OA .0%3P30G5'44'%#3(*$+0#0P$%&(#Q63*0$D+!
!
E-)! 0'.#P#'A$0110.&#,-)! 96F]"<! )&'.! )&/=-'.! -))-'.#-$)! 3&/,! $-! .,0#.-1-'.! #'#.#0$! *-! $0!
*&/$-/,D!!K0')!$0!3$/30,.!*-)!(0)!*%56!(;,&'#2/-7!$&,)2/-!$0!*&/$-/,!-).!:#-'!(&'.,B$4-7!$0!
*&)-! *%6F]"! 3-/.! M.,-! C,0*/-$$-1-'.! *#1#'/4-! 0A#'! *-! *4.-,1#'-,! $0! 3$/)! 3-.#.-! *&)-!
3&))#:$-!2/#!10#'.#-'.!/'!'#=-0/!*-!(&'A&,.!0*42/0.!9=&#,!1M1-!$%0,,M.-,!(&13$+.-1-'.<D!
E-! .,0#.-1-'.! *-! $%56! 30))-! -'(&,-! .,&3! A,42/-11-'.! 0/Y&/,*%;/#! 30,! $%/.#$#)0.#&'! )-/$-!
*%6F]"D! ^0$C,4! $-/,)! -AA-.)! 0'.#P#'A$0110.&#,-7! 0'0$C4)#2/-! -.! $-/,! ,B$-! *0')! $0!
)-')#:#$#)0.#&'!34,#3;4,#2/-!-.!(-'.,0$-!*-!$0!*&/$-/,7!$-)!6F]"!'-!3-/=-'.!30)!H!-/8!)-/$)!
(&/=,#,! .&/.-)! $-)! 4.03-)! *-! $0! *&/$-/,! 9.,0')*/(.#&'7! .,0')1#))#&'7! 1&*/$0.#&'! -.!
3-,(-3.#&'<D!!E&,)2/-! $0! ,43&')-! '%-).! 30)! )0.#)A0#)0'.-7! #$! 3-/.! M.,-! ,-(&110'*4! *%-'!
-))0>-,!/'! 0/.,-!(0,! $0!,43&')-! -).!30,A&#)!.,+)!=0,#0:$-!*%/'! #'*#=#*/!H! $%0/.,-7!*-!1M1-!
2/-!$-)!-AA-.)!)-(&'*0#,-)D!!J'-!:#&(;#1#-!-).!A&,.-1-'.!,-(&110'*4-!0=0'.!*%/.#$#)-,!/'!
6F]"! -.! /'-! 34,#&*-! *-! S!_0);! &/.!T! *-! `! )-10#'-! -).! '4(-))0#,-! $&,)! *%/'! (;0'C-1-'.!
*%6F]"!-.!*-![!)-10#'-)!$&,)!*/!30))0C-!*-)!(&,.#(&).4,&R*-)!H!/'!6F]"D!!F$!-).!#13&,.0'.!*-!
,-)3-(.-,!$0!3&)&$&C#-!-.!*-!(&'.0(.-,!=&.,-!=4.4,#'0#,-!)#!=&.,-!0'#10$!3,4)-'.-!*-)!-AA-.)!
)-(&'*0#,-)!.-$$-!$0!3,4)-'(-!*-!=&1#))-1-'.)7!*#0,,;4-7!0'&,-8#-7!$4.;0,C#-Q0:0..-1-'.!&/!
)#C'-!*%#'(&'A&,.!0:*&1#'0$D!
+
!
RA .S.TU.IVTW:+X.Y.ZWTUVT+-[+U\.S.I-!+D!
!
W&/.! (&11-!$-! N0,.,&3;-'7! #$! '-! A0/.! 30)! ;4)#.-,! H! *4:/.-,! ,03#*-1-'.! $%/'-! *-! (-)!
1&$4(/$-)! -'! (0)! *%56! )4=+,-7! *-! *&/$-/,! .,+)! (;,&'#2/-7! &/! $&,)2/-! =&/)! '%M.-)! 30)!
)0.#)A0#.)!*-!$%014$#&,0.#&'!033&,.4-!30,!=&.,-!.,0#.-1-'.!*-!:0)-D!!
!
• .4'0%'630*+D!E%610'.0*#'-!4.0#.!H!$%&,#C#'-!/'!0'.#P=#,0$7!-.!0!/'!3-/!3$/)!.0,*!4.4!
/.#$#)4!*0')!$0!C-).#&'!*/!L0,?#')&'D!N-..-!1&$4(/$-!#';#:-!&/!:$&2/-!$-)!,4(-3.-/,)!
]^K67! *#1#'/0'.! 0#')#! $%#13&,.0'.! 3,&(-))/)! *-! )-')#:#$#)0.#&'! (-'.,0$-! *-! $0!
*&/$-/,D! !E-)! ,4(-3.-/,)! ]^K6! )&'.! .,+)! #13$#2/4)! *0')! $-! 3;4'&1+'-! *-!
)-')#:#$#)0.#&'!(-'.,0$-7!2/#!1+'-!H!/'-!013$#A#(0.#&'!*-)!1-))0C-)!*-!*&/$-/,!0=0'.!
2/%#$)!0..-#C'-'.!$-!(-,=-0/D!E0!*&)-!/.#$#)4-!-).!*-!O!H!a!1CQ?C!"FKD!
!
• X'@'1*0%30+D!E-!b0:03-'.#'!4.0#.!/.#$#)4!H! $%&,#C#'-!(&11-! 0'.#P(&'=/$)#=0'.D!W&/.!
(&11-! $%610'.0*#'-7! $-! b0:03-'.#'! #';#:-! &/! :$&2/-! $-)! ,4(-3.-/,)! ]^K67!
*#1#'/0'.!0#')#!$%#13&,.0'.!3,&(-))/)!*-!)-')#:#$#)0.#&'!(-'.,0$-!*-!$0!*&/$-/,D!"&'!
/.#$#.4!)-1:$-!M.,-!108#10$-!$&,)!*-!*&/$-/,!'-/,&C4'#2/-!10#)!3-/.!0/))#!M.,-!/.#$-!
-'!.;4&,#-!H!.&/.-!A&,1-!*-!*&/$-/,!(;,&'#2/-D!E0!*&)-!-).!*-!a!H!`c!1CQ?C!ZFKD+
+
• U('4'6#5+D!E-!W,010*&$!-).!/'!0'0$&C/-!)>'.;4.#2/-!*-!$0!(&*4#'-D!"&'!0(.#=#.4!-).!
H! \cd! )/,! $-)! ,4(-3.-/,)µ7! \cd! )/,! $%#';#:#.#&'! *-! $0! ,-3,#)-! *-! '&,0*,4'0$#'-7! -.!
[cd!)/,!$%#';#:#.#&'!*-!$0!,-3,#)-!*-!)4,&.&'#'-D!e.0'.!*&''4!)&'!0(.#&'!1#'&,#.0#,-!
)/,!$-)!,4(-3.-/,)µ7!#$!-).! #13&,.0'.! *-!(&13,-'*,-!2/-!$-!W,010*&$!'-!,-13$0(-!
30)!$-)!&3#&R*-)7!10#)!2/%#$!-).!3$/.B.!/'!0$$#4Q0Y&/.!0/8!&3#&R*-)!-.Q&/!6F]"!3&/,!$0!
C-).#&'!*-!$0!*&/$-/,D!F$!3-/.!M.,-!/.#$#)4!0/.0'.!*0')!$0!C-).#&'!*-!$0!*&/$-/,!0#C/-!
2/-!*-!$0!*&/$-/,!(;,&'#2/-D!E0!*&)-!(;-@!$-!(;#-'!-).!*-!O!H!a!1CQ?C!ZFK!H!WFK7!-.!
(;-@!$-!(;0.!*-![!H!\!1CQ?C!ZFKD+