!
!"#$%&'()*$%******
+(,-."/0(&1*
!2&(0*34*56(*4738*9::2*3;<8=<>8?!
***
**
*!
@#*+&-A#B-C#D-E'*$%*9'$")B&-#)*.#&#*,#*F%G%')#H**I,*!#)(*$%*,#*F-&%DD-E'*J%'%&#,*$%*K#/&-D#D-('%)*L-,-B#&%)**
*Débora Ianina BAK
*************
+(,-."/0(&1**"#$%&'%&()!*&+&,!-'.'!/,!0#123&$!3/!,'#!4$,51&%'#!467,&%'#!4'.1&%&-'1&+'#!!!
"8/)'7'.!9:;:!-&#$!<!$=&%&)'!9>!?*4!9@<AB!*&23'3!"21()$8'!3/!C2/)$#!"&./#D!E/-67,&%'!".F/)1&)'!
G11-HIIJJJK-$,&-27K$.F!
!
*2'3/.)$#!3/!4$,&-27K$.F!LMMN!9O:PQ:>P;!"#$%&'%&()!*&+&,!-'.'!/,!0#123&$!3/!,'#!-$,51&%'#!-67,&%'#!-'.1&%&-'1&+'#!!
*
*
+&%)-$%'B%*$%*+(,-."/0(&1*
",/R')3.$!SK!0#1T+/U!
*
!(M-BN*%$-B(&-#,*
M2#')'!*K!0#-/.!V/.'.3$!LUU$!
W.')%&#%$!4'F,&2%'!X$.F/!M/./)$!
!
!!""#$%&'()'*(+$
II!427,&%'%&()!%$)=/%%&$)'3'!-$.!4$,&-27K$.FK!II!*$../#-$)3/!!/Y%,2#&+'8/)1/!'!,$#!'21$./#!,'!!
./#-$)#'7&,&3'3!-$.!,$#!%$)%/-1$#!!/Y-2/#1$#!/)!,$#!'.15%2,$#!!
=&.8'3$#D!3/!,$!%2',!3/7/!&)=/.&.#/!!Z2/!4$,&-27K$.F!-2/3/!%$8-'.1&.!,'#!
$-&)&$)/#!+/.1&3'#!$!)$K!II!M/!!'21$.&U'!,'!./-.$32%%&()!3/!,$#!!
1/Y1$#!&)%,2&3$#!/)!,'!./+'D!%$)!!,'!)/%/#'.&'!8/)%&()!3/!,'!=2/)1/K!!
!!!
+(,-."/0(&1*"#$%&'%&()!*&+&,!-'.'!/,!0#123&$!
3/!,'#!4$,51&%'#!467,&%'#!4'.1&%&-'1&+'#!F-&%DD-E'H*
"8/)'7'.!9:;:!-&#$!<!$=K!9>!!?*4!9@<ABD!*&23'3!"21()$8'!3/!!
C2/)$#!"&./#K!!!(&&%(*%,%DB&E'-D(H**L)=$[-$,&-27K$.F!
+O1-'#*P%/H**G11-HIIJJJK-$,&-27K$.FI!
!
!
********
@#*+&-A#B-C#D-E'*$%*9'$")B&-#)*.#&#*,#*F%G%')#H**I,*!#)(*$%*,#*F-&%DD-E'*J%'%&#,*$%*
K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**
4$.!\T7$.'!L')&)'!C"]!
!
!
!
!
!
!
0,!-./#/)1/!'.15%2,$!/#!2)'!.//,'7$.'%&()!3/!,'!1/#&#!3/!8'/#1.5'!-./#/)1'3'!
/)!,'!^_\_!`!3&.&F&3'!-$.!S'.%/,$!*/,')&K!0,!=$.8'1$!3/,!'.15%2,$!`!,/,!3&#/a$!
8/1$3$,$F5'!=2/.$)!3/#'..$,,'3$#!/)!/,!1',,/.!3/!1/#&#!3/!,'!S'/#1.5'!/)!
4$,51&%'#!467,&%'#D!3&.&F&3$!-$.!",/R')3.$!SK!0#1T+/UK!
* *
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!8!@#*+&-A#B-C#D-E'*$%*9'$")B&-#)*.#&#*,#*F%G%')#H**I,*!#)(*$%*,#*F-&%DD-E'*J%'%&#,*$%*K#/&-D#D-('%)*
L-,-B#&%)*$%*5&1%'B-'#**
+(&H*FN/(&#*9#'-'#*Q5R*0#!d&%/)%&'3'!/)!0%$)$85'!3/!,'!^C"!`!S'#1/.!/)!4$,51&%'#!467,&%'#!3/!,'!^)&+/.#&3'3!_$.%2'1$!\&!_/,,'K!*$../$!/,/%1.()&%$H!&')&)'[F8'&,K%$8!*
*
!"#$%"&!
!
4$.! 8/3&$! 3/! 2)! /)=$Z2/! %2',&1'1&+$D! #/! /#123&'.e! /,! %'#$! 3/! ,'! \&./%%&()! V/)/.',! 3/! W'7.&%'%&$)/#!
S&,&1'./#D!%$)!/,!$7R/1&+$!3/!3/#%.&7&.D!%$8-./)3/.!`!')',&U'.!/,!&8-'%1$!Z2/!12+$!/,!-.$%/#$!-.&+'1&U'3$.!
Z2/! '=/%1(! '! ,'#! &)32#1.&'#! 3/! ,'! 3/=/)#'D! /)! /,! '7'#1/%&8&/)1$! 3/! ,$#! ./Z2/.&8&/)1$#! 3/! ,'#! W2/.U'#!
".8'3'#K!"!-'.1&.!3/!,'!-/.#-/%1&+'!3/!#/&#!&)=$.8')1/#!%,'+/#!#/,/%%&$)'3$#!-$.!#2!%/.%')5'!',!%'#$!3/!
/#123&$D!#/!-./1/)3/!3'.!,2U!#$7./!,'#!%$)#/%2/)%&'#!/)!/,!'7'#1/%&8&/)1$!3/!,'#!W2/.U'#!".8'3'#!3/!,'!
-$,51&%'!&8-,/8/)1'3'!/)!,'!&)32#1.&'!-'.'!,'!3/=/)#'D!-.&)%&-',8/)1/!32.')1/!,'!3T%'3'!3/,!)$+/)1'D!'!
,'! +/U!Z2/! #/!-./1/)3/! &3/)1&=&%'.!',F2)'#!/)#/a')U'#!Z2/!%$)1.&72`')!/)! ,'! %$8-./)#&()!3/,! !)2/+$!
-.$%/#$!&)32#1.&',!+&)%2,'3$!'!,'#!-$,51&%'#!3/!3/=/)#'!-2/#1'#!/)!8'.%G'!/)!/#1$#!6,1&8$#!3&/U!'a$#K!
!
'()(*+(#,-)(."!
!
-.&+'1&U'%&$)/#! f! &)32#1.&'#! -'.'! ,'! 3/=/)#'! f! /#1'3$! /8-./#'.&$! f! /#1'3$! 3/! 7&/)/#1'.! Q! &)32#1.&'#!
/#1.'1TF&%'#!f!LML!f!\&./%%&()!V/)/.',!3/!W'7.&%'%&$)/#!S&,&1'./#!f!W2/.U'#!".8'3'#!f!0RT.%&1$!f!8$3/,$!
-.$F./#'!3/!,'!3/=/)#'!f!8/.%'3$!-$,51&%$Q&)32#1.&',K!!
* *
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!S!T#/,#*$%*D('B%'-$(*
! !
30! 9'B&($"DD-E'*0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000*>!
40! U/V%B(*$%*%)B"$-(H*@#*F-&%DD-E'*J%'%&#,*$%*K#/&-D#D-('%)*L-,-B#&%)*0000000000000000000000000000000000000*?!
<K9K!d'!*./'%&()!3/!,'!\&./%%&()!V/)/.',!3/!W'7.&%'%&$)/#!S&,&1'./#! 9c!
<K9K9K!g7R/1&+$#!3/!#2!%./'%&()!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!99!
<K9K<K!*$)1/Y1$!h(.&%$!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!9<!
<K<K!d'!-.&+'1&U'%&()!3/!,'!\&./%%&()!V/)/.',!3/!W'7.&%'%&$)/#!S&,&1'./#! 9@!
<K<K9K!*$)1/Y1$!G(.&%$!3/!,'#!-.&+'1&U'%&$)/#!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!9@!
80! +&(/,%MOB-D#**$%*%)B"$-(*0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000*3;!
S0! I)B#$(*$%*5&B%*00000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000*48!
@K9K!0#1'3$!08-./#'.&$!+#K!4.&+'1&U'%&$)/#! <P!
@K9K9K!!0,!0#1'3$!08-./#'.&$!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!<P!
@K9K<K! d'#!&)/=&%&/)%&'#!3/,!0#1'3$!/8-./#'.&$!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!<@!
@K<K!d'!&)32#1.&'!-'.'!,'!3/=/)#'! <>!
<0! L%B($(,(1W#*"B-,-C#$#*00000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000*83!
:K9K! 4./F2)1'!3/!&)+/#1&F'%&()! P9!
:K<K! W2)3'8/)1$!3/!,'!#/,/%%&()!3/,!%'#$! P9!
:KPK! S/1$3$,$F5'!'!#/.!21&,&U'3'! P<!
:K@K! W2/)1/#!3/!&)=$.8'%&()!`!1T%)&%'#!3/!./%$,/%%&()!3/!3'1$#P@!
:K:K! 4$7,'%&()!3/!/#123&$! PA!
:KAK! *2/#1&$)'.&$! PA!
:K>K! ")e,&#&#!3/!3'1$#! P>!
X0! 5'O,-)-)*$%*,#*%A-$%'D-#*0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000*8;!
AK9K! 4/.%/-%&$)/#!3/!,$#!/)%2/#1'3$#!#$7./!/,!3/#/8-/a$!3/!,'!\VWS!%$8$!
-.$+//3$.!3/!,'#!W2/.U'#!".8'3'#K! PO!
AK9K9K! W2)%&$)/#!3/!,'!\&./%%&()!V/)/.',!3/!W'7.&%'%&$)/#!S&,&1'./#!KKKKKKKKKKKKKKKKKKKKKKKKKKKKK!PO!
AK9K<K! \&=/./)%&'#!/)1./!,'#!W2/.U'#!".8'3'#!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!@c!
AK9KPK! \/#/8-/a$!3/!,'!\&./%%&()!V/)/.',!3/!W'7.&%'%&$)/#!S&,&1'./#!KKKKKKKKKKKKKKKKKKKKKKKKKK!@9!
AK<K! 4/.%/-%&()!3/!,$#!/)%2/#1'3$#!#$7./!,'#!.'U$)/#!3/!,'!-.&+'1&U'%&()K! @P!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!<!AK<K9K! 4.&+'1&U'%&()!%$8$!-$,51&%'!F/)/.',!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!@P!
AK<K<K! E$,!3/!,'!".F/)1&)'!/)!/,!%$)1/Y1$!&)1/.)'%&$)',!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!@:!
AK<KPK! 4.&+'1&U'%&()!!%$8$!)/F$%&$!,2%.'1&+$!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!@A!
AKPK! 4/.%/-%&$)/#!3/!,$#!/)%2/#1'3$#!#$7./!,'!+',&3/U!3/!,$#!%$)%/-1$#!
1/(.&%$#!3/#'..$,,'3$#! @>!
AKPK9K! 4.&+'1&U'%&$)/#!%$8$!#$,2%&()!3/!,'#!&)/=&%&/)%&'#!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!@>!
AKPK<K! d'#!-.&+'1&U'%&$)/#!3/!,'!\&./%%&()!V/)/.',!3/!W'7.&%'%&$)/#!S&,&1'./#!KKKKKKKKKKKKKKK!:c!
AK@K! 4/.%/-%&()!3/!,$#!/)%2/#1'3$#!#$7./!,'#!%$)#/%2/)%&'#!3/,!-.$%/#$!3/!
-.&+'1&U'%&()! :<!
AK@K9K! 4T.3&3'!3/!%'-'%&3'3/#!KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!:<!
AK@K<K! \/#'-'.&%&()!3/!-.$32%%&()!)'%&$)',!`!3&=&%2,1'3!/)!/,!'7'#1/%&8&/)1$K!KKKKKKKKKKKKK!:@!
>0! !('D,")-('%)*0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000*<;!
;0! Y%G%&%'D-#)*/-/,-(1&OG-D#)*000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000*X4!
?0! 5'%Z()*0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000*X>!
;K9K! "N0ig!LH!0)1./+'#! A>!
;K<K! "N0ig!LLH!4.&)%&-',/#!/#1'7,/%&8&/)1$#!&)32#1.&',/#!`!-'.1&%&-'%&$)/#!3/!
,'!\&./%%&()!V/)/.',!3/!W'7.&%'%&$)/#!S&,&1'./#! 99A!
;KPK! "N0ig!LLLH!N$.8'1&+'! 99;!
;K@K! "N0ig!LjH!0R/%2%&()!-./#2-2/#1'.&'!3/!,'!\VWS!3&#%.&8&)'3'!-$.!$.&F/)!
3/!,$#!./%2.#$#!?<ccPQ<c9<B! 9>:!
;K:K! "N0ig!jH!S'1/.&',!=$1$F.e=&%$! 9>A!
!
! *
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!X!:-1,#)*[*#/&%A-#B"&#)*
!
*"dLjH!*'a()!".F/)1&)$!d&+&')$!
*LN"EH!*$8-,/R$!L)32#1.&',!N'+',!".F/)1&)$!
*L_0\0WH!L)#1&121$!3/!L)+/#1&F'%&$)/#!*&/)15=&%'#!`!_T%)&%'#!-'.'!,'!\/=/)#'!
*L_0W"H!L)#1&121$!3/!L)+/#1&F'%&$)/#!*&/)15=&%'#!`!_T%)&%'#!-'.'!,'#!W2/.U'#!".8'3'#K!
\VWSH!\&./%%&()!V/)/.',!3/!W'7.&%'%&$)/#!S&,&1'./#!
0*"H!0,'7$.'%&()!3/!*$7./!`!#2#!",/'%&$)/#! ?W'7.&%'!S&,&1'.!3/!j'&)'#!`!*$)32%1$./#!
0,T%1.&%$#B!
0S*gH!0#1'3$!S'`$.!*$)R2)1$!
W"\0"H!We7.&%'!".F/)1&)'!3/!"+&$)/#!
WW""H!W2/.U'#!".8'3'#!
WSH!W'7.&%'%&$)/#!S&,&1'./#!
LMLH!L)32#1.&',&U'%&()!-$.!M2#1&12%&()!3/!L8-$.1'%&$)/#!
SLN4d"NH!S&)/.&$!3/!4,')&=&%'%&()!3/!W/3/.',D!L)+/.#&()!467,&%'!`!M/.+&%&$#!
4"*L\H!4.$F.'8'!3/!"7'#1/%&8&/)1$!*$)#$,&3'3$!3/!L)#28$#!-'.'!,'!\/=/)#'!
4d"N*"SLdH!4,')!3/!*'-'%&3'3/#!S&,&1'./#!
_"SM0H!_')Z2/!".F/)1&)$!S/3&')$!M$%&/3'3!3/,!0#1'3$!
_"N\"NgEH!_',,/./#!N'+',/#!\e.#/)'!N$.1/!MK"K*KLK!`!NK!
MgSLM"H!M$%&/3'3!S&Y1'!M&3/.6.F&%'!".F/)1&)'!
k*E_H!k'%&8&/)1$#!*'.7$)5=/.$#!E&$!_2.7&$!
! !
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!>!30 9'B&($"DD-E'*!
"! -'.1&.! 3/! ,'! 3T%'3'! 3/,! #/1/)1'! %$)! ,$#! F$7&/.)$#! 8&,&1'./#! 3/! ='%1$D! ,'!
".F/)1&)'!%$8/)U(!2)!-.$%/#$!3/!-.&+'1&U'%&()!Z2/!%$)1&)2(!32.')1/!1$3'!,'!3T%'3'!
3/,! $%G/)1'D! `! Z2/! #/! -.$=2)3&U(! /)! ,$#! 'a$#! )$+/)1'! G'#1'! /,! /#1',,&3$! 3/! ,'! %.&#&#!
/%$)(8&%$!f#$%&',!3/,!<cc9D!8$8/)1$!/)!/,!%2',!#/!/+&3/)%&'.$)!#2#!&)%$)#/)%&'#K!
\2.')1/!/#$#!6,1&8$#!3&/U!'a$#D! /,! -.$F.'8'!3/!-.&+'1&U'%&$)/#! #/! %'.'%1/.&U(!-$.! ,'!
%/,/.&3'3! Z2/! =2/! 1$8')3$! #2! &8-,/8/)1'%&()! `! -$.! ,'!8'`$.! %'-'%&3'3! '7'.%'1&+'!
Z2/! =2/.$)! '3Z2&.&/)3$! #2#! ./',&U'%&$)/#D! '1.'+/#')3$! '! 1$3$#! ,$#! #/%1$./#! 3/,! -'5#!
?"U-&'U2!l!M%G$..D!<cc<BK!\&%G'#!-$,51&%'#!-.&+'1&U'3$.'#!#/!./',&U'.$)!/)!2)!8'.%$!3/!
1.')#=$.8'%&()! #$%&',D! /%$)(8&%'! `! -$,51&%'! Z2/! #/F25')! ,'#! 3&./%1.&%/#! 3/,!
-/)#'8&/)1$!)/$,&7/.',D!6)&%$!`!-./3$8&)')1/!3/!,'!T-$%'D!`!3/,!%2',!,'!&)32#1.&'!-'.'!
,'!3/=/)#'!)$!Z2/3(!/Y/)1'K!!
4'#'3'!8e#!3/!2)'!3T%'3'!3/!,'!-.$=2)3&U'%&()!3/!3&%G$!-.$%/#$!-.&+'1&U'3$.D!
#/!72#%'!/+',2'.! ,'#!%$)#/%2/)%&'#!3/! ,'!-$,51&%'! &8-,/8/)1'3'K!0)!/#/!#/)1&3$D!/#1/!
&)=$.8/!-./1/)3/!3/#%.&7&.D!%$8-./)3/.!`!')',&U'.!/,! &8-'%1$!Z2/!12+$! ,'!-$,51&%'!3/!
-.&+'1&U'%&$)/#!/)!/,!'7'#1/%&8&/)1$!3/!,$#!./Z2/.&8&/)1$#!3/!,'#!W2/.U'#!".8'3'#K!
*$)! /#1/! $7R/1&+$! /)! 8/)1/D! `! '! -'.1&.! 3/! 2)'! 8/1$3$,$F5'! %2',&1'1&+'D! #/!
3/%&3&(!./',&U'.!2)!/#123&$!3/!2)!%'#$!3/!1&-$!&)#1.28/)1',D!/,&F&/)3$!%$8$!$7R/1$!3/!
/#123&$!'! ,'!\&./%%&()!V/)/.',!3/!W'7.&%'%&$)/#!S&,&1'./#K! d'!-./F2)1'!Z2/!8$1&+'!/,!
-./#/)1/! &)=$.8/! /#H! m*(8$! =2/! /,! &8-'%1$! 3/,! -.$%/#$! 3/! -.&+'1&U'%&()! /)! ,'!
\&./%%&()! V/)/.',! 3/! W'7.&%'%&$)/#! S&,&1'./#! /)! /,! '7'#1/%&8&/)1$! -'.'! ,'#! W2/.U'#!
".8'3'#n!
0,! -./#/)1/! 1.'7'R$! /#1e! $.F')&U'3$! /)! %&)%$! #/%%&$)/#D! Z2/! #/! 3/#%.&7/! '!
%$)1&)2'%&()K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!;!0)!-.&8/.!,2F'.!#/!./',&U'.e!2)!')e,&#&#!3/,!%'#$!3/!/#123&$!3&=/./)%&e)3$,$!/)!
3$#! 8$8/)1$#! %,'+/#D! $! /1'-'#H! -.&8/.$! #/! /#123&'.e)! ,$#! &)&%&$#! 3/! ,'! \&./%%&()!
V/)/.',!3/!W'7.&%'%&$)/#!S&,&1'./#!3/#3/!#2!%./'%&()o!,2/F$!#/!')',&U'.e)!,'#!8/3&3'#!
Z2/!#/!,,/+'.$)!'!%'7$!32.')1/!/,!-.$%/#$!3/!#2!-.&+'1&U'%&()K!4'.'!%'3'!2)'!3/!/#1'#!
/1'-'#!#/!1/)3.e)!/)!%2/)1'!/,!%$)1/Y1$!G(.&%$!/)!/,!%2',!#/!3/#'..$,,'.$)D!'#5!%$8$!
,$#!$7R/1&+$#!Z2/!#/!-/.#/F25')K!!
0)! #/F2)3$! ,2F'.D! #/! ./',&U'.e! 2)! '%/.%'8&/)1$! '! ,'! #&12'%&()! '%12',! 3/! ,'!
\&./%%&()! V/)/.',! 3/! W'7.&%'%&$)/#!S&,&1'./#D! '#5! %$8$! #2! .$,! 3/)1.$! 3/! ,'#! )2/+'#!
-$,51&%'#!&8-,/8/)1'3'#!-$.!/,!S&)/.&$!3/!\/=/)#'D!-,')1/e)3$#/!,$#!!&)1/..$F')1/#!
Z2/!8$1&+')!,'!-./#/)1/!&)+/#1&F'%&()K!!
0)!,'!1/.%/.'!#/%%&()!#/!/Y-$)3.e)!,'#!-.&)%&-',/#!%$..&/)1/#!Z2/!3')!%2/)1'!3/!
/#1/! -.$%/#$! -.&+'1&U'3$.! 3/#3/! 3$#! )&+/,/#! 3/! ')e,&#&#K! 0)! 2)! -.&8/.! -,')$D! #/!
')',&U'.e!,'!&)1/.+/)%&()!3/,!/#1'3$!/)!,$#!#/%1$./#!-.$32%1&+$#D!-'.'!-'#'.!,2/F$!'!2)'!
8&.'3'! 8e#! /#-/%5=&%'! 3/! ,'! &)32#1.&'! -'.'! ,'! 3/=/)#'D! ')',&U')3$! ,$#! 3/#'..$,,$#!
1/(.&%$#!/Y/)1/#!#$7./!,'#!-'.1&%2,'.&3'3/#!Z2/!%'.'%1/.&U')!'!/#1/!1&-$!3/!&)32#1.&'#!
3/!$1.$#!#/%1$./#D!'#5!%$8$!#2!+&)%2,'%&()!%$)!,'#!-$,51&%'#!/)!8'1/.&'!3/!3/=/)#'K!!
!d'!%2'.1'!-'.1/!/#1e!3/#1&)'3'!'!3/#'..$,,'.!,'!8/1$3$,$F5'!'!#/.!21&,&U'3'!/)!,'!
-./#/)1/!&)+/#1&F'%&()!`!,'#!.'U$)/#!-$.!,'#!%2',/#!#/!G'!3/%&3&3$!$-1'.!-$.!,'!8'K!!
0)! Z2&)1$! 1T.8&)$D! #/! ')',&U'.e)! ,$#! '#-/%1$#! `! ,&)/'8&/)1$#! Z2/! #/! G')!
3/1/%1'3$!3/#3/!,'#!-/.%/-%&$)/#!3/!,$#!&)=$.8')1/#!%,'+/!/)!1$.)$!'!%2'1.$!)6%,/$#!
-.$7,/8e1&%$#H!'B!/,!3/#/8-/a$!3/!,'!\VWS!%$8$!-.$+//3$.!3/!,'#!W2/.U'#!".8'3'#o!
7B! ,'#!.'U$)/#!3/!,'!-.&+'1&U'%&()!3/!,'!\VWSo!%B! ,$#!%$)%/-1$#!1/(.&%$#!-/.%&7&3$#!/)!
,'#!/)1./+'#!`!3B!,'#!%$)#/%2/)%&'#!3/,!-.$F.'8'!-.&+'1&U'3$.!/)!,'!\VWSK!!
4$.!6,1&8$!#/!/Y-$)3.e)!,'#!%$)%,2#&$)/#!'!,'#!Z2/!#/!G'!-$3&3$!,,/F'.!'!-'.1&.!
3/!,'!&)=$.8'%&()!./,/+'3'K!! !
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!?!40 U/V%B(* $%* %)B"$-(H* @#* F-&%DD-E'* J%'%&#,* $%* K#/&-D#D-('%)*
L-,-B#&%)*
"! ,$! ,'.F$! 3/,! -./#/)1/! &)=$.8/! )$#! =$%',&U'./8$#! /)! ,'#! %$)#/%2/)%&'#! 3/,!
-.$%/#$! 3/! -.&+'1&U'%&()! 3/! ,'! \&./%%&()! V/)/.',! 3/! W'7.&%'%&$)/#!S&,&1'./#! ?\VWSB!
%$)! /,! $7R/1$! 3/! %$8-./)3/.! /,! &8-'%1$! Z2/! 12+$! ,'! #',&3'! 3/,! #/%1$.! -67,&%$! 3/,!
e87&1$! 3/! ,$#! #/%1$./#! &)32#1.&',/#! -'.'! ,'! 3/=/)#'D! -'.1&%2,'.8/)1/! /)! /,!
'7'#1/%&8&/)1$!-'.'!,'#!W2/.U'#!".8'3'#!?WW""BK!!
0#! &8-$.1')1/!3/#1'%'.!Z2/!,'! &)32#1.&'!-'.'!,'!3/=/)#'!%$8-./)3/!2)!'8-,&$!
'7')&%$! 3/! -.$32%1$#D! 3/#3/! -.$32%%&$)/#! /)! #/.&/! 3/! 7&/)/#! /#1')3'.&U'3$#! %$8$!
82)&%&$)/#D! G'#1'! -.$32%1$#! /#-/%&',&U'3$#! Z2/! ./Z2&/./)! 3/! 2)! ',1$! F.'3$!
1/%)$,(F&%$!%$8$!,'!&)32#1.&'!3/!8&#&,/#!$!3/!.'3'./#K!!\'3$!Z2/!,'#!'%1&+&3'3/#!3/!,'!
\VWSD!'!1.'+T#!3/!#2#!2)&3'3/#!-.$32%1&+'#!`!3/!#2#!/8-./#'#!+&)%2,'3'#D!&7')!3/#3/!
,'! $71/)%&()! 3/!8'1/.&'#! -.&8'#! G'#1'! ,'! /,'7$.'%&()! 3/! 7&/)/#! =&)',/#! 3/! 3&=/./)1/!
F.'3$!3/!)&+/,!1/%)$,(F&%$D!/)!/,!-./#/)1/!&)=$.8/!#/!!/)1/)3/.e!'!,'!&)32#1.&'!-'.'!,'!
3/=/)#'! /)! #2! %$)%/-%&()! '8-,&'3'D! %$8-./)3&/)3$! ,'! -.$32%%&()! 3/! 7&/)/#!
)/%/#'.&$#!-'.'! %28-,&.! %$)! ,$#! ./Z2/.&8&/)1$#!3/! ,'#! W2/.U'#!".8'3'#D! '#5! %$8$! ,'!
-.$32%%&()!3/!,$#!&)#28$#!)/%/#'.&$#!-'.'!,'!='7.&%'%&()!3/!/#1$#K!!
"#&8$D!#&!7&/)!#/!./',&U'.e!2)!./-'#$!3/!,'!#&12'%&()!3/!,'!\&./%%&()!V/)/.',!
3/! W'7.&%'%&$)/#! S&,&1'./#! 3/#3/! #2#! $.5F/)/#D! 27&%e)3$)$#! 1/8-$.',8/)1/! /)! ,'!
3T%'3'! 3/,! 1./&)1'D! /,! -/.5$3$! '! #/.! ')',&U'3$! /)! /,! -./#/)1/! &)=$.8/! '7'.%'.e! ,$#!
&)&%&$#!3/,!-.$%/#$!3/!-.&+'1&U'%&()!32.')1/!,'!3T%'3'!3/,!#/1/)1'!G'#1'!,'!'%12',&3'3K!!
"!%$)1&)2'%&()!#/!./',&U'.e!2)'!7./+/!3/#%.&-%&()!3/!,'!\VWS!/)!/,!8$8/)1$!
3/!#2!%./'%&()D!-'.'!,2/F$!-'#'.!',!8$8/)1$!3/!#2!-.&+'1&U'%&()K!!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!37!/010,2(,3+"(-45&,6",)(,74+"--45&,8"&"+(),6",9(*+4-(-4:&"#,;4)4<(+"#,,
0)! $%127./! 3/! 9;@9! #/! %./(! d'! \&./%%&()! V/)/.',! 3/! W'7.&%'%&$)/#!S&,&1'./#!
8/3&')1/! ,'! d/`! Nb! 9<K>c;! Z2/! =2/.'! &8-2,#'3'! -$.! /,! V/)/.',!S')2/,! NK! M'+&$K! 0,!
$7R/1&+$! -.&)%&-',! /.'! /,! 3/! %$)1'.! %$)! 2)! $.F')$! Z2/! %/)1.',&%/D! %$$.3&)/! `!
-.$82/+'!/,!3/#'..$,,$!3/!,'!&)32#1.&'!)'%&$)',!-'.'!,'!3/=/)#'K!0)!1',!#/)1&3$D!#/!%./(!
2)! /)1/! '21e.Z2&%$D! 3/-/)3&/)1/! 3/,! /)1$)%/#! S&)/.&$! 3/! V2/..'D! %$)! /,! =&)! 3/!
'%12'.! -67,&%'! `! -.&+'3'8/)1/! /)! /,! /#1582,$! '! ,'! -.$32%%&()! 3/! 8'1/.&'#! -.&8'#!
7e#&%'#!`!'.8'8/)1$#!3/#1&)'3$#!'!,'!3/=/)#'!8&,&1'.K!!
\/! ,'! ,/%12.'! 3/! ,'! d/`! 3/! %./'%&()D! #/! -2/3/)! &3/)1&=&%'.! ,$#! $7R/1&+$#D!
=2)%&$)/#!`!='%2,1'3/#!3/!,'!\VWSH!
• 9:13;5<3.$ ;-=$ 1=>?@5-=A$ 54B1=>5C3D5-41=$ E$ 1=>3@F=>5D3=$ D-4@?D14>1=$ 3;$
D-4-D5G514>-$@1$ ;3=$H-=525;5@3@1=$ 54@?=>.53;1=$@1;$H3F=A$ .1;3D5-43@3=$D-4$ ;3$
H.-@?DD5I4$@1$G3>1.53;1=$E$1;1G14>-=$@1$C?1..3$E$D-4$;3$H.1H3.3D5I4$@1$;3$
G-B5;5<3D5I4$54@?=>.53;$D-..1=H-4@514>1J$$p".1K!Pb!&)%K!'Bq!
• 9K;32-.3.$G3>1.53;1=$E$1;1G14>-=$@1$C?1..3J$p".1K!Pb!&)%K!7Bq!
• 9:13;5<3.A$ @1$ 3D?1.@-$ D-4$ ;3=$ @5=H-=5D5-41=$ @1;$ LI@5C-$ @1$ M541.F3A$
1NH;-.3D5-41=$ E$ 1NH;->3D5-41=$ >14@514>1=$ 3$ ;3$ -2>14D5I4$ @1/$ D-2.1A$ O51..-A$
G34C341=-A$PI;Q.3GA$3;?G545-A$21.5;5-$E$@1GR=$G3>1.53;1=$41D1=3.53=$H3.3$
;3$Q32.5D3D5I4$@1$G3>1.53;1=$@1$C?1..3J$p".1K!Pb!&)%K!%Bq!
• 9L-4=>.?5.$;3=$-2.3=$41D1=3.53=$3$;-=$Q541=$@1$1=>3$;1EJ$p".1K!Pb!&)%K!3Bq!
• 9S-G14>3.$;3=$54@?=>.53=$3Q541=$TUVJ$p".1K!Pb!&)%K!/Bq!
• 97@1GR=$@1$ ;3$G5=5I4$1=14D53;$ .1;3>5B3$3$ ;3$G34?Q3D>?.3$@1$G3>1.53;1=$@1$
C?1..3$E$14$D?34>-$.1=?;>1$D-4B14514>1$@14>.-$@1$=?$H3.>5D?;3.$-.C345<3D5I4$
E$ H3.3$ 1;$ G1W-.$ 3H.-B1DO3G514>-$ >XD45D-)1D-4IG5D-$ @1$ ;3$ 54@?=>.53A$ ;3=$
QR2.5D3=$ G5;5>3.1=$ [email protected]$ 1;32-.3.$ 1;1G14>-=$ =5G5;3.1=$ @1=>543@-=$ 3;$
D-4=?G-$C141.3;$TUVJ$p".1K!:bq!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!33!*$)!/#1/!=&)D!Z2/3'.$)!%$8-./)3&3$#!/)!2)'!#$,'!/)1&3'3!,'#!=e7.&%'#!`!1',,/./#!
8&,&1'./#!/Y/)1/#D!'#5!%$8$!,'#!Z2/!#/!%./'.5')!/)!,$#!'a$#!-$#1/.&$./#K9!
403030*U/V%B-A()*$%*)"*D&%#D-E'*
d'!%$)%/-%&()!3/!,'!&3/'D!'#5!%$8$!/,!-.$`/%1$!3/!d/`!3/!%./'%&()!3/!,'!\VWS!
#$)!'1.&72&7,/#!',!V.',K!S')2/,!M'+&$K!0)!#2#!3&=/./)1/#!'.15%2,$#!`!3&#%2.#$#!#/!-2/3/)!
/)%$)1.'.! ,'#! %,'+/#! Z2/! ./=,/R')! /,! /#-5.&12! `! ,'! /#/)%&'! %$)! Z2/! =2/! %$)%/7&3$! /,!
$.F')$!`!Z2/!'!%$)1&)2'%&()!#/!./#28/)!?M'+&$D!9;Ac!`!9;>PBH!
• 0,! 0#1'3$! $%2-'! 2)! .$,! %/)1.',! %$8$!8$1$.! `! -,')&=&%'3$.! 3/! 2)! -.$%/#$! 3/!
3/#'..$,,$!&)32#1.&',!/Z2&,&7.'3$D!#/)1')3$!,'#!7'#/#!-'.'!/,!&8-2,#$!3/,!%'-&1',!
-.&+'3$!/)!e./'#!/#1.'1TF&%'#K!
• 4.$8$+/.! ,'! -.$32%%&()! )'%&$)',! 3/! '.8'#D! 82)&%&$)/#D! 8'1/.&',! 7T,&%$! `! ,'!
1/%)&=&%'%&()! 3/! ,'#! =2/.U'#! '.8'3'#D! &)3&#-/)#'7,/#! -'.'! 8')1/)/.! ,'!
#$7/.')5'!)'%&$)',K!
• 4.$8$+/.! ,'! '.1&%2,'%&()! 3/,! %'-&1',! -67,&%$! `! -.&+'3$! /)! ,'! &)32#1.&'! -'.'! ,'!
3/=/)#'D!-$#&%&$)')3$!'!,'!\VWS!%$8$!'.1&%2,'3$.D!./$.3/)'3$.!`!%$$.3&)'3$.!
3/!3&%G'!&)32#1.&'!)'%&$)',K!
• 4.$8$+/.!/,!#2.F&8&/)1$!3/!#/%1$./#!/#1.'1TF&%$#!-'.'!,'!&)32#1.&'!%&+&,!`!-'.'!,'!
3/=/)#'D! %$)!/#-/%&',!T)='#&#!/)! .'8'#!7e#&%'#! %$8$! ,'! #&3/.2.F&'D! ,'!Z258&%'!
7e#&%'D!,'!/Y-,$1'%&()!3/!`'%&8&/)1$#!8&)/.$#!?/#-/%&',8/)1/!G&/..$BK!
• 4.$8$+/.! ,'! &)#/.%&()!3/! ,'!\VWS!/)! #/%1$./#! `!8/.%'3$#! %&+&,/#D! +&)%2,'3$#!
3&./%1'!$!&)3&./%1'8/)1/!'!,'!&)32#1.&'!-'.'!,'!3/=/)#'D!Z2/!3$1/)!3/!+&'7&,&3'3!
`!#2#1/)1'7&,&3'3!'!,'!&)32#1.&'!)'%&$)',!-'.'!,'!3/=/)#'K!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!9! \/)1.$! 3/! /#1/! F.2-$! 3/! /#1'7,/%&8&/)1$#D! Z2/3'.$)! /Y%,2&3'#! ,'#! =e7.&%'#! Z2/! 3/-/)35')! 3/,! S&)/.&$! 3/!
S'.&)'D!7.&)3e)3$)$#!2)!-.&8/.!&)3&%&$!3/!,'!#/-'.'%&()!/Y/)1/!/)1./!,'#!3&)1'#!=2/.U'#!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!34!4$.!/#1$D!,'!-,')&=&%'%&()!/#1.'1TF&%'D!%$)!/,!0#1'3$!%$8$!'%1$.!'%1&+$!-.&)%&-',D!
'-'./%/! &8-,5%&1'8/)1/! %$8$! 2)! /,/8/)1$! 3/! -$,51&%'! /%$)(8&%'! ?/! &)32#1.&',! /)!
-'.1&%2,'.B!/#/)%&',!/)!,'!%$)%/-%&()!3/,!V.',K!M'+&$H!!
rY3$ 7.C14>543$ 1=>R$ 1GH1Z3@3$ 14$ ?4$ C.34$ 1=Q?1.<-A$ D?3;$ 1=$ 1;$ @1$ =?$
54@?=>.53;5<3D5I4A$ E$ 3H.1D53G-=$ [?1$ 4-$ 1=>34@-$ =?Q5D514>1G14>1$ H.1H3.3@-=$
H3.3$ 1;;-A$ ;-$ G14-=$ D-4B14514>1$ 1=$ 3;1W3.$ @1$ ;-=$ O-G2.1=A$ D-4$ 1NH1.514D53$
54@?=>.53;$ E$ D-G1.D53;A$ ;3$ 1=>.?D>?.3D5I4$ E$ ;3$ -.C345<3D5I4$ @1$ ;-=$ 1;1G14>-=$
G1@5-=$ [?1$ O1G-=$ @1$ H-41.$ 14$ 3DD5I4$ H3.3$ ;-C.3.$ @5DO3$ Q543;5@3@\$ Y3=$
5GH.-B5=3D5-41=$ =-4$H1;5C.-=3=A$ E$ =5$ 3$ 1;;-$3..51=C3G-=$ ;3$3?=14D53$@1;$ 54>1.X=$
H1.=-43;$B5C5;34>1A$=1$D-..1$1;$.51=C-$@1$@1=43>?.3;5<3.$;3$=-;?D5I4$E$G3;-C.3.$;-=$
.1=?;>3@-=A$ ;-$ [?1$ 41?>.3;5<3.F3$ D-GH;1>3G14>1$ 1;$ 1=HF.5>?$ @1$ 1GH.1=3$ [?1$
>-@-=$@1=13G-=$B1.$3Q534<3.$14>.1$;-=$3.C14>54-=J$?M'+&$D!9;AcH<PB!
403040*!('B%ZB(*\-)BE&-D(*
0)!/,!3/#'..$,,$!3/!,'!&)32#1.&'!-'.'!,'!3/=/)#'!'.F/)1&)'!#/!-2/3/)!&3/)1&=&%'.!
1./#!-/.5$3$#!3/!/Y-')#&()K!!
0,!-.&8/.$!#/!&)&%&'!'!=&)/#!3/!,'!4.&8/.'!V2/..'!S2)3&',!`!=&)',&U(!%$)!,'!%.&#&#!
3/!9;<;K!"Z25! #/!-2/3/)! &3/)1&=&%'.! ,'#! %./'%&$)/#!3/! ,'#! -.&8/.'#! =e7.&%'#!8&,&1'./#!
%$8$!./#-2/#1'!'! ,'#!F.')3/#! =',/)%&'#!Z2/! =2/.$)!-2/#1'#!3/!8')&=&/#1$!'!-'.1&.!3/!
3&%G$!%$)=,&%1$!7T,&%$K!
0,! #/F2)3$! -/.5$3$! /)%2/)1.'! #2#! $.5F/)/#! '! -.&)%&-&$#! 3/! ,'! 3T%'3'! 3/,!
%2'./)1'!`!1/.8&)'!%$)!,'!=&)',&U'%&()!3/,!-.&8/.!F$7&/.)$!3/,!-./#&3/)1/!X2')!\K!4/.()!
/)!/,!'a$!9;:9K!"Z25!)'%/!,'!\&./%%&()!V/)/.',!3/!W'7.&%'%&$)/#!S&,&1'./#D!./2)&/)3$!
7'R$!#2!(.7&1'!1$3'#!,'#!=e7.&%'#!8&,&1'./#!G'#1'!/#/!/)1$)%/#!/Y/)1/#K!!
d'!%./'%&()!3/!,'!\VWS!)$!-2/3/!#/.!-/)#'3'!/)!=$.8'!'&#,'3'!$!%$8$!2)!%'#$!
/Y%/-%&$)',K! "! =&)/#! 3/! ,'! 3T%'3'! 3/,! 1./&)1'! `! 32.')1/! ,'! 3T%'3'! 3/,! %2'./)1'! 12+$!
,2F'.!/)!)2/#1.$!-'5#D!`!/)!d'1&)$'8T.&%'!/)!F/)/.',D!2)!-.$%/#$!3/! &)32#1.&',&U'%&()!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!38!%$)$%&3$!%$8$! ,'!rL)32#1.&',&U'%&()!-$.!M2#1&12%&()!3/! L8-$.1'%&$)/#s! ?LMLBK!0)1./! ,'#!
-.&)%&-',/#!%'.'%1/.5#1&%'#!3/!/#1/!8$3/,$!3/! &)32#1.&',&U'%&()!#/!-2/3/)!3/#1'%'.!2)!
',1$! )&+/,! 3/! 8/3&3'#! -.$1/%%&$)'#! `! 2)'! &8-$.1')1/! &)1/.+/)%&()! 3/,! 0#1'3$K!
"#&8$D!/)!/,!-,')$!&)1/.)'%&$)',D!,'!&)32#1.&'!-'.'!,'!3/=/)#'!#/!+&$!/#1&82,'3'!-$.!
,'! M/F2)3'!V2/..'!S2)3&',D! `! ,2/F$!-$.! /,! -/.5$3$! %$)$%&3$! %$8$!V2/..'! W.5'D! Z2/!
%./'.$)!2)!%$)1/Y1$!3$)3/! ,'#!G&-(1/#&#!3/!%$)=,&%1$!/#1'7')!#&/8-./!-./#/)1/#K!9K4$
=?G3A$S32.5D3D5-41=$M5;5>3.1=$=?.C5I$D-G-$D-4=1D?14D53$@1;$54>1.X=$G5;5>3.$14$H.1H3.3.$
3;$H3F=$H3.3$;3$@1Q14=3$43D5-43;J!?C/,&)&!l!E$2F&/.D!<ccOH:<BK!
d'! 1/.%/.'! /1'-'! /#1e! '#$%&'3'! '! ,'#! -$,51&%'#! 3/#'..$,,'#! &8-,/8/)1'3'#!
32.')1/! ,'!-./#&3/)%&'!3/!".12.$D!W.$)3&U&D!/)! ,'!%2',! #/! ,$F.(! ,'!%$)#$,&3'%&()!3/! ,'#!
&)32#1.&'#!-/#'3'#D!%$8$!,$!=2/!/,!%'#$!3/!MgSLM"K!0)!/#1/!6,1&8$!-/.5$3$D!,'!&)32#1.&'!
3/!,'!3/=/)#'!#2=.&(!',F2)$#!',1&7'R$#D!G'#1'!Z2/!=&)',8/)1/!/)!/,!'a$!9;>AD!/,!F$7&/.)$!
8&,&1'.!3/! ='%1$!-2#$!/)!8'.%G'! #2#!-$,51&%'#!3/!3/#./F2,'%&()D! '-/.12.'!/%$)(8&%'D!
/)3/23'8&/)1$!`!3/#-.$1/%%&()!3/! ,'! &)32#1.&'!)'%&$)',K! ?C/,&)&!l!E$2F&/.D!<ccOo!\'!
4$)1/D!<c9co!\/!S$.'/#D!<c99B!
d'!\&./%%&()!V/)/.',!3/!W'7.&%'%&$)/#!S&,&1'./#!,,/F(!'!1/)/.!9@K:cc!'F/)1/#D!`!
2)! 1$1',! 3/! 9>! =e7.&%'#! `! /#1'7,/%&8&/)1$#! 3&+&3&3$#! /)! %2'1.$! F.')3/#! e./'#H!
8/1',6.F&%'D! 8/%e)&%'D! Z258&%'! `! /Y1.'%1&+'! 8&)/.'K! "3&%&$)',8/)1/D! 1/)5'!
-'.1&%&-'%&()! '%%&$)'.&'! /)! %'#&! 2)'! 3$%/)'! 3/! #$%&/3'3/#! 8&Y1'#! /)! ,$#! #/%1$./#!
#&3/.6.F&%$#D!Z258&%$#D!8&)/.$#D!-/1.$Z258&%$#!`!8'3/./.$#!?"..$`$!".U27&D!<cc@BK!0)!
/,!")/Y$!LL!#/!/)28/.')!,$#!-.&)%&-',/#!/#1'7,/%&8&/)1$#!&)32#1.&',/#!`!-'.1&%&-'%&$)/#!
/)!#$%&/3'3/#!Z2/3')3$!./=,/R'3$!/,!'8-,&$!/#-/%1.$!3/!'%1&+&3'3/#!`!,'!8'F)&123!Z2/!
%$8-./)35'!/,!%$8-,/R$!&)32#1.&',!3/!W'7.&%'%&$)/#!S&,&1'./#!?WSB<PK!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!2 0)!/#1/!1.'7'R$D!#/!G'.e!./=/./)%&'!'!,'!\&./%%&()!V/)/.',!3/!W'7.&%'%&$)/#!S&,&1'./#!?\VWSB!%$)!/#'!3/)$8&)'%&()D!'#5!%$8$!%$)!/,!1T.8&)$!W'7.&%'%&$)/#!S&,&1'./#!?WSB!&)3&)1'8/)1/K!3 0,!')/Y$!#/!%$)=/%%&$)(!'!-'.1&.!3/!3&+/.#'#!=2/)1/#!&)1/)1')3$!,$F.'.!,'!8/R$.!'-.$Y&8'%&()!3/!,'!1$1',&3'3!3/!,'#!=e7.&%'#!`!/8-./#'#!+&)%2,'3'#!'!,'!\VWSK
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!3S!/0/0,2(,=+4.(<4>(-45&,6",)(,74+"--45&,8"&"+(),6",9(*+4-(-4:&"#,;4)4<(+"#,
0#! &8-$.1')1/! 3/#1'%'.! Z2/! ,'! \&./%%&()! V/)/.',! 3/! W'7.&%'%&$)/#! S&,&1'./#!
)2)%'!,,/F(!'!#/.!-.&+'1&U'3'!/)!#2!1$1',&3'3K!0,!-.$%/#$!3/!-.&+'1&U'%&()!3/!,'!\VWSD!
-.$-&'8/)1/!3&%G$D!%$8/)U(!/)!9;O;!%$)!,'!#')%&()!3/!,'!d/`!Nt!<PKA;A!3/!E/=$.8'!
3/,!0#1'3$K!N$!$7#1')1/!/,,$D!)2)%'!,,/F(!'!%$)%,2&.#/K!M&)!/87'.F$D!`'!/)!,'!3T%'3'!3/,!
#/1/)1'D! W'7.&%'%&$)/#!S&,&1'./#! +&+&(! /,! 3/#-./)3&8&/)1$! `! +/)1'! 3/! ',F2)$#! 3/! #2#!
/#1'7,/%&8&/)1$#D!'#5!%$8$!2)'!3.e#1&%'!./32%%&()D!)$!#(,$!/)!#2!-.$-&$!!-./#2-2/#1$D!
#&)$! 1'87&T)! /)! /,! -./#2-2/#1$! 3/#1&)'3$! ',! '-.$+&#&$)'8&/)1$! 3/! ,'#! W2/.U'#!
".8'3'#D!#2!-.&)%&-',!%,&/)1/K!
"!-'.1&.!3/!,'!3T%'3'!3/,!#/1/)1'D!`!/#-/%&',8/)1/!/)!,'!3T%'3'!3/,!)$+/)1'D!,'!
\VWS! +&+&(! 2)! -.$%/#$! 3/! %$)1&)2$! '%G&%'8&/)1$! `! 3/#&)1/F.'%&()D! %$)! /,! %&/../! `!
-.&+'1&U'%&()!3/!-,')1'#!`!=e7.&%'#D!,'!-T.3&3'!3/!%'-'%&3'3/#!-.$32%1&+'#!`!-$#&%&$)/#!
/)! 8/.%'3$#! )'%&$)',/#D! %$8$! '#5! 1'87&T)! 2)! 3/#8')1/,'8&/)1$! 3/,! /)1.'8'3$!
-.$32%1&+$!&)32#1.&',!/)!/,!%2',!#/!&)#/.1'7'!/,!$.F')$K!!!
d'#! -.&+'1&U'%&$)/#! 3/R'.$)! '! ,'! \VWS! %$)! #(,$! %2'1.$! /#1'7,/%&8&/)1$#!
&)32#1.&',/#! `! 2)! &8-$.1')15#&8$! '%$1'8&/)1$! /)! ,'#! %'-'%&3'3/#! -.$32%1&+'#o! 2)'!
&)%'-'%&3'3! 3/! /8-./)3/.! /,! 3/#'..$,,$! 3/! )2/+$#! -.$32%1$#! `! 1/%)$,$F5'#! -'.'! ,'!
3/=/)#'D! %$8$! '#5! 1'87&T)! 2)'! )2,'! &)%&3/)%&'! /)! ,'! F/)/.'%&()! /! &8-2,#$! 3/!
'%1&+&3'3/#! &)32#1.&',/#K! ",! 8$! 1&/8-$D! #/! -/.3&/.$)! -.$+//3$./#! &)32#1.&',/#!
)'%&$)',/#D!`!%'-'%&3'3/#!1T%)&%'#!`!-.$32%1&+'#!/)!3/1/.8&)'3$#!/#,'7$)/#!3/!3&%G'#!
%'3/)'#!3/!+',$.K!!
404030*!('B%ZB(*]-)BE&-D(*$%*,#)*.&-A#B-C#D-('%)*
\/#3/!,'!3T%'3'!3/,!#/1/)1'D!-.$=2)3&U'3$!/)!,$#!)$+/)1'D!#/!&8-2,#(!3/#3/!/,!
0#1'3$!2)'!-.$=2)3'!3/#./F2,'%&()!`!'-/.12.'!3/!,'!/%$)$85'!)'%&$)',!Z2/!%$),,/+(!'!
2)! ./1.$%/#$! 3/! ,'! &)32#1.&'! /)! F/)/.',! `! '! ,'! -T.3&3'! 3/! /#,'7$)'8&/)1$#! /)! ,'!
/#1.2%12.'!-.$32%1&+'!)'%&$)',K!0)!-'.',/,$!'!/#1$D!#/! &)&%&(!2)!'%/,/.'3$!./1&.$!3/! ,'!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!3<!&)1/.+/)%&()! 3&./%1'! 3/,! 0#1'3$! /)! ,'#! '%1&+&3'3/#! -.$32%1&+'#! 8/3&')1/! ,'!
-.&+'1&U'%&()! `! %&/../! 3/! ,'#! /8-./#'#! -67,&%'#D! %$8$! '#5! 1'87&T)! 3/! ,'! ./F2,'%&()!
/#-/%5=&%'!-'.'!/,!3/#'..$,,$!&)32#1.&',!%$)!2)!3/#8')1/,'8&/)1$!3/!,'#!/#1.2%12.'#!3/!
-$,51&%'#!3/!'-$`$!'!,'!&)32#1.&'!)'%&$)',K!
4'.'! =&)/#! 3/! ,$#! $%G/)1'D! ,'#! -.&+'1&U'%&$)/#! /.')! -/.%&7&3'#! -$.! ,'! #$%&/3'3!
%$8$! ,'!G/..'8&/)1'!)/%/#'.&'!-'.'! #$,2%&$)'.! ,$#!F.')3/#!-.$7,/8'#!/%$)(8&%$#!`!
3/!-$,51&%'!-67,&%'K!0,!./1&.$!3/,!0#1'3$!3/!,'!'%1&+&3'3!-.$32%1&+'!#&F)&=&%'7'!1/.8&)'.!
%$)! ,$#!-.$7,/8'#!3/! &)=,'%&()D! %$)! ,'#! %.&#&#!3/,! #/%1$.!/Y1/.)$D! %$)! ,'! &)/=&%&/)%&'!`!
%$)!,'!=',1'!3/!-.$32%1&+&3'3K!?u/,,/.D!9;;>B!
97$ Q541=$ @1$ ;-=$ -DO14>3$O32F3$?4$3GH;5-$ D-4=14=-$3D1.D3$@1;$ O1DO-$@1$[?1$ ;3=$
1GH.1=3=$1=>3>3;1=$H.-B1F34$=1.B5D5-=$@1$23W3$D3;5@3@$)=5$2514$4-$O32F3$3D?1.@-$
=-2.1$;3=$D3?=3=$@1$>3;$541Q5D514D53)\$,-.$;-$>34>-A$=1$1=H1.323$[?1$=?$H.5B3>5<3D5I4$
.1=?;>3.3$14$=?=>34D53;1=$G1W-.3=$4-$=I;-$H-.$;[email protected]=$@-G5D5;53.5-=A$=54-$
>3G25X4$ 14$ ;3$ 54Q.31=>.?D>?.3$ @5=H-452;1$ H3.3$ ;-=$ =1D>-.1=$ H.-@?D>5B-=A$ ?4$
1;1G14>-$ D;3B1$ H3.3$ ;3$ .11=>.?D>?.3D5I4$ @1$ ;3$ 1D-4-GF3$ 3.C14>543\$ 7;$ G5=G-$
>51GH-A$ ;3=$ H.5B3>5<3D5-41=$ Q?1.-4$ B5=>3=$ D-G-$ ?4$ 54=>.?G14>-$ H3.3$ 3;5B53.$ ;3=$
D?14>3=$ H]2;5D3=$ E$ >3G25X4$ D-G-$ ?4$ Q3D>-.$ @1$ 3>.3DD5I4$ H3.3$ ;3$ !K0\J$ TYIH1<A$
^__`/^_`V$
0)! /,! %'#$! 3/! ,'#! =e7.&%'#! 8&,&1'./#D! ,'! -.&+'1&U'%&()! 72#%'7'! 3'.! =&)! 'H! 9Y3$
541Q5D514D53$ .15>1.3@3A$ 1;$ @1=H5;Q3..-$ @1$ ;-=$ .1D?.=-=$ H]2;5D-=A$ ;3$ 54D-4=5=>14D53$ 14$ ;-=$
H.-E1D>-=$-$ ;3$@5=H1.=5I4$14$G];>5H;1=$3D>5B5@3@1=$@1$@5QFD5;$ D-41N5I4$14>.1$ =F$ E$ =54$?4$
H;34$-.C345<3D5-43;$1=>.3>XC5D-J$?L.&$)3$D!<ccOo!99<BK!
M/F6)! *$.)/R$! _$.&)$! ?<ccPBD! Z2&/)! =2/.'! \&./%1$.! V/)/.',! 3/! W'7.&%'%&$)/#!
S&,&1'./#!/)!/,!'a$!9;;9D!#/!%$)=/%%&$)(!2)!-,')!3/!.//#1.2%12.'%&()!`!.'%&$)',&U'%&()!
-.$32%1&+'! '-.$7'3$! -$.! /,! S&)/.&$! 3/! \/=/)#'! `! /,! 0#1'3$! S'`$.! V/)/.',! 3/,!
0RT.%&1$K!!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!3X!9K=>1$ H;34$ D-4=5=>F3A$ TUV$ 14$ 3C.?H3.$ ;3=$ 54@?=>.53=$ G5;5>3.1=$ @1$ G3>1.53;1=$
;5B534-=$ 14$ ?43$ =-;3$ ?45@3@$ H.-@?D>5B3$ E$ ;-$ G5=G-$ D-4$ ;3$ H.-@?DD5I4$ @1$
3.G3G14>-$H1=3@-a$G34>141.$-H1.3>5B3=$;3=$QR2.5D3=$@1$HI;B-.3=$E$1NH;-=5B3=$E$
H.5B3>5<3.$ -$ B14@1.$ >-@3=$ ;3=$ ->.3=$ ?45@3@1=$ H.-@?D>5B3=$ -$ 54=>3;3D5-41=$
1N5=>14>1=$D-G-$>3G25X4$@1=O3D1.=1$$@1$;3=$H3.>5D5H3D5-41=$3DD5-43.53=$@1$>-@-$
1;$.1=>-$@1;$D-GH;1W-$[?1A$H-.$->.3$H3.>1A$;1$O32F3$=5@-$=3D3@-$H-.$@5=H-=5D5-41=$
H-;F>5D3=\$TUV$1=>323$H.1B5=>3$=?$H-=>1.5-.$3=-D53D5I4$3$1GH.1=3=$54>1.43D5-43;1=$
[?1$[?5=51.34$ 54B1.>5.$ 14$ 1;$ H3F=$ D1@514@-$ ;3$ 1GH.1=3$ 1=>3>3;$ =?$G1.D3@-A$ =?=$
54=>3;3D5-41=$ E$ =?$H1.=-43;$ 5@I41-$3$ D3G25-$@1$ D3H5>3;A$ >1D4-;-CF3$ E$G1.D3@-$
54>1.43D5-43;\J!?*$.)/R$!_$.&)$D!<ccPo!>:B!
M&! 7&/)!G'`!3/#'..$,,$#!Z2/!/)%$)1.'.$)! #2#1')%&',/#! '28/)1$#!/)! ,$#!)&+/,/#!
3/!/=&%&/)%&'!$-/.'1&+'! ,2/F$!3/! ,'#!-.&+'1&U'%&$)/#! ?V',&')&! /1! ',KD! <cc9BD! /)! F/)/.',D!!
,$#! $7R/1&+$#! 72#%'3$#! %$)! ,'! &8-,/8/)1'%&()! 3/,! -.$F.'8'! 3/! -.&+'1&U'%&$)/#!
/#12+&/.$)! ,/R$#! 3/! #/.! ',%')U'3$#K! W2/.$)! 82`! -$%'#! ,'#! /8-./#'#! Z2/! ,$F.'.$)!
3/#'..$,,'.! 2)! -.$%/#$! 3/! '-./)3&U'R/! `! ,$F.'.! )2/+'#! e./'#! 3/! )/F$%&$#! Z2/!
-/.8&1&/.')!#/)1'.!,'#!7'#/#!-'.'!2)!-$#1/.&$.!-.$%/#$!3/!&)1/.)'%&$)',&U'%&()K!?d(-/UD!
<ccABK!!
"#&8$D! /,! -.$%/#$! 3/! -.&+'1&U'%&()! ,,/+'3$! '! %'7$! 32.')1/! ,'! 3T%'3'! 3/,!
)$+/)1'!-./#/)1(!F.')3/#!%2/#1&$)'8&/)1$#!/)!,'!=$.8'!/)!,'!Z2/!=2/!&8-,/8/)1'3$K!
d(-/U! ?<ccAB! 3/#1'%'! %2'1.$! .'U$)/#! Z2/! G&%&/.$)! '! ,'! &8-$-2,'.&3'3! 3/! /#1'#!
8/3&3'#K!0)!-.&8/.!,2F'.D!Z2/3'.$)!'#$%&'3'#!/)!,'!-/.%/-%&()!#$%&',!%$)!/-&#$3&$#!3/!
%$..2-%&()K!0)!/,!%'#$!3/!MgSLM"D!/)!,'!/1'-'!-./+&'!'!#2!-.&+'1&U'%&()!/)!/,!'a$!9;;<D!!
#/! &)32R$! '! 2)! &8-$.1')1/! 3T=&%&1! /%$)(8&%$Q=&)')%&/.$D! G'%&/)3$! Z2/! /)! ,$#!8/#/#!
-./+&$#!'!#2!/)'R/)'%&()!./F.'.'!2)!3T=&%&1!$-/.'%&$)',!3/!2)!8&,,()!3/!3(,'./#!-$.!
35'!%2')3$!G(.&%'8/)1/!G'75'!$-/.'3$!%$)!72/)$#!3/#/8-/a$#!/%$)(8&%$#K!0#1$!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!3>!=2/.1/#! Z2/7.')1$#! 3/1/.8&)'.$)! 2)'! &8-$.1')1/! #27+',2'%&()! 3/! ,'! %$8-'a5'! ',!
8$8/)1$!3/!-'#'.!'!8')$#!3/,!#/%1$.!-.&+'3$K!?"U-&'U2!l!M%G$..D!<ccPBK!
0)!#/F2)3$!1T.8&)$D!)$!#/!,$F.(!',%')U'.!8/R$.'#!#2#1')%&',/#!/)!%',&3'3!)&!/)!
-./%&$#K!0)!/,!%'#$!3/!',F2)$#!#/.+&%&$#!-67,&%$#!#/!./F.'.$)!'28/)1$#!1'.&='.&$#D!,$#!
%2',/#!#/!&7')!'%12',&U')3$!'!-'.1&.!3/!2)!5)3&%/!3/!-./%&$#!3/!,'!/%$)$85'!3/!0#1'3$#!
^)&3$#D!%$)!/,!$7R/1&+$!!3/!'#/F2.'.!,'!./)1'7&,&3'3!-'.'!,$#!&)+/.#$./#K!?d(-/UD!<ccAB!
d'! 1/.%/.'! .'U()! /#1e! ./,'%&$)'3'! '! ,$#! -.$%/#$#! 3/! .'%&$)',&U'%&()!
&8-,/8/)1'3$#D! ,$#! %2',/#! #/! 1.'32R/.$)! /)! 3/#-&3$#!8'#&+$#! `! -./%'.&U'%&()! /)! ,'#!
%$)3&%&$)/#!3/!1.'7'R$D!Z2/!=2/.$)!-/.%&7&3$#!%$8$!2)'!3/!,'#!F.')3/#!%'2#'#!3/!,$#!
',1$#!)&+/,/#!3/!3/#/8-,/$K!?d(-/UD!<ccAB!
W&)',8/)1/D! ,'! %/,/.&3'3! %$)! ,'! Z2/! #/! ,,/+(! '! %'7$! &8-'%1$! /)! 2)'! F.')!
G/1/.$F/)/&3'3! /)! ,'! %',&3'3! 3/! ,'#! )$.8'#! `! ./F2,'%&$)/#! Z2/! /)! 82%G$#! %'#$#!
-/.8&1&(!&)%28-,&.!F.')!-'.1/!3/!,'#!/Y&F/)%&'#!-'%1'3'#K!?d(-/UD!<ccAB!
"!8$3$! &,2#1.'1&+$! #/! 1.')#%.&7/!-'.1/!3/!2)!'.15%2,$!-/.&$35#1&%$!3/! ,'!T-$%'!
Z2/!G'%/!./=/./)%&'!'!,$#!&)1/)1$#!3/!-.&+'1&U'%&()!3/!,'#!=e7.&%'#!8&,&1'./#!`!Z2/!!)$#!
-$)/!3/!8')&=&/#1$!,$#!'.F28/)1$#!')1/#!8/)%&$)'3$#K!0,!8$!3&%/H!
9Y-=$ =51>1$ 1=>32;1D5G514>-=$ [?1$ .1=>34$ B14@1.$ =-4$ H;34>3=$ @1$ >1D4-;-CF3$ D3=5$
-2=-;1>3$ E$ G?E$ @5QFD5;1=$ @1$ H.5B3>5<3.$ @125@-$ 3$ [?1$ .1=?;>3$ D-GH;5D3@-$ O3;;3.$
54>1.1=3@-=\$ K4$ =?$ G-G14>-$ ;-=$ 54>14>-=$ @1$ B14>3$ =1$ Q.?=>.3.-4$ H-.[?1$ =?$
1;1B3@3$B3;?3D5I4$5GH5@5I$;3$-H1.3>-.53\$
"1$ 3H?4>3$ 3$ [?1$ >-@-=$ 1;;-=$ =1.R4$ D-4B1.>5@-=$ 14$ ?45@3@1=$ @1$ 41C-D5-=$
3@1D?3@-=$ H3.3$ ;3$ H.5B3>5<3D5I4$G1@534>1$ H-=52;1=$ .1D-4B1.=5-41=$ -H1.3>5B3=$ -$
@1$.1D?.=-=$O?G34-=\J$?d'!N'%&()D!<O!3/!'7.&,!3/!9;;AB$$
! $
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!3;!*
80 +&(/,%MOB-D#**$%*%)B"$-(**
*$8$! #/! 8/)%&$)(! %$)! ')1/.&$.&3'3D! /,! -.$%/#$! 3/! -.&+'1&U'%&()! -$.! /,! Z2/!
'1.'+/#(!,'!\VWS!)2)%'!,,/F(!'!%$8-,/1'.#/K!0)!1T.8&)$#!-.$-&'8/)1/!)$.8'1&+$#D!,'#!
%2'1.$!=e7.&%'#!Z2/!G$`!%$)=$.8')!,'!\VWS!'6)!G$`!#/!/)%2/)1.'!3/%,'.'3'!r#2R/1'!'!
-.&+'1&U'%&()sK@!
"Z2/,,$#!/#1'7,/%&8&/)1$#!Z2/!)$!-23&/.$)!-'#'.!'!8')$#!3/,!#/%1$.!-.&+'3$D!
`'!#/'!-$.!.'U$)/#!/%$)(8&%'#D!-$,51&%'#!$!&)%,2#$!R23&%&',/#:D!-'#'.$)!3/!,'!(.7&1'!3/,!
S&)/.&$!3/!\/=/)#'!'!3/-/)3/.!3/,!S&)/.&$!3/!0%$)$85'K!*$)!/,!\/%./1$!Nt!@A@!
3/,! <;! 3/! '7.&,! 3/! 9;;AD! #/! 1.')#=&/./! ,'! \VWS! '! ,'! X2.&%%&()! 3/,! S&)/.&$! 3/!
0%$)$85'!`!g7.'#!`!M/.+&%&$#!467,&%$#!%$)!/,!$7R/1&+$!3/!%$)%./1'.!,'!-.&+'1&U'%&()!3/!
,'#! =e7.&%'#!8&,&1'./#!Z2/!'6)!/Y')K! !0)! ,$#!%$)#&3/.')3$#!3/,!-./#/)1/!3/%./1$!#/!
/Y-./#'!Z2/H!9U.1=?;>3$5GH-=>1.C32;1$D-4D;?5.$;-=$H.-D1=-=$@1$H.5B3>5<3D5I4$@5=H?1=>-=$
14$B5.>?@$@1$;3$Y1E$#b$^(\`+(A$14>.1$;-=$[?1$=1$14D?14>.34$;3=$QR2.5D3=$G5;5>3.1=$@1$;3=$
[?1$ @3$ D?14>3$ ;3$ H.1=14>1$ G1@5@3\J$ 4.$F./#&+'8/)1/D! ,$! Z2/! Z2/3(! 3/! ,'! \VWSD!
/8-/U(! '! Z2/3'.! /)! /,! $,+&3$D! %$)! #2#! ./-/.%2#&$)/#! /)! %2')1$! '! ./32%%&()! /)! /,!
-/.#$)',D! $7#$,/#%/)%&'! 3/! #2#! 8'Z2&)'.&'#D! 3/#'%12',&U'%&()! /)! -.$%/#$#!
1/%)$,(F&%$#D! -'.1&3'#! -./#2-2/#1'.&'#! ,,/+'3'#! ',! 85)&8$! -$#&7,/D! /)1./! $1.$#!
'#-/%1$#K! _',! /#! /,! '7')3$)$!/)!Z2/! %'`(! ,'!\VWS!Z2/D! /)! /,! 'a$!<cc@D! %2')3$! #/!
'-.2/7'! ,'! /#1.2%12.'! $.Fe)&%'! 3/,! )2/+$! S&)/.&$! 3/! 0%$)$85'! `! 4.$32%%&()D! ,'!
/)%2/)1.'! %$8$! $.F')$! 3/#%/)1.',&U'3$! 3/! ,'! M/%./1'.5'! d/F',! `! "38&).'1&+'D!
%2`'#!=2)%&$)/#!,/R$#!#/!/)%2/)1.')!3/!,'#!-$,51&%'#!-.$32%1&+'#K!!
E/%&T)!/)!/,! 'a$!<ccAD!8/3&')1/!/,!\/%./1$!Nt!9c>;D! ,'#! %2'1.$! =e7.&%'#!Z2/!
%$)=$.8'7')! ,'!\VWS! ?We7.&%'!S&,&1'.! W.'`! d2&#! C/,1.e)D! We7.&%'!S&,&1'.! E5$! _/.%/.$D!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!4 "6)!#&F2/!+&F/)1/!,'!d/`!<@Kc@:!Z2/!3/%,'.'!'!,'#!/)1&3'3/#!Z2/!$-/.')!/)!/,!e87&1$!3/,!S&)/.&$!3/!\/=/)#'D!&)%,2&3'!,'!\VWSD!v#2R/1'#!'!-.&+'1&U'%&()v 5 0#!/,!%'#$!3/!,'!We7.&%'!S&,&1'.!E5$!_/.%/.$!-./#/)1'!2)'!./#1.&%%&()!R23&%&',!3/!/)'R/)'%&()K
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!3?!We7.&%'! S&,&1'.! 3/! 4(,+$.'#! `! 0Y-,$#&+$#! j&,,'! S'.5'! `! We7.&%'! S&,&1'.! "U2,BD! #$)!
1.')#=/.&3'#! '! ,'! (.7&1'! 3/,! S&)/.&$! 3/! 4,')&=&%'%&()! W/3/.',D! L)+/.#&()! 467,&%'! `!
M/.+&%&$#!?SLN4d"NBD!%$)!/,!%,'.$!$7R/1&+$!3/!#2!./'%1&+'%&()!`!=$8/)1$D!/)8'.%'3'#!
/)! ,'!-$,51&%'!-.$32%1&+'! ,,/+'3'!'!%'7$!-$.!/,!V$7&/.)$!N'%&$)',K! d$#!%$)#&3/.')3$#!
3/,!-./#/)1/!3/%./1$!=2)3'8/)1')!/#1'!3/%&#&()!/)!Z2/H!9U14$Q?4D5I4$@1$;3$D-4>54?3$
3D>?3;5<3D5I4$@1;$.-;$[?1$@121$D?GH;5.$1;$K"c70d$#7L!d#[email protected]$D?GH;5@3=$
;3=$ D3?=3;1=$ [?1$ -H-.>?43G14>1$ @1Q5451.34$ ;3$ 3D>?3;$ @1H14@14D53$ @1;$ G14D5-43@-$
-.C345=G-JD! '#&8$! 3/#1'%'! Z2/! /,! SLN4d"N! 1&/)/! 9U14>.1$ =?=$ D-GH1>14D53=$ ;3$
H;345Q5D3D5I4$@1$ ;3$ 54B1.=5I4$H]2;5D3$ >14@514>1$ 3$ ?4$ 1[?5;52.3@-$@1=3..-;;-$ C1-C.RQ5D-$
.1C5-43;$ [?1$ D-4=-;5@1$ 1;$ [email protected];5=G-A$ >14514@-$ 3$ =?$ D3.C-$ H3.>5D5H3.$ 14$ ;3$
3@G545=>.3D5I4$ @1$ ;3=$ H3.>5D5H3D5-41=$ @1;$ K=>3@-$ 14$ ;3=$ 1GH.1=3=$ @1$ D3.RD>1.$
H.-@?D>5B-\J! \/! /#1'!8')/.'D! Z2/3'! /Y-./#'3$! /,! )2/+$! .$,! Z2/! $1$.F'.5'! /,! 0#1'3$!
N'%&$)',!'!,'!\VWSK!!
4'.',/,'8/)1/!',! &8-2,#$!./%&7&3$!-$.! ,'#!1.'#=$.8'%&$)/#!/)!/,!e87&1$!3/!,'#!
-$,51&%'#!-.$32%1&+'#!/! &)32#1.&',/#!Z2/!'1.'+/#'7'!/,!-'5#D! ,'!\VWS!#/!+&$!='+$./%&3'!
-$.!,'#!)2/+'#!=$.8'#!3/!-$,51&%'#!/)!8'1/.&'!3/!3/=/)#'K!!
M/F6)!C'11'F,&)$! ?<c9<o!<c9<7BD!3/#3/!/,!'a$!<ccPD! ,'!-$,51&%'!/)!3/=/)#'! =2/!
'3Z2&.&/)3$!2)'!%./%&/)1/!&8-$.1')%&'!/)!,'!'F/)3'!-67,&%'D!-./#/)1')3$!.'#F$#!Z2/!
3/=&)/! %$8$! 2)! r8$3/,$! -.$F./#'! 3/! ,'! 3/=/)#'s! Z2/! '#-&.'! 'H! 9B! %$)1.&72&.! ',!
=$.1',/%&8&/)1$!3/!,'!3/8$%.'%&'o!7B!-.$8$+/.!,'!./32%%&()!3/!,'!3/#&F2',3'3!#$%&',o!%B!
='+$./%/.!,'!./32%%&()!3/!'#&8/1.5'#!/)1./!,$#!/#1'3$#!/)!/,!#/8'!&)1/.)'%&$)',o!`!3B!
-.$+//.! 2)'! /=/%1&+'! 3/=/)#'! )'%&$)',! 7'#'3'! /)! 2)'! -$#12.'! 3/=/)#&+'! `! 3/!
-.$`/%%&()!3/!,'!-'UK!
0)!/,!8'.%$!3/!/#1/!8$3/,$D!C'11'F,&)$!?<c9<7B!&3/)1&=&%'!1./#!8/3&3'#!'3$-1'3'#!
-$.!/,!0#1'3$H!!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!47!9K E/,')U'8&/)1$! 3/,! r*&%,$! 3/! 4,')/'8&/)1$! 3/! ,'! \/=/)#'sD! %2`$! -.&)%&-',!
$7R/1&+$!/#!/#1'7,/%/.!2)!-.$%/#$!3/!-,')/'8&/)1$!3/!,'!3/=/)#'D!7'#')3$!
#2!/#1.'1/F&'!/)!/,!%.&1/.&$!3/,!-,')/'8&/)1$!-$.!%'-'%&3'3/#K!!
!9U$eY3$1=>.3>1C53$14$@1Q14=3$E3f$4-$=1$23=3$14$;3=$>.3@5D5-43;1=$O5HI>1=5=$@1$
D-4Q;5D>-$H-.[?1$;3=$G5=G3=$D3.1D14$@1$=14>5@-$14$?4$D-4>1N>-$@-4@1$1;$H3F=$
4-$ 14Q.14>3$ 3G143<3=$ 1B5@14>1=$ -$ 54G5414>1=$ 3$ =?$ =1C?.5@3@\$ ,-.$ 1;$
D-4>.3.5-A$ ;3$ 7.C14>543$ O3$ .1=?1;>-$ >-@-=$ =?=$ D-4Q;5D>-=$ ;5GF>.-Q1=$ E$
G34>51414$?4$3;>F=5G-$45B1;$@1$D--H1.3D5I4$D-4$;-=$H3F=1=$B1D54-=K!pwq!,-.$;-$
>34>-A$1=$?4$H;3413G514>-$[?1$1=>R$-.514>3@-$3$@1=3..-;;3.$D3H3D5@3@1=$14$
D3@3$ ?43$ @1$ ;3=$ Q?1.<3=$ H3.3$ 14Q.14>3.$ ?43$ 3GH;53$ B3.51@3@$ @1$ H-=52;1=$
1GH;1-=$@1;$54=>.?G14>-$G5;5>3.\$,-.$1;;-A$1=$?4$H;3413G514>-$[?1$@1G34@3$
Q?1.<3=$ 3.G3@3=$ Q;1N52;1=A$ E$ H.1H3.3@3=$ H3.3$ @1=1GH1Z3.=1$ Q.14>1$ 3$
=5>?3D5-41=$G?E$@5B1.=3=$T63>>3C;54-A$^_%^2a$%V!!
<K E/'%1&+'%&()!3/!,'!&)32#1.&'!8&,&1'.K!!
PK "28/)1$! -./#2-2/#1'.&$! -'#')3$! 3/! <ccc!8&,,$)/#! 3/! 3(,'./#! /)! /,! 'a$!
<ccP!'!%'#&!:ccc!8&,,$)/#!/)!/,!<c9<D!-.&)%&-',8/)1/!/)!#','.&$#K!
\/#3/! ,'!-/.#-/%1&+'!3/! ,'!+&)%2,'%&()!/)1./! ,'!\VWS!`! ,'#!WW""D!%'3'!2)'!3/!
/#1'#!8/3&3'#!G'!%$)1.&72&3$!'!=$.1',/%/.!3&%G'!./,'%&()K!
0)!-.&8/.!,2F'.D!3/)1.$!3/,!8'.%$!3/,!r*&%,$!3/!4,')/'8&/)1$!-'.'!,'!\/=/)#'s!
#/!3/#'..$,,'!/,!r4,')!3/!*'-'%&3'3/#!S&,&1'./#!f!4d"N!*"SLdsD!-27,&%'3$!/)!/,!<c9<!`!
Z2/! #&.+/! 3/! 7'#/! -'.'! 2)'! -,')&=&%'%&()! 3/,! 3/#'..$,,$! 3/! ,'#! &)+/.#&$)/#! `!
'3Z2&#&%&$)/#! 3/! ,'#! W2/.U'#! ".8'3'#! -'.'! ,$#! -.(Y&8$#! +/&)1/! 'a$#K! "#&8$D! #/!
./',&U(! 2)'! 8$3/.)&U'%&()! 3/,! #/8'! ,$F5#1&%$D! %./')3$! ,$#! r4.$F.'8'#! 3/!
"7'#1/%&8&/)1$!*$)#$,&3'3$#!3/!L)#28$#!-'.'!,'!\/=/)#'!f!4"*L\s!%$)!/,!$7R/1&+$!3/!
%/)1.',&U'.!`!G$8$F/)/&U'.!,$#!/Z2&-'8&/)1$#!3/!2#$!%$86)!3/!,'#!1./#!=2/.U'#K!
0)!#/F2)3$!,2F'.D!3/)1.$!3/!,'#!8/3&3'#!3/!./'%1&+'%&()!3/!,'!&)32#1.&'!8&,&1'.!
#/! /)%2/)1.'! /,! 1.'#-'#$! '! ,'! (.7&1'! 3/,! S&)/.&$! 3/! 4,')&=&%'%&()! 8/)%&$)'3$!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!43!')1/.&$.8/)1/D! '#5! %$8$! =2/.1/#! &)&%&'1&+'#! /)! )2/+$#! -.$`/%1$#! 3/! &)+/.#&()!
'%$8-'a'3'#! 3/! 2)! &8-$.1')1/! '28/)1$! -./#2-2/#1'.&$K! 0)! /#1/! #/)1&3$!
W'7.&%'%&$)/#!S&,&1'./#!-'#(!3/!2)'!/R/%2%&()!-./#2-2/#1'.&'!3/!,$#!'-$.1/#!3/,!1/#$.$!
)2,'!/)!/,!'a$!<ccPD!'!2)'!/R/%2%&()!3/!,'!8'!=2/)1/D!3/!%'#&!PAP!8&,,$)/#!3/!-/#$#!
/)!/,!'a$!<c9<KA!!!!!
rL321$@1=>3D3.$[?1$;3=$G->5B3D5-41=$@1>.R=$@1$1=>3$@1D5=5I4$4-$=1$B54D?;34$D-4$
?43$B5=5I4$G5;5>3.5=>3A$=54-$H.54D5H3;G14>1$D-4$?43$;1D>?.3$H-;F>5D3$[?1$5@14>5Q5D3$
3$1=3$54@?=>.53$D-G-$?43$O1..3G514>3$@1;$@1=3..-;;-$E$@1$;3$54D;?=5I4$=-D53;\$01$
1=>3$G341.3A$;3$54@?=>.53$@1$;3$@1Q14=3$=1$D-4D521$D-G-$?43$Q?14>1$@1$1GH;1-$
3;>3G14>1$.1G?41.3@-$[?1$3;$G5=G-$>51GH-A$H1.G5>1$=?=>5>?5.$5GH-.>3D5-41=$E$
.1@?D5.$ ;3$ 2.1DO3$ >1D4-;IC5D3$ D-4$ ;-=$ H3F=1=$ GR=$ 3B34<3@-=\J$ T63>>3C;54-A$
^_%^2a$^V
W&)',8/)1/D! /,! '28/)1$! -./#2-2/#1'.&$! 3/#1&)'3$! ',! S&)/.&$! 3/! \/=/)#'!
-/.8&1/! 2)'! 8/R$.! -$#&%&()! 3/,! -.&)%&-',! %,&/)1/! 3/! ,'! \VWSD! ,$! %2',! ,/! -/.8&1&.5'!
'28/)1'.! #2#! -$#&7&,&3'3/#! 3/! +/)1'#! `! %$,$%'%&()! 3/! -.$32%1$#D! 3/)1.$! 3/! 2)!
8/.%'3$! &)1/.)$! #28'8/)1/! -/Z2/a$! `! /#-/%&',&U'3$K! M&! 7&/)! ,'#!8'`$./#! -'.1&3'#!
-./#2-2/#1'.&'#!1&/)/)!%$8$!=&)',&3'3!-.&)%&-',!/,!'28/)1$!3/!#','.&$#!3/!,'#!W2/.U'#!
".8'3'#D!C'11'F,&)$!?<c9<7B!'=&.8'!Z2/!/Y/!2)'!-./$%2-'%&()!-$.!,'!./$.F')&U'%&()!
3/! ,'#! -'.1&3'#! 3/,! -./#2-2/#1$! 3/! 8')/.'! 1',! 3/! ./32%&.! -.$F./#&+'8/)1/! /,! -/#$!
./,'1&+$! 3/! ,$#! #','.&$#! #$7./! /,! -./#2-2/#1$! 1$1',D! '! ='+$.! 3/! 2)! '28/)1$! 3/! ,'#!
%$8-.'#!3/!/Z2&-'8&/)1$K!!
0)! %$)#/%2/)%&'D! ,'! )2/+'! /#1.'1/F&'! /)! 3/=/)#'! -./#/)1'! F.')3/#! +/)1'R'#!
-'.'! ,'! ./%$)#1.2%%&()! 3/! ,'!\VWSD! 3$1e)3$,'! 3/!8'`$./#! ./%2.#$#! `! -/.8&1&T)3$,/!
2)'! -,')&=&%'%&()! 3/! #2! -.$32%%&()! 8e#! %/)1.',&U'3'! `! G$8$FT)/'D! '#5! %$8$! 3/!
8/3&')$!`!,'.F$!-,'U$K!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!A!4'.'!2)!3/1',,/!3/,!G(.&%$!3/!,'!/R/%2%&()!-./#2-2/#1'.&'!+/.!")/Y$!Lj!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!44!"!,'!,2U!3/!/#1/!)2/+$!/#%/)'.&$!Z2/!72#%'!+$,+/.!%$)!,'#!-$,51&%'#!-.$32%1&+'#!
/)! ,'! &)32#1.&'! -'.'! ,'! 3/=/)#'D! %$)! 2)'!8'`$.! &)1/.+/)%&()! `! -./#/)%&'! 3/,! 0#1'3$!!!
%$8$!-'.1/!&)1/F.')1/!3/!2)'!)2/+'!/#1.'1/F&'!-$,51&%'D!)$!#(,$!/)!8'1/.&'!3/!3/=/)#'!
#&)$!1'87&T)!/)!%2')1$!'!,'!-.$8$%&()!3/,!3/#'..$,,$!&)32#1.&',D!#/!3'!2)!F&.$!3/!9Oc!
F.'3$#!%$)!./,'%&()!'!,'#!-$,51&%'#!-.&+'1&U'3$.'#!-./+&'8/)1/!'-,&%'3'#K!W./)1/!'!/#1/!
)2/+$!-')$.'8'D!#2.F/!/,!&)1/..$F')1/!3/!%(8$!=2/.$)!,$#!/=/%1$#!-.$+$%'3$#!-$.!/,!
-.$%/#$! 3/! -.&+'1&U'%&()! /)! /,! '7'#1/%&8&/)1$! 3/! ,$#! ./Z2/.&8&/)1$#! 3/! ,'#! W2/.U'#!
".8'3'#D!3/#1&)'1'.&$!-.&)%&-',! `!3&./%1$!3/! ,'#!-.$32%%&$)/#!3/!/#1/! %$8-,/R$K!0#1/!
&)=$.8/!!3'!2)!-.&8/.!-'#$!/)!/#'!3&./%%&()K!!
!
! *
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!48!S0 I)B#$(*$%*5&B%**
",!')',&U'.!/,!/#1'3$!3/!'.1/!3/,!-./#/)1/!%'#$!3/!/#123&$D!#/!/)=$%'.'!/,!8$!
3/#3/! 3$#! )&+/,/#K! 0)! 2)! -.&8/.! )&+/,! `! 3/#3/! 2)'! 8&.'3'! F/)/.',D! #/! ./',&U'.e! 2)!
/#123&$!3/!,'!&)1/.+/)%&()!3/,!/#1'3$!/)!e87&1$#!-.$32%1&+$#!F/)/.',8/)1/!'#$%&'3$#!
'! ,'! /#=/.'! -.&+'3'D! %$)1.'-$)&/)3$! /,! %$)%/-1$! 3/! H.5B3>5<3D5I4! %$)! /,! 3/! 1=>3@-$
1GH.1=3.5-\! 0)! 2)! #/F2)3$! )&+/,D! `! `'! 3/#3/! 2)'! -/.#-/%1&+'! 8e#! +&)%2,'3'! '! ,'!
&)32#1.&'!3/!,'!3/=/)#'!-.$-&'8/)1/!3&%G'D!#/!')',&U'.')!,$#!%$)%/-1$#!')1/.&$.8/)1/!
8/)%&$)'3$#D! 1/)&/)3$! /)! %2/)1'! ,'#! -'.1&%2,'.&3'3/#! Z2/! %'.'%1/.&U')! /#1/! 1&-$! 3/!
-.$32%%&()D!'#5!%$8$!#2!+&)%2,'%&()!'!,'#!-$,51&%'#!/)!8'1/.&'!3/!3/=/)#'K!!
?010,@#<(6:,@%=+"#(+4:,.#0,'+4.(<4>(-4:&"#
S03030**I,*I)B#$(*IM.&%)#&-(!
d'!3/=&)&%&()!3/!/8-./#'!-67,&%'!F/)/.',8/)1/!21&,&U'3'!G'%/!./=/./)%&'!'H!!
9U3[?1;;3$ -.C345<3D5I4$ [?1$ D-G2543$ ;-=$ @5=>54>-=$ Q3D>-.1=$ @1$ ;3$ H.-@?DD5I4$
T1=>-$1=A$@1=3..-;;3$?43$3D>5B5@3@$1GH.1=3.53;V$H3.3$C141.3.$25141=$-$=1.B5D5-=$E$
D?E3$H.-H51@3@$@1;$D3H5>3;$Eg-$3@G545=>.3D5I4$1=$1W1.D5@3$H-.$1;$=1D>-.$H]2;5D-\$
K=-=$25141=$E$=1.B5D5-=$=1$B14@14$14$1;$G1.D3@-$3$?4$H.1D5-$[?1$D?2.1$3;$G14-=$
?43$H-.D5I4$@1$=?=$D-=>-=\$Y3$1GH.1=3$H]2;[email protected]@3$.1=H-4@1$3$?4$Q54$
1=>32;1D5@-$H-.$1;$H-@1.$H]2;5D-$3$>.3BX=$@1$?43$4-.G3$@1$D3.RD>1.$;1C3;A$H1.-$
1;$D.5>1.5-$>.3=D514@1$ ;3$43>?.3;1<3$ W?.F@5D3$H3.3$D14>.3=1$14$ ;3=$D3.3D>1.F=>5D3=$
@1$;3=$3D>5B5@3@1=$[?1$@1=3..-;;34J!?E$2F&/.D!<ccOH<B!
M&!7&/)!,'!\VWS!=2/!%./'3'!-$.!d/`!%$8$!$.F')$!'21e.Z2&%$!7'R$!,'!(.7&1'!
3/,! S&)/.&$! 3/! V2/..'D! /,! -./#/)1/! ')e,&#&#! )$! #(,$! 3/7/! '7'.%'.! '! ,$#!
/#1'7,/%&8&/)1$#! &)32#1.&',/#! /)! 3$)3/! /,! 0#1'3$! '%12'7'! %$8$! '38&).'3$.! `!
/R/%21$.!3/!-$,51&%'#!#&)$!Z2/!1'87&T)!3/7/!&)%$.-$.'.!,'#!-'.1&%&-'%&$)/#!Z2/!-$#/5'!
WS! /)! 2)! '8-,&$! )68/.$! 3/! /8-./#'#! Z2/! ./#-$)35')! '! 3&+/.#'#! =$.8'#! R2.53&%'#!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!4S!?M$%&/3'3/#! 3/! 0%$)$85'! S&Y1'D! M$%&/3'3/#! ")()&8'#o! M$%&/3'3/#! ")()&8'#! %$)!
-'.1&%&-'%&()!8'`$.&1'.&'8/)1/!/#1'1',D!/1%KBK!!
4$.! ,$! 1')1$D! ./#2,1'!8e#! '%/.1'3$!21&,&U'.! 2)'!3/=&)&%&()! '8-,&'3'!3/! /#1'3$!
/8-./#'.&$! %$)#&3/.')3$! )$! #(,$! ,'#! /8-./#'#! -67,&%'#! -.$-&'8/)1/! 3&%G'#D! #&)$!
1'87&T)! &)%$.-$.')3$! 1$3$!/,!/)1.'8'3$!3/!-'.1&%&-'%&$)/#!Z2/!-$#//!/,!0#1'3$!/)!
/8-./#'#! -.&+'3'#D! /)! 3$)3/! #2! -'.1&%&-'%&()! /#1T! +&)%2,'3'! %$)! /,! %$)1.$,! 3/! ,'!
F/#1&()! /)! #5! 8$D! $! #/! -./#/)1/! 3/! 8')/.'! 8'.F&)',K! ?"%/a'! `! *$85)D! 9;;co!
E$2F&/.D!<ccOBK!!
d'#!-.&)%&-',/#!/Y-./#&$)/#!3/!/#1/!/#1'3$!/8-./#'.&$!#/!-2/3/)!&)%,2&.!3/)1.$!
3/,! %$)%/-1$! '8-,&$! 3/! 0#1'3$! 3/! C&/)/#1'.D! /,! %2',! 12+$! #2! '2F/! %$)! ,'#! &3/'#!
x/`)/#&')'#! Z2/! #/! +&/.$)!8')&=/#1'3'#! /)! ,'#! -$,51&%'#! &8-,/8/)1'3'#! /)! ,$#! 'a$#!
-$#1/.&$./#!'!,'!%.&#&#!3/!9;<;K!\/!'%2/.3$!%$)!/#1'#!&)1/.-./1'%&$)/#D!/,!0#1'3$!3/7/!
&)1/.+/)&.!/)! ,'!/%$)$85'!'-,&%')3$!-$,51&%'#!Z2/!F/)/./)!'Z2/,,$#! &)%/)1&+$#!Z2/!/,!
-.$-&$! 8/.%'3$! )$! %./'D! ! -'.'! -.$8$+/.! ,'! &)+/.#&()! `! /,! 3/#'..$,,$K! \/)1.$! 3/! ,'!
/#=/.'!-.$32%1&+'D!/,!/#1'3$!/8-./#'.&$!/)1.'!'!R2F'.!%$8$!-.$8$1$.!3/!-.$%/#$#!3/!
&)32#1.&',&U'%&()D! '-,&%')3$! -$,51&%'#! 3/! -,')&=&%'%&()D! -.$1/%%&()D! ./F58/)/#! 3/!
-.$8$%&()!`!$1.$#!/#1582,$#!-'.'!/,!%./%&8&/)1$!`!3/#'..$,,$!3/!,'!&)32#1.&'K!!
S03040 @#)*-'%G-D-%'D-#)*$%,*I)B#$(*%M.&%)#&-(*
d'!1/$.5'!)/$%,e#&%'!21&,&U'!/,!%$)%/-1$!F/)/.',!3/!/8-./#'!-67,&%'D!`!,'!R2#1&=&%'!
6)&%'8/)1/!')1/!,'!/Y/)%&'!3/!=',,'#!3/!8/.%'3$K!!
!9K;$ O1DO-$ @1$ [?1$ ;3=$ 1GH.1=3=$ D-GH1>5>5B3=A$G3N5G5<[email protected]=$ @1$ ;-=$ 2141Q5D5-=A$
;;1B14$3$;3$1D-4-GF3$3$3=5C43.$1Q5D514>1G14>1$;-=$.1D?.=-=$=5C45Q5D3$[?1$4-$>5141$
H-.$ [?X$ 1N5=>5.$ ?4$ D-4Q;5D>-$ 14>.1$ ;3$ 2]=[?1@3$ @1$ ;-=$ 54>1.1=1=$ H.5B3@-=$ T;3$
G3N5G5<3D5I4$ @1$ 2141Q5D5-=V$ E$ ;-=$ 54>1.1=1=$ H]2;5D-=\$ "54$ 1G23.C-A$ D?34@-$ O3E$
Q3;;3=$ 14$ 1;$ G1.D3@-A$ 1;$ -2W1>5B-$ @1$ ;3=$ 1GH.1=3=$ @1$ G3N5G5<3.$ ;-=$ 2141Q5D5-=$
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!4<!H?1@1$ 4-$ @3.$ ;?C3.$ 3$ ?43$ 3=5C43D5I4$ 1Q5D514>1$ @1$ ;-=$ .1D?.=-=J! ?M1&F,&1UD!
p9;OAq9;OOH<c:B!
\/! 'Z25! #/! 3/#-./)3/! Z2/! /,! -.&)%&-',! '.F28/)1$! -'.'! ,'! -.&+'1&U'%&()! /#! ,'!
&)/=&%&/)%&'!3/!,'#!/8-./#'#!-67,&%'#D!/Z2&-'.')3$!/,!%$)%/-1$!3/!/=&%&/)%&'!%$)!/,!3/!
./)1'7&,&3'3K! 0)! $1.'#! -','7.'#D! 2)'! /8-./#'! #(,$! /#! /=&%&/)1/! /)! #2! '#&F)'%&()! 3/!
./%2.#$#!#&!,$F.'!2)'!./)1'7&,&3'3!'%$.3/!%$)!,'!8'Y&8&U'%&()!3/!#2#!7/)/=&%&$#K!!
M/F6)!M1&F,&1U!?p9;OAq!9;OOBD!,'#!%'2#'#!3/!,'#!&)/=&%&/)%&'#!3/,!#/%1$.!-67,&%$!#/!
3/7/)! '! r&)%/)1&+$#! $.F')&U'1&+$#s! `! '! r&)%/)1&+$#! &)3&+&32',/#sK! 4$.! &)%/)1&+$#!
$.F')&U'1&+$#! #/! /)1&/)3/! Z2/! ,'#! /8-./#'#! -67,&%'#! )$! 3/7/)! -./$%2-'.#/! -$.!
Z2/7.'.!)&!-$.!,'!%$8-/1/)%&'D!`'!Z2/!#&/8-./!/Y/!,'!-$#&7&,&3'3!3/!./%&7&.!8'`$./#!
#27#&3&$#! -$.! -'.1/! 3/,! 0#1'3$K! d$#! &)%/)1&+$#! &)3&+&32',/#! G'%/)! ./=/./)%&'! '! ,$#!
&)%/)1&+$#!Z2/!1&/)/)!,$#!1.'7'R'3$./#!3/,!#/%1$.!-67,&%$!/)!%2')1$!'!./#1.&%%&$)/#!3/!
,'!/#1.2%12.'!#','.&',D!`!,'!/#1'7&,&3'3!/)!/,!/8-,/$K!0)!/#1/!#/)1&3$!M1&F,&1U!3&%/H!
!9Y-=$ @5.1D>5B-=$ @1$ ;3=$ 1GH.1=3=$ H]2;5D3=$ .3.3=$ B1D1=$ >51414$ 1=>.?D>?.3=$
.1>.52?>5B3=$ 1=>.1DO3G14>1$ .1;3D5-43@3=$ D-4$ ;-=$ 2141Q5D5-=A$ D-G-$ -D?..1$ 14$ ;3=$
C.34@1=$ 1GH.1=3=$ H.5B3@3=\$ ,.-232;1G14>1$ 1=$ 543D1H>32;1$ [?1$ ?43$ 1GH.1=3$
H]2;5D3$H3C?1$3$=?$H.1=5@14>1A$H-.$1W1GH;-A$?4$=?1;@-$D54D-$B1D1=$=?H1.5-.$3;$@1;$
H.1=5@14>1$@1;$H3F=\$eUf$,?1@1$54Q;?5.$14$;3$D3;5@3@$@1$;3=$H1.=-43=$[?1$;3$1GH.1=3$
H]2;5D3$D-4=5C?1$D-4>.3>3.$E$14$1;$.14@5G514>-$@1$;[email protected]>5B-=\J$?M1&F,&1UD!p9;OAq!
9;OOo!<<PB$$
$9K=$G?E$@5QFD5;$=1.$@1=H1@5@-$@1$?4$1GH;1-$H]2;5D-$eUf$7?4[?1$1;$H.-HI=5>-$@1$;3$
;1C5=;3D5I4$ =-2.1$ ;3$ Q?4D5I4$ H]2;5D3$ 1=$ 1=>32;1D1.$ ?4$ =5=>1G3$ 3@G545=>.3>5B-$
H.-Q1=5-43;A$54G?41$3$;3=$H.1=5-41=$H-;F>5D3=$>3G25X4$14>.3Z3$;3$5GH-=525;5@3@$@1$
=1.$@1=H1@5@-$H-.$54D-GH1>14D53J\$?M1&F,&1UD!p9;OAq!9;OOH!<<@B!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!4X!9Y3$@5Q5D?;>3@$@1$3?G14>3.$;3=$.1>.52?D5-41=$=1C]4$1;$2?14$.14@5G514>-A$?45@-$3$
;3$ 3?=14D53$ @1$ D3=>5C-$ H-.$ 1;$ 23W-$ .14@5G514>-A$ 1NH;5D34$ 14$ C.34$ G1@5@3$ ;3$
D-4@?D>3$2?.-D.R>5D3J$?M1&F,&1UD!p9;OAq!9;OOH!<<@B$$
"! =&)/#! 3/! ,'! 3T%'3'! 3/,! #/1/)1'D! /#1'#! &3/'#! =2/.$)! /8/.F&/)3$! %$8$!
',1/.)'1&+'!'!,$#!-$#12,'3$#!x/`)/#&')$#!Z2/!3/!'%2/.3$!'!,'!1/$.5'!)/$%,e#&%'D!/.')!,'!
%'2#'!3/!,$#!F.')3/#!3T=&%&1#!-67,&%$#!`!3/!,$#!%./%&/)1/#!-.$%/#$#!3/!&)=,'%&()K!!
0)! )2/#1.$! -'5#D! ,$#! %2/#1&$)'8&/)1$#! ',! /#1'3$! /8-./#'.&$! #/! +&/.$)!
=2/.1/8/)1/!/Y-./#'3$#!'!-'.1&.!3/!,$#!F$7&/.)$#!3/!='%1$!/)!/,!'a$!9;>AK!!
9eUf$ 1;$ @53C4I=>5D-$ @1=>3D323$ ;3$ 541Q5D514D53$ @1$ ;3=$ 1GH.1=3=$ H]2;5D3=$ E$ 1;$
1;1B3@-$@XQ5D5>$ Q5=D3;$ [?1$1;;3=$H.-B-D3234\$,1.-$14$ ;3=$4?1B3=$ D5.D?4=>34D53=A$
4-$ =1$ >.3>323$ @1$ 1..-.1=$ -$ @1=G341W-=$ @1$ C1=>5I4/$ 1;$ 1=>3@-$ 1.3$
54>.F4=1D3G14>1$9G3;-J$1$ 541Q5D514>1$ D-G-$1GH.1=3.5-$E$3O-C323$ ;3$ 545D53>5B3$
H.5B3@3\$ K.3$ 41D1=3.5-$ .1H-41.$ 1;$ ;52.1$ W?1C-$ @1$ ;3$ -Q1.>3$ E$ ;3$ @1G34@3$ E$
H.-B-D3.$?4$.1>5.-$G3=5B-$@1;$=1D>-.$H]2;5D-$14$;3$1D-4-GF3A$E$14$H3.>5D?;3.$14$
;3$H.-@?DD5I4$@1$25141=$E$=1.B5D5-=J!?E$2F&/.D!<ccOo!<cB!
\2.')1/! ,$#!'a$#! #&F2&/)1/#D! `!-.&)%&-',8/)1/!32.')1/! ,'!3T%'3'!3/,!)$+/)1'D!
,$#!-$#12,'3$#!3/!,'!1/$.5'!)/$%,e#&%'!=2/.$)!1$8')3$!8'`$.!=2/.U'D!`!,$#!$.F')$#!
&)1/.)'%&$)',/#! 3/! %.T3&1$! ?W$)3$! S$)/1'.&$! L)1/.)'%&$)',! `! C')%$! S2)3&',B!
%$8/)U'.$)!'!&8-,/8/)1'.!%'87&$#!/)!#2#!-$,51&%'#!-'.'!-'5#/#!/)!3/#'..$,,$#!Z2/!#/!
%$)$%&/.$)! %$8$! E/=$.8'#! 0#1.2%12.',/#>! `! %2`'#! ./%$8/)3'%&$)/#! `! %$)3&%&$)/#!
%$)=$.8'.$)! ,$! Z2/! 3/#-2T#! =2/! %$)$%&3$! %$8$! /,! *$)#/)#$! 3/! y'#G&)F1$)K! d'#!
8'#! &8-,&%'7')! %'87&$#! &)1/.)$#! %$8$! -.&+'1&U'%&$)/#! `! 3/#./F2,'%&()! 3/!
8/.%'3$#K!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!>!d/`!Nt!<PKA;A!3/!9;O;!`!d/`!Nt!<@Kc@:!3/!9;;9D!'87'#!,/`/#!3/!./=$.8'!3/,!0#1'3$K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!4>!?0/0,2(,4&6$#<+4(,=(+(,)(,6"A"&#(,,
0)! ,$#! 3&=/./)1/#! 1.'7'R$#! Z2/! 3/#'..$,,')! ,'! 1/8e1&%'! 3/! ,'! &)32#1.&'! -'.'! ,'!
3/=/)#'!/)!%2')1$!'!#2!3/#/8-/a$!`!,$#!-.$7,/8'#!Z2/!/)=./)1'!!#/!G')!3/#1'%'3$!,'#!
#&F2&/)1/#!%'.'%1/.5#1&%'#!?h'.1,/`D!#K=K!`!N/&G#&',D!<ccOBH!!
4$.! /,! ,'3$! 3/! ,'! 3/8')3'D! ,'! &)32#1.&'! -'.'! ,'! 3/=/)#'! #/! /)=./)1'! '! 2)!
8/.%'3$!&)1/.)$!82`!./32%&3$K!0)!F/)/.',D!#/!-./#/)1')!%'#$#!3/!8$)$-#$)&$!`'!Z2/!
/,!0#1'3$!#2/,/!#/.!/,!6)&%$!3/8')3')1/K!4$.!,$!1')1$D!,'!3/8')3'!/)!/#1'#!&)32#1.&'#!
3/-/)3/!3&./%1'8/)1/!3/!,'#!-$,51&%'#!/)!3/=/)#'!'-,&%'3'#!-$.!,$#!F$7&/.)$#K!
d2)38'.x!?<ccOB!3/=&)/!,'!&)32#1.&'!3/!,'!3/=/)#'!%$8$!2)!r8/.%'3$!-$,51&%$Q
&)32#1.&',sK! "! -'.1&.! 3/! 2)'! 8&.'3'! &)#1&12%&$)','D! /)%2/)1.'! /)! /#1/! 1&-$! 3/!
&)32#1.&'#!2)!%$86)!3/)$8&)'3$.!/)! ,'! ,(F&%'!3/!8/.%'3$D! ,'#!%2',/#!#/!/)%2/)1.')!
82`!'=/%1'3'#D!$!&)%,2#$!F$7/.)'3'#!-$.!%$)#&3/.'%&$)/#!-$,51&%'#K!9Y3=$@1D5=5-41=$@1$
D-GH.3=$1=>R4$14$C.34$H3.>1A$4-$14$G34-=$@[email protected]=$54@5B5@?3;1=A$=54-$[?1$=-4$
@1D5@5@3=$H-.$H-;F>5D-=$?$-Q5D53;1=$H]2;5D-=A$C141.3;G14>1$3$>.3BX=$@1$3;C]4$>5H-$@1$.1@$
@1$D-G5>X=$E$-Q5D53;1=\J!?d2)38'.xD!<ccOo!;B!
\/#3/!,'!1/$.5'!)/$%,e#&%'D! ,$#!F'#1$#!/)!3/=/)#'!#2/,/)!')',&U'.#/!'!-'.1&.!3/,!
8$3/,$!3/!r".8'#!+#K!S')1/%'s!?*./#-$!*2'./#8'!`!!E/&1#%G2,/.D!<ccABK!!K!\/!'%2/.3$!
'!/#1/!8$3/,$!/,! 0#1'3$!-$#//! ./%2.#$#!/#%'#$#! `!3/7/!/)%$)1.'.! ,'! '#&F)'%&()!8e#!
/=&%&/)1/! /)1./! /,! -./#2-2/#1$! Z2/! 3/#1&)'! /)! 3/=/)#'! ?'.8'#B! `! /,! ./#1$! 3/! ,'#!
'#&F)'%&$)/#! -./#2-2/#1'.&'#! ?8')1/%'Bo! 3/! /#1'!8')/.'! %2',Z2&/.! &)%./8/)1$! /)! /,!
-./#2-2/#1$!'#&F)'3$!'!/Z2&-'8&/)1$!8&,&1'.!/#!/)1/)3&3$!%$8$!3&)2%&$)/#!/)!,$#!
./%2.#$#!3/#1&)'3$#!'!,'!-.$32%%&()!3/!$1.$#!7&/)/#D!1',/#!%$8$!#',23D!/32%'%&()D!/1%K!!
"#&8$D!,'#!'#&F)'%&$)/#!3/!-./#2-2/#1$!3/#1&)'3$!'!3/=/)#'!#/!/)%2/)1.')!
=2/.1/8/)1/!&)=,2/)%&'3'#!-$.!#G$%x#!/Y1/.)$#!+&)%2,'3$#!'!,'#!./,'%&$)/#!/)1./!-'5#/#!
`! ,'#!G&-(1/#&#!3/!%$)=,&%1$!/Y/)1/#!/)1./!-'5#/#!$!3/)1.$!3/!2)!8$!-'5#K!0)!2)!
%$)1/Y1$!/)!3$)3/!2)! %$)=,&%1$!7T,&%$! /#! ',1'8/)1/!-.$7'7,/D! ,$#! F'#1$#! /)!3/=/)#'!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!4;!#2/,/)! '28/)1'.K! 4$.! /,! %$)1.'.&$D! %2')3$! ,'#! -/.#-/%1&+'#! 3/! 2)! %$)=,&%1$! '.8'3$!
3/#'-'./%/)D! ,$#! F'#1$#! /)! 3/=/)#'! #2/,/)! 3&)2&.! =2/.1/8/)1/D! -.$+$%')3$!
%')%/,'%&$)/#!3/!-.$`/%1$#D!-/3&3$#!8e#!-/Z2/a$#D!-.$32%%&$)/#!/)!/#%','#!8/)$./#D!
3/8$.'#!/)!-/3&3$#!`!'%G&%'8&/)1$#!/)! ,$#!-.$F.'8'#D! %$)%,2`/)3$!/)!-T.3&3'#!3/!
-2/#1$#! 3/! 1.'7'R$D! %,'2#2.'! 3/! -,')1'#D! =2#&$)/#! `! #',&3'! 3/! =&.8'#! 3/! ,'! &)32#1.&'K!!
?h'.1,/`D!#K=KB!
0Y/)! 1'87&T)! +'.&$#! 3/#'..$,,$#! 1/(.&%$#! Z2/! /#123&')! ,'! ./,'%&()! /)1./! ,$#!
F'#1$#!/)!3/=/)#'!`!/,! %./%&8&/)1$!3/!2)!-'5#!3/#3/!/,!-2)1$!3/!+'!3/!3&=/./)1/#!
/)=$Z2/#!1/(.&%$#D!#&)!/87'.F$!,$#!8$#!G')!'..&7'3$!'!%$)%,2#&$)/#!82`!3&#-'./#D!
)$! /Y&/)3$! 2)! %$)#/)#$! /)! %2')1$! '! ,'! ./,'%&()! /Y/)1/! /)1./! '87'#! +'.&'7,/#K!
?\2))/D!<ccco!*./#-$!*2'./#8'!`!E/&1#%G2,/.D!<ccA!`!\2))/!`!N&x$,'&3$2D!<c99B!
4$.! $1.'! -'.1/D! ,'! /Y-')#&()! G$.&U$)1',! '! $1.$#! 8/.%'3$#! 1'87&T)! -./#/)1'!
+'.&'#!3&=&%2,1'3/#D!`'!Z2/!-./#/)1'!2)!,58&1/!82`!'%$1'3$!3/!-$#&7,/#!%$8-.'3$./#!`!
#/! /)=./)1'! '! 2)'! /#1.2%12.'! 3/! 8/.%'3$! %'.'%1/.&U'3'! -$.! -$%'#! =&.8'#! 3/! F.')!
1'8'a$K!\/#3/!9;@:D!,'!1/)3/)%&'!/#1.2%12.',!3/!,'.F$!-,'U$!G'!#&3$!G'%&'!2)!-/Z2/a$!
)68/.$!3/!F.')3/#!=&.8'#!./=,/R'3$!/)!=2#&$)/#!`!#',&3'#!3/! ,'! &)32#1.&'D!#&/)3$!/#1'!
1/)3/)%&'D!!8e#!/+&3/)1/!3/#3/!/,!=&)',!3/!,'!V2/..'!W.5'!/)!9;;cK!?h'.1,/`D!#K=Ko!@B!
!4$.! /,! ,'3$! 3/! ,'! -.$32%%&()D! /#1/! 1&-$! 3/! 7&/)/#! -./#/)1'! .'#F$#! 82`!
-'.1&%2,'./#D!-.&)%&-',8/)1/!+&)%2,'3$!'!#2#!./Z2/.&8&/)1$#!1/%)$,(F&%$#H!
• E/Z2&/./)!3/!2)'!=2/.1/!&)+/.#&()!&)&%&',!)$!#(,$!/)!&)=.'/#1.2%12.'!/!&)#1','%&$)/#!
-.$32%1&+'#D! #&)$! 1'87&T)! /)! ./Z2/.&8&/)1$#! '#$%&'3$#! '! 2)'! 8')$! 3/! $7.'!
',1'8/)1/! /#-/%&',&U'3'! 3/! %&/)15=&%$#D! 1T%)&%$#! /! &)F/)&/.$#o! ,$! %2',! ./-./#/)1'!
2)'!&8-$.1')1/!7'../.'!'!,'!/)1.'3'K!!
• d$#! %$#1$#! /)! /Z2&-'8&/)1$! `! 1/%)$,$F5'#! #$)! ',1$#! `! 1&/)/)! 2)'! 1/)3/)%&'!
%./%&/)1/K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!4?!• d'#! 1/%)$,$F5'#! 3/#'..$,,'3'#! #2/,/)! 1/)/.! 2)'! .e-&3'!$7#$,/#%/)%&'D! ./Z2&.&/)3$!
%$)#1')1/#!&)+/.#&$)/#!/)!&)+/#1&F'%&()!`!3/#'..$,,$K!
• d$#!TY&1$#!/)!3/#'..$,,$#!1/%)$,(F&%$#D!F/)/.',8/)1/!)$!#/!1.'32%/)!/)!2)!8'`$.!
1'8'a$!3/!8/.%'3$D!G'%&/)3$!82`!3&=5%&,! ,'!3&)2%&()!3/! ,$#!%$#1$#!2)&1'.&$#!`!
-$.!,$!1')1$D!,'!%$8-/1&1&+&3'3!-$.!-./%&$!3/!3&%G$#!-.$32%1$#K!
• d$#!%$#1$#!/)!'-./)3&U'R/!1'87&T)!#$)!82`!/,/+'3$#D!`!3'3$!,'#!%'.'%1/.5#1&%'#!3/!
2)! 8/.%'3$! -/Z2/a$D! ,$#! +$,68/)/#! 3/! -.$32%%&()! ./32%&3$#! )$! -/.8&1/)!
'-.$+/%G'.! ,'#! /%$)$85'#! 3/,! '-./)3&U'R/! /)! ,'! -.$32%%&()! Z2/! #2.F/)! 3/! ,'!
/Y-/.&/)%&'!`!3&=&%2,1')3$!/,!!3/#'..$,,$!3/!8/R$.'#!/)!,'!-.$32%1&+&3'3K!
• 0Y/)!-.$32%1$#!%2`$#!./Z2/.&8&/)1$#!/)!1/%)$,$F5'!#2/,/)!'%12'.!%$8$!=2/.U'!
82,1&-,&%'3$.'! `! F/)/.',8/)1/! #$)! ,'#!8e#! %$#1$#'#! 3/! &)%$.-$.'.K! 0#1/! 1&-$! 3/!
-.$32%1$!/#!/,!Z2/!#2/,/!#/.!3/8')3'3$!')1/!#&12'%&$)/#!3/!-$#&7,/#!'8/)'U'#!`!
/)!,'!8'`$.!-'.1/!3/!,$#!%'#$#!./#2,1'!82`!3&=5%&,D!/! &)%,2#$!&8-$#&7,/D!$71/)/.,$#!
/)!/,!8/.%'3$!&)1/.)'%&$)',!-'.'!,'!3/=/)#'K!!!
d'#! &)%/.1&3287./#!/)!,'#!%2',/#!#/!3/#'..$,,'! ,'!3/8')3'!3/!/#1$#!8/.%'3$#D!
'#5! %$8$! ,'#! %'.'%1/.5#1&%'#! -.$32%1&+'#! 3/,! #/%1$.D! G'%/)! 82`! 3&=5%&,! Z2/! /,! #/%1$.!
-.&+'3$! /)%2/)1./! ,$#! &)%/)1&+$#! #2=&%&/)1/#! -'.'! '..&/#F'.! #2! %'-&1',! /)! &)+/.#&$)/#!
3/#1&)'3'#!'!3/#'..$,,'.! ,'! &)32#1.&'!-'.'! ,'!3/=/)#'K!")1/!/#1/!1&-$!3/!/#%/)'.&$!G')!
#2.F&3$!3&=/./)1/#!#$,2%&$)/#!-$#&7,/#K!!
0)! -.&8/.! ,2F'.D! ! ',F2)'#! =&.8'#! 3&+/.#&=&%')! #2! -.$32%%&()! 3/!8')/.'! 1',! 3/!
-.$1/F/.#/!3/! ,'#! &)%/.1&3287./#!8/)%&$)'3'#! ?h'.1,/`D! #K=Ko! :BK!",!8$! 1&/8-$D!',!
$.&/)1'.!#2#!)/F$%&$)/#!'!.&($"DD-('%)*$"#,%)D!/#!3/%&.D!/)%$)1.')3$!'-,&%'%&$)/#!/)!
/,!8/.%'3$!%&+&,!-'.'!#2#!-.$32%1$#D!?/RD!82)&%&$)/#!-'.'!-.e%1&%'#!3/-$.1&+'#BD!$!7&/)D!
3&+/.#&=&%')3$!#2#!-.$32%1$#!3/!8')/.'!1',!3/!-$3/.!',%')U'.!)2/+$#!8/.%'3$#!%&+&,/#!
?/RK!='7.&%'%&()!3/!-'.1/#!`!-&/U'#!-'.'!=/..$%'..&,/#BD!/#1'#!&)32#1.&'#!,$F.')!%$8-/)#'.!
#2#!-.$7,/8'#!3/!%$#1$#!2)&1'.&$#!%./%&/)1/#D!%$)!-.$32%%&$)/#!8e#!./)1'7,/#K!!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!87!4$.!$1.'!-'.1/D!/#1/!1&-$!3/! &)32#1.&'#!F/)/.'! -'D%'B-A()*.#&#* ,#*D(,#/(&#D-E'!
/)1./!3$#!$!8e#!-'5#/#D!`'!Z2/!&3/',8/)1/D!/#1$!-/.8&1&.5'!%$8-'.1&.! ,$#!',1$#!%$#1$#!
/)! Lz\! `! F/)/.'.! /%$)$85'#! 3/! /#%','! `! 3/! '-./)3&U'R/! 3/7&3$! '! ,'#! 8'`$./#!
-.$32%%&$)/#! '! 8/3&3'! Z2/! ,$#! 3&=/./)1/#! -'5#/#! %$87&)')! #2#! -/3&3$#K! "! #2! +/UD!
-/.8&1&.5'!2)!'G$..$!/)!,$#!F'#1$#!3/!%'3'!)'%&()K!?h'.1,/`D!#K=Ko!@B!
W&)',8/)1/D! `! /,! 8e#! &8-$.1')1/! -'.'! /,! -./#/)1/! ')e,&#&#D! 8/3&')1/! ,'!
-'B%&A%'D-E'*$%,*I)B#$(*/)!/,!'-'.'1$!-.$32%1&+$K!0,!0#1'3$!)$!#(,$! &)1/.+&/)/!/)!#2!
.$,! 3/! %,&/)1/! `! ./F2,'3$.D! #&)$! Z2/! #2/,/! #/.! ,'! -.&)%&-',! =2/)1/! 3/! =&)')%&'8&/)1$K!
V/)/.',8/)1/D! /#1/! 1&-$! 3/! &)32#1.&'#D! `'! #/')! 3/! -.$-&/3'3! -.&+'3'! $! -67,&%'!
#$7./+&+/)!F.'%&'#!'!,$#!#27#&3&$#!Z2/!./%&7/)!3/!#2#!F$7&/.)$#K!?h'.1,/`D!#K=Ko!:B!!
"3&%&$)',8/)1/D! /Y/)! $1.$#! '.F28/)1$#! Z2/! R2#1&=&%')! ,'! &)1/.+/)%&()! 3/,!
/#1'3$K!4$.!2)'!-'.1/D!,'!/Y/)%&'!3/!%ZB%&'#,-$#$%)*.()-B-A#)!/)!=$.8'!3/!1.'7'R$#!
%',&=&%'3$#D! 1/%)$,$F5'D!3/..'8/#!G'%&'!$1.'#! &)32#1.&'#D! `!8/R$.'#!/)! ,'#!7',')U'#!3/!
-'F$#K! ?L.&$)3$D! <ccOBD! '#5! %$8$! /%'%G-D-()* %'* M#B%&-#* $%* $%G%')#D! /)! =$.8'! 3/!
&)3/-/)3/)%&'D! #$7/.')5'D! #/F2.&3'3! /)! /,! '7'#1/%&8&/)1$! /)! %'#$! 3/! %$)=,&%1$#! `! ,'!
%'-'%&3'3!-'.'!3&#/a'.!'Z2/,,$#!/Z2&-$#!./Z2/.&3$#!-$.!!,'#!=2/.U'#!'.8'3'#K!?h'.1,/`D!
#K=KB!
0)!%$)%,2#&()D!-'./%/.5'!/Y&.!',F6)!1&-$!3/!%$)#/)#$!/)!%2')1$!'!,'!)/%/#&3'3!
3/! ,'! &)1/.+/)%&()! 3/,! 0#1'3$! /)! /#1/! 1&-$! 3/! &)32#1.&'#D! `'! #/'! -$.! ,'! /Y/)%&'! 3/!
=',,'#! 3/! 8/.%'3$D! /,! /=/%1$! 3/..'8/! G'%&'! $1.'#! '%1&+&3'3/#! $! -$.! .'U$)/#! 3/!
&)3/-/)3/)%&'!`!#$7/.')5'!)'%&$)',K!N$!$7#1')1/!/,,$D!/,!F.'3$!`!,'!=$.8'!/)!Z2/!3/7/!
3'.#/!3&%G'!&)1/.+/)%&()D!'6)!G$`!/#!8'1/.&'!3/!F.')3/#!3/7'1/#K!!!
! *
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!83!<0 L%B($(,(1W#*"B-,-C#$# *
B010 '+"C$&<(,6",4&."#<4C(-45&,
_',! %(8$! #/! 3/#'..$,,$! ')1/.&$.8/)1/D! ,'! -./F2)1'! 3/! &)+/#1&F'%&()! 3/,!
-./#/)1/!&)=$.8/!/#H!m*(8$!=2/!/,!&8-'%1$!3/!,'!-.&+'1&U'%&()!3/!,'!\&./%%&()!V/)/.',!
3/!W'7.&%'%&$)/#!S&,&1'./#!/)!/,!'7'#1/%&8&/)1$!-'.'!,'!\/=/)#'n!
4'.'!/,,$!#/!/#1'7,/%&/.$)!,$#!#&F2&/)1/#!$7R/1&+$#H!!
g7R/1&+$!V/)/.',!
• \/#%.&7&.D!%$8-./)3/.!`!')',&U'.!/,! &8-'%1$!3/,!-.$%/#$!3/!-.&+'1&U'%&()!3/! ,'!
3T%'3'!3/,!)$+/)1'!/)!/,!e./'!3/!,'!&)32#1.&'!-'.'!,'!3/=/)#'K!!
g7R/1&+$#!0#-/%5=&%$#!
• \/#%.&7&.D!%$8-./)3/.!!`!')',&U'.!/,!&8-'%1$!3/!,'!-.&+'1&U'%&()!3/!,'!\VWS!/)!
/,!'7'#1/%&8&/)1$!3/!,'#!W2/.U'#!".8'3'#K!
• L3/)1&=&%'.!/)#/a')U'#!`!F/)/.'.!./%$8/)3'%&$)/#!-'.'!1/)/.!/)!%2/)1'!/)! ,'!
'%12',!-$,51&%'!-'.'!,'!&)32#1.&'!/)!,'!3/=/)#'K!!
B0/0 9$&6(%"&<:,6",)(,#")"--45&,6"),-(#:,
d'#!.'U$)/#!Z2/!,,/+'.$)!'!,'!/,/%%&()!3/,!%'#$!#$)!+'.&'#D!/)1./!/,,'#!#/!-2/3/)!
/)28/.'.!,'#!#&F2&/)1/#H!
• d'!/#%'#/U!/)!%2')1$!'!3/#'..$,,$#!1/(.&%$#!#$7./!/,!1/8'K!S2%G$!#/!G'!/#%.&1$!
#$7./! -.&+'1&U'%&$)/#! /87,/8e1&%'#! %$8$! ,$! #$)! ,$#! %'#$#! 3/! ,$#! #/.+&%&$#!
-67,&%$#! 1',/#! %$8$!V'#!3/,! 0#1'3$! ?"U-&'U2!l!M%G$..D! <cc9B! `! 0)1/,! ?"7/,/#D!
W$.%&)&1$!l!M%G$..D!<cc9Bo!'#5!%$8$!,'!./%&/)1/!`!/#1'1&U'3'!k4W!?]$U2,RD!<cc<BK!
0)! /,! e87&1$! 3/! ,'! &)32#1.&'! 3/! ,'! 3/=/)#'D! /,! %'#$! 3/! ,'! We7.&%'! S&,&1'.! 3/!
"+&$)/#!-'./%/!!#/.!/,!8e#!/#123&'3$D!8&/)1.'#!Z2/!,$#!')e,&#&#!/)%$)1.'3$#!/)!
1$.)$! '! ,'! \VWS! #2/,/)! /)=$%'.#/! 3/#3/! ,'! -/.#-/%1&+'! 3/,! 3/#'..$,,$!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!84!&)32#1.&',D! `! )$! 1')1$! 3/#3/! #2! &8-'%1$! /)! /,! '7'#1/%&8&/)1$! 3/! ,'#! W2/.U'#!
".8'3'#! ?C/,&)&!l!E$2F&/.D!<ccO! o!C/,&)&D!<cc>BK!0)!/#1/!8$!#/)1&3$D!/)! ,'!
8'`$.5'! 3/! ,$#! 1.'7'R$#! Z2/! ./',&U')! ')e,&#&#! %2')1&1'1&+$#! 3/! ,'! -'.1&%&-'%&()!
3/,!#/%1$.!-67,&%$!%$8$!-.$32%1$.!3/!7&/)/#!`I$!#/.+&%&$#D!)$!#/!%$)#&3/.'!'!,$#!
$.F')$#!'21e.Z2&%$#!1',/#!%$8$!,'!\VWS!?E$2F&/.D!<ccOBK!d'!-'.1&%2,'.&3'3!
Z2/!12+$!/,!-.$%/#$!3/!-.&+'1&U'%&()!3/!,'!\VWS!3/!)2)%'!,,/F'.!'!%$)%,2&.#/D!
#28/.F&/)3$!'!,'!\VWS!'!2)!-/.5$3$!3/!$,+&3$!`!'7')3$)$!%$)!#2#!./#-/%1&+'#!
%$)#/%2/)%&'#!-'.'! ,'! &)#1&12%&()K!0#1$!1.'/!'#$%&'3'! ,'!3&=&%2,1'3!3/!)$!-$3/.!
')',&U'.!2)'!-.&+'1&U'%&()!/)!#2!1$1',&3'3D!`'!Z2/!)$!/Y/!#2!-'.',/,$!3/#3/!/,!
e87&1$!-.&+'3$K!!
• d'! %/.%')5'! 3/,! &)+/#1&F'3$.! %$)! /,! %'#$! 3/! /#123&$D! ='%&,&1')3$! /,! '%%/#$! '!
&)=$.8')1/#! %,'+/D! '#5! %$8$! '! 3$%28/)1'%&()! Z2/! )$! #2/,/! #/.! 3/! =e%&,!
3&#-$)&7&,&3'3K!!
• d'!)2/+'!$.&/)1'%&()!Z2/!+&+/! ,'!\VWS!3/#3/!/,!0#1'3$!N'%&$)',D!./#2%&1')3$!
3/!#2#!%/)&U'#!`!Z2/!./Z2&/./!3/!2)!')e,&#&#!-.$=2)3$!3/!,$#!/..$./#!3/,!-'#'3$K!
B0D0 ;"<:6:):CE(,(,#"+,$<4)4>(6(,
4'.'! /,! ')e,&#&#! 3/,! -./#/)1/! %'#$! #/! 21&,&U'.e! 2)'! !8/1$3$,$F5'! %2',&1'1&+'D! '!
-'.1&.! 3/! 2)! %'#$! 3/! /#123&$! &)#1.28/)1',K! d'! /,/%%&()! 3/! ,'! 8'! #/! =2)3'8/)1'!
-.&)%&-',8/)1/!/)! ,'!-./#/)%&'!3/! ,'#!1./#!%$)3&%&$)/#!Z2/!-.$-$)/!k&)! ?p9;;@q<cc;B!
-'.'! ,'! 21&,&U'%&()! 3/! /#1'! 1&-$! 3/! 8T1$3$D! '! #'7/.H! 'B! /,! 1&-$! 3/! &)+/#1&F'%&()! 3/,!
-.$7,/8'!-,')1/'3$o!7B!/,!F.'3$!3/!%$)1.$,!Z2/!-$#//!/,! &)+/#1&F'3$.!#$7./!/,!'%12',!
%$8-$.1'8&/)1$! 3/! ,$#! /+/)1$#! `! %B! /,! F.'3$! /)! Z2/! /,! =$%$! %'/! #$7./! ,$!
%$)1/8-$.e)/$!/)!%$)1.'-$#&%&()!'!,$#!/+/)1$#!G(.&%$#K!!
M&F2&/)3$!,'#!%$)3&%&$)/#!8/)%&$)'3'#D!/)!-.&8/.!,2F'.D!/,!1&-$!3/!-./F2)1'!3/,!
-.$7,/8'! -,')1/'3$! /)! ,'! -./#/)1/! &)+/#1&F'%&()! ./#-$)3/! '! ,'#! -./F2)1'#! 3/! 1&-$!
r%(8$s!`!r-$.!Z2TsK!M/F6)!k&)!?p9;;@q<cc;BD!-'.'!/#1/!1&-$!3/!-./F2)1'#!Z2/!72#%')!
/Y-,&%'.!3/1/.8&)'3'#!%&.%2)#1')%&'#!3/,!-./#/)1/D!/,!8T1$3$!3/!/#123&$!3/!%'#$#!#/!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!88!+2/,+/! %'3'! +/U! 8e#! ./,/+')1/K! ")1/! /#1/! 1&-$! 3/! -.$7,/8e1&%'#D! ,$#! 8T1$3$#! 8e#!
./%$8/)3'3$#! #$)! /,! /#123&$! 3/! %'#$#D! ,$#! /Y-/.&8/)1$#! `! ,'#! &)+/#1&F'%&$)/#!
G(.&%'#K! rK=>-$ 1=$ H-.[?1$ >3;1=$ H.1C?4>3=$ @1214$ ;5@53.$ D-4$ .1;3D5-41=$ -H1.3D5-43;1=$
[?1$41D1=5>34$=1.$>.3<3@3=$14$1;$>51GH-A$14$;?C3.$@1$G1.3=$Q.1D?14D53=$-$54D5@14D53=Ks!
?k&)D!p9;;@q<cc;o!;BK!!
d'! #/F2)3'! %$)3&%&()D! /#1'7,/%/.e! ,'! +',&3/U! 3/! 21&,&U'.! /,! 8T1$3$! 3/,!
/Y-/.&8/)1$o! 8&/)1.'#! 8'`$.! #/'! /,! F.'3$! /)! Z2/! 1',/#! %$)32%1'#! -2/3')! #/.!
8')&-2,'3'#!-$.!/,!&)+/#1&F'3$.D!8'`$.!#/.e!,'!+/)1'R'!3/!21&,&U'.!/,!/Y-/.&8/)1$!%$8$!
8/1$3$,$F5'K!!
4$.!6,1&8$D!3/!'%2/.3$!'!,'!1/.%/.!%$)3&%&()D!8&/)1.'#!8e#!=$%',&U'3$!#/!/#1T!'!
/+/)1$#!G(.&%$#D!8e#!-/.1&)/)1/!#/.e!,'!/,/%%&()!3/!2)'!&)+/#1&F'%&()!G(.&%'K!!
0)! %$)#/%2/)%&'D! -$.! 1.'1'.#/! ,'! -./#/)1/! &)+/#1&F'%&()! /)! 1$.)$! '! 2)'!
-./F2)1'! 3/,! 1&-$! r%(8$s! $! r-$.! Z2Ts! 3/1/.8&)'3'#! %&.%2)#1')%&'#! 3/,! -./#/)1/!
=2)%&$)')!`!!#$7./!,$#!Z2/!)$!#/!1&/)/!%'-'%&3'3!3/!!%$)1.$,D!/#!Z2/!,'!8/1$3$,$F5'!3/!
r/#123&$!3/!%'#$#s!./#2,1'!,'!8e#!'-.$-&'3'K!!!
"#&8$D!/#1/!&)=$.8/!72#%'!./',&U'.!2)'!%$)1.&72%&()!#$7./!,'!1/8e1&%'!7'R$!
')e,&#&#!3/#3/!,'#!-/.%/-%&$)/#!3/!'%1$./#!Z2/D!3&./%1'!$!&)3&./%1'8/)1/!#/!/)%2/)1.')!
+&)%2,'3$#!',!%'#$!3/!/#123&$D!-/.8&1&/)3$!/).&Z2/%/.)$#!3/#3/!,'!$7#/.+'%&()!3&./%1'!
3/!,$#!8$#!'#5!%$8$!3/!#2#!/Y-/.&/)%&'#K!!
g1.$!='%1$.!Z2/!%$)1.&72`(!'! ,'!/,/%%&()!3/!2)'!8/1$3$,$F5'!%2',&1'1&+'!=2/!,'!
3&=&%2,1'3!3/!'%%/3/.!'!3'1$#!/#1'35#1&%$#!%$)=&'7,/#!`!2)&=$.8/#K!d$#!-$%$#!3'1$#!Z2/!
#/! /)%$)1.'.$)! G'#1'! /,! 8$8/)1$! #2/,/)! /#1'.! &)%$8-,/1$#D! ,$! Z2/! 3&=&%2,1'! ,'!
-$#&7&,&3'3!3/! ./',&U'.!2)!/#123&$! %2')1&1'1&+$!Z2/!-/.8&1'! ,,/F'.!'! %$)%,2#&$)/#!Z2/!
%$)1.&72`')!',!/)1/)3&8&/)1$!3/! ,'!-.$7,/8e1&%'!7'R$!')e,&#&#K!d'! =',/)%&'!3/!3'1$#!`!
./F.$#! /#1'35#1&%$#D! -'./%/.5'! #/.! ',F$! F/)/.',&U'3$! -'.'! ,'#! W2/.U'#! ".8'3'#D!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!8S!-/.8&1&/)3$! &)=/.&.! Z2/! )$! /Y'D! /)! /#1/! #/%1$.D! 2)'! -$,51&%'! &)#1&12%&$)',! /)! /#1/!
#/)1&3$K!!
g1.$!G/%G$!Z2/!3&=&%2,1'!,'!./%$,/%%&()!3/!3'1$#D!/#!/,!%'87&$!/)!,'!-$,51&%'!3/!
'7'#1/%&8&/)1$!3/!,'#!W2/.U'#!".8'3'#K!*$)!')1/.&$.&3'3!',!<cc>D!,'#!%$8-.'#!3/!%'3'!
=2/.U'! #/! ./',&U'7')! -$.! #/-'.'3$! `! /.'! ./#-$)#'7&,&3'3! 3/! %'3'! =2/.U'!
./#-/%1&+'8/)1/K!"!-'.1&.!3/,!\/%./1$!Nt!9><;!3/,!'a$!<cc>D!/,!S&)/.&$!3/!\/=/)#'!
%$8/)U(! '! %/)1.',&U'.! ,'#! 8'#! `! '! 3/#'..$,,'.! 2)'! -$,51&%'! 3/! '3Z2&#&%&$)/#!
2)&=&%'3'!`!!-,')&=&%'3'K!
0)! /#1/!8$! #/)1&3$D! /#! &8-$.1')1/! ./#',1'.! Z2/! 1'8-$%$!G'`! &)=$.8'%&()!
%/.1/.'! ./#-/%1$! ',! %$)F,$8/.'3$! 3/! /8-./#'#! +&)%2,'3'#! ',! %$8-,/R$! 3/! ,'! \VWSK!
0#1$!%$)%2/.3'!%$)! ,'#! ,&8&1'%&$)/#!/)%$)1.'3'#!-$.!E$2F&/.! ?<ccOB!Z2&/)!3/#1'%'! ,'!
=',1'! 3/! %/.1/U'! /)! /,! )68/.$! 3/! /8-./#'#! /#1'1',/#! %./'3'#! 32.')1/! ,$#! 'a$#! 3/!
-$#F2/..'!/)!,'!".F/)1&)'D!$.&F&)'3'!/)!,'!3&+/.#&3'3!3/!=$.8'1$#!,/F',/#!`!/#1'121'.&$#!
Z2/! =2/.$)!'3Z2&.&/)3$!`! '! ,'! %$)=2#&()! %./'3'!-$.! ,$#!)28/.$#$#!/#1'7,/%&8&/)1$#!
3/-/)3&/)1/#! 3/! $.F')$#! %/)1.',&U'3$#! $! 3/#%/)1.',&U'3$#! 3/! ,'! "38&).'%&()!
467,&%'!/)!1$3$#!#2#!)&+/,/#K!!
4$.! ,$! 1')1$D! ,'#! %'.'%1/.5#1&%'#! 3/! ,'! -./#/)1/! &)+/#1&F'%&()! #28'3'#! '! ,'#!
3&=&%2,1'3/#!/)!,'!./',&U'%&()!3/!2)!/#123&$!%2')1&1'1&+$D!G'%/)!Z2/!/,!/#123&$!3/!%'#$!
#/'!/,!8/R$.!8T1$3$!'!#/.!'-,&%'3$K!4'.'!/,!3/#'..$,,$!3/,!-./#/)1/!&)=$.8/!#/!21&,&U(!
%$8$!$.&/)1'%&()!`!./=/./)%&'!/)!%2')1$!'!,'!8/1$3$,$F5'!`!=$.8'!3/!1.'7'R$!,'!1/#&#!
3/!8'/#1.5'!./',&U'3'!-$.!0#-/.!?<c9cBK!
B0?0 ,9$"&<"#,6",4&A:+%(-45&,F,<G-&4-(#,6",+"-:)"--45&,6",6(<:#,
<0S030*W2/)1/#!4.&8'.&'#!
K4>.1B5=>3=$3$54Q-.G34>1=$D;3B1=$
M/!./',&U'.$)!/)1./+'#!'!#/&#!&)=$.8')1/#!%,'+/D!!./=/./)1/#!/)!,'!8'1/.&'!7'R$!
')e,&#&#D! '! -'.1&.! 3/! 2)! %2/#1&$)'.&$! #/8&/#1.2%12.'3$K! d'#! /)1./+'#! =2/.$)!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!8<!'%$.3'3'#!1/,/=()&%'8/)1/!')1&%&-')3$!'!%'3'!2)$!3/!,$#!/)1./+'3$#!,'!.'U()!3/!,'!
8'!'#5!%$8$!,$#!$7R/1&+$#!3/,!&)=$.8/K!N$!#/!&)=$.8(!',!/)1./+'3$!,'#!.'U$)/#!3/!
#2!/,/%%&()!%$8$!&)=$.8')1/!%,'+/D!3/!8')/.'!1',!3/!%$)$%/.!#2!-/.#-/%1&+'!-/.#$)',!
#&)!Z2/!/,!8$!'#28&/.'!2)!.$,!/#-/%5=&%$K!_$3'#!,'#!/)1./+'#!=2/.$)!./',&U'3'#!/)!
=$.8'!-/.#$)',D!%'.'!'!%'.'!%$)!/,!/)1./+'3$!#&)!-'.1&%&-'%&()!3/!1/.%/.$#K!M&!7&/)!#/!
-.$-2#$! ,'! F.'7'%&()! 3/! ,'#! 8'#D! Z2/3')3$! 7'R$! /Y%,2#&+'! 3/%&#&()! 3/,!
/)1./+'3$D! 1$3'#! ,'#! /)1./+'#! =2/.$)! F.'7'3'#! `! #/! $=./%&(! ,'! -$#&7&,&3'3! 3/!
'8-,&'.!,'!&)=$.8'%&()!#28&).'3'!8/3&')1/!$1.$#!8/3&$#D!'%,'.')3$!-./+&'8/)1/!,'!
/#1.&%1'!%$)=&3/)%&',&3'3!3/!,'#!8'#!!
<0S040*K"%'B%)*:%D"'$#&-#)*
K=>?@5-$4-.G3>5B-!
")e,&#&#! 3/,! %2/.-$! )$.8'1&+$! #$7./! ,'! %./'%&()! `! ! -.&+'1&U'%&()! 3/! 08-./#'#!
S&,&1'./#D!&3/)1&=&%')3$!,'#!#&F2&/)1/#!%$8$!8e#!./,/+')1/#H!
• d/`! Nb! 9<K>c;! f! d/`! 3/! *./'%&()! 3/! ,'! \&./%%&()! V/)/.',! 3/! W'7.&%'%&$)/#!
S&,&1'./#K!427,&%'3'!/,!<@!3/!$%127./!3/!9;@9K!
• d/`!Nb!<PKA;A!f!d/`!3/!E/=$.8'!3/,!0#1'3$K!427,&%'3'!/,!<P!3/!'F$#1$!3/!9;O;K!
• d/`!Nb!<PKA;>!f!d/`!3/!08/.F/)%&'!0%$)(8&%'K!427,&%'3'!/,!<:!3/!#/-1&/87./!
3/!9;O;K!
• d/`! Nb! <@Kc@:! f! d/`! 3/! 0)1&3'3/#! M2R/1'#! '! 4.&+'1&U'%&()K! 427,&%'3! /,! P9! 3/!
3&%&/87./!3/!9;;9K!
• \/%./1$! Nt! @A@! f! _.')#=/./)%&'! 3/! ,'! \VWS! 3/! ,'! (.7&1'! 3/,! S&)/.&$! 3/!
\/=/)#'!'!,'!3/,!S&)/.&$!3/!0%$)$85'!`!g7.'#!`!M/.+&%&$#!467,&%$#K!427,&%'3'!
/,!<;!3/!'7.&,!3/!9;;A!
• \/%./1$! Nt! 9>;H! _.')#=/./)%&'! 3/! ,'! \VWS! 3/,! S&)/.&$! 3/! 0%$)$85'! `!
4.$32%%&()!',!!S&)/.&$!3/!4,')&=&%'%&()!W/3/.',D!L)+/.#&()!467,&%'!`!M/.+&%&$#K!
427,&%'3'!/,!9>!3/!'F$#1$!3/!<ccAK!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!8X!M3>1.53;$252;5-C.RQ5D-$
M/! ./%2..&(! '! -27,&%'%&$)/#! '%'3T8&%'#! `! '! -27,&%'%&$)/#! /)! ./+'#!
/#-/%&',&U'3'#! `! #/! %$)#2,1'.$)! -27,&%'%&$)/#! $=&%&',/#! 3/,! S&)/.&$! 3/! \/=/)#'D!
S&)/.&$!3/!0%$)$85'!`!3/!,'!\VWSK!!
0-D?G14>3D5I4$@1$;3$05.1DD5I4$h141.3;$@1$S32.5D3D5-41=$M5;5>3.1=$
M/!'%%/3&(!'!3$%28/)1'%&()!/#1'35#1&%'!3/!,'!\VWSD!`!6)&%'8/)1/!'!8$3$!3/!
%$)#2,1'D!#/!'%%/3&(!'!3$%28/)1$#!3/!1.'7'R$!-'.'!/,!3/#'..$,,$!3/,!4,')!0#1.'1TF&%$!3/!
,'! \VWS! <c9<Q<c9AD! Z2/! ',! )$! /#1'.! -27,&%'3$! ',! 8$8/)1$! 3/! ,'! ./',&U'%&()! 3/,!
-./#/)1/!&)=$.8/!)$!#/!-/.8&1&(!#2!%&1'!)&!./=/./)%&'K!!!
B0B0 ':*)(-45&,6","#<$64:,,
M/! ./',&U'.$)! /)1./+'#! '! #/&#! &)=$.8')1/#! %,'+/#D! Z2&/)/#! =2/.$)!
#/,/%%&$)'3$#! -$.! #2! %/.%')5'! ',! $7R/1$! 3/! /#123&$D! #&/)3$! -$#&7,/! &3/)1&=&%'.! 1./#!
F.2-$#H!
V.2-$!"H!4/.#-/%1&+'!3/#3/! ,'!\&./%%&()!V/)/.',!3/!W'7.&%'%&$)/#!S&,&1'./#!/)!#2!.$,!
3/!-.$+//3$.K!
V.2-$!CH!4/.#-/%1&+'!3/#3/!,'#!W2/.U'#!".8'3'#!`!/,!S&)/.&$!3/!\/=/)#'!/)!#2!.$,!
3/!%,&/)1/K!
V.2-$!*H!4/.#-/%1&+'!1/(.&%'D!'!-'.1&.!3/! &)=$.8')1/#!%,'+/!3/,!e87&1$!'%'3T8&%$!/)!
8'1/.&'!3/!3/=/)#'!`!-$,51&%'!&)32#1.&',K!
!
B0H0 3$"#<4:&(+4:,,
9K m*(8$! /#! ,'! ./,'%&()! /)1./! ,'! \VWS! `! ,'#! W2/.U'#! ".8'3'#n! m`! ')1/#! 3/,!
&)&%&$!3/,!-.$%/#$!3/!-.&+'1&U'%&()n!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!8>!<K m*(8$!%$)#&3/.'!Z2/!/.'!/,!3/#/8-/a$!3/!,'!\VWS!%$8$!-.$+//3$.!3/!,'#!
W2/.U'#! ".8'3'#! ')1/#! 3/,! &)&%&$! 3/,! -.$%/#$! 3/! -.&+'1&U'%&()n! mk! /)! ,'!
'%12',&3'3n!
PK m*2e,/#!%$)#&3/.'!Z2/!=2/.$)!,'#!.'U$)/#!3/!,'!-.&+'1&U'%&()!3/!,'!\VWSn!
@K 0)!#2!$-&)&()D!m*(8$!%$)#&3/.'!/,! &8-'%1$!3/! ,'!-.&+'1&U'%&()!3/! ,'!\VWS!
/)!/,!'7'#1/%&8&/)1$!-'.'!,'!3/=/)#'n!
:K \/#-2T#! 3/! 8e#! 3/! 2)'! 3T%'3'! 3/,! -.$%/#$! 3/! -.&+'1&U'%&()D! m{2&T)/#!
%$)#&3/.'!Z2/!=2/.$)!,$#!F')'3$./#!`!,$#!-/.3/3$./#!3/!3&%G'!-$,51&%'n!
AK mh'`!',F$!8e#!Z2/!Z2&#&/.'!'F./F'.!`!Z2/!)$!,/!G'`'!-./F2)1'3$n!
B0I0 J&K)4#4#,6",6(<:#,
d'#!/)1./+'#!=2/.$)!F.'7'3'#!`!1.')#%.&-1'#!./#-/1')3$!',!8eY&8$!-$#&7,/!,'!
%$)+/.#'%&()!8')1/)&3'K!d'#!1.')#%.&-%&$)/#!3/!,'#!8'#!#/!/)%2/)1.')!/)!/,!")/Y$!
LK!",!8$8/)1$!3/!#2!')e,&#&#!`!/)!%'3'!2)'!3/! ,'#!%&1'#D!#/! &)1/)1(!./32%&.!',!85)&8$!
-$#&7,/! #2! /3&%&()K! d$! 6)&%$! Z2/! #/! /,&8&)(! 3/! ,'#! 8'#! =2/.$)! 3/1/.8&)'3'#!
-','7.'#!`I$!=.'#/#!Z2/!=2)%&$)')!%$8$!82,/1&,,'#D!./-/1&%&$)/#!`!-'2#'#!'%%&3/)1',/#!
'!,$#!/=/%1$#!3/!='%&,&1'.!,'!,/%12.'!`!%$8-./)#&()K!4'.'!/,!./#F2'.3$!3/!,'!&3/)1&3'3!3/!
,$#!&)=$.8')1/#!%,'+/!#/!.//8-,'U(!#2!)$87./!`!'-/,,&3$!-$.!)68/.$#!'.e7&F$#K!
^)'! +/U! 1.')#%.&-1'#! ,'#! /)1./+'#D! #/! ./',&U(! 2)'! ,/%12.'! &)1/F.',! 3/! ,'#!
8'#! %$)! /,! $7R/1$! 3/! /)%$)1.'.! -/.%/-%&$)/#! %$82)/#! $! =2/.1/8/)1/!
%$)1.'3&%1$.&'#! /)1./! ,$#! &)=$.8')1/#! %,'+/! Z2/! -/.8&1')! &3/)1&=&%'.! )6%,/$#!
-.$7,/8e1&%$#!/)!1$.)$!'!,$#!%2',/#!./#2,1'.'!='%1&7,/!/#F.&8&.!',F6)!1&-$!3/!%$)%,2#&()!
./#-/%1$!'!,'!+',&3/U!3/!,$#!-$#12,'3$#!1/(.&%$#!/#7$U'3$#!-./%/3/)1/8/)1/!'#5!%$8$!
'! )2/+$#! G',,'UF$#! Z2/! )$! G'75')! #&3$! 1/)&3$#! /)! %2/)1'! '! ,$! ,'.F$! 3/! ,'! -./#/)1/!
&)+/#1&F'%&()K!!
! !
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!8;!X0 5'O,-)-)*$%*,#*%A-$%'D-#*"!-'.1&.!3/!,'!&)=$.8'%&()!$71/)&3'!/)!,'#!/)1./+'#!8/)%&$)'3'#!/)!/,!-2)1$!
')1/.&$.D!#/!G')!&3/)1&=&%'3$!%2'1.$!)6%,/$#!-.$7,/8e1&%$#!,$#!%2',/#!#/!-.$%/3/.e)!'!
3/1',,'.H!
H010 '"+-"=-4:&"#,6",):#,"&-$"#<(6:#,#:*+","),6"#"%="L:,6",)(,789;,-:%:,=+:.""6:+,6",)(#,9$"+>(#,J+%(6(#0,
“!La producción era para un ejército de un país en vías de desarrollo”
Informante Clave Nº 2!
"! ,$! ,'.F$! 3/! ,'#! /)1./+'#! ./',&U'3'#D! ,$#! /)1./+'3$#! 8')&=/#1'.$)! #2#!
&8-./#&$)/#!#$7./!/,!3/#/8-/a$!3/!,'!\VWS!%$8$!-.$+//3$.!3/!,'#!W2/.U'#!".8'3'#D!
3/#1'%e)3$#/!,'#!#&F2&/)1/#!%'.'%1/.5#1&%'#H!
X03030 K"'D-('%)*$%*,#*F-&%DD-E'*J%'%&#,*$%*K#/&-D#D-('%)*L-,-B#&%)*
",! #/.! -./F2)1'3$#! -$.! /,! 3/#/8-/a$! 3/! ,'! \VWS! ',F2)$#! /)1./+'3$#!
12+&/.$)! ,'! )/%/#&3'3! 3/! 8/)%&$)'.! ,'#! =2)%&$)/#! Z2/! %28-,5'! ,'! \VWS! -./+&$! ',!
-.$%/#$!3/!-.&+'1&U'%&()D!3/#1'%')3$!Z2/!)$!#(,$!/.')!/#1'7,/%&8&/)1$#!3/3&%'3$#!'!,'!
-.$32%%&()!3/!7&/)/#D! #&)$!Z2/! 1'87&T)! %$8-./)35')! '%1&+&3'3/#!3/! &)+/#1&F'%&()! `!
3/#'..$,,$D!3/=&)&%&()!3/!-$,51&%'#D!/)1./!$1.$#K!
M$7./!/#1$!/,!&)=$.8')1/!Nt!9!)$#!/Y-,&%'H!
rwK/,! $.&F/)! 3/! WS! /#! '! -'.1&.! 3/! 1',,/./#! `! =e7.&%'#! '&#,'3'#! Z2/! 1/)5'! /,! 0RT.%&1$K!
\/#-2T#D! ,'! ,/`!3/! %./'%&()!3/!W'7.&%'%&$)/#!S&,&1'./#D! ,'!Z2/!-./-'.$!M'+&$D! =2/! ,'! ./2)&()D! ,'!
2)&=&%'%&()!3/!1$3$#!/#1$#!1',,/./#!`!=e7.&%'#!/)!2)!$.F')$!Z2/!,/!,,'8'.$)!\VWSK!\/#3/!/#/!
/)1$)%/#D!G'#1'!-$%$!')1/#!3/,!-/.5$3$!/)!/,!Z2/!12+&/.$)!,2F'.!,'#!-.&+'1&U'%&$)/#!/)!/,!-'5#D!WS!
-.e%1&%'8/)1/! /.'! ./#-$)#'7,/! G'#1'! 3/! 3/=&)&.! ,$#!8'1/.&',/#! Z2/! 1/)5')! Z2/! 1/)/.! ,'#! WW""K!
0#1/!-2)1$!8'.%'!2)!G&1$!/)!%2')1$!'!,'!&8-$.1')%&'!Z2/!1/)5'!WS!-'.'!,'#!WW""!pwq!"3/8e#!3/!
3/=&)&.! ,$#!8'1/.&',/#! Z2/!3/75'! /Z2&-'.! '! ,'#! WW""D! WS!/#1'7'! %$)%/7&3'! %$)!2)! %$)%/-1$!3/!
&)1/F.'%&()!+/.1&%',!%$8-,/1'K!pwq!\/!G/%G$!G'#1'!./',&U'7'!1'./'#!3/!&)+/#1&F'%&()!`!3/#'..$,,$!`!
,2/F$!-'#'7'!'!,'!-.$32%%&()!/)!#/.&/D!/)!-/Z2/a'#!#/.&/#D!-'.'!#28&).'.!/Z2&-$#!'!,'#!WW""Ks!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!8?!0)!&F2',!#/)1&3$D!/,!/)1./+'3$!Nt!<!',!./=/.&.#/!'!,'!+&)%2,'%&()!%$)!,'#!W2/.U'#!
".8'3'#!8/)%&$)'H!!
rw/)! #/3/! %/)1.',D! Z2/! /.'! 3$)3/! #/! 3&%1'7')! ,'#! -$,51&%'#! `! 3/8e#D! #&! 1/)5'! 2)'!
-./#/)%&'!8&,&1'.!82%G$!8e#!)28/.$#'D!`!'%1&+'K!h'`!Z2/!1/)/.!/)!%2/)1'!Z2/!G'75'!\&./%%&()!3/!
4.$32%%&()! S/%e)&%'D! \&./%%&()! 3/! 4.$32%%&()! S/1',6.F&%'D! \&./%%&()! 3/! 4.$32%%&()! S&)/.'D!
\&./%%&()!3/!\/#'..$,,$ws!
0,! &)=$.8')1/! Nt! A! G'%/! G&)%'-&T! /)! ,'! %$)%/-%&()! /Y/)1/! 3/! ,'#! =e7.&%'#!
8&,&1'./#H!!
rw,'#!&)32#1.&'#!8&,&1'./#!$%2-'.$)!2)!.$,!82`!&8-$.1')1/D!`!)$!#$,'8/)1/!,'#!&)32#1.&'#!
8&,&1'./#D! #&)$!2)'!%$)%/-%&()!3/! ,'#! &)32#1.&'#!3/-/)3&/)1/!3&./%1'8/)1/!3/! ,'#!W2/.U'#D! #/')!
,'#! W2/.U'#! ,'#! F/#1$.'#D! ,'#! /8-./#'.&'#K! pwq! 0)1$)%/#! G'75'! 2)'! %$)%/-%&()! 3/! Z2/! )$!
#$,'8/)1/! 3/75')! 1/)/.! &)32#1.&'#! 8&,&1'./#! $! &)32#1.&'#! /#1.'1TF&%'#D! -$.Z2/! ,'! &3/'! /.'! 8e#!
'8-,&'! Z2/! &)32#1.&'#! )/1'8/)1/w!3&F'8$#! Z2/! G'%/.! ,'! 7','K! 0.'! G'%/.! ',F2)$#! &)#28$#! Z2/!
/.')!/#1.'1TF&%$#!-'.'!/#$D!1/)5')!Z2/!/#1'.!/)!8')$#!3/!,'#!=2/.U'#!)/%/#'.&'8/)1/ws!
4$.!#2!-'.1/D!/,!/)%2/#1'3$!Nt!@!3/#1'%'!,'!&8-$.1')%&'!3/!,'#!e./'#!3/#1&)'3'#!
'!L)+/#1&F'%&()!`!\/#'..$,,$H!
rw/)!,'!T-$%'!-./+&'!'!,'#!-.&+'1&U'%&$)/#D!,'#!&)#1&12%&$)/#!3/!,$!Z2/!#/.5'!&)+/#1&F'%&()!
`!3/#'..$,,$!/.')!-.$-&$#!3/!%'3'!&)32#1.&'K!0#!3/%&.D!WS!1/)5'!2)!3/-'.1'8/)1$!3/!L)+/#1&F'%&()!
`!\/#'..$,,$!Z2/!1.'7'R'7'!/)!%$)R2)1$!%$)!/,!0RT.%&1$!Z2/!/.'!82`! &8-$.1')1/K!4$#1/.&$.!'! ,'#!
-.&+'1&U'%&$)/#!/#/!3/-'.1'8/)1$!/#! ,$!Z2/!G$`!/#!/,!*L_0\0WD! pwq!Z2/3(!3/#%/)1.',&U'3$!/)!/,!
e87&1$!3/,!S&)/.&$!3/!\/=/)#'K!WS!)$! 1&/)/!2)!3/-'.1'8/)1$!3/! &)+/#1&F'%&()!`!3/#'..$,,$D!
/)1$)%/#!/,!$.F')$!#/!+2/,+/!7'#1')1/!3/-/)3&/)1/!3/!,$!Z2/!/,!%$8-,/R$!3/!&)+/#1&F'%&()!`!
3/#'..$,,$!/Y1/.&$.!-2/3'!-.$+//.,/ws!
0)! %$)%,2#&()D! ',! ')',&U'.! /,! 3/#/8-/a$! 3/! W'7.&%'%&$)/#! S&,&1'./#! -./+&$! `!
32.')1/! /,! -.$%/#$! 3/! -.&+'1&U'%&()D! `! %$)1.'#1'.,$! %$)! ,'! #&12'%&()! '%12',! 3/,!
g.F')$D! ',F2)$#! /)1./+'3$#! G')! 3/#1'%'3$! /,! G/%G$! 3/! Z2/! ,'! \VWS! -$#/5'!
82%G'#!=2)%&$)/#!!Z2/!G$`!./%'/)!/)!$1.'#!&)#1&12%&$)/#K!!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!S7!X03040 F-G%&%'D-#)*%'B&%*,#)*K"%&C#)*5&M#$#)*
\/!,'#!/)1./+'#!./',&U'3'#D!,'!8'`$.5'!3/!,$#!/)1./+'3$#!G')!./,'%&$)'3$!/,!
3/#/8-/a$! 3/! ,'! \VWS! %$8$! -.$+//3$.! 3/! ,'#! W2/.U'#! ".8'3'#! %$)! ,'! =2/.1/!
+&)%2,'%&()!Z2/!/Y'!%$)!/,!0RT.%&1$D!G'%&/)3$!)$1'.!,'#!3&=/./)%&'#!Z2/!/Y')!/)1./!
,'#!1./#!=2/.U'#K!!
*$)!./,'%&()!',!+5)%2,$!%$)!/,!0RT.%&1$D!/,!/)1./+'3$!Nt!:!3&%/H!
swW'7.&%'%&$)/#!S&,&1'./#!#&/8-./!=2/D!G'#1'!/,!'a$!|OPD!#&/8-./!=2/D!2)!e./'!%,'+/!3/,!
0RT.%&1$K!pwq0)1$)%/#D!,'!/#1./%G'!./,'%&()!Z2/!G'75'!%$)!/,!0RT.%&1$D!-.e%1&%'8/)1/!#/!8')12+$!'!
,$! ,'.F$! 3/,! 1&/8-$D! '! 1.'+T#! 3/! /#1$#! 3&./%1$./#! 8&,&1'./#! pwq! 3&./%1$./#! Z2/! /.')! 3/! ,$#!
/#1'7,/%&8&/)1$#!Z2/!/.')!$!1/)&/)1/#!%$.$)/,/#!$!%$.$)/,/#!/)!'%1&+&3'3D!`!,$#!3$#!3&./%1$./#!3/!
W'7.&%'%&$)/#!S&,&1'./#D!Z2/!'! ,'!+/UD!/.')!3&./%1$./#!Z2/!'! ,'!+/U! &)1/F.'7')!/,!\&./%1$.&$Ks! pwq!
G'75'! 2)'! 3/-/)3/)%&'! 3/! ,'#! =2/.U'#! `! ./-$.1'7')! '! ,'#! =2/.U'#D! ',! 0RT.%&1$! pwq! "2)! %2')3$!
3/-/)35'! 3/,! S&)/.&$! 3/! \/=/)#'D! /#1$#! 3&./%1$./#! 8&,&1'./#! `! ,$#! 3&./%1$./#! 3/! ,$#!
/#1'7,/%&8&/)1$#D! ',! #/.! 8&,&1'./#! /)! '%1&+&3'3! )'12.',8/)1/! ./-$.1'7')! '! #2#! =2/.U'#D! `!
)'12.',8/)1/!1/)5')!2)'!3/-/)3/)%&'!3/!#2#!=2/.U'#!-$.!#2!F.'3$!8&,&1'.Ks!
"G$.'!7&/)D!82%G$#!3/!,$#!/)1./+'3$#!3/#1'%'.$)!/,!3/#/8-/a$!3/!,'!\VWS!
%$8$!-.$+//3$.!3/,!0RT.%&1$D!)$!'#5D! %$)!/,! ./#1$!3/! ,'#!W2/.U'#K! !0)!/#1/! #/)1&3$D!/,!
&)=$.8')1/!Nt!9!'=&.8'H!
rwW'7.&%'%&$)/#!pS&,&1'./#q!/.'!/,!-.$+//3$.!-$.!/Y%/,/)%&'!3/,!0RT.%&1$D!`!%$)!./#-/%1$!'!
,'#!$1.'#!3$#!=2/.U'#D!#&/8-./!=2/!2)!-$%$!8e#!3&=5%&,K!0)!-.&)%&-&$!-$.!/,!$.&F/)!-.$-&$!3/!WS!Z2/!
#2.F&(!3/,!0RT.%&1$!8$o!`!/)!#/F2)3$!,2F'.D!-$.Z2/!1')1$!,'!W2/.U'!"T./'!%$8$!,'!S'.&)'D!/)!
F/)/.',!/#1'7')!/Z2&-'3'#!%$)!72Z2/#!`!'/.$)'+/#!3/!$.&F/)!/Y1.')R/.$K!0)1$)%/#!/,!-.$+//3$.!
3/!,$#!./-2/#1$#D!,$#!#/.+&%&$#!`!,'!82)&%&()!Z2/!%$)#285')!,$#!72Z2/#!`!,'#!'/.$)'+/#!1'87&T)!
/.'!3/!$.&F/)!/Y1.')R/.$ws!
"#&8$D!/,!/)1./+'3$!Nt!:!)$#!3&%/H!!
rwKd'! ./,'%&()! ')1/.&$.! /.'! 2)'! ./,'%&()! 82`! 5)1&8'D! #$7./! 1$3$! %$)! 0RT.%&1$K! *$)! /,!
./#1$! 3/! ,'#! =2/.U'#! )$! 1')1$D! -$.Z2/D! 3&F'8$#D! /#1$! +&/)/! 2)! -$%$! 3/! ')1&F2$D! /#! 3/%&.D!
$.&F&)'.&'8/)1/!%'3'!2)'!3/!,'#!1./#!=2/.U'#!1/)5'!#2#!-.$-&'#!/8-./#'#KKD!
d2/F$!'F./F'H!!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!S3!rw,'#! =2/.U'#! &8-$.1'7')! 82%G$#! -.$32%1$#! Z2/! W'7.&%'%&$)/#! S&,&1'./#! /#1'7'! /)!
'-1&123!3/!-.$+//.,/K!r!
0)!&F2',!3&./%%&()D!/,!/)%2/#1'3$!Nt!@!8/)%&$)'H!
rw,'!./,'%&()!-'./%5'!7'#1')1/!$7+&'D!7'#1')1/!)'12.',D!#$7./!1$3$!%$)!/,!0RT.%&1$K!N$!#&!
1')1$! %$)! /,! ./#1$! 3/! ,'#! =2/.U'#D! 8/! -'./%/! Z2/! G(.&%'8/)1/! /,! 0RT.%&1$! /.'! /,! Z2/! 8e#!
'-$#1'7'!',!3/#'..$,,$!)'%&$)',D!`!-$.!/R/8-,$D!,'!".8'3'!`!,'!W2/.U'!"T./'D!-$.!,$!8/)$#!/#$!/#!
,$! Z2/! 3&%/! ,'! F/)1/! Z2/! /#1e! /)! 1/8'D! #$)! ,'#! Z2/! 8e#! F.'3$! 3/! -'.1&%&-'%&()! 3/! %$8-.'#!
/Y1.')R/.'#!1&/)/wKs!
",! /Y-,&%'.! ,$#! %'87&$#! /)! ,$#! -.$%/3&8&/)1$#! 3/! %$8-.'! &8-,/8/)1'3$#! '!
-'.1&.!3/,!<cc>!/)!/,!S&)/.&$!3/!\/=/)#'D!/,!&)=$.8')1/!Nt!A!/Y-,&%'!Z2/H!
rw')1/#! /#1'7'! 3/#%/)1.',&U'3$K! *'3'! W2/.U'! %$8-.'7'! -$.! #2! %2/)1'D! W2/.U'! "T./'D!
0RT.%&1$!`!".8'3'ws!!
\/! ,'#! -/.%/-%&$)/#! 'Z25! /Y-./#'3'#D! #/! -2/3/! %$)%,2&.! Z2/! -'.'! ')',&U'.! /,!
3/#/8-/a$!3/!,'!\VWS!,'!8'`$.5'!3/!,$#!/)1./+'3$#!/)1/)3&(!)/%/#'.&$!'%,'.'.!,'#!
#/-'.'%&()D!/!&)%,2#$!%$8-/1/)%&'D!Z2/!/Y'!/)1./!%'3'!2)'!3/!,'#!=2/.U'#K!!
X03080 F%)%M.%6(*$%*,#*F-&%DD-E'*J%'%&#,*$%*K#/&-D#D-('%)*L-,-B#&%)!
_/)&/)3$!/)!%2/)1'! ,$!G'#1'!'Z25!3/#'..$,,'3$D! ,'!8'`$.5'!3/! ,$#!/)%2/#1'3$#!
G'! 3/#1'%'3$! ,'! +'.&/3'3! `! %')1&3'3! 3/! 7&/)/#! Z2/! ,'! \VWS! #'1&#='%5'! 3/! ,$#!
./Z2/.&8&/)1$#! ! 3/,! 0RT.%&1$D! )$! #&/)3$! &F2',! ,'! #&12'%&()! %$)!/,! ./#1$!3/! ,'#! =2/.U'#D!
Z2&/)/#! #/! '7'#1/%5')! %$)!-.$32%1$#! /,'7$.'3$#!3/! #2#!-.$-&'#! =e7.&%'#!$!8/3&')1/!
&8-$.1'%&$)/#K!!
M$7./!/#1$!/,!L)=$.8')1/!Nt!9!3&%/H!!
rwM&!)$!/.'!/,!9cc!-$.!%&/)1$D!#/.5'!/,!;c!-$.!%&/)1$D!-/.$!/,!-.&)%&-',!#28&).'3$.!3/!
-/.1./%G$#!7T,&%$#!-'.'!,'#!W2/.U'#!".8'3'#D!/)!-'.1&%2,'.!-'.'!/,!/RT.%&1$D!/.'!WSws!
0)! &F2',! #&)1$)5'D! /,! &)=$.8')1/! Nt! P! 3/#1'%'! ,'! 8'F)&123! `! +'.&/3'3! 3/!
-.$32%%&$)/#!3/!WSH!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!S4!rw-.$32%5'! 2)'! F.')! %')1&3'3! 3/! /Z2&-'8&/)1$! 8&,&1'.K! _/)5'! %'#&! Pc! &)#1','%&$)/#K!
4.$32%5'!82)&%&$)/#!3/!-.e%1&%'8/)1/!1$3$#!,$#!%',&7./#D!%'a$)/#D!1')Z2/#D!%$G/1/#D!/#!3/%&.D!/,!
.')F$!3/!-.$32%%&()!-'.'!/,!0RT.%&1$!/.'!82`!'8-,&$s!
"!-'.1&.!3/!2)'!8&.'3'!3/!,'!#&12'%&()!'%12',D!/,!/)1./+'3$!Nt!@!'F./F(H!!
r")1/#! /.'!82`!72/)$K! 4$.! ,$#! -$%$#! )68/.$#! Z2/! `$! /#12+/!8&.')3$D! ,$#! )&+/,/#! 3/!
/#%','!/)!,$#!%2',/#!='7.&%'%&$)/#!/#1'7'!'%$#1287.'3'!'!-.$+//.!'!,'#!=2/.U'#!/.')!F.')3/#K!_/!
3'#! %2/)1'! -$.Z2/! ,'#! &)#1','%&$)/#! Z2/! 1&/)/! WSD! G$`! /)! 35'D! /)! ,'#! -,')1'#! /)! ,'#! %2',/#! #/!
1.'7'R'!8'1/.&',!Z2/!#/!-.$+/5'!$!#/!-.$+//!'!,'#!=2/.U'#!#$)!/#%','#!%$)#&3/.'7,/#K!0#$!1/!F.'=&%'!
/,!)&+/,!3/!-.$32%%&()!Z2/!1/)5'!/)!,'!3T%'3'!-$.!/R/8-,$!3/,D!%&)%2/)1'!3/,!#/#/)1'D!&)%,2#&+/!/,!
#/1/)1'Ks!
4$.! #2! -'.1/D! /,! /)%2/#1'3$! Nt! <! '%,'.'! Z2/! #&! 7&/)! #/! -$35'! -.$+//.! '! ,'#!
=2/.U'#! 3/! ,'! 8'`$.5'! 3/! #2#! ./Z2/.&8&/)1$#D! /,! 3/#/8-/a$! 3/! ,'! \VWS! 1/)5'!!
,&8&1')1/#D! %',&=&%')3$! #2! -.$32%%&()! %$8$! r-'.'! 2)! 0RT.%&1$! 3/! 2)! -'5#! /)! +5'#! 3/!
3/#'..$,,$sH!
rw! d'! -.$+&#&()! '! ,'#! WW""! /.'! &8-$.1')1/D! /.'! 82`! &8-$.1')1/K! 4.&8/.$! -$.Z2/!
1/%)$,(F&%'8/)1/!#/!/#1'7'!8e#!'%12',&U'3$!Z2/!'G$.'D!`!#/F2)3$!-$.Z2/!,'!+'.&/3'3!3/!=e7.&%'#!
Z2/!#/!1/)5'!'7'.%'7'!2)'!%')1&3'3!3/!.27.$#!82`!#2-/.&$.!'!,$!Z2/!)$#!Z2/3(!'G$.'K!pwq!N$!p#/!
'7'#1/%5'qD! /)! #2! 1$1',&3'3! -$.Z2/! %2')3$! #/! G'7,'! 3/! '.8'#! $! 3/! '.8'8/)1$! %$)! %&/.1'!
#$=&%'%&()D!%2')3$!2)$!G'7,'!`'!3/!3/1/.8&)'3$!1&-$!3/!%$G/1/.5'!!$!3/!/,/8/)1$#!%$)!8'`$.!
3/#'..$,,$!1/%)$,(F&%$D!3&F'8$#!)$!/#1e7'8$#!/)!,'!%./#1'!3/!,'!$,'K!4/.$!#5D!/+&3/)1/8/)1/D!#/!
G'%5')!82%G'#D!82%G'#!%$#'#K!pwq!g!#/'D!Z2/!-'.'!/#'!T-$%'D!#/!/#1'7'!82`!82`!%/.%'!3/!,$!Z2/!
-$35'!#/.!2)!3/#'..$,,$!Z2/!-.$+/`/.'!'!,'#!WW""!3/!2)!-$.%/)1'R/!&8-$.1')1/!3/!,$!Z2/!/.')!#2#!
./Z2/.&8&/)1$#!pwqK!d'!-.$32%%&()!/.'!-'.'!2)!/RT.%&1$!3/!2)!-'5#!/)!+5'#!3/!3/#'..$,,$s!
\/! ,$!G'#1'!'Z25!/Y-2/#1$!#/!-2/3/!%$)%,2&.!Z2/!,$#!/)%2/#1'3$#!-/.%&7/)!2)!
72/)! 3/#/8-/a$! 3/! ,'! \VWS! %$8$! -.$+//3$.! 3/,! 0RT.%&1$D! ,&8&1')3$! 3&%G$!
3/#/8-/a$! '! -.$32%%&$)/#! Z2/! )$! ./Z2/.5')! /,! 3/#'..$,,$! 3/! 1/%)$,$F5'#! 82`!
%$8-,/R'#K!M&)!/87'.F$D!#&)1&/.$)!,'!)/%/#&3'3!3/!3/#1'%'.!,$#!.'#F$#!-'.1&%2,'./#!3/!,'!!
%$)%/-%&()!$.&F&)',!3/!W'7.&%'%&$)/#!S&,&1'./#D!'#5!%$8$!,'#!3&=/./)%&'#!G(.&%'#!Z2/!
/Y')!/)1./!,'#!1./#!=2/.U'#K!!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!S8!!
H0/0 '"+-"=-45&,6",):#,"&-$"#<(6:#,#:*+",)(#,+(>:&"#,6",)(,=+4.(<4>(-45&0,,
“Huy, huy, huy. ¡Qué pregunta me hace! [!] Ud. puede imaginarse a lo que me refiero!”
Informante Clave Nº 5
M/! -./F2)1(! '! ,$#! /)1./+'3$#! %2e,/#! %$)#&3/.'7')! Z2/! G'75')! #&3$! ,'#!
.'U$)/#! 3/! ,'! -.&+'1&U'%&()! 3/! ,'! \&./%%&()! V/)/.',! 3/! W'7.&%'%&$)/#! S&,&1'./#K! "!
%$)1&)2'%&()! #/! /Y-$)3.e)! ,'#! -/.%/-%&$)/#! Z2/! #/! &3/)1&=&%'.$)! %$8$! 8e#!
&8-$.1')1/#!',!8$8/)1$!3/!%$)1/#1'.!,'!-./F2)1'K!!
X04030 +&-A#B-C#D-E'*D(M(*.(,WB-D#*1%'%&#,*
_$3$#! ,$#! /)1./+'3$#D! 3&./%1'! $! &)3&./%1'8/)1/D! &3/)1&=&%'.$)! %$8$! .'U()!
-.&)%&-',! 3/,! -.$%/#$! 3/! -.&+'1&U'%&()! 3/! ,'! \&./%%&()! V/)/.',! 3/! W'7.&%'%&$)/#!
S&,&1'./#! '! ,'! -$,51&%'! F/)/.',! 3/! -.&+'1&U'%&()! &8-2,#'3'! -$.! ,'#! %$)%/-%&$)/#! 3/,!
-/)#'8&/)1$! )/$,&7/.',K! ")1/! ,'! -./F2)1'! #$7./! ,'#! %'2#'#! 3/! ,'! -.&+'1&U'%&()D! /,!
/)1./+'3$!Nt!9!./#-$)3&(H!!
r0#1$!%'`(!3/)1.$!3/! ,'!7$,#'!3/! ,'#!-$,51&%'#!3/! ,'#!-.&+'1&U'%&$)/#!3/! 1$3$! ,$!Z2/!/.'!
-.$32%1&+$!/)!/,!/#1'3$!'.F/)1&)$K!Ce#&%'8/)1/D!/,!%.&1/.&$!Z2/!#/!21&,&U(!-'.'!-.&+'1&U'.!=2/D!/)!
-.&)%&-&$D!$!)$.8'!F/)/.',D!,$!-.$32%1&+$K!!pwq!,'!%$)%/-%&()!-$,51&%'!3/!,'!T-$%'!/.'!Z2/!/,!-'5#!
3/75'!-./#1'.!#/.+&%&$#!)$!3/3&%'.#/!'!-.$32%&.!7&/)/#ws!
4./+&'8/)1/!G'75'!/Y-,&%'3$H!!
r0)! ,'!T-$%'!3/,!'2F/!3/,!%$)%/-1$!3/! ,'!-.&+'1&U'%&()!/)! ,'!".F/)1&)'D!/#1$!)$!/#12+$!
'-,&%'3$! #$,'8/)1/! '! ,'! &)32#1.&'! 7T,&%'D! #&)$! '! 1$3'! ,'! &)32#1.&'! /)! F/)/.',D! 3/)1.$! 3/! ,$! %2',!
%$8-./)3&(!'!,'!&)32#1.&'!-'.'!,'!3/=/)#'K!^)$!)$!-2/3/!1$8'.!Z2/!,'!-.&+'1&U'%&()!=2/!',F$!%$)!
/,!=$%$!-2/#1$!/)!,'!&)32#1.&'!7T,&%'D!#&)$!Z2/!=2/!-2/#1$!/)!,'!&)32#1.&'!/)!F/)/.',K!M/!%$)%/75'!
%$8$!Z2/!/,!0#1'3$!)$!3/75'! &)1/.+/)&.!/)!/,!e87&1$!-.$32%1&+$D!8e#!',,e!3/!#/.+&%&$#!7e#&%$#D!
%$8$!/32%'%&()D!#/F2.&3'3!`!#',23D!-/.$!'!,$#!%2e,/#!1'87&T)!#/!,/#!./,/F'7'!,'!=2)%&()!-.&)%&-',!
Z2/!3/7/)!1/)/.!3/)1.$!3/!,'!(.7&1'!/#1'1',Ks!
0,!&)=$.8')1/!Nt!P!./#28&(!#2!./#-2/#1'!%$)!,'!#&F2&/)1/!=.'#/H!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!SS!rL)/=&%&/)%&'D!)/$,&7/.',$!-2.$Ks!
M2!./#-2/#1'!-2/3/!#/.!%$8-,/8/)1'3'!%$)!,$!%$8/)1'.&$#!./#-/%1$!'!Z2&/)/#!
#/!+&/.$)!7/)/=&%&'3$#!%$)!/,!-.$%/#$!3/!-.&+'1&U'%&()H!
r/,!)/$,&7/.',$!/)!#2!%$)R2)1$K!0)!/#/!8$8/)1$!-$.! ,$!8/)$#D!Z2/! ,$F.(!#$%&',&U'.!
/)!/,!#/8'!-$,51&%$!2)'! &3/'!Z2/!=2/!1$8'3'!%$8$!-/)#'8&/)1$!6)&%$!%'#&D!2)'! &3/'!3/!Z2/!
/.'! &)/+&1'7,/! ,'! -.&+'1&U'%&()D! /)1$)%/#! /)! ,$#! )$+/)1'! %./$! Z2/! /#$#! =2/.$)! ,$#! #/%1$./#! Z2/!
1.&2)='.$)!/)!/#/!#/)1&3$K!L8-$)/.!#2!&)1/.T#!-'.1&%2,'.!%$8$!&)1/.T#!F/)/.',sK!
0)!&3T)1&%'!3&./%%&()D!/,!&)=$.8')1/!Nt!<!8')&=/#1(H!
rwh'`!Z2/!./%$.3'.!Z2/!/)!/#$#!1&/8-$#!'!1$3$#!)$#!1','3.'7')!,'!%'7/U'!%$)!Z2/!! ,$!
-.&+'3$!/.'!,$!8/R$.D!`!/,!0#1'3$!/.'!,'!%'../1'!`!,$!')1&F2$K!d$!)2/+$!1/)5'!Z2/!#/.!,$!-.&+'3$!`!,$!
+&/R$!`!Z2/!)$!#/.+5'!/.'!/,!0#1'3$!pwq!`$!%./$!Z2/!G'#1'!1')1'!-27,&%&3'3!/)! ,$#!8/3&$#D! 1')1$!
8'%G'%'.D! `!2)$!8/3&$! %$8$!Z2/!/#1'7'! %$)+/)%&3$!3/!Z2/!/.'!'#5K!{2/! ,$!8/R$.!/.'! Z2/! #/!
-.&+'1&U'.'D!-$.Z2/!&7'!'!#/.!82%G$!8e#!/=&%&/)1/!`!82%G$!8e#!/=/%1&+$ws!
4$.!#2!-'.1/D!/,!/)1./+'3$!Nt!@!)$#!3&R$H!
!rN$! G'`! 2)'! .'U()! /)! -'.1&%2,'.D! #&)$! Z2/! /,! -.$%/#$! )/$,&7/.',! Z2/! +/)5'!
-./3$8&)')3$!,'!3T%'3'!!#/1/)1'!/)!'3/,')1/D!%$)!#2!-2)1$!%2,8&)/!/)!,'!3T%'3'!3/,!)$+/)1'D!
'..'#(! %$)! 1$3'! ,'#! ! 2)&3'3/#! ./)1'7,/#! Z2/! WS! 1/)5'K! N$! G'`! 2)'! .'U()! -2)12',D! #/! 72#%(!
3/#8/87.'.!',!0#1'3$!3/#3/!1$3$!-2)1$!3/!+'Ks!
W&)',8/)1/D!#/F6)!/,!/)1./+'3$!Nt!AH!!
rh27$!2)!-.$%/#$!3/!-.&+'1&U'%&()!F/)/.',! /)!/,! -'5#D! Z2/! #/! &)&%&(! '!-'.1&.! 3/!9;O;!`!
Z2/D!3&F'8$#D!/.'!#28'8/)1/!3$F8e1&%$!-$.!$1.$!,'3$D!/)!/,!#/)1&3$!3/!Z2/!/,!0#1'3$!1/)5'!Z2/!
3/#-./)3/.#/!3/!1$3'#!#2#!/)1&3'3/#!-.$32%1&+'#D!#/')!,'#!Z2/!/,'7$.'7')!7&/)/#!$!#/.+&%&$#D!`!
$7+&'8/)1/!,'#!3/!,'!3/=/)#'D!3&F'8$#D!/#1'7')!/)!/#/!,'3$sK!
\/! ,$! /Y-2/#1$! -$3/8$#! %$)%,2&.! Z2/! ,'! -.&)%&-',! .'U()! &3/)1&=&%'3'! =2/! ,'!
%.//)%&'! F/)/.',&U'3'! 3/! ,'#! +/)1'R'#! /)! ,'! '-,&%'%&()! 3/! 2)! -.$%/#$! &)1/F.',! 3/!
-.&+'1&U'%&$)/#D!Z2/!)$! =2/.$)! &3/)1&=&%'3$#!-$.! ,$#!/)1./+'3$#!%$8$!2)'!3/%&#&()!
$.&/)1'3'!'! ,'! &)32#1.&'!7T,&%'!/)!-'.1&%2,'.D! #&)$!'! 1$3$#! ,$#!e87&1$#!-.$32%1&+$#!/)!
F/)/.',K!!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!S<!X04040 Y(,*$%*,#*5&1%'B-'#*%'*%,*D('B%ZB(*-'B%&'#D-('#,*
0)!/,!8'.%$!3/!,'#!-$,51&%'#!)/$,&7/.',/#!/)!/,!%2',!#/!&)#/.1'7')!,$#!-.$%/#$#!3/!
-.&+'1&U'%&()D!/,!/)1./+'3$!Nt!A!'F./F'! ,'#!./-/.%2#&$)/#!3/!/#1'!%$)%/-%&()!/)!/,!
-,')$!3/!,'#!./,'%&$)/#!&)1/.)'%&$)',/#K!0)!/#1/!#/)1&3$!'F./F'H!
rw/,! 1/8'!3/! ,'! 3/=/)#'!/.'! /#-/%&',8/)1/! #/)#&7,/D! -$.Z2/! pwqD! G'75'!2)!8$3/,$!3/!
&)#/.%&()!-$,51&%'!3/,!-'5#!/)!/,!82)3$D!2)'!3/!%2`'#!+/.1&/)1/#!8e#!=2/.1/#!3/!1/$.&U'%&()!=2/!,$!
Z2/!#/!3/)$8&)(!/,!E/',$!4/.&=T.&%$D!/)!3$)3/!#/!-,')1/'7'!2)'!#&12'%&()!#27$.3&)'3'!3/!,'!
".F/)1&)'!/)!/,!%$)1/Y1$!&)1/.)'%&$)',!`!-$.!,$!1')1$D!/,!Z2/!#/'!-.$32%1$.!3/!'.8'#!)$!/.'!7&/)!
+$D!)$n!g!3/!&)#28$#!Z2/!-$3.5')!#/.!-$1/)%&',8/)1/!/8-,/'7,/#!-'.'!,'!&)32#1.&'!7T,&%'D!)$!
1$3$!,$!Z2/!G'%5'!W'7.&%'%&$)/#!S&,&1'./#D!%$8$!)$!,$!/#!/)!/,!-./#/)1/!#$)!'.8'#!3&./%1'8/)1/D!
4/.$!#5!&)#28$#!Z2/!-$1/)%&',8/)1/!-2/3')!-.$+//.!',!#/%1$.ws!
E/,'%&$)'3$!%$)!/#1/!1/8'!/,!/)%2/#1'3$!Nt!P!1'87&T)!/Y-,&%'H!
rw,'!3/=/)#'!1/!3'!'21$)$85'!/)!1T.8&)$#!3/!-.$32%%&()!,$%',!`!'-.$+&#&$)'8&/)1$!3/!
'.8'8/)1$!`!1/%)$,(F&%'K!pwq!p/)q!2)!82)3$!3$)3/!G'`!-$%$#!-'5#/#!Z2/!3$8&)')!1/%)$,$F5'#!
%,'+/#D! pwqD! #$,'8/)1/! G'`! -'5#/#! %$)1'3$#! %$)! ,$#! 3/3$#! 3/! 2)'! 8')$! Z2/! 3$8&)')! /#'#!
1/%)$,$F5'#D! Z2/! #$)! 1/%)$,$F5'#! Z2/! ,2/F$! #$)! 3&=5%&,/#! 3/! '3Z2&.&.D! $! 3&./%1'8/)1/! #$)!
&8-$#&7,/#!3/!'3Z2&.&.!-$.Z2/!)$! 1/! ,'#!+/)3/)K!0)1$)%/#D!/#$!+'! #/)1')3$! ,'#!7'#/#!-'.'!2)'!
%./%&/)1/! 3')%&'! 1/%)$,(F&%'! /)1./! ,$#! -'5#/#! 8e#! %/)1.',/#D! %$)! 8e#! ./%2.#$#! `! ,$#! -'5#/#!
-/.&=T.&%$#! Z2/! )$! -2/3/)! '%%/3/.! '! /#'#! 1/%)$,$F5'#K! 0#'! 3')%&'! Z2/! /)! -.&)%&-&$! /#!
1/%)$,(F&%'D! ,2/F$!#/! 1.')#=$.8'!/)!-$3/.K!d$#!/)=$Z2/#!8e#!3/#'..$,,'#!#$#1&/)/)!Z2/!-'.'!
3&)2&.! ,'#! '#&8/1.5'#! /)! /,! #/8'! &)1/.)'%&$)',D! 1'87&T)! /#! &)3&#-/)#'7,/D! Z2/! )2/#1.$#!
-'5#/#!3/!,'!-/.&=/.&'D!C.'#&,D!".F/)1&)'D!1'87&T)!3/#'..$,,/)!1/%)$,$F5'!3/!-2)1'D!3/!8')/.'!1',!
3/!/#1'.D!)$!/)!&F2',3'3!3/!%$)3&%&$)/#!-$.Z2/!/#!&8-$#&7,/!pwq-/.$!#5D!)$!/#1'.!/)!2)'!3')%&'!
1')!F.')3/ws!
0)! %$)%,2#&()D! '3&%&$)',8/)1/D! ',F2)$#! /)%2/#1'3$#! ./%$)$%&/.$)! /)! ,'#!
-$,51&%'#!)/$,&7/.',/#!)$! #(,$! R2#1&=&%'%&$)/#! /%$)(8&%'#!$!-.$32%1&+'#D! #&)$! 1'87&T)!
./-/.%2#&$)/#!/)!./,'%&()!'! ,'#!./,'%&$)/#!&)1/.)'%&$)',/#!`! ,'!-$#&%&()!Z2/!,/!'#285'!
)2/#1.$!-'5#!%$)!/,!./#1$!3/,!82)3$K!!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!SX!X04080 +&-A#B-C#D-E'**D(M(*'%1(D-(*,"D&#B-A(*
^)'! 1/.%/.'! .'U()! Z2/! =2/! &3/)1&=&%'3'! -$.! ',F2)$#! /)1./+'3$#D! =2/.$)! ,'#!
-'.1&%2,'.&3'3/#! Z2/! -./#/)1'.$)! ,$#! -.$%/3&8&/)1$#! 3/! ,&%&1'%&()! 3/! ,'#! =e7.&%'#!
8&,&1'./#D! `! Z2/! ,$#! &)32R$! '! /#F.&8&.! ,'! ',1/.)'1&+'! 3/! Z2/! ,'#! -.&+'1&U'%&$)/#!
./#-$)35')! '! ,$#! &)1/.T#! -/.#$)',/#! 3/! 3/1/.8&)'3$#! #/%1$./#! Z2/! /)%$)1.'.$)! /)!
/,,'#!2)!r)/F$%&$!,2%.'1&+$sK!
0)!./=/./)%&'!',!-.$%/#$!3/!,&%&1'%&()!3/!,'!WS0*"D!/,!&)=$.8')1/!Nt!<!./,'1'H!!
r,'#!-.&+'1&U'%&$)/#!#/!G&%&/.$)!'!-./%&$#!Z2/!pwq!)$!F2'.3'7')!2)'!%$../%1'!./,'%&()!)&!
%$)! ,$#! 7&/)/#! =5#&%$#! Z2/! #/! 1/)5')D! /Z2&-'8&/)1$D! )&! %$)! ,$! Z2/! -$35'! F/)/.'.! /,! )/F$%&$!
/%$)(8&%$K!!pwqK!",!-.&)%&-&$!G'75'!#/&#!&)1/./#'3$#D!%$)!/,!%$../.!3/,!1&/8-$!=2/.$)!%'`/)3$!,$#!
&)1/./#'3$#!G'#1'!Z2/3'.!2)$!#$,$K!0#/!#$,$D!%2')3$!#/!G&U$!,'!,&%&1'%&()!)$!-./#/)1(!$=/.1'K!m{2T!
#&F)&=&%(!/#$n!{2/!G'75'!Z2/!G'%/.!2)!#/F2)3$!,,'8'3$!`!7'R'.!,'!7'#/K!M/!7'R(!,'!7'#/D!#/!=&R(!/)!
Z2&)%/!8&,,$)/#!3/!-/#$#!$!3/!3(,'./#D! -$.Z2/!/)!/#'!T-$%'!/.'!/,! 2)$!'!2)$K! m*2e)1$! =2/!/,!
-'F$!3/!,'!$=/.1'n!{2&)%/!8&,,$)/#!%&)%$!8&,D!%$)!2)'!%')1&3'3!3/!8&,,$)/#!&8-$.1')1/!/)!%2')1$!
'!8'1/.&'#!-.&8'#!`!3/8e#!-.$32%1$#!#/8&/,'7$.'3$#!Z2/!1/)5'!,'!=e7.&%'K!M/!G'%5')!%'.F$!3/!,'#!
&)3/8)&U'%&$)/#D!Z2/!-$.!#2-2/#1$!,$!3/#%$)1'7')!3/,!-./%&$D!`!Z2/!/)!./',&3'3!,'!-,'1'!,'!-$)5'!
/,!0#1'3$!/)!%&/.1$!8$3$D!-$.Z2/!)$!#/!,$!-'F'7'o!`!/,!./#1$!%$)!7$)$#!3/!,'!3/23'K!0#!3/%&.D!#/!
%$8-.(!=e%&,8/)1/Ks!
4$.!$1.'!-'.1/D!%2')3$!#/!%$)#2,1(!#$7./!,$#!-$#&7,/#!F')'3$./#!3/,!-.$%/#$!3/!
-.&+'1&U'%&()D!/,!&)=$.8')1/!Nt!@!$-&)(!Z2/H!
rw!pd$#!F')'3$./#!#$)q!,$#!Z2/!#/!G')!Z2/3'3$!%$)!,'#!/8-./#'#!Z2/!#/!-.&+'1&U'.$)!-$.!
3$#! 8')F$#D! `! Z2/! $7+&'8/)1/! /.')! 2)&3'3/#! ./)1'7,/#! `! Z2/! F/)/.'.$)! )/F$%&$#! /)! =$.8'!
&)8/3&'1'D!#&)!)/%/#&3'3!3/!&)+/.1&.!3/8'#&'3$!3&)/.$ws!
S&/)1.'#!Z2/!'!,'!8'!-./F2)1'!/,!&)=$.8')1/!Nt!:!/Y-./#(H!
!rd$#! F')'3$./#! =2/.$)! ,$#! -.&+'3$#! Z2/! G&%&/.$)! 2)! )/F$%&$! /)! ,'! %$8-.'! 3/! /#1$#!
/#1'7,/%&8&/)1$#D! ',F2)$#! #&8-,/8/)1/! -'.'! #',+'.,$#! -'.'! /,&8&)'.! %$8-/1/)%&'D! $1.$#! -'.'!
%$)+/.1&.,$#!/)!)/F$%&$#!&)8$7&,&'.&$#!`!$1.$#!-'.'!#&8-,/8/)1/!,2%.'.!%$)!,'!%$8-.'ws!
4$.! ,$! 1')1$D! ,'#! &8-./#&$)/#! 3/! ,$#! /)1./+'3$#! #$7./! ,'#! %'2#'#! 3/! ,'!
-.&+'1&U'%&()!3/!,'!\VWS!$=./%/)!2)'!1/.%/.'!.'U()D!'!#'7/.D!,'!./',&U'%&()!3/!)/F$%&$#!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!S>!,2%.'1&+$#K! 0#1$! %$&)%&3/! %$)! ,'! '#$%&'%&()! 3/! ,'#! -.&+'1&U'%&$)/#! %$)! G/%G$#! 3/!
%$..2-%&()! Z2/!8/)%&$)'! d$-/U! ?<ccAB! %$8$! 2)$! 3/! ,$#!8$1&+$#! -$.! ,$#! %2',/#! ,'#!
-.&+'1&U'%&$)/#!-./#/)1')!F.')3/#!%2/#1&$)'8&/)1$#!/)!,'!'%12',&3'3K!!
H0D0 '"+-"=-4:&"#,6",):#,"&-$"#<(6:#,#:*+",)(,.()46">,6",):#,-:&-"=<:#,<"5+4-:#,6"#(++:))(6:#,
“La Argentina ha aprendido ciertas cosas, y una de las cosas que ha aprendido es que su industria militar no puede ser tan deficitaria y tan
ineficiente como lo fue históricamente”
Informante Clave Nº 4
"!,$!,'.F$!3/!,'#!/)1./+'#!./',&U'3'#D!,$#!&)=$.8')1/#!=2/.$)!'.F28/)1')3$!$!
./=21')3$!',F2)$#!3/!,$#!%$)%/-1$#!1/(.&%$#!G'#1'!'Z25!3/#'..$,,'3$#K!"!%$)1&)2'%&()!
#/!+$,%'.')!,$!8')&=/#1'3$!-$.!/,,$#K!
X08030 +&-A#B-C#D-('%)*D(M(*)(,"D-E'*$%*,#)*-'%G-D-%'D-#)*
_$3$#! ,$#! /)%2/#1'3$#! 3/! ',F2)'! 8')/.'! 2! $1.'! '#$%&'.$)! ,'#! %'2#'#! 3/! ,'!
-.&+'1&U'%&()!%$)!,$#!$7R/1&+$#!3/!,'!1/$.5'!)/$%,e#&%'!3/!,'!76#Z2/3'!3/!,'!/=&%&/)%&'K!!
",F2)$#!3/!,$#!/)1./+'3$#!'#$%&'.$)!,'#!&)/=&%&/)%&'#!3/!,'#!=e7.&%'#!8&,&1'./#!
'! ,'#! %'.'%1/.5#1&%'#! 3/! ,'! F/#1&()! -67,&%'! /)! %$8-'.'%&()! %$)! ,'! F/#1&()! -.&+'3'K! 0,!
/)1./+'3$!Nt!9!./8'.%'!Z2/H!!
rw/)!./',&3'3!,'#!./F,'#!3/,!R2/F$!3/!,'!&)32#1.&'!/#1'1',D!)$!#$)!/Y'%1'8/)1/!&F2',!Z2/!
,'#!3/!8/.%'3$ws!
0)!-'.1&%2,'.D!#/!3/#1'%')!,'#!3&=/./)%&'#!/Y/)1/#!/)!,'#!./,'%&$)/#!,'7$.',/#K!
M$7./!/#1/!1/8'D!/,!/)1./+'3$!Nt!9!3/#1'%'!,'!/#1'7&,&3'3!,'7$.',!Z2/!#/!-./#/)1'!/)!
/,!#/%1$.!-67,&%$H!!
rw^)! 1/8'! -2)12',! Z2/! 1&/)/! 82%G'! &)%&3/)%&'! /)! ,'! %$)=$.8'%&()! 3/,! %$#1$! `! 3/,!
-./%&$!3/! %'3'!-.$32%1$!/#! ,'!8')$!3/!$7.'K! d'! /8-./#'!-.&+'3'! 1$8'!8')$!3/!$7.'! %2')3$!
)/%/#&1'!`!#/!3/#G'%/!3/!,'!8')$!3/!$7.'!%2')3$!)$!)/%/#&1'o! ,'!/8-./#'!/#1'1',!)$!1$8'!`!#/!
3/#G'%/K!d'!/8-./#'!/#1'1',D!1&/)/!2)'!./,'%&()!,'7$.',!3/!-/.8')/)%&'!3/!,'!F/)1/ws!
M$7./!/#1/!1/8'D!/,!/)%2/#1'3$!Nt!<!'F./F'H!!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!S;!r*2e,! /.'! ,'! 3&=/./)%&'! ./',! p/)1./! ,'! /8-./#'! -67,&%'! `! ,'! /8-./#'! -.&+'3'qnK!!
_/%)$,(F&%'8/)1/! )&)F2)'D! ,$! ./',! /.'! Z2/! Z2&Ue#! )$#$1.$#! 1/)5'8$#! 2)! 3&/U! $! 2)! +/&)1/! -$.!
%&/)1$!8e#!3/!F/)1/!Z2/!,$!Z2/!1/)5'!/,!-.&+'3$D!`!Z2/!)2/#1.$#!8/%')$#!3/!=2)%&$)'8&/)1$D!
pwqD!,'#!%$8-.'#!`!1$3$!,$!3/8e#!pwq!./Z2/.5'!2)'!/#1.2%12.'!72.$%.e1&%'!8e#!%'.F'3'K!0#'!/.'!,'!
3&=/./)%&'D!)'3'!8e#Ks!
4$.! $1.'!-'.1/D! /,! /)1./+'3$!Nt!A!-$)/!/,! T)='#&#! /)! ,$#! -.$7,/8'#!Z2/! #/!
F/)/.'7')! -$.!8')1/)/.! 2)'! F/#1&()! -.$32%1&+'! /)!8')$#! 3/! ,'#! W2/.U'#!".8'3'#D!
8/)%&$)')3$! '!8$3$!3/! /R/8-,$D! /,! -.$7,/8'!3/! ,'! %$)1&)2'! .$1'%&()!3/,! -/.#$)',!
8&,&1'.! '#5! %$8$! ,'! %$)1.'-$#&%&()! 3/! $7R/1&+$#! /Y/)1/#! /)1./! ,$#! &)3&+&32$#! `! ,'!
&)#1&12%&()H!!
rw,'#! W2/.U'#! ".8'3'#! /#1e)! -./-'.'3'#! -'.'! $1.'! %$#'K! d'! ,(F&%'! -.$32%1&+'! 1&/)/!
#&)F2,'.&3'3/#!Z2/!./Z2&/./)!-.$=/#&$)',/#!-'.'!/#$K!!pwq!4$.!/R/8-,$!/,!1/8'!3/!,'!.$1'%&()!3/!
-/.#$)',! pwq! k$! /#1$`! 1./#! 'a$#! /)! 2)! -2/#1$! `! 8/! +$`! '! $1.$K! 0#$! F/)/.'! 82%G'#!
3&#%$)1&)2&3'3/#!/)!,'#!&)#1&12%&$)/#D!pwq!/)%&8'!'!$1.$!,'3$!/)!3$)3/!-.$7'7,/8/)1/!G'F'!',F$!
1$1',8/)1/!3&=/./)1/K!pwq!0)1$)%/#D!,'!&)#1&12%&()!3/!3$)3/!#',/D!-&/.3/!'!/#'!-/.#$)'!Z2/!#/!/#1e!
=$.8')3$D!`!,'!Z2/!,$!./%&7/!)$!-2/3/!'-.$+/%G'.!,$!Z2/!T,!'-./)3&(!-$.Z2/!/)!./',&3'3!#/!G'%/!
2)'! %$#'! 1$1',8/)1/! 3&=/./)1/K! 0#$! /#! 2)'! 3/! ,'#! %$#'#! Z2/! F/)/.'7'! 82%G'! &)/#1'7&,&3'3K!
"3/8e#! 82%G'#! /8-./#'#! #/! 1.')#=$.8'.$)! /)! pwq! 1.'8-$,&)/#! -'.'! 3/#-2T#! '#%/)3/.K!
0)1$)%/#D! ,$#! 8&,&1'./#! /#1'7')! 8e#! -./$%2-'3$#! -$.! G'%/.! ',F$! Z2/! ,$#! -.$8$%&$)'.'! '! ,'!
&8'F/)!-67,&%'D!Z2/!-$.D!./',8/)1/D!#/F2&.!,5)/'#!3/!3/#'..$,,$!Z2/!3&/.')!=.21$#!%$)!/,!1&/8-$K!
0)%&8'D!,$#!3/#'..$,,$#!/)!3/=/)#'D!/)!F/)/.',D!%2')3$!#$)!%$#'#!3/!%&/.1'!&8-$.1')%&'!./Z2&/./)!
'a$#D!3T%'3'#!82%G'#!+/%/#!-'.'!Z2/!/,!-.$32%1$!8'32./K!"3/8e#D!pwq!!,'!=$.8'%&()!3/!/,,$#!)$!
/#!2)'!=$.8'%&()!'3/%2'3'!-'.'!,'!-.$32%%&()D!-$.Z2/!'-'.1/!#2#!.$,/#!#$)!$1.$#D!/#!%$8$!-$)/.!
2)!8T3&%$!'!-.$32%&.!%&F}/a',!/)!2)'!=e7.&%'D!)$n!4$3.e#!1/)/.!',F2)'!/Y%/-%&()D!#&/8-./!G'`!
F/)1/! %$)! 1',/)1$#!86,1&-,/#D! -/.$! )$! /#! /,! /#1e)3'.K! N$! #/! %$)#1.2`/! 2)! #/8'! -.$32%1&+$!
#$7./!/Y%/-%&$)/#K!pwq!p_'87&T)Dq!,'!'-,&%'%&()!3/!%.&1/.&$#!Z2/!)$!/.')!,$#!%.&1/.&$#!-.$-&$#!3/!,'!
-.$32%%&()D! $! #/'! )$! #/! -2/3/! 3&.&F&.! %$8$! '! 2)! %2'.1/,!8&,&1'.! '! 2)'! =e7.&%'D! $! 2)! %/)1.$! 3/!
3/#'..$,,$!%&/)15=&%$!1/%)$,(F&%$Ks!
g1.$!F.2-$!3/!/)1./+'3$#D!&3/)1&=&%(!,'!7'R'!./)1'7&,&3'3!%$8$!%'.'%1/.5#1&%'!
&)G/./)1/! 3/! ,'! &)32#1.&'! -'.'! ,'! 3/=/)#'K! 4$.! 1',! 8$1&+$D! /)%$)1.'.$)! /)! ,'!
3&)2%&()! 3/,! -./#2-2/#1$! '#&F)'3$! ,'#! %'2#'#! 3/! ,'! $7#$,/#%/)%&'! 3/! #2#!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!S?!8'Z2&)'.&'#!`!3/,!3/1/.&$.$!/)!,'!%$8-/1&1&+&3'3!3/!#2#!-.$32%1$#D!%$)+&.1&T)3$,'!/)!
7,')%$!-'.'!,'#!-.&+'1&U'%&$)/#K!M$7./!/#1/!1/8'!/,!/)1./+'3$!Nt!:!)$#!3&%/H!
rw1$3$#!#'7/8$#!Z2/!/,!)/F$%&$!3/,!'.8'8/)1$!/)!/,!82)3$!)$!/#!3/8'#&'3$!./)1'7,/!
#',+$! -'.'! ',F2)$#D! )$! /#! %&/.1$n! 4/.$! /)! F/)/.',D! ,$#! -.$32%1$./#! 3/! '.8'8/)1$! ,/#! %2/#1')!
82%G$! 8')1/)/.#/! `! F/)/.',8/)1/! )/%/#&1')! #27#&3&$#! 3/! #2#! -'5#/#D! `! /#1/! /.'! /,! %'#$! 3/!
W'7.&%'%&$)/#!S&,&1'./#K!W'7.&%'%&$)/#!S&,&1'./#!pwq!3/#3/!/,~!>P!`!/,!|;AD!3/-/)3&(!#&/8-./!3/!,$#!
#27#&3&$#!Z2/!,/!3/7')!3/!,$#!'-$.1/#!3/,!1/#$.$K!"!-'.1&.!3/,!|OP!#/!1.'1(!3/!&.!./32%&/)3$!/#$#!
'-$.1/#D! /)1$)%/#! '! W'7.&%'%&$)/#! S&,&1'./#! ,/! %$#1'7'! 82%G$! -$3/.! #27#&.D! )$n! 0)1$)%/#D!
3/.&+'3$!3/!/#$#!-.$7,/8'#!-./#2-2/#1'.&$#D!82%G'#!+/%/#!)$!-$35'!%28-,&.!%$)! ,$#!%$)1.'1$#!
Z2/! 1/)5'! %$)! /,! 0RT.%&1$! `! '! +/%/#! #/! 3/8$.'7'D! -$.! .'U$)/#! -./#2-2/#1'.&'! -2.'! `!
/Y%,2#&+'8/)1/K! pwq! k! /#$#!-.$7,/8'#!-./#2-2/#1'.&$#D! '3/8e#D! &)%&3&/.$)!/)!/,! /Z2&-'8&/)1$!
3/!W'7.&%'%&$)/#!S&,&1'./#K!W2/.$)!'a$#!/)!,$#!Z2/!W'7.&%'%&$)/#!!S&,&1'./#!)$!-23$!&.!./)$+')3$!
,$#!/Z2&-$#!Z2/!&7')!Z2/3')3$!$7#$,/1$#D!/)!',F2)$#!%'#$#D!pwq!pG'#1'!Z2/q! ,,/F(!2)!8$8/)1$!
/)! Z2/! #/! /)%$)1.(! /)! Z2/! 1$3'! #2! 8'Z2&)'.&'D! /Z2&-'8&/)1$! F/)/.',D! 1$3$! #2! '-'.'1$!
-.$32%1&+$!/.'!7'#1')1/!$7#$,/1$! `! /)1$)%/#! ,/! %$#1'7'!82%G$! %$8-/1&.! %$)! ,'#! /8-./#'#!3/,!
/Y1/.&$.ws!
".F28/)1')3$!/)!/#1'!3&./%%&()!/,!/)%2/#1'3$!Nt!A!+&)%2,(!,$#!'%G&%'8&/)1$#!
/)! /,! -./#2-2/#1$! %$)! /,! =/)(8/)$! 3/! ,'! $7#$,/#%/)%&'! `! /,! %$)1/Y1$! 1/%)$,(F&%$!
&)1/.)'%&$)',H!!
rw/#'#! /8-./#'#! `'! +/)5')! 3/#=&)')%&'3'#! 3/! ')1/#K! pwq! 0)! ,'! 8/3&3'! /)! Z2/! ,$#!
#2%/#&+$#! 'R2#1/#! '! -'.1&.! 3/,! ~OPD! +')! %',')3$! -.$=2)3'8/)1/! /)! ,'! /#1.2%12.'! 3/,! 0#1'3$D! #/!
/8-&/U')! '! 3/#=&)')%&'.! -.$=2)3'8/)1/D! `! /,! =/)(8/)$! 3/! ,'! $7#$,/#%/)%&'! /8-&/U'! '! -/F'.!
82`! =2/.1/K!4'.'!',F2)'#!/)%&8'D!/#1/! =/)(8/)$!$%2../!/)!8$8/)1$#!/)!3$)3/!/)!/,!82)3$!
G'`!%'87&$#!/)!/,!-'.'3&F8'!1/%)$,(F&%$!3/!,'#!-.$32%%&$)/#!/#-/%5=&%'#KKKs!
"!#2!+/UD!',!#/.!%$)#2,1'3$!-$.!,'#!%'2#'#!3/!,'!-.&+'1&U'%&()D!%$)1/#1(H!
rwG'75'! ',F2)$#! -.$7,/8'#! 3/! =&)')%&'8&/)1$! /)! ,'#! /8-./#'#D! /#-/%&',8/)1/! /)! ,'!
3/=/)#'!/)!'Z2/,!8$8/)1$!Z2/!-.$+/)5')!1'87&T)!3/!2)!'%G&%'8&/)1$!3/!,$#!F'#1$#!3/,!0#1'3$D!
-.$32%1$! 3/! ,$#! 'R2#1/#! #2%/#&+$#K! "#5! Z2/! 72/)$D! /#$! F/)/.'7'! 2)'! #/.&/! 3/! %$)3&%&$)/#! Z2/!
1$.)'7')D!-'.'!,'!3&.&F/)%&'!3/!,'!T-$%'D!'-/1/%&7,/!,'!-.&+'1&U'%&()!3/!/#1'#!/8-./#'#ws!
M&F2&/)3$!/#1'!,5)/'!'.F28/)1',D!/,!/)1./+'3$!Nt!<!/Y-,&%'H!!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!<7!rw!/)!-'5#/#!-/.&=T.&%$#!%$8$!,$#!)2/#1.$#D!)$!#$,'8/)1/!,'!".F/)1&)'D!#&)$!1'87&T)!/)!
$1.$#!%'#$#!3/!,'!./F&()o!1$3$!,$!Z2/!/#!/,!%$8-,/R$!3/!-.$32%%&()!3/!'.8'8/)1$D!/,!%$8-,/R$!3/!
-.$32%%&()! 3/! &)32#1.&'#! 3/! ,'! 3/=/)#'! /#! 2)! %$8-,/R$! Z2/! /.'! 3/=&)&3$! %$8$! ',1'8/)1/!
&)/=&%&/)1/K! m4$.! Z2T! /#! ',1'8/)1/! &)/=&%&/)1/n! 4$.Z2/! /)1./! $1.'#! %$#'#D! )$! /Y-$.1'7'! $!
/Y-$.1'7'!82`!-$%$o! `! -$.Z2/!3/8')3'7'!3/!82%G$#! #27#&3&$#! -$.! -'.1/! 3/,! 0#1'3$!-'.'! #2!
=2)%&$)'8&/)1$K! 0)1$)%/#D! %,'.'8/)1/! 3/#3/! /,! 3&'F)(#1&%$! )/$,&7/.',D! /.'! 2)! #/%1$.! Z2/!
3/8')3'7'!$!./Z2/.5'!2)!'R2#1/!3.e#1&%$s!
d2/F$!'F./F'H!!
rwH! d'!".F/)1&)'!G'! '-./)3&3$! %&/.1'#! %$#'#D! `! 2)'!3/! ,'#! %$#'#! Z2/!G'! '-./)3&3$! /#! Z2/! #2!
&)32#1.&'!8&,&1'.!)$!-2/3/!#/.!1')!3/=&%&1'.&'!`!1')!&)/=&%&/)1/!%$8$!,$!=2/!G(.&%'8/)1/!pwq!,'!7'#/!/#!
Z2/!)$!+')!'!#/.!./)1'7,/#K!0)1$)%/#D!/,!1/8'!/#!Z2/!)$!-&/.3')!1')1$!3&)/.$D!F/)/.'.!./%2.#$#!3/#3/!
2)!,2F'.!3$)3/!#$#!8e#!/=&%&/)1/Ks!
0)! ./#28/)D! 1$3$#! ,$#! /)1./+'3$#! -/.%&75')! &)/=&%&/)%&'#! Z2/! #/!
8')&=/#1'7')! /)! 2)'! 7'R'! ./)1'7&,&3'3! 3/,! %$8-,/R$! -.$32%1&+$! 3/! ,'! \&./%%&()!
V/)/.',! 3/! W'7.&%'%&$)/#! S&,&1'./#K! ",F2)$#D! '#$%&'.$)! 1',/#! &)/=&%&/)%&'#! %$8$!
./#2,1'3$! 3/! 2)'! F/#1&()! -67,&%'! `! 3/! ,'#! W2/.U'#! ".8'3'#D! -23&/)3$! &3/)1&=&%'.! /)!
/,,$#!,$#!r&)%/)1&+$#!&)3&+&32',/#s!Z2/!#/F6)!!M1&F,&1U!?p9;OAq!9;OOB!#$)!F/)/.'3$./#!3/!
,'#!&)/=&%&/)%&'#!3/,!/#1'3$!/8-./#'.&$K!4$.!$1.'!-'.1/D!1'87&T)!#/!&3/)1&=&%'.$)!3&%G'#!
&)/=&%&/)%&'#! %$8$! &)G/./)1/#! ',! 1&-$! 3/! &)32#1.&'D! /)%$)1.')3$! ='%1$./#! 1',/#! %$8$!
)/%/#&3'3! 3/! #27#&3&$#D! =2/.1/#! `! %$)#1')1/#! &)+/.#&$)/#! `! 2)'! .e-&3'! $7#$,/#%/)%&'!
1/%)$,(F&%'K!
X08040 *@#)*.&-A#B-C#D-('%)*$%*,#*F-&%DD-E'*J%'%&#,*$%*K#/&-D#D-('%)*L-,-B#&%)*!
N$!$7#1')1/!/,!./%$)$%&8&/)1$!!3/!,'!/Y/)%&'!3/!&)/=&%&/)%&'#!-$.!-'.1/!3/!,$#!
/)%2/#1'3$#D! +'.&$#! 3/! /,,$#! #&)1&/.$)! ,'! )/%/#&3'3! 3/! 3/#1'%'.! =./)1/! ',! 1/8'!
-,')1/'3$D!-'.1&%2,'.&3'3/#!3/! ,'!-2/#1'!/)!-.e%1&%'!3/,!-.$%/#$!3/!-.&+'1&U'%&()K!0)!
/#1/! #/)1&3$D!82%G$#! 3/! ,$#! /)1./+'3$#! G&%&/.$)! G&)%'-&T! /)! /,! G/%G$! 3/! Z2/! ,'#!
-.&+'1&U'%&$)/#! Z2/! #/! %$)%./1'.$)! '7'.%'.$)! -.&)%&-',8/)1/! '! 'Z2/,,'#! 2)&3'3/#!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!<3!-.$32%1&+'#!Z2/!/.')!./)1'7,/#D!%$8-/1&1&+'#D!%$)!2)!)&+/,!1/%)$,(F&%$!'3/%2'3$!`!%$)!
%'-'%&3'3!/Y-$.1'3$.'K!
0)!,5)/'!%$)!,$!8/)%&$)'3$D!/,!&)=$.8')1/!Nt!9!/Y-./#'H!!
rw/)!WS!)$!#/!-.&+'1&U(D!-.&8/.$!,$!)$!./)1'7,/D!#&)$!Z2/!-$.!/,!%$)1.'.&$D!,$!Z2/!$712+$!
8'`$.! &)1/.T#!3/! ,$#! &)+/.#$./#!-.&+'3$#! =2/! R2#1'8/)1/!'Z2/,,'#! =e7.&%'#!Z2/D!$!-.$32%5')!/)!
1T.8&)$#! /%$)(8&%$#! 7/)/=&%&$#$#D! $! #/'! =e7.&%'#! ./)1'7,/#D! $! 'Z2/,,'#! =e7.&%'#! Z2/! ,/#!
./-./#/)1'7')! 2)'! %$8-/1/)%&'! '! #2#! -.$32%1$#D! pwqD! -/.$! '3/8e#! pwq! /,'7$.'7'! $1.$#!
-.$32%1$#D!Z2/!&)%,2#$!#/!/Y-$.1'7')!`!1/)5')!2)!&8-$.1')1/!&)F./#$!',!F.2-$!/%$)(8&%$!WSDs!
0,!/)1./+'3$!Nt!<D!',!G'%/.!./=/./)%&'!'!,'!WS0*"!3/1',,'H!
rw#/! /Y-$.1'7'! '! 0#1'3$#! ^)&3$#Kpwq1.'7'R'! ,$#! 1./#! 12.)$#D! $! #/'! 1.'7'R'! %$8$! 2)'!
/8-./#'!-.&+'3'D! `!/.'! 1')!/=&%&/)1/D! 1')!/=&%&/)1/!`!-.$32%5'!+$,68/)/#! %$8$! ,'! %$8-/1&3$.'!
)2/#1.'!3/! ,'! &)32#1.&'!-.&+'3'K! pwq!/.'!2)'!=e7.&%'!./)1'7,/D!'!-/#'.!3/!Z2/!/.'!3/,!0#1'3$!/.'!
./)1'7,/K!N$!1/)5'!3T=&%&1K!_',!+/U!-$.!8')/R'.!2)!-.$32%1$!Z2/!1&/)/!2)!',1$!+',$.!`!3/8e#D!-/.$!
/.'! ./)1'7,/! pwq! p4.$32%5'q! %$#'#! &)%,2#&+/! Z2/! )&! ./8$1'8/)1/! G'%5'! C.'#&,! /)! /#'! T-$%'! pwq!
1/)5')!8e#!=e7.&%'#!Z2/!)$#$1.$#D!-.$32%5')!8'`$.!+$,28/)!-$.!2)!1/8'!3/!/#%','!3/!-'5#D!-/.$!
)$!1/)5')!2)'!=e7.&%'!%$)!,'!1/%)$,$F5'!3/!-2)1'!%$8$!,'!Z2/!1/)5'8$#!)$#$1.$#s!
4$.!#2!-'.1/D!#/F6)!/,!/)1./+'3$!Nt!PH!!
rw1/)5'#! 2)! %$8-,/R$! Z2/! /.'D! -'.'! 2)! -'5#! %$8$! /,! )2/#1.$D! 7'#1')1/! &8-$.1')1/D! `!
R2)1$! %$)! /,! 3/! C.'#&,D! ,$#! 3$#! 8e#! &8-$.1')1/#! 3/! d'1&)$'8T.&%'! -$.! ,/R$#K! pwq! M/! -.$32%5')!
1/%)$,(F&%'8/)1/!'.8'8/)1$!Z2/!/.'!3/8')3'3$!/)!/,!82)3$K!0.'!'.8'8/)1$!Z2/!-$3.5'!#/.!
+/)3&3$! 82`! =e%&,8/)1/D! 3/! G'7/.! /Y&3$! 2)'! /#1.'1/F&'! 3/! %$8/.%&',&U'%&()! &)1/.)'%&$)',!
'-.$-&'3'K! pwq! 0.')! -.$32%1$#! Z2/! -$3.5')! G'7/.! #&3$! %$8-.'3$#! -$.! $1.$#! -'5#/#D! -/.$! 3/!
+2/,1'!=',1(D!8/!-'./%/!8e#!+&#&()!&)1/.)'%&$)',ws!
0)!,'!3/#%.&-%&()!3/,!&)=$.8')1/!Nt!@!3/#1'%'H!!
rWS! /#! 2)! $.F')$! Z2/! 1/)5'! %'1$.%/! /#1'7,/%&8&/)1$#! -.$32%1&+$#D! 3/! ,$#! %2',/#D!
82%G$#!/.')!82`!./)1'7,/#K!!k!/#$#!/#1'7,/%&8&/)1$#!-.$32%1&+$#!#/!-.&+'1&U'.$)!-$.!%$8-,/1$s!
W&)',8/)1/D!/,!/)%2/#1'3$!Nt!:!'=&.8'H!
!rS2)&%&$)/#D!W'7.&%'%&$)/#!S&,&1'./#!/#1'7'!/)!%$)3&%&()!3/!-.$+//.,'#D!`!/)!,'!8'!
%',&3'3!3/! #2#! &8-$.1'3$#D!3/! ,$#! #&8&,'./#! &8-$.1'3$#K! d$!8$!',F2)$#!-.$32%1$#! %$8$! ,$#!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!<4!=2#&,/#D!%$8$!,$#!/Y-,$#&+$#K!h'75'!82%G$#!-.$32%1$#!Z2/!#5!/#1'7')!/)!%$)3&%&$)/#!3/!%$8-/1&.!
%$)!,$#!3/,!/Y1/.&$.Ks!
"! -'.1&.! 3/! /#1'#! 6,1&8'#! &8-./#&$)/#! 3/! ,$#! /)1./+'3$#D! -$3/8$#! %$)%,2&.!
Z2/!#5!7&/)!%'#&!1$3$#! &3/)1&=&%'.$)!'#-/%1$#!Z2/!G'%5')!'! ,'! &)/=&%&/)%&'!3/!,'!\VWSD!
)$! %$)#&3/.'7')!Z2/!/#1/!'#-/%1$! =2/.'! ,'! .'U()!Z2/! ,,/+(!'! #2!-.&+'1&U'%&()K!4$.!/,!
%$)1.'.&$D!1$3$#!,$#!/)1./+'3$#!12+&/.$)!,'!)/%/#&3'3!3/!3/R'.!/)!%,'.$!Z2/!',F2)$#!
/#1'7,/%&8&/)1$#! ./#-$)35')! '!-'.e8/1.$#!3/! ./)1'7&,&3'3D! %',&3'3D! %$8-/1&1&+&3'3! `!
)&+/,! 1/%)$,(F&%$! '%$.3/#! '! ,'#! /Y&F/)%&'#! 3/,! 8/.%'3$D! /! &)%,2#$D! /)! ',F2)$#! %'#$#!
#2-/.&$./#! '! #2#! %$8-/1&3$./#D! #&/)3$! /#1$#! ,$#! 8'`$./#! '1.'%1&+$#! -'.'! #2!
-.&+'1&U'%&()K!!
H0?0 '"+-"=-45&,6",):#,"&-$"#<(6:#,#:*+",)(#,-:&#"-$"&-4(#,6"),=+:-"#:,6",=+4.(<4>(-45&,
“!es para que se te caiga una lágrima; o varias!”
Informante Clave Nº 2
M/! -&3&(! '! ,$#! /)%2/#1'3$#! Z2/! $-&)'.')! #$7./! /,! &8-'%1$! Z2/! 12+$! ,'!
-.&+'1&U'%&()!3/!,'!\VWS!/)!/,!'7'#1/%&8&/)1$!3/!,'#!W2/.U'#!".8'3'#K!"!%$)1&)2'%&()!
#/!3/#%.&7/)!'Z2/,,'#!%$)#/%2/)%&'#!Z2/!#/!G')!&3/)1&=&%'3$!/)!$.3/)!3/!&8-$.1')%&'K!
X0S030 +N&$-$#*$%*D#.#D-$#$%)*
d'! 8'`$.5'! 3/! ,$#! /)1./+'3$#! %$)#&3/.(! Z2/! /,! -.&)%&-',! &8-'%1$! 3/! ,'!
-.&+'1&U'%&()!=2/!,'!-T.3&3'!3/!,'#!%'-'%&3'3/#!-.$32%1&+'#!3/!,'!\VWSD!1')1$!3/#3/!/,!
-2)1$! 3/! +'! 3/! ,'#! -.$32%%&$)/#! Z2/! )$! -23$! #/F2&.! ./',&U')3$D! '#5! %$8$! 3/! ,'!
$7#$,/#%/)%&'! 3/! #2#! /Z2&-$#D! 3/1/.&$.$! 3/! #2#! &)#1','%&$)/#D! `! 3/! ,'! -T.3&3'! 3/!
%$)$%&8&/)1$!`!G'7&,&3'3/#!3/!-/.#$)',!%'-'%&1'3$K!!
M$7./!/#1/!1/8'!#/!3/#1'%')!,$#!%$8/)1'.&$#!3/,!/)1./+'3$!Nt!<!Z2/!3&%/H!
rw/,!&8-'%1$!G'!#&3$!F.')3/D!-$.Z2/!$7+&'8/)1/!3/!2)!+$,28/)!3/!=e7.&%'#!1')!F.')3/!
Z2/! -.$32%5')! 1')1'! %')1&3'3! 3/! &)#28$! '! ,$! Z2/! Z2/3(D! Z2/! )$! #$,'8/)1/! /#! ,$! Z2/! Z2/3(K!
{2/3'.$)!%2'1.$!=e7.&%'#D!-/.$!./32%&3'#!-.e%1&%'8/)1/!'!2)!%2'.1$!3/!,$!Z2/!/.')K!0)1$)%/#!#/!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!<8!-/.3&/.$)!82%G'#! %'-'%&3'3/#!-.$32%1&+'#! pwq! 0)! ,'! 3T%'3'!3/,! #/1/)1'!G'%5'8$#!82%G5#&8'#!
%$#'#!Z2/!1$3'+5'!G$`!)$!#/!G'%/)!/)!,'!".F/)1&)'D!%$)!,'!&)32#1.&'!=/..$+&'.&'D!%$)!,'!&)32#1.&'!)$!
#$,'8/)1/! 8&,&1'.D! %$)! ,'! &)32#1.&'! -$.12'.&'D! %$)! ,$! Z2/! #/! 1/! $%2..'K! *$#'#! &)%,2#&+/! Z2/! )&!
./8$1'8/)1/!G'%5'!C.'#&,!/)!/#'!T-$%'K!k!'G$.'!/,,$#!G'%/)!3&/U!+/%/#!8e#!Z2/!)$#$1.$#D!-$.Z2/!
#&F2&/.$)!'+')U')3$D!/+$,2%&$)')3$o!`!)$#$1.$#D!)$! #$,'8/)1/!)$!%./%&8$#!#&)$!Z2/!-/.3&8$#!
&)%,2#&+/!%'-'%&3'3/#!&)32#1.&',/#D!-/.$!3/!2)'!=$.8'!Z2/!3'!-/)'Ks!
4$.!#2!-'.1/D!/,!/)1./+'3$!Nt!9!'F./F'H!!
rM/!/Y1.'5'!/,!'U2=./D!'!-'.1&.!3/,!F'#!#/!='7.&%'7'!/,!'8$)5'%$D!`!3/!'G5!1$3'!,'!%'3/)'!
G'#1'! Z2/! #/! ,,/F'! '! ,'! 3&#-$)&7&,&3'3! 3/! -(,+$.'! /,'7$.'3'o! ='7.&%'7'! /,! ,'1()!8&,&1'.D! Z2/! )$!
1&/)/!'-,&%'%&$)/#!3/!2#$!%&+&,D!/#!3/#1&)'3$!=2)3'8/)1',8/)1/!'!!,'!-.$32%%&()!3/!+'&)'#!`!$1.'#!
-'.1/#! 3/! ,'!82)&%&()! 3/! 2#$!8&,&1'.D! `! 1$3'#! /#'#! %'-'%&3'3/#D! %$)! ,'! -.&+'1&U'%&()! #/! =2/.$)!
-/.3&/.$)K! pwq! \/! /#'! =$.8'D! WS! 3&/U8'3'D! #&)! -./#2-2/#1$D! G'7&/)3$! -/.3&3$! /,! 1./)! `! ,'#!
%'-'%&3'3/#!3/,!F.2-$D!8',!-$35'!%$8-/1&.!/)!%',&3'3!`!-./%&$!%$)!,'#!&)32#1.&'#!8&,&1'./#!3/!,$#!
-'5#/#!8e#!3/#'..$,,'3$#K!
0,! &)=$.8')1/! Nt! @! -2#$! #2! '%/)1$! /)! ,'! -T.3&3'! 3/! ,'#! %'-'%&3'3/#! 3/!
3/#'..$,,$!'#5!%$8$!/)!,'#!3/!-.$32%%&()H!!
rw\/#3/!/,!-2)1$!3/!+'!3/,!3/#'..$,,$!#/!-/.3&/.$)!1$3'#!,'#!%'-'%&3'3/#D!,'!8'`$.5'!
3/! ,'#! %'-'%&3'3/#K! \/#3/! /,! -2)1$! /,! +'! 3/! ,'! -.$32%%&()D! Z2/! 1'87&T)! 1&/)/! -'.1/! 3/!
3/#'..$,,$D!/#!3/%&.D!2)'!%$#'!/#!/,!3/#'..$,,$!!-.$1$15-&%$!`!$1.'!%$#'!/#!-$3/.!-.$32%&.!!/)!#/.&/!
/#/!3/#'..$,,$!-.$1$15-&%$!Z2/!1&/)/!Z2/!+/.!%$)!$1.$!1&-$!3/!%$)$%&8&/)1$!Z2/!1&/)/!Z2/!+/.!%$)!
,'!-2/#1'!'!-2)1$D!%$)!,'!%',&3'3!3/,!-.$32%1$!3/#'..$,,'3$D!#/!-/.3&/.$)!%$8-,/1'8/)1/Ks!
W&)',8/)1/D!3/!,'#!./#-2/#1'#!3/,!/)%2/#1'3$!Nt!:!#/!/Y1.'/!Z2/H!!
rw#/! /,&8&)(! /)! -$%$#! 'a$#! 1$3'#! ,'#! %'-'%&3'3/#! -.$32%1&+'#! Z2/! 1/)5'! /,! -'5#! /)!
8'1/.&'! 3/! '.8'8/)1$! `! Z2/! 1')1$#! 'a$#! G'75'! %$#1'3$! /3&=&%'.K! pwq! -.$32R/.$)D! )$!
3/#'7'#1/%&8&/)1$D!-/.$! ,'!-T.3&3'!3/,!-'5#D!3/! ,'!-$#&7&,&3'3!3/!'7'#1/%/.!'! ,'#!W2/.U'#!3/!2)!
-.$32%1$! /,'7$.'3$! ,$%',8/)1/D! `! Z2/! #5! /#1'7'! /)! ,'#!8'#! %$)3&%&$)/#! 1/%)$,(F&%'#! 3/! #2!
#&8&,'.!/)!/,!/Y1/.&$.D!`!-.$7'7,/8/)1/!3/!-./%&$#!1'87&T)Ks!
0)! ./,'%&()! '! ,'! -T.3&3'! 3/! %'-'%&3'3/#! /)! -/.#$)',! %',&=&%'3$D! ',F2)$#!
/)1./+'3$#!1'87&T)!'F./F'.$)!,'#!F.')3/#!%')1&3'3/#!3/!=2/)1/#!3/!1.'7'R$!Z2/!#/!
-/.3&/.$)!`!#2!%$)#/%2/)1/!&8-'%1$!#$%&',K!M$7./!/#1/!1/8'!/,!/)1./+'3$!Nt!P!3&%/H!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!<S!rw! /)! ,$#! )$+/)1'! #/! 3/#8')1/,(! 1$3$D! ,$#! 1T%)&%$#D! ,$#! &)F/)&/.$#! #/! =2/.$)D! #/!
R27&,'.$)D!)$!/#1e)!8e#o! ,$#! 1$.)$#D! ,'!8'Z2&)'.&'! #/!/%G(!'!-/.3/.K!0)1$)%/#D! 1$3$! ,$!Z2/!/.'!
2)'!/)$.8/!&)=.'/#1.2%12.'D!$!#/!3/#1.2`(!$!#/!3/1/.&$.(D!1')1$!3/#3/!/,!-2)1$!3/!+'!G28')$!
%$8$!8'1/.&',K! pwq!8&,/#!3/!/8-,/'3$#!Z2/!Z2/3'.$)!/)! ,'! %',,/K! _2+$! %$)#/%2/)%&'#! #$%&',/#!
&8-$.1')1/#K! *./$! Z2/! /,! -.&)%&-',! &8-'%1$! =2/! #$%&',D! `! ,2/F$! /,! $1.$! &8-'%1$! =2/! #$7./! ,'#!
W2/.U'#!".8'3'#K!
4$.!#2!-'.1/D!',!G'%/.!8/)%&()!3/!,$#!/#=2/.U$#!Z2/!#/!3')!/)!,'!'%12',&3'3!-'.'!
./%2-/.'.!,'#!%'-'%&3'3/#!!-T.3&3'#D!/,!/)1./+'3$!Nt!A!'F./F'H!!
rw! #$)! 32.5#&8$#! ,$#! &)1/)1$#! 3/! ./%2-/.'%&()! 3/! /#1'#! /8-./#'#D! -$.Z2/! +$#! 1/)/#!
/#1.2%12.'#!82`! F.')3/#D! Z2/! /#1e)D! Z2/! )$! 1&/)/)! `'! /,! -/.#$)',! '3/%2'3$D! $! )$! 1&/)/)D! /#'!
F/)1/! )$! 1&/)/! ,$#! %$)$%&8&/)1$#! '3/%2'3$#D! Z2/! /#1e)! 1$1',8/)1/! 3/#=&)')%&'3'#D! )$! 1/)/#!
8/.%'3$#!1'8-$%$!=e%&,/#!-'.'!#2#!-.$32%1$#ws!
0,!/)1./+'3$!Nt!@!21&,&U(!/,!/R/8-,$!3/!_"N\"NgE!-'.'!F.'=&%'.!/,!-.$7,/8'!
3/!)$!%$)1'.!%$)!-/.#$)',!%'-'%&1'3$H!!
!rw! p_"N\"NgEq! 1&/)/! Z2/! &.! '! 72#%'.! #$,3'3$./#! Z2/! 1&/)/)! #/1/)1'! 'a$#! -'.'! Z2/!
%'-'%&1/)!'!,$#!%G&%$#!8e#!R(+/)/#K!N$#$1.$#!G/8$#!1/)&3$!,$#!8$#!-.$7,/8'#!%2')3$!G/8$#!
1/)&3$! Z2/! 1.'7'R'.! /)! ',F2)'! #$7./! ',F6)! -.$1$1&-$! 3/! %'a()! $! 3/! '.8'#! Z2/D! -$.! /R/8-,$D!
)/%/#&1')!',F6)!1&-$!3/!#$,3'32.'!/#-/%&',!$!1.'7'R'.!%$)!2)!'%/.$!/#-/%&',!$!',F6)!8/%')&U'3$!
/#-/%&',D!3$)3/!#(,$!',F2)'#!-/.#$)'#!3/!,'#!Z2/!/#1e)!/)!,'!-,')1'!#'7/)!G'%/.,$D!82`!-$%'#!/)!
F/)/.',ws!
4$.!6,1&8$D!/,!/)%2/#1'3$!Nt!<!'=&.8'H!!
r\$)3/! G'75'! 8&,! %2'1.$%&/)1'#! -/.#$)'#! 1.'7'R')3$D! =2/)1/#! 3/! 1.'7'R$! Z2/! #/!
-/.3&/.$)! `! Z2/! ,'8/)1'7,/8/)1/! ,,/+'! 8e#! 3/! 3$%/! 'a$#! -'.'3$! /#$! 'G5D! 1/)&/)3$! 2)'!
1/%)$,(F&%'D!Z2/!1$3'+5'!#&F2/!#&/)3$!2)'!82`!72/)'!1/%)$,$F5'D!`!Z2/!/,!-'5#!)$!,'!'-.$+/%G'K!
0#!2)!%.&8/)!pwq!0#1e!'G5D!72/)$!-/.$!+/#D!/#!-.$-&/3'3!-.&+'3'!pwq!k!'G$.'!Z2/!#/!1/.8&)'.$)!
,$#!./#F2'.3$#!)$!#T!Z2T!-$3.e!-'#'.K!M&!/)!',F6)!8$8/)1$D!-$.Z2/!,$#!,'8&)'3$./#!Z2/!G'`!'G5D!
,$!1&/)/)!,$#!7.'#&,/a$#!)'3'!8e#!/)!"8T.&%'!3/,!M2.K!0,,$#!`!)$#$1.$#K!k!)$#$1.$#!#&)!21&,&U'.,$s!
X0S040 F%)#.#&-D-E'*$%*.&($"DD-E'*'#D-('#,*[*$-G-D",B#$*%'*%,*#/#)B%D-M-%'B(0*!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!<<!g1.$! '#-/%1$! Z2/! =2/!8/)%&$)'3$!-$.! ,'!8'`$.5'! 3/! ,$#! /)1./+'3$#! =2/! ,'!
3&=&%2,1'3! /)! /,! '7'#1/%&8&/)1$! 3/! 3/1/.8&)'3$#! 7&/)/#D! -$.! -'.1/! 3/! ,'#! =2/.U'#D!
3/7&3$!'!,'!&)/Y/)%&'!3/!$=/.1'!/)!/,!8/.%'3$!)'%&$)',K!E/#-/%1$!3/!/#1/!-2)1$D!,$#!
/)%2/#1'3$#!./#',1'.$)!8e#!/,!&8-'%1$!/)!/,!'7'#1/%&8&/)1$!3/!,'#!8'#D!Z2/!/)!,'!
)/%/#&3'3! 3/! 1/)/.! Z2/! ./%2..&.! '! 7&/)/#! &8-$.1'3$#K! ! 0#1$D! )$! #$,$! '=/%1(! /,!
'7'#1/%&8&/)1$! 3/! ,$#! ./Z2/.&8&/)1$#! 3/! ,'#! W2/.U'#! ".8'3'#D! #&)$! 1'87&T)! /)! ,$#!
&)#28$#!)/%/#'.&$#!-'.'!,'!-.$32%%&()!3/!3&%G$#!7&/)/#!=&)',/#K!!
M$7./!,'#!3&=&%2,1'3/#!/)!/,!'7'#1/%&8&/)1$D!/,!/)1./+'3$!Nb!9!'a'3/H!!
rwG$`!WS!1&/)/!F.')3/#!3&=&%2,1'3/#!-'.'!$71/)/.!,'1()!8&,&1'.!Z2/!)/%/#&1'!-'.'!G'%/.!
82)&%&$)/#!-/Z2/a'#!`!8e#!3&=5%&,!1$3'+5'!%2')3$!#/!1.'1'!3/!G'%/.!82)&%&()!3/!F.2/#$#!%',&7./#!
Z2/!,,/+'!2)!,'1()!3/!8'`$.!3&8/)#&()!=5#&%'D!8'`$.!/#-/#$.K!!pwq!1$3'!,'!-'.1/!3/!,'#!&)32#1.&'#!
3/!W'7.&%'%&$)/#!pS&,&1'./#q!Z2/!#/!3/3&%'7'!'!,'!-.$32%%&()!3/!'%/.$!`!3/!,'8&)'3$#!'!-'.1&.!3/,!
'%/.$!Z2/!-/.8&15'!,'!/,'7$.'%&()!3/!'.8'#D!%$#'!Z2/!G$`!)$!#/!-2/3/!G'%/.K!h$`!-'.'!%2',Z2&/.!
'.8'! Z2/! WS! &)1/)1/D! -,')//! ='7.&%'.o! '.8'#! Z2/! 1/)F')! %$8-$)/)1/#D! -$.! /R/8-,$D! Z2/! /,!
%'a()!#/'!3/!2)!'%/.$!3/!3/1/.8&)'3'!%',&3'3D!)$!#/!%$)#&F2/!/)!/,!-'5#D!`!)$!#/!-2/3/!G'%/.Ks!
_'87&T)!'F./F'H!!
rwh$`!)$!3&#-$)/)!,'#!WW""!3/!8'1/.&',!-&.$1T%)&%$!)'%&$)',K!0#'!=e7.&%'!=2/!-.&+'1&U'3'!
`!%/..'3'D!/.'!,'!We7.&%'!3/!4&.$1/%)&'K!h$`!Z2/3(!-.e%1&%'8/)1/!2)!-$%$!3/!,$!Z2/!/#!3'#&+$#!
Z258&%$#D! ,$! /#1e! 1.'7'R')3$! C/,1.e)K! 4/.$! -$.! /R/8-,$D! 1$3$! ,$! Z2/! #$)! ,'#! 7/)F','#! Z2/! #/!
21&,&U')! -'.'! #/a','8&/)1$D! ,'#! 7$87'#! 3/! G28$D! ,$#! #&82,'3$./#! 3/! /Y-,$#&()D! -'.1/! #/! /#1'!
./%2-/.')3$!`!-'.1/!)$!#/!+'!'!./%2-/.'.!-$.!%'./%/.!3/!/#'!=e7.&%'!Z2/!-/.8&15'!-.$32%&.,'Ks!
4$.!#2!-'.1/D!/,!/)1./+'3$!Nb!@!#/a','H!
rh$`! /)! 35'! )$! G'`! -.$32%%&()! 3/! '.8'#! ,&+&')'#! 3&./%1'8/)1/D! #/! -.$32%/)! #$,$!
-$,'#o! )$! G'`! -.$32%%&()! 3/! #/8'#! 3/! '.8'#D! 3/! )&)F6)! #/8'! 3/! '.8'D! /Y%/-1$! ,'!
,')U'3$.'!3/!*4PcD!$!#/'!/,!#/8'!3/!,')U'%$G/1/#!86,1&-,/o!)$!G'`!-.$32%%&()!3/!7,&)3'3$#K!
_$3'!/#'!-'.1/!#/!-/.3&(Ks!
*&1')3$!/,!/R/8-,$!3/!,'!WS0*"D!/,!/)1./+'3$!Nb!:!&)3&%'H!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!<X!rw'G$.'! 1$3$! /#/! 8'1/.&',! G'`! Z2/! &8-$.1'.,$K! 4/.$! /)! /,! 8$8/)1$! /)! /,! Z2/! ,$!
%/..'.$)D!#/!'%'7'.$)!,'#!%'-'%&3'3/#!-.$32%1&+'#!`!'G$.'!#/!,$!1&/)/!Z2/!&8-$.1'.Ks!
M$7./!/#1/!8$!/R/8-,$D!/,!&)=$.8')1/!Nb!9!3/%,'.'H!
!rw,'!0*"!12+$!2)'!F.')!&)+/.#&()!-./+&'!',!8$8/)1$!3/!,'!-.&+'1&U'%&()K!C2/)$D!/#'!=2/!
2)'!3/!,'#!Z2/!#/!%$8-.(D!`!/)!./',&3'3!)$!#&F2&(!=2)%&$)')3$D!-$.Z2/!/,!F.2-$!&)+/.#$.!/.'!3/!
$.&F/)! %G&,/)$! `! ,'! ./',&3'3! /#! Z2/! ,'! %$8-.'.$)! -'.'! %/..'.,'K! Se#! ',,e! 3/! Z2/! /,! %$)1.'1$!
/Y&F&/.'! 8')1/)/.,'! $-/.'1&+'! -'.'! /,! %'#$! )/%/#'.&$K! 0)! ,'! -.e%1&%'D! /,! ./#2,1'3$! =2/! Z2/! #/!
%$8-.(!-'.'!%/..'.,'Ks!!
W&)',8/)1/!/,!/)1./+'3$!Nb!<!./#28/H!
r",F2)'#! #/! -.&+'1&U'.$)! -'.'! 3/#'-'./%/.D! ',F2)'#! #/! -.&+'1&U'.$)! `! #&F2&/.$)! 2)!
-/.5$3$! %$.1$! $! 2)! -/.5$3$! ./,'1&+'8/)1/! %$.1$D! `! -$.! 2)'! #&12'%&()! 3/! 8/.%'3$! $! 3/,! -'5#D!
3/R'.$)! 3/! =2)%&$)'.! `! ',F2)'#! 3&./%1'8/)1/! 3/#'-'./%&/.$)K! d'! -.&+'1&U'%&()! )$! 12+$! 2)'!
%$)1&)2&3'3!&)32#1.&',!-$#1/.&$.Ks!
M$7./!,'!3&=&%2,1'3!/)!/,!'7'#1/%&8&/)1$!3/!,'#!W2/.U'#!".8'3'#D!/,!/)1./+'3$!
Nb! 9! G'%/! )$1'.! /,! G/%G$! 3/! Z2/! ',F2)$#! -.$32%1$#! 3&./%1'8/)1/! )$! 1&/)/)! 2)!
8/.%'3$H!!
rw1$3'#! /#1'#! %2/#1&$)/#! Z2/! 2)$! /)! ./',&3'3! )/%/#&1'! -.$32%&.,'#! #&8-,/8/)1/! -'.'!
-$3/.!G'%/.#/D!-$.Z2/!3&F'8$#!)$!/#!1')!=e%&,!%$8-.'.!/#1'#!%$#'#!/)!/,!8/.%'3$!&)1/.)'%&$)',D!
pwq!1$3$!'Z2/,,$!Z2/!1/)F'!',F2)'!-$1/)%&',&3'3!3/!/8-,/$!3&=/./)1/!'!,$!Z2/!#/'!/#1.&%1'8/)1/!
%&.%2)#%.&-1$! '! ,$! %$8/.%&',! 1&/)/! ./#1.&%%&$)/#! `! )&! #&Z2&/.'! /#! %2/#1&()! 3/! 1/)/.! ,'! -,'1'! -'.'!
-'F'.,$D!$!#/'!/)!',F2)$#!%'#$#!)$!#/!+/)3/Ks!!
4$.! 6,1&8$D! /,! /)1./+'3$! Nb! P! 'F./F'! $1.'! %$)#/%2/)%&'! Z2/! &8-'%1'!
3&./%1'8/)1/!'!,'#!W2/.U'#!".8'3'#D!`!/#!,'!3&)2%&()!/)!,'!%')1&3'3!3/!/R/.%&%&$#K!!
r4$.! 2)! ,'3$! '=/%1(! ,'! -$#&7&,&3'3! 3/! ./)$+'.! %$)! /Z2&-'8&/)1$! )'%&$)',! /,!
/Z2&-'8&/)1$!3/,!/RT.%&1$!#$7./!1$3$o!`!'3/8e#!'=/%1(! ,'!-.$+&#&()!3/!82)&%&()! ,&+&')'D! ,$!%2',!
'#&8$! ,&8&1(! ,$#! /R/.%&%&$#D! ,&8&1(! /,! 2#$! 3/! ,'#! '.8'#K! pwq! /)! ,'! ".F/)1&)'! #/! -.$32%5'!
82)&%&()! 3/! 3&)1$! %',&7./K! d2/F$! 3/,! %&/../! 3/! ',F2)'#! =e7.&%'#! #/! 3/R(! 3/! -.$32%&.! /#'!
82)&%&()D! `! /#1$! ./-/.%21&(! /)! %')1&3'3! 3/! /R/.%&%&$#D! `! /)! Z2/! /#'! 82)&%&()! #/! 12+&/.'! Z2/!
%$8-.'.!'=2/.'D!%$)!,'#!3&=&%2,1'3/#!3/,!%'#$Ks!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!<>!0)! %$)%,2#&()D! 3/,! ')e,&#&#! 3/! ,'#! /)1./+'#! ./',&U'3'#! #/! 3/#-./)3/! Z2/! ,'!
8'`$.5'!3/!,$#!/)1./+'3$#!G'!&3/)1&=&%'3$!Z2/!,'!-.&)%&-',!%$)#/%2/)%&'!3/,!-.$%/#$!
3/! -.&+'1&U'%&$)/#! 3/! ,'! \VWS! =2/! ,'! -T.3&3'! 3/! %'-'%&3'3/#! -.$32%1&+'#D! 1')1$! 3/!
-.$32%1$#!Z2/!#/!G')!3/R'3$!3/!-.$32%&.D!3/1/.&$.$!3/!,'#!8'Z2&)'.&'#!/!&)#1','%&$)/#D!
'#5! %$8$! %'-'%&3'3! 3/! 3/#'..$,,$! `! ,$#! %$)$%&8&/)1$#! `! G'7&,&3'3/#! 3/,! %'-&1',!
G28')$K!
"#&8$D!G')!&3/)1&=&%'3$!,'#!3&=&%2,1'3/#!Z2/!/#1/!-.$F.'8'!3/!-.&+'1&U'%&()!
F/)/.(!/)!/,!'7'#1/%&8&/)1$!-'.'!,'!3/=/)#'D!'=/%1')3$!)$!#(,$!#2!%'-'%&3'3!3/!%27.&.!
#2#! )/%/#&3'3/#! '! 1.'+T#! 3/! -.$32%1$#! )'%&$)',/#D! #&)$! 1'87&T)! &8-'%1')3$!
)/F'1&+'8/)1/! /)! ,'! %')1&3'3! 3/! /R/.%&%&$#! `! /)1./)'8&/)1$! Z2/! /#1'7')! /)!
%$)3&%&$)/#!3/!./',&U'.K!!
! *
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!<;!>0 !('D,")-('%)*
“! No ganó el país, y no ganó el pueblo de ninguna manera.”
Informante Clave N° 2
"!,$!,'.F$!3/,!-./#/)1/!&)=$.8/!#/!/#123&(!/,!%'#$!3/,!-.$F.'8'!3/!-.&+'1&U'%&()!
&8-,/8/)1'3$! /)! ,'!\&./%%&()!V/)/.',! 3/! W'7.&%'%&$)/#!S&,&1'./#! %$)! /,! $7R/1&+$! 3/!
%$8-./)3/.!/,! &8-'%1$!Z2/! 12+$!/)!/,!'7'#1/%&8&/)1$!3/! ,'#!W2/.U'#!".8'3'#K!4'.'!
/,,$!#/!./',&U'.$)!/)1./+'#!'!&)=$.8')1/#!%,'+/#!3/!=$.8'!1',!3/!$71/)/.!&)=$.8'%&()!
#$7./!#2#! &8-./#&$)/#D!/Y-/.&/)%&'#!`!-/.%/-%&$)/#!Z2/!)$#!-/.8&1&/.')!%$8-./)3/.!
,'#!%$)#/%2/)%&'#!3/!,'!-.$7,/8e1&%'!')',&U'3'K!!
"! -'.1&.! 3/,! ')e,&#&#! 3/! ,'! &)=$.8'%&()! ./,/+'3'D! -$3/8$#! %$)%,2&.! Z2/! /,!
&8-'%1$! Z2/! 12+$! /,! -.$%/#$! -.&+'1&U'3$.! 3/! ,'! \VWS! /)! /,! '7'#1/%&8&/)1$! -'.'! ,'!
3/=/)#'! )$! -2/3/! #/.! /#123&'3$! #&)! 1/)/.! /)! %2/)1'! ,'#! 3/%&#&$)/#! -$,51&%'#! Z2/! #/!
1$8'.$)!/)!1$.)$!'!,'!-$,51&%'!&)32#1.&',!`!'!,'!-$,51&%'!/)!,'!3/=/)#'!/)!#2!%$)R2)1$D!'#5!
%$8$!',!%$)1/Y1$!/)!/,!%2',!#/!3/#'..$,,'.$)K!
\/!'%2/.3$!%$)!,'#!&8-./#&$)/#!3/!,'!8'`$.5'!3/!,$#!/)%2/#1'3$#D!/,!-.$F.'8'!
&)%$)%,2#$! 3/! -.&+'1&U'%&()! 3/! ,'! \VWS! )$! /.'! 2)'! -$,51&%'! $.&/)1'3'! '! ,'! &)32#1.&'!
7T,&%'!/)!-'.1&%2,'.D!#&)$!Z2/!#/!/)%$)1.'7'!&)8/.#'!/)!2)'!-$,51&%'!F/)/.',!'-,&%'3'!'!
1$3$#! ,$#! #/%1$./#!-.$32%1&+$#K!0,! 0#1'3$D!)$! #(,$! #/! ./1&.'7'!3/,! e87&1$!-.$32%1&+$D!
3/#'#&T)3$#/!3/!#2#!/#1'7,/%&8&/)1$#!&)32#1.&',/#D!'#5!%$8$!3/!#2#!-'.1&%&-'%&$)/#!/)!
/8-./#'#o! #&)$! Z2/! 1'87&T)! #/! '-,&%'.$)! 8/3&3'#! Z2/! 3/R'.$)! '! 1$3'! ,'! &)32#1.&'!
)'%&$)',! &)3/=/)#'K! *&1')3$! ',! /)1./+'3$! Nb! <H! 9UY3$ H.5B3>5<3D5I4$ 4-$ >?B-$ ?43$
D-4>54?5@3@$54@?=>.53;$H-=>1.5-.UJ!
"#&8$D! ,'#! -/.%/-%&$)/#! 3/! ,$#! /)1./+'3$#! )$#! &)3&%')! Z2/! ,'#!
-.&+'1&U'%&$)/#! 1'8-$%$! 1/)5')! %$8$! $7R/1&+$! 1/.8&)'.! %$)! ,'#! &)/=&%&/)%&'#! 3/! ,'#!
/8-./#'#! -67,&%'#! %$8$! =2/! &)#1','3$! /)! /,! 3&#%2.#$! -67,&%$o! #&)$! Z2/! 1$3$! ,$!
%$)1.'.&$D! =2/.$)! #/)1&3'#! %$8$! F.')3/#! )/F$%&$#! '! ='+$.! 3/! ,$#! &)1/./#/#! 3/! 2)$#!
-$%$#K!!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!<?!4$.! $1.'! -'.1/D! /#! )/%/#'.&$! 1/)/.! /)! %2/)1'! ,'#! 1.')#=$.8'%&$)/#! Z2/! #/!
'-,&%'.$)! /)! 8'1/.&'! 3/! 3/=/)#'! )'%&$)',K! E/%2-/.'3'! ,'! 3/8$%.'%&'D! ,'#! 1/..&7,/#!
%$)#/%2/)%&'#!G/./3'3'#!3/!,$#!F$7&/.)$#!3/!,'!3&%1'32.'!`!/,!=.'%'#$!/)!,'!V2/..'!3/!
S',+&)'#D! 3/R'.$)! '! ,'#! W2/.U'#! ".8'3'#! #28/.F&3'#! /)! 2)'! #&12'%&()! 3/! 1$1',!
3/#%$)=&')U'! `! 3/#-./#1&F&$! -$.! -'.1/! 3/! ,'! #$%&/3'3! %&+&,K! 0#1'! #&12'%&()D! ,,/+$! '! ,$#!
F$7&/.)$#! 3/! 12.)$! '! 3&.&F&.! #2#! -$,51&%'#! /)! 1$.)$! '! 3&)2&.! /,! -$3/.! 8&,&1'.D!
'-,&%')3$!8/3&3'#!Z2/!,'#!G&%&/.')!8e#!3/-/)3&/)1/#!3/,!4$3/.!0R/%21&+$!`!'%G&%')3$!
3.e#1&%'8/)1/!#2#!'#&F)'%&$)/#!-./#2-2/#1'.&'#K!!
"3&%&$)',8/)1/D!/)!/,!-,')$!3/! ,'#! ./,'%&$)/#! &)1/.)'%&$)',/#D! ,'!".F/)1&)'!G'!
'3$-1'3$! ,'! -$,51&%'! 3/! ./#$,+/.! #2#! %$)=,&%1$#! %$)! $1.$#! -'5#/#! '! 1.'+T#! 3/! ,'!
3&-,$8'%&'D! ,$F.')3$! F.')3/#! '+')%/#! /)! /#'! 3&./%%&()! /)%$)1.e)3$)$#! /)! 2)'!
#&12'%&()!/)!3$)3/!,'#!G&-(1/#&#!3/!2)!%$)=,&%1$!7T,&%$!#$)!&)/Y/)1/#K!
4$.! ,$! 1')1$D!',!G'%/.!2)'!/+',2'%&()!3/,! &8-'%1$!/)!/,!'7'#1/%&8&/)1$!3/! ,'#!
W2/.U'#!".8'3'#D!/#1/!)$!#(,$!#/!+&$!'=/%1'3$!/)!=$.8'!)/F'1&+'!-$.! ,'!-.&+'1&U'%&()!
3/! ,'! \VWSD! #&)$! 1'87&T)! -$.! 2)'! -$,51&%'! &)32#1.&',! Z2/! )$! ,$F.(! 3/#'..$,,'.! 2)'!
&)32#1.&'!)'%&$)',!-.&+'3'!Z2/!,'!#2#1&12`/.'K!",!8$!1&/8-$D!,'!3/%&#&()!3/!Z2&1'.,/!
-$3/.! '! ,'#! W2/.U'#! ".8'3'#D! '#5! %$8$! ,'! &)/Y/)%&'! 3/! G&-(1/#&#! 3/! %$)=,&%1$#D!
&8-'%1$! 3&./%1'8/)1/! /)! #2! -$3/.! '3Z2&#&1&+$D! `! -$.! ,$! 1')1$D! /)! #2! %'-'%&3'3! 3/!
G'%/.#/!3/!'Z2/,,$#!7&/)/#!Z2/!3/8')3'7')K!!
d'#! &)#1&12%&$)/#! ./-./#/)1'1&+'#! 3/! /#1/! /#123&$! G')!821'3$! /)! /#1'! 6,1&8'!
3T%'3'K!d'#!W2/.U'#!".8'3'#!)$!#$)!,$!Z2/!/.')!')1/#D!/,!S&)/.&$!3/!\/=/)#'!)$!/#!
,$!Z2/!/.'!')1/#D!`!'#5!1'8-$%$!,$!/#!W'7.&%'%&$)/#!S&,&1'./#K!M2-$)/.!Z2/!/,!-.$F.'8'!
&)%$)%,2#$!3/!-.&+'1&U'%&()!3/! ,'!\VWS!-$.!#5!#$,$!-2/3/!/Y-,&%'.! ,$#!%'87&$#!/)! ,'#!
'3Z2&#&%&$)/#! 3/! ,'#! W2/.U'#! ".8'3'#! #/.5'! &)%$../%1$K! M&)! /87'.F$D! #2! /#123&$! )$#!
-/.8&1/!./%$F/.!',F2)$#!'-./)3&U'R/#H!
0)!-.&8/.!,2F'.D!2)!%'87&$!%$)%/-12',!3/!,'!&)32#1.&'!-'.'!,'!3/=/)#'K!k'!)$!#/!
-&/)#'! '! /#1'#! &)32#1.&'#! 3/#3/! 2)'! %$)%/-%&()! 8&,&1'.D! #&)$! 3/#3/! 2)'! %$)%/-%&()!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!X7!-.$32%1&+'D!/)1/)3&/)3$!Z2/!-$#//)!,(F&%'#!3&=/./)1/#K!k'!)$!#$)!,'#!W2/.U'#!".8'3'#!
Z2&/)/#!1$8')!,'#!3/%&#&$)/#!3/!-$,51&%'!&)32#1.&',!8&,&1'.D!#&)$!Z2/!/#!,'!#$%&/3'3!%&+&,D!
'!1.'+T#!3/!#2#!./-./#/)1')1/#D!8/3&')1/!2)'!%$87&)'%&()!3/!-$,51&%'#! &)32#1.&',/#!`!
3/!3/=/)#'K!0)!/#1'!3&./%%&()!#/!/)%2/)1.'!,'!3/%&#&()!3/!27&%'.!'!,'!\VWS!3/)1.$!3/,!
S&)/.&$!3/!4,')&=&%'%&()D!`!)$!3/-/)3&/)1/!3/,!S&)/.&$!3/!\/=/)#'K!\/!'%2/.3$!'!
,$! /Y-2/#1$! -$.! /,! &)=$.8')1/! %,'+/! Nb! AD! /#1'! 3&=/./)%&'! /)! ,'#! ,(F&%'#! 3/!
=2)%&$)'8&/)1$!#/!+&$!%,'.'8/)1/!/)!)2/#1.$!-'5#K!!
0)!#/F2)3$!,2F'.D!,'!)/%/#&3'3!3/!-/)#'.!`!-,')&=&%'.!,$#!./Z2/.&8&/)1$#!3/!,'#!
W2/.U'#!".8'3'#!/)! #2! %$)R2)1$K!g.&F&)'.&'8/)1/D! %'3'!2)'!3/! ,'#! =2/.U'#! 1/)5'! #2#!
-.$-&'#!=e7.&%'#D!`!,'!\VWS!/.'!,'!=e7.&%'!3/,!0RT.%&1$K!*$8$!G&%&/.$)!)$1'.!',F2)$#!3/!
,$#! /)1./+'3$#D! ,'#! %$8-.'#! /! &)+/.#&$)/#! Z2/! ./',&U'7')! ,'#! W2/.U'#! ".8'3'#! )$!
/#1'7')!%/)1.',&U'3'#D!#&)$!Z2/!%'3'!2)$!1/)5'!2)!-.$F.'8'!3/!'3Z2&#&%&$)/#!-.$-&$K!
0#$! 3'7'! ,2F'.! '! #2-/.-$#&%&$)/#! /! &)%$8-'1&7&,&3'3/#! /)! ,'#! -.$32%%&$)/#D!
%$8-/1/)%&'! /)1./! -.$32%1$#! `! =',1'! 3/! -,')&=&%'%&()! `! G$8$F/)/&3'3! /)! ,$#!
./Z2/.&8&/)1$#! 3/! %'3'! =2/.U'K! M$7./! /#1'! -.$7,/8e1&%'! /,! r*&%,$! 3/! 4,')/'8&/)1$!
-'.'!,'!\/=/)#'s!%$)!,'!/,'7$.'%&()!3/,!4,')!*"SLdD!'#5!%$8$!,$#!1.'7'R$#!/)!%$)R2)1$!
3/!,'!\VWS!%$)!/,!S&)/.&$!3/!\/=/)#'D!-2/3/!%$)1.&72&.!'!#2!#$,2%&()K!!
^)!1/.%/.!-2)1$!Z2/!#/!3/#-./)3/!3/!,'#!-/.%/-%&$)/#!3/!,$#!/)1./+'3$#D!/#!
,'! )/%/#&3'3! 3/! Z2/! ',F2)'#! -.$32%%&$)/#! -'.'! ,'! 3/=/)#'! 3/7')! -.$32%&.#/! '! )&+/,!
,$%',D!)$!#(,$!-$.!-$,51&%'#!3/!&)32#1.&'!)'%&$)',!`!3/!#$7/.')5'!/!&)3/-/)3/)%&'D!#&)$!
-$.! /,! #&8-,/! G/%G$! 3/! Z2/! -'.'! /,! %'#$! 3/! 3/1/.8&)'3$#! 7&/)/#! Z2/! ./Z2&/./)!
1/%)$,$F5'#! /#-/%5=&%'#D! 1'8-$%$! -2/3/)! #/.! '3Z2&.&3$#! /)! ,$#! 8/.%'3$#!
&)1/.)'%&$)',/#K!!!
^)'!%2'.1'! ,/%%&()!'-./)3&3'D!/#! ,'!)/%/#&3'3!3/!Z2/! ,'#! =e7.&%'#!8&,&1'./#!)$!
#/')!1')!3/=&%&1'.&'#D!`!/)!,$!-$#&7,/D!Z2/!#/')!./)1'7,/#K!0)!/#1/!#/)1&3$D!`!/)!=2)%&()!
3/! ,'!-$%'!/#%','!Z2/!./-./#/)1'!/,!8/.%'3$!3/! ,'#! =2/.U'#!`! ,'#! &)%/.1&3287./#!Z2/!
/)=./)1')! /#1$#! 8/.%'3$#D! #/! 1$.)'! &)3&#-/)#'7,/! 3&.&F&.! ,'#! -.$32%%&$)/#! '! $1.$#!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!X3!8/.%'3$#D! 1')1$! /Y1.')R/.$#! %$8$! )'%&$)',/#K! 4$.! ,$! 1')1$D! ,'#! ='%2,1'3/#! -'.'!
/Y-$.1'.D! `! ,'! -.$32%%&()! 32',! 3/7/)! /#1'.! -./#/)1/#! /)! %2',Z2&/.! -,')! 3/!
&)32#1.&',&U'%&()!$.&/)1'3'!'!,'!3/=/)#'K!
0,!-2)1$!')1/.&$.!)$#! ,,/+'!'!2)'!6,1&8'!/)#/a')U'D! ,'!/#1.'1/F&'!3/!-/)#'.!'!
)&+/,!./F&$)',K!L8-,/8/)1'.!/#1.'1/F&'#!'!)&+/,!3/,!S0E*gM^E!-/.8&1&.5'!'!,'!".F/)1&)'!
%$8-'.1&.!,$#!',1$#!%$#1$#!/)!L)+/#1&F'%&()!`!\/#'..$,,$!`!%./'.!/%$)$85'#!3/!/#%','!`!
3/!'-./)3&U'R/!',!%$87&)'.!,$#!-/3&3$#!3/!,$#!-'5#/#!3/!,'!./F&()K!!
4$.!1$3$!,$!G'#1'!'Z25!/Y-2/#1$D!',!-/)#'.!/)!,'#!-$,51&%'#!3/!./%2-/.'%&()!3/!,'!
\VWS!/#!)/%/#'.&$!1/)/.!2)'!3/=&)&%&()!3/,!)2/+$!.$,!Z2/!#/!Z2&/./!-'.'!,'!\VWSK!N$!
#/! -2/3/! '#-&.'.! '! 2)'! ./%$)#1.2%%&()! -'.'! Z2/! +2/,+'! '! #/.! ,$! Z2/! =2/D! -$.Z2/! 3/!
G/%G$D!/#!2)!$.F')$!3&)1$D!/#1e!-/)#'3$!-'.'!',F$!3&=/./)1/D!/)!2)!%$)1/Y1$!Z2/!
)/%/#&1'!',F$!3&=/./)1/K!!
!
! !
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!X4!;0 Y%G%&%'D-#)*/-/,-(1&OG-D#)*
• "C0d0MD! SKD! WgE*LNL_gD! ]K! `! M*hgEED! SK! ?<cc9BD! 9K;$ -;5C-H-;5-$ >1;1QI45D-$
3.C14>54-$Q.14>1$3$;3$;521.3;5<3D5I4$@1;$G1.D3@-\$01$;3$H.5B3>5<3D5I4$@1$K4>1;$3$;3$
D-4Q-.G3D5I4$ @1$ ;-=$ C.?H-=$ G?;>5G1@53\JA! Wd"*MgI03&1$.&',! ^N{^LIL\04D!
C2/)$#!"&./#K!
• "*0�"D! S'.1&)! `! *gSÄND! W.')%&#%$! ?/3#KB! ?9;;cB! KGH.1=3$ H]2;5D3$ 1$
54@?=>.53;5<3D5I4$14$K=H3Z3A$",&')U'!03&1$.&',K!
• "EEgkg!"Eu^CLD!*'.,$#!",7/.1$! ?<cc@BD!9Y3$,.-@?DD5I4$H3.3$ ;3$01Q14=3$14$ ;3$
:1H]2;5D3$ 7.C14>543JA$ 3$%28/)1$! -./#/)1'3$! /)H! jLL! 0)%2/)1.$! 3/! 0#123&$#!
0#1.'1TF&%$#D! LK0K0KEKLKD! C2/)$#! "&./#K! \&#-$)&7,/! /)! =$.8'1$! 3&F&1',! /)H!
G11-HIIJJJK&//.&K%$8K'.I'%1&+&3'3/#I3$%#I'%1Å<cQÅ<c+&&Å<c/)%2/)1.$Å<cQ
Å<c,'Å<c-.$32%%&Å\P)Å<c-'.'Å<c,'Å<c3/=/)#'Å<c/)Å<c,'Å<c./-Å\"7,&
%'Å<c'.F/)1&)'K-3=!
• "u4L"u^D!\')&/,!`! !M*hgEED!S'.1&)! ?<cc9BD!901=1GH1Z-$.1D514>1$E$1=>.?D>?.3$
@1;$G1.D3@-$C3=FQ1.-$3.C14>54-/$3=5G1>.F3=$>3.5Q3.53=A$C3434D53=$1N>[email protected]=$
E$D-4D14>.3D5I4$@1;$D3H5>3;sD!Wd"*MgD!C2/)$#!"&./#K!$
Q ?<cc<BD! 9,.5B3>5<3D5-41=A$ .14>3$ @1$ H.5B5;1C5-A$ =?2-.@543D5I4$ 1=>3>3;$ E$
3D?G?;3D5I4$ @1$ D3H5>3;$ 14$ ;3$ 7.C14>543$ D-4>1GH-.R413JA$ Wd"*MgD! C2/)$#!
"&./#K!$
• C"__"VdLNgD!X$.F/!?<c9<BD!r\/=/)#'!)'%&$)',!`!-.$F./#$sD!/)!\&'.&$!4eF&)'!
9<D!C2/)$#!"&./#D!<c!3/!=/7./.$K$
Q ?<c9<7B! 0)1./+'! ',! \.K! X$.F/! C'11'F,&)$D! /)! L)&%&'1&+'K! \&#-$)&7,/! /)!
=$.8'1$!3&F&1',!/)H!G11-HII/#-'%&$&)&%&'1&+'K%$8K'.In-Ç>O<@!
• C0dLNLD! *,'23&$! ?<cc>BD! rd'! \&./%%&()! V/)/.',! 3/! W'7.&%'%&$)/#!S&,&1'./#! `! #2!
-'-/,! /)! ,'! &)32#1.&',&U'%&()!3/!-$#F2/..'D! 9;@9Q9;:OD! /)H!Eg^VL0ED!S'.%/,$!
?3&.KBD! ,-;F>5D3=$ @1$ H.-G-D5I4$ E$ 1=>.3>1C53=$ 1GH.1=3.53=$ 14$ ;3$ 54@?=>.53$
3.C14>543A$%+'_)%+&_A$C2/)$#!"&./#D!03&%&$)/#!*$$-/.'1&+'#K$
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!X8!• C0dLNLD! *,'23&$! `! Eg^VL0ED! S'.%/,$! ?<ccOBD! K;$ K=>3@-$ KGH.1=3.5-$ 14$ ;3$
!4@?=>.53$7.C14>543\$L-4Q-.G3D5I4$E$L.5=5=A$C2/)$#!"&./#D!03&%&$)/#!S')')1&',K$$
• *E0M4g!*^"E0MS"D!X/#2#!`!E0L_M*h^d0ED!V/.G'.3!?<ccABD!r~V2)#!$.!C211/.n~!
./+/3H!E$72#1)/##!')3!)$),&)/'.&1`!&##2/#!&)!1G/!3/=/)#/QF.$J1G!)/Y2#sD!/)H!
"D->>5=O$i-?.43;$-Q$,-;5>5D3;$KD-4-GEA$j$,K!:PD!Nt!@D!S',3/)D!0#1'3$#!^)&3$#K!$
• *gEN0Xg! _gELNgD! S')2/,! ?<ccPBD! 05.1DD5I4$ h141.3;$ @1$ S32.5D3D5-41=$
M5;5>3.1=/$ j4$ H5;3.$ 54@?=>.53;$ @1;$ H3F=/$ k5B14D53=$ @1$ B3.5-=$ 3Z-=$ 3$ =?$ =1.B5D5-\!
03&1$.&',!0^*"M"D!M',1'K!!
• \"! 4gN_0D! "2./,&')$! ?<c9cBD! ! r\/#'..$,,$! _/%)$,(F&%$! /! L)32#1.&'#! -'.'! ,'!
\/=/)#'! /)! ,'! ".F/)1&)'H! "-$.1/#! -'.'! /,! \/7'1/sA$ /)H! 01Q14=3$ #3D5-43;A$
!4@?=>.53$ E$ c1D4-;-CF3$ @1;$ "5C;-$ ll$ 3;$ ll!/$M-@1;-=$ @1$ L3G25-A$ !4>1C.3D5I4$ E$
01=3..-;;-D! *2'3/.)$#! 3/! "%12',&3'3! /)! \/=/)#'! `! 0#1.'1/F&'D! Nb! :D! C2/)$#!
"&./#D! 4-K! PPQ:AK! \&#-$)&7,/! /)! =$.8'1$! 3&F&1',! /)H!
G11-HIIJJJK8&)3/=KF$+K'.I-27,&%'%&$)/#I1$3'#I%2'3/.)$#:K-G-!
• \/!SgE"0MD!E$3.&F$!W.'%$,'##&!?<c99BD!r"!L)36#1.&'!3/!\/=/)#'!)'!".F/)1&)'sD!
/)H! 6-;1>5G$ @1$ KD-4-G53$ 1$ ,-;F>5D3$ !4>1.43D5-43;D! NbAD! "7.&,I! X2)&$D! C.'#&,&'D!
L40"K! \&#-$)&7,/! /)! =$.8'1$! 3&F&1',! /)H!
G11-HIIJJJK&-/'KF$+K7.I-$.1',I&8'F/#I#1$.&/#I4\W#I7$,/1&8É&)1/.)'%&$)',I99
cA9@É7$,/1&8É&)1/.)'%&$)',cAK-3=!
• \&'.&$!d'!N'%&()!?<O!3/!'7.&,!3/!9;;ABD!r\&=&%2,1$#'!+/)1'!3/!=e7.&%'#!8&,&1'./#sK!
\&#-$)&7,/! /)! =$.8'1$! 3&F&1',! /)H! G11-HIIJJJK,')'%&$)K%$8K'.I9><<@AQ
3&=&%2,1$#'Q+/)1'Q3/Q='7.&%'#Q8&,&1'./#!
• \^NN0D! XK! 4'2,! ?<cccBD! r_G/! /%$)$8&%! /==/%1#! $=! 8&,&1'.`! /Y-/)3&12./! &)!
3/+/,$-&)F! %$2)1.&/#D! 0%$)$8&%!V.$2-D!S&33,/#/Y!^)&+/.#&1`!C2#&)/##! M%G$$,D!
d$)3./#K!
• \^NN0D! XK! 4'2,! `! NL]gd"L\g^D! 0=1`%G&'! ?<c99BD! r\/=/)%/! #-/)3&)F! ')3!
/%$)$8&%!F.$J1G!&)!1G/!0^9:s!!?#K,KB!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!XS!• 0M40ED! M2#')'! 0K! ?<c9cBD! rK;$ H3H1;$ @1$ ;3$ 7S!,$ 14$ ;3$ D-4=>.?DD5I4$ @1$ ?43$
=?2W1>5B5@3@$-.514>3@3$3;$D?GH;5G514>-/$Y3$H1.D1HD5I4$@1$ ;[email protected]=$D;3B1$
@1$;3$3@G545=>.3D5I4$>.52?>3.53$T%++*)^__&VA$?_/#&#!3/!S'/#1.5'BD!^)&+/.#&3'3!3/!
C2/)$#!"&./#D!C2/)$#!"&./#K!
• V"dL"NLD!MKD!V0E_d0ED!0K!M*h"EVEg\M]kD!0K!`!M_E^u0N0VV0ED!WK!?<cc9BD!r_G/!
7/)/=&1#!')3!%$#1#!$=!-.&+'1&U'1&$)!&)!".F/)1&)'H!"!8&%.$/%$8&%!')',`#&#sD!/)!
*hgNVD!"K!`!dg40u!\0!MLd"N0MD!WK!?/3#KBD!cO1$>.?>O$32-?>$H.5B3>5<3>5-4$54$Y3>54$
7G1.5D3A$/)!-./)#'D!M1')3=$.3!^)&+/.#1&`!4./##K$!!
• h"E_d0kD! ]/&1GD! r\/=/)%/! 0%$)$8&%#! ')3! 1G/! L)32#1.&',! C'#/sD! */)1./! =$.!
\/=/)%/!0%$)$8&%#D!^)&+/.#&1`!$=!k$.xD!L)F,'1/..'K!\&#-$)&7,/!/)!=$.8'1$!3&F&1',!
/)H!G11-HII%&1/#//.YKK-#2K/32I+&/J3$%I3$J),$'3n3$&Ç9cK9K9K9;AK::>:K!
• LELgN\gD! S&.1'! ?<ccOBD! rL)32#1.&'! -'.'! ,'! \/=/)#'H! 2)'! ./%$)#1.2%%&()!
)/%/#'.&'sD!/)!!:1B5=>3$@1$;3$01Q14=3A$Nb!<D!C2/)$#!"&./#K!\&#-$)&7,/!/)!=$.8'1$!
3&F&1',! /)H! G11-HIIJJJK8&)3/=KF$+K'.I-27,&%'%&$)/#I1$3'#I./+'Q3/Q,'Q
\/=/)#'QN<K-G-!
• ]gu^dXD!E$7/.1$! ?<cc<BD! rC',')%/!3/! ,'!-.&+'1&U'%&()!3/! ,'! &)32#1.&'!-/1.$,/.'!
/)! ,'! ".F/)1&)'! `! #2! &8-'%1$! #$7./! ,'#! &)+/.#&$)/#! `! ,'! %$8-/1/)%&'! /)! ,$#!
8/.%'3$#! 8&)$.'#! 3/! %$872#1&7,/#sD! /)H! "1.51$ :1D?.=-=$ #3>?.3;1=$ 1$
!4Q.31=>.?D>?.3A$Nt!@AD!*04"dQ0*d"*D!M')1&'F$!3/!*G&,/K!!
• dg40uD!")3.T#D! ?<ccABD!r08-./#'.&$#D! L)#1&12%&$)/#!`!\/#'..$,,$!0%$)(8&%$H!0,!
*'#$!".F/)1&)$sD!C2/)$#!"&./#D!*04"dK!!
• d^N\S"E]D!S'.1&)!?<ccOBD!rcO1$@1Q14D1$54@?=>.E$54>1C.3>5-4/$>O1$54=>5>?>5-43;$
34@$ 54@?=>.53;$ 54>1C.3>5-4$-Q$3$H-;F>5D-)54@?=>.53;$G3.m1>J\$_.'7'R$!-./#/)1'3$!
/)! *$)=/./)%/H! 02.$-/&#x! &)1/F.'1&$)! &! #+/)#x! /x$)$8&#x! =$.#x)&)FD! SÑ,,/D!
M2/%&'K! \&#-$)&7,/! /)! =$.8'1$! 3&F&1',! /)H!
G11-HIIJJJK#)//K$.FI=&,/.I-'-/.#I@>9K-3=!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!X<!• S"E_LND!S'.5'!h'`3//o!\0!4"^d"D!",7/.1$!MK! XK! `!V^_L0EE0uD!E'8()! ?9;OPBD!
Y-=$ !4C1451.-=$M5;5>3.1=$ E$ =?=$ ,.1D?.=-.1=$ 14$ 1;$ 01=3..-;;-$ 7.C14>54-A$C2/)$#!
"&./#D!\&./%%&()!V/)/.',!3/!W'7.&%'%&$)/#!S&,&1'./#K!
• N0LhML"dD!NK!?<ccOBD!r^)3/.#1')3&)F!1G/!/%$)$8&%#!$=!3/=/)#/!-.$%2./8/)1sD!
L)#1&121/!=$.!\/=/)%/!M123&/#!')3!")',`#/#!Q!L\M"D!L)3&'K!\&#-$)&7,/!/)!=$.8'1$!
3&F&1',! /)H!
G11-HIIJJJK&3#'K&)I&3#'#1.'1/F&%%$88/)1#I^)3/.#1')3&)F1G/0%$)$8&%#$=\/=
/)%/4.$%2./8/)1ÉNN/&G#&',É<:c9cO!
• 42.&%/,,&D!".12.$!?<c9<BD!0)1./+'!',!\.K!".12.$!42.&%/,,&D!/)H!SM$L-G?45D3D5I4$
14$(_$@F3=A$"a$!<D!Nb!9cD!C2/)$#!"&./#D!4-K9<Q9@K!
• Eg^VL0ED! S'.%/,$! ?<ccOBD! 9K;$ 1=>3@-$ E$ =?=$ 1GH.1=3=$ 14$ 1;$ @1=1GH1Z-$
1D-4IG5D-$3.C14>54-$@1$;3$=1C?4@3$G5>3@$@1;$=5C;-$ll\$j43$.1B5=5I4$41D1=3.53JA$
3$%28/)1$!-./#/)1'3$!/)H!Li!*$)F./#$!L)1/.)'%&$)',!3/!,'!"#$%&'%&()!0#-'a$,'!
3/!h$.&'!0%$)(8&%'D!^)&+/.#&3'3!3/!S2.%&'D!0#-'a'K!\&#-$)&7,/!/)!=$.8'1$!
3&F&1',! /)H!
G11-HIIJJJK28K/#I&Y%$)F./#$'/G/I-3=C9I0,Å<c/#1'3$Å<c`Å<c#2#Å<c/8-./
#'#K-3=!
• M"jLgD!S')2/,!NKD!?9;AcBD!M34?1;$#\$"3B5-A$h141.3;$@1$05B5=5I4$%&+^)%+n&/$"?$
H14=3G514>-$=-2.1$1;$@1=3..-;;-$1D-4IG5D-$3.C14>54-\$C2/)$#!"&./#D!\&./%%&()!
V/)/.',!3/!W'7.&%'%&$)/#!S&,&1'./#K!
Q ?9;>PBD!d2.3=$@1;$h141.3;$M34?1;$#\$"3B5-A$C2/)$#!"&./#D!MgSLM"K!
• M*hj"Eu0ED! X$.F/! ?<cccBD! Y3$ 54@?=>.53$ [?1$ =?H5G-=$ D-4=1C?5.\$ j43$ O5=>-.53$
H-;F>5D-)=-D53;$@1$;3$54@?=>.53$3.C14>543A$C2/)$#!"&./#D!03&%&$)/#!*$$-/.'1&+'#K!!
• M_LVdL_uD! X$#/-G!0K! ?p9;OAq! 9;OOBD!Y3$KD-4-GF3$@1;$ "1D>-.$,]2;5D-A$C'.%/,$)'D!
")1$)&!C$#%G!03&1$.D!<b!/3&%&()K!!
• kLND! E$7/.1! ]K! ?p9;;@q! <cc;BD! L3=1$ ">?@E$ :1=13.DOA$ 01=5C4$ 34@$M1>O-@=A! 03K!
M'F/D!0#1'3$#!^)&3$#D!@b!/3&%&()K!!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!XX!• u0dd0ED!N$.7/.1$! ?*$$.3KB! ?9;;>BD! r:1=1Z3$@1;$H.-D1=-$@1$ .1Q-.G3$@1;$ 1=>3@-$
14$;3$7.C14>543$T%+&+)%++`VA$LN"4D!C2/)$#!"&./#K!!
@%1-),#D-E'*D(')",B#$#*
d/`!Nb!9<K>c;!f!d/`!3/!*./'%&()!3/!,'!\&./%%&()!V/)/.',!3/!W'7.&%'%&$)/#!S&,&1'./#K!!
d/`!Nb!9<K;O>!f!4,')!M&3/.6.F&%$!".F/)1&)$!
d/`!Nb!<PKA;A!f!d/`!3/!E/=$.8'!3/,!0#1'3$K!!
d/`!Nb!<PKA;>!f!d/`!3/!08/.F/)%&'!0%$)(8&%'K!!
d/`!Nb!<@Kc@:!f!d/`!3/!0)1&3'3/#!M2R/1'#!'!4.&+'1&U'%&()K!!
\/%./1$!Nt!@A@I9;;AH!4.&+'1&U'%&$)/#!
\/%./1$!Nt!9>;I<ccAH!_.')#=/./)%&'!3/!,'!\VWS!',!S&)/.&$!3/!4,')&=&%'%&()!W/3/.',D!
L)+/.#&()!467,&%'!`!M/.+&%&$#!
:-B-()*^%/*
G11-HIIJJJK='7Q8&,&1'./#KF$+K'.I!
G11-HIIJJJK8&)3/=KF$+K'.I!
G11-HIIJJJK8/%$)KF$+K'.I!
! !
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!X>!?0 5'%Z()*!
M010 JN@OP,QR,@&<+".4#<(#,
\/#%.&-%&()!3/!,'!-$7,'%&()!3/!/#123&$#!
• 0)1./+'3$#!/)!,'!\&./%%&()!V/)/.',!3/!W'7.&%'%&$)/#!S&,&1'./#H!#/!./',&U'.$)!
P! /)1./+'#D! '! -/.#$)',! 3/! ,'#! W2/.U'#! ".8'3'#! %$)! 3/#1&)$! /)! ,'! \VWSD! '!
-/.#$)',! %$)! ')1&F}/3'3! -./+&'! ',! -.$%/#$! 3/! -.&+'1&U'%&()! `! '! -/.#$)',! 3/,!
e./'!3/!*$8/.%&',&U'%&()K!
• 0)1./+'3$#! /)! /,! S&)/.&$! 3/! \/=/)#'H! #/! ./',&U'.$)! <! /)1./+'#! '!
-/.#$)',!3/! ,'!\&./%%&()!V/)/.',!3/!4,')&=&%'%&()! L)32#1.&',!`!M/.+&%&$#!-'.'! ,'!
\/=/)#'!
• 0)1./+'3$#!3/,!e87&1$!'%'3T8&%$H!#/!./',&U(!9!/)1./+'!'!2)!/#-/%&','!/)!
/,!e./'!3/!,'!3/=/)#'K!
!
"!%$)1&)2'%&()!#/!1.')#%.&7/)!,'#!/)1./+'#!./',&U'3'#!'!,$#!&)=$.8')1/#!%,'+/K!
*
! *
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!X;!I'B&%A-)B#*#,*9'G(&M#'B%*!,#A%*2_*3*
oLIG-$1=$;3$.1;3D5I4$14>.1$;3$05.1DD5I4$h141.3;$@1$S32.5D3D5-41=$M5;5>3.1=$E$;3=$S?1.<3=$7.G3@3=p$oq$34>1=$@1;$545D5-$@1;$H.-D1=-$@1$H.5B3>5<3D5I4p$
\/#3/! #2#! $.5F/)/#! G'#1'! -$%$! ')1/#! 3/,! -.$%/#$! 3/! -.&+'1&U'%&()D! W'7.&%'%&$)/#! /.'! 3/,! e./'! 3/!
\/=/)#'D!-./%&#'8/)1/!3/,!0RT.%&1$K!g!#/'D!/,!$.&F/)!3/,!WS!/#!'!-'.1&.!3/!1',,/./#!`!=e7.&%'#!'&#,'3'#!Z2/!
1/)5'! /,! 0RT.%&1$K! \/#-2T#! ,'! ,/`! 3/! %./'%&()! 3/! W'7.&%'%&$)/#!S&,&1'./#D! ,'! Z2/! -./-'.$! M'+&$D! =2/! ,'!
./2)&()D!,'!2)&=&%'%&()!3/!1$3$#!/#1$#!1',,/./#!`!=e7.&%'#!/)!2)!$.F')$!Z2/!,/!,,'8'.$)!\VWSK!\/#3/!
/#/!/)1$)%/#D!G'#1'!-$%$!')1/#!3/,!-/.5$3$!/)!/,!Z2/!12+&/.$)! ,2F'.! ,'#!-.&+'1&U'%&$)/#!/)!/,!-'5#D!WS!
-.e%1&%'8/)1/!/.'!./#-$)#'7,/!G'#1'!3/!3/=&)&.!,$#!8'1/.&',/#!Z2/!1/)5')!Z2/!1/)/.!,'#!WW""K!0#1/!-2)1$!
8'.%'!2)!G&1$!/)!%2')1$!'!,'!&8-$.1')%&'!Z2/!1/)5'!WS!-'.'!,'#!WW""K!
"3/8e#!3/!3/=&)&.! ,$#!8'1/.&',/#!Z2/!3/75'!/Z2&-'.!'!,'#!WW""D!WS!/#1'7'!%$)%/7&3'!%$)!2)!%$)%/-1$!
3/!&)1/F.'%&()!+/.1&%',!%$8-,/1'K!M/!/Y1.'5'!/,!'U2=./D!'!-'.1&.!3/,!F'#!#/!='7.&%'7'!/,!'8$)5'%$D!`!3/!'G5!
1$3'!,'!%'3/)'!G'#1'!Z2/!#/!,,/F'!'!,'!3&#-$)&7&,&3'3!3/!-(,+$.'!/,'7$.'3'o!='7.&%'7'!/,!,'1()!8&,&1'.D!Z2/!
)$! 1&/)/!'-,&%'%&$)/#!3/!2#$! %&+&,D! /#!3/#1&)'3$! =2)3'8/)1',8/)1/!'! ! ,'!-.$32%%&()!3/!+'&)'#! `!$1.'#!
-'.1/#!3/!,'!82)&%&()!3/!2#$!8&,&1'.D!`!1$3'#!/#'#!%'-'%&3'3/#D!%$)!,'!-.&+'1&U'%&()!#/!=2/.$)!-/.3&/.$)K!!
0,!1/8'!/#!Z2/D!/)!,'!8/3&3'!Z2/!2)$!8&.'!,'!&)32#1.&'!-'.'!,'!3/=/)#'D!/Y%,2#&+'8/)1/!%$)!2)'!(-1&%'!
/%$)(8&%'D!'!1.'+T#!3/!2)'!8&.'3'!/%$)$8&%'D!/%$)$8&%'!)/$,&7/.',D!%$)!2)!%.&1/.&$!'-'.1'3$!3/!
,'!=&)',&3'3!'!,'!%2',!2)$!)/%/#&1'!1/)/.,'D!-'./%&/.'!%$8$!Z2/!=2/.'!2)'!-.$32%%&()!-$%$!./)1'7,/K!d$!
Z2/! -'#'! Z2/! #/! ,/! '-,&%'! /,!8$! ')e,&#&#! Z2/! '! 2)'! /8-./#'! 3/!8/.%'3$D! %2')3$! /)! ./',&3'3! ,'#!
./F,'#!3/,!R2/F$!3/!,'!&)32#1.&'!/#1'1',D!)$!#$)!/Y'%1'8/)1/!&F2',!Z2/!,'#!3/!8/.%'3$K!^)!1/8'!-2)12',!
Z2/!1&/)/!82%G'!&)%&3/)%&'!/)!,'!%$)=$.8'%&()!3/,!%$#1$!`!3/,!-./%&$!3/!%'3'!-.$32%1$!/#!,'!8')$!3/!
$7.'K!d'!/8-./#'!-.&+'3'!1$8'!8')$!3/!$7.'!%2')3$!)/%/#&1'!`!#/!3/#G'%/!3/!,'!8')$!3/!$7.'!%2')3$!
)$!)/%/#&1'o!,'!/8-./#'!/#1'1',!)$!1$8'!`!#/!3/#G'%/K!d'!/8-./#'!/#1'1',D!1&/)/!2)'!./,'%&()!,'7$.',!3/!
-/.8')/)%&'! 3/! ,'! F/)1/D! -.e%1&%'8/)1/! 3/#3/!Z2/! &)F./#'! '! ,'! '%1&+&3'3! /#1'1',! G'#1'! Z2/! #/! R27&,'o!
'-'.1/D! ,'! 8'`$.5'! 3/! ,$#! -.$32%1$#!8&,&1'./#! #$)! 3/!8')$! 3/! $7.'! &)1/)#&+'D! ,'! 8/)$.! %')1&3'3! 3/!
-.$32%1$#!-2/3/)!#/.!-.$32%&3$#!/)!=$.8'!%$)1&)2'D!`! ,'!8'`$.5'!3/!,$#!-.$32%1$#!./Z2&/./!3/!8')$!
3/!$7.'!&)1/)#&+'D!%',&=&%'3'!`!)$!%',&=&%'3'K!!
0)!,'!T-$%'!3/,!'2F/!3/,!%$)%/-1$!3/!,'!-.&+'1&U'%&()!/)!,'!".F/)1&)'D!/#1$!)$!/#12+$!'-,&%'3$!#$,'8/)1/!
'!,'!&)32#1.&'!7T,&%'D!#&)$!'!1$3'!,'!&)32#1.&'!/)!F/)/.',D!3/)1.$!3/!,$!%2',!%$8-./)3&(!'!,'!&)32#1.&'!-'.'!
,'!3/=/)#'K!^)$!)$!-2/3/!1$8'.!Z2/!,'!-.&+'1&U'%&()!=2/!',F$!%$)!/,!=$%$!-2/#1$!/)!,'!&)32#1.&'!7T,&%'D!
#&)$!Z2/!=2/!-2/#1$!/)!,'!&)32#1.&'!/)!F/)/.',K!M/!%$)%/75'!%$8$!Z2/!/,!0#1'3$!)$!3/75'!&)1/.+/)&.!/)!/,!
e87&1$!-.$32%1&+$D!8e#!',,e!3/!#/.+&%&$#!7e#&%$#D!%$8$!/32%'%&()D!#/F2.&3'3!`!#',23D!-/.$!'!,$#!%2',/#!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!X?!1'87&T)!#/!,/#!./,/F'7'!,'!=2)%&()!-.&)%&-',!Z2/!3/7/)!1/)/.!!3/)1.$!3/!,'!$.7&1'!/#1'1',D!4/.$!8e#!',,e!
3/!/#$D!/,!-2)1$!/#!Z2/!#/!=2/.$)!3/#-./)3&/)3$!3/!,'#!3$#!3$%/)'#!3/!/8-./#'#!Z2/!%$)=$.8'7'!WS!
/)1./! W'7.&%'#! -.$-&'#! `! -'.1&%&-'%&()! /)! #$%&/3'3/#K! 0.'! 2)! F.')! %$8-,/R$! Z2/! -'.15'! 3/#3/! ,'!
$71/)%&()!`!/,'7$.'%&()!3/,!'%/.$!G'#1'!/,!#28&).$!'!,'#!=2/.U'#!3/!!,$#!=2#&,/#D!,$#!%'a$)/#D!#/!G'%5'!
-.e%1&%'8/)1/!1$3$K!!
0)! 1T.8&)$#! /%$)(8&%$#D! -$3.5'! ,,/F'.! '! %2/#1&$)'.#/! /,! 1/8'! 3/! ,'! )/%/#&3'3! 3/! ='7.&%'.! '.8'#! -$.!
/R/8-,$K!d$!Z2/!-'./%/.5'!#/.!&)%2/#1&$)'7,/!/#!Z2/!2)$!3/7/!'#/F2.'.#/!,'!3&#-$)&7&,&3'3!-/.8')/)1/!
3/! ./-2/#1$#! -'.'! /#'#! '.8'#D! 3/! #/.+&%&$#! -'.'! /#'#! '.8'#D! `! 3/! ,$! Z2/! -$3.5'8$#! 3/)$8&)'.!
%$)#28&7,/#D! %$8$!/#! ,'!82)&%&()K!g! #/'D!-/.#$)',8/)1/!%./$!Z2/!/,!-.$7,/8'!)$!/#!/,!'.8'!#&)$! ,'!
82)&%&()!`!/,!!8')1/)&8&/)1$!-./+/)1&+$!`!%$../%1&+$!Z2/!G'`!Z2/!-$3/.!G'%/.,/!',!'.8'!$!',!#/8'!3/!
'.8'#K!*$)!/#'! &3/'D!/#!%$)! ,'! &3/'!Z2/!+$,+&(!'!1/)/.!=2/.U'#!WSD!$!#/'!'!-'.1&.!3/!'%/-1'.! ,'#!'.8'#!
Z2/!1&/)/)!`!/8-/U'.!'! ='7.&%'.!%'3'!2)'!3/! ,'#!82)&%&$)/#!Z2/!-/.8&1/)!Z2/!/#'#!'.8'#!#/!21&,&%/)!
-'.'! /,! '3&/#1.'8&/)1$! `! '#/F2.'.! ,'! 3&#-$)&7&,&3'3! /)! %')1&3'3! #2=&%&/)1/! -'.'! /,! /+/)12',! 2#$! 3/!
$-/.'%&$)/#K!!
Ce#&%'8/)1/D!/,!%.&1/.&$!Z2/!#/!21&,&U(!-'.'!-.&+'1&U'.!=2/D!/)!-.&)%&-&$D!$!)$.8'!F/)/.',D! ,$!-.$32%1&+$K!
4$.Z2/!',!-'5#!)$!,/!Z2/3(!)'3'D!',!0#1'3$!N'%&$)',!)$!,/!Z2/3(!)'3'!Z2/!=2/.'!-.$32%1&+$D!-$.Z2/!,'!
%$)%/-%&()!-$,51&%'!3/!,'!T-$%'!/.'!Z2/!/,!-'5#!3/75'!-./#1'.!#/.+&%&$#!)$!3/3&%'.#/!'!-.$32%&.!7&/)/#K!0)!
-'.1&%2,'.D!/)!WS!)$!#/!-.&+'1&U(D!-.&8/.$!,$!)$!./)1'7,/D!#&)$!Z2/!R2#1'8/)1/!-$.!/,!%$)1.'.&$D! ,$!Z2/!
$712+$!8'`$.! &)1/.T#!3/! ,$#! &)+/.#$./#!-.&+'3$#!=2/! R2#1'8/)1/!'Z2/,,'#!=e7.&%'#!Z2/D!$!-.$32%5')!/)!
1T.8&)$#!/%$)(8&%$#!7/)/=&%&$#$#D!$!#/'!='7.&%'#!./)1'7,/#D!$!'Z2/,,'#! =e7.&%'#!Z2/! ,/#!./-./#/)1'7')!
2)'!%$8-/1/)%&'!'!#2#!-.$32%1$#D!/#1/!/#!/,!%'#$!3/!,'!0*"D!/.'!,'!=e7.&%'!3/!,'1()!8&,&1'.D!-/.$!'3/8e#!
3/,!,'1()!8&,&1'.!/,'7$.'7'!$1.$#!-.$32%1$#D!Z2/!&)%,2#$!#/!/Y-$.1'7')!`!1/)5')!2)!&8-$.1')1/!&)F./#$!',!
F.2-$!/%$)(8&%$!WSD!-$.!,'!/Y-$.1'%&()!3/!7$7&)'#!3/!,'8&)'3$#!Z2/!./',&U'7'!,'!0*"!3/!%'7,/#!-'.'!
3&=/./)1/#!2#$#D!%'7,/#!-'.'!1/,T=$)$#D!%'7,/#!-'.'!1/,/+&#&()D!3&=/./)1/#!'-,&%'%&$)/#D!1$3$!/#$!#/!G'%&'!
%$)! ,'!0*"K! L)%,2#$! ,'!0*"!12+$!2)'!F.')! &)+/.#&()!-./+&'!',!8$8/)1$!3/! ,'!-.&+'1&U'%&()K!C2/)$D!/#1'!
=2/! 2)'! 3/! ,'#! Z2/! #/! %$8-.(D! `! /)! ./',&3'3!)$! #&F2&(! =2)%&$)')3$D! -$.Z2/! /,! F.2-$! &)+/.#$.! /.'! 3/!
$.&F/)! %G&,/)$! `! ,'! ./',&3'3! /#! Z2/! ,'! %$8-.'.$)! -'.'! %/..'.,'K!S'#! ',,e! 3/! Z2/! /,! %$)1.'1$! /Y&F&/.'!
8')1/)/.,'! $-/.'1&+'! -'.'! /,! %'#$! )/%/#'.&$K! 0)! ,'! -.'%1&%'D! /,! ./#2,1'3$! =2/! Z2/! #/! %$8-.$! -'.'!
%/..'.,'D!`!3/!G/%G$!G$`!WS!1&/)/!F.')3/#!3&=&%2,1'3/#!-'.'!$71/)/.!/,! ,'1()!8&,&1'.!Z2/!)/%/#&1'!-'.'!
G'%/.! 82)&%&$)/#! -/Z2/a'#! `! 8e#! 3&=&%2,1'3! 1$3'+5'! %2')3$! #/! 1.'1'! 3/! G'%/.! 82)&%&()! 3/! F.2/#$#!
%',&7./#! Z2/! ,,/+'! 2)! ,'1()! 3/! 8'`$.! 3&8/)#&()! =5#&%'D! 8'`$.! /#-/#$.K! 0)1$)%/#! %$)! /#$! /#1'8$#!
%$)1/#1')3$!Z2/!)$!#/!/8-/U(!%$)!,$!Z2/!/.'!-$%$!./)1'7,/D!/,!%.&1/.&$!/%$)$8&%'!#/!'-,&%'7'!-/.$!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!>7!1'87&T)!/)!/,!8'.%$!3/,!%$)%/-1$!-$,51&%$!3/!)$!1/)/.!2)!0#1'3$!%$)!-.$32%%&()!-.$-&'D!`!/#1$!/#!2)$!
3/!,$#!/R/8-,$#K!!
0,!$1.$!/R/8-,$!/#!1$3'! ,'!-'.1/!3/! ,'#! &)32#1.&'#!3/!='7.&%'%&$)/#!Z2/!#/!3/3&%'7'!'! ,'!-.$32%%&()!3/!
'%/.$!`!3/!,'8&)'3$#!'!-'.1&.!3/,!'%/.$!Z2/!-/.8&15'!,'!/,'7$.'%&()!3/!'.8'#D!%$#'!Z2/!G$`!)$!#/!-2/3/!
G'%/.K!h$`!-'.'!%2',Z2&/.!'.8'!Z2/!WS!&)1/)1/D!-,')//D!='7.&%'.o!'.8'#!Z2/!1/)F')!%$8-$)/)1/#D!-$.!
/R/8-,$D!Z2/!/,!%'a()!#/'!3/!2)!'%/.$!3/!3/1/.8&)'3'!%',&3'3D!)$!#/!%$)#&F2/!/)!/,!-'5#D!`!)$!#/!-2/3/!
G'%/.K!_/)/8$#!2)!/R/8-,$!%$)%./1$!3/!",1$#!h$.)$#!u'-,'!',!%2',!#/! ,/!/)%'.F(!2)!-/.=&,!-'.'!-$3/.!
%$)#1.2&.!,$#!'.%$#!-'.'!#$-$.1'.!,'#!F',/.5'#!3/!k*E_D!`!",1$#!h$.)$#!u'-,'!)$!-23$!-.$32%&.!/)!1&/8-$!
`!=$.8'!/,!-/.=&,!Z2/!./Z2/.5'!WSK!g1.'#!%'./)%&'#!Z2/!1/)/8$#!G$`D!-$.!/R/8-,$D!)$!-.$32%&8$#!/)!/,!
-'5#! ,$#! 127$#! -'.'! ,$#! ,')U'3$./#! 3/! %$G/1/#! 3/! 9<>88D! )&! 1'8-$%$! ,$#! 127$#! -'.'! ,$#! %$G/1/#K!
0)1$)%/#! 1$3'#! /#1'#! %2/#1&$)/#! Z2/! 2)$! /)! ./',&3'3! )/%/#&1'! -.$32%&.,'#! #&8-,/8/)1/! -'.'! -$3/.!
G'%/.#/D!-$.Z2/!3&F'8$#!)$!/#!1')!=e%&,!%$8-.'.!/#1'#!%$#'#!/)!/,!8/.%'3$! &)1/.)'%&$)',D!/,!8/.%'3$!
&)1/.)'%&$)',! +/)3/! 1$3$D! 8&/)1.'#! 2)$! ,$! Z2/! Z2&/.'! %$8-.'.! #/'! %$8/.%&',D! -'.'! 2#$! %$8/.%&',K!
*2')3$! /8-&/U'! '! 1/)/.! ',F2)'! -$1/)%&',&3'3! 3/! /8-,/$! 3/! 3&F'8$#D! 3/! ',1'! -./#1'%&()D! -'.'! 2#$!
%&/)15=&%$D!#/'!-'.'!2#$!'/.$)e21&%$D!&)%,2#$!/,!2#$!'/.$)e21&%$!%&+&,!`!8&,&1'.D!-'.'!%2/#1&$)/#!/#-'%&',/#D!
-'.'!3/#'..$,,'.!#/8'#!3/!'.8'#D!1$3$!'Z2/,,$!Z2/!1/)F'!',F2)'!-$1/)%&',&3'3!3/!/8-,/$!3&=/./)1/!'!
,$! Z2/! #/'! /#1.&%1'8/)1/! %&.%2)#%.&-1$! '! ,$! %$8/.%&',! 1&/)/! ./#1.&%%&$)/#! `! )&! #&Z2&/.'! /#! %2/#1&()! 3/!
1/)/.! ,'! -,'1'! -'.'! -'F'.,$D! $! #/'! /)! ',F2)$#! %'#$#! )$! #/! +/)3/K! 0)1$)%/#D! '! -'.1&.! 3/! /#$D! 1/)/.! /,!
3$8&)&$! #$7./! ,'! -.$32%%&()! /#! '#/F2.'.#/! ,'! ! 3&#-$)&7&,&3'3! 3/! /#$#! -.$32%1$#D! `! /)! 3/=&)&1&+'! /#!
/R/.%/.! /,! '21T)1&%$! #/)1&3$! 3/! ,$! Z2/! /#! ,'! #$7/.')5'K! 4$.Z2/! #&! 2)$! )$! -2/3/! 3/=/)3/.#/! 1'8-$%$!
-2/3/!3/%&.#/!Z2/!/#!#$7/.')$K!0#1$!&)3/-/)3&/)1/8/)1/!3/!Z2/!2)$!-&/)#/!$!)$!-&/)#/!/)!&.!'!'1'%'.!
',!+/%&)$D!/#!$1.$!-.$7,/8'K!^)'!%$#'!/#!Z2/!/,!+/%&)$!#/-'!Z2/!`$!8/!-2/3$!3/=/)3/.D!`!$1.'!%$#'!!/#!
Z2/! %2',Z2&/.'! #/-'! Z2/! `$! )$!8/! -2/3$! 3/=/)3/.K! j'!8e#! ',,e! 3/! ,'! '%1&123! 7/,&%'! $! )$! 3/! 2)'!
#$%&/3'3!$!3/!2)!-2/7,$K!
*$)!/,!S&)/.&$!3/!\/=/)#'!G27$!Z2/!./%$8-$)/.!,'!./,'%&()!Z2/!#/!.$8-&(!-$.!2)!,'3$!-$.!Z2/!WS!
#',&(!3/!,'!(.7&1'!3/!\/=/)#'D!`!-$.!/,!$1.$!-$.Z2/!,'!,/F&#,'%&()!Z2/!#/!-.$82,F(!32.')1/!,$#!)$+/)1'!`!
/)!,$#!-.&8/.$#!3$#!$!1./#!'a$#!3/!/#1/!#&F,$D! ,/!$7,&F'7'!'!,'#!WW""!'!%$8-.'.!',!Z2/!,/!+/)3&/.'!8e#!
7'.'1$D!&)3/-/)3&/)1/8/)1/!3/!#&!/,!Z2/!,/!+/)35'!8e#!7'.'1$!/.'!)'%&$)',!$!/Y1.')R/.$K!\/!/#'!=$.8'D!
WS! 3&/U8'3'D! #&)! -./#2-2/#1$D! G'7&/)3$! -/.3&3$! /,! 1./)! `! ,'#! %'-'%&3'3/#! 3/,! F.2-$D! 8',! -$35'!
%$8-/1&.!/)!%',&3'3!`!-./%&$!%$)!,'#!&)32#1.&'#!8&,&1'./#!3/!,$#!-'5#/#!8e#!3/#'..$,,'3$#K!0)!/#/!8'.%$D!
/,! S&)/.&$! 3/! \/=/)#'D! 1'87&T)! %$)! 2)! -./#2-2/#1$! /Y&F2$! 1.'1'7'! 3/! 8'Y&8&U'.! /,! 2#$! 3/! #2#!
./%2.#$#!`!%$8-.'7'!',!8e#!7'.'1$D!`!/,!8e#!7'.'1$!)$!/.'!WSK!"%12',8/)1/!,'!#&12'%&()!/#!3&=/./)1/K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!>[email protected]$[?1$1.3$1;$@1=1GH1Z-$@1$;3$0hSM$D-G-$H.-B11@-.$@1$;3=$SS77$34>1=$@1;$545D5-$@1;$H.-D1=-$@1$H.5B3>5<3D5I4p$oq$14$;3$3D>?3;5@3@p$
")1/#!3/,!&)&%&$!3/!,'!-.&+'1&U'%&()D!WS!/.'!/,!-.$+//3$.!-$.!/Y%/,/)%&'K!\/!G/%G$!G'#1'!./',&U'7'!1'./'#!
3/! &)+/#1&F'%&()! `! 3/#'..$,,$! `! ,2/F$! -'#'7'! '! ,'! -.$32%%&()! /)! #/.&/D! /)! -/Z2/a'#! #/.&/#D! -'.'!
#28&).'.! /Z2&-$#! '! ,'#! WW""K! 0R/8-,$#! 3/! /,,$#D! /)1./F'! /)! =$.8'! -'.%&',! 3/,! 1')Z2/! '.F/)1&)$!
8/3&')$D! 3/! /)1./F'! 1$1',! %'a$)/#! -'.'! ,'! '.1&,,/.5'D! /Z2&-$#! 3/! %$82)&%'%&$)/#D! 1$3$! 1&-$! 3/!
82)&%&$)/#! -'.'! 1$3$! 1&-$! 3/! %',&7./#D! 1$3$! /,! 8'1/.&',! -&.$1T%)&%$! Z2/! 21&,&U'7')! ,'#! WW""K! h$`! )$!
3&#-$)/)!,'#!WW""!3/!8'1/.&',!-&.$1T%)&%$!)'%&$)',K!0#'!=e7.&%'!=2/!-.&+'1&U'3'!`!%/..'3'D!/.'!,'!We7.&%'!
3/!4&.$1/%)&'K!h$`!Z2/3(!-.e%1&%'8/)1/!2)!-$%$!3/! ,$!Z2/!/#!3'#&+$#!Z258&%$#D! ,$!/#1e!1.'7'R')3$!
C/,1.e)K!4/.$!-$.!/R/8-,$D!1$3$!,$!Z2/!#$)!,'#!7/)F','#!Z2/!#/!21&,&U')!-'.'!#/a','8&/)1$D!,'#!7$87'#!
3/! G28$D! ,$#! #&82,'3$./#! 3/! /Y-,$#&()D! -'.1/! #/! /#1e! ./%2-/.')3$! `! -'.1/! )$! #/! +'! '! ./%2-/.'.! -$.!
%'./%/.!3/!/#'!=e7.&%'!Z2/!-/.8&15'!-.$32%&.,'K!!
d'!#&12'%&()!/)1$)%/#!-'.'!+$,+/.!',!-2)1$!3/! ,'!-./F2)1'D! ,'!#&12'%&()!')1/#!3/! ,'!-.&+'1&U'%&()!/.'!/,!
-.$+//3$.!-$.!/Y%/,/)%&'!3/! ,'#!WW""K!d$!Z2/!-'#'!Z2/!`$!'%e!Z2&#&/.'!G'%/.!2)'!-/Z2/a'!3&=/./)%&'!
/)1./!,'#!WW""K!W'7.&%'%&$)/#!/.'!/,!-.$+//3$.!-$.!/Y%/,/)%&'!3/,!/RT.%&1$D!`!%$)!./#-/%1$!'!,'#!$1.'#!3$#!
=2/.U'#D!#&/8-./!=2/!2)!-$%$!8e#!3&=5%&,K!0)!-.&)%&-&$!-$.!/,!$.&F/)!-.$-&$!3/!WS!Z2/!#2.F&(!3/,!/RT.%&1$!
8$o!`!/)!#/F2)3$!,2F'.D!-$.Z2/!1')1$!,'!=2/.U'!'T./'!%$8$!,'!8'.&)'D!/)!F/)/.',!/#1'7')!/Z2&-'3'#!
%$)!72Z2/#!`!'/.$)'+/#!3/!$.&F/)!/Y1.')R/.$K!0)1$)%/#!/,!-.$+//3$.!3/!,$#!./-2/#1$#D!,$#!#/.+&%&$#!`!,'!
82)&%&()!Z2/!%$)#285')!,$#!72Z2/#!`!,'#!'/.$)'+/#!1'87&T)!/.'!3/!$.&F/)!/Y1.')R/.$K!!
\/#-2T#! 3/! ,'! -.&+'1&U'%&()! -.e%1&%'8/)1/D! ,'#! WW""!)$! %$)#28&/.$)! )'3'! 3/! WS! `! WS!3/7&(! 72#%'.!
$1.$#!8/.%'3$#! /)! ,$#! %2',/#! -$3/.! $-/.'.D! -$.! /R/8-,$D! ,'! %'U'! `! /,! 1&.$! 3/-$.1&+$D! -$.! /R/8-,$! ,'!
'%1&+&3'3!8&)/.'K!0#$#!/.')!7e#&%'8/)1/! ,$#!3$#!-.&)%&-',/#!)&%G$#D!Z2/! ,/!3&/.$)!/,! #2#1/)1$! ./,'1&+$!
Z2/! 12+$! WS! 2)'! +/U! %$)%,2&3'#! ,'#! -.&+'1&U'%&$)/#K! _'87&T)D! -/.$! /#1$! )$! #/! 8$3&=&%(! %$)! ,'!
-.&+'1&U'%&()D! /#! ,'! -.$32%%&()! `! +/)1'! 3/! e%&3$! )51.&%$! %$)! 3/#1&)$! '! 2#$#! %$8/.%&',/#D! -$.Z2/! ,'!
%')1&3'3!Z2/!#/!-.$32%/!/Y%/3/!G$,F'3'8/)1/!,'!%')1&3'3!3/!e%&3$!Z2/!#/!)/%/#&1'!-'.'!2#$!8&,&1'.K!!
M&!)$!/.'!/,!9cc!-$.!%&/)1$D!#/.5'!/,!;c!-$.!%&/)1$D!-/.$!/,!-.&)%&-',!#28&).'3$.!3/!-/.1./%G$#!7T,&%$#!
-'.'!,'#!W2/.U'#!".8'3'#D!/)!-'.1&%2,'.!-'.'!/,!/RT.%&1$D!/.'!WSK!
d'! #&12'%&()! '%12',! /#! 7'#1')1/! ',/)1'3$.'K! *$)! /,! e./'! 3/=/)#'! #/! /#1e! 1.'1')3$! 3/! %$)#/)#2'.! ,'!
-.$32%%&()!3/!,$!Z2/!WS!G$`!-2/3/!-.$32%&.!Z2/!&)1/./#'!'!,'#!=2/.U'#D!`!/,!3/#'..$,,$!3/!'Z2/,,$!Z2/!
G$`!)$!-.$32%/!-/.$!Z2/!-$3.5'!-.$32%&.!`!Z2/!/#!3/!&)1/.T#!-'.'!,'#!=2/.U'#!G'%/.,$!/)!=$.8'!,$%',D!`!
%$)! 2)! %.&1/.&$! 3/#/)F')%G'3$! 3/! ,'! /R/%2%&()! -./#2-2/#1'.&'! =&#%',! ')2',D! $! #/'! %$)! 2)! G$.&U$)1/!
-,2.&')2',D!/)!1./#!$!%&)%$!'a$#D!3$)3/!#/!-2/3')!-,')&=&%'.!-.$32%%&$)/#!-$.!,$1/#!-$.!%'8-'a'D!`!)$!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!>4!2)! -$Z2&1$! 3/! %'3'! %$#'! Z2/! 1/.8&)'! /)%'./%&/)3$! '! %'3'! -.$32%1$K! 0)1$)%/#D! 3/! /#/! 8$3$D!
='7.&%'%&$)/#!1&/)/!2)!G$.&U$)1/!.'U$)'7,/8/)1/!-.$,$)F'3$!%$8$!-'.'!-,')&=&%'.!#2!-.$32%%&()!`! ,'#!
'3Z2&#&%&$)/#D!`!,'#!WW""!%$)$%/)!Z2/!/)!2)!8/3&')$!-,'U$!+')!'!%$)1'.!%$)!1$3'#!,'#!82)&%&$)/#!Z2/!
)/%/#&1/)K! 0#1$! #/! /#1e! G'%&/)3$! '! 1.'+T#! 3/,! S&)/.&$! 3/! \/=/)#'! Z2/! /#1e! ,&3/.')3$! /#1'!
%$$.3&)'%&()!/)1./!,$!Z2/!)/%/#&1')!,'#!WW""!`!,$!Z2/!-2/3/!-.$32%&.!WSK!
oL?R;[email protected]$[?1$Q?1.-4$;3=$.3<-41=$@1$;3$H.5B3>5<3D5I4$@1$;3$0hSMp$
0#1$!%'`(!3/)1.$!3/!,'!7$,#'!3/!,'#!-$,51&%'#!3/!,'#!-.&+'1&U'%&$)/#!3/!1$3$!,$!Z2/!/.'!-.$32%1&+$!/)!/,!
/#1'3$!'.F/)1&)$K!Ce#&%'8/)1/!,$!-.&8/.$!Z2/!#/!!-.&+'1&U(!=2/!,$!Z2/!-$35'!#/.!./)1'7,/!-'.'!%2',Z2&/.!
/8-./#'.&$! &)+/.#$.!$! 1'87&T)! =2/!.e-&3'8/)1/!'3Z2&.&3$!'Z2/,,$!Z2/!%$)=$.8'7'!%$8-/1/)%&'!-'.'!
2)! -.&+'3$! &)+/.#$.D! 3&F'8$#! 3/! ,'! %$8-/1/)%&'! +',F'! ,'! ./32)3')%&'K! 0)! F/)/.',! /.'! 3/! $.&F/)!
/Y1.')R/.$!-$.Z2/!='7.&%'%&$)/#D!3&F'8$#!8')12+$!'!,$!,'.F$!3/,!1&/8-$!,'!-$,51&%'!3/!)$!%$8-/1&.!%$)!
,'! &)32#1.&'! )'%&$)',D! #&)$! #/.+&.,/! 3/! 7'#/K! g.&F&)',8/)1/D! W'7.&%'%&$)/#! S&,&1'./#! =2/! -/)#'3'! -'.'!
-.$32%&.!,$#!&)#28$#!7e#&%$#!3/!,'!&)32#1.&'D!`'!#/'!-/#'3'!$!,&+&')'!3/!)2/#1.$!-'5#K!
[email protected]$1;$5GH3D>-$@1$;3$H.5B3>5<3D5I4$@1$;3$0hSM$14$1;$323=>1D5G514>-$H3.3$;3$
@1Q14=3p$
!0,! &8-'%1$!3/! ,'!-.&+'1&U'%&()!3/! ,'!\VWS!/)!/,!'7'#1/%&8&/)1$!-'.'! ,'!3/=/)#'! =2/!3/!2)'!8'F)&123!
/Y%/#&+'K!0,!&8-'%1$!3/!,'!-.&+'1&U'%&()!=2/!3/!2)'!8'F)&123!/Y%/#&+'!-$.Z2/!,$!Z2/!Z2/3$!#&)!-.&+'1&U'.D!
Z2/3$!#&)!-.&+'1&U'.D!7&/)!-$.Z2/!)$!/Y&(!&)1/.T#!-.&+'3$D!$!/)!/,!%'#$!!3/!E&$!_/.%/.$!-$.Z2/!/Y'!
2)'!./#1.&%%&()!'!,'!/)'R/)'%&()D!2)'!./#1.&%%&()!R23&%&',!'!,'!/)'R/)'%&()K!!
oq$14$H3.>5D?;3.$3$ ;-$[?1$1=$1;$323=>1D5G514>-p$oL-4$1=>3=$H.5B3>5<3D5-41=$D-G-$=1$>?B-$[?1$323=>1D1.$
;3=$Q?1.<3=$3.G3@3=p$
*$8-.')3$!/)!/,!/Y1/.&$.K!4$.Z2/!'-'.1/!8/3&$!Z2/!/,!8'.%$!,/F',!#/!,$!/Y&F5'D!1/)5')!Z2/!%$8-.'.!',!
8/)$.!-./%&$D!=2/.'!%2',!=2/.'!/,!$.&F/)!3/!,'!8/.%'3/.5'K!!
q$1=>3=$D-GH.3=$14$1;$1N>1.5-.A$o;1$H-=525;5>3.-4$3DD1@1.$3$->.3=$>1D4-;-CF3=p$
\/-/)3/!3/!,'!.'8'K!4$.!/R/8-,$D!/)!',F2)$#!%'#$#!,'!%$8-.'!',!/Y1/.&$.!-/.8&1&(!G'%/.#/!3/!/Z2&-$#!
Z2/!)$!#/!-.$32%5')!/)!/,!-'5#K!0#1$!7e#&%'8/)1/!/)!,'!-'.1/!3/!/,/%1.()&%'!`!%$82)&%'%&$)/#K!\/!G/%G$!
/Z2&-$#!Z2/!G$`! 1'8-$%$!#/!/#1e)!-.$32%&/)3$K! !"G$.'D!/#1$!/#! ,$!8/)$#K! d$!8e#!/#! 1$3$! ,$!Z2/! #/!
%$)#28/K!!
oK=>3=$D-GH.3=A$34>1=$>3GH-D-$;3=$323=>1DF3$SMA$4-p$
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!>8!*,'.$K!d$!Z2/!-'#'!/#!Z2/!,'!-.&+'1&U'%&()!`!/,!8'.%$!,/F',!G'%5')!`!1$3'+5'!G$`!G'`!82%G$!./#&32',!3/!
82%G$!3/!/#1$D!Z2/!G'#1'!#/!%$8-.'.'! ,'!.$-'!'=2/.'K!g!#/'!%$8$!/#!-$#&7,/!Z2/!2)!-'5#!)$!1/)F'! ,'!
%'-'%&3'3!3/!+/#1&.!'!#2#!WW""D!)$!%&/..'K!k!3/!G/%G$!G$`!1$3'+5'!-$.!2)!-.$7,/8'!3/!-./%&$#!./,'1&+$#!
#/!323'!3/!%$8-.'.!$!)$!,$#!2)&=$.8/#!'=2/.'D!$!,'#!1/,'#!-'.'!%$)#1.2&.,$#!'%eK!")1/#!#/!='7.&%'7'!1$3$!
'%eD!)$!/.'!='7.&%'%&$)/#!8$!-/.$!/.'!3/!&)32#1.&'!1/Y1&,!'.F/)1&)'K!!
h$`D! ,$#! -.&)%&-',/#! -.$+//3$./#! 3/! ,'#! WW""! #$)! 3/! $.&F/)! )'%&$)',D! 3/! )$#$1.$#D! $! #/'! /,! 0#1'3$!
'.F/)1&)$o!/8-./#'#!-.&+'3'#!3/,!S0E*gM^ED!-/.$!/)!./',&3'3!./#1.&)F&3$!',!C.'#&,K!C.'#&,!/)!/,!%'#$!3/!
,$! Z2/! /#! '+&()&%'! `! 3/! ,$! Z2/! /#! 82)&%&()D! `! ',F$! 3/! '.8'8/)1$D! `! 3/#'..$,,$#! %$)R2)1$#! /)1./!
".F/)1&)'!`!C.'#&,D!%$8$!/#!/,!%'#$!3/,!9h3?DO-JK!0#/!/#!2)!1/8'!Z2/!/#1'!%')3/)1/!-'.'!Z2/!/)!',F6)!
8$8/)1$!,$!-2/3'!-.$32%&.!WSK!0,!F'2%G$!/#!2)!W11H$/Z2&+',/)1/!',!r?GG1.!'8/.&%')$D!-/.$!'%$.3/!'!
,$#! ./Z2/.&8&/)1$#! `! ,'#!-$#&7&,&3'3/#!3/! #$#1/)/.,$! ,$F5#1&%'8/)1/D!3/!-'5#/#!/)!+5'#!3/!3/#'..$,,$o! `!
3/#-2T#! 72/)$D! %$8$! $1.'#! =2/)1/#! 3/! $71/)%&()! 3/! 8'1/.&',! 7T,&%$! /#1e)! ,$#! 0#1'3$#! ^)&3$#D! Z2/!
1&/)/)!2)!-.$F.'8'!Z2/!#/!,,'8'!WSMD!W$.'&F)!S&,&1'.`!M',/#D!$!#/'!+/)1'#!8&,&1'./#!',!/Y1.')R/.$D!Z2/!
/#/! -$.! /R/8-,$! G'#1'! %$8-&1/! -./#2-2/#1'.&'8/)1/! %$)D! 1$3'+5'! G$`D! %$)! /,! #/8'! 3/! %$8-./!
G'7&12',D! ./F2,'.!Z2/!1/)/8$#!/)!/,!-'5#K!4$.Z2/!#/!%$)#&3/.'!3/#3/!/,!-2)1$!3/!+'!-./#2-2/#1'.&$!
Z2/!,'!/R/%2%&()!/#1e!./',&U'3'!/)!/,!8$8/)1$!Z2/!#/!3/-$#&1')!,$#!=$)3$#!/)!,'!%2/)1'!7')%'.&'!/)!,'!
%2',! #/! '7./! ,'! %'.1'! 3/! %.T3&1$D! /#$! &)3/-/)3&U'! 3/,! %28-,&8&/)1$! /=/%1&+$! ! 3/! ! ,'! /)1./F'D! 3/,!
%28-,&8&/)1$!/=/%1&+$!3/!,'!%/.1&=&%'%&$)/#!3/!,$!/)1./F'3$!`!3/,!8$8/)1$!/)!/,!%2',!Z2/3'!G'7&,&1'3$!
/,! -'F$K!S&/)1'#! Z2/! -'.'! /,! ./#1$! 3/! ,'#! %$8-.'#D! 2)$! 1&/)/! Z2/! -$3/.! ./',&U'.! 1$3'! ,'! $-/.'1$.&'!
3/)1.$! 3/,! 'a$! =&#%',K! 0)1$)%/#D! G'#1'! ./#2,1'!8e#! =e%&,! -'.'! )$! -/.3/.! -./#2-2/#1$D! '7.&.! ,'! %'.1'! 3/!
%.T3&1$! Z2/! /)F')%G'.#/! '! /)%'.F'.! ',F$! Z2/! #&! 3/#-2T#! )$! ,$! -2/3$! ./%&7&.D! #/! 3/8$.')! /)! ,'!
-.$32%%&()D!#&!)$!%28-,/)!%$)!,$!Z2/!1&/)/!Z2/!%28-,&.D!#/!3&,'1'!`!-2/3/!,,/F'.!G'#1'!-/.3/.!/,!%.T3&1$!
-$.Z2/!#/!8/!-'#'!3/,!-/.&$3$!/)!/,!%2',!,$!1/)F$!Z2/!/R/%21'.K!
_/)/8$#!".F/)1&)'D!C.'#&,D!0#1'3$#!^)&3$#D!`!,$#!-'5#/#!/2.$-/$#D!,$#!-.&)%&-',/#!-'5#/#!/2.$-/$#K!S2`!
-$%$D!`!/)!F/)/.',!'!1.'+T#!3/!./-./#/)1')1/#!3/!-/Z2/a'!8'F)&123D!+&/)/)!3/!*$./'D!+&/)/)!3/!*G&)'!
3/!-'5#/#!'#&e1&%$#K!
q$3=F$D-G-$34>1=$@1$;3=$H.5B3>5<3D5-41=$0hSM$;;1C-$3$323=>1D1.$D3=5$14$?4$%__sA$O-E$@1$[?1$H-.D14>3W1$
1=>3.F3G-=$O32;34@-$3H.-N5G3@3G14>1$
h$`!2)!@cÅ!',!/RT.%&1$D!`!2)!:Å!'!,'#!$1.'#!=2/.U'#!
K4$=?$-H545I4A$3$GR=$@1$?43$@XD3@3$@1;$H.-D1=-$@1$H.5B3>5<3D5I4\$ot?5X41=$=1.F34$;-=$C.34@[email protected]=$
E$;-=$C.34@1=$H1.@[email protected]=$@1$1=>3$H-;F>5D3p$
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!>S!d$#! F.')3/#! F')'3$./#D! ,'#! /8-./#'#! 8&,&1'./#! 82,1&)'%&$)',/#D! `! /)! ',F2)$#! %'#$#! G'#1'D!
%$8/.%&',&U'3$./#!3/!-/Z2/a'#!/#%','#!3$)3/!%$)#&F2/!#$7.')1/#D!Z2/!#&/8-./!G'`!#$7.')1/#!/)!',F2)'!
-'.1/!3/,!82)3$!`!%$)#&F2/)!#$7.')1/#!'!2)!-./%&$!.&35%2,$D!`!,$!%$,$%')!'!2)!-./%&$!./-./#/)1'1&+$!/)!
2)!-'5#!3$)3/!)$!1&/)/!-./%&$#!3/!./=/./)%&'D!-$.Z2/!)$!1&/)/!-.$32%%&()!,$%',K!0)!3/=&)&1&+'D!1/.8&)')!
%$7.')3$!,$!Z2/!Z2&/.')K!0#1/!/#!$1.$!-2)1$!Z2/!/)!',F6)!,'3$!G'`'!Z2/!%$)#&F)'.,$D!Z2/!-$.!/R/8-,$!
G$`D! /#1$! -'#$! #&/8-./! -/.$! G$`! #/! +/K! d$#! -.$32%1$#! Z2/! ='7.&%'! WSD! %2')3$! #/! G'%/)! ,&%&1'%&$)/#!
-67,&%'#!3/!,'#!WW""D!,$!Z2/!='7.&%'!WS!/#!$=./%&3$!/)!F/)/.',!'!-./%&$#!,&F/.'8/)1/!&)=/.&$./#!'!,$!Z2/!
-.$32%/! WSD! 'G$.'! ,$#! -.$32%1$#! Z2/! )$! ='7.&%'! WSD! 1&/)/! 2)! +',$.! $=./%&3$!82%G$!8e#! ',1$! Z2/! /,!
-./%&$!./F2,'.!3/!8/.%'3$K!0#$!Z2&/./!3/%&.!Z2/!#&!)&!#&Z2&/.'!-.$32RT.'8$#!,$!Z2/!-.$32%&8$#D!1$3$!#/!
-'F'.5'!82%G$!8e#K!0#!8/)1&.'!Z2/!,'!$=/.1'!,'!./F2,'!/,!8/.%'3$K!!
K4$=?$-H545I4A$ot?X$.-;[email protected]$[?1$D?GH;1$0hSM$14$;3$H-;F>5D3$@1$@1Q14=3$3D>?3;p$
C2/)$D!/,!.$,!Z2/!,/!%'7/!'!,'!\VWS!/)!,'!-$,51&%'!3/!3/=/)#'!'%12',D!2)'!-$,51&%'!3/!3/=/)#'!$.&/)1'3'!'!
$71/)/.!,'!8'`$.!%')1&3'3!-$#&7,/!3/!#2#!/Z2&-$#!`!-/.1./%G$#!/)!,'! &)32#1.&'!)'%&$)',D!/#! R2#1'8/)1/!
'#/F2.'.,/!'!,'#!=2/.U'#!3/!3/=/)#'!`!'!,'#!=2/.U'#!3/!#/F2.&3'3K!"GÖ!/#$!8/!$,+&3/!/)!,'!')1/.&$.Ö!0)!,'!
./#-2/#1'!')1/.&$.!1/)3.5'8$#!Z2/!-$)/.!Z2/!'3/8e#!3/,!'%2/.3$!Z2/!/#1'8$#!G'%&/)3$!%$)!3/=/)#'D!
/#1'8$#!G'%&/)3$!'%2/.3$#!%$)!/,!S&)/.&$!3/!M/F2.&3'3!-'.'!1'87&T)!#/.!/,!-.&)%&-',!#28&).'3$.!
3/! ,'#! =2/.U'#! 3/! #/F2.&3'3! /! &)#1&12%&$)/#! -$,&%&',/#D! 3/! )&+/,! )'%&$)',K! k! 1'87&T)! /#1'8$#! G'%&/)3$!
'%2/.3$#!%$)!,'#!-.$+&)%&'#D!-'.'!#/.!/,!-.&)%&-',!-.$+//3$.!'!#2#!./#-/%1&+'#!!=2/.U'#!-$,&%&',/#K!!
!!/#!-.$32%&.!7e#&%'8/)1/!'Z2/,,$!Z2/!%$)#28/)!,'#!WW""!`!Z2/!./Z2&/./!1')1$!-'.'!/,!'3&/#1.'8&/)1$!
%$8$! -'.'! 3&#-$)/.! ',8'%/)'3$#! %$8$! ./#/.+'! /#1.'1TF&%'D! `! -'.'! /+/)12',8/)1/! -/.8&1&.,/#! /,!
#$#1/)&8&/)1$!3/!2)!%$)=,&%1$!'.8'3$K!N$!1')1$D!,'!-.$32%%&()!3/,!#/8'!3/!'.8'#!3/!1$3$#D!3&F'8$#!
3/! 1$3$#! ,$#! #/8'#! 3/! '.8'#D! #&)$! /Y%,2#&+'8/)1/! 3/! 'Z2/,! #/8'! 3/! '.8'#! Z2/! ,/! $1$.F2/! 2)'!
%'-'%&3'3!3&=/./)%&',K!4$.!/R/8-,$!%$G/1/#!`!8&#&,/#K!!"G$.'D!-$3/8$#!='7.&%'.!$!)$!-$,'#D!-$3/8$#!
='7.&%'.!$!)$!=2#&,/#D!-$3/8$#!='7.&%'.!$!)$!'8/1.',,'3$.'#D!#&!)/%/#&1'8$#!-$3/.!='7.&%'.! ,'!82)&%&()!
Z2/!%$)#28')!,'#!3&=/./)1/#!'.8'#D!`!#/8'#!3/!'.8'#K!!
q-$>1.G541$D-4$G5=$H.1C?4>3=A$oO3E$3;C-$[?1$[?5=51.3$3C.1C3.$E$[?1$4-$;1$O3E3$H.1C?4>3@-p$
N$D!%./$!Z2/!1/!%$)1T!8e#!$!8/)$#!1$3$K!!
!
! *
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!><!I'B&%A-)B#*#,*9'G(&M#'B%*!,#A%*2_4*
oLIG-$1=$ ;3$ .1;3D5I4$14>.1$ ;3$05.1DD5I4$h141.3;$ @1$ S32.5D3D5-41=$M5;5>3.1=$ E$ ;3=$ S?1.<3=$7.G3@3=p$ oq$
34>1=$@1;$545D5-$@1;$H.-D1=-$@1$H.5B3>5<3D5I4p$
C2/)$D! G'`! Z2/! 1/)/.! /)! %2/)1'! Z2/! ')1/#! 3/! ,'#! -.&+'1&U'%&$)/#D! 3&F'8$#! WS! 1/)5'! 2)'! -./#/)%&'!
8&,&1'.!8'`$.!'!,'!'%12',D!$!#/'!82`!#2-/.&$.K!_',!+/U!/)!,'#!=e7.&%'#!)$!%$)!,'!-./#/)%&'!3/!8&,&1'./#!/)!
'%1&+&3'3D!'!,$!8/R$.!/.'!7'#1')1/!-'./%&3$!'!'G$.'K!4/.$!'%e!/)!#/3/!%/)1.',D!Z2/!/.'!3$)3/!#/!3&%1'7')!
,'#!-$,51&%'#!`!3/8e#D! #&! 1/)5'!2)'!-./#/)%&'!8&,&1'.!82%G$!8e#!)28/.$#'D!`!'%1&+'K!h'`!Z2/! 1/)/.!/)!
%2/)1'!Z2/!G'75'!\&./%%&()!3/!4.$32%%&()!S/%e)&%'D!\&./%%&()!3/!4.$32%%&()!S/1',6.F&%'D!\&./%%&()!3/!
4.$32%%&()!S&)/.'D! \&./%%&()! 3/! \/#'..$,,$o! $! #/'D! G'75'! 2)'! /#1.2%12.'! 3/! 1',! 8'F)&123! /)! ,'! %2',!
$7+&'8/)1/! G'75'! 3/%/)'#! `! 3/%/)'#! 3/!8&,&1'./#K! 0)! /,! %$)1/Y1$! 3/! -'5#! Z2/! +&+5'8$#! 3/! -/Z2/a$#!
'a$#!3/!F$7&/.)$#!%&+&,/#!%$)!82%G$#!-/.5$3$#!3/!F$7&/.)$#!8&,&1'./#!$7+&'8/)1/! ,'!-./#/)%&'!8&,&1'.!
/.'!82%G$!8e#!&)1/)#'!`!72/)$D!`!%$)!,'#!%$))$1'%&$)/#!Z2/!#/!+&+&/.$)!G'%/!8e#!3/!1./&)1'!'a$#!'1.e#K!
oq$@?.34>1$;3$H.5B3>5<3D5I4p$
\2.')1/! ,'! -.&+'1&U'%&()! `'! 3&)2`(K! \&)2`(! ! #/)#&7,/8/)1/K! g7+&'8/)1/D! ! ,'#! =e7.&%'#! Z2/! #/!
-.&+'1&U'.$)D! #/!-.&+'1&U'.$)! %'#&! ,'!8'`$.5'!3/! ,'#! =e7.&%'#D!Z2/3'.$)! %2'1.$!)'3'!8e#!3/! ,'#! %'1$.%/!
Z2/! G'75'K! ",F2)'#! #/! -.&+'1&U'.$)! -'.'! 3/#'-'./%/.D! ',F2)'#! #/! -.&+'1&U'.$)! `! #&F2&/.$)! 2)! -/.5$3$!
%$.1$!$!2)!-/.5$3$!./,'1&+'8/)1/!%$.1$D!`!-$.!2)'!#&12'%&()!3/!8/.%'3$!$!3/,!-'5#D!3/R'.$)!3/!=2)%&$)'.!
`! ',F2)'#!3&./%1'8/)1/!3/#'-'./%&/.$)K! d'!-.&+'1&U'%&()!)$! 12+$!2)'! %$)1&)2&3'3! &)32#1.&',! -$#1/.&$.D!
'#5!Z2/D!3/#3/!/,!-2)1$!3/!+'!3/!,'!-./#/)%&'!8&,&1'.D!3/#3/!Z2/!#/!-.&+'1&U(!%'#&!%/.$K!
K=>-$ 1=$ 14$ D?34>-$ 3$ ;3$ .1;3D5I4$ [?1$ >?B-$ ;3$ 0hSM$ D-4$ ;3=$ SS77A$ E$ o;3$ .1;3D5I4$ D-4$ 1;$ M545=>1.5-$ @1$
01Q14=3p$
k! ,'! ./,'%&()! %$)! /,! S&)/.&$! 3/! \/=/)#'! #&F2&(! /)! %2')1$! '! ,'#! %2'1.$! =e7.&%'#! Z2/! ,/! Z2/3'.$)!
/Y%,2#&+'8/)1/K!M&!7&/)!',F2)'#!3/!,'#!=e7.&%'#!Z2/!#/!-.&+'1&U'.$)!Z2/!12+$!&)R/./)%&'!/,!S&)/.&$!3/!
\/=/)#'! 7e#&%'8/)1/D! F/)/.$! ',F6)! 1&-$! 3/! ./#F2'.3$#! -'.'! -.$1/%%&()! 3/! ',F2)$#! &)#28$#! 3/! 2#$!
8&,&1'.D!/#'!=2/!,'!./,'%&()!Z2/!Z2/3(!%$)!,'#!='7.&%'#!-.&+'1&U'3'#!Z2/!#&F2&/.$)!1.'7'R')3$!32.')1/!2)!
-/.&$3$!YK!4$.!/R/8-,$D!/,!%'#$!3/!,'!WS0*"!Z2/!G'%5'!,$#!,'1$)/#!-'.'!2#$!8&,&1'.!12+$!2)!-/.5$3$D!,$#!
./#F2'.3$#!8&,&1'./#!-'.'!='7.&%'.!/#$#!-.$32%1$#!-'.'!-$3/.!G'%/.!82)&%&()D!12+$!2)'!+&F/)%&'!3/!<c!
'a$#K! *'#2',8/)1/! 'G$.'D! /)! /,! <c9<! #/! +/)%/D! #/! +/)%&(! `'K! 0#'! /.'! ,'! ./,'%&()! 3/,! S&)/.&$! 3/!
\/=/)#'! %$)! /#'#! =e7.&%'#! Z2/! #/! -.&+'1&U'.$)! Z2/! 12+&/.$)! ./#F2'.3$! 8&,&1'.D! )$! 1$3'#! 12+&/.$)!
./#F2'.3$!8&,&1'.K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!>X!oLIG-$1=$ ;-$@1$ ;3$0hSM$E$1;$.1=C?3.@-$G5;5>3.p$,1.@I4$H1.-$ ;-$14>14@F$D-G-$[?1$1;$.1=C?3.@-$G5;5>3.$
1.3$H3.3$H.->1C1.$E$[?1$=5C34$Q?4D5-434@-\$K;$D3=-$@1$;3$KL7$@1W-$@[email protected]>3G14>1p$
N$)$D!3&./%1'8/)1/!)$K!M&F2&(!1.'7'R')3$D!#/!-.&+'1&U$!/)!8'.U$!3/,!;P!`!#&F2&(!G'#1'!/,!<cccK!g!#/'!Z2/!
#&F2&(!+'.&$#!'a$#K!
o,[email protected]$O321.$=1C?5@-$O3=>3$1;$^_%^$H-.$1;$.1=C?3.@-p$
C2/)$D!3/7/.5'!3/!G'7/.!#/F2&3$K!4/.$!'G5!#/!8/U%,')!%$#'#!7'#1')1/!%$8-,/R'#!%$8$!/#!/,!8/.%'3$D!
%$8$! /#! Z2/! ,'! /8-./#'! -/.1/)/%/! '! 2)! F.2-$! %&+&,! 3&F'8$#! 3/! %'-&1',/#! %G&,/)$#! Z2/! $7+&'8/)1/!
#&F2/)! `! 1.'7'R')!/)! ,'!8/3&3'!3/!Z2/! 1/)F')!2)! ./)3&8&/)1$!/%$)(8&%$!Z2/! ,/#! %$)+/)F'K! 4'.$!/)!
3&%&/87./D! %./$! 3/,! <cccD! -/.$! &)8/3&'1'8/)1/! /.')! ,'#! +5#-/.'#! 3/! ,'! %.&#&#! 3/,! <cc9D! `! 72/)$D! 'G5!
1'87&T)!/#!1$3$!2)!1/8'K!d$#!./#F2'.3$#!8&,&1'./#!#/!-2/3/)!1/)/.!#&/8-./!`!%2')3$!!,'#!%$)3&%&$)/#!
/%$)(8&%'#! F/)/.',/#! 3/)! %$8$! -'.'! /#$K! d$! Z2/! #&! #/! G&U$! 3/! -'.1/! 3/,!S&)/.&$! 3/! \/=/)#'D! /#!
%$)1.$,'.! /,! 1/8'! 3/! ,$#! ./#F2'.3$#! G'%&/)3$! ',F6)! 1&-$! 3/! &)#-/%%&()D! Z2/! #/! G&U$D! /)! 3&)1'#!
$-$.12)&3'3/#K! k$! &)%,2#$! -'.1&%&-/! 3/! /#'#! &)#-/%%&$)/#D! '! ./Z2/.&8&/)1$! 3/,!S&)/.&$! 3/!\/=/)#'D!
-'.'!+/.!#&!/,!/Z2&-'8&/)1$!1T%)&%$!Z2/!1/)5')! ,'#!=e7.&%'#!#/F25'!/)! ,'#!=e7.&%'#!$!G'75'!G'7&3$!',F6)!
1&-$!3/!3/#8')1/,'8&/)1$!$!#'%'.!',F6)!1&-$!3/!8eZ2&)'#!`! ,,/+'.,'#!',!/Y1/.&$.K!4$.Z2/!'!+/%/#!G27$!
.28$./#!3/!/#$D!-/.$!)2)%'!#/!+/.&=&%(!/#/!G/%G$K!g!#/'!)$!$%2..&(K!
Y3$H.-@?DD5I4$@1$KL7$1.3$@1=>543@3$H.54D5H3;G14>1$3U$
k! -.&)%&-',8/)1/D! ',! 8/.%'3$! 8&,&1'.K! 0)! ./',&3'3! /.'! ',! 8/.%'3$! 8&,&1'.! `! %&+&,D! -/.$! $7+&'8/)1/! /,!
$7R/1&+$!/.'!8&,&1'.K!!
oc3G25X4$=1$1NH-.>323p$
M/!/Y-$.1'7'D!#/!/Y-$.1'7'!'!0#1'3$#!^)&3$#K!
oLIG-$ [email protected]$[?1$ 1.3$ 1;$ @1=1GH1Z-$@1$ ;3$0hSM$D-G-$H.-B11@-.$ @1$ ;3=$ SS77$34>1=$ @1;$ 545D5-$ @1;$H.-D1=-$@1$H.5B3>5<3D5I4p$oq$14$;3$3D>?3;5@3@p$
C2/)$D!1/)&/)3$!/)!%2/)1'D!3&F'8$#!1/)3.5'8$#!Z2/!#&12'.)$#!/)!2)!%$)1/Y1$!3/!G'%/!Pc!'a$#!'1.e#K!d'!
-.$+&#&()!'!,'#!WW""!/.'!&8-$.1')1/D!/.'!82`!&8-$.1')1/K!4.&8/.$!-$.Z2/!1/%)$,(F&%'8/)1/!#/!/#1'7'!
8e#! '%12',&U'3$! Z2/! 'G$.'D! `! #/F2)3$! -$.Z2/! ,'! +'.&/3'3! 3/! =e7.&%'#! Z2/! #/! 1/)5'! '7'.%'7'! 2)'!
%')1&3'3!3/!.27.$#!82`!#2-/.&$.!'!,$!Z2/!)$#!Z2/3(!'G$.'K!!
[email protected]$;;1C3.$3$@1D5.$[?1$14$1=1$G-G14>-$=1$323=>1DF3$14$=?$>->3;5@3@$;3=$41D1=5@3@1=p$
N$D! /)! #2! 1$1',&3'3! )$! -$.Z2/! %2')3$! #/! G'7,'! 3/! '.8'#! $! 3/! '.8'8/)1$! %$)! %&/.1'! #$=&%'%&()D!
%2')3$! 2)$! G'7,'! `'! 3/! 3/1/.8&)'3$! 1&-$! 3/! %$G/1/.5'! ! $! 3/! /,/8/)1$#! %$)! 8'`$.! 3/#'..$,,$!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!>>!1/%)$,(F&%$D!3&F'8$#!)$!/#1e7'8$#!/)! ,'! %./#1'!3/! ,'!$,'K!4/.$! #5D! /+&3/)1/8/)1/D! #/!G'%5')!82%G'#D!
82%G'#! %$#'#K! N$! G'`! Z2/! $,+&3'.#/! Z2/! /)1./! *L_0W"! `! /,! S&)/.&$! 3/! \/=/)#'! #/! /#12+$!
3/#'..$,,')3$!/,!S&#&,!*()3$.K!g!#/'D!Z2/!-'.'!/#'!T-$%'D!#/!/#1'7'!82`!82`!%/.%'!3/!,$!Z2/!-$35'!#/.!
2)!3/#'..$,,$!Z2/!-.$+/`/.'!'!,'#!WW""!3/!2)!-$.%/)1'R/!&8-$.1')1/!3/!,$!Z2/!/.')!#2#!./Z2/.&8&/)1$#K!
h'`! 2)! 8')2',! %$8-,/1$! 3/! -.$32%1$#! Z2/! #/! G'%5')! 3/! 1$3$! 1&-$D! )$! #$,'8/)1/! 82)&%&$)/#D!
-&.$1/%)&'D!#/!G'%5'!-'.1/!3/,!_"SD!G'%/.!2)!1')Z2/!-'.'!/#'!T-$%'D!Z2/!/.'!2)!1')Z2/!8$3/.)$D!$!#/'!
#&!./',8/)1/!#/!G'%5'K!d'!-.$32%%&()!/.'!-'.'!2)!/RT.%&1$!3/!2)!-'5#!/)!+5'#!3/!3/#'..$,,$K!
oq$14$;3$3D>?3;5@3@p$
k!/)!,'!'%12',&3'3D!/)!./',&3'3!#/!G'%/!82`!-$%$K!d'!+/.3'3!%$8-'.'3'!%$)!/#'!T-$%'D!-$.Z2/!#/!G'%/!
,$! Z2/! /#!82)&%&()! 7e#&%'! 3/! /R/.%&%&$! -'.'! &)=')1/.5'D! $! #/'!82)&%&()! 3/! '.8'#! -$.1e1&,/#o! #/! G'%/)!
',F2)$#!%$G/1/#o!`!)$!#/!-2/3/!G'%/.!82)&%&()!-'.'!'.1&,,/.5'!)2/+'!-$.Z2/!)$!%$)1'8$#!%$)!1$3$#!,$#!
&)#28$#! -'.'! -$3/.! G'%/.,'K! d$! Z2/! #/! G'%/! /#! ./='7.&%'%&()! /)! =2)%&()! 3/! ,'!82)&%&()! +/)%&3'! Z2/!
1&/)/! /,! /RT.%&1$o! #/! G'%/! ,'! 3/#8&,&1'.&U'%&()! `! ,$#! /,/8/)1$#! 8/%e)&%$#K! 0#! 3/%&.! ,$#! 8/1',/#! #/!
./%2-/.')!`!,$#!Z258&%$#!$!-&.$1T%)&%$#D!%$8$!/#!,'!-(,+$.'!`!/,!_N_!`!3/8e#D!#/!3/#1.2`/D!#/!+2/,+/!'!
='7.&%'.D!`!%$)! ,'!-'.1/!Z258&%'!)2/+'!`! ,'!-'.1/!8/1e,&%'!+&/R'!#/!+2/,+/!'!G'%/.!2)'!82)&%&()!`!#/! ,/!
/)1./F'D!/)!/#%','#!./32%&3'#K!h'#1'!'G5!,,/F'!,$!)2/#1.$K!!
!
`3$K)"#,-:."+(,S$",A$"+:&,)(#,+(>:&"#,6",)(,=+4.(<4>(-45&,6",)(,789;T*
k!/#$!1&/)/!%$))$1'%&()!-$,51&%'D!1&/)/!1')1'#!%$#'#K!0)!./',&3'3D!'!+/.!2)$!1/)3.5'!Z2/!#&12'.#/!2)!-$%$!
G(.&%'8/)1/! /)! /#$#! 1&/8-$#K! h'`! Z2/! ./%$.3'.! Z2/! /)! /#$#! 1&/8-$#! '! 1$3$#! )$#! 1','3.'7')! ,'!
%'7/U'!%$)!Z2/!!,$!-.&+'3$!/.'!,$!8/R$.D!`!/,!0#1'3$!/.'!,'!%'../1'!`!,$!')1&F2$K!d$!)2/+$!1/)5'!Z2/!#/.!,$!
-.&+'3$!`!,$!+&/R$!`!Z2/!)$!#/.+5'!/.'!/,!0#1'3$K!h'`!Z2/!./%$.3'.!,$!Z2/!-'#'7'!%$)!,$#!1/,T=$)$#D!G'`!
Z2/!./%$.3'.!,$!Z2/!-'#'7'!%$)!,$#!#/.+&%&$#!/)!F/)/.',o!/)1$)%/#D!/.'!%$8$!2)!-$%$D!`$!%./$!Z2/!G'#1'!
1')1'!-27,&%&3'3!/)!,$#!8/3&$#D!1')1$!8'%G'%'.D!`!2)$!8/3&$!%$8$!Z2/!/#1'7'!%$)+/)%&3$!3/!Z2/!/.'!
'#5K!{2/!,$!8/R$.!/.'!Z2/!#/!-.&+'1&U'.'D!-$.Z2/!&7'!'!#/.!82%G$!8e#!/=&%&/)1/!`!82%G$!8e#!/=/%1&+$K!d'!
./',&3'3!)$#!3/8$#1.(!Z2/!)$!/.'!+/.3'3!/#$K!{2/!-2/3/!#/.!8/R$.D!$!Z2/!./#2,1(!8/R$.!',F2)$#!%'#$#D!
`!/)!$1.$!)$D!`!Z2/!,'!+/.3'3!#&!7&/)!/,!0#1'3$!#&/8-./!/#!8e#!,/)1$D!$!-2/3/!1/)/.!8')/R$#!8e#!,/)1$#!
Z2/! /,! -.&+'3$D! )$! Z2&/./! 3/%&.! Z2/! )$! -2/3/! G'%/.! 7&/)! ',F2)'#! %$#'#K! g! #/'D! -'#'! 8e#! -$.! 2)'!
%2/#1&()!3/!/=/%1&+&3'3D!3/!/=&%&/)%&'!)$!3/!/=/%1&+&3'3D!3/!/=&%&/)%&'o!`!3/-/)3/!3/!Z2/!#/!1.'1/D!-$.Z2/!
,'!-.2/7'!3/!,$!Z2/!1/)/8$#!G$`!`!'G$.'!3/!1$3$!,$!Z2/!#/!-.&+'1&U(!/#!Z2/!G'`!%$#'#!Z2/!/#1e)!-/$.K!M&!
G'7,'8$#!3/!,$#!1.')#-$.1/#!)$!=2/!%&/.1$!Z2/!,'!-.&+'1&U'%&()w!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!>;!k!G'75'!=e7.&%'#!8&,&1'./#!/)!/#'!T-$%'D!`$!-2/3$!3'.!=/D!`$!/#1'7'!/)!2)'!3/!/,,'#D!Z2/!1.'7'R'!,$#!1./#!
12.)$#D!$!#/'!1.'7'R'!%$8$!2)'!/8-./#'!-.&+'3'D!`!/.'!1')!/=&%&/)1/D!1')!/=&%&/)1/!`!-.$32%5'!+$,68/)/#!
%$8$! ,'! %$8-/1&3$.'! )2/#1.'! 3/! ,'! &)32#1.&'! -.&+'3'K! *2e,! /.'! ,'! 3&=/./)%&'! ./',D! 1/%)$,(F&%'8/)1/!
)&)F2)'D! ,$!./',!/.'!Z2/!Z2&Ue#!)$#$1.$#!1/)5'8$#!2)!3&/U!$!2)!+/&)1/!-$.!%&/)1$!8e#!3/!F/)1/!Z2/!,$!
Z2/!1/)5'!/,!-.&+'3$D!`!Z2/!)2/#1.$#!8/%')$#!3/!=2)%&$)'8&/)1$D!%$8$!%$)$%/#!+$#!-/.=/%1'8/)1/D!
,'#! %$8-.'#! `! 1$3$! ,$! 3/8e#D! ,$! 1/)5'8$#! Z2/! G'%/.! 8/3&')1/! 2)! 8/%')$! '38&).'1&+$! 3/!
,&%&1'%&$)/#D!/1%KD!/1%KD!Z2/!./Z2/.5'!2)'!/#1.2%12.'!72.$%.e1&%'!8e#!%'.F'3'K!0#'!/.'!,'!3&=/./)%&'!)'3'!
8e#K!
4/.$!)&!1/%)$,(F&%'8/)1/!)&!/)!+$,68/)/#!3/!-.$32%%&()!/#1'7')!/)!8/R$./#!%$)3&%&$)/#!Z2/!)$#$1.$#K!
gD!#/'!Z2/D!/)!/,!%'#$!3/!82%G'#!-.&+'1&U'%&$)/#D!)$!=2/!2)!-'#$!'3/,')1/K!"3/8e#!3/!1$3'#!,'#!=2/)1/#!
3/!1.'7'R$!Z2/!#/!-/.3&/.$)K!M&)!/)1.'.!/)!/,!')e,&#&#!3/!%(8$!#/!G&%&/.$)!,'#!-.&+'1&U'%&$)/#K!
o,-.p$
0)! %2')1$! '! %(8$! #/! %$)%./1'.$)! ,'#! -.&+'1&U'%&$)/#! 3/#3/! /,! -2)1$! 3/! +'! 3/! ,'! 1.')#'%%&()!
/%$)(8&%'K!
oLIG-$Q?1$1;$D3=-$@1$SM$14$1=1$=14>5@-p!
k$!)$!1/!-2/3$!3/%&.!%$8$!=2/!/,!%'#$!3/!1$3$!WSD!#&!1/!-2/3$!3/%&.!,'!Z2/!`$!+&+5D!/)!8&!=e7.&%'!%2')3$!
`$!/#1'7'!/)!/#/!8$8/)1$D!`!Z2/!/.'!2)'!=e7.&%'!./)1'7,/D!'!-/#'.!3/!Z2/!/.'!3/,!0#1'3$!/.'!./)1'7,/K!
N$!1/)5'!3T=&%&1K!_',!+/U!-$.!8')/R'.!2)!-.$32%1$!Z2/!1&/)/!2)!',1$!+',$.!`!3/8e#D!-/.$!/.'!./)1'7,/D!`!
,'#!-.&+'1&U'%&$)/#! #/!G&%&/.$)!'!-./%&$#!Z2/!)$! 1/)5')D!)$!F2'.3'7')!2)'!%$../%1'! ./,'%&()!)&! %$)! ,$#!
7&/)/#! =5#&%$#!Z2/! #/! 1/)5')D!/Z2&-'8&/)1$D!)&! %$)! ,$!Z2/!-$35'!F/)/.'.!/,!)/F$%&$!/%$)(8&%$K!0)!2)!
-.&)%&-&$D!/.'!2)'!/8-./#'!Z2/!1/)5'!7'#1')1/#! &)1/./#'3$#K!",!-.&)%&-&$!G'75'!#/&#! &)1/./#'3$#D!%$)!/,!
%$../.! 3/,! 1&/8-$! =2/.$)! %'`/)3$! ,$#! &)1/./#'3$#!G'#1'! Z2/3'.! 2)$! #$,$K! 0#/! #$,$D! %2')3$! #/! G&U$! ,'!
,&%&1'%&()!)$!-./#/)1(!$=/.1'K!m{2T!#&F)&=&%(!/#$n!{2/!G'75'!Z2/!G'%/.!2)!#/F2)3$! ,,'8'3$!`!7'R'.! ,'!
7'#/K!M/!7'R(!,'!7'#/D!#/!=&R(!/)!Z2&)%/!8&,,$)/#!3/!-/#$#!$!3/!3(,'./#D!-$.Z2/!/)!/#'!T-$%'!/.'!/,!2)$!'!
2)$K! m*2e)1$! =2/! /,! -'F$! 3/! ,'! $=/.1'n! {2&)%/! 8&,,$)/#! %&)%$! 8&,D! %$)! 2)'! %')1&3'3! 3/! 8&,,$)/#!
&8-$.1')1/! /)! %2')1$! '!8'1/.&'#! -.&8'#! `! 3/8e#! -.$32%1$#! #/8&/,'7$.'3$#! Z2/! 1/)5'! ,'! =e7.&%'K! M/!
G'%5')!%'.F$!3/!,'#!&)3/8)&U'%&$)/#D!Z2/!-$.!#2-2/#1$!,$!3/#%$)1'7')!3/,!-./%&$D!`!Z2/!/)!./',&3'3!,'!
-,'1'! ,'!-$)5'!/,!0#1'3$!/)!%&/.1$!8$3$D!-$.Z2/!)$!#/! ,$!-'F'7'o!`!/,!./#1$!%$)!7$)$#!3/!,'!3/23'K!0#!
3/%&.D!#/!%$8-.(!=e%&,8/)1/K!
oK=>3$Q?1$;3$@1$M3>O1?A$4-p$
N$D!=2/!,'!WS!0*"K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!>[email protected]$1;$5GH3D>-$@1$;3$H.5B3>5<3D5I4$@1$;3$0hSM$14$1;$323=>1D5G514>-$H3.3$;3$
@1Q14=3p$
k! %./$!Z2/! =2/! &8-$.1')1/D! %./$!Z2/!/#! &8-$.1')1/K! 0#!3/%&.D! `$! %./$!Z2/!/,! &8-'%1$!G'! #&3$!F.')3/D!
-$.Z2/!$7+&'8/)1/!3/!2)!+$,28/)!3/!=e7.&%'#!1')!F.')3/!Z2/!-.$32%5')!1')1'!%')1&3'3!3/!&)#28$!'!,$!
Z2/!Z2/3$D!Z2/!)$!#$,'8/)1/!/#!,$!Z2/!Z2/3$K!{2/3'.$)!%2'1.$!=e7.&%'#D!-/.$!./32%&3'#!-.e%1&%'8/)1/!
'!2)!%2'.1$!3/! ,$!Z2/!/.')K!0)1$)%/#!#/!-/.3&/.$)!82%G'#!%'-'%&3'3/#!-.$32%1&+'#D!1',!+/U!)$!-'./%/!
Z2/!/,!&8-'%1$!G'`'!#&3$!1')1$D!-$.Z2/!G27$!2)'!-$,51&%'!1'87&T)D!3&F'8$#!'!-./#2-2/#1$#!'!,'#!WW""!
82`!&)=/.&$./#!'!,$!Z2/!/.')!')1/#K!0#!3/%&.D!1'8-$%$!1/)5')!F.')!%'-'%&3'3!3/!%$8-.'D!`!/)1$)%/#!)$!
./Z2/.5')!F.')!%'-'%&3'3D!F.')3/#!%')1&3'3/#!3/!/,/8/)1$#K!0)1$)%/#D!-$.!2)! ,'3$!)&! ,'#!WW""!1/)5')!
-./#2-2/#1$!-'.'!%$8-.'.!82%G$#! &)#28$#!)&! 1'8-$%$!$7+&'8/)1/!G'75'!%'-'%&3'3!3/!-.$+/T.#/,$#D!
/)!,$!Z2/!/#!/,!8/.%'3$!&)1/.)$!`!WSK!
q$14$;-$[?1$@1WI$@1$323=>1D1.$SM$3$;3=$SS77A$oLIG-$;-$=?=>5>?E1.-4$;3=$SS77p$oL-4$5GH-.>3D5-41=A$D-4$
->[email protected]=$;-D3;1=p!
M&D! 7e#&%'8/)1/K! \&F'8$#! /)! 2)'! -.$-$.%&()! 82`! ',1'D! %$8-.')3$! '=2/.'K! L8-$.1')3$D! %$)! 2)!
-./#2-2/#1$! 3/! '3Z2&#&%&$)/#! ,'! +/.3'3! -'2-T..&8$! %$8-'.'3$! %$)! $1.'#! T-$%'#K! _'8-$%$! #/!
R2#1&=&%'7'!Z2/!12+&/.'!-./#2-2/#1$#!/Y'F/.'3'8/)1/!',1$#!-'.'!%$8-.'K!M$)!T-$%'#!3&)1'#K!
j$#! =5R'1/!Z2/!/)! ,'!'%12',&3'3D!2)!4"*L\D!Z2/!/#! ,'!-./#2-2/#1'%&()!3/! ,'#!WW""D!/#!3/,!$.3/)!3/! ,$#!
#/#/)1'!8&,,$)/#!3/!-/#$#!-'.'!/,! 'a$K! M/#/)1'!8&,,$)/#!3/!-/#$#!/#!82`!-$%'!-,'1'!-'.'! ,$!Z2/! #$)!
&)#28$#!8&,&1'./#D!`!/#$!/#! ,$!Z2/!)$#!%$8-.'!'!WSD!`!)$!#/!%2')1$!8e#!1/)3.e)!-'.'!-$3/.!%$8-.'.!
'=2/.'K!4/.$!/)!%2')1$!'!/,/8/)1$#!-'.'!!-$3/.!G'%/.!/R/.%&%&$D!`!/R/.%&1'.!32.')1/!2)!'a$D!,'#!=2/.U'#D!
-.$7'7,/8/)1/! )$! 1/)F')! 8e#! 3/! %&/)! 8&,,$)/#! -'.'! -$3/.! %$8-.'.! '=2/.'K! g! #/'! Z2/! /#1'8$#!
G'7,')3$! 3/! %')1&3'3/#! ./,'1&+'8/)1/! %G&%'#K! M&! '! )$#$1.$#! )$#! %$8-.')! %&)%$!8&,,$)/#! 3/!82)&%&()!
-'.'!/,!W"dD!Z2/!/#!/,! =2#&,!3/! ,'#!WW""D!`'!'G5! 1/)T#!-.e%1&%'8/)1/!/)!/,!$.3/)!3/! ,$#!<c!8&,,$)/#!3/!
-/#$#K!g! #/'D!/#1'8$#!G'7,')3$!3/!82`!-$%$K!4'.'! 1&.'.! %$)! ,$#! 1')Z2/#D!-'.'! ./='7.&%'.!-$.!'G5!)$#!
-&3/)!>cc!%'.12%G$#!%',&7./!3/!9c:88K!0#$!/#D!-'.'!#',&.!%$)!,$#!1')Z2/#!8/!-'./%/!Z2/!/#D!1&.'.!3$#!$!
1./#!1&.$#D!8e#!3/!/#$!)$!-2/3/)!1&.'.K!g!#/'D!Z2/!/#1'8$#!G'7,')3$!3/!%$#'#!85)&8'#!
q$ 14$ 3[?1;;-=$ H.-@?D>-=$ [?1$ 34>1=$ H.-B1F3$ SM$ E$ [?1$ Q?1.-4$ =?=>5>?5@-=$ H-.$ G1.D3@-=$ 54>1.4-=$ -$
1N>.34W1.-=A$o1=>3234$14$5C?3;$D-4@5D5I4$>1D4-;IC5D3A$@1$D3;5@3@p$
C2/)$D!/)!,$!Z2/!./#-/%1'!'!,'!%$8-.'D!'!,'!&8-$.1'%&()!3/!-.$32%1$!#5K!4$.Z2/!1$3$!3/-/)3/!3/!Z2&T)!
/#D!%$)!Z2T!8/.%'3$!#/!%$)1'%1/K!4/.$!$7+&'8/)1/!Z2/!-2/3/)!%$8-.'.!&F2',!`!/)!',F2)$#!%'#$#!G'#1'!
8/R$.!-./#1'%&()K!*$)!./#-/%1$!',!8/.%'3$!&)1/.)$D!`$!1/!3&.5'!Z2/!-.$32%1$!=&)',D!-'.'!,'#!WW""!)$!G'`!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!;7!-.$+//3$./#!)'%&$)',/#K!h'`!-.$+//3$.!)'%&$)',D!-$.!/R/8-,$D!/)!/,!%'#$!3/,!,'1()!-'.'!82)&%&$)/#!3/!
7'R$!%',&7./#D!G'`!2)!-.$+//3$.!)'%&$)',K!4/.$!/#!2)!-.$32%1$!#/8&/,'7$.'3$!-'.'!G'%/.!2)!-.$32%1$!
8&,&1'.K!g!#/'D!-.$32%1$#!8&,&1'./#!3/=&)&1&+$#!)$!G'`!)'3&/D!)'3&/!G'%/!)'3'!#',+$!)$#$1.$#K!
K4$=?$-H545I4A$ot?X$.-;[email protected]$[?1$D?GH;1$0hSM$14$;3$H-;F>5D3$@1$@1Q14=3$3D>?3;p$
d'!+/.3'3D!Z2/!'#5!G/%G'!,'!-./F2)1'D!1/)3.5'!Z2/!/)1.'.!/)!2)!%$)1/Y1$!-$,51&%$D!`!'G$.'!/#1$`!/)!2)!.$,!
3/!-.$=/#&$)',D!&)F/)&/.&,K!4$.Z2/!/,!.$,!Z2/!%28-,/!/)!,'!'%12',&3'3!/,!S&)/.&$!3/!\/=/)#'wD!`wK!mZ2T!
G&-(1/#&#!3/!%$)=,&%1$#!G'`n!0,!.$,!Z2/!%28-,/!WS!!8e#!Z2/!'!3/=/)#'D!1/!3&.5'!Z2/!/#!%$)!,'#!=2/.U'#!3/!
#/F2.&3'3!=2)3'8/)1',8/)1/K!N$#$1.$#!%28-,&8$#!2)!.$,!8e#!Z2/!)'3'!%$)! ,'#!=2/.U'#!3/!#/F2.&3'3D!!
-$,&%&',/#D!F/)3'.8/.5'D!-./=/%12.'K!
4/.$w!,'#!WW""D!/,!.$,!3/!3/=/)#'!3/!,'!'%12',&3'3D!`$!3&.5'!Z2/!/#!-/Z2/a$D!`$!3&.5'!Z2/!85)&8$D!`!-'.1/!
3/,! G/%G$! 3/! Z2/! #&! G27&/.'! ',F2)'! G&-(1/#&#! 3/! %$)=,&%1$D! $! ',F6)! -.$7,/8'! 3/! /#/! 1&-$D! 1'8-$%$!
/#1'8$#!/)!%$)3&%&$)/#!)$#$1.$#!3/!'7'#1/%/.!/)!%')1&3'3/#!&8-$.1')1/#!)&!82%G$!8/)$#K!0)!./',&3'3!
%28-,&8$#!/,!.$,!3/!Z2/!-2/3')!/R/.%&1'.#/D!/)!=$.8'!,&8&1'3'K!
K4$=?$-H545I4A$3$GR=$@1$?43$@XD3@3$@1;$H.-D1=-$@1$H.5B3>5<3D5I\$ot?5X41=$=1.F34$;-=$C.34@[email protected]=$E$
;-=$C.34@1=$H1.@[email protected]=$@1$1=>3$H-;F>5D3p$
4'.'! 8&! F')'.$)! ,$#! F.2-$#! /%$)(8&%$#D! -'.'! 8&! %,'.'8/)1/! F')'.$)! ,$#! F.2-$#! /%$)(8&%$#!
/)Z2'3$#!/)!/#/!8$8/)1$!%$)! ,'! %$..&/)1/!-.&+'1&U'3$.'K!N$!F')(!/,!-'5#D! `!)$!F')(!/,!-2/7,$!3/!
)&)F2)'!8')/.'K!!
q-$4-$>14C-$GR=$H.1C?4>3=A$4-$=X$=5$[?5=51.3$3C.1C3.$3;C-$[?1$4-$;1$O3E3$H.1C?4>3@-U$
M&!8&.'K! d$!Z2/!8/!F2#1'.5'!'F./F'.!/#!Z2/!3/#-2T#!3/! %2'./)1'!'a$#!/)!WS!`! %2'./)1'!`!$%G$!'a$#!
1.'7'R')3$!/)!,'!&)32#1.&'o!+&/)3$!/#1$!/)!-/.#-/%1&+'!3/!1$3$!,$!Z2/!-'#(D!./',8/)1/!)$!#$,'8/)1/!,$!
Z2/!,/!-'#(!'!WS!%$)!,'#!-.&+'1&U'%&$)/#D!#&)$!,$!Z2/!,/!-'#(!',!-'5#!%$)!#2!&)32#1.&'D!=2/!1/..&7,/K!4$.Z2/!
,$! Z2/! &)+$,2%&$)(! ,'! ".F/)1&)'! /)! %2')1$! '! 3/#'..$,,$! &)32#1.&',! 3/#3/! ,'! 3T%'3'! 3/,! )$+/)1'! /)!
'3/,')1/D!G'#1'!/,!<ccPo!6)&%'8/)1/!,$#!Z2/!)$#!3/3&%'8$#!'!,'!&)F/)&/.5'!$!/#1'8$#!/)!%$)1'%1$!%$)!,'!
&)32#1.&'D!`!Z2/!%$)$%&8$#!,$!Z2/!=2/!,'!".F/)1&)'!/)!,'!3T%'3'!3/,!#/#/)1'D!3/,!#/1/)1'D!/)!%2')1$!'!,$!
Z2/!/.'D!'!%(8$!#/!/#1'7'!/)%'.')3$!/)!/#/!8$8/)1$!,'!&)32#1.&'D!-$3/8$#!3'.)$#!%2/)1'!3/!,$!Z2/!
&)+$,2%&$)(!/,!-'5#!'!)&+/,!3/!/#%','!&)32#1.&',K!0)!,'!3T%'3'!3/,!#/1/)1'!G'%5'8$#!82%G5#&8'#!%$#'#!Z2/!
1$3'+5'! G$`! )$! #/! G'%/)! /)! ,'! ".F/)1&)'D! %$)! ,'! &)32#1.&'! =/..$+&'.&'D! %$)! ,'! &)32#1.&'! )$! #$,'8/)1/!
8&,&1'.D! %$)! ,'! &)32#1.&'!-$.12'.&'D! %$)! ,$!Z2/! #/! 1/!$%2..'K!*$#'#! &)%,2#&+/!Z2/!)&! ./8$1'8/)1/!G'%5'!
C.'#&,! /)! /#'! T-$%'K! k! 'G$.'! /,,$#! G'%/)! 3&/U! +/%/#!8e#! Z2/! )$#$1.$#D! -$.Z2/! #&F2&/.$)! '+')U')3$D!
/+$,2%&$)')3$o! `! )$#$1.$#D! )$! #$,'8/)1/! )$! %./%&8$#! #&)$! Z2/! -/.3&8$#! &)%,2#&+/! %'-'%&3'3/#!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!;3!&)32#1.&',/#D! -/.$! 3/! 2)'! =$.8'!Z2/!3'! -/)'K! ",! Z2/! #&F2&(D! '! 2)$!Z2/! ,/! F2#1'! ,'! &)F/)&/.5'! /,! 1/8'!
&)32#1.&',D!/#!-'.'!Z2/!#/!1/!%'&F'!2)'!,eF.&8'o!$!+'.&'#K!0#!1/..&7,/K!!
k$!12+/!,'!-$#&7&,&3'3!3/!+&#&1'.!=e7.&%'#!/)!02.$-'D!`!12+/!,'!-$#&7&,&3'3!3/!+&#&1'.!=e7.&%'#!/)!C.'#&,!/)!,'!
3T%'3'!3/! =&)! 3/! ,$#! #/1/)1'D! -.&)%&-&$! 3/! ,$#! $%G/)1'K! k! -$.! /R/8-,$D! -'.'!G'%/.! /,! ,'1()!8&,&1'.D! ,$#!
7.'#&,/a$#!)$!1/)5')!2)'!=e7.&%'!3/!,'8&)'3$#!3/!-.$32%1$#!-,')$#!3/!',/'%&$)/#!3/!%$7./!%$8$!,'#!Z2/!
1/)5'!,'!".F/)1&)'K!4/.$!)$!,$!1/)5')D!1/)5')!8e#!=e7.&%'#!Z2/!)$#$1.$#D!-.$32%5')!8'`$.!+$,28/)!-$.!
2)!1/8'!3/!/#%','!3/!-'5#D!-/.$!)$!1/)5')!2)'!=e7.&%'!%$)!,'!1/%)$,$F5'!3/!-2)1'!%$8$!,'!Z2/!1/)5'8$#!
)$#$1.$#K! k! /#$! /#1e! %/..'3$! `! -'.'3$! /)! /#1/! 8$8/)1$K! \$)3/! G'75'! 8&,! %2'1.$%&/)1'#! -/.#$)'#!
1.'7'R')3$D!=2/)1/#!3/!1.'7'R$!Z2/!#/!-/.3&/.$)!`!Z2/!,'8/)1'7,/8/)1/!,,/+'!8e#!3/!3$%/!'a$#!-'.'3$!
/#$!'G5D!1/)&/)3$!2)'!1/%)$,(F&%'D!Z2/!1$3'+5'!#&F2/!#&/)3$!2)'!82`!72/)'!1/%)$,$F5'D!`!Z2/!/,!-'5#!)$!
,'!'-.$+/%G'K!0#!2)!%.&8/)K!_/!3&F$!#&)%/.'8/)1/D!)$!1/!&8'F&)'#!,$!Z2/!/.'!,'!-,')1'!3/!,'8&)'%&()!Z2/!
1/)5'!WS!/)!d'+'`$,K!
M$)!F',-$)/#!Z2/! 1&/)/)!<Oc81#K!3/! ,$)F&123D! %$8$!#&! =2/.'!2)'! &)32#1.&'!'21$8$1.&UD! %$)!/Z2&-$!3/!
,'8&)'%&()! /)! %',&/)1/D! /Z2&-$! 3/! ,'8&)'%&()! /)! =.&$D! %$)! G$.)$#! 3/! '18(#=/.'! %$)1.$,'3'D! %$)! 2)!
/Z2&-'8&/)1$!3/!-.&8/.'D!`!1$3$!/#$!,$!-/.3&8$#K!
oq$>-@-$1=-$3O-.3$1=>R$3OF$E$=54$=1.$?>5;5<3@-p$
0#1e!'G5D!72/)$!-/.$!+/#D!/#!-.$-&/3'3!-.&+'3'D!/#!3/! ,$#!%G&,/)$#K!0#!3/!%'-&1',/#!%G&,/)$#!/! &)%,2#&+/!
'7#$.7&/.$)! ,'! =e7.&%'! V2&,,/.8$! \/%x/.K! 4$.Z2/! /)! -.&)%&-&$D! %$8-.(! 2)'! #$%&/3'3! Z2/! /.')! ,$#!
%G&,/)$#!`!\/%x/.K!\/%x/.!/.'!)2/#1.'!%$8-/1/)%&'K!",!-$%$!1&/8-$!,$#!%G&,/)$#!1/.8&)'.$)!%$8-.')3$!
'! V2&,,/.8$! \/%x/.K! k! 'G$.'! Z2/! #/! 1/.8&)'.$)! ,$#! ./#F2'.3$#! )$! #T! Z2T! -$3.e! -'#'.K! M&! /)! ',F6)!
8$8/)1$D!-$.Z2/! ,$#! ,'8&)'3$./#!Z2/!G'`!'G5D! ,$!1&/)/)! ,$#!7.'#&,/a$#!)'3'!8e#!/)!"8T.&%'!3/,!M2.K!
0,,$#!`!)$#$1.$#K!k!)$#$1.$#!#&)!21&,&U'.,$K!
!
! *
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!;4!I'B&%A-)B#*#,*9'G(&M#'B%*!,#A%*2_*8*
d'!&3/'!/#!Z2/!3/#3/!2)'!-/.#-/%1&+'!)/$,&7/.',D!/)!-'5#/#!-/.&=T.&%$#!%$8$!,$#!)2/#1.$#D!)$!#$,'8/)1/!
,'!".F/)1&)'D! #&)$! 1'87&T)! /)!$1.$#! %'#$#! 3/! ,'! ./F&()o! 1$3$! ,$! Z2/! /#! /,! %$8-,/R$! 3/!-.$32%%&()!3/!
'.8'8/)1$D! /,! %$8-,/R$! 3/! -.$32%%&()! 3/! &)32#1.&'#! 3/! ,'! 3/=/)#'! /#! 2)! %$8-,/R$! Z2/! /.'! 3/=&)&3$!
%$8$!',1'8/)1/!&)/=&%&/)1/K!m4$.!Z2T!/#!',1'8/)1/!&)/=&%&/)1/n!4$.Z2/!/)1./!$1.'#!%$#'#D!)$!/Y-$.1'7'!
$! /Y-$.1'7'! 82`! -$%$o! `! -$.Z2/! 3/8')3'7'! 3/! 82%G$#! #27#&3&$#! -$.! -'.1/! 3/,! 0#1'3$! -'.'! #2!
=2)%&$)'8&/)1$K!0)1$)%/#D!%,'.'8/)1/!3/#3/!/,!3&'F)(#1&%$!)/$,&7/.',D!/.'!2)!#/%1$.!Z2/!3/8')3'7'!$!
./Z2/.5'!2)!'R2#1/!3.e#1&%$K!k!/=/%1&+'8/)1/!,$!Z2/!#2%/3&(!3&F'8$#K!0,!#/%1$.!3/!WS!`!/)!F/)/.',!1$3'#!
,'#! /8-./#'#! 3/! ,'! &)32#1.&'! 8&,&1'.! '.F/)1&)'! Z2/! 3/-/)35')! 3&./%1'8/)1/! 3/,! 0#1'3$D! =2/.$)! 2)!
)$+/)1'! -$.! %&/)1$! -.&+'1&U'3'#! $! 3/#F2'U'3'#! 32.')1/! ,$#! )$+/)1'K! WS! /#! /,! %$8-,/R$! Z2/! Z2&Ue#!
3/-/)35'! 8e#! 3&./%1'8/)1/! 3/,! S&)/.&$! 3/! \/=/)#'! `! 3/,! /RT.%&1$D! -/.$! 3/#-2T#! 1/)5'#! '#1&,,/.$#!
)'+',/#D! ,'#! =e7.&%'#! 3/! '+&$)/#D! 1/)5'#! 2)! %$8-,/R$! Z2/! /.'D! 3&F'8$#! -'.'! 2)! -'5#! %$8$! /,! )2/#1.$!
7'#1')1/!&8-$.1')1/D!`!R2)1$!%$)!/,!3/!C.'#&,D!,$#!3$#!8e#!&8-$.1')1/#!3/!d'1&)$'8T.&%'!-$.!,/R$#K!
"G$.'! 3/#3/! $1.$! 1&-$! 3/! ,/%12.'! /%$)(8&%'D! 3/! ,/%12.'! ,,'8T8$#,/! 8e#! 3/#'..$,,'D! 8e#!
)/$3/#'..$,,'D!/,!%$8-,/R$!&)32#1.&',!8&,&1'.D!/#!2)!%$8-,/R$!Z2/!$=./%/!2)'!#/.&/!3/!+/)1'R'#K!g=./%/!
+/)1'R'#!/)!1T.8&)$#!3/!%./'%&()!3/!/8-,/$#D!/8-,/$#!3/!',1'!%',&3'3D!',1'8/)1/!./82)/.'3$#D!/#!2)!
%$8-,/R$!Z2/!'3/8e#!F/)/.'!3/..'8/#!#$7./!/,!#/%1$.!%&+&,D!-$.!/,!3/#'..$,,$!3/!%&/.1'#!1/%)$,$F5'#!Z2/!
-2/3')!1/)/.!2#$!32',D!`!'3/8e#!F/)/.'!/#,'7$)'8&/)1$#!/)!%'3/)'D! ,$!Z2/!3/8')3'!/,!#/%1$.!3/! ,'!
3/=/)#'!/#!-.$32%&3$!-$.!$1.'#! /8-./#'#!8e#!-/Z2/a'#! /)!/,! ./#1$!3/! ,'! &)32#1.&'K! 0#$!-$.!2)! ,'3$D!
3/#3/! 2)! -2)1$! 3/! +'!8e#! 3/#'..$,,'D! ,'#! /8-./#'#!8&,&1'./#! 3&F'8$#! #$)! -$#&1&+'#! 3/#3/! /#1$#!
,2F'./#! Z2/! 1/! /#1$`!8/)%&$)')3$K! k! ',!8$! 1&/8-$! #$)! 7/)/=&%&$#'#! 3/#3/! $1.'! -/.#-/%1&+'!8'#!
+&)%2,'3'!'!,'#!./,'%&$)/#!&)1/.)'%&$)',/#!`!'!,'!3/=/)#'!Z2/!1/!3'!'21$)$85'!/)!1T.8&)$#!3/!-.$32%%&()!
,$%',! `! '-.$+&#&$)'8&/)1$! 3/! '.8'8/)1$! `! 1/%)$,(F&%'K! {2/! 1'87&T)! /#! 2)'! -./$%2-'%&()! 3/! ,'#!
'-.$Y&8'%&$)/#!)$!)/$,&7/.',/#!',!#/%1$.!3/!,'!3/=/)#'D!-'.'!/#'#!'-.$Y&8'%&$)/#!+$#!,$!Z2/!1/)/#!/#!2)!
82)3$!3$)3/!G'`!-$%$#!-'5#/#!Z2/!3$8&)')!1/%)$,$F5'#!%,'+/#D!Z2/!#$)!7e#&%'8/)1/!/)!1T.8&)$#!3/!
3/=/)#'D!,'!1/%)$,$F5'!)2%,/'.D!,'!1/%)$,$F5'!8&#&,5#1&%'D!,'!1/%)$,$F5'!3/!.'3'./#D!,'!1/%)$,(F&%'!#'1/,&1',D!
#$,'8/)1/! G'`! -'5#/#! %$)1'3$#! %$)! ,$#! 3/3$#! 3/! 2)'!8')$! Z2/! 3$8&)')! /#'#! 1/%)$,$F5'#D! Z2/! #$)!
1/%)$,$F5'#!Z2/!,2/F$!#$)!3&=5%&,/#!3/!'3Z2&.&.D!$!3&./%1'8/)1/!#$)!&8-$#&7,/#!3/!'3Z2&.&.!-$.Z2/!)$!1/!
,'#! +/)3/)K! 0)1$)%/#D! /#$! +'! #/)1')3$! ,'#! 7'#/#! -'.'! 2)'! %./%&/)1/! 3')%&'! 1/%)$,(F&%'! /)1./! ,$#!
-'5#/#! 8e#! %/)1.',/#D! %$)! ! 8e#! ./%2.#$#! `! ,$#! -'5#/#! -/.&=T.&%$#! Z2/! )$! -2/3/)! '%%/3/.! '! /#'#!
1/%)$,$F5'#K! 0#'! 3')%&'! Z2/! /)! -.&)%&-&$! /#! 1/%)$,(F&%'D! ,2/F$! #/! 1.')#=$.8'! /)! -$3/.! 3&F'8$#K!
0)1$)%/#! ,$#! /)=$Z2/#! 8e#! 3/#'..$,,'#! #$#1&/)/)! Z2/! -'.'! 3&)2&.! ,'#! '#&8/1.5'#! /)! /,! #/8'!
&)1/.)'%&$)',D!1'87&T)!/#! &)3&#-/)#'7,/D!Z2/!)2/#1.$#!-'5#/#!3/!,'!-/.&=/.&'D!C.'#&,D!".F/)1&)'D!1'87&T)!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!;8!3/#'..$,,/)! 1/%)$,$F5'! 3/! -2)1'D! 3/! 8')/.'! 1',! 3/! /#1'.D! )$! /)! &F2',3'3! 3/! %$)3&%&$)/#! -$.Z2/! /#!
&8-$#&7,/D!%$)!,$#!-'5#/#!3/#'..$,,'3$#o!#$7./!1$3$!%$)!',F2)'#!e./'#D!-/.$!#&!)$!/#1'.!/)!2)'!3')%&'!
1')!F.')3/K!\/#3/!/#1'!#/F2)3'!,/%12.'D! ,'!/=&%&/)%&'!/%$)(8&%'!3/!/#1'#!/8-./#'#!/#!2)!3'1$!8/)$.K!
N$! &8-$.1'! Z2/! 3/)! $! )$! 3/)! 3&)/.$D! ,$! Z2/! &8-$.1'! #$)! ,'#! $1.'#! %$#'#! Z2/! `$! 1/! 8/)%&$)/K! 4$.!
#2-2/#1$!Z2/! ,'! ,/%12.'!8e#!./%&/)1/D!/,!)/$3/#'..$,,$!1'87&T)!#$#1&/)/!Z2/!/#1$#!#/%1$./#!3/7/)!
1/)/.!%&/.1$#!%.&1/.&$#!3/!./)1'7&,&3'3!/%$)(8&%'D!-/.$!/#1$!)$!/#!,$!-.&)%&-',!/)!/#1'!#/F2)3'!+&#&()K!d$!
-.&)%&-',!/#!3/!)2/+$D!'%G&%'.K!
t?5<R=$1=>3$B5=5I4$@1$[?1$>14C34$[?1$=1.$ >3G25X4$.14>32;1=$1=>R$GR=$ ;5C3@-$3$ ;-$[?1$1=$ ;3$H.-@?DD5I4$
@?3;\$ 6?=D3.$ H3;53.$ ;3=$ 541Q5D514D53=$ @1$ ;3$ H.-@?DD5I4$ 1=>.3>XC5D3$ D-4$ >1D4-;-CF3=$ =5G5;3.1=$ [?5<R=$ H-.$
1W1GH;-$H3.3$1;$?=-$D5B5;$
_/(.&%'8/)1/!2)$!-$3.5'!G'%/.!/#1'!-.&8/.'!'-.$Y&8'%&()K!d2/F$!8e#!3&./%1'8/)1/!'!,$!Z2/!+$#!/#1e#!
G'%&/)3$D!1$3$!/,!3/#8')1/,'8&/)1$!3/!,'!&)32#1.&'!8&,&1'.!/)!,$#!)$+/)1'!F/)/.(!Z2/!,'#!WW""w!
T!4>1..?HD5I4V$
0)1$)%/#D!1$3$!/,!3/#8')1/,'8&/)1$!1'87&T)!%$)1.&72`(!'!Z2/!,'#!WW""!!)$!12+&/.')!,'!-$#&7&,&3'3!3/!
./8-,'U'.!%$)!/Z2&-'8&/)1$!)'%&$)',!/,!/Z2&-'8&/)1$!Z2/!1/)5')K!M$7./!1$3$!/)!/,!%'#$!3/,!/RT.%&1$K!0)!
/,! %'#$! 3/,! /RT.%&1$D! ,'! 8'`$.! -'.1/! 3/,! /Z2&-'8&/)1$! =2/! -.$32%&3$! ,$%',8/)1/D! #$7./! 1$3$! ,$#! 3$#!
51/8#!
T!4>1..?HD5I4V$
0,! 3/#8')1/,'8&/)1$! '=/%1$! 3/! 3$#! $! 1./#! =$.8'#! '! ,'#! WW""K! 4$.! 2)! ,'3$! &8-&3&(! Z2/! ./8-,'U'.')!
/Z2&-'8&/)1$!Z2/!Z2&Ue#! -$3.5'! G'7/.! #&3$!-.$32%&3$! &)1/.)'8/)1/D! -$.! /#1'! &3/'!3/!Z2/!2)'!-'.1/!
&8-$.1')1/! 3/,! /Z2&-'8&/)1$! 3/,! /RT.%&1$! /.'! -.$32%&3$! ,$%',8/)1/K! _$3'! ,'! ='8&,&'! 3/! 7,&)3'3$#D! ,'!
='8&,&'! Z2/! #/!-.$32R$! /)! ,'!".F/)1&)'D! ,$#! _"SD!8e#!3/! :cc! +/G5%2,$#! Z2/! #/!-.$32R/.$)! 'Z25! /)! ,'!
".F/)1&)'D!/#'! ,5)/'!3/!-.$32%%&()! #/!3/#8$)1(!-$.! %$8-,/1$!/)! ,$#!)$+/)1'K! _$3'! ,'!'.1&,,/.5'D! F.')!
-'.1/!3/!,'!'.1&,,/.5'!3/,!/RT.%&1$!)2/#1.$!/.'!-.$32%&3$!,$%',8/)1/K!_'87&T)!#/!3/#8$)1(K!!
k!'3/8e#!,'!$1.'!=$.8'!/)!,'!Z2/!'=/%1(D!/#!Z2/!/)!,'!".F/)1&)'!#/!-.$32%5'!82)&%&()!3/!3&)1$!%',&7./K!
d2/F$!3/,!%&/../!3/!',F2)'#!=e7.&%'#!#/!3/R(!3/!-.$32%&.!/#'!82)&%&()D!`!/#1$!./-/.%21&(!/)!%')1&3'3!3/!
/R/.%&%&$#D!`!/)!Z2/!/#'!82)&%&()!#/!12+&/.'!Z2/!%$8-.'.!'=2/.'D!%$)!,'#!3&=&%2,1'3/#!3/,!%'#$K!
K=>3$H.-@?DD5I4$;-D3;$[?1$34>1=$;3$323=>1DF3$;3$0hSMA$o>3GH-D-$14D-4>.I$?4$45DO-$1;$H.-@?D>-.$H.5B3@-$
43D5-43;$H3.3$@1=3..-;;3.=1p$o,-.$[?X$4-$1N5=>F34$;3=$D3H3D5@3@1=p$
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!;S!N$D!-$.Z2/!+$#!'G5! 1/)/#!2)!-.$7,/8'!3/!/#%','K! d'!3/8')3'!3/!)2/#1.'#!WW""!)$!/#!82`!F.')3/D!`!
1'8-$%$! /#! 2)! e./'! 3$)3/! #/! -2/3'! %$8-/1&.! &)8/3&'1'8/)1/! %$)! ='%&,&3'3! -$.Z2/! 1/)/#! C.'#&,!
-.$32%&/)3$D!*G&,/!&)%,2#$!Z2/!-.$32%/!',F2)'#!%$#'#K!0)1$)%/#!/#!82`!3&=5%&,!%$8-/1&.!/)!2)!%$)1/Y1$!
/)! ,$#! )$+/)1'D! /)! 3$)3/! 7e#&%'8/)1/! /,! 0#1'3$! )$! -.$1/F5'! '! )'3'D! '! )&)F2)'! &)32#1.&'D! `! 82%G$!
8/)$#!'!/#'#K!E/%&T)!'G$.'!3&F'8$#!WS!/#1e!/8-/U')3$!3/!+2/,1'!'! ! %$8-.'.!',F2)$#!/Z2&-$#!-'.'!
+$,+/.!'!='7.&%'.!82)&%&$)/#!3/!%&/.1$!%',&7./K!
c14C-$?4$H3.$@1$H.1C?4>3=A$>14C-$?4$D?1=>5-43.5-$H.1$1=>.?D>?.3@-$=5$4-$>1$5GH-.>3\$$
Y3$H.5G1.3$H.1C?4>3$1=A$oLIG-$1=$;3$.1;3D5I4$14>.1$;3$0hSM$$E$;3=$SS77$14$;3$3D>?3;5@3@p$$oq$34>1=$@1;$
H.-D1=-$@1$H.5B3>5<3D5I4p$
d'!+/.3'3!Z2/!)$!#T!82%G$!3/,!1/8'K!d$!-$%$!Z2/!#T!/#!Z2/!'!1.'+T#!3/,!S&)/.&$!3/!\/=/)#'!#/!%./(!
2)'!M/%./1'.&'!3/!3/#'..$,,$!`!3/!&)+/#1&F'%&()!1/%)$,(F&%'!3$)3/D!/)!1/$.5'D!G'7.5'!2)!8'`$.!)&+/,!3/!
&)1/.'%%&()!/)1./!,'#!'F/)%&'#!3/!&)+/#1&F'%&()!3/!%'3'!2)'!3/!,'#!=2/.U'#D!`!,'!&)32#1.&'!3/!,'!3/=/)#'D!`!
/)1./!/,,'#D!W'7.&%'%&$)/#!S&,&1'./#K!4/.$!8e#!3/!/#$!)$!#TK!
oq$34>1=$@1$;3$H.5B3>5<3D5I4$>3GH-D-p$
_'8-$%$!
oLIG-$ [email protected]$[?1$ 1.3$ 1;$ @1=1GH1Z-$@1$ ;3$0hSM$D-G-$H.-B11@-.$ @1$ ;3=$ SS77$34>1=$ @1;$ 545D5-$ @1;$
H.-D1=-$@1$H.5B3>5<3D5I4p$oq$14$;3$3D>?3;5@3@p$
0)!-'.1/!'!,$!Z2/!1/!3/%5'K!0#!3/%&.D!-.$32%5'!2)'!F.')!%')1&3'3!3/!/Z2&-'8&/)1$!8&,&1'.K!_/)5'!%'#&!Pc!
&)#1','%&$)/#K!4.$32%5'!82)&%&$)/#!3/!-.e%1&%'8/)1/!1$3$#! ,$#!%',&7./#D!%'a$)/#D! 1')Z2/#D!%$G/1/#D!/#!
3/%&.D!/,!.')F$!3/!-.$32%%&()!-'.'!/,!/RT.%&1$!/.'!82`!'8-,&$K!0,!F.')!-.$7,/8'!3/!WS!/)!/#/!8$8/)1$D!
/.'! #2! /#%'#'! %'-'%&3'3! /Y-$.1'3$.'K! d$#! &)1/)1$#! 3/! /Y-$.1'%&()! Z2/! G27$! =.'%'#'.$)! -$.! 3&+/.#'#!
.'U$)/#K!V/)/.',8/)1/! 12+$!Z2/!+/.! %$)!-./#&()K!4$.!/R/8-,$D! #/! &)1/)1(D!/)! ,$#!$%G/)1'D!3/!+/)3/.!
1')Z2/#! '! L.e)! /! L.'ZD! `! G27$! 2)'! =2/.1/! -./#&()! 3/! 0#1'3$#!^)&3$#! -'.'! /+&1'.,$D! `! 7e#&%'8/)1/D! /)!
-'.1/!-$.!-./#&$)/#!/Y1/.)'#!`!/)!-'.1/!-$.!/#%'#'#!%'-'%&3'3/#!&)1/.)'#!-'.'!-,')&=&%'.!2)'!/#1.'1/F&'!
/Y-$.1'3$.'!8e#!/=&%'UK!
,1.-$ 14$ C141.3;A$ D-G-$G1$ D-G14>323=A$ $ ;3$ 5@13$ 41-;521.3;$ @1$ ;3=$ H.5B3>5<3D5-41=$ 1=>R$ Q?4@3G14>3@3$
H.54D5H3;G14>1$14$[?1$4-$=-4$.14>32;1=A$14$[?1$4-$1=>R4$3;$45B1;$@1$;3$>1D4-;-CF3$[[email protected]$1=H1.3.\$
o"1$ [email protected]$ @1D5.$ [?1$ ;3=$ .1=>.5DD5-41=$ >1D4-;IC5D3=$ 1.34$ ;3=$ .3<-41=$ [?1$ 5GH1@F34$ 1=>3$ D3H3D5@3@$
1NH-.>[email protected]$@1$;3$7.C14>543p$
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!;<!N$D!)$K!0)!./',&3'3D!8/!-'./%/!Z2/!/)!/#/!8$8/)1$!,'!8/)1',&3'3!3/!,$#!Z2/!3&.&F5')!\VWS!)$!/.'!2)'!
8/)1',&3'3!$.&/)1'3'!',!8/.%'3$!&)1/.)'%&$)',K!0.'!2)'!8/)1',&3'3!8e#!G'%&'!'3/)1.$!3/!,'!".F/)1&)'K!!
M/! -.$32%5')! 1/%)$,(F&%'8/)1/! '.8'8/)1$! Z2/! /.'! 3/8')3'3$! /)! /,! 82)3$K! 0.'! '.8'8/)1$! Z2/!
-$3.5'!#/.!+/)3&3$!82`!=e%&,8/)1/D!3/!G'7/.!/Y&3$!2)'!/#1.'1/F&'!3/!%$8/.%&',&U'%&()!&)1/.)'%&$)',!
'-.$-&'3'K!".F/)1&)'! -.$32%5'! %'a$)/#! 3/! 9::88!82`! '+')U'3$#D! /,! 1')Z2/! _"S!)$! /.'! 2)! 1')Z2/!
82`!8$3/.)$!-'.'! ,'! T-$%'D!-/.$!/.'!2)! 1')Z2/!82`!72/)$!-$.! +'.&'#! .'U$)/#K! 0.')!-.$32%1$#!Z2/!
-$3.5')! G'7/.! #&3$! %$8-.'3$#! -$.! $1.$#! -'5#/#D! -/.$! 3/! +2/,1'D! =',1(D! 8/! -'./%/! 8e#! +&#&()!
&)1/.)'%&$)',K!
oq$>5141$D-4-D5G514>-$@1$DIG-$1=$3O-.3$1;$@1=1GH1Z-$@1$;3$0hSM$14$1;$323=>1D5G514>-$@1$;3=$Q?1.<3=p$
C2/)$D! /,! -.$7,/8'! /#! Z2/! ,$! Z2/! G'! G'7&3$D! #$7./! 1$3$! '! -'.1&.! 3/,! <cc:Q<ccAD! /#! 2)! -.$%/#$! 3/!
./%$)#1.2%%&()!3/!WSK!k!/#!2)!-.$%/#$!Z2/!3/!',F2)'!8')/.'!/#1e!#2-/3&1'3$!'!)$!%$8/1/.!,$#!8$#!
/..$./#!3/,!-'#'3$K!4$.!/#$!/#!2)!-.$%/#$!Z2/!+'!82`!,/)1$K!
d'!3/=/)#'!/#!2)!e./'!/)!,'!".F/)1&)'D!Z2/!)$!1&/)/!-.&$.&3'3!-$,51&%'D!`!-$.!,$!1')1$D! ,$#!-'#$#!Z2/!#/!
/#1e)!3')3$!#$)!-'#$#!Z2/!1&/)/)!Z2/!+/.!%$)!&)&%&'1&+'#!3/!,$#!=2)%&$)'.&$#!Z2/!/#1e)!'G5!'3/)1.$K!N$!
G'`! %$8$! /)! $1.'#! e./'#D! /#1582,$#! /Y(F/)$#o! %$8$! ,'! #/F2.&3'3! 3$)3/! ,$#! =2)%&$)'.&$#! #'7/)! Z2/!
/#1e)!-./#&$)'3$#!-$.!,'!#$%&/3'3K!0)!,'!3/=/)#'!)$!G'`!-./#&()!',F2)'D!/)1$)%/#!1$3$!3/-/)3/!8e#!3/!
,'!-.$-&'!&)&%&'1&+'D!3/!,'!-.$-&'!+$,2)1'3!`!3/!,2%G'.!%$)1.'!,'!72.$%.'%&'K!0)1$)%/#D!,$!Z2/!#/!G'!G/%G$!
/#! 3/#'..$,,'.! -.$`/%1$#! Z2/! -/.8&1&/.')! /)! 2)! -/.5$3$! %$.1$! 3/! -,'U$! ./8-,'U'.! &8-$.1'%&$)/#! Z2/!
/.')! 2.F/)1/#K! 4$.! /R/8-,$! /,! 1/8'! .'3'./#D! Z2/! =2/! 3/#'..$,,'3$! /)! %$$-/.'%&()! %$)! /,! LNj"4! `! ,'!
\VWSK!".F/)1&)'!1/)5'D!$!Z2/!%$8-.'.,$#!'=2/.'!$! ,'!-$#&7&,&3'3!3/!-.$32%&.! &)1/.)'8/)1/K!C2/)$D!#/!
,$#!-23$!-.$32%&.!&)1/.)'8/)1/K!0)!./',&3'3D!,$!G'%/!8e#!LNj"4!3&F'8$#!)$D!-/.$!72/)$K!!
k! 3/#-2T#! ,$! Z2/! /#1e! G'%&/)3$! WS! /#! %$8/)U'.! 2)! %&%,$! 3/! -.$32%%&()! 3/! '.8'8/)1$! ,&+&')$! `! 3/!
',F6)!'.8'8/)1$!8/3&')$K!4$.!/R/8-,$D!82)&%&()!-'.'!'.1&,,/.5'K!h')!-.$32%&3$!2)'! &)#1','%&()!-'.'!
./%&%,'.! -.$`/%1&,/#! 3/! '.1&,,/.5'D! ,'! 3/#8&,&1'.&U'%&()!Z2/! /#! ./,'1&+'8/)1/! /=&%&/)1/D! `! 3/#-2T#! G'`!2)!
8$)1()!3/!-.$F.'8'#K!d'!%$)#1.2%%&()!3/!%'a()!,&+&')$D!/,!*"dLjK!h'`!2)'!%')1&3'3!3/!%$#'#!Z2/!G')!
%$8/)U'3$!,/)1'8/)1/!'!$.F')&U'.#/!)2/+'8/)1/D!,$!%2',!/#!82`!%$8-,&%'3$!-$.Z2/!/)!,$#!)$+/)1'!#/!
3/#8')1/,$! 1$3$D! ,$#! 1T%)&%$#D! ,$#! &)F/)&/.$#! #/! =2/.$)D! #/! R27&,'.$)D! )$! /#1e)! 8e#o! ,$#! 1$.)$#D! ,'!
8'Z2&)'.&'!#/!/%G(!'!-/.3/.K!0)1$)%/#D!1$3$!,$!Z2/!/.'!2)'!/)$.8/!&)=.'/#1.2%12.'D!$!#/!3/#1.2`(!$!#/!
3/1/.&$.(D! 1')1$! 3/#3/! /,! -2)1$! 3/! +'! G28')$! %$8$!8'1/.&',K! 0)1$)%/#! ./%$)#1.2&.! 1$3$! /#$! +'! '!
,,/+'.!82%G$!1&/8-$!`!#$7./!1$3$!1/)&/)3$!/)!%2/)1'!,$!Z2/!3&R/!')1/#D!)$!G'`!&)%/)1&+$#!-$,51&%$#K!M&!
+$#! /)1.'#! '! ,'! -eF&)'! #/! /#1e)! G'%&/)3$!82%G'#! %$#'#D! G'`!82%G'#! e./'#! 3&)1'#D! *L_0\0WD!\VWSD!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!;X!W"\0"D!-/.$!1$3$!+'!82`!,/)1$K!M&!+/#!/,!-./#2-2/#1$!3/!W'7.&%'%&$)/#!'28/)1(!82%G5#&8$D!/#$!1/!/#1e!
3&%&/)3$!',F$K!!
oL?R;[email protected]$[?1$Q?1.-4$;3=$.3<-41=$@1$;3$H.5B3>5<3D5I4$@1$;3$0hSMp$
L)/=&%&/)%&'D!)/$,&7/.',$!-2.$K!
[email protected]$1;$5GH3D>-$@1$;3$H.5B3>5<3D5I4$@1$;3$0hSM$14$1;$323=>1D5G514>-$H3.3$;3$
@1Q14=3p$
0#! ,$! Z2/! 1/! 3/%5'! ')1/#D! 3$#! %$#'#! 3&)1'#K! 4$.! 2)! ,'3$! '=/%1(! ,'! -$#&7&,&3'3! 3/! ./)$+'.! %$)!
/Z2&-'8&/)1$! )'%&$)',! /,! /Z2&-'8&/)1$! 3/,! /RT.%&1$! #$7./! 1$3$o! `! '3/8e#! '=/%1(! ,'! -.$+&#&()! 3/!
82)&%&()!,&+&')'D!,$!%2',!'#&8$!,&8&1(!,$#!/R/.%&%&$#D!,&8&1(!/,!2#$!3/!,'#!'.8'#K!
ot?X$.-;[email protected]$[?1$D?GH;1$;3$0hSM$14$;3$H-;F>5D3$@1$@1Q14=3$3D>?3;p$
C2/)$D! '! +/.K! d'! \&./%%&()! /#! -'.1/! 3/! 2)'! -$,51&%'! 8e#! '8-,&'D! 3/! ,$! Z2/! `$! ,,'8$! 2)'! /#-/%&/! 3/!
./,')U'8&/)1$!3/,!e./'!3/!3/=/)#'!/)! ,'!".F/)1&)'K!\/#-2T#!1/!-2/3$!8')3'.!2)!'.15%2,$!%$.1$!#$7./!
/#1$D! -/.$! 3&F'8$#D! ,'! &3/'! =2)3'8/)1',! /#! Z2/H! /)! ,'! ".F/)1&)'! -$.! 3&+/.#'#! .'U$)/#! G(.&%'#D! ,'!
'F/)3'! /)! /,! e./'! 3/! ,'! 3/=/)#'D! #$7./! 1$3$! /)! /,!S&)/.&$! 3/!\/=/)#'D! /#1'7'!8e#! %/)1.'3'! /)! /,!
%$)1.$,!3/!,$#!8&,&1'./#D!/,!%$)1.$,!%&+&,D!Z2/!/)!,'!3/=/)#'K!
d'!-./$%2-'%&()!-.&)%&-',!/.'!,'!#27$.3&)'%&()!3/!,$#!8&,&1'./#D!1$3$!,$!Z2/!1/)5'!Z2/!+/.!%$)!/,!%$)1.$,!
%&+&,K!"!,'!3/=/)#'!#/!,'!3/#%2&3(K!4$.!/#1$!Z2/!1/!'%'7$!3/!3/%&.D!/)1./!$1.'#!%$#'#!-$.Z2/!#/!,'!+/5'!'!,'!
3/=/)#'!%$8$!2)!e./'!3$)3/!,$#!8&,&1'./#!-$35')!=$.1',/%/.#/K!d$!Z2/!G'!-'#'3$!3/#3/!/,!'a$!<ccA!/)!
'3/,')1/D!/#!Z2/!G'!G'7&3$!2)!./,')U'8&/)1$!!3/!,'!'F/)3'!3/!,'!3/=/)#'D!7e#&%'8/)1/!G'`!1./#!F.')3/#!
3&8/)#&$)/#!3/!/#1/!./,')U'8&/)1$H!4.&8/.$!2)!'28/)1$! &8-$.1')1/!3/,!-./#2-2/#1$!3/!3/=/)#'!Z2/!
-'#(! 3/! 3$#! 8&,! 8&,,$)/#! '! %&)%$! 8&,! 8&,,$)/#K! ^)'! -'.1/! &8-$.1')1/! 3/! /#/! -./#2-2/#1$! #/! +'! /)!
#','.&$#D!-/.$!/#!2)!'28/)1$! &8-$.1')1/K!M/F2)3$D!#/!./,')U(!/,!%&%,$!3/!-,')/'8&/)1$!3/! ,'!3/=/)#'D!
%$#'!Z2/!)$!#/!G'%5'!3/#3/!,$#!#/1/)1'K!0#1$!1&/)/!Z2/!+/.!%$)!,'!-27,&%'%&()!3/!3&./%1&+'!)'%&$)',!3/!,'!
3/=/)#'D! %')1&3'3! 3/! 3$%28/)1$#! /#-/%5=&%$#! #$7./! ,'! 3/=/)#'! Z2/! /#1e)! -/)#')3$! /#1/! 1/8'! /)!
1T.8&)$#! 8e#! 1.'3&%&$)',/#D! 3/1/%1')3$! '8/)'U'#D! -$#&7,/#! /8-,/$#! 3/! ,'#! WW""D! `! '! -'.1&.! 3/! ',,5D!
3/1/.8&)')3$! Z2/! 1&-$! 3/! /Z2&-'8&/)1$! /#! )/%/#'.&$! -'.'! ,'! 3/=/)#'K! d'! 1/.%/.'! 3&8/)#&()! /#! ,'!
./%$)#1.2%%&()!3/!,'!&)32#1.&'!-'.'!,'!3/=/)#'K!{2/!1/)/#!-$.!2)!,'3$!WS!-/.$!1'87&T)!1/8/#!/,!*LN"ED!
,'! ./! /#1'1&U'%&()! 3/! ,'! =e7.&%'! 3/! '+&$)/#D! W"\0"D! /,! ",8&.')1/! M1$.)&! Z2/! /#! /,! *LN"ED! ,'! =e7.&%'! 3/!
#278'.&)$#!`!_"N\"NgEK!_/)/#!2)'!%')1&3'3!3/!&)&%&'1&+'#!/)!/,!e./'!3/!,'!&)32#1.&'!8&,&1'.!Z2/!.$8-/!
2)'!1/)3/)%&'!./#-/%1$!'!,$#!)$+/)1'!`!./#-/%1$!',!-.&)%&-&$!3/,!3$#!8&,K!h'`!1'87&T)!2)'!&8-$.1')%&'!
%./%&/)1/! /)! /,! e./'! 3/! 3/#'..$,,$! 3/! %$G/1/#D! Z2/! #/! G'75'! =./)'3$H! /,! _.$)'3$.D! /,! VE"jL*gSD! /,!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!;>!_.$)'3$.!/#!2)!%$G/1/!3/!2#$!%&+&,D!/,!VE"jL*gS!/#!3/!2#$!8&,&1'.o!#'1T,&1/#!%$)!2#$#!32',/#o!8&#&,/#!3/!
%.2%/.$D! /,! \'.3$! *K! _/)/#! 2)'! %')1&3'3! 3/! -.$`/%1$#! /)! 8'.%G'K! j')! 82`! ,/)1$#D! $1.$#! /#1e)!
-'.',&U'3$#D!$1.$#!+')!8e#!.e-&3$D!-/.$!/)!%$)R2)1$!/#1$!1/!3&%/!Z2/!/#1'8$#!/)!2)'!/1'-'!3$)3/!G'`!
8e#!&)1/.T#!-$.!,'!3/=/)#'K!k!-$.!#2-2/#1$!',!G'7/.!8e#!&)1/.T#!-$.!,'!3/=/)#'D!G'`!8e#!&)1/.T#!-$.!,'!
&)32#1.&'!3/!,'!3/=/)#'D!`!8e#!&)1/.T#!-$.!,'!\VWSK!M&!/#1$!#&F2/!+'!'!%$)1&)2'.!./%&7&/)3$!'-$`$K!!
K4$1=1$=14>5@-A$B3$H-.$Q?1.3$@1;$D?1=>5-43.5-\$oL?R;$1=$>?$-H545I4$.1=H1D>-$3$[?1$;3$0hSM$=1$@1@5[?1$3$;3$
H.-@?DD5I4A$ H-.$ 1W1GH;-$ 14$ ;3$ G541.F3A$ 14$ Q1..-D3..5;1=A$ 4-$ >34>-$ 1=H1D53;5<3@-$ 3$ ;-$ [?1$ 1=$ 1;$
323=>1D5G514>-A$=54-$14$3D>5B5@3@1=$.1;3D5-43@-=p$
0#$!/)!',F2)'!8/3&3'!1&/)/!Z2/!+/.!%$)!,$!Z2/!%G'.,e7'8$#!')1/#K!_$3$#!!,$#!-'5#/#D!`!,'!".F/)1&)'!)$!
/#1e!/Y/)1'D!/Y-/.&8/)1')!'-./)3&U'R/#!G(.&%$#D!/)!/,!e./'!3/!,'!3/=/)#'K!d'!".F/)1&)'!G'!'-./)3&3$!
%&/.1'#!%$#'#D!`!2)'!3/!,'#!%$#'#!Z2/!G'!'-./)3&3$!/#!Z2/!#2!&)32#1.&'!8&,&1'.!)$!-2/3/!#/.!1')!3/=&%&1'.&'!
`! 1')! &)/=&%&/)1/! %$8$! ,$! =2/! G(.&%'8/)1/K! 4$.Z2/! #&! ,$! #&F2/! #&/)3$! /)! ',F6)! 8$8/)1$!
-.$7'7,/8/)1/! #2%/3'! ,$! Z2/! #2%/3&(! ')1/#D! +'! '! %$8/)U'.! '! F/)/.'.#/! 2)'! %$',&%&()! -$,51&%'! -'.'!
3/#8$)1'.,'! $! -.&+'1&U'.,'K! 0)1$)%/#! Z2/! #/! /#1e! G'%&/)3$D! #/! /#1e! &)1/)1'3$! Z2/! ,'! &)32#1.&'! 3/! ,'!
3/=/)#'D!Z2&Ue#!)$!3/!2)'!F')')%&'!/)$.8/!-/.$!-$.!,$!8/)$#!Z2/!)$!3/!3/8'#&'3'#!-T.3&3'#K!m*(8$!
G'%/#!/#$n!C2/)$D!1/!'7.5#!'!,$#!#/%1$./#!/%$)(8&%$#!8e#!./)1'7,/#D!,/!+/)3/#!'!,'!8&)/.5'wK!k!%$)!/#$!
%$8-/)#'#K!*$8$!G'%/#!/)! ,'#!2)&+/.#&3'3/#!-.&+'3'#K!j$#!1/)/#!8'/#1.5'#!Z2/!3')!-,'1'!`!8'/#1.5'#!
Z2/! )$! 3')! -,'1'K! 4/.$! /#'#! 8'/#1.5'#! Z2/! )$! 3')! -,'1'! ,'#! 1/)/#! Z2/! 1/)/.! -$.! -./#1&F&$D! -$.! 2)'!
%')1&3'3!3/!%2/#1&$)/#D!`!3/#-2T#!%$8-/)#'#!%$)!,'#!8'/#1.5'#!Z2/!1/!3')!-,'1'K!0#1$!/#!,$!8$D!+$#!
%$)!,$!Z2/!-/.3/#!%$)!-.$`/%1$#!Z2/!#'7/#!Z2/!+'#!'!-/.3/.!-,'1'D!-$.Z2/!)$!#$#!%$8-/1&1&+$D!-/.$!#$)!
e./'#! Z2/! +$#! Z2/./#! 8')1/)/.! -$.! '21$)$85'! 1/%)$,(F&%'D! -$.! #$7/.')5'! 1/%)$,(F&%'D! 72/)$! ,$#!
%$8-/)#'#!%$)!+/)3/.,/!'!,$#!8&)/.$#K!k!/#$!1&/)/!Z2/!+/.!%$)!/,!'-./)3&U'R/D!%$)!3'.#/!%2/)1'!Z2/!)$!
7'#1'!%$)!#$,'8/)1/!3/#'..$,,'.!-.$`/%1$#!Z2/!-$1/)%&/)!)2/#1.'!'21$)$85'D!G'`!Z2/!+/.! 1'87&T)!/,!
%$#1'3$!-$,51&%$D!/,!%$#1'3$!-$,51&%$!/#!,'!#2#1/)1'7&,&3'3!/%$)(8&%$K!
K=-$5GH;5D3.F3$>3G25X4$=?H-41.$[?1$14>-4D1=$;3$D-4@5D5I4$@1$=1.$?4$H.-B11@-.$@1$1=>1$>5H-$@1$54=?G-=A$
;3$3?>-4-GF3$@1;$H3F=$14$=1.$H.-B11@-.$@1$1=>-=$ 54=?G-=A$4-$1=$=?Q5D514>1$D-G-$H3.3$[?1$ W?=>5Q5[?1$ ;3$
H.-@?DD5I4\$ K=$ @1D5.A$ 1;$ 3H.14@5<3W1$ [?1$ =1$ B5141$ >14514@-$@1$ ;3$ O5=>-.53$ H3=3@3A$ 14$@-4@1$?43$@1$ ;3=$
.3<-41=$ $ [?1$ ;;1B-$ 3$ ;3$ H.5B3>5<3D5I4$ Q?1$ 1=>-$ @1$ ;3=$ 541Q5D514D53=$ 1D-4IG5D3=$ =5$ =1$ [?51.1A$ $ 14$ B1<$ @1$
D?1=>5-43.$1=1$D-4D1H>-$[?1$;;1B-$3$;3$H.5B3>5<3D5I4A$;-$[?1$=1$>.3>3$1=$[?1$4-$=1$.1H5>3$1=-\$K4$B1<$@1$5.$3;$
H?4>-$@1$D?1=>5-43.$[?1$[?5<R=$4-$41D1=3.53G14>1$>14C34$[?1$=1.$.14>32;1=$1=>1$>5H-$@1$54@?=>.53=\$$
0Y'%1'8/)1/D!,'!7'#/!/#!Z2/!)$!+')!'!#/.!./)1'7,/#K!0)1$)%/#D!/,!1/8'!/#!Z2/!)$!-&/.3')!1')1$!3&)/.$K!
V/)/.'.!./%2.#$#!3/#3/!2)!,2F'.!3$)3/!#$#!8e#!/=&%&/)1/K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!;;!01=H?X=$@1$GR=$@1$@51<$3Z-=$@1$;3=$H.5B3>5<3D5-41=\[email protected]$[?1$Q?1.-4$;-=$H1.@[email protected]=$E$;-=$
[email protected]=$@1;$H.-D1=-$@1$H.5B3>5<3D5I4$@1$;3$0hSMp$
m0)! /,! e./'! 3/! 3/=/)#'n! 0)! -.&8/.! ,2F'.D! ,$#! 8&,/#! 3/! /8-,/'3$#! Z2/! Z2/3'.$)! /)! ,'! %',,/K! _2+$!
%$)#/%2/)%&'#!#$%&',/#!&8-$.1')1/#K!*./$!Z2/!/,!-.&)%&-',!&8-'%1$!=2/!#$%&',D!`!,2/F$!/,!$1.$!&8-'%1$!=2/!
#$7./!,'#!=2/.U'#!'.8'3'#K!
oq$;[email protected]=$@1$1=>1$H.-D1=-p$
md$#! F')'3$./#n! d'! +/.3'3!8/! %2/#1'! -/)#'.! /)! F')'3$./#K! 0)! #2!8$8/)1$! =2/.$)! ,$#! #/%1$./#D! /,!
)/$,&7/.',$!/)!#2!%$)R2)1$K!0)!/#/!8$8/)1$!-$.!,$!8/)$#D!Z2/!,$F.(!#$%&',&U'.!/)!/,!#/8'!-$,51&%$!
2)'!&3/'!Z2/!=2/!1$8'3'!%$8$!-/)#'8&/)1$!6)&%$!%'#&D!2)'!&3/'!3/!Z2/!/.'!&)/+&1'7,/!,'!-.&+'1&U'%&()D!
/)1$)%/#! %./$! Z2/! /)! ,$#! )$+/)1'! %./$! Z2/! /#$#! =2/.$)! ,$#! #/%1$./#! Z2/! 1.&2)='.$)! /)! /#/! #/)1&3$K!
L8-$)/.!#2!&)1/.T#!-'.1&%2,'.!%$8$!&)1/.T#!F/)/.',!
q-$4-$>14C-$GR=$H.1C?4>3=$o4-$=X$=5$j@\$[?51.1$3C.1C3.$3;C-p$o7;C-$[?1$4-$O3E3$H.1C?4>3@-p$o7;C]4$
D-G14>3.5-p$
N$K!M&!8/!/)+5'#!2)!8'&,D!3/#-2T#!1/!8')3$!2)!'.15%2,$!3/!2)!7.'#&,/a$!Z2/!1.'7'R(! ,'! &)32#1.&'!3/! ,'!
3/=/)#'! '.F/)1&)'! %$)! 2)!8'.%$! 1/(.&%$! Z2/! Z2&Ue#! 1/! -2/3'! #/.+&.D! -$.Z2/! )$! G'`!82%G$! #$7./! /,!
1/8'K!!
!
! *
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!;?!I'B&%A-)B#*#,*9'G(&M#'B%*!,#A%*2_*S!
oL?R;$1=$;3$.1;3D5I4$14>.1$;3$0hSM$E$;3=$SS77p$oq$34>1=$@1;$545D5-$@1;$H.-D1=-$@1$H.5B3>5<3D5I4p$
0#1e!#&/)3$!%'3'!+/U!8e#!=,2&3'K!h'#1'!3$)3/!`$!#T!`!-$.!,$!8/)$#!G'#1'!%2')3$!/8-/U(!/#1'!F/#1&()D!/,!
1.'1$!/.'!%')',&U'3$!7e#&%'8/)1/!-$.!/,!3&./%1$.!3/!-.$32%%&()D!/)!F/)/.',K!k!$7+&'8/)1/!/,!&)1/.+/)1$.!
1/)5'!2)'!./,'%&()!-/.$!8e#!'!)&+/,!-$,51&%$K!!
0)!/,!1.'1$!3&'.&$D!$!-/.&(3&%$D!/)!%2',!3/7/.5'!G'7/.!2)'!&)1/.'%%&()D!2)'!$7+&'!./,'%&()!)'12.',!/)1./!
-.$+//3$.! `! %,&/)1/! #$7./! Z2T! 1&-$! 3/! %'87&$#! Z2&/./! #$7./! /,! -.$32%1$D! #$7./! Z2T! 1&-$! 3/! -$,51&%'!
&)32#1.&',! ,,/+'.! '! %'7$! -'.'! /,! 3/#'..$,,$! 3/! )2/+$#! -.$32%1$#D! /1%K! /.'! 7'#1')1/! /#%'#'! `! #&/8-./! '!
1.'+T#!3/,!3&./%1$.!3/!-.$32%%&()K!h$`!/#1'8$#!'8-,&')3$!2)!-$%$!,$#!%')',/#D!'G$.'!/#1'8$#!'.8')3$!
2)'!8/#'!Z2/!+'!'!1/)/.!2)!=2)%&$)'8&/)1$!Z2&)%/)',!`!+'!'!%$$.3&)'.!,'!M/%./1'.&'!3/!4,')/'8&/)1$!3/!
S'2.$!j/F'D!-'.'!1.'7'R'.!#$7./!-.$F.'8'#!3/!3/#'..$,,$!$!3/!-.$+&#&()!-,2.&')2',/#!#$7./!='8&,&'#!3/!
-.$32%1$#!3/1/.8&)'3$#K!0#!3/%&.D!#/!+'!'!#/)1'.!F/)1/!3/,!0S*gD!0#1'3$!S'`$.!*$)R2)1$D!3&./%1$./#!3/!
8'1/.&',!3/!%'3'!2)'!3/!,'#!=2/.U'#D!WS!`!#/!+'!'!1.'7'R'.!-2)12',8/)1/D!-$.!/R/8-,$D!#$7./!,'!='8&,&'!
3/! 82)&%&$)/#! %',&7./! 9c:K! 0,! 1.'7'R$! 3/7/! #/.! %$)R2)1$! `! ,$! Z2/! 72#%'8$#! /#! 1.'7'R'.! #$7./! 3$#!
e87&1$#H! /,! -.&8/.$! ,'! -./+&#&7&,&3'3D! /#! 3/%&.D! '#/F2.'.#/! %$)1.'1$#! -,2.&')2',/#! -'.'! -$3/.! 1/)/.! 2)!
/#%/)'.&$!8e#!-./+&#&7,/!#$7./! ,$#!-.$`/%1$#o!`!/,!#/F2)3$!/#!3'.,/!/#%','D!/#!3/%&.! ! 1.'1'.!Z2/!/)!+/U!
Z2/! ,'#! =2/.U'#D! ')1/.&$.8/)1/! %$)#$,&3'7'D! G$`! /)! 35'! #&F2/! #&/)3$! &F2',D! #2! -/3&3$! 3/! -.$+&#&()! ,$!
%$)#$,&3'!/,!0S*gD!-/.$!/,!%$)#$,&3'3$!/#!'F'..'.!,$!Z2/!%'3'!2)'!-&3/!`!R2)1'.,$!/)!2)'!,'!D!`!3/%&.!
,'#!=2/.U'#!3/8')3')!/#1$K!N$!G'`!2)!1.'7'R$!.&F2.$#$!#$7./!-$.Z2/!8/!/#1'#!-&3&/)3$!/#1$D!/)!=2)%&()!
3/!Z2/!-,')!3/!%'-'%&3'3/#!`!1$3$!/#/!1&-$!3/!%$#'#K!0,!4,')!*"SLd!./%&T)!#/!'-.$7(!'G$.'D!/)1$)%/#!2)!
-$%$!,'!&3/'!3/!,'!8/#'!/#D!72/)$D!'G$.'!1/)/8$#!/,!-,')!*"SLd!'-.$7'3$D!'G$.'!1/)/8$#!,'!-$#&7&,&3'3!
-$,51&%'! 3/! #/)1'.! '! 1$3'#! ,'#! =2/.U'#! R2)1'#D! ',! 0S*gD! ',! S&)/.&$! 3/! \/=/)#'! `! '! WSD! -$.Z2/! )$!!
1.'7'R'8$#!/)!%$)R2)1$!-'.'H!3/!1$3$! ,$!Z2/!^3#K!)$#!-&3/)!')2',8/)1/!Z2/!)$#$1.$#! ,/!-.$+/'8$#D!
3/=5)')8/!/)!=2)%&()!3/,!*"SLd!Z2/!`'!/#1e!'-.$7'3$D!Z2/!/#!/,!-,')!3/!%'-'%&3'3/#!8&,&1'./#!3/!'%e!'!
,$#!-.(Y&8$#!+/&)1/!'a$#D!%2',/#!#$)!,$#!#/8'#!3/!'.8'#D!`!,'#!1/%)$,$F5'#!Z2/!^3#K!+')!'!8')1/)/.K!
0)1$)%/#D! ! `'! 'G5! /+&1'8$#! 1.'7'R'.! #$7./! %$#'#! Z2/! ,'#! =2/.U'#! G')! 3/=&)&3$D! `! Z2/! ,/!S&)/.&$! 3/!
\/=/)#'!G'!3/=&)&3$!%$8$!-$,51&%'!)$!8')1/)/.!/)! ,$#!-.(Y&8$#!+/&)1/!'a$#D!$!)$!'-2)1'.!'!#$#1/)/.!
/#$#!#/8'#!3/!'.8'#K!^)'!+/U!Z2/!1/)/8$#!/#$!3/1/.8&)'3$D!/)!=2)%&()!3/!/#'!='8&,&'!3/!-.$32%1$#D!
1.'1/8$#!3/!3'.,/#!/#%','K!m*(8$!,/!3'8$#!/#%','n!0)!+/U!3/!1/)/.!3&/U!1&-$#!3/!9c:!3&=/./)1/#D!-$.Z2/!
%'3'! =2/.U'! %$)#/.+'! #/8'#! 3/! '.8'#! 3/! 3&=/./)1/#! T-$%'#D! `! /)! =2)%&()! 3/! )$!-$3/.! ./-$)/.! ,$#!
#/8'#! 3/! '.8'#! 1.'1'! 3/! 3'.,/#! $-/.'1&+&3'3! '! 1$3$K! _.'1'.! 3/! 1.'7'R'.! %2',/#! #$)! ,'#! Z2/! +')! '!
3/#'-'./%/.D!+'8$#!'!1.'1'.!3/!1/)/.!/)!+/U!3/!9c!1&-$#!3/!82)&%&()!9c:D!1.'1'.!3/!%$)#$,&3'.!3$#!$!1./#!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!?7!#$7./! ,'#!Z2/!-$3'8$#! 1.'7'R'.D!'28/)1'.! ,'!/#%','!-'.'!-$.! ,$!8/)$#! ,$#!-.(Y&8$#!%&)%$!'a$#D! `!/)!
=2)%&()! 3/! /#$! 1/)/.! -.$`/%1$#! #2#1/)1'7,/#D! $! -$.! ,$! 8/)$#D! 3&F$! %$)! %'.e%1/.! 8/3&')'8/)1/!
#2#1/)1'7,/K!!
oq$34>1=$@1;$545D5-$@1;$H.-D1=-$@1$H.5B3>5<3D5I4$@1$;3$0hSMA$D-G-$1.3$;3$.1;3D5I4$D-4$;3=$SS77p$
"G5!`$!`'!)$!,$!1/)F$!1')!%,'.$D!-/.$!8/!-'./%/!Z2/!/.'!7'#1')1/!8e#!=,2&3$!Z2/!G$`D!7e#&%'8/)1/!-$.!
2)!-'.!3/!8$1&+$#K!0,!-.&8/.$D!/.'!Z2/!,'!\VWS!3/-/)35'!3/,!S&)/.&$!3/!\/=/)#'D!$!#/'!Z2/!'G5!`'!
G'75'!2)'!./,'%&()!7'#1')1/!$7+&'K!d'!#/F2)3'D!/#!Z2/!')1/#!3/,!-.$%/#$!-.&+'1&U'3$.D!`!#'%')3$!,'!T-$%'!
3/! ",=$)#5)D! G'75'! 2)'! 3&%1'32.'! 8&,&1'.! Z2/! 7e#&%'8/)1/! /.'! ,'! Z2/! 3/=&)5'! 1$3'#! ,'#! -$,51&%'#!
&)32#1.&',/#D!3/!3/=/)#'!`!1$3'#!R2)1'#o!/)1$)%/#D!1$3$#!,$#!=2)%&$)'.&$#!3/!WS!/.')!8&,&1'./#D!,'!./,'%&()!
-'./%5'! 7'#1')1/! $7+&'D! 7'#1')1/! )'12.',D! #$7./! 1$3$! %$)! /,! 0RT.%&1$K! N$! #&! 1')1$! %$)! /,! ./#1$! 3/! ,'#!
=2/.U'#D!8/!-'./%/!Z2/!G(.&%'8/)1/!/,!0RT.%&1$!/.'!/,!Z2/!8e#!'-$#1'7'!',!3/#'..$,,$!)'%&$)',D!`!-$.!
/R/8-,$D!,'!".8'3'!`!,'!W2/.U'!"T./'D!-$.!,$!8/)$#!/#$!/#!,$!Z2/!3&%/!,'!F/)1/!Z2/!/#1e!/)!1/8'D!#$)!,'#!
Z2/!8e#!F.'3$!3/!-'.1&%&-'%&()!3/!%$8-.'#!/Y1.')R/.'#!1&/)/K!!
oq$D-4$1;$M545=>1.5-$@1$01Q14=3$D-G-$1=$;3$.1;3D5I4p$
C&/)D! 1'87&T)K! S/! -'./%/! Z2/! /,! G/%G$! 3/! Z2/! 42.&%/,,&! G'`'! #&3$! /,! ')1/.&$.! L)1/.+/)1$.! 3/!
W'7.&%'%&$)/#!1&/)/!82%G$!Z2/!+/.K!"!-/#'.!3/!-/.1/)/%/.!$.Fe)&%'8/)1/!'!$1.$!8&)/.&$D!G$`!/)!35'!
-'.1&%&-'8$#D!-$.!/R/8-,$D!/#1'8$#!-'.1&%&-')3$!/)!,'#!8&#&$)/#!3/!,'!&)32#1.&'!3/!,'!3/=/)#'!Z2/!/#1e!
$.F')&U')3$!/,!S&)/.&$!3/!\/=/)#'K!"G$.'!+'8$#!'!-'.1&%&-'.!/)!2)'!Z2/!#/!+'!'!G'%/.!/)!M23e=.&%'D!
`'! -'.1&%&-'8$#! 3/! 2)'! &)+/.#'! /)! 3$)3/! +&)&/.$)! ,$#! ./-./#/)1')1/#! 3/! ,'! &)32#1.&'! 3/! ,'! 3/=/)#'!
#23'=.&%')'!/)!".F/)1&)'K!d'!&3/'!/#!1.'7'R'.!/)!-.$`/%1$#!/)!-'.1&%2,'.!/)!3$)3/!#/!-2/3/!/#1'7,/%/.!
%&/.1$!1&-$!3/!%$$-/.'%&()!'!)&+/,!&)32#1.&',!`!-'.'!Z2/!,2/F$!/)!,'!7&,'1/.',!Z2/!-2/3/!G'7/.!/)1./!,$#!
8&).$#!-23&/.')!=$%',&U'.!/)!%2',/#!1.'7'R'.K!L.!'!&3/)1&=&%'.!$7R/1&+$#K!!"G$.'!,/#!+'8$#!'!3/+$,+/.!,'!
+&#&1'D!+'8$#!'!%$)$%/.!',F2)'#!-,')1'#!&8-$.1')1/#D!`!/)!/#/!#/)1&3$!#/!/#1e!1.'7'R')3$!7'#1')1/!7&/)K!
d'!+&)%2,'%&()!%$)!,'!M/%./1'.&'!3/!L)+/#1&F'%&()!`!\/#'..$,,$D!Z2/!3/-/)3/!3/!4,')/'8&/)1$!3/!\/=/)#'!
1'87&T)!/#!7'#1')1/!=,2&3'K!h'`!72/)'#!-/.#-/%1&+'#K!d'!&3/'!/#!=&.8'.!2)!)2/+$!%$)+/)&$!8e#!'8-,&$!
%$)!\/=/)#'!Z2/!)$!#(,$!/#1/!#2-/3&1'3$!'!,'!-.$+&#&()!3/!82)&%&$)/#D!#&)$!Z2/!#/'!2)!%$)+/)&$!7&/)!
'8-,&$!Z2/!)$#!-/.8&1'!-'.1&%&-'.D!-.&8/.$!=&.8'.!%$)1.'1$#!-,2.&')2',/#!-'.'!-.$+&#&()!3/!82)&%&$)/#o!
#/F2)3$D! =&.8'.! %2',Z2&/.! 1&-$! 3/! %$)1.'1$#! /)! %2',! ! -$.! /R/8-,$! -$3'8$#! =&.8'.! %$)1.'1$#! -'.'! /,!
3/#'..$,,$!3/!',F6)!1&-$!3/!1/%)$,$F5'!3/!!-.$32%1$#!Z2/!G$`!)$!-$3/8$#K!
$
oLIG-$ [email protected]$[?1$ 1.3$ 1;$ @1=1GH1Z-$@1$ ;3$0hSM$D-G-$H.-B11@-.$ @1$ ;3=$ SS77$34>1=$ @1;$ 545D5-$ @1;$H.-D1=-$H.5B3>5<3D5I4p$oq$14$;3$3D>?3;5@3@p$
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!?3!")1/#!/.'!82`!72/)$Q!4$.!,$#!-$%$#!)68/.$#!Z2/!`$!/#12+/!8&.')3$D!,$#!)&+/,/#!3/!/#%','!/)!,$#!%2',/#!
='7.&%'%&$)/#! /#1'7'! '%$#1287.'3'! '! -.$+//.! '! ,'#! =2/.U'#! /.')! F.')3/#K! _/! 3'#! %2/)1'! -$.Z2/! ,'#!
&)#1','%&$)/#!Z2/!1&/)/!WSD!G$`!/)!35'D!/)!,'#!-,')1'#!/)!,'#!%2',/#!#/!1.'7'R'!8'1/.&',!Z2/!#/!-.$+/5'!$!
#/!-.$+//!'!,'#!=2/.U'#!#$)!/#%','#!%$)#&3/.'7,/#K!0#$!1/!F.'=&%'!/,!)&+/,!3/!-.$32%%&()!Z2/!1/)5'!/)!,'!
3T%'3'!-$.!/R/8-,$!3/,!%&)%2/)1'!3/,!#/#/)1'D! &)%,2#&+/!/,!#/1/)1'K! !h$`!/)!35'D! ,'#!/#%','#!#$)!82%G$!
8/)$./#K!d$#!#/8'#!3/!'.8'#!#$)!82%G$!8e#!+'.&'3$#!3/!,$!Z2/!/.')!/)!/#'!!T-$%'o!/)!/#'!T-$%'!,$#!
#/8'#! 3/! '.8'#! /#1'7')! 7'#1')1/! 8e#! %$)%/)1.'3$#D! /.')! 7'#1')1/! 8e#! G$8$FT)/$#D! /)1$)%/#!
-/.8&15'!/#%','#!8'`$./#K!k!G$`!/)!35'!/#!3&=/./)1/D!WS!)$!1&/)/D!2)!.')F$!7'#1')1/!&8-$.1')1/!/)!/#/!
#/)1&3$! /#D! /)! ,'! T-$%'! -./+&'! '! ,'#! -.&+'1&U'%&$)/#D! ,'#! &)#1&12%&$)/#! 3/! ,$! Z2/! #/.5'! &)+/#1&F'%&()! `!
3/#'..$,,$! /.')! -.$-&$#! 3/! %'3'! &)32#1.&'K! 0#! 3/%&.D! WS! 1/)5'! 2)! 3/-'.1'8/)1$! 3/! L)+/#1&F'%&()! `!
\/#'..$,,$! Z2/! 1.'7'R'7'! /)! %$)R2)1$! %$)! /,! 0RT.%&1$! Z2/! /.'! 82`! &8-$.1')1/K! 4$#1/.&$.! '! ,'#!
-.&+'1&U'%&$)/#! /#/! 3/-'.1'8/)1$! /#! ,$! Z2/! G$`! /#! /,! *L_0\0WD! *L_0W"! 3/#-2T#! =2/! *L_0\0WD! Z2/3$!
3/#%/)1.',&U'3$!/)!/,!e87&1$!3/,!S&)/.&$!3/!\/=/)#'K!WS!)$!1&/)/!2)!3/-'.1'8/)1$!3/!&)+/#1&F'%&()!
`! 3/#'..$,,$D! /)1$)%/#! /,! $.F')$! #/! +2/,+/! 7'#1')1/! 3/-/)3&/)1/! 3/! ,$! Z2/! /,! %$8-,/R$! 3/!
&)+/#1&F'%&()! `! 3/#'..$,,$! /Y1/.&$.! -2/3'!-.$+//.,/K! "#5! Z2/! /#$! /#! 2)! -2)1$! Z2/! F.e=&%'! 2)! -$%$! ,$#!
)&+/,/#!3/!/#%','!3&=/./)1/#!3/!,'#!T-$%'#K!!
4$.!/R/8-,$!/)!%2')1$!'!-.$32%1$#D!%2')3$!2)$!#/!-$)/!'!8&.'.!,$#!3'1$#!`!,'!G$.&'!3/!='7.&%'%&$)/#D!
2)$! +/! Z2/! ='7.&%'%&$)/#! -'.1&%&-'7'D! #&! 7&/)! /#1'7'! _"SM0! Z2/! /.'! ,'! Z2/! ='7.&%'7'! /,! _"SD! WS!
='7.&%'7'!,'#!1$../1'#K!\/#3/!/,!-2)1$!3/!+'!3/!1$3$!,$!Z2/!/.')!#/8'#!3/!'.8'#D!7,&)3'3$#!/1%KD!#/!
G'%5')!1$3$#!,$#!%'a$)/#K!h$`!/)!35'!G'`!+'.&$#!-.$`/%1$#!-'.'!G'%/.!%'a$)/#!3/!,'.F$!',%')%/D!-/.$!)$!
G'`!-.$32%%&()!/)!#/.&/!3/!,$#!8$#K!0)1$)%/#D!G'75'!-.$32%%&()!3/!%'a$)/#D!,'#!1$../1'#!3/!,$#!_"S!
#/!G'%5')!/)!WSD!1$3$#!,$#!W"d!#/!!G'%5')!/)!WSD!1$3'#!,'#!'.8'#!,&+&')'#!#/!G'%5')!/)!WSD!,$#!=2#&,/#!Z2/!
21&,&U'7'! /,! 0RT.%&1$! #/! G'%5')! 'G5K! h$`! /)! 35'! )$! G'`! -.$32%%&()! 3/! '.8'#! ,&+&')'#! 3&./%1'8/)1/D! #/!
-.$32%/)!#$,$!-$,'#o!)$!G'`!-.$32%%&()!3/!#/8'#!3/!'.8'#D!3/!)&)F6)!#/8'!3/!'.8'D!/Y%/-1$!,'!
,')U'3$.'!3/!*4PcD!$!#/'!/,!#/8'!3/!,')U'%$G/1/#!86,1&-,/o!)$!G'`!-.$32%%&()!3/!7,&)3'3$#K!_$3'!/#'!
-'.1/!#/!-/.3&(K!
oL?R;[email protected]$[?1$Q?1.-4$;3=$.3<-41=$@1$;3$H.5B3>5<3D5I4$@1$;3$0hSMp$
N$!G'`!2)'!.'U()!/)!-'.1&%2,'.D! #&)$!Z2/!/,!-.$%/#$!)/$,&7/.',!Z2/!+/)5'!-./3$8&)')3$!3/! ,'!3T%'3'!!
#/1/)1'! /)! '3/,')1/D! %$)! #2! -2)1$! %2,8&)/! /)! ,'! 3T%'3'! 3/,! )$+/)1'D! '..'#(! %$)! 1$3'! ,'#! ! 2)&3'3/#!
./)1'7,/#!Z2/!WS!1/)5'K!N$!G'`!2)'!.'U()!-2)12',D!#/!72#%(!3/#8/87.'.!',!0#1'3$!3/#3/!1$3$!-2)1$!3/!
+'K!WS!/#!2)!$.F')$!Z2/!1/)5'!%'1$.%/!/#1'7,/%&8&/)1$#!-.$32%1&+$#D!3/!,$#!%2',/#D!82%G$#!/.')!
82`!./)1'7,/#K!!k!/#$#!/#1'7,/%&8&/)1$#!-.$32%1&+$#!#/!-.&+'1&U'.$)!-$.!%$8-,/1$K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!?4!oLIG-$H-.$1W1GH;-p$
",1$#!h$.)$#!u'-,'D!4/1.$Z258&%'!E&$!_/.%/.$K! !4.$-&$#!/.')!8/)$#D!-/.$!G'75'!+'.&$#!/)!,$#!%2',/#!#/!
1/)5'!-'.1&%&-'%&()!'%%&$)'.&'!8'`$.&1'.&'K!4/1.$Z258&%'!3/!C'G5'!C,')%'D!MgSLM"!/)!M')!N&%$,e#D!,'!0*"!
/)! "+/,,')/3'D! `! ',F2)$!8e#! Z2/! ')3'! 3')3$! +2/,1'#K! d$#! Z2/! )$! #/! -.&+'1&U'.$)! ! #/! %/..'.$)D! $! #/!
+/)3&/.$)! ! ,$#!-./3&$#! `! #/!823'.$)! ,'#!8eZ2&)'#! `! ,'#!-,')1'#! '!$1.'D! -$.! /R/8-,$!/,! 3/!S'1G/2! #/!
823(!'!W.'`!d2&#!C/,1.e)!`!#/!%/..(!,'!-,')1'K!
[email protected]$1;$5GH3D>-$@1$;3$H.5B3>5<3D5I4$@1$;3$0hSM$14$1;$323=>1D5G514>-$H3.3$;3$
@1Q14=3p!
S',5#&8$D!/,!&8-'%1$!=2/!$7+&'8/)1/!)/F'1&+$K!M/!-/.3&(!,'!%'-'%&3'3!3/!3/#'..$,,$!/)!=$.8'!%$8-,/1'K!
4$.!8e#!Z2/!*L_0\0W!#/!#/-'.(D!2)!-$,$!3/! &)+/#1&F'%&()!`!3/#'..$,,$!Z2/!)$!1&/)/!#2!%$)1.'-'.1/!/)!
-.$32%%&()! /)! #/.&/! )$! 3/R'! 3/! #/.! 2)! ,'7$.'1$.&$! 3/! /Y-/.&8/)1'%&()K! N$! -2/3/! %$)#$,&3'.! #2!
/Y-/.&8/)1'%&()!/)!2)!-.$32%1$D!`!$7+&'8/)1/!/#'!/Y-/.&8/)1'%&()!)2)%'!#/!-2/3/!+/.! 1/#1/'3'!/)!
)&)F6)! 1&-$! 3/! %'8-$! $-/.'1&+$K! \/#3/! /,! -2)1$! 3/! +'! 3/,! 3/#'..$,,$! #/! -/.3&/.$)! 1$3'#! ,'#!
%'-'%&3'3/#D!,'!8'`$.5'!3/!,'#!%'-'%&3'3/#K!\/#3/!/,!-2)1$!3/!+'!3/!,'!-.$32%%&()D!Z2/!1'87&T)!1&/)/!
-'.1/!3/!3/#'..$,,$D! /#!3/%&.D!2)'! %$#'!/#!/,!3/#'..$,,$! !-.$1$15-&%$!`!$1.'! %$#'!/#!-$3/.!-.$32%&.! ! /)!
#/.&/!/#/!3/#'..$,,$!-.$1$15-&%$!Z2/!1&/)/!Z2/!+/.!%$)!$1.$!1&-$!3/!%$)$%&8&/)1$!Z2/!1&/)/!Z2/!+/.!%$)!
,'!-2/#1'!'!-2)1$D! %$)! ,'!%',&3'3!3/,!-.$32%1$!3/#'..$,,'3$D! #/!-/.3&/.$)!%$8-,/1'8/)1/K!h$`!F/)1/D!
72/)$!$7+&'8/)1/!,$#!%'#$#!8e#!%$)$%&3$#!#$)!,$#!3/!_"N\"NgE!%$)!,'!8/3&'!+5'!3/,!#278'.&)$!Z2/!
1&/)/!Z2/!/8-/U'.!'!1.'7'R'.!3/!+2/,1'D!1&/)/!Z2/!&.!'!72#%'.!#$,3'3$./#!Z2/!1&/)/)!#/1/)1'!'a$#!-'.'!
Z2/! %'-'%&1/)!'! ,$#! %G&%$#!8e#! R(+/)/#K!N$#$1.$#!G/8$#! 1/)&3$! ,$#!8$!-.$7,/8'#! %2')3$!G/8$#!
1/)&3$!Z2/! 1.'7'R'.!/)!',F2)'!#$7./!',F6)!-.$1$1&-$!3/!%'a()!$!3/!'.8'#!Z2/!-$.!/R/8-,$!)/%/#&1')!
',F6)!1&-$!3/!#$,3'32.'!/#-/%&',!$!1.'7'R'.!%$)!2)!'%/.$!/#-/%&',!$!',F6)!8/%')&U'3$!/#-/%&',D!3$)3/!
#(,$!',F2)'#!-/.#$)'#!3/!,'#!Z2/!/#1e)!/)!,'!-,')1'!#'7/)!G'%/.,$D!82`!-$%'#!/)!F/)/.',K!!
k!3/#-2T#!!/#1e!/,!1/8'!3/!,'#!/#%','#D!,'!3&=/./)%&'!/)!/#%','D!/,!-.$%/#$!-.&+'1&U'3$.!)$!#$,$!8/.8$!,'!
&)32#1.&'D!8/.8$!',!0#1'3$!%$8$!%$8-.'3$.D! ,'! &)32#1.&'!3/! ,'!3/=/)#'!#&)!2)!/#1'3$!%$)1.'-'.1/!Z2/!
'3Z2&/.'!,$#!%$)#28&7,/#!$!,$#!#/8'#!3/!'.8'#D!)$!/Y/K!
K4$=?$-H545I4\$ot?X$.-;[email protected]$[?1$D?GH;1$;3$0hSM$14$;3$H-;F>5D3$@1$@1Q14=3$3D>?3;p!
*28-,/!2)!.$,!&8-$.1')1/D!`!%./$!Z2/!+'!'!%28-,&.!2)!.$,!8e#!&8-$.1')1/!/)!/,!=212.$K!S/!-'./%/!Z2/!
WS!/#1e! %./%&/)3$!/)! %2')1$! '! #2! -'.1&%&-'%&()! /)! ,'! -$,51&%'! 3/!3/=/)#'D! 1')1$! WS! %$8$!*LN"E! %$)!
_"N\"NgE!`!\$8/Z!V'.%5'!`!W"\0"K!4$.Z2/!/,!0#1'3$!N'%&$)',!'#5!,$!Z2&/./D!Z2&/./!Z2/!1/)F')!2)!.$,!
&8-$.1')1/D!Z2&/./!Z2/!!%$$.3&)/)!/,!%$8-,/R$!&)32#1.&',!-'.'!,'!3/=/)#'D!/)!/#/!#/)1&3$D!Z2/!,$!+/)F')!!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!?8!'-$`')3$!G'%/!1')1$!1&/8-$!G'%/!Z2/!WS!-2/3'!./%&7&.! ,'#! &)+/.#&$)/#!)/%/#'.&'#!-'.'!./%2-/.'.!#2#!
%'-'%&3'3/#!-.$32%1&+'#! `!Z2/!-2/3'! ./%&7&.! ,'#! &)+/.#&$)/#!)/%/#'.&'#!-'.'!3/#'..$,,'.!-.$`/%1$#D! /)!
/#1/!%'#$D!/#1.'1TF&%$#!$!)$D!/#1.'1TF&%$#!/)!/,!#/)1&3$!3/!Z2/!-2/3/)!#/.!/#1.'1TF&%$#!-'.'!,'!-$,51&%'!3/!
3/=/)#'! 3/! ,$#! -.(Y&8$#! <c! 'a$#D! $! &8-$.1')1/#! /)! /,! #/)1&3$! 3/! Z2/! -2/3/)! #/.! -.$`/%1$#! 3/!
-.$32%%&()!$!3/#'..$,,$!3/!%'-'%&3'3/#!32',/#!Z2/!1/!-/.8&1')!#$#1/)/.!/,!%$8-,/R$!3/!,'!3/=/)#'K!!
01=H?X=$ @1$ GR=$ @1$ ?43$ @XD3@3$ @1;$ 545D5-$ @1;$ H.-D1=-$ @1$ H.5B3>5<3D5-41=$ @1$ ;3$ 0hSMA$ o[?5141=$
[email protected]$[?1$Q?1.-4$;[email protected]=$E$;-=$H1.@[email protected]=p$
4/.3/3$./#D!%,'.'8/)1/! ,'!-$,51&%'!3/!3/=/)#'!'.F/)1&)'D!/#! ,'!-.&)%&-',!-/.3/3$.'K!4$.Z2/!G'!-/.3&3$!
%'-'%&3'3!3/!'21$3/1/.8&)'%&()D! %'-'%&3'3!3/! #$7/.')5'!/)!3/#'..$,,$D! /)! 1/%)$,(F&%'D! %'-'%&3'3!3/!
F/)/.'%&()! 3/! %$)#28&7,/#! `! F/)/.'%&()! 3/! 8'1/.&',/#! )/%/#'.&$#! -'.'! #$#1/)/.! %2',Z2&/.! 1&-$! 3/!
$-/.'%&()K!M/!G'!%$)+/.1&3$!/)!3/-/)3&/)1/!3/!,'#!1/%)$,$F5'#!/Y1.')R/.'#D!3/!1/%)$,$F5'#!3/!-'5#/#!3/!
-.&8/.! 82)3$D! Z2/! -'.'! )'3'! #$)! %.51&%'#! /)! /,! #/)1&3$! 3/! Z2/! ".F/)1&)'! )$! -2/3'! 3/#'..$,,'.! ,'#!
%'-'%&3'3/#!-'.'!F/)/.'.,'#D!#&)$!Z2/!-/.3&(!,'#!%$)3&%&$)/#!)/%/#'.&'#!-'.'!F/)/.'.!/#'#!%'-'%&3'3/#K!!
d$#! F')'3$./#! #$)D! -.&8/.$! ,$#! Z2/! #/! G')! Z2/3'3$! %$)! ,'#! /8-./#'#! Z2/! #/! -.&+'1&U'.$)! -$.! 3$#!
8')F$#D!`!Z2/!$7+&'8/)1/!/.')!2)&3'3/#!./)1'7,/#!`!Z2/!F/)/.'.$)!)/F$%&$#!/)!=$.8'!&)8/3&'1'D!#&)!
)/%/#&3'3!3/!&)+/.1&.!3/8'#&'3$!3&)/.$K!0#$#!#$)!,$#!F')'3$./#!8e#!$7+&$#K!
d$#!#/F2)3$#!F')'3$./#D!#$)!1$3$#!'Z2/,,$#!Z2/!G')!-'.1&%&-'3$!%$8$!&)1/.8/3&'.&$#!/)!$-/.'%&$)/#!
%$8/.%&',/#!+&)%2,'3$#!'! ,'!-.$+&#&()!3/!&)#28$#!&8-$.1'3$#!`!/Y1.')R/.$#!'! ,'#!WW""D!G'`!2)!8$)1()!
3/!/8-./#'#!-'.1&%2,'./#D!/1%K!./-./#/)1')1/#!%$8/.%&',/#!`!2)!8$)1()!3/!$1.'#!%$#'#D!Z2/!G')!1.'53$!'!
,'! ".F/)1&)'! &)=&)&3'3! 3/! #/8'#! 3/! '.8'#D! %$)#28&7,/#D! /1%K! 3/#3/! /,! /Y1.')R/.$! `! G')! -.$+$!
32.')1/!'a$#!'!,'#!WW""D!'2)Z2/!'!/#%','#!82`!-/Z2/a'#!-/.$!Z2/!G')!G/%G$!3&=/./)%&'K!
or3E$3;C-$GR=$[?1$[?5=51.3$3C.1C3.$E$[?1$4-$;1$O3E3$H.1C?4>3@-p$
N$D! 8/! -'./%/! Z2/! 8e#! ',,e! 3/! G'7,'.! 3/! ,'! \VWS! -'.'! G'7,'.! 3/,! .$,! 3/! WS! /)! ,'! &)32#1.&'! 3/! ,'!
3/=/)#'D!G'`!Z2/!G'7,'.!/)!#/)1&3$!'8-,&$!`!G'`!Z2/!G'7,'.!1'87&T)!3/!W"\0"!`!3/!*LN"ED!G'`!2)!-$%$!
&)%,2&3$! ,'#! 1./#! -'1'#D! 8e#! ,'! %2/#1&()! 3/! ,'! &)+/#1&F'%&()! `! 3/#'..$,,$K! h$`! /)! 35'D! '#5! %$8$! /#1e!
=2)%&$)')3$D! #&! 7&/)! #/! /#1e! G'%&/)3$! 2)! /#=2/.U$! &8-$.1')1/D! -'./%/! Z2/! /)! ',F6)! #/)1&3$! ,$#!
&)%/)1&+$#!Z2/!F/)/.'!/,!#/8'!)$!-'./%/)!,$#!%$../%1$#K!!
h'`D!-$.!'#5!3/%&.,$D!2)!(.F')$!3/!&)+/#1&F'%&()!`!3/#'..$,,$!1$1',8/)1/!&)3/-/)3&/)1/!'!,$#!$.F')$#!
-.$32%1&+$#D!Z2/!)$!1&/)/)!./,'%&()!8e#!',,e!3/!',F2)$#!%$)+/)&$#!=$.8',/#D!`!2)'!./,'%&()!-$,51&%'D!-/.$!
)$!G'`!2)'!./,'%&()!3&./%1'!/)1./!/,! ,'7$.'1$.&$!`! ,'!-,')1'D!%$#'!Z2/!-/.R23&%'!%,'.'8/)1/!/,!-.$%/#$!
)'12.',! Z2/! 3/7/.5'! #/F2&.! 2)! -.$32%1$! 3/#'..$,,'3$K! d$#! &)%/)1&+$#! /)! %2')1$! '! %$)1.'1$#D! /)!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!?S!$.F')&U'%&()! -$,51&%'D! /#1e)! 3'3$#! %$8$! -'.'! Z2/! ,'! %$#'! )$! =2)%&$)/! %$../%1'8/)1/K! 4$.! /R/8-,$D!
82%G'! 3/! ,'! F/)1/! Z2/! 1.'7'R'! /)! /#1$#! -.$`/%1$#! 3/! *L_L\0WD! ,'! ./',&3'3! /#! Z2/! )$! /#1e! '1'3'! '! ,'!
-.$32%1&+&3'3D!',!-.$`/%1$D!',!=2)%&$)'8&/)1$!3/,!-.$`/%1$D!#&)$!Z2/!%'#&!#$)!/1/.)$#D!%$)!-./#2-2/#1$#!
/1/.)$#D!)$!1/.8&)')!%/..')3$!)2)%'D!)2)%'!#/!1/.8&)'!%$)#$,&3')3$!2)!-.$32%1$!-'.'!-'#'.!'!#/.&/D!
-$.Z2/!7e#&%'8/)1/!)'3&/! ,$!3/=&)/K!d'#!=2/.U'#!)$!#$)!,'#!%$../%1'#!-'.'!G'%/.!/,!#/F2&8&/)1$!3/!,$#!
-.$`/%1$#D! #&)$! Z2/! 3/7/)! -'.1&%&-'.! '%1&+'8/)1/! /)! /,! 3&#/a$! 3/,! -.$`/%1$! `! /)! /,! 3&#/a$! 3/! ,$#!
./Z2/.&8&/)1$#! $-/.'1&+$#! 3/,! -.$`/%1$D! `! /)! /,! 1/#1/$! 3/,! -.$1$1&-$K! 4/.$! )$! /)! /,! #/F2&8&/)1$! 3/,!
-.$`/%1$D!/,!F/./)%&'8&/)1$!3/,!-.$`/%1$!3/7/!G'%/.,$!$1.'!2)&3'3!#/-'.'3'K!h'`!Z2/!+/.!%(8$!#/!+'!'!
3/#'..$,,'.! /)! /,! =212.$D! `$! %./$! Z2/! /)! /,! ,'.F$! -,'U$! +'! '! G'7/.! Z2/! -/)#'.! /)! Z2/! 2)'! +/U! Z2/! ,'!
&)32#1.&'! 3/! ,'! 3/=/)#'! ./%2-/./! %&/.1'#! %'-'%&3'3/#! #/! +'! '! 1/)/.! Z2/! ./-/)#'.! #/.&'8/)1/! /)! Z2/!
%2/)1/)! %$)! #2! -.$-&$! 3/-'.1'8/)1$! 3/! 3/#'..$,,$D! #$7./! 1$3$! -$.Z2/! /,! 3/#'..$,,$! 1&/)/! Z2/! #/.!
1'87&T)! 3/#'..$,,$! -/)#'3$! /)! /,!8/.%'3$! %&+&,K! h$`! /)! 35'! *L_0\0W! /#1e! -.e%1&%'8/)1/! $.&/)1'3$! '!
3/#'..$,,'.!1/%)$,$F5'#!Z2/!1&/)/)!Z2/!+/.!%$)!/,!8/.%'3$!3/!,'!3/=/)#'!`!'!72#%'.!-$.!'#5!3/%&.,$D!2)!
-.$32%1$D!/)!72#%'.!1/%)$,(F&%'#!Z2/!1/.8&)/)!/)!2)!-.$32%1$!Z2/!/#1T)!-.e%1&%'8/)1/!+&)%2,'3$#!'!,'!
&)32#1.&'! 3/! ,'! 3/=/)#'K! 4/.$! #&! -/)#'8$#! ! Z2/! ,'! &)32#1.&'! 3/! ,'! 3/=/)#'! 1&/)/! Z2/! 1/)/.! %&/.1'#!
%'.'%1/.5#1&%'#! 32',/#! -'.'! -$3/.! #/.! #$#1/)&7,/! G'`! Z2/! /,/F&.! 3/)1.$! 3/! 2)'! F'8'! 3/! 1/%)$,$F5'#! `!
3/)1.$!3/!2)'!F'8'!3/!-.$32%1$#!Z2/!'-$.1/!-'.'!'87$#!,'3$#D!'#5!Z2/!8/!-'./%/!Z2/!/#$!+'!'!G'7/.!
Z2/!./-/)#'.,$K!
g1.'!%$#'!Z2/!+'!'!G'7/.!Z2/!./-/)#'.!+'!'!#/.!,'!+&)%2,'3'!%$)!/,!3/#'..$,,$D!&)%,2#&+/!%$)!,$#!/Y&1$#$#K!
4$.!/R/8-,$!/,!%'#$!3/!,$#!.'3'./#D!3$)3/!#/!G'!%$)#/F2&3$!2)'!%$#'!7'#1')1/!&)T3&1'!Z2/!/#!,'!3/%&#&()!
-$,51&%'D! /,! TY&1$D! -$.! '#5! 3/%&.,$D! %&/)15=&%$D! ! `! /,! TY&1$! -.$32%1&+$! 3/! Z2/! /Y'! 2)! -.$32%1$D! 2)'!
1/%)$,$F5'! 7e#&%'8/)1/D! 2)! -.$32%1$! /)! =2)%&()! 3/! 2)'! 1/%)$,$F5'! 3/#'..$,,'3'! /)! ".F/)1&)'D! %$)!
%'-'%&3'3/#!$-/.'1&+'#!'!,$#!/#1e)3'./#!&)1/.)'%&$)/#!,/D!Z2/!#2-,/)!'3/8e#!2)'!3/=&%&/)%&'!$-/.'1&+'!
Z2/! 1&/)/)! ,'! ".F/)1&)'! /)! ,'#! =2/.U'#K! "G$.'! 7&/)D! 2)$! )$! 1&/)/! Z2/! -/.3/.! 3/! +'! Z2/! 1$3$! /,!
-.$`/%1$!3/!.'3'.D!12+$!%$8$!$7R/1&+$!-.$32%&.!2)!.'3'.D!2)!.'3'.!%$)!2)'#!%'.'%1/.5#1&%'#!3'3'#D!-'.'!
%27.&.! 2)! ./Z2/.&8&/)1$! $-/.'1&+$! 3'3$K! "G$.'! 7&/)D! -'.'! ',%')U'.! /#/! -.$32%1$! 2)$! 3/#'..$,,(! 2)'!
1/%)$,$F5'D! `! /#'! 1/%)$,$F5'! /#! 82`! '8-,&'! `! -/.8&1/! 3/#'..$,,'.! 2)'! F'8'! 3/! -.$32%1$#! %$)! /#'!
1/%)$,$F5'D! Z2/! G$`! /)! 35'! )$#$1.$#! )$! ,$! /#1'8$#! /Y-,$1')3$K! M&! )$#$1.$#! )$! ,$! /Y-,$1'8$#! ,$! +'! '!
G'%/.! ',F2&/)!8e#K! N$#$1.$#! 1/)3.5'8$#! Z2/! =$%',&U'.)$#D! 2)'! +/U! ,$F.'3'! /#'! 1/%)$,$F5'! Z2/! )$! ,'!
1&/)/)!$1.$#!-'5#/#!3/! ,'! ./F&()D!/)!/Y-,$1'.D!-$.!'G5!3/R'.!3/! ,'3$!$1.$#!-.$`/%1$#!Z2/!)$!1&/)/)D!)$!
./+/)!1')1'!&8-$.1')%&'D!`!2)'!+/U!',%')U'3$!/#/!/#%',()!Z2/!$1.$#!-'5#/#!)$!1&/)/)D!-$1/)%&'.,$K!0#!
3/%&.D!Z2/!/)!,'!1/%)$,$F5'!.'3'.D!)$#$1.$#!#/'8$#!,$#!6)&%$#!/)!d'1&)$'8T.&%'D!/)!,'!^N"M^E!!`!/)!,'!
./F&()D!-.$32%1$#!Z2/!/#1e)!7'#'3$#!/)! ,'!1/%)$,$F5'!.'3'.D!#&!`'!-23&8$#!G'%/.!/,!.'3'.!-.&8'.&$D!)$!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!?<!#TD! G'F'8$#! ,$#! .'3'./#! Z2/! +')! /)! ,$#! '+&$)/#D! G'F'8$#! .'3'./#! Z2/! +')! /)! ,$#! 7'.%$#D! G'F'8$#!
.'3'./#!3/!+&F&,')%&'!8'.51&8'D!G'F'8$#!1$3$!,$!Z2/!1/)F'!Z2/!+/.!%$)!,'!1/%)$,$F5'!.'3'.D!`!/#$!G$`!/)!
35'!8/3&$!Z2/!/#1'!=2/.'!3/!3&#%2#&()D!-'./%/!Z2/!#/!3/#'..$,,(!/,!.'3'.!-.&8'.&$!`!/#!2)!TY&1$D!`!%$8$!
Z2/!/#1'!',%')U'3$!2)!$7R/1&+$!-/.$!/#1'8$#!-/.3&/)3$!/#%','!/)!%2')1$!',!3/#'..$,,$!3/!,'!1/%)$,$F5'K!!
! *
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!?X!I'B&%A-)B#*#,*9'G(&M#'B%*!,#A%*2_*<*
Y3$H.5G1.$H.1C?4>3$1=$oLIG-$1=$ ;3$.1;3D5I4$14>.1$ ;3$05.1DD5I4$h141.3;$@1$S32.5D3D5-41=$M5;5>3.1=$E$ ;3=$S?1.<3=$7.G3@3=A$3O-.3$E$34>1=$@1;$545D5-$@1;$H.-D1=-$@1$H.5B3>5<3D5I4p$
C2/)$D!'G$.'!)$!,$!#TK!k$!/#1$`!3/#+&)%2,'3$!3/,!1/8'!`'!G'%/!+'.&$#!'a$#D!/)1$)%/#D!/)!/#1/!8$8/)1$!
%2e,!/#!,'!./,'%&()K!!
4'.'!/#$!#/.5'! &8-$.1')1/D!8/!-'./%/D!Z2/!1/)F'!2)'!%G'.,'!%$)!/,!\&./%1$.!3/!4,')&=&%'%&()! L)32#1.&',!
Z2/!#/! ,,'8'!W.')%$!V&2FF&$,$)&!T,!/#1e!/)!/,!-&#$!9PK! Ü"G!)$Ö! Ü4/.$!-/.3()D!/#1$`!3&%&/)3$!1$)1/.5'#Ö!
N$D!)$Ö!M&!W'7.&%'%&$)/#!S&,&1'./#!)$!3/-/)3/!8e#!3/!)$#$1.$#K!W'7.&%'%&$)/#!S&,&1'./#!3/-/)3/!'G$.'!
3/w!-'#(!'!3/-/)3/.!3/!0%$)$85'!/)!#2!8$8/)1$!`!'G$.'!3/-/)3/w!%./$!Z2/!3/,!e./'!3/!\/!j&3$D!
)$n!
"5A$1N3D>3G14>1$
"#5! Z2/! )$! #/! 3/%&.,/! /Y'%1'8/)1/! ,'! ./,'%&()D! `! ,'8/)1'7,/8/)1/! )'3&/! '%e! ,/! +'! '! #'7/.! 3/%&.! Z2T!
./,'%&()!1&/)/D!#',+$!/,!S&).$!Z2/!=2/!L)1/.+/)1$.K!?.&#'#B!
4/.$w!!)$D!)$K!N$!#T!%2e,!/#!,'!./,'%&()!'%12',K!!
d'!./,'%&()!')1/.&$.!/.'!2)'!./,'%&()!82`!5)1&8'D!#$7./!1$3$!%$)!0RT.%&1$K!*$)!/,!./#1$!3/!,'#!=2/.U'#!)$!
1')1$D!-$.Z2/w!/GwK!3&F'8$#!/#1$!+&/)/!2)!-$%$!3/!')1&F2$D!/#!3/%&.D!$.&F&)'.&'8/)1/!%'3'!2)'!3/!,'#!
1./#! =2/.U'#! 1/)5'! #2#! -.$-&'#! /8-./#'#D! /Gn! d'! ".8'3'D! -$.! /R/8-,$D! 1/)5'! /8-./#'#! %$8$! "WN0OD!
_"N\"NgED! /,! "M_Ldd0Eg!\$8/%ZQV'.%5'o! ,'! W2/.U'! "T./'! 1/)5'! /,! á./'!S'1/.&',! *(.3$7'D! `! 0RT.%&1$!
1/)5'!7e#&%'8/)1/!W'7.&%'%&$)/#!S&,&1'./#!`!_"SM0D!72/)$!`!',F2)'!$1.'!/8-./#'!Z2/!1',!+/U!8/!/#1$`!
$,+&3')3$K! _'87&T)! /#1'7'! MLM_0j"d;! `! M"_0*N"! /)! /,! á./'! 3/! ".8'3'K! C2/)$D! /,! G/%G$! /#! Z2/! /)!
W'7.&%'%&$)/#!S&,&1'./#!#&/8-./!=2/D!G'#1'!/,!'a$!|OPD!#&/8-./!=2/D!2)!e./'!%,'+/!3/,!0RT.%&1$K!k!/)!/,!'a$!
|OP!%$)!,'!'#2)%&()!3/!,'#!'21$.&3'3/#!3/!/#/!/)1$)%/#D!3/,!F$7&/.)$!3/8$%.e1&%$D!/#1/w!#/w!1$3'#!,'#!
/8-./#'#! 3/,! e./'! 3/,! S&)/.&$! 3/! \/=/)#'K! 4/.3()D! 1$3'#! ,'#! /8-./#'#! 3/! ,'#! W2/.U'#! ".8'3'#!
-'#'.$)! '! 3/-/)3/.! 3/,! S&)/.&$! 3/! \/=/)#'D! #',&(! 2)! \/%./1$! Z2/! '#5! ,$! /#1'7,/%&(K! 0)1./! /,,'#D!
W'7.&%'%&$)/#!S&,&1'./#K!0)1$)%/#D!W'7.&%'%&$)/#!S&,&1'./#!/)!/#/!/)1$)%/#D!',!8/)$#D!1/)5'!2)!\&./%1$.!
V/)/.',D!`!3$#!3&./%1$./#!Z2/!)$!./%2/.3$!/)!/#/!/)1$)%/#!%$8$!#/!,,'8'7')!-/.$!7e#&%'8/)1/!2)$!/.'!
3/!-.$32%%&()!`!$1.$!3/!%$8/.%&',&U'%&()K!*$)!3&)1$!)$87./D!-/.$!/#'#!3$#!3&./%%&$)/#!#&/8-./!#/!
8')12+&/.$)K! k! /#1'7')!'! %'.F$!3/!8&,&1'./#! /)! '%1&+&3'3D! /,! L)1/.+/)1$.D! -/.3()!/,! 4./#&KK! /,!\&./%1$.!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!O!"WN0H!"#1&,,/.$#!`!W'7.&%'#!N'+',/#!3/,!0#1'3$!MK"K!;!MLM_0j"d!Mg*L0\"\!"NgNLS"!`!M"_0*N"QMg*L0\"\!"NgNLS"!4"E"!0d!\0M"EEgddg!\0!d"!_0*NgdgVL"!"*^"_L*"!=2/.$)!3/%,'.'3'#!!rM2R/1'!'!4.&+'1&U'%&()s!8/3&')1/!\/%./1$!9P;OI9;;c!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!?>!V/)/.',!/)!/#/!/)1$)%/#!/.'D!/#1/w!1'87&T)!2)!8&,&1'.!/)!'%1&+&3'3K!"!-'.1&.!3/,!|OPD!/,!\&./%1$.!V/)/.',!
-'#(! '! #/.! 2)! %&+&,K! 0,! -.&8/.$! =2/!S'.&$! j/.3/#9cD!8/! '%2/.3$D! Z2/! +&)$! %$)! E'6,! C$..'#D! /,! -.&8/.!
8&).$!3/!/#/!/)1$)%/#K!kwD!-/.$!#/!8')12+&/.$)! ,$#!3$#!3&./%1$./#!8&,&1'./#K!0)1$)%/#D! ,'!/#1./%G'!
./,'%&()!Z2/!G'75'!%$)!/,!0RT.%&1$D!-.e%1&%'8/)1/!#/!8')12+$!'! ,$! ,'.F$!3/,! 1&/8-$D!'! 1.'+T#!3/!/#1$#!
3&./%1$./#!8&,&1'./#D!`!'!1.'+T#!3/!,$#!3&./%1$./#!3/!,'#!=e7.&%'#!8&,&1'./#D!Z2/!/)!/#/!/)1$)%/#D!#&!8',!)$!
./%2/.3$!/.')!9@!/#1'7,/%&8&/)1$#!$!9AD!)$!./%2/.3$!/Y'%1'8/)1/K!0#1/w!`wK!`!72/)$!,'!./,'%&()!/.'D!
%$)!0RT.%&1$D!,'!./,'%&()!/.'!3&./%1$./#!Z2/!/.')!3/!,$#!/#1'7,/%&8&/)1$#!Z2/!/.')!$!1/)&/)1/#!%$.$)/,/#!
$!%$.$)/,/#!/)!'%1&+&3'3D!`! ,$#!3$#!3&./%1$./#!3/!W'7.&%'%&$)/#!S&,&1'./#!D!Z2/!'! ,'!+/UD!/.')!3&./%1$./#!
Z2/!'!,'!+/U!&)1/F.'7')!/,!\&./%1$.&$K!4$%$!1&/8-$!3/#-2T#!#/!&)1/.+&)$!W'7.&%'%&$)/#!S&,&1'./#!`wD!-/.$!
/#1$! )$! %'87&(D! `! #&F2&/.$)! G'7&/)3$! 3$#! 8&,&1'./#! '! %'.F$! 3/! ,'#! \&./%%&$)/#! 3/! 4.$32%%&()! `! 3/!
\/#'..$,,$!
K=>R$2514A$H.-@?DD5I4$E$@1=3..-;;-p$
L)&%&',8/)1/! /.'! 4.$32%%&()! `! \/#'..$,,$K! \/#-2T#! %./$! Z2/! ,$! Z2/! /.'! \/#'..$,,$! -'#(! '! ,,'8'.#/!
*$8/.%&',&U'%&()D!&)%,2#$!%$)!2)!)$87./!Z2/!#&!8',!)$!./%2/.3$!/.'!3/!*$$.3&)'%&()!08-./#'.&'o!Z2/!
#/!%$-&(D!./',8/)1/D!3/,!)$87./!3/!,'!\&./%%&()!3/!*$$.3&)'%&()!08-./#'.&'!3/,!S&)/.&$!3/!\/=/)#'!
3/!,'!%2',!!`$!/.'!1&12,'.!/)!/#/!/)1$)%/#K!!
K=>R$2514\$Y1$O3C-$?43$D-4=?;>3$.1=H1D>-$3$1=>-\$K=>-=$1.34$@1=>54-=$G5;5>3.1=A$B1.@3@p$
0.')! 3/#1&)$#! 8&,&1'./#D! `D! '2)Z2/! #/! 3&F'! 82%G'#! +/%/#! Z2/! )$D! /)! ./',&3'3! ,$#! 3&./%1$./#! /Gw!
./-$.1'7')!'!,'#!=2/.U'#K!0#!3/%&.D!G'75'!2)'!3/-/)3/)%&'!-$.!,$!8/)$#D!'2)Z2/!)$!/Y-,5%&1'D!G'75'!2)'!
3/-/)3/)%&'!3/!,'#!=2/.U'#!`!./-$.1'7')!'!,'#!=2/.U'#D!',!0RT.%&1$D!)$n!
L?34@-$@1H14@F3$@1;$M545=>1.5-$@1$01Q14=3A$4-p$
"2)! %2')3$! 3/-/)35'! 3/,! S&)/.&$! 3/! \/=/)#'D! /#1$#! 3&./%1$./#! 8&,&1'./#! `! ,$#! 3&./%1$./#! 3/! ,$#!
/#1'7,/%&8&/)1$#D!',! #/.!8&,&1'./#!/)!'%1&+&3'3!)'12.',8/)1/! ./-$.1'7')!'! #2#! =2/.U'#D! `!)'12.',8/)1/!
1/)5')!2)'!3/-/)3/)%&'!3/!#2#!=2/.U'#!-$.!#2!F.'3$!8&,&1'.K!!
?M2-/.-$#&%&()!/)1./!/)1./+'3$.!`!/)1./+'3$B!
d$!%2',!)$!/.'!8',$D!-/.3()D!!
d$! %2',!)$!/.'!8',$D!-$.Z2/!3/!/#'! =$.8'!/,! 0RT.%&1$! #'75'!Z2T!-.$32%5'! W'7.&%'%&$)/#!S&,&1'./#D!Z2T!
/#1'7'! /)! %$)3&%&$)/#! 3/! -.$+//.,/D! ,'#! %')1&3'3/#D! /)! =&)K! 0#'! 3/-/)3/)%&'! %./'7'! 2)! =,2R$! ! 3/!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!9c!"!-'.1&.!3/!&)=$.8'%&()!3/!\VWS!#/!%$)#1'1(!Z2/!S'.&$!j/.3/#!$%2-(!/,!%'.F$!3/!M273&./%1$.!V/)/.',K!0,!-.&8/.!\&./%1$.!V/)/.',!%&+&,!=2/!E'6,!"7/,!_$8'#K
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!?;!&)=$.8'%&()!/)1./! 0RT.%&1$! `! W'7.&%'%&$)/#D! `! W'7.&%'%&$)/#! `! 0RT.%&1$!Z2/!/.'!-$#&1&+$D! -$.Z2/!3/!/#'!
8')/.'!%'3'!2)'!3/!,'#!-'.1/#!%$)$%5'!,'#!)/%/#&3'3/#!`!,'#!%'-'%&3'3/#!3/!-.$32%%&()D!`!/#1'7')!/)KKK!
`! #/! -$)5')! 3/! '%2/.3$! -'.'! -.$+//.,/K! M',+$D! %$)! 'Z2/,,$#! -.$32%1$#! Z2/! #/! &8-$.1'7')! Z2/! /.')!
82%G$#D!/,wK!^)$!3/!,$#!F.')3/#!-.$7,/8'#!Z2/!G27$!/)1./!/,!S&)/.&$!`!W'7.&%'%&$)/#!S&,&1'./#D!`!,'#!
W2/.U'#D!-/.3()D!/.'!Z2/!,'#!=2/.U'#!&8-$.1'7')!82%G$#!-.$32%1$#!Z2/!W'7.&%'%&$)/#!S&,&1'./#!/#1'7'!
/)!'-1&123!3/!-.$+//.,/K!!
oq$1=>-$H-.$[?XA$=321$3$[?X$=1$@12F3p$
k!82%G'#! +/%/#! /,! 0RT.%&1$! /.'! ',F$! %.51&%$! ./#-/%1$! 3/! ,$#! -.$32%1$#! 3/! W'7.&%'%&$)/#!S&,&1'./#D! /GKD!
82%G$#! %$)#&3/.'7')!Z2/! ,'! %',&3'3!)$!/.'! ,'!8'D!/)1$)%/#!-$.!/#$!72#%'7')w!$!Z2/! ,$#!-./%&$#!
/.')!3/8'#&'3$!/,/+'3$#!./#-/%1$!3/!,$#!#&8&,'./#!&8-$.1'3$#K!!
K=>-$Q?1$@?.34>1A\\$01=@1$$;3$1N5=>14D53$@1$S32.5D3D5-41=$M5;5>3.1=$-U$
\/#3/!Z2/!`$! ,$! %$)$U%$D!3&F'8$#D!3/#3/!/,! |OP!G'#1'!Z2/w!G'#1'!Z2/!/)!/,! |;A!-'#(!'!3/-/)3/.!3/!
0%$)$85'K!
,1.Q1D>-\$ $ KOUA$ B-;B514@-$ 3;$ >1G3$ @1$ ;-=$ @1=>54-=$G5;5>3.1=$ H-.[?1$ ;3$ B1.@3@$ 1=$ [?1$ 4-$ =1$G?DO-$ @1;$
>1G3A$1=-$>5141$?4$H1.F-@-$;FG5>1A$=1$>5141$[?1$5.$.14-B34@-A$DIG-$1=$1;$G1D345=G-$@1$$@1=5C43D5I4$@1$
;-=$;?C3.1=$
N$!/Y'%1'8/)1/!%$)!W'7.&%'%&$)/#!S&,&1'./#!%(8$!/.'!/,!8/%')$D!-/.$!#&!/#1'7')!PD!@!'a$#D!<!'a$#D!
/Gw! 3/-/)35'! /)! %'3'! %'#$D! -/.$! )$! G'75'D! /#! 3/%&.D! ,$! )$.8',! /#! Z2/! ,$#! 3/#1&)$#!8&,&1'./#! 1/)F')!
',./3/3$.!3/!<!'a$#D!-/.$!/)!/,!%'#$!3/!W'7.&%'%&$)/#!S&,&1'./#!G')!G'7&3$!3&./%1$./#!Z2/!G')!32.'3$!
82%G$!8e#!3/!/#/!1&/8-$D!)$n!
Y3$ =5C?514>1$ H.1C?4>3$ 1=$ oLIG-$ [email protected]$[?1$ 1.3$ 1;$ @1=1GH1Z-$@1$ ;3$0hSM$D-G-$H.-B11@-.$ @1$ ;3=$
SS77$34>1=$@1;$545D5-$@1;$H.-D1=-$@1$H.5B3>5<[email protected]$[?1$1=$14$;3$3D>?3;5@3@p$
0)!,'!'%12',&3'3!)$!,$!#TK!
")1/#!3/,!-.$%/#$!3/!-.&+'1&U'%&()!/GD!72/)$!1/)5'!#2#!3&=&%2,1'3/#!W'7.&%'%&$)/#!S&,&1'./#!-'.'!-.$+//.!
'!,'#!=2/.U'#D!#$7./!1$3$!3/.&+'3$!3/!3&=&%2,1'3/#!-./#2-2/#1'.&'#D!/#!3/%&.D!/Gw!1$3$#!#'7/8$#!Z2/!/,!
)/F$%&$!3/,!'.8'8/)1$!/)!/,!82)3$D!/#1/w!)$!/#!3/8'#&'3$!./)1'7,/!#',+$!-'.'!',F2)$#D!)$!/#!%&/.1$n!
4/.$! /)! F/)/.',D! ,$#! -.$32%1$./#! 3/! '.8'8/)1$! ,/#! %2/#1')! 82%G$! 8')1/)/.#/! `! F/)/.',8/)1/!
)/%/#&1')! #27#&3&$#! 3/! #2#! -'5#/#K! 0#1/w! `! /#1/! /.'! /,! %'#$! 3/! W'7.&%'%&$)/#!S&,&1'./#K! W'7.&%'%&$)/#!
S&,&1'./#!)2)%'D!+'!)2)%'D!-$.!,$!8/)$#!/)!/#/!/)1$)%/#D!3&F'8$#D!/)1./w!-2/3/!Z2/!3T!2)!-$%$!8e#!
'1.e#D!-2/3/!Z2/!3/#3/!/,!|>P!`!/,~!;AD!3/-/)3&(!#&/8-./!3/!,$#!#27#&3&$#!Z2/!,/!3/7')D!3/!,$#!'-$.1/#!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!??!3/,!1/#$.$K!0GKKK!\/!,$#!'-$.1/#!3/,!1/#$.$K!"!-'.1&.!3/,!|OP!#/!1.'1(!3/!&.!./32%&/)3$!/#$#!'-$.1/#D!/#1/w!`!
/)1$)%/#!'!W'7.&%'%&$)/#!S&,&1'./#! ,/!%$#1'7'!82%G$!-$3/.!#27#&.D!m)$n!0)1$)%/#D!3/.&+'3$!3/!/#$#!
-.$7,/8'#!-./#2-2/#1'.&$#D!82%G'#!+/%/#!)$!-$35'!%28-,&.!%$)!,$#!%$)1.'1$#!Z2/!1/)5'!%$)!/,!0RT.%&1$!`!
'!+/%/#!#/!3/8$.'7'D!-$.!.'U$)/#!-./#2-2/#1'.&'!-2.'!`!/Y%,2#&+'8/)1/D!m)$n!!
k!/#$#!-.$7,/8'#!-./#2-2/#1'.&$#D! '3/8e#D! &)%&3&/.$)!/)!/,! /Z2&-'8&/)1$!3/!W'7.&%'%&$)/#!S&,&1'./#K!
0Gw! =2/.$)! 'a$#! /)! ,$#! Z2/! W'7.&%'%&$)/#! ! S&,&1'./#! )$! -23$! &.! ./)$+')3$! ,$#! /Z2&-$#! Z2/! &7')!
Z2/3')3$!$7#$,/1$#D!/)!',F2)$#!%'#$#D!/)!,'!8'`$.!-'.1/!3/!,$#!%'#$#!/)1$)%/#!/Gw!,,/F(!2)!8$8/)1$!
/)!Z2/!#/!/)%$)1.(!/)!Z2/!1$3'!#2!8'Z2&)'.&'D!/Z2&-'8&/)1$!F/)/.',D!1$3$!#2!'-'.'1$!-.$32%1&+$!/.'!
7'#1')1/!$7#$,/1$!`!/)1$)%/#!,/!%$#1'7'!82%G$!%$8-/1&.!%$)D!/#1/KKK!%$)!,'#!/8-./#'#!3/,!/Y1/.&$.D!%$)!
,$#!-.$32%1$#!&8-$.1'3$#K!"3/8e#D!G'75'!`!#&F2/!G'7&/)3$!2)!.TF&8/)!3/!&8-$.1'%&()!Z2/!#/!,,'8'!3/!
S'1/.&',!CT,&%$!M/%./1$D!-$.!/,!%2',D!`!/#1$!/#!%,'+/D!-$.!/,!%2',D!,'#!=2/.U'#!-2/3/)!&8-$.1'.!8'1/.&',!3/,!
/Y1/.&$.! #&)! -'F$! 3/! 3/./%G$#! '32')/.$#! )&! Lj"! )&! )&)F6)! 1&-$! 3/! &8-2/#1$D! /)1$)%/#! W'7.&%'%&$)/#!
S&,&1'./#!Z2/!#5! 1&/)/!Z2/!-'F'.!/#$#! &8-2/#1$#D!#/!/)%2/)1.'!%$)!2)'!%$8-/1/)%&'!3/#,/',!-$.!-'.1/!
3/,!/Y1/.&$.D!-$.Z2/!)$!-2/3/!R'8e#!&F2','.!,$#!-./%&$#!3/,!/Y1/.&$.!3/7&3$!'!/#$K!0,,$#!1&/)/)!Z2/!-'F'.!
&8-2/#1$#!`!,$#!-.$32%1$#!&8-$.1'3$#!)$!-'F')!&8-2/#1$#D!m/)1$)%/#!%$8$!%$8-&1/n!0#!82`!3&=5%&,D!/#!
82`! 3&=5%&,D! /#'! /#! 2)'! 3/! ,'#! .'U$)/#! -$.! ,'#! %2',/#! W'7.&%'%&$)/#! S&,&1'./#! )/%/#&1'7'! '-$.1/#! 3/,!
1/#$.$K!k!/#1'!/#!2)'!#&12'%&()!Z2/!)2)%'!#/!-23$!./+/.1&.D!Z2/!#&/8-./!#/!1.'1(!3/!./+/.1&.!-/.$!)2)%'!
#/!,$F.(K!"3/8e#D!/)!/#/!/)1$)%/#D!/#/!/#Z2/8'!3/!L8-$.1'%&()!3/!S'1/.&',!CT,&%$!M/%./1$D!/#1/w!/.'!
2)!-$%$!3&=5%&,!3/!-$3/.!%$)1.$,'.D!-$.Z2/!,$!&8-$.1'7')!'!#(,$!-/3&3$!3/,! &8-$.1'3$.K!0#!3/%&.D!)$!#/!
./+&#'7'! /)! ,'! '32')'! Z2/! 1.'5')! ,$#! %$)1/)/3$./#K! 0#$! 3'7'! ,2F'.! '! 2)! 8$)1()! 3/! %$8/)1'.&$#!
./#-/%1$D!'%e!'3/)1.$!-$35'!G'7/.!G/,'3/.'#D!'21$#D!/)!=&)D!/#1/w!!d$!%2',!)2)%'!#/!-.$7(D!-/.$!72/)$D!
/.')! #$#-/%G'#! Z2/! /Y')! #$7./! 1$3$! /)! /,! *$)F./#$K! 0)1$)%/#D! %2')3$! '#28&(! /,! '%12',! F$7&/.)$!
/#1/w!`! =2)3'8/)1',8/)1/!/,! d&%K!*2'11.$8$!Z2/!'G$.'!/#! M/%./1'.&$!3/!"#2)1$#!S&,&1'./#D!-/.$!Z2/!
')1/#! /.'! M/%./1'.&$! 3/! 4,')/'8&/)1$D! /#1/w! %2')3$! '#28&(! %$8$! M/%./1'.&$! 3/! 4,')/'8&/)1$! ,$!
-.&8/.$!Z2/!G&U$D!$!2)'!3/!,'#!-.&8/.'#!%$#'#!Z2/!G&U$D!=2/!8$3&=&%'.!/#1/!ETF&8/)!3/!L8-$.1'%&()!3/!
S'1/.&',!CT,&%$!M/%./1$K!0#1/w!/)1$)%/#!%$)!/#1'!8$3&=&%'%&()D!'G$.'D!/#!3/%&.!'G$.'!)$D!3/#3/!/,!'a$!
<ccAD! 3/#3/! /,! 'a$! <ccAD! /#1/w! /Y/! 1$3$! 2)! .TF&8/)! 3/! %$)1.$,! 3/! /#1'#! &8-$.1'%&$)/#! Z2/! ,,/+'!
R2#1'8/)1/! /,! \.K! d2F$)/#D! /)! #2! \&./%%&()! V/)/.',D! Z2/! /8-/U(! 2)! -$%$! 32.'8/)1/D! -$.Z2/! ',!
-.&)%&-&$! %$#1$!2)!-$Z2&1$!'38&).'1&+'8/)1/!-$)/.,$!/)!8'.%G'D!-/.$! 1.'7'R'8$#!/)! %$)R2)1$D! `$!
%$)%./1'8/)1/!1.'7'R/!/)!/#1/!1/8'D!%$)!,'!"WL4K!0)!/#/!/)1$)%/#D!/#1'7'!",7/.1$!"7'3D!`!%$)!",7/.1$!
"7'3D!`!#2#!'#/#$./#D!`!)$#$1.$#D!'.8'8$#!1$3$!/#1/!/#Z2/8'!3/!%$)1.$,!3/!&8-$.1'%&$)/#!3/!S'1/.&',!
CT,&%$! M/%./1$K! "G$.'D! -'.'! &8-$.1'.! )/%/#&1')! %28-,&.! 2)'! #/.&/! 3/! ./Z2&#&1$#! /)1./! /,,$#D! /,! %$)1.$,!
'32')/.$K!!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
377!
oq$=5C?1$1=>34@-$1N14>-$@1$3.34D1;1=p$
M5D!#5K!0,!ETF&8/)!)$!%'87&(K!M&F2/)!/#1')3$!/Y/)1$#!3/!'.')%/,/#KK!!
,1.Q1D>-\$Y3$->.3$H.1C?4>3$$[?1$;1$[?1.F3$O3D1.A$$
4/.3()D!#&F2/)!/#1')3$!/Y/)1$#!3/!'.')%/,/#!/#1/D!R2#1'8/)1/D!/#1/!.TF&8/)!3/!%$)1.$,!/#!-'.'!Z2/!,'#!
/8-./#'#!-2/3')!&8-$.1'.D!-'.'!Z2/!,'#!=2/.U'#!-2/3')!&8-$.1'.!/Y/)1'#!3/!'.')%/,/#K!m0#1e!7&/)n!!
M&!)$!%28-,/)!%$)!,$#!./Z2&#&1$#!1&/)/)!Z2/!-'F'.!'.')%/,/#K!M&!)$!%28-,/)!/#1$#!./Z2&#&1$#!3/!%$)1.$,!
Z2/!8')/R'! /#1/w! /Gw! /,! d&%K! d2F$)/#D! #&! )$! -2/3/)! %28-,&.! /#$#! ./Z2&#&1$#D! ,'#! W2/.U'#! 1&/)/)! Z2/!
'-$.1'.!-'F')3$!'.')%/,/#K!!
Y3$>1.D1.3$H.1C?4>3$1=$oL?R;[email protected]$[?1$Q?1.-4$;3=$.3<-41=$@1$;3$H.5B3>5<3D5I4$@1$;3$0hSMp$
h2`D!G2`D!G2`K!!Ü{2T!-./F2)1'!8/!G'%/Ö!M&!/#12+&/.'!/#1$!'-'F'3$D!`$!,/!3&.5'!,$!Z2/!%./$D!-/.$!%$)!/#1$!
-./)3&3$!)$!#/!,$!-2/3$!3/%&.K!^3K!-2/3/!&8'F&)'.#/D!'!,$!Z2/!8/!./=&/.$K!
0#$! 1.'R$! %$8$! %$)#/%2/)%&'! ,'! 3/#1.2%%&()! 3/! 1$3$! /,! '-'.'1$! &)32#1.&',! 8&,&1'.! Z2/! /Y'! /)! /#/!
/)1$)%/#K!E/',8/)1/!=2/!',F$!1/..&7,/D!3/#3/!8&!-2)1$!3/!+'!)$n!0#1/w!F.'%&$#'8/)1/!#/!/,&8&)(!/)!
-$%$#!'a$#!1$3'#!,'#!%'-'%&3'3/#!-.$32%1&+'#!Z2/!1/)5'!/,!-'5#!/)!8'1/.&'!3/!'.8'8/)1$!`!Z2/!1')1$#!
'a$#!G'75'!%$#1'3$!/3&=&%'.K!0)1$)%/#!#/!,$!3/#1.2`(!F.'%&'#!'w!/#1/wK!
0GDw! ,'8/)1'7,/8/)1/!)$!G27$!)2)%'!/,! ./+&#&$)$!)/%/#'.&$!3/!1$3'#!/#1'#!8/3&'3'#K!0)!',F2)$#!
%'#$#! #5K! "=$.12)'3'8/)1/! #/! -23$! ./#%'1'.! _"N\"NgED! Z2/! #/! ,$! -.&+'1&U(! /)! #2! 8$8/)1$! `! Z2/!
./',8/)1/! Z2&/)/#! ,$! %$8-.'.$)! ,$! 6)&%$! Z2/! -/)#'7')! /.'! /)! G'%/.! 2)! )/F$%&$! &)8$7&,&'.&$K! M/! ,$!
-23$! ./%2-/.'.! `! 'G$.'!/#1e!)2/+'8/)1/!/)!/,! e87&1$!3/,!S&)/.&$K! d$!8$!-'#$! %$)! ,'!/Y!á./'!
S'1/.&',! *(.3$7'D! )$! /#! %&/.1$n! Z2/! 'G$.'! /#! W"\0"K! 0,! "#1&,,/.$! \$8/%ZQV'.%5'D! Z2/! `'! /#1e!
)2/+'8/)1/! /)! =2)%&$)'8&/)1$! R2)1$! %$)! _"N\"NgEK! 4/.$! $1.'#! %'-'%&3'3/#! #$)! &../%2-/.'7,/#D!
)'12.',8/)1/!
oLIG-$H-.$1W1GH;-p$
4$.!/R/8-,$D!/,!8'1/.&',!=/..$+&'.&$!3/!=$.R'K!M/!3/#1.2`(!=$.R'K!k!=$.R'!`$!-2/3$!G'7,'.!%$)!'21$.&3'3!3/!
/#1/! 1/8'! -$.Z2/! =2&! \&./%1$.! 3/! W$.R'K! W$.R'! /#1/w! -.$32%5'! .2/3'#! `! -'.1/#! 8$)1'3'#! -'.'!
=/..$%'..&,/#D!)$!/#!%&/.1$n!_$3$!/,!8'1/.&',!.$3')1/!3/!,$#!=/..$%'..&,/#D!/#1/w!`!)$!#(,$!'7'#1/%5'!'!F.')!
-'.1/! 3/! ,'! )/%/#&3'3! 3/,! 8/.%'3$! &)1/.)$D! #&)$! Z2/! G'75'! F')'3$! 82%G$#! 8/.%'3$#! /Y1/.)$#D!
8/.%'3$#!%$8$! ,'! L)3&'ÖK!d'! L)3&'!/#!/,!-'5#!Z2/!1&/)/! ,'!8'`$.!./3! =/..$+&'.&'!3/,!82)3$D!`!)$#$1.$#!
G'75'8$#!F')'3$!,&%&1'%&$)/#!/)!,'!L)3&'D!/#1e7'8$#!-.$+/`T)3$,/!'!,'!L)3&'K!C2/)$D!-/.$!3/!2)!35'!-'.'!
/,! $1.$! ,$! %/..'.$)D! 'G$.'! G'`! 2)! #2-/.8/.%'3$! /)! /,! -./3&$! 3/! =$.R'K! N&! G'7,'.! 3/! $1.'#! %$8$! /,!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
373!
"#1&,,/.$!\$8/%ZQV'.%5'K!C2/)$!/,!"#1&,,/.$!\$8/%ZfV'.%5'!/#!3&#%21&7,/D!-/.$!/GwK! d/!-2/3$! %&1'.! /,!
%'#$! 3/! 0*"D! ,'! =e7.&%'! 3/w! -.$32%1$.'! 3/! %'7,/#! `! 3/! ,'1()! 3/! 7.$)%/! `! 3/! %$7./! 3/! W'7.&%'%&$)/#!
S&,&1'./#D!Z2/!'G$.'!1$3$!/#/!8'1/.&',!G'`!Z2/!&8-$.1'.,$K!4/.$!/)!/,!8$8/)1$!/)!/,!Z2/!,$!%/..'.$)D!#/!
'%'7'.$)! ,'#! %'-'%&3'3/#! -.$32%1&+'#! `! 'G$.'! #/! ,$! 1&/)/! Z2/! &8-$.1'.K! 0#1/w! /Gw! /)! =&)D! G'`!
82%G5#&8$#!8e#D!-/.$!72/)$D!,/!%&1$!,$#!8e#!%$)$%&3$#K!!
,3.3$[?1$=1$[?1@1$>.34[?5;-A$;3=$14>.1B5=>3=$=-4$>->3;G14>1$34I45G3=A$3=F$[?1$4-$=1$H.1-D?H1\$
4/.=/%1$!
6?14-$;3$=5C?514>1$H.1C?4>3$1.3$W?=>3G14>[email protected]$1;$5GH3D>-$@1$;3$H.5B3>5<3D5I4$@1$;3$0hSM$
14$1;$323=>1D5G514>-$H3.3$;3$@1Q14=3p$t?1$2?14-A$1=$?4$H-D-$;-$[?1$G1$B14F3$@5D514@-\$$
M5D! #5K! k! 72/)$D! )'12.',8/)1/! 3/%'`(! 1$3'#! ,'#! %'-'%&3'3/#! 3/! '7'#1/%&8&/)1$D! 'G$.'! #/! &8-$.1'!
-.e%1&%'8/)1/!82%G'#!%$#'#D!/#1/wK!*2')3$!G'7,'8$#!3/!W'7.&%'%&$)/#!S&,&1'./#!1/)/8$#!Z2/!#/-'.'.!
2)! -$Z2&1$! ,$! Z2/! /#! '.8'8/)1$! 3/! ,$! Z2/! /.'! -.$32%%&()! %&+&,D! %&+&,! -/.$! Z2/! /#1'7'! 5)1&8'8/)1/!
+&)%2,'3$!%$)!,'!-.$+&#&()!3/!8'1/.&',!8&,&1'.D!/.')!&)#28$#D!82%G$#!3/!/,,$#!3/!,$#!-.$32%1$#!8&,&1'./#D!
3/!8')/.'!Z2/!72/)$!#/!G')!-/.3&3$!1$3'#!/#'#!%'-'%&3'3/#K!d'!8'!u"4d"D!)$!/#!%&/.1$K!u'-,'!#&F2/!
/Y&/)3$!-/.$!)$!/#!,$!8$!Z2/!')1/#K!u'-,'D!)$!%$)$U%$!/Y'%1'8/)1/!Z2/!/#1e!-.$32%&/)3$!/)!/#1/!
8$8/)1$!-/.$D!-/.$!#/F2.'8/)1/!)$!1&/)/! ,'!8'!%'-'%&3'3!Z2/!1/)5'!')1/#K!0Gw!'#5!Z2/D!)$!#(,$!
%./$!Z2/!G')!-/.3&3$!,'#!=2/.U'#!'.8'3'#D!#&)$!Z2/!G'!-/.3&3$!/,!-'5#K!0,!-'5#D!%'-'%&3'3/#!3/!-.$32%1$#!
3/!2#$!%&+&,D!/#1/w!Z2/!`'!)$!#/wD!`'!)$!#/!='7.&%')!8e#!/)!/,!-'5#!`!G'`!Z2/!&8-$.1'.K!
K=>R$2514A$B-;B514@-$?4$H-D-$GR=$=-2.1$1=1$H?4>-A$j@\$G1$O32F3$D-G14>3@-$[?1$ ;3=$ QR2.5D3=$G5;5>3.1=$
1=>3234$D-4$23=>34>1$3>.3=-$>1D4-;IC5D-A$D-4$41D1=5@3@$@1$=?2=5@5-=A$E$[?1$14$G?DO-=$D3=-=$54D;?=-$1;$
KWX.D5>-$ 5GH-.>323$ 14$ ;?C3.$ @1$ D-GH.3.;1$ 3$ ;3$ 0hSM\$ $ K4$ 1=1$ =14>5@-A$ ;3=$ @5=G54?D5-41=$ 14$ ;3=$
D3H3D5@3@1=$H.-@?D>5B3=$[?1$=?Q.5I$;[email protected]$@1D5.=1$[?1$4-$>?B51.-4$?4$5GH3D>-$>34$C.34@1$D-G-$
1;$1=H1.3@-$14$1;$323=>1D5G514>-$@1$;3=$Q?1.<3=p$o"1$14>514@1$;3$H.1C?4>3p$
Se#!$!8/)$#!
L;3.-A$j@\$G1$1=>?B-$D-G14>3@-$[?1$S32.5D3D5-41=$O32F3$;;1C3@-$?4$G-G14>-$14$1;$[?1$>14F3$?4$3>.3=-$
>1D4-;IC5D-$ 23=>34>1$ 5GH-.>34>1A$ 14$ @-4@1$ 54D;?=-$ O32F3$ @5Q1.14D53=$ 14>.1$ ;3$ 0hSM$ E$ 1;$ KWX.D5>-A$ 14$
@-4@1$1;$KWX.D5>-$H.1Q1.F3$3$B1D1=$5GH-.>3.$H-.[?1$1.3$@1$G1W-.$D3;5@3@[email protected]$[?1$1.3$@1$G1W-.$
D3;5@3@$E$GR=$1D-4IG5D-A$E$H-.$;-$>34>-A$1;$O1DO-$@1$[?1$E3$4-$>?B51.3$1=3=$D3H3D5@3@1=$H.-@?D>5B3=$;3$
0hSMA$4-$3Q1D>3.F3$>34>-$14$1;$323=>1D5G514>-$@1$;3=$Q?1.<3=\$$
4.$7'7,/8/)1/D! /)! ',F2)$#! -.$32%1$#! )$D! -/.$! /)! $1.$! #5D! -$.! /R/8-,$! /)! 82)&%&$)/#K! S2)&%&$)/#D!
/#1/wK! W'7.&%'%&$)/#! S&,&1'./#! /#1'7'! /)! %$)3&%&()! 3/! -.$+//.,'#D! `! /)! ,'! 8'! %',&3'3! 3/! #2#!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
374!
&8-$.1'3$#D!3/!,$#!#&8&,'./#!&8-$.1'3$#D!/#1/w!d$!8$!',F2)$#!-.$32%1$#!%$8$!,$#!=2#&,/#D!%$8$!,$#!
/Y-,$#&+$#D! /GwK! h'75'! 82%G$#! -.$32%1$#! Z2/! #5! /#1'7')! /)! %$)3&%&$)/#! 3/! %$8-/1&.! %$)! ,$#! 3/,!
/Y1/.&$.D!3/!8')/.'!Z2/!/#$#!-.$32%1$#!#5D!Z2/!-.$32R/.$)D!)$!3/#'7'#1/%&8&/)1$D!-/.$!,'!-T.3&3'!3/,!
-'5#D! 3/! ,'! -$#&7&,&3'3!3/! '7'#1/%/.! '! ,'#! W2/.U'#!3/!2)!-.$32%1$!/,'7$.'3$! ,$%',8/)1/D! )$n! k!Z2/! #5!
/#1'7'!/)!,'#!8'#!%$)3&%&$)/#!1/%)$,(F&%'#!3/!#2!#&8&,'.!/)!/,!/Y1/.&$.K!k!-.$7'7,/8/)1/!3/!-./%&$#!
1'87&T)K!
h'7,')3$!3/!-.$32%1$#!/#1.&%1'8/)1/!8&,&1'./#D!`!)&!G'7,'.!3/!,$#!$1.$#D!/)!/,!%'#$!3/!=$.R'!-$.!/R/8-,$!!
Z2/!,/!%&1/D!'G5!#/!G'!-/.3&3$!)$!#$,$!,'#!%'-'%&3'3/#D!#&)$!!/)!-./%&$!`!/)!%',&3'3!
,-.$ [?XU$ D?R;1=$ Q?1.-4A$ H-.$ 1W1GH;-A$ ;-=$ H.-@?D>-=$ [?1$ 1;$ KWX.D5>-$ D-GH.323$ 14$ 1;$ 1N>1.5-.$ E$ [?1$ ;3$
[email protected]$O321.$323=>1D5@-p$
C2/)$D!-$.!/R/8-,$D!7e#&%'8/)1/!-$3/8$#!G'7,'.!3/!-$,'#D!3/!=2#&,/#D!/GwK!W'7.&%'%&$)/#!S&,&1'./#!
-.$32%/!-$,'#!;88K!;88!/#!2)!%',&7./!Z2/!`'D!/#1/!/#!2)!1/8'!Z2/!`$!82`!7&/)!)$!%$)$U%$D!)$!#$`!
8&,&1'.!)&!#$`!&)F/)&/.$D!-/.$w/#1$`!1$%')3$!3/!$53$K!W'7.&%'%&$)/#!S&,&1'./#!-.$32%/!;88D!;88!#/!G'!
3/R'3$!3/!2#'.!/)!,'!8'`$.!-'.1/!3/,!-'5#D!G'75'!$1.$!%',&7./!Z2/!#5!Z2/.5')!,'#!W2/.U'#!".8'3'#!Z2/!/.'!
>D!)$!8/!'%2/.3$!#&!/.'!>DA<!/,!%',&7./D!/#1/w!/)1$)%/#!,'#!W2/.U'#!/#1&8'7')!Z2/!/#/!%',&7./!/.'!8e#!
%$)+/)&/)1/! -'.'! ,'#! W2/.U'#! `! ,$! %$8-.'7')! 1')1$! ,'#! -$,'#! %$8$! ,'#! 82)&%&$)/#K! W'7.&%'%&$)/#!
S&,&1'./#!#&/8-./!Z2&#$!8$)1'.!2)'!-,')1'!3/!%',&7./!>DA<!/)!/,!-'5#K!4/.$!-$.!.'U$)/#!-./#2-2/#1'.&'#!
)2)%'!-23$!G'%/.,$K!_/)F$!/)1/)3&3$!Z2/!',F2)$#!'a$#!'1.e#!./%$)+&.1&/.$)!2)'!,5)/'!3/!-.$32%%&()!3/!
;88!'!>DA<D!-/.$!)$!8/!%$)#1'D!,$!/#%2%G/!3/%&.!-$.!'G5K!!
6?14-A$ ;3$ =5C?514>1$ H.1C?4>3$ 1=/$ 6?14-A$ ;?1C-$ @1$ GR=$ @1$ ?43$ @XD3@3$ @1;$ 545D5-$ @1;$ H.-D1=-$ @1$
H.5B3>5<3D5I4$$14$;3$0hSM$[[email protected]$[?1$Q?1.-4$;-=$H1.@[email protected]=$E$;[email protected]=p$
d$#! F')'3$./#! =2/.$)! ,$#! -.&+'3$#! Z2/! G&%&/.$)! 2)! )/F$%&$! /)! ,'! %$8-.'! 3/! /#1$#! /#1'7,/%&8&/)1$#D!
',F2)$#! #&8-,/8/)1/! -'.'! #',+'.,$#! -'.'! /,&8&)'.! %$8-/1/)%&'D! $1.$#! -'.'! %$)+/.1&.,$#! /)! )/F$%&$#!
&)8$7&,&'.&$#! `! $1.$#! -'.'! #&8-,/8/)1/! -'.'! ,2%.'.! %$)! ,'! %$8-.'! `! /,! Z2/! -/.3&(! =2/! /,! -'5#!
$7+&'8/)1/K!4/.3&(!%'-'%&3'3/#!-.$32%1&+'#D!Z2/!,/!G'75'!%$#1'3$!'a$#!/#1'7,/%/.!`!72/)$D!,'#!-/.3&(K!!
h'`! ',F2)'#! Z2/! #/! -2/3/)! 3&#%21&.D! -$.! /R/8-,$D! /,! %'#$! 3/,! "#1&,,/.$! \$8/%ZQV'.%5'! Z2/! -.$32%5'!
#278'.&)$#D!/)!./',&3'3!)$!/.'!2)!-.$32%1$.D!/)!./',&3'3!8$)1'7'!/,!#278'.&)$D!)$!/#!%&/.1$n!j/)5')!
,'#!-'.1/#!3/,!/Y1/.&$.!`!,$!6)&%$!Z2/!G'%5'!\$8/%Z!/.'!8$)1'.,'K!0#$!#/!-2/3/!3&#%21&.D!'!,$!8/R$.!)$!/#!
2)'!%'-'%&3'3!&8-$.1')1/!-'.'!/,!-'5#D!-/.$w!$1.'#!#5K!g1.'#!#5!$7+&'8/)1/K!!
0#1/w!0#1'8$#!G'7,')3$!/#1.&%1'8/)1/!3/!W'7.&%'%&$)/#!$!3/!1$3$!/,!%$8-,/R$n!
01$S32.5D3D5-41=$M5;5>3.1=$
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
378!
4/.3()D!/)1$)%/#!`$!82%G'#!+/%/#!8/!=2&!-$.!,'#!.'8'#!!G'7,')3$!3/!=$.R'!`!3/,!'#1&,,/.$!\$8/%Z!
#-$O3E$454C]4$H.-2;1G3\$!C?3;$14>514@-$[?1$;3=$H-;F>5D3=$@1$H.5B3>5<3D5-41=A$H-;F>5D3=$54@?=>.53;1=A$1.34$
14$ C141.3;A$ G?E$ =5G5;3.1=$ H3.3$ ;3=$ QR2.5D3=$ G5;5>3.1=$ 14$ =?$ D-4W?4>-A$ -$ =13$ [?1$ G1$ H3.1D1$ [?1$ ;-=$
3.C?G14>-=$>34>-$H3.3$3=>5;;1.-=$-$Q-.W3$=-4$BR;5@-=$3H;5D3.;-=$3$;3$0hSMp$
M$)!+e,&3$#D!'7#$,21'8/)1/K!*,'.$D!'7#$,21'8/)1/D!=2/!1$3$!-'.1/!3/,!8$!-.$%/#$!3/!-.&+'1&U'%&()D!
3/,! %2',! `$!)$!-'.1&%&-/D!-$.! ,$!Z2/!3/,!-.$%/#$!/)! #5! `$!)$! ,/!-2/3$!%$)1'.K! 0)!/#/!/)1$)%/#!/#1'7'!
3&+&3&3$!/,!S&)/.&$D! `$! 1/)5'! ,'!-'.1/!-.$32%1&+'D! /#!3/%&.! ,$!Z2/!Z2/3'7'!3/! ,'!-'.1/!-.$32%1&+'D! `!
G'75'! 2)'! \&./%%&()! 3/! 4.&+'1&U'%&$)/#D! Z2/! #/! $%2-'7'! /#-/%5=&%'8/)1/! 3/! ,'#! -.&+'1&U'%&$)/#K! \/!
8')/.'!Z2/!3/,!-.$%/#$!/)!#5D!%(8$!=2/!`! ,'#!%'.'%1/.5#1&%'#!#$7./!/#$!)$!-2/3$!3/%&.D!-/.$!/)1&/)3$!
Z2/!=2/!#&8&,'.!/)!1$3'#!,'#!/8-./#'#!3/,!e./'K!!
Y3$];>5G3$H.1C?4>3$[?1$E-$>14C-$1=$14$=?$-H545I4A$ot?X$.-;[email protected]$[?1$D?GH;1$0hSM$14$;3$H-;F>5D3$@1$
@1Q14=3$3D>?3;p$
k! )$! ,$! #TD! ./',8/)1/! )$! #T! W'7.&%'%&$)/#! S&,&1'./#! /)! /#1/! 8$8/)1$! /)! Z2/! %$)3&%&$)/#! /#1eD!
1/%)$,(F&%'#D!-.$32%1&+'#D!/%$)(8&%'#!`!)$!#T!Z2T!,/!/#1e!-.$+/`/)3$!'!,'#!=2/.U'#K!N$!,$!#T!`!)$!1/)F$!
,'!8/)$.! &3/'K! 0Gw! \/! 1$3$#!8$3$#D! `$! ./%2/.3$! Z2/! %2')3$! /,! '%12',!S&).$! =2/! L)1/.+/)1$.! 3/!
W'7.&%'%&$)/#!S&,&1'./#D!-$%$!')1/#!3/!'#28&.!'Z25!%$8$!S&).$D!G&%&8$#!2)!%$)+/)&$D!R2#1'8/)1/!,$!
1.'7'R$! /,! d&%K! *2'11.$8$D! 3/! Z2&/)! `$! 3/-/)3$! `! /,! S&).$! /)! #2! %$)3&%&()! 3/! L)1/.+/)1$.! 3/!
W'7.&%'%&$)/#! S&,&1'./#! /#1/w! #/! G&U$! 2)! %$)+/)&$! -$.! /,! %2',! ,'#! W2/.U'#! 3/75')! -.$+//.#/D! /)!
3/1/.8&)'3'#!%$)3&%&$)/#D!3/!3/1/.8&)'3$#!/,/8/)1$#!3/!W'7.&%'%&$)/#!S&,&1'./#D!)$!./%2/.3$!7&/)!,$#!
3/1',,/#D! -/.$! ',F$! #/! G&U$K! 0Y/! '%12',8/)1/! /#/! %$)+/)&$D! )$! ,$! ./%2/.3$! `! #2-$)F$! Z2/! #&F2/!
/Y&/)3$K!"! ,$!8/R$.D!^3K!-$.!$1.$! ,'3$!-2/3'!$71/)/.!',F2)'! &)=$.8'%&()!-/.$D! =2/!2)!%$)+/)&$!',!
Z2/!/,!S&)/.&$!,/!'#&F)(!82%G'!&8-$.1')%&'!`!W'7.&%'%&$)/#!S&,&1'./#!1'87&T)K!
6?14-A$E-$E3$D-G-$;1$D-G14>1A$4-$>14C-$GR=$H.1C?4>3=A$=5$[?51.1$3C.1C3.$3;C-A$3;C]4$D-G14>3.5-U$
N$D!)$w!)$.8',8/)1/!%./$!Z2/!/#1e!1$3$!3&%G$D!%./$!Z2/!=2/!2)!-.$%/#$!Z2/!G&U$!82%G$!3'a$!',!-'5#D!
8e#!',,e!3/!,'#!W2/.U'#D!)$!G'7,/8$#!3/!,'#!W2/.U'#D!%./$!Z2/!,/!G&U$!3'a$!',!-'5#K!0#1/w!-/.$!72/)$D!`'!
/#1eD!#/!./%2-/.(!,$!Z2/!#/!-23$!`!8e#!)$!#/!-2/3/D!/)1&/)3$D!/#!3/%&.D!)$!/#1e)!3'3'#!,'#!%$)3&%&$)/#!
/%$)(8&%'#! /)! /,! -'5#! %$8$! -'.'! ./=2)3'.! /#/D! /#/w! /GwK! /8-$.&$D! 3&F'8$#! -.$32%1&+$Q8&,&1'.D! )$!
/#1e)! 3'3'#! ,'#! %$)3&%&$)/#D! 8/! -'./%/! Z2/! )$! #/.5'! 1'8-$%$! /)! /#1/! 8$8/)1$! %$)+/)&/)1/D! -/.$!
72/)$!D!-$.!,$!8/)$#!#/!G')!./%2-/.'3$!',F2)'#!%'-'%&3'3/#D!#&)!%$#1$!-'.'!/,!-'5#D!`!#/!/#1e!,,/+')3$!
'3/,')1/!2)!-.$%/#$!-.$32%1&+$!/)!1$3'#!/,,'#D!)$n!\/!8')/.'!Z2/!/#$!8/!-'./%/!-$#&1&+$K!d'8/)1$!)$!
-$3/.!3/%&.,/! ,'!#&12'%&()!3/!W'7.&%'%&$)/#!S&,&1'./#!-$.Z2/!)$!1/)F$!,'!8/)$.!&3/'D!)$!#T!%(8$!/#1eD!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
37S!
-/.$! 72/)$D! $R','! /#1/! /)! 72/)'#! %$)3&%&$)/#D! $R','! /#1T! /)! %$)3&%&$)/#! 3/! -.$+//.! ',! 8/)$#!
-'.%&',8/)1/!'!,'#!W2/.U'#D!)$n!
!
! *
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
37<!
I'B&%A-)B#*#,*9'G(&M#'B%*!,#A%*2_*X*
Y3$H.5G1.3$H.1C?4>3$1=$oLIG-$1=$;3$.1;3D5I4$14>.1$;3$05.1DD5I4$h141.3;$@1$S32.5D3D5-41=$M5;5>3.1=$E$;3=$S?1.<3=$7.G3@3=$14$;3$3D>?3;5@3@p$o$E$34>1=$@1;$545D5-$@1;$H.-D1=-$@1$H.5B3>5<3D5I4p$
S&.'D!,'!./,'%&()!'G5D!1/)3.5'#!Z2/!%$)#2,1'.,$!3&./%1'8/)1/!%$)!,'!F/)1/!3/!W'7.&%'%&$)/#!-$.Z2/!%$8$!
1/! %$8/)1'7'D! )2/#1.'! +&)%2,'%&()! %$)! WS! /#!82`! -2)12',! -$.! 3/#'..$,,$#! /#-/%5=&%$#D! )$#$1.$#! ! )$!
1/)/8$#!/Y-/.&/)%&'!')1/#!3/,!1.'#-'#$!3/!W'7.&%'%&$)/#!'!0%$)$85'!`!-$#1/.&$.8/)1/!'!4,')&=&%'%&()D!
-$.!,$!Z2/!)$!1/)/8$#!-2)1$!3/!./=/./)%&'!%$8-'.'1&+'K!0)!F/)/.',D!)$#$1.$#D!/)!,$!Z2/!1.'7'R'8$#!G'`!
2)'! ./,'%&()! 7'#1')1/! =,2&3'D! -/.$D! 1/! /#1$`! G'7,')3$! %$8$!S&)/.&$! 3/! \/=/)#'D! )$! %$8$! W2/.U'#!
".8'3'#K!!
oLIG-$M545=>1.5-$@1$01Q14=3A$@1;$u.13$@1$,;3413G514>-$!4@?=>.53;p$
\/!\/#'..$,,$!*&/)15=&%$D!#5!3/!!\/#'..$,,$!*&/)15=&%$!`!_/%)$,(F&%$K!
q$D-4$1;$M545=>1.5-$@1$01Q14=3$34>1=$@1;$H.-D1=-$@1$H.5B3>5<3D5I4A$oDIG-$1.3$;3$.1;3D5I4$D-4$;3$05.1DD5I4$
h141.3;$@1$S32.5D3D5-41=$M5;5>3.1=p$
_'8-$%$D!/#$!+/wD! !G')!-'#'3$!8e#!3/!9:!'a$#!3/!/#$D!'#5!Z2/!)$w!`!'-'.1/!/#!2)!S&)/.&$!82`!
3&=/./)1/! 3/,! S&)/.&$! 3/! /)1$)%/#K! 0#! 2)! S&)/.&$! Z2/! G'! %$)#$,&3'3$! 2)'! /#1.2%12.'! %&+&,! 82`!
=2/.1/!3/!%$)32%%&()!-'.'!,'!3/=/)#'D!/)!3$)3/!'-'.1/!G'`!.$,/#!)2/+$#D!%$8$!/,!1/8'!3/!F/)/.'.!2)'!
)2/+'!\&./%%&()!V/)/.',!!3/!M/.+&%&$!d$F5#1&%$!-'.'!,'!\/=/)#'D!Z2/!#/!/)%'.F'!3/!,'#!'3Z2&#&%&$)/#D!3/!
,$!Z2/!/#! &)+/.#&()!-.&)%&-',8/)1/D!/Gw!)$!3/!%$8-.'#!%$..&/)1/#D! #&)$!3/! ,$!Z2/!/#! &)+/.#&()D!-$.! ,$!
Z2/! /)! ./',&3'3! /#1'8$#! G'7,')3$! 3/! 2)'! &)#1&12%&()!82`! 1.')#=$.8'3'D! %$)! ./#-/%1$! '! ,$! Z2/! /.'!
')1/.&$.8/)1/D!/)!3$)3/!/.'!2)!/#Z2/8'!8e#!1.'3&%&$)',!3/,!S&)/.&$!3/!\/=/)#'D!3&F$D!G'#1'!=&)',/#!
3/!,$#!)$+/)1'D!%$)!2)'!=2/.1/!-./#/)%&'!8&,&1'.!/)!,$#!e87&1$#!3/!%$)32%%&()!/#1.'1TF&%'K!N$n!
oLIG-$ [email protected]$[?1$ 1.3$ 1;$ @1=1GH1Z-$@1$ ;3$0hSM$D-G-$H.-B11@-.$ @1$ ;3=$ SS77$34>1=$ @1;$ 545D5-$ @1;$
H.-D1=-$@1$H.5B3>5<[email protected]$[?1$1=$14$;3$3D>?3;5@3@p$
d$!8$!?.&#'#B!
!oL?R;[email protected]$[?1$Q?1.-4$;3=$.3<-41=$@1$;3$H.5B3>5<3D5I4$@1$;3$0hSMp!
C2/)$D!/#$!#5!#/!-2/3/!/Y-,&%'.!%$)!8e#!3/1',,/D!3&F'8$#K!h27$!2)!-.$%/#$!3/!-.&+'1&U'%&()!F/)/.',!/)!
/,!-'5#D!Z2/!#/! &)&%&(!'!-'.1&.!3/!9;O;!`!Z2/D!3&F'8$#D!/.'!#28'8/)1/!3$F8e1&%$!-$.!$1.$! ,'3$D!/)!/,!
#/)1&3$! 3/! Z2/! /,! 0#1'3$! 1/)5'! Z2/! 3/#-./)3/.#/! 3/! 1$3'#! #2#! /)1&3'3/#! -.$32%1&+'#D! #/')! ,'#! Z2/!
G'%/)D!,'#!Z2/!/,'7$.'7')!7&/)/#!$!#/.+&%&$#D!`!$7+&'8/)1/!,'#!3/!,'!3/=/)#'D!3&F'8$#D!/#1'7')!/)!/#/!
,'3$K!"3/8e#D!/,!1/8'!3/!,'!3/=/)#'!/.'!/#-/%&',8/)1/!#/)#&7,/D!-$.Z2/!72/)$D!G'75'!1$3$!2)'w!)$!
#$,'8/)1/! /#1'7'! 3/! -$.!8/3&$! ,$! Z2/! #/! 3/)$8&)(! /,! *$)#/)#$! 3/!y'#G&)F1$)! %$8$! ./%/1'.&$! 3/!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
37X!
8/3&3'#! /%$)(8&%'#! -'.'! 2)'! 3/1/.8&)'3'! -$,51&%'! 7'#'3'! /)! -./#2-2/#1$#! )/$,&7/.',/#D! #&)$! Z2/!
'3/8e#!3/!/#$D!G'75'!2)!8$3/,$!3/!&)#/.%&()!-$,51&%'!3/,!-'5#!/)!/,!82)3$D!2)'!3/!%2`'#!+/.1&/)1/#!8e#!
=2/.1/#! 3/! 1/$.&U'%&()! =2/! ,$! Z2/! #/! 3/)$8&)(! /,! E/',$! 4/.&=T.&%$D! /)! 3$)3/! #/! -,')1/'7'! 2)'!
#&12'%&()!#27$.3&)'3'!3/!,'!".F/)1&)'!/)!/,!%$)1/Y1$!&)1/.)'%&$)',!`!-$.!,$!1')1$D!/,!Z2/!#/'!-.$32%1$.!
3/! '.8'#! )$! /.'! 7&/)! +$D! )$n! g! 3/! &)#28$#! Z2/! -$3.5')! #/.! -$1/)%&',8/)1/! /8-,/'7,/#! -'.'! ,'!
&)32#1.&'!7T,&%'D!)$!1$3$!,$!Z2/!G'%5'!W'7.&%'%&$)/#!S&,&1'./#D!%$8$!)$!,$!/#!/)!/,!-./#/)1/!#$)!'.8'#!
3&./%1'8/)1/D! 4/.$! #5! &)#28$#! Z2/! -$1/)%&',8/)1/! -2/3')! -.$+//.! ',! #/%1$.K! "3/8e#! 72/)$D! G'75'!
',F2)$#!-.$7,/8'#!3/!=&)')%&'8&/)1$!/)!,'#!/8-./#'#D!/#-/%&',8/)1/!/)!,'!3/=/)#'!/)!'Z2/,!8$8/)1$!
Z2/!-.$+/)5')!1'87&T)!3/!2)!'%G&%'8&/)1$!3/!,$#!F'#1$#!3/,!0#1'3$D!-.$32%1$!3/!,$#!'R2#1/#!#2%/#&+$#K!
"#5!Z2/!72/)$D!/#$!G'%5'!2)w!F/)/.'7'!2)'!#/.&/!3/!%$)3&%&$)/#!Z2/!1$.)'7')D!-'.'!,'!3&.&F/)%&'!3/!,'!
T-$%'D! '-/1/%&7,/! ,'! -.&+'1&U'%&()! 3/! /#1'#! /8-./#'#K! C2/)$! 3/! G/%G$D! ,$! 3/! W'7.&%'%&$)/#! %$8$!
/8-./#'!/)!#5!)$!#/!%$)#&F2&(!-$.Z2/!)2)%'!#/!%$)%./1(!,'!-.&+'1&U'%&()D!8e#!',,e!3/,!3/#-./)3&8&/)1$!
3/!',F2)'!3/! #2#!/8-./#'#D!-/.$!72/)$D!/#1'7')!/)! ,'! ,'! %$8$!/#12+&/.$)!/)! ,'! ,'!82%G'#!$1.'#!
/8-./#'#!%$8$!82%G$!8e#!/87,/8e1&%'#!-'.'!/,!-'5#D!%$8$!=2/!k4W!$!"/.$,5)/'#!".F/)1&)'#K!!
0)!#2!$-&)&()[email protected]$1;$5GH3D>-$@1$;3$H.5B3>5<3D5I4$@1$;3$0hSM$14$1;$323=>1D5G514>-$H3.3$;3$
@1Q14=3p$$
k!)$D!1'87&T)!3/!/#$!)$!1/)/8$#!3'1$#K!!
7$GR=$@1$?43$@XD3@3$@1;$545D5-$@1;$H.-D1=-$@1$H.5B3>5<3D5I4$$14$;3$0hSM$[[email protected]$[?1$Q?1.-4$
;-=$H1.@[email protected]=$E$;[email protected]=p$
0)! ./',&3'3D!`$!)$!#T!#&!G'`!/=/%1&+'8/)1/!F')'3$./#K!*$8$!)$!G27$!2)!'%1$.!-.&+'3$!Z2/!#/!G&%&/.'!
%'.F$!`!Z2/!-23&/.'!$71/)/.!./)1'7&,&3'3!%$8$!G27$!/)!$1.$#!#/%1$./#D!#&!2)$!-./F2)1'! ! !/)!/,!#/%1$.!
1/,/=()&%$!$!/)!/,!#/%1$.!/)/.FT1&%$D!2)$!-2/3/!3/%&.!%2e,/#!#$)!,$#!F')'3$./#!
0#1$! -'./%/.5'! #/.! Z2/! G27$! #$,'8/)1/D! G'7.5'! Z2/! ')',&U'.D! )$! ,$! G/! /#123&'3$D! ,$#! Z2/! #/! G&%&/.$)!
%'.F$!3/! ,'#!2)&3'3/#!3/! ,$#!/#1'7,/%&8&/)1$#!Z2/!=2/.$)!-.&+'1&U'3$#D!Z2/!=2/.$)!3/#-./)3&3$#!3/! ,'!
/#1.2%12.'!3/!W'7.&%'%&$)/#D!-/.$!3/)1.$!3/!,$!Z2/!/#!W'7.&%'%&$)/#!S&,&1'./#D!)$!-'./%/!G'7/.!G'7&3$!
F')'3$./#!-$.Z2/!,$!Z2/!=2/D!/#!2)!1.'#-'#$!'!2)'!(.7&1'!3/!$1.$!8&)/.&$!`!G'#1'!G'%/!:!$!A!'a$#!#/!
%$)F/,'.$)! ,'#! &)+/.#&$)/#K! 0)1$)%/#D! /)! /#/! #/)1&3$! Z2T! 7/)/=&%&$#D! $! Z2T! -/.R2&%&$! %'2#$! ,'!
-.&+'1&U'%&()!$!,'!/)'R/)'%&()!-'.%&',!3/!W'7.&%'%&$)/#D!-'./%/.5'!#/.!Z2/!#(,$!G27$!3'a$#K!{2/!)$!G27$!
7/)/=&%&$#! -'.'! )'3&/D! )&! #&Z2&/.'! 7/)/=&%&$#! /#-2.&$#K!\&F'8$#! )$n!h'#1'! Z2/! #/! &)&%&'! /,! -.$%/#$! 3/!
./&)+/.#&()!G'%/!:!'a$#!'-.$Y&8'3'8/)1/D!/#$!,'!F/)1/!3/!W'7.&%'%&$)/#!/#1e!8e#!',!1')1$!3/!/#1$D!-/.$!
/#! %$8$!Z2/! =2/!2)! R2/F$!/)!3$)3/! %2',Z2&/.! ./#2,1'3$!/.'!2)'!-T.3&3'D!-$.Z2/!/,! 0#1'3$! #&! #/KK! )$!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
37>!
.'%&$)',&U(!,'!/8-./#'D!)$!,'!8$3/.)&U(!`!,'!3/R(!%$8$!/)!2)'!/#-/%&/!3/!,&87$D!G'#1'!Z2/!+&)$!,'!)2/+'!
F/#1&()K!!
K4$=?$-H545I4A$ot?X$.-;[email protected]$[?1$D?GH;1$0hSM$14$;3$H-;F>5D3$@1$@1Q14=3$3D>?3;p$
C2/)$D! /Gw!3/#3/! ,$!Z2/!2)$!-2/3/!3/%&.!3/#3/!/,!S&)/.&$!3/!\/=/)#'D! #&)!/#1'.! /)! ,'! F/#1&()!3/!
W'7.&%'%&$)/#! S&,&1'./#K! 0,! .$,D! 2)$! -2/3/! G'7,'.! 3/! 2)! .$,! =e%1&%$! G$`! /)! 35'! `! 3/! 2)! .$,! 1/(.&%$! $!
-.$-2/#1$K!0,!.$,!'%12',!/#D!-.&8/.$D!/#1e!/)!2)!-.$%/#$!3/!./&)+/.#&()!3/#1&)'3$!'!,'!./%2-/.'%&()!3/!
',F2)'#! %'-'%&3'3/#D! -.&)%&-',8/)1/! '! ,'#! +&)%2,'3'#! '! ,'! -.$32%%&()! 3/! 82)&%&$)/#D! -/.$! 1'87&T)!
'7.&T)3$#/!'!$1.$#!.27.$#!%$8$!/#!/,!1/8'!3/!,$#!.'3'./#K!k!/+/)12',8/)1/D!,'!&)+/.#&()!/)!3/#'..$,,$!
3/! -'.1/#! 3/! %$G/1/#! `! 3/!8&#&,/#D! #$7./! 1$3$! 1/)&/)3$! /)! %2/)1'! ,$#! -.$-2,#')1/#K! 0)! /#/! #/)1&3$D!
W'7.&%'%&$)/#!S&,&1'./#! /#D! '3/8e#! -.$32%/! %&/.1$#! -.$32%1$#! Z258&%$#! Z2/! #$)! )/%/#'.&$#! -'.'D! )$!
#$,'8/)1/!-'.'!,'#!&)32#1.&'#!3/!,'!3/=/)#'D!/#-/%5=&%'8/)1/!-'.'!/,,'#D!`!/)!/#/!#/)1&3$!/#!2)!/#,'7()!
&8-$.1')1/!3/! ,'#!%'3/)'#!-.$32%1&+'#K! L)%,2#$!3/!'Z2/,,'#!%'3/)'#!Z2/!/,,'!)$!8')/R'!3&./%1'8/)1/D!
-$.Z2/!)$!/#1e!/)!#2!.$,D!-/.$!#&!-.$32%/!,$#!&)#28$#!-'.'!/,,'K!0#!'3/8e#!2)$!3/!,$#!/#1'7,/%&8&/)1$#!
8e#! F.')3/#! Z2/! 1&/)/D! ,$! Z2/! /#! /,! #/%1$.! -.$32%1&+$! -'.'! ,'! 3/=/)#'D! Z2/! /)! ,'! ".F/)1&)'! /#!
8'`$.&1'.&'8/)1/!/#1'1',D!)'+',!/#!*LN"ED!_"N\"NgE!/#!",8&.')1/!M1$.)&D!"#1&,,/.$#!E5$#!M')1&'F$D!Z2/!
-/.1/)/%/D! )$! ',!S&)/.&$! -/.$! #&! ',! #/%1$.D! ,'! We7.&%'! ".F/)1&)'! 3/! "+&$)/#! ?W"\0"BD! W'7.&%'%&$)/#!
S&,&1'./#D!`!'G$.'!LNj"4!Z2/!&)%2.#&$)'!=2/.1/8/)1/!%$)!/,!1/8'!3/!,$#!.'3'./#D!%$8$!/8-./#'#!/)!#5K!
_$3$#!#$)!'%1$./#!-67,&%$#D!3/!3&)1'#!R2.&%%&$)/#!-/.$!#$)!1$3'#!-67,&%'#K!\/#-2T#!G'`!2)!F.2-$!3/!
/8-./#'#!-.&+'3'#!-/.$!/)!F/)/.',!#$)!-`8/#!`!72/)$D!Z2/!1.'7'R')!-'.%&',8/)1/!-'.'!%2/#1&$)/#!3/!
3/=/)#'K!W'7.&%'%&$)/#!1&/)/!2)!.$,!82`!&8-$.1')1/K!
"! =212.$D! 72/)$D! ,'! &3/'! /#! Z2/! ,'#! &)+/.#&$)/#! Z2/! /#1e)! G'%&/)3$!8'32.')D! Z2/! /,,$#! 1/! ,$! -$3.e)!
/Y-,&%'.!8/R$.!Z2/!`$D!+2/,+'!'!#/.!2)!'%1$.!&8-$.1')1/!/)!,$!Z2/!/#D!-$.!/R/8-,$D!!-.$32%%&()!3/!'.8'#!
3/! -2a$D! -.$-2,#')1/#! -'.'! 3&=/./)1/#! 1&-$#! 3/! +/%1$./#D! %$8$! #'1T,&1/#D! -/.3()D! %$8$! ! 8&#&,/#! $!
%$G/1/#D!-.$=2)3&U'.!/,!1/8'!3/!3/#'..$,,$!3/!,$#!.'3'./#D!1'87&T)!-$3.5'!1/)/.!2)!.$,!82`!&8-$.1')1/!
%$8$! %$8/.%&',&U'3$.! 3/! -.$32%1$#! -.$-&$#! $! 'R/)$#D! )$n! g1.$#! -'5#/#! G')! 1/)&3$! 2)'! /Y-/.&/)%&'!
7'#1')1/!&)1/./#')1/!',!%/)1.',&U'.!/)!2)'!'F/)%&'!-67,&%'D!,'!%$8/.%&',&U'%&()!3/!#2#!-.$32%1$#!-'.'!,'!
3/=/)#'K!{2&Ue#!/,!%'#$!8e#!15-&%$!#/'!E$#$7$.$)/Y-$.1!3/!E2#&'K!4/.$!)$!#$,'8/)1/!E2#&'D!3&F'8$#!,'!
\V"D!,'!\/,/F'%&()!V/)/.',!3/,!".8'8/)1$!/)!W.')%&'D!$%2-'!1'87&T)!2)!.$,!3/wK!"G5!)$!&)1/.+&/)/!/,,'!
3&./%1'8/)1/D! #&)$! Z2/! /#! 8e#! 7&/)! 2)! ./F2,'3$.D! 1')1$! 3/! ,'#! &8-$.1'%&$)/#! %$8$! 3/! ,'#!
/Y-$.1'%&$)/#K! 4/.$D! 72/)$! #$)! 8$3/,$#! 3&=/./)1/#D! /#1$! Z2&Ue! -$3.5'! '-2)1'.! 8e#! '! #/.! %$8$!
E$#$7$.$)/Y-$.1D!Z2/!/#!,'!Z2/!+/)3/!/)!#5!8'D!/,!'F/)1/!3/!+/)1'#K!g!#/'!Z2/!'G5!G'75'!3$#!.$,/#D!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
37;!
2)$!%$8$!-.$32%1$.!3&./%1$!`!$1.$!%$8$!%$8/.%&',&U'3$.D!8/!-'./%/!Z2/!G'`!2)!-.$%/#$!3/!1.')#&%&()!
'%12',8/)1/!/)!/#$K!!
6?14-A$1=3=$=-4$>-@3=$;3=$H.1C?4>3=$[?1$E-$>14F3$H.1H3.3@3=D!4-$=X$=5$[?51.1$3C.1C3.$3;C-$GR=A$3;C-$[?1$
4-$O3E3$H.1C?4>3@-p$
N$D!72/)$D!/,!1/8'!3/!+$,+/.1/!'!/Y-,&%'.!,$!Z2/!1/!8/)%&$)'7'!')1/.&$.8/)1/K!!
0Gw!G'%/D!3/#3/!/,!<cc>!#&!)$!8/!/Z2&+$%$D!-$3/8$#!72#%'.!,'!%&=.'D!#/!./',&U(!2)'!1.')#=$.8'%&()!82`!
-.$=2)3'!/)!/,!-.$%/#$!3/!'3Z2&#&%&$)/#!Z2/!1&/)/)!,'#!=2/.U'#D!/)!/,!S&)/.&$!3/!\/=/)#'D!Z2/!')1/#!
/#1'7'!3/#%/)1.',&U'3$K!*'3'!W2/.U'!%$8-.'7'!-$.!#2!%2/)1'D!W2/.U'!"T./'D!0RT.%&1$!`!".8'3'!!
oL3@3$Q?1.<3$>14F3$?4$H.1=?H?1=>-$3=5C43@-$H3.3$1=>-p$
d'#!W2/.U'#!#&F2/)!1/)&/)3$!-./#2-2/#1$!'#&F)'3$!-.$-&$D!)$n!d$!Z2/!G'%5'!/#!Z2/!%'3'!2)$!%$8-.'7'K!
0,!1/8'!3/!,'#!%$8-.'#!/#!Z2/!#/!3&+&3/)!/)!F'#1$#!%$..&/)1/#!3/!&)#28$#!-'.'!/,!F&.$!3&'.&$D!`!/)!,$!Z2/!
/#!&)+/.#&$)/#K!L)+/.#&()!/#!,'!'3Z2&#&%&()!$!./%2-/.'%&()!3/!)2/+'#!%'-'%&3'3/#D!)$!)/%/#'.&'8/)1/!/#!
,'!%$8-.'!3/!',F$!)2/+$D!#&)$!Z2/!-2/3/!#/.!,'!8$3/.)&U'%&()!3/!',F$!)2/+$D!3/!',F$!`'!1/)&3$!/)w!'!
3&#-$)&7&,&3'3! 3/! ,'#! =2/.U'#K! _$3$! /#$! /#1'7'! 3/#%/)1.',&U'3$K! g! #/'! %'3'! W2/.U'! G'%5'! ,$! #2`$D!
7e#&%'8/)1/!%$8$!Z2/.5'K!!
oK;$M545=>1.5-$@1$01Q14=3$14$1=-$4-$H3.>5D5H323$14$43@3p$
N$!-'.1&%&-'7'KK!d$!Z2/!#/!/8-/U(!'!G'%/.!'!-'.1&.!3/,!<cc>D!/#D!!#/!%./(!,'!\&./%%&()!V/)/.',!3/,!M/.+&%&$!
d$F5#1&%$!-'.'! ,'!\/=/)#'D! 1'87&T)! ,,'8'3'!"F/)%&'!d$F5#1&%'D!Z2/! ,'! &3/'!/#!Z2/!#&F'!/+$,2%&$)')3$!'!
#/.!2)!/)1/!%'3'!+/U!8e#!'21e.Z2&%$!/)!#2!%$)%/-%&()D!G'7.e!Z2/!+/.!#&! ./',8/)1/!'3Z2&/./! ,'! =&F2.'!
R2.53&%'!/)!#5!3/!,'!'21'.Z25'!$!1&/)/!2)!)&+/,!3/!'21$)$85'D!)$!/)!/,!#/)1&3$!/#1.&%1$D!-/.$!8e#!F.')3/!
3/)1.$!3/! ,'! /#1.2%12.'!3/,!S&)/.&$K!\/!G/%G$D!G$`!/)!35'! 1&/)/!2)!M"W!-.$-&$D!Z2/!/#!2)'!2)&3'3!
=&)')%&/.'! -.$-&'D! 2)! M/.+&%&$! "38&).'1&+$! W&)')%&/.$! -.$-&$D! -/.$! /#1e! 3/)1.$! 3/! ,'! /#1.2%12.'! 3/,!
S&)/.&$K!M/!%./(!/#1$!-'.'!%/)1.',&U'.!/#1'#! &)+/.#&$)/#!3/)1.$!3/! ,$!Z2/!/#!/,!S&)/.&$!`!-'.'! ,'#!
1./#! =2/.U'#K! 4$.Z2/! /)1./! $1.'#! %$#'#D! G'`! 3$#! %2/#1&$)/#! &8-$.1')1/#H! 2)'D! /,! 1/8'! 3/! ,'!
&)1/.$-/.'7&,&3'3D!/#!3/%&.! `$!3/7$!%$8-.'.! %$#'#!Z2/!-2/3')! #/.+&.!/)!2)!/+/)12',!/#%/)'.&$!7T,&%$!
-'.'! ,'#! 1./#! =2/.U'#D! $! Z2/D! 3&F'8$#D! #/')! %$8-'1&7,/#! /)1./! ,'#! 1./#! =2/.U'#K! 4.$7,/8'! Z2/! )$! /#!
8/)$.D! `! /)! ,'! V2/..'! 3/! ,'#!S',+&)'#D! 2)'! 3/! ,'#! %$#'#! Z2/! 3/#1'%'! /,! &)=$.8/! E'1/)7'%GD! Z2/! =2/!
#'%'3$!'!,'!,2U!./%&/)1/8/)1/D!/#!Z2/!G'75'!-.$7,/8'#!-$.!/R/8-,$!3/!%$82)&%'%&()!/)1./!,'#!=2/.U'#D!
-$.Z2/!G'75')!%$8-.'3$! !/Z2&-$#!Z2/!)$!/.')!%$8-'1&7,/#!/)1./!/,,$#K!0)1$)%/#D!-.&8/.$! 1/)/.!2)'!
%&/.1'!G$8$F/)/&3'3!/)!/,!8'1/.&',!Z2/!#/!%$8-.'D!'3/8e#!/#$!F/)/.'w!3&F'8$#D!#&!`$!%$8-.$!%$#'#!
82`!3&=/./)1/#D!#$7./!1$3$!/)!%&/.1$#!-.$32%1$#D!-$.!/R/8-,$!'/.$)e21&%$#D!3/#-2T#!1/)F$!2)!-.$7,/8'!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
37?!
,$F5#1&%$D! 1/)F$!Z2/!8')1/)/.! 1./#! '+&$)/#!3&=/./)1/#D! 3/! 1./#!8'.%'#!3&=/./)1/#!3/! 1./#!-.$+//3$./#!
3&=/./)1/#K!4/.$!'3/8e#D! ,'!-$#&7&,&3'3!3/!'3Z2&.&.!'!/#%','D!)$!/#! ,$!8'!Z2/!`$!%$8-./!1./#!7','#!
-'.'!%'3'! =2/.U'!Z2/!%$8-./!)2/+/!7','#D!8/!3'!8'`$.!-$3/.!3/!)/F$%&'%&()D!#$7./!1$3$!%2')3$!#/!
1&/)/!Z2/! 1.'1'.!%$)!-.$+//3$./#! &)1/.)'%&$)',/#D!`!/#-/%&',8/)1/!-$.Z2/! ,'!".F/)1&)'!)$!/#!2)!F.')!
%$8-.'3$.D!'2)!%2')3$!%$8-.'.'!82%G$!/)!1T.8&)$#!)'%&$)',/#D!-$.!/,!1'8'a$!3/,!-'5#D!,$#!+$,68/)/#!
Z2/!#/!-2/3/)!'3Z2&.&.!'!)&+/,!&)1/.)'%&$)',!-$.!'G5!)$!#$)!3/8'#&'3$#!#&F)&=&%'1&+$#K!0)1$)%/#D!%2')1$!
8e#!-$3/.!3/!)/F$%&'%&()!G'`'D!8/R$.!1$3'+5'K!"3/8e#!G'`!%2/#1&$)/#!3/!%.&1/.&$#!1T%)&%$#D!)$n!*(8$!
#/! %$)=/%%&$)')! ,$#! ./Z2&#&1$#! 1T%)&%$#! $-/.'1&+$#! -'.'! ,,/F'.! '! 2)'! '3Z2&#&%&()D! %(8$! /,'7$.$! /,!
#$#1/)&8&/)1$!'!,$!,'.F$!3/!,'!+&3'!61&,!3/!/#/!-.$32%1$D!,'!%'3/)'!3/!#$-$.1/!,$F5#1&%$D!/1%K!{2/!#&!`$!,$!
G'F$! 3/#%/)1.',&U'3$! /)! ./',&3'3! /#1$`! #&/)3$! #28'8/)1/! &)/=&%&/)1/! /)! /,! /#=2/.U$! Z2/! ,/! /#1$`!
%$,$%')3$D! /#/! G'! #&3$! 2)! -.$%/#$! Z2/! )$! /#1e! %$)%,2&3$! -/.$! Z2/! G'! &8-,&%'3$! 2)! +&.'R/! /)! /,!
-'.'3&F8'! 3/! $.F')&U'%&()! &)1/.)'! 3/! ,'! 3/=/)#'D! 3/,! S&)/.&$! 3/! \/=/)#'D! -/.$! 1'87&T)! 3/! ,'#!
W2/.U'#!-$.!,$#!.$,/#!Z2/!#/!,/!'#&F)')!'!,'#!W2/.U'#K!0)1$)%/#D!%'3'!W2/.U'!#&F2/!1/)&/)3$!#2!\&./%%&()!
3/!S'1/.&',D! #2!\&./%%&()!V/)/.',! 3/!S'1/.&',D! -/.$! 'G$.'! ,$#! ./Z2/.&8&/)1$#! Z2/! #/! F/)/.')! 3/! 'G5!
-'.'! )2/+'#! &)+/.#&$)/#D! -'.'! )2/+'#! '3Z2&#&%&$)/#D! /)1/)3&/)3$! /#1$! 1'87&T)! %$8$!8$3/.)&U'%&()D!
%$8$!3/%5'D!+')!',!S&)/.&$!`!/#!/)!/,!S&)/.&$D!/)!3/=&)&1&+'D!/)!3$)3/!#/!./#2/,+/K!M/F6)!2)!4,')!
0#1.'1TF&%$!Z2/!&)%,2#$!G'`!2)'!=$.82,'%&()!3/!,'!-,')&=&%'%&()!!'!+/&)1/!'a$#!Z2/!#/!'%'7'!3/!1/.8&)'.K!!
oK;$,;34$L7M!Yp$
0,!4,')!*"SLdK!"#5!Z2/!72/)$D!/#/!/#!2)!%'87&$!3/!-'.'3&F8'!F.')3/D!-$.Z2/!'3/8e#!/#!72/)$!1/)/.,$!
/)! %2/)1'! -$.Z2/! /)! ./',&3'3! ,'#! %$8-'.'%&$)/#! %2')3$! 2)$! 3&%/! 72/)$D! /,! -/.5$3$! -./+&$! '! ,'!
1.')#=/./)%&'!`!-.&+'1&U'%&()!-'.%&',!3/!W'7.&%'%&$)/#!S&,&1'./#D!%$8-'.'.,$!%$)!,$!Z2/!$%2..&(!3/#-2T#D!
0)! ./',&3'3! /#/! 3/#-2T#D! 1&/)/! 3$#! -'.1/#o! 2)$D! 3$)3/! /,! S&)/.&$! #&F2&(! #&/)3$! ,$! Z2/! /.'!
G(.&%'8/)1/D!`!$1.$D!/)!3$)3/!/,!S&)/.&$!#/!1.')#=$.8(!1$1',8/)1/D!-$.!,$!1')1$!G'`!Z2/!+/.!%2e,/#!
#$)!,'#!/Z2&+',/)%&'#!-'.'!+/.!Z2T!=2/!,$!Z2/!$%2..&(!/)!2)!-/.5$3$D!`!Z2T!=2/!,$!Z2/!$%2..&(!/)!$1.$K!!
6?14-A$G?DO3=$C.3D53=$
k$!1/!%$)#&F$!,'#!/)1./+'#!`!1/!'+&#$!/)!%2')1$!/#1T)K!!
6?14-$=FA$H-.$Q3B-.A$;3$B1.@3@$[[email protected]$G?E$2514$>141.$3U$
_/!3&F$!0RT.%&1$!-$.Z2/D!Z2&Ue#!Ce.7'.'!1/!-2/3'w!/,,$#!G')D!/,,$#!G')!/#123&'3$!8e#!/,!1/8'!G(.&%$!
3/!W'7.&%'%&$)/#!`!Z2&Ue#!1/!-2/3')!3/%&.!Z2/!./,'%&()!1/)5')!%$)!W2/.U'!"T./'!`!%$)!,'!".8'3'K!
"FA$14$.13;5@3@U$
T!4>1..?HD5I4V$
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
337!
",!-.$%/#$D!'!/#1/!-.$%/#$!3/,!<cc>K!k$!1/!%$)#&F$!,'!E/#$,2%&()D!%./$!Z2/!,'!=/%G'!/#!<cc>D!,'!\&./%%&()!
3/,! M/.+&%&$! d$F5#1&%$D! Z2/! /#! 2)! -'.'3&F8'! 1$1',8/)1/! 3&=/./)1/K! d$! -./+&$D! )$n! 0,! 1/8'! 3/! ,'!
=.'F8/)1'%&()!F/)/.(!/).$8/#!3/#-&,='..$#!3/!./%2.#$#D!)$n!
K4$1=>3$@1=Q.3CG14>3D5I4$[?1$1N5=>1$14>.1$;3=$@5=>54>3=$S?1.<3=$H.1B5-$3;$^__*A$[?1$54D;?=-$Q?1$@?.34>1$;3$
9vH-D3$0-.3@3J$@1$S32.5D3D5-41=$M5;5>3.1=A$54D;?=-$H3=323$;-$G5=G-U$
M5D! #5K! 0,! -'.'3&F8'! +&/)/! 3/w! ! 0,! -.&)%&-&$! +&/)/! 3/,! -.$%/#$! 3/! &)32#1.&',&U'%&()K! "! +/.D! 2)$! -2/3/!
%$)#&3/.'.!Z2/!G'`!1./#!-.$%/#$#D!1./#!&)1/)1$#!3/!#2#1&12%&()!3/!&8-$.1'%&$)/#!/)!/,!-'5#D!&)1/)1$#!Z2/!
,$F.'.$)! -,'#8'.#/K! \$#D! `! /,! #/F2)3$! ,$! +'8$#! '! #273&+&3&.K! ^)$D! /#! /,! -.$%/#$! -./+&$! ',! F$7&/.)$!
-/.$)'D!!$!#/'!3/!2)!-.$%/#$!Z2/!#/!&)&%&'!/)!,'!3T%'3'!3/,!+/&)1/!'1/)2'3'8/)1/D!!-/.$!#$7./!1$3$!
3/,!!1./&)1'D!/)!,'!%.&#&#D!/)!3$)3/!`'!',F2)$#!#/%1$./#!3/!,'#!/,&1/#!3/,!8$3/,$!'F.$/Y-$.1'3$.!-,')1/')D!
#$7./! 1$3$!3/#-2T#!3/! ,'#! =2/.1/#! ./#1.&%%&$)/#!Z2/!G27$!-'.'! ,'w!/GwD!%$)#/F2&.! &)#28$#!F/)/.',/#!
-'.'! ,'! +&3'! 3&'.&'D! 32.')1/! ,'! -.&8/.! F2/..'! 82)3&',D! 'F.'+'3'#! 3/#-2T#! %$)! ,'! %.&#&#! 3/,! 1./&)1'o!
-,')1/')! /8-/U'.! '! -.$32%&.! ',F2)'#! %$#'#! '%eK! d$#! Z2/! /)%'7/U')! /#$! /)! ,'! -.e%1&%'! #$)! ',F2)$#!
#/%1$./#! 3/! ,'#! W2/.U'#! ".8'3'#D! `! ! -$.! /#$D! )$! /#! %'#2',! Z2/D! /)! ,'! &)32#1.&'! 3/,! -/1.(,/$D! k4W! %$)!
S$#%$)&D! ,'! 3/! '%/.$#! %$)! M'+&$D! `! ,'! We7.&%'!3/!"+&$)/#D! %$)!3/!".1/'F'! `! /,! ./#1$!3/! ,'! F/)1/D! /Gw!
G'`')!#&3$!&)&%&'1&+'#!Z2/!)'%/)!3/,!#/)$!3/!8&,&1'.K!N$!3/!1$3'#!,'#!W2/.U'#!".8'3'#D!3/!2)!#/%1$.D!3/!
,$#! #/%1$./#! %$8$! 8e#! )'%&$)','D! 3&F'8$#K! kD! -/)#')3$! 82%G$! /)! /,! 1/8'! 3/! ,'! '21$)$85'!
/#1.'1TF&%'!-'.'!/,!%'#$!3/!%$)=,&%1$#!7T,&%$#K!0Gw!,'!%./'%&()!3/!k4WD!-$.!/R/8-,$D!/#1'!82`!+&)%2,'3'!',!
='8$#$!,$%x$21!Z2/!,/!G'%/wD!8e#!Z2/!2)!,$%x$21D!#/!)/F(!'!+/)3/.,/!%$872#1&7,/#!,'!M1')3'.!g&,!'!,'!
\&./%%&()!3/!"/.$)e21&%'!3/!0RT.%&1$!3/!/#/!/)1$)%/#D!)$!/Y'!,'#!W2/.U'#!"T./'#D!Z2/!#/!+'!'!%./'.!/)!
/,!@@D!/Gw!-'.'!/,!%$872#1&7,/!3/!,$#!'+&$)/#K!0)1$)%/#!S$#%$)&D!3/%&3/wD!-.$-$)/!',!F$7&/.)$!'#28&.!
,'! /Y-,$1'%&()! `! ,'! -.$32%%&()!3/! %$872#1&7,/#D! 3&./%1'8/)1/!/)!8')$#!3/,! 0#1'3$K! 0.'!2)'! %2/#1&()!
82`!8&,&1'.D!82`!3/!,'!'21$)$85'!8&,&1'.D!8e#!Z2/!3/!2)!3/#'..$,,$!/)3(F/)$!&)1/F.',!3/!,'!&)32#1.&'K!
0#$#!-,')1/$#D!/Y&/.$)!/)!,'!T-$%'D!-$.!/R/8-,$!",/R')3.$!C2)F/D!Z2/!/.'!2)!G$87./!+&)%2,'3$!'!,$!
Z2/! /.'! ,'! ^)&()! L)32#1.&',! 3/! ,'! 3T%'3'! 3/,! +/&)1/D! G&U$! -,')1/$#! '#5D! -/.$! 1$3'+5'! G'75'! 82%G'#!
./#/)%&'#D! -$.! /#1$! 3/! Z2/D! 72/)$D! G'75'! 2)'! &3/$,$F5'! 3/! ,'! 3&+&#&()! &)1/.)'%&$)',! 3/,! 1.'7'R$D! `! '!
)$#$1.$#!)$#!1$%'7'!#/.!-.$+//3$./#!3/!8'1/.&'#!-.&8'#K!4/.$D!/#$D!/#/!/#!/,!-.&8/.!-.$%/#$D!Z2/!=2/!
2)!-.$%/#$!82`!#/%1$.&U'3$D!82`!82`!82`!-$%$!&)1/F.'3$D!-$.!'G5D!)$n!
k!3/#-2T#!+&/)/!/,!-.$%/#$!=2/.1/!Z2/!#/!&)&%&'!/)!/,!@:D!/)!3$)3/!1'87&T)!,'#!=2/.U'#!'.8'3'#!-'#')!'!
$%2-'.!/,!.$,!3/!F.')3/#!&)32#1.&',&U'3$./#D!,'!=e7.&%'!3/!'+&$)/#!%$)!/,!C.&F'3&/.!M')!S'.15)D!/)!/,!'a$!
:co!@;D!:c! ! `!:9!Z2/! =2/.$)! %$8$! ,$#! 1./#!'a$#!8e#! &8-$.1')1/#D! /GKKK! #/! 1.')#=$.8(!/)! ,'!8'1.&U!3/!
3$)3/! +')! '! #2.F&.KK! C2/)$D! ,'! =e7.&%'! G&U$!8$1$#D! '21$#D! 1.'%1$./#D! %'#%$! 3/! 7'.%$#D! `wKD!8$3/,$! 3/!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
333!
3&+/.#&=&%'%&()!Z2/D!G$`!/)!35'D!2)$!,$!-2/3/!./+&#'.!'!+/.!#&!=2/!,$!8e#!$-$.12)$!$!)$D!-/.$!3/!G/%G$!
F/)/.(D! -$.! /R/8-,$D! ,'! &)32#1.&'! '21$8$1.&U! 3/,! -'5#K! M',&/.$)! 3/! /#'#! =e7.&%'K! k! /,! #/F2)3$! -$,$!
8/1',8/%e)&%$!3/! ,'!".F/)1&)'!Z2/!/#!*(.3$7'D!#2.F&(!)/1'8/)1/!3/! ,'!We7.&%'!3/!"+&$)/#K!0)1$)%/#!
/.'D! ,'#!=2/.U'#!'.8'3'#!/.')!+'#!%$8$!2)!8$1$.!3/,!3/#'..$,,$!)'%&$)',K!k!-$.!$1.$!,'3$D!/.'!2)'w!
2)'!-/.#-/%1&+'!7'#1')1/!/)!7$F'!/)!,'!T-$%'D!)$n!!S2`!+&)%2,'3$!'!,$#!%$)=,&%1$#D!'!,$#!-/.&$3$#!3/D!3/!
,'#! F.')3/#! F2/..'#! 82)3&',/#D! ,'! -$#&7&,&3'3! 3/! 2)'! 1/.%/.'! F2/..'! 82)3&',! Z2/! #/! +/5'! %$8$!82`!
&)8&)/)1/! /)! ,'! 3T%'3'! 3/! 3/#-2T#! 3/,! =&)! ,'! #/F2)3'! F2/..'!82)3&',K! "G5! )$!8e#! +&/)/! *$./'D! Z2/!
-'./%5'! Z2/! *$./'! 3/#'1'7'! /,! ".8'F/3()D! `w! ,$#! -'5#/#! 3/,! 1/.%/.! 82)3$! #$7./! 1$3$D! -,')1/'.$)!
82%G$! ,'! %2/#1&()! 3/! ,'! '21$)$85'K! *$8$! -'.1/! 3/! #2! -.$%/#$! 3/! &)3/-/)3/)%&'! ./',D! 3/!
'21$8'1&U'%&()! ./',! %$)! ./#-/%1$! '! ,'#! F.')3/#! -$1/)%&'#K! 0)1$)%/#D! 3/#-2T#! /#/! -.$%/#$! +'! '! 32.'.!
G'#1'!/,!>AK!0)!/,!5)1/.&)D!1&/)/!%$8$!3$#!/1'-'#H!2)'!3/!,'!&)32#1.&'!8e#!,&+&')'D!`!$1.'D!Z2/!32.'!G'#1'!
/,!Ac!3&F'8$#D!`!3/#-2T#!!`'!/,!3/#'..$,,$!3/!,'!&)32#1.&'!-/#'3'!%$)!8e#!=2/.U'K!d$!Z2/!)$!#&F)&=&%'!Z2/!
)$! G27&/.'! ')1/#D! &)+/.#&$)/#! %$8$! ,'! 3/! MgSLM"! +&/)/)! 3/! ')1/#D! -/.$! /8-&/U')! '! 8'32.'.! `!
/8-&/U')!'!3'.!#2#!=.21$#!`'!/)!,'!3T%'3'!3/,!AcK!L)%,2#$!#/!+/!82`!7&/)!/)!,'#!/#1'35#1&%'#!/%$)(8&%'#D!
3/)1.$!3/,!@:!`!/,!AOD!#/!-.$32%/!%$)!82%G'!=2/.U'!,$!Z2/!#/!,,'8'!/,!=/)(8/)$!3/,!#1$-!')3!F$D!Z2/!/#!
%2')3$! 2)! -'5#! #/! /#1e! 3/#'..$,,')3$D! #2! 8'1.&U! -.$32%1&+'! )$! 1&/)/! 1$3$#! ,$#! /#,'7$)'8&/)1$#D!
/)1$)%/#D!`!#$7./!1$3$!#&!/8-&/U'!-$.!,'!&)32#1.&'!,&+&')'!/,!3/#'..$,,$D!,$!Z2/!+$#!G'%/#!/#D!/)!,'!8/3&3'!
/)!Z2/!-.$32%5#!8e#!%$)#285#!82%G5#&8$!8e#!3/!7&/)/#!&8-$.1'3$#D!Z2/!#$)!,$#!7&/)/#!&)1/.8/3&$#!3/!
,$!Z2/!`$!G'F$K!h'F$!2)!'21$D!`!/)1$)%/#!#/!Z2/!/,!8$1$.!,$!1/)F$!Z2/!&8-$.1'.D!F/)/.',8/)1/!#$)!,'#!
%$#'#! 3/! 8'`$.! +',$.! 'F./F'3$D! ,'#! Z2/! &8-$.1')K! k$! %$8$! -'.'! %$8-.'.! ,'#! %$#'#! /)! /,! /Y1/.&$.!
)/%/#&1$! 1/)/.! 3&+&#'#D! 3&F'8$#D! 3(,'./#! $! ,'!8$)/3'! =2/.1/! Z2/! G'`'D! 3&F'8$#D! 32.')1/! %'#&! 1$3$! /,!
#&F,$!ii!G'!#&3$!/,!3(,'.K!*$8$!`$!)$!-.$32U%$!/#'#!3&+&#'#!1/)F$!Z2/!+/)3/.!',F$!'=2/.'!-'.'!Z2/!8/!,'!
3/)K!V/)/.',8/)1/D!,$#!-'5#/#!/)!3/#'..$,,$D!Z2T!/#!,$!Z2/!+/)3/)!'=2/.'D!%$88$3&1&/#D!)$n!*$#'#!%$)!
-$%$!+',$.!'F./F'3$K!0)1$)%/#D! ./#2,1'! #/.!Z2/! &8-$.1')!%$#'#!%$)!82%G$!+',$.!'F./F'3$!`!/Y-$.1')!
%$#'#!%$)!-$%$!+',$.!'F./F'3$D!-$.!,$!1')1$D!,$#!3(,'./#!Z2/!,/!/)1.')D!#$)!8/)$#!Z2/!,$#!3(,'./#!Z2/!
)/%/#&1')! -'.'! '=2/.'K! k! /,! =/)(8/)$! #/! 'F.'+'! -$.Z2/! 8&/)1.'#! 8e#! -.$32U%$! &)1/.)'8/)1/D! 8e#!
&)#28$#!)/%/#&1$K!0)1$)%/#D!/#$!8/!F/)/.'!2)!3/#/Z2&,&7.&$!/)!,'!7',')U'!3/!-'F$#K!*$8$!./#2/,+$!/#$D!
`w! G'`! 3$#! 8$3$#! 3/! ./#$,+/.,$K! g! F/)/.$! 2)'! ,5)/'! 3/! /Y-$.1'%&$)/#D! %$#'#! Z2/! /Y-$.1$! Z2/! 8/!
-.$32%/)!/,!=,2R$!3/!3(,'./#!Z2/!`$!)/%/#&1$D!-'.'!%$8-.'.!,'#!%$#'#D!Z2/!-2/3/)!#/.!-$.!/R/8-,$D!,$F.$!
3/#'..$,,'.!',F2)$#!#/%1$./#!&)32#1.&',/#!%$)!82%G$!+',$.!'F./F'3$D!%$)!72/)'!&)#/.%&()!&)1/.)'%&$)',D!
/)1$)%/#!,$#!+/)3$!`!'!%'87&$!$71/)F$!,$#!3(,'./#D!/,!1/8'!/#!!Z2/!/)!/,!%'8&)$!/#1$`!/)1.'8-'3$!%$)!
/#1/!3/#/Z2&,&7.&$!3/!,'!7',')U'!3/!-'F$#K!",F2)$#!-'5#/#!,$F.')!#',&.!'#5D!/,!%'#$!3/!*$./'!G'!#&3$!2)$D!$!
#/'D!`$!G'F$!%$#'#!3/!82%G5#&8$!+',$.!'F./F'3$!`!%$)!/#$!8/!-2/3$D!$!X'-()D!8/!-2/3$!-.$+//.!3/!,$!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
334!
Z2/! )/%/#&1$K! g! #2#1&12`$! &8-$.1'%&$)/#o! $! #/'! %'3'! +/U! 3/-/)3$! 8/)$#! 3/! ,$#! &)#28$#! /Y1/.)$#D!
/)1$)%/#!%'3'!+/U!1/)F$!8/)$#!-.$7,/8'#!-'.'!-'F'.!,$!Z2/!./',8/)1/!)/%/#&1$!&8-$.1'.K!d'!".F/)1&)'!
/)1.'!/)!/#/!-/.5$3$!3/!3/#7',')%/#D!$!#/'!G'`!%./%&8&/)1$!32.')1/!1./#!'a$#D!`!/,!8$!%./%&8&/)1$!
8/! F/)/.'! 2)! -.$7,/8'! /)! ,'! 7',')U'! 3/! -'F$#D! Z2/!8/! Z2/3(! #&)! 3(,'./#! -'.'! #/F2&.! %$8-.')3$D!
/)1$)%/#!%$8$!#$,2%&$)$!/#1$D!`!3/1/)F$!,'!'%1&+&3'3!-.$32%1&+'D!/)!=$.8'!./,'1&+'D!)$nK!0)1$)%/#D!`'!
)$! 1/)F$! Z2/! &8-$.1'.! 1')1'#! %$#'#D! /#$! 8/! F/)/.'! 2)! |-'.'1/~! /)! ,'! /%$)$85'D! G'#1'! Z2/! ,'#!
/Y-$.1'%&$)/#!3/!1.&F$D!3/!8'5UD!+2/,+/)!'!R2)1'.!2)'!7$,#'!3/!3(,'./#!3&F'8$#D!,'!3/#%.&-%&()!/#!8/3&'!
1$#%'D!-/.$!/)!./',&3'3!=2)%&$)'!'#5D!Z2/!-2/3$!-$)/.!/)!8'.%G'!8&!'-'.'1$!&)32#1.&'K!h'#1'!/,!'a$!|AOo!
-$.Z2/!/)!/,!'a$!|AO!8'32.')!,'#!&)+/.#&$)/#!3/!1$3$#!,$#!7&/)/#!&)1/.8/3&$#!Z2/!`$!1/)F$D!/)1$)%/#!
`$! %'3'! +/U! )/%/#&1$! &8-$.1'.! 8/)$#K! k! /#1/! =/)(8/)$! 3/! Z2/! %./U%$! `! 3/#-2T#! 1/)F$! ./%/#&$)/#!
3/#'-'./%/!`!,$!6)&%$!Z2/!Z2/3'!#$)D!G'#1'!/,!|>AD!%./%&8&/)1$#!%$)!+/,$%&3'3/#!3&=/./)1/#D!G'`!'a$#!/)!
,$#!Z2/! %./U%$!82%G$!`! 'a$#!/)! ,$#!Z2/! %./U%$!8/)$#D!-/.$! #&/8-./! %./U%$K!"G5!8'32.')! ,'#! F.'3/#!
'%/.5'#D! 72/)$! ",2'.! +'! '! /)1.'.! /)! -.$32%%&()D! Z2/! /#! /,! ',28&)&$! /)! /,! 'a$! |>:D! |>AD! -/.$w! #/!
3/#'..$,,'! 2)'! &)32#1.&'! 3/! /,/%1.()&%'! Z2/! -'.'! /,! 'a$! |>:D! %$)! W"_0! '! ,'! %'7/U'D! W"_0! 3/,! F.2-$!
S'3')/#Q{2&)1')&,,'D!,$#!32/a$#!3/!"d^"ED!`!S&%.$#/8'#!3/,!F.2-$!4/./U!*$8-')%!/#1'7')!/)!/#/!
8$8/)1$! )$! ,/R$#! 3/! ,'! +')F2'.3&'! 3/,! /#1'3$! 3/,! '.1/! /)! /,! 82)3$! /)! ',F2)$#! /Z2&-$#D! /Gw! `w!
#2#1&12%&()! 3/! &8-$.1'%&$)/#! /)! /,! #/%1$.! '21$8$1.&UD! /1%KD! /1%K! `! 72/)$D! 1$3$! /#$! #/! 3/#'.8'! %$)! /,!
8$3/,$!)/$,&7/.',!Z2/!#/!&8-,')1'!/)!/,!'a$!>AK!"-/.12.'!&../#1.&%1'D!/1%KD!/1%K!Z2/!7$..'!%$)!82%G'#!3/!
/#'#! /8-./#'#! Z2/! )/%/#&1'7')! 2)'! $! 3$#! 3T%'3'#! 8e#! -'.'! 1/)/.! 2)'! 8'32./U! )/%/#'.&'! -'.'!
/)=./)1'.!,'!%$8-/1/)%&'!&)1/.)'%&$)',!/)!=$.8'!&)3&#%.&8&)'3'K!0)!/#/!-.$%/#$D!3&F'8$#D!,'#!&)32#1.&'#!
8&,&1'./#!$%2-'.$)!2)!.$,!82`!&8-$.1')1/D!`!)$!#$,'8/)1/!,'#!&)32#1.&'#!8&,&1'./#D!#&)$!2)'!%$)%/-%&()!
3/!,'#!&)32#1.&'#!3/-/)3&/)1/!3&./%1'8/)1/!3/!,'#!=2/.U'#D!#/')!,'#!=2/.U'#!,'#!F/#1$.'#D!,'#!/8-./#'.&'#D!
)$n! We7.&%'! 3/! "+&$)/#! -/.1/)/%5'! '! 0RT.%&1$D! ,'! =e7.&%'! 3/! 1')Z2/#D! _"SM0! -/.1/)/%5'! 'KK! -/.3()D! ,'!
We7.&%'! 3/! "+&$)/#! -/.1/)/%5'! '! W2/.U'! "T./'D! _"SM0! -/.1/)/%5'! '! 0RT.%&1$D! W'7.&%'%&$)/#! S&,&1'./#!!
-/.1/)/%5'!'!0RT.%&1$D! ,$#!'#1&,,/.$#!Z2/!/)!/#/!8$8/)1$!#/! ,,'8'.$)w!/#1$D!/,! =/)(8/)$!32.$D!)$!/#!
Z2/!/)!/,!>A!#/!'%'7(o!-$.!/R/8-,$!,$#!'#1&,,/.$#!\$8/Z!V'.%5'D!=2/.$)!%$)#1.2&3$#!/)!/,!'a$D!/)1./!/,!!
|>;!`!/,!|O<D!Z2/!G$`!#$)!",8&.')1/!M1$.)&D!2)'!3/!,'!-'.1/!3/,!*LN"ED!1'87&T)!/)!8')$#!3/!,'!".8'3'K!
0)1$)%/#! G'75'! 2)'! %$)%/-%&()! 3/! Z2/! )$! #$,'8/)1/! 3/75')! 1/)/.! &)32#1.&'#! 8&,&1'./#! $! &)32#1.&'#!
/#1.'1TF&%'#D!-$.Z2/!,'!&3/'!/.'!8e#!'8-,&'!Z2/!&)32#1.&'#!)/1'8/)1/w!3&F'8$#!Z2/!G'%/.!,'!7','K!0.'!
G'%/.! ',F2)$#! &)#28$#! Z2/! /.')! /#1.'1TF&%$#! -'.'! /#$D! 1/)5')! Z2/! /#1'.! /)! 8')$#! 3/! ,'#! =2/.U'#!
)/%/#'.&'8/)1/D! Z2/! /#! 2)! -'.'3&F8'! Z2/! /)! ./',&3'3! '#5! '! .'R'1'7,'! )$! #/! G'! '-,&%'3$! /)!82%G$#!
,2F'./#!3/,!82)3$D!`!/)!)&)F2)$!#/!G'!'-,&%'3$!%$)!TY&1$K!4$.Z2/!,'#!=2/.U'#!'.8'3'#!/#1e)!-./-'.'3'#!
-'.'!$1.'!%$#'D!)$KKK!d'!,(F&%'!-.$32%1&+'!1&/)/!#&)F2,'.&3'3/#!Z2/!./Z2&/./)!-.$=/#&$)',/#!-'.'!/#$D!'2)!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
338!
/#1'3$#!%$)!%$8-,/R$#!8&,&1'./#!82`!=2/.1/#D!%$8$!,$#!0#1'3$#!^)&3$#D!72/)$D!G'!/#1'3$!/)!8')$#!3/,!
#/%1$.!-.&+'3$!$!-'.'/#1'1',D!2)$!)$!-2/3/!3/%&.!Z2/D!72/)$D!d$%xG//3!S'.1&)! #/'!/,!8$3/,$!3/!2)'!
/8-./#'!-.&+'3'!/Y'%1'8/)1/D!,'!&)=,2/)%&'!3/,!/#1'3$!/#!82`!=2/.1/!/)!/,,'#K!d/!3&%/!Z2/!G'%/.D!%2')3$!
G'%/.,$D! %$8$!+/)3/.,$D! -/.$! ,'! F/#1&()!3&'.&'! /#!-.&+'3'D!3&F'8$#o! `!G'`!2)'!-.$-&/3'3!)$8&)',! 3/,!
%'-&1',! -.&+'3$K! 4/.$! '6)! $1.$#! 8$3/,$#D! /,! 8$3/,$! #$+&T1&%$! -$.! /R/8-,$D! )$! /#12+&/.$)! )2)%'! /)!
8')$#!8&,&1'./#!/#'#!/8-./#'#D! /#1'7')!/)!8')$#!3/! ,$#! #/%1$./#! %&+&,/#D! /Gw!-$.Z2/! ,'#! ,(F&%'#! #$)!
3&=/./)1/#D!`!/)!,'!".F/)1&)'!#/!+&$!%$)!82%G'!%,'.&3'3D!)$n!0,!1/8'!3/!,'D!3/w!1/!-2/3$!8/)%&$)'.!-$.!
/R/8-,$! /,! 1/8'! 3/! ,'! .$1'%&()! 3/! -/.#$)',D! Z2/! G$`! /)! 35'! #&F2/! #&/)3$! 2)! -'.'3&F8'! &8-$.1')1/!
3/)1.$!3/! ,'#! W2/.U'#!".8'3'#K! k$!/#1$`! 1./#!'a$#!/)!2)!-2/#1$!`!8/!+$`!'!$1.$K! 0#$!F/)/.'!82%G'!
3&#%$)1&)2&3'3/#! /)! ,'#! &)#1&12%&$)/#D! `! /)! /#1'#! Z2/! ./Z2&/./)wD! $! #/'! `$! /)! 1./#! 'a$#! ./%&T)! /#1$`!
=$.8')3$!'!',F2&/)!-'.'!Z2/!#/-'!3/!Z2/!#/!1.'1'!/,!)/F$%&$D!Z2/!-.$7'7,/8/)1/!8'32./!%$)!9c!'a$#!$!
9:!'a$#!3/!1.'7'R$D!`!`$!`'!,$!,,/+$!'!$1.$!,'3$D!/)%&8'!'!$1.$!,'3$!/)!3$)3/!-.$7'7,/8/)1/!G'F'!',F$!
1$1',8/)1/!3&=/./)1/D!+/n!j'!3/!'F./F'3$!3/!3/=/)#'!'w!)$!#TD!'!",/8')&'D!+/n!'! #/%./1'.&'#!3/!
3&-,$8e1&%$K!0)1$)%/#D!!,'!&)#1&12%&()!3/!3$)3/!#',/D!-&/.3/!'!/#'!-/.#$)'!Z2/!#/!/#1'!=$.8')3$D!`!,'!Z2/!
,$! ./%&7/! )$! -2/3/! '-.$+/%G'.! ,$! Z2/! /,! '-./)3&(! -$.Z2/! /)! ./',&3'3! #/! G'%/! 2)'! %$#'! 1$1',8/)1/!
3&=/./)1/K! 0#$! /#! 2)'! 3/! ,'#! %$#'#! Z2/! F/)/.'7'! 82%G'! &)/#1'7&,&3'3D! '3/8e#! 82%G'#! /8-./#'#! #/!
1.')#=$.8'.$)!/)wD!/.')!%$8$!1.'8-$,&)/#!-'.'!3/#-2T#!'#%/)3/.K!0)1$)%/#D!,$#!8&,&1'./#!/#1'7')!8e#!
-./$%2-'3$#!-$.!G'%/.!',F$!Z2/D!Z2/!,$#!-.$8$%&$)'.'!'!,'!&8'F/)!-67,&%'D!Z2/!-$.D!./',8/)1/D!#/F2&.!
,5)/'#!3/!3/#'..$,,$!Z2/!3&/.')!=.21$#!%$)!/,!1&/8-$K!0)%&8'!,'#D!,$#!3/#'..$,,$#!/)!3/=/)#'D!/)!F/)/.',D!
%2')3$! #$)! %$#'#!3/! %&/.1'! &8-$.1')%&'! ./Z2&/./)! 'a$#D! 3T%'3'#!82%G'#! +/%/#!-'.'!Z2/!/,! -.$32%1$!
8'32./K! "3/8e#D! 72/)$D! ,'! &)/#1'7&,&3'3! &)#1&12%&$)',! 3/,! -'5#D! /Gw! ,'! =$.8'%&()! 3/! /,,$#! )$! /#! 2)'!
=$.8'%&()!'3/%2'3'!-'.'!,'!-.$32%%&()D!-$.Z2/!'-'.1/!#2#!.$,/#!#$)!$1.$#D!/#!%$8$!-$)/.!2)!8T3&%$!'!
G'%/.w!'!-.$32%&.!%&F}/a',!/)!2)'!=e7.&%'D!)$n!4$3.e#!1/)/.!',F2)'!/Y%/-%&()D!#&/8-./!G'`!F/)1/!%$)!
1',/)1$#! 86,1&-,/#D! -/.$! 3&F'8$#D! )$! /#! /,! /#1e)3'.K! N$! #/! %$)#1.2`/! 2)! #/8'! -.$32%1&+$! #$7./!
/Y%/-%&$)/#K!0)1$)%/#D!/#$!F/)/.(!82%G$#!-.$7,/8'#!3/wK!*2')3$!2)$!/#123&'! ,'#!G$.&'#!3/!/#1'#!
/8-./#'#D! 72/)$! W'7.&%'%&$)/#! S&,&1'./#! 1&/)/! 2)! 1.'7'R$! 82`! &)1/./#')1/! 3/! E$2F&/.D! S'.%/,$!
E$2F&/.w!Z2/!#/!,,'8'w!/)!./',&3'3!'7'.%'!+'.&'#!/8-./#'#!-67,&%'#w!
K;$1=>3@-$1GH.1=3.5-p$
0,!0#1'3$!/8-./#'.&$D!`!2)'!3/!/,,'#!/#w!4/.$!%./$!Z2/!,$!'7'.%'!G'#1'!/,!#/#/)1'!`!-&%$!'!W'7.&%'%&$)/#!
S&,&1'./#D!/GwK!-/.$!72/)$!/#1e!8/1&3'!/)!/#'!,(F&%'D!)$n!
d'!,(F&%'!-$#1/.&$.D!3/#-2T#!+/)&8$#!',!-/.&$3$!3/!-.&+'1&U'%&$)/#!3$)3/!1'7,'!.'#'D!-$.Z2/w-.&8/.$w!
0)!./',&3'3!/#'#!/8-./#'#!`'!+/)5')!3/#=&)')%&'3'#!3/!')1/#K!0)! ,'!8/3&3'!/)!Z2/!#/!+'!'%G&%')3$!/,!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
33S!
-./#2-2/#1$D!1$3'#!,'#!/8-./#'#!+&)%2,'3'#K!0)!,'!8/3&'3!/)!Z2/!,$#!#2%/#&+$#!'R2#1/#!'!-'.1&.!3/,!~OPD!
+')! %',')3$! -.$=2)3'8/)1/! /)! ,'! /#1.2%12.'! 3/,! 0#1'3$D! #/! /8-&/U')! '! 3/#=&)')%&'.! -.$=2)3'8/)1/D!
,'#w!`!/8-&/U'!'wD!/,!=/)(8/)$!3/!,'!$7#$,/#%/)%&'!/8-&/U'!'!-/F'.!82`!=2/.1/K!4'.'!',F2)'#!/)%&8'D!
/#1/!=/)(8/)$!$%2../!/)!8$8/)1$#!/)!3$)3/!/)!/,!82)3$!G'`!%'87&$#!/)!/,!-'.'3&F8'!1/%)$,(F&%$!
3/! ,'#!-.$32%%&$)/#!/#-/%5=&%'#K! 0,! %'#$!8e#! %,'.$!/#! W"\0"D!-$.Z2/!/)! ,'!3T%'3'!3/,! ~Oc! #/!-.$32%/!
1$3$! 2)D! |Oc! `! |;cD! #/! &)&%&'! 1$3$! 2)! %'87&$! /)! /,! -'.'3&F8'! 3/! ,'! -.$32%%&()! '/.$)e21&%'D! )$n! d'#!
=e7.&%'#!#/! 1.'#=$.8')D! #$7./! 1$3$!/)! &)1/F.'3$.'#!8e#!Z2/!/)!-.$32%1$.'#!/)!#5K! d$!Z2/! &8-,&%'!2)'!
3/#,$%',&U'%&()! 3/! ,'! F/)/.'%&()! 3/,! 1.'7'R$! 82`! =2/.1/D! `! '! #2! +/UD! 2)'KKKD! 2)! 3/#'..$,,$! 3/! 2)'!
%'-'%&3'3!&)1/F.',D!`$!1/)F$!-.$+//3$./#!/)!1$3$!/,!82)3$D!,'!-2/.1'!#/!G'%/!/)!2)!,'3$D!/,!','!#/!G'%/!
/)! /,! $1.$D! `! 1$3$#! %$)! 2)!8$! 3&#/a$D! $! #/'! %2')3$! ,$#! /)#'87,$! 1&/)/! Z2/! %$&)%&3&.K! k! '3/8e#D!
G'75'!2)!-.$7,/8'!G(.&%$!3/!F/#1&()!3/!./%2.#$#!G28')$#KD!+&)%2,'3$!'!/#1$!Z2/!1/!8/)%&$)'7'D!'!
%&/.1'#!&)/#1'7&,&3'3/#!/)!,'#!%$)32%%&$)/#!3/!,'#!/8-./#'#D!'!,'!'-,&%'%&()!3/!%.&1/.&$#!Z2/!)$!/.')!,$#!
%.&1/.&$#!-.$-&$#!3/!,'!-.$32%%&()D!$!#/'!)$!#/!-2/3/!3&.&F&.!%$8$!'!2)!%2'.1/,!8&,&1'.!'!2)'!=e7.&%'D!$!2)!
%/)1.$!3/!3/#'..$,,$!%&/)15=&%$!1/%)$,(F&%$K!0#$!)$!#/!%$8-./)3&(!'3/%2'3'8/)1/D!`!72/)$w!3&F'8$#D!
1$3$#! /#$#! /,/8/)1$#! #/! #28'.$)! -'.'! Z2/! /#1'#D! -'.'! Z2/! /#1'#! /8-./#'#! #2=.&/.')! 2)! -.$%/#$! 3/!
3/1/.&$.$!82`! =2/.1/! &)1/.)'8/)1/D!-./+&$!'! ,'#!-.&+'1&U'%&$)/#K!*2')3$!#/! ,,/F'!'! ,'#!-.&+'1&U'%&$)/#D!
72/)$! #/! 3'! /,! F$,-/! =&)',D! Z2/! /)! /,! %'#$! 3/! W'7.&%'%&$)/#! '-'.1/! 12+$! 2)'! -'.1&%2,'.&3'3! 82`!
/#-/%5=&%'!-$.Z2/!/)! ./',&3'3D!8'#! ',,e! 3/! ,$#!3/#-./)3&8&/)1$#!Z2/! 12+$D! Z2/3$!/)!/,! ,&87$K!N2)%'!
,,/F(!'!#/.!-.&+'1&U'3'D!1/.8&)(!/)!2)!8&)/.&$!Z2/!/)%&8'!)$!,/!&8-$.1'7'!)'3'D!/#!8e#D!/.'!%$8$!/,!
./32%1$!3/! ,$#!=2)%&$)'.&$#!)$!-.$32%1&+'D!%$8$!/.'!0%$)$85'K!\/#-2T#!#&!%'87&'!'!4,')&=&%'%&()D!`!
72/)$D!'G5!%2')3$!%'87&'!'!4,')&=&%'%&()D!`'!'G5!%$)!/,!F$7&/.)$!3/!NT#1$.!]&.%G)/.D!'G5!#5!#/!/8-&/U'!
2)!&)1/)1$!3/!./%2-/.'%&()K!{2/!#$)!32.5#&8$#!,$#!&)1/)1$#!3/!./%2-/.'%&()!3/!/#1'#!/8-./#'#D!-$.Z2/!
+$#!1/)T#!/#1.2%12.'#!82`!F.')3/#D!Z2/!/#1e)D!Z2/!)$!1&/)/)!`'!/,!-/.#$)',!'3/%2'3$D!$!)$!1&/)/)D!/#'!
F/)1/! )$! 1&/)/! ,$#! %$)$%&8&/)1$#! '3/%2'3$#D! Z2/! /#1e)! 1$1',8/)1/! 3/#=&)')%&'3'#D! /Gw! )$! 1/)T#!
8/.%'3$#! 1'8-$%$! =e%&,/#!-'.'!#2#!-.$32%1$#K!0)1$)%/#!/,!-.$%/#$! 1&/)/!Z2/!#/.D! %$)R2)1$!`! 1&1e)&%$D!
)$nK! d'! /#1.'1/F&'! Z2/! #/! /,&F&(! 3/! &)+/.#&$)/#! #/%1$.&',/#! /)! ',F2)$#! .27.$#! 3/! ,$#! Z2/! 1.'7'R'7'D! `!
-/.8&1&.! #&82,1e)/'8/)1/! Z2/! ,'! /8-./#'! #/! &)%$.-$.'.'! '! )2/+'#! &)&%&'1&+'#! %$8$! /,! 1/8'! 3/! ,$#!
.'3'./#D!8/!-'./%/!Z2/!=2/! &)1/,&F/)1/D!)$n!4$.Z2/D!72/)$D!-$.!',F6)!,'3$!G'`!Z2/!/8-/U'.D!`w!`!/)!
/#/! #/)1&3$! =2/! $-$.12)$! G'%/.,$! '#5K! 0)! 2)! %$)1/Y1$! /)! 2)! -'5#! /)! 3$)3/! 1&/)/! $1.'#! 82%G5#&8'#!
)/%/#&3'3/#!8e#!'%2%&')1/#D!)$n!+$#! ./%&75#!2)!-'5#!3$)3/!)$!-$3/#!-'F'.! ,$#!#2/,3$#D! 1/)/#!:cÅ!3/!
-$7./U'D! 72/)$D! 3&F'8$#D! 3/#'..$,,'.! 2)'! &)32#1.&'! 7T,&%'D! )$! /#! 12! -.&$.&3'3D! `! /#! 3/! F$7/.)')1/!
-.23/)1/!/#$D!)$n!M$7./!1$3$!%2')3$!)$!1/)/#!2)!%$)=,&%1$!/)!%&/.)/#D!/Gw!8&,&1'.D!3&F'8$#K!_/)/#!Z2/!
./#$,+/.!82%G'#!$1.'#!%$#'#!`wD!-/.$!/)!-'.',/,$!#/!=2/.$)!G'%&/)3$!2)'#!%$#'#D!/,!1/8'!3/!,$#!.'3'./#!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
33<!
/#!82`!&)1/./#')1/D!-$.Z2/!'-'.1/! ,/!-/.8&1/!'!W'7.&%'%&$)/#!'%/.%'.#/!'!2)!#/%1$.!3/!',1'!1/%)$,$F5'!
3/!-2)1'!3/!-.$32%%&()!)'%&$)',K!
! !
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
33X!
M0/0 JN@OP, QQR, '+4&-4=()"#, "#<(*)"-4%4"&<:#, 4&6$#<+4()"#, F,=(+<4-4=(-4:&"#,6",)(,74+"--45&,8"&"+(),6",9(*+4-(-4:&"#,;4)4<(+"#,,
!
0M_"Cd0*LSL0N_gM!LN\^M_EL"d0M!
• KO/&-D#*L-,-B#&*K&#[*@"-)*Q%,B&O'*a*KLK@Q* b3?<<cH!g.&F&)',8/)1/!3/)$8&)'3'!
We7.&%'! S&,&1'.! rM')! d$./)U$sD! #2.F/! 3/! ,'! 2)&()! 3/! ,'! We7.&%'! S&,&1'.! 3/!
S2)&%&()! 3/! ".1&,,/.5'! ?9;P;B! `! ,'! We7.&%'! 3/!S2)&%&()! -'.'! ".8'#! 4$.1e1&,/#!
?9;PPBK!4.$32%%&()!3/!'.8'#!`!82)&%&$)/#!,&+&')'#H!'.8'#!-$.1e1&,/#D!/,/8/)1$#!
3/!-&.$1/%)&'D!3'#&+$#!Z258&%$#!`!7$87'#K!!
• KO/&-D#* L-,-B#&* YW(* T%&D%&(* =* KLYT* ?9;PABH! 4.$32%%&()! 3/! '.8'8/)1$! `!
82)&%&()!-/#'3'H!8$.1/.$#D!%'a$)/#!-'.'!1')Z2/#!`!'.1&,,/.5'D!#2#!82)&%&$)/#D!
%$8-$)/)1/#! 3/! 1')Z2/#D! %',3/./.5'! -/#'3'o! `! e%&3$#! %$)! 3/#1&)$! '! ,'!
-.$32%%&()!3/!-(,+$.'#!`!/Y-,$#&+$#K!!
• KO/&-D#* L-,-B#&* F%* +E,A(&#)* d* IZ.,()-A()* ef-,,#* L#&W#g* =* KLfL! ?9;P>BH!
4.$32%%&()!3/!-(,+$.'#!`!/Y-,$#&+$#K!
• KO/&-D#* L-,-B#&* 5C",* =* K525hi@! ?9;@@BH! g.&F&)'.&'8/)1/! &)1/F.'7'! "WN0!
?"#1&,,/.$#! `! W'7.&%'#!N'+',/#! 3/,! 0#1'3$! MK"B! `! /#! &)%$.-$.'3'! '! ,'! \VWS!/)!
9;O>K!4.$32%%&()!3/!-(,+$.'#!`!/Y-,$#&+$#K!!
• KO/&-D#*L-,-B#&*F%*5&M#)*+(&BOB-,%)*eF(M-'1(*L#B]%"g!?9;PABH!4.$32%%&()!3/!
'.8'#! ,'.F'#!`!3/!-2a$!-'.'! ,'#!W2/.U'#!".8'3'#D! W2/.U'#!3/!M/F2.&3'3!`!3/!
2#$!%&+&,K!
• KO/&-D#* L-,-B#&* F%* T(,"%'(* :-'BNB-D(! ?9;@<BH! 4.$32%%&()! 3/! 1$,2/)$! %',&3'3!
)&1.'%&()D!%$)!3/#1&)$!'!,'!-.$32%%&()!3/!_N_K!!
• KO/&-D#*L-,-B#&*:#'*K&#'D-)D(!?9;@<BH!4.$32%%&()!3/!82)&%&$)/#!-'.'!'.8'#!3/!
-2a$D! +'F$)/#! `! -2/)1/#! 8/1e,&%$#D! /Z2&-$#! -'.'! /,! 'F.$D! %2%G&,,'#! -'.'!
8$1$)&+/,'3$.'#D!3&#%$#!3/!'.'3$!`!./-2/#1$#!-'.'!'%/.5'#K!!
• I)B#/,%D-M-%'B(* 5,B()* \(&'()* h#.,#! ?9;@PBH! *$)#1&12&3$! -$.! /,! */)1.$!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
33>!
M&3/.6.F&%$! 27&%'3$! /)! ,'! %&23'3! 3/! 4',-',eD! /,! */)1.$! W$./#1',! `! ,$#! */)1.$#!
rS&)'! ;! 3/! g%127./s! `! rS&)'! 42/#1$! j&/R$sK! 4.$32%%&()! 3/! ,'8&)'3$#! `!
=$.R'3$#!3/!'%/.$#!/#-/%&',/#!-'.'!,'!&)32#1.&'!8&,&1'.!`!%&+&,K!!
• KO/&-D#*L-,-B#&*:#'*L#&BW'!?9;@>BH!M2.F/!3/!,'!=2#&()!3/!,'!/Y!We7.&%'!S&,&1'.!3/!
*$82)&%'%&$)/#! ?9;PAB! `! ,'! We7.&%'!S&,&1'.! 3/! 0Z2&-$#! ?9;@9B! 4.$32%%&()! 3/!
/,/8/)1$#!3/!(-1&%'D!%$82)&%'%&$)/#D!%$8-$)/)1/#!3/!1')Z2/#!`!+'F$)/#K!
• KO/&-D#* L-,-B#&* F%* f#-'#)* d* !('$"DB(&%)* I,NDB&-D()* =* I!5! ?9;@@B!
L)32#1.&',&U'%&()!3/!8'1/.&',/#!)$!=/..$#$#!`!-.$32%%&()!3/!,'1()!`!%$-&1'#!-'.'!
+'&)'!3/!82)&%&$)/#!`!%$)32%1$./#!/,T%1.&%$#K!!
• KO/&-D#* L-,-B#&* F%* L#B%&-#,%)* +-&(BND'-D()* +-,#&! ?9;@:BH! 4.$32%%&()! 3/!
'%%/#$.&$#! 3/! +$,'32.'! `! /,/8/)1$#! 3/! &,28&)'%&()! `! #/a','8&/)1$! 3/! 2#$!
8&,&1'.K!!
• KO/&-D#* L-,-B#&* j()N* F%* @#* k"-'B#'#! ?9;@;BH! 4.$32%%&à)! 3/! -(,+$.'#! /)!
=$.8'1$#!%&,5)3.&%$!`!1'87&T)!/#=T.&%$K!!
• KO/&-D#*L-,-B#&*F%*lD-$(*:",Gm&-D(* =*KL5:! ?9;:cBH!*./'3'!#$7./! ,'!7'#/!3/! ,'!
M$%&/3'3! S&Y1'! L)32#1.&'#! {258&%'#! N'%&$)',/#! `! ,'! /8-./#'! S$)#')1$!
*G/8&%',!*$K!4.$32%%&()!3/!e%&3$!#2,=6.&%$!;OÅ!%$)!3/#1&)$!'!,'!-.$32%%&()!3/!
/Y-,$#&+$#!`!,'!&)32#1.&'!/)!F/)/.',K!!
• KO/&-D#* L-,-B#&* $%* 5D%&()* f#,%'BW'* 5,)-'#* b3?8<cH* +&($"DD-E'* $%* #D%&()* [*
,#M-'#$()!
• I)B#/,%D-M-%'B(*5C"G&%&(*:#,B#!?9;:9BH!M/!&)&%&(!/)!9;@PD!%$8$!#$%&/3'3!8&Y1'!
/)1./!,'!*$8-'a5'!"U2=./.'!".F/)1&)'!`!W'7.&%'%&$)/#!S&,&1'./#K!4.$32%%&()!3/!
'U2=./! )'%&$)',! -'.'! ,'#! -.$32%%&$)/#! 3/! ,'! WS"MD! ,'! WSE_! `! ,'! &)32#1.&'! /)!
F/)/.',K!
• !%'B&(*K(&%)B#,*+-&#'N*?9;:ABH!4.$32%%&()!3/!8'3/.'!`!%'.7()!+/F/1',!-'.'!#/.!
/8-,/'3$!/)!,'#!3&)1'#!3/-/)3/)%&'#!3/!,'!\VWSK!!
• I)B#/,%D-M-%'B(*L-'%&(*!#.-,,-B#)H*4.$32%%&()!3/!.$3$%.$#&1'!`!%/8/)1$!%$7./!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
33;!
-'.'!,'!='7.&%'%&()!3/!#2,='1$!3/!%$7./K!!
• !%'B&(* J%(,E1-D(* d* L-'%&(H* E/',&U'%&()! 3/! ./,/+'8&/)1$! `! -.$#-/%%&()! 3/,!
-$1/)%&',! 8&)/.$! 3/,! 8'%&U$! ')3&)$! `! '38&).'%&()! 3/! ,'! &)=$.8'%&()!
$71/)&3'K!!
!
4.&)%&-',/#!M$%&/3'3/#!/)!3$)3/!,'!\VWS!1/)5'!-'.1&%&-'%&()!'%%&$)'.&'!'F.2-'3'!-$.!
#/%1$.H!!
!
• "5@1.].C5D3=H! M$%&/3'3! S&Y1'! M&3/.6.F&%'! ".F/)1&)'! MgSLM"! `! "%/.$#!
gG,/.!
• t?FG5D3=H!"1')$.D!*'.7$Z258&%'!".F/)1&)'!M$%&/3'3!S&Y1'D!!
• M541.3=H! h&/..$! 4'1'F()&%$! 3/! M&/..'! V.')3/! MK"K! `! S&)/.'!
hL4"M"S?9;>c!f!O9Å!-'.1&%&-'%&()!3/!,'!\VWSB!
• ,1>.-[?FG5D3=H! 4/1.$Z258&%'! V/)/.',! S$#%()! MK"KLK*Ko! 4/1.$Z258&%'!
C'G5'!C,')%'!MK"KLK*K!?9;>P!f!:PÅ!3/!%'-&1',!/#1'1',!%$../#-$)3&/)1/!'!,'!
\VWSD! k4W! `! V'#! 3/,! 0#1'3$B! `! ! 4/1.$Z258&%'! E5$! _/.%/.$D! 4$,.o!
S$)(8/.$#!j&)&,&%$#D!4/1.$-$,D!L)32%,$.!
• [email protected]!M',1'!W$./#1',!M"WM"K!!
!
W2/)1/H!"EEgkg!"Eu^CLD!*'.,$#!",7/.1$!?<cc@BD!`!Eg^VL0ED!S'.%/,$!?<ccOBD!! *
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
33?!
M0D0 JN@OP,QQQR,N:+%(<4.(,!
• d/`!Nb!9<K>c;!f!d/`!3/!*./'%&()!3/!,'!\&./%%&()!V/)/.',!3/!W'7.&%'%&$)/#!S&,&1'./#K!427,&%'3'!/,!
<@!3/!$%127./!3/!9;@9K!
• d/`!Nb!<PKA;A!f!d/`!3/!E/=$.8'!3/,!0#1'3$K!427,&%'3'!/,!<P!3/!'F$#1$!3/!9;O;K!
• d/`!Nb!<PKA;>!f!d/`!3/!08/.F/)%&'!0%$)(8&%'K!427,&%'3'!/,!<:!3/!#/-1&/87./!3/!9;O;K!
• d/`!Nb!<@Kc@:!f!d/`!3/!0)1&3'3/#!M2R/1'#!'!4.&+'1&U'%&()K!427,&%'3!/,!P9!3/!3&%&/87./!3/!9;;9K!
• \/%./1$! Nt! @A@! f! _.')#=/./)%&'! 3/! ,'! \VWS! 3/! ,'! à.7&1'! 3/,!S&)/.&$! 3/! \/=/)#'! '! ,'! 3/,!
S&)/.&$!3/!0%$)$85'!`!g7.'#!`!M/.+&%&$#!467,&%$#K!427,&%'3'!/,!<;!3/!'7.&,!3/!9;;A!
• \/%./1$! Nt! 9>;H! _.')#=/./)%&'! 3/! ,'! \VWS! 3/,! S&)/.&$! 3/! 0%$)$85'! `! 4.$32%%&()! ',!!
S&)/.&$!3/!4,')&=&%'%&()!W/3/.',D! L)+/.#&()!467,&%'!`!M/.+&%&$#K!427,&%'3'!/,!9>!3/!'F$#1$!3/!
<ccAK!
!
! !
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
347!
@%[*2_*340>7?0*=*!&%#D-E'*$%*,#*F-&%DD-E'*J%'%&#,*$%*K#/&-D#D-('%)*L-,-B#&%)0*
0,! M/)'3$! `! *e8'.'! 3/! \&-21'3$#! 3/! ,'! N'%&()! ".F/)1&)'D! ./2)&3$#! /)! *$)F./#$D! /1%KD! #')%&$)'! %$)!=2/.U'!3/!d/`H!
*"4L_^dg!L!
*./'%&()K!Q!\/)$8&)'%&()K!Q!g7R/1$K!
".15%2,$! 9b! â! *.T'#/! ,'! \&./%%&()! V/)/.',! 3/! W'7.&%'%&$)/#! S&,&1'./#! Z2/! =2)%&$)'.e! %$8$! /)1&3'3!'21e.Z2&%'D! 7'R$! ,'! 3/-/)3/)%&'! 3/,! S&)/.&$! 3/! V2/..'D! %$)! %'-'%&3'3! -'.'! '%12'.! -67,&%'! `!-.&+'3'8/)1/D! 3/! '%2/.3$! '! ,$! Z2/! /#1'7,/%/)! ,'#! ,/`/#! F/)/.',/#! 3/! ,'! N'%&()! `! ,'#! /#-/%&',/#! Z2/!'=/%1/)!#2!=2)%&$)'8&/)1$D!3/)1.$!3/!,'#!,&8&1'%&$)/#!3/!,'!-./#/)1/K!
".1K!<b!â!\/-/)3/.e)!3/!,'!\&./%%&()!V/)/.',!3/!W'7.&%'%&$)/#!S&,&1'./#D!,'#!=e7.&%'#!`!1',,/./#!8&,&1'./#!`!,'#!&)#1','%&$)/#!%$)%2../)1/#!'!#2!=2)%&$)'8&/)1$D!%$8-./)3&3'#!/)!/,!$7R/1$!3/!/#1'!,/`D!/Y/)1/#!/)!,'!'%12',&3'3!`!,'#!Z2/!#/!/#1'7,/%&/.')!/)!'3/,')1/K!
".1K!Pb!â!M$)!='%2,1'3/#!`!=2)%&$)/#!3/!,'!\&./%%&()!V/)/.',!3/!W'7.&%'%&$)/#!S&,&1'./#H!
'B!E/',&U'.!,$#!/#123&$#D!&)+/#1&F'%&$)/#!`!/#1'35#1&%'#!%$)32%/)1/#!',!%$)$%&8&/)1$!3/!,'#!-$#&7&,&3'3/#!&)32#1.&',/#! 3/,! -'5#D! ./,'%&$)'3'#! %$)! ,'! -.$32%%&()! 3/! 8'1/.&',/#! `! /,/8/)1$#! 3/! F2/..'! `! %$)! ,'!-./-'.'%&()!3/!,'!8$+&,&U'%&()!&)32#1.&',!%$../#-$)3&/)1/o!
7B!0,'7$.'.!8'1/.&',/#!`!/,/8/)1$#!3/!F2/..'o!
%B! E/',&U'.D! 3/! '%2/.3$! %$)! ,'#! 3&#-$#&%&$)/#! 3/,! *(3&F$! 3/! S&)/.5'D! /Y-,$.'%&$)/#! `! /Y-,$1'%&$)/#!1/)3&/)1/#! '! ,'! $71/)%&()!3/H! %$7./D! G&/..$D!8')F')/#$D!J$,=.'8D! ',28&)&$D! 7/.&,&$! `! 3/8e#!8'1/.&'#!)/%/#'.&'#!-'.'!,'!='7.&%'%&()!3/!8'1/.&',/#!3/!F2/..'o!
3B!*$)#1.2&.!,'#!$7.'#!)/%/#'.&'#!'!,$#!=&)/#!3/!/#1'!,/`o!
/B!W$8/)1'.!,'#!&)32#1.&'#!'=&)/#!Z2/!&)1/./#/)!',!%28-,&8&/)1$!3/!/#1'!,/`K!
".1K!@b!â!M/!&)%,2`/)!/)!,'#!8&)'#!3/!-.&8/.'!%'1/F$.5'!,'#!3/!',28&)&$!`!3/!7/.&,&$K!
".1K!:b!â!"3/8e#!3/!,'!8&#&()!/#/)%&',!./,'1&+'!'! ,'!8')2='%12.'!3/!8'1/.&',/#!3/!F2/..'!`!/)!%2')1$!./#2,1/! %$)+/)&/)1/! 3/)1.$! 3/! #2! -'.1&%2,'.! $.F')&U'%&()! `! -'.'! /,! 8/R$.! '-.$+/%G'8&/)1$! 1T%)&%$Q/%$)(8&%$! 3/! ,'! &)32#1.&'D! ,'#! =e7.&%'#! 8&,&1'./#! -$3.e)! /,'7$.'.! /,/8/)1$#! #&8&,'./#! 3/#1&)'3$#! ',!%$)#28$! F/)/.',D! %2')3$! '! R2&%&$! 3/,! S&)/.&$! 3/! "F.&%2,12.'! )$! #/')! -.$32%&3$#! -$.! ,'! &)32#1.&'!-.&+'3'D!$!,$!#/')!/)!%')1&3'3/#!&)#2=&%&/)1/#!-'.'!,'#!)/%/#&3'3/#!3/,!-'5#K!
".1K! Ab!â! d'! \&./%%&()! V/)/.',! 3/! W'7.&%'%&$)/#!S&,&1'./#! -$3.e! ./',&U'.! %$)! ,'! &)32#1.&'! -.&+'3'D! '3!./=/.T)328! 3/,! 4$3/.! 0R/%21&+$D! %$)+/)&$#! 3/! %'.e%1/.! &)32#1.&',! `! %$8/.%&',D! '! ,$#! =&)/#! 3/,!%28-,&8&/)1$!3/!/#1'!,/`K!
".1K! >b! â! *$)! ,'#! =&)',&3'3/#! Z2/! /#1'7,/%/! ,'! -./#/)1/! ,/`D! /,! 4$3/.! 0R/%21&+$! -$3.e! '21$.&U'.! ,'!&)1/F.'%&()! 3/! #$%&/3'3/#! 8&Y1'#! /)1./! ,'! \&./%%&()! V/)/.',! 3/! W'7.&%'%&$)/#! S&,&1'./#! `! /,! %'-&1',!-.&+'3$D!/)!,'#!%$)3&%&$)/#!3/!,'!,/`!)68K!9<K9A9K!
*2')3$! /,! +',$.! 3/! ,$#! %$)+/)&$#! '! Z2/! #/! ./=&/./! /,! '.15%2,$! Ab! `! /,! -./#/)1/D! #2-/./! -'.%&',! $! /)!%$)R2)1$D!3/)1.$!3/!2)!/R/.%&%&$!=&)')%&/.$D! ,'!#28'!3/!ä!9KcccKccc!8I)KD!/,!4$3/.!0R/%21&+$!./Z2/.&.e!-./+&'8/)1/!,'!'-.$7'%&()!3/,!*$)F./#$K!
".1K!Ob!â!d'#!/8-./#'#!-.&+'3'#!'!Z2/!#/!./=&/./)!,$#!'.15%2,$#!Ab!`!>bD!%$)!,'#!%2',/#!,'!\&./%%&()!V/)/.',!3/! W'7.&%'%&$)/#!S&,&1'./#!-$3.e! ./',&U'.! %$)+/)&$#!3/! '`23'!$! %$)#1&12&.! #$%&/3'3/#!8&Y1'#D! 3/7/.e)!#/.!-/.#$)'#!R2.53&%'#!%$)#1&12&3'#!/)!/,!-'5#!`!Z2/!)$!3/-/)3')!$!=$.8/)!-'.1/!3/!)&)F2)'!#$%&/3'3/#D!1.2#1!2!G$,3&)F!Z2/!-$#/'!&)1/./#/#!#&8&,'./#!/)!/,!/Y1.')R/.$!/)!,'!='7.&%'%&()!3/!'.8'#!$!82)&%&$)/#K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
343!
*"4L_^dg!LL!
\&./%%&()!`!'38&).'%&()!
".1K! ;b!â!d'!\&./%%&()!V/)/.',! /#1'.e! '38&).'3'!-$.!2)!3&./%1$.&$! %$8-2/#1$!-$.!2)!-./#&3/)1/! `!%2'1.$! +$%',/#D! )$87.'3$#! -$.! /,! 4$3/.! 0R/%21&+$! %$)! '%2/.3$! 3/,! M/)'3$K! \$#! 3/! ,$#! +$%',/#! #/.e)!%&+&,/#K!0,!-./#&3/)1/!3/#/8-/a'.e!,'#!=2)%&$)/#!3/!3&./%1$.!F/)/.',K!
d$#!8&/87.$#!3/,!3&./%1$.&$!#/.e)!'.F/)1&)$#!)'1&+$#D!32.'.e)!%2'1.$!'a$#!/)!#2#! =2)%&$)/#!`!-$3.e)!#/.!.//,/%1$#K!
0,!3&./%1$.&$!#/!./)$+'.e!-'.%&',8/)1/!%'3'!3$#!'a$#K!
".1K!9cK!â!0,!3&./%1$.&$!1/)3.e!,'#!#&F2&/)1/#!'1.&72%&$)/#!`!3/7/./#H!
'B!*/,/7.'.!%$)1.'1$#!#$7./!%$8-.'+/)1'D! 1.'7'R$#D! #28&).$#D!'3Z2&#&%&()!3/!8'1/.&',D!'3Z2&#&%&()!`!,$%'%&()!3/!7&/)/#!`!82/7,/#!-'.'!#2!2#$D!/R/%2%&()!3/!$7.'#D!1.')#-$.1/#D!#/F2.$#!2!$1.$#!+&)%2,'3$#!'!#2#!=&)/#D!8/3&')1/!,&%&1'%&()!-67,&%'!`!#&)!/,,'D!G'#1'!ä!<cKccc!8$)/3'!)'%&$)',o!
7B!E/',&U'.!%$)!'-.$7'%&()!-./+&'!3/,!4$3/.!0R/%21&+$!$-/.'%&$)/#!%$82)/#!3/!%.T3&1$D!Z2/!3/7/.e)!#/.!'1/)3&3'#!%$)!#2#!-.$-&$#!./%2.#$#o!
%B!"38&).'.!,$#!=$)3$#!'#&F)'3$#!-'.'!/,!%28-,&8&/)1$!3/!/#1'!,/`D!`'!-.$+/)F')!3/!./)1'#!F/)/.',/#D!1512,$#!3/!,'!N'%&()!$!/8-.T#1&1$#o!`!,$#!3/8e#!7&/)/#!-/.1/)/%&/)1/#!'!,'!&)#1&12%&()o!
3B!_.')#&F&.!`!%/,/7.'.!%$)+/)&$#!R23&%&',/#!$!/Y1.'R23&%&',/#!%$)!'21$.&U'%&()!3/,!4$3/.!0R/%21&+$o!
/B!d,/+'.!/,!&)+/)1'.&$!F/)/.',!')2',!3/!1$3$#!,$#!+',$./#!-/.1/)/%&/)1/#!'!,'!./-'.1&%&()o!
=B!4.$`/%1'.!')2',8/)1/!#2!-./#2-2/#1$!F/)/.',!3/!F'#1$#!`!%e,%2,$!3/!./%2.#$#o!
FB!N$87.'.!',!+$%',!Z2/!.//8-,'U'.e!',!3&./%1$.!F/)/.',!/)!%'#$!3/!,&%/)%&'!$!&8-/3&8/)1$o!
GB!N$87.'.!/,!-/.#$)',!'38&).'1&+$!`!1T%)&%$o!
&B! 0#1'7,/%/.! /,! /#%','=()! -'.'! #2#! /8-,/'3$#! %&+&,/#D! '#/F2.')3$! /)! /,! ./F,'8/)1$! ./#-/%1&+$! #2!/#1'7&,&3'3K!
".1K! 99K! â! *2')3$! /Y')! .'U$)/#! 3/! 2.F/)%&'D! %2')3$! ,'#! &)#1','%&$)/#D! 8'1/.&',/#! `! /,/8/)1$#!./Z2/.&3$#! /#1T)!-'1/)1'3$#!$! %2')3$! ,'#! %$8-.'#! #/')! &8-./#%&)3&7,/#! G'%/.,'#! /)!/,! /Y1.')R/.$D! ,'!3&./%%&()!F/)/.',D!%$)!'-.$7'%&()!3/,!4$3/.!0R/%21&+$!/!&)1/.+/)%&()!3/,!S&)/.&$!3/!h'%&/)3'D!-$3.e!'-'.1'.#/!3/,!-.$%/3&8&/)1$!3/!,'!,&%&1'%&()!-67,&%'D!#&/8-./!Z2/!/,!8$)1$!3/!,'#!$-/.'%&$)/#D!-'.%&',!$!/)!%$)R2)1$D!)$!#2-/./!,'!#28'!3/!ä!<ccKccc!8$)/3'!)'%&$)',K!
".1K!9<K!â!0,!3&./%1$.!F/)/.',!$!/,!3&./%1$.!Z2/!,$!.//8-,'%/!#/.e!/,!./-./#/)1')1/!,/F',!`!'38&).'1&+$!3/!,'!./-'.1&%&()!`!-$3.e!%$)=/.&.!-$3/./#!-'.'!,'#!1.'8&1'%&$)/#!Z2/!=2/.')!)/%/#'.&'#K!
".1K!9PK!â!d$#!8&/87.$#!3/,!3&./%1$.&$!`!/,!-/.#$)',!'38&).'1&+$!`!1T%)&%$!3/!,'!\&./%%&()!V/)/.',!)$!-$3.e)! '%282,'.! )&)F2)'! $1.'! ./1.&72%&()! )'%&$)',D! -.$+&)%&',! $! 82)&%&-',D! %$)! /Y%/-%&()! 3/,!-.$=/#$.'3$K! M&! F$U'.')! 3/! #2/,3$! $! R27&,'%&()! )'%&$)',D! -.$+&)%&',! $!82)&%&-',D! $! ./1&.$!8&,&1'.D! #$,$!1/)3.e)!3/./%G$!',!%$7.$!3/!,'!./82)/.'%&()!8eY&8'K!
".1K!9@K!â!d$#!8&/87.$#!3/,!3&./%1$.&$!#/.e)!./#-$)#'7,/#D!-/.#$)',!`!#$,&3'.&'8/)1/D!-$.!,$#!'%1$#!3/,!8$!./',&U'3$#!%$)!#2!&)1/.+/)%&()D!#',+$!/Y-./#'!%$)#1')%&'!/)!'%1'#!3/!G'7/.!+$1'3$!/)!%$)1.'!3/!,'!./#-/%1&+'!./#$,2%&()K!
".1K! 9:K! â! 0)! ,'! '3Z2&#&%&()! 3/! 8'1/.&',/#! #/! 3'.e! -./=/./)%&'! '! ,$#! )'%&$)',/#D! /)! &F2',3'3! 3/!%$)3&%&$)/#D! %',&3'3! `! -./%&$D! %$8-21')3$! /)! /#1/! 6,1&8$D! ./#-/%1$! '! ,$#! 8'1/.&',/#! /Y1.')R/.$#D! /,!&8-$.1/!3/!,$#!3/./%G$#!`!F'#1$#!'32')/.$#K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
344!
".1K!9AK!â!0,!4$3/.!0R/%21&+$!3/#&F)'.e!%$8$!#5)3&%$!3/!,'!\&./%%&()!2)!=2)%&$)'.&$!Z2/!3/-/)3/.e!3/,!S&)/.&$!3/!h'%&/)3'K!0,!#5)3&%$!-$3.e!%$)%2..&.!'!1$3'#!,'#!#/#&$)/#!3/,!3&./%1$.&$D!1/)3.e!='%2,1'3/#!-'.'!/Y'8&)'.!,$#!,&7.$#!`!3/8e#!3$%28/)1$#!3/!,'!\&./%%&()!`!#2R/1'.e!/,!3/#/8-/a$!3/!#2#!=2)%&$)/#!'! ,'!./F,'8/)1'%&()!Z2/!3&%1/!/,!4$3/.!0R/%21&+$!%$)! &)1/.+/)%&()!3/! ,$#!8&)/.&$#!3/!h'%&/)3'!`!3/!V2/..'K!
*"4L_^dg!LLL!
ETF&8/)!/%$)(8&%$Q=&)')%&/.$!
".1K!9>K!â!W&R'#/!%$8$!%'-&1',! &)&%&',!3/! ,'!\&./%%&()!V/)/.',!3/!W'7.&%'%&$)/#!S&,&1'./#D!/,!Z2/!./#2,1/!3/,! 7',')%/!3/! &)+/)1'.&$! '! /=/%12'.! '! ,'! =/%G'!3/! ,'!-.$82,F'%&()!3/! ,'!-./#/)1/! ,/`! %$)! ,$#! +',$./#!'#&F)'3$#! -$.! /,! 4$3/.! 0R/%21&+$! '! ,$#! &)82/7,/#D!8'Z2&)'.&'#D! &)#1.28/)1$#D! =$)3$#! `! 3/8e#!7&/)/#!82/7,/#! '%12',8/)1/! '=/%1'3$#! '! ,'! %$)#1.2%%&()! 3/! ,'#! 3&+/.#'#! =e7.&%'#! `! 1',,/./#! 8&,&1'./#! /!&)#1','%&$)/#!%$)%2../)1/#!',!=2)%&$)'8&/)1$!3/!,$#!8$#K!
L)1/F.'.e)D!'3/8e#D!3&%G$!%'-&1',D!,'#!'#&F)'%&$)/#!3/#1&)'3'#!'!,'#!%$)#1.2%%&$)/#!/!&)#1','%&$)/#!-'.'!%$8-,/1'.!$!'8-,&'.!,'#!$7.'#!/Y/)1/#!#/F6)!,/`/#!/#-/%&',/#!$!-./#2-2/#1$!F/)/.',!3/!,'!N'%&()!`!,'#!-.$%/3/)1/#!3/!,'#!-'.1&3'#!Z2/!#/!3/1/.8&)')!/)!/,!'.15%2,$!9;!3/!,'!-./#/)1/!,/`K!
".1K!9OK!â!0,!=2)%&$)'8&/)1$!`!.TF&8/)!/%$)(8&%$Q=&)')%&/.$!3/!,'!\&./%%&()!V/)/.',!3/!W'7.&%'%&$)/#!S&,&1'./#D! #/! 3/#'..$,,'.e! #$7./! ,'! 7'#/! 3/! ,'! -.$32%%&()! 3/,! 8'1/.&',! 3/! F2/..'! )/%/#'.&$! -'.'! ,'!='7.&%'%&()! 1$1',! 3/! %'3'! 2)$! 3/! ,$#! 8'1/.&',/#! $! F.2-$#! ./#-/%1&+$#o! $! -'.%&',8/)1/D! %$)! ,'!-'.1&%&-'%&()! 3/! ,'! &)32#1.&'! -.&+'3'K! d$#! -.$F.'8'#! 3/! 1.'7'R$! #/.e)! $.F')&U'3$#! -$.! -/.5$3$#! )$!&)=/.&$./#!'!%&)%$!'a$#H!
'B!4'.'!,'!./-$#&%&()!3/,!%$)#28$!')2',o!
7B!4'.'!,'!=$.8'%&()!-.$F./#&+'!3/!,'!./#/.+'!3/!8$+&,&U'%&()K!
".1K! 9;K!â!"#5F)'#/! '! ,'! \&./%%&()!V/)/.',! 3/! W'7.&%'%&$)/#!S&,&1'./#! 32.')1/! ,$#! 'a$#! 9;@9! '! 9;@:D!&)%,2#&+/D!%&)%$!%2$1'#!3/!-/#$#!9cKcccKccc!8I)KD!%'3'!2)'D!='%2,1e)3$#/!',!4$3/.!0R/%21&+$!'!/8&1&.D!/)!%2',Z2&/.!8$8/)1$D!/)!%')1&3'3!#2=&%&/)1/D!1512,$#!3/!,'!3/23'!-67,&%'D!-23&/)3$!')1&%&-'.!/#$#!=$)3$#!3/!./)1'#!F/)/.',/#D!%$)!3/#1&)$!'!'3Z2&#&%&()!3/!1/../)$#D!%$)#1.2%%&()!3/!$7.'#!/!&)#1','%&$)/#!3/!,'#!=e7.&%'#D!'!,'!/,'7$.'%&()!3/!8'1/.&'#!-.&8'#!`!'!,'!-.$32%%&()!3/!8'1/.&',/#!3/!F2/..'!`!3/8e#!=&)/#!3/!/#1'!,/`K!
".1K!<cK!â!d'!-.$32%%&()!')2',!3/!,'#!=e7.&%'#!8&,&1'./#!#/!'R2#1'.e!/)!,$#!-.&8/.$#!%&)%$!'a$#H!
'B!"!,$#!=$)3$#!'#&F)'3$#!/)!/,!'.15%2,$!-./%/3/)1/o!
7B!"!,'#!-'.1&3'#!Z2/!#/!3/#1&)/)!-'.'!'3Z2&#&%&$)/#!$!='7.&%'%&$)/#!/#-/%&',/#o!
%B!"! ,'#!-'.1&3'#!Z2/!'#&F)/!/,!-./#2-2/#1$!3/!V2/..'!-'.'! ,'!-.$+&#&()!$!'3Z2&#&%&()!3/!8'1/.&',/#!3/!%$)#28$!')2',K!
".1K!<9K!â!M/!%$)1'7&,&U'.e)!-$.!#/-'.'3$!,'#!-.$32%%&$)/#!-$.!%2/)1'!3/!1/.%/.$#D!%$8$!'#&8$!/)!,$#!%'#$#!3/!/Y-,$1'%&$)/#!8&Y1'#!'!Z2/!#/!./=&/./!/,!'.15%2,$!>bD!,'!-'.1&%&-'%&()!Z2/!,/!%$../#-$)3/!'!,'!\&./%%&()o!`!#/!/#1'7,/%/.e)!/)!,'!8'!=$.8'!#2#!./#2,1'3$#!=&)')%&/.$#K!
".1K! <<K! â! d'#! 21&,&3'3/#! ./',&U'3'#! `! ,5Z2&3'#D! 3/#-2T#! 3/! /=/%12'3$#! ,$#! %'#1&F$#! `! '8$.1&U'%&$)/#!)/%/#'.&$#D!#/!3/#1&)'.e)!',!%28-,&8&/)1$!3/!/#1'!,/`K!
".1K!<PK!â!d'!\&./%%&()!F/)/.',!-.$`/%1'.e!`!#$8/1/.e!')2',8/)1/!#2!-./#2-2/#1$!',!4$3/.!0R/%21&+$D!Z2&/)! ,$! %$)#&3/.'.e! `! '-.$7'.e! %$)! ,'! &)1/.+/)%&()! 3/,!S&)/.&$! 3/! h'%&/)3'D! /,/+e)3$,$! ,2/F$! ',!*$)F./#$! -'.'! #2! %$)#&3/.'%&()D! '-,&%e)3$#/! /#1/! -./#2-2/#1$! 8&/)1.'#! /,! *$)F./#$! )$! ,$! G'`'!%$)#&3/.'3$K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
348!
".1K!<@K!â!d'!./)3&%&()!3/!%2/)1'#!Z2/!,'!\&./%%&()!V/)/.',!3/!W'7.&%'%&$)/#!S&,&1'./#!3/7/.e!/,/+'.!'!,'!*$)1'32.5'!V/)/.',!3/!,'!N'%&()!'!,$#!=&)/#!/#1'12&3$#!/)!/,!'.15%2,$!O>!3/!,'!,/`!)68/.$!@<OD!%$)#&.e!/)!2)!7',')%/!3/!=$)3$#o!`!',!=&)',&U'.!%'3'!/R/.%&%&$D!/)!2)!7',')%/!3/!-./#2-2/#1$D!2)!/#1'3$!3/,!'%1&+$!`!-'#&+$!`!2)!/#1'3$!F/)/.',!3/!F')')%&'#!`!-T.3&3'#K!
d'!*$)1'32.5'!V/)/.',!3/!,'!N'%&()!&)1/.+/)3.e!/)!,'!'-.$7'%&()!/)!,'#!%2/)1'#!3/!F'#1$#!3/!&)+/.#&()!3/! =$)3$#! '21$.&U'3$#! -$.! ,'! 3&./%%&()! F/)/.',D! %$)! ='%2,1'3/#! -'.'! /Y'8&)'.! ,&7.$#! `! 3$%28/)1$#D!3/#&F)'.!&)1/.+/)1$./#!`!$.3/)'.!,$#!'.Z2/$#!Z2/!R2UF2/!%$)+/)&/)1/K!
".1K!<:K!â!d'!\&./%%&()!V/)/.',!3/!W'7.&%'%&$)/#!S&,&1'./#!`!#2#!3/-/)3/)%&'#!3/7/.e)!3/-$#&1'.!3/)1.$!3/! ,'#! %2'./)1'! `! $%G$! h$.'#! /)! /,! C')%$! 3/! ,'! N'%&()! ".F/)1&)'! $! #2%2.#',/#D! /)! %2/)1'! Z2/! #/!3/)$8&)'.e! v\&./%%&()! V/)/.',! 3/! W'7.&%'%&$)/#! S&,&1'./#vD! /,! -.$32%&3$! 3/! ,'#! +/)1'#! $! /)1.'3'#!-/.%&7&3'#D!#$7./!%2`$#!=$)3$#!)$!-$3.e)!F&.'.!#&)$!/,!3&./%1$.!F/)/.',!$!/,!3&./%1$.!Z2/!,$!.//8-,'%/D!%$)!,'!=&.8'!3/,!%$)1'3$.!`!3/,!1/#$./.$D!$!/)!#2!.//8-,'U$D!3/!$1.$!3&./%1$.!/Y-./#'8/)1/!'21$.&U'3$!`!-./+&'!&)1/.+/)%&()!3/!,'!%$)1'32.5'!3/!,'!./-'.1&%&()K!
".1K!<AK!â!d$#!/R/.%&%&$#! =&)')%&/.$#!3/! ,'!\&./%%&()!V/)/.',!3/!W'7.&%'%&$)/#!S&,&1'./#!#/!%/..'.e)!3/!'%2/.3$! '! ,'#! 3&#-$#&%&$)/#! 3/,! '.15%2,$! @P! 3/! ,'! ,/`! )68/.$! @<OK! d'! \&./%%&()! V/)/.',! /,/+'.e!$-$.12)'8/)1/!',!4$3/.!0R/%21&+$!,'!8/8$.&'!')2',!%$../#-$)3&/)1/!',!/R/.%&%&$!1/.8&)'3$K!
*"4L_^dg!Lj!
\&#-$#&%&$)/#!F/)/.',/#!
".1K! <>K! â! d'! &)#1','%&()! `! =2)%&$)'8&/)1$! /)! /,! -'5#! 3/! =e7.&%'#! 3/! '.8'#! `! 82)&%&$)/#! `! $1.$#!8'1/.&',/#! 3/! %'.e%1/.! /#/)%&',8/)1/! 8&,&1'.D! Z2/! )$! #/')! 3/! -.$-&/3'3! 3/,! 0#1'3$D! 3/7/.e)! #/.!'21$.&U'3$#! /)! %'3'! %'#$! -'.1&%2,'.! -$.! /,! 4$3/.! 0R/%21&+$! /)! "%2/.3$! V/)/.',! 3/!S&).$#D! -./+&$!'#/#$.'8&/)1$! 3/! ,'! \&./%%&()! V/)/.',! 3/! W'7.&%'%&$)/#! S&,&1'./#D! 1/)&/)3$! /)! %2/)1'! ,'#!3&#-$)&7&,&3'3/#!3/!8'1/.&'!-.&8'D!,'#!-.$-&'#!)/%/#&3'3/#!`!,'!%'-'%&3'3!1$1',!3/!-.$32%%&()K!
".1K!<OK!â!*2')3$!,'#!8'1/.&'#!-.&8'#!3/!-.$%/3/)%&'!)'%&$)',D!)/%/#'.&'#!-'.'!,'!='7.&%'%&()!3/!'.8'#!`! 82)&%&$)/#D! #/')! 3/! /#%'#'! $! 3/! ,&8&1'3'! -.$32%%&()D! /,! 4$3/.! 0R/%21&+$! Z2/3'! ='%2,1'3$! -'.'!3/1/.8&)'.D! -./+&$! '#/#$.'8&/)1$! 3/! ,'! \&./%%&()! V/)/.',! 3/! W'7.&%'%&$)/#!S&,&1'./#D! ,'#! %')1&3'3/#!8eY&8'#!Z2/!3/!%'3'!2)'!3/!/,,'#!-$3.e!&)32#1.&',&U'.!')2',8/)1/!,'!&)32#1.&'!-.&+'3'K!"3/8e#D!/)!%'#$!)/%/#'.&$D!Z2/3'!='%2,1'3$!1'87&T)!-'.'!3.&72&.!,'#!%2$1'#!3/!/,'7$.'%&()!3/!3&%G'#!8'1/.&'#!-.&8'#!)'%&$)',/#! /)! -.$-$.%&()! %$)! ,'#! %')1&3'3/#! 21&,&U'3'#! -$.! ,$#! /#1'7,/%&8&/)1$#! &)32#1.&',/#! /)! ,$#!6,1&8$#!%&)%$!'a$#!')1/.&$./#!',!'a$!/)!Z2/!#/!/=/%16/!,'!3.&72%&()K!
M(,$!-$3.e)! &)#1','.#/!/)!/,!-'5#!)2/+'#!/8-./#'#!Z2/! ./Z2&/.')!/,! /8-,/$!3/! ,'#! ./=/.&3'#!8'1/.&'#!-.&8'#! )'%&$)',/#! %2')3$! /Y')! %2$1'#! 3&#-$)&7,/#! $! %2')3$! '! R2&%&$! 3/,! 4$3/.! 0R/%21&+$D! %$)! /,!&)=$.8/!%$../#-$)3&/)1/!3/!,'!\&./%%&()!V/)/.',!3/!W'7.&%'%&$)/#!
S&,&1'./#D!#/'!%$)+/)&/)1/!#2!'21$.&U'%&()!'!,$#!=&)/#!3/!,'!3/=/)#'!)'%&$)',!$!/%$)$85'!F/)/.',K!
".1K! <;K! â! {2/3'! -.$G&7&3'! ,'! /Y-$.1'%&()! 3/! ,$#! #&F2&/)1/#! 8/1',/#! $! ',/'%&$)/#D! #2#! ',/'%&$)/#! `!%$87&)'%&$)/#H!G&/..$D!'%/.$D!%$7./D!',28&)&$D!')1&8$)&$D!%&)%D!%.$8$D!)5Z2/,D!7.$)%/!`! ,'1()o!)2/+$#D!2#'3$#! $! =2/.'! 3/! 2#$D! %$8$! 1'87&T)! /)! =$.8'! 3/! ./#&32$#D! =.'F8/)1$#D! ./%$.1/#D! 3/#/%G$#! $!3/#-/.3&%&$#K! 0#1'! -.$G&7&%&()! )$! .&F/! -'.'! ,$#! -.$32%1$#! &)32#1.&',&U'3$#! /)! /,! -'5#! Z2/! %$)1/)F')! '!3&%G$#!8/1',/#K!
*2')3$!,'!-.$32%%&()!)'%&$)',!3/!,$#!8/1',/#!8/)%&$)'3$#D!/Y%/-1$!/,!G&/..$D!/Y%/3'!,'#!)/%/#&3'3/#!3/,! %$)#28$! '8-,&'8/)1/! %',%2,'3'#D! /,! 4$3/.! 0R/%21&+$D!8/3&')1/! /,! '#/#$.'8&/)1$! 3/! ,'! \&./%%&()!V/)/.',! 3/! W'7.&%'%&$)/#!S&,&1'./#D! -$3.e! '21$.&U'.! ,'! /Y-$.1'%&()!3/,! /Y%/3/)1/K! 0,! $1$.F'8&/)1$!3/!/#1$#! -/.8&#$#! 3/! /Y-$.1'%&()! -$3.e! %$)3&%&$)'.#/! '! ,'! %$)%/#&()! -$.! $1.$#! -'5#/#! 3/! -/.8&#$#! 3/!/Y-$.1'%&()!3/!8'1/.&',/#!/#/)%&',/#!-'.'!,'!3/=/)#'!)'%&$)',!$!,'!/%$)$85'!F/)/.',!3/,!-'5#K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
34S!
".1K! PcK!â! M/! 3/%,'.')! 3/! 21&,&3'3! -67,&%'! `! #2R/1$#! '! /Y-.$-&'%&()! ,$#! &)82/7,/#! )/%/#'.&$#! -'.'! /,!/#1'7,/%&8&/)1$! 3/! =e7.&%'#D! 1',,/./#D! %'8-$#! 3/! /Y-/.&8/)1'%&()D! %'8&)$#! 3/! '%%/#$D! =2/)1/#! 3/!/)/.F5'!`!3/8e#!&)#1','%&$)/#D!3/!'%2/.3$!%$)!,$#!-,')/#!Z2/!/)!%'3'!%'#$!'-.2/7/!/,!4$3/.!0R/%21&+$K!
".1K! P9K! â! d$#! /#1'7,/%&8&/)1$#! 3/! -.$-&/3'3! /Y%,2#&+'! 3/! ,'! \&./%%&()! V/)/.',! 3/! W'7.&%'%&$)/#!S&,&1'./#! /#1'.e)! /Y/)1$#! 3/! 1$3$! &8-2/#1$D! %$)! /Y%/-%&()! 3/! ,'#! 1'#'#! Z2/! ./#-$)3')! '! #/.+&%&$#!82)&%&-',/#K!\/!&F2',!/Y/)%&()!F$U'.e)!,'#!8'1/.&'#!-.&8'#!Z2/!./Z2&/.')!-'.'!#2#!='7.&%'%&$)/#K!
".1K!P<K!â!S$3&=5%'#/!/,!&)%&#$!7B!3/,!'.15%2,$!A>!3/,!1/Y1$!$.3/)'3$!3/!,'#!,/`/#!3/!&8-2/#1$#!&)1/.)$#!?d/`!9<K9@OD!'.15%2,$!PcBD!'F./F')3$!',!=&)',!3/,!8$H!v`!-'.'!,'!='7.&%'%&()!3/!-.$32%1$#!3/#1&)'3$#!'!,'!3/=/)#'!)'%&$)',vK!
".1K!PPK!â!d'#!3&#-$#&%&$)/#!3/!,'!-./#/)1/!,/`!)$!#/.e)!3/!'-,&%'%&()!)&!'=/%1'.e)!/,!.TF&8/)!=2)%&$)',!3/!,$#!/#1'7,/%&8&/)1$#!Z2/!-'.'!,'!%$)#1.2%%&()D!='7.&%'%&()!`!./-'.'%&()!3/!8'1/.&',/#!3/!F2/..'D!#/')!3/!-/.1/)/)%&'!3/,!S&)/.&$!3/!S'.&)'D!%$8$!'#5! 1'8-$%$!'! ,$#!8'1/.&',/#!Z2/! ,'!".8'3'!'3Z2&/.'D!&)1.$32U%'!`!='7.&Z2/D!7&/)!#/'!%$)!3/#1&)$!'!#2#!1',,/./#D!'#1&,,/.$#D!=e7.&%'#D!'.#/)',/#D!/1%T1/.'D!%$8$!'Z2/,,$#!Z2/!=2/#/)!)/%/#'.&$#!'!,'!&)32#1.&'!-.&+'3'!-'.'!/,!%28-,&8&/)1$!3/!,$#!%$)1.'1$#!Z2/!%/,/7./!%$)!,'!8'.&)'!3/!F2/..'K!
".1K!P@K!â!0,!0#1'3$!1&/)/!/,!8$)$-$,&$!3/!,'!/Y-$.1'%&()!3/!,'#!'.8'#D!82)&%&$)/#!`!8'1/.&',!3/!F2/..'K!0,!4$3/.!0R/%21&+$D!/)!'%2/.3$!3/!8&).$#D!-$3.e!'21$.&U'.!/Y%/-%&$)',8/)1/!,'!/Y-$.1'%&()!3/!'.8'#D!82)&%&$)/#!`!8'1/.&',!3/!F2/..'D!-$.!2)!+',$.!)$!8'`$.!3/!:ccKccc!-/#$#!'!2)!8$!-'5#D!-$.!2)!'a$K!0)!%'3'!%'#$!/,!4$3/.!0R/%21&+$!3'.e!%2/)1'!',!*$)F./#$!3/!,'!$-/.'%&()!'21$.&U'3'K!*2')3$!/,!+',$.!3/!,$#! 8'1/.&',/#! '! /Y-$.1'.! /Y%/3'! 3/! 'Z2/,,'! %')1&3'3D! #/.e! )/%/#'.&'! ,'! '21$.&U'%&()! /Y-./#'! 3/,!*$)F./#$K!
".1K!P:K!â!0)!,'!'-,&%'%&()!3/!,'#!3&#-$#&%&$)/#!3/,!-./#/)1/!%'-512,$D!'#5!%$8$!/)!,'!3/!,$#!'.15%2,$#!Ab!`!>b!3/!/#1'!,/`D!/,!3/%./1$!3/,!4$3/.!0R/%21&+$!#/!3&%1'.e!%$)!&)1/.+/)%&()!3/!,$#!S&)/.&$#!3/!V2/..'D!3/!h'%&/)3'D!3/!"F.&%2,12.'!`!3/!S'.&)'K!
*"4L_^dg!j!
\&#-$#&%&$)/#!1.')#&1$.&'#!
".1K!PAK!â!"!,$#!/=/%1$#!3/,!'.15%2,$!;bD!3$#!+$%',/#!3/,!-.&8/.!3&./%1$.&$!#/!3/#&F)'.e)!-$.!3$#!'a$#K!
".1K! P>K! â! h'#1'! 1')1$! /,! *$)F./#$! #')%&$)/! /,! -.&8/.! -./#2-2/#1$! 3/! ,'! \&./%%&()! V/)/.',! 3/!W'7.&%'%&$)/#!S&,&1'./#D!./F&.e!/,!-.$`/%1'3$!-$.!,'!8'D!%$)!,'!#$,'!'-.$7'%&()!3/,!4$3/.!0R/%21&+$K!
".1K!POK!â!0,!4$3/.!0R/%21&+$!./F,'8/)1'.e!,'!$.F')&U'%&()!`!=2)%&$)'8&/)1$!3/!,'!\&./%%&()!V/)/.',!3/!W'7.&%'%&$)/#!S&,&1'./#!`!#2#!3/-/)3/)%&'#K!
".1K!P;K!â!\/.(F')#/!1$3'#!,'#!3&#-$#&%&$)/#!3/!$1.'#!,/`/#!Z2/!#/!$-$)F')!'!,'!-./#/)1/K!
".1K!@cK!â!*$82)5Z2/#/!',!4$3/.!0R/%21&+$K!
\'3'!/)! ,'!M','!3/!M/#&$)/#!3/,!*$)F./#$!".F/)1&)$D!/)!C2/)$#!"&./#D!'! ,$#!+/&)1&#T&#!35'#!3/,!8/#!3/!#/-1&/87./!3/,!'a$!8&,!)$+/%&/)1$#!%2'./)1'!`!2)$K!
4"_EgN!*gM_"M!QME!d^LM!*"N_Ldg!QV2#1'+$!W&F2/.$'!dK!u'+',,'!*'.7(!Q!
E/F.'3'!7'R$!/,!NKb!9<K>c;QC2/)$#!"&./#D!;!3/!g%127./!3/!9;@9!Q9c<KcO9K!Q>OA>Q!
4$.!_"N_gH!
_T)F'#/!-$.!d/`!3/!,'!N'%&()D!%68-,'#/D!%$82)5Z2/#/D!-27,5Z2/#/!/)!C$,/15)!S&,&1'.!9Kb!4'.1/D!&)#T.1/#/!/)!/,!E/F.$!N'%&$)',!`!'.%G5+/#/K!*"M_Lddg!QX2')!NH!_$)'UU&!! !
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
34<!
@%[*2n*480X?X**YIKUYL5*FI@*I:T5FU*
08/.F/)%&'!"38&).'1&+'K!4.&+'1&U'%&$)/#!`!4'.1&%&-'%&()!3/,!*'-&1',!4.&+'3$K!4.$F.'8'!3/!4.$-&/3'3!4'.1&%&-'3'K! 4.$1/%%&()! 3/,! _.'7'R'3$.K! *$)1.'1'%&$)/#! 3/! 08/.F/)%&'K! *$)1.'1'%&$)/#! j&F/)1/#K!M&12'%&()! 3/! 08/.F/)%&'! /)! ,'#! g7,&F'%&$)/#! 0Y&F&7,/#K! *$)%/#&$)/#K! 4,')! 3/! 08/.F/)%&'! 3/,! 08-,/$K!\&#-$#&%&$)/#!V/)/.',/#K!
M')%&$)'3'H!'F$#1$!9>!3/!9;O;!
4.$82,F'3'H!'F$#1$!9O!3/!9;O;!
0,! M/)'3$! `! *e8'.'! 3/! \&-21'3$#! 3/! ,'! N'%&()! ".F/)1&)'! ./2)&3$#! /)! *$)F./#$D! /1%K! M')%&$)')! %$)!=2/.U'!3/!d/`H!
*"4L_^dg!L!
\0!d"!0S0EV0N*L"!"\SLNLM_E"_Lj"!
".15%2,$!9tKQ!\0*d"E"*LgNK!\/%,e.'#/!/)!/#1'3$!3/!/8/.F/)%&'!,'!-./#1'%&()!3/!,$#!#/.+&%&$#!-67,&%$#D!,'!/R/%2%&()! 3/! ,$#! %$)1.'1$#! '! %'.F$! 3/,! #/%1$.! -67,&%$! `! ,'! #&12'%&()! /%$)(8&%'! =&)')%&/.'! 3/! ,'!"38&).'%&()! 467,&%'! N'%&$)',! %/)1.',&U'3'! `! 3/#%/)1.',&U'3'D! /)1&3'3/#! '21e.Z2&%'#D! /8-./#'#! 3/,!0#1'3$D!M$%&/3'3/#!3/,!0#1'3$D!M$%&/3'3/#!')()&8'#!%$)!-'.1&%&-'%&()!0#1'1',!S'`$.&1'.&'D!M$%&/3'3/#!3/! 0%$)$85'! S&Y1'D! M/.+&%&$#! 3/! *2/)1'#! 0#-/%&',/#D! g7.'#! M$%&',/#! 3/,! M/%1$.! 467,&%$! 7')%$#! `!/)1&3'3/#!=&)')%&/.'#!$=&%&',/#D!)'%&$)',/#!`I$!82)&%&-',/#!`!1$3$!$1.$!/)1/!/)!Z2/!/,!0#1'3$!N'%&$)',!$!#2#!/)1/#!3/#%/)1.',&U'3$#!1/)F')!-'.1&%&-'%&()!1$1',!$!8'`$.&1'.&'!3/!%'-&1',!$!/)! ,'!=$.8'%&()!3/! ,'#!3/%&#&$)/#!#$%&/1'.&'#K!0#1'! ,/`!/#!'-,&%'7,/!'! 1$3$#! ,$#!$.F')$#!8/)%&$)'3$#!/)!/#1/!'.15%2,$D!'6)!%2')3$! #2#! /#1'121$#! $! %'.1'#! $.Fe)&%'#! $! ,/`/#! /#-/%&',/#! ./Z2&/.')! 2)'! &)%,2#&()! /Y-./#'! -'.'! #2!'-,&%'%&()K!0,!.TF&8/)!3/!,'!-./#/)1/!,/`!#/.e!'-,&%'7,/!'!'Z2/,,$#!/)1/#!/)!,$#!Z2/!/,!0#1'3$!N'%&$)',!#/!/)%2/)1./! '#$%&'3$! '! 2)'! $! +'.&'#! -.$+&)%&'#! `I$! 82)&%&-',&3'3/#D! #&/8-./! Z2/! ,$#! ./#-/%1&+$#!F$7&/.)$#! -.$+&)%&',/#! `I$! 82)&%&-',/#! -./#1/)! #2! '%2/.3$K! 0#1/! /#1'3$! 3/! /8/.F/)%&'! )$! -$3.e!/Y%/3/.!3/!2)!?9B!'a$!'!-'.1&.!3/!,'!/)1.'3'!/)!+&F/)%&'!3/!,'!-./#/)1/!,/`K!0,!4$3/.!0R/%21&+$!N'%&$)',!-$3.e!-.$..$F'.,$!-$.!2)'!#$,'!+/U!`!-$.!&F2',!1T.8&)$K!
".1K!<tKQ!LN_0Ej0N*LgN0MK!"21$.5U'#/!',!4$3/.!0R/%21&+$!N'%&$)',!'!3&#-$)/.!-$.!2)!-,'U$!3/!9Oc!35'#D!-.$..$F'7,/#! -$.! 2)'! #$,'! +/U! `! -$.! &F2',! 1T.8&)$! ,'! &)1/.+/)%&()! 3/! 1$3$#! ,$#! /)1/#D! /8-./#'#! `!#$%&/3'3/#D! %2',Z2&/.'! #/'! #2! 1&-$! R2.53&%$D! 3/! -.$-&/3'3! /Y%,2#&+'! 3/,! 0#1'3$! N'%&$)',! `I$! 3/! $1.'#!/)1&3'3/#! 3/,! #/%1$.! -67,&%$! )'%&$)',! 3/! %'.e%1/.! -.$32%1&+$D! %$8/.%&',D! &)32#1.&',! $! 3/! #/.+&%&$#!-67,&%$#K! 0Y%,6`/#/! /Y-./#'8/)1/! '! ,'#! 2)&+/.#&3'3/#! )'%&$)',/#! 3/,! .TF&8/)! 3/! &)1/.+/)%&()!/#1'7,/%&3$!/)!/,!-./#/)1/!'.15%2,$K!
".1K!PtKQ!W^N*LgN0M!k!"_ELC^*LgN0M!\0d! LN_0Ej0N_gEK! d'#! =2)%&$)/#!`!'1.&72%&$)/#!3/,! L)1/.+/)1$.!#/.e)! ,'#! Z2/! ,'#! ,/`/#D! /#1'121$#! $! %'.1'#! $.Fe)&%'#! ./#-/%1&+'#D! $1$.F2/)! '! ,$#! (.F')$#! 3/!'38&).'%&()!`!3&./%%&()D!%2',Z2&/.'!=2/./!#2!3/)$8&)'%&()D!%$)!,'#!,&8&1'%&$)/#!3/.&+'3'#!3/!/#1'!,/`!`! #2! ./F,'8/)1'%&()K! d/! %$../#-$)3/!',! L)1/.+/)1$.! ,'! ./$.F')&U'%&()!-.$+&#&$)',! 3/,! /)1/D! /8-./#'!$!#$%&/3'3!&)1/.+/)&3'D!#&)!-/.R2&%&$!3/!,$!3&#-2/#1$!/)!/,!'.15%2,$!:!3/!,'!-./#/)1/K!"!1',!=&)D!/,!L)1/.+/)1$.!-$3.e!3&#-$)/.D!%2')3$!,$!/#1&8'./!)/%/#'.&$D!#/!8')1/)F'!$!)$!/)!/,!%'.F$!$!=2)%&()D!/,!3/#-&3$!$!7'R'!3/,!-/.#$)',!Z2/!%28-,'!%$)!=2)%&$)/#!3/!./#-$)#'7&,&3'3!`!%$)32%%&()!/R/%21&+'!/)!/,!/)1/D!/8-./#'!$!#$%&/3'3!&)1/.+/)&3'D!#/!/)%2/)1./!$!)$!/)!/R/.%&%&$!/=/%1&+$!3/,!%'.F$!$!=2)%&()K!0)!%2',Z2&/.!%'#$D!,'!&)3/8)&U'%&()! '! ./%$)$%/.! #/.e! &3T)1&%'! '! ,'! -./+'! /)! ,$#! '.15%2,$#! <P<D! <@:! `! %$)%$.3')1/#! `!%$8-,/8/)1'.&$#!3/! ,'!d/`!<cK>@@!`!#2#!8$3&=&%'1$.&'#!#&)!-/.R2&%&$!3/! ,'!'-,&%'%&()!3/! &)3/8)&U'%&()!#2-/.&$.! %2')3$! /,,'#D! ,/F',! $! %$)+/)%&$)',8/)1/! %$../#-$)3')D! /)! /,! 3/#/8-/a$! 3/! #2! F/#1&()! /,!L)1/.+/)1$.! 3/7/.e! 3'.! /#1.&%1$! %28-,&8&/)1$! '! ,'#! &)#1.2%%&$)/#! Z2/! ,/! &8-'.1'! /,! 4$3/.! 0R/%21&+$!N'%&$)',D! $! /)! #2! %'#$D! /,! S&).$! $! M/%./1'.&$! 3/,! Z2/! 3/-/)3'K! M/.e! 3/#&F)'3$! 1'87&T)! 2)! M27Q
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
34X!
L)1/.+/)1$.! %$)! =2)%&$)/#! F/./)%&',/#! `! 3/! #2-,/)%&'! 3/,! L)1/.+/)1$.! %2')3$! /,,$! =2/./! )/%/#'.&$K! 0,!L)1/.+/)1$.!/#1'.e!='%2,1'3$!-'.'!./',&U'.!3/,/F'%&$)/#!3/!#2!%$8-/1/)%&'!/)!/,!M27QL)1/.+/)1$.K!
".1K!@tKQ!W"*^d_"\0M!\0d!SLNLM_0ELgK!0,!S&).$!Z2/!=2/./!%$8-/1/)1/!/)!.'U()!3/!,'!8'1/.&'D!$!,$#!M/%./1'.&$#! /)! Z2&/)/#! 'Z2T,! 3/,/F2/! 1',! %$8/1&3$D! #/! /)%2/)1.')! /Y-./#'8/)1/! ='%2,1'3$#! -'.'!'7$%'./#!/)!/,!/R/.%&%&$!3/!,'!%$8-/1/)%&'!3/!,$#!&)1/.+/)1$./#!'Z25!-./+$#K!"#&8$D!8&/)1.'#!32./!,'!#&12'%&()!3/!&)1/.+/)%&()D!./#&3/!/)!/,!%&1'3$!(.F')$!S&).$!,'!%$8-/1/)%&'!F/)T.&%'!3/!%$)32%%&()D!%$)1.$,D!=&#%',&U'%&()D!-$,&%5'!3/!,'!-./#1'%&()!`!F/#1&()!3/,!#/.+&%&$!-67,&%$!$!3/!,'!'%1&+&3'3!/8-./#'.&'!$!'38&).'1&+'! 3/! Z2/! #/! 1.'1/D! -23&/)3$! '! 1',! =&)! 3&#-$)/.! `! ./',&U'.! 1$3'#! ,'#! 8/3&3'#! Z2/! /#1&8/!%$)+/)&/)1/!-'.'!%28-,&.!#2!%$8/1&3$D!&)%,2#$!#$,&%&1')3$!/,!'2Y&,&$!3/!,'!=2/.U'!-67,&%'!/!&)F./#'.!-$.!#2!-.$-&'!3/%&#&()!/)!,$#!,2F'./#!3$)3/!#/!/R/.%&1/!1',!'%1&+&3'3!/8-./#'.&'!$!'38&).'1&+'K!
".1K! :tKQ!gEV"NgM! \0! *gN_EgdK! 0)! 1$3$#! ,$#! %'#$#! Z2/3'.e)! #27#/)1/#! ,$#! (.F')$#! 3/! %$)1.$,!/Y1/.)$D!_.&72)',!3/!*2/)1'#!3/!,'!N'%&()!`!MLV04!?M&)3&%'12.'!V/)/.',!3/!08-./#'#!467,&%'#BD! ,$#!Z2/!%28-,&.e)!#2#!%$8/1&3$#!#/F6)!#2!)$.8'1&+'!/#-/%5=&%'K!0)!%'#$!3/! &)1/.+/)%&()!/)!#2#1&12%&()!3/! ,'#!='%2,1'3/#! 3/! ,'#! '#'87,/'#! #$%&/1'.&'#D! ,$#! #5)3&%$#! /)! ./-./#/)1'%&()! 3/,! #/%1$.! -67,&%$! #/.e)!3/#&F)'3$#! -$.! /,! 4$3/.! 0R/%21&+$! N'%&$)',D! #/F6)! ,'! -.$-2/#1'! 3/,! (.F')$! ./#-/%1&+$D! %2')3$! '#5!%$../#-$)3'K!
".1K! AtKQ!_E"NMWgES"*LgN0MK! W'%6,1'#/! ',! 4$3/.! 0R/%21&+$! N'%&$)',! -'.'! 1.')#=$.8'.! ,'! 1&-&%&3'3!R2.53&%'! 3/! 1$3$#! ,$#! /)1/#D! /8-./#'#! `! #$%&/3'3/#! &)3&%'3'#! /)! /,! '.15%2,$! <D! 3/)1.$! 3/! ,'#! =$.8'#!R2.53&%'#!-./+'#!-$.!,'!,/F&#,'%&()!+&F/)1/D!`!-$.!/,!1T.8&)$!/#1'7,/%&3$!/)!/,!'.15%2,$!9!3/!,'!-./#/)1/!,/`K!
".1K!>tKQ!W'%6,1'#/!',!4$3/.!0R/%21&+$!N'%&$)',!-'.'!3&#-$)/.!-$.!'%1$! =2)3')3$! ,'!%./'%&()!3/!)2/+'#!/8-./#'#! #$7./! ,'! 7'#/! 3/! ,'! /#%&#&()D! =2#&()D! /Y1&)%&()! $! 1.')#=$.8'%&()! 3/! ,'#! /Y/)1/#D!./$.F')&U')3$D! ./3.&72`/)3$! `! .//#1.2%12.')3$! %$8/1&3$#D! $.F')&U'%&()! `! =2)%&$)/#! 2! $7R/1$#!#$%&',/#! 3/! ,'#! /8-./#'#! `! #$%&/3'3/#! &)3&%'3'#! /)! /,! '.15%2,$! <tD! /=/%12')3$! /)! #2! %'#$! ,'#!%$../#-$)3&/)1/#! '3/%2'%&$)/#! -./#2-2/#1'.&'#D! #&)! ',1/.'.! ,$#! 8$)1$#! 8eY&8$#! '21$.&U'3$#D! `! #&)!%$8-.$8/1/.!'+',/#!`I$!F'.')15'#!$=&%&',/#K!
*"4L_^dg!LL!
\0!d"M!4ELj"_Lu"*LgN0M!k!4"E_L*L4"*LgN!\0d!*"4L_"d!4ELj"\g!
".1K!OtKQ!4Eg*0\LSL0N_g!4'.'!-.$%/3/.!'!,'!-.&+'1&U'%&()!1$1',!$!-'.%&',!$!'!,'!,&Z2&3'%&()!3/!/8-./#'#D!#$%&/3'3/#D!/#1'7,/%&8&/)1$#!$!G'%&/)3'#!-.$32%1&+'#!%2`'!-.$-&/3'3!-/.1/)/U%'!1$1',!$!-'.%&',8/)1/!',! 0#1'3$! N'%&$)',D! &)%,2`/)3$! ,'#! /8-./#'#! /8&#$.'#! 3/! .'3&$3&=2#&()! `! %')',/#! 3/! 1/,/+&#&()D! /#!./Z2&#&1$!-./+&$!Z2/!G'`')!#&3$!3/%,'.'3'#!v#2R/1'!'!-.&+'1&U'%&()v!3/!'%2/.3$!'!,'#!-./+&#&$)/#!3/!/#1'!,/`K!
*2')3$! /,! 0#1'3$! N'%&$)',! `I$! #2#! /)1&3'3/#D! %2',/#Z2&/.'! #/'! #2! -/.#$)',&3'3! R2.53&%'D! =2/#/)!-.$-&/1'.&$#!3/!'%%&$)/#!$!3/!-'.1&%&-'%&()!3/!%'-&1',!/)!#$%&/3'3/#!/)!,'#!Z2/!)$!,/#!$1$.F2/!,'!8'`$.5'!3/! %'-&1',! #$%&',! )/%/#'.&$! -'.'! /R/.%/.! /,! %$)1.$,! 3/! ,'! ./#-/%1&+'! /)1&3'3D! 3&%G'#! '%%&$)/#! $!-'.1&%&-'%&$)/#!3/!%'-&1',!-$3.e)!#/.!/)'R/)'3$#!'-,&%')3$!,$#!-.$%/3&8&/)1$#!-./+$#!/)!/#1'!,/`D!#&)!Z2/!#/!./Z2&/.'!/)!1',/#!%'#$#D!,'!3/%,'.'%&()!'Z25!./F2,'3'K!
".1K!;tKQ!d'!3/%,'.'%&()!3/!v#2R/1'!'!-.&+'1&U'%&()v!#/.e!G/%G'!-$.!/,!4$3/.!0R/%21&+$!N'%&$)',D!3/7&/)3$D!/)!1$3$#!,$#!%'#$#D!#/.!'-.$7'3'!-$.!,/`!3/,!*$)F./#$K!"#5F)'#/!1.e8&1/!-'.,'8/)1'.&$!3/!-./=/./)%&'!'!,$#!-.$`/%1$#!3/!/#1'!)'12.',/U'K!
M&)!-/.R2&%&$!3/,!.TF&8/)!/#1'7,/%&3$!-./%/3/)1/8/)1/D!-$.!/#1'!,/`!#/!3/%,'.')!v#2R/1'!'!-.&+'1&U'%&()v!'!,$#!/)1/#!Z2/!#/!/)28/.')!/)!,$#!,'3$#!')/Y$#K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
34>!
".1K! 9cKQ!"d*"N*0MK! 0,! '%1$! Z2/! 3/%,'./! v#2R/1'! '! -.&+'1&U'%&()v! -2/3/! ./=/.&.#/! '! %2',/#Z2&/.'! 3/! ,'#!=$.8'#! 3/! -.&+'1&U'%&()D! #/'! 1$1',! $! -'.%&',D! -23&/)3$! %$8-./)3/.! 1')1$! '! 2)'! /8-./#'! %$8$! '! 2)!/#1'7,/%&8&/)1$D! 7&/)! $! '%1&+&3'3! 3/1/.8&)'3'K! *$)! /,!8$! .TF&8/)! Z2/! /,! &)3&%'3$! /)! /,! '.15%2,$!')1/.&$.D!/,!3/%./1$!3/,!4$3/.!0R/%21&+$!N'%&$)',!-$3.e!3&#-$)/.D!%2')3$!=2/./!)/%/#'.&$D! ,'!/Y%,2#&()!3/! 1$3$#! ,$#! -.&+&,/F&$#! `I$! %,e2#2,'#! 8$)$-(,&%'#! `I$! -.$G&7&%&$)/#! 3&#%.&8&)'1$.&'#! '6)! %2')3$!3/.&+'./)!3/!)$.8'#!,/F',/#D!%2`$!8')1/)&8&/)1$!$7#1/!'!,$#!$7R/1&+$#!3/!,'!-.&+'1&U'%&()!$!Z2/!&8-&3'!,'!3/#8$)$-$,&U'%&()!$!3/#./F2,'%&()!3/,!./#-/%1&+$!#/.+&%&$K!
".1K!99KQ!W"*^d_"\0M!\0d!4g\0E!0X0*^_LjgH!W'%6,1'#/!',!4$3/.!0R/%21&+$!N'%&$)',!-'.'!-.$%/3/.!'! ,'!-.&+'1&U'%&()!1$1',!$!-'.%&',D!'!,'!%$)%/#&()!1$1',!$!-'.%&',!3/!#/.+&%&$#D!-./#1'%&$)/#!'!$7.'#!%2`'!F/#1&()!'%12',! #/! /)%2/)1./! '! #2! %'.F$D! $! '! ,'! ,&Z2&3'%&()! 3/! ,'#! /8-./#'#D! #$%&/3'3/#D! /#1'7,/%&8&/)1$#! $!G'%&/)3'#!-.$32%1&+'#! %2`'!-.$-&/3'3!-/.1/)/U%'! 1$1',!$!-'.%&',8/)1/!',!0#1'3$!N'%&$)',D!Z2/!G'`')!#&3$! 3/%,'.'3'#! v#2R/1'! '! -.&+'1&U'%&()v! %$)=$.8/! %$)! ,'#! -./+&#&$)/#! 3/! /#1'! ,/`K! 0)! /,! 3/%./1$! 3/!/R/%2%&()! 3/! /#1'! ='%2,1'3! #/! /#1'7,/%/.e)D! /)! %'3'! %'#$D! ,'#! ',1/.)'1&+'#D! ,$#! -.$%/3&8&/)1$#! `!8$3',&3'3/#!Z2/!#/!#/F2&.e)K!
M&/8-./!`!/)!1$3$#!,$#!%'#$#!%2',Z2&/.'!#/'!,'!8$3',&3'3!$!/,!-.$%/3&8&/)1$!/,/F&3$D!/,!4$3/.!0R/%21&+$!N'%&$)',D!/)!e./'#!Z2/!%$)#&3/./!3/!&)1/.T#!)'%&$)',!#/!./#/.+'.e!/)!/,!-,&/F$!3/!%$)3&%&$)/#!,'!='%2,1'3!3/!=&R'.!,'#!-$,51&%'#!3/!Z2/!#/!1.'1/K!
0)!/,!%'#$!3/!Z2/!,'!/8-./#'!3/%,'.'3'!v#2R/1'!'!-.&+'1&U'%&()v!12+&/.'!#2!-.&)%&-',!'#/)1'8&/)1$!`!e./'!3/! &)=,2/)%&'!/)! 1/..&1$.&$!-.$+&)%&',D! /,! 4$3/.!0R/%21&+$!N'%&$)',!3'.e!-'.1&%&-'%&()!',!V$7&/.)$!3/! ,'!./#-/%1&+'!4.$+&)%&'!/)!/,!-.$%/3&8&/)1$!3/!-.&+'1&U'%&()K!
0)!/,!%'#$!3/!Z2/!,'!/8-./#'!3/%,'.'3'!v#2R/1'!'!-.&+'1&U'%&()v!12+&/.'!%$)#1.2%%&$)/#D!/3&=&%&$#!2!$1.$#!/,/8/)1$#!3/!./%$)$%&3$!+',$.!G(.&%$!`I$!%2,12.',!$!/%$,(F&%$D!/,!4$3/.!0R/%21&+$!N'%&$)',!3&%1'.e!,'!)$.8'!-'.'!#2!-./#/.+'%&()!/)!/,!-.$%/3&8&/)1$!3/!-.&+'1&U'%&()K!
".1K! 9<KQ!0)! ,'#! /8-./#'#D! #$%&/3'3/#D! /#1'7,/%&8&/)1$#! $! G'%&/)3'#! -.$32%1&+'#! %2`'! -.$-&/3'3!-/.1/)/U%'! -'.%&',8/)1/! ',! 0#1'3$! N'%&$)',D! ,'! ='%2,1'3! $1$.F'3'! /)! /,! '.15%2,$! 99! #/! ,&8&1'! '! ,'!-.$-$.%&()!-/.1/)/%&/)1/! ',! 0#1'3$!N'%&$)',K! d'! ,&Z2&3'%&()!3/! ,'#!8'#! #(,$!-$3.e! ,,/+'.#/! '! %'7$!%2')3$! /,! 0#1'3$!N'%&$)',! #/'! 1&12,'.! 3/! ,'! -.$-$.%&()! 3/! %'-&1',! ,/F',! $! /#1'121'.&'8/)1/! ./Z2/.&3$!-'.'! /,,$D! $! ',%')U')3$! ,'#! 8'`$.5'#! )/%/#'.&'#D! 8/3&')1/! /,! %$)#/)1&8&/)1$! 3/! $1.$#! 1&12,'./#! 3/!%'-&1',K!
".1K!9PKQ!"^_gEL\"\!\0!"4dL*"*LgNH!M/.e!"21$.&3'3!3/!"-,&%'%&()!'! 1$3$#! ,$#!/=/%1$#!3/!/#1'! ,/`D!/,!S&).$!/)!%2`'!R2.&%%&()!#/!/)%2/)1./!/,!/)1/!'!-.&+'1&U'.K!
".1K! 9@KQ!*gSLMLgN! CL*"S0E"dH! *.T'#/! /)! /,! e87&1$! 3/,! *$)F./#$! N'%&$)',! 2)'! *$8&#&()! C&%'8/.',!&)1/F.'3'! -$.! M0LM! ?AB! M/)'3$./#! `! M0LM! ?AB! \&-21'3$#D! Z2&/)/#! #/.e)! /,/F&3$#! -$.! #2#! ./#-/%1&+$#!%2/.-$#D!,'!Z2/!/#1'7,/%/.e)!#2!/#1.2%12.'!&)1/.)'K!
\&%G'!*$8&#&()!1/)3.e!%$8$!8&#&()!%$)#1&12&.!`!/R/.%/.!,'!%$$.3&)'%&()!/)1./!/,!*$)F./#$!N'%&$)',!`!/,!4$3/.!0R/%21&+$!N'%&$)',D!'! ,$#!/=/%1$#!3/,!%28-,&8&/)1$!3/! ,'!-./#/)1/! ,/`!`!#2#!./#2,1'3$#!3/7&/)3$!&)=$.8'.!'!,$#!./#-/%1&+$#!%2/.-$#!,/F&#,'1&+$#!#$7./!1$3$!/,!-.$%/#$!Z2/!#/!,,/+/!'3/,')1/!%$)=$.8/!'!,'#!3&#-$#&%&$)/#!3/!/#1'!,/`K!
4'.'! %28-,&.! #2! %$8/1&3$D! ,'! %&1'3'! *$8&#&()! 3/7/.e! #/.! &)=$.8'3'! -/.8')/)1/8/)1/! `I$! '! #2!./Z2/.&8&/)1$!3/!1$3'!%&.%2)#1')%&'!Z2/!#/!-.$32U%'!/)!/,!3/#/)+$,+&8&/)1$!3/!,$#!1/8'#!./,'1&+$#!'!,'!-./#/)1/!,/`D!./8&1&T)3$#/,/!%$)!,'!&)=$.8'%&()!,'!3$%28/)1'%&()!%$../#-$)3&/)1/K!
4$3.e! ./Z2/.&.! &)=$.8'%&()D! =$.82,'.! ,'#! $7#/.+'%&$)/#D! -.$-2/#1'#! `! ./%$8/)3'%&$)/#! Z2/! /#1&8/!-/.1&)/)1/! `! /8&1&.! 3&%1'8/)!/)! ,$#! '#2)1$#! '! #2! %'.F$K!"!/#1$#!/=/%1$#! ,'!*$8&#&()!C&%'8/.',! Z2/3'!='%2,1'3'!'!3&%1'.#/!#2#!-.$-&$#!./F,'8/)1$#!3/!=2)%&$)'8&/)1$K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
34;!
"#&8$!/,!1.&72)',!3/!*2/)1'#!`!,'!M&)3&%'12.'!V/)/.',!3/!08-./#'#!467,&%'#!'%12'.e)!/)!%$,'7$.'%&()!-/.8')/)1/!%$)!/#1'!*$8&#&()K!
".1K!9:KQ!"d_0EN"_Lj"M!\0!4Eg*0\LSL0N_gK!4'.'!/,!%28-,&8&/)1$!3/!,$#!$7R/1&+$#!`!=&)/#!3/!/#1'!,/`D!/,!4$3/.!0R/%21&+$D!'!1.'+T#!3/!,'!"21$.&3'3!3/!"-,&%'%&()!$!/)!=$.8'!3&./%1'!/)!#2!%'#$D!-$3.eH!
9tB! _.')#=/.&.! ,'! 1&12,'.&3'3D! /R/.%&%&$! 3/! 3/./%G$#! #$%&/1'.&$#! $! '38&).'%&()! 3/! ,'#! /8-./#'#D!#$%&/3'3/#D!/#1'7,/%&8&/)1$#!$!G'%&/)3'#!-.$32%1&+'#!3/%,'.'3'#!v#2R/1'!'!-.&+'1&U'%&()vK!
<tB!*$)#1&12&.!#$%&/3'3/#H!1.')#=$.8'.D!/#%&)3&.!$!=2#&$)'.!,$#!/)1/#!8/)%&$)'3$#!/)!/,!&)%&#$!')1/.&$.K!
PtB!E/=$.8'.!,$#!/#1'121$#!#$%&/1'.&$#!3/!,$#!/)1/#!8/)%&$)'3$#!/)!/,!&)%&#$!9!3/!/#1/!'.15%2,$K!
@tB!\&#$,+/.!,$#!/)1/#!R2.53&%$#!-.//Y/)1/#!/)!,$#!%'#$#!/)!Z2/!-$.!1.')#=$.8'%&()D!/#%&#&()D!=2#&()!$!,&Z2&3'%&()D!%$../#-$)3'K!
:tB!N/F$%&'.!./1.$%/#&$)/#!`!'%$.3'.!,'!/Y1&)%&()!$!8$3&=&%'%&()!3/!%$)1.'1$#!`!%$)%/#&$)/#D!=$.82,')3$!,$#!'../F,$#!)/%/#'.&$#!-'.'!/,,$K!
AtB! 0=/%12'.! ,'#! /)'R/)'%&$)/#! '2)! %2')3$! #/! ./=&/.')! '! 7&/)/#D! '%1&+$#! $! G'%&/)3'#! -.$32%1&+'#! /)!,&1&F&$D!/)!%2`$!%'#$!/,!'3Z2&./)1/!#27.$F'.e!',!0#1'3$!N'%&$)',!/)!,'#!%2/#1&$)/#D!,&1&F&$#!`!$7,&F'%&$)/#K!
>tB!g1$.F'.!-/.8&#$#D!,&%/)%&'#!$!%$)%/#&$)/#D!-'.'!,'!/Y-,$1'%&()!3/!,$#!#/.+&%&$#!-67,&%$#!$!3/!&)1/.T#!-67,&%$!'!Z2/!/#12+&/./)!'=/%1'3$#!,$#!'%1&+$#D!/8-./#'#!$!/#1'7,/%&8&/)1$#!Z2/!#/!-.&+'1&%/)D!/)!1')1$!,$#!'3Z2&./)1/#!./6)')!,'#!%$)3&%&$)/#!/Y&F&3'#!-$.!,$#!./#-/%1&+$#!./F58/)/#!,/F',/#D!'#5!%$8$!,'#!Z2/!'#/F2./)!,'!/=&%&/)1/!-./#1'%&()!3/,!#/.+&%&$!`!-$.!/,!1T.8&)$!Z2/!%$)+/)F'!-'.'!='%&,&1'.!,'!$-/.'%&()K!0)!/,!$1$.F'8&/)1$!3/!,'#!%$)%/#&$)/#D!%2')3$!8/3&/)!.'U$)/#!3/!3/=/)#'!)'%&$)',!$!#/F2.&3'3!&)1/.&$.D!'!%.&1/.&$! 3/! ,'! "21$.&3'3! 3/! "-,&%'%&()D! #/! 3'.e! -./=/./)%&'! ',! %'-&1',! )'%&$)',K! 0)! 1$3$#! ,$#! %'#$#! #/!/Y&F&.e)!2)'!'3/%2'3'!/Z2&+',/)%&'!/)1./!,'!&)+/.#&()!/=/%1&+'8/)1/!./',&U'3'!`!,'!./)1'7&,&3'3K!
OtB!"%$.3'.!'!,'!/8-./#'!Z2/!#/!-.&+'1&%/!7/)/=&%&$#!1.&721'.&$#!Z2/!/)!)&)F6)!%'#$!-$3.e)!/Y%/3/.!'!,$#!Z2/! -./+/')! ,$#! ./F58/)/#! 3/! -.$8$%&()! &)32#1.&',D! ./F&$)',! $! #/%1$.&',D! +&F/)1/#! ',! 1&/8-$! 3/! ,'!-.&+'1&U'%&()! -'.'! /,! 1&-$! 3/! '%1&+&3'3! Z2/! 'Z2T,,'! 3/#'..$,,/! $! -'.'! ,'! ./F&()! 3$)3/! #/! /)%2/)1.'!.'3&%'3'K!
;tB!"21$.&U'.!3&=/.&8&/)1$#D!Z2&1'#D!/#-/.'#!$!./8&#&$)/#!/)!/,!%$7.$!3/!%.T3&1$#!3/!$.F')$#!$=&%&',/#!%$)1.'!/)1&3'3/#!Z2/!#/!-.&+'1&%/)!-$.!'-,&%'%&()!3/!/#1'! ,/`K!d$#!3&=/.&8&/)1$#!./=/.&3$#!',%')U'.e)!'!1$3$#!,$#!%.T3&1$#D!%2',Z2&/.'!#/'!#2!)'12.',/U'D!3/!,$#!Z2/!#/')!1&12,'./#!,$#!$.F')$#!%/)1.',&U'3$#!$!3/#%/)1.',&U'3$#!3/,! 0#1'3$!N'%&$)',K! d'#! #28'#! %2`$! %$7.$! #/! 3&=&/.'D! Z2/3'.e)! %$8-./)3&3'#! /)! /,!.TF&8/)! 3/! '%12',&U'%&()! %$../#-$)3&/)1/! '! %'3'! %.T3&1$! 3/! '%2/.3$! '! #2! )'12.',/U'! `! $.&F/)! `D! /)!'2#/)%&'! 3/,! .TF&8/)! '-,&%'7,/D! ',! Z2/! 3/1/.8&)/! /,! 4$3/.! 0R/%21&+$!N'%&$)',K! 0)! 1$3$#! ,$#! %'#$#! ,'#!Z2&1'#D!./8&#&$)/#!$!3&=/.&8&/)1$#!'!$1$.F'.D!'#5!%$8$!#2!.TF&8/)!3/!'%12',&U'%&()!3/7/.e)!=$.8'.!-'.1/!3/!,$#!-,&/F$#!`!7'#/#!3/!,&%&1'%&()!%2',/#Z2&/.'!=2/.')!,'#!',1/.)'1&+'#!/8-,/'3'#!-'.'!/,,$K!
9ctB! 0#1'7,/%/.! 8/%')$#! '! 1.'+T#! 3/! ,$#! %2',/#! ,$#! '%.//3$./#! 3/,! 0#1'3$! `I$! 3/! ,'#! /)1&3'3/#!8/)%&$)'3'#!/)!/,!'.15%2,$!<!3/!,'!-./#/)1/D!-2/3')!%'-&1',&U'.!#2#!%.T3&1$#K!
99tB!\/R'.!#&)!/=/%1$!3&#-$#&%&$)/#!/#1'121'.&'#!$!%$)+/)%&$)',/#!Z2/!-./+/')!-,'U$#D!-.$%/3&8&/)1$#!$!%$)3&%&$)/#!/#-/%&',/#!-'.'!,'!+/)1'!3/!'%%&$)/#!$!%2$1'#!3/!%'-&1',D!/)!.'U()!3/!#/.!1&12,'.!3/!T#1'#!/,!0#1'3$!$!#2#!$.F')$#K!
9<tB!\&#-$)/.!-'.'!%'3'!%'#$!3/!-.&+'1&U'%&()!`I$!%$)%/#&()!3/!$7.'#!`!#/.+&%&$#!-67,&%$#!Z2/!/,!0#1'3$!N'%&$)',!'#28'!/,!-'#&+$!1$1',!$!-'.%&',!3/! ,'!/8-./#'!'!-.&+'1&U'.D!'!/=/%1$#!3/!='%&,&1'.!$!8/R$.'.! ,'#!%$)3&%&$)/#!3/!,'!%$)1.'1'%&()K!
9PtB!d,/+'.!'!%'7$!%2',Z2&/.!1&-$!3/!'%1$!R2.53&%$!$!-.$%/3&8&/)1$!)/%/#'.&$!$!%$)+/)&/)1/!-'.'!%28-,&.!%$)!,$#!$7R/1&+$#!3/!,'!-./#/)1/!,/`K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
34?!
".1K! 9AKQ!4E0W0E0N*L"MH! 0,! 4$3/.! 0R/%21&+$! -$3.e! $1$.F'.! -./=/./)%&'#! -'.'! ,'! '3Z2&#&%&()! 3/! ,'#!/8-./#'#D! #$%&/3'3/#D! /#1'7,/%&8&/)1$#! $! G'%&/)3'#! -.$32%1&+'#! 3/%,'.'3'#! v#2R/1'! '! -.&+'1&U'%&()vD!%2')3$!,$#!'3Z2&./)1/#!#/!/)%2'3./)!/)!',F2)'!3/!,'#!%,'#/#!Z2/!#/!/)28/.')!'!%$)1&)2'%&()o!#',+$!Z2/!$.&F&)/)!#&12'%&$)/#!8$)$-(,&%'#!$!3/!#2R/%&()H!
9B!{2/!#/')!-.$-&/1'.&$#!3/!-'.1/!3/,!%'-&1',!#$%&',K!
<B! {2/! #/')! /8-,/'3$#! 3/,! /)1/! '! -.&+'1&U'.D! 3/! %2',Z2&/.! R/.'.Z25'D! %$)! ./,'%&()! 3/! 3/-/)3/)%&'D!$.F')&U'3$#!$!Z2/!#/!$.F')&%/)!/)!4.$F.'8'!3/!4.$-&/3'3!4'.1&%&-'3'!$!*$$-/.'1&+'D!2!$1.'#!/)1&3'3/#!&)1/.8/3&'#!,/F',8/)1/!%$)#1&12&3'#K!
PB! {2/! #/')! 2#2'.&$#! 1&12,'./#! 3/! #/.+&%&$#! -./#1'3$#! -$.! /,! /)1/! '! -.&+'1&U'.D! $.F')&U'3$#! $! Z2/! #/!$.F')&%/)! /)! 4.$F.'8'! 3/! 4.$-&/3'3! 4'.1&%&-'3'! $! *$$-/.'1&+'D! 2! $1.'#! /)1&3'3/#! &)1/.8/3&'#!,/F',8/)1/!%$)#1&12&3'#K!
@B!{2/!#/')!-.$32%1$./#!3/!8'1/.&'#!-.&8'#!%2`'!&)32#1.&',&U'%&()!$!/,'7$.'%&()!%$)#1&12`'!,'!'%1&+&3'3!3/,! /)1/! '! -.&+'1&U'.D! $.F')&U'3$#! /)! 4.$F.'8'! 3/! 4.$-&/3'3! 4'.1&%&-'3'! $! *$$-/.'1&+'D! 2! $1.'#!/)1&3'3/#!&)1/.8/3&'#!,/F',8/)1/!%$)#1&12&3'#K!
:B!{2/!#/')!-/.#$)'#!=5#&%'#!$! R2.53&%'#!Z2/!'-$.1')3$!)2/+'#!+/)1'#!./,'%&$)'3'#!%$)!/,!$7R/1$!3/! ,'!/8-./#'! '! -.&+'1&U'.D! %'-&1',&%/)! /)! '%%&$)/#! ,$#! 7/)/=&%&$#D! -.$32%&3$#! `! 3/+/)F'3$#! -$.! ,$#! )2/+$#!%$)1.'1$#!'-$.1'3$#K!
".1K!9>KQ!Sg\"dL\"\0MK!d'#!-.&+'1&U'%&$)/#!./F2,'3'#!-$.!/#'! ,/`!-$3.e)!8'1/.&',&U'.#/!-$.!',F2)'!3/!,'#! 8$3',&3'3/#! Z2/! '! %$)1&)2'%&()! #/! #/a',')! $! -$.! %$87&)'%&$)/#! /)1./! /,,'#D! #&)! Z2/! /#1'!/)28/.'%&()!-2/3'!%$)#&3/.'.#/!1'Y'1&+'H!
9B!j/)1'!3/!,$#!'%1&+$#!3/!,'#!/8-./#'#D!%$8$!2)&3'3!$!/)!=$.8'!#/-'.'3'K!
<B! j/)1'! 3/! '%%&$)/#D! %2$1'#! -'.1/#! 3/,! %'-&1',! #$%&',! $D! /)! #2! %'#$D! 3/! /#1'7,/%&8&/)1$#! $! G'%&/)3'#!-.$32%1&+'#!/)!=2)%&$)'8&/)1$K!
PB!d$%'%&()!%$)!$!#&)!$-%&()!'!%$8-.'D!-$.!2)!-,'U$!3/1/.8&)'3$D!/#1'7,/%&T)3$#/!-./+&'8/)1/!/,!+',$.!3/,!-./%&$!3/!#2!+/)1'K!
@B!"38&).'%&()!%$)!$!#&)!$-%&()!'!%$8-.'.!-$.!2)!-,'U$!3/1/.8&)'3$!/#1'7,/%&T)3$#/!-./+&'8/)1/!/,!+',$.!3/,!-./%&$!3/!#2!+/)1'K!
:B!*$)%/#&()D!,&%/)%&'!$!-/.8&#$K!
".1K! 9OKQ!4Eg*0\LSL0N_g! \0! M0d0**LgNK! d'#! 8$3',&3'3/#! /#1'7,/%&3'#! /)! /,! '.15%2,$! ')1/.&$.D! #/!/R/%21'.e)!-$.!',F2)$!3/!,$#!-.$%/3&8&/)1$#!Z2/!#/!#/a',')!'!%$)1&)2'%&()!$!-$.!%$87&)'%&$)/#!/)1./!/,,$#K!0)!1$3$#!,$#!%'#$#!#/!'#/F2.'.e!,'!8eY&8'!1.')#-'./)%&'!`!-27,&%&3'3D!/#1&82,')3$!,'!%$)%2../)%&'!3/! ,'! 8'`$.! %')1&3'3! -$#&7,/! 3/! &)1/./#'3$#K! d'! 3/1/.8&)'%&()! 3/,! -.$%/3&8&/)1$! 3/! #/,/%%&()! #/.e!R2#1&=&%'3$!/)!%'3'!%'#$D!-$.!,'!"21$.&3'3!3/!"-,&%'%&()D!8/3&')1/!'%1$!'38&).'1&+$!8$1&+'3$K!
9B!d&%&1'%&()!467,&%'D!%$)!7'#/!$!#&)!/,,'K!
<B!*$)%2.#$!467,&%$D!%$)!7'#/!$!#&)!/,,'K!
PB!E/8'1/!467,&%$D!%$)!7'#/!$!#&)!/,,'K!
@B!j/)1'!3/!'%%&$)/#!/)!C$,#'#!`!S/.%'3$#!3/,!4'5#K!
:B!*$)1.'1'%&()!\&./%1'D!6)&%'8/)1/!/)!,$#!#2-2/#1$#!3/!,$#!&)%&#$#!<tD!PtD!@t!`!:t!3/,!'.15%2,$!9A!3/!,'!-./#/)1/K! *2')3$! ,$#! '3Z2&./)1/#! %$8-./)3&3$#! /)! /#1/! &)%&#$! -'.1&%&-/)! -'.%&',8/)1/! /)! /,! /)1/! '!-.&+'1&U'.D!,'!%$)1.'1'%&()!3&./%1'!#(,$!-.$%/3/.e!/)!,'!-'.1/!/)!Z2/!,$#!8$#!-'.1&%&-/)K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
387!
d'!$=/.1'!8e#!%$)+/)&/)1/!#/.e!/+',2'3'!)$!#(,$!1/)&/)3$!/)!%2/)1'!/,!'#-/%1$!/%$)(8&%$D!./,'1&+$!',!8/R$.!-./%&$D!#&)$!,'#!3&)1'#!+'.&'7,/#!Z2/!3/82/#1./)!/,!8'`$.!7/)/=&%&$!-'.'!,$#!&)1/./#/#!-67,&%$#!`! ,'! %$82)&3'3K! "! /#1/! ./#-/%1$D! /)! ,'#! 7'#/#! 3/! ,$#! -.$%/3&8&/)1$#! 3/! %$)1.'1'%&()! -$3.e)! %2')3$!./#2,1/! $-$.12)$D! /#1'7,/%/.#/! #/8'#! 3/! -2)1'R/! $! -$.%/)12',/#! ./=/.&3$#! '! 3&)1$#! '#-/%1$#! $!+'.&'7,/#!'!#/.!1/)&3$#!/)!%2/)1'!'!,$#!/=/%1$#!3/!,'!/+',2'%&()K!
".1K!9;KQ!_"M"*LgN!4E0jL"!0)!%2',Z2&/.'!3/!,'#!8$3',&3'3/#!3/,!'.15%2,$!9>!3/!/#1'!,/`!#/!./Z2/.&.e!,'!1'#'%&()!Z2/!3/7/.e!#/.!/=/%12'3'!-$.!$.F')$#!-67,&%$#!)'%&$)',/#D!-.$+&)%&',/#!$!82)&%&-',/#K!0)!/,!%'#$!3/! &8-$#&7&,&3'3!3/! ,,/+'.!'!%'7$!3&%G'! 1'#'%&()D! ,$!Z2/!3/7/.e!Z2/3'.!'%./3&1'3$!-$.!'21$.&3'3!%$8-/1/)1/!/)!&)=$.8/!=2)3'3$D!#/!'21$.&U'!'!/=/%12'.!,'#!*$)1.'1'%&$)/#!./#-/%1&+'#!%$)!$.F')$#!&)1/.)'%&$)',/#!$!/)1&3'3/#!$!-/.#$)'#!-.&+'3'#!)'%&$)',/#!$!/Y1.')R/.'#D!,'#!Z2/!/)!)&)F6)!%'#$!-$3.e)!-'.1&%&-'.!/)!/,!-.$%/3&8&/)1$!3/! #/,/%%&()!-./+$!/)!/,!'.15%2,$!9O!3/! ,'!-./#/)1/! ,/`K!0)!%2',Z2&/.!%'#$!,'!1'#'%&()!1/)3.e!%'.e%1/.!3/!-./#2-2/#1$!$=&%&',K!
".1K!<cKQ!*gN_EgdK!0,!_.&72)',!3/!*2/)1'#!3/!,'!N'%&()!`! ,'!M&)3&%'12.'!V/)/.',!3/!08-./#'#!467,&%'#D!#/F6)! #2#! ./#-/%1&+'#! e./'#! 3/! %$8-/1/)%&'D! 1/)3.e)! &)1/.+/)%&()! -./+&'! '! ,'! =$.8',&U'%&()! 3/! ,'#!%$)1.'1'%&$)/#!&)3&%'3'#!/)!,$#!'.15%2,$#!9>D!9OD!9;!`!@A!3/!,'!-./#/)1/!`!/)!1$3$#!,$#!$1.$#!%'#$#!/)!Z2/!/#1'! ,/`!/Y-./#'8/)1/! ,$!3&#-$)F'D!'!/=/%1$#!3/!=$.82,'.! ,'#!$7#/.+'%&$)/#!`!#2F/./)%&'#D!Z2/!/#1&8/!-/.1&)/)1/#K! 0,! -,'U$!3/)1.$!3/,! %2',! ,$#!(.F')$#!3/! %$)1.$,! 3/7/.e)!/Y-/3&.#/! #/.e!3/!\L0u! ?9cB!35'#!Ge7&,/#! 3/#3/! ,'! ./%/-%&()! 3/! ,'#! '%12'%&$)/#! %$)! #2! 3$%28/)1'%&()! ./#-/%1&+'K! 0)! %'#$! 3/! )$!=$.82,'.#/! $7#/.+'%&$)/#! $! #2F/./)%&'#! /)! 3&%G$! -,'U$D! #/! %$)1&)2'.e! ,'! 1.'8&1'%&()! 3/7&/)3$!3/+$,+/.#/! ,'#! '%12'%&$)/#! 3/)1.$! 3/,! -.&8/.! 35'! Ge7&,! #&F2&/)1/K! 0)! /,! #2-2/#1$! 3/! =$.82,'.!$7#/.+'%&$)/#! $! #2F/./)%&'#D! ,'#! '%12'%&$)/#! #/.e)! ./8&1&3'#! '! ,'! *$8&#&()! C&%'8/.',! %./'3'! -$.! /,!'.15%2,$!9@!3/!,'!-./#/)1/!,/`!`!',!S&).$!%$8-/1/)1/!Z2&/)!#/!'R2#1'.e!'!/,,'#!$D!3/!)$!%$8-'.1&.,'#D!/,/+'.e!3&%G'#!'%12'%&$)/#!'!3/%&#&()!3/,!4$3/.!0R/%21&+$!N'%&$)',K!
*"4L_^dg!LLL!
\0d!4EgVE"S"!\0!4Eg4L0\"\!4"E_L*L4"\"!
".1K! <9KQ!0,! %'-&1',! '%%&$)'.&$! 3/! ,'#! /8-./#'#D! #$%&/3'3/#D! /#1'7,/%&8&/)1$#! $! G'%&/)3'#! -.$32%1&+'#!3/%,'.'3'#!v#2R/1'!'!-.&+'1&U'%&()vD!-$3.e!#/.!'3Z2&.&3$!/)!1$3$!$!/)!-'.1/!'!1.'+T#!3/!2)!v4.$F.'8'!3/!4.$-&/3'3!4'.1&%&-'3'v!#/F6)!,$!/#1'7,/%&3$!/)!,$#!'.15%2,$#!#&F2&/)1/#K!
".1K! <<KQ!M^X0_gM! "\{^LE0N_0M! 4$3.e)! #/.! #2R/1$#! '3Z2&./)1/#! /)! 2)! 4.$F.'8'! 3/! 4.$-&/3'3!4'.1&%&-'3'!,$#!/)28/.'3$#!'!%$)1&)2'%&()H!
'B!d$#!/8-,/'3$#!3/,!/)1/!'!-.&+'1&U'.!3/!1$3'#!,'#!R/.'.Z25'#!Z2/!1/)F')!./,'%&()!3/!3/-/)3/)%&'K!N$!-$3.e! #/.! #2R/1$! '3Z2&./)1/! /,! -/.#$)',! /+/)12',D! )&! /,! %$)1.'1'3$D! )&! ,$#! =2)%&$)'.&$#! `! '#/#$./#!3/#&F)'3$#!/)!./-./#/)1'%&()!3/,!V$7&/.)$!$!#2#!3/-/)3/)%&'#K!
7B!d$#!2#2'.&$#!1&12,'./#!3/!#/.+&%&$#!-./#1'3$#!-$.!/,!/)1/!'!-.&+'1&U'.K!
%B! d$#!-.$32%1$./#!3/!8'1/.&'#!-.&8'#! %2`'! &)32#1.&',&U'%&()!$!/,'7$.'%&()! %$)#1&12`/! ,'!'%1&+&3'3!3/,!/)1/!'!-.&+'1&U'.K!
".1K! <PKQ!0M_E^*_^E"! k! E0VLS0N! X^EL\L*g! 0,! /)1/! '! -.&+'1&U'.! #/F6)! /,! 4.$F.'8'! 3/! 4.$-&/3'3!4'.1&%&-'3'!3/7/.e!/#1'.!$.F')&U'3$!7'R$! ,'! =$.8'!3/!M$%&/3'3!")()&8'K!0)!%'#$!3/!#/.!)/%/#'.&$D!/,!4$3/.! 0R/%21&+$!N'%&$)',! G'.e!2#$!3/! ='%2,1'3/#!Z2/! ,/! $1$.F'! /#1'! ,/`!-'.'! /,! %28-,&8&/)1$!3/!/#1/!./Z2&#&1$K!
".1K!<@KQ!0,!%'-&1',!3/!,'!M$%&/3'3!")()&8'!/#1'.e!./-./#/)1'3$!-$.!'%%&$)/#D!1$3'#!%$)!3/./%G$!'!+$1$!#/F6)! ,'#! %$)3&%&$)/#!3/! #2! /8&#&()K! 0)! %'#$!3/! #/.! )/%/#'.&$D! #/!-$3.e)!/8&1&.! '%%&$)/#! 1$1',8/)1/!)2/+'#!/)!.//8-,'U$!3/!,'#!/Y/)1/#D!G'%&/)3$!2#$!3/!,'#!='%2,1'3/#!Z2/!$1$.F'!/#1'!,/`K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
383!
".1K! <:KQ!*2')3$!/)!2)!4.$F.'8'!3/!4.$-&/3'3!4'.1&%&-'3'! %$)%2..')!'3Z2&./)1/#!3/!3&)1'#! %,'#/#D!#/'!/)1./!,$#!/)28/.'3$#!/)!/,!'.15%2,$!9A!3/!/#1'!,/`D!#/'!%$)!&)+/.#$./#!-.&+'3$#D!1$3'#!,'#!'%%&$)/#!#/.e)!3/,!8$!1&-$!-'.'!1$3'#!,'#!%,'#/#!3/!'3Z2&./)1/#K!
".1K!<AKQ!"!1.'+T#!3/,!4.$F.'8'!3/!4.$-&/3'3!4'.1&%&-'3'D!%'3'!'3Z2&./)1/!-'.1&%&-'!&)3&+&32',8/)1/!/)!,'! -.$-&/3'3! 3/,! /)1/! '! -.&+'1&U'.K! d'! -.$-$.%&()! '%%&$)'.&'! Z2/! ,/! %$../#-$)3/.e! '! %'3'! 2)$D! #/.e!3/1/.8&)'3'! /)! ./,'%&()! 3&./%1'! ',! %$/=&%&/)1/! 8'1/8e1&%$! 3/=&)&3$! /)! /,! '.15%2,$! #&F2&/)1/K! d'!-.$-$.%&()!'%%&$)'.&'!3/7/.e!8')1/)/.#/!'6)!/)!,$#!=212.$#!'28/)1$#!3/!%'-&1',K!
".1K! <>KQ!d'! "21$.&3'3! 3/! "-,&%'%&()! /,'7$.'.e! 2)! %$/=&%&/)1/! 3/! -'.1&%&-'%&()! -'.'! %'3'! %,'#/! 3/!'3Z2&./)1/D!'3/%2'3$!'!%'3'!-.$%/#$!3/!-.&+'1&U'%&()D!3/!'%2/.3$!%$)!,$!/#1'7,/%&3$!/)!/#1/!'.15%2,$K!
'B!4'.'!/,!%'#$!3/!,$#!/8-,/'3$#!'3Z2&./)1/#!/,!%$/=&%&/)1/!3/7/.e!#/.!./-./#/)1'1&+$!3/!,'!')1&F}/3'3D!,'#!%'.F'#!3/!='8&,&'D!/,!)&+/,!R/.e.Z2&%$!$!%'1/F$.5'!/,!&)F./#$!1$1',!')2',!3/,!6,1&8$!'a$D!'%12',&U'3$K!
7B! 4'.'! /,! %'#$! 3/! ,$#! 2#2'.&$#! '3Z2&./)1/#D! /,! %$/=&%&/)1/! 3/7/.e! #/.! ./-./#/)1'1&+$! 3/,! +',$.!'%12',&U'3$!3/! ,'!-.$32%%&()!3/,! 6,1&8$!'a$K! 4'.'!/,! %'#$!3/!-.$32%1$./#! '3Z2&./)1/#! &)3&+&32',/#D! /,!%$/=&%&/)1/! #/.e! 1'87&T)! ./-./#/)1'1&+$! 3/! ,'#! %'.F'#! 3/! ='8&,&'K! 4'.'! /,! %'#$! 3/! Z2/! /,! -.$32%1$.!'3Z2&./)1/! #/'!2)'!/8-./#'D!/,! %$/=&%&/)1/! #/.e! 1'87&T)! ./-./#/)1'1&+$!3/,! 1$1',!3/! #','.&$#!-'F'3$#!32.')1/!/,!6,1&8$!'a$D!'%12',&U'3$K!
%B! 4'.'! /,! %'#$! 3/! ,$#! -.$32%1$./#Q'3Z2&./)1/#D! /,! %$/=&%&/)1/! 3/7/.e! #/.! ./-./#/)1'1&+$! 3/,! +',$.!'%12',&U'3$!3/! ,'!-.$32%%&()!3/,! 6,1&8$!'a$K! 4'.'!/,! %'#$!3/!-.$32%1$./#! '3Z2&./)1/#! &)3&+&32',/#D! /,!%$/=&%&/)1/! #/.e! 1'87&T)! ./-./#/)1'1&+$! 3/! ,'#! %'.F'#! 3/! ='8&,&'K! 4'.'! /,! %'#$! 3/! Z2/! /,! -.$32%1$.Q'3Z2&./)1/! #/'!2)'!/8-./#'D!/,! %$/=&%&/)1/! #/.e! 1'87&T)! ./-./#/)1'1&+$!3/,! 1$1',!3/! #','.&$#!-'F'3$#!32.')1/!/,!6,1&8$!'a$D!'%12',&U'3$K!
".1K! <OKQ!4'.'! %'3'! %,'#/! 3/! '3Z2&./)1/#D! ,'! '#&F)'%&()! 3/,! %$/=&%&/)1/! 3/7/.e! #/.! ./#2,1'3$! 3/! ,'!'-,&%'%&()!2)&=$.8/!3/!,'!8'!=(.82,'!3/!3/1/.8&)'%&()!-'.'!1$3$#!`!%'3'!2)$!3/!/,,$#K!*2')3$!/)!2)!4.$F.'8'!3/!4.$-&/3'3!4'.1&%&-'3'!%$)%2..')!'3Z2&./)1/#!3/!3&)1'#!%,'#/#!3/!,'#!/)28/.'3'#!/)!/,! '.15%2,$! 9A! 3/! /#1'! ,/`D! ,'! "21$.&3'3! 3/! "-,&%'%&()D! ',! /,'7$.'.! ,$#! %$/=&%&/)1/#D! /#1'7,/%/.e)!/Y-,5%&1'8/)1/!,$#!%.&1/.&$#!3/!G$8$,$F'%&()!/)1./!,$#!%$/=&%&/)1/#!%$../#-$)3&/)1/#!'!%'3'!%,'#/K!
".1K! <;KQ!0)! ,$#! 4.$F.'8'#! 3/! 4.$-&/3'3! 4'.1&%&-'3'D! /,! /)1/! '! -.&+'1&U'.! 3/7/.e! /8&1&.! 7$)$#! 3/!-'.1&%&-'%&()!/)!,'#!F')')%&'#!-'.'!/,!-/.#$)',D!#/F6)!,$!-./+$!/)!/,!'.15%2,$!<Pc!3/!,'!d/`!9;K::cK!"!1',!/=/%1$D!/,!4$3/.!0R/%21&+$!N'%&$)',!-$3.e!G'%/.!2#$!3/! ,'#! ='%2,1'3/#!Z2/! ,/!$1$.F'!/#1'! ,/`K!*'3'!/8-,/'3$D!-$.!#2!8/.'!./,'%&()!3/!3/-/)3/)%&'!./%&7&.e!2)'!%')1&3'3!3/!7$)$#!3/!-'.1&%&-'%&()!/)!,'#!F')')%&'#!3/1/.8&)'3'!/)!=2)%&()!3/!#2!./82)/.'%&()D!#2!')1&F}/3'3!`!#2#!%'.F'#!3/!='8&,&'K!
".1K! PcKQ!0,! -./%&$! 3/! ,'#! '%%&$)/#! '3Z2&.&3'#! '! 1.'+T#! 3/! 2)! 4.$F.'8'! 3/! 4.$-&/3'3! 4'.1&%&-'3'! #/.e!-'F'3$!-$.! ,$#!'3Z2&./)1/#!/)!/,!)68/.$!3/!')2',&3'3/#!`!3/,!8$3$!Z2/!#/!/#1'7,/U%'!/)!/,!"%2/.3$!V/)/.',! 3/! _.')#=/./)%&'! %$)=$.8/! %$)! ,$! /#1'7,/%&3$! /)! /#1'! ,/`D! Z2/! )$! 3/7/! /)1/)3/.#/! %$8$!,&8&1'1&+$!3/!$1.$#!8$3$#!3/!-'F$!Z2/!-23&/./)!'%$.3'.#/K!
".1K!P9KQ!0)!/,!%'#$!3/!,$#!/8-,/'3$#!'3Z2&./)1/#D!#/!3/#1&)'.e)!/,!-'F$!3/!,'#!'%%&$)/#!,$#!3&+&3/)3$#!')2',/#D!G'#1'!#2!1$1',&3'3D!3/!#/.!)/%/#'.&$K!4'.'!/,!%'#$!3/!Z2/!T#1$#!./#2,1'.')!&)#2=&%&/)1/#D!#/!-$3.e!3/#1&)'.!G'#1'!/,!*LN*^0N_"!4gE!*L0N_g!?:cÅB!3/!,'!-'.1&%&-'%&()!/)!,'#!F')')%&'#!&)#1.28/)1'3'!/)!/,!7$)$!-./+$!/)!/,!'.15%2,$!<;!3/!/#1'!,/`K!
".1K!P<KQ!0)!/,!%'#$!3/! ,$#!-.$32%1$./#!'3Z2&./)1/#D!#/!-$3.e!3/#1&)'.!',!-'F$!3/! ,'#!'%%&$)/#!G'#1'!/,!j0LN_L*LN*g!4gE!*L0N_g!?<:ÅB!3/! ,'!-.$32%%&()!')2',!Z2/!#/!/,'7$./!/)!/,!/)1/!'!-.&+'1&U'.K!4'.'!/,!%'#$!3/!Z2/!./#2,1'.'!&)#2=&%&/)1/D!#/!-$3.e!3/#1&)'.!/,!-'F$!G'#1'!/,!*LN*^0N_"!4gE!*L0N_g!?:cÅB!3/!,$#!3&+&3/)3$#!')2',/#K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
384!
".1K!PPKQ!0)!/,!%'#$!3/!,$#!2#2'.&$#!'3Z2&./)1/#D!#/!3/#1&)'.e!',!-'F$!3/!,'#!'%%&$)/#!2)!-$.%/)1'R/!Z2/!#/!'3&%&$)'.e!'!,'!='%12.'%&()!3/!,$#!#/.+&%&$#!21&,&U'3$#!$!,$#!%$)#28$#!/=/%12'3$#K!4'.'!/,!%'#$!3/!Z2/!./#2,1/!&)#2=&%&/)1/D!#/!-$3.e!3/#1&)'.!/,!-'F$!G'#1'!/,!*LN*^0N_"!4gE!*L0N_g!?:cÅB!3/!,$#!3&+&3/)3$#!')2',/#K!
".1K! P@KQ!*$8$! F'.')15'! 3/! -'F$D! ,$#! '3Z2&./)1/#! %$8-./)3&3$#! /)! 2)! 4.$F.'8'! 3/! 4.$-&/3'3!4'.1&%&-'3'! %$)#1&12&.e)! 2)'! -./)3'! #$7./! ,'#! '%%&$)/#! $7R/1$! 3/! ,'! 1.')#'%%&()D! '! ='+$.! 3/,! 0#1'3$!+/)3/3$.!$!3/! ,'!"21$.&3'3!3/!"-,&%'%&()D!/)!#2!%'#$K!"!/#/!/=/%1$D! ,'#!'%%&$)/#!#/!3/-$#&1'.e)!/)!2)!7')%$!=&3/&%$8&#'.&$K!
".1K! P:KQ!d'! M$%&/3'3! ")()&8'! -.&+'1&U'3'D! 3/-$#&1'.e! /)! /,! 7')%$! =&3/&%$8&#'.&$! ,$#! &8-$.1/#!3/#1&)'3$#!',!-'F$!3/! ,'#!'%%&$)/#!-./+$#!/)!/,!"%2/.3$!V/)/.',!3/!_.')#=/./)%&'!`!/)! ,$#!'.15%2,$#!PcD!P9D!P<!`!PP!3/!/#1'! ,/`K!0,!7')%$!-'F'.e!',!0#1'3$!+/)3/3$.!$!'! ,'!"21$.&3'3!3/!"-,&%'%&()D!/)!#2!%'#$D!,'#!')2',&3'3/#!%$../#-$)3&/)1/#D!-$.!%2/)1'!3/!%'3'!2)$!3/!,$#!'3Z2&./)1/#K!
".1K!PAKQ!*$)!/,!/=/%1&+$!-'F$!3/!%'3'!')2',&3'3D!#/! ,&7/.'.'!3/! ,'!-./)3'!-./+'!/)!/,!'.15%2,$!P@!3/!/#1'! ,/`! ,'! %')1&3'3! 3/! '%%&$)/#! `'! -'F'3'#K! d'#! '%%&$)/#! ,&7/.'3'#! #/.e)! 3.&72&3'#! -$.! /,! 7')%$!%$)#&3/.')3$D! /)! =2)%&()! 3/,! %$/=&%&/)1/! Z2/! '! %'3'! 2)$! ,/! %$../#-$)3'! #/F6)! ,$! /#1'7,/%&3$! /)! ,$#!'.15%2,$#!<>!`!<O!3/!/#1'!,/`K!
".1K! P>KQ!d'#! '%%&$)/#! -'F'3'#D! d&7/.'3'#! 3/! ,'! -./)3'! `! '#&F)'3'#! '! ,$#! '3Z2&./)1/#! -$.! /,!-.$%/3&8&/)1$!/#1'7,/%&3$!/)!/,!'.15%2,$!')1/.&$.D!#/.e)!3/!,&7./!3&#-$)&7&,&3'3!-'.'!#2!-.$-&/1'.&$D!#',+$!,'#! ,&8&1'%&$)/#! /#1'7,/%&3'#! /)! /,! "%2/.3$! V/)/.',! 3/! _.')#=/./)%&'D! ,'#! %$)3&%&$)/#! 3/! /8&#&()! $!%$)+/)%&()!/)!%$)1.'.&$K!
".1K! POKQ!S&/)1.'#! ,'#! '%%&$)/#! )$! G'`')! #&3$! -'F'3'#! )&! ,&7/.'3'#! 3/! ,'! -./)3'D! #2! 8')/R$! #/.e!$7,&F'1$.&'8/)1/!#&)3&%'3$K!0,!/R/.%&%&$!3/!,$#!3/./%G$#!-$,51&%$#!/8/.F/)1/#!3/!,'#!'%%&$)/#!$7R/1$!3/!2)! 4.$F.'8'! 3/! 4.$-&/3'3! 4'.1&%&-'3'D! #/.e! ./F2,'3$! -$.! 2)! *$)+/)&$! 3/! M&)3&%'%&()! 3/! "%%&$)/#!#2#%.&1$!-$.!1$3$#!,$#!#2R/1$#!'3Z2&./)1/#D!#/F6)!,$!/#1'7,/%&3$!/)!/#1/!'.15%2,$K!
'B! d$#! *$)+/)&$#! 3/! M&)3&%'12.'! 3/! "%%&$)/#! #/! '3/%2'.e)! '! ,'#! %$)3&%&$)/#! 3/! %'3'! 4.$F.'8'! 3/!4.$-&/3'3! 4'.1&%&-'3'! /)! %$)%./1$D! -23&/)3$! /#1'7,/%/.#/! ./F,'#! /#-/%5=&%'#! -'.'! %'3'! %,'#/! 3/!'3Z2&./)1/!/)28/.'3'!/)!/,!'.15%2,$!<<K!
7B! d$#! %$)+/)&$#!3/!M&)3&%'%&()!3/!"%%&$)/#!/#1'7,/%/.e)! ,'!$7,&F'%&()!-'.'! 1$3$#! ,$#!'3Z2&./)1/#!3/!F/#1&$)'.! %$,/%1&+'8/)1/! /,! %$)R2)1$! 3/! '%%&$)/#! #&)3&%'3'#! `! '3$-1'.! -$.! 8'`$.5'! 3/! '%%&$)/#!#&)3&%'3'#!,'#!-$#&%&$)/#!'!#$#1/)/.!/)!,'#!"#'87,/'#!3/!,'!#$%&/3'3D!%$)!=2/.U'!+&)%2,')1/!-'.'!1$3$#K!
%B! d$#! *$)+/)&$#! 3/! M&)3&%'%&()! 3/! "%%&$)/#! /#1'7,/%/.e)! ,'! $7,&F'%&()! 3/! 3/#&F)'.! -$.! 8'`$.5'! 3/!'%%&$)/#! #&)3&%'3'#D! 2)! ./-./#/)1')1/! $! #5)3&%$! -'.'! Z2/! /R/.U'! /,! 3/./%G$! 3/! +$1$! 3/! 1$3$#! /)! ,'#!"#'87,/'#!3/!,'!M$%&/3'3!")()&8'K!
".1K!P;KQ!^)'!+/U!%28-,&3$#!,$#!./%'23$#!3/,!'.15%2,$!P>!3/!/#1'!,/`!,'!#&)3&%'12.'!#/.e!='%2,1'1&+'D!#/F6)!,'#! %$)3&%&$)/#! 3/! /8&#&()D! ,'#! 3&#-$#&%&$)/#! 3/,! "%2/.3$! V/)/.',! 3/! _.')#=/./)%&'! `! $1.'#! )$.8'#!%$)+/)%&$)',/#K!
".1K!@cKQ!0)!,$#!%'#$#!/)!Z2/!,'!'3Z2&#&%&()!3/!2)!/)1/!'!-.&+'1&U'.!%$)%2..')!'3Z2&./)1/#!%$8-./)3&3$#!/)!2)!4.$F.'8'!3/!4.$-&/3'3!4'.1&%&-'3'!%$)!$1.$!1&-$!3/!&)+/.#$./#!-.&+'3$#D!/)!/,!"%2/.3$!V/)/.',!3/! _.')#=/./)%&'! -$3.e)! /#1'7,/%/.#/! 8/%')$#! %$)#/)#2',/#! &)3/-/)3&/)1/#! 3/! ,'#! -.$-$.%&$)/#!./,'1&+'#! 3/! +$1$#! /)1./! ,$#! 3&)1$#! F.2-$#! 3/! '3Z2&./)1/#D! -'.'! ,'! '3$-%&()! 3/! %&/.1'#! 3/%&#&$)/#!/#/)%&',/#D!%$8$!,'!3/#&F)'%&()!3/,!\&./%1$.&$!`!3/!,$#!%2'3.$#!#2-/.&$./#!3/!,'!/8-./#'K!
*"4L_^dg!Lj!
\0!d"!4Eg_0**LgN!\0d!_E"C"X"\gE!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
388!
".1K!@9KQ!4Eg_0**LgN!\0d!0S4d0g!k!ML_^"*LgN!d"CgE"d!0)! ,$#!-.$%/#$#!3/!-.&+'1&U'%&()!/R/%21'3$#!#/F6)!,'#!3&#-$#&%&$)/#!3/!/#1'!,/`D!-$.!%2',/#Z2&/.'!3/!,'#!8$3',&3'3/#!`!-.$%/3&8&/)1$#!-./+$#!/)!#2#! '.15%2,$#! 9>! `! 9OD! 3/7/.e! 1/)/.#/! /)! %2/)1'! %$8$! %.&1/.&$#! /)! /,! 3&#/a$! 3/! %'3'! -.$`/%1$! 3/!-.&+'1&U'%&()D!/+&1'.!/=/%1$#!)/F'1&+$#!#$7./!/,!/8-,/$!`!,'!-T.3&3'!3/!-2/#1$#!3/!1.'7'R$D!/)!/,!8'.%$!3/!2)'!=2)%&()!-.$32%1&+'!/#1'7,/!`!#2=&%&/)1/K!"!1',!/=/%1$D!,'#!$.F')&U'%&$)/#!#&)3&%',/#!./-./#/)1'1&+'#!3/,! #/%1$.! %$../#-$)3&/)1/D! -$3.e)! %$)+/)&.! %$)! ,$#! /+/)12',/#! '3Z2&./)1/#! `! ,'! "21$.&3'3! 3/!"-,&%'%&()!8/%')$#!'-.$-&'3$#K!
".1K! @<KQ!\2.')1/! /,! -.$%/#$! 3/! -.&+'1&U'%&()! /R/%21'3$! #/F6)! ,'#! 3&#-$#&%&$)/#! 3/! /#1'! ,/`D! -$.!%2',/#Z2&/.'! 3/! ,'#! 8$3',&3'3/#! `! -.$%/3&8&/)1$#! -./+$#! /)! #2#! '.15%2,$#! 9>! `! 9O! /,! 1.'7'R'3$.!#/F2&.e!'8-'.'3$!-$.!1$3'#!,'#!&)#1&12%&$)/#!,/F',/#D!%$)+/)%&$)',/#!`!'38&).'1&+'#!3/,!\/./%G$!3/,!_.'7'R$K!
".1K! @PKQ!0N*^"\E"SL0N_g! MLN\L*"dH! 0,! -.$%/#$! 3/! -.&+'1&U'%&()! -$.! #5D! )$! -.$32%&.e! ',1/.'%&$)/#! $!8$3&=&%'%&$)/#!/)!,'!#&12'%&()D!/)%2'3.'8&/)1$!`!'=&,&'%&()!/)!8'1/.&'!#&)3&%',!3/!,$#!1.'7'R'3$./#!3/!2)!/)1/!#2R/1$!'!-.&+'1&U'%&()D!#',+$!./#$,2%&()!3/!,'!'21$.&3'3!%$8-/1/)1/!/)!/#'!8'1/.&'K!
".1K! @@KQ!M0V^EL\"\! Mg*L"d! d$#! 1.'7'R'3$./#! 3/! 2)! /)1/! #$8/1&3$! /,! -.$%/#$! 3/! -.&+'1&U'%&()!/#1'7,/%&3$!/)!/#1'!,/`D!8')1&/)/)!#2#!3/./%G$#!`!$7,&F'%&$)/#!/)!8'1/.&'!-./+&#&$)',!`!3/!$7.'!#$%&',K!d'#!$7,&F'%&$)/#!-'1.$)',/#D!-'#')!',!/)1/!-.&+'1&U'3$K!
".1K!@:KQ!d'!%$)3&%&()!3/!/8-,/'3$!'3Z2&./)1/!%$8-./)3&3$!/)!2)!4.$F.'8'!3/!4.$-&/3'3!4'.1&%&-'3'!)$! &8-,&%'! -'.'! /,! 1.'7'R'3$.! /)! 1')1$! 1',! &)3/-/)3&/)1/8/)1/! 3/! #2! %$)3&%&()! 3/! '3Z2&./)1/!8$3&=&%'%&()!',F2)'!/)!#2!#&12'%&()!R2.53&%'!,'7$.',K!0)!%$)#/%2/)%&'!,/!#$)!'-,&%'7,/#!#&)!3&#%.&8&)'%&()!',F2)'!,'#!-./+&#&$)/#!3/!,$#!'.15%2,$#!@9D!@<D!@P!`!@@!3/!/#1'!,/`K!
*"4L_^dg!j!
\0!d"M!*gN_E"_"*LgN0M!\0!0S0EV0N*L"!
".1K! @AKQ!\2.')1/! /,! 1T.8&)$! 3/! *L0N_g! g*h0N_"! ?9OcB! 35'#! '! -'.1&.! 3/! ,'! +&F/)%&'! 3/! ,'! -./#/)1/D!-.$..$F'7,/!-$.! &F2',!-/.5$3$!`!-$.!2)'!#$,'!+/U!-$.!/,!4$3/.!0R/%21&+$!N'%&$)',D! ,$#!(.F')$#!`!/)1/#!&)3&%'3$#! /)! /,! '.15%2,$! 9D! -./+&'! ./#$,2%&()! =2)3'3'! 3/,! (.F')$! %$8-/1/)1/! -'.'! %$)1.'1'.! Z2/!R2#1&=&Z2/! ,'! '-,&%'%&()!',! %'#$!3/,! .TF&8/)!'Z25! /#1'7,/%&3$D! /#1'.e)!'21$.&U'3$#!'! %$)1.'1'.! #&)!$1.'#!=$.8',&3'3/#!Z2/!,'#!Z2/!#/!-./+T)!'!%$)1&)2'%&()D!,'!-.$+&#&()!3/!7&/)/#D!#/.+&%&$#D!,$%'%&$)/#D!$7.'#D!%$)%/#&$)/#D! -/.8&#$#! `! ,'! ./',&U'%&()! 3/! 1$3$! $1.$! %$)1.'1$! Z2/! =2/./! )/%/#'.&$! -'.'! #2-/.'.! ,'!-./#/)1/!#&12'%&()!3/!/8/.F/)%&'K!d$#!-.$%/3&8&/)1$#!3/!%$)1.'1'%&()!/)!%2.#$!-$3.e)!%$)1&)2'.!#/F6)!#2! .TF&8/)! $! #/.! /Y1&)F2&3$#! $! 1.')#=$.8'3$#! -'.'! #2! -.$#/%2%&()! #/F6)! /,! -.$%/3&8&/)1$! 'Z25!-./+$K!0)!%2',Z2&/.!%'#$!#/!'-,&%'.e!,$!3&#-2/#1$!/)!,$#!&)%&#$#!%BD!3B!`!/B!3/,!'.15%2,$!@>K!
".1K! @>KQ!4Eg*0\LSL0N_g! 0#1/! -.$%/3&8&/)1$! 3/! %$)1.'1'%&()! 3/! /8/.F/)%&'! /#1'.e! #2R/1$! '! ,$#!#&F2&/)1/#!./Z2&#&1$#H!
'B! 0,! (.F')$! $! /)1/! %$)1.'1')1/! 3/7/.e! #$,&%&1'.! ,'! -./#/)1'%&()! 3/! -$.! ,$! 8/)$#! \gM! ?<B! $=/.1'#! $!%$1&U'%&$)/#!'!/8-./#'#!./%$)$%&3'#D!%2')3$!/,,$!./#2,1/!-$#&7,/K!
7B!M&)!-/.R2&%&$!3/!,$!/Y-2/#1$!/)!/,!'-'.1'3$!-./%/3/)1/D!#/!./%&7&.e)!$1.'#!$=/.1'#!/#-$)1e)/'#D!'!%2`$!/=/%1$D!/,!(.F')$!$!/)1/!%$)1.'1')1/!3/7/.e!-27,&%'.!/)!%'.1/,/.'!/!&)=$.8'.!'!,'#!*e8'.'#!/8-./#'.&'#!./#-/%1&+'#!,'#!7'#/#!3/,!./Z2/.&8&/)1$K!
%B! M&! ,'! %$)1.'1'%&()! )$! #2-/.'./! /,! 8$)1$! 3/! 2)&3'3/#! 3/! %$)1.'1'%&()! Z2/! 3/1/.8&)/! ,'!./F,'8/)1'%&()D!/,!(.F')$!$!/)1/!%$)1.'1')1/!-$3.e!3&#-$)/.! ,'!'3R23&%'%&()!`!-/.=/%%&$)'8&/)1$!3/,!%$)1.'1$D!#&)!./Z2/.&.#/!,'!&)1/.+/)%&()!-./+&'!3/!,$#!(.F')$#!3/!%$)1.$,!/Y1/.)$K!
3B!0)! %'#$!3/!Z2/!/,!8$)1$! #2-/.'#/! ,'! %')1&3'3!3/!2)&3'3/#!3/! %$)1.'1'%&()!Z2/! ,'! ./F,'8/)1'%&()!3/1/.8&)/D! #/! #/F2&.e! /,! -.$%/3&8&/)1$! -./+$! -$.! /,! '.15%2,$! <c! 3/! /#1'! ,/`K! 0)! /#1$#! %'#$#! #/.e!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
38S!
$7,&F'1$.&'!,'!-27,&%'%&()!3/!')2)%&$#!#&)1/1&U'3$#!-$.!3$#!?<B!35'#!%$8$!85)&8$!/)!/,!C$,/15)!g=&%&',!3/!,'!E/-67,&%'!".F/)1&)'D!%$)!2)'!')1&%&-'%&()!)$!8/)$.!'!,$#!3$#!?<B!35'#K!*28-,&3$!3&%G$!-.$%/3&8&/)1$D!#/! %/,/7.'.e! /,! %$)1.'1$D! /,! Z2/! 3/7/.e! #/.! '-.$7'3$D! '! ,$#! /=/%1$#! 3/! #2! /=&%'%&'D! -$.! /,! S&).$!%$8-/1/)1/K!
/B!M/!/)1/)3/.e!-$.!v2)&3'3!3/!%$)1.'1'%&()vD!,'!8/3&3'!3/!+',$.!/Y-./#'3'!/)!8$)/3'!/)!%2.#$!,/F',D!/8-,/'3'!-'.'!3/1/.8&)'.!/,!8$)1$!3/!,$#!%$)1.'1$#!%$8-./)3&3$#!/)!/#1/!.TF&8/)K!
0,!+',$.!/)!8$)/3'!3/!%2.#$!,/F',!3/!%'3'!2)&3'3!3/!%$)1.'1'%&()!#/.e!=&R'3$!/)!,'!./F,'8/)1'%&()!3/!,'!-./#/)1/D!`!#2!'3/%2'%&()!'!,'#!%&.%2)#1')%&'#!3/!%'3'!(.F')$!$!/8-./#'!3/!,'#!&)3&%'3'#!/)!/,!'.15%2,$!9!3/!/#1'!,/`D!#/.e!3/1/.8&)'3$!`!'%12',&U'3$!8/)#2',8/)1/!-$.!/,!S&).$!3/!0%$)$85'K!
0)! 1$3$#! ,$#! %'#$#! `! 32.')1/! /,! -/.5$3$! 3/! /8/.F/)%&'! 3/=&)&3$! /)! /,! '.15%2,$! @A! 3/! /#1'! ,/`! `! #2!/+/)12',! -.(..$F'D! /,! S&).$! %$8-/1/)1/! -$3.e! '38&1&.D! -$.! ./#$,2%&()! =2)3'3'! `! ./Z2&.&/)3$! ,'!$-&)&()! -./+&'! 3/! ,'#! *e8'.'#! 08-./#'.&'#D! '1/)3&/)3$! /#-/%&',8/)1/! ,'! -.$1/%%&()! ')1&! 328-&)F! `!#&12'%&$)/#!/#-/%&',/#!3/!,/',1'3!%$8/.%&',D!,'!-./#/)1'%&()!3/!$=/.1'#!#&)!./#1.&%%&()!',F2)'!7'#'3'!/)!,'!)'%&$)',&3'3!3/,!$=/./)1/K!0)!/#1/!6,1&8$!%'#$!`!'!,$#!/=/%1$#!3/!,'!%$8-'.'%&()!3/!$=/.1'#D!#/.e)!3/!'-,&%'%&()! ,'#!8/3&3'#! 3/! -.$1/%%&()! `! -./=/./)%&'! -'.'! ,'! &)32#1.&'! )'%&$)',! 3/=&)&3'#! /)! ,'#! )$.8'#!Z2/!./F2,')!,'!8'1/.&'K!
*"4L_^dg!jL!
\0!d"M!*gN_E"_"*LgN0M!jLV0N_0M!
".1K! @OKQ!0i_LN*LgN!4gE! W^0Eu"!S"kgE! W'%6,1'#/! ',!S&).$! Z2/! =2/./! %$8-/1/)1/! /)! .'U()! 3/! ,'!8'1/.&'! '! 3/%,'.'.! ,'! ./#%&#&()! 3/! 1$3$#! ,$#! %$)1.'1$#! 3/! $7.'! `! 3/! %$)#2,1$.5'! %/,/7.'3$#! %$)!')1/.&$.&3'3!'!,'!+&F/)%&'!3/!/#1'!,/`!-$.!/,!#/%1$.!-67,&%$!3/#%.&-1$!/)!/,!'.15%2,$!9t!3/!,'!-./#/)1/D!-$.!.'U$)/#!3/!/8/.F/)%&'D!Z2/!'! ,$#!/=/%1$#!3/!/#1'! ,/`!#/!%$)#&3/.'!Z2/!%$)#1&12`/)!%'2#',/#!3/! =2/.U'!8'`$.!#/F6)!/,!.TF&8/)!-./+$!/)!,$#!'.15%2,$#!:@!3/!,'!d/`!9PKcA@!`!:t!3/!,'!d/`!9<K;9cD!)$.8'#!Z2/!#/! 3/%,'.')! '-,&%'7,/#! '! /#1$#! /=/%1$#! '! 1$3'#! ,'#! 8/)%&$)'3'#! ,$%'%&$)/#! 3/! $7.'#! `! %$)1.'1$#! 3/!%$)#2,1$.5'D! %2',Z2&/.'! #/'! /,! 1&-$! R2.53&%$! 3/,! /)1/! %$8&1/)1/K! d$! 3&#-2/#1$! /)! /#1/! %'-512,$! #/.e!'-,&%'7,/!')',(F&%'8/)1/!'!1$3$#!,$#!%$)1.'1$#!+&F/)1/#!%/,/7.'3$#!-$.!/,!#/%1$.!-67,&%$!3/#%.&-1$!/)!/,!'.15%2,$!9!3/!/#1'!,/`D!%$)!,'#!8$3',&3'3/#!Z2/!#2.R')!3/!,$#!./F58/)/#!R2.53&%$#!3/!/#'#!%$)1.'1'%&$)/#K!
".1K!@;KQ!E0*gS4gML*LgN!\0d!*gN_E"_gH!d'!./#%&#&()!-./+'!/)!/,!'.15%2,$!-./%/3/)1/D!)$!-.$%/3/.e!/)! 'Z2/,,$#! %'#$#! /)! Z2/! #/'! -$#&7,/! ,'! %$)1&)2'%&()! 3/! ,'! $7.'D! $! ,'! /R/%2%&()! 3/,! %$)1.'1$D! -./+&$!'%2/.3$! /)1./! %$8&1/)1/! $! %$)1.'1')1/! `! %$)1.'1'! Z2/! #/! &)#-&./! /)! /,! -.&)%&-&$! 3/,! #'%.&=&%&$!%$8-'.1&3$! -$.! '87'#! -'.1/#! %$)1.'1')1/#K! 0#1$#! '%2/.3$#! 3/7/.e)! #/.! '-.$7'3$#! -$.! /,! S&).$!%$8-/1/)1/!/)!.'U()!3/!,'!8'1/.&'!`!3/7/.e)!%$)1/8-,'.!,'#!#&F2&/)1/#!%$)3&%&$)/#!85)&8'#H!
'B! "3/%2'%&()! 3/,! -,')! 3/! 1.'7'R$#! '! ,'#! %$)3&%&$)/#! 3/! 3&#-$)&7&,&3'3! 3/! =$)3$#! 3/,! %$8&1/)1/D! #&)!'=/%1'.!#27#1')%&',8/)1/!,'!$%2-'%&()!3/,!-/.#$)',!3/!$7./.$#!`!/8-,/'3$#!'=/%1'3$!3&./%1'8/)1/!'!,'!$7.'D!/Y/)1/!'!,'!=/%G'!3/!,'!-./#/)1/!,/`K!
7B!"-,&%'%&()!#$7./!,$#!%/.1&=&%'3$#!3/!+'.&'%&()!3/!%$#1$#D!&)%,2`/)3$!,$#!./,'1&+$#!'!%$#1$#!=&)')%&/.$#!-$.!/,!-/.5$3$!3/!-'F$D!3/!='%1$./#!3/!%$../%%&()!Z2/!%$)1/8-,/)!,'!%$8-/)#'%&()!-$.!,'!3$.#&()!3/!,$#!#/8'#!3/!'R2#1/#!3/!%$#1$#!%$)1.'%12',/#!`!Z2/D!'!,$#!/=/%1$#!3/!-./#/.+'.!/,!-.&)%&-&$!3/,!#'%.&=&%&$!%$8-'.1&3$D!&)%,2`')!/)!#&!8$#!$!-$.!#/-'.'3$!2)!5)3&%/!3/!./32%%&()!'-,&%'7,/!#$7./!,'#!3&=/./)%&'#!./#2,1')1/#K! d'! '-,&%'%&()! 3/! /#1/! #/8'! #/.e! '! -'.1&.! 3/! ,'! %/.1&=&%'%&()! $! ,&Z2&3'%&$)/#!%$../#-$)3&/)1/#!'!$7.'!/R/%21&+'!/)!8'.U$!3/!9;O;!`!G'#1'!,'!+&F/)%&'!3/,!'%2/.3$!Z2/!'Z25!#/!-./+TD!/,!Z2/!-$3.e!&)%,2&.!,'!'-,&%'%&()!-'.'!/,!=212.$!3/!2)!)2/+$!#/8'!3/!./'R2#1/!3/!%$#1$#!/)!.//8-,'U$!3/,!+&F/)1/!'!,'!=/%G'!3/!,'!-./#/)1/K!d$#!='%1$./#!3/!%$../%%&()!`D!/)!#2!%'#$D!#2#!5)3&%/#!3/!./32%%&()!#/.e)! =&R'3$#!%$)!%'.e%1/.!F/)/.',!-$.! ./#$,2%&()!3/,!S&).$!3/!g7.'#!`!M/.+&%&$#!467,&%$#!/)! ,'!Z2/!1'87&T)! #/! /#1'7,/%/.e)! ,$#! -,'U$#! `! %$)3&%&$)/#! 3/! -'F$!3/! ,'#! 3&=/./)%&'#! ./#2,1')1/#D! 1$3$! ,$! %2',!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
38<!
./Z2/.&.e! ,'! /Y-./#'!'%/-1'%&()!3/! ,'! %$)1.'1'! =$.8',&U'3'!/)!/,! %$)+/)&$!'!Z2/!G'%/! ./=/./)%&'!/,!-./#/)1/!'.15%2,$K!
4'.'! ,'!'-,&%'%&()!3/!/#1/! &)%&#$!#/!./Z2/.&.e!Z2/! ,$#!%$)1.'1'#!'%./3&1/)!2)'!3$.#&()!#&F)&=&%'1&+'!-$.!,'!'-,&%'%&()!3/!,$#!#/8'#!3/!'R2#1/#!$!./%$)$%&8&/)1$#!3/!+'.&'%&$)/#!3/!%$#1$#!-./+$#!/)!/,!%$)1.'1$K!
%B!E/=&)')%&'%&()!3/!,'!3/23'!/)!8$.'!'!,'!=/%G'!3/!+&F/)%&'!3/!,'!-./#/)1/D!%$)!'-,&%'%&()!3/,!#/8'!/#1'7,/%&3$!/)!,'!d/`!<9KP;<D!%$)!/Y%/-%&()!3/!#2!'.15%2,$!OD!-$.!1$3$!/,!-/.5$3$!3/!8$.'K!
0#1/! .TF&8/)! )$! #/.e! '-,&%'7,/! /)! /,! #2-2/#1$! 3/! Z2/! #/! %$)+&)&/./! ,'! %')%/,'%&()! 3/! ,'! '%.//)%&'!./#2,1')1/!3/!/#1/! &)%&#$!`!3/,!')1/.&$.!8/3&')1/! 1512,$#!3/! ,'!3/23'!-67,&%'D!/)!%2`$!%'#$! ./F&.e)! ,'#!%$)3&%&$)/#!`!8$3',&3'3/#!/)!/,,$#!/#1'7,/%&3$#K!
3B! "3/%2'%&()! 3/,! -.$`/%1$! %$)#1.2%1&+$! '! ,'#! )/%/#&3'3/#! 3/! 'G$..$! /=/%1&+$! 3/! ./%2.#$#! %2')3$!'Z2/,,$!./#2,1/!1T%)&%'8/)1/!-$#&7,/K!
/B! 4.(..$F'!3/,! -,'U$!3/!/R/%2%&()D! -'.'! ,$! %2',! -$3.e)! R2#1&=&%'.#/! ,'#!3/8$.'#!$%2..&3'#! '!-'.1&.! 3/,!8/#!3/!8'.U$!3/!9;O;!`!G'#1'!,'!=/%G'!3/!+&F/)%&'!3/!,'!./#$,2%&()!8&)/.&',!&)3&%'3'!/)!/,!'-'.1'3$!7B!3/,!-./#/)1/!'.15%2,$D!#&)!'-,&%'%&()!3/!-/)',&3'3/#!)&!%$)F/,'8&/)1$!3/,!./'R2#1/!3/!%$#1$#D!%2')3$!/,!%$)1.'1'!-.$7'./!,'!&)%&3/)%&'!3&./%1'!3/!,'!#&12'%&()!3/!/8/.F/)%&'!./=/.&3'!',!'.15%2,$!9!3/!/#1'!,/`D!/)!,'!3/8$.'!%$)1/8-,'3'!/)!/#1/!'-'.1'3$K!
=B! E/)2)%&'! 3/! ,'! %$)1.'1'! '! #2! 3/./%G$! '! -/.%&7&.! F'#1$#! &8-.$32%1&+$#D!8'`$./#! F'#1$#! F/)/.',/#!3&./%1$#!$!&)3&./%1$#!$!%2',Z2&/.!$1.'!%$8-/)#'%&()!$!&)3/8)&U'%&()!3/.&+'3'!3/!,'!./32%%&()!3/,!.&18$!$!-'.',&U'%&()!1$1',!$!-'.%&',!3/!,'!$7.'D!3/+/)F'3$#!/)1./!/,!9!3/!8'.U$!3/!9;O;!`!,'!=/%G'!3/,!'%2/.3$!Z2/!'Z25!#/!-./+TK!
FB!E/)2)%&'!3/!,'!%$)1.'1'!'!./%,'8'.!$1.'#!%$8-/)#'%&$)/#!$!%.T3&1$#!-$.!+'.&'%&$)/#!3/!%$#1$#!)$!%/.1&=&%'3'#D!#',+$!,'#!./#2,1')1/#!3/,!'%2/.3$!%/,/7.'3$D!-$.!/,!-/.5$3$!&)3&%'3$!/)!/,!'-'.1'3$!')1/.&$.K!
d$#!'%2/.3$#!3/7/.e)!%/,/7.'.#/!/)!2)!-,'U$!8eY&8$!3/!*L0N_g!g*h0N_"!?9OcB!35'#!%$)1'3$#!'!-'.1&.!3/!,'!/)1.'3'!/)!+&F/)%&'!3/!,'!-./#/)1/!,/`D!-.$..$F'7,/#!-$.!&F2',!-/.5$3$!8eY&8$!`!-$.!2)'!#$,'!+/U!-$.! ./#$,2%&()! 3/,! S&).$! %$8-/1/)1/! -$.! .'U()! 3/! ,'! 8'1/.&'K! j/)%&3$! 3&%G$! 1T.8&)$! #&)! Z2/! #/!'..&7/!',!'%2/.3$!3/=&)&1&+$!#/!-.$%/3/.e!#/F6)!,$!&)3&%'3$!/)!/,!'.15%2,$!@O!3/!/#1'!,/`K!0)!/#1/!%'#$!,'!%$)1&)2'%&()!3/!,'#!$7.'#!-$3.e!%$)1.'1'.#/!3/!'%2/.3$!',!-.$%/3&8&/)1$!-./+$!/)!,$#!'.15%2,$#!@A!`!@>!3/!/#1'!,/`K!
*"4L_^dg!jLL!
\0!d"M!ML_^"*LgN0M!\0!0S0EV0N*L"!0N!d"M!gCdLV"*LgN0M!0iLVLCd0M!
".1K! :cKQ!M0N_0N*L"M! M2#-T)3/#/! ,'! /R/%2%&()! 3/! ,'#! #/)1/)%&'#! `! ,'23$#! '.7&1.',/#! Z2/! %$)3/)/)! /,!-'F$! 3/! 2)'! #28'! 3/! 3&)/.$! 3&%1'3'#! %$)1.'! /,! 0#1'3$! N'%&$)',! `! ,$#! 3/8e#! /)1/#! 3/#%.&-1$#! /)! /,!'.15%2,$!9!3/!,'!-./#/)1/!,/`!-$.!/,!-,'U$!3/!\gM!?<B!'a$#!'!-'.1&.!3/!,'!=/%G'!3/!+&F/)%&'!3/!,'!-./#/)1/!,/`K! {2/3')! %$8-./)3&3'#! /)! /,! .TF&8/)! /#1'7,/%&3$! /)! /,! -./#/)1/! *'-512,$! 1')1$! ,'#! #/)1/)%&'#!%$)3/)'1$.&'#!3&%1'3'#!%$)1.'!/,!0#1'3$!N'%&$)',!`!,$#!/)1/#!8/)%&$)'3$#!/)!,'!-.&8/.'!-'.1/!3/!/#1/!'.15%2,$D! /)! %'2#'#! -.$8$+&3'#! -$.! ,'#! 4.$+&)%&'#! `I$! S2)&%&-',&3'3/#D! %$8$! 'Z2/,,'#! #/)1/)%&'#!-.$)2)%&'3'#! /)! R2&%&$#! Z2/! G27&/.'! 3/32%&3$! /,! 0#1'3$! N'%&$)',! %$)1.'! ,'#! 4.$+&)%&'#! `I$!S2)&%&-',&3'3/#K! 0#1/! *'-512,$! #/.e! '-,&%'7,/! /)! R2.&%%&()! -.$+&)%&',! /)! 'Z2/,,$#! %'#$#! /)! Z2/! #/!-.$32U%'!,'!'3G/#&()!-./+'!/)!/,!'.15%2,$!AO!3/!,'!-./#/)1/!,/`K!{2/3')!%$8-./)3&3'#!/)!/,!.TF&8/)!3/,! -./#/)1/! *'-512,$D! ,'#! /R/%2%&$)/#! Z2/! -23&/.')! -.$8$+/.#/! -$.! %$7.$! 3/! G$)$.'.&$#! `! F'#1$#!%$)1.'!%2',Z2&/.'!3/!,'#!-'.1/#!/)!,$#!R2&%&$#!%$)1/8-,'3$#!/)!/,!-./#/)1/!'.15%2,$K!
".1K! :9KQ!d'#! #/)1/)%&'#! `! ,'23$#! '.7&1.',/#! Z2/! #/! 3&%1/)! 3/)1.$! 3/,! -,'U$! /#1'7,/%&3$! /)! /,! '.15%2,$!')1/.&$.!)$!-$3.e)!#/.!/R/%21'3$#!G'#1'!,'!/Y-&.'%&()!3/!3&%G$!-,'U$K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
38X!
".1K!:<KQ!j/)%&3$!/,!-,'U$!3/,!'.15%2,$!:c!3/!/#1'!,/`D!/,!R2/U!3/!,'!%'2#'!=&R'.e!/,!1T.8&)$!3/!%28-,&8&/)1$!3/! ,'#!#/)1/)%&'#!$! ,'23$!'.7&1.',D!-./+&'!+'!',!$.F')$!3/8')3'3$D!-'.'!Z2/! &)3&Z2/!/,!-,'U$!3/!%28-,&8&/)1$K!0)!)&)F6)!%'#$!/#/!$.F')$!-$3.e!=&R'.!2)!-,'U$!8'`$.!',!3/!M0LM!?AB!8/#/#K!M&!3&%G$!$.F')$!)$!%$)1/#1'./! ,'!+'!$! &)3&%'./!2)!-,'U$! &..'U$)'7,/!%$)=$.8/!%$)!,'#!%&.%2)#1')%&'#!3/! ,'!%'2#'!/,!1T.8&)$!-'.'!/,!%28-,&8&/)1$!,$!=&R'.e!/,!X2/UK!
".1K!:PKQ!N"_^E"d0u"!\0!d"!gCdLV"*LgN!"!,$#!/=/%1$#!3/!,$#!'.15%2,$#!-./%/3/)1/#!/#!&)3&=/./)1/!Z2/!/,! $7R/1$! 3/! ,'! $7,&F'%&()! #/! G27&/.'! %$)#1&12&3$! $.&F&)'.&'8/)1/! /)! 2)'! #28'! 3/! 3&)/.$! $! Z2/! #/!1.')#=$.8'.'!/)!1',D!%$)!8$1&+$!3/!2)!&)%28-,&8&/)1$K!
".1K!:@KQ!0i*04*LgN0M!{2/3')!/Y%,2&3$#!3/,!.TF&8/)!-./%/3/)1/H!
'B!0,!%$7.$!3/!%.T3&1$#!,'7$.',/#!$!)'%&3$#!%$)!8$1&+$!3/!,'!./,'%&()!3/!/8-,/$!-67,&%$K!
7B!0,!%$7.$!3/!&)3/8)&U'%&$)/#!-$.!/Y-.$-&'%&()K!
%B!d'!./-/1&%&()!3/!1.&721$#K!
3B! d$#! %.T3&1$#!-$.!3'a$#!/)! ,'! +&3'D! /)!/,! %2/.-$!$!/)! ,'! #',23!3/!-/.#$)'#! =5#&%'#!$!-$.!-.&+'%&()!$!'8/)'U'! 3/! ,'! ,&7/.1'3D! $! 3'a$#! /)! %$#'#! Z2/! %$)#1&12`')! /,/8/)1$#! 3/! 1.'7'R$! $! +&+&/)3'! 3/,!3'8)&=&%'3$K!
/B!_$3'!-./#1'%&()!3/!)'12.',/U'!',&8/)1'.&'K!
=B! d$#! %.T3&1$#! $.&F&)'3$#! /)! &)%28-,&8&/)1$#! 3/! '-$.1/#! `! %$)1.&72%&$)/#! -./+&#&$)',/#! `! -'.'! $7.'#!#$%&',/#K!"-$.1/#!3/!#&)3&%',/#!)$!3/-$#&1'3$#!/)!1T.8&)$K!
FB! d$#! %.T3&1$#! F/)/.'3$#! /)! ,'! '%1&+&3'3! 8/.%')1&,! 3/! ,$#! C')%$#! $=&%&',/#! `! 3/! ,'! *'R'! N'%&$)',! 3/!"G$..$!`!M/F2.$K!
GB!d'#!R27&,'%&$)/#!`!-/)#&$)/#D!,'#!Z2/!#/!./F&.e)!-$.!#2!.TF&8/)!/#-/%5=&%$K!
&B!d'#!'%%&$)/#!3/!'8-'.$K!
RB!d'#!'%%&$)/#!-$.!./%2-/.'%&()!-'1.&8$)&',!3/!7&/)/#!&,/F51&8'8/)1/!3/#-$#/53$#K!
".1K! ::KQ!_E"NM"**LgN0M! \2.')1/! ,'! #27#1')%&'%&()! 3/,! -,/&1$! $! /,! -/.5$3$! 3/! #2#-/)#&()! 3/! ,'!/R/%2%&()!3/!,'!#/)1/)%&'!$!,'23$!'.7&1.',!-$3.eD!)$!$7#1')1/D!'..&7'.#/!'!1.')#'%%&$)/#!/)!,'#!%2',/#H!
'B!d'#!%$#1'#!#/!/#1'7,/U%')!-$.!/,!$.3/)!%'2#'3$!`!,'#!%$82)/#!-$.!8&1'3/#K!
7BM/! 3/1/.8&)/! /,! -'F$! 3/! ,'#! #28'#! 3/7&3'#! /)! 1512,$#! 3/! ,'! 3/23'! -67,&%'! $! /Z2&+',/)1/#D! %$)! ,'#!%$)3&%&$)/#!`!8$3',&3'3/#!/)!/,,$#!3/1/.8&)'3$#!$!7&/)!#/!/#1'7,/U%'!2)'!Z2&1'!)$! &)=/.&$.!',!j0LN_0!4gE!*L0N_g!?<cÅB!`!,'!./=&)')%&'%&()!3/,!#',3$!./#2,1')1/D!$!%$)1/8-,/)!8/%')$#!Z2/!-$#&7&,&1/)!,'!./&)+/.#&()!/)!$7.'#!`!#/.+&%&$#!3/!,'!3/23'!./%$)$%&3'!/)!,'!1.')#'%%&()K!
".1K!:AKQ!E0*d"S"*LgN0M!k!E0*^EMgM!d$#!'%1$#!Z2/!./#2/,+')!./%2.#$#!$!./%,'8'%&$)/#D!./F&3$#!$!)$!-$.!,'!d/`!9;K:@;D!./,'1&+$#!'!%$)1.$+/.#&'#!#$7./!#2-2/#1$#!=e%1&%$#!$!3/!&)1/.-./1'%&()!`!'-,&%'%&()!3/!)$.8'#D!`!Z2/!./%$)$U%')!%.T3&1$#!/)!='+$.!3/,!./%2../)1/!$!./%,'8')1/D!./,'1&+$#!',!-'F$!3/!2)'!#28'!3/!3&)/.$!$!Z2/!#/!1.'32U%')!/)!/,!-'F$!3/!2)'!#28'!3/!3&)/.$D!#/!,&8&1'.e)!',!8/.$!./%$)$%&8&/)1$!3/,!3/./%G$D!Z2/3')3$!./F&3$#!/)!%2')1$!'!#2!/R/%21$.&/3'3!`!/)!,$!Z2/!./#2,1/!-/.1&)/)1/D!',!.TF&8/)!3/!,$#!'.15%2,$#!:c!'!::!&)%,2#&+/D!3/!,'!-./#/)1/!,/`K!d$!-./+$!/)!/,!%&1'3$!'.15%2,$!::!1'87&T)!./#2,1'.e!'-,&%'7,/!32.')1/!,'!1.'8&1'%&()!3/,!./%2.#$!$!./%,'8$!3/!Z2/!#/!1.'1/K!
*"4L_^dg!jLLL!
\0!d"M!*gN*0MLgN0M!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
38>!
".1K! :>KQ!d'#! %$)%/#&$)/#! Z2/! #/! $1$.F2/)! 3/! '%2/.3$! %$)! ,'! d/`! 9>K:<c! %$)! ,'#! 8$3&=&%'%&$)/#!&)1.$32%&3'#! -$.! ,'! -./#/)1/! ,/`D! 3/7/.e)! '#/F2.'.! )/%/#'.&'8/)1/! Z2/! ,'! /+/)12',! ./)1'7&,&3'3! )$!/Y%/3'!2)'!./,'%&()!.'U$)'7,/!/)1./! ,'#! &)+/.#&$)/#!/=/%1&+'8/)1/!./',&U'3'#!-$.!/,!%$)%/#&$)'.&$!`! ,'!21&,&3'3!)/1'!$71/)&3'!-$.!,'!%$)%/#&()K!
".1K!:OKQ!L)%$.-$.'#/!%$8$!-e..'=$!#/F2)3$!3/,!'.1&%2,$!9t!3/!,'!d/`!9>K:<cD!/,!#&F2&/)1/H!vM/!'%,'.'!Z2/!-$3.e)! $1$.F'.#/! %$)%/#&$)/#! 3/! $7.'! -'.'! ,'! /Y-,$1'%&()D! '38&).'%&()D! ./-'.'%&()D! '8-,&'%&()D!%$)#/.+'%&()!$!8')1/)&8&/)1$!3/!$7.'#!`'!/Y/)1/#D!%$)!,'!=&)',&3'3!3/!$71/)%&()!3/!=$)3$#!-'.'!,'!%$)#1.2%%&()!$!%$)#/.+'%&()!3/!$1.'#!$7.'#!Z2/!1/)F')!+&)%2,'%&()!=5#&%'D!1T%)&%$!$!3/!$1.'!)'12.',/U'!%$)!,'#!-.&8/.'#D!#&)!-/.R2&%&$!3/!,'#!&)+/.#&$)/#!-./+&'#!Z2/!3/7'!./',&U'.!/,!%$)%/#&$)'.&$K!4'.'!/,,$!#/!1/)3.e! /)! %2/)1'! ,'! /%2'%&()! /%$)(8&%$Q=&)')%&/.'! 3/! %'3'! /8-./)3&8&/)1$D! ,'! Z2/! 3/7/.e! #/.!/#1.2%12.'3'!/)!$.3/)!'!$71/)/.!2)!'7'.'1'8&/)1$!/=/%1&+$!3/!,'!1'.&='!$!-/'R/!'!%'.F$!3/,!2#2'.&$K!
d'!1'.&='!3/!-/'R/!%$8-/)#'.'!,'!/R/%2%&()D!8$3&=&%'%&()D!'8-,&'%&()D!$!,$#!#/.+&%&$#!3/!'38&).'%&()D!./-'.'%&()D! %$)#/.+'%&()D! $! 8')1/)&8&/)1$! 3/! ,'! $7.'! /Y/)1/! `! ,'! /R/%2%&()D! /Y-,$1'%&()! `!8')1/)&8&/)1$!3/!,'!$7.'!)2/+'K!0)!%2',Z2&/.!%'#$D!,'#!%$)%/#&$)/#!$)/.$#'#!$!F.'12&1'#D!#&/8-./!Z2/!,'#! &)+/.#&$)/#! '! /=/%12'.!-$.! /,! %$)%/#&$)'.&$!)$! =2/./)!'! #/.! =&)')%&'3'#! %$)! ./%2.#$#!3/,! %.T3&1$! '!$71/)/.#/!-$.!/,! /#1'3$!$!-$.!/,! %$)%/#&$)'.&$! %$)! ,'!F'.')15'!3/!'Z2/,D!-$3.e)! #/.!$1$.F'3'#!-$.!/,!S&)/.&$! 3/! g7.'#! `! M/.+&%&$#! 467,&%$#!8/3&')3$! 3/,/F'%&()! /Y-./#'! 3/,! 4$3/.! 0R/%21&+$! N'%&$)',D!3/,/F'%&()! Z2/! -$3.e! /=/%12'.#/! /)! %2',Z2&/.! /#1'3$! 3/,! 1.'8&1/! 3/! '3R23&%'%&()D! &)%,2#$! %$)!')1/.&$.&3'3!'!,'!&)&%&'%&()!3/,!-.$%/3&8&/)1$!3/!%$)1.'1'%&()!Z2/!%$../#-$)3'!#/F6)!/,!.TF&8/)!3/!,'!-./#/)1/!,/`v!
L)%$.-$.'#/!%$8$!#/F2)3$!-e..'=$!3/,!&)%&#$!%B!3/,!'.15%2,$!<t!3/!,'!,/`!9>K:<cD!/,!#&F2&/)1/H!
v"%,'.'#/!Z2/!)$!#/!%$)#&3/.'.'!#27+/)%&$)'3'!,'!%$)%/#&()!-$.!/,!#$,$!G/%G$!3/!$1$.F'.#/!#$7./!2)'!$7.'!`'!/Y/)1/Kv!
M2#1&12`/#/!/,!&)%&#$!%B!3/,!'.1&%2,$!@t!3/!,'!,/`!9>K:<c!-$.!/,!#&F2&/)1/H!
v%B! 4$.! %$)1.'1'%&()! %$)! #$%&/3'3/#! -.&+'3'#! $! 8&Y1'#K! 0)! 1',! %'#$! #/! '38&1&.e! ,'! -./#/)1'%&()! 3/!&)&%&'1&+'#!Z2/!&3/)1&=&Z2/)!/,!$7R/1$!'!%$)1.'1'.D!#/a',')3$!#2#!,&)/'8&/)1$#!F/)/.',/#vK!
M&!,'!/)1&3'3!-67,&%'!%$)%/3/)1/!/)1/)3&/./!Z2/!3&%G'!$7.'!`!#2!/R/%2%&()!-$.!/,!#/8'!3/!,'!-./#/)1/!,/`D!/#!3/!&)1/.T#!-67,&%$D! ,$!Z2/!3/7/.e!./#$,+/.!/Y-./#'8/)1/D!-$3.e!$-1'.!-$.!/,!-.$%/3&8&/)1$!3/,!&)%&#$!'B!$!7&/)!-$.!/,!%$)%2.#$!3/!-.$`/%1$#!&)1/F.',/#K!/)!1',!%'#$!%$)+$%'.e!'!,'!-./#/)1'%&()!3/!,$#!8$#!8/3&')1/!')2)%&$#!'!-27,&%'.#/!/)!/,!C$,/15)!g=&%&',!`!/)!3$#!?<B!3&'.&$#!3/!-.&)%&-',!%&.%2,'%&()!'!)&+/,! )'%&$)',! -$.! /,! 1T.8&)$! 3/! %&)%$! ?:B! 35'#K! \&%G$#! ')2)%&$#! 3/7/.e)! /Y-,&%&1'.! ,'! #5)1/#&#! 3/! ,'!&)&%&'1&+'D! =&R'.! /,! 35'D! G$.'! `! ,2F'.! 3/! -./#/)1'%&()! 3/! ,'#! $=/.1'#! `! ,$#! 35'#D! G$.'.&$#! `! ,2F'.! 3/! ,'!'-/.12.'K!0,! 1T.8&)$!/)1./! ,'!6,1&8'!-27,&%'%&()!3/! ,$#!')2)%&$#!`! ,'! =/%G'!3/!-./#/)1'%&()!3/!$=/.1'#!#/.e! 3/! 1./&)1'! ?PcB! 35'#! %$..&3$#! %$8$! 85)&8$! `! )$+/)1'! ?;cB! 35'#! %$..&3$#! %$8$! 8eY&8$D! #',+$!#2-2/#1$#! 3/! /Y%/-%&()! 3/7&3'8/)1/! -$)3/.'3$#! -$.! /,! 8&).$! %$8-/1/)1/! /)! ,$#! Z2/! #/! -$3.e!/Y1/)3/.!/,!-,'U$!8eY&8$K!
\/! /Y&.! 2)'! $=/.1'! 8e#! %$)+/)&/)1/! Z2/! ,'! -./#/)1'3'! -$.! Z2&/)! 12+$! ,'! &)&%&'1&+'D! #/F6)! '%1$!'38&).'1&+$! 3/7&3'8/)1/! 8$1&+'3$D! /,! '21$.! 3/! ,'! &)&%&'1&+'! `! /,! 3/! ,'! $=/.1'! %$)#&3/.'3'! 8e#!%$)+/)&/)1/D!-$3.e)!8/R$.'.!#2#!./#-/%1&+'#!-.$-2/#1'#!/)!2)!-,'U$!Z2/!)$!/Y%/3/.e!3/! ,'!8&1'3!3/,!-,'U$!$.&F&)',!3/!-./#/)1'%&()K!
0,! '%1$! 3/! '-/.12.'D! ,'! %$)1&)2'%&()! 3/,! -.$%/3&8&/)1$! ,&%&1'1$.&$D! ,'! '3R23&%'%&()! `! -$#1/.&$.!%$)1&)2'%&()!3/,!%$)1.'1$!#/!./F&.e)!/)!,$!-/.1&)/)1/!-$.!,$#!-.&)%&-&$#!3/!,'!d/`!9PKcA@D!#&)!-/.R2&%&$!3/!,$!3&#-2/#1$!-$.!/,!'.15%2,$!9!3/!,'!-./#/)1/K!
\/%,e.'#/!Z2/!,'!d/`!9>K:<c!%$)!,'#!8$3&=&%'%&$)/#!'Z25!&)1.$32%&3'#D!/#!3/!'-,&%'%&()!'!,'!S2)&%&-',&3'3!3/!,'!*&23'3!3/!C2/)$#!"&./#D!%$../#-$)3&T)3$,/!',!L)1/)3/)1/!S2)&%&-',!`!',!M/%./1'.&$!%$8-/1/)1/!/)!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
38;!
,'!8'1/.&'! ,'#! ='%2,1'3/#! Z2/! /)! 3&%G'! ,/`! #/! ,/! $1$.F')! ',! 4$3/.! 0R/%21&+$!N'%&$)',! `! ',!8&).$! 3/!g7.'#!`!M/.+&%&$#!467,&%$#D!./#-/%1&+'8/)1/K!
*"4L_^dg!Li!
4d"N!\0!0S0EV0N*L"!\0d!0S4d0g!
".1K! :;KQ!"21$.5U'#/! ',! 4$3/.! 0R/%21&+$!N'%&$)',! '! /#1'7,/%/.! 2)! 4,')! 3/! 08/.F/)%&'! 3/,! 08-,/$D! Z2/!%$)#&.e! /)! ,'! '=/%1'%&()! 3/! =$)3$#! -'.'! /)%'.'.! $7.'#! -67,&%'#! 3/! 8')$! 3/! $7.'! &)1/)#&+'D! Z2/!#2#1&12`'! %2',Z2&/.! 1&-$! 3/! 1.'7'R$! -$.! 8/3&$!8/%e)&%$D! `! %2`$#! +',$./#! 3/! %$)1.'1'%&()! `! -,'U$! 3/!/R/%2%&()! )$! #2-/./)! &)3&+&32',8/)1/! ,$#! %&/)! 8&,,$)/#! 3/! '2#1.',/#! ?"! 9ccKcccKcccBD! '! +',$./#!%$)#1')1/#!`!#/&#!?AB!8/#/#!3/!-,'U$D!./#-/%1&+'8/)1/K!
\&%G'#!$7.'#!3/7/.e)!#/.! ,&%&1'3'#!`!%$)1.'1'3'#!-$.!,'#!82)&%&-',&3'3/#D!-./+&$!%$)+/)&$!'!%/,/7.'.#/!%$)! ,'#! '21$.&3'3/#! -.$+&)%&',/#D! 8/3&')1/! -.$%/3&8&/)1$#! 3/! %$)1.'1'%&()! Z2/! '#/F2./)! %/,/.&3'3D!/=&%&/)%&'!/!&)8/3&'1'!%./'%&()!3/!)2/+$#!-2/#1$#!3/!1.'7'R$K!
M/!/Y&F&.e!Z2/!-$.!,$!8/)$#!/,!%&)%2/)1'!-$.!%&/)1$!?:cÅB!3/!,'!8')$!3/!$7.'!'!$%2-'.!1/)F'!./#&3/)%&'!/)!/,!,2F'.!3$)3/!#/!/R/%21/)!,$#!1.'7'R$#K!
\&%G'#! $7.'#! #/! ,,/+'.e)! '! %'7$D! -./=/./)1/8/)1/D! /)! %/)1.$#! Z2/! /YG&7')! ,$#! 8'`$./#! 5)3&%/#! 3/!3/#$%2-'%&()!`!#27$%2-'%&()D! ./#-/1')3$!-'.'!#2!3.&72%&()!/)1./! ,'#! R2.&%%&$)/#!-.$+&)%&',/#! ,$#!%$/=&%&/)1/#!=&R'3$#!-$.!/,!'.15%2,$!@!3/!,'!d/`!<PK:@OK!
*"4L_^dg!i!
\LM4gML*LgN0M!V0N0E"d0M!
".1K!AcKQ!4ELj"_Lu"*LgN!\0!M0EjL*LgM!"!,$#!/=/%1$#!3/!3&)2&.!/,!F'#1$!-67,&%$D!8/R$.'.!-./#1'%&$)/#!$! '28/)1'.! ,'! /=&%&/)%&'D! '21$.5U'#/! '! %$)1.'1'.! %$)! /,! #/%1$.! -.&+'3$! ,'! -./#1'%&()! 3/! #/.+&%&$#! 3/!'38&).'%&()! %$)#2,1&+'D! 3/! %$)1.',$.! $! '%1&+'D! -/.1/)/%&/)1/! '! 1$3$#! ,$#! /)1/#! `! $.F')$#! 3/! ,'!"38&).'%&()! %/)1.',&U'3'! `! 3/#%/)1.',&U'3'D! /)28/.'3$#! /)! /,! '.15%2,$! 9! 3/! ,'! -./#/)1/! ,/`D! %$)!/Y%/-%&()!3/,!%$)1.',$.!/Y1/.)$!/#1'7,/%&3$!-$.!)$.8'#!/#-/%&',/#K!
".1K! A9K! QgEV"NLMSgM! 0M40*L"d0MH! "21$.5U'#/! ',! 4$3/.! 0R/%21&+$! N'%&$)',! '! #2-.&8&.D! 1.')#=$.8'.D!./32%&.D!,&8&1'.!$!3&#$,+/.!,'#!%$8&#&$)/#D!./-'.1&%&$)/#D!/)1/#!2!$.F')$#!%./'3$#!-$.!,/`/#!/#-/%&',/#!`!'!1.')#=/.&.!`!./3.&72&.!#2#!7&/)/#!`!=$)3$#!%$)=$.8/!,$!%$)#&3/./!%$)+/)&/)1/K!
".1K!A<K!Q0i4dL*L_"*LgN!\0!M^CML\LgM!"!,$#!/=/%1$#!3/!#&)%/.'.!`!./=,/R'.!/)!=$.8'!/Y-./#'!/,!./#2,1'3$!3/!/Y-,$1'%&()!3/!,'#!/8-./#'#!`!#$%&/3'3/#!/#1'1',/#D!/,!4$3/.!0R/%21&+$!N'%&$)',!./8&1&.e!',!h$)$.'7,/!*$)F./#$!3/!,'!N'%&()D!3/)1.$!3/!,$#!)$+/)1'!?;cB!35'#!3/!-.$82,F'3'!,'!-./#/)1/!,/`D!/,!3/1',,/!3/!,'!/#1&8'%&()! 3/! ,$#! 8$)1$#! 8/)#2',/#! `! ')2',/#! -$)3/.'3$#! %$)=$.8/! /#1'7,/U%'! ,'! ./F,'8/)1'%&()!./#-/%1&+'D! %$)! ./#-/%1$! '! ,$#! &)F./#$#! 3/R'3$#! 3/! -/.%&7&.! %$8$! %$)#/%2/)%&'! 3/! 3/#%2/)1$#D!7$)&=&%'%&$)/#D! /Y&8&%&()! 3/! ='%12.'%&()! $! ='%12.'%&()! ./32%&3'D! `D! /)! F/)/.',D! 3/! %2')1'! +/)1'R'! $!-.&+&,/F&$! #/! $1$.F2/)! '! F.2-$! 3/! -/.#$)'#! =5#&%'#! $! R2.53&%'#! 3/! %2',Z2&/.! 5)3$,/K! 0#1'! &)=$.8'%&()!'7'.%'.e!1$3$#!,$#!$.F')$#D!/8-./#'#!`!#$%&/3'3/#!8/)%&$)'3'#!/)!/,!'.15%2,$!<!3/!,'!-./#/)1/!,/`!`!-./%&#'.e! ,'! $! ,'#! %'2#'#! Z2/! 3&/.$)! $.&F/)! '! Z2/! #/! 3/R'.e)! 3/! -/.%&7&.! /#$#! &)F./#$#D! '2)Z2/! /#1T)!=2)3'3$#!Q/)1./!$1.'#!%'2#'#Q!/)!)$.8'#!,/F',/#!$!%$)+/)%&$)',/#!3/!%2',Z2&/.!5)3$,/K!
0,! *$)F./#$! N'%&$)',! ')',&U'.e! &)3&+&32',8/)1/! ,$#! %'#$#! `! -'.'! 'Z2/,,$#! Z2/! ./#2/,+'! 8')1/)/.,$#D!+$1'.e! ,'#! -'.1&3'#! -./#2-2/#1'.&'#! ./#-/%1&+'#! '! =&)! 3/! Z2/! Z2/3/)! ./=,/R'3$#! /)! =$.8'! /Y-,5%&1'! ,$#!#27#&3&$#!Z2/!#/!$1$.F2/)K!
".1K!APK! Q4^CdL*"*LgN!\0!C"d"N*0M!d$#!/)1/#!8/)%&$)'3$#!/)!/,!'.15%2,$!9D! %2')3$!'#5! %$../#-$)3'!-$.! ,'! )'12.',/U'! 3/! #2! '%1&+&3'3D! 3/7/.e)! /=/%12'.! #2#! 7',')%/#! `! 3/8e#! /#1'3$#! 3/! &)=$.8'%&()!%$)1'7,/!3/!'%2/.3$!%$)!,'#!)$.8'#!1T%)&%'#!`!-.$=/#&$)',/#!%$../#-$)3&/)1/#D!,$#!Z2/!#/.e)!-27,&%'3$#!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
38?!
1.&8/#1.',8/)1/!#&F2&/)3$!,$#!%.&1/.&$#!/#1'7,/%&3$#!-'.'!,'#!M$%&/3'3/#!Z2/!%$1&%/)!/)!7$,#'#K!_$3$#!,$#!/)1/#! `! $.F')$#! %$)1/8-,'3$#! /)! ,'! )$.8'! %&1'3'D! 3/7/.e)! '-,&%'.! ,$! 3&#-2/#1$! /)! /,! '.15%2,$! A<D!6,1&8$!-e..'=$!3/!,'!d/`!9;K::cD!'!,$#!/=/%1$#!3/!,'!/,'7$.'%&()!3/!,$#!/#1'3$#!%$)1'7,/#!$!-'1.&8$)&',/#D!#/F6)!%$../#-$)3'K!
".1K! A@K! Q0X0E*L*Lg! \0! \0E0*hgM! Mg*L0_"ELgM! d$#! 3/./%G$#! #$%&/1'.&$#! %$../#-$)3&/)1/#! ',! #/%1$.!-67,&%$!)'%&$)',!/)!,'#!#$%&/3'3/#!$!/)1/#!%$)!-'.1&%&-'%&()!3/!%'-&1',/#!-.&+'3$#D!$!%'-&1',/#!-67,&%$#!4.$+&)%&',/#!$!S2)&%&-',/#D!#/.e)!/R/.%&3$#!-$.!/,!S&)/.&$!%$8-/1/)1/!-$.!&)1/.8/3&$!3/,!M/%./1'.&$!%$../#-$)3&/)1/D!Z2&/)!-,')1/'.e!/)!/,!#/)$!3/,!/)1/!8$%&()!3/!'3G/#&()!',!.TF&8/)!3/!,'!-./#/)1/!,/`!%2')3$!T#1/!#/'!&)1/F.'3$!%$)!%'-&1',!4.$+&)%&',!`I$!S2)&%&-',K!
".1K!A:KQ!E"\Lg\LW^MLgNK!S$3&=&%'#/!,'!,/`!<<K<O:!3/!,'!#&F2&/)1/!=$.8'H!
'B\/.$F'#/!/,!&)%&#$!%B!3/,!'.1&%2,$!@PK!
7B!M2#1&12`/#/!/,!&)%&#$!/B!3/,!'.1&%2,$!@:!-$.!/,!#&F2&/)1/H!
vN$! 1/)/.! +&)%2,'%&()! R2.53&%'! #$%&/1'.&'! 2! $1.'#! =$.8'#! 3/! #2R/%&()! %$)! /8-./#'#! -/.&$35#1&%'#! $! 3/!.'3&$3&=2#&()!/Y1.')R/.'#vK!
%B!\/.$F')#/!,$#!&)%&#$#!'B!`!%B!3/,!'.1&%2,$!@AK!
W'%6,1'#/!',!4$3/.!0R/%21&+$!N'%&$)',!'!'3$-1'.!,'#!8/3&3'#!)/%/#'.&'#D!G'#1'!/,!3&%1'3$!3/!2)'!)2/+'!d/`! 3/! E'3&$3&=2#&()D! -'.'! ./F2,'.! /,! =2)%&$)'8&/)1$! 3/! 'Z2/,,$#! 8/3&$#! Z2/! )$! #/! /)%2/)1./)!/)%2'3.'3$#!/)!,'#!3&#-$#&%&$)/#!+&F/)1/#!G'#1'!/,!8$8/)1$!3/!,'!#')%&()!3/!/#1'!,/`!3/!/8/.F/)%&'K!
".1K! AAKQ!*gS4d0Xg! W0EEg*"EELd! u"E"_0QCE"ug! d"EVg!k!4^0N_0!V0N0E"d!C0dVE"Ng!\/.(F'#/! ,'!d/`! <PKcP>! `! #2#! )$.8'#! %$8-,/8/)1'.&'#! `! ./F,'8/)1'.&'#K! 0,! .TF&8/)! 3/! /Y-,$1'%&()! 3/,! *$8-,/R$!W/..$+&',!ue.'1/QC.'U$!d'.F$!`!3/,!42/)1/!V/)/.',!C/,F.')$D!#/!./F&.e!-$.!,'#!-./+&#&$)/#!3/!,'!-./#/)1/!,/`K!
".1K! A>KQ!W'%6,1'#/!',! 4$3/.!0R/%21&+$!N'%&$)',! '!3/,/F'.!/)!/,!8&).$! %$8-/1/)1/!/,! /R/.%&%&$!3/! ,'#!%$8-/1/)%&'#! Z2/! -$.! /#1'! ,/`! 1&/)/! '#&F)'3'#K! "! #2! +/UD! /,! S&).$! %$8-/1/)1/! #/! /)%2/)1.'!'21$.&U'3$! '! 3/,/F'.! /)! ,$#! #/%./1'.&$#! 3/! #2!S&)/.&$! ,'#! %$8-/1/)%&'#! -.$-&'#! '! T,! '%$.3'3'#! -$.!/#1'!,/`K!
".1K! AOKQ!M&)! -/.R2&%&$! 3/! ,'! '-,&%'%&()! #/F6)! #2! .TF&8/)! -.$-&$! 3/! ,'#! )$.8'#! 3/! )'12.',/U'! =/3/.',!%$)1/)&3'#!/)!/#1'!,/`D!,'!8'!#/.e!'-,&%'7,/!',!_/..&1$.&$!N'%&$)',!3/!,'!_&/..'!3/,!W2/F$D!")1e.1&3'!/!L#,'#!3/,!"1,e)1&%$!M2.!`!'!,'!S2)&%&-',&3'3!3/!,'!*&23'3!3/!C2/)$#!"&./#K!d/!%$../#-$)3/!',!V$7/.)'3$.!`! ',! L)1/)3/)1/D! ./#-/%1&+'8/)1/D! ,'#! %$8-/1/)%&'#! Z2/! -$.! /#1'! ,/`! #/! %$)=&/./! ',! 4$3/.! 0R/%21&+$!N'%&$)',! $! '! #2#! S&).$#D! /Y%/-1$! ,'#! %$8-/1/)%&'#! $1$.F'3'#! ',! 4$3/.! 0R/%21&+$! N'%&$)',! /)! /,!*'-512,$!LL!3/!/#1'!,/`D!,'#!Z2/!./#&3&.e)!/)!3&%G$!(.F')$D!/)!%2`$!%'#$D!/,!L)1/)3/)1/!S2)&%&-',!1/)3.e!,'#!%$8-/1/)%&'#!3/,!'.15%2,$!9PK!L)+51'#/!'!,'#!-.$+&)%&'#!'!'3G/.&.#/!',!.TF&8/)!3/!,'!-./#/)1/!,/`K!
".1K! A;KQ!0#1'! ,/`! /)1.'.e! /)! +&F/)%&'! /,! 35'! 3/! #2! -27,&%'%&()! /)! /,! C$,/15)! g=&%&',! 3/! ,'! E/-67,&%'!".F/)1&)'K! _$3$! %$)=,&%1$! )$.8'1&+$! ./,'1&+$! '! #2! '-,&%'%&()! 3/7/.e! ./#$,+/.#/! /)! 7/)/=&%&$! 3/! ,'!-./#/)1/! ,/`K!M2#!3&#-$#&%&$)/#!)$!#/.e)!'-,&%'7,/#!'! ,'!1.')#=/./)%&'!3/!'%%&$)/#!-./#%.&-1'!-$.! ,'!d/`!<PK9c:K!
".1K! >cKQ!*$82)5Z2/#/! ',! 4$3/.! 0R/%21&+$! N'%&$)',K! 4L0EEL! Q! \^h"d\0! Q! 40E0kE"! \0! 40E0u! 4"E\g! Q!LELC"EN0!
"N0ig!L!
LK!4ELj"_Lu"*LgN0M!g!*gN*0MLgN0M!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3S7!
!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3S3!
LLK!_E"NMW0E0N*L"M!"!X^ELM\L**LgN0M!4EgjLN*L"d0M!g!S^NL*L4"d0M!S0\L"N_0!*gNj0NLg!
Q!gCE"M!M"NL_"EL"M!\0!d"!N"*LãN! !!
Q!\LE0**LãN!N"*LgN"d!\0!jL"dL\"\! Q!E^_"M!N"*LgN"d0M!\0!LN_0E0M!4EgjLN*L"d!
Q!V"M!\0d!0M_"\g! Q!E0\0M!\0!\LM_ELC^*LgN!
LLLK!gE\0N"SL0N_g!LNM_L_^*LgN"d!0S4E0M"ELg!
Q!gCE"M!M"NL_"EL"M!\0!d"!N"*LgN! Q!*E0"M0!^N!0N_0!_EL4"E_L_g!0N_E0!d"!S^NL*L4"dL\"\!\0!d"!*L^\"\!\0!C^0NgM!"LE0MD!VgCL0ENg!\0!d"!4EgjLN*L"!\0!C^0NgM!"LE0M!k!gCE"M!M"NL_"EL"M!\0!d"!N"*LgN!
Q!0S4E0M"!N"*LgN"d!\0!*gSC^M_LCd0D!LNjgd^*E"H!kK4KWKD!V"M!\0d!0M_"\gD!kK*KWK!
Q! 0S4E0M"!W0\0E"d!\0!0N0EVL"!0d0*_EL*"D! LNjgd^*E"H!"V^"!k!0N0EVL"!0d0*_EL*"D!hL\EgNgE!k!V0N0E"*LgN!\0!0N0EVL"!\0!g_E"M!0S4E0M"M!N"*LgN"d0MK!
LjK!*gN*0MLgN!\0!d"!\LM_ELC^*LgN!k!*gS0E*L"dLu"*LgN!?4.&$.&3'3!#/%1$.!%$$-/.'1&+$B!
QV"M!\0d!0M_"\g!
QM0VC"!
Q"V^"!k!0N0EVL"!
QgCE"M!M"NL_"EL"M!\0!d"!N"*LgN!
"N0ig!LL!
LK!4ELj"_Lu"*LgN!g!*gN*0MLgN0M!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3S4!
!
!
!
! !
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3S8!
@Id*2n*480X?>*=*@Id*FI*ILIYJI2!95*I!U2UL9!5*
4$3/.!3/!4$,&%5'!3/!08/.F/)%&'!3/,!0#1'3$K!M2#-/)#&()!3/!M27#&3&$#!`!M27+/)%&$)/#K!
E/=$.8'!3/!,'!*'.1'!g.Fe)&%'!3/,!C')%$!*/)1.',!3/!,'!E/-67,&%'!".F/)1&)'K!M2#-/)%&()!3/!,$#!E/F58/)/#!
3/! 4.$8$%&()! L)32#1.&',! `! 4.$8$%&()! S&)/.'K! ETF&8/)! 3/! L)+/.#&$)/#! 0Y1.')R/.'#K! E/&)1/F.$#K!
E//87$,#$#! `! \/+$,2%&()! 3/! _.&721$#K! M2#-/)#&()! 3/,! ETF&8/)! 3/! *$8-./! N'%&$)',K! ETF&8/)!
4./#2-2/#1'.&$! 3/! 08/.F/)%&'K! W$)3$#! %$)! \/#1&)$! 0#-/%5=&%$K! L8-2/#1$! '! ,'! _.')#=/./)%&'! 3/!
*$872#1&7,/#!d5Z2&3$#!3/.&+'3$#!3/,!4/1.(,/$K!E/F',5'#!4/1.$,5=/.'#!`!V'#5=/.'#K!S$3&=&%'%&()!3/! ,'!d/`!
Nt!<PKAA@K!ETF&8/)!3/!*$8-/)#'%&()!3/!*.T3&1$#! `!\/23'#!3/!4'.1&%2,'./#! %$)!/,! 0#1'3$!N'%&$)',! `!
*')%/,'%&()!3/!#2#!M',3$#!N/1$#K!ETF&8/)!3/!*$8-/)#'%&()!3/!*.T3&1$#!`!\/23'#!3/,!M/%1$.!467,&%$K!
\/23'! 467,&%'! L)1/.)'K! S/.%'3$! 3/! *'-&1',/#K! 08-,/$! /)! ,'! "38&).'%&()! 467,&%'D! 08-./#'#! `!
M$%&/3'3/#K! L)3/8)&U'%&()! -$.! ')1&F}/3'3! `! 3/#-&3$K! M$%&/3'3/#! *$8/.%&',/#K! *$8/.%&$! `!
"7'#1/%&8&/)1$K! g-/.'%&$)/#! *$)#2,'./#K! M')/'8&/)1$! 3/! g7.'#! M$%&',/#K! L)#1&121$#! `! g.F')$#!
"21e.Z2&%$#!N'%&$)',/#K!4.$%/3&8&/)1$!L8-$#&1&+$K!j/)1'!3/!L)82/7,/#! L))/%/#'.&$#K!"3/%2'%&$)/#!3/!
,'#! v^)&3'3/#! 3/! *2/)1'! 3/! M/F2.$#vK! *$)+/)&$#! L)1/.)'%&$)',/#K! \&#-$#&%&$)/#! *$8-,/8/)1'.&'#K!
j&F/)%&'K!
*"4L_^dg!L!
4g\0E!\0!4gdL*Ä"!\0!0S0EV0N*L"!\0d!0M_"\g!
"E_L*^dg!9KQ!d'!-./#/)1/!,/`!-$)/!/)!/R/.%&%&$!/,!-$3/.!3/!-$,&%5'!3/!/8/.F/)%&'!3/,!0#1'3$D!%$)!/,!=&)!
3/!#2-/.'.! ,'!#&12'%&()!3/!-/,&F.$!%$,/%1&+$!%./'3'!-$.! ,'#!F.'+/#!%&.%2)#1')%&'#!/%$)(8&%'#!`!#$%&',/#!
Z2/!,'!N'%&()!-'3/%/K!
*"4L_^dg!<!
M^M40NMLgN!\0!M^CML\LgM!k!M^Cj0N*LgN0M!
".1K!<KQ!M2#-T)3/)#/!-$.!/,!-,'U$!3/!%&/)1$!$%G/)1'!?9OcB!35'#!'!%$)1'.!3/#3/!,'!+&F/)%&'!3/!/#1'!,/`D!%$)!
%'.e%1/.!F/)/.',D!,$#!#27#&3&$#D!#27+/)%&$)/#!`!1$3$!$1.$!%$8-.$8&#$!3/,!8$!%'.e%1/.!Z2/D!3&./%1'!$!
&)3&./%1'!8/)1/D!'=/%1/)!,$#!./%2.#$#!3/,!_/#$.$!N'%&$)',!`I$!,'#!%2/)1'#!3/,!7',')%/!3/,!C')%$!*/)1.',!
3/!,'!E/-67,&%'!".F/)1&)'!`I$!,'!/%2'%&()!/%$)(8&%$!=&)')%&/.'!3/!,'#!/8-./#'#!3/!#/.+&%&$#!-67,&%$#!3/!
%2',Z2&/.!)'12.',/U'!R2.53&%'D!/)!/#-/%&',!%2')3$!T#1'#!='%12./)!1'.&='#!$!-./%&$#!3&=/./)%&',/#K!
{2/3')!%$8-./)3&3$#!/)!/#1'!3&#-$#&%&()!1$3$#!'Z2/,,$#!'%1$#!&)3&%'3$#!-./%/3/)1/8/)1/!Z2/!/#1T)!
$1$.F'3$#!-$.! ,/`/#!/#-/%&',/#! `! 1$3'!)$.8'! ,/F',!$! ./F,'8/)1'.&'!Z2/!$7,&F2/!',!V$7&/.)$!N'%&$)',D!
%$8$!'#&8$!'Z2/,,$#!/#1'7,/%&3$#!/)!%,e2#2,'#!%$)1.'%12',/#D!-23&/)3$!/,!4$3/.!0R/%21&+$!N'%&$)',!
/)!/#1/!6,1&8$!%'#$D!./)/F$%&'.,'#K!
d'#! /Y%/-%&$)/#! '! /#1'! #2#-/)#&()! F/)/.',! #(,$! -$3.e)! 3&#-$)/.#/! -./+&'! '%./3&1'%&()! $7R/1&+'! 3/!
.'U$)'7&,&3'3D!-$.!'%1$!'38&).'1&+$!/Y-./#$D!&)3&+&32',!-'.'!%'3'!%'#$!$!R2.&%%&()!-./#2-2/#1'.&'!`!
=2)3'3$D! 3&%1'3$! /)! "%2/.3$! V/)/.',! 3/! S&).$#K! 0)! /#$#! #2-2/#1$#D! /,! 4$3/.! 0R/%21&+$! N'%&$)',!
3/1/.8&)'.e!,'!=/%G'!'!-'.1&.!3/!,'!%2',!./F&.e!/,!#27#&3&$D!-23&/)3$!./1.$1.'/.#/!'!,'!/)1.'3'!/)!+&F/)%&'!
3/!/#1'!,/`K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3SS!
0)! 1$3$#! ,$#! %'#$#D! ,$#! #27#&3&$#! #/! ./=,/R'.e)! %$8$! F'#1$#! /)! /,! 4./#2-2/#1$! V/)/.',! 3/! ,'! N'%&()D!
8/3&')1/! ,'! '-/.12.'! 3/! -'.1&3'#! /#-/%5=&%'#! `! /)! ,'! *2/)1'! V/)/.',! 3/,! 0R/.%&%&$! %2')3$! '#5!
%$../#-$)3&/./K!
0,!4$3/.!0R/%21&+$!%$82)&%'.e!',!*$)F./#$!3/!,'!N'%&()D!3/)1.$!3/!,$#!3&/U!?9cB!35'#!3/!'%$.3'3$!%'3'!
#27#&3&$D! /,! ./#-/%1&+$! 3/%./1$! Z2/! G'`'! #&3$! 3&%1'3$! 3/! %$)=$.8&3'3! %$)! ,$! '21$.&U'3$!
-./%/3/)1/8/)1/K!
*"4L_^dg!LLL!
E0WgES"!\0!d"!*"E_"!gEV"NL*"!\0d!C"N*g!*0N_E"d!\0!d"!E04åCdL*"!
"EV0N_LN"!
".1K!PtKQ!*.T'#/!2)'!*$8&#&()! &)1/F.'3'!-$.! ,$#!#/a$./#!4./#&3/)1/!`!j&%/-./#&3/)1/!3/,!C')%$!*/)1.',!
3/!,'!E/-67,&%'!".F/)1&)'D!-./#&3/)1/#!3/!,'#!*$8&#&$)/#!3/!4./#2-2/#1$!`!h'%&/)3'!`!3/!0%$)$85'!3/,!
h$)$.'7,/!M/)'3$!3/!,'!N'%&()!`!3/!4./#2-2/#1$!`!h'%&/)3'!`!3/!W&)')U'#!3/!,'!h$)$.'7,/!*e8'.'!3/!
\&-21'3$#!3/!,'!N'%&()!`!M/%./1'.&$!3/!0#1'3$!3/!*$$.3&)'%&()!0%$)(8&%'D!'!=&)!3/!Z2/!./3'%1/!`!/,/+/!
',!4$3/.!0R/%21&+$!N'%&$)',D!-'.'!#2!./8&#&()!',!h$)$.'7,/!*$)F./#$!3/!,'!N'%&()D!3/)1.$!3/!,$#!1./&)1'!
?PcB!35'#!3/!,'!=/%G'!3/!+&F/)%&'!3/!/#1'!,/`D!2)!-.$`/%1$!3/!,/`!%$)1/)&/)3$!,'!)2/+'!*'.1'!g.Fe)&%'!3/,!
C')%$!*/)1.',!3/!,'!E/-67,&%'!".F/)1&)'D!Z2/!'1&/)3'!'!,$#!#&F2&/)1/#!-.&)%&-&$#D!%2`'!/)2)%&'%&()!)$!/#!
,&8&1'1&+'H!
'B! g1$.F'.,/! ,'! &)3/-/)3/)%&'! =2)%&$)',! )/%/#'.&'! -'.'! %28-,&.! #2! -.&8$.3&',! 8&#&()! 3/! -./#/.+'.! /,!
+',$.!3/!,'!8$)/3'K!
7B!0#1'7,/%/.!Z2/!/,!C')%$!*/)1.',!3/!,'!E/-67,&%'!".F/)1&)'!)$!=&)')%&'.eD!)&!3&./%1'!)&!&)3&./%1'8/)1/D!
',!V$7&/.)$!N'%&$)',!)&!'!,'#!-.$+&)%&'#!8e#!',,e!3/!,$#!,58&1/#!Z2/!/#1'7,/U%'!,'!)2/+'!*'.1'!g.Fe)&%'K!
%B!*./'.!2)!#/8'!3/!F'.')15'#!3/!3/-(#&1$#!Z2/!.//8-,'%/!',!'%12',K!"!1',!=&)D!#/!-./+/.e!,'!%./'%&()!
3/!2)!/)1/!%$)!='%2,1'3/#!-'.'!'38&).'.!`!#2-/.+&#'.!,$#!.&/#F$#!Z2/!'#28'K!
3B! *./'.! 2)! /)1/! -'.'! '1/)3/.! ,'! ,&Z2&3'%&()! 3/! ,$#! '%1&+$#! 3/! /)1&3'3/#! =&)')%&/.'#! /)! -.$%/#$! 3/!
3&#$,2%&()!`!,&Z2&3'%&()K!
/B!*./'.!2)!)2/+$!#/8'!Z2/!'#/F2./!2)'!8e#!/=&%&/)1/!#2-/.&)1/)3/)%&'!#$7./!,$#!7')%$#K!
=B! L)=$.8'.! #/8/#1.',8/)1/! ',! *$)F./#$! 3/! ,'! N'%&()! #$7./! ,'! /R/%2%&()! `! -.$`/%%&()! 3/,! -.$F.'8'!
8$)/1'.&$!3/)1.$!3/!,'!-$,51&%'!,/F&#,'1&+'!#')%&$)'3'!-$.!'Z2T,!3/!'%2/.3$!%$)!#2#!='%2,1'3/#!
8$)/1'.&'#!`!%./3&1&%&'#K!
FB!427,&%'.!#/8')',8/)1/!/,!C',')%/!3/,!C')%$!*/)1.',!3/!,'!E/-67,&%'!".F/)1&)'K!
d'! %./'%&()!3/! ,$#! #/8'#!$!/)1/#!-./+$#!/)! ,$#! &)%&#$#! %BD! 3B! `!/B!Z2/!')1/%/3/)!)$!3'.e! ,2F'.!'!
&)%./8/)1$#!/)!,'!-,')1'!3/!-/.#$)',K!
*"4L_^dg!Lj!
M^M40NMLgN!\0!dgM!E0VLS0N0M!\0!4EgSg*LgN!LN\^M_EL"d!
".1K!@tKQ!d'!#&12'%&()!3/!/8/.F/)%&'!./=/.&3'!/)!/,!'.15%2,$!9!3/!/#1'!,/`!#/!/Y1&/)3/!'!,$#!./F58/)/#!3/!
-.$8$%&()!&)#1&12&3$#!-$.!,'#!,/`/#!N$#K!9;KA@cD!<cK:AcD!<9KAcOD!<9KAP:D!<<Kc<9D!<<K>c<D!<<!;>PD!<PKA9@!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3S<!
`!$1.$#!3/!&F2',!)'12.',/U'!'!,$#!/)28/.'3$#!`!#2#!./#-/%1&+'#!8$3&=&%'%&$)/#D!3/%./1$#!./F,'8/)1'.&$#D!
./#$,2%&$)/#!`!3/8e#!)$.8'#!%$8-,/8/)1'.&'#D!/)!1$3$#!'Z2/,,$#!'#-/%1$#!Z2/!./#2,1/)!3/!'-,&%'%&()!
/Y%,2#&+'8/)1/!'!,'#!'%1&+&3'3/#!&)32#1.&',/#K!
".1K!:tKQ!M2#-T)3/#/!32.')1/!/,!-,'U$!%&1'3$!/)!/,!'.15%2,$!O!/,!F$%/!3/,!%&)%2/)1'!-$.!%&/)1$!?:cÅB!3/!,$#!
7/)/=&%&$#!3/!%'.e%1/.!-.$8$%&$)',!$71/)&3$#!/)!+&.123!3/!,$#!./F58/)/#!3/!-.$8$%&()!8/)%&$)'3$#!/)!
/,!'.15%2,$!')1/.&$.K!
\&%G'! #2#-/)#&()! $-/.'.e! #$7./! ,$#! )&+/,/#! -$.%/)12',/#! Z2/! ,/! G27&/.'! %$../#-$)3&3$! '! %'3'!
7/)/=&%&'.&$!32.')1/!/,!-/.5$3$!3/!#2#-/)#&()!/#1'7,/%&3$!`!#/!'-,&%'.e!'!,$#!#&F2&/)1/#!%$)%/-1$#D!#/F6)!
%$../#-$)3'!3/!'%2/.3$!',!.TF&8/)!3/!Z2/!#/!1.'1/H!
'B!d&7/.'%&()!$!/Y/)%&()D!#/F6)!%$../#-$)3'D!3/,! L8-2/#1$!',!j',$.!"F./F'3$!Z2/!F.'+/! ,'#!+/)1'#!3/!
8'1/.&'#!-.&8'#!$!#/8&/,'7$.'3'#!3/#1&)'3'#!'!-.$`/%1$#!&)32#1.&',/#!-.$8$+&3$#K!
7B!d&7/.'%&()!$!/Y/)%&()D!#/F6)!%$../#-$)3'D!3/,!L8-2/#1$!',!j',$.!"F./F'3$!./#2,1')1/!3/!$-/.'%&$)/#!
3/!,'#!/8-./#'#!7/)/=&%&'.&'#K!
%B!d&7/.'%&()!$!/Y/)%&()D!#/F6)!%$../#-$)3'D!3/,! L8-2/#1$!',!j',$.!"F./F'3$!-$.!/,!8$)1$!3/,!3T7&1$!
=&#%',!./#2,1')1/!3/!,'#!+/)1'#!3/!,'!/8-./#'!7/)/=&%&'.&'K!
3B! 0Y/)%&()D! 3/32%%&()! $! ./32%%&()! 3/,! L8-2/#1$! '! ,'#! V')')%&'#D! #$7./! ,$#! *'-&1',/#! `! #$7./! /,!
4'1.&8$)&$!N/1$K!
/B!d&7/.'%&()!$!/Y/)%&()D!#/F6)!%$../#-$)3'D!3/,! L8-2/#1$!',!j',$.!"F./F'3$!Z2/!F.'+/! ,'#!+/)1'#!3/!
7&/)/#!3/!2#$D!#2#!-'.1/#D!./-2/#1$#!`!'%%/#$.&$#!3/#1&)'3$#!'!-.$`/%1$#!&)32#1.&',/#!-.$8$+&3$#K!
=B!0Y/)%&()!$!./32%%&()!3/,!L8-2/#1$!',!j',$.!"F./F'3$!#$7./!,'#!&8-$.1'%&$)/#!3/!7&/)/#!3/!%'-&1',D!#2#!
-'.1/#D!./-2/#1$#!`!'%%/#$.&$#D!#',+$!/)!'Z2/,,$#!%'#$#!3/!1.e8&1/#!3/!&8-$.1'%&()!&)&%&'3$#!')1/#!3/!,'!
#')%&()!3/!,'!-./#/)1/!,/`K!
FB!\&=/.&8&/)1$!3/!&8-2/#1$#!3/!,'#!/8-./#'#!7/)/=&%&'.&'#K!
GB!\&=/.&8&/)1$!3/! &8-2/#1$#!3/! ,$#! &)+/.#&$)'#!/)! ,'#!/8-./#'#!7/)/=&%&'.&'#!Z2/!G27&/#/)!$-1'3$!
-$.!/#1/!7/)/=&%&$K!
&B! 0Y/)%&()D! 3/32%%&()! $! ./32%%&()! 3/,! L8-2/#1$! '! ,'#! V')')%&'#D! #$7./! ,$#! *'-&1',/#! `! #$7./! /,!
4'1.&8$)&$! N/1$! 3/! ,$#! &)+/.#&$)'#! /)! ,'#! /8-./#'#! 7/)/=&%&'.&'#! Z2/! G27&/#/)! $-1'3$! -$.! /#1/!
7/)/=&%&$K!
*2')3$! #/! 1.'1/! 3/! 7/)/=&%&'.&$#! 3/,! .TF&8/)! &)#1&12&3$! -$.! ,'! d/`! 9;KA@cD! ,'#! 3&#-$#&%&$)/#! 3/! ,'!
-./#/)1/! ,/`! #/! '-,&%'.e)! #$7./! /,! &8-2/#1$! ',! j',$.!"F./F'3$!Z2/! ./#2,1/! 3/! ,'! +/)1'!3/!7&/)/#! %$)!
3/#1&)$!',!1/..&1$.&$!%$)1&)/)1',!3/!,'!N'%&()D!%$)!-./#%&)3/)%&'!3/,!,2F'.!/)!Z2/!=2/.'!-/.=/%%&$)'3$!/,!
%$)1.'1$K!
*2')3$! ,'! +/)1'! #/! =$.8',&%/! /)! /,! 1/..&1$.&$! %$)1&)/)1',! 3/! ,'! N'%&()D! #/! %$)#&3/.'.e! ,'! ,&7/.'%&()! $!
/Y/)%&()!3/!'%2/.3$!',!-.$%/3&8&/)1$!Z2/!3/1/.8&)/!/,!4$3/.!0R/%21&+$!N'%&$)',K!
"#&8$D! /)! ,$! Z2/! ./#-/%1'! '! ,'#! '3Z2&#&%&$)/#! ./',&U'3'#! -$.! ,$#! 7/)/=&%&'.&$#! 3/! ,'! ,/`!NK! 9;KA@cD!
6)&%'8/)1/! /#1'.e)! ',%')U'3'#! -$.! ,'#! 3&#-$#&%&$)/#! 3/! ,'! -./#/)1/! ,/`! 'Z2/,,'#! ./',&U'3'#! /)! /,!
1/..&1$.&$!%$)1&)/)1',!3/!,'!N'%&()K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3SX!
".1K!AKQ!\2.')1/!/,!-/.5$3$!'!Z2/!#/!./=&/./!,'!#2#-/)#&()!3&#-2/#1'!-$.!,'!-./#/)1/!,/`D!,$#!&)+/.#&$)'#!
/)!/8-./#'#!-.$8$+&3'#!-$.!./F58/)/#!%$)1.'%12',/#D!Z2/!$-1'./)!-$.!,'!=.')Z2&%&'!3/!3&=/.&8&/)1$!3/,!
-'F$!3/!,$#!&8-2/#1$#D!-$3.e)!G'%/.,$!#(,$!G'#1'!/,!%&)%2/)1'!-$.!%&/)1$!?:cÅB!3/!,'!#28'!Z2/!3/7/)!
'7$)'.!-$.!/#/!%$)%/-1$K!
*2')3$!,'!'21$.&3'3!3/!'-,&%'%&()!Z2/!$1$.F(!,$#!7/)/=&%&$#!-.$8$%&$)',/#!%$)#1'1'.e!Z2/!,$#!-,'U$#!3/!
/R/%2%&()! 3/! ,$#! -.$`/%1$#! ./#2,1'./)! ',1/.'3$#! /)! .'U()! 3/! ,'! #2#-/)#&()! Z2/! #/! /#1'7,/%/! /)! /,!
-./#/)1/!'.15%2,$D!-$3.e!'21$.&U'.!2)'!-.(..$F'!'3&%&$)',!'!,'!%$)1/8-,'3'!/)!/,!'.15%2,$!:>!3/!,'!d/`!NK!
<PKA9@D!-$.!2)!-,'U$!3/!G'#1'!#/&#!?AB!8/#/#K!
".1K! >KQ!M2#-T)3/#/! -$.! /,! 1T.8&)$! 3/! %&/)1$! $%G/)1'! ?9OcB! 35'#! 3/#3/! ,'! =/%G'! 3/! +&F/)%&'! 3/! ,'!
-./#/)1/!,/`!3/!'-.$7'%&()!`!/,!1.e8&1/!3/!)2/+$#!-.$`/%1$#!&)32#1.&',/#!7'R$!/,!.TF&8/)!3/!,'!d/`!Nt!
9;KA@cD!`!8')1&T)/#/!,'!#2#-/)#&()!/#1'7,/%&3'!/)!/,!-.&8/.!-e..'=$!3/,!'.15%2,$!99!3/!,'!d/`!Nt!<PKA:OK!
".1K!OKQ!d'#!./#1.&%%&$)/#!&8-2/#1'#!-$.!/#1/!*'-512,$!'!,$#!E/F58/)/#!3/!4.$8$%&()!L)32#1.&',!$-/.'.e)!
3/!'%2/.3$!'!,$#!-/.5$3$#!Z2/!#/!/#1'7,/%/)!'!%$)1&)2'%&()H!
'B!*2')3$!#/!1.'1/!3/!,'!#2#-/)#&()!3/,!F$%/!3/!,$#!7/)/=&%&$#!/#1'7,/%&3$#!/)!,$#!&)%&#$#!'BD!7BD!%BD!/BD!=BD!
GB!/!&B!3/,!'.15%2,$!:!`!/)!/,!&)%&#$!FB!3/,!8$D!/)!%2')1$!#/!./=&/.')!',!L8-2/#1$!',!j',$.!"F./F'3$D!-$.!
2)!-/.5$3$!3/!#/&#!?AB!8/#/#!%$)1'3$#!'!-'.1&.!3/,!8/#!#&F2&/)1/!',!3/!,'!-27,&%'%&()!3/!,'!-./#/)1/!,/`K!
7B!*2')3$!#/!1.'1/!3/!,'!#2#-/)#&()!3/,!F$%/!3/!,$#!7/)/=&%&$#!'!Z2/!#/!./=&/./!/,!&)%&#$!3B!3/,!'.15%2,$!:!
'#5! %$8$D! /)! /,! &)%&#$! Fc! 3/,! 8$D! /)! ,$! ./,'%&$)'3$! '! ,$#! L8-2/#1$#! '! ,'#! V')')%&'#D! #$7./! ,$#!
*'-&1',/#!`!#$7./!/,!4'1.&8$)&$!N/1$D!,'!./#1.&%%&()!$-/.'.e!-'.'!/,!-.&8/.!/R/.%&%&$!=&#%',!Z2/!%&/../!%$)!
-$#1/.&$.&3'3!'!,'!=/%G'!3/!-27,&%'%&()!3/!,'!-./#/)1/!,/`K!\/.(F'#/!,'!d/`!NK!<PKAA;!'!-'.1&.!3/,!-.&8/.!
35'!3/,!8/#!#&F2&/)1/!',!3/!,'!-27,&%'%&()!3/!,'!-./#/)1/!,/`K!
".1K! ;KQ"! ,$#! /=/%1$#!3/! %$8-/)#'.! ,$#!7/)/=&%&$#! %2`$!/R/.%&%&$! ./#2,1'./! #2#-/)3&3$!/)! +&.123!3/! ,'#!
)$.8'#!%$)1/8-,'3'#!/)!/#1/!*'-512,$D!#/!/#1'7,/%/)!,'#!#&F2&/)1/#!3&#-$#&%&$)/#H!
'B!d'#!/8-./#'#!7/)/=&%&'.&'#!Z2/!G27&/./)!3&=/.&3$!/,!-'F$!3/!#2#!&8-2/#1$#!-$3.e)!%$8-,/1'.!/,!2#$!
3/!,'!=.')Z2&%&'!'!,'!=&)',&U'%&()!3/!#2!-/.5$3$!3/!7/)/=&%&$D!/)!,$#!)&+/,/#!-$.%/)12',/#!Z2/!./#2,1'./)!
#2#-/)3&3$#!32.')1/!/,!-/.5$3$!3/!/8/.F/)%&'!Z2/!/#1'7,/%/!/,!'.15%2,$!O!3/!,'!-./#/)1/!,/`K!
7B! d'#! /8-./#'#! 7/)/=&%&'.&'#! Z2/! F$%/)! 3/! ,$#! 7/)/=&%&$#! 3/! ,&7/.'%&()D! /Y/)%&()! $! ./32%%&()! 3/!
&8-2/#1$#!/#1'7,/%&3$#!/)!,$#!&)%&#$#!'BD!7BD!%BD!3BD!/B!`!=B!3/,!'.15%2,$!:!./%&7&.e)!3/)1.$!3/!,$#!)$+/)1'!
?;cB!35'#!3/!=&)',&U'3$!/,!-,'U$!/#1'7,/%&3$!/)!/,!'.15%2,$!OD!&)%&#$!'BD!*/.1&=&%'3$#!3/!*.T3&1$!W&#%',!-$.!/,!
8$)1$!/Z2&+',/)1/!'!,$#!1.&721$#!./#-/%1&+'8/)1/!'7$)'3$#!%$)!8$1&+$!3/!,'!#2#-/)#&()!3&#-2/#1'!/)!
/,!-./#/)1/!*'-512,$K!
d$#!*/.1&=&%'3$#!3/!*.T3&1$!W&#%',!#/!'R2#1'.e)!'!,'#!#&F2&/)1/#!%'.'%1/.5#1&%'#H!
9tQ!M/.e)!)$8&)'1&+$#!`!1.')#=/.&7,/#!-$.!2)!6)&%$!/)3$#$!'!='+$.!3/!#2#!-.$+//3$./#K!
<tKQ! M/! 'R2#1'.e)! -$.! /,! 5)3&%/! 3/! 4./%&$#! S'`$.'#! )$! "F.$-/%2'.&$! N'%&$)',! Z2/! -67,&%'!
8/)#2',8/)1/!/,! L)#1&121$!N'%&$)',!3/!0#1'35#1&%'!`!*/)#$#!?L)3/%BD!3/!'%2/.3$!'! ,'!+'.&'%&()!$-/.'3'!
/)1./! /,! -/)6,1&8$!8/#! ')1/.&$.! ',! Z2/! #/! ./',&%/! /,! -'F$! 3/! ,$#! 1.&721$#! '! Z2/! #/! ./=&/./! /,! -e..'=$!
')1/.&$.!`!/,!-/)6,1&8$!8/#!')1/.&$.!',!3/!#2!21&,&U'%&()K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3S>!
PtQ! M/! 3/#1&)'.e)! ',! -'F$! 3/! ,$#! L8-2/#1$#! ',! j',$.! "F./F'3$D! '! ,'#! V')')%&'#D! #$7./! ,$#! *'-&1',/#! `!
#$7./!/,!4'1.&8$)&$!N/1$!`!3/!,$#!3/./%G$#!3/!&8-$.1'%&()!`!/Y-$.1'%&()!3/!,'#!8')2='%12.'#!3/!.&F/)!
&)32#1.&',K!
%B! d'#! /8-./#'#! Z2/! F$%/)! 3/,! 7/)/=&%&$! 3/! ,'! 3/32%%&()! /)! /,! 7',')%/! &8-$#&1&+$! 3/! ,$#! F'#1$#! $!
&)+/.#&$)/#!-$3.e)!3/32%&.!/)!/,!/R/.%&%&$!&)8/3&'1$!#&F2&/)1/!',!3/!,'!#2#-/)#&()D!/)!=$.8'!'%12',&U'3'D!
,$#!&8-$.1/#!Z2/!)$!G'`')!-$3&3$!3/32%&.!/)!+&.123!3/!,'!./#1.&%%&()!&8-2/#1'!/)!/,!-./#/)1/!*'-512,$K!
d'!"21$.&3'3!3/!"-,&%'%&()! ',! #$,$! /=/%1$!3/,! -./#/)1/! %'-512,$! `! 3/,! *'-512,$!j! #/.e! /,!S&)/.&$! 3/!
0%$)$85'! 3/! ,'! N'%&()D! /,! Z2/! -$3.e! 3/,/F'.,'! /)! ',F6)! $.F')$! 3/! #2! R2.&%%&()D! '! %2`$! %'.F$!
/#1'.e!/,!$1$.F'8&/)1$!`!/)1./F'!3/!,$#!*/.1&=&%'3$#!3/!*.T3&1$!=&#%',K!
d'#!/8-./#'#!%$8-./)3&3'#!/)!,$#!./F58/)/#!3/!-.$8$%&()!&)+$%'3$#!/)!/,!'.15%2,$!@!3/!,'!-./#/)1/!)$!
-$3.e)!/=/%12'.!3/#-&3$#!#&)!%'2#'!3/!#2!-/.#$)',!/)!./,'%&()!3/!3/-/)3/)%&'!?'.15%2,$!<@:!`!<@>!3/!,'!
d/`!<cK>@@!Q!1K$K!9;>ABD!-$.!/,!-,'U$!3/!#2#-/)#&()!3/!,$#!7/)/=&%&$#!-.$8$%&$)',/#K!
0,!&)%28-,&8&/)1$!3/!,'!-./#/)1/!3&#-$#&%&()!$%'#&$)'.e!32.')1/!/,!-/.5$3$!/#1'7,/%&3$!/)!/,!'.15%2,$!O!
,'!#2#-/)#&()!1$1',!3/!,$#!7/)/=&%&$#!-.$8$%&$)',/#D!#&/)3$!/,!S&)/.&$!3/!_.'7'R$!`!M/F2.&3'3!M$%&',!,'!
'21$.&3'3! %$8-/1/)1/! -'.'! 3/1/.8&)'.! ,'! &)=.'%%&()! `! )$1&=&%'.! ,'! ./#-/%1&+'! ./#$,2%&()! ',! $.F')$!
./%'23'3$.K!
\2.')1/!,'!+&F/)%&'!3/!,'!-./#/)1/!,/`!/,!8$)1$!8/)#2',!3/!7/)/=&%&$#!Z2/!#/!3/+/)F2/)!-'.'!/,!Lj"!3/!
%'3'!/8-./#'!7/)/=&%&'.&'D!&)%,2`/)3$!#2#-/)3&3$#!`!)$!#2#-/)3&3$#D!)$!-$3.e!/Y%/3/.!/,!8'`$.!3/!,$#!
#&F2&/)1/#!,58&1/#H!
'B! 4.$8/3&$!8/)#2',! 3/,! -.&8/.! #/8/#1./! /)/.$IR2)&$! 3/! 9;O;D! '%12',&U'3$! -$.! /,! L)3&%/! 3/! 4./%&$#!
S'`$.'#!)$!"F.$-/%2'.&$!N'%&$)',K!
7B! 4.$8/3&$! 8/)#2',! 3/,! #/F2)3$! #/8/#1./! R2,&$I3&%&/87./! 3/! 9;OOD! '%12',&U'3$! -$.! /,! L)3&%/! 3/!
4./%&$#!S'`$.'#!)$!"F.$-/%2'.&$!N'%&$)',K!
".1K!9cKQ!\/)1.$!3/!,$#!%&/)1$!+/&)1/!?9<cB!35'#!3/!,'!-.$82,F'%&()!3/!,'!-./#/)1/!,/`!/,!4$3/.!0R/%21&+$!
N'%&$)',!/,'7$.'.e!`!/)+&'.e!',!h$)$.'7,/!*$)F./#$!/,!-.$`/%1$!3/! ,/`!-./+$!-$.!/,!'.15%2,$!O!3/! ,'!
d/`!NK!<PKA9@!`!#2#!8$3&=&%'%&$)/#K!
*"4L_^dg!j!
M^M40NMLgN!\0!dgM!E0VLS0N0M!\0!4EgSg*LgN!SLN0E"!
".1K!99KQ!M2#-T)3/#/!-$.!/,!-,'U$!3/!%&/)1$!$%G/)1'!?9OcB!35'#!'!-'.1&.!3/!,'!+&F/)%&'!3/!,'!-./#/)1/!,/`!,'!
'-.$7'%&()! 3/! )2/+$#! -.$`/%1$#! %$8-./)3&3$#! /)! /,! .TF&8/)! /#1'7,/%&3$! -$.! ,'! d/`! NK! <<! c;:! 3/!
4.$8$%&()!S&)/.'!`!/)!#2!\/%./1$!./F,'8/)1'.&$!NK!::@!3/!=/%G'!<<@!3/!8'.U$!3/!9;O9K!
".1K! 9<KQ!M2#-T)3/#/! 32.')1/! /,! -,'U$! /#1'7,/%&3$! /)! /,! '.15%2,$! 9P! /,! F$%/! 3/,! %&)%2/)1'! -$.! %&/)1$!
?:cÅB! 3/! ,$#! 7/)/=&%&$#! '%$.3'3$#! 7'R$! /,! ETF&8/)! 3/! 4.$8$%&()! S&)/.'D! 1')1$! -'.'! ,'#! /8-./#'#!
7/)/=&%&'.&'#!%$8$!-'.'!#2#!&)+/.#&$)'#!%2')3$!%$../#-$)3'K!
\&%G'! #2#-/)#&()! $-/.'.e! #$7./! ,$#! )&+/,/#! -$.%/)12',/#! Z2/! ,/! G27&/.'! %$../#-$)3&3$! '! %'3'!
7/)/=&%&'.&$!32.')1/!/,!-/.5$3$!3/!#2#-/)#&()!/#1'7,/%&3$!`!#/!'-,&%'.e!'!,$#!#&F2&/)1/#!%$)%/-1$#H!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3S;!
'B! E/32%%&()! 3/,! L8-2/#1$! ',! j',$.! "F./F'3$! ./#2,1')1/! 3/! ,'! -$#&%&()! =&#%',! )/1'! #$7./! -.$32%1$#!
8&)/.$#!#/F6)!,$#!1T.8&)$#!`!/#%','#!-./+$#!/)!/,!'.15%2,$!99!3/!,'!,/`!NK!<<Kc;:K!
7B!E/32%%&()D!3&=/.&8&/)1$!`!/Y%/)%&()!3/!,$#!L8-2/#1$#!'!,'#!V')')%&'#D!#$7./!,$#!*'-&1',/#!`!#$7./!/,!
4'1.&8$)&$!N/1$!-./+$#!/)!/,!'.15%2,$!9>!&)%&#$#!'BD!7BD!%B!`!3B!3/!,'!d/`!NK!<<Kc;:K!
%B! \&=/.&8&/)1$! 3/,! -'F$! 3/! ,$#! &8-2/#1$#! 3/! ,$#! &)+/.#&$)'#! /)! ,'#! /8-./#'#! 7/)/=&%&'.&'#! Z2/!
G27&/#/)!$-1'3$!-$.!/#1/!7/)/=&%&$!?'.15%2,$!9O!3/!,'!d/`!NK!<<Kc;:BK!
3B! \/32%%&()! 3/,! 7',')%/! &8-$#&1&+$! 3/,! L8-2/#1$! '! ,'#! V')')%&'#! %$../#-$)3&/)1/#! '! '%1&+&3'3/#!
8&)/.'#! 3/! ,$#! F'#1$#! /! &)+/.#&$)/#! Z2/! ./',&%/)! ,'#! /8-./#'#! 32.')1/! /,! -/.5$3$! ',%')U'3$! -$.! ,'!
#2#-/)#&()!3/,!.TF&8/)!3/!-.$8$%&()!?'.15%2,$!;!3/!,'!d/`!NK!<<!c;:BK!
/B! \/32%%&()! 3/,! L8-2/#1$! '! ,'#! V')')%&'#! 3/! ,$#! &)+/.#&$)'#! 3/! ,'#! /8-./#'#! 7/)/=&%&'.&'#! Z2/!
G27&/#/)!$-1'3$!-$.!/#1/!7/)/=&%&$!'.15%2,$!9;!3/!,'!d/`!NK!<<Kc;:BK!
".1K! 9PKQ!d'#! ./#1.&%%&$)/#! &8-2/#1'#! -$.! /#1/! *'-512,$! ',! ETF&8/)! 3/! 4.$8$%&()!S&)/.'! $-/.'.e)! 3/!
'%2/.3$!%$)!,$#!-/.5$3$#!Z2/!#/!/#1'7,/%/)!'!%$)1&)2'%&()H!
'B!*2')3$!#/!1.'1/!3/!#2#-/)#&()!3/,!F$%/!3/!,$#!7/)/=&%&$#!'!Z2/!#/!./=&/./)!,$#!&)%&#$#!'BD!7BD!%B!`!/B!3/,!
'.15%2,$!9<D!-$.!2)!-/.5$3$!3/!#/&#!?AB!8/#/#!%$)1'3$#!'!-'.1&.!3/,!8/#!#&F2&/)1/!',!3/!,'!-27,&%'%&()!3/!
,'!-./#/)1/!,/`K!
7B!*2')3$!#/!1.'1/!3/!,'!#2#-/)#&()!3/,!F$%/!3/!,$#!7/)/=&%&$#!'!Z2/!#/!./=&/./)!,$#!&)%&#$#!7BD!3B!`!/B!3/,!
'.15%2,$! ')1/#! 8/)%&$)'3$! ,'! ./#1.&%%&()! $-/.'.e! -'.'! /,! -.&8/.! /R/.%&%&$! =&#%',! Z2/! %&/../! %$)!
-$#1/.&$.&3'3!'!,'!=/%G'!3/!-27,&%'%&()!3/!,'!-./#/)1/!,/`K!
".1K!9@KQ"! ,$#!/=/%1$#!3/!%$8-/)#'.! ,$#!7/)/=&%&$#!%2`$!/R/.%&%&$! ./#2,1'./! ./#1.&)F&3$!/)!+&.123!3/! ,'#!
)$.8'#!%$)1/8-,'3'#!/)!/#1/!*'-512,$D!#/!/#1'7,/%/)!,'#!#&F2&/)1/#!3&#-$#&%&$)/#H!
'B! d'#! /8-./#'#! 7/)/=&%&'.&'#! Z2/! G27&/.')! 3&=/.&3$! /,! &8-2/#1$! ?'.15%2,$! 9>! &)%&#$! %B! 3/! ,'! d/`! Nt!
<<Kc;:B!-$3.e)!%$8-,/1'.!/,!2#$!3/!,'#!=.')Z2&%&'#!'!,'!=&)',&U'%&()!3/!#2!-/.5$3$!3/!7/)/=&%&$#D!/)!,$#!
)&+/,/#! -$.%/)12',/#! Z2/! ./#2,1'./)! #2#-/)3&3$#! 32.')1/! /,! -/.5$3$!3/! /8/.F/)%&'! /#1'7,/%&3$! /)! /,!
'.15%2,$!9PK!
7B!d'#!/8-./#'#!Z2/!F$%/)!,'!./32%%&()!3/,!L8-2/#1$!',!j',$.!"F./F'3$!?'.15%2,$!99!3/!,'!d/`!Nt!<<Kc;:B!
`! 3/! ,$#! 7/)/=&%&$#! 3/! ,$#! L8-2/#1$#! '! ,'#! V')')%&'#D! #$7./! ,$#! *'-&1',/#! `! #$7./! /,! 4'1.&8$)&$!N/1$!
?'.15%2,$!9>!&)%&#$#!'B!`!3B!3/!,'!d/`!Nt!<<Kc;:B!./%&7&.e)D!3/)1.$!3/!,$#!)$+/)1'!?;cB!35'#!3/!=&)',&U'3$#!
,$#! ./#-/%1&+$#! -,'U$#! /#1'7,/%&3$#! /)! /,! '.15%2,$! 9PD! %/.1&=&%'3$#! 3/! *.T3&1$! W&#%',! Z2/! 1/)3.e)! ,'#!
8'#!%'.'%1/.5#1&%'#D!3/#1&)$#!`!3/8e#!=$.8',&3'3/#!Z2/!,$#!-./+$#!/)!/,!'.15%2,$!;K!
%B! d'#! /8-./#'#! Z2/! F$%/)! 3/,! 7/)/=&%&$! 3/! ,'! 3/32%%&()! /)! /,! 7',')%/! &8-$#&1&+$! 3/! ,$#! F'#1$#! /!
&)+/.#&$)/#!?'.15%2,$!;!3/! ,'!d/`!Nt!<<Kc;:B!-$3.e)!3/32%&.!/)!/,!/R/.%&%&$! &)8/3&'1$!#&F2&/)1/!',!3/! ,'!
#2#-/)#&()! ,$#! &8-$.1/#! Z2/! )$! G'`')! -$3&3$! 3/32%&.! /)! +&.123! 3/! ,'! ./#1.&%%&()! &8-2/#1'! /)! /,!
-./#/)1/!*'-512,$K!
"#&8$D!%2')3$! ,'!"21$.&3'3!3/!"-,&%'%&()!Z2/!$1$.F(! ,$#!7/)/=&%&$#!-.$8$%&$)',/#!%$)#1'1'./!Z2/!
,$#!-,'U$#!3/!/R/%2%&()!3/!,$#!-.$`/%1$#!./#2,1'./)!',1/.'3$#!/)!.'U()!3/!,'!#2#-/)#&()!Z2/!#/!/#1'7,/%/!
/)!/,!'.15%2,$!9<D!-'.!,$#!%$)%/-1$#!3/!,$#!&)%&#$#!%B!`!/BD!-$3.e!'21$.&U'.!2)'!-.(..$F'!-$.!2)!-,'U$!3/!
G'#1'!#/&#!?AB!8/#/#K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3S?!
d'#!/8-./#'#!%$8-./)3&3'#!/)!,$#!./F58/)/#!3/!-.$8$%&()!&)3&%'3$#!/)!/,!'.15%2,$!99!3/!,'!-./#/)1/!
)$!-$3.e)!/=/%12'.!3/#-&3$#!#&)!%'2#'!3/!#2!-/.#$)',!/)!./,'%&()!3/!3/-/)3/)%&'!?'.15%2,$!<@:!`!<@>!3/!
,'!d/`!Nt!<cK>@@!1K$K!9;>ABD!-$.!/,!-,'U$!3/!#2#-/)#&()!3/!,$#!7/)/=&%&$#!-.$8$%&$)',/#K!
0,!&)%28-,&8&/)1$!3/!,'!-./#/)1/!3&#-$#&%&()!$%'#&$)'.e!32.')1/!/,!-/.5$3$!/#1'7,/%&3$!/)!/,!'.15%2,$!9PD!
,'!#2#-/)#&()!1$1',!3/!,$#!7/)/=&%&$#!-.$8$%&$)',/#!3/!3&%G$#!7/)/=&%&$#D!#&/)3$!/,!S&)/.&$!3/!_.'7'R$!
`! M/F2.&3'3! M$%&',! ,'! '21$.&3'3! %$8-/1/)1/! -'.'! 3/1/.8&)'.! ,'! &)=.'%%&()! `! )$1&=&%'.! ,'! ./#-/%1&+'!
./#$,2%&()!',!$.F')$!./%'23'3$.K!
*"4L_^dg!jL!
E0VLS0N!\0!LNj0EMLgN0M!0i_E"NX0E"M!
".1K! 9:KQ!\/.(F')#/D! /Y%,2#&+'8/)1/D! 'Z2/,,'#! )$.8'#! 3/! ,'! d/`! Nt! <9KPO<! ?1K$K! 9;OcB! `! #2#!
%$8-,/8/)1'.&'#! -$.! ,'#! Z2/! #/! ./Z2&/./! '-.$7'%&()! -./+&'! 3/,! 4$3/.! 0R/%21&+$! N'%&$)',! $! 3/! ,'!
"21$.&3'3!3/!"-,&%'%&()!-'.'!,'#!&)+/.#&$)/#!3/!%'-&1',/#!/Y1.')R/.$#!/)!/,!-'5#K!
M/! F'.')1&U'.e! ,'! &F2',3'3! 3/! 1.'1'8&/)1$! -'.'! /,! %'-&1',! )'%&$)',! `! /Y1.')R/.$! Z2/! #/! &)+&/.1'! %$)!
3/#1&)$!'!'%1&+&3'3/#!-.$32%1&+'#!/)!/,!-'5#K!
".1K! 9AKQ!*.T'#/! 2)! E/F.$! 3/! L)+/.#&$)/#! 3/! *'-&1',/#! 0Y1.')R/.$#! %2',Z2&/.'! =2/./! #2! 8$)1$! $! #2!
3/#1&)$K!
0,! 4$3/.! 0R/%21&+$! 3&%1'.e! ,'#! )$.8'#! ./F,'8/)1'.&'#! Z2/! #/')! )/%/#'.&'#! %$)! /,! =&)! 3/! ='%&,&1'.! ,'!
./8&#&()!3/!21&,&3'3/#!3/!&)+/.#&$)/#!/Y1.')R/.'#K!
".1K! 9>KQ!d'#! $7,&F'%&$)/#! %$)1.'53'#! -$.! &)+/.#$./#! /Y1.')R/.$#! $! -$.! /8-./#'#! ./%/-1$.'#! 3/!
&)+/.#&$)/#! /Y1.')R/.'#! Z2/! G27&/.')! ./%&7&3$! 7/)/=&%&$#! /#-/%&',/#! /)! +&.123! 3/! '21$.&U'%&$)/#!
$1$.F'3'#! -$.! /,! 4$3/.! 0R/%21&+$! N'%&$)',! 7'R$! /,! .TF&8/)! +&F/)1/! G'#1'! /,! -./#/)1/!8')1/)3.e)! #2!
/Y&F&7&,&3'3!`!3/7/.e)!#/.!%28-,&3'#!/)! ,'! =$.8'!`!%$)3&%&$)/#!Z2/!#2.R')!3/! ,$#! ./#-/%1&+$#!'%1$#!3/!
'21$.&U'%&()K!
".1K!9OKQ!d'#!#$,&%&123/#!3/!'-.$7'%&()!3/!&)+/.#&$)/#!/Y1.')R/.'#!/)!1.e8&1/!-$.!')1/!/,!4$3/.!0R/%21&+$!
N'%&$)',!`I$!3/!,'!"21$.&3'3!3/!"-,&%'%&()!3/7/.e)!#/.!./&)1/F.'3'#!'!#2#!&)1/./#'3$#K!
".1K!9;KQ!W'%6,1'#/!',!4$3/.!0R/%21&+$!N'%&$)',!'!#2#%.&7&.!%$)+/)&$#D!-.$1$%$,$#!$!)$1'#!./+/.#',/#!%$)!
F$7&/.)$#!3/!-'5#/#!Z2/!12+&/./)!&)#1.28/)1'3$#!#/8'#!3/!#/F2.$#!'!,'!/Y-$.1'%&()!3/!%'-&1',/#D!3/!
8$3$!3/!G'%/.!/=/%1&+$#!/#$#!./F58/)/#!-'.'!/,!%'#$!3/!.'3&%'%&()!3/!%'-&1',/#!3/!./#&3/)1/#!3/!/#$#!
-'5#/#! /)! ,'! E/-67,&%'! ".F/)1&)'D! &)%,2#$! %$)! $.F')$#! =&)')%&/.$#! &)1/.)'%&$)',/#! '! ,$#! %2',/#! ,'!
E/-67,&%'!".F/)1&)'!)$!G27&/#/!'3G/.&3$K!
*"4L_^dg!jLL!
E0LN_0VEgMD!E00SCgdMgM!k!\0jgd^*LgN!\0!_ELC^_gM!
".1K!<cKQ!\2.')1/!/,!-,'U$!3/!%&/)1$!$%G/)1'!?9OcB!35'#!'!-'.1&.!3/!,'!+&F/)%&'!3/!,'!-./#/)1/!,/`D!/,!4$3/.!
0R/%21&+$! N'%&$)',! -$3.e! 3&#-$)/.! Z2/! /,! -'F$! 3/! ,$#! &8-$.1/#! %$../#-$)3&/)1/#! '! ,$#! ./&)1/F.$#D!
.//87$,#$#! $! 3/+$,2%&()! 3/! 1.&721$#! -/)3&/)1/#! 3/! %')%/,'%&()! $! Z2/! #/! 3/+/)F2/)! 32.')1/! 3&%G$!
-,'U$D! %$)! #2! '%12',&U'%&()! /! &)1/./#/#! #&! %$../#-$)3&/./D! %2',Z2&/.'! =2/./! ,'! )$.8'! Z2/! ,$#! G27&/#/!
/#1'7,/%&3$!$!%$)%/3&3$D! &)%,2&3'! ,'!3/+$,2%&()!3&#-2/#1'!-$.!/,!'.15%2,$!9c!3/,!\/%./1$!Nt!9>AIOAD!#/!
/=/%16/!8/3&')1/!2)!C$)$!3/!*.T3&1$!Z2/D!2)'!+/U!=&)',&U'3'!,'!/8/.F/)%&'D!-$3.e!'-,&%'.#/!',!-'F$!3/!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3<7!
,$#!\/./%G$#!3/!L8-$.1'%&()!$!0Y-$.1'%&()!3/!,'#!8')2='%12.'#!3/!$.&F/)!&)32#1.&',!$!8')2='%12.'#!3/!
$.&F/)!'F.$-/%2'.&$K!
".1K!<9KQ!0,!C$)$!3/!*.T3&1$!8/)%&$)'3$!/)!/,!'.15%2,$!')1/.&$.! #/!/8&1&.e!/)!'2#1.',/#D! #/.e!'R2#1'7,/!
-$.!/,!1&-$!3/!%'87&$!'-,&%'7,/!'!,'#!/Y-$.1'%&$)/#!3/!8')2='%12.'#D!-$3.e!1.')#=/.&.#/!,&7./8/)1/!`!#/!
./#%'1'.e!5)1/F.'8/)1/!/)!2)!-,'U$!)$!8'`$.!'!,$#!3$#!?<B!'a$#!3/!,'!=/%G'!3/!#2!/8&#&()K!
".1K!<<KQ!\/.(F'#/!,'!d/`!NK!<PKAAO!'!-'.1&.!3/!,'!=/%G'!/)!Z2/!%$8&/)%/!'!1/)/.!/=/%1$#!/,!/R/.%&%&$!3/!,'!
='%2,1'3!'%$.3'3'!',!4$3/.!0R/%21&+$!N'%&$)',!-$.!/,!'.15%2,$!<c!3/!,'!-./#/)1/!,/`K!
*"4L_^dg!jLLL!
M^M40NMLgN!\0d!E0VLS0N!\0!*gS4E0!N"*LgN"d!
".1K!<PKQ!M2#-T)3/)#/!,$#!./F58/)/#!/#1'7,/%&3$#!-$.!/,!\/%./1$!d/`!Nt!:P@cIAP!`!,'!d/`!NK!9OKO>:!`!-$.!
1$3'!$1.'!)$.8'!Z2/!/#1'7,/U%'!./F58/)/#!'#&8&,'7,/#K!
*$)! ./,'%&()! '! ,'#! %$8-.'#! `! %$)1.'1'%&$)/#!3/!7&/)/#D! $7.'#! `! #/.+&%&$#!Z2/!/=/%16/)! ,'#! -/.#$)'#! `!
/)1&3'3/#!%$8-./)3&3'#!/)!,'#!3&#-$#&%&$)/#!,/F',/#!-./%/3/)1/8/)1/!#2#-/)3&3'#D!#/!/#1'7,/%/.e!2)'!
-./=/./)%&'!/)!='+$.!3/!,'!&)32#1.&'!)'%&$)',D!Z2/!/)!/,!%'#$!3/!7&/)/#!#/.e!3/!G'#1'!2)!8eY&8$!3/,!3&/U!
-$.! %&/)1$! ?9cÅBD! -$.%/)1'R/! Z2/! #/! '-,&%'.e! #$7./! /,! +',$.! )'%&$)',&U'3$! 3/! ,$#! 7&/)/#! &8-$.1'3$#D!
&)%,2`/)3$!'.')%/,/#K!
W'%6,1'#/! ',! 4$3/.! 0R/%21&+$! N'%&$)',! '! /#1'7,/%/.! ,$#! -$.%/)1'R/#! 3/! -./=/./)%&'! '-,&%'7,/#! -'.'! ,'#!
%$)1.'1'%&$)/#! 3/! $7.'#! `! #/.+&%&$#! )'%&$)',/#D! '#5! %$8$! -'.'! 3&%1'.! ,'#! )$.8'#! ./F,'8/)1'.&'#! Z2/!
-/.8&1')!/+&1'.!/,!3'a$!Z2/!$.&F&)/)!$=/.1'#!/)!%$)3&%&$)/#!3/!v328-&)FvK!
0,!4$3/.!0R/%21&+$!)'%&$)',D!3/)1.$!3/!,$#!%&/)1$!$%G/)1'!?9OcB!35'#!3/!+&F/)%&'!3/!/#1'!d/`!./8&1&.e!',!
*$)F./#$!3/!,'!N'%&()!`!-.$`/%1$!3/!,/`!#2#1&121&+$!3/,!.TF&8/)!#2#-/)3&3$K!
d'! ./F,'8/)1'%&()! 3/! ,'! -./#/)1/! ,/`! F'.')1&U'.e! '! ,$#! #/%1$./#! &)1/./#'3$#! /,! '%%/#$! $-$.12)$! '! ,'!
&)=$.8'%&()! Z2/! -/.8&1'! #2! -'.1&%&-'%&()! /)! ,'#! %$)1.'1'%&$)/#! %$)! ,$#! F.'3$#! 3/! -./=/./)%&'!
/#1'7,/%&3$#!-./%/3/)1/8/)1/K!
*"4L_^dg!Li!
E0VLS0N!4E0M^4^0M_"ELg!\0!0S0EV0N*L"!
".1K!<@KQ!W'%6,1'#/!',!4$3/.!/R/%21&+$!N'%&$)',!'!&)1.$32%&.!'8-,&'%&$)/#!/)!,'#!/.$F'%&$)/#!=&R'3'#!/)!,$#!
'.15%2,$#! 9! `! P! 3/! ,'! d/`! NK! <PKA:;! `! #2#! 8$3&=&%'%&$)/#! /)! ,'! 8/3&3'! /)! Z2/! /,,'#! #/! $.&F&)/)!
/Y%,2#&+'8/)1/! /)! 8'`$./#! /.$F'%&$)/#! /)! /,! &)%&#$! 99K! 4/.#$)',! `! /)! 1$3$#! 'Z2/,,$#! &)%&#$#! 3/,!
-./#2-2/#1$!Z2/!/#1T)!+&)%2,'3$#!'! ,'!'1/)%&()!3/!F'#1$#!/)!-/.#$)',!`!-'#&+&3'3/#D!./#2,1')1/#!3/! ,'!
&)#1.28/)1'%&()!3/!,'!-$,51&%'!#','.&',!`!-./+&#&$)',!Z2/!/#1'7,/U%'!/,!V$7&/.)$!)'%&$)',!-'.'!/,!-./#/)1/!
/R/.%&%&$!`!'6)!%2')3$D!%$)! ,'! &)#1.28/)1'%&()!3/!3&%G'!-$,51&%'D! #/!#2-/./)! ,'#!-./+&#&$)/#!%./3&1&%&'#!
%$)1/)&3'#!'!1',!/=/%1$!/)!,'!%&1'3'!,/`K!
".1K! <:KQ!*$8$! %$)#/%2/)%&'! 3/! ,$! /#1'7,/%&3$! /)! /,! '.15%2,$! -./%/3/)1/D! /,! 4$3/.! 0R/%21&+$!N'%&$)',!
Z2/3'! ='%2,1'3$! -'.'! '8-,&'.D! /)! /,! %'#$! Z2/! %$../#-$)3'D! ,'! )/%/#&3'3! 3/! =&)')%&'8&/)1$D! /,!
=&)')%&'8&/)1$!`!/,!./#2,1'3$!3/,!/R/.%&%&$!/#1&8'3$!-$.!,$#!'.15%2,$#!@D!A!`!>!3/!,'!d/`!Nt!<PKA:;!`!#2#!
8$3&=&%'%&$)/#K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3<3!
"#&8$! -$3.e! ',1/.'.! /,! 8$)1$! 8eY&8$! =&R'3$! -$.! /,! '.15%2,$! 9@! 3/! ,'! %&1'3'! d/`! NK! <PKA:;! `! #2#!
8$3&=&%'%&$)/#!-'.'!G'%/.!2#$D!1.')#&1$.&'8/)1/D!3/,!%.T3&1$!'!Z2/!#/!./=&/./!/,!'.15%2,$!@<!3/!,'!d/`!3/!
*$)1'7&,&3'3!$!-'.'!./',&U'.!,'#!$-/.'%&$)/#!3/!=&)')%&'8&/)1$!1.')#&1$.&'#!Z2/!%$)#&3/./!%$)+/)&/)1/#K!
".1K! <AKQ!0,! 4$3/.! 0R/%21&+$! N'%&$)',! 3/7/.e! 3'.! %2/)1'! ',! h$)$.'7,/! *$)F./#$! )'%&$)',! /)! %'3'!
$-$.12)&3'3!/)!,'!Z2/!-.$%/3'!'!/R/.%/.!,'#!='%2,1'3/#!%$)=/.&3'#!/)!/#1/!*'-512,$K!d'!%$82)&%'%&()!-$.!
-'.1/! 3/,! 4$3/.! 0R/%21&+$! N'%&$)',! 3/7/.e! #/.! /=/%12'3'! 3/)1.$! 3/! ,$#! 1./&)1'! ?PcB! 35'#! %$..&3$#!
%$)1'3$#! '! -'.1&.! 3/! ,'! =/%G'! 3/! +&F/)%&'! 3/! %'3'! 2)$! 3/! ,$#! '%1$#!8/3&')1/! ,$#! %2',/#! #/! G27&/./)!
/R/.%&3$!,'#!='%2,1'3/#!%$)=/.&3'#K!
".1K! <>KQ!"21$.5U'#/! ',! 4$3/.! 0R/%21&+$!N'%&$)',! '! 3/,/F'.! /)! /,! L)1/)3/)1/!S2)&%&-',! 3/! ,'! %&23'3!3/!
C2/)$#! "&./#! `! /)! /,! V$7/.)'3$.! 3/,! _/..&1$.&$! N'%&$)',! 3/! _&/..'! 3/,! W2/F$D! ")1e.1&3'! /! L#,'#! 3/,!
"1,e)1&%$!M2.D!/)!#2!e87&1$!`!%$)!./,'%&()!'!,$#!./#-/%1&+$#!$.3/)'8&/)1$#!,/F',/#!`!-./#2-2/#1'.&$#D!,'#!
8'#!='%2,1'3/#!`!%$)!')e,$F$#!-.$%/3&8&/)1$#!Z2/!-$.!/#1/!*'-512,$!#/!,/!%$)=&/./)K!
*"4L_^dg!i!
WgN\gM!*gN!\0M_LNg!0M40*LWL*g!
".1K! <OKQ!W'%6,1'#/! ',! 4$3/.! 0R/%21&+$! N'%&$)',! '! 3&#-$)/.! ,'! 3/#'=/%1'%&()! 3/! ,'! ./%'23'%&()! 3/! ,$#!
3&)1$#! =$)3$#! %$)! 3/#1&)$#! /#-/%5=&%$#! -./+$#! /)! ,'#! d/`/#! Nt! 9:KPPAD! 9>K:>@D! 9>! :;>D! 9;K<O>D!
<cKc>P!`!\/%./1$!Nt!<<KPO;I@:D!%./'3$.!3/,!W$)3$!N'%&$)',!3/!,'!0)/.F5'K!0,!%&)%2/)1'!-$.!%&/)1$!?:cÅB!
3/! ,'! ./%'23'%&()! 8/)#2',! 32.')1/! ,$#! -.&8/.$#! %&/)1$! $%G/)1'! ?9OcB! 35'#! %$)1'3$#! '! -'.1&.! 3/! ,'!
+&F/)%&'! 3/! /#1'! ,/`! `! -$#1/.&$.8/)1/! /,! +/&)1/! -$.! %&/)1$! ?<cÅB! G'#1'! /,! P9! 3/! 3&%&/87./! 3/! 9;;cD!
&)F./#'.e)! '! E/)1'#! V/)/.',/#o! /,! %&)%2/)1'! -$.! %&/)1$! ?:cÅB! ./#1')1/! 3/! ,'! ./%'23'%&()! 8/)#2',!
32.')1/!,$#!-.&8/.$#!%&/)1$!$%G/)1'!?9OcB!35'#!`!/,!$%G/)1'!-$.!%&/)1$!?OcÅB!./#1')1/!3/!,'!./%'23'%&()!
8/)#2',!32.')1/!/,!-/.5$3$!Z2/!=&)',&U'!/,!P9!3/!3&%&/87./!3/!9;;cD!#/!3.&72&.e!%$)=$.8/!',!#&F2&/)1/!
%.&1/.&$H! ,'#! -.$+&)%&'#! ./%&7&.e)! ,$#!8$)1$#! ./#2,1')1/#! 3/! '-,&%'.! ,$#! -$.%/)1'R/#! Z2/! /#1'7,/%/)! ,'#!
,/`/#! ./#-/%1&+'#!`! ,$#!8$)1$#!Z2/!%$../#-$)3/)!'! ,$#!3&)1$#!3/#1&)$#!/#-/%5=&%$#! &)F./#'.e)!/)!2)!
=$)3$!6)&%$!3/!%'.e%1/.! 1.')#&1$.&$D!/)! R2.&%%&()!3/,!S&)/.&$!3/!g7.'#!`!M/.+&%&$#!467,&%$#D!Z2&/)!
Z2/3'!'!#2!+/U!='%2,1'3$!-'.'!3/1/.8&)'.!#2!'#&F)'%&()K!
d'! 3/#'=/%1'%&()! 3/! ,$#! ./%2.#$#! -.$+&)%&',/#! /)! )&)F6)! %'#$! -$3.e! #2-/.'.! /,! %&)%2/)1'! -$.! %&/)1$!
?:cÅB!3/!,$!Z2/!,/#!%$../#-$)3/.5'!3/!)$!8/3&'.!,'!)$.8'!3/!/#1/!'.15%2,$K!
\/! ,'#! #28'#!Z2/! &)F./#'.e)!'! ./)1'#!F/)/.',/#! #/!3/#1&)'.e!/,! /Z2&+',/)1/!3/!3$#!/)1/.$#! %&)%2/)1'!
%/)1T#&8$#! -$.! %&/)1$! ?<D:cÅB! '! '1/)3/.! %$8-.$8&#$#! 3/,! /Y! W$)3$! 3/! \/#'..$,,$! E/F&$)',! /)! ,$#!
1T.8&)$#!3/,!'.15%2,$!9O!3/!,'!d/`!Nt!<PK:@OK!
".1K! <;KQ!d$#! =$)3$#! -./+$#! -'.'! '=.$)1'.! ,$#! #27#&3&$#! '! Z2/! #/! ./=&/./! /,! '.15%2,$! <P! 3/! ,'! d/`! Nt!
<PKc;9D!3/!d$%'%&$)/#!^.7')'#D!Z2/!)$!G27&/./)!#&3$!21&,&U'3$#!G'#1'!/,!-./#/)1/D! #/.e)!3/#1&)'3$#!'!
=&)')%&'.!/,!&)%./8/)1$!3/!,'!3&/1'!/)!,$#!-.$F.'8'#!3/!%$8/3$./#!/#%$,'./#!/!&)=')1&,/#D!Z2/!1/)F'!'!#2!
%'.F$!/,!S&)/.&$!3/!M',23!`!"%%&()!M$%&',!3/!,'!N'%&()K!"!1',/#!/=/%1$#D!,$#!=$)3$#!./=/.&3$#!3/7/.e)!
#/.! &)F./#'3$#! /)! 2)'! %2/)1'! /#-/%&',! G'7&,&1'3'! 3/)1.$! 3/! ,'! R2.&%%&()! 3/,! %&1'3$!S&)/.&$D! Z2/!
-$3.e!21&,&U'.!/,!/+/)12',!./8')/)1/!/)!/,!e./'!3/!4.$8$%&()!M$%&',K!
*"4L_^dg!iL!
LS4^0M_g!"!d"!_E"NMW0E0N*L"!\0!*gSC^M_LCd0M!dL{^L\gM!\0ELj"\gM!\0d!40_Egd0g!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3<4!
".1K!PcKQ!\/.(F')#/!,$#!'.15%2,$#!:t!`!99!`!#2#1&16`/#/!/,!'.15%2,$!<t!3!,'!,/`!Nt!9>K:;>D!8$3&=&%'3'!-$.!,'!
d/`!Nt!<cKc>P!`!-$.!,'!d/`!Nt!<cK;:@D!-$.!/,!#&F2&/)1/H!
v".15%2,$! <t! Q! 0,! 4$3/.! 0R/%21&+$!N'%&$)',! Z2/3'! ='%2,1'3$! -'.'! =&R'.! -./%&$#! $=&%&',/#! 3/! +/)1'! 3/! ,$#!
%$872#1&7,/#D!,$#!Z2/!)$!-$3.e)!/Y%/3/.!3/!1./#!?PB!+/%/#!/,!+',$.!3/!,'!./#-/%1&+'!./1/)%&()!=&R'3'!-'.'!
,$#!-.$32%1$#!3/!$.&F/)!)'%&$)',D!)&!#/.!&)=/.&$./#!'!/#1'vK!
".1K!P9KQ!L)%$.-$.'#/!'!%$)1&)2'%&()!3/,!'.15%2,$!;t!3/! ,'!d/`!Nt!9>K:;>D!8$3&=&%'3'!-$.! ,'#!d/`/#!N$#!
<cKc>P!`!<cK;:@D!/,!#&F2&/)1/H!
v".1&%2,$KKKH! "21$.&U'#/! ',! 4$3/.! 0R/%21&+$! N'%&$)',! -'.'! /#1'7,/%/.! ,'#! =$.8'#! 3/! -/.%/-%&()! 3/,!
&8-2/#1$!'!,$#!%$872#1&7,/#!Z2/!8/R$.!%$)+/)F')!'!,'#!8$3',&3'3/#!3/!%$8/.%&',&U'%&()!3/,!-.$32%1$D!
-23&/)3$!&)%,2#$!3&#-$)/.!Z2/!,$#!&8-$.1/#!%$../#-$)3&/)1/#!'!,'!%')%/,'%&()!3/!3&%G$#!F.'+e8/)/#!#/!
='%12./)!`!-/.%&7')!#/-'.'3'8/)1/!3/! ,'! ./1/)%&()D!-/.$!/)! ,'!8'!$-$.12)&3'3!`!7'R$! ,'#!8'#!
%$)3&%&$)/#! Z2/! ,'#! /8-./#'#! /#1'7,/U%')! -'.'! /#1'#! 6,1&8'#D! `! '#&8$!-'.'! /#1'7,/%/.! ,'#! )$.8'#!
%$)!'../F,$!'!,'#!%2',/#!3/7/.e!G'%/.#/!/=/%1&+'D!/)!#2!%'#$D!,'!./#-$)#'7&,&3'3!-/.#$)',!`!#$,&3'.&'!3/!,'!
/8-./#'#!-67,&%'#!`!-.&+'3'#!./#-/%1$!3/,!-'F$!3/,!&8-2/#1$vK!
*"4L_^dg!iLL!
E0V"dL"M!40_EgdLW0E"M!k!V"MLW0E"M!
".1K!P<KQ!L)%$.-(.')#/!'!/,!'.15%2,$!9t!3/!,'!d/`!Nt!<PKA>OD!,$#!#&F2&/)1/#!-e..'=$#H!
v4'.'! ,'#! ./F',5'#!'! ,&Z2&3'.! %$../#-$)3&/)1/#!',!8/#!3/! R2,&$!3/!9;O;!`! ,'#! #2%/#&+'#D!/,! +',$.!/,! +',$.!
çC$%'!3/!4$#$ç!Z2/!./#2,1/!3/!,'!'-,&%'%&()!3/!,'!-./#/)1/!,/`!)$!-$3.e!'%%/3/.!',!3/,!-./%&$!3/,!-/1.(,/$!
&)1/.)'%&$)',!Z2/!,/!#&.+/!3/!./=/./)%&'D!%$../#-$)3&/)1/!',!8/#!')1/.&$.!'!,'!,&Z2&3'%&()D!)&!#/.!&)=/.&$.!
',!$%G/)1'!-$.!%&/)1$!?OcÅB!3/!3&%G$!-./%&$K!
\&%G$! -./%&$! &)1/.)'%&$)',! #/.e! /,! -.$8/3&$! 3/! ,$#! -./%&$#! $=&%&',/#! WgC! 3/! /Y-$.1'%&()! -$.! 8/1.$!
%27&%$!3/!,$#!-/1.(,/$#!%.23$#!ç".'7&')!d&FG1çD! ç!".'7&')!ST3&28ç!ç]2J'&1çD! ç!_5'!X2')'!d&FG&1ç!`!ç!C$))&`!
d&FG1ç! 3/! ,'! -27,&%'%&()! 4,'11! ç#! g&,F.'8! 4.&%/! E/-$.1! /)! ,'! %$,28)'!gM4! 3/! ,'! 1'7,'!y$.,3! *.23/!g&,!
4.&%/#D!/Y-./#'3$!/)!3(,'./#!/#1'3$2)&3/)#/#D!+&F/)1/!',!8/#!&)8/3&'1$!')1/.&$.!',!3/!,'!-.$32%%&()!3/!
Z2/!#/!1.'1/K!
4'.'! ,'! %$)+/.#&()! 3/! 3&%G$! -.$8/3&$! 3/! 3(,'./#! -$.!8/1.$! %27&%$! '! '2#1.',/#! -$.!8/1.$! %27&%$! #/!
1$8'.'!/,!1&-$!3/!%'87&$!+/)3/3$.!+&F/)1/!/)!/,!C')%$!3/!,'!N'%&()!".F/)1&)'!',!%&/../!3/,!6,1&8$!35'!
Ge7&,!&)8/3&'1'8/)1/!')1/.&$.!'!'Z2/,!/)!Z2/!#/!,&Z2&3'!,'!./F',5'K!
4'.'!,'!3/1/.8&)'%&()!3/,!-./%&$!3/!./=/./)%&'!3/,!F'#!)'12.',D!#/!21&,&U'.'!/,!#/1/)1'!-$.!%&/)1$!?>c!ÅB!
3/,!+',$.!Z2/!./#2,1/!3/!/Z2&-'.'.D!'!/Z2&+',/)%&'#!%',(.&%'#D!/,!3/1/.8&)'3$!-./%/3/)1/8/)1/!-'.'!/,!
-/1.(,/$vK!
".1K! PPKQ!L)%$.-(.')#/! '! ,'! d/`! Nt! <PKA>O! D! %$8$! '.15%2,$#! <t! `! PtD! ,$#! #&F2&/)1/#H! v! '.15%2,$! <t! Qd'!
"21$.&3'3!`!"-,&%'%&()!-.$%/3/.e!'!3/#%$)1'.!3/,!-./%&$!3/!./=/./)%&'!3&#-2/#1$!-$.!/,!'.15%2,$!9t! ,$#!
F'#1$#! &)%2..&3$#! -$.! /,! -.$32%1$.! -'.'! %$,$%'.! /,! -/1.(,/$! `! F'#! )'12.',! /)! %$)3&%&$)/#! 3/!
%$8/.%&',&U'%&()K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3<8!
0,! 3/#%2/)1$! Z2/! #/! /#1'7,/U%'! )$! -$3.e! /Y%/3/.! ,$#! +',$./#! &)1/.)'%&$)',/#! ./%$)$%&3$#! -'.'! ,'!
%$8/.%&',&U'%&()!/)!%$)3&%&$)/#!#&8&,'./#D!#&/8-./!Z2/!)$!#2-/./)!/,!%2'1.$!-$.!%&/)1$!?@ÅB!3/,!+',$.!
vC$%'!3/!4$#$v!3/1/.8&)'3$!/)!/,!'.15%2,$!9tQK!
0,! 4$3/.! 0R/%21&+$! N'%&$)',! %$)! ,'! -'.1&%&-'%&()! 3/! ,'! 4.$+&)%&'#! 4.$32%1$.'#! 3/! h&3.$%'.72.$#!
8$3&=&%'.'!/,!3/%./1$!Nt!9A>9IA;!'!=&)!3/!'3/%2'.,$!'!,$!3&#-2/#1$!/)!/#1/!'.1&%2,$vK!
v'.15%2,$!Pt!Q!k'%&8&/)1$#!4/1.$,5=/.$#!W&#%',/#!M$%&/3'3!3/,!0#1'3$!2!$1.$#!%$)%/#&$)'.&$#!,&Z2&3'.e)!-$.!
/#1'#!$7,&F'%&$)/#!3/,!0#1'3$!N'%&$)',!'!='+$.!3/!,'#!-.$+&)%&'#D!/)!%$)%/-1$!3/!./F',5'#!3/!-/1.(,/$!`!
F'#! )'12.',D! /,! 3$%/! -$.! %&/)1$! ?9<ÅB! 3/! ,$#! +',$./#! ./#2,1')1/#! 3/! ,'! '-,&%'%&()! 3/! ,$#! '.15%2,$#!
-./%/3/)1/#K!
d'#!-.$+&)%&'#!-$3.e)!$-1'.!`!%$)+/)&.!%$)!,'!M/%./1'.5'!3/!0)/.F5'!/,!-'F$!1$1',!$!-'.%&',!/)!-/1.(,/$!
%.23$D! F'#! )'12.',! $! 3/.&+'3$#D! 3/! ,'#! ./F',5'#! Z2/! ,/#! %$../#-$)3')D! ,$#! %2',/#! 1/)3.e)! ,&7./!
3&#-$)&7&,&3'3!-'.'!#2!%$8/.%&',&U'%&()!/Y1/.)'!$!&)1/.)'vK!
"E_L*^dg!P@K! Q!\2.')1/! ,$#! %&/)1$! $%G/)1'! ?9OcB! 35'#D! '! %$)1'.! 3/#3/! ,'! +&F/)%&'! 3/! /#1'! ,/`D! -'.'! ,'!
,&Z2&3'%&()! 3/! ./F',5'#! 3/! -/1.(,/$D! #/! 1$8'.'! /,! $%G/)1'! -$.! %&/)1$! ?OcÅB! 3/,! -./%&$! &)1/.)'%&$)',!
3/1/.8&)'3$!#/F6)!,$!3&#-2/#1$!/)!/,!'.15%2,$!9t!3/!,'!d/`!Nt!<PKA>O!?1/Y1$!8$3&=&%'3$!-$.!,'!-./#/)1/BD!
`!-'.'!,'#!3/!F'#!)'12.',!/,!#/1/)1'!-$.!%&/)1$!?>cÅB!3/,!-./%&$!&)1/.)'%&$)',!3/,!-/1.(,/$!'!+',$.!%',(.&%$!
/Z2&+',/)1/K!
*"4L_^dg!9P!
Sg\LWL*"*LgN!\0!d"!d0k!NK!<PKAA@!
".1K!P:K!Q!S$3&=&%'#/!/,!'.15%2,$!9t!3/!,'!d/`!Nt!<PKAA@D!Z2/!Z2/3'.'!./3'%1'3$!3/!,'!#&F2&/)1/!=$.8'H!
v!".15%2,$!9Q!d'#!8/.%'3/.5'#!Z2/!#/!&8-$.1/)!$!#/!/Y-$.1/)!7'R$!,$#!./F58/)/#!3/!3/#1&)'%&()!3/=&)&1&+'!
3/!&8-$.1'%&()!$!/Y-$.1'%&()!-'.'!%$)#28$D!/#1T)!$!)$!F.'+'3'#!%$)!3/./%G$#D!`!,'#!Z2/!#/!&8-$.1/)!$!
/Y-$.1/)! 1/8-$./.'8/)1/D! '7$)'.e)! /)! %$)%/-1$! 3/! #/.+&%&$#! 3/! /#1'35#1&%'! 2)'! 1'#'! 3/,! 1./#! -$.!
%&/)1$!?PÅBD!#&/)3$!3/!'-,&%'%&()!,'#!3&#-$#&%&$)/#!3/!,$#!'.15%2,$#!>A<!',!>AA!3/,!*(3&F$!"32')/.$!`!#2#!
./F,'8/)1'%&$)/#K!
0)!,$#!%'#$#!3/!,'#!3/#1&)'%&$)/#!#2#-/)#&+'#!3/!&8-$.1'%&()!$!/Y-$.1'%&()!1/8-$.'.&'D!,'#!$-/.'%&$)/#!
2,1/.&$./#!3/!.//Y-$.1'%&()!-'.'!%$)#28$!$!./&8-$.1'%&()!-'.'!%$)#28$!Z2/3'.e)!/Y/)1'#!3/!,'!1'#'!
3/!/#1'35#1&%'vK!
*"4L_^dg!iLj!
E0VLS0N!\0!*gS40NM"*LgN!\0!*E0\L_gM!k!\0^\"M!\0!4"E_L*^d"E0M!*gN!0d!0M_"\g!N"*LgN"d!k!
*"N*0d"*LgN!\0!M^M!M"d\gM!N0_gM!
".1K!PA!Q0,!-$3/.!/R/%21&+$!N'%&$)',!-$3.e!/#1'7,/%/.!./F58/)/#!F/)/.',/#!$!/#-/%&',/#!-'.'!3/1/.8&)'.D!
+/.&=&%'.! `! %$)%&,&'.! /,!8$)1$!3/! ,'#! '%.//)%&'#! `!3/23'#!3/!-'.1&%2,'./#! %$)!/,! 0#1'3$!N'%&$)',! /)! #2!
%$)R2)1$D! `! %$)! %'3'! 2)'! 3/! ,'#! /)1&3'3/#D! %2',Z2&/.'! =2/./! #2! )'12.',/U'! R2.53&%'! &)%,2&3'! ,'!
S2)&%&-',&3'3! 3/! ,'! *&23'3! 3/! C2/)$#!"&./#D! ',! Pc! 3/! R2)&$! 3/! 9;O;o! -.$-$)/.! `! %$)%,2&.! '%2/.3$#! `!
/=/%12'.! 1.')#'%%&$)/#o! /#1'7,/%/.! 8$3',&3'3/#! `! -,'U$#! -'.'! #2! %')%/,'%&()D! '6)! -.$-$)&/)3$! `!
'%/-1')3$!./=&)')%&'%&$)/#!`!)$+'%&$)/#!3/!,'!3/23'!3/1/.8&)'3'D!-.$-/)3&/)3$!/)!1$3$#!,$#!%'#$#!',!
#')/'8&/)1$! 1')1$! 3/,! 0#1'3$! %$8$! 3/,! #/%1$.! -.&+'3$! `! 3/%,'.')3$! %$8$! -'#$! -./+&$! '! %2',Z2&/.!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3<S!
'%%&()! ,'! &)8/3&'1'! %$8-/)#'%&()! 3/! -,/)$! 3/./%G$! 3/! 3/23'#! `! '%.//)%&'#! ./%&-.$%'#D! ,&Z2&3'#! `!
/Y&F&7,/#!/)1./!,$#!-'.1&%2,'./#!`!/,!#/%1$.!-67,&%$K!
"! /#1$#! /=/%1$#D! #/! %$)#&3/.'! Z2/! /,! 0#1'3$! N'%&$)',! `! ,'#! /)1&3'3/#! /)28/.'3'#! -./%/3/)1/8/)1/!
%$)#1&12`/)! 2)'! 8'! `! 6)&%'! 2)&3'3! -'1.&8$)&',D! )$! '-,&%e)3$#/! -'.'! /#1/! .TF&8/)! ,$#! ./Z2&#&1$#!
-.$-&$#!3/!,'!%/#&()!3/!3/./%G$#!`!$7,&F'%&$)/#!3/!3/./%G$!%$86)K!
d'! '21$.&3'3! 3/! '-,&%'%&()! 3/! /#1/! .TF&8/)! #/.e! /,!S&)/.&$! 3/! 0%$)$85'! D! %$)! -'.1&%&-'%&()! 3/! ,'!
\&./%%&()!V/)/.',!3/,!*2/.-$!3/!"7$F'3$#!3/,!0#1'3$!`!3/,!C')%$!%/)1.',!3/!,'!E/-67,&%'!".F/)1&)'K!
*"4L_^dg!ij!
E0VLS0N!\0!*gS40NM"*LgN!\0!*E0\L_gM!k!\0^\"M!\0d!M0*_gE!4^CdL*g!
".1K! P>KQ!W'%6,1'#/! ',! 4$3/.! 0R/%21&+$! N'%&$)',! '! /#1'7,/%/.! ./F58/)/#! F/)/.',/#! $! -'.1&%2,'./#! 3/!
%$8-/)#'%&()! 3/! 3/23'#! `! %.T3&1$#! 3/,! _/#$.$!N'%&$)',D! ',! Pc! 3/! R2)&$! 3/! 9;O;D! %$)! $1.$#! /)1/#! )$!
=&)')%&/.$#! 3/,! #/%1$.! -67,&%$! )'%&$)',D! -.$+&)%&',! $! 82)&%&-',! &)%,2&3$#! ,$#! F$7&/.)$#! -.$+&)%&',/#! $!
82)&%&-',/#D! `! %$)! 'Z2/,,$#! /)1/#! /)! ,$#! Z2/! /,! 0#1'3$! N'%&$)',D! 4.$+&)%&',! $! S2)&%&-',! 1/)F'!
-'.1&%&-'%&()!8'`$.&1'.&'! /)! /,! %'-&1',! $! /)! ,'! =$.8'%&()! 3/! ,'! +$,2)1'3! #$%&/1'.&'D! %2',Z2&/.'! #/'! ,'!
)'12.',/U'! R2.53&%'! 3/! /,,$#D! %$8$! '#&8$D! /#1'7,/%/.! ./F58/)/#! 3/! %$8-/)#'%&()! -'.'! /)1/#! 3/,!
#/%1$.!-67,&%$!)'%&$)',!/)1./!#5D!$!%$)!/)1/#!3/!,$#!F$7&/.)$#!-.$+&)%&',/#K!
*"4L_^dg!ijL!
\0^\"!4^CdL*"!LN_0EN"!
".1K!POKQ!*$)=&T./#/!=2/.U'!3/!,/`!'!,'#!3&#-$#&%&$)/#!3/!,$#!\/%./1$#!3/,!4$3/.!0R/%21&+$!N'%&$)',!NK!P>>D!
3/,!<>!3/!R2,&$!3/!9;O;D!`!:>cD!3/,!9O!3/!'F$#1$!3/!9;O;D!%2`$#!1/Y1$#!#/!&)%$.-$.')!%$8$!')/Y$!',!1/Y1$!
3/!,'!-./#/)1/!,/`K!
*"4L_^dg!ijLL!
S0E*"\g!\0!*"4L_"d0M!
".1K!P;KQ!\/.(F')#/!%$)!/,!',%')%/!=&R'3$!/)!/,!-e..'=$!#&F2&/)1/!,$#!'.15%2,$#!<<!',!<;!`!A9!',!A:!3/!,'!d/`!
Nt! <cKA@PD! #2#! 8$3&=&%'1$.&'#! `! %$8-,/8/)1'.&$#K! d'#! -/.#$)'#! R2.53&%'#! /)! %2`$#! /#1'121$#D! %'.1'#!
$.Fe)&%'#D! %$)1.'1$#! %$)#1&121&+$#! $! &)#1.28/)1$#! -$.! ,$#! Z2/! .&R')! #2! '%1&+&3'3D! #/! G'`'! ,&8&1'3$! ,'!
/8&#&()! 3/! 1512,$#! -.&+'3$#! /8&1&3$#! /)! #/.&/! `! %/.1&=&%'3$#! -.$+&#&$)',/#! '! ,$#! %$)%/7&3$#! %$8$!
)$8&)'1&+$#!)$!/)3$#'7,/#!$!/#%.&16.',/#D!-$3.e)!/8&1&.,$#!/)!/,! =212.$!$!%$)+/.1&.! ,$#!`'!/8&1&3$#!/)!
1512,$#! 3/! %2',Z2&/.'! 3/! ,'#! =$.8'#! Z2/! #/F6)! #2! ,/`! 3/! %&.%2,'%&()! #/')! '38&1&3$#! -$.! ,'#! ,/`/#!
F/)/.',/#D!#&)!)/%/#&3'3!3/!./=$.8'#!3/! ,$#!-./%&1'3$#! &)#1.28/)1$#K!d'!3/%&#&()!3/!%$)+/.#&()!3/! ,$#!
`'! /8&1&3$#! -$3.e! #/.! '3$-1'3'! -$.! ,'! '#'87,/'! $! ./2)&()! 3/! #$%&$#! %$)! %$8-/1/)%&'! -'.'! '#2)1$#!
$.3&)'.&$#K!
S')1&T)/#/! ,'! +&F/)%&'!3/! ,'#!)$.8'#!%&1'3'#!/)!/,!-e..'=$!-.&8/.$!3/,!-./#/)1/!'.15%2,$! ./#-/%1$!3/!
'Z2/,,'#! %'1/F$.5'#!3/!-/.#$)'#! R2.53&%'#! %2`$!$7R/1$!$!'%1&+&3'3!'=/%1/!'! %.&1/.&$!3/,!4$3/.!0R/%21&+$!
N'%&$)',D!/,!&)1/.T#D!,'!3/=/)#'!$!,'!#/F2.&3'3!3/,!0#1'3$K!
".1K! @cKQ!d'#! #$%&/3'3/#!3/! %'-&1',! `! %$$-/.'1&+'#! 1/)3.e)! ,&7/.1'3!-'.'! /8&1&.! 1512,$#! +',$./#! /)! #/.&/!
$=/.1'7,/#!-67,&%'8/)1/D!/)! ,$#! 1&-$#!`!%$)! ,'#!%$)3&%&$)/#!Z2/!/,,'#!8'#!/,&R')K!M/!%$8-./)3/!/)!
/#1'!='%2,1'3!'! ,'!3/)$8&)'%&()!3/,!1&-$!$!%,'#/!3/!1512,$#D!#2!=$.8'!3/!%&.%2,'%&()D!F'.')15'#!./#%'1/#D!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3<<!
-,'U$#D!%$)+/.1&7&,&3'3!$!)$D!3/./%G$#!3/!,$#!1/.%/.$#!-$.1'3$./#!`!%2')1'#!8e#!./F2,'%&$)/#!G'F')!'!,'!
%$)=&F2.'%&()!3/!,$#!3/./%G$#!3/!,'#!-'.1/#!&)1/./#'3'#K!
0#1'! ='%2,1'3! 3/7/.e! /RT.%/#/! %$)=$.8/! '! ,'! d/`! NK! 9>KO99! `! 3/8e#! 3&#-$#&%&$)/#! )$.8'1&+'#!
-/.1&)/)1/#K!
".1K! @9KQ!W'%6,1'#/! ',! 4$3/.! 0R/%21&+$! N'%&$)',! '! 3&%1'.! ,'#! )$.8'#! )/%/#'.&'#! -'.'! '=&')U'.! /,!
=2)%&$)'8&/)1$!3/,!8/.%'3$!3/! %'-&1',/#D!-./#/.+')3$! ,'#!8$3',&3'3/#!3/! ,'#!$-/.'1$.&'#!-.$-&'#!3/!
,'#! 7$,#'#! `!8/.%'3$#! 3/! +',$./#! `! ,'#! 3/,!8/.%'3$! '7&/.1$D! -.$8$+&/)3$! #2! &)1/F.'%&()D! #&)! '=/%1'.!
&)3&+&32',&3'3/#! )&! ,'! /=&%'%&'! 3/! ,$#! 3/7/./#! `! ./#-$)#'7&,&3'3/#! Z2/! /#1'7,/%/! ,'! d/`! Nt! 9>KO99D!
8/3&')1/!#/8'#!/=&%&/)1/#!3/!%$82)&%'%&$)/#!/! &)=$.8e1&%'!-'.'! ,,/+'.!1.')#-'./)%&'!/! &F2',3'3!3/!
$-$.12)&3'3/#! 3/! &)+/.#&()! '! 1$3'#! ,'#! -,'U'#! 3/,! -'5#D! '#/F2.')3$! ,'! ./',&3'3D! -27,&%&3'3! `! ./F.$!
=/G'%&/)1/! 3/! ,'#! $-/.'%&$)/#D! '#5! %$8$! /,! -'F$! 3/! ,$#! F.'+e8/)/#! %$../#-$)3&/)1/#D! 3/)1.$! 3/! ,$#!
-.&)%&-&$#!3/!/Z2&3'3!`!-.$-$.%&$)',&3'3!/#1'7,/%&3$#!/)!)2/#1.'!*$)#1&12%&()!N'%&$)',K! d$#!/8&#$./#!
1/)3.e)D! /)! 1$3$#! ,$#! %'#$#D! ,'! ,&7/.1'3! 3/! /,/%%&()! 3/! ,$#! 8/.%'3$#! 3/! )/F$%&'%&()! 3/! #2#! -.$-&$#!
1512,$#!+',$./#K!
"#&8$D! ='%6,1'#/! ',! 4$3/.! 0R/%21&+$! N'%&$)',! '! 3&%1'.! ,'#! )$.8'#! 1/)3&/)1/#! '! /,&8&)'.! ,'#!
./#1.&%%&$)/#! +&F/)1/#! -'.'! ,'! /Y/)%&'! 3/!8e#! 3/! 2)! /)1/! %2`'! =2)%&()! #/'! ,'! 3/! ./%&7&.! 3/-(#&1$#!
%$,/%1&+$#! 3/! 1512,$#! +',$./#! -67,&%$#! $! -.&+'3$#D! F'.')1&U')3$!2)! .TF&8/)!3/! %$8-/1/)%&'H! `! ,'#! Z2/!
./#2,1/)!)/%/#'.&'#!-'.'!&)#1.28/)1'.!,'!/,&8&)'%&()!3/,!.TF&8/)!3/!)$8&)'1&+&3'3!$7,&F'1$.&'!3/!1512,$#!
+',$./#!-.&+'3$#!%$)!$=/.1'!-67,&%'K!
*"4L_^dg!ijLLL!
\0d!0S4d0g!0N!d"!"\SLNLM_E"*LgN!4^CdL*"D!0S4E0M"M!k!Mg*L0\"\0M!
".1K! @<KQ!0)! /,! e87&1$! 3/,! 4$3/.! d/F&#,'1&+$! N'%&$)',D! 3/,! 4$3/.! X23&%&',! 3/! ,'! N'%&()D! 3/! ,'!
"38&).'%&()! 467,&%'! N'%&$)',! %/)1.',&U'3'! $! 3/#%/)1.',&U'3'D! /)1&3'3/#! '21e.Z2&%'#D! /8-./#'#! 3/,!
0#1'3$D! #$%&/3'3/#!3/,! 0#1'3$D! #$%&/3'3/#!')()&8'#! %$)!-'.1&%&-'%&()!/#1'1',!8'`$.&1'.&'D! #$%&/3'3/#!
3/! /%$)$85'! 8&Y1'D! #/.+&%&$#! 3/! %2/)1'#! /#-/%&',/#D! 7')%$#! $=&%&',/#D! $7.'#! #$%&',/#! `! $.F')$#! $!
/)1/#! -./+&#&$)',/#! 3/,! #/%1$.! -67,&%$! `! 1$3$! $1.$! /)1/! /#1'1',! %2',Z2&/.'! =2/./! #2! )'12.',/U'D! )$! #/!
-$3.eD!32.')1/!/,!-,'U$!3/!%&/)1$!$%G/)1'!?9OcB!35'#!%$)1'3$#!'!-'.1&.!3/!,'!/)1.'3'!/)!+&F/)%&'!3/!/#1'!
,/`D! /=/%12'.! %$)1.'1'%&$)/#! $! 3/#&F)'%&$)/#! 3/! -/.#$)',! Z2/! &8-$.1/)! &)%./8/)1'.! /,! F'#1$! -$.! /#/!
%$)%/-1$K!d$#!'%1$#!Z2/!'#5!,$!3&#-$)F')!#/.e)!)2,$#!`!)$!-.$32%&.e)!)&)F6)!/=/%1$K!
d'!-.$G&7&%&()!/#1'7,/%&3'!/)!/,!-e..'=$!-./%/3/)1/!)$!',%')U'!'!'Z2/,,$#!$.F')$#!Z2/!%2/)1/)!%$)!
+'%')1/#!'!%27.&.!/)!#2#!/#1.2%12.'#K!
d'#! /Y%/-%&$)/#! '! /#1'! )$.8'! 3/7/.e)! /#1'7,/%/.#/! -$.! '%1$! '38&).'1&+$! /Y-./#$D! &)3&+&32',! -'.'!
%'3'! %'#$! `! =2)3'3$!/)! ,'!3/1/.8&)'%&()!$7R/1&+'!3/! #2!)/%/#&3'3D! '3$-1'3'#!-$.!/,! 4$3/.!0R/%21&+$!
N'%&$)',!/)!"%2/.3$!V/)/.',!3/!S&).$#D!-$.!'%$.3'3'!3/!,'!*$.1/!M2-./8'!3/!X2#1&%&'!3/!,'!N'%&()D!
-$.!'%2/.3$!3/!,$#!4./#&3/)1/#!3/!'87'#!*e8'.'#!3/,!*$)F./#$!N'%&$)',!`!/)!/,!e87&1$!3/,!_.&72)',!3/!
*2/)1'#!3/!,'!N'%&()D!8/3&')1/!'%2/.3$#!-,/)'.&$#!3/!#2#!8&/87.$#K!
0,!4$3/.!0R/%21&+$!N'%&$)',!-$3.e!./27&%'.!',!-/.#$)',!3/!,$#!/)1/#!8/)%&$)'3$#!/)!/,!-.&8/.!-e..'=$D!'!
=&)! 3/! $71/)/.! 2)'! 8/R$.! .'%&$)',&U'%&()! 3/! ,$#! ./%2.#$#! G28')$#! /Y/)1/#D! 3/)1.$! 3/! ,'! U$)'!
F/$F.e=&%'!3/!#2!./#&3/)%&'!`!/#%','=()!/)!Z2/!./+/K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3<X!
")e,$F'!./F2,'%&()!'!,'!-./#%.&-1'!/)!/#1/!'.15%2,$!./F&.e!/)!/,!e87&1$!3/!,'!S2)&%&-',&3'3!3/!,'!*&23'3!
3/!C2/)$#!"&./#!`!3/,!_/..&1$.&$!N'%&$)',!3/!_&/..'!3/,!W2/F$D!")1e.1&3'!/!L#,'#!3/,!"1,e)1&%$!M2.K!
".1K!@PKQ!W'%6,1'#/!',!4$3/.!0R/%21&+$!N'%&$)',!'!3&#-$)/.!/)!/,!e87&1$!3/,!#/%1$.!-67,&%$!8/3&3'#!Z2/!
'#/F2./)!/=&%&/)%&'!`!-.$32%1&+&3'3D!/)1./!$1.'#D!,'#!#&F2&/)1/#H!
'B! 4'.1&%&-'%&()! 3/! /8-,/'3$#D! $7./.$#! `I$! 2#2'.&$#! /)! /,! #/F2&8&/)1$! 3/,! 3/#/8-/a$! 3/! ,$#!
/#1'7,/%&8&/)1$#!`!/)1&3'3/#!-67,&%'#!'!1.'+T#!3/!8/%')$#!3/!&)=$.8'%&()!`!%$)#2,1'K!
7B!4'.1&%&-'%&()!3/!/8-,/'3$#D!$7./.$#!`!2#2'.&$#!/)!,'!F/#1&()D!,'#!F')')%&'#!`!,'!./-./#/)1'%&()!/)!,$#!
3&./%1$.&$#!3/!/#1'7,/%&8&/)1$#!3/!/)1&3'3/#!-67,&%'#K!
%B! 4'.1&%&-'%&()! 3/! /8-,/'3$#D! $7./.$#! `! 2#2'.&$#! /)! ,'! -.$-&/3'3! 3/! /#1'7,/%&8&/)1$#! `! /)1&3'3/#!
-67,&%'#D!'!1.'+T#!3/!%$$-/.'1&+'#!`!4.$F.'8'#!3/!4.$-&/3'3!4'.1&%&-'3'K!
".1K!@@KQ!0)%$8/)3'#/!',!4$3/.!0R/%21&+$!N'%&$)',! ,'! ./+&#&()!3/! ,$#! ./F58/)/#!3/!/8-,/$D! =2/./)!3/!
=2)%&()! -67,&%'! $! ,'7$.',/#D! +&F/)1/#! /)! ,'! "38&).'%&()! 467,&%'! N'%&$)',! %/)1.',&U'3'! $!
3/#%/)1.',&U'3'D! /)1&3'3/#! '21e.Z2&%'#D! /8-./#'#! 3/,! 0#1'3$D! #$%&/3'3/#! 3/,! 0#1'3$D! #$%&/3'3/#!
')()&8'#! %$)! -'.1&%&-'%&()! /#1'1',! 8'`$.&1'.&'D! #$%&/3'3/#! 3/! /%$)$85'! 8&Y1'D! #/.+&%&$#! 3/! %2/)1'#!
/#-/%&',/#D! 7')%$#! $=&%&',/#D! $7.'#! #$%&',/#! `! $.F')$#! $! /)1/#! -./+&#&$)',/#! 3/,! #/%1$.! -67,&%$! `I$!
1$3$!$1.$!/)1/!/#1'1',! %2',Z2&/.'! =2/./! #2!)'12.',/U'D!'!/=/%1$#!3/!%$../F&.! ,$#! ='%1$./#!Z2/!-23&/./)!
'1/)1'.! %$)1.'! ,$#! $7R/1&+$#! 3/! /=&%&/)%&'! `! -.$32%1&+&3'3! #/a','3$#! /)! /,! '.15%2,$! ')1/.&$.K! "! 1',! =&)D!
/)1./! $1.$#! 8/3&$#D! ,'! %$)+$%'1$.&'! `I$! %./'%&()! 3/! ,'#! &)#1')%&'#! 3/! )/F$%&'%&()! %$,/%1&+'! %$)! ,'#!
'#$%&'%&$)/#! F./8&',/#! 3/! 1.'7'R'3$./#! Z2/! ./-./#/)1')! '! ,$#! 3&)1$#! #/F8/)1$#! 3/,! -/.#$)',D!
-$#&7&,&1'.e)!'%2/.3$#!-'.&1'.&$#!-'.'!,'!/R/%2%&()!3/!,$!3&#-2/#1$!/)!/#1/!'.15%2,$K!
".1K!@:KQ!d'#!-$,51&%'#!#','.&',/#!Z2/!#/!&)#1.28/)1/)!'!-'.1&.!3/,!9!3/!'F$#1$!3/!9;O;D!',!-/.#$)',!3/!,'!
"38&).'%&()! 467,&%'! N'%&$)',D! %/)1.',&U'3'! $! 3/#%/)1.',&U'3'D! /)1&3'3/#! '21e.Z2&%'#D! /8-./#'#! 3/,!
0#1'3$D! #$%&/3'3/#!3/,! 0#1'3$D! #$%&/3'3/#!')()&8'#! %$)!-'.1&%&-'%&()!/#1'1',!8'`$.&1'.&'D! #$%&/3'3/#!
3/! /%$)$85'! 8&Y1'D! #/.+&%&$#! 3/! %2/)1'#! /#-/%&',/#D! 7')%$#! $=&%&',/#D! $7.'#! #$%&',/#! `! $.F')$#! $!
/)1/#!-./+&#&$)',/#!3/,!#/%1$.!-67,&%$D!S2)&%&-',&3'3!3/!,'!*&23'3!3/!C2/)$#!"&./#!`!_/..&1$.&$!N'%&$)',!
3/!_&/..'!3/,!W2/F$D!")1e.1&3'!/! L#,'#!3/,!"1,e)1&%$!M2.D!#/!1.'1/!3/!-/.#$)',!#2R/1$!$!)$!',!.TF&8/)!3/!
%$)+/)%&$)/#!%$,/%1&+'#!3/!1.'7'R$D!3/7/.e)!/Y-./#'8/)1/!/Y%,2&.!,'!'-,&%'%&()!3/!1$3'!=(.82,'!-'.'!,'!
3/1/.8&)'%&()! 3/! ,'#! ./82)/.'%&$)/#! /)! =2)%&()! 3/! %$/=&%&/)1/#D! -$.%/)1'R/#D! 5)3&%/#! 3/! -./%&$#! 3/!
./=/./)%&'! $! %2',Z2&/.! $1.$! 8/3&$! 3/! %e,%2,$! Z2/! 1/)F'! %$8$! 7'#/! ./1.&72%&$)/#! 3&)1'#! '! ,'#! 3/,!
-.$-&$! %'.F$! $! %'1/F$.5'D! $! )$.8'! Z2/! /#1'7,/U%'! ,'! '21$8e1&%'! '-,&%'%&()! 3/! 8/R$./#! 7/)/=&%&$#!
%$../#-$)3&/)1/#! '! $1.$#! %'.F$#D! #/%1$./#D! %'1/F$.5'#! ,'7$.',/#! $! /#%','=$)'.&'#! $! =2)%&$)/#! %2')3$!
/,,'#!)$!#/!/R/.U')!/=/%1&+'8/)1/K!
0)! 1')1$! ,$! /#1'7,/%&3$! /)! /,! -e..'=$! ')1/.&$.! '=/%1/! ,$#! %$)+/)&$#! %$,/%1&+$#! 3/! 1.'7'R$! +&F/)1/#D! /,!
#/8'! 3/! ./82)/.'%&$)/#! Z2/! ,$#! .//8-,'%/! #/.e! 8'1/.&'! 3/! ,'#! %$8&#&$)/#! )/F$%&'3$.'#! 3/! ,$#!
%$)+/)&$#!%$,/%1&+$#!3/!1.'7'R$K!
MT3/)#/!-$.!/,!-,'U$!3/!%&/)1$!$%G/)1'!?9OcB!35'#!'!-'.1&.!3/!,'!+&F/)%&'!3/!,'!-./#/)1/!,/`D!,'!+&F/)%&'!3/!
,$#!./F58/)/#!,/F',/#!3/!3/1/.8&)'%&()!3/!,'#!./82)/.'%&$)/#!3/,!-/.#$)',!3/!,$#!4$3/./#!d/F&#,'1&+$!`!
X23&%&',!3/! ,'!N'%&()K!\2.')1/!/,!-,'U$!/#1'7,/%&3$!/)!/,!-e..'=$!')1/.&$.D! ,'!*e8'.'!3/!\&-21'3$#!`! ,'!
*e8'.'!3/! M/)'3$./#!3/! ,'!N'%&()!/)!/R/.%&%&$!3/! #2#! '1.&72%&$)/#D! G'.e)! #2`'! ,'!-$,51&%'! #','.&',! 3/,!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3<>!
4$3/.!0R/%21&+$!N'%&$)',!-'.'!#2#!/8-,/'3$#D!3&%1')3$!,'#!./#$,2%&$)/#!`!'%1$#!Z2/!=2/./)!-/.1&)/)1/#!
'!/=/%1$#!3/!=&R'.!,'#!./82)/.'%&$)/#!3/,!-/.#$)',K!
0)! /,! -,'U$! ')1/#! ./=/.&3$D! ,$#! 4./#&3/)1/#! 3/! ,'#! *e8'.'#! d/F&#,'1&+'#! 3/! ,'! N'%&()! ./3'%1'.e)! `!
#$8/1/.e)!'!'87$#!%2/.-$#!,$#!-.$`/%1$#!3/!./F,'8/)1'%&()!3/!2)!)2/+$!/#%','=()!`!3/!,$#!%$)+/)&$#!
%$,/%1&+$#!3/!1.'7'R$K!
L)+51'#/!'!,'!*$.1/!M2-./8'!3/!X2#1&%&'!3/!,'!N'%&()!'!'3$-1'.!-.$%/3&8&/)1$#!')e,$F$#!%$)!./,'%&()!'!
,'#!./82)/.'%&$)/#!3/,!4$3/.!X23&%&',!3/!,'!N'%&()K!
L)+&1'#/!'!,'#!4.$+&)%&'#!'!3&%1'.!)$.8'#!')e,$F'#!'!,'#!/#1'7,/%&3'#!/)!/#1/!'.15%2,$K!d'#!4.$+&)%&'#!Z2/!
3/)1.$!3/!,$#!%&/)1$!$%G/)1'!?9OcB!35'#!3/!,'!/)1.'3'!/)!+&F/)%&'!3/!/#1'!,/`!)$!G'`')!#')%&$)'3$!1',/#!
)$.8'#D! )$! -$3.e)! ./%&7&.! )&)F6)! 1&-$! 3/! '-$.1/! 3/,! _/#$.$! N'%&$)',! 3/#1&)'3$D! 3&./%1'! $!
&)3&./%1'8/)1/D!'!=&)')%&'.!&)%./8/)1$#!#','.&',/#!)$!'R2#1'3$#!'!,'#!)$.8'#!3/!/#1/!'.15%2,$K!
".1K! @AKQ!W'%6,1'#/! ',! 4$3/.! 0R/%21&+$! N'%&$)',! -'.'! Z2/D! /)! /,! e87&1$! 3/! ,'! "38&).'%&()! 467,&%'!
N'%&$)',! %/)1.',&U'3'! $! 3/#%/)1.',&U'3'! 3&#-$)F'! ,'! 7'R'! 3/,! -/.#$)',! +&)%2,'3$! '! 'Z2/,,'! -$.! 2)'!
./,'%&()!3/!=2)%&()!$!/8-,/$!-67,&%$D!3/#&F)'3$!#&)!%$)%2.#$D!Z2/!F$U'./!3/!/#1'7&,&3'3!`!./+&/./!/)!
2)'!3/!,'#!3$#!8eY&8'#!%'1/F$.5'#!3/,!./#-/%1&+$!/#%','=()D!/#1'121$!2!$.3/)'8&/)1$!+&F/)1/K!
d'#!='%2,1'3/#!$1$.F'3'#!',!4$3/.!0R/%21&+$!N'%&$)',!/)!/#1/!'.15%2,$!#/.e)!/R/.%&3'#D!/)!#2!e87&1$D!-$.!
/,!L)1/)3/)1/!3/!,'!*&23'3!3/!C2/)$#!"&./#!`!/,!V$7/.)'3$.!3/,!_/..&1$.&$!N'%&$)',!3/!_&/..'!3/,!W2/F$D!
")1e.1&3'!/!L#,'#!3/,!"1,e)1&%$!M2.K!
d'!='%2,1'3!%$)=/.&3'!-./%/3/)1/8/)1/!3/7/.e!/R/.%/.#/!3/)1.$!3/,!-,'U$!3/!#/#/)1'!?AcB!35'#!%$)1'3$#!
'! -'.1&.! 3/! ,'! +&F/)%&'! 3/! ,'! ./F,'8/)1'%&()!3/! /#1'! ,/`D! %2')3$! .'U$)/#! 3/! #/.+&%&$! '#5! ,$! '%$)#/R/)D!
7'#1')3$! ,'! &)+$%'%&()! 3/! /#1'#! 6,1&8'#! %$8$! #2=&%&/)1/!8$1&+'%&()! -'.'! $1$.F'.! ,/F&1&8&3'3! ',! '%1$!
-/.1&)/)1/K!
".1K!@>KQ!0,!8$)1$!&)3/8)&U'1$.&$!Z2/!%$../#-$)3'!'7$)'.!-$.!,'!7'R'!3&#-2/#1'!%$8$!%$)#/%2/)%&'!3/,!
/R/.%&%&$!3/!,'!'1.&72%&()!%$)=/.&3'!/)!/,!'.15%2,$!')1/.&$.!#/.e!2)!8/#!3/!,'!8'`$.!./82)/.'%&()D!-$.!2)!
?9B!'a$!3/!')1&F}/3'3!$!=.'%%&()!8'`$.!3/!1./#!?PB!8/#/#K!
0,!8$)1$!1$1',!3/!,'!&)3/8)&U'%&()!#/!G'.e!/=/%1&+$!/)!/,!1T.8&)$!3/!,$#!3&/U!?9cB!35'#!%$..&3$#!3/#3/!/,!
8$8/)1$!Z2/!#/!3&#-$)/!,'!7'R'K!
*"4L_^dg!iLi!
LN\0SNLu"*LgN!4gE!"N_LVé0\"\!g!4gE!\0M4L\g!
".1K!@OKQ!M2#1&16`/#/!/,!'.15%2,$!<@:!3/,!.TF&8/)!3/!%$)1.'1$!3/!1.'7'R$!'-.$7'3$!-$.! ,'! ,/`!Nt!<cK>@@!
?1K$K!9;>ABK!-$.!/,!#&F2&/)1/H!
v".15%2,$! <@:KQ! L)3/8)&U'%&()! -$.! ')1&F}/3'3! $! 3/#-&3$K! 0)! ,$#! %'#$#! 3/! 3/#-&3$#! 3&#-2/#1$#! -$.! /,!
/8-,/'3$.! #&)! R2#1'! %'2#'D! G'7&/)3$! $! )$! 8/3&'3$! -./'+&#$D! /#1/! 3/7/.e! '7$)'.! ',! 1.'7'R'3$.! 2)'!
&)3/8)&U'%&()!/Z2&+',/)1/!'!2)!?9B!8/#!3/!#2/,3$!-$.!%'3'!'a$!3/!#/.+&%&$!$!=.'%%&()!8'`$.!3/!1./#!?PB!
8/#/#! 1$8')3$! %$8$! 7'#/! ,'! 8/R$.! ./82)/.'%&()! 8/)#2',! )$.8',! `! G'7&12',! -/.%&7&3'! 32.')1/! /,!
6,1&8$!'a$!$!32.')1/!/,!-,'U$!3/!-./#1'%&()!3/!#/.+&%&$K!
0,!&8-$.1/!3/!/#1'!&)3/8)&U'%&()!/)!)&)F6)!%'#$!-$3.e!#/.!&)=/.&$.!'!3$#!?<B!8/#/!3/!#2/,3$!%',%2,'3$#!
/)!7'#/!',!#/8'!3/,!-e..'=$!')1/.&$.vK!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3<;!
*"4L_^dg!ii!
Mg*L0\"\0M!*gS0E*L"d0M!
".1K!@;KQ!\2.')1/!/,!-,'U$!3/!%&/)1$!$%G/)1'!?9OcB!35'#!'!-'.1&.!3/!,'!+&F/)%&'!3/!,'!-./#/)1/!,/`!)$!#/.e)!
3/!'-,&%'%&()!,$#!'.15%2,$#!;@!&)%K!:!`!<cA!3/!,'!d/`!3/!M$%&/3'3/#!*$8/.%&',/#!?d/`!Nt!9;K::c!1K$K!9;O@BK!
*"4L_^dg!iiL!
*gS0E*Lg!k!"C"M_0*LSL0N_g!
".1K! :cKQ!W'%6,1'#/! ',! 4$3/.! 0R/%21&+$! N'%&$)',D! -$.! /,! -,'U$! 3/! %&/)1$! $%G/)1'! ?9OcB! 35'#! 3/#3/! ,'!
+&F/)%&'!3/!,'!-./#/)1/!,/`D!'!'21$.&U'.!,'!&8-$.1'%&()!3/!'Z2/,,'#!8/.%'3/.5'#!%2`$#!-./%&$#!#2-/./)!,$#!
)&+/,/#!.'U$)'7,/#D!$!./#-/%1$!3/!,'#!%2',/#!)$!/Y'!'7'#1/%&8&/)1$!#2=&%&/)1/!-'.'!/,!8/.%'3$!&)1/.)$K!
0#1'! ='%2,1'3!-$3.e! #/.!/R/.%&3'!-$.!/,!4$3/.!0R/%21&+$!N'%&$)',D!)$!$7#1')1/! ,'#!-.$G&7&%&$)/#!Z2/!',!
./#-/%1$!%$)1/)F')!,/`/#!/#-/%&',/#K!
*"4L_^dg!iiLL!
g40E"*LgN0M!*gNM^d"E0M!
".1K! :9KQ!d$#! '%1$#! -./+$#! /)! ,$#! '.15%2,$#! PP9D! PPP! `! PP@! 3/,! E/F,'8/)1$! *$)#2,'.! -$3.e)! #/.!
./',&U'3'#! '! $-%&()! 3/#&)1/./#'3$! /)! ,'#! $=&%&)'#! %$)#2,'./#! 3/! ,'! E/-67,&%'! /)! /,! /Y1/.&$.! $! /)! /,!
S&)/.&$! 3/! E/,'%&$)/#! 0Y1/.&$./#! `! *2,1$K! M&! #/! ./',&U'./)! /,! S&)/.&$! 3/! E/,'%&$)/#! 0Y1/.&$./#! `!
*2,1$D!/,!'.')%/,!#/.e!'7$)'3$!/Y%,2#&+'8/)1/!/)!3&+&#'#!/)!,'!=$.8'!/)!Z2/!3/1/.8&)/!3&%G$!S&)/.&$!
`!#/!3/-$#&1'.e)!/)!,'!%2/)1'!Z2/!#/!'7.&.e!/)!/,!C')%$!3/!,'!N'%&()!".F/)1&)'D!Z2/3')3$!='%2,1'3$!/,!
S&)/.&$! 3/! E/,'%&$)/#! 0Y1/.&$./#! `! *2,1$! '! 1.')#=/.&.! 3&%G$#! &8-$.1/#! /)! 3&+&#'#! '! ,'#! %2/)1'#!
/#1'7,/%&3'#!3/!'%2/.3$!%$)!/,!'.15%2,$!9!3/,!\/%./1$!d/`!NK!9PK99PIA<D!#2#1&12&3$!-$.!/,!\/%./1$!d/`!NK!
@A@IAPK!
*"4L_^dg!iiLLL!
M"N0"SL0N_g!\0!gCE"M!Mg*L"d0M!
".1K! :<KQ!*.T'#/!2)'!*$8&#&()!3/! M')/'8&/)1$!3/!g7.'#! M$%&',/#D! &)1/F.'3'!-$.!2)! ./-./#/)1')1/!3/,!
S&)/.&$!3/!M',23!`!"%%&()!#$%&',D!2)$!3/,!S&)/.&$!3/!_.'7'R$!`!M/F2.&3'3!M$%&',D!2)$!3/,!S&)/.&$!
3/!0%$)$85'D!2)$!3/!,'!"NMM"d!`!2)$!3/!,'!g7.'#!M$%&',/#!-.$+&)%&',/#D!'!,$#!/=/%1$#!3/!,'!'-,&%'%&()!3/!
,'#!)$.8'#!3/,!-./#/)1/!*'-512,$K!
".1K! :PKQ!0,! 4$3/.! 0R/%21&+$! N'%&$)',! -$3.e! $1$.F'.! '! ,$#! 'F/)1/#! 3/,! M/F2.$! N'%&$)',! 3/! M',23! `! ,'#!
g7.'#! M$%&',/#! -.$+&)%&',/#! ,$#! =&)')%&'8&/)1$#! )/%/#'.&$#! -'.'! '1/)3/.! ,$#! -'#&+$#! $.&F&)'3$#D!
3&./%1'8/)1/D!/)! #2#!-./#1'%&$)/#!8T3&%$!'#/)%&',/#!$!3/#1&)'3$#!'! ,'! #27#/)%&'!3/! #2#!'=&,&'3$#!
Z2/!./F.'./!',!P9!3/!R2,&$!3/!9;O;D!Z2/!)$!#/!/)%$)1.'./)!-./#%.&-1$#K!
".1KDK!:@KQ!"!,$#!/=/%1$#!3/!,$!3&#-2/#1$!/)!/,!'.15%2,$!')1/.&$.D!,$#!'F/)1/#!3/,!M/F2.$!N'%&$)',!3/!M',23!
3/7/.e)!-./#/)1'.!2)'!#$,&%&123!3/7&3'8/)1/!=2)3'3'!')1/!,'!*$8&#&()!%./'3'!-$.!/,!'.15%2,$!:<D!,'!Z2/!
-$.!./#$,2%&()!3/1/.8&)'.e!,'!-.$%/3/)%&'!$!)$!3/!,$#!./%2.#$#!#$,&%&1'3$#K!
".1K!::KQ!0,!4$3/.!0R/%21&+$!N'%&$)',D!2)'!+/U!'%$.3'3$#!,$#!=&)')%&'8&/)1$#!#$,&%&1'3$#D!,$#!'#&F)'.e!/)!
G'#1'!+/&)1&%2'1.$!?<@B!%2$1'#!1.&8/#1.',/#D!./Z2&.&/)3$!/)!$-$.12)&3'3!3/!%'3'!-'F$!,'!%$)=$.8&3'3!3/!
,'!*$8&#&()!%./'3'!-$.!/,!'.15%2,$!:<D!,'!Z2/!/=/%12'.e!/,!%$)1.$,!3/!,'!'-,&%'%&()!3/!'Z2/,,$#K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3<?!
*"4L_^dg!iiLj!
LNM_L_^_gM!k!gEV"NLMSgM!"^_"E{^L*gM!N"*LgN"d0M!
".1K! :AKQ!d$#! 4./#&3/)1/#! $! 8eY&8'! '21$.&3'3! /R/%21&+'! 3/! ,$#! &)#1&121$#! `! $.F')$#! '21e.Z2&%$#!
)'%&$)',/#! )$! =&)')%&/.$#D! %2`'#! =2)%&$)/#! 1/)F')! &)%&3/)%&'! 3&./%1'! $! &)3&./%1'! /)! ,'! '%1&+&3'3!
%$8/.%&',! $! &)32#1.&',! )'%&$)',D! 3/7/.e)! -.$-$)/.! ',! *$)#/R$! \&./%1&+$! 2! (.F')$! 3/! '38&).'%&()!
%$../#-$)3&/)1/!,'#!8/3&3'#!Z2/!/#1&8/)!)/%/#'.&'#!`!%$)+/)&/)1/#!-'.'!8/R$.'.!,'!/=&%&/)%&'!`!/=&%'%&'!
3/! ,'#! -./#1'%&$)/#! `! %$8/1&3$#! '#&F)'3$#! ',! $.F')$K! M/.e! 1'87&T)! %$8-/1/)%&'! /Y%,2#&+'! 3/! ,$#!
4./#&3/)1/#! $! 8eY&8'! '21$.&3'3! /R/%21&+'! 3/! ,$#! &)#1&121$#! `! $.F')$#! '21e.Z2&%$#D! )'%&$)',/#!
&)3&%'3$#D!3/#&F)'.D!1.'#,'3'.D!-.$8$+/.!`!./8$+/.!'!#2!-/.#$)',K!
".1K!:>KQ!d$#!'F/)1/#!Z2/!/R/.U')!/,!%$)1.$,!3/! ,'!'%1&+&3'3!./#-/%1&+'D!%2',Z2&/.'!#/'! ,'!3/)$8&)'%&()!
1T%)&%'!3/,!%'.F$D!3/7/.e)!./2)&.!,$#!#&F2&/)1/#!./Z2&#&1$#H!
'B!M/.!'.F/)1&)$#D!8'`$.!3/!/3'3K!
7B!4$#//.!&3$)/&3'3!$!/,!1512,$!G'7&,&1')1/!/#-/%5=&%$!Z2/!3/1/.8&)/!,'!./F,'8/)1'%&()!-/.1&)/)1/K!
0,! 3/#/8-/a$! 3/! /#1'#! =2)%&$)/#! #/.e! &)%$8-'1&7,/! %$)! /,! /R/.%&%&$! 3/! '%1&+&3'3/#! 3/! %2',Z2&/.!
)'12.',/U'!+&)%2,'3'#!3&./%1'!$!&)3&./%1'8/)1/!%$)!,'!&)32#1.&'!$!%$8/.%&$!./#-/%1$!3/!,'!%2',!/R/.U'!#2!
=2)%&()D!./#2,1e)3$,/#!'-,&%'7,/#!1'87&T)!,'#!-.$G&7&%&$)/#!/!&)%$8-'1&7&,&3'3/#!Z2/!/#1'7,/%/!,'!d/`!NK!
<<K9@c!-'.'!/,!-/.#$)',!3/!,'!"38&).'%&()!467,&%'!N'%&$)',K!
".1K!:OKQ!\/.(F'#/!/,!&)%&#$!GB!3/,!'.15%2,$!Ot!3/!,'!d/`!9@KO>OK!
*"4L_^dg!iij!
4Eg*0\LSL0N_g!LS4gML_Ljg!
".1K!:;KQ!S$3&=&%'#/!,'!d/`!Nt!99KAOP!?1K$K!9;>OB!`!#2#!8$3&=&%'%&$)/#D!3/!,'!#&F2&/)1/!=$.8'H!
'B!L)%$.-(.')#/!'!%$)1&)2'%&()!3/,!-.&8/.!-e..'=$!3/,!'.15%2,$!P;D!,$#!#&F2&/)1/#H!
v! d'!\&./%%&()!N'%&$)',! L8-$#&1&+'!-$3.eD!/)! ,$#!%'#$#!3/!%$)1.&72`/)1/#!`! ./#-$)#'7,/#!%$)%2.#'3$#D!
$1$.F'.! ='%&,&3'3/#! /#-/%&',/#! -'.'! /,! &)F./#$! 3/! ,'#! 3/23'#! -.&+&,/F&'3'#! ./,'1&+'#! '! 1.&721$#! `! #2#!
'%12',&U'%&$)/#! '! %'.F$! 3/! 'Z2T,,'! $.&F&)'3'#! %$)! ')1/.&$.&3'3! ',! '21$! 3/! &)&%&'%&()! 3/! ,! %$)%2.#$!
-./+/)1&+$! $! '21$! 3/%,'.'1&+$! 3/! Z2&/7.'D! /#1'7,/%&/)3$! ',! /=/%1$! -,'U$#! `! %$)3&%&$)/#! -'.'! 3&%G$!
'%$F&8&/)1$K!
"#&8$D! ,'!\&./%%&()!V/)/.',! L8-$#&1&+'!-$3.e!+$1'.! ='+$.'7,/8/)1/!/)! ,'#!%$)3&%&$)/#!Z2/!#/! =&R/)!
/)!,'#!-.$-2/#1'#!R23&%&',/#!3/!'%2/.3$#!-./+/)1&+$#!$!./#$,21$.&$#D!-$.!%.T3&1$#!Z2&.$F.'='.&$#!/)!1')1$!
#/!$1$.F2/!',!%.T3&1$!=&#%',!&3T)1&%$!1.'1'8&/)1$!Z2/!',!./#1$!3/!,'#!3/23'#!Z2&.$F.'='.&'#vK!
7B!M2#1&16`/#/!/,!-.&8/.!-e..'=$!3/,!'.15%2,$!999!-$.!/,!#&F2&/)1/H!
v!0,!4$3/.!0R/%21&+$!N'%&$)',!Z2/3'!='%2,1'3$!-'.'!3&#-$)/.!-$.!/,!1T.8&)$!Z2/!%$)#&3/./!%$)+/)&/)1/D!
%$)! %'.e%1/.! F/)/.',! $! -'.'! 3/1/.8&)'3'#! U$)'#! $! .'3&$#D! ,'! ./32%%&()! -'.%&',! 3/! ,'! '%12',&U'%&()!
-./+'! /)! ,$#! '.15%2,$#! 99:! `! #&F2&/)1/#D! ,'! /Y/)%&()! 1$1',! $! -'.%&',! 3/!82,1'#D! '%%/#$.&$#! -$.!8$.'D!
&)1/./#/#!-2)&1$.&$#!`!%2',Z2&/.!$1.'!#')%&()!-$.!&)=.'%%&$)/#!./,'%&$)'3'#!%$)!1$3$#!$!%2',Z2&/.'!3/!,$#!
F.'+e8/)/#!%2`'!'-,&%'%&()D!-/.%/-%&()!`!=&#%',&U'%&()!/#1e)!'!%'.F$!3/!,'!\&./%%&()!V/)/.',!L8-$#&1&+'D!
'!,$#!%$)1.&72`/)1/#!$!./#-$)#'7,/#!Z2/!./F2,'.&%/)!/#-$)1e)/'8/)1/!#2!#&12'%&()!3')3$!%28-,&8&/)1$!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3X7!
'! ,'#! $7,&F'%&$)/#! $8&1&3'#! `! 3/)2)%&')3$! /)! #2! %'#$! ,'! -$#/#&()! $! 1/)/)%&'! 3/! /=/%1$#! /)!
%$)1.'+/)%&()D! #&/8-./! Z2/! #2! -./#/)1'%&()! )$! #/! -.$32U%'! '! .'5U! 3/! 2)'! &)#-/%%&()! &)&%&'3'D!
$7#/.+'%&()! 3/! -'.1/! 3/! ,'! ./-'.1&%&()! =&#%',&U'3$.'! $! 3/)2)%&'! -./#/)1'3'D! Z2/! #/! +&)%2,/! 3&./%1'! $!
&)3&./%1'8/)1/!%$)!/,!./#-$)#'7,/vK!
%B!M2#1&16`/#/!/,!1/.%/.!-e..'=$!3/,!'.15%2,$!99:!-$.!/,!#&F2&/)1/H!
v! "! ,$#! /=/%1$#! &)3&%'3$#! /)! /,! -e..'=$! ')1/.&$.D! /,! &8-$.1/! /)! %$)%/-1$! 3/! '%12',&U'%&()! 8e#! ,$#!
&)1/./#/#! ./#'.%&1$.&$#!)$!-$3.e!/Y%/3/.!3/,!Z2/! ./#2,1/!3/!'-,&%'.!',!8$)1$!'3/23'3$!/,!3$7,/!3/! ,'!
1'#'! 3/! &)1/.T#! '%1&+'! 3/! %'.1/.'! F/)/.',! 21&,&U'3'! -$.! /,! C')%$! 3/! ,'! N'%&()! ".F/)1&)'! /)! #2#!
$-/.'%&$)/#! 3/! %.T3&1$D! #&)! -/.R2&%&$! 3/! ,'! '-,&%'%&()! 3/! ,$#! &)1/./#/#! -2)&1$.&$#! /)! ,$#! %'#$#! /)! Z2/!
-.$%/3'vK!
*"4L_^dg!iijL!
j0N_"!\0!LNS^0Cd0M!LNN0*0M"ELgM!
".1K! AcKQ!0,! 4$3/.! 0R/%21&+$! N'%&$)',! %/)1.',&U'.eD! %$$.3&)'.e! /! &8-2,#'.e! ,'#! '%%&$)/#! 1/)3&/)1/#! '!
'F&,&U'.! ,'#!+/)1'#!3/! ,$#! &)82/7,/#!3/,!3$8&)&$!-.&+'3$!3/,!0#1'3$D!3/!#2#!/)1/#!3/#%/)1.',&U'3$!$!3/!
$1.$! /)1/! /)! Z2/! /,! 0#1'3$! N'%&$)',! $! #2#! /)1/#! 3/#%/)1.',&U'3$#D! 1/)F')! -'.1&%&-'%&()! 1$1',! $!
8'`$.&1'.&'!3/!%'-&1',!$!3/! ,'! =$.8'%&()!3/! ,'#!3/%&#&$)/#! #$%&/1'.&'#D!Z2/!)$! #/')!)/%/#'.&$#!-'.'!/,!
%28-,&8&/)1$!3/!#2#!=2)%&$)/#!$!F/#1&()K!
".1K!A9KQ!"! ,$#!/=/%1$#! &)3&%'3$#!/)!/,!'.15%2,$!')1/.&$.! ,$#!$.F')$#!`!/)1&3'3/#!3/7/.e)!-./#/)1'.D!
3/)1.$!3/,!-,'U$!3/!1./&)1'!?PcB!35'#!%$)1'3$#!'!-'.1&.!3/!,'!+&F/)%&'!3/!,'!-./#/)1/!,/`!,'!)(8&)'!3/!,'!
1$1',&3'3! 3/! ,$#! &)82/7,/#! Z2/! -$#/')! `! 3/! ,$#! Z2/! #/! /)%2/)1./)D! '3/8e#D! /)! %$)3&%&$)/#! 3/! #/.!
+/)3&3$#!`!2)'!/#1&8'%&()!3/,!-,'U$!-'.'!-.$%/3/.!'!#2!./',&U'%&()K!
LF2',! ./8&#&()! 3/7/.e! ./',&U'.#/! %$)! ./,'%&()! '! ,$#! &)82/7,/#! %$)! ./#-/%1$! '! ,$#! %2',/#! /,! 0#1'3$!
N'%&$)',!`!#2#!/)1/#!3/#%/)1.',&U'3$#D!#/'!,$%'3$.!$!,$%'1'.&$K!
".1K!A<KQ!M2#1&16`/#/!/,!'.15%2,$!At!3/!,'!d/`!Nt!<<K@<P!-$.!/,!#&F2&/)1/H!
v! 0#1'7,T%/#/! Z2/! ,'#! /)1&3'3/#! '21e.Z2&%'#! )'%&$)',/#D! /8-./#'#D! #$%&/3'3/#! 3/,! 0#1'3$D!
/)%$8/)3'.e)!,'!+/)1'!3/!,$#!&)82/7,/#!'!/,,'#!'=/%1'3$#D!Z2/!./#2,1/)!&))/%/#'.&$#!-'.'!#2!F/#1&()!'!
,'! M/%./1'.5'! 3/! h'%&/)3'D! ,'! %2',! &8-21'.e! ,$#! &8-$.1/#! Z2/! ./%'23'./! -$.! 3&%G$! %$)%/-1$! '! ,$#!
./%2.#$#! 3/! ,'! /)1&3'3K! 0,! .TF&8/)! -./+$! /)! /,! -./#/)1/! '.15%2,$! #/.e! 3/! '-,&%'%&()! $-1'1&+'! -'.'!
'Z2/,,'#! /)1&3'3/#! Z2/! -$#/')! -$.! #2#! /#1'121$#! %'-'%&3'3! -'.'! ,'! ./',&U'%&()! 3/! /)'R/)'%&$)/#!
&)8$7&,&'.&'#K! *$)! %'.e%1/.! -./+&$! '! 1$3'! 1.'8&1'%&()! 1/)3&/)1/! '! ,'! '3Z2&#&%&()! 3/! &)82/7,/#D! ,$#!
8/)%&$)'3$#!$.F')$#!3/7/.e)!./Z2/.&.! &)=$.8'%&()!'!,'!M/%./1'.5'!3/!h'%&/)3'!#$7./!,'!/Y/)%&'!
3/!7&/)/#!3&#-$)&7,/#vK!
*"4L_^dg!iijLL!
"\0*^"*LgN0M!\0!d"!v^NL\"\0M!\0!*^0N_"!\0!M0V^Egv!
".1K!APKQ!d'#!$7,&F'%&$)/#!/8/.F/)1/#!3/!,$#!%$)1.'1$#!3/!#/F2.$#D!/8&1&3$#!/)!v^)&3'3/#!3/!*2/)1'!3/!
M/F2.$v!?^*MB!#/!./F&.e)!32.')1/!/,!-,'U$!3/!%&/)1$!$%G/)1'!?9OcB!35'#!%$)1'3$#!'!-'.1&.!3/!,'!+&F/)%&'!
3/! ,'!-./#/)1/! ,/`D!-$.! ,'!8/1$3$,$F5'!3/!%e,%2,$!Z2/!3/1/.8&)/! ,'!M2-/.&)1/)3/)%&'!3/!M/F2.$#!3/! ,'!
N'%&()!-'.'!/#1'7,/%/.!/,!+',$.!3/!3&%G'#!2)&3'3/#K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3X3!
"#&8$D!/)!,$#!R2&%&$#!3/!%$)1/)&3$!-'1.&8$)&',!3/.&+'3$#!3/!*$)1.'1$#!3/!M/F2.$#!/)!,$#!Z2/!1/)F')!
&)1/.+/)%&()!2)&3'3/#!'#/F2.'3$.'#D!-'.'!,'!'%12',&U'%&()!%$../#-$)3&/)1/!'! ,$#!8/#/#!3/!R2)&$!`!R2,&$!
3/!9;O;D!#/!'-,&%'.e)!/Y%,2#&+'8/)1/! ,$#!-$.%/)1'R/#!3/!'R2#1/!Z2/!/#1'7,/U%'! ,'!M2-/.&)1/)3/)%&'!3/!
M/F2.$#! 3/! ,'! N'%&()! -'.'! ,$#! 8/#/#! 3/! 'F$#1$! `! #/1&/87./! 3/! 9;O;! ./=/.&3$#! ',! #/8'! 3/! ^*MK!
\2.')1/!/,!-,'U$!/#1'7,/%&3$!/)!,'!-.&8/.'!-'.1/!3/!/#1/!'.15%2,$D!/,!-$.%/)1'R/!3/!'%12',&U'%&()!3/!,'#!
&)3/8)&U'%&$)/#! R23&%&',/#! )$! -$3.e)! /Y%/3/.! ,$#! -$.%/)1'R/#! Z2/! /#1'7,/U%'! ,'! M2-/.&)1/)3/)%&'! 3/!
M/F2.$#!3/!,'!N'%&()!-'.'!/,!./=/.&3$!#/8'K!
*"4L_^dg!iijLLL!
E0VLS0N!40N"d!_ELC^_"ELg!k!4E0jLMLgN"d!
".1K!A@KQ!M/.e!./-.&8&3$!%$)!-.&#&()!3/!?9:B!35'#!'!2)!?9B!'a$!/,!Z2/!)$!#/!&)#%.&7'!%$8$!%$)1.&72`/)1/D!$!
%$8$!$7,&F'3$!',!-'F$!3/!'-$.1/#!$!%$)1.&72%&$)/#!',!#/8'!)'%&$)',!3/!-./+&#&()!#$%&',D!#&!-$.!,'!F.')!
8'F)&123!3/!#2#!$-/.'%&$)/#D!3/!#2#!7/)/=&%&$#!$!#2!-'1.&8$)&$!/#12+&/.'! &)323'7,/8/)1/!$7,&F'3$!'!
G'%/.,$!
".1K!A:!Q!M/.e!./-.&8&3$!%$)!-.&#&()!3/!Z2&)%/!?9:B!35'#!'!2)!?9B!'a$!/,!%$)1.&72`/)1/D!$!/,!$7,&F'3$!',!
-'F$!3/!'-$.1/!$!%$)1.&72%&$)/#!',!#/8'!)'%&$)',!3/!-./+&#&()!#$%&',D!Z2/!$8&1'!/)!#2#!3/%,'.'%&$)/#!
R2.'3'#!2)'!=2/)1/!3/!&)F./#$#D!7&/)!F.'+'3$!$!'%1&+&3'3D!3/!F.')!#&F)&=&%'%&()D!/)!#2!&)1/F.&3'3!
".1K!AAKQ!M/.e!./-.&8&3$!%$)!-.&#&()!3/!Z2&)%/! ?9:B!35'#!'!2)! ?9B!'a$!/,!%$)1.&72`/)1/D!$!/,!$7,&F'3$!',!
-'F$!3/!'-$.1/#!$!%$)1.&72%&$)/#!',!#/8'!)'%&$)',!3/!-./+&#&()!#$%&',D!Z2/!,,/+/!3$7,/!R2/F$!3/!,&7.$#!
$!./F.$#!%$)1'7,/#D!%$8-.$7')1/#!$!'.%G&+$#D!$!-./1/)3'!G'%/.!+',/.!3$%28/)1$#!#&82,'3$#!$!=',#$#!
-'.'!R2#1&=&%'.!-'#&+$#!=&%1&%&$#K!
".1K!A>KQ!M/.e!./-.&8&3$!%$)!-.&#&()!3/!3$#!?<B!'!#/&#!?AB!'a$#!/,!'F/)1/!3/!./1/)%&()!$!-/.%/-%&()!Z2/!)$!
/)1./F'./! '! #2! 3/7&3$! 1&/8-$! /,! 1.&721$! $! /,! '-$.1/! ',! #/8'! )'%&$)',! 3/! -./+&#&()! #$%&',D! /)! %2`$!
-$3/.!$!%2#1$3&'!G27&/.'!/)1.'3$!-$.!2)$!3/!/#$#!1512,$#K!
".1K!AOKQ!M/.e!./-.&8&3$!%$)!-.&#&()!3/!3$#!?<B!'!#/&#!?AB!'a$#!/,!Z2/!#&82,/!,'!/Y/)%&'!3/!&)+/.#&$)/#!
%$)! /,! $7R/1$! 3/! $71/)/.! =.')Z2&%&'#! $! 3/#F.'+'%&$)/#! &8-$#&1&+'#! $! '.1&%2,/! =.'232,/)1'8/)1/!
./F58/)/#!3/!-.$8$%&()!$!./&)1/F.$#D!.//87$,#$#!`!./%2-/.$#D!3/+$,2%&$)/#!3/!&8-2/#1$#!$!#27#&3&$#!
3/!%2',Z2&/.!)'12.',/U'K!
".1K!A;KQ!d'!/Y-./#&()!v!-.$%/#$v!3/,!'.15%2,$!9>;D!#/F2)3$!-e..'=$!3/,!*(3&F$!4/)',D!/#!%$8-./)#&+'!3/,!
-.$%/3&8&/)1$!'38&).'1&+$!3/#1&)'3$!'!,'!3/1/.8&)'%&()!3/!2)!1.&721$!$!3/!2)'!$7,&F'%&()!3/7&3'!',!
#/8'!)'%&$)',!3/!-./+&#&()!#$%&',K!
".1K! >c! Q!M/.e! ./-.&8&3$! %$)! -.&#&()! 3/! 3$#! ?<B! '! #/&#! ?AB! 'a$#! /,! Z2/! %$)! /,! =&)! 3/! /+'3&.! 1$1',! $!
-'.%&',8/)1/!/,!-'F$!3/!1.&721$#!$!3/!'-$.1/#!$!%$)1.&72%&$)/#!',!#/8'!)'%&$)',!3/!-./+&#&()!#$%&',D!
G&%&/./!+',/.!')1/!,'!"21$.&3'3!3/!"-,&%'%&()!=&F2.'#!#$%&/1'.&'#!$!=$.8'#!%$)1.'%12',/#!&)#1.28/)1'3'#!$!
./F.'3'#! -'.'! #&82,'.! ./,'%&$)/#! $! )/F$%&$#D! $! %$)! /,! 8$! $7R/1$! ./%2..'! '! ,'! &)1/.-$#&%&()! 3/!
-/.#$)'#!=5#&%'#!$!R2.53&%'#K!
".1K!>9KQ!M/.e!./-.&8&3$!%$)!-.&#&()!3/!3$#!?<B!'!#/&#!?AB!'a$#!/,!%$)1.&72`/)1/!Z2/!/=/%16/!='%12.'%&$)/#!
$!+',2'%&$)/#!/)!/Y%/#$!$!/)!3/=/%1$!/)!8'1/.&'!3/!&8-$.1'%&()!$!/Y-$.1'%&()K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3X4!
".1K!><KQ!0,!Z2/!-/.#$)',8/)1/!./',&U'./!',F2)$!3/!,$#!G/%G$#!-2)&7,/#!-./+$#!/)!/,!-./#/)1/!*'-512,$!
/)! ./-./#/)1'%&()! 3/! 2)'! -/.#$)'! =5#&%'! $! R2.53&%'! #/.e! 1/)&3$! %$8$! '21$.! #&)! -/.R2&%&$! 3/! ,'#! ./F,'#!
%$82)/#!#$7./!'21$.&'#!`!-'.1&%&-'%&()!%.&8&)',K!
".1K! >PKQ!d'#! -/)'#! -./+'#! /)! /#1/! *'-512,$! #/! &)%./8/)1'.e)! /)! 2)! 1/.%&$! 3/! #2! 85)&8$! `! 3/! #2!
8eY&8$!%2')3$!/,!$7,&F'3$!3/#'..$,,'./!%$)!%'.e%1/.!-.&)%&-',!2)'!'%1&+&3'3!=&)')%&/.'!)$!'21$.&U'3'K!
".1K!>@KQ!d'!#/)1/)%&'!%$)3/)'1$.&'!-$.!',F2)$!3/! ,$#!3/,&1$#!-./+$#!/)!/#1/!*'-512,$!#/.e!-27,&%'3'!
/)!2)!-/.&(3&%$!3/!%&.%2,'%&()!F/)/.',!/)!/,!,2F'.!3/!%$8&#&()!3/,!G/%G$D!'!%$#1'!3/,!%$)3/)'3$K!
".1K!>:!Q!d'!%$8&#&()!%2,-$#'!3/!,$#!G/%G$#!1&-&=&%'3$#!/)!/#1/!*'-512,$!#$,$!'%'../'.e!,'#!#')%&$)/#!Z2/!
/#1'7,/%/)!,'#!,/`/#!1.&721'.&'#!$!-./+&#&$)',/#K!
".1K! >A! Q!d'! -/)'! 3/! -.&#&()! /#1'7,/%&3'! -$.! /#1'! ,/`! `! #2#! '%%/#$.&$#! /)! #2! %'#'! #/.e)! &8-2/#1'#! #&)!
-./R2&%&$#! 3/! ,'#! #')%&$)/#! =&#%',/#! $! -./+&#&$)',/#! -./+'#! -$.! ,'! ,/F&#,'%&()! +&F/)1/D! ,'#! Z2/!
%$)1&)2'.e)!#&/)3$!'-,&%'3'#!-$.!,'#!'21$.&3'3/#!'38&).'1&+'#!%$8-/1/)1/#K!
".1K!>>KQ!d$#!-.$%/3&8&/)1$#!3/!3/1/.8&)'%&()!1.&721'.&'!$!-./+&#&$)',!$!3/!'-,&%'%&()!3/!#')%&$)/#!-$.!
$.F')$#! '38&).'1&+$#D! '#5! %$8$! 1'87&T)! ,'#! ./#$,2%&$)/#!Z2/!/)!/,,$#! #/!3&%1/)!)$! %$)#1&12&.e)!
%2/#1&$)/#!R23&%&',/#!'!,'#!Z2/./,,'#!Z2/!#/!&)1/.-$)F')!-$.!,'!'21$.&3'3!'38&).'1&+'!%$8-/1/)1/D!)&!'!
,'#!#/)1/)%&'#!Z2/!./%'&F')!/)!,$#!-.$%/#$#!/#1'7,/%&3$#!/)!,'!-./#/)1/!,/`K!
".1K!>OKQ!N$!#/!-.$%/3/.e!'!=$.8'.!%'2#'!-$.!2)$!3/!,$#!3/,&1$#!-./+$#!/)!/#1/!*'-512,$!#&)$!Z2/!-$.!
Z2/./,,'!3/!,'!'21$.&3'3!'38&).'1&+'!/)%'.F'3'!3/!,'!./%'23'%&()!3/,!1.&721$D!$!3/!,'!$7,&F'%&()!%$)!/,!
#/8'!)'%&$)',!3/!-./+&#&()!#$%&',K!
".1K!>;KQ!4Eg*0\LSL0N_gK!M&!#/!1.'1'./!3/!2)!1.&721$!%2`'!./%'23'%&()!/#1/!'!%'.F$!3/,!0#1'3$!N'%&$)',D!
3/!,'!S2)&%&-',&3'3!3/!,'!*&23'3!3/!C2/)$#!"&./#!$!3/,!_/..&1$.&$!N'%&$)',!3/!_&/..'!3/,!W2/F$D!")1e.1&3'!
/! L#,'#!3/,!"1,e)1&%$!M2.! D$!3/!2)'!$7,&F'%&()!-./+&#&$)',!%$)!/,!#/8'!)'%&$)',!3/!-./+&#&()!#$%&',D! ,'!
'21$.&3'3! '38&).'1&+'D! %2')3$! 12+&/./! 8$1&+$! 7'#1')1/! -'.'! -./#28&.! ,'! %$8&#&()! 3/! 2)$! 3/! ,$#!
3/,&1$#!-./+$#!/)!/,!-./#/)1/!*'-512,$D!3&#-$)3.e!,'!+/.&=&%'%&()!'!Z2/!/#1/!,/F',8/)1/!='%2,1'3'K!
M&! 3/! ,'! +/.&=&%'%&()! -.'%1&%'3'! ./#2,1'./! 8T.&1$! 7'#1')1/D! /8-,'U'.'! -/.#$)',8/)1/! ',! -./#2)1$!
./#-$)#'7,/!-/)',D!'%$.3e)3$,$!Z2&)%/! ?9:B!35'#!-'.'!Z2/!-./#/)1/!#2!3/#%'.F$!`!$=./U%'! ,'#!-.2/7'#!
Z2/!G'F')!'!#2!3/./%G$K!
j/)%&3$!/#1/!-,'U$!`!-.$32%&3'! ,'!-.2/7'!Z2/!#/'!-/.1&)/)1/D! ,'!'21$.&3'3!'38&).'1&+'!3&#-$)3.e! ,'!
-.$8$%&()!3/!Z2/./,,'D!#&!%$../#-$)3&/./K!
0)! %'#$! %$)1.'.&$D! 3/%./1'.e! /,! '.%G&+$! 3/! ,'#! '%12'%&$)/#! $! ,'! #2#1')%&'%&()! '38&).'1&+'! '! Z2/!
G27&/./!,2F'.K!d'!'F./F'%&()!3/!)2/+$#!/,/8/)1$#!3/!R2&%&$!3'.e!,2F'.!'!,'!./%,'8'%&()!3/!$7,&F'%&$)/#!
3/! %$)1/)&3$! -'1.&8$)&',D! -/.$! )$! G'.e! '38&#&7,/! ,'! &)#1'2.'%&()! 3/! %'2#'! %.&8&)',! -$.! ,$#! 8$#!
G/%G$#K!
".1K! OcK! Q!M&! /)! ,'! $-$.12)&3'3! -./+'! /)! /,! -.&8/.! -e..'=$! 3/,! '.15%2,$! -./%/3/)1/! /,! /8-,'U'3$!
'38&1&/./! #2! ./#-$)#'7&,&3'3! #/! 3&#-$)3.e! /,! '.%G&+$! 3/! ,'#! '%12'%&$)/#K! 0#1/! 7/)/=&%&$! #$,$! #/.e!
'-,&%'7,/!2)'!+/U!`!/,!/8-,'U'3$D!3/7/.e!3'.!%28-,&8&/)1$!/)!/#/!'%1$!'!,'#!$7,&F'%&$)/#!8'1/.&'!3/!,'!
&)+/#1&F'%&()D! ',! -'F$! 3/! ,'#! #28'#! '3/23'3'#! %$)! #2! '%12',&U'%&()! `! '%%/#$.&$#! `! '! ,'! $7,'%&()!
+$,2)1'.&'! 3/! 2)'!82,1'! 3/! &F2',! &8-$.1/D! 1'87&T)! 3/7&3'8/)1/! '%12',&U'3$K! M&! )$! /Y&/./)! #28'#!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3X8!
'3/23'3'#D!,'!82,1'!#/.e!/Z2&+',/)1/!'!%&)%$!?:B!+/%/#!/,!#','.&$!+&1',D!85)&8$!`!8(+&,!3/,!8$8/)1$!3/,!
-'F$K!
".1K!O9KQ!*gS40_0N*L"K!d'!X2#1&%&'!W/3/.',!`! ,'!X2#1&%&'!/)! ,$!4/)',!0%$)(8&%$D!#&!#/!1.'1'./!3/!G/%G$#!
%$8/1&3$#!/)!,'!*'-&1',!W/3/.',D!#/.e!%$8-/1/)1/!-'.'!%$)$%/.!/)!,$#!3/,&1$#!-./+$#!/)!/#1/!*'-512,$D!
%2')3$!,'!./%'23'%&()!3/!,$#!1.&721$#!/#1T!'!%'.F$!3/,!0#1'3$!N'%&$)',!$!#/!1.'1/!3/!$7,&F'%&$)/#!%$)!/,!
#/8'!)'%&$)',!3/!-./+&#&()!#$%&',K!
M&! ,'!./%'23'%&()!3/! ,$#!1.&721$#!%$../#-$)3&/./!'! ,'!S2)&%&-',&3'3!3/! ,'!*&23'3!3/!C2/)$#!"&./#D!#/.e!
%$8-/1/)1/!,'!X2#1&%&'!N'%&$)',!/)!,$!*.&8&)',!`!*$../%%&$)',!3/!,'!*'-&1',!W/3/.',K!
M&! ,'! ./%'23'%&()!3/! ,$#! 1.&721$#!%$../#-$)3&/./!'!_/..&1$.&$!N'%&$)',!3/!_&/..'!3/,!W2/F$D!")1e.1&3'!/!
L#,'#!3/,!"1,e)1&%$!M2.D!#/.e!%$8-/1/)1/!,'!X2#1&%&'!N'%&$)',!3/!/#/!_/..&1$.&$K!
0)!,$#!%'#$#!3/,!-./#/)1/!'.15%2,$D!,$#!$.F')$#!'!%2`$!%'.F$!/#1T!,'!./%'23'%&()!3/!,$#!1.&721$#!$!3/!
,$#! '-$.1/#! $! %$)1.&72%&$)/#! ',! #/8'!)'%&$)',! 3/! -./+&#&()! #$%&',D! 3/7/.e)! '#28&.! /)! /,! -.$%/#$! ,'!
=2)%&()!3/!-'.1/!Z2/./,,')1/D!/)!,$#!1T.8&)$#!3/,!'.15%2,$!9>c!3/,!*(3&F$!3/!4.$%/3&8&/)1$#!/)!S'1/.&'!
4/)',!3/!,'!N'%&()K!
*2')3$!#/!1.'1/!3/!1.&721$#!%2`'!./%'23'%&()!/#1T!'!%'.F$!3/!,$#!/#1'3$#!-.$+&)%&',/#D!/,!1.e8&1/!-./+&$!
'!,'!3/)2)%&'!$!Z2/./,,'!./Z2/.&3'!-$.!/,!'.15%2,$!>O!#/.e!./F2,'3$!-$.!,'#!)$.8'#!-.$+&)%&',/#D!,'#!Z2/!
/#1'7,/%/.e)!'#&8$!/,!(.F')$!R23&%&',!%$8-/1/)1/!/)!#2!R2.&%%&()K!
".1K! O<KQ!\/.(F')#/! ,$#! '.15%2,$#! @AD! #/F2)3$! -e..'=$D! @>D! #/F2)3$! -e..'=$D! @OD! @;D! :c! `! >>! 3/! ,'! d/`!
99KAOP!?!1K$K!/)!9;>O!`!#2#!8$3&=&%'%&$)/#B!`!/,!'.15%2,$!9>!3/!,'!d/`!Nt!9>K<:c!`!#2#!8$3&=&%'%&$)/#K!
".1K!OPKQ!jLV0N*L"K!d'#!3&#-$#&%&$)/#!3/!/#1/!*'-512,$!/)1.'.e)!/)!+&F/)%&'!/,!9t!3/!/)/.$!3/!9;;cK!
*"4L_^dg!iiLi!
*gNj0NLgM!LN_0EN"*LgN"d0M!
".1K! O@KQ!0,! 4$3/.! 0R/%21&+$! N'%&$)',! %/)1.',&U'.eD! %$$.3&)'.e! /! &8-2,#'.e! ,'#! '%%&$)/#! 1/)3&/)1/#! '!
'F&,&U'.!,'!&)#1.28/)1'%&()!3/!'Z2/,,$#!%$)+/)&$#!&)1/.)'%&$)',/#!%2`'!&)8/3&'1'!'-,&%'%&()!%$'3`2+/)!'!
,'!#2-/.'%&()!3/!,'!/8/.F/)%&'!/%$)(8&%'!Z2/!#/!3/%,'.'!-$.!,'!-./#/)1/!,/`K!
"! /#/! /=/%1$! &)#1.28/)1'.e! ,$#! -.$F.'8'#! Z2/! '1&/)3')! -.&$.&1'.&'8/)1/! '! ,'! #2-/.'%&()! 3/! ,'!
/8/.F/)%&'! #$%&',o! ',! #')/'8&/)1$D! '28/)1$! 3/! ,'! -.$32%1&+&3'3! `! ,'! /=&%&/)%&'! 3/,! M/%1$.! 467,&%$!
?%/)1.',&U'3$! `! 3/#%/)1.',&U'3$B! `! '! ,'#! &)+/.#&$)/#! -.&+'3'#! /)! /8-./)3&8&/)1$#! %$)R2)1$#D!
/#-/%&',8/)1/!,$#!3&.&F&3$#!'!,'!/Y-$.1'%&()K!
".1K!O:KQ!"!,$#!=&)/#!-./+$#!/)!/,!'.15%2,$!')1/.&$.!='%6,1'#/!',!4$3/.!0R/%21&+$!N'%&$)',!'!,'!%./'%&()D!
#2-./#&()!$!1.')#=$.8'%&()!3/!$.F')$#D!%$8&#&$)/#!`I$!'!,'!1.')#=/./)%&'!3/!'1.&72%&$)/#!,/F',/#!/)!
/,!e./'!3/!,'!"38&).'%&()!%/)1.',&U'3'!`!3/#%/)1.',&U'3'D!%$)!/Y%/-%&()!3/!,$!/#1'7,/%&3$!/)!,'!d/`!NK!
<P!:;@K!
".1K!OAKQ!0Y%/-16')#/!3/!1$3$!&8-2/#1$D!F.'+'8/)D!3/./%G$!'32')/.$!`!1$3'!$1.'!%'.F'!=&#%',!$!'Z2/,,'#!
&8-$.1'%&$)/#!$.&F&)'3'#!/)!3$)'%&$)/#!/=/%12'3'#!-$.!/#1'3$#!/Y1.')R/.$#!$!&)#1&12%&$)/#!3/!3/./%G$!
-67,&%$!/Y1.')R/.$!/)!='+$.!3/,!0#1'3$!N'%&$)',D!3/!0#1'3$#!-.$+&)%&',/#D!3/!82)&%&-',&3'3!`!3/!-/.#$)'#!
R2.53&%'#!3/!3/./%G$!-67,&%$!`!3/!/)1&3'3/#!$!'#$%&'%&$)/#!%&+&,/#!#&)!=&)/#!3/!,2%.$K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3XS!
0Y58/)#/!'#&8$!,'#!&8-$.1'%&$)/#!')1/#!8/)%&$)'3'#!3/!,'#!3&#-$#&%&$)/#!/)!8'1/.&'!3/!./#/.+'!3/!
%'.F'#!/)!='+$.!3/!72Z2/#!3/!7')3/.'!)'%&$)',K!
*"4L_^dg!iii!
\LM4gML*LgN0M!*gS4d0S0N_"EL"M!
".1K! O>KQ!d$#! -,'U$#! 3/! %&/)1$! $%G/)1'! ?9OcB! 35'#! =&R'3$#! /)! /#1'! ,/`! -'.'! %'3'! 2)'! 3/! ,'#! 8/3&3'#!
/#-/%5=&%'#!3&#-2/#1'#!-$3.e)!#/.!-.$..$F'3$#!-$.!/,!4$3/.!0R/%21&+$!N'%&$)',!-$.!2)'!6)&%'!+/U!`!-$.!
&F2',!-/.5$3$K!
".1K! OOKQ!*gSLMLgN! CL*"S0E"dK! *.T'#/! /)! /,! e87&1$! 3/,! *$)F./#$! N'%&$)',! 2)'! *$8&#&()! C&%'8/.',!
&)1/F.'3'! -$.! #/&#! ?AB! M/)'3$./#! `! #/&#! ?AB! \&-21'3$#D! /,/F&3$#! -$.! #2#! ./#-/%1&+$#! *2/.-$#D! Z2&/)/#!
/#1'7,/%/.e)!#2!/#1.2%12.'!&)1/.)'K!
\&%G'!*$8&#&()!1/)3.e!%$8$!8&#&()!%$)#1&12&.!`!/R/.%/.!,'!%$$.3&)'%&()!/)1./!/,!*$)F./#$!N'%&$)',!`!/,!
4$3/.!0R/%21&+$!N'%&$)',D!'!,$#!/=/%1$#!3/,!%28-,&8&/)1$!3/!,'!-./#/)1/!,/`!`!#2#!./#2,1'3$#D!3/7&/)3$!
&)=$.8'.! '! ,$#! ./#-/%1&+$#! *2/.-$#! d/F&#,'1&+$#! #$7./! /,! -.$%/#$! 3/! /8/.F/)%&'! /%$)(8&%'! `! #2!
/+$,2%&()D!%$)=$.8/!,'#!3&#-$#&%&$)/#!3/!/#1'!,/`K!
4'.'! %28-,&.! #2! %$8/1&3$D! ,'! %&1'3'! *$8&#&()! 3/7/.e! #/.! &)=$.8'3'! -/.&(3&%'8/)1/! 3/! 1$3'!
%&.%2)#1')%&'! Z2/! #/! -.$32U%'! /)! /,! 3/#/)+$,+&8&/)1$! 3/! ,$#! 1/8'#! ./,'1&+$#! '! ,'! -./#/)1/! ,/`D!
./8&1&T)3$#/,/!,'!&)=$.8'%&()!`!,'!3$%28/)1'%&()!-/.1&)/)1/!'!1',!/=/%1$K!
4$3.e! ./Z2/.&.! &)=$.8'%&()D! =$.82,'.! ,'#! $7#/.+'%&$)/#D! -.$-2/#1'#! `! ./%$8/)3'%&$)/#! Z2/! /#1&8/!
-/.1&)/)1/#!`!/8&1&.!3&%1'8/)!/)!,$#!'#2)1$#!'!#2!%'.F$K!
".1K!O;KQ!0#1'!,/`!#/!'-,&%'.e!1'87&T)!/)!/,!e87&1$!3/!,'!S2)&%&-',&3'3!3/!,'!*&23'3!3/!C2/)$#!"&./#!`!3/,!
_/..&1$.&$! N'%&$)',! 3/! _&/..'! 3/,! W2/F$D! ")1e.1&3'! /! L#,'#! 3/,! "1,e)1&%$! M2.D! 3/! '%2/.3$! '! ,'!
./F,'8/)1'%&()!Z2/!3&%1/!/,!4$3/.!0R/%21&+$!N'%&$)',K!
".1K!;cKQ!0,!4$3/.!0R/%21&+$!N'%&$)',!`!1$3$#!#2#!$.F')$#!3/-/)3&/)1/#!3/7/.e)!1/)/.!/)!%2/)1'!/)!
,'!./F,'8/)1'%&()!`!'-,&%'%&()!3/!,'!-./#/)1/!,/`!,'!)/%/#&3'3!3/!)$!'=/%1'.!,$#!$7R/1&+$#!3/!,'!-$,51&%'!
3/!=.$)1/.'!/#1'7,/%&3$#!/)!,'!d/`!Nt!9O!:>:K!
".1K!;9KQ!0,!4$3/.!0R/%21&+$!N'%&$)',!3/7/.e!-$)/.!/)!%$)$%&8&/)1$!3/,!%$)F./#$!3/!,'!N'%&()!%'3'!2)'!
3/!,'#!8/3&3'#!Z2/!'3$-1/!/)!/R/.%&%&$!3/!,'#!='%2,1'3/#!Z2/!#/!,/!%$)=&/./)!-$.!,'!-./#/)1/!,/`K!
".1K!;<KQ!0#1'!,/`!/)1.'.'!/)!+&F/)%&'!/,!35'!3/!#2!-27,&%'%&()!/)!/,!C$,/15)!g=&%&',K!
".1K! ;PKQ!_$3$! %$)=,&%1$! )$.8'1&+$! ./,'1&+$! '! ,'! '-,&%'%&()! 3/! ,'! -./#/)1/! ,/`! 3/7/.e! ./#$,+/.#/! /)!
7/)/=&%&$!3/!/#1'!6,1&8'K!
".1K!;@KQ!*$82)5Z2/#/!',!4$3/.!0R/%21&+$!N'%&$)',!"dC0E_g!E0LN"d\g!4L0EEL!Q!0\^"E\g!"K!\^h"d\0!Q!
0#1G/.!h'`3/T!40E0kE"!"E"N\L"!\0!40E0u!4"E\gK!",7/.1$!XKCK!LELC"EN0!
!
\0*E0_g!Nt!>A;IO;!
C#K"#K!9:I;IO;!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3X<!
jLM_g! /,! -.$`/%1$! 3/! d/`! Nt! <PK;A>D! #')%&$)'3$! /,! 9t! 3/! #/-1&/87./! 3/! 9;O;! `! %$82)&%'3$! -$.! /,!
hgNgE"Cd0!*gNVE0Mg!\0!d"!N"*LgN!'!,$#!/=/%1$#!3/,!'.15%2,$!A;!3/!,'!*$)#1&12%&()!N'%&$)',D!`!
*gNML\0E"N\gH!
{2/!')',&U')3$!/,!1/Y1$!3/!/#/!-.$`/%1$!#/!G'!'3+/.1&3$!Z2/D!#&!7&/)!/#!%$)+/)&/)1/!,'!-.$82,F'%&()!/)!
8T.&1$! '! ,'! /Y%/-%&$)',! &8-$.1')%&'! Z2/! ./+/! #2! %$)1/)&3$D! %$../#-$)3/! &F2',8/)1/! $7#/.+'.! /)!
=$.8'!-'.%&',!',F2)'#!3/!#2#!3&#-$#&%&$)/#!-'.'!F'.')1&U'.,/!/=/%1&+'!$-/.'1&+&3'3!`!/,!%28-,&8&/)1$!3/,!
$7R/1$!Z2/!#/!-.$-$)/K!
{2/!/)!1',!#/)1&3$!#/!/#1&8'!$7#/.+'7,/!,'!3&#-$#&%&()!3/,!#/F2)3$!-e..'=$!3/,!'.15%2,$!AP!3/,!-.$`/%1$D!
/)!%2')1$!/)1.'a'!2)!-.&+&,/F&$!3&=/./)%&',!-'.'! ,'#! %$8-'a5'#!'#/F2.'3$.'#D! %$)1.'.&$!'! ,'#!F'.')15'#!
%$)#1&12%&$)',/#!3/,!3/./%G$!3/!-.$-&/3'3!`!3/!,'!&F2',3'3!3/!,$#!G'7&1')1/#K!
{2/!1'87&T)!/)%2/)1.'!./-'.$!&)#',+'7,/!/)!/#1'!&)#1')%&'D!/,!.TF&8/)!-/)',!1.&721'.&$!`!-./+&#&$)',!1',!
%$8$!#/!-./1/)3/! ,/F&#,'.,$!/)!/,!*'-512,$!iijLLL!3/,!-.$`/%1$!3/!d/`!Nt!<PKA;>D!-$.! .'U$)/#!Z2/!+')!
3/#3/! #2! %$G/./)%&'! ,(F&%'! `! #2#1')1&+'! %$)! ,'! 3/8e#! ,/F&#,'%&()! '-,&%'7,/! '! ,'!8'1/.&'! G'#1'! '7'.%'.!
%2/#1&$)/#!'1&)/)1/#!'!#2!$-/.'1&+&3'3!-.e%1&%'K!
{2/!/)1./!,'#!-.&8/.'#!-2/3/)!%&1'.#/!,'#!)$.8'#!3/!,$#!'.15%2,$#!AO!`!>9!/)!%2')1$!#/!./=&/./!'!3/,&1$#!
%2`'#!3/#%.&-%&$)/#!15-&%'#!#/!G',,')!%$)1/8-,'3'#!'!#2!+/U!/)!,$#!'.15%2,$#!9>@!3/,!*(3&F$!4/)',!`!OA@D!
OA:! `! O>A! 3/,! *(3&F$! "32')/.$K! 0)! /#1/! 6,1&8$! %'#$! ,'! )2/+'! 3/=&)&%&()! -.$-2/#1'D! &)%.&8&)'.5'! ,'#!
%$)32%1'#!%$8$!3/,&1$#!3/!$.3/)!%$86)D!/Y%,2`/)3$!,$#!'F.'+')1/#!-./#%.&-1$#!-$.!/,!'.15%2,$!OA:!3/,!
*(3&F$!"32')/.$!`!,'#!'%%/#$.&'#!3/,!'.15%2,$!O>A!3/,!8$!%2/.-$!,/F',K!
{2/!-$.!$1.'!-'.1/!/,!-.$%/3&8&/)1$!'38&).'1&+$!%$)1/8-,')3$!-$.!/,!'.15%2,$!>;!3/,!-.$`/%1$!3/!d/`!
Nt! <PKA;>D! /#1'7,/%&3$! %$8$! ./Z2&#&1$! -./+&$! '! ,'! &)1/.-$#&%&()! 3/! ,'#! '%%&$)/#! -/)',/#D! G'7.e! 3/!
)/21.',&U'.!/,!%28-,&8&/)1$!3/!2)$!3/!,$#!$7R/1&+$#!-.&8$.3&',/#!Z2/!&)#-&.'.$)!,'!&)&%&'1&+'!3/,!4g\0E!
0X0*^_Ljg!N"*LgN"d!',!-.$-$)/.!,'!./=$.8'!3/,!.TF&8/)!./-./#&+$!1.&721'.&$!`!-./+&#&$)',D!/#1$!/#D!2)'!
-.$)1'! &)1/.+/)%&()! 3/! ,'! R2#1&%&'! -/)',! '! =&)! 3/! '#/F2.'.! &)8/3&'1/U! `! /=&%'%&'! /)! ,'! %$)#&3/.'%&()! `!
/+/)12',!-/)',&U'%&()!3/!,$#!&,5%&1$#!./#-/%1&+$#K!
{2/! ,'! #')%&()! ,/F&#,'1&+'! 3/! ,'#! )$.8'#! 7'R$! /Y'8/)D! /)! #2! '%12',! ./3'%%&()D! G'! 3/#)'12.',&U'3$! ,'!
/#/)%&'! 3/,! -.$`/%1$! $.3&)'.&$! ',! ',1/.'.! /,/8/)1$#! 7e#&%$#! 3/,! .TF&8/)! ,$! Z2/! $7,&F'! /R/.%/.! '! #2!
./#-/%1$!,'!='%2,1'3!'%$.3'3'!-$.!/,!'.15%2,$!><!3/!,'!*$)#1&12%&()!N'%&$)',K!
4$.!0,,$H!
0d!4E0ML\0N_0!
\0!d"!N"*LgN!"EV0N_LN"!
\0*E0_"H!
".15%2,$!9tQ!g7#T.+')#/!,'#!#&F2&/)1/#!-'.1/#!3/,!-.$`/%1$!3/!d/`!./F.'3$!7'R$!/,!Nt!<PKA;>H!
'B0,!#/F2)3$!-e..'=$!3/,!'.15%2,$!AP!/)!%2')1$!/#1'7,/%/!-$.%/)1'R/#!3/!'R2#1/!-'.'!,'#!'%12'%&$)/#!3/!
&)3/8)&U'%&$)/#!3&#-2/#1'#!/)!R2&%&$#!3/!%$)1/)&3$!-'1.&8$)&',!3/.&+'3$#!3/!*$)1.'1$#!3/!M/F2.$#o!
7B!0,!*'-512,$!iijLLL!vETF&8/)!-/)',!1.&721'.&$!`!-./+&#&$)',v!?".15%2,$!A@!',!OPBK!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3XX!
".1K! <tQ!*$)! ,'#! #',+/3'3/#! /#1'7,/%&3'#! /)! /,! '.15%2,$! ')1/.&$.D! -.$86,F'#/! 2! 1T)F'#/! -$.! d/`! 3/! ,'!
N'%&()!/,!-.$`/%1$!3/!d/`!./F.'3$!7'R$!/,!Nt!<PKA;>K!
".1K!Pt!Q!*$82)5Z2/#/D!-27,5Z2/#/D!3T#/!'!,'!\LE0**LgN!N"*LgN"d!\0d!E0VLM_Eg!gWL*L"d!`!'.%G5+/#/KQ!
S0N0SK!Q!032'.3$!C'2UeK!Q!X$#T!EK!\.$8&K!Q!")1$)&$!WK!M',$)&'K!Q! L1',$!"K!d23/.KQ!\$8&)F$!WK!*'+',,$K!Q!
X2,&$!*K!*$.U$K!Q!NT#1$.!SK!E'-')/,,&KQ!",7/.1$!XK!_.&'%'K!
! !
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3X>!
@%[*2n*4S07S<*YIKUYL5*FI@*I:T5FU*
"-.2T7'#/! ,'!3/%,'.'%&()!3/!v#2R/1'#!'!-.&+'1&U'%&$)/#v!/=/%12'3'!-$.!/,!\/%./1$!9P;OI;c!./#-/%1$!3/!
/)1&3'3/#!Z2/!$-/.')!/)!/,!e87&1$!3/,!S&)/.&$!3/!\/=/)#'K!
M')%&$)'3'H!\&%&/87./!@!3/!9;;9K!
4.$82,F'3'H!\&%&/87./!<c!3/!9;;9K!
0,! M/)'3$! `! *e8'.'! 3/!\&-21'3$#! 3/! ,'! N'%&()! ".F/)1&)'! ./2)&3$#! /)! *$)F./#$D! /1%KD! #')%&$)')! %$)!
=2/.U'!3/!d/`H!
"E_L*^dg!9t!â!"-.2T7'#/D!/)!,$#!1T.8&)$#!3/,!'.15%2,$!;!3/!,'! ,/`!<PKA;A!,'!3/%,'.'%&()!3/!v#2R/1'#!'!
-.&+'1&U'%&$)/#v!/=/%12'3'!-$.!/,!3/%./1$!9KP;OI;cD!./#-/%1$!3/!,'#!/)1&3'3/#!Z2/!$-/.')!/)!/,!e87&1$!
3/,!S&)/.&$! 3/! \/=/)#'D! 'F./Fe)3$#/! '! 1',! 3/%,'.'%&()! /)! /,! .TF&8/)! 3/! /#1'! ,/`D! ,'! /)1&3'3! "./'!
S'1/.&'!*(.3$7'K!d'!)(8&)'!%$8-,/1'!=&F2.'!%$8$!')/Y$!L!3/!,'!-./#/)1/K!
"E_L*^dg!<t!â!*.T'#/!/)!,'!R2.&%%&()!@:!Q!S&)/.&$!3/!\/=/)#'!Q!%$)!/,!)$87./!3/!v4.$32%&3$!3/!
/)'R/)'%&$)/#D! -.&+'1&U'%&$)/#D! ./)1'#! `! 3.&72%&()! 3/! 21&,&3'3/#! 3/! ,'#! /8-./#'#! 3/,! e./'! 3/,!
S&)/.&$!3/!\/=/)#'v!2)'!%2/)1'!/#-/%&',D!/)!,$#!1T.8&)$#!3/,!'.15%2,$!9<!3/!,'!,/`!9AK@P<K!
"E_L*^dg! Pt!â! 0)! ,'! %2/)1'! %./'3'! -$.! /,! '.15%2,$! ')1/.&$.! #/! 3/-$#&1'.e! /,! 1$1',! 3/! ,$#! =$)3$#!
-.$+/)&/)1/#!3/!,'#!-.&+'1&U'%&$)/#!`!/)'R/)'%&$)/#!3/!7&/)/#!Z2/!./',&%/!/,!S&)/.&$!3/!\/=/)#'!`!,'!
3.&72%&()!3/!21&,&3'3/#!Z2/!-.$32U%')!,'#!-/.#$)'#! R2.53&%'#!Z2/!1$1',!$!8'`$.&1'.&'8/)1/!/#1'1',/#!
3/#'..$,,/)!#2!'%1&+&3'3!/)!3&%G'!e./'!8&)/.&',K!
"E_L*^dg!@t!â!d$#!=$)3$#!'!Z2/!G'%/!./=/./)%&'!/,!'.15%2,$!')1/.&$.!#/.e)!3/#1&)'3$#!-$.!/,!S&)/.&$!
3/! \/=/)#'! '! '1/)3/.! ,'#! )/%/#&3'3/#! 3/! ,'! .//#1.2%12.'%&()! 3/! ,'#! W2/.U'#! ".8'3'#! `! 3/! M/F2.&3'3!
%2')3$! /#1'#! 6,1&8'#! '%16/)! /)! R2.&%%&()! 3/! 3&%G$!S&)/.&$D! `! 3/,! #/%1$.! 3/! -.$32%%&()! -'.'! ,'!
3/=/)#'D!)$!-23&/)3$!#/.!21&,&U'3$#!-'.'!'1/)3/.!F'#1$#!%$..&/)1/#K!
"E_L*^dg!:t!â!0,!S&)/.&$!3/!\/=/)#'!/)! ,$#! ./#-/%1&+$#!-,&/F$#!3/! ,&%&1'%&()! &)%,2&.e!%,e2#2,'#!Z2/!
%$)1/8-,/)!1')1$!,'#!-./+&#&$)/#!/)!8'1/.&'!3/!8$+&,&U'%&()!&)32#1.&',!-'.'!,'!3/=/)#'!%$8$!/,!%$)1.$,!
3/!,'#!1.')#=/./)%&'#!',!/Y1/.&$.!3/!1/%)$,$F5'#!3/!',1'!#/)#&7&,&3'3!/#1.'1TF&%'K!
"E_L*^dg!At!â!"-.2T7'#/! /,! .TF&8/)!3/! =2)%&$)'8&/)1$! 3/! ,'! %2/)1'! %./'3'!-$.! /,! '.15%2,$! <! 3/! ,'!
-./#/)1/D!#/F6)!,$#!1T.8&)$#!-./+$#!/)!/,!')/Y$!LL!3/!,'!-./#/)1/!,/`K!
"E_L*^dg!>t!â!*$82)5Z2/#/!',!4$3/.!0R/%21&+$K!â!"dC0E_g!EK!4L0EELK!â!0\^"E\g!S0N0SK!â!0#1G/.!
hK!4/./`.'!".')35'!3/!4T./U!4'.3$K!â!S'.&$!\K!W'##&K!
!!
"N0ig!L!
"#1&,,/.$#!`!We7.&%'#!N'+',/#!3/,!0#1'3$!M$%&/3'3!")()&8'K!
h&/..$!4'1'F()&%$!3/!M&/..'!V.')3/!M$%&/3'3!")()&8'!S&)/.'K!
"#1&,,/.$!S&).$!S')2/,!\$8/%Z!V'.%5'!M$%&/3'3!")()&8'K!
M&3&)$Y!M$%&/3'3!")()&8'!L)32#1.&',!`!*$8/.%&',K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3X;!
M'1/%)'!M$%&/3'3!")()&8'!-'.'!/,!\/#'..$,,$!3/!,'!_/%)$,$F5'!"%2e1&%'K!
4/1.$Z258&%'!V/)/.',!S$#%$)&!M$%&/3'3!")()&8'!L)32#1.&',!`!*$8/.%&',K!
M$%&/3'3!S&Y1'!M&3/.6.F&%'!".F/)1&)'K!
4/1.$Z258&%'!C'G5'!C,')%'!M$%&/3'3!")()&8'!L)32#1.&',!`!*$8/.%&',K!
_')Z2/!".F/)1&)$!S/3&')$!M$%&/3'3!3/,!0#1'3$K!
08-./#'!3/!\/#'..$,,$#!0#-/%&',/#!M$%&/3'3!")()&8'K!
M/+',!M$%&/3'3!")()&8'K!
We7.&%'!S&,&1'.!V/)/.',!M')!S'.15)K!
We7.&%'!S&,&1'.!3/!j'&)'#!`!*$)32%1$./#!0,T%1.&%$#!Q!0*"!QK!
We7.&%'!S&,&1'.!3/!"%&3$!M2,=6.&%$K!
We7.&%'!S&,&1'.!4&,'.K!
We7.&%'!S&,&1'.!3/!_$,2/)$!M&)1T1&%$K!
We7.&%'!S&,&1'.!3/!".8'#!4$.1e1&,/#!\$8&)F$!S'1G/2K!
We7.&%'!S&,&1'.!W.'`!d2&#!C/,1.e)K!
We7.&%'!S&,&1'.!3/!4(,+$.'#!`!0Y-,$#&+$#!j&,,'!S'.5'K!
We7.&%'!S&,&1'.!E5$!_/.%/.$K!
We7.&%'!S&,&1'.!M')!W.')%&#%$K!
"38&).'%&()!*$8&.#'K!
*$8-,/R$!L)32#1.&',!E'8',,$!Q!M')!N&%$,e#K!
*/)1.$!3/!0Y-,$.'%&()!V/$,(F&%$!S&)/.$K!
We7.&%'!S&,&1'.!3/!4(,+$.'#!`!0Y-,$#&+$#!"U2,K!
_/%)$,$F5'!"/.$/#-'%&',!M$%&/3'3!")()&8'K!
"./'!S'1/.&',!*(.3$7'K!
!!
"N0ig!LL!
ETF&8/)!3/!=2)%&$)'8&/)1$K!
X2.&%%&()!@:!Q!S&)/.&$!3/!\/=/)#'K!
*2/)1'! /#-/%&',! NK! :@O! Q! v4.$32%&3$! 3/! /)'R/)'%&$)/#D! -.&+'1&U'%&$)/#D! ./)1'#! `! 3.&72%&()! 3/!
21&,&3'3/#!3/!,'#!/8-./#'#!3/,!e./'!3/,!S&)/.&$!3/!\/=/)#'vK!
'B!W&)',&3'3!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3X?!
*/)1.',&U'%&()!`!'38&).'%&()!3/! ,$#! ./%2.#$#!-.$+/)&/)1/#!3/! ,'#!/)'R/)'%&$)/#!Z2/!#/!/=/%16/)!/)!
%28-,&8&/)1$!3/,!-.$%/#$!3/!-.&+'1&U'%&()!'!,,/+'.#/!'!%'7$!/)!/,!e./'!3/,!S&)/.&$!3/!\/=/)#'D!3/!,'!
3.&72%&()!3/!21&,&3'3/#!%$../#-$)3&/)1/#!'!,'#!-/.#$)'#!R2.53&%'#!%$)!-'.1&%&-'%&()!/#1'1',!Z2/!$-/.')!
/)!3&%G$!#/%1$.D!3/,!-.$32%&3$!3/!,'!+/)1'!$!./',&U'%&()!3/!82/7,/#D!&)82/7,/#!./F.'7,/#D!3/./%G$#!`!
'%%&$)/#! 3/#&F)'3$#! /)! 2#$! 3/,! S&)/.&$! 3/! \/=/)#'! $! 'Z2/,,$#! Z2/! &)1/F./)! /,! -'1.&8$)&$! 3/! ,'#!
-/.#$)'#! R2.53&%'#! 1$1',! $! 8'`$.&1'.&'8/)1/! /#1'1',/#! Z2/! 3/#'..$,,/)! #2! '%1&+&3'3! /)! /,! e./'!
8/)%&$)'3'K!
7B!"38&).'%&()!
0#!3/!'38&).'%&()!3&./%1'D!.&)3&T)3$#/!%2/)1'#!8/)#2',/#!'! ,'!*$)1'32.5'!V/)/.',!3/! ,'!N'%&()D!3/!
%$)=$.8&3'3!%$)!,'#!./F,'8/)1'%&$)/#!+&F/)1/#K!
%B!M/!'%./3&1'.e!
*$)!/,!-.$32%&3$!3/!,'#!/)'R/)'%&$)/#!Z2/!#/!/=/%16/)!/)!%28-,&8&/)1$!3/,!-.$%/#$!3/!-.&+'1&U'%&()!'!
,,/+'.#/! '! %'7$! /)! /,! e./'! 3/,! S&)/.&$! 3/! \/=/)#'D! ,2/F$! 3/! ,'! 3.&72%&()! 3/! 21&,&3'3/#!
%$../#-$)3&/)1/#! '! ,'#! -/.#$)'#! R2.53&%'#! %$)! -'.1&%&-'%&()! /#1'1',! Z2/! $-/./)! /)! 3&%G$! #/%1$.D! 3/,!
-.$32%&3$!3/! ,'!+/)1'!$!./',&U'%&()!3/!82/7,/#D! &)82/7,/#D!82/7,/#!./F.'7,/#D!3/./%G$#!`!'%%&$)/#!
'#&F)'3$#! /)! 2#$! ',! S&)/.&$! 3/! \/=/)#'! $! 'Z2/,,$#! Z2/! &)1/F./)! /,! -'1.&8$)&$! 3/! ,'#! -/.#$)'#!
R2.53&%'#!1$1',!$!8'`$.&1'.&'8/)1/!/#1'1',/#!Z2/!3/#'..$,,/)!#2!'%1&+&3'3!/)!/,!e./'!8/)%&$)'3'K!
3B!M/!3/7&1'.e!
4$.!,'#!/.$F'%&$)/#!Z2/!#/')!)/%/#'.&'#!-'.'!'1/)3/.!,'#!)/%/#&3'3/#!3/!#')/'8&/)1$!`!.//#1.2%12.'D!'!
,'#!/8-./#'#!Z2/!3/#'..$,,')!#2!'%1&+&3'3!/)!/,!e./'!3/!3&%G$!8&)/.&$D!-'.'!#2=.'F'.! ,$#!F'#1$#!Z2/!
&..$F2/)!,'#!-.&+'1&U'%&$)/#!3/,!#/%1$.!`!,$#!Z2/!&..$F2/)!,'!.//#1.2%12.'%&()!3/!,'#!W2/.U'#!".8'3'#!`!3/!
M/F2.&3'3D!%2')3$!/#1'#!6,1&8'#!'%16/)!/)!R2.&%%&()!3/!3&%G$!S&)/.&$K!
/B!M$7.')1/#!',!%&/../!3/,!/R/.%&%&$!
0,!#',3$!',!%&/../!3/!%'3'!/R/.%&%&$!#/!1.')#=/.&.e!'21$8e1&%'8/)1/!',!#&F2&/)1/K! !
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3>7!
F%D&%B(*2n*SXSo3??XH*+Y9f5T9h5!9U2I:*
_.')#=&T./#/!,'!\&./%%&()!V/)/.',!3/!W'7.&%'%&$)/#!S&,&1'./#!'!,'!R2.&%%&()!3/,!S&)/.&$!3/!0%$)$85'!`! g7.'#! `! M/.+&%&$#! 467,&%$#! `! 3/,TF')#/! /)! 3&%G$! \/-'.1'8/)1$! 3/! 0#1'3$! ='%2,1'3/#! '! ,$#! =&)/#! 3/!%$)%./1'.!,'!-.&+'1&U'%&()!3/!3&+/.#'#!=e7.&%'#!8&,&1'./#K!
C#K!"#KD!<;I@I;A!
jLM_g!,'#,/`/#!N.$#!<PKA;A!`!<@Kc@:D!`!/,!\/%./1$!Nt!9c@9!3/,!>!3/!R2,&$!3/!9;;:D!`!
*gNML\0E"N\gH!
{2/! ,'!\LE0**LgN!V0N0E"d!\0! W"CEL*"*LgN0M!SLdL_"E0M! #/! /)%2/)1.'! '%12',8/)1/! /)! X2.&%%&()!3/,!SLNLM_0ELg!\0!\0W0NM"K!
{2/! ,'#! d/`/#! N.$#!<PKA;A! `! <@Kc@:D! 3/%,'.'.$)! v#2R/1'! '! -.&+'1&U'%&()vD! '! 3&+/.#'#! =e7.&%'#!3/-/)3&/)1/#!3/!,'!\LE0**LgN!V0N0E"d!\0!W"CEL*"*LgN0M!SLdL_"E0MK!
{2/! /,! -.$%/#$! 3/! -.&+'1&U'%&()! 3/! ,'#! 8/)%&$)'3'#! =e7.&%'#D! ./Z2&/./! /,! '3/%2'3$! 1.'1'8&/)1$! 3/!'#-/%1$#!=&)')%&/.$#!3/.&+'3$#!3/!%$8-.$8&#$#!%$)!$.F')$#!$=&%&',/#!3/-/)3&/)1/#!3/,!SLNLM_0ELg!\0!0*gNgSL"!k!gCE"M!k!M0EjL*LgM!4^CdL*gMK!
{2/!/,!SLNLM_0ELg!\0!0*gNgSL"!k!gCE"M!k!M0EjL*LgM!4^CdL*gMD!(.F')$!F/)/.'3$.!3/!,'!-$,51&%'!3/!3/#./F2,'%&()!3/!,'!'%1&+&3'3!/%$)(8&%'D!./6)/!,'#!%$)3&%&$)/#!)/%/#'.&'#!-'.'!,'!'-,&%'%&()!3/!3&%G'#!-'21'#!/)!/,!-.$%/#$!3/!-.&+'1&U'%&()!3/!,'#!=e7.&%'#!8&,&1'./#!3/-/)3&/)1/#!3/!,'!\LE0**LgN!V0N0E"d!\0!W"CEL*"*LgN0M!SLdL"E0MK!
{2/!/)! %$)#/%2/)%&'! ./#2,1'! %$)+/)&/)1/! 1.')#=/.&.! '! ,'! R2.&%%&()!3/,!SLNLM_0ELg!\0!0*gNgSL"!k!gCE"M!k!M0EjL*LgM!4^CdL*gMD!,'!\LE0**LgN!V0N0E"d!\0!W"CEL*"*LgN0M!SLdL"E0M!`!3/,/F'.!/)!3&%G$!S&)/.&$!/,!/R/.%&%&$!3/!,'#!%$8-/1/)%&'#!'#&F)'3'#!',!4g\0E!0X0*^_Ljg!N"*LgN"d!-$.!d/`!Nt!<PKA;AD!-'.'!,'!=&)',&U'%&()!3/,!-.$%/#$!3/!-.&+'1&U'%&()!3/!,'#!=e7.&%'#!8&,&1'./#!8/)%&$)'3'#K!
{2/!/#!)/%/#'.&$!F'.')1&U'.!/,!8')1/)&8&/)1$!3/!,'#!%'-'%&3'3/#!3/!-.$32%%&()!)'%&$)',!`!/,/8/)1$#!%.51&%$#! -'.'! ,'! 3/=/)#'! 3/#'..$,,'3'#! -$.! ,'#! ./=/.&3'#! =e7.&%'#! 8&,&1'./#D! -.$8$+&/)3$! #2!8$3/.)&U'%&()K!
{2/!'1/)1$!,$!/Y-2/#1$D!/,!SLNLM_0ELg!\0!0*gNgSL"!k!gCE"M!k!M0EjL*LgM!4^CdL*gM!3/7/.e!$7#/.+'.!,'!&)%,2#&()!/)!,$#!./#-/%1&+$#!-,&/F$#!3/!,&%&1'%&()!3/!%,e2#2,'#!Z2/!%$)1/8-,/)!1')1$!,'#!-./+&#&$)/#!/)!8'1/.&'!3/!8$+&,&U'%&()! &)32#1.&',!-'.'! ,'!3/=/)#'!%$8$!/,! %$)1.$,!3/! ,'#! 1.')#=/./)%&'#!',!/Y1/.&$.!3/!1/%)$,$F5'#!3/!',1'!#/)#&7&,&3'3!/#1.'1TF&%'!/)!%$$.3&)'%&()!%$)!/,!SLNLM_0ELg!\0!\0W0NM"K!
{2/! /)! '1/)%&()! '! Z2/! /,! V$7&/.)$! )'%&$)',! #/! /)%2/)1.'! '7$%'3$! '! ,,/+'.! '3/,')1/! ,'! ./=$.8'! 3/,!0#1'3$! /#1'7,/%&3'! '! 1.'+T#! 3/! ,'! d/`! Nt! <@KA<;D! ./#2,1'! &8-$#1/.F'7,/! %$)%,2&.! ,$#! -.$%/#$#! 3/!-.&+'1&U'%&()!3&#-2/#1$#!/)!+&.123!3/!,'!d/`!Nt!<PKA;PD!/)1./!,$#!Z2/!#/!/)%2/)1.')!,'#!=e7.&%'#!8&,&1'./#!3/!,'#!Z2/!3'!%2/)1'!,'!-./#/)1/!8/3&3'K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3>3!
{2/! /,! -./#/)1/! #/! 3&%1'! /)! 2#$! 3/! ,'#! '1.&72%&$)/#! %$)=/.&3'#! -$.! /,! '.15%2,$! ;;! &)%&#$! 9D! 3/! ,'!*$)#1&12%&()!N'%&$)',!`!-$.!,'!d/`!Nt!<PKA;AK!
4$.!/,,$D!
0d!4E0ML\0N_0!\0!d"!N"*LgN!"EV0N_LN"!
\0*E0_"H!
".15%2,$! 9t!â! _.')#=&T.'#/! '! 3/-/)3/)%&'! 3/,! SLNLM_0ELg! \0! 0*gNgSL"! k! gCE"M! k! M0EjL*LgM!4^CdL*gMD!,'!\LE0**LgN!V0N0E"d!\0!W"CEL*"*LgN0M!SLdL"E0MK!
".1K!<t!â!\/,TF'#/!/)!/,!3/,!SLNLM_0ELg!\0!0*gNgSL"!k!gCE"M!k!M0EjL*LgM!4^CdL*gM!/,!/R/.%&%&$!3/!,'#! ='%2,1'3/#! %$)=/.&3'#! ',! 4g\0E! 0X0*^_Ljg! N"*LgN"d! -$.! ,'! d/`! Nt! <PKA;AD! '! ,$#! =&)/#! 3/! ,'!-.&+'1&U'%&()! 3/! ,'#! =e7.&%'#! 8&,&1'./#! 3/-/)3&/)1/#! 3/! ,'! \LE0**LgN! V0N0E"d! \0! W"CEL*"*LgN0M!SLdL"E0MK!
".1K! Pt!â! 0,! SLNLM_0ELg! \0! 0*gNgSL"! k! gCE"M! k! M0EjL*LgM! 4^CdL*gM! 3/7/.e! $7#/.+'.! /,!%28-,&8&/)1$!3/!,$!-./+$!/)!/,!'.15%2,$!:t!3/!,'!d/`!Nt!<@Kc@:!/)!%$$.3&)'%&()!%$)!/,!SLNLM_0ELg!\0!\0W0NM"K!
".1K! @t!â! *$82)5Z2/#/D! -27,5Z2/#/D! 3T#/! '! ,'! \&./%%&()! N'%&$)',! 3/,! E/F.$! g=&%&',! `! '.%G5+/#/K!â!S0N0SK!â!X$.F/!"K!E$3.5F2/UK!â!g#%'.!hK!*'8&,&()K!
!
!
!! !
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3>4!
F%D&%B(*2n*37>?o477X*
_.')#=&T./#/!/,!8/)%&$)'3$!$.F')$!3/#%/)1.',&U'3$D!'%12')1/!/)!R2.&%%&()!3/!,'!M/%./1'.5'!d/F',!`!"38&).'1&+'!3/,!S&)/.&$!3/!0%$)$85'!`!4.$32%%&()D!',!e87&1$!3/!,'!^)&3'3!S&).$!3/,!S&)/.&$!3/!4,')&=&%'%&()!W/3/.',D!L)+/.#&()!467,&%'!`!M/.+&%&$#K!
C#K!"#KD!9>IOI<ccA!
jLM_g!/,!0Y-/3&/)1/!Nt!Mc9Hc@P<A@;I<cc:!3/,!E/F.$!3/,!SLNLM_0ELg!\0!0*gNgSL"!k!4Eg\^**LgND!,'!d/`!Nt!9<K>c;D!,$#!\/%./1$#!N.$#K!<:!`!<>!'87$#!3/!=/%G'!<>!3/!8'`$!3/!<ccP!`!9P:;!3/!=/%G'!:!3/!$%127./!3/!<cc@D!#2#!)$.8'#!%$8-,/8/)1'.&'#D!`!
*gNML\0E"N\gH!
{2/!-$.!,'!d/`!Nt!9<K>c;!#/!%./(!,'!\LE0**LgN!V0N0E"d!\0!W"CEL*"*LgN0M!SLdL_"E0M!%$8$!/)1&3'3!'21e.Z2&%'!3/-/)3&/)1/!3/,!/Y!SLNLM_0ELg!\0!V^0EE"K!
{2/! -$.! /,! \/%./1$! Nt! @A@! 3/! =/%G'! <;! 3/! '7.&,! 3/! 9;;A! #/! 1.')#=&.&(! ,'! \LE0**LgN! V0N0E"d! \0!W"CEL*"*LgN0M! SLdL_"E0M! '! ,'! (.7&1'! 3/,! /Y! SLNLM_0ELg! \0! 0*gNgSL"! k! gCE"M! k! M0EjL*LgM!4^CdL*gMK!
{2/!8/3&')1/!/,!\/%./1$!Nt!9P:;!3/!=/%G'!:!3/!$%127./!3/!<cc@!#/!'-.$7(!,'!/#1.2%12.'!$.F')&U'1&+'!3/,!SLNLM_0ELg! \0! 0*gNgSL"! k! 4Eg\^**LgND! ,'! Z2/! &)%,2`(! ,'! %$)=$.8'%&()! 3/! ,'! '38&).'%&()!3/#%/)1.',&U'3'! 3/,! 8$D! /)1./! %2`$#! $.F')$#! #/! /)%2/)1.'! ,'! \LE0**LgN! V0N0E"d! \0K!W"CEL*"*LgN0M!SLdL_"E0MD! %$8$! $.F')$! 3/#%/)1.',&U'3$! /)! ,'! (.7&1'! 3/! ,'! M0*E0_"EL"! d0V"d! k!"\SLNLM_E"_Lj"!3/!,'!./=/.&3'!*'.1/.'!3/!0#1'3$K!
{2/D! /)! =2)%&()! 3/! ,'! %$)1&)2'! '%12',&U'%&()! 3/,! .$,! Z2/! 3/7/! %28-,&.! /,! 0M_"\g! N"*LgN"dD! #/!%$)#&3/.')! %28-,&3'#! ,'#! %'2#',/#! Z2/! $-$.12)'8/)1/! 3/=&)&/.')! ,'! '%12',! 3/-/)3/)%&'! 3/,!8/)%&$)'3$!$.F')$K!
{2/!-$.!/,!\/%./1$!Nt!9<OP!3/!=/%G'!<@!3/!8'`$!3/!<ccP!#/!-.$%/3&(!'!8$3&=&%'.!,'!d/`!3/!S&)/.&$#!?1/Y1$! $.3/)'3$! -$.! \/%./1$! Nt! @POI;<B! `! #2#! 8$3&=&%'%&$)/#! %./e)3$#/! /,! SLNLM_0ELg! \0!4d"NLWL*"*LgN!W0\0E"dD! LNj0EMLgN!4^CdL*"!k!M0EjL*LgMD!/)%$)1.e)3$#/!/)1./! #2#! %$8-/1/)%&'#! ,'!-,')&=&%'%&()! 3/! ,'! &)+/.#&()! -67,&%'! 1/)3&/)1/! '! 2)! /Z2&,&7.'3$! 3/#'..$,,$! F/$F.e=&%$! ./F&$)',! Z2/!%$)#$,&3/!/,!=/3/.',$D!1/)&/)3$!'!#2!%'.F$!-'.1&%&-'.!/)!,'!'38&).'%&()!3/!,'#!-'.1&%&-'%&$)/#!3/,!0#1'3$!/)!,'#!/8-./#'#!3/!%'.e%1/.!-.$32%1&+$K!
{2/D! /)! /,! 8'.%$! 3/! ,'! -$,51&%'! -.$32%1&+'! ,,/+'3'! '! %'7$! -$.! /,! V$7&/.)$! N'%&$)',D! #/! %$)#&3/.'!$-$.12)$! 1.')#=/.&.! 3&%G'! /)1&3'3! '21e.Z2&%'! ',!SLNLM_0ELg! \0! 4d"NLWL*"*LgN! W0\0E"dD! LNj0EMLgN!4^CdL*"!k!M0EjL*LgMD!,'!Z2/!-'#'.e!'!3/-/)3/.!=2)%&$)',8/)1/!/)!/,!e87&1$!3/!,'!^NL\"\!SLNLM_EgD!%./'3'!-$.!/,!\/%./1$!Nt!99@<!3/!=/%G'!<A!3/!)$+&/87./!3/!<ccPK!
{2/!/,!SLNLM_0ELg!\0!4d"NLWL*"*LgN!W0\0E"dD!LNj0EMLgN!4^CdL*"!k!M0EjL*LgM!3/7/.e!%$$.3&)'.!#2!'%%&$)'.!%$)!/,!SLNLM_0ELg!\0!\0W0NM"D!'!,$#!/=/%1$#!3/!$7#/.+'.!/,!%28-,&8&/)1$!3/!,$!-./+$!/)!/,!".15%2,$!:t!3/!,'!d/`!Nt!<@Kc@:K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3>8!
{2/D!'!1',!/=/%1$D!%$../#-$)3/!&)#1.2&.!'!,'#!e./'#!-/.1&)/)1/#!'!./',&U'.!,'#!'%%&$)/#!%$)32%/)1/#!'!,$#!=&)/#!3/,!%28-,&8&/)1$!3/!,'!-./#/)1/!8/3&3'D!1/)&/)3$!/)!%2/)1'!Z2/!,'!1.')#=/./)%&'!Z2/!#/!-.$-&%&'!%$8-./)3/!,'#!2)&3'3/#!$.F')&U'1&+'#!%$)!#2#!./#-/%1&+'#!%$8-/1/)%&'#D!=2)%&$)/#D!%'.F$#D!3$1'%&$)/#D!%.T3&1$#!-./#2-2/#1'.&$#!`!7&/)/#K!
{2/D!&8-$.1'!3/#1'%'.!Z2/D!G'#1'!1')1$!#/!-.$32U%')!,'#!'3/%2'%&$)/#!-./#2-2/#1'.&'#!-/.1&)/)1/#D!,'#!/.$F'%&$)/#! 3/! ,'#! e./'#! '=/%1'3'#! -$.! ,'! -./#/)1/!8/3&3'! #/.e)! '1/)3&3'#! %$)! %'.F$! '! ,$#! %.T3&1$#!-./#2-2/#1'.&$#!3/!$.&F/)!3/!,'#!8'#K!
{2/! ,'! \&./%%&()! V/)/.',! 3/! "#2)1$#! X2.53&%$#! 3/,! SLNLM_0ELg! \0! 0*gNgSL"! k! 4Eg\^**LgN! G'!1$8'3$!,'!&)1/.+/)%&()!Z2/!,/!%$8-/1/K!
{2/!/,!-./#/)1/!3/%./1$!#/!3&%1'!/)!+&.123!3/!,'#!'1.&72%&$)/#!/8/.F/)1/#!3/,!".15%2,$!;;D!&)%&#$!9!3/!,'!*gNM_L_^*LgN!N"*LgN"dK!
4$.!/,,$D!
0d!4E0ML\0N_0!\0!d"!N"*LgN!"EV0N_LN"!
\0*E0_"H!
".15%2,$! 9t!â! _.')#=&T./#/! ,'! \LE0**LgN! V0N0E"d! \0! W"CEL*"*LgN0M! SLdL_"E0MD! $.F')$!3/#%/)1.',&U'3$! '%12',8/)1/! /)! R2.&%%&()! 3/! ,'! M0*E0_"EL"! d0V"d! k! "\SLNLM_E"_Lj"! 3/,!SLNLM_0ELg!\0! 0*gNgSL"! k! 4Eg\^**LgND! #2#! $.F')$#! `! =e7.&%'#! 3/-/)3&/)1/#D! ',! e87&1$! 3/! ,'!^NL\"\!SLNLM_Eg!3/,!SLNLM_0ELg!\0!4d"NLWL*"*LgN!W0\0E"dD!LNj0EMLgN!4^CdL*"!k!M0EjL*LgMK!
".1K!<t!â!L)#1.6`/#/!',!SLNLM_0ELg!\0!4d"NLWL*"*LgN!W0\0E"dD!LNj0EMLgN!4^CdL*"!k!M0EjL*LgM!-'.'!Z2/!%$$.3&)/!#2!'%%&$)'.!%$)!/,!SLNLM_0ELg!\0!\0W0NM"D!'!,$#!/=/%1$#!3/!$7#/.+'.!/,!%28-,&8&/)1$!3/!,$!-./+$!/)!/,!".15%2,$!:t!3/!,'!d/`!Nt!<@Kc@:K!
".1K!Pt!â!M2-.58/#/!3/,!")/Y$!Lx!3/,!\/%./1$!Nt!9P:;!3/!=/%G'!:!3/!$%127./!3/!<cc@!f!g.F')&F.'8'!3/!,'!M0*E0_"EL"!d0V"d!k!"\SLNLM_E"_Lj"!3/,!SLNLM_0ELg!\0!0*gNgSL"!k!4Eg\^**LgN!Q!,'!\LE0**LgN!V0N0E"d!\0!W"CEL*"*LgN0M!SLdL_"E0MK!
".1K!@t!â!M2-.58/#/!3/!,'!4,')&,,'!")/Y'!',!".15%2,$!<t!3/,!\/%./1$!Nt!<:!3/!=/%G'!<>!3/!8'`$!3/!<ccPD!8$3&=&%'3$!-$.!#2!#&8&,'.!Nt!9P:;Ic@!â!g7R/1&+$#!3/,!SLNLM_0ELg!\0!0*gNgSL"!k!4Eg\^**LgNâ!/,!g7R/1&+$! 9c! 3/! ,'! M0*E0_"EL"! d0V"d! k! "\SLNLM_E"_Lj"! `! /,! g7R/1&+$! 9P! 3/! #2! M^CM0*E0_"EL"! \0!"\SLNLM_E"*LgN!k!NgES"dLu"*LgN!4"_ELSgNL"dK!
".1K!:t!â!L)%$.-(.'#/!,'!\LE0**LgN!V0N0E"d!\0!W"CEL*"*LgN0M!SLdL_"E0M!',!")/Y$!LLL!3/,!".15%2,$!Pt!3/,!\/%./1$!Nt!<>!3/!=/%G'!<>!3/!8'`$!3/!<ccPK!
".1K! At!â! W'%6,1'#/! ',! #/a$.!S&).$! 3/! 4,')&=&%'%&()! W/3/.',D! L)+/.#&()! 467,&%'! `! M/.+&%&$#! '! ,,/+'.! '!%'7$!,'#!8/3&3'#!)/%/#'.&'#!-'.'!,'!.//#1.2%12.'%&()!3/,!$.F')$!3/#%/)1.',&U'3$D!/)!/,!e87&1$!3/!#2#!%$8-/1/)%&'#K!
".1K! >t!â! L)#1.6`/#/! '! ,'#! e./'#! -/.1&)/)1/#! '! ./',&U'.! ,'#! '%%&$)/#! %$)32%/)1/#! '! ,$#! =&)/#! 3/,!%28-,&8&/)1$!3/,!-./#/)1/!3/%./1$K!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3>S!
".1K!Ot!â!0)!./,'%&()!',!$.F')$!%2`'!1.')#=/./)%&'!#/!-.$-&%&'!/)!,$#!'.15%2,$#!-./%/3/)1/#D!,'!8'!%$8-./)3/.e! ,'#! 2)&3'3/#! $.F')&U'1&+'#! %$)! #2#! ./#-/%1&+'#! %$8-/1/)%&'#D! =2)%&$)/#D! %'.F$#D!3$1'%&$)/#D!%.T3&1$#!-./#2-2/#1'.&$#!`!7&/)/#K!
".1K!;t!â!h'#1'!1')1$!#/!/=/%16/)!,'#!'3/%2'%&$)/#!-./#2-2/#1'.&'#!%$../#-$)3&/)1/#D!,'!'1/)%&()!3/!,'#!/.$F'%&$)/#! 3/! ,'#! e./'#! '=/%1'3'#! -$.! ,'! -./#/)1/!8/3&3'! #/.e)! '1/)3&3'#! %$)! %'.F$! '! ,$#! %.T3&1$#!-./#2-2/#1'.&$#!3/!$.&F/)!3/!,'#!8'#K!
".1K! 9ct!â!*$82)5Z2/#/D!-27,5Z2/#/D!3T#/!'! ,'!\&./%%&()!N'%&$)',!3/,!E/F.$!g=&%&',! `! '.%G5+/#/K!â!]LE*hN0EK!â!",7/.1$!"K!W/.)e)3/UK!â!W/,&#'!S&%/,&K!â!X2,&$!SK!\/!j&3$K!
! !
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3><!
M0?0 JN@OP,QUR,@V"-$-45&,=+"#$=$"#<(+4(,6",)(,789;,64#-+4%4&(6(,=:+,:+4C"&,6",):#,+"-$+#:#,W/XXDY/X1/Z,
!
! !
! !
!"# $%&'(&)** $%&'(#)*+ ,#(-.!""# $%&&&&&&&&&&&&&&&&&&&&&&&&&&&& '()*+(),--.*"%&&&&&&&& '()*+(),--.*"%&&&&&&&&&&!""+ #)+"")""".""%&&&&&&&&&& ',)"#,)+"/./"%&&&&&&&& /-)+#,)+"/./"%&&&&&&&&&&!""' $%&&&&&&&&&&&&&&&&&&&&&&&&&&&& *()*"*)*/*.,(%&&&&&&&& *()*"*)*/*.,(%&&&&&&&&&&!""/ ()('")+/+."/%&&&&&&&&&& -"-)(/')((!.**%&&&&&& ---)(-/)+'/.,#%&&&&&&&&!""* *+)-'#),'/./'%&&&&&&&& ((),/+)#+-.+-%&&&&&&&& -*+)"-,)-(,."/%&&&&&&&&!"", -'")-#')-(#./*%&&&&& (,),'')"//.'#%&&&&&&&& !+,)((")!/".!"%&&&&&&&&!""( -+,)!#/)!(/.""%&&&&& -#/)',/)"-".!/%&&&&&& !,+),!!)#"/.!/%&&&&&&&&!"-" -(')***)!"'.-#%&&&&& -'")'/,)"#-./,%&&&&&& #+/)#+')!#/.,-%&&&&&&&&!"-- !/*)!-!),((.,,%&&&&& -*-)*-()'!-.!#%&&&&&& +#,)(#!)+!-.--%&&&&&&&&!"-! #/#)*,')/!'.-"%&&&&& !-/)/+!),!"./*%&&&&&& ',")+!,)++'.**%&&&&&&&&
0123425&6782997:3&;2328<=&>2&0<?879<97@32A&B7=74<82A
/&0&1&'23-4012342&-- CD@842A&>2=&E2A@8@012342&-! F2918A@A&G8@D7@A
5657879:;)</5=8<85=,!/9!)>?$@)7A;=AB9>!>AC)<A/)$85;,5)D)+EEF)D)+E*+
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3>X!
M0B0 JN@OP,UR,;(<"+4(),A:<:C+KA4-:,!
K(B(1&#GW#)*B(M#$#)*D('*D#&ODB%&*.&%A-(*#,*.&(D%)(*$%*.&-A#B-C#D-E'*
!
!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3>>!
!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3>;!
!
!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3>?!
!
!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3;7!
!
!
K(B(1&#GW#)*B(M#$#)*D('*.()B%&-(&-$#$*#,*.&(D%)(*$%*.&-A#B-C#D-E'*b#'B%)*$%*,#*&%D".%&#D-E'c*
!
!
!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3;3!
!
! !
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3;4!
K(B(1&#GW#)*B(M#$#)*%'*%,*M#&D(*$%*,#*&%D".%&#D-E'**
!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3;8!
!
!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3;S!
!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3;<!
!
!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3;X!
!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3;>!
!
!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3;;!
!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3;?!
!
@#*.&-A#B-C#D-E'*$%*-'$")B&-#)*.#&#*,#*$%G%')#H*%,*D#)(*$%*,#*F-&%DD-E'*$%*K#/&-D#D-('%)*L-,-B#&%)*$%*5&1%'B-'#**,-./$012-.3$!34543$678$
*2'3/.)$!Nb!9<!"a$!<c9P!
!!!
!
!
*2'3/.)$#!3/!4$,&-27K$.F! LMMN!9O:PQ:>P;!
!
!!!!!
3?7!
$