Anda di halaman 1dari 43

NOTA: En este documento encontrará texto y gráficos encerrados en recuadros, puede hacer clic sobre ellos para escuchar

el ejemplo
correspondiente. Ejemplo: Wake me up when september ends

!"#$$%&"'()*+,-."/01+-,-."2+3(1+-420+-5(.",("6,*4-427+"8*,2329-"
:(;012-.",("5-."/01+-,-.<"
='>?" %!" #!"$$"%$#!"$<"&')2+-."%##"""%(%"

!"#$%&!'&"#()!"*&+,%#(!'-&./*.,0%)!%&(*12#)#3!%&.!/!&
,2!&0",(!(#$2&!,"#)#3!&4,+!2!+02)0&(*+.!)#5'0&
,)#'#6!2"*&+7%#(!&/0!'&
*+,8?)*":-'-:6.="
-?=/6+'=)8)"?8.=*?8,")6"0-=,:6'"
-=,:6'"""-?=/6+'=)8)")6">-6?*'"8=+6'"
65" ,243-,0" ;*.24-5" (." (5" 1(4*1.0" ,2,'43240" ;'." *32521-,0" 201" 50." 2103(.01(." ,(" (,*4-427+" -*,2329-<" 6+" 4-.2"
30,0." 50." 40+.(19-30120." 4" (.4*(5-." ,(" :5.24-" ,(5" ;*+,0" 6" 4" 7-.3-" (+" 50." 4*1.0." 9213*-5(." 2+3(1-43290." ,("
(+31(+-;2(+30"-*,23290"6".("*32521-+",243-,0."2-1-"25*.31-1"(5(;(+30."4".*4(.0.";*.24-5(.&"(+31(+-1"(5"08,0&"
21-4324-1"5-"+03-427+&"4"3-;92:+"40;0";:30,0"(;45*4(+3("4"21(3(12,0"2-1-"(9-5*-1"(5"40+042;2(+30";*.24-5"
,(" 50." -5*;+0." (+" 50." (;';(+(.<" 6." 42(130" <*(" 5-" 7-9252,-," 2-1-" 1(21(.(+3-1" )1'324-;(+3(" 5-" ;5.24-"
(.4*47-,-" 6" <*(" -<*8" ,(+0;2+-1:" 31-.4122427+" 6" (." *+0" ,(" 50." 2+,24-,01(." 5()832;0." ,(5" 40+042;2(+30"
;*.24-5",("*+-"2(1.0+-<"'2+"(;9-1)0&"5-"2,(-"3*+,-;(+3-5".*94-4(+3("-"5-"*32521-427+"(.2(48324-",(",243-,0."
2-1(4("012)2+-1.("(+"4123(120.";*.24-5(."4"2(,-)7)240."<*("(+"5-";-4018-",("50."4-.0."1(.*53-+"211(5(9-+3(."6"
4*-+,0" +0" ,21(43-;(+3(" 02*(.30." 6" -" 5-" ;-+(1-" (+" <*(" 5-." 2(1.0+-." 2104(.-+" 40)+2329-;(+3(" 5-" ;5.24-<"
.0;0"40+.(4*(+42-",21(43-",("(.30&"(5"-+'52.2.",("5-.";-+23(.3-420+(."40+41(3-.",("50.",243-,0."3-;92:+",(=-"
-5",(.+*,0"*+"2103*+,0",(.40+042;2(+30",(5",2.(>0"?40)+23290@",("5-."091-.";*.24-5(."1(-5(.&"(+3(+,2(+,0"
201":.3-."-" 30,-" ;5.24-")1-9-,-"6"0"304-,-" (+"9290" 6"<*("+0"3(+)-"*+"21027.230",2,'43240<" 6.",(.,("(.3("
2*+30" ,(" 92.3-" <*(" 40+.2,(10" -" 50." ,243-,0." ;*.24-5(." ,(32+2329-;(+3(" 2+-,(4*-,0." 2-1-" +*(.310" ,2.(>0"
40)+23290" ;*.24-5&" 4" 201" 50" 3-+30" 2+-21022-,0." 2-1-" 031(4(1" *+-" (,*4-427+" -*,2329-" 7*;-+-;(+3("
40;2-3295(<" 6+" (.3(" 31-9-=0" 21(.(+3-1:" *+" (+30<*(" -53(1+-3290" ,(" (,*4-427+" -*,2329-" 9-.-,0" (+"
40+4(2420+(.",("5-";5.24-"4"5-"40)+2427+";*.24-5"-43*-521-,-."4"(+".2+30+8-"40+"50."40+4(230.",(.-11055-,0."
201"5-"2.24050)8-",("5-";5.24-"4"5-."3:4+24-.",("-+'52.2.";*.24-5",(129-,-.<":("1(3(121:"(+"(.2(42-5"-"5-."2,(-."
,(" 40+042;2(+30" 32)*1-3290" 4" 301;-5&" 4" .*" 1(5-427+" 40+" 5-." 40+4(2420+(." =(1'1<*24-." ,(" 5-" ;5.24-<" 6+" 3-5"
.(+32,0" 031(4(1:" 2102*(.3-." ;(30,057)24-." 40+41(3-." <*(" 2(1;23(+" (5" ,(.-110550" ,2,'43240" ,(" 30,0." 50."
40+3(+2,0." 31-,2420+-5(." ,(" 5-" (,*4-427+" -*,2329-" 6" 2+45*4(+,0" (5" -21(+,21-=(" ,(" 5-" 5(430(.4123*1-" 6"
*32521-+,0";5.24-"1(-5",("30,0."50."):+(10."4"(.3250.&"4",("*+-";-+(1-"<*("1(.*53-"-31-4329-"4"25-4(+3(1-"6"4"
201"(+,("7*;-+-;(+3("40;2-3295("6"3-+30"2-1-"50."-5*;+0."40;0"2-1-"(5",04(+3(<"&-1-"32+-521-1"(;20+,1:"
(=(;250." ,(" ;-3(12-5(." 2;21(.0.&" 3:4+24-." 4" 4123(120." ,(" (9-5*-427+" ,(.-11055-,0." (.2(42-5;(+3(" 2-1-"
-,(4*-1.(" -" (.3-" 2102*(.3-" ,2,'4324-<" =5*.31-1:" 30,0" 50" -+3(1201" 40+" 31-);(+30." ;*.24-5(." 4" (=(;250." ,("
31-+.4122420+(."1(-521-,-."201";2."-5*;+0.",(5"40+.(19-30120"4"5-"*+29(1.2,-,"(+"(5";-140",("5-";(30,050)8-"
,("(,*4-427+"-*,202(14(2329-"-<*8"21(.(+3-,-<"
=?A+*)-..=B?"
=?A+*)-..=B?"
6+" 50." 40+.(19-30120." 4" *+29(1.2,-,(." ,(" 30,0" (5" ;*+,0" (;2.3(" *+-" 42(13-" *+2301;2,-," (+" 4*-+30" -" 50."
40+3(+2,0." <*(" .(" ,(.-11055-+" ,(+310" ,(5" '1(-" ,(" 5-" 6,*4-427+" 8*,202(14(2329-&" ,(+0;2+-,-" 3-;92:+" -"
9(4(."A(018-"4"'053(0&",(+)*-=(":*.24-5&"C1-;'324-":*.24-5&"(34<"

8,27."-5")243-,0":*.24-5"""%##"
!
21!$(/*!(7.9-0*!-)0133/!/1!/,.3+-'!+/!'(;*)-0*0-')/,!(7.9-0*,!0')!,38+-6-,-4)!8-)*(-*!3!./()*(-*!/)!,30/,-')/,!
3)-99.(-0*,!,-911/,!'!*+-.-6*,@!1'1-9/.(7*,!6'(-0').*1/,!3!6/(.-0*1/,@!1'1-((-.9-*,!B0'9'!1'(!/;D!#!0').(*!CD@!
(-.9',!1-8(/,@!6*1'(/,!*;(/;*+',@!1*,!6*(-*0-')/,!*;4;-0*,!/)!1*!/;/030-4)!/"1(/,-6*@!/.0D@!.'+'!/,.'!.(*8*;*+'!
0');3).*9/)./! 0')! /1! /).(/)*9-/).'! /)! /1! 3,'! +/! .'+',! 1',! 0'91*,/,! 3! 2-;3(*,! (7.9-0*,! +/! 1*! )'.*0-4)!
93,-0*1! 0')6/)0-')*1D! 21! $(/*! 9/14+-0'!*(94)-0*! B'! 9/14)-0*%D! -)0133/! /1! /,.3+-'! +/! 1*,! 1(-)0-1*1/,!
.')'9'+*1-+*+/,! +/! 1*! 94,-0*! .')*1! '00-+/).*1! B/,0*1*,! 1/).*.4)-0*,@! +-*.4)-0*,! 9*3'(/,@! 9/)'(/,@!
;(/;'(-*)*,! 3! 9-".*,@! 0('9$.-0*,@! 6/"*.4)-0*,D@! 1',! *0'(+/,! .(7*+*,! 3! 03*.(7*+*,! 9$,! 3.-1-0*+',! B9*3'(/,@!
9/)'(/,@!+-,9-)3-+',@!*39/).*+',@!K9*D!+/!+'9-)*)./@!+/!,/),-81/@!/.0DD@!3!/1!03/(1'!./4(-0'!*,'0-*+'@!0'9'!
1*!01*,-2-0*0-4)!3!0*1-2-0*0-4)!+/!-)./(6*1',@!1*!./'(7*!+/!:3-).*,@!/1!.(*),1'(./@!1*,!+-,.-).*,!01*6/,@!/.0D!
).('!2*0.'(!0'94)!/,!:3/!/1!/,1*0-'!03((-031*(!+/!53+-'1/(0/1.-6*!/,!0'),-+/(*+'!1'(!+'0/)./,!3!*139)',!
0'9'!3)!$(/*!1('81/9$.-0*D!N/!6*!03/,.-')*+'!1*!1(/+'9-)*)0-*!+/!=99.'+',!*.'9-,.*,@!/)!1',!:3/!*83)+*!
1*! +/,0(-10-4)! +/! /1/9/).',! 3! ,/! +/+-0*! (/1*.-6*9/)./! 933! 1'0'! .-/91'! *1! *)$1-,-,! +/! ,3,! (/1*0-')/,>!
BQ3,39/0-!%EEF*D@!3!'8,/(6*+'!:3/@!0'),/03/)./9/)./@!1*,!*0.-6-+*+/,!+/!*1(/)+-0*;/!;-(*)!/)!.'()'!*!1*!
=-+/).-2-0*0-4)!3!/;/030-4)!+/!/1/9/).',!93,-0*1/,!9-)4,031',!3!,*0*+',!+/!0')./".'>!BG*(1-),H-!#VVVDD!2)!
;/)/(*1! 1*! -)*+/03*0-4)! ./4(-0*! 3! 9/.'+'14;-0*! +/! /,./! /,:3/9*! 03((-031*(! !! 3! 1*,! .90)-0*,! +-+$0.-0*,!
*,'0-*+*,! !! ,/! *.(-833/! *! ,3! +/,0')/"-4)! (/,1/0.'! +/! 1',! -91'(.*)./,! 6*11*0;',! ,'8(/! 0';)-0-4)! 93,-0*1!
(/*1-0*+',! +3(*)./! 1*,! 41.-9*,! +90*+*,! 1'(! 1*! 1,-0'1';7*! +/! 1*! 94,-0*D! 2,.',! +/,038(-9-/).',! 6*)!
03/,.-')*+'!0-/(.*,!0')0/10-')/,!*).-03*+*,!+/!1*!93,-0*1-+*+!639*)*!3!/1!+/,*(('11'!+/!1*,!6*8-1-+*+/,!
93,-0*1/,@!3!11*)./*+'!6-,-')/,!)3/6*,!,'8(/!1',!03/(1',!./4(-0'!93,-0*1/,!.(*+-0-')*1/,!*1!0').(*,.*(1',!0')!
/"11-0*0-')/,!=0';)-.-6*,>!+/!049'!,/!0'),.(33/!1*!94,-0*D!52'(.3)*+*9/)./@!3)*!0*).-+*+!0*+*!6/0!9*3'(!
+/!-)6/,.-;*+'(/,!3!+'0/)./,!1('2/,-')*1/,!/,.$!.'9*)+'!0')0-/)0-*!+/!1*!.(/9/)+*!-91'(.*)0-*!:3/!.-/)/)!
1',! 6*11*0;',! 0';)-.-6',! 3! 1,-0'93,-0'14;-0',! 1*(*! 1*! /),/<*)0*! +/! 1*! *3+-'1/(0/1.-6*! B6/(! X3.1/(! %EEK@!
-''H!%EEI@!-'6-);.')!3!+'(+!%EEI@!Q3,39/0-!%EEF*!8@!#VVV*!8@!N*1*0*(!#VV&@!N6-2(/,!#VVI@!N6-2(/,! /.!
*1./(!#VVID@!3!/,./!.(*8*;'!1(/,/).*!3)*!1('13/,.*!/)!/,/!,/).-+'@!/)!/1!$(/*!/,1/072-0*!+/!1*,!.(*),0(-10-')/,D!!
+5N!?*5_N-*%#-%)_2N!J!+5!_)?5-%@_!
+5N!?*5_N-*%#-%)_2N!J!+5!_)?5-%@_!
+*,! 6*8-1-+*+/,! :3/! ,/! /,1/(*)! +/! 1',! /,.3+-*)./,! /)! 1',! 03(,',! +/! 53+-'1/(0/1.-6*! ,/! '(-/).*)!
1(-)0-1*19/)./!*1!+'9-)-'!+/!1*!1/0.'/,0(-.3(*@!0'),.-.33/)+'!1*,!*0.-6-+*+/,!1(-)0-1*1/,!1*!(/*1-0*0-4)!+/!
,'12/',! 3! +-0.*+',@! (7.9-0',! 3! 9/14+-0',D! -'),/03/)./9/)./@! 1',! /"$9/)/,! 0'),-,./)! 1(-)0-1*19/)./! /)! 1*!
(/*1-0*0-4)! +/! ,'12/',! 3! +-0.*+',@! 3! *1;3)',! /;/(0-0-',! ./4(-0',! 0'9'! 1*! 0'),.(300-4)! +/! *0'(+/,! '! 1*!
(/*1-0*0-4)!+/!/;/(0-0-',!+/!.(*),1'(./!/,0(-.'D!(/!9*)/(*!:3/!/1!+-0.*+'!93,-0*1!/,!/1!(/03(,'!+-+$0.-0'!9$,!
3.-1-0*+'!1'(!1',!1('2/,'(/,!+/!/+30*0-4)!*3+-.-6*D!2)!0*,-!.'+',!1',!0'),/(6*.'(-',!3!/,03/1*,!+/!94,-0*!+/1!
93)+'!5!3!6*,.*!/)!1',!03(,',!6-(.3*1/,!-)./(*0.-6',!+/!/).(/)*9-/).'!*3+-.-6'!5!,/!3.-1-0*)!+-0.*+',!1*(*!
-13,.(*(!/1/9/).',!3!,30/,',!93,-0*1/,@!/).(/)*(!/1!'7+'@!1(*0.-0*(!1*!)'.*0-4)@!3!/)!+/2-)-.-6*!0'9'!99.'+'!
/"0133/)./!3!1(/2/(-+'!1*(*!/6*13*(!/1!0')'0-9-/).'!93,-0*1!+/!1',!*139)',D!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%!/,./!.9(9-)'!,/!+/(-6*!+/!1*!1*1*8(*!9/1')7*@!.9(9-)'!:3/!,3(;/!*!,3!6/0!+/!1*!0').(*00-4)!+/!1*,!1*1*8(*,!=9/1'+7*>!3!=*(9')7*>@!3!1'!3.-1-0*9',!1*(*!
/)2*.-0*(!1*!0')0/10-4)!3)-2-0*+*!+/!1',!0*91',!9/14+-0'!3!*(94)-0'!:3/!,3;/(-9',!1*(*!1*!/),/<*)0*!*3+-'1/(0/1.-6*D!!

%#'!%%!&'()*+*,!-)./()*0-')*1/,!+/!2+30*0-4)!53+-.-6*!
! !
53):3/! /,! 0-/(.'! :3/! 1*! 6*8-1-+*+! 1*(*! (/1(/,/).*(! ;($2-0*9/)./! 1*! 94,-0*! /,0306*+*! /,! 3)'! +/! 1',!
-)+-0*+'(/,! 1/;7.-9',! +/1! 0')'0-9-/).'! 93,-0*1! +/! 3)*! 1/(,')*@! ,3;/(-9',! :3/! 1*! -+/*! 23)+*9/).*1!
,383*0/)./! *! 1*! 3.-1-0*0-4)! /,1/072-0*! +/! +-0.*+',! 1*(/0/! '(-;-)*(,/! /)! 0(-./(-',! 93,-0*1/,! 3! 1/+*;4;-0',!
:3/!/)!1*!9*3'(7*!+/!1',!0*,',!(/,31.*)!-((/1/6*)./,!5!03*)+'!)'!+-(/0.*9/)./!'13/,.',!5!*!1*!9*)/(*!/)!
:3/!1*,!1/(,')*,!1('0/,*)!0';)-.-6*9/)./!1*!94,-0*D!-'9'!0'),/03/)0-*!+-(/0.*!+/!/,.'@!/1!*)$1-,-,!+/!1*,!
9*)-2/,.*0-')/,!0')0(/.*,!+/!1',!+-0.*+',!.*98-9)!+/;*!*1!+/,)3+'!3)!1('23)+'!+/,0')'0-9-/).'!+/1!+-,/<'!
=0';)-.-6'>!+/!1*,!'8(*,!93,-0*1/,!(/*1/,@!/)./)+-/)+'!1'(!9,.*,!*!.'+*!94,-0*!;(*8*+*!5!'!.'0*+*!/)!6-6'!5!
:3/!)'!./);*!3)!1('14,-.'!+-+$0.-0'D!
,)*!+/!1*,!-+/*,!0/).(*1/,!+/!/,./!.(*8*;'!/,!:3/!3)*!1/+*;';7*!*3+-'1/(0/1.-6*!+/8/!,/(!/"11-0*.-6*!/)!
13;*(! +/! 9/(*9/)./! +/,0(-1.-6*D! #*(*! 1';(*(! /,'! +/8/! ./)/(! *1;'! -)./(/,*)./! :3/! +/0-(! *0/(0*! +/! 049'!
0'),.(3-9',! 0';)-.-6*9/)./!1*!94,-0*! /)! )3/,.(*!9/)./@!(/,1*1+*+*!*!,3!6/0!1'(!3)*!+/./(9-)*+*!./'(7*!
:3/!1/!+9!/1/9/).',!/)!:3/!23)+*(!,3,!/"11-0*0-')/,D!+*!-+/).-2-0*0-4)!+/!0')0/1.',!,*1-/)./,!/)!3)!0*91'!
+/./(9-)*+'! /,! 3)*! +/! 1*,! .*(/*,! 9$,! -91'(.*)./,! 1*(*! +/./(9-)*(! 1',! 0')./)-+',! 3! *0.-6-+*+/,! +/! 3)*!
9*./(-*!B53,38/1! /.!*1./(!%EKFK!C'%!#D@!+/!9*)/(*!:3/!0'9/)0*(9!1'(!/)39/(*(!*1;3)*,!1(/9-,*,!8$,-0*,!
+/!1*!1,-0'1';7*!+/!1*!94,-0*!,'8(/!+/,*(('11'@!1/(0/10-4)@!0';)-0-4)!3!*1(/)+-0*;/!93,-0*1@!3!1*!0'),.(300-4)!
0';)-.-6*!+/!1*!94,-0*@!:3/!8(-)+*($)!/1!,3,./).'!./4(-0'!+/!/,*,!/"11-0*0-')/,D!!
+5!_)?5-%@_!2_!+5!2(,-5-%@_!5,(%)#2*-2#?%.5
+5!_)?5-%@_!2_!+5!2(,-5-%@_!5,(%)#2*-2#?%.5!
!+5!2(,-5-%@_!5,(%)#2*-2#?%.5!
+*!)'.*0-4)!)'!/,!-91(/,0-)+-81/!1*(*!1*!94,-0*@!3*!:3/!6*3!9306*,!031.3(*,!93,-0*1/,!:3/!)'!1*!3.-1-0*)D!
N-)!/98*(;'@!/1!3,'!+/!1*!)'.*0-4)!/,!3)*!0*(*0./(7,.-0*!0'),.-.3.-6*!+/!1*!94,-0*!'00-+/).*1D!2)!,3!'(-;/)!1*!
)'.*0-4)!23/!,-911/9/)./! 3)*!6/((*9-/).*!1*(*!(/0'(+*(!1*,!0*)0-')/,@!3! /,!1(/0-,*9/)./!/,/!3,'!1'!:3/!
.'+*67*! ;3,.-2-0*! 1(-)0-1*19/)./! ,3! /),/<*)0*! /)! 1',! 0'),/(6*.'(-',K! /1! ./)/(! *00/,'! *1! 6*,.'! (/1/(.'(-'!
/,0(-.'! *03931*+'! +/,+/! /1! */)*0-9-/).'! 6*,.*! )3/,.(',! +7*,D! 53):3/! /,*! /,! 3)*! 23)0-4)! -91'(.*)./@! 6*!
,-+'!,-)!/98*(;'!/((4)/*9/)./!/"*;/(*+*!/)!1*,!-),.-.30-')/,!+/!/),/<*)0*!6*,.*!0'),-+/(*(1*!/1!0'9/.-+'!
1(-)0-1*1! +/! 1',! 03(,',! +/! 53+-'1/(0/1.-6*@! '(-/).*+',! 1(-)0-1*19/)./! *! 1',-8-1-.*(! 1*! /;/030-4)!
-),.(39/).*1!*!1*(.-(!+/!3)*!1*(.-.3(*D!(/! 9*)/(*!*0'(+/@!1*!1($0.-0*!+/! .(*),0(-10-')/,!.*98-9)!6*!,-+'!
1/(0-8-+*!0'9'!,-!,3!2-)!1(-)0-1*1!23/(*!1*!1('+300-4)!+/!1*(.-.3(*,!B6/(!.*(;*,!/.!*1./(!#VVKDD!
#/('!1*!94,-0*!.')*1!'00-+/).*1!1(';(/,-6*9/)./!,/!23/!6*0-/)+'!9$,!+/1/)+-/)./!+/!1',!,798'1',@!.*).'!/)!
.9(9-)',!0'91',-.-6',!0'9'!-)./(1(/.*.-6',@!)'!,41'!1'(!1*!)/0/,-+*+!+/!2-;*0-4)!3!.(*),9-,-4)!,-)'!.*98-9)!
1*(*! *10*)0*(! *1.',! )-6/1/,! +/! 0'911/;-+*+D! N-! 8-/)! /)! 3)! 1(-)0-1-'! 1*! )'.*0-4)! 23/! 3)*! /,1/0-/! +/!
,381('+30.'!+/!1*!94,-0*@!*!1'!1*(;'!+/!1',!,-;1',!1',!,798'1',!)'.*0-')*1/,!*!,3!6/0!-)2133/(')!1*!9*)/(*!+/!
1/),*(!*0/(0*!+/!1*!94,-0*D!N-!0'),-+/(*9',!*!1*!)'.*0-4)! 0'9'!1*!2'(9*1-0*0-4)!+/!(/1*0-')/,!*8,.(*0.*,!
/).(/!,')-+',@!0'9'!1*!(*0-')*1-0*0-4)!+/!1('0/,',!0';)-.-6',!,380'),0-/)./,@!(/,31.*!/6-+/)./!1*!3.-1-+*+!+/!
1*!)'.*0-4)!1*(*!1*!/),/<*)0*!3!*1(/)+-0*;/!+/!1*!94,-0*D!-3*)+'!6'10*9',!1*,!-+/*,!93,-0*1/,!*1!1*1/1@!
/11*,!=,/!+/.-/)/)>!3!=0')./,.*)>!BX*98/(;/(!%EE%K!%%FD@!3!/,.*!+'81/!0')2(').*0-4)!/,!0/).(*1!1*(*!/1!+/,*(('11'!
+/! 1*! 0'91(/),-4)! 93,-0*1@! 0'9'! 1'! 23/! +3(*)./! 1*! 6-,.'(-*! +/! 1*! 94,-0*! '00-+/).*1D! ,)! /;/911'!
+'039/).*+'!+/!/,.'!,')!1',!2*9',',!03*+/()',!+/!)'.*,!+/!X//.6'6/)@!:3/!+/93/,.(*)!/,./!+-$1';'!/).(/!
/1!,798'1'!/,0(-.'!3!/1!1/),*9-/).'!93,-0*1D!

5+-4,!*1!(-0.*+'!Q3,-0*1!!!%#K!
!
N-)!/98*(;'@!1*!-)2'(9*0-4)!93,-0*1!:3/!1('6//)!1*,!)'.*,!3!2-;3(*,!(7.9-0*,!+/!1*!)'.*0-4)!0')6/)0-')*1!/,!
/)!(/*1-+*+!933!1'8(/D!+*!L-;3(*!%!93/,.(*!1*!0'91*(*0-4)!B-),1-(*+*!1'(!-''H!%EFKK!##&D!/).(/!3)!(/;-,.('!
+/1!1/(2-1!*04,.-0'!+/!3)*!2(*,/!0*).*+*!0')!,3!(/1(/,/).*0-4)!9/+-*)./!)'.*,D!!

!
L-;3(*!%K!Q/1';(*9*!'!;($2-0'!9/14+-0'D!?'9*+'!+/!N//;/(!%E&%!
567!1'+/9',!6/(!=.'+'!1'!:3/! '9-./!)3/,.(*! 9*)/(*! 0'94)!+/!/,0(-8-(!1',!,')-+',!93,-0*1/,D!+*!)'.*0-4)!
'(+-)*(-*!,/;9/).*!0(3+*9/)./!/)!)'.*,!,/1*(*+*,!/1!213;'!+/!1*!6'0!+/1!0*).*)./@!*,-;)*)+'!*!/,.*,!)'.*,!
3)!6*1'(!1('9/+-'!:3/!/)!/1!;($2-0'!+/1!9/1';(*9*!)'!(/,31.*!.*)!'86-'DDD!M3*!:3/N!1*,!+/,1';*!+/1!6-8(*.'!3!
/1!1'(.*9/).'>!B-''H!%EFKK!##&DD!
21!*,1/0.'!(7.9-0'!+/!1*!)'.*0-4)!.*91'0'!(/21/;*!0')!/"*0.-.3+!1*,!6/(+*+/(*,!(/1*0-')/,!./91'(*1/,!:3/!,/!
+*)! /).(/! 1',! ,')-+',D! 5,7@! /)! 1*! L-;3(*! #! 1'+/9',! 6/(! 049'! /1! ,-;)'! )'.*0-')*1! @! :3/! -+/*19/)./!
(/1(/,/).*! /6/).',! -,40(')',@! 03*)+'! /,! /;/03.*+'! 1'(! 3)! -).9(1(/./! 639*)'! 1(/,/).*! 0'),-,./)./9/)./!
9-0('6*(-*0-')/,!./91'(*1/,K!

%#F!%%!&'()*+*,!-)./()*0-')*1/,!+/!2+30*0-4)!53+-.-6*!
! !

!
L-;3(*!#K!Q-0('6*(-*0-')/,!./91'(*1/,!/)!1*!/;/030-4)D!?'9*+'!+/!*/11!%EEF!
(/! 9*)/(*! :3/! 03*)+'! 1//9',! 1*! )'.*0-4)! 0')6/)0-')*1! 1*(*! (/1(/,/).*()',! 1*! 94,-0*@! )3/,.(*!
-)./(1(/.*0-4)! 6*! 9306'! 9$,! *11$! +/! /;/03.*(! 9/0$)-0*9/)./! !! +/! 2'(9*! 0')0(/.*! '! *8,.(*0.*! !!
+/./(9-)*+*,! -),.(300-')/,! +/! /;/030-4)@! ,-)'! :3/! 1*(*! 1';(*(1'! *1'(.*9',! 3)*! ;(*)! 0*).-+*+! +/!
-)2'(9*0-4)!:3/!/)!(/*1-+*+!)'!/,.$!*117!,-)'!/)!)3/,.(*!9/)./D!N-!0'91*(*9',!1*!,-.3*0-4)!0')!1*!1/0.3(*!+/1!
1/);3*;/@! 1*,! 1*1*8(*,! :3/! 2'(9*)! 3)*! 2(*,/! )'! +*)! -)2'(9*0-4)! ,'8(/! /1! .')'@! 1*,! 1*3,*,! 3! 1*! (/;31*0-4)!
./91'(*1!;/)/(*1@!,-)'!:3/!1*,!-)2/(-9',!*!1*(.-(!+/!1*!/,0*,*!-)2'(9*0-4)! /,0(-.*D!+*!-)./(1(/.*0-4)! +/!1*!
)'.*0-4)!(/:3-/(/!+/!3)!-).9(1(/./!0';)-.-6'!:3/!+-,1');*!)'!,41'!+/!1',!/,:3/9*,!93,-0*1/,!(/1/6*)./,!,-)'!
.*98-9)! +/1! 0')'0-9-/).'! +/! 1*! 2'(9*! /)! :3/! +-06',! /,:3/9*,! ,/! (/1(/,/).*)! 9/+-*)./! 1*! )'.*0-4)D!
?/)/9',!/).')0/,!:3/!/1!+'9-)-'!+/!1*!)'.*0-4)!93,-0*1!(/,31.*!23)+*9/).*1!1*(*!/1!/,.3+-'!2'(9*1!+/!1*!
94,-0*@! 3! )'! ,41'! 3)*! +/,.(/0*! *00/,'(-*@! 3*! :3/! /,! =3)! 1('0/,'! :3/! (/21/;*! -91'(.*)./,! +/.*11/,! +/! 1',!
*,1/0.',! 9$,! ;/)/(*1/,! +/! 0'91(/),-4)! 93,-0*1>! B.*(;*,! /.! *1./(! #VVKDD! (/! 9*)/(*! :3/@! +/).('! +/! 9-!
1('13/,.*@!/1!*1(/)+-0*;/!+/!1*!1/0.'/,0(-.3(*!)'!,/!(/*1-0*!0'9'!3)!2-)!/)!,7!9-,9'!B6/(!X*((/..!#VV&K!%CKD@!)-!
0')! /1! '8;/.-6'! +/! 1'+/(! /;/03.*(! 3)*! 1*(.-.3(*! /)! 3)! -),.(39/).'@! ,-)'! 0'9'! 3)*! 6/((*9-/).*! 1*(*! 1*!
0'91(/),-4)!93,-0*1D!!
+*!3.-1-0*0-4)!+/!1*!)'.*0-4)!0'),-,./!/).')0/,!/)!=3)!*0.'!+/!(/21/"-4)DDD!,'8(/! 03$1/,! 0*(*0./(7,.-0*,!,')!9$,!
,*1-/)./,!3!)/0/,-.*)!(/;-,.(*(,/DDD!M,)*N!0'),-+/(*0-4)!1',.!6'0!+/!3)*!1-/0*!93,-0*1>!BN/(*2-)/!%EFFK!CKD@!3!
1'(! 1'! .*).'! 03*1:3-/(! 11*)! 1/+*;4;-0'! 1*(*! /),/<*(! 1*! )'.*0-4)! +/8/(7*! /91/0*(! 1'(! (/0'),.(3-(! /,*!
,/03/)0-*!/)!/1!*1(/)+-0!)'6*.'@!;3-*)+'!1*!(/21/"-4)!,'8(/!1*,!0*(*0./(7,.-0*,!:3/!(/,31.*)!1('9-)/)./,!/)!
,3!(/1(/,/).*0-4)!+/!1*!94,-0*D!#/('!1*(*!:3/!(/0'((*! /,/! 0*9-)'!)'!1'+/9',!,*1./*()',!1*,',@!=+$)+'1/,!
/.-:3/.*,!8*,*+*,!/)!0*(*0./(7,.-0*,!'(;*)-0*+'(*,!:3/!'.(',!6*)!+/,*(('11*+'!+3(*)./!3)*!1*(;*!6-,.'(-*@!3!
:3-.$)+'1/,! 1*! /"1/(-/)0-*! +/! 0')6/(.-(,/! /)! *8(-+'(/,! +/! 0*9-)',>! BX*98/(;/(! #VV&*K! KCDD! 2,*,!
0*(*0./(7,.-0*,! +/8/)! 1(-9/('! /"-,.-(! /)! 1*! 9/)./! +/1! *1(/)+-0! 1*(*! 1'+/(! (/1(/,/).*(1*,@! +/! 9*)/(*! :3/!
+/8/9',!1(-9/('!0'),-+/(*(!049'!)',!(/1(/,/).*9',!1*!94,-0*!3!049'!,/!(/1*0-')*!/,.*!(/1(/,/).*0-4)!0')!
1*,!+/,0(-10-')/,!./4(-0*,!+/!1*!94,-0*!3!1*,!6/((*9-/).*,!)'.*0-')*1/,D!

5+-4,!*1!(-0.*+'!Q3,-0*1!!!%#E!
!
Q,N%-5+%(5(!J!2N/,2Q5N!-)A_%?%.)N!
Q,N%-5+%(5(!J!2N/,2Q5N!-)A_%?%.)N!
50.3*19/)./!1*!1,-0'1';7*!+/!1*!94,-0*!11*)./*!:3/!1*!93,-0*1-+*+!/,! 3)!*.(-83.'!;/)/(*1! +/!1*! /,1/0-/!
639*)*! :3/! ,/! +/,*(('11*! /,1').$)/*9/)./! 1'(! 1*! 9/(*! /"1',-0-4)! *! 3)*! 031.3(*! 93,-0*1! B6/(! ('O1-);!
%EEE@!N1'8'+*!%EF&@!%EEKDD!2,./!0')'0-9-/).'!93,-0*1!-91170-.'@!'!=1/(-0-*!1(-9*>!93,-0*1@!13/+/!/)0').(*(,/!
/)! 1*! 9*3'(7*! +/! 1',! *+31.',! /)031.3(*+',@! 3! 1*(/0/(7*! :3/! /1! /).(/)*9-/).'! 93,-0*1! )'! *2/0.*!
,38,.*)0-*19/)./!1*!6*8-1-+*+!+/!1*,!1/(,')*,!)'(9*1/,!1*(*!(/*00-')*(!*!1*!94,-0*K!.'+',!/)./)+/9',!1*!
/,.(30.3(*!9/.('((7.9-0*@!.')*1!3!9'.76-0*@!1',!1*.(')/,!+/!./),-4)!+/!1*,!0*+/)0-*,@!1',!0'9-/)0',!3!2-)*1/,!
+/! 1*,! 2(*,/,@! 3! /)! +/2-)-.-6*! .'+*,! 1*,! 0*(*0./(7,.-0*,! 0*1*0/,! +/! .(*),9-.-(! 3)! ,-;)-2-0*+'! 93,-0*1D! N/! 6*!
,3;/(-+'! :3/! 1*! +-2/(/)0-*! /).(/! 94,-0',! 3! 1/;',! (/,-+/! ,-911/9/)./! /)! /1! =)49/('! 3! 0'911/;-+*+! +/! 1',!
(*,;',!/,.(30.3(*1/,!1'(!9/+-'!+/!1',!03*1/,!/1!*3+-.'(!/,!0*1*0!+/!(/1(/,/).*(,/!1*!94,-0*>!BN1'8'+*!%EF&K!&DP!
/,! +/0-(@! :3/! 1*! +-2/(/)0-*! /).(/! /"1/(.',! 3! )'6*.',! )'! /,! 03*1-.*.-6*! ,-)'! 03*).-.*.-6*D! 2,.*! -+/*! +/! 3)*!
0'91/./)0-*!93,-0*1!;/)/(*1@!:3/!-)6'130(*!1('0/,',!0';)-.-6',@!0'93)-0*.-6',!3!*2/0.-6',!,-9-1*(/,!.*).'!
/)!94,-0',!0'9'!/)!1/;',@!,-)!+3+*!/)03/).(*!(/,')*)0-*,!/)!1*,!*2-(9*0-')/,!+/!1*!1,-0'1-);Q7,.-0*!(/,1/0.'!
+/!1*!0'91/./)0-*!;/)/(*1!+/!1',!,/(/,!639*)',!1*(*!/1!1/);3*;/D!
2,.*!0*1*0-+*+!1*(*!0'91(/)+/(!1*!94,-0*!)'!13/+/!0*(*0./(-0*(,/!,-911/9/)./!0'9'!3)!*0.'!1*,-6'!+/!1*!
1/(0/10-4)@!,-)'!:3/!+/1/)+/!+/!+',!1('0/,',!0'911/9/).*(-',K!/1!1/(0/1.-6'!1('1-*9/)./!+-06'!B8'..'9!
31D@!:3/!0'),-,./!/)!/,0306*(!/1!/,.7931'!,')'('@!3!/1!0';)-.-6'!B.'1!+'O)D@!0'),-,./)./!/)!*11-0*(!3)!/,:3/9*!
9/).*1!*+/03*+'!:3/!*!1*!6/0!(/.('*1-9/).*!*1!'.('!1('0/,'!(/2'(0*)+'!0-/(.*,!/"1/0.*.-6*,!3!2*0-1-.*)+'!1'(!
1'!.*).'!1*!1/(0/10-4)!,38,-;3-/)./D!(/!9*)/(*!:3/!0'91(/)+/(!1*!94,-0*!13/+/!*,-9-1*(,/!*!/)0').(*(!3)!
/,:3/9*!9/).*1!1(/6-'!:3/!1/(9-.*!0'),.(3-(!3)*,!/"1/0.*.-6*,!(*0')*81/,!,'8(/!1'!:3/!6*9',!/,0306*)+'!
BQ05+*9,!%EFKDD!!
+*!*0.-6*0-4)!+/!/,.',!/,:3/9*,!+/1/)+/!+/!1*!1/(-0-*!3!1*!/"1/(-/)0-*!/)!(/1*0-4)!*!3)!+/./(9-)*+'!.-1'!'!
.-1',!+/!94,-0*D!_3/,.(*!0';)-0-4)!/,.$!=*2-)*+*>!0')!1*,!/,.(30.3(*,@!1*.(')/,@!(*);',!+/!,')-+',!3!1*3.*,!+/!
'(;*)-0*0-4)! +/! 1*! 94,-0*! (/*1! :3/! ,3/)*! 3! 6*! ,')*+'! /)! )3/,.('! /).'()'@! 3! )',! 13/+/! (/,31.*(! +-270-1!
0'91(/)+/(! 1*! /,.(30.3(*! .')*1! '! 1*,! 0*(*0./(7,.-0*,! /"1(/,-6*,! +/! 94,-0*! *;/)*! *! )3/,.(*! 031.3(*@! '@! 1*(*!
*+/1*).*(!*1;'!+/!1'!:3/!,-;3/@!+/!1*!=94,-0*>!0'),.(3-+*!0')!2-)/,!+-+$0.-0',D!#/('!1*(*!:3/!*1!1/(0-8-(!1',!
/,.7931',! ,')'(',! 1'+*9',! 0'91(/)+/(! 3! *).-0-1*(! ,3! ,-;)-2-0*+'! 93,-0*1@! 9,.',! +/8/)! ./)/(! 3)*! 0-/(.*!
'(;*)-0*0-4)!:3/!*0.-6/!/1!/,:3/9*!0'((/,1')+-/)./D!
,)*!+/!1',!1',.31*+',!+/!/,./!.(*8*;'!/,!:3/@!*!1/,*(!+/!:3/!.'+*,!1*,!1/(,')*,!+/,*(('11*9',!1',!/,:3/9*,!
1*(*! /)./)+/(! 1*! 94,-0*! +/! )3/,.(*! 031.3(*@! /1! *1(/)+-0*;/! -),.-.30-')*1! +/! 1*! 53+-'1/(0/1.-6*! (/,31.*!
+-270-1!1'(:3/!/1!03/(1'!./4(-0'!:3/!,3,./).*!,3!+-+$0.-0*!3!1',!9*./(-*1/,!+/!/,.3+-'!3.-1-0*+',!/6-+/)0-*)!
3)! +/,0')'0-9-/).'! +/! 1',! 9'+',! 0'9'! 1*! 94,-0*! ,/! 0'),.(33/! 0'9'! '8;/.'! ,')'('! 3! ,/! 0'91(/)+/! 0'9'!
*0.-6-+*+!0';)-.-6*D!
-)_)-%Q%2_?)!L%A,*5?%.)!J!L)*Q5+
-)_)-%Q%2_?)!L%A,*5?%.)!J!L)*Q5+!
%2_?)!L%A,*5?%.)!J!L)*Q5+!
*/,31.*!4.-1!0*(*0./(-0*(!*!/,.*!0'91/./)0-*!93,-0*1!;/)/(*1!+/!1*,!1/(,')*,!0'9'!0')'0-9-/).'!2-;3(*.-6'@!
/)./)+-/)+'! 1'(! 9,./! *! 3)*! *1(/6/),-4)! 0').-)3*! 3! ;1'8*1! +/1! 2/)49/)'! 93,-0*1! :3/! 1/(9-./! *00/+/(!
-),.*).$)/*9/)./!*!3)*!(/1(/,/).*0-4)!6'17,.-0*!+/!1*!94,-0*!B6/(!X*98/(;/(!%EE%D@!3!:3/!/,.$!-)6'130(*+'!
%CV!%%!&'()*+*,!-)./()*0-')*1/,!+/!2+30*0-4)!53+-.-6*!
! !
/)! 6*(-*,! (/,13/,.*,! *! 1*! 94,-0*! !! /,.9.-0*,@! /9'0-')*1/,@! 0-)/,.9.-0*,! !! :3/! -911-0*)! *1;4)! .-1'! +/!
,-;)-2-0*+'D!!
+*!*3+-0-4)!93,-0*1!/,!3)*!/"1/(-/)0-*!931.-+-9/),-')*1K!/1!/,.7931'!27,-0'!)',!'2(/0/!6*(-*,!+-9/),-')/,!
-)./(*0.3*)./,!!!(-.9'@!9/1'+7*@!*(9')7*@!.-98(/@!./".'@!/.0D!!-)./;(*+*,!/)!3)!0').-)3'!1/(0/1.-6'!+/1!:3/!
)3/,.(*! 0';)-0-4)! /".(*/! 1*.(')/,@! (/;31*(-+*+/,! 3! (/1*0-')/,! 23)0-')*1/,! :3/! 0')2-;3(*)! 3)*!
(/1(/,/).*0-4)! 2-;3(*.-6*D! 5,7@! =1*,! 1/(,')*,! ,')! 0*1*0/,! +/! /,0306*(! 0'9-/)0',! 3! 2-)*1/,@! 0')013,-')/,! 3!
,3,1/),-')/,@! /,.*8-1-+*+! /! -)/,.*8-1-+*+>! BX*98/(;/(! #VV&D@! .'+',! (*,;',! :3/! 0')2-;3(*)! 3)*!
(/1(/,/).*0-4)!2-;3(*.-6*!:3/!+/1/)+/!23/(./9/)./!+/1!0')./".'!:3/!1*!('+/*D!=M+N',!/6/).',!+/).('!+/!3)*!
2-;3(*! /,.$)! 6-)031*+',! 0')./".3*19/)./>! B,1-.-,! %EFKK! I%D! 2'(9*)+'! (/1*0-')/,! 23)0-')*1/,!
-)./(+/1/)+-/)./,@! 3! ;/)/(*19/)./! 3)*! 1/:3/<*! *1./(*0-4)! /)! *1;3)'! +/! /,',! /6/).',! '! /1! 9$,! 97)-9'!
-)./).'!1'(!+-6-+-(!/,*,!(/1*0-')/,!23)0-')*1/,!+/).('!+/!1*(./,!+-,0(/.*,!/,!,32-0-/)./!1*(*!*1./(*(!'!1/(+/(!
+/2-)-.-6*9/)./!1*!-+/).-+*+!93,-0*1!+/!1*!2-;3(*D!!
21!0')'0-9-/).'!2'(9*1@!.*98-9)!11*9*+'!99.(-0'@!,/!0'((/,1')+/!0')!3)!.-1'!+/!*1(/6/),-4)!93,-0*1!:3/!/,!
0'911/.*9/)./!+-,.-).'!BX*98/(;/(!%EE%DD!N/!(/2-/(/!*!/,',!*,1/0.',!+/1!/,.7931'!93,-0*1!:3/!13/+/)!,/(!
0').*+',@! 9/+-+',@! 01*,-2-0*+',@! 1(-)0-1*19/)./! /)! .9(9-)',! +/! +3(*0-')/,! 3! 2(/03/)0-*,! *04,.-0*,!
1('1'(0-')*1/,@!3!,/!/911/*!03*)+'!/,!)/0/,*(-*!3)*!(/1(/,/).*0-4)!0')6/)0-')*1!+/!1*!94,-0*@!0'9'!/)!1*!
)'.*0-4)!0')6/)0-')*1D!
_'! '8,.*)./@! )'! /,! :3/! 1',! 9'+',! 2-;3(*.-6'! 3! 2'(9*1! ,/*)! 93.3*9/)./! /"0133/)./,@! )-! :3/! 1'+*9',!
-9*;-)*()',! *! 3)'! ,41'! +/! /11',! /)! 3)*! 2'(9*! 13(*D! Q-/).(*,! 1*! 9*3'(7*! +/! 1*,! 6/0/,! *98',! 9'+',!
0').(-833/)!*1./()*.-6*9/)./!*!1*!0';)-0-4)!93,-0*1@!,3!0').(-830-4)!13/+/!0'),-+/(*(,/!*,-99.(-0*D!N-!3)!
/)2':3/!=13(*9/)./>!2-;3(*.-6'!/,!/)!3)!,/).-+'!1-9-.*+'!1'(:3/!.-/)/!3)!*00/,'!(/,.(-);-+'!*1!0')'0-9-/).'!
2'(9*1@! /,'! )'! +-,9-)33/! ,3! 6*1'(! 93,-0*1D! #'(! /1! 0').(*(-'@! 3)! /)2':3/! 2'(9*1! 13('! /,.$! 1-9-.*+'! +/! 3)*!
9*)/(*!9$,!-91'(.*)./@!3*!:3/!)-);4)! 0')'0-9-/).'!2'(9*1!/,!93,-0*1!,-)!/1!,-;)-2-0*+'!*1'(.*+'!1'(!1*!
+-9/),-4)!2-;3(*.-6*D!#(/,39-81/9/)./!3)!94,-0'!:3/!+'9-)*!1*!)'.*0-4)!93,-0*1!13/+/!*1./()*(!/).(/!1',!
+',! 9'+',! *! 6'13).*+@! *3):3/! ,',1/06'! :3/! /"-,./! ,-/91(/! 3)*! +/,-;3*1+*+! /).(/! *98',K! )3/,.(*,!
1/(0/10-')/,!2-;3(*.-6*,!,-/91(/!,/!/)03/).(*)!9$,!*11$!+/!1'!:3/!,'9',!0*1*0/,!+/!2'(9*1-0*(D!+*!,-.3*0-4)!
+/1!*1(/)+-0! )'6*.'! +-2-/(/!,41'! /)!;(*+'!+/!1*!/"1/(-/)0-*!:3/! 03*1:3-/(! 94,-0'! /"1/(-9/).*+'! 0')'0/K!
/,0306*(!*1;3)',!,')-+',!'!1*,*;/!93,-0*1@!1/(0-8-(!3!/)./)+/(!1*!23)0-4)@!/1!=,-;)-2-0*+'>@!1/('!,/(!-)0*1*0!+/!
.(*),0(-8-(1'! *1! 1*1/1! '! .'0*(1'! /)! /1! 1-*)'K! =/,'! ,3/)*! 0'9'! 3)*! 0*+/)0-*! 1/('! )'! ,9! /"*0.*9/)./! :39!
*0'(+/,! '! -)6/(,-')/,! ,')>D! +',! 94,-0',! 3! 1',! 1('2/,'(/,! +/! *3+-'1/(0/1.-6*@! ,-)! -91'(.*(! ,3! ,'2-,.-0*0-4)!
*3+-'!*)*17.-0*@!0').-)3*9/)./!,/!/)2(/).*)!*!1*,*;/,@!*0'(+/,@!'!(/1*0-')/,!93,-0*1/,!:3/!=/).-/)+/)>!1/('!
:3/!)'!13/+/)!2'(9*1-0*(P!,-/91(/!=,*8/9',!9$,!+/!1'!:3/!1'+/9',!/"1(/,*(>D!
+*!2'(9*1-0*0-4)!)/0/,*(-*!1*(*!+/,*(('11*(!3)!,-,./9*!)'.*0-')*1!0')6/)0-')*1!0'),-,./!/)!=1*!/".(*00-4)!+/!
1*! *1.3(*! 3! /1! .-/91'! +/! 1',! 0')./".',! 3! 23)0-')/,! 4)-0',! +/).('! +/! 1*,! 0')2-;3(*0-')/,! /;/03.*+*,! 3!
1/(0-8-+*,! +/! 1*,! :3/! ,')! 9-/98(',@! 0')! /1! '8;/.-6'! +/! (/1(/,/).*(1',! 0'9'! 1('1-/+*+/,! -)6*(-*81/,>!
BX*98/(;/(!#VV&8K!%IIDD!N-!)'!23/(*!*,7@!)/0/,-.*(7*9',!3)!,-,./9*!)'.*0-')*1!+-2/(/)./!1*(*!0*+*!3)*!+/!
1*,!-)2-)-.*,!0'98-)*0-')/,!93,-0*1/,!1',-81/,D!21!1('81/9*!(/,-+/!/)!:3/!*!.(*69,!+/!/,/!1('0/+-9-/).'!1*!

5+-4,!*1!(-0.*+'!Q3,-0*1!!!%C%!
!
)'.*0-4)!0')6/)0-')*1!*!1*!6/0!(/6/1*!3!'031.*!BX*((/..!#VV&K!%%FDD!#'(!/;/911'@!03*)+'!,/!1/,!1-+-4!*!)-<',!
,-)!0')'0-9-/).',!93,-0*1/,!2'(9*1/,!:3/!+-83;*(*)!/1!,-;3-/)./!1*.(4)!(7.9-0'K!

!
N/!'8.36-/(')!+',!.-1',!+/!(/1(/,/).*0-')/,K!

!
./(,-4)!2'(9*1!

!
./(,-4)!2-;3(*.-6*!
L-;3(*!CK!+-83;'!2'(9*1!3!+-83;'!2-;3(*.-6'D!?'9*+'!+/!X*98/(;/(!%EE%K!#I!
+*!1(-9/(*!(/1(/,/).*0-4)!,/!0'),-+/(*!2'(9*1!1'(:3/!1*(*!0')2/00-')*(1*!,/!+/8-4!)/0/,*(-*9/)./!0').*(!
1',!131,',!+/!1*!9*)/(*!(/:3/(-+*!1'(!1*!)'.*0-4)!(7.9-0*!0')6/)0-')*1D!#/('!/,'!)'!,-;)-2-0*!:3/!1*!,/;3)+*!
(/1(/,/).*0-4)@! 1*! 2-;3(*.-6*@! ,/*! -)0'((/0.*@! ,-)'! :3/! 9,.*! ,-911/9/)./! 93/,.(*! '.(*,! 0*(*0./(7,.-0*,! +/1!
/,.7931'!,')'('!:3/!,')!.'+*67*!9$,!-91'(.*)./,!/)!.9(9-)',!+/!,-;)-2-0*0-4)!93,-0*1K!1*!(/1*0-4)!/).(/!/1!
9'.-6'! -)-0-*1! 3! ,3! (/1/.-0-4)@! :3/! :3/+*)! '031.',! /)! 1*! 6/(,-4)! 2'(9*1D! 2,./! /;/911'! 97)-9'! (/,31.*!
/).')0/,! 1*(*+-;9$.-0'! +/! 049'! 1*! )'.*0-4)! 0')6/)0-')*1! (/6/1*! 1*! +-9/),-4)! 2'(9*1@! +/! 0*($0./(!
03*).-.*.-6'@!1/('!/,0')+/!1*!+-9/),-4)!2-;3(*.-6*@!+/!0*($0./(!03*1-.*.-6'D!!
+5!?*5_N5--%@_!L%A,*5?%.)!L)*Q5+!!
+5!?*5_N5--%@_!L%A,*5?%.)!L)*Q5+
(/,+/!/1!13).'!+/!6-,.*!+-+$0.-0'!/1!13).'!0(30-*1!0'),-,./!/)!-)./;(*(!*98',!.-1',!+/!0')'0-9-/).'!/)!1*!
(/1(/,/).*0-4)! 9/).*1! +/1! *1(/)+-0K! /1! 2-;3(*.-6'! /,! -).3-.-6'@! 0').-)3'! 3! 6'17,.-0'@! /1! 2'(9*1! /,! (*0-')*1@!
+-,0(/.'!3!*)*17.-0'D!-3*)+'!1/(0-8-9',!2-;3(*.-6*9/)./!)'!/,0306*9',!0*+*!)'.*!+/!1*!94,-0*@!,-)'!:3/!
/"-,./!=3)*!(/1*0-4)!)'!1-)/*1!/).(/!1*,!)'.*,!/)!1*!1*(.-.3(*!3!1'!:3/!1*,!1/(,')*,!/,0306*)!03*)+'!'3/)!3)*!
-)./(1(/.*0-4)! +/! /,*! 1*(.-.3(*>! B-''H! %EEIK! KEDD! +*! 2'(9*1-0*0-4)! )/0/,*(-*! 1*(*! 1*! )'.*0-4)! ,-;3/!
/"*0.*9/)./! /1! 0*9-)'! '13/,.'K! (//911*0*! 3)*! /"1/(-/)0-*! 2-;3(*.-6*! 0')! 3)*! +/,0(-10-4)! 2'(9*1@! =3)*!
0').-)3-+*+!,-;)-2-0*.-6*!0')!3)*!1*(.-031*(-+*+!-)0'91(/),-81/>!B-'1/!%EKID@!0'9'!6-9',!01*(*9/)./!/)!/1!
/;/911'! +/! 1*! L-;3(*! %D! 51/1*0-')/,! *! 3)*! ,313/,.*! '8;/.-6-+*+! 0'9'! =/,0(-8-(! 1'! :3/! ,3/)*>! ,')!
/".(/9*+*9/)./! (/1*.-6*,! 3*! :3/! 1',! ,798'1',! )'.*0-')*1/,@! 1'(! ,3! )/0/,-+*+! 0')6/)0-')*1@! 0*1.*)! ,41'!
0-/(.',!*.(-83.',!1*!94,-0*!3!1'!6*0/)!+/!3)*!9*)/(*!933!0(3+*@!+/;*)+'!+/!1*+'!1',!*,1/0.',!0')./".3*1/,!
:3/!+/./(9-)*)!)3/,.(*!1/(0/10-4)!2-;3(*.-6*D!(/!9*)/(*!:3/!1*!/),/<*)0*!+/!1*!)'.*0-4)!+/8/!1('1/)+/(!
*!:3/!/1!*1(/)+-0!0'),.(33*!3)*!-)./(*00-4)!213-+*!/).(/!1',!9'+',!2-;3(*.-6'!3!2'(9*1!'@!/)!'.(*,!1*1*8(*,@!

%C#!%%!&'()*+*,!-)./()*0-')*1/,!+/!2+30*0-4)!53+-.-6*!
! !
:3/! 0'91(/)+*! =1*! 3.-1-+*+! +/! 1*! -)6*(-*8-1-+*+! ,-)! +/;*(! +/! ,/(! ,/),-81/! *1! 0')./".'! 3! 23)0-4)! 4)-0',>!
BX*98/(;/(!#VV&8K!%I&D!:3/!1',!/6/).',!1',//)!/)!,3!(/1(/,/).*0-4)!2-;3(*.-6*D!+1*9*(/9',!.(*),*00-4)!
2-;3(*.-6'!2'(9*1!*!/,./!1('0/,'!+/!0')/"-4)!+/!1*!/"1/(-/)0-*!2-;3(*.-6*!0')!1*!(/1(/,/).*0-4)!2'(9*1D!!
,)*!9/.$2'(*!13/+/!*33+*(!*! /"11-0*(! 049'! /)0*(*(!1/+*;4;-0*9/)./!1*!.(*),*00-4)!2-;3(*.-6'!2'(9*1D!
*/,31.*!4.-1!/)./)+/(!)3/,.(*!(/1*0-4)!0')!/1!'8;/.'!+/!0')'0-9-/).'!5!/,!+/0-(@!3)!+/./(9-)*+'!2(*;9/).'!
93,-0*1!5!+/!9*)/(*!,-9-1*(!*!1*!(/1*0-4)!+/!3)!1/)./!/)2'0*81/!0')!/1!'8;/.'!:3/!9-(*K!03*)+'!/1!1/)./!/,.$!
+/,/)2'0*+'! /1! '8;/.'! ,/! 6/! 8'((','@! 1/('! 0'911/.'@! 1/(9-.-/)+'! /1! /,.*81/0-9-/).'! +/! 1*,! (/1*0-')/,!
2-;3(*.-6*,!:3/@!0'9'!6-9',@!+/1/)+/)!0'911/.*9/)./!+/1!0')./".'D!5!9/+-+*!:3/!/1!1/)./!6*!/)2'0*)+'!/1!
'8;/.'! 5! +-;*9',! 3)! 1*-,*;/! 5! *1;3)',! (*,;',! ,/! /91-/0*)! *! 6/(! 0')! 9*3'(! 01*(-+*+K! 1'(! /;/911'@! *6'(*!
1'+(7*)!+-,.-);3-(,/!+',!11*)',!6'(-0').*1/,@!0'((/,1')+-/)./,!*1!0-/1'!3!1*!.-/((*!,/1*(*+',!1'(!/1!6'(-0')./@!
3!3)*!,'98(*!8'((',*!9$,!0/(0*!:3/@!*!1/,*(!+/!0').(-83-(!*1!0');3).'@!.'+*67*!)'!,/!+-,.-);3/!8-/)D!2,!*,7!
0'9'!/,.*(/9',!-)-0-*)+'!/1!1('0/,'!+/!2'(9*1-0*0-4)@!,-/91(/!03-+*)+'!+/!)'!1/(+/(!1*!6-,-4)!2-;3(*.-6*!
+/1!0');3).'D!5!9/+-+*!:3/!/1!1/)./!,-;3/!/)2'0*)+'!5!,-/91(/!,-)!9'+-2-0*(!/1!03*+('!.'.*1!+/!1*!-9*;/)!5!
,/! 11/;*! *! +-,.-);3-(! :3/! /,*! ,'98(*! *)./,! 8'((',*! /(*! /)! (/*1-+*+! 3)! $(8'1D! -')! ,30/,-6',! /)2':3/,! ,/!
11/;*($!2-)*19/)./!*!3)*!+/2-)-0-4)!41.-9*@!/)!+')+/!1('8*81/9/)./!,/!*10*)0/)!*!6/(!/)!+/.*11/!6*,.*!1*,!
6';*,!+/1!2'11*;/@!:3/!;3).'!0')!/1!.(')0'!0'),.-.33/)!/1!$(8'1@!:3/!*!,3!6/0!;3).'!0')!/1!0-/1'!0')!,3,!)38/,@!3!
1*!.-/((*!0')!,3!./".3(*@!0'),.-.33/)!/1!1*-,*;/!:3/!/(*!/1!'8;/.'!+/!9-(*!-)-0-*1!3!0'911/.'!+/!)3/,.('!1/)./D!
56'(*! 1'! 0'91(/)+/9',! 0')! 9$,! +/.*11/@! 1/('! )3)0*! +/,+/! /1! 1(-)0-1-'! +/! )3/,.('! /)2':3/! +/;*9',! +/!
0'91(/)+/(1'!/)!,3!.'.*1-+*+!2-;3(*.-6*D!2)!/,./!13).'@!,-!:3-,-9(*9',!(/+30-(!'!0')0/).(*(!)3/,.('!0*91'!
+/! 9-(*! ,41'! /)! 1*,! 6';*,! +/1! $(8'1! 5! /,! +/0-(! )'! ,41'! /)2'0*)+'! ,-)'! 6*0-/)+'! 0''9! 5! 0')! /1! '8;/.-6'! +/!
1('23)+-0*(!.'+*67*!9$,!/)!1*!2'(9*1-0*0-4)@! 0').*)+'!3!9-+-/)+'! /1/9/).',!9-)30-',*9/)./@!1'+(7*9',!
6*0/(1'! ,-)! 1('81/9*,@! 13/,! )'! 1/(+/(7*9',! 1*! 38-0*0-4)! 0')./".3*1! +/! 1*,! 6';*,! /)! 1*! -9*;/)! 0'911/.*D!
#/('!,/(7*!+-270-1!)'!1/(+/(!/,.*!(/2/(/)0-*!2-;3(*.-6*!,-!638-9(*9',!,*1.*+'!+/!1*!1(-9/(*!-9*;/)!8'((',*@!
1/('!0'911/.*@!+-(/0.*9/)./!*!3)*!-9*;/)!*911-*+*!3!/)2'0*+*!+/!1*,!6';*,D!!
2,*!,-.3*0-4)!,/!0'91*(*!0')!)3/,.(*!*1(/6/),-4)!2-;3(*.-6*!+/!3)!2(*;9/).'!93,-0*1K!/)!)3/,.(*!1(-9/(*!
*3+-0-4)!1'(!,313/,.'!1'!=/)./)+/9',>!/)!,3!.'.*1-+*+@!*3):3/!.'+*67*!)'!1'+*9',!/,1/0-2-0*(!0')!1(/0-,-4)!
1*,!1*(./,!+-,0(/.*,!:3/!1'!0'91')/)D!#/('!*!9/)3+'!1',!99.'+',!.(*+-0-')*1/,!+/!53+-'1/(0/1.-6*!0'9/./)!
/1!/(('(!+/!,*1./*(!6*(-',!1*,',!3!*1('"-9*(!3!/)2'0*(!,3!9-(*!,'8(/!+/.*11/,!+/!1*!2*0.3(*!93,-0*1!:3/@!,-!8-/)!
-91(/,0-)+-81/,!1*(*!:3/!1*!94,-0*!/2/0.-6*9/)./!,3/)/!*!3)!)-6/1!2/)'9/)'14;-0'@!(/,31.*)!-((/1/6*)./,!'!
6*,.*! +-,.(*0.'(/,! 1*(*! 1*! 0'91(/),-4)! ;1'8*1! +/! 1'! :3/! ,3/)*D! =-')0/).($)+')',! /)! 1',! )-6/1/,! 9$,!
1/:3/<',! +/! +/.*11/! 93,-0*1! !! *1.3(*,! -)+-6-+3*1/,@! 6*1'(/,! 99.(-0',@! -)./(6*1',! 3! )'.*0-4)! 8$,-0*! !! /,',!
/)2':3/,!/)!(/*1-+*+!-91-+/)!/1!1(';(/,'!*1!1/+-(1/!*!1',!/,.3+-*)./,!:3/!/).-/)+*)!*1;'!:3/!)'!13/+/)!
/,0306*(>! BX*98/(;/(@! ,D! 2DDP! /,! 0'9'! '2(/0/(1/,! (/,13/,.*,! *! 1(/;3).*,! :3/! /11',! 9-,9',! )3)0*! ,/! 6*)!
11*)./*+'D!
+5!-)_-2#-%@_!&2*R*/,%-5!(2!+5!QSN%-5
+5!-)_-2#-%@_!&2*R*/,%-5!(2!+5!QSN%-5!
%-5!
+*!94,-0*!/,!3)!1('+30.'! 0';)-.-6'@!/,!+/0-(@!/,!3)*!0'),/03/)0-*!+/!)3/,.(*,!0*1*0-+*+/,!3!1-9-.*0-')/,!
1*(*!1/(0-8-(!3!1('0/,*(!1',!/,.7931',!,')'(',!3@!0'9'!)'!1'+7*!,/(!+/!'.(*!2'(9*@!,3!/,.(30.3(*!(/,1')+/!*!

5+-4,!*1!(-0.*+'!Q3,-0*1!!!%CC!
!
/,',! 1(-)0-1-',! 0';)-.-6',D! 5:37! )',! -)./(/,*)! /,1/0-*19/)./! 1',! 0')0/1.',! +/(-6*+',! +/! 1*,! 0')0/10-')/,!
;/($(:3-0*,!+/!1*!94,-0*D!!
,)*!0')0/10-4)!;/($(:3-0*!-911-0*!:3/!1',!/6/).',!:3/!*1*(/0/)!,30/,-6',!/)!/1!.-/91'!,/!'(;*)-0*)!1*(*!
,3! 0'91(/),-4)! +/! *03/(+'! *! /,.(30.3(*,! +/! '(+/)! ,31/(-'(! :3/! 1',! '(;*)-0*)D! 2,! *! .(*69,! +/! /,.*!
'(;*)-0*0-4)!;/($(:3-0*!:3/!1'+/9',!/)./)+/(!1*!94,-0*!3!.*98-9)!/1!1/);3*;/D!2)!/,./!41.-9'!0*,'@!1*!-+/*!
0/).(*1!/,!:3/!1*,!'(*0-')/,!1-);Q7,.-0*,!)'!,/!2'(9*)!1'(!33".*1',-0-4)!+/!/1/9/).',!*,'0-*+',!1-)/*19/)./!
!!1'!:3/!,/!+/)'9-)*!,31/(2-0-/!!@!,-)'!:3/!,')!1*!/"1(/,-4)!+/!3)*!/,.(30.3(*!1('23)+*!:3/!1(/,/).*!3)*!
'(;*)-0*0-4)! ;/($(:3-0*D! 5,7@! 1*! 2(*,/! 2+! #2**)! -*,T@! +5! -5++2! ,/! (/1(/,/).*(7*! +/! 1*! ,-;3-/)./!
9*)/(*K!

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

!
2)!/,./!.-1'!+/!(/1(/,/).*0-4)!)',!93/,.(*!:3/@!*3):3/!.'+*,!1*,!1*1*8(*,!*1*(/0/)!+/!9*)/(*!,30/,-6*!/)!
1'!:3/!,/!+/)'9-)*!,31/(2-0-/@!/1/9/).',!0').-;3',!1/(./)/0/)!/)!(/*1-+*+!*!1*(./,!+-2/(/)./,!+/!1'!:3/!,/!
+/)'9-)*! /,.(30.3(*!1('23)+*D!(/!/,*!9*)/(*!1*!+-,.*)0-*!./91'(*1!:3/!1*,!1*1*8(*,!#2**)!3!-*,T@!
1(/,/).*)!/)!1*!,31/(2-0-/!)'!(/21/;*!1*!+-,.*)0-*!1,-0'14;-0*!/).(/!*98',!0'),.-.33/)./,@!3*!:3/!1*!9-,9*!
2(*,/!13/+/!/)3)0-*(,/!+/!9*)/(*!/:3-6*1/)./@!)'!(/0'98-)*)+'!1*,!1*1*8(*,!:3/!1*!0'),.-.33/)!/)!23)0-4)!
+/!,3!1('"-9-+*+!./91'(*1@!,-)'!*!.(*69,!+/!3)*!.(*),2'(9*0-4)!+/./(9-)*+*!1'(!,3!/,.(30.3(*!1('23)+*K!

%CI!%%!&'()*+*,!-)./()*0-')*1/,!+/!2+30*0-4)!53+-.-6*!
! !

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

!
?/)/9',! /).')0/,! :3/@! 1*(*! 1*! 1-);Q7,.-0*@! /1! 1/);3*;/! ,/! (/1(/,/).*! 9$,! *0/(.*+*9/)./! )'! 0'9'! 3)*!
0*+/)*!,-)'!0'9'!3)!$(8'1@!3*!:3/!*,7!13/+/)!(/1(/,/).*(,/!*+/03*+*9/)./!1*,!/1*8'(*0-')/,!:3/!*;(/;*)!
0'911/;-+*+!*1!1/);3*;/!*!.(*69,!+/!1*,!(/1*0-')/,!;/($(:3-0*,D!5,7@!,-!*;(/;'!/1/9/).',!*!1*!9-,9*!2(*,/!3!
+-;/(*K!2+!#2**)!/,2!Q2!N%A,%@!?)(5!+5!?5*(2!-*,T@!+5!-5++2@!1*!9'+-2-0*0-4)!(*+-0*1!+/!1*!
,31/(2-0-/! +/! 1*! 2(*,/! )'! 9'+-2-0*! ,3! /,.(30.3(*! 1('23)+*@! ,-)'! :3/! ,-911/9/)./! -)0(3,.*! /)! /11*! 3)*!
/,.(30.3(*!,38'(+-)*+*@!:3/!,/!(/1(/,/).*(7*!*,7K!

!"#$!%%&#########,(!#-!#./0(/*#1&2+#"+#1+%2!######'%()*#"+#'+""!#

!
2,.*! 0*(*0./(7,.-0*! +/1! 1/);3*;/@! 0'),-,./)./! /)! -)0(3,.*(! 3)*! /,.(30.3(*! ,-911/! +/).('! +/! '.(*! /,.(30.3(*!
,-911/!1*(*!0(/*(!3)*!/,.(30.3(*!0'911/;*@!,/!+/)'9-)*!(/03(,-6-+*+!3!(/,31.*!+/!1*!9*3'(!-91'(.*)0-*!3*!
:3/! )',! 1/(9-./! 1('+30-(! 3! /)./)+/(! -)2-)-.*,! 6*(-*)./,! +/1! 1/);3*;/! 0')! 3)*,! 1'0*,! /,.(30.3(*,! 8$,-0*,!
'(+/)*+*,!+/!9*)/(*!;/($(:3-0*D!+*!-+/*!23)+*9/).*1!/,!:3/!1*,!1*(./,!,30/,-6*,!+/1!+-,03(,'!+/1/)+/)!!!
1*(*!,3!0'91(/),-4)!!!+/!,3!1/(./)/)0-*!*!)-6/1/,!;/($(:3-0',!9*3'(/,D!!!
(/! 9*)/(*! ,-9-1*(@! 1*! ./'(7*! 93,-0*1! 6*! ,3;/(-+'! +-,.-).',! 9'+/1',! :3/! 11*)./*)! :3/! 1*! 0';)-0-4)! +/! 1*!
94,-0*!.')*1!+/1/)+/!+/!1*!'(;*)-0*0-4)!;/($(:3-0*!+/!6*(-',!+/!,3,!0'91')/)./,D!+*!-+/*!0/).(*1!/,!:3/!1',!
/1/9/).',! +/! 1*! ,31/(2-0-/! 93,-0*1! :3/! *1*(/0/)! 33".*13/,.',! 1(/,/).*)! (/1*0-')/,! 23)0-')*1/,!

5+-4,!*1!(-0.*+'!Q3,-0*1!!!%C&!
!
+/./(9-)*+*,! 1'(! ,3! 1/(./)/)0-*! *! +-,.-).',! )-6/1/,! ;/($(:3-0',@! 9',.(*)+'! 0*(*0./(7,.-0*,! (/03(,-6*,! /)!
*1;3)',!*,1/0.',!0'91*(*81/,!0')!1*,!+/1!1/);3*;/D!2,.*!(/1*0-4)!;/($(:3-0*!/).(/!1*!,31/(2-0-/!93,-0*1!3!1*!
/,.(30.3(*!1('23)+*!13/+/!.*98-9)!(/1(/,/).*(,/!9/+-*)./!/,:3/9*,!+/!$(8'1!:3/!1(/,/).*)!/1!,-;3-/)./!
*,1/0.'K!

!
L-;3(*!IK!R(8'1!;/($(:3-0'D!5+*1.*+'!+/!+/(+*61!3!&*0H/)+'22!%EFCK!%II!
2,!-91'(.*)./!*01*(*(!1'!:3/!*!1(-9/(*!6-,.*!13/+/!(/,31.*(!*98-;3'!'!0').(*!-).3-.-6'!/)!1',!/,:3/9*,!+/!
$(8'1K! 1*! /,.(30.3(*! 1('23)+*! *1*(/0/! /)! 1*! 1*(./! ,31/(-'(@! 3! 1*! ,31/(2-0-/! /)! 1*! 1*(./! -)2/(-'(D! ?*1! 6/0!
(/,31.*(7*!9$,!01*('!,-!1'!1/),$(*9',!-)6/(.-+'K!
!
N31/(2-0-/!

2,.(30.3(*!1('23)+*! !
L-;3(*!&K!R(8'1!;/($(:3-0'!-)6/(.-+'D!5+*1.*+'!+/!+/(+*61!3!&*0H/)+'22!%EFCK!%II!
+*,! (/1(/,/).*0-')/,! ;/($(:3-0*,! 1',//)! 3)*! .90)-0*! *,'0-*+*@! +/)'9-)*+*! (/+300-4)@! :3/! 1/(9-./!
/,1/0-2-0*(!0*+*!3)'!+/!1',!/,.*+-',!-)./(9/+-',!/).(/!1*!,31/(2-0-/!3!1*!/,.(30.3(*!1('23)+*D!+*!(/+300-4)!
%C'!%%!&'()*+*,!-)./()*0-')*1/,!+/!2+30*0-4)!53+-.-6*!
! !
0'),-,./!/)!3)!1('0/+-9-/).'!*!.(*69,!+/1!03*1!,/!6*)!/1-9-)*)+'!1',!/1/9/).',!+/!9/)'(!;/(*(:37*@!=+/;*)+'!
/)! 0*+*! /,.*+-'! 3)! (/,-+3'! ,-911-2-0*+'! +/1! 9*./(-*1! /,.(30.3(*19/)./! 9$,! -91'(.*)./>! B+/(+*61! 3!
&*0H/)+'22! %EEEK! #&DD! +*,! ,30/,-6*,! (/+300-')/,! 93/,.(*)! /)! )'.*0-4)! 0')6/)0-')*1! 03$1/,! ,')! 1',!
/1/9/).',!:3/!1(/+'9-)*)!/)!0*+*!)-6/1!/,.(30.3(*1@!3!/,.',!,/!0'((/,1')+/)!0')!1*,!17)/*,!:3/!*.(*6-/,*)!
6'(-0').*19/)./!/1!/,:3/9*!+/!$(8'1K!!

!
L-;3(*!'K!R(8'1!;/($(:3-0'!3!(/+300-4)D!5+*1.*+'!+/!+/(+*61!3!&*0H/)+'22!%EFCK!%II!
#'+/9',!6/(!/)!2'(9*!9$,!+/.*11*+*!1'!:3/!-)6'130(*!1*!6-,-4)!;/($(:3-0*!0')!3)!1/:3/<'!2(*;9/).'!+/!1*!
0*)0-4)!U*H/!9/!31!O6/)!N/1./98/(!/)+,!+/1!;(31'!A(//)!(*3D!
5:37@!3)*!0')0/10-4)!1-)/*1@!)'!;/($(:3-0*@!*)*1-0*(7*!/1!2(*;9/).'!+/!1*!,-;3-/)./!9*)/(*K!

5+-4,!*1!(-0.*+'!Q3,-0*1!!!%CK!
!
N-)!/98*(;'@!/,.*!0')0/10-4)!1-)/*1!)'!)',!+-0/!)*+*!+/!1*!'(;*)-0*0-4)!*(94)-0*!+/1!2(*;9/).'@!9-/).(*,!
:3/! 3)*! 0')0/10-4)! ;/($(:3-0*! 13/+/! /06*(! 130! ,'8(/! 1*,! (/1*0-')/,! ,-;)-2-0*.-6*,! :3/! ,/! +*)! /).(/! 1',!
/1/9/).',!+/!1*!,31/(2-0-/!93,-0*1K!

!
V*,.*! *:37! 6/9',! 6-,.'! +/! 9*)/(*! 933! ,-911-2-0*+*! /)! :39! 0'),-,./)! 1*,! 0')0/10-')/,! ;/($(:3-0*,! +/! 1*!
94,-0*D!+',!1('81/9*,!3!0*(*0./(7,.-0*,!+/!+-,.-).*,!0')0/10-')/,!;/($(:3-0*,@!,3,!,-9-1-.3+/,!3!+-2/(/)0-*,!
0')! 1',! 1',.31*+',! +/! 1*! ;(*9$.-0*! ;/)/(*.-6*! +/1! 1/);3*;/@! ,3! 3.-1-+*+! 0'9'! 6/3(7,.-0*! *)*17.-0*! 3!
0'91',-.-6*@!3!,3!(/*1-+*+!0';)-.-6*!6*)!,-+'!*8'(+*+',!+/,+/!+-,.-).',!13).',!+/!6-,.*!/)!1',!0*,-!%VV!*<',!
.(*),03((-+',! +/,+/! :3/! /1! ./4(-0'! *1/9$)! V/-)(-06! N06/)H/(! B%EEV! M%EV'N@! %EFK! M%E##ND! 1('13,-/(*! /,.*!
6-,-4)! /)! 1*,! 1(-9/(*,! +90*+*,! +/1! ,-;1'! D! 5,7@! )39/(',',! *3.'(/,! 0')! +-,.-).',! '8;/.-6',! 3! 9*(0',!
/1-,./9'14;-0',! 6*)! '2(/0-+'! /)2':3/,! *3+-.-6'!*)*17.-0',! BN*10/(! %E&'D@! 1,-0'14;-0'!-).(',1/0.-6',!
B-''1/(!3!Q/3/(!%E'V@!+/(+*61!3!&*0H/)+'22!%EFCD@!/917(-0'!1/(0/1.-6',!B(-88/)!%EEI@!N/(*2-)/! /.!*1./(!
%EFED@!0';)-.-6'!0'913.*0-')*1/,!B?/91/(1/3!#VV%D@!3!(/9-.'!*!/11',!1*(*!3)*!1('23)+-0*0-4)!+/1!./9*D!!
(/! .'+',! /,',! *,1/0.',! .*1! 6/0! /1! :3/! 9$,! -)./(/,*! *! 1*! 2+30*0-4)! 53+-.-6*! /,! /1! (/2/(-+'! *! 1*! (/*1-+*+!
0';)-.-6*!+/!1',!9'+/1',!;/($(:3-0',!+/!1*!94,-0*D!_'!'8,.*)./@!*4)!03*)+'!1*,!/6-+/)0-*,!/"1/(-9/).*1/,!
1*(/0/)! 11*)./*(! :3/! 5! *1! 9/)',! 1*(*! 0-/(.',! )-6/1/,! +/! 1*,! 0'91',-0-')/,! .')*1/,! 5! ,7! 1',//)! (/*1-+*+!
0';)-.-6*!B(-88/)!%EEI@!N/(*2-)/! /.!*1./(!%EFED@!1*(*!)','.(',!0'9'!1/+*;';',!=1'!-91'(.*)./!+/!3)!9'+/1'!
)'!(/,-+/!/)!,3!6*1'(!+/!(/*1-+*+!,-)'!/)!:3/!13/+*!,/(6-(!*1!+/,*(('11'!+/!/,.(*./;-*,!+/!/),/<*)0*>!B.*(;*,!
/.!*1./(!#VVKDD!#/),*9',!:3/!3)*!0')0/10-4)!;/($(:3-0*!;1'8*1!/)!9*)',!+/!3)!+'0/)./!+/!*3+-'1/(0/1.-6*@!
,-)!11/;*(!*!0'),.-.3-(!3)!9'+/1'!;/($(:3-0'!93,-0*1!2'(9*1@!13/+/!)'! '8,.*)./!,/(!-),1-(*+'(*!+/!6*1-',',!
(/03(,',!+-+$0.-0',!1*(*!*33+*(!*!1*!.(*),*00-4)!2-;3(*.-6'!2'(9*1!+/!9*)/(*!/2/0.-6*D!!!
N-!3)-9',!1*,!0')0/10-')/,!;/($(:3-0*,!0')!1'!6-,.'!,'8(/!0')'0-9-/).'!2-;3(*.-6'!3!2'(9*1@!./)/9',!:3/!/1!
.($),-.'!/).(/!*98',!9'+',!13/+/!,/(!0')0/8-+'!/)!.9(9-)',!(/1*.-6',K!1'+(7*!+/0-(,/!:3/!/1!0')'0-9-/).'!
2-;3(*.-6'!1/(9-./!*00/+/(!*!3)!)-6/1!9*3'(!/)!3)*!(/1(/,/).*0-4)!;/($(:3-0*!+/!1*!94,-0*!:3/!+/./(9-)*!
/1!,-;)-2-0*+'!+/!1',!/6/).',!-)+-6-+3*1/,D!5,7@!6/9',!:3/!/1!+-83;'!2-;3(*.-6'!+/!1*!L-;3(*!C!!

%CF!%%!&'()*+*,!-)./()*0-')*1/,!+/!2+30*0-4)!53+-.-6*!
! !
2,!0*1*0!+/!(/1(/,/).*(!1*,!0*(*0./(7,.-0*,!;/($(:3-0*,!+/1!/,.7931'!93,-0*1!!!/,!+/0-(@!,3!,/1*(*0-4)!/)!+',!
3)-+*+/,!2'(9*1/,!!K!!

!
/3/!1/(9*)/07*)!'031.*,!/)!/1!+-83;'!2'(9*1!+/1!9-,9'!/,.7931'K!

!
*/071('0*9/)./@!2'(9*1-0*(!,-;)-2-0*(7*!*00/+/(!*!1',!)-6/1/,!-)2/(-'(/,!+/!/,*,!;/(*(:37*,!6*,.*!*10*)0*(!1*!
,31/(2-0-/D! -'9'! )3/,.(*,! /,.(*./;-*,! +-+$0.-0*,! +/8/)! 0')2-;3(*(,/! *! 1*(.-(! +/! 1')+/(*(! 1*,! -)213/)0-*,!
/,.(30.3(*1/,!;1'8*1/,!,'8(/!1',!/1/9/).',!,31/(2-0-*1/,!+-,0(/.',@!1*,!0')0/10-')/,!;/($(:3-0*,!)',!'2(/0/)!
/1/9/).',!(/1/6*)./,!1*(*!;3-*(!/,.*!*1('"-9*0-4)!*1!'8;/.'!93,-0*1!+/!9*)/(*!1(';(/,-6*!3!0'6/(/)./@!,-)!
:3/!1*!/)39/(*0-4)!+/.*11*+*!+/!1*!9*)-2/,.*0-4)!2/)'9/)'14;-0*!+/!1*!,31/(2-0-/!93,-0*1!)',!6*;*!1/(+/(!
1*! 1/(,1/0.-6*! 2-;3(*.-6*! :3/! ,',.-/)/! 3! ;3,.-2-0*! 1*! 0';)-0-4)! 93,-0*1D! +*! +-,.-)0-4)! /).(/! /,.(30.3(*!
1('23)+*! 3! ,31/(2-0-/! )',! 1('1'(0-')*! /).')0/,! 3)! 9*(0'! ./4(-0'! 1*(*! /1! *)$1-,-,! +/! 1*! (/1*0-4)! /).(/! 1'!
;1'8*1!3!1'!1'0*1@!1*!-)213/)0-*!+/1!0')./".'@!1*!+/./(9-)*0-4)!+/!/6/).',!/,.(30.3(*1/,!3!)'!/,.(30.3(*1/,@!1*!
+-2/(/)0-*!/).(/!0/(0*)7*!./91'(*1!3!1,-0'14;-0*@!/.0D!!
#'(!/;/911'@!0')!1*!0*)0-4)!+/!A(//)!(*3!6-9',!049'!3)!*)$1-,-,!*3+-.-6'!1-)/*1!+/!1*!*(9')7*!13/+/!11/;*(!
*! ,/(! 933! 1'0'! (/6/1*+'(@! /! -)013,'! 0'),-+/(*81/9/)./! *(+3'@! 3*! :3/! (/:3-/(/! +/! 1*! +-,0(-9-)*0-4)! +/!
*0'(+/,!-)6/(.-+',D!N-)!/98*(;'@!3)!*8'(+*;/!/,.(30.3(*1!1/(9-./!3)!/)2':3/!2-;3(*.-6'!1(';(/,-6'!:3/!)'!
,41'!'2(/0/!3)!+/,*27'!;(*+3*+'@!,-)'!:3/!8(-)+*!1*3.*,!0';)-.-6*,!1*(*!:3/!1*!*1(/6/),-4)!+/!0*+*!)-6/1!
2*0-1-./! 1*! +/1! 1(4"-9'D! +*! *1('"-9*0-4)! 1'(! )-6/1/,! ,/! 0'91*(*! *! )3/,.(*! *1('"-9*0-4)! *1! 1*-,*;/! 1'(!
;(*+',! 0'),/03.-6',! +/! /)2':3/K! 0*+*! )-6/1! ;/($(:3-0'! )',! 1/(9-./! *0/(0*()',! 9$,! *1! +/.*11/! +/! 1*!
,31/(2-0-/@! 1/('! ,-)! 1/(+/(! +/! 6-,.*! /1! 1*-,*;/! ;1'8*1! :3/@! 0'9'! +-;-9',@! /,! /1! :3/! /)! +/2-)-.-6*! 1/! '.'(;*!
,/).-+'!*!)3/,.(*!0';)-0-4)!+/!1*!,31/(2-0-/D!5,7@!3)*!1(-9/(*!*1('"-9*0-4)!+-+$0.-0*!1'+(7*!,-911/9/)./!
0')0/).(*(,/!/)!1*!1(';(/,-4)!%!%.!%K!

5+-4,!*1!(-0.*+'!Q3,-0*1!!!%CE!
!

!
#*(*! /,./! /)2':3/@! 1',! 1(-9/(',! 03*.('! *0'(+/,! 0'),.-.33/)! ,-911/9/)./! 3)*! 1('1');*0-4)! +/! 1*! .4)-0*!
-)-0-*1@!3!/1!0*98-'!9$,!)'.*81/!,/!+*!0')!1*!11/;*+*!+/!1*!,38+'9-)*)./D!(-;-9',!*)./,!:3/!/1!0')'0-9-/).'!
2-;3(*.-6'! ,/! 0/).(*! /)! 1*,! 0*(*0./(7,.-0*,! ;1'8*1/,! 0'9'@! 1'(! /;/911'@! 1*,! 2(*,/,@! 3! *0$! 6/9',! 049'! 3)*!
*1('"-9*0-4)!;/($(:3-0*!1/(9-./!0'),/(6*(!/1!/)2':3/!2-;3(*.-6'@!0')./".3*1-0*)+'!1*!,31/(2-0-/!/)!(/1*0-4)!
1*,!2(*,/,K!!

!
21!1(4"-9'!1*,'!13/+/!/)2'0*(,/!9$,!/)!+/.*11/!,'8(/!1*!(/;-4)!1('1');*0-')*1!+/!1*!.4)-0*!-)-0-*1@!+')+/!1*!
*(9')7*!9$,!+/,.*0*+*!/,!/1!.%!;(*+'K!

%IV!%%!&'()*+*,!-)./()*0-')*1/,!+/!2+30*0-4)!53+-.-6*!
! !

!
5,7@!1(';(/,-6*9/)./!,/!13/+/)!-(!,/1/00-')*)+'!+/!1*!,31/(2-0-/!*:3/11',!/1/9/).',!:3/!(/,31./!(/1/6*)./!
.(*8*;*(@!1'(!/;/911'!/1!%.!9D!!
+*! ,/03/)0-*! +/9',.(*+*! .-/)/! +',! -911-0*)0-*,! 1/+*;4;-0*,! 1(-)0-1*1/,K! 1'(! 3)! 1*+'@! ,-;)-2-0*! :3/! )'!
)/0/,*(-*9/)./!+/8/)!+-,0(-9-)*(,/!.'+',!3!0*+*!3)'!+/!1',!/1/9/).',!+-,0(/.',!+/!3)*!'8(*!!!/)!/,./!0*,'!
1*,! *(9')7*,! !! 1*(*! '8./)/(! 3)*! 83/)*! 0'91(/),-4)! +/! /11*D! #'(! '.('! 1*+'@! .*91'0'! 6*0/! 2*1.*! :3/! 1',!
/1/9/).',!93,-0*1/,!'8;/.'!+/!/,.3+-'!*1*(/00*)!*.'9-0*+',!'!*-,1*+',!+/!3)*!9*)/(*!=+-+$0.-0*>@!3*!:3/!
0';)-.-6*9/)./!(/,31.*!9$,!)*.3(*1!-+/).-2-0*(1',!/)!0')./".'!*!.(*69,!+/!3)!/)2':3/!;/($(:3-0'D!!
W#)*!/,X!_)!N%*.2_!+)N!(%-?5()NY!!
W#)*!/,X!_)!N%*.2_!+)N!(%-?5()NY!!
21! 1*)'(*9*! +/! 1*,! 03/,.-')/,! ./4(-0*,! :3/! '2(/0-9',! 6*,.*! *:37! +/8/(7*! '(-/).*(! )3/,.(*! /),/<*)0*! 3!
0')+-0-')*(! 1*! /1/00-4)! +/! )3/,.('! (/1/(.'(-'! +-+$0.-0'D! (-;-9',! *)./(-'(9/)./! :3/! 1'! -91'(.*)./! +/! 3)*!
1/+*;';7*! *3+-'1/(0/1.-6*! /,! :3/! ,/*! /"11-0*.-6*! /)! 13;*(! +/! 9/(*9/)./! +/,0(-1.-6*@! 3! 1*(*! 1';(*(! /,'!
+/8/! ./)/(! *1;'! -)./(/,*)./! :3/! +/0-(! *0/(0*! +/! 049'! 0'),.(3-9',! 0';)-.-6*9/)./! 1*! 94,-0*! /)! )3/,.(*!
9/)./D!(-;-9',!.*98-9)!:3/!*1!/,0306*(!94,-0*!,/!*0.-6*)!1',!/,:3/9*,!99.(-0'!.')*1/,!:3/!)',!1/(9-./)!
;/)/(*(!/"1/0.*.-6*,!:3/!2*0-1-.*($)!/1!1('0/,*9-/).'!0';)-.-6'!+/!1'!:3/!6/)+($@!3!/,!1*!23)0-4)!+/).('!+/!
/,.',!/,:3/9*,!;/($(:3-0',!1'!:3/!+/./(9-)*!/1!,-;)-2-0*+'!2-;3(*.-6'!:3/!1/!'.'(;*(/9',!*!1',!/6/).',!:3/!
/)!1*!,31/(2-0-/!93,-0*1!*1*(/0/)!+/!9*)/(*!,30/,-6*D!+*!/"11-0*0-4)!+/!049'!,/!+*)!/,',!1('0/,',!+/8/!,/(!
/1!'8;/.-6'!1(-)0-1*1!+/!1*!/+30*0-4)!*3+-'1/(0/1.-6*@!3!/1!*1(/)+-0*;/!+/!1*!)'.*0-4)!+/8/!*0'91*<*(!*!
/,*! /"11-0*0-4)! 0'9'! 1'! :3/! /,K! 3)*! 6/((*9-/).*! -)+-,1/),*81/! 1*(*! 1*! 0'91(/),-4)! 3! /1! *)$1-,-,@! 3! +/!
)-);3)*!9*)/(*!0'9'!3)!2-)!/)!,7!9-,9*D!!
N-)!/98*(;'@!1',!+-0.*+',!93,-0*1/,!.71-0',!(/,31.*)!-)*+/03*+',!1*(*!03911-(!/,/!'8;/.-6'!/"11-0*.-6'@!3*!
:3/!,3/1/)!/"6-8-(!3)!+/,0')'0-9-/).'!1('23)+'!+/!049'!/,.$!6/06*!1*!94,-0*@!3!+/;*)!*1!+/,038-/(.'!3)*!
0(//)0-*! -);/)3*! /)! 1*! 6-,-4)! +-,/00-')-,.*! :3/! 0'),-+/(*! :3/! 3)*! +/.*11*+*! /)39/(*0-4)! +/! 1*,! 1*(./,!
11/6*($! *! 1*! 0'91(/),-4)! +/1! .'+'D! #'(! /;/911'@! /)! /1! 0*,'! +/! 1*! /,.(30.3(*! (7.9-0*@! 1',! -)+-0-',! 9$,!
-91'(.*)./,!1*(*!1*!'(;*)-0*0-4)!99.(-0*!,')!/1!*0/).'!*;4;-0'!3!1*!/,.(30.3(*!9'.76-0*D!5,7@!3)*!/,.(30.3(*!
(7.9-0*!0'9'!/,.*K!

5+-4,!*1!(-0.*+'!Q3,-0*1!!!%I%!
!

!
(/,1('6-,.*! +/! '.(',! /1/9/).',! 0')./".3*1/,! 2'(9*1/,@! .')*1/,@! /,.-17,.-0',! /! -)./(1(/.*.-6',@! 2*6'(/0/! 1*!
,-;3-/)./!-)./(1(/.*0-4)!99.(-0*K!

!
J!)'@!1'(!/;/911'@!3)*!0'9'!/,.*K!

!
#'(!0-/(.'@!/,.'!)'!,-;)-2-0*!:3/!.'+*,!1*,!/,.(30.3(*,!(7.9-0*,!+/!1*!94,-0*!(/*1!1(/,/)./)!/,.*!0')0'(+*)0-*!
*;4;-0'!9'.76-0*! /)! .'+',! 1',! 0*,',@! 1/('! )'! '8,.*)./! ,/! 8*,*)! /)! /,/! 1(-)0-1-'! '(;*)-0*+'(! 1*(*!
/6/).3*19/)./! 6-'1*(1'D! #'(! /;/911'@! 1*! ,-;3-/)./! /,.(30.3(*! (7.9-0*@! .'9*+*! +/1! %/(D! Q'6D! B00D! %! !! FD! +/! 1*!
N')*.*!1*(*!1-*)'!'1D!%V!)('D!#!+/!X//.6'6/)K!!

!
*4)!+/,1';*+*!+/!.'+',!1',!'.(',!/1/9/).',!)',!1/(9-./!+/./(9-)*(!0')!01*(-+*+!/1!0')./".'!99.(-0'@!+*+'!
:3/!1*!'(;*)-0*0-4)!*;4;-0*!3!9'.76-0*!+/!1*!(7.9-0*!/,.*81/0/!01*(*9/)./!3)!9/.('!8-)*(-'!B#ZIDK!

!
_4./,/!:3/!-)013,-6/!03*)+'@!*!1*(.-(!+/1!0'91$,!&@!1*!'(;*)-0*0-4)!*;4;-0*!1*(/0/!0').(*+/0-(!*!)-6/1!1'0*1!
/1!9/.('!/,.*81/0-+'@!)3/,.(*!0')0/10-4)!;/($(:3-0*!;1'8*1!)',!1/(9-./!/)./)+/(!/,.*,!*98-;Q/+*+/,!0'9'!
1'!:3/!,')K!6-'1*0-')/,!*1!1(-)0-1-'!*;4;-0'!:3/!6*87*!/,.*81/0-+'!/1!9/.('!*1!1(-)0-1-'!+/!1*!2(*,/D!!
+*! -911-0*)0-*! +/! /,.'! /,! :3/! /1! 1('0/,*9-/).'! 1-)/*1! +/! 1*! ,31/(2-0-/! !! (7.9-0*! /)! /,./! 0*,'! !! )'! (/,31.*!
1/(.-)/)./K!)/0/,-.*9',!3)*!6-,-4)!(/1*0-')*1!;/($(:3-0*!1*(*!/,.*81/0/(!/1!9/.('!0'((/0.'D!#/('!;3,.*9/)./!
1',!+-0.*+',!(7.9-0',!.71-0',!,/!2'0*1-0*)!/)!1*!,31/(2-0-/!93,-0*1@!11*)./*)+'!3)!1('0/,*9-/).'!1-)/*1!:3/!)'!
1/(9-./!*0.-6*(!)*.3(*19/)./!1',! /,:3/9*,!99.(-0',! 0'((/,1')+-/)./,D!5,7@! /)! /,./!+-0.*+'!.'9*+'!+/!1',!
1(';(*9*,!+/!*3+-'1/(0/1.-6*!+/!3)!0'),/(6*.'(-'!*(;/).-)'K!!

%I#!%%!&'()*+*,!-)./()*0-')*1/,!+/!2+30*0-4)!53+-.-6*!
! !

!
)8,/(6*9',! :3/! /,! -91',-81/! /,.*81/0/(! 3)*! 99.(-0*! (/;31*(! *! 1*(.-(! +/! 1',! +',! 1(-)0-1-',!'(;*)-0*+'(/,!
:3/!9/)0-')*9',D!(/!6/06'!.*1!+-0.*+'!*1*(/0/!/,0(-.'!*,7K!!!

!
+/1*.*)+'! :3/! 1*(*! 0'),.(3-(1'! 1(-9/('! ,/! *)'.*(')! 1',! 0'91*,/,! /)! /1! 1*1/1! 3! 13/;'! ,/! (/11/)*(')! 0')!
2-;3(*,!(7.9-0*,!,-)!)-);4)!.-1'!+/!'(;*)-0*0-4)!0';)-.-6'!93,-0*1D!N-!6'16/9',!*!0'91*(*(!0')!/1!1/);3*;/@!
/,./!.-1'!+/!/;/(0-0-',!(/,31.*)!.*)!*8,3(+',!0'9'!1(/./)+/(!/),/<*(!3)!-+-'9*!3.-1-0*)+'!2(*,/,!0'),.(3-+*,!
0')! 2')/9*,! '! 1*1*8(*,! /1/;-+*,! *1! *0*(! '@! 1/'(! *4)@! *! 1('14,-.'! 1*(*! (/,31.*(! +-270-1/,D! ./9',! /).')0/,!
01*(*9/)./! :3/! 3.-1-0*)+'! /,.',! +-0.*+',! /,! -91',-81/! +/0-(! *1;'! -)./(/,*)./! *0/(0*! +/! 1*,! /,.(30.3(*,!
93,-0*1/,!/,.3+-*+*,@!/"0/1.'!*0*,'!(/2/(-(,/!*!1*,!03/,.-')/,!:3/!!!0'9'!6-9',!!!+/93/,.(*)!:3/!/,.$!9*1!
0')2'(9*+'D!!
N-!*0/1.*9',!1*!1(/,3)0-4)!+/!:3/!/1!9*./(-*1!93,-0*1!3.-1-0*+'!1*(*!1*!/),/<*)0*@!3!,'8(/!.'+'!,-!6*!,-+'!
0'913/,.'! /,1/0-*19/)./@! +/8/! -)+/2/0.-81/9/)./! (/21/;*(! 3)*! 0')0/10-4)! *)*17.-0'!+-+$0.-0*@! 1',!
/;/911',!9/)0-')*+',!1*(/0/)!+*(!03/).*!+/!:3/!/,./!41.-9'!*,1/0.'!6*!,-+'!+-(/0.*9/)./!-;)'(*+'D!-*8/!
1(/;3).*(,/! /).')0/,!049'!6*0/)!1',!1('2/,'(/,!1*(*!1';(*(!:3/!1',!*139)',!(/*1-0/)!3)*!.(*,0(-10-4)!+/!
/,.*,!2(*,/,D!2)!1*,!-),.(300-')/,!1*(*!(/*1-0*(!/1!+-0.*+'!(7.9-0'!:3/!2-;3(*)!/)!/1!9-,9'!1(';(*9*!+/!+')+/!
23/! /".(*7+'! /1! /;/911'@! ,/! *0'),/;*! *! 1',! 1('2/,'(/,! =/;/03.*(! /1! +-0.*+'! /)./('! 1*(*! :3/! 1',! *139)',!
(/0')'00*)!/1! 0'91$,!9*(0*)+'! /1!131,'!3! /1! *0/).'>D!#*(/0/!+-270-1!-9*;-)*(!:3/!/)!/,',!+-0.*+',!13/+*!
(/*1-0*(,/!3)!(/0')'0-9-/).'!)*.3(*1!+/!1*!99.(-0*!*!9/)',!:3/@!0'9'!+/!6/06'!,30/+/@!/1!1('2/,'(!/"*;/(/!
1*! *0/).3*0-4)! +/1! 1(-9/(! ,')-+'! +/! 0*+*! 0'91$,@! 0')23)+-/)+'! +/2-)-.-6*9/)./! 1*! +-)$9-0*! 0')! 1*!
99.(-0*@!3!/"./)+-/)+'!/,.*!0')23,-4)!*!,3,!*139)',D!!
).('!+/!1',!0(-./(-',!:3/!;3,.-2-0*)!1*!0')2/00-4)!+/!/,./!.-1'!+/!+-0.*+',!/,!/1!+/!/"6*3,.-6-+*+D!#*(/0-/(*!
:3/!,-!)','.(',!9-,9',!6*0/9',!1',!+-0.*+',!/,'!)',!1/(9-.-($!/;/911-2-0*(!.'+*,!1*,!1',-81/,!0'98-)*0-')/,!
(7.9-0*,D!N-)!/98*(;'@!/)!/,./!,/).-+'!/1!0')0/1.'!+/!/"6*3,.-6-+*+!/,!8*,.*)./!+3+','@!3*!:3/@!0-.*)+'!*!
G*(1-),H-K!=,-!1*,!2-;3(*,!93,-0*1/,!:3/!:3/(/9',!/),/<*(!/"-,./)!/)!/1!(/1/(.'(-'!(/*1@!./)/9',!:3/!3,*(!/,/!
(/1/(.'(-'!1*(*!/),/<*(1*,P!,-!/,*,!2-;3(*,!)'!/"-,./)!/)!/1!(/1/(.'(-'@!./)/9',!/).')0/,!:3/!03/,.-')*()',!/1!
6*1'(!+/!/),/<*(1*,>!B'1!0-.DDD!!
).(*!+/!1*,!0'),/03/)0-*,!+/!.(*8*;*(!0')!0')2-;3(*0-')/,!(/83,0*+*,@!-)/"-,./)./,!/)!1*!94,-0*!(/*1@!/,!:3/!
03*)+'!/;/03.*9',!1',!+-0.*+',!+/8/9',!/)2*.-0*(!0-/(.',!/1/9/).',!1*(*!:3/!)3/,.(',!/,.3+-*)./,!13/+*)!

5+-4,!*1!(-0.*+'!Q3,-0*1!!!%IC!
!
1/)',*9/)./!+-,0(-9-)*(!+/!:39!,/!.(*.*D!+',!+-0.*+',!,3/1/)!,/(!.*)!/".(*<',!:3/!)'!./)/9',!'.('!(/9/+-'!
:3/!=9',.(*(1',>!9/;'(@!.'0*)+'!9$,!1/).'@!(/,*1.*)+'!+-,.-).*,!./".3(*,!'!0*(*0./(7,.-0*,@!/.0D!#'(!/1!0').(*(-'@!
1*!94,-0*!(/*1!)'!/)2*.-0*@!,-911/9/)./!'03((/!0')!/1! .-9-);!;3,.'!:3/!.-/)/!:3/!'03((-(@!+/!9*)/(*!:3/!,-!
*1;3)*,!0',*,!,30/+/)!+/9*,-*+'! ($1-+'!1*(*!1/(0-8-(1*,!=*1!+-0.*+'>@!,/($!:3/! )'!23/(')!6/06*,!1*(*!,/(!
1/(0-8-+*,!0')!2*0-1-+*+@!3!/,!*8,3(+'!1/+-(!+/!)3/,.(',!*139)',!:3/!1'!6*;*)D!
!!
2,./! .(*8*;'! 1'+(7*! /"./)+/(,/! *1! -)2-)-.'! 9',.(*)+'! /;/911',! +/! +-0.*+',! .(*+-0-')*1/,! B6/(! Q3,39/0-!
%EEF8D@!,/<*1*)+'!049'!/,.$)!9*1!0'),.(3-+',!+/,+/!3)!13).'!+/!6-,.*!93,-0*1!'!0';)-.-6'@!3!/"11-0*)+'!1'(!
:39! 0')! /11',! )'! 13/+/! 6*0/(,/! )*+*! :3/! (/,31./! 93,-0*19/)./! -)./(/,*)./! 3! 2'(9*.-6'! 1*(*! )3/,.(',!
*139)',!+/!*3+-'1/(0/1.-6*D!#/('!/)!6/0!+/!0/).(*(!/1!(/,.'!+/!/,./!.(*8*;'!/)!1*!0(7.-0*@!1(/2-/('!9',.(*(!1*,!
0',*,!:3/!,7!(/,31.*!-)./(/,*)./!.(*8*;*(!03*)+'!,/!3.-1-0*!94,-0*!(/*1D!!!
QSN%-5!*25+!#5*5!,_5!5,(%)#2*-2#?%.5!2 #+%-5?%.5!!
#+%-5?%.5!!
51;3)',!/;/911',!
51;3)',!/;/911',!
+',!+-0.*+',!,3/1/)!0'),.(3-(,/!0')!/1!'8;/.-6'!+/!:3/!1*!,31/(2-0-/!93,-0*1!1(/,/)./!1*!9$"-9*!6*(-*8-1-+*+@!
1('03(*)+'!:3/!!!0'9'!6-9',!/)!/1!/;/911'!*)./(-'(!!!)-!3)*!,'1*!+/!1*,!0')2-;3(*0-')/,!(7.9-0*,!,/!(/1-.*@!
1',!*0'(+/,!,/*)!9$"-9*9/)./!+-2/(/)./,@!1*,!9/1'+7*,!,/!93/6*)!1'(!.'+'!/1!(/;-,.('@!'!1*,!9'+31*0-')/,!,/!
,30/+*)!($1-+*9/)./D!#/('!6-9',!:3/@!1'(! /1!0').(*(-'@!3)*!0*(*0./(7,.-0*!+/!1*!94,-0*!/,!1*!(/03(,-6-+*+@!
0'),-,./)./! /)! 1*! '(;*)-0*0-4)! ;/($(:3-0*! +/! /,.(30.3(*,! ,-911/,! :3/! 1*! 9*3'(7*! +/! 1*,! 6/0/,! 0').-/)/)!
(/-./(*0-')/,D!(/,+/!/,/!13).'!+/!6-,.*!(/,31.*!933!03/,.-')*81/!/1!.(*8*;*(!1*!9$"-9*!6*(-*8-1-+*+!+/).('!
+/!3)!2(*;9/).'!97)-9'!3@!1'(!/1!0').(*(-'@!1*(/0/(7*!:3/!1'!*+/03*+'!/,!;3,.*9/)./!1'!'13/,.'K!.(*8*;*(!
0')!/,.(30.3(*,!/"./)+-+*,!:3/!1(/,/)./)!/,.(30.3(*,!,-911/,!'(;*)-0*+*,!;/($(:3-0*9/)./D!5:37!./)/9',!
3)!/;/911'!0')!1*!#-/0*!_('D!K!+/1!R1839!1*(*!1*!&36/).3+!+/!*D!N0639*))K!
5:37!1'+/9',!6/(!1*!6/).*;*!:3/!'2(/0/!:3/!/1!*139)'!13/+*!.(*8*;*(!0')!/,.(30.3(*,!/"./)+-+*,D!2)!6/0!+/!
/"-;-(1/!:3/!,/!0')0/).(/!/)!9-0('!/,.(30.3(*,!+-270-1/,!:3/!1/!-91-+/)!1(';(/,*(!/)!1*!0'91(/),-4)!;1'8*1!
+/! 3)! 2(*;9/).'@! /,! -91'(.*)./! :3/! /1! /,.3+-*)./! *1(/)+*! *! 9*)/;*(! 1*! )'.*0-4)! 0')! 3)*! 213-+/0! :3/! 1/!
1/(9-.*!-(!=.'9*)+'!)'.*>!+/1!.(*),03((-(!93,-0*1!+/!1*!9-,9*!9*)/(*!/)!:3/!.'9*9',!*13)./,!.*:3-;($2-0',!
+/!3)!+-,03(,'!*!9/+-+*!:3/!1'!/,0306*9',!/)!.-/91'!(/*1D!51!(/,1/0.'@!3!;3,.*9/)./!1'(!/,'@!,/!+/8/!*1/).*(!
:3/! 1*,! (/1(/,/).*0-')/,! ,/*)! 1'! 9$,! /0')49-0*,! :3/! ,/*! 1',-81/@! (/21/;*)+'! ,41'! 1'! /,.(30.3(*19/)./!
-91'(.*)./@!3!3.-1-0*)+'!03*)+'!,/!13/+*!8*((*,!+/!(/1/.-0-4)@!0'9'!/)!/,./!0*,'K!
!!

%II!%%!&'()*+*,!-)./()*0-')*1/,!+/!2+30*0-4)!53+-.-6*!
! !

!
N-;3-/)+'! 0')!1*!03/,.-4)!+/!1*!6*(-*8-1-+*+@! 3)!+-0.*+'! 0')!1*,!,-;3-/)./,!2-;3(*,!,/(7*! 0'),-+/(*+'!933!
2$0-1@!3*!:3/!0*,-!.'+*,!1*,!09131*,!(7.9-0*,!,')!-;3*1/,K!!

!!! !
N-)! /98*(;'@! 1*,! 0')0/10-')/,! ;/($(:3-0*,! 3! 1*! 1/(,1/0.-6*! +/1! 0')'0-9-/).'! 2-;3(*.-6'! )',! *0/(0*)! 3)*!
6-,-4)!0'91*(*81/!*1!+-0.39!6/(*01-.*)'!+/!:3/!=)3)0*!)',!8*<*9',!+',!6/0/,!/)!/1!9-,9'!(7'>@!/,!+/0-(@!:3/!
)3)0*!+',!/,.(30.3(*,!(7.9-0*,!,30/,-6*,!!!0').-;3*,!'!)'!!!13/+/)!,/(!0'),-+/(*+*,!-;3*1/,!'!/:3-6*1/)./,D!
2,./!9-,9'!(-.9'!13/,.'!/)!0')./".'!13/+/!+*(!03/).*!+/!3)*!;(*)!(-:3/0*@!0'9'!/)!1*! A*6'.*!+/!1*! N3-./!
%);1/,*!/)!N'1!9!+/!&!DND!X*06K!!
N-!+/,/$(*9',!2-;3(*1-0*(!1*!)'.*0-4)!0')6/)0-')*1@!+/8/(7*9',!/,1/0-2-0*(!3)*!9*)/(*!+-,.-).*!+/!/,0(-8-(!
/1!;(31'! ,/;4)!'03((*!/)!/1!1(-9/(!'!,/;3)+'!.-/91'!+/1!0'91$,@!1/('!.*98-9)!,/;4)!1*!38-0*0-4)!
+/1!0'91$,!/)!1*!2(*,/@!3!.*98-9)!,/;4)!1*!0')2-;3(*0-4)!9/14)-0*@!/.0D@!6*,.*!:3/!)',!6-9(*9',!'81-;*+',!*!
+-,/<*(!3)*!)'.*0-4)!/,1/072-0*!1*(*!0*+*!'8(*@!3!1/(+/(7*9',!;3,.*9/)./!1*!1(-)0-1*1!6-(.3+!+/!1*!)'.*0-4)!
0')6/)0-')*1@!:3/!/,!1*!0*1*0-+*+!+/!(/1(/,/).*(!0')!,798'1',!2-)-.',!0'98-)*0-')/,!-)2-)-.*,D!!
&3,.*9/)./@! X*98/(;/(! B#VV&8D! 11*)./*! :3/! 6*3! :3/! (/0')'0/(! 3! 6*1'(*(! 1*! ./),-4)! /).(/! 1*! 9'6-1-+*+!
2-;3(*.-6*!*,'0-*+*!0')!1*,!*1.3(*,!3!1',!(-.9',!/)!0')./".',!0*98-*)./,@!3!1*!-)6*(-*8-1-+*+!*,'0-*+*!0')!1*,!
01*,-2-0*0-')/,!.(*+-0-')*1/,!+/!1',!'8;/.',!93,-0*1/,@!3*!:3/!.*1/,!-)6*(-*81/,!)',!1/(9-./)!9*(*6-11*()',!+/!
049'!0*98-*)!1*,!-+/).-+*+/,!0')!/1!0')./".'!3!1*,!(/1*0-')/,!23)0-')*1/,D!2,!/)!/,/!,/).-+'!:3/!1*!)'.*0-4)!
.*98-9)!(/,31.*!3)*!=6/((*9-/).*!031.3(*1!1,-0'14;-0*>!033*!23)0-4)!)'!/,!,-911/9/)./!=(/21/;*(>!1*!*0.-6-+*+!
0';)-.-6*@! ,-)'! .*98-9)! =9'+-2-0*(1*! /! /)(-:3/0/(1*>! BX*((/..! #VV&K! %C&DD! 2,/! +/8/! ,/(! /).')0/,! )3/,.('!
'8;/.-6'!1/+*;4;-0'!03*)+'!.(*8*;*9',!0')!.(*),0(-10-')/,K!9',.(*(!049'!1*!)'.*0-4)!0')6/)0-')*1!,/!1*,!
*((/;1*!1*(*!(/1(/,/).*(!/,*!./),-4)!/).(/!9'6-1-+*+!/!-)6*(-*8-1-+*+!*!1*(.-(!+/!1*!'(;*)-0*0-4)!0')./".3*1D!!

5+-4,!*1!(-0.*+'!Q3,-0*1!!!%I&!
!
#'(!/;/911'@!/,./!41.-9'!2(*;9/).'!)',!1/(9-./!.(*8*;*(!1*!+-2/(/)0-*!/).(/!/1!*0/).'!+-)$9-0'@!.*)!,*1-/)./!
/)!1*!1(-9/(*!)'.*!+/!1*!6/(,-4)!3.-1-0*+*!B#';'(/1-06!%EF'D@!3!/1!*0/).'!99.(-0'!,3;/(-+'!1'(!/1!4)-0'!,')-+'!
1*(;'! 3! 1'(! 1*! /,.(30.3(*! *(94)-0*D! 5,7@! /)! 1*,! .(*),0(-10-')/,! +/! )3/,.(',! *139)',! 1'+/9',! 6/(! +-,.-).',!
;(*+',!+/!9"-.'K!!

!
2)!/,./!0*,'!/1!/,.3+-*)./!/,0(-8-4!.'+'!/1!(-.9'!,31/(2-0-*1@!+/,038(-4!/1!*;(31*9-/).'!8-)*(-'!+/!1',!131,',@!
1/('!/((4!/)!1*!+/./(9-)*0-4)!+/!1*!99.(-0*!*1!)-6/1!+/1!0'91$,D!N3!(/1(/,/).*0-4)!*00/+-4!*1/)*,!6*,.*!/1!
)-6/1!99.(-0'!;/($(:3-0'!+/!1*!,38+-6-,-4)!+/!1',!131,',D!

!
2)!/,./!0*,'!/1!/,.3+-*)./!,7!/,0(-8-4!0'((/0.*9/)./!/1!(-.9'!3!/1!0'91$,D!

%I'!%%!&'()*+*,!-)./()*0-')*1/,!+/!2+30*0-4)!53+-.-6*!
! !

!
2,./!/;/911'!/,!0'((/0.'@!0'9'!/1!*)./(-'(@!1/('!(/,31.*!.'+*67*!,31/(-'(!1'(!1*!/0')'97*!+/!(/1(/,/).*0-4)!
13/,.*! +/! 9*)-2-/,.'! /)! 1*! 3.-1-0*0-4)! +/! 8*((*,! +/! (/1/.-0-4)D! #/('! 2-)*19/)./! ./)/9',! '.('! :3/! )'! ,41'!
/,0(-8-4! 0'((/0.*9/)./! /1! (-.9'! 3! /1! 0'91$,@! ,-)'! :3/! ,3! .(*,0(-10-4)! (/21/;*! *1;'! 9$,K! /1! 1*(*1/1-,9'! 3!
,-9/.(7*!+/!1*,!2(*,/,D!!

5+-4,!*1!(-0.*+'!Q3,-0*1!!!%IK!
!
2,!/6-+/)./!:3/!/,./!*139)'!/,.*8*!*11-0*)+'!3)!/,:3/9*!+/!9*3'(!;/(*(:37*@!:3/!23/!0*1*0!+/!+/./0.*(!1*!
'(;*)-0*0-4)!+/1!2(*;9/).'!*!3)!)-6/1!,31/(-'(DDD!/"0/1.'!*1!2-)*1@!+')+/!1*!'8(*!1(/,/).*!3)*!-)./(1'1*0-4)!
2'(9*1D!#('8*81/9/)./!/1!/(('(!,30/+-4!/)!/,/!13).'!1'(!,3!38-0*0-4)!.*(+7*!(/,1/0.'!+/!1*!1(-9/(*!1*(./P!,-)!
/98*(;'@! 1'+(7*9',! /,1/031*(! :3/! 9$,! 1('8*81/9/)./! 1*! 2*11*! ,/! +/8*! *1! 0*98-'! +/! /,:3/9*! ;1'8*1!
1('6'0*+'!1'(!1*!-)./(1'1*0-4)D!!
N-!*0/1.*9',!1'(!3)!9'9/).'!:3/!/,/!23/!/1!9'.-6'@!/,'!)',!11*9*!1*!*./)0-4)!(/,1/0.'!+/!*1;3)',!0(-./(-',!
+/!+-2-031.*+!+/!1*!./'(7*!.(*+-0-')*1!:3/!1*(/0/)!'(-;-)*(,/!/)!/1!,/).-+'!0'94)!3!:3/!./(9-)*)!(/,31.*)+'!
*8,'13.*9/)./!/((*+',D!21!0')./)-+'!+/!1',!1(';(*9*,!3!+/!1',!+-0.*+',!,3/1/!/,.*(!'(-/).*+'!1'(!/1!,/).-+'!
0'94)@! ,/;4)! /1! 03*1! ,313/,.*9/)./! 3)! (-.9'! 3)-2'(9/! ,/(7*! 9$,! 2$0-1! :3/! 3)'! :3/! )'! 1'! 23/(*@! 3! ,-)!
/98*(;'! /)! /1! 0*,'! +/1! 41.-9'! /;/911'! /,.'! )'! 23/! *,7@! ,-)'! *1! 0').(*(-'K! ;3,.*9/)./! +')+/! /1! (-.9'! /,!
3)-2'(9/! ,/! 1('+3;'! /1! /(('(@! 9-/).(*,! :3/! 03*)+'! 1',! *;(31*9-/).',! 1(/,/).*8*)! (-.9',! )'! 3)-2'(9/,! 1*!
.(*,0(-10-4)!23/!0'((/0.*D!2,.'!1*(/0/(7*!-)+-0*(!:3/!1*!3)-2'(9-+*+!'!)'!+/1!(-.9'!(/,31.4!-((/1/6*)./!1*(*!/1!
9"-.'!+/!1*!.(*,0(-10-4)@!./)-/)+'!9306*!9*3'(!-)213/)0-*!/1!0')./".'!;1'8*1!/)!:3/!9,./!,/!1(/,/).*8*D!!
#'(:3/!/)!(/*1-+*+!1',!(-.9',!3)-2'(9/,!13/+/)!1(/,/).*(!3)*!;(*)!(-:3/0*!1*(*!.(*8*;*(!94,-0*!(/*1!0')!
)3/,.(',! *139)',! +/,+/! 1*! 1(-9/(*! 01*,/D! #'(! /;/911'@! 1*(*! /1! '(+/)*9-/).'! +-+$0.-0'! .(*+-0-')*1! /1!
,-;3-/)./!(-.9'!,/(7*!0'),-+/(*+'!/1/9/).*1!3!+/!1'0'!'!)31'!1'./)0-*1!1/+*;4;-0'K!

!
N-)! /98*(;'@! ;3,.*9/)./! 1*! ,/)0-11/0! :3/! 1(/,/).*! 1*! (7.9-0*! 3)-2'(9/! (/,31.*! 3)! (/03(,'! +-+$0.-0'!
/,1/0-*19/)./!*+/03*+'!1*(*!:3/!)3/,.(',!/,.3+-*)./,!0'91(/)+*)!1*!1'+/(',*!-)213/)0-*!+/1!0')./".'@!3!
+/!1*,'!1*(*!:3/!)'!0'),.(33*)!*,'0-*0-')/,!-)2*).-1/,!0'9'!:3/!1',!(-.9',!3)-2'(9/,@!3!/)0-9*!0')!)/;(*,@!
,')! =2$0-1/,>D! 5,7@! .*1! /,.(30.3(*! (7.9-0*! /,0306*+*! /)! /1! 0')./".'! +/! 1*! #-/0*! _('D! &! +/1! R1839! 1*(*! 1*!
&36/).3+!+/!*D!N0639*))!13/+/!(/,31.*(!-+/*1!1*(*!-13,.(*(!1*!/),/<*)0*!+3(*)./!1*,!1(-9/(*,!01*,/,K!

!
(/! 1*! 9-,9*! 9*)/(*@! 1',! 0(-./(-',! :3/! -)+-0*)! :3/! 1*,! 0'(06/*,! ,')! 9$,! +-270-1/,! :3/! 1*,! )/;(*,@! 3! 1*,!
,/9-0'(06/*,! 9$,! +-270-1/,! :3/! 1*,! 0'(06/*,! .*98-9)! 1*(/0/)! *1;'! -)2*).-1/,@! 3! ,3;-/(/)! 1*! -)213/)0-*! +/!
0'),-+/(*0-')/,!/".(*0';)-.-6*,@!0'9'!/1!.(*8*;'!9*)3*1!'!1*!.-).*!(/:3/(-+',!1*(*!6'10*(1',!*1!1*1/1@!'!1*!
+/,.(/0*!1*(*!/;/03.*(1*,!/)!3)!-),.(39/).'!!!'.('!/2/0.'!+/!0'),-+/(*(!1*!2*0.3(*!+/!1*(.-.3(*,!/1!'8;/.-6'!
1(-)0-1*1!+/!1*!.(*,0(-10-4)D!#'+/9',!6/(!3)!/;/911'!+/!/,.'!/)!1*,!(/1(/,/).*0-')/,!:3/!,3/1/)!6*0/(!1',!
1/;',! +/! 1*,! 1*(.-.3(*,! 93,-0*1/,D! -3*)+'! /)! 3)*! (/9/(*@! 3)*! .*0*! '! 03*1:3-/(! '.('! '8;/.'! ,/! :3-/(/!
(/1(/,/).*(!3)*!1*(.-.3(*@!1'!9$,!3,3*1!/,!:3/!/1!+-83;*)./!1');*!/)!1($0.-0*!/,.*,!0')0/10-')/,!1'131*(/,!
/!-);/)3*,!+/!1*!(/1*0-4)!/).(/!1*!94,-0*!3!1*!)'.*0-4)K!*1*(/0/)!9/001*+',!.'+'!.-1'!+/!2-;3(*,!(7.9-0*,@!1*,!
9/1'+7*,!1(/,/).*)!*1./(*0-')/,@!,*1.',!3!2130.3*0-')/,!(/;-,.(*1/,!:3/!(*(*!6/0!*1*(/0/)!/)!1*,!1*(.-.3(*,!
(/*1/,@!3!/)!.'+'!0*,'!;*9$,!.'+*,!;3).*,D!#'(!/;/911'K!

%IF!%%!&'()*+*,!-)./()*0-')*1/,!+/!2+30*0-4)!53+-.-6*!
! !

!
N-! /,.',! +-83;*)./,! (/03((-/(*)! *! 1*(.-.3(*,! (/*1/,@! /)0').(*(7*)! 1*! 1*(,-9')-*! :3/! /,.*9',! +/,.*0*)+'D!
#'+/9',! 1/(+')*(! *! /,.',! +-83;*)./,! 1'(! ,3! +/,0')'0-9-/).'@! 1/('! /)0').(*(! 1*,! 9-,9*,! 0')0/10-')/,!
-)2*).-1/,!/)!1',!/,1/0-*1-,.*,!/)0*(;*+',!+/!1*!/),/<*)0*!(/,31.*!9$,!8-/)!,'(1(/)+/)./!3!+/1(-9/)./D!5,7@!
/1! 41.-9'! /;/911'! .*98-9)! 1'+(7*! (/1(/,/).*(,/! +/! 9*)/(*! /:3-6*1/)./! 0')! '.(*! 2-;3(*0-4)! (7.9-0*@!
;*)*)+'!/)!1*(,-9')-*!B+/!6/06'!*,7!/,.$!/,0(-.*!1*!1*(.-.3(*!'(-;-)*1DK!

!
5)./,! +-;-9',! :3/! 0';)-.-6*9/)./! ./)+/9',! *! *,-;)*(! 1',! *0/).',! 99.(-0',! *! 1',! /6/).',! 1*(;',@! '! :3/!
1(/0/+/)!*!3)*!1*3,*@!3!+/!9*)/(*!.*1!:3/!1*,!/,.(30.3(*,!9'.76-0*,!(/,31./)!1*(*1/1*,D!WX*,.*(7*!/).')0/,!
.(*8*;*(!0')!+-0.*+',!(7.9-0',!:3/!,/!0')2'(9/)!*!/,*,!1*3.*,Y!(/!)-);3)*!9*)/(*@!3*!:3/!/,',!1(-)0-1-',!
'(;*)-0*+'(/,!)'!+/;*)!+/!,/(!3)*!,-911-2-0*0-4)!:3/!-;)'(*!1',!'.(',!/1/9/).',!93,-0*1/,!:3/@!0'9'!6-9',@!
0'),.-.33/)! /1! 0')./".'! +/! )3/,.(*! 0';)-0-4)D! 5,7@! 1*! /,.(30.3(*! *(94)-0*! 3! '.(',! 2*0.'(/,! +/! *0/).3*0-4)!
9/14+-0*@!/,.(30.3(*1!3!+-)$9-0*!0'91-./)!/).(/!,7!1*(*!/1!/,.*81/0-9-/).'!+/1!9/.('@!3!+/;*(!+/!0'),-+/(*(!
,3! -)./(*00-4)! )'! ./)+(7*! 9306'! ,/).-+'D! &3,.*9/)./@! 1'! :3/! (/,31.*! -)./(/,*)./! .(*8*;*(! /)! 1*! 2+30*0-4)!
53+-'1/(0/1.-6*! /,! 049'! /,',! 2*0.'(/,! 0')./".3*1/,! 0'91-./)! /).(/! ,7! 1*(*! +/./(9-)*(! :3/! '(;*)-0/9',!
0';)-.-6*9/)./!3)*!'8(*!+/!3)*!+/./(9-)*+*!9*)/(*D!#'(!/;/911'@!6*3!0*,',!/)!1',!:3/!.'+',!/,',!2*0.'(/,!
0')03/(+*)!1*(*!+/./(9-)*(!/1!/,:3/9*!99.(-0'@!0'9'!/)!1*!-).('+300-4)!+/!1*!0*)0-4)!+*!,')(-,*!+/!9*9$@!
+/!#*1-.'!)(./;*K!!
5:37! 6/9',! 049'! 1',! 2*0.'(/,! *;4;-0',@! 9'.76-0',@! 9/14+-0',@! *(94)-0',! 3! /,.(30.3(*1/,! 0'1*8'(*)! 1*(*!
/,.*81/0/(!/1!9/.('@!0')6/(;-/)+'!.'+',!/)!1',!9-,9',!13).',!+/!1*!94,-0*D!#/('!/)!1*!9*3'(7*!+/!1',!0*,',!
/,.'!)'!/,!*,7D!#'(!/;/911'@!/)!1*!0*)0-4)!?6/!#3)H!+/1!;(31'!?6/!U6'@!1*!/,.(30.3(*!*;4;-0*!+/!1*!17)/*!+/!1*!
;3-.*((*!0'),-+/(*+*!*-,1*+*9/)./K!!

!
#*(/0/(7*!,3;/(-(!3)!0'9-/)0'!*)*0(4,-0'K!

5+-4,!*1!(-0.*+'!Q3,-0*1!!!%IE!
!

!
J!/2/0.-6*9/)./@!3)!/,.3+-*)./!13/,.'!*!.(*),0(-8-(!/,./!2(*;9/).'!=0*34!/)!1*!.(*91*>!*;4;-0*@!3!/,0(-8-4!
/,.*!6/(,-4)K!

!
#/('!03*)+'!/,0306*9',!/1!2(*;9/).'!(/*1K!!
+*!-)0'(1'(*0-4)!+/1!(/,.'!+/!1',!/1/9/).',!./".3(*1/,!)'!)',!+/;*!13;*(!*!+3+*,!+/!1*!9*)/(*!0'((/0.*!+/!
-)./(1(/.*(!/1!9/.('K!

%&V!%%!&'()*+*,!-)./()*0-')*1/,!+/!2+30*0-4)!53+-.-6*!
! !
(/!.'+*,!9*)/(*,@!/)!/,./!/;/911'!/1!/,.3+-*)./!-)./(1(/.4!8-/)!/1!9/.('@!1/('!)'!'8,.*)./!,3!.(*,0(-10-4)!/,!
1'8(/!1'(!1*!2*1.*!+/!*1-)/*0-4)!+/!1',!,-,./9*,D!+*!,-;3-/)./!6/(,-4)!/,!9306'!9$,!01*(*K!!

!
_4./,/!:3/!1',!=/(('(/,>!/)!1*!1*(./!+/!1*!8*./(7*!)'!9'+-2-0*)!1*(*!)*+*!1*,!0*(*0./(7,.-0*,!0')./".3*1/,!+/1!
2(*;9/).'! 13/,! ,30/+/)! /)! ,')-+',! +/! 933! 8*;*! -91'(.*)0-*! /,.(30.3(*1D! +*! ,-;3-/)./! 6/(,-4)! /,!
1-;/(*9/)./!9$,!0'((/0.*K!

!
+*!/1/00-4)!+/1!(/1/(.'(-'!
+*!/1/00-4)!+/1!(/1/(.'(-'!
N-!,',./)/9',!1*!-+/*!+/!:3/!/1!'8;/.-6'!+/!)3/,.(*,!.(*),0(-10-')/,!.-/)/!1'0'!:3/!6/(!0')!1*!1('+300-4)!+/!
1*(.-.3(*,!/)!03*).'!-),.(300-')/,!1*(*!1*!/;/030-4)@!+/!*:37!,/!+/,1(/)+/!:3/!1*!/1/00-4)!+/1!(/1/(.'(-'!)'!
13/+/! ,/(! 6/06*! ,'8(/! 1*! 1*(.-.3(*! ,-)'! *! .(*69,! +/! 1*! /,0306*! +/! 94,-0*! (/*1D! #'(! /;/911'@! ,-! ,/! 83,0*!
5+-4,!*1!(-0.*+'!Q3,-0*1!!!%&%!
!
9*./(-*1! 93,-0*1! 1*(*! -13,.(*(! 1'1-9/.(7*,! 6'(-0').*1/,! 5! /,! +/0-(@! 0*98-',! +/! 0'91$,! 5! 0'),31.*)+'!
1*(.-.3(*,@!,/;3(*9/)./!6*8($!:3/!/,1/(*(!6*,.*!/1!N-;1'! !1*(*!/)0').(*(!0*98-',!+/!0'91$,!/,0(-.',D!N-)!
/98*(;'@! 1*,! 1'1-9/.(7*,! 6'(-0').*1/,! /"-,.-/(')! /)! 1*! 94,-0*! .')*1! +/,+/! ,-/91(/@! ,41'! :3/! *)./,! )'!
*1*(/07*)!/,0(-.',@!0'9'!1'(!/;/911'!/)!/,./!2(*;9/).'!+/!+*!6/);*)0*!+/1!9'('!+/!VD!#3(0/11K!
2,.'!(/23/(0*!1*!-+/*!+/!:3/!)3/,.(*,!.(*),0(-10-')/,@!/)!03*).'!(/21/;'!0';)-.-6'!*)*17.-0'!+/!1'!/,0306*+'@!*!
6/0/,!13/+/)!,/(!0'911/.*9/)./!+-2/(/)./,!+/!1*,!1*(.-.3(*,!'(-;-)*1/,!+/!1*,!'8(*,!/)!03/,.-4)D!+*!'8(*!+/!
#3(0/11!0-/(.*9/)./!)'!/,.$!/,0(-.*!0')!0*98-',!+/!0'91$,@!1/('!3)*!.(*,0(-10-4)!*)*17.-0*!:3/!-)./).*(*!+*(!
03/).*!+/!1',!0*98-',!99.(-0',!,7!1',//(7*!0*98-',!+/!0'91$,D!!
#'(!/;/911'@!1*!1(-9/(*!,/00-4)!+/!1*! Q*(06*!+/!1',!,'1+*+',!+/1! R1839!1*(*!1*!;36/).3+!+/!*D!N0639*))!
/,.$!/,0(-.*!*,7K!

!
N-)! /98*(;'@! +/,+/! 3)! 13).'! +/! 6-,.*! 0';)-.-6'! *)*17.-0'! 1*! '8(*! /,.$! =9*1! /,0(-.*>@! 3*! :3/! 1*(*! :3/! 1*!
)'.*0-4)!(/21/;/!1*!/,.(30.3(*!9/.('((7.9-0*!3!*(94)-0*!/,0306*+*@!/,*!,/00-4)!+/8/(7*!/,0(-8-(,/!0')!3)*!
*)*0(3,*!+/!%!.-/91'@!*,7K!

%&#!%%!&'()*+*,!-)./()*0-')*1/,!+/!2+30*0-4)!53+-.-6*!
! !

!
W/3-/(/! /,.'!+/0-(!:3/!N0639*))! )'!,*87*!/,0(-8-(Y!(/!)-);3)*!9*)/(*P!/)!.'+'! 0*,'!/,!3)*!93/,.(*!+/!
049'!)3/,.(*!0')0/10-4)!+/!1*!1/0.'/,0(-.3(*!+-2-/(/!+/!1*!0')0/10-4)!+/!9,.*!0'9'!3)*!,-911/!-),.(300-4)!
+/! /;/030-4)@! *8(-/)+'! 1*! 13/(.*! *! 03/,.-')/,! (/1*0-')*+*,! 0')! /1! *1(/)+-0*;/! /,.-17,.-0'! /)! (/1*0-4)! *! 1*!
)'.*0-4)@! /,!+/0-(@!049'!+/8/(7*!/,0(-8-(,/!.*1! 94,-0*!+/1/)+-/)+'!+/1!9'9/).'!6-,.4(-0'! 3! +/1!;9)/('! 3!
/,.-1'! /)! 03/,.-4)D! 2,',! *,3).',! .*98-9)! *1*(/0/)! 03*)+'! -)./).*9',! .(*),0(-8-(! /,.-1',! :3/! )'! ,')! +/!
.(*+-0-4)!/,0(-.*@!0'9'!1'(!/;/911'!/1!2'1H1'(/!'!1',!+/(-6*+',!+/1!813/,!3!/1!;*00D!50$!,/!63/16/!.'+*67*!9$,!
/6-+/)./!)3/,.(*!-)./)0-4)!+/!/1*8'(*(!3)*!.(*,0(-10-4)!0'9'!(/1(/,/).*0-4)!+/!)3/,.(*!0'91(/),-4)!3!)'!
0'9'!1*(.-.3(*D!5,7@!/)!1*!0*)0-4)!?6/!+-(.3!;'8,!+/1!;(31'!?6/!U6'K!!

!
+*!.(*,0(-10-4)!23)0-')*! 0'9'! 3)*!6/((*9-/).*!1*(*!(/1(/,/).*(!1',!(*,;',! /,.(30.3(*1/,!:3/!+/./(9-)*)!
)3/,.(*!0'91(/),-4)!+/1!2(*;9/).'D!Q-)30-*,!.*1/,!0'9'!,-!/1!0*).*)./!(/*1-0*!*1;3)*,!,7)0'1*,!9$,!1*(;*,!'!
9$,!0'(.*,@!'!,-!1('1');*!9$,!'!9/)',!1',!41.-9',!,')-+',!+/!1*,!2(*,/,@!(/,31.*)!-((/1/6*)./,!1'(:3/!)'!,')!

5+-4,!*1!(-0.*+'!Q3,-0*1!!!%&C!
!
0*(*0./(7,.-0*,!/,.(30.3(*1/,D!?*1/,!+/.*11/,!.*1!6/0!(/,31.*(7*)!-91'(.*)./,!,-!)',!1('13,-9(*9',! 0(/*(!3)*!
1*(.-.3(*!+/!1*!'8(*!1*(*!:3/!'.('!1*!/;/03./!1/3/)+'@!1/('!/,/!'8;/.-6'!1*(*!/,./!/,.-1'!(/,31.*!*8,3(+'D!21!
'8;/.-6'!*1!/)0*(*(!/,./!.-1'!+/!.(*),0(-10-')/,!/,!,-911/9/)./!8(-)+*(!3)*!6-,-4)!/,:3/9$.-0'!/,.(30.3(*1!
+/!049'!/,.$!'(;*)-0*+*!1*!(7.9-0*@!+/).('!+/1!/,.-1'!,-)0'1*+'!+/1!('0HD!!
51;'! 1*(/0-+'! 1*,*! .*98-9)! 0')! '.(',! /,.-1',D! #'(! /;/911'@! /)! /1! Q-)39! +/! 1*! N')*.*! '1D! KF! +/! L(*)0!
N0638/(.K!!

!
./9',!+',!6/(,-')/,!0')!/(('(/,K!!

!
+*!,/;3)+*!6/(,-4)@!*3):3/!1*,!2-;3(*,!/,.$)!1/'(@!/,!1(/2/(-81/@!13/,!1*,!2-;3(*,!:3/!23/(')!'9-.-+*,!,')!+/!
3)*!-91'(.*)0-*!/,.(30.3(*1!9/)'(D!(/,+/!)3/,.(*!1/(,1/0.-6*!,')!1(/2/(-81/,!/,*,!=-91/(2/00-')/,>!9-/).(*,!
1*! '(;*)-0*0-4)! 99.(-0*! ;1'8*1! ,/*! 0'((/0.*D! +'! -91'(.*)./! *:37! /,! :3/! /1! /,.3+-*)./! 23/! 0*1*0! +/!
(/1(/,/).*(,/!1*!/,.(30.3(*!9/.('((7.9-0*!*!1/,*(!+/1!(38*.'!+/!1*!/;/030-4)@!.71-0'!+/!1*!94,-0*!+/1!1/(-'+'!
('9$).-0'D!
5!1*(.-(!+/!3)*!0')0/10-4)!;/($(:3-0'!/,.(30.3(*1!+/1!'8;/.'!93,-0*1@!3)*!9-,9*!'8(*!93,-0*1!(/*1!13/+/!
,/(6-(!.*).'!1*(*!1*!1(-9/(!01*,/!0'9'!1*(*!1*!41.-9*@!3*!:3/!1'!:3/!6*(-*($!/).(/!3)*!3!'.(*!,/($!/1!;(*+'!+/!
%&I!%%!&'()*+*,!-)./()*0-')*1/,!+/!2+30*0-4)!53+-.-6*!
! !
1('23)+-+*+! 5! *3):3/! ,/(7*! 9/;'(! +/0-(! +/! =,31/(2-0-*1-+*+>@! 1*(*! 3.-1-0*(! /1! 6'0*831*(-'! .90)-0'! 93,-0*1!
*+/03*+'!5!+/1!*8'(+*;/D!(/1/)+-/)+'!+/1!'8;/.-6'!+-+$0.-0'@!6*3!+/./(9-)*+',!/;/911',!/)!+')+/!13/+/!
,/(!,32-0-/)./!/1!.(*8*;'!,'8(/!*,1/0.',!9$,!/,.(30.3(*1/,@!/,!+/0-(!9$,!2-;3(*.-6',@!0'9'!1',!.-1',!+/!0'9-/)0'!
+/!1*,!2(*,/,!'!1',!9'.-6',@!'!+')+/!,41'!,/*!)/0/,*(-'!+/./(9-)*(!1*!/,.(30.3(*!99.(-0*!;1'8*1!,-)!/,1/0-2-0*(!
1',!+/.*11/,D!#'(!/;/911'@!1*!0*)0-4)! 21!(/-)'!+/1!(/69,!+/! QD!2D!U*1,6!(/,31.*!-)./(/,*)./!1*(*!.(*8*;*(!/1!
(-.9'!*(94)-0'!+/!2(*,/,!:3/!3.-1-0*)!%@!%.!3!.!;(*+',!/)!9'+'!9*3'(K!!
(*+'! :3/! ,/! .(*.*8*! +/! /,.3+-*)./,! 1(-)0-1-*)./,@! 1*! .(*,0(-10-4)! +/! 1*,! ,7)0'1*,! +/! 1*! 9/1'+7*! 638-/(*!
0'911-0*+'!-))/0/,*(-*9/)./!1*!.*(/*@!1/('!1*(*!.(*8*;*(!/1!(-.9'!*(94)-0'!1*!/,.(30.3(*!99.(-0*!8*,.*D!5,7@!
1',!/,.3+-*)./,!1('+3;/(')!/,./!.-1'!+/!.(*,0(-10-4)K!

!
53):3/!/,.*!6/(,-4)!/,.$!-)0'911/.*@!/1!0')./".'!;1'8*1!/,.$!8-/)@!1/(9-.-/)+'!,31')/(!:3/!0')!9$,!.-/91'!
+/!.(*8*;'!/1!/,.3+-*)./!638-/(*!0'911/.*+'!1*!.(*,0(-10-4)D!

!
5+-4,!*1!(-0.*+'!Q3,-0*1!!!%&&!
!
2,./!0*,'!93/,.(*!3)!;(*+'!9*3'(!+/!0'911/.*9-/).'D!+*!'9-,-4)!+/1!L*![!)'!/,!-91'(.*)./!3*!:3/!)'!/,!3)!
,')-+'!/,.(30.3(*1D!

!
2,.*!6/(,-4)!.-/)/!3)!;(*+'!+/!+/.*11/!9*3'(!1'(:3/!,/!-)0'(1'(*!/1!L*![D!!

!
2,.*! 41.-9*! 6/(,-4)! 1',//! 3)! ;(*+'! +/! +/.*11/! *4)! 9*3'(@! 3*! :3/! -)0'(1'(*! /1! .(99'1'! +/1! 8*);'! /)! /1!
,/;3)+'!0'91$,@!3!/1!0').(*0*).'!/)!1',!41.-9',!+',!0'91*,/,D!!
5:37! 6-9',! 6'10*+*,! ,'1*9/)./! 1*,! *(9')7*,! /,.(30.3(*1/,@! 1/('! 1'+(7*9',! -(! 9$,! *11$! /)! ,30/,-6*,!
*1('"-9*0-')/,!/!-+/).-2-0*(!*:3/11',!;(*+',!:3/!,/!0')6-/(./)!/)!/2/0.-6',@!'!1',!(//911*0',!*(94)-0',!:3/!
(/*1-0*! /1! 8*;'D! #/('! 1'! :3/! :3/(/9',! 9',.(*(! 0')! /,.',! 03*.('! 41.-9',! /;/911',! )'! /,! .*).'! 6*,.*! +4)+/!
11/;*9',! 0')! 1*! +-,0(-9-)*0-4)! +/! 1*! ,31/(2-0-/@! ,-)'! 049'! 11/;*9',D! .-,.*,! /)! ,/03/)0-*@! 1*,! 6/(,-')/,!
93/,.(*)! 01*(*9/)./! 1*! 1(';(/,-4)! +/,+/! /1! 0')'0-9-/).'! 2-;3(*.-6'! *1! 2'(9*1! :3/! -13,.(*9',! 0')! 1*!
9/.$2'(*!+/1!1/)./!:3/!/)2'0*!3)!1*-,*;/D!-*+*!3)*!+/!1*,!6/(,-')/,!/)2'0*!9$,!/)!1',!+/.*11/,@!1/('!)-);3)*!
1-/(+/!+/!6-,.*!/1!0')./".'!;1'8*1D!!
#'(:3/!13/+/!,30/+/(!:3/!/1!;(*+'!+/!+/,*(('11'!+/!1*,!6*8-1-+*+/,!+/!2'(9*1-0*0-4)!+/!)3/,.(',!*139)',!
,/*! +-2/(/)./! (/,1/0.'! +/! 1',! *,1/0.',! (7.9-0',! 3! .')*1/,! +/! 3)*! +/./(9-)*+*! '8(*D! 2,! /1! 0*,'! :3/! ,/! +*!
03*)+'! /,.*9',!/)! 0')+-0-')/,! +/! /,0(-8-(! /1!(-.9'! +/!3)!2(*;9/).'!1/('!)'!,3,!0*(*0./(7,.-0*,!.')*1/,@! '!

%&'!%%!&'()*+*,!-)./()*0-')*1/,!+/!2+30*0-4)!53+-.-6*!
! !
6-0/6/(,*D! 2)! /,.',! 0*,',@! 1*! -+/*! )'! /,! +/,/06*(! /1! 2(*;9/).'! 1'(:3/! =1*! *(9')7*! /,! +-270-1>@! 1'(:3/! *4)! *!
1/,*(! +/! /,'! ,3! 1/(0/10-4)! 2-;3(*.-6*! -)213-($! ,'8(/! 1*! /,.(30.3(*! 9/.('((7.9-0*D! #'+/9',! /).')0/,!
0')0/).(*()',!,41'!/)!/1!*,1/0.'!(7.9-0'!+/!3)*!'8(*@!1/('!,-)!+/;*(!+/!/,0306*(!1*!0').(-830-4)!+/1!0')./".'!
.')*1@!*3):3/!)',!2*1./)!6/((*9-/).*,!1*(*!+/,0(-8-(1'!2'(9*19/)./D!#'+/9',!6/(!3)!/;/911'!+/!/,.'!0')!/1!
*(-*!2(!-,.!*32!2(+/)!+/1!)(*.'(-'!+/!_*6-+*+!+/!&D!ND!X*06K!!

!
5:37!6/9',!0'9'!3)*!.(*,0(-10-4)!,-911-2-0*+*@!:3/!,/!*1/;*!*+(/+/!+/!1',!-).(-)0*+',!+/.*11/,!./".3(*1/,!3!
0').(*13).7,.-0',!+/!1'!:3/!/2/0.-6*9/)./!,3/)*@!13/+/!'2(/0/(!,-)!/98*(;'!3)*!6/(,-4)!/,.(30.3(*1!+/!1*!
'8(*! :3/! (/,31./! 4.-1! 1*(*! 0'91(/)+/(1*! +/,+/! 3)*! 1/(,1/0.-6*! ;1'8*1D! -'9'! 6-9',! *)./,@! 1*,! 1/:3/<*,!
+-2/(/)0-*,!/).(/!3)*!3!'.(*!6/(,-4)!)'!,')!,-;)-2-0*.-6*,!3*!:3/!)'!,/!(/2-/(/)!*!(*,;',!/,.(30.3(*1/,D!

5+-4,!*1!(-0.*+'!Q3,-0*1!!!%&K!
!
2,.*!6/(,-4)!-)0'911/.*!)',!1/(9-./!/,1/031*(!:3/!/1!/)2':3/!13).-11-,.*!+/1!*3.'(@!:3/!.(*.4!+/!(/1(/,/).*(!
0')!)'.*0-4)!(7.9-0*!1*,!*(.-031*0-')/,@!1*(/0/!6*8/(!+-2-031.*+'!1*!0'91(/),-4)!;1'8*1D!!

!
2)! /,.*! 6/(,-4)! 1'+/9',! 6/(! 049'! 1*! /1/00-4)! +/! 3)! )-6/1! 99.(-0'! .*1! 6/0! -)*+/03*+'! 13/+/! 6*8/(!
+-2-031.*+'!1*!0'91(/),-4)!;1'8*1D!!
+*!/6*13*0-4)!+/!1*,!.(*),0(-10-')/,
+*!/6*13*0-4)!+/!1*,!.(*),0(-10-')/,!
*),0(-10-')/,!
,)*! /)2':3/! 0';)-.-6'! +/! 1*,! .(*),0(-10-')/,! 14;-0*9/)./! .-/)/! 23/(./,! 0'),/03/)0-*,! 1*(*! 1*! 2'(9*! +/!
/6*13*(!1*,!1('+300-')/,!+/!)3/,.(',!*139)',D!-3*)+'!,/!3.-1-0*)!+-0.*+',!1'!3,3*1!/,!:3/!/1!.(*8*;'!+/!1',!
*139)',! +/8*! 1*(/0/(,/! *1! 9'+/1'! 1('1'(0-')*+'! 1'(! /1! 1('2/,'(D! -')! /,/! 1('0/+-9-/).'! )'! 6*3!
-)./(1(/.*0-4)! 1',-81/! +/1! .(*8*;'! +/1! /,.3+-*)./@! ,41'! 3)! 0'./;'! 9/0$)-0'! +/! 1*,! =(/,13/,.*,! 0'((/0.*,>@!
0(/*)+'! 1*! -+/*! +-,.'(,-')*+*! +/! :3/! 3)*! .(*,0(-10-4)! /,! 3)*! 0'1-*! +/! 3)! 9'+/1'! 9$,! :3/! 3)*!
-)./(1(/.*0-4)D! 2)! 0*98-'@! 3.-1-0*)+'! 94,-0*! (/*1! )'! -91'(.*! 1*! ,-9-1-.3+! +/1! 1('+30.'! /,0(-.'! 0')! 1*!
1*(.-.3(*!'(-;-)*1@!/)!1',!0*,',!/)!:3/!6*3*!*1;3)*@!3*!:3/!1*!.(*,0(-10-4)!/,!6*1-',*!/)!03*).'!(/21/;*!3)*!
+/./(9-)*+*! (/0/10-4)! /! -)./(1(/.*0-4)! +/! 1*! '8(*! :3/@! 0'9'! 3*! /"11-0*9',@! )'! )/0/,*(-*9/)./! +/8/!
0'-)0-+-(! 0')! 1*! 1*(.-.3(*D! ?*91'0'! /,! 1',-81/! 6*81*(! +/! 3)*! ,'1*! .(*,0(-10-4)! 0'((/0.*! 1',-81/@! ,-)'! :3/!
13/+/! 6*8/(! +-,.-).*,! 6/(,-')/,! 0'((/0.*,! :3/! /)2*.-0/)! +-,.-).',! *,1/0.',! +/1! 2(*;9/).'! 93,-0*1! 8*;'!
/,.3+-'D!!
5!1*(.-(!+/!3)*!0')0/10-4)!;/($(:3-0*@!1*!/6*13*0-4)!+/!1',!1';(',!+/!1',!*139)',!+/1/)+/!+/!:3/!/1!)-6/1!
;/($(:3-0'!/1/;-+'!0'9'!(/2/(/)0-*!(/,31./!*+/03*+'!*1!/,.*+-'!+/!1*!2'(9*0-4)!/)!:3/!,/!/)03/).(*)D!#'(!
/;/911'@!*1!/6*13*(!3)!/;/(0-0-'!+/!.(*,0(-10-4)!9/14+-0*!+/!3)*!0-/(.*!0'911/;-+*+!,/(7*!*8,3(+'!3.-1-0*(!3)!
1('0/+-9-/).'!9/0$)-0'!)'.*!1'(!)'.*@!,-)'!:3/!1*!1')+/(*0-4)!+/!1',!=*0-/(.',>!3!=/(('(/,>!+/8/!+/1/)+/(!+/!
1*!1',-0-4)!;/($(:3-0*!+/!0*+*!)'.*!+/!1*!2(*,/!(/,1/0.'!+/1!0')./".'!;1'8*1P!/,!+/0-(@!/1!';'!/,.(30.3(*1!+/8/!
/,.*(!1(-9/('!/)!/1!+'0/)./D!?'9/9',!0'9'!/;/911'!1*,!,-;3-/)./,!.(*),0(-10-')/,!+/!1*!0*)0-4)!/3-9)!23/(*!
+/!N-16-'!*'+(7;3/0K!!

%&F!%%!&'()*+*,!-)./()*0-')*1/,!+/!2+30*0-4)!53+-.-6*!
! !

!
!
2)!/,.*!.(*,0(-10-4)!,/!6/)!+',!.-1',!+/!/(('(/,!,/;4)!,/!.(*./!+/!,')-+',!/,.(30.3(*1/,!'!)'!/,.(30.3(*1/,D!+',!
,')-+',! /,.(30.3(*1/,! ,')! 9$,! -91'(.*)./,! 1'(:3/! ,')! 9$,! 1*(;',! :3/! 1',! :3/! 1',! ('+/*)@! 1(/,/).*)! 3)*!
38-0*0-4)!99.(-0*!9$,!23/(./@!3!*1*(./!/,.$)!,-.3*+',!/)!1',!69(.-0/,!+/1!0').'()'D!V*3!'.(*,!.(*),0(-10-')/,!
:3/!1(/,/).*)!3)!;(*+'!9*3'(!+/!9"-.'K!!

!
2)! /,.*! 6/(,-4)@! *+/9$,! +/! /,.*(! 9$,! 0'911/.*@! .'+',! 1',! /(('(/,! 0'((/,1')+/)! *! ,')-+',! )'! /,.(30.3(*1/,D!
)8,9(6/,/! /1! +/.*11/! +/! :3/! /)! /1! 1/)41.-9'! 0'91$,! /1! *139)'! )'! 0'),-;)4! 1*,! *1.3(*,! 1/('! )'! '8,.*)./!
/,1/0-2-04! /1! (-.9'@! /,! +/0-(@! ,/! :3/+4! *! 9-.*+! +/! 0*9-)'! /)! 1*! 2'(9*1-0*0-4)! +/! /,/! 1*,*;/D! V*3! '.(*,!
.(*),0(-10-')/,!:3/!1(/,/).*)!3)!;(*+'!)'.*81/!+/!+/.*11/K!!

5+-4,!*1!(-0.*+'!Q3,-0*1!!!%&E!
!

!
5:37!1'+/9',!6/(!:3/!,/!/,0(-8-/(')!.'+*,!1*,!)'.*,!+/1!8*;'@!.*).'!1',!,')-+',!/,.(30.3(*1/,!0'9'!1',!:3/!)'!
1'!,')D!?*98-9)!./)/9',!3)*!6/(,-4)!:3/!9/(/0/!3)!0'9/).*(-'K!!

%'V!%%!&'()*+*,!-)./()*0-')*1/,!+/!2+30*0-4)!53+-.-6*!
! !
5:37!1'+/9',! 6/(!049'!1*!0';)-0-4)! +/! /,/! /,.3+-*)./!-8*!1'(! /1!0*9-)'! 0'((/0.'@! /)0*(*)+'!1(-9/('!/1!
9*(0'!;1'8*1!+/1!2(*;9/).'!93,-0*1@!3!13/;'!(/11/)*)+'!1',!63/0',@!)'!)/0/,*(-*9/)./!/)!/1!'(+/)!/)!:3/!
*1*(/07*)@! ,-)'! /)! /1! '(+/)! +/! ,*1-/)0-*! :3/! 1',/7*)! /)! ,3! 9/9'(-*D! &3,.*9/)./@! /,! 933! -91'(.*)./!
*0'),/;*(!*!1',!*139)',!:3/!)'!,/!*2/((/)!*!1*!-+/*!+/!(/*1-0*(!3)*!.(*,0(-10-4)!,/03/)0-*1!)'.*!.(*,!)'.*!:3/!
13/+/!+/;*(1',!.(*8*+',!/)!3)!13).'!/!-91/+-(1/,!0').-)3*(!0')!1*!.*(/*D!2,!1(/2/(-81/!:3/!8',:3/;/)!3)*!
-+/*!;/)/(*1@!:3/!1'(!3)!1*+'!1/,!1/(9-.-($!1(';(/,-6*9/)./!-(!(/11/)*)+'!1',!/,1*0-',!6*07',@!3!1'(!/1!'.('!
1',!*33+*($!*!0'91*(*(!,3!6/(,-4)!/,0(-.*!1('6-,'(-*!0')!1'!:3/!,3/)*@!/,.*81/0-/)+'!*,7!/1!=+-$1';'>!0')!1*!
)'.*0-4)!:3/!,3;-/(/!X*98/(;/(!B%EE%K!%%FDD!!
21! 0(-./(-'! +-+$0.-0'! :3/! 1('1')/9',! '2(/0/! 1',-8-1-+*+/,! -91/),*+*,! 1*(*! 1*! /1/00-4)! +/1! (/1/(.'(-'! +/!
.(*,0(-10-4)!+3(*)./!1*,!01*,/,@!3*!:3/!1/(9-./!3.-1-0*(!03*1:3-/(!9*./(-*1!93,-0*1!.')*1D!)8(*,!,-)24)-0*,@!+/!
0$9*(*@!0'(*1/,@!1'131*(/,@!0*,-!03*1:3-/(!94,-0*!,-(6/!1*(*!0*,-!.'+'!0')!.*1!+/!:3/!,/1*9',!:39!/,0306*(@!
3*! :3/! +/,+/! 3)! /)2':3/! /,.(30.3(*1! )'! )/0/,-.*9',! .(*),0(-8-(! ./".3*19/)./! .'+*,! 1*,! 17)/*,!
-),.(39/).*1/,@!,-)'!,'1*9/)./!*:3/11',!/1/9/).',!:3/!,/*)!1/(.-)/)./,!1*(*!/1!./9*!:3/!,/!/,.9!.(*8*;*)+'@!
3! /)! /1! )-6/1! ;/($(:3-0'! :3/! (/,31./! *+/03*+'D! #'(! /;/911'@! 1*! '8(*! 21! --,)/! +/! -D! N*-).! N*/),! 1/(9-./!
.(*8*;*(!*,1/0.',!(7.9-0',!3!2'(9*1/,!8$,-0',!0')!1(-)0-1-*)./,K!!

!
#/('!.*98-9)!1/(9-./!.(*8*;*(!*,1/0.',!9$,!*6*)0*+',K!!

5+-4,!*1!(-0.*+'!Q3,-0*1!!!%'%!
!

!
%'#!%%!&'()*+*,!-)./()*0-')*1/,!+/!2+30*0-4)!53+-.-6*!
! !

5+-4,!*1!(-0.*+'!Q3,-0*1!!!%'C!
!
2,./!/,!3)!/;/911'!+/1!.(*8*;'!0')!;37*,!-91(/,*,@!:3/!*+/9$,!+/!1('1'(0-')*(!3)!0')./".'!2*0-1-.*+'(!*1!
/,.*81/0/(!*!1(-'(-!*1;3)',!+/!1',!/1/9/).',!/,.(30.3(*1/,@!1/(9-./!.*98-9)!:3/!1',!/,.3+-*)./,!)'!,/!:3/+/)!
/91*).*)*+',!*!9-.*+!+/!0*9-)'!+/!1*!.(*,0(-10-4)D!!
-)_N%(2*5-%)_2N!L%_5+2N!
-)_N%(2*5-%)_2N!L%_5+2N!
2)! /1! 1(/,/)./! .(*8*;'! *8'(+*9',! ,'1*9/)./! 1',! *,1/0.',! 0';)-.-6',! +/! 1'! :3/! 6/! +/)'9-)*+'! 3)*!
/+30*0-4)! *3+-'1/(0/1.-6*! 639*)*9/)./! 0'91*.-81/@! /)! /1! ,/).-+'! +/! :3/! '2(/0-9',! 3)! 9*(0'! ./4(-0'!
+-+$0.-0'! *+/03*+'! *! 1*! 9*)/(*! /)! :3/! 1',! ,/(/,! 639*)',! 1('0/,*9',! 0';)-.-6*9/)./! 1*! 94,-0*D! 21!
0')0/1.'! +/! =639*)*9/)./! 0'91*.-81/>! 1',//! -911-0*)0-*,! 9306'! 9$,! *911-*,! :3/! *8*(0*)! )39/(',',!
*,1/0.',! ,'0-*1/,@! 1,-0'27,-0',@! 1/+*;4;-0',@! 031.3(*1/,@! 2-1',42-0',! 3! /9'0-')*1/,! +/! 1*! /+30*0-4)!
*3+-'1/(0/1.-6*! :3/! 6/9',! +/,*(('11*+',! /)! +-,.-).*,! 1381-0*0-')/,! B6/(! Q3,39/0-! #VVV*! 3! 8@! #VV#@!
#VVC@!#VV&@!#VVKD!3!)'!6-/)/!*1!0*,'!(/1/.-(!*:37D!!
_'!'8,.*)./@!1*!1('13/,.*!6'10*+*!/)!/,./!.(*8*;'!.-/)/!0-/(.*,!-911-0*)0-*,!/9'0-')*1/,!:3/!)'!13/+'!+/;*(!
+/! 9/)0-')*(D! #*(*! /1! +'0/)./! :3/! 1('03(*! '2(/0/(! 3)*! /+30*0-4)! 639*)*9/)./! 0'91*.-81/! (/,31.*!
23)+*9/).*1! /1! /,.*+'! /9'0-')*1! 1('1-'! 3! +/1! *139)'@! 3! /)! /,/! ,/).-+'! /1! .(*8*;*(! 0')! 94,-0*! (/*1!
-)+3+*81/9/)./!1',-8-1-.*!;/)/(*(!3)!01-9*!+/!01*,/!+')+/!/,.9!1(/,/)./!/1!11*0/(!/,.9.-0'!+/(-6*+'!+/!1*!
/,0306*!93,-0*1D!5!+-2/(/)0-*!+/!1*,!01*,/,!1*(;*,!3!./+-',*,!0'),-,./)./,!/)!(/*1-0*(!+-0.*+',!-)./(9-)*81/,@!
0'911-0*+',!3!*).-93,-0*1/,@!1*!1',-8-1-+*+!+/!.(*8*;*(!0')!94,-0*!+/!6/(+*+!1/,!1/(9-./!*!.'+',!+-,2(3.*(!
+/! 1*! 01*,/! 3! *1(/)+/(! 9$,! 3! 9/;'(D! 5+/9$,@! /1! +'0/)./! 13/+/! .*98-9)! '8./)/(! 9306*! ;(*.-2-0*0-4)! 3!
9'.-6*0-4)!*1!.(*8*;*(!,'8(/!94,-0*!:3/!1/!;3,.*!'!1/!/,!2*9-1-*(D!!
5,-9-,9'@!/1!0(-./(-'!+/!:3/!0*,-!.'+*!1*!94,-0*!13/+/!,/(6-(!1*(*!0*,-!.'+',!)3/,.(',!'8;/.-6',!1/+*;4;-0',@!
0')! .*1! +/! :3/! ,/1*9',! /,0306*(@! *8(/! 1*! 1',-8-1-+*+! +/! .(*8*;*(! -)013,'! 0')! /;/911',! :3/! .(*-;*)! 1',!
1('1-',! *139)',D! 2,.'@! 01*('@! ,41'! /,! 1',-81/! ,-! 1*! 1(/1*(*0-4)! +-+$0.-0'! 93,-0*1! +/1! +'0/)./! /,! 1'!
,32-0-/)./9/)./! *911-*! 0'9'! 1*(*! /)0').(*(! *1;'! -)./(/,*)./! :3/! +/0-(! *0/(0*! -)013,'! +/! 94,-0*!
+/,0')'0-+*!1*(*!91@!3!,-!*+/9$,!/,.$!+'.*+'!+/!1*!;/)/(',-+*+!3!639-1+*+!,32-0-/)./,!1*(*!(/0')'0/(!:3/!
9306*,!6/0/,!91!9-,9'!13/+/!*1(/)+/(!+/!,3,!1('1-',!/,.3+-*)./,@!3!;3).'!0')!/11',@!*!1*(.-(!+/!1',!+/,*27',!
)3/6',!:3/!9,.',!1/!'2(/00*)D!!
*2L2*2_-%5N!
*2L2*2_-%5N!
53,38/1@! (D@! _'6*H@! &D! 3! V*)/,-*)@! VD! %EKFK! 2+30*.-')*1! 1,306'1';3K! *! 0';)-.-6/! 6-/OD! _3/6*! J'(HK! V'1.@!
*-)/6*(.!*)+!U-),.')D!
X*98/(;/(@! &D! ,D! 2DK! (/6/1'1-);! Q3,-0*1! %).3-.-'),K! 5! #(';/0.!X*,/+! %).('+30.-')! .'! Q*H-);! *)+!
,)+/(,.*)+-);!Q3,-0D!--.*+'!+/!6..1KZZO/8D9-.D/+3Z;8*98ZOOOZ+9-D6.91!/1!%V!I!VKD!!
\\\\\\\\!%EE%K!?6/!Q-)+!8/6-)+!.6/!Q3,-0*1!2*(D!-*98(-+;/@!Q5K!V*(6*(+!,)-6/(,-.3!#(/,,D!
\\\\\\\\! #VV&*K! U6*.! Q*H/,! Q3,-0! N'! N-;)-2-0*).Y! ,)-6/(,-.3! '2! N'3.6/()! -*1-2'()-*@! 0-.*+'! +/!
6..1KZZOOOD18,D'(;ZH0/.Z01',/(.'.(3.6Z.(*),0(-1.,ZCVK\93,-0D1+2!/1!%V!I!VK!!

%'I!%%!&'()*+*,!-)./()*0-')*1/,!+/!2+30*0-4)!53+-.-6*!
! !
\\\\\\\\!#VV&8K!V'O!.6/!0')6/).-'),!'2!93,-0!)'.*.-')!,6*1/!93,-0*1!1/(0/1.-')!*)+!1/(2'(9*)0/D!2)!(D!
Q/-11@!*D!Q*0(')*1+!3!(D!V*(;(/*6/,!B2+,DD!Q3,-0*1!-'993)-0*.-')D!)"2'(+K!,)-6/(,-.3!#(/,,@!11D!%IC!%KVD!
X*((/..@! QD! #VV&K! */1(/,/).*.-')@! 0';)-.-')@! *)+! 93,-0*1! 0'993)-0*.-')K! -)6/)./+! )'.*.-')! -)! 06-1+(/)>,!
93,-0*1!0'993)-0*.-')D!2)!(D!Q/-11@!*D!Q*0(')*1+!3!(D!V*(;(/*6/,!B2+,DD!Q3,-0*1!-'993)-0*.-')D!)"2'(+K!
,)-6/(,-.3!#(/,,@!11D!%%K!I#D!
X3.1/(@! (D! %EEKK! U63! .6/! A312! X/.O//)! Q3,-0! #/(0/1.-')! */,/*(06! *)+! 53(*1! ?(*-)-);Y! X311/.-)! '2! .6/!
-'3)0-1!2'(!*/,/*(06!-)!Q3,-0!2+30*.-')@!%#C@!CF!IFD!
-'1/@!VD!%EKIK!N'3)+!*)+!N-;),@!*,1/0.,!'2!93,-0!)'.*.-')D!+')+(/,K!)"2'(+!,)-6/(,-.3!#(/,,D!!
-''H@!_D!%EFKK!5!;3-+/!.'!Q3,-0*1!5)*13,-,D!)"2'(+K!)"2'(+!,)-6/(,-.3!#(/,,D!
\\\\\\\\! %EEIK! #/(0/1.-')K! 5! #/(,1/0.-6/! 2('9! Q3,-0! ?6/'(3D! 2)! *D! 5-/11'! 3! &D! N1'8'+*! B2+,DD! Q3,-0*1!
#/(0/1.-'),@!11D!'I!E&D!)"2'(+K!)"2'(+!,)-6/(,-.3!#(/,,D!
\\\\\\\\!%EEFK!Q3,-0K!5!./(3!N6'(.!%).('+30.-')D!)"2'(+K!)"2'(+!,)-6/(,-.3!#(/,,D!!
-''1/(@!AD!3!Q/3/(@!+D!%E'VK!?6/!*63.69-0!N.(30.3(/!'2!Q3,-0D!-6-0*;'K!?6/!,)-6/(,-.3!'2!-6-0*;'!#(/,,D!!!!!!
-'6-);.')@!G!3!+'(+@!-D!VD!%EEIK!21-,./9'1';3!*)+!#('0/+3(/!-)!53(*1!?(*-)-);K!%)!N/*(06!'2!*!,)-2-0*.-')!
'2!Q3,-0!-';)-.-6/!?6/'(3!O-.6!-.,!5111-0*.-'),D!Q3,-0!?6/'(3!N1/0.(39@!%'@!#@!11D!%&E!KVD!
(-88/)@!_D!%EEIK!?6/!0';)-.-6/!(/*1-.3!'2!6-/(*(06-0!,.(30.3(/!-)!.')*1!*)+!*.')*1!93,-0D!Q3,-0!#/(0/1.-')@!
%#@!%@!11D!%!#&D!!
('O1-);@! UD! &D! %EEEK! ?6/! (/6/1'19/).! '2! Q3,-0! #/(0/1.-')! *)+! -';)-.-')D! 2)! (-*)*! (/3.,06! B2+DD! ?6/!
#,306'1';3!'2!Q3,-0D!-*1-2'()-*K!50*+/9-0!#(/,,@!11D!'VC!#'D!
G*(1-),H-@!AD!#VVVK! +/,,'),!2('9!.6/!#*,.K!Q3,-0!?6/'(3!#/+*;';3!*)+!.6/!L3.3(/D!Q3,-0!?6/'(3!))1-)/@!'@!
CD!
+/(+*61@!LD!3!&*0H/)+'22@!*D!%EFCK!5!;/)/(*.-6/!.6/'(3!'2!.')*1!93,-0D!-*98(-+;/@!Q5K!Q%?!#(/,,D!!!
+/(+*61@!LD!3!&*0H/)+'22@!*D!%EEEK!,)*!6-,-4)!;/)/(*1!+/!1*!/,.(30.3(*!;/($(:3-0*!/)!1*!94,-0*D!)(16/'.(')@!&@!
11D!%K!I#D!
Q05+*9,@!ND!%EFKK!Q3,-0@!5!,0-/)0/!'2!.6/!9-)+Y!-')./91'(*(3!Q3,-0!*/6-/O@!#@!11D!%!'%D!!
Q3,39/0-@! )D! %EEF*K! W(/8/(7*9',! -*98-*(! -'),/(6*.'(-'! 1'(! ]*/)'6*.'(-'^YK! V*0-*! 3)! Q'+/1'! +/! 1*!
%+-',-)0(*,-*!+/!1',!-'),/(6*.'(-',D! L3)+*9/).',!+/!2+30*_`'!Q3,-0*1D!N*16*+'(K!5,,'0-*_`'!X(*,-1/-(*!+/!
2+30*_`'!Q3,-0*1@!11D!%II!&VD!!
\\\\\\\\!%EEF8K!+*!+-+$0.-0*!+/!1',!03(,',!+/!./'(7*!3!,'12/'K!/1!9*./(-*1!93,-0*1aD! X'1/.7)!+/1!-%2Q@! %#@!
IK!&%D!
\\\\\\\\! #VVV*K! ,)*! 1/+*;';7*! 93,-0*1! 0';)-.-6*D! 50.*,! +/! 1*! %%%(*D! -')2/(/)0-*! %8/('*9/(-0*)*! +/!
%)6/,.-;*0-4)!Q3,-0*1D!Q*(!+/1!#1*.*@!11D!EK!%V#D!

5+-4,!*1!(-0.*+'!Q3,-0*1!!!%'&!
!
\\\\\\\\! #VVV8K! ,)*! 1/+*;';7*! (7.9-0*! 0';)-.-6*D! 50.*,! +/! 1*! %%%(*D! -')2/(/)0-*! %8/('*9/(-0*)*! +/!
%)6/,.-;*0-4)!Q3,-0*1D!Q*(!+/1!#1*.*@!11D!%VC!%VED!
\\\\\\\\!#VV#K!! V*0-*!3)*!/+30*0-4)!+/!0'),/(6*.'(-'!639*)*9/)./! 0'91*.-81/D! 50.*,!+/!1*!N/;3)+*!
*/3)-4)!5)3*1!+/!N5--'QD!/3-19/,!B/)!-(DD!
\\\\\\\\! #VVCK! 5! ?40*1*! +/! )3/6'! L(/-b! 5K! 1',! *,1/0.',! +/1'(.-6',! /)! 1',! /"$9/)/,! +/! *3+-'1/(0/1.-6*D!
50.*,!+/!1*!?/(0/(*!*/3)-4)!5)3*1!+/!N5--'QD!+*!#1*.*!B/)!-(DD!
\\\\\\\\! #VV&K! =WN32(-,./! 9306'! 0')! 9-! +-0.*+'Y>! 50.*,! +/! 1*,! %(*,D! &'()*+*,! +/! 2+30*0-4)! 53+-.-6*@!
,_+#@!+*!#1*.*!B/)!-(D!!
\\\\\\\\!#VVKK!+*!1(3/8*!+/!*+9-,-4)!*!1*!,)-6/(,-+*+!+/!/3-19/,K!,)!-)./).'!1'(!'1.-9-0*(!/1!-);(/,'!*!
1*!2'(9*0-4)!93,-0*1!+/!;(*+'!0')!0(-./(-',!639*)*9/)./!0'91*.-81/,D!2)!QD!+/!1*!#D!&*0:3-/(!3!5D!#/(/-(*!
A6-/)*!B/+,DD!Q4,-0*!3!X-/)/,.*(!V39*)'D!X3/)',!5-(/,D!N5--'Q@!/)!-(D!
#';'(/1-06@!%D!%EF'K!2);1-,06/!N3-./)!_',D!#!c!CD!(/3.,06/!A(*99'16')!I%&!IFV!#D!!
*/11@!XD!%EEFK!5!Q-0('0',9!'2!Q3,-0*1!2"1(/,,-')D!%D!/3*).-.*.-6/!5)*13,-,!'2!#-*)-,.,d!?-9-);!-)!.6/!%)-.-*1!
Q/*,3(/,!'2!-6'1-)d,!2.3+/!-)!2!Q*;'(D!&'3()*1!'2!.6/!50'3,.-0*1!N'0-/.3!'2!59/(-0*!%VI@!#@!11D!%VF&!%VVD!
N*1*0*(@!AD!#VV&K!+*!,8-0*0-4)!?')*1!1*(*!&46/)/,!:3/!%)-0-*)!/1!#('0/,'!+/!+/0.3(*!Q/14+-0*!2).')*+*D!
50.*,!+/!1*,!%(*,D!&'()*+*,!+/!2+30*0-4)!53+-.-6*@!,_+#@!+*!#1*.*!B/)!-(D!
N*10/(@!LD!%E&'K!N.(30.3(*1!V/*(-);D!?')*1!-'6/(/)0/!-)!Q3,-0D!_3/6*!J'(HK!('6/(D!
N06/)H/(@!VD!%EEV!M%EV'NK!?(*.*+'!+/!5(9')7*D!Q*+(-+D!*/*1!Q3,-0*1D!!
\\\\\\\\!%EFK!M%E##NK!-'3)./(1'-).D!_3/6*!J'(HD!N06-(9/(!X''H,D!!
N//;/(@!-D!%E&%K!5)!-),.*).*)/'3,!93,-0!)'.*.'(D! ?6/!&'3()*1!'2!?6/!%)./()*.-')*1!L'1H!Q3,-0!-'3)0-1!C@!11D!
%VC!%V'D!!
N/(*2-)/@!QD!+D!%EFFK!Q3,-0!*,!-';)-.-')D!_3/6*!J'(HK!-'1398-*!,)-6/(,-.3!#(/,,D!
N/(*2-)/@!QD!+D@!A1*,,9*)@!_D!3!)6/(8//H/@!-D!%EFEK!?6/!-';)-.-6/!*/*1-.3!'2!V-/(*(06-0!N.(30.3(/!-)!Q3,-0D!
Q3,-0!#/(0/1.-')@!'@!I@!11D!CEK!ICVD!
N6-2(/,@!LD!#VVIK!-').(-830-')/,!+/!1*!?/'(7*!Q3,-0*1!3!1*!#,-0'1';7*!-';)-.-6*!+/!1*!Q4,-0*!*1!(/,*(('11'!
53+-.-6'!+/!1',!Q4,-0',!#('2/,-')*1/,D!2)! 50.*,!+/!1*,!%!&'()*+*,!+/!%)6/,.-;*0-4)!/)!(-,0-11-)*,!5(.7,.-0*,!
3!#('3/0.3*1/,D!+*!#1*.*K!,_+#@!11D!&#K!&CCD!
N6-2(/,@!LD@!&*0:3-/(@!QD!3!Q*(.7)/0@!AD!#VVIK!+*!?/'(7*!+/1!2,1*0-'!?')*1!0'9'!+-,1',-.-6'!+-+$0.-0'D!2)!50.*,!
+/!1*,!%!&'()*+*,!+/!%)6/,.-;*0-4)!/)!(-,0-11-)*,!5(.7,.-0*,!3!#('3/0.3*1/,D!+*!#1*.*K!,_+#@!11D!&VC!&%VD!
N1'8'+*@!&D!%EF&K!?6/!Q3,-0*1!Q-)+D!)"2'(+K!-1*(/)+')!#(/,,D!
N1'8'+*@!&D!%EEKK!e#/(-0-*!93,-0*1aD!)(16/'.(')@!%@!11D!K!CID!
?/91/(1/3@!(D!#VV%K!?6/!0';)-.-')!'2!8*,-0!93,-0*1!,.(30.3(/,D!-*98(-+;/K!Q%?!#(/,,D!

%''!%%!&'()*+*,!-)./()*0-')*1/,!+/!2+30*0-4)!53+-.-6*!
! !
,1-.-,@!*D!%EFKK!-6-1+(/)>,!,)+/(,.*)+-);! '2! *63.69K!?6/!*/1*.-'),6-1!8/.O//)!(/6/1'19/).!*)+!Q3,-0!
?(*-)-);D!#,306'93,-0'1';3@!K@!%@!11D!I%!'VD!
.*(;*,@!AD@!+41/0@!%@!3!N6-2(/,@!LD!#VVKK!Q'+*1-+*+/,!/)!1*,!2,.(*./;-*,!+/!1*!?(*),0(-10-4)!Q/14+-0*D!2)!QD!+/!
1*!#D!&*0:3-/(!3!5D!#/(/-(*!A6-/)*!B/+,DD!Q4,-0*!3!X-/)/,.*(!V39*)'D!X3/)',!5-(/,D!N5--'Q!B/)!-(DD!!
58(-1!+/!#VVK!

5+-4,!*1!(-0.*+'!Q3,-0*1!!!%'K!

Anda mungkin juga menyukai