+@&+%/&!%1+)!-$3#/&!'&$*8'!%&!%0#&)#*1+!_!!
!! $+!'&$*8!%&!#&+'*1+!23\*238&!3%2*''*V8&N!
!! $+!'&$*8!%&!#&+'*1+!2*+*238&!3%2*''*V8&N!
!! $+!'&$*8!%&!,/0-$&+)&!23\*238&!3%2*''*V8&N!
!! $+!'&$*8!%&!,/0-$&+)&!2*+*238&!3%2*''*V8&H!
!
(*! 8:32X8*#$%&! %&! 83! #&+'*1+! 1$! 83! ,/0-$&+)&! %$! /0'&3$! %0X3''&+#! 8:$+! %&! )&'! '&$*8'N!
8:1+%$8&$/! &'#! 381/'! %0)1++&)#0H! "+#/&! 8&! 212&+#! 1r! 8:1+%$8&$/! &'#! )1++&)#0! 3$! /0'&3$! &#!
)&8$*! 1r! *8! ':&+! %0)1++&)#&N! $+! 0)3/#! %&! X$*''3+)&! 3)#*4&! &#! /03)#*4&! 3XX3/3B#H! 5:0)3/#! %&!
X$*''3+)&! 3)#*4&! 43! '&+'*V8&2&+#! 21%*,*&/! 83! #&+'*1+! 3$! X1*+#! %&! /3))1/%&2&+#! &#! )&8$*! %&!
X$*''3+)&! /03)#*4&! 43! &+#/3B+&/! $+! )=3+@&2&+#! %&! ,/0-$&+)&H! I:&'#! &+! )&! '&+'! -$&! 8&'!
X/1#&)#*1+'!Z!'&$*8!%&!,/0-$&+)&!&#!%&!#&+'*1+!'1+#!)1+'*%0/0&'!)122&!%&'!X/1#&)#*1+'!3+#*K
B81#3@&H! I&'! X/1#&)#*1+'! Z! '&$*8! '1+#! %0[Z! *2X83+#0&'! %3+'! 8&'! 1+%$8&$/'! X1$/! %:3$#/&'!
3XX8*)3#*1+'N!)&!-$*!)1+'#*#$&!8:343+#3@&!X/*+)*X38!%&!83!20#=1%&H!"+!)1+#/&X3/#*&N!83!|1+&!%&!
L1+!90#&)#*1+!&'#!/&83#*4&2&+#!*2X1/#3+#&H!93+'!8&!#&'#!*2X1'0!X3/!83!+1/2&!;"I!kDCCk!uCFvN!
*8! '&! X1$//3*#! -$&! 8&'! 1+%$8&$/'! 3*+'*! 0-$*X0'! +&! X3''&+#! X3'! 8&'! #&'#'H! ;8! &'#! 381/'!
/&)1223+%0!X3/!8&'!+1/2&'!+3#*1+38&'!%:&2X81Q&/!$+&!20#=1%&!'$XX802&+#3*/&H!
!
.1$/! 2*&$\! )12X/&+%/&! )&##&! 20#=1%&N! 8&'! &\X8*)3#*1+'! #=01/*-$&'! '1+#! &,,&)#$0&'! &+!
$#*8*'3+#!$+!/0'&3$!'*2X8&!)12X1/#3+#!$+!1+%$8&$/!.A!&#!$+&!)=3/@&!%&!#QX&!65I!X3/388Y8&!
JO*@$/&!CCM!uCfvH!53!8*'#&!'$*43+#&!&'#!8:0+$20/3#*1+!%&'!43/*3V8&'!$#*8*'0&'!)*K3X/Y'!_!
!! .)=!&#!U)=!_!X$*''3+)&'!3V'1/V0&'!X3/!83!)=3/@&N!!
!! .!&#!U!_!X$*''3+)&'!,1$/+*&'!X3/!1+%$8&$/!.AN!!
!! ".!&#!"U!_!X$*''3+)&'!,1$/+*&'!X3/!8&!/0'&3$N!!
!! U)!_!X$*''3+)&!3V'1/V0&!X3/!8&!)1+%&+'3#&$/!%&!)=3/@&N!!
!! U8!_!X$*''3+)&!3V'1/V0&!X3/!8:*+%$)#3+)&!%&!)=3/@&N!
!! 6N!5N!I!_!)12X1'3+#'!X3''*,'!%&!83!)=3/@&!J65I!X3/388Y8&MN!
!! A/&'!_!#&+'*1+!%$!/0'&3$N!!
!! A.A!_!#&+'*1+!%&!8:1+%$8&$/!.AN!
!! #/&'!_!X$8'3#*1+!%$!/0'&3$N!
!! #.A!_!X$8'3#*1+!%&!8:1+%$8&$/!.AH!
!
"+! )3'! %&! ,1+)#*1++&2&+#! +1/238! J1+%$8&$/! .A! )1++&)#0! 3$! /0'&3$MN! 8&'! 0-$3#*1+'! %&'!
#/3+',&/#'!%&!X$*''3+)&'!'1+#!8&'!'$*43+#&'!_!
!
!
!
!
!
!
!
9"8":!
$$ # $ " $"# 8!
$% # % " %"# 8!
ACC!
!
!
!
!
!
!
.3@&!Wf!'$/!EF!
!
!
9"8;:!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
5&'!0-$3#*1+'!%&'!X$*''3+)&'!3$!+*4&3$!%&!83!)=3/@&!65I!'1+#!8&'!'$*43+#&'!_!
$"# "
;
'()*
8!!
&
!
!
!
.N!U!
!
!
!
!
".N!"U!
.)=N!U)=!
.A!
9"8#:!
60'&3$!
I=3/@&!
!
O*@$/&!CC!K!!(Q+1X#*-$&!%$!/0'&3$!&+!,1+)#*1++&2&+#!+1/238H!
74&)!_!
'()* <
,%()*
!
!
!
!
!
!
!
JCHfM!
!
!
!
!
!
!
!
9"8=:!
;
;
9 ,% ()* : &" & '()*
-% ()* H! !
9:1r!_!!%"# " %+ & %" " '()*
91+)!1+!1V#*&+#!_!
!
!
!
JCHkM!
!
!
!
!
9"8>:!
;
" $% # % # '()*
-% ()* !!
!
!
!
JCHmM!
%+ "
!!
;
%" " '()*
-% ()* 8!
;
'()*
8!
$$ # $ "
&
!
!
!
;
$% # % " '()*
9 ,% ()* : &" & '()*; -% ()* ?!
'! '()* 9 ,% ()* :
;
&"
!
51/'!%&!83!X&/#&!%$!/0'&3$N!8&!'Q+1X#*-$&!%&4*&+#!_!!
.&/#&!60'&3$!
.N!U!
".„FN!"U„F!
.)N!U)!
.A!
60'&3$!
I=3/@&!
!
O*@$/&!CD!K!(Q+1X#*-$&!%$!/0'&3$!&+!,1+)#*1++&2&+#!B81#0H!
!
93+'!)&!)3'N!8&'!0-$3#*1+'!%&'!X$*''3+)&'!3$!+*4&3$!%&!83!)=3/@&!65I!'1+#!8&'!'$*43+#&'!_!
$"# " $ "
ACC!
!
'$' <
&
8!
!
!
!
!
!
.3@&!WE!'$/!EF!
!
!
9"8@:!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
'$' <
;
-% $'
& '$'
,% $'
.?!
'$' <
;
-% $'
" % # '$'
,% $'
H! !
%"# " % "
'!
!
!
!
!
!
JCHCFM!
"+! &,,&)#$3+#! 8&! /3XX1/#! %&'! 0-$3#*1+'! JCHlM! &#! JCHeMN! X1$/! 83! X$*''3+)&! 3)#*4&N! &#! %&'!
0-$3#*1+'!JCHmM!&#!JCHCFMN!X1$/!83!X$*''3+)&!/03)#*4&N!1+!1V#*&+#_!
$$ '()* <
"
& " 8!
$ '$' <
'!
!
!
;
'A. * <% $' $% # % # '()*
-% ()*
"
;
'$' <% ()*
% # '$' -% $'
!
!
!
!
!
9"8"":!
!!
!
!
!
!
9"8";:8!
!
JCHCWM!
"+!'*2X8*,*3+#!34&)!8&'!0-$3#*1+'!JCHCCM!&#!JCHEMN!1+!3!_!
$% # % # %"
- $$ * % $'
"
?!
+" #
(
"
$ ) %()* % # % % $'
,
"
%()* - $$ *
+" #
(
$ )
,
*
(
+
%
$$ %
"
( " $% # % # % N!
'! -+" # *( $' ++ % # %" $'
"
$ ) %()*
%()* - $$ * (
,
+
+" #
((
$ ))
,
,
*
(
+
% $'
"
- $$ * % $' +
( " $% # % # % !
% # %"
' +" # (
"
$ ) %()* +
%()* - $$ * (
,
+
+" #
((
$ ))
,
,
!
'
-%
%
$$ % $'
% $' # %
# %" ++ $'
%()*
$ % ()*
, % ()*
%
$$ % $' $%
&
" "# "
$ %()*
%
%
!
;
*
(( " $% # % # %" !
)
- -%
+" & + $'
+ +%
, , ()*
*
(
(
)
;*
( & % $'
( %
()*
)
!
H!
!
S/t)&!3$\!/&83#*1+'!JCHCCM!&#!JCHCWMN!1+!X&$#!/&23/-$&/!-$&!81/'-$&!".!&#!"U!'1+#!+$88&'N!*8!
+:Q!3!+*!43/*3#*1+!%&!#&+'*1+N!+*!X$8'3#*1+H!
5&'!'&$*8'!%&!%0#&)#*1+!%&!#&+'*1+!%0)1$8&+#!%&!8:0-$3#*1+!JCHCCM!_!
;
';
'()*
$$
$$
$/01 "
&
" ()*
&
"
&
9
& ": N!
;
;
$ B%C $ B'+ 'B'+
'B%C
;
;
' H!
'! $/01 " '()*
& ()*
;
;
'B'+
'B%C
!
!
!
!
!
JCHCfM!
.1$/!%0#&/2*+&/!8&'!'&$*8'!&+!,/0-$&+)&N!8:0-$3#*1+!JCHCWM!%1*#!]#/&!21%*,*0&!_!
%
$$ % $' $%
&
" "# "
$ %()*
%
%
;
- % $'
+" &
+ %;
()*
,
* % $'
(&
( %
()*
)
!
H!
c+!X/&+%!'&$8&2&+#!&+!)12X#&!$+&!43/*3#*1+!%&!X$*''3+)&!/03)#*4&!%1+)!".„FH!9&!X8$'N!'*!
1+!X/&+%!8&!/3XX1/#!
% $'
!0@38!Z!CN!1+!1V#*&+#!$+&!3XX/1\*23#*1+!/&83#*4&!%&!83!q1+&!%&!+1+!
% ()*
%0#&)#*1+!&#!1+!X&$#!%1+)!%0#&/2*+&/!8&'!8*2*#&'!&+!,/0-$&+)&!_!
ACC!
!
.3@&!Wk!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
%
/01
$%
"
%
'%
/01
$%
&
%
B%C
B'+
$%
$%
"
&
% B%C %
%
" -9
%
B'+
2
2
%
" %
;
B%C
;
%
& ": & - 9
%
()*
2
2
;
B%C
;
()*
%
& %
2
2
2
2
;
B'+
;
& ": N!
()*
;
B'+
;
H!
!
!
JCHCEM!
()*
9&! )&'! &\X/&''*1+'! &#! %&! 8:&\)$/'*1+! '$/! 83! ,/0-$&+)&! &#! 83! #&+'*1+N! *8! &'#! X1''*V8&! %&!
%0#&/2*+&/!83!23/@&!%&!X$*''3+)&'!3)#*4&!&#!/03)#*4&!%0)/*43+#!83!L9|H!
I&##&!q1+&!&'#!/&83#*4&2&+#!*2X1/#3+#&H!"+!O/3+)&!8&'!'&$*8'!&+!#&+'*1+!&#!&+!,/0-$&+)&!
'1+#!,*\0'!'$/!8&!#3V8&3$!)*K%&''1$'!_!
!
<3V8&3$!E!K(9*,,0/&+#'!#QX&'!%&!X/1#&)#*1+'!R<!J"69OKLc;K6"(•CW"!%$!FC{Fk{DFFmM(
!
!
N$! &0!)*+,-.'!/09!)'(69'!.'!(06+!.'!/,0('!
53!20#=1%&!X3/!%0#&)#*1+!%&!'3$#!%&!X=3'&!&'#! X3''*4&H!5:1+%$8&$/!)12X3/&!8&!)1$/3+#!%&!
'1/#*&!Z!83!#&+'*1+!%$!/0'&3$!J3$!X1*+#!%&!/3))1/%&2&+#MH!93+'!8&!)3'!1r!*8!&'#!)1++&)#0!3$!
ACC!
!
.3@&!Wl!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
/0'&3$N!!8:1+%$8&$/!'Q+)=/1+*'&!8&!)1$/3+#!%&!'1/#*&!'$/!83!#&+'*1+!%$!/0'&3$!4*3!83!%0#&)#*1+!
%&'!X3''3@&'!Z!q0/1!%&!83!#&+'*1+H!I&##&!'Q+)=/1+*'3#*1+!X&/2&#!Z!8:1+%$8&$/!%&!,1+)#*1++&/!
34&)!$+!,3)#&$/!%&!X$*''3+)&!8&!X8$'!X/1)=&!%&!8:$+*#0H!51/'!%&!83!X&/#&!%$!/0'&3$N!8&!)1$/3+#!
&'#!#1$[1$/'!'Q+)=/1+*'0!34&)!83!#&+'*1+!X/0'&+#&!343+#!83!%0)1++&\*1+!3$!/0'&3$H!($*#&!Z!83!
X&/#&!%$!/0'&3$N!83!#&+'*1+!'&!)38&!34&)!)&88&!%&!83!)=3/@&!%$!%0X3/#N!X/141-$3+#!$+!'3$#!%&!
X=3'&H! 53! 20#=1%&! )12X3/&! 381/'! 8&! X3''3@&! Z! q0/1! %$! )1$/3+#! &#! )&8$*! %&! 83! #&+'*1+N!
)38)$83+#! 3*+'*! 8&! %0X=3'3@&! %&! 83! #&+'*1+! 343+#! &#! 3X/Y'! B81#3@&H! (*! )&! '3$#! %&! X=3'&! &'#!
'$X0/*&$/!Z!$+&!438&$/!'&$*8N!8:1+%$8&$/!'&!%0)1$X8&H!
90[Z! *2X802&+#0&! %3+'! 8:1+%$8&$/! X1$/! 8&! /0@83@&! %$! ,3)#&$/! %&! X$*''3+)&N! )&##&! 20#=1%&!
&'#! X&$! )1z#&$'&H! ;8! +&! '$,,*#! -$&! %&! /3[1$#&/! 83! )3X3)*#0! Z! 2&'$/&/! 8&! %0X=3'3@&H! 9&! X8$'!
3$)$+&!X&/#$/V3#*1+!+:&'#!*+[&)#0&!'$/!8&!/0'&3$N!)&!-$*!,3*#!%&!)&##&!20#=1%&!$+!V1+!)=1*\!
%3+'! 8&'! ')0+3/*1'! Z! ,1/#&! %&+'*#0! %&! 'Q'#Y2&'! .AH! .3/! )1+#/&N! 8&! )=1*\! %$! '&$*8! %&!
%0X=3'3@&!)1+%*#*1++&!83!|1+&!%&!L1+!90#&)#*1+!"+!&,,&#!*8!+&!,3$#!X3'!-$:*8!'1*#!#/1X!08&40!
'1$'! X&*+&! %:341*/! $+&! |1+&! %&! L1+! 90#&)#*1+! #/1X! 83/@&! &#! *8! +&! 8&! ,3$#! X3'! +1+! X8$'! #/1X!
,3*V8&!)3/!8:&+)8&+)=&2&+#!%&!)=3/@&'!'$/!8&!/0'&3$!&+#/3B+&!'1$4&+#!%&'!'3$#'!%&!X=3'&!-$*!
X1$//3*&+#! 381/'! ]#/&! *+#&/X/0#0'! )122&! %&'! '*#$3#*1+'! %:B81#3@&N! X/141-$3+#! 381/'! %&'!
%0)1$X83@&'!*+#&2X&'#*,'H!I&#!*+)1+40+*&+#!/&2&#!&+!)3$'&!83!,*3V*8*#0!%:$+&!#&88&!20#=1%&H!
4$! &0!)*+,-.'!E-O-P!
53!20#=1%&!61I1O!J63#&!1,!I=3+@&!1,!O/&-$&+)QM!2&'$/&!8&!)=3+@&2&+#!%&!,/0-$&+)&!3$!
X1*+#!%&!/3))1/%&2&+#H!"+!,3*#!&88&!)38)$8&!83!%0/*40&!%&!83!,/0-$&+)&!Z!#1$#!*+'#3+#H!(*!)&##&!
%0/*40&N! &+! 438&$/! 3V'18$&N! %0X3''&! $+! '&$*8! %0,*+*N! 8:1+%$8&$/N! )1+)8$3+#! Z! $+&! '*#$3#*1+!
%:B81#3@&N!'&!%0)1$X8&H!I&##&!20#=1%&!3!8:343+#3@&!%:]#/&!X3''*4&!&#!%:]#/&!X8$'!/03)#*4&!-$&!
)&88&'! Z! '&$*8! %&! #&+'*1+! &#! %&! ,/0-$&+)&H! I&X&+%3+#N! )122&! X1$/! 8&! '3$#! %&! X=3'&N!
8:&+)8&+)=&2&+#! %&! )=3/@&'! *2X1/#3+#&'! X&$#! @0+0/&/! $+! )=3+@&2&+#! %&! ,/0-$&+)&!
2&'$/0&!-$*!X1$//3*#!]#/&!238!*+#&/X/0#0H!
!
O*@$/&!CW!K!53!20#=1%&!61I1O!J'1$/)&!_!uWvM!
!
.$! &0!)'(69'!.'(!,09)-81M6'(!
53! 20#=1%&! %&! %0#&)#*1+! %:=3/21+*-$&'! %&! #&+'*1+! '$/4&*88&! 8&! <3$\! %&! 9*'#1/'*1+!
G3/21+*-$&! J<G9M! %&! 83! #&+'*1+! 3$\! V1/+&'! %&! 83! )=3/@&! &#! '&! %0)1++&)#&! '*! 8&! <G9!
%0X3''&!$+&!438&$/!'&$*8H!.1$/!/3XX&8N!8&!<G9!&'#!%0,*+*!X3/!8&!/3XX1/#!&+#/&!83!#&+'*1+!'3+'!
'3! )12X1'3+#&! ,1+%32&+#38&! X3/! '3! )12X1'3+#&! ,1+%32&+#38&H! 5:1+%$8&$/! @0+Y/&! &+!
X&/23+&+)&! %&'! )1$/3+#'! =3/21+*-$&'N! )122&! #1$#! )1+4&/#*''&$/H! 51/'-$&! 8&! /0'&3$! &'#!
ACC!
!
.3@&!Wm!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
)1++&)#0N!8&!<G9!&'#!#/Y'!,3*V8&!)3/!8:*2X0%3+)&!%$!/0'&3$!8:&'#!0@38&2&+#N!23*'!&+!'*#$3#*1+!
%:B81#3@&N!8:*2X0%3+)&!%&!83!)=3/@&!-$*!&'#!'1$4&+#!X8$'!08&40&!-$&!)&88&!%$!/0'&3$!@0+Y/&!
%&'! =3/21+*-$&'! %&! #&+'*1+N! X/141-$3+#! 381/'! $+&! =3$''&! %$! <G9! -$*! X&$#! %0X3''&/! 83!
438&$/! '&$*8! -$*N! 81/'-$:&88&! &'#! V*&+! )=1*'*&N! X&/2&##/3! %&! %0)1++&)#&/! 8:1+%$8&$/H! I&##&!
20#=1%&! &'#! #/Y'! &,,*)3)&! X1$/! 83! %0#&)#*1+! %&! 8:B81#3@&! &#N! X3/! '3! +3#$/&! X3''*4&N! &88&! +&!
X&/#$/V&! X3'! 8&! /0'&3$H! 53! 438&$/! '&$*8! &'#! #1$#&,1*'! #/Y'! %*,,*)*8&! Z! )=1*'*/! )3/! )=3-$&!
1+%$8&$/!&'#!%*,,0/&+#!&#!8:*2X0%3+)&!X/0'&+#&!'$/!8&!/0'&3$!+:&'#!X3'!=121@Y+&H!9&!X8$'!'*!
83!)=3/@&!3!$+&!*2X0%3+)&!,3*V8&!1$!':*8!+:Q!3!3$)$+!#/3+',1/23#&$/!%3+'!8:B81#N!83!@0+0/3#*1+!
%&!#&+'*1+!=3/21+*-$&!X&$#!]#/&!#/1X!,3*V8&!X1$/!-$&!8:1+%$8&$/!X$*''&!%0#&)#&/!8:B81#3@&H!
'$! &0!)'(69'!.'(!+9-1(!/,0('(!
53! %&/+*Y/&! 20#=1%&! X3''*4&! &'#! X3/#*)$8*Y/&2&+#! &,,*)3)&! &#! '1$4&+#! &2X81Q0&! &+!
788&23@+&H!i3*'!&88&!+&!':3XX8*-$&!-$:Z!%&'!*+'#3883#*1+'!Z!1+%$8&$/!#/*X=3'0H!"88&!)1+'*'#&!Z!
'$/4&*88&/! 8&'! 0)3/#'! %&'! #/1*'! X=3'&'! X3/! /3XX1/#! 3$! /0@*2&! X&/23+&+#! J*H&H! )1++&)#0! 3$!
/0'&3$MH!"88&!2&'$/&!0@38&2&+#!8&'!43/*3#*1+'!%:32X8*#$%&!%&!#&+'*1+!&+#/&!8&'!#/1*'!X=3'&'!
&#!8&'!43/*3#*1+'!%&!<G9!%&'!)1$/3+#'H!I=3)$+!%&'!#/1*'!X3/32Y#/&'!':3))12X3@+&!%&!'&$*8'!
-$:*8! +&! ,3$#! X3'! %0X3''&/! '1$'! X&*+&! %&! %0)1$X83@&! %&! 8:1+%$8&$/H! .3/2*! 8&'! 20#=1%&'!
X3''*4&'N! ):&'#! %&! 81*+! )&88&! -$*! X1''Y%&! 83! |1+&! %&! L1+! 90#&)#*1+! 83! X8$'! X&#*#&N! 23*'! 8&'!
'&$*8'!'1+#N!)122&!X1$/!83!20#=1%&!%&!2&'$/&!=3/21+*-$&N!#/Y'!%*,,*)*8&!Z!*%&+#*,*&/H!
F$! O-8476(1-8!(69!7'(!)*+,-.'(!/0((12'(!
"+!/0'$20N!8&'!20#=1%&'!X3''*4&'!/&-$*Y/&+#!'1$4&+#!X&$!%:*+4&'#*''&2&+#!'$XX802&+#3*/&!
3,*+! %:]#/&! 1X0/3#*1++&88&'N! 23*'! &88&'! +&! '1+#! 4/3*2&+#! &,,*)3)&'! -$&! %3+'! 8&'! ')0+3/*1'! Z!
,1/#! #3$\! %&! X0+0#/3#*1+! %&'! 'Q'#Y2&'! .A! &#! 8&'! 20#=1%&'! *2X8*-$3+#! %&'! 2&'$/&'! %&!
,/0-$&+)&!&#!%&!#&+'*1+!X1''Y%&+#!$+&!|1+&!%&!L1+!90#&)#*1+!/&83#*4&2&+#!*2X1/#3+#&H!5&'!
3$#/&'! 20#=1%&'! 3+#*KB81#3@&! 1+#! )&/#&'! $+&! |1+&! %&! L1+! 90#&)#*1+! X8$'! /&'#/&*+#&N! 23*'! *8!
&'#! '1$4&+#! +0)&''3*/&! %&! %0,*+*/! $+! '&$*8! Z! +&! X3'! ,/3+)=*/! -$*! X&$#! ]#/&! #/Y'! %*,,*)*8&! Z!
*%&+#*,*&/H!
!
C?(:5$.#)'*(%4$+/'*(
0$! &0!)'(69'!.>1)/*.084'!
5&!X/*+)*X&!)1+'*'#&!Z!2&'$/&/!83!43/*3#*1+!%:*2X0%3+)&!@0+0/0&!X3/!83!X&/#&!%$!/0'&3$!81/'!
%:$+!*+)*%&+#H!"+!&,,&#N!&+!/0@*2&!X&/23+&+#!8:*2X0%3+)&!%$!/0'&3$!%&!%*'#/*V$#*1+!&'#!#/Y'!
,3*V8&! J*+,0/*&$/&! Z! C! .! 83! X8$X3/#! %$! #&2X'N! 41*/&! -$&8-$&'! .! &+! /0'&3$! /$/38MH! 51/'! %&! 83!
%0)1++&\*1+! %$! /0'&3$N! 8:*2X0%3+)&! 4$&! X3/! 8:1+%$8&$/! '&/3! 0@38&! Z! )&88&! %&! 8:B81#! 3$-$&8!
)&8$*K)*! &'#! /3))1/%0N! V&3$)1$X! X8$'! *2X1/#3+#&! -$&! )&88&! %$! /0'&3$! %&! %*'#/*V$#*1+H!
5:1+%$8&$/!%0#&)#&/3!381/'!8&!'3$#!%:*2X0%3+)&!-$*!&+!/0'$8#&/3!&#!'&!%0)1$X8&/3H!
;8! &\*'#&! %&$\! #QX&'! %&! 2&'$/&! %:*2X0%3+)&!_! )&88&! Z! $+! #&2X'! %1++0! &#! )&88&! Z! $+&!
,/0-$&+)&! %1++0&H! 5&'! %&$\! *+#/1%$*'&+#! $+&! X&/#$/V3#*1+! '$/! 8&! /0'&3$N! 1V'&/4&+#! '3!
/03)#*1+!&#!2&'$/&+#!8:*2X0%3+)&!3$!X1*+#!%&!/3))1/%&2&+#H!
!
53!2&'$/&!%:*2X0%3+)&!Z!$+!*+'#3+#!%1++0!'&!%0)8*+&!&88&K2]2&!&+!%&$\!4&/'*1+'!_!
CH! 53! X/&2*Y/&! X3/! $+&! 43/*3#*1+! %&! X$*''3+)&H! ;8! '$,,*#! %:*+[&)#&/! $+! X*)! %&! )1$/3+#! -$*!
X/141-$&/3! $+&! 43/*3#*1+! %&! X$*''3+)&! &#! %&! #&+'*1+H! 5&! -$1#*&+#! %&! 83! 43/*3#*1+! %&!
#&+'*1+! X3/! 8&! X*)! %&! )1$/3+#! X&/2&#! %&! %0#&/2*+&/! 8:*2X0%3+)&! 3$! X1*+#! %&!
ACC!
!
.3@&!We!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
/3))1/%&2&+#H! (*! 83! 43/*3#*1+! %:*2X0%3+)&! %0X3''&! $+! )&/#3*+! '&$*8N! 8:1+%$8&$/! &+!
)1+)8$#! -$:*8! &'#! &+! '*#$3#*1+! %:B81#3@&! &#! '&! %0)1$X8&H! (*! 8:1+%$8&$/! &'#! &+! /038*#0!
)1++&)#0! 3$! /0'&3$! -$*! X1''Y%&! $+&! ,1/#&! X$*''3+)&! %&! )1$/#K)*/)$*#N! &#! X3/!
)1+'0-$&+#!$+&!@/3+%&!'#3V*8*#0N!8&'!43/*3#*1+'!%&!#&+'*1+!&#!%1+)!%:*2X0%3+)&!'&/1+#!
+0@8*@&3V8&'H! 7,*+! %:341*/! 8&! 21*+'! %&! X&/#&'N! 8&'! *+[&)#*1+'! %&! )1$/3+#! ':&,,&)#$&+#!
'1$4&+#!3$!X3''3@&!Z!q0/1!%&!83!#&+'*1+H!
DH! 53!'&)1+%&!4&/'*1+!)1+'*'#&!Z!)1++&)#&/!X0/*1%*-$&2&+#!$+&!/0'*'#3+)&!&+!'1/#*&!%&!
8:1+%$8&$/H! (*! 8&! /0'&3$! /03@*#! #/1X! '&+'*V8&2&+#! Z! )&##&! *+'&/#*1+! %:*2X0%3+)&N!
8:1+%$8&$/!'&!%0)1++&)#&H!
!
U$&88&! -$&! '1*#! 83! 4&/'*1+! )=1*'*&N! 83! 20#=1%&! X3/! 2&'$/&! Z! $+! *+'#3+#! %1++0! *+[&)#&!
X1+)#$&88&2&+#!$+&!X&/#$/V3#*1+H!
i38@/0! $+&! |1+&! %&! L1+! 90#&)#*1+! 0#/1*#&N! $+&! '*2$83#*1+! +$20/*-$&! uWv! )12X1/#3+#! %&!
+12V/&$\! 1+%$8&$/'! &2X81Q3+#! )&##&! 20#=1%&! 3! /04080! -$&! 8&'! X&/#$/V3#*1+'! '$/! 8&! /0'&3$!
X1$43*&+#!]#/&!*2X1/#3+#&'!&#!-$&!8&'!1+%$8&$/'!X1$43*&+#!'&!X&/#$/V&/!8&'!$+'!8&'!3$#/&'H!"+!
&,,&#!'*!8&'!1+%$8&$/'!'1+#!'Q+)=/1+*'0'N!)`&'#KZK%*/&!-$:*8'!*+[&)#&+#!83!X&/#$/V3#*1+!3$!2]2&!
*+'#3+#N! 83! 43/*3#*1+! %&! #&+'*1+! '&/3! X8$'! *2X1/#3+#&! -$&! X/04$&! &#! 83! 43/*3#*1+! %:*2X0%3+)&!
2&'$/0&! X1$//3! X3/! )1+'0-$&+#! %0X3''&/! 8&! '&$*8! ,*\0! JC! $! %3+'! 83! 9;L! A9"! FCDkKCKC! %&!
,04/*&/!DFFk!uevM!&#!%1+)!]#/&!*+#&/X/0#0&!Z!#1/#!)122&!$+&!'*#$3#*1+!%:B81#3@&H!7!8:*+4&/'&N!'*!
8&'! 1+%$8&$/'! +&! '1+#! X3'! 'Q+)=/1+*'0'N! 8&'! X&/#$/V3#*1+'! X&$4&+#! ':3++$8&/! 8&'! $+&'! 34&)!
8&'!3$#/&'N!+&!X/141-$3+#!3$)$+&!/03)#*1+!&+!#&+'*1+!3$!X1*+#!%&!/3))1/%&2&+#N!,3$''3+#!8&'!
2&'$/&'H! 93+'! $+! )3'! 83! 2&'$/&! %:*2X0%3+)&! &'#! '$')&X#*V8&! %&! X/141-$&/! %&'!
%0)1$X83@&'!*+#&2X&'#*,'N!%3+'!8:3$#/&!&88&!X&$#!+&!X3'!%0#&)#&/!$+!B81#!X1$/#3+#!X/0'&+#H!I&'!
3/@$2&+#'! '1+#! )&$\! 343+)0'! X3/! $+! %&'! X8$'! @/3+%'! @&'#*1++3*/&'! %&! %*'#/*V$#*1+! &+!
788&23@+&N! 6~"N! -$*! 3! *+#&/%*#! 8:$#*8*'3#*1+! %:$+&! #&88&! 20#=1%&! &+! '&! /3V3##3+#! '$/! 83!
20#=1%&! X3''*4&! X3/! 2&'$/&! %&! #&+'*1+'! #/*X=3'0&'! 1$! X3/! X/1#&)#*1+! 3))&''*V8&! X3/! 8&!
@&'#*1++3*/&!%&!/0'&3$H!
($/! 8&'! /0'&3$\! ,/3@*8&'N! #QX*-$&2&+#! 8&'! /0'&3$\! *+'$83*/&'N! 83! 2&'$/&! %:*2X0%3+)&! &'#!
,1/#&2&+#!%0)1+'&*880&!)3/!83!2&'$/&!%:*2X0%3+)&!'&/3!#/Y'!'1$4&+#!X3/3'*#0&!&#!,3$''0&!Z!
)3$'&!%&!83!'#3V*8*#0!X8$'!,3*V8&!%$!/0'&3$N!X/141-$3+#!%&'!%0)1$X83@&'!*+#&2X&'#*,'H!
!
53! 2&'$/&! %:*2X0%3+)&! Z! $+&! ,/0-$&+)&! %1++0&! )1+'*'#&! Z! *+[&)#&/! X&+%3+#! $+&! %$/0&!
)1$/#&!J-$&8-$&'!)Q)8&'!%$!,1+%32&+#38M!$+!)1$/3+#!'*+$'1>%38!Z!$+&!,/0-$&+)&!'X0)*,*-$&H!;8!
2&'$/&!&+'$*#&!8&!<G9!3,*+!%&!8&!)12X3/&/!Z!$+&!438&$/!'&$*8!3$K%&8Z!%&!83-$&88&!8:1+%$8&$/!
'&! %0)1$X8&H! I&##&! 20#=1%&! /3XX&88&! )&88&! X3/! 2&'$/&! %:=3/21+*-$&! Z! 83! %*,,0/&+)&! X/Y'!
-$:&88&! *+[&)#&! $+! )1$/3+#! X&/#$/V3#&$/H! (3! |1+&! %&! L1+! 90#&)#*1+! &'#! %1+)! X8$'! /&'#/&*+#&H!
53!,/0-$&+)&!)=1*'*&!X&$#!]#/&!$+!=3/21+*-$&!%&!83!,/0-$&+)&!%$!/0'&3$N!23*'!0@38&2&+#!$+!
*+#&/=3/21+*-$&H!5:&+[&$!X/*+)*X38!%3+'!8:*2X802&+#3#*1+!%&!83!20#=1%&!)1+'*'#&!Z!)=1*'*/!83!
V1++&!%$/0&!%$!'*@+38!X&/#$/V3#&$/N!'1+!32X8*#$%&!3*+'*!-$&!83!V1++&!,/0-$&+)&!X1$/!341*/!
$+&! 2&'$/&! X/0)*'&! -$*! +&! '1*#! X3'! X3/3'*#0&! &#! $+! <G9! '$/! 8&! /0'&3$! -$*! /&'#&! V3'H! 5&'!
)1+'0-$&+)&'! %:$+! 23$43*'! )=1*\! %&! X3/32Y#/&'! X1$//3*&+#! *+%$*/&!_! '$/)=3$,,&! %&'!
#/3+',1/23#&$/'N! %&'! )tV8&'! &#! %&'! )1+%$)#&$/'N! X/0'&+)&! %&! ,8*)g&/N! %0@/3%3#*1+! %&'!
1/%*+3#&$/'!&#!%&'!)12X#&$/'!&#)H!5&!')=023!'$*43+#!&\X8*-$&!83!20#=1%&H!
ACC!
!
.3@&!fF!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
! D!
(.B/&!
D!
(.B/&!
!
O*@$/&!Cf!K!;2X0%3+)&!Z!$+&!,/0-$&+)&!)=1*'*&!J3M!8:*+[&)#*1+!%$!)1$/3+#!=3/21+*-$&!JVM!
)1$/3+#!%&!'1/#*&!%0,1/20!J'1$/)&!_!uWvM!
R*&+!-$&!)&##&!20#=1%&!X3/!2&'$/&!%:*2X0%3+)&!'&2V8&!X&$!,*3V8&!%3+'!8&'!')0+3/*1'!Z!,1/#!
#3$\! %&! X0+0#/3#*1+! %&! 'Q'#Y2&'! .AN! '3! |1+&! %&! L1+! 90#&)#*1+! &'#! $+&! %&'! X8$'! /&#/&*+#&!
X1$/!%&'!q1+&'!Z!,3*V8&!%&+'*#0!%:1+%$8&$/'H!;8!&'#!)&X&+%3+#!X/0,0/3V8&!%&!+&!X3'!)1+#*+$&/!
Z! &2X81Q&/! )&##&! 20#=1%&! %3+'! 8&'! 3++0&'! Z! 4&+*/N! '1$'! X&*+&! %:]#/&! '1$2*'! Z! %&'!
X/1V8Y2&'!%$'!Z!$+&!X/0'&+)&!*2X1/#3+#&!%:1+%$8&$/'!'$/!8&!2]2&!%0X3/#H!
N$! Q71/RS-.'!P9'M6'84T!Q,1F+!UQSQV!
I&##&! 20#=1%&! 3! X1$/! V$#! %&! ,3*/&! %0/*4&/! 83! ,/0-$&+)&! &+! ,1+)#*1+! %$! %0X=3'3@&! %&! 83!
#&+'*1+H! 53! )1$/V&! '$*43+#&! &\X8*-$&! 8&! X=0+12Y+&H! 5&! %0X=3'3@&! &+#/&! 8&! )1$/3+#! &#! 83!
#&+'*1+!+:&'#!381/'!X8$'!,1+)#*1+!%&'!X3''3@&'!3$!q0/1!%&!83!#&+'*1+N!23*'!%&!83!,/0-$&+)&H!
!
!
O*@$/&!CE!K!53!20#=1%&!(i(!J'1$/)&!_!uWvM!
!
51/'-$&! 8&! /0'&3$! &'#! X/0'&+#N! 8&! X1*+#! %&! ,1+)#*1++&2&+#! '&! '*#$&! Z! EF! Gq! 34&)! 83! X=3'&!
+$88&H!5&!21*+%/&!%0X=3'3@&!'&!#/3%$*#!381/'!X3/!$+&!%04*3#*1+!%&!83!,/0-$&+)&!'&81+!83!81*!&+!
ACC!
!
.3@&!fC!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
x!(!y! *2X1'0&! X3/! 83! )1$/V&H! ;+4&/'&2&+#N! 83! 21*+%/&! 21%*,*)3#*1+! %&! ,/0-$&+)&! 43! '$,,*/&!
X1$/! ,3*/&! 3XX3/3B#/&! $+! %0X=3'3@&! &+#/&! 83! #&+'*1+! &#! 8&! )1$/3+#H! I&X&+%3+#! 8&! /0'&3$!
'#3V*8*'&!83!,/0-$&+)&!Z!EF!Gq!&#!23*+#*&+#!8&!X1*+#!%&!,1+)#*1++&2&+#!Z!8:&+%/1*#!*+%*-$0H!"+!
/&43+)=&N! 81/'! %&! 83! X&/#&! %$! /0'&3$N! $+! %0X=3'3@&N! 2]2&! 80@&/N! '$,,*#! Z! ,3*/&! %04*&/! 83!
,/0-$&+)&H! 53! ,1/2&! %&! 83! )1$/V&! X/141-$&! Z! )=3-$&! ,1*'! $+&! %0/*4&! #1$[1$/'! X8$'! ,/3+)=&!
[$'-$:Z! )&! -$&! 83! X/1#&)#*1+! Z! '&$*8! %&! ,/0-$&+)&! ':3)#*4&H! 5&'! '*2$83#*1+'! '$/! $+! 1+%$8&$/!
&2X81Q3+#! )&##&! 20#=1%&! 1+#! 21+#/0! -$&! 2]2&! 34&)! $+! 0-$*8*V/&! %&'! X$*''3+)&'!
)1+'1220&!&#!X/1%$*#&N!8:1+%$8&$/!X3/4*&+#!Z!%0#&)#&/!8:B81#3@&!34&)!$+&!*+,*2&!43/*3#*1+!%&!
,/0-$&+)&H!I&##&!20#=1%&!3!$+&!|1+&!%&!L1+!90#&)#*1+!&\#/]2&2&+#!/&''&//0&N!83!/&+%3+#!
#/Y'!&,,*)3)&N!23*'!Z!)3$'&!%$!%0X=3'3@&!X&/23+&+#!&+#/&!8&!)1$/3+#!&#!83!#&+'*1+N!8&!,3)#&$/!
%&!X$*''3+)&!':&+!#/1$4&!$+!X&$!%0@/3%0H!
4$! I4+12'!P9'M6'84T!A91F+!UIPAV!
53! %0/*4&! 3)#*4&! %&! ,/0-$&+)&! %0'#3V*8*'&! 8&! /0'&3$! &+! )/03+#! $+&! %*'#1/'*1+! %$! )1$/3+#!
X/1%$*#!3$!X1*+#!%&!/3))1/%&2&+#N!%&!#&88&!'1/#&!-$&!8:1+%$8&$/!3*#!&+!X&/23+&+)&!V&'1*+!%&!
21%*,*&/!83!,/0-$&+)&H!
!
O*@$/&!Ck!K!53!20#=1%&!7O9!J'1$/)&!_!uWvM!
!
!
7$#1$/!%&'!X3''3@&'!X3/!q0/1!%&!83!#&+'*1+N!8&!)1$/3+#!*+[&)#0!%&4*&+#!+$8H!5&!)1+#/w8&!%&!83!
X=3'&!%0#&)#&!381/'!$+&!&//&$/!%&!X=3'&!-$:*8!#&+#&!%:08*2*+&/!&+!3$@2&+#3+#!1$!%*2*+$3+#!83!
,/0-$&+)&!%$!)1$/3+#H!51/'-$&!8:1+%$8&$/!&'#!)1++&)#0!3$!/0'&3$N!83!,/0-$&+)&!&'#!,*\0&!Z!EF!
GqH!.3/!)1+#/&N!&+!)3'!%:B81#3@&N!83!#&+'*1+!-$*!'&!)38&!'$/!8&!)1$/3+#!&+!/3*'1+!%&'!)=3/@&'!
/0'*'#*4&'! 43! )122&+)&/! Z! 41*/! '3! ,/0-$&+)&! %0/*4&/H! 53! 20#=1%&! )1+#*+$&! 381/'! '1+!
X/1)&''$'!%:3++$83#*1+!%$!)1$/3+#!3$#1$/!%&'!X3''3@&'!Z!q0/1N!)&!-$*!X/141-$&!$+&!%0/*4&!
%&!83!,/0-$&+)&![$'-$:3$!,/3+)=*''&2&+#!%&'!8*2*#&'!%&!'&$*8!%&!,/0-$&+)&!%&!83!X/1#&)#*1+!%&!
%0)1$X83@&H!
53!-$38*#0!%&!,1$/+*#$/&!%&!)1$/3+#!&'#!80@Y/&2&+#!%0@/3%0&!&+!/3*'1+!%$!)1$/3+#!%0,1/20H!
I&X&+%3+#!&+!X/0'&+)&!%&!+12V/&$\!1+%$8&$/'N!8&'!43/*3#*1+'!%&!)=3)$+!X&$4&+#!':3++$8&/N!
23*+#&+3+#!83!,/0-$&+)&!3$#1$/!%&! EF!Gq!&#!X3/!8Z!2]2&!8:B81#3@&H! I:&'#! X1$/-$1*! 83! %0/*4&!
%1*#! ]#/&! 83! 2]2&! '*! 8&! %0X3/#! )1+#*&+#! %&! +12V/&$\! 1+%$8&$/'! *''$'! %&! )1+'#/$)#&$/'!
ACC!
!
.3@&!fD!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
%*,,0/&+#'H!53!|1+&!%&!L1+!90#&)#*1+!&'#!0@38&2&+#!3''&q!83/@&N!)&!-$*!&+!,3*#!$+&!20#=1%&!
3''&q!X&$!&2X81Q0&!)3/!#/1X!X&$!,*3V8&H!
.$! Q08.10!P9'M6'84T!Q,1F+!UQPQV!
I&##&! 20#=1%&! &'#! $+&! &\#&+'*1+! %&! 83! X/0)0%&+#&H! "88&! *+#Y@/&! &+! &,,&#! $+&! V1$)8&! Z!
/0#/13)#*1+!X1'*#*4&N!)&!-$*!X&/2&#!%&!,3*/&!%0/*4&/!83!,/0-$&+)&!X8$'!/3X*%&2&+#H!"88&!&'#!X3/!
)1+'0-$&+#! X8$'! &,,*)3)&! -$&! 83! 20#=1%&! 7O9! J41*/! ‘! RH)MH! 5&! ,3)#&$/! %&! X$*''3+)&! &'#!
0@38&2&+#!80@Y/&2&+#!%0@/3%0N!23*'!83!|1+&!%&!L1+!90#&)#*1+!&'#!)&##&!,1*'!#/Y'!/&'#/&*+#&H!
53! V1$)8&! Z! /&#1$/! X1'*#*,! %0@/3%&! $+! X&$! X8$'! 8&! /0'&3$! &+! #&/2&'! %&! X&/#$/V3#*1+'H! 53!
X/*+)*X38&!%*,,*)$8#0!%&!83!20#=1%&!/0'*%&!%3+'!8&!)=1*\!%$!@3*+!%&!83!V1$)8&!%&!/&#1$/N!-$*!+&!
%1*#!]#/&!+*!#/1X!08&40!'1$'!X&*+&!%&!X&/#$/V3#*1+'!#/1X!*2X1/#3+#&'N!+*!#/1X!,3*V8&!'1$'!X&*+&!
%:083/@*/!83!|1+&!%&!L1+!90#&)#*1+H!
'$! E08.-)!K-1('!#8W'4+1-8!
I&##&!20#=1%&!':3XX$*&!'$/!83!%0/*43#*1+!%&!,/0-$&+)&!&+!+:3++$83+#!+1+!X8$'!8&!)1$/3+#!81/'!
%&'!X3''3@&'!Z!q0/1N!23*'!&+!*+[&)#3+#!$+!V/$*#!V83+)!Z!83!,/0-$&+)&!%$!)1$/3+#!&+!'1/#*&!%&!
8:1+%$8&$/H! 5&! V/$*#! V83+)! 3! X1$/! X/1X/*0#0! %&! +&! X3'! %0@/3%&/! 8&! /0'&3$! &+! #&/2&'!
%:=3/21+*-$&'! &#! '1+! 32X8*#$%&! &'#! '*! ,3*V8&! -$:*8! +:*+#&/,Y/&! &+! /*&+! 34&)! 83! -$38*#0! %&! 83!
X$*''3+)&!,1$/+*&H!"+!X/0'&+)&!%$!/0'&3$N!83!,/0-$&+)&!&'#!,*@0&!Z!)&88&!%&!/0,0/&+)&N!23*'!
81/'!83!X&/#&!%$!/0'&3$N!83!,/0-$&+)&!'&!2&#!Z!%04*&/!&+!,1+)#*1+!%&'!*+[&)#*1+'!3803#1*/&'!%&'!
X&/#$/V3#*1+'!,/0-$&+#*&88&'H!
53!|1+&!%&!L1+!90#&)#*1+!&'#!*+&\*'#3+#&!'*!8:32X8*#$%&!%$!V/$*#!V83+)!&'#!3''&q!08&40&!X1$/!
,3*/&!'$,,*'322&+#!%0/*4&/!83!,/0-$&+)&H!I&##&!20#=1%&!&'#!%1+)!#/Y'!&,,*)3)&!V*&+!-$:&88&!+&!
'1*#! X3'! &+)1/&! *2X802&+#0&! %3+'! 8&'! 1+%$8&$/'! 3)#$&8'N! X/1V3V8&2&+#! Z! )3$'&! %&! 83!
%*,,*)$8#0! %3+'! 8&! /0@83@&! %&'! X3/32Y#/&'H! "88&! &'#! 0@38&2&+#! $#*8*'3V8&! &+! X/0'&+)&! %&!
+12V/&$\!1+%$8&$/'!'*!)&$\K)*!'1+#!'Q+)=/1+*'0'!'$/!8&!2]2&!38@1/*#=2&H!
F$! P9'M6'84T!X6)/!
I&##&!20#=1%&!/&X/&+%!8&!X/*+)*X&!%&!83!%0/*43#*1+!%&!,/0-$&+)&!J41*/!‘!RH)!20#=1%&!7O9MN!
8&'!3++$83#*1+'!%&!)1$/3+#!+&!'&!,3*'3+#!X8$'!Z!)=3-$&!%&2*KX0/*1%&!23*'!#1$#&'!8&'!W!1$!f!
X0/*1%&'N! X&/#$/V3+#! 21*+'! 8&! /0'&3$H! I&##&! 20#=1%&! &'#! #/Y'! &,,*)3)&! X1$/! %&'! 1+%$8&$/'!
'&$8'!34&)!$+&!|1+&!%&!L1+!90#&)#*1+!#/Y'!X&#*#&N!23*'!83!X/0'&+)&!%&!+12V/&$\!1+%$8&$/'!
&\*@&!-$:*8'!'1*&+#!#1$'!'Q+)=/1+*'0'!3,*+!-$&!8&$/'!'*@+3$\!X&/#$/V3#&$/'!+&!':3++$8&+#!X3'H!
@$! P9'M6'84T!P''.N04Y!Q4,')'!
(3+'! &+#/&/! %3+'! 8&'! %0#3*8'N! 8&! X/*+)*X&! %&! V3'&! %&! )&##&! 20#=1%&! &'#! %&! /0X1+%/&! 3$\!
43/*3#*1+'! %&! ,/0-$&+)&! X3/! %&'! 43/*3#*1+'! %&! X$*''3+)&! /03)#*4&N! X/141-$3+#! 381/'! $+&!
%0/*4&!Z!)=3-$&!,1*'!X8$'!+&##&!%&!83!,/0-$&+)&![$'-$:Z!3##&*+%/&!8&'!8*2*#&'!%&'!X/1#&)#*1+'H!
R*&+! -$&! X&$! X&/#$/V3#/*)&N! )&##&! 20#=1%&! &'#! &+! )1+#/&X3/#*&! 21*+'! ,*3V8&! -$&! 8&'! 3$#/&'!
20#=1%&'!3)#*4&'H!
,$! Q08.10!"-7+0@'!Q,1F+!UQ"QV!
I&##&! 20#=1%&! +:*+[&)#&! X3'! Z! X/1X/&2&+#! X3/8&/! %&! '*@+38! X&/#$/V3#&$/H! "88&! )1+'*'#&! Z!
%0#&)#&/! 8&'! )=$#&'! 1$! 8&'! =3$''&'! %&! #&+'*1+! 3$! X1*+#! %&! /3))1/%&2&+#! X1$/! &+'$*#&!
/&X/1%$*/&!)&'!2]2&'!43/*3#*1+'!'$/!8&!)1$/3+#!%&!'1/#*&H!.3/!&\&2X8&N!81/'-$&!8&!/0'&3$!'&!
%0)1++&)#&N! 83! #&+'*1+! 3$! X1*+#! %&! /3))1/%&2&+#! &'#! '$')&X#*V8&! %&! %*2*+$&/N! )&! -$*! 43!
X/141-$&/! $+&! )=$#&! %&! 8:32X8*#$%&! %$! )1$/3+#! %&! '1/#*&H! "+! )3'! %:B81#3@&N! )122&!
ACC!
!
.3@&!fW!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!
%0#&)#*1+!%:B81#3@&!
8:*2X0%3+)&!%&!83!)=3/@&!)12X1/#&!$+&!X3/#*&!/0'*'#*4&N!83!#&+'*1+!43!&+)1/&!X8$'!%0)/1B#/&!
X1$/!,*+38&2&+#!3##&*+%/&!8&!'&$*8!%&!#&+'*1+!V3'H!
I122&! X1$/! #1$#&! 20#=1%&! Z! V1$)8&! %&! /&#1$/! X1'*#*,N! 8&! @3*+! %&! 83! V1$)8&! %1*#! ]#/&!
[$%*)*&$'&2&+#!,*\0H!"+!&,,&#!%&!#&88&'!20#=1%&'!%1*4&+#!X1$41*/!,1+)#*1++&/!'$/!#1$#!#QX&!%&!
/0'&3$!'3+'!X1$/!3$#3+#!8&!X&/#$/V&/!&+!#&/2&'!%&!%*'#1/'*1+!=3/21+*-$&H!53!|1+&!%&!L1+!
90#&)#*1+!&'#!-$3+#!Z!&88&!X8$'!83/@&!-$&!%:3$#/&'N!23*'!&88&!/&'#&!+03+21*+'!X8$'!/&'#/&*+#&!
-$&!)&88&'!&+@&+%/0&'!X3/!8&'!X/1#&)#*1+'!Z!'&$*8!%&!,/0-$&+)&!1$!%&!#&+'*1+H!
1$! "-7+0@'!P''.N04Y!Q4,')'!
5&! X/*+)*X&! %&! V3'&! %&! )&##&! 20#=1%&! &'#! %&! /0X1+%/&! 3$\! 43/*3#*1+'! %&! #&+'*1+! X3/! %&'!
43/*3#*1+'! %&! X$*''3+)&! 3)#*4&N! X/141-$3+#! 381/'! $+&! %0/*4&! Z! )=3-$&! ,1*'! X8$'! +&##&! %&! 83!
#&+'*1+![$'-$:Z!3##&*+%/&!8&'!8*2*#&'!%&'!X/1#&)#*1+'H!53!%*,,0/&+)&!X/*+)*X38&!34&)!83!20#=1%&!
,/&-$&+)Q!,&&%V3)g!')=&2&!J‘!RH@M!X/14*&+#!%$!,3*#!-$&!83!,/0-$&+)&!&'#!,*@0&!&#!=121@Y+&!
#3+%*'!-$&!83!#&+'*1+!&'#!'$')&X#*V8&!%:]#/&!@01@/3X=*-$&2&+#!=0#0/1@Y+&H!.1$/!)&##&!/3*'1+N!
*8! &'#! X/0,0/3V8&! %&! )=1*'*/! 83! 20#=1%&! &2X81Q3+#! 83! ,/0-$&+)&! 3,*+! %:04*#&/! %&! %0,1/2&/! 83!
#&+'*1+!&+!/3*'1+!%&'!#/1X!+12V/&$'&'!%04*3#*1+'!-$:&88&!X&$#!'$V*/H!
I&##&!20#=1%&!+:*+[&)#&!3$)$+!'*@+38!X&/#$/V3#&$/N!)&!-$*!&+!,3*#!$+&!20#=1%&!21*+'!,*3V8&!
-$&!8&'!3$#/&'!20#=1%&'!3)#*4&'H!
W$! A1FF'9'8+107!7'2'7!2-7+0@'!(,1F+!UA"QV!
5:1+%$8&$/!)1+#/w8&$/!%&!)1$/3+#!21%*,*&!83!'*+$'1>%&!%&!83!23+*Y/&!'$*43+#&!_!=3$''&!%&!CW!
…!%&!83!438&$/!+12*+38&!%&!)1$/3+#!'$/!$+&!X0/*1%&!'$*4*&!%:$+&!X0/*1%&!34&)!$+&!V3*''&!%&!
83!438&$/!+12*+38&!%&!)1$/3+#!%&!CW!…H!"+!)3'!%:B81#3@&N!83!#&+'*1+!43!'$*4/&!8&'!43/*3#*1+'!
%$!)1$/3+#!&+!/3*'1+!%&'!)=3/@&'!/0'*'#*4&'N!)&!-$*!X&/2&#!Z!83!X/1#&)#*1+!Z!'&$*8!%&!#&+'*1+!
%&!%0#&)#&/!8&!%0X3''&2&+#H!5&'!X1$/)&+#3@&'!%&!43/*3#*1+'!X&$4&+#!V*&+!&+#&+%$!'&!/0@8&/!
%&!#&88&!'1/#&!-$&!83!%0#&)#*1+!'1*#!&,,&)#*4&H!I&X&+%3+#!&+!)3'!%&!,1/#&!%&+'*#0!%:1+%$8&$/'N!
)&##&!20#=1%&!X&$#!%&4&+*/!X&/#$/V3#/*)&!X1$/!8&!/0'&3$H!53!|1+&!%&!L1+!90#&)#*1+!%0X&+%!
&''&+#*&88&2&+#!%$!X1$/)&+#3@&!%&!43/*3#*1+!)=1*'*H!
!
G?(K%Y"'%2(354%-+$2"%$+[(
I&##&!'&)#*1+!/&@/1$X&!8&'!20#=1%&'!041-$0&'! X8$'!=3$#!%3+'!$+!#3V8&3$!-$*!/3XX&88&!8&$/!
+12N!8&$/!X/*+)*X&N!8&$/'!343+#3@&'!3*+'*!-$&!8&$/'!*+)1+40+*&+#'H!
!
ACC!
!
.3@&!ff!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!%0#&)#*1+!%:B81#3@&!
E'*(75$.#)'*()'()5$'4$+#,()NZ"#$%&'(
!
O*C%",'4:<:'!
O*@$/&!Cl!K!()=023!%&!/3))1/%&2&+#!%:$+!@0+0/3#&$/!3$!/0'&3$!K!5&!@0+0/3#&$/!&'#!/&8*0!4*3!$+!1+%$8&$/!%&!#&+'*1+!&#!
$+&!)=3/@&!81)38&!65I!
'
:AKSIHA;(@B;;!MA;(
E'*(75$.#)'*(
@3+,4+-'(
(&$*8! %&! #&+'*1+! ($/4&*883+)&! %&'! '&$*8'! %&!
JTA.{cA.M! &#! %&! #&+'*1+! &#! %&! ,/0-$&+)&! X3/!
,/0-$&+)&!
2&'$/&!3$!.IIH!!!
JTO.{cO.M!
Z8.'9[H2'9!
"-7+0@'!
UP9'M6'84TV!;9-+'4+1-8!
90#&)#*1+!
($/4&*883+#! 8&! #3$\! %&!
%:=3/21+*-$&'! %&! %*'#1/'*1+! =3/21+*-$&! %&! 83!
#&+'*1+!
#&+'*1+! J<G9M! 3$\! V1/+&'! %&!
83!)=3/@&!&#!'&!%0)1++&)#&!'*!
A'+'4+1-8!
-F!
8&! <G9! %0X3''&! $+&! 438&$/!
"-7+0@'!
'&$*8!
\09)-814(!UA"\V!
B/%,$%&'*(
!,4#,/5,+',$*(
o#,'()'(,#,()5$'4$+#,(
K!T#*8*'3V8&!X1$/!%:3$#/&'!
3XX8*)3#*1+'!
K! 90[Z! *2X802&+#0&!
%3+'!83!X/1#&)#*1+H!
K!O3*V8&!)1z#!
K! |1+&! %&! L1+!
90#&)#*1+!*2X1/#3+#&!
K! <&2X'! %&! /03)#*1+'!
43/*3V8&'!
1$!
*2X/0%*)#*V8&'H!
90#&)#*1+!
*2X1''*V8&!
81/'-$&!$.!&#!$U!'&/1+#!
+$88&'! 1$! #/Y'! X/1)=&'!
%&!q0/1!
$.!„!.)=3/@&!?!.!
$U!„!U)=3/@&!?!U!
K! </Y'! X&/,1/23+#&! &+! K! 9*,,*)*8&! %:0#3V8*/! $+! "+! )3'! %&! ,3*V8&! <G9!
#=01/*&!!
'&$*8! %&! %0#&)#&/! %:1+%$8&$/! J1+%$8&$/'!
8:B81#3@&!
#/Y'!=3$#&!-$38*#0M!!
K! (1+! &,,*)3)*#0! X3'!
3,,&)#0&! %3+'! 8&! )3'! %&! K! G3/21+*-$&! #/1X!
%&!
X8$'*&$/'!
1+%$8&$/'! %0X&+%3+#&!
)1++&)#0'!&+!X3/388Y8&'!! 8:*2X0%3+)&!%$!/0'&3$!
90#&)#*1+!
($/4&*883+#! 8&! #3$\! %&! ;8! +:Q! 3! X3'! %:*+,8$&+)&! K! 9*,,*)*8&! %:0#3V8*/! $+! !
%:=3/21+*-$&'! %&! %*'#1/'*1+! =3/21+*-$&! %$! &+! )3'! %&! X8$'*&$/'! '&$*8! %&! %0#&)#&/!
)1$/3+#!
)1$/3+#! J<G9M! %&! 8:1+%$8&$/! 1+%$8&$/'! )1++&)#0'! &+! 8:B81#3@&!
ACC!
!
.3@&!fE!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!%0#&)#*1+!%:B81#3@&!
.A! &#! '&! %0)1++&)#&! '*! 8&! X3/388Y8&'!!
A'+'4+1-8!
-F!
<G9! %0X3''&! $+&! 438&$/!
O699'8+!
'&$*8!
\09)-814(!UAO\V!
90#&)#*1+! %$! '3$#! "+! '$/4&*883+#! 8&! %0X=3'3@&!
%&!
X=3'&!
%&! &+#/&! 83! #&+'*1+! &#! 8&! )1$/3+#!
#&+'*1+!
,1$/+*!X3/!8:1+%$8&$/!
"-7+0@'!
"'4+-9!
Q,1F+! U""Q! -6!
";X;V!
K! ;2X83+#3#*1+! ,3)*8&! 3$! K! I=1*\! %&'! '&$*8'!
+*4&3$!%&!83!)1223+%&! %*,,*)*8&!
%&!8:1+%$8&$/!
K! ;+#&2X&'#*,! X1''*V8&!
K!7$)$+&!%0@/3%3#*1+!%&! &+! )3'! %$! %023//3@&!
83! X$*''3+)&! %08*4/0&! %&! )&/#3*+&'! )=3/@&'!
X3/!8:1+%$8&$/!
&#!8&'!21#&$/'!!
E-O-P! ]! E0+'! -F! ($/4&*883+#! 83! %0/*40&! %&! 83! K!.8$'!'&+'*V8&!!
O,08@'!
-F! ,/0-$&+)&!81/'!%&!8`B81#3@&!!
K!|L9!X8$'!,3*V8&!-$&!83!
P9'M6'84T!
20#=1%&! cA.{TA.! 1$!
!
cO.{TO.!
E-O-"! ]! E0+'! -F!
O,08@'!
-F!
"-7+0@'!
!
E-O-;! ]! E0+'! -F!
O,08@'! -F! ;-^'9!
H6+/6+!
!
E-O-PH;! ]! E0+'!
-F! O,08@'! -F!
P9'M6'84T! H2'9!
;-^'9!O,08@'!
!
H5*512+"+Y3'( )'*(
-.%*'*(
K! I=3/@&'! 81)38&'! 3Q3+#!
$+&! X=3'&! ƒ! 83! 438&$/!
'&$*8! X&/2&##3+#! 83!
%0#&)#*1+!
K! I=1*\! %&'! '&$*8'! !
%*,,*)*8&!
K! ;+#&2X&'#*,! X1''*V8&!
%z! Z! 8:&+)8&+)=&2&+#!
%&!@/1''&'!)=3/@&'!
($/4&*883+#! 83! %0/*40&! %&! 83! </Y'!'&+'*V8&!!
#&+'*1+!/2'!81/'!%&!8`B81#3@&!!
K! I=1*\! %&'! '&$*8'! !
%*,,*)*8&!
!
($/4&*883+#! 83! %0/*4&! 83! </Y'!'&+'*V8&!!
X$*''3+)&! 3)#*4&! ,1$/+*&! X3/!
1+%$8&$/!81/'!%&!8`B81#3@&!!
K! I=1*\! %&'! '&$*8'! !
%*,,*)*8&!
!
($/4&*883+#! 83! %0/*4&! %&! 83! </Y'!'&+'*V8&!!
,/0-$&+)&!81/'!%&!8`B81#3@&!X3/!
/3XX1/#! 3$! )=3+@&2&+#! %&!
X$*''3+)&!
K! I=1*\! %&'! '&$*8'! !
%*,,*)*8&!
!
i&'$/&! 8:0)3/#! %&! #&+'*1+! </Y'!&,,*)3)&!
&+#/&!8&'!X=3'&'!
K!
I=1*\!
%&'! !
X3/32Y#/&'!%*,,*)*8&!
K! +&! ,1+)#*1++&! -$&!
ACC!
!
K! G3/21+*-$&! #/1X!
%0X&+%3+#&!
%&!
8:*2X0%3+)&! %$! /0'&3$!
&#! %$! 'Q'#Y2&! %&!
,*8#/3@&!
.3@&!fk!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!%0#&)#*1+!%:B81#3@&!
X1$/! 8&'! *+'#3883#*1+'! Z!
1+%$8&$/!#/*X=3'0!
:AKSIHA;(BGK!MA;(
:5$.#)'*(%4$+/'*(-%3(7'*23'()'*(+7-5)%,4'*(
E'*(75$.#)'*(
@3+,4+-'(
B/%,$%&'*(
i&'$/&!
%:*2X0%3+)&!
Z!
*+'#3+#!%1++0!
!7-')%,4'(
:'%*23'7',$( %$(
;-'4+[+4( !,*$%,$(
d!:;!e(
"+!
*+[&)#3+#!
$+&!
3$@2&+#3#*1+!
%&!
#QX&!
*2X$8'*1+! %&! 8:32X8*#$%&! %$!
)1$/3+#! ,1$/+*! X3/! 8:1+%$8&$/!
&#! 1+! 2&'$/&! 8:*2X0%3+)&! 3$!
.II!
K! c+! /3XX1/#&! 83! 43/*3#*1+! %&!
8:32X8*#$%&! %&! A! '$/! 83-$&88&!
%&! ;! „ƒ! 1V#&+*/! $+&! 2&'$/&!
%:*2X0%3+)&! -$*! /&+'&*@+&/3!
'$/! 83! X/0'&+)&! 1$! +1+! %$!
/0'&3$! 1$! V3'0! '$/! 83!
43/*3#*1+! %&! 8:32X8*#$%&! %&! A!
3,*+!':3''$/&/!83!%0)1++&)#*1+!
%$!/0'&3$!
!
K! |L9! X/&'-$&! +$88&!
2]2&! %3+'! 8&! )3'! 1r!
8:B81#! ,1/20! &'#! '#3V8&N!!
2]2&! '*! 8:0-$*8*V/&!
X/1%$)#*1+!
&#!
)1+'1223#*1+!
%&!
X$*''3+)&! &+#/&! 8&!
@0+0/3#&$/! &#! 83! )=3/@&!
81)38&!&'#!3##&*+#!!
K! ",,*)3)&! X1$/! $+!
$+*-$&!1+%$8&$/!
i&'$/&!
%:*2X0%3+)&!Z!$+&!
,/0-$&+)&!)=1*'*&!
H'$'4$+#,(
#[(
!7-')%,4'(
%$(
;-'4+[+4(
X3'12',4<(
dH!;Xe(
"+!
*+[&)#3+#!
$+&! K! </Y'! &,,*)3)&! X1$/! $+!
3$@2&+#3#*1+!
%&!
#QX&! $+*-$&!1+%$8&$/!
*2X$8'*1+! %&! 8:32X8*#$%&! %$! !
)1$/3+#! ,1$/+*! X3/! 8:1+%$8&$/!
&#! 1+! 2&'$/&! 8:*2X0%3+)&! Z!
$+&! ,/0-$&+)&! 3$#/&! -$&! EF!
Gq!
!
ACC!
!
.3@&!fl!'$/!EF!
!,4#,/5,+',$*(
o#,'()'(,#,()5$'4$+#,(
K! ;+&,,*)3)&! 81/'-$&! K!./&'-$&!+$88&!
X8$'*&$/'!
1+%$8&$/'!
)1++&)#0'! &+! X3/388Y8&!
J'&/3*#! Z! 8:1/*@*+&!
%:*+#&2X&'#*,'!
&+!
X/0'&+)&! %&! X8$'*&$/'!
1+%$8&$/'M!
K! 90X&+%! %&! 83! )=3/@&!
&#! *+&,,*)3)&! '*! 83!
)=3/@&! 81)38&! 3! $+&!
*2X0%3+)&! X8$'! ,3*V8&!
-$&!8&!/0'&3$!
K! ;+&,,*)3)&! 81/'-$&!
X8$'*&$/'!
1+%$8&$/'!
)1++&)#0'! &+! X3/388Y8&!
J'&/3*#! Z! 8:1/*@*+&!
%:*+#&2X&'#*,'!
&+!
X/0'&+)&! %&! X8$'*&$/'!
1+%$8&$/'M!
K! 90X&+%! %&! 83! )=3/@&!
&#! *+&,,*)3)&! '*! 83!
)=3/@&! 81)38&! 3! $+&!
DFCC!
K!./&'-$&!+$88&!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!%0#&)#*1+!%:B81#3@&!
*2X0%3+)&! X8$'! ,3*V8&!
-$&!8&!/0'&3$!
:5$.#)'*(%4$+/'*(-%3([3512',4'(
(8*X!
,/&-$&+)Q!
J(i(M!
!
i1%&! 904*&! 83! ,/0-$&+)&! &+! K!,3)*8&!Z!*2X83+#&/!
(=*,#_! ,1+)#*1+! %$! %0X=3'3@&! &#! K! q1+&! +1+! %0#&)#*1+!
/0)*X/1-$&2&+#!
X&#*#!„ƒ!=3$#&!&,,*)3)&!
(i(!&'#!83!X/&2*Y/&!%&'!#/1*'! K! ",,*)3)&! -$3+%! 2]2&!
20#=1%&'!%0)/*#&'!*)*!$#*8*'3+#! '*! X8$'*&$/'! 1+%$8&$/'!
$+!
V1$)83@&!
X1'*#*,! )1++&)#0'!&+!X3/388Y8&!!
X&/2&##3+#! %&! %0'#3V*8*'&/!
8:1+%$8&$/!81/'-$:$+&!'*#$3#*1+!
%:B81#3@&! 3XX3/3B#H! (i(! &'#!
$+! V1$)83@&! X1'*#*,! 3@*''3+#!
'$/!83!X=3'&!
K! $+&! %*2*+$#*1+! %&! 83! .&#*#!
-$38*#0! %&! X$*''3+)&!
JO3)#&$/! %&! X$*''3+)&!
%0@/3%0M!
K! ;2X1''*V*8*#0! %&!
%0'#3V*8*'3#*1+!
X1$/!
)&/#3*+&!)=3/@&!65I!
!
.&$!
&,,*)3)&!
&#! .&#*#!
7)#*4&! ,/&-$&+)Q! 90,1/2&! 8&! )1$/3+#! X1$/! K!,3)*8&!Z!*2X83+#&/!
%0'#3V*8*'&/!8&!/0'&3$!
34&)!
%/*,#_!J7O9M!
K! q1+&! +1+! %0#&)#*1+! X&/#$/V3#/*)&!
V&3$)1$X!%:1+%$8&$/'!
X&#*#!!
!
(3+%*3! O/&-$&+)Q! 51/'! %:$+&! 43/*3#*1+! %&!
,/0-$&+)&N! )&##&! 20#=1%&!
(=*,!
X&/2&#! %:3))080/&/! )&##&!
J(O(M!
%0/*43#*1+H! U$3+%! 8&! /0'&3$!
J5:38@1/*#=2&!
%0)1++&)#0N! (O(! X/141-$&!
X/1X1'0! X3/! 8&'!
$+!%0)383@&!%&!,/0-$&+)&!&+!
83V1'! (3+%*3! X1$/!
%&=1/'! %&! 8:&+'&2V8&! %&'!
&2X])=&/! 8:B81#3@&!
X1*+#'! %&! %0)8&+)=&2&+#N! )&!
)3$'0! X3/! 8&'!
-$*! )3$'&! $+&! )1$X$/&!
S"9M!
3$#123#*-$&!%&!.A!
!
K! ,3)*8&! Z! 2&##/&! &+! K! 51/'! %&! =3$#'! %&! K!</Y'!X&#*#!
X0+0#/3#*1+N!
8&'!
3XX8*)3#*1+!!
K!83!X8$'!X&#*#&!q1+&!+1+! X/1V8Y2&'! %&! /0X1+'&!
'Q'#Y2&!
%0#&)#*1+! %&! #1$#&'! 8&'! %$!
20#=1%&'! 3)#*4&'! ! „ƒ! %*'X3/3*''&+#!!
#/Y'! &,,*)3)&! J.8$'! K! 9*2*+$#*1+! %&! 83!
-$38*#0! %&! X$*''3+)&!
&,,*)3)&!-$&!8:7O9M!
J.&/#$/V3#/*)&!
&+!
X/0'&+)&!%&!+12V/&$\!
1+%$8&$/'M!
!
7)#*4&! ,/&-$&+)Q! 90,1/2&! 8&! )1$/3+#! X1$/! K! O3)*8&! 2&##/&! &+! K!
T+&!
%/*,#_!J7O9M!
%0'#3V*8*'&/!8&!/0'&3$!
3XX8*)3#*1+! %3+'! %&'! %0@/3%3#*1+!
ACC!
.3@&!fm!'$/!EF!
!
X&#*#&! !
%&! 83!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!%0#&)#*1+!%:B81#3@&!
!
53! ,1/2&! %`1+%&! %$! )1$/3+#! *+4&/'&$/'! V3'0'! '$/!
*+[&)#0!3$!x!3!y!X3/!8`1+%$8&$/! %&'!2*)/1K)1+#/w8&$/'!
&'#! X&$! #1/%$&! #&8'! -$`*8! Q! 3!
$+&! #&+%3+)&! )1+#*+$&! %&!
)=3+@&/! ,H! "+! )3'! %&!
%0)1++&\*1+N!83!,/0-$&+)&!%$!
A3! &'#! ,1/)0&N! 3$@2&+#3+#! 83!
%0/*4&! %&! ,! x+1/238&y!
X/141-$0&! X3/! 8&! 'Q'#Y2&!
)=&/)=3+#! 83! ,/0-$&+)&! %&!
/0'1+3+)&!%&!83!)=3/@&H!
-$38*#0! %&! X$*''3+)&!
%&! '1/#*&! %&! 8:1+%$8&$/!
%$!.A!
J.&$!
&,,*)3)&!
&#!
X&/#$/V3#/*)&!
34&)!
V&3$)1$X!%:1+%$8&$/'M!
!
!
(3$#!%&!,/0-$&+)&! K! 93+'! )&##&! 20#=1%&N! %&'!
q1+&'! 21/#&'! '1+#! *+'0/0&'!
JOnM!
%3+'! 83! ,1/2&! %`1+%&! %&!
J(*2*83*/&!
3$! )1$/3+#! %&! '1/#*&N! 23*'! X3'!
20#=1%&! 2&'$/&! %3+'!)=3-$&!)Q)8&H!7$!8*&$!%&!
%:*2X0%3+)&!
&#! )&83N! 83! ,/0-$&+)&! x! &'#!
$+&! 21%*,*)3#*1+! =0'*#0&! y! '&81+! $+! 21%Y8&!
%&! 83! 20#=1%&! %&! X/&K3''*@+&%!
%0/*4&!
%&!
K! i0#=1%&! (O! &2X])=&!
,/0-$&+)&M!
8:B81#3@&! &+! ,1/a3+#! $+&!
%04*3#*1+! %3+'! 83! ,/0-$&+)&!
1$!&+!X&/2&##3+#!Z!8`1+%$8&$/!
%&! %0#&)#&/! $+&! 43/*3#*1+! %&!
83! ,/0-$&+)&! %&! A3! -$*!
3''1/#*#! 8&! 21%Y8&! =0'*#3+#!
&2X81Q0!X3/!8`1+%$8&$/!
;+'&/#*1+!
%`*2X0%3+)&!
!
K! (*! 8&! 21%Y8&! &'#!
'$,,*'322&+#!
'1X=*'#*-$0N! 8&'! (O!
&,,*)3)&'!
%3+'!
83!
X/04&+#*1+!
%`B81#3@&!
34&)!$+!'&$8!1+%$8&$/!
!
!
!
K! X&/%! 8`&,,*)3)*#0! &+!
)3'!
%`*+4&/'&$/'!
2$8#*X8&'N!
8&'!
43/*3#*1+'! X/0'&+#0&'!
X3/! 8&'! *+4&/'&$/'!
2$8#*X8&'! 1+#! X$! 3@*/!
%&! '&! %0)1223+%&/!
%&=1/'N! 3Q3+#! X1$/!
/0'$8#3#! 8`0)=&)! %&!
%0#&)#*1+H!
K! 3$)$+&! &+! )3'! %:$+!
'&$8!*+4&/'&$/!&+!/3*'1+!
%&! '3! '*2*8*#$%&! %&! 83!
2&'$/&!%`*2X0%3+)&!
K! T+! '3$#! )1%0! %&!
,/0-$&+)&!
X&$#!
3208*1/&/! 83! %*8$#*1+!
34&)! 8&'! *+4&/'&$/'!
2$8#*X8&'!
!
!
5:3%%*#*1+!
%$!
@/3+%! K!O1/#&2&+#!&,,*)3)&!
K!
I1+%&+'3#&$/'! 7$)$+&! +:3! 0#0! %0)/*#&!
)1+%&+'3#&$/!
%0/3+@0! K! I1+%&+'3#&$/! %&! )&! 3[1$#&! V&3$)1$X! %&! X1$/!)&##&!20#=1%&!
8:0-$*8*V/&! &+#/&! @0+0/3#*1+! &#! #QX&!,3)*8&!%*'X1+*V8&!
%0X&+'&'! 3$! .A! „ƒ!
)=3/@&N!
)3$'3+#!
$+!
/&+%/&! 83! @0+0/3#*1+!
ACC!
.3@&!fe!'$/!EF!
DFCC!
"(.6;<!?!;81#3@&'!%&'!*+'#3883#*1+'!.A!/3))1/%0&'!3$!/0'&3$!08&)#/*-$&!&#!20#=1%&'!%&!%0#&)#*1+!%:B81#3@&!
)=3+@&2&+#!%&!X=3'&!&#!$+&!
!
V3*''&! //&'! 2&+3+#! $+&!
%*2*+$#*1+! -$&! 83! X/1#&)#*1+!
'1$'!,/0-$&+)&!X&$#!%0#&)#&/!
%*'#/*V$0&!
0)1+12*-$&2&+#!
*2X/3#*)3V8&!
K!83!4*#&''&!%&!/0X1+'&!
'&/3! V&3$)1$X! X8$'!
8&+#&!-$&!)&88&!%`3$#/&'!
20#=1%&'!
:5$.#)'*(%4$+/'*(-%3($',*+#,(
(3+%*3!
(=*,#!
J(A(M!
A18#3@&! (*2*83*/&! Z! 83! 20#=1%&! (O(H!
53! V1$)8&! X1'*#*4&! &'#!
3XX8*-$0&! Z! 8:32X8*#$%&! %&! 83!
#&+'*1+! 3$\! V1/+&'! %&! 83!
)=3/@&H! 51/'! %:$+&! 43/*3#*1+!
%&! #&+'*1+N! )&##&! 20#=1%&!
X&/2&#! %:3))080/&/! )&##&!
%0/*43#*1+H!!
K! ,3)*8&! 2&##/&! &+! K! T+&! /0%$)#*1+! %&! K!</Y'!X&#*#!
3XX8*)3#*1+!
)&##&! -$38*#0!%&!X$*''3+)&!
20#=1%&!
K! 51/'! %&! =3$#'! %&!
K!|1+&!%&!+1+!%0#&)#*1+! X0+0#/3#*1+N!
8&'!
#/Y'! X&#*#&! „ƒ! #/Y'! X/1V8Y2&'! %&! /0X1+'&!
&,,*)3)&!
%$!
'Q'#Y2&!
%*'X3/3*''&+#!!
JAOM!
A3/*&!83!X$*''3+)&!3)#*4&!81/'!
%:$+&!43/*3#*1+!%&!#&+'*1+!
.&$!X&/#$/V3#/*)&!
!
i1*+'!,*3V8&!-$&!8&'!
3$#/&'!20#=1%&'!3)#*4&'!
9*,,&/&+#*38!418#3@&!
'=*,#!J9A(M!
O3*#!/3X*%&2&+#!43/*&/!
8:32X8*#$%&!%$!)1$/3+#!%&!'1/#*&!
",,*)3)&!
;+#&2X&'#*,'!X1''*V8&'!&+! !
)3'!%&!%&+'*#0!,1/#&!
%:1+%$8&$/'!
A18#3@&!,&&%V3)g!
!
!
ACC!
!
.3@&!EF!'$/!EF!
DFCC!