!"#$%&'(()%*+,*-#'*($%*./(""*0,/1($#&.2*3,4*$&&%*+,*,1&$*41*5,4)*#$$,6(+#,$*&77,)+.8*
9&(%*+:#.*-,,;*($%*6#.#+*<<<=>?#$$,=0,/*7,)*',,%*(%6#0&=*
@ A B CDE * F G E H BIDD9H
JDKGEILMBE*GEELNDAGLE*
OL9K
JDKGEILMBE*GEELNDAGLE*LMBE*GEELNDAGLE*
OL9K
JDKGEILMBE*GEELNDAGLE*LMBE*GEELNDAGLE*
OL9K
!"#$%&'(&)'*!%*!+
G$+),%40+#,$2*C),/*O:5*+,*P,<* 6
GGG2*O:&$*Q#'*R,/1($#&.*J&&+*@/(""*R,/1($#&.
G$*+:&*L1&$*G$$,6(+#,$*B77,)+.* ST
GN2*I&++#$'*3,4)*L)'($#U(+#,$*9&(%5*7,)*L1&$*G$$,6(+#,$* V?
N2*I&++#$'*3,4)*M&,1"&*9&(%5*7,)*
NG2*O:(+*+,*R,$.#%&)*Q&7,)&*F&(1#$'*#$+,*(*M()+$&).:#1* W>
NGGG2*O:5*A:#$'.*I,*O),$'* >X?
Y2*GM9*($%*L1&$*G$$,6(+#,$* >S?
!"#$%&'()*+,--*./0123*4536072286
299*%&'():*%;:;%<;=>
5.?3@*-ABCD-+AAE
5.?3*-C@*FDE-ABCD-+AA,
4&G%H%$*"I*!"J'%;::*!"J)%"9*3KLG;%@*+,--F-+,MC
!%;H);.#HN;O*3"%)(*!(H%9;:)"JO*.!
*
#6 6
YGG2*K&5*R:(1+&)*A(;&(<(5.*9&0(1* >VT
D11&$%#Z*D*A:&*A&$*A51&.*,7*G$$,6(+#,$[* >\>
,*!-'./)!,'*
(-'0&123&!'&2'1
*
P<;%*)(;*#H:)*I;Q*$;H%:O*LHJ$*"I*)(;*9;H=&J'*'9"GH9*N"L#HJ&;:*
(H<;*G;'KJ*)"*;LG%HN;*"#;J*&JJ"<H)&"J>*/(;$*%;HN(*"K):&=;*
)(;&%*"%'HJ&RH)&"J:*)"*#H%)J;%*Q&)(*:K##9&;%:O*NK:)"L;%:O*HNH=;L&N:O*
N"L#;)&)"%:O*HJ=*;J)%;#%;J;K%:*&J*)(;*:;H%N(*I"%*'%;H)*J;Q*&=;H:*)(H)*
Q&99*S;;#*)(;&%*GK:&J;::;:*"J*)(;*NK))&J'*;=';>*TKN(*(H:*G;;J*Q%&));J*
HG"K)*)(&:*:(&I)*I%"L*H*N9":;=*&JJ"<H)&"J*L"=;9O*&J*Q(&N(*H99*H:#;N):*
"I*)(;*&JJ"<H)&"J*#%"N;::*)HS;*#9HN;*&J);%JH99$*&J*H*)&'()9$*N"J)%"99;=O*
(&'(9$* :;N%;)&<;* ;J<&%"JL;J)O* )"* HJ* "#;J* L"=;9* &J* Q(&N(* ;U);%JH9*
!"#$ %&#'$ ('')*+,-)'$ .#*)/0,-)'1$ 233#',-+/34$ .)+56/)7834$ +'5$ 9#+5#:3"-&$
;8-//3*;UHL&J;=*)(&:*:(&I)>
8;9H)&<;9$*9&))9;*H));J)&"J*(H:*G;;J*#H&=O*("Q;<;%O*)"*)(;*QH$*G&'*HJ=*
:LH99*N"L#HJ&;:*&J);%:;N)*&J*"#;J*&JJ"<H)&"J>*/(;*H::KL#)&"J*:;;L:*
)"*G;*)(H)*"#;J*&JJ"<H)&"J*Q"%S:*)(;*:HL;*I"%*;<;%$G"=$O*GK)O*&J*)%K)(O*
&)*=";:*J")>*.LH99*N"L#HJ&;:*(H<;*=&II;%;J)*%;:"K%N;:O*=&II;%;J)*J;;=:O*
HJ=*=&II;%;J)*QH$:*"I*N"J)%&GK)&J'*)"*HJ*"#;J*&JJ"<H)&"J*%;9H)&"J:(&#>
V&;Q&J'*"#;J*&JJ"<H)&"J*I"%*:LH99*N"L#HJ&;:*)(;*:HL;*QH$*Q;*<&;Q*
&)* I"%*G&'*N"L#HJ&;:* &:* %&==9;=*Q&)(*#%"G9;L:*HJ=*(H:* )(;*#");J)&H9*
G$+),%40+#,$
6#
JDKGEI*LMBE*GEELNDAGLE*OL9K
6##
)"* :;)* :LH99*N"L#HJ&;:*K#* I"%* IH&9K%;>*/(&:*G""S*;U#9H&J:*Q($*"#;J*
&JJ"<H)&"J*&:*=&II;%;J)*&J*:LH99*N"L#HJ&;:*)(HJ*&)*&:*&J*G&'*N"L#HJ&;:*
HJ=* ("Q* :LH99* H:* Q;99* H:* G&'* N"L#HJ&;:* J;;=* )"* H##%"HN(* Q"%S&J'*
)"';)(;%>*T$*#%&LH%$*I"NK:*Q&99*G;*"J*("Q*:LH99*HJ=*G&'*N"L#HJ&;:*
,)<#,"#:*HJ=*("Q*)(;$*NHJ*
LHS;*)(;*&J);%:;N)&"J*"I*)(;&%*)Q"*"%'HJ&RH)&"J:*Q"%S>
1456&,7&5&+8599&):8;5<=>
)(H)*(H<;*"J9$*"J;*S;$*#%"=KN)*9&J;>*/(;$*LH$*(H<;*LHJ$*;L#9"$;;:O*
GK)*H99*)(":;*Q"%S;%:*H%;*I"NK:;=*"J*=;<;9"#&J'O*#%"=KN&J'O*HJ=*:;99&J'*
WK:)*)(H)*"J;*#%"=KN)*9&J;>*5I*)(;$*="JX)*:KNN;;=*H)*)(H)O*)(;*N"L#HJ$*
IH&9:Y*)(;$*;&)(;%*(H<;*J"*Z9HJ*?*"%*)(;$*H%;*"J9$*&J*)(;*;H%9$*:)H';:*"I*
=;<;9"#&J'*&)>
29:"O*)(;*:LH99*N"L#HJ&;:*5XL*)H9S&J'*HG"K)*="*J")*(H<;*HJ*&JJ"[
[
IHN)O*)(;$*"I);J*="JX)*;<;J*(H<;*HJ*&JJ"<H)&"J*:)%H);'$>*/(;$*WK:)*)%$*
)"*&L#%"<;*)(H)*"J;*#%"=KN)*9&J;*Q&)("K)*)(&JS&J'*LKN(*HG"K)*("Q*
)(;$*N"K9=*'%"Q*)(;*N"L#HJ$*G$*H==&J'*")(;%*#9H)I"%L:>*1"%*)(;*:LH99*
N"L#HJ&;:* )(H)*="*G;'&J* )"*H==*L"%;*#%"=KN)* 9&J;:O* )(;J*)(;*J;;=*
[
N"L;*H##H%;J)>
THJ$*"I*)(;:;*:LH99*N"L#HJ&;:*="JX)*(H<;*H*N9K;*("Q*G&'*N"L#HJ&;:*
<&;Q*"#;J*&JJ"<H)&"J>*\"K*Q&99*J")&N;*)(&:* &J*:"L;*"I*)(;*&J);%<&;Q:*
Q&)(* :LH99;%*N"L#HJ&;:* &J* )(;*G""S>*."*Q(H)*(H##;J:*Q(;J* :KN(*H*
N"L#HJ$* &J);%:;N):* Q&)(* H* 9H%';* N"L#HJ$* )(H)* &:* &J);%;:);=* &J* #K99[
&J'*)(;L*&J)"*)(;&%*"#;J*&JJ"<H)&"J*;N":$:);L]*5I*)(;*:LH99*N"L#HJ$*
=";:JX)*';)*;=KNH);=*IH:)O*)(;$*N"K9=*G;*H)*H*:;<;%;*=&:H=<HJ)H';>*3")*
H99*G&'*N"L#HJ&;:*#9H$*J&N;O*:"*)(;*:LH99;%*N"L#HJ$*N"K9=*;J=*K#*Q&)(*
)(;*:("%)*;J=*"I*)(;*=;H9>*5J*)(;*9"J'*%KJO*G")(*:LH99*HJ=*G&'*N"L#H[
J&;:*Q&99*9":;*&I*)(;$*="*J")*L;;)*"J*;^KH9*);%L:>
."L;* #;"#9;* H%'K;* )(H)* :LH99* N"L#HJ&;:* H%;* J")* G&'* ;J"K'(* I"%*
"#;J* &JJ"<H)&"J* G;NHK:;* )(;$* ="JX)* (H<;* )(;* "%'HJ&RH)&"JH9* &JI%H[
:)%KN)K%;*)"*;J'H';*&J*"#;J*&JJ"<H)&"J>*P)(;%*#;"#9;*="*G;9&;<;*:LH99*
N"L#HJ&;:*(H<;*H*%"9;*)"*#9H$*&J*"#;J*&JJ"<H)&"J*;N":$:);L:O*GK)*G;[
9&;<;*)(;$*&J;<&)HG9$*Q&99*';)*)(;*GHNS:;H)*Q(&9;*)(;*G&'*N"L#HJ&;:*)HS;*
)(;*:;N"J=>*5J*"#;J*&JJ"<H)&"JO*N"L#HJ&;:*;&)(;%*N"J)%"9*)(;*#%"W;N):*
"%*)(;$*N"J)%&GK);*)"*)(;L>*?&'*N"L#HJ&;:*#%;I;%*)"*G;*&J*N"J)%"9*"I*
)(;&%* #%"W;N):O* Q(;%;H:* :LH99;%* N"L#HJ&;:* ="* J")* ;<;J* ';)* H* N("&N;*
KJ9;::*)(;$*(H<;*:"L;)(&J'*KJ&^K;*)"*"II;%O*Q(&N(*&:*%H%;9$*)(;*NH:;>
5*G;9&;<;*:LH99*N"L#HJ&;:*(H<;*HJ* &L#"%)HJ)*%"9;* )"*#9H$* &J*"#;J*
&JJ"<H)&"JO*G")(*I"%*)(;L:;9<;:*HJ=*I"%*9H%';*N"%#"%H)&"J:>*1"%*:LH99*
N"L#HJ&;:O*HJ*"#;J*&JJ"<H)&"J*#H%)J;%:(&#*NHJ*#%"<&=;*HNN;::*)"*%;[
:"K%N;:*J;;=;=*)"*(&)*&)*G&'O*:KN(*H:*=&:)%&GK)&"J*N(HJJ;9:*"%*#%"=KN[
)&"J* %;:"K%N;:>* 5J*LHJ$* NH:;:O* :LH99* N"L#HJ&;:*(H<;*G;;J* I"KJ=;=*
;U#;%)&:;>*!"%#"%H)&"J:*J;;=*HNN;::*)"*)(&:*;U#;%)&:;*HJ=*)(;*&JJ"<H[
)&<;*&=;H:*HJ=*:"9K)&"J:*)(H)*NHJ*'%"Q*"K)*"I*&)>
5* 9&S;*("Q*_"(J*!"J"9;$O*!0P*"I*Z:&"JO*#&"J;;%*"I*^KH9&)$*L"G&9;*
(HJ=(;9=* N"L#K);%:* HJ=* )(;&%* H##9&NH)&"J* &J* &J=K:)%&H9* LH%S;):*
H%"KJ=* )(;* Q"%9=O* ;U#9H&J;=* Q($* (&:* N"L#HJ$* J;;=:* )"* =;<;9"#* H*
:)%"J'*"#;J*&JJ"<H)&"J*#%"N;::*HJ=*#H%)J;%:(&#:@*`a;*=;N&=;=*)"*;L[
G%HN;*"#;J*&JJ"<H)&"J*)"*G;*IH:);%*HJ=*N"L#;)&)&<;9$*KJ#%;=&N)HG9;>b
a(H)*N"L#HJ$*Q"K9=JX)*QHJ)*)"*G;*^K&NS;%*)"*LH%S;)*Q&)(*:K%#%&:[
&J'*J;Q*#%"=KN):*HJ=*:;%<&N;:]*/(H)X:*Q(H)*"#;J*&JJ"<H)&"J*NHJ*(;9#*
$"K* HN(&;<;O* J"* LH));%* $"K%* N"L#HJ$X:* :&R;>* /(&:* G""S* )("%"K'(9$*
G$+),%40+#,$
6###
JDKGEI*LMBE*GEELNDAGLE*OL9K
#Z
;U#9"%;:*)(;*"#;J*&JJ"<H)&"J*&J);%:;N)&"J*G;)Q;;J*:LH99*HJ=*G&'*N"L[
#HJ&;:O*9""S&J'*H)*)"#&N:*)(H)*&JN9K=;@
1456&?7&:;@<&?<<:A56?:<>&1456&B:C87&D:@7&?6&65E@&5<D&F456&
G
D?BB@C@<6&7?H@7>
2:F&6:&?D@<6?B=&5<D&D@A@9:;&64@&;@:;9@&F4:&F?99&DC?A@&:;@<&
G
<@C74?;7&F:CE&F4@<&64@&;5C6<@C7&5C@&:B&I<@JI59&7?H@
;5C6<@C74?;
G
G
!4?7&,7&64@&(I6IC@
c;%;X:* :"L;)(&J'*<;%$* &L#"%)HJ)* )(H)* 5*QHJ)* )"*;L#(H:&R;*G;I"%;*
"#;J*&JJ"<H)&"J>*/(;*);%L*`"#;J*&JJ"<H)&"Jb*Q&99*=&:H##;H%*HJ=*Q;*
Q&99*WK:)*<&;Q*)(&:*H:*̀ &JJ"<H)&"J>b*/(;*S;$*=&II;%;JN;*&:*)(H)*&JJ"<H)&"J*
Q&99*(H<;*H*LKN(*(&'(;%*;U);%JH9*&J#K)*)(H)*Q(H)*Q;*:;;*)"=H$>
/(&:*;<"9K)&"J*Q&99* )HS;* 9"J';%* &J* :"L;* &J=K:)%&;:* )(HJ* &J*")(;%:O*
GK)*K9)&LH);9$*;<;%$"J;*Q&99*';)*)"*)(;*:HL;*#9HN;dK:&J'*HJ*"#;J*&J[
J"<H)&"J*L"=;9>*/(K:O*)(;%;*&:*J"*J;;=*)"*:;)*K#*HJ*;J)&%;9$*=&II;%;J)*
"#;J*&JJ"<H)&"J*KJ&)Y*%H)(;%O*$"K*:("K9=*GK&9=*"#;J*&JJ"<H)&"J*NH#H[
G&9&)&;:*&J*H:*#H%)*"I*$"K%*N"L#HJ$X:*&JJ"<H)&"J*632>
P#;J*&JJ"<H)&"J*&:*;<"9<&J'*:"*%H#&=9$*)(H)*5*;JN"K%H';*$"K*)"*<&:&)*
HG"K)*)(&:*&L#"%)HJ)*)"#&N>*c;%;*$"K*NHJ*H9:"*%;:#"J=*)"*L$*#":):*
HJ=* :(H%;* $"K%* ;U#;%&;JN;:* Q&)(* "#;J* &JJ"<H)&"J>* 4;)X:* S;;#* )(;*
N"J<;%:H)&"J*'"&J'e
>
HBCGEGAGLE@HBCGEGAGLE@!
HBCGEGAGLE@HBCGEGAGLE@HBCGEGAGLE@
0N9;H%*)"*L;*)(H)*#9;J)$*"I*N"JIK:&"J*:)&99*;U&:):*H:*)"*Q(H)*Q;X%;*
)H9S&J'* HG"K)* Q(;J* Q;* %;I;%* )"* )(&:* )"#&N>* /(&:* LH$* G;* #H%)&NK9H%9$*
)%K;*H)*:LH99*N"L#HJ&;:*:&JN;*LHJ$*GK:&J;::;:*&J*)(&:*LH%S;)*:;'L;J)*
H%;*"J9$*WK:)*J"Q*G;'&JJ&J'*)"*);:)*)(;*QH);%:*"I*"#;J*&JJ"<H)&"J>*."*
&JJ"<H)&"J*HJ=*%;9H);=*);%L:*:KN(*H:*N%"Q=:"K%N&J'O*K:;%[=%&<;J*&J[
J"<H)&"JO*;N":$:);L:O*HJ=*&JJ"<H)&"J*&J);%L;=&H%&;:>
a(;J*#;"#9;*H:S*Q(H)*"#;J*&JJ"<H)&"J*&:O*5*:K'';:)*<&;Q&J'*"#;J*&J[
J"<H)&"J*H:*H*#(&9":"#($*"%*H*L&J=:;)*)(H)*$"K*:("K9=*;LG%HN;*Q&)(&J*
HG"K)*G%&='&J'*&J);%JH9*HJ=*;U);%JH9*%;:"K%N;:*HJ=*HN)&J'*"J*)(":;*
"##"%)KJ&)&;:*)"*LHS;*&JJ"<H)&"J*(H##;J>*5*H9:"*9&S;*)(&:*^K");*I%"L*
c;J%$*!(;:G%"K'(@*̀ P#;J*&JJ"<H)&"J*&:*H*#H%H=&'L*)(H)*H::KL;:*)(H)*
S
JDKGEI*LMBE*GEELNDAGLE*OL9K
)(;&%*);N(J"9"'$>b-
/(&:*&:*&J*N"J)%H:)*)"*)(;*"9=*L"=;9*"I*N9":;=*&JJ"<H)&"JO*&J*Q(&N(*
H*N"L#HJ$*LH&J)H&J;=*N"L#9;);*N"J)%"9*"<;%*H99*H:#;N):*"I*)(;*&JJ"[
<H)&"J*#%"N;::*HJ=*=&:N"<;%&;:*Q;%;*S;#)*(&'(9$* :;N%;)>* 5J*N9":;=* &J[
J"<H)&"JO*$"K*="*J")*H));L#)*)"*H::&L&9H);*&J#K)*I%"L*"K):&=;*:"K%N;:*
&J)"*)(;*&JJ"<H)&"J*#%"N;::O*HJ=*$"K*H<"&=*(H<&J'*)"*:(H%;*&J);99;N)KH9*
:LH99* N"L#HJ&;:O* )(H)X:* #%"GHG9$* G;NHK:;* &)* LH$* Q;99* G;* )(;* L"=;9*
$"K%*N"L#HJ$*(H:*K:;=*)"*=;<;9"#*&):*#%"=KN)*"II;%&J':*)"*=H);>
29:"O* &J*H*N9":;=* &JJ"<H)&"J*;J<&%"JL;J)O*HN)&<&)&;:*H%;*"I);J* :;'[
%;'H);=*Q&)(&J*HJ*8f6*=;#H%)L;J)*Q(;%;*)(;*G;:)*HJ=*)(;*G%&'();:)*
H%;*;U#;N);=*)"*LHS;*:K%;*)(;*N"L#HJ$*';):*)"*LH%S;)*;H%9$*Q&)(*J;Q*
5J*N"J)%H:)O*&J*"#;J*&JJ"<H)&"J*$"K%*N"L#HJ$*Q"%S:*Q&)(*;U);%JH9*
N"L#HJ&;:*=K%&J'*)(;*&JJ"<H)&"J*#%"N;::>*P#;J*&JJ"<H)&"J*&:*"I);J*
HG"K)* :"9&N&)&J'* &=;H:* I%"L* "K):&=;O* GK)* &)* '";:* =;;#;%* )(HJ* WK:)* &J[
<"9<&J'*")(;%:* &J* )(;* &=;H*';J;%H)&"J*#(H:;:Y* )(;*N"J)%&GK)&"J*I%"L*
HJ*"#;J* &JJ"<H)&"J*#%"N;::* I"NK:;:*"J*#%"G9;L:O*J;;=:O* HJ=* &::K;:*
HJ=*Q"%S:*)(;L*"K)*,)<#,"#:>*1K%)(;%L"%;O*$"K*NHJ*H%'K;*)(H)*N9":;=*
&JJ"<H)&"J*#%&LH%&9$* I"NK:;:*"J*#%"=KN):*HJ=* :;%<&N;:O*Q(;%;H:* $"K*
H%;*L"%;*9&S;9$*)"*K:;*"#;J*&JJ"<H)&"J*)"*Q"%S*Q&)(*H*G%"H=;%*%HJ';*
"I*)(;*/;J*/$#;:*"I*5JJ"<H)&"J*g:;;*2##;J=&U*2hO*&JN9K=&J'*GK:&J;::*
L"=;9:O*N(HJJ;9:O*HJ=*#%"N;::;:>
2J*&L#"%)HJ)*#"&J)*)"*J");@*)""*"I);JO*N"L#HJ&;:*IH99*&J)"*)(;*)%H#*
"I*N"J:&=;%&J'*"#;J*&JJ"<H)&"J*H##%"HN(;:*"J9$*=K%&J'*Q(H)*&:*NH99;=*
)(;*I%"J)*;J=*"I*&JJ"<H)&"J>*PJN;*)(;$*(H<;*'"));J*&J#K)*I%"L*;U);%[
JH9* :"K%N;:* =K%&J'* )(;* I%"J)* ;J=* "I* &JJ"<H)&"JO* )(;$* ="* ;<;%$)(&J'*
)(;L:;9<;:>*7%HJ);=O*&)*&:*H*'""=*)(&J'*)"*';)*L"%;*=&<;%:;*&J#K)*;H%9$*
"JO*GK)*Q($*:)"#*)(;%;]
P#;J*&JJ"<H)&"J*&:*HJ*H##%"HN(*)(H)*NHJ*Q"%S*HJ=*:("K9=*G;*K:;=*
&J*HJ$*:)H';*"I*)(;*&JJ"<H)&"J*#%"N;::O*J")*WK:)*&J*)(;*;H%9$*#(H:;:*=K%[
&J'*)(;*I%"J)*;J=*"I*&JJ"<H)&"J>
!"L#HJ&;:*L&::*"K)*"J*)(;*IK99*#");J)&H9*"I*"#;J*&JJ"<H)&"J*Q(;J*
)(;$*:(K)*="QJ*)"*;U);%JH9*%;:"K%N;:*9H);%*&J*)(;*#%"N;::>*Z;%(H#:*N"L[
#HJ&;:*H%;*L"%;*Q&99&J'*)"*HNN;#)*;U);%JH9*&J#K)*=K%&J'*)(;*I%"J)*;J=*
"I*&JJ"<H)&"JO*Q(;J*;<;%$"J;*;U#;N):*L"%;*N%;H)&<&)$*HJ=*"#;JJ;::>*
PJN;* )(&:* #(H:;* &:* N"L#9;);=O* N"L#HJ&;:* '"* &J)"* ;U;NK)&"J* L"=;O*
Q(&N(*&:*9;::*N"L#9;U*&I*)(;$*"J9$*K:;*)(;*&J);%JH9*%;:"K%N;:*)(;$*H9[
%;H=$*SJ"Q*<;%$*Q;99>
-@956@D&!@C87
a(;%;* ="* N%"Q=:"K%N&J'O* K:;%[=%&<;J* &JJ"<H)&"J* HJ=* N"[N%;H)&"J*
);N(J&^K;:*)(H)*NHJ*G;*K:;=*Q&)(&J*)(;*#H%H=&'L*"I*"#;J*&JJ"<H)&"JO*
GK)* )(;:;* );%L:*"<;%9H#O*Q(&N(* 9;H<;:*#9;J)$*"I* %""L*I"%*N"JIK:&"J>*
c;%;X:*H*^K&NS*%;<&;Q>
!%"Q=:"K%N&J'* &:* `)(;* HN)* "I* "K):"K%N&J'* )H:S:O* )%H=&)&"JH99$* #;%[
I"%L;=*G$*HJ*;L#9"$;;*"%*N"J)%HN)"%O*)"*H*9H%';*'%"K#*"I*#;"#9;*"%*
N"LLKJ&)$*gH*N%"Q=hO*)(%"K'(*HJ*"#;J*NH99Ob*HNN"%=&J'*)"*a&S&#;=&H>*
!%"Q=:"K%N&J'* :("K9=* J")* G;* N"JIK:;=* Q&)(* "#;J* &JJ"<H)&"JO* GK)*
%H)(;%*)("K'()*"I*H:*"J;*)""9*)(H)*NHJ*G;*K:;=*)"*G%&J'*;U);%JH9*&J#K)*
&J)"*$"K%*"%'HJ&RH)&"J:*H:*$"K%*#K%:K;*"#;J*&JJ"<H)&"J>
THJ$*N"L#HJ&;:*L&:)HS;J9$*:;;L*)"*<&;Q*N%"Q=:"K%N&J'*L"%;*H:*H*
LH%S;)&J'*)""9*)(HJ*H:*HJ*"#;J*&JJ"<H)&"J*)""9>*!%"Q=:"K%N&J'*'&<;:*
N"L#HJ&;:*'%;H)*"##"%)KJ&)&;:*)"*&J);%HN)*Q&)(*NK:)"L;%:*HJ=*K:;%:>*
i:&J'*N%"Q=:"K%N&J'O*N"L#HJ&;:*NHJ*N"99;N)*&=;H:O*9;)*)(;*N%"Q=*<");*
"J*)(;LO*HJ=*:;)*K#*#%;=&N)&"J*LH%S;):*)(H)*NHJ*G%&J'*"K):&=;*&J#K)*
V
JDKGEI*LMBE*GEELNDAGLE*OL9K
?
)"*HJ$*JKLG;%*"I*=;N&:&"J:>*!%"Q=:"K%N&J'*(H:*;J"%L"K:*H##;H9*)"*
:H<<$*LH%S;)&J'*;U;NK)&<;:*Q("*KJ=;%:)HJ=*)(;*#"Q;%*"I*:"N&H9*L;=&H>*
9HKJN(*"I*N%"Q=:"K%N&J'*&J&)&H)&<;:O*)(;*%;H9*&JJ"<H)&"J*"##"%)KJ&)&;:*
#"::&G9;*H%;*^K&);*<H9KHG9;*H:*Q;99>
i:;%[=%&<;J*&JJ"<H)&"JO*"J*)(;*")(;%*(HJ=O*&:*H*);N(J&^K;*&J*Q(&N(*
N"L#HJ&;:*"G:;%<;*)(;&%*K:;%:*&J*"%=;%*)"*'H&J*J;Q*&J:&'():*)(H)*NHJ*
G;*K:;=*&J*)(;*&JJ"<H)&"J*#%"N;::>*."L;*N"JIK:;*)(&:*Q&)(*"#;J*&J[
J"<H)&"J*G;NHK:;* )(;$*G;9&;<;*;<;%$)(&J'* )(H)* &:*="J;*Q&)(*K:;%:*"%*
NK:)"L;%:*N"J:)&)K);:*"#;J*&JJ"<H)&"J>*c"Q;<;%O*&)*=";:*J")*G;N"L;*
"#;J* &JJ"<H)&"J* KJ)&9* $"K* %;H99$* :)H%)* "#;J&J'* K#* )(%"K'("K)* )(;*
Q("9;*&JJ"<H)&"J*#%"N;::>*5)*&:*J")*"#;J*&JJ"<H)&"J*&I*$"K*WK:)*"G:;%<;*
")(;%:*&J*)(;*;H%9$*:)H';:*"I*)(;*&JJ"<H)&"J*#%"N;::dH9)("K'(*)(&:*NHJ*
G%&J'*LKN(*<H9K;dHJ=*)(;J*="*;<;%$)(&J'*&J);%JH99$*&J*)(;*:HL;*QH$*
H:*$"K*(H<;*H9QH$:*="J;*&)>
!"[N%;H)&"J*&:*#%"GHG9$*)(;*);%L*)(H)*&:*N9":;:)*)"*"#;J*&JJ"<H)&"J*
H9)("K'(*&)*:;;L:*)"*I"NK:*L"%;*"J*N"[N%;H)&"J*Q&)(*NK:)"L;%:*%H)(;%*
)(HJ* Q&)(* ")(;%* N"L#HJ&;:* &J* HJ* ;N":$:);L* j=&:NK::;=* G;9"Qk>* !"[
N%;H)&"J*&:*<&;Q;=*H:*H*#%"N;::*&J*Q(&N(*N"L#HJ&;:*HJ=*HN)&<;*NK:)"L[
;%:*:(H%;O*N"LG&J;O*HJ=*%;J;Q*;HN(*")(;%X:*%;:"K%N;:*HJ=*NH#HG&9&)&;:*
)"*N%;H);*<H9K;*)(%"K'(*J;Q*I"%L:*"I*&J);%HN)&"JO*:;%<&N;O*HJ=*9;H%J[
N"J:KL;%*LH%S;)*N"J:)%KN)*"I*)(;*#H:)>*5*9&S;*("Q*!>*l>*Z%H(H9H=*HJ=*
V;JSH)*8HLH:QHL$*H%'K;*)(H)*`<H9K;*Q&99*G;*&JN%;H:&J'9$*N"[N%;H);=*
[
+*!"[N%;H)&"J* &J* )(;&%*<&;Q*J")*"J9$*=;:N%&G;:*H* )%;J=*
"I*W"&J)9$*N%;H)&J'*#%"=KN):O* &)*H9:"*=;:N%&G;:*H*L"<;L;J)*HQH$*I%"L*
NK:)"L;%:*GK$&J'*#%"=KN):*HJ=*:;%<&N;:*H:*)%HJ:HN)&"J:O*)"*)(":;*#K%[
N(H:;:*G;&J'*LH=;*H:*#H%)*"I*HJ*;U#;%&;JN;>*/(;*HK)("%:*("9=* )(H)*
&J*)(;&%*#%;I;%%;=*9HJ'KH';*HJ=*:)$9;>
2J")(;%*);%L*5X99*K:;*"I);J*&J*)(&:*G""S*&:*;N":$:);L:>*a&)(*"#;J*
&JJ"<H)&"J*N"L;:*)(;*J;;=*)"*N%;H);*<H9K;*J;)Q"%S:*)(H)*&JN9K=;*H99*
)(;*#");J)&H9*NH);'"%&;:*"I*;U);%JH9*:"K%N;:*)(H)*NHJ*:K##"%)*$"K%*&J[
J"<H)&"J*;II"%)>*\"K%*;N":$:);L*LH$*&JN9K=;*NK:)"L;%:O*:K##9&;%:O*HNH[
=;L&N*&J:)&)K)&"J:O*&JJ"<H)&"J*LH%S;)#9HN;:*"%*&J);%L;=&H%&;:O*#%&<H);*
9HG:O*'"<;%JL;J)[:K##"%);=*9HG:*HJ=*%;:;H%N(*&J:)&)K);:O*'"<;%JL;J)[
9&:)*LH$*:;;L*"<;%Q(;9L&J'*I"%*H*:LH99*N"L#HJ$O*GK)*KJ=;%:)HJ=*)(H)*
$"K%*;N":$:);L*Q&99* :)H%)* :LH99*HJ=*'%"Q*'%H=KH99$*"<;%)&L;>* 5)*LH$*
H9:"*G%&J':*Q&)(*&)*H*Q;H9)(*"I*"##"%)KJ&)&;:>*2:*5*Q&99*=;:N%&G;*&J*=;)H&9*
9H);%O*)(;*HG&9&)$*)"*GK&9=*HJ=*NK9)&<H);*'""=*%;9H)&"J:(&#:*Q&)(&J*$"K%*
;N":$:);L*&:*H*S;$*N"L#"J;J)*"I*"#;J*&JJ"<H)&"J*:KNN;::>
14=&';@<&,<<:A56?:<>
PJN;*)(;$*';)*HJ*&=;H*"I*Q(H)*"#;J*&JJ"<H)&"J*&:O*LHJ$*#;"#9;*N"J[
N9K=;*)(H)*&)*&:*)(;*c"9$*7%H&9*HJ=*WKL#*HG"H%=*)(;*GHJ=QH'"J*Q&)("K)*
H:S&J'*)(&:*H99[&L#"%)HJ)*^K;:)&"J@*a($*&:*"#;J*&JJ"<H)&"J*%;9;<HJ)*)"*
$"K%*N"L#HJ$O*&):*#%;:;J)*:&)KH)&"JO*HJ=*&):*L&::&"J*HJ=*<&:&"J]*5I*$"K*
(H<;JX)*HJ:Q;%;=*)(&:*̂ K;:)&"J*)("%"K'(9$O*$"K*J;;=*)"*G%&J'*$"K%*I;;)*
GHNS*"J*)(;*'%"KJ=*HJ=*%;L;LG;%*)(H)*&JJ"<H)&"J*"I*HJ$*)$#;*&:*WK:)*H*
2J*HJ:Q;%*)"*)(;*`Q($b*^K;:)&"J*:("K9=*:("Q*HJ*KJ=;%:)HJ=&J'*"I*
("Q*"#;J*&JJ"<H)&"J*NHJ*G;*HJ*&L#"%)HJ)*#H%)*"I*)(;*';J;%H9*&JJ"[
<H)&"J*:)%H);'$O*Q(&N(* &J*)K%J*J;;=:*)"*G;*:)%"J'9$*H9&'J;=*Q&)(*)(;*
"<;%H99*N"%#"%H);*:)%H);'$>*?K)*LHJ$*N"L#HJ&;:O*;:#;N&H99$*:LH99*"J;:O*
"#;J*&JJ"<H)&"J*:)%H);'$*)(H)*9&JS:*Q&)(*&)>
\
JDKGEI*LMBE*GEELNDAGLE*OL9K
W
[
)&"J* I"%* $"K%* ;II"%):O* ("#;IK99$* H* =&%;N)&"J* )(H)X:* H9&'J;=* Q&)(* $"K%*
[
J"<H)&"J*&J*H9&'JL;J)*Q&)(*$"K%*:)%H);'$>*5JJ"<H)&"J*HJ=d;<;J*L"%;*
)(;*"J;*)(H)*LH)N(;:*&):*"GW;N)&<;:O*NH#HG&9&)&;:O*HJ=*%;:"K%N;:>*PJN;*
)(;*%;H:"J*I"%*&JJ"<H)&J'*HJ=*)(;*H##%"HN(*)"*&JJ"<H)&"J*H%;*&J*#9HN;O*
&)*G;N"L;:*;H:&;%*)"*Q"%S*"K)*H*:)%H);'$*HJ=*&L#9;L;J)*&)>
c;%;X:*HJ*&J:&'()IK9*HJ=*:9&'()9$*#%"<"NH)&<;*H%)&N9;*G$*7%H(HL*c&99O*
Q("*&:*H*9;H=&J'*&J);%JH)&"JH9*;U#;%)*&J*NK:)"L;%[=%&<;J*&JJ"<H)&"J>*
29)("K'(*)(;*H%)&N9;* &:*H* I;Q*$;H%:*"9=*HJ=*)(K:*:"L;*"I* )(;*=H)H* &:*
"K)=H);=O*)(;%;*:)&99*H%;*:"L;*'""=*9;::"J:*"J*N%"Q=:"K%N&J'*&J*)(&:>
?$*7%H(HL*c&99O*#H%)*N"J:K9)HJ)O*#H%)*&JJ"<H)"%*HJ=*#H%)*;J)%;#%;[
J;K%*(;9#&J'*N"L#HJ&;:*N"[N%;H);*<H9K;*Q&)(*)(;&%*NK:)"L;%:>
Z;);%* 6%KNS;%* )(;* 'K%K:X* 'K%K* IHL"K:9$* :H&=O* `?;NHK:;*
)(;*#K%#":;*"I*GK:&J;::*&:*)"*N%;H);*H*NK:)"L;%O*)(;*GK:&J;::*
;J);%#%&:;*(H:*)Q"dHJ=*"J9$*)Q"dGH:&N*IKJN)&"J:@*LH%S;)[
&J'*HJ=*&JJ"<H)&"J>*TH%S;)&J'*HJ=*&JJ"<H)&"J*#%"=KN;*%;[
:K9):Y*H99*)(;*%;:)*H%;*N":):>b*TH%S;)&J'*&:*(H%=*;J"K'(*)"*';)*
%&'()O*GK)*&JJ"<H)&"J*&:*H*Q("9;*9")*(H%=;%*:)&99>*6;#;J=&J'*
"J* )(;* &J=K:)%$O* HG"K)* E,* #;%N;J)* "I* J;Q* #%"=KN):* IH&9* "J*
&J)%"=KN)&"J* &J* )(;* LH%S;)>* 2J=* K#* )"* B,* #;%N;J)* IH&9* &J*
%;&J)%"=KN)&"J>
/"*"<;%N"L;*)(&:*=&:H:)%"K:*IH&9K%;*%H);O*N"L#HJ&;:*(H<;*
:)H%);=*)"*%;N%K&)*NK:)"L;%:*)"*';J;%H);*&=;H:*I"%*J;Q*#%"=[
KN):O* H* #%"N;::* _;II* c"Q;* NH99;=* N%"Q=:"K%N&J'* &J* H* +,,B*
H%)&N9;* &J* a&%;=* LH'HR&J;>* /(;%;* H%;* H* JKLG;%* "I* '%;H)*
;UHL#9;:* "I* :KNN;::IK9* N%"Q=:"K%N&J'* #%"'%HL:O* ("Q;<[
;%O* )Q"* ;UHL#9;:* &99K:)%H);* Q(H)* (H##;J:* Q(;J* N"L#HJ&;:*
:)H%)*N%"Q=:"K%N&J'*#%"'%HL:*Q&)("K)*%;H99$*)(&JS&J'*)(;L*
)(%"K'(*#%"#;%9$>
2J$"J;*NHJ*N"L;*K#*Q&)(*H*N"L#K);%[%;9H);=* &=;HO*#":)* &)*
"J*)(;*5=;H.)"%L*Q;G:&);O*<");*I"%*)(;*G;:)*&=;H:O*N"LL;J)*
HG"K)*)(;L*HJ=*("#;IK99$O*:;;*)(;L*&L#9;L;J);=>*."KJ=:*
'%;H)>*a($*J")*(H%J;::*&=;H:*I%"L*NK:)"L;%:]*2J=*Q($*J")*
';)*NK:)"L;%:*)"*<");*I"%*)(;L*)"*NK)*#%"'%HL*:)HII*N":):>
iJI"%)KJH);9$O* N%"Q=:"K%N&J'* (H:* H* JKLG;%* "I* :;%&"K:*
JKLG;%:*"I*)(;LO*)$#&NH99$*#%"=KN;*H<;%H';O*KJ%;LH%SHG9;O*
&JN%;L;J)H9* &JJ"<H)&"J:O* %H)(;%* )(HJ* )(;* :);#[N(HJ';* &J[
J"<H)&"J:* )(H)* N"L#HJ&;:*("#;* I"%>*29)("K'(*-+OAEC* &=;H:*
(H<;*G;;J*#":);=*"J*)(;*Q;G:&);*:&JN;*5=;H.)"%L*:)H%);=*&J*
1;G%KH%$*+,,DO*"J9$*CBB*(H<;*G;;J*&L#9;L;J);=*)"[=H);O*H*
L&:;%9$*+>F*#;%N;J)*"I*)(;*)")H9>*2J=*L":)*"I*)(;*&L#9;L;J);=*
&=;H:*#%"<&=;*"J9$*&JN%;L;J)H9*&L#%"<;L;J):*)"*6;99X:*GK:&[
J;::>*/"*&):*N%;=&)O*6;99*:H$:*)(H)*5=;H.)"%L*&:*&J);J=;=*H:*HJ*
;U);J:&"J*"I*&):*%;9H)&"J:(&#*Q&)(*&):*NK:)"L;%:O*%H)(;%*)(HJ*
WK:)*H:*H*:"K%N;*"I*#%"=KN)*&=;H:>*_K:)*H:*Q;99O*H:*5=;H.)"%L*&:*
H*IH&9K%;*H:*H*:"K%N;*"I*Q&JJ&J'*J;Q*&JJ"<H)&"J:>
/(;* :;N"J=* ;UHL#9;* &:* .)H%GKNS:* Q&)(* &):* T$* .)H%GKNS:*
5=;H>* .&L&9H%* )"* 5=;H.)"%LO* T$* .)H%GKNS:* 5=;H* H99"Q:* HJ$*
]
JDKGEI*LMBE*GEELNDAGLE*OL9K
T
%;'&:);%;=*NK:)"L;%*)"*#":)*HJ*&=;HO*<");*I"%*)(;*G;:)*&=;H:O*
N"LL;J)* "J* )(;L* HJ=* :;;* )(;L* &L#9;L;J);=>* P%* J")* H:*
)(;*NH:;*LH$*G;>*T$*.)H%GKNS:*5=;HO*=;:#&);*%;N;&<&J'*"<;%*
DMOBMC* &=;H:O* (H:* "J9$* &L#9;L;J);=* C-M* &=;H:* )"[=H);O* HJ*
;<;J*L"%;*L&:;%9$*,>A*#;%N;J)*"I*)(;*)")H9>
\"K*Q"K9=JX)*)(&JS*)(H)*(H<&J'*&=;H:*)"*&L#%"<;*H*N"II;;[
9"Q* %H);* "I* &L#9;L;J)H)&"J* &99K:)%H);:* )(;* :;N"J=* #%"G9;L*
Q&)(*N%"Q=:"K%N&J'Y*NK:)"L;%:*(H<;*J"*&=;H*"I*("Q*)(;*GK:&[
J;::*Q"%S:O*Q(H)*GK:&J;::*NH#HG&9&)&;:*&)*(H:*HJ=*)(K:O*J"*&=;H*
Q(;)(;%*;<;J*)(;*:&L#9;:)*"I*&=;H:*NHJ*%;H9&:)&NH99$*G;*&L#9;[
5J* :)H%S* N"J)%H:)* )"* .)H%GKNS:O* /"$")H* &L#9;L;J):*
"<;%*-O,,,O,,,*;L#9"$;;*&=;H:*;<;%$*$;H%O*FM*#;%N;J)*"I*)(;L*
Q&)(&J* -,* =H$:* "I* G;&J'* :KGL&));=>* ?K)* KJ9&S;* .)H%GKNS:X*
NK:)"L;%:O*/"$")HX:*;L#9"$;;:*SJ"Q*;UHN)9$*Q(;%;*)(;*G;:)*
&JJ"<H)&"J*"##"%)KJ&)&;:*9&;O*Q(H)*NHJ*%;H9&:)&NH99$*G;*&L#9;[
&JJ"<H)&"J:*9&S;*)(&:*&:*#H%)*"I*)(;*/"$")H*aH$>*5)X:*Q(H)*LHS;:*
/"$")H*:KN(*H*KJ&^K;*N"L#HJ$>
2J=* )(;%;* &:* HJ")(;%* G&'* #%"G9;L* )"">* !K:)"L;%:* ;U[
#;J=*H*9")*"I*N%;H)&<;*'""=Q&99*';J;%H)&J'*&=;H:*I"%*6;99*HJ=*
.)H%GKNS:O*"J9$*)"*:;;*)(;*<H:)*LHW"%&)$*"I*)(;L*:(")*="QJ*
G$*)(;&%*#;;%:*"%*&'J"%;=*G$*)(;*N"L#HJ&;:>*299*)(H)*)H9S*G$*
6;99*"I*GK&9=&J'*H*%;9H)&"J:(&#*Q&)(*NK:)"L;%:*^K&NS9$*N"L;:*
)"*J")(&J'*Q(;J*&):*NK:)"L;%:X*(H%=*Q"%S*N%;H)&J'*&=;H:* &:*
J;&)(;%*%;N"'J&R;=*J"%*%;QH%=;=>
2:*6;99*HJ=*.)H%GKNS:*H));L#):*H)*N%"Q=:"K%N&J'*&99K:)%H);*
"J9$*)""*N9;H%9$O*N%"Q=:"K%N&J'X:*:K##":;=*H=<HJ)H';*"I*(H%[
J;::&J'*NK:)"L;%:*H:*:"K%N;:*"I*&JJ"<H)&"J*&:*&J*IHN)*&):*G&'[
';:)*Q;HSJ;::>*/(;*IHN)*&:*)(H)*L":)*NK:)"L;%:*:&L#9$*="JX)*
(H<;* HJ$* '""=* &=;H:* HJ=* LHJ$* "I* )(;* '""=* &=;H:* )(H)* ="*
N"L;*I"%QH%=*H%;*:&L#9$*J")*&L#9;L;J)HG9;>*/(&:*#%"=KN;:*
H*L&J&:NK9;*&L#9;L;J)H)&"J*%H);*)(H)*GK%J:*H*9")*"I*NK:)"L;%*
'""=Q&99*&J*)(;*#%"N;::>
."*Q(H)*:("K9=*N"L#HJ&;:*Q("*:)&99*QHJ)*)"*(H%J;::*NK:[
)"L;%:* )"*';J;%H);*Q&JJ&J'* &JJ"<H)&"J:*="]*c"Q*NHJ*)(;$*
)K%J* QH:);IK9* N%"Q=:"K%N&J'* &J)"* #%"=KN)&<;* :LH%):"K%N[
&J'>*PJ;*N"L#HJ$* )(H)*'")* &)* %&'()* &:*!&:N"*Q&)(* &):* 5[Z%&R;*
N"L#;)&)&"J>* .)H%)&J'* &J* 9H);* +,,DO* !&:N"* H:S;=* &JJ"<H)"%:*
)"*N"L;*K#*Q&)(*&=;H:*)(H)*N"K9=*&)*)K%J*&J)"*)(;*J;U)*G&99&"J*
="99H%*GK:&J;::>*!&:N"*N"99;N);=*"<;%*-O+,,*&=;H:*I%"L*+OM,,*
&JJ"<H)"%:*&J*-,A*N"KJ)%&;:*HN%"::*)(;*'9"G;>*/(;*&=;H:*Q;%;*
)(;$*N"K9=*G;*=;9&<;%;=*K:&J'*!&:N"X:*NH#HG&9&)&;:*HJ=*&I*!&:N"*
N"K9=*LHS;*L"J;$*I%"L*="&J'*:">
I%"L*HN%"::*!&:N"X:*GK:&J;::>*/(;*G;:)*A,*&=;H:*Q;%;*)(;J*H:[
:&'J;=*H*L;J)"%*)"*(;9#*)(;*&JJ"<H)"%:*)K%J*)(;&%*&=;H*&J)"*H*
[
[
;9;N)%&N&)$*'%&=dG$*H*7;%LHJm8K::&HJ*);HL*QH:*:;9;N);=*)"*
N"99;N)*)(;*n+M,O,,,*#%&R;>
!&:N"X:*:KNN;::*H)*:LH%):"K%N&J'*:("Q:*)(;*&L#"%)HJN;*"I*
I"NK:&J'* &=;H:* "J* #H%)&NK9H%* #H&J* #"&J):* "%* "##"%)KJ&)&;:>*
8H)(;%*)(HJ*WK:)*9;)*&JJ"<H)"%:*N"L;*K#*Q&)(*&=;H:O*&)*&:*LKN(*
G;));%* )"* I"NK:* )(;&%* N%;H)&<&)$* "J* WK:)* )(":;* "##"%)KJ&)&;:*
Q(;%;*)(;$*NHJ*#%"=KN;*H*G%;HS)(%"K'(>*2:*&JJ"<H)&"J*'K[
%K:*/"J$*i9Q&NS*"I*.)%H);'$J*HJ=*Z%"I>*!9H$)"J*!(%&:);J:;J*
(H<;* :("QJO* &J* )"=H$X:* NK:)"L;%[N;J)%&N* GK:&J;::* ;J<&%"J[
L;J)* )(&:* L;HJ:* KJ=;%:)HJ=&J'* )(;* W"G:* NK:)"L;%:* H%;*
>X
JDKGEI*LMBE*GEELNDAGLE*OL9K
>>>X
)%$&J'*)"*="*HJ=*)(;*"K)N"L;:*)(;$*QHJ)*I%"L*="&J'*)(;L>*
2J=* J")* "J9$* IKJN)&"JH9* `="&J'b* W"G:O* GK)* H9:"* ;L")&"JH9*
W"G:* )(H)*=;:N%&G;*("Q* )(;* NK:)"L;%* I;;9:* HG"K)*Q(H)* )(;$*
H%;* ="&J'* HJ=* :"N&H9* W"G:* )(H)* =;:N%&G;* ("Q* )(;* NK:)"L;%*
%;9H);:*)"*)(;&%*#;;%:>*
PJN;*$"K*KJ=;%:)HJ=*NK:)"L;%* W"G:*HJ=*"K)N"L;:O* )(;$*
)"*NK:)"L;%:*&:*(&'(;:)*GK)*:H)&:IHN)&"J*Q&)(*NK%%;J)*:"9K)&"J:*
&:*9"Q;:)>*/(&:*&:*)(;*&JJ"<H)&"J*:Q;;)*:#")>*0U#;%&;JN;*:K'[
';:):*)(H)*I"NK:&J'*"J*)(;*&JJ"<H)&"J*:Q;;)*:#")*NHJ*#%"=KN;*
HJ*E,*#;%N;J)*:KNN;::*%H);*I"%*J;Q*#%"=KN):Y*H*Q("9;*9")*G;)[
);%*)(HJ*)(;*E,*#;%N;J)*IH&9K%;*%H);*Q;*N"LL"J9$*:;;>
&
K@=&)45;6@C&!5E@5F5=7
G
G
G
G
;:6@<6?59&:B&:;@<&?<<:A56?:<&?B&=:I&8:C@&:C&9@77&D@9?L@C56@9=&
G
G
G
G
->*c>*a>*!(;:G%"K'(O*%&#'$('')*+,-)'1$!"#$=#>$(?&#:+,-*#$@):$A:#+,-'<$+'5$
* g?":)"J@*cH%<H%=*?K:&J;::*.N(""9*Z%;::O*+,,gChO*
UU&<>
+>* !>* l>Z%H(H9H=* HJ=* V;JSH)* 8HLH:QHL$O* `!"[P#)&J'* !K:)"L;%*
!"L#;);JN;Ob*B+:*+:5$C03-'#33$.#*-#>*g1;G%KH%$*+,,,hO*())#@mm(G:QS>
(G:>;=KmH%N(&<;m-+FF>()L9>
THJ$*#;"#9;d&JN9K=&J'*)(":;*Q("*"#;%H);*:LH99*N"L#HJ&;:d
="*J")*9&JS*:LH99*GK:&J;::*Q&)(*&JJ"<H)&"J>*\;:O*)(;$*H%;*;J[
)%;#%;J;K%&H9O*GK)*)(&:*&:*J")*J;N;::H%&9$*<&;Q;=*H:*&JJ"<H)&"JO*H:*)(;:;*
#;"#9;*);J=*)"*)(&JS*&JJ"<H)&"J*&:*WK:)*I"%*G&'*N"%#"%H)&"J:>*\;)O*:;<[
;%H9*$;H%:*H'"O*Q(;J*5J)K&)*G;'HJ*:#"J:"%&J'*%;:;H%N(*)(H)*Q"K9=*9""S*
9""S*H)*QH:*:LH99*GK:&J;::*&JJ"<H)&"J>*/(;&%*%;#"%)O*`8;:;H%N(*?%&;I@*
J"L&N*HJ=* );N(J"9"'&NH9* N(HJ';*L;HJ:* I;Q*GK:&J;::;:* NHJ* :KNN;;=*
Q&)("K)*N"J)&JKH99$*&JN"%#"%H)&J'*J;Q*L;)("=:>*5JJ"<H)&"JO*"JN;*"#[
)&"JH9*I"%*L":)*:LH99*GK:&J;::;:O*&:*J"Q*LHJ=H)"%$>b-
LMBE*GEELNDAGLEQBE B C G A @
CL9*@JDFF*DEH*FD9IB*Q^@GEB@@B@
LMBE*GEELNDAGLECL9*@JDFF*DEH*FD9IB*Q^@GEB@@B@
"LMBE*GEELNDAGLE
>V
JDKGEI*LMBE*GEELNDAGLE*OL9K
>?
/(;* %;#"%)* '";:* "J* )"* J");O* ("Q;<;%O* )(H)* LHJ$* :LH99* GK:&J;::;:*
="JX)*NH99*Q(H)*)(;$X%;*="&J'*&JJ"<H)&"J>*5J:);H=O*)(;$*K:;*Q"%=:*9&S;*
`)Q;HSOb* `H=WK:)Ob* `&L#%"<;Ob*HJ=*`N(HJ';b* )"*=;:N%&G;*("Q* )(;$*H%;*
N"J)&JK"K:9$*&L#%"<&J'*)(;&%*#%"=KN)*"%*:;%<&N;*&J*%;:#"J:;*)"*LH%S;)*
=;LHJ=:>+*/(;$*)(&JS*"I*&)*L"%;*&J*)(;*<;&J*"I*J"%LH9*"#;%H)&"J:*)(HJ*
H:*G;&J'*&JJ"<H)&<;>*2J=*"I*N"K%:;O*)(;$*H%;*KJ9&S;9$*)"*(H<;*HJ*8f6*
=;#H%)L;J)*"%*:"L;"J;*Q("*&:*&J*N(H%';*"I*&JJ"<H)&"J>
\;)O*H:* )(;* 5J)K&)* %;#"%)*J");:O* WK:)*G;NHK:;*:LH99*GK:&J;::*"QJ;%:*
HJ=*LHJH';%:*="JX)*:;;*)(;L:;9<;:*H:* &JJ"<H)"%:*=";:JX)*L;HJ*)(;$*
H%;*J")* &JJ"<H)&J'>*5J*IHN)O*:LH99*GK:&J;::;:*K:;*)(;*LH%S;)*H:*)(;&%*
&JJ"<H)&"J*9HG*H:*)(;$*N"J:)HJ)9$*%;:#"J=*)"*)(;*J;;=:*"I*)(;&%*NK:)"L[
;%:>* 2:* :LH99* "%'HJ&RH)&"J:O* )(;$* ';J;%H99$* (H<;* <;%$* N9":;* %;9H)&"J:*
Q&)(*NK:)"L;%:O*;JHG9&J'*)(;L*)"*S;;#*H*N9":;*QH)N(*"J*N(HJ'&J'*NK:[
)"L;%*J;;=:>
5J)K&)*KJN"<;%;=*)(%;;*LH&J*=%&<;%:*"I*&JJ"<H)&"J*&J*:LH99*GK:&J;::C@
G
G
';;:C6I<?6=M&+8599&LI7?<@77@7&E<:F&4:F&6:&76C?E@&F4?9@&64@&
G
G
PJ;*L"%;*&L#"%)HJ)*&=;H*I%"L*)(;*5J)K&)*%;#"%)*&:*)(;&%*N"JN9K:&"J*
)(H)* &JJ"<H)&"J*&:* 9;::*%&:S$*I"%*:LH99*GK:&J;::;:* )(HJ*9H%';*N"%#"%H[
)&"J:>*̀ ?;NHK:;*"I*)(;&%*:LH99;%*:NH9;O*:LH99*GK:&J;::;:*NHJ*;U#;%&L;J)*
Q&)(*HJ=*&L#9;L;J)*J;Q*H##%"HN(;:*IH:);%O*;H:&;%O*HJ=*N(;H#;%*)(HJ*
9H%';*N"%#"%H)&"J:>*2J=*KJ(&J=;%;=*G$*=;N&:&"J[LHS&J'*GK%;HKN%HN$*
HJ=*%;L");*=;N&:&"J*LHS;%:O*:LH99*GK:&J;::;:*NHJ*L"<;*LKN(*L"%;*
^K&NS9$*"J*&JJ"<H)&"J*"##"%)KJ&)&;:>bA
5I*:LH99*GK:&J;::;:*H%;*JH)K%H9* &JJ"<H)"%:O*Q(;%;*=";:*"#;J*&JJ"[
=&:NK::;=*'"&J'*GHNS*H:*IH%*H:*)(;*-FB,:O*&)*QH:*J")*KJ)&9*)(;*#H:)*=;[
NH=;*)(H)*&)*%;H99$*NHL;*H9&<;*&J*9H%';*N"%#"%H)&"J:*H%"KJ=*)(;*Q"%9=>*
4;H=&J'*)(;*QH$*QH:*Z%"N);%*f*7HLG9;*gZf7hO*)(;*Q"%9=X:*9H%';:)*N"J[
;U#%;::;=*)(;*%H=&NH9*&=;H*)(H)*(H9I*"I*)(;*N"L#HJ$X:*&JJ"<H)&"J*"K)[
#K)*:("K9=*&JN9K=;*H*S;$*;U);%JH9*N"J)%&GK)&"J>*/(&:*9;=*)"*)(;*H="#[
)&"J*"I*HJ*&JJ"<H)&"J*L"=;9*Zf7*NH99:*!"JJ;N)*o*6;<;9"#*<&H*Q(&N(*
Zf7* HNN;::;:* ;U);%JH99$* =;<;9"#;=* &J);99;N)KH9* #%"#;%)$* &J* &):* "QJ*
LH%S;):*Q(&9;*H99"Q&J'*&):*&J);%JH99$*=;<;9"#;=*H::;):*HJ=*SJ"Q[("Q*)"*
G;*K:;=*G$*")(;%:>*5)*N"99HG"%H);:*Q&)(*&J=&<&=KH9:O*N"L#HJ&;:O*9HG"%H)"[
8f6*J;)Q"%S:>
Zf7*(H:*(H=*)%;L;J="K:*:KNN;::*Q&)(*&):*"#;J*&JJ"<H)&"J*;II"%):O*
:KNN;::* )(H)* (H:* ;JN"K%H';=* ;<;%['%"Q&J'* JKLG;%:* "I* N"%#"%H)&"J:*
>\
JDKGEI*LMBE*GEELNDAGLE*OL9K
>W
[
G
G
N
PG<&"K:9$O*)(;:;*H%;*&L#"%)HJ)*H=<HJ)H';:*I"%*"%'HJ&RH)&"J:*"I*HJ$*
:&R;O* ;:#;N&H99$* &J* )"=H$X:*($#;%[N"L#;)&)&<;*'9"GH9*LH%S;)#9HN;>*?K)*
)(;:;*H%;*"J9$*)(;*G;'&JJ&J'*"I*)(;*%;H:"J:*N"L#HJ&;:*G")(*9H%';*HJ=*
:LH99*H%;*;LG%HN&J'*"#;J*&JJ"<H)&"J>
5J*H*Q;G&JH%*N"J=KN);=*&J*H=<HJN;*"I*!"[6;<*+,--O*HJ*HJJKH9*N"J[
I;%;JN;*"J*N"[=;<;9"#L;J)*HJ=*"#;J*&JJ"<H)&"JO*?9H&J;*!(&9=%;::O*
H* %;:;H%N(* :N&;J)&:)* H)* .;H9;=* 2&%* !"%#"%H)&"JO* =;9&J;H);=* H* JKL[
G;%*"I*")(;%*&L#"%)HJ)*%;H:"J:*.;H9;=*2&%O*Q(&N(*&:*H*9H%';*N"%#"[
%H)&"JO* :)H%);=*#K%:K&J'*"#;J* &JJ"<H)&"J*:;<;%H9*$;H%:*H'">*/(;:;*
%;H:"J:* H##9$* ;^KH99$* Q;99d"%* #;%(H#:* ;<;J* L"%;* :"d)"* :LH99;%*
N"L#HJ&;:@
G
4;)X:*9""S*L"%;*N9":;9$*H)*)(;:;*%;H:"J:>*1&%:)O*Zf7*9;H%J;=*)(H)*I"%*
;<;%$*"J;* &):*DOM,,*:N&;J)&:):*HJ=*%;:;H%N(;%:O* )(;%;*Q;%;*+,,*")(;%:*
"K):&=;*)(;&%*"%'HJ&RH)&"J*Q("*Q;%;*WK:)*H:*'""=*"%*G;));%O*L;HJ&J'*
)(;%;* H%;* #;%(H#:* ->M* L&99&"J* )H9;J);=* #;"#9;* "K):&=;* "I* Zf7* Q("*
N"K9=*G;*"I*<H9K;*)"*)(;*N"L#HJ$X:*&JJ"<H)&"J*;II"%)>*c"Q*LHJ$*;U[
#;%):*="*$"K*:K##":;*H%;*"K)*)(;%;*&J*)(;*Q"%9=*Q("*(H<;*SJ"Q9;=';*
/"*!(&9=%;::X:*&=;H*)(H)*:N&;JN;*HJ=*);N(J"9"'$*H%;*H=<HJN&J'*)""*
%H#&=9$*I"%*H*N"L#HJ$*)"*S;;#*H#HN;O*5*Q"K9=*H==*)(H)*GK:&J;::*HJ=*
N"J:KL;%*)%;J=:*H%;*H9:"*;<"9<&J'*H)*H*IH%*L"%;*%H#&=*#HN;*)(HJ*;<;%*
"I*)(&J':O*J;<;%*L&J=*)(;*N(H99;J';*)(H)*)(&:*#%;:;J):*I"%*:LH99;%*N"L[
#HJ&;:*Q&)("K)*HNN;::*)"*;U#;J:&<;*%;:;H%N(*)(H)*G&'*N"L#HJ&;:*K:;*)"*
)%HNS*:(&I):*&J*)(;*LH%S;)#9HN;>
P<;%* )(;*#H:)* I;Q*=;NH=;:O* &)*(H:*G;N"L;*H*'&<;J* )(H)* &JJ"<H)&"J*
&:*J;N;::H%$*I"%*:K%<&<H9>*2J=*G$*)(&:*5*L;HJ*%;H9*&JJ"<H)&"JO*J")*WK:)*
:9H##&J'*H*J;Q*JHL;*HJ=*#HNSH'&J'*"J*:"L;)(&J'*"9=>*/(;*N%;H)&"J*
"I*J;Q*<H9K;*&:*Q(H)*:;#H%H);:*)(;*N"L#HJ&;:*)(H)*)(%&<;*I%"L*)(;*"J;:*
)(H)*9HJ'K&:(*&J*)(;*="9=%KL:*"%*;<;J*IH&9*H9)"';)(;%>
/(;*GHJS%K#)N$*"I*?"%=;%:*?""S:*&:*HJ*;UN;99;J)*;UHL#9;*"I*Q(H)*
(H##;J:*Q(;J*$"K*IH&9*)"*&JJ"<H);*&J*H*LH%S;)#9HN;*)(H)*&:*KJ=;%'"[
&J'*LHW"%*N(HJ';:>*P<;%*)(;*#H:)*=;NH=;O* )(&:*G""S:;99;%* 9H'';=*IH%*
G;(&J=* &):* N"L#;)&)"%:* &J* S;;#&J'* #HN;* Q&)(* )(;* N(HJ';:* )(H)* H%;*
)%HJ:I"%L&J'*)(;*&J=K:)%$>*1&%:)O*&)*"K):"K%N;=*&):*"J9&J;*#%;:;JN;*)"*
2LHR"J>N"L*I"%*H*JKLG;%*"I*$;H%:* &J:);H=*"I*=;<;9"#&J'*H*:)%H);'$*
)(H)*Q"K9=*;JHG9;*&):*"QJ*G%HJ=*)"*)(%&<;*"J9&J;>*a&)(*G""S:*G;&J'*
)(;*L":)*#"#K9H%*"J9&J;*#K%N(H:;O*J")*(H<&J'*H*<&HG9;*"J9&J;*G%HJ=*
#%;:;JN;*(K%)*?"%=;%:*=;H%9$>*/"*LHS;*LH));%:*Q"%:;O* )(;*N"L#HJ$*
QH:*;U)%;L;9$*:9"Q*)"*;LG%HN;*)(;*;[G""S*#(;J"L;J"J>*0<;%$"J;*(H:*
>]
JDKGEI*LMBE*GEELNDAGLE*OL9K
>T
(;H%=*"I*2LHR"JX:*l&J=9;*HJ=*?H%J;:*f*3"G9;X:*3""SO*GK)*("Q*LHJ$*
#;"#9;*SJ"Q*)(;*JHL;*"I*?"%=;%:X*;[%;H=;%]*g5)X:*)(;*l"G">h
2:*?"%=;%:*9;H%J;=*)(;*(H%=*QH$O*&JJ"<H)&"J*&:*&L#;%H)&<;*&J*)"=H$X:*
LH%S;)#9HN;>*/(&:* &:* )%K;*Q(;)(;%*$"KX%;* &J* )(;*GK:&J;::[)"[GK:&J;::*
LH%S;)* "%* :;%<&J'* )(;* J;;=:* "I* N"J:KL;%:>* ."* )(;* ^K;:)&"J* &:* J")*
Q(;)(;%* $"K* (H<;* )"* &JJ"<H);Y* &)X:* ("Q* $"K* H%;* '"&J'* )"* LHS;* )(H)*
&JJ"<H)&"J*(H##;J>*2J=*I"%*&JN%;H:&J'*JKLG;%:*"I*N"L#HJ&;:*"I*H99*
:&R;:O*)(;*HJ:Q;%*)"*)(H)*^K;:)&"J*&:*)(%"K'(*"#;J*&JJ"<H)&"J>
2:*?9H&J*!(&9=%;::*#"&J):*"K)O*I;Q*N"L#HJ&;:*NHJ*HII"%=*)"*(&%;*H99*
)(;*J;;=;=*;U#;%)&:;*&J);%JH99$>*/(&:O*"I*N"K%:;O*&:*;:#;N&H99$*)%K;*I"%*
:LH99*N"L#HJ&;:>*\;)*H:*(;*H9:"*J");:O*N"L#HJ&;:*"I*H99*:&R;:*J"Q*(H<;*
HNN;::* )"* )H9;J)* I%"L*H%"KJ=*)(;*Q"%9=O*J")* WK:)*Q(H)X:* &J* )(;&%*"QJ*
J;&'(G"%(""=>*2J=* :LH99* N"L#HJ&;:*NHJ* )HS;*H=<HJ)H';*"I* )(&:* %;[
:"K%N;*)(%"K'(*&JJ"<H)&"J*&J);%L;=&H%&;:O*H:*=;:N%&G;=*&J*!(H#);%*F>
?;NHK:;* "I* )(;* (&'(* 9;<;9* "I* %&:S[)HS&J'* &J<"9<;=* Q&)(* $"KJ'* <;J[
)K%;:O* 9;H=;%:* "I* ;J)%;#%;J;K%&H9* ;J);%#%&:;:* "I);J* (H<;* (;H9)($* "%*
;<;J*"K):&R;=*;'":Y*&)*)HS;:*H*N;%)H&J*HL"KJ)*"I*(KG%&:*)"*G;9&;<;*$"K*
NHJ*=;I;H)*)(;*(&'(*"==:*H'H&J:)*)(;*:KNN;::*"I*H*J;Q*<;J)K%;>*/(&:*NHJ*
?9H&J*!(&9=%;::*)H9S;=*HG"K)@*)(H)*$"K*HJ=*$"K%*#;"#9;*LH$O*&J*IHN)O*
'),$(H<;*)(;*G;:)*&=;H:*HJ=*:"9K)&"J:>*5J*%;H9&)$O*)(;%;*&:*H*:)%"J'*#":[
:&G&9&)$*)(H)*)(;*G;:)*#;"#9;*HJ=*)(;*G;:)*&=;H:*H%;*)"*G;*I"KJ=*"K):&=;*
$"K%*"%'HJ&RH)&"J>*1H&9K%;*)"*%;N"'J&R;*)(&:*NHJ*("9=*H*N"L#HJ$*GHNS*
I%"L*%;H9&R&J'*&):*IK99*#");J)&H9>
2J=*)(;*#%"G9;L*NHJ*"J9$*G;N"L;*Q"%:;*H:*HJ*;J)%;#%;J;K%&H9*N"L[
#HJ$*L"<;:*G;$"J=*)(;*;H%9$*#(H:;:O*Q(;J*H99*HN)&<&)&;:*H%;*';H%;=*)"[
QH%=*;U;NK)&J'*"J*H*:&J'9;O*'%;H)*#%"=KN)O*&=;HO*"%*);N(J"9"'$>*2:*)(;*
N"L#HJ$*'%"Q:O*I"NK:*);J=:*)"*:(&I)*)"QH%=*N"J)%"9*%H)(;%*)(HJ*S;;#[
&J'* )(;* <&:&"JH%$* )(&JS&J'*HJ=*G"9=*H##%"HN(;:* )(H)*GK&9)* )(;*N"L[
#HJ$>*/(;:;*LK:)*G;*%;[&'J&);=>*P#;J*&JJ"<H)&"J*NHJ*G;*)(;*<;(&N9;*
I"%*HNN"L#9&:(&J'*)(&:*"GW;N)&<;>
PI*N"K%:;O*"#;J*&JJ"<H)&"J*"II;%:*N(H99;J';:*H:*Q;99O*;:#;N&H99$*I"%*
#;"#9;*Q("*H%;*HNNK:)"L;=*)"*Q"%S&J'* &J*H*N9":;=* &JJ"<H)&"J*;J<&[
%"JL;J)>* /(;:;* )(%;;* IKJ=HL;J)H9* ^K;:)&"J:* LK:)* G;* HJ:Q;%;=* G$*
GK:&J;::;:* "I* H99* :&R;:* G;I"%;* ;LGH%S&J'* "J* H* W"K%J;$* )"QH%=* "#;J*
&JJ"<H)&"J@
1456&F?99&:;@<&?<<:A56?:<&D:&6:&=:IC&LI7?<@77&8:D@9>&,<&5<&
G
G
G
64?7&8:A@8@<6O?67&:;;:C6I<?6?@7&5<D&64C@567O5<D&9@5C<&6:&
5D:;6&5& 76=9@& 6456&:;6?8?H@7& 6CI76P&8:6?A56?:<P&5<D&;@CB:CG
SX
JDKGEI*LMBE*GEELNDAGLE*OL9K
S>
!(%&:* 8$KO* P#;J* 5JJ"<H)&"J* THJH';%* H)* 47* :(H%;:* &J[
:&'():* HJ=* ;U#;%&;JN;:* "J* ("Q* 47* &JJ"<H);* Q&)(* :LH99*
&JJ"<H)&"J*;II"%):*"J*)(;&%*!"99HG"%H);*HJ=*5JJ"<H);*#"%)H9>
5L:I6&:;@<&?<<:A56?:<>
-=IM&1%"L*L$*;U#;%&;JN;:O*)(;$X%;*J")*&JI"%L;=*Q&)(*)(;*
HJ=*H##%;N&H);*G&'*N"L#HJ&;:X*"#;J*&JJ"<H)&"J*&J&)&H)&<;:>*
2J=* I"%* )(;LO* =;<;9"#&J'* &J);%JH99$* &:* J")* HJ* "#)&"JO* :"*
#%"=KN):*"%*:"9K)&"J:>
-=IM& 2* S;$* 9;H%J&J'* &:* )(H)* KJ9;::* H* 9H%';* LHW"%&)$* "I*
;L#9"$;;:*H)*$"K%*N"L#HJ$*KJ=;%:)HJ=*HJ=*#%HN)&N;* )%K;*
"#;J*&JJ"<H)&"JO*$"K*J;;=*)"*(H<;*=;=&NH);=*);HL:*)"*=%&<;*
"#;J* &JJ"<H)&"J* HN)&<&)&;:O* HJ=* N""%=&JH);* N"99HG"%H)&"J:*
G;)Q;;J*$"K*HJ=*:LH99*N"L#HJ&;:>
%&'()*N"J)HN)*&J*G&'*N"L#HJ&;:*HJ=*H:*H*%;:K9)*)(;$*"I);J*;J=*
K#*N"J)&JK&J'*)"*J;'")&H);*Q&)(*#;"#9;*Q("*(H<;*H*N9":;=*
&JJ"<H)&"J*L&J=:;)>
-=IM& [
[
&J'[*HJ=*LHJH';L;J)[9;<;9>*Z;"#9;*H)*G&'*N"L#HJ&;:* );J=*
)"*';)*GK:$*Q&)(*")(;%* :)KIIO* :"* $"K*J;;=* )"*LHS;* :K%;* )"*
S;;#*N"J)HN)&J'*HJ=*K#=H)&J'*)(;L*HG"K)*$"K%*NK%%;J)*:)H[
)K:*HJ=*&::K;:>
5)*)HS;:*H*9")*"I*%;:"K%N;:O*GK)*Q(;J*$"K*)%$*)"*:"9<;*&::K;:O*
&)* &:* H9QH$:* G;));%* )"* L;;)* &J* #;%:"J>* PI);JO* ;UN(HJ'&J'*
;LH&9:*:;J=*)(;*Q%"J'*L;::H';:*)"*#;"#9;>*/(&:*&:*;:#;N&H99$*
)%K;*I"%*J"J[JH)&<;*0J'9&:(*:#;HS;%:>
5)*L&'()*H9:"*G;*H*'""=*&=;H*)"*K:;*9"NH9*H';JN$*)(H)*KJ[
=;%:)HJ=:*NK9)K%;*HJ=*9HJ'KH';*&I*$"KX%;*&J)%"=KN&J'*$"K%*
);N(J"9"'&;:* )"* "<;%:;H:* N"L#HJ&;:>* PI);JO* #;"#9;* I%"L*
:LH99* N"L#HJ&;:* Q("* =;H9* Q&)(* G&'* N"L#HJ&;:* H%;* J")*
'""=*H)*LHJH'&J'*%;9H)&"J:(&#*G;)Q;;J*N"L#HJ&;:>*/(;:;*
N""%=&JH)"%:*J;;=*)"*;UN;9*H)*GK&9=&J'*%;9H)&"J:(&#:O*S;;#[
&J'* N"J:)HJ)* N"LLKJ&NH)&"J:O* J;'")&H)&J'O* NK9)K%;O* 9HJ[
'KH';O*;)N>
G
-=IM&/(;*"J9$*QH$*)"*&L#%"<;*&:*)"*(H<;*H*:)%"J'*N"LL&)[
L;J)*I%"L*)(;*)"#*LHJH';L;J):*HJ=*H*:)%"J'*"#;J*&JJ"<H[
)&"J*);HL*)(H)*=%&<;:*)(;*N"%#"%H);*NK9)K%;>
SS
JDKGEI*LMBE*GEELNDAGLE*OL9K
-=IM&?&'*N"L#HJ&;:*NHJJ")*=;<;9"#*;<;%$)(&J'*G$*)(;L[
:;9<;:>*29:"*G&'*N"L#HJ&;:*NHJX)*:#;N&H9&R;*&J*LHJ$*H%;H:>
F456&5C@&64@=>
-=IM& 5* );J=* )"* G;* NH%;IK9* Q(;J* )(;$* H%;* <;%$* :)KGG"%J*
HJ=*)(K:*(H%=*)"*Q"%S*Q&)(>*5*H9:"*#H$*H));J)&"J*Q(;J*)(;$*
(H<;*<;%$*#""%*#%;:;J)H)&"J*:S&99:*HJ=*Q(;J*5*NHJJ")*:;;*)(;*
N9;H%*<H9K;*&J*)(;&%*);N(J"9"'&;:*"%*:;%<&N;:>
7?6I56?:<7>
-=IM&\"K*J;;=*<;%$*N9;H%*HJ=* I%;^K;J)*N"LLKJ&NH)&"J>*
/(&:* &:* ;U)%;L;9$* &L#"%)HJ)* HJ=* H* IHN;[)"[IHN;* L;;)&J'*
H9QH$:*(;9#:>*5)*&:*H*'""=*&=;H*)"*(H<;*H*L;=&H)"%*Q("*NHJ*
N""%=&JH);*N"99HG"%H)&"J*G;)Q;;J*G&'*N"L#HJ&;:X*9HG:*HJ=*
:LH99*N"L#HJ&;:>*a;*J;;=*)"*%;L;LG;%*)(H)*J;'")&H)&"J*&:*
J")*HG"K)*`Q;*Q&J*HJ=*$"K*9":;Ob*GK)*HG"K)*N"L&J'*K#*Q&)(*
G
-=IM& [
)&"J* &:* )"*G;*=&:NK::;=*HJ=*)(;$*:("K9=*H9QH$:* )("%"K'(9$*
%;H=*)(;*H'%;;L;J):*;<;J*&I*)(;$*H%;*KJ=;%*#%;::K%;*I%"L*
G&'*N"L#HJ&;:*)"*%;<&;Q*IH:);%>
-@?<A@<6&64@&14@@9
L"G&9&)$*:"9K)&"J:d<;(&N9;:O*;9;N)%"J&N:O*HJ=*:"I)QH%;d)"*
NH)H9$R;* )(;* :(&I)* )"* H* :K:)H&JHG9;* )%HJ:#"%)H)&"J* :$:);L>*
[
)%&N*N"LLK);%*<;(&N9;*)(H)*:)%&S;:*H*GH9HJN;*G;)Q;;J*K)&9&)$O*
;N"J"L$O*HJ=*#K%;*;9;N)%&N*IKJ>*2%N&L")"*&:*Q"%S&J'*"J*)(;*
NK))&J'*;=';*&J*LHJ$*QH$:*HJ=*5*Q"J=;%;=*Q(H)*"#;J*&JJ"[
<H)&"J*L;HJ:*)"*H*N"L#HJ$*9&S;*)(&:O*:"*5*&J);%<&;Q;=*:;%&H9*
;J)%;#%;J;K%*TH%S*1%"(JLH$;%O*Q("*&:*2%N&L")"X:*I"KJ=;%*
HJ=*#%;:&=;J)>
TH%S*:)H%);=*"K)*G$*:)H)&J'*)(H)O*`H:*H*<;(&N9;*=;<;9"#;%O*
2%N&L")"*Q"%S:*Q&)(*H* 9H%';*N"99;N)&"J*"I* :K##9&;%:O* 9H%';*
HJ=*:LH99O*)"*=;<;9"#*"K%*#%"=KN):>*.&JN;*"K%*#%&LH%$*%"9;*
&:*=;:&'J*HJ=*&J);'%H)&"JO*HJ*"#;JO*N"99HG"%H)&<;*H##%"HN(*
&:* H* IKJ=HL;J)H9* %;^K&%;L;J)* H)* 9;H:)* )"* H* =;'%;;>* 2:* Q;*
#9HJ*)(;*%"99"K)*"I*"K%*#9H)I"%L*:)%H);'$O*Q;X%;*H9:"*9""S&J'*
)"*pH<H&9HG9;*:"K%N;X*:"I)QH%;*L"=;9:*H:*Q;99*)"*N"J)&JK;*)"*
#K:(*)(;*G"KJ=H%&;:*"I*"#;JJ;::>b
(C:4<85=@CM*5*(H=*)"*9""S*K#*)(;*);%L*"J*a&S&#;=&H*I"%*
I"NK:;=* &J);%["%'HJ&RH)&"JH9* N"99HG"%H)&"J* HJ=* )"* :"L;*
=;'%;;*)(;*Q&99&J'J;::*)"*;J'H';*)(;*LH::;:*gN%"Q=:"K%N[
&J'O*;)N>h*)"*#H%)&N&#H);*&J*)(;*&JJ"<H)&"J*#%"N;::>
SV
JDKGEI*LMBE*GEELNDAGLE*OL9K
S?
1456& E?<D& :B& ;@:;9@& F:CE& F?64& :;@<& ?<<:A56?:<& 56&
(C:4<85=@CM*/(;*;J'&J;;%&J'*);HL*&:*)(;*#%&LH%$*'%"K#*
Q&)(&J* 2%N&L")"* NK%%;J)9$* &JJ"<H)&J'* Q&)(* "K):&=;* #H%)[
J;%:>*!"LLKJ&NH)&"J*HG&9&)&;:*H%;*S;$O*H:*Q;99*H:*H*Q&99&J'[
J;::*)"*9""S*"K):&=;*"I*)(;*"%'HJ&RH)&"J*I"%*H*:"9K)&"J>
(C:4<85=@CM*4&S;*$"K*:H&=O*:LH99*N"L#HJ&;:*"I);J*(H<;*
9&L&);=*9;'H9*%;:"K%N;:>*1"%*K:*)(H)*(H:*L;HJ)*(H<&J'*)"*#%&[
"%&)&R;*Q(&N(*;9;L;J):*Q;*N("":;*)"*#%");N)*H:*&J);99;N)KH9*
:;<;%H9*;9;L;J):*"I*)(;*<;(&N9;*H%N(&);N)K%;O*HJ=*Q&99*G;*#H)[
;J)&J'*)(;*&J=K:)%&H9*=;:&'J*"I*)(;*#%"=KN)*H:*Q;99>*29)("K'(*
5*:;;*#H);J):*H:*K:;IK9*("9=&J':O*"K%*LH&J*I"NK:*&:*GK&9=&J'*
)(;*G%HJ=*"I*)(;*N"L#HJ$*HJ=*)(;*#%"=KN):*&)*%;#%;:;J):>
F?64&:64@C7>
(C:4<85=@CM* a;* ="JX)* (H<;* )"* %;&J<;J)* )(;* Q(;;9>*
4&);%H99$>* /(;%;* H%;* H* 9")* "I* '""=* Q(;;9:* "K)* )(;%;O* HJ=*
G%HS;*9&J;:O*HJ=*L")"%:*HJ=*GH));%&;:*HJ=*N"J)%"99;%:O*HJ=*
:"*"J>*ZH%)J;%&J'*Q&)(*")(;%*"%'HJ&RH)&"J:*9;):*K:*9;<;%H';*
)(;* H=<HJN;:* ")(;%:* LHS;* &J)"* &L#%"<;L;J):* &J* "K%* "QJ*
#%"=KN)*"II;%&J':>*a;*NHJ*I"NK:*"J*Q(;%;*Q;*HN)KH99$*H==*
<H9K;>
5&;:6@<6?59&;5C6<@C74?;>
(C:4<85=@CM*6;#;J=:*"J*)(;*N"L#HJ$>*TH);%&H9:* :K##9&[
;%:*NHJ*);:)*NK))&J'[;=';*LH);%&H9:*"J*:LH99*#%"=KN)&"J*%KJ:*
)(H)*(H:*)"*:NH9;*^K&NS9$*)"*(KJ=%;=:*"I*)("K:HJ=:*"I*KJ&):>*
1%"L*H*#K%N(H:&J'*HJ'9;O*2%N&L")"X:*#%"=KN):*H%;*)KJ;=*)"*
)(;* J;;=:* "I* L":)* N"LLK)&J'* =%&<;%:O* :"* 9H%';* N"L#HJ&;:*
?<<:A56?:<>
(C:4<85=@CM*?;&J'*N9;H%*HG"K)*Q(;%;*)(;$*H%;*%;H99$*H==[
&J'*<H9K;O*HJ=*LHS&J'*:K%;*:KN(*<H9K;*&:*#%"#;%9$*%;QH%=;=*
HJ=*#%");N);=>
S\
JDKGEI*LMBE*GEELNDAGLE*OL9K
SW
(',0-,$D0,0:#$
)@$;?+//$C03-'#33$.#&):,*gTH%N(*+,,Fh@*-O*())#@mm())#*="QJ9"H=>&J)K&)>
N"Lm())#>&J)K&)m!TPm&J)K&)mIK)K%;"I:LH99GK:&J;::m
&J)K&)qI":Gq%;#"%)qLH%N(q+,,F>#=I>
+*5G&=>O*+>
C*5G&=>O*C>
A*5G&=>O*M>
M*T>*T>*l;K##*HJ=*P>* 7H::LHJJO* `6;);%L&JHJ):* HJ=*2%N(;)$#;*
i:;%:*"I*P#;J*5JJ"<H)&"JOb*.EF$G+'+<#*CF&
K@=&)45;6@C&!5E@5F5=7
G
G
';@<& ?<<:A56?:<& 5DDC@77@7& 64@& ?77I@7& ;:7@D& L=& C5;?D9=&
G
G
=:I&8I76&@Q;9:C@&F456&:;@<&?<<:A56?:<&F?99&D:&6:&=:IC&LI7?G
G
ST
APB*GEELNDAGLE*BRL@3 @ A BJ
OPBE * Q G I * RLJMDE G B @ *J B B A*@JD F F * RLJMDE G B @ * G E *L MB E*
G E ELNDA G LE * B C CL9 A @
#
P#;J*&JJ"<H)&"J*(H:*G;;J*H*(")*)"#&N*HL"J'*9H%';%*N"L#HJ&;:*
I"%*H*Q(&9;*J"Q>*/(&:*&:*)%K;*;<;J*&J*L"%;*N"J:;%<H)&<;*&J=K:[
)%&;:* )(H)* (H<;* (&'(;%* GH%%&;%:* )"* H="#)&J'* "#;J* &JJ"<H)&"JO* Q(&N(*
&JN9K=;* &J=K:)%&;:* N(H%HN);%&R;=* G$* (&'(* NH#&)H9* &J<;:)L;J):O* 9"J'*
#%"=KN)*=;<;9"#L;J)*N$N9;:O*HJ=*:)%"J';%*I"NK:*"J*&J);99;N)KH9*#%"#[
;%)$*%&'():*g5Z8h*&::K;:>*5LH'&J;*H*N"J)&JKKL*Q&)(*)Q"*"##":&);*;J=:>*
2)*"J;*;J=O*Q;*(H<;* IH:)[L"<&J'*N"J:KL;%*'""=:*N"L#HJ&;:O*LHJ$*
"I*Q("L*(H<;*G;;J*;H%9$*H=H#);%:*"I*"#;J*&JJ"<H)&"J>*2)* )(;*")(;%*
;J=O*Q;*(H<;*#(H%LHN;K)&NH9*"%* :;L&N"J=KN)"%:* N"L#HJ&;:O* HL"J'*
")(;%:O*Q(&N(*LK:)*=;H9*Q&)(*)(;*(&'(;%*GH%%&;%:*L;J)&"J;=*HG"<;>*\;)*
A:&*G$$,6(+#,$**B0,.5.+&/ JDKGEI*LMBE*GEELNDAGLE*OL9K
G
Q&)("K)* &):* N(H99;J';:* I"%* 9H%';*"%'HJ&RH)&"J:>*P#;J* &JJ"<H)&"J* &:*H*
#H%H=&'L*:(&I)*&J*Q(&N(*N"L#HJ&;:*LK:)*G;N"L;*LKN(*G;));%*H)*N"L[
G&J&J'* &J);%JH9* HJ=* ;U);%JH9* %;:"K%N;:* &J* )(;&%* &JJ"<H)&"J* #%"N;::*
HJ=*HN)&J'*"J*)(;*"##"%)KJ&)&;:*)(&:*N%;H);:>
5I*$"K*QHJ)*)"*G%&J'*;U);%JH9*#H%)J;%:*&J)"*$"K%*&JJ"<H)&"J*#%"N;::O*
)(;:;*#H%)J;%:*;U#;N)*$"K*)"*(H<;*$"K%*"QJ*("K:;*&J*"%=;%>*5I*$"K*IH&9*
;<;J*&JJ"<H)&"J*=&%;N)"%:*&J*N"L#HJ&;:*&J*:KN(*&J=K:)%&;:*H%;*)%$&J'*
9H%';*N"%#"%H)&"J:*&J*&J=K:)%&;:*Q&)("K)*:KN(*N"J:)%H&J):*H%;*;U#9"%[
&J'*"#;J*&JJ"<H)&"J*"%*(H<;*H9%;H=$*H="#);=*&)*H:*H*#H%)*"I*)(;&%*&J[
J"<H)&"J*I"NK:>
2:* L"%;* HJ=* L"%;* G&'* N"L#HJ&;:* ;LG%HN;* "#;J* &JJ"<H)&"JO* "#[
#"%)KJ&)&;:*H%;*N%;H);=*I"%*:LH99*N"L#HJ&;:*)"*G;N"L;*#H%)*"I*)(;:;*
&J*!(H#);%*->*8&'()*J"QO*)(;%;*&:*H*9")*"I*)H9S*HG"K)*G;N"L&J'*)(;*#%;[
I;%%;=*#H%)J;%*"I*N("&N;*Q&)(&J*&JJ"<H)&"J*;N":$:);L:*HJ=*)(K:*'%HG[
G&J'*&JJ"<H)&"J*9;H=;%:(&#*#":&)&"J:>*THJ$*H%;*:)&99*&J*#9H$O*GK)*)(;$*
H%;*G;&J'*9"NS;=*="QJ*IH:)>*!"%#"%H)&"J:*J;;=*)"*KJ=;%:)HJ=*)(&:>
!"%#"%H)&"J:*)(H)*H%;*)HS&J'*)(;*9;H=*&J*"#;J*&JJ"<H)&"J*H%;*("#[
&J'*)"*'H&J*HJ*H=<HJ)H';*"<;%*)(;&%*N"L#;)&)"%:*H:*)(;$*Q&99*';)*HNN;::*
[
J&;:*Q&)(&J*)(;*"%G&)*"I*)(;&%*"#;J*&JJ"<H)&"J*#%"'%HL:O*N"%#"%H)&"J:*
KJ=;%:)HJ=*)(H)*:LH99*N"L#HJ&;:*G%&J'*)(;:;*H=<HJ)H';:*)"*)(;*)HG9;@
G
G
G
A:&*G$$,6(+#,$**B0,.5.+&/ JDKGEI*LMBE*GEELNDAGLE*OL9K
)I96IC@&5<D&0?<D7@6
2J$"J;*Q("*(H:*Q"%S;=*I"%*G")(*H*9H%';*N"%#"%H)&"J*HJ=*H*:LH99O*
;J)%;#%;J;K%&H9*N"L#HJ$*NHJ*)H9S*;J=9;::9$*HG"K)*)(;*=&II;%;JN;:*&J*
)(;*)Q"*NK9)K%;:*HJ=*L&J=:;):>*5J*%;:#"J:;*)"*H*G9"'*#":)*5X=*Q%&));J*
HG"K)* Q($* :LH99* N"L#HJ&;:* :("K9=* ;LG%HN;* "#;J* &JJ"<H)&"JO* 8K::*
!"J:;%* I%"L* .(;99X:* 7HL;!(HJ';%* #%"'%HL* (H=* :"L;* &J);%;:)&J'*
N"LL;J):*HG"K)*)(;*NK9)K%H9*=&II;%;JN;:>*c;%;X:*Q(H)*(;*:H&=@
.);IHJO* H:* &:* "I);J* )(;* NH:;O* $"KX%;* "J* )(;* %&'()* )%HNSd
.T0:*J;;=*G&'*N"L#HJ&;:*H:*LKN(*H:*G&'*N"L#HJ&;:*J;;=*
.T0:>*/(;*)%"KG9;*&:*)(H)*&)X:*H*N9H::&N*;UHL#9;*"I*"J;*G;&J'*
I%"L* V;JK:* HJ=* )(;* ")(;%* I%"L* TH%:>* Z%;N&:;9$* G;NHK:;*
)(;$X%;*=&II;%;J)*HJ=*)(;$*J;;=*;HN(*")(;%O*)(;$*"I);J*N"L;*
:)&99*(H<;*#9;J)$*)"*9;H%J*HG"K)*("Q*)"*Q"%S*Q&)(*.T0:*Q&)([
"K)* S&99&J'* )(;* <;%$* )(&J':* )(H)* LHS;* )(;L* <H9KHG9;* g;>'>*
)"*(H<;* %;H9&:)&N* ;U#;N)H)&"J:*"I*Q(H)* )(;$*(H<;* HJ=*Q(H)*
)(;$*:)&99*J;;=*&I*)(;$*QHJ)*)"*LHS;*)(;&%*&=;H:*%;H9dLKN(*
"I*Q(&N(*NHJ*"I);J*G;*I"KJ=*&J*)(;*(HJ=:*"I*)(;*N"%#"%H);*
#%HN)&NH9*N"J);U)h>
T$* ;U#;%&;JN;* &:* )(H)* L":)* "I);J* )(;%;X:* L"%;* )(HJ*
;J"K'(*<H9K;*H)*)(;*&J);%:;N)&"J*I"%*G")(*)"*G;*(H##$*Q&)(*
)(;*'H&J:*"I*H*%;9H)&"J:(&#O*H:* 9"J'*H:* )(;$*="JX)*S&99*;HN(*
")(;%*&J*)(;*#%"N;::*"I*N%;H)&J'*&)>
c;%;X:*HJ")(;%*N"LL;J)*Q"%)(*J")&J'*"J*NK9)K%;*I%"L*HJ*HJ"J$[
L"K:*#":);%*&J*%;:#"J:;*)"*"J;*"I*L$*
)"*G;* $"KJ';%*HJ=*L"%;*;J)%;#%;J;K%&H9>*/(;* pNHJ*="X* :#&%&)*"I* &J[
J"<H)&"J* &:*"I);J*H9&<;*HJ=*Q;99*HJ=*H*S;$*#H%)*"I* )(;&%*632*g)(&JS*
"K)N"L;>*0<;J*Q"%:;O*)(;*Q"%=*:#%;H=:*)(H)*$"K*H%;*J")*H*'""=*&JJ"[
<H)&"J*#H%)J;%*HJ=*)(K:*$"K*Q&99*(H<;*H*(H%=;%*)&L;*H))%HN)&J'*IK)K%;*
#H%)J;%:>
."L;*9H%';*N"L#HJ&;:*G;9&;<;*)(H)*&I*)(;$*WK:)*;LG%HN;*"#;J*&JJ"<H[
)&"JO*)(;J*H99*)(;&%*&J);%JH9*&JJ"<H)&"J*&::K;:*Q&99*G;*:"9<;=>*/(&:*Q&99*
J")* (H##;J>* P#;J* &JJ"<H)&"J* &:* J")* H* ("9$* '%H&9>* P#;J* &JJ"<H)&"J*
&:*<;%$*LKN(*HG"K)*LHJH'&J'*N(HJ';>*5I*H*N"L#HJ$*NHJ*(HJ=9;*)(;*
N(HJ';*#%"N;::*%;9H);=*)"*&L#9;L;J)&J'*"#;J*&JJ"<H)&"JO*)(;J*)(;$*
Q&99*(H<;*9;H%J;=*<H9KHG9;*9;::"J:*)(H)*NHJ*G;*K:;=*&J*N(HJ';*LHJH';[
L;J)* :&)KH)&"J:>* 5J* )(;*NK%%;J)*HJ=* IK)K%;*GK:&J;::*N9&LH);O* 5* )(&JS*
;<;%$"J;*:("K9=*H##%;N&H);*Q"%S&J'* &J*HJ*"%'HJ&RH)&"J*)(H)* &:*H'&9;*
HJ=*#%;#H%;=*I"%*N(HJ';:>
PI);JO* )(;*G&'';:)*;J;L$*"I* &JJ"<H)&"J* &:* )(;*N"L#HJ$* &):;9I*H:* &)*
G;'&J:*)"*I"NK:*L"%;*"J*&):*"QJ*J;;=:*%H)(;%*)(HJ*)(;*J;;=:*"I*)(;*
LH%S;)>*a(;J*$"K*G;'&J*)"*&JJ"<H);*Q&)(*#H%)J;%:O*$"K*Q&99*:;;*)(H)*
)(;:;*#H%)J;%:*;&)(;%*I"NK:*"J*)(;&%*"QJ*J;;=:dHJ=*)(;J*&JJ"<H)&"J*
)(;&%*%;:"K%N;:*)"QH%=*H*LH%S;)*J;;=>*5I*)(;*9H));%*(H##;J:O*)(;J*$"K*
(H<;*H*'%;H)*N(HJN;*)"*:KNN;;=*Q&)(*&JJ"<H)&"J>*Z%;::K%;*I%"L*;U);%[
JH9*#H%)J;%:*NHJ*:(&I)*HQH%;J;::*I%"L*&J);%JH9*J;;=:*)"*LH%S;)*J;;=:*
HJ=*)(&:*L"<;*NHJ*G;*(;9#IK9*G;$"J=*)(;*&JJ"<H)&"J*#%"N;::>
P#;J* &JJ"<H)&"J* NHJ* G%&J'* H9"J'* J;Q* "%'HJ&RH)&"JH9* :)%KN)K%;:>*
2:*"#;J*&JJ"<H)&"J*G;N"L;:*)(;*QH$*)"*&JJ"<H);O*)(;*IKJN)&"JH9m=&<&[
:&"JH9*"%*LH)%&U*"%'HJ&RH)&"JH9*:)%KN)K%;:*H:*Q;*SJ"Q*)(;L*)"=H$*Q&99*
N(HJ';d"%*#;%(H#:*;<;J*G%;HS*="QJ>*/(&:*NHJ*G;*;U)%;L;9$*:NH%$*I"%*
)(;*9"<;%:*"I*)(;*:)H)K:*^K"*Q&)(&J*H*N"%#"%H)&"J>*8;:&:)HJN;*LH$*G;*
:);;#*Q&)(&J*:KN(*"%'HJ&RH)&"J:*KJ9;::*9;H=;%:(&#*#9H$:*H*:)%"J'*%"9;*
&J*9;H=&J'*:KN(*N(HJ';>*
/(;*&JN%;H:;=*JKLG;%*"I*#;"#9;*&J<"9<;=*&J*"#;J*&JJ"<H)&"J*#%"[
<&=;:*J;Q*QH$:* I"%*#;"#9;* )"*N"JJ;N)*HJ=* )(;%;I"%;*J;Q*QH$:* )"*G;*
N%;H)&<;>*/(&:*NHJ*H9:"*&JN%;H:;*)(;*9;<;9*"I*N"L#9;U&)$>
A:&*G$$,6(+#,$**B0,.5.+&/ JDKGEI*LMBE*GEELNDAGLE*OL9K
"66?6ID@& 6:F5CD&C?7EM&
G
G
c;%;X:* HJ")(;%* H:#;N)* "I* )(&:* =&II;%;JN;* H:* =;:N%&G;=* G$* ?;J')*
_r%%;(K9)O*=&%;N)"%*"I*5JJ"<H)&"J*HJ=*lJ"Q9;=';*THJH';L;J)*H)*.!2*
c$'&;J;*Z%"=KN):*HJ=*.!2*ZHNSH'&J'O*&J*H*N"LL;J)*)"*L$*G9"'*#":)*
"J*)(&:*)"#&N@*`/(;*G&'';:)*=&II;%;JN;*H:*5*:;;*&)*&:*)(;*GH9HJN;*G;)Q;;J*
)(;*=;I;J:&<;*HJ=*"II;J:&<;*G;(H<&"%>*/(;*G&'';%*gHJ=*"I);J*)(;*L"%;*
LH)K%;h* )(;*N"L#HJ$* &:O* )(;*L"%;* )(;*N"L#HJ$*(H:* )"* 9":;O* HJ=*H:*
p9"::;:*9""L*9H%';%*)(HJ*'H&J:X*g/<;%:S$*f*lH(J;LHJh*)(;*G;(H<&"%*"I*
)(;*9H%';%O*LH)K%;*N"L#HJ$*';):*L"%;*=;I;J:&<;*HJ=*(;JN;*)(;*%;9H[
)&<;*I"NK:*"J*L"%;*#");J)&H99$*G%;HS)(%"K'(*&JJ"<H)&"J:*<;%:K:*N"J[
)&JK"K:*&L#%"<;L;J):*=;N%;H:;:>b
PG<&"K:9$O*&I*H*9H%';*N"L#HJ$*HJ=*&):*:LH99;%*"#;J*&JJ"<H)&"J*#H%)[
J;%*=&II;%*&J*);%L:*"I*Q(H)*)$#;*"I*&JJ"<H)&"J*)(;$*:("K9=*:;;SdG%;HS[
)(%"K'(*<;%:K:*&JN%;L;J)H9d)(&:*NHJ*NHK:;*)(;&%*#H%)J;%:(&#*)"*IH&9>*
/(&:*&:*Q($*N9H%&)$*"I*#K%#":;*I%"L*)(;*';)['"*&:*:"*&L#"%)HJ)>
0=QH%=*/("L#:"JO*HJ*H=<&:"%*&J*)(;*);9;N"LLKJ&NH)&"J:*&J=K:)%$O*
H9:"*Q;&'(;=*&J*"J*)(;*)"#&N*"I*%&:S@
`?&'* N"L#HJ&;:* N;%)H&J9$* NHJ* &JJ"<H);>* /(;$* (H<;* )(;* %;^K&%;=*
%;:"K%N;:* HJ=*=;;#* )H9;J)*#""9:>*c"Q;<;%O* G&'* N"L#HJ&;:* H%;*"I);J*
=&<&:&"J*)"*H="#)*HJ*&JJ"<H)&"J*)(H)*&:*J")*;UHN)9$*&J*)(;&%*LH%S;)*"%*
;J;%'$*';):*:9"Q9$*:^K;;R;=*"K)*H:*)(;*N"%#"%H);*I"NK:*)K%J:*)"*^KH%[
);%9$*#;%I"%LHJN;*g<:>*H*9"J';%[);%L*<&;QhO*:)HG9;*"#;%H)&"J:*g<:>*=&:[
%K#)&<;*&JJ"<H)&"J:hO*HJ=*#%"=KN)&<&)$*&L#%"<;L;J):*g<:>*&J<;:)&J'*&J*
'%"Q)(h>b
/(;*=&II;%;JN;:*)(H)*NHJ*NHK:;*#%"G9;L:*Q(;J*G&'*HJ=*:LH99*N"L[
#HJ&;:*N"L;*)"';)(;%*I"%*"#;J*&JJ"<H)&"J*NHJ*G;*:)H%S>*4;)X:*9""S*H)*H*
I;Q*)(H)*&L#HN)*)(;*QH$*)(;*)Q"*)$#;:*"I*"%'HJ&RH)&"J:*H##%"HN(*"#;J*
&JJ"<H)&"J@
G
G
/(K:O*Q(;J*)(;:;*)Q"*)$#;:*"I*"%'HJ&RH)&"J:*N"L;*)"';)(;%*&J*"#;J*
[
)%H)&J'9$*:9"Q>*2)*)(;*:HL;*)&L;O*)(;*#;"#9;*I%"L*)(;*9H%';*N"%#"%H)&"J*
LH$*G;*)%"KG9;=*G$*)(;*N"J:)HJ)*#9;H:*"I*)(;*:LH99;%*#H%)J;%*)"*L"<;*
IH:);%>*?")(*:&=;:*LH$*G;* 9;I)* I;;9&J'*)(H)* )(;*")(;%*:&=;* WK:)*=";:JX)*
KJ=;%:)HJ=*)(;L>
[
#"%H)&"J* )(H)*(H:*Q"%S;=*(H%=* )"*"<;%N"L;* )(&:*#%"G9;L>*/(;$*KJ[
=;%:)HJ=*)(H)*)(;*%;#9$*)&L;*)(;$*NHJ*"II;%*#");J)&H9*#H%)J;%:*&J*)(;&%*
;N":$:);L:* &:* N%&)&NH9>* 2:* H* %;:K9)* "I* )(&:* KJ=;%:)HJ=&J'O* )(;$* )%$* )"*
#%"<&=;*H*N9;H%*'"mJ"['"*Q&)(&J*WK:)*I"%)$[;&'()*("K%:*Q(;J*)(;$*:)H';*
)(;&%* 0J)%;#%;J;K%* 6H$:>* /(&:* NHJ* )HS;* Q;;S:* "%* ;<;J* L"J)(:* I"%*
LHJ$*")(;%*N"L#HJ&;:>
A:&*G$$,6(+#,$**B0,.5.+&/ JDKGEI*LMBE*GEELNDAGLE*OL9K
HII;N)&J'*)(;*Q("9;*N"L#HJ$*NHJ*G;*H*(H%=O*9"J'[);%L*)H:SO*
H:*"J;*(H:*)"*GK&9=*H*N"LL"J*KJ=;%:)HJ=&J'*HJ=*L"G&9&R;*
H%"KJ=*<;%$*=&II;%;J)*<&;Q:*"I*)(;*N"L#HJ$>*5JJ"<H)&"J*&:*
L"%;*9&S;9$*)"*"NNK%*H)*GK:&J;::*"%*#%"=KN)*9&J;*9;<;9O*)(;J*
H)*H*Q("9;*"I*N"L#HJ$*9;<;9>**
2* :;N"J=* N"J:&=;%H)&"J* &:* Q("* LHJH';:* )(;* GK:&J;::*
L"=;9>*5J*G&'*N"%#"%H)&"J:O*#;"#9;*I;;9*%;:#"J:&G9;*I"%*"J9$*
)(;&%*#"%)&"JO*"%* :#(;%;O*"I* N"J)%"9>*/(&:* N"J)%"9* &:*LHJ&[
[
J;::>*/(;%;*H%;*"J9$*H*I;Q*#;"#9;*Q("*`N"J)%"9b*)(;*Q("9;*
"%'HJ&RH)&"JO*:"*&JJ"<H)&"J*"I*)(;*N"L#HJ$*(H:*)"*G;*LHJ[
H';=*HJ=*=%&<;J*G$* )(;* :;J&"%*;U;NK)&<;:>*/(;*L"%;* `=&:[
)%&GK);=b*N"J)%"9*"<;%*)(;*S;$*H%;H:*"I*=;N&:&"J:O*GK=';):O*
?")(*"I*T&N(H;9X:*#"&J):*NHJ*9;H=*)"*I%K:)%H)&"J*I"%*:LH99;%*N"L#H[
J&;:*Q(;J*)(;$*)%$*)"*;J'H';*Q&)(*9H%';%*N"%#"%H)&"J:*&J*"#;J*&JJ"<H[
)&"J>*.LH99*N"L#HJ&;:*LH$*:;J:;*H*9HNS*"I*#H::&"J*HL"J'*N"%#"%H);*
;L#9"$;;:*Q("*="JX)*KJ=;%:)HJ=*)(;*Q("9;*GK:&J;::*L"=;9O*HJ=*)(;*
9H$;%&J'* "I* N"J)%"9* &J* N"%#"%H)&"J:* Q&99* "I);J* 9;H=* )"* :9"Q* =;N&:&"J*
LHS&J'O*H:*H9%;H=$*L;J)&"J;=>
G
);N(J"9"'$*:Q;;)*:#")>*/%K;*&JJ"<H)&"J*"I);J*%;^K&%;:*H*N"L#HJ$*)"*
;LG%HN;*H*)")H99$*J;Q*LH%S;)*:#HN;>*?&'*N"L#HJ&;:*H%;*<;%$*%;9KN)HJ)*
5C?7@&F4@<&6F:&;@:;9@&F?64&A@C=&D?BB@C@<6&566?6ID@7&6:F5CD&
PJ;*"I* )(;* N"J:&=;%H)&"J:* &J*=%&<&J'* &JJ"<H)&"J* &:*Q("*
KJ=;%:)HJ=:*)(;*GK:&J;::*L"=;9*"I*)(;*N"L#HJ$>*5J*H*:LH99*
N"L#HJ$*&)*&:*LKN(*L"%;*9&S;9$*)(H)*;<;%$"J;*&J*)(;*N"L#HJ$*
KJ=;%:)HJ=:*("Q*)(;*N"L#HJ$*Q"%S:*HJ=*("Q*)(;*&J=&<&=[
KH9*#H%):*Q&99*N"LG&J;*&J*)(;*GK:&J;::*L"=;9*)"*N%;H);*HJ=*
=;9&<;%* <H9K;* )"* )(;* NK:)"L;%mN9&;J)>* 4H%';%* N"%#"%H)&"J:*
);J=*)"*G;*LKN(*L"%;*I%HN)K%;=O*HJ=*)(K:*)(;*:)HII*&:*9;::*
9&S;9$*)"*KJ=;%:)HJ=*)(;*Q("9;>*5J*)(&:*N"J);U)* &JJ"<H)&"J*
A:&*G$$,6(+#,$**B0,.5.+&/ JDKGEI*LMBE*GEELNDAGLE*OL9K
'""=*;J"K'(O*"%*Q(;)(;%* $"K*(H<;* )"* H=WK:)* )(;:;*"%*#;%(H#:* ;<;J*
=;<;9"#*J;Q*J;U)*#%HN)&N;:*I"%*$"K%*"%'HJ&RH)&"J>*2J*;UHL#9;@*$"K*';)*
J;Q*#;%:#;N)&<;:*"J*N"99HG"%H)&"J>*Z;%(H#:*)(&:*NHJ*&J:#&%;*)"*G;));%*
&J);%HN)&"J*HJ=*N"99HG"%H)&"J*G;)Q;;J*GK:&J;::*KJ&):>
/(H)X:*:H&=O*9H%';*N"L#HJ&;:*(H<;*H9QH$:*K:;=*)(;&%*:&R;*HJ=*#"Q;%*
)"*';)*)(&J':*)(;&%*QH$>*/(&:*&:*J"*=&II;%;J)*Q&)(*"#;J*&JJ"<H)&"J>*."*5*
HL*J")*:K%#%&:;=*Q(;J*5*9&:);J*)"*#;"#9;*I%"L*:LH99;%*N"L#HJ&;:*N"L[
#9H&J*HG"K)*)(;*G;(H<&"%:*"I*9H%';*N"L#HJ&;:*Q(;J*)(;$*:)H%)*Q"%S&J'*
)"';)(;%>
P#;J*5JJ"<H)&"J*.KLL&)*5*H));J=;=*:"L;*)&L;*H'">*/(;%;O*;U;NK)&<;:*
I%"L*9H%';*N"%#"%H)&"J:*"#;J9$*:(H%;=*:)"%&;:*"J*("Q*)(;$*(H=*K:;=*
)(;&%*:&R;*HJ=*N"%#"%H);*#"Q;%*)"*';)*=;H9:* )(H)* IH<"%;=*)(;L:;9<;:O*
HJ=*)(;$*;<;J*H=L&));=*)(H)*:"L;*=;H9:*N"K9=*G;*:"*9"#:&=;=*)(H)*)(;$*
N"K9=*=&:N"K%H';*")(;%*:LH99;%*N"L#HJ&;:*I%"L*Q"%S&J'*Q&)(*)(;L>*
PJ9$*(H9I[W"S&J'O* )(;$*H9:"*:H&=* )(H)* )(;&%*<&;Q*"I*Q&J[Q&J*:&)KH)&"J:*
'";:*9&S;*)(&:@*`a;*Q&J*H*9")>*\"K*Q&J*H*9&))9;>b*P%O*`a&J[Q&J*L;HJ:*)(H)*
Q;*';)*)"*S&NS*)(;*9&))9;*'K$*)Q&N;>b
2)* 9;H:)* :"L;* 9H%';%* N"L#HJ&;:* H%;* HQH%;* "I* )(&:* :&)KH)&"J>* 5* #%;[
=&N)*)(H)*H:*L"%;*9H%';*HJ=*:LH99*N"L#HJ&;:*&JJ"<H);*)"';)(;%O*9H%';%*
N"L#HJ&;:*Q&99*%;H9&R;*)(;$*NHJ*J"*9"J';%*HII"%=*)"*)H%J&:(*)(;&%*%;#K[
)H)&"J*G$*G;(H<&J'*GH=9$* &J* :KN(*#H%)J;%:(&#:>*/(;$X99*G;'&J* )"*KJ[
=;%:)HJ=*("Q*&L#"%)HJ)*&)*&:*)"*G;*#;%N;&<;=*H:*)(;*#%;I;%%;=*#H%)J;%*
Q&)(&J*)(;&%*&J=K:)%$>
G
G
G
G
G
B:99:F@DP&LI6&7:8@6?8@7&64@=&D:&<@@D&6:&L@&L@<DO:C&;@CG
Zf7O*CTO*;)N>h*);J=*)"*G;*)(;*;UN;#)&"J:*)(H)*(H<;*N"J)&JK;=*)"*I":);%*
H*'%;H)*NK9)K%;*"I*&JJ"<H)&"J*Q(&9;*H9:"*;LG;==&J'*:)%"J'*#%"N;::;:*
9H%';O*GK%;HKN%H)&N*:)%KN)K%;:>
2)*HJ*"#;J*&JJ"<H)&"J*N"JI;%;JN;*5*H));J=;=O*!&:N"*:H&=*&)*&:*)%$&J'*
)"*L"<;*I%"L*H*NK9)K%;*"I*N"L#;)&)&"J*)"*H*NK9)K%;*"I*:(H%;=*'"H9:O*
H*L"<;*9H%';9$*=%&<;J*G$*H*=;:&%;*)"*&JJ"<H);*Q&)(*;U);%JH9*#H%)J;%:>*
P#;J*&JJ"<H)&"J*(H:*)(;*#");J)&H9*)"*N(HJ';*LKN(["K)=H);=*N"%#"[
%H);*)(&JS&J'*G;$"J=*)(;*`J")[&J<;J);=[(;%;b*NK9)K%;>
2:*$"K*Q"%S*Q&)(*;U);%JH9*#H%)J;%:O*$"K*H%;*;U#":;=*)"*")(;%*QH$:*
"I*';))&J'*)(&J':*="J;>*\"K*G%&J'*=&<;%:;*)(&JS&J'*&J)"*)(;*"%'HJ&RH[
)&"J>*/(&:*NHJ*LHS;*$"K*N"J:&=;%*Q(;)(;%*$"K%*NK%%;J)*#%HN)&N;:*H%;*
A:&*G$$,6(+#,$**B0,.5.+&/
VX
JDKGEI*LMBE*GEELNDAGLE*OL9K
V>
,<7;?C56?:<&BC:8&5<&';@<&,<<:A56?:<&$@5D@C
+,-,O* G9"'* #":)* I%"L* Zf7* )(H)* HJJ"KJN;:* J;Q* '"H9:* I"%*
)(;&%* "#;J* &JJ"<H)&"J* #%"'%HL>* 5)* :("Q:* ("Q* N"LL&));=*
)(;*"#;J*&JJ"<H)&"J*#&"J;;%*(H:*G;N"L;*)"QH%=*)(;*&=;H*"I*
G;N"L&J'*)(;*#%;I;%%;=*#H%)J;%*"I*N("&N;>*5*("#;*)(&:*Zf7*
H##%"HN(*NHJ*&J:#&%;*")(;%*N"L#HJ&;:*)"*)HS;*)(;*#%;I;%%;=*
#H%)J;%*"I*N("&N;*&=;H*:;%&"K:9$>
Zf7*(H:*:;)*)Q"*J;Q*'"H9:*I"%*"K%*"#;J*&JJ"<H)&"J*#%"[
'%HL*Q&)(*)(;*H&L*"I*)HS&J'*!"JJ;N)*o*6;<;9"#*)"*)(;*J;U)*
9;<;9*"I*:)%H);'&N*<H9K;*N%;H)&"J>*5J*:("%)O*Q;*H%;*9""S&J'*)"*
=%&<;* '%;H);%* <H9K;* I%"L* "K%* ;U);%JH9* #H%)J;%:(&#:>* /(&:*
Q&99*=%&<;*H*:(H%#;%*NK9)K%;*N(HJ';*I"%*K:>*2J=O*Q;*)(&JSO*
N%;H);*;<;J*'%;H);%*"##"%)KJ&)$*I"%*"K%*#H%)J;%:>*/(;*'"H9:*
NH99*I"%
G
G
1"%* #");J)&H9* #H%)J;%:O* )(H)* L;HJ:* Q;* Q&99* H''%;::&<;9$*
:;;S* 'HL;[N(HJ'&J'* &=;H:* )"* GK&9=* )(;* GK:&J;::* )(H)* Q&99*
=;9&<;%*'%;H);%*<H9K;*HJ=*:NH9;*"##"%)KJ&)$*)"*)"KN(*L"%;*
N"J:KL;%:>
5J);%JH99$O* )(H)*L;HJ:*Q;*H%;*'"&J'* )"* I"NK:*;<;J*L"%;*
:(H%#9$*"J*;J:K%&J'*)(H)*Q;*&JN9K=;*!o6*&J*"K%*9H%';:)*&J&[
)&H)&<;:O*G%&J'&J'*)(;*G;:)*L&J=:*)"*Q"%S*H'H&J:)*)(;*G&'';:)*
PJ;*)(&J'*5*(H<;*J")&N;=*Q&)(*L$*"QJ*N"L#HJ$* &:* )(H)*
)(;%;* NHJ* G;* H* %;H9* =&:N"JJ;N)* G;)Q;;J* )(;* L;HJ&J'* "I*
`&JJ"<H)&"Jb*G;)Q;;J*:LH99*HJ=*9H%';*N"L#HJ&;:>*."L;d
#;%(H#:*L":)d9H%';*N"L#HJ&;:*<&;Q*&JJ"<H)&"J*H:*H*̀ :K#;%b*
#%"=KN)*=;<;9"#L;J)* );HL>*/(;:;* H%;* )(;* I"9S:*Q("* 9""S*
I"%*G%;HS)(%"K'(:O*GK)*)(;:;*:"[NH99;=*`G%;HS)(%"K'(:b*H%;*
;U#;N);=*)"*:9")*&J)"*HJ*;U&:)&J'*#%"=KN)*"%*#%"W;N)*H)*)(;*
N"L#HJ$>*5J*N"J)%H:)O*H)*H*:)H%)[K#*)(;*`&JJ"<H)&"Jb*&:*)(;&%*
Q("9;*GK:&J;::O*HJ=*=;<;9"#;=*Q("99$*&J=;#;J=;J)9$*"I*)(;*
#%"=KN):*HJ=*)&L;9&J;:*"I*)(;*9H%';*N"L#HJ$>
a;*(H<;*H9%;H=$*:;;J*)(&:*Q(;J*H*1"%)KJ;*M,,*N"L#HJ$*
:;9;N);=*K:* )(%"K'(*HJ*"#;J*&JJ"<H)&"J*#"%)H9>*/(;*N"L[
#HJ$*QH:*:K##":;=9$*9""S&J'*I"%*&JJ"<H)&"J:*9&S;*"K%*);N([
:;;* )(H)*"K%* );N(J"9"'$*N"K9=*N(HJ';* )(;*'HL;*I"%* )(;L*
G;NHK:;* )(;$* Q;%;* #9H$&J'* H* =&II;%;J)* 'HL;* )(HJ* K:>* ?K)*
;<;J*&I*)(;$*(H=*:;;J*)(H)*Q;*Q;%;*=&II;%;J)O*)(;$*Q"K9=JX)*
(H<;*NH%;=*G;NHK:;*)(;$*9&S;=*)(;*'HL;*)(;$*Q;%;*#9H$&J'>
1"%)KJH);9$O* Q;* Q;%;* HG9;* )"* :;;* )(H)* )(&:* N"L#HJ$* QH:*
J")*'"&J'*)"*G;*H*'""=*#H%)J;%O*HJ=*Q;*=&=JX)*GK%J*LKN(*
)&L;*"J* )(;L*HJ=*L"<;=*"J*^K&NS9$>* g/(;$* :;;L;=*H*G&)*
:K%#%&:;=*Q(;J*Q;*;II;N)&<;9$*)"9=*)(;LO*`Q;X%;*J")*)(H)*&J)"*
$"K>bh* a;* 9;H%J;=* LKN(* I%"L* )(&:* ;U#;%&;JN;O* HJ=* (H<;*
&JJ"<H)&"J* L&J=:;)b* G;NHK:;* Q;* %;N"'J&R;* )(H)* KJ9;::* H*
N"L#HJ$*&:*H9%;H=$*Q&%;=*)"*KJ=;%:)HJ=*)(;*"##"%)KJ&)&;:*
)(H)*"K%*);N(J"9"'$*Q&99*#%"<&=;*)(;&%*N"L#HJ$O*)(;$*(H<;*H*
9"Q*9&S;9&(""=*"I*G;&J'*:KNN;::IK9*&J*';))&J'*)"*LH%S;)*Q&)(*
"K%*=&:%K#)&<;*);N(J"9"'$>*2J=O*&I*)(;$*H%;JX)*:KNN;::IK9O*Q;*
Q"JX)*';)*#H&=>
A:&*G$$,6(+#,$**B0,.5.+&/
VS
JDKGEI*LMBE*GEELNDAGLE*OL9K
K@=&)45;6@C&!5E@5F5=7
G
G
G
G
G
#%"W;N):* )"* =;9&<;%* )(;* G&'';:)* 'HL;[N(HJ'&J'* Q&J:* I"%*
N"J:KL;%:>
/(;*:;N"J=*#H%)*"I*)(;*'"H9*&:*'""=*J;Q:O*)""O*H:*&)*N9;H%9$*
:)H);:* )(H)* "J9$* Q&J[Q&J* #H%)J;%:(&#:* H%;* "J* "K%* %H=H%>*
a;X<;*G;;J*N"LL&));=* )"* )(&:* I%"L*)(;*<;%$* :)H%)*"I*!o6*
&J*+,,->*?K)*J"Q*&)X:*HJ*;:)HG9&:(;=*'"H9*)(H)*Q;*QHJ)*)"*G;*
/c0*#H%)J;%*)(H)*&JJ"<H)"%:*N"L;*)">*2J=*)(;$X99*"J9$*N"J[
:(HS;*HJ=*'""=*<H9K;>
!o6* H9%;H=$* (H:* =;9&<;%;=* :)%H);'&N* <H9K;* H99* HN%"::* )(;*
!"L#HJ$O*HJ=*H*:;%&;:*"I*'HL;[N(HJ'&J'*N"J:KL;%*&JJ"<H[
-
A:&*G$$,6(+#,$**B0,.5.+&/
VV V?
IBAAGEI*3L^9*L9IDE G _ DA G LE
9BDH3 * CL9 *L MB E * G E ELNDA G LE
$
5I*Q(H)*$"KX<;*%;H=*HG"K)*"#;J*&JJ"<H)&"J*:"*IH%*LHS;:*$"K*)(&JS*
Q(H)*$"K*J;;=*)"*="*)"*#%;#H%;*I"%*LHS&J'*"#;J*&JJ"<H)&"J*#H%)*"I*
$"K%*'%"Q)(*:)%H);'$>*2:*5*L;J)&"J;=*GHNS*&J*!(H#);%*-O*;<;%$*N"L#H[
J$O*%;'H%=9;::*"I*:&R;O*)(H)*N"J:&=;%:*;LGH%S&J'*"J*HJ*"#;J*&JJ"<H)&"J*
&JJ"<H)&"J*%;9;<HJ)*)"*$"K%*N"L#HJ$O*&):*#%;:;J)*:&)KH)&"JO*HJ=*&):*L&:[
:&"J*HJ=*<&:&"J]*5I*$"K*(H<;JX)*HJ:Q;%;=*)(&:*^K;:)&"J*)("%"K'(9$O*$"K*
J;;=*)"*%;L;LG;%*)(H)*"#;J*&JJ"<H)&"J*&:*WK:)*H*)""9O*J")*H*'"H9>*/(;*
2J*HJ:Q;%*)"*)(;*`Q($b*^K;:)&"J*:("K9=*:("Q*HJ*KJ=;%:)HJ=&J'*"I*
("Q*"#;J*&JJ"<H)&"J*NHJ*G;*HJ*&L#"%)HJ)*#H%)*"I*)(;*';J;%H9*&JJ"[
<H)&"J* :)%H);'$O*Q(&N(* &J* )K%J*J;;=:* )"*G;*(&'(9$*H9&'J;=*Q&)(* $"K%*
"7&=:I&F:CE&F?64&@Q6@C<59&;5C6<@C7P&=:I&5C@&@Q;:7@D&6:&:64@C&
-* `Zf7@*3;Q*7"H9:* I"%*!o6* )"*2NN;9;%H);*PK%* 5JJ"<H)&"JOb*Zf7*
V&;Q:$ H6/)<I$ PN)>* +DO* +,-,hO* ())#@mmQQQ>#'>N"Lm;Jqi.mJ;Q:q<&;Q:m
G9"'q#":):m+,-,m"N)mHNN;9;%H);q"K%q&JJ"<H)&"J>:()L9>
I&++#$'*3,4)*L)'($#U(+#,$
V\
JDKGEI*LMBE*GEELNDAGLE*OL9K
VW
)(H)*H%;*J;N;::H%$*I"%*LHS&J'*HJ$*"#;J*&JJ"<H)&"J*:)%H);'$*H*:KNN;::@
%9@8@<6&RSM&+65E@4:9D@C&"<59=7?7
5L#9;L;J)&J'* "#;J* &JJ"<H)&"J* &:* H* #H%H=&'L* :(&I)* )(H)* %;^K&%;:*
#;"#9;* )"* N(HJ';* )(;&%*L&J=:;):* HJ=*"G)H&J*J;Q* :S&99:>* ."* &)X:* N%&)&[
NH9*)"*:)H%)*Q&)(*HJ*"<;%<&;Q*"I*$"K%*&J);%JH9*HJ=*;U);%JH9*:)HS;("9=[
;%:>*a("*Q&99*G;*HII;N);=*G$*)(;*"#;J*&JJ"<H)&"J*&J);J)&"J]*2JH9$R;*
)(;*#%":*HJ=*N"J:*"I*$"K%*"#;J*&JJ"<H)&"J*&J&)&H)&<;*I"%*)(;:;*#;"#9;>*
a(H)*&::K;:*G")(;%*)(;:;*#;"#9;]*c"Q*NHJ*$"K*N%;H);*H*<H9K;*#%"#":&[
)&"J*)(H)*Q&99*LHS;*)(;*:)HS;("9=;%:*:K##"%)*)(;*&J&)&H)&<;]
<H%&"K:*'%"K#:*)(H)*L&'()*G;*&L#HN);=*G$*$"K%*"#;J*&JJ"<H)&"J*&J&)&H[
[
[
$:&:*Q(;%;*)(&:*&:*H*N"LL"J*N"JN;#)O*)(;J*$"K*:("K9=*&LH'&J;*)(H)*HJ$*
"%'HJ&RH)&"J*(H:*)Q"*S&J=:*"I*"%'HJ&RH)&"JH9*(&;%H%N(&;:>*PJ;*&:*)(;*
I"%LH9*(&;%H%N($*Q(;%;*$"K*SJ"Q*Q("*)(;*LHJH';%:*H%;*G$*)(;&%*)&)9;:*
HJ=*W"G*=;:N%&#)&"J:>*/(;*")(;%*&:*)(;*&JI"%LH9*(&;%H%N($*GK&9)*"J*)(;*
)%K:)* HJ=* %;:#;N)* HL"J'* )(;* ;L#9"$;;:>* ."L;* N"99;H'K;:* H%;* L"%;*
)%K:);=*HJ=*%;:#;N);=*)(HJ*")(;%:*HJ=*H:*:KN(*)(;$*H%;*S;$*#9H$;%:*&J*
HJ$*S&J=*"I*N(HJ';*LHJH';L;J)*&J&)&H)&<;O*&JN9K=&J'*)(;*&L#9;L;J)H[
)&"J*"I*"#;J*&JJ"<H)&"J>*1&J=*)(;:;*#;"#9;*HJ=*Q&J*)(;L*"<;%*)"*$"K%*
NHK:;O*HJ=*&)*Q&99*G;*;H:&;%*)"*GK&9=*)(;*&JJ"<H)&"J*632>*\"K*NHJ*%;H=*
L"%;*HG"K)*:)HS;("9=;%*HJH9$:&:*&J*!(H#);%*B>
"<;%H99*N"%#"%H);*:)%H);'$>*?K)*LHJ$*N"L#HJ&;:O*G")(*:LH99*HJ=*9H%';O*
"#;J*&JJ"<H)&"J*:)%H);'$*)(H)*9&JS:*Q&)(*&)>
29:"O*5*%;N"'J&R;*)(H)*:)%H);'&N*#9HJJ&J'*&):;9I*&:*J")*H*:)%"J'*#"&J)*
I"%*LHJ$*:LH99*N"L#HJ&;:>*/(;$X%;*"I);J*)""*GK:$*S;;#&J'*)(;&%*(;H=:*
HG"<;* QH);%* )"* ;J'H';* &J* Q(H)* :("K9=* G;* H* :)%"J'O* HJJKH9* #%"N;::>*
."*&I*$"K%*:)%H);'&N*#9HJ*(H:*G;;J*'H)(;%&J'*=K:)*"J*)(;*:(;9I*I"%*:;<[
;%H9* $;H%:O* G;I"%;* )%$&J'* )"* HJ:Q;%*^K;:)&"J:* HG"K)* $"K%* &JJ"<H)&"J*
:)%H);'$*HJ=*$"K%*"#;J*&JJ"<H)&"J*:)%H);'$O*$"KX99*J;;=*)"*K#=H);*$"K%*
&J*$"K%*LH%S;)#9HN;*H:*H*%;:K9)*"I*N"L#;)&)&<;*"%*;N"J"L&N*N(HJ';:*"%*
);N(J"9"'&NH9*H=<HJN;:>
&:*)(H)*&)*:;):*H*=&%;N)&"J*I"%*$"K%*;II"%):>*/(&:*H9:"*H99"Q:*$"K*)"*G;)[
[
)&"J;=*;H%9&;%O*)(;%;*&:*J"*:&J'9;*L;)("=*I"%*"#;J*&JJ"<H)&"J>*5)*NHJ*
Q"%S*&J*LHJ$*=&II;%;J)*QH$:*HJ=*&J<"9<;*H*JKLG;%*"I*=&II;%;J)*)$#;:*
"I*#H%)J;%:>*/(;*#"::&G&9&)&;:*H%;*H9L":)*;J=9;::>*1&J=&J'*HJ*H##%"HN(*
)(H)* L;;):* $"K%* N"L#HJ$X:* &J=&<&=KH9* J;;=:O* %;:"K%N;:O* HJ=* LH%S;)*
[
J"<H)&"J*HJ=*("Q*$"KX%;*'"&J'*)"*H##%"HN(*&)*I"%*$"K%*#H%)&NK9H%*N"L[
#HJ$O*&)*G;N"L;:*;H:&;%*)"*Q"%S*"K)*H*:)%H);'$*HJ=*&L#9;L;J)*&)>*/(;*
S;$*)(&J'*(;%;*&:*)(;*HG&9&)$*)"*<&;Q*&JJ"<H)&"J*&J*L"%;*("9&:)&N*);%L:>*
5JJ"<H)&"J*:("K9=*G;*HG"K)*L"%;*)(HJ*WK:)*N"%;*#%"=KN):*HJ=*:;%<&N;:O*
HJ=*&)*:("K9=*&J<"9<;*H:*LHJ$*GK:&J;::*IKJN)&"J:*H:*#"::&G9;*:&JN;*&J[
J"<H)&"J*)(H)*:K##"%):* )(;*'%"Q)(*"I*$"K%*N"L#HJ$*NHJ*N"L;*I%"L*
H9L":)*HJ$*#H%)*"I*$"K%*N"L#HJ$>*P#;J*&JJ"<H)&"J*'&<;:*$"K*H*N(HJN;*
)"*G%;HS*="QJ*"#;%H)&"JH9*:&9":O*Q(&N(*;U&:)*;<;J*&J*:LH99*N"L#HJ&;:>
I&++#$'*3,4)*L)'($#U(+#,$
V]
JDKGEI*LMBE*GEELNDAGLE*OL9K
VT
2:* )(;$*;LG%HN;*"#;J* &JJ"<H)&"JO* N"L#HJ&;:* H%;* &JN%;H:&J'9$* %;[
H9&R&J'*)(H)*)(;$*J;;=*)"*N(HJ';*I%"L*WK:)*G%HJ=&J'*HJ=*#%"L")&J'*
)(;*&JJ"<H)&"J*"K)N"L;*)"*="&J'*)(;*:HL;*I"%*)(;&%*N"%#"%H)&"J*&J[
J"<H)&"J*NH#HG&9&)&;:>*6"&J'*:"*(;9#:*)(;L*GK&9=*)(;&%*&LH';*H:*HJ*H)[
)%HN)&<;*#H%)J;%*HJ=*)(K:*:K##"%):*)(;*'"H9*"I*GK&9=&J'*H*:)%"J'*"#;J*
&JJ"<H)&"J* ;N":$:);L>* PG<&"K:9$O* N"LLKJ&NH)&"J:* N"L;:* &J)"* #9H$*
(;%;O*)""O*G")(*Q&)(*&J);%JH9*HJ=*;U);%JH9*HK=&;JN;:>
lJ"Q&J'*)(;*:)%H);'&N*'"H9:*L")&<H);:*#;"#9;*HJ=*GK&9=:*H*N"99;N)&<;*
:;J:;*"I*#K%#":;>*."*#K)*H*N"LLKJ&NH)&"J:*#9HJ*&J*#9HN;*G;I"%;*$"K*
;<;J*:)H%)>*THS;*:K%;*$"K*)HS;*;<;%$*"##"%)KJ&)$*)"*)K%J*'""=*J;Q:*
&J)"*H*:)"%$*)(H)*NHJ*Q"%S*&J);%JH99$*H:*Q;99*H:*;U);%JH99$>*/(;*9H));%*&:*
;:#;N&H99$*K:;IK9*&I*%;N%K&)L;J)*&:*H*:;%&"K:*&::K;>
PG<&"K:9$O* N"LLKJ&NH)&J'* Q&)(&J* H* :LH99* N"L#HJ$* &:* ;H:&;%* )(HJ*
&J*H* 9H%';*N"%#"%H)&"J>*?K)* )(H)*=";:JX)*L;HJ*)(H)*=;<;9"#&J'*H*:"9[
&=* N"LLKJ&NH)&"J:* #9HJ* &:* HJ$* 9;::* &L#"%)HJ)>* 5J* H* :LH99* N"L#HJ$O*
&)*L&'()*G;*;H:&;%*I"%*"J;*"%*)Q"*#;"#9;*)"*)(%"Q*H*Q%;JN(*&J)"*)(;*
Q"%S:O* :"* &)X:* &L#"%)HJ)* )(H)*;<;%$"J;*KJ=;%:)HJ=*Q($*"#;J*&JJ"<H[
)&"J*&:*&L#"%)HJ)*)"*$"K%*N"L#HJ$X:*IK)K%;*HJ=*Q(H)*)(;$*J;;=*)"*="*
)"*';)*"J*G"H%=>
:)HS;("9=;%*'%"K#:>*5)X:*;<;J*G;));%*&I*)(;:;*#"&J):*"I*<&;Q*H%;*H9&'J;=*
Q&)(*)(;*<H9K;*#%"#":&)&"J:>
5J*H*#%;:;J)H)&"J*5*(;H%=*G$*_;II*?";(LO*H*I"%L;%*VZ*"I*5J<;J)&"J*
THN(&J;O*)(;*&JJ"<H)&"J*:"I)QH%;*N"L#HJ$O*(;*<;%$*:LH%)9$*"K)9&J;=*
H*I"K%[:);#*#%"N;::*I"%*S;;#&J'*)(;*J;;=*I"%*I"NK:&J'*"J*&JJ"<H)&"J**
.)%"J'*N"LLKJ&NH)&"J*#%"'%HL:*H%;*&L#"%)HJ)*H)*HJ$*)&L;*Q&)(&J*
HJ*"%'HJ&RH)&"JO*GK)*J;<;%*L"%;*:"*)(HJ*Q(;J*"#;J*&JJ"<H)&"J*&:*$"K%*
'"H9>*a&)("K)*H*'""=*N"LLKJ&NH)&"J*:)%H);'$O*$"K%*"==:*I"%*:KNN;::*
="*J")*9""S*'""=>*/"*L"<;*I"%QH%=O*#;"#9;*J;;=*)"*SJ"Q*Q(;%;*)"*'"*
HJ=*("Q*)"*';)*)(;%;>*c;%;*H%;*)(%;;*%;H:"J:*Q($*N"LLKJ&NH)&"J*&:*H*
N%&)&NH9*;9;L;J)*&I*$"K*QHJ)*)"*:KNN;;=*Q&)(*"#;J*&JJ"<H)&"J>
G
G
&#=&<:FP&85<=&
?<<:A56?:<& 6@587& I<D@C765<D& 64@& A59I@& :B& :;@<& ?<<:A5G
BI99=& I<D@C765<D& 5<D& LI=& ?<6:& 64@& A59I@& :B& :;@<& ?<<:A5G
I&++#$'*3,4)*L)'($#U(+#,$
?X
JDKGEI*LMBE*GEELNDAGLE*OL9K
?>
2*S;$*"GW;N)&<;*"I*$"K%*N"LLKJ&NH)&"J*:)%H);'$*&:*)"*=;<;9"#*H*:(H%;=*
9HJ'KH';*HG"K)*"#;J*&JJ"<H)&"JdHJ=*&JJ"<H)&"J*&J*';J;%H9dQ&)(&J*
[
NHJ)9$*;H:&;%*)"*I%HL;*)(;*#%"G9;L:*HJ=*&=;H:*&J*QH$:*)(H)*;<;%$"J;*
NHJ*KJ=;%:)HJ=*HJ=*%;9H);*)">
4H%';*N"%#"%H)&"J:*"I);J*=;<;9"#*)(&:*N"LL"J*9HJ'KH';*G$*G%&J'[
&J'* &J*"K):&=;*;U#;%):* )"*;=KNH);*HJ=*)%H&J*#;"#9;>*\"K*LH$*J")*G;*
HG9;*)"*HII"%=*)(H)*GK)*)(;%;*H%;*")(;%*QH$:*)"*';)*)(;*W"G*="J;>*1"%*
;UHL#9;O*$"K*NHJ*#%"<&=;*#;"#9;*Q&)(*G""S:*HJ=*H%)&N9;:*HG"K)*"#;J*
&JJ"<H)&"J*HJ=*)(;J*("9=*=&:NK::&"J:*)"*#K99*"K)*S;$*);%L:*HJ=*)(;&%*
HJ=* $"K%* 9;H=;%:(&#* );HL* K:;* )(&:* 9HJ'KH';* &J* N"L#HJ$* #%;:;J)H[
[
);%* )(%"K'("K)* )(;*"%'HJ&RH)&"J*HJ=*G;N"L;*#H%)*"I* )(;*N"L#HJ$X:*
:(H%;=*<"NHGK9H%$>
."L;*N"L#HJ&;:*=;<;9"#*;9;<H)"%*#&)N(;:d<;%$*:("%)*#&)N(;:*H&L;=*
H)* ';))&J'* )"* )(;*J;U)* 9;<;9*"I* NK:)"L;%* N"J)HN)dI"%* )(;&%*#%"=KN):*
HJ=*:;%<&N;:>*a($*J")*="*)(;*:HL;*I"%*)(;*L;::H';:*HJ=*#%"#":&)&"J:*
K:;=*)"QH%=*#");J)&H9*#H%)J;%:*H:*Q;99*H:*)(;*N"99;H'K;:*$"K*J;;=*)"*
)K%J*&J)"*GHNS;%:*"I*$"K%*"#;J*&JJ"<H)&"J*&J&)&H)&<;:]
N"J:)HJ)9$*&J*)(;*I"%;I%"J)*"I*;L#9"$;;:X*L&J=:*)(%"K'(*:LH%)*N"L[
LKJ&NH)&"J:>*c;%;*H%;*(&:*:);#:*Q&)(*:"L;*;9HG"%H)&"J*I%"L*L;@
& !:& E@@;&
PJ;*"I*)(;*G;:)*QH$:*)"*:("Q*Q($*"#;J*&JJ"<H)&"J*&:*%;9;<HJ)*&:*)"*
)"K)* :KNN;::* :)"%&;:>*/(;:;*Q"JX)*G;*H<H&9HG9;*;H%9$*"J*GK)*Q(;J* I"%[
QH%=*#%"'%;::*&:*LH=;O*LHS;*:K%;*;<;%$"J;*SJ"Q:*HG"K)*&)>
G
G
14@<&:;@<&?<<:A56?:<&?7&
I&++#$'*3,4)*L)'($#U(+#,$
?S
JDKGEI*LMBE*GEELNDAGLE*OL9K
)(;*#;"#9;*("9=&J'*&L#"%)HJ)*SJ"Q9;=';O*H:*Q;99*H:*)(;*#;"#9;*Q("*
Q;%;*G"))9;J;NS:>*c;*:HQ*)(;*%;9;<HJN;>*a;*)H9S;=*HG"K)*)(;*&L#"%[
)HJN;*"I*G;&J'*'""=*H)*%;9H)&"J:(&#:*&J*)(;*L"<;*)"QH%=*"#;J*&JJ"<H[
)&"J>*c;*H'%;;=>
c"Q;<;%O*Q(;J*5*H:S;=*Q(H)*(;*Q"K9=*="*HG"K)*)(;*J;)Q"%S&J'*NK9[
)K%;O*5*'")*)(;*:HL;*HJ:Q;%>*c;*Q"K9=*="*J")(&J'>*a($*J")]*`/(&J':*
9&S;*)(H)*Q&99*)HS;*NH%;*"I*)(;L:;9<;:Ob*(;*:H&=>
c;*N"K9=*J")*G;*L"%;*Q%"J'>*2J*&JJ"<H)&"J*NK9)K%;*=";:*J")*N%;[
H);* &):;9I*HJ=*)(;*:HL;*'";:* I"%*H*J;)Q"%S&J'*NK9)K%;>*/(&:*%;^K&%;:*
H*)"#[="QJ*H##%"HN(*&J*Q(&N(*$"K*HJ=*$"K%*9;H=;%:(&#*);HL*N%HI)*H*
:)%H);'$O*:;)*)(;*'"H9:O*HJ=*#%"<&=;*)(;*L;HJ:*HJ=*)""9:*I"%*J;)Q"%S&J'*
&J*J;)Q"%S&J'*)"*N"J<&JN;*;L#9"$;;:*)(H)*$"K*H%;*:;%&"K:>
5)*LH$*I;;9*9&S;*)HS&J'*)(;*%"9;*"I*N(&;I*J;)Q"%S;%*&:*H==&J'*H*(K';*
W"G*)"*$"K%*H9%;H=$*N%"Q=;=*)"[="*9&:)O*HJ=*&)*#%"GHG9$*&:>*?K)*"#;J*&J[
J"<H)&"J*Q"JX)*(H##;J*Q&)("K)*H*:)%"J'*J;)Q"%S&J'*NK9)K%;O*HJ=*:;%<[
&J'*H:*H*%"9;*L"=;9*&:*;::;J)&H9>
/(;*&L#;)K:*I"%*N%;H)&J'*H*J;)Q"%S&J'*NK9)K%;*&:*"G<&"K:*"JN;*$"K*
9""S*H)*)(;*NK%%;J)*HJ=*IK)K%;*=&%;N)&"J*"I*&JJ"<H)&"J>*4;)X:*:)H%)*G$*
=&:#":&J'*"I*)(;*L$)(*"I*)(;*9"J;*';J&K:d)(;*/("LH:*0=&:"J:*HJ=*
)(;*29;UHJ=;%*7%H(HL*?;99:*"I*$;:);%$;H%dH%%&<&J'*H)*H*G%;HS)(%"K'(*
&JJ"<H)&"J*"J*(&:m(;%*"QJ>*/(&:*L"=;9*QH:JX)*)%K;*)(;JO*HJ=*;<;J*&I*
&)*Q;%;O*&)*:&L#9$*=";:*J")*("9=*)%K;*&J*)"=H$X:*N"L#9;U*GK:&J;::*"%'H[
J&RH)&"J:>*/;N(J"9"'$*HJ=*)(;*N(H99;J';:*)(H)*LK:)*G;*:"9<;=*(H<;*G;[
N"L;*:"*N"L#9;U*)(H)*LHJ$d#;%(H#:*;<;J*L":)dN"L#HJ&;:*NHJ*J"*
9"J';%*%;9$*:"9;9$*"J*)(;&%*"QJ*&J);%JH9*&JJ"<H)&"J*';J&K:;:O*J"*LH));%*
("Q*G%&99&HJ)*)(":;*#;"#9;*LH$*G;>
5*"I);J* :H$* )(H)*;U;NK)&<;:*J;;=* )"*N%;H);* )(;*#%"#;%* :;))&J':*HJ=*
[
L;J)* 9"):*"I* )""9:* HJ=*LHS;*"#;J* &JJ"<H)&"J*Q"%S>*PJ;*"I* )(;*S;$*
;9;L;J):* "I* N%;H)&J'* )(;* %&'()* N"J=&)&"J:* &:* )"* LHS;* )(;* ;L#9"$;;:*
KJ=;%:)HJ=*)(H)*H*:)%"J';%*I"NK:*"J*;U);%JH9*N"J)%&GK)&"J*&:*J")*H*:&'J*
"I*=&:H##%"<H9*"I*)(;*Q"%S*G;&J'*="J;*G$*)(;L>*5)*&:*L;%;9$*HJ*H));L#)*
)"*&JN%;H:;*)(;*"<;%H99*&JJ"<H)&"J*#%"=KN)&<&)$*G$*N"LG&J&J'*&J);%JH9*
HJ=*;U);%JH9*%;:"K%N;:>*/(&:*&:*;^KH99$*)%K;*I"%*G")(*:LH99*HJ=*9H%';*
"%'HJ&RH)&"J:>
\"K*="*J")*QHJ)*I%K:)%H);=*;L#9"$;;:*Q("*="*J")*I;;9*)(H)*)(;$*H%;*
G;&J'*H##%;N&H);=>
cH<&J'*;L#9"$;;:*Q("*I;;9*H##%;N&H);=*Q&)(*%;'H%=:*)"*&JJ"<H)&"J*
H9:"*LHS;:*&)*;H:&;%*I"%*HJ*"%'HJ&RH)&"J*)"*;LG%HN;*H*L"%;*("9&:)&N*H#[
#%"HN(*)"*&JJ"<H)&"J*&J*)(;*:;J:;*)(H)*H99*GK:&J;::*IKJN)&"J:*:("K9=*
G;* &J<"9<;=* &J* )(;* &JJ"<H)&"J*#%"N;::>* 5JJ"<H)&"J* &:*L"%;* )(HJ* WK:)*
#%"=KN):*HJ=*);N(J"9"'$O*HJ=*&)*:("K9=*J")*G;*=%&<;J*;J)&%;9$*G$*)(;*
8f6*IKJN)&"J>
%9@8@<6&RNM&*@6F:CE@D&,<<:A56?:<&)I96IC@
PJ;*LK:)[(H<;*N"L#"J;J)*"I*H*:)%"J'*&JJ"<H)&"J*NK9)K%;*&:*H*:)%"J'*
J;)Q"%S&J'*NK9)K%;>*/"*)(%&<;*&J*HJ*&JJ"<H)&"J*;J<&%"JL;J)*)(H)*G;[
N"L;:*&JN%;H:&J'9$*"#;J*HJ=*;U);%JH99$*"%&;J);=O*#;"#9;*)(%"K'("K)*
$"K%*"%'HJ&RH)&"J*J;;=*)"*G;*NH#HG9;*"I*GK&9=&J'*HJ=*:K:)H&J&J'*%;9H[
)&"J:(&#:*G")(*&J);%JH99$*HJ=*;U);%JH99$>
iJI"%)KJH);9$O* )(&:* &:* H* J;'9;N);=* H%;H* "I* H));J)&"J* &J* N"L#HJ&;:*
"I*H99*:&R;:>*5*%;L;LG;%*)H9S&J'*Q&)(*HJ*;U;NK)&<;*H)*H*9H%';*N"L#HJ$*
HI);%*(H<&J'*L;)*Q&)(*LHJ$*"I*)(;*&JJ"<H)&"J*#;"#9;*I%"L*(&:*"%'HJ&[
RH)&"J>*5*H:S;=*(&L*HG"K)*(&:*&J);J)&"J:*Q&)(*%;'H%=*)"*N%;H)&J'*H*G;)[
);%*J;)Q"%S&J'*NK9)K%;>*c;*=&=*J")*(H<;*HJ$*#9HJ:>*a;*=&:NK::;=*)(;*
I&++#$'*3,4)*L)'($#U(+#,$
?V
JDKGEI*LMBE*GEELNDAGLE*OL9K
??
G
G
G
G
:;;:C6I<?6?@7&5C@&;C:A?D@D&6:&4@9;&?<D?A?DI597&;:9?74&64@?C&
G
@A@<67&85Q?8?H@& 64@&:;;:C6I<?6?@7&;@:;9@&45A@& 6:& ?<?6?56@&
5JJ"<H)&"J*&:*&JN%;H:&J'9$*HG"K)*(H<&J'*'%"K#:*"I*#;"#9;*N"L;*)"[
';)(;%*)"*9;<;%H';*)(;&%*=&<;%:;*)H9;J):*HJ=*;U#;%)&:;*)"*:"9<;*LK9)&IHN[
;);=*N(H99;J';:*)(H)*N%"::*LK9)	*=&:N	&J;:>*/"*LHS;*)(&:*(H##;J*
Q&)(&J*$"K%*"%'HJ&RH)&"JdHJ=*G;$"J=*H:*$"K*L"<;*)"QH%=*"#;J*&J[
J"<H)&"Jd%;^K&%;:*H*J;)Q"%S&J'*NK9)K%;*)(H)*&:*=;:&'J;=O*:K##"%);=O*
HJ=*L"=;9;=*G$*$"K%*N"L#HJ$X:*9;H=;%:>
2J")(;%*S;$*L")&<H)&"J*I"%*:;))&J'*K#*J;)Q"%S&J'*&J&)&H)&<;:*&:*GH:;=*
"J* )(;*:&L#9;* IHN)* )(H)* )(;*SJ"Q9;=';*"I*HJ$*N"L#HJ$* &:* &J:&=;* )(;*
(;H=:*"I*)(;*;L#9"$;;:>*6&:N"<;%&J'*HJ=*=&:)%&GK)&J'*)(&:*SJ"Q9;=';*
(H:*H9QH$:*G;;J*H*N(H99;J';O*HJ=*J"QO*L"%;*)(HJ*;<;%O*)(;*HG&9&)$*)"*
9;<;%H';*H*N"L#HJ$X:*N"99;N)&<;*SJ"Q9;=';*HJ=*;U#;%&;JN;*&:*N%&)&NH9*
)"* &JJ"<H)&"J>*1K%)(;%L"%;O*;:)HG9&:(&J'* )(;*HG&9&)$* )"*G%&J'*SJ"Q9[
;=';*HJ=*#");J)&H9*J;Q*&JJ"<H)&"J*&J:&'():*&J*I%"L*;U);%JH9*:"K%N;:*
=;LHJ=:*H*:)%"J'*J;)Q"%S&J'*NK9)K%;*:K##"%);=*HJ=*L"=;9;=*I%"L*
)(;*)"#>
."*Q(H)*=";:*H*'""=*J;)Q"%S&J'*NK9)K%;*9""S:*9&S;]*5)X:*:KN(*H*J;Q*
N"JN;#)*)(H)*)(;%;*H%;JX)*H*9")*"I*;UHL#9;:*H<H&9HG9;*)"*&99K:)%H);*&)O*GK)*
(;%;*H%;*:"L;*S;$*N"L#"J;J):*"I*H*'""=*J;)Q"%S&J'*NK9)K%;@
@8;9:=@@7&<@@D&6:&D@A@9:;&5<D&<IC6IC@&?<6@C<59&5<D&@Q6@CG
G
G
I&++#$'*3,4)*L)'($#U(+#,$
?\
JDKGEI*LMBE*GEELNDAGLE*OL9K
?W
HG&9&)$* )"* =%&<;* N(HJ';O* =&IIK:&"JO* "%* &JJ"<H)&"JO* HJ=* )(;$*
NHJ*H9:"*HN)*&J*S;$*9&H&:"J*"%*N%"::[#%"N;::*%"9;:>
2NN"%=&J'*)"*!%"::O*G%"S;%:*"I);J*:&)*&J*)&##&J'[#"&J)*#":&[
)&"J:*HJ=O*)(;%;I"%;O*=&IIK:;*&JI"%LH)&"J*IH:);%*)(HJ*9;H=;%:*
HJ=*N;J)%H9*N"JJ;N)"%:>*0<;J*&J*H*:LH99*'%"K#O*G%"S;%:*H%;*
)(;* L":)* ;II;N)&<;* L;HJ:* )"* =&IIK:;* &JI"%LH)&"J>* ?%"S;%:*
(H<;* '%"KJ=[9;<;9* N%;=&G&9&)$* HJ=* HNSJ"Q9;=';=* ;U#;%)&:;*
&J* )(;* ;$;:* "I* )(;&%* #;;%:>* /(;$* H%;* LKN(* L"%;* 9&S;9$* )"*
G;*:"K'()*"K)*HJ=*9&:);J;=*)"*)(HJ*H*=;:&'JH);=*;U#;%)*"%*
G%&=';*=&<;%:;*#;%:#;N)&<;:*HJ=*KJ=;%:)HJ=*NK9)K%H9*J"%L:*
HJ=*#%HN)&N;:*"I*=&II;%;J)*'%"K#:*&J*QH$:*)(H)*)(":;*IHL&9&H%*
HJ=*N"LI"%)HG9;*Q&)(&J*)(;&%*"QJ*'%"K#*"I);J*NHJJ")>
Z;%&#(;%H9* #;"#9;* N"K9=* G;* J;Q* #;"#9;O* ;U#;%):O* :H9;:*
)(;*;=';*"I* )(;*J;)Q"%SO*HJ=*!%"::*(H:* 9;H%J;=*)(H)* )$#&[
NH99$* C,* )"* A,* #;%N;J)* "I* #;%&#(;%H9* #;"#9;* Q"K9=* 9&S;* )"*
';)*G;));%*N"JJ;N);=*GK)*(H<;*%KJ*&J)"*"G:)HN9;:>*/(;$*H%;*
%&:S:>*Z;%&#(;%H9*#;"#9;*H%;*#H%)&NK9H%9$*&J*J;;=*"I*;=KNH[
)&"J*HG"K)*("Q*)"*J;)Q"%SY*)(;$*Q&99*H9:"*J;;=*L"%;*;JN"K%[
H';L;J)*)(HJ*")(;%:*)"*#H%)&N&#H);*&J*J;)Q"%S&J'>
lJ"Q&J'* )(;:;* =&II;%;J)* )$#;:* :("K9=* #%"L#)* $"K* )"* H:S*
^K;:)&"J:*HG"K)*Q(H)*J;)Q"%S&J'*)$#;:*$"K*(H<;*Q&)(&J*$"K%*
"%'HJ&RH)&"J*HJ=*Q(H)*)$#;*"I*J;)Q"%S&J'*H##%"HN(;:*L&'()*
Q"%S*G;:)>*1"%*;UHL#9;O*&I*$"K%*N"L#HJ$*(H:*H*9")*"I*#;%&#(;%H9*
#;"#9;O*$"KX99*J;;=*)"*=;<");*L"%;*)&L;*)"*)%H&J&J'*&J*J;)Q"%S[
&J'*:S&99:>*29:"O*H:*H*9;H=;%O*)(&JS*HG"K)*("Q*$"K*NHJ*Q"%S*G;:)*
Q&)(*)(;*=&II;%;J)*)$#;:*)"*G;*HG9;*)"*';)*)(;*L":)*"K)*"I*)(;L>
!4C@@&!=;@7&:B&*@6F:CE@C7
2:* $"K* =;);%L&J;* ("Q* )"* GK&9=* H* J;)Q"%S&J'* NK9)K%;*
Q&)(&J*$"K%*"%'HJ&RH)&"JO*&)X:*&L#"%)HJ)*)"*KJ=;%:)HJ=*("Q*
J;)Q"%S&J'* HN)KH99$* Q"%S:>* PJ;* "I* )(;* L":)* SJ"Q9;=';[
HG9;* #;"#9;* "J* "%'HJ&RH)&"JH9* J;)Q"%S&J'dHJ=* ("Q* &)*
:K##"%):* &JJ"<H)&"Jd&:*8"G*!%"::O*HJ*H::"N&H);*#%"I;::"%*
&J*)(;*LHJH';L;J)*=;#H%)L;J)*"I*iJ&<;%:&)$*"I*V&%'&J&HX:*
TN5J)&%;*.N(""9*"I*!"LL;%N;>*c;*&:*H9:"*"J;*"I*)(;*I"KJ=[
;%:*"I*/(;*3;)Q"%S*8"KJ=)HG9;>*5*(H<;*9;H%J;=*H*9")*I%"L*
L$*<&:&):*HJ=*&J);%HN)&"J:*Q&)(*8"G*HJ=*5*%;N"LL;J=*)(H)*
$"K*)HS;*H*9""S*H)*(&:*Q;G:&);*H)*QQQ>%"GN%"::>"%'>
:("K9=*#H$*H));J)&"J*)"*Q&)(&J*$"K%*"%'HJ&RH)&"J>*/(;$*H%;
!;J)%H9*N"JJ;N)"%:*H%;*)(":;*#;"#9;*Q&)(*)(;*(&'(;:)*JKL[
G;%*"I*=&%;N)*N"JJ;N)&"J:>*/(;$*NHJ*G;* I"%LH9* 9;H=;%:d"%*
#"9&)&NH9*#9H$;%:*)%$&J'*)"*G;*9;H=;%:dQ("L*;<;%$"J;*:;;S:*
"K)*;&)(;%*G;NHK:;*)(;$*LHS;*)(&J':*(H##;J*"%*G;NHK:;*)(;$*
(H<;*LH=;*)(;L:;9<;:*G"))9;J;NS:>*/(;*9H));%*NHJ*G;N"L;*H*
LHW"%*&::K;*Q&)(*%;'H%=*)"*&JJ"<H)&"JO*Q(;%;*$"K*"I);J*J;;=*
Q("*H%;*:"L;)&L;:*"<;%K:;=O*H:*;<;%$"J;*'";:*)"*)(;L*Q&)(*
^K;:)&"J:>*."L;)&L;:*;U#;%):*LK:)*G;*#%");N);=>
?%"S;%:*H%;*(&'([9;<;%H';*;L#9"$;;:*Q("*N"JJ;N)*#;"#9;*
HN%"::*G"KJ=H%&;:O*:KN(*H:*IKJN)&"J:O*:S&99:O*';"'%H#($O*(&;%[
H%N($O*;)(J&N&)$O*HJ=*';J=;%>*/(;:;*#;"#9;*(H<;*)(;*9;<;%H';*
I&++#$'*3,4)*L)'($#U(+#,$
?]
JDKGEI*LMBE*GEELNDAGLE*OL9K
?T
%;L&J=*#;"#9;*&:*)(H)*LH&J)H&J&J'*9&JS:*&J*H*J;)Q"%S*&:*N":)9$>*."*WK:)*
G9&J=9$*pJ;)Q"%S&J'X*)"*GK&9=*K#*N"JJ;N)&"J:*&:*9&S;9$*)"*="*L"%;*(H%L*
)(HJ*'""=>*7"&J'*="QJ*)"*J"*N"JJ;N)&"J:*=";:JX)*Q"%S*;&)(;%*)("K'(>*
\"K*(H<;*)"*)(&JS*HG"K)*)(;*S&J=*HJ=*^KH9&)$*"I*N"JJ;N)&"J:*)(H)*$"K*
QHJ)>b
5* IK99$*H'%;;*Q&)(*/&L*HJ=*%;N"LL;J=*K:&J'* )(;*LHJ)%H*"I* `J;)[
Q"%S&J'*Q&)(*H*#K%#":;>b
G
5J*Q"%S&J'*Q&)(* N"L#HJ&;:* )(H)* H%;* )%$&J'* )"*GK&9=* H*J;)Q"%S&J'*
IH&9*"%*J")*%;HN(*)(;*("#;=[I"%*=;'%;;*"I*:KNN;::@
&05<=&:B&I7& 7?8;9=&D:&<:6&45A@& 64@& 6?8@& 6:&
G
G
a(;J*5*#":;=*)(;*=;9&G;%H);9$*#%"<"NH)&<;*^K;:)&"J*"J*L$*G9"'*"I*
Q(;)(;%*%;9H)&"J:(&#:*HJ=*J;)Q"%S&J'*Q;%;*"<;%%H);=O*/&L*lH:);99;O*H*
L;LG;%*"I*)(;*/;N(J"9"'$*f*5JJ"<H)&"J*THJH';L;J)*!;J)%;*&J*)(;*
.N(""9* "I* ?K:&J;::* H)* )(;* KJ&<;%:&)$* "I* sK;;J:9HJ=O* N"LL;J);=O* `5*
<&;Q*L":)*)(&J':*)(%"K'(*H*J;)Q"%S*9;J:O*HJ=*)(;*)(&J'*)(H)*5*H9QH$:*
%%IBAAGEI*3L^9MBLMF B * 9 B DH3*CL9 *L MB E * *G E ELNDA G LE
/(;*9;H=;%:*"I*:KNN;::IK9*:LH99*N"L#HJ&;:*KJ=;%:)HJ=*("Q*&L[
#"%)HJ)* &)* &:* )"* (H<;* )(;* %&'()* #;"#9;* &J* )(;* %&'()* #":&)&"J:>*
a(;J*%;:"K%N;:*H%;*:9&LO*)(;*HG&9&)$*"I*;<;%$"J;*)"*="*)(;&%*W"G*Q;99*
LH));%:*)%;L;J="K:9$>*PJ;*"%*)Q"*Q;HS*9&JS:*NHJ*:#;99*)(;*=&II;%;JN;*
G;)Q;;J*:KNN;::*HJ=*IH&9K%;>*."*&)*Q&99*N"L;*H:*J"*:K%#%&:;*Q(;J*5*:H$*
)(H)*#;"#9;*LH));%*L"%;*)(HJ*&=;H:*Q(;J*&)*N"L;:*)"*LHS&J'*&JJ"<H[
)&"J*"I*H99*)$#;:*(H##;J>
\"K*:("K9=*)HS;*H*L"L;J)*)"*)(&JS*HG"K)*)(H)*:&JN;*LHJ$*&JJ"<H[
)&"J*&J&)&H)&<;:*IH&9*L&:;%HG9$*G;NHK:;*)(;&%*9;H=;%:*="JX)*KJ=;%:)HJ=*
)(&:*:&L#9;*IHN)>*5J*IHN)O*&)*&:*HN)KH99$*L"%;*&L#"%)HJ)*)"*(H<;*'%H=;[2*
#;"#9;*)(HJ*&)*&:*)"*(H<;*H*:9;Q*"I*'%H=;[2*&=;H:>*a($]*?;NHK:;*'%H=;[2*
#;"#9;*NHJ*)HS;*H*'%H=;[?*&=;Hd"%*#;%(H#:*;<;J*H*'%H=;[!*&=;HdHJ=*
I&++#$'*3,4)*M&,1"&*9&(%5
\V
JDKGEI*LMBE*GEELNDAGLE*OL9K
\?
)K%J*&)* &J)"*H*:KNN;::IK9*%;H9&)$>*7%H=;[?*#;"#9;O*"J*)(;*")(;%*(HJ=O*
Q&99*:)%K''9;*Q&)(*;<;J*)%K9$*'%;H)*&=;H:>
5I*Q;* )HS;* )(&:* )"* )(;*Q"%9=*"I* :LH99*GK:&J;::O* )(;*G&'*^K;:)&"J* &:*
Q(;)(;%* $"K* (H<;* ;J"K'(* H<H&9HG9;* '%H=;[2* #;"#9;* Q&)(&J* $"K%* "%[
'HJ&RH)&"J*Q("*NHJ*)HS;*'%;H)*&=;H:O*Q(;)(;%*)(;$*N"L;*I%"L*&J:&=;*
"%*"K):&=;*)(;*N"L#HJ$O*HJ=*)K%J*)(;L*&J)"*%;H9&)$>
a(;J*9H%';*N"%#"%H)&"J:*)HNS9;*)(&:*^K;:)&"JO*)(;&%*HJ:Q;%*&:*:&L[
#9;Y*Q&)(*)(;&%* 9H%';*G"=$*"I*;L#9"$;;:O* )(;$*NHJ*;H:&9$* :Q&)N(*'%;H)*
#;"#9;*)"*")(;%*#%"W;N):>*?K)*I"%*H*:LH99*N"L#HJ$*Q&)(*&):*:LH99;%*:)HIIO*
$"K*:&L#9$*="JX)*(H<;*)(;*HG&9&)$*)"*="*)(H)>*5J*)(&:*NH:;O*&)*&:*#H%)&NK[
9H%9$* N%&)&NH9* )"* &=;J)&I$* HJ=* =;<;9"#* #;"#9;* Q&)(* )(;* H))%&GK);:* HJ=*
"K)*("Q*$"KX%;*'"&J'*)"*LH)N(*)(":;*&=;H:*)"*#;"#9;*Q("*NHJ*LHS;*
)(&J':*(H##;J>
#@B:C@&3:I&+65C6
2:*$"K*:)H%)*)(&:*Q"%SO*(;%;X:*HJ")(;%*S;$*#"&J)*)"*%;L;LG;%@*/(;*
:S&99:*J;;=;=*)"* 9;H=*HJ=*LHJH';*H*#%"W;N)*Q&)(&J*)(;*;U&:)&J'*N"%;*
GK:&J;::dQ(;%;*&JJ"<H)&"J*&:*9&S;9$*)"*G;*&JN%;L;J)H9*HJ=*%;:"K%N;:*
[
N"L;*)(;*N(H99;J';:*HJ=*"G:)HN9;:*)(H)*'%;;)*H9L":)*HJ$*J;Q*GK:&J;::*
#%"W;N)*&J<"9<&J'*G%;HS)(%"K'(*"%*%H=&NH9*&JJ"<H)&"J>*2J=*)(&:*&:*;:#;[
N&H99$*N(H99;J'&J'*&J*:LH99*N"L#HJ&;:*Q(;%;*%;:"K%N;:*LH$*G;*(H%=*)"*
N"L;*G$>*\"K*J;;=*)"*:)HII*J;Q*GK:&J;::*#%"W;N):*Q&)(*#;"#9;*Q("*(H<;*
H*L&J=:;)*HJ=*)""9G"U*)(H)*LH)N(*)(&:*=&II;%;J)*N(H99;J';>
\"K*H9:"*J;;=*=&II;%;J)*#;"#9;*I"%*)(;*=&II;%;J)*#(H:;:*"I*)(;*&JJ"[
<H)&"J*#%"N;::O*Q(&N(*#%;:;J):*HJ")(;%*N(H99;J';*I"%*:LH99*N"L#HJ&;:>*
_K:)*H:*:"L;*;J)%;#%;J;K%:*H%;*G;));%*H)*%KJJ&J'*H*N"L#HJ$*H)*&):*<;%$*
;H%9$*:)H';*HJ=*")(;%:*H%;*G;));%*H)*(;9#&J'*)(;*GK:&J;::*:NH9;*"JN;*)(;*
#%"=KN)*&:* 9HKJN(;=O*:"O*)""O*H%;*)(;%;*&J)%H#%;J;K%:*Q("*H%;*G;));%*
:K&);=*G")(*&J*);%L:*"I*L&J=:;)*HJ=*:S&99:*)"*<H%&"K:*#(H:;:*"I*)(;*&J[
J"<H)&"J*#%"N;::>
1"%* ;UHL#9;O* )(;* =&:N"<;%$[&JJ"<H)&"J[HNN;9;%H)&"J* g6[5[2h* L"=;9*
)(%;;*#(H:;:*"I*&JJ"<H)&"J@
:;;:C6I<?6?@7
G
G
765<D&:<&?67&:F<P&C@956?A@&6:&:64@C&LI7?<@77&;956B:C87&?<&64@&
S
/(&:*L"=;9*(H:*G;;J*K:;=*Q&)(*:KNN;::*H)*LHJ$*N"L#HJ&;:O*Q(&N(*
(H<;*9;H%J;=*)(H)*<;%$*I;Q*#;"#9;*(H<;*)(;*:S&99:*)"*L"<;*I%"L*(;H=[
&J'* )(;* #%"W;N)* &J* )(;* =&:N"<;%$* #(H:;* )"* (;H=&J'* &)* =K%&J'* )(;* HN[
N;9;%H)&"J*#(H:;>*/(;*N(H99;J';*)(&:*#%;:;J):*I"%*:LH99*N"L#HJ&;:*&:*
"G<&"K:>*a&)(*IH%*I;Q;%*#;%:"JJ;9*)"*N("":;*I%"LO*&)*NHJ*G;*)"K'(*)"*
NHJ*&=;J)&I$*#;"#9;*Q&)(*)(;*%&'()*L&J=:;)*g:;;*G;9"Qh*HJ=*)(;J*:)H%)*
I&++#$'*3,4)*M&,1"&*9&(%5
\\
JDKGEI*LMBE*GEELNDAGLE*OL9K
\W
Q"%S&J'*"J*)(;&%*)""9G"U>*THS&J'*#;"#9;*L"%;*%;H=$*I"%*&JJ"<H)&"J*
G$* N"J)&JK"K:9$* =;<;9"#&J'* )(;&%* )""9G"U* &:* "J;* "I* )(;* 9"Q[(HJ'&J'*
I%K&):*HJ=*)(&:*NHJ*G;*="J;*&J*:LH99*H:*Q;99*H:*G&'*N"L#HJ&;:>
."*H:*$"K*G;'&J*)"*N"J:&=;%*)(;*#;"#9;*"J*$"K%*);HLO*Q(H)*#;%:"J[
H9*N"L#;);JN&;:*H%;*$"K*9""S&J'*I"%*Q(;J*&)*N"L;:*)"*=;N&=&J'*Q("*
NHJ* :K##"%)* $"K%* "#;J* &JJ"<H)&"J* ;II"%):]* 5* QH:* I"%)KJH);* )"* :;;* H*
#%;:;J)H)&"J*G$*7H&9*TH%)&J"O*LHJH';%*"I*0L;%'&J'*HJ=*6&:%K#)&<;*
N"L#;);JN&;:*J;;=;=*I"%*"#;J*&JJ"<H)&"J*:KNN;::>*c;%;*&:*(;%*9&:)@
.;;:* "##"%)KJ&)&;:* HJ=* =%&<;:* HJ* "##"%)KJ&)$* I"%QH%=* Q&)(* HJ=*
)(;$*J;;=*&)>
l;$*/%H&):m?;(H<&"%:@
"F5C@&:B&5<D&@<5L9@7&<@F&?D@57OBC:8&5<=F4@C@
*:6&5BC5?D&6:&B5?9
l;$*/%H&):m?;(H<&"%:@
5:*HG9;*)"*#;%:KH=;O*&J:#&%;O*HJ=*'H%J;%*:K##"%)>
l;$*/%H&):m?;(H<&"%:@
*.;9I[=%&<;J*)"*G;N"L;*K#*)"*:#;;=*&J*J;Q*H%;H:*gN%&)&NH9*:S&99*)"*(;9#*
:("QNH:;*HJ=*'H&J
:K##"%)*"I*")(;%:h>
l;$*/%H&):m?;(H<&"%:@
"L?9?6=&6:&D@A@9:;&@Q;@C6?7@P&7:8@6?8@7&:I67?D@&:B&64@?C&
)IC?:I7
*2G9;*)"*LHJH';*(&'(*%&:S*#%"W;N):*HJ=*LHS;*=;N&:&"J:*Q&)("K)*#;%[
I;N)*&JI"%LH)&"J*HG"K)
"K)N"L;>
l;$*/%H&):m?;(H<&"%:@
B:CF5CD
l;;#:*HG"<;*)(;*I%H$>
l;$*/%H&):m?;(H<&"%:@
I&++#$'*3,4)*M&,1"&*9&(%5
\]
JDKGEI*LMBE*GEELNDAGLE*OL9K
\T
B:CF5CD
0J;%'$*)"*L"%;*I"%QH%=*HJ=*"<;%N"L;*%"H=G9"NS:>
l;$*/%H&):m?;(H<&"%:@
7H&9X:* 9&:)*;U#HJ=:*"J*)(;* &=;H:*5*#K)* I"%)(* &J*!"#$%&#'$('')*+,-)'$
.#*)/0,-)'$HJ=*(&'(9&'():*("Q*&L#"%)HJ)*)(;*:"[NH99;=*`:"I)b*:S&99:*H%;*
Q(;J*&)*N"L;:*)"*LHS&J'*"#;J*&JJ"<H)&"J*Q"%S>*2:*5*:H&=*H)*)(;*:)H%)*
"I*)(&:*N(H#);%O*G;NHK:;*;HN(*#;%:"J*&J<"9<;=*&J*H*:LH99*N"L#HJ$X:*&J[
J"<H)&"J*;II"%)*&:*:"*&L#"%)HJ)*=K;*)"*)(;*:LH99*:&R;*"I*)(;*);HLO*$"K*
J;;=*)"*NH%;IK99$*;<H9KH);*;HN(*J;Q*(&%;*)"*:;;*&I*)(;$*(H<;*)(;:;*NH[
#HG&9&)&;:>*/(&:*LH$*%;^K&%;*N"L#9;);9$*%;="&J'*$"K%*&J);%<&;Q*#%"N;::*
)"*N"L;*K#*Q&)(*^K;:)&"J:*=;:&'J;=*)"*I;%%;)*"K)*H*NHJ=&=H);X:*H))&)K=;*
)"QH%=*%&:SO*I"%*;UHL#9;O*"%*("Q*&J);%;:);=*)(;$*H%;*&J*9;H%J&J'*HG"K)*
2)*)(;*:HL;*)&L;O*$"K*J;;=*)"*LHS;*:K%;*$"K%*N"L#HJ$*NK9)K%;*:K#[
&J:)HJN;O* )(H)*Q&99*LHS;* $"K%* N"L#HJ$*HJ*KJQ;9N"L;*#9HN;* I"%* )(;*
)$#;*"I*%&:S[)HS;%:*Q("*H%;*J;;=;=*)"*LHS;*&JJ"<H)&"J*(H##;J>*c;%;X:*
H*^K");*5*"I);J*K:;*&J*L$*)H9S:*)(H)*NH#)K%;:*Q(H)*5XL*)H9S&J'*HG"K)Y*
&)X:* I%"L*H*G9"'*#":)*Q%&));J*G$*6H<&=*3"%=I"%:O* I"KJ=&J'*;U;NK)&<;*
=&%;N)"%*"I*)(;*.)HJI"%=*!;J);%*I"%*5JJ"<H)&"J*HJ=*!"LLKJ&NH)&"J@*
`a(;J*:"L;"J;* )%&;:* )"* &JJ"<H);*Q&)(&J*H* )%H=&)&"JH9*"%'HJ&RH)&"JO*
I;Q*Q&99*KJ=;%:)HJ=*Q(H)*(;m:(;*&:*="&J'O*GK)*;<;%$G"=$*Q&99*KJ=;%[
:)HJ=*Q("*&:*H*)%"KG9;LHS;%>*2I);%*)(;*&JJ"<H)&"J*(H:*G;;J*;LG%HN;=*
G$*)(;*"%'HJ&RH)&"JO*I;Q*Q&99*%;L;LG;%*Q("*:)H%);=*&)O*GK)*;<;%$G"=$*
Q&99*%;L;LG;%*Q("*QH:*H*)%"KG9;LHS;%>*/(&:*&:*)(;*=&9;LLH*;JN"KJ[
);%;=*G$*LHJ$*&J)%H#%;J;K%:d)(;$*%&:S*#KJ&:(L;J)*I"%*:KNN;::>b+
/(;* N(H99;J';:* "I* =;<;9"#&J'* "#;J* &JJ"<H)&"J* NH#HG&9&)&;:* &J* H*
:LH99* GK:&J;::* H%;* J")* 9&L&);=* )"* LHS&J'* :K%;* )(;* %&'()* #;"#9;* H%;*
&J*#9HN;*)"*L"<;*)(;*;II"%)*I"%QH%=>*P#;J*&JJ"<H)&"J*);HL*L;LG;%:*
LK:)*G;*'&<;J*"##"%)KJ&)&;:*)"*=;<;9"#*)(;*&J)%H#%;J;K%&H9*NH#HG&9&[
)&;:*=&:NK::;=*HG"<;>*29:"O*)(;$*J;;=*)"*G;*N"J:)HJ)9$*%;L&J=;=*Q($*&)*
&:*&L#"%)HJ)*)"*S;;#*#K%:K&J'*&JJ"<H)&"J*;<;J*Q(;J*)(;&%*#9H);:*H%;*
?;NHK:;*;L#9"$;;:*&J*:LH99*GK:&J;::;:*I%;^K;J)9$*Q;H%*LHJ$*(H):O*
&)*&:*H99*)""*;H:$*I"%*)(;L*)"*:;)*H:&=;*)(;&%*"#;J*&JJ"<H)&"J*(H)*Q(;J*
#%;::&J'*LH));%:*H%&:;*%;9H);=*)"*)(;*N"L#HJ$X:*N"%;*#%"=KN)*"%*:;%<&N;>*
ZK)*HJ")(;%*QH$O*&)*&:*J")*KJ%;H:"JHG9;*I"%*:"L;"J;*)"*)(&JS*&)X:*L"%;*
&L#"%)HJ)*)"*S;;#*)(;*)%H&J*"J*)(;*)%HNS*)(HJ*&)*&:*)"*=;<");*#%;N&"K:*
)&L;*HJ=*:NH%N;*%;:"K%N;:*)"*)%$&J'*)"*&L#%"<;*)(;*)%H&J>*!"KJ);%&J'*
)(&:*JH)K%H9*);J=;JN$*)HS;:*N"J:)HJ)*<&'&9HJN;*HJ=*;II"%)>
I&++#$'*3,4)*M&,1"&*9&(%5
I&++#$'*3,4)*M&,1"&*9&(%5
WX W>
K@=&)45;6@C&!5E@5F5=7
-* 7&JH* !"9H%;99&* PX!"JJ"%O* `8;:;H%N(* 8;#"%)@* .K:)H&J&J'*
?%;HS)(%"K'(* 5JJ"<H)&"JOb* * M+O* J"* C*
g+,,Fh@*-+[-A>
+* 6H<&=* 3"%=I"%:O* `/(;* 5J)%H#%;J;K%X:* 6&9;LLHOb* !"#$ ('J)$ C/)<O*
.;#)>* -AO* +,,EO* ())#@mmG9"'>&JJ"<H)&"JW"K%JH9&:L>"%'m+,,Em,Fm
J)%H#%;J;K%:[*=&9;LLH>()L9>
OPDA*AL*RLE@GHB9Q B CL9 B * F B D M G EI
GE AL * D * MD 9 A E B 9 @ P G M
&
\"KX<;*=;);%L&J;=*)(H)*$"K*QHJ)*)"*;J'H';*&J*"#;J*&JJ"<H)&"J*
HJ=*$"KX<;*=;<;9"#;=*H*:)%H);'$O*G;'KJ*)"*GK&9=*H*J;)Q"%S&J'*
NK9)K%;O*HJ=*H%;*(;9#&J'*$"K%*#;"#9;*GK&9=*)(;*:S&99:* )(;$X99*J;;=*)"*
"#;%H);*&J*:KN(*H*NK9)K%;>*\"K*H%;*J"Q*"J*)(;*<;%';*"I*L"<&J'*I"%QH%=*
HJ=*G;'&JJ&J'* )"*;J'H';*Q&)(*")(;%*N"L#HJ&;:>* 5J* )(&:*N(H#);%* 5X99*
H)*)(;*"J;*)(&J'*)(H)*:("K9=*G;*K##;%L":)*&J*$"K%*L&J=*H)*)(&:*#"&J)@*
("Q*)"*GK&9=*)(;*)%K:)*)(H)*&:*IKJ=HL;J)H9*)"*"#;J*&JJ"<H)&"J>
/%K:)*N"L;:*H)*LHJ$*9;<;9:d&J);%JH99$*H:*Q;99*H:*;U);%JH99$>*2:*$"K*
L"<;* )"QH%=* "#;J* &JJ"<H)&"JO* $"K* :("K9=* G;'&J* )"* 9""S* &J)"* )Q"*
^K;:)&"J:@
I&++#$'*3,4)*M&,1"&*9&(%5
O:(+*A,*R,$.#%&)*Q&7,)&*F&(1#$'
WS
JDKGEI*LMBE*GEELNDAGLE*OL9K
->*a(H)*=";:*&)*)HS;*I"%*$"K*)"*)%K:)*")(;%:]
+>*c"Q*="*$"K*N"J<&JN;*)(;*#;"#9;*&J*)(;*"%'HJ&RH)&"J:*$"K*QHJ)*
)"*=%HQ*&J)"*$"K%*"#;J*&JJ"<H)&"J*;N":$:);L*)"*GK&9=*)%K:)*&J*$"K*HJ=*
$"K%*N"L#HJ$*HJ=*)(;J*:)H%)*I"%'&J'*:)%"J'*%;9H)&"J:(&#:*Q&)(*)(;L]
/(;*J;N;::&)$*"I*GK&9=&J'*)%K:)*H:*H*GH:&:*I"%*:KNN;::IK9*"#;J*&JJ"<H[
)&"J*L;HJ:*)(H)*&)*&:*L"%;*%;9;<HJ)*)"*9""S*H)*)(;*#;"#9;*:&=;*"I*&JJ"<H[
)&"J*)(HJ*)"*N"JN;J)%H);*"J*#%"N;::;:O*HJ=*&)*H9:"*G%&J':*L"%;*#"Q;%*
)"* )(;*#;"#9;*Q("*%;H99$*=%&<;* &JJ"<H)&"J*Q&)(&J*$"K%*"%'HJ&RH)&"J>*
HJ=* )(;J*#;%(H#:*G;)Q;;J*"%'HJ&RH)&"J:>*/%K:)* &:*H*#;%:"JH9* )(&J'O*
HJ=*)(":;*Q("*;UN;9*H)*GK&9=&J'*)%K:)*H%;*:K==;J9$*&J*H*LKN(*G;));%*
#":&)&"J*Q&)(*%;'H%=* )"*LHS&J'* )(&J':*(H##;J*HJ=*G;&J'*<H9K;=*G$*
)(;&%*"%'HJ&RH)&"J:>
5)* &:* J")* :K%#%&:&J'* )(H)* &J* H* /Q&));%* N(H)* 5* N"J=KN);=* Q&)(* !(%&:*
/(";JO* Q("* H)* )(;* )&L;* QH:* %KJJ&J'* "#;J* &JJ"<H)&"J* H)* Zf7O* (;*
9&:);=*)%K:)*HJ=*&J);'%&)$*H:* )Q"*"I* )(;*N(H%HN);%&:)&N:*Zf7*9""S:*I"%*
&J*"#;J* &JJ"<H)&"J*#H%)J;%:>*c;*H9:"*L;J)&"J;=*'""=*N(;L&:)%$* &J*
)(;*Q"%S&J'*%;9H)&"J:(&#O*&JN9K=&J'*)(;*J;;=*)"*(H<;*#H%)J;%:*Q("*H%;*
%;:#"J:&<;*HJ=*Q("*H9&'J*Q&)(*$"K*"J*#K%#":;O*<H9K;:O*HJ=*#%&JN	:*
)(H)*'K&=;*("Q*H*N"L#HJ$*&:*%KJ*HJ=*("Q*#;"#9;*G;(H<;*H:*;L#9"$;;:>*
299*"I*)(&:*:#;HS:*)"*)(;*&L#"%)HJN;*"I*)(;*#;"#9;*#H%)*"I*)(;*"#;J*&J[
J"<H)&"J*;^KH)&"J>
#5CC?@C7&6:&!CI76
a(H)* H%;* )(;* GH%%&;%:* H'H&J:)* GK&9=&J'* )%K:)* HJ=* :)%"J'* %;9H)&"J[
:(&#:*Q&)(*:)HS;("9=;%:*&J*$"K%*;N":$:);L]
G
G
a(H)*:("K9=*$"K*="*)"*I":);%*HJ*"%'HJ&RH)&"JH9*L&J=:;)*)(H)*:K#[
#"%):*)(;*GK&9=&J'*"I*)%K:)]
"%'HJ&RH)&"J*)"QH%=*"#;J*&JJ"<H)&"J*&:*)(H)*)(;$*H%;*H9"J;>*/(&:*&:*H*
J;Q*QH$*"I*="&J'*)(&J':O*HJ=*&)*Q&99*=;<;9"#*LHJ$*I";:*HL"J'*)(":;*
Q("*WK:)*QHJ)*)(&J':*)"*:)H$*H:*)(;$*(H<;*H9QH$:*G;;J>*/(&:*&:*)%K;*J"*
LH));%*Q(H)*)(;*:&R;*"I*)(;*N"L#HJ$>
/(&:*&:*H*<;%$*J"%LH9*%;HN)&"JY*LHJ$*#;"#9;*I;;9*)(%;H);J;=*G$*:"L;[
)(&J'*)(H)*&:*J;Q*HJ=*=";:JX)*:;;L*)"*LH)N(*Q(H)*(H:*9;=*)(;*"%'HJ&[
RH)&"J*)"*:KNN;::*&J*)(;*#H:)>*."*$"K*="*J")*';)*LKN(*:K##"%)*I"%*)(&:*
J;Q*QH$*"I*)(&JS&J'*I%"L*HJ$"J;*Q&)(&J*$"K%*N"L#HJ$>*/(;$*L&'()*
:;;*)(H)*)(&:*N"K9=*G;*&J);%;:)&J'O*GK)*"JN;*)(;$*G;'&J*)"*KJ=;%:)HJ=*
O:(+*A,*R,$.#%&)*Q&7,)&*F&(1#$'
WV
JDKGEI*LMBE*GEELNDAGLE*OL9K
W?
Q&)(*;U);%JH9*:)HS;("9=;%:O*)(;$*G;'&J*)"*%H&:;*"G:)HN9;:*%H)(;%*)(HJ*
:;;*"##"%)KJ&)&;:>
a(;J* $"K* (H<;* %;N%K&);=* ;J"K'(* #;"#9;* Q&)(* H* #%"#;%* L&J=:;)O*
)(;J*$"K*(H<;*9H&=*)(;*I"KJ=H)&"J*I"%*)%K:)O*Q(&N(*&J*)K%J*LHS;:*;<[
;%$"J;*HNN;#)*)(H)*:)%"J'*%;9H)&"J:(&#:*H%;*)(;*S;$*)"*GK:&J;::*:KNN;::*
&J*)(;*IK)K%;>*3"Q*$"K*H%;*%;H=$*I"%*"#;J*&JJ"<H)&"J>
iJI"%)KJH);9$O*&)*&:*L$*;U#;%&;JN;*)(H)*I;Q*N"L#HJ&;:*(H<;*9H&=*)(&:*
I"KJ=H)&"JO*HJ=*)(&:*Q&99*J")*(H##;J*KJ9;::*$"K*G;N"L;*:KNN;::IK9*&J*
%;N%K&)&J'*)(;*%&'()*#;"#9;*Q&)(*)(;*%&'()*L&J=:;)>*\"K*NHJ*L"%;*"%*
9;::*WK:)*I"%';)*HG"K)*#%"N;::;:*HJ=*N"JN;#):*G;NHK:;O*Q(;J*&)*N"L;:*
)"*"#;J*&JJ"<H)&"JO*&)*&:*)(;*L&J=:;)*)(H)*LH));%:*)(;*L":)>*5I*$"K*';)*
)(;*L&J=:;)*%&'()O* )(;*&L#9;L;J)H)&"J*"I*#%"N;::;:*Q&99*G;*:"*LKN(*
;H:&;%*)"*=;H9*Q&)(>
.)HS;("9=;%*LHJH';L;J)*&:*H*N%&)&NH9*=&:N	&J;*)"*LH:);%*H:*$"K*)%$*
)"* I":);%* H* NK9)K%;* &J* Q(&N(* )%K:)* &:* H* S;$* N"L#"J;J)* HJ=* &J* Q(&N(*
%;:&:)HJN;*)"*N(HJ';*&:*L&J&L&R;=*:"*"#;J*&JJ"<H)&"J*NHJ*)(%&<;>*_K:)*
H:* 5* H:S;=* $"K* )"* N"J:&=;%* &J);%JH9* :)HS;("9=;%:* Q(;J* $"K* G;'&J* )"*
#":&)&"J*$"K%*N"L#HJ$*I"%*"#;J*&JJ"<H)&"JO*:"*$"K*LK:)*J"Q*N"J:&=;%*
)(":;* :HL;*:)HS;("9=;%:*HJ=*("Q*)(;$*L&'()*%;HN)* )"* )(;* 9HKJN(*"I*
"#;J*&JJ"<H)&"J*H)*$"K%*N"L#HJ$>
\"K*NHJ*';)*HJ*&=;H*"I*:)HS;("9=;%*LHJH';L;J)dI"%*G")(*&J);%JH9*
HJ=*;U);%JH9*:)HS;("9=;%:dG$*)(&JS&J'*&J*);%L:*"I*)(%;;*:);#:@*&=;J[
>
&J);%JH9*HJ=*;U);%JH9*#;"#9;*Q("*NHJ*HII;N)*$"K%*"#;J*&JJ"<H)&"J*&J&[
)&H)&<;*&J*G")(*#":&)&<;*HJ=*J;'H)&<;*QH$:O*HJ=*#;"#9;*Q("*L&'()*I;;9*
)(%;H);J;=*"%* :)HJ=* )"*'H&J* I%"L* &)>* /(&JS*J")*"J9$*"I* )(;*"G<&"K:*
N(H%)>*Z%&"%&)&R;*HJ=*#9HN;*&L#"%)HJ)*:)HS;("9=;%:*"J*H*:("%)*9&:)>
2:*N%&);%&H*I"%*#9HN&J'*#;"#9;*"J*)(;*:("%)*9&:)O*H:S*$"K%:;9I*)Q"*^K;:[
)&"J:@*6";:*)(&:*#;%:"J*("9=*HJ$*&L#HN)*"J*"#;J*&JJ"<H)&"J*&J*"K%*"%[
'HJ&RH)&"J*%&'()*J"Q]*a&99*)(&:*#;%:"J*(H<;*H*(&'(*&L#HN)*J"QO*:""JO*
"%*9H);%]
29)("K'(*Q"%S&J'*Q&)(*$"K%*:)HS;("9=;%:*&:*&L#"%)HJ)O*$"K*Q&99*"I[
);J*9HNS*)(;*)&L;*)"*Q"%S*Q&)(*H99*"I*)(;LO*:"*$"K*J;;=*)"*#%&"%&)&R;*
)(;L*;H%9$*"J>*c"Q;<;%O*$"K*:("K9=*H9QH$:*G;*#%;#H%;=*)"*N(HJ';*)(;*
:)H)K:*"I*)(;*:)HS;("9=;%:*HJ=*H==*J;Q*:)HS;("9=;%:*Q(;J*$"K*9;H%J*"I*
#;"#9;*G;&J'*HII;N);=*G$*$"K%*Q"%S>
#9HN;=*"J*$"K%*:("%)*9&:)>*!"L#&9;*&JI"%LH)&"J*:KN(*H:@
'C?@<656?:<M&,7&64@&765E@4:9D@C&?<6@C<59&:C&@Q6@C<59>
G
G
A56?:<&?<?6?56?A@>&14=>
G
@BB:C6>
G
O:(+*A,*R,$.#%&)*Q&7,)&*F&(1#$'
W\
JDKGEI*LMBE*GEELNDAGLE*OL9K
WW
HJ=*Q(H)*$"K*NHJ*"II;%*)(;LdHJ=*)(;J*N"LLKJ&NH);*Q&)(*)(;L>
\"K*L&'()*J")*I;;9*$"K*H%;*%;H=$*)"*="*:"O*GK)*$"K*J;;=*)"*N"LLK[
J&NH);* Q&)(* $"K%* :)HS;("9=;%:* ;H%9$* HJ=* "I);J>* /(&:* 9;):* )(;L* SJ"Q*
Q(H)*$"K*H%;*="&J'O*HJ=*$"K*NHJ*K:;*)(;&%*%;HN)&"J:*)"*LHS;*N(HJ';:*
)(H)*NHJ*&JN%;H:;*)(;*9&S;9&(""=*"I*:KNN;::*I"%*$"K%*"#;J*&JJ"<H)&"J*
&J&)&H)&<;>
Z;"#9;*H%;*K:KH99$*^K&);*"#;J*HG"K)*)(;&%*<&;Q:O*HJ=*)(;*G;:)*QH$*)"*
:)H%)*GK&9=&J'*:KNN;::IK9*%;9H)&"J:(&#:*Q&)(*$"K%*:)HS;("9=;%:*&:*)"*)H9S*
=&%;N)9$*Q&)(*)(;L>*\"K*:("K9=*="*$"K%*("L;Q"%S*G;I"%;*)(;:;*L;;)[
SJ"Q*)(;*L":)*N"L#;99&J'*L;::H';:*)"*K:;*Q&)(*;HN(*:)HS;("9=;%O*HJ=*
$"K*:("K9=*G;*HG9;*)"*=;9&<;%*^K&NS*HJ=*N"JN&:;*;9;<H)"%*#&)N(;:*GH:;=*
"J*)(;:;*L;::H';:>
2* :)HS;("9=;%* HJH9$:&:* &:* J")* )(;* "J9$* ("L;Q"%S* $"K* J;;=* )"* ="*
Q(;J* N"J:&=;%&J'* "#;J* &JJ"<H)&"J>* PJ;* "I* )(;* #;%&9"K:* H:#;N):* "I*
"#;J* &JJ"<H)&"J* I"%* :LH99* N"L#HJ&;:* &:* )(;* &J;^K&)$* )(H)* NHJ*N"L;*
I%"L*G;&J'*&J*H*%;9H)&"J:(&#*Q&)(*H*9H%';%*N"L#HJ$>*2:*)(;*`9&))9;*'K$b*
&)*&:*H99*)""*;H:$*)"*G;*K:;=*HJ=*HGK:;=*G$*H*G&'';%*#H%)J;%>*/"*H<"&=*
;J);%&J'*&J)"*H*Q&J[9":;*%;9H)&"J:(&#*&J*Q(&N(*$"K*';)*)(;*:("%)*;J=*"I*
)(;*=;H9O*G;*:K%;*)"*)HS;*H*:);#*5*I;H%*)""*LHJ$*:LH99*N"L#HJ&;:*:S&#@*
="&J'*)(;&%*("L;Q"%S*)"*9;H%J*H:*LKN(*H:*#"::&G9;*HG"K)*)(;*N"%#"%H[
)&"J*)(;$X%;*HG"K)*)"*W"&J*I"%N;:*Q&)(O*#H%)&NK9H%9$*Q&)(*%;'H%=*)"*)(H)*
"%'HJ&RH)&"JX:* (&:)"%$* "I* =;H9&J'* Q&)(* :LH99;%* N"L#HJ&;:>* /(&:* LH$*
G;*#H%)&NK9H%9$*H#)*)"*(H##;J*&I*H*:LH99*N"L#HJ$*&:*H##%"HN(;=*G$*H*
"I*)(;&%*"#;J*&JJ"<H)&"J*;N":$:);L>
5J* )(;* %K:(* )"* :H$* $;:O* &)* &:* H99* )""*;H:$* )"* I"%';)* )"* %;:;H%N(* $"K%*
)(;&%*#"J=>*2%;*)(;$*SJ"QJ*H:*)(;*J;&'(G"%(""=*GK99$]*5)X:*H9QH$:*H*
#"::&G&9&)$>*0<;J*&I*)(;$*H%;O*)(H)*=";:JX)*J;N;::H%&9$*L;HJ*$"K*(H<;*)"*
:H$*J">*5)*WK:)*L;HJ:*$"K*QHJ)*)"*(H<;*$"K%*;$;:*Q&=;*"#;J*I%"L*)(;*
"K):;)*HJ=*)(H)*$"K*L&'()*)HS;*L"%;*#%;NHK)&"J:*)"*'KH%=*$"K%*&J);%[
;:):*)(HJ*$"K*Q"K9=*&I*$"K%*%;:;H%N(*%;<;H9;=*)(H)*)(;*N"%#"%H)&"J*)(H)*
&:*HJU&"K:*)"*Q"%S*Q&)(*$"K*(H:*H*:);%9&J'*%;#K)H)&"J*I"%*("Q*&)*)%;H):*
#H%)J;%:*"I*H99*:&R;:>
"I*$"K%*:&R;>*/(&:*L;HJ:*)(;$*LH$*J")*SJ"Q*LKN(*L"%;*)(HJ*$"K*="*
HG"K)*("Q*)"*=;<;9"#*H*#H%)J;%:(&#*)(H)*Q&99*Q"%S*I"%*G")(*:&=;:>*29:"O*
:&JN;*)(;$X%;*&J;U#;%&;JN;=*H)*)(&:O*)(;$*LH$*LHS;*:"L;*&JHNNK%H);*H:[
:KL#)&"J:O*&JN9K=&J'*)(&JS&J'*)(H)*$"K*SJ"Q*("Q*H*N"L#HJ$*"I*)(;&%*
:&R;*"#;%H);:O*Q(;J*%;H99$*$"K*="*J")*SJ"Q*)(&:*HJ=*J;;=*)"*G;*;=K[
NH);=>*1"%*&J:)HJN;O*)(;$*LH$*G;*K:;=*)"*)(&J':*)HS&J'*9"J';%*G;NHK:;*
"I*)(;&%*LK9)&[9H$;%;=*GK%;HKN%HN$*Q(;%;H:*$"KX%;*K:;=*)"*LHS&J'*=;[
N&:&"J:*HJ=*L"<&J'*I"%QH%=*LKN(*IH:);%>
29:"O*&I*)(;*9H%';%*N"L#HJ$*&:*J;Q*)"*)(;*"#;J*&JJ"<H)&"J*'HL;O*)(;$*
H9:"*LH$*);J=*)"*H::KL;*)(H)*)(;$*SJ"Q*Q(H)X:*G;:)*I"%*$"K>*/(&:*LH$*
N"L;*HN%"::*H:*H%%"'HJN;O*Q(;J*&)X:*%;H99$*H*9HNS*"I*;U#;%&;JN;*)(H)*&:*
NHK:&J'*)(;L*)"*)(&JS*)(&:*QH$>*/(;$*WK:)*J;;=*)"*9;H%J*)"*9&:);J>
4""S&J'*&J)"*)(;:;*&::K;:*HJ=*")(;%:*G;I"%;*$"K*9;H#*(H:*")(;%*G;J[
H99$*I%"L*)(;*';)['"O*)(;*G;));%*#%;#H%;=*$"K*Q&99*G;*KJ=;%:)HJ=*("Q*
$"K%*N"L#HJ$*L&'()*G;*"I*(;9#*)"*)(;*9H%';%*N"L#HJ$>*/(&:*L;HJ:*$"K*
O:(+*A,*R,$.#%&)*Q&7,)&*F&(1#$'
W]
JDKGEI*LMBE*GEELNDAGLE*OL9K
WT
SJ"Q9;=';*)(H)*Q&99*G;*<H9KHG9;*Q(;J*G")(*:&=;:*H%;*)%$&J'*)"*:;)*)(;*
'"H9:*HJ=*"GW;N)&<;:*"I*)(;*%;9H)&"J:(&#>
1"%)KJH);9$O*HJ*HQIK9*9")*NHJ*G;*9;H%J;=*I%"L*#;%K:&J'*H*N"L#HJ$X:*
Q;G:&);>*c"Q*="*)(;$*)H9S*HG"K)*"#;J*&JJ"<H)&"J]*P%*="*)(;$*;<;J*)H9S*
HG"K)*&)*H)*H99]*5I*)(;$*(H<;*HJ*"#;J*&JJ"<H)&"J*&J*#%"'%HL*&J*Q(&N(*
)(;$X%;* H:S&J'* #;"#9;* )"* #%"<&=;* )(;L* Q&)(* &=;H:O* Q(H)* (H##;J:* )"*
)(":;*&=;H:]*6";:*)(;&%*#%"'%HL*H##;H%*)"*G;*Q;99*I"NK:;=O*Q&)(*N9;H%*
"GW;N)&<;:]*P%*H%;*)(;$*WK:)*H:S&J'*I"%*%HJ="L*&=;H:]*g.;;*:&=;GH%*I"%*
HJ*;UHL#9;*"I*)(;*)$#;*"I*&JI"%LH)&"J*$"K*NHJ*'9;HJ*I%"L*H*N"%#"%H);*
Q;G:&);*)(H)*:#;HS:*<"9KL;:*HG"K)*H*N"L#HJ$X:* )%K;*N"LL&)L;J)*)"*
G;&J'*H*)%K:)Q"%)($*&JJ"<H)&"J*#H%)J;%>h
6K%&J'* )(;* %;:;H%N(* HJ=* ';))&J'[)"[SJ"Q[$"K* #(H:;O* &)X:* '""=* I"%*
G")(*:&=;:*)"*9""S*"K)*I"%*($#;*HJ=*;UH'';%H)&"J:>*cH<;*$"K%*`:#&Jb*
=;);N)"%*"J* IK99*H9;%)*H:* $"K* 9&:);J* )"*H*#");J)&H9*#H%)J;%* )H9S*HG"K)*
;UHL#9;:* "I* ("Q* )(;$X<;* #H%)J;%;=* Q&)(* ")(;%:* HJ=* Q(H)* "K)N"L;:*
Q;%;*HN(&;<;=>
5)X:*;H:&;%*)"*:)H%)*H*#H%)J;%:(&#*)(HJ*&)*&:*)"*;J=*&)>*?K)*="JX)*G;*:"*;H[
';%*)(H)*$"K*="JX)*)HS;*)&L;*)"*IK99$*N"J:&=;%*Q(;)(;%*)(&:*&:*)(;*%&'()*
#H%)J;%* I"%* $"K>* 5I* $"KX%;* )(;* :LH99;%*"I* )(;* )Q"*#");J)&H9*#H%)J;%:O*
&:*)(;*")(;%*N"L#HJ$*)H9S&J'*)"*$"K*H:*&I*$"KX%;*;^KH9:*"%*&:*)(;%;*HJ*
KJ=;%)"J;*"I*H%%"'HJN;]*6"*$"K*I;;9*$"KX%;*G;&J'*)H9S;=*="QJ*)"]*2%;*
[
W;N)&<;:*N9;H%]*P%*=";:*&)*:;;L*)(H)*#;%(H#:*$"K%*#%":#;N)&<;*#H%)J;%*&:*
';))&J'*&J)"*"#;J*&JJ"<H)&"J*Q&)("K)*H*9")*"I*I"%;)("K'()O*#;%(H#:*WK:)*
="&J'*&)*G;NHK:;*;<;%$"J;*;9:;*:;;L:*)"*G;*="&J'*&)]*5J*:("%)O*G;*H9;%)*
HJ=*I"99"Q*$"K%*&J)K&)&"J>*5I*HJ$)(&J'*I;;9:*"K)*"I*#9HN;*"%*HL&::*J"QO*
&)X:*#%;))$*LKN(*H*'&<;J*)(H)*&)*&:*"J9$*G"KJ=*)"*';)*Q"%:;*"JN;*$"KX<;*
G;'KJ*Q"%S&J'*)"';)(;%>
c;%;* H%;* :"L;* H==&)&"JH9* IHN)"%:* )(H)* :LH99* N"L#HJ&;:* J;;=* )"*
N"J:&=;%@
G
G
G
+:8@&1?<G1?<&+?6I56?:<7&"C@&#@66@C&645<&'64@C7
c;%;X:*HJ*KJ=;J&HG9;*IHN)*"I*9&I;@*T":)d&I*J")*H99d;II;N)&<;*;N":$:[
);L:*H%;*&J&)&H);=*HJ=m"%*N"J)%"99;=*G$*N"L#HJ&;:*)(H)*:)HJ=:*)"*G;J[
:("K9=*;:#;N&H99$*NHK)&"J*:LH99;%*N"L#HJ&;:*Q(;J*#");J)&H9*#H%)J;%:*
#&)N(* $"K* H* #%"W;N)* &J* Q(&N(* )(;$* :H$* ;<;%$"J;* Q&99* Q&J>* T":)* 9&S;9$*
[
a;*:("K9=*WK:)*J")*I"%';)*)(H)*:"L;*H9QH$:*Q&J*L"%;*)(HJ*")(;%:*=">*
2##9;* &:*H*'%;H)*;UHL#9;>*/(;$*QH9S*H*)(&J*9&J;*H:* )(;$*S;;#*:)%"J'*
O:(+*A,*R,$.#%&)*Q&7,)&*F&(1#$'
]X
JDKGEI*LMBE*GEELNDAGLE*OL9K
]>
)(;$*:)&99*LHJH';*)"*G%&J'*&J*9"):*"I*J;Q*#H%)J;%:*I"%*)(;&%*&J&)&H)&<;:>
2*N%&)&NH9*)H:S*I"%*H*:LH99;%*N"L#HJ$*&J*:KN(*H*:&)KH)&"J*&:*)"*;<H9K[
H);*Q(;)(;%*)(&:*&:*)(;*%&'()*:;)K#*)"*W"&J*'&<;J*)(H)*$"K*(H<;*9&L&);=*
%;:"K%N;:*HJ=*("#;IK99$*:;<;%H9*"#)&"J:*H<H&9HG9;*)"*$"K>*l;;#*&J*L&J=*
)(H)*J")*;<;%$*=;H9*&:*Q"%)(*="&J'>*4""S*I"%*)(;*"J;*Q(;%;*$"K%*#H%)*"I*
3"Q*GHNS*)"*)(;*N(H99;J';*5*L;J)&"J;=*&J*)(;*#%;<&"K:*N(H#);%d
#%"<&=&J'* ;L#9"$;;:* Q&)(* "##"%)KJ&)&;:* )"* GK&9=* HJ=* ;U#HJ=* )(;&%*
"#;J* &JJ"<H)&"J* NH#HG&9&)&;:>* !"%#"%H)&"J:* )(H)* KJ=;%:)HJ=* )(;* H=[
<HJ)H';:*"I*(H<&J'*:LH99;%*N"L#HJ&;:*H:*#H%)*"I*)(;&%*"#;J*&JJ"<H)&"J*
;N":$:);L:*NHJ*(;9#*:LH99*N"L#HJ&;:*H==%;::*)(&:*J;;=>
c;%;*H%;*:"L;*")(;%*%;:"K%N;:*:LH99*N"L#HJ&;:*NHJ*)H#*&J)"*)"*(;9#*
)(;L*GK&9=*"#;J*&JJ"<H)&"J*LK:N9;@
"7& 64@& 8:A@8@<6& 6:F5CD&
G
G
G
F?64& 5<& :;;:C6I<?6=& 6:& 6@58& F?64& :64@C& LI7?<@77@7& F?64?<&
G
G
G
O:(+*A,*R,$.#%&)*Q&7,)&*F&(1#$'
]S
JDKGEI*LMBE*GEELNDAGLE*OL9K
):<7I965<67M& G
2:F&*:6&6:&.:&';@<&,<<:A56?:<
5J*2#%&9*+,,FO*5*Q%");*H*G9"'*#":)*)(H)*#&NS;=*K#*9"):*"I*
&J);%;:)>* 5)* QH:* HG"K)* !HL#G;99* ."K#* !"L#HJ$* HJ=* ("Q*
5*<&;Q;=* )(;L*H:*;UHL#9;*"I*("Q*J")* )"*="*"#;J* &JJ"<H[
)&"J>*/"*G;*IH&%O*)(;$*Q;%;dHJ=*)"*:"L;*;U);J)*:)&99*H%;d
(H%=9$*H9"J;*&J*G;&J'*H*GH=*;UHL#9;>*a(&9;*)(;&%*&J);J)&"J:*
LH$*G;*'""=O*)(;&%*;U;NK)&"J*&:*#""%O*HJ=*&)*:;;L:*KJ9&S;9$*
)(;$*Q&99*'H&J*)(;*)%K:)*"I*)(;*N"LLKJ&)$*)(;$*H%;*)%$&J'*)"*
N"K%)*Q&)(*)(;&%*5=;H:*I"%*5JJ"<H)&"J*#%"'%HL>*c;%;*H%;*)(;*
#"&J):*5*LH=;*GHNS*&J*+,,F*HG"K)*)(;*#%"G9;L:*5*:HQ*Q&)(*
)(;&%*;II"%)@
& )58;L@99& 75=7& 64@=& F5<6&
G
G
<:6& 4@9;& =:IC& ;:6@<6?59& @Q6@C<59& ;5C6<@C7& 5<D& 75A@& @A@C=G
G
G
C@57:<&B:C&L:64&64@7@&76?;I956?:<7&?7&6456&)58;L@99&?7&5BC5?D&
O:(+*A,*R,$.#%&)*Q&7,)&*F&(1#$'
]V
JDKGEI*LMBE*GEELNDAGLE*OL9K
]?
B:C&,<<:A56?:<&?<?6?56?A@&8@<6?:<7&6456&@Q6@C<59&?<A:9A@8@<6&
?7&5&E@=&@9@8@<6&B:C&64@8P&64@<&,&C@599=&F:<D@C&F4=&64@=&D:&
)58;L@99& D:@7& 8@<6?:<& 6456& 64@=& 45A@& :64@C& F5=7& :B&
@BB:C67&F4@<&64@=&5C@&5L:I6&6:&@8L5CE&:<&5<&:;@<&?<<:A5G
G
G
';@<&,<<:A56?:<
T;)H&"*=;<;9"#:* :"I)QH%;*#%"=KN):* I"%* <&:KH9* &J);%HN)&<;*
:"9K)&"J:* N"LG&J&J'* %;H9* HJ=* <&%)KH9* ;9;L;J):>* 5)* &:* H*#%&[
<H);9$* (;9=* :"I)QH%;* N"L#HJ$* I"KJ=;=* &J* +,,C* Q&)(* BMo*
;L#9"$;;:O* GH:;=* &J* )(%;;* 9"NH)&"J:* &J* 7;%LHJ$O* ."K)(*
l"%;HO*HJ=* )(;*iJ&);=*.)H);:>*/(;$*(H<;*CA,o*NK:)"L;%:>*
O:(+*A,*R,$.#%&)*Q&7,)&*F&(1#$'
]\
JDKGEI*LMBE*GEELNDAGLE*OL9K
]W
2*S;$*)"*T;)H&"X:*:KNN;::*&:*&JJ"<H)&"J*Q&)(*")(;%*#H%)J;%:>*
5J*)(&:*&J);%<&;QO*_HJ*.N(9&JSO*Q("*Q"%S:*&J*TH%S;)&J'*HJ=*
?K:&J;::*6;<;9"#L;J)*H)*T;)H&"O*:(H%;:*:"L;*<&;Q:*"J*("Q*
H*:LH99*N"L#HJ$*9""S:*H)*"#;J*&JJ"<H)&"J>
c;%;X:*H*N"LL;J)*_H$*:;J)*L;*G;I"%;*)(;*&J);%<&;Q*)(H)*
5*QHJ);=* )"*:(H%;Y*(;*Q%");O* `)"*G;*("J;:)@* 5*QH:JX)*LKN(*
HQH%;*"I*)(;*);%L*HJ=*N&%NKL:)HJN;:*"I*p"#;J*&JJ"<H)&"JX*
H*#;%:#;N)&<;*I"%*(K';*N"L#HJ&;:*)"*&JN9K=;*.T0*&J)"*)(;*
#%"=KN)*9&I;*N$N9;*H)*HJ*;H%9$*:)H';*HJ=*:(H%;*SJ"Q9;=';*&J*
"%=;%*)"*&JJ"<H);*W"&J)9$>*5:*)(H)*N"%%;N)]b
_HJ*&:*<;%$*LKN(*N"%%;N)>*a(H)*5*9&S;*HG"K)*)(&:*&:*("Q*H*:LH99*
N"L#HJ$*HN)KH99$*=";:*"#;J*&JJ"<H)&"J*Q&)("K)*%;H99$*SJ"Q[
HJ=*L;=&KL[:&R;=*N"L#HJ&;:>*/(;$*WK:)*="*&)O*Q(;%;H:*L":)*
G&'*N"L#HJ&;:*;J'H';*Q&)(*"#;J*&JJ"<H)&"J*H:*H*N9;H%O*=;9&G[
;%H);O*HJ=*:)%H);'&N*N("&N;>*iJ=;%:)HJ=&J'*)(&:*=&II;%;JN;*&:*
&L#"%)HJ)*Q(;J*G&'*N"L#HJ&;:*&L#9;L;J)*"#;J*&JJ"<H)&"J>
&J*)(;*=;<;9"#L;J)*"I*#%"=KN):*HJ=*:;%<&N;:*)(;$*Q"K9=*")([
;%Q&:;*J")*(H<;*(H=*G$*"J9$*LH%S;)&J'*)(;&%*"QJ*:"9K)&"J>*
0:#;N&H99$*Q&)(*N"J:KL;%*#%"=KN):O*)(;%;*H%;*LHJ$*(K%=9;:*
HJ*.T0*NHJ*J;<;%*"<;%N"L;O*GK)*G;&J'*#H%)*"I*HJ*P0T*"%*
HJ*;N":$:);L*NHJ*(;9#*HJ*.T0*'%"Q*HJ=*:NH9;*&):*%;<;JK;:>*
5)*&:*H9:"*<;%$*&J);%;:)&J'*)"*9;H%J*I%"L*)(;*G&'';%*#H%)J;%*
HG"K)*#%"N;::;:*HJ=*Z%"=KN)*4&I;N$N9;*THJH';L;J)>*
:;@<&?<<:A56?:<>&
* /(;* LH&J* =&II;%;JN;* :;;L:* )"* G;* )(;* LH%S;)*
;J)%$* :)%H);'$* I"%* .T0:* <;%:K:* HJ* &JJ"<H)&"Jm);N(J"9"'$*
9;H=;%:(&#* #":&)&"J&J'* "J* )(;* G&'* N"L#HJ&;:X* :&=;>* 1"%*
.T0:*&)*&:*"I);J*HJ*"##"%)KJ&)$*I"%*)(;&%*LH%S;)*;J)%$*:)%H)[
;'$* g';))&J'* &J)"* J;Q* LH%S;):h>* /(;* G&'* N"L#HJ&;:* QHJ)*
;U);%JH9*SJ"Q[("Q*)"*S;;#*)(;&%*#":&)&"J*H:*)(;*&JJ"<H)&"J*
9;H=;%*"%*;J(HJN;*)(;&%*#%"=KN):*Q&)(*J;QO*KJ&^K;*:;99&J'*
#%"#":&)&"J:>*
* 5J* HJ* ;L;%'&J'* LH%S;)O* )(;%;* N"L;:* )(;* )&L;*
Q(;J* ;:)HG9&:(;=* #9H$;%:* ;J);%* &)* Q&)(* )(;&%* "QJ* :"9K)&"J>*
."L;)&L;:*)(;$*(H<;*G"K'()*H*:#;N&H9&:)*&J*H=<HJN;*"%*)(;$*
=;<;9"#;=*&)*)(;L:;9<;:>*3"QO*&I*$"K*H%;*HJ*.T0*)(H)*QHJ):*
)"* :)H$* &J=;#;J=;J)O* $"K* (H<;* )"* W"&J* I"%N;:* Q&)(* G&'';%*
#H%)J;%:*)"*N"L#;);*Q&)(*)(;*W"&J)9$*=;<;9"#;=*:"9K)&"J>
5J* H==&)&"JO* 5* NHJ* L;J)&"J* )(H)* LH%S;)&J'* HJ=* Z8* ';)*
;H:&;%*Q&)(*G&'*JHL;:*HJ=*G%HJ=:>*2J* &J);%JH9*HJ=*;U);%[
JH9*LK9)	&;%*;II;N)*S&NS:*&J*Q(;J*$"K*H%;*#H%)*"I*HJ*P0T*
)(&J':*$"K*="m=&=*HJ=*$"K*';)*)(;*#"::&G&9&)$*)"*N%;H);*9"J'[
);%L*%"H=LH#:*HJ=*IKJ=*8f6*I"%*)(;:;*'"H9:>*
O:(+*A,*R,$.#%&)*Q&7,)&*F&(1#$'
]]
JDKGEI*LMBE*GEELNDAGLE*OL9K
]T
?<<:A56?:<>
*TH$G;*:"L;*I;H%*)(H)*)(;&%*SJ"Q9;=';*';):*`:)"[
)(;&%* :)%H);'&N*#9HJ:>* 5* )(&JS* )(H)*H*'""=*#%;#H%H)&"J*HJ=*
;9HG"%H);*N"J)%HN):*)"';)(;%*Q&)(*H*N"LI"%)HG9;*I;;9&J'*(;9#*
)"*#%;<;J)*G;&J'*)HS;J*G$*:K%#%&:;>*5*G;)*)(H)*G&'*N"L#HJ&;:*
Q&)(*H*'""=*`"#;J*&JJ"<H)&"Jb*&LH';*(H<;*&)*;H:&;%*;J);%&J'*
?<<:A56?:<>
* /(;$* (H<;* )"* G;* H=H#)HG9;* g=H&9$* GK&9=:O* ^KH9[
&)$* HJ=* &J=K:)%$* :)HJ=H%=:hY* H##%"HN(HG9;* g&J);%JH)&"JH9O*
[
&J'* ;UHN)9$* Q(;%;* )(;&%* :)%;J')(:* H%;* HJ=* )(H)* )(;&%* :"9K[
)&"J:*#9H$*H*J")HG9;*%"9;*&J*)(;*W"&J)*<;J)K%;>
.)%H);'&NH99$*;U#;%&;JN;=*LHJH';L;J)*L;LG;%:*H%;*<;%$*
&L#"%)HJ)>*\"K*(H<;*)"*G;*HG9;*)"*:#;HS*)(;*:HL;*9HJ'KH';*
H:* H* !/P* H)* H* G&99&"J[="99H%* ;J);%#%&:;* Q&)("K)* :"KJ=&J'*
N"NS$>
G
*/(;*!0P*HJ=m"%*(&'([9;<;9*LHJH';L;J)*:("K9=*
"QJ*)(&:*&I*)(;$*H%;*);N(J"9"'&NH99$*;U#;%&;JN;=O*GK)*&=;H99$*
;<;%$*KJ&)*:("K9=*G;*&J<"9<;=*Q&)(*"#;J*&JJ"<H)&"J*G;NHK:;*
#%"W;N):*J;;=*)"*G;*&J&)&H9&R;=O*N%;H);=O*HJ=*LH%S;);=>
)5<&=:I&@95L:C56@&5&L?6&:<&64?7>
* a;99O* 9;)X:* :H$* )(;%;* &:* H* LHJH';L;J)* N"J)HN)*
G;)Q;;J* )Q"*N"L#HJ&;:*HJ=* )(;$*H'%;;*"J*HJ* &JJ"<H)&"J*
#H%)J;%:(&#>* /(;* #%"W;N)* Q&99* J")* G;* &L#9;L;J);=* HJ=*
=;#9"$;=* G$* )(;:;* &J&)&H9* #;%:"J:>* 6;<;9"#;%:* Q&99* ';)* &J*
)"KN(O*:HL;*H:*)(;*LH%S;)&J'*"%*Z8*=;#H%)L;J)O*&J*"%=;%*)"*
=;<;9"#O*"#)&L&R;*HJ=O*H)*)(;*;J=O*N"LLKJ&NH);*)(;*#%"W[
;N)>*/(H)X:*Q($*H9L":)*;<;%$*=&<&:&"J*:("K9=*G;*HG9;*)"*Q"%S*
KJ=;%*)(;:;d:H$O*H:$LL;)%&NH9dN&%NKL:)HJN;:>*
G
*5*)(&JS*)(&:*&:*H*LH));%*"I*)&L;*HJ=*#;%I"%LHJN;>*
2J=*5*)(&JS*&)X:*J")*H9QH$:*GH=*)"*G;*&J*)(;*GHNS*:;H)>*\"K*
:;;*H99*)(;*#9H$;%:>
G
*5Z*LHJH';L;J)*HJ=*;J"K'(*9;'H9*%;:"K%N;:*H%;*
&L#"%)HJ)>*/(;$*:("K9=*J")*:H<;*)(;*L"J;$*(;%;e*\"K*(H<;*
H*G;));%*#":&)&"J* &J*J;'")&H)&"J:*Q&)(*H*'""=* 5Z*#"%)I"9&"*
HJ=*H*'""=*9HQ$;%*Q("*NHJ*(;9#*$"K*KJ=;%:)HJ=*N"L#9;U*
362:*HJ=*N"J)%HN):>
O:(+*A,*R,$.#%&)*Q&7,)&*F&(1#$'
TX
JDKGEI*LMBE*GEELNDAGLE*OL9K
T>
K@=&)45;6@C&!5E@5F5=7
G
G
G
G
G
G
& !4?7& F?99& 4@9;&
!4@&8:C@&=:I&E<:F&5L:I6&5&;:6@<6?59&:;@<&?<<:A56?:<&599=&
G
G
JDKGEI*GA*OL9K'
PJN;*$"KX<;*="J;*$"K%*=K;*=&9&';JN;*HJ=*(H<;*=;N&=;=*)"*#%"[
N;;=*Q&)(*HJ*"#;J*&JJ"<H)&"J*#H%)J;%:(&#O*Q(H)*="*$"K*J;;=*)"*
I"")&J']*5J*)(;*;UN&);L;J)*)"*G;'&JO*&)*&:*#"::&G9;*)"*"<;%9""S*&L#"%)HJ)*
'%"KJ=Q"%S*)(H)*:("K9=*G;*="J;*)(H)*Q&99*(;9#*H::K%;*)(H)*)(&J':*'"*
:L"")(9$* "<;%* )&L;>* 2:* K:KH9O* H9QH$:* '"* GHNS* )"* H9&'JL;J)O* LHS&J'*
:K%;* )(;*'"H9:*HJ=*"K)N"L;*H%;*H9&'J;=*Q&)(* :)%H);'$* I"%*G")(*#H%)[
J;%:>*5)*&:*H9:"*&L#"%)HJ)*)"*;:)HG9&:(*G"KJ=H%&;:O*:KN(*H:*=;N&=&J'*K#*
I%"J)*("Q*HJ$*=&:H'%;;L;J):*Q&99*G;*:;))9;=*H:*Q;99*H:*G;&J'*<;%$*N9;H%*
"J*;U#;N)H)&"J:*I"%*)(;*HL"KJ)*HJ=*)$#;*"I*%;:"K%N;:*)"*G;*=;<");=*)"*
)(;*#%"W;N)*I%"L*G")(*:&=;:>*/(&:*9H));%*#"&J)*&:*#H%)&NK9H%9$*&L#"%)HJ)*
)"*#%");N)*)(;*:LH99;%*#H%)J;%*Q("*&:*&J*)(;*L"%;*#%;NH%&"K:*#":&)&"J*
!(%&:* /(";JO* I"%L;%* LHJH'&J'* =&%;N)"%* "I* )(;* 79"GH9* P#;J*
:KGW;N)* &J* H* #%;:;J)H)&"J* "J* `.K%<&<&J'O* HJ=* /(%&<&J'O* &J* HJ* P#;J*
JDKGEI*GA*OL9KJDKGEI*GA*OL9K
J(;#$'*G+*O,);
TV
JDKGEI*LMBE*GEELNDAGLE*OL9K
T?
5JJ"<H)&"J*1K)K%;>b*a(&9;*(;*N"<;%;=*LHJ$*H%;H:O*(&:*LH&J*L;::H';*
QH:* )"* G;* )(;* #H%)J;%* $"KX%;* 9""S&J'* I"%>* c;%;X:* ("Q* (;* :H&=* )"* '"*
HG"K)*="&J'*)(H)@
/(&:*&:*H99*&L#"%)HJ)O*!(%&:*:H&=O*G;NHK:;*"I*Q(H)*(;*NH99:*a;;=LHJX:*
9HQ*"I*#H%)J;%:(&#O*Q(&N(*:)H);:* )(H)* )(;* :;N"J=*=;H9*Q&)(* )(;* :HL;*
#H%)J;%*)HS;:*HG"K)*(H9I*)(;*)&L;*HJ=*N%;H);:*="KG9;*)(;*<H9K;>
_HJ* ?":N(O* H* I"%L;%* <&N;* #%;:&=;J)* "I* P#;J* 5JJ"<H)&"J* H)* 5J)K&)O*
#%"<&=;=*H==&)&"JH9*'""=*H=<&N;*I"%*)(;*%;H=;%:*"I*L$*G9"'*"J*("Q*)"*
HN)*&J*)(;*;H%9$*:)H';:*"I*GK&9=&J'*%;9H)&"J:(&#:>*c;%;X:*Q(H)*(;*Q%");@
G
G
&"99&@A@<67&
&F4@C@&@Q6@C<59&?<<:G
G
/(;*%;:)*"I*)(&:*N(H#);%*&:*=;<");=*)"*)(%;;*NH:;*:)K=&;:*)(H)*&99K:)%H);*
("Q*=&II;%;J)*N"L#HJ&;:*H%;*)HNS9&J'*)(;*N(H99;J';*"I*GK&9=&J'*'""=*
"#;J*&JJ"<H)&"J*#H%)J;%:(&#:>*0HN(*"%'HJ&RH)&"JX:*%;:"K%N;:*HJ=*J;;=:*
[
H)&"J>*c"Q;<;%O*&L#"%)HJ)*9;::"J:*NHJ*G;*9;H%J;=*I%"L*SJ"Q&J'*Q(H)*
")(;%:*(H<;*)%&;=*HJ=*Q(H)*(H:*Q"%S;=d"%*J")*Q"%S;=dI"%*)(;L>
2:*#H%)*"I*)(;*)(;&%*"#;J*&JJ"<H)&"J*:)%H);'$O*7;J;%H9*T&99:*(H:*=;[
[
N&;J)9$*LHS;*L;HJ&J'IK9*N"JJ;N)&"J:*H%"KJ=*)(;*'9"G;*Q&)(*#");J)&H9*
#H%)J;%:>*c;%;*H%;*&J:&'():*)(;$*:(H%;=*Q&)(*L;*HG"K)*("Q*)"*LHS;*
:KN(*H*:)%H);'$*Q"%S@
G
G
J(;#$'*G+*O,);
T\
JDKGEI*LMBE*GEELNDAGLE*OL9K
TW
G
G
*
PI);JO* N"L#HJ&;:* H9%;H=$* (H<;* H* <H%&;)$* "I* :)%H);'&N*
#H%)J;%:(&#:* &J* #9HN;O* LHJ$* "I* )(;L* 9"J'[:)HJ=&J'O* #%&"%*
)"* =;N&=&J'* )"* H="#)* "#;J* &JJ"<H)&"J>* 5I* $"K* QHJ)* )(;:;*
#H%)J;%:* )"* G;* #H%)* "I* $"K%* "#;J* &JJ"<H)&"J* ;N":$:);LO*
$"K* J;;=* )"* NH%;IK99$* :)%H);'&R;* ("Q* $"KX99* &J)%"=KN;* )(;*
N"JN;#)* )"* )(;L>* 5* &J);%<&;Q;=* /"==* ?""J;O* =&%;N)"%* "I*
TH%S;)*6;<;9"#L;J)*H)*Z:&"J*/;S9"'&UO*#%"<&=;%*"I*%K'';=*
L"G&9;*N"L#K);%:O*"J*)(&:*)"#&N>
4H:)*$;H%O*Z:&"J*)""S*H*G&'*:);#*I"%QH%=*Q&)(*&):*:)%H);'&N*
&J);%#%;)H)&"J* "I* "#;J* &JJ"<H)&"JdNH99;=* P#;J* ."K%N;*
T"G&9&)$* gP.ThdQ(;J* &)* G%"K'()* &):* '9"GH9* #H%)J;%:*
)"';)(;%*I"%*H*:;%&;:*"I*N"JI;%;JN;:*H)*Q(&N(*)(;$*KJ<;&9;=*H*
J;Q*#9H)I"%L*=;:&'J;=*)"*'&<;*%;:;99;%:*HJ=*=;<;9"#;%*#H%)[
J;%:*)(;*"##"%)KJ&)$*)"*N"[N%;H);*Q&)(*Z:&"J>*c"Q*;U&:)&J'*
#H%)J;%:*%;HN)*)"*"#;J*&JJ"<H)&"J*&J&)&H)&<;:*&:*N%KN&H9*HJ=*
)(K:*5*H:S;=*H*I;Q*^K;:)&"J:*"J*)(&:@
L:5CD&F?64&=:IC&:;@<&?<<:A56?:<&@BB:C67>
#::<@M* a;* HN)KH99$* :)H%);=* )"* G%&J'* "K%* #H%)J;%:* "J*
G"H%=*#%&"%*)"*G;&J'*&J<"9<;=*&JO*"%O*L"%;*HNNK%H);9$O*G;I"%;*
I"%LH99$*=;#9"$&J'*"#;J* &JJ"<H)&"J>*?$* )(H)O* 5*L;HJ* )(H)*
#;%&#(;%H9:*"J*)"#*"I*"K%*#%"=KN):*I"%*LHJ$*$;H%:>*TKN(*"I*
)(;*I"NK:*&:*J"Q*"J*I"%LH9&R&J'*)(;*#%"N;::*)"*="*)(&:*HJ=*
;U#HJ=&J'*)(;*J;)Q"%S*IK%)(;%>
."L;* "I* )(;* &J&)&H9* #%"N;::* I"%LH9&RH)&"J* I"NK:;=* "J*
[
Q;*(H<;* :#;J)*H* 9")*"I*;II"%)* &L#%"<&J'* )(;*`"#;JJ;::b*"I*
"K%* =;<&N;:dG")(* )(;* &J);%IHN;:* &J)"* )(;* =;<&N;:* H:* Q;99*
H:* "K%* =;<;9"#L;J)* )""9* S&):* I"%* (H%=QH%;* HJ=* :"I)QH%;>*
/(&:*'&<;:*H*L"%;*N"L#%;(;J:&<;*#9H)I"%L*)"*"K%*#H%)J;%:*
J(;#$'*G+*O,);
T]
JDKGEI*LMBE*GEELNDAGLE*OL9K
TT
)"* =;<;9"#* "JO* =;9&<;%;=* ;H%9&;%* &J* )(;* #%"=KN)* 9&I;* N$N9;>*
c"Q;<;%O*)(;%;*&:*:)&99*LKN(*)"*="*&J*);%L:*"I*G%&J'&J'*"#;J*
&JJ"<H)&"J*&J)"*)(;*IHG%&N*"I*("Q*Q;*Q"%S*Q&)(*#H%)J;%:>
:<&L:5CD>
#::<@M*7;))&J'*)(;L*)"*KJ=;%:)HJ=*)(;*IK99*:N"#;*"I*Q(H)*
Q;*H%;*="&J'>*/(&:*&:*KJ=;%:)HJ=HG9;*G;NHK:;*)(;*)&L&J'*"I*
G")(*N(HJ';*HJ=*=;<;9"#L;J)*Q&)(&J*"K%*N"L#HJ$*=&N)H);=*
)(;*#HN;*HJ=*=;'%;;*)"*Q(&N(*Q;*N"K9=*%;9;H:;*&JI"%LH)&"J>*
."O*&)*QH:*J")*KJ)&9*Q;*G%"K'()*H99*"I*"K%*#H%)J;%:*)"';)(;%*&J*
.;#);LG;%*)(H)*Q;*Q;%;*HG9;*)"*:(H%;*)(;*Q("9;*L;::H';*"I*
("Q*Q;*H%;*)%HJ:I"%L&J'*"K%*#%"N;::;:O*"K%*#%"=KN):O*HJ=*"K%*
"<;%H99*I"NK:*)"*:K##"%)*)(;*H="#)&"J*"I*"#;J*&JJ"<H)&"J*&J)"*
"K%*GK:&J;::>*3"Q*)(H)*)(;$*IK99$*KJ=;%:)HJ=*)(;*I"NK:O*)(;$*
H%;*;UN&);=*HG"K)*)(;*=&%;N)&"J*Q;*H%;*(;H=;=*H:*H*N"L#HJ$>
/"*"K%*#H%)J;%:O*&)*&:*N%&)&NH9*)"*N"LLKJ&NH);*)(;*L;::H';*
)(H)*"#;J*&JJ"<H)&"J*&:*J")*WK:)*H*Z:&"J*&J&)&H)&<;O*GK)*%H)(;%*
HJ* &J=K:)%$* #(;J"L;J"J>* 1K%)(;%O* )(;$* J;;=* )"* KJ=;%[
:)HJ=* )(H)*"#;J&J'*K#*"K%*GK:&J;::*#%"<&=;:*HJ*"##"%)K[
J&)$*I"%*)(;L*)"*N9H&L*H*9H%';%*:)HS;*"I*)(;*<H9K;*;^KH)&"J*
G$*=;<;9"#&J'*KJ&^K;[)"[)(;L*:"9K)&"J*;9;L;J):*)(H)*H%;*"I*
(&'(*<H9K;*I"%*)(;*NK:)"L;%>*/(&:*&:*H*N%&)&NH9*IHN)"%*&J*)(;&%*
HG&9&)$*)"*Q&J*=;H9:*&J*H*=&II;%;J)&H);=*QH$>
765C6@D&6:&?<A:9A@&=:IC&;5C6<@C7&?<&64?7>
#::<@M* c"Q* #":&)&<;* )(;&%* %;HN)&"J* QH:>* 2:* Q;* Q"%S;=*
"J*)(&:*&J*)(;*GHNS'%"KJ=O*)(;%;*QH:*H*=;'%;;*"I*N"JN;%J*
HG"K)* ("Q* &)* Q"K9=* %;:"JH);* Q&)(* #H%)J;%:>* PI* N"K%:;* Q;*
(H=*:(H%;=*)(;*IK99*:)"%$*Q&)(*H*(HJ=IK9*"I*#H%)J;%:*I"%*I;;=[
GHNS*HJ=*Q;*(H=*="J;*H*9")*"I*';J;%H9*#H%)J;%*%;:;H%N(O*GK)*
&)*QH:*J")*KJ)&9*Q;*:(H%;=*)(;*L;::H';*Q&)(*)(;*;J)&%;*#H%)[
J;%*N"LLKJ&)$*)(H)*Q;*N"K9=*:;;*)(;*)%K;*#":&)&<;*%;HN)&"J>
29:"O*;JHG9&J'*#H%)J;%:* )"* IKJ=HL;J)H99$* &JN%;H:;* )(;&%*
:)HS;* &J*)(;*<H9K;*;^KH)&"J*=&=*J")*J;N;::H%&9$*L;HJ*)(H)*
)(;$*Q"K9=*QHJ)* )">*?K)*LHJ$*H%;* %;H9&R&J'* )(H)* )(;$* NHJ*
G%;HS* "K)* "I* H* N"LL"=&)&R;=* LH%S;)* Q&)(* :"L;)(&J'*
KJ&^K;>*/(;*L;::H';*)"*NK:)"L;%:*&:*)(H)*)(;$*(H<;*HNN;::*
)"* :"9K)&"J:* )(H)* G;));%* L;;)* )(;&%* J;;=:>* 2:* "J;* #H%)J;%*
:H&=O*)(&:*LHS;:*)(;L*I;;9*L"%;*9&S;*`H*#H%)*"I*)(;*IHL&9$>b*
P%O* H:* HJ")(;%* :)H);=* "J* "K%* "#;J* &JJ"<H)&"J* a;G* #9H)[
I"%LO*5J';JK&)$a"%S&J'>N"LO*Q;*J"Q*(H<;*H*N"(;:&<;*:)%H)[
;'$*)(H)*`'";:*G;$"J=*H*L;%;*%;:;99;%*H'%;;L;J)>b
5*)(&JS*"K%*G&'';:)*:K%#%&:;*QH:*)(;*=;'%;;*)"*Q(&N(*#H%)[
J;%:*=&=*QHJ)*)"*G;*H*#H%)*"I*)(&:>*_K:)*H:*"K%*P.T*H99"Q:*K:*
)"*=&II;%;J)&H);*&J*)(;*LH%S;)O*&)*H9:"*;JHG9;:*"K%*#H%)J;%:*
)"*=&II;%;J)&H);>*!"99;N)&<;9$O*Q;*H%;*"II;%&J'*H*L"%;*N"L#;9[
9&J'*N("&N;*)"*NK:)"L;%:*Q("*';)*)"*)H&9"%*:"9K)&"J:*)"*Q(H)*
)(;$* %;H99$* J;;=dJ")* WK:)* Q(H)X:* G;&J'* "II;%;=>* ."O* ;<;J*
)("K'(*&)*LH$*%;^K&%;*:"L;*&J<;:)L;J)*I%"L*LHJ$*"I*"K%*
#H%)J;%:O* )(;$* KJ=;%:)HJ=* )(H)* )(;$* H%;* &J<;:)&J'* &J* )%K;*
=&II;%;J)&H)&"J>
1&JH99$O* )(;$* H9:"* :;;* )(;* "##"%)KJ&)$* I"%* N%"::[#"99&JH[
)&"J*Q&)(&J*)(;*#H%)J;%*N"LLKJ&)$>*/(&:*&:*N%&)&NH9*G;NHK:;*
=;:#&);*)(;*)""9:*Q;*(H<;*N%;H);=O*J")*H99*#H%)J;%:*H%;*&J);%[
;:);=* &J* =;<;9"#&J'* KJ&^K;* );N(J"9"'&;:O* "%* )(;&%* I"NK:*
J(;#$'*G+*O,);
>XX
JDKGEI*LMBE*GEELNDAGLE*OL9K
>X>
&JJ"<H)&"J*&J&)&H)&<;*Q&)(*"K%*N"99HG"%H)&<;*N"LLKJ&)$O*Q;*
(H<;*H9:"* N%;H);=* )(;*HG&9&)$* I"%* :"9K)&"J:m);N(J"9"'&;:* )"*
G;*:(H%;=*HN%"::*#H%)J;%:O*HN%"::*%;'&"J:>*/(&:*;U#HJ=:*)(;*
LH%S;)*I"%*)(":;*)(H)*="*#K%:K;*=;<;9"#L;J)*&J&)&H)&<;:*HJ=*
#%"<&=;:*L"%;*"#)&"J:*I"%*)(":;*)(H)*="JX)>
5<D&';@<&,<<:A56?:<
c;%;*&:*#H%)*"I*HJ*&J);%<&;Q*5*=&=*Q&)(*!(%&:*/(";JO*I"%[
L;%9$*H)*Zf7*"J*)(;*&J);%:;N)&"J*"I*G&'*HJ=*:LH99*N"L#H[
J&;:*&J*"#;J*&JJ"<H)&"J>
5L:I6&:;@<&?<<:A56?:<>
!4:@<M& c"Q* Q;99* H* N"L#HJ$* KJ=;%:)HJ=:* HJ=* H="#):*
"#;J*&JJ"<H)&"J*&:JX)*9&JS;=*)"*&):*:&R;O*GK)*L"%;*:"*)"*)(;*
I"NK:* "I* &):* 9;H=;%:(&#O* &):* "#;JJ;::* )"* J;Q* &=;H:O* HJ=* &):*
N"LL&)L;J)* )"* &JJ"<H)&"J>* a;X<;* :;;J* :LH99* N"L#HJ&;:*
=;;#9$*;J'H';=*&J*9;<;%H'&J'*"#;J*&JJ"<H)&"J*)"*'%"Q*)(;&%*
GK:&J;::;:>*2J=*")(;%:*;&)(;%*J")*N"LL&));=O*"%*:)&99*Q"%S[
&J'*)"*KJ=;%:)HJ=*Q(H)*&)*L;HJ:*HJ=*("Q*&)*NHJ*%;H99$*Q"%S*
I"%*)(;L*HJ=*)(;&%*'"H9:>
!4:@<M&2*N%&)&NH9*9;H%J&J'*I"%*K:O*HJ=*H*S;$*#&;N;*"I*H=<&N;*
)"*")(;%*N"L#HJ&;:O*&:*)"*%;H99$*KJ=;%:)HJ=*Q(H)*H*#%":#;N[
)&<;*#H%)J;%*J;;=:*HJ=*;U#;N):>*1"%*H* 9H%';%*N"L#HJ$O* &)X:*
&L#"%)HJ)*)(H)*)"*)HS;*)(;*)&L;*K#*I%"J)*)"*;U#9H&J*'9"GH9*
[
)K%;:>* /(H)* QH$O* $"K%* #%":#;N)&<;* #H%)J;%* SJ"Q:* Q(H)* )"*
;U#;N)>*4H%';%*N"L#HJ&;:*H9:"*J;;=*)"*N(;NS*HJ$*#"::&G9;*
H%%"'HJN;*H)*)(;*=""%d)(;$*NHJJ")*H::KL;*)(H)*)(;$*SJ"Q*
G;:)*Q(H)*H*#H%)J;%*L&'()*J;;=>
?")(*:&=;:*J;;=*)"*:(H%;*HJ=*%;H99$*KJ=;%:)HJ=*;HN(*")([
;%X:*#9K:;:*HJ=*L&JK:;:*HJ=*Q(H)X:*&L#"%)HJ)*)"*;HN(*:&=;>*
/(H)*NH99:*I"%*H*(&'(*9;<;9*"I*%;:#;N)>*5)X:*H9:"*KJQH<;%&J'9$*
N%KN&H9>
G
!4:@<M&/"*LHS;*HJ$*N"99HG"%H)&"J*Q"%S*HJ=*Q"%S*Q;99O*
$"K* J;;=* )"* ;J:K%;* $"K* (H<;* )(;* %&'()* #;"#9;* Q&)(* )(;*
%&'()* :S&99:* H)* )(;* )HG9;*Q(;J*$"K*6#<-'* )H9S&J'O* HJ=* )(;J*
Q"%S* )"* GK&9=* HJ=* =;<;9"#* )(;* %;9H)&"J:(&#* H:* )(;* #%"W[
;N)*#%"'%;::;:>* 5J*LHJ$*NH:;:O* )(;* &JN9&JH)&"J* &:* )"*G%&J'*
&J* $"K%* G%&'();:)* L&J=:>* ?K)* )(H)X:* J")* )(;* %&'()* HJ:Q;%*
H##%"HN(;:>* l;;#* )(":;* I"9S:* &J* )(;* 9HG>* 5J:);H=O* G%&J'*
&J*)(;*);HL*)(H)* &:*NH#HG9;*"I*LHS&J'*=;N&:&"J:O*GK)*H9:"*
KJ=;%:)HJ=:*)(H)*)(;$*H%;*J")*J;'")&H)&J'*=;H9:O* )(;$*H%;*
GK&9=&J'*%;9H)&"J:(&#:>
J(;#$'*G+*O,);
>XS
JDKGEI*LMBE*GEELNDAGLE*OL9K
!4:@<M& /(;%;* H%;* H* JKLG;%* "I* %;H:"J:* G&'* N"L#HJ&;:*
9""S* I"%* "##"%)KJ&)&;:* )"* ;J'H';* Q&)(* :LH99* N"L#HJ&;:*
HJ=*;J)%;#%;J;K%:>*l;$* &:* )(H)* )(;$*"I);J*H%;*H)* )(;* 9;H=[
&J'*;=';*"J*H*<H%&;)$*"I*I%"J):>*/(;$*H%;*J")*G"KJ=*G$*)(;*
(H<;*H* 9H%';%O* ;:)HG9&:(;=*GK:&J;::* )"*=;I;J=*HJ=*#%");N)>*
/(;$*NHJ*G;*%&:S*)HS;%:O*HJ=*)(K:*)(;&%*H##%"HN(*HJ=*L&J=[
:;)*H%;*=&II;%;J)>*/(H)*NHJ*G;*%;I%;:(&J'O* &J:#&%&J'O*HJ=*H*
I"%*)%K9$*=&:%K#)&<;*&JJ"<H)&"J>
!4:@<M&a(;J*Q;*:)H%)* )H9S&J'*)"*H*#");J)&H9* &JJ"<H)&"J*
>b*
6";:*)(;*")(;%*N"L#HJ$*(H<;*)(;*:HL;*;)(&N:*HJ=*<H9K;:]*5I*
J")O*&)*Q&99*9&S;9$*:K%IHN;*9H);%*&J*#%"=KN)*^KH9&)$*&::K;:*HJ=*
&J*%;9H)&"J:(&#*N(H99;J';:>*.;N"J=O*&:*)(;%;*N(;L&:)%$]*6"*
!HJ*Q;*GK&9=*)(&:*%;9H)&"J:(&#*&J)"*"J;*"I*%;H9*)%K:)]*5*NHJX)*
:)%;::* ;J"K'(* )(H)* )(&:* &:* H99* HG"K)* %;9H)&"J:(&#:O* J")* WK:)*
=;H9*J;'")&H)&"J:>*a;*(H<;*QH9S;=*HQH$* I%"L*#%":#;N)&<;*
:&L#9$*J")*%&'()>*4""S&J'*GHNSO*)(":;*Q;%;*N9;H%9$*)(;*%&'()*
=;N&:&"J:dI"%*G")(*K:*HJ=*)(;*")(;%*N"L#HJ$>
!4:@<M&5*="JX)*SJ"Q*)(H)*5X=*K:;*)(;*);%L*̀ :K%#%&:;=Ob*GK)*
"J;*"I*)(;*)(&J':*Q;*:;;*H*9")*&:*N"L#HJ&;:*L&:KJ=;%:)HJ=[
&J'O*HJ=*)(;J*L&:%;#%;:;J)&J'*)(;&%*"QJ*<H9K;>*sK&);*"I);JO*
)(;$*;&)(;%*G%&J'* )"* )(;* )HG9;*HJ* &JI;%&"%&)$* N"L#9;U*"%*H*
:K#;%&"%&)$*N"L#9;U>*0HN(*:;%<;:*H:*H*=&:H=<HJ)H';*)"*)(;L*
HJ=*)(;*#%":#;N)&<;*#H%)J;%:(&#>
a(;J*)(;$*KJ=;%<H9K;*)(;L:;9<;:O*)(;$*H%;*HI%H&=*)"*IK99$*
;J'H';>*/(;$*Q"%%$*)(H)*)(;$*L&'()*J")*(H<;*)(;*);N(J&NH9*
HJ=m"%*N"LL;%N&H9*SJ"Q9;=';*)"*G;*H*Q"%)(Q(&9;*#H%)J;%>
PJ* )(;* ")(;%* (HJ=O* :"L;* ;J);%* H* L;;)&J'* )(&JS&J'*
)(;$X<;* &J<;J);=* (")* QH);%* HJ=* QHJ)* )"* G;* N"L#;J:H);=*
&J*#9H)&JKL>* 5J* )(;:;*NH:;:O*=&:NK::&"J:*H%;*H9L":)*H9QH$:*
=""L;=* )"* IH&9* G;NHK:;* &)X:* (H%=* )"* %;HN(* %;H99$* ;II;N)&<;*
N"99HG"%H)&"J>
5)X:* N%&)&NH9* I"%* ;<;%$"J;* )"* G;* %;H9&:)&N* HG"K)* Q(H)* )(;$*
SJ"Q* HJ=* (H<;O* HJ=* #%;:;J)* &)* H##%"#%&H);9$* )"* #");J)&H9*
#H%)J;%:>*6"JX)*KJ=;%[*"%*"<;%[:;99>
J(;#$'*G+*O,);
>XV >X?
K@=&)45;6@C&!5E@5F5=7
OP3*APGEI@*IL*O9LEI
(
5)* &:* &J;<&)HG9;* )(H)* J")* H99* "#;J* &JJ"<H)&"J* ;II"%):* Q&99* Q"%S* H:*
#9HJJ;=>*?$*9""S&J'*H)*)(;*%;H:"J:*Q($*")(;%:*(H<;*IH&9;=O*$"K*NHJ*
#;%(H#:*G;*G;));%*#%;#H%;=*)"*H<"&=*:KN(*#%"G9;L:>*c;%;*H%;*:"L;*"I*
)(;*N(&;I*%;H:"J:*5X<;*:;;J*)(H)*"#;J*&JJ"<H)&"J*;II"%):*'"*"II*)%HNS@
PG<&"K:9$O* )(;* )&L;* )"* 9""S*N9":;9$*H)* )(;* &JJ"<H)&"J* )%HNS* %;N"%=*
"I*$"K%*#%":#;N)&<;*#H%)J;%*&:*G;I"%;*$"K*W"&J*I"%N;:*I"%*HJ*"#;J*&J[
#H%)J;%*)(H)*=";:JX)*:;;L*)"*(H<;*&):*&JJ"<H)&"J*=KNS:*&J*"%=;%O*&)*LH$*
O9LEI
5)* &:* &J;<&)HG9;* )(H)* J")* H99* "#;J* &JJ"<H)&"J* ;II"%):* Q&99* Q"%S* H:*
O:5*A:#$'.*I,**O),$'
>X\
JDKGEI*LMBE*GEELNDAGLE*OL9K
>XW
G;*#"::&G9;*)"*HJH9$R;*WK:)*Q(;%;*)(;*#H%)J;%*&:*N"L&J'*K#*:("%)*HJ=*
:;;*&I*$"K%*"%'HJ&RH)&"J*NHJ*(;9#*&)*&L#%"<;*&J*)(;*H:#;N):*"I*&):*&JJ"[
<H)&"J*NH#HG&9&)&;:*)(H)*H%;*9HNS&J'>*/(&:*&:*#H%)&NK9H%9$*)%K;*I"%*9H%';*
N"%#"%H)&"J:*#H%)J;%&J'*Q&)(*:LH99*N"L#HJ&;:Y*$"K*LH$*<;%$*Q;99*(H<;*
SJ"Q9;=';*HJ=*;U#;%&;JN;*H)*$"K%*=&:#":H9*)(H)*NHJ*(;9#*)(;*:LH99;%**
"%'HJ&RH)&"J* :)%;J')(;J* )(;&%* "<;%H99* &JJ"<H)&"J* NH#HG&9&)&;:>* PI*
N"K%:;O*)(;*&J<;%:;*L&'()*H9:"*G;*)%K;*&J*:"L;*NH:;:Y*:"L;*:LH99*N"L[
#HJ&;:*LH$*(H<;*#;"#9;*Q("*H%;*Q;99[<;%:;=*&J*&JJ"<H)&"J>
5I*)(;*#H%)J;%:(&#*("9=:*'%;H)*#");J)&H9dI"%*;UHL#9;O*&I*$"K%*#H%)[
J;%*(H:*H*NK))&J'[;=';*);N(J"9"'$*)(H)*N"K9=*G;*%;H99$*K:;IK9*)"*$"Kd
&)*LH$*G;*Q"%)(*$"K%*Q(&9;*)"*(;9#*)(;*#H%)J;%*&=;J)&I$*)(;*%"H=G9"NS:*
&)X:*GKL#&J'*&J)"*HJ=*Q"%S&J'*)"';)(;%*)"*(;9#*&)*"<;%N"L;*)(;L>*\"K*
L&'()*%;H#*'%;H)*%;QH%=:*G$*(;9#&J'*)(;L*:);#*K#*)(;&%*'HL;>*PJ*)(;*
")(;%*(HJ=O*)(;%;*L&'()*G;*:"L;*&J:)HJN;:* &J*Q(&N(*$"KX%;* WK:)*G;)[
);%*"II*QH9S&J'*HQH$*"JN;*$"K*=&:N"<;%*)(H)*$"K%*#H%)J;%X:*&JJ"<H)&"J*
:S&99:*H%;JX)*Q(H)*)(;$*J;;=*)"*G;*I"%*)(;*#H%)J;%:(&#*)"*:KNN;;=>
a(;J*5*Q%");*HG"K)*)(&:*"J*L$*G9"'O*099;J*6&8;:)HO*I"KJ=;%*"I*)(;*
#%"=KN)*=;<;9"#L;J)*N"J:K9)HJN$*.$JH#)&N:*7%"K#O*N"LL;J);=O*`5X<;*
(H=*9"):*"I*;U#;%&;JN;*Q&)(*N"L#HJ&;:*)%$&J'*)"*:)H%)*Q&)(*&=;H*';J[
;%H)&"J*#9H)I"%L:>*a(;J*)(;$*IH&9*)"*=;9&<;%*"J*;U#;N)H)&"J:*5*K:KH99$*
N%&);%&H*I"%*H*:KNN;::IK9*&=;H>*/(;$*)(;J*G;N"L;*"<;%Q(;9L;=*Q&)(*H*
9H%';*JKLG;%*"I*&%%;9;<HJ)*&=;H:O*HJ=*)(;J*%;:"%)*)"*N("":&J'*)(;*"J;:*
)(H)*)(;$*SJ"Q*NHJ*G;*&L#9;L;J);=>b
[
:"J:*I"%*"#;J*&JJ"<H)&"J*IH&9K%;:@
G
85<=&:;@<&?<<:A56?:<&A@<6IC@7&5C@&<:6&D:<@&:<&5&9@A@9&;95=G
G
2==&)&"JH9*%;H:"J:*"#;J*&JJ"<H)&"J*;II"%):*N%H:(*HJ=*GK%J*&JN9K=;
G
):8;5<?@7& B5?9& 6:& 85E@& 64@?C& @8;9:=@@7P& ;5C6<@C7P& 5<D&
&
&
O:5*A:#$'.*I,**O),$'
>X]
JDKGEI*LMBE*GEELNDAGLE*OL9K
>XT
G
G
G
):C;:C56@&"<6?L:D?@7
c;%;X:*HJ")(;%*G&'*%;H:"J*"#;J*&JJ"<H)&"J*;II"%):*NHJ*IH&9@*)(;$*H%;*
"I);J*S&99;=*G$*N"%#"%H);*HJ)&G"=&;:*%;:&:)&J'*)(;*N(HJ';:*G%"K'()*G$*
"#;J&J'*K#*)"*;U);%JH9*#H%)J;%:>*/(;:;*HJ)&G"=&;:*NHJ*;U&:)*&J*G")(*
9H%';*HJ=*:LH99*N"L#HJ&;:>*5I*$"KX%;*(;H%&J'*:)H);L;J):*:KN(*H:*)(;:;O*
N"%#"%H);*HJ)&G"=&;:*LH$*G;*H)*(H%=*H)*Q"%SO*%;:&:)&J'*N(HJ';@
Z;"#9;*LHS&J'*:KN(*:)H);L;J):*LH$*)%K9$*G;9&;<;*)(H)*)(;$*(H<;*)(;*
N"L#HJ$X:*G;:)* &J);%;:):*H)*(;H%)>*P%*)(;$*LH$*G;*#K))&J'*)(;&%*#;%[
:"JH9* &J);%;:):*H(;H=*"I*N"L#HJ$* 9"$H9)$>*."L;*#;"#9;*H9:"*G;N"L;*
HJ)&G"=&;:* G;NHK:;* )(;$* ="JX)* I;;9* )(;&%* "#&J&"J:* H%;* '&<;J* ;J"K'(*
Q;&'()>*.KN(*I;;9&J':*NHJ*NHK:;*#;"#9;*)"*N"J)&JK"K:9$*)HS;*)(;*J;'H[
)&<;*:&=;*"%*#9H$*=;<&9X:*H=<"NH);>*/(;*#(%H:;*`5*(H);*)"*G%&J'*)(&:*K#O*
/(&:*&:*J")*)"*:H$*)(H)*HJ$"J;*Q("*^K;:)&"J:*)(;*J;;=*I"%*N(HJ';*"%*
)(;* =&%;N)&"J* )(H)* N(HJ';* &:* )HS&J'* &:* G;&J'* KJJ;N;::H%&9$* J;'H)&<;>*
."KJ=*I;;=GHNS*&:*J;;=;=*I%"L*LHJ$*^KH%);%:*I"%*%;H9*&JJ"<H)&"J*)"*
"NNK%>*?K)*Q(H)*5XL*)H9S&J'*HG"K)*&:*J")*N"J:)%KN)&<;*N%&)&N&:L>*8H)(;%O*&)*
&:*)(;*%;9;J)9;::*J;'H)&<&)$O*I"")*=%H''&J'O*HJ=*)(%"Q&J'*K#*"I*J;;=9;::*
%"H=G9"NS:*)(H)*#":;*H*)%K;*)(%;H)*)"*&JJ"<H)&"J*;<;%*G;N"L&J'*H*%;H9&)$>
8;N"'J&R&J'*)(H)*N"%#"%H);*HJ)&G"=&;:*H%;*9&S;9$*)"*:("Q*K#*H)*:"L;*
#"&J)*&J*$"K%*&JJ"<H)&"J*#%"N;::*HJ=*(H<&J'*:)%H);'&;:*&J*#9HN;*)"*=;H9*
Q&)(* )(;L* :("K9=* (;9#* $"K* =;%H&9* :"L;* "I* )(;* #;"#9;* Q("* QHJ)* )"*
&L#;=;*N(HJ';*HJ=*LH&J)H&J*)(;*:)H)K:*^K">*c;%;*H%;*:"L;*#");J)&H9*
:"9K)&"J:@
5)X:* J;<;%* )""* ;H%9$* )"* :)H%)* )(&:>* \"K%* &J&)&H9* :)HS;("9=;%* HJH9$:&:*
HJ=* %;:K9)&J'* N"LLKJ&NH)&"J:* :)%H);'$* Q&99* L;HJ* )(H)* $"KX%;* G;&J'*
O:5*A:#$'.*I,**O),$'
>>X
JDKGEI*LMBE*GEELNDAGLE*OL9K
>>>
#%"HN)&<;*%H)(;%*)(HJ*%;HN)&<;>*?$*N"LLKJ&NH)&J'*#%"HN)&<;9$O*$"K*NHJ*
)(;&%*;'":*HJ=*LHS;:* )(;L*I;;9* )(;&%* &=;H:*HJ=*HK)("%&)$*H%;*G;&J'*
H##%"#%&H);9$*%;N"'J&R;=>*\"K*LH$*=&:N"<;%*)(H)*$"K%*#%"HN)&<;*;II"%):*
Q;%;JX)*;J"K'(O*GK)*$"K*NHJ*N"J)&JK;*)"*N"LLKJ&NH);*)"*:)HS;("9=[
;%:*)(H)*)(;$*NHJ*#9H$*H*<H9KHG9;*%"9;*&J*:(H#&J'*)(;*N"L#HJ$X:*IK)K%;O*
&JN9K=&J'*)(;&%*"QJ*=;:)&J$>*?%&J'*#;"#9;*)"';)(;%*)"*IHN&9&)H);*SJ"Q9[
;=';*:(H%&J'*HJ=*)(;*GK&9=&J'*"I*J;Q*%;9H)&"J:(&#:*)(H)*G%"H=;J*;<[
;%$"J;X:*#;%:#;N)&<;:>*l;;#*#;"#9;*&J<"9<;=*&J*)(;*&JJ"<H)&"J*#%"N;::>
5J*:"L;*:&)KH)&"J:O*)(;*G;:)*N("&N;*&:*)"*:)H$*G;9"Q*)(;*%H=H%*H:*9"J'*
H:*#"::&G9;>*6"JX)*G;N"L;*)""*&J);%;:)&J'*)""*;H%9$>*/(&:*Q&99*(;9#*$"K*
H<"&=*#;"#9;*Q("*QHJ)*)"*"QJ*)(;*&=;H*"%*#%"N;::O*"%*Q("*QHJ)*)"*H#[
#9$*:)HJ=H%=*N"%#"%H);*#%"N;::;:*)"*)(;*#%"W;N)*;<;J*)("K'(*)(&:*NHJ*
S&99*&)>*/(&:O*"I*N"K%:;O*&:*L"%;*H##9&NHG9;*)"*9H%';*N"L#HJ&;:*)(HJ*)"*
:LH99*"J;:O*Q(;%;*;<;%$G"=$*SJ"Q:*Q(H)X:*'"&J'*"J*HJ=*&)X:*(H%=*)"*
S;;#*HJ$)(&J'*^K&;)>
THJ$*&J);%JH9*&JJ"<H)&"J*=;GHN9;:*NHJ*#H%)9$*G;*H<"&=;=*G$*:;))&J'*
&J);%JH9*%K9;:*HG"K)*("Q*)"*G%&J'*&JJ"<H)&"J*#%"W;N):*I"%QH%=>*a&)(*H*
I%HL;Q"%S*HJ=*#%"N;::*&J*#9HN;O*&)*G;N"L;:*;H:&;%*)"*L"<;*#%"W;N):*I"%[
QH%=*Q&)("K)*(H<&J'*)(;L*';)*(KJ'*K#*&J*=;:)%KN)&<;*&J);%JH9*QH%IH%;>
5J* 9H%';%* "%'HJ&RH)&"J:O* (H<&J'* &JJ"<H)&"J* N"KJN&9:* Q&)(* (&'(* HK[
)"J"L$*"%*KJ&):*Q&)(*)(;&%*"QJ*H::&'J;=*GK=';):*HJ=*'"H9:*H%;*")(;%*
QH$:*)"*';)*H%"KJ=*)(;*=HLH';*)(H)*NHJ*G;*="J;*G$*N"%#"%H);*HJ)&G"=[
&;:>*.KN(*:)%KN)K%;:*(;9#*:(;9);%*J;Q*&=;H:*H'H&J:)*:&)KH)&"J:*&J*Q(&N(*
;U;NK)&<;:*H%;*J")*Q&99&J'*)"*:#;J=*)(;&%*#"9&)&NH9*NH#&)H9*&J*:K##"%)&J'*
&JJ"<H)&"J*"%*Q(;J*)(;$*G;9&;<;*)(;*N(HJ';*Q&99*&L#HN)*)(;&%*"QJ*NH[
%;;%*J;'H)&<;9$>
K@=&)45;6@C&!5E@5F5=7
G
G
G
G
G
*
GEELNDAGLEJD9KBAMFDRB@
D *JD `L9 * 9 B @L^ 9RB * CL 9*L MB E * G E ELNDA G LE
)
2:*"#;J*&JJ"<H)&"J*G;N"L;:*L"%;*Q&=;:#%;H=*HJ=*;N":$:);L:*
H%;*;:)HG9&:(;=O*)(;*J;;=*&JN%;H:;:*I"%*&JJ"<H)&"J*LH%S;)#9HN[
;:* )(H)*NHJ* :;%<;*H:* &J);%L;=&H%&;:* )"*Q(&N(*N"L#HJ&;:*NHJ*^K&NS9$*
N"JJ;N)*)"*L;;)*J;;=:*HJ=*:"9<;*#%"G9;L:>*."L;*"I*)(;:;*&J);%L;=&[
H%&;:*Q&99* :;%<;*J&N(;*LH%S;):O*Q(;%;H:*")(;%:*Q&99*G;*L"%;*';J;%H9>*
")(;%:*Q&99*G;*:;)*K#*G$*)(&%=*#H%)&;:*)(H)*QHJ)*)"*#":&)&"J*)(;L:;9<;:*
H:*HJ* &J);%IHN;*G;)Q;;J*N"L#HJ&;:* :;;S&J'* :"9K)&"J:*HJ=* )(;* :LH%)*
#;"#9;d"%*N"L#HJ&;:dQ&)(*:"9K)&"J:>*3"*LH));%*Q(H)*)(;$*9""S*9&S;O*
:KNN;::IK9*&J);%L;=&H%&;:*H%;d"%*Q&99*G;N"L;dS;$*#9H$;%:*&J*&JJ"<H[
)&"J*;N":$:);L:O*H:* )(;$*H%;*HJ* &L#"%)HJ)* :"K%N;*"I*SJ"Q9;=';*HJ=*
LMBE * G E ELNDA G LE
2:*"#;J*&JJ"<H)&"J*G;N"L;:*L"%;*Q&=;:#%;H=*HJ=*;N":$:);L:*
2:*"#;J*&JJ"<H)&"J*G;N"L;:*L"%;*Q&=;:#%;H=*HJ=*;N":$:);L:*
2
G$$,6(+#,$*J();&+1"(0&.
>>V
JDKGEI*LMBE*GEELNDAGLE*OL9K
>>?
:"9K)&"J:*)(H)*:("K9=*G;*K:;=*;H%9$*"J*Q(;J*N"L#HJ&;:*=;<;9"#*)(;&%*
"#;J*&JJ"<H)&"J*&J&)&H)&<;:>
.KN(*&J);%L;=&H%&;:*(H<;*H*%"9;*)"*#9H$*Q&)(*:LH99*N"L#HJ&;:*H:*Q;99*
H:*Q&)(* 9H%';*"J;:>*PJ;*"I* )(;*N(H99;J';:* :LH99* N"L#HJ&;:*J;;=* )"*
)HNS9;*Q(;J*)(;$*N"J:&=;%&J'*;J'H'&J'*&J*"#;J*&JJ"<H)&"J*&:*';))&J'*
;L#9"$;;:*K#*)"*:#;;=*"J*)(;*:S&99:*)(H)*H%;*%;^K&%;=*)"*G;*#H%)*"I*HJ*
"#;J*&JJ"<H)&"J*);HL>*5J);%L;=&H%&;:*NHJ*(;9#*L;;)*)(&:*J;;=>
/(;*:S&99:*%;^K&%;=*&JN9K=;*N"99HG"%H)&"JO*);HL*GK&9=&J'O*HJ=*N"L[
LKJ&NH)&"J>*6;#;J=&J'*"J*("Q*H*:LH99*N"L#HJ$*"#;%H);:O*#;"#9;*H%;*
"I);J*H:S;=*)"*)HNS9;*#%"G9;L*:"9<&J'*"J*)(;&%*"QJ*%H)(;%*)(HJ*;J'H'[
&J'*&J*);HL*;II"%):>*."*"##"%)KJ&)&;:*LH$*G;*I;Q*HJ=*IH%*G;)Q;;J*I"%*
GK&9=&J'*)(;*:S&99:*)(H)*Q&99*LHS;*#;"#9;*;II;N)&<;*H:*#H%)*"I*HJ*"#;J*
&JJ"<H)&"J*);HL>*PJ;*:"9K)&"J*)"*)(&:*#%"G9;L*N"K9=*G;*)"*H:S*$"K%*
#;"#9;* )"* )%$* Q"%S&J'* H:* ;U#;%):* "%* :"9K)&"J* #%"<&=;%:* "J* );HL:* H)*
"#;J*&JJ"<H)&"J*&J);%L;=&H%&;:>
PJ;* "I* )(;* G;));%* SJ"QJ* HJ=* ;:)HG9&:(;=* &J);%L;=&H%&;:* &:*
5JJ"!;J)&<;O*H*)(&%=[#H%)$*&JJ"<H)&"J*LH%S;)#9HN;*)(H)*"#;%H);:*Q&)(*
H*#%&R;[GH:;=*"#;J*&JJ"<H)&"J*L"=;9>*5JJ"!;J)&<;*N"JJ;N):*N"L#H[
[
)&"J:*Q&)(*H*'9"GH9*J;)Q"%S*"I*L"%;*)(HJ*-B,O,,,*;U#;%):*HJ=*#%"G9;L*
:"9<;%:*&J*-DM*N"KJ)%&;:*H%"KJ=*)(;*Q"%9=>*5JJ"!;J)&<;*QH:*"%&'&JH99$*
=;<;9"#;=*G$*#(H%LHN;K)&NH9*'&HJ)*09&*4&99$*H:*HJ*&J[("K:;*&JJ"<H)&"J*
&JNKGH)"%>*2J*&J=;#;J=;J)*"%'HJ&RH)&"J*:&JN;*+,,MO*5JJ"!;J)&<;*&J&[
)&H99$*:HQ*:KNN;::*Q&)(&J*)(;*#(H%LHN;K)&NH9*LH%S;)#9HN;O*GK)*&)*&:*J"Q*
HN)&<;*&J*LHJ$*")(;%*&J=K:)%&;:O*&JN9K=&J'*N"J:KL;%*#HNSH';=*'""=:O*
Q(;%;*N"L#HJ&;:*:KN(*H:*Zf7*(H<;*(H=*:KNN;::*K:&J'*5JJ"!;J)&<;>
5JJ"!;J)&<;X:* #%"N;::* Q"%S:* 9&S;* )(&:@* 2J* "%'HJ&RH)&"J* gH* :;;S;%h*
#%"<&=;:*H*N(H99;J';* )"* :"9<;%:*H99*"<;%* )(;*Q"%9=*Q("*NHJ*Q&J*NH:(*
#%&R;:*I"%*:"9<&J'*)(;*#%"G9;L>*T"%;*)(HJ*H*)(&%=*"I*)(;*:"9<;%:*(H<;*
="N)"%H);:>*Z%"G9;L:*(H<;*G;;J*#%;:;J);=*&J*;J'&J;;%&J'O*N"L#K);%*
:N&;JN;O*LH)(O*N(;L&:)%$O*9&I;*:N&;JN;:O*#($:&NH9*:N&;JN;:O*HJ=*GK:&J;::>*
:"9<;=>
PI*N"K%:;O*5JJ"!;J)&<;*(H:*N"L#;)&)&"J>*c;%;*H%;*I;Q*")(;%*"#;J*
&JJ"<H)&"J*LH%S;)#9HN;:@
G
G
G
G
G
G
G
G$$,6(+#,$*J();&+1"(0&.
>>\
JDKGEI*LMBE*GEELNDAGLE*OL9K
>>W
G
5=;H!"JJ;N)&"J*'";:* )(%"K'(*H*G&'*#%"N;::* &J*N%;H)&J'* &):* );HL:O*
L;LG;%* HJ=* IHN&9&)H)"%* &J#K)O* HJ=* G$* 5=;H!"JJ;N)&"J* #;%:"JJ;9>*
/;HL:* H%;* IHN&9&)H);=* G$* 5=;H!"JJ;N)&"J* L"=;%H)"%:>* \"K* NHJ* H9:"*
I"%L*);HL:*H)*5JJ"!;J)&<;O*GK)*(;%;*$"K*H%;*H:S;=*)"*I"%L*HJ=*%KJ*
)(;L*$"K%:;9I>
/(&:*'&<;:*#;"#9;*Q("*H%;*K:;=*)"*Q"%S&J'*&J*&:"9H)&"J*)(;*"##"%)K[
J&)$*)"*W"&J*Q&)(*")(;%:*)"*:"9<;*&JJ"<H)&"J*N(H99;J';:*#":;=*G$*N"L#H[
J&;:*Q("*H%;*Q&99&J'*)"*"II;%*%;QH%=:*)"*(H<;*;U#;%):*I%"L*H%"KJ=*)(;*
Q"%9=*)HNS9;*%;H99$*(H%=*#%"G9;L:>
/&L;*&:O*"I*N"K%:;O*H*S;$*N"JN;%JO*GK)*#;%(H#:*Q;*NHJ*)(&JS*"I*)(&:*
H:*9;H%J&J'*G$*="&J'*HJ=*H:*HJ*H9);%JH)&<;*)"*#H%)&N&#H)&J'*&J*H*N"JI;%[
;JN;*"%*H*)%H&J&J'*#%"'%HL>*_"&J&J'*Q&)(*#;;%:*H%"KJ=*)(;*Q"%9=*Q("*
H%;*)HNS9&J'*H*N(H99;J';*L;HJ:*$"KX%;*9;H%J&J'*J")*WK:)*HG"K)*"#;J*&J[
J"<H)&"J*GK)*H9:"*HG"K)*=;H9&J'*Q&)(*&::K;:*"I*=&<;%:&)$>
.LH99* N"L#HJ&;:* NHJ* K:;* )(;* "#;J* &JJ"<H)&"J* &J);%L;=&H%&;:* )"*
#":;* )(;&%* "QJ* N(H99;J';:* HJ=* (H<;* );HL:* "I* ;U#;%):* I%"L* H%"KJ=*
)(;*'9"G;*Q"%S*)"*:"9<;*H*)"K'(*8f6*"%*GK:&J;::*#%"G9;L*)(H)*LH$*G;*
G9"NS&J'* )(;&%* :KNN;::>* .;<;%H9*"I* )(;*"#;J* &JJ"<H)&"J* &J);%L;=&H%[
&;:*Q"%S*Q&)(* :LH99* N"L#HJ&;:*H:*Q;99*H:* 9H%';>* 5=;H!"JJ;N)&"JO* I"%*
;UHL#9;O*(H:*:"9<;=*N(H99;J';:*I"%*N"L#HJ&;:*H:*:LH99*H:*"J;*#;%:"J>*
Q;99*H:*Q&)(*LHW"%*N"%#"%H)&"J:>*5J*N"J)%H:)O*3&J;.&'LHO*HJ")(;%*Q;99[
SJ"QJ*&J);%L;=&H%$O*#%&LH%&9$*I"NK:;:*"J*1"%)KJ;*M,,*N"%#"%H)&"J:>
a(;J*$"K*"II;%*K#*H*N(H99;J';* )"*"J;*"I* )(;* &J);%L;=&H%&;:O* $"K*
^K&NS9$* ';)* H* Q"%9=[N9H::* );HL* "I* ;U#;%):* Q"%S&J'* )"';)(;%* )"* :"9<;*
$"K%*#%"G9;L*"%*N(H99;J';>*1"%*;UHL#9;O*5=;H!"JJ;N)&"J*(H:*)("K[
:HJ=:*"I*#%;:N%;;J;=*;U#;%):O*LHJ$*Q&)(*Z(6:O*HJ=*LHJ$*Q&)(*#H)[
5JJ"!;J)&<;X:*79"GH9*."9<;%*J;)Q"%S*&JN9K=;:*#;"#9;*I%"L*L"%;*)(HJ*
+,,*N"KJ)%&;:>*a&)(*:"*LHJ$*"I*)"=H$X:*GK:&J;::*#%"G9;L:*%;^K&%&J'*
H*'9"GH9*#;%:#;N)&<;*)"*HN(&;<;*H*:"9K)&"JO*G%&J'&J'*)"*G;H%*)(;*G%H&J*
#"Q;%*"I*H*'9"GH9*N"LLKJ&)$* )"*(;9#*$"K*:"9<;*H*#%"G9;L*(H:*(K';*
#");J)&H9>* 5J* H==&)&"JO* $"K%* ;L#9"$;;:* NHJ* H9:"* #H%)&N&#H);* "J* )(;*
);HLO*H99"Q&J'*)(;L*)"*'H&J*SJ"Q9;=';*I%"L*)(;:;*;U#;%):*HJ=*GK&9=*
&:*:"9<;=>
?;NHK:;*)(;*"#;J*&JJ"<H)&"J*&J);%L;=&H%&;:*H9%;H=$*(H<;*H99*"I*)(;*
:$:);L:*&J*#9HN;*)"*)HNS9;*H*N(H99;J';O*)(;%;*&:*J"*%HL#[K#*)&L;*J;;=[
;=>* 5J:);H=* "I* QH&)&J'* KJ)&9* $"KX<;* GK&9)* $"K%* "QJ* &JI%H:)%KN)K%;* )"*
:K##"%)*"#;J* &JJ"<H)&"JO*$"K*NHJ* )HS;* &LL;=&H);*H=<HJ)H';*"I* )(;*
"#;J*&JJ"<H)&"J*#9H)I"%L*)(;*&J);%L;=&H%$*(H:*H9%;H=$*GK&9)>
?;I"%;*$"K*H::KL;*$"K*NHJX)*HII"%=*)"*K:;*"J;*"I*)(;*&J);%L;=&H%&;:O*
$"K*:("K9=*SJ"Q*HQH%=:*I"%*H*)(;"%;)&NH9*:"9K)&"J*H)*5=;H!"JJ;N)&"J*
H%;* K:KH99$* G;)Q;;J* n+,O,,,* HJ=* n-,,O,,,>* 2)* 5JJ"!;J)&<;O* HQH%=:*
(H<;*:)H%);=*H:* 9"Q*H:*nMO,,,*H:*'"J;*K#* )"*n-*L&99&"J* I"%* )(;*L":)*
N"L#9;U*N(H99;J';:>*5I*$"K*(H<;*H*#%"G9;L*)(H)*(H:*:)$L&;=*$"K%*;L[
#9"$;;:*HJ=*&:*#":&J'*H*LHW"%*GH%%&;%*)"*$"K%*N"L#HJ$X:*:KNN;::O*K:[
:;J:;>*/(&:*&:*#H%)&NK9H%9$*)%K;*&I*&)*:#;;=:*$"K%*)&L;*)"*LH%S;)*"%*(;9#:*
$"K*G;H)*"K)*H*N"L#;)&)"%>
?;&J'*HG9;* )"*=;H9*Q&)(*=&<;%:&)$* &:*H*S;$* :S&99* )(H)* :LH99*N"L#HJ$*
;L#9"$;;:*J;;=*)"*GK&9=*G;I"%;*<;J)K%&J'*&J)"*)(;*Q"%9=*"I*"#;J*&J[
J"<H)&"JO*GK)*"I);J*&)X:*J")*:"L;)(&J'*)(;$*(H<;*LKN(*"I*H*N(HJN;*)"*
)HNS9;*&J*)(;&%*=H&9$*Q"%S*9&<;:>*5J*H==&)&"JO*)(;*;U#":K%;*)"*=&II;%;J)*
:)$9;:*"I*)(&JS&J'*NHJ*G;*:"L;)(&J'*)(H)*:KN(*;J'H';L;J)*"II;%:*)(H)*
&:JX)*H9QH$:*%;H=&9$*H<H&9HG9;*Q&)(&J*H*:LH99*"%'HJ&RH)&"J>
G$$,6(+#,$*J();&+1"(0&.
>>]
JDKGEI*LMBE*GEELNDAGLE*OL9K
>>T
N"L#HJ$* ;L#9"$;;* (H##;J:* )"* (H<;* :KNN;::* Q&)(* H* N(H99;J';* (;* "%*
:(;*Q"%S:*"J*)(%"K'(*"J;*"I*)(;*&J);%L;=&H%&;:O*)(&:*Q&99*';J;%H);*;J[
)(K:&H:L*I"%*H="#)&J'*"#;J*&JJ"<H)&"J*Q&)(&J*$"K%*"%'HJ&RH)&"J>*."*
N"J:&=;%* &J)%"=KN&J'* )(;:;* &J);%L;=&H%&;:* )"* $"K%* ;L#9"$;;:>* /(;J*
:K##"%)* )(;&%* ;J'H';L;J)* Q&)(* N(H99;J';:O* SJ"Q&J'* )(H)* )(;$* H%;*
9;H%J&J'*<H9KHG9;*:S&99:*)(H)*Q&99O*&J*)(;*9"J'*%KJO*:K##"%)*$"K%*N"L[
#HJ$X:*"#;J*&JJ"<H)&"J*;II"%):>
c;%;X:* H* NH:;* :)K=$* )(H)* :("Q:* ("Q* HJ* &J);%L;=&H%$O* &J* )(&:* NH:;*
5JJ"!;J)&<;O*NHJ*#%"=KN;*%;:K9):*I"%*H*N"L#HJ$*&J*:;H%N(*"I*&JJ"<H[
)&<;*:"9K)&"J:>
5)X:*E@,,*H>L>*6"*$"K*SJ"Q*Q(;%;*$"K%*"%'HJ&RH)&"JX:*L":)*
<H9KHG9;*#($:&NH9*H::;):*H%;]*\"K*SJ"QO*)(;*;J'&J;*&J<;J)"%$*
$"K*LK:)*(H<;* :)H';=*"J* )(;*#%"=KN)&"J* 9&J;* WK:)* &J* )&L;*
)"*G;*H::;LG9;=Y*)(":;*%;J)H9*<;(&N9;:*)(H)*Q;%;*%;)K%J;=O*
QH:(;=O*HJ=*IK;9;=*GK)*L$:);%&"K:9$*="*J")*H##;H%*H:*%;H=$[
I"%[%;J)*"J* )(;*"J9&J;* :$:);LY*"%* )(;* 5V*#KL#:*HJ=*0l7*
P<;%* )(;* #H:)* )Q;J)$* $;H%:O* "%'HJ&RH)&"J:* &J* &J=K:)%&;:*
9&S;*LHJKIHN)K%&J'O*=;I;J:;O* %;)H&9O*(;H9)(NH%;O*HJ=*LHJ$*
")(;%:* (H<;* &J<;:);=* G&99&"J:* "I* ="99H%:* &J* :K##9$[N(H&J*
HK)"LH)&"J* :"I)QH%;* :KN(* H:* 08ZO* 9;H<&J'* )(;* 9H:)* L&9;*
G;)Q;;J*)(;*=H)H*N;J);%*HJ=*)(;*#($:&NH9*Q"%9=*"I*L"<&J'*
H::;):*KJ[HK)"LH);=>*2:*H*%;:K9)O*H::;):*H%;*H9QH$:*L&::&J'*
HJ=*"%'HJ&RH)&"J:*)K%J*)"*"<;%:)"NS&J'O*=;#;J=*"J*LHJKH9*
9HG"%*)"*%;'&:);%*HJ=*)%HNS*H::;):O*HJ=*:KII;%*I%"L*=;9H$:*HJ=*
#""%*#%"N;::*^KH9&)$>
c"Q*&:*)(&:*#%"G9;L*:"9<;=*)"=H$]*?$*(H%J;::&J'*)(;*#"Q;%*
`N;99*#("J;:*I"%*)(&J':b*)(H)*#%"<&=;*#($:&NH9*H::;):*Q&)(*H*
QH$*)"*N"LLKJ&NH);*)(;&%*9"NH)&"J*HJ=*:)H)K:*)"*H*J;)Q"%S*
1"KJ=;=* &J* +,,FO* Z%;N$:;* /;N(J"9"'&;:* &:* "J;* "I* )(;*
;L;%'&J'* 9;H=;%:* &J* )(&:* %H#&=9$* '%"Q&J'* &J=K:)%$>* a&)(*
Z%;N$:;O*&)*&:*#"::&G9;*)"*=;#9"$*%;H9[)&L;*H::;)*)%HNS&J'O*:;J[
:"%*J;)Q"%S&J'O*HJ=*L"G&9;[)"[L"G&9;*IKJN)&"JH9&)$*KJ=;%*H*
I"%* )(;*H::;)[H))HN(;=*HN)&<;* )H'>*?K)* :"L;)&L;:*H::;):*H%;*
G;&J'*:(&##;=*"K):&=;*"I*)(;*IHN&9&)$>*?$*Q&%;9;::9$*:Q&)N(&J'*
8156*)H':*"II*HJ=*"JO*I"%*;UHL#9;*H:*)(;$*#H::*)(%"K'(*)(;*
IHN)"%$*'H);O* &)* &:*#"::&G9;*)"*IK%)(;%*;U);J=*GH));%$* 9&I;*)"*
[
L;J)*I"%*NK:)"L;%:*HJ=*&L#%"<&J'*)(;*)H':X*#;%I"%LHJN;>
."L;*&J=K:)%$*<;J="%:*H%;*K:&J'*:("%)[%HJ';*c1*"%*ic1*
#H::&<;*%H=&"*QHS;K#[NH99:*)"*:Q&)N(*8156*)H':*"J*HJ=*"IIO*
GK)*)(&:*);N(J"9"'$*=;9&<;%:*"J9$*);J*I;;)*"I*%HJ';O*%;^K&%[
&J'*NK:)"L;%:*)"*N(HJ';*)(;&%*GK:&J;::*#%"N;::;:*HJ=*I"%N[
&J'*H::;):*)"*G;*)KJJ;9;=*)(%"K'(*JH%%"Q*'H);:*Q&)(*KJ=;%*
F,*#;%N;J)*%;H=*%H);>
Z%;N$:;*=%;HL;=*"I*H* :"9K)&"J*)(H)*Q&99*H99"Q*H*#%"N;::[
)%HJ:#H%;J)* =;#9"$L;J)* Q&)(* H* (KJ=%;=[I"")* Q&%;9;::*
QHS;K#*%HJ';>*/(;*N"L#HJ$*KJ=;%:)""=*I%"L*)(;*:)H%)*)(H)*
)HS&J'*H*)%H=&)&"JH9*H##%"HN(*)"*8f6*N"K9=*N":)*Q;99*"<;%*
n-* L&99&"J>* 5)* QH:* L"J;$* )(&:* IH:)[)%HNS* '%"Q)(* N"L#HJ$*
G$$,6(+#,$*J();&+1"(0&.
>SX
JDKGEI*LMBE*GEELNDAGLE*OL9K
>S>
#%;I;%%;=* )"* &J<;:)* &J* =&%;N)* LH%S;)&J'* HJ=* :H9;:>* `a;*
H::KL;=*H* <;%$* HLG&)&"K:*'"H9>*3")*"J9$*QH:*'"&J'*="QJ*
)(;*N"J<;J)&"JH9*=;<;9"#L;J)*#H)(*#%"(&G&)&<;9$*;U#;J:&<;O*
&)*QH:*:&L#9$*)""*:9"Q*HJ=*(H=*J"*'KH%HJ);;*"I*:KNN;::>*a;*
;U#9H&J:* Z%;N$:;* N"[I"KJ=;%* HJ=* !TP* 8"L* 0&R;JG;%'>*
/(H)X:*Q(;J*Z%;N$:;*)K%J;=*)"*5JJ"!;J)&<;>
5<Dȶ@C=&$?B@
`a;*%;H9&R;=*)(H)*)"*LHS;*)(;*L":)*"I*"K%*H9QH$:["JO*G&=&[
%;N)&"JH9*Q&%;9;::*);N(J"9"'$O*Q;*(H=*)"*;U);J=*GH));%$*9&I;*
0&R;JG;%'>* `a;* Q;%;* 9""S&J'* I"%* H* QH$* )"* QHS;* K#* HN)&<;*
)H':* H:* )(;$* H%%&<;* I%"L* )%HJ:&)* "%* ;J);%* H* NK:)"L;%* IHN&9[
&)$dQ&)("K)*=%H&J&J'*)(;*GH));%$X:*;J;%'$*9&:);J&J'*)"*)(;:;*
QHS;[K#*NH99:>*2J=*Q;*QHJ);=*)"*="*)(H)*Q&)("K)*HII;N)&J'*
)(;*#%"G9;LO*GK)*Q;*=&=JX)*(H<;*)(;*);N(J&NH9*:S&99:*&J[("K:;*
)"*:"9<;*&)>*1"%)KJH);9$O*5JJ"!;J)&<;*"II;%;=*H*<;%$*H##;H9[
&J'*H9);%JH)&<;>
`8&'()*HQH$O*)(;*Q("9;*N"JN;#)*"I*N%"Q=:"K%N&J'*;UN&);=*
K:>*cH<&J'*)("K:HJ=:*"I*)(;*G;:)*HJ=*G%&'();:)*:N&;J)&:):*HJ=*
%;:;H%N(;%:*Q"%S&J'* )"*(;9#*K:*=;<;9"#*H*J;Q* );N(J"9"'$*
)(H)* N"K9=* 9&);%H99$* N(HJ';* )(;* &J=K:)%$*QH:* HLHR&J'>*/(;*
IHN)* )(H)*Q;*Q;%;*"J9$*%;^K&%;=*)"*#H$*H*."9<;%*:("K9=*Q;*
[
)H';>*a;*Q;%;*GH:&NH99$*GK$&J'*HJ*"#)&"J*"J*H*'HL;[N(HJ'[
&J'*&J);99;N)KH9*#%"#;%)$Ob*0&R;JG;%'*H==:>
5JJ"!;J)&<;*Q"%S;=*)"';)(;%*Q&)(*Z%;N$:;*)"*I"%LK9H);*H*
!(H99;J';O*:;;S&J'*HJ*&JJ"<H)&<;*QH$*)"*%;L");9$*QHS;*K#*
H*Q&%;9;::*=;<&N;*Q&)("K)*K:&J'*H*GH));%$dH)*H*=%HLH)&NH99$*
9"J';%*%HJ';*)(HJ*HJ$*LH%S;)*H<H&9HG9;* );N(J"9"'$*Q"K9=*
H99"Q>* /(&:* !(H99;J';* QH:* #":);=* )"* 5JJ"!;J)&<;X:* "#;J*
&JJ"<H)&"J*LH%S;)#9HN;*Q(;%;*&)*QH:*<&:&G9;*)"*5JJ"!;J)&<;X:*
'9"GH9*."9<;%*J;)Q"%S*"I*"<;%*+,,O,,,* :N&;J)&:):* HJ=*;J'&[
J;;%:*&J*L"%;*)(HJ*+,,*N"KJ)%&;:>
BC:8&-5D?:&15A@7
/(;* 5JJ"!;J)&<;* N"LLKJ&)$* ;LG%HN;=* )(;* Z%;N$:;*
!(H99;J';*Q&)(*)%;L;J="K:*;J)(K:&H:L*HJ=*&J*'%;H)*JKL[
G;%:>* 5J* H99O* L"%;* )(HJ* M,,* 5JJ"!;J)&<;* ."9<;%:* I%"L* BA*
N"KJ)%&;:*N"J)%&GK);=*)(;&%*&=;H:*HJ=*);N(J&NH9*;U#;%)&:;*)"*
(;9#*:"9<;*)(;*Z%;N$:;*!(H99;J';>*a&)(&J*F,*=H$:O*Z%;N$:;*
%;N;&<;=*CC*%;9;<HJ)*:KGL&::&"J:d:;<;%H9*"I*Q(&N(*"II;%;=*
J"<;9O*&JJ"<H)&<;*:"9K)&"J:>
`5*QH:*&L#%;::;=*G$*)(;*^KH9&)$*"I*)(;*&=;H:*HJ=*)(;*=&<;%[
:&)$*"I*)(;*);N(J&NH9*H##%"HN(;:*)"*:"9<&J'*"K%*!(H99;J';Ob*
:H$:* T&N(H;9* ?%H&LHJO* Z%;N$:;* N"[I"KJ=;%* HJ=* !/P>*
`5JJ"!;J)&<;*'H<;*K:* )(;* I%;;="L*)"*:"%)* )(%"K'(*H*Q&=;*
JKLG;%*"I*."9<;%*:"9K)&"J:*HJ=*#&NS*)(;*G;:)*"I*G%;;=>b
2I);%*JH%%"Q&J'*)(;*:KGL&::&"J:*="QJ*)"*)(%;;O*Z%;N$:;*
:;9;N);=*H*:"9K)&"J*)(H)*QH:*)%K9$*G%;HS)(%"K'(O*G")(*&J*&):*
H##%"HN(*HJ=*;U;NK)&"J>*2NN"%=&J'*)"*0&R;JG;%'O*̀ PK%*#%"[
#%&;)H%$*#H::&<;*QHS;K#* );N(J"9"'$*H99"Q:*"K%*J;Q*.LH%)*
2';J)*)H':*)"*(H%<;:)*;J;%'$*I%"L*%H=&"*QH<;:*-,,*I;;)*HQH$*
I%"L*H*'H);*)%HJ:#"J=;%>*/(&:*J;Q*);N(J"9"'$*Q&99*H99"Q*K:*
)"*;U);J=*GH));%$*9&I;*LKN(*G;$"J=*)(;*NK%%;J)9$*H<H&9HG9;*
G$$,6(+#,$*J();&+1"(0&.
>SS
JDKGEI*LMBE*GEELNDAGLE*OL9K
I;H)K%;:*H:*"K%*);N(J"9"'$*;<"9<;:>b
H##%"HN(*)"*;J;%'$*:H<&J'O*9"Q;%:*)(;*N":)*"I*)%HNS&J'*#($:&[
[
;%:Ob*:H$:*0&R;JG;%'>*`PK%*);N(J"9"'$*=";:*I"%*p)(&J':X*Q(H)*
)(;* N;99* #("J;* HJ=* )(;* 5J);%J;)* =&=* I"%* #;"#9;>* 5)* H99"Q:*
&J<;J)"%&;:*&J*H*:K##9$*N(H&J*"%*#%"=KN):*"J*H*LHJKIHN)K%[
&J'*9&J;*)"*)H9S*)"*"J;*HJ")(;%O*)"*#;"#9;O*"%*)"*N"L#K);%:*
G;I"%;>* !"J)&JK&J'* )"* &JJ"<H);* J;Q* #%"=KN)* NH#HG&9&)&;:*
"J*)"#*"I*N"%;*#%"=KN)*=;<;9"#L;J)*%;^K&%;:*$"K*)"*:NH9;*
/H##&J'* &J)"* )(;* N%"Q=:"K%N&J'* #"Q;%* "I* 5JJ"!;J)&<;X:*
[
N&;J)*QH$*)"*:NH9;*Q(&9;*S;;#&J'*8f6*N":):*&J*N(;NS>b
K@=&)45;6@C&!5E@5F5=7
G
G
>S?
GM9*DEH*LMBEG EELNDA G LE
!*
P&:O* `a(H)* HG"K)* "K%* &J);99;N)KH9* #%"#;%)$]* c"Q* NHJ* Q;* #%");N)* )(H)*
&I*Q;X%;*Q"%S&J'*&J*HJ*"#;J*&JJ"<H)&"J*;J<&%"JL;J)]b*5J);%;:)&J'9$O*
5*(H<;* :;;J*H* :(&I)*"<;%* )(;* 9H:)* N"K#9;*"I* $;H%:* H:*L"%;* N"L#HJ&;:*
(H<;*G;N"L;*I;Q;%>*."*Q(&9;*)(&:*&:*:)&99*H*<;%$*&L#"%)HJ)*&::K;O*5*(H<;*
J")&N;=*)(H)*&)*&:*J"*9"J';%*"J;*"I*)(;*LH&J*)"#&N:*&J*)(;*#%;:;J)H)&"J:*
$"K*(;H%*I%"L*N"%#"%H);*#;"#9;*#%;:;J)&J'*H)*N"JI;%;JN;:>*/(;*%;H[
:"J*I"%*&:*)(H)*)(;*N"L#HJ&;:*)(H)*H%;*9;H=&J'*)(;*QH$*&J*"#;J*&JJ"<H[
)&"J*KJ=;%:)HJ=*)(H)*GK:&J;::*J;;=:*)"*N"L;*G;I"%;*9;'H9*&::K;:O*HJ=*
)(;$*(H<;*'H&J;=*;U#;%&;JN;*&J*LHS&J'*)(&:*(H##;J>
/(;*9;'H9*=;#H%)L;J):*H)*)(;:;*9;H=&J'*N"L#HJ&;:*(H<;*G;;J*)K%J;=*
H%"KJ=>*/(;$*J"Q*)(&JS*"II;J:;*%H)(;%*)(HJ*=;I;J:;>*`\;:O*)(;%;*Q&99*
G;*N(H99;J';:*Q&)(*)(&:*#H%)J;%:(&#O*GK)*)(;%;*H%;*H9:"*"##"%)KJ&)&;:>*
G E ELNDA G LE
P
GM9*($%*L1&$*G$$,6(+#,$
>S\
JDKGEI*LMBE*GEELNDAGLE*OL9K
>SW
)(;$*(H<;*=;<;9"#;=*H* %HJ';*"I* :&L#9;*="NKL;J):* HJ=*H##%"HN(;:*
)(H)*G;));%*H99"Q:*)(;L*)"*;J'H';*Q&)(*#");J)&H9*&JJ"<H)&"J*#H%)J;%:>*
/(;:;*:&L#9;*H##%"HN(;:*H99"Q*)(;L*)"* I"NK:*"J*"##"%)KJ&)&;:*G;[
I"%;*)(;$*J;;=*)"*9""S*&J)"*)(;*L"%;*N"L#9;U*9;'H9*&::K;:>
2*J;Q:*;=&)"%*I"%*K-:#5*LH'HR&J;*&J);%<&;Q;=*L;*"J*)(&:*)"#&N>*c;%;*
&:*HJ*;UN;%#)*I%"L*)(;*&J);%<&;Q@
64@&?D@5&:B&:;@<&?<<:A56?:<>
\;:>*!"L#HJ&;:*)(H)*H%;*:KNN;::IK9*Q&)(*"#;J*&JJ"<H)&"J*(H<;*J"*J;;=*
)"*N(HJ';*)(;*9;'H9*:$:);L>*/(;$*(H<;*WK:)*I"KJ=*QH$:*)"*N&%NKL<;J)*:"L;*
H99*Q&)(&J*)(;&%*"QJ*"%'HJ&RH)&"J:>*/(;*S;$Q"%=*&:*`L&J=:;)>b*2%;*)(;*
9;'H9*#;"#9;*)(&JS&J'*"II;J:;*"%*=;I;J:;]*!HJ*)(;$*:;;*)(;*"##"%)KJ&[
)&;:*"%*WK:)*)(;*N(H99;J';:]*?K:&J;::[L&J=;=*9HQ$;%:*H%;*J;;=;=*I"%*)(&:>
3">*/(;*N(H99;J';*&:* )"*LHS;*)(;L*Q"%S*)"';)(;%>*\"K*NHJ*H%'K;*
)(H)*N"L#HJ&;:*"J9$*="*%;H9*"#;J*&JJ"<H)&"J*Q(;J*)(;$*N%;H);*J;Q*5Z>*
5)*&:*;H:$*;J"K'(*)"*=;N&=;*Q("*G%&J':*Q(H)*)"*)(;*)HG9;*HJ=*("Q*)"*
N"L#;J:H);*I"%*)(&:>*/(;*%;H9*N(H99;J';*:)H%):*Q(;J*$"K*N"[N%;H);*J;Q*
5J* L$* <&;QO* )(;$* :;;L* )"* G;* )%H&J;=dHJ=* :"L;* H%;* <;%$* Q;99*
)%H&J;=d)"*L&J&L&R;*%&:S:*%H)(;%*)(HJ*)"*:;;*"##"%)KJ&)&;:>*/(&:*&:*
)(;*G&'';:)*N(H99;J';>
G
/(&:*&:*H*N(HJ';*#%"N;::>*\"K*NHJJ")*WK:)*="*)(&:*"<;%J&'()>*5)*)HS;:*
$;H%:*&J*Q(&N(*$"K*:)H%)*"K)*:LH99O*';)*:"L;*;H%9$*:KNN;::;:O*HJ=*)(;J*
N"J<&JN;*L"%;*#;"#9;*Q&)(&J*$"K%*N"L#HJ$*HJ=*%;9;<HJ)*;N":$:);L:*
Q(H)*N"L;:*I%"L*G;&J'*N9":;=*HJ=*:;N%;)&<;>*5)*&:*H9:"*&L#"%)HJ)*)"*G;*
#;%:"J*H:*Q;99>
5* H:S;=* !(%&:* /(";JO* Q("* H)* )(;* )&L;* QH:* LHJH'&J'* =&%;N)"%* "I*
*N"L#HJ&;:*"I);J*(H<;*9&L&);=*9;'H9*%;:"K%N;:>*a(H)*NHJ*)(;$*="*)"*';)*
G;));%*=;H9:*HJ=*#%");N)*)(;&%*&J);99;N)KH9*#%"#;%)$]b*c;%;*&:*(&:*%;#9$@
`/(&:* &:*HJ*H%;H*"I*N%&)&NH9* &L#"%)HJN;d)"*G")(*#H%)&;:*
&J<"9<;=>* iJ9;::* ;<;%$"J;* &:* N"LI"%)HG9;* Q&)(* HJ=* N9;H%9$*
KJ=;%:)HJ=:* )(;*'"H9:O*#H%HL;);%:O* HJ=*;U#;N)H)&"J:*"I* H*
#%"W;N)*HJ=*"I*G")(*#H%)&;:O*)(;*%;9H)&"J:(&#*Q&99*J;<;%*'%"Q*
&J)"*)(;*=;;#*HJ=*)%K:);=*N"99HG"%H)&"J*J;;=;=*)"*=;9&<;%*
L;HJ&J'IK9O*LHU&LKL*%;:K9):>
`PI);JO*:LH99*N"L#HJ&;:*="*J")*(H<;*)(;*:HL;*HNN;::*)"*
=;;#*HJ=*;U#;%&;JN;=*9;'H9*);HL:*"I*)(;&%*9H%';%*#H%)J;%:>*
*(&%&J'*"K):&=;*N"KJ:;9O*)(;$*Q&99*9;)*)(;*9H%';%*N"L#HJ$*)HS;*
GM9*($%*L1&$*G$$,6(+#,$
>S]
JDKGEI*LMBE*GEELNDAGLE*OL9K
>ST
*="NKL;J)*N"L#9;);*Q&)(*9;'H9*WH%'"J*HJ=**:;J);JN;:*)(H)*%KJ*
"<;%*)(%;;*#H';:*)(H)*J"*"J;*%;H99$*KJ=;%:)HJ=:>*5J<H%&HG9$O*
)(;* :LH99;%* N"L#HJ$* Q&99* :)&99* (H<;* )"* #H$* HJ* H))"%J;$*
`a(&9;*H*IK99*N"J)%HN)*Q&99*G;*J;;=;=*;<;J)KH99$O*&)X:*J")*H*
'""=*QH$*)"*:)H%)*Q"%S&J'*)"';)(;%>*a(H)*Q;X<;*:;;J*Q"%S*
;UN;#)&"JH99$*Q;99*&:*I"%*)(;*N"L#HJ&;:*)"*G;'&J*G$*N%;H)&J'*
H*:&L#9;O*:)%H&'()I"%QH%=*"J;[*)"*)Q"[#H';*9;));%*"I*KJ=;%[
:)HJ=&J'* )(H)* "K)9&J;:O* &J* :&L#9;* 9HJ'KH';* ;<;%$"J;* NHJ*
KJ=;%:)HJ=O*)(;*"<;%H99*Q"%S&J'*#%&JN	:*I"%*)(;*#H%)J;%[
)"*S;$*9;'H9*HJ=*);N(J&NH9*J;;=:*I"%*;HN(*#H%)$*)"*;J:K%;*H*
pL;;)&J'*"I*)(;*L&J=:X*&J*H=<HJN;*"I*)&L;*HJ=*L"J;$*G;&J'*
#K)*&J)"*)(;*9;'H9;:;*"I*H*N"J)%HN)>
`.LH99* N"L#HJ&;:* :("K9=* ;J:K%;* )(H)* )(;* 9;));%* N9;H%9$*
H==%;::;:
c"Q* )(;*#H%)J;%:(&#*Q&99*=;H9*Q&)(* 5Z*';J;%H);=*G$*
"J'"&J'*Q"%S*HJ=*Q&)(*pGHNS'%"KJ=X*5Z*)(H)*&:*G%"K'()*
&J)"*)(;*%;9H)&"J:(&#>*a&99*)(;%;*G;*;UN9K:&<&)$]
a(H)* (H##;J:* &J* )(;* ;<;J)* "I* :KNN;::* HJ=* L"%;*
*&L#"%)HJ)9$O* Q(H)* (H##;J:* &I* )(;* W"&J)* Q"%S* &:* J")*
:KNN;::IK9]* 1"%* ;UHL#9;O* NHJ* ;&)(;%* N"L#HJ$* )HS;*
)(;&%*Q"%SO*HJ=*Q(H)*#"%)&"J*"I*&)O*HJ=*)%$*H'H&J*Q&)(*
HJ")(;%*#H%)J;%]b
_HNS&;*cK));%O*HJ*5Z*:)%H);'&:)*Q&)(*/(;*cK));%*7%"K#O*44!O*G;9&;<;:*
&)X:*#"::&G9;*I"%*G&'*HJ=*:LH99*N"L#HJ&;:*)"*Q"%S*)"';)(;%*&J*"#;J*&J[
J"<H)&"J>*?K)*)"*="*:"*)(;$*LK:)*H<"&=*)(;:;*5Z*L&:)HS;:*)(H)*_HNS&;*
-@
/(&:*&:*H*:KGW;N)*<;%$*J;H%*HJ=*=;H%*)"*L$*(;H%)O*H:*5*HL*
NK%%;J)9$* L""J9&'()&J'* H:* ';J;%H9* N"KJ:;9* "I* H* :)H%)[K#*
;J;%'$*N"L#HJ$*)(H)*&:*L"<&J'*)"QH%=*9&N;J:&J'*"K%*);N([
J"9"'$*&J)"*9H%';*N"L#HJ&;:>*29:"O*H:*H*:;J&"%*5Z*9HQ$;%*H)*
H*LK9)&[JH)&"JH9*N"J:KL;%*#%"=KN):*N"L#HJ$O*5*QH:*"J*)(;*
")(;%*:&=;*"I*:KN(*=;H9:*"J*L"%;*"NNH:&"J:*)(HJ*5*NHJ*N"KJ)>*
HJ=*:LH99*N"%#"%H)&"J:*&J*#H);J):*HJ=*9&N;J:&J'*&::K;:O*HJ=*
&J*="&J'* :"O* 5*J"Q* %;H9&R;* )(H)* 5* S&99;=*L"%;*=;H9:* )(HJ* 5*
9HQ$;%:*)(HJ*&)*:("K9=*G;O*KJI"%)KJH);9$>
5J*<&;Q*"I*)(&:*LK9)&IHN;);=*;U#;%&;JN;O*5*#%;:;J)*)(&:*9&:)*
Q(;J*Q"%S&J'*Q&)(*9H%';*N"L#HJ&;:*&J*"#;J*&JJ"<H)&"J>
->* /(&JS&J'*$"K*(H<;*H99*)(;*HJ:Q;%:*I"%*)(;*9H%';*N"L#H[
J$X:*#%"G9;L:@*2:*H*:LH99*N"L#HJ$O*$"K*"I);J*(H<;*"J9$*(H<;*
H* :&J'9;* &=;H* "%* );N(J"9"'$* HJ=* $"K* ^K&);* #%"#;%9$* I"NK:*
$"K%*H));J)&"J*&J*)(&:*=&%;N)&"J>*/(&:*NHJ*G;*=HLH'&J'*)"*
$"K%*HG&9&)$*)"*N"L#9;);*HJ*"#;J*&JJ"<H)&"J*=;H9*Q&)(*H*G&'*
N"L#HJ$O*("Q;<;%>*/(;*9H%';*N"L#HJ$*LH$*J")*NH%;*HG"K)*
Q(H)*$"K*:;;*H:*)(;*<H9K;*"I*$"K%*);N(J"9"'$*G;NHK:;*)(;$*
GM9*($%*L1&$*G$$,6(+#,$ JDKGEI*LMBE*GEELNDAGLE*OL9K
H%;* )(;* ;U#;%):* &J* )(;&%* #%"=KN):* HJ=* NK:)"L;%:>* 5J=;;=O*
$"K*LH$*G;*Q("99$*Q%"J'*HG"K)*Q($*)(;*9H%';*N"L#HJ$*&:*
&J);%;:);=*&J*:#;HS&J'*)"*$"K>*5I*$"K*QHJ)*)"*:;99*"%*9&N;J:;*
$"K%*);N(J"9"'$*)"*H*9H%';*N"L#HJ$O*$"K%*G;:)*G;)*&:*)"*I"NK:*
HJ=*NK:)"L;%*&::K;:*)"*)(;*")(;%*:&=;O*H)* 9;H:)*H)* )(;*;H%9$*
:)H';:*"I*=&:NK::&"J>
+>* ?%&J'&J'*)(;*Q%"J'*9HQ$;%*)"*)(;*)HG9;@*V;%$*"I);JO*:LH99*
N"L#HJ&;:* H::KL;* )(;* 9HQ$;%* Q("* (HJ=9;:* )(;&%* &J);99;N[
)KH9*#%"#;%)$*&::K;:*&:*)(;*H##%"#%&H);*#;%:"J*)"*G%&J'*)"*H*
N"J<;%:H)&"J*Q&)(*)(;*G&'*N"L#HJ$>*c"Q;<;%O*)(;*9;'H9*:S&99:*
H*:LH99*N"L#HJ$*J;;=:*)"*"G)H&J*&):*#H);J)*%&'():*H%;*<;%$*
=&II;%;J)* )(HJ*Q(H)*H%;*J;;=;=*)"*';)*H*=;H9*="J;>*a(&9;*
#%");N)&"J*"I*$"K%*:LH99*N"L#HJ$X:*5Z*:("K9=*G;*#H%HL"KJ)*
&J*HJ$*=;H9&J':*Q&)(*)(;*9H%';*N"L#HJ$O*#K))&J'*K#*N"L#9&[
NH);=*%;:)%&N)&"J:*HG"K)*)(;*K:;*HJ=*"QJ;%:(&#*"I*$"K%*5Z*
;<;J*G;I"%;*$"K*SJ"Q*H*=;H9* &:* 9&S;9$* )"*(H##;JO*Q(&N(* &:*
)(;*JH)K%H9*&JN9&JH)&"J*"I*L":)*5Z*H))"%J;$:O*NHJ*"I);J*;J=*
K#* &J* )(;* ")(;%* #H%)$* QH9S&J'* HQH$* G;I"%;* H* =;H9* &:* ;<;J*
KJ=;%QH$>
5* (H<;* I"KJ=* )(;* G;:)* 9HQ$;%:* )"* J;'")&H);* =;H9:* &J* )(;*
"#;J* &JJ"<H)&"J* N"J);U)* H%;* GK:&J;::[I"NK:;=* H))"%J;$:O*
Q("*);J=*)"*G;*#;"#9;*Q("*(H<;*:;%<;=*H*:)&J)*&J*)(;*N"%[
#"%H);* Q"%9=* HJ=* Q("* L&'()* ;<;J* (H<;* 9&))9;* ;U#;%&;JN;*
Q&)(*)(;:;*N%;=;J)&H9:O*("Q;<;%>*2:*HJ*H9);%JH)&<;O*5*9&S;*)"*
Q"%S*Q&)(*9&N;J:&J'*;U#;%):O*L":)*"I*Q("L*(H<;*:KNN;::IK99$*
:;;*&J*)(;&%*;J)&%;*NH%;;%:>*/(;:;*9&N;J:&J'*;U#;%):*H%;*I%;[
^K;J)9$*J")*9HQ$;%:O*GK)*)(;$*(H<;*J;'")&H);=*;J"K'(*H'%;;[
L;J):* )"*G;*<;%$*'""=*H)* :#"))&J'* )(;* 9;'H9* &::K;:*HJ=O* &J*
)(&:*%;'H%=O*)(;$*"I);J*="*H*G;));%*W"G*)(HJ*9HQ$;%:>
C>* ZK))&J'* )(;* 9;'H9* &::K;:* H(;H=* "I* )(;* GK:&J;::* &::K;:@*
0<;J* &I* $"K* (&%;* H* GK:&J;::[I"NK:;=* H))"%J;$* "%* 9&N;J:&J'*
N"J:K9)HJ)*)"*=;H9*Q&)(*)(;*9H%';*N"L#HJ$*&J*HJ*"#;J*&JJ"[
<H)&"J*N"J);U)O*=;H9:*NHJ*:)&99*'"*HQ%$*Q(;J*9;'H9*&::K;:*H%;*
=&:NK::;=* G;I"%;* H* GK:&J;::* H'%;;L;J)* &:* LH=;* &J* #%&JN&[
#9;>*a(;J*Q"%S&J'*Q&)(*:LH99*N"L#HJ&;:*:;;S&J'*)"*9&N;J:;*
)(;&%* );N(J"9"'$O* 5* )$#&NH99$* );99* )(;L*)(H)* )(;* 9H:)*#;%:"J*
)(;$*QHJ)*&J*)(;*&J&)&H9*=&:NK::&"J:*&:*H*9HQ$;%>*g5J);%;:)&J'9$O*
)(&:*&:*)(;*"##":&);*H=<&N;*5*'H<;*Q(;J*5*QH:*H*9HQ$;%*G&99&J'*
L$*N9&;J):*"J*HJ*("K%9$*GH:&:>h
5*NHJ*N"HN(*H*N"L#;);J)*GK:&J;::#;%:"J*HG"K)*)(;*GH:&N*
9;'H9*&::K;:*)(;$*J;;=*)"*SJ"Q*Q(&9;*GK&9=&J'*H*);%L*:(;;)*
Q&)(*)(;&%*N"KJ);%#H%):*H)*)(;*9H%';*N"L#HJ$O*GK)*H:*H*9HQ[
[
&::K;:>*5I*)(;*GK:&J;::*#H%)&;:*(H<;*;:)HG9&:(;=*H*'""=*Q"%S[
&J'*%;9H)&"J:(&#O*)(;J*&)*:("K9=*G;*IH&%9$*;H:$*)"*%;J;'")&H);*
H*);%L*:(;;)*&I*&)*&:*9H);%*I"KJ=*"K)*)(H)*)(;*GK:&J;::*H'%;;[
L;J)*(H:*%;:K9);=*&J*9;'H9*&::K;:*H%&:&J'>*PI*N"K%:;O*H*=;H9*
N"K9=*:)&99*';)*="J;*&I*)(;*9HQ$;%:*9;H=*)(;*#%"N;::O*GK)*5*NHJ*
H9L":)*'KH%HJ);;*$"K*)(H)*)(;*#%"N;::*Q&99*J")*"J9$*N":)*$"K*
#K)*$"K%*H))"%J;$*"K)*&J*I%"J)>
A>* 3")* KJ=;%:)HJ=&J'* )(;* ;N"J"L&N:* HJ=* 9"Q* #%"GHG&9&)$*
"I* :KNN;::* "I* #%"=KN)* =;<;9"#L;J)@* PI);JO* :LH99* N"L#H[
J&;:*G;9&;<;* )(H)* 9&N;J:&J'* )"*H* 9H%';*N"L#HJ$*L;HJ:* )(H)*
H* G&'* #H$"II* Q&99* G;* I"%)(N"L&J'* &LL;=&H);9$* HJ=* I"%* H*
9"J'*#;%&"=*&J*)(;*IK)K%;>*c$#")(;)&NH99$O*&I*5*QH:*)"*9&N;J:;*
L$*:)H%)[K#*);N(J"9"'$*)"*H*9H%';*N"L#HJ$*)"=H$O*5*:("K9=*
;U#;N)*)(H)*H*#%"=KN)*Q"K9=*J")*G;*&J*)(;*LH%S;)*I"%*)Q;9<;O*
;&'();;JO* "%* )Q;J)$[I"K%* L"J)(:* "%* L"%;O* HJ=* )(H)* &)* Q&99*
N":)* )(;* 9H%';* N"L#HJ$* (KJ=%;=:* "I* )("K:HJ=:* "%* "I);J*
GM9*($%*L1&$*G$$,6(+#,$ JDKGEI*LMBE*GEELNDAGLE*OL9K
L"%;*)(HJ*H*L&99&"J*="99H%:*)"*&J)%"=KN;*H*#%"=KN)*&J)"*)(;*
IH&9K%;*%H);*"I*J;Q*#%"=KN):*&:*Q;99*HG"<;*DM*#;%N;J)O*:"*&)*
NHJ*G;*;U#;N);=*)(H)*;<;J*)(;*G;:)*);N(J"9"'$*(H:*H*G;));%*
)(HJ*;<;J*N(HJN;*"I*IH&9K%;>
PI* N"K%:;O* G$* )(;* )&L;* )(;* :LH99* N"L#HJ$* ;J);%:* &J)"*
J;'")&H)&"J:* Q&)(* )(;* 9H%';* N"L#HJ$O* )(;* :LH99* N"L#HJ$*
(H:*G"%J;*H99*)(;*%&:SY*("Q;<;%O*L"<&J'*I"%QH%=O*)(;*9H%';*
N"L#HJ$*Q&99*J"Q*HN^K&%;*:KG:)HJ)&H9*%&:S>*8H)(;%*)(HJ*:;;S*
H*G&'*#H$"K)*"J* )(;* I%"J)*;J=O* 5* :)%"J'9$* :K'';:)*=;<;9"#[
&J'* H* 9&N;J:&J'* H%%HJ';L;J)* =&%;N);=* )"QH%=* %&:S* :(H%&J'*
G$*G")(*#H%)&;:>*!;%)H&J9$O* )(;* 9H%';*N"L#HJ$* 9&S;9$*(H:*H*
'%;H);%*HG&9&)$*)"*G;H%*%&:S*)(HJ*H*:LH99*N"L#HJ$O*GK)*Q(;J*
)(;*:LH99*N"L#HJ$*:("Q:* &)* &:*Q&99&J'* )"*(H<;*`:S&J* &J* )(;*
'HL;Ob*=;H9:*H%;*L"%;*9&S;9$*)"*';)*="J;>
M>* 2::KL&J'*)(;*9H%';*N"L#HJ$*&J);J=:*)"*`:)&NS*&)*)"*$"K@b*
/(;*#%;<H&9&J'*<&;Q*"I*)(;*=$JHL&N:*"I*Q(;J*H*:LH99*N"L[
#HJ$*:;;S:*)"*9&N;J:;*"%*:;99*&):*);N(J"9"'$*)"*H*9H%';*N"L[
#HJ$*&:*)(H)*)(;*9H));%*Q&:(;:*)"*#H$*H:*9&))9;*H:*#"::&G9;*"%O*
;<;J* G;));%O* )"* N%K:(* )(;* 9&))9;* 'K$* :"* )(;$* ="JX)* (H<;* )"*
#H$*H)*H99>*/(&:*#;%:#;N)&<;*&:*G"9:);%;=*G$*c"99$Q""=*HJ=*
=%HLHO*9&S;*)(;*)(;I)*"I*#H);J)*%&'():*"%*)(;*9&S;>
5J* %;H9&)$O* ("Q;<;%O* 9H%';* N"L#HJ&;:* ;J'H'&J'* &J* "#;J*
&JJ"<H)&"J* )"=H$* (H<;* LH=;* )(;* =;N&:&"J* )(H)* )(;$* J;;=*
#H%)J;%:* )"* G;* :KNN;::IK9* &J* )(;&%* #%"=KN)* =;<;9"#L;J)*
;II"%):>*/(;*=;N&:&"J*)"*'"*"K):&=;*"I*"J;X:*"QJ*N"L#HJ$*&:*
[
#"%H)&"JO*HJ=*&)*&:*9;::*9&S;9$*)(H)*H*N"L#HJ$*)(H)*(H:*)%K9$*
;LG%HN;=*"#;J*&JJ"<H)&"J*Q&99*G;*L")&<H);=*)"*`N%K:(b*"%*
")(;%Q&:;*=;G&9&)H);*)(;&%*#H%)J;%>*a($*Q"K9=*)(;$]*5I*)(;*
:LH99*N"L#HJ$*)(%&<;:O*)(;*9H%';*N"L#HJ$*Q&99*9&S;9$*;J=*K#*
LHS&J'*;<;J*L"%;*L"J;$>
/(;* IHN)* )(H)* &=;J)&I$&J'*HJ=*=;<;9"#&J'*H*J;Q*#H%)J;%*
N":):* LKN(* L"J;$* HJ=* "##"%)KJ&)$* N":):* H9:"* NHJJ")* G;*
&'J"%;=* Q(;J* N"J:&=;%&J'* )(;* L")&<H)&"J:* HJ=* HN)&"J:* "I*
)(;*9H%';*N"L#HJ$>*/(&:*&:*J")*)"*:H$*)(H)*)(;%;*Q&99*J")*G;*
=&:H'%;;L;J):*&J*)(;*=;H9&J':*G;)Q;;J*)(;*9H%';*HJ=*:LH99*
N"L#HJ&;:Y*9HNS*"I*H9&'JL;J)*&:*&J;<&)HG9;*&J*HJ$*:&)KH)&"J*
&J<"9<&J'* N"99HG"%H)&"J>* c"Q;<;%O* &J* )"=H$X:* "#;J* &JJ"<H[
)&"J*;J<&%"JL;J)O*5*)(&JS*&)*&:*Q%"J'*I"%*H*:LH99*N"L#HJ$*
)"*^K;:)&"J*)(;* 9H%';*N"L#HJ$X:*L")&<;:*Q(;J*H*=&:H'%;;[
L;J)*H%&:;:>*/(&:*&:*H*IK%)(;%*%;H:"J*I"%*GK:&J;::*#;"#9;*H)*
)(;*%;:#;N)&<;*N"L#HJ&;:* )"*=;<;9"#*H*%;9H)&"J:(&#*G;I"%;*
G%&J'&J'* &J* )(;* 9HQ$;%:O* G;NHK:;* G%;Q&J'* =&:H'%;;L;J):*
NHJ*G;*L"%;*;H:&9$*:;))9;=*G$*#;"#9;*Q("*KJ=;%:)HJ=*)(;&%*
/(;*HG"<;* 9&:)* &:* H*L"=;:)*H));L#)* )"* &=;J)&I$* )(;* &::K;:*
)(H)* 5* (H<;* "I);J* :;;J* H%&:&J'* Q(;J* 9H%';* HJ=* :LH99* N"L[
#HJ&;:* =;H9* Q&)(* ;HN(* ")(;%>* PI* N"K%:;O* 9"):* L"%;* NHJ* '"*
Q%"J'*&J*"#;J*&JJ"<H)&"J*=;H9&J':*)(HJ*5*(H<;*9H&=*"K)*&J*
)(&:*#":)>*/(;*G;:)*H=<&N;*5*NHJ*'&<;*)"*:LH99*N"L#HJ&;:*)(H)*
H%;*:;;S&J'*)"*:;99*"%*9&N;J:;*)(;&%*);N(J"9"'$*)"*H*9H%';*N"L[
#HJ$*&:*HS&J*)"*)(;*H=<&N;*LHJ$*9"J'[);%L*LH%%&;=*N"K#9;:*
"I);J*'&<;*)"*")(;%:*Q("*QHJ)*)"*SJ"Q*Q(H)*)(;&%*`:;N%;)b*&:@*
QHJ):*"K)*"I*)(;*=;H9*HJ=*="JX)*G;*HI%H&=*)"*)H9S*"K)*$"K%*=&:[
H'%;;L;J):>*5J*)(;*;J=O*H99*:KNN;::IK9*GK:&J;::*#H%)J;%:(&#:*
N;J);%*"J*GK&9=&J'*%;9H)&"J:(&#:*HJ=*:)%"J'*N"LLKJ&NH)&"JO*
HJ=*"#;J*&JJ"<H)&"J*&:*J"*=&II;%;J)>
GM9*($%*L1&$*G$$,6(+#,$
K@=&)45;6@C&!5E@5F5=7
&
-* _HNS&;* cK));%O* `P#;J* 5JJ"<H)&"J* 5J:&'():@* M* ?&'';:)* 5Z* 4;'H9*
T&:)HS;:* .LH99* !"L#HJ&;:* THS;* a(;J* a"%S&J'* Q&)(* 4H%';*
!"L#HJ&;:Ob*(L$M33#,$G+N-?-O#:$C/)<O*1;G%KH%$*CO*+,--O*())#@mm&#H::;)[
LHU&L&R;%G9"'>N"Lm]#t-+AD>
++++^@GEI*@LRGDFJBH G D * ALL F @
.:;;*H:*)(;*KJ=;%9$&J'*N"JN;#)*"I*)(;*&J);%:;N)&"J*G;)Q;;J*:"N&H9*L;=&H*
)""9:*HJ=*"#;J*&JJ"<H)&"J@*&)*&:*HG"K)*("Q*Q;*NHJ*&J<"9<;*<H%&"K:*:)HS;[
("9=;%:*&J*N%;H)&J'*G;));%*&JJ"<H)&"J*"K)N"L;:>*5)*&:*Q"%)(*J")&J'*)(H)*
H9L":)* H99* "I* )(;* &J);%L;=&H%$* N"L#HJ&;:* "#;%H);* <&H* :"N&H9* L;=&H>*
29:"O*)(;*;U);J:&<;*J;)Q"%S&J'*)(H)*&:*H*#%;%;^K&:&);*"I*"#;J*&JJ"<H[
)&"J*LHS;:*&)*H*JH)K%H9*I"%*9&JS&J'*#;"#9;*)"';)(;%*)(%"K'(*:"N&H9*L;[
=&H>*/(&:*N(H#);%*9""S:*H)*("Q*:"N&H9*L;=&H*NHJ*H::&:)*$"K*&J*GK&9=&J'*
G;));%*#H%)J;%:(&#:*HJ=*:)%"J';%*"#;J*&JJ"<H)&"J*;II"%):>
/(;*L"%;*5*Q"%S*"J*)(;*&J);%:;N)&"J*"I*:"N&H9*L;=&H*)""9:*HJ=*"#;J*
&JJ"<H)&"JO* &)* G;N"L;:* N9;H%;%* )"* L;* )(H)* N"L#HJ&;:* J;;=* H* LK9)&[
)H%';)*H##%"HN(*)"*;II"%):*&J*)(&:*&J);%:;N)&"J>
JBH G D * ALL F @
.
^.#$'*@,0#("*J&%#(*A,,". JDKGEI*LMBE*GEELNDAGLE*OL9K
PJ;*%;H:"J*&:*)(H)*L":)*"#;J*&JJ"<H)&"J*;II"%):*9&;*&J*)(%;;*=&II;%[
H)*;HN(*"I*)(;L*:;#H%H);9$>*/(;:;*N&%N9;:*H%;@
G
G
G
/"=H$O* <;%$* I;Q*N"L#HJ&;:*H%;* 9&L&);=* )"* WK:)*"J;*N("&N;*Q(;J* &)*
N"L;:*)"*#&NS&J'*&JJ"<H)&"J*#H%)J;%:>*/(&:*)HS;:*K:*GHNS*)"*)(;*N%;=[
&G&9&)$* )(H)*NHJ*G;*;H%J;=* &J* )(;* &JJ"<H)&"J*N"LLKJ&)$>*4;)X:* :H$*H*
#");J)&H9* #H%)J;%* 7""'9;:* $"K%* N"L#HJ$* HJ=* =&:N"<;%:* )(H)* $"K%*
N"L#HJ$*&:*L;J)&"J;=*&J*G9"':*"%*H%)&N9;:*HJ=*)(H)*$"K*"%*$"K%*N"9[
9;H'K;:*)H9S*H)*N"JI;%;JN;:>*/(&:*Q&99*#K)*$"K*&J*H*G;));%*#":&)&"J*)(HJ*
")(;%*#");J)&H9*#H%)J;%:*J")*(H<&J'* )(&:* N%;=&G&9&)$>*PI* N"K%:;O* )(&:*
'";:*G")(*QH$:Y*$"K*H9:"*QHJ)*)"*N(;NS*"J*)(;*N%;=&G&9&)$*"I*#");J)&H9*
#H%)J;%:>
)I76:8@C7&5<D&I7@C7M
/(;*&L#"%)HJN;*"I*;HN(*N&%N9;*<H%&;:*I%"L*N"L#HJ$*)"*N"L#HJ$*HJ=*
("Q*)(&:*Q"%S:*I"%*)(;L*HJ=*:&JN;*)(;*N&%N9;:*H%;*=&II;%;J)O*)(;$*H9:"*
J;;=*)"*H##9$*=&II;%;J)*:"N&H9*L;=&H*)""9:*)"*)(;L>
."N&H9*L;=&H*"II;%:*)Q"*S;$*H:#;N):*)(H)*:K##"%)*"#;J*&JJ"<H)&"J@*
g-h*N"LLKJ&NH)&"J*"I*%;9;<HJ)*L;::H';:*HJ=*g+h*N"99HG"%H)&"JO*&JN9K=[
&J'*:(H%&J'*"I*&=;H:*HJ=*:"9K)&"J:>*
&J*:"N&H9*L;=&H*&J*$"K%*"#;J*&JJ"<H)&"J*;II"%):@
THJ$*:S;#)&N:*="*J")*:;;*LKN(*<H9K;*&J*K:&J'*:"N&H9*L;=&H*I"%*"#;J*
NH:;:*HJ=*;<&=;JN;*"J*:KN(*;II"%):O*GK)*#9;H:;*%;L;LG;%*)(H)*Q;*H%;*
:)&99*&J*)(;*<;%$*;H%9$*#(H:;:*"J*)(&:*&J);%:;N)&"J*"I*:"N&H9*L;=&H*)""9:*
HJ=*"#;J*&JJ"<H)&"J>*5*K%';*;<;%$"J;*)"*9""S*)Q"*$;H%:*H(;H=>*/(&:*&:*
Q(;%;*)(&J':*Q&99*%;H99$*:)H%)*)"*IH99*&J)"*#9HN;*H:*Q;*H99*';)*L"%;*;U#;%&[
;JN;*Q&)(*)""9:*HJ=*:;%<&N;:*)(H)*N"J)&JK;*)"*=;<;9"#*H)*H*IH:)*#HN;*HJ=*
&J*=&%;N)&"J:*)(H)*H%;*(H%=*)"*I"%;:;;>
5*H:S*$"K*)"*G;*)(;*<&:&"JH%$*N"L#HJ$*&J*$"K%*&J=K:)%$>*0U#":;*$"K%*
;L#9"$;;:*HJ=*$"K%*;U);%JH9*:)HS;("9=;%:*)"*:"N&H9*L;=&H*HJ=*9;H%J*H:*
$"K*'">*\;:O*)(;%;*Q&99*G;*&J&)&H)&<;:*)(H)*="*J")*Q"%SO*GK)*$"K*Q&99*H=H#)*
^.#$'*@,0#("*J&%#(*A,,". JDKGEI*LMBE*GEELNDAGLE*OL9K
HJ=*)(;*;U#;%&;JN;:*'H&J;=*NHJ*G%&J'*N"L#;)&)&<;*H=<HJ)H';:*&J*)(;*
:("%)[O*L&=[O*HJ=*9"J'[);%L>
1456&1:CE7
2J=%;H:*lH#9HJ*HJ=*T&N(H;9*cH;J9;&JO*)Q"*HNH=;L&N*%;:;H%N(;%:*H)*
0.!Z*0K%"#;O*:)H);*)(H)*)(;%;*H%;*:&U*=&II;%;J)*)$#;:*"I*:"N&H9*L;=&H@*N"9[
9HG"%H)&<;*#%"W;N):O*G9"':*HJ=*L&N%"G9"':O*N"J);J)*N"LLKJ&)&;:O*:"N&H9**
J;)Q"%S&J'*:&);:O*<&%)KH9*'HL;*Q"%9=:O*HJ=*<&%)KH9*N"LLKJ&)&;:>-
"#;J*&JJ"<H)&"J*;II"%):@
$?<E@D,<M
G
G
!F?66@CM
G
):88I<?6?@7M G
5*="*J")*&JN9K=;*1HN;G""S*H:*)(&:*&:*H*#;%:"JH9*)""9*I"%*L;>*c"Q;<;%O*
&J*&J=K:)%&;:*Q&)(*9"):*"I*N"J:KL;%*&J);%HN)&"JO*1HN;G""S*L&'()*H9:"*
G;*H*K:;IK9*)""9*I"%*"#;J*&JJ"<H)&"J*;II"%):>*5J*H==&)&"JO*Q(&9;*5*G;[
9&;<;*4&JS;=5J*HJ=*/Q&));%*H%;*)(;*L":)*%;9;<HJ)*:"N&H9*L;=&H*)""9:*I"%*
"#;J*&JJ"<H)&"J*H)*)(&:*#"&J)O*$"K*:("K9=*N;%)H&J9$*N"J:&=;%*\"K/KG;O*
G9"':O*.9&=;.(H%;O*sK"%HO*HJ=*")(;%:*H:*Q;99>*/(&:*H9:"*&JN9K=;:*:;%<&N;*
#%"<&=;%:*HJ=*&J);%L;=&H%&;:*:KN(*H:*5JJ"!;J)&<;O*3&J;.&'LHO*\;)+>
N"LO*.#&'&)O*HJ=*c\Z0*5JJ"<H)&"J*H:*)(;$*(H<;*G;'KJ*GK&9=&J'*:"N&H9*
;9;L;J):*&J)"*)(;&%*"II;%&J':>*/(;*S;$*&:*)"*9""S*H)*HJ=*Q"%S*Q&)(*LHJ$*
=&II;%;J)*)""9:*HJ=*GK&9=*H*`:$:);Lb*&J*Q(&N(*$"K*NH#)K%;*<H9K;*"K)*"I*
H99*)(;:;*)""9:*H)*)(;*:HL;*)&L;>
2J*&L#"%)HJ)*;9;L;J)*"I*NH#)K%&J'*<H9K;*&:*)"*G;*HG9;*)"*=&%;N)*&J);%[
;:);=*#;"#9;*HJ=*N"L#HJ&;:*)"*)(;*`=;:)&JH)&"J*:&);bd)(;*N"%#"%H);*
:&);*Q(;%;*$"K*J")*"J9$*(H<;*H*<&G%HJ)*N"LLKJ&)$*Q(;%;*:)HS;("9=;%:*
NHJ*9;H%J*I%"L*;HN(*")(;%*HJ=*N"[N%;H);*<H9K;*GK)*H9:"*H*#9HN;*Q(;%;*
$"K*NHJ*:;;*)(;*J;;=:*HJ=*H::;):*"I*)(;*(":)*N"L#HJ$>*PJN;*$"K*:)H%)*
';))&J'*N"J<;%:H)&"J:*'"&J'*HJ=*N"J);J)*G;'&J:*)"*=;<;9"#O*$"K*J;;=*
)"*:)H%)*K#*#%"N;::;:*)(H)*H99"Q*$"K*)"*;U)%HN)*<H9K;*"K)*"I*)(&:*&JI"%LH[
)&"J*HJ=*&J);%HN)&"J>*3"*="KG)O*&JI"%LH)&"J*"<;%9"H=*Q&99*"NNK%O*GK)*
5*<&;Q*)(&:*H:*H*9KUK%$*#%"G9;L*N"L#H%;=*)"*(H<&J'*J"*&JI"%LH)&"J*
"<;%9"H=*H)*H99>
2*Q"%=*"I*NHK)&"J@* 5*(H<;* :;;J* :;<;%H9*N"L#HJ&;:* )%$* )"*="* :"N&H9*
L;=&H*)(;*;H:$*QH$>*/(;$*)("K'()*)(;$*N"K9=*:;)*K#*H*4&JS;=5J*'%"K#*
HJ=*G;*="J;>*1"%*;UHL#9;O*H*LHW"%*'9"GH9*N"L#HJ$*:;)*K#*H*4&JS;=5J*
'%"K#*H%"KJ=*)(;&%*&J=K:)%$*I"NK:>*/(;$*LHJH';=*)"*N"99;N)*"<;%*:;<;J*
(KJ=%;=*L;LG;%:*GK)*HN)&<&)$*&J*)(;*'%"K#*:9"Q;=*)"*H*)%&NS9;O*#H%)9$*
G;NHK:;*)(;$*:;)*K#*<;%$*%&'&=*#%"N;::;:Y*I"%*;UHL#9;O*L":)*"I*Q(H)*)(;*
N"L#HJ$*N"K9=*:(H%;*Q&)(*)(;*4&JS;=5J*'%"K#*(H=*)"*G;*H##%"<;=*G$*
)(;*N"LLKJ&NH)&"J:*=;#H%)L;J)>*1&))&J'*)(;*LHJH';L;J)*"I*H*:"N&H9*
^.#$'*@,0#("*J&%#(*A,,".
>VX
JDKGEI*LMBE*GEELNDAGLE*OL9K
>V>
L;=&H*;II"%)*&J)"*HJ*H9%;H=$*IK99*Q"%S9"H=*&:*(H%=*;J"K'(O*9;)*H9"J;*
(H<&J'*LK9)	*(""#:*)"*WKL#*)(%"K'(*G;I"%;*$"K*NHJ*="*HJ$)(&J'>
.)%&<;*)"*G;N"L;*)(;*#%;I;%%;=*#H%)J;%*"I*N("&N;*Q&)(&J*$"K%*&JJ"[
<H)&"J*;N":$:);L:>*/(&:*:)H)K:*NHJ*G;*HN(&;<;=*G$*IHN&9&)H)&J'*H*N"L[
LKJ&)$*)(H)*&:*HNSJ"Q9;=';=*H:*H*S;$*&JJ"<H)&"J*%;:"K%N;*G$*%;9;<HJ)*
&JJ"<H)&"J*#H%)J;%:*&J*GK:&J;::*H%;H:*)(H)*H%;*&L#"%)HJ)*)"*$"K%*N"L[
#HJ$>*/(;*:)H)K:*NHJ*G;*GK&9=*"J*)(%;;*;9;L;J):@*g-h*)(;*=;:)&JH)&"J*
:&);O*Q(&N(*&:*H*N"L#HJ$[N"J)%"99;=*#9H)I"%LmQ;G:&);*)(H)*IKJN)&"J:*H:*
)(;*(KG*"I* )(;*N"LLKJ&)$*HJ=*:("Q:*$"K%* &JJ"<H)&"J*J;;=:mH::;):Y*
g+h*)("K'()*9;H=;%:(&#*HN)&<&)&;:*)(%"K'(*:"N&H9*L;=&H*N(HJJ;9:Y*HJ=*
gCh*#($:&NH9*;<;J):*)(H)*H99"Q*)(;*N"LLKJ&)$*L;LG;%:*)"*L;;)*IHN;[
)"[IHN;>*3;&)(;%*#($:&NH9*J"%*<&%)KH9*HN)&<&)&;:*NHJ*:)HJ=*G$*)(;L:;9<;:Y*
)(;$*J;;=*)"*G;*&J);'%H);=*Q&)(*;HN(*")(;%>
c;%;X:*$"K%*HN)&"J*#9HJ@
,D@<6?B=& ?<6@C<59& 5<D& @Q6@C<59& 8@8L@C7& 5<D& B:C8& 5& 6@58&
G
G
?;:&=;:* H* N"J)&JK;=* =;<;9"#L;J)* "I* )(;* :("%)[);%L* HN)&"J:O* $"K*
:("K9=
G
?;:&=;:*H*N"J)&JK;=*=;<;9"#L;J)*"I*)(;*HG"<;*HN)&"J:O*$"K*:("K9=*
9HKJN(*H*IK99[I;H)K%;*N"L#HJ$[N"J)%"99;=*#9H)I"%LmQ;G:&);*HJ=*N"J[
)&JK"K:9$*;U#9"%;*QH$:*"I*=;<;9"#&J'*)(&:*&J)"*H*:)%"J'*N"LLKJ&)$>
1456&,6&!5E@7&6:&05E@&5&):88I<?6=&1:CE
[
J&)$*N"L;:*K#*&:*`c"Q*NHJ*5*LHS;*)(&:*Q"%S]b*5*(H<;*Q&)J;::;=*:;<;%H9*
&J&)&H)&<;:*HJ=*%KJ*L$*"QJ*'%"K#:*HJ=*J;)Q"%S:*&J*G")(*)(;*<&%)KH9*
[
L;J):*H%;*S;$*)"*:KNN;::@
^.#$'*@,0#("*J&%#(*A,,".
>VS
JDKGEI*LMBE*GEELNDAGLE*OL9K
*THJ$*N"LLKJ&)$*"QJ;%:*"%* &J&)&H)"%:* )HS;* &)*
'%HJ);=* )(H)* )(;&%* &J);J=;=* )H%';)*'%"K#*(H:* H*J;;=* I"%* )(&:*'%"K#*
"%* N"LLKJ&)$>* /(&:* &:* J")* H9QH$:* )%K;O* HJ=* $"K* J;;=* )"* %;L;LG;%*
)(H)*$"K*H%;*H:S&J'*I"%*)(;*L":)*#%;N&"K:*)(&J'*#");J)&H9*#H%)&N&#HJ):*
Q&)(*$;)*HJ")(;%*N"LLKJ&)$*"%*'%"K#>
* 5I* )(;%;* &:* H*';JK&J;*J;;=* I"%* N"JJ;N)&J'*HJ=*;JHG9&J'*
:)HS;("9=;%:*Q&)(&J*H*N"LLKJ&)$*"%*;N":$:);LO*$"K*:)&99*(H<;*)"*#"&J)*
"<;%<&;Q*"I*Q(H)*&:*'"&J'*"J*&J*)(;*'&<;J*;N":$:);L>*5JI"%LH)&"J*"<;%[
9"H=*&:*H*G&'*#%"G9;LO*9;H<&J'*"##"%)KJ&)&;:*I"%*N"LLKJ&)$*"QJ;%:*)"*
(;9#*:"9<;*)(&:>
*\"K*J;;=* )"*(H<;*#;"#9;*GK&9=&J'* )(;*N"LLKJ&)$*Q("*
%;H99$*G;9&;<;*&J*)(;*J;;=*I"%*:KN(*H*N"LLKJ&)$*HJ=*:;;*&):*#");J)&H9*
I"%* <H9K;* N%;H)&"J>*/(;$*LK:)* 9&:);J* )"* )(;* :)HS;("9=;%:* &J*"%=;%* )"*
GK&9=* )(;*I;H)K%;:*J;;=;=O*HJ=*)(;$*LK:)*HN)*H:* IHN&9&)H)"%:O*(;9#&J'*
)(;*:)HS;("9=;%:*';)*)"*SJ"Q*;HN(*")(;%*HJ=*(;9#&J'*)(;L*)"*';)*<H9K;*
I%"L*)(;*N"LLKJ&)$>
*5I*$"K*H%;*:;99&J'*H*<&:&"JO*H:*$"K*="*Q(;J*$"K*
9HKJN(*:KN(*H*N"LLKJ&)$O*$"K*J;;=*)"*(H<;*H*:)%"J'*N"LLKJ&NH)&"J*
#9HJ>*a(H)*:)"%&;:*NHJ*G;*K:;=*)"*%;N%K&)*)(;*%&'()*L;LG;%:*HJ=*LHS;*
)(;*NK%%;J)*K:;%:*;<;J*L"%;*HN)&<;]*8;L;LG;%*)(H)*N"LLKJ&NH)&"J*
"J*$"K%*"#;J*&JJ"<H)&"J*L;::H';:*&:*WK:)*H:*&L#"%)HJ)*H:*N"LLKJ&NH)[
&J'*"J*#%"=KN):*HJ=*:;%<&N;:>
)(H)*H%;*Q"%)(Q(&9;*)"*)(;*:)HS;("9=;%:*Q(&9;*H9:"*G%&J'&J'*&JJ"<H)&"J*
"%*GK:&J;::*"##"%)KJ&)&;:*)"*)(;*"QJ;%:>*5)*%;^K&%;:*9"):*"I*;U#;%&L;J[
HJ=*)&L;>
/(&:*&:*H9:"*NHK:;=*G$*)(;*IHN)*)(H)*H*Q;99[%KJ*N"LLKJ&)$*:KNN;;=:*
J")*"J9$*G$*=;9&<;%&J'*<H9K;*I"%*)(;*:)HS;("9=;%:O*GK)*H9:"*G;NHK:;*"I*
)(;*)%K:)*HJ=*%;:#;N)*&)*(H:*'H&J;=>*/(&:*)HS;:*)&L;>
,<<:A56?:<>
c;%;X:*H*^K");*I%"L*H* *H%)&N9;*)(H)*)HNS9;=*)(;*="QJ:&=;*
"I*:"N&H9*L;=&Hd&JI"%LH)&"J*"<;%9"H=@*̀ Z;"#9;*H%;*=%"QJ&J'*&J*H*=;9[
K';* "I* =H)H>* !"%#"%H);* K:;%:* %;N;&<;=* HG"K)* --,* L;::H';:* H* =H$* &J*
+,-,O* :H$:*LH%S;)* %;:;H%N(;%*8H=&NH)&*7%"K#>*/(;%;*H%;*--,*L&99&"J*
)Q;;):*H*=H$O*/Q&));%*:H$:>*8;:;H%N(;%*?H:;U*(H:*#;'';=*GK:&J;::*#%"[
=KN)&<&)$*9"::;:*=K;*)"*)(;*pN":)*"I*KJJ;N;::H%$*&J);%%K#)&"J:X*H)*nBM,*
G&99&"J*&J*+,,D>b+
/(;* N"JN;%J:* HG"K)* )(;* (H%=:(&#* "I* S;;#&J'* K#* Q&)(* H* N"J:)HJ)*
GH%%H';*"I*)Q;;):O*);U):O*G9"':*HJ=*&J:)HJ)*L;::H';:*H%;*%;H9*;J"K'(>*
c"Q;<;%O*:"N&H9*L;=&H*)""9:*Q&99*G;*S;$*I"%*LHS&J'*&JJ"<H)&"J*(H##;J*
T$*H=<&N;*&:*^K&);*:&L#9;@
-@57:<M*
(?96@CM
^.#$'*@,0#("*J&%#(*A,,".
>VV
JDKGEI*LMBE*GEELNDAGLE*OL9K
>V?
c;%;X:*HJ")(;%*#"::&G9;*N"JN;%J*HG"K)*:"N&H9*L;=&H*HJ=*
&JJ"<H)&"J@* a(H)* (H##;J:* Q&)(* &JJ"<H)&"J* &I* ;U;NK)&<;:*
HJ=*LHJH';%:*G;'&J*)"*I;H%*:"N&H9*L;=&H*)""9:*9&S;*/Q&));%O*
\"K/KG;O*1HN;G""SdHJ=*#;%(H#:*;<;J*4&JS;=5J]
5* Q"J=;%* ("Q* G&'* )(&:* &::K;* %;H99$* &:* HI);%* (H<&J'* %;H=*
HG"K)*H* :K%<;$* I%"L*!(;I>:;O*H*.Q;=&:(*Q;G:&);* I"%*;U;NK[
)&<;:*HJ=*LHJH';%:>*5)*:("Q;=*)(H)*HJ*&JN%;H:&J'*JKLG;%*"I*
;U;NK)&<;:*HJ=*LHJH';%:*H%;*HI%H&=*"I*;J=&J'*K#d&J<"9KJ[
)H%$d"J*)(;*HG"<;*:&);:>*1K%)(;%L"%;O*-E*#;%N;J)*:H&=*)(;$*
SJ"Q*"I*&JN&=;J):*Q(;%;*;L#9"$;;:*(H=*#":);=*&JH##%"#%&[
H);*"%*IH9:;*&JI"%LH)&"J*HG"K)*)(;&%*N"L#HJ&;:*K:&J'*:"N&H9*
L;=&H*)""9:>
5* (H<;* H9QH$:* :;J:;=* :"L;* %;9KN)HJN;* )"QH%=* )(;* J;Q*
:"N&H9*L;=&H*)""9:*I%"L*)(;*K##;%*%HJS:>*iJI"%)KJH);9$O*&)*
G;N"L;:*:"L;Q(H)*KJ=;%:)HJ=HG9;*Q&)(*)(;*HG"<;*&JI"%LH[
[
J&NH)&"J*HJ=*G;));%*%;HN(*N9;H%9$*"K)Q;&'(*=%HQGHNS:*)(H)*
);J=*)"*;<"9<;*%;'H%=&J'*9"::*"I*N"J)%"9*&::K;:>
Z;%(H#:* )(&:* &:* J")* :KN(* H* G&'* )(&J'* )"=H$O* GK)* &)* L&'()*
'%"Q*&J*)(;*N"L&J'*$;H%:>*5*'")*)"*)(&JS&J'*"I*H*%;N;J)*N"L[
L;J)* LH=;* )"* H* G9"'* #":)* G$* T&N(H;9* 1r99&J'* .";%;J:;JO*
!0P* "I* 3":N"O* HJ* &=;H* LHJH';L;J)* :"I)QH%;* N"L#HJ$@*
`/"=H$O* );;J:* )HS;* #%&=;* &J* :(H%&J'* HJ=* N"99HG"%H)&J'* H:*
LKN(* H:* #"::&G9;dHJ=* H%;* N"J:)HJ)9$* :;;S&J'* )"* ;U#HJ=*
)(;&%*J;)Q"%SdH99*<&)H9*IHN)"%:*&J*';))&J'*HJ*&JJ"<H)&<;*NK9[
5*)(&JS*)(&:*&:*^K&);*)%K;*HJ=*&)*;<;J*;U);J=:*K#*)"*#;"#9;*
&J*)(;*;H%9$*)Q;J)&;:>*/(&:*Q&99*(H<;*HJ*&L#HN)*"J*&JJ"<H)&"J*
NK9)K%;* &J* LHJ$* N"L#HJ&;:* H:* )(&:* ';J;%H)&"J* ;J);%:* )(;*
;9;L;J):*J;;=;=* I"%*H*L"%;*"#;J*HJ=*;U);%JH99$* I"NK:;=*
&JJ"<H)&"J*NK9)K%;*:"*Q;*NHJ*;U#;N)*)"*:;;*&J);%;:)&J'dHJ=*
=&II;%;J)d)(&J':*I%"L*)(&:*Q"%S*'%"K#>*/(H)*&:O*&I*)(;*;U;N[
K)&<;:*HJ=*LHJH';%:*:;;*)(&:*H:*HJ*"##"%)KJ&)$*HJ=*%;9;H:;*
)(;*#");J)&H9*%H)(;%*)(HJ*)%;H)&J'*&)*H:*H*)(%;H)*HJ=*H:*H*:&'J*
)(H)*)(;$*(H<;*)"*N;=;*N"J)%"9>
4H:)*$;H%*5*"%'HJ&R;=*H*/Q&));%*N(H)*Q&)(*HJ=*I"%*Z:&"JO*)(;*LHS;%*"I*
%K'';=*L"G&9;*N"L#K);%:>
/(;*)"#&N*QH:*`P#;J*5JJ"<H)&"J@*2*V&;Q*I%"L*)(;*/"#>b*Z:&"J*LH=;*
H*:)%"J'*N"LL&)L;J)*G$*(H<&J'*)(%;;*)"#*;U;NK)&<;:*#H%)&N&#H);O* &J[
N9K=&J'*)(;&%*!0P>*."L;*"K)N"L;:*&JN9K=;=
T":)* &L#"%)HJ)9$O* )(&:* 'H<;* )(;* Z:&"J* );HL* 9"):* "I* &J:#&%H)&"J* "J*
Q(H)*$"K*NHJ*HN)KH99$*="*Q&)(*/Q&));%*)"*#%"L");*$"K%*&JJ"<H)&"J*NH[
#HG&9&)&;:* HJ=* &J);%HN)*Q&)(*NK%%;J)*HJ=* IK)K%;* :)HS;("9=;%:* &J* $"K%*
;N":$:);L:>
Z:&"JX:*6&%;N)"%*"I*TH%S;)*6;<;9"#L;J)*/"==*?""J;*&:*(;H<&9$*&J[
<"9<;=* &J* &L#9;L;J)&J'*Z:&"JX:*"#;J* &JJ"<H)&"J*:)%H);'$*HJ=* )(&:* &:*
^.#$'*@,0#("*J&%#(*A,,".
>V\
JDKGEI*LMBE*GEELNDAGLE*OL9K
>VW
G
G
5*9&S;*("Q*Z:&"J*&:*NK%&"K:*HJ=*G%H<;*;J"K'(*)"*)%$*"K)*J;Q*)(&J':O*
HJ=*5*%;H99$*9&S;*("Q*Z:&"J*&:*Q&99&J'*)"*:(H%;*&):*;U#;%&;JN;:*Q&)(*")([
;%:>*299*"I*)(;:;*N(H%HN);%&:)&N:*H%;*&L#"%)HJ)*)"*LHS&J'*"#;J*&JJ"<H[
)&"J*Q"%S>
5X<;* ="J;* ")(;%* /Q&));%* N(H):* "J* "#;J* &JJ"<H)&"J* Q&)(* N"%#"%H);*
;U;NK)&<;:O*&JN9K=&J'*N(H):*Q&)(*Zf7*HJ=*7;J;%H9*T&99:*HJ=*Q&)(*"#;J*
&JJ"<H)&"J*;U#;%):*:KN(*H:*c;J%$*!(;:G%"K'(>*/(&:*(H:*#%"<;J*)"*G;*
^K&);*K:;IK9*I"%*:(H%&J'*N"J);J)*HJ=*&=;H:*HJ=*I"%*`L;;)&J'b*&J);%;:)[
&J'*#;"#9;>*!"J:&=;%*("Q*$"K*N"K9=*"%'HJ&R;*:KN(*N(H):*Q&)(*L;L[
G;%:* "I* $"K%* "QJ* "#;J* &JJ"<H)&"J* ;N":$:);L* )"* :(H%;* &J:&'():>* \"K*
:("K9=*H9:"*9""S*&J)"*;U&:)&J'*N(H):*:KN(*H:*5JJ"!(H)*gQQQ>&JJ"N(H)>
N"LhO*Q(&N(*(H##;J:*;<;%$*/(K%:=H$*H)*J""J*g0H:);%J*i.*)&L;h>*
/(;*#HN;*"I*;<"9K)&"J*&J*:"N&H9*L;=&H*&:*H:)"J&:(&J'O*:"*G;I"%;*9;H<[
&J'*)(&:*)"#&N*Q;*J;;=*)"*N"J:&=;%*Q(;%;*)(&J':*H%;*(;H=;=>*5I*Q;*9""S*
g())#@mmQQQ>&J)K&)N"99HG"%H)"%$>N"Lh* HJ=* Zf7* gQQQ>#'N"JJ;N)=;[
<;9"#>N"Lh>*5J)K&)*=";:*Q;99*H)*L;%'&J'*<&%)KH9*HJ=*#($:&NH9*HN)&<&)&;:*
HJ=*Zf7*;UN;9:*H)*;U#9H&J&J'*)(;&%*J;;=:*HJ=*H<H&9HG9;*H::;):*HJ=*Q&)(*
"#;J&J'*)(;&%*:&);*)"*#;"#9;*H%"KJ=*)(;*'9"G;*)(%"K'(*(H<&J'*)(;*:&);*
H<H&9HG9;*&J*=&II;%;J)*9HJ'KH';:>
6;:#&);*)(;*'""=*Q"%S*)(;:;*N"L#HJ&;:*H%;*="&J'O*5*)(&JS*)(;&%*:&);:*
gHJ=* ")(;%:h* J;;=* )"* ;<"9<;* &J)"* J;U)* ';J;%H)&"J* :&);:* )(H)* &JN9K=;*
L"%;*N"LLKJ&)$*I;H)K%;:>*/(%;;*N"L#HJ&;:*)(H)*(H<;*H9%;H=$*L"<;=*
&J* )(&:* =&%;N)&"J* &JN9K=;* 70* gN(H99;J';>;N"LH'&JH)&"J>N"LhO* Z:&"J*
gQQQ>&J';JK&)$Q"%S&J'>N"LhO* HJ=* .2Z* gQQQ>:=J>:H#>N"Lm&%Wm:=Jm
N"&9h>*a(H)*5*9&S;*HG"K)*)(;:;*&J&)&H)&<;:*&:*)(H)*)(;$*H%;*:;)K#*I"%*&J);%[
HN)&"J:*HJ=*N"J<;%:H)&"J:>*/(;$*(;9#*N%;H);* I"%KL:*Q(;%;*;<;%$"J;*
NHJ*9;H%J*I%"L*;HN(*")(;%*Q(&9;*'&<&J'*)(;*(":)*N"L#HJ&;:*:"L;*&J[
);%;:)&J'*"##"%)KJ&)&;:*)"*NH#&)H9&R;*"J*H99*)(;:;*&J);%HN)&"J:d&I*)(;$*
LHJH';*)"*:;)*K#*:$:);L:*HJ=*#%"N;::;:*)"*;U)%HN)*)(&:*<H9K;>*/(;$*H%;*
J")* WK:)*HG"K)* :("Q&J'*J;;=:*HJ=*H::;):d)(;$*'"* :"N&H9* )"*N%;H);*H*
N"LLKJ&)$>*5I*$"K*QHJ)*)"*G;*)(;*#H%)J;%*"I*N("&N;*&J*$"K%*;N":$:);LO*
)(&:*&:*)(;*=&%;N)&"J*)"*#K%:K;>
/(&:*&J);%:;N)&"J*G;)Q;;J*"#;J*&JJ"<H)&"J*HJ=*:"N&H9*L;=&H*)""9:*
&:*&J);%;:)&J'O*H:*&)*G%&J':*J;Q*"##"%)KJ&)&;:>*1K%)(;%L"%;O*)(;%;*&:*H*
(K';*9HNS*"I*SJ"Q9;=';*HJ=*;U#;%&;JN;*"J*("Q*)"*="*)(&:O*:"*N"L#H[
J&;:*)(H)*H%;*Q&99&J'*)"*;U#;%&L;J)*)"*9;H%J*HJ=*=;<;9"#*(H<;*)(;*#"[
);J)&H9*)"*%;H#*&L#"%)HJ)*H=<HJ)H';:*"<;%*N"L#;)&)"%:*Q("*H%;*:9"Q;%*
)"*H=H#)*)(;:;*&L#"%)HJ)*J;Q*"#;J*&JJ"<H)&"J*)""9:>*5*%;H99$*9""S*I"%[
QH%=*)"*:;;&J'*("Q*N"L#HJ&;:*Q&99*="*)(&:*HJ=*5*#9HJ*)"*NH#)K%;*:KN(*
&J:&'():* HJ=* 9;H%J&J':* HJ=* K:;* )(;L* "%* L$* K#N"L&J'* G""S* "J* )(;*
&J);%:;N)&"J*"I*"#;J*&JJ"<H)&"J*HJ=*:"N&H9*L;=&H>
^.#$'*@,0#("*J&%#(*A,,".
>V] >VT
K@=&)45;6@C&!5E@5F5=7
-*2J=%;H:*T>*lH#9HJ*HJ=*T&N(H;9*cH;J9;&JO*`i:;%:*"I*)(;*a"%9=O*
iJ&);e*/(;*!(H99;J';:*HJ=*P##"%)KJ&)&;:*"I*."N&H9*T;=&HOb*C03-'#33$
B):-O)'3
+* _"J* .QH%)RO* `."N&H9* T;=&H* i:;%:* 7%H##9;* Q&)(* 5JI"%LH)&"J*
P<;%9"H=Ob* *g1;G%KH%$*+O*+,-g-hO*())#@mmQQQ>K:H)"=H$>N"Lm
);N(mJ;Q:m+,--[,+[,-[);N(["<;%9"H=q3>()L>
+"+"KB3*RPDMAB9
ADK B DOD3@ * 9 BRDM
l;$*!(H#);%*/HS;HQH$:
P#;J* &JJ"<H)&"J* &:* HG"K)* G%&='&J'* &J);%JH9* HJ=* ;U);%JH9*
%;:"K%N;:*HJ=*HN)&J'*"J*)(":;*"##"%)KJ&)&;:>*/(&:*N"J)%H:):*
Q&)(*N9":;=*&JJ"<H)&"JO*Q(;%;*$"K*="*J")*H));L#)*)"*H::&L&[
9H);*&J#K)*I%"L*"K):&=;*:"K%N;:*&J)"*)(;*&JJ"<H)&"J*#%"N;::O*
HJ=*$"K*H<"&=*(H<&J'*)"*:(H%;*&J);99;N)KH9*#%"#;%)$*"%*#%"I[
&):*Q&)(*HJ$*"K):&=;*:"K%N;>
P#;J*&JJ"<H)&"J*:("K9=*)HS;*#9HN;*)(%"K'("K)*$"K%*&JJ"[
<H)&"J*#%"N;::O*J")*WK:)*&J*)(;*;H%9$*#(H:;:*=K%&J'*Q(H)*Q;*
NH99*)(;*I%"J)*;J=*"I*&JJ"<H)&"J>*\"K*Q&99*L&::*"K)*"J*)(;*IK99*
#");J)&H9*"I*"#;J*&JJ"<H)&"J*&I*$"K*L"%;*"%*9;::*=;9&G;%H);9$*
:(K)*="QJ*)"*;U);%JH9*%;:"K%N;:*9H);%*&J*)(;*#%"N;::>
AD K B DOD3@ * 9 BRDM
K&5*R:(1+&)*A(;&(<(5.*9&0(1
>?X
JDKGEI*LMBE*GEELNDAGLE*OL9K
>?>
a&)(*"#;J*&JJ"<H)&"J*N"L;:*)(;*J;;=*)"*N%;H);*<H9K;*J;)[
Q"%S:d"%*;N":$:);L:d)(H)* &JN9K=;*H99* )(;*#");J)&H9* NH);[
'"%&;:*"I*;U);%JH9*:"K%N;:*)(H)*NHJ*:K##"%)*$"K%*&JJ"<H)&"J*
;II"%)>* /(&:* LH$* &JN9K=;* NK:)"L;%:O* :K##9&;%:O* HNH=;L&N*
&J:)&)K)&"J:O*HJ=*;<;J*N"L#;)&)"%:>
?;I"%;*WKL#&J'*&J)"*"#;J*&JJ"<H)&"JO*=;);%L&J;*Q($*"#;J*
&JJ"<H)&"J*&:*%;9;<HJ)*)"*$"K%*N"L#HJ$O*&):*#%;:;J)*:&)KH)&"JO*
HJ=*&):*L&::&"J*HJ=*<&:&"J>
&JJ"<H)&"JO*"J;*)(H)*LH)N(;:*&):*"GW;N)&<;:O*NH#HG&9&)&;:*HJ=*
%;:"K%N;:>
l;$*!(H#);%*/HS;HQH$:
_K:)*G;NHK:;*:LH99*N"L#HJ&;:*="JX)*:;;*)(;L:;9<;:*H:*&JJ"[
<H)"%:*=";:JX)*L;HJ* )(;$*H%;*J")* &JJ"<H)"%:>* 5J* IHN)O* )(;$*
K:;* )(;* LH%S;)* H:* )(;&%* &JJ"<H)&"J* 9HG* H:* )(;$* N"J:)HJ)9$*
%;:#"J=*)"*)(;*J;;=:*"I*)(;&%*NK:)"L;%:>
2NN"%=&J'* )"* 5J)K&)O* J;N;::&)$O* "##"%)KJ&)$O* HJ=* &J';JK&)$*
=%&<;*&JJ"<H)&"J*&J*:LH99*GK:&J;::;:>
P#;J* &JJ"<H)&"J*NHJ* :#;;=* )(;*=;<;9"#L;J)*HJ=*LH%S;)*
9HKJN(*"I*J;Q*#%"=KN):*HJ=*:;%<&N;:O*G%&J'*L"%;*=&<;%:&)$*
)"*&JJ"<H)&"JO*&L#%"<;*)(;*:KNN;::*%H);*"I*J;Q*#%"=KN):*HJ=*
:;%<&N;:O*HJ=*=&<;%:&I$*%&:S:*HJ=*:(H%;*G")(*LH%S;)*HJ=*);N([
J"9"'&NH9*KJN;%)H&J)&;:*"I*&JJ"<H)&"J>
P#;J* &JJ"<H)&"J* H==%;::;:* )(;* &::K;:* #":;=* G$* %H#&=9$*
H=<HJN&J'*:N&;JN;*HJ=*);N(J"9"'$*HJ=*"#;J:*K#*$"K%*N"L[
'H#:*&J*;U#;%)&:;>
/(;*#K%:K&)*"I*J;QJ;::*)(%"K'(*%;H9*&JJ"<H)&"J*&:*Q(H)*:;#[
H%H);:*)(;*N"L#HJ&;:*)(H)*)(%&<;*I%"L*)(;*"J;:*)(H)*9HJ'K&:(*
&J*)(;*="9=%KL:*"%*;<;J*IH&9*H9)"';)(;%>
/(;%;* &:* H* :)%"J'* #"::&G&9&)$* )(H)* )(;* G;:)* #;"#9;* HJ=* )(;*
G;:)*&=;H:*H%;*)"*G;*I"KJ=*"K):&=;*$"K%*"%'HJ&RH)&"J>*1H&9K%;*
)"*%;N"'J&R;*)(&:*NHJ*("9=*H*N"L#HJ$*GHNS*I%"L*%;H9&R&J'*&):*
IK99*#");J)&H9>
?;I"%;* ;LGH%S&J'* "J* H* W"K%J;$* )"QH%=* "#;J* &JJ"<H)&"JO*
$"K*LK:)*;U#9"%;*Q(H)*"#;J*&JJ"<H)&"J*Q&99*="*)"*$"K%*GK:&[
J;::*L"=;9O*KJ=;%:)HJ=*("Q*$"K%*"%'HJ&RH)&"J*Q&99*N(HJ';*
)"*HNN"LL"=H);*"#;J*&JJ"<H)&"JO*HJ=*=;);%L&J;*Q(;)(;%*
$"K*HJ=*$"K%*"%'HJ&RH)&"J*%;H99$*KJ=;%:)HJ=*"#;J*&JJ"<H[
)&"J*HJ=*Q(H)*&)*)HS;:>
,<<:A56?:<&%BB:C67
l;$*!(H#);%*/HS;HQH$:
.LH99* N"L#HJ&;:* G%&J'* )(;:;* H=<HJ)H';:* )"* N"%#"%H)&"J:*
)(H)* H%;* :)%&<&J'* )"* G;N"L;* #%;I;%%;=* #H%)J;%:* "I* N("&N;*
Q&)(&J* &JJ"<H)&"J* ;N":$:);L:@* g-h* .LH99* N"L#HJ&;:* "I);J*
H%;* H)* )(;* 9;H=&J'* ;=';* "I* G%;HS)(%"K'(* "%* =&:%K#)&<;*
&JJ"<H)&"J>* g+h* .LH99* N"L#HJ&;:* NHJ* )HS;* %&:S:* )(H)* 9H%';*
N"L#HJ&;:*NHJX)*HII"%=*)"*)HS;*G;NHK:;*)(;*G&'';%*;J)&)&;:*
(H<;*)"*#%");N)*HJ=*=;I;J=*)(;&%*;:)HG9&:(;=*N"%;*GK:&J;::*
"#;%H)&"J:>*gCh*.LH99;%*N"L#HJ&;:*H%;*"I);J*N9":;%* )"* )(;*
LH%S;):*)(;$*:;%<;*)(HJ*9H%';*N"%#"%H)&"J:*H%;*)"*)(;&%*LH%[
S;):>*gAh*/(;*H##%"HN(*HJ=*L&J=:;)*"I*)(":;*"#;%H)&J'*&J*
K&5*R:(1+&)*A(;&(<(5.*9&0(1
>?S
JDKGEI*LMBE*GEELNDAGLE*OL9K
:LH99*GK:&J;::;:*NHJ*#%"<&=;*H*G%;H)(*"I*I%;:(*H&%* )"* 9H%';*
N"%#"%H)&"J:>
P#;J* &JJ"<H)&"J* &:* H* #H%H=&'L* :(&I)* &J* Q(&N(* N"L#HJ&;:*
LK:)*G;N"L;*LKN(*G;));%*H)*N"LG&J&J'*&J);%JH9*HJ=*;U);%[
JH9* %;:"K%N;:* &J* )(;&%* &JJ"<H)&"J* #%"N;::* HJ=* HN)* "J* )(;*
"##"%)KJ&)&;:*)(&:*N%;H);:>
5I*$"K*QHJ)*)"*G%&J'*&J*;U);%JH9*#H%)J;%:*)"*$"K%*&JJ"<H[
)&"J*#%"N;::O*)(;:;*#H%)J;%:*;U#;N)*$"K*)"*(H<;*$"K%*"QJ*
("K:;*&J*"%=;%>*2=H#)&J'*"#;J*&JJ"<H)&"J*Q&99*J")*;9&L&[
JH);*$"K%*&J);%JH9*&JJ"<H)&"J*#%"G9;L:Y*$"K*J;;=*)"*:"9<;*
a(;J*$"K*G;'&J*)"*&JJ"<H);*Q&)(*#H%)J;%:O*$"K*Q&99*:;;*)(H)*
)(;:;*#H%)J;%:*;&)(;%*I"NK:*"J*)(;&%*"QJ*J;;=:dHJ=*)(;J*
)"';)(;%*HJ=*IKJJ;9*)(;&%*%;:"K%N;:*)"QH%=*H*LH%S;)*J;;=>*
5I*)(;*9H));%*(H##;J:O*)(;J*$"K*(H<;*H*'%;H)*N(HJN;*)"*:KN[
N;;=*Q&)(*&JJ"<H)&"J>
a(;J*:LH99*HJ=*9H%';*N"L#HJ&;:*&J);%:;N)*I"%*"#;J*&JJ"<H[
)&"JO* )(;$*J;;=* )"*"<;%N"L;*=&II;%;JN;:* )(H)*LH$* &JN9K=;*
:#;;=*"I*=;N&:&"J*LHS&J'O*H))&)K=;:*)"QH%=*%&:SO*Q&99&J'J;::*
)"*=;<;9"#*J;Q*%K9;:*&J:);H=*"I*I"99"Q&J'*)(;*"9=*"J;:O*H99"[
#%"N;::;:*"%*H*9HNS*"I*#%"N;::;:>*/(;$*H9:"*J;;=*)"*G;*N9;H%*
HG"K)*;HN(*")(;%X:*GK:&J;::*L"=;9*HJ=*Q("*&:*&J*N(H%';>
2:*$"K*Q"%S*Q&)(*;U);%JH9*#H%)J;%:O*$"K*H%;*;U#":;=*)"*")(;%*
QH$:*"I*';))&J'*)(&J':*="J;>*\"K*G%&J'*=&<;%:;*)(&JS&J'*&J)"*
)(;*"%'HJ&RH)&"J>*/(&:*NHJ*LHS;*$"K*N"J:&=;%*Q(;)(;%*$"K%*
NK%%;J)*#%HN)&N;:*H%;*'""=*;J"K'(O*"%*Q(;)(;%*$"K*(H<;*)"*
H=WK:)*)(;:;*"%*#;%(H#:*;<;J*=;<;9"#*J;Q*J;U)*#%HN)&N;:*I"%*
$"K%*"%'HJ&RH)&"J>
4H%';*N"L#HJ&;:* )(H)*("#;* )"* :KNN;;=* &J*G;N"L&J'*#H%)[
J;%:*"I*N("&N;*LK:)*="*)(;&%*G;:)*J")*)"*K:;*)(;&%*:&R;*)"*';)*
)(;&%*QH$*H99*)(;*)&L;*&J*"#;J*&JJ"<H)&"J*#H%)J;%:(&#:>
l;$*!(H#);%*/HS;HQH$:
5I* $"K%* :)%H);'&N*#9HJ* &:* :;<;%H9* $;H%:*"9=O*G;I"%;* )%$&J'* )"*
HJ:Q;%*^K;:)&"J:*HG"K)*$"K%* &JJ"<H)&"J*:)%H);'$*HJ=*$"K%*
"#;J*&JJ"<H)&"JO*$"KX99*J;;=*)"*K#=H);*$"K%*#9HJ*)"*LHS;*
$"K%* LH%S;)#9HN;* H:* H* %;:K9)* "I* N"L#;)&)&<;* "%* ;N"J"L&N*
N(HJ';:*"%*);N(J"9"'&NH9*H=<HJN;:>
N"L#HJ$X:*&J=&<&=KH9*J;;=:O*%;:"K%N;:*HJ=*LH%S;)*:&)KH)&"J*
[
)&NK9H%* N"L#HJ$O* &)* G;N"L;:* ;H:&;%* )"* Q"%S* "K)* H* :)%H);'$*
HJ=*&L#9;L;J)*&)>
/"* (H<;* $"K%* "#;J* &JJ"<H)&"J* :)%H);'$* :KNN;;=O* $"K* LK:)*
*
g+h* N"LLKJ&NH)&"J* :)%H);'$O* gCh* N"LL"J* 9HJ'KH';O* *
gAh*H##%;N&H)&"J*"I*;L#9"$;;:O*HJ=*gMh*J;)Q"%S;=*&JJ"<H[
)&"J*NK9)K%;>
l;;#*"#;J*&JJ"<H)&"J*&J*)(;*I"%;I%"J)*"I*;L#9"$;;:X*L&J=:*
G$*g-h*LHS&J'*&)*%;9;<HJ)*HJ=*:("Q&J'*:KNN;::O*g+h*#%"L")[
&J'*&)O*HJ=*gCh*LHS&J'*&)*;H:$*HJ=*LHS&J'*&)*:)&NS>
l;$* N"L#"J;J):* "I* H* '""=* J;)Q"%S&J'* NK9)K%;* &JN9K=;* *
g-h* N9;H%* :)%H);'&N* %;H:"J:* Q($* ;L#9"$;;:* J;;=* )"* =;<;9"#*
HJ=* JK%)K%;* &J);%JH9* HJ=* ;U);%JH9* %;9H)&"J:(&#:Y* g+h* HJ*
K&5*R:(1+&)*A(;&(<(5.*9&0(1
>?V
JDKGEI*LMBE*GEELNDAGLE*OL9K
>??
*KJ=;%:)HJ=&J'*"I*)(;*)$#;:*"I*J;)Q"%S:*$"K*("#;*)"*GK&9=*)"*
:K##"%)*$"K%*&JJ"<H)&"J*;II"%):Y*gCh*9;H=;%:*Q("*:("Q*H*';JK[
&J;*HJ=*(&'(9$*<&:&G9;*N"LL&)L;J)*)"*J;)Q"%S&J'O*Q("*QH9S*
)(;*QH9SO*J")*WK:)*)H9S*)(;*)H9SO*HJ=*Q("*:(H%;*;UHL#9;:*"I*)(;&%*
J;)Q"%S&J'* ;U#;%&;JN;:* Q(;J;<;%* #"::&G9;Y* gAh* J;)Q"%S&J'*
&J&)&H)&<;:*)(H)*L;:(*N9":;9$*Q&)(*$"K%*N"%#"%H);*NK9)K%;Y*HJ=*
gMh*G")(*<&%)KH9*HJ=*IHN;[)"[IHN;*J;)Q"%S&J'*"##"%)KJ&)&;:>
Z;"#9;*LK:)*G;*'&<;J*)(;*)&L;*HJ=*L;HJ:*)"*J;)Q"%S*HJ=*G;*
#%"<&=;=*Q&)(*(;9#*)"*#"9&:(*)(;&%*#;%:"JH9*J;)Q"%S&J'*:S&99:>
ZH$*N9":;*H));J)&"J*)"*)(;*)(%;;*)$#;:*"I*J;)Q"%S;%:*&J*$"K%*
"%'HJ&RH)&"J@* N;J)%H9* N"JJ;N)"%:O* G%"S;%:O* HJ=* #;%&#(;%H9*
#;"#9;>
2<"&=* )(;:;* %"H=G9"NS:* )"* GK&9=&J'* H* J;)Q"%S&J'* NK9)K%;@*
J")*;J"K'(*)&L;*"%*:S&99:*HJ=*9HNS*"I* I"NK:O*N"LL&)L;J)O*
:)%KN)K%;O*HJ=*N"LLKJ&NH)&"J:>
Z;"#9;* LH));%* L"%;* )(HJ* &=;H:* Q(;J* &)* N"L;:* )"* LHS&J'*
&JJ"<H)&"J*"I*H99*)$#;:*(H##;J>
\"K%* &JJ"<H)&"J* );HL* J;;=:* )"* &JN9K=;* #;"#9;* Q("* H%;*
'""=*H)*Q"%S&J'*&J*)(;*)(%;;[#(H:;=*=&:N"<;%$[&JJ"<H)&"J[
HNN;9;%H)&"J*g6[5[2h*L"=;9*"I*&JJ"<H)&"J*#K)*I"%QH%=*G$*)(;*
8H=&NH9* 5JJ"<H)&"J*7%"K#>*8;L;LG;%* )(H)*J")*H99*#;"#9;*
H%;*'""=*H)*H99*#(H:;:O*:"*$"K*J;;=*=&II;%;J)*#;"#9;*I"%*=&I[
I;%;J)*#(H:;:>
a(;J*9""S&J'*I"%*#;"#9;*I"%*$"K%*);HLO*9""S*I"%*#;"#9;*Q&)(*
)(;:;* :;<;J* :S&99:@* g-h* &J)%H#%;J;K%&H9* :S&99:O* g+h* )H9;J)* I"%*
*
)"*G;*H*̂ K&NS*:)K=$*gMh*GH9HJN;=*"#)&L&:LO*gBh*)"9;%HJN;*I"%*
KJN;%)H&J)$O*HJ=*gDh*#H::&"J>
l;$*!(H#);%*/HS;HQH$:
/%K:)* &:* HJ* ;::;J)&H9* N"L#"J;J)* "I* "#;J* &JJ"<H)&"J* %;9H[
)&"J:(&#:>*2:*$"K*L"<;*)"QH%=*"#;J*&JJ"<H)&"JO*$"K*:("K9=*
G;'&J*)"*9""S*&J)"*)Q"*^K;:)&"J:@*g-h*a(H)*=";:*&)*)HS;*I"%*
$"K*)"*)%K:)*")(;%:]*g+h*c"Q*="*$"K*N"J<&JN;*)(;*#;"#9;*&J*
)(;*"%'HJ&RH)&"J:*$"K*QHJ)*)"*=%HQ*&J)"*$"K%*"#;J*&JJ"<H[
)&"J*;N":$:);L*)"*GK&9=*)%K:)*&J*$"K*HJ=*$"K%*N"L#HJ$*HJ=*
)(;J*:)H%)*I"%'&J'*:)%"J'*%;9H)&"J:(&#:*Q&)(*)(;L]
)(;J*#;%(H#:*G;)Q;;J*"%'HJ&RH)&"J:O*:"*&)*&:*L"%;*&L#"%)HJ)*
)"*9""S*H)*)(;*#;"#9;*:&=;*"I*&JJ"<H)&"J*)(HJ*)(;*#%"N;::*:&=;>
/(;*GH%%&;%:*H'H&J:)*GK&9=&J'*)%K:)*HJ=*:)%"J'*%;9H)&"J:(&#:*
Q&)(* :)HS;("9=;%:* &J* $"K%* ;N":$:);L* LH$* &JN9K=;* g-h* HJ*
&J);%JH9* %H)(;%* )(HJ* HJ* ;U);%JH9* #;%:#;N)&<;O* g+h* <&;Q&J'*
%H)(;%* )(HJ* :"K%N;:* "I* N"[N%;H)&"J* HJ=* "#;J* &JJ"<H)&"JO* *
gCh*G;&J'*L"%;*I"NK:;=*"J*#%");N)&J'*$"K%*"QJ*SJ"Q9;=';*
HJ=* &J);99;N)KH9* #%"#;%)$* )(HJ* "#;J&J'* K#* HJ=* ;U#9"%&J'*
J;Q*"##"%)KJ&)&;:O* gAh*G;&J'* :S;#)&NH9* HG"K)* )(;*NH#HG&9&[
)&;:*"I*:LH99*N"L#HJ&;:O*HJ=*gMh*G;&J'*)""*GK:$*)"*LHS;*&)*
(H##;J>
.)HS;("9=;%*LHJH';L;J)*&:*H*N%&)&NH9*=&:N	&J;*)"*LH:);%*H:*
$"K*)%$*)"*I":);%*H*NK9)K%;*&J*Q(&N(*)%K:)*&:*H*S;$*N"L#"J;J)*
HJ=* &J* Q(&N(* %;:&:)HJN;* )"* N(HJ';* &:* L&J&L&R;=* :"* "#;J*
&JJ"<H)&"J*NHJ*)(%&<;>
\"K*NHJ*';)*HJ*&=;H*"I*:)HS;("9=;%*LHJH';L;J)dI"%*G")(*
&J);%JH9*HJ=*;U);%JH9*:)HS;("9=;%:dG$*)(&JS&J'*&J*);%L:*"I*
K&5*R:(1+&)*A(;&(<(5.*9&0(1
>?\
JDKGEI*LMBE*GEELNDAGLE*OL9K
>?W
.LH99*N"L#HJ&;:*LK:)*="*)(;&%*("L;Q"%S*)"*9;H%J*H:*LKN(*
H:* #"::&G9;* HG"K)* )(;* N"%#"%H)&"J* )(;$X%;* HG"K)* )"* W"&J*
I"%N;:*Q&)(O*#H%)&NK9H%9$*Q&)(* %;'H%=* )"* )(H)*"%'HJ&RH)&"JX:*
(&:)"%$* "I* =;H9&J'* Q&)(* :LH99;%* N"L#HJ&;:>* /(&:* Q&99* (;9#*
$"K*H<"&=*;J);%&J'*&J)"*H*Q&J[9":;*%;9H)&"J:(&#*&J*Q(&N(*$"K*
';)*)(;*:("%)*;J=*"I*)(;*=;H9>
/(;*L"%;*$"K*SJ"Q*HG"K)*H*#");J)&H9*"#;J*&JJ"<H)&"J*H99$*
I%"L*)(;*';)['"O*)(;*G;));%*#%;#H%;=*$"K*Q&99*G;*KJ=;%:)HJ=*
("Q*$"K%*N"L#HJ$*L&'()*G;*"I*(;9#*)"*)(;*9H%';%*N"L#HJ$>*
/(&:* L;HJ:* $"K* Q&99* G;* G;));%* #%;#H%;=* )"* :("QNH:;* $"K%*
5)X:* ;H:&;%* )"* :)H%)* H* #H%)J;%:(&#* )(HJ* &)* &:* )"* ;J=* &)>* ?K)*
="JX)*G;*:"*;H';%*)(H)*$"K*="JX)*)HS;*)&L;*)"*IK99$*N"J:&=;%*
Q(;)(;%*)(&:*&:*)(;*%&'()*#H%)J;%*I"%*$"K>
2*N%&)&NH9*)H:S*I"%*:LH99;%*N"L#HJ&;:*&:*)"*;<H9KH);*Q(;)(;%*
H*N"%#"%H);*#H%)J;%*&:*%&'()*I"%*)(;LO*'&<;J*)(H)*)(;$*(H<;*
9&L&);=*%;:"K%N;:*)(H)*H*9H%';%*N"L#HJ$*NHJ*^K&NS9$*=%H&J>
.LH99* N"L#HJ&;:* NHJ* #%"<&=;* "##"%)KJ&)&;:* I"%* )(;&%*
;L#9"$;;:* )"*'H&J*"#;J* &JJ"<H)&"J*:S&99:*G$*K:&J'* &JJ"<H[
)&"J* &J);%L;=&H%&;:O* );HL&J'* K#* Q&)(* ")(;%* GK:&J;::;:* &J*
N9K:);%:O*:;%<&J'*H:*N"%#"%H);*Q&9=*NH%=:O*"%*G%&J'&J'*&J*N"J[
:K9)HJ):*)"*#%"<&=;*)%H&J&J'>
l;$*!(H#);%*/HS;HQH$:
5L#"%)HJ)*'%"KJ=Q"%S*)(H)*:("K9=*G;*="J;*H)*)(;*:)H%)*"I*
HJ* "#;J* &JJ"<H)&"J* %;9H)&"J:(&#* &JN9K=;:* %;HN(&J'* H'%;;[
[
)(H)*&:*HNN;#)HG9;*)"*G")(*#H%)&;:>*5)*H9:"*&JN9K=;:*;:)HG9&:([
&J'*G"KJ=H%&;:O*:KN(*H:*=;N&=&J'*K#*I%"J)*("Q*HJ$*=&:H'%;;[
L;J):*Q&99*G;*:;))9;=*H:*Q;99*H:*G;&J'*<;%$*N9;H%*"J*Q(H)*)(;*
;U#;N)H)&"J:*H%;*H:*IH%*H:*)(;*%;:"K%N;:*)(H)*Q&99*G;*=;<");=*
)"*)(;*#%"W;N)*I%"L*G")(*:&=;:>
IHN&9&)H);*)(;*GK&9=&J'*"I*H*N"LLKJ&)$>
N"JJ;N)&"J:*H%"KJ=*)(;*'9"G;*Q&)(*#");J)&H9*#H%)J;%:>*i:;*
)(;:;*;<;J):*)"*;U#9H&J*)(;*(;H%)*HJ=*L&::&"J*"I*$"K%*N"L[
#HJ$O*Q(H)*$"KX%;*9""S&J'*I"%O*HJ=*Q(H)*"##"%)KJ&)&;:*$"K*
(H<;*I"%*)(;*H));J=;;:*)"*#H%)J;%*Q&)(*$"K>
ZK)*&J*#9HN;*H*:)%H);'$*)"*G%&J'*;U&:)&J'*#H%)J;%:*&J)"*$"K%*
"#;J*&JJ"<H)&"J*;N":$:);L>
l;$*!(H#);%*/HS;HQH$:
/(;* %;H:"J:* "#;J* &JJ"<H)&"J* #H%)J;%:(&#:* '"* "II* )%HNS*
&JN9K=;*g-h*H* 9HNS*"I*NH#HG&9&)&;:* )"*LHS;* &JJ"<H)&"J*(H#[
#;J*&J);%JH99$O*g+h*K:&J'*&=;H*';J;%H)&"J*#9H)I"%L:*Q&)("K)*
HG&9&)$* )"* GK&9=* )%K:)O* HJ=* gAh* )(;* 9H%';%* #H%)J;%* )%$&J'* )"*
LHJH';*)(;*#%"N;::*&J:);H=*"I*N"99HG"%H)&J'>
P#;J*&JJ"<H)&"J*;II"%):*H%;*"I);J*S&99;=*G$*N"%#"%H);*HJ)&[
G"=&;:*)(H)*%;:&:)*)(;*)$#;:*"I*N(HJ';*)(H)*G;&J'*#H%)*"I*HJ*
"#;J*&JJ"<H)&"J*;N":$:);L*%;^K&%;:>
."9K)&"J:* I"%* N"%#"%H);* HJ)&G"=&;:* &JN9K=;* g-h* LHS&J'*
#;"#9;*GHNS;%:*%H)(;%*)(HJ*G9"NS;%:O*g+h*:)H$&J'*G;9"Q*)(;*
K&5*R:(1+&)*A(;&(<(5.*9&0(1
>?]
JDKGEI*LMBE*GEELNDAGLE*OL9K
>?T
%H=H%O*gCh*(H<&J'*H*I%HL;Q"%S*HJ=*#%"N;::;:*&J*#9HN;O*HJ=*
gMh*#%"<&=&J'*(&'(*HK)"J"L$>
,<<:A56?:<
l;$*!(H#);%*/HS;HQH$:
5JJ"<H)&"J* LH%S;)#9HN;:* NHJ* (;9#* :LH99* N"L#HJ&;:* L;;)*
)(;*N(H99;J';*"I*';))&J'*;L#9"$;;:*K#*)"*:#;;=*"J*)(;*:S&99:*
)(H)*H%;*%;^K&%;=*)"*G;*#H%)*"I*HJ*"#;J*&JJ"<H)&"J*);HL>
.LH99* N"L#HJ&;:* NHJ* H9:"* K:;* )(;* "#;J* &JJ"<H)&"J* &J);%[
L;=&H%&;:*)"*#":;*)(;&%*"QJ*N(H99;J';:*HJ=*(H<;*);HL:*"I*
;U#;%):*I%"L*H%"KJ=*)(;*'9"G;*Q"%S*)"*:"9<;*H*)"K'(*8f6*
"%*GK:&J;::*#%"G9;L*)(H)*LH$*G;*G9"NS&J'*)(;&%*:KNN;::>
5I*H*:LH99*N"L#HJ$*;L#9"$;;*(H##;J:*)"*(H<;*:KNN;::*Q&)(*
H*N(H99;J';*(;*"%* :(;*Q"%S:*"J* )(%"K'(*"J;*"I* )(;* &J);%[
L;=&H%&;:O*)(&:*Q&99*';J;%H);*;J)(K:&H:L*I"%*H="#)&J'*"#;J*
&JJ"<H)&"J*Q&)(&J*)(;*"%'HJ&RH)&"J>
5JJ"!;J)&<;O* 3&J;.&'LHO* 5=;H!"JJ;N)&"JO* /"#!"=;%O*
HJ=*\"K%0JN"%;*;HN(*"II;%*H*=&II;%;J)*L"=;9Y* $"K*:("K9=*
;U#9"%;*)(;L*H99*)"*:;;*Q(&N(*"J;*:K&):*$"K%*J;;=:*G;:)>
l;$*!(H#);%*/HS;HQH$:
!"JN;%J:*HG"K)*&J);99;N)KH9*#%"#;%)$*&::K;:*&J*"#;J*&JJ"<H[
)&"J*(H<;*G;;J*=;N%;H:&J'*G;NHK:;*)(;*N"L#HJ&;:*)(H)*H%;*
9;H=&J'* )(;*QH$* &J*"#;J* &JJ"<H)&"J*KJ=;%:)HJ=* )(H)*GK:&[
J;::*J;;=:*)"*N"L;*G;I"%;*9;'H9*&::K;:*HJ=*)(;$*(H<;*'H&J;=*
;U#;%&;JN;*&J*LHS&J'*)(&:*(H##;J>*/(;*9;'H9*=;#H%)L;J):*
"I*)(;:;*9;H=;%:*J"Q*)(&JS*"II;J:;*%H)(;%*)(HJ*=;I;J:;>
!"LL"J*L&:)HS;:*)(H)*:LH99*N"L#HJ&;:*LHS;*Q(;J*Q"%S[
&J'* Q&)(* 9H%';* N"L#HJ&;:* &J* "#;J* &JJ"<H)&"J* &JN9K=;* *
g-h*)(&JS&J'*)(;$*(H<;*H99*)(;*HJ:Q;%:*)"*)(;*9H%';*N"L#H[
J$X:*#%"G9;L:O*g+h*G%&J'&J'*5Z*9HQ$;%:*&J:);H=*"I*GK:&J;::[
I"NK:;=*9HQ$;%:*)"*)(;*)HG9;O*gCh*#K))&J'*9;'H9*&::K;:*H(;H=*
"I* GK:&J;::* &::K;:O* gAh* J")* KJ=;%:)HJ=&J'* )(;* ;N"J"L&N:*
HJ=*9"Q*#%"GHG&9&)$*"I*:KNN;::*"I*#%"=KN)*=;<;9"#L;J)O*HJ=*
gMh*H::KL&J'*)(;*9H%';%*N"L#HJ$*(H:*GH=*&J);J)&"J:>
l;$*!(H#);%*/HS;HQH$:
!"L#HJ&;:* J;;=* H* LK9)&[)H%';)* H##%"HN(* )"* K:&J'* :"N&H9*
L;=&H* &J* )(;&%* "#;J* &JJ"<H)&"J* ;II"%):* G;NHK:;* )(;:;*
;II"%):*9&;*&J*)(%;;*=&II;%;J)*$;)*"<;%9H##&J'*N&%N9;:@*g-h*)(;*
&JJ"<H)&"J*N"LLKJ&)$O*g+h* )(;* &JJ"<H)&"J*;N":$:);LO*HJ=* *
gCh*NK:)"L;%:*HJ=*K:;%:>
."N&H9* L;=&H* "II;%:* )Q"* S;$* H:#;N):* )(H)* :K##"%)* "#;J*
&JJ"<H)&"J@* g-h* N"LLKJ&NH)&"J* "I* %;9;<HJ)* L;::H';:* HJ=* *
g+h*N"99HG"%H)&"JO*&JN9K=&J'*:(H%&J'*"I*&=;H:*HJ=*:"9K)&"J:>
4&JS;=5JO*/Q&));%O* HJ=* N"LLKJ&)&;:*GK&9)* H%"KJ=*=;:)&JH[
)&"J* :&);:* N%;H);=*G$* N"L#HJ&;:* H%;* )(;* )(%;;*L":)*K:;IK9*
:"N&H9*L;=&H*)""9:* I"%*"#;J*&JJ"<H)&"J*)"=H$>*?K)*)(&:* &:*H*
=;<;9"#L;J):>
/"* (;9#* GK&9=* H* :)H)K:* H:* H* #%;I;%%;=* #H%)J;%* "I* N("&N;*
Q&)(&J*$"K%*;N":$:);LO*K:;*)(%;;*;9;L;J):@*g-h*)(;*=;:)&JH[
)&"J*:&);O*Q(&N(*&:*H*N"L#HJ$[N"J)%"99;=*#9H)I"%LmQ;G:&);*
K&5*R:(1+&)*A(;&(<(5.*9&0(1
>\X >\>
)(H)*IKJN)&"J:*H:*)(;*(KG*"I*)(;*N"LLKJ&)$*HJ=*:("Q:*$"K%*
&JJ"<H)&"J* J;;=:mH::;):O* g+h* )("K'()* 9;H=;%:(&#* HN)&<&)&;:*
)(%"K'(*:"N&H9*L;=&H*N(HJJ;9:O*HJ=*gCh*#($:&NH9*;<;J):*)(H)*
H99"Q*)(;*N"LLKJ&)$*L;LG;%:*)"*L;;)*IHN;[)"[IHN;>
N"LLKJ&)$* :KNN;::IK9* H%;* g-h* H* ';JK&J;* J;;=O* g+h* <H9K;O* *
gCh*#;"#9;O*gAh*N"LLKJ&NH)&"JO*HJ=*gMh*#;%:&:);JN;>
&
('')*+,-)'$ ('')*+,-)'$ F#37:-&,-)'$C03-'#33$#N+?&/#
S
?K:&J;::*
L"=;9
c"Q*$"K*
LHS;*
L"J;$
6;99*%;<"9K)&"J&R;=*)(;*#;%:"JH9*
N"L#K);%*GK:&J;::*L"=;9*G$*N"9[
9;N)&J'*L"J;$*G;I"%;*)(;*N"J[
:KL;%X:*Z!*QH:*;<;J*H::;LG9;=*
HJ=*:(&##;=*g%;:K9)&J'*&J*J;)*
#":&)&<;*Q"%S&J'*NH#&)H9*"I*:;<;J*
)"*;&'()*=H$:h>
T
3;)Q"%S:*
HJ=*
H99&HJN;:
c"Q*$"K*
W"&J*I"%N;:*
Q&)(*")(;%*
N"L#HJ&;:*
I"%*LK)KH9*
!"J:KL;%*'""=:*N"L#HJ$*
.H%H*4;;*%;H9&R;=*)(H)*&):*N"%;*
N"L#;);JN&;:*Q;%;*&J*N"J:KL;%*
&J:&'()O*G%HJ=*LHJH';L;J)O*
LH%S;)&J'O*HJ=*=&:)%&GK)&"J>*
/(K:*&)*=&<;:);=*&):;9I*"I*H*LHW"%[
&)$*"I*&):*LI'>*"#;%H)&"J:*HJ=*
I"%L;=*H99&HJN;:*Q&)(*LI'>*HJ=*
:K##9$*N(H&J*#H%)J;%:>
D11&$%#Z*D
>\S
JDKGEI*LMBE*GEELNDAGLE*OL9K
0JHG9&J'*
#%"N;::
c"Q*$"K*
:K##"%)*
)(;*N"L[
#HJ$X:*
N"%;*#%"[
N;::;:*HJ=*
Q"%S;%:
[
HG9;*:)"%;mN"II;;*;U#;%&;JN;*
)"*NK:)"L;%:*G;NHK:;*&)*"II;%:*
G;));%[)(HJ[LH%S;)*N"L#;J:H[
)"*&):*:)"%;*Q"%S;%:O*Q("*H%;*K:K[
H99$*#H%)[)&L;O*;=KNH);=O*#%"I;:[
:&"JH9O*HJ=*%;:#"J:&<;*#;"#9;>
!"%;*
#%"N;::;:
c"Q*$"K*
N%;H);*HJ=*
H==*<H9K;*
)"*$"K%*
"II;%&J':
aH9[TH%)*N"J)&JK;:*)"*'%"Q*
&JJ"<H)&"J:*:KN(*H:*%;H9[)&L;*
&J<;J)"%$*LHJH';L;J)*:$:);L:O*
H''%;::&<;*<"9KL;m#%&N&J'm
=;9&<;%$*N"J)%HN):*Q&)(*L;%N(HJ[
=&:;*#%"<&=;%:O*HJ=*:$:);L:*)(H)*
'&<;*:)"%;*LHJH';%:*)(;*HG&9&)$*
)"*&=;J)&I$*N(HJ'&J'*GK$;%*G;[
(H<&"%:*&J*HJ=*%;:#"J=*^K&NS9$*
Q&)(*J;Q*#%&N&J'*HJ=*L;%N(HJ[
N
Z%"=KN)**
#;%I"%[
LHJN;
c"Q*$"K*
=;:&'J*
$"K%*N"%;*
"II;%&J':
/(;*Va*?;;)9;*g&J*G")(*&):*"%&'[
&JH9*HJ=*&):*J;Q;:)*I"%Lh*)""S*
)(;*LH%S;)*G$*:)"%LO*N"LG&J&J'*
LK9)	*=&L;J:&"J:*"I*#%"=KN)*
#;%I"%LHJN;>*
U
Z%"=KN)*
:$:);L
c"Q*$"K*
9&JS*HJ=m
"%*#%"<&=;*
H*#9H)[
I"%L*I"%*
LK9)	*
#%"=KN):>
ga"%=O*0UN;9O*Z"Q;%Z"&J)O*;)N>h*
&J)"*H*:$:);L*=;:&'J;=*)"*=;9&<;%*
#%"=KN)&<&)$*&J*)(;*Q"%S#9HN;>
V
.;%<&N;
c"Q*$"K*
#%"<&=;*
<H9K;*)"*
NK:)"L;%:*
HJ=*N"J[
:KL;%:*G;[
$"J=*HJ=*
H%"KJ=*
$"K%*
#%"=KN):
H&%9&J;:*Q&99*';)*$"K*)"*$"K%*
"J*.&J'H#"%;*2&%9&J;:O*("Q;<;%O*
J;H%9$*LHS;:*$"K*I"%';)*)(H)*
L":)*H));J)&<;O*%;:#;N)IK9O*HJ=*
&LH'&J;>
D11&$%#Z*D
>\V
.@9?A@C=* W
!(HJJ;9
c"Q*$"K*
';)*$"K%*"I[
I;%&J':*)"*
LH%S;)
4;'H9*#%"G9;L:*H:&=;O*TH%)(H*
.);QH%)*(H:*=;<;9"#;=*:KN(*
H*=;;#*KJ=;%:)HJ=&J'*"I*(;%*
NK:)"L;%:*)(H)*:(;*SJ"Q:*WK:)*
Q(;%;*)"*G;*g:)"%;:O*/V*:("Q:O*
LH'HR&J;:O*"J9&J;O*;)N>h*)"*
=%&<;*(K';*:H9;:*<"9KL;:*I%"L*
H*%;9H)&<;9$*:LH99*:;)*"I*`("L;*
9&<&J'b*;=KNH)&"JH9*HJ=*#%"=KN)*
"II;%&J':>
?%HJ=
*
c"Q*$"K*
N"LLKJ&[
NH);*$"K%*
"II;%&J':
2G:"9K)* N"J^K;%;=* )(;* <"=SH*
NH);'"%$* "J* )(;* :)%;J')(* "I* H*
G%&99&HJ)* `)(;L;*HJ=*<H%&H)&"J:b*
H=<;%)&:&J'* N"JN;#)O* :)%"J'* G")[
)9;*HJ=*#HNSH'&J'*=;:&'JO*HJ=*H*
Q(&II*"I*3"%=&N*HK)(;J)&N&)$>
!K:)"L;%*
;U#;%&;JN;
c"Q*$"K%*
NK:)"L[
;%:*I;;9*
Q(;J*)(;$*
&J);%HN)*
Q&)(*$"K%*
N"L#HJ$*
HJ=*&):*
"II;%&J':
cH%9;$*6H<&=:"J*(H:*N%;H);=*
H*Q"%9=Q&=;*N"LLKJ&)$*"I*
L&99&"J:*"I*NK:)"L;%:O*LHJ$*"I*
Q("L*Q"K9=*=;:N%&G;*`G;&J'*
H*cH%9;$*6H<&=:"J*"QJ;%b*H:*
H*#H%)*"I*("Q*)(;$*IKJ=HL;J[
)H99$*:;;O*)(&JSO*HJ=*I;;9*HG"K)*
)(;L:;9<;:>
Top Related