!

! !

!"#$%&$%'($)*+$#)&,$#-'.*+/0*1)&2*/'
,$'3*1*$)+#-&4#)&,$'
($)*+$#)&,$#-'#%*$1&*/'#$5',0)&,$/'6,+'.#7&/)#$'

8")&/"#9':"9#5'
!"#$%&$%'&$()*$#(&+$#,'-)*.-)/(&0).'+$'
!"#"$%&'()*'%)+$,-%."-)$%"&$'%)+$'(-
!"#$%&#'(!$)(*+,&*$'(-*.(/!0&',!$!
!"#$%"&'()"'&*+(,-.*-.(/0"--1(-2(!0-.-'$0%(&.*(#"3(4.$536%$#7(-2(8-..(

"#$#%&#'!()*)!

#$%!&'((')%!*+!,$%!-.,$!/0%120%1,!,*!,$%!3'45(,'1!-678!9*1(,5,:,5*1!;'0%!<=!'(!,$%!>%(:?,!*+!
'!2%0'12!+>*0!'!@52%!(&%;,>:0!*+!&*?5,5;'?!&'>,5%(!,$',!(%%!,$%!5((:%!*+!<'(5;!(&%1251)!'(!&'>,!
*+! &>*A51;5'?! >%(&*1(5<5?5,=! 51! ?51%! @5,$! ,$%! +%2%>'?! (,>:;,:>%! *+! ,$%! ;*1(,5,:,5*1B! C:,! @5??! ,$5(!
0'D*>! >%+*>0! @*>4! %++%;,5A%?=! '12! %1(:>%! $5)$%>! ?5A51)! (,'12'>2(! +*>! '??! ,$%! &%*&?%! 51! '??! ,$%!
&>*A51;%(E! />%! ,$%>%! *,$%>! &>%;*125,5*1(! ,$',! 0:(,! '?(*! <%! 0%,E! F1! ,$5(! >%)'>2G! ,$%! >*?%! *+!
51,%>1',5*1'?! %H&%>5%1;%! &?'=(! '! A'?:'<?%! >*?%! 51! &*51,51)! *:,! &5,+'??(! '12! *&,5*1(! +*>!
;*1(52%>',5*1B!!!

C5?',%>'?! '12! 0:?,5?',%>'?! ')%1;5%(! $'A%! <%%1! I:5,%! ';,5A%! 51! '2A5(51)! *1! 2%;%1,>'?5J',5*1!
&>*;%((%(B!#$%!0:?,5?',%>'?!<'14(!$'A%!2*1%!(*!&'>,?=!<%;':(%!*+!,$%!<%?5%+!,$',!2%;%1,>'?5J%2!
(%>A5;%! &>*A5(5*1! ;'1! &>*A52%! <%,,%>! +*>! ,$%! &**>%>! (%;,5*1(! *+! (*;5%,=! <=! :,5?5J51)! ,$%!
51+*>0',5*1!,$',!0'=!<%!'A'5?'<?%!',!,$%!?*;'?!?%A%?!51!,'5?*>51)!,$%!(%>A5;%(!,*!,$%!&>%+%>%1;%(!
*+!,$%!&*&:?',5*1G!'12!0'451)!';;%((!%'(5%>B!#$%5>!A5%@(!$'A%!%A*?A%2G!'(!,$%!25++5;:?,5%(!@5,$!
,$%! +5>(,! '&&>*';$! $'A%! <%%1! <%,,%>! :12%>(,**2B! C5?',%>'?! ')%1;5%(! $'A%! 0*>%! %H&?5;5,! )%*K
&*?5,5;'?!*<D%;,5A%(G!'12!(*0%,50%(!,$%(%!,>'1(?',%!51,*!,>=51)!,*!;>%',%!(*;5%,5%(!'12!&*?5,5;'?!
(,>:;,:>%(! ,$',! >%(%0<?%! ,$%5>! *@1! 51! ,$%! %H&%;,',5*1! ,$',! ,$5(! @5??! ?%'2! ,*! '! ;*1)>:%1;%! *+!
51,%>%(,(B!C:,!I:5,%!*+,%1G!,$%!(:&&*>,!$'(!<%%1!)5A%1!,*!,$*(%!)*A%>10%1,(!,$',!,%12!,*!')>%%!
@5,$! ,$%! 2*1*>! ;*:1,>5%(G! %(&%;5'??=! 51! ,50%(! *+! ;>5(5(G! '12! :12%>! ,$%(%! ;5>;:0(,'1;%(! ,$%!
(:&&*>,!;'1!*+,%1!)*!,$%!*,$%>!@'=G!'(!@'(!(%%1!51!351*;$%,L(!9$5?%G!M:$'>,*L(!F12*1%(5'G!'12!
N5'!'12!O:($'>>'+L(!3'45(,'1B!

#$%!+5>(,!&'>,(!*+!,$5(!&'&%>!%H'051%!2%A%?*&0%1,(!51!,$%*>%,5;'?!:12%>(,'1251)!51!'22>%((51)!
,$%!(,%&(!,$',!05)$,!<%!1%%2%2!,*!%1(:>%!,$',!,$%!*<D%;,5A%(!*+!,$%!9*1(,5,:,5*1'?!>%+*>0(!'>%!
0%,!51!'1!%++5;5%1,!0'11%>B!#$5(!5(!+*??*@%2!<=!(*0%!>%;%1,!%H'0&?%(!+>*0!'>*:12!,$%!@*>?2G!
+*>! <*,$! :15,'>=! '12! +%2%>'?! (,',%(B! P51'??=G! '! ;*1;?:251)! (%;,5*1! +*;:(%(! *1! (*0%! *+! ,$%!
;$'??%1)%(!,$',!3'45(,'1!@5??!$'A%!,*!+';%!51!*>2%>!,*!<%;*0%!'!+:??=!+:1;,5*1'?!'12!&>*(&%>*:(!
+%2%>',5*1B!F1!,$5(!&>*;%((G!,$%>%!5(!?5,,?%!51!,$%!@'=!*+!&>%;%2%1;%!'(!,*!$*@!,*!)%,!,$%>%!+>*0!
,$%!(,',:(!I:*B!

! "!
 ;< =,+9#)&2*',+'0,/&)&2*'#00+,#1"*/>'
3*2*-,09*$)/'&$')"*,+?'
#$%! &*(,KM%;*12! Q*>?2! Q'>! 1*>0',5A%! ?5,%>',:>%! *1! +5(;'?! 2%;%1,>'?5J',5*1! $'(! <%%1! 0:;$!
51+?:%1;%2!<=!,$%!%H&%>5%1;%!*+!,$%!R15,%2!M,',%(G!'12!,$%!@*>4!51,%>!'?5'!*+!O:()>'A%!S-6T6U!
'12! O'1;:>! V?(*1! S-6W.UB! #$%(%! @%>%! <'(%2! *1! ,$%! &>%(:0&,5*1! ,$',! )*A%>10%1,(! '>%!
<%1%A*?%1,B! #$5(! >%+?%;,%2! ,$%! A5%@(! *+! O*1,%(I:5%:G! '12! *+! X'05?,*1! '12! O'25(*1! 51! !"#$
%#&#'()*+,$-(.#'+/!,$',!)*A%>10%1,!($*:?2!<%!(0'??G!'12!,$%!+:1;,5*1(!($*:?2!<%!(%&'>',%2!@5,$!
,$%!;%1,%>!>%(&*1(5<?%!+*>!5((:%(!,$',!'++%;,!'??!?*@%>!?%A%?(!*+!)*A%>10%1,G!(:;$!'(!2%+%1;%!'12!
0*1%,'>=! &*?5;=B! #$%! &>%(:0&,5*1! $'(! <%%1G! &'>,5;:?'>?=! *1! ,$%! &'>,! *+! (*0%! <5?',%>'?! '12!
0:?,5?',%>'?! ')%1;5%(G! ,$',! 2%;%1,>'?5J',5*1! @5??! ?%'2! ,*! 0*>%! %++5;5%1,! (%>A5;%! 2%?5A%>=G! $5)$%>!
)>*@,$!'12!&*A%>,=!>%2:;,5*1B!

YH&%>5%1;%(! *:,(52%! ,$%! R15,%2! M,',%(G! &'>,5;:?'>?=! 51! ,$%! Y:>*&%'1! R15*1! '12! %(&%;5'??=! 51!
2%A%?*&51)!;*:1,>5%(G!$'A%!?%2!,*!'!I:%(,5*151)!*+!,$%!1*>0',5A%!'&&>*';$G!(&'@151)!'!(:>)%!51!
,$%! Z&*?5,5;'?! %;*1*0=[! ?5,%>',:>%! S(%%! (:>A%=(! 51! /$0'2! '12! C>*(5*G! "\\WG! V',%(! "\\.G!
]*;4@**2G! "\\6UB! ! #$5(! >%+?%;,(! '1! %'>?5%>! 2%<',%G! '((*;5',%2! @5,$! ^%! #*;I:%A5??%! '12! _*$1!
M,:'>,!O5??G!@$5;$!+*;:(%2!*1!,$%!';,:'?!@*>451)(!*+!)*A%>10%1,!'12!'1!%A'?:',5*1!*+!,$%!&>*(!
'12! ;*1(! *+! Z2%;%1,>'?5J%2[! *&%>',5*1(B! #$%! 0'51! 25++%>%1;%! 5(! ,$',! ,$%! '((:0&,5*1! *+!
Z<%1%A*?%1,[!)*A%>10%1,!5(!2>*&&%2G!'12!51;%1,5A%(!+';51)!&*?5,5;5'1(!'12!<:>%':;>',(!<%;*0%!
50&*>,'1,G! '(! 2*! ,$%! >*?%! *+! 51(,5,:,5*1(! '12! 51+*>0',5*1! +?*@(B! C'>2$'1! '12! O**4$%>D%%!
S"\\\U-G! @>5,%! '<*:,! ,$%! &*((5<5?5,=! *+! Z;'&,:>%[! <=! A%(,%2! 51,%>%(,(B! C%(?%=! '12! 9'(%! S-66TU!
51,>*2:;%!,$%!;*1;%&,!*+!Z='>2(,5;4!;*0&%,5,5*1[G!51!@$5;$!A*,%>(!%A'?:',%!,$%!&%>+*>0'1;%!*+!
,$%5>! ?*;'?! )*A%>10%1,(! 51! >%?',5*1! ,*! ,$%! >%(:?,(! ';$5%A%2! 51! 1%5)$<*>51)! D:>5(25;,5*1B! `5A%1!
51;>%'(51)! 0*<5?5,=! '12! 51+*>0',5*1! +?*@G! ,$%! ='>2(,5;4! ;*0&%,5,5*1! 52%'! $'(! >%;%1,?=! <%%1!
%H,%12%2!,*!>%?',%!,*!;*:1,>5%(G!'(!;5,5J%1(!51!*1%!;*:1,>=!%H'051%!@$',!>%(:?,(!'>%!';$5%A%2!51!
*,$%>!;*:1,>5%(!@5,$!@$5;$!,$%=!'>%!I:5,%!+'05?5'>!SM'?0*1!"\-\UB!"!

#$%! <:5?251)! <?*;4(! *+! <*,$! 1*>0',5A%! '12! &*(5,5A%! ,>'25,5*1(! '>%! (505?'>a(&%1251)! '12!
,'H',5*1! '((5)10%1,(G! 2%(5)1! *+! ,>'1(+%>(G! 2%<,! 0'1')%0%1,! '12! 51+*>0',5*1! +?*@(! '12!
51(,>:0%1,(! +*>! 50&?%0%1,',5*1B! X*@%A%>G! ,$%! (%I:%1;51)! '12! 05H! *+! ,$%! 51(,>:0%1,(! 05)$,!
A'>=G! '(! @%! 25(;:((! <%?*@B! #$%! (5,:',5*1! <%;*0%(! '! ?5,,?%! 0*>%! ;*0&?%H! @$%1! 5,! ;*0%(! ,*!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
-
! C'>2$'1G!3>'1'<!!'12!^5?5&!O**4$%>D%%G!Zb%?',5A%!;'&,:>%!*+!)*A%>10%1,!',!?*;'?!'12!1',5*1'?!?%A%?(G[!01#'*2(3$
425351*2$ 6#7*#8G! c*?B! 6\! S"UG! "\\\G! &&B! -8TK86B! M%%! '?(*! /$0'2G! Y! '12! `B! C>*(5*! S+*>,$;*051)UG! !""#$%&'#(
)#*#+,-&./(,0*(12$,-()&0,0$#3(Y2@'>2!Y?)'>G!F1,%>1',5*1'?!]5<>'>=!*+!9>5,5;'?!Q>5,51)(!51!Y;*1*05;(G!!+*>!'!(%?%;,5*1!
*+!&'&%>(!*1!,$5(!(:<D%;,B!

"
!M'?0*1G!35%>>%G!"\-\G!&'&%>!&>%(%1,%2!,*!,$%!MFY3!9*1+%>%1;%!51!3'A5'B!!C%(?%=G!#50*,$=!'12!/11%!9'(%G!-66TG!
ZF1;:0<%1,!<%$'A5*>d!A*,%K(%%451)G!,'HK(%,,51)G!'12!='>2(,5;4!;*0&%,5,5*1G[!4/#+&$,0(!$202/&$(5#'&#63(S.TU!e*!
-BG!&&B"TKfTB!

! 8!
%H'051',5*1! *+! ,$%! (&%1251)! '((5)10%1,(B! Q$5?%! ,$%! RM! P%2%>'?5(,! ,>'25,5*1! >%;*00%12%2! '!
(%&'>',5*1! *+! &*@%>(G! ,$5(! 5(! 512%%2! 1%%2%2! +*>! 51;>%'(%2! ';;*:1,'<5?5,=B! #$%! ;>5,5I:%! *+! ,$%!
1*>0',5A%! '&&>*';$%(G! $*@%A%>G! ;*0%(! +>*0! ,$%! Y:>*&%'1! ;*??'<*>',5A%! ,>'25,5*1G! ,$',! '?(*!
?%12(!5,(%?+!,*!;%1,>'?5J',5*1!*>!'((:0&,5*1!*+!&*@%>(!<=!,$%!;%1,%>B!

3*1*$)+#-&4#)&,$')+*$5/'
#$%! 50&%,:(! ,*! 2%;%1,>'?5J%! $'(! 25++%>%2! 51! 0'1=! ;'(%(B! F1! ]',51! /0%>5;'! ,$%! ($5+,! +>*0! *1%!
&'>,=! *>! 05?5,'>=! >:?%! $'(! ?%2! ,*! '! >%(:>)%1;%! *+! 51,%>%(,! 51! 2%;%1,>'?5J',5*1! '(! '! 0%'1(! *+!
;*1(*?52',51)!&*?5,5;'?!)'51(G!@$%>%'(!'!?'>)%G!*1%K&'>,=G!:15,'>=!(,',%G!9$51'!$'(!';,:'??=!<%%1!
I:5,%! 2%;%1,>'?5J%2B! /12! 51! 3'45(,'1G! ,$%! O:($'>>'+! )*A%>10%1,! ,>5%2! ,*! Z2%;%1,>'?5J%[! :(51)!
,$%!1*>0',5A%!&>%;%&,(G!<:,!51!&*?5,5;'?!%;*1*0=!,%>0(G!,$%!';,5*1(!@%>%!;'?;:?',%2!,*!<=&'((!
,$%! &>*A51;%(! '12! ,$%! &*@%>! *+! ,$%! &*?5,5;'?! &'>,5%(! ,$',! ,%12%2! ,*! $'A%! '! &>*A51;5'?! +*;:(B!
F1,%>1',5*1'?! ')%1;5%(! ,%12%2! ,*! (:&&*>,! ,$%! 1*>0',5A%! '&&>*';$! ,*! 2%;%1,>'?5J',5*1! *1! ,$%!
)>*:12(! ,$',! ,$5(! @*:?2! ?%'2! ,*! <%,,%>! (%>A5;%! 2%?5A%>=! '12! &*A%>,=! >%2:;,5*1a<:,! ,$%!
%A52%1;%!*1!,$5(!5(!',!<%(,!05H%2!S(%%!/$0'2G!C>*(5*!'12!#'1J5!S"\\WU!+*>!'!25(;:((5*1!*+!,$%!
%A52%1;%!51!VY9^!;*:1,>5%(G!'12!(%%!#'<?%!-!+*>!(*0%!,>%12(!+>*0!/$0'2!'12!C>*(5*!S"\\6UB!

/(! 0%1,5*1%2G! 0*(,! ]',51! /0%>5;'1! ;*:1,>5%(! $'A%! %H&%>5%1;%2! (*0%! 0*A%0%1,! ,*@'>2(!
2%;%1,>'?5J',5*1!51!,$%!&'(,!,@*!2%;'2%(G!*+,%1!'(!'!>%';,5*1!,*!&%>5*2(!*+!*1%K&'>,=!*>!05?5,'>=!
>:?%B!!#$5(!$'(!<%%1!0*>%!0'>4%2!*1!,$%!(&%1251)!(52%!,$'1!*1!,$%!>%A%1:%!(52%B!Q5,$!>%(&%;,!
,*! ,$%! ?',,%>G! ,$%! ,>%12! $'(! <%%1! 51! ,$%! *&&*(5,%! 25>%;,5*1G! '(! ;*:1,>5%(! $'A%! %(,'<?5($%2!
(=(,%0(! *+! 0*>%! *>! ?%((! ;%1,>'?5J%2! (=(,%0(! +*>! ,$%! c/#G! (*0%,50%(! @5,$! ,$%! $%?&! *+! ,$%!
51,%>1',5*1'?!')%1;5%(!'12!&'>,5;:?'>?=!,$%!FOPG!*+,%1!>%&?';51)!'!0=>5'2!*+!(:<1',5*1'?!,'H%(!',!
,$%!(,',%!'12!?*;'?!?%A%?(B!!

V1! ,$%! (&%1251)! (52%G! 2%(&5,%! ,$%! >$%,*>5;G! ,$%! '&&>*';$! &'>,5;:?'>?=! 51! ,$%! ]',51! /0%>5;'1!
;*:1,>5%(!$'(!<%%1!*1%!@$%>%!,$%>%!'>%!05H%2!'12!*A%>?'&&51)!>%(&*1(5<5?5,5%(!,$',!$'A%!1*,!
<%%1! '2%I:',%?=! '22>%((%2B! #$%(%! &'>,?=! >%+?%;,! ,$%! ;%1,>'?5J%2! ,%12%1;5%(! *+! ,$%! &'(,G!
,*)%,$%>!@5,$!'!&',%>1'?5(,5;!'&&>*';$!S51;?:251)!<=!2*1*>(U!,$',!2*!1*,!,>:(,!,$%!(:<K1',5*1'?!
)*A%>10%1,(!,*!0'4%!,$%!>5)$,!;$*5;%(!+*>!,$%5>!;5,5J%1(!51!,$%5>!'>%'!*+!;*0&%,%1;%!S51;?:251)!
%2:;',5*1! '12! (*;5'?! &*?5;=! 51! )%1%>'?UG! *>! +%%?! ,$',! ,$%! ?*@%>! ?%A%?(! ?';4! ,$%! ;'&'<5?5,5%(! ,*!
0'1')%!,$%5>!'++'5>(!%++%;,5A%?=B!F1!0'1=!;'(%(G!,$%(%!;*1;%>1(!'>%!&>*<'<?=!I:5,%!A'?52G!'12!@%!
($'??!25(;:((!,$%!%H&%>5%1;%(!*+!(*0%!P%2%>'?!'12!R15,'>=!;*:1,>5%(G!'12!,$%!'&&>*';$%(!,'4%1!
<=!(*0%!*+!,$%!2*1*>(!51!,$5(!>%)'>2B!

! f!
!

#'<?%!-B!O'51!,>'5,(!*+!>%;%1,!51,%>)*A%>10%1,'?!>%+*>0(!51!(%?%;,%2!;*:1,>5%(B

Countries Main characteristics of Recent reform initiatives

intergovernmental relations
Australia Federal system VAT administration by center on behalf of the
states, reforms introduced in early 2000s
Belgium Federalization based on linguistic Transformed from unitary to federal state
divisions.

Bolivia Three-layered unitary system Powers of municipalities have been

considerably increased. Election of Governors
of Departments, some demanding substantial
but asymmetrical powers—associated with
natural resources.

Brazil Federal system based on three layers National reform and coordination of VAT is an
of government urgent priority, although proposals for reform
since the late 1990s have not been acted on.
Canada Federal system Asymmetric federation ( special treatment for
Quebec)

China Highly decentralized system, within Recentralization of taxing power (1994).

a unitary constitution. Operating like
a quasi-federation
Colombia Three-layered unitary system
Extensive devolution of resources to provinces
(departments) movement towards a quasi-
federation.

Denmark Unitary system with strong Recentralization of higher education and health
municipal governments since 2006

France Regional system Regulatory, fiscal and political decentralization

initiated

Germany Federal system with extended Reforms to the Federal structure initiated in a
concurrent responsibilities wide ranging set of issues, but little change
was effected as a result of two Commissions.

Indonesia Unitary State Extensive decentralization of spending powers

to district level administrations after the fall of
the Suharto administration, accompanied by a
new revenue sharing arrangement.

Italy Unitary, with asymmetric Fiscal, regulatory and political decentralization

arrangements initiated with a new Constitution.

Mexico Federal system with high political
and low fiscal decentralization
Fiscal and regulatory decentralization since
late 1980’s, with devolution to States of basic
education (1992) and health care (1996),
although revenues remain centralized since the
early 1980s.
Pakistan Federal Constitution, with interludes Deconcentration to districts in the early 2000s
of military rule by Musharraf.

Overlapping responsibilities on the spending

side unwound with the 18th Amendment to the
Constitution—most spending powers fully
assigned to province. Relatively little
subnational reliance on own-source revenues.
Peru Unitary state—moving towards a Election of governors of regions—sharing of
quasi-federation? natural resource revenues. Overlapping
responsibilities with relatively limited
spending or revenue devolution.
Poland Unitary Political and fiscal decentralization with
emphasis on the local level

South Africa The post-Apartheid constitution Devolution of extensive responsibilities for

introduced a quasi federal system education and health to provinces

Spain Regional, quasi-federal system Transition toward a federal system.

Switzerland Federal system Equalization transfers from federation to

cantons

United Regional Introduction of regional government in

Kingdom Scotland and Wales

! W!
!

3,$,+/'#$5'&$)*+$#)&,$#-'#%*$1&*/'
F,!5(!$'>2!,*!'(;>5<%!,$%!,>%12(!>%?',51)!,*!2%;%1,>'?5J',5*1!,*!51,%>1',5*1'?!')%1;5%(G!&'>,5;:?'>?=!
51! ,$%! +%2%>'?! ;*:1,>5%(! *+! ]',51! /0%>5;'G! O%H5;*G! C>'J5?! '12! />)%1,51'G! '12! 51! ,$%! :15,'>=!
(,',%(G!&'>,5;:?'>?=!9*?*0<5'G!51!@$5;$!+'5>?=!&',$K<>%'451)!@*>4!51!,$%!-6.\(!?%2!,*!@$',!;'1!
*1?=!<%!2%(;>5<%2!'(!Z51,%>K;*:1,>=[!='>2(,5;4!;*0&%,5,5*1!S(%%!M'?0*1!"\-\G!C%(?%=!'12!9'(%G!
-66TUB!#$%>%!@'(!'!>:($!<=!5125A52:'?!;*:1,>5%(!,*!;*&=!,$5(!%H&%>5%1;%G!51!0'1=!;'(%(!%))%2!*1!
<=! ,$%! <5?',%>'?! '12! 0:?,5?',%>'?! ')%1;5%(G! @$5;$! 0'=! *>! 0'=! 1*,! $'A%! $'2! )>%',! 51+?:%1;%! 51!
&'>,5;:?'>!;'(%(B!

F1! 0*(,! ;'(%(G! ,$%! '2A5;%! )5A%1! $'(! <%%1! ;*1(5(,%1,! @5,$! ,$%! Z1*>0',5A%[! '&&>*';$%(! ,*!
2%;%1,>'?5J',5*1B! ^*1*>(! $'A%! &>*A52%2! '2A5;%! *1! (&%;5+5;! ;*0&*1%1,(! '12! $'A%! $'2! '!
&'>,5;:?'>! (%I:%1;51)! 51! 0512a2%;52%! +5>(,! *1! ,$%! (&%1251)! '((5)10%1,(G! '12! ,$%! +51'1;51)!
+*??*@(G! '12! ,$%! 05H! <%,@%%1! ,$%! ,'H%(! '12! ,>'1(+%>(! 2%&%12(! *1! '20515(,>',5A%! %'(%G! '12!
',,%1,5*1! 1%%2(! ,*! <%! &'52! ,*! 0';>*%;*1*05;! ;*1;%>1(G! '12! 2%<,! 0'1')%0%1,! ;'1! ;':(%!
&>*<?%0(!'12!0:(,!<%!'22>%((%2!,$>*:)$!(:<K1',5*1'?!+5(;'?!>:?%(!*>!'20515(,>',5A%!0%'1(B!!

VA%>! ,$%! &'(,! ,@*! 2%;'2%(G! ,$%! ?5,%>',:>%! *1! &*?5,5;'?! %;*1*0=! '(&%;,(! *+! 51,%>)*A%>10%1,'?!
>%?',5*1(!S(%%!/$0'2!'12!C>*(5*G!"\\WUG!$'(!?%2!,*!'!25++%>%1,!Z(%I:%1;51)!'12!05H[!*+!>%+*>0(G!
*>!*+!,$%!Z<:5?251)!<?*;4([!*+!)*A%>1'1;%B!F12%%2G!,$%!25++%>%1;%(!<%,@%%1!,$%!'&&>*';$%(!?5%!
?'>)%?=!51!(%I:%1;51)!'12!2%(5)1!*+!50&?%0%1,',5*1!(,>',%)5%(G!,$'1!*1!,$%!51(,>:0%1,(!,$',!'>%!
;*00*1! ,*! '??! ,$%! '&&>*';$%(B! F1! ,$5(! &'&%>G! @%! 0'4%! >%+%>%1;%(! ,*! ,$%! 51,%>';,5*1(! @5,$!
9$51'G! @$5;$! @'(! 51+?:%1,5'?! 51! ,$%! '&&>*';$%(! ,'4%1! <=! FOP! (,'++! 51! ,$%! %'>?=! -66\(G! 51!
'&&>%;5',51)! ,$%! >%?%A'1;%! *+! ,$%! &*(5,5A%! *>! &*?5,5;'?! %;*1*0=! '&&>*';$%(! @%??! <%+*>%! ,$%(%!
<%;'0%!(,'12'>2!51!,$%!?5,%>',:>%B8!

Q5,$! ,$%! :1;?%'>! >%(&*1(5<5?5,5%(! +*>! (&%1251)G! &**>! 51+*>0',5*1! +?*@(G! '12! '<(%1;%! *+! *@1K
(*:>;%! >%A%1:%(G! ,$%>%! 5(! *+,%1! ?5,,?%! 51;%1,5A%! +*>! ,$%! ?*@%>! ?%A%?(! *+! )*A%>10%1,! ,*! &>*A52%!
(%>A5;%(! %++%;,5A%?=! S/$0'2! '12! C>*(5*G! "\\6UBf! F12%%2G! ,$%! 0*>%! >%;%1,! @*>4! 2*1%! 51! ,$%!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
8
! F1!,$%!-66\(G!@*>4!<=!,$%!Q*>?2!C'14!*1!;*:1,>5%(!(:;$!'(!b:((5'd!9$>5(,51%!Q'??5;$!S%2BUG!-66fG!57..&,(,0*(%8#(
$8,--#09#(2"("&.$,-("#*#+,-&./G!Q*>?2!C'14G!b%)5*1'?!'12!M%;,*>'?!M,:2=g!!F12*1%(5'd!/1@'>!M$'$!'12!N5'!h:>%($5G!
-66fG! :0%#+92'#+0/#0%,-( "&.$,-( +#-,%&20.( &0( :0*20#.&,3( Q*>?2! C'14! ^5(;:((5*1! 3'&%>! "86g! ,**4! ,$%! (,'12'>2!
1*>0',5A%!'&&>*';$!,*!+5(;'?!+%2%>'?5(0!5((:%(G!+*??*@%2!<=!'2A5;%!,*!O%H5;*d!`:5):'?%G!O'>;%?*!'12!M,%A%1!Q%<<G!
"\\\G!4$8&#'#/#0%.(,0*($8,--#09#.(2"("&.$,-(*#$#0%+,-&;,%&20<(-#..20.("+2/(=#>&$23!#$%!Q*>?2!C'14!'12!3'45(,'1d!
i'(&%>!b5;$,%>G!"\\.G!?,@@&09(%,>(A,.#.("2+(*#'#-2@/#0%3!#$%!Q*>?2!C'14B!
f
! M%%!/$0'2G!Y$,5($'0G!`5*>)5*!C>*(5*G!'12!c5,*!#'1J5G!"\\.G!Z]*;'?!(%>A5;%!&>*A5(5*1!51!(%?%;,%2!VY9^!;*:1,>5%(d!
2*! 2%;%1,>'?5J%2! *&%>',5*1(! @*>4! <%,,%>E[! 51! `B! F1)>'0! '12! jBXB! X*1)! S%2(UG! )&.$,-( B#$#0%+,-&;,%&20( ,0*( 1,0*(
C2-&$&#.3(]51;*?1!F1(,5,:,%!*+!]'12!3*?5;=G!9'0<>52)%G!OB/B!
Q*>?2! C'14! &*51,(! ,*! ,$%! &5,+'??(! *+! Z! &'>,5'?! *>! 51;*0&?%,%! 2%;%1,>'?5J',5*1[! S(%%! ^%A'>'D'1G!
i$%0'15! '12! M$'$UBT! #$%! ';;%((! ,*! ;>%25,! 0'>4%,(! <=! (:<1',5*1'?! %1,5,5%(! :12%>! ,$%(%! Z@%'4!
&*?5,5;'?! %;*1*0=! ;*125,5*1([! '12! &**>! 51;%1,5A%! (,>:;,:>%(! $'A%! ?%2! ,*! 25++5;:?,5%(! +*>! ?*;'?!
)*A%>10%1,(! '(! @%??! '(! +:??K<?*@1! 0';>*%;*1*05;! ;>5(%(! 51! (%A%>'?! ;'(%(G! ?%'251)! ,*!
;*:1,%>A'5?51)!&>%((:>%(!+*>!+5(;'?!>:?%(G!(:<1',5*1'?!2%<,!?505,(G!'12!)%1%>',5*1!*+!(,'12'>25J%2!
51+*>0',5*1!+?*@(G!'(!25;,',%2!<=!,$%!1*>0',5A%!,$%*>=B!!

R1+*>,:1',%?=G! ,$%! &>%(%1;%! *+! '??! ,$%! 1%;%(('>=! Z<:5?251)! <?*;4([! 2*! 1*,! &>*A52%! (:++5;5%1,!
;*125,5*1(!,$',!,$%(%!51(,>:0%1,(!@5??!<%!:(%2G!'(!$'(!<%;*0%!I:5,%!;?%'>!@5,$!,$%!2%?5<%>',%!
*<+:(;',5*1!*+!<:2)%,'>=!51!,$%!Y:>*&%'1!R15*1G!'12!,$%!>%&%',%2!(:<1',5*1'?!2%<,!;>5(%(!51!
;*:1,>5%(! 51! ;*:1,>5%(! (:;$! '(! C*?5A5'! S2%(;>5<%2! <%?*@UG! 2%(&5,%! ,$%! &>%(%1;%! *+! (:<K1',5*1'?!
2%<,!?505,(!*>!*,$%>!;*1(,>'51,(B!

F1!,$5(!&'&%>G!@%!,>=!,*!52%1,5+=!,$%!0'51!,>%12(!>%)'>251)!2%;%1,>'?5J',5*1!51!,$%!>%;%1,!&'(,!51!
+%2%>'?!'12!:15,'>=!(,',%(!51!]',51!/0%>5;'G!@$5?%!+*;:(51)!*1!,$%!(,>',%)5%(G!'12!(&%;5+5;!&*?5;=!
,**?(G! '12! ,$%! 51,%>>%?',5*1($5&(! @5,$! ,$%! 51,%>1',5*1'?! ')%1;5%(B! Q%! @5??! '>):%! ,$',! ,$5(! $'(!
<%%1! '1! 51,%>';,5A%! &>*;%((G! @5,$! <*,$! ;*:1,>5%(! '12! 51,%>1',5*1'?! ')%1;5%(! ?%'>151)! +>*0!
%H&%>5%1;%(!'12!2%A%?*&0%1,(!51!0%,$*2B!#$5(!&>*;%((!0'=!$%?&!,$%!51,%>1',5*1'?!')%1;5%(!,*!
<%,,%>! (:&&*>,! @$',! 5(! 51! %++%;,! '! ;*0&?%H! '12! 25++5;:?,! &>*;%((! *+! 50&>*A%2! )*A%>1'1;%G! 1*,!
*1?=!51!]',51!/0%>5;'G!<:,!'?(*!51!*,$%>!&'>,(!*+!,$%!@*>?2B!

@< .,-&)&1#-'*1,$,9?',6'5*1*$)+#-&4#)&,$'
!

#$%>%!@'(!'1!51,%1(5+5;',5*1!*+!,$%!2%0*;>',5;!&>*;%((!51!,$%!-66\(!51!]',51!/0%>5;'B!F1!(*0%!
;'(%(G!,$5(!51A*?A%2!,$%!%12!*+!05?5,'>=!*>!*1%K&'>,=!>:?%!S%B)BG!/>)%1,51'G!C>'J5?G!O%H5;*G!*1!,$%!
*1%! $'12G! '12! 51! ,$%! :15,'>=! (,',%(! (:;$! '(! 9*?*0<5'G! '12! C*?5A5'! '12! 3%>:G! '(! @%??! '(! 51! ,$%!
+%2%>'?! ;*:1,>5%(! *+! ,$%! >%)5*1a/>)%1,51'G! C>'J5?! '12! O%H5;*UB! ! Q$5?%! '! 25(,51;,5*1! ;*:?2!
:(%+:??=! <%! 0'2%! <%,@%%1! ,$%! )>*:&! *+! P%2%>'?! ;*:1,>5%(G! '12! ,$*(%! @5,$! :15,'>=!
;*1(,5,:,5*1(k,$%>%!$'(!<%%1!'!0*A%0%1,!,*@'>2(!I:'(5K+%2%>'?!(,',:(!@5,$!,$%!%(,'<?5($0%1,!
*+! %?%;,%2! 51,%>0%25',%! ,5%>(! 51! 0*(,! ;'(%(B! #$5(! $'(! ?%2! ,*! '! ;*1A%>)%1;%! *+! &*?5;=! '12!
'&&>*';$! 51! 0*(,! ;'(%(G! <:,! @%! >%,'51! ,$%! 25(,51;,5*1! +*>! ,$%! &:>&*(%! *+! ,$5(! &'&%>a'(! @%!
'>):%! ,$',! ,$%! P%2%>'?! ;*:1,>5%(! '>%! ?%((! *&%1! ,*! 51+?:%1;%! *>! Z254,',[! +>*0! ,$%! 51,%>1',5*1'?!
')%1;5%(!*>!2*1*>(B!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
T
!M%%!^%A'>'D'1G!M$'1,'='1'1G!M,:,5!i$%0'15!'12!M$%$4'>!M$'$G!"\\6G!Z#$%!&*?5,5;(!*+!&'>,5'?!2%;%1,>'?5J',5*1G[!51!
Y$,5($'0!/$0'2!'12!`5*>)5*!C>*(5*!S%2(UG!B2#.(*#$#0%+,-&;,%&20(#08,0$#(.#+'&$#(*#-&'#+D(,0*(@2'#+%D(+#*7$%&20E(
Y2@'>2!Y?)'>G!9$%?,%1$'0G!RiB!

! .!
/0*1)! ,$%! :15,'>=! (,',%(G! @%! +*;:(! *1! 9*?*0<5'! '12! C*?5A5'a'12! ,*:;$! *1! F12*1%(5'! '12!
3%>:a'(!,$%(%!$'A%!'??!+*??*@%2!'!(505?'>!>*:,%!,*@'>2(!2%;%1,>'?5J',5*1!'?<%5,!',!'!25++%>%1,!
&';%B!!9$51'G!@$5;$!@'(!I:5,%!2%;%1,>'?5J%2G!$'(!0*A%2!,*@'>2(!)>%',%>!;%1,>'?5J',5*1G!',!?%'(,!
*1!,$%!>%A%1:%!(52%G!,$',!5(!0*>%!51!?51%!@5,$!,$%!%H&%>5%1;%!*+!,$%!+%2%>'?!(,',%(!,$',!@%!@5??!
25(;:((!<%?*@B!

9$5?%!$'(!1*,!,'4%1!,$%!+5(;'?!2%;%1,>'?5J',5*1!>*:,%G!51!,$%!0'11%>!*+!5,(!+%??*@!/12%'1!:15,'>=!
(,',%(G! <:,! $'(! +*;:(%2! *1! 0'451)! ,$%! %++5;5%1;=! *+! ,$%! (&%1251)! &>*;%((G! @5,$! )>%',%>!
';;*:1,'<5?5,=!*+!,$%!';,*>(!51A*?A%2!51!,$%!(&%1251)!;$'51B!#*!(*0%!%H,%1,!,$5(!;*:?2!<%!(%%1!
'(!'1!%H,>'&*?',5*1!*+!,$%!Z9$5;')*!2*;,>51%[!*+!,$%!9$5?%'1!%;*1*05(,(G!<:,!,$%!51,%>1',5*1'?!
')%1;5%(! $'A%! 1*,! <%%1! 0'D*>! &?'=%>(! 51! ,$5(! &>*;%((B! #$5(! &>*;%((! 0'=! <%! 2%(;>5<%2! '(!
51,>*2:;51)! &%>+*>0'1;%! <:2)%,51)! 51! '! 2%;*1;%1,>',%2! '12! :15,'>=! %1A5>*10%1,G! '12! 1*,!
Z2%;%1,>'?5J',5*1[! '(! 51! ,$%! *,$%>! ;*:1,>5%(B! 3%>$'&(! 51! '! ;*:1,>=! @5,$! '! >%?',5A%?=! (0'??! '12!
$*0*)%1%*:(!&*&:?',5*1G!,$5(!'&&>*';$!0'=!<%!0*>%!%++%;,5A%!'12!0'4%!0*>%!(%1(%!,$'1!,$%!
>:($!,*!2%;%1,>'?5J%!,$',!$'(!)>5&&%2!0'1=!&'>,(!*+!,$%!@*>?2B!!

9$5?%L(!1%5)$<*>!3%>:G!*1!,$%!*,$%>!$'12G!$'(!*(;5??',%2!<%,@%%1!2%;%1,>'?5J',5*1!51!,$%!-6.\(G!
,*!,$%!;%1,>'?5J',5*1!:12%>!P:D*0*>5B!F,!5(!'!?'>)%!;*:1,>=!@5,$!0'>4%2!,*&*?*)5;'?!25++%>%1;%(G!
'12!;*1(52%>'<?%!51%I:'?5,=B!/(!,$%!,%;$15;'?!'((5(,'1;%!%A'?:',5*1!2:>51)!,$',!&%>5*2!($*@%2G!
?';4! *+! 51+*>0',5*1! 'A'5?'<?%! ,*! ,$%! ;%1,%>! *1! ?*;'?! &>%+%>%1;%(! '12! &>5*>5,5%(! 0'2%! ;%1,>'??=!
'20515(,%>%2! (*;5'?! (,'<5?5J',5*1! 25++5;:?,G! '12! %H';%><',%2! ?'<*:>! 0'>4%,! +>')0%1,',5*1B!
P:>,$%>G!@%'41%((%(!51!<:2)%,!&>*;%((%(!'12!*A%>(5)$,!0%;$'15(0(G!&%>05,,%2!0%0<%>(!*+!,$%!
'20515(,>',5*1! ,*! :(%! &:<?5;! 51A%(,0%1,! +:12(! '(! '! 0%'1(! ,*! >%%?%;,! P:D50*>5G! *>! 25A%>,!
>%(*:>;%(!51,*!,$%5>!*@1!&*;4%,(B!X%1;%G!,$%!>%,:>1!,*!'!&$'(%2K2%;%1,>'?5J%2!(,>',%)=!2:>51)!
,$%!?'(,!2%;'2%!0'2%!'!?*,!*+!(%1(%!51!,$%!3%>:A5'1!;*1,%H,B!

#$%! +%2%>'?! (,',%(! *+! ]',51! /0%>5;'G! />)%1,51'G! C>'J5?! '12! O%H5;*G! '>%! ?'>)%! '12! 50&*>,'1,!
;*:1,>5%(!@5,$!25(,51):5($%2!%;*1*05(,(!*+!,$%5>!*@1B!#$%=!,%12!,*!<%!>%?',5A%?=!50&%>A5*:(!,*!
'2A5;%!+>*0!,$%!51,%>1',5*1'?!')%1;5%(G!'?,$*:)$!,$5(!$'(!1*,!(,*&&%2!,$%!?',,%>!+>*0!&>*++%>51)!
,%;$15;'?! '((5(,'1;%B! /?,$*:)$! 3'45(,'1! 5(! '! +%2%>'?! (,',%G! 5,(! %H&%>5%1;%! $'(! <%%1! (505?'>! ,*!
3%>:G! @5,$! *(;5??',5*1(! <%,@%%1! 0*>%! *>! ?%((! ;%1,>'?5J%2! *&%>',5*1(! )5A%1! 5,(! &%>5*25;!
%H&%>50%1,',5*1(!@5,$!05?5,'>=!>:?%B!!

A<'B$&)#+?'/)#)*/'
!,-,9C&#'
9*?*0<5'! @'(! ,$%! *1%! *+! ,$%! +5>(,! ]',51! /0%>5;'1! ;*:1,>5%(! ,*! %H&?5;5,?=! 0*A%! ,*@'>2(!
2%;%1,>'?5J',5*1a0:;$! 51+?:%1;%2! <=! e*>,$! /0%>5;'1! %H'0&?%(B! #$%! >%(,>:;,:>51)! *+! ,$%!
51,%>)*A%>10%1,'?! +5(;'?! (=(,%0! <%)'1! 51! ,$%! %'>?=! -6.\(G! @5,$! '! 9*005((5*1! $%'2%2! <=!

! 6!
b5;$'>2!C5>2G!'12!(:<(%I:%1,!&>*&*('?(!+*>!50&?%0%1,',5*1!<=!,$%!Q5%(1%>!9*005((5*1B! W!#$%!
1%@!9*1(,5,:,5*1!*+!-66-!?*;4%2!51!,$%!&>*;%((!'12!,**4!5,!+:>,$%>B!

/(!,*!<%!%H&%;,%2!',!,$%!,50%G!,$%!%0&$'(5(!@'(!A%>=!0:;$!*1!,$%!Z1*>0',5A%!'&&>*';$B[!#$%!
&>51;5&?%!+*??*@%2!@'(!,*!2%A*?A%!(&%1251)!>%(&*1(5<5?5,5%(!*1!,$%!<'(5(!*+!,$%!<%1%+5,!&>51;5&?%G!
51! *>2%>! ,*! ';$5%A%! *:,;*0%(! >%(&*1(5A%! ,*! ?*;'?! 1%%2(! '12! ';$5%A%! <%,,%>! ,'>)%,51)! '12!
%++5;5%1;=B! `5A%1! ,$',! 9*?*0<5'! $'2! '?(*! 50&?%0%1,%2! '! c/#G! ,$%! 9*1(,5,:,5*1! &:,! '! +?**>! *1!
,>'1(+%>(! +>*0! ,$%! ;%1,%>! ,*! ,$%! (:<1',5*1'?! )*A%>10%1,(! 51! *>2%>! ,*! 0%%,! (*;5'?! (&%1251)!
1%%2(B! #$%! 9*,:(&5$ %*+2()G! 51,>*2:;%2! 51! -6W.! +*>! +51'1;51)! 2%&'>,0%1,'?! (&%1251)! *1! $%'?,$!
'12!%2:;',5*1!@'(!+:>,$%>!;5>;:0(;>5<%2!<=!,$%!-66-!9*1(,5,:,5*1G!%1(:>51)!)>%',%>!(&%1251)!
+*>! $%'?,$! '12! %2:;',5*1B! #$%! &>*;%((! *+! +:>,$%>! (&%;5+5;',5*1! *+! ,$%! :(%! *+! ,$%! ,>'1(+%>(! @'(!
(&%;5+5%2!51!]'@!W\G!@$5;$!>%I:5>%2!',!?%'(,!W\!&%>;%1,!*+!,$%!9*,:(&5!,*!<%!(&%1,!*1!%2:;',5*1G!
'12!"\!&%>;%1,!+*>!$%'?,$!;'>%G!'12!,$%!>%0'5151)!"\!&%>;%1,B!P*>!,$%!0:15;5&'?5,5%(G!'!)%1%>'?K
&:>&*(%! ,>'1(+%>! ,*! 0:15;5&'?5,5%(! S]'@! 88! *+! -6W.U! @'(! %++%;,5A%?=! >%&?';%2! <=! %'>0'>4%2!
,>'1(+%>(!51!-66-B!!!

Q$5?%!,$%!&>*;%((!51!9*?*0<5'!@'(!;?%'>?=!Z$*0%K)>*@1[G!51,%>1',5*1'?!')%1;5%(!@%>%!<>*:)$,!
51!*1!'!(%?%;,5A%!<'(5(a@5,$!@*>4!*1!(&%1251)!'((5)10%1,(!;**>251',%2!@5,$!9Y3/]l`#NG!'12!
0:15;5&'?!;'&';5,=!<:5?251)!@5,$!,$%!'((5(,'1;%!*+!,$%!Q*>?2!C'14B!9*1(:?,',5*1(!@%>%!$%?2!@5,$!
,$%!FOP!*1!>%A%1:%!'((5)10%1,(G!,>'1(+%>!2%(5)1!'12!(:<1',5*1'?!2%<,!0'1')%0%1,B!

/(! &*51,%2! *:,! 51! '! Z&*?5,5;'?! %;*1*0=! &%>(&%;,5A%[! <=! ,$%! FOP! '((%((0%1,7! 51! -66fG! ,$%!
+:1;,5*1'?!Z%'>0'>451)[!5(!'!;$'>';,%>5(,5;!*+!;%1,>'?5J%2!(,',%(G!'12!>:1(!;*:1,%>!,*!,$%!<'(5;!
&>%;%&,(!*+!2%;%1,>'?5J%2!';;*:1,'<5?5,=B!#$:(G!4%=!2%;5(5*1(!;*1,51:%!,*!<%!0'2%!',!,$%!;%1,>'?!
?%A%?!<=!,$%!;*0&%,%1,!':,$*>5,5%(G!'12!50&?%0%1,%2!<=!?*;'?!')%1;5%(G!'?0*(,!'(!Z')%1,([!*+!
,$%!;%1,%>B!#$%!>%(*>,!,*!%'>0'>451)!5(!*+,%1!2%+%12%2!*1!';;*:1,!*+!';;*:1,'<5?5,=!&>*<?%0(G!
'(!,$%!;%1,>'?!)*A%>10%1,!S*>!2*1*>(G!(%%!<%?*@U!'>%!1*,!(:>%!,$',!&:<?5;!0*15%(!@5??!<%!:(%2!
+*>! Z'&&>*&>5',%[! &:>&*(%(B! X*@%A%>G! ,$%! %'>0'>451)! 2*%(! 1*,! %1(:>%! ,$',! >%(*:>;%(! @5??!
';,:'??=! <%! (&%1,! ';;*>251)! ,*! ,$%! ;%1,>'??=! 2%,%>051%2! *<D%;,5A%G! %(&%;5'??=! 51! ;'(%(! @$%>%!
50&?%0%1,',5*1! 5(! 2%;%1,>'?5J%2! '12! ,$%>%! 5(! '1! '<(%1;%! *+! &>*&%>! 51+*>0',5*1! +?*@(! '12!
<:2)%,'>=! &>*;%2:>%(! '>%! 51'2%I:',%! ,*! %1(:>%! %++%;,5A%! 0*15,*>51)! *+! *:,;*0%(! *>! D:2)51)!
&*?5;=!&>5*>5,5%(!;*>>%;,?=B!/$0'2G!C>*(5*G!M&'$1!'12!c%$*>1!S-66TU!51(5(,%2!,$',!2%;%1,>'?5J%2!
';;*:1,'<5?5,=! ;*:?2! 1*,! <%! %1(:>%2! @5,$*:,! A*,%>L(! (;>:,51=! *+! (&%1251)G! 51;%1,5A5J%2! <=! ,$%!
*@1K,'H%(!*+!,$%!?*;'?!)*A%>10%1,(!'12!,$%!Z:1,5%2[!,>'1(+%>(G!?',%>!)%1%>'?5J%2!51!/0<>*(5'1*!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
W
! M%%! b5;$'>2! C5>2G! ;3,#'<57#'31#3,()$ =*3(32#$ *3$ >5)51?*(/$ X'>A'>2! ]'@! M;$**?G! -6.fG! '12! Q5%(1%>K^:>'1G! YBG!
F2-2/A&,<(B#$#0%+,-&;,$&G0(D()#*#+,-&./2()#*#+,-3!!^e3G!3>%(52%1;5'!2%!?'!b%&m<?5;'G!C*)*,nB!

7
! M%%!Y$,5($'0!/$0'2G!9$'>?%(!c%$*>1G!`5*>)5*!C>*(5*!'12!C%>12!M&'$1G!-66TG!F2-2/A&,<(5#"2+/&09(?#++&%2+&,-(
?,>,%&20(,0*(?+,0."#+.3(FOPd!P5(;'?!/++'5>(!^%&'>,0%1,B!
!

! -\!
'12!C*>25)1*1!S"\\WUB!!Q5,$*:,!,$%!%++%;,5A%!(;>:,51=!*+!,$%!?*;'?!%?%;,*>',%G!'><5,>'>51%((!'12!
;*>>:&,5*1!'>%!&*((5<?%a,%>0%2!Z;'&,:>%[!<=!C'>2$'1!'12!O**4$%>D%%!51!,$%!F125'1!;*1,%H,B!

F12%%2G! 51! 9*?*0<5'G! %A%1! ,$%! 1*>0',5A%! '&&>*';$! >'1! 51,*! 25++5;:?,5%(! '(! ,$%! 2%A*?:,5*1! *+!
(&%1251)!@'(!0%'1,!,*!';;*0&'1=!,$%!51;>%'(51)!,>'1(+%>(!,*!0:15;5&'?5,5%(!'12!2%&'>,0%1,(!
*1!';;*:1,!*+!2%;%1,>'?5J%2!%2:;',5*1!'12!$%'?,$!;'>%B!X*@%A%>G!,$%!Z>%(&*1(5<5?5,=!+*>!$5>51)!
'12!+5>51)!,%';$%>(!'12!$%'?,$!;'>%!@*>4%>(!>%0'51%2!@5,$!,$%!;%1,%>a',,%0&,(!,*!0*A%!,$%(%!
+:1;,5*1(! ,*! 0:15;5&'?5,5%(! @%>%! ,$@'>,%2! <=! &*@%>+:?! :15*1([.! SP%2%?51*! '12! #%>KO51'((5'1G!
"\-\G! &B! -"UB! ! #$5(! ?%2! ,*! 51;>%'(51)! <:2)%,'>=! &>%((:>%(! *1! ,$%! ;%1,>'?! )*A%>10%1,G! '12!
51;>%'(%2!>%(*:>;%(!+*>!,$%!?*;'?!)*A%>10%1,(G!@$5;$!@%>%!?%A%>')%2!,*!51;>%'(%!<*>>*@51)!+*>!
'??!(*>,(!*+!(&%1251)!SMn1;$%J!'12!`:,,5%>oJG!-66TUB6!#$5(!@'(!1*,!@$',!@'(!51,%12%2G!'12!,$%!
)*A%>10%1,! ,$%1! 51,>*2:;%2! ?*;'?! )*A%>10%1,! 2%<,! 0'1')%0%1,! '12! <*>>*@51)! ?'@! S51! ,$%!
052K-66\(UG! '(! '! &>%;:>(*>! ,*! P5(;'?! b%(&*1(5<5?5,=! ]%)5(?',5*1a,$%! ?',,%>! '?(*! <%;'0%! A%>=!
+'($5*1'<?%!';>*((!]',51!/0%>5;'G!%(&%;5'??=!+*??*@51)!,$%!C>'J5?5'1!%H&%>5%1;%B!C:,!,$%!I:%(,5*1!
>%0'51(! @$%,$%>! ,$%(%! 1*>0',5A%! &>%(;>5&,5*1(! @*>4! @5,$*:,! '! +5>0%>! :12%>&51151)! *+! ,$%!
&*?5,5;'?! %;*1*0=! '12! 51;%1,5A%(! +';51)! 2%;5(5*1! 0'4%>(! ',! '??! ?%A%?(! *+! )*A%>10%1,B! #$%!
%H&%>5%1;%(!*+!]',51!/0%>5;'!'12!1*@!,$%!YR!@*:?2!(:))%(,!,$',!;':,5*1!05)$,!<%!'&&>*&>5',%B!

#$%!F((:%!*+!($'>51)!1',:>'?!>%(*:>;%(!5(!51,>51(5;'??=!'!&*?5,5;'?K%;*1*0=!&>*<?%0B!V1!,$%!*1%!
$'12G!,$%!1',5*1'?!)*A%>10%1,!5(!<%,,%>!'<?%!,*!Z$%2)%[!')'51(,!:1+'A*>'<?%!&>5;%!0*A%0%1,(G!
'12! ,*! %1)')%! 51! 0';>*%;*1*05;! (,'<5?5J',5*1! '12! >%25(,>5<:,5*1a,$%! ,=&5;'?! 1*>0',5A%!
+:1;,5*1(! *+! ,$%! ;%1,>'?! )*A%>10%1,B! V1! ,$%! *,$%>! $'12G! 1',:>'?! >%(*:>;%K&>*2:;51)! >%)5*1(!
S%(&%;5'??=!,$*(%!@5,$!&%,>*?%:0!'12!)'(!>%(*:>;%(U!,%12!,*!$'A%!(&'>(%?=!&*&:?',%2!'>%'(!,$',!
,%12! ,*! <%! &**>%>! ,$'1! ,$%! 0*>%! &>*)>%((5A%! :><'1! '>%'(B! #$5(! ,%12(! ,*! ?%'2! ,*! 2%0'12(! +*>!
':,*1*0=!*>!0*>%!%++%;,5A%!'??*;',5*1!*+!,$%!>%A%1:%(!,*!2%A%?*&!,$%(%!'>%'(B-\!b%)'>2?%((!*+!
1*>0',5A%!'12!0';>*%;*1*05;!;*1(52%>',5*1(G!,$%!&*?5,5;'?K%;*1*0=!;*1(52%>',5*1(!2*051',%B!
#$%! 9*?*0<5'1! '>>'1)%0%1,(! '??*@%2! +*>! ,$%! &>*2:;51)! >%)5*1(! ,*! ,'4%! '! ?'>)%! ($'>%! *+! ,$%!
1',:>'?! >%(*:>;%(G! '?,$*:)$! ,$%! 0*>%! >%;%1,! >%+*>0(! )5A%! '! ?'>)%>! ($'>%! ,*! 1*1K&>*2:;51)!
>%)5*1(a,*! ?%((%1! ,$%! Z>%(*:>;%[! )'&(G! '12! '?(*! ;>%',%! '! 1',5*1'?! ;*1(%1(:(B! /(! ,$%(%! 1*1K
&>*2:;51)! >%)5*1(! 0'=! '?(*! <%! I:5,%! &**>a,$%! ;%1,%>! ;'1! ;%>,'51?=! &?'=! '! >*?%! 51! ,$%!
Z>%25(,>5<:,5*1[!&>*;%((B!

9*?*0<5'! 5(! 51,%>%(,51)G! '(! 5,! 515,5',%2! '! &>*;%((! *+! @$',! ;'1! *1?=! <%! ,%>0%2! "#$%&#'$"(#')!
*'&+,$"-./-(01%$"$"(#!SM'?0*1G!"\-\UG!'(!'!1:0<%>!*+!*,$%>!:15,'>=!(,',%(!<%)'1!,*!;*&=!,$%!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
.
! P%2%?51*G! /11'?5('! '12! #%>%('! #%>KO51'((5'1G! "\-\G! =,H&09( )&.$,-( B#$#0%+,-&;,%&20( I2+H<( F+2..JF270%+D(
!>@#+&#0$#.3(FOP!V;;'(5*1'?!3'&%>G!"7-B!
6
!P'<5*!Mn1;$%J!'12!9','?51'!`:,,5%>oJG!-66TG!Z9*?*0<5'[!51!]*&%JKO:>&$=G!*&!;5,B!
-\
! #$5(!5((:%!$'(!<%%1!;%1,>'?!51!,$%!25(;:((5*1(!51!&*(,KM:$'>,*!F12*1%(5'G!&*(,KM'22'0!F>'IG!&*(,KC5'+>'!e5)%>5'G!
'12!:12%>!,$%!1%@!9*1(,5,:,5*1(!51!9*?*0<5'!'12!C*?5A5'B!

! --!
2%(5)1!'12!50&?%0%1,',5*1!(,>',%)=G!51;?:251)!,$%!2>'@<';4(a<:,!,$5(!5(!1*,!(:>&>5(51)!'(!,$%!
'2A5(*>(!>%0'51%2!,$%!('0%!51!0*(,!;'(%(G!'12!@5,$!&%>$'&(!)>%',%>!51+?:%1;%!'(!@%!($'??!(%%B!
#$5(! @'(! &'>,5;:?'>?=! 0'>4%2! 51! ,$%! /12%'1! ;*:1,>5%(G! %(&%;5'??=! Y;:'2*>! '12! C*?5A5'G! '12! 51!
3%>:! '+,%>! ,$%! +'??! *+! ,$%! P:D50*>5! '20515(,>',5*1G! ')'51! @5,$! ,$%! (:&&*>,! *+! ,$%! ('0%!
51,%>1',5*1'?!'12!<5?',%>'?!')%1;5%(G!,$%!`#N!*1!(&%1251)!2%(5)1G!,*)%,$%>!@5,$!,$%!Q*>?2!C'14G!
F/^C!'12!9Y3/]B!

D,-&2&#'
F1! C*?5A5'! 51! ,$%! -66\(G! 2%;%1,>'?5J',5*1! @'(! $%?2! '(! '1! 51,%)>'?! &'>,! *+! %1$'1;51)! (%>A5;%!
2%?5A%>=! +*>! ,$%! &**>! '(! &'>,! *+! ,$%! &>*;%((! *+! >%;*A%>51)! +>*0! '1! %;*1*05;! ;>5(5(B! #$%!
2%;%1,>'?5J',5*1! @'(! (,>*1)?=! (:&&*>,%2! <=! <5?',%>'?! 2*1*>(G! '(! @%??! '(! ,$%! 51,%>1',5*1'?!
')%1;5%(! SF/^CG! `#NG! ,$%! Q*>?2! C'14! '(! @%??! '(! ,$%! FOPUB! ! #$%! 51+?:%1;%! *+! 2*1*>(! '12!
51,%>1',5*1'?!')%1;5%(!51!,$%!C*?5A5'1!;'(%!$'(!<%%1!I:5,%!0'>4%2B!

#$%! `#N! '12! RM/F^! @%>%! 2%%&?=! 51A*?A%2! @5,$! ,$%! 2%;%1,>'?5J',5*1! &>*;%((G! 51;?:251)! ,$%!
&*?5,5;'?! '(&%;,(G! '12! ,$%! *A%>?'&&51)! (&%1251)! >%(&*1(5<5?5,5%(! >%(%0<?%2! ,$*(%! 51! `%>0'1=G!
,$',! >%;%1,! 9*005((5*1(! $'A%! ,>5%2! ,*! >%+*>0! <:,! $'A%! +'5?%2B! #$%! F/^C! '12! ,$%! Q*>?2! C'14!
(:&&*>,%2! ,$%! :1<:12?51)! *+! ,$%(%! >%(&*1(5<5?5,5%(G! '12! ,$%! 2%A%?*&0%1,! *+! ,$%! `*A%>10%1,!
+51'1;5'?!51+*>0',5*1!(=(,%0!S`POFMUG!*>!MF`O/B!

F1! -667G! ,$%! *1(%,! *+! (:<1',5*1'?! 512%<,%21%((! &>*0&,%2! ';,5*1! <=! ,$%! FOPG! '12! 2%<,! ?505,(!
@%>%!50&*(%2!*1!0:15;5&'?5,5%(G! --!>%+?%;,51)!,$%!&>%;%2%1,!+>*0!9*?*0<5'G!'12!FOP!,%;$15;'?!
'((5(,'1;%B!X*@%A%>G!5,!+'5?%2!,*!)%,!,*!)>5&(!@5,$!,$%!:12%>?=51)!&*?5,5;'?!%;*1*0=!25++5;:?,5%(G!
,$',!)%1%>',%!,$%!50<'?'1;%(!51!,$%!+5>(,!&?';%G!'12!,$%!)'0%(!&?'=%2!<%,@%%1!25++%>%1,!?%A%?(!
*+! )*A%>10%1,B! /1*,$%>! FOP! 05((5*1! 51! -66.! @'(! ?':1;$%2! ,*! (,%0! ,$%! 2%<,! 25++5;:?,5%(! *+!
(:<1',5*1'?!)*A%>10%1,(B! -"!#$5(!51+>'(,>:;,:>%!252!1*,!&>%A%1,!,$%!>%;:>>%1;%!*+!(:<1',5*1'?!
2%<,!25++5;:?,5%(!+*??*@51)!,$%!&%>5*2!*+!%;*1*05;!'12!&*?5,5;'?!;>5(5(!S-666K"\\"UB!!

^%<,! &>*<?%0(! ;*1,51:%2G! )5A%1! ,$%! 25++5;:?,=! 51! ,>';451)! (:<1',5*1'?! *&%>',5*1(G! '12!
')>%%0%1,(! $'2! ,*! <%! >%';$%2! <%,@%%1! ,$%! ;%1,>'?! '12! ;*1;%>1%2! ?*;'?! )*A%>10%1,(! ,*!
%1(:>%!'1!*>2%>?=!'2D:(,0%1,a51;?:251)!;$'1)51)!,$%!2%<,!;*0&*(5,5*1!S(:&&*>,%2!<=!9/P!'12!
,$%! Q*>?2! C'14UB! /1*,$%>! FOP! 05((5*1! 51! "\\-! +*;:(%2! *1! 2%<,! 0'1')%0%1,! 5((:%(B-8! #$%!
05((5*1! >%;*00%12%2! ,$',! ,$%>%! ($*:?2! <%! '! 1*K<'5?*:,! &>*A5(5*1! '12! ,$',! ,$%>%! ($*:?2! <%!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
--
!R12%>!,$%!-667!<:2)%,!?'@G!2%<,!(%>A5;%!@'(!?505,%2!,*!"T!&%>;%1,!*+!>%A%1:%(G!'12!2%<,!(,*;4!,*!<%!?*@%>!,$'1!
"T\!&%>;%1,!*+!>%A%1:%(B!#$5(!>%+?%;,%2!,$%!9*?*0<5'1!0:15;5&'?!2%<,!?'@B!
-"
! 3o>%JG! ]G! `B! C>*(5*G! FB! 9*%?$*G! _K]! b:5JG! _Kb! b:5JG! -66.G! C*?5A5'd! 1,.( +#-,$&20#.( "&.$,-#.( &0%#+97A#+0,/#0%,-#.K
@+2@7#.%,.(@,+,(/#L2+,+(#-(7.2(*#(+#$7+.2.(D(#-(/,0#L2((/,$+2#$20G/&$23!P/^G!FOPB!
-8
!O'1*%?G!/BG!O'>5'!/?<51*G!'12!_B3B!_50o1%JG!"\\-G!M2-&'&,<(!'2-7$&G0(*#(-,(*#$#0%+,-&;,$&G0("&.$,-(D(#-($20%+2-(*#(
-,(*#7*,(*#(-2.(92A&#+02.(/70&$&@,-#.3$P/^G!FOPB!

! -"!
';;%?%>',5*1! *+! ,$%! )*A%>10%1,! +51'1;5'?! 51+*>0',5*1! (=(,%0! ,*! ,>';4! (&%1251)G! MF`O/G! <%51)!
>*??%2!*:,!<=!,$%!F/^C!'12!,$%!Q*>?2!C'14B!!

C=! "\\-G! :12%>! ,$%! %1$'1;%2! XF39! '>>'1)%0%1,G! 2*1*>(! 2%;52%2! ,$',! ,$%! 2%;%1,>'?5J',5*1!
&>*;%((! @'(! &>*;%%251)! (:++5;5%1,?=! @%??! +*>! ,$%! 2%<,! >%?5%+! ,*! <%! 25>%;,%2! ,*! 0:15;5&'?!
)*A%>10%1,(! +*>! $%'?,$! ;'>%G! %2:;',5*1! '12! 51+>'(,>:;,:>%! (&%1251)G! <'(%2! *1! (%?%;,5A%!
%A52%1;%B-f!#$%>%!@'(!'?(*!(:++5;5%1,!>%?5'1;%!*1!,$%!%++5;';=!*+!,$%!MF`O/!<%51)!2%A%?*&%2!,*!
<%!'<?%!,*!%++%;,5A%?=!,>';4!,$%!(:<1',5*1'?!(&%1251)G!*>!(*!5,!@'(!<%?5%A%2B!!

C=!"\\fG!=%,!'1*,$%>!FOP!05((5*1G-T!,$5(!,50%!,'451)!'!&*?5,5;'?!%;*1*0=!&%>(&%;,5A%G!+*:12!,$',!
,$%>%! @%>%! (5)15+5;'1,! 2%+5;5%1;5%(! 51! ,$%! 2%(5)1! *+! ,$%! 2%;%1,>'?5J',5*1! &>*;%((a&'>,5;:?'>?=!
)*A%>151)!,$%!'??*;',5*1!*+!XF39KFF!+:12(!,*!0:15;5&'?5,5%(B!Q$5?%!,$5(!&',,%>1!@'(!A%>=!0:;$!51!
,$%!,>'25,5*1!*+!,$%!*A%>?'&&51)!>%(&*1(5<5?5,5%(!'12!Z%'>0'>4%2[!,>'1(+%>(G!5,!&>*A52%2!+:12(!51!
'>%'(! @$%>%! ,$%! ?*;'?! )*A%>10%1,(! $'2! ?5,,?%! *>! 1*! >%(&*1(5<5?5,=a&'>,5;:?'>?=! %2:;',5*1! '12!
$%'?,$! ;'>%G! '(! ,$%! 2%&'>,0%1,(! $5>%2! ,$%! (,'++! ,$',! @%>%! &'52! +*>! 25>%;,?=! +>*0! ,$%! ;%1,>'?!
<:2)%,a')'51!>%0515(;%1,!*+!9*?*0<5'B!!#$%!?*;'?!)*A%>10%1,(!@%>%!1*,!&'>,5;:?'>?=!51;?51%2!
,*! :(%! +:12(! +*>! ,$%(%! &:>&*(%(G! '12! @5,$! ?505,%2! *@1K(*:>;%! >%A%1:%(G! ,$%>%! @%>%! 1*!
51;%1,5A%(!,*!2*!(*!%++5;5%1,?=B!3?:(G!,$%!,>'1(+%>!(=(,%0!@'(!1*,!&'>,5;:?'>?=!Z%I:'?5J51)[G!'12!
,$%! ',,%0&,! ,*! &';5+=! ,$%! 1',:>'?! >%(*:>;%! &>*2:;51)! >%)5*1(! ,$>*:)$! $=2>*;'><*1! >%A%1:%!
($'>51)!@'(!1*,!%(&%;5'??=!%++%;,5A%B!O*>%*A%>G!,$%!MF`O/!51+*>0',5*1!(=(,%0!$'2!<%%1!&**>?=!
2%(5)1%2G!'12!%A%1!5+!5,!$'2!<%%1!&>*&%>?=!2%(5)1%2G!$'2!?5,,?%!;$'1;%!*+!&>*A5251)!,$%!25(;5&?51%!
,$',!@'(!05((51)!51!,$%!&>%A5*:(!51(,5,:,5*1'?!+>'0%@*>4B!

/! ;'>%+:?! %0&5>5;'?! '1'?=(5(! <=! '! C*?5A5'1! %;*1*05(,! +*:12G! :(51)! (:;;%((5A%! $*:(%$*?2! ?%A%?!
(:>A%=(G!,$',!,$%!:(%!*+!,$%!XF39K+:12(!<=!?*;'?!)*A%>10%1,(!$'2!A5>,:'??=!1*!;*>>%?',5*1!@5,$!
50&>*A%0%1,(! 51! ?5A51)! (,'12'>2(! SF1;$':(,%G! "\\.UB-W! YA%1! @$%1! ;*1(52%>51)! 51+>'(,>:;,:>%G!
@$5;$!5(!@$%>%!0:;$!*+!,$%!(&%1251)!,**4!&?';%G!,$%>%!@'(!1*!(,>*1)!%A52%1;%!,$',!';;%((!,*!
51+>'(,>:;,:>%!50&>*A%2!(5)15+5;'1,?=B!

#$%! 5((:%! @5,$! 1',:>'?! >%(*:>;%(! 51! C*?5A5'! 5(! ,$',! ,$%! &%,>*?%:0! >%(*:>;%(! '>%! )%1%>',%2! 51!
>%)5*1(! ,$',! '>%! %,$15;'??=! 25(,51;,! +>*0! ,$%! 0'D*>5,=! 5125)%1*:(! &*&:?',5*1! *+! ,$%! (),*.)(35G!
@$5;$!,%12!,*!<%!'0*1)!,$%!&**>%(,B!#$5(!,%12(!,*!+'1!(%&'>',5(,!,%12%1;5%(!51!,$%!&>*2:;51)!
>%)5*1(! S'(! @'(! ,$%! ;'(%! 51! C5'+>'! 51! e5)%>5'G! '12! /;$%$! 51! F12*1%(5'UB! #$%>%! 5(! '! ,>'2%*++!
<%,@%%1! 0';>*%;*1*05;! 0'1')%0%1,! *>! ,$%! >%25(,>5<:,5A%! +:1;,5*1(! *+! ,$%! ;%1,>'?!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
-f
! P'):%,G! _B3BG! "\\fG! Z^*%(! 2%;%1,>'?5J',5*1! 51;>%'(%! )*A%>10%1,! >%(&*1(5A%1%((! ,*! ?*;'?! 1%%2(E! YA52%1;%! +>*0!
C*?5A5'[G!N27+0,-(2"(C7A-&$(!$202/&$.3(..G!SfUG!&&B!.W7K68B!
-T
!/$0'2G!Y$,5($'0G!`5*>)5*!C>*(5*G!/?5;5'!^p'JKN:>>*G!F!P'51<*50G!b%1',*!c5??%?'!'12!9'>?*(!3'>%1,%G!-66fG!M2-&'&,<(
&/@+2'&09(A7*9#%(,0*(*#$#0%+,-&;,%&20(@+2$#..#.3(FOPG!P/^B!
-W
!F1;$':(,%G!`'<>5%?'G!"\\6G!Z^%;%1,>'?5J',5*1!51!C*?5A5'd!$'(!5,!0'2%!'!25++%>%1;%E[!51!Y$,5($'0!/$0'2!'12!
`5*>)5*!C>*(5*!S%2(BUG!B2#.(*#$#0%+,-&;,%&20(#08,0$#(.#+'&$#(*#-&'#+D(,0*(@2'#+%D(+#*7$%&20E(Y2@'>2!Y?)'>B!

! -8!
)*A%>10%1,G! '12! ,$%! &*?5,5;'?! %;*1*0=! ;*1(52%>',5*1! *+! 4%%&51)! ,$%! ;*:1,>=! ,*)%,$%>B! ! F,! 5(!
1',:>'?!,$',!,$%!?',,%>!@5??!2*051',%G!'12!,$%!0';>*%;*1*05;!'12!>%25(,>5<:,5A%!+:1;,5*1(!@5??!
1%%2!,*!<%!'2'&,%2!%++%;,5A%?=!51!*>2%>!,*!';;*00*2',%a,*!(*0%!%H,%1,!,$5(!$'(!<%%1!,>:%!*+!
F12*1%(5'! '(! @%??! '(! F>'I! S/$0'2G! +*>,$;*051)UB! F1! C*?5A5'G! 51! ?',%! "\\7G! $=2>*;'><*1! ,'H!
,>'1(+%>(! ,*! >%)5*1(! @%>%! ;:,! <=! W\! &%>;%1,G! 51! '! >%;%1,>'?5J',5*1! 0*A%! 2%(5)1%2! ,*! +';5?5,',%!
Z>%25(,>5<:,5*1[!,>'1(+%>(!,*!&**>%>!0:15;5&'?5,5%(B!F,!@'(!'?(*!'1!',,%0&,!,*!Z>%'((%>,[!;*1,>*?!
*A%>! ,$%! >%)5*1(! @5,$! (%&'>',5(,! ,%12%1;5%(! SP%2%?51*! '12! #%>KO51'((5'1G! "\-\UB! M:;$! '! 0*A%!
@*:?2!<%!51;*1;%5A'<?%!51!0*2%>1!2'=!F>'I!*>!F12*1%(5'G!'12!@*:?2!;%>,'51?=!+'1!>',$%>!,$'1!
>%2:;%! (%;%((5*15(,! ,%12%1;5%(! 51! ,$%(%! ;*:1,>5%(a($*@51)! ,$',! ,$%>%! 0'=! 1*,! <%! '! :15I:%!
(*?:,5*1!,*!,$%!($'>51)!*+!1',:>'?!>%(*:>;%!>%A%1:%(G!'12!0:;$!2%&%12(!*1!,$%!(&%;5+5;!;*1,%H,G!
@$5;$!0'=!;$'1)%!*A%>!,50%B!

VA%>'??G!2%(&5,%!,$%!?505,%2!(:;;%((!,*!2',%!@5,$!,$%!2%;%1,>'?5J',5*1!51!C*?5A5'G!,$%!',,%0&,!$'(!
<%%1! ,*! (%%4! @'=! ,*! 0'4%! 5,! @*>4! <%,,%>! 51! '! $%,%>*)%1%*:(! ;*:1,>=G! )5A51)! A*5;%! ,*! ,$%!
25('2A'1,')%2! &%*&?%! @$*! ('@! ?5,,?%! <%1%+5,! 2:>51)! %H,%12%2! &%>5*2(! *+! ;%1,>'?5J%2! >:?%B! /(!
($*@1! <=! P'):%,! S"\\fUG! ;?%'>?=! ,$%! &*((5<5?5,=! *+! 50&>*A%0%1,(! 51! ?5A51)! (,'12'>2(! $'(! <%%1!
2%0*1(,>',%2G! %A%1! 5+! ,$5(! ;'11*,! <%! )%1%>'?5J%2! ',! ,$5(! (,')%! S"\\6UB! #$:(G! )*51)! <';4! ,*!
;%1,>'?5J%2!>:?%!5(!1*,!'!&*?5,5;'?K%;*1*0=!*&,5*1G!'12!,$%!+*;:(G!+*>!51(,'1;%!*+!,$%!"\\f!FOP!
05((5*1!@'(!,*!%H'051%!,$%!05((51)!%?%0%1,(!,*!0'4%!,$%!&>*;%((!@*>4!<%,,%>G!&'>,5;:?'>?=!,$%!
*@1K(*:>;%! >%A%1:%(! ',! ?*@%>! ?%A%?(! ,*! %1$'1;%! 51;%1,5A%(! +*>! <%,,%>! ';;*:1,'<5?5,=G! '12!
51+*>0',5*1!+?*@(!,$',!<*?(,%>!,$%!&>*;%((B!

.*+E'
/(!'>):%2!51!/$0'2!'12!`'>;p'KY(;>5<'1*!S"\-\UG!3%>:!&>*A52%(!'!?'<*>',*>=!+*>!%H'05151)!,$%!
%++%;,5A%1%((! *+! 2%;%1,>'?5J',5*1! '12! ,$%! ;%1,>'?5J%2! >:?%G! '(! (:;;%((5A%! '20515(,>',5*1(! $'A%!
*(;5??',%2!<%,@%%1!,$%!%H,>%0%(B!O'=*>(!@%>%!&*&:?'>?=!%?%;,%2!&>5*>!,*!,$%!&%>5*2!*+!05?5,'>=!
>:?%! <%,@%%1! -6W.! '12! -676B! #$%! (:<(%I:%1,! &%>5*2! *+! %H,>%0%! ;%1,>'?5J',5*1! @'(!
;$'>';,%>5J%2! <=! 51;>%'(51)! 25(&'>5,5%(! <%,@%%1! ,$%! ;*'(,! S&'>,5;:?'>?=! ]50'U! '12! ,$%! &**>%>!
>%)5*1(! *+! ,$%! +*#''(! '12! +#)7(B! #$%! -676! ;*1(,5,:,5*1'?! >%+*>0(! >%51(,',%2! 0:15;5&'?5,5%(B!
X*@%A%>G! ,$%! ',,%0&,(! ,*! 2%;%1,>'?5J%! +:1;,5*1(! 2:>51)! ,$%! +5>(,! `'>;p'! &%>5*2! 51! ,$%! -6.\(!
@%>%!$'0&%>%2!<=!@%'4!'20515(,>',5A%!'12!%;*1*05;!0'1')%0%1,G!'12!&?'):%2!<=!%H,%1(5A%!
>%1,!(%%451)!'12!25A%>(5*1!*+!>%(*:>;%(!',!'??!?%A%?(!*+!)*A%>10%1,B!9*0<51%2!@5,$!,$%!;$'*(!
'((*;5',%2! @5,$! ,$%! 0';>*%;*1*05;! ;>5(5(! '12! $=&%>51+?',5*1G! ,$%>%! @'(! ?5,,?%! %A52%1;%! *+! '!
>%2:;,5*1!51!>%)5*1'?!25(&'>5,5%(!*>!&*A%>,=B!F1!;*1,>'(,G!,$%!(,'<5?5J',5*1!*+!P:D50*>5!;'0%!@5,$!
;*1(52%>'<?%! ;%1,>'?5J',5*1G! <:,,>%((%2! <=! ,$%! 51,>*2:;,5*1! *+! '! c/#G! @5,$! '! ;%1,>'?! ,'H!
'20515(,>',5*1B! ! /(! '1! '2D:1;,! ,*! ,$%! %;*1*05;! (,'<5?5J',5*1G! ,$%! %'>?=! P:D50*>5! &%>5*2! @'(!
;$'>';,%>5J%2!<=!'1!',,%0&,!,*!'?(*!&>*A52%!+*>!(*;5'?!(,'<5?5J',5*1G!(%%1!'(!'1!%((%1,5'?!%?%0%1,!
51!,$%!+5)$,!')'51(,!,$%!M$5151)!3',$!S9#3&#'5@!):%>>5??'(B!!

! -f!
FOP!,%;$15;'?!'((5(,'1;%!',!,$5(!,50%G!*,$%>!,$'1!+*>!,$%!%(,'<?5($0%1,!*+!MRe/#!'12!,$%!2%(5)1!
*+!,$%!c/#G!+*;:(%2!*1!,$%!(*;5'?!&>*)>'0!50&?%0%1,',5*1B!/!05((5*1!51!-66"!$5)$?5)$,%2!,$%!
@%'41%((%(!*+!,>=51)!,*!&>*A52%!(*;5'?!'((5(,'1;%!51!'!,*&K2*@1!0'11%>!@5,$*:,!,$%!0%'1(!*+!
52%1,5+=51)!?*;'?!&>%+%>%1;%(G!'12!51!'!(5,:',5*1!@$%>%!2%;*1;%1,>',%2!?*;'?!)*A%>10%1,(!@%>%!
>%?',5A%?=! @%'4G! '12! ?';4%2! *@1K(*:>;%! >%A%1:%(G! *>! ;?%'>?=! 2%+51%2! +:1;,5*1(B! 9%1,>'??=!
2%,%>051%2! '12! +51'1;%2! &>*)>'0(G! (:;$! '(! PVe9V^YM-7G! @%>%! *+,%1! ,$%! 0'D*>! (*:>;%! *+!
';,5A5,5%(! +*>! ?*;'?! )*A%>10%1,(B! Q$5?%! ,$%(%! @%>%G! 51! &>51;5&?%G! 2%(5)1%2! ,*! >%+?%;,! ?*;'?!
&>5*>5,5%(G! ,$%>%! @%>%! +%@! 0%;$'15(0(! ,*! ;**>251',%! ',! ,$%! ?*;'?! *>! ;%1,>'?! ?%A%?(G! '((%((!
,>'2%*++(! '12! %(,'<?5($! &>5*>5,=! (&%1251)B! #$%! ;%1,%>! ?';4%2! ,$%! +:??! 51+*>0',5*1! ,*! 0'4%!
'??*;',5*1(G!'12!,$%>%!*+,%1!@'(!'!?';4!*+!;?'>5,=!<%,@%%1!,$%!(&%1251)!<=!(&%;5'?5J%2!')%1;5%(!
?54%!PVe9V^YM!'12!,$%!*&%>',5*1(!*+!?51%!0515(,>5%(!'12!?*;'?!'20515(,>',5*1(B!!

#$%!@'>!*1!,$%!M$5151)!3',$!,%>>*>5(,(!$'2!'!1%)',5A%!50&';,!*1!';,5A5,=!?%A%?(G!&'>,5;:?'>?=!51!
,$%! (5%>>'! '12! ,$%! (%?A'G! %H';%><',51)! ,$%! ?'<*:>K0'>4%,! 25(,*>,5*1(G! '12! ,$%! ';;%?%>',%2!
05)>',5*1! *+! 0'?%! @*>451)K')%! &*&:?',5*1! ,*@'>2(! ,$%! ;*'(,! '12! ]50'B! #$5(! $'2! (5)15+5;'1,!
50&?5;',5*1(! +*>! ,$%! ,=&%(! *+! 51,%>A%1,5*1(! 1%%2%2! +*>! ,$%! A:?1%>'<?%! 51! ,$%! (5%>>'! '12! (%?A'!
S?'>)%?=! +%0'?%! $%'2%2! $*:(%$*?2(G! ,$%! %?2%>?=! '12! ;$5?2>%1UG! '12! ,$%! (*>,(! *+! 51A%(,0%1,K
<'(%2!51;*0%!(:&&*>,!,$',!@'(!*1!*++%>B!F12%%2G!,$%>%!@%>%!(%A%>'?!%H'0&?%(!*+!Z<>52)%(!51!,$%!
0522?%!*+!1*K@$%>%!@5,$*:,!;*11%;,51)!>*'2(!',!%5,$%>!%12G!<:5?,!<=!;*1,>';,*>(!+>*0!]50'!@5,$!
>%?',5A%?=! +%@! ?514')%(! @5,$! ,$%! ?*;'?! ?'<*:>! 0'>4%,B[-.! #$%! -66f! 05((5*1(! @'>1%2! ,$',! ,$%!
;>5,%>5'!+*>!,$%!'??*;',5*1!*+!+:12(G!,*)%,$%>!@5,$!,$%!@%'4!0*15,*>51)!0%;$'15(0(G!0%'1,!,$',!
,$%! >%'??=! &**>! @*:?2! ?54%?=! 1*,! <%1%+5,G! '12! ,$',! ,$%! ?*;'?! )*A%>10%1,(! @*:?2! $'A%! '1!
51;%1,5A%!,*!0'51,'51!,$%5>!>'1451)(!51!,$%!&*A%>,=!0'&!S1(.($&#$.5?'#A(U!51!*>2%>!,*!;*1,51:%!
,*! >%;%5A%! 51A%(,0%1,! +:12(B-6! #$%! (,>*1)! >%;*00%12',5*1! 0'2%! <=! ,$%! -66f! 05((5*1(! ,*!
%(,'<?5($!'!,>'1(&'>%1,!(=(,%0!,*!0*15,*>!(&%1251)G!51A*?A51)!'!#>%'(:>=!M51)?%!/;;*:1,G!'12!'!
)*A%>10%1,! +51'1;5'?! 51+*>0',5*1! 0'1')%0%1,! (=(,%0G! @'(! )5A%1! ?5&! (:&&*>,! <=! ,$%! P:D50*>5!
'20515(,>',5*1G!<:,!2%(&5,%!,$%!(5)15+5;'1,!,%;$15;'?!'((5(,'1;%!?':1;$%2!<=!,$%!F/^CG!,$%!FOP!
S:(51)! ,$%! C>'J5?5'1! 0*2%?! '12! C>'J5?5'1! ;*1(:?,'1,(U! '(! &'>,! *+! ,$%! +*??*@K:&G! ,$%! 0%'(:>%(!
@%>%!%++%;,5A%?=!'<'12*1%2!@5,$51!'!+%@!=%'>(!@5,$!1*!>%(:?,(B!F,!5(!;?%'>G!@5,$!$512(5)$,!,$',!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
-7
! #$5(!@'(!'!+:12!+*>!(*;5'?!(,'<5?5J',5*1!,$',!&>*A52%2!+51'1;51)!+*>!%2:;',5*1G!$%'?,$!'12!51+>'(,>:;,:>%!1%%2(!',!
,$%!0:15;5&'?!?%A%?B!M%%!Y$,5($'0!/$0'2G!_:'1!/05%A'KX:%>,'G!_]B!b:5J!'12!_%>>=!M;$5++G!/&>5?!-66fG!3%>:d!C2A+#;,3(
C2-&%&$,.( C7A-&$,.( D( O#.%&20( *#-( O,.%2( C7A-&$22! ! FOPG! P/^G! ! '12! Y$,5($'0! /$0'2G! _B! /05%A'KX:%>,'G! '12! _50! B_B!
#$*0'(G!!V;,*<%>!-66fG!3%>:d!C2A+#;,<(=#+$,*2(*#(?+,A,L2(D(C2-&%&$,.(P2$&,-#.2!FOPG!P/^B!

-.
! F1;?:251)!*1%!51!,$%!0522?%!*+!,$%!R>:<'0<'!A'??%=a,$%!?*;'?!0'=*>!D:(,5+5%2!,$5(!'(!'!0%'1(!*+!)%,,51)!+:12(!
+>*0!]50'B!
-6
! #$5(!(5,:',5*1!5(!>%0515(;%1,!*+!,$%!;:>>%1,!2%<',%!>%?',51)!,*!,$%!:(%!*+!YR!M,>:;,:>'?!+:12(!S:12%>!]'@!f..UG!
@5,$!@%'4!0*15,*>51)G!':25,!'12!;*1,>*?(!SYRKV]/PUG!'12!@5,$!,$%!>%?%A'1,!&*?5,5;5'1(!$'A51)!1*!Z';;*:1,'<5?5,=[!
+*>!,$%!%++%;,5A%!:(%!*+!,$%(%!+:12(B!

! -T!
,$%!)>%',%>!,>'1(&'>%1;=!@'(!1*,!$5)$!*1!,$%!&>%+%>%1;%!+:1;,5*1!*+!,$%!'20515(,>',5*1a<:,!
,$5(!5(!1*,!'?@'=(!'&&'>%1,!,*!')%1;5%(!4%%1!,*!2%?5A%>!,%;$15;'?!'((5(,'1;%B!

b%)>%,,'<?=G! )5A%1! ,$%! @%'4! 0*15,*>51)! 0%;$'15(0(G! ,$%(%! 51A%(,0%1,K<'(%2! ,>'1(+%>(! @%>%!
05('&&>*&>5',%2!51!,$%!?',,%>!$'?+!*+!,$%!P:D50*>5!>%)50%!,*@'>2(!$5(!>%%?%;,5*1!;'0&'5)1G!'12!
51!*:,>5)$,!+>':2B!#$5(!@'(!(:<(%I:%1,?=!5??:(,>',%2!51!,$%!,>5'?(!*+!P:D50*>5!'2A5(*>G!O*1,%(51*(B!

#$%! #*?%2*! '20515(,>',5*1! 51! "\\"! >%A5A%2! ,$%! 2%;%1,>'?5J',5*1! &>*;%((B! #$%! (%;*12! `'>;p'!
'20515(,>',5*1!51!"\\W!'?(*!2%;52%2!,*!0*A%!+*>@'>2!,$5(!2%;%1,>'?5J',5*1!&>*;%((B!#$%>%!@'(!'!
&*?5,5;'?K%;*1*0=!>%;*)15,5*1!,$',!'!25(&%>('?!*+!&*@%>!'0*1)!>%)5*1'?!'12!?*;'?!)*A%>10%1,(!
&>*A52%(!51(:>'1;%!')'51(,!'!;%1,>'?5J%2!'<:(%!*+!&*@%>!'12!>%(*:>;%(G!'(!%H&%>5%1;%2!2:>51)!
,$%!P:D50*>5!=%'>(B!/$0'2!'12!`'>;p'KY(;>5<'1*!S"\-\UG!<'(%2!*1!51(5)$,(!+>*0!'1!FOP!05((5*1!
51!"\\T! "\:(51)!,$%!&*?5,5;'?K%;*1*0=!&%>(&%;,5A%G!(:))%(,%2!,$',!;*1(52%>'<?%!@*>4!5(!1%%2%2!
,*! 2%A%?*&! '! ;**>251',%2! '&&>*';$! ,*! (&%1251)! '12! >%A%1:%! '((5)10%1,(! ,*! %1(:>%! <%,,%>!
)*A%>1'1;%! '12! ';;*:1,'<5?5,=! ',! '??! ?%A%?(a)5A%1! ,$%! &*?5,5;'?! %;*1*0=! ;*1(,>'51,(! 51! 3%>:B!
#$5(!'?(*!%1,'5?(!'1!50&>*A%0%1,!51!51+*>0',5*1!+?*@(G!'12!'!>%2%(5)1!*+!,>'1(+%>!0%;$'15(0(!
,$',!Z%I:'?5J%!;'&'<5?5,5%([!@5,$*:,!;>%',51)!25(51;%1,5A%(B!

/(! 51! ,$%! 9*?*0<5'1! S'12! F12*1%(5'1U! ;*1,%H,(G! 2%;5(5*1(! *1! ($'>51)! *+! ,$%! 1',:>'?! >%(*:>;%!
;'1*1(! 51! 3%>:! &>%;%2%2! ,$%! 2%A*?:,5*1! *+! (&%1251)! *>! *,$%>! *@1K(*:>;%! >%A%1:%! >'5(51)!
&*@%>(G! .('*$ .(++:! ;>%',51)! 5((:%(! >%?',51)! ,*! <*,$! 0';>*%;*1*05;! (,'<5?5J',5*1! '12! 51,%>K
>%)5*1'?! >%25(,>5<:,5*1B! C:,! &%>$'&(! ,$5(! 5(! ,$%! &>5;%! ,*! <%! &'52! 51! ,%>0(! *+! 2%;%1,>'?5J51)!
&*@%>(!'12!+:1;,5*1(!51!'!0:?,5K%,$15;!'12!25A%>(%!;*:1,>=B!!

!"&$#'
F1!,$%!%'>?=!-66\(!9$51%(%!;*1,%H,!*+!0:>4=!(&%1251)!>%(&*1(5<5?5,5%(!S'!?*,!*+!(*;5'?!(&%1251)!
@'(! &%>+*>0%2! <=! (,',%! *@1%2! %1,%>&>5(%(! <%?*1)51)! ,*! 25++%>%1,! ?%A%?(! *+! )*A%>10%1,U! 51! '!
?%)'?!:15,'>=!(,',%G!@5,$!1*!;%1,>'?!,'H!;*??%;,5*1!*,$%>!,$'1!;:(,*0(G!,$%!;%1,%>!$'2!1*!'<5?5,=!
,*!'20515(,%>!,'H',5*1B!#$%!9$51%(%!%;*1*05;!>%+*>0(!*+!,$%!-6.\(!$'2!0*A%2!+>*0!'!(=(,%0!
*+! -\\! &%>;%1,! &>*+5,(! ,'H',5*1! *+! ?'>)%?=! (,',%! *@1%2! %1,%>&>5(%(! S;*??%;,%2! <=! ?*;'?!
)*A%>10%1,(!*1!<%$'?+!*+!,$%!;%1,%>U!,*!'!0*>%!0*2%>',%!?%A%?!*+!,'H',5*1B!X*@%A%>G!,$5(!$'2!
,$%!;*1(%I:%1;%!,$',!,$%!,'H!,*!`^3!>',5*!+%??!+>*0!0*>%!,$'1!""!&%>;%1,!,*!'<*:,!-"!&%>;%1,!
<=!-668G!'12!0*>%!'?'>051)?=G!,$%!;%1,>'?!)*A%>10%1,!($'>%!*+!;*??%;,5*1(!+%??!+>*0!D:(,!:12%>!
W\! &%>;%1,! 51! ,$%! %'>?=! -6.\(G! ,*! :12%>! 8\! &%>;%1,! <=! -668B! #$5(! (%A%>%?=! ;*1(,>'51%2! ,$%!
;%1,%>!51!&:>(:51)!0';>*%;*1*05;!'12!>%25(,>5<:,5A%!&*?5;=!)*'?(B!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"\
!Y$,5($'0!/$0'2G!i',$%>51%!9$>5(,*&$%>(*1G!O%>;%2%(!`'>;p'KY(;>5<'1*G!/?5;5'!^p'JKN:>>*G!'12!9'>?*(!3'>%1,%G!
"\\TG!3%>:d!=2*#+0&;&09(M7*9#%(C+2$#..#.3(:0.%&%7%&20.(,0*(:0"2+/,%&20(PD.%#/.G!P/^G!FOPg!'12!Y$,5($'0!/$0'2!
'12! O%>;%2%(! `'>;p'KY(;>5<'1*! S"\-\UG! Z9*1(,>'51,(! ,*! Y++%;,5A%! P5(;'?! ^%;%1,>'?5J',5*1! 51! 3%>:[! +*>,$;*051)! 51!
_*>)%! O'>,51%JKc'(JI:%J! '12! P>'1q*5(! c'5??'1;*:>,G! S%2(UG! QA.%,$-#.( %2( B#$#0%+,-&;,%&20<( 1#..20.( "+2/( P#-#$%#*(
F270%+&#.B!

! -W!
#$%! 2%<',%! ',! ,$%! ,50%! @'(! @$%,$%>! ,$%! 1*>0',5A%! 0*2%?! *+! +%2%>'?! >%+*>0(! ($*:?2! <%!
+*??*@%2d! ;?'>5+=! (&%1251)! >%(&*1(5<5?5,5%(G! '12! ,$%1! '2D:(,! ,'H! '((5)10%1,(! ';;*>251)?=a,$5(!
@'(!,$%!Z<5)!<'1)[!0*2%?!>%;*00%12%2!<=!,$%!C'14!S'(!51!b:((5'UB!FOP!,%;$15;'?!'((5(,'1;%"-!
',! ,$%! ,50%! (:&&*>,%2! '! A5%@! +>*0! ,$%! 9$51%(%! '20515(,>',5*1! ,$',! 5,! @*:?2! <%! &>%+%>'<?%! ,*!
<*?(,%>! ;%1,>'?! +51'1;%(! @5,$! ,$%! %(,'<?5($0%1,! *+! '! M,',%! /20515(,>',5*1! *+! #'H',5*1! S+*>! ,$%!
+5>(,! ,50%! 51! 9$51%(%! $5(,*>=UG! >%(&*1(5<?%! +*>! ,$%! ;*??%;,5*1! *+! 0*2%>1! ,'H%(G! &'>,5;:?'>?=! ,$%!
c/#B!!#$5(!A5%@!@'(!';;%&,%2!<=!,$%!?%'2%>($5&G!@$5;$!@'(!4%%1!,*!'A*52!,$%!25++5;:?,5%(!,$',!
@%>%!'&&'>%1,!<=!,$%1!51!b:((5'!+*??*@51)!,$%!;*??'&(%!*+!,$%!M*A5%,!R15*1a'1*,$%>!%H'0&?%!
*+!51,%>1',5*1'?!='>2(,5;4!;*0&%,5,5*1B!!

#$%! 1%@! ,'H! (=(,%0! @*:?2! *&%>',%! 500%25',%?=! +>*0! -66fG! '12! ,$%! (&%1251)! '((5)10%1,(!
@*:?2!<%!:1>'A%?%2!*A%>!,50%!'(!,$%!MVY(!@%>%!>%+*>0%2!)>'2:'??=!S(%%!/$0'2!%,!'?G!-66f!'12!
'!D*51,!>%&*>,!@5,$!,$%!O515(,>=!*+!P51'1;%G!/$0'2G!h5'1)!'12!#'1J5G!-66Ta(%%!'?(*!/$0'2G!]5!
'12! b5;$'>2(*1G! "\\"U""B! ! #$%! 51,%>%(,(! *+! ,$%! ?*;'?! )*A%>10%1,(! @%>%! &>*,%;,%2! <=! '! Z(,*&K
?*(([! &>*A5(5*1! ,$',! %1(:>%2! ,$',! '??! ?*;'?! )*A%>10%1,(! @*:?2! )%,! ,$%! '0*:1,(! ,$',! ,$%=!
>%;%5A%2!51!-668G!'12!,$%!1%@!(=(,%0!@*:?2!<%!&$'(%2!51B!

/!1%@!%I:'?5J',5*1!,>'1(+%>!(=(,%0!@'(!%(,'<?5($%2!(505?'>!,*!,$%!0*(,!'2A'1;%2!51!,$%!@*>?2!
S/$0'2! %,! '?G! -66f! '12! /$0'2G! -667G! <:,! 5,(! *&%>',5*1(! @%>%! &$'(%2! 51! *A%>! ,50%G! '12! '!
2%;?5151)!Z>%A%1:%!,>'1(+%>([!(=(,%0!@'(!;*1(,5,:,%2!51!*>2%>!,*!&>*,%;,!,$%!%0&?*=0%1,!'12!
)>*@,$!&*,%1,5'?!*+!,$%!;*'(,'?!>%)5*1(!S]*:!_5@%5G!-667UB!b%+*>0(!*+!,$%!<:2)%,G!,>%'(:>=!'12!
>%&*>,51)! (=(,%0(! @%>%! '?(*! (%,! 51! 0*,5*1! 51! ,$%! ?',%! -66\(G! 51! '! (%I:%1;51)! *+! 0%'(:>%(! ,*!
&>%&'>%! +*>! ,$%! *&%>',5*1(! *+! '! 0*2%>1! %;*1*0=B! /! (%;*12! &$'(%! *+! ,$%! >%+*>0(! 5(! 1*@!
1%%2%2G! ,*! ;?'>5+=! ,$%! (&%1251)! >%(&*1(5<5?5,5%(! *+! ,$%! ?*@%>! ?%A%?(! *+! )*A%>10%1,G! '12! '?(*!
%H'051%!*@1K(*:>;%!>%A%1:%(!'12!2%<,!51!'!@'=!,*!*&,505J%!?'12!'12!?*;'?!>%(*:>;%!:(%B!!

#$%! 9$51%(%! >%+*>0(! 2:>51)! -668lf! @%>%! '1! %H;%??%1,! %H'0&?%! *+! ,$%! &*(5,5A%! '&&>*';$! ,*!
51,%>)*A%>10%1,'?!5((:%(!51!';,5*1G!'12!&>*A52%2!'!?*,!*+!,$%!51(5)$,!:(%2!(:<(%I:%1,?=!<=!FOP!
(,'++G! *+,%1! 51! ;*1D:1;,5*1! @5,$! C'14! (,'++! S(*0%! *+! ,$%! D*51,! @*>4! @'(! 51! F12*1%(5'G! -666G!
e5)%>5'G!"\\\G!9$51'!"\\8G!'12!O%H5;*G!"\\WUB!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"-
! /$0'2G! Y$,5($'0G! `'*! h5'1)! '12! c5,*! #'1J5G! -66TG! 5#"2+/&09( F8&0,R.( C7A-&$( )&0,0$#.3( FOPG! Q'($51),*1! ^9G!
'12!'?(*!&:<?5($%2!<=!OVPG!3b9B!
""
!/$0'2G!Y!'12!iKj!]%%!'12!/B!i%11%2=G!!-668G!?8#(+#"2+/(2"(&0%#+92'#+0/#0%,-("&.$,-(+#-,%&20.3(/,$+2#$202/&$(
/,0,9#/#0%3( ,0*( A7*9#%( -,6.S( FOPd! P/^G! /$0'2G! YBG! `B! h5'1)! '12! cB! #'1J5G! -66TG! ! /$0'2G! YBG! ! _B! 9>'5)G! ^B!
O5$'?D%4G!-66fG!F8&0,<(20(%8#(*#%#+/&0,%&20(2"(,(9+,0%.(.D.%#/3(P/^G!FOPG!'12!/$0'2G!YBG!_B!9>'5)!'12!bB!M%'>?%G!
-66fG! F8&0,<( "2+/7-,%&09( ,0*( #.%&/,%&09( 9+,0%.3( P/^G! FOPG! ( ! /$0'2G! Y$,5($'0G! -667G! )&0,0$&09( *#$#0%+,-&;#*(
#>@#/*&%7+#.3( ! Y2@'>2! Y?)'>G! '12! ]*:! _5@%5G! -667G! Z9*1(,>'51,(! 51! >%+*>051)! ,$%! ,>'1(+%>! (=(,%0! 51! 9$51'G[! 51!
/$0'2! S-667Ug! '12! /$0'2G! YBG! XB! C>5H5G! OB! P*>,:1'G! CB! ]*;4@**2! '12! bB! M51)$G! "\\8G! F8&0,<( +#"2+/&09( "&.$,-(
+#-,%&20.(A#%6##0(*&""#+#0%(-#'#-.(2"(92'#+0/#0%3(P/^G!FOPB!

! -7!
($5,$*/&#'
#$%! M:$'>,*! '20515(,>',5*1! 0'2%! (5)15+5;'1,! 50&>*A%0%1,(! 51! (%>A5;%! 2%?5A%>=a'?,$*:)$! ,$%(%!
@%>%! >%'??=! 2%;*1;%1,>',%2! *&%>',5*1(! *+! '! ;%1,>'?5J%2! >%)50%B! #$%(%! ';$5%A%0%1,(! @%>%!
(:&&*>,%2!<=!,$%!Q*>?2!C'14!S(%%!M$'$!%,!'?BG!-66fUB!!#$%!&*?5,5;'?!>%(&*1(%!,*!,$%!%12!*+!,$%!
M:$'>,*! >%)50%! @'(! '1! %++*>,! <=! $5(! (:;;%((*>(! ,*! &?';',%! 25('++%;,%2! &%>5&$%>'?! >%)5*1(! <=!!
Z2%;%1,>'?5J51)! (&%1251)! >%(&*1(5<5?5,5%([G! '12! ($'>51)! 1',:>'?! >%(*:>;%! >%A%1:%(G! %A%1! ',! ,$%!
>5(4! *+! ?*((! *+! 0';>*%;*1*05;! ;*1,>*?(! S/$0'2! '12! O'1(**>G! "\\-UB! F1! *>2%>! ,*! 4%%&! ,$%!
:15,'>=! 1',:>%! *+! ,$%! ;*1(,5,:,5*1G! ,$%! 2%;%1,>'?5J',5*1! &>*;%((! +*;:(%2! *1! 25(,>5;,(! '12!
0:15;5&'?!>',$%>!,$'1!>%)5*1'?!)*A%>10%1,(G!,*!051505J%!,$%!>5(4!*+!(%&'>',5(,!,%12%1;5%(B!

F,! 1*1%,$%?%((! &>*A%2! I:5,%! 25++5;:?,! ,*! ';$5%A%! '1! ';;%&,'<?%! ($'>51)! '>>'1)%0%1,! +*>!
&%,>*?%:0! >%(*:>;%(G! %(&%;5'??=! @5,$! ,$%! )>*:&! *+! 25(,>5;,(! 51! /;$%$G! '12! '1! '(=00%,>5;!
(*?:,5*1!@'(!+51'??=!'>>5A%2!',!'+,%>!&>*,>';,%2!1%)*,5',5*1(B!#$%!F12*1%(5'1!&*?5,5;'?!%;*1*0=!
'>>'1)%0%1,! ($*@(! ,$',! '! (*?:,5*1! ;'1! <%! 2%>5A%2G! '?*1)! @5,$! )>%',%>! ';;%&,'<5?5,=! <=! ,$%!
&*&:?',5*1G!%A%1!,$*:)$!,$%!2%(5)1!(,5??!1%%2(!'!)>%',!2%'?!*+!'225,5*1'?!@*>4!51!*>2%>!,*!%1(:>%!
51;%1,5A%(!+*>!,$%!&>*A5(5*1!*+!<%,,%>!?*;'?!(%>A5;%!2%?5A%>=B!!

F<'G*5*+#-'!,E$)+&*/'
!

#$%!>%,:>1!,*!2%0*;>',5;!'12!0:?,5&'>,=!>:?%!51!,$%!+%2%>'?!;*:1,>5%(!@'(!;*0&?5;',%2!<=!,$%!
0:?,5?%A%?!)*A%>10%1,!(,>:;,:>%(G!%(&%;5'??=!51!C>'J5?B!^%(&5,%!0'1=!25++5;:?,5%(!'12!;$'??%1)%(!
S+';%2! 51! ;*00*1!@5,$!/>)%1,51'!'12!O%H5;*G! 51;?:251)!,$%!51,%>1',5*1'?!%;*1*05;!;>5(%(G! '(!
@%??! '(! ,$%! &%>5*25;! 25++5;:?,5%(! @5,$! (:<K1',5*1'?! 2%<,U! ,$%! C>'J5?5'1(! 50&?%0%1,%2! (*0%!
%((%1,5'?! 51(,5,:,5*1'?! >%+*>0(G! 51;?:251)! >*<:(,! 51+*>0',5*1! 0'1')%0%1,! (=(,%0(G! ,$',! $'A%!
(,**2! ,$%0! @%??! *A%>! ,$%! =%'>(G! 51;?:251)! @5,$! ,$%! 50&?%0%1,',5*1! *+! ,$%! P5(;'?! M,'<5?5J',5*1!
3';,(B! #$%(%! $'A%! <%%1! $'>2%>! ,*! >%&?5;',%! 51! />)%1,51'G! O%H5;*! *>! 3%>:G! *>! b:((5'! +*>! ,$',!
0',,%>G! @5,$! ,$%! ;*1(%I:%1;%! ,$',! ,$%(%! ;*:1,>5%(! >%0'51! 0:;$! @%'4%>! ,$'1! C>'J5?! 51!
0'1')51)!;>5(%(!51A*?A51)!(:<1',5*1'?!)*A%>10%1,(B!

/(!51!,$%!:15,'>=!(,',%(G!,$%!;%1,>'?5J51)!%++%;,(!*+!50&?%0%1,51)!'!c/#!S,$%!C>'J5?5'1!c/#!5(!'1!
%H;%&,5*1"8U! $'A%! <%%1! ';;*0&'15%2! <=! ,$%! (:&&>%((5*1! *+! (:<1',5*1'?! *@1K,'H%(B! #$5(! )*%(!
')'51(,!,$%!(&5>5,!*+!,$%!2%0*;>',5J',5*1!>%+*>0(G!'12!$'(!<%%1!&'>,5'??=!*++(%,!<=!'1!%++*>,!,*!
%(,'<?5($!)>%',%>!(&%1251)!':,*1*0=!<=!?*@%>!?%A%?(!*+!)*A%>10%1,B!!C:,!@5,$*:,!0'D*>!*@1K
(*:>;%!>%A%1:%(!',!,$%!0'>)51G!,$5(!$'(!,%12%2!,*!<%!@5,$!>',$%>!?%((!';;*:1,'<5?5,=!,$'1!52%'?G!
?'=51)! ,$%! (%%2(! +*>! +:,:>%! (:<K1',5*1'?! ;>5(%(B! #$5(! &>*;%((! 5(! ;*0&?5;',%2! @5,$! ,$%! ?%)';=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"8
!#$%!C>'J5?5'1!c/#G!@$5;$!5(!;*0&*(%2!*+!'!+%2%>'?!'12!?*@%>!)*A%>10%1,!?%A%?!c/#(G!5(!1*!>*?%!0*2%?G!?%'251)!,*!
&>*2:;,5*1! 25(,*>,5*1(! '12! %A'(5*1! &*((5<5?5,5%(G! '12! (:;;%((5A%! '20515(,>',5*1(! $'A%! <%%1! ,>=51)! ,*! >%+*>0! 5,!
@5,$*:,!(:;;%((!*A%>!,$%!&'(,!,%1!=%'>(B!

! -.!
(=(,%0(! *+! %H,%1(5A%! %'>0'>451)G! '12! *A%>>5251)! *+! ?*;'?! &>%+%>%1;%(G! %(&%;5'??=! ,$*:)$! 1*,!
%H;?:(5A%?=!51!C>'J5?B!!

F>*15;'??=G!,$%!;%1,>'?5J51)!%++%;,!*+!,$%!;*125,5*1'?!;'($!,>'1(+%>(G!%(&%;5'??=!V&*>,:152'2%(!'12!
,$%!C*?('!P'0p?5'G!@$5;$!51!,$%!C>'J5?5'1!;'(%!(:&&?'1,%2!(,',%!?%A%?!&>*)>'0(!$'(!)*1%!51!,$%!
*&&*(5,%! 25>%;,5*1B! F>*15;'??=G! ,$%! ;*125,5*1'?! ;'($! ,>'1(+%>(! $'A%! <%%1! (,>*1)?=! (:&&*>,%2! <=!
,$%!Q*>?2!C'14G"f!@$5;$!'?(*!$'(!<%%1!*1%!*+!,$%!')%1;5%(!0*(,!51!+'A*:>!*+!2%;%1,>'?5J',5*1a
%(&%;5'??=!51!,%>0(!*+!,$%!%++%;,5A%1%((!*+!(%>A5;%!2%?5A%>=!'(!@%??!'(!;?'50(!,$',!5,!05)$,!>%2:;%!
;*>>:&,5*1B"T!F,!'&&%'>(!,$',!,$%!*A%>?'&&51)!(=(,%0!*+!>%(&*1(5<5?5,5%(!$'(!$%?&%2!51!+';5?5,',51)!
,$%!)>%',%>!;%1,>'?!>*?%!51!(*;5'?!&>*,%;,5*1G!'12!'!;'(%!;*:?2!<%!0'2%!,*!D:(,5+=!;%1,>'?5J',5*1!
*+!,$5(!+:1;,5*1B!C:,G!'(!,$%!';,5*1(!>%?',51)!,*!;*125,5*1'?!;'($!,>'1(+%>(!51A*?A%!<*,$!&>50'>=!
$%'?,$! ;'>%! '12! %2:;',5*1G! ,$%! ;'(%! <%;*0%(! I:5,%! ;*0&?%HB! #$',! ('52G! ,$%! >*?%! *+! ,$%!
51,%>1',5*1'?! ')%1;5%(! 51! 51+?:%1;51)! &*?5;=! 51! ,$%! ?'>)%! +%2%>'?! ;*:1,>5%(! 51! ]',51! /0%>5;'G! *>!
F125'G!0:(,!<%!*&%1!,*!I:%(,5*1B"W!

Q%! %H'051%! ,$%! ;*1,>'(,51)! ;'(%(! *+! +%2%>'?! ;*:1,>5%(G! C>'J5?! '12! O%H5;*G! 51! ,$5(! (%;,5*1G!
+*??*@%2!<=!'!25(;:((5*1!>%?',51)!,*!3'45(,'1B!

D+#4&-'
/(! 51! 3%>:G! C>'J5?! $'(! *(;5??',%2! <%,@%%1! ;%1,>'?5J',5*1! '12! 2%;%1,>'?5J',5*1! *A%>! ,50%B!
X*@%A%>G! ,$%! -6..! 9*1(,5,:,5*1! 0*A%2! ,$%! ;*:1,>=! +5>0?=! ,*@'>2(! )>%',%>! 2%;%1,>'?5J',5*1G!
@5,$! (,',%(! '12! 0:15;5&'?5,5%(! )%,,51)! %++%;,5A%! ;*1,>*?(! *A%>! 0'D*>! >%A%1:%! <'(%(! '12! '1!
51;>%'(51)! ($'>%! *+! ;%1,>'??=! ;*??%;,%2! >%A%1:%(G! '(! @%??! '(! )>%',%>! ;*1,>*?(! *A%>! %H&%125,:>%!
0'1')%0%1,! '12! ';;%((! ,*! ;>%25,G! 51;?:251)! ,$>*:)$! <'14(! *@1%2! <=! ,$%! (:<1',5*1'?!
)*A%>10%1,(B! /??! ,$5(! *;;:>>%2! @5,$51! ,$%! ,=&5;'?! ]',51! /0%>5;'1! ;*1,%H,! *+! *A%>?'&&51)!
(&%1251)! >%(&*1(5<5?5,5%(! S/+*1(*! '12! 2%! O%??*G! "\\-U"7B! #$%(%! ;*1,>5<:,%2! ,*! '1! 51%A5,'<?%!
+51'1;5'?!'12!0';>*%;*1*05;!;>5(5(!,$',!$'2!,*!<%!2%'?,!@5,$!51!'!;**>251',%2!0'11%>B!F1!,$5(!
(%;,5*1!@%!2%(;>5<%!(*0%!*+!,$%!4%=!%?%0%1,(!,$',!$'A%!Z>%(;:%2[!'12!(,>%1),$%1%2!C>'J5?5'1!
+%2%>'?5(0G! '?,$*:)$! 2%%&K(%',%2! &>*<?%0(! >%0'51! '12! 1%%2! ,*! <%! '22>%((%2! @5,$51! '!
Z&*(5,5A%[!*>!Z&*?5,5;'?!%;*1*0=[!;*1,%H,B!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"f
!M%%!P5(J<%51G!/>5%?!'12!e*><%>,!M;$'2=G!"\\6G!F20*&%&20,-($,.8(%+,0."#+.K+#*7$&09(@+#.#0%(,0*("7%7+#(@2'#+%D3(
#$%!Q*>?2!C'14B!
"T
! M%%!`:>):>G!#:)>:?!'12!/1@'>!M$'$G!"\\-G!Z]*;'?5J',5*1!'12!;*>>:&,5*1d!&'1';%'!*>!3'12*>'L(!<*HE[!51!/$0'2!
'12!#'1J5!S"\\-UB!
"W
! ]'>)%!+%2%>'?!;*:1,>5%(!(:;$!'(!3'45(,'1G!@$5;$!$'A%!<%%1!>%;5&5%1,(!*+!(5)15+5;'1,!Q*>?2!C'14!'((5(,'1;%!*A%>!
,$%!=%'>(G!$'A%!'?(*!,%12%2!,*!2*!@$',!,$%=!@'1,!,*G!'12!$'A%!(%?%;,5A%?=!:(%2!*>!25(,*>,%2!C'14!'2A5;%!,*!+:>,$%>!
&'>*;$5'?!)*'?(!
"7
! M%%!/+*1(*G!_*(é!b*<%>,*!'12!]:5J!2%!O%??*G!"\\-G!ZC>'J5?d!/1!%A*?A51)!+%2%>',5*1G[!51!/$0'2!'12!#'1J5!S"\\-UG!
*&!;5,B!

! -6!
#$%!-6..!9*1(,5,:,5*1!51,>*2:;%2!'!0:?,5K?%A%?!c/#G!@5,$!(,',%(!$'A51)!';;%((!,*!;*1,>*?!*A%>!
>',%(! '12! <'(%! S51;?:251)! (%,,51)! *+! %H%0&,5*1(U! *+! '! <>*'2! <'(%2! $5)$! =5%?2! c/#! SF9OMUG! ,$%!
+%2%>'?!c/#!<'(%!@'(!?505,%2!,*!512:(,>5'?!)**2(G!'12!0:15;5&'?5,5%(!@%>%!'((5)1%2!'!('?%(!,'H!
*1! 0:15;5&'?! ,>'1(&*>,! '12! &>*&%>,=B! #$5(! 25(D*51,%2! c/#! '((5)10%1,! $'(! <%%1! ;>5,5;5J%2! '(!
;>%',51)! 25(,*>,5*1(G! 50&%251)! 51,%>K(,',%! ,>'2%G".! '12! *&%151)! :&! %A'(5*1! S'?(*! 41*@1! '(!
Z51A*5;%!,*:>5(0[UB!3>*&*('?(!,*!0*A%!,*@'>2(!'!9'1'25'1K(,=?%!2:'?!c/#G!'0*1)!*,$%>(G!$'A%!
<%%1!*1!,$%!'1A5?!+*>!',!?%'(,!-\!=%'>(G!<:,!5,!$'(!&>*A%2!I:5,%!25++5;:?,!,*!51,>*2:;%!'!;$'1)%!
,$',! 51A*?A%(! (,',%(! ,$',! '>%! ;*1,>*??%2! <=! 25++%>%1,! &'>,5%(! 0'451)! ;**>251',%2! >%+*>0(B!
X*@%A%>G! ,$%! (,>%1),$! *+! ,$%! ;:>>%1,! '>>'1)%0%1,! 5(! ,$',! (:<K1',5*1'?! )*A%>10%1,(! $'A%!
;*1,>*?! *A%>! '! 0'D*>! ,'H! <'(%! ',! ,$%! 0'>)51a,$5(! 0'4%(! 5,! +%'(5<?%! ,*! 50&*(%! $'>2K<:2)%,!
;*1(,>'51,(!*1!,$%!(:<K1',5*1'?!)*A%>10%1,(G!'(!1*!<'5?*:,!&>*A5(5*1(!,$%1!<%;*0%!;>%25<?%B!!

/?,$*:)$! '! ?'>)%>! ($'>%! *+! +%2%>'?! >%A%1:%(! @'(! ,*! <%! ,>'1(+%>>%2! ,*! ,$%! (:<1',5*1'?!
)*A%>10%1,(G! ,$5(! @'(! ?'>)%?=! %'>0'>4%2G! ';;%1,:',51)! ,$%! *A%>?'&&51)! >5)525,5%(! 51! ,$%!
C>'J5?5'1!'((5)10%1,(B!F,!'?(*!>%2:;%2!,$%!(;*&%!+*>!,$%!+%2%>'?!)*A%>10%1,!51!0'451)!0';>*K
'2D:(,0%1,(a'(! ,$%! >%A%1:%! %++*>,! 1%%2%2! +*>! '! (&%;5+5%2! ?%A%?! *+! '2D:(,0%1,! 51;>%'(%(!
&>*&*>,5*1',%?=!S'(!5,!5(!1*,!%A52%1,!,$',!,$%!?*@%>!?%A%?(!*+!)*A%>10%1,!@*:?2!')>%%!,*!0'4%!
,$%! ('0%! ?%A%?! *+! '2D:(,0%1,! '(! 1%%2%2! <=! ,$%! +%2%>',5*1UB! C%;':(%! *+! ,$%! ($'>51)!
'>>'1)%0%1,(G! ,$%! +%2%>'?! )*A%>10%1,! $'(! >%(*>,%2! ,*! >'5(51)! >%A%1:%(! ,$',! '>%! 1*,! ($'>%2!
@5,$! ?*@%>! ?%A%?(a(:;$! '(! &'=>*??! '12! ,:>1*A%>! ,'H%(! ,$',! %1;*:>')%! ,$%! 2%A%?*&0%1,! *+!
51+*>0'?! ?'<*:>! 0'>4%,(! '12! 1%)',5A%?=! '++%;,! ;*0&%,5,5A%1%((! S/+*1(*! '12! 2%! O%??*G! "\\-UB!
#$5(!&',,%>1!%++%;,5A%?=!>%&?5;',%(!,$%!O%H5;'1!&',,%>1!*+!+51'1;51)!(*:>;%(!+*>!'1!51;>%'(51)?=!
50&*>,'1,!+%2%>'?!;*125,5*1'?!;'($!,>'1(+%>!&>*)>'0!S,$%!C*?('!P'0p?5'G!,$',!5(!0*2%?%2!*1!,$%!
V&*>,:152'2%(!&>*)>'0a(%%!<%?*@UB!

!F1! '225,5*1! ,*! ,$%! ;*1,>*?! *A%>! *@1K>%A%1:%(! ',! ,$%! M,',%! ?%A%?G! ,$%! (%;*12! 0'D*>! (,>:;,:>'?!
'2A'1,')%!,$',!C>'J5?!$'(!*A%>!*,$%>!]',51!P%2%>',5*1(!5(!,$',!5,!$'(!'1!%++%;,5A%!0%;$'15(0!,*!
0*15,*>!(&%1251)!',!+%2%>'?!'12!(:<1',5*1'?!?%A%?(B!#$5(!5(!,$>*:)$!,$%!`POFM!SMF/PFU!,$',!@'(!
51,>*2:;%2! (**1! '+,%>! ,$%! 9*1(,5,:,5*1'?! ;$'1)%G! '?*1)! @5,$! '1! %++%;,5A%! #>%'(:>=! M51)?%!
/;;*:1,B!#$5(!,>';451)!*+!(&%1251)G!,*)%,$%>!@5,$!;>%25<?%!('1;,5*1(!,$',!'>%!+';5?5,',%2!<=!*@1K
(*:>;%!(:<1',5*1'?!>%A%1:%(G!$'(!0'2%!5,!&*((5<?%!,*!'22>%((!(:<K1',5*1'?!2%<,!&>*<?%0(!51!'!
;**>251',%2!0'11%>B!

^%(&5,%!,$%!51;>%'(51)!($'>%!51!+%2%>'?!>%A%1:%(!+*??*@51)!,$%!1%@!;*1(,5,:,5*1G!50<'?'1;%(!',!
,$%! (:<K1',5*1'?! ?%A%?! '&&%'>%2! I:5;4?=G! '52%2! 1*! 2*:<,! <=! ,$%! :1;?%'>! (&%1251)!
>%(&*1(5<5?5,5%(B!9'&,5A%!?%1251)!<=!<'14(!*@1%2!<=!(,',%!)*A%>10%1,(!'22%2!,*!,$%!&>*<?%0(G!
'(!0'1=!(:<1',5*1'?!)*A%>10%1,(!+51'1;%2!,$%5>!2%+5;5,(!<=!<*>>*@51)!+>*0!,$%5>!(,',%!<'14(G!
51! '! &%>5*2! *+! $5)$! 51+?',5*1G! 51! '1,5;5&',5*1! *+! +%2%>'?! <'5?*:,(B! /?,$*:)$! ,$%! (,',%(! '12!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
".
!M%%!#'1J5!S"\-\UB!

! "\!
0:15;5&'?! )*A%>10%1,(! $'2! '! (0'??! *&%>',5*1'?! (:>&?:(! ',! ,$%! (,'>,! *+! ,$%! 2%;%1,>'?5J',5*1!
&>*;%((!S\B7!&%>;%1,!*+!`^3!51!-66-UG!;*1(5(,%1,?=!$5)$!2%+5;5,(!51!,$%!+*??*@51)!=%'>(!?%2!,*!'!
,>5&?51)!*+!,$%!(,*;4!*+!(:<1',5*1'?!2%<,!,$>*:)$!,$%!2%;'2%!S,*!*A%>!"-!&%>;%1,!*+!`^3!<=!,$%!
?',%! -66\(UB! P%2%>'?! '((:0&,5*1! *+! ,$%! (:<1',5*1'?! 2%<,! @'(! ';;*0&'15%2! <=! ,$%! ')>%%0%1,!
?%'251)!,*!,$%!P5(;'?!b%(&*1(5<5?5,=!]'@!SPb]UG!'12!>%(,*>',5*1!*+!$'>2!<:2)%,!;*1(,>'51,(!',!,$%!
(:<K1',5*1'?!?%A%?B!#$5(!'?(*!51A*?A%2!%?5051',5*1!*+!<*>>*@51)!+>*0!'12!&>5A',5J',5*1!*+!(,',%K
*@1%2!<'14(G!'12!(,>5;,?=!%1+*>;%2!>%(,>5;,5*1(!*1!'225,5*1'?!<*>>*@51)G!51;?:251)!50&*(5,5*1!*+!
;%5?51)(!+*>!<*>>*@51)!+*>!51A%(,0%1,!S,$%!Z)*?2%1!>:?%[UB!"6!

#$%!(:;;%((!*+!,$%!Pb]!51!C>'J5?!$'(!?%2!,*!'1!Z51,%>1',5*1'?!='>2(,5;4!;*0&%,5,5*1[!>%(&*1(%!<=!
51,%>1',5*1'?!')%1;5%(!,*!>%&?5;',%!,$5(!51!*,$%>!;*:1,>5%(G!51;?:251)!51!]',51!/0%>5;'G!'(!@%??!'(!
51! ;*:1,>5%(! ?54%! 3'45(,'1! '12! e5)%>5'B! F1! ,$%! '<(%1;%! *+! ,$%! <'(5;! &>%;*125,5*1(G! 51;?:251)!
(:<1',5*1'?! *@1K(*:>;%! >%A%1:%(G! '12! +:??! 51+*>0',5*1! +?*@(! *1! (:<K1',5*1'?! *&%>',5*1(G! ,$%!
(:;;%((!*+!C>'J5?!$'(!1*,!<%%1!(*!%'(5?=!>%&?5;',%2G!'(!(%%1!51!,$%!C*?5A5'!'12!3'45(,'1!;*1,%H,(B!

F1,%>1',5*1'?!')%1;5%(!$'A%!,>5%2!,*!>%&?5;',%!(*0%!C>'J5?5'1!S'12!O%H5;'1G!(%%!<%?*@U!(:;;%((!
(,*>5%(! 51! ,$%! '>%'! *+! (*;5'?! &>*,%;,5*1a&'>,5;:?'>?=! ;*125,5*1'?! ;'($! ,>'1(+%>(B! F1! ,$%! &*(,!
2%;%1,>'?5J%2! @*>?2G! &>*(&%>*:(! (,',%(! <?*;4%2! +%2%>'?! (&%1251)! 51! &**>%>! (,',%(! +*>! +%'>! *+!
?*(51)!+%2%>'?!+:12(B!#$5(!($5+,%2!,$%!+*;:(!,*!&**>!'>%'(!@5,$51!(,',%(G!(*!,$',!&**>!'>%'(!51!>5;$!
(,',%(! @*:?2! <%1%+5,! +>*0! )>%',%>! +51'1;51)! ,$'1! &**>%>! '>%'(! 51! &**>! (,',%(G! ';;%1,:',51)!
*A%>'??!51%I:'?5,5%(B!X*@%A%>G!)5A%1!,$%!*A%>?'&&51)!>%(&*1(5<5?5,5%(!*1!,$%!(&%1251)!(52%G!,$%!
+%2%>'?!)*A%>10%1,!@'(!'<?%!,*!%1,%>!51,*!D*51,!A%1,:>%(!51!,$%!(*;5'?!'>%'G!51;?:251)!&>%A%1,5A%!
$%'?,$! ;'>%G! &>50'>=! '12! (%;*12'>=! %2:;',5*1! '12! 51;*0%! (:&&*>,B! M51;%! "\\8G! 2:>51)! ,$%!
&%>5*2!*+!,$%!]:?'!'20515(,>',5*1G!,$%!+%2%>'?!'12!(:<1',5*1'?!515,5',5A%(!$'A%!<%%1!>*??%2!51,*!
,$%! C*?('! P'0p?5'B8\! F1! %++%;,G! *A%>?'&&51)! '12! 51%++%;,5A%! (*;5'?! <%1%+5,! &>*)>'0(! ',! ,$%!
(:<1',5*1'?! ?%A%?! $'A%! <%%1! >*??%2! 51,*! '! +%2%>'?! &>*)>'0B! Q$5?%! ,$5(! '22>%((%(! ,$%! 5((:%! *+!
:15+*>05,=!*+!,>%',0%1,!';>*((!,$%!;*:1,>=a'!2%+5;5%1;=!&*51,%2!*:,!<=!/+*1(*!'12!2%!O%??*!
S"\\-U!5,!;*0%(!',!,$%!;*(,!*+!'!>%;%1,>'?5J',5*1!%++*>,!51!'>%'(!*+!<'(5;!(:<1',5*1'?!;*0&%,%1;%!
'12!>%(&*1(5<5?5,=B!!

Q$5?%!C>'J5?!'&&>*&>5',%?=!?%'>1,!+>*0!,$%!O%H5;'1!%H'0&?%!@5,$!V&*>,:152'2%(G!5,!5(!1*,!;?%'>!
,$',!,$5(!@'(!(&%;5+5;'??=!>%;*00%12%2!<=!,$%!51,%>1',5*1'?!')%1;5%(!S'?,$*:)$!<*,$!,$%!Q*>?2!
C'14!'12!,$%!FOP!'>%!1*@!51(,>:0%1,'?!51!(&>%'251)!,$%!)*(&%?!;*1;%>151)!V&*>,:152'2%(!,=&%!
;*125,5*1'?! ;'($! ,>'1(+%>(U8-B! #$%! ;>5,5I:%! *+! ,$%! %++%;,5A%! +51'1;51)! '>>'1)%0%1,(! +*>! ,$%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"6
!P*>!2%,'5?(!*+!,$%!Pb]G!(%%!/+*1(*!'12!2%!O%??*!S"\\-UB!
8\
! #$5(! 51;?:2%(! ,$%! B5)+($ 4+25)(G! ,$',! (:&&?'1,%2! (%A%>'?! 0:15;5&'?! &>*)>'0(G! B5)+($ 0)*1#3,(CD5/$ 0:EF)*5$ GH+/$
>(',(5$ 0)*1#3,(CD5! '12! ,$%! ;'($! ,>'1(+%>! ;*0&*1%1,! *+! -'5<'(1($ &#$ 4'*&(2(CD5$ &5$ !'(?()"5$ ;3=(3,*)I! M%%!
$,,&dll@@@B02(B)*AB<>l<*?('+'05?5'B!
8-
!#$%!Q*>?2!C'14!;'(%!+*>!;*125,5*1'?!;'($!,>'1(+%>(!5(!15;%?=!&:,!51!P5(J<%51!'12!M$'2=G!"\\6G!'12!!,$',!*+!,$%!FOP!
51!P%2%?51*!'12!#%>KO51'((5'1G!"\-\G!!@$*!;?'50!,$5(!,*!<%!'1!%H'0&?%!*+!51,%>1',5*1'?!<%(,!&>';,5;%G!&B.TB!

! "-!
V&*>,:152'2%(! &>*)>'0! S(%%! <%?*@U! @5??! '?(*! '&&?=! ,*! ,$%! C*?('! P'0p?5'B! /! >%+*>0! *+! ,$%!
+51'1;51)!'>>'1)%0%1,!>%0'51(!;*1,51)%1,!*1!,$%!&*?5,5;'?!%;*1*0=!;*1(,>'51,(!@5??!51A*?A%!,$%!
c/#!'12!>%A%1:%K($'>51)!'>>'1)%0%1,(G!'12!@5??!51A*?A%!1*,!D:(,!,$%!,'H!>%+*>0(!<:,!'?(*!,$%!
>%2%(5)1!*+!%I:'?5J',5*1!'12!%'>0'>4%2!,>'1(+%>(B!

H*I&1,'
F1!,$%!O%H5;'1!;*1,%H,G!,$%!:12%>&51151)(!*+!,$%!2%;%1,>'?5J',5*1!>%+*>0(!@%>%!1*,!'(!(,>*1)!
'(!51!C>'J5?B!#$5(!51A*?A%2!;%1,>'?5J',5*1!*1!,$%!>%A%1:%!(52%!51A*?A51)!,$%!c/#G!'12!51'2%I:',%!
51+*>0',5*1! (=(,%0(! ,*! 0*15,*>! '12! %A'?:',%! (&%1251)! ',! ,$%! +%2%>'?! '12! (:<1',5*1'?! ?%A%?(B!
#$%! (:<1',5*1'?! 2%<,! ;>5(%(! 51! O%H5;*! '?(*! '++%;,%2! 0';>*%;*1*05;! (,'<5?5,=G! '(! 51! C>'J5?G! <:,!
252!1*,!?%'2!,*!,$%!('0%!?%A%?!*+!51(,5,:,5*1'?!>%+*>0(!'(!51!,$%!C>'J5?5'1!;'(%B!!!

#$%! O%H5;'1! 51,>*2:;,5*1! *+! ,$%! c/#! ?%2! ,*! ,$%! >%0*A'?! *+! 8\! +%2%>'?! %H;5(%(! '12! ,:>1*A%>!
,'H%(!'(!@%??!'(!8\\r!(,',%!'12!?*;'?!,'H%(!S`5?!^5'JG!-6.7UB8"!/(!51!/>)%1,51'!'12!C>'J5?G!,$%!,'H!
>%+*>0(! @%>%! ';;*0&'15%2! <=! ,$%! 51,>*2:;,5*1! *+! S+'5>?=! ;*0&?5;',%2! '12! 1*1K,>'1(&'>%1,!
>%A%1:%!($'>51)!0%;$'15(0(B!#$%!?*((!*+!%++%;,5A%!;*1,>*?(!*A%>!>%A%1:%(!',!,$%!0'>)51!+>*0!
,$%!(,',%(!@'(!1*,!'&&>%;5',%2!51!,%>0(!*+!&*?5;=!*>!,$%*>=G!'12!>%0'51(!&>*<?%0',5;!51!,%>0(!
*+!,$%!';;*:1,'<5?5,=!*+!(:<1',5*1'?!)*A%>10%1,(B!!`5?!^5'J!1*,%2!%'>?=!*1!,$',!,$%!+*>0:?'!+*>!
($'>51)!($*:?2!<%!>%A5(%2!(*!,$',!5,!Z2*%(!1*,!&5,!(,',%(!')'51(,!%';$!*,$%>G!,$%!+*>0:?'!0:(,!<%!
*1%! ,$',! 2*%(! 1*,! )%1%>',%! '! &5%! ,$',! 0:(,! <%! 25A52%2! (*! ,$',! (*0%<*2=L(! )'51! 5(! (*0%*1%!
%?(%L(!?*((B88!X*@%A%>G!,$%!)>%',%>!>%?5'1;%!*1!($'>%2!>%A%1:%(!$'2!,$%!%++%;,!*+!Z($'>51)!:&!'!
&5%[!'12!,$%!%1(:51)!51,%>K(,',%!;*1+?5;,!<%)'1!,*!<%!>%+?%;,%2!'?0*(,!500%25',%?=!51!'!,:((?%!
*A%>! >%?',5A%! ($'>%(B! `5?! ^5'J! '?(*! 1*,%2! ,$%! >%2:;%2! 51;%1,5A%(! +*>! (,',%! )*A%>10%1,(! ,*!
0'51,'51!%++5;5%1,!,'H!'20515(,>',5*1(B!F1!'!(%1(%G!'?,$*:)$!,$%!&*?5,5;'?!%;*1*0=!?5,%>',:>%!*+!
+5(;'?!+%2%>'?5(0!$'2!1*,!)'51%2!0:;$!;:>>%1;=G!&*?5;=!0'4%>(!@%>%!*+,%1!I:5,%!'@'>%!*+!,$%!
&*?5,5;'?!%;*1*0=!;*1(%I:%1;%(!*+!,$%5>!';,5*1(B!!

#$%!O%H5;'1!c/#!@'(!'?(*!&>*<?%0',5;!51!5,(!51'2%I:',%!>%A%1:%K>'5(51)!'(&%;,G!'(!5,!,>5%2!,*!
0%%,!25(,>5<:,5*1'?!*<D%;,5A%(!,$>*:)$!'!(%>5%(!*+!%H%0&,5*1(!'12!J%>*K>',51)(G!'(!@%??!'(!?*@%>!
>',%(! +*>! <*>2%>! >%)5*1(! S(*0%! @$5;$! *;;:>>%2! (%A%>'?! $:12>%2! 05?%(! '@'=! +>*0! '1=! <*>2%>B!
#$5(!50&';,%2!*1!5,(!%++5;5%1;=G!>%(:?,51)!51!*1%!*+!,$%!@*>(,!c/#(!51!]',51!/0%>5;'B!X*@%A%>G!
@$%1!`5?!^5'J!<%;'0%!M%;>%,'>=!*+!X';5%12'!51!,$%!?',%!-66\(!S51!,$%!P*H!/20515(,>',5*1UG!$%!
@'(!:1'<?%!,*!>%+*>0!,$%!c/#G!)5A%1!,$%!51,%>?*;451)!(%,!*+!A%(,%2!51,%>%(,(!51!,$%!%H%0&,5*1(!
'12!J%>*K>',51)(G!'(!@%??!'(!,$*(%!>%(:?,51)!+>*0!,$%!2%(5)1!*+!,$%!>%A%1:%K($'>51)!(=(,%0B!/,!
,$5(! (,')%G! 5,! <%;'0%! ;?%'>! ,$',! ,$%! >%+*>0! *+! ,$%! c/#! 5(! %++%;,5A%?=! '1! %H%>;5(%! 51!
51,%>)*A%>10%1,'?!&*?5,5;'?!%;*1*0=G!%(&%;5'??=!'(!*1%!&'>,=!3bFK2*051',%2!>:?%!@'(!>%&?';%2!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
8"
! `5?! ^5'JG! PBG! -6.7G! ZM*0%! ?%((*1(! +>*0! O%H5;*L(! #'H! b%+*>0(G[! 51! ^O`! e%@<%>=! '12! eX! M,%>1G! ?8#( ?8#2+D( 2"(
?,>,%&20("2+(B#'#-2@&09(F270%+&#.3$VH+*>2!R15A%>(5,=!3>%((!+*>!,$%!Q*>?2!C'14B!
88
!`5?!^5'JG!PBG!5.$2*,BG!&B8f.B!

! ""!
<=! '! 0:?,5K&'>,=! '>>'1)%0%1,! @5,$! 3bF! 51! ,$%! *&&*(5,5*1! '12! 25++%>%1,! &'>,5%(! ;*1,>*??51)!
25++%>%1,!(,',%(B!!

F1!,$%!O%H5;'1!;*1,%H,G!*A%>?'&&51)!>%(&*1(5<5?5,5%(!+:>,$%>!*<+:(;',%2!>%(&*1(5<5?5,5%(G!'12!,$5(!
@'(!%H';%><',%2!<=!,$%!%;*1*05;!;>5(5(!51!,$%!052K-66\(G!@$%>%!<*>>*@51)!<=!(,',%!51A%(,0%1,!
&>*D%;,(G! @5,$*:,! +%2%>'?! ):'>'1,%%(G! ?%2! ,*! '! @*>(%151)! *+! '! <'1451)! ;>5(5(G! &>%;5&5,',51)! ,$%!
1%%2! +*>! '! +%2%>'?! <'5?*:,B! M:<1',5*1'?! 2%<,! ?505,(! @%>%! 50&*(%2G! <:,! ,$%! '<(%1;%! *+! '!
(,'12'>25J%2!<:2)%,51)!'12!>%&*>,51)!+>'0%@*>4!',!'??!?%A%?(!*+!)*A%>10%1,!>%0'51(!'!0'D*>!
;*1(,>'51,B!

F1(,5,:,5*1'?! '>>'1)%0%1,(! >%0'51! @%'4B! F1! -66WG! O%H5;*! ,>5%2! ,*! 51,>*2:;%! '! C>'J5?5'1! (,=?%!
`OFM!SMF/PU!+*>!@$5;$!C>'J5?5'1!%H&%>,(!@%>%!%1)')%2!,$>*:)$!,$%!FOPB!#$%!2%(5)1!'?(*!;'??%2!
+*>! '! #M/B! C=! "\\-G! ,$%! (=(,%0! $'2! +'5?%2G! '12! %A%1! ,*! ,$5(! 2'=! '+,%>! ;*1(52%>'<?%! '225,5*1'?!
(:&&*>,!+>*0!,$%!FOP!'12!,$%!Q*>?2!C'14G!'!&>*&%>!`POFM!$'(!1*,!<%%1!50&?%0%1,%2!',!,$%!
P%2%>'?! ?%A%?B! /! D*51,! FOPKMX93! >%&*>,! S@5,$! Q*>?2! C'14! &'>,5;5&',5*1U! 51! "\\78f! ;'??%2! +*>!
(5)15+5;'1,! 50&>*A%0%1,(! 51! 51,%>)*A%>10%1,'?! +5(;'?! >%?',5*1(! 51! O%H5;*G! 51;?:251)!
(,'12'>25J%2! >%&*>,51)! '12! 51+*>0',5*1! +?*@(B! #$5(! @'(! &>%25;',%2! *1! '! ;*0&?%,5*1! *+! ,$%!
>%+*>0(!@5,$51!MX93!'12!,$%!#>%'(:>=G!51;?:251)!'!;*00*1!<:2)%,!;?'((5+5;',5*1!,*!<%!:(%2!<=!
'??! ')%1;5%(! *+! ,$%! MX93! SOVPU! '12! ,$%! P%2%>'?! `*A%>10%1,G! 3%4(&%! ',,%0&,51)! ,*! &%>(:'2%!
M,',%(! '12! ?*;'?! )*A%>10%1,(! ,*! '2*&,! ,$%! ('0%! (,'12'>2(B! ^%(&5,%! =%,! '1*,$%>! ,%;$15;'?!
'((5(,'1;%! 05((5*1! 51! "\\7G8T! ',,%0&,(! ,*! ;*0&?%,%! ,$%! -66W! >%+*>0(! '&&%'>! ,*! $'A%! <%%1!
'<'12*1%2! '12! '?*1)! @5,$! ,$5(! ,$%! ?54%?5$**2! *+! ';$5%A51)! ,$%! (,'12'>25J',5*1! *+! 51+*>0',5*1!
+?*@(! '12! ;*1,>*?(! 1%%2%2! +*>! %++%;,5A%! 0'1')%0%1,! S51! ,$%! C>'J5?5'1! 0*2%UB! F,! 5(! ;?%'>! ,$',!
,$%>%! 5(! (5)15+5;'1,! *&&*(5,5*1! ,*! ,$%! )>%',%>! ;?'>5,=! ,$',! ;*0%(! '<*:,! @5,$! ,$%! C>'J5?5'1!
%H&%125,:>%! 0'1')%0%1,! 0*2%?G! '12! (:;;%((5A%! O%H5;'1! P51'1;%! O515(,%>(! (51;%! -66W! $'A%!
,>5%2!<:,!+'5?%2!,*!50&?%0%1,!,$5(!<'(5;!>%+*>0B!

/$0'2! %,! '?! S"\\7'U! $'2! (,>%((%2! ,$%! 50&*>,'1;%! *+! &*?5,5;'?! %;*1*0=! ;*1(52%>',5*1(! 51!
(:))%(,51)!)>%',%>!;?'>5,=!*1!,$%!(&%1251)!'((5)10%1,(G!'(!@%??!'(!,'1)5<?%!*@1K(*:>;%!>%A%1:%!
$'12?%!+*>!,$%!(,',%(B!!P*??*@51)!,$%!9$51%(%!%H'0&?%G!,$%=!(,>%((%2!,$',!'1=!,'H!>%+*>0!,$',!
50&';,%2!*1!(,',%!,>'1(+%>(!@*:?2!$'A%!,*!512%015+=!,$%!(,',%(!+>*0!?*((%(G!'12!&>*A52%!,$%0!
@5,$!'!($'>%!51!,$%!<%1%+5,(!,*!%1(:>%!&*?5,5;'?!(:&&*>,!+*>!,$%!>%+*>0(B!/!&>*&*('?!+*>!'!2:'?!
c/#G! *>! '1! Fb/3K(,=?%! (,',%! ,'H! $'12?%G! @'(! ,*! $'A%! <%%1! ';;*0&'15%2! <=! '! >%+*>0! *+! ,$%!
>%A%1:%!($'>51)!'12!(50&?5+5;',5*1!*+!,$%!,>'1(+%>!(=(,%0B!X*@%A%>G!,$%!)*A%>10%1,!@'(!0*>%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
8f
! /$0'2G!YBG!_B/B!`*1Jn?%J!/1'='G!YB!b%A5??'G!9B!C%>,$':2G!bB!C?'A=G!`B!C>*(5*G!!_B!^>''5(0'G!OB!`'>;p'KY(;>5<'1*G!FB!
`'>>52*G! CB! ]*;4@**2G! "\\7'G! O%H5;*d( Q@%&20.( "2+( %8#( 5#"2+/( ,0*( P%+#09%8#0&09( 2"( :0%#+92'#+0/#0%,-( "&.$,-(
+#-,%&20.G!FOPG!P/^g!'12!MX93G!O%H5;*B!

8T
!/$0'2G!Y$,5($'0G!O%>;%2%(!`'>;p'KY(;>5<'1*G!_*%!i%%?%=!'12!O'>5*!3%((*'G!"\\7<G!O%H5;*d!P#-#$%#*(?+#,.7+D(
5#"2+/.("2+(,(=2*#+0(T,$&#0*,G!FOPG!P/^G!Q'($51),*1!^9B!

! "8!
51,%>%(,%2! 51! <*?(,%>51)! +%2%>'?! >%A%1:%(G! '12! :(%2! ,$%! 51,:5,5*1! *+! /$0'2! %,! '?! S"\\7'U! ,*!
51,>*2:;%!'!+%2%>'?!;1.:#+,5$41.'#+('*()$($!(+($J3*2(!SFY#RUG!',!,$%!('0%!,50%!(50&?5+=51)!'12!
'2D:(,51)! +%2%>'?! >%A%1:%! ($'>%(! ,*! %1(:>%! ,$',! 1*! (,',%! ?*(,! >%A%1:%(! +>*0! ,$%! >%+*>0B! #$5(!
(:<1',5*1'?!(,*&K?*((!&>*A5(5*1!@'(!;>5,5;'?!51!,$%!9$51%(%!-66f!,'H!>%+*>0(G!'12!@'(!%++%;,5A%?=!
;*&5%2! <=! O%H5;*! 51! "\\7B! X*@%A%>G! ,$%! (:<1',5*1'?! ,'H! $'12?%(! '12! 51,%>)*A%>10%1,'?!
>%+*>0(!')%12'!>%0'51!(:<(,'1,5'??=!:1'22>%((%2B!!

/1! %++%;,5A%! ;'($! ,>'1(+%>! (=(,%0G! K.5',:3*&(&#+! S515,5'??=! ;'??%2! -'5<'#+(U! @'(! 51,>*2:;%2! ,*!
>%&?';%!,*>,5??'!'12!)'(!(:<(525%(B!F,!5(!'!+%2%>'?!&>*)>'0!?514%2!,*!1:,>5,5*1'?G!%2:;',5*1'?!'12!
$%'?,$!;'>%!*:,;*0%(G!$'(!<%%1!>%&*>,%2?=!A%>=!(:;;%((+:?!S9*'2=!'12!3'>4%>G!"\\"U8WG!'12!$'(!
<%%1! ,$%! <'(5(! +*>! ,$%! Q*>?2! C'14L(! (,>*1)! '2A*;';=! *+! (:;$! &>*)>'0(! 51! ]',51! /0%>5;'! '12!
%?(%@$%>%!SP5(J<%51!'12!!M;$'2=G!"\\6G!*&!;5,UB!!X*@%A%>G!,$5(!&>*)>'0!$'(!<%%1!;>5,5;5J%2!<=!5,(!
+*:12%>G!M'1,5')*!]%A=!S"\\.U87!+*>!2%(5)1!25++5;:?,5%(a5,!5(!+51'1;%2!<=!'!25(,*>,51)!&'=>*??!,'HG!
)5A%1! ,$%! &>*<?%0(! ,$',! ,$%! +%2%>'?! )*A%>10%1,! $'(! 51! >'5(51)! )%1%>'?! >%A%1:%(! @5,$! ,$%!
Z$*?%([!51!,$%!c/#!'12!,$%!51;*0%!,'H%(B!F1!'1!%;*1*0=!>5+%!@5,$!%A'(5*1!'12!'A*52'1;%G!'12!
,$%! &>%(%1;%! *+! 51+*>0'?! ?'<*:>! 0'>4%,(G! V&*>,:152'2%(! >%51+*>;%(! 51;%1,5A%(! +*>! )>%',%>!
51+*>0'?5,=B!/?(*!,$%!(5J%!*+!,$%!<%1%+5,!$'(!>5(%1!*A%>!,50%G!'(!(:;;%((5A%!0515(,%>(!$'A%!(*:)$,!
,*!&:,!;*0&%1(',*>=!0%'(:>%(!+*>!'??!(*>,(!*+!51,%>A%1,5*1(!*1!,*&!*+!,$5(!(;$%0%B!P51'??=G!(,',%!
)*A%>10%1,(! '>%! '))>5%A%2! '(! ,$%=! (%%! ,$5(! &>*)>'0! '(! ;:,,51)! ';>*((! ,$%5>! '>%'(! *+!
>%(&*1(5<5?5,=! 51! %2:;',5*1! '12! $%'?,$! ;'>%a+:>,$%>! *<+:(;',51)! ,$%! *A%>?'&&51)! '12! 0:>4=!
(&%1251)!>%(&*1(5<5?5,5%(B!#$:(G!,$%>%!'>%!'!1:0<%>!*+!;*1,>'25;,5*1(!,$',!1%%2!,*!<%!'22>%((%2!
51! *>2%>! ,*! %1(:>%! ,$',! ,$%! &>*)>'0! ;*1,51:%(! ,*! &>*A52%! %++%;,5A%! (*;5'?! '((5(,'1;%! 51! '!
(:(,'51'<?%!0'11%>!,$',!2*%(!1*,!25(,*>,!51;%1,5A%(!'12!?505,!)>*@,$!&*,%1,5'?B!

.#7&/)#$'
F1!,$%!-6W\(G!,$%!3'45(,'1!'20515(,>',5*1!*+!P5%?2!O'>($'?!/=:<!i$'1!$'2!%H&%>50%1,%2!@5,$!'!
(=(,%0!*+!<'(5;!2%0*;>';5%(a(%,,51)!:&!'1!%?%;,*>'?!;*??%)%!',!,$%!?*;'?!?%A%?!,$',!'?(*!+*>0%2!
,$%! <'(5(! *+! 2%A%?*&0%1,! ';,5A5,5%(! 51! ,$%5>! >%)5*1(B! #$5(! %++*>,! ',! &*?5,5;'?! Z2%;*1;%1,>',5*1[!
@'(! '<*?5($%2! :12%>! ,$%! -678! 9*1(,5,:,5*1! ,$',! >%(,*>%2! ,$%! >5)$,(! '12! +:1;,5*1(! *+! ,$%!
&>*A51;%(a,$',! $'2! <%%1! ,$%! 0'51! (:<K1',5*1'?! :15,! *+! )*A%>1'1;%! :12%>! ,$%! -68T!
`*A%>10%1,! *+! F125'! /;,G! '12! $'2! +*>0%2! ,$%! <'(5(! +*>! ,$%! 9*1(,5,:,5*1(! 51! <*,$! F125'! '12!
3'45(,'1!'+,%>!512%&%12%1;%B!!

#$%!O:($'>>'+!'20515(,>',5*1!&>*0*,%2!'!+*>0!*+!(*!;'??%2!Z2%;%1,>'?5J',5*1[!51!,$%!&*(,!6l--!
&%>5*2B!Q$5?%!,$5(!@'(!*(,%1(5<?=!'!0%;$'15(0!,*!)%,!(%>A5;%(!;?*(%>!,*!,$%!&%*&?%G!'12!%?%;,%2!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
8W
! 9*'2=G! ^'A52G! '12! M:('1! 3'>4%>G! "\\"G! Z/! ;*(,! %++%;,5A%1%((! '1'?=(5(! *+! 2%0'12! '12! (:&&?=K(52%! %2:;',5*1!
51,%>A%1,5*1(d!,$%!;'(%!*+!3bV`bYM/!51!O%H5;*G[!FP3bF!^5(;:((5*1!3'&%>!-"7B!!
87
! ]%A=G! M'1,5')*G! "\\.G! O22*( &0%#0%&20.3( A,*( 27%$2/#.<( .2$&,-( @2-&$D3( &0"2+/,-&%D( ,0*( #$202/&$( 9+26%8( &0(
=#>&$23(#$%!C>**451)(!F1(,5,:,5*1(B!

! "f!
?*;'?! *++5;5'?(G! ,$%>%! @'(! ?5,,?%! ',,%0&,! ,*! '2D:(,! ,$%! (&%1251)! '((5)10%1,(! *>! +51'1;51)!
'>>'1)%0%1,(G!'(!51!F12*1%(5'!S(%%!'<*A%UB!Q$5?%!,$%!&>*;%((!@'(!;?%'>?=!'1!',,%0&,!,*!<=K&'((!
,$%! %(,'<?5($%2! &*?5,5;'?! &'>,5%(! '12! ,$%! &*@%>! ;%1,%>(! 51! ,$%! &>*A51;%(G! ,$%! <5?',%>'?! 2*1*>(!
'12! 0:?,5?',%>'?! <'14(! >:($%2! ,*! (:&&*>,! ,$%! &>*;%((G! '?*1)! @5,$! ,$%! 51(,5,:,5*1'?! >%+*>0(! *+!
,$%!P%2%>'?!C:>%':!*+!b%A%1:%G!'12!,$%!)*A%>10%1,!+51'1;5'?!51+*>0',5*1!(=(,%0(!S`POFM(U!',!
'??!?%A%?(!*+!)*A%>10%1,B!Y';$!*+!,$%(%!>%+*>0(!$'2!+'5?%2G!*>!@'(!51!(5)15+5;'1,!25++5;:?,=G!<=!,$%!
,50%!,$',!O:($'>>'+!$'2!<%%1!*:(,%2!+>*0!&*@%>!51!"\\.B!!!!!!!!!!

#$%! 1%@?=! %?%;,%2! 3'>?5'0%1,! &:($%2! ,$>*:)$! '! >%+*>0! *+! ,$%! 9*1(,5,:,5*1G! @5,$! ,$%! -.,$!
/0%120%1,! 2:>51)! "\-\B! #$5(! %?5051',%2! ,$%! ;*1;:>>%1,! ?5(,(! *+! ,$%! 9*1(,5,:,5*1G! )5A51)!
&>*A51;%(!(*?%!&*@%>(!51!'!1:0<%>!*+!'>%'(G!51;?:251)!$%'?,$!'12!%2:;',5*1B!#$5(!>%+*>0!@'(!
&>%;%2%2!<=!,$%!'@'>2!*+!,$%!e',5*1'?!P51'1;%!9*005((5*1!,$',!51;>%'(%2!,$%!&>*A51;5'?!($'>%!
51! +%2%>'??=! ;*??%;,%2! >%A%1:%(G! &>%25;',%2! *1! '1! 51;>%'(%! 51! ,$%! ,'Hl`^3! >',5*! )5A%1! ,$%!
&>*&*(%2!>%+*>0!*+!,$%!`M#!'12!*,$%>!,'H%(B!#$%!-.,$!/0%120%1,!>%5,%>',%2!,$%!>5)$,!*+!,$%!
&>*A51;%(! ,*! '20515(,%>! ,$%! `M#! *1! (%>A5;%(G! 5+! ,$%=! (*! 2%(5>%2a,$%! >%A%1:%(! <%?*1)! ,*! ,$%!
&>*A51;%(!51!'1=!;'(%B!!

#$%!(&?5,!<'(%!*+!,$%!`M#!>%?',51)!,*!)**2(!'12!(%>A5;%(!5(!:15I:%!,*!,$%!(:<K;*1,51%1,G!'12!$'2!
5,(! *>5)51(! 51! ,$%! -68T! `*A%>10%1,! *+! F125'! /;,! ,$',! '((5)1%2! ,$%! ('?%(! ,'H! *1! )**2(! ,*! ,$%!
(,',%(l&>*A51;%(B!/+,%>!512%&%12%1;%G!,$%!)**2(!&'>,!@'(!,'4%1!*A%>!,$%!P%2%>'?!`*A%>10%1,!
51! 3'45(,'1G! '12! ,$%! 0*>%! 25++5;:?,! %?%0%1,! *1! (%>A5;%(! @'(! ?%+,! ,*! ,$%! D:>5(25;,5*1! *+! ,$%!
&>*A51;%(G! >%5,%>',%2! 51! ,$%! -678! 9*1(,5,:,5*1B! /(! ,$%>%! @'(! 1*! `M#! *>! c/#! ',! ,$',! ,50%G! ,$%!
;*0&?%H5,=!*+!,$5(!'((5)10%1,!@'(!1*,!>%'?5J%2B!#$:(G!3'45(,'1!+512(!5,(%?+!51!'!:15I:%!&*(5,5*1!
'(!<%51)!,$%!*1?=!;*:1,>=!51!,$%!@*>?2!,>=51)!,*!50&?%0%1,!'!`M#!*1!(%>A5;%(!',!,$%!(:<K1',5*1'?!
?%A%?G! @5,$*:,! ,$%! '20515(,>',5A%! 0';$51%>=! ,*! 2*! (*B! YA%1! 5+! 5,! $'2! ,$%! '20515(,>',5A%!
0';$51%>=G!,$5(!@*:?2!<%!'!$%>;:?%'1!,'(4B!!

/!;**&%>',5A%!(*?:,5*1!@*:?2!$'A%!<%%1!,*!&%>05,!,$%!PCb!,*!;*??%;,!'1!51,%)>',%2!`M#!+*>!'??!
&>*A51;%(G!;?*(%!?**&$*?%(!'12!2%?5A%>!'!?'>)%>!&5%!,*!,$%!&>*A51;%(!25>%;,?=G!'(!@%??!'(!,$>*:)$!
,$%! ;*00*1! 25A5(5<?%! &**?B! /+,%>! '??G! ,$5(! @'(! ,$%! <'(5(! *+! ,$%! eP9! '@'>2B! X*@%A%>G! *1%!
&>*A51;%!>%D%;,%2!,$%!&>*&*('?B!!/!;*0&?%H!'?,%>1',5A%!0%;$'15(0!@'(!2%(5)1%2!,*!)%,!'>*:12!
,$5(! 25++5;:?,=G! @5,$! ,$%! PCb! %++%;,5A%?=! *&%>',51)! ,$%! ;>%25,51)! '12! >%+:12! 0%;$'15(0(!
'((*;5',%2! @5,$! ,$%! `M#a,$%! *1?=! ')%1;=! ;'&'<?%! *+! 2*51)! (*B! C:,! ,$%! A%(,%2! 51,%>%(,(! '>%!
*&&*(51)!+5H51)!,$%!?**&$*?%(!51!,$%!`M#!51,>*2:;%2!<=!,$%!O:($'>>'+!)*A%>10%1,B!#$5(!>5(4(!'1!
:1,%1'<?%! (5,:',5*1! 51! @$5;$! ,$%>%! @5??! <%! 51(:++5;5%1,! +51'1;51)! 'A'5?'<?%! +*>! ,$%! 2%A*?A%2!
+:1;,5*1(G!'12!;*:?2!,>5))%>!'!(5)15+5;'1,!<';4?'($!')'51(,!,$%!2%A*?:,5*1!&>*;%((B!

! "T!
 J< ://*//9*$)/'
K"#)'&/')"*'*2&5*$1*',$'5*1*$)+#-&4#)&,$>'
#$%!%A52%1;%!*1!,$%!%++%;,(!*+!2%;%1,>'?5J',5*1!>%)'>251)!50&>*A%0%1,(!51!(%>A5;%!2%?5A%>=!51!
,$%!VY9^!;*:1,>5%(!5(!05H%2G!'(!>%A5%@%2!<=!/$0'2G!C>*(5*!'12!#'1J5!S"\\.UB!/12G!,$%!%A52%1;%!
+*>!2%A%?*&51)!;*:1,>5%(!5(!1*,!0:;$!0*>%!;*1;?:(5A%G!'(!>%A5%@%2!51!/$0'2!'12!C>*(5*!S"\\6UB!
#$%! ?514(! <%,@%%1! 2%;%1,>'?5J',5*1! '12! &>%+%>%1;%! 0',;$51)! '12! @5,$! )>*@,$! '>%! *+,%1!
%H'051%2!,*)%,$%>B!#$%!(,:25%(!;*1+5>0!,$',!'1=!>%?',5*1($5&G!5+!5,!;'1!<%!%(,'<?5($%2G!5(!',!<%(,!
@%'4! '12! ,%1:*:(B! #$%! 51,%>%(,%2! >%'2%>! 5(! >%+%>>%2! ,*! ,$%! '<*A%! >%A5%@(! +*>! ,$%! >%?%A'1,!
>%+%>%1;%(G!,*!<%!'<?%!,*!0'4%!:&!,$%5>!*@1!0512(B!

3%>$'&(! ,$%! )>%',%(,! ?';:1'! 51! ,$%! 2%;%1,>'?5J',5*1! &>*;%((%(! *+! 2%A%?*&51)! ;*:1,>5%(G!
%(&%;5'??=! 51! ]',51! /0%>5;'! S@5,$! ,$%! %H;%&,5*1! *+! C>'J5?UG! 5(! ,$%! ?';4! *+! (:++5;5%1,! ';,5*1! *1!
'2%I:',%! *@1K(*:>;%! >%A%1:%(! ',! ,$%! (:<K1',5*1'?! ?%A%?B! #$5(! 0'=! $'A%! <%%1! 2:%! ,*! ,$%!
1*>0',5A%! '&&>*';$%(! ,$',! (:))%(,! +*;:(51)! +5>(,! *1! ,$%! (&%1251)! (52%G! %(&%;5'??=! ',! ,$%!
51,%>0%25',%!,5%>!*+!)*A%>10%1,l!(,',%(l&>*A51;%(l2%&'>,0%1,(B!!#$%!('0%!&',,%>1!5(!*<(%>A%2!
+>*0!F12*1%(5'!,*!3'45(,'1B!

L,-*',6')"*'+,-*',6')"*'&$)*+$#)&,$#-'#%*$1&*/'
#$%! 51,%>1',5*1'?! '12! <5?',%>'?! ')%1;5%(! ;*1,51:%! ,*! <%?5%A%! ,$',! 2%;%1,>'?5J',5*1! >%0'51(! '!
&'1';%'! +*>! 50&>*A%2! (%>A5;%! 2%?5A%>=G! <:,! ,$%! C'14! 5(! 1*,! ,'451)! '1=! ;$'1;%(! @5,$! ,$%!
%12*>(%0%1,! *+! ,$%! (=(,%0(! *+! ;%1,>'?5J%2! ;*125,5*1'?! ;'($! ,>'1(+%>(! 0*2%?%2! *1!
V&*>,:152'2%(!51!'??!&'>,(!*+!,$%!@*>?2B!

F1!)%1%>'?G!5,!5(!%'(=!,*!%H'))%>',%!,$%!>*?%!&?'=%2!<=!,$%!51,%>1',5*1'?!')%1;5%(!'12!2*1*>(!51!
51+?:%1;51)! &*?5;=G! &'>,5;:?'>?=! 51! ,$%! ?'>)%>! ;*:1,>5%(B! M%A%>'?G! ?54%! ,$%! 9$51%(%! '12! C>'J5?5'1(!
?5(,%1!&*?5,%?=!,*!25++%>%1,!&*51,(!*+!A5%@(!'12!,$%1!2*!,$%5>!*@1!,$51)G!*+,%1!0'451)!:(%!*+!,$%!
Z;*1+?5;,51)[!0%((')%(!+>*0!,$%!51,%>1',5*1'?!')%1;5%(B!#$%!(5,:',5*1!5(!(*0%@$',!25++%>%1,!51!
,$%! (0'??%>! ;*:1,>5%(! :(51)! (%;,*>'?! ?*'1(G! *>! *&%>',51)! 51! FOP! &>*)>'0(G! @$%>%! ,$%! ?%A%>')%!
'&&?5%2!5(!)%1%>'??=!(,>*1)%>B!!

#$%!%++%;,5A%1%((!*+!,$%!'2A5;%!)5A%1!'12!,$',!*+!,$%!2%;%1,>'?5J',5*1!&>*;%((!5,(%?+!'>%!%1,5>%?=!
25++%>%1,! 0',,%>(B! ! C:,! (*0%,50%(! ,$%! Z<:5?251)! <?*;4([! +'5?! ,*! 2%?5A%>G! %A%1! ',! ,$%! ;%1,>'?!
?%A%?a%B)BG!;**>251',%2!51+*>0',5*1!,$>*:)$!,$%!`POFM(!51!3'45(,'1G!O%H5;*G!'12!C*?5A5'B!#$%!
&*(5,5A%! '&&>*';$%(! (*0%,50%(! $%?&! ,*! :12%>(,'12! @$=! 1*,G! '12! ,$:(! ;*:?2! $%?&! ,*! 50&>*A%!
&*?5;=! '2A5;%! '12! %++%;,5A%1%((! *+! ,%;$15;'?! '((5(,'1;%! 51! ,$%! +:,:>%! *>! 51! *,$%>! ;*:1,>5%(B

! "W!
D&-#)*+#-'5,$,+/''
C5?',%>'?! 2*1*>(! ,%12! ,*! >%&?5;',%! ,$%! ;*1,%H,! *+! ,$%5>! $*0%! ;*:1,>5%(aRM! /52! +:12%2! '2A5;%!
,%12(! ,*! >%+?%;,! ,$%! RMK;%1,>5;! A5%@! *+! ,$%! @*>?2G! @$%>%! ?*;'?! )*A%>10%1,(! @*>4! %++%;,5A%?=G!
'12!,$%!,'(4!+*>!&:<?5;!&*?5;=!5(!,*!%1(:>%!,$%!%++5;5%1,!0')15,:2%!*+!;**&%>',5*1!';>*((!?*;'?!
)*A%>10%1,(!51!&>*A5251)!@52%K'>%'!(%>A5;%(!'12!051505J51)!%H,%>1'?5,5%(!'12!(&5??K*A%>!%++%;,(!
S%B)BG! ,$>*:)$! 1(32511:3*&(&#+G! 51! ,$%! ]',51! /0%>5;'1! ;*1,%H,UB8.! O*>%*A%>G! ?*;'?!
)*A%>10%1,! %?%;,5*1(! ,%12! ,*! ;>%',%! (,'<?%! 2%0*;>';5%(! '(! @%??! '(! <:?@'>4(! ')'51(,!
Z:12%(5>'<?%[!+*>0(!*+!)*A%>10%1,B!X*@%A%>G!,$%(%!'>%!5((:%(!*+!(%;*12'>=!50&*>,'1;%G!'(!,$%!
(:&&*>,! ,*! 351*;$%,! 51! 9$5?%! '12! O:($'>>'+! 51! 3'45(,'1! $'A%! 5??:(,>',%2! *A%>! ,$%! =%'>(B! /1!
'225,5*1'?! 25++5;:?,=! $'(! <%%1! ,$',! ,$%! ?*;'?! )*A%>10%1,(! '>%! 1*,! >%'??=! >%(&*1(5<?%! +*>! <'(5;!
$%'?,$!;'>%!*>!&>50'>=!%2:;',5*1!'(!,$%=!@*:?2!<%!:12%>!'!RMK;%1,>5;!A5%@!*+!,$51)(B!#$5(!0'=!
<%!&'>,5'??=!2:%!,*!'!25++%>%1,!(%,!*+!51(,5,:,5*1'?!'12!$5(,*>5;'?!;5>;:0(,'1;%(G!<:,!'?(*!'2A5;%!
+>*0!*,$%>!<5?',%>'?!'12!0:?,5?',%>'?!')%1;5%(B!

#$%! `#N! $'(! <%%1! 51(,>:0%1,'?! 51! 25((%051',51)! ,$%! ;*0&?5;',%2! '12! *A%>?'&&51)! (=(,%0(! *+!
'((5)10%1,(! ,$',! $'A%! <%%1! :(%2! 51! `%>0'1=G! 2%(&5,%! ,$%! +';,! ,$',! >%;%1,! ;*005((5*1(! 51!
`%>0'1=!$'A%!<%%1!,>=51)!,*!:1>'A%?!,$%(%!@5,$!>',$%>!?505,%2!(:;;%((B!YH'0&?%(!*+!,$%!0512K
<*))?51)! ;*0&?%H5,=! '>%! ,*! <%! (%%1! 51! (%A%>'?! `#N! 2*;:0%1,(B86! #$%! >%(:?,G! +*>! %H'0&?%! 51!
C*?5A5'G!@'(!,$',!,$%!XF39!(;$%0%!;$'11%?%2!+:12(!,*!0:15;5&'?5,5%(!+*>!+:1;,5*1(!51!@$5;$!,$%=!
$'2!>%'??=!*1?=!0'>)51'?!;*0&%,%1;%a&'>,5;:?'>?=G!<'(5;!%2:;',5*1!*>!&>50'>=!$%'?,$!;'>%B!

/!)>%',%>!25++5;:?,=!5(!,$',!@5,$!,$%!:(%!*+!,$%!XF39!+:12(G!*>!,$*(%!+>*0!,$%!C'14!*>!F^CG!*>!`#N!
*>!RM/52G!,$%>%!'>%!)%1%>'??=!25++%>%1,!>%&*>,51)!'12!';;*:1,51)!>%I:5>%0%1,(B!F,!5(G!,$:(G!1*,!
(:>&>5(51)!,$',!?*;'?!)*A%>10%1,(!$'A%!25++5;:?,=!51!;*1+*>051)!@5,$!,$%(%!>',$%>!25(&'>',%!'12!
51;*0&',5<?%! 1*>0(B! #$5(! )5A%(! >5(%! ,*! @$',! 5(! ,$%1! 41*@1! '(! Z51(,5,:,5*1'?! '12! ;'&';5,=!
;*1(,>'51,([!51!,$%!2%;%1,>'?5J',5*1!&>*;%((a'?,$*:)$!,$%!?*;'?!)*A%>10%1,(!0'=!<%!&%>+%;,?=!
;'&'<?%! *+! +*??*@51)! '! (50&?%! '12! (,'12'>25J%2! ,>';451)! '12! >%&*>,51)! +:1;,5*1a5+! *1?=! ,$%>%!
@%>%!*1%!(,'12'>2B!

M"*'5*2*-,09*$)'C#$7/''
F,! 5(! '?(*! 1*,! (:>&>5(51)! ,$',! ,$%! 2%A%?*&0%1,! <'14(! ($*:?2! 515,5'??=! ,'4%! ,$%! 1*>0',5A%!
&%>(&%;,5A%a>%+?%;,51)!,$%!RMK;%1,>5;!A5%@!*+!,$%!@*>?2!SC:>45!'12!3%>>=G!"\\\UBf\!#$5(!+*;:(%(!
*1!,$%!;?'>5,=!51!(&%1251)!'((5)10%1,(G!'&&>*&>5',%!>%A%1:%!'((5)10%1,(G!'&&>*&>5',%!,>'1(+%>!
2%(5)1!'12!%++5;5%1,!&:<?5;!+51'1;5'?!'12!2%<,!0'1')%0%1,G!%0&$'(5J51)!1*!<'5?*:,!;*125,5*1(B!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
8.
! #$%>%! $'A%! <%%1! 0'D*>! RM! /52! +:12%2! &>*)>'0(! *1! 2%;%1,>'?5J',5*1G! +*>! 51(,'1;%! <*,$! 51! C*?5A5'! '12! 3%>:B!
M505?'>?=G!`#N!$'(!<%%1!A%>=!';,5A%!51!,$%!/12%'1!;*:1,>5%(G!*+,%1!51!;*??'<*>',5*1!@5,$!9Y3/]B!
86
! M%%!+*>!51(,'1;%G!`#N!9Ve/O!"\\-G!F2/@#%#0$&,.<(sU7V(*#.$#0%+,-&;,+ES((%%!'?(*!/)$*1G!`'<>5%?!'12!`%>'?2!
i>':(%K_:14G!-66WG!B#$#0%+,-&;,$&G0("&.$,-(#0(4/#+&$,(1,%&0,3(9Y3/]l`#NB!
f\
! M%%!C:>45G!MB!_'A%2BG!'12!`:5??%>0*!3%>>=!S%2(UG!"\\\G(B#$#0%+,-&;,%&20(,0*(,$$270%,A&-&%D(&0(%8#(@7A-&$(.#$%2+3(
#$%!Q*>?2!C'14B!
Q$5?%!,$%(%!Z<:5?251)!<?*;4([!'>%!>%?%A'1,!51!'1=!(=(,%0!*+!51,%>)*A%>10%1,'?!+5(;'?!>%?',5*1(G!
@$%,$%>! RMK;%1,>5;! *>! 1*,G! @5,$*:,! ,$%! &*(5,5A%! '&&>*';$! 5,! 5(! 25++5;:?,! ,*! (%%! @$%,$%>! *>! 1*,!
(%1(5<?%! '2A5;%! *1! '1=! *+! ,$%! <?*;4(! 05)$,! <%! +*??*@%2G! '12! 5+! (*G! 5(! 5,! ;*0&',5<?%! @5,$!
;*1+?5;,51)!'2A5;%!51!,$%!('0%!*>!*,$%>!<?*;4(B!C=!,$%!052K,*!?',%!-66\(G!,$%!>*?%!*+!51(5,5,:,5*1'?!
A'>5'<?%(! '12! 51,%>';,5*1(! @5,$! ,$%! <:5?251)! <?*;4(! @'(! 0:;$! <%,,%>! '&&>%;5',%2! S]5,A';4G! _B!
/$0'2G!'12!C5>2G!-667UBf-!

/+,%>! ;*1,51:51)! C'14! @*>4! *1! (%>A5;%! 2%?5A%>=G! ,$%! &*(5,5A%! '12! &*?5,5;'?! %;*1*0=! '(&%;,(!
;'0%! ,*! ,$%! +*>%! '+,%>! ,$%! "\\f! Q*>?2! ^%A%?*&0%1,! b%&*>,G! '(! ^%A'>'D'1!'12! $5(! ;*??%'):%(!
<%)'1!,*!&:>(:%!,$%(%!'(&%;,(!0*>%!(=(,%0',5;'??=Bf"!C:,!',!,$%!('0%!,50%G!,$%>%!@%>%!*,$%>!
&'>,(!*+!,$%!C'14!;*1,51:51)!@5,$!,$%!Z1*>0',5A%[!,>'25,5*1G!'(!'2A5;%!*1!O%H5;*!'12!3'45(,'1!
($*@%2B!

#$%!)>%',%(,!?';4!*+!;*1(5(,%1;=!51!,$%!C'14!5(!,$%!D*51,!'2A*;';=!*+!,$%!;%1,>'?5J%2!;*125,5*1'?!
;'($! ,>'1(+%>(! '(! @%??! '(! 2%;%1,>'?5J%2! *&%>',5*1(G! +*??*@51)! %5,$%>! 1*>0',5A%! *>! &*(5,5A%!
'&&>*';$%(B!C:,!,$%1!,$%!C'14!(,'++!'>%!+'5>?=!':,*1*0*:(G!'12!5,!5(!$'>2!,*!)%,!'!ZC'14!A5%@[!
*1!&'>,5;:?'>!5((:%(B!

#$%!F/^CG!@$5?%!'?(*!515,5'??=!+*??*@51)!'!Z1*>0',5A%[!'&&>*';$G!>%?5%2!0*>%!$%'A5?=!*1!(%15*>!
';'2%05;(!@5,$!&*?5;=K0'451)!%H&%>5%1;%!+>*0!,$%!>%)5*1B!X%1;%G!,$%5>!+*;:(!@'(!0:;$!0*>%!
;?*(%?=!)>*:12%2!*1!%H&%>5%1;%(!*+!,$%!;*:1,>5%(!;*1;%>1%2G!'12!+5>(,!$'12!41*@?%2)%!*+!,$%!
($*>,;*051)(! '12! 25++5;:?,5%(! S%B)BG! ]*&%JKO:>&$=G! -66TUB! C=! &?';51)! ,$%! Z<:5?251)! <?*;4([! *+!
+5(;'?! +%2%>'?5(0! @5,$51! ,$%! ;*1,%H,! *+! @$',! 05)$,! <%! +%'(5<?%! '12! @$',! )%1%>'??=! @*>4(G! ,$%!
F/^C! ($*@%2! )>%',%>! +?%H5<5?5,=! ',! '1! %'>?5%>! (,')%! ,$'1! 5,(! Q'($51),*1! 1%5)$<*:>(B!
!

M"*'(HG'
#$%! &*(5,5*1! *+! ,$%! FOP! 5(! 0:;$! 0*>%! ;*0&?%HB! F1! ,$%! %'>?=! -66\(G! P/^! (%15*>! (,'++! ,**4! ,$%!
&*(5,5*1!,$',!,$%!(:<D%;,!*+!51,%>)*A%>10%1,'?!+5(;'?!>%?',5*1(!@'(!*++K?505,(!,*!5,(!(,'++G!?'>)%?=!
<%;':(%! ,$%! (:<D%;,! 5(! Z%((%1,5'??=! &*?5,5;'?G[f8! '12! ,$%! FOP! 2*%(! 1*,! 51,%>+%>%! @5,$! 5((:%(!
&*?5,5;'?G!'12!,$',!,$%(%!'>%!<%(,!?%+,!,*!,$%!C'14B!!X*@%A%>G!>%I:%(,(!+*>!,%;$15;'?!'((5(,'1;%!*1!
,$%! Z<:5?251)! <?*;4([! *+! +%2%>'?5(0! )',$%>%2! &';%! '(! ,$%! ,>'1(5,5*1! %;*1*05%(! *+! Y'(,%>1!
Y:>*&%G! 9%1,>'?! '12! Y'(,! /(5'! <%)'1! ,$%5>! %;*1*05;! >%+*>0(G! @5,$! @$5;$! ,$%! FOP! @'(! ;?*(%?=!
51A*?A%2B!#$%>%!@'(!'?(*!'!>%'?5J',5*1!,$',!,$%!*&%>',5*1(!',!,$%!(:<K1',5*1'?!?%A%?!05)$,!'++%;,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
f-
! ]5,A';4G! _%11=G! _:1'52! /$0'2! '12! b5;$'>2! C5>2G! -66.G! 5#%8&0H&09( *#$#0%+,-&;,%&20( &0( *#'#-2@&09( $270%+&#.3!
Q*>?2!C'14!M%;,*>!M,:25%(!M%>5%(B!
f"
!Q*>?2!C'14G!"\\fG!I2+-*(B#'#-2@/#0%(5#@2+%<(/,H&09(.#+'&$#.(62+H("2+(@22+(@#2@-#S(/$0'2G!_BG!MB!^%A'>'D'1G!
MB! i$%0'15G! '12! MB! M$'$! "\\WG! ! Z^%;%1,>'?5J',5*1! '12! (%>A5;%! 2%?5A%>=G[! 51! /$0'2! '12! C>*(5*! S"\\WUg! '12!
^%A'>'D'1G!MBG!MB!i$%0'15!'12!MB!M$'$g!Z3*?5,5;'?!%;*1*0=!*+!&'>,5'?!2%;%1,>'?5J',5*1G[!51!/$0'2!'12!C>*(5*!S"\\6UB!
f8
!h:*,%!'(;>5<%2!,*!O5?4'!9'('1%)>'K_'1,(;$%>G!X%'2!*+!,$%!#'H!/20515(,>',5*1!^5A5(5*1B!

! ".!
*A%>'??!0';>*%;*1*05;!(,'<5?5,=B!9*1(%I:%1,?=G!'!1:0<%>!*+!05((5*1(!@%>%!?':1;$%2G!51;?:251)!
51!9$51'!S-668UG!'(!@%??!'(!3%>:!S-66fU!'12!9*?*0<5'!S-66fG!-66TUB!/(!2%(;>5<%2!'<*A%G!,$%(%!
@%>%! ?'>)%?=! Z&*(5,5A%[! 51! 1',:>%G! +*;:(51)! *1! ,$%! '>,! *+! ,$%! &*((5<?%! '12! &>';,5;'<?%G! '(!
*&&*(%2!,*!@$',!05)$,!<%!>%;*00%12%2!<=!,$%!1*>0',5A%!,$%*>5%(!S(%%!,$%!25(;:((5*1!'<*A%!
*1!9$51'G!@$%>%!,$%!C'14L(!'2A5;%!@'(!0*>%!51!?51%!@5,$!,$%!1*>0',5A%!,$%*>=UB!

/,! ,$%! ('0%! ,50%G! '! ,$>%%K=%'>! (,'++! '((%((0%1,! @'(! ?':1;$%2! ,$',! %H'051%2! ,$%! Z<:5?251)!
<?*;4([! '(! @%??! '(! (:00'>5%(! *+! ;*:1,>=! %H&%>5%1;%(a,$5(! @'(! &:<?5($%2! :12%>! ,$%! 1'0%! *+!
O>(B!#%>KO51'((5'1G!@$*!@'(!>%(&*1(5<?%!+*>!515,5',51)!,$%!@*>4!51!,$%!+5>(,!&?';%B!F,!5(!*22!,$',!
,$%! FOPL(! *@1! '2A5;%! $'2! <%%1! &*(5,5A%! 51! (:<(,'1;%G! <:,! ,$%! #%>KO51'((5'1! A*?:0%! @'(!
%((%1,5'??=! 1*>0',5A%! 51! 5,(! ,*1%G! '12! 51! ,$%! (:00'>=! ,$%0',5;! ;$'&,%>B! 3%>$'&(! ,$5(! @'(!
2%(5)1%2!,*!2%+?%;,!,$%!;>5,5;5(0!,$',!,$%!@*>4!@'(!<%;*051)!,**!&*?5,5;'?a<:,!5,!'?(*!>%+?%;,%2!
,$%!>',$%>!>5)52!2%?51%',5*1(!<%,@%%1!25A5(5*1(!51!,$%!P5(;'?!/++'5>(!^%&'>,0%1,!,$',!$'&&%1!,*!
;*>>%(&*12!,*!,$%!+5(;'?!+%2%>'?5(0!Z<:5?251)!<?*;4([!*+!0';>*%;*1*05;!;**>251',5*1g!,'H!&*?5;=!
'12!'20515(,>',5*1G!%H&%125,:>%!&*?5;=!'12!&:<?5;!+51'1;5'?!0'1')%0%1,B!F,!@'(!*+,%1!25++5;:?,!
,*! (%%! ,$%! 51,%>>%?',5*1($5&(! <%,@%%1! ,$%(%! '>%'(B! j%,G! ,$%! ,%;$15;'?! '((5(,'1;%! ,$',! +*??*@%2!
,$%!&:<?5;',5*1!*+!#%>KO51'((5'1!S-667U!;*1,51:%2!51!,$%!&*(5,5A%!,>'25,5*1B!#$5(!51;?:2%2!@*>4!
*1! F12*1%(5'G! e5)%>5'G! 9$51'! '12! O%H5;*a'??! *+! @$5;$! '?(*! $'2! &'>,5;5&',5*1! <=! Q*>?2! C'14!
(,'++B!!

/,!,$%!>%I:%(,!*+!,$%!YH%;:,5A%!C*'>2G!'12!51!$*1*:>!*+!,$%!>%,5>%0%1,!*+!c5,*!#'1J5!51!"\\\G!
'1*,$%>! >%,>*(&%;,5A%! @'(! $%?2! S(%%! /$0'2! '12! #'1J5G! "\\-Ua<:,! @'(! 1*,! &:<?5($%2! <=! ,$%!
FOPa$%1;%!5,!252!1*,!>%;%5A%!,$%!',,%1,5*1!*+!#%>KO51'((5'1!S-667UB!/$0'2!'12!#'1J5!S"\\-U!
@'(!%((%1,5'??=!&*(5,5A%!51!,*1%!'12!'1'?=(5(G!&'>,5;:?'>?=!'!+*>;%+:?!&'&%>!<=!#'1J5!$50(%?+!S#'J5!
"\\-U! ,$',! +*;:(%2! *1! ,$%! %++%;,(! *+! ,$%! 2%;%1,>'?5J',5*1! &>*;%((! >',$%>! ,$'1! (50&?=! ,$%!
<:5?251)!<?*;4(B!!P*??*@51)!,$%!&:<?5;',5*1!*+!,$%!X'12<**4!*+!P5(;'?!P%2%>'?5(0G!'!;*??'<*>',5A%!
%++*>,! @'(! ?':1;$%2! <%,@%%1! ,$%! FOPG! ,$%! Q*>?2! C'14G! '12! Re^3G! @5,$! &'>,5;5&',5*1! *+!
<5?',%>'?!2*1*>!')%1;5%(G!,*!%H'051%!,$%!;*1(%I:%1;%(!*+!,$%!1%@!,$%*>5%(!+*>!&*?5;=!'12!,$%!
&*(5,5*1!,$',!05)$,!<%!,'4%1!<=!,$%!51,%>1',5*1'?!')%1;5%(B!#$5(!,**!@'(!&:<?5($%2!*:,(52%!,$%!
FOP!S(%%!/$0'2!'12!C>*(5*!"\\6UG!?'>)%?=!'(!'1!';'2%05;!'((%((0%1,B!

P51'??=G!!,$%!FOP!&>%(%1,%2!,*!,$%!C*'>2!'1!'((%((0%1,!*+!@$%>%!,$%!51(,5,:,5*1!(,'12(!*1!+5(;'?!
+%2%>'?5(0G!0512+:?!*+!,$%!+';,!,$',!,$%!C*'>2!5(!1*,!4%%1!*1!'1!%H&'1(5*1!*+!,$%!0'12',%!*+!
,$%!FOPa,$5(!@'(!&:<?5($%2!51!P%2%?51*!'12!#%>KO51'((5'1!S"\-\UB!Q$5?%!,$5(!&'&%>!>%;*)15J%(!
,$%!>*?%!*+!&*?5,5;'?!%;*1*0=G!5,(!(,>:;,:>%!>%0'51(!Z('+%?=[!1*>0',5A%!'12!;*:;$%2!51!,%>0(!*+!
,$%! ,>'25,5*1'?! Z<:5?251)! <?*;4(B[! #$%! 0*>%! 25++5;:?,! <:,! 50&*>,'1,! I:%(,5*1(! '(! ,*! @$=! (*0%!
'2A5;%!5(!50&?%0%1,%2!'12!@$=!*,$%>!'2A5;%!+'5?(G!*>!5(!1*,!50&?%0%1,%2G!'>%!1*,!'22>%((%2B!!!

! "6!
L*)+,/0*1)&2*',$')"*'&$)*+$#)&,$#-'#%*$1&*/'
#$%!51+?:%1;%!*+!,$%!51,%>1',5*1'?!')%1;5%(!*1!+5(;'?!+%2%>'?!*:,;*0%(!5(!&>*<'<?=!%H'))%>',%2G!
'(!51!>%'?5,=!;*:1,>5%(!2*!@$',!5(!51!,$%!51,%>%(,!*+!,$%!>:?51)!&'>,5%(G!&*?5,5;5'1(!'12!<:>%':;>',(B!!
#$5(! 0'=! '?(*! %H&?'51! @$=! (*! *+,%1! Z(*:12[! '2A5;%! )5A%1! ,*! ;*:1,>5%(G! ,$',! '>%! ;'&'<?%! *+!
50&?%0%1,',5*1G!*+,%1!+'5?(B!#$%!51;%1,5A%(!,*!50&?%0%1,!0'=!1*,!%H5(,B!

F1! *,$%>! ;'(%(G! @$%>%! ,$%>%! $'(! <%%1! &>*)>%((G! ,$%>%! 0'=! <%! '! 0*>%! '?,>:5(,5;! 0*,5A%! ,*!
2%;5(5*1(! ,$',!'>%!0'2%B!3>*<'<?=G! 51,%>1',5*1'?!Z='>2(,5;4!;*0&%,5,5*1[!5(!,$%!0*(,!%++%;,5A%!
51;%1,5A%!+*>!;*:1,>5%(!,*!50&>*A%!&:<?5;!&*?5;=!0'451)!'12!%++%;,5A%1%((!*+!(%>A5;%!2%?5A%>=B!!!

F1! >%'?5,=G! 51! ,$%! 3'45(,'1! ;*1,%H,G! ,$%! <5?',%>'?! '52! ')%1;5%(! '12! 2%A%?*&0%1,! <'14(! $'A%!
>:($%2! ,*! &>*A52%! '((5(,'1;%! '(! >%I:%(,%2! <=! &'>,5;:?'>! )*A%>10%1,(! *+! ,$%! 2'=G! %(&%;5'??=!
@$%1! ,$%! 51,%>1',5*1'?! ',0*(&$%>%! @'(! ;*12:;5A%! ,*! (:&&*>,51)! ,$%(%! )*A%>10%1,(a
%(&%;5'??=!2:>51)!,$%!-6.\(G!'12!51!,$%!500%25',%!&*(,!6l--!&%>5*2B!F,!5(!'?(*!,$%!;'(%!,$',!,$%!
)*A%>10%1,(!*+!,$%!2'=!$'A%!Z:(%2[!,$%!@%??!0%'151)!'12!511*;%1,!'2A5;%!+>*0!,$%(%!')%1;5%(!
51!*>2%>!,*!+:>,$%>!,$%5>!*@1!&*?5,5;'?!*<D%;,5A%(B!F,!5(!'1!:1&>*A%1!;*:1,%>+';,:'?!,$',!$'2!,$%!
')%1;5%(! 41*@1! ,$',! ,$%5>! '2A5;%! 05)$,! <%! Z:(%2[! +*>! &:>&*(%(! *,$%>! ,$'1! ,$*(%! ,$',! @%>%!
511*;%1,?=! 51,%12%2G! @$%,$%>! ,$%=! 05)$,! $'A%! '2'&,%2! ,$%5>! (:&&*>,! '12! ;*:1(%?a'?,$*:)$!
,$%!%A52%1;%!5(!,$',!;*1,>'>=!A5%@(!+>*0!@5,$51!'12!*:,(52%!,$%5>!*>)'15J',5*1(!@%>%!D:(,!(50&?=!
5)1*>%2Bff!

F,!5(!,*!<%!$*&%2!,$',!&%>$'&(!51,%>1',5*1'?!')%1;5%(!'12!';'2%05;!'2A5(*>(!(,5??!$'A%!'!>*?%!,*!
&?'=!51!25(,5??51)!51,%>1',5*1'?!%H&%>5%1;%(!'12!&>%(%1,51)!,$%(%!,*!;*:1,>5%(G!(:;$!'(!3'45(,'1B!!
/12! ,$',! ,$%=! 05)$,! 4%%&! 51! 0512! ,$%! (&%;5+5;! 51(,5,:,5*1'?! '12! $5(,*>5;'?! ;*1,%H,! *+! ,$%!
;*:1,>5%(! ;*1;%>1%2G! '12! :12%>(,'12! @$=! '12! @$',! 5,! 5(! ,$',! 0'4%(! ;*:1,>5%(! :12%>,'4%!
>%+*>0(B!!

N< H#7&$%')"*'6*5*+#-'/)+E1)E+*'O,+7'&$'.#7&/)#$'
#$%!2%A*?:,5*1!&>*;%((!,$',!$'(!<%):1!@5,$!,$%!-.,$!/0%120%1,!&>%(%1,(!'!)>%',!*&&*>,:15,=!
,*!;$'1)%!,$%!@'=!,$',!&:<?5;!&*?5;=!5(!+*>0:?',%2!51!3'45(,'1G!'12!$*&%+:??=!,*!0'4%!5,!0*>%!
>%(&*1(5A%! ,*! ,$%! 1%%2(! '12! 2%(5>%(! *+! ,$%! &*&:?',5*1B! X*@%A%>G! 5+! ,$%! `M#! >%+*>0(! 2*! 1*,!
(:;;%%2G! )5A%1! ,$%! A*;5+%>*:(! *&&*(5,5*1! <=! ,$%! A%(,%2! 51,%>%(,(! @$*! $'A%! <%1%+5,,%2! <=!
%H%0&,5*1(!'12!J%>*!>',51)!',!,$5(!&*51,!51!,50%GfT!,$%!%1,5>%!2%A*?:,5*1!&>*;%((!@*:?2!>:1!51,*!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
ff
! #*! ,$%! ;>%25,! *+! ,$%! Q*>?2! C'14G! (,'++! 51! %'>?=! "\\.! ,%>0%2! ,$%! ?*1)K(,'1251)! >%+*>0! *+! ,$%! P%2%>'?! C*'>2! *+!
b%A%1:%! ,*! <%! Z1*1K&%>+*>051)! '12! :1(',5(+';,*>=B[! /! (:<(%I:%1,! >%(;:%! '12! ('?A')%! *&%>',5*1! @'(! ?':1;$%2!
'+>%($B!
fT
! #$5(! $'(! <%%1! ;*:;$%2! 51! Z&*&:?5(,[! ,%>0(! '(! '++%;,51)! ,$%! 51,%>%(,(! *+! ,$%! &**>a@$%>%'(! 51! +';,! '! &>*&%>?=!
+:1;,5*151)! ,'H! (=(,%0! @*:?2! >%2:;%! ,$%! )*A%>10%1,L(! <*>>*@51)! >%I:5>%0%1,(! '12! ,$%! ;:>>%1,! 51+?',5*1'>=!
&>%((:>%(B! F,! 5(! '?(*! :1?54%?=! ,$',! >%?',5A%! &>5;%(! @*:?2! ;$'1)%! '2A%>(%?=! +*>! ,$%! &**>! @5,$! ,$%! >%0*A'?! *+! ,$%(%!

! 8\!
,>*:<?%G! '(! @*:?2! ,$%! ;:>>%1,! eP9! '@'>2B! #$5(! (%>5*:(?=! >5(4(! ,$%! 50&?*(5*1! *+! ,$%! %H5(,51)!
51,%>)*A%>10%1,'?!+5(;'?!(=(,%0B!F12%%2!,$%!`M#!5,(%?+!$'(!5>*15;'??=!<%%1!0'2%!*:,!,*!<%!,$%!
0*(,!Z$',%2[!,'Ha<=!,$%!A%>=!)>*:&(!,$',!($*:?2!@%?;*0%!,$%!>%0*A'?!*+!25(,*>,5*1(!'12!,$%!
;>%',5*1!*+!'!?%A%?!&?'=51)!+5%?2B!

C:,! ,$%! 51,%>)*A%>10%1,'?! >%+*>0! 0'=! <%! '<?%! ,*! 0:22?%! '?*1)G! %A%1! )5A%1! ,$%! ?';4! *+!
',,%1,5*1! )5A%1! ,*! ,$%! >%A%1:%! '((5)10%1,! 5((:%B! /,! ,$%! *:,(%,G! ,$%! 52%'?K,=&%! (51)?%! '1!
51,%)>',%2! c/#G! '12! ;**&%>',5A%! '12! (50&?%! >%A%1:%K($'>51)! '>>'1)%0%1,! 2%(;>5<%2! <=! ^>B!
#'1J5!51!$5(!25(,51):5($%2!?%;,:>%!S#'1J5!"\-\U!5(!D:(,!1*,!+%'(5<?%!51!,$%!3'45(,'1!;*1,%H,G!1*>!51!
0*(,! ;*0&?%H! '12! 0:?,5K?%A%?! +%2%>',5*1(B! X*@%A%>G! '(! /$0'2! S"\-\U! $'(! ($*@1G! ,$%!
&',;$@*>4! 1%%2%2! ,*! 0'4%! ,$%! 9*1(,5,:,5*1'?! '((5)10%1,! ,*! &>*A51;%(! *+! ,$%! (%>A5;%(! <'(%!
:12%>!,$%!`M#!5(!1*,!(,'<?%G!;'1!<%!<?*;4%2!<=!'1=!*1%!&>*A51;%!51!5(*?',5*1G!'12!;*:?2!)%1%>',%!
,'H!@'>(!<%,@%%1!&>*A51;%(B!#$5(!@5??!1%;%((5,',%!511*A',5A%!(*?:,5*1(G!,$',!'>%!0*>%!(,'<?%G!<:,!
@$5;$!&>*A52%!&>*A51;%(!@5,$!(5)15+5;'1,!,'H!$'12?%(!,$',!'>%!1%%2%2!+*>!)>%',%>!';;*:1,'<5?5,=!
+*>!(:<K1',5*1'?!(&%1251)!'12!+5(;'?!'>>'1)%0%1,(B!!!

F1%A5,'<?=G! ,$%! (*?:,5*1(! @5??! <%! 0*>%! ;*0&?%H! ,$'1! ^>B! #'1J5! @*:?2! ?54%G! '12! 0'=! 05>>*>! ,$%!
1%%2! ,*! 51,%)>',%! ,$%! `M#! '?*1)! ,$%! ?51%(! 25(;:((%2! 51! ,$%! ;*1,%H,! *+! ,$%! F125'1! P51'1;%!
9*005((5*1G! '12! >%;*00%12',5*1(! +*>! >%+*>051)! ,$%! C>'J5?5'1! (=(,%0B! #$5(! 0'=! $'A%! ,*!
51A*?A%!Z&5))=K<';451)[!*>!2:'?!'>>'1)%0%1,(G!(:;$!'(!,$%!ZFb/3[!,$',!0%%,!,$%!1%%2(!*+!?'>)%!
'12! ;*0&?%H! &>*A51;%(B! M:;$! 0%'(:>%(! @*:?2! 1%%2! ,*! <%! ';;*0&'15%2! <=! '1! %I:'?5J',5*1!
+>'0%@*>4! +*>! ,$%! &**>%>! &>*A51;%(! 51! *>2%>! ,*! >%2:;%! ,$%! 25(51;%1,5A%(! '12! 25(,*>,5*1(! ,$',!
'>%! 51$%>%1,! 51! ,$%! ;:>>%1,! >%A%1:%! ($'>51)! '12! ,>'1(+%>! 2%(5)1! 0%;$'15(0(B! #$5(! @*:?2!
>%&>%(%1,! '! (5)15+5;'1,! >%(%'>;$! ')%12'! ,$',! ;*:?2! :(%+:??=! <%! +*??*@%2! <=! &*?5;=l>%(%'>;$!
,%'0(!51!&>%&'>',5*1!+*>!,$%!1%H,!P51'1;%!9*005((5*1B!

! !

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%H,>'*>251'>=! <%1%+5,(! +*>! ,$%! &'0&%>%2! (%;,*>(! '12! '! 2*@1@'>2! >%A5(5*1! '12! ;*1(*?52',5*1! *+! ,$%! >',%!
>%(,>:;,:>%!*+!,$%!`M#B!!

! 8-!
 L*6*+*$1*/'
!

/+*1(*G!_*(é!b*<%>,*!'12!]:5J!2%!O%??*G!"\\-G!ZC>'J5?d!/1!%A*?A51)!+%2%>',5*1G[!51!/$0'2!'12!
#'1J5!S"\\-UG!*&!;5,B!
!
/$0'2G! Y$,5($'0! S+*>,$;*051)UG! Z#$%! &*?5,5;'?! %;*1*0=! *+! >%A%1:%K($'>51)! '12! &%,>*?%:0!
0'1')%0%1,!51!F>'IB!
!
/$0'2G!Y$,5($'0!S"\-\UG!Z#$%!&*?5,5;'?!%;*1*0=!*+!,'H!>%+*>0(!51!3'45(,'1G[!^5(;:((5*1!&'&%>d!
/(5'!b%(%'>;$!9%1,%>G!]MY!'12!NYPG!R15A%>(5,=!*+!C*11B!
!
/$0'2G! Y$,5($'0! '12! O%>;%2%(! `'>;p'KY(;>5<'1*! S"\-\UG! Z9*1(,>'51,(! ,*! Y++%;,5A%! P5(;'?!
^%;%1,>'?5J',5*1! 51! 3%>:[! +*>,$;*051)! 51! _*>)%! O'>,51oJKc'(JI:%J! '12! P>'1q*5(!
c'5??'1;*:>,G!S%2(UG!QA.%,$-#.(%2(B#$#0%+,-&;,%&20<(1#..20.("+2/(P#-#$%#*(F270%+&#.B!
!
/$0'2G! Y$,5($'0! '12! `5*>)5*! C>*(5*! S%2(BU! "\\6G! B2#.( *#$#0%+,-&;,%&20( #08,0$#( .#+'&$#(
*#-&'#+D(,0*(@2'#+%D(+#*7$%&20E(Y2@'>2!Y?)'>B!

/$0'2G! Y$,5($'0G! `5*>)5*! C>*(5*G! '12! c5,*! #'1J5G! "\\.G! Z]*;'?! (%>A5;%! &>*A5(5*1! 51! (%?%;,%2!
VY9^!;*:1,>5%(d!2*!2%;%1,>'?5J%2!*&%>',5*1(!@*>4!<%,,%>E[!51!`B!F1)>'0!'12!jBXB!X*1)!
S%2(UG! )&.$,-( B#$#0%+,-&;,%&20( ,0*( 1,0*( C2-&$&#.3( ]51;*?1! F1(,5,:,%! *+! ]'12! 3*?5;=G!
9'0<>52)%G!OB/B!

/$0'2G!Y$,5($'0!'12!`5*>)5*!C>*(5*!S%2(UG!"\\WG!T,0*A22H(2"()&.$,-()#*#+,-&./3(Y2@'>2!Y?)'>B!

/$0'2G!Y$,5($'0G!i',$%>51%!9$>5(,*&$%>(*1K3:$G!O%>;%2%(!`'>;p'KY(;>5<'1*G!/?5;5'!^p'JKN:>>*G!
'12! 9'>?*(! 3'>%1,%G! "\\TG! 3%>:d! =2*#+0&;&09( M7*9#%( C+2$#..#.3( :0.%&%7%&20.( ,0*(
:0"2+/,%&20(PD.%#/.G!P/^G!FOPB!

/$0'2!/$0'2G!YBG!XB!C>5H5G!OB!P*>,:1'G!CB!]*;4@**2!'12!bB!M51)$G!"\\8G!F8&0,<(+#"2+/&09("&.$,-(
+#-,%&20.(A#%6##0(*&""#+#0%(-#'#-.(2"(92'#+0/#0%3(P/^G!FOPB!

/$0'2G! Y$,5($'0G! `5*>)5*! C>*(5*G! /?5;5'! ^p'JKN:>>*G! F! P'51<*50G! b%1',*! c5??%?'! '12! 9'>?*(!
3'>%1,%G!-66fG!M2-&'&,<(&/@+2'&09(A7*9#%(,0*(*#$#0%+,-&;,%&20(@+2$#..#.3(FOPG!P/^B!

/$0'2G!Y$,5($'0G!`5*>)5*!C>*(5*G!C%>12!M&'$1!'12!9$:;4!c%$*>1G!-66TG!F2-2/A&,<(5#"2+/&09(
?#++&%2+&,-(?,>,%&20(,0*(?+,0."#+.3(FOPd!P5(;'?!/++'5>(!^%&'>,0%1,B!
!
/$0'2G!Y$,5($'0!'12!!c5,*!#'1J5!S%2(UG!"\\-G!=,0,9&09()&.$,-()#*#+,-&./3(b*:,?%2)%B!

/$0'2G! Y$,5($'0G! 9$'>?%(! c%$*>1G! `5*>)5*! C>*(5*! '12! C%>12! M&'$1G! -66TG! F2-2/A&,<(
5#"2+/&09(?#++&%2+&,-(?,>,%&20(,0*(?+,0."#+.3(FOPd!P5(;'?!/++'5>(!^%&'>,0%1,B!

! 8"!
/$0'2G!Y$,5($'0G!-667G!)&0,0$&09(*#$#0%+,-&;#*(#>@#0*&%7+#.3(!Y2@'>2!Y?)'>B!

/$0'2G! Y$,5($'0G! `'*! h5'1)! '12! c5,*! #'1J5G! -66TG! 5#"2+/&09( F8&0,R.( C7A-&$( )&0,0$#.3( FOPG!
Q'($51),*1!^9G!'12!'?(*!&:<?5($%2!<=!OVPG!3b9B!

/$0'2G! Y$,5($'0G! _:'1! /05%A'KX:%>,'G! _]B! b:5J! '12! _%>>=! M;$5++G! /&>5?! -66fG! 3%>:d! C2A+#;,3(
C2-&%&$,.(C7A-&$,.(D(O#.%&20(*#-(O,.%2(C7A-&$22!FOPG!P/^B!

/$0'2G!Y$,5($'0G!_B!/05%A'KX:%>,'G!'12!_50!_B!#$*0'(G!V;,*<%>!-66fG!3%>:d!C2A+#;,<(=#+$,*2(
*#(?+,A,L2(D(C2-&%&$,.(P2$&,-#.2!FOPG!P/^B!

/$0'2G!Y$,5($'0G!`'*!h5'1)!'12!c5,*!#'1J5G!-66TG!5#"2+/&09(F8&0,R.(C7A-&$()&0,0$#.3(FOP!

/$0'2G!Y$,5($'0G!_*1!9>'5)G!^:<>'A4*!O5$'?D%4G!-66fG!F8&0,<(20(%8#(*#%#+/&0,%&20(2"(,(9+,0%.(
.D.%#/3(P/^G!FOPB!

/$0'2G!Y$,5($'0G!_*1!9>'5)!'12!C*<!M%'>?%G!-66fG!F8&0,<("2+/7-,%&09(,0*(#.%&/,%&09(9+,0%.3(
P/^G!FOPB(!!

/$0'2G!Y$,5($'0G!i=%K(54!]%%!'12!/1,$*1=!i%11%2=G!-668G!?8#(+#"2+/(2"(&0%#+92'#+0/#0%,-(
"&.$,-(+#-,%&20.3(/,$+2#$202/&$(/,0,9#/#0%3(,0*(A7*9#%(-,6.S(FOPd!P/^G!!

/0<>*(5'1*G! P?'A5'! '12! O'((50*! C*>25)1*1G! "\\WG! Z3*(5,5A%! '12! e*>0',5A%! #$%*>5%(! *+!
b%A%1:%!/((5)10%1,(G[!51!/$0'2!'12!C>*(5*!S"\\WUG!*&!;5,B!

C'>2$'1G!3>'1'<!!'12!^5?5&!O**4$%>D%%G!b%?',5A%!;'&,:>%!*+!)*A%>10%1,!',!?*;'?!'12!1',5*1'?!
?%A%?(G!01#'*2(3$425351*2$6#7*#8G!c*?B!6\!S"UG!"\\\G!&&B!-8TK86B!

C%(?%=G! #50*,$=! '12! /11%! 9'(%B! -66TG! ZF1;:0<%1,! <%$'A5*>d! A*,%K(%%451)G! ,'HK(%,,51)G! '12!
='>2(,5;4!;*0&%,5,5*1G[!4/#+&$,0(!$202/&$(5#'&#63(S.TU!e*!-BG!&&B"TKfTB!

C5>2G! b5;$'>2G! -6.fG! :0%#+92'#+0/#0%,-( "&0,0$#( &0( F2-2/A&,/$ X'>A'>2! ]'@! M;$**?G! 9'0<>52)%!
O/B!

C:>45G! MB! _'A%2BG! '12! `:5??%>0*! 3%>>=! S%2(UG! "\\\G( B#$#0%+,-&;,%&20( ,0*( ,$$270%,A&-&%D( &0( %8#(
@7A-&$(.#$%2+3(#$%!Q*>?2!C'14B!

^%A'>'D'1G! M$'1,'='1'1G! M,:,5! i$%0'15! '12! M$%$4'>! M$'$G! "\\6G! Z#$%! &*?5,5;(! *+! &'>,5'?!
2%;%1,>'?5J',5*1G[!51!Y$,5($'0!/$0'2!'12!`5*>)5*!C>*(5*!S"\\6UG!5.$2*,I$

P'):%,G!_B3BG!"\\fG!Z^*%(!2%;%1,>'?5J',5*1!51;>%'(%!)*A%>10%1,!>%(&*1(5A%1%((!,*!?*;'?!1%%2(E!
YA52%1;%!+>*0!C*?5A5'[G!N27+0,-(2"(C7A-&$(!$202/&$.3(..G!SfUG!&&B!.W7K68B!

! 88!
P%2%?51*G! /11'?5('! '12! #%>%('! #%>KO51'((5'1G! "\-\G! =,H&09( )&.$,-( B#$#0%+,-&;,%&20( I2+H<(
F+2..J$270%+D(#>@#+&#0$#.3(FOP!V;;'(5*1'?!3'&%>!"7-B!

P5(J<%51G! />5%?! '12! e*><%>,! M;$'2=G! "\\6G! F20*&%&20,-( $,.8( %+,0."#+.K+#*7$&09( @+#.#0%( ,0*(
"7%7+#(@2'#+%D3(#$%!Q*>?2!C'14B!

`5?K^5'JG!P>'1;5(;*G!-6.7G!ZM*0%!]%((*1(!+>*0!O%H5;*L(!#'H!b%+*>0G[!51!^O`!e%@<%>=!'12!eBXB!
M,%>1!S%2(BUG!?8#(?8#2+D(2"(?,>,%&20("2+(B#'#-2@&09(F270%+&#.3W(VH+*>2!R15A%>(5,=!3>%((!
+*>!,$%!Q*>?2!C'14B!

`:>):>G! #:)>:?! '12! /1@'>! M$'$G! "\\-G! Z]*;'?5J',5*1! '12! ;*>>:&,5*1d! &'1';%'! *>! 3'12*>'L(!
<*HE[!51!/$0'2!'12!#'1J5!S"\\-U!*&!;5,B!

`:5):'?%G! O'>;%?*! '12! M,%A%1! Q%<<G! "\\\G! 4$8&#'#/#0%.( ,0*( $8,--#09#.( 2"( "&.$,-(
*#$#0%+,-&;,%&20<(-#..20.("+2/(=#>&$23!#$%!Q*>?2!C'14B!

F1;$':(,%G!`'<>5%?'G!"\\6G!Z^%;%1,>'?5J',5*1!51!C*?5A5'd!$'(!5,!0'2%!'!25++%>%1;%E[G!51!Y$,5($'0!
/$0'2!'12!`5*>)5*!C>*(5*!S"\\6U!5.$2*,I$

]5,A';4G!_%11=G!_:1'52!/$0'2!'12!b5;$'>2!C5>2G!-66.G!5#%8&0H&09(*#$#0%+,-&;,%&20(&0(*#'#-2@&09(
$270%+&#.3!Q*>?2!C'14!M%;,*>!M,:25%(!M%>5%(B!

]*&%JKO:>&$=G! b5;'>2*! S%2UG! -66TG! )&.$,-( B#$#0%+,-&;,%&20( &0( 1,%&0( 4/#+&$,3( F1,%>K/0%>5;'1!
^%A%?*&0%1,!C'14B!

]*:!_5@%5G!-667G!Z9*1(,>'51,(!51!>%+*>051)!,$%!,>'1(+%>!(=(,%0!51!9$51'G[!51!/$0'2!S-667UB!

O'1*%?G! /BG! O'>5'! /?<51*G! '12! _B3B! _50o1%JG! "\\-G! M2-&'&,<( !'2-7$&G0( *#( -,( *#$#0%+,-&;,$&G0(
"&.$,-(D(#-($20%+2-(*#(-,(*#7*,(*#(-2.(92A&#+02.(/70&$&@,-#.3$P/^G!FOPB!
!
3%>>=G! `:5??%>0*! '12! _B/B! b*2>5):%JG! -66-G! Z]'(! +51'1J'(! 51,%>):<%>1'0%1,'?%(! %1! ?'!
;*1(,5,:;5t1!2%!-66-G[!F7,*#+02.(*#(!$202/X,G!/:):(,G!&&BWTK.8B!

i'(&%>!b5;$,%>G!"\\.G!C,H&.%,0<(?,@@&09(%,>(A,.#.("2+(*#'#-2@/#0%3!#$%!Q*>?2!C'14B!

M'?0*1G!35%>>%G!"\-\G!&'&%>!&>%(%1,%2!,*!,$%!MFY3!9*1+%>%1;%!51!3'A5'B!!!!

M$'$G! /1@'>! '12! N5'! h:>%($5G! -66fG! :0%#+92'#+0/#0%,-( "&.$,-( +#-,%&20.( &0( :0*20#.&,3( Q*>?2!
C'14!^5(;:((5*1!3'&%>!"86B!!

#'1J5G!c5,*G!"\\-G!Z35,+'??(!*1!,$%!>*'2!,*!+5(;'?!2%;%1,>'?5J',5*1G[!51!/$0'2!'12!#'1J5!S"\\-UG!*&!
;5,B!

! 8f!
#'1J5G!c5,*G!"\-\G!Zb%A%1:%!($'>51)!'>>'1)%0%1,(G!*&,5*1(!'12!>%?',5A%!0%>5,(G[!25(,51):5($%2!
?%;,:>%! &>%(%1,%2! ',! ,$%! 3'45(,'1! M*;5%,=! *+! ^%A%?*&0%1,! Y;*1*05;(! /11:'?!
9*1+%>%1;%G!^%;%0<%>!"\-\B!!

#%>KO51'((5'1G!#%>%('G!-667G!)&.$,-()#*#+,-&./(&0(?8#2+D(,0*(C+,$%&$#3(F1,%>1',5*1'?!O*1%,'>=!
P:12G!Q'($51),*1!^9B!

Q'??5;$G! 9$>5(,51%G! -66fG! 57..&,( ,0*( %8#( $8,--#09#( 2"( "&.$,-( "#*#+,-&./G! Q*>?2! C'14G! b%)5*1'?!
'12!M%;,*>'?!M,:2=g!!!

Q5%(1%>K^:>'1G!YB!S-66"UG!F2-2/A&,<(B#$#0%+,-&;,$&G0(D()#*#+,-&./2()#*#+,-3!!^e3G!3>%(52%1;5'!
2%!?'!b%&m<?5;'G!C*)*,nB!

! 8T!