%B$""D!>>EABFE?E9!GH$!<?I>F>EJ(>>EAFE?EK8&L<MA!
N!#O"PQ+B#$R,+!P;S4(:/(&59!/''MTJJ*-:M;.B*(S%.M;S4(:/(&5I('!
!" #$%&'$()*)+,&$*#-$. / #0'(#1(20 3 &(40%$*#$%($#)5# 2 $*(40)# 6, 0$*7 8#
5&*"&'674"-8'
UQ&(K%.:('6!1)!"-4%&'1!V!W%**%9!$'-46I!
$9:;<=>;#
3/%!M;.M1:%!1)!'/%!'1M15.-M/(*-4!-&0!-.*/-%1415(*-4!.%:%-.*/!M.1X%*'!(:!'1!M.1K(0%!-!&%Y!*1&'.(S;'(1&!'1!'/%!:6:'%2-'(*!
:;.K%6!1)!-!"-4%&'1!M%&(&:;4-Z:!:%*'1.9!'/%!'%..('1.6!1)![7-44%!0%44\O::1[9!;M0-'(&5!'/%!-.*/-%1415(*-4!]&1Y4%05%9!'/.1;5/!'/%!
:(:'%2-'(*!:;.K%6!1)!'/%!'%..('1.6I!3/%!-.%-!-&-46^%0!=$_`9!aI!><F!$$$!D,9!D%K(-&1@9!/-:!-!K-.(1;:46!;&0;4-'%0!:;.)-*%9!Y('/!
%4%K-'(1&:! .-&5(&5! ).12! Fb2! '1! <F?2! -S1K%! :%-! 4%K%49! ('! (:! */-.-*'%.(^%0! S6! "%..-! "-&'\,4%;'%.(1! '1! '/%! c%:'! -&0!
"%..-`1&'-4'1!'1!'/%!,-:'I!O21&5!'/%:%!%4%K-'(1&:!'/%.%!(:!-!K-44%69!41&5!-&0!&-..1Y9!2-.]%0!S6!'/%!O::1Z:!%&01./%(*!S-:(&9!
M.1S-S46!)1.2%0!(&!'/%!`(004%!P4%(:'1*%&%I!3/%!:';06!1)!'/%!-.%-!Y-:!(&'%5.-'%0!Y('/!'/%!*1&:'.;*'(1&!1)!-!21:-(*!-%.(-4!
M/1'1!-&0!'/%!*1&:'.;*'(1&!1)!-!G(5('-4!3%..-(&!`10%4!=G3`@9!M.%M-.%0!1&!S-:%!2-M!(&!:*-4%!<T!bI???!=+%5(1&-4!3%*/&(*-4!
`-M@I!
?@ABC<D:#
O.*/-%141569!31M15.-M/(*!:;.K%69!O%.(-4!P/1'15.-M/69!G3`9!(&.$)*-!
9:! ,$%%"*-%"&.'-;$%;"$<' !
3/%! '%..('1.6! 1)! [=&..$' 0$..1>??-[! =W,B$'-46@9!
41*-'%0!(&!'/%!*%&'.-4BY%:'%.&!M-.'!1)!'/%!"-4%&'1!
M%&(&:;4-9! /-:! /60.15%1415(*-4! -&0! M%01415(*-4!
M%*;4(-.('(%:! '/-'! /-K%! :'.1&546! (&)4;%&*%0!
:%''4%2%&'!06&-2(*:I!
3/%! 0(:'.(S;'(1&! 1)! :%''4%2%&':! (0%&'()(%0!
0;.(&5!'/%!'1M15.-M/(*!-&0!-.*/-%1415(*-4!:;.K%6!
Y1.]9!-:!Y%44!-:!'/%!-S:%&*%!1)!0-'-!=:%''4%2%&':9!
.1-0:9!-5.(*;4';.-4! 0(K(:(1&:@!1S:%.K%0! (&! *%.'-(&!
-.%-:! 1)! '/%! :-2%! '%..('1.69! -.%! 21.%! %-:(46!
;&0%.:'110!()!:%%&!(&!'/(:!M%*;4(-.!%&K(.1&2%&'I!
3/%! '%..('1.6! -&-46^%0! =$_`! d! a! ><F! $$$! D,!
[@$;"&)-[@9! (:! */-.-*'%.(^%0! S6! -4'%.&-'(&5!
S%'Y%%&! 0%&:%46! M1M;4-'%0! -.%-:! =(&! M-.'(*;4-.!
_-4-'1&%9! _-4-'(&-! O.-0%1! -&0! "154(-&1! #-K1;.9!
Y('/!K-:'!:;S;.S:!!-&0!;&*1&'.144%0!;.S-&(^-'(1&!
1)! '/%! *1;&'.6:(0%@9! -&0! -.%-:! %e*4;:(K%46!
-5.(*;4';.-4!K1*-'(1&9!Y('/!0%&:%!).-52%&'-'(1&!1)!
1Y&%.:/(M!=($%%&'1)'@$;"&)-!-&0!=&..$'0$..1>??-@I!
a.12!'/%!21.M/1415(*-4!M1(&'!1)!K(%Y9!'/%!-.%-!
(&!f;%:'(1&!/-:!-!K-.(1;:46!;&0;4-'%0!:;.)-*%9!Y('/!
%4%K-'(1&:!.-&5(&5!).12!Fb2!'1!<F?2!-S1K%!:%-!
4%K%49!S%'Y%%&!($%%&'(&)*1A.$7*$%"-!'1!'/%!c%:'!-&0!
($%%&' B-)*&.*-! '1! '/%! ,-:'I! O21&5! '/%:%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
<+%2-.]-S4%! (:! '/%! /(:'1.(*-4! *1&'.(S;'(1&! '/-'! *-&! S%!
M.1K(0%0! S6! '/%! -%.(-4! M/1'15.-M/:9! Y/(*/! M.%:%.K%! '/%!
1.(5(&-4! 411]! (&'1! '/%! 0%'-(4:! 1)! '/%! 4-&0:*-M%:! -&0! '/%!
%4%K-'(1&:9!&-2%0!\($%%$\9!'/%.%!(:!-!K-44%69!41&5!-&0!
&-..1Y9! 2-.]%0! S6! '/%! >??-Z:! %&01./%(*! S-:(&9!
M.1S-S46! )1.2%0! (&! '/%! `(004%! P4%(:'1*%&%!
=P-42%&'14-9!<AgAh!_(-**-.(!i!7('-4%9!>??bh!"-&:j!
i!"%44%.(9!>??F@I!
k60.15.-M/(*!&%'Y1.]!*1&:(:':!1)!'/.%%!2-(&!
:%*'(1&:9!'/%!/(5/%:'!1)!Y/(*/9!(0%&'()(%0!(&!'/%!-.%-!
:1;'/! 1)! >%&0$-9! (:! 0(K(0%0! (&'1! :%K%.-4! Y%44B
%&5.-K%0! %.1:(1&! );..1Y:! -&0! S1.0%.%0! S6! /(5/!
.(K%.!%2S-&]2%&':!;M!'1!<?!29!Y('/!0(.%*'(1&!DB"!
1.!DDcB"",I!
k%&*%9!'/%:%!(&*(:(1&:!*1&K%.5%!(&'1!'Y1!4-.5%!
5.11K%:9! 1.(%&'%0! -MM.1e(2-'%46! DcB",9!
*1&K%.5(&5! -'! '/%! /%(5/'! 1)! '/%! M.1K(&*(-4! .1-0!
C&.&*")&DC&.&*-)$9!(&!-!:(&54%!*/-&&%4I!
k1Y%K%.9! 0%:M('%! 4%-0(&5! '/%2:%4K%:! (&'1!
]-.:'! :(&]/14%:9! '/%! Y-'%.Y-6:9! 0;%! '1!
;&*1&'.144%0!/;2-&!(&'%.K%&'(1&:9!-.%!&1!41&5%.!
-S4%! '1! 0.-(&! '/%! %&'(.%! .-(&Y-'%.! )41Y(&5! 01Y&!
).12! '/%! ($%%$h! '/%.%)1.%9! 0;.(&5! M%.(10:! 1)!
(&*.%-:%0!.-(&)-449!-4:1!0;%!'1!'/%!(2M%.2%-S(4('6!
1)!'/%!*4-6%6!4(2%:'1&%!(&!'/%!-.%-9!K%.('-S4%!4-]%:!
-&0!:Y-2M6!-.%-:!-.%!)1.2%09!'/%!4(2(':!1)!Y/(*/9!
.%M.%:%&'%0!(&!:12%!2-M:!2-0%!S%'Y%%&!<C??:!
-&0! <g??:9! *-&! S%! -&-46^%0! '/.1;5/! '/%!
*12M-.-'(K%!:';06!1)!-%.(-4!M/1'1:
<I!
0())%.%&'!212%&':!1)!/;2-&!(&'%.K%&'(1&!'/-'!*12%!'1!*/-&5%!
'/%! 5%141569! /60.141569! K%5%'-'(1&9! 4-&0! ;:%! -&0! -S1K%! '/%!
-&'/.1M(^-'(1&!210%I!
!
<?!
M:! B$*G-0-.-/"#&.'H%$3"?$'
3/%!)(.:'!M/-:%!1)!'/%!-&-46:(:!Y1.]!M.1K(0%:!
)1.! -&! -**;.-'%! S(S4(15.-M/(*! -&0! -.*/(K-4!
.%:%-.*/9!'/%!:6:'%2-'(*!*144%*'(1&!1)!01*;2%&'-.6!
2-'%.(-49! '/%! :';06! 1)! '/%! 41*-4! '.-0('(1&:9! '/%!
.%'.(%K-4! 1)! .%:%-.*/! '114:! =2-M:9! /(:'1.(*-4! -&0!
.%*%&'!-%.(-4!M/1'15.-M/:@9!-(2%0!-'!-!M.%4(2(&-.6!
]&1Y4%05%!1)!'/%!'%..('1.6!(&!-44!(':!-:M%*':9!).12!
5%14156! '1! -44! 21.M/1415(*-4! -&0! /60.15.-M/(*!
*/-.-*'%.(:'(*:!-&0!-.*/-%1415(*-4!.%:1;.*%:I!
3/%!)1*-4!M1(&'!1)!'/%!.%:%-.*/!(:!'/%!0(.%*'!-&0!
:6:'%2-'(*! -&-46:(:! 1)! '/%! -.%-9! '/%! S-:(:! )1.! '/%!
/(:'1.(*-4! .%-0(&5! 0(-*/.1&(*! -&0! '/%!
.%*1&:'.;*'(1&!1)!'/%!:%''4%2%&'!06&-2(*:!1)!'/%!
-&*(%&'! M1M;4-'(1&:! =-&-46^%0! S6! M%.(10:9! ).12!
M.%/(:'1.6! '1! '/%! `(004%! O5%:@9! :;:*%M'(S4%! '1!
*/-&5%! -&0! *4-.()(*-'(1&9! -.(:(&5! ).12! '/%!
-*f;(:('(1&! 1)! &%Y! 0-'-9! Y/%'/%.! (&! 1'/%.!
*1&0('(1&:!1)!:;.)-*%!K(:(S(4('6!1.!Y('/!1'/%.!](&0!
1)!(&K%:'(5-'(1&:!="*-.01^^(9!>??F@I!
7-.(1;:! /(:'1.(*-4! =$_`! <AFE! -&0! $_`! <AF8@!
-&0! .%*%&'! -%.(-4! (2-5%:
>! Y%.%! -&-46^%0! )1.! '/%!
.%*1&:'.;*'(1&!1)!'/%!/60.15.-M/(*!:6:'%2!1)!'/%!
-.%-I!
!
!
5EFG#H/#`1:-(*!1)!/(:'1.(*-4!-%.(-4!M/1'1:!.%4-'%0!'1!'/%!
:;.K%6%0!-.%-!B!$_`!<AFE!=).-2%!<bA@h!$_`!<AF8!=).-2%:!
>CB>g@h!$_`!<Abb!=).-2%:!g<E8Bg<FC9!8gFAB8gbg@#
! #1&'%e';-4469! '/%! :/-01Y! -&0! 0-2M! 2-.]:9!
(0%&'()(%0!S6!:'%.%1:*1M(*!-&-46:(:!B!%:M%*(-446!(&!
*1(&*(0%&*%! Y('/! )1::(4(^%09! (&-*'(K%! */-&&%4:! B!
/-K%!S%%&!K%.()(%0!1&!'/%!5.1;&0I!O%.(-4!(2-5%:9!
5%1.%)%.%&*%0!-&0!2%.5%0!(&'1!-!21:-(*9!:/1Y%0!
-!0%&:%!&%'Y1.]!1)!M-4%1!*/-&&%4:!=a(55I!<BE@I!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
>!$_`!<AFE!=).-2%!<bA@h!$_`!<AF8!=).-2%:!>CB>g@h!$_`!
<Abb!=).-2%:!g<E8Bg<FC9!8gFAB8gbg@I!!
! !
! !
! !
! !
! !
! !
! !
! !
! !
5EFFG#I3!/#`1:-(*!=M-.'I@I!3/%!:/-01Y!-&0!0-2M!2-.]:!
.%4-'(&5!'1!M-4%1!*/-&&%4:!1)!'/%!\>??-1!.(K%.!&%'Y1.]I#
M:M'N-)?*%7#*"-)'-+'&'F"/"*&.',$%%&")'B-0$.'JF,BL' 3/%! :';06! 1)! '/%! -.%-! Y-:! )(&-446! (&'%5.-'%0!
Y('/! '/%! *1&:'.;*'(1&! 1)! -! G(5('-4! 3%..-(&! `10%4!
=G3`@9! M.%M-.%0! 1&! S-:%! 2-M! (&! :*-4%! <T! bI???!
=+%5(1&-4! 3%*/&(*-4! `-M@! -&0! 1K%.4-6%0! S6!
P.1K(&*(-4! 3%*/&(*-4! `-M! =<T<????@! -&0! 21:-(*!
-%.(-4!M/1'1:
E9!M.1M%.46!5%1.%)%.%&*%0I!
O21&5! '/%! :1)'Y-.%:! -K-(4-S4%! =_41S-4!
`-MM%.h! _%12%0(-! P.1)%::(1&-4! 3%..-(&h! O.*_$"!
G%:]'1Mh!_140%&!";.)%.@9!;:%);4!)1.!'/%!.%:'(';'(1&!
1)! '/%! -4'(';0%! 0-'-9! ('! Y-:! 0%*(0%09! )1.!
*1&K%&(%&*%9! '1! M.1*%::! '/%! 0(5('-4! 210%4! ;:(&5!
O.*`-M!!-&0!!O.*"*%&%!!-MM4(*-'(1&:!!1)!'/%!!O.*_$"!
G,"l3HP!<?IFI<!!:6:'%29!!'-](&5!!-0K-&'-5%!1)!'/%!
E!$_`!<AFE!=).-2%!<bA@h!$_`!<AF8!=).-2%:!>CB>g@h!$_`!
<Abb!=).-2%:!g<E8Bg<FC9!8gFAB8gbg@I!
!
<<! !
!
5EFG#J/#`1:-(*!1)!/(:'1.(*-4!-%.(-4!M/1'1:!5%1.%)%.%&*%0!1&!
'/%!O"#$$!_.(0!)(4%:!=O+#`OP!OMM4(*-'(1&@I#
!
!
5EFG#K/!3/%![N&%*&',$#)"#&'O%-;")#"&.$'@73$%"#&[!=#3PD@9!(&!
:*-4%!<T!<????9!5%1.%)%.%&*%0!1&!'/%!O"#$$!_.(0!)(4%:!
=O+#`OP!OMM4(*-'(1&@I#
*/-.-*'%.(:'(*! 1)! '/%! _$"! '1! *.%-'%! 0(5('-4! '%..-(&! ! 210%4:9! -4:1! '/.%%B0(2%&:(1&-49! Y/(*/! )1.2! '/%!
S-:(:!)1.!-&-46:(:!1)!K(:(S(4('6I!
! O:! )(.:'! 1M%.-'(1&! ('! (:! (2M1.'%0! (&'1! O.*`-M!
-MM4(*-'(1&! '/%! O"#$$! _.(0)(4%:
F9! 1&! Y/(*/! ('! (:!
:;('-S46! 5%1.%)%.%&*%0! '/%! 21:-(*! 1)! -%.(-4!
M/1'15.-M/:! =a(5I! F@! O&0! '/%! P.1K(&*(-4! 3%*&(*-4!
`-M!=#3PD@!(&!:*-4%!<T!<????!=a(5I!b@I!
! 3/%! 0%&:('6! 1)! -4'(2%'.(*! K-.(-'(1&:! -441Y:! '1!
-MM.%*(-'%! '/%! 0('*/%:! 1)! '/%! /60.15.-M/(*!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Fa1.!0%'-(4%0!01*;2%&'-'(1&!:%%T!
/''MTJJYYYI:('IM;54(-I('JM1.'-4JM1.'-4%m*-.'15.-)(%m'%*&(*/%
m'%2-'(*/%JG1Y&41-0!
&%'Y1.]!*/-&&%4:!1)![>??-[!-&0!1)!'/%!f;-..6!-.%-:!
=a(5I!C@I!
!
5EFG#L/!O"#$$!_.(0!)(4%:T!'/%!0%&:('6!1)!-4'(2%'.(*!K-.(-'(1&:!
-441Y:!'1!-MM.%*(-'%!'/%!0('*/%:!1)!'/%!/60.15.-M/(*!&%'Y1.]!
*/-&&%4:!1)![>??-[!-&0!1)!'/%!f;-..6!-.%-:!=O+#`OP!
OMM4(*-'(1&@I#
! 3/%!&%e'!:'%M!(&!'/%!%4-S1.-'(1&!M.1*%::!Y-:!
'/%! (2M1.'! (&'1! '/%! O.*"#,D,! -MM4(*-'(1&! 1)! '/%!
:-2%! )(4%:! O"#$$! _+$G! -&0! 1)! '/%! .-:'%.:!
5%1.%)%.%&*%0I!$&'1!O+#"#,D,9!Y/(*/!-441Y:!61;!
'1! 0(:M4-6! 5%15.-M/(*! (&)1.2-'(1&! (&! '/.%%!
0(2%&:(1&:9! ('! (:! 2-0%! %K%&! 21.%! %K(0%&'! '/%!
-4'(2%'.(*! 0-';2! :(&*%! ('! (:! -MM4(%09! -'! -44! M1(&':!
'/-'!2-]%!;M!'/%!(2-5%9!-!K-4;%!1)!-**%&';-'(1&!1)!
'/%!f;1'-!*12M-.%0!'1!.%-4!0-';2!=a(55I!8B<<@I!
! 3/%! G(5('-4! ,4%K-'(1&! `10%4! /-:! %&-S4%0! -!
21.%!(22%0(-'%!0(:M4-6!1)!'/%!21.M/1415(*-4!-&0!
/60.15.-M/(*!*/-.-*'%.(:'(*:!1)!'/%!-.%-!(&!.%4-'(1&!
'1! -.*/-%1415(*-4! 0-'-9! Y('/! '/%! -S(4('6! '1! S%''%.!
*1&'%e';-4(^%!'/%!(&)1.2-'(1&!-K-(4-S4%h!'/%!4-''%.!
-:M%*'!(:!&1'!&%54(5(S4%!(&!-&!-%.%-!Y/%.%!'/%!f;1'-!
0())%.%&*%:! -&0! '/%! /60.15.-M/(*! 0-';2! /-K%!
:'.1&546!(&)4;%&*%0!'/%!0(:'.(S;'(1&!1)!:%''4%2%&':!
1K%.!'/%!*%&';.(%:I!
! $'!*-&9!(&!)-*'9!.%*15&(^%!-!5%&%.-4!'%&0%&*6!1)!
1**;M6! :4(5/'46! .-(:%0! -.%-:9! *41:%! '1! 1.! (&! '/%!
(22%0(-'%! K(*(&('6! 1)! '/%! [O::1[! Y-'%.! *1;.:%:9!
Y/(*/!Y1;40!:%%2!'1!/-K%!-))%*'%0!*1&:(0%.-S46!
1&!'/%!0%K%41M2%&'!1)!.1-0Y-6:I!
!
<>!
E:! N&?$'?*70KI'*G$'H%-*-DG"?*-%"#'&/$'&)0'*G$'
!-3&)'>/$'
a.12!.%-0(&5!1)!'/%!0(-*/.1&(*!0(:'.(S;'(1&!1)!
'/%!)(&0:!(&!'/%!'%..('1.6!%e-2(&%09!4(2('%0!(:!'/%!
01*;2%&'-'(1&! .%4-'(K%! '1! '/%! P-4%14('/(*! -&0!
D%14('/(*! -5%:I! ,K(0%&'469! M-.'(*;4-.46! (&! '/%!
P-4%14('/(*! -5%9! (&! -! :'-5%! Y/%.%! '/%! "-4%&'1!
M%&(&:;4-!.%M.%:%&'%0!-!M1(&'!1)!-..(K-4!)1.!M%1M4%!
Y/19!M.%::%0!S6!'/%!/-.:/!*4(2-'%!0;.(&5!54-*(-4!
M%.(10:9! M;:/%0! S6! '/%! D1.'/! '1! '/%! "1;'/!
=+-02(44(9!<AgA@9!'/%!%&K(.1&2%&'-4!*1&0('(1&:!1)!
'/%! "%..-! 0(! "-&'\,4%;'%.(1! -&0! 7-44%! 0%44\O::1!
*.1::%0!S6!*-&-4:9!/-K%!(&/(S('%0!'/%!)1.2-'(1&!1)!
:%''4%2%&':I!#%.'-(&469!('!(:!&1'!M1::(S4%!'1!:M%-]!1)!
-&!-S:14;'%!.%-0(&5!1)!'/%!P-4-%14('/(*!M.%:%&*%:!
(&!'/(:!-.%-h!'/%!M11.!K(:(S(4('6!*1&0('(1&:!-&0!'/%!
0())(*;4'(%:! %&*1;&'%.%0! (&! '/%! :;.K%6! 1)! :M%*()(*!
-.%-:! /-K%! (&)4;%&*%0! '/%! 0(:*1K%.6! 1)! -&6!
-.*/-%1415(*-4!%K(0%&*%:I!
O4'/1;5/!4(2('%09!'/%!%K(0%&*%!.%4-'(&5!'1!'/%!
D%14('/(*! Y1;40! :%%2! '1! (44;:'.-'%! -! '.%&0! 1)!
%2M416(&5! .-(:%0! -.%-:9! *41:%! '1! 1.! (&! '/%!
(22%0(-'%!K(*(&('6!1)!.(K%.:I!
!
5EFFG#M3N/#G(5('-4!,4%K-'(1&!`10%4!=G3`@!1)!'/%!-.%-!1)!(&'%.%:'9!M.%M-.%0!1&!S-:%!2-M!(&!:*-4%!<T!bI???I!
! 5EFFGO3HP/#G(5('-4!,4%K-'(1&!`10%4!=G3`@!1)!-.%-!1)!(&'%.%:'9!1K%.4-6%0!S6!P.1K(&*(-4!3%*/&(*-4!`-M!=<T<????@I!
! 5EFFGHH3HIT!G(5('-4!,4%K-'(1&!`10%4!=G3`@!1)!-.%-!1)!(&'%.%:'9!1K%.4-6%0!S6!21:-(*!-%.(-4!M/1'1:I!
#
!
<E! !
#12M4%'%46!0())%.%&'!(:!'/%!:(';-'(1&!.%4-'(K%!'1!
'/%! R.1&^%! O5%9! 01*;2%&'%0! S6! -! 210%:'9! S;'!
:(5&()(*-&'9! (&*.%-:%! 1)! :%''4%2%&':9! K-.(1;:46!
0(:'.(S;'%0I!
! `1:'! -.%-:! 1)! M1''%.6! ).-52%&':! 1)! M.1'1B /(:'1.(*!-5%9!)1;&0!(&!'/%!-.%-!;&0%.!(&K%:'(5-'(1&9!
.%)%.!2-(&46!'1!:%''4%2%&':!1)!2%0(;2!-&0!:2-44!
:(^%9!M.1S-S46!Y('/1;'!)1.'()(*-'(1&:9!'/%!0%)%&:%!1)!
Y/(*/! *1;40! S%! 5;-.-&'%%0! S6! '/%! &-';.-4!
'1M15.-M/6! 1)! '/%! -.%-9! *1&)(.2(&5! -! :(';-'(1&!
-4.%-06! %eM%.(%&*%0! (&! 1'/%.! -.%-:! 1)! "-4%&'1!
=_;-('14(9! <AA89! >??Eh! #-^^%44-9! <AACh! _;-:'%44-9!
>??E-9!>??ESh!`-.'(&19!>??F@I!
! a.12! HS:%.K-'(1&! 1)! '/%! 0(:'.(S;'(1&! 1)!
:%''4%2%&':9! (&! '/(:! :'.(M! 1)! 4-&0! *.(::*.1::%0! S6!
.(K%.:!-&0!*/-.-*'%.(^%0!S6!%e*%44%&'!-5.(*;4';.-4!
M1'%&'(-49! '/%! M1M;4-'(1&! 1)! M.1'1B/(:'1.(*! -5%!
*12%:! 0(:'.(S;'%0! (&! '/%! )1.2! .-'/%.! %e'%&:(K%9!
Y('/! -! )-(.! &;2S%.! 1)! :%''4%2%&':9! M4-*%0! ('!
Y/%'/%.!(&!-!012(&-&'!M1:('(1&!1.!M1:('(1&:!4%::!
(:14-'%0!-&0!%-:(46!-**%::(S4%9!&1'!*1&0('(1&%0!S6!
'/%!&%%0!'1!0%)%&09!S;'!-4Y-6:!(&!*41:%!.%4-'(1&:/(M!
'1!.(K%.:!-&0!:M.(&5:!=_;-('14(9!>??<9!>??E@I!,K%&!
Y/%.%! '/%! :%''4%2%&':! :%%2! )-.! ).12! -*'(K%!
*/-&&%4:9!'/%!1S:%.K-'(1&!1)!'.-*%:!1)!21(:';.%!1&!
-%.(-4! M/1'1! :/1Y:! '/%! M.%:%&*%! (&! '/%! M-:'! 1)!
Y-'%.!*1;.:%:I!
! $&!'/%!'%..('1.6!%e-2(&%09!('!(:!1S:%.K%09!(&!'/%!
4-'%! +%M;S4(*-&! M%.(109! '/%! )1.2-'(1&! 1)! :12%!
.;.-4!:%''4%2%&':9!Y/(*/!Y(44!S%!0%K%41M%0!);.'/%.!
(&!'/%!$2M%.(-4!.12-&!-5%!;&'(4!4-'%!-&'(f;('6!-5%I!
! 3/%!1**;M-'(1&!1)!'/%!)%.'(4%!-.%-!%-:'!1)!O::1!
#/-&&%49! S%'Y%%&! D1/-9! -&0! #;'.1)(-&19! -&0!
"154(-&1! #-K1;.9! :'(44! (&K14K%0! '10-6! Y('/!
%e'%&:(K%!*;4'(K-'(1&!1)!K%5%'-S4%:9!%&0;.%:9!'/%&9!
-421:'!Y('/1;'!(&'%..;M'(1&!'/.1;5/!'/%!(2M%.(-4!
!
5EFG#H!#=39/#EG!O.*/-%1415(*-4!`-M!=P-.'I@T!=OS1K%@!\>??-1!7-44%69!'/%!:1;'/%.&!M-.'h!=-@G3`!1K%.4-6%0!S6!21:-(*!-%.(-4!M/1'1:h!
=-\@!G(-*/.1&(*!`-MT!G3`!1K%.4-6%0!S6!P.1K(&*(-4!3%*/&(*-4!`-M!=<T<????@!-&0!M.1'1B/(:'1.(*!)(&0(&5:I!=R%41Y@!\>??-1!7-44%69!
'/%!&1.'/%.&!M-.'h!=SBS\@G3`!1K%.4-6%0!S6!21:-(*!-%.(-4!M/1'1:h!=S\@!G(-*/.1&(*!`-MT!+12-&!O5%!)(&0(&5:I!
!
!
<F!
-5%9!Y('/!-&!(&*.%-:%!(&!'/%!&;2S%.!1)!:%''4%2%&':!
(&!'/%!'/(.0!*%&';.6I!OIGI9!.%4-'%0!'1!-!&%Y9!21.%!
%e'%&:(K%!-&0!(&'%&:(K%!-5.(*;4';.-4!%2M4162%&'
bI!
$&! M-.'(*;4-.9! '/%.%! (:! -! 5%&%.-4! '.%&0! 1)!
1**;M-'(1&! 1)! :('%:! 1&! Y/(*/! '/%6! -.%! )1;&0!
:%''4%2%&':! 0-'(&5! S-*]! '1! '/%! R.1&^%! O5%! =a(5I!
<E-BS@I!
P:! N-)#.7?"-)?'
l&1Y!'/%!:'-5%:!1)!%K14;'(1&!1)!'/%!'%..('1.6!'1!
01*;2%&'! '/%! /(:'1.69! '/.1;5/! '/%! -&-46:(:! 1)!
:(';-'(1&:! &1Y! 1S4('%.-'%0! S6! 0%K%41M2%&'! 1.!
.%&0%.%0!;&.%-0-S4%!0;%!'1!(&'%&:(K%!M.1*%::(&59!
('! S%*12%:! %::%&'(-4! )1.! '/%! M.%:%.K-'(1&! -&0!
0%K%41M2%&'!1)!'/%!/(:'1.(*-4!/%.('-5%I!
3/%! 4-*]! 1)! ]&1Y4%05%! 1)! '/%! -.%-! 4%-0:! '1!
0%:'.;*'(1&! 1.! '1! 0-2-5%! '1! '/%! -.*/-%1415(*-4!
/%.('-5%9! Y/(*/! *-&! &1'! S%! -::%::%09! &%('/%.!
f;-&'()(%09! S%*-;:%! 1)! '/%! )-*'! '/-'! 61;! 01! &1'!
]&1Y!'/%!1SX%*'I!3/%!0%:(5&!1)!-!:M-'(-4!M4-&!1.9!-!
)1.'(1.(9! -&! (&'%.K%&'(1&! 1)! %&K(.1&2%&'-4!
.%:'1.-'(1&9! *-&! &1'! S%! :%M-.-'%0! ).12! '/%!
.%*1&:'.;*'(1&! 1)! '/%! 1.(5(&-4! *1&0('(1&:! 1)! '/%!
4-&0:*-M%! '1! S%! .%:'1.%0h! '/%! '/%2%:! 1)! '/%!
:%''4%2%&'!06&-2(*:!1)!'/%!'%..('1.(-4!1.5-&(^-'(1&!
)1.2:9!'/%!2-&!%&K(.1&2%&'!.%4-'(1&:/(M!(&!K%.6!
:M%*()(*! /(:'1.(*-4! -&0! 5%15.-M/(*-4! *1&'%e':!
S%*12%9! '/%.%)1.%9! (&0(:M%&:-S4%! '1149! %eM.%::%0!
'/.1;5/! '/%! 5.-M/(*! -&0! M/1'15.-M/(*!
01*;2%&'-'(1&! 1)! '/%! K-.(1;:! M/-:%:! 1)!
0%K%41M2%&'9! '1! S%! :;S2(''%0! '1! '/%! -;'/1.('(%:!
.%:M1&:(S4%!)1.!4-&0!2-&-5%2%&'!(&!'/%!:/1.'!'(2%!
=_;-('14(9!>??E@I
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
b3/%! *1&:M(*;1;:! M.%:%&*%! 1)! O).(*-&! .%0! :4(M! Y-.%9! 41*-4!
M.10;*'(1&!1)!*%.-2(*:!S6!)(.%!1)!'/%!'6M%!\"I!a1*-!\=$$$!*%&'I!
OIGI@9!'/%!:M1.-0(*!*1(&:!)1;&09!'%:'()6!'1!'/%!%e(:'%&*%!1)!:2-44!
-&0! 2%0(;2! )-.2:! :*-''%.%09! .(:%! ;M! 2-(&46! (&! (&/-S('%0!
*1&'%e':!(&!%-.4(%.!:'-5%:I!
!
<b! ! +
,a,+,D#,"!
#-^^%44-9!OI!=<AAC@I!$4!K%.:-&'%!-0.(-'(*1!0%44-!P;54(-!0;.-&'%!4Z%'n!0%4!S.1&^1T!-MM;&'(!M%.!;&-!:(&'%:(I!$&!
#(&f;%M-42(9!OI9!i!+-0(&-9!aI!=<AAC@9!F-#73$)*"'0$..Q$*R'0$.'S%-)4-:'!"#$%#G$'.7)/-'".';$%?&)*$'&0%"&*"#-' H7/."$?$'=MMI!<8B>>@I!a-:-&19!$3T!"*/%&-I!
_(-**-.(9! ,I9! i! 7('-4%9! OI! =>??b@I! Q&! _$"! M%.! 4-! M(-&()(*-^(1&%! 0%54(! (&'%.K%&'(! -''(! -! 2('(5-.%! (4! .(:*/(1!
(0.15%1415(*1!0%4!S-*(&1!%&01.%(*1!0%4!31..%&'%!O::19!-!:;0!0(!W%**%9!A-!#1&)%.%&^-!D-^(1&-4%!O"$3O!B!
#%&'.1!#1&5.%::;-4%!oW%!#(2(&(%.%pI!$&!>**"'>(2,>!=MMI!<8>B<gA@I!#-'-&(-9!$3T!O"$3OI!
_;-('14(9!`I!=<AA8@I!O''(K('n!0%44ZQ&('n!HM%.-'(K-!0(!31M15.-)(-!O&'(*-I!$&!O-I7KI!=<AA8@9!B$*-0-.-/"$'0"'
#&*&.-/&4"-)$'0$"'S$)"'>%#G$-.-/"#"T'US>N,VT'9:M'=MMI!AB<g@I!W%**%BR-.(9!$3T!`-.'-&1B,0(M;54(-I!
_;-('14(9! `I! =>??<@I! $4! '%..('1.(1! %! 4%! :;%! 0(&-2(*/%I! $&! >**"' 0$"' N-);$/)"' 0"' (*70"-' ?7..&' B&/)&' C%$#"&T' ,&%&)*-'WN2'=MMI!><AB>b>@I!3-.-&'19!$3T!$"O`_!B!$:'(';'1!M%.!4-!"'1.(-!%!4ZO.*/%1415(-!0%44-!`-5&-!_.%*(-I!
_;-('14(9!`I!=>??E@I!$&'.10;^(1&%I!$&!_;-('14(9!`I!=>??E@9!6-'?/7&%0-'0"'2#&%-:'N-..$4"-)"'0$..1&$%-+-*-*$#&' )&4"-)&.$'H$%'.&'#-)-?#$)4&'0$.'*$%%"*-%"-'=MMI!<EB<b@I!+12-9!$3T!#-2M(:-&1!,0('1.%I!
_;-:'%44-9! PI! =>??E@I! "-';.1I! $&! _;-('14(9! `I! =>??E@9! 6-' ?/7&%0-' 0"' 2#&%-:' N-..$4"-)"' 0$..1&$%-+-*-*$#&' )&4"-)&.$'H$%'.&'#-)-?#$)4&'0$.'*$%%"*-%"-'=MMI!>>8B>>A@I!+12-9!$3T!#-2M(:-&1!,0('1.%I!
_;-:'%44-9! PI! =>??E@I! 31..%! #-:'%44;**(-I! $&! _;-('14(9! `I! =>??E@9! 6-' ?/7&%0-' 0"' 2#&%-:' N-..$4"-)"' 0$..1&$%-+-*-*$#&')&4"-)&.$'H$%'.&'#-)-?#$)4&'0$.'*$%%"*-%"-'=MMI!>>AB>EE@I!+12-9!$3T!#-2M(:-&1!,0('1.%I!
`-.'(&19! #I! =>??F@I! WZ(&:%0(-2%&'1! M.1'1:'1.(*1! 0(! "-&! G1&-'1! 0(! W%**%I! $&! O-I7KI! =>??F@9! >%#G$-.-/"&'
&$%$&:'(*70"'0"'&$%-*-H-/%&+"&'&%#G$-.-/"#&T'=MMI!<gEB<A>@I!+12-9!$3T!_.%&^(I!
P-42%&'14-9!_I!=<AgA@!W(&%-2%&'(!5%1415(*(!%!21.)1415(*(!0%4!"-4%&'1!4%**%:%I!$&! >**"'0$.'#-);$/)-'?7..$' N-)-?#$)4$'0$.'*$%%"*-%"-'(&.$)*")-'J6$##$T'9M'0"#$3X%$'9YZ[L!=MI!<8@I!W%**%9!$3T!#%&'.1!"';0(!_%1'%*&(*(!%!
0\$&5%5&%.(-I!
+-02(44(9!OI!`I!=<AgA@!$4!"-4%&'1!&%44-!P.%(:'1.(-I!$&!(&.$)*-'H-%*&'0Q2*&."&:'>**"'0$.'N-);$/)-'2)*$%)&4"-)&.$' J6$##$T'M[DE\'@-;$3X%$'9YZ]L!=MMI!>8BE>@I!_-4-'(&-9!$3T!#1&5%01!,0('1.%I!
"-&:j9! PI9! i! "%44%.(9! _I! =>??F@I! N&%&**$%"44&4"-)$' /$-3-%+-.-/"#&' 0$/."' 2)/G"-**"*-"' #&%?"#"' J=-%$L' 0$..&' H%-;")#"&'0"'6$##$I!Q&(K%.:('n!0%54(!"';0(!0(!W%**%9!H::%.K-'1.(1!0(!#/(2(*-9!a(:(*-!%!_%1415(-!-2S(%&'-4(I!
W%**%9! $3I! +%'.(%K%0! ).12!
/''MTJJYYYI:('IM.1K(&*(-I4%I('J:('YYYJQ&(K%.:('q,?J71.%m.%4-^(1&%m;&(K%.:('q,?IM0)!
"*-.01^^(9!_I!=>??F@I!>/$%'N"3")7?'J2:C:B:'^:'9E['22'@_'(-%"&)-')$.'N"3")-T'22'(_'="/)&)$..-LI!7('%.S19!$3T!
r;-'.(&(I!
! !
!