^/!#'%&!:43!(3#!*'&%3/&#!:4%!$),*&3/&!;3#!'/&2$2;3/&#!;M2D2/3,3/&#!;3!&.*3!#4%$%;'%+3!)4!:4%!*+2#3/&3/&!4/3!
%,*)+&'/&3!%;2'&%)/!#4%$%;'%+3!'D'/&!;3!$),,3/$3+!(34+!&+'%&3,3/&!$)4+3/&!4/!*(4#!1+'/;!+%#:43!;3!*3/#23#!
#4%$%;'%+3#!)4!;3!&3/&'&%D3!;3!#4%$%;3!3&!:4<%(#!;)%D3/&!;)/$!O&+3!2&+)%&3,3/&!#4%D%#!*3/;'/&!(34+!&92+'*%3G!!
Z/3!,2&'P'/'(.#3!;<3##'%#!$(%/%:43#!$)/&+L(2#!*'+!*('$3E)!*)+&'/&!#4+!(<4&%(%#'&%)/!;3!,2;%$',3/&#!'/&%;2*+3##34+#!
$93_!;3#!*'&%3/&#!';4(&3#!*+2#3/&'/&!;3#!'>>3$&%)/#!*#.$9%'&+%:43#!'!+2D2(2!4/3!'41,3/&'&%)/!;4!+%#:43!;3!
$),*)+&3,3/&!#4%$%;'%+3!#)4#!'/&%;2*+3##34+#!*'+!$),*'+'%#)/!'4!*('$3E)!$93_!(3#!*'&%3/&#!;3!,)%/#!;3!70!'/#G!!
N'!&92+'*%3!,2;%$',3/&34#3!;)%&!;)/$!#3!;)4E(3+!;M4/3!#4+D3%(('/$3!2&+)%&3!;3#!*'&%3/&#C!3/!*'+&%$4(%3+!;3!$34?!
:4%!#)/&!W!9'4&!+%#:43C!#4+&)4&!3/!;2E4&!;3!&+'%&3,3/&!3&!()+#!;3#!$9'/13,3/&#!;3!;)#3G!
N3#!*'&%3/&#!=3&!(34+#!'%;'/&#@!;)%D3/&!O&+3!'D3+&%#!;3!('!/2$3##%&2!;3!#4+D3%((3+!'&&3/&%D3,3/&!&)4&3!'11+'D'&%)/!
$(%/%:43C!'**'+%&%)/!;3!$),*)+&3,3/&#!)4!;3!*3/#23#!#4%$%;'%+3#!)4!,);%>%$'&%)/!%/9'E%&43((3!;4!$),*)+&3,3/&C!
3&!;3!#)((%$%&3+!%,,2;%'&3,3/&!4/!'D%#!,2;%$'(!#%!$3#!#.,*&L,3#!#3!*+2#3/&3/&G!
!
L#&%@$"$8V&1$%&%$(/,)".#@(+(%*$#8,
NM4&%(%#'&%)/!;3#!aebec!abei!'!2&2!'##)$%23!W!(<'**'+%&%)/!;M4/3!'$'&9%#%3!$'+'$&2+%#23!*'+!4/3!'1%&'&%)/!
#4EV3$&%D3,3/&!;2#'1+2'E(3!)4!*2/%E(3!3&!4/!E3#)%/!;3!E)413+!#)4D3/&!'$$),*'1/2!;<4/3!%/$'*'$%&2!;3!+3#&3+!
&+'/:4%((3,3/&!'##%#!)4!;3E)4&G!83!*92/),B/3!#3!*+);4%&!#4+&)4&!'4!$)4+#!;3#!*+3,%B+3#!#3,'%/3#!;3!&+'%&3,3/&G!
893_!(3#!*'&%3/&#!:4%!*+2#3/&3/&!$3#!#.,*&L,3#C!4/3!2(2D'&%)/!;3!('!;)#3!*34&!#<'D2+3+!;2(2&B+3G!
!
W.)(/&%*9+$8,
g3!+'+3#!$'#!;<9.*)/'&+2,%3C!*+)E'E(3,3/&!(%2#!W!4/3!#2$+2&%)/!%/'**+)*+%23!;M9)+,)/3!'/&%;%4+2&%:43!=eaXYg@C!
)/&!2&2!#%1/'(2#!()+#!;3!(<4&%(%#'&%)/!;<aebe![!%(#!#3!$)++%13/&!12/2+'(3,3/&!W!(<'++O&!;4!&+'%&3,3/&G!a(!$)/D%3/&!;<O&+3!
*+4;3/&!$93_!(3#!*'&%3/&#!W!+%#:43C!*G!3?G!(3#!*3+#)//3#!`123#!)4!(3#!*'&%3/&#!$%++9)&%:43#C!)4!3/!$'#!;<4&%(%#'&%)/!
#%,4(&'/23!;<'4&+3#!,2;%$',3/&#!*)4D'/&!O&+3!W!(<)+%1%/3!;M4/3!9.*)/'&+2,%3G!
!
W9+(**&1$8,
g3#!#'%1/3,3/&#!$4&'/2#!'/)+,'4?C!&3(#!:43!;3#!3$$9.,)#3#!3&!4/!*4+*4+'C!)/&!2&2!#%1/'(2#!#)4#!aebeG!!
a(!3#&!$)/#3%((2C!*'+&%$4(%B+3,3/&!3/!$'#!;<4&%(%#'&%)/!$)/$),%&'/&3!;<'/&%$)'14('/&#!)+'4?C!;3!#3!,)/&+3+!*+4;3/&!
$93_!(3#!*'&%3/&#!&+'%&2#!W!('!>)%#!*'+!aebe!3&!;3#!,2;%$',3/&#!$)//4#!*)4+!%/>(43+!#4+!('!>)/$&%)/!*(':43&&'%+3!!
=*G!3?G!(3#!'/&%*#.$9)&%:43#!'&.*%:43#!3&!(3#!*92/)&9%'_%/3#C!('!*(4*'+&!;3#!'/&%;2*+3##34+#!&+%$.$(%:43#C!(<'$%;3!
'$2&.(#'(%$.(%:43!3&!(3#!,2;%$',3/&#!'/&%P%/>(',,'&)%+3#!/)/!#&2+)j;%3/#!=Yaie@C!('!&%$()*%;%/3!3&!(3!;%*.+%;',)(3@C!
'%/#%!:43!$93_!(3#!*3+#)//3#!*+2#3/&'/&!;3#!&3/;'/$3#!$)//43#!'4?!#'%1/3,3/&#G!!
!
!M<,F9'8#%*(#(/R;'"$R(%@9*&)$8I,
8),,3!(<3?*2+%3/$3!$(%/%:43!;3!(<';,%/%#&+'&%)/!$)/$),%&'/&3!;<aebe!3&!;<"8T!3#&!(%,%&23C!%(!3#&!$)/#3%((2!;<O&+3!
*+4;3/&G!
!
P./7*(+8,"9*(%(/$/8*1$>;8,
a(!3#&!$)/#3%((2!;<O&+3!*+4;3/&!#%!(<3#$%&'()*+',!3#&!4&%(%#2!3/!$)/$),%&'/$3!'D3$!;3#!,2;%$',3/&#!;)&2#!;<3>>3&#!
#2+)&)/%/3+1%:43#!$),,3!(3!#4,'&+%*&'/!)4!;<'4&+3#!&+%*&'/#C!(3!&+',';)(!3&!(3!&+.*&)*9'/3G!
!
g3!+'+3#!$'#!;3!#./;+),3!#2+)&)/%/3+1%:43!)/&!2&2!#%1/'(2#!$93_!;3#!*'&%3/&#!:4%!4&%(%#'%3/&!;3#!aebe!3/!,O,3!
&3,*#!:43!;3#!,2;%$',3/&#!#2+)&)/%/3+1%:43#G!Z/3!$)/#&3(('&%)/!;3!#.,*&L,3#!&3(#!:4M'1%&'&%)/C!&+3,E(3,3/&#C!
,.)$()/%3#!3&!9.*3+&93+,%3!*34&!&+'9%+!(<'**'+%&%)/!;3!$3&&3!'>>3$&%)/G!e%!$3!*92/),B/3!#3!*+);4%&C!%(!>'4&!
%,,2;%'&3,3/&!'++O&3+!(3!&+'%&3,3/&!*'+!aebe!3&!(3!,2;%$',3/&!#2+)&)/%/3+1%:43!3&!%/#&'4+3+!4/!&+'%&3,3/&!
#.,*&),'&%:43G!
!
-$''8)8*%;$",
N<4&%(%#'&%)/!$)/$),%&'/&3!;<aebe!3&!;3!+3,B;3#!W!E'#3!;3!*('/&3#!$)/&3/'/&!;4!,%((3*3+&4%#!=W.)8*$#;+,
)8*C(*&%;+@!*34&!3/&+'h/3+!4/3!2(2D'&%)/!;3!(<%/$%;3/$3!;3#!3>>3&#!%/;2#%+'E(3#!=D)%+!+4E+%:43!JG0@G!
!
!
!
!