i UNIVERSIDADE DE LISBOA FACULDADE DE LETRAS

i UNIVERSIDADE DE LISBOA FACULDADE DE LETRAS

!
#$%&'()%*+*'!*'!,%)-.+!
/+0#,*+*'!*'!,'1(+)!
*'2+(1+3'$1.!*'!,%$4#5)1%0+!4'(+,!'!(.36$%0+!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!"#$%&'()*)+),-$,.$+"#$/,-*,-0-+01$23*+#4$)-$5(6,7#0-$8,6+(9(#*#:$$
;,&(*$,-$810&#$0-<$=0--#6$;#0+(6#*$
!
!
!
!
!
17879:!;:!0<9=:!
!
!
!
!
*<>=<8:?7@=<!7?!,"@A>B9="C:!
'9D7C":E";:;7F!,"@A>B9="C:!2<8=>A>79:!
!
!
!
!
!
!
!
!
!
!
!
GHIH!
!
!
!
!
"!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
""!
!
#$%&'()%*+*'!*'!,%)-.+!
/+0#,*+*'!*'!,'1(+)!
*'2+(1+3'$1.!*'!,%$4#5)1%0+!4'(+,!'!(.36$%0+!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!"#$%&'()*)+),-$,.$+"#$/,-*,-0-+01$23*+#4$)-$5(6,7#0-$8,6+(9(#*#:$$
;,&(*$,-$810&#$0-<$=0--#6$;#0+(6#*$
!
!
!
!
!
!
17879:!;:!0<9=:!
!
!
*<>=<8:?7@=<!7?!,"@A>B9="C:!
'9D7C":E";:;7F!,"@A>B9="C:!2<8=>A>79:!
!
!
!
!
*"9978=:JK<!<8"7@=:;:!D<8F!
28<L799<8:!*<>=<8:!3:8":!M<K<!/87"=:9!
28<L799<8:!*<>=<8:!0E::8=N7!,7O7E=!
!
!
!
!
!
GHIH!
!
!
"""!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!"O!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!"#$%&'&()*+&+,*-./$'*+
!
!
!
*<C=<8:E!48:@=!!(7LP!)/(QR-*RGSTTTRGHHU!
!
O!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
O"!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!"#$%&'()%"*#
!
!
!
!
!
!
!
O""!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
O"""!
!
%&>-,?1#<9#4#-+*$
2>89>"@A!:!2WP*P!D8<N7C=!C:@!X7!X<=W!:!9=8799L>E!:@;!87Y:8;"@A!7VD78"7@C7P!3:@Z!
D7<DE7!W:O7!DE:Z7;!:!C8>C":E!8<E7!"@!=W"9!D8<C799[!W7ED"@A!?7!7"=W78!;"87C=EZ!<8!"@;"87C=EZ!
"@!=W7!W:DD"79=!:@;!=W7!=<>AW79=!?<?7@=9P!Q787!"9!:!9?:EE!=8"X>=7!=<!=W7?P!!
!
/"89=!<L!:EE[!%!Y<>E;!E"\7!=<!7VD8799!?Z!;77D!:@;!9"@C787!A8:="=>;7!=<!?Z!9>D78O"9<8!
28<LP!3:8":!M<K<!/87"=:9!:@;!=<!?Z!C<]9>D78O"9<8!28<LP!0E::8=N7!,7O7E=^!"=!Y:9!<@EZ!;>7!=<!
=W7"8!O:E>:XE7!A>";:@C7!=W:=!%!Y:9!:XE7!=<!C<?DE7=7!=W"9!;"9978=:="<@P!!
!
1<! 28<LP! 3:8":! M<K<! /87"=:9[! %! :?! =W:@\L>E! L<8! "@=8<;>C"@A! ?7! =<! =W7! Y<8E;! <L!
DW<@<E<A"C:E! :C_>"9"="<@! 8797:8CW! :@;! L<8! W78! W7ED! "@! ;7L"@"@A! ?Z! "@O79="A:="<@P! Q78!
C:87L>E! 87O"7Y! :@;! C<@9=8>C="O7! C8"="C"9?! W:9! D8<O";7;! :! 9<E";! X:9"9! L<8! =W7! D8797@=!
=W79"9P! %! Y<>E;! :E9<! E"\7! =<! 7VD8799! ?Z! ;77D79=! A8:="=>;7! L<8! W78! D87C"<>9! 9>DD<8=! :@;!
7@C<>8:A7?7@=!"@!=W7!W:8;79=!?<?7@=9P!
!
1<! 28<LP! 0E::8=N7! ,7O7E=[! %! :?! ;77DEZ! =W:@\L>E! L<8! W78! D:="7@=! 9>D78O"9"<@[! L<8! W78!
;7=:"E7;!:@;!>@="8"@A!87O"7Y9!:@;!7VC7EE7@=!:;O"C7!;>8"@A!=W7!D87D:8:="<@!<L!=W"9!=W79"9P!
`"=W<>=!W78!W7ED!:@;!W78!CW778L>E!7@=W>9":9?!%!C<>E;!@<=!W:O7!L"@"9W7;!?Z!;"9978=:="<@!
9>CC799L>EEZP! `<8;9! :87! @<=! 7@<>AW! =<! 7VD8799! ?Z! A8:="=>;7! L<8! W78! A87:=! W<9D"=:E"=Z!
;>8"@A! ?Z! O"9"=! =<! ,7";7@P! 3:@Z! =W:@\9! L<8! =W7! L8"7@;EZ! L:?"EZ! ;"@@789[! L<8! =W7!
7@=W>9":9="C!Y<8\"@A!:=?<9DW787!:@;!L<8!=W7!\@<YE7;A7!=8:@9L78P!
!
a>78<!=:?Xb?!:A8:;7C78!c9!D789<@:A7@9!D8"@C"D:"9!;79=7!79=>;<F!c!0E:8:[!:<!M<K<[!
c! ,>?:[! c! %@d9! 7! c! M<:@:P! '9=:! "@O79="A:JK<! @K<! D<;78":! =78! 9";<! 87:E"e:;:! 97?! :! O<99:!
D87C"<9:! C<E:X<8:JK<P! 3>"=<! <X8"A:;:! :"@;:! D7E<9! "@f?78<9! ?<?7@=<9! ;7! X<:!
;"9D<9"JK<! _>7! ?7! D8<D<8C"<@:8:?! @:! =8:@9C8"JK<! ;<9! ;:;<9[! :<! :99"9="8! c9! O<99:9!
=8:_>"@"C79! 7! X8"@C:;7"8:9P! +A8:;7J<! =:?Xb?! :! A7@78<9";:;7! ;<9! D:"9! ;7! =<;:9! 79=:9!
C8":@J:9!:<!:C<EW787?!:9!A8:O:Jg79!D78"h;"C:9[!@:9!9>:9!C:9:9P!+!O<99:!C<E:X<8:JK<!L<"!
D87C"<9:P! *7"V<! :_>"! :9! ?"@W:9! D:E:O8:9! ;7! :A8:;7C"?7@=<! c! "@O79="A:;<8:! )>9:@:!
0<887":[! D7E:! 87C<EW:! ;<9! ;:;<9! ;<! M<K<! 7! ;:! ,>?:! 7! c! 28<LP! 3:8":! M<K<! /87"=:9[! D7E:!
87C<EW:!;<9!;:;<9!;:!%@d9!7!;:!M<:@:P!
!
%! Y<>E;! :E9<! E"\7! =<! C<@O7Z! ?Z! ;77D! 87A:8;9! =<! =W7! 8797:8CW789! :=! =W7! ,7";7@!
#@"O789"=Z! 07@=87! L<8! ,"@A>"9="C9! i,#0,j[! L<8! =87:="@A! ?7! 9<! \"@;EZ! ;>8"@A! ?Z! 9=:Z! "@!
,7";7@P!)D7C":E!=W:@\9!=<!3:8"N@!O:@k=!&778[!L<8!=W7!lA>";7;!=<>8k!:=!=W7!-:XZ!,:X!:@;!=<!
3:8A:8"=:! 4>E":@[! L<8! =W7! L8"7@;EZ! L:?"EZ! ;"@@78! "@! +?9=78;:?! :@;! L<8! =W7! Y:8?! =7:!
X87:\9!:=!,#0,P!
!
/<8!=W7!C<EE7:A>79!:@;!L8"7@;9!:=!/:C>E;:;7!;7!,7=8:9!;:!#@"O789";:;7!;7!,"9X<:!
i/,#,j!?:@Z!=W:@\9!L<8!=W7!L8"7@;9W"D[!9>DD<8=!:@;!C<EE:X<8:="<@P!%!7VD8799!?Z!9D7C":E!
=W:@\9! =<! +@:! ,fC":! ):@=<9! :@;! =<! *"@:! +EO79[! Y"=W! YW<?! %! Y<8\7;! Y"=W! "@! =7:CW"@A!
!
"V!
D8<N7C=9P!%=!Y:9!:!DE7:9>87!=<!Y<8\!Y"=W!=W7?!:@;!=<!X7@7L"=!L8<?!=W7"8!\@<YE7;A7!:@;!
L8"7@;9W"DP!!!
!
1<!?Z!;7:8!2WP*P!C<EE7:A>79!)>9:@:!0<887":!:@;!,7=BC":!+E?7";:[!%!=W:@\!:EE!=W7!
A87:=!?<?7@=9[!=W7!W:DD"79=!:@;!=W7!9:;;79=[!9D7@=!=<A7=W78[!"@!2<8=>A:E!:@;!:X8<:;P!%!
87?7?X78! >9! 9=:@;"@A! "@! =W7! E"X8:8Z! :=! /,#,! i<>8! 97C<@;! W<?7[! L<8! 9<! ?:@Z! ?<@=W9j[!
:@;!Y<@;78"@A!W<Y!:@;!"L!Y7!Y787!7O78!A<"@A!=<!A7=!=<!=W7!7@;P!,<<\"@A!X:C\[!%!C:@!=7EE!
Z<>!=W:=!7O7@!"L!?Z!2WP*P!D8<N7C=!;";@k=!C<?7!=<!:@!7@;[!:EE!=W7!7LL<8=!Y<>E;!W:O7!X77@!
Y<8=WYW"E7!L<8!"=!A:O7!?7!=<!<DD<8=>@"=Z!=<!?77=!Z<>!X<=WP!!
1<! ,7=BC":[! l:! @<99:! ?7@"@:k! =W:@\! Z<>! L<8! =W7! L8"7@;9W"D! :@;! 9>DD<8=[! L<8! =W7!
\@<YE7;A7!=8:@9L78!:@;!O"=:E"=ZP!!
1<!)>9:@:[!?Z!;7:8!l+,-.&,#,-#./0[!"=!"9!W:8;!=<!L"@;!=W7!Y<8;9!=<!7VD8799!:EE!?Z!
A8:="=>;7P! 1W:@\! Z<>! L<8! =W7! C<>@=E799! ;"9C>99"<@9! <@! DW<@7="C! =8:@9C8"D="<@[!
DW<@<E<A"C:E!:C_>"9"="<@[!9=8799[!97A?7@=9!:@;mL77E"@A9^!=W:@\!Z<>!L<8!=:\"@A!C:87!<L!=W7!
D:D78! Y<8\! L<8! ?7! 7O78Z! ="?7! %! Y:9! @<=! "@! ,"9X<@! :@;! L<8! A7=="@A! :EE! =W<97! D:D789! %!
C<>E;@k=! L"@;! :@ZYW787P! 1W:@\! Z<>! L<8! Z<>8! >@="8"@A! L8"7@;9W"D! ;>8"@A! :EE! =W797! Z7:89!
:@;!L<8!9W<Y"@A!?7!=W:=!"=!"9!D<99"XE7!=<!9=:Z!D>=[!@<!?:==78!=W7!"@=7@9"=Z!<L!=W7!XE:9=P!!
%! Y<>E;! E"\7! =<! 87?7?X78[! %1# -,-"&%2-[! 1":A<! /87"=:9[! ?Z! C<@=788:@7:@!
C<EE7:A>7[!YW"CW!Y7!:EE!?"99!O78Z!?>CWP!%=!Y:9!:!DE7:9>87!=<!?77=!Z<>[!1":A<^!Z<>!Y"EE!
@7O78!X7!L<8A<==7@P!
!
%! :?! :E9<! "@;7X=7;! =<! =W7! 3&,4! =7:?[! 28<LP! )h@":! /8<=:[! 28<LP! 3:8"@:! &"An8"<! :@;!
28<LP! /78@:@;<! 3:8="@9! i,:X<8:=h8"<! ;7! /<@b="C:[! /,#,j! L<8! A"O"@A! ?7! :CC799! =<! =W"9!
7E7C=8<@"C!=<<E[!L<8!"?D8<O"@A!"=!"@!<8;78!=<!L>EL"EE!?Z!8797:8CW!@77;9!:@;!L<8!D8<O";"@A!
?7!Y"=W!D8<?D=!=7CW@"C:E!9>DD<8=!:@;!L8"7@;EZ!:;O"C7P!
!
%! :E9<! Y"9W! =<! =W:@\! 28<LP! /78@:@;<! 3:8="@9! L<8! W"9! 87:;"@799! =<! W7ED! ?7! "@! =W7!
:C<>9="C!:@:EZ9"9!<L!CW"E;!;:=:P!!
!
1<!=W7!8797:8CW!:@;!=7CW@"C:E!=7:?!<L!=W7!9<L=Y:87!45"1[!D:8="C>E:8EZ!=<!28<LP!oO:@!
(<97!:@;!=<!487A!Q7;E>@;[!%!:?!;77DEZ!=W:@\L>E!L<8!=W7!@7O787@;"@A!W7ED!"@!=W7!=79="@A!
DW:97!<L!=W7!;:=:X:97P!1<!oO:@[!%!:E9<!=W:@\!L<8!=W7!7O78]L8"7@;EZ!@:=>87!:@;!7@=W>9":9?P!!
1W"9!=W79"9!W:9!D:8=EZ!X77@!9>DD<8=7;!XZ!/>@;:JK<!D:8:!:!0"d@C":!7!17C@<E<A":[!
>@;78! C<@=8:C=! @>?X78! )/(QR-*RGSTTTRGHHU! :@;! XZ! *"87CJK<! (7A"<@:E! ;7! +CJK<!
';>C:="O:[!(7A"K<!+>=h@<?:!;:!3:;7"8:[!=W8<>AW!=W7!l'_>"D:8:JK<!:!-<E97"8<k!D8<A8:?P!
1W7"8!9>DD<8=!"9!A8:=7L>EEZ!:C\@<YE7;A7;P!!
%!Y<>E;!:E9<!E"\7!=<!C<@O7Z!?Z!;77D!87A:8;9!=<!)W:8<@7!-:C\789[!L<8!=W7!'@AE"9W!
87O"9"<@!<L!=W7!?:@>9C8"D=!:@;!L<8!:EE!=W7!9>AA79="<@9!<L!"?D8<O7?7@=P!
1<!?Z!C<EE7:A>79]L8"7@;9!:=!9CW<<E[!D:8="C>E:8EZ!=<!+@:!+9C7@9K<[!0:8E:!-:8X<9:[!
07CBE":!4<@J:EO79[!'E9:!,<?X:[!3:8=:!37@;79!:@;!)b8A"<!1<9C:@<[!%!Y:@=!=<!7VD8799!?Z!
!
V!
;77D!A8:="=>;7!L<8!Z<>8!W7ED!:@;!A>";:@C7!"@!?Z!87=>8@!=<!=7:CW"@AP!1W:@\!Z<>!L<8!Z<>8!
L8"7@;9W"D! :@;! L<8! D8<O";"@A! ?7! 9<! ?:@Z! l:E87:;Z! ?:;7k! Y<8\9W77=9! :@;! ;<C>?7@=9!
=W8<>AW<>=! =W7! E:9=! L7Y! ?<@=W9^! "@;"87C=EZ[! Z<>! Y787! :EE! A"O"@A! ?7! 9D:87! ="?7! =<!
C<?DE7=7!?Z!;"9978=:="<@P!o<>8!W7ED!Y:9!D8"C7E799p!
%! :E9<! Y"9W! =<! 7VD8799! ?Z! W7:8=L7E=! =W:@\9! =<! ?Z! L:?"EZ^! Y"=W<>=! =W7"8!
7@C<>8:A7?7@=!"=!Y<>E;!W:O7!X77@!"?D<99"XE7!L<8!?7!=<!L"@"9W!=W"9!Y<8\P!!
q!?:@:!)K<!7!:<!C>@W:;<!0:8E<9[!<X8"A:;:!D<8!:C7"=:87?!97?!C<X8:@J:9!<9!;":9!
D:99:;<9!7?!L87@=7!:<!C<?D>=:;<8[!97?!O<9!;:8!:!:=7@JK<!_>7!?787C7?P!.X8"A:;:!D<8!
?7!=787?!C8":;<!7!7;>C:;<[!D<8!@K<!?7!=787?!@7A:;<!:!<D<8=>@";:;7!;7!D8<997A>"8!<9!
?7>9! 79=>;<9P! .X8"A:;:! D<8! C<@="@>:87?! :! C>";:8! ;7! ?"?! "@;"87C=:?7@=7[! =<?:@;<!
C<@=:!;<9!?7>9!"@=7879979!7!;:!?"@W:!,>@:P!.X8"A:;:!D<8!7V"9="87?!@:!?"@W:!O";:P!
q!?:@:!/n="?:[!:A8:;7J<!"?7@9:?7@=7!:!A7@78<9";:;7!7!<!C:8"@W<!C<?!_>7!?7!
:C<EW7!7?!9>:!C:9:^!@:!87C=:!L"@:E!;:!79C8"=:!;:!;"9978=:JK<[!7?!_>7!@<9!79_>7C7?<9!;7!
@h9! D8hD8"<9[! b! ?>"=<! "?D<8=:@=7! =78! :EA>b?! :<! @<99<! E:;<! D:8:! 879<EO78! <9! :99>@=<9!
D8n="C<9! ;<! ;":! :! ;":P! '>! ="O7! :! 9<8=7! ;7! =78! C<?"A<! :! ?:@:! /n="?:! D:8:! ?7! L:e78! :9!
87L7"Jg79[!D:8:!=<?:8!C<@=:!;:!C:9:[!;:!8<>D:[!D:8:!879<EO78!<9!D8<XE7?:9!"@L<8?n="C<9m!
7!D:8:!<>O"8!D:C"7@=7?7@=7!:9!?"@W:9!L8>9=8:Jg79!7!:@9"7;:;79P!.X8"A:;:[!?:@:P!
q9! ?"@W:9! 9<X8"@W:9! $:=nE":[! )<L":! 7! %@d9[! :! _>7?! :?<! C<?<! L"EW:9[! :A8:;7J<! <!
C:8"@W<! 7! <! :D<"<! C<@9=:@=7P! q! $:=nE":[! :! @<99:! D9"ChE<A:[! :A8:;7J<! :! ?:=>8";:;7! 7! <!
7V7?DE<! ;7! L<8J:! ;7?<@9=8:;<[! c! )<L":[! :! @<99:! :C=8"e[! :! C<@9=:@=7! X<:! ;"9D<9"JK<! _>7!
"E>?"@:!_>:E_>78!:?X"7@=7!7!c!D7_>7@:!%@d9[!:!@<99:!?7@"@:[!:A8:;7J<!<9!X7"N"@W<9!7!<!
L:C=<!;7!?7!"@CE>"8!79D<@=:@7:?7@=7!@:9!9>:9!<8:Jg79!C<?!:!:Oh[!D7;"@;<!:!:N>;:!;"O"@:!
D:8:!_>7!l:!!,6/!@K<!L:J:!;"9D:8:=79!@<!C<?D>=:;<8kP!'9D78<!_>7!:9!=>:9!D87C79!=7@W:?!
9";<!<>O";:9[!?"@W:!7872+p!
q! 08"9="@:[! "8?K! ;<! C<8:JK<[! :A8:;7J<! <! C:8"@W<! 7! :! :?"e:;7! C<?! _>7! ?7!
D8797@=7":!;":8":?7@=7P!*>8:@=7!<9!;<"9!:@<9!7?!_>7!O"O"!7?!,"9X<:[!;79=7]?7!A>:8";:[!
L<9=7! :! ?"@W:! L:?BE":[! :! ?"@W:! A>":! D7E:! C";:;7! ;79C<@W7C";:[! :! ?"@W:! C<@L";7@=7! @<9!
X<@9!7!@<9!?:>9!?<?7@=<9P!$K<!W:O78":!D:D7E!@7?!D:E:O8:9!9>L"C"7@=79!D:8:!=7!;"e78!<!
_>:@=<!?7!9"@=<!:A8:;7C";:!D<8!=>;<!<!_>7!=7@9!L7"=<!D<8!?"?[!_>78";:!:?"A:p!
1<!M<K<[!%!Y:8?EZ!=W:@\!L<8!=W7!C<@9=:@=!7@C<>8:A7?7@=!"@!?Z!7@;7:O<89P!!
1<!?Z!L8"7@;!+@"=:[!%!:?!=W:@\L>E!L<8!=W7!C<@9=:@=!?<8:E!9>DD<8=P!
1<!?Z!L8"7@;!$>@<!17"V7"8:[!?Z!;77D79=!=W:@\9!L<8!7O78Z=W"@A!W7!;";!L<8!?7!"@!
,"9X<@[!L<8!W"9!A7@78<9"=Z[!L<8!W"9!9>DD<8=!:@;!L<8!W"9!L8"7@;9W"DP!
,:9=!X>=!@<=!E7:9=[!%!<Y7!?Z!E<O"@A!=W:@\9!=<!&"8ABE"<[!L<8!W"9!C<@="@><>9!=7@;78!
9>DD<8=P!1W:@\!Z<>!L<8!?:\"@A!?Z!E"L7!X7==78!:@;!L<8!:EE<Y"@A!?7!=<!;87:?!:A:"@P!1W"9!
;"9978=:="<@!"9!;7;"C:=7;!=<!Z<>P!
!
V"!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
V""!
!
!
@#*(4,$
$
!
.!<XN7C="O<!D8"@C"D:E!;79=:!"@O79="A:JK<!b!<!;7!C<@=8"X>"8!D:8:!<!D877@CW"?7@=<!;:!
E:C>@:! :C=>:E?7@=7! 7V"9=7@=7! @<! C<@W7C"?7@=<! ;:! L<8?:! C<?<! :9! C8":@J:9! 7?! L:97! ;7!
:_>"9"JK<!;<!2<8=>A>d9!'>8<D7>!i2'j!:;_>"87?!!<!9"9=7?:!C<@9<@r@="C<!;:!9>:!EB@A>:P!
+D79:8! ;7! 79=7! =78! C<@9="=>B;<! >?! =hD"C<! ;7! :@nE"97! L87_>7@=7! 7?! ;"O789:9! EB@A>:9!
i-78@:8;=!s!)=7?X78A78[!IttS^!,:?D87CW=!7=!:EP!GHHTj!7!;7!=78!"?DE"C:Jg79!_>78!:<!@BO7E!
;:! L<@<E<A":! =7h8"C:! _>78! 7?! n87:9! :DE"C:;:9! C<?<! :! L<@<E<A":! CEB@"C:! 7! <! 7@9"@<! ;:!
EB@A>:!i*"@@97@[!IttH^!4"78>=[!IttG^!3<=:[!IttU^!,:ee:8<==<]&<ECK<[!GHHtj[!:!:_>"9"JK<!
C<@9<@r@="C:!@K<!L<"!:EO<[!:=b!c!D8797@=7!;:=:[!;7!>?:!"@O79="A:JK<!7V:>9="O:!@<!2'P!
+! :_>"9"JK<! ;<! 9"9=7?:! C<@9<@r@="C<! 7@O<EO7! :! :D87@;"e:A7?! ;7! On8"<9! :9D7C=<9!
87E:C"<@:;<9! C<?! :! 79=8>=>8:! 9<@<8:! ;:! EB@A>:! :EO<[! @<?7:;:?7@=7! :! :_>"9"JK<! ;<9!
=8:J<9!;"9="@="O<9!_>7!C<?Dg7?!C:;:!97A?7@=<!iM:\<X9<@[!/:@=!s!Q:EE7[!ItuG^!0W<?9\Z!
s! Q:EE7[! ItUS^! ("C7! s! +O78Z[! Ittu^! 3<=:[! IttU^! -78@:8;=! s! )=7?X78A78[! IttS^!
,:?D87CW=!7=!:EP!GHHT^!0E7?7@=9[!GHHtjP!$79=:!"@O79="A:JK<[!<!L<C<!;7!:@nE"97!b!C<E<C:;<!
@<!;797@O<EO"?7@=<!;<9!=8:J<9!;7!2<@=<!;7!+8="C>E:JK<!i2+j!7!;7!3<;<!;7!+8="C>E:JK<!
i3+jP! '9=:! <DJK<! ?7=<;<EhA"C:! X:97":]97! @<! L:C=<! ;7! 79=:9! CE:9979! ;7! 2+! ;7! 3+!
:X8:@A787?! :! ?:"<8":! ;<9! =8:J<9! ;"9="@="O<9! _>7! C:8:C=78"e:?! :9! C<@9<:@=79! 7?! 2'[!
D78?"="@;<! :99"?! <X=78! >?:! D789D7C="O:! A78:E! 9<X87! :! :_>"9"JK<! ;<9! =8:J<9! @79=:!
O:8"7;:;7!;<!2<8=>A>d9P!!
2:8:!:Eb?!;7!:;_>"8"8!<!9"9=7?:!97A?7@=:E[!:!C8":@J:!=7?!=:?Xb?!;7!C<@9=8>"8!>?!
EbV"C<[! @<! _>:E! 9K<! :8?:e7@:;:9! :9! 87D8797@=:Jg79! L<@<EhA"C:9^! 79=:9! 87D8797@=:Jg79!
?7@=:"9! ;797?D7@W:?! >?! D:D7E! "?D<8=:@=7! _>78! @:! D78C7DJK<! _>78! @:! D8<;>JK<!
i/"\\78=[! GHHu[! GHHvjP! Qn[! @<! 7@=:@=<[! ?>"=:9! _>79=g79! _>7! D78?:@7C7?! 7?! :X78=<!
87E:="O:?7@=7!c!@:=>87e:!;79=:!87D8797@=:Jg79[!@<?7:;:?7@=7!i"j!C<?<!9K<!:;_>"8";:9^!
i""j!_>:E!<!97>!C<@=7f;<!i298)6:)%;,!<>!75%)9:+.,7%<%7jP!
!17@;<! 7?! C<@=:! <9! :9D7C=<9! 87L78";<9! :C"?:[! :! 79=:! ;"9978=:JK<! 9>XN:e7?! ;<"9!
<XN7C="O<9! D8"@C"D:"9F! ;79C87O78! <9! D:;8g79! ;7! :_>"9"JK<! ;<! 9"9=7?:! C<@9<@r@="C<! 7?!
2<8=>A>d9!'>8<D7>!7!C<@=8"X>"8!D:8:!:!;"9C>99K<!:C78C:!;:!@:=>87e:!;:9!87D8797@=:Jg79!
L<@<EhA"C:9!;:9!C8":@J:9!D<8=>A>79:9P!*7!L<8?:!:!:="@A"8!79=79!<XN7C="O<9[!9K<!7L7C=>:;<9!
_>:=8<! 79=>;<9! D8"@C"D:"9F! i"j! :@:E"9:]97! :! <8;7?! A78:E! ;7! :_>"9"JK<! ;<! 9"9=7?:!
C<@9<@r@="C<[!@<!C:DB=>E<!w^!i""j[!79=>;:]97!:!87E:JK<!7@=87!<!;797@O<EO"?7@=<!97A?7@=:E!
7! :! >@";:;7! D:E:O8:[! @<9! C:DB=>E<9! T! 7! u^! i"""j! ;"9C>=7]97! :9! L<8?:9! :E=78@:="O:9! ;7!
D8<;>JK<[!@<!C:DB=>E<!UP!'9=:!:@nE"97!b!X:97:;:!7?!;:;<9!E<@A"=>;"@:"9!79D<@=r@7<9!;7!
C"@C<!C8":@J:9[!7?!L:97!;7!:_>"9"JK<!;<!2'!C<?<!EB@A>:!?:=78@:E[!7@=87!<9!H^II!7!<9!T^IH[!
:D8<V"?:;:?7@=7P!+<!E<@A<!;:!;"9978=:JK<[!<9!;:;<9!;:!:_>"9"JK<!9K<!C<?D:8:;<9!C<?!
!
V"""!
;:;<9! 87E:="O<9! c! ;"9=8"X>"JK<! ;7! =8:J<9! ;7! 2+! 7! ;7! 3+! @>?! 7"&.8+! ;7! L:E:! ;<! :;>E=<!
iC<8D>9!4"&68'8=+#32)29"!]!%@9="=>=<!0:?g79R0,#,^!-:C7E:8[!2787"8:!s!):8:?:A<[!GHHH^!
X:97!;7!;:;<9!/872.2!x!/8<=:[!&"An8"<[!3:8="@9!s!08>e[!=<!:DD7:8j[!;7!L<8?:!:!79=>;:8!:!
87E:JK<! 7@=87! <9! D:;8g79! ;7! ;"9=8"X>"JK<! @:! L:E:! ;<! :;>E=<! 7! <9! D:;8g79! ;7! :_>"9"JK<P!
*<"9!D8<A8:?:9!"@L<8?n="C<9!L<8:?!>="E"e:;<9!D:8:!:!:@nE"97!;<9!;:;<9F!<!+"<6>2&,!45"1#
i(<97!7=!:E[!GHHUj[!>9:;<!D:8:!:!"@978JK<[!=8:@9C8"JK<!7!:@nE"97!;<9!;:;<9!;:!:_>"9"JK<!7!
<!+"<6>2&,!3&,4#i/8<=:[!&"An8"<!s!3:8="@9[!GHHUj[!D:8:!:!7V=8:CJK<!:>=<?n="C:!;7!;:;<9!
;7!L87_>d@C":!;:9!>@";:;79!97?"]L<@<EhA"C:9!@<!C<8D>9!;7!L:E:!;<!:;>E=<P!!
$<!_>7!;"e!879D7"=<!c!:@nE"97!;:!<8;7?!A78:E!;7!:_>"9"JK<!;<9!=8:J<9[!O78"L"C<>]
97!_>7[!7?!=78?<9!A78:"9[!!:9!C8":@J:9!D<8=>A>79:9!=7@;7?!:!:;_>"8"8!<!2+!D7E:!<8;7?!!
:@=78"<8!yy!@K<!:@=78"<8F!E:X":"9!7!C<8<@:"9!z{:@=|!9K<!:;_>"8";:9!:@=79!;7!C<8<@:E!z]:@=|!
7! ;7! ;<89:EP! a>:@=<! :<! 3+[! :9! C8":@J:9! :;_>"87?! :9! @:9:"9! 7! :9! <CE>9"O:9! :@=79! ;:9!
L8"C:="O:9[! 97@;<! :9! EB_>";:9! :9! fE="?:9! C<@9<:@=79! :! 7?78A"8P! '9=79! D:;8g79! A78:"9!
C<88<X<8:?! <9! 879>E=:;<9! <X=";<9! @<>=8:9! EB@A>:9! iM:\<X9<@[! ItTIRUS^! 3:=e7@:>78[!
IttH^! &"W?:@[! IttG^! ,7O7E=[! IttT^! /"\\78=[! IttT^! ,Eb<! 7=! :EP[! IttU^! -78@W:8;=! s!
)=7?X78A78[!IttS^!,:?D87CW=!7=!:EP!GHHTjP!!.X978O<>]97!:"@;:!_>7!:9!<CE>9"O:9!C<8<@:"9!
:D8797@=:?! >?! C<?D<8=:?7@=<! @K<! ?:8C:;<! @<! 9"9=7?:! L<@<EhA"C<! ;:9! C8":@J:9! D<"9[!
D:8:! :Eb?! ;7! 9787?! :;_>"8";:9! C7;<[! 9K<! =:?Xb?! >9:;:9! D:8:! 9>X9="=>"8! <>=8:9!
C<@9<:@=79!;7!:_>"9"JK<!?:"9!=:8;":P!
(7E:="O:?7@=7! c! 87E:JK<! 7@=87! :! :_>"9"JK<! 97A?7@=:E! 7! :! >@";:;7! D:E:O8:[!
O78"L"C<>]97! _>7! :9! D8"?7"8:9! D:E:O8:9! D8<;>e";:9! D7E:9! C"@C<! C8":@J:9! :D8797@=:?[! @:!
9>:!O:9=:!?:"<8":[!C<@9<:@=79!7?!+=:_>7!9"EnX"C<!_>7!D:8="EW:?!<9!=8:J<9!;7!2+!7!;7!3+!
iD:;8g79! z0}0|jP! 2:;8g79! 97?7EW:@=79! =d?! 9";<! ";7@="L"C:;<9! @<>=8:9! EB@A>:9[!
@<?7:;:?7@=7!@<!"@AEd9!i)=<7E]4:??<@[!GHHGj^!@<!W<E:@;d9!i,7O7E=[!IttT^!,:@A79E:A[!
GHHv^! /"\\78=! s! ,7O7E=[! GHHSj[! @<! 79D:@W<E! i3:C\7@[! Itvtj^! @<! :E7?K<! 7! @<! L8:@Cd9!
i+E=O:=78]3:C\7@97@[!;<9!):@=<9!s!/"\\78=[!GHHS^!+E=O:=78]3:C\7@97@!s!/"\\78=[!GHHtjP!
*>8:@=7!<!79=n;"<!z0}0|[!:!79D7C"L"C:JK<!;7!2+!7!;7!3+!;:9!C<@9<:@=79!D8<;>e";:9!D7E:9!
C8":@J:9!D<8=>A>79:9!C<"@C";7!?>"=<!L87_>7@=7?7@=7!C<?!:!79D7C"L"C:JK<!;:!C<@9<:@=7!
7?!:=:_>7!;:!9BE:X:!:C7@=>:;:!@:!D:E:O8:!:EO<^!D<8!7V7?DE<[!D:E:O8:9!C<?<!R!X"E#R!9K<!
D8<;>e";:9!C<?<!zD<!D#|[!R$#!D%YR!C<?<!zD:!X%Y|!<>!RE"!?#~Y~R!C<?<!!z?"!?#~Y~|P!0<?!X:97!
@79=79!;:;<9[!9>A787]97[!@79=:!;"9978=:JK<[!_>7!:9!C8":@J:9!97E7CC"<@:?!:!79D7C"L"C:JK<!
;7! 2+! 7! ;7! 3+! ;:! C<@9<:@=7! 7?! :=:_>7! ;:! 9BE:X:! :C7@=>:;:! ;<! :EO<[! :99<C":@;<! 799:!
79D7C"L"C:JK<! :! =<;:! :! >@";:;7! D:E:O8:[! c! 97?7EW:@J:! ;<! _>7! b! D8<D<9=<! D<8! /"\\78=! s!
,7O7E=!iGHHSj!7!,7O7E=!iIttT^!=<!:DD7:8j!D:8:!:!:_>"9"JK<!;<!=8:J<9!;7!2+!7?!W<E:@;d9P!!
!
V"O!
.9!;:;<9!?<9=8:8:?!:"@;:!_>7!:9!C<?X"@:Jg79!W7=78<Ab@7:9!_>:@=<!:<!2+!7!:<!
3+! C<@9<@r@="C<! iz0•0|j! @K<! 79=K<! ;"9D<@BO7"9! ;79;7! <! "@BC"<! ;:! D8<;>JK<[! 97@;<!
:;_>"8";:9! ;7! L<8?:! A8:;>:EP! $<! _>7! ;"e! 879D7"=<! :<9! D:;8g79! z02<+•02<+|[! ?<9=8<>]97!
_>7!!z,:Xm0<8|!7!z*<8m0<8|!9K<!:9!D8"?7"8:9!97_>d@C":9!:;_>"8";:9[!<!_>7!:D<@=:!D:8:!
<! 79=:=>=<! @K<! ?:8C:;<! ;79=:9! 79=8>=>8:9! @<! 9"9=7?:! ;:9! C8":@J:9P! a>:@=<! :<! 3+!
<X978O<>]97! _>7[! 7?! A78:E[! :9! D8"?7"8:9! 97_>d@C":9! C<@=d?! >?:! <CE>9"O:! @>?:! ;:9!
D<9"Jg79! ;:! D:E:O8:[! 7@_>:@=<! _>7! :9! C<?X"@:Jg79! :;_>"8";:9! ?:"9! =:8;":?7@=7!
7@O<EO7?!9<:@=79!7!L8"C:="O:9P!3<9=8<>]97!:"@;:!_>7!<9!=8:J<9!=7@;7?!:!978!:;_>"8";<9!
D<8!D<9"JK<^!D<8!7V7?DE<[!,:X":E!7?78A7!D8"?7"8<!7?!D<9"JK<!"@"C":E!;7!D:E:O8:!i0Ij!7!
9h! ?:"9! =:8;7! 7?! D<9"JK<! "@=78O<CnE"C:! i0Gj[! :<! D:99<! _>7! :9! EB_>";:9! 9K<! :;_>"8";:9!
D8"?7"8<! 7?! 0G! 7! 9h! ;7D<"9! 7?! 0IP! '9=:! :_>"9"JK<! A8:;>:E! 879>E=:! 7?! :99"?7=8":9!
D<9"C"<@:"9!@:9!D8<;>Jg79!;:9!C8":@J:9P!&78"L"C<>]97!=:?Xb?!_>7!>?!;7=78?"@:;<!=8:J<!
D<;7! 79=:8! :;_>"8";<! @>?:! ;7=78?"@:;:! D<9"JK<! 7?! L<8?:9! 0&! <>! 0&&[! ?:9! 978!
9>X?7=";<!:!79=8:=bA":9!;7!D8<;>JK<!:E=78@:="O:!!7?!97_>d@C":9!z0•0|P!2<8!7V7?DE<[!:<!
?79?<!=7?D<!_>7!>?:!C8":@J:!<?"=7!E:=78:"9!7?!0I!7?!C<?X"@:Jg79!z,:=m)=<D|!i)"?"!
R!E<X>R]yz!<X>|! ,>?:[! G^Uj! 7E:! Nn! D8<;>e! C<887C=:?7@=7! L<8?:9! 0&! C<?<! i)2'"! R!E:&>R]
yz!E:'|!,>?:[!G^TjP!'9=79!;:;<9!9>A787?!_>7!<!79=>;<!;:!:_>"9"JK<!;<9!=8:J<9!;"9="@="O<9!
;7O7!L<C:8!@K<!9h!<!;797@O<EO"?7@=<!D<8!D<9"JK<!@:!D:E:O8:!?:9!=:?Xb?!:9!"@=78:CJg79!
_>7! <C<887?! 7@=87! :9! ;>:9! D<9"Jg79[! c! 97?7EW:@J:! ;<! _>7! b! ;7L7@;";<! @<! =8:X:EW<! ;7!
,:@A79E:A!iGHHvjP!!
+! :@nE"97! ?<9=8<>! :"@;:! _>7[! @:9! D8"?7"8:9! 9799g79[! 7V"9=7?! ?>"=:9!
;"9C87Dr@C":9!7@=87!:!L87_>d@C":!C<?!_>7!<9!;"L787@=79!=8:J<9!;7!2+!7!;7!3+!:D:87C7?!
@<!C<@N>@=<!;7!D:E:O8:9!_>7!:9!C8":@J:9!=7@=:?!D8<;>e"8!!i%162;,j#7!:#;"9=8"X>"JK<!;79=79!
=8:J<9! @:! D:E:O8:9! _>7! C<@9=:?! ;<! 7"&.8+! ;7! L:E:! ;<! :;>E=<P! 2<8! 7V7?DE<[! :9! C8":@J:9!
97E7CC"<@:?!D:E:O8:9!C<?!<!=8:J<!,:X":E!?:"9!L87_>7@=7?7@=7!;<!_>7!0<8<@:E[!7?X<8:!
0<8<@:E!97N:!<!=8:J<!?:"9!L87_>7@=7!@:!D:E:O8:9!_>7!C<@9=:?!;<!7"&.8+!;7!L:E:!;<!:;>E=<P!
*"9C87Dr@C":9! 97?7EW:@=79! L<8:?! ";7@="L"C:;:9! 7@=87! :! <8;7?! A78:E! ;7! :_>"9"JK<! ;<9!
=8:J<9! 7! :! ;"9=8"X>"JK<! ;<9! ?79?<9! @:! L:E:! ;<! :;>E=<P! (79>E=:;<9! 9"?"E:879! L<8:?!
87D<8=:;<9! @<! W<E:@;d9! i,7O7E=! s! O:@! .<9=7@;<8D[! GHHvj! 7! @<! L8:@Cd9! i*<9! ):@=<9[!
GHHvjP! 0<@=>;<[! :! D:8="8! ;7! >?! ;7=78?"@:;<! 79=n;"<! ;7! ;797@O<EO"?7@=<[! 7?! _>7! :9!
C8":@J:9!D<8=>A>79:9!C<?7J:?!:!:;_>"8"8!C<?X"@:Jg79!W7=78<Ab@7:9!_>:@=<!:<!2+!7!:<!
3+! i:! D:8="8! ;<9! I^S[! :D8<V"?:;:?7@=7j[! :! <8;7?! ;7! :_>"9"JK<! ;<! D:;8g79! z0•0|!
C<"@C";7[! ;7! >?! ?<;<! A78:E[! C<?! :! ;"9=8"X>"JK<! ;79=:9! 97_>d@C":9! @:! L:E:! ;<! :;>E=<F!
z,:XPPP0<8|! 7! z*<8PPP0<8|! 9K<! :9! ?:"9! L87_>7@=79! @<! 7"&.8+! ;<! :;>E=<! 7! 9K<! :;_>"8";:9!
C7;<^! z$:9PPP.CE|[! z)=<DPP$:9|[! z.CEPPP/8"C|! 7! z.CEPPP,:=|! 79=K<! =:?Xb?! 7@=87! :9! D8"?7"8:9!
!
VO!
97_>d@C":9! :;_>"8";:9! 7! 9K<! L87_>7@=79! @:! L:E:! ;<! :;>E=<P! q! 97?7EW:@J:! ;<! _>7! L<"!
O78"L"C:;<! D:8:! <! W<E:@;d9! 7?! /"\\78=! s! ,7O7E=! iGHHSj[! <9! D:;8g79! ;7! ;"9=8"X>"JK<! ;<!
:EO<! @K<! 97! 87LE7C=7?! "?7;":=:?7@=7! @<9! D:;8g79! "@"C":"9! ;7! :_>"9"JK<[! ?:9! :D7@:9! :!
D:8="8!;7!>?!;7=78?"@:;<!79=n;"<!;7!;797@O<EO"?7@=<P!
!
2:E:O8:9]CW:O7F!:_>"9"JK<[!C<@9<:@=79[!=8:J<9[!87D8797@=:Jg79!L<@<EhA"C:9!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
VO"!
%A*+60&+$
1W"9!;"9978=:="<@!:"?9!=<!C<@=8"X>=7!=<!L"EE"@A!=W7!A:D!<@!=W7!\@<YE7;A7!<L!W<Y!
'>8<D7:@! 2<8=>A>797! i'2j! CW"E;87@! :C_>"87! =W7! C<@9<@:@=:E! 9Z9=7?! <L! =W7"8! E:@A>:A7P!
1Y<! A7@78:E! A<:E9! >@;78E"7! =W"9! ;"9978=:="<@F! =<! ;79C8"X7! =W7! D:==78@9! <L! :C_>"9"="<@! <L!
=W7!C<@9<@:@=:E!9Z9=7?!"@!'2[!L<C>9"@A!<@!DE:C7!:@;!?:@@78!L7:=>879[!:@;!=<!C<@=8"X>=7!
L<8!=W7!;"9C>99"<@!<L!=W7!@:=>87!<L!2<8=>A>797!CW"E;87@k9!DW<@<E<A"C:E!87D8797@=:="<@9P!!
+"?"@A!=<!:CW"7O7!=W797!A<:E9[!L<>8!?:"@!9=>;"79!Y787!C:88"7;!<>=F!Y7!:@:EZe7;!
=W7! A7@78:E! <8;78! <L! :C_>"9"="<@! <L! =W7! C<@9<@:@=:E! "@O7@=<8Z^! 9=>;"7;! =W7! 87E:="<@!
X7=Y77@! 97A?7@=:E! ;7O7E<D?7@=! :@;! =W7! Y<8;! :@;! L<C>97;! <@! =W7! :E=78@:="O7! L<8?9!
CW"E;87@!D8<;>C7!YW7@!:==7?D="@A!D8<XE7?:="C!=:8A7=!L<8?9P!!
1W7! 9=>;"79! C<@;>C=7;! "@! =W"9! ;"9978=:="<@! Y787! X:97;! <@! 9D<@=:@7<>9!
E<@A"=>;"@:E!;:=:!<L!L"O7!CW"E;87@!:C_>"8"@A!'2!:9!=W7"8!L"89=!E:@A>:A7[!X7=Y77@!H^II!:@;!
T^IH!i:DD8<V"?:=7EZjP!1W8<>AW<>=!=W7!;"9978=:="<@[!:C_>"9"="<@!D:==78@9!Y787!C<?D:87;!
Y"=W! ;"9=8"X>="<@:E! ;:=:! <L! '2! :;>E=! E:@A>:A7[! "@! <8;78! =<! CW7C\! "L! =W7! ;"9=8"X>="<@! <L!
L7:=>879!"@!:;>E=!9D77CW!C<>E;!X7!87E:=7;!=<!=W7!<8;78!<L!:C_>"9"="<@!iM>9CeZ\!,6#2)@!IttT^!
';Y:8;9!s!-7C\?:@[!GHHvjP!
!.@7! <L! =W7! C8>C":E! L"@;"@A9! <L! =W"9! "@O79="A:="<@! "9! =W7! L:C=! =W:=! =W7! >@"=! <L!
9D7C"L"C:="<@! <L! DE:C7! :@;! ?:@@78! L7:=>879! "9[! :=! =W7! X7A"@@"@A! <L! ?7:@"@AL>E! 9D77CW[!
W"AW78! =W:@! =W7! 97A?7@=P! 1W"9! 9>D8:997A?7@=:E! 9D7C"L"C:="<@! >@;78E"79! =W7! L"O7!
CW"E;87@k9! D8<;>C="<@9! >@="E! :=! E7:9=! =W7! :A7! <L! I^S[! 879>E="@A! "@! z0}0|! <>=D>=! L<8?9P!
)"?"E:8!879>E=9!Y787!87D<8=7;!"@!*>=CW!i,:@A79E:A[!GHHv^!/"\\78=!s!,7O7E=[!GHHSjP!!
+9! L<8! =W7! ;7O7E<D?7@=! <L! z0•0|! D8<;>C="<@9[! "=! <CC>89! A8:;>:EEZ! :@;! "9!
"@LE>7@C7;!XZ!D<9"="<@:E!:@;!C<?X"@:=<8":E!879=8"C="<@9P!1W7!;"LL787@=!=ZD7!<L!:E=78@:="O7!
<>=D>=! L<8?9! =W:=! <CC>8! "@! z0}0|! :@;! z0•0|! 9=:A79! :EE<Y7;! L<8! =W7! ;"9C>99"<@! <L!
CW"E;87@k9!>@;78EZ"@A!87D8797@=:="<@9!"@!=W7!=Y<!;7O7E<D?7@=:E!="?7!L8:?79P!
1W7! L"@;"@A9! ;"9C>997;! "@! =W"9! ;"9978=:="<@! :87! "?D<8=:@=! @<=! <@EZ! =<!
DW<@<E<A"C:E! =W7<8Z! X>=! :E9<! =<! <=W78! E"@A>"9="C]87E:=7;! L"7E;9[! @:?7EZ! 7;>C:="<@:E! :@;!
CE"@"C:EP!
!
€7ZY<8;9F!C<@9<@:@=:E!:C_>"9"="<@[!L7:=>879[!DW<@<E<A"C:E!87D8797@=:="<@9!
!
!
!
!
!
$
!
VO""!
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
!
! VO"""!
$
234A,1*$0-<$0AA6#B)0+),-*$
0!
0<@9<@:@=!
0 I!
0<@9<@:@=!"@!<@97=[!Y<8;]"@"=":E!D<9"="<@!
0 G!
0<@9<@:@=!"@!<@97=[!"@=78O<C:E"C!D<9"="<@!
&!
&<Y7E!
4!!
4E";7!
2<+!
2E:C7!<L!:8="C>E:="<@!L7:=>879!
3<+!
3:@@78!<L!:8="C>E:="<@!L7:=>879!
,:X!
,:X":E!
0<8!
0<8<@:E!
*<8!
*<89:E!
$:9!
$:9:E!
/8"C!
/8"C:="O7!
,"_!
,"_>";!
,:=!
,:=78:E!
(W<=!
(W<="C!
z0}0|!!
/<8?!YW787!=W7!C<@9<@:@=9!"@!<@97=!9W:87!DE:C7!<8!?:@@78!L7:=>87!9D7C"L"C:="<@!
z0•0|!!
/<8?!YW787!=W7!C<@9<@:@=9!"@!<@97=!;"LL78!"@!DE:C7!<8!?:@@78!L7:=>87!9D7C"L"C:="<@!
z0"&"!0"&"|!!
/<8?!YW787!C<@9<@:@=9!:@;!O<Y7E9!9W:87!DE:C7!<8!?:@@78!L7:=>87!9D7C"L"C:="<@!
z0"&N0"&N|!!
/<8?!YW787!C<@9<@:@=9!;"LL78!L8<?!O<Y7E9!"@!DE:C7!<8!?:@@78!9D7C"L"C:="<@!!
z02<+}02<+|!! /<8?!YW787!=W7!C<@9<@:@=9!"@!<@97=!9W:87!DE:C7!L7:=>87!9D7C"L"C:="<@!
z02<+•02<+|!! /<8?!YW787!=W7!C<@9<@:@=9!"@!<@97=!!;"LL78!"@!DE:C7!L7:=>87!9D7C"L"C:="<@!
z03<+}03<+|!! /<8?!YW787!=W7!C<@9<@:@=9!"@!<@97=!9W:87!?:@@78!L7:=>87!9D7C"L"C:="<@!
z03<+•03<+|!! /<8?!YW787!=W7!C<@9<@:@=9!"@!<@97=!!;"LL78!"@!?:@@78!L7:=>87!9D7C"L"C:="<@!
'2!
'>8<D7:@!2<8=>A>797!
-2!
-8:e"E":@!2<8=>A>797!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
V"V!
!
!
!
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
!
! VV!
$
C8%$*34A,1*$$
$
•
/,-*,-0-+*$$
)=<D9!
$:9:E9!
/8"C:="O79!
,"_>";9!
zD|!D:=:^!zX|!X:=:^!z=|!L:=<^!z;|!L:;<^!z\|!C<E:^!z&|!A<E:!
$
zL|!L:C:^!zO|!O:C:^!z9|!C:J:^!ze|!C:9:^!z$|!CWn^!z(|!Nn!
$
z?|!?<=:^!z@|!@<=:^!z)|!?:@W:!
!
zE|!?:E:^!z*|!C:8<^!z+|!?:EW:^!z,|!C:E;<^!z-|!C:88<$
!
•
D,?#1*!
.8:E!
z:|!Dn[!z%|!Db[!z"|!Dh[!z#|!C:?:[!z7|!C7@:[!z<|!X<E<[!z"|!L"=:[!z.|!D7@=7[!z>|!L>?<$
$:9:E!
z#/|!C:@=<[!ze~|!E7@=7[!zg|!D<@=7[!z•|!="@=:[!z‚|!?>@;<$
!
•
E1)<#*! !
.8:E!
zN|!D:"[!zY|!D:>$
$:9:E!
zN~|!?K7[!zw/|!DK<$
!
•
86)4063$?,6<$*+6#**!]!!z!|!D:=>!z!patu|!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
VV"!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
! VV""!
!"#$%&'(&)'*+%*+,&
)-".+%/&0&1&2*+/'345+6'*777777777777777777777777777777777777777777777777777777777777777777777777777777777777777770!
)-".+%/&8&9&:%+-'3'$';<7777777777777777777777777777777777777777777777777777777777777777777777777777777777777777=!
$%&!'()!*+,-#.#/#01!2*/*%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%3!
!"#"#$%&'()*+,$-./$/-+-$*011)*+20."""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""3!
!"#"!$34-.,*425+20.$*42+)42-$-./$+6)$,07+8-4)$960.""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""4!
$%$!'()!56!*2-7/!.8))+(!.*987)!*12!/()!.0:/;*<)!:4)9""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""&&!
)-".+%/&>&1&!-%&3%?%$'.@%*+&'(&+-%&5'*,'*"*+"$&6*?%*+'/<7777777777777777777777777777777770>!
=%&!>).)*<+(!01!/()!*+,-#.#/#01!0:!+01.01*1/*7!#1?)1/0<#).%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%&@!
;"#"#$34)./,$2.$+6)$/)<)105=).+$07$=-..)4$7)-+&4),""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""%&A!
;"#"!$34)./,$2.$+6)$/)<)105=).+$07$51-*)$7)-+&4),""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""&B!
;"#";$%&',+2+&+20.$5-++)4.,"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""%&C!
;"#">$?.5&+@$2.+-A)$-./$-*B&2,2+20.$5-++)4.,"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""%$D!
=%$!E01.01*1/.!#1!5-<08)*1!60</-F-).)G!/()!/*<F)/!.H./)9%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%$&!
=%=!I-99*<H!*12!<).)*<+(!,-)./#01.%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%$=!
=%@!J)/(02%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%$A!
=%A!K+,-#.#/#01!0:!/()!+01.01*1/*7!.H./)9!#1!56G!<).-7/.%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%$B!
;"C"#$D).)4-1$04/)4$07$/)<)105=).+ """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""$3!
;"C"!$$$%&',+2+&+20.$5-++)4.,$704$51-*)$-./$=-..)4$7)-+&4),"""""""""""""""""""""""""""""""""""""""""""""""""""""""%=A!
;"C";$36)$-*B&2,2+20.$07$,+05, """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""@B!
!!!!$;"C">$36)$-*B&2,2+20.$07$.-,-1,%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%A@!
;"C"C$36)$-*B&2,2+20.$07$742*-+2<),"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""B&!
;"C"E$36)$-*B&2,2+20.$07$12B&2/,""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""B3!
;"C"F$:&4+6)4$*0==).+,$0.$+6)$2.+-A) """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""3$!
;"C"G$%&==-4H""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""3=!
=%B!L#.+-..#01%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%33!
=%3!E01+7-2#1F!<)9*<M. %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%C$!
)-".+%/&A&1&B$"5%&"*3&@"**%/&(%"+4/%,&6*&%"/$<&C'/3,777777777777777777777777777777777777777777DE!
@%&!I/-2#).!01!/()!2)?)7089)1/!0:!:)*/-<)!8*//)<1.!#1!)*<7H!;0<2. %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%CA!
>"#"#$I$=0/)1$704$+6)$/)<)105=).+$07$51-*)$7)-+&4)$5-++)4., """"""""""""""""""""""""""""""""""""""""""""""""""""""C3!
>"#"!$I$=0/)1$704$+6)$/)<)105=).+$07$=-..)4$7)-+&4)$5-++)4.,"""""""""""""""""""""""""""""""""""""""""""""""""4D!
>"#";$J012,+2*$4)54),).+-+20.,$-./$*621/4).K,$1)L2*0. """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""4&!
@%$!'()!/*<F)/!.H./)9%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%4$!
!
! ""###!
@%=!I-99*<H!*12!<).)*<+(!,-)./#01.%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%4A!
@%@!J)/(02 %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%4B!
@%A!67*+)!:)*/-<)!+0980.#/#01!0:!)*<7H!;0<2.!#1!56G!>).-7/.%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%4C!
>"C"#$M2,+42'&+20.$07$NO90IPO90IN$-./$NO90IQO90IN$5-++)4.,$2.$2.+-A)$704=, """"""""""""""""""""""""""4C!
>"C"!$M2,+42'&+20.$07$RO90IPO90IS$-./$RO90IQO90IS$5-++)4.,$2.$0&+5&+$704=, """"""""""""""""""""""""" &D&!
>"C";$M2,+42'&+20.$07$51-*)$7)-+&4),$2.$RO90IPO90IS$540/&*+20.,"""""""""""""""""""""""""""""""""""""""""""""""" &DA!
>"C">$T08)1$,5)*272*-+20.$2.$)-41H$804/, """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &D3!
@%B!J*11)<!:)*/-<)!+0980.#/#01!0:!)*<7H!;0<2.!#1!56G!>).-7/.%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% &&$!
>"E"#$M2,+42'&+20.$07$NOU0IPOU0IN$-./$NOU0IQOU0IN$5-++)4.,$2.$2.+-A)$704=, """""""""""""""""""" &&$!
>"E"!$M2,+42'&+20.$07$ROU0IPOU0IS$-./$ROU0IQOU0IS$5-++)4.,$2.$0&+5&+$704=, """""""""""""""""""""" &&B!
>"E";$M2,+42'&+20.$07$=-..)4$7)-+&4),$2.$ROU0IPOU0IS$540/&*+20., """"""""""""""""""""""""""""""""""""""""" &&4!
@%3!I-99*<H!0:!/()!9*#1!:#12#1F.%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% &$&!
@%C!L#.+-..#01%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% &$@!
@%4!E01+7-2#1F!<)9*<M. %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%&=D!
)-".+%/&E&1&!-%&3%?%$'.@%*+&'(&F)G)H&('/@,7777777777777777777777777777777777777777777777777777770>0!
A%&!'()!*+,-#.#/#01!0:!NEOEP!+09Q#1*/#01.%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% &=&!
C"#"#$V)504+,$0.$+6)$-*B&2,2+20.$07$51-*)$7)-+&4)$5-++)4., """""""""""""""""""""""""""""""""""""""""""""""""""""""" &=$!
C"#"!$V)504+,$0.$+6)$-*B&2,2+20.$07$=-..)4$7)-+&4)$5-++)4., """"""""""""""""""""""""""""""""""""""""""""""""""" &=A!
C"#";$I*B&2,2+20.$5-++)4.,$-./$+6)$/)<)1052.W$1)L2*0. """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &=C!
C"#">$36)$401)$07$2.5&+$74)B&).*H$2.$+6)$-*B&2,2+20.$07$ROQOS$5-++)4., """"""""""""""""""""""""""""""""" &=4!
A%$!L#./<#Q-/#01*7!8<08)</#).!#1!*2-7/!.8))+(%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% &@&!
A%=!I-99*<H!*12!<).)*<+(!,-)./#01.%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% &@$!
A%@!J)/(02 %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% &@@!
A%A!'()!*+,-#.#/#01!0:!87*+)!:)*/-<)!8*//)<1.!#1!56 %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% &@B!
C"C"#$D).)4-1$04/)4$07$-*B&2,2+20.$07$RO90IQO90IS$704=,"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &@B!
C"C"!$X4/)4$07$-*B&2,2+20.@$5)4$804/$50,2+20.""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &A&!
C"C";$36)$-*B&2,2+20.$07$51-*)$*0.+4-,+, """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &A$!
C"C">$V)1-+20.$')+8)).$O#$-./$O!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &AB!
A%B!'()!*+,-#.#/#01!0:!9*11)<!:)*/-<)!8*//)<1.!#1!56 %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% &A4!
C"E"#$D).)4-1$04/)4$07$-*B&2,2+20.$07$ROU0IQOU0IS$704=, """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &A4!
C"E"!$X4/)4$07$-*B&2,2+20.@$5)4$804/$50,2+20.""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &B@!
C"E";$36)$-*B&2,2+20.$07$=-..)4$*0.+4-,+, """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &BB!
C"E">$V)1-+20.$')+8)).$O#$-./$O!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &B4!
A%3!I-99*<H %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% &3=!
A%C!L#.+-..#01%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% &3@!
!
""#?!
A%4!E01+7-2#1F!<)9*<M. %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%&CA!
)-".+%/&I&1&)-6$3/%*J,&"$+%/*"+6?%&'4+.4+&('/@,&77777777777777777777777777777777777777777777777770D=!
B%&!E<0..R7#1F-#./#+!*7/)<1*/#?)!./<*/)F#).!#1!+(#72<)1S.!.8))+( %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% &CC!
E"#"#$V)/&512*-+20. """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &CC!
E"#"!$O0.,0.-.+$6-4=0.H""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &C4!
E"#";$U)+-+6),2,""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &43!
E"#">$%&',+2+&+20.$5-++)4.,%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% &4C!
E"#"C"$Y)L2*-1$,)1)*+20."""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &44!
B%$!I-99*<H!*12!<).)*<+(!,-)./#01.%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% $DD!
B%=!J)/(02 %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% $D$!
B%@!K7/)<1*/#?)!./<*/)F#).!:0<!TE60KOE60KT!/*<F)/.!#1!56 %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%$DA!
E">"#$I++)=5+2.W$NO90IQO90IN$5-++)4.,"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" $DA!
E">"!$I1+)4.-+2<)$0&+5&+$704=,Z$-.$0<)4<2)8"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" $&&!
E">";$I1+)4.-+2<)$0&+5&+$704=,$2.$+6)$RO90IPO90IS$,+-W) """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" $&=!
E">">$I1+)4.-+2<)$0&+5&+$704=,$2.$+6)$RO90IQO90IS$,+-W) """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" $&A!
B%A!K7/)<1*/#?)!./<*/)F#).!:0<!TEJ0KOEJ0KT!/*<F)/.!#1!56 %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%$$D!
E"C"#$I++)=5+2.W$NOU0IQOU0IN$5-++)4.,""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" $$D!
E"C"!$I1+)4.-+2<)$0&+5&+$704=,Z$-.$0<)4<2)8"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" $$&!
E"C";$I1+)4.-+2<)$0&+5&+$704=,$2.$+6)$ROU0IPOU0IS$,+-W)"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" $$A!
E"C">$I1+)4.-+2<)$0&+5&+$704=,$2.$+6)$ROU0IQOU0IS$,+-W)"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" $$B!
B%B!I-99*<H %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% $=$!
B%3!L#.+-..#01%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% $=@!
B%C!U#1*7!<)9*<M. %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% $@A!
)-".+%/&=&9&)'*5$4,6'*77777777777777777777777777777777777777777777777777777777777777777777777777777777777777778A=!
!"#"$"%&"'%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%()*!
!
K88)12#"!K%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%$3&!
K88)12#"!V%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%$3=!
K88)12#"!E%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%$3A!
K88)12#"!L%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%$34!
K88)12#"!5%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%$C3!
K88)12#"!U%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%$4=!
K88)12#"!W%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%$43!
K88)12#"!X%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%=D&!
K88)12#"!Y%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%=$4+
!
""?!
!
!
!
""?#!
!"#$%&'()(*(+,%'-./!%+-,(
!
#$%! &'()! %*+,),-.! /$01(%! )'! $%10! ,-! (+,%-+%2! )$%! '-%! )$1)! $%0134(! &'()! 4,(+'5%0,%(2! ,(! -')!
!"#$%&'(!!67!8'9-4!,):;!<9)!!)*'+,-./#001222!.!7(11+!=(,&'5!
!
!
#>'! .%-%013! .'13(! 9-4%03,%! )$%! +900%-)! 4,((%0)1),'-?! )'! 4%(+0,<%! )$%! /1))%0-(! '8!
1+@9,(,),'-!'8!)$%!+'-('-1-)13!(A()%&!,-!B90'/%1-!C'0)9.9%(%!6BC;!1-4!)'!+'-)0,<9)%!)'!
)$%!4,(+9((,'-!'8!)$%!-1)90%!'8!C'0)9.9%(%!+$,340%-D(!/$'-'3'.,+13!0%/0%(%-)1),'-(E!
!
!
=+@9,0,-.! )$%! +'-('-1-)13! (A()%&! ,&/3,%(! 3%10-,-.! (%5%013! 1(/%+)(! 0%31)%4! )'! )$%!
('9-4! ()09+)90%! '8! )$%! )10.%)! 31-.91.%2! -1&%3A! >$,+$! ('9-4(! 10%! +'-)01(),5%! 1-4! $'>!
)$%(%!('9-4(!10%!4,()0,<9)%4!>,)$,-!>'04(!1-4!(A331<3%(E!F90)$%0&'0%2!)$%!4%5%3'/&%-)!
'8!)$%!(%.&%-)13!(A()%&!0%(93)(!13('!80'&!)$%!.014913!1+@9,(,),'-!'8!)$%!('9-4(D!&,-,&13!
9-,)(?! )$%! 4,(),-+),5%! 8%1)90%(! 6G1H'<('-2! F1-)! I! J133%2! "KLMN! O$'&(HA! I! J133%2! "KPQN!
R,+%!I!=5%0A2!"KKLN!S')12!"KKPN!T%0-104)!I!U)%&<%0.%02!"KKQN!V1&/0%+$)!%)!13E!MWWXN!
O3%&%-)(2! MWWK2! 1&'-.! &1-A! ')$%0(;E! 7-! )$%! +900%-)! ,-5%(),.1),'-2! >%! >,33! ()94A! )$%!
1+@9,(,),'-!'8!)$%!+'-('-1-)13!(A()%&2!8'+9(,-.!'-!/31+%!1-4!&1--%0!8%1)90%(E!!
!
7-!144,),'-!)'!1+@9,0,-.!)$%!(%.&%-)13!(A()%&2!+$,340%-!-%%4!)'!<9,34!1!3%*,+'-2!,-!
>$,+$! /$'-'3'.,+13! 0%/0%(%-)1),'-(! 10%! ()'0%4! 6F,HH%0)2! MWWY;E! #$%(%! &%-)13!
0%/0%(%-)1),'-(!10%!1((9&%4!)'!/31A!1-!,&/'0)1-)!0'3%!<')$!,-!)$%!0%+'.-,),'-!1-4!,-!)$%!
/0'49+),'-!'8!>'04(E!J'>%5%02!)$%0%!10%!(),33!&1-A!9-1-(>%0%4!@9%(),'-(!0%.104,-.!)$%!
-1)90%! '8! )$%(%! 0%/0%(%-)1),'-(2! -1&%3A! 6,;! $'>! )$%A! 10%! 1+@9,0%4N! 6,,;! >$1)! )$%A! 3''H!
3,H%! 61493)Z3,H%! '0! +$,34Z(/%+,8,+;E! =++'04,-.! )'! ('&%! )$%'0%),+13! 1//0'1+$%(2! +$,340%-D(!
3%*,+13!0%/0%(%-)1),'-(!10%!,4%-),+13!)'!)$%!1493)D(2!1-4!4,88%0%-+%(!,-!+'-()01,-)!01-H,-.(!
10%!0%(/'-(,<3%!8'0!)$%!4,(+0%/1-+A!<%)>%%-!+$,340%-!1-4!1493)D(!(/%%+$!68'0!1!0%5,%>!'8!
+'-()01,-)Z<1(%4! 1//0'1+$%(! 6[/),&13,)A! #$%'0A;! +'-+%0-,-.! /$'-'3'.,+13! 1+@9,(,),'-2!
(%%! T'%0(&1! I! V%5%3)2! MWWX;E! [)$%0! 1//0'1+$%(! (9..%()! )$1)! +$,340%-D(! %103A!
0%/0%(%-)1),'-(! 10%! $'3,(),+2! +'-)1,-,-.! '-3A! %-'9.$! 4%)1,3! )'! 4,(),-.9,($! <%)>%%-! )$%!
8%>! >'04(! )$1)! +'-(),)9)%! )$%! %103A! 3%*,+'-! 6F%0.9('-! I! \10-,+12! "KYLN! F,(+$%0! %)! 13E!
MWWXN! F,HH%0)! I! V%5%3)2! MWWQ;E! #01+H,-.! )$%! 4%5%3'/&%-)13! +$1-.%(! ,-! )$%! /0'+%((! '8!
1+@9,(,),'-!+1-!/0'5,4%!9(!>,)$!51391<3%!,-8'0&1),'-!1<'9)!)$%!-1)90%!1-4!)$%!+'-)%-)!
'8!+$,340%-D(!/$'-'3'.,+13!0%/0%(%-)1),'-(!6F,HH%0)2!MWWL1;E!#$9(2!<1(%4!'-!)$%!1-13A(,(!
'8! BC! +$,340%-D(! 4%5%3'/&%-)13! /1))%0-(! >%! ,-)%-4! )'! 4,(+9((! <')$! )$%! -1)90%! '8! )$%,0!
9-4%03A,-.!0%/0%(%-)1),'-(!1-4!)$%!+'-()01,-)(!'-!)$%,0!/$'-'3'.,+13!'9)/9)(E!
!
]$%-! 4,(+9((,-.! )$%! 0%(%10+$! @9%(),'-(! )$1)! 9-4%03,%! \%-%01),5%! \01&&102!
O$'&(HA! 6"KQP;2! ()1)%(! )$1)2! <%(,4%(! ,-5%(),.1),-.! >$1)! +'-(),)9)%(! )$%! H-'>3%4.%! '8!
V1-.91.%2! )>'! <1(,+! @9%(),'-(! 10%! +09+,13?! 6,;! $'>! H-'>3%4.%! '8! 31-.91.%! ,(! 1+@9,0%4N!
6,,;!$'>!H-'>3%4.%!'8!31-.91.%!,(!/9)!)'!9(%!6O$'&(HA2!"KQP?^;E!!
!
"!
!
_3),&1)%3A2! 1((9&,-.! )$1)! )$%0%! ,(! +'-),-9,)A! <%)>%%-! +$,34! 1-4! 1493)! /$'-'3'.A!
68'0! 1! 0%5,%>! '-! )$,(! ,((9%2! (%%! \''439+H2! "KK";2! )$%! ,-(,.$)! ,-)'! )$%! 4%5%3'/&%-)! '8!
+$,340%-D(! /$'-'3'.,+13! 0%/0%(%-)1),'-(! ,(! '8! +09+,13! ,&/'0)1-+%! )'! 9-4%0()1-4,-.!
/$'-'3'.,+13!H-'>3%4.%!,-!.%-%013E!
!
7-!)$%!&1`'0,)A!'8!+1(%(2!+$,340%-!10%!1<3%!)'!1+@9,0%!)$%!(%.&%-)13!(A()%&!'8!)$%,0!
31-.91.%! 1-4! )'! <9,34! 1! 3%*,+'-! >,)$'9)! 1-A! 8'0&13! ,-()09+),'-! 6)$9(! .,5,-.! 0,(%! )'! )$%!
34567'3.8$493%:!a!(%%!O$'&(HA2!"KQ"2!"KQPN!\''439+H2!"KK"N!S1+H%-2!"KKL;E!J'>%5%02!
('&%! +$,340%-! 4'! -')! 1+@9,0%! (9+$! 1! +'&/3%*! (A()%&! (9++%((8933A! '-3A! '-! )$%,0! '>-E!
#$%A! /0%(%-)! /$'-'3'.,+13! 4%5,1),'-(! )$1)! +1-! '-3A! <%! 0%&%4,1)%4! >,)$! )$%01/%9),+!
,-)%05%-),'-E!!
!
=++'04,-.! )'! V1&/0%+$)! 6"KKK?PP;2! ,-! '04%0! )'! ,4%-),8A! 1! 4%5,1-)! /$'-'3'.,+13!
1+@9,(,),'-2!,)!,(!-%+%((10A!)'!$15%!1!0%8%0%-+%!'8!>$1)!,(!+'-(,4%0%4!)'!<%!1!-'0&13!'0!
)A/,+13!4%5%3'/&%-)E!7-!('&%!31-.91.%(2!)$%!8,-4,-.(!'8!/$'-'3'.,+13!1+@9,(,),'-!()94,%(!
1-4! )$%! >'0H! 4%5%3'/%4! >,)$,-! O3,-,+13! C$'-'3'.A! 1-4! U/%%+$! #$%01/A! $1(! <%%-!
<0'9.$)!)'.%)$%0!,-!'04%0!)'!+0%1)%!%88,+,%-)!)''3(!8'0!)$%!4,1.-'(,(!1-4!0%&%4,1),'-!'8!
/$'-'3'.,+13!4,('04%0(!6T3'4.%))!I!S,33%0!"KQKN!S1)b%-19%02!"KKLN!S')12!"KKPN!U'10%(2!
MWW"2! V1&/0%+$)! %)! 132! MWWXN! V1bb10'))'Zc'3+d'2! MWWK;E! _/! 9-),3! )$,(! &'&%-)2! )$,(!
+'&<,-%4! >'0H! $1(! -')! <%%-! /'((,<3%! ,-! BC2! (,-+%! %*)%-(,5%! ,-8'0&1),'-! >1(! -')!
151,31<3%!'-!)A/,+13!(%.&%-)13!1+@9,(,),'-!,-!)$,(!31-.91.%E!!
!
[-%!'8!)$%!(/%+,8,+!1,&(!'8!)$%!+900%-)!,-5%(),.1),'-!,(!)'!/0'5,4%!1!4%(+0,/),'-!'8!
+'-('-1-)13!1+@9,(,),'-!/1))%0-(2!<1(%4!'-!3'-.,)94,-13!41)1!'8!8,5%!)A/,+133A!4%5%3'/,-.!
+$,340%-E!#$,(!/0'`%+)!>,332!)$9(2!+'-)0,<9)%!)'!8,33,-.!)$%!.1/!'-!)$%!H-'>3%4.%!'8!$'>!BC!
+$,340%-!1+@9,0%!)$%!+'-('-1-)13!(A()%&!'8!)$%,0!31-.91.%!1-4!/0'5,4%!('&%!0%8%0%-+%!
41)1!'-!>$1)!+1-!<%!+'-(,4%0%4!1!)A/,+13!4%5%3'/&%-)13!/1)$E!#$,(!,(!)$%!8,0()!),&%!)$1)!
)$%! +'-('-1-)13! (A()%&! ,-! BC! +$,34! 31-.91.%! ,(! ()94,%4! ,-! 4%)1,3E! F90)$%0&'0%2! >,)$,-!
)$,(! +'&/0%$%-(,5%! '5%05,%>2! (%.&%-)(! 10%! ()94,%4! -')! '-3A! 1(! ,-4,5,4913! '<`%+)(! <9)!
13('!,-!)$%!+'-)%*)!'8!)$%,0!/'(,),'-!,-!)$%!>'04E!
!
#$,(! 4,((%0)1),'-! /0'5,4%(! 1! 0%31),5%3A! )$%'0AZ,-4%/%-4%-)! 4%(+0,/),'-! '8!
1+@9,(,),'-!/1))%0-(E!#$,(!&%)$'4'3'.,+13!+$',+%!>1(!<1(%4!'-!)$%!81+)!)$1)!)$,(!()94A!,(!
/10)3A!4,0%+)%4!)'!1-!194,%-+%!)$1)!,(!-')!-%+%((10,3A!(/%+,13,b%4!,-!/$'-'3'.,+13!)$%'0A2!
-1&%3A! (/%%+$! )$%01/,()(! 1-4! )%1+$%0(E! J'>%5%02! ,)! ,(! 13('! '8! +09+,13! ,&/'0)1-+%! )'!
+'&/10%! BC! +$,340%-D(! 1+@9,(,),'-! 41)1! )'! )$%! /1))%0-(! 0%/'0)%4! ,-! ')$%0! 31-.91.%(2! ,-!
'04%0! )'! ,4%-),8A! .%-%013! +0'((Z3,-.9,(),+! )0%-4(2! 1(! >%33! 1(! 31-.91.%Z(/%+,8,+!
4%5%3'/&%-)13!/1))%0-(E!T1(%4!'-!)$,(!1((9&/),'-2!>%!>,33!+'&/10%!)$%!8,5%!+$,340%-D(!
1+@9,(,),'-! /1))%0-(! )'! )$%! .%-%013! 4%5%3'/&%-)13! )0%-4(! '<(%05%4! ,-! ')$%0! 31-.91.%(2!
-1&%3A!B-.3,($2!T01b,3,1-!C'0)9.9%(%!6TC;2!F0%-+$2!e9)+$2!\%0&1-!1-4!U/1-,($E!
!
M!
!
#$%!0%(%10+$!'-!(%.&%-)13!1+@9,(,),'-!1+0'((!31-.91.%(!$1(!0%/'0)%4!'-!1-!,-,),13!
4%5%3'/&%-)13! ()1.%! ,-! >$,+$! +$,340%-f(! '9)/9)! 8'0&(! 10%! '5%0>$%3&,-.3A!
+$101+)%0,b%4! <A! 1! gOhOi! 8'0&1)! 68'0! ,-()1-+%2! /d!k/Zj["!k]2! =&1$32! U&,)$2! "KY^;! >$%0%!
+'-('-1-)(!10%!,4%-),+13!8'0!/31+%!1-4k'0!&1--%0!8%1)90%(!6S1+H%-2!"KYKN!T%0-$104)!I!
U)%&<%0.%02! "KKQN! U)'%3Z\1&&'-2! MWWMN! F,HH%0)! I! V%5%3)2! MWWQ2! =3)51)%0ZS1+H%-(%-2!
e'(! U1-)'(! I! F,HH%0)! 6MWWQ;2! 1&'-.! ')$%0(;E! U%5%013! ()94,%(! $15%! 1//0'1+$%4! %103A!
gOhOi! '9)/9)! /1))%0-(! 1(! 1! 0%(93)! '8! O'-('-1-)! J10&'-A! 6U&,)$2! "KY^N! c,$&1-2! "KYQN!
U)'%3Z\1&&'-!I!U)%&<%0.%02!"KKXN!C1)%02!"KKY;E![)$%0!()94,%(2!$'>%5%02!(9..%()!)$1)!
)$%!/0%8%0%-+%!8'0!gOhOi!'9)/9)!8'0&(!,(!1-!%/,/$%-'&%-'-!'8!1-!,-,),13!$'3,(),+!()1.%2!,-!
>$,+$!8%1)90%(!10%!1(('+,1)%4!)'!)$%!>'042!1-4!-')!)'!,-4,5,4913!(%.&%-)(!6S%--2!"KYQN!
75%0('-! I! ]$%%3%02! "KQYN! V%5%3)2! "KKXN! )'! 1//%10N! V1-.%(31.2! MWWY2! F,HH%0)! I! V%5%3)2!
MWWQ;E!!
!
#$,(! (9/01((%.&%-)13! 1//0'1+$! )'! %103A! gOhOi! '9)/9)(! >,33! <%! %*/3'0%4! ,-! )$%!
+900%-)!4,((%0)1),'-2!/10),+93103A!,-!+$1/)%0(!X!1-4!PE!!
!
=-')$%0! ,((9%! ,-5%(),.1)%4! ,-! )$,(! /0'`%+)! ,(! )$%! 0%31),'-! <%)>%%-! 4%5%3'/&%-)13!
/1))%0-(! 1-4! )$%! 4,()0,<9),'-13! /0'/%0),%(! '8! 1493)! (/%%+$E! #$%0%! ,(! 1! 0%31),5%3A! 310.%!
<'4A! '8! 0%(%10+$! )$1)! ($'>(! )$1)! ,-/9)! 80%@9%-+A! &1A! ,-839%-+%! /$'-'3'.,+13!
4%5%3'/&%-)132!<')$!,-!/%0+%/),'-!1-4!/0'49+),'-!6G9(+bAH!%+.'32!6"KKX;!U)'0H%32!MWW"N!
c'4'/,5%+2!MWWXN!B4>104(2!T%+H&1-2!I!S9-('-2!MWWXN!l1&9-%02!\%0H%-2!I!J1&&'-42!
MWWXN!S'--,-2!Vm5%-<09+H!I!T%+H&1-2!MWWY;E!U,-+%!-'!%*)%-(,5%!41)1!'8!O$,34!e,0%+)%4!
U/%%+$!6OeU;!,(!151,31<3%!,-!BC2!>%!>,33!8'+9(!'-!1!(1&/3%!'8!1493)!(/%%+$!)1H%-!80'&!)$%!
+'0/9(!;4$+#5#<-.='3'>4!67-(),)9)'!O1&n%(kOV_V!1-4!F0%C[C!41)1<1(%2!(%%!+$1/)%0!M;E!
J'>%5%02!(,-+%!)$%0%!,(!-'!0%31),'-!<%)>%%-!)$%!1493)(!)$1)!+'-(),)9)%!)$%!(/%%+$!(1&/3%!
1-4!)$%!+$,340%-!()94,%4!,-!)$,(!4,((%0)1),'-2!)$%!0%(93)(!'8!)$,(!+'&/10,('-!+1-!'-3A!<%!
9(%4!)'!8'0&931)%!$A/')$%(%(2!>$,+$!>,33!$15%!)'!<%!)%()%4!1.1,-()!1!310.%0!(%)!'8!1493)!
(/%%+$!41)1!1(!>%33!1(!'-!OeU!6(%%!+$1/)%0!Y;E!
!
(%01(23453464768(59571:(;4(&<=3>164($3=7<?<151((@(6A<87(864?<6?1(
!
7-! )$%! +900%-)! (9<(%+),'-2! >%! /0%(%-)! 1-! '5%05,%>! '8! )$%! )10.%)! +'-('-1-)13!
(A()%&!,-!BC2!8'+9(,-.!'-!,)(!+$101+)%0,b1),'-!,-!)%0&(!'8!/31+%!1-4!&1--%0!8%1)90%(!1-4!
'-! ,)(! 4,()0,<9),'-! >,)$,-! )$%! >'04E! #$,(! 4%(+0,/),'-! >,33! '-3A! +'-)%&/31)%! )$%!
+'-('-1-)(!)$1)!'++90!,-!-'-Z<01-+$,-.!'-(%)2!(,-+%!)$,(!(A331<,+!/'(,),'-!>,33!+'-(),)9)%!
)$%!8'+9(!'-!)$%!+900%-)!,-5%(),.1),'-E!!
!
7-!()1-4104!BC2!1!(%)!'8!"K!+'-)01(),5%!+'-('-1-)(!+1-!<%!8'9-4!,-!'-(%)!/'(,),'-!
6S1)%9(!I!4D!=-4014%2!MWWW;E!#$1)!(%)!,(!.,5%-!,-!6";E!
!
!
!
^!
[email protected]+$'-+6C%.740-40'0+-.60.";.D.40-%+.84-6+640.
[p b t d k " f v s z # $ m n % l & ' (]
!
7-!)$%!(%)!4%/,+)%4!1<'5%2!133!+'-('-1-)(!10%!+'-)01(),5%!,-!>'04Z&%4,13!'-(%)(!
1-4!133!<9)!)$%!('-'01-)(!g% & '] 10%!+'-)01(),5%!,-!>'04Z,-,),13!/'(,),'-E"!!
#$%! /31+%! 1-4! &1--%0! 8%1)90%! +$101+)%0,b1),'-! '8! )$%! (%)! '8! +'-('-1-)(! .,5%-!
1<'5%!10%!/0'5,4%4!,-!6M;2!310.%3A!<1(%4!'-!S1)%9(!I!4D!=-4014%!6MWWW;E!!
!
(2) =%'+#$%.7*'$'7+%$6E'+640.4/.740-40'0+-.60.";..
6ME1;!S1--%0!!
!
U'9-4(!
S1--%0!8%1)90%(!
U)'/(!
gp t k b d "i!
gZ('-'01-)iN!gZ+'-),-91-)i!
o1(13(!
gm n %i!
gp('-'01-)iNg-1(i!
F0,+1),5%(!
gf v s z # $i!
gZ('-'01-)iN!gp+'-),-91-)i!
V,@9,4(!!!!!!6V1)%013(;!
gl &i!!
gp('-'01-)iNg31)%013i!
6R$'),+(;! g!' (i!
gp('-'01-)i!
!
6ME<;!C31+%!
!
U'9-4(!
C31+%!8%1)90%(!
V1<,13(!
gp b f v mi!
V1<,13!
O'0'-13(!!
gt d n s z l 'i!
O'0'-13N!gp1-)%0,'0i!
[# $ & %]!
O'0'-13N!gZ1-)%0,'0i!
gk " (i!
e'0(13!
e'0(13(!
(
!
7)! ,(! >'0)$! -'),+,-.! )$1)2! 8'0! %1(%! '8! %*/'(,),'-2! >%! >,33! '8)%-! 0%8%0! )'! )$%! &1`'0!
('9-4!+31((%(!6()'/(2!80,+1),5%(2!31<,13(2!8'0!,-()1-+%;!,-()%14!'8!0%8%00,-.!)'!)$%!/31+%!'0!
&1--%0!8%1)90%(!)$1)!+$101+)%0,b%!%1+$!+31((2!>$%-!4%(+0,<,-.!1+@9,(,),'-!/1))%0-(E!!
=(!130%14A!&%-),'-%42!)$%0%!10%!"K!+'-)01(),5%!+'-('-1-)(!,-!BCD(!,-5%-)'0AE!=(!
810! 1(! -'-Z<01-+$,-.! '-(%)! ,(! +'-+%0-%42! 133! )$'(%! +'-('-1-)(! 10%! +'-)01(),5%! ,-!
,-)%05'+13,+!/'(,),'-!6(%%!X;2!<9)!'-3A!"P!10%!+'-)01(),5%!>'04Z,-,),133A!6(%%!^;E!!
!
(3) .";.740-40'0+-.740+$'-+6C%.F4$>G606+6'331.?H'+%#-.I.>J.K0>$'>%L.MNNNA.
[p]
[)pal*]
pala
visor
[b]
[)bal*]
bala
bullet
[t]
[)to+]
tom
tone
[d]
[)do+]
dom
gift
[k]
[)kalu]
calo
corn
["]
[)"alu]
galo
cock
[f]
[)fal*]
fala
speech
[v]
[)val*]
vala
trench
[s]
[)selu]
selo
seal
[z]
[)zelu]
zelo
care
[#]
[)#a]
chá
tea
[$]
[)$a]
já
already
[m]
[)mat*]
mata
wood
[n]
[)nat*]
nata
cream
[l]
[)latu]
lato
large
[(]
[)(atu]
rato
mouse
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"!o')%!)$1)!)$%0%!10%!('&%!'++900%-+%(!'8!g%!&i!,-!>'04!,-,),13!/'(,),'-!,-!BC2!<9)!)$%A!10%!3,&,)%4!)'!1!(&133!
-9&<%0!'8!3%*,+13!&'0/$%&%(E!!
!
!
X!
!
(4)
O4$>G:%>6'3.740-40'0+-L.60+%$C47'367.?40-%+.84-6+640A.
[p]
[)(ip*]
ripa
chip
[b]
[)(ib*]
riba
cliff
[t]
[)latu]
lato
wide
[d]
[)ladu]
lado
side
[k]
[)vak*]
vaca
cow
["]
[)va"*]
vaga
wave
[f]
[)#taf*]
estafa
fatigue
[v]
[)#tav*]
estava
s/he was
[s]
[)kas*]
caça
hunt
[z]
[)kaz*]
casa
house
[#]
[)a#*]
acha
s/he finds
[$]
[)a$*]
haja
there may be
[l]
[)mal*]
mala
bag
[&]
[)ma&*]
malha
mesh
[m]
[)"*m*]
gama
range
[n]
[)"*n*]
gana
energy
[%]
[)s*%*]
sanha
fury
[n]
[)s*n*]
sana
s/he heals
[']
[)ka'u]
caro
expensive
[(]
[)ka(u]
carro
car
!
!
F90)$%0!,-8'0&1),'-!'-!)$%!)10.%)!+'-('-1-)13!(A()%&!>,33!<%!/0'5,4%4!,-!%1+$!'8!
)$%!8'33'>,-.!+$1/)%0(E!
!
-=?64;B67;34(3C(70;5(A;551=767;34(
(
!
#$,(! 4,((%0)1),'-! ,(! '0.1-,b%4! ,-! (%5%-! 4,88%0%-)! +$1/)%0(E! #$%! /0%(%-)! +$1/)%0!
/0'5,4%4! 1! .%-%013! ,-)0'49+),'-! )'! )$%! /0'`%+)N! +$1/)%0! M! 4%(+0,<%(! )$%! .%-%013!
&%)$'4'3'.,+13!,((9%(!)$1)!9-4%03,%!)$%!+900%-)!()94AE!!#$%!41)1!1-13A(%(!)$1)!+'-(),)9)%!
)$%! +'0%! '8! )$,(! 4,((%0)1),'-! 10%! 4,(+9((%4! ,-! )$%! +$1/)%0(! ^! )$0'9.$! PE! B1+$! '8! )$%(%!
+$1/)%0(!1,&(!)'!4,(+9((!/10),+9310!0%(%10+$!@9%(),'-(!1-4!)'!1))1,-!(/%+,8,+!.'13(2!>$,+$!
>,33!<%!(9&&10,b%4!<%3'>E!F,-133A2!+$1/)%0!Y!/0'5,4%(!1!(9&&10A!'8!)$%!&1,-!8,-4,-.(!
1-4!+'-+39(,'-(2!144,-.!('&%!8,-13!0%&10H(!1-4!)'/,+(!8'0!89)90%!0%(%10+$E!
!
B*'8+%$. P! a! #>'! 0%(%10+$! @9%(),'-(! 10%! +'-)1,-%4! ,-! )$,(! +$1/)%0?! 6";! >$,+$!
4%5%3'/&%-)13! /1))%0-(! >,)$! 0%(/%+)! )'! /31+%! 1-4! &1--%0! 8%1)90%(! +$101+)%0,b%! )$%!
1+@9,(,),'-! '8! )$%! +'-('-1-)13! ,-5%-)'0A! ,-! BC! 1-4! 6M;! >$1)! ,-(,.$)(! 4'! )$'(%!
4%5%3'/&%-)13! /1))%0-(! /0'5,4%! ,-)'! +$,340%-D(! 4%5%3'/,-.! /$'-'3'.,+13! (A()%&(E!
=,&,-.!)'!.1)$%0!%&/,0,+13!%5,4%-+%!)$1)!133'>(!8'0!)$%!4,(+9((,'-!'8!)$%!)>'!@9%(),'-(!
0%8%00%4! )'! 1<'5%2! )$%! 8'33'>,-.! (/%+,8,+! .'13(! $15%! <%%-! 8'0&931)%4! ,-! +$1/)%0! ^?! 6,;!
4%(+0,<%! )$%! '04%0! '8! 1+@9,(,),'-! '8! +'-('-1-)(! 1-4! '8! /31+%! 1-4! &1--%0! 8%1)90%(N! 6,,;!
%*/3'0%! )$%! 8%1)90%! (9<(),)9),'-(2! ,-! )$%! 3,.$)! '8! /$'-'3'.,+13! +'-)%*)N! 6,,,;! +'&/10%!
,-)1H%!1-4!1+@9,(,),'-!/1))%0-(!)'!)$%!4,()0,<9),'-!'8!8%1)90%(!,-!BC!1493)!(/%%+$E!
!
.
B*'8+%$.Q!a!#$,(!+$1/)%0!1,&(!)'!+$%+H!,82!(,&,3103A!)'!e9)+$!3%10-%0(!6V%5%3)2!"KKX2!
V1-.%(31.2!MWWYN!F,HH%0)!I!V%5%3)2!MWWQ;2!BC!+$,340%-!.'!)$0'9.$!1-!,-,),13!gOhOi!()1.%!
8'0!/31+%!1-4k'0!&1--%0!8%1)90%(E!#$%!(/%+,8,+!.'13(!4%5,(%4!8'0!)$,(!/10),+9310!()94A!10%!
)$%! 8'33'>,-.?! 6,;! 4%(+0,<%! )$%! 4,()0,<9),'-! '8! $10&'-,+! 6gOhOi;! 1-4! -'-Z$10&'-,+!
6gOqOi;!/1))%0-(2!,-!,-)1H%!1-4!'9)/9)!8'0&(2!<')$!8'0!/31+%!1-4!8'0!&1--%0!8%1)90%(N!6,,;!
!
L!
,4%-),8A!)$%!&'()!80%@9%-)!/31+%!1-4!&1--%0!8%1)90%!/1))%0-(!,-!%103A!>'04!/0'49+),'-(!
1-4!+'&/10%!)$%&!)'!)$%!4,()0,<9),'-!'8!8%1)90%!>'04Z/1))%0-(!,-!BC!1493)!(/%%+$E!
!
B*'8+%$. R! a! F'33'>,-.! )$%! (1&%! 3,-%! '8! ,-5%(),.1),'-! /0%(%-)%4! ,-! +$1/)%0! X2!
+$1/)%0! L! 1,&(! )'! 1-13Ab%! 1-4! 4,(+9((! )$%! 1+@9,(,),'-! '8! gOqOi! >'04Z/1))%0-(! ,-! BCE!
=&'-.()! )$%! (/%+,8,+! 1,&(! 8'0&931)%4! )$%0%! 10%! )$%! 8'33'>,-.?! 6,;! ,4%-),8A! )$%! '04%0! '8!
1+@9,(,),'-!'8!gOC'=qOC'=i!1-4!gOS'=qOS'=i!/1))%0-(N!6,,;!4%(+0,<%!)$%!0%31),'-!<%)>%%-!)$%!
4%5%3'/&%-)!'8!gOqOi!/1))%0-(2!>'04!/'(,),'-!1-4!O"ZOM!+'&<,-1)'0,13!0%()0,+),'-(N!6,,,;!
4,(+9((! )$%! ,-839%-+%! '8! 4,()0,<9),'-13! /0'/%0),%(! '8! 1493)! (/%%+$! '-! )$%! 1+@9,(,),'-! '8!
gOqOi!/1))%0-(E!
!
B*'8+%$. S! a! #$,(! +$1/)%0! 8'+9(%(! '-! )$%! -1)90%! 1-4! 4%5%3'/&%-)! '8! )$%! 8'0&(!
/0'49+%4!<A!)$%!8,5%!+$,340%-!)$1)!4%5,1)%!80'&!)$%!)10.%)!1493)!8'0&(2!0%31),-.!,)!)'!)$%!
)>'!&1`'0!()1.%(!'<(%05%4!,-!)$%!/0%5,'9(!+$1/)%0(?!)$%!gOhOi!1-4!)$%!gOqOi!()1.%(E!#$%!
&'()! ,&/'0)1-)! 1,&! '8! )$,(! +$1/)%0! ,(! )'! .1)$%0! %&/,0,+13! %5,4%-+%! )$1)! 133'>(! 8'0! )$%!
4,(+9((,'-! '8! )$%! -1)90%! '8! +$,340%-D(! 3%*,+13! 1-4! '9)/9)! 0%/0%(%-)1),'-(! ,-! <')$!
4%5%3'/&%-)13!()1.%(E!
!
!
!
P!
!"#$%&'()(*(+&%",-,.,/0(
(
(
!#$%&! '$()*+,! ),+&+-*&! (! .+-+,(/! '$(,('*+,%0(*%1-! 12! *$+! +3)%,%'(/! 4(*(! *$(*!
5-4+,/%+&! *$+! '5,,+-*! 4%&&+,*(*%1-6! (&! 7+//! (&! ),18%4%-.! (! 4+&',%)*%1-! 12! *$+! &12*7(,+!
5&+4!*1!(-(/90+!*$+!4(*(:;!
#$+! '$()*+,! %&! 1,.(-%0+4! %-! *$+! 21//17%-.! 7(9:! <+'*%1-! ;:=! 21'5&+&! 1-! *$+!
('>5%&%*%1-! 4(*(6! ),18%4%-.! %-21,3(*%1-! 1-! ?%@! *$+! &5AB+'*&! (-4! *$+! 4(*(! '1//+'*%1-!
?&5A&+'*%1-! ;:=:=@C! ?%%@! *$+! &12*7(,+! ),1.,(3! !"#$! (-4! *$+! *,(-&',%)*%1-! ',%*+,%(!
?&5A&+'*%1-!;:=:;@:!<+'*%1-!;:;!21'5&+&!1-!*$+!&(3)/+!12!DE!(45/*!&)++'$!&*54%+4!%-!*$%&!
4%&&+,*(*%1-! (-4! ),18%4+&! %-21,3(*%1-! 1-! %&'!6! (-! +/+'*,1-%'! *11/! 5&+4! *1! +F*,('*!
2,+>5+-'9!,(*+&!12!&+3%G)$1-1/1.%'(/!5-%*&:!
)12(3"&(#456787%7,9(-#%#(
(
#$%&! 4%&&+,*(*%1-! %&! A(&+4! 1-! *$+! (-(/9&%&! 12! &)1-*(-+15&! &)++'$! 4(*(! 12! 2%8+!
'$%/4,+-! ('>5%,%-.! D5,1)+(-! E1,*5.5+&+! ?DE@! (&! *$+%,! 2%,&*! /(-.5(.+:! H+*(%/+4!
%-21,3(*%1-!(A15*!*$%&!'1,)5&!%&!),+&+-*+4!%-!*$+!21//17%-.!&5A&+'*%1-&:!
)1212(:6;<&4%8(#9-(-#%#(4,..&4%7,9(
#$+!2%8+!'$%/4,+-!&*54%+46!215,!.%,/&!?I/(,(6!J-K&6!L1(-(6!M53(@N!(-4!1-+!A19!?L1O1!
M@!4%4!-1*!&$17!(-9!*9)+!12!4+8%(*%1-!%-!'1.-%*%8+!1,!31*1,!4+8+/1)3+-*!-1,!%-!$+(,%-.!
('5%*9:!P//!*$+!'$%/4,+-!/%8+!%-!M%&A1-!(-4!('>5%,+4!DE!(&!*$+%,!2%,&*!/(-.5(.+:!
P//! &5AB+'*&! 7+,+! 8%4+1G,+'1,4+4! %-! *$+%,! $13+&6! 7$%/+! *$+9! %-*+,('*+46!
&)1-*(-+15&/96! 7%*$! *$+! %-8+&*%.(*1,! (-4! 7%*$! 1-+! 12! *$+! )(,+-*&:Q! #$+! ,+'1,4%-.!
&+&&%1-&!8(,%+4!2,13!NR!*1!SR!3%-5*+&:!!
#$+! &+**%-.! 21,! *$+! ,+'1,4%-.&! 7(&! -(*5,(/%&*%'6! '1-&%&*%-.! 31&*/9! 12! 5&5(/!
('*%8%*%+&6!&5'$!(&!/11T%-.!(*!)%'*5,+!A11T&!(-4!)/(9%-.!7%*$!*$+%,!*19&!(-4!)+*&:!<%-'+!%*!
%&!-1*!),+G&*,5'*5,+46!*$+!3(%-!(48(-*(.+!12!(!-(*5,(/%&*!&+**%-.!%-!('>5%&%*%1-!&*54%+&!%&!
*$+! 2('*! *$(*! %*! %&! -1*! A%(&+4! *1! +/%'%*! %-21,3(*%1-! 1-! (-9! &)+'%2%'! /%-.5%&*%'! &*,5'*5,+:!
U17+8+,6!*$+,+!(,+!/%3%*(*%1-&!%-$+,+-*!*1!*$%&!,+'1,4%-.!3+*$14V!?%@!4+)+-4%-.!1-!*$+!
'$%/4W&! 3114! 1,! /+F%'(/! ),+2+,+-'+&! (*! (! .%8+-! ,+'1,4%-.6! 7+! 3(9! -1*! $(8+! (''+&&! *1!
&*,5'*5,+&! (/,+(49! (8(%/(A/+! %-! $%&X$+,! &9&*+3:! <13+! )(**+,-&! 3(9! *$5&! A+!
5-4+,,+),+&+-*+4! (*! &13+! )1%-*&! %-! *%3+C! ?%%@! *$+! &5,,15-4%-.! -1%&+! ?*19&6! (45/*W&!
81%'+&@! 2,+>5+-*/9! 3(&T&! *$+! '$%/4,+-W&! &)++'$6! '13),13%&%-.! *$+! ,+/%(A%/%*9! 12! *$+!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
;! <)+'%2%'! 3+*$141/1.%'(/! '$1%'+&! 7+,+! *(T+-! %-! +('$! '$()*+,6! (''1,4%-.! *1! *$+! *1)%'&! &*54%+4C! *$1&+!
)(,*%'5/(,!3+*$141/1.%'(/!%&&5+&!7%//!A+!4+&',%A+4!%-!*$+!3+*$14!&+'*%1-6!%-!+('$!'$()*+,:
N!M53(!%&!(!)&+541-93:
Q!J-!*$+!'(&+&!12!L1O1!M!(-4!I/(,(6!*$+%,!A,1*$+,&!(/&1!)(,*%'%)(*+4!%-!&13+!12!*$+!&+&&%1-&:
!
"!
*,(-&',%)*%1-&! ?&++! *$+! 21//17%-.! &+'*%1-6! (A15*! *$+! ',%*+,%(! +&*(A/%&$+4! *1! 18+,'13+!
*$+&+!),1A/+3&@:!!
J*! %&! 71,*$! +3)$(&%0%-.! *$(*! (//! '$%/4,+-! 7+,+! ,+'1,4+4! 2,13! *$+! A+.%--%-.! 12!
3+(-%-.25/! &)++'$6! A5*! *$+%,! 4+8+/1)3+-*! 7(&! -1*! ,+'1,4+4! 21,! *$+! &(3+! -53A+,! 12!
31-*$&!-1,!7%*$!*$+!&(3+!%-*+,8(/!12!*%3+!A+*7++-!+('$!&+&&%1-:!#$+!4(*(!2,13!J-K&!(-4!
L1(-(! 7+,+! .(*$+,+4! A+*7++-! =ZZN! (-4! ;RRRC[! *$+! '1//+'*%1-! &*(,*+4! 7$+-! A1*$!
'$%/4,+-! 7+,+! ==! 31-*$&! 1/4! (-4! *11T! )/('+! 18+,! (! )+,%14! 12! 31,+! *$(-! *$,++! 9+(,&!
?5-*%/!QC;!21,!J-K&!(-4!QC=R!21,!L1(-(@:!H5,%-.!*$+!2%,&*!=R!*1!=[!&+&&%1-&6!*$+!,+'1,4%-.&!
7+,+! 3(4+! 1-! (! 31-*$/9! A(&%&C! (2*+,! *$(*6! *$+! %-*+,8(/! ,(-.+! 7(&! 2,13! 1-+! *1! *71!
31-*$&! ?&++! ())+-4%F! P@:! #$+! 1*$+,! *$,++! '$%/4,+-! 7+,+! ,+'1,4+4! A+*7++-! ;RRQ! (-4!
;RR"CS!*$+%,!(.+&!(*!*$+!2%,&*!&+&&%1-!8(,%+4!2,13!RC"!*1!=CR:!I/(,(!7(&!,+'1,4+4!31-*$/96!
5-*%/!*$+!(.+!12!=C=RC!L1O1!M!(-4!M53(!7+,+!,+'1,4+4!+8+,9!1*$+,!7++T6!5-*%/!*$+9!7+,+!
;CR!(-4!;CS!,+&)+'*%8+/9:!!
#$+!*(A/+!.%8+-!%-!?[@!),+&+-*&!?%@!*$+!(.+!12!+('$!'$%/4!(*!*$+!A+.%--%-.!(-4!(*!
*$+!+-4!12!'1//+'*%1-C!?%%@!*$+!-53A+,!12!&+&&%1-&!(-4!12!,+'1,4&!)+,!'$%/4C!?%%%@!*$+!*%3+!
.()!A+*7++-!,+'1,4%-.&!(-4!*$+!&+&&%1-W&!45,(*%1-!?&++!())+-4%F!P!21,!(!4+&',%)*%1-!12!
*$+!(.+!(-4!-53A+,!12!,+'1,4&!)+,!&+&&%1-!%-!+('$!'$%/4W&!4(*(@:!\1*+!*$(*!+('$!,+'1,4!
%-'/54+&! (! &%-./+! 71,46! (! )$,(&+! 1,! (! &+-*+-'+6! )$1-+*%'(//9! *,(-&',%A+4C! ,+'1,4&!
'1-*(%-%-.!5-%-*+//%.%A/+!&)++'$!7+,+!-1*!*(T+-!%-*1!'1-&%4+,(*%1-:!
!
()* +'$'&,-./$0#&1,2/#$.#0.2"'.&'3#&4/$5.6'66/#$6.6274/'4./$.2"/6.4/66'&2,2/#$.
!
=/&(*28%(
8&887,9(
=/&(*(
.#8%(
8&887,9(
>6?;&'(,@(
8&887,98(
8%6-7&-(
!.#'#(
F9G8(
H,#9#(
H,I,(
J6?#(
RC==:="!
RC==:=Q!
RC==:;Q!
=CR:=!
RC==:;NY!
=C=R:=[!
QC;:=Y!
QC=R:"!
;CR:;R!
;CS:;"!
=;!
NR!
NN!
;;!
N"!
37?&(/#$(
;&%A&&9((
8&887,98((
B#$',C1D(
=!31-*$!
;!7++T&!
3,%#.(
96?;&'(
,@(
'&4,'-8(
=NN[!
=R"ZS!
"NQ[!
N"RZ!
Q"N[!
=E/1(
-6'#%7,9(
,@(
8&887,98(
QS6"!3%-:!
Q;!3%-:!
;Z6Q!3%-:!
QY6S!3%-:!
Q[6=!3%-:!
3,%#.(
-6'#%7,9(
,@(
8&887,98(
Z$[Q3!
;=$!
=S$="3!
=Y$;;3!
NR$;"3!
!
#$+!'1,)5&!%&6!*$5&6!$+*+,1.+-+15&6!,+.(,4%-.!*$+!2,+>5+-'9!12!&(3)/%-.!(-4!*$+!
'$%/4,+-W&! (.+&! %-! *$+! /(&*! &+&&%1-:! #71! 3(%-! &+*&! 12! 4(*(! '(-! A+! 4+/%3%*+4V! 1-! *$+! 1-+!
$(-46! *$+,+! (,+! *$+! 4(*(! 12! J-K&! (-4! L1(-(6! '1//+'*+4! 18+,! (! /1-.+,! )+,%14! 12! *%3+6! A5*!
7%*$! /(,.+,! %-*+,8(/&! A+*7++-! .(*$+,%-.&C! 1-! *$+! 1*$+,! $(-46! *$+,+! %&! *$+! 4(*(! 12! L1O16!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
[!#$+!4(*(!12!J-K&!(-4!L1(-(!7+,+!'1//+'*+4!A9!]:!L:!^,+%*(&6!7%*$%-!*$+!EI<UXIXMJ\X[;QXZN!),1B+'*6!25-4+4!
A9!L\JI#6!4+8+/1)+4!(*!*$+!M(A1,(*1,9!12!E&9'$1/%-.5%&*%'&!!?_-%8+,&%*9!12!M%&A1-@:!E(,*!12!J-K&W!4(*(!?2%,&*!
+/+8+-! &+&&%1-&@! %-*+.,(*+4! *$+! '1,)5&! (-(/90+4! %-! ^,+%*(&W! E$H! 4%&&+,*(*%1-! 1-! *$+! P'>5%&%*%1-! 12! <9//(A%'!
<*,5'*5,+!%-!DE!?^,+%*(&6!=ZZ"@:!
S! M53(! (-4! L1O1! M! 7+,+! ,+'1,4+4! A9! *$+! ,+&+(,'$+,! <:! I1,,+%(! (-4! *$+! ,+'1,4%-.&! 12! I/(,(! 7+,+! 3(4+! A9!
A1*$!#:!I1&*(!(-4!<:!I1,,+%(:!
"! I/(,(W&! ,+'1,4%-.&! &*(,*+4! (*! *$+! (.+! 12! RCZ6! A5*! %*! 7(&! 1-/9! 2,13! RC==! 1-7(,4&! *$(*! 3+(-%-.25/! &)++'$!
'15/4!A+!)+,'+%8+4:!
Y!M53(W&!,+'1,4%-.&!&*(,*+4!(*!*$+!(.+!12!RC"6!A5*!3+(-%-.25/!&)++'$!7(&!)+,'+%8+4!1-/9!2,13!RC==!1-7(,4&:!
!
Y!
I/(,(!(-4!M53(6!'1//+'*+4!18+,!(!&$1,*+,!)+,%146!A5*!7%*$!(!$%.$+,!&(3)/%-.!2,+>5+-'9:!!
#$+!(.+G)+,%14!'18+,+4!A9!+('$!'$%/4W&!4(*(!%&!4+)%'*+4!%-!?S@:!
!
(8* 9/1'.0&,1'.3#:'&'4.;<.2"'.&'3#&4/$56=.>'&.3"/-4?.
!.#'#(
KL22(((((((((((((((((((((((((((((((2L2K((( !
F9G8(
KL22(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((ML)(
!
H,#9#( KL22!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!ML2K(
!!
H,I,(
2LK!!!!!!!!!!!!!!!!!!!!!!!!((((((((((((((((((((((((((()LK( !
J6?#(
KL22((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((()LN(
!
J-!2('*6!*$+!*71!&+*&!12!4(*(!'13)/+3+-*!+('$!1*$+,6!(//17%-.!21,!*$+!(-(/9&%&!12!
4%22+,+-*! (&)+'*&! 12! *$+! ('>5%&%*%1-! ),1'+&&:! J-K&W! (-4! L1(-(W&! ,+'1,4%-.&! 7%//! (//17! 21,!
*$+! &*549! 12! *$+! 3(B1,! &*(.+&! 12! 4+8+/1)3+-*6! 2,13! +(,/9! 71,4&! ?RC==@! 5-*%/! (! )1%-*!
7$+,+!*$+!)$1-1/1.%'(/!&9&*+3!%&!'1-&%4+,+4!*1!A+!8+,9!'/1&+!*1!&*(A%/%*9!?QC;GQC=R@:!#$+!
4(*(!12!*$+!1*$+,!*$,++!'$%/4,+-!7%//!),18%4+!(!2(%,/9!4+*(%/+4!'$(,('*+,%0(*%1-!12!*$+!2%,&*!
4+8+/1)3+-*(/! &*(.+&6! 4%&'/1&%-.! %-21,3(*%1-! 1-! *$+! %-%*%(/! '1-&1-(-*(/! )(**+,-&! *$(*!
'$(,('*+,%0+! +('$! '$%/4W&! ),145'*%1-&! (-4! (//17%-.! 21,! *$+! 4%&'5&&%1-! 12! ',5'%(/! %&&5+&!
(A15*!*$+!+(,/9!&*(.+&!?&++!'$()*+,!Q@:!!!
#$+!4(*(!12!J-K&!(-4!L1(-(!7+,+!'1//+'*+4!7%*$!(!<1-9!U(-49'(3!8%4+1!Y6!P^!U%G
^%!&*+,+1!?^,+%*(&6!=ZZ"@C!*$+!1*$+,!*$,++!'$%/4,+-!7+,+!,+'1,4+4!7%*$!(!I(--1-!]`;=R!
4%.%*(/!8%4+1!'(3'1,4+,!(-4!8%4+1*()+4!%-!U%Y!'(&&+*+&:!#$+!8%4+1&!12!(//!&5AB+'*&!7+,+!
'13),+&&+4!%-!(!4%.%*(/!21,3(*!?N;RF;QR6!318!21,3(*@6!5&%-.!*$+!%]18%+a!&12*7(,+:!!!
)121)(3'#984'7$%7,9(4'7%&'7#(#9-(%"&(8,@%A#'&(!"#$(
#71! *,(%-+4! ,+&+(,'$+,&! ?E1,*5.5+&+! -(*%8+! &)+(T+,&@! )+,21,3+4! *$+! )$1-+*%'!
*,(-&',%)*%1-! 12! *$+! 4(*(6! 5&%-.! *$+! J-*+,-(*%1-(/! E$1-+*%'! P/)$(A+*! ?JEP@:! #$%&!
*,(-&',%)*%1-! 7(&! '(,,%+4! 15*! 7%*$%-! *$+! !"#$! &12*7(,+! ),1.,(3! ?b1&+! (*! (/6! ;RRS@:Z!
D('$! *,(-&',%A+,! ,+8%&+4! (,15-4! [Rc! 12! *$+! *,(-&',%)*%1-&! )+,21,3+4! A9! *$+! 1*$+,!
,+&+(,'$+,:! P//! ,+'1,4&! 7$+,+! A1*$! ,+&+(,'$+,&! '15/4-W*! ,+('$! (! '1-&+-&5&! 7+,+!
&5A3%**+4!*1!*$+!(-(/9&%&!12!(!*$%,4!*,(%-+4!*,(-&',%A+,!?%-!(!A/%-4!*,(-&',%)*%1-!*(&T@:!P//!
'(&+&!7$+,+!*$+!415A*&!)+,&%&*+4!7$+,+!3(,T+4!(&!5-%-*+//%.%A/+!?d@!(-4!+F'/54+4!2,13!
*$+! (-(/9&%&:! P)(,*! 2,13! *$+! 5-%-*+//%.%A/+! ),145'*%1-&6! +8+,9! &)++'$! ),145'*%1-! 7(&!
25//9!*,(-&',%A+4:!!
D('$!*(,.+*!71,4!(**+3)*+4!A9!*$+!'$%/4,+-!7(&!)$1-+*%'(//9!*,(-&',%A+4!?%-!*$+!
JEP! #(,.+*! 2%+/46! &++! A+/17@C! *$+! *,(-&',%)*%1-&! *11T! %-*1! (''15-*! *$+! 21//17%-.!
),1'+&&+&V!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Z!^5,*$+,!%-21,3(*%1-!1-!*$%&!&12*7(,+!%&!),18%4+4!%-!$**)VXX)$1-:/%-.:35-:'(:
!
Z!
?(@ `1%'%-.! (&&%3%/(*%1-! 12! '14(! 2,%'(*%8+&! %-! &(-4$%! '1-*+F*! ! ?,6,s. >&'2,6=. ,6,6.
;&,$3,6@6!*,(-&',%A+4!(&!e!az"#] [!p$et"#] and [!az"%] [!b$"&k"#].!
?A@ b+G&9//(A%2%'(*%1-! 12! *$+! 71,4G2%-(/! /(*+,(/! '14(! (&! 1-&+*! 12! *$+! 21//17%-.! 71,46!
7$+-! 21//17+4! A9! (! 817+/! %-! 71,4G%-%*%(/! )1&%*%1-! ?6#-. ,1,&'-#! f! e!s'(]
["m"!$)lu]) *,(-&',%A+4!(&!e!s'l] ["m"!$)lu].!
?'@ b+G&9//(A%2%'(*%1-!12!*$+!71,4G2%-(/!'14(!2,%'(*%8+!(&!1-&+*!12!*$+!21//17%-.!71,46!
7$+-! 21//17+4! A9! (! 817+/! %-! 71,4G%-%*%(/! )1&%*%1-! ?'(&(&! (3(,+/(&! f! e!kaz"#]
["m"!$)l"#]@6!*,(-&',%A+4!(&!e!kaz"z] ["m"!$)l"#].!
!
b+.(,4%-.! *$+! *(,.+*! 71,4&! 7%*$! &I! '/5&*+,&! ?+:.:! '63#-,@6! %-! *$+! *(,.+*! 2%+/4! *$+&+!
21,3&!7+,+!-1*!*,(-&',%A+4!7%*$!(-!%-%*%(/!817+/!?e!#k'l"g@6!&%-'+6!(''1,4%-.!*1!P-4,(4+!
h! b14,%.5+&6! ?=ZZZ@! &I! '/5&*+,&! (,+! &+>5+-'+&! 12! I14(! 12! (-! +3)*9! $+(4+4! &9//(A/+!
21//17+4!A9!(-!1A&*,5+-*!?iI:I`@:!!
b%&%-.!4%)$*$1-.&!7+,+!*,(-&',%A+46!%-!*$+!*(,.+*!71,4&6!(&!&+>5+-'+&!12!*71!817+/&!
(-4! (&&%.-+4! *1! *71! 4%22+,+-*! &9//(A/+&! ?)%:(:-1@6! (''1,4%-.! *1! *$+! &9//(A%2%'(*%1-!
),1)1&+4!21,!DE!A9!](*+5&!h!4W!P-4,(4+!?;RRR@:!!
#$+!),%3(,9!71,4!&*,+&&!7(&!)/('+4!A+21,+!*$+!&*,+&&+4!&9//(A/+6!A1*$!%-!*$+!*(,.+*!
71,4&!(-4!%-!'$%/4,+-W&!5**+,(-'+&:!!
#$+! )$1-+*%'! *,(-&',%)*%1-! 12! '$%/4,+-j&! ),145'+4! 21,3&! 21'5&+4! )(,*%'5/(,/9! 1-!
)/('+! (-4! 3(--+,! '1-&1-(-*(/! 2+(*5,+&6! &*,+&&! (-4! -53A+,! 12! &9//(A/+&! %-! (! 71,4:!
E(5&+&!(,+!&%.-(/+4!7%*$!'(,4%-(/!&93A1/&!?k@!%-!*$+!)$1-+*%'!*,(-&',%)*%1-!2%+/4&:!!
<*%//!,+.(,4%-.!*$+!-1*(*%1-!',%*+,%(!5&+4!%-!*$%&!4%&&+,*(*%1-6!7+!7%//!5&+!&/(&$+&!?XX@!
*1!,+2+,!*1!*$+!*(,.+*!21,3!(-4!&>5(,+!A,('T+*&!?e!g@!*1!,+),+&+-*!'$%/4,+-W&!15*)5*!21,3&:!
!
!
%"&'(#)*+,-&'!"#$((
(
P&! ),+8%15&/9! 3+-*%1-+46! *71! *,(%-+4! ,+&+(,'$+,&=R! +-*+,+4! 3(-5(//9! *$+!
)$1-+*%'! *,(-&',%)*%1-&! %-! !"#$:! #$+! )%'*5,+! .%8+-! %-! ?"@! ),+&+-*&! *$+! &+&&%1-! +4%*1,!
7%-417!12!*$%&!&12*7(,+:==!#$+!2%,&*!&*+)!12!*$+!),1'+&&!7(&!*1!(&&1'%(*+!*$+!8%4+1&!7%*$!
!"#$6! *$,15.$! (! A5%/*G%-! 3+4%(! 7%-417! ?&++! ?(@6! %-! ?"@@! (-4! &+.3+-*! *$+! (54%1! 2%/+6!
(''1,4%-.! *1! *$+! '$%/4,+-W&! 5**+,(-'+&! ?A@:! #$+-6! *$+! *(,.+*! 71,4&! (**+3)*+4! %-! *$1&+!
5**+,(-'+&! 7+,+! *,(-&',%A+4! 1,*$1.,()$%'(//96! %-! *$+! l,*$1.,()$9! 2%+/4! ?'@! (-4!
)$1-+*%'(//96!%-!*$+!JEP!#(,.+*!2%+/4!?4@:!#$+!*,(-&',%)*%1-!12!*$+!'$%/4,+-W&!,+-4%*%1-&!12!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
=R!<5&(-(!I1,,+%(!(-4!#+,+&(!I1&*(:
==!#$%&!)%'*5,+!,+2+,&!*1!*$+!8+,&%1-!5&+4!%-!*$%&!%-8+&*%.(*%1-!?8+,&%1-!=:N,[RR@:
!
=R!
*$1&+!*(,.+*!21,3&!7(&!%-&+,*+4!%-!*$+!JEP!P'*5(/!2%+/4!?+@:!!
!
!
!
(@* A'66/#$.'4/2#&.B/$4#B.C.!"#$.
?(@!
?A@!
?'@!
?4@!
?+@!
?2@!
?.@!
]+4%(!)/(9+,!
P54%1!&+.3+-*(*%1-!
l,*$1.,()$9!2%+/4!
JEP!#(,.+*!2%+/4!
JEP!P'*5(/!^%+/4!
I$%/4W&!(.+!
<9//(A/+!(/%.-3+-*!
?(@!
?'@!
?4@!
?+@!
!
!
?.@!
?A@!
(
?2@!
!
<13+!%-21,3(*%1-!7(&!'13)5*+4!(5*13(*%'(//9!A9!!"#$6!-(3+/9!*$+!'$%/4W&!(.+!
?&++! ?2@6! %-! ?"@@6! *$+! &9//(A%2%'(*%1-! 12! *$+! #(,.+*! (-4! *$+! P'*5(/! 2%+/4! (-4! *$+! &9//(A/+!
(/%.-3+-*! A+*7++-! A1*$! 2%+/4&! ?&++! .@:! #$+! (5*13(*%'! (/%.-3+-*&! 7+,+! 3(-5(//9!
'$+'T+4:!!
!
#$+! A5%/*G%-! &+(,'$! 3145/+! 12! !"#$! (//17+4! 21,! (! -53A+,! 12! 4%22+,+-*! >5+,%+&6!
-1*! 1-/9! 21,! &+.3+-*&! A5*! (/&1! 21,! 2+(*5,+&6! '13A%-+4! 7%*$! 1*$+,! )$1-1/1.%'(/!
%-21,3(*%1-6! -(3+/9! &9//(A/+6! 71,4! (-4! &*,+&&! )1&%*%1-:! #$5&6! 7+! 7+,+! (A/+! *1! /11T! 21,!
&)+'%2%'!'1-&1-(-*&!(-4!&)+'%2%'!)/('+!1,!3(--+,!2+(*5,+&!%-!)(,*%'5/(,!71,4!1,!&9//(A/+!
)1&%*%1-&:! ^5,*$+,31,+6! 7+! 7+,+! (A/+! *1! /11T! 21,!3#1;/$,2/#$6! 12! '1-&1-(-*(/! 2+(*5,+&!
7%*$%-!*$+!71,46!21'5&%-.!1-!&9//(A/+!1-&+*!)1&%*%1-!?eM(A%(/:::I1,1-(/g!1,!e<*1):::\(&(/g6!
21,!%-&*(-'+@:!!
#$+!>5+,%+&!15*/%-+4!(A18+!'(-!A+!)+,21,3+4!+%*$+,!7%*$%-!+('$!2%+/4!&+)(,(*+/9!
?%-!JEP!#(,.+*!1,!%-!JEP!P'*5(/@!1,!(',1&&!2%+/4&6!'13)(,%-.!*$+!(**+3)*+4!21,3!7%*$!*$+!
'1,,+&)1-4%-.!'$%/4W&!),145'*%1-:!!"#$!%&!(/&1!),1.,(33+4!*1!&+(,'$!21,!)1*+-*%(/!'(&+&!
12!'1-&1-(-*(/!$(,31-9!(-4!3+*(*$+&%&6!),18%4%-.!*$+!5&+,!7%*$!*$+!)1&&%A%/%*9!12!.1%-.!
*$,15.$!+('$!&+(,'$!15*)5*!(-4!+F'/54+!*$+!7,1-./9!&+/+'*+4!'(&+&:!
!
)1)(3"&(OP(#-6.%(8$&&4"(8#?$.&(#9-(%"&(8,@%A#'&(.-&!(
!
J-!*$+!'$()*+,&!N!*1!S6!'13)(,%&1-&!7%//!A+!3(4+!A+*7++-!)(**+,-&!1A&+,8+4!%-!
*$+! 2%8+! '$%/4,+-W&! 4(*(6! ,+.(,4%-.! *$+! ('>5%&%*%1-! 12! *$+! '1-&1-(-*(/! &9&*+36! (-4! *$+!
4%&*,%A5*%1-!12!)/('+!(-4!3(--+,!2+(*5,+&!%-!(!&(3)/+!12!DE!(45/*!&)++'$:!!
#$+!4(*(!2,13!DE!(45/*!&)++'$!(-(/90+4!%-!*$%&!4%&&+,*(*%1-!%&!)(,*!12!*$+!'1,)5&!
A>#D'$.!#&2757'6'!(!#&2757E6.%,-,4#C!#PZREDC!IM_MXJ-&*%*5*1!I(3m+&@=;!(-4!2,13!*$+!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
=;!^5,*$+,!%-21,3(*%1-!%&!),18%4+4!%-!777:'/5/:5/:)*X&+'*1,+&X/%-.5%&*%'(i4+i'1,)5&X),1B+'*1i)1,*5.5+&2(/(41:!
!
==!
^,+ElE! 4(*(A(&+! ?^,1*(6! `%.n,%16! ](,*%-&! h! I,506! *1! ())+(,@:! #$%&! '1,)5&! '13),%&+&!
1,*$1.,()$%'! *,(-&',%)*%1-&! 12! %-21,3(/! '1-8+,&(*%1-&! ,+'1,4+4! %-! *$+! =ZZRW&6! %-!
4%22+,+-*!.+1.,()$%'!(,+(&!12!E1,*5.(/!?o('+/(,6!E+,+%,(!h!<(,(3(.16!;RRR@:(#$+!&(3)/+!
(-(/90+4!%-!*$%&!),1B+'*!'1-&%&*&!12!;;YQ;!1,*$1.,()$%'!71,4&!?=["R;!/+F%'(/!71,4&!(-4!
"=QR!'/%*%'&@:!!
!
3"&(&.&4%',974(%,,.(.-&!(
!
#$+!+/+'*,1-%'!*11/!%&'!!7(&!4+8+/1)+4!(*!*$+!E$1-+*%'&!M(A1,(*1,96!_-%8+,&%*9!
12! M%&A1-C! %*! %&! (! ),145'*! 12! *$+! ),1B+'*! %&'F7'$3<. !,22'&$6. #0. !"#$#-#5/3,-. G;H'326. /$.
!#&2757'6'! G! b+&+(,'$! (-4! P))/%'(*%1-&IJ! ! ?^,1*(6! `%.n,%1! h! ](,*%-&6! ;RRSC! ^,1*(! h!
`%.n,%1!;RR"@:!#$%&!),1.,(3!+F*,('*&!2,+>5+-'9!%-21,3(*%1-!12!&+3%G)$1-1/1.%'(/!5-%*&C!
%*! %4+-*%2%+&! (-4! >5(-*%2%+&! /+F%'(/! 71,4&6! '/%*%'&6! &9//(A/+&6! &+.3+-*(/! '/(&&+&6! (31-.!
1*$+,&6! A(&+4! 1-! 7,%**+-! *+F*&:! J*! (/&1! ),18%4+&! %-21,3(*%1-! 1-! *$+! /1'(*%1-! 12! 2+(*5,+&!
7%*$%-! 71,4&6! *(T%-.! &*,+&&! %-*1! (''15-*:=Q! ^5,*$+,! %-21,3(*%1-! 1-! *$+! 15*)5*! 12! *$%&!
),1.,(3!7%//!A+!),18%4+4!%-!'$()*+,&!N!*1!S6!7$+-!7+!),+&+-*!*$+!4%&*,%A5*%1-!12!)/('+!
(-4!3(--+,!2+(*5,+&!%-!*$+!(45/*!&)++'$!&(3)/+!4+&',%A+4!(A18+:!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
=N!
E,1B+'*! 5-4+,! '1-*,('*! -53A+,! E#HIXMJ\X"RNS"X;RRS:! #71! 8+,&%1-&! 12! %&'!! 7+,+! 5&+4! %-! *$%&!
4%&&+,*(*%1-V!?%@!`+,&%1-!=!G!](,*%-&6!^:6!]:!`%.n,%1!h!<:!^,1*(!?;RRQG;RR"@:!^,+E!G!^,+>5K-'%(&!-1!E1,*5.5K&!
?JpPI! -q! N="ZX;RR"@C! ?%%@! `+,&%1-! ;:R! G! ](,*%-&6! ^:6! ]:! `%.n,%16! <:! ^,1*(:! ?;RRZ@:! ^,+E! G! ^,+>5K-'%(&! -1!
E1,*5.5K&!?JpPI!-q![ZSZX;RRZ@:!!
=Q!^5,*$+,!%-21,3(*%1-!1-!*$%&!*11/!'(-!A+!215-4!(*!$**)VXX777:2/:5/:)*XM(A1,(*1,%1^1-+*%'(X^,+E:
!
=;!
!"#$%&'()(*(+"&(,&-&./$0&1%(/2(%"&(3/14/1#1%#.(51-&1%/'6(
(
71%'/,83%5/1(
(
$%&! '(! )*&! +,-+./0! )/121! +*.03,&%! */4&! )'! 5&,(',6! )*,'-7*'-)! 5*'%'0'7.+/0!
3&4&0'56&%)! .1! )*&! /+8-.1.).'%! '(! )*&! 1&76&%)/0! 191)&6:! ;6'%7! ')*&,! /15&+)1<! 9'-%7!
0&/,%&,1! */4&! )'! /+8-.,&! )*&! 191)&6! '(! +'%),/1).4&! 1'-%31! .%! )*&.,! %/).4&! 0/%7-/7&<! /1!
=&00!/1!.)1!3.1),.>-).'%!=.)*.%!=',31!/%3!1900/>0&1!?1&&!+*/5)&,!"@:!
A&76&%)/0!/+8-.1.).'%!*/1!+'%1).)-)&3!)*&!('+-1!'(!%-6&,'-1!1)-3.&1<!.%!1&4&,/0!
3.((&,&%)! 0/%7-/7&1<! 1.%+&! )*&! 6.3B)=&%).&)*! +&%)-,9C! )*&! 6/.%! 7'/01! '(! )*.1! ,&1&/,+*!
*/4&! >&&%! )'! 3&1+,.>&! )*&! =/9! +*.03,&%! /+8-.,&! 1'-%3! 191)&61! /%3! )'! 3.1+-11! =*/)!
.%1.7*)1! )*&! 1&4&,/0! 3&4&0'56&%)/0! 1)/7&1! 5,'4.3&! .%)'! )*&! ',7/%.D/).'%! '(! +*.03,&%E1!
5*'%'0'79! ?F/2'>1'%<! "GH"IJKC! L*'6129! M! N/00&<! "GJKC! A)/65&<! "GJGC! A6.)*<! "GO#C!
P%7,/6<! "GOHC! Q&%%<! "GOKC! Q/)D&%/-&,<! "GGRC! "GGHC! S&%1)'=.+D<! "GGHC! T0U'<! "GGJC!
V.22&,)<!"GGHC!T&4&0)<!"GGHC!W'0316.)*<!"GGXC!T/65,&+*)!&):!/0:!YRRHC!Z'1!A/%)'1<!YRRO<!
/6'%7!6/%9!')*&,1@:!
;1! /0,&/39! ,&(&,,&3! )'! .%! +*/5)&,! "<! )*&! 2%'=0&37&! '(! *'=! )95.+/009! 3&4&0'5.%7!
+*.03,&%! /+8-.,&! )*&! 1&76&%)/0! 191)&6! '(! )*&.,! %/).4&! 0/%7-/7&! .1! /01'! .65',)/%)! (',!
0.%7-.1).+B,&0/)&3!+'%)&[)1<!%/6&09!&3-+/).'%/0!/%3!+0.%.+/0:!P%!15.)&!'(!)*&!.65',)/%+&!'(!
)*.1! .11-&<! %'! &[)&%1.4&! ,&1&/,+*! */1! 9&)! >&&%! 5&,(',6&3! '%! )*&! /+8-.1.).'%! '(! )*&!
+'%1'%/%)/0! 191)&6! .%! \]:! ^*.1! +*/5)&,! ?/%3! )*.1! 3.11&,)/).'%<! .%! 7&%&,/0@! /.61! )'!
+'%),.>-)&! )'! (.00.%7! )*.1! 7/5<! >9! 5,'4.3.%7! .%(',6/).'%! '%! )*&! /+8-.1.).'%! '(! )*&!
+'%1'%/%)/0!.%4&%)',9<!>/1&3!'%!0'%7.)-3.%/0!3/)/!'(!(.4&!+*.03,&%!/+8-.,.%7!\]!/1!)*&.,!
(.,1)!0/%7-/7&:!!
!^*&! /%/091.1! 5,&1&%)&3! .%! )*.1! +*/5)&,! =.00! ('+-1! '%! +'%1'%/%)1! .%! %'%B
>,/%+*.%7! '%1&)! 5'1.).'%! ?=',3B.%.)./0! '%1&)! ?L"@! /%3! .%)&,4'+/0.+! '%1&)! ?LY@@<! 5/9.%7!
5/,).+-0/,! /))&%).'%! )'! )*&! 3&4&0'56&%)! '(! 50/+&! /%3! 6/%%&,! (&/)-,&1:! ^*&! 6/.%! 7'/0!
*&,&!.1!)'!5,'4.3&!/!7&%&,/0!5.+)-,&!'(!+'%1'%/%)/0!/+8-.1.).'%!.%!\]C!(',!)*.1!,&/1'%<!=&!
=.00! /%/09D&! 3&4&0'56&%)/0! 5/))&,%1! .%3&5&%3&%)09! '(! =',3B&[)&%1.'%! ?>')*!
6'%'1900/>0&1! /%3! 5'091900/>.+! (',61! /,&! &[50',&3@! /%3! =',3B1),&11! ?)*&! 5'1.).'%! '(!
+'%1'%/%)1!/%3!(&/)-,&1!,&7/,3.%7!)*&!1),&11&3!1900/>0&!.1!%')!+'%1.3&,&3@:!
!^*.1!+*/5)&,!.1!',7/%.D&3!/1!('00'=1:!P%!1&+).'%!#:"<!=&!5,'4.3&!/%!'4&,4.&=!'(!
)*&! 0.)&,/)-,&! '%! /+8-.1.).'%! '(! +'%1'%/%)! .%4&%)',.&1<! /+,'11! 0/%7-/7&1:! A&+).'%! #:Y!
5,&1&%)1! /! 3&1+,.5).'%! '(! )*&! +'%1'%/%)/0! 191)&6! .%! /3-0)! \]:! A&+).'%! #:#! 5,'4.3&1! /!
1-66/,9! '(! )*&',&).+/0! .11-&1! /%3! /%! '-)0.%&! '(! )*&! /.61! /%3! ,&1&/,+*! 8-&1).'%1!
-%3&,09.%7!)*&!+-,,&%)!+*/5)&,:!^*&!6&)*'3'0'7.+/0!.11-&1!/,&!3.1+-11&3!.%!1&+).'%!#:H:!
!
"#!
^*&!,&1-0)1!/,&!3&1+,.>&3!.%!1&+).'%!#:X<!('00'=&3!>9!/!3.1+-11.'%!.%!#:J:!A'6&!+'%+0-3.%7!
,&6/,21!/,&!5,'4.3&3!.%!1&+).'%!#:O:!
)9:(;&4&#'3"(/1(%"&(#3<8545%5/1(/2(3/14/1#1%#.(51-&1%/'5&4(
!
!
;1!/0,&/39!6&%).'%&3!.%!)*&!5,&4.'-1!1&+).'%<!%-6&,'-1!1)-3.&1!*/4&!('+-1&3!'%!
1&76&%)/0! /+8-.1.).'%<! /+,'11! 3.((&,&%)! 0/%7-/7&1<! (',! 6',&! )*/%! */0(! /! +&%)-,9:! ^*&!
)*&',&).+/0!(,/6&=',2!-%3&,09.%7!)*&!3.((&,&%)!1)-3.&1!*/1!+*/%7&3!'4&,!)*&!9&/,1_!(,'6!
0.%&/,!5*'%'0'79<!=*&,&!1&76&%)1!=&,&!4.&=&3!/1!-%',3&,&3!(&/)-,&!>-%30&1!?L*'6129!
M! N/00&<! "GJK@<! )'! /-)'1&76&%)/0! 5*'%'0'79<! =*&,&! (&/)-,&1! =&,&! 3&1+,.>&3! /1! >')*!
/-)'%'6'-1! /%3! .%)&,3&5&%3&%)! +'%1).)-&%)1<! *.&,/,+*.+/009! ',7/%.D&3! .%! (&/)-,&!
7&'6&),.&1! ?L0&6&%)1<! "GKXC! A/7&9<! "GKJ<! L0&6&%)1! M! N-6&<! "GGX@! /%3! )'! +'%1),/.%)B
>/1&3! 6'3&01<! =*&,&! )*&! ('+-1! 1*.()&3! (,'6! ,&5,&1&%)/).'%1! )'! +'%1),/.%)1! '%! '-)5-)!
1),-+)-,&<! /%3! 1&76&%)/0! 3&4&0'56&%)! =/1! )*'-7*)! )'! ,&1-0)! (,'6! )*&! ,&,/%2.%7! '(!
(&/)-,/0!+'%1),/.%)1!4.1B`B4.1!(/.)*(-0%&11!+'%1),/.%)1!?$5).6/0.)9!^*&',9!?$^@C!Q+L/,)*9!
M!],.%+&<!"GG#C!],.%+&!M!A6'0&%129<!"GG#<!YRRHC!Q+L/,)*9<!YRRH@:!!
a.)*.%!(&/)-,&!7&'6&),9!(,/6&=',21<!1&76&%)/0!/+8-.1.).'%!*/1!>&&%!3&1+,.>&3!
/1!/!5,'+&11!'(!-%('03.%7!?',!>-.03.%7@!(&/)-,&!*.&,/,+*.&1<!)*,'-7*!7,/3-/0!/33.).'%!'(!
+'650&[.)9_! .%! 7&%&,/0<! *.7*&,! ,/%2&3! (&/)-,&1! ?(',! .%1)/%+&<! b1'%',/%)c@! /,&! /+8-.,&3!
>&(',&! 0'=&,! ,/%2&3! (&/)-,&1! ?(',! .%1)/%+&<! bd/%)&,.',c! +'%),/1)1@! ?e&,%*/,3)<! "GGYC!
A)'&0BW/66'%<! "GG#<! "GGHC! e&,%*/,3)! M! A)'&0BW/66'%<! "GGHC! f.+&! M! ;4&,9<! "GGXC!
e&&,1<!"GGJC!Q')/<!"GGJ@:!a.)*.%!$^!(,/6&=',21<!1&76&%)/0!3&4&0'56&%)!.1!3&1+,.>&3!
/1! )*&! ,&1-0)! '(! ,&B,/%2.%71! '(! (/.)*(-0%&11! /%3! 6/,2&3%&11! +'%1),/.%)1<! '%! .%3.4.3-/0!
(&/)-,&1! ',! '%! (&/)-,&! +'6>.%/).'%1! ?e&,%*/,3)! M! A)&6>&,7&,<! "GGKC! Q/)D&%/-&,! M!
e'%.0*/<!YRR#C!e'%.00*/<!YRRXC!Z'1!A/%)'1<!YRRO@:!!
L&%),/0! )'! /00! )*&',&).+! /55,'/+*&1! '%! 1&76&%)/0! 3&4&0'56&%)! .1! )*&! %').'%! '(!
6/,2&3%&11C! 1),-+)-,&1! )*/)! '++-,! .%! 6/%9! 0/%7-/7&1! '(! )*&! =',03! /,&! -1-/009! /6'%7!
)*&! (.,1)! )'! >&! /+8-.,&3! >9! 9'-%7! +*.03,&%:! ;++',3.%7! )'! F/2'>1'%! ?"GH"IJK@<! )*&!
5,&1&%+&! '(! /! 6/,2&3! 1&76&%)! .%! )*&! 191)&6! 5,&1-55'1&1! /%! &/,0.&,! /+8-.1.).'%! '(! )*&!
-%6/,2&3!'%&:!V',!.%1)/%+&<!F/2'>1'%!+0/.61!)*/)!)*&!/+8-.1.).'%!'(!?6/,2&3@!(,.+/).4&1!
.650.&1!/%!&/,0.&,!/+8-.1.).'%!'(!?-%6/,2&3@!1)'51!/%3!)*/)!)*&!/+8-.1.).'%!'(!?6/,2&3@!
>/+2!1'-%31!5,&1-55'1&1!/%!&/,0.&,!6/1)&,9!'(!?-%6/,2&3@!(,'%)!1&76&%)1:!f&1&/,+*!.%!
)*&!(.&03!*/1!1*'=%!),&%31!.%!)*.1!3.,&+).'%<!/0)*'-7*!)*&,&!.1!6-+*!4/,./).'%:!Z.((&,&%)!
+*.03,&%! 6/9! 1*'=! 3.((&,&%)! -%6/,2&3! ?3&(/-0)@! 1&76&%)1! ',! (&/)-,&1! ?e&,%*/,3)! M!
A)&6>&,7&,<!"GGKC!Q',,.1&))&<!Z.%%1&%!M!W.&,-)<!YRR#@:!!!
P%3&5&%3&%)09! '(! )*&! )*&',&).+/0! (,/6&=',2! -1&3<! 3.((&,&%)! 1)-3.&1! */4&! ('-%3!
1'6&! )95.+/0! 5/))&,%1! .%! 1&76&%)/0! 3&4&0'56&%)<! )'! =*.+*! =&! )-,%! )'! .%! )*&! %&[)!
!
"H!
1->1&+).'%1:! a&! =.00! 1)/,)! =.)*! )*&! 3&1+,.5).'%! '(! 6/g',! ),&%31! .%! )*&! /+8-.1.).'%! '(!
6/%%&,!(&/)-,&1<!.%!1->1&+).'%!#:":"!/%3!)*&%!5,&1&%)!/%!'4&,4.&=!'(!+'66'%!5/))&,%1!
.%!50/+&!(&/)-,&!3&4&0'56&%)<!.%!#:":Y:!A->1&+).'%!#:":#!5,'4.3&1!/%!'-)0.%&!'(!)*&!6'1)!
(,&8-&%)! 1->1).)-).'%! 5/))&,%1! '>1&,4&3! (',! 50/+&! /%3! 6/%%&,! (&/)-,&1:! T/1)09<!
1->1&+).'%! #:":H! &[50',&1! )*&! ,&0/).'%! >&)=&&%! /+8-.1.).'%! 5/))&,%1<! .%)/2&! 5,'5&,).&1!
/%3!3.1),.>-).'%!'(!+'%1'%/%)1!.%!)*&!.%5-):!!
)9:9:(+'&1,4(51(%"&(,&-&./$0&1%(/2(0#11&'(2&#%8'&4(
!
A)'51! 1&&6! )'! >&! -%.4&,1/009! 5,&1&%)! .%! &/,09! 3&4&0'56&%)! .%! )95.+/009!
3&4&0'5.%7!191)&61C!)*&9!+'%1).)-)&!/!*.7*09!(,&8-&%)!1'-%3!+0/11!.%!>/>>0.%7!/%3!&/,09!
=',31<!>&.%7!5,'3-+&3!>')*!)/,7&)B0.2&!/%3!/1!1->1).)-)&1!(',!%'%B/+8-.,&3!+'%1'%/%)1!
?F/2'>1'%<!"GH"IJKC!h.*6/%<!"GGYC!A)'&0BW/66'%<!"GG#C!f'>>!M!e0&.0&<!"GGH@:!!
i/1/01! /,&! /01'! (,&8-&%)09! 5,&1&%)! .%! &/,09! .%4&%)',.&1<! >-)! )*&.,! &/,09!
/+8-.1.).'%! */1! %')! >&&%! /))&1)&3! .%! 1'6&! 1)-3.&1! ?V.22&,)<! "GGHC! e&,%*/,3)! M!
A)&6>&,7&,<!"GGK@:!!
;1! (',! (,.+/).4&1<! )*&9! )&%3! )'! >&! .%(,&8-&%)! .%! &/,09! =',31! ?/++',3.%7! )'!
e&,%*/,3)! M! A)&6>&,7&,<! "GGK<! )*&! /+8-.1.).'%! '(! (,.+/).4&1! 6/9! %')! >&! +'650&)&! -%).0!
)*&!/7&!'(!K!',!G@<!>-)!1'6&!1)-3.&1!*/4&!'>1&,4&3!)*/)!/!*.7*!(,&8-&%+9!'(!(,.+/).4&1!.%!
)*&!)/,7&)!0/%7-/7&!6/9!5,'65)!/%!&/,09!/+8-.1.).'%!'(!)*.1!+'%1'%/%)/0!+0/11!?e'911'%B
e/,3.&1!&)!/0:!"GGYC!T0U'<!"GGJC!T/%7&10/7<!YRRO@:!
!A.6.0/,09! )'! (,.+/).4&1<! )*&! 3&4&0'56&%)! '(! 0.8-.31! 6/9! '++-,! '4&,! /%! &[)&%3&3!
5&,.'3! '(! ).6&:! ^95.+/009<! +*.03,&%! /+8-.,&! )*&! 0/)&,/0! b0c! >&(',&! ,*').+! +'%1'%/%)1<! >-)!
)*&! ,&4&,1&! ',3&,! */1! /01'! >&&%! '>1&,4&3! ?e&,%*/,3)<! "GGRC! Z.%%1&%<! "GGYC! e&&,1<!
"GGX@:!
!!!
^*&! 6'1)!+'66'%! 5/))&,%1! '>1&,4&3! .%!)*&! /+8-.1.).'%! '(! 6/%%&,!(&/)-,&1! /,&!
1-66/,.D&3!.%!?K@:!
!
!"# $%&'()*+'*,-&*./01+)+,+2'*23*4.''&%*3&.,1%&)*
/@!;+8-.,&3!&/,0.&,_!1)'51!/%3!%/1/01!
>@!;+8-.,&3!0/)&,_!(,.+/).4&1!/%3!0.8-.31!
!
^*.1! 7&%&,/0! ',3&,! */1! >&&%! '>1&,4&3! .%! 6/%9! 0/%7-/7&1<! .%+0-3.%7! e,/D.0./%!
]',)-7-&1&! ?e]@<! /1! 1-66/,.D&3! .%! ?G@<! >/1&3! '%! Q/)D&%/-&,<! ?"GGR@! /%3! T/65,&+*)!
&):/0<!?YRRH@:!!
!
!5# 6%(&%*23*./01+)+,+2'*23*4.''&%*3&.,1%&)*+'*7%.8+9+.'*:2%,1;1&)&**
A)'51!/%3!i/1/01!?"CJB"CK@!jj!V,.+/).4&1!?"CKBYC"R@!jj!T.8-.31!?YCKBHCY@!
!
!
!
"X!
^*.1!',3&,!'(!/+8-.1.).'%!'(! 6/%%&,! (&/)-,&1! */1! /01'! >&&%! '>1&,4&3! >9! V,&.)/1!
?"GGO@<!=*&%!/%/09D.%7!)*&!3&4&0'56&%)!'(!1900/>0&!1),-+)-,&!.%!\]:!
P)!.1!=',)*!&65*/1.D.%7!)*/)!)*&!5/))&,%1!3&1+,.>&3!/>'4&!/,&!+'66'%!>-)!%')!
.%4/,./%)C! .%! (/+)<! 4/,./).'%! */1! >&&%! (,&8-&%)09! '>1&,4&3<! >')*! /+,'11! +*.03,&%! /%3!
/+,'11!0/%7-/7&1!?e&,%*/,3)!M!A)&6>&,7&,<!"GGK@:!
)9:9=(+'&1,4(51(%"&(,&-&./$0&1%(/2($.#3&(2&#%8'&4(
!
A&76&%)/0! ,&1&/,+*! */1! 1*'=%! )*/)! )*&! ',3&,! '(! /+8-.1.).'%! '(! 50/+&! (&/)-,&1!
)&%31! )'! 4/,9! (,'6! '%&! 6/%%&,! )'! )*&! ')*&,_! =.)*.%! 1)'51! /%3! %/1/01<! &.)*&,! T/>./0! ',!
L','%/0! bk/%)&,.',c! +/%! /55&/,! (.,1)<! ('00'=&3! >9! 3',1/01! ?P%7,/6<! "GGY@<! =*.0&! =.)*.%!
(,.+/).4&1! )*&! +','%/0! /%)&,.',! b1c! .1! (,&8-&%)09! )*&! (.,1)! +'%1'%/%)! /+8-.,&3<! >&(',&!
0/>./01! ?F/2'>1'%<! "GH"IJKC! e&&,1<! "GGJ@:! ^*&,&! .1! 6-+*! 4/,./>.0.)9<! )*'-7*<! /1! )'! )*&!
',3&,!'(!/+8-.1.).'%!'(!b(!4!1!Dc_!.%!1'6&!1)-3.&1<!0/>./01!/,&!/+8-.,&3!>&(',&!+','%/01!/%3!
.%! ')*&,1! )*&! ,&4&,1&! 5/))&,%! .1! /))&1)&3! ?e&,%*/,3)! M! A)&6>&,7&,<! "GGK@:! L','%/0! bB
/%)&,.',c!+'%1'%/%)1!)&%3!)'!>&!/+8-.,&3!0/)&,!?T/65,&+*)!&)!/0:!YRRH@:!!!
P%!1-6<!)*&!6'1)!+'66'%!5/))&,%1!.%!)*&!/+8-.1.).'%!'(!50/+&!(&/)-,&1!+'-03!>&!
1-66/,.D&3! .%! )*&! ('00'=.%7! 1&8-&%+&_! /%)&,.',jj%'%B/%)&,.',:! ^*.1! 7&%&,/0.D/).'%! .1!
7.4&%!.%!?"R@:!
!
!<=#
$%&'()*+'*,-&*./01+)+,+2'*23*>9./&*3&.,1%&)**
/@!;%)&,.',!(&/)-,&1!?T/>./0!/%3!L','%/0!bk/%)c@!)&%3!)'!>&!/+8-.,&3!&/,0.&,:!
>@!i'%B/%)&,.',!(&/)-,&1!?L','%/0!bB/%)c!/%3!Z',1/0@!)&%3!)'!>&!/+8-.,&3!0/)&,:!
!
!
P)!.1!%')!%&+&11/,.09!)*&!+/1&<!*'=&4&,<!)*/)!/00!/%)&,.',!+'%1'%/%)1!/,&!/+8-.,&3!
>&(',&! bB/%)&,.',c! '%&1:! A'6&! 1)-3.&1! */4&! 1*'=%! )*/)! 50/+&! (&/)-,&1! 6/9! >&! /+8-.,&3!
=.)*.%! 1->+/)&7',.&1! 3&)&,6.%&3! >9! 4'.+.%7:! V',! .%1)/%+&<! 1)-3.&1! .%! e]! /%3! .%! V,&%+*!
?Z'1! A/%)'1<! YRROC! $0.4&.,/<! YRRH@! 1*'=! )*/)! 1)'51! /,&! /+8-.,&3! .%! )*&! 1&8-&%+&! b5! )!
2cjjb>!3!!c:!
!
^/2.%7! 6/%%&,! /%3! 4'.+.%7! 1->7,'-51! .%)'! +'%1.3&,/).'%<! )*&! ',3&,!
/%)&,.',jj%'%B/%)&,.',! +/%! /++'66'3/)&! 6/%9! '(! )*&! ,&5',)1! '%! 1&76&%)/0!
3&4&0'56&%)<!/+,'11!0/%7-/7&1<!.%+0-3.%7!e]:!^*&!',3&,!'(!/+8-.1.).'%!'(!50/+&!(&/)-,&1!
.%! e]! .1! 7.4&%! .%! ?""@<! >/1&3! '%! f/%7&0! ?"GGK@<! Q/)D&%/-&,! ?"GGR@<! T/65,&+*)! ?"GGR@!
/%3!T/65,&+*)!&):!/0:!?YRRH@:!
!
!
!
!
!
"J!
!
!<<#
6%(&%*23*./01+)+,+2'*23*/2')2'.',)*+'*7%.8+9+.'*:2%,1;1&)&**
/@!A)'51_!T/>./0!/%3!L','%/0!jj!Z',1/0!?"CJB"CK@!
>@!i/1/01_!T/>./0!/%3!L','%/0!bk/%)c?"CJB"CK@jjL','%/0!b/%)c!?"CG!'%=/,31@!
+@!V,.+/).4&1_!T/>./0!?"CKB"CG@jj!L','%/0!bk/%)c?YCRBYCJ@jj!L','%/0!bB/%)cb?YCJBYC"R@!
3@!T/)&,/01_!L','%/0!bk/%)c!?YCKB#CR@jj!L','%/0!bB/%)c!?HCR@!
&@!f*').+1_!Z',1/0?#CH@jj!L','%/0!bk/%)c?HCY@!
!
;1! 1*'=%! />'4&<! .%! e]<! 0/>./0! /%3! +','%/0! 1)'51! /,&! /+8-.,&3! >&(',&! 3',1/01C!
=.)*.%!%/1/01<!0/>./0!/%3!+','%/0!bk/%)c!/,&!/+8-.,&3!.%!)*&!1/6&!).6&!(,/6&<!('00'=&3!>9!
bB/%)c! b"]. a.)*.%!(,.+/).4&1<!0/>./0!/%3!+','%/0!bk/%)c!)&%3!)'!>&!/+8-.,&3!>&(',&!+','%/0!
bB/%)c:! ;1! (',! 0.8-.31<! )*&! ',3&,! /%)&,.',jj%'%B/%)&,.',! .1! '%09! 1-55',)&3! >9! )*&!
/+8-.1.).'%!'(!0/)&,/01<!=*&,&!/04&'0/,!b0c!.1!/+8-.,&3!>&(',&!5/0/)/0!b#c:!;1!(',!,*').+1<!)*&!
,&4&,1&!',3&,!'(!/+8-.1.).'%!.1!'>1&,4&3_!3',1/0!b$c!.1!/+8-.,&3!>&(',&!)*&!(0/5:!!
;++',3.%7!)'!Q.,/%3/!?"GGJC!YRRO@<!)*&!&/,0.&,!/+8-.1.).'%!'(!)*&!),.00!,&0/).4&09!
)'! )*&! (0/5! .%! e]! 6/9! >&! ,&0/)&3! )'! 3.((&,&%)! 3&7,&&1! .%! 1'%',.)9! '(! )*&! )='! 1&76&%)1<!
=.)*! )*&! ),.00! >&.%7! +0'1&,! )'! (,.+/).4&1! )*/%! )'! 0.8-.31:! Q.,/%3/! /,7-&1! )*/)! )*&!
/+8-.1.).'%!5/))&,%1!'(!,*').+1!.%!e,/D.0./%!]',)-7-&1&!/,&!>&1)!/++'-%)&3!(',!.(!/3'5).%7!
/!1'%',.)9!1+/0&!/1!)*&!'%&!5,'5'1&3!>9!e'%&)!M!Q/1+/,l!?"GGJC!"GGO@<!7.4&%!.%!?"Y@:!
!<?#
!
@2'2%+,A*)/.9&*!72'&,*B*C.)/.%DE*<55FG*H>1(*C+%.'(.E*?==I#*
R!
A)'51!
"!
V,.+/).4&1!kb$c!
Y!
i/1/01!
#!
T/)&,/01!
H!
W0.3&1!kb%]!
X!
h'=&01!
!
^='!6/.%!/,7-6&%)1!/,&!5-)!(',=/,3!>9!Q.,/%3/!?YRRO@_!?.@!e,/D.0./%!+*.03,&%!
/+8-.,&!)*&!)='!,*').+1!.%!'%1&)!/++',3.%7!)'!)*&!',3&,!),.00jj(0/5<!=.)*!/%!&[)&%3&3!).6&!
0/7!.%B>&)=&&%!?)*&!),.00!.1!/+8-.,&3!>&)=&&%!YCK!/%3!#C"!/%3!)*&!(0/5!>&)=&&%!#CK!/%3!
#CG@C! ?..@! e,/D.0./%! +*.03,&%! )&%3! )'! ,&50/+&! )/,7&)1! b%c! >9! ')*&,! 1'%',/%)1<! %/6&09! >9!
70.3&1!',!)*&!0/)&,/0! b0cC!/1!(',!)*&!),.00<!.)!+/%! >&! ,&50/+&3! >9!1'%',/%)1!/%3! >9!?3',1/0@!
1)'51:!;11-6.%7!)*/)!+*.03,&%!,&50/+&!1&76&%)1!>9!')*&,1!)*/)!/,&!+0'1&!)'!)*&6!.%!)&,61!
'(! 1'%',.)9<! )*&! 1->1).)-).'%! '(! )*&! ),.00! >9! 1)'51! +'-03! %')! >&! /++'-%)&3! (',! =.)*.%! /!
),/3.).'%/0! 1+/0&! =*&,&! /00! 0.8-.31! /,&! &8-/0! .%! 1'%',.)9_! $>1),-&%)1! ?A)'51!
mV,.+/).4&1@mi/1/01mT.8-.31!?A&02.,2<!"GKH@:!$%!)*&!+'%),/,9<!)*&!1->1).)-).'%!'(!),.001!>9!
1)'51! +/%! >&! /++'-%)&3! (',! .(! )*&! ),.00! .1! /3g/+&%)! )'! 1)'51! .%! )*&! 1'%',.)9! 1+/0&<! /1!
5,'5'1&3!>9!e'%&)!M!Q/1+/,l!?"GGJ@:!^*.1!.11-&!=.00!>&!(-,)*&,!3.1+-11&3!.%!1&+).'%!#:J<!
>/1&3!'%!)*&!3/)/!'(!\]!+*.03,&%:!
!
"O!
!
!
)9:9)(>8?4%5%8%5/1($#%%&'14(
(
(
A->1).)-).'%!5/))&,%1!/,&!%')!/,>.),/,9!.%!+*.03,&%E1!15&&+*C!)*&9!,&1-0)!(,'6!)*&!
0&/,%&,E1! 3&4&0'5.%7! 7,/66/,! ?Q&DD'6'<! YRRO@:! ^*&! /%/091.1! '(! 3&4./%)! 5,'3-+).'%!
5/))&,%1! 5,'4.3&1! .%1.7*)1! .%)'! )*&! 3&4&0'5.%7! 191)&6C! (',! .%1)/%+&<! )*&! )95&! '(!
1->1).)-).'%1! )*/)! '++-,! /)! /! 7.4&%! 3&4&0'56&%)/0! 1)/7&! 6/9! 5,'4.3&! &4.3&%+&! '(! )*&!
3&(/-0)!',!%'%B3&(/-0)!1)/)-1!'(!5/,).+-0/,!(&/)-,&1<!1.%+&!3&(/-0)1!.%!)*&!191)&6!)&%3!)'!
,&50/+&!%'%B3&(/-0)1!6',&!'()&%!)*/%!)*&!,&4&,1&!?e&,%*/,3)!M!A)&6>&,7&,<!"GGK@:!!
L*.03,&%! +/%! ,&50/+&! 50/+&<! 6/%%&,! ',! 4'.+.%7! (&/)-,&1! ?.%3.4.3-/009! ',! .%!
+'6>.%/).'%@:!P%!)*&!+-,,&%)!'4&,4.&=!'(!)*&!0.)&,/)-,&<!=&!=.00!('+-1!'%!)*&!1->1).)-).'%!
),&%31!)*/)!.%4'04&!50/+&!/%3I',!6/%%&,!(&/)-,&1:!!
!
@9(>8?4%5%8%5/14(#22&3%51A(0#11&'(2&#%8'&4(
!
A)'51!/%3!%/1/01!/,&!0&11!5,'%&!)'!>&!1->6.))&3!)'!1->1).)-).'%!5/))&,%1!?n/4/1<!
"GKKC! e&,%*/,3)! M! A)&6>&,7&,<! "GGKC! T/65,&+*)! &):! /0:<! YRRH@:! N'=&4&,<! 1'6&!
1->1).)-).'%1!*/4&!>&&%!,&5',)&3!.%!)*&!0.)&,/)-,&<!6'1)!'()&%!%/1/01!>&.%7!,&50/+&3!>9!
1)'51!?1&&!&[/650&!.%!?"#@<!(,'6!e]@:!!!
A)'51! 6/9! ,&50/+&! /00! ')*&,! 1'-%31<! /0)*'-7*! )*&9! /,&! 6'1)! 0.2&09! )'! ,&50/+&!
')*&,!'>1),-&%)1<!%/6&09!(,.+/).4&1!?1&&!&[/650&1!.%!?"#@<!(,'6!\%70.1*!/%3!V,&%+*@:!!
i/1/01! 1&,4&! ,&0/).4&09! .%(,&8-&%)09! /1! 1->1).)-)&1C! *'=&4&,<! )*&9! 6/9! ,&50/+&!
')*&,!1'%',/%)1<!%/6&09!)*&!0/)&,/0!b0c!?1&&!?"H@@:!!
!
!<J#
@1K),+,1,+2'*23*'.).9)*.'(*3%+/.,+L&)*KA*),2>)*M*&N.4>9&)*O7:E*P';9+)-*.'(*Q%&'/-*
i/1/0BjA)'5!
/2+'*!
6'&3/!
[be&'da]
e]!!
V,&.)/1!?YRRH@!
V,.+/).4&BjA)'5!
!
(.1*!
[&t(s]
\%70.1*!
\3=/,31!?"GGJ@!
V,.+/).4&BjA)'5!
,2*>.))*
5/11&,!
[pete]
V,&%+*!
Z'1!A/%)'1!?YRRO@!
!
;1!(',!0.8-.31<!)*&9!/,&!5,&(&,/>09!,&50/+&3!>9!/%')*&,!1'%',/%)<!%/6&09!/!70.3&<!
/%')*&,! 0.8-.3! ',! /! %/1/0:! ^*&,&! /,&! /01'! +/1&1! '(! 1->1).)-).'%! >9! 1)'51<! )*'-7*! 0&11!
(,&8-&%):! ^*&1&! 1->1).)-).'%1! /,&! .00-1),/)&3! >&0'=<! >/1&3! '%! )*&! /+8-.1.).'%! '(! e]!
?Q&DD'6'!M!f.>/1<!YRRH@:!
!
!<R#
S2442'*>.,,&%')*+'*,-&*)1K),+,1,+2'*23*9+01+()*M*7:*!C&88242*B*T+K.)E*?==R#*
?/@!
T/)&,/0BjW0.3&!
-.+%*!
+/>&0'!
[ka&beju]
?>@!
f*').+BjW0.3&!
U*%1'*
+',,'!
[&koju]
?+@!
T/)&,/0Bji/1/0!
>&'/+9*!
0o5.1!
[&napis]
?3@!
V0/5BjT/)&,/0!
/2/V%2./-*!
>/,/)/!
[ba&lata]
?&@!
T/)&,/0BjV0/5!
/.991)*
+/0'!
[&ka%u]
?(@!
^,.00BjA)'5!
V+';*!
,&.!
[&gej]
!
!
"K!
^*&! (/+)! )*/)! 0.8-.31! /,&! 6',&! +'66'%09! ,&50/+&3! >9! 1'%',/%)1! )*/%! >9!
'>1),-&%)1!*/1!>&&%!&[50/.%&3!.%!)*&!0.)&,/)-,&!'%!)*&!>/1.1!'(!)*&!1'%',.)9!3.1).%+).'%_!
+*.03,&%! )&%3! )'! 1&0&+)! 1->1).)-)&1! )*/)! /,&! +0'1&! .%! 1'%',.)9! )'! )*&! ,&50/+&3! +'%1'%/%)!
?Q.,/%3/<!YRRO@:!
!T.2&!%/1/01<!0.8-.31!1&,4&!,&0/).4&09!.%(,&8-&%)09!/1! 1->1).)-)&1:! P(!)*&9! 3'<! )*&9!
6',&!)95.+/009!,&50/+&!')*&,!0.8-.31<!.%!0/)&,/0I(0/5!.%)&,+*/%7&1!/1!)*&!'%&1!&[&650.(.&3!
/>'4&! ?1&&! &[/650&1! ?3@! /%3! ?&@@:! a.)*.%! )*.1! )95&! '(! 1->1).)-).'%1<! +*.03,&%! )&%3! )'!
5,&1&,4&!)*&!0/,7&1)!%-6>&,!'(!(&/)-,&1!'(!)*&!,&50/+&3!+'%1'%/%)<!1*'=.%7!/!,&0/).4&09!
*.7*!3&7,&&!'(!(/.)*(-0%&11!)'!)*&!)/,7&)!1'-%3:!
!
B9(>8?4%5%8%5/14(#22&3%51A($.#3&(2&#%8'&4(
!
T/>./01!/,&!%')!'()&%!1->6.))&3!)'!1->1).)-).'%!5/))&,%1<!/0)*'-7*!1'6&!1)-3.&1!
*/4&! ,&5',)&3! '%! 0/>./0Bj+','%/0! ,&50/+&6&%)1<! 6'1)09! /((&+).%7! 0/>./0! (,.+/).4&1:! ^*.1!
5/))&,%!.1!&[&650.(.&3!.%!?"X@!>/1&3!'%!/+8-.1.).'%!3/)/!(,'6!W&,6/%!/%3!e]:!
!
!<W#
@1K),+,1,+2'*>.,,&%')*.33&/,+';*9.K+.9)*M*&N.4>9&)*3%24*7:*.'(*X&%4.'*
!
T/>./0BjL','%/0!
>&/%!
(&.gp'!
T/>./0BjL','%/0!
6/%9!
4.&0&!
[si&z)*w]
[&ti:l)]
?e]<!$0.4&.,/<!YRRH@!
?W&,6/%<!S&*'&!M!T0U'<!YRRY@!
!
;1! (',! +','%/01<! 1)-3.&1! ,&5',)! '%! .%)&,+*/%7&1! >&)=&&%! bk/%)c! /%3! bB/%)c<!
)*'-7*!)*&!5/))&,%!bB/%)cBjbk/%)c!1&&61!)'!>&!6',&!(,&8-&%)!?P%7,/6!&)!/0:!"GKRC!A)'&0B
W/66'%!M!Z-%%<!"GKXC!e&,%*/,3)<!"GGR@:!^*&1&!5/))&,%1!/,&!.00-1),/)&3!.%!?"J@<!'%!)*&!
>/1.1!'(!/+8-.1.).'%!3/)/!'(!V,&%+*!/%3!e]:!
!
!<F#
@1K),+,1,+2'*>.,,&%')*.33&/,+';*/2%2'.9)*M*&N.4>9&)*3%24*Q%&'/-*.'(*7:*
!
bB/%)cBjbk/%)c!
9&00'=!
[+]aune
[zon]
V,&%+*!!
Z'1!A/%)'1<!YRRO!
bB/%)cBjbk/%)c!
*&/)!
[so]
Z'1!A/%)'1<!YRRO!
*'-1&!
[,]o
V,&%+*!!
bk/%)cBjbB/%)c!
&9&!
[ka&+i"a]
$0.4&.,/<!YRRH!
bB/%)cBjbk/%)c!
ca[z]inha
e]!
o[#]o
[&olu]
e]!
Q&DD'6'!M!f.>/1<!YRRH!
bk/%)cBjbB/%)c!
1*'&!
[s]apato
[,a&patu]
e]!
$0.4&.,/<!YRRH!
!
;++',3.%7! )'! Q/)D&%/-&,! ?"GG#@<! 1->1).)-).'%1! '(! )*&! )95&! .00-1),/)&3! />'4&!
1*'=!)*/)!+*.03,&%!*/4&!/0,&/39!/+8-.,&3!)*&!6/g',!50/+&!(&/)-,&!L','%/0<!>-)!/,&!1).00!
=',2.%7! '%! )*&! /+8-.1.).'%! '(! .)1! 1->+/)&7',9! bd/%)&,.',cC! .%! (&/)-,&! 7&'6&),9! 6'3&01<!
(',! .%1)/%+&<! )*.1! 1->+/)&7',.D/).'%! .1! (',6/0.D&3! >9! 50/+.%7! bd/%)&,.',c! .%! /! 0'=&,!
*.&,/,+*.+/0!0&4&0!?1&&!L0&6&%)1!/%3!N-6&<!"GGX@:!
f&7/,3.%7! )*&! 1->1).)-).'%! 5/))&,%1! )*/)! /((&+)! 3',1/01<! /! (,&8-&%)09! '>1&,4&3!
5*&%'6&%'%! .1! )*&! ,&50/+&6&%)! '(! 4&0/,1! >9! +','%/01<! +'66'%09! )&,6&3! /1! L&9.%*
3%2',+';! ?A)'&0BW/66'%<! "GGJC! A)'&0BW/66'%! M! A)&6>&,7&,<! "GGHC! P%2&0/1! M! f'1&<!
YRR#@:!^*.1!5/))&,%!.1!&[&650.(.&3!>&0'=<!>/1&3!'%!\%70.1*!/+8-.1.).'%!3/)/:!
!
!
"G!
!
!<I#
Y&9.%*3%2',+';*M*&N.4>9&)*3%24*P';9+)-*
!
b3',c!Bj!b+',c!
7'!!
b3',c!Bj!b+',c!
>-7!
[&do:]
[b-d]
\%70.1*!
P%2&0/1!M!f'1&!?YRR#@!
\%70.1*!
A)'&0BW/66'%!?"GGJ@!
!
;1! (',! /+).%7! /1! 1->1).)-)&1<! )*&! 7&%&,/0! ),&%31! /,&! )*/)! 3',1/01! .%(,&8-&%)09!
,&50/+&! &.)*&,! 0/>./0! ',! +','%/01<! &[+&5)! .%! /11.6.0/).'%! 5/))&,%1:! Z',1/01! /%3! 0/>./01!
1&03'6! 1->1).)-)&! (',! &/+*! ')*&,C! /++',3.%7! )'! e&,%*/,3)! M! A)&6>&,7&,! ?"GGK@<! )*.1!
,&1-0)1!(,'6!)*&!(/+)!)*/)!%'%3&(/-0)1!)&%3!%')!)'!,&50/+&!')*&,!%'%3&(/-0)1:!!
P%! 1&+).'%! #:J<! )*&! /+8-.1.).'%! 5/))&,%1! '>1&,4&3! .%! )*&! 3/)/! '(! )*&! (.4&! \]!
+*.03,&%!=.00!>&!3.1+-11&3!/%3!+'65/,&3!)'!)*&!1->1).)-).'%!),&%31!3&1+,.>&3!/>'4&:!
)9:9C(71$8%D(51%#E&(#1,(#3<8545%5/1($#%%&'14(
!
^*,&&! 3.((&,&%)! +'%+&5)1! =.00! >&! ,&(&,,&3! )'! .%! )*&! +-,,&%)! 1&+).'%_! ?.@! .%)/2&!
5/))&,%1<! ?..@! /+8-.1.).'%! 5/))&,%1! /%3! ?...@! 3.1),.>-).'%! '(! +'%1'%/%)1! .%! )*&! .%5-):! e9!
.%)/2&!=&!,&(&,!)'!)*&!1&)!'(!/3-0)!=',31!+*.03,&%!/))&65)!?.%!0.%&!=.)*!V.22&,)!M!T&4&0)<!
YRRK@C! >9! /+8-.1.).'%! 5/))&,%1! =&! ,&(&,! )'! )*&! ',3&,! '(! 3&4&0'56&%)! '(! )/,7&)B0.2&!
5,'3-+).'%1C!/1!(',!)*&!3.1),.>-).'%!.%!)*&!.%5-)<!.)!,&(&,1!)'!)*&!(,&8-&%+9!'(!'++-,,&%+&!
'(!+'%1'%/%)1!?',!(&/)-,&1@!.%!/3-0)!15&&+*:!!
^*&! +0/.6! )*/)! )*&! 3.1),.>-).'%! .%! )*&! .%5-)! 191)&6! 6/9! .%(0-&%+&! 5*'%'0'7.+/0!
3&4&0'56&%)/0! ?>')*! .%! 5&,+&5).'%! /%3! 5,'3-+).'%@! */1! >&&%! 5-)! (',=/,3! .%! ,&+&%)!
=',21! ?F-1+D92! &)! /0:<! "GGHC! A)',2&0<! YRR"C! h'3'5.4&+<! YRRHC! \3=/,31<! e&+26/%<! M!
Q-%1'%<!YRRHC!q/6-%&,<!W&,2&%<!M!N/66'%3<!YRRHC!Q'%%.%<!Tr4&%>,-+2!M!e&+26/%<!
YRRO@:! Q'1)! '(! )*&! 1)-3.&1! .%! )*.1! 0.%&! '(! ,&1&/,+*! /,7-&! )*/)! ?.@! &/1&! '(! /,).+-0/).'%! ',!
5&,+&5).'%! 6/9! +/-1&! 1'6&! 1'-%31! )'! >&! /+8-.,&3! &/,0.&,<! /+,'11! 0/%7-/7&1C! ?..@! 1'6&!
(,&8-&%)09! '++-,,.%7! 1'-%3! ',! 1'-%3! 1&8-&%+&1! 6/9! >&! /+8-.,&3! (.,1)! .%! '%&! 0/%7-/7&!
/%3!'%09!0/)&,!.%!)*&!')*&,!0/%7-/7&1<!=*&,&!.)1!(,&8-&%+9!.1!0'=:!!!
$)*&,! 1)-3.&1<!*'=&4&,<!*/4&! ('-%3! %'! 3.,&+)! ,&0/).'%!>&)=&&%!&.%9A!1&76&%)/0!
/+8-.1.).'%! /%3! )*&! 3.1),.>-).'%! '(! 1&76&%)1! .%! /3-0)! 15&&+*! ?Z'1! A/%)'1<! YRRO@! ',! .%!
L*.03!Z.,&+)&3!A5&&+*!?T&4&0)!M!4/%!$'1)&%3',5<!YRROC!V.22&,)!M!T&4&0)<!YRRK@:!!!
T&4&0)! M! 4/%! $'1)&%3',5! ?YRRO@! +'65/,&3! )*&! ',3&,! '(! /+8-.1.).'%! '(!
+'%1'%/%)1!.%!)*&!Z-)+*!+*.03!0/%7-/7&!3/)/>/1&!LT]V!=.)*!)*&!(,&8-&%+9!'(!'++-,,&%+&!
'(! )*&1&! +'%1'%/%)1! .%! Z-)+*! L*.03! Z.,&+)&3! A5&&+*! ?LZA@! ?h/%! 3&! a&.g&,<! "GGG@! /%3!
('-%3! %'! 3.,&+)! 0.%2! >&)=&&%! >')*! /2%>2%.C! (',! .%1)/%+&<! b5! )c! 3.150/9! )*&! 0'=&1)!
(,&8-&%+9!.%!LZA!?":H!/%3!":#<!,&15&+).4&09@!>-)!=&,&!/+8-.,&3!&/,09:!!
V.22&,)! M! T&4&0)! ?YRRK@<! /01'! >/1&3! '%! Z-)+*! /+8-.1.).'%! 3/)/<! ('-%3! 1'6&!
3.1+,&5/%+.&1!>&)=&&%!&/,0.&,!/%3!0/)&,!3&4&0'56&%)/0!1)/7&1<!/1!(/,!/1!)*&!,&0/).'%!=.)*!
)*&! .%5-)! .1! +'%+&,%&3:! ^*&! /-)*',1! +'65/,&3! )*&! 3.1),.>-).'%! '(! 50/+&! =',3! 5/))&,%1!
!
YR!
?(',! .%1)/%+&! bT/>sT/>c! ',! bT/>sL',c@! .%! +*.03,&%E1! 5,'3-+).'%! (',61! )'! /! 1/650&! '(!
Z-)+*! LZA:! ^*&9! ('-%3! '-)! )*/)! )*&! 3.1),.>-).'%! .%! )*&! .%5-)! .1! %')! ,&(0&+)&3! .%! )*&!
&/,0.&1)! 1)/7&1! '(! 50/+&! 3&4&0'56&%)! ?>&(',&! "CO<! .%! f'>.%E1! 3/)/@_! bZ',sZ',c! /%3!
bT/>sT/>c! /,&! %')! (,&8-&%)! .%! LZA! >-)! /,&! 5,'3-+&3! 4&,9! &/,09:! N'=&4&,<! )*&!
3.1),.>-).'%! .%! )*&! .%5-)! +',,&0/)&1! =.)*! 50/+&! 3&4&0'56&%)! /)! /! 0/)&,! 1)/7&<! =*&%!
+'%1'%/%)1!+/%!,&+&.4&!3.((&,&%)!50/+&!(&/)-,&!15&+.(.+/).'%1!?/()&,!"CO<!.%!f'>.%E1!3/)/@:!!
;1!(',!)*&!,&0/).'%!>&)=&&%!.%)/2&!?)*&!)/,7&)!=',31!/))&65)&3!>9!)*&!+*.03@!/%3!
.%5-)<!Z'1!A/%)'1!?YRRO@<!.%!/!+/1&B1)-39!'(!V,&%+*<!1*'=1!)*/)<!>&)=&&%!"C"R!/%3!YCY<!
)*&!(,&8-&%+9!'(!&/+*!+'%1'%/%)!.%!)*&!+*.03E1!.%)/2&!!3'&1!%')!,&1&6>0&!)*&!3.1),.>-).'%!
'(!+'%1'%/%)1!.%!/3-0)!15&&+*:!;++',3.%7!)'!)*&!/-)*',<!)*&!+*.03E1!0&[.+'%!/)!)*.1!/7&!.1!
,&0/).4&09!16/00!/%3!)*&!+*.03!/4'.31!=',31!=.)*!t5,'>0&6/).+E!+'%1'%/%)1C!.)!.1!'%09!/)!/!
0/)&,! 1)/7&<! >&)=&&%! YC#! /%3! YC""<! )*/)! 3.1),.>-).'%! .%! )*&! .%)/2&! 1)/,)1! ,&(0&+).%7!
3.1),.>-).'%/0!5/))&,%1!.%!V,&%+*!/3-0)!15&&+*:!^*.1!+*/%7&!+'.%+.3&1!=.)*!/%!&[5/%1.'%!
'(!)*&!+*.03E1!/+).4&!4'+/>-0/,9:!!
$%&! '(! )*&!/.61! '(! )*&!+-,,&%)! 3.11&,)/).'%! .1!)'!+'%),.>-)&! )'! )*&! 3.1+-11.'%! '(!
)*&!5')&%)./0!,'0&!'(!3.1),.>-).'%/0!5,'5&,).&1!.%!)*&!.%5-)!>')*!.%!)*&!.%)/2&!/%3!.%!)*&!
/+8-.1.).'%!5/))&,%1!'>1&,4&3!.%!)*&!3/)/!'(!)*&!(.4&!]',)-7-&1&!+*.03,&%:!A.%+&!)*&,&!.1!
%'!&[)&%1.4&!/2%>1)!'%! LZA! .%!\]<! )*.1!3.1+-11.'%!=.00!>&!>/1&3!'%! )*&!(,&8-&%+9! ,/)&1!
&[),/+)&3! (,'6! /! /2%>1)! '(! \]! /3-0)! 15&&+*:! Q',&! 3&)/.01! '%! )*.1! )'5.+! /,&! 5,'4.3&3! .%!
#:H:!!
!
)9=(!/14/1#1%4(51(F8'/$&#1(G/'%8A8&4&H(%"&(%#'A&%(464%&0(
!
^*.1!1&+).'%!5,'4.3&1!/!+*/,/+)&,.D/).'%!'(!)*&!+'%1'%/%)/0!191)&6!.%!\]:!a&!=.00!
1)/,)!=.)*!)*&!3&1+,.5).'%!'(!)*&!+'%1'%/%)/0!.%4&%)',9<!('+-1.%7!'%09!'%!)*&!+'%),/1).4&!
1'-%31! )*/)! '++-,! .%! %'%B>,/%+*.%7! '%1&)! 5'1.).'%! ?=',3B.%.)./0! ?L"@! /%3! .%)&,4'+/0.+!
?LY@@:! ^*&! 50/+&! /%3! 6/%%&,! (&/)-,&! +*/,/+)&,.D/).'%! '(! +'%1'%/%)1! 5,&1&%)&3! .%! )*.1!
1&+).'%!.1!>/1&3!'%!Q/)&-1!M!3E!;%3,/3&!?YRRR@:!
P%! 1)/%3/,3! \]<! /! 1&)! '(! "G! +'%),/1).4&! +'%1'%/%)1! +/%! >&! ('-%3! .%! '%1&)!
5'1.).'%:"X!^*/)!1&)!.1!7.4&%!.%!?"K@:!
!
!
!<"#
S2',%.),+L&*/2')2'.',)*+'*P:*M*2')&,*>2)+,+2'*
[p b t d k ! f v s z , + m n " l # % $]
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"X!
;)! )*&! 5*'%&).+! 0&4&0<! )*&,&! /,&! 1'6&! ')*&,! ,&/0.D/).'%1! (',! +'%1'%/%)1! .%! '%1&)<! %/6&09! )*&! -4-0/,!
(,.+/).4&1! b.c! /%3! b/c! (',! )*&! ,*').+! b$] ?T.1>'%! ,&7.'%@ /%3! )*&! ,&/0.D/).'%! '(! 4'.+&3! 1)'51! bb d !] /1! )*&!
+',,&15'%3&%)! %'%B1),.3&%)! (,.+/).4&1! b0 1 2c<! ,&15&+).4&09! ?%',)*&,%! /%3! +&%),/0! 3./0&+)1C! Q/)&-1! M! 3E!
;%3,/3&<!YRRR_""@C!)*&1&!4/,./%)1!/,&<!*'=&4&,<!%'%B+'%),/1).4&:!
!
!
Y"!
!
P%!)*&!1&)!3&5.+)&3!/>'4&<!/00!+'%1'%/%)1!/,&!+'%),/1).4&!.%!=',3B6&3./0!'%1&)1!
?1&&!?YR@@!/%3!/00!>-)!)*&!1'%',/%)1! b" # %] /,&!+'%),/1).4&!.%!=',3B.%.)./0!5'1.).'%!?1&&!
?"G@@:"J!
!
!
!
!
!<5#
S2',%.),+L&*/2')2'.',)*+'*Z2%(O+'+,+.9*2')&,*!C.,&1)*B*([*H'(%.(&E*?===#*
5/0/!
4.1',!
[&to*]
)'6!
)'%&!
[k]
[&kalu]
+/0'!
+',%!
[f]
[&fal3]
(/0/!
15&&+*!
[s]
[&selu]
1&0'!
1&/0!
[,]
[&,a]
+*o!
)&/!
[m]
[&mat3]
6/)/!
=''3!
[l]
[&latu]
0/)'!
0/,7&!
[p]
[&pal3]
[t]
!
>/0/!
>-00&)!
[&do*]
3'6!
7.()!
[!]
[&!alu]
7/0'!
+'+2!
[v]
[&val3]
4/0/!
),&%+*!
[z]
[&zelu]
D&0'!
+/,&!
[+]
[&+a]
go!
/0,&/39!
[n]
[&nat3]
%/)/!
+,&/6!
[$]
[&$atu]
,/)'!
6'-1&!
[b]
[&bal3]
[d]
!?=# *S2',%.),+L&*/2')2'.',)*+'*+',&%L2/.9+/*2')&,*!C.,&1)*B*([*H'(%.(&E*?===#*
[p]
[&$ip3]
,.5/!
+*.5!
[b]
[&$ib3]
,.>/!
+0.((!
[t]
[&latu]
0/)'!
=.3&!
1.3&!
[k]
[&vak3]
+'=!
[&ladu]
0/3'!
4/+/!
[d]
[&va!3]
=/4&!
[f]
[&,taf3]
(/).7-&!
[!]
4/7/!
&1)/(/!
[v]
[&,tav3]
&1)/4/!
1I*&!=/1!
[s]
[&kas3]
+/u/!
*-%)!
*'-1&!
[,]
[&a,3]
1I*&!(.%31!
[&kaz3]
+/1/!
/+*/!
[z]
[&a+3]
)*&,&!6/9!>&!
[l]
[&mal3]
>/7!
[+]
*/g/!
6/0/!
[#]
[&ma#3]
6/0*/!
6&1*!
[m]
[&!3m3]
7/6/!
,/%7&!
&%&,79!
["]
[&s3"3]
(-,9!
[&!3n3]
7/%/!
1/%*/!
[n]
[&s3n3]
1I*&!*&/01!
[%]
[&ka%u]
&[5&%1.4&!
[n]
1/%/!
+/,'!
[$]
[&ka$u]
+/,,'!
+/,!
!
Z.((&,&%)! 50/+&! /%3! 6/%%&,! (&/)-,&1! +*/,/+)&,.D&! )*&! +'%1'%/%)1! 7.4&%! />'4&:!
^*/)!+*/,/+)&,.D/).'%!.1!5,'4.3&3!.%!?Y"@<!>/1&3!'%!Q/)&-1!M!3E!;%3,/3&!?YRRR@:!!
!
!?<#
**Q&.,1%&*/-.%./,&%+8.,+2'*23*/2')2'.',)*+'*P:**
?/@!Q/%%&,!!
!
A'-%31!
Q/%%&,!(&/)-,&1!
A)'51!
bp t k b d !c!
bB1'%',/%)cC!bB+'%).%-/%)c!
i/1/01!
bm n "c!
bk1'%',/%)cCb%/1c!
V,.+/).4&1!
bf v s z , +c!
bB1'%',/%)cC!bk+'%).%-/%)c!
T.8-.31!!!!!!?T/)&,/01@!
bl #c!!
bk1'%',/%)cCb0/)&,/0c!
?f*').+1@! b!% $c!
!
!
!
!
bk1'%',/%)c!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"J!i')&!)*/)!)*&,&!/,&!1'6&!'++-,,&%+&1!'(!b"
#] .%!=',3!.%.)./0!5'1.).'%!.%!\]<!>-)!)*&9!/,&!0.6.)&3!)'!/!16/00!
%-6>&,!'(!0&[.+/0!6',5*&6&1:!!
!
!
YY!
?>@!]0/+&!
!
A'-%31!
]0/+&!(&/)-,&1!
T/>./01!
bp b f v mc!
T/>./0!
L','%/01!!
bt d n s z l %c!
L','%/0C!bk/%)&,.',c!
[, + # "]!
L','%/0C!bB/%)&,.',c!
bk ! $c!
Z',1/0!
Z',1/01!
(
;++',3.%7! )'! Q/)&-1! M! 3E! ;%3,/3&! ?YRRR@! )*&! +'%1'%/%)/0! +0/11&1! 7.4&%! .%! )*&!
(.,1)!+'0-6%!'(!&/+*!)/>0&!5,&1&%)&3!.%!?"H@!+/%!>&!3.1).%7-.1*&3!>/1&3!'%!)*&!6/%%&,!
(&/)-,&1!5,'4.3&3!.%!)*&!)*.,3!+'0-6%<!/)!)*&!,.7*):!^*'1&!3.((&,&%+&1!/,&!'-)0.%&3!>&0'=:!
•
1)'51! /%3! (,.+/).4&1! /,&! >')*! bB1'%',/%)c! >-)! 3.((&,! .%! )*&! bd+'%).%-/%)c!
15&+.(.+/).'%C!!
•
%/1/01!3.((&,!(,'6!)*&!')*&,!bk1'%',/%)1c!.%!)*&!b%/1c!15&+.(.+/).'%C!
•
0/)&,/01!3.((&,!(,'6!)*&!')*&,!0.8-.31!?,*').+1@!.%!)*&!b0/)c!15&+.(.+/).'%C!
•
;1! (',! 50/+&<! )*&! )*,&&! 6/g',! +0/11&1! /,&! 15&+.(.&3! =.)*! /! +0/11! %'3&! (&/)-,&!
bT/>./0<!L','%/0<!Z',1/0@C!
•
;%)&,.',!/%3!%'%B/%)&,.',!+','%/01!3.((&,!.%!)*&!bd/%)&,.',c!15&+.(.+/).'%:!
i')&! )*/)<! >/1&3! '%! )*&! 7&'6&),9! 6'3&0! '(! L0&6&%)1! M! N-6&! ?"GGX@<! Q/)&-1!
/%3! 3E! ;%3,/3&! 3.1).%7-.1*! >&)=&&%! +0/11! %'3&1<! =*.+*! /,&! -%/,9! ?T/>./0<! L','%/0<!
Z',1/0@<! /%3! )&,6.%/0! (&/)-,&1<! =*.+*! /,&! >.%/,9! ?bd/%)&,.',c<! (',! .%1)/%+&@:! V',!
&[5'1.)',9!,&/1'%1<!)*&!1/6&!)95&!'(!%')/).'%!=.00!>&!-1&3!.%!)*.1!3.11&,)/).'%:!P)!.1!=',)*!
%').+.%7<!)*'-7*<!)*/)!)*&!3.1+-11.'%!'(!)*&!-%/,9I>.%/,9!%/)-,&!'(!3.1).%+).4&!(&/)-,&1!.1!
>&9'%3!)*&!1+'5&!'(!)*&!+-,,&%)!.%4&1).7/).'%:!
V',!&/1&!'(!&[5'1.).'%!=*&%!3&1+,.>.%7!/+8-.1.).'%!5/))&,%1<!=&!=.00!'()&%!,&(&,!
)'!)*&!6/g',!1'-%3!+0/11&1!?1)'51<!(,.+/).4&1<!0/>./01<!(',!.%1)/%+&@!.%1)&/3!'(!,&(&,,.%7!)'!
)*&!50/+&!',!6/%%&,!(&/)-,&1!)*/)!+*/,/+)&,.D&!&/+*!+0/11!?1&&!1&+).'%!#:H@:!
P%!0.%&!=.)*!S.5/,129!?"GKY@!/%3!;,+*/%7&0.!?"GKY@<!Q/)&-1!M!3E!;%3,/3&!?YRRR@!
/11-6&!,/3.+/0!-%3&,15&+.(.+/).'%!.%!)*&!5*'%'0'7.+/0!,&5,&1&%)/).'%!'(!1&76&%)1C!)*&9!
5,'5'1&!)*/)!+','%/0!bk/%)&,.',c!.1!)*&!-%6/,2&3!50/+&!(&/)-,&!.%!)*&!191)&6!?1.6.0/,09!
)'! =*/)! */1! >&&%! &1)/>0.1*&3! (',! 6/%9! ')*&,! 0/%7-/7&1! ?]/,/3.1! M! ],-%&)<! "GG"@:! V',!
)*.1!,&/1'%<!)*&9!1-77&1)!)*/)!+','%/0!bk/%)c!+'%1'%/%)1!b)!3!1!D!%!%!0c!/,&!-%3&,15&+.(.&3<!
/)!)*&!0&[.+/0!0&4&0<!(',!50/+&!(&/)-,&1:!!P%!1&+).'%!#:J<!)*.1!5,'5'1/0!=.00!>&!3.1+-11&3<!.%!
)*&!0.7*)!'(!/+8-.1.).'%!3/)/!'(!)*&!(.4&!\]!+*.03,&%!1)-3.&3!.%!)*.1!5,'g&+):!
)9)(>800#'6(#1,('&4&#'3"(<8&4%5/14(
!
f&1&/,+*! .%! 1&76&%)/0! 3&4&0'56&%)! */1! ,&5',)&3! '%! )95.+/0! 3&4&0'56&%)/0!
),&%31!.%!)*&!/+8-.1.).'%!'(!50/+&!/%3!6/%%&,!(&/)-,&1<!/0)*'-7*!4/,./>.0.)9!.1!(,&8-&%)09!
!
Y#!
'>1&,4&3:!!;1!(/,!/1!6/%%&,!(&/)-,&1!/,&!+'%+&,%&3<!1)'51!/%3!%/1/01!)&%3!)'!>&!/+8-.,&3!
&/,09<!=*.0&!(,.+/).4&1!/%3!0.8-.31!/,&!/+8-.,&3!0/)&,!?e&,%*/,3)!M!A)&6>&,7&,<!"GGK@:!;1!
(',!50/+&<!T/>./0!/%3!L','%/0!bk/%)&,.',c!)&%3!)'!>&!/+8-.,&3!>&(',&!5/0/)/01!/%3!3',1/01!
?T/65,&+*)!&)!/0:!YRRH@<!=.)*!)*&!&[+&5).'%!'(!,*').+1<!=*&,&!)*&!3',1/0!),.00!)&%31!)'!>&!
/+8-.,&3!>&(',&!)*&!(0/5!?Q.,/%3/<!YRRO@:!!
A&4&,/0! 1->1).)-).'%! 5/))&,%1! */4&! /01'! >&&%! ,&5',)&3! .%! )*&! 0.)&,/)-,&_! %/1/01!
/%3! (,.+/).4&1! /,&! 6',&! (,&8-&%)09! ,&50/+&3! >9! 1)'51! ?\3=/,31<! "GGJC! V,&.)/1<! YRRH@<!
0.8-.31! /,&! 6',&! '()&%! 1->1).)-)&3! >9! /%')*&,! 1'%',/%)! ?Q&DD'6'! M! f.>/1<! YRRH@<!
/0)*'-7*!)*&!),.00!+/%!>&!,&50/+&3!>9!1)'51!?Q.,/%3/<!YRRO@:!!
f&7/,3.%7!50/+&<!T/>./0!.1!%')!'()&%!1->6.))&3!)'!1->1).)-).'%!5/))&,%1<!/0)*'-7*!
1'6&! 1)-3.&1! */4&! ,&5',)&3! '%! 0/>./0Bj+','%/0! ,&50/+&6&%)1<! 6'1)09! /((&+).%7! 0/>./0!
(,.+/).4&1! ?S&*'&! M! T0U'<! YRRYC! $0.4&.,/<! YRRH@:! ;1! (',! +','%/01<! 1)-3.&1! ,&5',)! '%!
.%)&,+*/%7&1! >&)=&&%! bk/%)c! /%3! bB/%)c! (&/)-,&1! ?$0.4&.,/<! YRRHC! Z'1! A/%)'1<! YRRO@<!
.%3.+/).%7! )*/)! )*&! 6/g',! (&/)-,&! L','%/0! .1! /+8-.,&3<! >-)! )*&! 1->+/)&7',.D/).'%!
bd/%)&,.',c! )/2&1! /! 0'%7&,! 5&,.'3! '(! ).6&! )'! >&+'6&! 1)/>0&! .%! +*.03,&%E1! 191)&61!
?Q/)D&%/-&,<!"GG#@:!;1!(',!3',1/01<!)*&9!)&%3!)'!>&!,&50/+&3!>9!+','%/01!?2%'=%!/1!)*&!
4&0/,!(,'%).%7!5*&%'6&%'%@!?A)'&0BW/66'%<!"GGJC!P%2&0/1!M!f'1&<!YRR#@:!!
^*&! /%/091.1! '(! 1->1).)-).'%! 5/))&,%1! 5,'4.3&1! .%1.7*)1! .%)'! )*&! 3&(/-0)! ',! %'%B
3&(/-0)!1)/)-1!'(!(&/)-,&1!/%3!+'%1'%/%)1!.%!+*.03,&%E1!5*'%'0'7.+/0!191)&61C!.%!7&%&,/0<!
3&(/-0)1! ,&50/+&! %'%B3&(/-0)1! 6',&! '()&%! )*/%! )*&! ,&4&,1&! ?e&,%*/,3)! M! A)&6>&,7&,<!
"GGK@:!
^*&! ,'0&! '(! )*&! 3.1),.>-).'%! '(! 1'-%31! .%! /3-0)! 15&&+*! ?',! .%! +*.03! 3.,&+)&3!
15&&+*@! .%! )*&! 3&4&0'56&%)! '(! .%)/2&! /%3! /+8-.1.).'%! 5/))&,%1! */1! >&&%! &[50',&3! .%!
1&4&,/0! 1)-3.&1! ?Z'1! A/%)'1<! YRROC! T&4&0)! M! 4/%! $'1)&%3',5<! YRROC! V.22&,)! M! T&4&0)<!
YRRK@:! ^*'1&! 1)-3.&1! ('-%3! %'! +',,&0/).'%! >&)=&&%! .%5-)! /%3! ',3&,! '(! /+8-.1.).'%! .%!
&/,09!/7&1<!>-)!1'6&!'(!)*&6!'>1&,4&3!/!7,/3-/0!,&1&6>0/%+&!>&)=&&%!/+8-.1.).'%!/%3!
.%5-)!3.1),.>-).'%<!/1!1''%!/1!+*.03,&%E1!/+).4&!4'+/>-0/,9!.%+,&/1&1!?Z'1!A/%)'1<!YRROC!
V.22&,)!M!T&4&0)<!YRRK@:!
P%! 15.)&! '(! )*&! .65',)/%+&! '(! )*&! 2%'=0&37&! '%! *'=! +*.03,&%! /+8-.,&! )*&.,!
1&76&%)/0!.%4&%)',9!)'!1&4&,/0!0.%7-.1).+B/550.&3!(.&031<!%/6&09!&3-+/).'%/0!/%3!+0.%.+/0<!
%'! &[)&%1.4&! ,&1&/,+*! */1! 9&)! >&&%! 5&,(',6&3! '%! )*&! /+8-.1.).'%! '(! )*&! +'%1'%/%)/0!
191)&6!.%!\]:!
^/2.%7! )*&! />'4&! .11-&1! .%)'! +'%1.3&,/).'%<! )='! 6/.%! ,&1&/,+*! 8-&1).'%1!
-%3&,0.&!)*&!/%/091.1!5,&1&%)&3!.%!)*&!+-,,&%)!+*/5)&,:!^*&9!/,&!1-66/,.D&3!.%!?YY@:!!
!
!
!
!
YH!
!??#****T&)&.%/-*01&),+2')**
*
!!!!!!!?":@! a*/)! 3&4&0'56&%)/0! 5/))&,%1! +*/,/+)&,.D&! )*&! /+8-.1.).'%! '(! )*&! +'%1'%/%)/0!
.%4&%)',9!.%!\]<!6',&!15&+.(.+/009<!)*&!/+8-.1.).'%!'(!50/+&!/%3!6/%%&,!(&/)-,&1v!
!!!!!!!!!!!!?":"@! a*/)! .%1.7*)1! 3'! )*'1&! 3&4&0'56&%)/0! 5/))&,%1! 5,'4.3&! .%)'! +*.03,&%E1!
3&4&0'5.%7!5*'%'0'7.+/0!191)&61v!
!
;.6.%7! )'! 7/)*&,! &65.,.+/0! &4.3&%+&! )*/)! /00'=1! (',! )*&! 3.1+-11.'%! '(! )*&! )='!
8-&1).'%1!,&(&,,&3!)'!/>'4&<!)*&!('00'=.%7!15&+.(.+!7'/01!*/4&!>&&%!(',6-0/)&3:!!
!
!?J#
*@>&/+3+/*.+4)*23*,-&*/1%%&',*/-.>,&%*
!
/@!Z&1+,.>&!)*&!',3&,!'(!/+8-.1.).'%!'(!+'%1'%/%)1:!
>@!;%/09D&!)*&!',3&,!'(!/+8-.1.).'%!'(!50/+&!/%3!6/%%&,!(&/)-,&1:!
+@!\[50',&!)*&!1->1).)-).'%!5/))&,%1!)*/)!/((&+)!(&/)-,&1:!
3@! L'65/,&! .%)/2&! /%3! /+8-.1.).'%! 5/))&,%1! )'! )*&! 3.1),.>-).'%! '(! (&/)-,&1! .%! \]! /3-0)!
15&&+*:!
!
e/1&3!'%!)*&!&65.,.+/0!.%(',6/).'%!,&(&,,&3!)'!/>'4&<!=&!.%)&%3!)'!+'%),.>-)&!)'!)*&!
3.1+-11.'%!'(!)*&!('00'=.%7!.11-&1!?1&&!1&+).'%!#:J@!
•
;+8-.1.).'%!5/)*_!+'%1'%/%)B>9B+'%1'%/%)!',!3&)&,6.%&3!>9!(&/)-,&1v!
•
A->1).)-).'%! 5/))&,%1_! 6/,2&3! /%3! -%6/,2&3! 1)/)-1! '(! (&/)-,&1! .%! +*.03,&%E1!
191)&61:!
•
^*&! ,'0&! '(! 3.1),.>-).'%/0! 5,'5&,).&1! '(! )*&! .%5-)! .%! +*.03,&%E1! .%)/2&! /%3!
/+8-.1.).'%!5/))&,%1:!
•
Z.((&,&%+&1! /%3! 1.6.0/,.).&1! >&)=&&%! /+8-.1.).'%! .%! \]! /%3! .%! ')*&,! 0/%7-/7&1<!
%/6&09!e]:!
)9C(I&%"/,(
(
^*&! /%/091.1! 5,&1&%)&3! .%! )*&! +-,,&%)! +*/5)&,! .1! >/1&3! '%! 15'%)/%&'-1!
0'%7.)-3.%/0! 3/)/! '(! (.4&! ]',)-7-&1&! +*.03,&%! /+8-.,.%7! \]! /1! )*&.,! (.,1)! 0/%7-/7&:! ^*&!
/7&! (,/6&! 1)-3.&3! 5&,! +*.03! /%3! )*&! +',,&15'%3.%7! %-6>&,! '(! ,&+',3.%7! 1&11.'%1! /,&!
7.4&%!.%!?YH@:!
!?R#
!
*$-&*(.,.\*.;&*.'(*'14K&%*23*)&))+2')E*>&%*/-+9(*
L*.03!
P%x1!
F'/%/!
T-6/!
L0/,/!
F'p'!!
!
;7&!/)!)*&!!
"1)!1&11.'%!
RC"":"H!!
RC"":YH!!
RC"":Y#!!
RC"":"!
"CR:"!
;7&!/)!)*&!!
0/1)!1&11.'%!
HCY:"K!
HC"R:O!
YCJ:YO!
"C"R:"X!
YCR:YR!
YX!
i:w!'(!1&11.'%1!
!
#R!
##!
#G!
"Y!
YY!
!
^*&!/+8-.1.).'%!3/)/!3.1+-11&3!.%!)*.1!+*/5)&,!.1!,&1),.+)&3!)'!+'%1'%/%)1!.%!%'%B
>,/%+*.%7!'%1&)1!?L"!/%3!LY@<!.%3&5&%3&%)09!'(!)*&.,!5'1.).'%!,&7/,3.%7!=',3!1),&11:!P%!
)*&!)/,7&)!=',31!/))&65)&3!>9!&/+*!+*.03<!5&,!1&11.'%<!=&!0''2&3!(',!/00!)*&!+'%1'%/%)1!
.%! %'%B>,/%+*.%7! '%1&)1! /%3! /%/09D&3! )*&! +',,&15'%3.%7! ,&%3.).'%1<! 8-/%).(9.%7! )*&!
%-6>&,!'(!)/,7&)B0.2&!5,'3-+).'%1<!)*&!%-6>&,!'(!3&4./%)!'-)5-)!(',61!/%3!)*&!)95&!'(!
1->1).)-).'%!5/))&,%!-1&3!?1&&!/55&%3.[&1!L!/%3!Z@:!
;1!/!+,.)&,./!(',!3&)&,6.%.%7!.(!/!7.4&%!+'%1'%/%)!.1!/+8-.,&3<!=&!=.00!/3'5)!KRy!
'(! )/,7&)B0.2&! 5,'3-+).'%1! .%! /)! 0&/1)! )='! +'%1&+-).4&! 6'%)*1! ?+',,&15'%3.%7! )'! 6',&!
)*/%! '%&! /))&65)@<! =.)*! %')! 6',&! )*/%! )='! 3&+,&/1&1! >&0'=! XRy! .%! )*&! ('00'=.%7!
6'%)*1:!;0)*'-7*!)*&,&!.1!%'!+'%1&%1-1!.%!)*&!0.)&,/)-,&!'%!)*&!6'1)!/3&8-/)&!+,.)&,./!
?e&,%*/,3)! M! A)&6>&,7&,<! "GGK@<! )*&! KRy! +,.)&,.'%! .1! (,&8-&%)09! -1&3! .%! 1)-3.&1! '%!
1&76&%)/0! /+8-.1.).'%! ?e&,%*/,3)<! "GGYC! Q')/<! "GGJ<! YRROC! Z'1! A/%)'1<! YRRO@:! e9!
+*''1.%7! 1.6.0/,! +,.)&,./! =&! =.00! )*&%! >&! />0&! )'! +'65/,&! '-,! ,&1-0)1! =.)*! )*&! '%&1!
5,&4.'-109! ,&5',)&3! .%! )*&! 0.)&,/)-,&:! i')&<! *'=&4&,<! )*/)! /! (-00! 8-/%).)/).4&! /++'-%)! '(!
)/,7&)B0.2&! 5,'3-+).'%1! .1! 5,'4.3&3! .%! /55&%3.[! L<! /00'=.%7! (',! )*&! +'65/,.1'%! =.)*!
1)-3.&1!-1.%7!')*&,!)95&1!'(!+,.)&,./:!
P%!)*&!3/)/!3&1+,.5).'%<!=&!=.00!('+-1!%')!'%09!'%!5,'3-+).'%!>-)!/01'!'%!.%)/2&!
5/))&,%1C!>9!.%)/2&!=&!6&/%!)*&!1&)!'(!/))&65)&3!/3-0)!)/,7&)1!?.%!0.%&!=.)*!1)-3.&1!1-+*!
/1!V.22&,)!M!T&4&0)<!YRRK@<!5&,!1&11.'%<!.%!&/+*!+*.03E1!/2%>1)!?/55&%3.[!\@:!
P%! )*&! +-,,&%)! +*/5)&,<! =&! =.00! /01'! .%4&1).7/)&! )*&! 3.1),.>-).'%! '(! +'%1'%/%)1!
/%3! '(! 50/+&! /%3! 6/%%&,! (&/)-,&1! .%! /! 1/650&! '(! \]! /3-0)! 15&&+*<! +'65/,.%7! .)! )'!
/+8-.1.).'%!/%3!.%)/2&!5/))&,%1:!^*/)!1/650&!.1!+'%1).)-)&3!>9!"XORY!0&[.+/0!=',31!/%3!
O"HR!+0.).+1!/%3!.1!)/2&%!(,'6!)*&!/2%>1)!@>2V&'*:2%,1;1&)&!?:2%,1;1])*Q.9.(2C!^;GR]\C!
LTzTIP%1).)-)'! L/6{&1C! V,&]$]! 3/)/>/1&@! ?1&&! /55&%3.[! e@:! ^*&! (,&8-&%+.&1! =&,&!
&[),/+)&3! -1.%7! Q%&:<"O! /%! &0&+),'%.+! )''0! 3&4&0'5&3! /)! )*&! ]*'%&).+1! T/>',/)',9<!
z%.4&,1.)9!'(!T.1>'%!?V,')/<!h.7o,.'!M!Q/,).%1<!YRRJ@:!!
V',! )*&! 1/2&! '(! +0/,.)9! .%! )*&! 3/)/! 3&1+,.5).'%<! =&! =.00! '()&%! ,&(&,! )'! %/)-,/0!
+0/11&1! ?1)'51<! (,.+/).4&1<! ',! ,*').+1<! (',! .%1)/%+&@! .%1)&/3! '(! 6&%).'%.%7! )*&! 3.1).%+).4&!
(&/)-,&1!)*/)!+*/,/+)&,.D&!&/+*!+0/11!?1&&!1&+).'%!#:Y@:!
)9J(@3<8545%5/1(/2(%"&(3/14/1#1%#.(464%&0(51(FGH('&48.%4(
!
P%!)*&!+-,,&%)!1&+).'%<!=&!3&1+,.>&!)*&!/+8-.1.).'%!'(!)*&!+'%1'%/%)/0!191)&6!.%!
\]<!>/1&3!'%!0'%7.)-3.%/0!3/)/!'(!(.4&!]',)-7-&1&!+*.03,&%:!^*.1!1&+).'%!.1!',7/%.D&3!/1!
('00'=1:!A->1&+).'%!#:X:"!5,&1&%)1!/!7&%&,/0!/%/091.1<!('+-1.%7!'%!)*&!',3&,!'(!/+8-.1.).'%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"O!Q',&!.%(',6/).'%!'%!)*.1!)''0!+/%!>&!('-%3!/)!http://www.fl.ul.pt/LaboratorioFonetica/FreP.!
!
YJ!
'(!.%3.4.3-/0!+'%1'%/%)1!/%3!'(!(&/)-,&1!?50/+&!/%3!6/%%&,@<!+'65/,.%7!3&4&0'56&%)/0!
5/))&,%1!=.)*!)*&!3.1),.>-).'%!'(!+'%1'%/%)1!/%3!(&/)-,&1!.%!/!1/650&!'(!\]!/3-0)!15&&+*:!
^*&%<! .%! #:X:Y<! =&! 3&1+,.>&! )*&! 1->1).)-).'%! 5/))&,%1! )*/)! /((&+)! 50/+&! /%3! 6/%%&,!
(&/)-,&1<! =.)*.%! &/+*! +*.03E1! /2%>1):! P%! )*&! 1&+).'%1! )*/)! ('00'=<! =&! 5,&1&%)! /! 3&)/.0&3!
3&1+,.5).'%! '(! .%)/2&! /%3! /+8-.1.).'%! 5/))&,%1<! =.)*.%! &/+*! 6/%%&,! (&/)-,&_! 1)'51! .%!
1->1&+).'%! #:X:#<! %/1/01! .%! #:X:H<! (,.+/).4&1! .%! #:X:X! /%3! 0.8-.31! .%! #:X:J:! a.)*.%! &/+*!
1->1&+).'%<!)*&!,&0/).'%!>&)=&&%!.%)/2&<!/+8-.1.).'%!/%3!3.1),.>-).'%/0!5,'5&,).&1!.%!)*&!
.%5-)!=.00!>&!&[50',&3:!
)9J9:(K&1&'#.(/',&'(/2(,&-&./$0&1%((
!
L',&'(/2(#3<8545%5/1(/2(3/14/1#1%4((
(
P%!)*.1!1->1&+).'%<!=&!5,&1&%)!)*&!7&%&,/0!',3&,!'(!/+8-.1.).'%!'(!+'%1'%/%)1!?.%!
'%1&)!5'1.).'%@!.%!&/+*!+*.03E1!/2%>1)C!/1!1)/)&3!.%!1&+).'%!#:H<!)*&!+,.)&,./!'(!/+8-.1.).'%!
/3'5)&3! .%! )*&! +-,,&%)! +*/5)&,! .1! '(! KRy! '(! )/,7&)B0.2&! 5,'3-+).'%1! .%! /)! 0&/1)! )='!
+'%1&+-).4&! 6'%)*1<! =.)*! /! 6/[.6-6! '(! )='! 3&+,&/1&1! >&0'=! XRy<! .%! )*&! ('00'=.%7!
1&11.'%1:! ;! (-00! 3&1+,.5).'%! '(! )*&! %-6>&,! '(! )/,7&)1! 1&0&+)&3! /%3! )*&! %-6>&,! /%3!
5&,+&%)/7&! '(! +',,&15'%3.%7! /++-,/)&! 5,'3-+).'%1<! 5&,! +*.03! /%3! 5&,! 1&11.'%<! .1!
5,'4.3&3!.%!/55&%3.[!L:!
P)!.1!=',)*!&65*/1.D.%7!)*/)!)*&!(/+)!)*/)!/!7.4&%!+'%1'%/%)!.1!%')!/+8-.,&3!3'&1!
%')!6&/%!)*/)!.)!.1!%')!5,'3-+&3!/++-,/)&09!/)!/00:!;1!=.00!>&!1*'=%!(,'6!1&+).'%!#:X:#!)'!
#:X:J<!6'1)!'(!)*&!+'%1'%/%)1!)*/)!/,&!%')!/+8-.,&3!?%')!5,'3-+&3!191)&6/).+/009!/>'4&!
KRy@! /,&! /0,&/39! >&.%7! 5,'3-+&3! /++-,/)&09! />'4&! XRy<! )*-1! )*&9! /,&! /0,&/39! .%! )*&!
5,'+&11!'(!>&.%7!/+8-.,&3:!
!
P%!)*&!/2%>2%.!'(!)*&!)='!+*.03,&%!1)-3.&3!(',!/!0'%7&,!5&,.'3!'(!).6&!?P%x1<!-%).0!
HCY! /%3! F'/%/<! -%).0! HC"R@<! =&! .3&%).(.&3! )*&! ',3&,! '(! /+8-.1.).'%! '(! "O! /%3! "J!
+'%1'%/%)1<! ,&15&+).4&09:! ^*&! ')*&,! )*,&&! +*.03,&%! ?T-6/<! L0/,/! /%3! F'p'@! /+8-.,&3! /!
16/00&,! 1&)! '(! +'%1'%/%)1<! 1.%+&! )*&9! =&,&! ,&+',3&3! (',! /! 1*',)&,! 5&,.'3! '(! ).6&:! ^*&!
',3&,! '(! /+8-.1.).'%! '(! +'%1'%/%)1! .%! &/+*! +*.03E1! /2%>1)! .1! 5,'4.3&3! .%! )*&! 3./7,/61!
3&5.+)&3!(,'6!?YX@!)'!?YG@:!
!
!
!?W#
*X&'&%.9*2%(&%*23*./01+)+,+2'*23*/2')2'.',)*+'*2')&,*M*U'])*!.>>&'(+N*S#*
(
$4&,/00<!P%x1!/+8-.,&1!"O!+'%1'%/%)1<!>&)=&&%!)*&!/7&!'(!RC""!/%3!HCY:!!^*&!(.,1)!
)='!+'%1'%/%)1!/+8-.,&3!/,&!b6c!/%3!b%c<!>&)=&&%!RC""!/%3!"C"!/%3!)*&!0/1)!.1! b$c<! )*,&&!
!
YO!
9&/,1!0/)&,<!/)!#C"":!^='!+'%1'%/%)1!/,&!1).00!%')!5,'3-+&3!)/,7&)B0.2&!/>'4&!KRy!.%!)*&!
0/1)!1&11.'%!1)-3.&3!?/)!HCY@_!)*&!0.8-.31!b#c!/%3!b%c:!
!
!
!?F#
(
*X&'&%.9*2%(&%*23*./01+)+,+2'*23*/2')2'.',)*+'*2')&,*M*^2.'.*!.>>&'(+N*S#*
(
!
V'00'=.%7! )*&! +,.)&,./! '(! KRy! '(! )/,7&)B0.2&! 5,'3-+).'%1<! "J! +'%1'%/%)1! +/%! >&!
+'%1.3&,&3! /+8-.,&3! .%! F'/%/E1! /2%>1)<! -%).0! )*&! /7&! '(! HC"R:! ^*&! )='! (.,1)! +'%1'%/%)1!
/+8-.,&3!/,&!b5c!/%3!b)c!/)!)*&!/7&!'(!"CG!/%3!YCY<!,&15&+).4&09:!!A.6.0/,09!)'!P%x1<!)*&!0/1)!
+'%1'%/%)!/+8-.,&3!>9!F'/%/!-%).0!)*&!0/1)!1&11.'%!1)-3.&3!.1!)*&!,*').+!b$c!?/)!HCO@:!^*,&&!
+'%1'%/%)1!/,&!%')!5,'3-+&3!)/,7&)B0.2&!/>'4&!KRy<!-%).0!)*&!/7&!'(!HC"R_!0/)&,/01!b0c!/%3!
b#c!/%3!,*').+!b%c:!
(
(
!?I#
*X&'&%.9*2%(&%*23*./01+)+,+2'*23*/2')2'.',)*+'*2')&,*M*_14.*!.>>&'(+N*S#*
(
T-6/!=/1!1)-3.&3!(,'6!)*&!/7&!'(!RC""!)'!YCJ:!a.)*.%!)*.1!5&,.'3<!O!+'%1'%/%)/0!
1'-%31! /,&! /+8-.,&3:! ^*&! (.,1)! +'%1'%/%)1! /+8-.,&3! /,&! b3c! /%3! b)c<! /)! "CY! /%3! "CK<!
,&15&+).4&09:!^*&!0/1)!+'%1'%/%)!/+8-.,&3!.1!b4c<!/)!YCH:!!
z%).0! )*&! 0/1)! 1&11.'%! 1)-3.&3! ?/)! YCJ@<! "Y! +'%1'%/%)1! /,&! 1).00! %')! /+8-.,&3<! .%!
T-6/E1!3/)/_!1)'51!b>!!c<!%/1/0!b"c<!/00!(,.+/).4&1!&[+&5)!(',!b4c!/%3!/00!0.8-.31!:!
!
!
!?"#
*X&'&%.9*2%(&%*23*./01+)+,+2'*23*/2')2'.',)*M*S9.%.*!.>>&'(+N*S#*
(
L0/,/! =/1! 1)-3.&3! (,'6! RC""! )'! "C"R:! a.)*.%! )*.1! 5&,.'3<! 1*&! /+8-.,&1! X!
+'%1'%/%)1<!/1!1*'=%!/>'4&:!^*&!(.,1)!+'%1'%/%)!/+8-.,&3!.1!b5c!?/)!"C"@:!;)!"CH<!%/1/0!b%c!
.1!/01'!/+8-.,&3:!^*&!0/1)!+'%1'%/%)!)'!1-,5/11!)*&!0&4&0!'(!KRy!'(!/++-,/)&!5,'3-+).'%1!
.1! b2c! ?/)! "CO@:! z%).0! "C"R<! L0/,/! */1! %')! 9&)! /+8-.,&3! "H! +'%1'%/%)1_! /00! 4'.+&3! 1)'51<!
%/1/0!b"c<!/00!(,.+/).4&1!/%3!/00!0.8-.31:!
!
(
(
!
YK!
!?5#
*X&'&%.9*2%(&%*23*./01+)+,+2'*23*/2')2'.',)*M*^2`2*!.>>&'(+N*S#*
(
F'p'!=/1!1)-3.&3!(,'6!RC""!)'!YCR:!a.)*.%!)*.1!5&,.'3<!J!+'%1'%/%)1!/,&!/+8-.,&3<!
/1! 1*'=%! .%! ?YG@:! ! ^*&! (.,1)! +'%1'%/%)/0! 1'-%3! /+8-.,&3! .1! b>c<! /)! "CY<! ('00'=&3! >9! b6c!
/%3!b5c<!/)!"CX:!^*&!0/1)!+'%1'%/%)!/+8-.,&3!.1!b)c<!/)!"C"R:!z%).0!)*&!/7&!'(!YCR<!%'!3',1/0<!
(,.+/).4&!',!0.8-.3!.1!5,'3-+&3!/++-,/)&09!/>'4&!KRy<!.%!F'p'E1!15&&+*:!
!
$4&,/00<! )*&,&! /,&! 1'6&! +'66'%! ),&%31! /+,'11! )*&! (.4&! +*.03,&%! 1)-3.&3_! )*&!
+'%1'%/%)1!b6!%!5!>!)!3c!)&%3!)'!>&!/6'%71)!)*&!(.,1)!1&)!'(!1'-%31!/+8-.,&3<!=*.0&!b(!4!1!D!
, +c! /%3<! 5/,).+-0/,09! b0! # % $c! )&%3! )'! >&! /+8-.,&3! 0/)&,:! P%! ')*&,! =',31<! )*&! (.,1)!
+'%1'%/%)1! /+8-.,&3! )&%3! )'! >&! 1)'51! /%3! %/1/01<! 0/>./0! /%3! +','%/0! bk/%)cC! )*&!
+'%1'%/%)1!/+8-.,&3!/)!0/)&,!/7&1!)&%3!)'!>&!(,.+/).4&1!/%3!0.8-.31:!P)!3'&1!1&&61!)*/)!)*&!
5/)*! '(! +'%1'%/%)/0! /+8-.1.).'%! .1! 3&)&,6.%&3! >9! >')*! 6/%%&,! /%3! 50/+&! (&/)-,&1<! /%3!
%')! >9! .%3.4.3-/0! +'%1'%/%)1:! ^*.1! .11-&! =.00! >&! (-,)*&,! &[50',&3! >&0'=<! .%! )*&!
+'65/,.1'%!>&)=&&%!)*&!',3&,!'(!/+8-.1.).'%!/%3!3.1),.>-).'%/0!5,'5&,).&1!'(!)*&!.%5-)!
0/%7-/7&:!
P%! )*&! %&[)!1->1&+).'%<! =&!=.00!.%4&1).7/)&! .(! )*&!7&%&,/0! ',3&,! '(! /+8-.1.).'%!'(!
.%3.4.3-/0!+'%1'%/%)1!'>1&,4&3!/>'4&!+/%!>&!,&0/)&3!)'!)*&!3.1),.>-).'%!'(!+'%1'%/%)/0!
1'-%31! .%! \]! ;3-0)! 15&&+*:! ^*&! 6/.%! 8-&1).'%! )*/)! =.00! >&! /33,&11&3! .1! .(! )*&! &/,09! ',!
0/)&! /+8-.1.).'%! '(! /! 7.4&%! 1'-%3! +/%! >&! ,&0/)&3! )'! .)1! (,&8-&%+9! '(! '++-,,&%+&! .%! /3-0)!
15&&+*:!!
!
L',&'(/2(#3<8545%5/1(#1,(,54%'5?8%5/1(/2(3/14/1#1%4(51(%"&(#,8.%(.#1A8#A&(
!
a&! =.00! %'=! +'65/,&! )*&! ',3&,! '(! /+8-.1.).'%! '(! +'%1'%/%)1! .%! )*&! 3/)/! '(! )*&!
(.4&!]',)-7-&1&!+*.03,&%!=.)*!)*&!3.1),.>-).'%!'(!+'%1'%/%)/0!1'-%31!.%!/!1/650&!'(!\]!
/3-0)! 15&&+*! ?+'%1).)-)&3! >9! YY:KHY! =',31C! 1&&! 1&+).'%! #:H@:! ^*&! '4&,/00! (,&8-&%+9! '(!
&/+*!+'%1'%/%)!?.%!.%.)./0!/%3!.%)&,4'+/0.+!'%1&)!5'1.).'%@!.%!)*&!1/650&!'(!/3-0)!15&&+*!
.1!7.4&%!.%!?#R@:!
!
!
!
!
!
!
!
!
YG!
!J=#
*a+),%+K1,+2'* 23* /2')2'.',)* +'* .* ).4>9&* 23* P:* .(19,* )>&&/-* M* 2')&,* >2)+,+2'*
!.>>&'(+N*7#*
!
!
!
>/81,(
b)c!
M(/2(
/338''&13&(
"#y!
>/81,(
b4c!
M(/2(
/338''&13&(
Hy!
b3c!
""y!
b(c!
#y!
!
b2c!
""y!
b>c!
#y!
!
b1c!
Gy!
b!c!
Yy!
!
b%c!
b5c!
Gy!
Yy!
!
b6c!
Ky!
Ky!
b"c!
bDc!
b,c!
"y!
!
b%c!
Jy!
b+c!
"y!
b0c!
Xy!
b#c!
"y!
!
b$c!
"y!
!
!
Yy!
!
;1! 1*'=%! .%! )*&! )/>0&! />'4&<! )*&! 6'1)! (,&8-&%)09! 5,'3-+&3! +'%1'%/%)! .%! )*&!
1/650&!'(!/3-0)!15&&+*!.1!b)c!?.%!"#y!'(!)*&!+/1&1@<!('00'=&3!>9!b3c!/%3!b2c!?""y@:!$)*&,!
(,&8-&%)09!'++-,,.%7!+'%1'%/%)1!/,&!b1c<!b%c!?Gy@<!b5c<!b6c!?Ky@<!b%c!?Jy@!/%3!b0c!?Xy@:!
;00!')*&,!+'%1'%/%)1!'++-,!.%!/!5&,+&%)/7&!>&0'=!Xy!?+'0-6%!/)!)*&!,.7*)@:!
P(! =&! +'65/,&! )*&! 3/)/! 7.4&%! .%! ?#R@! =.)*! )*&! 7&%&,/0! ',3&,! '(! /+8-.1.).'%! '(!
+'%1'%/%)1!.%!&/+*!+*.03E1!/2%>1)<!=&!+/%!1&&!)*/)!1'6&!'(!)*&!6'1)!(,&8-&%)09!'++-,,.%7!
+'%1'%/%)1!.%!)*&!1/650&!'(!/3-0)!15&&+*!/,&!/6'%71)!)*&!(.,1)!+'%1'%/%)1!/+8-.,&3!>9!
]',)-7-&1&!+*.03,&%_!b)!3!5!6c:!!N'=&4&,<!'4&,/00!)*&!',3&,!'(!/+8-.1.).'%!3'&1!%')!6/)+*!
)*&! 3.1),.>-).'%! .%! /3-0)! 15&&+*C! (',! .%1)/%+&<! b)c! /%3! b3c! /,&! 6',&! (,&8-&%)! .%! /3-0)!
15&&+*!?"#y!/%3!""y<!,&15&+).4&09@!)*/%!b5c!?Ky@!>-)!b5c!.1!/+8-.,&3!>&(',&!b)!3c!>9!)*&!
6/g',.)9!'(!+*.03,&%!?/00!&[+&5)!T-6/@:!;33.).'%/009<!b6c!/%3!b%c!/,&!/+8-.,&3!>&(',&!b2c!
>9! 6'1)! +*.03,&%! ?/00! &[+&5)! F'/%/@<! >-)! )*&! 3',1/0! 1)'5! '++-,1! 6',&! '()&%! .%! /3-0)!
15&&+*!?""y@!)*/%!b6c!?Ky@!',!b%c!?Jy@:!!a&!+/%!/01'!1&&!)*/)!)='!(,&8-&%)09!5,'3-+&3!
+'%1'%/%)1!.%!/3-0)!15&&+*!?b1c!/%3!b%c<!Gy@!)&%3!)'!>&!/+8-.,&3!8-.)&!0/)&!?)*&!(,.+/).4&!
.1!/+8-.,&3!/()&,!YC"R<!>9!P%x1!/%3!F'/%/C!)*&!(0/5!.1!%')!/+8-.,&3!>9!/%9!'(!)*&!+*.03,&%<!
.%!)*&!).6&!(,/6&!1)-3.&3@:!!
;1! 1*'=%! />'4&<! )*&,&! .1! %')! /! 1),/.7*)(',=/,3! ,&0/).'%! >&)=&&%! )*&! ',3&,! '(!
/+8-.1.).'%! '(! +'%1'%/%)1! /%3! )*&.,! 3.1),.>-).'%! .%! )*&! 1/650&! '(! /3-0)! 15&&+*_! &4&%!
)*'-7*! 1'6&! (,&8-&%)! 1'-%31! .%! )*&! /3-0)! 15&&+*!1/650&! /,&! /+8-.,&3! &/,09!?b5! )!3! 2c<!
(',!.%1)/%+&@<!')*&,!(,&8-&%)!+'%1'%/%)1!/,&!/+8-.,&3!8-.)&!0/)&!?b1c!/%3!b%c@:!!
$%&! '(! )*&! 8-&1).'%1! )*/)! +'-03! >&! ,/.1&3! %'=! .1! .(! )*'1&! 3.((&,&%+&1! >&)=&&%!
&/+*!+'%1'%/%)!.%!)*&!/3-0)!15&&+*!1/650&!/,&!>.7!&%'-7*!)'!>&!%').+&/>0&C!(',!.%1)/%+&<!
.1! )*&! 3.((&,&%+&! >&)=&&%! )*&! "#y! '(! b)c! /%3! )*&! Ky! '(! b5c! %').+&/>0&! (',! +*.03,&%v! ! P)!
!
#R!
+'-03! 4&,9! =&00! >&! )*&! +/1&! )*/)! )*'1&! 3.((&,&%+&1! /,&! %')! 1/0.&%)! &%'-7*! /%3! +/%!
)*&,&(',&!+/-1&!4/,./>.0.)9!.%!)*&!',3&,!'(!/+8-.1.).'%_!1'6&!+*.03,&%!=.00!5.+2!b)c!?T-6/@!
)'! 1)/,)! =.)*! /%3! ')*&,1! =.00! +*''1&! b5c! ?P%x1<! F'/%/<! L0/,/! /%3! F'p'@:! P(! )*.1!
.%)&,5,&)/).'%!=&,&!)'!>&!+',,&+)<!)*'-7*<!=&!='-03!&[5&+)!6-+*!6',&!4/,./>.0.)9!.%!)*&!
',3&,!'(!/+8-.1.).'%!'(!+'%1'%/%)1<!/+,'11!+*.03,&%:!^*&!4/,./).'%!'>1&,4&3<!*'=&4&,<!.1!
8-.)&! 0.6.)&3<! 1.%+&! 6'1)! +*.03,&%! '>&9! )'! )*&! 7&%&,/0! ),&%3_! (.,1)! 1)'51! /%3! %/1/01!
?0/>./01!/%3!+','%/0!bk/%)c@<!)*&%!(,.+/).4&1!/%3!0.8-.31!?1&&!3./7,/61!(,'6!?YX@!)'!?YG@<!
/>'4&@:!
;%')*&,!*95')*&1.1!)*/)!+'-03!>&!5-)!(',=/,3!.1!)*/)!+*.03,&%!/,&!6',&!1&%1.).4&!
)'!)*&!3.1),.>-).'%!'(!(&/)-,&1!)*/%!)'!)*&!3.1),.>-).'%!'(!.%3.4.3-/0!+'%1'%/%)1!.%!/3-0)!
15&&+*:!^*.1!*95')*&1.1!=.00!>&!&[50',&3!.%!)*&!%&[)!1->1&+).'%<!=*&,&!=&!('+-1!'%!)*&!
3&4&0'56&%)!'(!50/+&!/%3!6/%%&,!(&/)-,&1:!!
!
!
!
!
!
!
!
L',&'(/2(#3<8545%5/1(/2($.#3&(#1,(0#11&'(2&#%8'&4(
(
^*.1!1&+).'%!3&1+,.>&1!)*&!',3&,!'(!/+8-.1.).'%!'(!50/+&!/%3!6/%%&,!(&/)-,&1:!;1!
(',!)*&!+,.)&,./!'(!/+8-.1.).'%<!=&!+'%1.3&,!)*/)!/!7.4&%!(&/)-,&!.1!/4/.0/>0&!/)!)*&!6'6&%)!
/)!0&/1)!'%&!+'%1'%/%)!+'%)/.%.%7!.)!.1!/+8-.,&3C!(',!.%1)/%+&<!/)!)*&!/7&!)*&!(.,1)!(,.+/).4&!
1-,5/11&1! )*&! 0&4&0! '(! KRy! '(! )/,7&)B0.2&! 5,'3-+).'%1<! =&! +'%1.3&,! (,.+/).4&1! )'! >&!
/4/.0/>0&! .%! )*&! +*.03E1! 191)&6<! &4&%! )*'-7*! 1'6&! '(! )*&! 6&6>&,1! '(! )*.1! %/)-,/0! +0/11!
6.7*)!1).00!%')!>&!5,'3-+&3!/++-,/)&09!?3-&!(',!.%1)/%+&<!)'!)*&!%'%B/+8-.1.).'%!'(!50/+&!
',!4'.+.%7!(&/)-,&!15&+.(.+/).'%1@:!!
!
L',&'(/2(#3<8545%5/1(/2(0#11&'(2&#%8'&4(
!
^*&! 3./7,/61! 5,'4.3&3! (,'6! ?#"@! )'! ?#X@! 5,&1&%)! )*&! ',3&,! '(! /+8-.1.).'%! '(!
6/%%&,!(&/)-,&1<!.%!&/+*!+*.03E1!/2%>1)!?1&&!/55&%3.[!L@:!
!
!
!J<#
*6%(&%*23*./01+)+,+2'*23*4.''&%*3&.,1%&)*M*U'])*?/55&%3.[!L@*
!
OP::(
!
N#4(
:PC(
>%/$(
=PJ(
Q#%(
=PS(
R'53(
)P::(
;"/%(
(
;1!3&5.+)&3!/>'4&<!P%x1!/+8-.,&1!%/1/01!/%3!1)'51!.%!)*&!(.,1)!,&+',3.%7!1&11.'%1_!
%/1/0!/)!RC""!/%3!1)'5!/)!"CH:!;1!(',!(,.+/).4&1!/%3!0.8-.31<!)*&9!/,&!/+8-.,&3!/()&,!)*&!/7&!
'(! YCR_! 0/)&,/0! /)! YCX<! (,.+/).4&! /)! YCO! /%3! ,*').+! /)! #C""! ?1&&! ',3&,! '(! /+8-.1.).'%! '(!
+'%1'%/%)1!.%!?YX@@:!!
!
!
#"!
!
!J?#
*6%(&%*23*./01+)+,+2'*23*4.''&%*3&.,1%&)*M*^2.'.*?/55&%3.[!L@*
(
:PT(
(
>%/$(
=PC(
N#4(
=P:O( R'53(
CPS(
;"/%(
(
A.6.0/,09!)'!P%x1<!F'/%/!/+8-.,&1!1)'51!/%3!%/1/01!>&(',&!/%9!')*&,!1'-%31_!1)'5!
/)!"CG!/%3!%/1/0!/)!YCH:!;)!)*&!/7&!'(!YC"R<!(,.+/).4&1!/,&!/+8-.,&3:!;1!(',!0.8-.31<!,*').+!.1!
/+8-.,&3!'%09!/)!HCO<!=*.0&!0/)&,/0!.1!%')!/+8-.,&3!-%).0!)*&!0/1)!1&11.'%!1)-3.&3<!/)!HC"R!
?1&&!?YJ@@:!!
!JJ#
!
*6%(&%*23*./01+)+,+2'*23*4.''&%*3&.,1%&)*M*_14.*?/55&%3.[!L@*
(
:P=( >%/$(
(
N#4(
=PO(
=PC(
R'53(
(
T-6/! 1)/,)1! >9! /+8-.,.%7! 1)'5! ?/)! "CY@! ('00'=&3! >9! %/1/0! ?/)! YCR@:! V,.+/).4&1!
/55&/,!/)!YCH:!T.8-.31!/,&!%')!/+8-.,&3!-%).0!)*&!0/1)!1&11.'%!1)-3.&3<!/)!YCJ!?1&&!?YO@:!
!JR#
!
6%(&%*23*./01+)+,+2'*23*4.''&%*3&.,1%&)*M*S9.%.*?/55&%3.[!L@*
(
:P:( >%/$(
(
:PC( N#4#.(
(
L0/,/! /+8-.,&1! 1)'51<! /)! "C"! /%3! %/1/01<! /)! "CH:! V,.+/).4&1! /%3! 0.8-.31! /,&! %')!
/+8-.,&3!-%).0!)*&!0/1)!1&11.'%!1)-3.&3<!/)!"C"R!?1&&!?YK@@:!
!
!JW#
*6%(&%*23*./01+)+,+2'*23*4.''&%*3&.,1%&)*M*^2`2*?/55&%3.[!L@*
:P=( >%/$(
:PJ( N#4#.(
!
A.6.0/,09!)'!L0/,/<!F'p'!/+8-.,&1!'%09_!1)'51<!/)!"CY!/%3!%/1/01<!/)!"CX:!V,.+/).4&1!
/%3!0.8-.31!/,&!%')!/+8-.,&3!-%).0!YCR!?1&&!?YG@@:!
!
P%!1-66/,9<!A)'5!/%3!i/1/0!/,&!)*&!(.,1)!)='!%/)-,/0!+0/11&1!/+8-.,&3<!.%!)*&!3/)/!
'(! )*&! (.4&! +*.03,&%:! $%&! '(! )*&! 1->g&+)1! /+8-.,&1! )*&1&! )='! +0/11&1! .%! )*&! ',3&,!
i/1/0jjA)'5! ?P%x1@<! =*.0&! )*&! ')*&,! ('-,! 1*'=! )*&! ,&4&,1&! ',3&,_! A)'5jji/1/0:! ;1! (',!
(,.+/).4&1! /%3! 0.8-.31<! )*&9! /,&! %')! /+8-.,&3! .%! )*&! 3/)/! '(! L0/,/! /%3! F'p'<! =*'! =*&,&!
1)-3.&3! '%09! -%).0! )*&! /7&! '(! "C"R! /%3! YCR<! ,&15&+).4&09:! T-6/! /%3! F'/%/! /+8-.,&!
(,.+/).4&1!/()&,!1)'51!/%3!%/1/01<!.%!)*&!',3&,_!A)'5jji/1jjV,.+C!/1!(',!P%x1<!1*&!/+8-.,&1!
V,.+/).4&! /()&,! T/)&,/0_! i/1jjA)'5jjT/)jjV,.+jjf*'):! ! ^*&1&! ',3&,1! '(! /+8-.1.).'%! /%3!
!
#Y!
.)1!.650.+/).'%1!)'!)*&!3&(/-0)!/%3!%'%3&(/-0)!1)/)-1!'(!(&/)-,&1!.%!+*.03,&%E1!191)&61!=.00!
>&!3.1+-11&3!.%!1&+).'%!#:J:!
!
a&! =.00! %'=! +'65/,&! )*&! ',3&,1! '(! /+8-.1.).'%! '(! 6/%%&,! (&/)-,&1! 3&1+,.>&3!
/>'4&!=.)*!)*&!(,&8-&%+9!'(!'++-,,&%+&!'(!)*'1&!(&/)-,&1!.%!)*&!1/650&!'(!/3-0)!15&&+*:!
^*&!3.1),.>-).'%!'(!&/+*!6/%%&,!?.%!=',3B.%.)./0!/%3!.%)&,4'+/0.+!'%1&)!5'1.).'%@!
.%!)*&!A5'2&%!]',)-7-&1&!1/650&!.1!5,'4.3&3!.%!?#J@:!!
!JF#
!
*a+),%+K1,+2'* 23* 4.''&%* 3&.,1%&)* +'* .* ).4>9&* 23* P:* .(19,* )>&&/-* +'* 2')&,* >2)+,+2'*
!.>>&'(+N*7#*
(
V54%'5?8%5/1(/2(0#11&'(2&#%8'&4(51(FG(
#,8.%(4$&&3"(W(/14&%($/45%5/1(
(
;"/%(
Q#%(( (:OM(
UM(
(
(
(
>%/$(
(CSM(
R'53(
(=:M(
(
N#4(
(:UM(
(
(
;1! 1*'=%! />'4&<! 1)'51! /,&! )*&! 6'1)! (,&8-&%)09! '++-,,.%7! 1'-%31! .%! )*&! /3-0)!
15&&+*! 1/650&! ?HOy@<! ('00'=&3! >9! (,.+/).4&1! ?Y"y@! /%3! %/1/01! ?"Jy@:! T/)&,/01! /%3!
,*').+1!/,&!)*&!0&/1)!(,&8-&%)!?Jy!/%3!"Ry<!,&15&+).4&09@:!!
!^*&! 3.1),.>-).'%! '(! 6/%%&,! (&/)-,&1! .%! /3-0)! 15&&+*! +'.%+.3&1! =.)*! )*&!
/+8-.1.).'%!3/)/!.%!)='!,&15&+)1_!?.@!1)'51!/,&!(,&8-&%)09!5,'3-+&3!.%!/3-0)!15&&+*!/%3!
/,&! /+8-.,&3! &/,09C! ! ?..@! 0.8-.31! /,&! .%(,&8-&%)! .%! /3-0)! 15&&+*! /%3! /,&! /+8-.,&3! 0/)&,:!
Z.1+,&5/%+.&1!/,&!('-%3<!*'=&4&,<!.%!)*&!')*&,!)='!%/)-,/0!+0/11&1_!i/1/0!/%3!V,.+/).4&:!
e&.%7!)*&!1&+'%3!6'1)!(,&8-&%)!1'-%3!+0/11!.%!/3-0)!15&&+*<!=&!6.7*)!&[5&+)!(,.+/).4&1!
)'!>&!/+8-.,&3!&/,0.&,!)*/%!%/1/01<!>-)!)*.1!',3&,!'(!/+8-.1.).'%!.1!%')!('-%3!.%!/%9!'(!)*&!
+*.03,&%:! P%! (/+)<! %/1/01! /,&! )*&! (.,1)! +'%1'%/%)1! /+8-.,&3! >9! '%&! '(! )*&!1->g&+)1! ?P%x1@<!
&4&%!>&(',&!1)'51:!!
P)! )*-1! 1&&61! )*/)! (,&8-&%+9! '(! 6/%%&,! (&/)-,&1! .%! /3-0)! 15&&+*! +/%%')! (-009!
/++'-%)! (',! )*&! ',3&,! '(! /+8-.1.).'%! &.)*&,_! .)! +'-03! >&! />0&! )'! &[50/.%! =*9! 1)'51! /,&!
/+8-.,&3!&/,09!/%3!0.8-.31!0/)&<!>-)!.1!%')!/>0&!)'!&[50/.%!=*9!%/1/01!/,&!/+8-.,&3!>&(',&!
(,.+/).4&1:!^*.1!.11-&!=.00!>&!(-,)*&,!3.1+-11&3!.%!1&+).'%!#:J:!
(
L',&'(/2(#3<8545%5/1(/2($.#3&(2&#%8'&4((
^*&! ',3&,! '(! /+8-.1.).'%! '(! )*&! )*,&&! 6/g',! 50/+&! (&/)-,&1! ?T/>./0<! L','%/0<!
Z',1/0@!.%!&/+*!+*.03E1!/2%>1)!.1!7.4&%!(,'6!?#O@!)'!?H"@:!
!
##!
!
!JI#
*6%(&%*23*./01+)+,+2'*23*>9./&*3&.,1%&)*M*U'])*?/55&%3.[!L@*
!
!
OP::(
Q#?(
:P:(
!/'((
:P:O(
V/'(
!
!J"#
*6%(&%*23*./01+)+,+2'*23*>9./&*3&.,1%&)*M*^2.'.*?/55&%3.[!L@*
!
!
:PT(
Q#?(
=P=(
!/'((
=PU(
V/'(
!
!J5#
*6%(&%*23*./01+)+,+2'*23*>9./&*3&.,1%&)*M*_14.*?/55&%3.[!L@*
!
!
:P=(
!/'((
=PO(
Q#?(
=P)(
V/'(
!
!
!R=#
*6%(&%*23*./01+)+,+2'*23*>9./&*3&.,1%&)*M*S9.%.*?/55&%3.[!L@*
!
:P:(
!
Q#?(
:PC(
!/'((
:PS(
V/'(
!
!R<#
*6%(&%*23*./01+)+,+2'*23*>9./&*3&.,1%&)*M*^2`2*?/55&%3.[!L@*
!
:P=( Q#?(
:PS( !/'((
!
!
!
;1! 1*'=%! .%! )*&! 3./7,/61! 7.4&%! />'4&<! ('-,! +*.03,&%! ?P%x1<! F'/%/<! L0/,/<! F'p'@!
/+8-.,&!T/>./0!(.,1)<!('00'=&3!>9!L','%/0C!T-6/!5,&1&%)1!)*&!,&4&,1&!',3&,_!1*&!1)/,)1!>9!
/+8-.,.%7! L','%/0<! ('00'=&3! >9! T/>./0:! Z',1/0! .1! )*&! 0/1)! (&/)-,&! )'! >&! /+8-.,&3! >9! /00!
+*.03,&%C!.%!)*&!+/1&!'(!F'p'<!)*.1!(&/)-,&!.1!%')!/+8-.,&3!-%).0!)*&!0/1)!1&11.'%!1)-3.&3<!/)!
YCR:!!
\[+&5)!(',!T-6/<!+*.03,&%!1*'=!/!+0&/,!5/)*!.%!)*&!',3&,!'(!/+8-.1.).'%!'(!50/+&!
(&/)-,&1_! (,'6! )*&! 6'1)! (,'%)! 50/+&! (&/)-,&! ?T/>./0@! )'! )*&! 6'1)! >/+2! 50/+&! (&/)-,&!
?Z',1/0@:!T-6/!/01'!/+8-.,&1!)*&!6'1)!(,'%)!50/+&!(&/)-,&1!?T/>./0!/%3!L','%/0@!>&(',&!
)*&!6'1)!>/+2!?Z',1/0@<!&4&%!)*'-7*!1*&!3.((&,1!(,'6!)*&!')*&,!+*.03,&%!.%!)*&!',3&,!'(!
/+8-.1.).'%!'(!T/>./0!/%3!L','%/0:!^*.1!.11-&!=.00!>&!3.1+-11&3!.%!1&+).'%!#:J:!
!
a&! =.00! %'=! +'65/,&! )*&! ',3&,! '(! /+8-.1.).'%! '(! 50/+&! (&/)-,&1! )'! )*&!
3.1),.>-).'%! '(! )*'1&! (&/)-,&1! .%! )*&! 1/650&! '(! /3-0)! 15&&+*:! ^*&! 3.1),.>-).'%! '(! 50/+&!
(&/)-,&1!.%!'%1&)!5'1.).'%!?=',3B.%.)./0!/%3!.%)&,4'+/0.+@!.%!)*&!1/650&!'(!/3-0)!15&&+*!.1!
5,'4.3&3!.%!?HY@:!
!
#H!
!
!R?#
*a+),%+K1,+2'* 23* >9./&* 3&.,1%&)* +'* .* ).4>9&* 23* P:* .(19,* )>&&/-* !2')&,* >2)+,+2'#*
!.>>&'(+N*7#*
!
(V54%'5?8%5/1(/2($.#3&(2&#%8'&4(
51(FG(#,8.%(4$&&3"(W(/14&%($/45%5/1((
!
!
V/'4#.(
:JM(
!
Q#?5#.(
=SM(
!
!
!
!
!/'/1#.((
(JXM(
!
!
;1! 1*'=%! />'4&<! )*&! 6'1)! (,&8-&%)09! '++-,,.%7! (&/)-,&! .%! )*&! 1/650&! '(! /3-0)!
15&&+*!.1!L','%/0!?XKy@<!('00'=&3!>9!T/>./0!?YOy@:!^*&!0&/1)!(,&8-&%)!(&/)-,&!.1!Z',1/0!
?"Xy@:! P(! =&! +'65/,&! )*.1! 3.1),.>-).'%/0! 5/))&,%! .%! /3-0)! 15&&+*! =.)*! )*&! ',3&,! '(!
/+8-.1.).'%! '(! 50/+&! (&/)-,&1! .%! )*&! /2%>2%.! '(! )*&! (.4&! +*.03,&%<! =&! (.%3! )*/)! ?.@! T/>./0!
/%3! L','%/0! /,&! )*&! )='! 6'1)! (,&8-&%)! (&/)-,&1! .%! /3-0)! 15&&+*! /%3! )*&9! /,&! )*&! )='!
(.,1)!/+8-.,&3!(&/)-,&1C!?..@!Z',1/0!.1!)*&!0&/1)!(,&8-&%)!.%!/3-0)!15&&+*!/%3!.1!)*&!0/1)!)'!
>&!/+8-.,&3!>9!/00!+*.03,&%:!!
^*&,&!/,&!1'6&!3.1+,&5/%+.&1<!*'=&4&,_!7.4&%!)*&!5,&3'6.%/%+&!'(!+','%/01!.%!
/3-0)!15&&+*<!=&!6.7*)!&[5&+)!)*&6!)'!>&!)*&!(.,1)!+'%1'%/%)1!/+8-.,&3<!>-)!)*.1!'++-,1!
'%09! .%! T-6/E1! 3/)/:! ^*&! ')*&,! +*.03,&%! /+8-.,&! /! 0/>./0! +'%1'%/%)! (.,1):! ! P)! )*-1! 1&&61!
)*/)<! /0)*'-7*! )*&,&! /,&! 1'6&! 1.6.0/,.).&1! >&)=&&%! )*&!3.1),.>-).'%! '(! (&/)-,&1! .%! /3-0)!
15&&+*! /%3! )*&! 7&%&,/0! ',3&,! '(! /+8-.1.).'%<! )*&! (',6&,! +/%%')! (-009! /++'-%)! (',! )*&!
0/))&,:!^*.1!.11-&!=.00!>&!(-,)*&,!3.1+-11&3!.%!1&+).'%!#:J:!
!
)9J9=(((>8?4%5%8%5/1($#%%&'14(2/'($.#3&(#1,(0#11&'(2&#%8'&4(
!
e&(',&! >&.%7! /+8-.,&3<! (&/)-,&1! /,&! '()&%! 1->6.))&3! )'! 3.((&,&%)! )95&1! '(!
1->1).)-).'%! 5/))&,%1:! ;6'%7! ')*&,! /15&+)1<! )*&! /%/091.1! '(! )*&1&! 1->1).)-).'%1! +/%!
5,'4.3&! .%(',6/).'%! '%! )*&! 3&(/-0)! ',! %'%B3&(/-0)! 1)/)-1! '(! (&/)-,&1! .%! &/+*! +*.03E1!
191)&6<! /1! =&00! /1! '%! )*&! .%(0-&%+&! '(! )*&! 5*'%'0'7.+/0! +'%)&[)! .%! 3&4&0'56&%)/0!
5/))&,%1:!;.6.%7!)'!7/.%!/++&11!)'!)*.1!)95&!'(!.%(',6/).'%<!=&!=.00!&[50',&!1->1).)-).'%1!
.%!)*&!%&[)!1->1&+).'%1<!('+-1.%7!(.,1)!'%!6/%%&,!/%3!)*&%!'%!50/+&!(&/)-,&1:!!
!
>8?4%5%8%5/14(#22&3%51A(0#11&'(2&#%8'&4(
^*.1! 1&+).'%! ('+-1&1! '%! )*&! 1->1).)-).'%! 5/))&,%1! )*/)! .%4'04&! 6/%%&,! (&/)-,&!
+*/%7.%7<! 1.%+&! )*&! 6/.%! 7'/0! *&,&! .1! )'! 3.1+-11! )*&! 3&(/-0)! ',! %'%B3&(/-0)! 1)/)-1! '(!
6/%%&,! (&/)-,&1:! ^='! 6/.%! +'%1'%/%)/0! +0/11&1! /,&! '()&%! 1->6.))&3! )'! )*.1! )95&! '(!
1->1).)-).'%1_!(,.+/).4&1!/%3!0.8-.31:!!
!
#X!
>8?4%5%8%5/14(#22&3%51A(2'53#%5-&4(
(
P%! 1&+).'%! #:X:"<! .)! =/1! 1*'=%! )*/)! (,.+/).4&1! /,&! /+8-.,&3! .%! 5,'3-+).'%! /)! )*&!
('00'=.%7!/7&1_!/)!YCH!(',!T-6/<!/)!YCO!(',!P%x1C!/)!YC"R!(',!F'/%/:!;1!(',!L0/,/!/%3!F'p'<!
(,.+/).4&1! /,&! 1).00! %')! /+8-.,&3! /)! )*&! 0/1)! 1&11.'%! 1)-3.&3<! /)! "C"R! /%3! /)! YCR<!
,&15&+).4&09:! P%! )*&! 5&,.'3! 5,&+&3.%7! /+8-.1.).'%<! (,.+/).4&1! /,&! 1->6.))&3! )'! 1&4&,/0!
1->1).)-).'%!5,'+&11&1!)*/)!.%4'04&!6/%%&,!(&/)-,&!+*/%7.%7:!^*&!)')/0!%-6>&,!'(!)*'1&!
1->1).)-).'%1! .1! 5,'4.3&3! .%! ?H#@<! 5&,! +*.03<! /1! =&00! /1! )*&! %-6>&,! /%3! 5&,+&%)/7&! '(!
'++-,,&%+&!'(!&/+*!)95&!'(!6/%%&,!1->1).)-).'%!5/))&,%!?1&&!/55&%3.[!Z<!(',!/!3&)/.0&3!
,&5',)!'(!)*&1&!5/))&,%1<!5&,!1&11.'%!/%3!5&,!=',3B5'1.).'%@:!
!
!RJ#
(
*C.''&%*)1K),+,1,+2')*.33&/,+';*3%+/.,+L&)*!.>>&'(+N*S#*
(
;7&!
^')/0!iw!
71Y4(
z%).0!YCO!
XHK!
Z/#1#(
z%).0!YC"R!
#X!
Q80#(
z%).0!YCH!
X#!
!.#'#(
z%).0!"C"R!
XO!
Z/[/(
z%).0!YCR!
YO"!
^95&!
$++-,:!?y@!
V,.+!Bj!A)'5!
XHX!?GGy@!
V,.+!Bj!A)'5!
#X!?"RRy@!
V,.+!Bj!A)'5!
H"!?OOy@!
V,.+!Bj!A)'5!
HG!?KJy@!
V,.+!Bj!A)'5!
"OO!?JXy@!
^95&!
$++-,:!?y@!
!
!
!
!
V,.+Bji/1!
"Y!?Y#y@!
V,.+BjW0.3&!
K!?"Hy@!
V,.+!Bj!i/1!
GH!?#Xy@!
;1!1*'=%!/>'4&<!)*&!5,&3'6.%/%)!6/%%&,! 1->1).)-).'%!)95&!/((&+).%7!(,.+/).4&1!
.1!V,.+BjA)'5<!=*&,&!/!)/,7&)!(,.+/).4&!.1!,&50/+&3!>9!/!1)'5!.%!+*.03,&%E1!5,'3-+).'%1C!.%!
)*.1!+/1&<!)*&!+*/%7&3!(&/)-,&!.1!bk+'%).%-/%)c<!=*.+*!.1!,&%3&,&3!/1!bB+'%).%-/%)c:!^*.1!
5/))&,%!+',,&15'%31!)'!"RRy!'(!)*&!1->1).)-).'%1!)*/)!.%4'04&!6/%%&,!+*/%7&!(',!)/,7&)!
(,.+/).4&1!.%!F'/%/E1!3/)/!?#X!+/1&1@<!)'!GGy!.%!)*&!/2%>1)!'(!P%x1!?XHX!'(!)*&!XHK!+/1&1@!
/%3! )'! />'4&! JRy! .%! )*&! ')*&,! )*,&&! +*.03,&%E1! 3/)/:! A'6&! &[/650&1! '(! )*&! V,.+BjA)'5!
1->1).)-).'%!5/))&,%!/,&!5,'4.3&3!.%!?HH@:!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
#J!
!RR#
*PN.4>9&)*23*Q%+/*Ob*@,2>*)1K),+,1,+2')*!.>>&'(+N*a#*
!
!
L*.03!
;7&!
$,)*'7,:!
W0'11!
^/,7&)!
$-)5-)!
!
?/@!
P%x1!
"CK:Y!
4&1).-!
3,&11&3!
?>@!
P%x1!
"C"R:YG!
4/+/1!
+'=1!
/v4,&tiw/
[b4&tiw]
?+@!
P%x1!
YCH:"K!
0.['!
7/,>/7&!
/&vak3,/
[&daka,]
?3@!
F'/%/!
"C"R:YY!
/4l!
7,/%%9!
/&li,u/
[&litu]
!
/3&v5/
[3&b56]
?&@!
F'/%/!
YCH:"!
1'5/!
1'-5!
F'/%/!
YCJ:YH!
+'.1/!
)*.%7!
/&sop3/
[&pop3]
!
?(@!
?7@!
T-6/!
"C"R:"K!
4'4|!
/&kojz3/
[&kud73]
?*@!
T-6/!
YCY:YY!
1/.!
!
7,/%3(/)*&,! /vo&vo/
7&)!'-)!
/&saj/
?.@!
T-6/!
YC#:YJ!
7-.D'!
>&00!?)'9@!
!
?g@!
L0/,/!
"CO:""!
F'p'!
5,'5:%'-%!
?2@!
L0/,/!
"CG:Y#!
z4/!
5,'5:%'-%!
?0@!
L0/,/!
"C"R:"X!
/4|!
?6@!
F'p'!
"C"R:""!
+*p'!
?%@!
F'p'!
"C"":"R!
/g-3/!
?'@!
F'p'!
YCR:YR!
('('!
!
!
!
!
!
(
!
!
!
(0-((9!
[&taj]
/&!izu/
[!idu]
/+u&3*w*/
[du&3*w*]
/&uv3/
7,/%3(/)*&,! /3&vo/
(0'',!
/&,3*w*/
*&05!
[to&to]
[&ub3]
[a&bo]
[&t3*w*]
/3&+ud3/
[3&dud3]
/&fofu/
[&popu]
;1! .00-1),/)&3! />'4&<! )*&! V,.+BjA)'5! 5/))&,%! /((&+)1! (,.+/).4&1! >')*! .%! L"! ?1&&!
&[/650&1!.%!?/@<!?>@<!?&@<!?7@<!?*@<!?g@<!?6@<!?'@!.%!?HH@@!/%3!.%!LY!?/1!.00-1),/)&3!.%!?+@<!?3@<!
?(@<!?7@<!?.@<!?2@<!?0@<!?%@<!?'@!.%!?HH@@:!!
P%! )*&! 3/)/! '(! T-6/<! L0/,/! /%3! F'p'<! )*&,&! /,&! /01'! 1'6&! +/1&1! =*&,&! (,.+/).4&1!
/,&! ,&50/+&3! >9! /! 1'%',/%)! ?/! %/1/0! ',! /! 70.3&@:! P)! .1! =',)*! %').+.%7! )*/)! )*&1&!
1->1).)-).'%1!/((&+)!/!4&,9!16/00!%-6>&,!'(!)/,7&)!=',31!?'%&!.%!L0/,/E1!3/)/!/%3!)='!.%!
T-6/!/%3!F'p'E1!/2%>2%.C!1&&!&[/650&1!.%!?HX@<!>&0'=@:!P%!6'1)!+/1&1<!)*&!1->1).)-).'%!'(!
(,.+/).4&1!>9!1'%',/%)1!'++-,1!.%!LY!?V,.+Bji/1<!.%!T-6/!?OYy!'(!)*&!+/1&1@!/%3!.%!F'p'!
?JHy@@:! P%! L0/,/E1! /2%>1)<! /00! +/1&1! '(! V,.+BjW0.3&! '++-,! .%! L"! ?,&(&,,.%7! )'! '%&! 1.%70&!
)/,7&)!=',3<!.00-1),/)&3!.%!?&@<!>&0'=@:!
!
!
!RW#
*PN.4>9&)*23*Q%+/*Ob*@2'2%.',*)1K),+,1,+2')**
(
!
L*.03!
;7&!
$,)*'7,:!
W0'11!
^/,7&)!
$-)5-)!
(
?/@!
T-6/!
"C"R:"K!
A-1/%/!
5,'5:%'-%!
/su&z3n3/
[&n3n3]
?>@!
T-6/!
YC#:YJ!
/D-0!
>0-&!
?+@!
F'p'!
"CG:YX!
A-1/%/!
5,'5:%'-%!
/3&zu8/
[&nu6]
?3@!
F'p'!
YCR:YR!
2.4.!
2.=.!
/su&z3n3/
[no&n3n3
?&@!
L0/,/!
"COB"C"R!
F'p'!
5,'5:%'-%!
/ki&vi/
]
[&tini]
/+u&3*w/*
[ju&3*w*]
(
(
(
!
^'!1-6!-5<!&[+&5)!(',!1'6&!(&=!+/1&1!=*&,&!(,.+/).4&1!+/%!>&!,&50/+&3!>9!/!%/1/0!
',! /! 70.3&<! )*&! 4/1)! 6/g',.)9! '(! 6/%%&,! 1->1).)-).'%1! /((&+).%7! (,.+/).4&1! .%! )*&!
]',)-7-&1&!+*.03,&%E1!3/)/!.1!'(!)*&!)95&!V,.+BjA)'5:!^*.1!.11-&!=.00!>&!(-,)*&,!&[50',&3!
.%!1&+).'%!#:J:!
!
#O!
!
>8?4%5%8%5/14(#22&3%51A(.#%&'#.4(
P%!1&+).'%!#:X:"<!.)!=/1!1*'=%!)*/)!0/)&,/01!=&,&!/+8-.,&3!'%09!>9!P%x1<!/)!)*&!/7&!
'(!YCX:!^*&!')*&,!+*.03,&%!3'!%')!5,'3-+&!/%9!0/)&,/0!.%!/!)/,7&)B0.2&!(/1*.'%!/>'4&!KRy!
-5! )'! )*&! 0/1)! 1&11.'%! 1)-3.&3:! ^*&! 70'>/0! %-6>&,! '(! 6/%%&,! 1->1).)-).'%1! /((&+).%7!
0/)&,/01!.%!&/+*!+*.03E1!/2%>1)!.1!5,'4.3&3!.%!?HJ@<!/1!=&00!/1!)*&!(,&8-&%+9!'(!'++-,,&%+&!
'(!&/+*!)95&!'(!1->1).)-).'%:!!
!
!RF#
*C.''&%*)1K),+,1,+2'*>.,,&%')*.33&/,+';*9.,&%.9)**!.>>&'(+N*a#*
(
;7&!
^')/0!iw!
71Y4(
z%).0!YCX!
"RK!
Z/#1#(
z%).0!HC"R!
#"O!
Q80#(
z%).0!YCJ!
OO!
!.#'#(
z%).0!"C"R!
"H!
Z/[/(
z%).0!YCR!
JK!
^95&!
$++-,:!?y@!
T/)!Bj!W0.3&!
XH!?XRy@!
T/)!Bj!W0.3&!
Y"H!?JKy@!
T/)!Bj!i/1!
HR!?XYy@!
T/)!Bj!A)'5!
O!?XRy@!
T/)!Bj!W0.3&!
HX!?JJy@!
^95&!
T/)Bj!A)'5!
T/)Bj!A)'5!
T/)!Bj!A)'5!
T/)!Bj!W0.3&!
T/)!Bj!A)'5!
$++-,:!?y@!
^95&!
$++-,:!?y@!
#J!?##y@!
T/)Bjf*')!
"X!?"Hy@!
X"!?"Jy@!
T/)Bj!i/1!
YO!?Ky@!
Y"!?YOy@!
T/)!Bj!W0.3&!
"J!?Y"y@!
#!?Y"y@!
T/)Bj!V,.+!
#!?Y"y@!
""!?"Jy@!
T/)!Bj!i/1!
""!?"Jy@!
(
\[+&5)!(',!L0/,/<!/00!+*.03,&%!1*'=!/!+0&/,!5,&(&,&%+&!?/>'4&!JRy!'(!)*&!+/1&1@!
(',!,&50/+.%7!0/)&,/01!>9!/%')*&,!1'%',/%)<!6'1)!'()&%!/!70.3&!',!/!%/1/0:!^*-1<!+*.03,&%!
)&%3!)'!5,&1&,4&!)*&!(&/)-,&!bk1'%',/%)c!'(!)*&!)/,7&)!0/)&,/0:!^*&!1->1).)-).'%!'(!0/)&,/01!
>9!1)'51!.1!0&11!(,&8-&%)!?>&0'=!##y<!(',!/00!+*.03,&%<!&[+&5)!(',!L0/,/@:!
A'6&!&[/650&1!'(!)*&!1->1).)-).'%!'(!0/)&,/01!>9!/%')*&,!1'%',/%)!/,&!5,'4.3&3!
.%!?HO@C!)*&!6'1)!+'66'%!1->1).)-)&!.1!/!70.3&<!>-)!)*&,&!/,&!/01'!1->1).)-).'%1!'(!0/)&,/01!
>9!%/1/01!?5/,).+-0/,09!.%!T-6/E1!/2%>1)<!1&&!/55&%3.[!Z@!',!>9!,*').+1<!.%!)*&!/2%>1)!'(!
P%x1!?6'1)09!(,'6!YCR!'%=/,31<!1&&!/55&%3.[!Z@:!
!
!
!RI#
*
*PN.4>9&)*23*_.,&%.9*Ob*@2'2%.',*)1K),+,1,+2')*
!
L*.03!
;7&!
$,)*'7,:!
W0'11!
^/,7&)!
$-)5-)!
?/@!
P%x1!
"CK:Y!
'0*/!
0''2!
/&5#3/
[&5j3]
?>@!
P%x1!
"C"R:YG!
'0*'1!
&9&1!
/&5#u,/
[56ju,]
?+@!
P%x1!
YCY:"!
4&,6&0*/!
,&3!
/v4%&m3#3/
*
[di&mæj3]
?3@!
P%x1!
YCR:""!
+'0'!
0/5!
/&k5lu/
[&k5%u]
*
?&@!
F'/%/!
YCR:G!
0.%3/!
>&/-).(-0!
/&li*d3/
[&"i"3]
?(@!
F'/%/!
YCH:"!
6/0/!
>/7!
/&mal3/
[&maw3]
?7@!
F'/%/!
YCK:X!
1/0/!
,''6!
/&sal3/
*
[&saw3]
?*@!
T-6/!
"C#:X!
0-/!
6''%!
/&lu3/
[n63]
*
?.@!
T-6/!
YCX:"X!
4&0/!
+/%30&!
/&v'l3/
[&v'n3]
?g@!
T-6/!
YCJ:YO!
/6/,&0'!
9&00'=!
/3m3&%'lu/
[ma&j'ju]
?2@!
F'p'!
"CO:YR!
>'0/!
>/00!
/&b5l3/
[&b5ja]
?0@!
F'p'!
"CG:YX!
>'0'!
+/2&!
/&bolu/
[&bo6ju]
*
*
*
*
*
!
#K!
^*&!,&50/+&6&%)!'(!0/)&,/01!>9!70.3&1!.1!.00-1),/)&3!.%!)*&!3/)/!5,'4.3&3!(,'6!?/@!
)'!?+@<!?(@<!?7@!/%3!(,'6!?g@!)'!?0@:!^*&!1->1).)-).'%!'(!0/)&,/01!>9!%/1/01!.1!.00-1),/)&3!.%!?&@<!
?*@! /%3! ?.@:! ;1! (',! )*&! 0&11! (,&8-&%)! 1->1).)-).'%! '(! 0/)&,/01! >9! ,*').+1! .%! )*&! 15&&+*! '(!
P%x1<!.)!.1!&[&650.(.&3!.%!?3@:!i')&!)*/)!6'1)!+/1&1!'(!T/)BjA'%',!'++-,!.%!LY!5'1.).'%:!;1!
=.00! >&! 1*'=%! (-,)*&,! >&0'=<! /! 1.6.0/,! 5/))&,%! =.00! >&! '>1&,4&3! (',! )*&! 1->1).)-).'%1!
/((&+).%7!,*').+1:!!
!;1! (',! )*&! ,&50/+&6&%)! '(! 0/)&,/01! >9! 1)'51<! .)! .1! )*&! 6'1)! (,&8-&%)! )95&! '(!
1->1).)-).'%!/((&+).%7!0/)&,/01!.%!L0/,/E1!3/)/!?>-)!%')&!)*/)!)*&,&!/,&!'%09!O!+/1&1@!/%3!.)!
.1!)*&!1&+'%3!6'1)!(,&8-&%)!.%!)*&!')*&,!+*.03,&%E1!/2%>2%.:!A'6&!&[/650&1!/,&!5,'4.3&3!
.%!?HK@:!!
!R"#
!
*PN.4>9&)*23*_.,*Ob*@,2>*)1K),+,1,+2')**
(
!
L*.03!
;7&!
$,)*'7,:!
W0'11!
^/,7&)!
$-)5-)!
(
?/@!
L0/,/!
"CG:Y#!
>',>'0&)/!
>-))&,(09!
L0/,/!
"C"R:"X!
>'0/!
>/00!
/bu%bu&let3/
[b3j&de6t3]
(
?>@!
?+@!
P%x1!
"C"R:YG!
>'0'!
+/2&!
/&b5l3/
[&b5b3]
?3@!
P%x1!
YC":"R!
0-D!
0.7*)!
/&bolu/
[&bodu]
(
?&@!
P%x1!
YCH:"K!
+/1)&0'!
+/1)0&!
/&lu,/
[&do,]
/k3,&t'lu/
[k3&tedu]
(
?(@!
F'/%/!
YCY:"G!
0/4/,!
)'!=/1*!
?7@!
F'/%/!
YC"R:K!
0}%7-/!
)'%7-&!
/l3&va%/
[!3&va]
?*@!
F'p'!
"C"R:""!
7/0'!
,''1)&,!
/&li*!w3/
[&!e*!u3]
(
?.@!
F'p'!
"C"":"!
T.0/!
[&da6du]
/&lil3/
[&tid3]
(
?g@!
F'p'!
YCR:YR!
/0.!
5,'5:%'%!
)*&,&!
/&!alu/
?2@!
T-6/!
YC#:YJ!
0'>'!
='0(!
/3&li/
[3&ti]
?0@!
T-6/!
YC#BYCH!
/0.!
)*&,&!
/&lobu/
[&bobu]
/3&li/
[3*&di]
(
(
(
!
i')&! )*/)<! +'%),/,9! )'! )*&! ,&50/+&6&%)! '(! 0/)&,/01! >9! /%')*&,! 1'%',/%)<! )*&!
1->1).)-).'%!'(!0/)&,/01!>9!1)'51!'++-,1!>')*!.%!=',3B.%.)./0!/%3!.%!.%)&,4'+/0.+!5'1.).'%:!
^*.1! .11-&! =.00! >&! &[50',&3! (-,)*&,! >&0'=<! )'7&)*&,! =.)*! )*&! 1->1).)-).'%! 5/))&,%1!
/((&+).%7!,*').+1:!!
!
>8?4%5%8%5/14(#22&3%51A('"/%534 (
;1!1*'=%!.%!1&+).'%!#:X:"<!,*').+1!/,&!/+8-.,&3!'%09!>9!P%x1!/%3!F'/%/<!/)!)*&!/7&!
'(! #C""! /%3! HCO<! ,&15&+).4&09:! ^*&! )/>0&! 7.4&%! .%! ?HG@! 5,'4.3&1! )*&! )')/0! '(! 6/%%&,!
(&/)-,&! 1->1).)-).'%1! /((&+).%7! ,*').+1! .%! &/+*! +*.03! /2%>1)<! .%! )*&! 5&,.'3! 5,&+&3.%7!
/+8-.1.).'%:!!^*&!%-6>&,!/%3!5&,+&%)/7&!'(!'++-,,&%+&!'(!&/+*!6/%%&,!1->1).)-).'%!)95&!
.1!/01'!5,'4.3&3!?1&&!/55&%3.[!Z@:!
!
!
(
!
#G!
!R5#
*C.''&%*)1K),+,1,+2')*.33&/,+';*%-2,+/)*!.>>&'(+N*a#*
(
;7&!
^')/0!iw!
^95&!
$++-,:!?y@!
71Y4(
z%).0!#C""!
#"X!
f*')Bj!T/)!
YRX!?JXy@!
Z/#1#(
z%).0!HCO!
"X#!
f*')Bj!A)'5!
JR!?#Gy@!
Q80#(
z%).0!YCJ!
#H!
f*')Bj!W0.3&!
YY!?JXy@!
!.#'#(
z%).0!"C"R!
"X!
f*')Bj!T/)!
G!?JRy@!
Z/[/(
z%).0!YCR!
HR!
f*')Bj!W0.3&!
Y#!?XOy@!
^95&!
$++-,:!?y@!
f*')BjA)'5!
"R"!?#Yy@!
f*')BjT/)!
#X!?Y#y@!
f*')Bj!T/)!
G!?YJy@!
f*')Bj!i/1!
H!?YOy@!
f*')Bj!A)'5!
K!?YRy@!
^95&!
f*')!BjV,.+!
f*')!Bj!W0.3&!
f*')BjA)'5!
f*')Bj!A)'5!
f*')Bj!T/)!
$++-,:!?y@!
J!?Yy@!
#R!?YRy@!
Y!?Jy@!
Y!?"#y@!
J!?"Xy@!
!
\[+&5)!(',!F'/%/E1!3/)/<!)*&!5,&3'6.%/%)!1->1).)-).'%!5/))&,%!/((&+).%7!,*').+1!.1!
'(!)*&!)95&!f*').+BjA'%',/%)_!)*&!)/,7&)!,*').+!.1!5,'3-+&3!/1!/!0/)&,/0!?P%x1<!L0/,/@!',!/!
70.3&!?T-6/<!F'p'@:!;7/.%<!+*.03,&%!)&%3!)'!5,&1&,4&!)*&!bk1'%',/%)c!15&+.(.+/).'%!'(!)*&!
)/,7&)!0.8-.3!.%!)*&.,!'-)5-)!(',61:!A'6&!&[/650&1!/,&!5,'4.3&3!.%!?XR@:!
!W=#
!
*PN.4>9&)*23*T-2,+/*Ob*@2'2%.',*)1K),+,1,+2')**
!
L*.03!
;7&!
$,)*'7,:!
W0'11!
^/,7&)!
$-)5-)!
?/@!
P%x1!
"C"R:YG!
/7',/!
%'=!
?>@!
P%x1!
YC":"R!
8-&,'!
?P@!=/%)!
/3&!5%3/
[&!5l3]
?+@!
P%x1!
YCH:"K!
+/,,'!
+/,!
/&k'%u/
[&k'lu]
?3@!
F'/%/!
YCR:G!
,&.!
2.%7!
/&ka$u/
[&kalu]
/&$3j/
[&"3j]
?&@!
F'/%/!
YCJ:YH!
5x,/1!
5&/,1!
?(@!
F'/%/!
#CR:Y!
+*','!
?P@!+,9!
/&pe%3,/
[&pej4s]
?7@!
T-6/!
YCH:YX!
&15&,/!
=/.)!
/&,5%u/
[&,56ju]
?*@!
T-6/!
YCX:YR!
&1+-,'!
3/,2!
/,&p'%3/
[&p'j3]
/,&ku%u/
[&kuju]
?.@!
T-6/!
YCJ:YR!
+*','-!
+,.&3!
?g@!
L0/,/!
"CO:""!
;-,',/!
/,u&%o/
[,u&lo]
?2@!
L0/,/!
"C"R:"X!
;-,',/!
5,'5:%'%!
5,'5:%'-
/aw&%5%3/
[l3&l5l3]
?0@!
F'p'!
"C"R:YJ!
/3',/!
%!
0'4&1!
/aw&%5%3/
[&n5l3]
/3&d5%3/
[&d5j3]
?6@!
F'p'!
"C"":"G!
+/,,'!
+/,!
?%@!
F'p'!
YCR:YR!
>-,,'!
3'%2&9!
/&ka$u/
[&taju]
/&bu$u/
[&buwu]
!
;1!(',!)*&!1->1).)-).'%!'(!,*').+1!>9!1)'51<!.)!.1!/%!.%(,&8-&%)!5/))&,%!.%!)*&!3/)/!
'(!T-6/<!L0/,/!/%3!F'p'!?1/6&!',!>&0'=!YRy@:!N'=&4&,<!)*.1!)95&!'(!1->1).)-).'%!'++-,1!
,&0/).4&09! '()&%! .%! )*&! 3/)/! '(! )*&! ')*&,! )='! +*.03,&%! ?P%x1! B! #YyC! F'/%/! B! #Gy@:! A'6&!
&[/650&1!'(!f*')BjA)'5!.%!)*'1&!)='!+*.03,&%E1!/2%>2%.!/,&!7.4&%!.%!?X"@:
!
!W<#
!
*PN.4>9&)*23*T-2,+/*Ob@,2>*)1K),+,1,+2')*O^2.'.*.'(*U'])*
!
L*.03!
;7&!
$,)*'7,:!
W0'11!
^/,7&)!
$-)5-)!
?/@!
P%x1!
"C"R:YG!
/7',/!
%'=!
?>@!
P%x1!
YCH:"K!
,-/!
1),&&)!
/3&!5%3/
[3&!5d3]
/&$u3/
[&!u3]
?+@!
P%x1!
YC"R:YR!
,o3.'!
,/3.'!
?3@!
P%x1!
#CR:"X!
&1+',,&7/!
10.3&!
/&$adiu/
[&!adju]
?&@!
P%x1!
#CH:J!
,/.%*/!
8-&&%!
/,ku&$'!3/
[tu&d'!3]
/$3&i"3/
[!3&i"3]
HR!
?(@!
P%x1!
#CO:YG!
',/!
=&00!
?7@!
F'/%/!
YCJ:YH!
f'6&-!
5,'5:%'-%!
?*@!
F'/%/!
YC"R:K!
&,/!
.)!=/1!
?.@!
F'/%/!
#CR:YJ!
,&%/1!
,&.%3&&,!
?g@!
F'/%/!
#CJ:YR!
]/,.1!
]/,.1!
?2@!
F'/%/!
HCR:"#!
>/,,.7/!
>&009!
!
/&5%3/
[&5d3]
/$u&mew/
[t7u&n']
/&'%3/
[&'d3]
/&$en3+/
[&!en3z]
/p3&%i,/
[pe&!is6]
/b3&$i!3/
[b3&di!3]
A.%+&! 1->1).)-).'%! 5/))&,%1! */4&! >&&%! -1&3! /1! /%! /,7-6&%)! (',! )*&! 3.1).%+).'%!
>&)=&&%! )*&! ),.00! /%3! )*&! (0/5! .%! e,/D.0./%! +*.03,&%E1! 191)&61! ?.%! )&,61! '(! 1'%',.)9<! 1&&!
1&+).'%! #:":Y@<! =&! =.00! ('+-1! '%! )*&! )95&! '(! 1->1).)-).'%1! )*/)! /((&+)! )*&! )='! ,*').+1<!
.%3.4.3-/009:!
^*&! )='! 7,/5*1! 5,'4.3&3! .%! ?XY@! 5,&1&%)! )*&! (,&8-&%+9! '(! '++-,,&%+&! '(! &/+*!
1->1).)-).'%!5/))&,%!/((&+).%7!)*&!),.00!?XY:/@!/%3!)*&!(0/5!?XY:>@:!
!W?#
!
*@1K),+,1,+2')*.33&/,+';*%-2,+/)*!.>>&'(+N*a#*
?XY:/@*$%+99*
?XY:>@*Q9.>*
!
!
!
!
!
!
!
!
!
!
>8?4%5%8%5/14(/2('"/%53(\!](
"RR:!
"RR:!
>8?4%5%8%5/14(/2('"/%53(\"](
XR:!
XR:!
R:!
R:!
P%x1!
F'/%/! T-6/!
b!cBjA)'5!!
b!cBji/1!
b!cBjV,.+!
b!cBjW0.3&!
L0/,/!
F'p'!
P%x1!
b!cBjT/)!
F'/%/! T-6/!
b"cBjA)'5!
b"cBji/1!
b"cBjV,.+!
b"cBjW0.3&!
L0/,/!
F'p'!
b"cBjT/)!
;1!1*'=%!.%!?XY:/@<!)*&!),.00!.1!5,&3'6.%/%)09!,&50/+&3!>9!/!1)'5!?',!/!(,.+/).4&<!.%!
)*&! +/1&! '(! F'/%/@! .%! )*&! 3/)/! '(! )*,&&! +*.03,&%_! P%x1<! F'/%/! /%3! L0/,/:"K! P%! )*&! 3/)/! '(!
T-6/!/%3!F'p'<!)*&!),.00!+/%!/01'!>&!,&50/+&3!>9!/!1)'5<!>-)!.1!5,&3'6.%/%)09!5,'3-+&3!/1!
/!0/)&,/0!',!/!70.3&:!T-6/!/%3!F'p'!)&%3!)'!5,&1&,4&!)*&!bk1'%',/%)c!15&+.(.+/).'%!'(!)*&!
)/,7&)!,*').+!.%!)*&.,!5,'3-+).'%<!=*.0&!P%x1<!F'/%/!/%3!L0/,/!)&%3!)'!,&50/+&!)*&!)/,7&)!
1'%',/%)!>9!/!bB1'%',/%)c!?1)'5!',!(,.+/).4&@:!
;1!(',!)*&!(0/5!?1&&!XY:>@<!.)!.1!6',&!'()&%!,&50/+&3!>9!/!1'%',/%)!?0/)&,/0<!70.3&!',!
%/1/0@<!.%!)*&!3/)/!'(!P%x1<!T-6/!/%3!L0/,/!?.%!/>'4&!KRy!'(!)*&!+/1&1@:!;1!(',!F'/%/!/%3!
F'p'<!)*&!%-6>&,!'(!1->1).)-).'%1!>9!1'%',/%)1!/%3!>9!'>1),-&%)1!.1!6',&!',!0&11!&4&%!
?/,'-%3!XRy!'(!)*&!+/1&1<!(',!&/+*!6/g',!)95&!'(!1->1).)-).'%@:!
e/1&3! '%! )*&! 5,&3'6.%/%)! 5/))&,%1! &[50',&3! />'4&<! )*&! ('00'=.%7!
7&%&,/0.D/).'%1!+/%!>&!6/3&_!?.@!1->1).)-).'%1!>9!1)'51!)&%3!)'!/((&+)!)*&!),.00!6',&!'()&%!
)*/%!)*&!(0/5C!?..@!1->1).)-).'%1!>9!1'%',/%)1!)&%3!)'!/((&+)!)*&!(0/5!6',&!'()&%!)*/%!)*&!
),.00:! L*.03,&%! /55&/,! )'! 5,&1&,4&! )*&! bk1'%',/%)c! 15&+.(.+/).'%! 6',&! '()&%! =*&%! )*&!
)/,7&)!.1!/!(0/5!)*/%!=*&%!)*&!)/,7&)!.1!/!),.00:!^*&1&!'>1&,4/).'%1!+'-03!+',,'>',/)&!)*&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"K!i')&!)*/)<!.%!L0/,/E1!/2%>1)<!)*&!"RRy!'(!^,.00BjA)'5!+',,&15'%31!)'!Y!'++-,,&%+&1!'%09!?1&&!/55&%3.[!Z@:!
!
H"!
/%/091.1!5,&1&%)&3!.%!e]!?1&&!1&+).'%!#:":Y@<!=*&,&!)*&!),.00!.1!/11-6&3!)'!*/4&!/!0'=&,!
3&7,&&! '(! 1'%',.)9! )*/%! )*&! (0/5<! >&.%7! ,&50/+&3! >9! 1'-%31! )*/)! /,&! +0'1&,! )'! .)! '%! )*&!
1'%',.)9! 1+/0&! ?'>1),-&%)1@:! N'=&4&,<! .)! 6.7*)! >&! )*&! +/1&! )*/)! =',3B5'1.).'%! .1! /01'!
50/9.%7! /! ,'0&! .%! )*&1&! 1->1).)-).'%! 5/))&,%1:! ^*.1! .11-&! =.00! >&! (-,)*&,! &[50',&3! .%! )*&!
%&[)!1->1&+).'%:!
!
;&.#%5/1(?&%^&&1(%6$&(/2(48?4%5%8%5/1(#1,(^/',($/45%5/1H(.5<85,4!
;1! 1*'=%! />'4&<! +*.03,&%! )&%3! )'! ,&50/+&! 0.8-.31! ?>')*! 0/)&,/01! /%3! ,*').+1@! >9!
/%')*&,!1'%',/%)<!6'1)!'()&%!/!%/1/0!',!/!70.3&:!N'=&4&,<!1->1).)-).'%1!'(!0.8-.31!>9!%'%B
1'%',/%)1! ?(,.+/).4&1! /%3<! 6',&! (,&8-&%)09<! 1)'51@! /,&! /01'! +'66'%<! 5/,).+-0/,09! .%! )*&!
3/)/!'(!1'6&!'(!)*&!+*.03,&%!1)-3.&3!?1&&!)/>0&1!.%!?HJ@!/%3!?HG@@:!^*&!8-&1).'%!)*/)!=.00!
>&! /33,&11&3! .%! )*.1! 1->1&+).'%! .1! .(! =',3B5'1.).'%! +/%! >&! ,&0/)&3! )'! )*&! )95&! '(!
1->1).)-).'%! '>1&,4&3<! (',! .%1)/%+&<! .(! )*&,&! .1! /! 5,.4.0&7&3! 5'1.).'%! (',! 0.8-.31! )'! >&!
,&50/+&3!>9!1'%',/%)1:!
^*&! )='! 7,/5*1! 7.4&%! >&0'=! 5,'4.3&! )*&! (,&8-&%+9! '(! '++-,,&%+&! '(! )*&! )*,&&!
6/g',!)95&1!'(!1->1).)-).'%1!/((&+).%7!0.8-.31_!T.8BjA)'5C!T.8BjV,.+!/%3!T.8BjA'%',:!^*.1!
/%/091.1!.1!5,&1&%)&3!5&,!=',3!5'1.).'%_!=',3B.%.)./0!?L"@!.%!?X#:/@!/%3!.%)&,4'+/0.+!?LY@!
.%!?X#:>@:!!
!
!WJ#
!
*@1K),+,1,+2')*.33&/,+';*9+01+()E*>&%*Z2%(O>2)+,+2'*!.>>&'(+N*a#*
?X#:/@!L"!5'1.).'%!
?X#:>@!LY!5'1.).'%!
!
>8?4%5%8%5/1(/2(.5<85,4(51(!:(
>8?4%5%8%5/1(/2(.5<85,4(51(!=(
"RR!
KR!
JR!
HR!
YR!
R!
"RR!
KR!
JR!
HR!
YR!
R!
P%x1!
T.8BjA)'5!
F'/%/! T-6/! L0/,/!
T.8BjV,.+!
P%x1! F'/%/! T-6/! L0/,/! F'p'!
F'p'!
T.8BjA'%',!
T.8BjA)'5!
T.8BjV,.+!
T.8BjA'%',!
!
!
;1!1*'=%!.%!?X#:/@<!'(!/00!6/%%&,!1->1).)-).'%1!/((&+).%7!0.8-.31!.%!L"<!)*&!6'1)!
(,&8-&%)!)95&!.%!)*&!3/)/!'(!P%x1!/%3!L0/,/!.1!T.8BjA)'5:!P%!F'/%/E1!3/)/<!)*&!5,&3'6.%/%)!
5/))&,%! .%! L"! .1! /01'! )*&! ,&50/+&6&%)! '(! 0.8-.31! >9! /! %'%B1'%',/%)! +'%1'%/%)<! &.)*&,! /!
1)'5!?/,'-%3!XRy@!',!/!(,.+/).4&!?YXy@:!P%!F'p'E1!/2%>1)<!=',3B.%.)./0!0.8-.31!+/%!&.)*&,!
>&! ,&50/+&3! >9! /! 1)'5! ',! >9! /! 1'%',/%)! ?/! 70.3&@:! ;1! (',! T-6/E1! 3/)/<! 0.8-.31! .%! L"! /,&!
5,&3'6.%/%)09!,&50/+&3!>9!/!1'%',/%)!?/!%/1/0!',!/!70.3&@:!
!
HY!
V'+-1.%7! '%! )*&! LY! 5'1.).'%! ?1&&! 7,/5*! .%! ?X#:>@<! />'4&@<! )*&,&! .1! /! +0&/,!
5,&(&,&%+&!(',!0.8-.31!)'!>&!,&50/+&3!>9!/!1'%',/%)<!.%!/00!+*.03,&%E1!3/)/:!!
P%!1-6<!)*&,&!.1!/!5,&(&,&%+&!(',!)*&!1->1).)-).'%1!'(!0.8-.31!>9!/%')*&,!1'%',/%)!
)'!'++-,!.%!LY!?/))&1)&3!/+,'11!/00!1->g&+)1@!/%3!)*&!1->1).)-).'%1!'(!0.8-.31!>9!/!1)'5!)'!
'++-,!.%!L"!?'>1&,4&3!.%!)*&!3/)/!'(!)*,&&!'(!)*&!+*.03,&%@:!P)!)*-1!1&&61!)*/)!)*&!)95&!'(!
1->1).)-).'%! 5/))&,%! +/%! >&! .%(0-&%+&3! >9! =',3B5'1.).'%_! LY! 1&&61! )'! 5,'6')&!
1->1).)-).'%1! '(! 1'%',/%)1! >9! ')*&,! 1'%',/%)1<! =*.0&! )*&! ,&50/+&6&%)! '(! 1'%',/%)1! >9!
1)'51!)&%31!)'!'++-,!6',&!'()&%!.%!=',3B.%.)./0!5'1.).'%:!!
a&!=.00!%'=!('+-1!'%!)*&!1->1).)-).'%1!)*/)!/((&+)!)*&!),.00:!^*&!8-&1).'%!=&!=/%)!
)'! 5'1&! *&,&! .1! .(! )*&! 5,&(&,&%+&! (',! )*&! ),.00! )'! >&! ,&50/+&3! >9! /! 1)'5! +/%! >&! ,&0/)&3! )'!
=',3!5'1.).'%:!!^*&!7,/5*1!5,'4.3&3!.%!?XH@!1*'=!)*&!(,&8-&%+9!'(!'++-,,&%+&!'(!&/+*!
)95&! '(! 6/%%&,! 1->1).)-).'%! /((&+).%7! )*&! ),.00! .%! L"! ?XH:/@! /%3! .%! LY! ?XH:>@:! i')&! )*/)!
)*&,&!/,&!%'!1->1).)-).'%1!'(!)*&!),.00!.%!LY!.%!L0/,/E1!/2%>1):!
!WR#
!
!
*@1K),+,1,+2')*23*,-&*,%+99E*>&%*Z2%(O>2)+,+2'*!.>>&'(+N*a#*
!
!
"RR:!
!
XR:!
!
R:!
!
>8?4%5%8%5/14(/2(\;](51(!:(
"RR:!
>8?4%5%8%5/14(/2(\;](51(!=(
XR:!
R:!
!
P%x1!
!
b!cBjA)'5!!
F'/%/! T-6/!
b!cBjV,.+!
L0/,/!
b!cBjT/)!
P%x1!
F'p'!
b!cBjA)'5!!
b!cBji/1!
F'/%/!
b!cBjV,.+!
T-6/!
b!cBjT/)!
F'p'!
b!cBjW0.3&!
^*&!/%/091.1!'(!)*&!)='!7,/5*1!7.4&%!/>'4&!1*'=1!)*/)<!.%!=',3B.%.)./0!5'1.).'%<!
)*&! '4&,=*&06.%7! 6/g',.)9! '(! )*&! 1->1).)-).'%1! /((&+).%7! )*&! ),.00! /,&! '(! )*&! )95&! ),.00B
j'>1),-&%)! ?6'1)! '()&%! /! 1)'5@:! P%! )*&! LY! 5'1.).'%<! )*&! %-6>&,! '(! 1->1).)-).'%1! '(! )*&!
)95&!),.00Bj1'%',/%)!.%+,&/1&1C!.)!>&+'6&1!)*&!6'1)!(,&8-&%)!1->1).)-).'%!5/))&,%!.%!)*&!
3/)/!'(!T-6/!/%3!F'p'!?>&)=&&%!GXy!/%3!"RRy!'(!)*&!+/1&1@!/%3!.)!1-,5/11&1!)*&!0&4&0!
'(! #Ry! .%! )*&! /2%>1)! '(! P%x1! /%3! F'/%/:! P)! )*-1! 1&&61! )*/)! LY! 5'1.).'%! 5,'6')&1! )*&!
1->1).)-).'%! '(! )*&! ),.00! >9! /%')*&,! 1'%',/%):! N'=&4&,<! )*.1! .1! %')! /! "RRy! 5,&3.+)/>0&!
5/))&,%<!.%!)*&!1&%1&!)*/)!/00!.%)&,4'+/0.+!),.001!='-03!>&!,&50/+&3!>9!/!1'%',/%)!/%3!/00!
=',3B.%.)./0!),.001!=.00!>&!,&50/+&3!>9!/!1)'5:!i')&!)*/)<!.%!)*&!3/)/!'(!P%x1!/%3!F'/%/<!),.001!
/,&! 5,&3'6.%/%)09! ,&50/+&3! >9! /! 1)'5! ?',! /! (,.+/).4&@<! .%3&5&%3&%)09! '(! )*&! =',3!
5'1.).'%!)*&9!'++-,!.%:!!
P%!1-66/,9<!)*&!('00'=.%7!),&%31!=&,&!'>1&,4&3!.%!)*&!1->1).)-).'%1!'(!6/%%&,!
(&/)-,&1_! ?.@! (,.+/).4&1! /,&! 6'1)09! ,&50/+&3! >9! 1)'51C! ?..@! 0.8-.31! )&%3! )'! >&! ,&50/+&3! >9!
1'%',/%)1!6',&!'()&%!)*/%!>9!1)'51!',!(,.+/).4&1C!?...@!)*&!1->1).)-).'%!'(!0.8-.31!>9!1)'51!
)&%31!)'!'++-,!6',&!'()&%!.%!L"!)*/%!.%!LY:!
!
H#!
!
>8?4%5%8%5/14(#22&3%51A($.#3&(2&#%8'&4(
P%! )*.1! 1->1&+).'%<! =&! =.00! ('+-1! '%! )*&! 1->1).)-).'%! 5/))&,%1! )*/)! /((&+)! 50/+&!
(&/)-,&1:! P%! 1&+).'%! #:X:"<! =&! '>1&,4&3! )*/)! )*&! )*,&&! 6/g',! 50/+&! (&/)-,&1! ?T/>./0<!
L','%/0!/%3!Z',1/0@!/,&!/+8-.,&3!&/,09!?.%!6'1)!+/1&1<!-%).0!YCR@:!^*.1!&/,09!/+8-.1.).'%<!
/33&3! )'! )*&! (/+)! )*/)<! .%! )*&! (.,1)! ,&+',3.%7! 1&11.'%1<! 1->1).)-).'%1! /,&! %')! (,&8-&%)!
?1.%+&! )/,7&)! 1&0&+).'%<! 1900/>0&! ),-%+/).'%! /%3! ,&3-50.+/).'%! /,&! )*&! 5,&3'6.%/%)!
/0)&,%/).4&! '-)5-)! (',61! ~! 1&&! +*/5)&,! J@<! ,&1-0)1! .%! /! 0'=! %-6>&,! '(! 1->1).)-).'%!
5/))&,%1! /((&+).%7! 50/+&! (&/)-,&1:! N'=&4&,<! .%! 1'6&! +/1&1<! =&! .3&%).(.&3! 1'6&! 7&%&,/0!
),&%31!.%!)*&!1->1).)-).'%1!)*/)!'++-,!/+,'11!)*&!(.4&!+*.03,&%E1!/2%>1):!^*'1&!),&%31!/,&!
&[50',&3!>&0'=<!5&,!50/+&!(&/)-,&:!
!
>8?4%5%8%5/14(#22&3%51A(.#?5#.4 (
e&(',&! >&.%7! /+8-.,&3<! 0/>./01! /,&! %')! '()&%! 1->6.))&3! )'! 1->1).)-).'%! 5/))&,%1!
)*/)! +*/%7&! 50/+&! (&/)-,&! 15&+.(.+/).'%:! ^*.1! )95&! '(! 1->1).)-).'%! '++-,1! 6'1)09! .%! )*&!
3/)/!'(!T-6/<!/1!+/%!>&!1&&%!.%!/55&%3.[!Z:!P%!/00!+/1&1<!)*&!1->1).)-).'%!'>1&,4&3!.1!T/>B
jL','%/0<!=*&,&!)*&!)/,7&)!0/>./0!.1!5,'3-+&3!/1!/!+','%/0!bk/%)c!+'%1'%/%):!^*&1&!+/1&1!
/,&!.00-1),/)&3!.%!?XX@:!
!WW#
!
*PN.4>9&)*23*_.K+.9*ObS2%2'.9*)1K),+,1,+2')*O*_14.*
!
L*.03!
;7&!
$,)*'7,:!
W0'11!
^/,7&)!
$-)5-)!
?/@!
T-6/!
"C#:"G!
5/)'!
3-+2!
?>@!
T-6/!
"CG:YG!
]/).!
5,'5:%'-%!
/&patu/
[&tat]
?+@!
T-6/!
"C"R:"K!
4'4|!
W,/%33/3!
/pa&ti/
[ta&ti]
T-6/!
/vo&vo/
[to&to]
?3@!
"C"":"X!
Q.7-&0!
5,'5:%'-%!
/mi&!'8/
[ni&']
!
>8?4%5%8%5/14(#22&3%51A(3/'/1#.4 (
A->1).)-).'%1!/((&+)!6'1)09!+','%/0!bB/%)&,.',c!)/,7&)!+'%1'%/%)1<!1.%+&!+','%/01!
bk/%)c!/,&!/+8-.,&3!,&0/).4&09!&/,09:!L','%/0!bB/%)c!+'%1'%/%)1!)&%3!)'!1-,(/+&!/1!0/>./01!
?F'/%/<! T-6/! /%3! F'p'@! ',! /1! 3',1/01! ?P%x1@! ?1&&! /55&%3.[! Z@:! P%! T-6/E1! 3/)/<! )*&!
5,&3'6.%/%)! 1->1).)-).'%! /((&+).%7! +','%/0! bB/%)c! .1! '(! )*&! )95&! L',bB/%)cBjL',bk/%)c<!
1*'=.%7!)*/)!)*&!+*.03!*/1!/0,&/39!/+8-.,&3!+','%/01!>-)!)*&,&!.1!1).00!1'6&!4/,./>.0.)9!.%!
)*&!6/1)&,9!'(!)*&!bd/%)&,.',c!+'%),/1):!^*&!%-6>&,!/%3!5&,+&%)/7&!'(!)*&!1->1).)-).'%1!
)*/)! /((&+)! +','%/01! .1! 5,'4.3&3! .%! ?XJ@<! 5&,! +*.03! ?%'! 3/)/! /4/.0/>0&! '%! )*.1! .11-&! .%!
L0/,/E1!/2%>1)@:!
!
!
!
!
!
!
HH!
!WF#
:9./&*)1K),+,1,+2')*.33&/,+';*S2%2'.9*!.>>&'(+N*a#*
(
;7&!
^')/0!iw!
71Y4(
z%).0!YC""!
""!
Z/#1#(
z%).0!YCH!
H!
Q80#(
z%).0!YCJ!
HY!
Z/[/(
z%).0!"CO!
G!
^95&!
L',bB/%)cBj!Z',!
L',bB/%)cBj!T/>!
L',bB/%)cBj!L',bk/%)c!
L',bk/%)cBj!T/>!
$++-,:!?y@!
G!?KYy@!
H!?"RRy@!
YO!?JHy@!
G!?"RRy@!
!
!
!
L',bB/%)cBj!T/>!
!
!
!
!
""!?YJy@!
!
!
A'6&!&[/650&1!'(!)*&!1->1).)-).'%1!0.1)&3!/>'4&!/,&!5,'4.3&3!.%!?XO@:!
!
!WI#
*PN.4>9&)*23*>9./&*)1K),+,1,+2')*.33&/,+';*/2%2'.9)*
!
L*.03!
;7&!
$,)*'7,
W0'11!
^/,7&)!
$-)5-)!
]/))&,%!
?/@!
P%x1!
"CG:"G!
15''%!
?>@!
?+@!
?3@!
P%x1!
F'/%/!
T-6/!
YC":"R!
YCR:G!
YCH:""!
+'0*&,!
:!
0/,/%g/!
F'p'!
/g-3/!
/ku&#'%/
[ke&2'l9]
[-ant]BjDor
?&@!
T-6/!
YCR:YO!
+*.+*.!
5&&!
/l3&%3*+3/
/+u&3*w*/
/3&+ud3/
[d3&%3!3]
[03&03*u* ]
[vu&da6]
[-ant]BjDor
[-ant]BjLab
[-ant]BjLab
?(@!
T-6/!
YC#:YJ!
1-g/!
3.,)9!
/,i&,i/
[si&si6]
[-ant]Bj[kant]
/&su+3/
[suz3]
?7@!
F'p'!
"CO:YR!
>'0/!
>/00!
/&b5l3/
[&bow3]
[-ant]Bj[kant]
bk/%)cBj!T/>
',/%7&!!
5,'5:%'-%!
*&051!
(
>8?4%5%8%5/14(#22&3%51A(,/'4#.4 (
;1! 1*'=%! .%! 1&+).'%! #:X:"<! Z',1/0! .1! )*&! 0/1)! 50/+&! (&/)-,&! /+8-.,&3! >9! )*&! (.4&!
+*.03,&%:! P%! )*&! 5&,.'3! 5,&+&3.%7! /+8-.1.).'%<! 3',1/01! /,&! 5,&3'6.%/%)09! 1->6.))&3! )'!
'%&! )95&! '(! 1->1).)-).'%_! Z',BjL',<! =*&,&! )*&! )/,7&)! 3',1/0! .1! 5,'3-+&3! /1! /! +','%/0!
+'%1'%/%)!?6'1)!'()&%!/!+','%/0!bk/%)c<!1&&!/55&%3.[!Z@:!^*&!%-6>&,!/%3!5&,+&%)/7&!'(!
)*&1&!1->1).)-).'%1!.1!7.4&%!>&0'=<!5&,!+*.03!?%'!3/)/!/4/.0/>0&!.%!L0/,/E1!/2%>1)@:!
!
!W"#
*:9./&*)1K),+,1,+2')*.33&/,+';*a2%).9**!.>>&'(+N*a#*
(
;7&!
^')/0!iw!
71Y4(
z%).0!"C"R!
Y"!
Z/#1#(
z%).0!YCJ!
"R!
Q80#(
z%).0!YC#!
Y"!
Z/[/(
z%).0!YCR!
""R!
^95&!
$++-,:!?y@!
Z',Bj!L',!
"K!?KJy@!
Z',Bj!L',!
J!?JRy@!
Z',Bj!L',!
Y"!?"RRy@!
Z',Bj!L',!
GK!?KGy@!
!
A'6&!&[/650&1!'(!)*&!Z',BjL',!1->1).)-).'%1!/,&!5,'4.3&3!.%!?XG@:!
!
!W5#
!
*PN.4>9&)*23*a2%).9*ObS2%2'.9*)1K),+,1,+2')*
!
L*.03!
;7&!
$,)*'7,:!
W0'11!
^/,7&)!
$-)5-)!
?/@!
P%x1!
"CO:Y!
/8-.!
*&,&!
?>@!
P%x1!
"CG:"G!
>'%&+/!
3'00!
/3&ki/
[3&di]
/bu&n'k3/
[03&n't3]
?+@!
F'/%/!
YCR:G!
,&.!
2.%7!
?3@!
F'/%/!
YCY:"G!
+'0*&,!
15''%!
/&$3j/
[&"3j]
?&@!
T-6/!
YCY:YY!
7/)'!
+/)!
/ku&#'%]
[du&"'j]
/&!atu/
[tatu]
HX!
?(@!
T-6/!
YC#:YJ!
W'03.!
5,'5:%'-%!
?7@!
F'p'!
"C"":"G!
5'-+'!
(&=!
?*@!
F'p'!
YCR:YR!
+-.3/3'!
>&!+/,&(-0!
/&!ol*di/
[&dodi]
/&poku/
[&potu]
/kuj&dadu/
[di&dadu]
!
P)!.1!=',)*!%').+.%7!)*/)<!5/,).+-0/,09!.%!P%x1E!/2%>1)<!3',1/01!/,&!/01'!/((&+)&3!>9!
/%')*&,!5,'3-+).'%!1),/)&79<!=*&,&!)*&!)/,7&)!3',1/0!.1!5,'3-+&3!/++-,/)&09!>-)!%')!.%!
)*&!&[5&+)&3!=',3B5'1.).'%:!^*&1&!+/1&1!'++-,!=*&%!/!L"!3',1/0!/55&/,1!.%!+'6>.%/).'%!
=.)*! /! LY! 0/>./0<! (',! .%1)/%+&! .%! =',31! 0.2&! /2>2! ?70/11@<! 5,'3-+&3! /1! [&k5pu]Bj[&p5ku]
?"CK:Y@:!^*.1!6&)/)*&1.1!5/))&,%!1*'=1!)*/)<!/)!)*.1!/7&<!)*&!+*.03!.1!3&/0.%7!=.)*!0.%&/,.)9!
,&1),.+).'%1!'(!50/+&!(&/)-,&1<!=*.+*!=.00!>&!&[50',&3!.%!3&)/.0!.%!+*/5)&,!X:!
P%!1-6<!)*,&&!6/.%!'>1&,4/).'%1!+/%!>&!6/3&<!,&7/,3.%7!)*&!1->1).)-).'%!'(!50/+&!
(&/)-,&1_!?.@!T/>./0!.1!)*&!0&/1)!/((&+)&3!(&/)-,&<!/+,'11!+*.03,&%C!?..@!L','%/0!.1!)*&!1&+'%3!
0&/1)!/((&+)&3<!/0)*'-7*!)*&,&!/,&!1'6&!+/1&1!'(!1->1).)-).'%!'(!+','%/01!>9!0/>./01!',!'(!
+',bB/%)c! 5,'3-+&3! /1! bk/%)cC! ?...@! )*&! 6'1)! /((&+)&3! (&/)-,&! /+,'11! +*.03,&%! .1! Z',1/0<!
=*.+*!.1!6'1)!(,&8-&%)09!,&50/+&3!>9!+','%/01:!!!
!
;)! )*.1! 5'.%)<! =&! */4&! '>1&,4&3! )*&! 7&%&,/0! ',3&,! '(! /+8-.1.).'%! '(! 50/+&! /%3!
6/%%&,!(&/)-,&1!/%3!*/4&!('+-1&3!'%!)*&!6'1)!(,&8-&%)!1->1).)-).'%1!)*/)!+/-1&!50/+&!
',! 6/%%&,! +*/%7&:! a&! =.00! %'=! )-,%! )'! )*&! /%/091.1! '(! )*&! .%)/2&! /%3! 3&4&0'56&%)/0!
5/))&,%1!=.)*.%!&/+*!6/%%&,!(&/)-,&:!!
)9J9)(+"&(#3<8545%5/1(/2(4%/$4(
P%! )*.1! 1&+).'%<! =&! /%/09D&! )*&! /+8-.1.).'%! '(! 1)'51<! .%! &/+*! +*.03E1! /2%>1)<!
('+-1.%7!'%!)*&!50/+&!(&/)-,&1!T/>./0<!L','%/0!/%3!Z',1/0:!a&!=.00!1)/,)!=.)*!)*&!/%/091.1!
'(!)*&!3.1),.>-).'%!'(!1)'51!.%!)*&!)/,7&)!=',31!1&0&+)&3!?)*&!.%)/2&@<!+'65/,.%7!.)!)'!)*&!
3.1),.>-).'%!'(!1)'51!.%!)*&!A5'2&%!]',)-7-&1&!15&&+*!1/650&:!^*&%<!=&!=.00!('+-1!'%!)*&!
3&4&0'56&%)! '(! )/,7&)B0.2&! 5,'3-+).'%1<! /%/09D.%7! )*&! ',3&,! '(! /+8-.1.).'%! '(! 50/+&!
(&/)-,&1:!V.%/009<!=&!=.00!&[50',&!)*&!).6&!0/7!>&)=&&%!)*&!/+8-.1.).'%!'(!)*&!(.,1)!/%3!)*&!
0/1)!1)'5<!/+,'11!+*.03,&%:!
!
V54%'5?8%5/1(/2(4%/$4(51(%"&(51%#E&(
!
^*&!(.4&!7,/5*1!7.4&%! .%! ?JR@!5,&1&%)!)*&!(,&8-&%+9! '(! 1&0&+).'%! '(! 1)'51! .%!)*&!
)/,7&)! =',31! /))&65)&3! >9! &/+*! +*.03<! ('+-1.%7! '%! )*&! )*,&&! 50/+&! (&/)-,&1! T/>./0<!
L','%/0! /%3! Z',1/0:! P%! )*&! +/1&! '(! P%x1! /%3! F'/%/! ?7,/5*1! JR:/! /%3! JR:>@<! )*&! 7,/5*1!
+'4&,! )*&! 5&,.'3! -%).0! )*&! /7&! /)! =*.+*! /00! 1)'51! /,&! +'%1.3&,&3! /+8-.,&3:! V',! T-6/<!
L0/,/!/%3!F'p'!?1&&!7,/5*1!(,'6!JR:+!)'!JR:&@<!=*'!=&,&!1)-3.&3!(',!/!1*',)&,!5&,.'3!'(!
).6&<!)*&!7,/5*1!+'4&,!)*&!=*'0&!/2%>1)_!T-6/!-%).0!YCJ<!L0/,/!-%).0!"C"R!/%3!F'p'!-%).0!
YCR:!
!
HJ!
!
RC"":"H!
"CR:YX!
"C":#R!
"C#:J!
"CH:G!
"CX:""!
"CJ:""!
"CO:Y!
"CG:"G!
"C"R:YG!
YCR:""!
YC":"R!
YCY:"!
YC#:K!
YCH:"K!
YCX:YH!
YCO:"J!
YCK:Y#!
YC"R:YR!
"CY:O!
"CY:YG!
"CX:X!
"CJ:YH!
"CK:H!
"CG:YX!
"C"R:YY!
YCR:G!
YCY:"G!
YCH:"!
YCJ:YH!
YCK:X!
YC"R:K!
#CR:Y!
#CY:"#!
!F=#
*a+),%+K1,+2'*23*),2>)*+'*,-&*+',.V&*!S<*.'(*S?*2')&,#E*>&%*>9./&*3&.,1%&*!.>>&'(+N*
P#*
?JR:/@!
?JR:>@!!
!
71%#E&(W(4%/$4(_71Y4`(
71%#E&(W(4%/$4(_Z/#1#`(
! "RR!
"RR!
!
KR!
KR!
!
JR!
JR!
!
HR!
HR!
!
YR!
YR!
!
R!
R!
!
!
!
T/>!I5!>I! L',!I)!3I! Z',!I2!#I!
T/>!I5!>I! L',!I)!3I! Z',!I2!#I!
!
!
?JR:+@!!
!
"RR:!
71%#E&(W(4%/$4(_Q80#`(
XR:!
RC"":Y#!
"C":"R!
"CY:YY!
"C#:"G!
"CH:"O!
"CX:YH!
"CJ:YR!
"CO:"G!
"CK:"X!
"CG:YG!
"C"R:"K!
"C"":YG!
YCR:YO!
YC":"R!
YCY:YY!
YCH:YX!
YCJ:YO!
R:!
T/>!I5!>I!
L',!I)!3I!
Z',!I2!#I!
?JR:3@!!
!
! "RR:!
!
!
! XR:!
!
! R:!
!
!
!
!
71%#E&(W(4%/$4(_!.#'#`(
T/>!I5!>I!
L',!I)!3I!
Z',!I2!#I!
!
?JR:&:@!F'p'!
"RR:!
71%#E&(W(4%/$4(_Z/[/`(
XR:!
R:!
T/>!I5!>I!
L',!I)!3I!
!
Z',!I2!#I!
!
^*&! 7,/5*1! 5,&1&%)&3! />'4&! 1*'=! /! +'66'%! /15&+)! .%! +*.03,&%E1! 15&&+*_! )*&!
(,&8-&%+9!'(!1&0&+).'%!'(!1)'51!.%!)*&!(.,1)!1&11.'%1!3.((&,1!(,'6!)*&!.%)/2&!5/))&,%1!)*/)!
/55&/,!.%!0/)&,!/7&1:!P%!7&%&,/0<!+*.03,&%!)&%3!)'!1&0&+)!0/>./0!1)'51!6',&!'()&%!.%!)*&!(.,1)!
5&,.'3!/%3!)*&,&!.1!6-+*!4/,./>.0.)9!(,'6!'%&!1&11.'%!)'!)*&!')*&,C!)*&%<!7,/3-/009<!)*&!
(,&8-&%+9!'(!1&0&+).'%!'(!)*&!)*,&&!50/+&!(&/)-,&1!>&+'6&1!6',&!&4&%09!3.1),.>-)&3:!P%x1<!
(',! .%1)/%+&<! 1)/,)1! >9! 1&0&+).%7! 0/>./0! 1)'51! 6',&! '()&%! -%).0! "CH! ?/,'-%3! JRy@C! )*&%<!
>&)=&&%! "CX! /%3! "CO<! )='! (&/)-,&1! 5,&3'6.%/)&! .%! )*&! )/,7&)! =',31! 1&0&+)&3! >9! )*.1!
+*.03_! 0/>./0! /%3! 3',1/0:! P)! .1! '%09! (,'6! "CK! '%=/,31! )*/)! )*&! 3.1),.>-).'%! >&)=&&%! )*&!
)*,&&! (&/)-,&1! >&+'6&1! 6',&! &4&%! ?3',1/0! /%3! +','%/0! .%! /,'-%3! HRy! &/+*! /%3! 0/>./0!
#Ry@! /%3! )*/)! )*&! 3&7,&&! '(! 4/,./>.0.)9! (,'6! '%&! 1&11.'%! )'! )*&! ')*&,! 3&+,&/1&1:! ! ^*.1!
!
HO!
5/))&,%!'(!.%.)./0!4/,./>.0.)9<!('00'=&3!>9!/!7,/3-/0!)&%3&%+9!)'!/!6',&!&4&%!3.1),.>-).'%!
.1!('-%3!.%!)*&!.%)/2&!'(!/00!+*.03,&%:!V',!&/1&!'(!&[5'1.).'%<!=&!=.00!,&(&,!)'!)*/)!.%.)./0!
5&,.'3!/1!.%)/2&!"!/%3!)'!)*&!('00'=.%7!1&11.'%1!/1!.%)/2&!Y:!P%!?J"@<!=&!5,&1&%)!)*&!).6&!
(,/6&!+'4&,&3!>9!>')*!.%)/2&B5&,.'31<!.%!&/+*!+*.03E1!/2%>1):!
!
!F<#
*U(&',+3+/.,+2'*23*,Z2*4.+'*>&%+2()*+'*,-&*)&9&/,+2'*23*),2>)*
!
P%)/2&!"!
P%)/2&!Y!
P%x1!
F'/%/!
T-6/!!!
L0/,/!!!
F'p'!!!
RC""B"CO!
"CYB"CJ!!
RC""BYC"!!
RC""B"CO!!
"CRB"CK!!
(,'6!"CK!
(,'6!"CK!!
(,'6!YCY!!
(,'6!"CK!!
(,'6!"CG!!
!
!;! 8-&1).'%! )*/)! /,.1&1! %'=! .1! *'=! >')*! .%)/2&B5&,.'31! ,&0/)&! )'! )*&! /3-0)!
0/%7-/7&<! %/6&09! .(! )*&! 3.1),.>-).'%! '(! 1)'51! .%! )*&1&! +*.03,&%E1! .%)/2&! ,&1&6>0&! )*&!
(,&8-&%+9!'(!'++-,,&%+&!'(!1)'51!.%!/3-0)!15&&+*:!
!P%!)*&!7,/5*1!7.4&%!.%!?JY@!=&!5,'4.3&!/!+'65/,.1'%!>&)=&&%!)*&!(,&8-&%+9!'(!
1&0&+).'%! '(! 1)'51! .%! &/+*! +*.03E1! /2%>1)! ?.%)/2&! "! /%3! .%)/2&! Y@! /%3! )*&! 3.1),.>-).'%! '(!
1)'51!.%!)*&!1/650&!'(!/3-0)!15&&+*!?1&&!1&+).'%!#:H@:!!!
!
!F?#
*a+),%+K1,+2'* 23* ),2>)* +'* .(19,* )>&&/-* .'(* +'* /-+9(%&'[)* +',.V&* !S<* .'(* S?* 2')&,)#**
!.>>&'(+N&)*7*.'(*P#
*
?JY:/@!P%x1!
?JY:>@!!
71%#E&(!"(@,8.%(4$&&3"(W4%/$4(_71Y4`(
"RR:!
=)M(
KR:!
JR:!
)UM(
)=M(
=SM(
)SM(
JOM(
HR:!
"RR:!
C:M(
):M(
JR:!
T/>C!5!>!
P%)/2&!Y!!!!!!!
"CKBYC"R!
L',C!)!3!
;ZzT^!
A]\\LN!
P%)/2&!"!!!!!
"CYB"CJ!
T/>C!5!>!
!
Z',C!2!#!
!
?JY:+@*_14.*
XM(
=UM(
KR:!
)SM(
JOM(
):M(
=)M(
CJM(
)TM(
P%)/2&!Y!!!!!
"CKB#CY!
L',C!)!3!
;ZzT^!
A]\\LN!
Z',C!2!#!
=SM(
KR:!
=TM(
:TM(
:CM(
=SM(
)TM(
JR:!
JOM(
HR:!
USM(
YR:!
=)M(
R:!
JOM(
)JM(
=UM(
=)M(
R:!
P%)/2&!"!!!!
RC""BYC"!
T/>C!5!>!
!
71%#E&(!"(@,8.%(4$&&3"(W4%/$4(_!.#'#`(
"RR:!
J)M(
HR:!
P%)/2&!Y!!!!!
YCYBYCJ!
L',C!)!3!
;ZzT^!
A]\\LN!
Z',C!2!#!
P%)/2&!"!!!
RC""B"CO!
!
!
!
!
!
=SM(
?JY:3@*S9.%.*
71%#E&(!"(@,8.%(4$&&3"(W4%/$4(_Q80#`(
YR:!
)=M(
R:!
P%)/2&!"!!!!
RC""B"CO!
JR:!
XUM(
YR:!
=)M(
R:!
"RR:!
UM(
KR:!
HR:!
YR:!
71%#E&(!"(@,8.%(4$&&3"(W4%/$4(_Z/#1#`(
XM(
HK!
T/>C!5!>!
P%)/2&!Y!!!!! ;ZzT^!A]\\LN!
"CKB"C"R!
L',C!)!3!
Z',C!2!#!
!
?JY:&@*F'p'*
71%#E&(!"(@,8.%(4$&&3"(W4%/$4(_Z/[/`(
"RR:!
SM(
KR:!
=CM(
=OM(
JR:!
HR:!
=SM(
C:M(
JOM(
S)M(
YR:!
)JM(
=)M(
R:!
P%)/2&!"!!!!!
"CRB"CK!
T/>C!5!>!
P%)/2&!Y!!!!!!
"CGBYCR!
L',C!)!3!
;ZzT^!A]\\LN!
Z',C!2!#!
!
!
P%!)*&!1/650&!'(!/3-0)!15&&+*!?1&&!+'0-6%!/)!)*&!,.7*)<!.%!&/+*!7,/5*@<!XRy!'(!/00!
1)'51!5,'3-+&3!/,&!+','%/0<!YOy!/,&!3',1/0!/%3!Y#y!/,&!0/>./0:!^*-1<!)*&!3.1),.>-).'%/0!
*.&,/,+*9!'(!1)'51!.%!)*&!/3-0)!15&&+*!1/650&!.1!)*&!('00'=.%7_(L',jjZ',jjT/>:(P%!?J#@<!
)*.1!*.&,/,+*9!+/%!>&!+'65/,&3!)'!)*&!3.1),.>-).'%!'(!1)'51!.%!&/+*!+*.03E1!.%)/2&<!>')*!.%!
)*&!(.,1)!1&11.'%1!?P%)/2&!"@!/%3!0/)&,!/7&1!?P%)/2&!Y@:!!
(
!FJ#
*a+),%+K1,+2'.9*-+&%.%/-A*23*),2>)\*+',.V&*<E*+',.V&*?*.'(*.(19,*)>&&/-*
!
P%x1!
F'/%/!
T-6/!
L0/,/!
F'p'!
P%)/2&!"!
T/>jjL',jjZ',!
T/>jjZ',jjL',!
L',jjT/>jjZ',!
T/>jjZ',jjL',!
T/>jjL',jjZ',!
P%)/2&!Y!
L',jjZ',jjT/>!
L',jjZ',jjT/>!
L',jjT/>jjZ',!
Z',jjL',jjT/>!
L',jjT/>jjZ',!
;ZzT^!
L',jjZ',jjT/>!
!
;1!1*'=%!/>'4&<!)*&!1&0&+).'%!'(!1)'51!.%!.%)/2&!Y!.%!)*&!3/)/!'(!P%x1!/%3!F'/%/!
+'.%+.3&1!=.)*!)*&!3.1),.>-).'%!'(!1)'51!.%!)*&!1/650&!'(!/3-0)!15&&+*_!+','%/01!/,&!)*&!
6'1)! (,&8-&%)<! ('00'=&3! >9! 3',1/01! /%3! (.%/009! >9! 0/>./01:! i')&<! *'=&4&,<! )*/)! )*.1!
6/)+*.%7! >&)=&&%! /3-0)! 15&&+*! /%3! .%)/2&! .1! %')! ('-%3! .(! =&! ('+-1! '%09! '%! )*&! (.,1)!
1&11.'%1!?.%)/2&!"@:!P%!(/+)<!>')*!P%x1!/%3!F'/%/!1&0&+)!0/>./0!6',&!'()&%!)*/%!/%9!')*&,!
(&/)-,&!.%!)*&!(.,1)!1&11.'%1:!
^*&! 6.16/)+*! >&)=&&%! )*&! /3-0)! 15&&+*! 1/650&! /%3! .%.)./0! .%)/2&! 5/))&,%1! .1!
'>1&,4&3! /01'! .%! )*&! 3/)/! '(! )*&! ')*&,! )*,&&! +*.03,&%_! L0/,/! /%3! F'p'! /))&65)! 0/>./01!
6',&! '()&%! )*/%! /%9! ')*&,! (&/)-,&C! T-6/! 6/)+*&1! )*&! /3-0)! 3/)/! ,&7/,3.%7! )*&!
5,&3'6.%/%+&!'(!+','%/01<!>-)!3.((&,1!.%!)*&!(/+)!)*/)!1*&!1&0&+)1!0/>./01!6',&!'()&%!)*/%!
3',1/01:!P%!.%)/2&!Y!?/()&,!"CK@<!L0/,/!/%3!F'p'!7&)!+0'1&,!)'!)*&!3.1),.>-).'%!.%!)*&!/3-0)!
1/650&_!)*&9!1)/,)!/))&65).%7!+','%/01!6',&!(,&8-&%)09!)*/%!0/>./01:!N'=&4&,<!0/>./0!.1!
1).00!6',&!(,&8-&%)!)*/%!3',1/0:!;1!(',!T-6/<!%'!3.((&,&%+&!*/1!>&&%!('-%3!>&)=&&%!)*&!
(.,1)!/%3!)*&!1&+'%3!5&,.'3<!.%!)&,61!'(!3.1),.>-).'%!'(!50/+&!(&/)-,&1:!!
P)! .1! =',)*! %').+.%7! )*/)<! =.)*.%! 1)'51<! )*&! 0&/1)! (,&8-&%)09! 5,'3-+&3! (&/)-,&! .%!
)*&! /3-0)! 15&&+*! 1/650&! ?0/>./0@! .1! &[/+)09! )*&! 6'1)! (,&8-&%)09! /))&65)&3! .%! )*&! (.,1)!
1&11.'%1!>9!6'1)!+*.03,&%!?/00<!&[+&5)!(',!T-6/@:!^*.1!5,&3'6.%/%+&!'(!0/>./0!1)'51!.%!)*&!
!
HG!
(.,1)! 1&11.'%1! .1! ,&0/)&3! )'! /! 16/00! 1&)! '(! =',31! )*/)! .1! ,&+-,,&%)09! /))&65)&3! .%! &/,09!
/7&1<!%/6&09!>.>.E*K&KcE*>.+E*>cE*>.>d:!W,/3-/009<!)*&!1&)!'(!=',31!/))&65)&3!.%+,&/1&1<!
0&/3.%7! ?.%! 6'1)! +*.03,&%E1! 3/)/@! )'! /! 3&+,&/1&! .%! )*&! (,&8-&%+9! '(! 0/>./01! /%3! )'! /%!
.%+,&/1&!.%!)*&!(,&8-&%+9!'(!+','%/01!/%3!3',1/01:!^*.1!.11-&!=.00!>&!(-,)*&,!3.1+-11&3!.%!
1&+).'%!#:J:!
\[+&5)! (',! )*&! 3/)/! '(! T-6/<! .%)/2&! Y! +'.%+.3&1! =.)*! 3.1),.>-).'%/0! 5/))&,%1! .%!
/3-0)!15&&+*!6',&!+0&/,09!)*/%!.%)/2&!":!P%!)*&!+/1&!'(!P%x1!/%3!F'/%/<!.%)/2&!Y!6/)+*&1!
)*&!/3-0)!1/650&:!T-6/<!L0/,/!/%3!F'p'!=&,&!1)-3.&3!(',!/!1*',)&,!5&,.'3!'(!).6&!/%3!)*.1!
.1! 5,'>/>09! )*&! +/-1&! (',! )*&! (/+)! )*/)! )*&.,! .%)/2&! Y! 5/))&,%1! 1).00! 3'! %')! 6/)+*! )*&!
3.1),.>-).'%!.%!/3-0)!15&&+*:!!
!
+"&(,&-&./$0&1%(/2(%#'A&%W.5E&($'/,83%5/14(
!
P%!)*.1!1&+).'%<!=&!5,&1&%)!)*&!(,&8-&%+9!'(!'++-,,&%+&!'(!)/,7&)B0.2&!5,'3-+).'%1!
(',! 1)'51<! .%! &/+*! +*.03E1! /2%>1):! ;0)*'-7*! )*&! ('+-1! '(! )*.1! .%4&1).7/).'%! .1! '%! 50/+&!
(&/)-,&1<!=&!=.00!/01'!,&(&,!)'!4'.+.%7!1->+/)&7',.&1<!1.%+&!1'6&!+*.03,&%!)&%3!)'!/+8-.,&!
50/+&!=.)*.%!1->+/)&7',.&1!3&)&,6.%&3!>9!4'.+.%7:(
(
@9(7Na>(
P%x1!/+8-.,&1! 4'.+&0&11! 1)'51! >&(',&! 4'.+&3!'%&1C!)*.1! ',3&,!+/%! >&!'>1&,4&3!.%!
)*&! 7,/5*1! 7.4&%! .%! ?JH@<! =*.+*! 1*'=! )*&! 5&,+&%)/7&! '(! )/,7&)B0.2&! 5,'3-+).'%1! '(!
4'.+&0&11!?7,/5*!JH:/@!/%3!4'.+&3!1)'51!?7,/5*!JH:>@:!!
!
!FR#
*$.%;&,O9+V&*>%2(1/,+2')*23*),2>)*M*U'])*!.>>&'(+N*S#*
!
?JH:/@*Y2+/&9&))*),2>)*
!
"RRy!
KRy!
JRy!
HRy!
YRy!
Ry!
b5c!
b2c!
b)c!
?JH:>@*Y2+/&(*),2>)*
!
! "RRy!
KRy!
!
JRy!
!
HRy!
!
YRy!
!
Ry!
!
!
b>c!
b3c!
b#c!
!
!
;++',3.%7!)'!)*&!+,.)&,./!'(!/+8-.1.).'%!/3'5)&3!.%!)*.1!+*/5)&,!?KRy!'(!+',,&+)!
5,'3-+).'%1C! 1&&! 1&+).'%! #:H@<! P%x1! /+8-.,&1! b5c! /)! "CH! /%3! b)! 2c! /)! "C"R:! ^*&%<! 1*&!
/+8-.,&1! b>! 3c! /)! YCR! /%3<! (.%/009<! ! b!c! /)! YCK:! ^*-1<! >')*! =.)*.%! 4'.+&0&11! /%3! 4'.+&3!
!
XR!
1->+/)&7',.&1<!P%x1!1)/,)1!>9!/+8-.,.%7!0/>./01!',!+','%/01C!3',1/01!/,&!&.)*&,!)*&!0/1)!',!
/6'%71)!)*&!0/1)!)'!>&!/+8-.,&3:!!
!
A'6&!&[/650&1!'(!)/,7&)B0.2&!5,'3-+).'%1!(',!1)'51!.%!P%x1E!3/)/!/,&!5,'4.3&3!.%!
?JX@:!
!
!FW#
*PN.4>9&)*23*,.%;&,O9+V&*>%2(1/,+2')*32%*),2>)*M*U'])*
!
"#$%&!
'()!
*+,#-(+.!
/%-00!
12+(),!
*3,43,!
!
526!
7890!
:;<.=!
49%-!
>3+!
7890!
:;:@.A=!
,)B!
#20!
[&pe]
I5I!Bj!! b5c!
5?6!
/&pelu/
5C6!
7890!
:;:@.A=!
2D3$!
#)+)!
7890!
A;@.::!
?-C2!
B-3,#!
[&ki]
I2I!Bj!! b2c!
5&6!
/3&ki/
5)6!
7890!
A;@.::!
&-$0!
,E-!
I3I!Bj!! b3c!
5>6!
7890!
A;F.AG!
%3(2+!
4%2C)!
[&do,6]
/&t3*j/*
/&bok3/
/&doj,/
/lu&!a%/
(
[&t3*j*]
I)I!!Bj!! b)c!
[&buk3]
I>I!Bj!! b>c!
[lu&!a]
I!I!Bj!! b!]!
(
(
(
(
(
(
(
B9(ZL@N@(
A.6.0/,09!)'!P%x1<!F'/%/!/+8-.,&1!4'.+&0&11!1)'51!>&(',&!4'.+&3!'%&1:!!^*&!7,/5*1!
7.4&%! .%! ?JJ@! 1*'=! )*&! 5&,+&%)/7&! '(! )/,7&)B0.2&! 5,'3-+).'%1! '(! 4'.+&0&11! ?7,/5*! JJ:/@!
/%3!4'.+&3!1)'51!?7,/5*!JJ:>@<!.%!)*.1!+*.03E1!3/)/:!
!FF#
*$.%;&,O9+V&*>%2(1/,+2')*23*),2>)*M*^2.'.*!.>>&'(+N*S#*
?JJ:/@*Y2+/&9&))*),2>)*
?JJ:>@!Y2+/&(*),2>)*
"RRy!
"RRy!
KRy!
KRy!
JRy!
HRy!
YRy!
b5c!
JRy!
b)c!
HRy!
b2c!
YRy!
Ry!
b>c!
b3c!
b#c!
"CY:YG!
"CJ:YH!
"CK:H!
"CG:YX!
"C"R:YY!
YCR:G!
YCY:"G!
YCH:"!
YCJ:YH!
YCK:X!
YC"R:K!
#CR:Y!
#CY:"#!
Ry!
!
"CY:YG!
"CJ:YH!
"CK:H!
"CG:YX!
"C"R:YY!
YCR:G!
YCY:"G!
YCH:"!
YCJ:YH!
YCK:X!
YC"R:K!
#CR:Y!
#CY:"#!
!
!
!
F'/%/!/+8-.,&1!b5c!/)!"CG<!('00'=&3!>9!b)c!/)!YCY!/%3!b2c!/)!YCJ:!^*&%<!4'.+&3!1)'51!
/,&!/+8-.,&3_!b>c!/%3!b3c!/)!YC"R!/%3!b!c!/)!#CR:!a.)*.%!&/+*!7,'-5<!0/>./0!1)'51!/,&!)*&!
(.,1)! ?',! /6'%71)! )*&! (.,1)@! )'! >&! /+8-.,&3<! =*.0&! 3',1/01! /,&! )*&! 0/1)! )'! /55&/,:! A'6&!
&[/650&1!'(!/++-,/)&!5,'3-+).'%!'(!1)'51!.%!F'/%/E1!15&&+*!/,&!7.4&%!.%!?JO@:!
!
!FI#
*PN.4>9&)*23*,.%;&,O9+V&*>%2(1/,+2')*32%*),2>)*O*^2.'.*
!
"#$%&!
'()!
*+,#-(+.!
/%-00!
12+(),!
*3,43,!
!
526!
H-282!
:;=.AI!
42$!
>2,#)+!
H-282!
A;A.:=!
$0,-!
,#$0!
[&paj]
I5I!Bj!! b5c!
5?6!
/&paj/
5C6!
H-282!
A;J.A<!
D3)+$&2!
&)2+!
H-282!
A;:@.F!
?2+C-!
?-2,!
[&kik3]
I2I!Bj!! b2c!
5&6!
/k4&%id3/
5)6!
H-282!
A;:@.F!
28&2!
E2%K0!
I3I!Bj!! b3c!
5>6!
H-282!
G;@.AJ!
(2,-!
C2,!
[&3*d36]
/&i,tu/
/&3*d3/
/&!atu/
!
!
/&ba%ku/
X"!
[&itu]
I)I!!Bj!! b)c!
[&baku]
I>I!Bj!! b>c!
[&!atu]
I!I!Bj!! b!]!
!
!9(QbI@(
^*&!7,/5*1!7.4&%!>&0'=!1*'=!)*&!5&,+&%)/7&!'(!)/,7&)B0.2&!5,'3-+).'%1!'(!1)'51!
.%!T-6/E1!3/)/<!4'.+&0&11!.%!?JK:/@!/%3!4'.+&3!.%!?JK:>@:!
!F"#
*$.%;&,O9+V&*>%2(1/,+2')*23*),2>)*M*_14.*!.>>&'(+N*S#*
?JK:/@*Y2+/&9&))*),2>)*
?JK:>@*Y2+/&(*),2>)*
!
!
"RRy!
! "RRy!
KRy!
! KRy!
JRy!
JRy!
b5c!
! HRy!
HRy!
b)c!
! YRy!
YRy!
b2c!
Ry!
! Ry!
RC"":Y#!
"CY:YY!
"C#:"G!
"CHB"CK!
"CG:YG!
"C"R:"K!
YCR:YO!
YC":"R!
YCY:YY!
YC#:YJ!
YCH:YX!
YCX:YR!
YCJ:YO!
RC"":Y#!
"CR:YK!
"CY:YY!
"C#:"G!
"COB"CK!
"CG:YG!
"C"R:"K!
"C"":YG!
YCR:YO!
YC":"R!
YCY:YY!
YC#:YJ!
YCH:YX!
YCX:YR!
YCJ:YO!
!
b>c!
b3c!
b#c!
!
L'%),/,9! )'! )*&! ')*&,! +*.03,&%<! T-6/! 1)/,)1! >9! /+8-.,.%7! /! 4'.+&3! 1)'5_! b3c<! /)!
"CYC"G!)*&%!1*&!/+8-.,&1!)*&!4'.+&0&11!1)'51<!.%!)*&!',3&,!+','%/0!jj!0/>./0!jj!3',1/0_!b)c!
/)!"CK<!b5c!/)!YC"!/%3!b2c!/)!YC#:!;1!(',!b>c!/%3!b!c<!)*&9!/,&!/0,&/39!5,'3-+&3!)/,7&)!0.2&!/)!
)*&! 0/1)! 1&11.'%! 1)-3.&3! ?1&&! 7,/5*! .%! JK:>@<! >-)! )*&9! 3'! %')! 6/)+*! )*&! /+8-.1.).'%!
+,.)&,./!'(!/)!0&/1)!)='!+'%1&+-).4&!6'%)*1!=.)*!KRy!'(!/++-,/)&!5,'3-+).'%1:!!
A'6&!&[/650&1!'(!/++-,/)&!5,'3-+).'%1!'(!1)'51!.%!T-6/E1!3/)/!/,&!7.4&%!.%!?JG@:!
!
!F5#
*PN.4>9&)*23*,.%;&,O9+V&*>%2(1/,+2')*32%*),2>)*O*_14.*
!
"#$%&!
'()!
*+,#-(+.!
/%-00!
12+(),!
*3,43,!
!
526!
L3B2!
:;A.AA!
&M!
($N)!5B)6!
L3B2!
:;F.:I!
)0,M!
$0!
/&da/
[&da]
I3I!Bj!! b3c!
5?6!
5C6!
L3B2!
A;:.:@!
4O!
>--,!
L3B2!
A;G.AJ!
CP-!
&-(!
/&p'/
[p'&p']
I5I!Bj!! b5c!
5&6!
/,&ta/
/&k3*w*/
!
[&ta]
I)I!!Bj!! b)c!
[&k3*w*]
I2I!Bj!! b2c!
!
V9(!Q@;@(
^*&! 7,/5*1! 5,'4.3&3! >&0'=! 1*'=! )*&! 5&,+&%)/7&! '(! '++-,,&%+&! '(! )/,7&)B0.2&!
5,'3-+).'%1!'(!1)'51!.%!L0/,/E1!3/)/<!4'.+&0&11!.%!?OR:/@!/%3!4'.+&3!.%!?OR:>@:!
!I=#
$.%;&,O9+V&*>%2(1/,+2')*23*),2>)*M*S9.%.*!.>>&'(+N*S#*
?OR:/@*Y2+/&9&))*),2>)*
?OR:>@*Y2+/&(*),2>)*
!
100%
80%
60%
40%
20%
0%
"RRy!
KRy!
JRy!
HRy!
YRy!
Ry!
b5c!
b)c!
b2c!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
[b]
[d]
[!]
"G!^*.1!+'%1'%/%)!.1!/++-,/)&09!5,'3-+&3!(,'6!RC""!>-)!.)!.1!+'%1.3&,&3!/+8-.,&3!'%09!(,'6!"CY<!1.%+&!)*&!
"RRy!'(!)/,7&)B0.2&!5,'3-+).'%!'(!b3c!/)!RC""!+',,&15'%31!)'!'%&!1.%70&!'++-,,&%+&!~!1&&!/55&%3.[!L:!!!
!
XY!
!
;1! 3&5.+)&3! />'4&<! L0/,/! /+8-.,&1! '%09! 4'.+&0&11! 1)'51C! )*.1! /+8-.1.).'%! )/2&1!
50/+&!.%!)*&!',3&,!T/>./0!jj!L','%/0!jj!Z',1/0_!b5c!/)!"C"<!b)c!/)!"CX!/%3!b2c!/)!"CO:!h'.+&3!
1)'51! /,&! /0,&/39! 5,'3-+&3<! 5/,).+-0/,09! b>c<! >-)! %')! 191)&6/).+/009! />'4&! KRy<! /1!
1*'=%!.%!?OR:>@:!!
!A'6&! &[/650&1! '(! /++-,/)&! 5,'3-+).'%! '(! 4'.+&0&11! 1)'51! .%! L0/,/E1! 15&&+*! /,&!
5,'4.3&3!>&0'=:!
!
!I<#
!
*PN.4>9&)*23*,.%;&,O9+V&*>%2(1/,+2')*32%*),2>)**O*S9.%.*
"#$%&!
'()!
*+,#-(+.!
/%-00!
12+(),!
*3,43,!
!
526!
"%2+2!
:;I.:J!
4O!
>--,!
"%2+2!
:;I.:J!
0242,-!
0#-)!
[&p']
I5I!Bj!! b5c!
5?6!
/&p'/
5C6!
"%2+2!
:;Q.::!
2D3$!
#)+)!
/3&ki/
[&ki]
I2I!Bj!! b2c!
/s3&patu/
(
I)I!!Bj!! b)c!
[patu]
F9(ZLcL(
F'p'! /+8-.,&1! ('-,! 1)'51<! -%).0! )*&! /7&! '(! YCR_! )='! 0/>./01! /%3! )='! +','%/01:!
a.)*.%! &/+*! *'6',7/%.+! 5/.,<! *&! /+8-.,&1! )*&! 4'.+&3! +'7%/)&! (.,1):! ^*&! (,&8-&%+9! '(!
)/,7&)B0.2&! 5,'3-+).'%1! '(! 4'.+&0&11! /%3! 4'.+&3! 1)'51! .%! F'p'E1! /2%>1)! .1! 7.4&%! .%! ?OY:/@!
/%3!?OY:>@:!
!I?#
*$.%;&,O9+V&*>%2(1/,+2')*23*),2>)*M*^2`2*!.>>&'(+N*S#*
?OY:/@*Y2+/&9&))*),2>)*
?OY:>@*Y2+/&(*),2>)*
"RRy!
KRy!
JRy!
HRy!
YRy!
Ry!
"CR:"!
"C":YK!
"CY:#R!
"C#:Y"!
"CH:"O!
"CX:"Y!
"CX:YJ!
"CJ:"J!
"CO:R!
"CO:YR!
"CK:H!
"CK:YX!
"CG:YX!
"C"R:""!
"C"":"R!
YCR:YR!
"RRy!
KRy!
JRy!
HRy!
YRy!
Ry!
b5c!
b)c!
b>c!
!
b2c!
b3c!
!
;1! 1*'=%! />'4&<! F'p'! /+8-.,&1! 0/>./01! (.,1)_! b>c! /)! "CY! /%3! b5c! /)! "CX:! ^*&%! *&!
/+8-.,&1!+','%/01_!b3c!/)!"CO!/%3!b)c!/)!"C"R:!A'6&(&[/650&1!'(!)/,7&)B0.2&!5,'3-+).'%1!(',!
1)'51!.%!F'p'E1!3/)/!/,&!5,'4.3&3!.%!?O#@:((
(
!
!IJ#
*PN.4>9&)*23*,.%;&,O9+V&*>%2(1/,+2')*32%*),2>)*M*^2`2*
!
"#$%&!
'()!
*+,#-(+.!
/%-00!
12+(),!
*3,43,!
!
526!
H-P-!
:;A.:G!
?-%2!
?2%%!
H-P-!
:;I.AJ!
423!
0,$CK!
/&b5l3/
[&b36]
I>I!Bj!! b>c!
5?6!
5C6!
H-P-!
:;Q.A@!
&M!
($N)0!
H-P-!
:;:@.AJ!
,$2!
238,!
[dada]
I3I!Bj!! b3c!
5&6!
/&da/
/&paw/
/&ti3/
(
(
!
X#!
[&paw]
I5I!Bj!! b5c!
[&ti3]
I)I!!Bj!
b)c!
!
Q#A(51(%"&(#3<8545%5/1(/2(4%/$4(
(
!
^*&! 3/)/! 3&1+,.>&3! />'4&! 1*'=&3! )*/)! )*&,&! .1! -1-/009! /! 0'%7! 5&,.'3! '(! ).6&!
>&)=&&%! )*&! /7&! '(! /+8-.1.).'%! '(! )*&! (.,1)! 1)'5! /%3! )*&! /7&! '(! /+8-.1.).'%! '(! )*&! 0/1)!
&0&6&%)!'(!)*.1!1'-%3!+0/11:!^*.1!0/7!>&+'6&1!&4.3&%)!.%!)*&!3/)/!'(!)*&!)='!+*.03,&%!=*'!
=&,&! 1)-3.&3! (',! /! 0'%7&,! 5&,.'3! '(! ).6&! ?P%x1! /%3! F'/%/@<! =*&,&! =&! =&,&! />0&! )'!
.3&%).(9!)*&!>&7.%%.%7!/%3!&%3!'(!/+8-.1.).'%!'(!1)'51:!^*.1!0/7!.1!3&5.+)&3!.%!?OH@:!
!
!IR#
*_.;* K&,Z&&'* ,-&* ./01+)+,+2'* 23* ,-&* 3+%),* .'(* ,-&* 9.),* ),2>* !U'])* .'(* ^2.'.#*
!.>>&'(+N*S#*
((((((((:PC((((((((((((((((((((((((((((((((((((((((:PT((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((=PX(((((((((((((((((((((((((()PO(
!
!
!
\$](
!#$%"&
!
!
!
!
\!]
(
\(p](
'()$)&
\!]
(
!
;1!1*'=%!/>'4&<!)*&,&!.1!/!5,'),/+)&3!5&,.'3!'(!).6&!?"J!6'%)*1<!/55,'[.6/)&09@!
>&)=&&%! )*&! /7&! '(! /+8-.1.).'%! '(! )*&! (.,1)! 1)'5! ?b5c@! /%3! )*&! /7&! =*&%! )*&! 0/1)! 1)'5! .1!
/+8-.,&3! ?b!]@:! P)! .1! =',)*! %').+.%7! )*/)! )*&1&! )='! +*.03,&%! */4&! /0,&/39! /+8-.,&3! )*&!
4'.+&0&11!3',1/0!b2c!?P%x1!/)!"C"R!/%3!F'/%/!/)!YCJ@<!/1!=&00!/1!')*&,!4'.+&3!1)'51!?b>!3c_!
P%x1! /)! YCR! /%3! F'/%/! /)! YC"R@:! P)! )*-1! 1&&61! )*/)<! /0)*'-7*! )*&1&! +*.03,&%! /,&! />0&! )'!
5,'3-+&!4'.+&3!1)'51!'%!)*&!'%&!*/%3!/%3!3',1/0!b2c!'%!)*&!')*&,<!)*&!+'B'++-,,&%+&!'(!
>')*! (&/)-,&! +'6>.%/).'%1! ?b4'.+&3<! 3',1/0c@! .1! 5,'>0&6/).+! .%! )*&.,! &/,09! 5*'%'0'7.+/0!
191)&6:!;!1.6.0/,!+'B'++-,,&%+&!,&1),.+).'%!.1!0.2&09!)'!'++-,!.%!)*&!')*&,!)*,&&!+*.03,&%E1!
3/)/!1.%+&<!/)!)*&!0/1)!1&11.'%!1)-3.&3<!%'%&!'(!)*&6!*/1!9&)!/+8-.,&3!)*&!4'.+&3!3',1/0!
1)'5:!
)9J9C(+"&(#3<8545%5/1(/2(1#4#.4(
!
^*&!+-,,&%)!1&+).'%!3&1+,.>&1!)*&!/+8-.1.).'%!'(!%/1/01<!.%!&/+*!+*.03E1!/2%>1):!a&!
=.00! 1)/,)! =.)*! /%! /%/091.1! '(! )*&! (,&8-&%+9! '(! %/1/01! .%! )*&! .%)/2&<! +'65/,.%7! .)! )'! )*&!
3.1),.>-).'%! '(! 1)'51! .%! )*&! A5'2&%! ]',)-7-&1&! 15&&+*! 1/650&:! ^*&%! =&! 3&1+,.>&! )*&!
3&4&0'56&%)!'(!)/,7&)B0.2&!5,'3-+).'%1(/%3!&[50',&!)*&!).6&!0/7!>&)=&&%!)*&!/+8-.1.).'%!
'(!)*&!(.,1)!/%3!)*&!0/1)!%/1/0<!/+,'11!+*.03,&%:!
!
!
!
V54%'5?8%5/1(/2(1#4#.4(51(%"&(51%#E&(
!
^*&! (.4&! 7,/5*1! 5,'4.3&3! .%! ?OX@! 5,&1&%)! )*&! (,&8-&%+9! '(! %/1/01! .%! )*&! )/,7&)!
=',31!/))&65)&3!>9!&/+*!+*.03<!5&,!1&11.'%:!!
!
XH!
!
!IW#
*a+),%+K1,+2'*23*'.).9)*+'*,-&*+',.V&*!S<*.'(*S?*2')&,#E*>&%*>9./&*3&.,1%&*!.>>&'(+N*
P#*
?OX:/@*U'])*
?OX:>@*^2.'.*
71%#E&(W(1#4#.4((_71Y4`(
71%#E&(W(1#4#.4((_Z/#1#`(
"RR:!
"RR:!
KR:!
KR:!
JR:!
JR:!
HR:!
HR:!
YR:!
YR:!
R:!
R:!
T/>./0!I6I!
L',!bk/%)c!I%I!
T/>./0!I6I!
L',!bB/%)c!I$I!
!
?OX:+@*_14.*
!
L',!bk/%)c!I%I!
L',!bB/%)c!I$I!
!
?OX:3@*S9.%.*
!
71%#E&(W(1#4#.4((_Q80#`(
"RR:!
71%#E&(W(1#4#.4((_!.#'#`(
"RR:!
KR:!
KR:!
JR:!
JR:!
HR:!
HR:!
YR:!
YR:!
"C":"R!
"CY:YY!
"C#:"G!
"CH:"O!
"CX:YH!
"CJ:YR!
"CO:"G!
"CK:"X!
"CG:YG!
"C"R:"K!
"C"":YG!
YCR:YO!
YC":"R!
YCY:YY!
YC#:YJ!
YCH:YX!
YCX:YR!
YCJ:YO!
R:!
R:!
T/>./0!I6I! L',!bk/%)c!I%I! L',!bB/%)c!I$I!
T/>./0!I6I!
L',!bk/%)c!I%I!
!
?OX:&@*^2`2*
71%#E&(W(1#4#.4((_Z/[/`(
"RR:!
KR:!
JR:!
HR:!
YR:!
R:!
T/>./0!I6I!
L',!bk/%)c!I%I!
L',!bB/%)c!I$I!
!
(
;1! 1*'=%! />'4&<! b"c! .1! .%(,&8-&%)09! /))&65)&3! .%! /00! +*.03,&%E1! 3/)/:! i')&! )*/)!
)*&,&!.1!%'!/))&65)!'(!)*.1!+'%1'%/%)!.%!L0/,/E1!15&&+*<!-%).0!)*&!0/1)!1&11.'%!1)-3.&3<!/)!
"C"R!?7,/5*!.%!?OX:3@@:!(
A.6.0/,09!)'!=*/)!*/1!>&&%!'>1&,4&3!(',!1)'51<!)*&,&!/,&!)='!3.((&,&%)!5&,.'31!.%!)*&!
.%)/2&<! .%! &/+*! +*.03E1! /2%>1):! V',! 6'1)! +*.03,&%<! )*&! (.,1)! 5&,.'3! ?.%)/2&! "@! .1!
+*/,/+)&,.D&3!>9!)*&!5,&3'6.%/%+&!?/>'4&!JRy@!'(!1&0&+).'%!'(!'%&!1.%70&!%/1/0_!b6c!.%!
!
XX!
!
)*&!3/)/!'(!P%x1<!T-6/!/%3!F'p'!/%3!I%I!.%!)*&!3/)/!'(!L0/,/:!P%!F'/%/E1!/2%>1)<!)*&!(.,1)!
5&,.'3!.1!+*/,/+)&,.D&3!>9!4/,./>.0.)9_!I6I!5,&3'6.%/)&1!.%!)*&!(.,1)!1&11.'%1!?RC""B"CY@!
)*&%! I%I! >&+'6&1! )*&! 6'1)! (,&8-&%)! ?"CHB"CK@! /%3! )*&%! I6I! '-),/%21! +','%/0! ?"CGB
"C"R@:!^*&!&/,09!5,&3'6.%/%+&!'(!I6I!.%!.%)/2&!5/))&,%1!,&1-0)1!(,'6!)*&!(/+)!)*/)!)='!'(!
)*&!6'1)!(,&8-&%)09!/))&65)&3!=',31!.%!&/,09!1&11.'%1!/,&!4.4`!/%3!4`&:!!
P%!)*&!1&+'%3!5&,.'3!?.%)/2&!Y@<!)*&!(,&8-&%+9!'(!1&0&+).'%!'(!I6I!/%3!I%I!>&+'6&1!
6',&! &4&%09! 3.1),.>-)&3<! 5/,).+-0/,09! .%! )*&! 3/)/! '(! P%x1! /%3! F'/%/_! 0/>./0! I6I! .1!
/))&65)&3! .%! /,'-%3! HRy! '(! )*&! +/1&1<! +','%/0! I%I! .1! /))&65)&3! .%! /,'-%3! HXy! /%3!
5/0/)/0!I"I!.1!1&0&+)&3!.%!/>'-)!"R!',!"Xy!'(!)*&!+/1&1:!!;1!(',!)*&!')*&,!)*,&&!+*.03,&%<!
L0/,/!/%3!F'p'!)&%3!)'!/))&65)!I6I!.%!/>'-)!HRy!'(!)*&!+/1&1!/%3!I%I!.%!)*&!')*&,!JRyC!
)*&,&! /,&! 1'6&! /))&65)1! '(! )*&! +','%/0! bB/%)c! .%! F'p'E1! 3/)/<! >-)! 6'1)09! /)! "CG:! ;1! (',!
T-6/<!)*&!5,&(&,&%+&!(',!I6I!+/,,.&1!'%!.%!.%)/2&!Y!?/,'-%3!JR!)'!ORy!'(!)*&!+/1&1@<!>-)!
)*&,&!.1!/%!.%+,&/1&!.%!)*&!(,&8-&%+9!'(!1&0&+).'%!'(!I%I!?(,'6!0&11!)*/%!"Ry!.%!.%)/2&!"!
)'!/,'-%3!#Ry!.%!.%)/2&!Y@:!^*&!)/>0&!7.4&%!.%!?OJ@!5,'4.3&1!)*&!).6&!(,/6&!+'4&,&3!>9!
&/+*!.%)/2&!5&,.'3<!.%!&/+*!+*.03E1!/2%>1):!
!
!IF#
*U(&',+3+/.,+2'*23*,Z2*4.+'*>&%+2()*+'*,-&*)&9&/,+2'*23*'.).9)*
!
P%)/2&!"!
P%)/2&!Y!
P%x1!
F'/%/!
T-6/!!!
L0/,/!!!
F'p'!!!
RC""B"CH!
RC""B"C"R!
"C"BYCY!!
"C"B"CH!!
"C"B"CK!!
(,'6!"CX!
(,'6!YCR!!
(,'6!YC#!!
(,'6!"CK!!
(,'6!"CG!!
!
!
!
a&! =.00! %'=! +'65/,&! )*&! 3.1),.>-).'%! '(! %/1/01! .%! )*&! )='! .%)/2&! 5&,.'31! =.)*!
)*&!3.1),.>-).'%!'(!%/1/01!.%!)*&!1/650&!'(!/3-0)!15&&+*:!^*'1&!3.1),.>-).'%/0!5/))&,%1!/,&!
3&5.+)&3!.%!)*&!(.4&!7,/5*1!7.4&%!.%!?OO@:!!
!
!
!II#
*a+),%+K1,+2'*23*'.).9)*+'*.(19,*)>&&/-*.'(*+'*/-+9(%&'[)*+',.V&*!S<*.'(*S?*2')&,)#*
!.>>&'(+N&)*7*.'(*P#*
*
?OO:/@*U'])*
?OO:>@*^2.'.*
71%#E&(&!"&@,8.%(4$&&3"(W1#4#.4(_71Y4`(
"RR:!
KR:!
=M(
:TM(
SM(
JR:!
HR:!
71%#E&(&!"&@,8.%(4$&&3"(W1#4#.4(_Z/#1#`(
"RR:!
:OM(
CSM(
)XM(
CUM(
J=M(
KR:!
HR:!
YR:!
USM(
COM(
)XM(
J=M(
R:!
P%)/2&!"!!!!!!!!!!!!
RC""B"CH!
T/>C!6!
!
CTM(
YR:!
R:!
!
!
)OM(
JR:!
STM(
:OM(
::M(
)M(
P%)/2&!!Y!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
;ZzT^!A]\\LN!
"CXB#CO!
L',!bk/%)cC!%!
L',!bB/%)cC!$!
!
XJ!
P%)/2&!"!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
P%)/2&!Y!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
;ZzT^!A]\\LN!
RC""B"C"R!
YCRB#C#!
T/>C!6!
L',!bk/%)cC!%!
L',!bB/%)cC!$!
!
!
?OO:+@*_14.*
!
71%#E&(&!"&@,8.%(4$&&3"(W(1#4#.4(_Q80#`(
?OO:3@*S9.%.*
!
71%#E&(&!"&@,8.%(4$&&3"(W(1#4#.4(_!.#'#`(
! "RR:!
::M(
:OM(
#y!
"Ry!
)=M(
! KR:!
JCM(
)XM(
)XM(
! JR:!
TJM(
XTM(
! HR:!
UJM(
J=M(
J=M(
CUM(
! YR:!
JM(
R:!
!
P%)/2&!"!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
P%)/2&!!Y!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
;ZzT^!A]\\LN!
P%)/2&!!"!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
P%)/2&!Y!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
;ZzT^!A]\\LN!
!
"RR:!
KR:!
JR:!
HR:!
YR:!
R:!
"C"BYCY!
T/>C!6!
YC#BYCJ!
L',!bk/%)cC!%!
"C"B"CH!
L',!bB/%)cC!$!
T/>C!6!
"CXB"C"R!
L',!bk/%)cC!%!
L',!bB/%)cC!$!
!
?OO:&@*^2`2*
!
"RR:!
!!
71%#E&(&!"&@,8.%(4$&&3"(W(1#4#.4(_Z/[/`(
:OM(
::M(
=TM(
)XM(
JJM(
XR:!
S:M(
J=M(
)CM(
R:!
P%)/2&!"!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
P%)/2&!Y!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
;ZzT^!A]\\LN!
"C"B"CK!
"CGBYCR!
T/>!b6c!
L',!bk/%)c!b%c!
L',!bB/%)c!b$c!
!
P%! )*&! 1/650&! '(! /3-0)! 15&&+*! ?1&&! +'0-6%! /)! )*&! ,.7*)<! .%! )*&! 7,/5*1! 7.4&%!
/>'4&@<! XYy! '(! /00! %/1/01! 5,'3-+&3! /,&! 0/>./0! b6c<! =*.0&! #Ky! +',,&15'%3! )'! +','%/0!
/%)&,.',!b%c!/%3!'%09!"Ry!,&(&,!)'!)*&!+','%/0!bB/%)c!b"c:!^*&!3.1),.>-).'%/0!*.&,/,+*9!'(!
%/1/01! .%! )*.1! /2%>1)! .1! /1! ('00'=1_! b6cjjb%cjjb"c:! P%! ?OK@<! )*.1! *.&,/,+*9! +/%! >&!
+'65/,&3!)'!)*&!3.1),.>-).'%!'(!1)'51!.%!)*&!)='!.%)/2&!5&,.'31!'>1&,4&3!.%!&/+*!+*.03E1!
/2%>1):!
!
!I"#
!
!
*a+),%+K1,+2'*23*'.).9)*+'*+',.V&*<E*+',.V&*?*.'(*.(19,*)>&&/-*
!
P%x1!
P%)/2&!"!
I6!jj!%!jj!"I!!
P%)/2&!Y!
I%!jj!6!jj!"I!
F'/%/!
I6!jj!%!jj!"I!!
I6!jj!%I!
I%!jj!6!jj!"I!
T-6/!
L0/,/!
F'p'!
I%!jj!6I!
I6!jj!%I!!
;ZzT^!
b6!jj!%!jj!"c!
I6!jj!%!jj!"I!
I%!jj!6I!
I%!jj!6!jj!"I!
;)!/!(.,1)!1.7*)<!.)!1&&61!)*/)!.%)/2&!"!.1!+0'1&,!)'!)*&!3.1),.>-).'%!.%!/3-0)!15&&+*!
)*/%!.%)/2&!Y_!&[+&5)!(',!L0/,/<!I6I!.1!)*&!6'1)!(,&8-&%)09!/))&65)&3!%/1/0!.%!)*.1!.%.)./0!
5&,.'3<!('00'=&3!>9!I%I!/%3!(.%/009!>9!I"I!?'%09!P%x1!/%3!F'/%/!/))&65)!)*&!%/1/0!bB/%)c!
.%!)*.1!.%.)./0!5&,.'3@:!N'=&4&,<!%')&!)*/)!)*&!(,&8-&%+9!'(!1&0&+).'%!'(!)*&!0/>./0!%/1/0!.%!
)*.1!.%.)./0!5&,.'3!.1!6-+*!*.7*&,!)*/%!.%!/3-0)!15&&+*!?1&&!7,/5*1!.%!?OK@@:!
!
XO!
!P%! .%)/2&! Y<! I%I! >&+'6&1! )*&! 6'1)! (,&8-&%)09! /))&65)&3! %/1/0! ?&[+&5)! (',!
T-6/@C!)*&!5,&3'6.%/%)!(,&8-&%+9!*.&,/,+*9!.%!)*.1!5&,.'3!.1! I%!jj!6!jj "I<! +'%),/,9!)'!
=*/)! .1! '>1&,4&3! .%! /3-0)! 15&&+*:! ^*.1! 1-33&%! 3&+,&/1&! '(! 0/>./0! I6I! ,&1-0)1! (,'6! )*&!
&[5/%1.'%! '(! )*&! /+).4&! 4'+/>-0/,9! ?=*.+*<! .%! )*&! (.,1)! 1&11.'%1<! .1! 4&,9! 16/00@:! \4&%!
)*'-7*! =',31! 0.2&! 4.4`! /%3! 4`&! /,&! 1).00! (,&8-&%)09! /))&65)&3<! )*&,&! .1! /01'! /%!
.%+,&/1.%7! %-6>&,! '(! %&=! )/,7&)! =',31! /))&65)&3! ?%/6&09! )*&! =',3! '`2<! =*.+*!
>&+'6&1!(,&8-&%)09!1&0&+)&3@:!
!P)!.1!=',)*!%').+.%7!)*/)<!3&15.)&!'(!)*&!1-33&%!5,&3'6.%/%+&!'(!I%I!'4&,!I6I<!
.%)/2&! Y! ,&1&6>0&1! /3-0)! 15&&+*! 6',&! )*/%! .%)/2&! "<! 1.%+&! )*&! 3.1),.>-).'%! '(! I6I! /%3!
I%I! >&+'6&1! 6',&! &4&%! )*/%! .%! )*&! 5,&4.'-1! 5&,.'3! /%3! )*&! (,&8-&%+9! '(! /))&65)1! '(!!
I"/ .%+,&/1&!?&[+&5)!(',!L0/,/@:!
!
!
+"&(,&-&./$0&1%(/2(%#'A&%W.5E&($'/,83%5/14(
!
!^*&!7,/5*1!7.4&%!.%!?OG@!1*'=!)*&!5&,+&%)/7&!'(!)/,7&)B0.2&!5,'3-+).'%!'(!%/1/01!
?L"!/%3!LY!'%1&)1@<!5&,!1&11.'%<!.%!&/+*!+*.03E1!/2%>1):!
!
!I5#
*$.%;&,O9+V&*>%2(1/,+2')*23*'.).9)**!.>>&'(+N*S#*
?OG:/@!U'])!
?OG:>@!^2.'.!
+#'A&%W.5E&($'/,83%5/14(W(1#4#.4((
_71Y4`(
"RRy!
"RRy!
KRy!
JRy!
JRy!
HRy!
HRy!
YRy!
YRy!
Ry!
Ry!
RC"":"H!
"C":#R!
"CH:G!
"CJ:""!
"CK:Y!
"C"R:YG!
YC":"R!
YC#:K!
YCX:YH!
YCK:Y#!
YC"":YY!
#CY:#!
#CX:YK!
KRy!
T/>!b6c!
(
L',!bk/%)c!b%c!
L',!bB/%)c!b$c!
!
+#'A&%W.5E&($'/,83%5/14(W(1#4#.4((
_Z/#1#`(
T/>!b6c!
L',!bk/%)c!b%c!
L',!bB/%)c!b$c!
!
;1!1*'=%!.%!?OG:/@<!P%x1!/+8-.,&1!%/1/01!.%!)*&!',3&,!T/>!jjL',!bk/%)c!jj!L',!bB
/%)cC!1*&!/+8-.,&1!b6c!/)!RC""<!b%c!/)!"C"!/%3!b"c!/)!#CH:!;!3.((&,&%)!',3&,!.1!'>1&,4&3!.%!
)*&!3/)/!'(!F'/%/!?OG:>@_!)*.1!+*.03!/+8-.,&1!0/>./0!b6c!/%3!+','%/0!b"c!/)!)*&!1/6&!/7&<!/)!
YCH<!('00'=&3!>9!b%c<!/)!#CY:!P%!>')*!+/1&1<!0/>./0!.1!&.)*&,!)*&!(.,1)!',!/6'%71)!)*&!(.,1)!)'!
>&!/+8-.,&3:!
(
!
XK!
?OG:3@!S9.%.!
!
+#'A&%W.5E&($'/,83%5/1(W(1#4#.4(
!
_!.#'#`(
"CG:Y#!
"C"R:"X!
"CK:YR!
"CJ:J!
"CO:""!
"CX:"J!
"C#:J!
T/>!b6c!
"CH:"G!
"C":#!
"CY:YY!
"CR:"#!
"RRy!
KRy!
JRy!
HRy!
YRy!
Ry!
RC"":"!
?OG:+@!_14.!
!
+#'A&%W.5E&($'/,83%5/14(W(1#4#.4(
!
_Q80#`(
!
"RRy!
!
KRy!
! JRy!
! HRy!
! YRy!
! Ry!
!
!
!
T/>!I6I!
L',!bk/%)c!I%I!
L',!bB/%)c!I$I!
!
!
L',!bk/%)c!b%c!
(
;1!1*'=%!/>'4&<!T-6/!/%3!L0/,/!3'!%')!/+8-.,&!%/1/0!b"c<!-%).0!)*&!0/1)!1&11.'%!
1)-3.&3:!T-6/!/+8-.,&1!0/>./0!/%3!+','%/0!bk/%)c!%/1/01!?b6!%c@!/)!)*&!/7&!'(!YCR:!;1!(',!
L0/,/<!1*&!/+8-.,&1!b%c!>&(',&!b6c<!/)!"CH!/%3!"CX<!,&15&+).4&09:!
!
?OG:&@!^2`2!
!
+#'A&%W.5E&($'/,83%5/14(W(1#4#.4(
!
_Z/[/`(
!
! "RRy!
! KRy!
! JRy!
! HRy!
YRy!
!
Ry!
!
!
!
!
T/>!b6c!
L',!bk/%)c!b%c!
!
L',!bB/%)c!b$c!
(
A.6.0/,09!)'!T-6/!/%3!L0/,/<!F'p'!3'&1!%')!/+8-.,&!%/1/0!b"c!-%).0!)*&!0/1)!1&11.'%!
1)-3.&3!?/)!YCR@:!z%).0!)*/)!/7&<!*&!/+8-.,&1!b6c<!/)!"CX!/%3!b%c<!/)!"CK:!
^'! 1-6! -5<! )*&,&! .1! /! 7&%&,/0! 5,&(&,&%+&! (',! 0/>./0! b6c! /%3! +','%/0! b%c! )'! >&!
/+8-.,&3! (.,1):! $%! )*&! +'%),/,9<! )*&! +','%/0! bB/%)c! %/1/0! )&%31! )'! >&! )*&! 0/1)! )'! >&!
/+8-.,&3!?&[+&5)!.%!F'/%/E1!3/)/<!=*&,&!.)!.1!5,'3-+&3!/++-,/)&09!>&(',&!b%c@:!
A'6&!&[/650&1!'(!/++-,/)&!5,'3-+).'%1!'(!%/1/01!/,&!7.4&%!.%!?KR@<!)/2&%!(,'6!
)*&!(.4&!+*.03,&%E1!3/)/:!
!
!
!
!
!
XG!
!
(
!"=#
*PN.4>9&)*23*,.%;&,O9+V&*>%2(1/,+2')*32%*'.).9)**
!
"#$%&!
'()!
*+,#-(+.!
/%-00!
12+(),!
*3,43,!
!
526!
7890!
@;::.:<!
B2BP!
B-BBR!
5?6!
7890!
:;:.G@!
7890!
7890!
/m3&m3*/
[m3&m3*]
/m/!!!Bj!! [m]
5C6!
7890!
G;<.J!
,)8#-!
576!#2N)!
5&6!
H-282!
A;<.:!
B2%2!
?2(!
/&t3"u/
[t3"u]
/"/ Bj!
5)6!
H-282!
G;A.:G!
8-N)!
8$8)!
5>6!
H-282!
A;<.:!
S-0$8#2!
4+-4.8-38!
5(6!
L3B2!
:;<.:Q!
B2BP!
B-BBR!
5#6!
L3B2!
A;@.AQ!
8P-!
8-!
5$6!
"%2+2!
:;I.:J!
$+BP-!
?+-,#)+!
5T6!
"%2+2!
:;<.:=!
8P-!
8-!
5K6!
H-P-!
:;I.AJ!
B2UP!
244%)!
5%6!
H-P-!
:;F.AI!
?28282!
?28282!
/i&ne,/
/&mal3/
/&n5v4/
/$5&zi"3/
/m3&m3*/
/&n3*w/*
/&m3nu/
/&n3*w*/
/m3&s3*/
/b3&n3n3/
[ne&ne]
/n/!!!!Bj!! [n]
[&maw3]
["]
/m/!!!Bj!! [m]
[&n56f4]
/n/!!!!Bj!! [n]
[5&,i"3]
/"/ Bj!
[m3m3]
/m/!!!Bj!
[&no*w*]
["]
[m]
/n/!!!!Bj!! [n]
[&m3nu]
/m/!!!Bj!! [m]
[&n3*w*]
/n/!!!!Bj!! [n]
[m3m3*]
/m/!!!Bj!
[&m3n3]
[m]
/n/!!!!Bj!! [n]
(
Q#A(51(%"&(#3<8545%5/1(/2(1#4#.4(
(
!
A.6.0/,09! )'! =*/)! */1! >&&%! '>1&,4&3! (',! 1)'51<! )*&,&! .1! /! 0'%7! 5&,.'3! '(! ).6&!
>&)=&&%! )*&! /7&! '(! /+8-.1.).'%! '(! )*&! (.,1)! %/1/0! /%3! )*&! /7&! '(! /+8-.1.).'%! '(! )*&! 0/1)!
&0&6&%)!'(!)*.1!1'-%3!+0/11:!^*.1!0/7!.1!&4.3&%)!.%!)*&!/2%>2%.!'(!P%x1!/%3!F'/%/<!=*&,&!
=&! =&,&! />0&! )'! .3&%).(9! )*&! >&7.%%.%7! /%3! &%3! '(! /+8-.1.).'%! '(! %/1/01:! ^*.1! 0/7! .1!
3&5.+)&3!.%!?K"@:!
!
!"<#
*_.;* K&,Z&&'* ,-&* ./01+)+,+2'* 23* ,-&* 3+%),* .'(* ,-&* 9.),* '.).9* !U'])* .'(*
^2.'.#!.>>&'(+N*S#*
!
!
((((((((OP::((((((((((((((((((((((((((((((((((((((((=PC(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((()P=((((((((((((((((((((((((((((()PC((((((((((((((((((((((((((
!
!
\0](
\"]
#$%"&
!
!
(
\(m "](
\n]
'()$)&
(
!
;1!1*'=%!/>'4&<!)*&,&!.1!/!0'%7&,!0/7!.%!P%x1E!3/)/!?)='!9&/,1!/%3!(.4&!6'%)*1@!
)*/%! .%! F'/%/E1! 3/)/! ?'%&! 9&/,! /%3! )='! 6'%)*1@:! ;01'<! >')*! +*.03,&%! 3.((&,! .%! )*&! 0/1)!
%/1/0!/+8-.,&3_!.%!P%x1<!)*&!5,'>0&6/).+!+'%1'%/%)!.1!)*&!+','%/0!bB/%)c<!=*.0&!.%!F'/%/!.)!
.1!)*&!+','%/0!bk/%)c:!i')&!)*/)!P%x1!/+8-.,&1!')*&,!+','%/0!bB/%)c!+'%1'%/%)1!?(,.+/).4&1@!
/)! )*&! /7&! '(! YC""! >-)! .)! .1! '%09! /)! #CH! )*/)! ["] .1! /+8-.,&3:! ^*.1! +*.03! /+8-.,&1! )*&!
+'6>.%/).'%! '(! bi/1<! L',B/%)c! 8-.)&! 0/)&:! ;1! (',! F'/%/<! 1*&! /+8-.,&1! b%c! '%09! /)! #CY<!
/0)*'-7*! 1*&! */3! /0,&/39! ! 6/1)&,&3! ')*&,! +','%/0! bk/%)c! +'%1'%/%)1! ?1)'51@! (,'6! YCY!
'%=/,31:!;7/.%<!)*&!5,'>0&6!1&&61!)'!>&!%')!)*&!50/+&!',!6/%%&,!(&/)-,&1!.%!.1'0/).'%!
!
JR!
>-)!)*&!+'B'++-,,&%+&!'(!>')*:!;1!(',!)*&!')*&,!)*,&&!+*.03,&%<!)*&9!*/3!%')!9&)!/+8-.,&3!!
["]!/)!)*&!0/1)!1&11.'%!1)-3.&3<!)*-1!.)!.1!0.2&09!)*/)!)*&.,!3&4&0'56&%)/0!5/))&,%!=.00!>&!
1.6.0/,!)'!)*&!'%&!'>1&,4&3!.%!P%x1:!
!
)9J9J(+"&(#3<8545%5/1(/2(2'53#%5-&4(
!
P%!)*.1!1&+).'%<!=&!/%/09D&!)*&!/+8-.1.).'%!'(!(,.+/).4&1<!.%!&/+*!+*.03E1!/2%>1):!a&!
1)/,)! >9! 0''2.%7! /)! )*&! (,&8-&%+9! '(! (,.+/).4&1! .%! )*&! .%)/2&<! +'65/,.%7! .)! )'! )*&!
3.1),.>-).'%!'(!(,.+/).4&1!.%!/!1/650&!'(!/3-0)!15&&+*:!^*&%<!=&!3&1+,.>&!)*&!3&4&0'56&%)!
'(! )/,7&)B0.2&! 5,'3-+).'%1! /%3! &[50',&! )*&! ).6&! 0/7! >&)=&&%! )*&! /+8-.1.).'%! '(! )*&! (.,1)!
/%3!)*&!0/1)!(,.+/).4&<!/+,'11!+*.03,&%:!
!
V54%'5?8%5/1(/2(2'53#%5-&4(51(%"&(51%#E&(
!
^*&!7,/5*1!5,'4.3&3!>&0'=!1*'=!)*&!3.1),.>-).'%!'(!(,.+/).4&1<!5&,!50/+&!(&/)-,&<!
.%!)*&!)/,7&)!=',31!1&0&+)&3!>9!&/+*!+*.03<!5&,!1&11.'%:!!
!
!"?#
*a+),%+K1,+2'*23*3%+/.,+L&)*+'*,-&*+',.V&*!S<*.'(*S?*2')&,)#*!.>>&'(+N*P#*
?KY:/@*U'])*
?KY:>@*^2.'.*
!
71%#E&(W(2'53#%5-&4(_Z/#1#`(
! "RR:!
71%#E&(W(2'53#%5-&4(_71Y4`(
"RR:!
KR:!
KR:!
JR:!
JR:!
HR:!
HR:!
YR:!
YR:!
R:!
"CJ:YH!
"CK:H!
"CG:YX!
"C"R:YY!
YCR:G!
YCY:"G!
YCH:"!
YCJ:YH!
YCK:X!
YC"R:K!
#CR:Y!
#CY:"#!
#C#:Y#!
R:!
Lab /f v/ :
Cor [+ant] /s z/
:
Cor [-ant] /, +/
Lab /f v/ :
:
:
Cor [-ant] /, +/
:
!
!
?KY:+@*_14.*
!
?KY:3@*S9.%.*
71%#E&(W(2'53#%5-&4(_!.#'#`(
71%#E&(W(2'53#%5-&4(_Q80#`(
"RR:!
"RR:!
Cor [+ant] /s z/
:
Cor [-ant] /, +/
YCJ:YO!
YCX:YR!
YCH:YX!
YC#:YJ!
YCY:YY!
R:!
YC":"R!
R:!
YCR:YO!
YR:!
"C"":YG!
HR:!
YR:!
"CG:YG!
HR:!
"C"R:"K!
JR:!
"CK:"X!
JR:!
"CO:"G!
KR:!
"CJ:YR!
KR:!
Lab /f v/ :
:
!
!
Cor [+ant] /s z/
J"!
!
Lab /f v/ :
Cor [+ant] /s z/
:
Cor [-ant] /, +/
:
!
?KY:&@*^2`2*
71%#E&(W(2'53#%5-&4(_Z/[/`(
"RR:!
KR:!
JR:!
HR:!
YR:!
R:!
Lab /f v/ :
Cor [+ant] /s z/
:
Cor [-ant] /, +/
:
!
!
L'%),/,9!)'!P%x1!/%3!F'p'<!=*'!1)/,)!1&0&+).%7!(,.+/).4&1!(,'6!)*&!(.,1)!,&+',3.%7!
1&11.'%1<! )*&! ')*&,! )*,&&! +*.03,&%! 6/2&! )*&.,! (.,1)! /))&65)1! '%! (,.+/).4&1! 10.7*)09! 0/)&,_!
L0/,/!/)!"CXC!F'/%/!/%3!T-6/!/)!"CJ:!
A.6.0/,09! )'! =*/)! =/1! '>1&,4&3! .%! )*&! 1&0&+).'%! '(! 1)'51! /%3! %/1/01<! )*&,&! /,&!
)='! 3.((&,&%)! 5&,.'31! .%! )*&! .%)/2&! '(! &/+*! +*.03:! P%)/2&! "! .1! 6/.%09! +*/,/+)&,.D&3! >9!
4/,./>.0.)9! .%! )*&! (,&8-&%+9! =.)*! =*.+*! .%3.4.3-/0! (,.+/).4&1! /,&! /))&65)&3<! (,'6! '%&!
1&11.'%!)'!)*&!')*&,C!)*&,&!.1<!*'=&4&,<!/!)&%3&%+9!(',!+','%/0!bB/%)&,.',c!(,.+/).4&1!I,I
/%3 I+I!)'!>&!1&0&+)&3!6',&!'()&%:!V',!6'1)!'(!)*&!+*.03,&%<!.%)/2&!Y!.1!+*/,/+)&,.D&3!>9!/!
3&+,&/1&!.%!)*&!(,&8-&%+9!'(!1&0&+).'%!'(!I,I /%3 I+I! /%3!>9!/%!.%+,&/1&!.%!)*&!1&0&+).'%!
'(! )*&! +','%/0! bk/%)c! I1! DI:! L0/,/! +/,,.&1! '%! /))&65).%7! +','%/0! bB/%)c! 6',&! '()&%! )*/%!
/%9! ')*&,! (,.+/).4&! ?/,'-%3! JRy@:! ^*&! ).6&! (,/6&! +'4&,&3! >9! .%)/2&! "! /%3! Y<! .%! &/+*!
+*.03E1!/2%>1)<!.1!5,&1&%)&3!.%!?K#@:!
!"J#
!
*U(&',+3+/.,+2'*23*,Z2*4.+'*>&%+2()*+'*,-&*)&9&/,+2'*23*3%+/.,+L&)*
!
P%)/2&!"!
P%)/2&!Y!
P%x1!
F'/%/!
T-6/!!!
L0/,/!!!
F'p'!!!
RC""B"CG!
"CJ!BYCH!
"CJ!BYCR!!
"CX!B"CO!!
"CY!B"CK!!
(,'6!"C"R!
(,'6!YCJ!!
(,'6!YC"!!
(,'6!"CK!!
(,'6!"CG!!
!
!
^*&!7,/5*1!5,'4.3&3!.%!?KH@!1*'=!)*&!3.1),.>-).'%!'(!(,.+/).4&1!.%!)*&!)='!.%)/2&!
5&,.'31! ! ?5&,! +*.03@! /%3! )*&! 3.1),.>-).'%/0! 5/))&,%1! '(! (,.+/).4&1! .%! )*&! 1/650&! '(! /3-0)!
15&&+*:!
!
!
!
!
!
!
!
!
!
!
JY!
!"R#
*a+),%+K1,+2'*23*3%+/.,+L&)*+'*.(19,*)>&&/-*.'(*+'*/-+9(%&'[)*+',.V&*!S<*.'(*S?*
2')&,)#*!.>>&'(+N&)*7*.'(*P#*
*
?KH:/@*U'])*
!
?KH:>@*^2.'.*
!
71%#E&(!"&@,8.%(4$&&3"(W(2'53#%5-&4(_Z/#1#`(
!
"RR:!
:OM(
:XM(
!
)OM(
!
JUM(
CCM(
=XM(
! XR:!
!
C:M(
)XM(
)CM(
!
R:!
!
P%)/2&!!"CJBYCH! P%)/2&!YCJB#C#! ;ZzT^!A]\\LN!
!
!
Lab; f v:
Cor [+ant]; s z:
Cor [-ant]; , +:
!
71%#E&(!"&@,8.%(4$&&3"(W(2'53#%5-&4(_71Y4`(
"RR:!
:XM(
:OM(
C)M(
JUM(
)TM(
)CM(
)TM(
XR:!
=XM(
))M(
R:!
P%)/2&!!RC""B"CG! P%)/2&!!"C"RB#CX! ;ZzT^!A]\\LN!
Lab; f v:
!
Cor [+ant]; s z:
Cor [-ant]; , +:
?KH:+@*_14.*
!
?KH:3@*S9.%.*
!
71%#E&(!"&@,8.%(4$&&3"(W(2'53#%5-&4(_!.#'#`(
! "RR:!
"Ry!
!
J#y!
!
JUM(
KOy!
! XR:!
XM(
!
)CM(
=XM(
:)M(
!
R:!
!
P%)/2&!!L0/,/!! P%)/2&!!L0/,/!! ;ZzT^!A]\\LN!
"CXB"CO!
"CKB"C"R!
!
Lab; f v:
Cor [+ant]; s z:
Cor [-ant]; , +:
!
71%#E&(!"&@,8.%(4$&&3"(W(2'53#%5-&4(_Q80#`(
"RR:!
:OM(
=OM(
UCM(
XR:!
JUM(
JSM(
=JM(
:OM(
R:!
P%)/2&!!"CJBYCR!
Lab; f v:
!
)CM(
=)M(
P%)/2&!YC"BYCJ!
Cor [+ant]; s z:
;ZzT^!A]\\LN!
Cor [-ant]; , +:
?KH:&@!^2`2!
71%#E&(!"&@,8.%(4$&&3"(W(2'53#%5-&4(_Z/[/`(
"RR:!
CUM(
XR:!
:OM(
JUM(
=SM(
=SM(
R:!
P%)/2&!!"CYB"CK!
Lab; f v:
!
)OM(
JCM(
:UM(
P%)/2&!!"CGBYCR!
Cor [+ant]; s z:
)CM(
;ZzT^!A]\\LN!
Cor [-ant]; , +:
!
;1!1*'=%!.%!)*&!)*.,3!+'0-6%!'(!)*&!7,/5*1!3&5.+)&3!/>'4&<!)*&!6'1)!(,&8-&%)09!
5,'3-+&3!(,.+/).4&1!.%!)*&!1/650&!'(!/3-0)!15&&+*!/,&!)*&!+','%/0!bk/%)c!b1!Dc<!.%!XJy!'(!
)*&! +/1&1C! )*&! 1&+'%3! 6'1)! (,&8-&%)! /,&! 0/>./01! b(! 4c! ?#Hy@:! ^*&! 0&/1)! (,&8-&%)09!
5,'3-+&3! (,.+/).4&1! /,&! )*&! +','%/0! bB/%)c! ! b, +c! ?"Ry@:! ^*&! 3.1),.>-).'%/0! *.&,/,+*9! '(!
(,.+/).4&1!.%!)*.1!15&&+*!1/650&!.1<!)*&%<!)*&!('00'=.%7_!L',!bk/%)cjjbT/>cjjbL',B/%)c:!P%!
?KX@<! )*.1! *.&,/,+*9! +/%! >&! +'65/,&3! )'! )*&! 3.1),.>-).'%! '(! (,.+/).4&1! .%! )*&! )='! .%)/2&!
5&,.'31!'>1&,4&3!.%!+*.03,&%E1!3/)/:!
!
!
!
J#!
!"W#
*a+),%+K1,+2'*23*3%+/.,+L&)*+'*+',.V&*<E*+',.V&*?*.'(*.(19,*)>&&/-*
!
P%x1!
F'/%/!
T-6/!
L0/,/!
F'p'!
P%)/2&!"!
L',bB/%)c!jj!T/>!jj!L',bk/%)c!
T/>!jj!L',bB/%)c!jj!L',bk/%)c!
L',bB/%)c!jj!L',bk/%)c!jj!T/>!!!
L',bB/%)c!jj!L',bk/%)c!!
L',bB/%)c!jj!L',bk/%)cIT/>!!!
P%)/2&!Y!
L',bk/%)c!jj!T/>!jj!L',bB/%)c!
L',bk/%)c!jj!T/>!jj!L',bB/%)c!
L',bk/%)c!jj!T/>!jj!L',bB/%)c!
L',bB/%)c!jj!T/>!jj!L',bk/%)c!
L',bk/%)c!jj!L',bB/%)cjjT/>!!!
;ZzT^!
L',bk/%)c!jj!T/>!
jj!L',bB/%)c!
!
;1! 1*'=%! />'4&<! )*&,&! .1! %'! 6/)+*! >&)=&&%! .%)/2&! "! /%3! )*&! 3.1),.>-).'%! '(!
(,.+/).4&1!.%!/3-0)!15&&+*:!P%!)*&!/3-0)!15&&+*!1/650&<!+','%/0!bk/%)c!(,.+/).4&1!/,&!6',&!
(,&8-&%)09!5,'3-+&3<!('00'=&3!>9!0/>./01:!N'=&4&,<!.%!)*&!(.,1)!1&11.'%1<!+*.03,&%!)&%3!)'!
/))&65)!+','%/0!bB/%)c!6',&!'()&%!)*/%!/%9!')*&,!(,.+/).4&!?/00!+*.03,&%<!&[+&5)!(',!F'/%/<!
=*'! 1&0&+)1! 0/>./01! 6',&! '()&%@:! V'-,! )/,7&)! =',31! +'%)/.%.%7! +','%/0! bB/%)c! (,.+/).4&1!
/,&! ,&+-,,&%)09! /))&65)&3! .%! )*&! (.,1)! 1&11.'%1_! /-+/-+! ?5&&@<! ed! ?/0,&/39@<! ^2`2!
?5,'5:%'-%@!/%3!/-1>&,.!?5/+.(.&,@:!
L'%),/,9! )'! =*/)! =/1! '>1&,4&3! .%! .%)/2&! "<! +*.03,&%E1! 5,&(&,&%+&1! .%! )*&!
1&0&+).'%!'(!(,.+/).4&1!.%!.%)/2&!Y!6/)+*!)*&!3.1),.>-).'%!.%!)*&!/3-0)!15&&+*!1/650&C!)*.1!
6/)+*.%7!'++-,1!.%!)*&!3/)/!'(!P%x1<!F'/%/!/%3!T-6/!?1&&!)/>0&!/>'4&@:!;1!(',!L0/,/!/%3!
F'p'<! )*&,&! .1! /0,&/39! 1'6&! ,&1&6>0/%+&! =.)*! )*&! /3-0)! 1/650&! .%! .%)/2&! Y! ?.%! L0/,/E1!
3/)/<!0/>./0!>&+'6&1!)*&!1&+'%3!6'1)!(,&8-&%)09!/))&65)&3!(,.+/).4&1!/%3!.%!F'p'E1!3/)/!
L','%/0!bk/%)c!>&+'6&1!)*&!6'1)!'()&%!1&0&+)&3@<!>-)!)*&,&!/,&!1).00!1'6&!3.1+,&5/%+.&1!
>&)=&&%!>')*!3.1),.>-).'%/0!*.&,/,+*.&1!?+',!bB/%)c!.1!1).00!(,&8-&%)09!/))&65)&3@:!
!
!
V&-&./$0&1%(/2(%#'A&%W.5E&($'/,83%5/14(
!
^*&! +-,,&%)! 1&+).'%! 3&1+,.>&1! )*&! (,&8-&%+9! '(! )/,7&)B0.2&! 5,'3-+).'%1! (',!
(,.+/).4&1C! 1.%+&! %'! ?',! 4&,9! (&=@! /++-,/)&! 5,'3-+).'%1! (',! (,.+/).4&1! =&,&! ('-%3! .%! )*&!
3/)/!'(!L0/,/!/%3!F'p'!?1&&!/55&%3.[!L@<!)*&!/%/091.1!=.00!>&!>/1&3!'%!)*&!/2%>2%.!'(!P%x1<!
F'/%/!/%3!T-6/:!!
!
@9(7Na>(
P%x1!/+8-.,&1!(,.+/).4&1!.%!)='!3.((&,&%)!6'6&%)1_!1*&!/+8-.,&1!b(c!/)!YCO!/%3!/00!
')*&,!(,.+/).4&1!/)!)*&!/7&!'(!YC"":!^*&!(,&8-&%+9!'(!)/,7&)B0.2&!5,'3-+).'%1!(',!(,.+/).4&1!
.%!)*.1!+*.03E1!3/)/!.1!7.4&%!.%!?KJ@:!P%!',3&,!)'!6/2&!)*&!7,/5*1!4.1-/009!.%)&00.7.>0&<!=&!
=.00!5,&1&%)!)*&!3/)/!.%!)='!3.((&,&%)!7,/5*1_!'%&!(',!4'.+&0&11!(,.+/).4&1!?KJ:/@!/%3!')*&,!
(',!4'.+&3!(,.+/).4&1!?KJ:>@:!
!
!
!
!
!
JH!
!
!"F#
*$.%;&,O9+V&*>%2(1/,+2')*23*3%+/.,+L&)*M*U'])*!.>>&'(+N*S#*
?KJ:/@*Y2+/&9&))*3%+/.,+L&)*
?KJ:>@*Y2+/&(*3%+/.,+L&)*
! "RRy!
!
"RRy!
!
KRy!
KRy!
!
JRy!
b(c!
JRy!
!
HRy!
HRy!
b1c!
!
YRy!
YRy!
b%c!
!
Ry!
Ry!
!
!
b4c!
bDc!
b&c!
!
f&7/,3.%7! 50/+&! (&/)-,&1<! )*&! ',3&,! '(! /+8-.1.).'%! '(! (,.+/).4&1! .%! P%x1E! 3/)/! .1!
T/>./0jjL','%/0:!
!
B9(ZL@N@(
;1! (',! F'/%/<! )*&! 7,/5*1! 7.4&%! .%! ?KO@! 1*'=! )*&! (,&8-&%+9! '(! '++-,,&%+&! '(!
)/,7&)B0.2&!5,'3-+).'%1!'(!4'.+&0&11!(,.+/).4&1!?KO:/@!/%3!4'.+&3!(,.+/).4&1!?KO:>@:!
!
!"I#
*$.%;&,O9+V&*>%2(1/,+2')*23*3%+/.,+L&)*M*^2.'.*!.>>&'(+N*S#*
?KO:/@*Y2+/&9&))*3%+/.,+L&)*
?KO:>@*Y2+/&(*3%+/.,+L&)*
"RRy!
"RRy!
KRy!
KRy!
JRy!
JRy!
HRy!
b(c!
b1c!
b%c!
HRy!
YRy!
YRy!
Ry!
Ry!
b4c!
bDc!
b&c!
!
!
!
A.6.0/,09!)'!P%x1<!)*&!(.,1)!(,.+/).4&!/+8-.,&3!>9!F'/%/!.1!b(c<!/)!YC"R<!('00'=&3!>9!
b4c<!/)!#CR:!P)!.1!'%09!'%&!9&/,!0/)&,<!)*/)!)*&!')*&,!(,.+/).4&1!>&+'6&!5,'3-+&3!,&7-0/,09!
/>'4&!KRy_!b1c!/)!HCR!/%3!bD! , +c!/)!HCY:!;1!(/,!/1!50/+&!(&/)-,&1!/,&!+'%+&,%&3<!)*&!',3&,!
'(! /+8-.1.).'%! '(! (,.+/).4&1! .%! F'/%/E1! 3/)/! .1! )*&! ('00'=.%7_! T/>./0jjL',! bk/%)cjjL',bB
/%)c:!!
!
!9(QbI@(
^*&! 7,/5*1! 7.4&%! .%! ?KK@! 1*'=! )*&! (,&8-&%+9! '(! '++-,,&%+&! '(! )/,7&)B0.2&!
5,'3-+).'%1!'(!4'.+&0&11!(,.+/).4&1!?KK:/@!/%3!4'.+&3!(,.+/).4&1!?KK:>@<!.%!T-6/E1!3/)/:!
(
(
(
(
(
(
!
JX!
!""#
*$.%;&,O9+V&*>%2(1/,+2')*23*3%+/.,+L&)*M*_14.*!.>>&'(+N*S#*
?KK:/@*Y2+/&9&))*3%+/.,+L&)*
?KK:>@*Y2+/&(*3%+/.,+L&)*
!
!
"RRy!
! "RRy!
KRy!
KRy!
JRy!
! JRy!
HRy!
! HRy!
YRy!
YRy!
! Ry!
Ry!
!
YCY:YY! YC#:YJ! YCH:YX! YCX:YR! YCJ:YO!
!
[v]:
[z]:
[+]:
!
[f]:
[s]:
[,]:
!
!
;1!1*'=%!.%!)*&!)='!7,/5*1!5,'4.3&3!/>'4&<!'%09!b4c!.1!5,'3-+&3!191)&6/).+/009!
/>'4&!KRy!.%!T-6/E1!3/)/!?(,'6!YCH!'%=/,31@:!!
A'6&!&[/650&1!'(!)/,7&)B0.2&!5,'3-+).'%1!'(!(,.+/).4&1!.%!)*&!3/)/!'(!P%x1<!F'/%/!
/%3!T-6/!/,&!5,'4.3&3!.%!?KG@:!!
!
!"5#
*PN.4>9&)*23*,.%;&,O9+V&*>%2(1/,+2')*O*3%+/.,+L&)*
!
L*.03!
;7&!
$,)*'7,:!
W0'11!
^/,7&)!
$-)5-)!
!
?/@!
P%x1!
YCO:"J!
('.!
=&%)!
?>@!
T-6/!
YCH:YX!
4'/!
?1*&@!(0.&1!
/&foj/
[&foj]
/f/ Bj
[f]
?+@!
P%x1!
YC"":YY!
-,1.%*'!
0.))0&!>&/,!
?3@!
F'/%/!
HCY:"Y!
LU1/,!
5,'5:%'-%!
/u%&si"u/
[u&siu]
/s/ Bj
[s]
?&@!
F'/%/!
HCY:"Y!
>,-[/1!
=.)+*&1!
?(@!
F'/%/!
HCY:"Y!
6/7./!
6/7.+!
!
/&vo3/
/&s'za%/
/&b%u,3,/
/m3&+i3/
[&vo3]
[&s'za]
[&bu,3,]
[m3&+i3]
/v/ !Bj
/z/ Bj
/,/ Bj
/+/ Bj
[v]
[z]
[,]
[+]
(
Q#A(51(%"&(#3<8545%5/1(/2(2'53#%5-&4(
(
!
V'+-1.%7! '%! )*&! 3/)/! '(! )*&! )='! +*.03,&%! )*/)! /+8-.,&3! )*&! 1.[! (,.+/).4&1! =.)*.%!
)*&! ).6&! (,/6&! 1)-3.&3! ?P%x1! /%3! F'/%/@<! =&! +/%! 1&&! )*/)! )*&,&! .1! 4/,./).'%! /1! )'! )*&!
5&,.'3!'(!/+8-.1.).'%_!P%x1!/+8-.,&1!(,.+/).4&1!.%!/!1*',)&,!5&,.'3!'(!).6&!)*/%!F'/%/C!)*.1!
+*,'%'0'79!.1!3&5.+)&3!.%!?GR@:!!
!
!
!5=#
*_.;* K&,Z&&'* ,-&* ./01+)+,+2'* 23* ,-&* 3+%),* .'(* ,-&* 9.),* 3%+/.,+L&* !U'])* .'(* ^2.'.#*
!.>>&'(+N*S#*
!
!
! ((((((((=PS((((((((((((((((((((((((((((((((((((((((=P:O(((((((((((((((((((((((((((=P::((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((CP=((((((((((((((((((((((((((
!
\2](
\v s z # $]
!
#$%"&
(
!
!
\z # $]
\2](
'()$)&
!
P%! P%x1E! /2%>1)<! )*&! 0/7! >&)=&&%! (.,1)! /%3! 0/1)! /+8-.1.).'%! '(! (,.+/).4&1!
+'65,&*&%31! /! 5&,.'3! '(! ('-,! 6'%)*1! ?>&)=&&%! YCO! /%3! YC""@:! ;1! (',! F'/%/E1! 3/)/<! )*&!
!
JJ!
!
$$$$$$$$%&'$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$%&($$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$)&*$
!"#$
!"#$%
!$p#$
&'("(%
(
/+8-.1.).'%! '(! (,.+/).4&1!)/2&1!50/+&!'4&,!/! 5&,.'3! '(! (.()&&%! 6'%)*1! ?>&)=&&%! YC"R! /%3!
HCY@:! ^*&! 5,'),/+)&3! 5&,.'3! '(! ).6&! .%! F'/%/E1! 3/)/! 1&&61! )'! >&! ,&0/)&3! )'! )*&!
+'6>.%/).'%1! bk+'%)<! +',<! 4'.+&3c! /%3! bk+'%)<! +','%/0B/%)c<! =*.+*! /,&! )*&! 0/1)! )'! >&!
/+8-.,&3:!
)9J9U(+"&(#3<8545%5/1(/2(.5<85,4(
!
^*&! +-,,&%)! 1&+).'%! 3&1+,.>&1! )*&! /+8-.1.).'%! '(! 0.8-.31<! .%! &/+*! +*.03E1! /2%>1):!
V.,1)<! =&! =.00! 5,&1&%)! )*&! 3.1),.>-).'%! '(! )*&1&! 1'-%31! .%! )*&! )/,7&)! =',31! 1&0&+)&3! >9!
&/+*!+*.03<!+'65/,.%7!.)!=.)*!)*&!3.1),.>-).'%!'(!0.8-.31!.%!/!1/650&!'(!/3-0)!15&&+*:!^*&%!
=&!/%/09D&!)*&!',3&,!'(!/+8-.1.).'%!/%3!)*&!).6&!0/7!>&)=&&%!)*&!(.,1)!/%3!)*&!0/1)!0.8-.3!
/+8-.,&3:!
!
V54%'5?8%5/1(/2(.5<85,4(51(%"&(51%#E&(
!
^*&!7,/5*1!7.4&%!>&0'=!1*'=!)*&!3.1),.>-).'%!'(!0.8-.31!.%!)*&!.%)/2&!'(!&/+*!
+*.03<!5&,!1&11.'%:!!
!
!5<#
*a+),%+K1,+2'*23*9+01+()*+'*,-&*+',.V&E*>&%*)&))+2'*!S<*.'(*S?*2')&,)*#*!.>>&'(+N*P#*
!
?G":/@*U'])*
!
?G":>@*^2.'.*
!
71%#E&(W(.5<85,4(_71Y4`(
71%#E&(W(.5<85,4((_Z/#1#`(
"RR:!
"RR:!
KR:!
KR:!
JR:!
JR:!
HR:!
HR:!
YR:!
YR:!
"C":#R!
"C#:J!
"CH:G!
"CX:""!
"CJ:""!
"CO:Y!
"CK:Y!
"CG:"G!
"C"R:YG!
YCR:""!
YC":"R!
YCY:"!
YC#:K!
YCH:"K!
YCX:YH!
YCO:"J!
YCK:Y#!
R:!
Cor [+ant] /l/:
Cor [-ant] /#/:
Cor [+ant] /%/:
Dor /$/:
R:!
Cor [+ant] /l/:
Cor [-ant] /#/:
Cor [+ant] /%/:
Dor /$/:
!
!
!
!
?G":+@*_14.*
!
!"RR:!
?G":3@*S9.%.*
!
71%#E&(W(.5<85,4(_Q80#`(
"RR:!
KR:!
KR:!
JR:!
JR:!
HR:!
HR:!
YR:!
YR:!
Cor [+ant] /l/:
Cor [-ant] /#/:
Cor [+ant] /%/:
R:!
YCJ:YO!
YCX:YR!
YCH:YX!
YC#:YJ!
YCY:YY!
YC":"R!
YCR:YO!
"C"":YG!
"CG:YG!
"C"R:"K!
"CK:"X!
"CO:"G!
"CJ:YR!
"CH:"O!
"C#:"G!
"CY:YY!
R:!
Cor [+ant] /l/:
Dor /$/:
Cor [+ant] /%/:
!
!
!
!
!
!
71%#E&(W(.5<85,4(_!.#'#`(
JO!
Cor [-ant] /#/:
Dor /$/:
!
?G":&@*^2`2*
71%#E&(W(.5<85,4(_Z/[/`(
"CR:YK!
"C":"Y!
"C":YK!
"CY:"#!
"CY:#R!
"C#:Y"!
"CH:"O!
"CX:"Y!
"CX:YJ!
"CJ:"J!
"CO:R!
"CO:YR!
"CK:H!
"CK:YX!
"CG:YX!
"C"R:""!
"C"":"R!
YCR:YR!
"RR:!
KR:!
JR:!
HR:!
YR:!
R:!
Cor [+ant] /l/:
Cor [-ant] /#/:
Cor [+ant] /%/:
Dor /$/:
!
!
A.6.0/,09! )'! =*/)! */1! >&&%! '>1&,4&3! .%! )*&! 1&0&+).'%! '(! )*&! ')*&,! +'%1'%/%)/0!
+0/11&1<! .%)/2&! 5/))&,%1! +'%+&,%.%7! 0.8-.31! 1*'=! 3.((&,&%)! +*/,/+)&,.1).+1! .%! )*&! (.,1)!
1&11.'%1:!^='!6/.%!5&,.'31!+/%!>&!('-%3!.%!&/+*!+*.03E1!/2%>1): ^*&!(.,1)!5&,.'3!?.%)/2&!
"@!.1!6'1)09!+*/,/+)&,.D&3!>9!)*&!5,&3'6.%/%+&!'(!I0IC!)*.1!5/))&,%!.1!&4.3&%)!.%!)*&!3/)/!
'(! L0/,/! /%3! F'p'! ?=*&,&! )*&! 5&,+&%)/7&! '(! 1&0&+).'%! '(! I0I! .1! /,'-%3! "RRy<! .%! 6'1)!
1&11.'%1@!>-)!.)!.1!/01'!'>1&,4&3!.%!F'/%/E1!3/)/<!=*&,&!)*&!(,&8-&%+9!'(!/))&65)1!'(!I0I!.1!
/>'4&!XRy!.%!)*&!6/g',.)9!'(!1&11.'%1:!P%!)*&!3/)/!'(!P%x1!/%3!T-6/<!)*&!(.,1)!5&,.'3!.1!
6'1)09!+*/,/+)&,.D&3!>9!4/,./>.0.)9!.%!)*&!1&0&+).'%!'(!.%3.4.3-/0!+'%1'%/%)1_!P%x1!1&0&+)1!
I0I!6',&!'()&%!?/)!"C#@<!>-)!.%!1'6&!'(!)*&!1&11.'%1!5,&(&,1!I%I!?/)!"CH<!1&&!?G":/@@C!!T-6/!
1)/,)1!>9!1&0&+).%7!I0I!6',&!'()&%!?>&)=&&%!"<Y!/%3!"CH@!>-)!)*&%!5,&(&,1!I%I!',!&4&%!I#I!
?/)!"C"GB"C"R@:!!
^*&!1&+'%3!5&,.'3!?.%)/2&!Y@!.1!+*/,/+)&,.D&3!>9!/!5,&3'6.%/%+&!'(!1&0&+).'%!'(!)*&!
+','%/0!,*').+!I%IC!)*&!1&+'%3!6'1)!(,&8-&%)09!/))&65)&3!0.8-.3!.%!)*.1!5&,.'3!.1!I0I:!;1!
(',! )*&! ),.00! /%3! (',! )*&! 0/)&,/0! bB/%)&,.',c<! )*&9! /,&! 1&0&+)&3! 0&11! '()&%<! .%! />'-)! "R! ',!
"Xy!'(!)*&!+/1&1:!!
^*&! ).6&! (,/6&! +'4&,&3! >9! .%)/2&! "! /%3! .%)/2&! Y! .%! &/+*! +*.03E1! /2%>1)! .1! 7.4&%! .%!
?GY@:!!!
!
!5?#
!
*U(&',+3+/.,+2'*23*,Z2*4.+'*>&%+2()*+'*,-&*)&9&/,+2'*23*9+01+()*
!
P%)/2&!"!
P%)/2&!Y!
P%x1!
F'/%/!
T-6/!!!
L0/,/!!!
F'p'!!!
"C#!B"CJ!
"CK!BYCH!
"CY!B"C""!!
RC""B"CJ!!
"CR!B"C"R!
(,'6!"CO!
(,'6!YCJ!!
(,'6!YCR!!
(,'6!"CO!!
(,'6!"C""!!
^*&! 7,/5*1! 5,'4.3&3! .%! ?G#@! 1*'=! )*&!3.1),.>-).'%! '(! &/+*! 0.8-.3! .%! )*&! )='! .%)/2&!
5&,.'31<!+'65/,&3!)'!)*&!3.1),.>-).'%!'(!0.8-.31!.%!)*&!1/650&!'(!/3-0)!15&&+*:!
!
!
JK!
!5J#
*a+),%+K1,+2'*23*9+01+()*+'*/-+9(%&'[)*+',.V&*.'(*+'*,-&*.(19,*)>&&/-*).4>9&*
!.>>&'(+N&)*7*.'(*P#*
*
?G#:/@*U'])*
?G#:>@*^2.'.*
71%#E&(!"&@,8.%(4$&&3"(W(.5<85,4(_71Y4`(
"RR:!
KR:!
JR:!
HR:!
YR:!
R:!
CUM(
))M(
JUM(
:=M(
JJM(
P%)/2&!!"C"B"CJ!
71%#E&(!"(@,8.%(4$&&3"(W(.5<85,4(_Z/#1#`((
SM(
)SM(
=TM(
P%)/2&!!"COBYCK!
;ZzT^!A]\\LN!
l:
"RR:!
KR:!
JR:!
HR:!
YR:!
R:!
SM(
JM(
:=M(
#:
%:
:TM(
:)M(
SM(
:TM(
TM(
C:M(
JUM(
:)M(
JCM(
SM(
))M(
=TM(
P%)/2&!!!!"CKBYCH! P%)/2&!!!!YCJB#C#! ;ZzT^!A]\\LN!
$:
l:
!
#:
%:
$:
!
!
!
?G#:+@*_14.*
?G#:3@*S9.%.*
71%#E&(!"(@,8.%(4$&&3"(W(.5<85,4(_Q80#`(
"RR:!
SM(
KR:!
)CM(
JR:!
:TM(
SM(
:OM(
KR:!
JUM(
U:M(
HR:!
YR:!
71%#E&(!"&@,8.%(4$&&3"(W(.5<85,4(_!.#'#`(
"RR:!
SM(
CM(
CSM(
JR:!
X)M(
R:!
P%)/2&!!!!!"CYB"C""!P%)/2&!!!!!YCRBYCJ! ;3-0)!15&&+*!
'!
"!
!!
=TM(
=OM(
R:!
0!
SM(
)M(
YR:!
=TM(
=TM(
JUM(
UXM(
HR:!
SM(
SM(
TM(
P%)/2&!!RC""B"CJ! P%)/2&!!!"COB"C"R! ;ZzT^!A]\\LN!
0!
!
'!
"!
!!
!
?G#:&@!^2`2*
71%#E&(-4(@,8.%(4$&&3"(W(.5<85,4(_Z/[/`(
"RR:!
KR:!
JM(
TM(
JR:!
HR:!
SM(
=:M(
JUM(
)TM(
XJM(
SM(
YR:!
COM(
=TM(
R:!
P%)/2&!!"CRB"C"R! P%)/2&!"C""BYCR! ;ZzT^!A]\\LN!
0!
'!
"!
!!
!
!
P%!)*&!1/650&!'(!/3-0)!15&&+*!?1&&!+'0-6%!/)!)*&!,.7*)!.%!)*&!7,/5*1!/>'4&@<!XJy!
'(!/00!0.8-.31!5,'3-+&3!+',,&15'%3!)'!)*&!+','%/0!,*').+!b%c<!YGy!)'!)*&!0/)&,/0!b0c<!Oy!)'!
)*&! 3',1/0! ,*').+! ! b$c! /%3! ')*&,! Oy! )'! )*&! 0/)&,/0! bB/%)c! b#c:! ^*-1<! )*&! 3.1),.>-).'%/0!
*.&,/,+*9! .%! )*.1! 1/650&! .1! b%cjjb0cjjb$ #]. P%! ?GH@<! )*.1! *.&,/,+*9! +/%! >&! +'65/,&3! )'!
*.&,/,+*.&1!.%!)*&!)='!.%)/2&!5&,.'31<!.%!&/+*!+*.03E1!/2%>1):!
!
!
!
!
!
!
!
!
!
JG!
!
!
!5R#
*a+),%+K1,+2'*23*9+01+()*+'*+',.V&<E*+',.V&?*.'(*.(19,*)>&&/-*
!
P%x1!
P%)/2&"!
I0!jj!%!jj!$I!
P%)/2&Y!
I%!jj!0!jj!# jj!$I!
F'/%/!
I0!jj!% $ jj!#I!
I%!jj!0!jj!# $I!
T-6/!
I0!jj!%!jj!#I!
I% jj!0!jj!$!jj!#I !
L0/,/!
I0!jj!%!jj!$I!
I%!jj!0!jj!$!jj!#I !
F'p'!
I0!jj!$ jj!% jj!#I ! I0!jj!% !jj!$!jj!#I!
;ZzT^!
b%!jj!0!jj!$ #] !
!
P%!.%)/2&!"<!)*&!6'1)!(,&8-&%)09!/))&65)&3!0.8-.3!.1!I0I<!.%!/00!+*.03,&%E1!3/)/:!$%!
)*&!+'%),/,9<!.%!.%)/2&!Y<!)*&!(0/5!>&+'6&1!)*&!6'1)!(,&8-&%)09!/))&65)&3!0.8-.3!?&[+&5)!
.%!F'p'E1!/2%>1)@:!P%!)*.1!,&15&+)<!)*&!1&+'%3!.%)/2&!5&,.'3!,&1&6>0&1!(,&8-&%+9!.%!/3-0)!
15&&+*!6',&!+0&/,09!)*/%!.%)/2&!":!!
!
!
V&-&./$0&1%(/2(%#'A&%W.5E&($'/,83%5/14(
!
^*.1! 1&+).'%! 5,&1&%)1! /! 3&1+,.5).'%! '(! )*&! ',3&,! '(! /+8-.1.).'%! '(! 0.8-.31! .%! )*&!
3/)/!'(!P%x1!/%3!F'/%/:!;1!/0,&/39!,&(&,,&3!)'!.%!1&+).'%!#:X:"<!P%x1!/%3!F'/%/!/,&!)*&!'%09!
)='!+*.03,&%!=*'!/+8-.,&!/)!0&/1)!1'6&!0.8-.31<!.%!)*&!5&,.'3!1)-3.&3_!P%x1!/+8-.,&1!b0c!
/%3! b$c! /%3! F'/%/! /+8-.,&1! b$c:! ^*&! ')*&,! )*,&&! +*.03,&%! =&,&! 1)-3.&3! (',! /! 1*',)&,!
5&,.'3! '(! ).6&! ?L0/,/! -%).0! "C"R<! F'p'! -%).0! YCR! /%3! T-6/! -%).0! YCJ@! /%3! %'! 0.8-.3! =/1!
/+8-.,&3!=.)*.%!)*/)!5&,.'3!?1&&!/55&%3.[!L@:!
^*&! 7,/5*1! 7.4&%! .%! ?GX@! 5,'4.3&! )*&! 3.1),.>-).'%! '(! )/,7&)B0.2&! 5,'3-+).'%1! '(!
0.8-.31<!.%!)*&!3/)/!'(!P%x1!?GX:/@!/%3!F'/%/!?GX:>@:!
!
"CG:"G!
"C"R:YG!
YCR:""!
YC":"R!
YCY:"!
YC#:K!
YCH:"K!
YCX:YH!
YCO:"J!
YCK:Y#!
YC"R:YR!
YC"":YY!
#CR:"X!
#CY:#!
#CH:J!
#CX:YK!
#CO:YG!
#C"R:"!
#C"":"Y!
HC":R!
HCY:"K!
!5W#
*$.%;&,O9+V&*>%2(1/,+2')*23*9+01+()*!.>>&'(+N*S#*
?GX:/@*U'])*
?GX:>@*^2.'.*
!
!
+#'A&%W.5E&($'/,83%5/1(W(.5<85,4(_71Y4`(
+#'A&%W.5E&($'/,83%5/1(W(.5<85,4(_Z/#1#`(
!
"RRy!
! "RRy!
KRy!
! KRy!
! JRy!
JRy!
! HRy!
HRy!
!
YRy!
YRy!
!
Ry!
! Ry!
L',!bk/%)c!I0I!
L',!bB/%)c!I'I!
L',!bk/%)c!I"I!
Z',!I!I!
L',!bk/%)cb0c!
L',!bk/%)cb"c!
L',!bB/%)cb'c!
Z',!b!c!
!
P%x1!/+8-.,&1!0/)&,/0!b0c!/)!)*&!/7&!'(!YCX!/%3!,*').+!b$c!/)!#C""!?1&&!GX:/@:!;)!)*&!
).6&!b0c!.1!>&.%7!5,'3-+&3!/++-,/)&09!.%!/>'4&!KRy!'(!)*&!/))&65)1<!b#c!.1!>&.%7!5,'3-+&3!
!
OR!
+',,&+)09! ?6'1)09@! >&0'=! YRy:! ;1! (',! )*&! ,*').+! b%c<! /0)*'-7*! (,'6! #C"R! '%=/,31! .)! .1!
5,'3-+&3!/++-,/)&09!/,'-%3!JRy<!.)!3'&1!%')!,&/+*!KRy!-%).0!)*&!0/1)!1&11.'%!1)-3.&3<!/)!
H:Y:!!
;1!(',!F'/%/<!-%).0!#C""<!)*&!5&,+&%)/7&!'(!/++-,/)&!5,'3-+).'%!'(!0.8-.31!.1!6'1)!
'()&%!>&0'=!YRy!'(!)*&!/))&65)1!?1&&!GX:>@:!V,'6!HCH!'%=/,31<!/++-,/)&!5,'3-+).'%1!(',!
b0c<! b%c! /%3! b$c! /,&! >&)=&&%! HX! )'! JXy<! >-)! )*&! '%09! +'%1'%/%)! )*/)! ,&/+*&1! )*&! KRy! .%!
)='!+'%1&+-).4&!6'%)*1!.1! b$c<!(,'6!HCO!'%=/,31!?b0c!,&/+*&1!!KRy<!>-)!'%09!/)!)*&!0/1)!
1&11.'%<! 1'! )*&! +,.)&,./! '(! /)! 0&/1)! )='! +'%1&+-).4&! 6'%)*1! .1! %')! 6&)! *&,&@:! A'6&!
&[/650&1! '(!)/,7&)B0.2&!5,'3-+).'%! '(!0.8-.31! .%! )*&! 3/)/!'(! P%x1! /%3! F'/%/! /,&! 7.4&%! .%!
?GJ@:!
!
!5F#
*PN.4>9&)*23*,.%;&,O9+V&*>%2(1/,+2')*32%*9+01+()**O*U'])*.'(*^2.'.*
!
L*.03!
;7&!
$,)*'7,:!
W0'11!
^/,7&)!
$-)5-)!
!
?/@!
P%x1!
YCX:YH!
V.0.5&!
?>@!
P%x1!
YCX:YH!
/0.!
5,'5:%'%!
)*&,&!
/fi&lip4/
[p4&lipi]
/l/ Bj
[l]
?+@!
P%x1!
#C"":"Y!
,&.!
2.%7!
?3@!
P%x1!
#C"":"Y!
+',,&,!
)'!,-%!
/&$3j/
[&$3j]
/$/ Bj
[$]
?&@!
F'/%/!
HCO:O!
,'1/1!
,'1&1!
?(@!
F'/%/!
HCO:O!
>-,,'!
3'%2&9!
(
/3&li/
/ku&$e%/
/&$5z3,/
/&bu$u/
[&li]
/l/ Bj
[ku&$el4]
/$/ Bj
[&$5z3,]
/$/ Bj
[&bu$u]
/$/ Bj
[l]
[$]
[$]
[$]
(
Q#A(51(%"&(#3<8545%5/1(/2(.5<85,4(
(
!
i'%&!'(!)*&!+*.03,&%!1)-3.&3!/+8-.,&3!)*&!=*'0&!1&)!'(!('-,!0.8-.31C!P%x1!/+8-.,&1!
)='!0.8-.31!-%).0!)*&!0/1)!1&11.'%!1)-3.&3<!/)!HCY!/%3!F'/%/!/+8-.,&1!'%&<!-%).0!HC"R:!V',!
)*.1! ,&/1'%<! .)! .1! %')! 5'11.>0&! )'! 3&)&,6.%&! )*&! 0/7! >&)=&&%! )*&! (.,1)! /%3! )*&! 0/1)!
/+8-.1.).'%! '(! 0.8-.31:! N'=&4&,<! =&! +/%! 5,&3.+)! )*/)! )*&! 0/7! =.00! >&! 8-.)&! &[)&%3&3! /)!
0&/1)!.%!P%x1E!3/)/<!1.%+&!1*&!/+8-.,&1!*&,!(.,1)!0.8-.3!/)!)*&!/7&!'(!YCX:!;1!(',!F'/%/<!1*&!
/+8-.,&1!*&,!(.,1)!0.8-.3!8-.)&!0/)&<!/)!HCO!/%3!.)!.1!%')!5'11.>0&!)'!3&)&,6.%&!)*&!&[)&%1.'%!
'(! )*&! 5&,.'3! '(! /+8-.1.).'%<! 1.%+&! 1*&! =/1! 1)-3.&3! '%09! -%).0! )*&! /7&! '(! HC"R:! ^*.1!
+*,'%'0'79! .1! 3&5.+)&3! .%! ?GO@C! )*&! 3.1+'%).%-'-1! 0.%&! .%3.+/)&1! )*/)! )*&! /+8-.1.).'%! '(!
0.8-.31!.1!1).00!%')!+'650&)&:!!
!
!5I#
*H;&* 23* ./01+)+,+2'* 23* ,-&* 3+%),* .'(* ,-&* 9.),* 9+01+(E* Z+,-+'* ,-&* >&%+2(* ),1(+&(* !U'])*
.'(*^2.'.#!.>>&'(+N*S#*
*
*
*
((((((((=PJ(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((()P::((((((((((((((((((((((((CPS(((((((((((((((((((((((((((((((((((((((((
\.](
\R]
#$%"&
(
!
!
O"!
'()$)&
\R]
(
)9J9S(R8'%"&'(3/00&1%4(/1(%"&(51%#E&(
(
(
;1! 3.1+-11&3! .%! 5,&4.'-1! 1&+).'%1<! +*.03,&%! 5,&1&%)! )='! 6/.%! 5&,.'31! .%! )*&.,!
.%)/2&_! .%)/2&! "! .1! 7&%&,/009! +*/,/+)&,.D&3! >9! /! *.7*&,! 3&7,&&! '(! 4/,./).'%! .%! )*&!
3.1),.>-).'%!?>&)=&&%!+*.03,&%!/%3!(,'6!'%&!1&11.'%!)'!)*&!')*&,<!.%!&/+*!+*.03E1!+',5-1@!
/%3! 0&11! ,&1&6>0/%+&! )'! )*&! 3.1),.>-).'%! .%! /3-0)! 15&&+*:! P%)/2&! Y<! '%! )*&! ')*&,! */%3<!
)&%31!)'!1*'=!0&11!4/,./).'%!(,'6!'%&!1&11.'%!)'!)*&!')*&,!/%3!)*&!3.1),.>-).'%!.1!+0'1&,!
)'! )*&! 3.1),.>-).'%! .%! /3-0)E1! 5,'3-+).'%1:! ^*&! 8-&1).'%! )*/)! =.00! >&! &[50',&3! .%! )*.1!
1&+).'%!.1!.(!)*&!3.((&,&%+&!>&)=&&%!>')*!5&,.'31!+/%!>&!,&0/)&3!)'!+*/%7&1!.%!)*&!%-6>&,!
'(!=',31!?)95&1@!/))&65)&3:!!!
;1! 5,&4.'-109! 1*'=%<! .%)/2&! "! '++-,1! .%! )*&! (.,1)! 1&11.'%1! /%3! .)1! 3-,/).'%! .1!
4/,./>0&<! 3&5&%3.%7! '%! )*&! +*.03! /%3! '%! )*&! 6/%%&,! .%4'04&3! ?.%)/2&! "! .1! 0'%7&,! (',!
(,.+/).4&1!/%3!0.8-.31<!=*.+*!/01'!1)/,)!>&.%7!/))&65)&3!0/)&,@:!^*&!/7&B5&,.'3!6'1)!'()&%!
+'4&,&3!>9!.%)/2&!"!.%!&/+*!+*.03E1!/2%>1)!.1!5,'4.3&3!>&0'=:!
•
P%x1_!RC""B"CJ!
•
L0/,/_!RC""B"CO!
•
F'p'_!"CRB"CK!
•
F'/%/_!RC""B"C"R!
•
T-6/_!RC""BYCY!
!
P%!?GK@<!=&!5,'4.3&!)*&!%-6>&,!'(!3.((&,&%)!)/,7&)B=',31!?)95&1@!/))&65)&3!>9!
&/+*!+*.03<!5&,!1&11.'%:!^*&!1*/3&3!+&001!+',,&15'%3!)'!)*&!>&7.%%.%7!'(!.%)/2&!Y:!
!
!5"#
!
(
P%x1!
L0/,/!
F'p'!
F'/%/!
T-6/!
*f14K&%*23*,.%;&,OZ2%()*!,A>&)#*.,,&4>,&(*>&%*)&))+2'*
OP::(
J!
Y!
!
Y!
Y!
:PO(
K!
Y!
Y!
"!
Y!
:P:(
YX!
X!
H!
!
H!
:P=(
!
X!
X!
H!
O!
:P)(
#J!
O!
G!
!
O!
:PC(
#"!
J!
"#!
Y!
#!
:PJ(
X#!
"H!
"K!
Y!
J!
:PU(
HK!
G!
"O!
"R!
K!
:PS(
XJ!
"#!
"J!
!
O!
:PX(
GX!
YJ!
YH!
"R!
""!
:PT(
""K!
XX!
JY!
##!
"O!
:P:O(
!
X"!
K"!
XR!
"O!
=PO(
!
!
!
"RY!
YX!
=P=(
!
!
!
!
#"!
=P)(
!
!
!
!
OR!
!
(
;1!1*'=%!/>'4&<!)*&!%-6>&,!'(!)/,7&)!=',31!/))&65)&3!.%!&/,09!1&11.'%1!.1!4&,9!
0'=C!.)!.%+,&/1&1!7,/3-/009!-%).0!/!5'.%)!=*&,&!6',&!)*/%!(.()9!=',31!/,&!/))&65)&3!5&,!
1&11.'%:!
$%&! .%)&,&1).%7! (.%3.%7! &6&,7&1! (,'6! )*&! +'65/,.1'%! >&)=&&%! )*&! ).6&! (,/6&!
+'4&,&3!>9!.%)/2&!"!/%3!3/)/!.%!)/>0&!?GK@_!.%!7&%&,/0<!)*&!&%3!'(!.%)/2&!"!6/)+*&1!)*&!
/7&!/)!=*.+*!)*&!%-6>&,!'(!)/,7&)!=',31!/))&65)&3!1-,5/11&1!)*&!0&4&0!'(!XR:!P%!T-6/<!
(',! .%1)/%+&<! .%)/2&! "! 7'&1! 6'1)09! -%).0! YCY! /%3! .)! .1! 5,&+.1&09! /)! YC#! )*/)! /! 1-33&%!
.%+,&/1&!.%!)*&!%-6>&,!'(!)95&1!'++-,1!?(,'6!#"!)'!OR@:!
!
OY!
P%! 1-6<! )*&! *.7*! 3&7,&&! '(! 4/,./).'%! .%! .%)/2&! "! /%3! )*&! 0&11! ,&1&6>0/%+&! )'!
(,&8-&%+.&1! .%! /3-0)! 15&&+*! .1<! )*-1<! /11'+./)&3! )'! /! 4&,9! 0.6.)&3! /+).4&! 4'+/>-0/,9! .%!
&/,09! 1&11.'%1:! A.6.0/,09<! )*&! 3&+,&/1&! .%! 4/,./>.0.)9! /%3! +0'1&,! ,&0/).'%! )'! /3-0)! 15&&+*!
4&,.(.&3! .%! .%)/2&! Y! +'.%+.3&1! =.)*! /%! &[5/%1.'%! '(! )*&! %-6>&,! '(! )95&1! .%! +*.03,&%E1!
0&[.+'%:!^*.1!.11-&!=.00!>&!(-,)*&,!3.1+-11&3!.%!1&+).'%!#:J:!
!
)9J9X(>800#'6(
P%! )*.1! 1&+).'%<! =&! 5,&1&%)! /! 1-66/,9! '(! )*&! 6/.%! (.%3.%71! '>1&,4&3! .%! )*.1!
+*/5)&,:!
!
@9(L',&'(/2(#3<8545%5/1(/2(0#11&'(2&#%8'&4((
V'-,! +*.03,&%! /+8-.,&3! 1)'51! .%! )*&! (.,1)! 50/+&<! ('00'=&3! >9! %/1/01:! $%&! '(! )*&!
+*.03,&%!?P%x1@!/+8-.,&3!)*&1&!)='!%/)-,/0!+0/11&1!.%!)*&!,&4&,1&!',3&,_!(.,1)!i/1/0<!)*&%!
A)'5:! $%09! )*,&&! +*.03,&%! /+8-.,&3! (,.+/).4&1C! )='! '(! )*&6! ?F'/%/! /%3! T-6/@! /+8-.,&!
)*'1&! (&/)-,&1! .%! )*&! ',3&,! A)'5jji/1jjV,.+:! ^*&! ')*&,! +*.03! ?P%x1@! /+8-.,&1! T/)&,/0!
>&(',&! V,.+/).4&<! .%! )*&! ',3&,! i/1jjA)'5jjT/)jjV,.+:! $%09! P%x1! /%3! F'/%/! /+8-.,&3!
,*').+1C! )*.1! .1! )*&! 0/1)! 1'-%3! +0/11! /+8-.,&3! >9! P%x1! /%3! )*&! 5&%-0).6/)&! /+8-.,&3! >9!
F'/%/!?1.%+&!)*.1!+*.03!*/1!%')!9&)!/+8-.,&3!0/)&,/01!/)!)*&!0/1)!1&11.'%!1)-3.&3@:!
Q/%%&,!(&/)-,&1!/,&!6'1)!'()&%!/+8-.,&3!.%!'4&,0/55.%7!5&,.'31_!+*.03,&%!1)/,)!
/+8-.,.%7! /! %&=! 1'-%3! +0/11! >&(',&! /00! 6&6>&,1! '(! )*&! 5,&4.'-1! +0/11! */4&! >&&%!
/+8-.,&3:!^*.1!'4&,0/5!.1!1-66/,.D&3!.%!)*&!3./7,/61!7.4&%!(,'6!?GG@!)'!?"R#@:!
!
!55#
!!
!
!
!
!
!
!
!
!
!
*H/01+)+,+2'*23*4.''&%*3&.,1%&)\*)144.%A*M*U'])*!.>>&'(+N*S#*
#########*+,,######,+-###################.+/##########.+0##############.+1###############.+,,#######2+-###########2+,,#
!)"#
!%"#
2/%/3%&
!!"#
!"#$%&
!""#
!$"#
'()*(+%&
!&#'#(## $"#
!%"#
,-(./"(01%&
!<==# H/01+)+,+2'*23*4.''&%*3&.,1%&)\*)144.%A*M*^2.'.*!.>>&'(+N*S#*
!
$$$$$$$$%&'$$$$$$$$$$$$$$$(&)$$$$$$$$$$$$$$(&%*$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$+&*$$$$$$$$$$$$$$$$$$+&($$$$$$$$$$$$$$$$$$$$$$)&($$$$$$$$$$$$$)&,$
!"#$
!"#$%&
!"#$
!0#$
!-$!#$
'(%()%&
!/$# $#$
!.#$
*+,-(",./%&
!%#$
0,12,3%&
!
O#!
!
!
!<=<# *H/01+)+,+2'*23*4.''&%*3&.,1%&)\*)144.%A*M*_14.*!.>>&'(+N*S#*
!!
$$$$$$$$%&'$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'&($$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'&)$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'&*$
!
!
!
!
!
!
!
!
!"#$
!"#$%&
!+$n#$
'(%()%&
!,#$
*+,-(",./%&
!<=?# *H/01+)+,+2'*23*4.''&%*3&.,1%&)\*)144.%A*M*S9.%.*!.>>&'(+N*S#*
!
$$$$$$$$%&%$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$%&'$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$%&%($
!"#$
!"#$%&
!$n#$
'(%()%&
!
!
!
!<=J# *H/01+)+,+2'*23*4.''&%*3&.,1%&)\*)144.%A*M*^2`2*!.>>&'(+N*S#*
!
$$$$$$$$%&'$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$%&($$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'&)$
!"#$
!"#$%&
!$m#$
'(%()%&
!
!
^*&! 5,'),/+)&3! 5&,.'3! '(! /+8-.1.).'%! '>1&,4&3! .%! 1'6&! '(! )*&! %/)-,/0! +0/11&1!
1&&61! )'! >&! ,&0/)&3! )'! 5,'>0&6/).+! +'6>.%/).'%1! '(! 50/+&<! 6/%%&,! ',! 4'.+.%7!
15&+.(.+/).'%1:!^*&!6'1)!3.((.+-0)!(&/)-,&!+'B'++-,,&%+&1!/,&!)*&!('00'=.%7_!
•
b3',1/0<! k4'.+&3c! .%! 1)'51<! ,&1-0).%7! .%! /! 0/)&! /+8-.1.).'%! '(! b!c! .%! 6'1)!
+*.03,&%E1!3/)/C!
•
bk%/1/0<! +','%/0B/%)c<! +/-1.%7! /! 0/)&! /+8-.1.).'%! '(! b"c! .%! )*&! 6/g',.)9! '(!
+*.03,&%E1!15&&+*C!!
•
bk+'%).%-/%)<! +','%/0c<! +/-1.%7! /! 0/)&! /+8-.1.).'%! '(! +','%/0! (,.+/).4&1<! &4&%!
)*'-7*!0/>./0!b(c!',!b4c!/,&!/0,&/39!6/1)&,&3C!
•
bk0/)&,/0<!+',B/%)c<!+/-1.%7!/%!&[)&%3&3!0/7!>&)=&&%!)*&!/+8-.1.).'%!'(!b0c!/%3!
b#c<!.%!)*&!3/)/!'(!P%x1!?)*&!'%09!+*.03!=*'!/+8-.,&1!)*&!1&)!'(!0/)&,/01@C!
•
bk1'%',/%)<!B0/)&,/0<!B%/1/0<!+','%/0c<!,&1-0).%7!.%!/!0/)&!/+8-.1.).'%!'(!b%c<!&4&%!
)*'-7*!)*&!3',1/0!),.00!*/1!/0,&/39!>&&%!/+8-.,&3!?P%x1!/%3!F'/%/@:!
!
!
OH!
!
B9(L',&'(/2(#3<8545%5/1(/2($.#3&(2&#%8'&4(!.>>&'(+N*S#(
(
^*&! /+8-.1.).'%! '(! 50/+&! (&/)-,&1! )&%31! )'! '>&9! )*&! ('00'=.%7! ',3&,_!
/%)&,.',jj%'%B/%)&,.',C! .%! ')*&,! =',31<! 0/>./0! /%3! +','%/0! bk/%)c! (&/)-,&1! )&%3! )'! >&!
/+8-.,&3!>&(',&!+','%/0!bB/%)c!/%3!3',1/0:!!
a.)*.%!1)'51<!0/>./0!b5!>c!/%3!+',!bk/%)c!b)!3c!/,&!/0=/91!/+8-.,&3!>&(',&!3',1/0!
b2! !c<! &4&%! )*'-7*! )*/)! 3&4&0'56&%)! +/%! )/2&! 50/+&! =.)*.%! 1->7,'-51! 3&)&,6.%&3! >9!
4'.+.%7!?(',!.%1)/%+&<!(.,1)!4'.+&0&11!b5jj)jj2c<!)*&%!4'.+&3!b>!3jj!c!?P%x1@@:!!
a.)*.%!%/1/01<!)*&!6'1)!+'66'%!5/))&,%!.1!)*/)!0/>./0!/%3!+',!bk/%)c!?b6!%c@!/,&!
/+8-.,&3! >&(',&! +','%/0! bB/%)c! b"c! ?&[+&5)! (',! F'/%/E1! 3/)/<! =*&,&! b%c! .1! )*&! 0/1)! )'! >&!
/+8-.,&3@:!
a.)*.%! (,.+/).4&1<! )*&! ',3&,! .1! 0/>./0! jj! +','%/0:! a.)*.%! +','%/01<! )*&! bB/%)c!
1'-%31!)&%3!)'!>&!/+8-.,&3!0/1)!?P%x1<!F'/%/<!T-6/@:!
a.)*.%!0/)&,/01<!+','%/0!bk/%)c!b0c!.1!/+8-.,&3!>&(',&!+',!bB/%)c!b#c!?P%x1@:!
a.)*.%!,*').+1<!)*&!7&%&,/0!',3&,!/%)&,.',jj%'%B/%)&,.',!.1!,&4&,1&3_!)*&!3',1/0!
),.00!.1!/+8-.,&3!>&(',&!)*&!+','%/0!b%c!?P%x1!/%3!F'/%/@:!
!
!9(>8?4%5%8%5/1($#%%&'14(#22&3%51A($.#3&(#1,(0#11&'(2&#%8'&4(?/55&%3.[!Z@(
AzeA^P^z^P$i!];^^\fiA!;VV\L^PiW!Q;ii\f!V\;^zf\A!!
A.%+&! 1)'51! /%3! %/1/01! /,&! /+8-.,&3! &/,09<! )*&9! )&%3! %')! )'! >&! 1->6.))&3! )'!
6/%%&,!1->1).)-).'%!5/))&,%1:!$%!)*&!+'%),/,9<!(,.+/).4&1<!0/)&,/01!/%3!,*').+1!)&%3!)'!>&!
1->6.))&3!)'!1->1).)-).'%!5/))&,%1!)*/)!+/-1&!6/%%&,!+*/%7&:!!
•
V,.+/).4&1_!)*&!5,&3'6.%/%)!6/%%&,!1->1).)-).'%!5/))&,%!.1!V,.+BjA)'5:!
•
T/)&,/01_! )*&9! /,&! 6',&! (,&8-&%)09! ,&50/+&3! >9! /%')*&,! 1'%',/%)! ?6'1)09! 70.3&1!
/%3!%/1/01@:!!
•
f*').+1_!)*&9!)&%3!)'!>&!,&50/+&3!>9!/%')*&,!1'%',/%)!?6'1)09!/!0/)&,/0!',!/!70.3&@:!
N'=&4&,<! )*&,&! /,&! /01'! +/1&1! '(! 1->1).)-).'%1! '(! ,*').+1! >9! 1)'51! ?5/,).+-0/,09! .%!
)*&!/2%>2%.!'(!P%x1!/%3!F'/%/@:!!
^*&! ),.00! )&%31! )'! >&! 6',&! '()&%! ,&50/+&3! >9! /! 1)'5! ?5/,).+-0/,09! .%! )*&! 3/)/! '(!
P%x1<!F'/%/!/%3!L0/,/@<!=*.0&!)*&!(0/5!.1!6',&!(,&8-&%)09!,&50/+&3!>9!/%')*&,!1'%',/%):!
P%! =',3B.%.)./0! 5'1.).'%<! )*&! 1->1).)-).'%! '(! 0.8-.31! >9! /! %'%B1'%',/%)! ?1)'5! ',!
(,.+/).4&@! .1! )*&! 5,&3'6.%/%)! 5/))&,%:! P%! /%! .%)&,4'+/0.+! 5'1.).'%<! )*&! 5,&3'6.%/%)!
1->1).)-).'%!5/))&,%!.1!'(!)*&!)95&!0.8-.3Bj1'%',/%):!!
!
OX!
^*&!,*').+!b$c!.1!6',&!'()&%!,&50/+&3!>9!/!1)'5!',!/!(,.+/).4&!.(!.)!.1!.%!L"!5'1.).'%<!
=*.0&!.)!)&%31!)'!>&!,&50/+&3!>9!/%')*&,!1'%',/%)<!=*&%!.%!LY:!N'=&4&,<!(',!)='!'(!)*&!
+*.03,&%! ?P%x1! /%3! F'/%/@! )*&! 5,&3'6.%/%)! 5/))&,%! .1! b$cBj$>1),-&%)! .%! >')*! =',3B
5'1.).'%1:!
!
AzeA^P^z^P$i!];^^\fiA!;VV\L^PiW!]T;L\!V\;^zf\A!
A.%+&! )*&! )*,&&! 6/g',! (&/)-,&1! T/>./0<! L','%/0! /%3! Z',1/0! /,&! /+8-.,&3! &/,09<!
)*&,&! /,&! (&=! +/1&1! '(! 1->1).)-).'%1! )*/)! .%4'04&! 50/+&! +*/%7&:! e/1&3! '%! )*&! (&=! +/1&1!
'>1&,4&3<!)*&!('00'=.%7!'>1&,4/).'%1!+/%!>&!6/3&_!!
•
T/>./0!.1!)*&!0&/1)!/((&+)&3!(&/)-,&<!/+,'11!+*.03,&%C!!
•
L','%/0! .1! )*&! 1&+'%3! 0&/1)! /((&+)&3<! /0)*'-7*! )*&,&! /,&! 1'6&! +/1&1! '(!
1->1).)-).'%!'(!+','%/01!>9!0/>./01!',!'(!+',bB/%)c!5,'3-+&3!/1!bk/%)cC!!
•
)*&!6'1)!/((&+)&3!(&/)-,&!/+,'11!+*.03,&%!.1!Z',1/0<!6&6>&,1!'(!=*.+*!/,&!6'1)!
(,&8-&%)09!,&50/+&3!>9!+','%/01:!!!
!
!
V9(;&.#%5/1(?&%^&&1(,54%'5?8%5/1(51(#,8.%(4$&&3"(#1,(#3<8545%5/1(,#%#(
!
ZPA^fPez^P$i!Pi!;ZzT^!A]\\LN!;iZ!W\i\f;T!$fZ\f!$V!;L•zPAP^P$i!
i'!3.,&+)!0.%2!=/1!('-%3!>&)=&&%!)*&!',3&,!'(!/+8-.1.).'%!/%3!)*&!3.1),.>-).'%!'(!
&/+*! +'%1'%/%)! .%! )*&! 1/650&! '(! /3-0)! 15&&+*C! 1'6&! (,&8-&%)! 1'-%31! .%! /3-0)E1!
5,'3-+).'%1!/,&!/+8-.,&3!&/,09!?b5!)!3!2c@<!>-)!')*&,!(,&8-&%)!1'-%31!/,&!/+8-.,&3!8-.)&!
0/)&!?b1c<!b%c@:!!
V'+-1.%7! '(! 6/%%&,! (&/)-,&1<! =&! '>1&,4&3! )*/)! 1)'51! /,&! )*&! 6'1)! (,&8-&%)!
1'-%31!.%!/3-0)!15&&+*!/%3!/,&!/+8-.,&3!&/,0.&,!>9!)*&!(.4&!1->g&+)1<!=*.0&!0.8-.31!/,&!)*&!
0&/1)! (,&8-&%)! .%! )*&! /3-0)! 1/650&! /%3! /,&! )*&! 0/1)! )'! >&! /+8-.,&3:! N'=&4&,<! >/1&3! '%!
3.1),.>-).'%!.%!/3-0)!15&&+*<!(,.+/).4&1!1*'-03!>&!/+8-.,&3!&/,0.&,!)*/%!%/1/01<!/%3!)*.1!.1!
%')! )*&! +/1&<! .%! /%9! '(! )*&! +*.03,&%E1! 3/)/:! P%! (/+)<! %/1/01! /,&! )*&! 1&+'%3! 1'-%3! +0/11!
/+8-.,&3! >9! ('-,! +*.03,&%! ?/()&,! 1)'51@! /%3! /,&! )*&! (.,1)! /+8-.,&3! >9! )*&! ')*&,! +*.03!
?P%x1@:!!
;1! (',! 50/+&! (&/)-,&1<! =&! '>1&,4&3! )*/)! 0/>./0! /%3! +','%/0! /,&! 6',&! (,&8-&%)!
)*/%!3',1/0!.%!/3-0)!15&&+*!/%3!/,&!/01'!/+8-.,&3!&/,09:!N'=&4&,<!&4&%!)*'-7*!+','%/0!.1!
(/,!6',&!(,&8-&%)!)*/%!0/>./0!.%!/3-0)!15&&+*<!0/>./0!.1!)*&!(.,1)!50/+&!(&/)-,&!/+8-.,&3!>9!
)*&!6/g',.)9!'(!+*.03,&%:!!P%!1-6<!%'!1),/.7*)(',=/,3!,&0/).'%!=/1!'>1&,4&3!>&)=&&%!)*&!
3.1),.>-).'%!'(!(&/)-,&1!.%!/3-0)!15&&+*!/%3!)*&!/+8-.1.).'%!5/))&,%1:!!!
!
!
OJ!
ZPA^fPez^P$i;T!];^^\fiA_!!LNPTZf\iEA!Pi^;S\!Y@!;ZzT^!A]\\LN!
!
^='!6/.%!5&,.'31!=&,&!('-%3!.%!)*&!+*.03,&%E1!.%)/2&C!.%)/2&!"!+'4&,1!)*&!(.,1)!
1&11.'%1! /%3! .1! +*/,/+)&,.D&3! >9! /! *.7*&,! 3&7,&&! '(! 4/,./).'%! .%! )*&! 1&0&+).'%! '(!
+'%1'%/%)1<! (,'6! '%&! 1&11.'%! )'! )*&! ')*&,C! .%! 7&%&,/0<! )*&! 3.1),.>-).'%! .%! )*.1! .%.)./0!
5&,.'3!3.((&,1!1->1)/%)./009!(,'6!)*&!3.1),.>-).'%!.%!)*&!/3-0)E1!15&&+*!1/650&:!P%!P%)/2&!
Y<!'%!)*&!')*&,!*/%3<!)*&!3.1),.>-).'%!'(!)*&!3.((&,&%)!+'%1'%/%)1!/%3!(&/)-,&1!>&+'6&1!
6',&!1)/>0&!/%3!,&1&6>0&1!)*&!3.1),.>-).'%!.%!/3-0)!15&&+*!?=.)*!4/,./).'%<!)*'-7*@:!
;! 1),'%7! ,&0/).'%! =/1! /01'! ('-%3! >&)=&&%! )*&! )='! .%)/2&! 5&,.'31! /%3!
3&4&0'56&%)!.%!+*.03,&%E1!/+).4&!4'+/>-0/,9_!)*,'-7*'-)!.%)/2&!"<!+*.03,&%E1!4'+/>-0/,9!
?)95&1@!.1!4&,9!16/00!?(/,!>&0'=!XR!=',31@!/%3!)*&!>&7.%%.%7!'(!.%)/2&!Y!6/)+*&1!=.)*!/%!
&[5/%1.'%!.%!+*.03,&%E1!4'+/>-0/,9!?6'1)!'()&%<!)'!/>'4&!XR!=',31@:!
!
)9U(V5438445/1(
!
^*.1! 1&+).'%! 5,&1&%)1! /! 3.1+-11.'%! '(! )*&! /+8-.1.).'%! 5/))&,%1! 3&1+,.>&3! .%! )*&!
5,&+&3.%7! 1&+).'%1<! .%! )*&! 0.7*)! '(! )*&! ),&%31! /%3! )*&',&).+/0! .11-&1! ,&(&,,&3! )'! .%! )*&!
>&7.%%.%7!'(!)*.1!+*/5)&,!?1&+).'%!#:"@:!
!
@9(L',&'(/2(#3<8545%5/1(/2($.#3&(#1,(0#11&'(2&#%8'&4H(FG(!"(/%"&'(.#1A8#A&4(
!
;1! (/,! /1! 6/%%&,! (&/)-,&1! /,&! +'%+&,%&3<! ,&1&/,+*! .%! 3.((&,&%)! 0/%7-/7&1! */1!
1*'=%! )*/)! 1)'51! /,&! /++-,/)&09! 5,'3-+&3! (,'6! &/,09! /7&1! '%! ?F/2'>1'%<! "GH"IJKC!
h.*6/%<! "GGYC! A)'&0BW/66'%<! "GG#C! f'>>! M! e0&.0&<! "GGH@:! i/1/01! /01'! )&%3! )'! >&!
/+8-.,&3!&/,09<!/0)*'-7*!%')!-%.4&,1/009!?V.22&,)<!"GGHC!e&,%*/,3)!M!A)&6>&,7&,<!"GGK@:!
;1!(',!(,.+/).4&1!/%3!0.8-.31<!)*&9!/,&!.%(,&8-&%)!.%!&/,09!=',31!/%3!)&%3!)'!>&!/+8-.,&3!
.%! 5,'),/+)&3! 5&,.'31! '(! ).6&! ?e&,%*/,3)<! "GGRC! Q/)D&%/-&,<! "GGRC! Z.%%1&%<! "GGYC!
e&&,1<!"GGX@:!
^*&! ),&%31! .%! /+8-.1.).'%! '(! 6/%%&,! (&/)-,&1! ,&(&,,&3! )'! />'4&! */4&! >&&%!
/))&1)&3! .%! )*&! 3/)/! '(! \]! +*.03,&%_! 1)'51! /%3! %/1/01! /,&! )*&! )='! (.,1)! 1'-%3! +0/11&1!
/+8-.,&3! ?6'1)! '()&%! .%! )*&! ',3&,! A)'5jji/1/0@<! ('00'=&3! >9! (,.+/).4&1! /%3! (.%/009! >9!
0.8-.31! ?1&&! 1&+).'%! #:X:"@:! P%! 1-6<! bB+'%).%-/%)c! /%3! bk%/1/0c! )&%3! )'! >&! /6'%71)! )*&!
(.,1)! 6/%%&,! (&/)-,&1! /+8-.,&3<! =*.0&! (&/)-,&1! 1-+*! /1! bk+'%).%-/%)c! /%3! bk1'%',/%)<! B
%/1/0c! )&%3! )'! >&! /+8-.,&3! 0/)&,:! ^*.1! ',3&,! /01'! 6/)+*&1! )*&! /+8-.1.).'%! 5/))&,%1!
'>1&,4&3!.%!e,/D.0./%!+*.03,&%E1!3/)/!?Q/)D&%/-&,<!"GGRC!T/65,&+*)!&):/0<!YRRH@:!!
f&7/,3.%7!50/+&!(&/)-,&!15&+.(.+/).'%<!,&1&/,+*!*/1!1*'=%!)*/)!/%)&,.',!(&/)-,&1!
?T/>./0!/%3!L','%/0!bk/%)c@!)&%3!)'!>&!/+8-.,&3!>&(',&!%'%B/%)&,.',!?L','%/0!bB/%)c!/%3!
Z',1/0@! ! ?F/2'>1'%<! "GH"IJKC! P%7,/6<! "GGYC! e&&,1<! "GGJ@:! ! A'6&! 1)-3.&1! */4&! /01'!
!
OO!
1*'=%!)*/)!50/+&!(&/)-,&1!6/9!>&!/+8-.,&3!=.)*.%!1->+/)&7',.&1!3&)&,6.%&3!>9!4'.+.%7!
?Z'1!A/%)'1<!YRROC!$0.4&.,/<!YRRH@:!!
L',,'>',/).%7!,&1-0)1!=&,&!'>1&,4&3!.%!\]!+*.03,&%E1!3/)/_!?.@!0/>./0!/%3!+','%/0!
bk/%)c!+'%1'%/%)1!)&%3!)'!>&!/+8-.,&3!>&(',&!+','%/0!bB/%)c!/%3!3',1/0C!?..@!5/,).+-0/,09!
=.)*.%!1)'51<!1'6&!+*.03,&%!)&%3!)'!/+8-.,&!4'.+&0&11!1'-%31!>&(',&!4'.+&3<!>-)!'>&9.%7!
)'!)*&!',3&,!/%)&,.',jj%'%B/%)&,.',!?1&+).'%!#:X:#@:!!!
P%!1-6<!\]!+*.03,&%!/+8-.,&!1)'51<!%/1/01<!0/>./01!/%3!+','%/01!bk/%)c!/)!/%!&/,09!
/7&:!A.%+&!&/,09B/+8-.,&3!1'-%31!/,&!-1-/009!+0/11.(.&3<!.%!)*&!0.)&,/)-,&<!/1!-%6/,2&3!',!
3&(/-0)! ?F/2'>1'%! "GH"IJK@<! =&! +'-03! +'%+0-3&! )*/)! )*'1&! ('-,! 1&)1! '(! 1'-%31! */4&! /%!
-%6/,2&3!1)/)-1!.%!\]!+*.03,&%E1!191)&61:!N'=&4&,<!/1!=.00!>&!3.1+-11&3!(-,)*&,!>&0'=<!
%')!/00!&/,09B/+8-.,&3!1'-%31!&6&,7&!.%!1->1).)-).'%1!(',!+'%1'%/%)1!)*/)!/,&!/+8-.,&3!
0/)&,:! P)! 6.7*)! >&! )*&! +/1&<! )*&%<! )*/)! &/,09B/+8-.,&3! 1'-%31! */4&! 3.((&,&%)! 3&7,&&1! '(!
-%6/,2&3%&11C! )*.1! .11-&! =.00! >&! (-,)*&,! &[50',&3! .%! 1->1&+).'%! e<! =*&,&! =&! ('+-1! '%!
1->1).)-).'%!5/))&,%1:!!
!
V\;^zf\!L$B$LLzff\iL\!
;%')*&,! /15&+)! )*/)! .1! =',)*! 3.1+-11.%7! *&,&! .1! )*/)! 1'6&! 50/+&I6/%%&,! ?',!
4'.+.%7@!(&/)-,&!+'B'++-,,&%+&1!*/4&!5,'4&%!)'!>&!3.((.+-0)!(',!\]!+*.03,&%<!0&/3.%7!)'!/%!
&[)&%3&3! ).6&! 0/7! >&)=&&%! )*&! /+8-.1.).'%! '(! )*&! (.,1)! /%3! )*&! 0/1)! &0&6&%)! '(! /! 7.4&%!
1'-%3! +0/11! ?1&&! 1&+).'%1! #:X:#B#:X:J@:! ! ^*&! (.,1)! 5,'>0&6/).+! +'6>.%/).'%! .1! b3',1/0<!
k4'.+&3c<!=*.+*!,&1-0)1!.%!/!0/)&!/+8-.1.).'%!'(!b!c!(',!/00!+*.03,&%:!i')&!)*/)!)*.1!3.((.+-0)9!
.1!%')!,&0/)&3!)'!6/%%&,!',!50/+&!15&+.(.+/).'%<!>-)!)'!)*&!+'6>.%/).'%!'(!(&/)-,&1!Z',1/0!
/%3!bk4'.+&3c:!;%')*&,!+*/00&%7.%7!+'6>.%/).'%!(',!)*&!6/g',.)9!'(!+*.03,&%!?/00!&[+&5)!
(',!F'/%/@!.1!bk%/1/0<!+','%/0B/%)c<!=*.+*!+/-1&1!/!3&0/9!.%!)*&!/+8-.1.).'%!'(!%/1/01<!/1!/!
+0/11:! ^*&! (&/)-,&! +'B'++-,,&%+&! bB1'%',/%)<! k+'%).%-/%)<! +','%/0c! /01'! 5'1&1! 1'6&!
5,'>0&61!)'!\]!0&/,%&,1_!/00!1->g&+)1!)*/)!/+8-.,&!(,.+/).4&1!?P%x1<!F'/%/!/%3!T-6/@!1)/,)!
=.)*!/!0/>./0!/%3!6/1)&,!+','%/01!'%09!0/)&,C!.%!F'/%/E1!3/)/<!6/1)&,9!'(!+','%/0!(,.+/).4&1!
'++-,1!6',&!)*/%!/!9&/,!/()&,!)*&!/+8-.1.).'%!'(!0/>./0!b(c:!!
^='!')*&,!(&/)-,&!+'B'++-,,&%+&1!+/%!>&!'>1&,4&3!.%!\]!3/)/_!P%x1!/+8-.,&1!b0c!/)!
YCX!>-)!)*&!bk0/)&,/0<!+',B/%)c!b#c!.1!%')!9&)!6/1)&,&3!/)!)*&!0/1)!1&11.'%!1)-3.&3<!/)!HCY:!
;01'!=.)*.%!0.8-.31<!>')*!P%x1!/%3!F'/%/!/+8-.,&3!)*&!3',1/0!),.00!?bk1'%',/%)<!B0/)&,/0<!B
%/1/0<! 3',1/0c@! >-)! 3'! %')! 6/1)&,! )*&! (0/5! ?bk1'%',/%)<! B0/)&,/0<! B%/1/0<! +','%/0c@! .%! )*&!
).6&!(,/6&!1)-3.&3!?-%).0!H:Y!.%!P%x1!/%3!HC"R!.%!F'/%/@:!
i')&!)*/)!1.6.0/,!,&1),.+).'%1!,&7/,3.%7!(&/)-,&!+'6>.%/).'%1!*/4&!>&&%!'>1&,4&3!
.%! ')*&,! 0/%7-/7&1! ?1&+).'%1! #:":"! /%3! #:":Y@C! .%! e]<! (',! .%1)/%+&! ?T/65,&+*)! &):! /0:<!
YRRH@<!.)!*/1!>&&%!'>1&,4&3!)*/)!+'%1'%/%)1!+*/,/+)&,.D&3!>9!)*&!(&/)-,&!+'6>.%/).'%1!
!
OK!
0.1)&3!/>'4&!)&%3!)'!>&!/+8-.,&3!0/1)_!?.@!4'.+&3!3',1/0!b!c<!=.)*.%!1)'51C!!?..@!5/0/)/0!b"c!
=.)*.%! %/1/01C! ?...@! +','%/01<! =.)*.%! (,.+/).4&1C! ?.4@! b#c! =.)*.%! 0/)&,/01C! ?4@! +','%/0! b%c<!
=.)*.%!,*').+1:!^*-1<!/1!(/,!/1!7&%&,/0!',3&,!'(!/+8-.1.).'%!'(!50/+&!/%3!6/%%&,!(&/)-,&1!
/,&! +'%+&,%&3<! >')*! 4/,.&).&1! '(! ]',)-7-&1&! ?\]! /%3! e]@! 1*'=! 1.6.0/,! 3&4&0'56&%)/0!
5/))&,%1:! P)! .1! =',)*! &65*/1.D.%7<! *'=&4&,<! )*/)! )*&! (.4&! \]! +*.03,&%! 3.((&,! (,'6! e]!
1->g&+)1!/1!)'!)*&!/7&!'(!/+8-.1.).'%<!5/,).+-0/,09!.%!0.8-.31_!/++',3.%7!)'!T/65,&+*)!&):/0!
?YRRH@<!)*&!)='!0/)&,/01!)&%3!)'!>&!/+8-.,&3!-%).0!HCR!/%3!)*&!)='!,*').+1!-%).0!HCY:!^*.1!
.1!%')<!*'=&4&,<!)*&!+/1&!.%!\]_!%'%&!'(!)*&!)='!+*.03,&%!1)-3.&3!(',!/!0'%7&,!5&,.'3!'(!
).6&!?P%x1!-%).0!HCY!/%3!F'/%/!-%).0!HC"R@!/+8-.,&3!)*&!+'650&)&!1&)!'(!('-,!0.8-.31C!P%x1!
/+8-.,&3!'%09!b0c!/%3!b$c!/%3!F'/%/!/+8-.,&3!'%09!b$c:!^*.1!3.1+,&5/%+9!>&)=&&%!e]!/%3!
\]!,&8-.,&1!(-,)*&,!.%4&1).7/).'%<!'%&!)*&!>/1.1!'(!/!0/,7&,!1/650&!'(!\]!3/)/:!!
!
B9(>8?4%5%8%5/1($#%%&'14H(FG(!"(/%"&'(.#1A8#A&4(
!
Q;ii\f!V\;^zf\A!
!
;++',3.%7! )'! )*&! 0.)&,/)-,&! .%! )*&! (.&03<! 1)'51! /%3! %/1/01! /,&! 0&11! 5,'%&! )'! >&!
1->6.))&3! )'! 1->1).)-).'%! 5/))&,%1! ?n/4/1<! "GKKC! e&,%*/,3)! M! A)&6>&,7&,<! "GGKC!
T/65,&+*)! &):! /0:<! YRRH@:! ^*.1! ),&%3! +'-03! /01'! >&! 1*'=%! (',! \]_! 1)'51! /%3! %/1/01! /,&!
/+8-.,&3!&/,09!?6'1)09!>&(',&!YCR@!/%3!)&%3!%')!)'!>&!/((&+)&3!>9!6/%%&,!1->1).)-).'%1:!
A&4&,/0! 1)-3.&1! */4&! 1*'=%! )*/)! (,.+/).4&1! )&%3! )'! >&! ,&50/+&3! >9! 1)'51!
?\3=/,31<! "GGJC! Z'1! A/%)'1<! YRRO@<! =*.0&! 0.8-.31! )&%3! )'! >&! 1->1).)-)&3! >9! /%')*&,!
1'%',/%)<! %/6&09! /! %/1/0! ',! /! 70.3&! ?Q&DD'6'! M! f.>/1<! YRRH@:! A.6.0/,! ,&1-0)1! =&,&!
/))&1)&3! .%! )*.1! +*/5)&,_! .%! )*&! 3/)/! '(! \]! +*.03,&%<! 6/%%&,! 1->1).)-).'%1! )*/)! /((&+)!
(,.+/).4&1!/,&!6'1)09!'(!)*&!)95&!V,.+BjA)'5<!=*.0&!0.8-.31!/,&!'()&%!5,'3-+&3!/1!/!70.3&<!/!
%/1/0! ',! /%')*&,! 0.8-.3! ?.%! 0/)&,/0I,*').+! .%)&,+*/%7&1@:! N'=&4&,<! 0.8-.31! +/%! /01'! >&!
,&50/+&3!>9!1)'51<!5/,).+-0/,09!)*&!3',1/0!),.00!?1&+).'%!#:X:Y@:!!
P%! 1-6<! \]! 3/)/! 1*'=! )*/)! 1)'51! /,&! )*&! 6'1)! +'66'%! 1->1).)-)&1! .%! 6/%%&,!
+*/%7.%7!1->1).)-).'%1<!1.%+&!)*&9!+/%!,&50/+&!(,.+/).4&1!?V,.+BjA)'5@!',!1'%',/%)1!?T.8B
jA)'5@:! ;1! (',! 1'%',/%)1! ?%/1/01<! 0.8-.31@<! )*&9! 6'1)09! ,&50/+&! ')*&,! 1'%',/%)! 1'-%31!
?T/)Bji/1C! f*')BjT/)C! T.8BjW0.3&@:! ! P)! )*-1! 1&&61! )*/)! 1)'51! /,&! )*&! 0&/1)! 6/,2&3!
+'%1'%/%)1<!1.%+&!)*&9!+/%!,&50/+&!>')*!1'%',/%)1!/%3!%'%B1'%',/%)1:!;1!(',!%/1/01!/%3!
70.3&1<!)*&9!/+)!/1!)*&!0&/1)!6/,2&3!1'-%31!=.)*.%!)*&!1'%',/%)!1->+/)&7',9:!!
!
A.6.0/,09! )'! =*/)! */1! >&&%! '>1&,4&3! .%! ')*&,! 0/%7-/7&1! ?e&,%*/,3)! M!
A)&6>&,7&,<! "GGK@<! \]! +*.03,&%! )&%3! )'! 6/.%)/.%! )*&! 15&+.(.+/).'%! '(! b1'%',/%)c! '(! )*&!
)/,7&)!+'%1'%/%)_!bB1'%',/%)c!?'>1),-&%)1@!/,&!6'1)!'()&%!,&50/+&3!>9!/%!'>1),-&%)!/%3!
bk1'%',/%)c!?0.8-.31@!)&%3!)'!>&!1->1).)-)&3!>9!/!1'%',/%)!?&[+&5)!(',!)*&!3',1/0!),.00<!/1!
!
OG!
=.00! >&! 3.1+-11&3! >&0'=@:! ^*&1&! 1->1).)-).'%! 5/))&,%1! 6/9! 5,'4.3&! .%1.7*)1! .%)'! )*&!
',7/%.D/).'%!'(!6/%%&,!(&/)-,&1!.%!+*.03,&%E1!3&4&0'5.%7!5*'%'0'79_!/11-6.%7!)*/)!)*&!
5,&1&,4&3!(&/)-,&1!.%!+*.03,&%E1!15&&+*!/,&!)*&!'%&1!)*/)!'++-59!/!*.7*&,!0&4&0!.%!)*&.,!
191)&61<!.)!1&&61!)*/)!/!b1'%',/%)c!'2(&!?.%!(&/)-,&!7&'6&),9!6'3&01@!',!/!(/.)*(-0%&11!
/2'),%.+',!)'!b1'%',/%)c!?.%!$^!/55,'/+*&1@!.1!*.7*&,!,/%2&3!.%!+*.03,&%E1!5*'%'0'7.+/0!
191)&61!)*/%!)*'1&!5&,)/.%.%7!)'!b+'%).%-/%)c!',!b0/)&,/0c<!(',!.%1)/%+&:!!
!
!
P)!.1<!*'=&4&,<!%')!/0=/91!)*&!+/1&!)*/)!0.8-.31!/,&!,&50/+&3!>9!/%')*&,!1'%',/%):!
;1!1*'=%!.%!1&+).'%!#:X:Y<!\]!+*.03,&%!)&%3!)'!,&50/+&!)*&!),.00!>9!/!1)'5:!Q.,/%3/!?"GGJC!
YRRO@! ,&5',)1! '%! 1.6.0/,! ,&1-0)1! .%! )*&! /+8-.1.).'%! '(! e]:! ;++',3.%7! )'! )*.1! /-)*',<! )*&!
1->1).)-).'%! '(! )*&! ),.00! >9! /! 1)'5! +'%1).)-)&1! &4.3&%+&! )*/)! +*.03,&%! /11.7%! 3.((&,&%)!
3&7,&&1!'(!1'%',.)9!)'!)*&!)='!,*').+1<!=.)*!)*&!),.00!>&.%7!+0'1&,!)'!'>1),-&%)1!/%3!)*&!
(0/5!+0'1&,!)'!70.3&1:!Q.,/%3/!/,7-&1!)*/)<!/1!(/,!/1!)*&!/+8-.1.).'%!'(!,*').+!.1!+'%+&,%&3<!
e]! 3/)/! .1! >&1)! /++'-%)&3! (',! .%! /! 1'%',.)9! 1+/0&! 1-+*! /1! )*&! '%&! 5,'5'1&3! >9! e'%&)! M!
Q/1+/,l<!7.4&%!>&0'=!?1&&!1&+).'%!#:":Y@:!!!!
!
!<=R# *@2'2%+,A*)/.9&*!72'&,*B*C.)/.%DE*<55FG*H>1(*C+%.'(.E*?==I#*
R!
A)'51!
"!
V,.+/).4&1!kb$c!
Y!
i/1/01!
#!
T/)&,/01!
H!
W0.3&1!kb%]!
X!
h'=&01!
!
!
V'00'=.%7! )*&! 1+/0&! 3&5.+)&3! />'4&<! 1->1).)-).'%! 5/))&,%1! 1-+*! /1! b%] Bj[j] /,&!
6',&!(,&8-&%)!)*/%! b$c! Bj[j]!/%3!5/))&,%1!1-+*!/1!! b$c! Bj[!]!'++-,!6',&!'()&%!)*/%!! b%] B
j[d] >&+/-1&!b%c!(0/%21!70.3&1!/%3!b$c!.1!+0'1&!)'!'>1),-&%)1<!.%!)&,61!'(!1'%',.)9:!
;1!(/,!/1!/+8-.1.).'%!'(!,*').+1!.1!+'%+&,%&3<!e]!/%3!\]!5,&1&%)!1.6.0/,!,&1-0)1_!
?.@!)*&!),.00!.1!/+8-.,&3!>&(',&!)*&!(0/5C!?..@!)*&!),.00!)&%31!)'!>&!,&50/+&3!>9!/!1)'5!/%3!)*&!
(0/5!.1!6'1)!'()&%!1->1).)-)&3!>9!/!1'%',/%)!?/!70.3&!',!/!0/)&,/0@:!a&!+'-03!)*&%<!/,7-&!
)*/)! /! 1'%',.)9! 1+/0&! 1-+*! /1! )*&! '%&! 7.4&%! .%! ?"RH@! .1! -%3&,09.%7! \]! /+8-.1.).'%! 3/)/:!
^*&,&! .1<! *'=&4&,<! /%! /33.).'%/0! (/+)',! )*/)! .1! =',)*! +'%1.3&,.%7_! =',3B5'1.).'%:! P%!
1&+).'%!#:X:Y<!.)!=/1!1*'=%!)*/)!)*&!),.00!.1!6'1)!'()&%!,&50/+&3!>9!/!1)'5!.%!=',3B.%.)./0!
5'1.).'%<! >-)! )*/)! )*&! %-6>&,! '(! ),.00Bj1'%',/%)! 1->1).)-).'%1! .%+,&/1&3! .%! .%)&,4'+/0.+!
'%1&):!P)!)*-1!1&&61!)*/)!+'%)&[)!50/91!/%!.65',)/%)!,'0&!.%!1->1).)-).'%!5/))&,%1<!1.%+&!
.%)&,4'+/0.+!),.001!/,&!6',&!5,'%&!)'!1-,(/+&!/1!/!1'%',/%)!)*/%!L"!),.001:!A.%+&<!>')*!.%!\]!
/%3! e]<! '%1&)! (0/51! +/%! '%09! /55&/,! .%! .%)&,4'+/0.+! 5'1.).'%<! =*.0&! )*&! ),.00! +/%! /55&/,!
>')*!.%!L"!/%3!.%!LY<!.)!1&&61!)*/)!3.1),.>-).'%/0!5/))&,%1!/,&!50/9.%7!/!,'0&!.%!)*&!)95&!
'(! 1->1).)-).'%! )*/)! '++-,1_! LY! ,*').+1! ?),.00! /%3! (0/5@! )&%3! )'! >&! ,&50/+&3! >9! 1'%',/%)1!
=*.0&! L"! ,*').+1! ?),.00@! )&%3! )'! >&! 1->1).)-)&3! >9! /! 1)'5:! ^*&! &((&+)! '(! =',3B5'1.).'%! .%!
3&4&0'56&%)/0!5/))&,%1!=.00!>&!(-,)*&,!&[50',&3!.%!+*/5)&,!X:!
!
KR!
!
]T;L\!V\;^zf\A!
!!
f&1&/,+*!.%!)*&!(.&03!*/1!1*'=%!)*/)!0/>./0!/%3!+','%/0!+'%1'%/%)1!/,&!%')!'()&%!
1->6.))&3! )'! 1->1).)-).'%! 5/))&,%1<! /0)*'-7*! 1'6&! 1)-3.&1! */4&! ,&5',)&3! '%! ?.@! 0/>./0B
j+','%/0! ,&50/+&6&%)1<! 6'1)09! /((&+).%7! 0/>./0! (,.+/).4&1C! ?..@! .%)&,+*/%7&1! >&)=&&%!
+','%/0! bk/%)c! /%3! bB/%)c! 1'-%31! ?P%7,/6! &)! /0:! "GKRC! A)'&0BW/66'%! M! Z-%%<! "GKXC!
e&,%*/,3)<! "GGR@:! f&7/,3.%7! 1->1).)-).'%1<! Z',1/0! )&%31! )'! >&! )*&! 6'1)! /((&+)&3! 50/+&!
(&/)-,&C! /! (,&8-&%)09! '>1&,4&3! 5*&%'6&%'%! .1! )*&! ,&50/+&6&%)! '(! 3',1/01! >9! +','%/01<!
+'66'%09!)&,6&3!/1!4&0/,!(,'%).%7!?A)'&0BW/66'%<!"GGJC!A)'&0BW/66'%!M!A)&6>&,7&,<!
"GGHC!P%2&0/1!M!f'1&<!YRR#@:!!
P%! 7&%&,/0<! \]! +*.03,&%E1! 3/)/! 1*'=! )*&! ),&%31! '>1&,4&3! /+,'11! 0/%7-/7&1_! )*&!
&/,09B/+8-.,&3! 0/>./0! /%3! +','%/0! bk/%)c! 1'-%31! )&%3! )'! >&! 0&11! 1->6.))&3! )'! 50/+&!
1->1).)-).'%1! )*/%! L','%/0! bB/%)c! /%3! Z',1/0:! P%! 6'1)! 1->1).)-).'%! 5/))&,%1<! L','%/0!
bk/%)c! 1)/%31! '-)! /1! )*&! 6'1)! (,&8-&%)! 1->1).)-)&_! 3',1/01<! 0/>./01! /%3! +','%/01! bB/%)c!
)&%3! )'! >&! 5,'3-+&3! /1! +','%/0! bk/%)c! +'%1'%/%)1! ?1&+).'%! #:X:Y@:! ^*&1&! 5/))&,%1!
+'%1).)-)&! &4.3&%+&! )*/)! L',! bk/%)c! */1! /! 3&(/-0)! 1)/)-1! .%! +*.03,&%E1! 191)&61:! P%! )*.1!
,&15&+)<! )*&! (.4&! +*.03,&%E1! 3/)/! 5,'4.3&3! /33.).'%/0! 1-55',)! (',! )*&! /%/091.1! 5,'5'1&3!
>9!Q/)&-1!M!3E!;%3,/3&!?YRRR@!(',!)*&!)/,7&)!191)&6<!=*&,&!.)!.1!/11-6&3!)*/)!+','%/0!
bk/%)c!+'%1'%/%)1!/,&!-%6/,2&3!.%!)*&!5*'%'0'7.+/0!191)&6:!!
!;1!(',!T/>./0<!/0)*'-7*!.)!.1!/%!&/,09B/+8-.,&3!50/+&!(&/)-,&<!.)!.1!%')!'()&%!-1&3!/1!
/! 3&(/-0)! 1->1).)-)&C! )*&1&! 5/))&,%1! 1*'=! )*/)! )*&! &/,09! /+8-.1.).'%! '(! /! 7.4&%! (&/)-,&!
3'&1! %')! %&+&11/,.09! .6509! /! 3&(/-0)! 1)/)-1! .%! +*.03,&%E1! 191)&61C! /)! 0&/1)! /1! (/,! /1!
1->1).)-).'%!5/))&,%1!/,&!+'%+&,%&3:!!
!
!9( ;&.#%5/1( ?&%^&&1( ,54%'5?8%5/1( /2( 3/14/1#1%4( 51( #,8.%( 4$&&3"( #1,( #3<8545%5/1(
,#%#((
V'+-1.%7! '%! 50/+&! /%3! 6/%%&,! (&/)-,&1<! =&! '>1&,4&3! )*/)! )*&! 6'1)! (,&8-&%)09!
5,'3-+&3! 1'-%31! .%! )*&! .%5-)! /,&! /+8-.,&3! &/,09<! %/6&09! 1)'51! /%3! +','%/01<! /%3! )*&!
0&/1)!(,&8-&%)09!5,'3-+&3!/,&!/+8-.,&3!0/)&<!%/6&09!0.8-.31!/%3!3',1/01:!N'=&4&,<!)*&,&!
/,&!3.1+,&5/%+.&1!>&)=&&%!>')*!/2%>2%._!.%!)*&!/3-0)!15&&+*!1/650&<!(,.+/).4&1!/,&!6',&!
(,&8-&%)! )*/%! %/1/01<! >-)! )*&! ',3&,! '(! /+8-.1.).'%! '(! )*&1&! )='! +'%1'%/%)/0! +0/11&1! .1!
%/1/01jj(,.+/).4&1:!V-,)*&,6',&<!+','%/01!/,&!6',&!(,&8-&%)!)*/%!0/>./01!.%!/3-0)!15&&+*!
>-)!)*&!6/g',.)9!'(!+*.03,&%!/+8-.,&3!)*&1&!)='!(&/)-,&1!.%!)*&!',3&,!0/>./01jj+','%/01:!!
P%! 1-6<! %'! 1),/.7*)(',=/,3! ,&0/).'%! =/1! ('-%3! >&)=&&%! 3.1),.>-).'%! .%! /3-0)!
15&&+*!/%3!',3&,!'(!/+8-.1.).'%:!!
;! 1),'%7&,! ,&0/).'%! >&)=&&%! 3&4&0'56&%)/0! 3/)/! /%3! 3.1),.>-).'%! .%! )*&! .%5-)!
=/1! ('-%3! =*&%! =&! 0''2&3! /)! .%)/2&! 5/))&,%1<! .%! /! 0'%7.)-3.%/0! 5&,15&+).4&:! P)! =/1!
!
K"!
1*'=%! )*/)! )*&,&! /,&! )='! 6/.%! 5&,.'31! .%! +*.03,&%E1! 1&)! '(! =',31! 1&0&+)&3C! .%)/2&! "!
+'4&,1! )*&! (.,1)! 1&11.'%1! /%3! .1! +*/,/+)&,.D&3! >9! /! *.7*&,! 3&7,&&! '(! 4/,./).'%! .%! )*&!
%-6>&,!'(!).6&1!/!7.4&%!(&/)-,&!.1!/))&65)&3<!(,'6!'%&!1&11.'%!)'!)*&!')*&,!?=.)*.%!/%3!
/+,'11!+*.03,&%E1!+',5',/@:!P%!7&%&,/0<!(,&8-&%+9!'(!1&0&+).'%!.%!)*.1!.%.)./0!5&,.'3!3.((&,1!
1->1)/%)./009! (,'6! (,&8-&%+9! '(! 5,'3-+).'%! .%! )*&! /3-0)! 15&&+*! 1/650&:! P%! .%)/2&! Y<! '%!
)*&! ')*&,! */%3<! )*&! 1&0&+).'%! '(! (&/)-,&1! >&+'6&1! 6',&! 1)/>0&! (,'6! '%&! 1&11.'%! )'! )*&!
')*&,!/%3!1)/,)1!,&1&6>0.%7!3.1),.>-).'%/0!5/))&,%1!.%!/3-0)!15&&+*:!
!
;! 1),'%7! ,&0/).'%! =/1! /01'! ('-%3! >&)=&&%! )*&! )='! .%)/2&! 5&,.'31! /%3!
3&4&0'56&%)1! .%! +*.03,&%E1! /+).4&! 4'+/>-0/,9! ?=',3! )95&1@_! )*,'-7*'-)! .%)/2&! "<!
+*.03,&%E1!4'+/>-0/,9!.1!4&,9!0.6.)&3<!(/,!>&0'=!XR!=',31<!/%3!)*&!>&7.%%.%7!'(!.%)/2&!Y!
+'.%+.3&1!=.)*!/%!&[5/%1.'%!.%!)*&!+*.03,&%E1!4'+/>-0/,9<!6'1)!'()&%<!)'!/>'4&!XR!=',31:!
^*&1&! (.%3.%71! +',,'>',/)&! )*&! (.%3.%71! '>1&,4&3! .%! V,&%+*! ?Z'1! A/%)'1<! YRRO@! /%3! .%!
Z-)+*! ?V.22&,)! M! T&4&0)<! YRRK@<! =*&,&! .)! =/1! 1*'=%! )*/)! 3.1),.>-).'%/0! 5/))&,%1! .%!
/+8-.1.).'%!1)/,)!,&1&6>0.%7!)*'1&!.%!/3-0)!15&&+*!'%09!(,'6!/!+&,)/.%!1)/7&!'%<!.%!=*.+*!
)*&!9'-%7!0&/,%&,E1!4'+/>-0/,9!.1!/01'!.%+,&/1.%7!1.7%.(.+/%)09:!
!
Z&4&0'56&%)/0! 5/))&,%1! .%! )*&! (.,1)! 1&11.'%1! /,&! 4&,9! .3.'19%+,/).+! ?>&)=&&%!
RC""!/%3!"CK<!/55,'[.6/)&09@_!)*&!1&)!'(!=',31!/))&65)&3!.1!4&,9!0.6.)&3!/)!)*.1!/7&<!/1!
=&00!/1!)*&!5,'3-+).'%!1),/)&7.&1!-1&3:!^*.1!&/,09!3&4&0'56&%)/0!5&,.'3!=.00!+'%1).)-)&!
)*&!('+-1!'(!/%/091.1!'(!)*&!%&[)!+*/5)&,:!
P)! .1! =',)*! &65*/1.D.%7! )*/)! )*&! 3.1+,&5/%+.&1! '>1&,4&3! >&)=&&%! )*&! ',3&,! '(!
/+8-.1.).'%!'(!(&/)-,&1!/%3!.)1!3.1),.>-).'%!.%!)*&!/3-0)!15&&+*!1/650&!6.7*)!,&1-0)!(,'6!
)*&! (/+)! )*/)! =&! 3.3! %')! 3.1).%7-.1*! >&)=&&%! &/,09! /%3! 0/)&,! ,&+',3.%7! 1&11.'%1<! .%! )*&!
/%/091.1:! P)! +'-03! >&! )*&! +/1&<! )*&%<! )*/)! )*&! ',3&,! '(! /+8-.1.).'%! '(! )*&! 0/)&,! /+8-.,&3!
(&/)-,&1!,&1&6>0&1!.)1!3.1),.>-).'%!.%!)*&!/3-0)!15&&+*!/%3!3.1+,&5/%+.&1!/,&!('-%3!'%09!
.%! )*&! (.,1)! 1&11.'%1:! ^*.1! 1&5/,/)&! /%/091.1! ?,&0/).'%! >&)=&&%! &/,09! /+8-.,&3! (&/)-,&1!
/%3!/3-0)!15&&+*! L)!,&0/).'%! >&)=&&%!0/)&,! /+8-.,&3!(&/)-,&1!/%3!/3-0)! 15&&+*@! =.00! >&!
5&,(',6&3!.%!+*/5)&,1!H!/%3!X!?1&&!1&+).'%!H:K!/%3!X:K<!(',!/!3.1+-11.'%!'(!)*&!,&1-0)1@:!
!
)9S(!/13.8,51A('&0#'E4(
!
^*&!/+8-.1.).'%!'(!)*&!+'%1'%/%)/0!.%4&%)',9!.%!\]!+/%!>&!+*/,/+)&,.D&3!>&1)!.%!
)&,61!'(!(&/)-,&1_!1)'51<!%/1/01<!0/>./01!/%3!+','%/0!bk/%)c!/,&!/6'%71)!)*&!(.,1)!1'-%31!
)'! >&! /+8-.,&3<! =*.0&! (,.+/).4&1<! 0.8-.31<! +','%/0! bB/%)c! /%3! 3',1/01! )&%3! )'! >&! /+8-.,&3!
0/)&,:! ^*&! /+8-.1.).'%! 5&,.'31! '(! )*&! 3.((&,&%)! (&/)-,&1! )&%3! )'! '4&,0/5<! 6'1)09! 3-&! )'!
5,'>0&6/).+!(&/)-,&!+'B'++-,,&%+&1!=.)*.%!1&76&%)1!/%3!)*&!).6&!.)!)/2&1!)'!'4&,+'6&!
)*&1&!3.((.+-0).&1!&[)&%31!)*&!5&,.'3!'(!/+8-.1.).'%!'(!1'6&!1'-%3!+0/11&1:!!
!
KY!
^*&! /%/091.1! '(! )*&! 1->1).)-).'%! 5/))&,%1! )*/)! /((&+)! 50/+&! /%3! 6/%%&,! (&/)-,&1!
1*'=&3!)*/)!%')!/00!&/,09B/+8-.,&3!1'-%31!3&4&0'5!/!3&(/-0)!1)/)-1!.%!+*.03,&%E1!191)&61:!
$%09! +','%/0! bk/%)c! 1)'51! +/%! >&! 4.&=&3! /1! 3&(/-0)! 1&76&%)1<! 1.%+&! )*'1&! /,&! )*&!
+'%1'%/%)1! )*/)! 6'1)! '()&%! ,&50/+&! ')*&,! %'%B/+8-.,&3! +'%1'%/%)/0! 1'-%31:! ^*&1&!
(.%3.%71! 5,'4.3&! &4.3&%+&! (',! )*&! -%6/,2&3! 1)/)-1! /11.7%&3! )'! +','%/0! bk/%)c!
+'%1'%/%)1!.%!)*&!)/,7&)!191)&6<!/1!5,'5'1&3!.%!Q/)&-1!M!3E!;%3,/3&!?YRRR@:!!
A->1).)-).'%! 5/))&,%1! 1*'=&3! 1'6&! .%)&,&1).%7! 3.((&,&%+&1! >&)=&&%! )*&! )='!
,*').+1_!)*&!(0/5!.1!6'1)09!,&50/+&3!>9!/!1'%',/%)!?70.3&!',!0/)&,/0@<!=*.0&!)*&!),.00!+/%!>&!
,&50/+&3!>')*!>9!1)'51!/%3!>9!1'%',/%)1:!^*&!),.00!)&%31!)'!>&!,&50/+&3!>9!1)'51!.%!=',3B
.%.)./0!5'1.).'%<!=*.0&!.)!+/%!>&!,&50/+&3!>9!1)'51!/%3!1'%',/%)1!.%!.%)&,4'+/0.+!+'%)&[):!
;1!(',!)*&!(0/5<!.)!'++-,1!'%09!.%!LY!'%1&)!5'1.).'%:!$%&!+'-03!/++'-%)!(',!)*&!3.((&,&%+&1!
>&)=&&%!),.00!/%3!(0/5!>9!/11-6.%7!3.((&,&%)!3&7,&&1!'(!1'%',.)9!(',!>')*!,*').+1<!.%!0.%&!
=.)*! )*&! 5,'5'1/0! .%! Q.,/%3/! ?"GGJC! YRRO@<! (',! e]:! ;%')*&,! *95')*&1.1! ='-03! >&! )*/)!
3.((&,&%+&1!/,&!+/-1&3!>9!)*&!3.1),.>-).'%/0!5,'5&,).&1!'(!&/+*!,*').+_!'%1&)!(0/51!'++-,!
'%09!.%!/!+'%)&[)!)*/)!5,'6')&1!1'%',.)9<!%/6&09!.%!.%)&,4'+/0.+!5'1.).'%<!LY<!=*.0&!)*&!
),.00!+/%!/55&/,!>')*!.%!L"!/%3!.%!LY:!;!)*.,3!/++'-%)!='-03!>&!)*/)!>')*!3.((&,&%+&1!.%!
1'%',.)9! /%3! 3.1),.>-).'%/0! 5,'5&,).&1! /,&! 50/9.%7! /! ,'0&! .%! 1->1).)-).'%! 5/))&,%1:! ^*.1!
.11-&! %&&31! (-,)*&,! .%4&1).7/).'%<! '%! )*&! >/1.1! '(! 6',&! 3/)/<! 1.%+&! '%09! )='! '(! )*&! (.4&!
+*.03,&%!1)-3.&3!/+8-.,&3!,*').+1:!!
;1! (',! )*&! ,&0/).'%! >&)=&&%! )*&! 3.1),.>-).'%! '(! +'%1'%/%)1! .%! /3-0)! 15&&+*! /%3!
3&4&0'56&%)/0! 5/))&,%1<! )*&! )='! 6/.%! (.%3.%71! 5,&1&%)&3! .%! )*.1! +*/5)&,! =&,&! )*/)! ?.@!
)*&,&!.1!%'!1),/.7*)(',=/,3!,&0/).'%!>&)=&&%!',3&,!'(!/+8-.1.).'%!/%3!(,&8-&%+9!.%!/3-0)!
15&&+*<! )*'-7*! )*&,&! /,&! 1'6&! +',,&0/).'%1<! 5/,).+-0/,09! .(! =&! ('+-1! '%! (&/)-,&1C! ?..@!
.%.)./0!.%)/2&!5/))&,%1!3'!%')!,&(0&+)!(,&8-&%+9!.%!/3-0)!15&&+*<!>-)!/!+0'1&,!,&1&6>0/%+&!
.1!/+*.&4&3!7,/3-/009<!/1!+*.03,&%E1!4'+/>-0/,.&1!&[5/%3:!
P%! 7&%&,/0<! )*&! 3&4&0'56&%)/0! 5/))&,%1! '>1&,4&3! .%! \]! +',,'>',/)&! )*&! ),&%31!
'>1&,4&3!/+,'11!0/%7-/7&1<!>')*!.%!)*&!',3&,!'(!/+8-.1.).'%!'(!50/+&!/%3!6/%%&,!(&/)-,&1!
/%3!.%!1->1).)-).'%!5/))&,%1:!!
!
!
!
!
!
!
!
!
!
!
!
!
K#!
!
!
KH!
!"#$%&'()(*(+,#-&(#./(0#..&'(1&#%2'&3(4.(&#',5(67'/3(
(
8.%'7/2-%47.(
$%!&'(!)*(+(,-%.!+'/)&(*0!1(!/%/234(,!&'(!5*,(*!56!/+78-9-&-5%!56!&'(!+5%95%/%&/2!
-%:(%&5*3! -%! &'(! ,/&/! 56! 6-:(! ;5*&8.8(9(! +'-2,*(%! /%,! *()5*&(,! /! '-.'! ,(.*((! 56!
:/*-/<-2-&3! -%! &'(! ,-9&*-<8&-5%! 56! &/*.(&=2->(! )*5,8+&-5%9! -%! &'(! 6-*9&! *(+5*,-%.! 9(99-5%9?!
@&'(*! -,-593%+*/9-(9! 56! (/*23! /+78-9-&-5%! )/&&(*%9! 1(*(! /295! )5-%&(,! 58&0! %/A(23! &'/&!
-%&/>(!)/&&(*%9!,-66(*!98<9&/%&-/223!6*5A!/,82&!9)((+'!)/&&(*%90!-%!&(*A9!56!,-9&*-<8&-5%!
56!)2/+(!/%,!A/%%(*!6(/&8*(9!/%,!&'/&!&'(9(!,-66(*(%+(9!<(+5A(!2(99!%5&-+(/<2(!/9!955%!
/9!+'-2,*(%B!9!:5+/<82/*-(9!(C)/%,?!
$%!&'(!+8**(%&!+'/)&(*0!(/*23!/+78-9-&-5%!)/&&(*%9!-%!;5*&8.8(9(!1-22!<(!(C)25*(,!
-%!68*&'(*!,(&/-2D!1(!1-22!*()5*&!5%!&'(!6(/&8*(!/*+'-&(+&8*(!56!6-*9&!15*,90!65+89-%.!%5&!
5%! -%,-:-,8/2! 6(/&8*(9! <8&! 5%! 6(/&8*(! )/&&(*%9! /&! &'(! 15*,! 2(:(2?! $&! 1-22! <(! 9'51%! &'/&!
;5*&8.8(9(!2(/*%(*9!.5!&'*58.'!/%!-%-&-/2!,(:(25)A(%&/2!9&/.(0!1'(*(!/22!+5%95%/%&9!-%!
58&)8&!65*A9!9'/*(!)2/+(!/%,E5*!A/%%(*!6(/&8*(9?!F'(9(!*(982&9!1-22!<(!,-9+899(,!-%!&'(!
2-.'&!56!/!98)*/9(.A(%&/2!/))*5/+'!&5!&'(!,(:(25)A(%&!56!(/*23!58&)8&!*()*(9(%&/&-5%90!
1'(*(! &'(! 15*,! )2/39! /! +(%&*/2! *52(! /9! /%! 5*./%-4-%.! 8%-&0! /9! )*5)59(,! 65*! &'(!
/+78-9-&-5%!56!5&'(*!2/%.8/.(9!<3!G/+>(%!HIJKJL0!M(:(2&!HIJJNL0!M/%.(92/.!HOPPKL!/%,!
Q->>(*&!R!M(:(2&!HOPP"L0!/A5%.!5&'(*9?!
F'-9! +'/)&(*! -9! 5*./%-4(,! /9! 6522519?! S(+&-5%! N?I! )*(9(%&9! /%! 5:(*:-(1! 56! &'(!
2-&(*/&8*(! 5%! &'(! ,(:(25)A(%&! 56! )2/+(! /%,! A/%%(*! 6(/&8*(! )/&&(*%9! -%! (/*23! 15*,90!
65+89-%.! )*-A/*-23! 5%! A5,(29! )*5)59(,! 65*! T8&+'! +'-2,! 2/%.8/.(?! S(+&-5%! N?O! )*5:-,(9!
-%65*A/&-5%!5%!&'(!6(/&8*(!+2/99-6-+/&-5%!56!+5%95%/%&9!/%,!:51(29!-%!U;0!1'-+'!1-22!<(!
89(,! /9! ,(9+*-)&-:(! &5529! 65*! &'(! /%/239-9! 56! +'-2,*(%B9! ,/&/?! S(+&-5%! N?V! )*(9(%&9! /!
98AA/*3!56!&'(5*(&-+/2!-998(9!/%,!58&2-%(9!&'(!/-A9!/%,!*(9(/*+'!78(9&-5%9!8%,(*23-%.!
&'(!+8**(%&!+'/)&(*?!S(+&-5%!N?N!(C)25*(9!&'(!A(&'5,525.-+/2!-998(9?!S(+&-5%9!N?#!/%,!N?W!
)*(9(%&!&'(!*(982&9!56!&'(!;5*&8.8(9(!,/&/!/%/239-90!,(9+*-<-%.!&'(!,(:(25)A(%&!56!)2/+(!
6(/&8*(! )/&&(*%9! /%,! A/%%(*! 6(/&8*(! )/&&(*%90! *(9)(+&-:(23?! X! 98AA/*3! 56! &'(! A/-%!
6-%,-%.9! -9! .-:(%! -%! N?K0! 652251(,! <3! /! .(%(*/2! ,-9+899-5%! -%! N?"?! S5A(! +5%+28,-%.!
*(A/*>9!/*(!)*(9(%&(,!-%!N?J?!
!
)9:(;%2/4&3(7.(%"&(/&<&,7$0&.%(71(1&#%2'&($#%%&'.3(4.(&#',5(67'/3(
!
!
Y(9(/*+'! 5%! 9(.A(%&/2! /+78-9-&-5%! /+*599! 2/%.8/.(9! '/9! *()5*&(,! /%! -%-&-/2!
,(:(25)A(%&/2! 9&/.(! -%! 1'-+'! +'-2,*(%Z9! 58&)8&! 65*A9! /*(! 5:(*1'(2A-%.23!
+'/*/+&(*-4(,! <3! /! [\]\^! 65*A/&0! 1'(*(! +5%95%/%&9! /*(! -,(%&-+/2! 65*! )2/+(! /%,E5*!
A/%%(*! 6(/&8*(9! HSA-&'0! IJKVD! G/+>(%0! IJKJD! _(*%'/*,&! R! S&(A<(*.(*0! IJJ"D! S&5(2=
!
"#!
`/AA5%0!OPPOD!Q->>(*&!R!M(:(2&0!OPP"0!/A5%.!5&'(*9L?!!
!
$%!/!9&8,3!56!&'(!6-*9&!15*,9!)*5,8+(,!<3!#O!&3)-+/223!,(:(25)-%.!U%.2-9'!+'-2,*(%0!
S&5(2=`/AA5%!HOPPOL!*()5*&9!&'/&!"#a!56!&'(!OP#!\b\b!58&)8&!65*A9!,-9)2/3!-,(%&-+/2!
+5%95%/%&9! /%,! &'/&! 15*,9! 1'(*(! +5%95%/%&9! ,-66(*! -%! A/%%(*! 5*! )2/+(! 6(/&8*(9!
+5%9&-&8&(,! 5%23! "a! /%,! P?#a0! *(9)(+&-:(23?! X++5*,-%.! &5! S&5(2=`/AA5%0! &'(! )/&&(*%9!
5<9(*:(,!*(982&0!-%!)/*&0!6*5A!+'-2,*(%B9!(/*23!:5+/<82/*30!A59&23!+5%9&-&8&(,!<3!15*,9!
1-&'! *(,8)2-+/&(,! +5%95%/%&9! 2->(! "#""$0! %&%%$0! '&'$0! <8&! -9! /295! &'(! 58&+5A(! 56!
/99-A-2/&-5%9! /%,! 98<9&-&8&-5%90! 65*! -%9&/%+(! /! 15*,! 2->(! %#(()*! -9! )*5,8+(,! /9! [!a!i^0!
+),,$! *(%,(*(,! /9! [&-&-^! /%,! '#,,-*! /9! [</</^! 5*! [</<8^! HS&5(2=`/AA5%0! OPPOcI#JL?! F'(!
/8&'5*! /295! A(%&-5%9! &'/&! 9&5)9! /%,! %/9/29! /*(! )*(,5A-%/%&! -%! &'(9(! (/*23! [\]\^!
)*5,8+&-5%9?!
!
$%!/!+5A)/*/&-:(!9&8,3!5%!&'(!/+78-9-&-5%!56!A/%%(*!6(/&8*(!)/&&(*%9!-%!`(*A/%0!
T8&+'! /%,! Q*(%+'0! X2&:/&(*=G/+>(%9(%0! T59! S/%&59! R! Q->>(*&! HOPP"L! *()5*&! &'/&! /22!
98<d(+&9!HN!`(*A/%0!W!T8&+'0!O!Q*(%+'L!.5!&'*58.'!/%!-%-&-/2!9&/.(!1'(*(!/22!+5%95%/%&9!
-%!&'(!15*,9!)*5,8+(,!/*(!-,(%&-+/2!-%!A/%%(*!9)(+-6-+/&-5%?!U/*23!\b\!/%,!\b\b!15*,9!
/*(! 56! &'(! &3)(! [S&5)eS&5)^OP! -%! &'(! &'*((! .*58)9D! /,,-&-5%/2230! -%! `(*A/%! [f/9ef/9^!
/295! /))(/*9! -%! (/*23! [\]\^! )/&&(*%9! HX2&:/&(*=G/+>(%9(%! R! Q->>(*&0! OPPJL! /%,! -%!
Q*(%+'!<5&'![f/9ef/9^!/%,![M/&eM/&^!'/:(!<((%!5<9(*:(,?!F'(9(!(/*23!A/%%(*!)/&&(*%9!
/*(!-2289&*/&(,!-%!HIP#L?!
!
./012 3&4-$!"&55*4!6#4%78&,,*459!)5!:*4"&5;!<=,>?!&5%!@4*5>?!!
!!!!!!!!!!!!.A-B&,*47C&>+*59*5;!<#9!D&5,#9!E!@)++*4,;!F00GH!A-B&,*47C&>+*59*5!E!@)++*4,;!F00I2!
!
!
`2599!
@*&'5.*/)'3!
6*5.!
>->>(*!!
A/%!
A/%%!
<(,!
<(&&!
95*(!
<5<5!
&(,,3!
%58%58*9!
9'5(!
+'/8998*(!
@8&)8&!;5X!)/&&(*%!
\'-2,E/.(!
!
[S&5)eS&5)^!
f55*&d(0!ODP!
T8&+'!
[man]
[f/9ef/9^!
g/%%/'!IDP#!
`(*A/%!
/b%t/
[bat&]
[S&5)eS&5)^!
g/%%/'!IDPW!
`(*A/%!
/bobo/
[bobo]
[S&5)eS&5)^!
G/*-23%0!IDIP!
Q*(%+'!
/nunu's/
[nunu]
[f/9ef/9^!
G/*-23%0!IDIP!
Q*(%+'!
[lyly]
[M/&eM/&^!
G/*-23%0!IDIP!
Q*(%+'!
Target
Output
/k"k#$/
[t"ka]
/man/
/(osu'/
S(:(*/2! 9&8,-(9! '/:(! /))*5/+'(,! (/*23! [\]\^! 58&)8&! )/&&(*%9! /9! /! *(982&! 56!
\5%95%/%&! g/*A5%3! HSA-&'0! IJKVD! b-'A/%0! IJK"D! S&5(2=`/AA5%! R! S&(A<(*.(*0! IJJND!
;/&(*0!IJJKD!9((!+'/)&(*!W!65*!68*&'(*!,-9+899-5%!5%!&'-9!&5)-+L?!@&'(*!9&8,-(90!'51(:(*0!
98..(9&! &'/&! &'(! )*(6(*(%+(! 65*! [\]\^! 58&)8&! 65*A9! -9! /%! ()-)'(%5A(%5%! 56! /%! -%-&-/2!
'52-9&-+! 9&/.(0! -%! 1'-+'! 6(/&8*(9! /*(! /995+-/&(,! &5! &'(! 15*,0! /%,! %5&! &5! -%,-:-,8/2!
9(.A(%&9! HG(%%0! IJK"D! $:(*95%! R! h'((2(*0! IJ"KD! M(:(2&0! IJJN0! &5! /))(/*D! M/%.(92/.0!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
OP !Q5*!8%-65*A-&3!*(/95%90!1(!+5%:(*&(,!&'(!%5&/&-5%!+*-&(*-/!89(,!-%!&'(9(!9&8,-(9!-%&5!&'(!5%(9!89(,!-%!&'(!
+8**(%&!,-99(*&/&-5%D!65*!-%9&/%+(0![;b;^!'/9!<((%!+5%:(*&(,!-%&5![S&5)???S&5)^0![fbf^!-%&5![f/9???f/9^?!
!
"W!
OPPK0!Q->>(*&!R!M(:(2&0!OPP"L?!!
!
F'-9!98)*/99(.A(%&/2!/))*5/+'!&5!(/*23![\]\^!58&)8&9!1-22!<(!(C)25*(,!-%!68*&'(*!
,(&/-2! -%! &'(! %(C&! &15! 98<9(+&-5%90! </9(,! 5%! *(9(/*+'! -%! &'(! /+78-9-&-5%! 56! T8&+'c! -%!
98<9(+&-5%!N?I?I0!1(!)*(9(%&!/%!58&2-%(!56!&'(!A5,(2!)*5)59(,!<3!M(:(2&!HIJJNL0!68*&'(*!
,(:(25)(,!-%!Q->>(*&!R!M(:(2&!HOPP"L0!65*!&'(!/+78-9-&-5%!56!)2/+(!15*,!)/&&(*%9!/%,!-%!
98<9(+&-5%!N?I?O0!1(!1-22!65+89!5%!&'(!6-%,-%.9!,(9+*-<(,!<3!M/%.(92/.!HOPPKL0!*(./*,-%.!
&'(!/+78-9-&-5%!56!A/%%(*!6(/&8*(!)/&&(*%9?!$%!N?I?V0!1(!)*(9(%&!/!<*-(6!5:(*:-(1!56!&'(!
*(2/&-5%!<(&1((%!(/*23!2(C-+5%!/%,!(/*23!58&)8&!*()*(9(%&/&-5%9?!!
!
)9:9:(=(07/&,(17'(%"&(/&<&,7$0&.%(71($,#-&(1&#%2'&($#%%&'.3(
!
_/9(,!5%!25%.-&8,-%/2!/+78-9-&-5%!,/&/!56!6-:(!T8&+'!+'-2,*(%!H/.(!*/%.(!<(&1((%!
IDP=ODIIL0OI! M(:(2&! HIJJND! &5! /))(/*L! /%,! Q->>(*&! R! M(:(2&! HOPP"L! )*5)59(! /! A5,(2! 65*!
&'(!/+78-9-&-5%!56!)2/+(!6(/&8*(!)/&&(*%9?!F'(!/8&'5*9!/,5)&!&'(!6(/&8*(!.(5A(&*3!A5,(2!
)8&!65*1/*,!<3!M/'-*-!R!U:(*9!HIJJIL0!/*.8-%.!&'/&!<5&'!+5%95%/%&9!/%,!:51(29!+/%!<(!
/,,*(99(,!&'*58.'!/!9-%.2(!9(&!56!)2/+(!56!/*&-+82/&-5%!6(/&8*(9c!H-L!M/<-/2!-%+28,(9!*58%,!
:51(29! /%,! 2/<-/2! +5%95%/%&9D! H--L! \5*5%/2! *(6(*9! &5! 6*5%&! :51(29! /%,! +5*5%/2!
+5%95%/%&9D! H---L! T5*9/2! *(6(*9! &5! </+>! :51(29! /%,! T5*9/2! +5%95%/%&9?! F'-9! 8%-6-(,!
,(9+*-)&-5%!-9!98AA/*-4(,!-%!HIPWL?!
!
./0J2 !K-&>*!L*&,=4*!>?&4&>,*4)M&,)#5!#L!B#6*-9!&5%!>#59#5&5,9!.N*B*-,;!/IIO2!!
H/L!
M/<-/2!
!
H<L!
\5*5%/2!
!
H+L!
T5*9/2!
!
H(L!
M51!
M/<-/2!+5%95%/%&9!
[p b ) f v m ]
Y58%,!:51(29!
[o u * ]
\5*5%/2!+5%95%/%&9!
[t d + s z n l , ( - . /]
[=</+>^!:51(29!
[i e %]
T5*9/2!+5%95%/%&9!
[k ! 0 1]
_/+>!:51(29!
[o u *]
M51!:51(29!!
[a 2]
!
X++5*,-%.!&5!&'-9!A5,(20!*58%,!:51(29!98+'!/9![* u o^!'/:(!/!+5A)2(C!9&*8+&8*(0!
9-%+(!&'(3!/*(!<5&'!M/<-/2!/%,!T5*9/2?!g51(:(*0!</9(,!5%!T8&+'!/+78-9-&-5%!,/&/0!M(:(2&!
HIJJNL! 98..(9&9! &'/&0! /&! (/*23! )'5%525.-+/2! ,(:(25)A(%&0! &'(9(! 9(.A(%&9! /*(! 5%23!
9)(+-6-(,! /9! M/<-/2! -%! +'-2,*(%Z9! 58&)8&! *()*(9(%&/&-5%90! ,8(! &5! /%! -%-&-/2! +5%9&*/-%&! 5%!
,5*9/2!6(/&8*(9?!
X++5*,-%.! &5! M(:(2&! HIJJNL! /%,! Q->>(*&! R! M(:(2&! HOPP"L0! 251! :51(29! +/%! <(!
-,(%&-6-(,!5%23!5%!&'(!</9-9!56!'(-.'&!6(/&8*(9!/%,0!65*!&'-9!*(/95%0!/*(!%5&!9)(+-6-(,!65*!
)2/+(!H9((!H(L0!/<5:(L?!M(:(2&!H)?+L!/*.8(9!65*!/!9-A-2/*!+'/*/+&(*-4/&-5%!56!+(%&*/2!:51(29!
H65*! -%9&/%+(0! [3 # 4^Lc! &'(3! /*(! %(-&'(*! 6*5%&! %5*! </+>! 5*! *58%,0! &'89! 2/+>-%.! )2/+(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
OI!\M;Q!,/&/</9(!HM(:(2&0!IJJND!Q->>(*&0!IJJNL?!
!
"K!
9)(+-6-+/&-5%?!
$%! &'(! 6-*9&! ,(:(25)A(%&/2! 9&/.(! -,(%&-6-(,! <3! M(:(2&! HIJJNL0! +5%95%/%&9! 1-&'-%!
&'(! 15*,9! )*5,8+(,! /*(! -,(%&-+/2! 65*! )2/+(! 6(/&8*(9! /%,! :51(29! (-&'(*! +/**3! &'(! 9/A(!
9)(+-6-+/&-5%! /9! +5%95%/%&9! 5*! /*(! 251! H[\-b-\-! 5*! \-b251\-^LD! 9((! /295! Q->>(*&! R! M(:(2&0!
OPP"! /%,! M(:(2&0! &5! /))(/*L?! S5A(! (C/A)2(9! 56! (/*23! 15*,9! -%! T8&+'! +'-2,*(%B9!
)*5,8+&-5%9!/*(!.-:(%!-%!HIPKL?!
!
./0P2 D,&(*! Q! )5! ,?*! ! %*B*-#8"*5,! #L! 8-&>*! L*&,=4*! 8&,,*459! )5! <=,>?R! *S&"8-*9! .N*B*-,;!
/IIO2!
!
H/L!
`2599!
<(,!
H<L! 255>!
H+L!
+/&!
@*&'5.*/)'3! F/*.(&!
<(,!
/b%t/
>-d>!
/k%ik/
)5(9!
H,L! A5AA3!
A/AA/!
H(L!
&(2(:-9-5%!!
&(2(:-9-5%!
H6L!
</22!
</2!
@8&)8&!
[d%t]
@8&)8&!;5X!)/&&(*%9!
[\+5*b+5*\+5*^!
\'-2,EX.(!
U:/0!IDN!
[t%it]
[\+5*b+5*\+5*^!
U:/0!IDN!
[\2/<b2/<\2/<^!
U:/0!IDN!
/pus/
[puf]
/m2ma/
[m2ma]
[\2/<b251\2/<b251^!
Y5<-%0!ID#!
/tel#visi/
[zizi]
[\+5*b+5*\+5*b+5*^!
Y5<-%0!ID#=IDW!
/b2l/
[b2o]
[\2/<b251b2/<^!
Y5<-%0!ID#=IDW!
!
!!
X9!-2289&*/&(,!/<5:(0!&'(!6-*9&!15*,9!)*5,8+(,!<3!T8&+'!+'-2,*(%!/22!6-&!-%&5!5%(!56!
&15!&3)(9c![\-b251\-^0!1'(*(!+5%95%/%&9!9'/*(!)2/+(!6(/&8*(9!/%,!:51(29!/*(!9)(+-6-(,!/9!
251!H8%9)(+-6-(,!65*!)2/+(L!H9((!(C/A)2(9!H,L!/%,!H6LL!5*![\-b-\-^0!1'(*(!+5%95%/%&9!/%,!
:51(29!9'/*(!)2/+(!6(/&8*(9!H9((!(C/A)2(9!6*5A!H/L!&5!H+L!/%,!H(LL?!
X++5*,-%.! &5! M(:(2&! HIJJNL0! &'(! A59&! 6*(78(%&! )2/+(! 6(/&8*(! )/&&(*%9! -%! (/*23!
)*5,8+&-5%9!/*(![\5*???\5*^!/%,![M/<???M/<^0!9-%+(!95A(!+'-2,*(%!'/:(!/%!-%-&-/2!+5%9&*/-%&!
5%! [T5*???T5*^! 58&)8&! 65*A9?! F'(! /8&'5*! /*.8(9! &'/&! \5*5%/2! -9! &'(! ,(6/82&! 6(/&8*(0!
8%,(*9)(+-6-(,!-%!T8&+'!+'-2,*(%Z9!58&)8&!*()*(9(%&/&-5%9?!
$%! /! 9(+5%,! ,(:(25)A(%&/2! 9&/.(0! T8&+'! +'-2,*(%! 9&/*&! )*5,8+-%.! 15*,9! 1'(*(!
+5%95%/%&9! 9&-22! 9'/*(! )2/+(! 6(/&8*(9! <8&! :51(29! +/%! /2*(/,3! <(! ,-66(*(%&23! 9)(+-6-(,!
H[\-bd\-^L?!S5A(!(C/A)2(9!/*(!.-:(%!-%!HIP"L?!
./0G2 D,&(*! QQ! )5! ,?*! %*B*-#8"*5,! #L! 8-&>*! L*&,=4*! 8&,,*459! )5! <=,>?R! *S&"8-*9! .N*B*-,;!
/IIO2!
!
H/L!
@*&'5.*/)'3! `2599!
9&5(2!
+'/-*!
H<L! %((6!
+589-%!
H+L!
95/)!
4(()!
F/*.(&!
/stul/
@8&)8&!
[tul]
/nef/
[mef]
/zep/
[fep]
@8&)8&!;5X!)/&&(*%9!
[\+5*b2/<E,5*\+5*^!
\'-2,EX.(!
Y5<-%0!IDJ!
[\2/<b+5*\2/<^!
Y5<-%0!IDIP!
[\2/<b+5*\2/<^!
Y5<-%0!IDIP!
!
X998A-%.! &'(! 8%-6-(,! )2/+(! 6(/&8*(! ,(9+*-)&-5%! 56! +5%95%/%&9! /%,! :51(290! &'(!
&'*((!58&)8&!65*A9!.-:(%!/<5:(!/*(!/2*(/,3!56!&'(!&3)(![\-bd\-^c!-%!H/L0!Y5<-%!+5A<-%(9!
+5*5%/2! +5%95%/%&9! 1-&'! /! 2/<-/2E,5*9/2! :51(2! H[8^L! /%,! -%! H<L! /%,! H+L0! '(! +5A<-%(9!
2/<-/2!+5%95%/%&9!1-&'!/!+5*5%/2!:51(2!H[(^L?!!
Q->>(*&! R! M(:(2&! /*.8(! &'/&! 2(C-+/2! *()*(9(%&/&-5%9! /*(! %5&! &/*.(&=2->(! 6*5A! &'(!
!
""!
9&/*&D! /++5*,-%.! &5! &'(9(! /8&'5*90! [\]\^! 58&)8&! )/&&(*%9! *(982&! 6*5A! &'(! 6/+&! &'/&0! -%!
+'-2,*(%B9!)'5%525.-+/2!*()*(9(%&/&-5%90!5%23!&'(!8%-&!h@YT!-9!/:/-2/<2(!65*!)2/+(!6(/&8*(!
9)(+-6-+/&-5%?! \'-2,*(%! 9&/*&! 1-&'! h@YT! /9! /%! 8%/%/234(,! 1'52(! &'/&! %((,9! &5! <(!
9(.A(%&/2-4(,?!F'(!&(*A! h@YT!-9!89(,!<3!M(:(2&!HIJJNL!/%,!Q->>(*&!R!M(:(2&!HOPP"L!/9!
/%! /<9&*/+&! +/&(.5*3D! -&! +/%! <(! +5%9&-&8&(,! <3! \b\! -%! A5%59322/<2(9! 5*! <3! \b\b! -%!
,-9322/<2(9!HM(:(2&0!IJJNc!"N="#L?!
!
X++5*,-%.! &5! Q->>(*&! R! M(:(2&! HOPP"L0! )2/+(! 9)(+-6-+/&-5%! 56! &'(! 8%-&! h@YT! -9!
)*5:-,(,!<3!&'(!&/*.(&!9&*(99(,!:51(2!H%5%=251L0!-%!&'(!6-*9&!9&/.(!56!,(:(25)A(%&?!!F'-9!
)*5+(,8*(!-9!-2289&*/&(,!-%!HIPJL?!!
!
./0I2 K-&>*!L*&,=4*!&99)(5"*5,!&,!,?*!-*B*-!#L!,?*!TUV<!!.@)++*4,!E!N*B*-,;!F00G2!
$%+5A)2(&(!2(C-+/2!*()*(9(%&/&-5%!
84)+!H-%d(+&-5%L!
!
X,82&!58&)8&c!
[pr ! k^!
!
\'-2,B9!M(C-+/2!*()*(9(%&/&-5%c!
!!!!h@YT!
!!!!W#4!
!
!
!
X9! ,()-+&(,! /<5:(0! &'(! T8&+'! &/*.(&! 15*,! 84)+! -9! A/))(,! &5! &'(! +'-2,Z9! 2(C-+/2!
*()*(9(%&/&-5%!-%!&'(!652251-%.!1/3c!&'(!+'-2,!/++8*/&(23!)(*+(-:(9!&'(!+5*5%/2-&3!56!&'(!
&/*.(&! 9&*(99(,! :51(2! /%,! /99-.%9! &'/&! )2/+(! 6(/&8*(! &5! &'(! '52-9&-+! *()*(9(%&/&-5%?!
X++5*,-%.! &5! M(:(2&! H&5! /))(/*L! &'(! /<5:(! )*5+(,8*(! &/>(9! )2/+(! 5%23! -%! &'(! 6-*9&!
,(:(25)A(%&/2!9&/.(!/%,!5%23!1'(%!&/*.(&!9&*(99(,!:51(29!/*(!%5%=251!H5*!%5%=+(%&*/20!
M(:(2&0! )?+L?! @&'(*1-9(0! )2/+(! 6(/&8*(! 9)(+-6-+/&-5%! -9! )*5:-,(,! <3! 5%(! 56! &'(! &/*.(&!
+5%95%/%&9?!
!
F'(! 6-*9&! &15! 9&/.(9! 5<9(*:(,! -%! &'(! ,(:(25)A(%&! 56! )2/+(! 6(/&8*(! )/&&(*%9! -%!
T8&+'! /*(! 98AA/*-4(,! -%! HIIPL0! /++5*,-%.! &5! &'(! A5,(2! )*5)59(,! <3! Q->>(*&! R! M(:(2&!
HOPP"L?!
!
.//02 D,&(*9! Q! &5%! QQ! )5! ,?*! %*B*-#8"*5,! #L! 8-&>*! L*&,=4*! 8&,,*459! X! <=,>?! .@)++*4,! E!
N*B*-,;!F00G2!
.W="=-&,)B*2!
S&/.(!$c![\-b251\-^!5*![\-b-\-^!
S&/.(!$$c![\-bd\-^!
!
!
F'(!9&/.(9!&'/&!652251!-%!&'(!,(:(25)A(%&!56!)2/+(!6(/&8*(!)/&&(*%9!H9&/.(9!$$$0!$b!
/%,!bL!+5**(9)5%,!&5!&'(!/))(/*/%+(!56![\i\^!)/&&(*%9!-%!)*5,8+&-5%?!F'59(!9&/.(9!1-22!
<(!(C)25*(,!-%!+'/)&(*!#?!!
!
"J!
)9:9>(=(07/&,(17'(%"&(/&<&,7$0&.%(71(0#..&'(1&#%2'&($#%%&'.3(
!
!
!
_/9(,! 5%! 25%.-&8,-%/2! ,/&/! 56! 9-C! T8&+'! +'-2,*(%OO! M/%.(92/.! HOPPKL! )*5)59(9! /!
A5,(2!65*!&'(!/+78-9-&-5%!56!A/%%(*!6(/&8*(9D!-%!&'(!+8**(%&!+'/)&(*0!1(!1-22!5%23!65+89!
5%! &'(! 6-*9&! 9&/.(! 56! &'-9! A5,(20! 65*! \b\b! 65*A9! H9((! +'/)&(*! #! 65*! /! ,(9+*-)&-5%!56! &'(!
652251-%.!9&/.(9L?!!
!
M/%.(92/.!9'519!&'/&0!/9!6/*!/9!\b\b!15*,9!/*(!+5%+(*%(,0!658*!56!&'(!9-C!+'-2,*(%!
9&8,-(,!.5!&'*58.'!/%!-%-&-/2!9&/.(!56!(C+289-:(!A/%%(*!'/*A5%3!H[\G5X]\G5X^L0!8%&-2!ODW0!
/))*5C-A/&(23?!@%23!5<9&*8(%&9!/*(!)*5,8+(,!/&!&'-9!9&/.(c![S&5)???S&5)^!/%,![Q*-+???Q*-+^?!
S5A(!(C/A)2(9!56!&'(9(!'/*A5%-+!)*5,8+&-5%9!/*(!.-:(%!-%!HIIIL?!
!
!
.///2 D,&(*! Q! )5! ,?*! %*B*-#8"*5,! #L! "&55*4! 8&,,*459! )5! <=,>?! X! *S&"8-*9! .N&5(*9-&(;!
F00P2!
!
H/L!
`2599!
&/<2(!
H<L! &5!1/2>!
H+L!
&5!*(/,!
@*&'5.*/)'3! F/*.(&!
&/6(2!
/taf#l/
25)(%!
/lop#/
2(4(%!
/lez#/
@8&)8&!
[tatø]
[paup#]
[ses#]
@8&)8&!G5X!)/&&(*%9!
[S&5)eS&5)^!
\'-2,EX.(!
F5A0!IDW!
[S&5)eS&5)^!
f55*&d(0!ODW!
[Q*-+eQ*-+^!
j/*A50!ODP!
!
!
X9! 9'51%! -%! &'(! (C/A)2(9! /<5:(0! &'(! /&&(A)&(,! 65*A9! ,-9)2/3! %5%='/*A5%-+!
A/%%(*! +5A<-%/&-5%9! H[ES&5)???Q*-+E! -%! (C/A)2(! H/L0! EM/&????S&5)E! -%! (C/A)2(! H<L! /%,!
EM/&???Q*-+E! -%! (C/A)2(! H+L0! <8&! T8&+'! +'-2,*(%! *(%,(*! /22! &'(9(! 65*A9! -%&5! &15! &3)(9! 56!
[\G5X]\G5X^!65*A/&9c![S&5)???S&5)^!/%,![Q*-+???Q*-+^?!!
!
X9! &5! 1'(*(! +'-2,*(%! 9(2(+&! &'(! )*5,8+(,! A/%%(*! 6(/&8*(! 6*5A0! M/%.(92/.!
'3)5&'(9-4(9! &'/&0! /&! &'(! A5A(%&! +'-2,*(%! 9&/*&! )*5,8+-%.! ,-9322/<2(90! &'(! -%-&-/2!
)59-&-5%! 56! &'(! 15*,! H\IL! -9! /2*(/,3! /! 9)(+-6-/<2(! 8%-&0OV! <8&! \O! )59-&-5%! -9! 9&-22! %5&!
/+78-*(,?!F'890!+'-2,*(%!1582,!.(&!A/%%(*!9)(+-6-+/&-5%!6*5A!&'(!\I!/%,!+5)3!-&!&5!&'(!
5&'(*! )59-&-5%9! -%! &'(-*! 2(C-+/2! *()*(9(%&/&-5%! H9((! (C/A)2(! -%! HHIII?/LL0! /<5:(L?! F'-9!
)*5+(,8*(!-9!-2289&*/&(,!-%!HIIOL0!1'(*(!k!9&/%,9!65*!8%9)(+-6-(,!)59-&-5%!/%,!kI!65*!&'(!
,(6/82&!A/%%(*!6(/&8*(!H9&5)L?!
!
.//F2 C&55*4!98*>)L)>&,)#5!#L!%)9$--&')>!#=,8=,!L#4"9!)5!<=,>?!.N&5(*9-&(;!F00PR1I2!
!
H/L!
!
!
!
!
!
H<L!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!X295!6*5A!&'(!\M;Q!,/&/</9(!HQ->>(*&0!IJJND!M(:(2&0!IJJNL?!
!X++5*,-%.!&5!M/%.(92/.0!/&!&'(!&-A(!+'-2,*(%!9&/*&!)*5,8+-%.!,-9322/<2(90!&'(3!/2*(/,3!)*5,8+(!\I!B9!\5,/!
+5%&*/9&9! -%! \b\! 65*A9?! F'890! &'(! +'-2,! /2*(/,3! *(+5.%-4(9! &'(! \I! )59-&-5%! /9! /! 9)(+-6-/<2(! 8%-&D! &'(!
-%&(*:5+/2-+!)59-&-5%0!'51(:(*0!-9!%(1!&5!&'(!+'-2,!H&'(!5))59-&-5%!\I=\O!-9!9&-22!%5&!/+78-*(,L?!
OO
OV
!
JP!
!
X++5*,-%.!&5! M/%.(92/.0!1'(%!&'(! &/*.(&!\I! ,-9)2/39! /! 9&-22! %5%=/+78-*(,! A/%%(*!
6(/&8*(! H9((! (C/A)2(9! -%! HIII?<L! /%,! HIII?+L0! +'-2,*(%! +'559(! 5%(! 56! &15! 5)&-5%9c! H-L!
A/%%(*! 9)(+-6-+/&-5%! -9! -%9(*&(,! <3! ,(6/82&! H9&5)L! -%! \I! /%,! &'(%! +5)-(,! &5! &'(! 5&'(*!
%5%=:5+/2-+!(2(A(%&9!56!&'(!*()*(9(%&/&-5%!H9((!HIIO?/LLD!H--L!/!6*-+/&-:(!-9!-%9(*&(,!-%!\I!
/%,!&'-9!A/%%(*!-9!&'(%!+5)-(,!&5!/22!5&'(*!)59-&-5%9!H9((!HIIO?<LL?!M/%.(92/.!/*.8(9!&'/&!
&'(! &15! )*5+(,8*(9! 58&2-%(,! /<5:(! +/%! /++58%&! 65*! &'(! 6-*9&! 58&)8&! 65*A9! -%! T8&+'!
+'-2,*(%B9!,/&/!HM/%.(92/.0!OPPKcWV=WNL? !
!
!
F'(! 6-*9&! 9&/.(! 56! &'(! ,(:(25)A(%&! 56! A/%%(*! 6(/&8*(9! -%! \b\b! 65*A90! /9!
)*5)59(,!<3!M/%.(92/.!HOPPKL0!-9!98AA/*-4(,!-%!HIIVL?!
!
.//Y2 D,&(*! Q! )5! ,?*! %*B*-#8"*5,! #L! "&55*4! L*&,=4*! 8&,,*459! )5! WZWZ! L#4"9! .N&5(*9-&(;!
F00P2!
!
/L ;*(,5A-%/%+(!56![\G5X]\G5X^!58&)8&!65*A90!56!&15!&3)(9c![S&5)eS&5)^!/%,![Q*-+eQ*-+^!
!
!
)9:9?(@7,43%4-('&$'&3&.%#%47.3(#./(-"4,/'&.A3(,&B4-7.(
!
!
@:(*/220!&'(!A5,(2!)*5)59(,!<3!M/%.(92/.!HOPPKL!65*!A/%%(*!/+78-9-&-5%!A/&+'(9!
&'(! 5%(! 98..(9&(,! <3! M(:(2&! HIJJNL! /%,! Q->>(*&! R! M(:(2&! HOPP"L! 65*! )2/+(! 6(/&8*(!
,(:(25)A(%&c! T8&+'! +'-2,*(%! 9((A! &5! <(.-%! &'(! )*5+(99! 56! 6(/&8*(! /99-.%A(%&! /&! &'(!
.25</2!5*!)/*&-/223!8%/%/234(,!2(:(2!56!&'(!15*,?!!
!
F'(! -,(/! &'/&! (/*23! )/&&(*%9! /*(! <(9&! /++5AA5,/&(,! 1-&'-%! /%! /))*5/+'! 1'(*(!
&'(!15*,!'/9!/!+(%&*/2!*52(!'/,!/2*(/,3!<((%!)8&!65*1/*,!-%!)*(:-589!9&8,-(90!%/A(23!<3!
G/+>(%! HIJKJL0! 1'5! /*.8(9! &'/&! (/*23! )*5,8+&-5%! )/&&(*%9! 56! S)/%-9'! 2(/*%(*! S-! 8%&-2!
&'(!/.(!56!ODI!/*(!<(9&!/++58%&(,!65*!-%!/!&'(5*(&-+!/))*5/+'!&'/&!:-(19!&'(!15*,!/9!&'(!
</9-+!5*./%-4/&-5%/2!8%-&!65*!9(.A(%&/2!6(/&8*(9?!!S-A-2/*!+2/-A9!1(*(!A/,(!-%!Q(*.895%!
R! Q/*1(22! HIJK#L! /%,! G(%%! HIJKIL0! 1'5! 98..(9&! &'/&! &'(! +(%&*/2! 8%-&! -%! (/*23!
,(:(25)A(%&!-9!&'(!15*,0!%5&!&'(!)'5%(A(?!!
!
X++5*,-%.!&5!M/%.(92/.!HOPPKL!/%,!Q->>(*&!R!M(:(2&!HOPP"L0!&'(!-%-&-/2![\]\^!H/%,!
[\]b^0! 65*! )2/+(L! 9&/.(! *()*(9(%&9! &'(! <(.-%%-%.! 56! )'5%525.-+/2! /+78-9-&-5%0! 1'(*(!
'52-9&-+!*()*(9(%&/&-5%9!/*(!(%58.'!&5!,-9&-%.8-9'!<(&1((%!&'(!6(1!15*,9!&'/&!A/>(!8)!
&'(! (/*23! 2(C-+5%D! &'(! %((,! 65*! A5*(! ,(&/-2(,! 9)(+-6-+/&-5%! 1-22! 5%23! (A(*.(! 1-&'! &'(!
-%+*(/9(!56!&'(!%8A<(*!56!15*,9!&'/&!/*(!9&5*(,!-%!&'(!+'-2,Z9!A(%&/2!2(C-+5%0!2(/,-%.!&5!
,(:(25)A(%&9!-%!&'(!6(/&8*(!A/>(=8)!56!58&)8&!65*A9?!!
!
F'(! -,(/! &'/&! )'5%525.-+/2! ,(:(25)A(%&! -9! ,()(%,(%&0! /&! 2(/9&! -%! )/*&0! 5%! &'(!
%8A<(*!/%,!%/&8*(!56!&'(!15*,9!-%!+'-2,*(%B9!(/*23!2(C-+5%!'/9!56&(%!<((%!)8&!65*1/*,!
-%!&'(!2-&(*/&8*(?!\'-2,*(%B9!(/*23!2(C-+5%!-9!9A/22!/%,!-,-593%+*/&-+!HG/+>(%0!IJKJD!S&5(2=
`/AA5%0! OPPOLD! 78-&(! 56&(%0! &'(! +5A)59-&-5%! 56! &'(9(! 15*,90! -%! &(*A9! 56! )2/+(! /%,!
!
JI!
A/%%(*! 6(/&8*(90! ,5(9! %5&! *(9(A<2(! &'(! ,-9&*-<8&-5%! 56! 6(/&8*(! )/&&(*%9! 5*! -%,-:-,8/2!
6(/&8*(9!-%!&'(!-%)8&!2/%.8/.(!HT59!S/%&590!OPPKD!Q->>(*&0!M(:(2&!R!:/%!,(!h(-d(*0!OPPOL0!
/9! 9'51%! -%! +'/)&(*! V?! ! F'(! A59&! +5AA5%! /998A)&-5%! -%! &'(! 2-&(*/&8*(! -9! &'/&0! /9! &'(!
+'-2,B9! /+&-:(! :5+/<82/*3! (C)/%,9! /%,! <(+5A(9! 2(99! -,-593%+*/&-+0! '-9E'(*! 8%,(*23-%.!
*()*(9(%&/&-5%9!<(+5A(!A5*(!9(.A(%&/2-4(,!/%,!+259(*!&5!&'(!/,82&!939&(A!HS&5*>(2!R!
G5**-9(&&(0! OPPOD! S59/! R! S&5(2=`/AA5%0! OPPW0! Q->>(*&! R! M(:(2&0! OPP"D! M(:(2&0! &5!
/))(/*L?!!
)9>(C"&(%#'D&%(353%&0(
!
F'-9! 9(+&-5%! )*5:-,(9! .(%(*/2! -%65*A/&-5%! 5%! &'(! +5%95%/%&/2! 939&(A! -%! U;0!
%/A(23!5%!)2/+(!/%,!A/%%(*!6(/&8*(!+'/*/+&(*-4/&-5%!/%,!5%!&'(!,-9&*-<8&-5%!56!6(/&8*(!
15*,=)/&&(*%9! -%! /,82&! 9)((+'! H65*! 68*&'(*! -%65*A/&-5%0! 9((! +'/)&(*! V0! 9(+&-5%! V?OL?!
X,,-&-5%/2230! 1(! 1-22! )*(9(%&! &'(! 6(/&8*(! +'/*/+&(*-4/&-5%! 56! &'(! :5+/2-+! 939&(A! -%! U;0!
9-%+(! &'/&! +2/99-6-+/&-5%! 1-22! <(! 89(,! &5! /%/234(! &'(! *(2/&-5%! <(&1((%! +5%95%/%&9! /%,!
:51(29!-%!(/*23!)*5,8+&-5%9?!
!!
!F'(!+'/*/+&(*-4/&-5%!56!+5%95%/%&9!-%!U;!-9!)*5:-,(,!-%!HIINL!/%,!HII#L0!65*!)2/+(!
/%,!A/%%(*!6(/&8*(90!*(9)(+&-:(23?!!
!
.//O2 :*5*4&-! 8-&>*! L*&,=4*! >?&4&>,*4)M&,)#5! #L! >#59#5&5,9! )5! 3K! .C&,*=9! E! %[! A5%4&%*;!
F0002!
/L!M/<-/2!
[p b m f v]
<L!\5*5%/2!
[t d n / s z ( - l . ,]
+L!T5*9/2!
[k ! 0]
!
.//12 :*5*4&-!"&55*4!L*&,=4*!>?&4&>,*4)M&,)#5!#L!>#59#5&5,9!)5!3K!.C&,*=9!E!%[!A5%4&%*;!
F0002!
!
!
/L!S&5)!
<L!f/9/2!
+L!Q*-+/&-:(!
[p b t d k !]
[m n /]
[f v s z ( -]
,L!M/&(*/2!
(L!Y'5&-+!
[l .]
[0 ,]
$%! HIIWL0! 1(! )*5:-,(! &'(! 6(/&8*(! +'/*/+&(*-4/&-5%! 56! :51(29! -%! U;0! </9(,! 5%! &'(!
+2/99-6-+/&-5%!)*(9(%&(,!-%!G/&(89!R!,B!X%,*/,(!HOPPPL?!
!
.//J2 @*&,=4*!>?&4&>,*4)M&,)#5!#L!,?*!B#>&-)>!9$9,*"!)5!3K!.C&,*=9!E!%[!A5%4&%*;!F0002!
/L!g-.'!
<L!M51!
+L!_/+>!
,L!Y58%,!
!
!
[i 4 u]
[% a *]
[a 3 4 * o u]
[* o u]
F15!/9)(+&9!'/:(!&5!<(!(A)'/9-4(,!-%!&'(!/<5:(!+2/99-6-+/&-5%c!H-L!:51(29![% *] /*(!
JO!
+2/99-6-(,!/9!2510!&5.(&'(*!1-&'![a^D!H--L![4 3^!/*(!*(6(**(,!&5!/9![l</+>^!/%,!%5&!/9!+(%&*/2.
$%! &'(9(! &15! *(9)(+&90 &'-9! +2/99-6-+/&-5%! ,-66(*9! 6*5A! &'(! .(%(*/2! +'/*/+&(*-4/&-5%! 56!
:51(29! -%! &'(! $;X! 939&(A! HM/,(65.(,0! IJJO0! /A5%.! 5&'(*9L0! /9! 1(22! /9! 6*5A! &'(! A5,(2!
/,5)&(,! <3! M(:(2&! HIJJNL! 65*! &'(! ,(9+*-)&-5%! 56! +5%95%/%&9! /%,! :51(29! H9((! 9(+&-5%!
N?I?IL?!!
!
X++5*,-%.! &5! G/&(890! Q/2m! R! Q*(-&/9! HOPP#L0! 2/%.8/.(9! A/3! ,-66(*! -%! &'(! 6(/&8*(!
+'/*/+&(*-4/&-5%! 56! 9(.A(%&9! H-%! &'-9! +/9(0! :51(29L0! %5&! %(+(99/*-23! </9(,! 5%! &'(-*!
)'39-+/2! )*5)(*&-(9! <8&! 5%! &'(-*! *(2/&-:(! ,-9&/%+(! &5! &'(! 5&'(*! 9(.A(%&9! -%! &'(! 939&(A?!
F'(! /8&'5*9! *(6(*! &'/&! :51(29! [% * e o] /*(! /22! [='-.'0! =251^0! <8&! &'(! %((,! 65*! &'(!
,-9&-%+&-5%! <(&1((%! [% *] /%,! [e o] in EP 2(/,9! &5! &'(! +2/99-6-+/&-5%! 56! [% *] /9! 2510!
&5.(&'(*! 1-&'! [/^! H&'(3! /*(! 2(99! 251! &'/%! [/^0! <8&! /*(! nA5*(! 251B! &'/%! [e o], 1'-+'! /*(!
+259(*! &5! [-! 8^L?! X! 9-A-2/*! )(*9)(+&-:(! A/3! <(! 8%,(*23-%.! &'(! +2/99-6-+/&-5%! 56! [4 3^! /9!
[l</+>^!/%,!%5&!/9!+(%&*/2!-%!U;cON!*(2/&-:(23!&5![-^!/%,![/^0!&'(9(!&15!:51(29!/*(![l</+>^D!
'51(:(*0!-%!*(2/&-5%!&5!:51(29!98+'!/9![U 2^0!&'(3!1582,!'/:(!&5!<(!+5%9-,(*(,!+(%&*/2?!!
!
S-%+(! 5%(! 56! &'(! A/-%! .5/29! 56! &'(! +8**(%&! +'/)&(*! -9! &5! +5A)/*(! U;! /+78-9-&-5%!
)/&&(*%9!&5!T8&+'!,/&/0!1(!1-22!/,5)&!/!6(/&8*(!+'/*/+&(*-4/&-5%!56!:51(29!9-A-2/*!&5!&'(!
5%(!)*5)59(,!-%!M(:(2&!HIJJNL0!1'(*(! [% *] and [4 3^!1582,!<(!+5%9-,(*(,!%5%=251!/%,!
+(%&*/20!*(9)(+&-:(23?!F'-9 +2/99-6-+/&-5%!-90!/&!2(/9&!)/*&-/2230!98))5*&(,!<3!G/&(890!Q/2m!R!
Q*(-&/9!HOPP#L!/%,!-9!98AA/*-4(,!-%!HIIKL?!
!
.//P2 W?&4&>,*4)M&,)#5!#L!B#6*-9!&99="*%!)5!,?*!>=44*5,!%)99*4,&,)#5!
/L!g-.'!
<L![=251^!
+L!M51!
,L!_/+>!
(L![=</+>^!
6L!\(%&*/2!
.L!Y58%,!
[i 4 u]
[% *]
[a]
[a * o u]
[i % e]
[4 3]
[* o u]
!
!
E&#%2'&($#%%&'.3(4.(F+(#/2,%(3$&&-"(
(
!
$%! +'/)&(*! V0! 1(! +5A)/*(,! +'-2,*(%B9! /+78-9-&-5%! )/&&(*%9! &5! &'(! ,-9&*-<8&-5%! 56!
)2/+(! /%,! A/%%(*! 6(/&8*(9! -%! /! 9/A)2(! 56! /,82&! 9)((+'?! ! X! 9-A-2/*! 9&8,3! 1-22! <(!
)(*65*A(,!-%!&'(!+8**(%&!+'/)&(*0!<8&!%51!&'(!+5A)/*-95%!1-22!65+89!%5&!5%!-%,-:-,8/2!
6(/&8*(9! <8&! 5%! 6(/&8*(! )/&&(*%9! -%! 15*,9?! ! $%! 5*,(*! &5! (9&/<2-9'! &'-9! +5A)/*-95%0! 1(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
ON
!
!g51(:(*0!1(!,-,!%5&!6-%,!/%3!,-9+899-5%!56!&'-9!-998(!-%!&'(!2-&(*/&8*(!5%!&'(!:5+/2-+!939&(A!-%!U;?!!
JV!
(C&*/+&(,! &'(! IPP! A59&! 6*(78(%&! \b\b! 15*,9! 6*5A! /! 9/A)2(! 56! S)5>(%! ;5*&8.8(9(!
H+5%9&-&8&(,! <3! OO?"NO! 15*,90! 9((! 9(+&-5%! N?NL! /%,! -,(%&-6-(,! &'(! ,-9&*-<8&-5%! 56!
+5%95%/%&/2!)2/+(!/%,!A/%%(*!6(/&8*(!)/&&(*%9!-%!&'59(!15*,9?!Q5*!-%9&/%+(0!/!15*,!2->(!
"=),#!H)2(%&3L!1/9!+2/99-6-(,!/9![M/<e\5*^0!65*!)2/+(!/%,!/9![f/9eS&5)^0!65*!A/%%(*?!F'(!
*(982&9!/*(!.-:(%!-%!.*/)'9!HII"L!/%,!HIIJL?!
!
.//G2 <)9,4)'=,)#5!#L!8-&>*!L*&,=4*!8&,,*459!)5! .//I2 <)9,4)'=,)#5! #L! "&55*4! L*&,=4*! 8&,,*459! )5!
3K! &%=-,! 98**>?! X! U59*,9! W/H! WF!
.&88*5%)S!\2!
[\;5Xe\;5X^!65*A9!
a!
[M/<e\5*^!
[\5*e\5*^!
[T5*e\5*^!
[\5*eM/<^!
[M/<eT5*^!
[\5*eT5*^!
[T5*eM/<^!
[M/<eM/<^!
[T5*eT5*^!
OWa!
OVa!
IKa!
IWa!
#a!
#a!
Na!
Va!
Ia!
!
!
!
3K! &%=-,! 98**>?! X! U59*,9! W/H! WF! .&88*5%)S!
\2!
[\G5Xe\G5X^!65*A9!
a!
[S&5)eS&5)^!
[f/9eS&5)^!
[S&5)eQ*-+^!
[S&5)ef/9^!
[f/9ef/9^!
[S&5)eM/&^!
[Q*-+eS&5)^!
[Q*-+eQ*-+^!
[S&5)eY'5&^!
[Q*-+ef/9^!
[M/&eS&5)^!
[f/9e?M/&^!
[Q*-+eY'5&^!
[M/&ef/9^!
[f/9eQ*-+^!
[Q*-+eM/&^!
VOa!
IVa!
IOa!
Ja!
#a!
#a!
#a!
Na!
Na!
Va!
Oa!
Oa!
Ia!
Ia!
Ia!
Ia!
!
!
X9! 9'51%! -%! HII"L0! [M/<e\5*^! -9! &'(! A59&! 6*(78(%&23! )*5,8+(,! )2/+(! 6(/&8*(!
)/&&(*%! -%! &'(! 9/A)2(! 56! &'(! IPP! A59&! 6*(78(%&! \b\b! 15*,9! -%! U;! /,82&! 9)((+'D! -&!
+5**(9)5%,9! &5! OWa0! 652251(,! <3! [\5*e\5*^! HOVaL?! F'(! )/&&(*%9! [T5*e\5*^! /%,!
[\5*eM/<^! /295! 5++8*! 1-&'! /! *(2/&-:(23! '-.'! 6*(78(%+3! HIKa! /%,! IWa0! *(9)(+&-:(23L?!
@&'(*! )2/+(! )/&&(*%9! /*(! )*5,8+(,! 2(99! 56&(%0! <(251! Wa?! Q5+89-%.! 5%! &'(! '5A5*./%-+!
)/&&(*%9! H[\;5X]\;5X^L0! 1(! +/%! 9((! &'/&! [\5*e\5*^! -9! &'(! A59&! 6*(78(%&! HOVaL0! 1'-2(!
[M/<eM/<^!/%,![T5*eT5*^!/*(!78-&(!-%6*(78(%&!HVa!/%,!Ia0!*(9)(+&-:(23L?!!
!
X9!65*!A/%%(*!15*,=)/&&(*%9!H9((!HIIJLL!&'(!A59&!6*(78(%&!)/&&(*%!-9!56!&'(!&3)(!
[\G5X]\G5X^c! [S&5)eS&5)^! 5++8*9! -%! VOa! 56! &'(! +/9(9?! @&'(*! A/%%(*! )/&&(*%9! 5++8*!
*(2/&-:(23! 56&(%c! [f/9eS&5)^! HIVaL0! [S&5)eQ*-+^! HIOaL! /%,! [S&5)ef/9^! HJaL?! S(:(*/2!
5&'(*! A/%%(*! )/&&(*%9! /*(! )*5,8+(,0! <8&! /22! <(251! Wa?! Q5+89-%.! 5%! [\G5X]\G5X^!
+5A<-%/&-5%90! &'(! A59&! 6*(78(%&! -9! [S&5)eS&5)^! HVOaL0! 652251(,! <3! /%,! [f/9ef/9^!
H#aL!/%,![Q*-+eQ*-+^!HNaL?!g5A5.(%(589!A/%%(*!9(78(%+(9!&'/&!-%+28,(!2-78-,9!,5!%5&!
5++8*!-%!&'(!9/A)2(!9&8,-(,?!
!
$%! 9(+&-5%! N?"0! &'(! ,-9&*-<8&-5%! 56! 6(/&8*(! )/&&(*%9! -%! /,82&! 9)((+'! *(6(**(,! &5!
/<5:(! 1-22! <(! +5A)/*(,! &5! 6(/&8*(! )/&&(*%9! 5<9(*:(,! -%! (/*23! )*5,8+&-5%90! -%! 5*,(*! &5!
,-9+899!-6!U;!+'-2,*(%B9!(/*23!)*5,8+&-5%!65*A9!+/%!<(!*(2/&(,!&5!&'(!6*(78(%+3!56!6(/&8*(!
15*,=)/&&(*%9!-%!&'(!-%)8&?!!
!
!
!
JN!
!
)9?(;200#'5(#./('&3&#'-"(G2&3%47.3((
!
!
Y(9(/*+'!5%!)'5%525.-+/2!/+78-9-&-5%!'/9!9'51%!&'/&!+'-2,*(%B9!(/*23!)*5,8+&-5%9!
&(%,!&5!<(!'/*A5%-+!65*!)2/+(!/%,E5*!A/%%(*!6(/&8*(9c![\;5X]\;5X^!/%,![\G5X]\G5X^?!
!
X++5*,-%.! &5! &'(! A5,(2! )*5)59(,! <3! M(:(2&! HIJJNL! /%,! Q->>(*&! R! M(:(2&! HOPP"L0!
T8&+'!+'-2,*(%!.5!&'*58.'!/%!-%-&-/2!#5*!8-&>*!L*&,=4*!L#4!,?*!6?#-*!TUV<!9&/.(0!1'(*(!/22!
+5%95%/%&9! /%,! :51(29! 9'/*(! /! 9-%.2(! )2/+(! 9)(+-6-+/&-5%0! 5*! :51(29! /*(! 251! 5*! +(%&*/2!
H[\-b251\-^D![\-b-\-^L?!$%!/!9(+5%,!9&/.(0!:51(29!+/%!<(!-%,()(%,(%&23!9)(+-6-(,!65*!)2/+(0!
<8&! +5%95%/%&9! 9&-22! 9'/*(! )2/+(! 6(/&8*(9! H[\-bd\-^L?! $%! &'(! -%-&-/2! 9&/.(0! &'(! &15! A59&!
6*(78(%&23!5++8**-%.!)2/+(!6(/&8*(9!-%!T8&+'!+'-2,*(%B9!58&)8&9!/*(!M/<-/2!/%,!\5*5%/2?!
F'(! /8&'5*9! /998A(! &'/&! -%! &'-9! -%-&-/2! )(*-5,0! +'-2,*(%! &(%,! &5! (C&*/+&! &'(! )2/+(!
9)(+-6-+/&-5%! 56! &'(! &/*.(&! 9&*(99(,! :51(2! H%5%=2510! %5%=+(%&*/2L! /%,! /99-.%! -&! &5! &'(!
1'52(0!8%9(.A(%&/2-4(,!8%-&!h@YT?!
!
$%! &'(! A5,(2! )*5)59(,! <3! M/%.(92/.! HOPPKL! 65*! &'(! /+78-9-&-5%! 56! \b\b! A/%%(*!
)/&&(*%90!&'(!6-*9&!9&/.(!-9!+'/*/+&(*-4(,!<3!&'(!)*(,5A-%/%+(![\G5X]\G5X^!58&)8&!65*A90!
56! &'(! &3)(! [S&5)eS&5)^! /%,! [Q*-+eQ*-+^?! F'(! /8&'5*! /*.8(9! &'/&! S&5)! -9! &'(! ,(6/82&!
A/%%(*!-%!+'-2,*(%B9!939&(A9?!!
!
F'(! -,(/! &'/&! +'-2,*(%! 9&/*&! 1-&'! '52-9&-+! *()*(9(%&/&-5%9! &'/&! /*(! .*/,8/223!
9(.A(%&/2-4(,! '/9! 56&(%! <((%! *(2/&(,0! -%! &'(! 2-&(*/&8*(0! &5! +'-2,*(%B9! )*5,8+&-:(!
:5+/<82/*3c! 8%/%/234(,! 2(C-+/2! *()*(9(%&/&-5%9! /*(! &3)-+/2! 56! /%! (/*23! 9&/.(0! 1'(*(!
+'-2,*(%B9!2(C-+5%9!/*(!:(*3!9A/22?!!F'(!(C)/%9-5%!56!+'-2,*(%B9!:5+/<82/*3!-9!/998A(,!&5!
&*-..(*!&'(!%((,!65*!A5*(!,(&/-2(,!*()*(9(%&/&-5%9?!!
!
!
_/9(,! 5%! &'(! 6-%,-%.9! /%,! &'(5*(&-+! -998(9! 58&2-%(,! /<5:(0! &15! A/-%! *(9(/*+'!
78(9&-5%9!1(*(!65*A82/&(,!65*!&'(!+8**(%&!+'/)&(*0!2-9&(,!-%!HIOPL?!
!
./F02 V*9*&4>?!]=*9,)#59!L#4!,?*!>=44*5,!>?&8,*4!
I?!$9!&'(*(!/%!-%-&-/2![\]\^!9&/.(!-%!U;0!65*!)2/+(!/%,E5*!A/%%(*!6(/&8*(9o!
O?! h'/&! -%9-.'&9! +/%! (/*23! )2/+(! /%,! A/%%(*! 6(/&8*(! )/&&(*%9! )*5:-,(! -%&5! ;5*&8.8(9(!
+'-2,*(%B9!(/*23!*()*(9(%&/&-5%9o!
!
!
X-A-%.! &5! )*5:-,(! (A)-*-+/2! (:-,(%+(! 65*! &'(! ,-9+899-5%! 56! &'(! &15! 78(9&-5%9!
2-9&(,!/<5:(0!95A(!9)(+-6-+!.5/29!'/:(!<((%!65*A82/&(,0!58&2-%(,!-%!HIOIL?!
!
!
!
!
!
!
!
!
!
J#!
!
./F/2 D8*>)L)>!(#&-9!#L!,?*!>=44*5,!>?&8,*4!
/L!T(9+*-<(!&'(!,-9&*-<8&-5%!56![\;5X]\;5X^!/%,![\;5Xi\;5X^!)/&&(*%90!-%!-%&/>(!H/&&(A)&(,!
15*,9L!/%,!58&)8&!65*A9?!
<L! \'(+>! -6! &'(! [\-b-\-^! 5*! [\-b251\-^! ;5X! 9&/.(! -,(%&-6-(,! -%! T8&+'! -9! +5%6-*A(,! -%!
;5*&8.8(9(!+'-2,!2/%.8/.(!,/&/?!
+L!T(9+*-<(!&'(!,-9&*-<8&-5%!56![\G5X]\G5X^!/%,![\G5Xi\G5X^!)/&&(*%90!-%!-%&/>(!/%,!58&)8&!
65*A9?!
,L! $,(%&-63! &'(! A59&! 6*(78(%&! )2/+(! /%,! A/%%(*! 6(/&8*(! )/&&(*%9! -%! (/*23! 15*,!
)*5,8+&-5%9!/%,!+5A)/*(!&'(A!&5!&'(!,-9&*-<8&-5%!56!6(/&8*(!15*,=)/&&(*%9!-%!U;!/,82&!
9)((+'?!
!
!
)9)(H&%"7/(
!
!
F'(! ,(:(25)A(%&/2! )/&&(*%9! )*(9(%&(,! -%! &'(! +8**(%&! +'/)&(*! /*(! </9(,! 5%!
9)5%&/%(589! 25%.-&8,-%/2! ,/&/! 56! #! U8*5)(/%! ;5*&8.8(9(! +'-2,*(%! H9((! +'/)&(*! O! 65*! /!
,(&/-2(,!,(9+*-)&-5%!56!&'(!,/&/</9(L?!F'(!/.(!)(*-5,!9&8,-(,!-%!&'-9!+'/)&(*0!)(*!+'-2,0!-9!
.-:(%!-%!HIOOL?!
!
./FF2 A(*78*4)#%!9,=%)*%!)5!,?*!>=44*5,!>?&8,*4!!
!
\2/*/!
j5p5!
$%q9!
j5/%/!
M8A/!
PDII?I!!!!
IDP?I!!!!!!!
PDII?IN!!
IDP?O#!!!!
PDII?OV!!
IDIP?I#!
ODP?OP!
ODP?II!
ODW?ON!
ODW?OK!
!
!
!
!
F'(! )2/+(! /%,! A/%%(*! 6(/&8*(9! &'/&! +5%9&-&8&(! &'(! 65+89! 56! /%/239-9! -%! &'(!
+8**(%&!+'/)&(*!/*(!98AA/*-4(,!-%!HIOVL?!
./FY2 !@*&,=4*9!9,=%)*%!)5!,?)9!>?&8,*4!7!>#59#5&5,9!
G5X!
S&5)!!
f/9/2!
Q*-+/&-:(!
M/&(*/2!
Y'5&-+!
[p t k b d !]
[m n /]
[f v s z ( -]
[l .]
[ , 0]
;5X!
M/<-/2!!
[p b f v m]
\5*5%/2!! [t d n s z l , ( - . /]
T5*9/2!
[k ! 0]
!
!
!
!
!
$%!5*,(*!&5!+5A)/*(!;5*&8.8(9(!/+78-9-&-5%!)/&&(*%9!&5!T8&+'0!1(!1-22!/,5)&!&'(!
&'(5*(&-+!&552!89(,!<3!M(:(2&!HIJJNL!65*!/!8%-6-(,!,(9+*-)&-5%!56!+5%95%/%&9!/%,!:51(29!
H/9!6/*!/9!)2/+(!6(/&8*(9!/*(!+5%+(*%(,L?!
!
JW!
./FO2 !<*9>4)8,)B*!,##-!L#4!,?*!&5&-$9)9!#L!^W!Z_!>#"')5&,)#59;!'&9*%!#5!N*B*-,!./IIO2F1!
M/<-/2!
\5*5%/2!
T5*9/2!
M51!/%,!\(%&*/2!
M/<-/2!+5%95%/%&9!
[p b ) f v m ]
Y58%,!:51(29!
[o u * ]
\5*5%/2!+5%95%/%&9!
[t d + s z n l , ( - . /]
[=</+>^!:51(29!
[i e %]
T5*9/2!+5%95%/%&9!
[k ! 0 1]
_/+>!:51(29!
[o u *]
Low
[a]
Ce%&*/2!!
[3 # 4]
!
$%!&'(!/%/239-9!56!58&)8&!65*A90!1(!9(/*+'(,!65*!/22!A82&-9322/<-+!)*5,8+&-5%90!-%!
(/+'! +'-2,B9! >#48=90! )(*! 9(99-5%?! h-&'-%! &'59(! A82&-9322/<-+! )*5,8+&-5%90! 1(! +/2+82/&(,!
&'(!%8A<(*!56!5++8**(%+(9!56!&'(!)/&&(*%9!2-9&(,!<(251?!
!
H/L!![\;5X]\;5X^!!
[M/<eM/<^0![\5*e\5*^!/%,![T5*eT5*^!
H<L![\G5X]\G5X^!!
[S&5)eS&5)^0![f/9ef/9^0![Q*-+eQ*-+^0![M/&eM/&^!/%,![Y'5&eY'5&^!
H+L![\;5Xi\;5X^!!!
Q5*!-%9&/%+(0![M/<e\5*^!5*![T5*eM/<^!
H,L![\G5Xi\G5X^!!!
Q5*!-%9&/%+(0![S&5)ef/9^!5*![Q*-+eS&5)^!
!
$%!&'(!/%/239-9!56!-%&/>(!65*A90!5%23!&'(!)/&&(*%9!2-9&(,!-%!H/L!/%,!H<L!/<5:(!1(*(!
/%/234(,?OW!F/*.(&!15*,9!1-&'!<*/%+'-%.!5%9(&9!1(*(!%5&!9&8,-(,0!-%!5*,(*!&5!A-%-A-4(!
)5&(%&-/2! (66(+&9! 56! H+5A)2(CL! 9322/<-+! 9&*8+&8*(! 5%! &'(! 9(.A(%&/2E6(/&8*/2!
,(:(25)A(%&/2!)/&&(*%9?!!
S-A-2/*23! &5! 1'/&! '/9! <((%! ,5%(! -%! +'/)&(*! V0! 1(! 1-22! +5A)/*(! +'-2,*(%B9!
/+78-9-&-5%! )/&&(*%9! &5! ,/&/! 56! U;! /,82&! 9)((+'! H9/A)2(! +5%9&-&8&(,! <3! I#KPO! 2(C-+/2!
15*,9! /%,! KINP! +2-&-+90! &/>(%! 6*5A! &'(! >#48=9! D8#+*5! K#4,=(=*9*! =! K#4,=(=`9! @&-&%#D!
FXJP;UD!\MrME$%9&-&8&5!\/As(9D!Q*(;@;!,/&/</9(0!9((!+'/)&(*!OL?!S-%+(!&'(!65+89!56!&'(!
+8**(%&!+'/)&(*!-9!5%!6(/&8*(!)/&&(*%90!1(!(C&*/+&(,!/!98<9/A)2(!56!&'(!>#48=9!*(6(**(,!
&5! /<5:(D! 89-%.! @4*K0OK! /%! (2(+&*5%-+! &552! ,(:(25)(,! /&! &'(! ;'5%(&-+9! M/<5*/&5*30!
r%-:(*9-&3!56!M-9<5%!HQ*5&/0!b-.t*-5!R!G/*&-%90!OPPWL0!1(!9(2(+&(,!/!2-9&!56!&'(!IPP!A59&!
6*(78(%&23! )*5,8+(,! \b\b! 15*,9! H9((! /))(%,-C! _L?! F'(9(! 15*,9! 1(*(! +5,(,! 65*! <5&'!
)2/+(!/%,!A/%%(*!)/&&(*%90!65+89-%.!5%23!5%!&'(!+5%95%/%&9!H/!15*,!2->(!B)%&!1/9!+5,(,!
/9![M/<e\5*^!/%,![Q*-+eS&5)^L?!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!X%,!5%!M(:(2&0!)?+?0!*(./*,-%.!+(%&*/2!:51(29?!
! Q5*! &'(! +8**(%&! +'/)&(*D! <8&! 9((! +'/)&(*! #0! 65*! /! ,(9+*-)&-5%! 56! &'(! ,-66(*(%&! &3)(9! 56! [\i\^! )/&&(*%9! -%!
-%&/>(!/%,!58&)8&!65*A9?!
OK !G5*(!-%65*A/&-5%!5%!&'-9!&552!+/%!<(!658%,!/&!http://www.fl.ul.pt/LaboratorioFonetica/FreP.!
O#
OW
!
JK!
)9I(+,#-&(1&#%2'&(-70$734%47.(71(&#',5(67'/3(4.(F+J(K&32,%3(
!
!
$%! &'(! +8**(%&! 9(+&-5%0! 1(! ,(9+*-<(! &'(! )2/+(! 6(/&8*(! +5A)59-&-5%! 56! ;5*&8.8(9(!
+'-2,*(%B9!-%&/>(!/%,!58&)8&!65*A9?!F'-9!9(+&-5%!-9!5*./%-4(,!/9!6522519?!S8<9(+&-5%!N?#?I!
)*(9(%&9!&'(!6*(78(%+3!56!'5A5*./%-+!HE\;5X]\;5XEL!/%,!%5%='5A5*./%-+!HE\;5Xi\;5XEL!
)/&&(*%9!-%!&'(!-%&/>(!H9(&!56!15*,9!/&&(A)&(,L?!S-A-2/*230!98<9(+&-5%!N?#?O!,(9+*-<(9!&'(!
,-9&*-<8&-5%!56!'5A5*./%-+!/%,!%5%='5A5*./%-+!)/&&(*%9!-%!+'-2,*(%B9!58&)8&!65*A9?!$%!
N?#?V0! 1(! (C)25*(! &'(! ,-9&*-<8&-5%! 56! (/+'! )2/+(! 6(/&8*(! -%! +'-2,*(%B9! '/*A5%-+!
)*5,8+&-5%9?! M/9&230! 98<9(+&-5%! N?#?N! 65+89(9! 5%! &'(! *(2/&-5%! <(&1((%! +5%95%/%&9! /%,!
:51(29!-%!(/*23!58&)8&!65*A9?!!
!
)9I9:(L43%'4M2%47.(71(N!+7=O!+7=N(#./(N!+7=P!+7=N($#%%&'.3(4.(4.%#Q&(17'03(
!!
F'(! /%/239-9! 56! &'(! 9(&! 56! A82&-9322/<-+! 15*,9! /&&(A)&(,! <3! (/+'! +'-2,0! -%! /!
25%.-&8,-%/2!)(*9)(+&-:(0!9'51(,!&'/&!658*!56!&'(!6-:(!+'-2,*(%!H/22!(C+()&!65*!M8A/L!'/:(!
/%!-%-&-/2!)*(6(*(%+(!65*!'5A5*./%-+!&/*.(&!65*A9?!F'-9!(/*23!)*(6(*(%+(!-9!-2289&*/&(,!-%!
HIO#L?!
!
./F12 3S&"8-*9!#L!,&4(*,!6#4%9!9*-*>,*%!)5!,?*!L)49,!9*99)#59!
!
\'-2,!
X.(!
@*&'5.*?!
`2599!
F/*.(&!
;5X!)/&&(*%!
H/L!
$%q9!
PDII?IN!
<(<m!
</<3!
EM/<eM/<E!
H<L!
$%q9!
IDV?W!
+/**5!
+/*!
/b%5b%/
H+L!
j5/%/!
IDO?OJ!
A/Ap!
A5AA3!
EM/<eM/<E!
H,L!
j5/%/!
IDW?ON!
)/)/!
</<3!655,!
/m35m36/
H(L!
\2/*/!
IDO?OO!
)/)t!
,/,,3!
\2/*/!
IDV?W!
+5+u!
)55!
/p35pa/
EM/<eM/<E!
H6L!
H.L!
j5p5!
IDP?I!
)/)/!
</<3!655,!
j5p5!
IDI?O"!
A/Ap!
A5AA3!
/5pap3/
EM/<eM/<E!
H'L!
!
!
/5ka0u/
ET5*eT5*E!
/5pap3/
EM/<eM/<E!
/k*5k*/
ET5*eT5*E!
/m35m36/
EM/<eM/<E!
G59&! 56! &'(! 15*,9! &'/&! +5%9&-&8&(! +'-2,*(%B9! (/*23! 2(C-+5%9! /*(! 56! &'(! &3)(!
EM/<eM/<E0! /9! -2289&*/&(,! /<5:(! H&'-9! )*(6(*(%+(! 1-22! <(! *(62(+&(,! -%! )*5,8+&-5%D! 9((!
9(+&-5%!N?#?VL?!!
!
F'(!,8*/&-5%!56!/%!(/*23!)*(6(*(%+(!65*!'5A5*./%-+!&/*.(&9!:/*-(9!6*5A!5%(!+'-2,!
&5!&'(!5&'(*0!/9!1-22!<(!9'51%!%(C&?!
(
=9(8.R3((
$%! $%q9B! ,/&/0! &'(! )*(,5A-%/%+(! 56! '5A5*./%-+! 15*,9! -%! &'(! -%&/>(! -9! )*(9(%&!
6*5A!&'(!6-*9&!9(99-5%!9&8,-(,0!/&!PDII0!8%&-2!&'(!/.(!56!IDN?!F'(!6*(78(%+3!56!9(2(+&-5%!56!
E\;5X]\;5XE! /%,! E\;5Xi\;5XE! -%! &'-9! +'-2,B9! >#48=9! -9! .-:(%! -%! .*/)'! HIOWL?! F'(!
+5**(9)5%,-%.!78/%&-&/&-:(!,/&/!H&5>(%9L!-9!)*5:-,(,!-%!HIOW?/L?!
!
!
J"!
./FJ2 <)9,4)'=,)#5!#L!aWK#AbWK#Aa!&5%!
aWK#AcWK#Aa!)5!,?*!)5,&+*!X!Q5`9!
!
!
!!
HIOW?/L!d=&5,),&,)B*!%&,&!.,#+*592!
!
$%q9!
X.(!
PDII?IN!
IDP?O#!
IDI?VP!
IDV?W!
IDN?J!
ID#?II!
IDW?II!
IDK?O!
ID"?O!
IDJ?IJ!
IDIP?OJ!
ODP?II!
E\;5X]\;5XE!
fv!
a!!
IW!
JNa!
NP!
JVa!
NP!
"#a!
WI!
KJa!
WP!
KVa!
VI!
VNa!
##!
VWa!
VK!
VKa!
KP!
NNa!
K#!
VIa!
IV"!
NVa!
IP"!
VVa!
E\;5Xi\;5XE!
fv!
a!!
I!
Wa!
V!
Ka!
K!
I#a!
IW!
OIa!
OO!
OKa!
#J!
WWa!
JK!
WNa!
WN!
WVa!
""!
#Wa!
IWW!
WJa!
I"O!
#Ka!
OOV!
WKa!
!
X9!9'51%!-%!HIOWL0!'5A5*./%-+!15*,=)/&&(*%9!+5%9&-&8&(!/<5:(!5*!/*58%,!"Pa!
56!/22!A82&-9322/<-+!15*,9!/&&(A)&(,!<3!$%q9!8%&-2!IDN?!Q*5A!ID#!5%1/*,90!&'(!6*(78(%+3!
56! '5A5*./%-+! &/*.(&9! ,(+*(/9(9! &5! /*58%,! NPa0! 1'-2(! %5%='5A5*./%-+! )/&&(*%9!
<(+5A(!)*(,5A-%/%&!-%!-%&/>(!65*A9?!!
!
S9(T7#.#(
$%!j5/%/B9!,/&/0!&'(!)*(6(*(%+(!65*!'5A5*./%-+!&/*.(&!15*,9!-9!)*(,5A-%/%&!-%!
&'(!6-*9&!658*!9(99-5%9!H6*5A!IDP!&5!IDWL?!F'(!,-9&*-<8&-5%!56!'5A5*./%-+!/%,!%5%=
'5A5*./%-+!15*,9!-%!&'-9!+'-2,B9!-%&/>(!-9!.-:(%!-%!.*/)'!HIOKL?!
HIOK?/L!d=&5,),&,)B*!%&,&!.,#+*592!
./FP2 !<)9,4)'=,)#5!#L!aWK#AbWK#Aa!&5%!
!
!
!
!
!
!
!
!
!
aWK#AcWK#Aa!)5!,?*!)5,&+*!X!e#&5&!
!
j5/%/!
X.(!
IDP?O#!
IDO?K!
IDO?OJ!
IDW?ON!
ID"?N!
IDJ?O#!
IDIP?OO!
ODP?J!
E\;5X]\;5XE!
E\;5Xi\;5XE!
fv!
N!
O!
V!
I#!
I!
O#!
IO!
VP!
fv!
!
!
!
N!
#!
IN!
O#!
NJ!
a!!
IPPa!
IPPa!
IPPa!
KJa!
IKa!
WNa!
VOa!
V"a!
a!!
Pa!
Pa!
Pa!
OIa!
"Va!
VWa!
W"a!
WOa!
!
X9! 9'51%! /<5:(0! &'(! 9(2(+&-5%! 56! '5A5*./%-+! &/*.(&! 15*,9! -%! j5/%/B9! ,/&/! -9! 56!
IPPa! 8%&-2! IDO! /%,0! /&! IDW0! -&! ,(+*(/9(9! &5! "Pa?! Q*5A! ID"! 5%1/*,90! &'(! /&&(A)&9! 56!
'5A5*./%-+! &/*.(&9! <(+5A(! 2(99! 6*(78(%&0! A59&! 56&(%! <(251! NPa?! $&! -9! 15*&'!
(A)'/9-4-%.!&'(!251!%8A<(*!56!&5>(%9!8%&-2!&'(!/.(!56!ID"!H9((!IOK?/L?!\5%&*/*3!&5!$%q9!
H9((!IOW?/L0!j5/%/!&(%,9!&5!/:5-,!A82&-9322/<-+!&/*.(&!65*A9?!
!
(
!9(U20#(
F'(!,-9&*-<8&-5%!56!'5A5*./%-+!/%,!%5%='5A5*./%-+!65*A9!-%!M8A/B9!-%&/>(!-9!
.-:(%!-%!HIO"L?!
!
JJ!
HIO"?/L!d=&5,),&,)B*!%&,&!.,#+*592!
./FG2 !<)9,4)'=,)#5!!#L!aWK#AbWK#Aa!&5%!
!
!
!
!
!
!
!
!
aWK#AcWK#Aa!)5!,?*!)5,&+*!X!N="&!
!
M8A/!
X.(!
IDI?IP!
IDO?OO!
IDV?IJ!
IDN?IK!
ID#?ON!
IDW?OP!
IDK?IJ!
ID"?I#!
IDJ?OJ!
IDIP?I"!
IDII?OJ!
ODP?OK!
ODI?IP!
ODO?OO!
ODV?OW!
E\;5X]\;5XE!
fv!
a!!
K!
""a!
O!
I#a!
O!
Wa!
O!
#Pa!
W!
NPa!
IN!
#Pa!
VV!
NWa!
OP!
#Va!
VK!
#Na!
##!
KOa!
#P!
WOa!
NV!
WNa!
KO!
"Ka!
#J!
#Ka!
IOK!
WNa!
E\;5Xi\;5XE!
fv!
a!!
I!
IOa!
II!
"#a!
OJ!
JNa!
O!
#Pa!
J!
WPa!
IN!
#Pa!
VJ!
#Na!
I"!
NKa!
VO!
NWa!
OI!
O"a!
VI!
V"a!
ON!
VWa!
II!
IVa!
NN!
NVa!
KI!
VWa!
X9!9'51%!/<5:(0!&'(*(!-9!%5!+2(/*!)/&&(*%!-%!&'(!9(2(+&-5%!56!A82&-9322/<-+!&/*.(&90!
-%! M8A/B9! ,/&/c! /&! IDI0! '5A5*./%-+! 65*A9! /*(! A5*(! 6*(78(%&23! /&&(A)&(,! &'/%! %5%=
'5A5*./%-+!5%(9!H""a!/%,!IOa0!*(9)(+&-:(23L!<8&!&'(%!&'(!*(:(*9(!)/&&(*%!5++8*9!6*5A!
IDO! &5! IDJc! E\;5Xi\;5XE! /*(! 9(2(+&(,! -%! A5*(! &'/%! WPa! 56! /22! A82&-9322/<-+! 15*,9!
/&&(A)&(,?! F'(%0! 6*5A! IDIP! 5%1/*,90! '5A5*./%-+9! 58&*/%>! %5%='5A5*./%-+9! /./-%!
HE\;5X]\;5XE!-%!/<58&!WPa!56!&'(!+/9(90!6*5A!IDIP!&5!ODVL?!
!
L9(!,#'#(
F'(! ,-9&*-<8&-5%! 56! E\;5X]\;5XE! /%,! E\;5Xi\;5XE! )/&&(*%9! -%! \2/*/B9! -%&/>(! -9!
)*5:-,(,!HIOJL?!!
!
./FI2 !<)9,4)'=,)#5!#L!aWK#AbWK#Aa!&5%!
aWK#AcWK#Aa!)5!,?*!)5,&+*!X!W-&4&!
!
HIOJ?/L!d=&5,),&,)B*!%&,&!.,#+*592!
!
\2/*/!
X.(!
PDII?I!
IDI?V!
IDO?OO!
IDV?W!
IDN?IJ!
ID#?IW!
IDW?W!
IDK?II!
ID"?OP!
IDJ?OV!
IDIP?I#!
E\;5X]\;5XE!
fv!
a!!
I!
IPPa!
IO!
IPPa!
IP!
IPPa!
K!
""a!
N!
IPPa!
K!
#Na!
J!
#Va!
IK!
"#a!
IK!
OIa!
N#!
NIa!
#"!
N"a!
E\;5Xi\;5XE!
fv!
a!!
!
Pa!
!
Pa!
!
Pa!
I!
IOa!
!
Pa!
W!
NWa!
"!
NKa!
V!
I#a!
W#!
KJa!
WN!
#Ja!
WV!
#Oa!
!
X9! 9'51%! /<5:(0! &'(! 6*(78(%+3! 56! '5A5*./%-+! )/&&(*%9! -%! \2/*/B9! -%&/>(! -9! 56!
""a!5*!IPPa!<(&1((%!PDII!/%,!IDN?!Q*5A!&'(%!5%1/*,90!%5%='5A5*./%-+!&/*.(&!15*,9!
<(+5A(! A5*(! 6*(78(%&0! -%! /*58%,! 5*! /<5:(! #Pa! 56! &'(! +/9(9! H(C+()&! 65*! IDK0! 1'(*(!
'5A5*./%-+9!)*(,5A-%/&(!/./-%L?!
F9(T7V7(
F'(! )*(6(*(%+(! 65*! '5A5*./%-+! &/*.(&9! -%! j5p5B9! ,/&/! 5++8*9! A59&23! /&! &'(! 6-*9&!
&15!9(99-5%90!/9!9'51%!-%!HIVPL?!
!
!
IPP!
HIVP?/L!d=&5,),&,)B*!%&,&!.,#+*592!
./Y02 !<)9,4)'=,)#5!#L!aWK#AbWK#Aa!&5%!
aWK#AcWK#Aa!)5!,?*!)5,&+*!X!e#f#!
!
!
!
!
!
!
!
!
!
!
j5p5!
X.(!
IDP?I!
IDI?O"!
IDO?VP!
IDV?OI!
ID#?OW!
IDW?IW!
IDK?OP!
ID"?O#!
IDJ?O#!
IDIP?OW!
IDII?IJ!
ODP?OP!
E\;5X]\;5XE!
fv!
a!!
W!
IPPa!
V!
IPPa!
#!
OPa!
OI!
"Ia!
I#!
O"a!
I#!
VVa!
#O!
W"a!
OV!
KPa!
VK!
VOa!
#N!
N"a!
WI!
VWa!
WK!
NIa!
E\;5Xi\;5XE!
fv!
a!!
!
Pa!
!
Pa!
OP!
"Pa!
#!
IJa!
V"!
KOa!
VI!
WKa!
O#!
VOa!
IP!
VPa!
K"!
W"a!
#J!
#Oa!
IPJ!
WNa!
JW!
#Ja!
_(&1((%!IDP!/%,!IDI0!&'(!6*(78(%+3!56!9(2(+&-5%!56!E\;5X]\;5XE!65*A9!-9!56!IPPa!
H<8&! 9((! 251! %8A<(*! 56! 5++8**(%+(90! -%! IVP?/L?! Q*5A! IDO! 5%1/*,90! &'(*(! -9! A8+'!
:/*-/&-5%! -%! &'(! 6*(78(%+3! 56! 9(2(+&-5%! 56! '5A5*./%-+! /%,! %5%='5A5*./%-+! 65*A90!
/2&'58.'! E\;5Xi\;5XE! 65*A9! &(%,! &5! <(! /&&(A)&(,! A5*(! 56&(%! &'/%! E\;5X]\;5XE0! -%! A59&!
9(99-5%9!H<(&1((%!ID#=IDW!/%,!IDJ=ODPL?!
F5! 98A! 8)0! 658*! +'-2,*(%! 9'51! /%! -%-&-/2! )*(6(*(%+(! 65*! '5A5*./%-+! &/*.(&!
15*,9c!$%q9!<(&1((%!PDII!/%,!IDND!j5/%/!<(&1((%!IDP!/%,!IDWD!\2/*/!<(&1((%!PDII!/%,!
IDN! /%,! j5p5! <(&1((%! IDP! /%,! IDI?! $%! M8A/B9! ,/&/0! &'(*(! -9! %5! +2(/*! 9(2(+&-5%! )/&&(*%?!
\5%&*/*3! &5! &'(! 5&'(*! 98<d(+&90! M8A/! /&&(A)&9! <5&'! '/*A5%-+! /%,! %5%='/*A5%-+!
)/&&(*%9! -%! &'(! 6-*9&! *(+5*,-%.! 9(99-5%9?! X&! 2(/9&! /9! 6/*! /9!E\]\E! /%,! \i\E! )/&&(*%9! /*(!
+5%+(*%(,0!2(C-+/2!9(2(+&-5%!-9!%5&!/!)*(,5A-%/%&!9&*/&(.3!-%!&'-9!+'-2,B9!,/&/?!!
!
)9I9>(L43%'4M2%47.(71(W!+7=O!+7=X(#./(W!+7=P!+7=X($#%%&'.3(4.(72%$2%(17'03(
(
F'(! +8**(%&! 9(+&-5%! (C)25*(9! &'(! ,-9&*-<8&-5%! 56! '5A5*./%-+! /%,! %5%=
'5A5*./%-+! )/&&(*%9! -%! +'-2,*(%B9! )*5,8+&-5%9?! X! )*(2-A-%/*3! /%/239-9! 56! &'(! 6-:(!
+'-2,*(%B9! >#48#4&! 9'51(,! &'/&0! -%! &'(! 6-*9&! 9(99-5%90! /22! +'-2,*(%! )*(9(%&! /! 9-A-2/*!
)*5,8+&-5%!)/&&(*%!65*!;5X!6(/&8*(9c!&'(!A/d5*-&3!56!A82&-9322/<-+!58&)8&9!,-9)2/39!)2/+(!
6(/&8*(! -,(%&-&3! <(&1((%! &'(! +5%95%/%&9! 56! &'(! 15*,! H[\;5X]\;5X^L?! S5A(! (C/A)2(9! 56!
&'(9(!'5A5*./%-+!)*5,8+&-5%9!/*(!.-:(%!-%!HIVIL?!
!
!
./Y/2 !3S&"8-*9!#L!^WK#AbWK#A_!L#4"9!)5!>?)-%4*5[9!84#%=>,)#59!
!
!
\'-2,!
X.(!
@*&'5.*?!
`2599!
F/*.(&!
@8&)8&!
;5X!)/&&(*%!
H/L!
$%q9!
IDV?W!
</<(&(!
<-<!
$%q9!
ID#?II!
78(-d5!
+'((9(!
[b%b%b%]
[M/<eM/<^!
H<L!
/b35b%t4/
H+L!
$%q9!
IDW?II!
,-%'(-*5!
A5%(3!
j5/%/!
IDP?O#!
A/Ap!
A/AA3!
[/i5/%]
[\5*e\5*^!
H,L!
/di5/3j,u/
H(L!
j5/%/!
IDIP?OO!
(9+52/!
9+'552!
[T5*eT5*^!
H6L!
M8A/!
IDV?IJ!
</%/%/!
</%/%/!
[k*5k*]
H.L!
M8A/!
ODV?OW!
25<5!
1526!
\2/*/!
IDO?OO!
<(<m!
</<3!
[5bobu]
[M/<eM/<^!
H'L!
/5k3j-u/
/m35m36/
/(5k*l3/
/b35n3n3/
/5lobu/
/b%5b%/
IPI!
[ke5k%]
[T5*eT5*^!
[3m35m367]
[M/<eM/<^!
[5/3/4]
[\5*e\5*^!
[be5be]
[M/<eM/<^!
H-L!
\2/*/!
ID"?OP!
\2/*/!
)*5)?%58%!
HdL!
j5p5!
IDV?OI!
)/)/!
+(*(/2!
H>L!
j5p5!
IDII?IP!
+5%9&*8&5*!
<8-2,(*!
!
/5kla,3/
[ka5ka]
[T5*eT5*^!
/ko6(t,u5to,/
[tutu5to]
[\5*e\5*^!
/5pap3/
[5pap3]
[M/<eM/<^!
X9! -2289&*/&(,! /<5:(0! '5A5*./%-+! )*5,8+&-5%9! +/%! +5**(9)5%,! &5! '5A5*./%-+!
&/*.(&9!H9((!(C/A)2(9!-%!H,L0!H'L0!HdLL0!<8&!/295!&5!%5%='5A5*./%-+!/&&(A)&(,!65*A9!H9((!
(C/A)2(9! -%! H.L0! H-L! /%,! H>L0! 65*! -%9&/%+(L?! $%! &'(! 2/&&(*! +/9(90! [\;5Xi\;5X^! &/*.(&9! /*(!
*(%,(*(,! /9! [\;5X]\;5X^! &'*58.'! 98<9&-&8&-5%! )/&&(*%9! H9((! (C/A)2(! -%! H.LL! 5*!
*(,8)2-+/&-5%!9&*/&(.-(9!H9((!(C/A)2(9!H/L0!H<L0!H-LL?!!
F'(! /2&(*%/&-:(! 9&*/&(.-(9! 89(,! &5! +5)(! 1-&'! )*5<2(A/&-+! %5%='5A5*./%-+!
&/*.(&9!&'*58.'58&!,(:(25)A(%&!1-22!<(!(C)25*(,!-%!+'/)&(*!W?!Q5*!&'(!+8**(%&!+'/)&(*0!
1'/&! -9! 15*&'! (A)'/9-4-%.! -9! &'/&! -%! &'(! -%-&-/2! 9&/.(0! &'(! )*(,5A-%/%&! )/&&(*%! -%!
+'-2,*(%B9! )*5,8+&-5%! -9! [\;5X]\;5X^0! -%,()(%,(%&23! 56! &'(! 6(/&8*(! +5A)59-&-5%! 56! &'(!
&/*.(&!15*,9!/&&(A)&(,?!F'(!,8*/&-5%!56!&'-9!'5A5*./%-+!)*5,8+&-5%!9&/.(!:/*-(9!/+*599!
+'-2,*(%0!/9!1-22!<(!9'51%!<(251?!!!
(
=9(8.R3(
F'(!.*/)'!)*5:-,(,!-%!HIVOL!9'519!&'(!6*(78(%+3!56!5++8**(%+(!56!'5A5*./%-+!
/%,! %5%='5A5*./%-+! 58&)8&! 65*A90! )(*! 9(99-5%0! -%! $%q9B! ,/&/D! 9-%+(! &'(! )(*+(%&/.(9!
95A(&-A(9! +5**(9)5%,! &5! 251! %8A<(*90! )/*&-+82/*23! -%! &'(! 6-*9&! 9(99-5%90! &'(! .*/)'! -9!
+5A)2(A(%&(,!1-&'!78/%&-&/&-:(!,/&/!H9((!IVO?/L?!!
!
./YF2 !<)9,4)'=,)#5!#L!^WK#AbWK#A_!&5%!
^WK#AcWK#A_!)5!Q5`9[!84#%=>,)#59!
HIVO?/L!d=&5,),&,)B*!%&,&!.,#+*592!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
PDII?IN!
IDP?O#!
IDI?VP!
IDV?W!
IDN?J!
ID#?II!
IDW?II!
IDK?O!
ID"?O!
IDJ?IJ!
IDIP?OJ!
ODP?II!
[\;5X]\;5X^!
f?v!
a!
I#!
IPPa!
VV!
IPPa!
"J!
JKa!
IOW!
J"a!
#J!
JKa!
I#W!
JWa!
IIW!
JKa!
##!
KPa!
IP#!
WOa!
IP"!
N"a!
IJP!
#Ia!
IK#!
N#a!
[\;5Xi\;5X^!
f?v!
a!
P!
P!
V!
O!
O!
K!
N!
ON!
WV!
IIK!
I"O!
OIK!
Pa!
Pa!
Va!
Oa!
Va!
Na!
Va!
VPa!
V"a!
#Oa!
NJa!
##a!
!
X9!9'51%!/<5:(0![\;5X]\;5X^!65*A9!)*(,5A-%/&(!-%!$%q9B!)*5,8+&-5%9!&'*58.'58&!
&'(! 6-*9&! 9(99-5%90! +5%9&-&8&-%.! /*58%,! IPPa! 56! &'(! A82&-9322/<-+! 65*A9! )*5,8+(,! 6*5A!
PDII!&5!IDW?!Q*5A!IDK!5%1/*,90!&'(!)(*+(%&/.(!56!'5A5*./%-+9!-%!&'-9!+'-2,B9!,/&/!9&/*&9!
,(+*(/9-%.!.*/,8/2230!'5:(*-%.!/*58%,!#Pa!6*5A!IDJ?!!
!
!
IPO!
(
S9(T7#.#(
F'(! .*/)'! .-:(%! -%! HIVVL! ,-9)2/39! &'(! 6*(78(%+3! 56! 5++8**(%+(! 56! '5A5*./%-+!
/%,!%5%='5A5*./%-+!58&)8&!65*A90!)(*!9(99-5%0!-%!j5/%/B9!,/&/?!
./YY2 !<)9,4)'=,)#5!#L!^WK#AbWK#A_!&5%!^WK#AcWK#A_!)5! HIVV?/L!d=&5,),&,)B*!%&,&!.,#+*592!
e#&5&[9!84#%=>,)#59!
!
!
!
!
IDP?O#!
IDO?K!
IDW?ON!
ID"?N!
IDJ?O#!
IDIP?OO!
O0P?J!
[\;5X]\;5X^!
!f?v!
a!
I!
IPPa!
I!
IPPa!
O!
IPPa!
P!
Pa!
O#!
"Ja!
IO!
JOa!
OO!
V#a!
[\;5Xi\;5X^!
f?v!
a!
P!
Pa!
P!
Pa!
P!
Pa!
I!
IPPa!
V!
IIa!
I!
"a!
NP!
W#a!
!
!
!
$%!j5/%/B9!,/&/0!&'(!'5A5*./%-+!)(*-5,!-9!25%.(*!&'/%!-%!$%q9D!-&!.5(9!6*5A!&'(!/.(!
56! IDP! &5! IDIP?! F'(! 98,,(%! ,(+*(/9(! /&! ID"?N! +5**(9)5%,9! ! &5! 5%(! 9-%.2(! A82&-9322/<-+!
5++8**(%+(! -%! &'/&! 9(99-5%! /k3pu5(i/u/=w[p45d-u6]! H9((! HIVV?/L? $&! -9! 15*&'! (A)'/9-4-%.!
&'/&0! /9! 9'51%! -%! HIVV?/L0! &'(*(! /*(! :(*3! 6(1! +/9(9! 56! A82&-9322/<-+! 58&)8&9! 65*A9! -%!
j5/%/B9! ,/&/! 8%&-2! &'(! /.(! 56! IDJ?! $%! &'(! 6-*9&! 9(99-5%90! &'(! A/d5*-&3! 56! &'-9! +'-2,B9!
)*5,8+&-5%9!-9!56!&3)(![b\b^!5*![\b^D!j5/%/!'/9!/!+2(/*!)*(6(*(%+(!65*!&*8%+/&-5%!-%!(/*23!
15*,9! H9((! +'/)&(*! WL! /,,(,! &5! /%! -%-&-/2! &(%,(%+3! &5! /:5-,! A82&-9322/<-+! &/*.(&9! H9((!
9(+&-5%! N?#?IL?! _(&1((%! IDJ! /%,! IDIP0! &'(! )*(6(*(%+(! 65*! '5A5*./%-+! 58&)8&9! 9&-22!
*(A/-%9!H/*58%,!JPaL?!X&!ODP0![\;5Xi\;5X^!)/&&(*%9!,(+*(/9(!&5!V#a!56!/22!A82&-9322/<-+!
65*A9!)*5,8+(,!<3!&'-9!+'-2,?!
(
!9(U20#(
F'(! ,-9&*-<8&-5%! 56! '5A5*./%-+! /%,! %5%='5A5*./%-+! 58&)8&! 65*A9! -%! M8A/B9!
>#48=90!)(*!9(99-5%0!-9!)*5:-,(,!-%!HIVNL?!
!
!
./YO2 !<)9,4)'=,)#5!#L!^WK#AbWK#A_!&5%!^WK#AcWK#A_!)5! HIVN?/L!d=&5,),&,)B*!%&,&!.,#+*592!
!
N="&[9!84#%=>,)#59!
!
MrGX!
!
!
PDII?OV!
IDO?OO!
IDV?#!
IDN?IK!
IDW?W!
IDK?IJ!
IDIP?I"!
IDII?OJ!
ODP?OK!
ODO?OO!
ODV?OW!
ODN?O#!
OD#?OP!
ODW?OK!
[\;5Xi\;5X^!
f?v!
a!
[\;5X]\;5X^!
f?v!
a!
O!
K!
J!
V!
"!
OO!
##!
IV!
NW!
WW!
INW!
IVV!
IWK!
I#J!
IPPa!
IPPa!
"Oa!
IPPa!
"Ja!
IPPa!
IPPa!
"Ka!
J"a!
JWa!
JIa!
#Na!
#"a!
#Pa!
P!
P!
O!
P!
I!
P!
P!
O!
I!
V!
I#!
IIO!
IOP!
I#"!
Pa!
Pa!
I"a!
Pa!
IIa!
Pa!
Pa!
IVa!
Oa!
Na!
Ja!
NWa!
NOa!
#Pa!
!
F'(( '5A5*./%-+! )*5,8+&-5%! 9&/.(! -9! 25%.(*! -%! M8A/B9! ,/&/! &'/%! -%! &'(! 5&'(*!
!
IPV!
+'-2,*(%c!-&!+5:(*9!&'(!)(*-5,!6*5A!&'(!6-*9&!9(99-5%!/%/234(,!H/&!PDIIL!&5!&'(!/.(!56!ODV?!
T8*-%.! &'-9! )(*-5,0! &'(! 6*(78(%+3! 56! [\;5X]\;5X^! 58&)8&! 65*A9! -9! 939&(A/&-+/223! /<5:(!
"Pa! 56! M8A/B9! A82&-9322/<-+! )*5,8+&-5%9?! $&! -9! 5%23! /&! ODN! &'/&! &'(! 5++8**(%+(! 56!
'5A5*./%-+!58&)8&9!,(+*(/9(9!<(251!"Pa?!!
!
L9(!,#'#(
\2/*/!1/9!9&8,-(,!8%&-2!&'(!/.(!56!IDIP?!F'(!,-9&*-<8&-5%!56!'5A5*./%-+!/%,!%5%=
'5A5*./%-+!58&)8&!65*A9!-%!&'-9!+'-2,B9!>#48=90!)(*!9(99-5%0!-9!)*5:-,(,!-%!HIV#L?!
HIV#?/L!d=&5,),&,)B*!%&,&!.,#+*592!
!!
./Y12 !<)9,4)'=,)#5!#L!^WK#AbWK#A_!&5%!
^WK#AcWK#A_!W-&4&[9!84#%=>,)#59!
!
!
!
PDII?I!
IDI?V!
IDO?OO!
IDV?W!
IDN?IJ!
ID#?IW!
IDW?W!
IDK?II!
ID"?OP!
IDJ?OV!
IDIP?I#!
[\;5Xi\;5X^!
[\;5X]\;5X^!
f?v! a!
f?v!
a!
I!
Pa!
!!!!!!!! P!
IP!
P!
Pa!
IPPa!
II!
P!
Pa!
IPPa!
#!
P!
Pa!
IPPa!
V!
P!
Pa!
IPPa!
W!
W!
#Pa!
#Pa!
K!
"!
#Va!
NKa!
IK!
O!
IPa!
JPa!
OI!
#"!
KVa!
OKa!
NJ!
NK!
NJa!
#Ia!
#O!
#V!
#Pa!
#Pa!!!!!!!!!!!!!!!!!!!!!
!
_(&1((%! PDII! /%,! IDN0! /22! A82&-9322/<-+! 58&)8&! 65*A9! -%! \2/*/B9! ,/&/! /*(!
'5A5*./%-+?! Q*5A! ID#! 5%1/*,90! &'(! 6*(78(%+3! 56! [\i\^! )*5,8+&-5%9! ,(+*(/9(9! <(251!
"Pa0!-%!/22!9(99-5%9!(C+()&!65*!IDK?!f5&(!&'/&!&'(!%8A<(*!56!&5>(%9!-9!251!8%&-2!&'(!/.(!56!
ID"!H9((!IV#?/L?!
!
!
F9(T7V7(
j5p5! 1/9! 9&8,-(,! 8%&-2! &'(! /.(! 56! ODP?! F'(! ,-9&*-<8&-5%! 56! '5A5*./%-+! /%,! %5%=
'5A5*./%-+!58&)8&!65*A9!-%!&'-9!+'-2,B9!>#48=90!)(*!9(99-5%0!-9!)*5:-,(,!-%!HIVWL?!!
./YJ2 !<)9,4)'=,)#5!#L!^WK#AbWK#A_!&5%!^WK#AcWK#A_!
)5!e#f#[9!84#%=>,)#59!
HIVW?/L!d=&5,),&,)B*!%&,&!.,#+*592!
!
!
!
!
IDP?I!
IDI?IO!
IDV?OI!
!IDN?IK!
ID#?IO!
IDW?IW!
IDK?OP!
ID"?O#!
IDJ?O#!
IDIP?OW!
IDII?IJ!
ODP?OP!
[\;5X]\;5X^!
f?v!
a!
#!
IPPa!
I!
IPPa!
V!
IPPa!
V!
IPPa!
IN!
"Ka!
NP!
IPPa!
NJ!
JNa!
OP!
JIa!
"I!
"Ia!
IVO!
JOa!
IIN!
KVa!
IO"!
"#a!
[\;5Xi\;5X^!
f?v!
a!
P!
Pa!
P!
Pa!
P!
Pa!
P!
Pa!
O!
IVa!
P!
Pa!
V!
Wa!
O!
Ja!
IJ!
IJa!
II!
"a!
NO!
OKa!
OO!
I#a!
!
X2&'58.'! 95A(! ,(+*(/9(9! -%! &'(! 5++8**(%+(! 56! '5A5*./%-+! 58&)8&9! +/%! <(!
5<9(*:(,! 6*5A! IDJ! 5%1/*,90! &'(! :/9&! A/d5*-&3! 56! j5p5B9! A82&-9322/<-+! )*5,8+&-5%9! /*(!
'5A5*./%-+! H/21/39! /<5:(! 5*! /*58%,! "PaL! 8%&-2! &'(! 2/9&! 9(99-5%! 9&8,-(,0! /&! ODP?!
!
IPN!
S-A-2/*23! &5! &'(! 5&'(*! +'-2,*(%0! &'(*(! /*(! :(*3! 6(1! &5>(%9! -%! &'(! 6-*9&! 9(99-5%9! H9((!
IVW?/L?!
!
$%! 98AA/*30! /22! +'-2,*(%! 9'51! /%! -%-&-/2! 9&/.(! 1'(*(! &'(! :/9&! A/d5*-&3! 56!
A82&-9322/<-+!)*5,8+&-5%90!/<5:(!"Pa0!/*(!'5A5*./%-+?!F'(!,8*/&-5%!56!&'-9![\;5X]\;5X^!
9&/.(!:/*-(9!/+*599!+'-2,*(%c!-&!-9!9'5*&(*!-%!\2/*/B9!,/&/!H8%&-2!IDNL!/%,!25%.(*!-%!M8A/!
H8%&-2!ODVL?!!
F'(! &-A(! 6*/A(! +5:(*(,! <3! '5A5*./%-+! )*(,5A-%/%+(! -%! -%&/>(! /%,! 58&)8&!
65*A90!-%!(/+'!+'-2,B9!>#48=90!-9!98AA/*-4(,!-%!HIVKL?!
!
./YP2 !g)"*7L4&"*!>#B*4*%!'$!,?*!84*%#")5&5>*!#L!?#"#4(&5)>!8&,,*459!
[\;5X]\;5X^!!!
$%q9!
j5/%/!
M8A/!
\2/*/!
j5p5!
$%&/>(!
PDII!!
IDP!!
====!
PDII!!
IDP!!
IDN!
IDW!
====!
IDN!!
IDI!
;*5,8+&-5%!
PDII!
IDW!
IDP!!!
IDIP!
PDII!
ODV!
PDII!
IDN!
IDP!
ODP!
!
X9! 9'51%! /<5:(0! &'(! ,8*/&-5%! 56! &'(! '5A5*./%-+! 9&/.(! -9! 25%.(*! -%! )*5,8+&-5%!
&'/%! -%! &'(! &/*.(&9! /&&(A)&(,0! (C+()&! 65*! \2/*/0! 65*! 1'5A! &'(! [\;5X]\;5X^! /*(!
)*(,5A-%/%&!8%&-2!IDN0!<5&'!-%!-%&/>(!/%,!58&)8&!65*A9?!!
!
)9I9?(L43%'4M2%47.(71($,#-&(1&#%2'&3(4.(W!+7=O!+7=X($'7/2-%47.3(
!
$%! &'(! )*(+(,-%.! 9(+&-5%0! -&! 1/9! 9'51%! &'/&! +'-2,*(%! .5! &'58.'! /%! -%-&-/2! 9&/.(!
1'(*(! &'(! :/9&! A/d5*-&3! 56! &'(! A82&-9322/<-+! 65*A9! )*5,8+(,! /*(! '5A5*./%-+?! $%! &'(!
+8**(%&! 9(+&-5%0! 1(! 1-22! )*(9(%&! &'(! 6*(78(%+3! 56! (/+'! )2/+(! 6(/&8*(! 1-&'-%! &'59(!
'5A5*./%-+!)*5,8+&-5%9?!!
F'(! .*/)'9! )*(9(%&(,! -%! HIV"L! 9'51! &'(! ,-9&*-<8&-5%! 56! (/+'! )*-A/*3! )2/+(!
6(/&8*(!HM/<-/20!\5*5%/20!T5*9/2L!-%!&'(![\;5X]\;5X^!58&)8&!9&/.(0!65*!(/+'!+'-2,?!X9!9'51%!
-%! &'(! )*(:-589! 9(+&-5%0! &'(! ,8*/&-5%! 56! &'/&! 9&/.(! -9! :/*-/<2(c! 6*5A! PDII! &5! IDW! -%! $%q9!
H9((! .*/)'! IV"?/L0! 6*5A! IDP! &5! IDIP! -%! j5/%/! H.*/)'! IV"?<LD! 6*5A! PDII! &5! ODV! -%! M8A/!
H.*/)'! IV"?+LD! 6*5A! PDII! &5! IDN! -%! \2/*/! H.*/)'! IV"?,LD! 6*5A! IDP! &5! ODP! -%! j5p5! H.*/)'!
IV"?(L?!
!
!
!
!
!
!
!
!
!
!
!
!
IP#!
./YG2 !<)9,4)'=,)#5!#L!8-&>*!L*&,=4*9!)5!,?*!^WK#AbWK#A_!84#%=>,)#5!9,&(*!.&88*5%)S!@2!
HIV"?/L!Q5`9!
HIV"?<L!e#&5&!
!
!
!
!
!
!
!
!
!
!
!
!
HIV"?+L!N="&!
HIV"?,L!W-&4&!
!
!
!
!
!
!
!
!
!
(
(
HIV"?(L!e#f#!
!
!
!
!
!
!
!
(
(
(
(
(
$%! .(%(*/20! [M/<eM/<^! )/&&(*%9! /*(! A5*(! 6*(78(%&23! )*5,8+(,! -%! &'(! 6-*9&!
9(99-5%9!=!-%!$%q9B!,/&/0!8%&-2!IDP0!-%!j5/%/!8%&-2!IDWD!-%!M8A/!8%&-2!IDJ0!-%!\2/*/!8%&-2!IDO!
/%,!-%!j5p5!8%&-2!ID"!=!!1'-2(![\5*e\5*^!/%,![T5*eT5*^!/*(!A5*(!56&(%!)*5,8+(,!-%!2/&(*!
9(99-5%9?! S5A(!(C/A)2(9!/*(!)*5:-,(,!-%!HIVJL?
!
./YI2 !3S&"8-*9!#L!^N&'hN&'_;!^W#4hW#4_!&5%!^<#4h<#4_!#=,8=,!L#4"9 !
!
\'-2,!
X.(!
@*&'5.*?!
`2599!
F/*.(&!
@8&)8&!
;5X!)/&&(*%!
H/L!
$%q9!
PDII?IN!
A/Ap!
A5AA3!
\2/*/!
IDV?V!
<(<m!
</<3!
[m35m36]
[M/<eM/<^!
H<L!
/m35m36/
H+L!
j5p5!
IDV?OI!
)/)/!
</<3!655,!
$%q9!
IDV?W!
</<(&(!
<-<!
/5pap3/
[5pap3]
[M/<eM/<^!
H,L!
H(L!
$%q9!
ID#?II!
<5A<5A!
+/%,3!
M8A/!
IDV?IJ!
</%/%/!
</%/%/!
[bo5bo]
[M/<eM/<^!
H6L!
H.L!
$%q9!
ID#?II!
<5%(+/!
,522!
j5p5!
IDJ?O#!
`8-,/!
)*5)?%58%!
[/e5/%]
[\5*e\5*^!
H'L!
!
/b%5b%/
/ba5b%t4/
/bo65bo6/
/b35n3n3/
/bu5n%k3/
/5!id3/
IPW!
[p#b#]/[b3p3]
[M/<eM/<^!
[b%b%b%]
[M/<eM/<^!
[5/3/3]
[\5*e\5*^!
[5dita]
[\5*e\5*^!
H-L!
j5p5!
IDIP?OW!
*5,/!
1'((2!
HdL!
M8A/!
ODO?OO!
F-&5!
)*5)?%58%!
H>L!
j5/%/!
IDJ?O#!
Y/78(2!
)*5)?%58%!
H2L!
\2/*/!
IDV?W!
+/**5!
+/*!
/50*d3/
[5d*d3]
[\5*e\5*^!
/035k%8/
[k3k%]
[T5*eT5*^!
/5titu/
/5ka0u/
!
[5titu]
[\5*e\5*^!
[kakakaka]
[T5*eT5*^!
X9! -2289&*/&(,! /<5:(0! &'(! )2/+(! 6(/&8*(! )*5,8+(,! /%,! &'(! )2/+(! 6(/&8*(! 56! &'(!
+5%95%/%&!-%!&'(!&/*.(&!9&*(99(,!9322/<2(!/*(!A59&!56&(%!&'(!9/A(c!M/<-/2!-%!(C/A)2(9!H/L!
&5!H(LD!\5*5%/2!-%!(C/A)2(9!H6L0!H.L!/%,!HdL!/%,!T5*9/2!-%!H>L!/%,!H2L?!$%!.(%(*/20!&'(!+/9(9!
1'(*(!&'(!;5X!)*5,8+(,!,5!%5&!A/&+'!&'(!;5X!56!&'(!+5%95%/%&!-%!&'(!&/*.(&!9&*(99(,!
9322/<2(0! /*(! &'(! 5%(9! &'/&! -%:52:(! %5%=/+78-*(,! &/*.(&! +5%95%/%&9! 98+'! /9! ,5*9/29! 5*!
6*-+/&-:(9D!-%!&'(9(!+/9(90!+'-2,*(%!&(%,!&5!-%9(*&!/!+5*5%/2!+5%95%/%&!H9((!(C/A)2(9!H'L!
/%,!H-L0!/<5:(L? !
_/9(,! 5%! &'(! T8&+'! 9&8,-(9! )*(9(%&(,! -%! 9(+&-5%! N?I?I0! 1(! 1582,! (C)(+&! &'(!
&/*.(&! 9&*(99(,! :51(2! &5! )*5:-,(! &'(! )2/+(! 6(/&8*(! 9)(+-6-+/&-5%! 65*! +'-2,*(%B9!
*()*(9(%&/&-5%90! /&! 2(/9&! -%! &'(! 6-*9&! 6(1! 9(99-5%9?! g51(:(*0! A59&! 56! &'(! 6-*9&! 15*,9!
/&&(A)&(,!<3!;5*&8.8(9(!2(/*%(*9!+5%&/-%!/!251!5*!+(%&*/2!:51(2!-%!&'(!&/*.(&!9&*(99(,!
9322/<2(! H8&8&;! 8&8i;! "&"fL?! $%! &'(9(! +/9(90! <5&'! &'(! +5%95%/%&! /%,! &'(! :51(2! 56! &'(!
&/*.(&!9&*(99(,!9322/<2(!&(%,!&5!<(!)*(9(*:(,!-%!+'-2,*(%B9!)*5,8+&-5%9?!Q8*&'(*!%5&(!&'/&!
-%! 95A(! +/9(90! +'-2,*(%! +/%! +'/%.(! &'(! 78/2-&3! 56! &'(! &/*.(&! 9&*(99(,! :51(2! H*(%,(*-%.!
+5*5%/2!:51(29!/9!251!5*!+(%&*/2L0!1'-2(!9&-22!)*(9(*:-%.!&'(!)2/+(!6(/&8*(!9)(+-6-+/&-5%!56!
&'(! &/*.(&! 9&*(99(,! 5%9(&! H9((! (C/A)2(! -%! H<L0! /<5:(L?! $&! &'89! 9((A9! &'/&! ;5*&8.8(9(!
+'-2,*(%! &(%,! &5! )*(9(*:(! )2/+(! 9)(+-6-+/&-5%! 56! &'(! +5%95%/%&! -%! &'(! &/*.(&! 9&*(99(,!
9322/<2(!A5*(!56&(%!&'/%!&'(!)2/+(!9)(+-6-+/&-5%!56!&'(!:51(2?!F'-9!-998(!1-22!<(!68*&'(*!
,-9+899(,!-%!9(+&-5%!N?"?!
!
)9I9)(Y76&,(3$&-414-#%47.(4.(&#',5(67'/3(
!
$%! 9(+&-5%! N?I?I0! -&! 1/9! 9'51%! &'/&! 9&8,-(9! 5%! &'(! /+78-9-&-5%! 56! T8&+'! HM(:(2&0!
IJJND! Q->>(*&! R! M(:(2&0! OPP"L! '/:(! /*.8(,! 65*! /%! -%-&-/2! 9&/.(! -%! &'(! ,(:(25)A(%&! 56!
)2/+(!6(/&8*(!)/&&(*%9!1'(*(!+5%95%/%&9!/%,!:51(29!-%!&'(!15*,9!)*5,8+(,!9'/*(!;5X!
6(/&8*(9?!
F'(!78(9&-5%!/,,*(99(,!-%!&'(!+8**(%&!9(+&-5%!-9!-6!;5*&8.8(9(!+'-2,*(%!)*(9(%&!
)/&&(*%9! 9-A-2/*! &5! T8&+'! 2(/*%(*90! /9! 6/*! /9! +5%95%/%&=:51(2! )2/+(! 6(/&8*(9! /*(!
+5%+(*%(,?!$%!5*,(*!&5!A/>(!98+'!+5A)/*-95%90!1(!1-22!/,5)&!&'(!9/A(!&'(5*(&-+!&5529!/9!
M(:(2&!HIJJNL!/%,!Q->>(*&!R!M(:(2&!HOPP"L?!F'59(!&5529!'/:(!/2*(/,3!<((%!,(9+*-<(,!-%!
9(+&-5%!N?V0!<8&!/*(!<*-(623!58&2-%(,!'(*(0!65*!&'(!9/>(!56!+2/*-&3c!
!
!
IPK!
(a) M/<-/2!+5%95%/%&9!/%,!*58%,!:51(29![p b m f v * o u] /*(!M/<-/2!!
(b) \5*5%/2!+5%95%/%&9!/%,!6*5%&!:51(29![t d n s z ( - l , i e %^!/*(!\5*5%/2! !
(c) T5*9/2!+5%95%/%&9!/%,!</+>!:51(29![k ! 0 u o *^!/*(!T5*9/2!!!
(d) M51!/%,!+(%&*/2!:51(29![a 3 # 4]!2/+>!;5X!6(/&8*(!9)(+-6-+/&-5%!!!
!
F/>-%.! &'(! ,(9+*-)&-:(! &5529! 2-9&(,! /<5:(! -%&5! +5%9-,(*/&-5%0! 1(! /%/234(,! &'(!
;5X! 6(/&8*(! +5A)59-&-5%! 56! +5%95%/%&9! /%,! :51(29! -%! +'-2,*(%B9! 58&)8&! 65*A90! -%! &'(!
6-*9&! 9(99-5%9?! F'-9! /%/239-9! +5:(*(,! /22! A5%5=! /%,! A82&-9322/<-+! )*5,8+&-5%9! &'/&!
+5%&/-%(,! /&! 2(/9&! 5%(! +5%95%/%&?! h(! 658%,! 658*! &3)(9! 56! +5%95%/%&=:51(2!
+5A<-%/&-5%90! -%! +'-2,*(%B9! )*5,8+&-5%9?! F'(9(! +5A<-%/&-5%9! /*(! <*-(623! ,(9+*-<(,! -%!
HINPL?!!!
!
./O02 !g$8*9!#L!>#59#5&5,7B#6*-!>#"')5&,)#59!#'9*4B*%!)5!3K!>?)-%4*5[9!84#%=>,)#59!
$?!
[\lb251E+(%&*/2^!
F'(!+5%95%/%&!<(25%.9!&5!/%3!;5XD!&'(!:51(29!
/*(!251!H[/^L!5*!+(%&*/2!H[3 # 4])!
$$?!
[\;5X]b;5X^!
[\2/<!b2/<^c!M/<-/2!+5%95%/%&!l![* o u]
[\+5*!b\5*^c!\5*5%/2 +5%95%/%& l![i e %^!
$$$?! [\-lb251E+(%&*/2l`d^!
[\,5*!b,5*^c!T5*9/2!+5%95%/%&!l! [u o *^!
h5*,9! 1-&'! ,-)'&'5%.90! 1'(*(! &'(! ;5X! 56! &'(!
.2-,(!,-66(*9!6*5A!&'(!;5X!56!&'(!+5%95%/%&?!
$b?! [\;5Xib;5X^!
[\2/<!b\5*^c!M/<-/2!+5%95%/%&!l![i e %^!!!!
[\,5*!b\5*^c!T5*9/2!+5%95%/%&9!l![i e %^!!!
[\+5*!b2/<E,5*^c!\5*5%/2!+5%95%/%&9!l![u o *^!!!
!
S5A(! (C/A)2(9! 56! &'(! 658*! &3)(9! 56! +5A<-%/&-5%9! /*(! )*5:-,(,! -%! HINIL0! </9(,!
5%!&'(!6-:(!+'-2,*(%B9!,/&/?!!
!
./O/2 !3S&"8-*9!#L!^WK#A!ZK#A_!>#"')5&,)#59!)5!>?)-%4*5[9!#=,8=,!L#4"9!
!
\'-2,!
X.(!
@*&'5.*?!
`2599!
F/*.(&!
@8&)8&!
F3)(!56!+5A<-%/&-5%!
H/L!
\2/*/!
IDI?V!
<(<m!
</<3!
H<L!
$%q9!
IDP?O#!
,t!
&5!.-:(!
/b%5b%/
[b3p3]
[\2/<!l!b+(%&*/2^!
! +5*!l!b251^!
[\
H+L!
j5p5!
IDO?VP!
<52/+'/!
+55>-(!
H,L!
M8A/!
IDI?IP!
@)2/!
;*5)?%58%!
/bu5la(3/
[35b3]
H(L!
$%q9!
ID#?II!
/78-!
'(*(!
[5pap3]
![\2/<!l!b+(%&*/2^!
![\2/<!l!b251E+(%&*/2^!
![\;5X]b;5X^!
H6L!
j5p5!
IDN?IK!
<525!
+/>(!
[5t9i]
j5/%/!
IDIP?OO!
%p5!
%5!
[5bu]
[\;5X]b;5X^!
H.L!
[\+5*lb+(%&*/2l`2/<E,5*^!
H'L!
\2/*/!
IDK?II!
)/-!
6/&'(*!
[5n36w6]
M8A/!
IDIP?I"!
:5:x!
.*/%,6/&'(*!
[paj]
[\2/<lb251l`+5*^!
H-L!
[\;5Xib;5X^!
HdL!
\2/*/!
IDO?OO!
<(<m!
</<3!
[to5to]
$%q9!
ID#?II!
78(-d5!
+'((9(!
[be5bi]
[\;5Xib;5X^!
H>L!
[ke5ke7]
[\;5Xib;5X^!
/5da/
/35ki/
/5bolu/
/5n36w6/
/5paj/
/vo5vo/
/b%5b%/
/5k3j-u/
!
!
/5*pl3/
IP"!
[5da]
X9!1-22!<(!9'51%!-%!&'(!.*/)'9!)*5:-,(,!<(2510!&3)(!$!H[\lb251E+(%&*/2^L!-9!&'(!A59&!
6*(78(%&! +5%95%/%&=:51(2! +5A<-%/&-5%! -%! (/*23! 58&)8&! 65*A90! 1'-2(! &3)(9! $$$!
H[\-lb251E+(%&*/2l`d^L! /%,!$b!H[\;5Xib;5X^L! &(%,!&5!/))(/*!5%23!-%!2/&(*!9(99-5%9?!h(!1-22!%51!
&8*%!&5!&'(!,-9&*-<8&-5%!56!(/+'!&3)(!56!+5A<-%/&-5%0!)(*!9(99-5%0!-%!(/+'!+'-2,B9!>#48=9?!
!
=9(8.R3(
F'(! 5++8**(%+(! 56! (/+'! &3)(! 56! +5%95%/%&=:51(2! +5A<-%/&-5%9! -%! $%q9B! 6-*9&!
9(99-5%9! H6*5A! PDII! &5! ID#L! -9! .-:(%! -%! .*/)'! HINOL?! Y/1! %8A<(*9! /*(! )*5:-,(,! -%!
HINO?/L?!
HINO?/L!d=&5,),&,)B*!%&,&!.,#+*592!
./OF2 !<)9,4)'=,)#5!#L!WK#AZK#A!
>#"')5&,)#59!X!Q5`9!
!
!
!
!
!
!
!
!
!
!
!
Inês
[C +
Vlow/central]
Nº
%
0;11.14
1;0.25
1;1.30
1;3.6
1;4.9
1;5.11
15
65
92
147
87
149
[Ci+
Vlow/central+Gj]
Nº
%
83%
94%
59%
74%
69%
44%
2
1%
3
9
2%
3%
[CPoA=VPoA]
[CPoA!VPoA]
Nº
%
Nº
%
2
2
22
34
20
82
11%
3%
14%
17%
16%
24%
1
2
39
18
17
100
6%
3%
25%
9%
13%
29%
$%!$%q9B!,/&/0!15*,9!+5%&/-%-%.!5%23!251!5*!+(%&*/2!:51(29!/*(!/<5:(!"Pa!/&!PDII!
/%,! IDP?! Q*5A! IDI! 5%1/*,90! &'/&! &3)(! 56! +5A<-%/&-5%! ,(+*(/9(9D! &'(! 9(+5%,! A59&!
6*(78(%&!+5A<-%/&-5%!<(+5A(9![\;5Xib;5X^!/&!IDI!/%,!ID#!5*![\;5X]b;5X^!0!/&!IDV=IDN?!!
X2&'58.'! &'(! A/d5*-&3! 56! )*5,8+&-5%9! /&! ID#! /*(! (-&'(*! +5A<-%/&-5%9! 56!
+5%95%/%&9!1-&'!251!5*!+(%&*/2!:51(29!5*![\;5X]b;5X^0!-&!-9!15*&'!%5&-+-%.!&'/&!&'(*(!/*(!
/2*(/,3!OJa!HIPP!5++8**(%+(90!9((!INO?/L!-%!&'/&!9/A(!9(99-5%!56!+/9(9!1'(*(!&'(!15*,9!
)*5,8+(,!+5%&/-%!+5%95%/%&9!/%,!:51(29!56!,-66(*(%&!;5X!6(/&8*(9?!
!
S9(T7#.#(
F'(! .*/)'! .-:(%! -%! HINVL! )*5:-,(9! &'(! ,-9&*-<8&-5%! 56! ,-66(*(%&! &3)(9! 56! [\;5X=
b;5X^!-%!j5/%/B9!)*5,8+&-5%90!<(&1((%!&'(!/.(!56!IDP!/%,!IDIP?!!
./OY2 !<)9,4)'=,)#5!#L!WK#AZK#A!
>#"')5&,)#59!X!e#&5&!
!
!
!
!
!
!
!
!
!
HINV?/L!d=&5,),&,)B*!%&,&!
!
Joana
[C +
Vlow/central]
Nº
%
1;0.25
1;2.7
1;2.29
1;4.6
1;5.5
1;6.24
1;8.4
1;9.25
1;10.22
4
4
3
1
100%
100%
60%
100%
17
5
16
28
81%
62%
29%
32%
IPJ!
[Ci+Vlow/central+
Gj ]
Nº
%
1
10
24
[CPoA=VPoA]
[CPoA!VPoA]
Nº
Nº
%
2
40%
2
1
12
11
9%
12%
22%
13%
%
100%
18%
28%
2
2
17
24
9%
25%
31%
28%
!
X9!9'51%!/<5:(0!&'(!A/d5*-&3!56!j5/%/B9!)*5,8+&-5%9!8%&-2!&'(!/.(!56!IDW!+5%&/-%!
5%23!251!5*!+(%&*/2!:51(29?!F'(*(!/*(0!'51(:(*0!&'*((!5++8**(%+(9!56![\;5Xib;5X^!/&!IDO!
/%,!5%(!5++8**(%+(!56![\-lb251E+(%&*/2l`d^!/&!ID#?!f5&(!&'/&!)(*+(%&/.(9!+5**(9)5%,!&5!:(*3!
251!&5>(%9!1-&'-%!&'-9!)(*-5,!H9((!INV?/L?!X&!ID"!/%,!5%1/*,90![\;5Xib;5X^!!+5A<-%/&-5%9!
/))(/*! 1-&'! *(2/&-:(! 6*(78(%+3! H/*58%,! O#aL?! Q*5A! IDJ! 5%1/*,90! &'(! 6*(78(%+3! 56!
15*,9! +5%&/-%-%.! 5%23! 251! 5*! +(%&*/2! :51(29! ,(+*(/9(9! &5! /*58%,! VPa! /%,!
[\-lb251E+(%&*/2l`d^!-%+*(/9(9!&5!O"a!H&5.(&'(*!1-&'![\;5Xib;5X^!0!&'(3!+5**(9)5%,!&5!NIa!
56!/22!)*5,8+&-5%90!/&!IDJL?!
(
!9(U20#(
F'(! ,-9&*-<8&-5%! 56! &'(! ,-66(*(%&! &3)(9! 56! +5%95%/%&=:51(2! +5A<-%/&-5%9! -%!
M8A/B9!,/&/0!6*5A!&'(!/.(!56!PDII!&5!IDIP0!!-9!)*(9(%&(,!-%!HINNL!?!!
!
./OO2 !<)9,4)'=,)#5!#L!WK#AZK#A!
>#"')5&,)#59!X!N="&!
!
!
!
HINN?/L!d=&5,),&,)B*!%&,&!
!
M8A/!
!
PDII?OV!
IDP?O"!
IDI?IP!
IDO?OO!
IDV?IJ!
IDN?IK!
ID#?ON!
IDW?OP!
IDK?IJ!
ID"?I#!
IDJ?OJ!
IDIP?I"!
[\!l!
b251E+(%&*/2^
fv! %
100%
O!
IP! 100%
V"! 100%
IV! 54%
#J! 91%
100%
#!
OI! 100%
OW! 90%
#V! 75%
VO! 71%
##! 63%
NO! 49%
[CPoA=VPoA^
[CPoA!VPoA^!
fv!
!
!
!
II!
#!
!
!
O!
IV!
N!
IJ!
J!
fv!
!
!
!
!
!
!
!
I!
#!
J!
IV!
VN!
%
46%
9%
7%
18%
9%
22%
11%
%
!
!
!
!
!
!
!
Va!
Ka!
OPa!
I#a!
NPa!
!
X9! 9'51%! /<5:(0! A5*(! &'/%! "Pa! 56! M8A/B9! )*5,8+&-5%9! <(&1((%! PDII! /%,! IDW!
+5%&/-%!5%23!251!5*!+(%&*/2!:51(29D!1-&'-%!&'-9!)(*-5,0!&'(*(!/*(!/295!95A(!5++8**(%+(9!
56![\;5X]b;5X^0!)/*&-+82/*23!/&!IDO?!$&!-9!5%23!/&!ID"!&'/&!15*,9!+5%&/-%-%.!+5%95%/%&9!/%,!
:51(29! 56! ,-66(*(%&! ;5X! 6(/&8*(9! 5++8*! 1-&'! *(2/&-:(! 6*(78(%+3! -%! &'-9! +'-2,B9! ,/&/!
H/*58%,!OPaL0!1-&'!/%!-%+*(/9(!/&!IDIP!H&5!NPa!56!&'(!+/9(9L?!
!
L9(!,#'#(
F'(!.*/)'!.-:(%!-%!HIN#L!)*(9(%&9!&'(!6*(78(%+3!56!5++8**(%+(!56!&'(!658*!&3)(9!
56!+5%95%/%&=:51(2!+5A<-%/&-5%9!-%!&'(!15*,9!)*5,8+(,!<3!\2/*/!6*5A!&'(!/.(!56!PDII!
&5!IDK?!!
!
!
!
IIP!
HIN#?/L!d=&5,),&,)B*!%&,&!
./O12 !<)9,4)'=,)#5!#L!WK#AZK#A!
>#"')5&,)#59!7!W-&4&!
!
!
\2/*/!
[\-!l!
b251E+(%&*/2l`d^!
fv!
%
[CPoA=VPoA^
[CPoA!VPoA^!
!
[\!l!
b251E+(%&*/2^
fv!
%
fv!
fv!
%
PDII?I!
IDP?IV!
IDI?V!
IDO?OO!
IDV?W!
IDN?IJ!
ID#?IW!
IDW?W!
IDK?II!
V!
O!
I#!
N!
#!
II!
IN!
N!
IV!
!
!
!
W!
W!
N!
IN!
J!
IP!
!
!
!
!
!
!
1
1
!
!
I!
O!
J!
K!
#!
OI!
I#!
VO!
!
VVa!
IOa!
NKa!
VJa!
O#a!
NOa!
#Oa!
#"a!
100%
67%
88%
21%
28%
55%
28%
13%
24%
!
!
!
32%
33%
20%
28%
31%
18%
%
2%
3%
!
$%!&'(!6-*9&!&'*((!9(99-5%9!H6*5A!PDII!&5!IDIL0!&'(!A/d5*-&3!56!&'(!15*,9!HA5%5=!
/%,! A82&-9322/<-+L! +5%&/-%! 251! 5*! +(%&*/2! :51(29?!Q*5A! IDO! 5%1/*,90! 15*,9! +5%&/-%-%.!
+5A<-%/&-5%9!56!+5%95%/%&9!/%,!:51(29!56!,-66(*(%&!;5X!6(/&8*(9!H[\;5Xib;5X^L!-%+*(/9(!
-%!\2/*/B9!58&)8&!65*A9!H&5!/*58%,!N#aL0!/9!1(22!/9!+5A<-%/&-5%9!!1'(*(!&'(!+5%95%/%&9!
/%,!.2-,(9!,-66(*!-%!;5X!H&5!/*58%,!O#aL?!!
F9(T7V7(!
F'(! .*/)'! .-:(%! -%! HINWL! )*(9(%&9! &'(! ,-9&*-<8&-5%! 56! &'(! ,-66(*(%&! &3)(9!
+5%95%/%&=:51(2!+5A<-%/&-5%9!-%!j5p5B9!)*5,8+&-5%0!6*5A!IDP!&5!IDJ?!!
HINW?/L!d=&5,),&,)B*!%&,&!
./OJ2 !<)9,4)'=,)#5!#L!WK#AZK#A!
>#"')5&,)#59!X!e#f#!
!
!
!
[\-!l!
b251E+(%&*/2l`d^!
fv!
%
[CPoA=VPoA^
[CPoA!VPoA^!
!
[\!l!
b251E+(%&*/2^
fv!
%
fv!
%
fv!
%
IDP?I!
IDP?O"!
IDI?O"!
IDO?VP!
I0V?OI!
IDN?IK!
ID#?OW!
IDW?IW!
IDK?OP!
ID"?I#!
IDJ?O#!
W!
W!
J!
IK!
NP!
IP!
N#!
WJ!
"W!
VW!
OO!
!
!
!
!
!
!
O!
!
V!!
IV!
OW!
!
!
!
!
!
OP!
IJ!
V!
K!
I!
NN!
67%
29%
4%
7%
2%
31%
!
!
!
!
!
!
!
O!
I!
II!
#I!
!
!
!
!
!
!
!
Va!
Ia!
I"a!
VWa!
100%
100%
100%
100%
100%
33%
68%
93%
89%
59%
15%
!
!
!
!
!
!
3%
3%
21%
18%
!
X9! 9'51%! /<5:(0! /22! A5%5=! /%,! )5239322/<-+! 15*,9! )*5,8+(,! <3! j5p5! <(&1((%!
IDP!/%,!IDV!+5%&/-%!5%23!251!5*!+(%&*/2!:51(29?!F'-9!&3)(!56!+5A<-%/&-5%!*(A/-%9!'-.'23!
6*(78(%&!8%&-2!&'(!/.(!56!IDK!HA59&!56&(%!/<5:(!WPaL0!<8&!/%5&'(*!&3)(!56!+5A<-%/&-5%!
/295! /))(/*9! 1-&'! *(2/&-:(! 6*(78(%+30! )/*&-+82/*23! /&! IDN! /%,! ID#c! [\;5X]b;5X^! HA59&23!
[\M/<!bM/<^!)/&&(*%9L?!!Q*5A!ID"!5%1/*,90!+5A<-%/&-5%9!+5%&/-%-%.!,-66(*(%&!+5%95%/%&9!
/%,! :51(29! 5*! +5%95%/%&9! /%,! .2-,(9! /))(/*! 1-&'! -%+*(/9-%.! 6*(78(%+3! H/&! IDJ0!
[\;5Xib;5X^!5++8*9!-%!VWa!56!j5p5B9!)*5,8+&-5%90!/%,![\-lb251E+(%&*/2l`d^!5++8*9!-%!I"a!56!
&'(!+/9(9L?!!
!
III!
!
F5! 98A! 8)0! &'(! /%/239-9! 56! A5%5=! /%,! A82&-9322/<-+! 58&)8&! 65*A9! 9'51(,! &'/&!
(/*23! )*5,8+&-5%9! A59&! 56&(%! +5%&/-%! +5A<-%/&-5%9! 56! +5%95%/%&9! 1-&'! 251! 5*! +(%&*/2!
:51(29?! \5A<-%/&-5%9! 56! &'(! &3)(! [\;5X]b;5X^! &(%,! &5! /))(/*! 2/&(*0! /9! 1(22! /9!
+5A<-%/&-5%9! &'/&! -%:52:(! ,-66(*(%+(9! -%! ;5X! <(&1((%! +5%95%/%&9! /%,! :51(29!
H[\;5Xib;5X^L!5*!<(&1((%!+5%95%/%&9!/%,!.2-,(9!H[\-lb251E+(%&*/2l`d^L?!!
!
\'-2,*(%! 9&/*&! )*5,8+-%.! %5%='5A5*./%-+! +5A<-%/&-5%9! 56! +5%95%/%&9! /%,!
:51(290! -?(?! [\;5Xib;5X^! 5*! 56! +5%95%/%&9! /%,! .2-,(9! =[\-lb251E+(%&*/2l`d^0! 1-&'! 95A(!
6*(78(%+30!/&!2(/9&!/<5:(!OPa0!!/&!&'(!652251-%.!/.(9c!!
(a) \2/*/c!IDO!
(b) $%q9c!ID#!
(c) j5p5c!ID"!
(d) j5/%/c!IDJ!
(e) M8A/c!IDIP!
!
$&! -9! 15*&'! (A)'/9-4-%.! &'/&! U;! /%,! T8&+'! +'-2,*(%! ,-66(*! /&! /! :(*3! (/*23! 9&/.(c!
9&8,-(9!-%!T8&+'!'/:(!*()5*&(,!5%!/%!(/*23!)*(,5A-%/%&![\;5X]b;5X^!9&/.(!!H9((!9(+&-5%!
N?I?IL0! 1'-2(! [\b251E+(%&*/2^! -9! &'(! A59&! 6*(78(%&! 65*A! -%! ;5*&8.8(9(! +'-2,*(%B9! (/*23!
)*5,8+&-5%9?!F'-9!-998(!1-22!<(!,-9+899(,!-%!9(+&-5%!N?"?!!
!
)9Z(H#..&'(1&#%2'&(-70$734%47.(71(&#',5(67'/3(4.(F+J(K&32,%3(
!
$%! &'-9! +8**(%&! 9(+&-5%0! 1(! ,(9+*-<(! &'(! +5%95%/%&/2! 6(/&8*(! +5A)59-&-5%! 56! U;!
+'-2,*(%B9! -%&/>(! /%,! 58&)8&! 65*A90! 65+89-%.! 5%! A/%%(*! 6(/&8*(9?! F'-9! 9(+&-5%! -9!
5*./%-4(,! /9! 6522519?! F'(! 6*(78(%+3! 56! '/*A5%-+! H[\G5X]\G5X^L! /%,! %5%='/*A5%-+!
H[\G5Xi\G5X^L!)/&&(*%9!-%!-%&/>(!/%,!58&)8&!65*A9!-9!)*(9(%&(,!-%!98<9(+&-5%9!N?W?I!/%,!
N?W?O0! *(9)(+&-:(23?! S8<9(+&-5%! N?W?V! (C)25*(9! &'(! 6*(78(%+3! 56! A/%%(*! 6(/&8*(9! -%!
'/*A5%-+!)*5,8+&-5%9?!!
!
)9Z9:(L43%'4M2%47.(71(N!H7=O!H7=N(#./(N!H7=P!H7=N($#%%&'.3(4.(4.%#Q&(17'03(
!
F'(!/%/239-9!56!&'(!9(&!56!A82&-9322/<-+!15*,9!/&&(A)&(,!<3!(/+'!+'-2,!9'51(,!&'/&!
/22!'/:(!/%!-%-&-/2!)*(6(*(%+(!65*!E\G5X]\G5XE!&/*.(&!65*A9?!F'-9!)*(6(*(%+(!-9!-2289&*/&(,!
-%!HINKL?!
!
!
!
!
!
!
IIO!
!
./OP2 3S&"8-*9!#L!aWC#AbWC#Aa!,&4(*,!6#4%9!9*-*>,*%!)5!,?*!L)49,!9*99)#59!
!
\'-2,!
X.(!
@*&'5.*?!
`2599!
F/*.(&!
;5X!)/&&(*%!
H/L!
$%q9!
PDII?IN!
<(<m!
</<3!
ES&5)eS&5)E!
H<L!
j5/%/!
IDP?O#!
A/Ap!
A5AA3!
/b%5b%/
H+L!
M8A/!
IDO?OO!
)/&5!
,8+>!
\2/*/!
PDII?I!
)/)/!
</<3!655,!
H(L!
j5p5!
IDV?OI!
)/%,/!
)/%,/!
/5patu/
/
/5pap3/
ES&5)eS&5)E!
H,L!
/m35m36/
/5p36d3 /
Ef/9ef/9E!
ES&5)eS&5)E!
ES&5)eS&5)E!
!
F15! A/-%! 958%,! +2/99(9! /))(/*! -%! (/*23! E\G5X/]\G5XE! &/*.(&! 15*,9c! 9&5)9! H9((!
(C/A)2(9!-%!H/L!/%,!6*5A!H+L!&5!H(LL!/%,!%/9/29!H(C/A)2(!H<LL?!!
X9! 1-22! <(! 9'51%! %(C&0! &'(! ,8*/&-5%! 56! &'(! E\G5X]\G5XE! )(*-5,! -%! -%&/>(! 65*A9!
:/*-(9!/+*599!+'-2,*(%?!!!
!
=9(8.R3(
$%!$%q9B!,/&/0!&'(!)*(6(*(%+(!65*!E\G5X]\G5XE!&/*.(&!15*,9!-9!A5*(!(:-,(%&!/&!&'(!
6-*9&!&15!9(99-5%9?!F'-9!)/&&(*%!-9!9'51%!-%!.*/)'!HIN"L0!1'-+'!)*(9(%&9!&'(!,-9&*-<8&-5%!
56! E\G5X]\G5XE! /%,! E\G5Xi\G5XE! A82&-9322/<-+! &/*.(&! 15*,9! -%! &'-9! +'-2,B9! >#48=90! 6*5A!
PDII!&5!IDJ?!F'(!.*/)'!-9!+5A)2(A(%&(,!1-&'!78/%&-&/&-:(!,/&/0!-%!HIN"?/L?!
!
./OG2 !<)9,4)'=,)#5!#L!aWC#AbWC#Aa!&5%!
aWC#AcWC#Aa!)5!,?*!)5,&+*!X!Q5`9!
HIN"?/L!d=&5,),&,)B*!%&,&!.,#+*592!
!
!
!
!
!
!
!
!
!
!
!
E\G5X]\G5XE!
E\G5Xi\G5XE!
!
PDII?IN!
!
IDP?O#!
!
IDI?VP!
!
IDV?W!
!
IDN?J!
!
ID#?II!
!IDW?II!
!
IDK?O!
!
ID"?O!
!
IDJ?IJ!
!
fv!
IW!
NP!
NP!
WO!
#N!
K"!
W"!
NO!
J#!
IP"!
fv!
I!
V!
V#!
OP!
OK!
WW!
JV!
WV!
WJ!
I#I!
a!
JNa!
JVa!
#Va!
KWa!
WKa!
#Na!
NOa!
NPa!
#"a!
NOa!
a!
Wa!
Ka!
NKa!
ONa!
VVa!
NWa!
#"a!
WPa!
NOa!
#"a!
!
!
X9! 9'51%! /<5:(0! &'(*(! -9! /%! -%-&-/2! )*(,5A-%/%+(! 56! E\G5X]\G5XE! )/&&(*%9! -%!
$%q9B!-%&/>(0!/<5:(!"Pa0!/&!PDII!/%,!IDP?!Q*5A!IDI!5%1/*,90!&'(!6*(78(%+3!56!'/*A5%-+!
)/&&(*%9!,(+*(/9(9!<(251!WPa!-%!A59&!9(99-5%9?!
S9(T7#.#(
F'(! )*(,5A-%/%+(! 56! '/*A5%-+! A/%%(*! )/&&(*%9! -%! j5/%/B9! -%&/>(! 5++8*9! -%! /!
25%.(*!)(*-5,!56!&-A(!&'/%!&'(!5%(!5<9(*:(,!-%!$%q9?!F'(!.*/)'!.-:(%!-%!HINJL!)*5:-,(9!
&'(!,-9&*-<8&-5%!56!'/*A5%-+!/%,!%5%='/*A5%-+!A/%%(*!)/&&(*%9!-%!j5/%/B9!-%&/>(0!6*5A!
IDP!&5!ODP?!!
!
!
IIV!
!
HINJ?/L!d=&5,),&,)B*!%&,&!.,#+*592!
./OI2 !<)9,4)'=,)#5!#L!aWC#AbWC#Aa!&5%!
aWC#AcWC#Aa!)5!,?*!)5,&+*!X!e#&5&!
!
!
!
E\G5X]\G5XE!
fv! a!
E\G5Xi\G5XE!
fv!
a!
IDP?O#!
IDO?K!
IDO?OJ!
IDW?ON!
ID"?N!
IDJ?O#!
IDIP?OO!
ODP?J!
N!
O!
O!
IK!
O!
OP!
IP!
OJ!
!
!
!
O!
#!
OV!
VO!
"N!
IPPa!
IPPa!
IPPa!
"Ja!
OJa!
NKa!
ONa!
OWa!
!
!
!
IIa!
KIa!
#Va!
KWa!
KNa!
!
_(&1((%! IDP! /%,! IDW! /2A59&! /22! A82&-9322/<-+! &/*.(&! 15*,9! /&&(A)&(,! <3! j5/%/!
/*(! 56! &'(! &3)(! E\G5X]\G5XE! HIPPa! <(&1((%! IDP! /%,! ODO! /%,! "Ja! /&! IDWL! Q*5A! ID"!
5%1/*,90! %5%='/*A5%-+! )/&&(*%9! <(+5A(! )*(,5A-%/%&! -%! &'-9! +'-2,B9! -%&/>(0! -?(?! /<5:(!
WPa0!-%!A59&!9(99-5%9?!f5&(!&'/&!&'(*(!/*(!6(1!&5>(%9!<(65*(!&'(!/.(!56!IDJ!H9((!INJ?/L?!
!9(U20#(
F'(! .*/)'! )*5:-,(,! -%! HI#PL! 9'519! &'(! ,-9&*-<8&-5%! 56! E\G5X]\G5XE! /%,!
E\G5Xi\G5XE!)/&&(*%9!-%!&'(!A82&-9322/<-+!15*,9!/&&(A)&(,!<3!M8A/!<(&1((%!&'(!/.(9!56!
IDI!/%,!ODV?!F'(!.*/)'!-9!+5A)2(A(%&(,!1-&'!78/%&-&/&-:(!,/&/!-%!HI#P?/L?!
./102 !<)9,4)'=,)#5!#L!aWC#AbWC#Aa!&5%!
!
!
!
!
!
!
!
!
!
!
aWC#AcWC#Aa!)5!,?*!)5,&+*!X!N="&!
HI#P?/L!d=&5,),&,)B*!%&,&!.,#+*592!
!
!
!
IDI?IP!
!IDO?OO!
!IDV?IJ!
!
IDN?IK!
ID#?ON!
!
IDW?OP!
!IDK?IJ!
ID"?I#!
!IDJ?OJ!
!IDIP?I"!
!IDII?OJ!
!
ODP?OK!
!ODI?IP!
!ODO?OO!
!ODV?OW!
!
E\G5X]\G5XE!
fv!
a!
WK!
IPPa!
IP!
"Va!
IN!
NKa!
O!
#Pa!
K!
NKa!
IW!
WOa!
VV!
NVa!
OI!
#Na!
#V!
"Na!
#"!
""a!
#K!
"Pa!
NV!
"Va!
WN!
"Oa!
WN!
KWa!
V#!
NVa!
E\G5Xi\G5XE!
fv!
a!
P!
!
O!
IKa!
IW!
#Va!
O!
#Pa!
"!
#Va!
IP!
V"a!
NV!
#Ka!
I"!
NWa!
IP!
IWa!
"!
IOa!
IN!
OPa!
J!
IKa!
IN!
I"a!
OP!
ONa!
NK!
#Ka!
$%!M8A/B9!>#48=90!&'(*(!-9!/!)*(,5A-%/%+(!56!E\G5X]\G5XE!)/&&(*%9!-%!&'(!&/*.(&!
15*,9! 9(2(+&(,! -%! &'(! 6-*9&! &15! 9(99-5%90! <(&1((%! IDI! /%,! ODO0! /<5:(! "Pa?! Q*5A! &'(%!
5%1/*,90! A8+'! :/*-/&-5%! -9! 658%,c! <(&1((%! IDV! /%,! ID"0! &'(! 6*(78(%+3! 56! 9(2(+&-5%! 56!
'/*A5%-+!/%,!%5%='/*A5%-+!)/&&(*%9!-9!</2/%+(,0!/*58%,!#Pa0!65*!(/+'!&3)(!56!)/&&(*%0!
&'(%!6*5A!IDJ!&5!ODO0!E\G5X]\G5XE!<(+5A(!)*(,5A-%/%&!/./-%0!/*58%,!"Pa0!652251(,!<3!
/!,(+*(/9(!&5!NVa!/&!ODV?!!
L9(!,#'#(
S-A-2/*23!&5!j5/%/0!\2/*/!)*(9(%&9!/!25%.(*!)(*-5,!56!E\G5X]\G5XE!)*(,5A-%/%+(!
!
IIN!
-%!/&&(A)&(,!&/*.(&!15*,9?!F'(!,-9&*-<8&-5%!56!'/*A5%-+!/%,!%5%='/*A5%-+!-%&/>(!65*A9!
-%!&'-9!+'-2,B9!,/&/!-9!.-:(%!-%!HI#IL?!
HI#I?/L!d=&5,),&,)B*!%&,&!.,#+*592!
./1/2 !<)9,4)'=,)#5!#L!aWC#AbWC#Aa!&5%!
!
aWC#AcWC#Aa!)5!,?*!)5,&+*!X!W-&4&!
!
!
!
!
!
PDII?I!
IDI?V!
IDO?OO!
IDV?W!
IDN?IJ!
ID#?IW!
!
IDW?W!
!
IDK?II!
!
ID"?OP!
!IDJ?O!
I0IP?I#!
!
E\G5X]\G5XE!
fv!
a!
I!
IPPa!
IO!
IPPa!
IP!
IPPa!
W!
K#a!
N!
IPPa!
II!!!
"#a!
I#!
JNa!
OP!
IPPa!
WW!
"Pa!
WV!
#"a!
#O!
#"a!
E\G5Xi\G5XE!
fv!
a!
!
!
!
!
!
!
O!
O#a!
!
!
O!
I#a!
I!
Wa!
!
!
IK!
OPa!
NK!
NOa!
VK!
NOa!
$%!\2/*/B9!>#48=90!&'(!6*(78(%+3!56!9(2(+&-5%!56!E\G5X]\G5XE!)/&&(*%9!-9!/<5:(!5*!
/*58%,!"Pa!56!/22!A82&-9322/<-+!-%&/>(!65*A90!<(&1((%!&'(!/.(9!56!PDII!/%,!ID"?!X&!IDJ!
/%,! IDIP0! '/*A5%-+! )/&&(*%9! ,(+*(/9(! &5! WPa! /%,! %5%='/*A5%-+! &/*.(&! 15*,9! /*(!
/&&(A)&(,!A5*(!56&(%0!-?(?!-%!/<58&!NPa!56!&'(!+/9(9?!
(
F9(T7V7(
S-A-2/*23!&5!$%q9!/%,!M8A/0!j5p5!9'519!/!)*(,5A-%/%+(!56!E\G5X]\G5XE!)/&&(*%9!
-%!-%&/>(!65*A9!A59&23!/&!&'(!6-*9&!&15!9(99-5%90!/9!9'51%!-%!&'(!.*/)'!.-:(%!-%!HI#OL?!!
HI#O?/L!d=&5,),&,)B*!%&,&!
./1F2 !<)9,4)'=,)#5!#L!aWC#AbWC#Aa!&5%!
aWC#AcWC#Aa!)5!,?*!)5,&+*!X!e#f#!
!
!
!
!
!
IDP?I!
IDI?O"!
!
IDO?VP!
!
IDV?OI!
!
IDN?IK!
!
ID#?OW!
!IDW?IW!
!
IDK?OP!
!
ID"?O#!
!
IDJ?O#!
!
IDIP?OW!
!
IDII?IJ!
!
ODP?OP!
!
E\G5X]\G5XE!
fv!
a!
W!
IPPa!
V!
IPPa!
#!
VVa!
ON!
WKa!
O!
Ka!
V"!
KOa!
OV!
NJa!
#V!
W"a!
O#!
KWa!
#I!
NIa!
NO!
OKa!
KO!
NOa!
NJ!
VPa!
E\G5Xi\G5XE!
fv!
a!
P!
!
P!
!
IP!
WKa!
IO!
VVa!
O#!
JVa!
I#!
O"a!
ON!
#Ia!
O#!
VOa!
"!
ONa!
KV!
#Ja!
IIV!
KVa!
IPI!
#"a!
IIV!
KPa!
X9!9'51%!/<5:(0!E\G5X]\G5XE!)/&&(*%9!/*(!)*(,5A-%/%&0!IPPa0!-%!j5p5B9!-%&/>(!
65*A9!A59&23!-%!&'(!6-*9&!&15!9(99-5%90!/&!IDP!/%,!IDI?!_(&1((%!IDO!/%,!ID"0!&'(*(!-9!A8+'!
:/*-/&-5%! -%! &'(! 6*(78(%+3! 56! 9(2(+&-5%! 56! '/*A5%-+! /%,! %5%='/*A5%-+! )/&&(*%9?! Q*5A!
IDJ!5%1/*,90!'/*A5%-+!)/&&(*%9!*()*(9(%&!5%23!NPa!56!&'(!-%&/>(!65*A9!9(2(+&(,!<3!&'-9!
+'-2,?!
F5!98A!8)0!/22!+'-2,*(%!9'51!/%!-%-&-/2!)*(,5A-%/%+(0!/<5:(!"Pa0!56!E\G5X]\G5XE!
)/&&(*%9! 5:(*! E\G5Xi\G5XE! )/&&(*%90! -%! -%&/>(! 65*A9?! g51(:(*0! &'(! ,8*/&-5%! 56! &'-9!
'/*A5%-+! )(*-5,! :/*-(9! /+*599! +'-2,*(%c! $%q90! M8A/! /%,! j5p5! 9(2(+&! E\G5X]\G5XE! A5*(!
!
II#!
56&(%!-%!&'(!6-*9&!&15!9(99-5%9!=!$%q9c!PDII=IDPD!M8A/c!IDI=IDOD!j5p5cIDP=IDI!=!1'-2(!-%!&'(!
,/&/! 56! \2/*/! /%,! j5/%/! &'(! )*(,5A-%/%+(! 56! E\G5X]\G5XE! &/>(9! )2/+(! 5:(*! /! A5*(!
(C&(%9-:(!)(*-5,!56!&-A(c!j5/%/!6*5A!IDP!&5!IDWD!\2/*/!6*5A!PDII!&5!ID"?!
!
)9Z9>(L43%'4M2%47.(71(W!H7=O!H7=X(#./(W!H7=P!H7=X($#%%&'.3(4.(72%$2%(17'03(
(
S-A-2/*23!&5!1'/&!'/9!<((%!,(9+*-<(,!65*!)2/+(!6(/&8*(!)/&&(*%9!-%!9(+&-5%!N?#?O0!
&'(! A/d5*-&3! 56! &'(! (/*23! A82&-9322/<-+! 15*,9! )*5,8+(,! <3! /22! +'-2,*(%! ,-9)2/3! A/%%(*!
6(/&8*(!-,(%&-&3c![\G5X]\G5X^?!S5A(!(C/A)2(9!56!&'(9(!)*5,8+&-5%9!/*(!.-:(%!-%!HI#VL?!
!
!
./1Y2 !3S&"8-*9!#L!^WC#AbWC#A_!L#4"9!)5!>?)-%4*5[9!84#%=>,)#59!
!
\'-2,!
X.(!
@*&'5.*?!
`2599!
F/*.(&!
@8&)8&!
G5X!)/&&(*%!
H/L!
$%q9!
IDN?J!
T/:-,!
)*5)?%58%!
$%q9!
IDW?II!
+52'(*!
9)55%!
/d35vid/
[di5di]
[S&5)eS&5)^!
H<L!
H+L!
j5/%/!
IDP?O#!
A/Ap!
A5AA3!
j5/%/!
IDJ?O#!
Y/78(2!
)*5)?!%58%!
/m35m36/
[3ma5m36]
[f/9ef/9^!
H,L!
H(L!
M8A/!
IDV?#!
Q*5&/!
)*5)?%58%!
M8A/!
IDK?#!
S89/%/!
)*5)?%58%!
[t3t3]
[S&5)eS&5)^!
H6L!
H.L!
\2/*/!
ID#?IW!
A/%5!
<*5&'(*!
\2/*/!
IDIP?I#!
Y8+/!
)*5)?%58%!
[5m3nu]
[f/9ef/9^!
H'L!
H-L!
j5p5!
IDV?OI!
)/)/!
+(*(/2!
j5p5!
IDW?IW!
A/yp!
/))2(!
[5pap3]
[S&5)eS&5)^!
HdL!
/ku5.%,/
/035k%:/
/5f,*t3/
/su5z3n3/
/5m3nu/
/50uk3/
/5pap3/
/m35s36/
[k%5k%]
[S&5)eS&5)^!
[k35k%]
[S&5)eS&5)^!
[5n3n3]
[f/9ef/9^!
[5!uk3]
[S&5)eS&5)^!
[5mama]
[f/9ef/9^!
!
X9! -2289&*/&(,! /<5:(0! &15! A/-%! G5X! )/&&(*%9! /))(/*! -%! +'-2,*(%B9! )*5,8+&-5%9c!
[S&5)eS&5)^! /%,! [f/9ef/9^! H9((! 9(+&-5%! N?W?VL?! F'(! '/*A5%-+! 58&)8&! 65*A9! A/3!
95A(&-A(9! +5**(9)5%,! &5! '/*A5%-+! &/*.(&9! H9((! (C/A)2(9! -%! H+L0! H.L0! H-LL! <8&! 56&(%!
+5**(9)5%,!&5!%5%='/*A5%-+!/,82&!65*A9!H9((!(C/A)2(9!-%!H/L!/%,!H<L0!65*!-%9&/%+(L?!!
F'(!,8*/&-5%!56!&'-9!'/*A5%-+!)*5,8+&-5%!9&/.(!:/*-(9!/+*599!+'-2,*(%0!/9!1-22!<(!
9'51%!<(251?!
=9(8.R3(
!
F'(! .*/)'! )*5:-,(,! -%! HI#NL! 9'519! &'(! ,-9&*-<8&-5%! 56! [\G5X]\G5X^! /%,!
[\G5Xi\G5X^! 58&)8&! 65*A90! )(*! 9(99-5%0! -%! $%q9B! ,/&/D! &'(! .*/)'! -9! +5A)2(A(%&(,! 1-&'!
78/%&-&/&-:(!,/&/!H9((!I#N?/L?!!
!
!
!
!
!
!
!
IIW!
!
!
!
HI#N?/L!d=&5,),&,)B*!%&,&!
./1O2 !<)9,4)'=,)#5!#L!^WC#AbWC#A_!&5%!
^WC#AcWC#A_!)5!Q5`9[!84#%=>,)#59!
!
!
!
!
!
!
!
!
!
!
!
[\G5X]\G5X^!
fv!
!
a!
W!
VN!
"K!
IOO!
#"!
I#N!
IIK!
WV!
I#V!
IN"!
OOI!
OP"!
PDII?IN!
IDP?O#!
IDI?VP!
IDV?W!
IDN?J!
ID#?II!
IDW?II!
IDK?O!
ID"?O!
IDJ?IJ!
IDIP?OJ!
ODP?II!
IPPa!
IPPa!
JWa!
J#a!
J"a!
JKa!
JKa!
"#a!
""a!
WJa!
WNa!
##a!
[\G5Xi\G5X^!
fv!
P!
P!
N!
K!
I!
#!
N!
II!
OP!
WK!
IOW!
IKO!
a!
Pa!
Pa!
Na!
#a!
Oa!
Va!
Va!
I#a!
IOa!
VIa!
VWa!
N#a!
X9! 9'51%! /<5:(0[\G5X]\G5X^! 65*A9! +5%9&-&8&(! /<5:(! "Pa! 56! &'(! A82&-9322/<-+!
65*A9!)*5,8+(,!<3!$%q90!6*5A!&'(!/.(!56!PDII!&5!ID"?!Q*5A!IDJ!5%1/*,90!&'(!6*(78(%+3!56!
5++8**(%+(!56!&'(9(!'/*A5%-+!65*A9!9&/*&9!,(+*(/9-%.!.*/,8/223?!
!
S9(T7#.#(
F'(! ,-9&*-<8&-5%! 56! '/*A5%-+! /%,! %5%='/*A5%-+! A/%%(*! )/&&(*%9! -%!
A82&-9322/<-+!15*,9!)*5,8+(,!<3!j5/%/!-9!)*(9(%&(,!-%!.*/)'!HI##L?!
HI##?/L!d=&5,),&,)B*!%&,&!
./112 !<)9,4)'=,)#5!#L!^WC#AbWC#A_!&5%!
^WC#AcWC#A_)5!e#&5&[9!84#%=>,)#59!
!
!
!
!
!
!
!
!
!
!
!
!
IDP?O#!
IDO?K!
IDW?ON!
IDJ?O#!
IDIP?OO!
ODP?J!
ODO?IJ!
ODN?I!
ODW?ON!
[\G5X]\G5X^!
fv!
a!
I!
IPPa!
I!
IPPa!
P!
Pa!
OW!
JWa!
IO!
IPPa!
V#!
KNa!
NV!
WNa!
NO!
WIa!
KI!
VVa!
[\G5Xi\G5X^!
fv!
a!
! Pa!
P!
P!
Pa!
O!
IPPa!
I!
Na!
P!
Pa!
IO!
OWa!
ON!
VWa!
OK!
VJa!
INV!
WKa!
UC+()&! 65*! IDW0! 1'(*(! &'(! IPPa! +5**(9)5%,9! &5! &15! 5++8**(%+(90! 9((! HI##?/L0!
[\G5X]\G5X^! -9! )*5,8+(,! /<5:(! "Pa! 6*5A! IDP! &5! IDIP?! X&! ODP! /%,! 5%1/*,90! '/*A5%-+!
)*5,8+&-5%9! ,(+*(/9(! /%,! %5%='/*A5%-+! )*5,8+&-5%9! -%+*(/9(! .*/,8/223?! f5&(! &'/&0!
9-A-2/*23! &5! 1'/&! '/9! <((%! 5<9(*:(,! 65*! ;5X0! &'(*(! /*(! :(*3! 6(1! 5++8**(%+(9! 56!
A82&-9322/<-+!65*A9!-%!j5/%/B9!,/&/!<(65*(!&'(!/.(!56!IDJ?!!
!9(U20#(
S-A-2/*23! &5! 1'/&! 1/9! 5<9(*:(,! 65*! ;5X! )/&&(*%9! H9((! 9(+&-5%! N?#?OL0! &'(!
)*(,5A-%/%+(! 56! '/*A5%-+! G5X! 9(78(%+(9! -%! M8A/B9! )*5,8+&-5%9! -9! (:-,(%&! 8%&-2! &'(!
/.(! 56! ODV?! F'(! ,-9&*-<8&-5%! 56! [\G5X]\G5X^! /%,! [\G5Xi\G5X^! -%! &'-9! +'-2,B9! ,/&/! -9!
)*(9(%&(,!-%!HI#WL?!
!
IIK!
!
!
HI#W?/L!d=&5,),&,)B*!%&,&!
./1J2 !<)9,4)'=,)#5!#L!^WC#AbWC#A_!&5%!
!
!
!
!
!
!
!
!
!
!
^WC#AcWC#A_)5!N="&[9!84#%=>,)#59!
!
!
!
!
PDII?OV!
ID"?I#!
IDJ?OJ!
IDIP?I"!
IDII?OJ!
ODP?OK!
ODI?IP!
ODO?OO!
ODV?OW!
ODN?O#!
OD#?OP!
ODW?OK!
[\G5X]\G5X^!
fv!
a!
I!
IPPa!
OP!
IPPa!
WV!
J"a!
##!
IPPa!
#V!
JVa!
VP!
IPPa!
WW!
JWa!
JW!
JJa!
I#N!
"Ia!
OPJ!
KIa!
OVJ!
W#a!
IWN!
#Na!
[\G5Xi\G5X^!
fv!
a!
P!
Pa!
P!
Pa!
I!
Oa!
P!
Pa!
N!
Ka!
P!
Pa!
V!
Na!
I!
Ia!
VW!
IJa!
"W!
OJa!
IVI!
V#a!
INI!
NWa!
!
X9! 9'51%! /<5:(0! A5*(! &'/%! "Pa! 56! M8A/B9! A82&-9322/<-+! )*5,8+&-5%9! /*(!
'/*A5%-+!65*!G5X!6(/&8*(90!6*5A!&'(!6-*9&!9(99-5%!9&8,-(,0!/&!PDII0!&5!&'(!/.(!56!ODV?!X&!
ODN! /%,! 5%1/*,90! %5%='/*A5%-+! )*5,8+&-5%9! -%+*(/9(! /%,! '/*A5%-+! 5%(9! ,(+*(/9(0!
.*/,8/223?!!
!
L9(!,#'#(
\2/*/!1/9!9&8,-(,!8%&-2!&'(!/.(!56!IDIP?!F'*58.'58&!&'-9!)(*-5,0!&'(!:/9&!A/d5*-&3!
56! '(*! A82&-9322/<-+! )*5,8+&-5%9! /*(! '/*A5%-+! 65*! A/%%(*! 6(/&8*(9?! F'-9! )/&&(*%! -9!
9'51%!-%!HI#KL?!!
HI#K?/L!d=&5,),&,)B*!%&,&!
./1P2 !<)9,4)'=,)#5!#L!^WC#AbWC#A_!&5%!
!
!
!
!
!
^WC#AcWC#A_)5!W-&4&[9!84#%=>,)#59!
!
!
!
PDII?I!
IDI?V!
IDO?OO!
IDV?W!
IDN?IJ!
I0#?IW!
IDW?W!
IDK?II!
ID"?OP!
IDJ?OV!
IDIP?I#!
[\G5X]\G5X^!
f?v!
a!
I!
IPPa!
IP!
IPPa!
IP!
IPPa!
#!
IPPa!
V!
IPPa!
IO!
IPPa!
IN!
JVa!
IK!
JNa!
W"!
KJa!
IPN!
K#a!
IVI!
"Wa!
[\G5Xi\G5X^!
f?v!
a!
P!
Pa!
P!
Pa!
P!
Pa!
P!
Pa!
P!
Pa!
P!
Pa!
I!
Ka!
I!
Wa!
I"!
OIa!
VN!
O#a!
OO!
INa!
(
X9! 9'51%! /<5:(0! /2&'58.'! 95A(! ,(+*(/9(9! 5++8*! 6*5A! ID"! 5%1/*,90! \2/*/B9!
A82&-9322/<-+!)*5,8+&-5%9!/*(!5:(*1'(2A-%.23!56!&'(!&3)(![\G5X]\G5X^0!/<5:(!5*!/*58%,!
"Pa0!-%!/22!9(99-5%9!56!&'(!>#48=9?!!
f5&(! &'/&0! /2&'58.'! *()*(9(%&-%.! /! 251! )(*+(%&/.(0! &'(*(! -9! /2*(/,3! /! *(2/&-:(23!
2/*.(! %8A<(*! 56! 5++8**(%+(9! 56! %5%='/*A5%-+! 65*A9! /&! &'(! 2/9&! &'*((! 9(99-5%9! H9((!
I#K?/LD! -%! +'/)&(*! #0! -&! 1-22! <(! 9'51%! &'/&! A59&! 56! &'(9(! 5++8**(%+(9! +5**(9)5%,! &5! /!
9A/22! 9(&! 56! G5X! &/*.(&! [\i\^! +5A<-%/&-5%90! &'/&! /*(! /2*(/,3! -%! &'(! )*5+(99! 56!
/+78-9-&-5%!/&!&'-9!/.(!H9((!+'/)&(*!#L?!
(
(
(
(
!
II"!
(
F9(T7V7(
j5p5! 1/9! 9&8,-(,! 8%&-2! &'(! /.(! 56! ODP?! S-A-2/*23! &5! \2/*/0! &'(! A/d5*-&3! 56! '-9!
)*5,8+&-5%9!/*(![\G5X]\G5X^0!-%!&'(!1'52(!>#48=9?!F'(!,-9&*-<8&-5%!56!'/*A5%-+!/%,!%5%=
'/*A5%-+!)/&&(*%9!-%!&'-9!+'-2,B9!A82&-9322/<-+!58&)8&!65*A9!-9!.-:(%!-%!HI#"L?!
!
HI#"?/L!d=&5,),&,)B*!%&,&!
./1G2 !<)9,4)'=,)#5!#L!^WC#AbWC#A_!&5%!
!
!
!
!
!
^WC#AcWC#A_)5!e#f#[9!84#%=>,)#59!
!
!
!!
[\G5X]\G5X^!
I0P?I!
IDO?VP!
IDV?OI!
I0N?IK!
ID#?OW!
IDW?IW!
IDK?OP!
ID"?O#!
IDJ?O#!
IDIP?OW!
IDII?IJ!
ODP?OP!
fv!
#!
I!
V!
V!
OW!
NP!
NJ!
OP!
WJ!
IVO!
IN#!
IVN!
[\G5Xi\G5X^!
a!
IPPa!
IPPa!
IPPa!
IPPa!
JWa!
IPPa!
JNa!
IPPa!
W"a!
JIa!
JIa!
""a!
fv!
P!
P!
P!
P!
I!
P!
V!
P!
VO!
IV!
IV!
IJ!
a!
Pa!
Pa!
Pa!
Pa!
Na!
Pa!
Wa!
Pa!
VOa!
Ja!
Ja!
IOa!
UC+()&!56!/!92-.'&!,(+*(/9(!/&!IDJ0![\G5X]\G5X^!65*A9!+5%9&-&8&(!/<5:(!5*!/*58%,!
JPa!56!/22!A82&-9322/<-+!)*5,8+&-5%9!-%!j5p5B9!,/&/0!-%!&'(!1'52(!>#48=9?!!
f5&(!&'/&0!/2&'58.'!&'-9!+'-2,!9((A9!&5!<(!/&!&'(!'/*A5%-+!9&/.(!8%&-2!&'(!/.(!56!
ODP0!'(!-9!/2*(/,3!)*5,8+-%.!95A(![\G5Xi\G5X^!65*A9!H9((!I#"?/L0!1'-+'!1-22!<(!(C)25*(,!
-%!+'/)&(*!#?!!
$%! 98A0! /22! +'-2,*(%! 9&8,-(,! .5! &'*58.'! /%! -%-&-/2! 9&/.(! 1'(*(! &'(! A/d5*-&3! 56!
A82&-9322/<-+! )*5,8+&-5%9! H/<5:(! "PaL! /*(! [\G5X]\G5X^?! F'(! &-A(! 6*/A(! +5:(*(,! <3!
[\G5X]\G5X^! )*(,5A-%/%+(! -%! -%&/>(! /%,! 58&)8&! 65*A90! -%! (/+'! +'-2,B9! >#48=90! -9!
98AA/*-4(,!-%!HI#JL?!
!
./1I2 !g)"*7L4&"*!>#B*4*%!'$!,?*!84*%#")5&5>*!#L!^WC#AbWC#A_!8&,,*459!
[\G5X]\G5X^!!!
$%q9!
j5/%/!
M8A/!
\2/*/!
j5p5!
$%&/>(!
PDII!!
IDP!!
IDI!
PDII!!
IDP!!
IDP!
IDW!
IDO!
ID"!
IDI!
;*5,8+&-5%!
PDII!
ID"!
IDP!!!
IDIP!
PDII!
ODV!
PDII!
IDIP!
IDP!
ODP!
\5A)/*-%.! -%&/>(! /%,! 58&)8&! )/&&(*%90! 1(! +/%! 9((! &'/&! &'(! )*(6(*(%+(! 65*!
[\G5X]\G5X^! 5++8*9! -%! /! A8+'! A5*(! (C&(%,(,! )(*-5,! 56! &-A(! -%! )*5,8+&-5%! &'/%! -%! &'(!
-%&/>(?! G59&! +'-2,*(%! 9&/*&! /&&(A)&-%.! E\i\E! &/*.(&9! 8%&-2! &'(! /.(! 56! IDW0! <8&! &'59(!
&/*.(&9!/*(!*(%,(*(,!-%!/2&(*%/&-:(!58&)8&!65*A9!65*!&'(!652251-%.!A5%&'90!-%!A59&!+/9(9!
8%&-2!ID"!/%,!IDIP!H9((!&/<2(!/<5:(L?!!
!
)9Z9?(L43%'4M2%47.(71(0#..&'(1&#%2'&3(4.(W!H7=O!H7=X($'7/2-%47.3(
$%!&'(!)*(+(,-%.!9(+&-5%0!-&!1/9!9'51%!&'/&!+'-2,*(%!.5!&'*58.'!/%!-%-&-/2!9&/.(!
1'(*(! &'(! :/9&! A/d5*-&3! 56! &'(! A82&-9322/<-+! 65*A9! )*5,8+(,! /*(! '/*A5%-+! 65*! A/%%(*!
!
IIJ!
6(/&8*(9c!$%q9!8%&-2!ID"D!j5/%/!8%&-2!IDIP0!M8A/!8%&-2!ODV!/%,!\2/*/!/%,!j5p5!8%&-2!&'(!2/9&!
9(99-5%! 9&8,-(,0! -?(?! 8%&-2! IDIP! /%,! ODP0! *(9)(+&-:(23?! ! $%! &'(! +8**(%&! 9(+&-5%0! 1(! 1-22!
,(9+*-<(!&'(!6*(78(%+3!56!(/+'!G5X!6(/&8*(!1-&'-%!&'59(!'/*A5%-+!58&)8&!65*A9?!!
F'(!.*/)'9!)*(9(%&(,!-%!HIWPL!9'51!&'(!,-9&*-<8&-5%!56!9&5)90!%/9/290!6*-+/&-:(90!
2/&(*/29!/%,!*'5&-+9!-%!&'(![\G5X]\G5X^!58&)8&!9&/.(0!65*!(/+'!+'-2,!H6*5A!IWP?/!&5!IWP?(L?!
!
./J02 !@4*]=*5>$!#L!C#A!L*&,=4*9!)5!^WC#AbWC#A_!84#%=>,)#59!.&88*5%)S!@2!
HIWP?/L!Q5`9!
HIWP?<L!e#&5&!
!
!
!
!
!
!
!
!
!
!
!
!
HIWP?+L!N="&!
HIWP?,L!W-&4&!
!
!
!
!
!
!
!
!
!
!
!
!
HIWP?(L!e#f#!
!
!
!
!
!
!
!
!
!
!
X9!9'51%!-%!&'(!6-:(!.*/)'9!,()-+&(,!/<5:(0!%/9/29!/%,!9&5)9!/*(!&'(!&15!A59&!
6*(78(%&23! 5++8**-%.! A/%%(*! 6(/&8*(90! 1-&'-%! &'(! [\G5X]\G5X^! 9&/.(?! F'(*(! /*(! 95A(!
5++8**(%+(9! 56! 6*-+/&-:(90! A59&23! -%! &'(! 9)((+'! 56! $%q9! /%,! \2/*/0! <8&! A59&! 56&(%! <(251!
OPa?! F'(*(! /*(! /295! 95A(! 5++8**(%+(9! 56! 2/&(*/29! H9((! .*/)'9! HIWP?,L! /%,! HIWP?(LL! <8&!
&'(-*!5++8**(%+(!-9!78-&(!A/*.-%/2!-%!&'(9(!6-*9&!9(99-5%90!<(251!IPa!H9((!/))(%,-C!QL?!
S5A(!(C/A)2(9!/*(!.-:(%!-%!HIWIL?!
!
IOP!
!
!
./J/2 !3S&"8-*9!#L!^WC#AbWC#A_!#=,8=,!8&,,*459!!
!
!
\'-2,!
X.(!
@*&'5.*?!
`2599!
F/*.(&!
@8&)8&!
G5X!)/&&(*%!
H/L!
\2/*/!
IDK?II!
A/%/!
9-9&(*!
$%q9!
IDI?VP!
)/)t!
,/,,3!!
[m35n3]
[f/9ef/9^!
H<L!
/5m3n3/
H+L!
\2/*/!
IDO?OO!
<(<m!
</<3!
$%q9!
ID#?II!
$%q9!
)*5)?%58%!
[)45)e]
[Q*-+???Q*-+^!
H,L!
/b%5b%/
H(L!
$%q9!
ID"?O!
+'/)m8!
'/&!
[S&5)eS&5)^!
H6L!
j5/%/!
IDJ?O#!
Y/78(2!
)*5)?%58%!
[pa5b%w]
H.L!
M8A/!
ODO?OO!
<52/!
</22!
[S&5)eS&5)^!
H'L!
j5p5!
IDIP?OW!
2-Ap5!
2(A5%!
[po5p3]
H-L!
$%q9!
ID"?O!
2-A)/*!
&5!+2(/%!
[S&5)eS&5)^!
HdL!
j5p5!
IDIP?OW!
:-,/!
2-6(!
[3!e5pa]
H>L!
j5p5!
IDJ?O#!
+/6m!
+566((!
M8A/!
ODV?OW!
98d5!
,-*&3!
[t35t%]
[S&5)eS&5)^!
H2L!
/p35pa/
/i5ne(/
/(35p%w/
/035k%8/
/5b*l3/
/li5m36w6/
/li65pa,/
/5vid3/
/k35f%/
/5su-u/
!
[baba]
[S&5)eS&5)^!
[ne5/e]
[f/9ef/9^!
[k3k%]
[S&5)eS&5)^!
[mi5m36w6]
[f/9ef/9^!
[5did3]
[S&5)eS&5)^!
[5tudu7]
[S&5)eS&5)^!
X9!9'51%!/<5:(0![\G5X]\G5X^!58&)8&!65*A9!+/%!+5**(9)5%,!&5!&/*.(&!15*,9!&'/&!
/*(!/2*(/,3!'/*A5%-+!-%!A/%%(*!H9((!(C/A)2(9!-%!H/L!/%,!H<LL?!g51(:(*0!&'(*(!/*(!/295!
+/9(9!1'(*(!&'(!'/*A5%-+!58&)8&!+5**(9)5%,9!&5![\G5Xi\G5X^!&/*.(&9?!h-&'-%!&'-9!.*58)0!
/!)/&&(*%!&'/&!-9!+5AA5%23!5<9(*:(,!-9!&'/&!&'(!G5X!)*5,8+(,!-9!&'(!9/A(!/9!&'(!G5X!56!
&'(! +5%95%/%&! -%! &'(! &/*.(&! 9&*(99(,! 9322/<2(0! -%,()(%,(%&23! 56! &'(! 15*,! )59-&-5%c! \O!
H9((! (C/A)2(9! H,L! &5! H6L0! H'L! /%,! H-LL! /%,! \I! H9((! (C/A)2(! -%! H.LL?! $%! 5&'(*! +/9(90!
)/*&-+82/*23! /&! 2/&(*! 9(99-5%90! &'(! A/%%(*! 6(/&8*(! )*5,8+(,! ,5(9! %5&! A/&+'! &'(!
+5%95%/%&!-%!&'(!&/*.(&!9&*(99(,!9322/<2(0!1'(%!&'/&!+5%95%/%&!-9!%5&!A/9&(*(,!3(&?!F'-9!
/))2-(9! A59&! 56&(%! &5! 6*-+/&-:(9! H9((! (C/A)2(9! 6*5A! HdL! &5! H2LL?! $%! &'(9(! +/9(90! &'(!
)*5,8+(,!+5%95%/%&!-9!/!9&5)0!(:(%!-6!&'(*(!-9!%5!9&5)!/&!&'(!&/*.(&!15*,!H(C/A)2(!H2LL?!!!
(
)9[(;200#'5(71(%"&(0#4.(14./4.D3
F'(! +8**(%&! 9(+&-5%! )*(9(%&9! /! 98AA/*3! 56! &'(! A/-%! 6-%,-%.9! ,(9+*-<(,! -%! &'-9!
+'/)&(*?!
X?!!;MX\U!QUXFrYU!\@G;@S$F$@f!@Q!UXYMz!h@YTS!
UC+()&! 65*! M8A/0! &'(! ;5*&8.8(9(! +'-2,*(%! 9'51! /%! -%-&-/2! )*(6(*(%+(! 65*!
[\;5X]\;5X^! 65*A90! <5&'! -%! &'(! -%&/>(! /%,! -%! 58&)8&! 65*A9?! F'(! ,8*/&-5%! 56! &'-9!
'5A5*./%-+!9&/.(!:/*-(9!/+*599!+'-2,*(%D!-%!.(%(*/20!-&!-9!25%.(*!-%!)*5,8+&-5%!&'/%!-%!&'(!
-%&/>(0!(C+()&!65*!\2/*/0!1'(*(![\;5X]\;5X^!/*(!)*(,5A-%/%&!8%&-2!IDN0!<5&'!-%!-%&/>(!/%,!
58&)8&!65*A9?!!
T8*-%.! &'(! [\;5X]\;5X^! 9&/.(0! &15! )2/+(! 6(/&8*(9! /*(! )*(,5A-%/%&c! M/<-/2! /%,!
\5*5%/2?! M/<-/29! &(%,! &5! <(! A5*(! 6*(78(%&! &'/%! +5*5%/29! -%! (/*23! 9(99-5%9?! F'-9!
)*(6(*(%+(!HM/<-/2ww\5*5%/2L!*(62(+&9!&'(!+'-2,*(%B9!(/*23!9(&!56!/&&(A)&(,!15*,90!1'(*(!
!
IOI!
2/<-/29!)*(,5A-%/&(?!!
F'(!/%/239-9!56!&'(!)2/+(!6(/&8*(!+5A)59-&-5%!56!<5&'!+5%95%/%&9!/%,!:51(29!-%!
+'-2,*(%B9! 58&)8&! 65*A9! 9'51(,! &'/&! &'(! A/d5*-&3! 56! &'(! 15*,9! )*5,8+(,! -%! &'(! 6-*9&!
9(99-5%9! +5%&/-%! 5%23! 251! 5*! +(%&*/2! :51(29! /%,! &'/&! 15*,9! +5%&/-%-%.! +5A<-%/&-5%9!
1'(*(! +5%95%/%&9! /%,! :51(29! H5*! .2-,(9L! ,-66(*! -%! )2/+(! 9)(+-6-+/&-5%! /))(/*! 5%23! -%!
2/&(*! 9(99-5%9c! \2/*/! 6*5A! IDO0! $%q90! 6*5A! ID#0! j5p5! 6*5A! ID"0! j5/%/! 6*5A! IDJ! /%,! M8A/!
6*5A!IDIP?!
$%! 98AA/*30! +'-2,*(%! .5! &'*58.'! /%! -%-&-/2! 58&)8&! 9&/.(! -%! 1'-+'! &'(3! )*5,8+(!
A59&23![\;5X]\;5X^!15*,9D!-%!&'(!6-*9&!9(99-5%90!&'(!:51(29!-%!&'59(![\;5X]\;5X^!65*A9!/*(!
898/223! 251! 5*! +(%&*/2! [\-b251E+(%&*/2\-^?! $%! 2/&(*! 9(99-5%90! [\;5X]\;5X^! 65*A9! +/%! /2*(/,3!
+5%&/-%! :51(29! 56! ,-66(*(%&! )2/+(! 6(/&8*(9! H[\-! bd\-^L?! F'(! +'*5%525.-+/2! 5*,(*! 56!
,(:(25)A(%&! 56! )2/+(! 6(/&8*(! )/&&(*%9! 65*! +5%95%/%&9! /%,! :51(29! -%! 58&)8&! 65*A9! -9!
98AA/*-4(,!-%!HIWOL?!
./JF2 !:*5*4&-!#4%*4!#L!%*B*-#8"*5,!#L!^WK#AZK#AWK#A_!8&,,*459!
!
!
!
"#$%!
!
!
!
(
X9!,()-+&(,!/<5:(0!&'(!A/d5*-&3!56!&'(!65*A9!-%!&'(![\;5X]\;5X^!58&)8&!9&/.(!-%!/22!
+'-2,*(%B9!>#48#4&!-9!+'/*/+&(*-4(,!<3!&'(!+5A<-%/&-5%!56!+5%95%/%&9!1-&'!251!5*!+(%&*/2!
:51(29?! F'(! )*5,8+&-5%! 56! 15*,9! 1'(*(! :51(29! ,-9)2/3! /! ,-66(*(%&! ;5X! 6*5A! &'(!
+5%95%/%&9!56!&'(!15*,!/))(/*!-%!&'(!9(+5%,!'/26!56!&'(![\;5X]\;5X^!9&/.(?!Q5*!-%9&/%+(0!
-%! $%q9B! ,/&/0! &'(! [\;5X]\;5X^! 9&/.(! +5:(*9! &'(! )(*-5,! 6*5A! PDII! &5! IDWD! 8%&-2! IDN! &'59(!
'5A5*./%-+! )*5,8+&-5%9! /*(! A59&23! 56! &'(! &3)(! [\-b251E+(%&*/2\d^! /%,! -&! -9! 5%23! 6*5A! ID#!
5%1/*,9!&'/&![\-bd\-^!/))(/*!A5*(!6*(78(%&23!-%!&'-9!+'-2,B9!)*5,8+&-5%9?!X%5&'(*!6-%,-%.!
1/9!&'/&0!+5%&*/*3!&5!T8&+'!2(/*%(*90!1'(*(![\;5X]b;5X^!-9!)*(,5A-%/%&!-%!(/*23!/.(0!U;!
+'-2,*(%! )*5,8+(! A59&23! [\! b251E+(%&*/2^?! F'-9! -998(! 1-22! <(! ,-9+899(,! -%! 9(+&-5%! N?"! H9((!
98<9(+&-5%!XL?!
!
_?!GXffUY!QUXFrYU!\@G;@S$F$@f!@Q!UXYMz!h@YTS!!
j89&!/9!5<9(*:(,!65*!)2/+(!15*,=)/&&(*%90!+'-2,*(%!9'51!/%!-%-&-/2!)*(6(*(%+(!65*!
[\G5X]\G5X^! 9(78(%+(90! <5&'! -%! &'(! -%&/>(! /%,! -%! 58&)8&! 65*A9?! F'(! ,8*/&-5%! 56! &'(!
!
IOO!
[\G5X]\G5X^!9&/.(!:/*-(9!/+*599!+'-2,*(%D!-%!.(%(*/20!-&!-9!25%.(*!-%!58&)8&!65*A9!&'/%!-%!
&'(!-%&/>(?!!
T8*-%.! &'(! [\G5X]\G5X^! 58&)8&! 9&/.(0! 9&5)9! /%,! %/9/29! /*(! &'(! )*(,5A-%/%&!
958%,!+2/99(9!)*5,8+(,?!!\'-2,*(%B9!(/*23!-%&/>(!*(62(+&9!&'(-*!-%-&-/2!)*5,8+&-5%!/<-2-&-(9c!
&'(! 6-*9&! 9(&! 56! 15*,9! /&&(A)&(,! )*(,5A-%/%&23! +5%&/-%9! 9&5)9! /%,! %/9/29! /%,! */*(23!
-%+28,(!6*-+/&-:(9!5*!2-78-,9?!!
!
\?!TUbUM@;GUfF!@Q!;MX\U!XfT!GXffUY!;XFFUYfS!
$%! &'(! 5:(*/22! )-+&8*(0! +'-2,*(%! .5! &'*58.'! /%! -%-&-/2! '/*A5%-+! 9&/.(! 65*! <5&'!
)2/+(!/%,!A/%%(*!6(/&8*(9?!F'-9!9&/.(!1/9!5<9(*:(,!-%!-%&/>(!/%,!58&)8&!65*A9!/%,!'/9!
/! :/*-/<2(! ,8*/&-5%! /+*599! +'-2,*(%?! F'(! &/<2(! .-:(%! -%! HIWVL! 98AA/*-4(9! &'(! )(*-5,9!
+5:(*(,!<3!&'(![\]\^!9&/.(0!-%!-%&/>(!/%,!58&)8&!65*A90!)(*!+'-2,?!
!
./JY2 !^WK#AbWK#A_!&5%!!^WC#AbWC#A_!9,&(*9!)5!)5,&+*!&5%!#=,8=,!L#4"9!!7!9=""&4$!
!
[\]\^!!9&/.(!
$%q9!
j5/%/!
M8A/!
\2/*/!
j5p5!
[\;5X]\;5X^!
$%&/>(!
@8&)8&!
PDII!! IDN!
PDII!
IDW!
IDP!!
IDW!
IDP!!!
IDIP!
====!
====!
PDII!
ODV!
PDII!! IDN!!
PDII!
IDN!
IDP!!
IDI!
IDP!
ODP!
[\G5X]\G5X^!
$%&/>(!
@8&)8&!
PDII!!
IDP!
PDII!
ID"!
IDP!!
IDW!
IDP!!!
IDIP!
IDI!
IDO!
PDII!
ODV!
PDII!!
ID"!
PDII!
IDIP!
IDP!!
IDI!
IDP!
ODP!
!
Q5*! &'*((! 56! &'(! +'-2,*(%! HM8A/0! j5/%/0! j5p5L! &'(! ,8*/&-5%! 56! &'(! [\]\^! 9&/.(! -9!
&'(!9/A(!65*!)2/+(!/%,!65*!A/%%(*!6(/&8*(!)/&&(*%9?!Q5*!&'(!5&'(*!&15!+'-2,*(%!H$%q9!/%,!
\2/*/L0! &'(! [\G5X]\G5X^! 9&/.(! -9! 25%.(*! &'/%! &'(! [\;5X]\;5X^! 9&/.(?! F'-9! +'*5%525.3! -9!
98AA/*-4(,!-%!HIWNL?!!
./JO2 !<=4&,)#5!#L!,?*!^WK#AbWK#A_!&5%!^WC#AbWC#A_!9,&(*!
!
!
"#$%!
!
!
!
!
!
IOV!
)9\(L43-23347.(
(
F'(!+8**(%&!9(+&-5%!)*(9(%&9!/!,-9+899-5%!56!&'(!/+78-9-&-5%!)/&&(*%9!5<9(*:(,!-%!
&'-9!+'/)&(*0!-%!&'(!2-.'&!56!&'(!&'(5*(&-+/2!-998(9!*(6(**(,!&5!-%!9(+&-5%!N?I?!
!
!
=9((=.(4.4%4#,(W!O!X(72%$2%(3%#D&(4.(F+(
F'(!,/&/!56!&'(!6-:(!;5*&8.8(9(!+'-2,*(%!)*5:-,(,!(:-,(%+(!65*!&'(!(C-9&(%+(!56!
/%! -%-&-/2! '/*A5%-+! 58&)8&! 9&/.(0! /66(+&-%.! <5&'! )2/+(! /%,! A/%%(*! 6(/&8*(9?! F'-9! 9&/.(!
9&/*&9!/&!&'(!6-*9&!)*5,8+&-5%9!/%,!)*(9(%&9!/!:/*-/<2(!,8*/&-5%0!,()(%,-%.!5%!&'(!+'-2,!
/%,!5%!&'(!6(/&8*(!-%:52:(,?!!$%!&'(!,/&/!56!&'*((!56!&'(!+'-2,*(%!HM8A/0!j5/%/!/%,!j5p5L0!
&'(![\;5X]\;5X^!/%,!&'(![\G5X]\G5X^!9&/.(9!'/:(!/%!-,(%&-+/2!,8*/&-5%c!8%&-2!ODV!-%!M8A/B9!
,/&/0!8%&-2!ODP!-%!j5p5!/%,!8%&-2!IDIP!-%!j5/%/!H<8&!%5&(!&'/&!ODP!+5**(9)5%,9!&5!&'(!2/9&!
9(99-5%!9&8,-(,!-%!j5p5B9!>#48=90!&'890!1(!,5!%5&!>%51!-6!5%(!56!&'(!9&/.(9!(%,9!<(65*(!
&'(! 5&'(*L?! $%! &'(! ,/&/! 56! $%q9! /%,! \2/*/0! &'(! [\;5X]\;5X^! 9&/.(! -9! 9'5*&(*! &'/%! &'(!
[\G5X]\G5X^!9&/.(!H9((!9(+&-5%!N?KL?!!
F'(![\]\^!9&/.(!5<9(*:(,0!<5&'!65*!)2/+(!/%,!65*!A/%%(*!6(/&8*(90!*(9(A<2(9!&'(!
6-%,-%.9! *()5*&(,! -%! 5&'(*! 2/%.8/.(90! %/A(23! U%.2-9'! HS&5(2=`/AA5%0! OPPOLD! T8&+'!
HM(:(2&0! IJJND! M/%.(92/.0! OPPKD! Q->>(*&! R! M(:(2&0! OPP"L0! S)/%-9'! HG/+>(%0! IJKJLD!
`(*A/%! /%,! Q*(%+'! HX2&:/&(*=G/+>(%9(%0! T59! S/%&59! R! Q->>(*&0! OPP"D! X2&:/&(*=
G/+>(%9(%!R!Q->>(*&0!OPPJL?!
X,,-&-5%/2230! &'(! /%/239-9! 56! &'(! 6(/&8*(! +5A)59-&-5%! 56! +5%95%/%&9! /%,! :51(29!
1-&'-%! &'(! [\;5X]\;5X^! 58&)8&! 65*A9! 9'51(,! &'/&! ;5*&8.8(9(! +'-2,*(%! '/:(! /%! -%-&-/2!
)*(6(*(%+(!65*!+5A<-%/&-5%9!56!'5A5*./%-+!+5%95%/%&9!1-&'!251!5*!+(%&*/2!:51(29?!$&!-9!
5%23! -%! 2/&(*! 9(99-5%9! &'/&! +5A<-%/&-5%9! 56! &'(! &3)(! [\-bd\-^! H1'(*(! :51(29! ,-66(*! 6*5A!
+5%95%/%&9! -%! )2/+(! 9)(+-6-+/&-5%L! /))(/*! -%! +'-2,*(%B9! )*5,8+&-5%90! 1-&'! *(2/&-:(!
6*(78(%+3!H9((!,-/.*/A!-%!HIWOL0!9(+&-5%!N?KL?!F'(*(65*(0!&'(*(!/*(!&15!)(*-5,90!1-&'-%!
&'(![\;5X]\;5X^!9&/.(c!5%(!1'(*(!/22!+5%95%/%&9!9'/*(!)2/+(!9)(+-6-+/&-5%!/%,!:51(29!/*(!
)2/+(2(99! H5*! 9'/*(! &'(! ;5X! 56! &'(! +5%95%/%&0! 2(99! 6*(78(%&23L! /%,! /%5&'(*! 1'(*(!
+5%95%/%&9! 9&-22! 9'/*(! )2/+(! 9)(+-6-+/&-5%! <8&! :51(29! +/%! /2*(/,3! <(! -%,()(%,(%&23!
9)(+-6-(,?!F'(!*()*(9(%&/&-5%!56!&'(![\]\^!9&/.(0!98<,-:-,(,!-%&5!&'(![\;5X]\;5X^!/%,!&'(!
[\G5X]\G5X^!98<9&/.(9!-9!)*5:-,(,!-%!HIW#L?!!
!
!
!
!
!
!
ION!
./J12 !g?*!)5),)&-!9,&(*!)5!,?*!%*B*-#8"*5,!#L!8-&>*!&5%!"&55*4!L*&,=4*!8&,,*459!
!
!
!
!
!
!
!
X++5*,-%.! &5! M(:(2&! HIJJNL! /%,! Q->>(*&! R! M(:(2&! HOPP"L0! &'(! -%-&-/2! 9&/.(! 56!
,(:(25)A(%&!-%!)2/+(!6(/&8*(!)/&&(*%9!-%!T8&+'!-9!+'/*/+&(*-4(,!<3!H-L!+5A<-%/&-5%9!56!
'5A5*./%-+!+5%95%/%&9!1-&'!251!:51(29![\-b251\-^D!H--L!+5A<-%/&-5%9!56!+5%95%/%&9!/%,!
:51(29! &'/&! 9'/*(! ;5X! 6(/&8*(9! [\-b-\-^?! X++5*,-%.! &5! &'(9(! /8&'5*90! &'(*(! -9! 5%(! 9-%.2(!
8%-&! 65*! 6(/&8*(! 9)(+-6-+/&-5%! /&! &'-9! )5-%&! 56! ,(:(25)A(%&c! &'(! h@YT?! \'-2,*(%! A/)! /!
9-%.2(!6(/&8*(!9)(+-6-+/&-5%!&5!&'(!1'52(! h@YT0! *(982&-%.!-%&5!&15!)599-<2(!58&)8&!65*A9c!
+5%95%/%&! /%,! :51(29! 9'/*(! &'(! )2/+(! 9)(+-6-+/&-5%0! 5*! 5%23! &'(! +5%95%/%&9! /*(!
'5A5*./%-+!/%,!:51(29!/*(!)2/+(2(99!H[251^L?!!
$%! .(%(*/20! &'(! ;5*&8.8(9(! ,/&/! 9'519! (:-,(%+(! 65*! &'(! A5,(2! )*5)59(,! <3!
Q->>(*&! R! M(:(2&c! -6! 1(! /998A(! &'/&! 251! /%,! +(%&*/2! :51(29! /*(! )2/+(2(990! &'(%!
;5*&8.8(9(! +'-2,*(%! .5! &'*58.'! /%! -%-&-/2! )(*-5,! 1-&'-%! &'(! [\;5X]\;5X^! 9&/.(0! 1'(*(!
+5%95%/%&9! /*(! '5A5*./%-+! /%,! :51(29! /*(! )2/+(2(99?! $%! &'-9! )(*9)(+&-:(0! ;5*&8.8(9(!
+'-2,*(%! 9((A! &5! .5! &'*58.'! /%! -%-&-/2! n1'52(! 15*,! 9&/.(B0! 1'(*(! 5%(! 9-%.2(! ;5X!
9)(+-6-+/&-5%! -9! /99-.%(,! &5! /%! -%+5A)2(&(! 2(C-+/2! *()*(9(%&/&-5%?! S-A-2/*! *(982&9! 1(*(!
658%,! 65*! A/%%(*0! 9-%+(! (/*23! 58&)8&! 65*A9! /*(! A59&23! 56! &'(! &3)(! [\G5X]\G5X^?! X!
78(9&-5%! &'/&! /*-9(9! %51! -9! '51! 9)(+-6-+/&-5%! 5++8*9D! -6! +'-2,*(%! /*(! ,(/2-%.! 1-&'!
-%+5A)2(&(! 2(C-+/2! *()*(9(%&/&-5%90! 1'(*(! ,5(9! &'(! )2/+(! 5*! A/%%(*! 6(/&8*(! )*5,8+(,!
+5A(!6*5Ao!F'-9!-998(!1-22!<(!,-9+899(,!-%!&'(!%(C&!98<9(+&-5%?!
!
_?!E&#%2'&(#334D.0&.%(%7(&#',5(,&B4-#,('&$'&3&.%#%47.3(
X9! 6/*! /9! )2/+(! 6(/&8*(9! /*(! +5%+(*%(,0! Q->>(*&! R! M(:(2&! HOPP"L! /%,! M(:(2&! H&5!
/))(/*L! /*.8(! &'/&! +'-2,*(%! (C&*/+&! )2/+(! 9)(+-6-+/&-5%! 6*5A! &/*.(&! 9&*(99(,! :51(290! -6!
&'(3!/*(!%5%=251!H5*!%5%=+(%&*/20!/++5*,-%.!&5!M(:(2&0!)?+LD!5&'(*1-9(0!)2/+(!6(/&8*(9!/*(!
)*5:-,(,! <3! 5%(! 56! &'(! &/*.(&! +5%95%/%&9! HM(:(2&0! &5! /))(/*L! H9((! 9(+&-5%! N?I?IL?! F'(!
9(2(+&(,! )2/+(! 9)(+-6-+/&-5%! -9! &'(%! A/))(,! &5! +'-2,*(%B9! 8%9(.A(%&/2-4(,!
!
IO#!
*()*(9(%&/&-5%0! *(982&-%.! -%! /! 65*A! '/*A5%-4(,! 65*! )2/+(0! A59&! 56&(%! [M/<eM/<^! /%,!
[\5*e\5*^?!
Y(./*,-%.! A/%%(*! 6(/&8*(90! M/%.(92/.! HOPPKL! 98..(9&9! &'/&! -&! -9! &'(! &/*.(&!
+5%95%/%&! -%! 15*,=-%-&-/2! )59-&-5%! H-%! \b\b! 65*A9L! &'/&! )*5:-,(9! &'(! A/%%(*!
9)(+-6-+/&-5%?!F'(!6(/&8*(!-9!/99-.%(,!&5!\I!-%!&'(!+'-2,B9!2(C-+/2!*()*(9(%&/&-5%!/%,!&'(%!
+5)-(,!&5!&'(!5&'(*!)59-&-5%90!1'-+'!/*(!8%9)(+-6-(,?!$6!&'(!&/*.(&!\I!-9!9&-22!%5&!A/9&(*(,!
3(&0!+'-2,*(%!/99-.%!/!9&5)!H,(6/82&L!5*!/!6*-+/&-:(!&5!15*,!-%-&-/2!)59-&-5%!/%,!&'(%!+5)3!-&!
&5! &'(! *(9&! 56! &'(! 15*,0! *(982&-%.! -%! [S&5)eS&5)^! 5*! [Q*-+eQ*-+^! )/&&(*%9! H9((! 9(+&-5%!
N?I?OL?!!
h(! 1-22! %51! /%/234(! ;5*&8.8(9(! +'-2,*(%B9! ,/&/! -%! &'(! 2-.'&! 56! &'(9(! &15!
/))*5/+'(9?!!
!
!
K-&>*!L*&,=4*!98*>)L)>&,)#5!
X9! 6/*! /9! )2/+(! 6(/&8*(9! /*(! +5%+(*%(,0! -&! 1/9! 9'51%! &'/&! &'(! 6-:(! +'-2,*(%!
9&8,-(,! '/:(! /! +2(/*! )*(6(*(%+(! 65*! +5A<-%/&-5%9! 56! 2/<-/2! 5*! +5*5%/2! +5%95%/%&9! /%,!
251! 5*! +(%&*/2! :51(290! -%! (/*23! )*5,8+&-5%9! H9((! 9(+&-5%! N?#?NL?! G59&! 56&(%0! &'(9(!
+5A<-%/&-5%9!+5**(9)5%,!&5!&/*.(&!15*,9!1'(*(!&'(!9&*(99(,!9322/<2(!-9!+5%9&-&8&(,!<3!/!
[\!b251E+(%&*/2^!+5A<-%/&-5%c!8&8&;!8&8i;!Ci4)#;!8&,#;!"&"f;!8&5%&;!'&5&5&2?!\'-2,*(%!&(%,!
&5! <(! 6/-&'682! &5! &'(9(! &/*.(&! +5A<-%/&-5%90! *()*5,8+-%.! &'(! &/*.(&! 9&*(99(,! 9322/<2(!
/++8*/&(230! /9! 6/*! /9! ;5X! 5*! '(-.'&! 6(/&8*(9! /*(! +5%+(*%(,c! /5pap3/=w[5pap3]D! Eb35n3n3E=
w[5/3/3^?!F'890!-%!&'(9(!+/9(90!+'-2,*(%!9((A!&5!<(!&/>-%.!-%&5!/++58%&!&'(!(%&-*(!&/*.(&!
9&*(99(,! 9322/<2(?! g51(:(*0! /998A-%.! &'/&! 251! /%,! +(%&*/2! :51(29! 2/+>! )2/+(!
9)(+-6-+/&-5%0!5%23!&'(!+5%95%/%&!-%!5%9(&!56!&'(!&/*.(&!9&*(99(,!9322/<2(!+/%!)*5:-,(!&'(!
M/<-/2!5*!\5*5%/2!9)(+-6-+/&-5%?!!
X,,-&-5%/2! 98))5*&! 65*! &'(! -,(/! &'/&! -&! -9! &'(! +5%95%/%&! -%! &'(! &/*.(&! 9&*(99(,!
9322/<2(! /%,! %5&! &'(! :51(2! &'/&! )*5:-,(9! &'(! )2/+(! 9)(+-6-+/&-5%! +5A(9! 6*5A! (/*23!
)*5,8+&-5%9! 2->(! /b%5b%/0! )*5,8+(,! /9! [p#b#]/[b3p3]! H9((! 9(+&-5%! N?#?NL0! 1'(*(! +'-2,*(%!
)*(9(*:(!&'(!;5X!56!&'(!+5%95%/%&!-%!&'(-*!)*5,8+&-5%9!HM/<-/20!-%!&'-9!+/9(L!<8&!+'/%.(!
&'(! 78/2-&3! 56! &'(! :51(20! *(%,(*-%.0! 65*! -%9&/%+(0! /! &/*.(&! +5*5%/2! :51(2! [%] /9! +(%&*/2!
:51(29 [# 3^?!f5&(!&'/&0!-6!+'-2,*(%!1(*(!A5*(!2->(23!&5!9(2(+&!)2/+(!9)(+-6-+/&-5%!6*5A!&'(!
&/*.(&!9&*(99(,!:51(2!&'/%!6*5A!&'(!+5%95%/%&0!1(!A-.'&!(C)(+&!)*5,8+&-5%!)/&&(*%9!56!
&'(!&3)(!{/b%5b%/=w[tete]0!1'(*(!&'(!+5*5%/2-&3!56!&'(!&/*.(&!:51(2!1582,!<(!A/))(,!&5!
+'-2,*(%B9! *()*(9(%&/&-5%90! *(982&-%.! -%! /! [\5*e\5*^! 58&)8&?! @8&)8&9! 2->(! &'(9(! 1(*(!
658%,! -%! T8&+'! +'-2,! 2/%.8/.(! HM(:(2&0! IJJNL?! g51(:(*0! &'(9(! &3)(9! 56! )*5,8+&-5%9! /*(!
%5&! +5AA5%! -%! &'(! ;5*&8.8(9(! ,/&/?! $%! &'-9! *(9)(+&0! U;! 2(/*%(*9! ,-66(*! 6*5A! T8&+'!
!
IOW!
+'-2,*(%?!!$&!A-.'&!<(!&'(!+/9(!&'/&!;5*&8.8(9(!+'-2,*(%!/*(!)*5:-,(,!1-&'!2(99!(:-,(%+(!
65*!&'(!:51(2!9)(+-6-+/&-5%!&'/%!&'(!T8&+'!+'-2,*(%0!9-%+(!:51(29!-%!U;!/,82&!9)((+'!/*(!
56&(%!98<A-&&(,!&5!,-66(*(%&!&3)(9!56!)'5%525.-+/2!/%,!A5*)'525.-+/2!)*5+(99(9!<5&'!-%!
%58%9! /%,! -%! :(*</2! 65*A90! %/A(23! :51(2! *(,8+&-5%! 5*! ,(2(&-5%! H65*! /! *(:-(1! 56! &'59(!
)*5+(99(90!9((!G/&(89!R!,B!X%,*/,(0!OPPPL?!!
F'(*(! /*(0! '51(:(*0! 95A(! +/9(90! 9)(+-6-+/223! -%! 2/&(*! 9(99-5%9! 1-&'-%! &'(!
[\;5X]\;5X^! 9&/.(0! 1'(*(! [\-bd\-^! /2*(/,3! 5++8*0! 1'(*(! &'(! )2/+(! 6(/&8*(! )*5,8+(,! ,5(9!
%5&!A/&+'!&'(!+5%95%/%&!-%!&'(!&/*.(&!9&*(99(,!9322/<2(D!65*!-%9&/%+(0!15*,9!2->(! /5vid3/!
/*(! )*5,8+(,! /9! [5did3]; E5"*d3E! /9! [5d*d3^! 5*! Ek3#f%/ /9 [t35t%] H9((! 9(+&-5%! N?#?VL?! $%!
.(%(*/20!&'(9(!58&)8&9!+5**(9)5%,!&5!&/*.(&!15*,9!1'(*(!&'(!+5%95%/%&!-%!5%9(&!56!&'(!
9&*(99(,! 9322/<2(! '/9! %5&! 3(&! <((%! A/9&(*(,! H,5*9/29! -%! j5p5B9! ,/&/! /%,! 6*-+/&-:(9! /%,!
2-78-,9! -%! &'(! ,/&/! 56! /22! +'-2,*(%L?! ! $%! &'(9(! +/9(90! &'(! A59&! +5AA5%! ;5X! )*5,8+(,! -9!
\5*5%/2?!!
_/9(,! 5%! &'(! )/&&(*%9! 5<9(*:(,0! 1(! +/%! '3)5&'(9-4(! &'/&0! -%! (/*23! 65*A90!
+'-2,*(%! (C&*/+&! &'(! )2/+(! 9)(+-6-+/&-5%! 6*5A! &'(! +5%95%/%&! -%! 5%9(&! 56! &'(! &/*.(&!
9&*(99(,! 9322/<2(! /%,! /99-.%! -&! &5! &'(-*! (/*23! 8%9(.A(%&/2-4(,! *()*(9(%&/&-5%9! H9((!
HIWW?/L0!<(251L?!h'(%!&/*.(&!15*,9!+5%&/-%-%.!%5%=/+78-*(,!+5%95%/%&9!-%!&'(!9&*(99(,!
9322/<2(! 9&/*&! <(-%.! /&&(A)&(,! H,5*9/29! 5*! 2/<-/2! 6*-+/&-:(90! 65*! -%9&/%+(L0! /! +5*5%/2!
+5%95%/%&!-9!-%9(*&(,!<3!,(6/82&!H9((!HIWW?<LL?!
./JJ2 !K-&>*!L*&,=4*!98*>)L)>&,)#5!)5!>?)-%4*5[9!4*84*9*5,&,)#59!
HIWW?/L!U/*23![\;5X]\;5X^!)*5,8+&-5%9!
HIWW?<L!M/&(*![\;5X]\;5X^!)*5,8+&-5%9!
8&8&H!!Z&5*99&H!'*'j!
4#%&H!:=)%&H!>&Lj!
X,82&c!!!!E#pap3E!!!!!!!!!!!!/v35n%s3/!!!!!!!!!!!!!!Eb%5b%E!!!!!!!!!!!!!!
X,82&c!E#"*d3E!!!!!!!E5$id3E!!!!!!!!!Ek3#f%E!
!
!
\'-2,c!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!h@YT!l![251^E[+(%&*/2^!
\'-2,c!!!!!!!!!!!!!!!!!!!!!!!!!,(6/82&!!!!!
!
!
!!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!h@YT!
!!!!!!!!!!!!!!!!M/<!!!!!!!!!!!!!!!!!!!!!!!!!\5*!!!!!!!!!!!!!!!!!!!!M/<!!!
!
!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!![5pap3]
[5n3n3] !!!!!!!!!! [b3p3]!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!\5*!!
[#d*d3^!!!!!! [5did3^
!!
[t35t%]!
X++5*,-%.!&5!58*!)*5)59/20!:51(29!/*(!9)(+-6-(,0!/9!,(6/82&0!/9!251!5*!+(%&*/2!-%!
(/*23! )*5,8+&-5%9! H9((! HIWW?/LL! &'89! 2/+>-%.! ;5X! 9)(+-6-+/&-5%?! $%! 2/&(*! )*5,8+&-5%90!
:51(29! +/%! /2*(/,3! <(! -%,()(%,(%&23! 9)(+-6-(,! 65*! )2/+(0! *(982&-%.! -%! [\-bd\-^! )/&&(*%9!
HIWW?<L?!
!
!
!
!
IOK!
C&55*4!L*&,=4*!98*>)L)>&,)#5!
Y(./*,-%.! A/%%(*! 6(/&8*(! 9)(+-6-+/&-5%0! -&! 1/9! 9'51%! &'/&! &'(! G5X! 6(/&8*(!
)*5,8+(,!-%![\]\^!58&)8&!65*A9!6*(78(%&23!+5-%+-,(9!1-&'!&'(!G5X!56!&'(!+5%95%/%&!-%!
&'(!5%9(&!56!&'(!&/*.(&!9&*(99(,!9322/<2(0!65*!-%9&/%+(0!15*,9!2->(! /5b*l3/ /*(!)*5,8+(,!/9!
[po5p3], /(35p%w/ /9 [pa5b%w] 5* /li5m36w6/ /9!![mi5m36w6] H9((!9(+&-5%!N?W?VL?!F'(!5%9(&!56!&'(!
&/*.(&! 9&*(99(,! 9322/<2(! +/%! <(! -%! 15*,=-%-&-/2! )59-&-5%0! -?(?! -%! &*5+'((9! 2->(! '#-&0! 65*!
-%9&/%+(0!5*!-%!-%&(*:5+/2-+!)59-&-5%0!-?(?!-%!-/A<9!2->(!>?&8j=?!
F'(! )/&&(*%9! .-:(%! /<5:(! /*(! '/*,! &5! /++58%&! 65*! -%! &'(! /))*5/+'! )*5)59(,! <3!
M/%.(92/.! HOPPKLD! /++5*,-%.! &5! &'-9! /8&'5*0! &'(! A/%%(*! 9)(+-6-+/&-5%! -9! )*5:-,(,! <3!
&/*.(&!\I?!h-&'-%!&'-9!)(*9)(+&-:(0!)*5,8+&-5%9!98+'!/9!/li5m36w6/=w[mi5m36w6] 5* /(35p%w/=
w[pa5b%w] 1582,!'/:(!&5!<(!,(9+*-<(,!/9!*(982&-%.!6*5A!H-L!,(6/82&!-%9(*&-5%!56!f/9/2!5*!
S&5)! -%! \ID! H--L! 9)*(/,-%.! 56! f/9/2! 5*! S&5)0! &5! \O?! g51(:(*0! 1'3! 1582,! +'-2,*(%! -%9(*&!
f/9/2!-%!5%(!+/9(!/%,!S&5)!-%!&'(!5&'(*o!!
X++5*,-%.!&5!58*!)*5)59/20!&'(!&15!)*5,8+&-5%!)/&&(*%9!-2289&*/&(,!/<5:(!,5!%5&!
*(982&!6*5A!/!,(6/82&!-%9(*&-5%!56!f/9/2!5*!S&5)?!$%9&(/,0!&'(3!*(982&!6*5A!&'(!/995+-/&-5%!
56! &'(! G5X! 56! &'(! +5%95%/%&! -%! &'(! &/*.(&! 9&*(99(,! 9322/<2(! &5! &'(! +'-2,*(%B9! 2(C-+/2!
*()*(9(%&/&-5%9!H9((!HIWK?/L0!<(251L?!
F'(*(! /*(0! '51(:(*0! [\]\^! 58&)8&! 65*A9! 1'(*(! &'(! G5X! )*5,8+(,! ,5(9! %5&!
A/&+'!&'(!G5X!56!&'(!+5%95%/%&!-%!&'(!&/*.(&!9&*(99(,!9322/<2(D!65*!-%9&/%+(!15*,9!2->(!
/5vid3/ /*(! )*5,8+(,! /9! [5did3]0! /k35f%/ -9! *(%,(*(,! /9! [t35t%] 5*! /5su-u/ /9! [5tudu7] H9((!
9(+&-5%! N?W?VL?! F'(9(! +/9(9! &(%,! &5! 5++8*! -%! 2/&(*! 9(99-5%9! /%,! +5**(9)5%,! &5! &/*.(&!
15*,9! 1'(*(! &'(! +5%95%/%&! -%! &'(! &/*.(&! 9&*(99(,! 9322/<2(! -9! 9&-22! %5&! /+78-*(,! HA59&!
56&(%!6*-+/&-:(90!<8&!/295!2-78-,9L?!F'(!+5%95%/%&!)*5,8+(,!65*!&'(9(!)*5<2(A/&-+!&/*.(&!
65*A9!-9!A59&!56&(%!/!9&5)?!S-A-2/*23!&5!+5*5%/290!9&5)9!9'51!/!,(6/82&!9&/&89!-%!+'-2,*(%B9!
939&(A0!(A(*.-%.!1'(%(:(*!&'(!2(/*%(*!'/9!&5!+5)(!1-&'!/!%5%=/+78-*(,!+5%95%/%&?!!
F5!98A!8)0!&'(!/%/239-9!)*5)59(,!'(*(!-9!&'/&!&'(!9/A(!.(%(*/2!)/&&(*%!/&&(9&(,!
65*!)2/+(!/))2-(9!&5!A/%%(*!9)(+-6-+/&-5%!-%!(/*23!15*,9?!\'-2,*(%!9&/*&!<3!9(2(+&-%.!&'(!
A/%%(*! 9)(+-6-+/&-5%! 56! &'(! +5%95%/%&! -%! &'(! &/*.(&! 9&*(99(,! 9322/<2(?! $6! &'(! &/*.(&!
9&*(99(,! +5%95%/%&! -9! %5&! A/9&(*(,! 3(&0! /! ,(6/82&! -%9(*&-5%! &/>(9! )2/+(0! *(982&-%.! -%!
[S&5)eS&5)^!58&)8&!65*A9?!F'-9!9)(+-6-+/&-5%!)*5+(,8*(!-9!65*A/2-4(,!-%!HIWKL?!
!
!
!
!
!
IO"!
./JP2 !C&55*4!L*&,=4*!98*>)L)>&,)#5!)5!>?)-%4*5[9!4*84*9*5,&,)#59!
HIWK?/L!3&4-$!^WC#AbWC#A_!84#%=>,)#59!
HIWK?<L!N&,*4!^WC#AbWC#A_!84#%=>,)#59!
>?&8j=H!-)"f#H!V&]=*-!
B)%&H!9=k#H!>&Lj!
X,82&c!!!!!!E(3#p%wE!!!!!!!!!!Eli#m36wE6 !!!!!!!!!!!!!!E#b*l3E!
!
X,82&c!!!!!!!E#vidaE!!!!!!!!!!E#su-uE!!!!!!!Ek3#f%E!
!
!
\'-2,c!!!!!!!!!!!!!!!!!!!!!!!!!,(6/82&!G5X!!!!!!!!
\'-2,c!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!h@YT!
!!!!!!!!!!!
!
!
!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!h@YT!!!!!!!!!!!
!!!!!!!!!!!!!!S&5)!!!!!!!!!!!!!!!!!!!!!!!!!f/9!!!!!!!!!!!!!!!!!!!!!!!S&5)!
!
!!!!!!!!!
[pa5b%w]
[mi5m36w6]
!!!!!!!!!!!!!!!!!!!!!!!!
[po5p3]!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!S&5)!!
!!!!!!!!!!!!!!!!!!!![5did3]
[5tudu7]
[t35t%]!
!
!
!9(L43%'4M2%47.(71(W!O!X($#%%&'.3(4.(-"4,/'&.(#./(#/2,%(3$&&-"(
$%! 9(+&-5%9! N?#?V0! 1(! 5<9(*:(,! &'/&! &'(*(! /*(! &15! )*(,5A-%/%&! )2/+(! 6(/&8*(!
)/&&(*%9! -%! +'-2,*(%B9! [\]\^! 58&)8&! 65*A9c! [M/<eM/<^! /%,! [\5*e\5*^D! &'(! )/&&(*%!
[T5*eT5*^!-9!-%6*(78(%&0!-%!&'(!5:(*/22!9(&!56!'5A5*./%-+!)*5,8+&-5%9?!$&!1/9!/295!9'51%!
-%! 9(+&-5%! N?#?V! &'/&! [M/<eM/<^! 65*A9! &(%,! &5! )*(,5A-%/&(! -%! (/*23! 9(99-5%90! 1'-2(! &'(!
5++8**(%+(! 56! ! [\5*e\5*^! 58&)8&9! &(%,9! &5! -%+*(/9(! &'*58.'58&! &'(! [\]\^! 9&/.(?! F'-9!
,-9&*-<8&-5%!56![\]\^!)/&&(*%9!-%!+'-2,*(%B9!9)((+'!,5(9!%5&!*(9(A<2(!&'(!,-9&*-<8&-5%!56!
'5A5*./%-+!6(/&8*(!)/&&(*%9!-%!&'(!9/A)2(!56!U;!/,82&!9)((+'!)*(9(%&(,!-%!9(+&-5%!N?Oc!
-%! &'-9! 9/A)2(0! [\5*e\5*^! -9! &'(! A59&! 6*(78(%&! [\]\^! )/&&(*%! HOVaL0! 1'-2(! [M/<eM/<^!
/%,![T5*eT5*^!/*(!78-&(!-%6*(78(%&!HVa!/%,!Ia0!*(9)(+&-:(23L?!!
$&!-9!15*&'!%5&-+-%.!&'/&0!/2&'58.'!+'-2,*(%B9!)*5,8+&-5%9!56&(%!,5!%5&!*(9(A<2(!
/,82&!9)((+'0!&'(!6(/&8*(!)/&&(*%9!56!&'(-*!(/*23!)*5,8+&-5%9!,5!%5&!,(:-/&(!6*5A!&'59(!56!
&'(!/,82&!&/*.(&9c!&'(!6-*9&!9(&!56!15*,9!/))(/*!&5!<(!9(2(+&(,!&5!/++5AA5,/&(!&'(!+'-2,B9!
-%-&-/2!/<-2-&-(90!/%,!/*(!A59&23!+5A)59(,!56!2/<-/2!+5%95%/%&9c!"&"f;!8&8i;!'*'j;!8&8&;!
8#8l! H9((! 9(+&-5%! N?#?ILD! &'-9! -9! /! .55,! -2289&*/&-5%! 56! &'(! 6/+&! &'/&! -%&/>(! +/%! )*5:-,(!
-%65*A/&-5%!/<58&!&'(!)'5%525.-+/2!>%512(,.(!56!&'(!+'-2,?!!
X9! 65*! A/%%(*! [\]\^! 58&)8&! 65*A90! -&! 1/9! 9'51%0! -%! 9(+&-5%! N?W?V0! &'/&! &15!
)/&&(*%9! )*(,5A-%/&(! -%! +'-2,*(%B9! (/*23! 65*A9c! [S&5)eS&5)^! /%,! [f/9ef/9^?! ! $6! 1(!
+5A)/*(! &'(! ,-9&*-<8&-5%! 56! +'-2,*(%B9! [\G5X]\G5X^! )/&&(*%9! &5! &'(! ,-9&*-<8&-5%! 56!
[\G5X]\G5X^!)/&&(*%9!-%!U;!/,82&!9)((+'0!1(!+/%!9((!&'/&!-%!<5&'!9(&9!56!,/&/![S&5)eS&5)^!
-9!'-.'23!6*(78(%&?!g51(:(*0![f/9ef/9^!-9!/295!6*(78(%&!-%!+'-2,*(%B9!9)((+'0!)/*&-+82/*23!
-%!&'(!6-*9&!9(99-5%9!H9((!9(+&-5%!N?W?VL0!1'-2(![f/9ef/9^!+5**(9)5%,9!&5!5%23!#a!56!&'(!
)/&&(*%9!-%!U;!/,82&!9)((+'!H9((!N?OL?!
$%!98A0!+'-2,*(%B9![\]\^!58&)8&!65*A9!*(9(A<2(!&'(!9/A)2(!56!U;!/,82&!9)((+'!-%!
!
IOJ!
&'(!'-.'!6*(78(%+3!56![M/<eM/<^!/%,![\5*e\5*^!5:(*![T5*eT5*^!/%,!56![S&5)eS&5)^!/%,!
[f/9ef/9^! 5:(*! [Q*-+eQ*-+^! /%,! [M-7eM-7^?! g51(:(*0! &'(*(! /*(! /295! 9/2-(%&! ,-66(*(%+(9!
<(&1((%! &'(! 9(&9! 56! >#48#4&0! %/A(23! 1-&'! *(9)(+&! &5! <5&'! &'(! 6*(78(%+3! 56! [M/<eM/<^!
*(2/&-:(! &5! [\5*e\5*^0! /%,! &'(! 6*(78(%+3! 56! [f/9ef/9^! *(2/&-:(! &5! [S&5)eS&5)^?! F'(9(!
,-66(*(%+(9! 9((A! &5! <(! *(2/&(,! &5! &'(! +'-2,*(%B9! (/*23! -%&/>(0! 1'-+'! /))(/*9! &5! <(!
9(2(+&(,! &5! /++5AA5,/&(! &'(-*! (/*23! )'5%525.-+/2! /<-2-&-(9?! F'890! 9-A-2/*23! &5! 1'/&! '/9!
<((%! 5<9(*:(,! -%! +'/)&(*! V0! %5! 9&*/-.'&65*1/*,! *(2/&-5%! 1/9! 658%,! <(&1((%! +'-2,*(%B9!
(/*23!65*A9!/%,!,-9&*-<8&-5%/2!)/&&(*%9!-%!U;!/,82&!9)((+'?!!
/9(8.%#Q&($#%%&'.3((
$%! .(%(*/20! /22! +'-2,*(%! 9'51(,! /%! -%-&-/2! )*(6(*(%+(! 65*! &'(! 9(2(+&-5%! 56! E\]\E!
&/*.(&!15*,9?!F'(!,8*/&-5%!56!&'-9!)*(6(*(%+(0!'51(:(*0!-9!9'5*&(*!-%!&'(!-%&/>(!&'/%!-%!
)*5,8+&-5%0!)/*&-+82/*23!-%!&'(!,/&/!56!j5p5!/%,!M8A/?!
F'(! (/*23! )*(6(*(%+(! 65*! E\]\E! &/*.(&9! *(982&9! -%! /! '-.'! ,(.*((! 56! +5**(+&23!
)*5,8+(,! 65*A9! -%! +'-2,*(%B9! (/*23! 58&)8&! )/&&(*%9?! g51(:(*0! 1-&'! &'(! (C)/%9-5%! 56!
+'-2,*(%B9! /+&-:(! :5+/<82/*30! 9(2(+&-5%! 9&*/&(.-(9! 2559(! &'(-*! 9&*(%.&'! /%,! A5*(! /%,!
A5*(! E\i\E! 15*,9! /*(! /&&(A)&(,?! ! F'*58.'58&! /! +(*&/-%! )(*-5,! 56! &-A(! H1-&'! :/*-/<2(!
,8*/&-5%0! 9((! 9(+&-5%! N?KL0! &'59(! %5%='/*A5%-+! )/&&(*%9! /*(! *(%,(*(,! /9! '/*A5%-+0!
5*-.-%/&-%.!,(:-/%&!)*5,8+&-5%9?!X!,(&/-2(,!/%/239-9!56!&'(!/2&(*%/&-:(!58&)8&!65*A9!65*!
E\i\E!&/*.(&9!1-22!<(!)*(9(%&(,!-%!+'/)&(*!W?!
!
!
!
!
!
)9](!7.-,2/4.D('&0#'Q3(
(
(
F'(! /%/239-9! )*(9(%&(,! -%! &'(! +8**(%&! +'/)&(*! 9'51(,! &'/&! +'-2,*(%B9! (/*23!
15*,9! 5<(3! &5! 9(:(*(! +5%9&*/-%&90! /9! 6/*! /9! )2/+(! /%,! A/%%(*! 6(/&8*(9! /*(! +5%+(*%(,?!
\'-2,*(%! 9&/*&! <3! )*5,8+-%.! '/*A5%-+! +5%95%/%&/2! 9(78(%+(90! 1'(*(! /22! +5%95%/%&9!
)*5,8+(,! -%! &'(! 15*,! 9'/*(! )2/+(! /%,! A/%%(*! 6(/&8*(9?! S(:(*/2! 78(9&-5%9! /*-9(! %51c!
1'(%! /%,! '51! ,5! +'-2,*(%! 9&/*&! )*5,8+-%.! [\i\^! )/&&(*%9o! T5! /22! %5%='/*A5%-+!
9(78(%+(9! H[\i\^L! /))(/*! /&! &'(! 9/A(! &-A(! 5*! -9! &'(-*! /+78-9-&-5%! 68*&'(*! +5%9&*/-%(,o!
F'(9(!78(9&-5%9!1-22!<(!/,,*(99(,!-%!+'/)&(*!#0!1'(*(!1(!1-22!65+89!5%!&'(!,(:(25)A(%&!
56![\i\^!)/&&(*%9!56!)2/+(!/%,!A/%%(*!6(/&8*(9?!
!
!
IVP!
!"#$%&'()(*(+"&(,&-&./$0&1%(/2(3!4!5(2/'06(
!
71%'/,89%:/1(
$%&! '()*()+,! -.,&/0&*! ()! 1%&! 2/&0(-3,! 4%521&/! ,%-6&*! 1%51! 1%&! 7-/13+3&,&!
4%(8*/&)!,13*(&*!()!1%(,!2/-9&41!+-!1%/-3+%!5)!()(1(58!%5/:-)(4!,15+&;!.-1%!()!2854&!5)*!
'-/!:5))&/!'&513/&!,2&4('(451(-)<!$%/-3+%-31!1%(,!2&/(-*;!1%&!-0&/6%&8:()+!:59-/(1=!-'!
1%&,&!4%(8*/&)>,!2/-*341(-),!?5/-3)*!-/!5.-0&!@ABC!5/&!-'!1%&!1=2&!DEFEG;!()!6%(4%!588!
4-),-)5)1,!?()!-),&1C!()!1%&!6-/*!,%5/&!2854&!5)*H-/!:5))&/!'&513/&,<!I,!:&)1(-)&*!51!
1%&!&)*!-'!4%521&/!J!?,&&!,&41(-)!J<KC;!,&0&/58!L3&,1(-),!5/(,&!)-6;!)5:&8=M!?(C!6%&)!*-!
DENEG! '-/:,! 522&5/! ()! 4%(8*/&)>,! ,2&&4%! 5)*! ! ?((C! *-! 588! DENEG! '-/:,! .&4-:&! 505(85.8&!
,(:3815)&-3,8=!-/!(,!*&0&8-2:&)1!'3/1%&/!4-),1/5()&*O!
$%&!L3&,1(-),!2/&,&)1&*!5.-0&!6(88!4-),1(131&!1%&!'-43,!-'!1%&!43//&)1!4%521&/<!
I:-)+!-1%&/!5,2&41,;!(1!6(88!.&!,%-6)!1%51!)-)P%5/:-)(4!4-),-)5)158!,&L3&)4&,!1&)*!1-!
522&5/! ()! 5! +/5*358! -/*&/! ()! 4%(8*/&)>,! ,2&&4%! 5)*! 1%51! 1%&! 54L3(,(1(-)! -'! '&513/&,! (,!
-'1&)! *&1&/:()&*! .=! 1%&(/! 2-,(1(-)! ()! 1%&! 6-/*;! 5,! 6&88! 5,! .=! ,-:&! 4-:.()51-/(58!
/&,1/(41(-),<!
$%(,! 4%521&/! (,! -/+5)(Q&*! 5,! '-88-6,<! R)! ,&41(-)! S<";! 6&! 2/&,&)1! 5! /&0(&6! -'! 1%&!
8(1&/513/&! -)! 1%&! 54L3(,(1(-)! -'! )-)P%5/:-)(4! ?DENEGC! 4-:.()51(-),;! '-43,()+! .-1%! -)!
2854&! 5)*! -)! :5))&/! '&513/&,<! T&41(-)! S<U! 2/-0(*&,! ()'-/:51(-)! -)! 1%&! 4-),-)5)158!
()0&)1-/=!-'!1%&!15/+&1!,=,1&:!5)*!&V28-/&,!1%&!*(,1/(.31(-)58!2/-2&/1(&,!-'!'&513/&,!5)*!
2511&/),! ()! 5! ,5:28&! -'! W7! 5*381! ,2&&4%<! T&41(-)! S<#! 2/&,&)1,! 5! ,3::5/=! -'! 1%&!
1%&-/&1(458!(,,3&,!5)*!8(,1,!1%&!/&,&5/4%!L3&,1(-),!5)*!5(:,!-'!1%&!43//&)1!4%521&/<!$%&!
:&1%-*-8-+(458!(,,3&,!5/&!*(,43,,&*!()!S<J<!$%&!/&,381,!-'!1%&!*515!5)58=,(,!5/&!*&,4/(.&*!
()! ,&41(-)! S<S;! '-/! 1%&! 54L3(,(1(-)! -'! DE7-INE7-IG! 2511&/),! 5)*! ()! ,&41(-)! S<X;! '-/! 1%&!
54L3(,(1(-)! -'! DEY-INEY-IG! '-/:,<! I! ,3::5/=! -'! 1%&! :5()! '()*()+,! (,! 2/-0(*&*! ()! S<Z;!
'-88-6&*! .=! 5! +&)&/58! *(,43,,(-)! ()! ,&41(-)! S<@<! [()588=;! 1%&! 4-)483*()+! /&:5/\,! 5/&!
2/&,&)1&*!()!,&41(-)!S<K!
!
);<(+"&(#9=8:6:%:/1(/2(3!4!5(9/0>:1#%:/16((
!
75/1! -'! 1%&! /&,&5/4%! -)! 1%&! 54L3(,(1(-)! -'! 4-),-)5)158! ,=,1&:,! %5,! ,%-6)! 1%51!
4-:.()51(-),! -'! *(''&/&)1! 2854&! 5)*H-/! :5))&/! '&513/&,! 6(1%()! 1%&! 6-/*! 5/&! )-1!
505(85.8&! 51! 1%&! -),&1! -'! ,2&&4%! ?]&0&81;! "KKJ^! ]5)+&,85+;! UAAZC<! $%-,&! )-)P%5/:-)(4!
,&L3&)4&,!1&)*!1-!522&5/!851&/!5)*!5/&!()1/-*34&*!+/5*3588=!()!4%(8*/&)>,!-31231!'-/:,<!
I**(1(-)588=;! 2-,(1(-)58! &''&41,! ,&&:! 1-! 4-:&! ()1-! 285=! 1%/-3+%-31! 1%&! 2/-4&,,! -'!
*&0&8-2:&)1! -'! DENEG! 2511&/),;! ,()4&! ,-:&! '&513/&,! 1&)*! )-1! 1-! .&! 54L3(/&*!
,(:3815)&-3,8=!54/-,,!6-/*P2-,(1(-),M!1%&=!'(/,1!522&5/!()!-)&!2-,(1(-)!5)*!-)8=!851&/!()!
!
"#"!
1%&!-1%&/<!T1-&8P_5::-)!?"KKXC;!'-/!(),15)4&;!/&2-/1,!-)!1%&!'541!1%51!W)+8(,%!4%(8*/&)!
1&)*! 1-! 54L3(/&! 0&85/! ,&+:&)1,! ()! )-)P()(1(58! 2-,(1(-)! '(/,1! 5)*! -)8=! 5'1&/65/*,! ()! E"<!
]5:2/&4%1! !"# $%<! ?UAAJC! ,%-6! 1%51! `/5Q(8(5)! 4%(8*/&)! 1&)*! 1-! 54L3(/&! ?(C! 4-/-)58!
'/(451(0&,!D,G!5)*!D!G!'(/,1!()!:&*(58!-),&1!5)*!851&/!()!E"!2-,(1(-)^!?((C!4-/-)58!'/(451(0&!
D!G!5)*!1%&!851&/58!D8G!5/&!'(/,1!54L3(/&*!()!6-/*P()(1(58!2-,(1(-)!5)*!-)8=!851&/!()!:&*(58!
-),&1<! I,=::&1/(&,! 5/&! 58,-! /&'&//&*! 1-! ()! `&/)%5/*1! a! T1&:.&/+&/! ?"KK@C;! 6%-! ,151&!
1%51!'/(451(0&,!1&)*!1-!.&!54L3(/&*!()!E"!-)8=!5'1&/!1%&=!5/&!58/&5*=!&,15.8(,%&*!()!)-)P
()(1(58!2-,(1(-)!?,&&!58,-!W*65/*,;!"KKX;!'-/!,(:(85/!'()*()+,C<!T1-&8P_5::-)!?UAAUC!5)*!
b&%-&! a! ]8c-! ?UAAUC! 58,-! /&2-/1! -)! 5! +&)&/58! 1&)*&)4=! '-/! '/(451(0&,! 5)*! 8(L3(*,! 1-! .&!
54L3(/&*!'(/,1!()!)-)P()(1(58!4-)1&V1!5)*!851&/!()!6-/*P()(1(58!2-,(1(-)<!
$%&,&! '()*()+,! 5)*! 1%&(/! 1%&-/&1(458! ()1&/2/&151(-),! 6(88! .&! *&,4/(.&*! ()! 1%&!
43//&)1!,&41(-)<!d&!6(88!,15/1!.=!5)!-318()&!-'!1%&!,13*(&,!6(1%!'-43,!-)!1%&!54L3(,(1(-)!-'!
2854&! '&513/&! 2511&/),;! ()! ,3.,&41(-)! S<"<"^! 1%&);! ()! ,3.,&41(-)! S<"<U;! 6&! *&,4/(.&! 1%&!
/&2-/1,!-)!1%&!54L3(,(1(-)!-'!:5))&/!4-:.()51(-),<!R)!,3.,&41(-)!S<"<#;!6&!*(,43,,!,-:&!
1%&-/&1(458!(,,3&,!4-)4&/)()+!1%&!*&0&8-2:&)1!-'!DENEG!'-/:,;!)5:&8=!1%&(/!/&851(-)!1-!
4%(8*/&)>,! *&0&8-2()+! 8&V(4-)! 5)*! 1-! 1%&! *(,1/(.31(-)58! 2/-2&/1(&,! -'! 4-),-)5)1,! ()! 1%&!
()231!85)+35+&<!
);<;<(?&$/'%6(/1(%"&(#9=8:6:%:/1(/2($.#9&(2&#%8'&($#%%&'16((
!
[&6! ,13*(&,! %50&! '-43,&*! -)! 1%&! *&0&8-2:&)1! -'! 2854&! 2511&/),;! '/-:! &5/8=!
2/-*341(-),! 1-! 851&/! ,15+&,! -'! 54L3(,(1(-)<! I,! *(,43,,&*! ()! 4%521&/! J! ?,&41(-)! J<"C;! 1%(,!
8()&!-'!()0&,1(+51(-)!%5,!:-,18=!.&&)!*&0&8-2&*!()!e314%!?]&0&81;!"KKJ^![(\\&/1!a!]&0&81;!
UAA@C;!1-!6%(4%!6&!13/)!1-!)&V1<!
`5,&*! -)! 1%&! 54L3(,(1(-)! *515! -'! '(0&! e314%! 4%(8*/&);! 5+&*! .&16&&)! "^A! 5)*!
U^"";U@!]&0&81!?"KKJC!5)*!![(\\&/1!a!]&0&81!?UAA@C!5/+3&!1%51!1%&!*&0&8-2:&)1!-'!2854&!
2511&/),!(,!()%&/&)18=!/&851&*!1-!1%&!2%-)-8-+(458!3)(1! dfge;UK!'(/,1!5,!5!6%-8&!5)*!851&/!
/&851&*!1-!25/1(4385/!6-/*P2-,(1(-),<!`5,&*!-)!1%&(/!'()*()+,;![(\\&/1!a!]&0&81!2/-2-,&!5!
:-*&8! '-/! 1%&! 54L3(,(1(-)! -'! 7-I! '&513/&,<#A! $%&! '(/,1! 16-! ,15+&,! -'! 1%(,! :-*&8! 6&/&!
58/&5*=!*(,43,,&*!()!4%521&/!J^!1%&=!/&'&/!1-!1%&!.&+())()+!-'!2%-)-8-+(458!-/+5)(Q51(-);!
()!6%(4%!588!4-),-)5)1,!6(1%()!1%&!6-/*,!2/-*34&*!,%5/&!1%&!2854&!,2&4('(451(-)!-)!1%&!
,3/'54&! ?DE7-IFE7-IGC<! R)! 1%&! 43//&)1! 4%521&/;! 6&! 6(88! '-43,! -)! 1%&! 1%/&&! 85,1!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
U@!e515!()1&+/51&*!()!1%&!E]7[!*515.5,&;!505(85.8&!()!EhR]eWT!?Y54d%())&=;!UAAAC<!
UK! $%&! 1&/:! dfge! (,! 3,&*! .=! ]&0&81! ?"KKJC! 5)*! [(\\&/1! a! ]&0&81! ?UAA@C! 5,! 5)! 5.,1/541! 451&+-/=^! (1! 45)! .&!
4-),1(131&*!.=!EiE!()!:-)-,=885.8&,!-/!.=!EiEi!()!*(,=885.8&,!?]&0&81;!"KKJM!@JP@SC<!
#A!$%(,!:-*&8!65,!'(/,1!2/-2-,&*!.=!]&0&81!?"KKJC^!'3/1%&/!*&0&8-2:&)1,!5/&!5**&*!()!1%&!,3.,&L3&)1!6-/\!
-'![(\\&/1!a!]&0&81!?UAA@C<!
!
"#U!
*&0&8-2:&)158!,15+&,!-'!1%&!:-*&8!2/-2-,&*!.=![(\\&/1!a!]&0&81;!6%(4%!/&'&/!1-!2&/(-*!
6%&/&!)-)P(*&)1(458!4-),-)5)1,!45)!-443/!6(1%()!1%&!,5:&!6-/*<!
I44-/*()+!1-![(\\&/1!a!]&0&81;!1%&!&:&/+&)4&!-'!DE7-INE7-IG!2511&/),!'-/:,!,15+&!
RRR! -'! 1%&! +&)&/58! *&0&8-2:&)1! -'! 2854&! ,2&4('(451(-),<! I1! 1%(,! ,15+&;! 4%(8*/&)! ,15/1!
2/-*34()+!)-)P%-:-/+5)(4!4-:.()51(-),<!$%&!'(/,1!2511&/)!54L3(/&*!(,!D]5.jE-/G<#"![-/!
,-:&! 1(:&;! D]5.jE-/G! (,! 1%&! -)8=! )-)P%-:-/+5)(4! 2511&/)! 2/-*34&*;! 6%(8&! 588! -1%&/!
15/+&1! DE7-INE7-IG! 2511&/),! 5/&! ,1(88! )-1! /&)*&/&*! ()! 5! 15/+&1P8(\&! '5,%(-)<! [-/! (),15)4&;!
581%-3+%!D]5.jE-/G!(,!58/&5*=!505(85.8&;!1%&!/&0&/,&!15/+&1!4-:.()51(-);!6%&/&!]5.(58!(,!
51! 1%&! )-)P()(1(58! 2-,(1(-);! DE-/j]5.G;! (,! 58:-,1! &V483,(0&8=! /&)*&/&*! ()! 5! D]5.j]5.G!
'-/:51<! ! T-:&! &V5:28&,! -'! e314%! 4%(8*/&)>,! 2/-*341(-),! 51! ,15+&! RRR! 5/&! 2/-0(*&*! ()!
?"X@C<!
!
&'()* #+"$,!# ---# ./# "0!# 1!2!%345!/"# 36# 4%$7!# 6!$"89!# 4$""!9/:# ./# ;8"70<# !=$54%!:# &>!2!%"?#
'@@A*#
!
?5C!
_8-,,!
.-51!
f/1%-+/<!
.--1!
$5/+&1!
/!bot/
f31231!
[!b"it]
$5/+&1!7-I!!
H]5.jE-/H!
f31231!7-I!! E%(8*HI+&!
D]5.jE-/G!
g-.();!"^Z<"#!
?.C! ,8&&2!
,852&)!
D]5.j]5.G!
g-.();!"^@<UJ!
15'&8!
[!pap#]
HE-/j]5.H!
?4C!
/!slap#/
/!taf#l/
[!pafy]
HE-/j]5.H!
D]5.j]5.G!
g-.();!"^"A<Z!
15.8&!
!
!k-1&!1%51!1%&!&5/8=!2/&'&/&)4&!'-/!D]5.jE-/G!2511&/),!%5,!58,-!.&&)!/&2-/1&*!()!
-1%&/! ,13*(&,;! -)! 5! 05/(&1=! -'! 85)+35+&,! ?R)+/5:;! "KZJ^! Y54\&);! "KZK^! Y54k&(85+&! a!
e50(,;! UAAAC<! I44-/*()+! 1-! R)+/5:! ?"KZJC;! 1%&! '/-)1()+! 2%&)-:&)5! /&,381,! '/-:!
4%(8*/&)>,!2/&'&/&)4&!'-/!5)!-/+5)(Q51(-)!-'!2854&!'&513/&,!'/-:!'/-)1!1-!.54\;!54/-,,!1%&!
6-/*<! I44-/*()+! 1-! Y54k&(85+&! a! e50(,! ?UAAAC;! 6-/*P()(1(58! 85.(58,! /&'8&41! 4%(8*/&)>,!
2/&'&/&)4&! '-/! &5,=! 5/1(43851(-),! 51! 1%&! .&+())()+! -'! 1%&! 6-/*;! ,()4&! 85.(58,! ()0-80&! )-!
1-)+3&!:-0&:&)1,<!!
`54\! 1-! [(\\&/1! a! ]&0&81>,! :-*&8;! 51! ,15+&! Ri;! 1%&! DE7-INE7-IG! 4-:.()51(-),! 1%51!
4-)15()!e-/,58!()!)-)P()(1(58!2-,(1(-)!5/&!54L3(/&*M!D]5.je-/G!5)*!DE-/je-/G<!h-6&0&/;!
15/+&1!7-I!4-:.()51(-),!6%&/&!e-/,58!(,!()!E"!2-,(1(-)!5/&!,1(88!)-1!/&)*&/&*!()!5!15/+&1P
8(\&!'5,%(-)<!T-:&!&V5:28&,!5/&!+(0&)!()!?"XKC<!
!
&'(@* #+"$,!# -B# ./# "0!# 1!2!%345!/"# 36# 4%$7!# 6!$"89!# 4$""!9/:# ./# ;8"70<# !=$54%!:# &>!2!%"?#
'@@A*#
!
?5C!
_8-,,!
*/()\!
f/1%-+/<!
*/()\&)!
$5/+&1!
/!dr$%k#/
f31231!
[!t$%k#]
$5/+&1!7-I!!
HE-/je-/H!
f31231!7-I!! E%(8*HI+&!
DE-/je-/G!
g-.();!"^K<UJ!
?.C! 8&\\&/!
+--*!
DE-/je-/G!
g-.();!"^K<UJ!
4-8*!
[!t&k#]
HE-/je-/H!
?4C!
/!l&k#'/
/!k(ut/
[!t(ut]
He-/jE-/H!
DE-/jE-/G!
g-.();!U^A<J!
/!k"fi/
[!pofi]
He-/j]5.H!
D]5.j]5.G!
g-.()!"^""<Z!
\-3*!
?*C! 4-''&&!
\-''(&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
#"!$%&!4-*()+!3,&*!.=![(\\&/1!a!]&0&81!'-/!1%(,!4-:.()51(-)!(,!70$;!6%&/&!7!/&2/&,&)1,!]5.(58!5)*!$!,15)*,!
'-/!E-/-)58<!R)!1%&!43//&)1!*(,,&/151(-);!1%&!7!6(88!.&!4-*&*!5,!]5.;!1%&!$!5,!E-/!5)*!1%&!b!5,!e-/<!!
!
"##!
I44-/*()+! 1-! [(\\&/1! a! ]&0&81;! 1%&! 8(:(151(-),! -)! 2854&! '&513/&! 5,,(+):&)1! 1-!
25/1(4385/!6-/*!2-,(1(-),!/&,381!'/-:!1%&!&:&/+&)4&!-'!16-!:5/\&*)&,,!4-),1/5()1,!()!
e314%!4%(8*/&)>,!+/5::5/@(D]5.(58;!6%(4%!/&L3(/&,!1%&!'&513/&!]5.(58!1-!.&!58(+)&*!6(1%!
1%&!6-/*P()(1(58!2-,(1(-)!5)*!lDe-/,58;!6%(4%!2/-%(.(1,!e-/,58!4-),-)5)1,!1-!,3/'54&!51!
1%&! 8&'1:-,1! 2-,(1(-)! 6(1%()! 1%&! 6-/*<! e3/()+! ,15+&,! RRR! 5)*! Ri;! 1%&! 511&:21&*! 15/+&1!
6-/*,! 1%51! *-! )-1! 4-:28=! 6(1%! 1%&,&! 16-! ,1/3413/58! /&L3(/&:&)1,! 5/&! ,3.:(11&*! 1-!
581&/)51(0&!2/-*341(-)!,1/51&+(&,!()!4%(8*/&)>,!-31231!'-/:,<!!
[(\\&/1! a! ]&0&81! 5/+3&! 1%51! 1%&! 16-! :5/\&*)&,,! 4-),1/5()1,! /&'&//&*! 1-! 5.-0&!
&:&/+&*!5,!5)!-314-:&!-'!+&)&/58(Q51(-),!-'!1%&!4%(8*!-0&/!%(,!-/!%&/!-6)!8&V(4-)<!$%(,!
+&)&/58(Q51(-)! (,! 5,,3:&*! 1-! 15\&! 2854&! ()! 1%&! '-88-6()+! 65=<! $%&! '(/,1! 16-! DE7-INE7-IG!
4-:.()51(-),! ,&8&41&*! 5)*! 2/-*34&*! 4-//&418=! .=! e314%! 4%(8*/&)! 5/&! D]5.jE-/G;! '(/,1;!
5)*! DE-/je-/GHD]5.je-/G! 851&/<! ! E%(8*/&)! 5)58=Q&! 1%&(/! -6)! 8&V(4-)! 5)*! &V1/541! 16-!
+&)&/58(Q51(-),M!?(C!]5.(58!(,!5,,(+)&*!1-!E"!5)*!?((C!e-/,58!(,!/3"!5,,(+)&*!1-!E"<!$%&,&!
+&)&/58(Q51(-),! 5/&! +/5::51(4(Q&*! 5)*! 45213/&*! .=! 1%&! 16-! 4-),1/5()1,! D]5.(58! 5)*!
lDe-/,58;!,3::5/(Q&*!()!?"ZAC<!
!
!
&'CD* #;8"70#70.%19!/E:#,!/!9$%.F$".3/#32!9#"0!.9#3G/#%!=.73/#
5C!D]5.(58!m!]5.(58!'&513/&,!:3,1!.&!58(+)&*!6(1%!1%&!6-/*P()(1(58!2-,(1(-)!
.C!lDe-/,58!m!e-/,58!'&513/&,!:3,1!)-1!.&!58(+)&*!6(1%!1%&!6-/*P()(1(58!2-,(1(-)!
!
E-/-)58!(,!1%&!-)8=!2854&!'&513/&!1%51!(,!)-1!/&,1/(41&*!1-!5!,2&4('(4!6-/*!2-,(1(-)!
1%/-3+%-31!,15+&,!RRR!5)*!Ri<![(\\&/1!5)*!]&0&81!5/+3&!1%51!1%(,!3)/&,1/(41&*!.&%50(-/!-'!
4-/-)58,! *&/(0&,! '/-:! 1%&(/! 3),2&4('(&*! )513/&! ()! 1%&! 8&V(458! /&2/&,&)151(-)! ?()! 1%(,!
,&),&;!1%&(/!6-/\!(,!()!8()&!6(1%!1%&!3)*&/,2&4('(451(-)!-'!E-/-)58;!2/-2-,&*!.=!75/5*(,!
a!7/3)&1;!"KK"C<!
R1!(,!-)8=!51!,15+&!i!1%51!2-,(1(-)58!/&,1/(41(-),!1-!2854&!,2&4('(451(-)!8--,&!1%&(/!
,1/&)+1%;! 5)*! )-)P%-:-/+5)(4! 4-:.()51(-),! *(,285=()+! &(1%&/! )-)P()(1(58! ]5.(58!
4-),-)5)1,! 5)*! 6-/*P()(1(58! e-/,58,! ,15/1! .&()+! 2/-*34&*! ()! 5! 15/+&1P8(\&! '5,%(-)M!
DE-/j]5.G;! De-/jE-/G! 5)*! De-/j]5.G<! [-/! 1%/&&! -'! 1%&! ,(V! 4%(8*/&)! ,13*(&*! .=! ]&0&81!
?"KKJC;! ,15+&! i! -443/,! 5/-3)*! 1%&! 5+&! -'! U^A! ?$-:;! W05;! n5/:-C;! 6%(8&! '-/! 1%&! -1%&/!
,3.9&41,!1%(,!'()58!,15+&!-443/,!5'1&/!U^A!?g-.()!5)*!W8\&!51!U^#^!k--/19&;!51!U^ZC<!!
!
!
$%&! 1%/&&! 85,1! ,15+&,! -'! 1%&! :-*&8! 2/-2-,&*! .=! [(\\&/1! a! ]&0&81! ?UAA@C! 5/&!
,3::5/(Q&*!()!?"Z"C<!
!
!
!
"#J!
!
&'C'* #H0!#1!2!%345!/"#36#4%$7!#6!$"89!#4$""!9/:#./#;8"70<#+"$,!:#---?#-B#$/1#B##
T15+&!
e&0&8-2:&)1!
7/-*341(-)!7511&/),!!!!?43:3851(0&C!
RRR!
d-/*P()(1(58M!]5.(58!
D]5.jE-/G!
k-)P()(1(58M!E-/-)58!
Ri!
d-/*P()(1(58M!E-/-)58!
D]5.je-/G^!DE-/je-/G!
k-)P()(1(58M!e-/,58!
i!
d-/*P()(1(58M!e-/,58!
DE-/j]5.G^!De-/jE-/G^!De-/j]5.G!
k-)P()(1(58M!]5.(58!
(
I)-1%&/! ()1&/&,1()+! '()*()+! ()! [(\\&/1! a! ]&0&81>,! ,13*=! (,! 1%51! '()58! 4-*5,! ()!
:-)-,=885.8&,! ?EiEC! 5)*! ()1&/0-458(4! -),&1,! ()! *(,=885.8&,! ?EiEiC! 2511&/)! ()! 5! ,(:(85/!
65=;#U! 5,! '5/! 5,! 1%&! *&0&8-2:&)1! -'! 2854&! 6-/*P2511&/),! (,! 4-)4&/)&*<! T(:(85/! /&,381,!
6&/&!58,-!-.,&/0&*!()!1%&!*&0&8-2:&)1!-'!:5))&/;!1-!6%(4%!6&!13/)!()!1%&!)&V1!,&41(-)<!
!
);<;A(?&$/'%6(/1(%"&(#9=8:6:%:/1(/2(0#11&'(2&#%8'&($#%%&'16((
!
$%&! *&0&8-2:&)1! -'! :5))&/! '&513/&! 2511&/),! %5,! .&&)! 1%&! '-43,! -'! /&,&5/4%!
4-)*341&*! ()! e314%! ?]5)+&,85+;! UAAZC! 5)*! ()! e314%;! _&/:5)! 5)*! [/&)4%! ?I81051&/P
Y54\&),&);!e-,!T5)1-,!a![(\\&/1;!UAA@^!I81051&/PY54\&),&)!a![(\\&/1;!UAAKC<!$%&!:5()!
'()*()+,!-'!1%&,&!,13*(&,!6(88!.&!-318()&*!()!1%&!43//&)1!,3.,&41(-)<!
$%&! 6-/\! -'! ]5)+&,85+! ?UAAZC! (,! .5,&*! -)! 1%&! *515! -'! ,(V! e314%! 4%(8*/&);!
.&16&&)! 1%&! 5+&,! -'! "^A! 5)*! U^""<##! ! T(:(85/8=! 1-! 6%51! %5,! .&&)! /&2-/1&*! '-/! 1%&!
*&0&8-2:&)1!-'!2854&!2511&/),;!]5)+&,85+!-.,&/0&*!1%51;!5,!'5/!5,!:5))&/!(,!4-)4&/)&*;!
()1&/0-458(4!-),&1,!?EUC!5)*!'()58!4-),-)5)1,!2/&,&)1!5!,(:(85/!*&0&8-2:&)1<!$%(,!,5:&!
2511&/)! %5,! .&&)! -.,&/0&*! ()! _&/:5)M! *(,=885.8&,! &:&/+&! 851&/;! .31! ,%-6! 1%&! ,5:&!
*&0&8-2:&)158!2511&/),!1%51!-443/!()!EiE!'-/:,!?I81051&/PY54\&),&)!a![(\\&/1;!UAAKC<!!
I44-/*()+! 1-! ]5)+&,85+;! 1%&! 5)58=,(,! -'! 1%&! *&0&8-2:&)1! -'! :5))&/! '&513/&,!
:3,1! '-43,! .-1%! -)! 6-/*! 2-,(1(-)! 5)*! -)! 1%&! /&851(-)! .&16&&)! .-1%! 2-,(1(-),<! $%(,!
531%-/!2/-2-,&,!5!:-*&8!'-/!1%&!54L3(,(1(-)!-'!:5))&/!6-/*P2511&/),!()!e314%<!$%&!'(/,1!
,15+&! -'! 1%(,! :-*&8! (,! 4-),1(131&*! .=! 1%&! &5/8=! 2/-*341(-),! ()! 1%&! 4%(8*/&)>,! *515;! ()!
6%(4%!:5))&/!%5/:-)=!2/&05(8,!?2511&/)!511&,1&*!58,-!()!_&/:5)!5)*![/&)4%C^!1%(,!'(/,1!
,15+&! %5,! 58/&5*=! .&&)! *(,43,,&*! ()! 4%521&/! J! 5)*! 6(88! )-1! .&! 5**/&,,&*! %&/&<! R)! 1%&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
#U!
h-6&0&/;! 1%&! ,1513,! -'! ()1&/0-458(4! 4-),-)5)1,! ?EUC! ()! 54L3(,(1(-)! 2511&/),! (,! 4-)1/-0&/,(58! ()! 1%&!
8(1&/513/&M!()!,-:&!45,&,;!EU!.&%50&!,(:(85/8=!1-!4-*5,!?b&%-&!a!]8c-;!UAAU;!'-/!'/(451(0&,C;!()!-1%&/!45,&,;!EU!
/&,&:.8&!6-/*P()(1(58!-),&1,!?b&%-&!a!]8c-;!UAAU;!'-/!,&+:&)1!H\HC!5)*;!'()588=;!,-:&!,13*(&,!485(:!1%51!EU!
2511&/)!()!5!3)(L3&!65=;!1%/-3+%-31!1%&!2/-4&,,!-'!54L3(,(1(-)!?b&%-&!a!]8c-;!UAAU;!'-/!,&+:&)1,!H1,H!5)*!
H8HC<!!
##!e515!()1&+/51&*!()!1%&!E]7[!*515.5,&<!
!
"#S!
43//&)1!4%521&/;!6&!6(88!'-43,!-)!1%&!,15+&,!1%51!()0-80&!1%&!2/-*341(-)!-'!)-)P(*&)1(458!
:5))&/!2511&/),M!DEY-INEY-IG<!
R)! 1%&! :-*&8! 2/-2-,&*! .=! ]5)+&,85+;! 1%&! ,&4-)*! ,15+&! ()! 1%&! *&0&8-2:&)1! -'!
:5))&/!2511&/),!()!e314%!(,!4%5/541&/(Q&*!.=!1%&!54L3(,(1(-)!-'!1%&!'(/,1!)-)P%5/:-)(4!
4-:.()51(-),;! :-,1! -'1&)! DT1-2j[/(4GM! /kof$/Po[k"f$] (7366!!C^! k--/19&;! U^X! ?]5)+&,85+;!
UAAZC<!!
I44-/*()+!1-!]5)+&,85+;!1%&!522&5/5)4&!-'!DT1-2j[/(4G!()!EiEi!2511&/),!:5/\,!
1%&! :-:&)1! 6%&)! 1%&! *(,1()41(-)! .&16&&)! E"! 5)*! EU! (,! 54L3(/&*<! I1! 1%(,! ,1&2! -'! 1%&!
*&0&8-2:&)1;!1%&!3)(1!6-/*!%5,!.&4-:&!,&+:&)158(Q&*!5)*!4-),-)5)1,!45)!.&!,2&4('(&*!
,&25/51&8=!'-/!2854&!5)*!'-/!:5))&/!'&513/&,<!
!
R)!]5)+&,85+>,!:-*&8;!1%&!54L3(,(1(-)!-'!:-,1!:5))&/!6-/*P2511&/),!15\&,!2854&!
()!,15+&!RRR<!$6-!:5()!1&:2851&,!&:&/+&!()!1%(,!2&/(-*M!DVjf.,1/G!5)*!DT1-2jVG!?6%&/&!V!
,15)*,!'-/!5)=!Y-I!'&513/&C<!$%&!'(/,1!1&:2851(4!2511&/)!/&+3851&,!1%&!522&5/5)4&!-'!)&6!
:5))&/! '&513/&,! ()! ()(1(58! 2-,(1(-)M! &0&/=! )&68=P54L3(/&*! :5))&/! ()! E"! :3,1! '(/,1!
4-:.()&!6(1%!5)!f.,1/3&)1!()!EU<!$%&!,&4-)*!1&:2851(4!2511&/)!/&+3851&,!1%&!54L3(,(1(-)!
-'! :5))&/! ()! )-)P()(1(58! 2-,(1(-)M! 5)=! )&68=P54L3(/&*! :5))&/! ()! )-)P()(1(58! 2-,(1(-)!
:3,1!'(/,1!4-:.()&!6(1%!5!T1-2!()!E"<!$%&,&!1&:2851&,!5/&!,3::5/(Q&*!()!?"ZUC<!
!
&'CI* #H!54%$".7#4$""!9/:#./#"0!#$7J8.:.".3/#36#KLM3NOLM3NP#4$""!9/:<#:"$,!#---##
&>$/,!:%$,?#IDDC*#
5C!DVjf.,1/G;!'-/!(),15)4&M!Dk5,jf.,1/Goo!D[/(4jf.,1/Goo!D](Ljf.,1/G!!
.C!DT1-2jVG;!'-/!(),15)4&M!DT1-2j[/(4Goo!DT1-2jk5,GooDT1-2j_8(*&G!DT1-2j](LG!
!
I44-/*()+!1-!]5)+&,85+;!1%&!&:&/+&)4&!-'!1%&!1&:2851&,!+(0&)!5.-0&!,%-6,!1%51!
1%&! *&0&8-2:&)1! -'! :5))&/! '&513/&,! ()! ()(1(58! 5)*! )-)P()(1(58! 2-,(1(-)! (,;! 51! 8&5,1! 1-! 5!
4&/15()!*&+/&&;!()1&/*&2&)*&)1<!!
R1!(,!-)8=!51!,15+&!Ri!?6%(4%!-0&/852,!6(1%!,15+&!RRR;!'-/!,-:&!-'!1%&!4%(8*/&)C!()!
]5)+&,85+>,! :-*&8! 1%51! 4-:.()51(-),! 1%51! *-! )-1! ()483*&! T1-2,! ()! E"! -/! f.,1/3&)1,! ()!
)-)P()(1(58!2-,(1(-)!?()!-1%&/!6-/*,;!4-:.()51(-),!-'!)-)*&'5381!:5))&/!'&513/&,C!,15/1!
,3/'54()+! ()! e314%! 4%(8*/&)>,! 2/-*341(-),<! T-:&! &V5:28&,! -'! 1%&,&! p851&! 54L3(/&*>! Y-I!
2511&/),!5/&!8(,1&*!()!?"Z#C<!
!
&'CQ* #R=$54%!:#36#5$//!9#4$""!9/:#$7J8.9!1#%$"!9#ST#;8"70#70.%19!/#&>$/,!:%$,?#IDDC*#
Dk5,j](LG^!D[/(4j](LG^![/(4jk5,G^!D[/(4j_8(*&G!
!
g&+5/*()+!1%&!+&)&/58!-/*&/!-'!54L3(,(1(-)!-'!:5))&/!'&513/&,!()!DENEG!2511&/),;!
1%&! :59-/(1=! -'! 4%(8*/&)! ()! ]5)+&,85+>,! ,13*=! 54L3(/&*! ,1-2,! 5)*! )5,58,! ()! 6-/*P()(1(58!
2-,(1(-)! '(/,1<! Y-/&! 05/(51(-)! 65,! '-3)*! ()! 1%&! 54L3(,(1(-)! -'! '/(451(0&,M! 1%/&&! 4%(8*/&)!
!
"#X!
54L3(/&*!1%&:!()!1%&!-/*&/!EUooE";!6%(8&!1%&!-1%&/!1%/&&!54L3(/&*!'/(451(0&,!'(/,1!()!E"!
?-/*&/! E"ooEUC! -/! ()! .-1%! 2-,(1(-),! ,(:3815)&-3,8=! ?E"HEUC<! k-! *515! (,! 505(85.8&! ()!
]5)+&,85+>,!,13*=!-)!1%&!54L3(,(1(-)!-'!8(L3(*,<!!!
!
$hW!IEqrRTR$Rfk!f[!YIkkWg!Efk$gIT$T!
!
]5)+&,85+! ?UAAZC! &,15.8(,%&,! 5! *(,1()41(-)! .&16&&)! 1%&! 54L3(,(1(-)! -'! :5))&/!
'&513/&,!5)*!1%&!54L3(,(1(-)!-'!:5))&/!4-)1/5,1,<!$%&!(*&5!(,!1%51!5!:5))&/!'&513/&!:5=!
58/&5*=! .&! 505(85.8&! ()! 5! 25/1(4385/! 2-,(1(-)! ()! DEY-INEY-IG!'-/:,;! .31! ,1(88! )-1! .&! 3,&*!
4-)1/5,1(0&8=! ()! 1%51! 2-,(1(-)<! [-/! (),15)4&;! (';! 51! 5)! &5/8=! ,15+&;! 5! 4%(8*! 2/-*34&,! -)8=!
DT1-2jT1-2G! 5)*! DT1-2j[/(4G! 2511&/),;! (1! (,! 5,,3:&*! 1%51! ,1-2,! 5)*! '/(451(0&,! 5/&!
54L3(/&*!.31!1%&=!5/&!-)8=!4-)1/5,1(0&!()!EU;!,()4&!-)8=!,1-2,!5/&!505(85.8&!()!E"!2-,(1(-)!
51!1%(,!2-()1<!
I44-/*()+! 1-! ]5)+&,85+;! 1%&! '(/,1! 4-)1/5,1,! 54L3(/&*! 1&)*! 1-! .&! .&16&&)! ,1-2,!
5)*!'/(451(0&,!5)*!.&16&&)!-.,1/3&)1,!5)*!,-)-/5)1,!?)5,58,C<!Y-,1!4%(8*/&)!54L3(/&!1%&!
&5/8(&,1! :5))&/! 4-)1/5,1,! ()! )-)P()(1(58! 2-,(1(-);! 6%(8&! 851&/! 4-)1/5,1,! 522&5/! ()! ()(1(58!
2-,(1(-)!'(/,1<!$%(,!2511&/)!(,!(883,1/51&*!6(1%!*515!-'!n5/:-;!()!?"ZJC<!!
!
&'CA* #N7J8.:.".3/#36#!$9%T#$/1#%$"!#5$//!9#73/"9$:":<#/3/U./.".$%#43:.".3/#2:#./.".$%#43:.".3/#
######&>$/,!:%$,?#IDDC*#
E%(8*HI+&!
7511&/),!54L3(/&*!
E-)1/5,1,!54L3(/&*!
d-/*P2-,(1(-)!
n5/:-;!"^@!
DT1-2j[/(4G^!DT1-2jT1-2G!
T1-2H[/(451(0&!
k-)P()(1(58!
n5/:-;!"^K!!
DT1-2jk5,G!
f.,1/3&)1HT-)-/5)1! k-)P()(1(58!
n5/:-;!U^"!
Dk5,<<[/(4G^!D](Lj[/(4G!
k5,58HI22/-V(:5)1!
R)(1(58!
n5/:-;!U^U!
D_8(*&j[/(4G!
](L3(*H_8(*&!
R)(1(58!
!
I,! ,%-6)! 5.-0&;! 1%&! '(/,1! 4-)1/5,1,! 54L3(/&*! .=! n5/:-! 5/&! .&16&&)! ,1-2,! 5)*!
'/(451(0&,! 5)*! .&16&&)! -.,1/3&)1,! 5)*! ,-)-/5)1,<! $%&,&! 16-! 4-)1/5,1,! 5/&! 54L3(/&*! ()!
)-)P()(1(58!2-,(1(-);!51!1%&!5+&,!-'!"^@!5)*!"^K<!I:-)+,1!1%&!851&,1!54L3(/&*!4-)1/5,1,;!5/&!
1%&!-)&,!1%51!()0-80&!,-)-/5)1,;!6%(4%!522&5/!()!()(1(58!2-,(1(-)!'(/,1;!51!1%&!5+&,!-'!U^"!
5)*!U^U<!R1!(,!6-/1%!)-1(4()+;!%-6&0&/;!1%&/&!(,!,-:&!05/(51(-)!5:-)+!e314%!4%(8*/&);!5,!
'5/!5,!1%&!-/*&/!-'!()1/-*341(-)!-'!:5))&/!4-)1/5,1,!(,!4-)4&/)&*M!,-:&!4%(8*/&)!54L3(/&!
1%&! '(/,1! :5))&/! 4-)1/5,1,! ()! 6-/*P()(1(58! 2-,(1(-)! ?,&&! 1%&! *515! -'! $-:;! ()! ]5)+&,85+;!
UAAZ^!,&&!58,-!I8051&/PY54\&),&)!a![(\\&/1;!UAAKC<!!
R)! _&/:5);! 4%(8*/&)! 1&)*! 1-! ()1/-*34&! 4-)1/5,1,! ()! )-)P()(1(58! 2-,(1(-)! '(/,1;! ()!
4-:.()51(-),! 6%&/&! 1%&! '(/,1! 4-),-)5)1! (,! 5! ,1-2! ?1&:2851(4! 2511&/)! DT1-2jVG^! ,&&!
I81051&/PY54\&),&)! a! [(\\&/1;! UAAKC<! R)! [/&)4%! ?I81051&/PY54\&),&);! e-,! T5)1-,! a!
[(\\&/1;! UAA@C;! 1%&! 16-! 4%(8*/&)! ,13*(&*! 05/(&*! 5,! 1-! 1%&! 2-,(1(-)! ()! 6%(4%! 1%&=! '(/,1!
!
"#Z!
()1/-*34&*!4-)1/5,1,!()!EiEi!'-/:,M!-)&!4%(8*!?Y5/(8=)C!54L3(/&*!:5))&/!4-)1/5,1,!'(/,1!
()! EU! ?4-:.()51(-),! ,34%! 5,! DT1-2j[/(4G;! DT1-2jk5,G;! DT1-2j](LG! ,3/'54&! '(/,1C^! 1%&!
-1%&/! 4%(8*! ?Y5/(&C! ()1/-*34&*! 4-)1/5,1,! ()! 6-/*P()(1(58! 2-,(1(-)! '(/,1! ?4-:.()51(-),!
,34%! 5,! Dk5,jT1-2G! 5)*! D](LjT1-2G! 1&)*! 1-! &:&/+&! &5/8(&/! 1%5)! DT1-2jk5,G;!
DT1-2j](LGC<#J!
`-1%! ]5)+&,85+! ?UAAZC! 5)*! [(\\&/1! a! ]&0&81! ?UAA@C! ,3++&,1! 1%51! 1%&/&! (,! 5!
1/(5)+385/! /&851(-)! .&16&&)! 54L3(,(1(-)! 2511&/),;! 4%(8*/&)>,! *&0&8-2()+! 0-45.385/=! 5)*!
*(,1/(.31(-)58! '/&L3&)4=! ()! 1%&! ()231<! $%&,&! (,,3&,! 6(88! .&! *(,43,,&*! ()! 1%&! '-88-6()+!
,&41(-),<!
);<;B(C9=8:6:%:/1($#%%&'16(#1,(%"&(,&-&./$:1D(.&E:9/1((
!
!
$%&! ,13*(&,! 2&/'-/:&*! ()! e314%;! .-1%! -)! 2854&! 5)*! :5))&/! 54L3(,(1(-)! ?,&&!
,&41(-),! S<"<"! 5)*! S<"<UC! &,15.8(,%! 5! /&851(-),%(2! .&16&&)! *&0&8-2:&)158! 2511&/),! 5)*!
4%(8*/&)>,!&V25)*()+!0-45.385/=<!
]5)+&,85+!?UAAZC!5/+3&,!1%51!1%&!:5()!*/(0()+!'-/4&!.&%()*!1%&!,&0&/58!,15+&,!()!
:5))&/! *&0&8-2:&)1! (,! 1%&! 4%(8*>,! *&0&8-2()+! 8&V(4-)<! I,! 1%&! 0-45.385/=! -'! 1%&! =-3)+!
8&5/)&/! ()4/&5,&,;! 1%&! %-8(,1(4! /&2/&,&)151(-),! 5/&! )-! 8-)+&/! 5.8&! 1-! *(''&/&)1(51&!
.&16&&)!588!1%&!6-/*,<#S!I!,(:(85/!522/-54%!(,!2/&,&)1&*!()!]&0&81!?"KKJ^!1-!522&5/C!5)*!
[(\\&/1!a!]&0&81!?UAA@C;!'-/!1%&!54L3(,(1(-)!-'!2854&!6-/*P2511&/),<!!$%&!4-),1/5()1,!D]5.!
5)*! lDe-/! ?,&&! ,&41(-)! S<"<"C! 5/&! ()1&/2/&1&*! .=! 1%&,&! 531%-/,! 5,! 1%&! -314-:&! -'!
4%(8*/&)>,! +&)&/58(Q51(-),! -0&/! 1%&(/! &5/8=! 0-45.385/=;! 6%(4%! 51! ,-:&! 2-()1! 58:-,1!
&V483,(0&8=!4-)15(),!6-/*,!6(1%!]5.(58!()!E"<!k-)P%-:-/+5)(4!15/+&1!6-/*,!6(1%!()(1(58!
*-/,58,! 5/&! )-1! 25/1! -'! 1%&,&! 4%(8*/&)>,! &5/8=! 8&V(4-)<! I,! 5! /&,381;! 16-! :5()!
+&)&/58(Q51(-),! 522&5/M! ]5.(58! :3,1! .&! 5,,(+)&*! 1-! E"^! e-/,58! :3,1! /3"! .&! 5,,(+)&*! 1-!
E"<!!
!
[(\\&/1;! ]&0&81! a! 05)! *&! d&(9&/! ?UAAUC! 5)*! [(\\&/1! a! ]&0&81! ?UAA@C! '3/1%&/!
2/-2-,&!1%51!1%&!'&513/&!2511&/),!-'!6-/*,!()!4%(8*/&)>,!*&0&8-2()+!8&V(4-),!/&'8&41!1%&!
'/&L3&)4=!-'!1%&,&!2511&/),!()!1%&!()231!85)+35+&<!R)!1%(,!,&),&;!*&0&8-2:&)158!2511&/),!
45);!381(:51&8=;!.&!1/54&*!.54\!1-!'/&L3&)4=!2/-2&/1(&,!-'!1%&!()231<!d&!6(88!&V28-/&!1%(,!
(,,3&!()!1%&!)&V1!,&41(-)<!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
#J!
I81051&/PY54\&),&);! e-,! T5)1-,! a! [(\\&/1! ?UAA@C! %=2-1%&,(Q&! 1%51! 1%&! 4/-,,P8()+3(,1(4! 05/(51(-)! ?()!
e314%;! _&/:5)! 5)*! [/&)4%C! ()! 1%&! 2-,(1(-)! ()! 6%(4%! 4%(8*/&)! 54L3(/&! :5))&/! 4-)1/5,1,! '(/,1! :(+%1! .&!
/&851&*! 1-! ,1/&,,M! ,-:&! 4%(8*/&)! ()1/-*34&! 4-)1/5,1,! ()! ,1/&,,&*! 2-,(1(-)^! -1%&/,! 4%--,&! 1%&! 3),1/&,,&*!
2-,(1(-)!'(/,1<!
!
#S!f)!%-8(,1(4!/&2/&,&)151(-),!5)*!1%&!p6%-8&!6-/*>!,15+&;!,&&!4%521&/!J<!
!
"#@!
);<;F(+"&('/.&(/2(:1$8%(2'&=8&19G(:1(%"&(#9=8:6:%:/1(/2(3!4!5($#%%&'16((
!
!
!
I,!58/&5*=!*(,43,,&*!()!1%&!2/&0(-3,!4%521&/,;!5!/&851(0&8=!85/+&!.-*=!-'!/&,&5/4%!
%5,! ,%-6)! 1%51! ()231! '/&L3&)4=! :5=! ()'83&)4&! 2%-)-8-+(458! *&0&8-2:&)158;! .-1%! ()!
2&/4&21(-)! 5)*! 2/-*341(-)! ?n3,4Q=\! !"# $%V! ?"KKJC! T1-/\&8;! UAA"^! i-*-2(0&4;! UAAJ^!
W*65/*,;! `&4\:5);! a! Y3),-);! UAAJ^! s5:3)&/;! _&/\&);! a! h5::-)*;! UAAJ^! Y-))();!
]t0&)./34\! a! `&4\:5);! UAAZC<! I! 4-::-)! )-1(-)! 6(1%()! 1%(,! 8()&! -'! ()0&,1(+51(-)! (,!
2%-)-1541(4! 2/-.5.(8(1=;! 6%(4%! /&'&/,! 1-! 1%&! 8(\&8(%--*! 1%51! ,-3)*,! -/! ,&L3&)4&,! -'!
,-3)*,!5/&!54L3(/&*!.5,&*!-)!1%&(/!*(,1/(.31(-)58!2/-2&/1(&,!()!1%&!()231<![-/!(),15)4&;!5!
,-3)*!1%51!-443/,!:-/&!'/&L3&)18=!()!E"!2-,(1(-)!1%5)!()!EU!(,!&V2&41&*!1-!.&!54L3(/&*!
()!1%&!-/*&/!E"ooEU<!!
!
R)!1%&(/!,13*=!-'!1%&!54L3(,(1(-)!-'!e314%!DE7-INE7-IG!'-/:,;![(\\&/1;!]&0&81!a!i5)!
*&! d&(9&/! ?UAAUC! 5/+3&! 1%51! 1%&! &5/8=! 2/&'&/&)4&! '-/! D]5.jE-/G! 4-:.()51(-),! 5)*! 1%&!
()(1(58! 4-),1/5()1! -)! 6-/*P()(1(58! *-/,58,! 4-//&851&,! 2-,(1(0&8=! 6(1%! 1%&! *(,1/(.31(-)! -'!
1%&,&!2511&/),!()!5*381!,2&&4%<!$%&!531%-/,!5)58=Q&*!5!8(,1!-'!K"J!6-/*,!e314%!4%(8*/&)!
5/&!,322-,&*!1-!\)-6!.=!1%&!5+&!-'!,(V!5)*!0&/('(&*!1%51!D]5.jE-/G!(,!1%&!:-,1!'/&L3&)1!
7-I!2511&/)!()!1%51!8(,1;!4-),1(131()+!5.-31!USB!-'!1%&!45,&,<!f)!1%&!4-)1/5/=;!2511&/),!
6(1%!e-/,58!()!E"!5/&!8&,,!'/&L3&)1M!De-/jE-/G!522&5/,!()!5.-31!"AB!5)*!De-/j]5.G!()!
SB! -'! 1%&! 45,&,<! $%(,! '/&L3&)4=! %(&/5/4%=! (,! /&'8&41&*;! 544-/*()+! 1-! 1%&! 531%-/,;! ()! 1%&!
-/*&/! -'! 54L3(,(1(-)! -'! 7-I! 2511&/),! ()! e314%M! D]5.jE-/G! '-/:,! 5/&! :5,1&/&*! .&'-/&!
2511&/),! 6(1%! 6-/*P()(1(58! *-/,58,<! $%&! '/&L3&)4=! %(&/5/4%=! -'! 7-I! 2511&/),! ()! e314%!
()231!5)*!1%&(/!4-//&,2-)*()+!-/*&/!-'!54L3(,(1(-)!5/&!,3::5/(Q&*!()!?"ZSC<!
!
&'CW* #X9!J8!/7T#36#Y3N#4$""!9/:#./#"0!#./48"#$/1#391!9#36#$7J8.:.".3/#Z#;8"70#
[/&L3&)4=!%(&/5/4%=!()!1%&!()231!?*&,4&)*()+C!
f/*&/!-'!54L3(,(1(-)!!?*&,4&)*()+C!
!?[(\\&/1;!]&0&81!a!i5)!*&!d&(9&/;!UAAUC!
?[(\\&/1!a!]&0&81;!UAA@C!
D]5.jE-/G!?US<JKBC!
D]5.jE-/G!
DE-/je-/G!!?"#<UJBC!
DE-/je-/GHD]5.je-/G!
D]5.je-/G?""<UZBC!
De-/jE-/G!!?"A<@#BC!
De-/jE-/G!
DE-/j]5.G?"A<SBC!
DE-/j]5.GHDe-/j]5.G!
De-/j]5.G!?S<"JBC!
!
!
[(\\&/1;!]&0&81!a!i5)!*&!d&(9&/!'3/1%&/!,3++&,1!1%51!4/-,,P8()+3(,1(4!*(''&/&)4&,!()!
1%&!54L3(,(1(-)!-'!DE7-INE7-IG!2511&/),!:(+%1!.&!1/54&*!.54\!1-!*(''&/&)1!*(,1/(.31(-),!-'!
'&513/&,! ()! 25/1(4385/! 6-/*P2-,(1(-),<! I(:()+! 1-! 544-3)1! '-/! 1%&! '541! 1%51;! 5,! '5/! 5,!
E-),-)5)1! h5/:-)=! (,! 4-)4&/)&*;! e314%! 4%(8*/&)! %50&! 58:-,1! &V483,(0&8=! ?/&+/&,,(0&C!
!
"#K!
]5.(58! h5/:-)=! 2511&/),;#X! 6%(8&! ()! 1%&! 54L3(,(1(-)! -'! W)+8(,%! .-1%! ]5.(58! 5)*! e-/,58!
%5/:-)=!%50&!.&&)!511&,1&*;![(\\&/1;!]&0&81!a!i5)!*&!d&(9&/!4-:25/&*!739439$!-'!E%(8*!
e(/&41&*! T2&&4%! ?EeTC! ()! .-1%! 85)+35+&,<#Z! $%&=! -.,&/0&*! 1%51;! ()! W)+8(,%! EeT;! 1%&!
*(,1/(.31(-)!-'!]5.(58;!E-/-)58!5)*!e-/,58!()!6-/*P()(1(58!2-,(1(-)!(,!:-/&!-/!8&,,!&0&);!
6%(8&! ()! EU! 2-,(1(-);! 4-/-)58,! 5/&! '5/! :-/&! '/&L3&)1! 1%5)! 85.(58,! 5)*! *-/,58,<! I,! '-/!
e314%! EeT;! E-/-)58! (,! 1%&! :-,1! '/&L3&)1! 7-I! ()! .-1%! 6-/*P2-,(1(-),<! $%&! 531%-/,!
%=2-1%&,(Q&!1%51;!*3&!1-!1%&!%(+%!'/&L3&)4=!-'!)-)P()(1(58!4-/-)58,!()!1%&!()231;!W)+8(,%!
4%(8*/&)! 5,,-4(51&! EU! 2-,(1(-)! 6(1%! 1%&! 3):5/\&*! 2854&! '&513/&! 5)*;! 4-),&L3&)18=;!
5,,3:&! 1%51! E"! (,! 1%&! 2/&'&//&*! 2-,(1(-)! '-/! 1%&! -443//&)4&! -'! :5/\&*! 7-I! ?]5.(58;!
e-/,58C<! I1! 5! +(0&)! 2-()1! ()! *&0&8-2:&)1;! W)+8(,%! 4%(8*/&)! :5=! -0&/+&)&/58(Q&! 1%(,!
5,,3:21(-);!()'&//()+!1%51!]5.(58!5)*!e-/,58!,%-38*!5865=,!.&!58(+)&*!6(1%!1%&!8&'1!&*+&!
-'! 1%&! 6-/*;! /&,381()+! ()! 45,&,! -'! p5225/&)1>! ]5.(58! -/! e-/,58! %5/:-)=! ?'-/! (),15)4&;!
?15.8&C!/!te$b#l/Po[be)bu]; ?*34\C /d*k/Po[+*k] ?T:(1%;!"KZ#CC.!
!
I,! '-/! 1%&! e314%! 4%(8*/&);! 1%&=! *-! )-1! %50&! &0(*&)4&! '-/! 5)! 3):5/\&*! 2-,(1(-);!
,()4&!4-/-)58,!5/&!&L3588=!'/&L3&)1!()!E"!5)*!EU;!()!EeT<!!I44-/*()+!1-![(\\&/1;!]&0&81!a!
i5)!*&!d&(9&/!1%(,!854\!-'!&0(*&)4&!'-/!5!2/&'&//&*!2-,(1(-)!'-/!1%&!3):5/\&*!7-I!?5)*;!
4-),&L3&)18=;!'-/!1%&!:5/\&*!'&513/&,C!13/),!1%&!*(,1/(.31(-)!-'!]5.(58!5)*!e-/,58!()1-!5!
0&/=! (:2-/15)1! '541-/! '-/! e314%! 8&5/)&/,<! T()4&;! ()! e314%! EeT! ?i5)! *&! d&(9&/;! "KK@C;!
85.(58,!5/&!:-/&!'/&L3&)1!()!E"!P!()!1%&!i5)!*&!d&(9&/!73948:;!5/-3)*!Z@B!-'!588!85.(58!
,&+:&)1,! -443/! ()! 6-/*! ()(1(58! 2-,(1(-)! P! 5)*! *-/,58,! -443/! :-/&! -'1&)! ()! EU;! 5/-3)*!
SZB;!4%(8*/&)!()'&/!1%51!]5.(58!:3,1!.&!58(+)&*!6(1%!E"<!$%&!-0&/+&)&/58(Q51(-)!-'!1%(,!
()'&/&)4&! (,! 1%&! 453,&;! 544-/*()+! 1-! [(\\&/1;! ]&0&81! a! i5)! *&! d&(9&/;! '-/! 1%&! p5225/&)1>!
/&+/&,,(0&! ]5.(58! %5/:-)=! 2511&/),! -.,&/0&*! ()! e314%! ?'-/! (),15)4&! /sl"f#/Po[b"f#];
]&0&81;!"KKJC<!!
!
$%&! 4-),-)5)1! %5/:-)=! 2%&)-:&)-)! 6(88! .&! &V28-/&*! ()! 4%521&/! X;! 6%&/&! 6&!
2/&,&)1! 5)! 5)58=,(,! -'! 1%&! 581&/)51(0&! ,1/51&+(&,! 4%(8*/&)! 3,&! 6%&)! 4-2()+! 6(1%!
2/-.8&:51(4! DENEG! 2511&/),<! [-/! 1%&! 43//&)1! 4%521&/;! 1%&! :-,1! /&8&05)1! '()*()+! ()! 1%&!
,13*=! -'! [(\\&/1;! ]&0&81! a! i5)! *&! d&(9&/! ?UAAUC! (,! 1%&! 4-//&851(-)! .&16&&)! 1%&!
*(,1/(.31(-)!-'!2854&!'&513/&!2511&/),!()!1%&!()231!5)*!1%&!-/*&/!-'!54L3(,(1(-)!-'!1%-,&!
4-:.()51(-),;!.-1%!6(1%()!5)*!54/-,,!85)+35+&,!?e314%!5)*!W)+8(,%C<!
!
f)&!-'!1%&!5(:,!-'!1%&!43//&)1!*(,,&/151(-)!(,!1-!4-)1/(.31&!1-!1%&!*(,43,,(-)!-'!1%&!
2-1&)1(58!/-8&!-'!1%&!()231!*(,1/(.31(-)58!2/-2&/1(&,!()!1%&!54L3(,(1(-)!2511&/),!-.,&/0&*!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
#X!T&&!4%521&/!X!'-/!5)!581&/)51(0&!*&,(+)51(-)!'-/!p5225/&)1>!4-),-)5)1!%5/:-)=!45,&,!()!e314%;!544-/*()+!
1-!]&0&81!?1-!522&5/C<!
#Z! $5\()+! ()1-! 4-),(*&/51(-)! -)8=! 1%&! 7-I! -'! ,1-2,! 5)*! )5,58,;! '-/! 6-/*P()(1(58! 2-,(1(-);! 5)*! -'! ,1-2,! 5)*!
'/(451(0&,;!()!EU<!!
!
"JA!
()!1%&!*515!-'!1%&!'(0&!7-/13+3&,&!4%(8*/&)<!T()4&!1%&/&!(,!)-!&V1&),(0&!73948:!-)!EeT!()!
W7;!1%(,!*(,43,,(-)!6(88!.&!.5,&*!-)!1%&!'/&L3&)4=!/51&,!&V1/541&*!'/-:!5!,5:28&!-'!W7!
5*381!,2&&4%<!Y-/&!*&15(8,!-)!1%(,!1-2(4!5/&!2/-0(*&*!.&8-6<!
);A(H:6%':>8%:/1#.($'/$&'%:&6(:1(#,8.%(6$&&9"(
!
(
!
R)! 4%521&/! J;! 6&! 4-:25/&*! 4%(8*/&)>,! 54L3(,(1(-)! 2511&/),! 1-! 1%&! *(,1/(.31(-)! -'!
2854&! 5)*! :5))&/! '&513/&! 2511&/),! ()! 5! ,5:28&! -'! 5*381! ,2&&4%;! '-43,()+! -)! DEFEG!
2511&/),<! I! ,(:(85/! ,13*=! 6(88! .&! 2&/'-/:&*! ()! 1%&! 43//&)1! 4%521&/;! .31! )-6! 1%&!
4-:25/(,-)! 6(88! '-43,! -)! DENEG! ,&L3&)4&,<! ! R)! -/*&/! 1-! &,15.8(,%! 1%(,! 4-:25/(,-);! 6&!
&V1/541&*!1%&!"AA!:-,1!'/&L3&)1!EiEi!6-/*,!'/-:!-'!1%&!73948:!+43[!/#Y39"8,8!:!#?,&&!
,&41(-)! S<#C! 5)*! (*&)1('(&*! 1%&! *(,1/(.31(-)! -'! 4-),-)5)158! 2854&! 5)*! :5))&/! '&513/&!
DENEG!2511&/),!()!1%-,&!6-/*,<![-/!(),15)4&;!5!6-/*!8(\&!58."3!?28&)1=C!65,!485,,('(&*!5,!
D]5.jE-/G;! '-/! 2854&! 5)*! 5,! Dk5,jT1-2G;! '-/! :5))&/<! $%&! /&,381,! 5/&! +(0&)! ()! +/52%,!
?"ZXC!5)*!?"ZZC<!
!
&'C(* ;.:"9.S8".3/#36#4%$7!#KLOLP#4$""!9/:# &'CC* #;.:"9.S8".3/# 36# 5$//!9# KLOLP# 4$""!9/:#
./#RY#$18%"#:4!!70#&$44!/1.=#\*#
!
!
!
!
!
(
D]5.jE-/G!
De-/jE-/G!
DE-/j]5.G!
D]5.je-/G!
DE-/je-/G!
De-/j]5.G!
IJ(
X@K!
J#X!
JU@!
"JU!
"#X!
K#!
!
K(
#XB!
U#B!
UUB!
ZB!
ZB!
SB!
./#RY#$18%"#:4!!70#&$44!/1.=#\*#
(
Dk5,jT1-2G!
DT1-2j[/(4G!
DT1-2jk5,G!
DT1-2j]51G!
D[/(4jT1-2G!
DT1-2jg%-1G!
D[/(4jk5,G!
D]51jT1-2G!
Dk5,j<]51G!
D[/(4jg%-1G!
D]51jk5,G!
Dk5,j[/(4G!
D[/(4j]51G!
!
!
IJ(
#SJ!
#U"!
UJA!
"US!
"UA!
KU!
ZK!
SZ!
S"!
#"!
US!
UJ!
UU!
K(
U#B!
U"B!
"SB!
@B!
@B!
XB!
SB!
JB!
#B!
UB!
UB!
UB!
"B!
!
!
I,! *&2(41&*! ()! ?"ZXC;! D]5.jE-/G! (,! 1%&! :-,1! '/&L3&)18=! 2/-*34&*! 2854&! '&513/&!
2511&/)! ()! 1%&! ,5:28&! -'! 1%&! "AA! :-,1! '/&L3&)1! EiEi! 6-/*,! ()! W7! 5*381! ,2&&4%^! (1!
4-//&,2-)*,! 1-! #XB;! '-88-6&*! .=! De-/jE-/G;! U#B;! 5)*! DE-/j]5.G;! UUB<! $%&! 2511&/),!
D]5.je-/G;!DE-/je-/G!5)*!De-/j]5.G!5/&!1%&!8&5,1!'/&L3&)1;!-443//()+!.&8-6!@B!-'!1%&!
45,&,!?,&&!522&)*(V!`C<!!
!
I,! '-/! :5))&/! 6-/*P2511&/),! ?,&&! ?"ZZCC! 1%&! :-,1! '/&L3&)1! DENEG! 2511&/)! (,!
Dk5,jT1-2G! ()! U#B! -'! 1%&! 45,&,;! (::&*(51&8=! '-88-6&*! .=! DT1-2j[/(4G! ?U"BC<! $%&!
:5))&/! ,&L3&)4&! DT1-2jk5,G! -443/,! /&851(0&8=! -'1&);! ()! "XB! -'! 1%&! 45,&,<! $%&! -1%&/!
4-:.()51(-),!5/&!8&,,!'/&L3&)1;!4-//&,2-)*()+!1-!2&/4&)15+&,!.&8-6!"AB<!!!
!
"J"!
!
R)!,&41(-)!S<@;!1%&!2/-2&/1(&,!-'!W7!5*381!,2&&4%!*&,4/(.&*!5.-0&!6(88!.&!4-:25/&*!
6(1%!1%&!2511&/),!-'!54L3(,(1(-)!-'!DENEG!'-/:,<!!
!
);B(L800#'G(#1,('&6&#'9"(=8&6%:/16(((
!!
!
!
g&,&5/4%!-)!,&+:&)158!54L3(,(1(-)!54/-,,!85)+35+&,!?)5:&8=!e314%;!_&/:5)!5)*!
[/&)4%C! ,%-6,! 1%51! DENEG! 2511&/),! 5/&! )-1! 505(85.8&! '/-:! 1%&! -),&1! -'! ,2&&4%!
2/-*341(-)<!T(:(85/!/&,381,!6&/&!-.,&/0&*!()!W7!?,&&!4%521&/!JC<!!
g&,&5/4%! ()! 1%&! '(&8*! %5,! ,%-6)! 1%51! 1%&! *&0&8-2:&)1! -'! DE7-INE7-IG! 2511&/),!
15\&,!2854&!()!5!+/5*358!'5,%(-)!5)*!(,!()'83&)4&*!.=!2-,(1(-)58!4-),1/5()1,!?]&0&81;!"KKJ^!
[(\\&/1! a! ]&0&81;! UAA@C<! I,! '5/! 5,! 7-I! (,! 4-)4&/)&*;! ,13*(&,! *&0&8-2&*! ()! e314%! %50&!
,%-6)!1%51!D]5.jE-/G!(,!5:-)+,1!1%&!'(/,1!DE7-INE7-IG!4-:.()51(-),!54L3(/&*<!$%&);!16-!
4-),1/5()1,! &:&/+&! ()! 4%(8*/&)>,! -31231! /&2/&,&)151(-),M! D]5.(58;! 1%51! 58(+),! ]5.(58!
4-),-)5)1,! 6(1%! 1%&! 8&'1! &*+&! -'! 1%&! 6-/*! 5)*! ! lDe-/,58;! 6%(4%! .5),! *-/,58,! '/-:! E"<!
e3&!1-!1%&!8511&/!4-),1/5()1;!e-/,58,!5/&!'(/,1!54L3(/&*!()!)-)P()(1(58!2-,(1(-)!?DE-/je-/G;!
D]5.je-/GC!5)*!-)8=!5'1&/65/*,!()!6-/*P()(1(58!?De-/jE-/G;!De-/j]5.GC<!
I,!'-/!1%&!*&0&8-2:&)1!-'!DEY-INEY-IG!2511&/),;!,13*(&,!2&/'-/:&*!()!e314%!5)*!
()! _&/:5)! ?]5)+&,85+;! UAAZ^! I81051&/PY54\&),&)! a! [(\\&/1;! UAAKC! /&2-/1! 1%51!
DT1-2j[/(4G! (,! 1%&! '(/,1! 4-:.()51(-)! 1%51! 522&5/,! ()! EiEi! '-/:,<! $%&);! 16-! 1&:2851(4!
2511&/),!&:&/+&!()!e314%!4%(8*/&)>,!-31231!/&2/&,&)151(-),M!-)&!1%51!4-)15(),!5!,1-2!()!
E"!?DT1-2jVGC!5)*!5)-1%&/!1%51!4-)15(),!5)!-.,1/3&)1!()!EU!?DVjf.,1/GC<!E-:.()51(-),!
-'! :5))&/! '&513/&,! 1%51! *-! )-1! '(1! 1%&,&! 1&:2851&,! 5/&! 1%&! 85,1! 1-! .&! 54L3(/&*! ?'-/!
(),15)4&;! D](Ljk5,G! -/! D[/(4j](LGC<! E%(8*/&)! 05/=! 5,! 1-! 1%&! 2-,(1(-)! ()! 6%(4%! '&513/&,!
5)*! 4-)1/5,1,! 5/&! '(/,1! 54L3(/&*M! ,-:&! 54L3(/&! 1%&! '(/,1! '&513/&,! -/! 4-)1/5,1,! ()! )-)P
()(1(58!2-,(1(-);!6%(8&!-1%&/,!54L3(/&!1%&:!()!6-/*P()(1(58!2-,(1(-)!'(/,1<!
R)!,&41(-),!S<"<#!5)*!S<"<J;!(1!65,!2-()1&*!-31!1%51!/&,&5/4%&/,!%50&!&,15.8(,%&*!5!
1/(5)+385/!/&851(-)!.&16&&)!?(C!1%&!54L3(,(1(-)!-'!DENEG!'-/:,;!?((C!4%(8*/&)>,!*&0&8-2()+!
8&V(4-)!5)*!?(((C!()231!'/&L3&)4=!?[(\\&/1;!]&0&81!a!05)!*&!d&(9&/;!UAAUC<!$%&!:5()!(*&5!
(,!1%51!%(+%8=!'/&L3&)1!,1/3413/&,!()!1%&!()231!85)+35+&!5/&!/&'8&41&*!()!4%(8*/&)>,!&5/8=!
8&V(4-),!5)*!8&5/)&/,!+&)&/58(Q&!-0&/!1%&(/!-6)!8&V(4-)!()!-/*&/!1-!-/+5)(Q&!1%&(/!6-/*!
2/-*341(-),<!d(1%()!1%(,!0(&6;!4-),1/5()1,!,34%!5,!D]5.!-/!lDe-/!5)*!1&:2851(4!2511&/),!
,34%! 5,! DT1-2jVG! -/! DVjf.,1/G! 5/&! 1%&! -314-:&! -'! +&)&/58(Q51(-),! 4%(8*/&)! :5\&! -0&/!
1%&!:-,1!'/&L3&)1!,1/3413/&,!()!1%&(/!-6)!0-45.385/=<!R'!4%(8*/&)>,!0-45.385/(&,!/&'8&41!
1%&!'/&L3&)4=!/51&,!()!1%&!()231;!'/&L3&)1!2511&/),!()!1%&!()231!5/&!&V2&41&*!1-!522&5/!
&5/8=!()!1%&(/!2/-*341(-),<!!
!
R)! 4%521&/! #! -'! 1%&! *(,,&/151(-);! 5! /&851(-)! .&16&&)! 1%&! &V25),(-)! -'! 7-/13+3&,&!
4%(8*/&)>,!541(0&!0-45.385/=!5)*!*&0&8-2:&)158!2511&/),!%5,!58/&5*=!.&&)!-.,&/0&*<!R1!
!
"JU!
65,! ,%-6)! 1%51! 1%&! '/&L3&)4=! -'! 4-),-)5)1,;! ()*&2&)*&)18=! -'! 6-/*! 2-,(1(-);! ()! 1%&!
4%(8*/&)>,!()15\&!.&45:&!48-,&/!1-!1%&!'/&L3&)4=!-'!-443//&)4&!-'!1%-,&!4-),-)5)1,!()!5!
,5:28&! -'! 5*381! ,2&&4%;! -)8=! 5'1&/! 5! 4&/15()! 2-()1! ()! 1%&! *&0&8-2:&)1! ?,&&! 4%521&/! #;!
,&41(-)! #<S<XC<! $%&! 5)58=,(,! -'! 1%&! )3:.&/! -'! *(''&/&)1! 15/+&1P6-/*,! ?1=2&,C! &54%! 4%(8*!
,&8&41&*! 2&/! ,&,,(-)! ,%-6&*! 1%51! 1%&! ()4/&5,&! ()! ,(:(85/(1=! .&16&&)! 4%(8*/&)>,! ()15\&!
5)*! 5*381! ,2&&4%! 4-()4(*&,! 6(1%! 5)! ()4/&5,&! ()! 1%&! )3:.&/! -'! 1=2&,! ()! 1%&! 4%(8*/&)>,!
0-45.385/=<! $%&! )3:.&/! -'! 1=2&,! 511&:21&*! .=! &54%! 4%(8*;! 2&/! ,&,,(-)! (,! /&2&51&*! ()!
?"Z@C<!
!
&'C)* #]85S!9#36#"$9,!"UG391:#&"T4!:*#$""!54"!1#4!9#:!::.3/#&70$4"!9#Q*#
(
MN<<(
<NM(
<N<(
<NA(
<NB(
<NF(
<N)(
<NO(
<NP(
<NQ(
<NR(
<N<M(
ANM(
ANA(
ANB(
R)u,!
E85/5!
n-v-!
n-5)5!
]3:5!
X!
U!
!
U!
U!
@!
U!
U!
"!
U!
US!
S!
J!
!
J!
!
S!
S!
J!
Z!
#X!
Z!
K!
!
Z!
#"!
X!
"#!
U!
#!
S#!
"J!
"@!
U!
X!
J@!
K!
"Z!
"A!
@!
SX!
"#!
"X!
!
Z!
KS!
UX!
UJ!
"A!
""!
""@!
SS!
XU!
##!
"Z!
!
S"!
@"!
SA!
"Z!
!
!
!
"AU!
US!
!
!
!
!
#"!
!
!
!
!
ZA!
!
I,,3:()+;! ()! 8()&! 6(1%! ]5)+&,85+! ?UAAZC! 5)*! [(\\&/1! a! ]&0&81! ?UAA@C;! 1%51!
*&0&8-2:&)158! 2511&/),! /&,381! '/-:! 1%&! 2/&,,3/&! -'! 5)! &V25)*()+! 8&V(4-);! -)&! -'! 1%&!
L3&,1(-),!1%51!6(88!.&!5**/&,,&*!()!1%&!43//&)1!4%521&/!(,!('!1%&!()4/&5,&!()!1%&!)3:.&/!
-'! 1=2&,! ()! 4%(8*/&)>,! 541(0&! 0-45.385/=! 4-()4(*&,! 6(1%! 1%&! 522&5/5)4&! -'! 15/+&1P8(\&!
DENEG!2511&/),!()!1%&(/!-31231!'-/:,<!
!
I,! '-/! 1%&! 2-1&)1(58! ()'83&)4&! -'! 1%&! 85)+35+&! 5**/&,,&*! 1-! 4%(8*/&)! ()!
*&0&8-2:&)158!2511&/),;!)-!&V1&),(0&!73948:!(,!505(85.8&!'-/!EeT!()!W7<![-/!1%(,!/&5,-);!
1%&! -)8=! 505(85.8&! 2-,,(.(8(1=! 1-! 4-:25/&! *&0&8-2:&)158! 2511&/),! 6(1%! 1%&! ()231! (,! .=!
5)58=Q()+! 5*381! ,2&&4%<! R)! ,&41(-)! S<U;! 6&! ,56! 1%51! ,-:&! '&513/&! ,&L3&)4&,;! )5:&8=!
D]5.jE-/G!5)*!Dk5,jT1-2G!-443/!:-/&!-'1&)!()!5*381!,2&&4%!1%5)!-1%&/,!?De-/j]5.G!-/!
D[/(4jT1-2G;! '-/! (),15)4&C<! f)&! -'! 1%&! 5(:,! -'! 1%&! 43//&)1! 4%521&/! (,! 1-! *(,43,,! ('!
7-/13+3&,&! 4%(8*/&)>,! *&0&8-2:&)158! 251%,! ()! 1%&! 54L3(,(1(-)! -'! DENEG! 2511&/),! /&'8&41!
1%&!5*381!,2&&4%!2/-2&/1(&,!*&,4/(.&*!5.-0&<!!
$6-! :59-/! /&,&5/4%! L3&,1(-),! 3)*&/8(&! 1%&! 43//&)1! 4%521&/^! 1%&=! 5/&!
,3::5/(Q&*!.&8-6<!
!
&'C@* #^!:!$970#J8!:".3/:#8/1!9%T./,#"0!#7899!/"#70$4"!9#
5C<!h-6!*-&,!1%&!54L3(,(1(-)!-'!DE7-INE7-IG!5)*!DEY-INEY-IG!6-/*P2511&/),!*&0&8-2!()!W7O!
.C<!d%(4%!(),(+%1,!45)!1%-,&!*&0&8-2:&)158!2511&/),!+(0&!3,!()1-!7-/13+3&,&!4%(8*/&)>,!
/&2/&,&)151(-),O!
!
R)!-/*&/!1-!*(,43,,!1%&,&!16-!L3&,1(-),;!,&0&/58!,2&4('(4!5(:,!6&/&!'-/:3851&*^!
1%&=!5/&!8(,1&*!()!?"@AC<!
!
!
"J#!
!
&')D* #+4!7.6.7#$.5:#36#"0!#7899!/"#70$4"!9#
"<!R*&)1('=!1%&!-/*&/!-'!54L3(,(1(-)!-'!DE7-INE7-IG!5)*!DEY-INEY-IG!2511&/),<!
U<!T13*=!1%&!(:2541!-'!6-/*!2-,(1(-)!?E"!5)*!EUC!()!1%&!-/*&/!-'!54L3(,(1(-)!-'!7-I!5)*!
Y-I<!#<!g&2-/1!-)!1%&!-/*&/!-'!54L3(,(1(-)!-'!7-I!5)*!Y-I!'&513/&!4-)1/5,1,<!
J<!I)58=Q&!1%&!/&851(-)!.&16&&)!E"!5)*!EU;!*3/()+!1%&!54L3(,(1(-)!-'!DENEG!'-/:,<!
S<! e(,43,,! 1%&! 2-1&)1(58! ()'83&)4&! -'! *(,1/(.31(-)58! 2/-2&/1(&,! -'! 5*381! ,2&&4%! -)! 1%&!
-/*&/!-'!54L3(,(1(-)!-'!DENEG!2511&/),<!
!
R)! -/*&/! 1-! 54%(&0&! 1%&,&! +-58,;! ,-:&! :&1%-*-8-+(458! 4%-(4&,! %5*! 1-! .&! :5*&<!
$%&=!5/&!*&,4/(.&*!()!1%&!)&V1!,&41(-)<!
!
);F(S&%"/,(
$%&! 5)58=,(,! 2/&,&)1&*! ()! 1%&! 43//&)1! 4%521&/! (,! .5,&*! -)! ,2-)15)&-3,!
8-)+(13*()58! *515! -'! S! 7-/13+3&,&! 4%(8*/&)! ?,&&! 4%521&/! U;! '-/! ()'-/:51(-)! -)! 1%&!
*515.5,&C<!$%&!5+&!2&/(-*!4-0&/&*!()!1%(,!()0&,1(+51(-)!5)*!1%&!4-//&,2-)*()+!)3:.&/!
-'!/&4-/*()+!,&,,(-),!5/&!2/&,&)1&*!()!?"@"C<!
&')'* #]85S!9#36#:!::.3/:#$/1#$,!#4!9.31#:"81.!1?#./#!$70#70.%1E:#73948:#
E%(8*!
R)u,!
n-5)5!
]3:5!
n-v-!!
I+&P2&/(-*!
A^""<"J!! J^U<"@!
A^""<UJ!! J^A<"#!
A^""<U#!! U^X<UZ!
"^"A!
U^A!
k<w!-'!,&,,(-),!
#A!
UX!
#K!
UU!
!
I,! '-/! :&1%-*-8-+(458! 4%-(4&,;! 1%&! 5)58=,(,! 65,! /&,1/(41&*! 1-! 2/-*341(-),! '-/!
*(,=885.(4!15/+&1,!6(1%!16-!)-)P./5)4%()+!-),&1,M!DEi?4CEi?4CG<!!
$5\()+!()1-!4-),(*&/51(-)!1%&!2/(:5/=!'&513/&,!'-/!7-I!?]5.(58;!E-/-)58;!e-/,58C!
5)*!'-/!Y-I!?T1-2;!k5,58;![/(451(0&;!]51&/58!5)*!g%-1(4C;!,(V!*(,=885.(4!2854&!2511&/),!5)*!
UA!*(,=885.(4!:5))&/!2511&/),!4-38*!.&!&V2&41&*^!1%&=!5/&!8(,1&*!.&8-6<!
!
&')I* #;.:T%%$S.7#KLOLP#4%$7!#G391U4$""!9/:##
!
D]5.jE-/G!
D]5.je-/G!
De-/j]5.G!
De-/jE-/G!
DE-/j]5.G!
DE-/je-/G!
!
&')Q* #;.:T%%$S.7#KLOLP#5$//!9#G391U4$""!9/:##
!
DT1-2<<<k5,G!
Dk5,<<<!T1-2G!
D[/(4<<<k5,G!
D]51<<<k5,G!
Dg%-1<<<k5,G!
DT1-2<<<[/(4G!
Dk5,<<<[/(4G!
D[/(4<<<!T1-2G!
D]51<<<!T1-2G!
Dg%-1<<<!T1-2G!
DT1-2<<<]51G!
Dk5,<<<]51G!
D[/(4<<<!]51G!
D]51<<<[/(4G!
Dg%-1<<<[/(4G!
!
!
"JJ!
DT1-2<<<!g%-1G!
Dk5,<<<!g%-1G!
D[/(4<<<!g%-1G!
D]51<<<!g%-1G!
Dg%-1<<<]51G!
d&! ,&5/4%&*! '-/! &54%! -'! 1%&! 7-I! 5)*! Y-I! 4-:.()51(-),! 8(,1&*! 5.-0&! ()! 1%&!
15/+&1,! ,&8&41&*! .=! &54%! 4%(8*;! 2&/! ,&,,(-)<! $%&);! 1%&! 4%(8*>,! /&)*(1(-),! -'! &54%! -'! 1%&!
15/+&1,!,&8&41&*!6&/&!5)58=Q&*^!6&!(*&)1('(&*!1%&!)3:.&/!-'!15/+&1P8(\&!2/-*341(-),!5)*!
1%&!)3:.&/!5)*!1=2&!-'!581&/)51(0&!-31231!'-/:,!?,&&!522&)*(V&,!_!5)*!hC<!!
!
R)!-/*&/!1-!:5\&!4-:25/(,-)!'&5,(.8&;!6&!5*-21&*!1%&!54L3(,(1(-)!4/(1&/(5!3,&*!
()!]5)+&,85+!?UAAZCM!5!+(0&)!'&513/&!2511&/)!(,!4-),(*&/&*!1-!.&!58/&5*=!()!1%&!2/-4&,,!-'!
54L3(,(1(-)! ('! (1! (,! 2/-*34&*! ()! 5! 15/+&1P8(\&! '5,%(-)! )-! 8&,,! 1%5)! 16(4&! ()! 5! +(0&)!
,&,,(-)H:-)1%;! 5)*! 51! 8&5,1! -)4&! ()! 1%&! 16-! '-88-6()+! :-)1%,<! k-1&! 1%51! 6&! *-! )-1!
5,,3:&;! ()! 1%&! 43//&)1! *(,,&/151(-);! 1%51! ('! 1%&,&! 4/(1&/(5! 5/&! :&1! 1%51! 1%&! ,1/3413/&! (,!
:5,1&/&*^!6&!-)8=!5,,3:&!1%51!1%&!54L3(,(1(-)!-'!1%51!25/1(4385/!,1/3413/&!(,!58/&5*=!-)!
1%&! 65=<! Y-/&-0&/;! 1%&! 15.8&,! 2/&,&)1&*! ()! 522&)*(V! _! 2/-0(*&! 5! '388! L35)1(151(0&!
544-3)1!-'!15/+&1P8(\&!2/-*341(-),;!'-/!&54%!DENEG!2511&/);!2&/!4%(8*;!2&/!,&,,(-)<!
T(:(85/8=! 1-! 6%51! %5,! .&&)! *-)&! ()! 4%521&/! #;! 6&! 6(88! 4-:25/&! 4%(8*/&)>,!
54L3(,(1(-)! 2511&/),! 1-! *515! -'! W7! 5*381! ,2&&4%! ?,5:28&! 4-),1(131&*! .=! UU@JU! 6-/*,;!
15\&)! '/-:! 1%&! 73948:! +43[!/# Y39"8,8!:!! P! Y39"8,8_:# X$%$13^! $IKA7W^! E]r]HR),1(131-!
E5:x&,C<! [-/! 1%&! 43//&)1! 4%521&/;! 6&! &V1/541&*;! 3,()+! X9!Y;#@! 1%&! "AA! :-,1! '/&L3&)18=!
2/-*34&*!EiEi!6-/*,!'/-:!1%&!,5:28&!/&'&//&*!1-!5.-0&!5)*;!.5,&*!-)!1%51!,3.,5:28&;!
4-*&*! 1%&! 6-/*,! '-/! (1,! 2854&! 5)*! :5))&/! '&513/&! 4-:2-,(1(-)! ?5! 6-/*! 8(\&! 2.1$! 65,!
4-*&*! 5,! D]5.jE-/G! 5)*! D[/(4jT1-2G;! '-/! (),15)4&C<! $%&! /&,381,! -'! 1%(,! 5)58=,(,! 6&/&!
2/&,&)1&*!()!,&41(-)!S<U!?,&&!58,-!522&)*(V!`C!5)*!6(88!.&!*(,43,,&*!()!,&41(-)!S<@<!
I44-/*()+!1-!1%&!5)58=,(,!2/&,&)1&*!()!4%521&/!J!5.-0&;!@AB!-'!4%(8*/&)>,!-31231!
'-/:,! ()! 1%&! '(/,1! ,&,,(-),! 5/&! -'! 1%&! 1=2&! DEFEG<! d%&)! 1%&! -443//&)4&! -'! %5/:-)(4!
2511&/),! *&4/&5,&*! .&8-6! @AB;! 6&! 5,,3:&*;! ()! 1%(,! 4%521&/;! 1%51! 4%(8*/&)! 6-38*! .&!
&)1&/()+!1%&!DENEG!,15+&<!$%&!1%/&,%-8*!-'!1%&!)-)P%5/:-)(4!,15+&;!.5,&*!-)!1%&!5)58=,(,!
-'!588!-31231!'-/:,!2&/'-/:&*!()!4%521&/!J;!(,!2/-0(*&*!()!?"@JC<!!
!
&')A* #H09!:03%1#36#"0!#KLOLP#:"$,!#Z#32!9$%%#38"48"#6395:#&70$4"!9#A*#
!
7-I!
!
f0&/588!-31231,!
R)u,!
"^Z!
n-5)5!
U^A!
]3:5!
U^J!
E85/5!
"^S!
n-v-!
yyy!
!
!
!
!
!
!
!
Y-I!
!f0&/588!-31231,!
"^K!
U^A!
U^J!
yyy!
yyy!
!
!
R)!1%&!*515!-'!1%&!16-!4%(8*/&)!,13*(&*!'-/!5!,%-/1&/!2&/(-*!-'!1(:&!?E85/5!3)1(8!
"^"A! 5)*! n-v-! 3)1(8! U^AC;! 1%&! 1%/&,%-8*! -'! DEY-INEY-IG! ,15+&! 65,! )-1! (*&)1('(&*!
?2/-*341(-),! 6&/&! ,1(88! 5.-0&! @AB! 51! 1%&! 85,1! ,&,,(-),! 5)58=Q&*C^! )-1&! 1%51;! ()! n-v->,!
*515;! (1! 65,! 58,-! )-1! 2-,,(.8&! 1-! (*&)1('=! 1%&! .&+())()+! -'! 1%&! DE7-INE7-IG! ,15+&<! I!
:&1%-*-8-+(458!+-58!()!1%&!43//&)1!4%521&/!(,!1-!0&/('=!('!1%&!5+&!-'!54L3(,(1(-)!-'!1%&!'(/,1!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
#@!Y-/&!()'-/:51(-)!-)!1%(,!1--8!45)!.&!'-3)*!51!http://www.fl.ul.pt/LaboratorioFonetica/FreP.!
!
"JS!
DENEG! *(,=885.(4! 2511&/),! 4-()4(*&,! 1%&! +&)&/58! 1%/&,%-8*! -'! 1%&! DENEG! ,15+&! *&'()&*! ()!
4%521&/!J<!$%&!/&,381,!-'!1%(,!4-:25/(,-)!6(88!588-6!5!*(,43,,(-)!-)!1%&!5*&L354=!-'!1%&!
16-! 522/-54%&,! ?5)58=,(,! -'! 1%&! -0&/588! ,&1! -'! -31231! '-/:,! 2:! 5)58=,(,! -'! 1%&! /&851(-)!
15/+&1H2/-*341(-)! -'! ,2&4('(4! 2511&/),C! 1-! 1%&! *&,4/(21(-)! -'! *&0&8-2:&)158! 2511&/),!
?,&&!,&41(-)!S<@C<!
);)(+"&(#9=8:6:%:/1(/2($.#9&(2&#%8'&($#%%&'16(:1(TU(
!
R)! 1%(,! ,&41(-);! 6&! 6(88! *&,4/(.&! 1%&! 54L3(,(1(-)! -'! 1%&! ,(V! 7-I! *(,=885.(4! 6-/*P
2511&/),!8(,1&*!()!?"KC;!.5,&*!-)!7-/13+3&,&!54L3(,(1(-)!*515<!$%(,!,&41(-)!(,!-/+5)(Q&*!
5,!'-88-6,<!R)!S<S<";!6&!*&,4/(.&!1%&!-/*&/!-'!54L3(,(1(-)!-'!DE7-INE7-IG!'-/:,<!T3.,&41(-)!
S<S<U!2/&,&)1,!1%&!-/*&/!-'!54L3(,(1(-)!-'!2854&!'&513/&,!2&/!6-/*!2-,(1(-)<!R)!S<S<#;!1%&!
-/*&/! -'! 54L3(,(1(-)! -'! 2854&! 4-)1/5,1,! (,! *(,43,,&*<! $%&! /&851(-)! .&16&&)! E"! 5)*! EU!
1%/-3+%-31!1%&!2/-4&,,!-'!*&0&8-2:&)1!(,!*&,4/(.&*!()!S<S<J<!!
!
););<(V&1&'#.(/',&'(/2(#9=8:6:%:/1(/2(3!U/C4!U/C5(2/'06(
!
R)! 1%(,! ,&41(-);! 6&! 2/&,&)1! 1%&! -/*&/! ()! 6%(4%! 1%&! ,(V! *(,=885.(4! DE7-INE7-IG!
4-:.()51(-),!5/&!54L3(/&*;!()!&54%!4%(8*>,!73948:<!!
R1! (,! 6-/1%! &:2%5,(Q()+! 1%51! :-,1! 6-/*P4-:.()51(-),! 5/&! )-1! 2/-*34&*! ()! 5!
15/+&1P8(\&!'5,%(-)!'/-:!1%&!:-:&)1!1%&=!5/&!'(/,1!511&:21&*<!$%&/&!(,!5!2&/(-*!()!6%(4%!
1%-,&! 15/+&1! 2511&/),! 5/&! ,3.:(11&*! 1-! 581&/)51(0&! ,1/51&+(&,! ()! 4%(8*/&)>,! 2/-*341(-),<
$%(,! (,,3&! 6(88! .&! &V28-/&*! ()! 4%521&/! X;! 6%&/&! 5)! 5)58=,(,! -'! 1%&! :-,1! '/&L3&)1!
581&/)51(0&!-31231!'-/:,!6(88!.&!2/&,&)1&*<!!
C;((71W6(
(
R)!R)u,>!*515;!1%&!,(V!*(,=885.(4!DE7-INE7-IG!2511&/),!&:&/+&!5,!15/+&1P8(\&!.&16&&)!1%&!
5+&,!-'!"^@!5)*!U^"<!$%&!'(/,1!2511&/),!1-!.&!54L3(/&*!5/&!1%&!-)&,!1%51!4-)15()!]5.(58!5)*!
e-/,58! ()! E"! 5)*! E-/-)58! ()! EUM! D]5.jE-/G! 5)*! De-/jE-/G<! $%&! 85,1! 2511&/)! 1-! ,3/'54&!
,=,1&:51(4588=! (,! DE-/je-/G<! $%&! -/*&/! -'! 54L3(,(1(-)! -'! 1%&! ,(V! 7-I! 4-:.()51(-),! (,!
*&2(41&*!()!?"@SC<!T&&!522&)*(V!_;!'-/!5!8(,1!-'!1%&!)3:.&/!-'!15/+&1,!511&:21&*!5)*!1%&!
4-//&,2-)*()+!)3:.&/!5)*!2&/4&)15+&!-'!15/+&1P8(\&!2/-*341(-),;!2&/!,&,,(-)<!
!
&')W* #`!/!9$%#391!9#36#$7J8.:.".3/#36#KLY3NOLY3NP#4$""!9/:#Z#-/_:#&$44!/1.=#`*#
!
!
!
"JX!
T-:&!&V5:28&,!-'!1%&!'(/,1!15/+&1P8(\&!2/-*341(-),!'-/!&54%!7-I!2511&/)!5/&!2/-0(*&*!
)&V1<!
!
&')(* #X.9:"#"$9,!"U%.[!#493187".3/:#639#!$70#KLY3NOLY3NP#4$""!9/#U#-/_:#
!
?5C!
I+&!
"^@<U!
f/1%-+/<!
251-!
_8-,,!
*34\!
?.C!
"^@<U!
L3&(9-!
4%&&,&!
?4C!
"^"A<UK!
,3:-!
93(4&!
?*C!
"^"A<UK!
+5/'-!
'-/\!
?&C!
U^A<""!
.-45!
:-31%!
?'C!
U^"<"A!
L3&/-!
?RC!65)1!
$5/+&1!
/!patu/
f31231!
[!pat-u]
7-I!2511&/)!
D]5.<<<E-/G!
/!k,j/u/
[!+&tu]
De-/jE-/G!
/!sumu/
[!tum#]
DE-/j]5.G!
/!+a0fu/
[!+apu]
/!bok,/
[!buk,]
D]5.je-/G!
/!k&0u/
[!k&0u]
De-/jE-/G!
De-/j]5.G!
!
T-:&! -'! 1%&! DE7-INE7-IG! 15/+&1,! 5/&! ,3.:(11&*! 1-! 581&/)51(0&! 2/-*341(-)!
,1/51&+(&,;! .&'-/&! 1%&=! 5/&! 54L3(/&*H,15.(8(Q&*! ()! R)u,>! ,=,1&:<! f1%&/,! 5/&! ,(:28=!
50-(*&*;! 5)*! 5/&! -)8=! ,&8&41&*! 51! 1%&! 1(:&! 1%&! 4%(8*! (,! 58/&5*=! 5.8&! 1-! 2/-*34&! 1%&:!
5443/51&8=<!$%(,!(,,3&!6(88!.&!'3/1%&/!&V28-/&*!()!4%521&/!X<!
R)!4%521&/!J;!6&!-.,&/0&*!1%51!%-:-/+5)(4!-31231!'-/:,!4-),1(131&*!5.-0&!@AB!
-'!588!2/-*341(-),!()!R)u,>!73948:!3)1(8!1%&!5+&!-'!"^X<!R1!65,!-)8=!'/-:!"^Z!-)65/*,!1%51!
1%&! '/&L3&)4=! -'! )-)P%-:-/+5)(4! '-/:,! ,15/1&*! 1-! ()4/&5,&<! `5,&*! -)! 1%51! '()*()+;! 6&!
%=2-1%&,(Q&*!1%51!R)u,!&)1&/&*!1%&!DE7-INE7-IG!,15+&!51!"^Z<!h-6&0&/;!(1!(,!-)8=!51!"^@!1%51!
15/+&1P8(\&! 2/-*341(-),! '-/! *(,=885.(4! '-/:,! 522&5/<! d&! 5)58=Q&*! 1%&! )-)P%-:-/+5)(4!
2/-*341(-),! 1%51! -443//&*! 51! "^Z! 5)*! 0&/('(&*! 1%51! 1%&=! 6&/&! &(1%&/! 15/+&1P8(\&!
2/-*341(-),!'-/!5*381!2-8=,=885.8&,!?'-/!(),15)4&;! Hip"!p"t,mu/Po[p"!p"t-o] and /s,!patu/P
o[pa!pata]C -/!/&,381&*!'/-:!581&/)51(0&!2/-*341(-)!,1/51&+(&,!?!/!k"pu/Po[p.a.!k")]/[!kot-"]C< !
!
X;((Y/#1#(
(
R)! n-5)5>,! 73948:;! 1%&! ,(V! *(,=885.(4! DE7-INE7-IG! 2511&/),! &:&/+&! ()! 5! 15/+&1P8(\&!
'5,%(-)! .&16&&)! U^A! 5)*! U^@<! $%&! '(/,1! 2511&/)! 54L3(/&*! (,! D]5.jE-/G! 5)*! 1%&! 85,1! (,!
De-/j]5.G<! $%&! +8-.58! 54L3(,(1(-)! -/*&/! (,! 2/&,&)1&*! ()! ?"@ZC^! ,&&! 522&)*(V! _! '-/! 5!
L35)1(151(0&!544-3)1!-'!15/+&1,!5)*!4-//&,2-)*()+!5443/51&!2/-*341(-),<!
!
&')C* #`!/!9$%#391!9#36#$7J8.:.".3/#36#KLY3NOLY3NP#4$""!9/:#Z#a3$/$##&$44!/1.=#`*#
!
!
!
"JZ!
T-:&! &V5:28&,! -'! 1%&! '(/,1! 15/+&1P8(\&! /&)*(1(-),! -'! &54%! )-)P%-:-/+5)(4! 2854&!
2511&/)!5/&!+(0&)!()!?"@@C<!
!
&'))* #X.9:"#"$9,!"U%.[!#493187".3/:#639#!$70#KLY3NOLY3NP#4$""!9/#U#a3$/$#
!
?5C!
I+&!
U^A<K!
f/1%-+/<!
25,1-/!
_8-,,!
,%&2%&/*!
$5/+&1!
/p,1!to0/
f31231!
[p,!t-o]
7-I!2511&/)!
D]5.<<<E-/G!
?.C!
U^U<"K!
,54-!
.5+!
U^U<"K!
_3(1-!
2/-2<)-3)!
[!1aku]
DE-/je-/G!
?4C!
/!saku/
?*C!
U^X<UJ!
2-/4-!
2(+!
/!+itu/
[!+it-u]
/!po0ku/
[!puku]
D]5.je-/G!
?&C!
U^X<UJ!
4%52c3!
%51!
U^@<S!
4-:&/!
1-!&51!
[/#!p&w]
DE-/j]5.G!
?'C!
/1,!p&w/
/ku!me0/
[ku!mej]
De-/jE-/G!
De-/j]5.G!
!
R)!4%521&/!J;!1%&!5)58=,(,!-'!n-5)5>,!-31231!'-/:,!,%-6&*!1%51!1%(,!4%(8*!65,!51!
1%&! DE7-IFE7-IG! ,15+&! 3)1(8! 1%&! 5+&! -'! "^"A! 5)*! 1%51! (1! 65,! -)8=! '/-:! U^A! -)65/*,! 1%51!
DE7-INE7-IG! -31231! '-/:,! ()4/&5,&*! ()! 2/-*341(-)<! $%&! 15/+&1H2/-*341(-)! 5)58=,(,!
2/&,&)1&*!%&/&!,%-6,!1%51!U^A!(,!()!'541!1%&!5+&!51!6%(4%!)-)P%-:-/+5)(4!4-:.()51(-),!
,15/1! &:&/+()+! ()! 5! 15/+&1P8(\&! '5,%(-)<! h-6&0&/;! 51! U^A;! -)8=! D]5.jE-/G! 45)! .&!
4-),(*&/&*! .&()+! ()! 1%&! 2/-4&,,! -'! 54L3(,(1(-)^! 1%&! -1%&/! 2511&/),! &:&/+&! 851&/;! 6(1%()!
5)! ()1&/058! -'! @! :-)1%,<! e3/()+! 1%&! 2&/(-*! ()! 6%(4%! &54%! 4-:.()51(-)! (,! ,1(88! )-1!
54L3(/&*;! 1%&! :-,1! '/&L3&)1! ,1/51&+=! 3,&*! .=! n-5)5! (,! ,=885.8&! ?-/! ,&+:&)1C! *&8&1(-)<!!
$%(,!(,,3&!6(88!.&!'3/1%&/!&V28-/&*!()!4%521&/!X<!
!
!
!;(Z80#(
(
R)!]3:5>,!73948:;!1%&!54L3(,(1(-)!-'!DE7-INE7-IG!2511&/),!15\&,!2854&!.&16&&)!U^#!
5)*! U^X<! $%&! '(/,1! 4-:.()51(-)! 1%51! &:&/+&,! (,! De-/jE-/G! 5)*! 1%&! 85,1! (,;! 5,! ()! n-5)5;!
De-/j]5.G<#K!$%(,!-/*&/!-'!54L3(,(1(-)!(,!,%-6)!()!?"@KC<!
!
&')@* #`!/!9$%#391!9#36#$7J8.:.".3/#36#KLY3NOLY3NP#4$""!9/:#Z#>85$##&$44!/1.=#`*#
$%&!'(/,1!'5(1%'38!/&)*(1(-),!-'!&54%!7-I!2511&/)!5/&!(883,1/51&*!)&V1<!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
#K!R)!'541;!1%(,!4-:.()51(-)!&:&/+&,!51!1%&!85,1!,&,,(-);!1%3,!(1!*-&,!)-1!'388=!:514%!1%&!4/(1&/(5!5*-21&*!%&/&!
?1%&/&!(,!)-!*515!505(85.8&!-)!1%&!16-!'-88-6()+!:-)1%,C^!%-6&0&/;!(1!,1(88!+(0&,!3,!1%&!-/*&/!-'!54L3(,(1(-)!()!
/&851(-)!1-!1%&!-1%&/!2511&/),M!(1!(,!1%&!85,1!1-!&:&/+&<!!
!
"J@!
!
&'@D* #X.9:"#"$9,!"U%.[!#493187".3/:#639#!$70#KLY3NOLY3NP#4$""!9/#Z#>85$#
!
?5C!
I+&!
U^#MUX!
f/1%-+/<!
45,5!
_8-,,!
%-3,&!
?.C!
U^J<US!
:-4%-!
-68!
?4C!
U^J<US!
2&+5!
15\&!?(1C!
?*C!
U^S<UA!
85/+5!
8&1!?(1C!+-!
?&C!
U^X<UA!
8&05!
15\&!?(1C!
?'C!
U^X<UA!
4-:&/!
1-!&51!
$5/+&1!
/!kaz,/
f31231!
[ka/,)]
7-I!2511&/)!
De-/<<<E-/G!
/!mo1u/
[!bo/u)]
/!p&+,/
[!p&+,]
D]5.je-/G!
/!la0+,/
[!na+,]
DE-/je-/G!
/!l&v,/
[!n&v,]
/ku!me0/
[ku!me]
D]5.jE-/G!
DE-/j]5.G!
De-/j]5.G!
!
E-:25/&*!1-!1%&!-1%&/!4%(8*/&);!1%&!'(/,1!DE7-INE7-IG!2511&/),!&:&/+&!L3(1&!851&!
()!]3:5>,!73948:<!h-6&0&/;!5,!,--)!5,!1%&!'(/,1!DENEG!2511&/)!(,!.&()+!54L3(/&*;!1%&!-1%&/!
'(0&!4-:.()51(-),!&:&/+&!6(1%()!5!,%-/1!1(:&!'/5:&!?U^#!1-!U^XC<!!
R)! 1%&! 5)58=,(,! -'! -31231! '-/:,;! 2/&,&)1&*! ()! 4%521&/! J;! (1! 65,! ,3++&,1&*! 1%51!
]3:5! &)1&/&*! 1%&! DE7-INE7-IG! ,15+&! 51! 1%&! 5+&! -'! U^J;! ,()4&! 3)1(8! U^#! 5.-0&! @AB! -'! %&/!
2/-*341(-),!6&/&!-'!1%&!1=2&!DE7-IFE7-IG<!h-6&0&/;!1%&!4-:25/(,-)!.&16&&)!15/+&1!5)*!
2/-*341(-)! '-/:,! 2/&,&)1&*! %&/&! ,%-6,! 1%51! 1%&! 2/-*341(-)! -'! *(,=885.(4! DE7-INE7-IG!
2511&/),!%5,!58/&5*=!,15/1&*!()!5!,=,1&:51(4!65=!51!U^#;!'-/!1%&!4-:.()51(-)!De-/jE-/G<!
I1!1%(,!5+&;!@!-31!-'!"S!511&:21&*!De-/jE-/G!'-/:,!5/&!58/&5*=!/&)*&/&*!()!5!15/+&1P8(\&!
'5,%(-)!?S#B!P!,&&!522&)*(V!_C<!!
!
!
H;((!.#'#(
I1!1%&!85,1!,&,,(-)!5)58=Q&*!()!E85/5>,!73948:;!51!"^"A;!1%/&&!DE7-INE7-IG!2511&/),!5/&!
58/&5*=!.&()+!54L3(/&*<!$%&!'(/,1!4-:.()51(-)!1%51!522&5/,!(,!D]5.jE-/G!51!"^S;!'-88-6&*!
.=!De-/jE-/G!51!"^@!5)*!DE-/j]5.G!51!"^K<!$%(,!-/*&/!-'!*&0&8-2:&)1!(,!,3::5/(Q&*!()!
?"K"C<!
(
&'@'* #`!/!9$%#391!9#36#$7J8.:.".3/#36#KLY3NOLY3NP#4$""!9/:#Z#L%$9$##&$44!/1.=#`*#
(
(
$%&! '(/,1! 15/+&1P8(\&! /&)*(1(-),! -'! 1%&! 1%/&&! DE7-INE7-IG! 2511&/),! 5/&! +(0&)! ()!
?"KUC<!
!
!
!
!
!
"JK!
&'@I* #X.9:"#"$9,!"U%.[!#493187".3/:#639#KLY3NOLY3NP#4$""!9/:#Z#L%$9$#
!
?5C!
I+&!
"^S<"X!
f/1%-+/<!
:5)-!
_8-,,!
./-1%&/!
$5/+&1!
/!m,nu/
f31231!
[!m,nu]
7-I!2511&/)!
D]5.<<<E-/G!
?.C!
"^@<UA!
+51-!
451!
"^K<U#!
15:25!
4-0&/!
/!+atu/
[!+atu]
De-/<<<E-/G!
?4C!
/!t,2p,/
[!t,m,]
DE-/<<<]5.G!
!
R1! (,! (:2-/15)1! 1-! &:2%5,(Q&! 1%51;! &V4&21! '-/! D]5.jE-/G! 5)*! De-/jE-/G;! E85/5!
,&8&41,!0&/=!'&6!)-)P%-:-/+5)(4!2511&/),;!5,!,%-6)!()!522&)*(V!_<!!
R)!4%521&/!J;!E85/5!65,!4-),(*&/&*!1-!.&!51!1%&!DE7-IFE7-IG!,15+&!3)1(8!1%&!5+&!-'!
"^J<! $%&! 4-:25/(,-)! 15/+&1H2/-*341(-)! 2&/'-/:&*! ()! 1%&! 2/&,&)1! 4%521&/! 4-)'(/:,! 1%&!
'()*()+,!()!4%521&/!JM!(1!(,!-)8=!51!"^S!1%51!1%&!'(/,1!DE7-INE7-IG!4-:.()51(-)!(,!54L3(/&*<!!
!
!
T;(Y/[/(
(
n-v-! 65,! ,13*(&*! 3)1(8! 1%&! 5+&! -'! U^A<! r)1(8! 1%51! 5+&;! -)8=! -)&! )-)P%-:-/+5)(4!
4-:.()51(-)! (,! 54L3(/&*M! ! D]5.jE-/G;! 51! 1%&! 5+&! -'! "^Z<! $%&! 15/+&1P8(\&! 2/-*341(-),! '-/!
D]5.jE-/G! '-/:,! 51! 1%(,! 5+&! 4-//&,2-)*! 1-! -)&! ,()+8&! 15/+&1P6-/*;! 5,! (883,1/51&*! ()!
?"K#C<!!
&'@Q* #X.9:"#"$9,!"U%.[!#493187".3/#639#KLY3NOLY3NP#4$""!9/:#Z#a3b3##&$44!/1.=#`*#
I+&!
"^Z<A!
f/1%-+/<!
.-85!
_8-,,!
.588!
$5/+&1!
/!b"l,/
f31231!
[b"!3a]
7-I!2511&/)!
D]5.<<<E-/G!
!
R)!4%521&/!J;!6&!%=2-1%&,(Q&*!1%51!n-v-!65,!,1(88!51!1%&!DE7-IFE7-IG!-31231!,15+&!
51! 1%&! 5+&! -'! U^A;! ,()4&! 1%&! :59-/(1=! -'! %(,! -31231! '-/:,;! 5.-0&! @AB;! 65,! %-:-/+5)(4<!
h-6&0&/;!6&!45)!,&&!1%51!-)&!*(,=885.(4!2511&/)!?D]5.jE-/GC!65,!58/&5*=!,=,1&:51(4588=!
2/-*34&*! 544-/*()+! 1-! 1%&! 15/+&1! '/-:! "^Z! -)65/*,<! $%(,! *(,4/&25)4=! .&16&&)! 1%&!
/&,381,!-'!1%&!5)58=,(,!-'!-31231!'-/:,!-)8=!?5,!2/-0(*&*!()!4%521&/!JC!5)*!1%&!5)58=,(,!-'!
15/+&1H2/-*341(-)!2/&,&)1&*!()! 1%&! 43//&)1! 4%521&/! /&,381,! '/-:! 1%&! '541! 1%51! 0&/=! '&6!
)-)P%-:-/+5)(4!15/+&1,!5/&!,&8&41&*!()!1%&,&!&5/8=!,&,,(-),!5)*;!&0&)!1%-3+%!1%&=!5/&!
/&)*&/&*! 5443/51&8=! :-,1! -'! 1%&! 1(:&,;! 1%&=! /&2/&,&)1! 5! 0&/=! 8-6! 2&/4&)15+&! ()! 1%&!
-0&/588! )3:.&/! -'! 2/-*341(-),! ()! &54%! ,&,,(-)<! $%(,! (,,3&! 6(88! .&! '3/1%&/! &V28-/&*! ()!
,&41(-)!S<@!?,&&!RzC<!
WV4&21!'-/!D]5.jE-/G;!1%&/&!5/&!0&/=!'&6!511&:21&*!DE7-INE7-IG!4-:.()51(-),!()!
n-v->,!*515;!5,!,%-6)!()!522&)*(V!_<!R1!,&&:,!1%51!1%(,!4%(8*!(,!()!5)!()1&/:&*(51&!2&/(-*;!
6%&/&!DE7-IFE7-IG!(,!,1(88!2/&*-:()5)1;!.31!DE7-INE7-IG!*&0&8-2:&)1!%5,!58/&5*=!,15/1&*<!
!
$-! ,3:! 32;! )-)P%5/:-)(4! 2511&/),! 6(1%! ]5.(58! 5)*H-/! e-/,58! ()! 6-/*P()(1(58!
2-,(1(-)! 5/&! 5:-)+,1! 1%&! '(/,1! 1-! .&! 54L3(/&*! ?D]5.jE-/G;! De-/jE-/GC! 54/-,,! 4%(8*/&);!
6%&/&5,!1%&!2511&/),!1%51!4-)15()!1%&,&!16-!'&513/&,!()!EU!5/&!5:-)+!1%&!85,1!1-!*&0&8-2!
!
"SA!
?DE-/je-/G;! De-/j]5.GC<! $%(,! :&5),! 1%51! 1%&! 522&5/5)4&! -'! 5! 2854&! '&513/&! ()! 5! +(0&)!
2-,(1(-)!*-&,!)-1!)&4&,,5/(8=!4-P-443/!6(1%!1%&!522&5/5)4&!-'!1%51!,5:&!'&513/&!()!1%&!
-1%&/! 2-,(1(-)! ()! 1%&! 6-/*;! ()! 5! )-)P%-:-/+5)(4! ,&L3&)4&<! $%(,! (,,3&! 6(88! .&! '3/1%&/!
&V28-/&*!()!1%&!)&V1!,&41(-)<!!
!
!
););A(\',&'(/2(#9=8:6:%:/1]($&'(^/',($/6:%:/1(
!
$%&! 43//&)1! ,&41(-)! *&,4/(.&,! 1%&! -/*&/! -'! 54L3(,(1(-)! -'! &54%! 7-I! '&513/&! ()!
6-/*P()(1(58!?E"C!5)*!()!()1&/0-458(4!2-,(1(-)!?EUC<!$%&!15.8&!+(0&)!()!?"KJC!*(,285=,!1%&!
5+&!()!6%(4%!&54%!'&513/&!522&5/,!?,=,1&:51(4588=CJA!()!&54%!2-,(1(-);!54/-,,!4%(8*/&)<!!
!
&'@A* #c91!9#36#$7J8.:.".3/#36#!$70#4%$7!#6!$"89!?#4!9#G391U43:.".3/#
!
]5.(58!
E-/-)58!
e-/,58!
R)u,!
E"!
EU!
n-5)5!
E"!
EU!
]3:5!
E"!
EU!
E85/5!
E"!
EU!
n-v-!
E"!
"^@!
"^"A!
U^A!
U^X!
U^J!
U^S!
"^S!
"^K!
"^Z!
EU!
PPP!
E"!
EU!
E"!
EU!
E"!
EU!
"^"A!
"^@!!
!U^U!
U^A!!
!U^S!
U^#!!
E"!
"^K!
EU!
"^S!
E"!
PPP!
EU!
"^Z!
E"!
EU!
E"!
EU!
E"!
EU!
E"!
"^@!!!
U^A!
!!U^A!
PPP!
U^#!!!
U^J!
"^@!
EU!
PPP!
E"!
PPP!
EU!
PPP!
!
I,!,%-6)!5.-0&;!1%&/&!(,!5)!(:2-/15)1!*(''&/&)4&!.&16&&)!]5.(58!5)*!e-/,58;!-)!
1%&!-)&!%5)*;!5)*!E-/-)58!-)!1%&!-1%&/M!E-/-)58!(,!54L3(/&*!'(/,1!()!EU;!6%(8&!]5.(58!5)*!
e-/,58!5/&!2/&*-:()5)18=!54L3(/&*!'(/,1!()!E"<!k-1&!1%51;!()!E85/5>,!5)*!n-v->,!*515;!6&!
4-38*! )-1! -.,&/0&! 5)! -/*&/! -'! 54L3(,(1(-)! '-/! 1%&! 1%/&&! '&513/&,! ()! 1%&! 16-! 6-/*P
2-,(1(-),^! ()! E85/5>,! 73948:;! 1%&/&! 5/&! )-! 4-:.()51(-),! 6(1%! e-/,58! ()! EU! 3)1(8! 1%&! 85,1!
,&,,(-)! 5)58=Q&*<! I,! '-/! n-v-;! 1%&/&! (,! )-! *515! 505(85.8&! -)! 1%&! 5+&! -'! 54L3(,(1(-)! -'!
]5.(58!()!EU;!E-/-)58!()!E";!)-/!'-/!e-/,58!()!5)=!-'!1%&!16-!2-,(1(-),<!$%&!+&)&/58!1/&)*,!
-.,&/0&*!5/&!1%&!'-88-6()+M!
!
•
]5.(58!5)*!e-/,58!5/&!54L3(/&*!'(/,1!()!E"^!
•
E-/-)58!(,!54L3(/&*!'(/,1!()!EU<!
!
$%&! 2-,(1(-)58! 5,=::&1/(&,! -.,&/0&*! 5.-0&! 5/&! /&'8&41&*! ()! 1%&! '541! 1%51;! 5,! 5!
'(/,1!,1&2!()!1%&!*&0&8-2:&)1!-'!)-)P%-:-/+5)(4!2511&/),;!4%(8*/&)!5/&!5.8&!1-!2/-*34&!
,-:&! DE7-INE7-IG! 4-:.()51(-),;! .31! )-1! -1%&/,<! [-/! (),15)4&;! 4%(8*/&)! ,15/1! 2/-*34()+!
D]5.jE-/G!2511&/),!?,&&!?"KSC;!.&8-6^!&V5:28&,!?5C;!?4C!5)*!?&CC;!.31;!51!1%51!,5:&!1(:&;!
1%&=!&(1%&/!50-(*!DE-/j]5.G!15/+&1,!-/!/&)*&/!1%&:!()!581&/)51(0&!65=,!?&V5:28&,!?.C;!
?*C!5)*!?'C;!.&8-6C<!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
JA!k-!8&,,!1%5)!16(4&!()!-)&!:-)1%!5)*!51!8&5,1!-)4&!()!1%&!16-!'-88-6()+!:-)1%,<!
!
"S"!
&'@W* #Y3:.".3/$%#$:T55!"9.!:#./#70.%19!/E:#493187".3/:<#K>$SdL39P#S8"#/3"#KL39VVV>$SP#
!
?5C!
E%(8*!
R)u,!
I+&!
"^@<U!
f/1%-+/!
2&)1&!
_8-,,!
4-:.!
$5/+&1!
/!pe2t4/
f31231!
[!p5it,]
7/-*341(-)!2511&/),!
H]5.jE-/H!!!!oo!
D]5.jE-/G!
?.C!
R)u,!
"^@<U!
15:25!
4-0&/!
U^J<""!
25,,5!
?%&C!25,,&,!
[!pat,]
D]5.jE-/G!
]3:5!
/!t,2p,/
HE-/j]5.H!!!!oo!!
?4C!
]3:5!
U^J<""!
,52-!
'/-+!
[!pas,]
D]5.jE-/G!
?*C!
/!pas,/
H]5.jE-/H!!!!oo!
/!sapu/
[!fapu]
HE-/j]5.H!!!!oo!!
D]5.j]5.G!
?&C!
n-v-!
U^A<X!
2-/15!
*--/!
U^A<X!
15:25!
4-0&/!
[!pot,]
D]5.jE-/G!
n-v-!
/!p"0t,/
H]5.jE-/H!!!!oo!
?'C!
/!t,2p,/
[!pap,]
HE-/j]5.H!!!!oo!!
D]5.j]5.G!
!
I1! 1%&! ,15+&! -'! *&0&8-2:&)1! (883,1/51&*! 5.-0&;! 6%&/&! D]5.jE-/G! (,! -.,&/0&*! ()!
4%(8*/&)>,! 2/-*341(-),! .31! DE-/j]5.G! (,! )-1;! 6&! 45)! 5,,3:&! 1%51;! ()! )-)P%-:-/+5)(4!
'-/:,;!]5.(58!(,!,1(88!)-1!54L3(/&*!()!EU!5)*!E-/-)58!(,!)-1!54L3(/&*!()!E"<!!
k-1&;!%-6&0&/;!1%51;!6(1%()!1%&!,5:&!1(:&!'/5:&!?-/!&5/8(&/C!]5.(58!5)*!E-/-)58!
5/&! .&()+! 5443/51&8=! 2/-*34&*! .-1%! ()! E"! 5)*! ()! EU;! ()! DEFEG! '-/:,;! 5,! (883,1/51&*! ()!
?"KXC<!
&'@(* #N7789$"!#493187".3/:#36#>$S.$%#$/1#L393/$%#./#L'#$/1#LI#Z#03539,$/.7#4$""!9/:#
!
?5C!
E%(8*!
R)u,!
I+&!
"^@<U!
f/1%-+/<!
.&.c!
_8-,,!
.5.=!
?.C!
R)u,!
"^@<U!
*&,1&!
'/-:!1%(,!-)&!
?4C!
]3:5!
U^#<UX!
25/0-!
,(88=!
?*C!
]3:5!
U^#<UX!
,395!
*(/1=!
?&C!
n-v-!
"^Z<UA!
252{!
*5**=!
n-v-!
"^Z<UA!
k5158!
E%/(,1:5,!
?'C!
$5/+&1!
/b&!b&/
f31231!
[b&!b&]
7/-*341(-)!!
D]5.j]5.G!
/!de1t4/
[!det-i]
/!pa0vu/
[!pavu]
D]5.j]5.G!
/!su/,/
[suz,]
DE-/jE-/G!
/p,!pa/
[pa!pa]
/n,!ta6/
[ta!t,]
DE-/jE-/G!
D]5.j]5.G!
DE-/jE-/G!
!
R)!'541;!.=!1%&!1(:&!1%&!'(/,1!5443/51&!DE7-INE7-IG!2511&/),!522&5/!()!-31231!'-/:,;!
588! 4%(8*/&)! 5/&! 58/&5*=! 2/-*34()+! 1%&! 1%/&&! :5()! 7-I! '&513/&,! ()! DEFEG! '-/:,! ?&V4&21!
'-/! e-/,58;! ()! n-v->,! *515C<! $%3,;! 1%&! 2-,(1(-)58! 5,=::&1/(&,! -.,&/0&*! %&/&! ,&&:! 1-! .&!
/&851&*!1-!)-)P%-:-/+5)(4!,&L3&)4&,<!!
d&! 6(88! /&43/! 1-! 5! *&15(8&*! 5)58=,(,! -'! 1%&! 581&/)51(0&! 2/-*341(-)! ,1/51&+(&,!
4%(8*/&);!6%&)!4-2()+!6(1%!2-,(1(-)58!5,=::&1/(&,!()!DENEG!'-/:,!()!4%521&/!X<!
d&! 6(88! )-6! 13/)! 1-! 1%&! 5)58=,(,! -'! 1%&! 54L3(,(1(-)! -'! 2854&! 4-)1/5,1,! ()!
DE7-INE7-IG!'-/:,<!!
););B(+"&(#9=8:6:%:/1(/2($.#9&(9/1%'#6%6(
!
I,!58/&5*=!:&)1(-)&*!()!,&41(-)!S<"<U;!5!2854&!'&513/&!:5=!.&!54L3(/&*!()!5!+(0&)!
2-,(1(-)! 6%(8&! (1! (,! )-1! 3,&*! 4-)1/5,1(0&8=<! [-/! (),15)4&;! ('! 5! 4%(8*! 2/-*34&,! -)8=!
D]5.jE-/G! 5)*! De-/jE-/G! 51! 5! +(0&)! ,15+&;! E-/-)58! (,! )-1! 3,&*! 4-)1/5,1(0&8=! ()! EU!
2-,(1(-);!,()4&!(1!(,!1%&!-)8=!7-I!1%51!-443/,!51!1%51!2-,(1(-)<!f)!1%&!-1%&/!%5)*;!]5.(58!
5)*! e-/,58! 5/&! 58/&5*=! 4-)1/5,1(0&! ()! 6-/*P()(1(58! 2-,(1(-);! 51! 1%51! ,5:&! ,15+&<! $%&!
L3&,1(-)! 6&! 65)1! 1-! 5**/&,,! ()! 1%(,! ,&41(-)! (,! %-6! 2854&! 4-)1/5,1,! *&0&8-2! ()! )-)P
%-:-/+5)(4!2511&/),<!!
!
"SU!
`5,&*! -)! 1%&! 1%/&&! :59-/! 2854&! '&513/&,;! 1%/&&! 2854&! '&513/&! 4-)1/5,1,! 6(88! .&!
-.,&/0&*<!$%&,&!5/&!,3::5/(Q&*!()!?"KZC<!
&'@C* #Y%$7!#6!$"89!#73/"9$:":#$/$%TF!1?#4!9#G391U43:.".3/#
5C!E-)1/5,1!.&16&&)!]5.(58!5)*!e-/,58!?]5.He-/C!
.C!E-)1/5,1!.&16&&)!]5.(58!5)*!E-/-)58!?]5.HE-/C!
4C!E-)1/5,1!.&16&&)!e-/,58!5)*!E-/-)58!?e-/HE-/C!
T()4&! n-v-! 54L3(/&*! -)8=! 5! ,()+8&! 4-:.()51(-)! ()! 1%&! 2&/(-*! -'! /&4-/*()+;! )-!
()'-/:51(-)!-)!1%&!*&0&8-2:&)1!-'!4-)1/5,1,!45)!.&!*&/(0&*!'/-:!1%(,!4%(8*>,!73948:!?,&&!
I22&)*(V!_C<!$%&!5)58=,(,!6(88!1%&/&'-/&!.&!.5,&*!-)!1%&!*515!-'!1%&!-1%&/!J!4%(8*/&)<!!
$hW!IEqrRTR$Rfk!f[!$hW![RgT$!7]IEW!Efk$gIT$T!
R)!?"K@C;!6&!2/-0(*&!5!,3::5/=!-'!1%&!-/*&/!-'!54L3(,(1(-)!-'!)-)P%-:-/+5)(4!
2511&/),!()!&54%!4%(8*>,!73948:<!!
&'@)* #c91!9#36#$7J8.:.".3/#36#4%$7!#G391U4$""!9/:#&:855$9T*#
!
!
!
!
!
!
`5,&*!-)!1%&!4%/-)-8-+=!-'!54L3(,(1(-)!-'!)-)P%-:-/+5)(4!2511&/),!+(0&)!5.-0&;!
6&!(*&)1('(&*!1%&!-/*&/!-'!54L3(,(1(-)!-'!2854&!4-)1/5,1,;!2&/!2-,(1(-)<!!
[-43,()+! -)! 1%&! '(/,1! 2854&! 4-)1/5,1,! 54L3(/&*;! 6&! 45)! ,&&! 1%51! R)u,! ,15/1,! .=!
54L3(/()+! 1%&! 4-)1/5,1! ]5.He-/;! ()! E";! 51! 1%&! 5+&! -'! "^@;! 6(1%! 1%&! 522&5/5)4&! -'!
D]5.jE-/G! 5)*! De-/jE-/G! -31231! '-/:,<! ! I,! '-/! n-5)5;! ,%&! 54L3(/&,! %&/! '(/,1! 2854&!
4-)1/5,1,! 51! U^UM! ]5.HE-/! 5)*! ]5.He-/;! ()! E"! 5)*! e-/HE-/;! ()! EU<! I1! 1%(,! 5+&;! n-5)5! (,!
58/&5*=! 2/-*34()+! D]5.<<<E-/G;! DE-/je-/G! 5)*! De-/jE-/G<! ]3:5! 54L3(/&,! %&/! '(/,1! 16-!
2854&!4-)1/5,1,!51!U^JM!e-/H]5.;!()!E"!5)*!e-/HE-/!()!EU<!I,!'-/!E85/5;!,%&!54L3(/&,!%&/!
'(/,1! %-:-/+5)(4! 2511&/)! 51! "^S;! D]5.jE-/G<! R1! (,;! %-6&0&/;! -)8=! 51! "^@! 1%51! 1%(,! 4%(8*!
54L3(/&,! %&/! '(/,1! 2854&! 4-)1/5,1! ()! ! DENEG! 2511&/),;! 6(1%! 1%&! 522&5/5)4&! -'! De-/jE-/G<!
d&!5,,3:&;!1%&);!1%51!1%&!4-)1/5,1!]5.He-/!(,!54L3(/&*!()!E";!51!"^@;!()!E85/5>,!*515<!
fgeWg!f[!IEqrRTR$Rfk!f[!7]IEW!Efk$gIT$T!7Wg!dfgeP7fTR$Rfk!
R)!?"KKC;!6&!(*&)1('=!1%&!5+&!51!6%(4%!&54%!2854&!4-)1/5,1!(,!54L3(/&*!()!E"!5)*!
()!EU;!2&/!4%(8*<!k-1&!1%51;!()!E85/5>,!73948:;!,-:&!4-)1/5,1,!6&/&!-)8=!(*&)1('(&*!()!E"<!!
!
"S#!
&'@@* #c91!9#39#$7J8.:.".3/#36#4%$7!#6!$"89!#73/"9$:":#./#KLOLP#6395:?#./#L'#$/1#LI#
!
R)u,!
n-5)5!
]3:5!
E85/5!
]5.He-/!
E"!!!!!!!! EU!
"^@!!!!! U^A!
E"!!!!!!! EU!
U^U!!!!!!!!U^X!
E"!!!!!! EU!
U^J!!!!!! U^S!
E"!
EU!
"^@! PPP!
]5.HE-/!
E"!
EU!
"^"A!! "^"A!
E"!!!!!!! EU!
U^U!!!!!!! U^X!
E"!!!!!!! EU!
U^S! U^S!
E"!
EU!
"^K! "^K!
e-/HE-/!
E"!!!!!!! EU!
"^"A!!!!!!!!!!
U^A!
E"!!!!!!! EU!
U^U!
U^U!
E"!
EU!
U^S!!!!!!!!!!!!
U^J!!
E"!
EU!
"^K!
PPP!
!
d&! 45)! ,&&! 1%51! 1%&! 4-)1/5,1! .&16&&)! ]5.(58! 5)*! e-/,58! (,! 54L3(/&*! ()! 5! '(V&*!
-/*&/M!'(/,1!()!E"!5)*!-)8=!851&/!()!EU!?()!E85/5>,!73948:;!-)8=!1%&!*515!-)!1%&!54L3(,(1(-)!
()!E"!(,!505(85.8&C<!I,!'-/!1%&!4-)1/5,1!]5.HE-/;!(1!:-,1!-'1&)!522&5/,!()!.-1%!2-,(1(-),!
,(:3815)&-3,8=!?()!1%&!*515!-'!R)u,;!]3:5!5)*!E85/5C<!R)!n-5)5>,!73948:;!]5.HE-/!522&5/,!
'(/,1!()!E"!5)*!5'1&/65/*,!()!EU<!Y-/&!05/(51(-)!65,!-.,&/0&*!/&+5/*()+!1%&!54L3(,(1(-)!
-'!1%&!4-)1/5,1!e-/HE-/M!(1!:5=!522&5/!'(/,1!()!E"!?R)u,;!E85/5C;!()!.-1%!2-,(1(-),!51!1%&!
,5:&!1(:&!?n-5)5C!-/!'(/,1!()!EU!5)*!851&/!()!E"!?]3:5C<!!
d&!6(88!)-6!'-43,!-)!1%&!54L3(,(1(-)!-'!2854&!4-)1/5,1,!6(1%()!&54%!2-,(1(-)<!
!
!
!
!
!
fgeWg!f[!IEqrRTR$Rfk!f[!7]IEW!Efk$gIT$T;!dR$hRk!WIEh!dfgeP7fTR$Rfk!?E"^!EUC!
R)! ?UAAC;! 6&! 2/-0(*&! 1%&! -/*&/! -'! 54L3(,(1(-)! -'! 2854&! 4-)1/5,1,! 6(1%()! 1%&! 6-/*P
()(1(58!2-,(1(-)<!
!
&IDD* #c91!9#36#$7J8.:.".3/#36#4%$7!#73/"9$:":#./#L'#
E"!
R)u,!
n-5)5!
]3:5!
E85/5!
]5.He-/!!
"^@!
U^U!
U^J!
"^@!!!
]5.HE-/!
"^"A!
U^U!
U^S!
"^K!
e-/HE-/!!
"^"A!
U^U!
U^S!
"^K!
!
d&!45)!,&&!1%51;!()!6-/*P()(1(58!2-,(1(-);!1%/&&!-'!1%&!'-3/!4%(8*/&)!,13*(&*!()!1%(,!
,&41(-)!54L3(/&!1%&!4-)1/5,1!]5.He-/!.&'-/&!1%&!-1%&/!16-!4-)1/5,1,<!R)!n-5)5>,!*515;!588!
4-)1/5,1,!522&5/!51!1%&!,5:&!1(:&;!51!U^U<J"!
$%&!-/*&/!-'!54L3(,(1(-)!-'!2854&!4-)1/5,1,!()!EU!(,!,3::5/(Q&*!()!?UA"C<!
!
!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
J"!f'!4-3/,&;!6&!4-38*!%50&!:(,,&*!5)!-/*&/!-443//()+!()P.&16&&)!/&4-/*()+!,&,,(-),<!
!
"SJ!
&ID'* c91!9#36#$7J8.:.".3/#36#4%$7!#73/"9$:":#./#LI#
!
EU!
R)u,!
E85/5!
]5.HE-/!!
"^"A!!
"^K!!
]5.He-/!
U^A!
!
EU!
n-5)5!
]3:5!
e-/HE-/!!
U^U!!
U^J!!
]5.He-/!
U^X!
U^S!
e-/HE-/!!
U^A!
!
!
]5.HE-/!!!
U^X!
U^S!
!
E-)1/5/=!1-!6%51!%5,!.&&)!-.,&/0&*!()!1%&!*&0&8-2:&)1!51!E";!]5.He-/!(,!-)&!-'!
1%&! 85,1! 4-)1/5,1,! 1-! .&! 54L3(/&*! ()! EU<! $%&! '(/,1! 4-)1/5,1,! 54L3(/&*! ()! EU! 5/&! 1%&! -)&,!
1%51!()0-80&!E-/-)58;!)5:&8=!]5.HE-/!-/!e-/HE-/<!
!
!
Rk$WgRY!TrYYIg|!m!7]IEW!Efk$gIT$T!
d&!6(88!)-6!2/-4&&*!1-!5!,4%&:51(Q&*!,3::5/=!-'!1%&!:5()!'()*()+,!/&+5/*()+!1%&!
*&0&8-2:&)1!-'!2854&!4-)1/5,1,<!
•
I,! '-/! 1%&! 6-/*P2-,(1(-)! 6%&/&! 4%(8*/&)! 54L3(/&! 1%&(/! '(/,1! 4-)1/5,1,;! R)u,! 5)*!
E85/5! ()1/-*34&! 4-)1/5,1,! ()! E";! 6%(8&! n-5)5! 5)*! ]3:5! ()1/-*34&! 4-)1/5,1,! ()!
.-1%! E"! 5)*! EU! 51! 1%&! ,5:&! 1(:&<! d%51! )&0&/! -443/,! (,! 1%&! ()1/-*341(-)! -'! 5!
4-)1/5,1!()!EU!.&'-/&!51!8&5,1!-)&!4-)1/5,1!%5,!.&&)!54L3(/&*!()!E"<!!
!
•
g&+5/*()+!1%&!-/*&/!-'!54L3(,(1(-)!2&/!2-,(1(-);!1%&!4-)1/5,1!]5.He-/!(,!54L3(/&*!
()!1%&!-/*&/!E"ooEU<!Y-/&!05/(51(-)!(,!'-3)*!()!1%&!54L3(,(1(-)!-'!1%&!16-!2854&!
4-)1/5,1,!1%51!()0-80&!E-/-)58<!
!
•
I,! '-/! 1%&! -/*&/! -'! 54L3(,(1(-)! 6(1%()! &54%! 2-,(1(-);! ]5.He-/! (,! 1%&! '(/,1! 1-!
522&5/!()!E";!'-88-6&*!.=!1%&!-1%&/!16-!4-)1/5,1,<!f)!1%&!4-)1/5/=;!1%&!4-)1/5,1,!
1%51!()0-80&!4-/-)58,!5/&!1%&!'(/,1!1-!522&5/!()!EU<!!
!
T-!'5/;!6&!%50&!,&&)!1%51!DE7-INE7-IG!4-:.()51(-),!5/&!54L3(/&*!+/5*3588=;!,()4&!
,-:&!'&513/&,!5)*!4-)1/5,1,!1&)*!1-!.&!54L3(/&*!()!-)&!2-,(1(-)!.&'-/&!.&()+!54L3(/&*!()!
1%&!-1%&/!2-,(1(-)<!!$%&!L3&,1(-)!1%51!5/(,&,!)-6!(,!('!1%&/&!(,!5)=!/&851(-)!.&16&&)!E"!
5)*! EU;! *3/()+! 1%&! 2/-4&,,! -'! *&0&8-2:&)1<! $%51! (,;! *-&,! 1%&! 2/&,&)4&! -'! 5! 4&/15()!
'&513/&!()!-)&!2-,(1(-)!2/&*(41!6%(4%!'&513/&!45)!522&5/!()!1%&!-1%&/!2-,(1(-)O!d&!6(88!
'-43,!-)!1%(,!(,,3&!()!1%&!)&V1!,&41(-)<!
!
!
!
!
!
!
!
!
!
"SS!
););F(?&.#%:/1(>&%^&&1(!<(#1,(!A(
!
R)! 1%(,! ,&41(-);! 6&! &V28-/&! 1%&! /&851(-)! .&16&&)! 1%&! 7-I! -'! E"! 5)*! 1%&! 7-I! -'! EU;!
1%/-3+%-31! 1%&! 2/-4&,,! -'! *&0&8-2:&)1! -'! DE7-INE7-IG! 2511&/),<! ! d%&)! 5! +(0&)! 7-I! (,!
54L3(/&*!()!5!25/1(4385/!6-/*P2-,(1(-);!*-&,!(1!4-:.()&!(::&*(51&8=!6(1%!588!-1%&/!7-I!
'&513/&,!()!1%&!-1%&/!2-,(1(-)O![-/!(),15)4&;!1%&/&!5/&!16-!*(,=885.(4!DENEG!4-:.()51(-),!
4-)15()()+!]5.(58!()!E"M!D]5.jE-/G!5)*!D]5.je-/G^!*-!1%&=!522&5/!51!1%&!,5:&!1(:&O!R'!
)-1;!*-&,!1%&!1(:&!85+!.&16&&)!1%&!54L3(,(1(-)!-'!-)&!2511&/)!5)*!1%&!54L3(,(1(-)!-'!1%&!
-1%&/!/&,381!'/-:!1%&!851&!*&0&8-2:&)1!-'!-)&!-'!1%&!'&513/&,!()!5!+(0&)!2-,(1(-)!-/!(,!1%&!
1(:&!85+!1%&!/&,381!-'!4-:.()51-/(58!/&,1/(41(-),O!!
$%&!15.8&!+(0&)!()!?UAUC!*(,285=,!1%&!5+&!51!6%(4%!DE7-INE7-IG!2511&/),!6(1%!5!+(0&)!
7-I! ()! E"! 4-:.()&! 6(1%! 1%&! -1%&/! 16-! 7-I! '&513/&,! ()! EU;! 2&/! 4%(8*<! R)! ?UAU<5C! 5)*!
?UAU<.C;!6&!2/-0(*&!1%&!-/*&/!-'!54L3(,(1(-)!-'!&54%!7-I!()!E"!5)*!()!EU;!/&,2&41(0&8=!?()!
DENEG!'-/:,C<!
!
E"!]5.!
(
E"!E-/!
(
E"!e-/!
(
&IDI* ^!%$".3/#S!"G!!/#L'#$/1#LI######
!
(
D]5.jE-/G?"^@C!!ooD]5.je-/G?U^AC!
D]5.jE-/G?U^AC!ooD]5.je-/G!?U^XC!
D]5.jE-/GHD]5.je-/G?U^JC!
D]5.jE-/G?"^SC!
D]5.jE-/G?"^ZC!
(
DE-/j]5.G?"^"ACooDE-/je-/G?U^"C!
DE-/je-/G?U^UC!!ooDE-/j]5.G?U^XC!
DE-/je-/GHDE-/j]5.G?U^SC!
DE-/j]5.G?"^KC!
(
De-/jE-/G?"^@CooDe-/j]5.G?"^"AC!
De-/jE-/G?U^UCooDe-/j]5.G!?U^@C!
De-/jE-/G?U^#CooDe-/j]5.G!?U^XC!
(
R)u,!
n-5)5!
]3:5!
E85/5!
n-v-!
(
R)u,!
n-5)5!
]3:5!
E85/5!
(
R)u,!
n-5)5!
]3:5!
De-/jE-/G?"^@C!
E85/5!
?UAU<5C!N,!#36#$7J8.:.".3/#./#L'#Z#KLOLP!
!
E"!
R)u,!
n-5)5!
]3:5!
E85/5!
n-v-!
!]5.(58!
"^@!
U^A!
U^J!
"^S!
"^Z!
!E-/-)58!
"^"A!
U^U!
U^S!
"^K!
yyyy!
e-/,58!
"^@!
U^U!
U^#!
"^@!
yyyy!
!
?UAU<.C!N,!#36#$7J8.:.".3/#./#LI#U#KLOLP!
!
!
EU!
R)u,!
n-5)5!
]3:5!
E85/5!
n-v-!
]5.(58!
"^"A!
U^X!
U^S!
"^K!
yyyy!
!E-/-)58!
"^@!
U^A!
U^#!
"^S!
"^Z!
e-/,58!
U^A!
U^U!
U^J!
yyyy!
yyyy!
!
I,! ,%-6)! ()! ! ?UAUC;! 6%&)! ]5.(58! (,! 54L3(/&*! ()! E";! (1! 4-:.()&,! '(/,1! 6(1%! 5!
E-/-)58! ()! EU! 5)*! -)8=! 851&/! 6(1%! 5! e-/,58! ?D]5.jE-/GooD]5.j<e-/GC<! $%(,! 2511&/)!
-443/,! ()! 1%&! *515! -'! J! 4%(8*/&)^! 1%&! &V4&21(-)! (,! ]3:5;! 6%-! 54L3(/&,! .-1%! D]5.jE-/G!
5)*!D]5.je-/G!()!1%&!,5:&!,&,,(-);!51!U^J<JU!h-6&0&/;!)-1&!1%51!&0&)!1%-3+%!e-/,58!:5=!
522&5/! 51! 1%&! ,5:&! 1(:&! 5,! E-/-)58! ()! EU;! 1%&! /&0&/,&! 2511&/);! 6%&/&! E"! ]5.(58! (,!
4-:.()&*!'(/,1!6(1%!5!EU!e-/,58!5)*!-)8=!851&/!6(1%!5!EU!E-/-)58;!)&0&/!-443/,<!!
I! 2511&/)! ,(:(85/! 1-! 1%&! -)&! -.,&/0&*! 6%&)! ]5.(58! (,! ()! E"! 65,! '-3)*! 6%&)!
e-/,58! (,! 54L3(/&*! ()! E"M! (1! (,! '(/,1! 4-:.()&*! 6(1%! E-/-)58! ()! EU! 5)*! -)8=! 851&/! 6(1%!
]5.(58MJ#!
De-/jE-/GooDe-/j]5.G<!
$%&!
/&0&/,&!
2511&/)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
JU!f'!4-3/,&;!5!+/5*358!*&0&8-2:&)1!:5=!,1(88!%50&!15\&)!2854&;!()P.&16&&)!/&4-/*()+,<!
J#!k-!*515!-)!e-/,58!()!n-v->,!73948:<!
!
"SX!
)&0&/!
-443/,M!
lDe-/j]5.GooDe-/jE-/G<!$%3,;!1%&/&!(,!5!2/&'&/&)4&!'-/!E-/-)58!()!EU;!6%&)!]5.(58!-/!
e-/,58!(,!2/&,&)1!()!E"<!!
I,!'-/!E-/-)58!()!E";!)-!48&5/!2511&/)!(,!'-3)*M!(1!45)!522&5/!'(/,1!()!4-:.()51(-)!
6(1%!&(1%&/!EU!]5.(58;!-/!6(1%!5!EU!e-/,58;!-/!.-1%!4-:.()51(-),!5/&!2-,,(.8&!51!1%&!,5:&!
1(:&<!
d&! 6(88! )-6! 8--\! 51! 1%&! *515! '/-:! 1%&! 2&/,2&41(0&! -'! 54L3(,(1(-)! ()! EU^! 1%&! 15.8&!
2/&,&)1&*! ()! ?UA#C! ,%-6,! 1%&! -/*&/! .=! 6%(4%! 5! +(0&)! 7-I! '&513/&! 54L3(/&*! ()! EU!
4-:.()&,!6(1%!5!*(''&/&)1!7-I!()!E"<!$%&!5+&!-'!54L3(,(1(-)!-'!&54%!7-I!()!DENEG!'-/:,;!
2&/!2-,(1(-)!(,!/&2&51&*!()!15.8&,!?UA#<5C!5)*!?UA#<.C<!
!
&IDQ* ^!%$".3/#S!"G!!/#LI#$/1#L'#
EU!]5.!
(
EU!!E-/!
(
!
EU!!e-/!
!e-/!
(
(
DE-/j]5.GHDe-/j]5.G?"^"AC!
DE-/j]5.G?U^XC!!oo!De-/j]5.G?U^@C!
DE-/j]5.G?U^SC!!oo!De-/j]5.G?U^XC!
DE-/j]5.G?"^KC!
(
D]5.jE-/GHDe-/jE-/G!?"^@C!
D]5.jE-/G?U^AC!ooDe-/jE-/G?U^UC!
De-/jE-/G?U^#C!ooD]5.jE-/G?U^JC!
D]5.jE-/G?"^SC!oo!De-/jE-/G?"^@C!
D]5.jE-/G!?"^ZC!
(
D]5.je-/G?U^AC!oo!DE-/je-/G?U^"C!
DE-/je-/G?U^UC!oo!D]5.je-/G?U^XC!
D]5.je-/G?U^JC!oo!D]5.jE-/G?U^SC!
!
(
R)u,!
n-5)5!
]3:5!
E85/5!
(
R)u,!
n-5)5!
]3:5!
E85/5!
n-v-!
(
R)u,!
n-5)5!
]3:5!
&IDQV$*#N,!#36#$7J8.:.".3/#./#L'#Z#KLOLP#
E"!
R)u,!
n-5)5!
]3:5!
E85/5!
n-v-!
!]5.(58!
"^@!
U^A!
U^J!
"^S!
"^Z!
E-/-)58!
"^"A!
U^U!
U^S!
"^K!
yyyy!
e-/,58!
"^@!
U^U!
U^#!
"^@!
yyyy!
!
&IDQVS*#N,!#36#$7J8.:.".3/#./#LI#Z#KLOLP#
!
EU!
R)u,!
n-5)5!
]3:5!
E85/5!
n-v-!
!]5.(58!
"^"A!
U^X!
U^S!
"^K!
yyyy!
E-/-)58!
"^@!
U^A!
U^#!
"^S!
"^Z!
e-/,58!
U^A!
U^U!
U^J!
yyyy!
yyyy!
$5.8&!?UA#C!,%-6,!1%51!'-/!1%/&&!-'!1%&!4%(8*/&);!6%&)!]5.(58!(,!54L3(/&*!()!EU;!(1!(,!
2/&'&/5.8=!4-:.()&*!'(/,1!6(1%!5!E-/-)58!()!E"!5)*!-)8=!851&/!6(1%!5!e-/,58^!()!R)u,>!*515;!
(1!4-:.()&,!6(1%!.-1%!7-I!'&513/&,!51!1%&!,5:&!1(:&<!!
I,!'-/!e-/,58;!6%&)!(1!522&5/,!()!EU;!(1!(,!'(/,1!4-:.()&*!6(1%!5!]5.(58!()!E";!()!1%&!
*515! -'! 16-! 4%(8*/&)! ?R)u,;! ]3:5C;! -/! 6(1%! 5! E-/-)58! ()! E"! ?n-5)5C<! $%&/&! (,! )-! *515!
505(85.8&!'-/!1%&!54L3(,(1(-)!-'!e-/,58!()!EU!()!1%&!*515!-'!E85/5!5)*!n-v-<!
d%&)! E-/-)58! (,! 54L3(/&*! ()! EU;! (1! (,! 2/&'&/5.8=! 4-:.()&*! 6(1%! 5! E"! ]5.(58! ?588!
4%(8*/&);! &V4&21! '-/! R)u,! 5)*! ]3:5C^! %-6&0&/;! .-1%! 1%&! /&0&/,&! 2511&/);!
De-/jE-/GooD]5.jE-/G! ?]3:5C;! 5)*! 1%&! ,(:3815)&-3,! 54L3(,(1(-)! -'! .-1%! 2511&/),!
?R)u,C!65,!58,-!511&,1&*<!
!
R)!,3:;!5!2/&*-:()5)1!2511&/)!65,!-.,&/0&*!()!1%&!&:&/+&)4&!-'!]5.(58!5)*!e-/,58!
()! E"M! 1%&=! 5/&! '(/,1! 4-:.()&*! 6(1%! 5! E-/-)58! ()! EU<! Y34%! :-/&! 05/(51(-)! 65,! '-3)*!
6%&)! '&513/&,! '(/,1! 522&5/&*! ()! EUM! ]5.(58! 1&)*,! 1-! 4-:.()&! '(/,1! 6(1%! 5! E-/-)58;! .31!
e-/,58!45)!4-:.()&!'(/,1!6(1%!5!E-/-)58;!5!]5.(58!-/!6(1%!.-1%!,(:3815)&-3,8=<!i5/(51(-)!
65,!58,-!-.,&/0&*!()!1%&!&:&/+&)4&!-'!E-/-)58;!()!&(1%&/!-'!1%&!6-/*P2-,(1(-),<!!
!
!
"SZ!
R'! 6&! 4-:25/&! 1%&! -/*&/! -'! 54L3(,(1(-)! -'! 1%&! 7-I! 4-:.()51(-),! ?,&&! ?UAUC! 5)*!
?UA#CC!1-!1%&!5+&!51!6%(4%!&54%!7-I!(,!54L3(/&*!2&/!2-,(1(-)!?,&&!?UAU<5P.C!5)*!?UA#<5P
.CC! 6&! 45)! ,&&! 1%51;! ()! 1%&! :59-/(1=! -'! 45,&,;! 1%&! +/5*358! 54L3(,(1(-)! -'! 1%&! 7-I!
4-:.()51(-),! /&,381,! '/-:! 1%&! '541! 1%51! 5! +(0&)! 7-I! (,! )-1! =&1! 54L3(/&*! ()! -)&! -'! 1%&!
2-,(1(-),<!$%&!2/&*-:()5)1!2511&/)!(,!6%&)!16-!'&513/&,!.&4-:&!505(85.8&;!1%&=!1&)*!1-!
4-:.()&! /(+%1! 565=<! [-/! (),15)4&;! ()! R)u,>! *515;! E"! ]5.(58! (,! 54L3(/&*! ()! 5! )-)P
%-:-/+5)(4!4-:.()51(-)!51!1%&!5+&!-'!"^@!?D]5.jE-/GC^!51!1%(,!5+&;!(1!*-&,!)-1!4-:.()&!
6(1%! EU! *-/,58! .&453,&! ()1&/0-458(4! *-/,58,! %50&! )-1! .&&)! 54L3(/&*! =&1;! ()! )-)P
%-:-/+5)(4!4-:.()51(-),!?D]5.je-/G!6(88!522&5/!51!U^AC<!]3:5;!'-/!(),15)4&;!54L3(/&*!
DE-/<<<e-/G! 51! U^U! .31! DE-/j]5.G! -)8=! 51! U^X;! .&453,&! (1! (,! 51! 1%(,! 5+&! 1%51! ]5.(58! '(/,1!
522&5/,! ()! EU! ?()! )-)P%-:-/+5)(4! ,1/3413/&,C<! $%&/&'-/&;! ()! :-,1! 45,&,;! 1%&! *&85=!
.&16&&)! 1%&! 54L3(,(1(-)! -'! -)&! 4-:.()51(-)! 5)*! 5)-1%&/! -)&! *-&,! )-1! /&,381! '/-:!
4-:.()51-/(58! /&,1/(41(-),^! (1! /&,381,! '/-:! *(,4/&25)4(&,! ()! 1%&! 1(:()+! -'! 54L3(,(1(-)! -'!
&54%!7-I!'&513/&;!2&/!6-/*!2-,(1(-)<!!
!
h-6&0&/;!1%&/&!5/&!51!8&5,1!16-!45,&,!()!6%(4%!1%&!-/*&/!-'!54L3(,(1(-)!2&/!2-,(1(-)!
45))-1! &V285()! 1%&! *&85=! ()! 1%&! *&0&8-2:&)1! -'! 5! +(0&)! 4-:.()51(-)<! $%-,&! 45,&,!
4-//&,2-)*!1-!1%&!4-:.()51(-)!De-/j]5.G!5)*!-443/!()!1%&!739439$!-'!n-5)5!5)*!]3:5<!
`-1%! 4%(8*/&)! +-! 1%/-3+%! 5! ,%-/1! 2&/(-*! 6%&/&! E"! e-/,58! 5)*! EU! ]5.(58! 5/&! 58/&5*=!
505(85.8&!()!)-)P%-:-/+5)(4!4-:.()51(-),;!.31!.-1%!'&513/&,!*-!)-1!4-:.()&!6(1%!&54%!
-1%&/!/(+%1!565=<!$%&,&!16-!45,&,!5/&!,3::5/(Q&*!()!?UAJC<!
!
&IDA* #L35S./$"39.$%#9!:"9.7".3/:#./#"0!#$7J8.:.".3/#36#K;39d>$SP#&a3$/$#$/1#>85$*#
!
I4L3(,(1(-)!()!
I4L3(,(1(-)!()!
E"!P!DENEG!
EU!P!DENEG!
DENEG!
I+&!-'!54L3(,(1(-)!
k<w!I11&:21,!
?5C!
n-5)5!
e-/!
U^U!
]5.!
U^X!
De-/j]5.G!
U^@!
"!
?U^XC!
?.C!
]3:5!
e-/!
U^#!
]5.!
U^S!
De-/j]5.G!
U^X!
#!
?U^SC!
!
I,!,%-6)!()!?5C!5.-0&;!n-5)5!54L3(/&,!E"!e-/,58!51!U^U!?De-/jE-/GC!5)*!EU!]5.(58!51!
U^X! ?DE-/j]5.GC;! .31! 1%&! 4-:.()51(-)! De-/j]5.G! (,! -)8=! 54L3(/&*! 51! U^@<! $%&/&! (,! -)&!
,()+8&! 511&:21! -'! 5! De-/j]5.G! 15/+&1! .&16&&)! U^X! 5)*! U^@! 5)*! (1! (,! /&)*&/&*! ()! 5)!
581&/)51(0&!65=!?,&&!4%521&/!XC<!I,!'-/!]3:5!?,&&!?.CC;!,%&!54L3(/&,!E"!e-/,58!51!U^#!5)*!
EU! ]5.(58! 51! U^S^! %-6&0&/;! 1%&! 4-:.()51(-)! De-/j]5.G! (,! 54L3(/&*! -)8=! ()! 1%&! )&V1!
,&,,(-);!51!U^X<!I1!1%&!5+&!-'!U^S;!1%&/&!5/&!#!511&:21,!-'!15/+&1,!De-/j]5.G;!588!/&)*&/&*!
()!581&/)51(0&!65=,!()!%&/!2/-*341(-)!?,&&!4%521&/!XC<!
k-1&;! %-6&0&/;! 1%51;! 51! 1%&! 1(:&! 1%&=! 5/&! /&)*&/()+! D]5.je-/G! ()! 581&/)51(0&!
'-/:51,;!.-1%!4%(8*/&)!5/&!58/&5*=!2/-*34()+!1%&!/&0&/,&!2511&/)!5443/51&8=M!n-5)5!%5,!
54L3(/&*!D]5.je-/G!51!U^X!5)*!]3:5!51!U^J<!T-;!()!'541;!1%&!2/-.8&:!%&/&!,&&:,!1-!.&!)-1!
!
"S@!
-)8=! 4-:.()51-/(58! ?1%&=! %50&! E"! ]5.! 5)*! EU! e-/;! .31! *-! )-1! 4-:.()&! 1%&:C;! .31! 58,-!
2-,(1(-)58!?1%&=!%50&!D]5.je-/G!.31!*-!)-1!%50&!De-/j]5.GC<!!
);O(+"&(#9=8:6:%:/1(/2(0#11&'(2&#%8'&($#%%&'16(:1(TU(
!
I,!,151&*!()!,&41(-)!S<#;!1%&/&!5/&!UA!2-,,(.8&!*(,=885.(4!DENEG!4-:.()51(-),!'-/!
:5))&/;!('!6&!4-),(*&/!1%&!'(0&!Y-IM!k5,58;!T1-2;![/(451(0&;!]51&/58!5)*!g%-1(4<!d&!/&4588!
1%-,&!UA!4-:.()51(-),!()!?UASC<!
!
&IDW* #;.:T%%$S.7#5$//!9#G391U4$""!9/:#KLOLP#
!
DT1-2<<<k5,G!
Dk5,<<<!T1-2G!
D[/(4<<<k5,G!
D]51<<<k5,G!
Dg%-1<<<k5,G!
DT1-2<<<[/(4G!
Dk5,<<<[/(4G!
D[/(4<<<!T1-2G!
D]51<<<!T1-2G!
Dg%-1<<<!T1-2G!
DT1-2<<<]51G!
Dk5,<<<]51G!
D[/(4<<<!]51G!
D]51<<<[/(4G!
Dg%-1<<<[/(4G!
DT1-2<<<!g%-1G!
Dk5,<<<!g%-1G!
D[/(4<<<!g%-1G!
D]51<<<!g%-1G!
Dg%-1<<<]51G!
!
R)! 1%&! 43//&)1! ,&41(-);! 6&! *&,4/(.&! 1%&! 65=! 1%&! S! 7-/13+3&,&! 4%(8*/&)! 54L3(/&!
1%&,&!*(,=885.(4!6-/*P2511&/),<!I,!6(88!.&!&V285()&*!()!1%&!'-88-6()+!,&41(-);!(1!65,!)-1!
2-,,(.8&!1-!(*&)1('=!588!1%&!4-:.()51(-),;!&0&)!()!1%&!4%(8*/&)!5)58=Q&*!3)1(8!1%&!5+&!-'!
J^A!?R)u,!5)*!n-5)5C<!R)!'541;!,-:&!-'!1%&!5.-0&!2511&/),!6&/&!511&:21&*!-)8=!,&8*-:!-/!
&0&)!)&0&/!511&:21&*!51!588<!
$%(,! ,&41(-)! (,! -/+5)(Q&*! 5,! '-88-6,<! R)! S<X<";! 1%&! -/*&/! -'! 54L3(,(1(-)! -'!
DEY-INEY-IG! '-/:,! (,! 2/&,&)1&*;! 2&/! 4%(8*<! T3.,&41(-)! S<X<U! *&,4/(.&,! 1%&! -/*&/! -'!
54L3(,(1(-)! -'! :5))&/! '&513/&,! ()! DENEG;! 2&/! 6-/*P2-,(1(-)<! R)! S<X<#;! 1%&! -/*&/! -'!
54L3(,(1(-)! -'! :5))&/! 4-)1/5,1,! (,! *(,43,,&*<! [()588=;! ,3.,&41(-)! S<X<J! &V28-/&,! 1%&!
/&851(-)! .&16&&)! E"! 5)*! EU! 1%/-3+%-31! 1%&! 2/-4&,,! -'! *&0&8-2:&)1! -'! :5))&/! 6-/*P
2511&/),<!
(
);O;<(V&1&'#.(/',&'(/2(#9=8:6:%:/1(/2(3!S/C4!S/C5(2/'06(
!
$%&!43//&)1!,&41(-)!2/&,&)1,!1%&!-/*&/!()!6%(4%!*(,=885.(4!DEY-INEY-IG!2511&/),!
5/&!54L3(/&*;!()!&54%!4%(8*>,!73948:<!!
I,! 58/&5*=! :&)1(-)&*! ()! S<S<";! /&+5/*()+! 1%&! 5)58=,(,! -'! 2854&! 2511&/),;! (1! (,!
(:2-/15)1! 1-! \&&2! ()! :()*! 1%51! :-,1! DENEG! 4-:.()51(-),! 5/&! ()(1(588=! )-1! 2/-*34&*!
544-/*()+! 1-! 1%&! 15/+&1<! `&'-/&! 1%&,&! 15/+&1! ,1/3413/&,! .&4-:&! '388=! 54L3(/&*;! 1%&=! 5/&!
/&)*&/&*!()!581&/)51(0&!65=,!()!4%(8*/&)>,!-31231!'-/:,!?,&&!4%521&/!XC<
C;((71W6(
(
R)u,!65,!,13*(&*!'/-:!1%&!5+&!-'!A^""!1-!J^U^!588!,&,,(-),!6&/&!,45))&*;!8--\()+!'-/!
)-)P%5/:-)(4! *(,=885.(4! 15/+&1,! 5)*! 1%&(/! 4-//&,2-)*()+! -31231! '-/:,<! R)! 522&)*(V! _;!
!
"SK!
6&! 2/-0(*&! 1%&! )3:.&/! -'! 15/+&1,! 511&:21&*! '-/! &54%! :5))&/! 6-/*P2511&/)! 5)*! 1%&!
4-//&,2-)*()+!L35)1(1=!-'!15/+&1P8(\&!2/-*341(-),;!2&/!,&,,(-)<!!!
R)! R)u,>! *515;! 6&! (*&)1('(&*! 1%&! 54L3(,(1(-)! -'! "#! -'! 1%&! UA! 2-,,(.8&! :5))&/! 6-/*P
2511&/),<! $%&! '(/,1! 2511&/)! (,! Dk5,jT1-2G^! (1! &:&/+&,! ,=,1&:51(4588=! ()! 5! 15/+&1P8(\&!
'5,%(-)!'/-:!"^@!-)65/*,<!$%&);!3)1(8!1%&!5+&!-'!#^J;!5)-1%&/!"U!2511&/),!5/&!54L3(/&*<!
$%&!-/*&/!-'!*&0&8-2:&)1!-'!1%&!"#!4-:.()51(-),!(,!*&2(41&*!()!?UAXC<!!
!
&ID(* #`!/!9$%#391!9#36#$7J8.:.".3/#36#KLM3NOLM3NP#4$""!9/:#Z#-/_:#&$44!/1.=#`*#
!
!
!
!
!
!
I:-)+,1!1%&!'(/,1!2511&/),;!6&!'()*!1%&!-)&,!1%51!*(,285=!5!,1-2!-/!5!)5,58!()!E"!
Dk5,jT1-2G;! DT1-2j]51G;! DT1-2jg%-1GC<! I:-)+! 1%&! 85,1! 1-! .&! 54L3(/&*! 5/&! 1%&!
4-:.()51(-),! -'! '/(451(0&,! 5)*! ,-)-/5)1,! D[/(4jk5,G;! D[/(4j]51G;! D[/(4jg%-1G! 5)*!
2511&/),!1%51!4-)15()!8(L3(*,!()!6-/*P()(1(58!2-,(1(-)!?D]51j[/(4G^!Dg%-1jT1-2G<!!
T-:&!&V5:28&,!-'!1%&!'(/,1!15/+&1P8(\&!2/-*341(-),!'-/!&54%!-'!1%&!"#!2511&/),!5/&!
2/-0(*&*!()!?UAZC<!
!
&IDC* #X.9:"#"$9,!"U%.[!#493187".3/:#639#!$70#KLM3NOLM3NP#4$""!9/#Z#-/_:#
!
!
?5C!
I+&!
"^@<U!
f/1%-+/<!
:5)15!
_8-,,!
.85)\&1!
?.C!
"^K<"K!
4-8-!
852!
?4C!
"^"A<UK!
1(/5!
15\&!?(1C!
?*C!
U^A<""!
45:5!
.&*!
?&C!
U^"<"A!
8-.-!
6-8'!
?'C!
U^J<"@!
45'c!
4-''&&!
?+C!
U^Z<"X!
'-8%5!
8&5'!
?%C!
U^Z<"X!
05:-,!
?6&C!+-!
?(C!
U^Z<"X!
4%-/v-!
4/=()+!
?9C!
U^Z<"X!
0&/*&!
+/&&)!
?\C!
U^""<UU!
)-0-!
)&6!
?8C!
U^""<UU!
8&0-!
?RC15\&!
?:C!
#^J<X!
/-*5!
6%&&8!
$5/+&1!
/!m,2t,/
f31231!
[!mat,]
7-I!2511&/)!
Dk5,<<<T1-2G!
/!k"lu/
[!k"lu]
DT1-2<<<]51G!
/!ti0,/
[!te0,]
DT1-2<<<g%-1G!
/!k,m,/
[!k,m,]
/!lobu/
[!lubu]
D]51<<<T1-2G!
/k,!f&/
[k,!f&]
DT1-2<<<[/(4G!
/!fo3,/
[!fol,]
/!v,mu1/
[!v,mu1]
D[/(4<<<k5,G!
/1u!0,2w2/
[1u!0,2w2]
D[/(4<<<g%-1G!
/!ve0d4/
[!vedi]
/!novu/
[!novu]
Dk5,<<<[/(4G!
/!l&vu/
[!l&v]
D]51<<<[/(4G!
/!7"d,/
[!7"d,]
DT1-2<<<k5,G!
D[/(4<<<]51G!
D[/(4<<<T1-2G!
Dg%-1<<<T1-2G!
!
R)!4%521&/!J;!.5,&*!-)!-31231!'-/:,!-)8=;!6&!-.,&/0&*!1%51!3)1(8!1%&!5+&!-'!"^@;!
:-/&!1%5)!@AB!-'!588!6-/*,!2/-*34&*!.=!1%(,!4%(8*!65,!-'!1%&!1=2&!DEY-IFEY-IG^!(1!65,!
-)8=!'/-:!"^K!-)65/*,!1%51!1%&!)3:.&/!-'!DEY-INEY-IG!6-/*,!()4/&5,&*<!!`5,&*!-)!1%(,!
-.,&/051(-);! 6&! %=2-1%&,(Q&*;! ()! 4%521&/! J;! 1%51! R)u,! 65,! ,1(88! 51! 1%&! %5/:-)(4! ,15+&!
!
"XA!
3)1(8!"^@<!h-6&0&/;!1%&!5)58=,(,!-'!15/+&1P8(\&!2/-*341(-),!*515!2/&,&)1&*!()!1%&!43//&)1!
4%521&/! ,%-6! 1%51! 51! "^@;! 1%&! DENEG! ,15+&! %5,! 58/&5*=! ,15/1&*! 6(1%! 1%&! 54L3(,(1(-)! -'!
Dk5,jT1-2G^! 581%-3+%! 1%&/&! 5/&! ,1(88! 0&/=! '&6! 15/+&1,! 51! 1%(,! 5+&;! 588! 511&:2&*!
Dk5,jT1-2G! 15/+&1! 2511&/),! 5/&! /&)*&/&*! 4-//&418=;! 5,! ,%-6)! ()! 522&)*(V! _<! $%(,! (,,3&!
6(88!.&!'3/1%&/!*(,43,,&*!()!,&41(-)!S<@<!
!
X;(Y/#1#(
!
n-5)5>,!73948:!65,!5)58=Q&*!'/-:!A^""!1-!J^A<!$%&!)3:.&/!-'!15/+&1,!511&:21&*!'-/!
&54%! *(,=885.(4! DEY-INEY-IG! 4-:.()51(-)! 5)*! 1%&! 4-//&,2-)*()+! 544-3)1! -'! 4-//&41!
/&)*(1(-),;!2&/!,&,,(-);!5/&!+(0&)!()!522&)*(V!_<!!
_8-.588=;! n-5)5! 54L3(/&,! 1&)! *(,=885.(4! DEY-INEY-IG! 2511&/),<! $%&! 1%/&&! '(/,1!
4-:.()51(-),!522&5/!,=,1&:51(4588=!'/-:!1%&!5+&!-'!U^U!-)65/*,^!1%&=!588!4-)15()!5!,1-2!
()!-)&!-'!1%&!2-,(1(-),M!Dk5,jT1-2G;!DT1-2<<k5,G!5)*!D[/(4jT1-2G<!$%&!85,1!2511&/),!1-!.&!
54L3(/&*!*(,285=!8(L3(*,!()!EUM!D[/(4jg%-1G;!Dk5,j]51G!5)*!DT1-2jg%-1G<!
!!$%&!-/*&/!-'!54L3(,(1(-)!-'!1%&!1&)!:5))&/!2511&/),!-.,&/0&*!()!n-5)5>,!*515!(,!
2/-0(*&*!()!?UA@C<!(
!
&ID)* #`!/!9$%#391!9#36#$7J8.:.".3/#36#KLM3NOLM3NP#4$""!9/:#Z#a3$/$##&$44!/1.=#`*#
!
!
!
!
!
!
!
T-:&!&V5:28&,!-'!1%&!'(/,1!15/+&1P8(\&!2/-*341(-),!'-/!&54%!:5))&/!2511&/)!5/&!
+(0&)!()!?UAKC<!
!
&ID@* #X.9:"#"$9,!"U%.[!#493187".3/:#639#!$70#KLM3NOLM3NP#4$""!9/#Z#a3$/$#
!
?5C!
I+&!
U^U<"K!
f/1%-+/<!
2&/)5,!
_8-,,!
8&+,!
?.C!
U^U<"K!
'(15!
/(..-)!
?4C!
U^X<UJ!
:&*-!
'&5/!
?*C!
U^X<UJ!
)&0&!
,)-6!
?&C!
U^X<UJ!
4%5:5!
?%&C!4588,!
?'C!
U^X<UJ!
45,5!
%-3,&!
?+C!
U^"A<@!
.58v-!
.588--)!
?%C!
#^#<U#!
'-/5!
-31!
?(C!
#^#<U#!
:585!
.5+!
?9C!
#^X<UA!
45//-!
45/!
$5/+&1!
/!p&0n,1/
f31231!
[!p&8,1]
/!fit,/
[!fit,]
D[/(4<<<T1-2G!
/!medu/
[!med-u]
Dk5,<<<T1-2G!
/!n&v4/
[!n&v]
/!1,m,/
[!1,m,]
D[/(4<<<k5,G!
/!kaz,/
[!kaz-,]
DT1-2<<<[/(4G!
/b,!l,2w2/
[b,!l,2w2]
/!f"0,/
[!f"0,]
D[/(4<<<g%-1G!
/!mal,/
[!mal,]
Dk5,<<<]51G!
/!ka7u/
[!ka0u]
!
!
"X"!
7-I!2511&/)!
DT1-2<<<k5,G!
Dk5,<<<[/(4G!
DT1-2<<<]51G!
DT1-2<<<g%-1G!
R)! 4%521&/! J;! 6&! -.,&/0&*! 1%51! n-5)5>,! -31231! '-/:,! 6&/&! %5/:-)(4! ()! 5.-0&!
@AB!-'!1%&!45,&,;!3)1(8!1%&!5+&!-'!"^"A<!I1!U^A;!1%(,!4%(8*>,!DEY-IFEY-IG!2/-*341(-),!6&/&!
58/&5*=! *&4/&5,()+! .&8-6! @AB;! 8&5*()+! 1-! 1%&! %=2-1%&,(,! 1%51! 1%&! 4%(8*! &)1&/&*! 1%&!
DEY-INEY-IG! ,15+&! 51! 1%51! 5+&<! h-6&0&/;! 5,! ,%-6)! ()! 1%&! 4%/-)-8-+=! 2/&,&)1&*! 5.-0&;!
15/+&1P8(\&! 2/-*341(-),! '-/! *(,=885.8&,! 522&5/! -)8=! 51! U^U<! d&! 5)58=Q&*! 1%&! DEY-INEY-IG!
-31231! '-/:,! 1%51! -443/! 51! U^A! 5+5();! 5)*! '-3)*! -31! 1%51! 1%&/&! 6&/&! X! 15/+&1P8(\&!
2/-*341(-),!-'!DT1-2jk5,G!()!1%51!,&,,(-);!588!4-//&,2-)*()+!1-!2-8=,=885.(4!15/+&1,!8(\&;!
'-/! (),15)4&;! 1%&! 6-/*! /p4k4!nin,/ ?8(118&C! /&)*&/&*! 5,! ! [!p9ki28,] -/! 1%&! 6-/*! /l,j!ti8u/!!
?:(8\C;!2/-*34&*!5,! [ka!ki8o]<!!$%3,;!(1!,&&:,!1%51!1%&!DEY-INEY-IG!,15+&!,15/1,;!()!'541;!51!
1%&! 5+&! -'! U^A;! 6(1%! 1%&! 2511&/)! DT1-2jk5,G! .&()+! 4-//&418=! 2/-*34&*! '-/! 2-8=,=885.(4!
15/+&1,<!I1!U^U;!DT1-2jk5,G!522&5/,!58,-!'-/!*(,=885.(4!15/+&1,;!5,!6&88!5,!1%&!-1%&/!16-!
2511&/),;!Dk5,jT1-2G!5)*!D[/(4jT1-2G<!$%(,!(,,3&!6(88!.&!'3/1%&/!&V28-/&*!()!,&41(-)!S<@<(
(
!;(Z80#(
!
I88! ,&,,(-),! ()! ]3:5>,! 73948:! 6&/&! ,4/31()(Q&*! ?'/-:! A^""! 1-! U^XC;! ()! -/*&/! 1-!
(*&)1('=! 1%&! )3:.&/! -'! *(,=885.(4! DEY-INEY-IG! 15/+&1,! 511&:21&*! 5)*! 1%&! 4-//&,2-)*()+!
15/+&1P8(\&! 2/-*341(-),! ?,&&! 522&)*(V! _C<! $%(,! 4%(8*! 54L3(/&,! &(+%1! :5))&/! 6-/*P
2511&/),!.=!1%&!5+&!-'!U^X<!!!$%&!'(/,1!4-:.()51(-)!1-!.&!54L3(/&*!(,!DT1-2jg%-1G;!51!U^"<!
$%&!85,1!16-!2511&/),!5/&!DT1-2j]51G!5)*!Dk5,j[/(4G<!k-!4-:.()51(-)!6(1%!8(L3(*,!()!E"!
(,!54L3(/&*<!!
$%&! -/*&/! -'! 54L3(,(1(-)! -'! 1%&! @! :5))&/! 6-/*P2511&/),! 511&,1&*! (,! 2/&,&)1&*!
.&8-6<!
!
!
&I'D* #`!/!9$%#391!9#36#$7J8.:.".3/#36#KLM3NOLM3NP#4$""!9/:#Z#>85$##&$44!/1.=#`*#
!
!
!
!
!
!
!
!
!
!
!
!
$%&! '(/,1! 15/+&1P8(\&! 2/-*341(-),! '-/! &54%! :5))&/! 2511&/)! 5/&! (883,1/51&*! ()!
?U""C<!
!
!
!
!
!
"XU!
&I''* #X.9:"#"$9,!"U%.[!#493187".3/:#639#!$70#KLM3NOLM3NP#4$""!9/#Z#>85$#
!
?5C!
I+&!
U^"<"A!
f/1%-+/<!
2&/)5,!
_8-,,!
8&+,!
?.C!
U^#<UX!
1-:5!
15\&!?(1C!
?4C!
U^#<UX!
25/0-!
,(88=!
?*C!
U^#<UX!
,5)1-!
,5()1!
?&C!
U^#<UX!
'3:-!
,:-\&!
?'C!
U^J<""!
:3)*-!
6-/8*!
?+C!
U^S<"S!
.-85!
.588!
?%C!
U^S<"S!
)-05!
)&6!
$5/+&1!
/!ka7u/
f31231!
[ka7o]
7-I!2511&/)!
DT1-2<<<g%-1G!
/!t"m,/
[!p"m,)]
DT1-2<<<k5,G!
/!pa0vu/
[!pavu]
DT1-2<<<[/(4G!
/!s,2tu/
[!s-,2tu]
/!fumu/
[!fumu]
D[/(4<<<k5,G!
/!mu2du/
[!mu2du]
Dk5,<<<T1-2G!
/!b"l,/
[!b"l,]
/!n"v,/
[!m"v,]
D[/(4<<<T1-2G!
DT1-2<<<]51G!
Dk5,<<<[/(4G!
!
R)!4%521&/!J;!6&!-.,&/0&*!1%51!]3:5>,!2/-*341(-),!6&/&!%5/:-)(4!()!5.-0&!@AB!
-'!1%&!45,&,!3)1(8!1%&!5+&!-'!U^#<!R1!65,!-)8=!51!U^J!1%51!1%&!5:-3)1!-'!DEY-INEY-IG!6-/*,!
()4/&5,&*!6%(8&!%5/:-)(4!2/-*341(-),!*&4/&5,&*<!h-6&0&/;!1%&!/&851(-)!.&16&&)!15/+&1!
5)*!2/-*341(-)!()!*(,=885.8&,!2/&,&)1&*!%&/&!,%-6,!1%51!.&16&&)!1%&!5+&,!-'!U^U!5)*!U^#!
'-3/! )-)P%5/:-)(4! 2511&/),! 6&/&! 58/&5*=! .&()+! 54L3(/&*<! T(:(85/8=! 1-! 6%51! %5,! .&&)!
-.,&/0&*! '-/! 7-I! 2511&/),! ()! n-v->,! *515! ?,&&! ,&41(-)! S<S<"C! 1%&! *(,4/&25)4=! 5,! 1-! 1%&!
1%/&,%-8*! -'! 1%&! DENEG! ,15+&! /&,381,! '/-:! 1%&! 0&/=! 8-6! )3:.&/! -'! )-)P%-:-/+5)(4!
15/+&1,!511&:21&*!?,&&!,&41(-)!S<@;!'-/!'3/1%&/!*(,43,,(-)!-)!1%(,!1-2(4C<!!
(
H;(!.#'#((
E85/5>,!73948:!65,!5)58=Q&*!'/-:!1%&!5+&!-'!"^A!1-!1%&!85,1!,&,,(-)!505(85.8&;!51!
"^"A<! e3/()+! 1%(,! 2&/(-*;! -)8=! 16-! *(,=885.(4! DEY-INEY-IG! 2511&/),! 5/&! 54L3(/&*;! .-1%! 51!
"^@M! Dk5,<<<T1-2G! 5)*! DT1-2<<<[/(4G<! $%&/&! 5/&! ,&0&)! -1%&/! 2511&/),! 1%51! 5/&! %5/*8=! &0&/!
511&:21&*! .=! 1%(,! 4%(8*;! 5)*;! ('! 511&:21&*;! 1%&=! 5/&! )-1! ?,=,1&:51(4588=C! 2/-*34&*! ()! 5!
15/+&1P8(\&!'5,%(-)!?,&&!522&)*(V!_C<!
T-:&! &V5:28&,! -'! 1%&! '(/,1! 15/+&1P8(\&! 2/-*341(-),! -'! 1%&! 2511&/),! Dk5,jT1-2G!
5)*!DT1-2j[/(4G!()!E85/5>,!*515!5/&!2/-0(*&*!()!?U"UC<!
!
&I'I* #X.9:"#"$9,!"U%.[!#493187".3/:#639#!$70#KLM3NOLM3NP#4$""!9/#Z#L%$9$##&$44!/1.=#`*#
!
?5C!
I+&!
"^@<UA!
f/1%-+/<!
k-**=!
_8-,,!
2/-2<)-3)!
$5/+&1!
/!n"di/
f31231!
[!n"ti]
7-I!2511&/)!
Dk5,<<<T1-2G!
?.C!
"^@<UA!
2&(V&!
'(,%!
/!p,j14/
[!p,j1i]
DT1-2<<<[/(4G!
!
R)!4%521&/!J;!6&!-.,&/0&*!1%51!1%&!05,1!:59-/(1=!-'!E85/5>,!-31231!'-/:,!6&/&!-'!
1%&!1=2&!DEY-IFEY-IG!3)1(8!"^"A<!`5,&*!-)!1%&,&!-.,&/051(-),;!6&!%=2-1%&,(Q&*!1%51!E85/5!
65,! ,1(88! 51! 1%&! %5/:-)(4! -31231! ,15+&! 51! 1%&! 5+&! -'! "^"A<! h-6&0&/;! 1%&! 5)58=,(,! -'!
*(,=885.(4! '-/:,! 2/&,&)1&*! %&/&! ,%-6,! 1%51! 16-! )-)P%5/:-)(4! 2511&/),! 5/&! 58/&5*=! ()!
1%&! 2/-4&,,! -'! 54L3(,(1(-)! '/-:! 1%&! 5+&! -'! "^@! -)65/*,<! $%(,! *(,4/&25)4=! 6(88! .&!
&V28-/&*!()!,&41(-)!S<@<!
(
!
"X#!
T;(Y/[/(
!
R)! n-v->,! 73948:;! -)8=! 16-! *(,=885.(4! DEY-INEY-IG! 2511&/),! 5/&! 54L3(/&*M!
DT1-2<<<]51G;!51!"^Z!5)*!!DT1-2<<<k5,G!51!"^"A<!I,!,%-6)!()!522&)*(V!_;!1%&/&!5/&!-)8=!'&6!
15/+&1,!,&8&41&*!6(1%!1%&,&!16-!4-:.()51(-),<!I,!'-/!1%&!-1%&/!DENEG!2511&/),;!1%&=!5/&!
,&8*-:!,&8&41&*!5)*!)-1!2/-*34&*!?,=,1&:51(4588=C!()!5!15/+&1P8(\&!'5,%(-)<!
$%&! 15/+&1P8(\&! 2/-*341(-),! -'! DT1-2j]51G! 5)*! DT1-2jk5,G! 5/&! (883,1/51&*! ()!
?U"#C<!
!
&I'Q* #X.9:"#"$9,!"U%.[!#493187".3/:#639#!$70#KLM3NOLM3NP#4$""!9/#Z#a3b3##&$44!/1.=#`*#
(
!
?5C!
I+&!
"^Z<A!
f/1%-+/<!
.-85!
_8-,,!
.588!
$5/+&1!
/!b"l,/
f31231!
[b"!3a]
$5/+&1!Y-I!2511&/)!
DT1-2<<<]51G!
?.C!
"^"A<""!
45:5!
.&*!
/!k,m,/
[!pama]
DT1-2jk5,G!
!
R)!4%521&/!J;!6&!,3++&,1&*!1%51!n-v-!65,!,1(88!51!1%&!%5/:-)(4!,15+&!51!1%&!5+&!-'!
U^A;! ,()4&! 6&! 0&/('(&*! 1%51! 5.-0&! @AB! -'! 588! %(,! -31231! '-/:,! 6&/&! -'! 1%&! 1=2&!
DEY-IFEY-IG<! h-6&0&/;! 1%&! *515! *&,4/(.&*! 5.-0&! ,%-6,! 1%51! U! *(,=885.(4! 4-:.()51(-),!
%50&!58/&5*=!.&&)!54L3(/&*!.&'-/&!U^A<!$%(,!*(,4/&25)4=!6(88!.&!&V28-/&*!()!,&41(-)!S<@<!
!
);O;A(\',&'(/2(#9=8:6:%:/1]($&'(^/',($/6:%:/1(
(
R)! 1%&! 43//&)1! ,&41(-);! 6&! *&,4/(.&! 1%&! -/*&/! -'! 54L3(,(1(-)! -'! &54%! :5))&/!
'&513/&;!()!6-/*P()(1(58!2-,(1(-)!?E"C!5)*!()!()1&/0-458(4!2-,(1(-)!?EUC<!$%&!15.8&!+(0&)!()!
?U"JC!2/&,&)1,!1%&!5+&!()!6%(4%!&54%!'&513/&!(,!54L3(/&*!()!E"!5)*!EU;!()!1%&!*515!-'!1%&!
S!4%(8*/&)<!
!
!
&I'A* #M$//!9#$7J8.:.".3/?#4!9#G391U43:.".3/#&L'#$/1#LI*#
!
k5,58!
T1-2!
[/(451(0&!
]51&/58!
g%-1(4!
R)u,!
E"!
"^Z!!
E"!
"^K!
E"!
U^Z!
E"!
U^"!
E"!
#^J!
EU!
U^A!
EU!
"^Z!!
EU!
U^J!
EU!
"^K!
EU!
"^"A!
n-5)5!
E"!
U^U!
E"!
U^U!
E"!
U^U!
E"!
PPP!
E"!
PPP!
EU!
U^U!
EU!
U^U!
EU!
U^X!
EU!
U^"A!
EU!
#^#!
]3:5!
E"!
U^J!
E"!
U^"!!!
E"!
U^#!
E"!
PPP!
E"!
PPP!
EU!
U^#!!
EU!
U^#!
EU!
U^#!
EU!
U^S!
EU!
U^"!
n-v-!
E"!
PPP!
E"!
"^Z!
E"!
PPP!
E"!
PPP!
E"!
PPP!
EU!
"^"A!
EU!
PPP!
EU!
PPP!
EU!
"^Z!
EU!
PPP!
E85/5!
E"!
"^@!
E"!
"^@!
E"!
PPP!
E"!
PPP!
E"!
PPP!
EU!
PPP!
EU!
"^@!
EU!
"^@!
EU!
PPP!
EU!
PPP!
!
I,! ,%-6)! 5.-0&;! 1%&/&! (,! 5! '(V&*! -/*&/! ()! 1%&! *&0&8-2:&)1! -'! 8(L3(*,M! .-1%!
851&/58,!5)*!/%-1(4,!522&5/!'(/,1!()!EU!2-,(1(-)<!!$%&!54L3(,(1(-)!-'!1%&,&!,-3)*!485,,&,!()!
E"!65,!-)8=!-.,&/0&*!()!1%&!*515!-'!R)u,<!Y34%!:-/&!05/(51(-)!(,!'-3)*!()!1%&!-/*&/!-'!
54L3(,(1(-)!-'!-.,1/3&)1,!5)*!)5,58,^!R)u,!54L3(/&,!-.,1/3&)1,!()!1%&!-/*&/!EUooE"!.31!
!
"XJ!
)5,58,! ()! 1%&! -/*&/! E"ooEU<! n-5)5! 54L3(/&,! )5,58,! 5)*! ,1-2,! ,(:3815)&-3,8=JJ! ()! .-1%!
2-,(1(-),!5)*!'/(451(0&,!()!1%&!-/*&/!E"ooEU<!]3:5!54L3(/&,!)5,58,!'(/,1!()!EU;!,1-2,!'(/,1!
()!E"!5)*!'/(451(0&,!()!.-1%!2-,(1(-),!51!1%&!,5:&!1(:&<!
$-!,3:!32;!1%&/&!(,!5!48&5/!2/&'&/&)4&!'-/!8(L3(*,!1-!522&5/!'(/,1!()!EU!?EUooE"C<!
f)! 1%&! 4-)1/5/=;! )-! 48&5/! 2511&/)! (,! -.,&/0&*! '-/! 1%&! 54L3(,(1(-)! -'! )5,58,! 5)*!
-.,1/3&)1,M! 1%/&&! 251%,! 6&/&! (*&)1('(&*! '-/! 1%&! 54L3(,(1(-)! -'! 1%&,&! ,-3)*! 485,,&,! m!
EUooE"^!E"ooEU!5)*!E"HEU<!
$%&! 2-,(1(-)58! 5,=::&1/(&,! -.,&/0&*! 5.-0&! 5/&! /&'8&41&*! ()! 1%&! '541! 1%51;! 5,! 5!
'(/,1!,1&2!()!1%&!*&0&8-2:&)1!-'!)-)P%-:-/+5)(4!2511&/),;!4%(8*/&)!5/&!5.8&!1-!2/-*34&!
,-:&! DEY-INEY-IG! 4-:.()51(-),;! .31! )-1! -1%&/,<! f)&! ,=,1&:51(4! &V5:28&! -'! 2-,(1(-)58!
5,=::&1/=!54/-,,!4%(8*/&)!(,!1%&!'541!1%51;!51!1%&!1(:&!1%&=!,15/1!2/-*34()+!DT1-2j]51G!
5443/51&8=;! 588! 511&:21,! 51! D]51jT1-2G! 8&5*! 1-! 581&/)51(0&! 2/-*341(-)! '-/:,<! $%(,!
5,=::&1/=!(,!(883,1/51&*!.&8-6<!!
&I'W* #Y3:.".3/$%#$:T55!"9.!:#./#70.%19!/E:#493187".3/:#Z#K+"34d>$"P#$/1#K>$"d+"34P#
!
?5C!
E%(8*!
R)u,!
I+&!
"^K<"K!
f/1%-+/!
.-8-,!
_8-,,!
45\&,!
$5/+&1!
/!bolu1/
f31231!
[!bolu1]
7/-*341(-)!2511&/),!
HT1-2j]51H!!oo! DT1-2j]51G!
?.C!
R)u,!
"^"A<UK!
8(:25/!
1-!48&5)!
U^"A<@!
458-/!
%&51!
[pa!paj]
DT1-2j,1-2G!
n-5)5!
/li2!pa0/
H]51jT1-2H!!oo!!
?4C!
/k,!lo0/
[k,!3o]
HT1-2j]51H!!oo!
DT1-2j]51G!
?*C!
n-5)5!
U^"A<@!
8})+35!
1-)+3&!
DT1-2j,1-2G!
]3:5!
U^X<UA!
4-85!
+83&!
[!+e2+u,]
H]51jT1-2H!!oo!!
?&C!
/!li2+w,/
U^X<UA!
8-.-!
6-8'!
[!k"3,]
DT1-2j]51G!
]3:5!
/!k"l,/
HT1-2j]51H!!oo!
?'C!
/!lobu/
[!obu]
H]51jT1-2H!!oo!!
e&8&1(-)!
!
R1! (,! 6-/1%! &:2%5,(Q()+! 1%51;! 51! 1%&! ,5:&! 1(:&! E"! 851&/58,! ()! )-)P%-:-/+5)(4!
4-:.()51(-),!5/&!.&()+!,=,1&:51(4588=!/&)*&/&*!()!581&/)51(0&!65=,;!E"!851&/58,!()!Ei!-/!
Eii!'-/:,!45)!58/&5*=!.&!2/-*34&*!()!5!15/+&1P8(\&!65=^!()!'541;!581%-3+%!851&/58,!/&54%!
1%&!@AB!-'!15/+&1P8(\&!2/-*341(-),!L3(1&!851&;!()!1%&,&!4%(8*/&)>,!*515!?,&&!4%521&/!#C;!5!
)3:.&/! -'! 5443/51&! 2/-*341(-),! 5/&! 58/&5*=! 511&,1&*! 51! 1%&! 1(:&! 1%&=! 5/&! ,1(88! )-1!
2/-*34&*! 4-//&418=! ()! DENEG! '-/:,<! T-:&! &V5:28&,! -'! 1%&,&! 15/+&1P8(\&! 2/-*341(-),! '-/!
851&/58!H8H!5/&!+(0&)!()!?U"XC<!!
&I'(* #N7789$"!#493187".3/:#36#>$"!9$%#./#L'##Z#53/3:T%%$S%!:#39#LBB#
!
?5C!
E%(8*!
R)u,!
I+&!
"^"A<UK!
f/1%-+/<!
835!
_8-,,!
:--)!
$5/+&1!
/!lu,/
f31231!
[!lu,]
7/-*341(-)!2511&/),!
DE]51iiG!
?.C!
n-5)5!
#^A<U!
8{!
1%&/&!
]3:5!
U^J<""!
85+-!
85\&!
[!la]
DE]51iG!
?4C!
/!la/
/!la+u/
[!la)]
!
DE]51iG!
I,! -.,&/0&*! '-/! 7-I;! (1! ,&&:,! 1%51! 1%&! 2-,(1(-)58! /&,1/(41(-),! -.,&/0&*! %&/&!
5''&41!-)8=!)-)P%5/:-)(4!,&L3&)4&,<!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
JJ!f/!()P.&16&&)!/&4-/*()+,<!
!
"XS!
);O;B(+"&(#9=8:6:%:/1(/2(0#11&'(9/1%'#6%6(
(
R)!1%(,!,&41(-);!6&!6(88!*&,4/(.&!1%&!65=!1%&!'(0&!7-/13+3&,&!4%(8*/&)!,13*(&*!()!
1%(,!2/-9&41!54L3(/&!:5))&/!4-)1/5,1,<!!d&!6(88!'-43,!-)!J!:5()!4-)1/5,1,M!1%&!4-)1/5,1!
.&16&&)!
-.,1/3&)1,!
?,1-2,!
5)*!
'/(451(0&,C!
5)*!
,-)-/5)1,!
?%&)4&'-/1%;!
f.,1/3&)1HT-)-/5)1C^! 1%&! 4-)1/5,1! .&16&&)! ,1-2,! 5)*! '/(451(0&,! ?%&)4&'-/1%!
T1-2H[/(451(0&C^!1%&!4-)1/5,1!.&16&&)!)5,58,!5)*!8(L3(*,!?%&)4&'-/1%!k5,58H](L3(*C!5)*;!
'()588=;!1%&!4-)1/5,1!.&16&&)!851&/58,!5)*!/%-1(4,!?%&)4&'-/1%!]51&/58Hg%-1C<!$%-,&!'-3/,!
4-)1/5,1,!5/&!,3::5/(Q&*!.&8-6<!
!
&I'C* #M$//!9#73/"9$:":#$/$%TF!1##
f.,1/3&)1HT-)-/5)1!!!
T1-2H[/(451(0&!
k5,58H](L3(*!!
]51&/58Hg%-1!
!
IEqrRTR$Rfk!f[!$hW![RgT$!YIkkWg!Efk$gIT$T!
!
$%&!-/*&/!-'!54L3(,(1(-)!-'!:5))&/!2511&/),!()!1%&!739439$!-'!1%&!'(0&!4%(8*/&)!(,!
,3::5/(Q&*!.&8-6<!
!
&I')* #c91!9#36#$7J8.:.".3/#36#5$//!9#4$""!9/:#U#:855$9T#
!
!
!
!
!
!
!
R)u,!54L3(/&,!%&/!'(/,1!:5))&/!4-)1/5,1!()!DENEG!4-:.()51(-),!51!1%&!5+&!-'!"^K<!
I1!1%(,!5+&!1%&!4%(8*!(,!58/&5*=!2/-*34()+!Dk5,jT1-2G!5)*!DT1-2j]51G!5443/51&8=<!$%3,;!
1%&!'(/,1!4-)1/5,1!54L3(/&*!(,!.&16&&)!-.,1/3&)1,!?,1-2C!5)*!,-)-/5)1,!?k5,58;!()!E"!5)*!
]51&/58!()!EUC<!!
n-5)5! 54L3(/&,! 1%&! 4-)1/5,1! f.,1/3&)1HT-)-/5)1! 51! U^U;! .-1%! ()! E"! ?,1-2,! 5)*!
'/(451(0&,!0,!)5,58,C!5)*!()!EU!?,1-2,!0,!)5,58,C<!T1(88!51!U^U;!n-5)5!54L3(/&,!1%&!4-)1/5,1!
6(1%()!-.,1/3&)1,!?,1-2,!0,!'/(451(0&,C;!.31!-)8=!()!E"<!
]3:5!54L3(/&,!%&/!'(/,1!:5))&/!4-)1/5,1,!()!DENEG!51!1%&!5+&!-'!U^#M!,%&!54L3(/&,!
1%&! *(,1()41(-)! .&16&&)! T1-2! 5)*! [/(451(0&! ()! E"! 5)*! ()! EU! 5)*! 58,-! 1%&! *(,1()41(-)!
.&16&&)!f.,1/3&)1!5)*!T-)-/5)1!?)5,58C;!()!EU<!
!
"XX!
I,! '-/! E85/5;! 51! "^@;! ,%&! 54L3(/&,! 1%&! 4-)1/5,1! .&16&&)! f.,1/3&)1! ?,1-2C! 5)*!
T-)-/5)1!?)5,58C!()!E"!5)*!1%&!4-)1/5,1!.&16&&)!!T1-2!5)*![/(4!()!EU<!
$%&! '(/,1! :5))&/! 4-)1/5,1! 54L3(/&*! .=! n-v-! (,! 6(1%()! ,-)-/5)1,;! ()! EUM! k5,58!
0&/,3,!](L3(*!?851&/58C;!51!"^"A<!
!
g&+5/*()+!1%&!2-,(1(-)!()!6%(4%!4-)1/5,1,!5/&!'(/,1!()1/-*34&*;!1%&!2/&*-:()5)1!
2511&/)! (,! 1%51! 1%&! '(/,1! 4-)1/5,1,! 522&5/! ,(:3815)&-3,8=! ()! E"! 5)*! ()! EU<! f0&/588;! 1%&!
4-)1/5,1,! .&16&&)! -.,1/3&)1,! 5)*! ,-)-/5)1,! 5)*! 6(1%()! -.,1/3&)1,! ?T1-2H[/(4C! 5/&!
5:-)+,1! 1%&! '(/,1! 1-! 522&5/<! k-1&! 1%51! 1%&! '(/,1! 522&5/5)4&! -'! 1%&! 4-)1/5,1! .&16&&)!
f.,1/3&)1!5)*!T-)-/5)1!(,!:-,1!-'1&)!-'!1%&!1=2&!T1-2!0&/,3,!k5,58^!1%(,!:5=!4-),1(131&!
&0(*&)4&! '-/! 1%&! *&'5381! ,1513,! -'! ,1-2,! 6(1%()! -.,1/3&)1,! 5)*! '-/! )5,58,! 6(1%()!
,-)-/5)1,!?,&&!,&41(-)!S<@C<!
!
!
fgeWg!f[!IEqrRTR$Rfk!f[!Efk$gIT$T!7Wg!dfgeP7fTR$Rfk!
d&!(*&)1('(&*!1%&!5+&!51!6%(4%!1%&!'-3/!Y-I!4-)1/5,1,!6&/&!54L3(/&*!()!E"!5)*!
()!EU<!$%&!/&,381,!5/&!2/-0(*&*!()!?U"KC<!
!
!
&I'@* #c91!9#39#$7J8.:.".3/#36#5$//!9#6!$"89!#73/"9$:":#./#KLOLP#6395:?#./#L'#$/1#LI#
!
R)u,!
n-5)5!
]3:5!
E85/5!
n-v-!
f.,1/HT-)-/!
E"!!
EU!
"^K!!!!
"^K!!!(
E"!!!
EU!
U^U!!!
U^U!!!
E"!
EU!
U^J!!!
U^#!!!!!!
E"!
EU!
"^@!
PPP!
E"!!
EU!
PPP!
PPP!
T1-2H[/(4!
!E"!!
EU!
U^Z!!
U^J!!!!!!
E"!!
EU!
U^U!!!!!!! U^X!
E"!!!
EU!
U^#!!!
U^#!!!
E"!
EU!
PPP!
"^@!
E"!!
EU!
PPP!
PPP!
k5,H](L!
!E"!!
U^"!!
E"!
PPP!
E"!
PPP!
E"!
PPP!
E"!
PPP!
EU!
U^A!!!!!!
EU!
U^"A!
EU!!
U^#!
EU!
PPP!
EU!
"^"A!
]51Hg%-1!
E"!
EU!
#^J!
"^"A!!!!
E"!
EU!
PPP!
#^#!
E"!
EU!
PPP!
U^S!
E"!
EU!
PPP!
PPP!
E"!
EU!
PPP!
PPP!
!
$%&!+52,!()!1%&!15.8&!/&'8&41!1%&!'541!1%51!)-1!588!4-)1/5,1,!6&/&!54L3(/&*!()!.-1%!
2-,(1(-),^!()!1%&!45,&!-'!n-5)5!5)*!]3:5;!,-:&!-'!1%&!4-)1/5,1,!*-!)-1!522&5/!()!E"<!R)!
E85/5>,! *515;! -)8=! 16-! 4-)1/5,1,! 6&/&! (*&)1('(&*;! -)&! ()! E"! 5)*! 5)-1%&/! ()! EU<! R)! n-v->,!
*515;!-)8=!-)&!4-)1/5,1!(,!54L3(/&*!3)1(8!1%&!85,1!,&,,(-)!,13*(&*!?51!U^AC<!
I,!'-/!+&)&/58!2511&/),;!6&!45)!,&&!1%51!1%&!4-)1/5,1,!6(1%()!,-)-/5)1,!?k5,H](L!
5)*! ]51Hg%-1C! 5/&! 54L3(/&*! ()! 5! '(V&*! -/*&/M! EUooE"! ?-/;! 51! 8&5,1;! '(/,1! ()! EUC<! k-! '(V&*!
-/*&/! -'! *&0&8-2:&)1! 65,! -.,&/0&*! ()! 1%&! 54L3(,(1(-)! -'! 1%&! 16-! -1%&/! 4-)1/5,1,!
?f.,1/3&)1HT-)-/5)1^!T1-2H[/(4CM!1%&=!45)!.&!54L3(/&*!'(/,1!()!E";!'(/,1!()!EU!-/!()!.-1%!
2-,(1(-),!,(:3815)&-38,=<!!
!
fgeWg!f[!IEqrRTR$Rfk!f[!Efk$gIT$T!dR$hRk!WIEh!dfgeP7fTR$Rfk!
R)!6-/*P()(1(58!2-,(1(-);!4-)1/5,1,!5/&!54L3(/&*!()!1%&!'-88-6()+!-/*&/<!
!
"XZ!
&IID* #c91!9#ST#G0.70#5$//!9#73/"9$:":#$9!#$7J8.9!1#./#L'#
!<(
!!!!!!!!!!!!!!!!!!!!!<NQ(
f.,1/T1-2HT-)-/k5,!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!<NR((((((((((((((((((((((((((((((((((((((AN<(((((((((((((((((((((((((((((((((((((((((((((((((((((((((ANP(((((((((((((((((((((((((((((((((((BNF(
!!!!!!!!!!!!!!!!!!!!!!!!!f.,1/T1-2HT-)-/k5,!!!!!!!!!!!!!!k5,H](L!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!T1-2H[/(4!!!!!!!!!!!!!!!!!!!]51Hg%-1!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!ANA((((((((((((((((((((((((((((((((((
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!f.,1/HT-)-/k5,!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!T1-2H[/(4!!
E85/5!
R)u,!!
n-5)5!!
(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((ANB(((((((((((((((((((((((ANF(
]3:5!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!T1-2H[/(4!!!!!!!!!!f.,1/HT-)-/k5,!!
!
!!
$%&! 4-)1/5,1! .&16&&)! -.,1/3&)1,! 5)*! ,-)-/5)1,! (,! ?5:-)+,1C! 1%&! '(/,1! 1-! .&!
54L3(/&*!()!1%/&&!-'!1%&!'-3/!4%(8*/&)!?R)u,;!n-5)5;!E85/5C<!k-1&!1%51;!()!E"!2-,(1(-);!1%&!
'(/,1!,-)-/5)1!1%51!522&5/,!(,!5865=,!5!)5,58<!$%&!4-)1/5,1!T1-2H[/(4!58,-!522&5/,!&5/8=!
()! E";! '-/! 16-! -'! 1%&! 4%(8*/&)! ?n-5)5;! ]3:5C<! $%&! 4-)1/5,1,! 6(1%()! ,-)-/5)1,! ?k5,H](L!
5)*!]51Hg%-1C!()!E"!5/&!-)8=!54L3(/&*!.=!-)&!-'!1%&!4%(8*/&)!?R)u,C<!!
!
!
!
I,!'-/!1%&!()1&/0-458(4!2-,(1(-);!4-)1/5,1,!5/&!54L3(/&*!()!1%&!'-88-6()+!-/*&/<!
&II'* #c91!9#ST#G0.70#5$//!9#73/"9$:":#$9!#$7J8.9!1#./#LI#
!A(
E85/5!!
<NQ(
R)u,!!
((((((<NR(((((((((((((((((((((((((((((((((<N<M((((((((((((((((((((((ANM(((((((((((((((((((((((((((ANF(
n-v-!
(((((((((((((((((((((((((((((((((((((((((((((<N<M(
T1-2H[/(4!!
!!f.,1/T1-2HT-)-/]51!!!]51Hg%-1!!!!!k5,H](L!!!!!!!!!!!!!!!!T1-2H[/(4!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!k5,H](L!
n-5)5!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!ANA((((((((((((((((((((((((((((((((((((((((((((((((((ANO((((((((((((((((((((((AN<M(((((((((((((((((((((BNB(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!f.,1/T1-2HT-)-/k5,!!!!!!!!!!!!!!!!!!T1-2H[/(4!!!!!!!!!k5,H](L!!!!!!!!!!!!]51Hg%-1!!
]3:5!! ((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((ANB(((((((((((((((((((((((((((((((AN)(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!f.,1/HT-)-/k5,!!!!!!!!!]51Hg%-1!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!T1-2H[/(4!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!k5,H](L!!!!
!
$%&!4-)1/5,1!f.,1/HT-)-/!(,!1%&!'(/,1!-/!5:-)+,1!1%&!'(/,1!1-!.&!54L3(/&*!()!EU!.=!
R)u,;! n-5)5! 5)*! ]3:5<! [-/! 16-! -'! 1%-,&! 4%(8*/&)! 1%&! '(/,1! ,-)-/5)1! 1%51! 522&5/,! (,! 5!
)5,58;!6%(8&!'-/!-)&!-'!1%&:!?R)u,C;!1%&!,-)-/5)1!(,!5!851&/58<!$%&!4-)1/5,1!]51Hg%-1!(,!1%&!
85,1!1-!522&5/!'-/!n-5)5!5)*!]3:5!5)*!(,!)-1!54L3(/&*!.=!E85/5!5)*!n-v-<!R)u,!54L3(/&,!
.-1%!]51Hg%-1!5)*!k5,H](L!/&851(0&8=!&5/8=!()!EU!2-,(1(-)!?"^"APU^AC<!
k-1&!1%51!()!EU!2-,(1(-)!6&!6&/&!5.8&!1-!(*&)1('=!1%&!-/*&/!-'!*&0&8-2:&)1!-'!1%&!
'-3/!Y-I!4-)1/5,1,;!()!1%&!*515!-'!1%/&&!4%(8*/&)!?R)u,;!n-5)5;!]3:5C^!()!()(1(58!2-,(1(-);!
1%&!'-3/!4-)1/5,1,!6&/&!-)8=!(*&)1('(&*!()!1%&!*515!-'!R)u,<!R'!1%&/&!(,!5!2/(0(8&+&*!,(1&!'-/!
1%&!54L3(,(1(-)!-'!:5))&/!4-)1/5,1,;!(1!,&&:,!1-!.&!1%&!EU!?,&&!,&41(-)!S<@C<!
!
$-!,3:!32;!1%&!5)58=,(,!-'!1%&!54L3(,(1(-)!-'!:5))&/!4-)1/5,1,!,%-6&*!1%51M!
•
$%&!'(/,1!4-)1/5,1,!?f.,1/3&)1HT-)-/5)1!5)*H-/!T1-2H[/(4C!522&5/!()!E"!5)*!()!EU!51!
1%&!,5:&!5+&;!'-/!1%/&&!-'!1%&!4%(8*/&)!?R)u,;!n-5)5;!]3:5C<!
•
$%&! 4-)1/5,1,! 6(1%()! ,-)-/5)1,! ?k5,H](L! 5)*! ]51Hg%-1C! 5/&! 54L3(/&*! '(/,1! ()! EU<!
i5/(51(-)!(,!'-3)*!()!1%&!54L3(,(1(-)!-'!1%&!16-!-1%&/!4-)1/5,1,!?f.,1/3&)1HT-)-/5)1^!
!
"X@!
T1-2H[/(4CM! 1%&=! 45)! .&! 54L3(/&*! '(/,1! ()! E";! '(/,1! ()! EU! -/! ()! .-1%! 2-,(1(-),!
,(:3815)&-3,8=^!!
•
$%&/&! 5/&! :-/&! 4-)1/5,1,! 54L3(/&*! ()! EU! 1%5)! ()! E"! ()! 1%(,! 2&/(-*;! ,()4&! :-,1!
4%(8*/&)!54L3(/&*!1%&!4-)1/5,1,!6(1%()!,-)-/5)1,!()!EU!.31!)-1!=&1!()!E"<!
•
$%&! 4-)1/5,1! f.,1/3&)1HT-)-/5)1! ?:-,1! -'1&)! f.,1/Hk5,! -/! T1-2Hk5,C! 1&)*,! 1-! .&!
1%&!'(/,1!1-!522&5/;!.-1%!()!E"!5)*!()!EU<!!!
•
$%&!4-)1/5,1!T1-2H[/(4!(,!58,-!-)&!-'!1%&!'(/,1!4-)1/5,1,!1-!522&5/!?&V4&21!'-/!R)u,C<!
•
WV4&21!'-/!R)u,!?5)*!n-v-;!'-/!1%&!4-)1/5,1!k5,H](LC;!1%&!4-)1/5,1,!6(1%()!,-)-/5)1,!
?k5,H](L!5)*!]51Hg%-1C!5/&!&(1%&/!1%&!85,1!1-!522&5/!-/!5/&!)-1!54L3(/&*<!
!
T-! '5/;! 6&! -.,&/0&*! 1%51! 1%&/&! 5/&! *(''&/&)4&,! ()! 1%&! 2511&/),! -'! 54L3(,(1(-)! -'!
:5))&/!'&513/&,!5)*!4-)1/5,1,!()!6-/*P()(1(58!5)*!()!()1&/0-458(4!2-,(1(-)<!$%&!L3&,1(-)!
1%51!)&&*,!1-!.&!5**/&,,&*!)-6!(,!('!1%&/&!(,!5)=!1=2&!-'!/&851(-)!.&16&&)!.-1%!2-,(1(-),!
()!1%&!2/-4&,,!-'!*&0&8-2:&)1;!-/!('!:5))&/!54L3(,(1(-)!15\&,!2854&!,&25/51&8=!'-/!&54%!
2-,(1(-)<!!$%(,!(,,3&!(,!&V28-/&*!()!1%&!)&V1!,&41(-)<!
!
);O;F(?&.#%:/1(>&%^&&1(!<(#1,(!A(
!
R)! 1%(,! ,&41(-);! 6&! *&,4/(.&! 1%&! /&851(-)! .&16&&)! E"! 5)*! EU! 1%/-3+%-31! 1%&!
*&0&8-2:&)1!-'!:5))&/!6-/*P2511&/),<!!
[-/!5!+(0&)!:5))&/!'&513/&!()!5!25/1(4385/!6-/*P2-,(1(-);!1%&/&!5/&!'-3/!*(,=885.(4!
DENEG! 2511&/),<! [-/! (),15)4&;! '-/! k5,58! ()! EU;! 6&! 45)! %50&! 1%&! '-88-6()+! 4-:.()51(-),M!
DT1-2<<<k5,G;!D[/(4<<<k5,G;!D]51<<<k5,G!5)*!Dg%-1<<<k5,G<!e-!1%&,&!'-3/!4-:.()51(-),!&:&/+&!
,(:3815)&-3,8=! ()! 4%(8*/&)>,! *515O! R'! )-1;! *-&,! 1%&! 1(:&! 85+! .&16&&)! 1%&! 54L3(,(1(-)! -'!
-)&! 2511&/)! 5)*! 1%&! 54L3(,(1(-)! -'! 1%&! -1%&/! /&,381! '/-:! 1%&! 851&! *&0&8-2:&)1! -'! 1%&!
'&513/&,!()!1%&!-1%&/!2-,(1(-)!-/!(,!1%51!85+!5)!-314-:&!-'!4-:.()51-/(58!/&,1/(41(-),O!!
!
d&!6(88!,15/1!6(1%!1%&!5)58=,(,!-'!1%&!2511&/),!1%51!-443/!6%&)!:5))&/!'&513/&,!
5/&!54L3(/&*!()!E"<!$5.8&!?UUUC!,%-6,!1%&!-/*&/!()!6%(4%!&54%!:5))&/!1%51!&:&/+&,!()!
E"!4-:.()&,!6(1%!1%&!-1%&/!:5))&/,!()!EU;!2&/!4%(8*<!R)!?UUU<5C!5)*!?UUU<.C;!6&!2/-0(*&!
1%&! -/*&/! -'! 54L3(,(1(-)! -'! &54%! Y-I! '&513/&! ()! E"! 5)*! ()! EU;! /&,2&41(0&8=! ?()! DENEG!
'-/:,C<!
!
"XK!
&III* #^!%$".3/#S!"G!!/#L'#$/1#LI#eM3N#
E"!
!]51!
!E"!!
g%-1!
!E"!!
k5,!
!
!
E"!!
[/(4!
!
!
!
!
D]51jT1-2G?U^"C!!ooD]51j[/(4G?U^""C!
R)u,!
!
Dg%-1jT1-2G?#^JC!!!
!R)u,!
!Dk5,jT1-2G?"^ZC!!ooDk5,j[/(4G?U^""C!!
Dk5,jT1-2G?U^UC!!ooDk5,j[/(4G?U^XC^!!
Dk5,j]51G?#^#C!
Dk5,jT1-2G?U^JC!!ooDk5,j[/(4G?U^SC!
Dk5,jT1-2G?"^@C!!
(D[/(4j]51Hk5,Hg%-1HT1-2G?U^ZC!
!R)u,!
n-5)5!
D[/(4jT1-2G?U^UC!!oo!D[/(4jk5,G?U^XCoo!!
D[/(4jg%-1G?#^#C!
D[/(4jT1-2Hk5,G?U^#C!
n-5)5!
?UUU<.C!N,!#36#$7J8.:.".3/#./#LI#Z#KLOLP!
]3:5!
(R)u,!
EU!
R)u,!
n-5)5!
]3:5!
E85/5!
n-v-!
]3:5!
E85/5!
(R)u,!
!
(
E"!!
T1-2!
!
DT1-2j]51G?"^KC!!oo!DT1-2jg%-1G?"^"ACoo!!
DT1-2jk5,G?U^AC!ooDT1-2j[/(4G?U^JC!
DT1-2jk5,G?U^UC!ooDT1-2j[/(4G?U^XCoo!!
DT1-2j]51G?U^"AC!oo!DT1-2jg%-1G?#^XC!
DT1-2jg%-1G?U^"CooDT1-2jk5,H[/(4G?U^#Coo!!!
DT1-2j]51G?U^SC!
DT1-2j]51G?"^ZC!!oo!DT1-2jk5,G?"^"AC!
DT1-2j[/(4G?"^@C!
n-5)5!
]3:5!
?UUU<5C!N,!#36#$7J8.:.".3/#./#L'#Z#KLOLP!
E"!
R)u,!
n-5)5!
]3:5!
E85/5!
n-v-!
T1-2!
"^K!
U^U!
U^"!
"^@!
"^Z!
k5,!
"^@!
U^U!
U^J!
"^@!
yy!
[/(4!
U^Z!
U^U!
U^#!
yy!
yy!
]51!
U^"!
yy!
yy!
yy!
yy!
g%-1!
#^J!
yy!
yy!
yy!
yy!
!
!
T1-2!
"^@!
U^U!
U^#!
"^@!
yyy!
!k5,!
U^A!
U^U!
U^#!
yyy!
"^"A!
[/(4!
U^J!
U^X!
U^#!
"^@!
yyy!
]51!
"^K!
U^"A!
U^S!
yyy!
"^Z!
g%-1!
"^"A!
#^#!
U^"!
yyy!
yyy!
!!
n-v-!
E85/5!
!
$%&! 5)58=,(,! -'! 1%&! 15.8&! +(0&)! 5.-0&! ,%-6,! 1%51! 6%&)! ,-)-/5)1,! ?)5,58,! 5)*!
8(L3(*,C!&:&/+&!()!E";!1%&=!4-:.()&!'(/,1!6(1%!5!,1-2!()!EU<!Y-/&!05/(51(-)!-443/,!6%&)!
'/(451(0&,! &:&/+&! ()! E"M! 1%&=! 45)! 4-:.()&! '(/,1! 6(1%! 5! ,1-2! ()! EU! ?n-5)5C! -/! 6(1%! .-1%!
,1-2,!5)*!,-)-/5)1,!?R)u,!5)*!]3:5C<!#
d%&)! ,1-2,! &:&/+&! ()! E";! 1%&=! 4-:.()&! '(/,1! 6(1%! 5! ,-)-/5)1! ()! EU;! 5)*! -)8=!
851&/! 6(1%! ()1&/0-458(4! '/(451(0&,! ?&V4&21! '-/! E85/5;! 6%-! 54L3(/&,! 1%&! 4-:.()51(-)!
DT1-2j[/(4G!'(/,1C<!!!
!
!
!
!!
d&!6(88!)-6!13/)!1-!1%&!EU!2-,(1(-)<!$5.8&!?UU#C!,%-6,!1%&!-/*&/!()!6%(4%!&54%!
:5))&/! 1%51! &:&/+&,! ()! EU! 4-:.()&,! 6(1%! 1%&! -1%&/! :5))&/,! ()! E"^! 1%&! 5+&! -'!
54L3(,(1(-)!-'!&54%!Y-I;!2&/!2-,(1(-)!(,!/&2&51&*!()!15.8&,!?UU#<5C!5)*!?UU#<.C<!
!
!
"ZA!
&IIQ* #^!%$".3/#S!"G!!/#LI#$/1#L'#eM3N#
?UU#<5C!N,!#36#$7J8.:.".3/#./#L'#Z#KLOLP!
EU!]51!
!
EU!g%-1!
(
EU!k5,!
(
EU![/(4!
(
EU!T1-2!
(
DT1-2j]51G?"^KC!!!ooD[/(4j]51G?U^ZC!
DT1-2j]51G?U^"AC!ooDk5,j]51G?#^#C!!
DT1-2j]51G?U^SC!
DT1-2j]51G?"^ZC!
(
DT1-2jg%-1G?"^"ACooD[/(4jg%-1G?U^ZC!!!
D[/(4jg%-1G?#^#C!!!ooDT1-2jg%-1G?#^XC!
DT1-2jg%-1G?U^"C!
(
DT1-2jk5,G?U^AC!!ooD[/(4jk5,G?U^ZC!
DT1-2jk5,G?U^UC!!ooD[/(4jk5,G?U^XC!!
DT1-2jk5,GHD[/(4jk5,G?U^#C!
DT1-2jk5,G?"^"AC!
(
DT1-2j[/(4G?U^JCooDk5,H]51j[/(4G?U^""C!
Dk5,j[/(4GHDT1-2j[/(4G?U^XC!!
DT1-2j[/(4G?U^#CooDk5,j[/(4G?U^SC!
DT1-2j[/(4G!?"^@C!
(
Dk5,<<T1-2G?"^@C!oo!D]51jT1-2G?U^"C^!
D[/(4jT1-2G?U^ZCoo!Dg%-1jT1-2G?#^JC!
Dk5,jT1-2GHD[/(4jT1-2G!?U^UC!!
D[/(4jT1-2G?U^#C!oo!Dk5,jT1-2G?U^JC!!
Dk5,jT1-2G?"^@C!
R)u,!
n-5)5!
]3:5!
n-v-!
(
R)u,!
n-5)5!
]3:5!
(
R)u,!
n-5)5!
]3:5!
n-v-!
(
R)u,!
n-5)5!
]3:5!
E85/5!
(
R)u,!
n-5)5!
]3:5!
E85/5!
!
E"!
R)u,!
n-5)5!
]3:5!
E85/5!
n-v-!
T1-2!
"^K!
U^U!
U^"!
"^@!
"^Z!
!k5,!
"^@!
U^U!
U^J!
"^@!
yy!
[/(4!
U^Z!
U^U!
U^#!
yy!
yy!
]51!
U^"!
yy!
yy!
yy!
yy!
g%-1!
#^J!
yy!
yy!
yy!
yy!
!
!
?UU#<.C!N,!#36#$7J8.:.".3/#./#LI#Z#KLOLP!
EU!
R)u,!
n-5)5!
]3:5!
E85/5!
n-v-!
T1-2!
"^@!
U^U!
U^#!
"^@!
yyy!
!k5,!
U^A!
U^U!
U^#!
yyy!
"^"A!
[/(4!
U^J!
U^X!
U^#!
"^@!
yyy!
]51!
"^K!
U^"A!
U^S!
yyy!
"^Z!
g%-1!
"^"A!
#^#!
U^"!
yyy!
yyy!
!
!
!
d&! 45)! ,&&! 1%51;! 6%&)! '/(451(0&,! 5)*! ,-)-/5)1,! 522&5/! ()! EU;! 1%&! 2/&*-:()5)1!
2511&/)!(,!1-!4-:.()&!(1!'(/,1!6(1%!5!,1-2!?1%&/&!(,!,-:&!05/(51(-);!1%-3+%C<!!
d%&)! ,1-2,! '(/,1! 522&5/! ()! EU;! 1%&=! 4-:.()&# 6(1%# 5! )5,58! -/! 5! '/(451(0&^!
4-:.()51(-),!6(1%!6-/*P()(1(58!8(L3(*,!522&5/!851&/<!
R)! ,3::5/=;! 1%&! 2/&*-:()5)1! 2511&/)! '-/! 1%&! 54L3(,(1(-)! -'! '/(451(0&,! 5)*!
,-)-/5)1,;!()!E"!5)*!EU;!(,!1-!.&!4-:.()&*!'(/,1!6(1%!5!,1-2!()!1%&!-1%&/!2-,(1(-)!()!1%&!
6-/*M! DT1-2jVG! 5)*! DVjT1-2G! ?6%&/&! V! ,15)*,! '-/! '/(451(0&,! 5)*! ,-)-/5)1,C<! $%&!
581&/)51(0&!1-!1%(,!2511&/)!(,!1-!4-:.()&!'/(451(0&,!5)*!,-)-/5)1,!)-1!-)8=!6(1%!,1-2,!.31!
58,-! 6(1%! -1%&/! '&513/&,<! R1! -)8=! ,&8*-:! -443/,! 1%51! '/(451(0&,! 5)*! ,-)-/5)1,! 5/&!
4-:.()&*!'(/,1!6(1%!5)=!-1%&/!'&513/&!5)*!-)8=!1%&)!6(1%!5!,1-2<!
!
R'!6&!4-:25/&!1%&!-/*&/!-'!54L3(,(1(-)!-'!DENEG!Y-I!4-:.()51(-),!?,&&!?UUUC!5)*!
?UU#CC!1-!1%&!-/*&/!-'!54L3(,(1(-)!-'!&54%!Y-I!,&25/51&8=;!2&/!2-,(1(-);!()!)-)P%5/:-)(4!
4-:.()51(-),!?,&&!?UUU<5P.C!5)*!?UU#<5P.CC!6&!45)!,&&!1%51;!()!1%&!:59-/(1=!-'!45,&,;!1%&!
+/5*358! 54L3(,(1(-)! -'! 1%&! Y-I! 4-:.()51(-),! /&,381,! '/-:! 1%&! '541! 1%51! 5! +(0&)! Y-I! (,!
)-1! =&1! 54L3(/&*! ()! -)&! -'! 1%&! 2-,(1(-),<! $%&! 2/&*-:()5)1! 2511&/)! (,! 1%51! 6%&)! 16-!
'&513/&,!.&4-:&!505(85.8&;!1%&=!1&)*!1-!4-:.()&!/(+%1!565=<![-/!(),15)4&;!()!R)u,>!*515;!
EU!,1-2,!5/&!505(85.8&!&5/8=!?Dk5,jT1-2G;!"^@C;!.31!6(88!-)8=!4-:.()&!6(1%!E"!'/(451(0&!-/!
g%-1(4!851&/;!)5:&8=!6%&)!1%-,&!7-I!'&513/&,!.&4-:&!505(85.8&!()!E"!?()!)-)P%5/:-)(4!
,&L3&)4&,CM!D[/(4jg%-1G!51!U^Z!5)*!Dg%-1jT1-2G!51!#^J<!n-5)5;!'-/!(),15)4&;!54L3(/&,!1%&!
4-:.()51(-)! Dk5,jT1-2G! 51! U^U! .31! 1%&! 4-:.()51(-)! Dk5,j[/(4G! 522&5/,! -)8=! 51! U^X;!
!
"Z"!
.&453,&! 3)1(8! 1%51! 5+&! EU! '/(451(0&,! 6&/&! ,1(88! )-1! 505(85.8&! ()! DENEG! ,&L3&)4&,<!
$%&/&'-/&;!()!:-,1!45,&,;!1%&!*&85=!.&16&&)!1%&!54L3(,(1(-)!-'!-)&!4-:.()51(-)!5)*!1%&!
-1%&/! *-&,! )-1! /&,381! '/-:! 4-:.()51-/(58! /&,1/(41(-),^! 1%(,! *&85=! /&,381,! '/-:! 1%&! '541!
1%51!Y-I!'&513/&,!5/&!)-1!54L3(/&*!()!588!2-,(1(-),!51!1%&!,5:&!1(:&<!!
h-6&0&/;!1%&/&!5/&!51!8&5,1!,(V!45,&,!()!6%(4%!1%&!-/*&/!-'!54L3(,(1(-)!2&/!2-,(1(-)!
45))-1! &V285()! 1%&! *&85=! ()! 1%&! *&0&8-2:&)1! -'! 5! +(0&)! 4-:.()51(-)^! 1%-,&! 45,&,! 5/&!
-318()&*!.&8-6<!
•
I1! U^"! R)u,! 54L3(/&,! E"! ]51&/58! ()! 5! )-)P%-:-/+5)(4! 4-:.()51(-)! ?D]51jT1-2GC!
5)*! 51! U^U! ,%&! 54L3(/&,! EU! [/(451(0&! ?DT1-2j[/(4GC^! %-6&0&/;! 1%&! 4-:.()51(-)!
D]51j[/(4G! (,! -)8=! 54L3(/&*! 51! U^""<! $%&! J! 511&:21,! :5*&! .&16&&)! U^J! 5)*! U^Z!
5/&!,3.:(11&*!1-!581&/)51(0&!2/-*341(-)!,1/51&+(&,<!
•
I1! "^@;! R)u,! 54L3(/&,! E"! k5,58! 5)*! 51! U^J! ,%&! 54L3(/&,! EU! [/(451(0&! ?()! DENEG!
'-/:,C^!%-6&0&/;!1%&!4-:.()51(-)!Dk5,j[/(4G!(,!54L3(/&*!-)8=!51!U^""<!
•
I1! U^U;! n-5)5! 54L3(/&,! E"! k5,58! 5)*! 51! U^"A! ,%&! 54L3(/&,! EU! ]51&/58^! %-6&0&/;!
Dk5,j]51G!(,!54L3(/&*!-)8=!51!#^#<!!
•
I1! U^U;! n-5)5! 54L3(/&,! E"! [/(451(0&! 5)*! 51! U^"A! ,%&! 54L3(/&,! EU! ]51&/58<!
k&0&/1%&8&,,;!1%&!4-:.()51(-)!D[/(4j]51G!(,!)-1!54L3(/&*!3)1(8!1%&!5+&!-'!J^A<!
•
I1! U^U;! n-5)5! 54L3(/&,! E"! T1-2! 5)*! 51! #^#! ,%&! 54L3(/&,! EU! g%-1^! %-6&0&/;!!
DT1-2jg%-1G!(,!54L3(/&*!-)8=!51!#^X<!
•
I1! U^#;! ]3:5! 54L3(/&,! EU! [/(451(0&! 5)*! 51! U^J! ,%&! 54L3(/&,! E"! k5,58^! 1%&!
4-:.()51(-)!!Dk5,j[/(4G;!%-6&0&/;!(,!-)8=!54L3(/&*!51!U^S<!
!
$%&!*515!-)!1%&,&!4-:.()51-/(58!/&,1/(41(-),!(,!,3::5/(Q&*!()!15.8&!?UUJC<!
!
&IIA* #L35S./$"39.$%#9!:"9.7".3/:#./#"0!#$7J8.:.".3/#36#KLM3NOLM3NP##
!
I4L3(,(1(-)!()!
I4L3(,(1(-)!()!
E"!P!DENEG!
EU!P!DENEG!
DENEG!
I+&!-'!54L3(,(1(-)!
k<w!I11&:21,!
?5C!
R)u,!
]51!
U^"!
[/(4!
U^J!
D]51j[/(4G!
U^""!
J!
?U^JPU^ZC!
?.C!
R)u,!
k5,!
"^@!
[/(4!
U^J!
Dk5,j[/(4G!
U^""!
Z!
?U^JPU^@C!
?4C!
n-5)5!
k5,!
U^U!
]51!
U^"A!
Dk5,j]51G!
#^#!
#!!!!!!?U^"AP#^JC!
?*C!
n-5)5!
[/(4!
U^U!
]51!
U^"A!
D[/(4j]51G!
yyy!
UX!!!! ?U^"APJ^AC!
?&C!
n-5)5!
T1-2!
U^U!
g%-1!
#^#!
DT1-2jg%-1G!
#^X!
""!
?#^#P#^JC!
]3:5!
k5,!
U^J!
[/(4!
U^#!
Dk5,j[/(4G!
U^S!
!!#!
?U^JC!
?'C!
!
R)! 1%&! 45,&,! 8(,1&*! 5.-0&;! 1%&! *&85=! ()! 1%&! 54L3(,(1(-)! -'! DENEG! 4-:.()51(-),!
,&&:,!1-!.&!/&851&*!1-!4-:.()51-/(58!/&,1/(41(-),<!R)!+&)&/58;!1%&/&!5/&!'&6!511&:21,!-'!
1%-,&! 851&! 54L3(/&*! 2511&/),;! .31! 1%-,&! 511&:21,! 5/&! ,=,1&:51(4588=! /&)*&/&*! ()!
581&/)51(0&! -31231! '-/:,! ?,&&! 4%521&/! XC<! k-1&! 1%51! 1%&! 05,1! :59-/(1=! -'! 1%&! DENEG!
!
"ZU!
2511&/),!6(1%!4-:.()51-/(58!/&,1/(41(-),!?,&&!15.8&!5.-0&C!()0-80&!,&L3&)4&,!-'!:5/\&*!
Y-I;!:-,18=!4-:.()51(-),!-'!'/(451(0&,!6(1%!8(L3(*,!-/!)5,58,<!$%(,!(,,3&!6(88!.&!'3/1%&/!
*(,43,,&*!()!,&41(-)!S<@<!
);P(L800#'G(
#
$%(,!,&41(-)!2/&,&)1,!5!,4%&:51(Q&*!-0&/0(&6!-'!1%&!:5()!'()*()+,!-.,&/0&*!()!
1%&!43//&)1!4%521&/<!
$hW!IEEqrRTR$Rfk!f[!7]IEW!dfgeP7I$$WgkT!
_&)&/58!-/*&/!-'!54L3(,(1(-)!
•
D]5.jE-/GHDe-/jE-/G!oo!DE-/je-/GHDe-/j]5.G<(
(
f/*&/!-'!54L3(,(1(-)!-'!'&513/&,!2&/!2-,(1(-)!
•
EUooE"!'-/!E-/-)58^!E"ooEU!'-/!]5.(58!5)*!e-/,58^!2-,(1(-)58!5,=::&1/(&,!5''&41!
DENEG!,&L3&)4&,!.31!)-1!)&4&,,5/(8=!Ei!-/!Eii!,1/3413/&,<!(
(
f/*&/!-'!54L3(,(1(-)!-'!2854&!4-)1/5,1,!
•
]5.(58He-/,58! (,! 54L3(/&*! '(/,1! ()! E"! 5)*! 851&/! ()! EU<! Y-/&! 05/(51(-)! (,! '-3)*! ()!
1%&! 54L3(,(1(-)! -'! 1%&! 4-)1/5,1,! 1%51! ()0-80&! E-/-)58<! $%&! '(/,1! 4-)1/5,1,! 5/&!
54L3(/&*!()!E"!-/!()!.-1%!2-,(1(-),!,(:3815)&-3,8=<!(
(
(
(
g&851(-)!.&16&&)!E"!5)*!EU!
•
d%&)!]5.(58!5)*!e-/,58!522&5/!()!E";!1%&=!5/&!'(/,1!4-:.()&*!6(1%!5!4-/-)58!()!
EU<! $%(,! /&,1/(41(-)! (,! )-1! ,-! &0(*&)1! 6%&)! '&513/&,! '(/,1! 522&5/! ()! EU! ?(1! ,1(88!
5''&41,!]5.(58;!.31!)-1!e-/,58C<!(
•
k-!,2&4('(4!4-:.()51-/(58!2511&/)!65,!-.,&/0&*!()!1%&!&:&/+&)4&!-'!E-/-)58;!()!
5)=!-'!1%&!6-/*P2-,(1(-),<!(
(
•
R)! :-,1! 45,&,;! 1%&! 1(:&! 85+! .&16&&)! 1%&! 54L3(,(1(-)! -'! -)&! 2511&/)! 5)*! -1%&/!
/&,381,!'/-:!1%&!-/*&/!-'!54L3(,(1(-)!-'!7-I!'&513/&,!2&/!2-,(1(-)<!(
!
•
h-6&0&/;! ,-:&! 45,&,! -'! 4-:.()51-/(58! /&,1/(41(-),! 6&/&! '-3)*;! 5''&41()+! 15/+&1!
De-/j]5.GM!.-1%!7-I!'&513/&,!5/&!505(85.8&!()!DENEG!'-/:,;!.31!5/&!)-1!4-:.()&*!
?-/!)-1!4-:.()&*!()!1%&!-/*&/!e-/j]5.C<(
(
$hW!IEqrRTR$Rfk!f[!YIkkWg!dfgeP7I$$WgkT!
!
_&)&/58!-/*&/!-'!54L3(,(1(-)(
•
E-:.()51(-),!-'!,1-2,!5)*!)5,58,!5)*!4-:.()51(-),!1%51!4-)15()!5!,1-2!()!-)&!-'!
1%&!6-/*P2-,(1(-),!1&)*!1-!522&5/!'(/,1<!I:-)+,1!1%&!4-:.()51(-),!1%51!522&5/!
!
"Z#!
851&/! 5/&! 1%&! -)&,! 1%51! 4-)15()! 8(L3(*,! ()! E"! 5)*! 4-:.()51(-),! -'! '/(451(0&,! 5)*!
,-)-/5)1,<!!
!
f/*&/!-'!54L3(,(1(-)!-'!:5))&/!'&513/&,!2&/!2-,(1(-)!
•
](L3(*,! 5/&! 54L3(/&*! ()! 1%&! -/*&/! EUooE"<! Y-/&! 05/(51(-)! (,! -.,&/0&*! ()! 1%&!
-/*&/! -'! 54L3(,(1(-)! -'! )5,58,! 5)*! -.,1/3&)1,M! 1%/&&! 251%,! 6&/&! (*&)1('(&*M!
EUooE"^!E"ooEU!5)*!E"HEU<!7-,(1(-)58!5,=::&1/(&,!5''&41!DENEG!,&L3&)4&,!.31!
)-1!)&4&,,5/(8=!Ei!-/!Eii!'-/:,<(
(
f/*&/!-'!54L3(,(1(-)!-'!:5))&/!4-)1/5,1,!!
•
$%&!'(/,1!4-)1/5,1,!1&)*!1-!.&!()1/-*34&*!.-1%!()!E"!5)*!()!EU^!%-6&0&/;!-0&/588;!
1%&/&!5/&!:-/&!4-)1/5,1,!54L3(/&*!()!EU!1%5)!()!E"<!(
•
$%&!4-)1/5,1,!f.,1/3&)1HT-)-/5)1!5)*!T1-2H[/(4!1&)*!1-!.&!1%&!'(/,1!1-!522&5/^!
1%&!4-)1/5,1,!6(1%()!T-)-/5)1,!?k5,H](L!5)*!]51Hg%-1C!1&)*!1-!.&!54L3(/&*!851&<(
!
g&851(-)!.&16&&)!E"!5)*!EU(
•
d%&)!'/(451(0&,!5)*!,-)-/5)1,!522&5/!&(1%&/!()!E"!-/!()!EU;!1%&=!1&)*!1-!4-:.()&!
'(/,1!6(1%!5!,1-2!()!1%&!-1%&/!2-,(1(-)!-'!1%&!6-/*<!
!
•
$%&! 1(:&! 85+! .&16&&)! 1%&! 54L3(,(1(-)! -'! -)&! 2511&/)! 5)*! 5)-1%&/! -'1&)! /&,381,!
'/-:!1%&!-/*&/!-'!54L3(,(1(-)!-'!Y-I!'&513/&,!2&/!2-,(1(-)<!
•
!h-6&0&/;! ,(V! 1=2&,! -'! 4-:.()51-/(58! /&,1/(41(-),! 6&/&! '-3)*;! 5''&41()+! :-,18=!
2511&/),! 1%51! *-! )-1! 4-)15()! ,1-2,! PD]51j[/(4G^D[/(4j]51G^! Dk5,j[/(4G^!
Dk5,j]51G<!!
!
);Q(H:69866:/1(
d&!6(88!)-6!2/-4&&*!1-!5!*(,43,,(-)!-'!1%&!54L3(,(1(-)!2511&/),!*&,4/(.&*!()!1%&!
2/&4&*()+! ,&41(-),;! '-43,()+! -)! 1%&! (,,3&,! :&)1(-)&*! ()! 1%&! /&0(&6! -'! 1%&! 8(1&/513/&!
2/&,&)1&*!()!1%&!.&+())()+!-'!1%(,!4%521&/<!
!
7;(+"&(#9=8:6:%:/1(/2(3!4!5(9/0>:1#%:/16(
!
$%&! *515! -'! 1%&! '(0&! 7-/13+3&,&! 4%(8*/&)! ,%-6&*! 1%51! )-)P%5/:-)(4!
4-:.()51(-),! -'! 2854&! 5)*! :5))&/! '&513/&,! 5/&! )-1! 2/-*34&*! ()! 1%&! '(/,1! /&4-/*()+!
,&,,(-),!5)*!1%51!1%&!5+&!-'!54L3(,(1(-)!-'!1%&!'(/,1!DENEG!2511&/),!05/(&,!54/-,,!4%(8*/&)^!
,-:&!-'!1%&:!54L3(/&!1%&(/!'(/,1!DE7-INE7-IG!-/!DEY-INEY-IG!.&'-/&!U^A!?E85/5!51!"^S;!n-v-!
51!"^Z;!R)u,!51!"^@C;!'-/!-1%&/,!1%&!54L3(,(1(-)!,15/1,!851&/!?n-5)5!51!U^A;!]3:5!51!U^"C<!
I,!'5/!5,!DE7-INE7-IG!2511&/),!5/&!4-)4&/)&*;!(1!65,!,%-6)!1%51!16-!4-:.()51(-),!
5/&! 5:-)+,1! 1%&! '(/,1! 1-! .&! 54L3(/&*M! D]5.jE-/G! ?R)u,;! n-5)5;! E85/5C^! 5)*! De-/jE-/G!
?R)u,;!]3:5C<!$%&!4-:.()51(-),!1%51!4-)15()!e-/,58!5)*!]5.(58!()!EU!5/&!54L3(/&*!851&/<!
!
"ZJ!
$%&! &5/8=! 2/&'&/&)4&! '-/! 4-:.()51(-),! 1%51! 4-)15()! 85.(58! 4-),-)5)1,! ()! 6-/*P
()(1(58! 2-,(1(-)! %5,! 58/&5*=! .&&)! -.,&/0&*! ()! -1%&/! 85)+35+&,! ?R)+/5:;! "KZJ^! Y54\&);!
"KZK^!]&0&81;!"KKJ^!Y54k&(85+&!a!e50(,;!UAAA^![(\\&/1!a!]&0&81;!UAA@C<!$%(,!2/&'&/&)4&!
%5,! -'1&)! .&&)! 1&/:&*! 5,! 693/"./,M! ,&L3&)4&,! -'! 4-),-)5)1,! ()! 6-/*,! 5/&! -/+5)(Q&*!
'/-:! '-/65/*! 1-! .54\65/*! 2854&,! -'! 5/1(43851(-)! ?R)+/5:;! "KZJC<! I44-/*()+! 1-!
Y54k&(85+&! a! e50(,! ?UAAAC;! 6-/*P()(1(58! 85.(58,! /&'8&41! 5! 2/&'&/&)4&! -'! =-3)+! 8&5/)&/,!
'-/!&5,&!-'!5/1(43851(-);!,()4&!85.(58!4-),-)5)1,!*-!)-1!()0-80&!1-)+3&!:-0&:&)1,<!!!
I44-/*()+! 1-! [(\\&/1! a! ]&0&81! ?UAA@C;! &5/8=! D]5.jE-/G! 2511&/),! ()! 4%(8*/&)>,!
2/-*341(-),!:(+%1!58,-!.&!5!/&'8&41(-)!-'!1%&!%(+%!'/&L3&)4=!-'!1%(,!,1/3413/&!()!1%&!()231!
85)+35+&<! E%(8*/&)! 6-38*! 511&:21! '/&L3&)1! ,1/3413/&,! ()! 1%&! ()231! :-/&! -'1&)! 5)*;!
4-),&L3&)18=;!54L3(/&!1%&:!&5/8=<!!
R1! 4-38*! .&! 1%&! 45,&;! 1%-3+%;! 1%51! 1%&! *(,1/(.31(-)! -'! D]5.jE-/G! ()! 1%&! ()231! (,;!
(1,&8';! 5! /&'8&41(-)! -'! 1%&! /&851(0&! &5,&! -'! 5/1(43851(-)<! r)*&/! 1%(,! 2&/,2&41(0&;! &5,&! -'!
5/1(43851(-)! 4-38*! .&! *&1&/:()()+! .-1%! 1%&! %(+%! '/&L3&)4=! -'! D]5.jE-/G! ()! 1%&! 5*381!
85)+35+&!5)*!(1,!&5/8=!54L3(,(1(-)<!
k-1&;!%-6&0&/;!1%51!&V4&21!'-/!n-v-;!6%-!*-&,!)-1!54L3(/&!*-/,58,!3)1(8!1%&!85,1!
,&,,(-)! ,13*(&*;! 51! U^A;! 1%&! 7-/13+3&,&! 4%(8*/&)! ,13*(&*! 58,-! ,%-6! 5! 2/&'&/&)4&! '-/!
De-/jE-/G!4-:.()51(-),M!(1!(,!1%&!'(/,1!)-)P%-:-/+5)(4!2511&/)!54L3(/&*!.=!]3:5^!(1!(,!
54L3(/&*! 51! 1%&! ,5:&! 1(:&! 5,! D]5.jE-/G! .=! R)u,! 5)*! (1! (,! 1%&! ,&4-)*P54L3(/&*!
4-:.()51(-)!()!1%&!*515!-'!n-5)5!5)*!E85/5<!R)!1%(,!/&,2&41;!7-/13+3&,&!*515!*(''&/,!'/-:!
e314%!54L3(,(1(-)!*515;!6%&/&!5!4-),1/5()1!-)!E"!*-/,58,!%5,!.&&)!-.,&/0&*!?,&&!,15+&,!
RRR!5)*!Ri!5,!2/-2-,&*!.=![(\\&/1!a!]&0&81;!UAA@;!,&41(-)!S<"<"C<!$%&!5/+3:&)1!1%51!&5,&!
-'! 5/1(43851(-)! 6-38*! .&! /&,2-),(.8&! '-/! 1%&! &5/8=! 54L3(,(1(-)! 4-38*! %5/*8=! 544-3)1! '-/!
De-/jE-/G!2511&/),;!,()4&!(1!()0-80&,!5!.54\!1-!'/-)1!*(/&41(-)58(1=!()!1%&!6-/*<!!
R)! ,3.,&41(-)! i;! 6&! 6(88! ,%-6! 1%51! 1%&! &5/8=! 2/&'&/&)4&! -'! 7-/13+3&,&! 4%(8*/&)!
'-/!.-1%!6-/*P()(1(58!85.(58,!5)*!6-/*P()(1(58!*-/,58,!()!DENEG!2511&/),!:(+%1!.&!/&851&*!
1-!1%&!*(,1/(.31(-)!-'!2854&!'&513/&,!()!W7!5*381!,2&&4%<!!
!
I,!'-/!1%&!*&0&8-2:&)1!-'!DEY-INEY-IG!2511&/),;!6&!-.,&/0&*!1%51;!()!+&)&/58;!1%&!
'(/,1!,&L3&)4&,!54L3(/&*!4-)15()!5!,1-2!()!-)&!-'!1%&!6-/*P2-,(1(-),;!6%(8&!1%&!2511&/),!
54L3(/&*! 851&/! 1&)*! 1-! .&! 4-:.()51(-),! 6(1%()! ,-)-/5)1,! -'! 4-:.()51(-),! -'! '/(451(0&,!
6(1%!,-)-/5)1,<!I8,-!5:-)+!1%&!85,1!2511&/),!54L3(/&*!5/&!1%&!-)&,!1%&!4-)15()!8(L3(*,!()!
6-/*P()(1(58!2-,(1(-)<!!
7-/13+3&,&! 4%(8*/&)! 1%3,! ,&&:! 1-! %50&! 5)! &5/8=! 2/&'&/&)4&! '-/! 4-:.()51(-),!
1%51!4-)15()!51!8&5,1!-)&!3):5/\&*!:5))&/!?,1-2C<!R)!1%(,!/&,2&41;!7-/13+3&,&!4%(8*/&)>,!
54L3(,(1(-)!2511&/),!5/&!,(:(85/!1-!1%&!-)&,!-.,&/0&*!()!-1%&/!85)+35+&,;!)5:&8=!e314%!
!
"ZS!
5)*! _&/:5)! ?]5)+&,85+;! UAAZ^! I81051&/PY54\&),&)! a! [(\\&/1;! UAAKC;! 6%&/&! 5)! &5/8=!
&:&/+&)4&!-'!1&:2851(4!2511&/),!1%51!4-)15()!5!,1-2!()!-)&!-'!1%&!6-/*!2-,(1(-),;!-/!5)!
-.,1/3&)1!()!EU;!%5,!.&&)!/&2-/1&*!?,&&!,&41(-)!S<"<UC<!
!
77;(U/6:%:/1#.(&22&9%6(
$%&!5)58=,(,!-'!7-/13+3&,&!4%(8*/&)>,!54L3(,(1(-)!2511&/),!,%-6&*!1%51!7-I!5)*!
Y-I!'&513/&,!()!DENEG!2511&/),!1&)*!1-!.&!54L3(/&*!'(/,1!()!-)&!+(0&)!2-,(1(-)!5)*!-)8=!
851&/!()!1%&!-1%&/<![-/!(),15)4&;!]5.(58!5)*!e-/,58!5/&!'(/,1!54L3(/&*!()!E"!5)*!-)8=!851&/!
()!EU^!8(L3(*,;!-)!1%&!4-)1/5/=;!5/&!'(/,1!54L3(/&*!()!EU!5)*!5'1&/65/*,!()!E"<!$%(,!+/5*358!
54L3(,(1(-)! /&,381,! ()! 2-,(1(-)58! 5,=::&1/(&,! ()! 4%(8*/&)>,! 2/-*341(-),^! '-/! (),15)4&;!
1%&=! 2/-*34&! D]5.jE-/G! 5443/51&8=! .31;! ,()4&! ]5.(58! (,! ,1(88! )-1! 54L3(/&*! ()! EU;! 1%&=!
2/-*34&! 1%&! /&0&/,&! 4-:.()51(-)! ?DE-/j]5.GC! ()! 581&/)51(0&! 65=,<! ! T(:(85/! '()*()+,!
6&/&!/&2-/1&*!()!:5))&/!*&0&8-2:&)1M!,-:&!4%(8*/&)!54L3(/&!DT1-2j]51G!4-:.()51(-),!
&5/8=;!6%(8&!D]51jT1-2G!4-:.()51(-),!5/&!)-1!2/-*34&*;!,()4&!851&/58,!5/&!)-1!54L3(/&*!
()! E"<! ! `&8-6;! (1! 6(88! .&! ,%-6)! 1%51! 1%&! -/*&/! ()! 6%(4%! 7-I! 5)*! Y-I! '&513/&,! 5/&!
54L3(/&*! ()! 1%&! 16-! 6-/*P2-,(1(-),! ?EUooE"! -/! E"ooEUC! :5=! .&! /&851&*! 1-! 1%&!
*(,1/(.31(-)!-'!1%-,&!'&513/&,!()!5*381!,2&&4%<!!
I)-1%&/!(:2-/15)1!'()*()+!65,!1%51!5!+(0&)!'&513/&!()!5!25/1(4385/!2-,(1(-)!4-38*!
.&!,=,1&:51(4588=!,3.:(11&*!1-!581&/)51(0&!2/-*341(-),!()!DENEG!'-/:,!.31!4-38*!58/&5*=!
.&!5443/51&8=!2/-*34&*!()!DEFEG!-/!EiHEii!'-/:,<![-/!(),15)4&;!(1!65,!,%-6)!1%51;!6%(8&!
5! 4%(8*! -:(11&*! E"! 851&/58,! ()! D]51jT1-2G! 4-:.()51(-),! ?G3%6! /!lobu/Po[!obu] ]3:5;! U^XC
,%&! 65,! 58/&5*=! 2/-*34()+! 5443/51&! Ei! '-/:,! 6(1%! 6-/*P()(1(58! 851&/58,! ?%$[!! /!la+u/P
o[!la)] ]3:5;!U^J) ?,&&!,&41(-),!S<S<U!5)*!S<X<UC< $%(,!'()*()+!,3++&,1,!1%51!)-)P%5/:-)(4!
,&L3&)4&,!*-!285=!5!/-8&!()!1%&!54L3(,(1(-)!-'!'&513/&,!2&/!2-,(1(-)M!5!+(0&)!'&513/&!:5=!
.&!54L3(/&*!()!6-/*P()(1(58!2-,(1(-)!.31!-)8=!('!(1!(,!)-1!25/1!-'!5!DENEG!,&L3&)4&<!$%3,;!5,!
485(:&*!.=!]5)+&,85+!?UAAZC;!1%&!,13*=!-'!1%&!54L3(,(1(-)!-'!'&513/&!2511&/),!:3,1!'-43,!
.-1%!-)!1%&!*&0&8-2:&)1!2&/!2-,(1(-)!5)*!-)!1%&!()1&/541(-),!1%51!15\&!2854&!.&16&&)!
.-1%!2-,(1(-),;!()!DENEG!'-/:,<!$%(,!(,,3&!(,!'3/1%&/!*(,43,,&*!()!1%&!)&V1!,&41(-)<!
!
777;(?&.#%:/1(>&%^&&1(!<(#1,(!A(
R)!,&41(-)!S<"<U;!6&!/&2-/1&*!-)!1%&!6-/\!-'!]5)+&,85+!?UAAZC;!6%-!*/56,!511&)1(-)!
1-! 1%&! ()1&/541(-),! 1%51! 15\&! 2854&! .&16&&)! E"! 5)*! EU! 1%/-3+%-31! 1%&! *&0&8-2:&)1! -'!
:5))&/! 6-/*P2511&/),;! ()! e314%<! I44-/*()+! 1-! 1%(,! 531%-/;! 16-! 1&:2851&,! /&+3851&! 1%&!
2/-4&,,!-'!54L3(,(1(-)M!
!
"ZX!
•
DT1-2jVG!?5)=!Y-I!'&513/&!1%51!522&5/,!()!EU!:3,1!'(/,1!4-:.()&!6(1%!5!T1-2!()!
E"<!?1&:2851(4!2511&/)!58,-!-.,&/0&*!()!_&/:5)M!I81051&/PY54\&),&)!a![(\\&/1;!
UAAKC!
•
DVjf.,1/G! ?5)=! Y-I! '&513/&! 1%51! 522&5/,! ()! E"! :3,1! '(/,1! 4-:.()&! 6(1%! 5)!
-.,1/3&)1!()!EUC<!
$%&!531%-/!,%-6,!1%51!1%&!:5))&/!6-/*P2511&/),!1%51!*-!)-1!'(1!1%&,&!1&:2851&,;!'-/!
(),15)4&!Dk5,j](LG!5/&!54L3(/&*!851&/<!!
$%&! L3&,1(-)! 1%51! 6(88! .&! *(,43,,&*! ()! 1%(,! ,&41(-)! (,! ('! 7-/13+3&,&! 4%(8*/&)! 58,-!
,%-6!1%&!()'83&)4&!-'!1&:2851(4!2511&/),;!()0-80()+!E"!5)*!EU;!.-1%!'-/!1%&!*&0&8-2:&)1!
-'!7-I!5)*!-'!Y-I!'&513/&!2511&/),<!
I,! '-/! 2854&! '&513/&! 2511&/),;! 1%&! /&851(-)! .&16&&)! E"! 5)*! EU! 2/&,&)1&*! ()! ,&41(-)!
S<S<J! ,%-6&*! 1%51! 1%&/&! (,! 5! '(V&*! 2511&/)! 6%&)! ]5.(58! 5)*! e-/,58! 522&5/! ()! E"^! 1%&=!
:3,1! .&! 4-:.()&*! 6(1%! 5! E-/-)58! ()! EUM! D]5.jE-/G! 5)*! De-/jE-/G<! h-6&0&/;! 6%&)!
]5.(58!5)*!e-/,58!'(/,1!522&5/!()!EU;!1%&=!*-!)-1!)&4&,,5/(8=!4-:.()&!6(1%!5!E-/-)58!()!
E"<!I,!'-/!E-/-)58;!6%&)!(1!522&5/,!()!-)&!+(0&)!2-,(1(-);!(1!45)!4-:.()&!6(1%!5)=!-1%&/!
7-I!()!1%&!-1%&/!2-,(1(-)!()!1%&!6-/*<!
R)!4-)483,(-);!1%&!-)8=!'(V&*!4-:.()51-/(58!2511&/)!'-3)*!()0-80()+!E"!5)*!EU!()!1%&!
*&0&8-2:&)1!-'!DE7-INE7-IG!4-:.()51(-),!(,!D]5.He-/jE-/G<!$%(,!4-:.()51-/(58!2511&/)!
(,!,3::5/(Q&*!()!?UUSC<!
&IIW* #L35S./$"39.$%#4$""!9/:#3S:!92!1#./#!$9%T#KLY3NOLY3NP#6395:#U#RY#
5C!d%&)!]5.(58!(,!54L3(/&*!()!E";!(1!(,!'(/,1!4-:.()&*!6(1%!5!4-/-)58!()!EU!m!D]5.jE-/G!
.C!d%&)!e-/,58!(,!54L3(/&*!()!E";!(1!(,!'(/,1!4-:.()&*!6(1%!5!4-/-)58!()!EU!m!De-/jE-/G!
!R)! '541;! D]5.jE-/G! 5)*! De-/jE-/G! 5/&! 1%&! '(/,1! DE7-INE7-IG! 4-:.()51(-),! 54L3(/&*!
?,&&! ,3.,&41(-)! R;! 5.-0&C;! 1%3,! 1%&=! 5/&! 2/-*34&*! 51! 1%&! 0&/=! .&+())()+! -'! 1%&! )-)P
%-:-/+5)(4!,15+&<!f)&!2-,,(.8&!()1&/2/&151(-)!'-/!1%&!'(V&*!4-:.()51-/(58!2511&/)!+(0&)!
()!?UUSC!(,!1%51!6%&)!1%&,&!16-!4-:.()51(-),!522&5/;!4%(8*/&)!5/&!,1(88!)-1!4-)1/5,1()+!
E"! 5)*! EU^! -)8=! E"! (,! 505(85.8&! 5)*! EU! (,! '(88&*! 6(1%! 1%&! *&'5381! 7-I;! 6%(4%! (,! E-/-)58!
?,&&! /&2/&,&)151(-)! ()! ?U#"CC<! R'! 1%(,! (,! 1%&! 45,&;! 1%&);! )-! 25/1(4385/! /&851(-)! (,! 15\()+!
2854&!.&16&&)!E"!5)*!EU!51!1%(,!,15+&!?5!,(:(85/!2/-2-,58!(,!2/&,&)1&*!.=!]&0&81;!"KKJ;!
()!e314%C<!
d%&)!E-/-)58!522&5/,!()!E"!5)*!]5.(58!5)*!e-/,58!()!EU;!.-1%!2-,(1(-),!5/&!58/&5*=!
505(85.8&! 5)*! 4%(8*/&)! :5=! 4-:.()&! *(''&/&)1! 7-I! '&513/&,<! $%(,! 4-38*! .&! 1%&! /&5,-)!
6%=!1%&!-)8=!'(V&*!-/*&/!-443/,!51!1%&!.&+())()+!5)*!()0-80&,!5!E-/-)58!()!EU<!!
!
"ZZ!
I,! '-/! 4-:.()51-/(58! 1&:2851&,! ()! 1%&! *&0&8-2:&)1! -'! :5))&/! '&513/&! 2511&/),;! (1!
65,!,%-6)!()!,&41(-)!S<X<J!1%51!6%&)!'/(451(0&,!5)*!,-)-/5)1,!522&5/!&(1%&/!()!E"!-/!()!
EU;! 1%&=! 1&)*! 1-! 4-:.()&! '(/,1! 6(1%! 5! ,1-2! ()! 1%&! -1%&/! 2-,(1(-)! ()! 1%&! 6-/*<! $%&,&!
2511&/),!5/&!,3::5/(Q&*!()!?UUXC<!
!
&II(* L35S./$"39.$%#4$""!9/:#3S:!92!1#./#!$9%T#KLM3NOLM3NP#6395:#U#RY#
5C!d%&)!'/(451(0&,!5)*!,-)-/5)1,!522&5/!()!E";!1%&=!4-:.()&!'(/,1!6(1%!5!,1-2!()!EU!
.C!d%&)!'/(451(0&,!5)*!,-)-/5)1,!522&5/!()!EU;!1%&=!4-:.()&!'(/,1!6(1%!5!,1-2!()!E"!
!
k-1&! 1%51;! 93,1! 5,! -.,&/0&*! '-/! 7-I;! 6%&/&! 4%(8*/&)! 4-:.()&! :5/\&*! '&513/&,!
?]5.(58! 5)*! e-/,58C! 6(1%! 1%&! 3):5/\&*! 4-/-)58,;! 1%&! 2511&/),! 8(,1&*! ()! ?UUXC! 58,-!
4-:.()&! 1%&! :5/\&*! :5))&/! '&513/&,! -'! 4-)1()35)1,! ?'/(451(0&,C! 5)*! ,-)-/5)1,! 6(1%!
,1-2,<! $%&! &5/8=! 4-:.()51-/(58! 2511&/),! -.,&/0&*! ()0-80()+! E"! 5)*! EU! ,%-6! 5! 48&5/!
2/&'&/&)4&!'-/!4-:.()51(-),!1%51!4-)15()!51!8&5,1!-)&!3):5/\&*!'&513/&!5)*!50-(*5)4&!
-'! 4-:.()51(-),! -'! :5/\&*! '&513/&,<! $%(,! 2511&/)! '()*,! 5**(1(-)58! ,322-/1! ()! 1%&!
4-:.()51-/(58! /&,1/(41(-),! /&2-/1&*! ()! ,&41(-)! S<S<J! 5)*! S<X<J;! 6%&/&! 16-! :5/\&*!
'&513/&,!5/&!505(85.8&!()!*(''&/&)1!DENEG!'-/:,;!.31!5/&!)-1!4-:.()&*!()!1%&!,5:&!DENEG!
'-/:!/(+%1!565=<!!
$%&,&!4-:.()51-/(58!/&,1/(41(-),!4-),1(131&!5**(1(-)58!&0(*&)4&!'-/!1%&!'541!1%51!
1%&!*&0&8-2:&)1!-'!DENEG!2511&/),!(,!)-1!-)8=!()'83&)4&*!.=!1%&!-/*&/!-'!54L3(,(1(-)!-'!
'&513/&,!2&/!6-/*!2-,(1(-)!.31!(1!(,!58,-!*&1&/:()&*!.=!4-),1/5()1,!-)!1%&!4-:.()51(-)!
-'!'&513/&,!()!1%&!16-!2-,(1(-),!?,&&!58,-!,3.,&41(-)!RRC<!
7_;(+"&(#9=8:6:%:/1(/2(2&#%8'&(9/1%'#6%6(:1(3!4!5(2/'06(
!
I,! '-/! 1%&! 2-,(1(-)! ()! 6%(4%! 1%&! '(/,1! 4-)1/5,1,! 5/&! 54L3(/&*;! 1%&! 2/&*-:()5)1!
2511&/);!.-1%!'-/!1%&!54L3(,(1(-)!-'!7-I!5)*!-'!Y-I!4-)1/5,1,;!(,!1%&!()(1(58!54L3(,(1(-)!()!
&(1%&/!E"!-)8=;!-/!()!E"!5)*!EU!,(:3815)&-3,8=!?,&&!,&41(-),!S<S<#!5)*!S<X<#C<!d%51!/5/&8=!
-443/,! (,! 1%&! 54L3(,(1(-)! -'! 5! 4-)1/5,1! ()! EU! .&'-/&! 51! 8&5,1! -)&! 4-)1/5,1! %5,! .&&)!
54L3(/&*! ()! E"<! R1! ,&&:,! 1%51! 1%&! 6-/*P()(1(58! 2-,(1(-)! (,! 1%&! 2/(0(8&+&*! ,(1&! '-/! 1%&!
54L3(,(1(-)! -'! 1%&! '(/,1! 4-)1/5,1?,C<! T(:(85/! /&,381,! 6&/&! -.,&/0&*! ()! e314%! 4%(8*/&)! ()!
1%&!,13*=!-'!I81051&/PY54\&),&)!a![(\\&/1!?UAAKC<!
[/-:! 1%&! 0(&62-()1! -'! 1%&! .3(8*()+! -'! 5! 8&V(4-);! ()1/-*34()+! 4-)1/5,1,! ()! ()(1(58!
2-,(1(-)!,&&:,!8-+(458;!,()4&!()(1(58!,&+:&)1,!'-/:!1%&!&)1/5)4&!1-!1%&!8&V(4-)<!d&!:(+%1!
58,-!%=2-1%&,(Q&!1%51!1%&!54L3(,(1(-)!-'!1%&!'(/,1!4-)1/5,1!()!6-/*P()(1(58!2-,(1(-)!/&,381,!
'/-:!1%&!'541!1%51;!()!1%&!2&/(-*!6%&)!1%&!'(/,1!DENEG!4-:.()51(-),!5/&!54L3(/&*;!()!'541!
-)8=!E"!45)!.&!,2&4('(&*<!EU!(,!51!1%(,!2-()1!)-1!,&25/51&8=!,2&4('(5.8&!=&1;!5)*!/&4&(0&,!
1%&! *&'5381! '&513/&! 5,,&,,:&)1! ?,&&! ,3.,&41(-)! iRRRC<! I)! 581&/)51(0&! %=2-1%&,(,! (,! 1%51!
4%(8*/&)!5/&!5,,(+)()+!5!*(''&/&)1!,1513,!1-!E"!5)*!EU<!R'!1%(,!(,!1%&!45,&;!1%&)!6&!:(+%1!
!
"Z@!
&V2&41! 4%(8*/&)! 1-! 2/-*34&! *(''&/&)1! 581&/)51(0&! -31231! '-/:,! '-/! E"! 5)*! '-/! EU<! $%(,!
(,,3&!6(88!.&!&V28-/&*!()!1%&!)&V1!4%521&/<!
!
_;(+"&(,&-&./$0&1%(/2(3!4!5($#%%&'16(#1,(,:6%':>8%:/1#.($'/$&'%:&6(:1(%"&(:1$8%(
R)! 1%&! .&+())()+! -'! 1%(,! 4%521&/;! 6&! /&'&//&*! 1-! 5! 8()&! -'! /&,&5/4%! 6%&/&! ()231!
'/&L3&)4=! (,! 5,,3:&*! 1-! %50&! 5)! (:2-/15)1! ()'83&)4&! -)! 2%-)-8-+(458! *&0&8-2:&)1!
?n3,4Q=\! !"# $%V! "KKJ^! W*65/*,! a! `&4\:5);! UAAZ;! 5:-)+! -1%&/,C<! R)! 1%51! ,&41(-);! 6&!
'-43,&*!-)!1%&!,13*=!-'![(\\&/1;!]&0&81!a!i5)!*&!d&(9&/!?UAAUC^!1%&,&!531%-/,!5/+3&!1%51!
1%&! *(''&/&)4&! .&16&&)! e314%! 5)*! W)+8(,%! 54L3(,(1(-)! 2511&/),! /&+5/*()+! 6-/*P()(1(58!
*-/,58,! ?4-)1/5/=! 1-! W)+8(,%! 4%(8*/&);! e314%! 8&5/)&/,! ,%-6! 5)! ()(1(58! 4-),1/5()1! -)! E"!
*-/,58,C! :5=! .&! /&851&*! 1-! 1%&! *(,1/(.31(-)! -'! 7-I! '&513/&,! ()! 1%&! 16-! 85)+35+&,! ?,&&!
,&41(-)!S<@<JC<!
!
!R)!1%&!*515!-'!1%&!'(0&!7-/13+3&,&!4%(8*/&)!,13*(&*!()!1%(,!2/-9&41;!6&!,56!1%51!
.-1%! D]5.jE-/G! 5)*! De-/jE-/G! 5/&! 5:-)+,1! 1%&! '(/,1! 4-:.()51(-),! 54L3(/&*<! E-)1/5/=!
1-! e314%! .31! ,(:(85/8=! 1-! W)+8(,%;! 7-/13+3&,&! 8&5/)&/,! *-! )-1! ,%-6! 5! 4-),1/5()1! -)! E"!
*-/,58;!()!)-)P%-:-/+5)(4!4-:.()51(-),<!$%&!L3&,1(-)!1%51!5/(,&,!)-6!(,!(';!5,!2/-2-,&*!
.=![(\\&/1;!]&0&81!a!i5)!*&!d&(9&/!?UAAUC;!1%&!2/&'&/&)4&!'-/!,2&4('(4!7-I!2511&/),!45)!
.&!1/54&*!.54\!1-!1%&!*(,1/(.31(-)!-'!7-I!'&513/&,!()!1%&!()231<!
!
R)! ,&41(-)! S<U;! 6&! ,56! 1%51! 1%&! *(,1/(.31(-)! -'! 2854&! '&513/&! 2511&/),! ()! 5!
,3.,5:28&!-'!EiEi!6-/*,!()!W7!5*381!,2&&4%!(,!1%&!'-88-6()+<!
!
&IIC* #;.:"9.S8".3/#36#/3/U0$953/.7#4%$7!#6!$"89!#4$""!9/:#./#$18%"#:4!!70#
(
D]5.jE-/G!
De-/jE-/G!
DE-/j]5.G!
D]5.je-/G!
DE-/je-/G!
De-/j]5.G!
IJ(
X@K!
J#X!
JU@!
"JU!
"#X!
K#!
K(
#XB!
U#B!
UUB!
ZB!
ZB!
SB!
!
!
R)!,&41(-)!S<S<";!(1!65,!,%-6)!1%51!1%&!+&)&/58!-/*&/!-'!54L3(,(1(-)!-'!2854&!'&513/&!
2511&/),! (,! D]5.j<E-/GHDe-/j<E-/G! oo! DE-/je-/GHDE-/j]5.GHD]5.je-/G<! $%3,;! 6&! 45)!
,&&! 1%51! 1%&! 16-! :-,1! '/&L3&)18=! 2/-*34&*! 2854&! 2511&/),! ()! 5*381! ,2&&4%;! D]5.jE-/G!
5)*!De-/jE-/G!5/&!58,-!1%&!16-!'(/,1!54L3(/&*!7-I!4-:.()51(-),<!R1!1%3,!,&&:,!1%51!1%&!
%=2-1%&,(,! 231! '-/65/*! .=! [(\\&/1;! ]&0&81! a! i5)! *&! d&(9&/! ?UAAUC;! 1%51! 1%&! -/*&/! -'!
54L3(,(1(-)! -'! 2854&! 2511&/),! 45)! .&! /&851&*! 1-! 1%&! *(,1/(.31(-)! -'! '&513/&,! ()! 1%&! ()231!
85)+35+&,!'()*,!'3/1%&/!,322-/1!6(1%!W7!54L3(,(1(-)!*515<!
!
T(:(85/! 4-//&851(-),! .&16&&)! -/*&/! -'! 54L3(,(1(-)! 5)*! *(,1/(.31(-)! ()! 1%&! ()231!
6&/&! '-3)*! ()! 1%&! 54L3(,(1(-)! -'! :5))&/! '&513/&! 2511&/),<! R)! ,&41(-)! S<U;! 6&! -.,&/0&*!
1%&!'-88-6()+!*(,1/(.31(-)!-'!:5))&/!2511&/),!()!1%&!,3.,5:28&!-'!5*381!,2&&4%<!!
!
!
"ZK!
&II)* ;.:"9.S8".3/#36#/3/U0$953/.7#5$//!9#6!$"89!#4$""!9/:#./#$18%"#:4!!70#
(
Dk5,jT1-2G!
DT1-2j[/(4G!
DT1-2jk5,G!
DT1-2j]51G!
D[/(4jT1-2G!
DT1-2jg%-1G!
D[/(4jk5,G!
D]51jT1-2G!
Dk5,j<]51G!
D[/(4jg%-1G!
D]51jk5,G!
Dk5,j[/(4G!
D[/(4j]51G!
IJ(
#SJ!
#U"!
UJA!
"US!
"UA!
KU!
ZK!
SZ!
S"!
#"!
US!
UJ!
UU!
K(
U#B!
U"B!
"SB!
@B!
@B!
XB!
SB!
JB!
#B!
UB!
UB!
UB!
"B!
!
R)!,&41(-)!S<X<";!(1!65,!,%-6)!1%51!'(/,1!,&L3&)4&,!54L3(/&*!4-)15()!5!,1-2!()!-)&!
-'!1%&!6-/*P2-,(1(-),;!6%(8&!1%&!2511&/),!54L3(/&*!851&/!1&)*!1-!.&!4-:.()51(-),!6(1%()!
,-)-/5)1,! -'! 4-:.()51(-),! -'! '/(451(0&,! 6(1%! ,-)-/5)1,<! I8,-! 5:-)+! 1%&! 85,1! 2511&/),!
54L3(/&*! 5/&! 1%&! -)&,! 1%&! 4-)15()! 8(L3(*,! ()! 6-/*P()(1(58! 2-,(1(-)<! R'! 6&! 4-:25/&! 1%&!
-/*&/! -'! 54L3(,(1(-)! -'! DEY-INEY-IG! 2511&/),! 1-! 1%&! *(,1/(.31(-)! -'! 1%&,&! 1=2&,! -'!
4-:.()51(-),!()!1%&!()231;!6&!45)!,&&!1%51!1%&!:-,1!'/&L3&)18=!2/-*34&*!'-/:,!()!5*381!
,2&&4%! ?Dk5,<<<T1-2G;! DT1-2<<<k5,G;! DT1-2j[/(4G;! DT1-2j]51GC! 5/&! 5:-)+,1! 1%&! '(/,1! 1-! .&!
54L3(/&*;! 6%(8&! ()'/&L3&)1! 2511&/),! ()! 5*381! ,2&&4%;! ,34%! 5,! D[/(4j](LG! -/! D](Lj[/(4G!
1&)*!1-!.&!54L3(/&*!851&<!!
!
R)! ,3:;! 1%&/&! (,;! ()! '541;! 5! 48-,&! /&851(-)! .&16&&)! 1%&! *(,1/(.31(-)! -'! 2854&! 5)*!
:5))&/!'&513/&!2511&/),!()!W7!5*381!,2&&4%!5)*!1%&!-/*&/!.=!6%(4%!7-/13+3&,&!4%(8*/&)!
54L3(/&! DENEG! 4-:.()51(-),<! ! R)! 1%(,! /&,2&41;! 1%&! 2511&/),! -.,&/0&*! ()! 4%521&/! S! *(''&/!
'/-:!1%&!'()*()+,!*&,4/(.&*!()!4%521&/,!#!5)*!J!?6%(4%!()483*&!1%&!5)58=,(,!-'!1%&!&5/8=!
,15+&,! -'! *&0&8-2:&)1C;! 6%&/&! )-! ,1/5(+%1'-/65/*! /&851(-)! 65,! '-3)*! .&16&&)!
54L3(,(1(-)! 5)*! 5*381! ,2&&4%! *515<! R1! 1%3,! ,&&:,! 1%51;! 5,! ,--)! 5,! DENEG! 2511&/),! ,15/1!
.&()+!54L3(/&*!?()!+&)&/58;!5'1&/!1%&!5+&!-'!"^@C;!5!48-,&/!/&,&:.85)4&!.&16&&)!-/*&/!-'!
54L3(,(1(-)! 5)*! *(,1/(.31(-)58! 2/-2&/1(&,! -'! 5*381! ,2&&4%! (,! 54%(&0&*^! ,(:(85/! /&,381,!
6&/&!/&2-/1&*!'-/!e314%;!()![(\\&/1!a!]&0&81!?UAA@C<!
!
d&!-.,&/0&*!1%51;!5,!,--)!5,!DENEG!2511&/),!,15/1!.&()+!54L3(/&*;!5!48-,&/!/&851(-)!
(,! '-3)*! .&16&&)! 1%&! -/*&/! -'! 54L3(,(1(-)! 5)*! 1%&! *(,1/(.31(-)! -'! '&513/&! 2511&/),! ()!
5*381!,2&&4%<!h-6&0&/;!1%&!)513/&!-'!1%(,!/&851(-)!(,!)-1!48&5/^!(1!4-38*!.&!45,&!1%51;!5'1&/!
5! 4&/15()! *&0&8-2:&)158! ,15+&;! 1%&! 54L3(,(1(-)! 2511&/),! 5/&! *&1&/:()&*! .=! '/&L3&)4=!
&''&41,! -'! 1%&! ()231;! .31! (1! 4-38*! 58,-! .&! 1%&! 45,&! 1%51! 1%&! /&,&:.85)4&! .&16&&)!
54L3(,(1(-)!2511&/),!5)*!5*381!,2&&4%!*&/(0&,!'/-:!1%&!'541!1%51!.-1%!,=,1&:,!5/&!/38&*!
.=! 1%&! ,5:&! ,&1! -'! 5/1(43851-/=;! 2%-)-8-+(458! 5)*! :-/2%-8-+(458! /&,1/(41(-),! 5)*! )-1!
)&4&,,5/(8=! '/-:! 5! 453,&P&''&41! /&851(-),%(2<! $%&! )513/&! -'! 1%&! /&851(-)! .&16&&)!
54L3(,(1(-)! 5)*! 5*381! ,2&&4%! )&&*,! 1-! .&! '3/1%&/! ()0&,1(+51&*;! )5:&8=! -)! 1%&! .5,(,! -'!
!
"@A!
:-/&!739439$!-'!5*381!,2&&4%;!()483*()+!*515!-)!4%(8*!*(/&41&*!,2&&4%<!!!
!
_77;(+"&(#9=8:6:%:/1(/2(3!4!5($#%%&'16(#1,(%"&(,&-&./$:1D(.&E:9/1(
R)! ,&41(-)! S<#;! 6&! 2/&,&)1&*! ,-:&! -'! 1%&! '()*()+,! -'! 4%521&/! #;! 4-)4&/)()+!
4%(8*/&)>,!()15\&<!R1!65,!,%-6)!1%51!1%&!'/&L3&)4=!-'!4-),-)5)1,!?()*&2&)*&)18=!-'!6-/*!
2-,(1(-)C! ()! 4%(8*/&)>,! ()15\&! .&45:&! 48-,&/! 1-! 1%&! '/&L3&)4=! -'! -443//&)4&! -'!
4-),-)5)1,! ()! 5! ,5:28&! -'! 5*381! ,2&&4%! -)8=! 5'1&/! 5! 4&/15()! 2-()1! ()! 1%&! *&0&8-2:&)1<!
$%51!,%('1!()!1%&!/&851(-)!.&16&&)!()15\&!5)*!5*381!739439$!4-()4(*&*!6(1%!5)!()4/&5,&!()!
1%&! )3:.&/! -'! *(''&/&)1! 15/+&1P6-/*,! ?1=2&,C! &54%! 4%(8*! ,&8&41&*! 2&/! ,&,,(-)<! $%&!
)3:.&/!-'!15/+&1!1=2&,!511&:21&*!.=!&54%!4%(8*!()!1%&!'(/,1!,&,,(-),!(,!/&2&51&*!()!?UUKC!
.&8-6<!$%&!5+&!51!6%(4%!1%&!'(/,1!DENEG!5/&!54L3(/&*!(,!,%5*&*<!
!
&II@* #]85S!9#36#"$9,!"UG391:#&"T4!:*#$""!54"!1#4!9#:!::.3/#
(
MN<<(
<NM(
<N<(
<NA(
<NB(
<NF(
<N)(
<NO(
<NP(
<NQ(
<NR(
<N<M(
ANM(
AN<(
ANB(
E85/5!
n-v-!
R)u,!
n-5)5!
]3:5!
U!
!
X!
U!
U!
U!
U!
@!
"!
U!
S!
J!
US!
!
J!
S!
S!
!
J!
Z!
Z!
K!
#X!
!
Z!
X!
"#!
#"!
U!
#!
"J!
"@!
S#!
U!
X!
K!
"Z!
J@!
"A!
@!
"#!
"X!
SX!
!
Z!
UX!
UJ!
KS!
"A!
""!
SS!
XU!
""@!
##!
"Z!
S"!
@"!
!
SA!
"Z!
!
!
!
"AU!
US!
!
!
!
!
#"!
!
!
!
!
ZA!
!
I,!,%-6)!5.-0&;!1%&/&!(,!5!/&851(-)!.&16&&)!1%&!()4/&5,&!()!1%&!)3:.&/!-'!1=2&,!
511&:21&*! .=! &54%! 4%(8*! 5)*! 1%&! 5+&! -'! 54L3(,(1(-)! -'! 1%&! '(/,1! DENEG! 2511&/),<! [-/! 16-!
4%(8*/&)!?R)u,;!n-5)5C;!1%&!'(/,1!)-)P%5/:-)(4!2511&/),!-443/!(::&*(51&8=!5'1&/!1%&!SAP
6-/*! 1%/&,%-8*! %5,! .&&)! /&54%&*<! R)! 1%&! *515! -'! 1%&! -1%&/! 4%(8*/&);! 1%&! '(/,1! )-)P
%5/:-)(4! 4-:.()51(-),! 5/&! 54L3(/&*! .&'-/&! 1%&! SAP6-/*! .-3)*5/=;! .31! 58/&5*=! ()! 5!
2&/(-*!6%&/&!1%&!)3:.&/!-'!1=2&,!,&8&41&*!%5,!()4/&5,&*!5.-0&!"A!1=2&,<!!
f0&/588;! 1%&! ()4/&5,&! ()! 1%&! )3:.&/! -'! 1=2&,! 511&:21&*! .=! 7-/13+3&,&! 4%(8*/&)!
1&)*,! 1-! 4-P-443/! 6(1%! 1%&! 54L3(,(1(-)! -'! 1%&! '(/,1! DENEG! '-/:,^! ()! -1%&/! 6-/*,;! 1%&!
&V25),(-)! -'! 4%(8*/&)>,! 0-45.385/=! 522&5/,! 1-! +-! %5)*! ()! %5)*! 6(1%! *&0&8-2:&)1,! ()!
1%&(/! 2/-*341(-)! 2511&/),<! ! R)! 8()&! 6(1%! ]5)+&,85+! ?UAAZC! 5)*! [(\\&/1! a! ]&0&81! ?UAA@C;!
6&!:5=!%=2-1%&,(Q&!1%51!4%(8*/&)>,!/&2/&,&)151(-),!%50&!.&4-:&!:-/&!*&15(8&*!51!1%(,!
2-()1;! ()! -/*&/! 1-! .&! 5.8&! 1-! *(,1()+3(,%! .&16&&)! 1%&! *(''&/&)1! 15/+&1! '-/:,! 1%51!
4-),1(131&! 1%&(/! /52(*8=! ()4/&5,()+! 8&V(4-)<! R)! 1%(,! 0(&6;! 6-/*P! -/! %-8(,1(4!
/&2/&,&)151(-),! 6-38*! +(0&! 65=! 1-! ,&+:&)158! /&2/&,&)151(-),<! $%&! *&0&8-2:&)1! ()!
4%(8*/&)>,!/&2/&,&)151(-),!/&,381,!()!*&0&8-2:&)1,!()!4%(8*/&)>,!2/-*341(-),;!6%&/&!6&!
'()*! 1%&! '(/,1! DENEG! 2511&/),<! $%&! (,,3&! -'! 4%(8*/&)>,! /&2/&,&)151(-),! 6(88! .&! '3/1%&/!
*(,43,,&*!()!1%&!)&V1!,3.,&41(-)<!
(
(
(
(
(
(
!
"@"!
_777;(!":.,'&1`6(,&-&./$:1D('&$'&6&1%#%:/16(
f)&! -'! 1%&! 5(:,! -'! 1%&! 43//&)1! 4%521&/! (,! 1-! *(,43,,! 1%&! )513/&! -'! 7-/13+3&,&!
4%(8*/&)>,!/&2/&,&)151(-),;!-)!1%&!.5,(,!-'!1%&!54L3(,(1(-)!1/&)*,!-.,&/0&*!'-/!2854&!5)*!
:5))&/!'&513/&!2511&/),<!
R)! 4%521&/! J;! 6&! %=2-1%&,(Q&*! 1%51! 7-/13+3&,&! 4%(8*/&)! +-! 1%/-3+%! 5)! ()(1(58!
,15+&! 6%&/&! -)&! ,()+8&! '&513/&! ?7-I! 5)*! Y-IC! (,! 5,,(+)&*! 1-! 588! 1%&! 4-),-)5)1,! -'! 1%&!
6-/*;!/&,381()+!()!DEFEG!'-/:,<!e3/()+!1%(,!2&/(-*;!4%(8*/&)!*-!)-1!*(,1()+3(,%!.&16&&)!
6-/*!2-,(1(-),!()!1%&(/!8&V(458!/&2/&,&)151(-),<!
I1!1%&!,15+&!,13*(&*!()!1%&!43//&)1!4%521&/;!6%&/&!DENEG!2511&/),!5/&!54L3(/&*;!(1!
.&4-:&,!48&5/!1%51!4%(8*/&)>,!/&2/&,&)151(-),!%50&!.&4-:&!:-/&!*&15(8&*<!`31!1-!6%51!
&V1&)1! 5/&! 1%-,&! /&2/&,&)151(-),! *&15(8&*;! 6%&)! 1%&! '(/,1! DENEG! 522&5/O! e-! .-1%! 6-/*!
2-,(1(-),!.&4-:&!505(85.8&!'/-:!1%&!,15/1O!
$%&! 15.8&! +(0&)! ()! ?U#AC! ,%-6,! 1%&! 5+&! 51! 6%(4%! 1%&! '(/,1! DENEG! 4-:.()51(-),!
522&5/!()!&54%!4%(8*>,!73948:;!.-1%!'-/!7-I!5)*!'-/!Y-I!'&513/&!2511&/),<!
&IQD* #N,!#36#$7J8.:.".3/#36#"0!#6.9:"#KLOLP#4$""!9/:?#4!9#70.%1#
!.#'#(
<N)(
D]5.jE-/G!
(
!
Y/[/(
!
<NP(
<NQ(
(
<NR(
!
De-/jE-/G!
Dk5,jT1-2G!
DT1-2j[/(4G!
DE-/j]5.G!
!
!
D]5.jE-/G!
DT1-2j]51G!
!
(((71W6(
!
!
!
!
Y/#1#(
!
!
!
!
Z80#(
!
!
!
!
<NQ(
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
D]5.jE-/G!
De-/jE-/G!
Dk5,jT1-2G!
DT1-2j]51G!
DE-/j]5.G!
De-/j]5.G!
DT1-2jg%-1G!
!
!
!
(
<N<M(
!
DT1-2jk5,G!
<NR(
<N<M(
!
!
!
!
!
!
(
(
(
!
!
!
ANM(
(
ANA(
!
AN<(
(
!
DT1-2jg%-1G!
!
!
!
!
!
D]5.jE-/G!
!
DE-/je-/G!
De-/jE-/G!
Dk5,jT1-2G!
DT1-2jk5,G!
D[/(4jT1-2G!
!
!
!
(
ANB(
!
!
!
!
!
ANF(
De-/jE-/G!
DT1-2j[/(4G!
D[/(4jT1-2G!
D[/(4jk5,G!
D]5.je-/G!
D]5.jE-/G!
DT1-2jk5,G!
!
!
(
!
I,!,%-6)!5.-0&;!()!1%&!*515!-'!1%/&&!4%(8*/&)!?R)u,;!n-5)5;!E85/5C!1%&!'(/,1!)-)P
%5/:-)(4! 2511&/),! 54L3(/&*! 4-)15()! 5)! 3):5/\&*! 7-I! -/! Y-I! ()! EU! 2-,(1(-)M! E-/-)58!
5)*! T1-2<! ! R1! (,! -)8=! 5'1&/! 51! 8&5,1! -)&! -'! 1%-,&! DVjE-/G! 5)*! DVjT1-2G! 2511&/),! ,3/'54&;!
1%51!4-:.()51(-),!1%51!4-)15()!?(C!5!85.(58!-/!5!*-/,58!()!EU!-/!?((C!5!)5,58;!5!'/(451(0&!-/!5!
8(L3(*!()!EU;!,3/'54&!()!2/-*341(-)<!d&!4-38*;!1%&);!%=2-1%&,(Q&!1%51!1%&,&!1%/&&!4%(8*/&)!
,15/1! 1%&! 2/-4&,,! -'! 54L3(,(1(-)! -'! DENEG! '-/:,! .=! 5,,(+)()+! '&513/&! ,2&4('(451(-)! 1-! E"!
-)8=;! 5)*! 8&50&! EU! 3),2&4('(&*<! $%&! 8511&/! 2-,(1(-)! 6-38*! ,1(88! )-1! .&! 505(85.8&! '-/!
!
"@U!
,2&4('(451(-)! ()! 4%(8*/&)>,! 8&V(458! /&2/&,&)151(-),! ?'-/! 5! ,(:(85/! 2/-2-,58! ()! e314%;! ,&&!
]&0&81;! "KKJC<! $%(,! 2/-4&*3/&! (,! '-/:58(Q&*! ()! ?U#"<5C<! $%&! /&2/&,&)151(-)! +(0&)! ()!
?U#"<.C! (883,1/51&,! 7-I! 5)*! Y-I! '&513/&! ,2&4('(451(-)! 51! 5! 851&/! 2-()1! 6(1%()! 1%&! DENEG!
,15+&;! 6%&/&! :5/\&*! '&513/&,! 5/&! 2/-*34&*! ()! EU;! ,%-6()+! 1%51! 1%(,! 2-,(1(-)! (,! 51! 1%(,!
2-()1!505(85.8&!'-/!'&513/&!5,,(+):&)1<!!
!
&IQ'* #-/_:?#a3$/$?#L%$9$#
?5C!X.9:"#$7J8.9!1##KLOLP#4$""!9/:!
?.C!>$"!9#$7J8.9!1#KLOLP#4$""!9/:!
D]5.jE-/G^!De-/jE-/G^!Dk5,jT1-2G!
DE-/je-/G^!DT1-2<<]51G^!DT1-2j[/(4G!
!!!!!!!!!!!!!!!!!!!!!!7-IHY-I!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!!!7-IHY-I!!!!!!!!!!!!!!!!!!
!
!
!
!!!!!!!!!!!!!!!!!!!(((Ddfge!!!!!!!!!!!!
!
!!!!!!!!!!!!!!!!!!!DE"!!0!!EU!!0G!!!!!!!!!!!!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!e&'5381!?E-/-)58HT1-2C!
!
f3/!2/-2-,58!(,!1%51!R)u,;!n-5)5!5)*!E85/5!+-!'/-:!5)!&5/8=! dfge!/&2/&,&)151(-);!
6%&/&!588!4-),-)5)1,!()!1%&!6-/*,!5/&!3),&+:&)158(Q&*;!/&,381()+!()!DEFEG!-31231!'-/:,!
?,&&! 4%521&/! JC! 1-! 5! 851&/! ,15+&! 6%&/&! 1%&! 6-/*P()(1(58! 2-,(1(-)! (,! 58/&5*=! 505(85.8&!
Ddfge! ?,&&! U#"<5;! 5.-0&C! 5)*;! '()588=;! +&1! 1-! 5! ,15+&! 6%&/&! .-1%! EP,8-1,! 5/&! 505(85.8&!
DE"iEUiG!?,&&!U#"<.C!
!
I,!'-/!n-v->,!*515;!%&!54L3(/&,!-)&!,()+8&!)-)P%-:-/+5)(4!2511&/);!?D]5.jE-/GC!
3)1(8! 1%&! 85,1! ,&,,(-)! ,13*(&*;! 51! U^A<! [-/! 1%(,! 4%(8*;! )-! *515! (,! 505(85.8&! 4-)4&/)()+! 1%&!
54L3(,(1(-)!-'!7-I!4-:.()51(-),!1%51!4-)15()!)-)P*&'5381,!()!EU<!h-6&0&/;!51!1%&!,5:&!
5+&!n-v-!54L3(/&,!D]5.jE-/G!?"^ZC;!%&!58,-!54L3(/&,!5)!Y-I!2511&/)!6(1%!5!)-)P*&'5381!
'&513/&!()!EUM!DT1-2j]51G<!R'!5!)-)P*&'5381!(,!5,,-4(51&*!1-!EU!2-,(1(-);!(1!:5=!.&!1%&!45,&!
1%51!1%(,!2-,(1(-)!(,!58/&5*=!505(85.8&!51!1%51!5+&<!
!
R)!]3:5>,!*515;!1%&!'(/,1!DENEG!2511&/)!54L3(/&*!(,!DT1-2jg%-1G;!51!U^"<!T(:(85/8=!
1-!n-v-;!]3:5!&)1&/,!1%&!DENEG!,15+&!6(1%!5!2511&/)!1%51!4-)15(),!5!)-)P*&'5381!()!EU;!()!
1%(,! 45,&;! 5! /%-1(4<! I1! U^#;! ]3:5! 54L3(/&,! 1%&! '(/,1! DE7-INE7-IG! 4-:.()51(-);! 6%(4%! (,!!
De-/jE-/G!5)*!51!U^J!1%&!'(/,1!)-)P%-:-/+5)(4!2511&/)!6(1%!5!)-)P*&'5381!7-I!()!EU!(,!
54L3(/&*!?D]5.je-/GC<!!!
R)!,3::5/=;!n-v-!5)*!]3:5!'-88-6!1%&!,5:&!2511&/)!5,!1%&!-1%&/!1%/&&!4%(8*/&)!
?1%&!'(/,1!4-:.()51(-)!54L3(/&*!4-)15()!5!*&'5381!'&513/&!()!EUC;!.31!-)8=!5,!'5/!5,!7-I!(,!
4-)4&/)&*<! ! I,! '-/! Y-I;! 1%&! 16-! 4%(8*/&)! 54L3(/&! 4-:.()51(-),! 6(1%! 5! )-)P*&'5381!
'&513/&!?8(L3(*C!.&'-/&!5)=!-1%&/!2511&/)<!$%3,;!()!1%&!*&0&8-2:&)1!-'!7-I!2511&/),;!n-v-!
5)*! ]3:5! ,%-6! 1%&! ,5:&! 251%! -'! *&0&8-2:&)1! 5,! 1%&! -1%&/! 1%/&&! 4%(8*/&)<! g&+5/*()+!
!
"@#!
Y-I! 2511&/),;! n-v-! 5)*! ]3:5! ,&&:! 1-! 4%5)+&! *(/&418=! '/-:! 5! dfge! 1-! 5! DE"iEUiG!
/&2/&,&)151(-)<!!(
f0&/588;!6&!'-3)*!&0(*&)4&!,322-/1()+!1%&!'-88-6()+!*&0&8-2:&)1,!()!4%(8*/&)>,!
/&2/&,&)151(-),M! dfge!oo!Ddfge!oo! EiEi<!h-6&0&/;!1%&!()1&/:&*(51&!Ddfge!,15+&!*-&,!
)-1!-443/!'-/!Y-I!2511&/),;!()!1%&!*515!-'!16-!4%(8*/&)<!$%(,!*(''&/&)4&!:5=!/&,381!'/-:!
()*(0(*358! 05/(51(-)! -/! '/-:! 5)! -0&/852! -'! 16-! *&0&8-2:&)158! 2&/(-*,<! I81&/)51(0&8=;! (1!
:(+%1!/&,381!'/-:!*(''&/&)1!/&2/&,&)151(-),!'-/!2854&!5)*!'-/!:5))&/!,2&4('(451(-)<!$%(,!
(,,3&! )&&*,! 1-! .&! '3/1%&/! ()0&,1(+51&*! -)! 1%&! .5,(,! -'! :-/&! *515;! )5:&8=! -)! 1%&!
*&0&8-2:&)1!-'!2-8=,=885.(4!'-/:,<!
!
7a;(S&%"/,/./DG@(:,&1%:2G:1D(%"&(%"'&6"/.,(/2(%"&((3!4!5(6%#D&((
$%/-3+%-31! ,&41(-),! S<S! 5)*! S<X;! 6&! /&2-/1&*! 1%51! 1%&/&! 6&/&! ,-:&!
*(,4/&25)4(&,!.&16&&)!1%&!5+&!51!6%(4%!4%(8*/&)!6-38*!&)1&/!1%&!DENEG!,15+&;!544-/*()+!
1-!1%&!5)58=,(,!2/&,&)1&*!()!4%521&/!J;!5)*!1%&!5+&!51!6%(4%!4%(8*/&)!54L3(/&!1%&(/!'(/,1!
DENEG!*(,=885.(4!2511&/),<!!
R)! 4%521&/! J;! 1%&! 5)58=,(,! 65,! .5,&*! -)! 588! :381(,=885.(4! -31231! '-/:,! 5)*! 1%&!
/&851(-)!.&16&&)!15/+&1!6-/*,!5)*!4-//&,2-)*()+!/&)*(1(-),!65,!)-1!&V28-/&*<!I,!,--)!
5,!DEFEG!-31231!'-/:,!2511&/),!*&4/&5,&*!.&8-6!@AB;!6&!5,,3:&*!1%51!4%(8*/&)!6-38*!
.&! &)1&/()+! 1%&! DENEG! ,15+&<! ! f)! 1%&! 4-)1/5/=;! 1%&! 5)58=,(,! 2/&,&)1&*! ()! 1%&! 43//&)1!
4%521&/!(,!.5,&*!-)!1%&!/&851(-)!15/+&1H2/-*341(-);!()!*(,=885.8&,<!!
$%&!45,&,!-'!:(,:514%!.&16&&)!4%521&/,!J!5)*!S!5/&!-'!16-!1=2&,M!?(C!E%(8*/&)!
54L3(/&! *(,=885.(4! DENEG!2511&/),! S!639!! 1%&! 5+&! 6%&/&;! ()! 4%521&/! J;! 6&!2/&*(41&*! 1%51!
1%&!)-)P%5/:-)(4!,15+&!6-38*!,15/1^!?((C!E%(8*/&)!54L3(/&!*(,=885.(4!DENEG!2511&/),!$6"!9!
1%&! 5+&! 2/&*(41&*! ()! 4%521&/! J<! $%&! ,&4-)*! 1=2&! -'! :(,:514%! (,! 1%&! 8&5,1! '/&L3&)1^! (1!
-443/,!-)8=!()!1%&!*515!-'!R)u,!?'-/!7-I!2511&/),C!5)*!n-5)5!?'-/!Y-IC<!$%&,&!45,&,!5/&!
)-1! /&58! :(,:514%&,;! 1%-3+%<! I,! ,%-6)! ()! ,&41(-),! S<S<"! 5)*! S<X<";! .-1%! 4%(8*/&)! ,15/1!
2/-*34()+!DENEG!4-:.()51(-),!51!1%&!5+&!2/&*(41&*!()!4%521&/!J!?R)u,!DE7-INE7-IG!51!"^Z!
5)*!n-5)5!DEY-INEY-IG!51!U^AC;!.31!1%-,&!2/-*341(-),!4-//&,2-)*!1-!15/+&1!2-8=,=885.8&,^!
5443/51&! )-)P%5/:-)(4! 2/-*341(-),! '-/! *(,=885.(4! 15/+&1,! 6(88! -)8=! 522&5/! ()! 1%&!
'-88-6()+! ,&,,(-)<! I,! '-/! 1%&! -1%&/! 1=2&! -'! :(,:514%;! 6%&/&! 4%(8*/&)! 54L3(/&! )-)P
%5/:-)(4! *(,=885.8&,! .&'-/&! 1%&! 5+&! 2/&*(41&*! '-/! 1%&! .&+())()+! -'! 1%&! DENEG! ,15+&;! (1!
/&,381,! '/-:! 1%&! '541! 1%51! 1%&/&! 5/&! '&6! DENEG! 15/+&1,! 511&:21&*! ()! 1%&! '(/,1! ,&,,(-),<!
E%(8*/&)!:5=!.&!2/-*34()+!588!?-/!1%&!:59-/(1=!-'C!511&:21&*!'-/:,!-'!5!+(0&)!2511&/)!()!
5! 4-//&41! '5,%(-)! .31! ('! '&6! 15/+&1,! 5/&! 511&:21&*;! 1%-,&! 4-//&41! 2/-*341(-),! 6(88! .&!
L3(1&!:5/+()58!()!5!,13*=!-'!588!-31231!'-/:,;!5,!1%&!-)&!2/&,&)1&*!()!4%521&/!J<!
!
"@J!
k-1&! 1%51;! ()! ,2(1&! -'! 1%&! *(,4/&25)4(&,! /&+5/*()+! 1%&! .-3)*5/(&,! -'! DEFEG! 5)*!
DENEG!,15+&,;!1%&!+&)&/58!2(413/&!-'!*&0&8-2:&)1!2/-0(*&*!()!4%521&/!J!(,!4-//-.-/51&*!
.=!1%&!/&,381,!2/&,&)1&*!()!1%&!43//&)1!4%521&/M!?(C!DENEG!'-/:,!*-!)-1!522&5/!51!1%&!'(/,1!
,&,,(-),^!?((C!1%&=!522&5/!:-,18=!'/-:!"^Z!-)65/*,<!h-6&0&/;!1%&!5)58=,(,!-'!1%&!/&851(-)!
.&16&&)! 15/+&1,! 5)*! 2/-*341(-),! 2&/'-/:&*! ()! 1%(,! 4%521&/! 2/-0(*&*! 5! :-/&! *&15(8&*!
251%! -'! *&0&8-2:&)1! -'! 1%&! *(''&/&)1! ,1/3413/&,;! ,%-6()+! 1%51! 1%&/&! (,! 5)! -0&/852!
.&16&&)!%5/:-)(4!5)*!)-)P%5/:-)(4!,15+&,;!'-/!,-:&!-'!1%&!4%(8*/&)M!1%&=!:5=!,1(88!.&!
51!1%&!-0&/588!DEFEG!-31231!,15+&;!.31!1%&!54L3(,(1(-)!-'!,-:&!DENEG!2511&/),!(,!58/&5*=!
-)!1%&!65=<!!
);R(!/19.8,:1D('&0#'b6(
!
R)! 1%&! 43//&)1! 4%521&/;! (1! 65,! ,%-6)! 1%51! DENEG! 2511&/),! 5/&! 4%588&)+()+!
8()+3(,1(4!,1/3413/&,!'-/!=-3)+!8&5/)&/,^!1%&=!5/&!)-1!505(85.8&!'/-:!1%&!-),&1!-'!,2&&4%!
5)*! 522&5/! +/5*3588=! ()! 4%(8*/&)>,! 2/-*341(-),<! R)! 1%(,! /&,2&41;! 7-/13+3&,&! *515!
,322-/1,! 1%&! '()*()+,! -.,&/0&*! ()! -1%&/! 85)+35+&,;! )5:&8=! e314%;! _&/:5)! 5)*! [/&)4%!
?]5)+&,85+;! UAAZ^! [(\\&/1! a! ]&0&81;! UAA@^! I81051&/PY54\&),&);! e-,! T5)1-,! a! [(\\&/1;!
UAA@^!I81051&/PY54\&),&)!a![(\\&/1;!UAAKC<!$%/-3+%-31!1%(,!4%521&/;!(1!65,!,%-6)!1%51!
1%&! *&0&8-2:&)1! -'! )-)P%5/:-)(4! '-/:,! (,! /&+3851&*! .=! .-1%! 2-,(1(-)58! 5)*!
4-:.()51-/(58! /&,1/(41(-),^! ()! -/*&/! 1-! 4-2&! 6(1%! 1%&,&! 4-),1/5()1,;! 4%(8*/&)! /&43/! 1-!
581&/)51(0&! 2/-*341(-)! ,1/51&+(&,<! g&,&5/4%! L3&,1(-),! 1%51! 5/(,&! 51! 1%(,! 2-()1! 5/&!
1%&/&'-/&M! ?(C! d%(4%! 581&/)51(0&! 2/-*341(-),! 2/&*-:()51&O! ?((C! I/&! 1%&! 581&/)51(0&!
2/-*341(-),!-'!1%&!()(1(58!DEFEG!,15+&!,(:(85/!1-!1%&!-)&,!3,&*!6%&)!51!8&5,1!,-:&!DENEG!
'-/:,! %50&! .&&)! 54L3(/&*O! ?((C! d%51! 45)! 1%-,&! ,1/51&+(&,! 1&88! 3,! 5.-31! 4%(8*/&)>,!
3)*&/8=()+!/&2/&,&)151(-),O!I88!1%&,&!L3&,1(-),!6(88!.&!&V28-/&*!5)*!*(,43,,&*!'3/1%&/!
()!4%521&/!X<!!
!
!
!
!
!
!
!
!
!
!
!
!
"@S!
!
!
!
!
!
!
!
"@X!
!"#$%&'()(*(!"+,-'&./0(#,%&'.#%+1&(23%$3%(42'50((
6.%'2-37%+2.(
(
%&!'()!'*+!,-)./+01!2(3,')-14!/'!*31!1(+*&!'(3'!56768!,3'')-&1!3-)!,-+9:);3'/2!
<+-! '()! </.)! =+-'0>0)1)! 2(/:?-)&! 1'0?/)?! /&! '(/1! ,-+@)2'4! ,3-'/20:3-:A! 3'! )3-:A! 3>)1B! %&!
2(3,')-!C4!*)!13*!'(3'!'()!.31'!;3@+-/'A!+<!2(/:?-)&D1!)3-:A!+0',0'!<+-;1!3-)!(3-;+&/24!
9+'(! <+-! ,:32)! 3&?! <+-! ;3&&)-! <)3'0-)1! E56F68! 1'3>)GB! %&! 2(3,')-! H4! /'! *31! 1(+*&! '(3'!
;+1'! 56768! ,3'')-&1! 3-)! 32I0/-)?! +&:A! 3<')-! "J#! 3&?! '(3'! 1+;)! 2+;9/&3'/+&1! 3-)!
32I0/-)?!:3')-!'(3&!+'()-14!?0)!'+!,+1/'/+&3:!+-!2+;9/&3'+-/3:!-)1'-/2'/+&1B!%&!'()!20--)&'!
2(3,')-4!*)!*/::!<+201!+&!'()!3:')-&3'/.)!1'-3')>/)1!2(/:?-)&!-)20-!'+4!*()&!2+,/&>!*/'(!
'3->)'!&+&K(3-;+&/2!,3'')-&1!EL6=+M76=+ML!3&?!L6N+M76N+MLG!9+'(!/&!'()!56F68!1'3>)!3&?!
/&!'()!56768!1'3>)B!O31)?!+&!'()!'A,)!+<!3:')-&3'/.)!1'-3')>/)1!01)?4!*)!3/;!'+!2+&'-/90')!
<+-!'()!?/12011/+&!+<!2(/:?-)&D1!:)P/23:K!3&?!+0',0'!-),-)1)&'3'/+&1!3'!9+'(!1'3>)1B!!
!
Q()! -)1)3-2(! +&! ,(+&+:+>/23:! 32I0/1/'/+&! (31! 1(+*&! '(3'! 2(/:?-)&D1! +0',0'!
<+-;1! ')&?! '+! ?)./3')! <-+;! 3?0:'! <+-;14! ,3-'/20:3-:A! /&! )3-:A! 1'3>)1! +<! ?).):+,;)&'B!!
R)1)3-2()-1!(3.)!<+201)?!&+'!+&:A!+&!'()!?)12-/,'/+&!+<!'(+1)!?)./3'/+&1!90'!3:1+!+&!'()!
+->3&/S3'/+&! +<! 2(/:?-)&D1! ,(+&+:+>/23:! 1A1');! 3&?! *(3'! '(+1)! ;/1;3'2()1! 3-)! 39:)! '+!
-).)3:!39+0'!'(/1!+->3&/S3'/+&!ET;/'(4!"U$H4!N32V)&4!"U$UJ!W))4!"UUHJ!W/VV)-'4!XYY$GB!!
Q()! ?/12-),3&2A! 9)'*))&! 3?0:'! *+-?1! 3&?! 2(/:?-)&D1! +0',0'! <+-;1! (31! +<')&!
9))&! ?)</&)?! /&! ')-;1! +<! ,(+&+:+>/23:! ,-+2)11)1J! T'3;,)! E"UZU4! "U$[G! ,-+,+1)?! '(3'!
)3-:A!,(+&+:+>/23:!1A1');1!3-)!2+&1'-3/&)?!9A!3!1)'!+<!&3'0-3:!,-+2)11)1!'(3'!-),-)1)&'!
/&&3')! ;)&'3:! 2+&1'-3/&'1! +&! '()! 2(/:?D1! ,-+?02'/.)! 39/:/'/)1B! %&>-3;! E"U#ZG! 10>>)1')?!
'(3'! ,-+2)11)1! 2+0:?! 9)! ?/./?)?! /&'+! '(-))! 'A,)1\! 1A::39:)! 1'-02'0-)! E2:01')-! -)?02'/+&4!
?):)'/+&! +<! 0&1'-)11)?! 1A::39:)1! +-! +<! </&3:! 2+&1+&3&'14! -)?0,:/23'/+&G4! 311/;/:3'/+&!
,-+2)11)1!E.+/2/&>4!(3-;+&AG!3&?!1091'/'0'/+&!,-+2)11)1!E1'+,,/&>4!<-+&'/&>4!>:/?/&>GB!!
%&! >)&)-3:! ')-;14! '()! ,-+2)11)1! :/1')?! 39+.)! 23&! 9)! ./)*)?! 31! 3! ;)3&1! +<!
,(+&+:+>/23:!1/;,:/</23'/+&4!*()-)9A!3?0:'!'3->)'!*+-?1!3-)!-)&?)-)?!/&!*3A1!'(3'!3-)!
<)31/9:)!<+-!A+0&>!:)3-&)-1!EN32V)&4!"U$UGB!]+*).)-4!31!;)&'/+&)?!9A!W))!E"UUHG4!'()!
'-0)! &3'0-)! +<! '(+1)! ^,(+&+:+>/23:! ,-+2)11)1D! 23&! +&:A! 9)! ?/12011)?! /&! -):3'/+&! '+! '()!
&3'0-)! +<! 2(/:?-)&D1! ,(+&+:+>/23:! -),-)1)&'3'/+&1B! M-)! '(+1)! -),-)1)&'3'/+&1! 3?0:'K:/V)!
+-!2(/:?K1,)2/</2_!%<!2(/:?-)&D1!-),-)1)&'3'/+&1!3-)!/?)&'/23:!'+!'()!3?0:'!<+-;4!'()&!3!1)'!
+<! ,-+2)11)1! (31! '+! +220-4! 2(3&>/&>! '3->)'K:/V)! 0&?)-:A/&>! 1'-02'0-)1! /&'+! ?)./3'/&>!
10-<32)!,-+?02'/+&1!E'(-+0>(!3!1)'!+<!-0:)1!/&!:/&)3-!,(+&+:+>A!ET;/'(4!"U$[G!+-!'(-+0>(!
2+&1'-3/&'! /&')-32'/+&14! /&! 3&! `Q! <-3;)*+-V! E=-/&2)! a! T;+:)&1VA4! XYYCJ! N263-'(A! a!
=-/&2)4! "UU[GB! %<4! +&! '()! 2+&'-3-A4! 2(/:?-)&D1! )3-:A! -),-)1)&'3'/+&1! 3-)! ?/<<)-)&'! <-+;!
'(+1)! +<! '()! 3?0:'4! 3:')-&3'/.)! +0',0'! <+-;1! ;3A! &+'! ?)-/.)! <-+;! ,-+2)11)1! '(3'! 1(3,)!
!
"#$!
/&,0'! <+-;14! 90'! 23&! 9)! '()! &3'0-3:! +0'2+;)! +<! ?).):+,/&>! -),-)1)&'3'/+&1! EW/VV)-'4!
XYY$J!W/VV)-'!a!b).):'4!XYY#GB!
Q()! 3&3:A1/1! +<! '()! 1'-3')>/)1! 2(/:?-)&! /;,:);)&'! '+! 2+,)! */'(! 3?0:'! '3->)'!
*+-?1!23&!9)!01)?!31!3!*/&?+*!'+!'()!A+0&>!:)3-&)-D1!-),-)1)&'3'/+&1B!%&!+-?)-!'+!?+!
'(/14! *)! */::! (3.)! '+! 2+;,3-)! 2(/:?-)&D1! ,-+?02'/+&1! '+! 3?0:'! <+-;1! 3&?! '-32V! '()!
?/<<)-)&2)1! 9)'*))&! 9+'(! 1'-02'0-)1B! W+-! '(/1! -)31+&4! *)! */::! -)<)-! '+! 3:')-&3'/.)!
1'-3')>/)1!102(!31!1091'/'0'/+&14!;)'3'()1/1!+-!-)?0,:/23'/+&1J!(+*).)-4!'(/1!*/::!+&:A!9)!
3! 2+;,3-/1+&K3'K'()K10-<32)J! '(+1)! ')-;1! */::! 9)! 01)?! 31! ?)12-/,'/.)! '++:1! 3&?! ?+! &+'!
?)-/.)!<-+;!3&A!,-/+-!3110;,'/+&!'(3'!2(/:?-)&D1!0&?)-:A/&>!<+-;1!3-)!3?0:'K:/V)!+-!&+'B!
Q()! ?/12011/+&! +<! '()! &3'0-)! +<! 2(/:?-)&D1! ,(+&+:+>/23:! -),-)1)&'3'/+&1! */::! <+::+*! /&!
1)2'/+&! ZB$4! 931)?! +&! '()! 3:')-&3'/.)! 1'-3')>/)1! +91)-.)?! 9+'(! <+-! L6=+M76=+ML! 3&?!
L6N+M76N+ML!'3->)'1B!
Q(/1! 2(3,')-! /1! +->3&/S)?! 31! <+::+*1B! T)2'/+&! ZB"! ,-)1)&'1! 3&! +.)-./)*! +<! '()!
:/')-3'0-)!+&!3:')-&3'/.)!1'-3')>/)1!/&!2(/:?-)&D1!1,))2(4!<+201/&>!+&!'()!+&)1!'(3'!-)10:'!
/&! ;0:'/1A::39/2! +0',0'! <+-;1\! -)?0,:/23'/+&4! 2+&1+&3&'! (3-;+&A4! ;)'3'()1/1! 3&?!
1091'/'0'/+&14!31!*)::!31!+&!:)P/23:!1):)2'/+&B!T)2'/+&!ZBX!,-+./?)1!3!10;;3-A!+<!'()!;3/&!
'+,/214!<+::+*)?!9A!3&!+0':/&)!+<!'()!-)1)3-2(!I0)1'/+&1!3&?!1,)2/</2!>+3:1!'(3'!0&?)-:/)!
'()!20--)&'!2(3,')-B!Q()!;)'(+?+:+>/23:!/110)1!3-)!?)12-/9)?!/&!1)2'/+&!ZB[B!T)2'/+&!ZBC!
,-)1)&'1! '()! -)10:'1! <+-! '()! 3&3:A1/1! +<! '()! 3:')-&3'/.)! 1'-3')>/)1! '(3'! 3<<)2'! 56=+M76=+M8!
'3->)'! <+-;14! *(/:)! '()! -)10:'1! <+-! 56N+M76N+M8! '3->)'1! 3-)! ,-+./?)?! /&! 1)2'/+&! ZBHB! M!
10;;3-A!+<!'()!;3/&!</&?/&>1!/1!>/.)&!/&!1)2'/+&!ZBZ4!<+::+*)?!9A!3!>)&)-3:!?/12011/+&!/&!
ZB$B!Q()!2+&2:0?/&>!-);3-V1!3-)!,-)1)&')?!/&!1)2'/+&!ZB#B!
)89(!'200:,+.;3+0%+7(#,%&'.#%+1&(0%'#%&;+&0(+.(7"+,-'&./0(0$&&7"(
!
Q(/1!1)2'/+&!,-)1)&'1!3!-)./)*!+<!'()!:/')-3'0-)!+&!3:')-&3'/.)!1'-3')>/)14!2-+11K
:/&>0/1'/23::AB!%&!ZB"B"4!*)!)P,:+-)!'()!/110)!+<!-)?0,:/23'/+&!/&!)3-:A!,-+?02'/+&1B!T)2'/+&!
ZB"BX! ?/12011)1! 2+&1+&3&'! (3-;+&A4! 3! *)::KV&+*&! ,()&+;)&+&! /&! 2(/:?! :3&>03>)B!
T)2'/+&! ZB"B[! /1! ?)?/23')?! '+! ;)'3'()1/14! 3! 1'-3')>A! '(3'! /1! 0103::A! 311+2/3')?! */'(!
2+&1+&3&'! (3-;+&AB! T091'/'0'/+&! ,3'')-&1! 3&?! /'1! -):3'/+&! '+! ,+1/'/+&3:! 31A;;)'-/)1!
3&?! ,:32)L;3&&)-! /&')-32'/+&! 3-)! )P,:+-)?! /&! 1)2'/+&! ZB"BCB! W/&3::A4! 1)2'/+&! ZB"BH!
)P,:+-)1!'()!/110)!+<!:)P/23:!1):)2'/+&!31!3&!)3-:A!3:')-&3'/.)!1'-3')>AB!
)8989(<&-3$,+7#%+2.(
!
R)?0,:/23'/+&! +220-1! ;+1':A! /&! )3-:A! +0',0'! <+-;1! 3&?! -)1);9:)1! 23&+&/23:!
9399:/&>!EW)->01+&!a!N32V)&4!"U#[GB!!T+;)!2(/:?-)&!3-)!<-)I0)&'!-)?0,:/23'+-1J!+'()-1!
01)! '(/1! 1'-3')>A4! 90'! &+'! /&! 3! 1A1');3'/2! *3AB! T+;)! 30'(+-1! 2+&1/?)-! /'! 3! 0&/.)-13:!
!
"##!
,()&+;)&+&! /&! :3&>03>)! 32I0/1/'/+&! EN+1V+*/'S4! "U$[GJ! +'()-! 30'(+-1! 2+&1/?)-! /'! 3&!
/&?/./?03:!1'-3')>A4!01)?!9A!1+;)!2(/:?-)&!EW)->01+&!"U$UJ!b:c+4!"UUYGB!
R)?0,:/23'/+&! ,3'')-&1! 3-)! 2(3-32')-/S)?! 9A! '()! ,-+?02'/+&! +<! ;0:'/1A::39/2!
*+-?1! */'(! 3! -),)'/'/.)! 1A::39:)! 1'-02'0-)4! ;+1':A! +<! '()! 'A,)! 6/d@6/d@B! Q(/1! 1'-3')>A! /1!
/::01'-3')?!/&!EX[XG4!*/'(!?3'3!<-+;!e&>:/1(4!W-)&2(!3&?!T,3&/1(B!
!N+1'!+<')&4!/'!/1!'()!'3->)'!1'-)11)?!1A::39:)!'(3'!/1!-)?0,:/23')?4!31!/::01'-3')?!/&!
'()!)P3;,:)1!,-+./?)?!39+.)B!!
!R)?0,:/23'/+&! 0103::A! 3<<)2'1! ;0:'/1A::39/2! '3->)'! *+-?14! 3:'(+0>(! /'! (31! 3:1+!
9))&!+91)-.)?!/&!;+&+1A::39/2!+&)1!Ef:)/&4!XYYHGB!!
!
!"#"$ %&'()*+,-%./%0,12*+34(53.6%36%473+1%+(682(8,%
!
!
!
g:+11!
`-'(+>-B!
`0',0'!
E3G!
e&>:/1(!
!
9/120/'!!!!!Kh!
E9G!
W-)&2(!
;+0'(!
9+02()!!!!Kh!!
[be:be:]
E2G!
T,3&/1(!
1(+)!
S3,3'+!!!!Kh!
[bubu]
[pa!papa]
i3')-1+&!E"U$"\"#ZG!
%&>-3;!E"U$U\"CYG!
b:c+!E"UUZ\XXYG!!
!
T).)-3:! (A,+'()1)1! (3.)! 9))&! ,0'! <+-*3-?! /&! '()! :/')-3'0-)! 31! '+! '()! 2301)! +<!
-)?0,:/23'/+&!,3'')-&1!/&!2(/:?!:3&>03>)B!M22+-?/&>!'+!%&>-3;!E"U$CG!-)?0,:/23'/+&!/1!3!
1'-3')>A! '+! 2+;,)&13')! 2(/:?-)&D1! /&39/:/'A! '+! ,-+?02)! '()! +'()-! 1A::39:)! +<! '()! *+-?J!
+'()-!30'(+-1!(3.)!,-+,+1)?!'(3'!/'!/1!3!*3A!+<!2+,/&>!*/'(!;0:'/1A::39/2!'3->)'!<+-;14!
*()'()-! ;+'/.3')?! 9A! '()! ,-)<)-)&2)! <+-! 102(! <+-;1! EW))! a! %&>-3;4! "U#XG! +-! 9A! '()!
3.+/?3&2)!+<!/'1!2+;,:)P/'A!ET2(*3-'S!)'!3:B4!"U#YJ!1))!-)./)*!/&!f:)/&4!XYYHGB!M22+-?/&>!
'+! b:c+! E"UUZG4! -)?0,:/23'/+&! 23&! 9)! ./)*)?! 31! 3! *3A! +<! '()! 2(/:?! E/&! '(/1! 231)4! j+1c4!
9)'*))&!"J$!3&?!"J""G!'+!;3'2(!'()!)P,)2')?!:)&>'(!+<!'()!*+-?!3&?4!3'!'()!13;)!'/;)4!
'+!2+;,:A!*/'(!'()!-)I0/-);)&'!+<!,:32)!<)3'0-)!/?)&'/'A!9)'*))&!'()!2+&1+&3&'1!+<!'()!
*+-?B!
k+')!'(3'!1+;)!1'0?/)1!2:311/<A!9+'(!56/d@6/d@8!E/?)&'/23:!1A::39:)1G!3&?!56/d@6/dV8!
E/?)&'/23:! 2+&1+&3&'14! 90'! ?/<<)-)&'! &02:)01G! <+-;1! 31! /&1'3&2)1! +<! -)?0,:/23'/+&!
E2+;,:)')! +-! ,3-'/3:G! Ef:)/&4! XYYHGB! %&! '()1)! 1'0?/)14! '()! ?/<<)-)&2)! 9)'*))&!
-)?0,:/23')?! <+-;1! 3&?! 2+&1+&3&'! (3-;+&A! <+-;1! /1! &+'! 2:)3-B! %&! '()! 20--)&'!
?/11)-'3'/+&4!9+'(!'A,)1!+<!+0',0'!<+-;1!*/::!9)!?/1'/&>0/1()?4!1/&2)!+&:A!56/d@6/d@8!*/::!9)!
2+&1/?)-)?! -)?0,:/23'/+&1B! i)! */::! )P,:+-)! '()! 2+&1+&3&'! (3-;+&A! 1'-3')>A! /&! '()!
<+::+*/&>!1)2'/+&B!!
)898=(!2.02.#.%("#'52.>(
(
6+&1+&3&'! ]3-;+&A! E()&2)<+-'(4! 6]G! /1! +&)! +<! '()! ;+1'! ?/12011)?! ,-+?02'/+&!
,3'')-&1! /&! '()! :/')-3'0-)! +&! ,(+&+:+>/23:! 32I0/1/'/+&4! 32-+11! :3&>03>)1B! Q(/1! 12/)&'/</2!
!
"#U!
/&')-)1'!/1!,-/;3-/:A!;+'/.3')?!9A!'()!13:/)&2A!+<!'(3'!,()&+;)&+&!/&!32I0/1/'/+&!?3'34!
3??)?!'+!'()!/&'-/>0/&>!<32'!'(3'!/'!(31!&+!?/-)2'!2+--):3')!/&!3?0:'!,(+&+:+>/)1BCH(
!
Q*+! ;3/&! 'A,)1! +<! 6]! (3.)! 9))&! -),+-')?! /&! '()! :/')-3'0-)4! /&.+:./&>! '()! ;3@+-!
,:32)! <)3'0-)1! b39/3:! 3&?! l+-13:B! T+;)! )P3;,:)1! +<! '(+1)! 6]! ,3'')-&1! 3-)! ,-+./?)?! /&!
EX[[GB!
!
!"##$ %9:*34(+%,'()*+,-%./%;<%36%473+1%+(682(8,%
3B!b39/3:!(3-;+&A!
!
E3G!
!
l0'2(!
`-'(+>-B! g:+11!
1:+<<)&!! E1:/,,)-1G!
E9G!
e&>:/1(!
'39:)!
!
E2G!
W-)&2(!
?)9+0'!!
E?G!
W-)&2(!
'+;9c!!
E1'3&?/&>G!!! /d#bu/
E<3::)&G!!!!!!!!! /t"'be/
!
Q3->)'!
/sl"f#/
`0',0'!
[b"f#]
6(/:?!
R+9/&!!
!
b).):'!!E"UUCG!
/!te$b#l/
[be%bu]
M;3(:!!!
T;/'(!!E"U$[G!
[b&!bu%]
6:3-3!!
R+1)!!!EXYYYG!
[p#m#]
N3-/:A&!! l+1!T3&'+1!EXYY$G!
9B!l+-13:!(3-;+&A!
!
E3G!
!
`-'(+>-B!
e&>:/1(! 9/>!
E9G!
e&>:/1(! ?+>!
E2G!
e&>:/1(! ?02V!
E?G!
W-)&2(!
Q3->)'!
/b$(/
`0',0'!
[($(]
6(/:?!
Trevor
/d"(/
[("(]
Trevor
[()k]
Amahl
!
E6+;,'+&!a!T'-))')-4!"U$$J!!
=3')-!a!i)-:)4!XYY[G!
!
ET;/'(4!"U$[G!
[kako]
Marilyn
El+1!T3&'+14!XYY$G!
/d)k/
>3')30!!E23V)G!!!!!!! /(ato/
!
Q()!)P3;,:)1!,-+./?)?!/&!EX[[B3G!3-)!'A,/23:!/&1'3&2)1!+<!:39/3:!(3-;+&A4!/&!*(/2(!
3!2+-+&3:!2+&1+&3&'!10-<32)1!31!3!:39/3:4!/&!'()!,-)1)&2)!+<!3&+'()-!:39/3:!2+&1+&3&'!/&!
'()!*+-?B!Q()1)!231)1!(3.)!9))&!-),+-')?!/&!1).)-3:!:3&>03>)14!&3;):A!l0'2(4CZ!e&>:/1(!
3&?!W-)&2(!ER+1)4!XYYYJ!l+1!T3&'+14!XYY$J!W/VV)-'!a!b).):'4!XYY#GB!Q()!231)1!/::01'-3')?!
/&!EX[[B9G!(3.)!9))&!-),+-')?!,3-'/20:3-:A!/&!e&>:/1(!E=3')-!a!i)-:)4!XYY[GJ!/&!'(/1!231)4!
2+-+&3:! 3&?! :39/3:! 2+&1+&3&'1! 10-<32)! 31! ?+-13:1! /&! 2(/:?-)&D1! +0',0'! <+-;14! /&! '()!
,-)1)&2)! +<! 3&+'()-! ?+-13:! 2+&1+&3&'! /&! '()! *+-?B! k+')! '(3'4! 31! /::01'-3')?! 39+.)4! '()!
;+1'!2+;;+&!?/-)2'/+&3:/'A!/&!'(/1!(3-;+&A!,-+2)11!/1!<-+;!-/>('K'+K:)<'B!!
!
6]! <+-;1! (3.)! 9))&! 3,,-+32()?! <-+;! 1).)-3:! ?/<<)-)&'! '()+-)'/2! 3&>:)1! /&! '()!
:/')-3'0-)!+&!2(/:?!:3&>03>)B!i)!*/::!,-)1)&'!3!9-/)<!+.)-./)*!+<!1+;)!+<!'(+1)!322+0&'1!
/&!'()!<+::+*/&>!1091)2'/+&1B!!
!?(@+%"+.(A+.&#'($"2.2,2;>(
!
!
Q()! </-1'! 1'0?/)1! +<! 6]! ,3'')-&1! *)-)! ,)-<+-;)?! */'(/&! '()! <-3;)*+-V! +<! :/&)3-!
,(+&+:+>A4!/&!3!T=e!'-3?/'/+&BC$!%&!T;/'(!E"U$[G4!*)!</&?!3!-),+-'!+&!1A1');3'/2!231)1!+<!
2+&1+&3&'3:! (3-;+&/S)?! <+-;1! /&! '()! 1,))2(! +<! 3&! e&>:/1(! :)3-&/&>! 2(/:?! EM;3(:GJ!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
CH!Q()!;+1'!2+;;+&!,3'')-&1!+<!6]!/&!2(/:?!1,))2(!/&.+:.)!311/;/:3'/+&!+<!,-/;3-A!,:32)!<)3'0-)1!9)'*))&!
&+&K3?@32)&'!2+&1+&3&'1J!'(/1!,3'')-&!/1!&+'!<+0&?!/&!'()!3?0:'!:3&>03>)1!E]3&11+&4!XYY"GB!
CZ! M1! */::! 9)! 1(+*&! <0-'()-! 9):+*4! 'A,/23:! /&1'3&2)1! +<! :39/3:! 6]! /&! l0'2(! 3-)! -)K/&')-,-)')?! 9A! W/VV)-'! a!
b).):'!EXYY#G!3&?!b).):'!E'+!3,,)3-G!31!231)1!+<!:)<'K3:/>&;)&'!+<!b39/3:4!'(3'!+220-1!/&?),)&?)&':A!+<!'()!
=+M!+<!'()!+'()-!2+&1+&3&'!/&!'()!*+-?B!
C$!=.261%>(55,06%./%&68+3-74!6(+;1VA!a!]3::)!E"UZ#GB!
!
"UY!
322+-?/&>! '+! T;/'(4! '(+1)! 6]! 231)1! <+::+*! <-+;! '()! 2(/:?m1! 2+;,:/3&2)! */'(! 3! 1)'! +<!
-)3:/S3'/+&! -0:)1\! <+-! /&1'3&2)4! '()! ,3'')-&! L6+-nl+-LKh5l+-nl+-8! E31! /&! /!d)k/Kh[!g)k])
*+0:?! -)10:'! <-+;! '()! -0:)! ^?,+(03@368% 4.0.6(+-% A,/.0,% (% ?,+(0B! ET;/'(4! "U$[\"ZHGB! k+')!
'(3'! '()! 1)'! +<! -)3:/S3'/+&! -0:)1! /&! T;/'(D1! ,-+,+13:! /1! 3110;)?! '+! 9)! 2(/:?K1,)2/</2B! M1!
(31!9))&!<-)I0)&':A!?/12011)?!/&!'()!:/')-3'0-)4!T;/'(D1!-0:)!1A1');!,-+./?)1!3!?)'3/:)?!
?)12-/,'/.)!-),+-'!+<!6]!,3'')-&1!/&!M;3(:D1!1,))2(4!90'!<3/:1!'+!,-+./?)!3&!)P,:3&3'/+&!
+<! '()! ,()&+;)&3B! =-+./?/&>! 3! ,(+&+:+>/23:! )P,:3&3'/+&! <+-! 6]! ,3'')-&1! /&! 2(/:?!
:3&>03>)! (31! 9)2+;)! '()! ;3/&! >+3:! +<! 1).)-3:! 1'0?/)1! ?).):+,)?! '()-)3<')-B! T+;)! +<!
'(+1)!1'0?/)1!*/::!9)!+0':/&)?!/&!'()!<+::+*/&>!1)2'/+&1B!
!?(@+%"+.(#3%20&;5&.%#,($"2.2,2;>(
!
!
i/'(/&! '()! 30'+1)>;)&'3:! <-3;)*+-V4! N)&&! E"U$#G! ?)12-/9)1! L676LKh56F68!
,3'')-&1! 31! +&)! +<! '()! 1'-3')>/)1! 2(/:?-)&! -)20-! '+! *()&! 2+,/&>! */'(! 3&! +0',0'!
2+&1'-3/&'!-)I0/-/&>!'(3'!3::!2+&1+&3&'1!/&!'()!*+-?!1(3-)!,:32)!<)3'0-)!1,)2/</23'/+&B!%&!
+-?)-!'+!2+;,:A!*/'(!'(/1!1'-02'0-3:!-)I0/-);)&'4!2(/:?-)&!)/'()-!?):)')!2+&1+&3&'1!E+-!
1A::39:)1G! +-! -)&?)-! '();! /&! 3! 56=+MF6=+M8! +0',0'! <+-;3'B! %&! N)&&D1! ,)-1,)2'/.)4!
(3-;+&/2! +0',0'1! ?+! &+'! -)10:'! <-+;! 311/;/:3'/+&! -0:)1! 9)'*))&! &+&K3?@32)&'!
2+&1+&3&'1J!/&1')3?4!'(+1)!<+-;1!3-)!'()!+0'2+;)!+<!'()!311+2/3'/+&!+<!+&)!1/&>:)!,:32)!
<)3'0-)!'+!3::!6K1:+'1!3.3/:39:)!/&!'()!*+-?B!M!1/;/:3-!,)-1,)2'/.)!/1!,-+./?)?!9A!%.)-1+&!
a!i()):)-!E"U#$G4!*(+!2:3/;!'(3'!2(/:?-)&D1!+0',0'1!3-)!-)>0:3')?!9A!*)::K<+-;)?&)11!
');,:3')14! /&! *(/2(! +&)! 1/&>:)! ,:32)! <)3'0-)! 23&! 9)! 311+2/3')?! '+! 10,-311)>;)&'3:!
2+&1'/'0)&'14!&3;):A!'()!*+-?B!!
!
T'/::!*/'(/&!'()!30'+1)>;)&'3:!<-3;)*+-V4!1+;)!1'0?/)1!(3.)!10>>)1')?!3!?/<<)-)&'!
:/&)!+<!3,,-+32(!'+*3-?1!6]!,()&+;)&3!/&!2(/:?!:3&>03>)J!322+-?/&>!'+!30'(+-1!102(!31!
T3>)A!E"U#ZG4!T,)&2)-!E"U#ZG4!T');9)->)-!a!T'+):Kg3;;+&!E"UU"G!3&?!T'+):Kg3;;+&!
a! T');9)->)-! E"UUCG4! 6]! ,3'')-&1! 3-)! '()! -)10:'! +<! 3&! 311/;/:3'/+&! ,-+2)11! 9)'*))&!
&+&K3?@32)&'! 2+&1+&3&'1B! N+1'! 1'0?/)1! ,)-<+-;)?! */'(/&! '(/1! '()+-)'/23:! :/&)! 10>>)1'!
'(3'! '()! 311/;/:3'/+&! ,-+2)11! '3V)1! ,:32)! 9)'*))&! 3! <0::A! 1,)2/</)?! 2+&1+&3&'! E'()!
'-/>>)-4! 3! b39/3:! +-! 3! l+-13:G! 3&?! 3&! 0&?)-1,)2/</)?! 2+&1+&3&'! E'()! '3->)'4! 3! 6+-+&3:GB!
Q*+!;3/&!,-+9:);1!(3.)!9))&!,+/&')?!+0'!/&!'()!:/')-3'0-)4!-)>3-?/&>!'()!^311/;/:3'/+&K
3'K3K?/1'3&2)D! 3,,-+32(\!/'! ./+:3')1!'()!b+23:/'A! =-/&2/,:)! E'()! '*+! 2+&1+&3&'1! /&.+:.)?!
/&! '()! ,-+2)11! 3-)! &+'! 3?@32)&'4! 3'! :)31'! 3'! 10-<32)! :).):G! 3&?! '()! b/&)! 6-+11/&>!
=-+(/9/'/+&!E'()!1,-)3?/&>!+<!+&)!<)3'0-)!<-+;!+&)!2+&1+&3&'!'+!'()!+'()-!+220-1!32-+11!
/&')-.)&/&>! .+*):1GB! M/;/&>! '+! 2/-20;.)&'! '()1)! ,-+9:);14! 1+;)! 30'(+-1! (3.)! 3->0)?!
<+-!,:3&3-!1)>-)>3'/+&!9)'*))&!2+&1+&3&'1!3&?!.+*):1!EN2l+&+0>(!3&?!NA)-14!"UU"G\!
/<!2+&1+&3&'1!3&?!.+*):1!3-)!1,)2/</)?!+&!?/<<)-)&'!,:3&)14!'()&!2+&1+&3&'1!3-)!3?@32)&'!
!
"U"!
3'!3&!0&?)-:A/&>!:).):!3&?!9+'(!'()!b+23:/'A!3&?!'()!b/&)!6-+11/&>!=-+(/9/'/+&!,-/&2/,:)1!
3-)! &+'! ./+:3')?B! ]+*).)-4! 1).)-3:! 30'(+-1! (3.)! 3->0)?! '(3'! '()-)! /1! &+! );,/-/23:!
)./?)&2)! <+-! ,:3&3-! 1)>-)>3'/+&! /&! 2(/:?! :3&>03>)4! ,3-'/20:3-:A! 3'! '()! '/;)! 6]! <+-;1!
+220-!Eb).):'4!"UUCJ!g+3?4!"UU$J!R+1)4!XYYYJ!b).):'4!'+!3,,)3-G!
M/;/&>!'+!2/-20;.)&'!'()1)!,-+9:);14!;+-)!-)2)&'!1'0?/)1!(3.)!3,,-+32()?!6]!
<-+;!3!?/<<)-)&'!,)-1,)2'/.)4!31!/'!*/::!9)!?/12011)?!&)P'B!!
(
!?(#0(#('&03,%(2.(#.(BC<DD(72.0%'#+.%(
!
!
i/'(/&! '()! <-3;)*+-V! +<! `,'/;3:/'A! Q()+-A! E`QG! E=-/&2)! a! T;+:)&1VA4! XYYCJ!
N263-'(A!a!=-/&2)4!"UU[G!=3')-!a!i)-:)!EXYY"4!XYY[G!10>>)1'!'(3'!6]!/&!2(/:?!:3&>03>)!
-)10:'1! <-+;! 3! (/>(K-3&V)?! ;3-V)?&)11! 2+&1'-3/&'! '(3'! -)I0/-)1! <)3'0-)! 3>-));)&'!
9)'*))&! '()! 2+&1+&3&'1! /&! '()! *+-?B! M22+-?/&>! '+! =3')-! a! i)-:)4! 2(/:?-)&! ?/1,:3A! 3&!
/&/'/3:! ,-)<)-)&2)! <+-! -),)3')?! 3-'/20:3'+-A! >)1'0-)1! /&! '()/-! +0',0'! <+-;1B! Q(/1!
,-)<)-)&2)!/1!23,'0-)?!9A!'()!;3-V)?&)11!2+&1'-3/&'!MgRee4C#!/&!)3-:A!>-3;;3-1B!!
!
=3')-!a!i)-:)!3&3:AS)!'()!6]!,3'')-&1!'(3'!3<<)2'!=+M!<)3'0-)1!/&!'()!:+&>/'0?/&3:!
?3'3!+<!+&)!e&>:/1(!:)3-&/&>!2(/:?!EQ-).+-4!<-+;!6+;,'+&!3&?!T'-))')-4!"U$$G4!9)'*))&!
'()!3>)1!+<!"JH!'+!X4CB!Q()!30'(+-1!+91)-.)?!'(3'!'()!;+1'!<-)I0)&'!6]!,3'')-&!,-+?02)?!
9A! Q-).+-! /1! L6+-nl+-LKh5l+-nl+-84CU! 31! /::01'-3')?! /&! '()! *)::KV&+*&! ,3'')-&! /!d"(/K
h[!("(]B!M22+-?/&>!'+!=3')-!a!i)-:)4!'(/1!-)>-)11/.)!?+-13:!(3-;+&A!,3'')-&!-)<:)2'1!'()!
(/>(K-3&V/&>!+<!MgReeobK5l`R84!*(/2(!-)I0/-)1!'(3'!3&A!2+&1+&3&'!3'!'()!:)<'!+<!3!?+-13:!
;01'!3110;)!/'1!?+-13:/'AB!!
!
!
=3')-!a!i)-:)!EXYY[G!3->0)!'(3'!MgRee!/1!1'/::!32'/.)!/&!3?0:'!:3&>03>)14!3:'(+0>(!
/'1! ?+;3/&! +<! +220--)&2)! 2(3&>)1\! /&! 3?0:'! 1A1');14! /'! 3,,:/)1! +&:A! 0&?)-! 1'-/2'!
3?@32)&2AB! ! M22+-?/&>! '+! b).):'! E'+! 3,,)3-G! '(/1! 1(/<'! /&! '()! ?+;3/&! +<! MgRee! *+0:?!
/;,+1)!3!:3->)!1)'!+<!-)K-3&V/&>1!<+-!'()!:)3-&)-B!6(/:?-)&!*+0:?!(3.)!'+!:)3-&!3!1)'!+<!
2+&1'-3/&'! -3&V/&>1! /&! +-?)-! '+! ,0::! WM%Q]E=bM6eG! 2+&1'-3/&'1! 39+.)! MgRee! 2+&1'-3/&'14!
'(01! 3::+*/&>! <+-! 56768! <+-;1! '+! +220-! 3&?! -0:/&>! +0'! 6]! 23&?/?3')1B! M'! '()! '/;)! '()!
?+;3/&! +<! '()! 2+&1'-3/&'! MgRee! 2(3&>)?! '+! 1'-/2'! 3?@32)&2A4! 2(/:?-)&! *+0:?! (3.)! '+!
0&:)3-&! '()! ,-)./+01! -3&V/&>4! /&! +-?)-! '+! 3::+*! <+-! ,:32)K3>-));)&'! /&! 3?@32)&'!
2+&1+&3&'1!E1))!b).):'4!'+!3,,)3-GB!
!
!?(#0(#('&03,%(24(#(E22%(A+7&.0+.;(72.0%'#+.%(
!
O31)?!+&!'()!2+;,3-/1+&!+<!'()!6]!,3'')-&1!+91)-.)?!/&!'()!?3'3!+<!'*+!e&>:/1(!
2(/:?-)&! EM;3(:4! /&! T;/'(4! "U$[! 3&?! Q-).+-4! /&! 6+;,'+&! 3&?! T'-))')-4! "U$$G! 3&?! +&)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
C#! Q()! 2+&1'-3/&'! MgRee! /14! /&! )11)&2)4! '()! -)&3;/&>! +<! '()! ;3-V)?&)11! 2+&1'-3/&'! Re=eMQ4! ,-+,+1)?! 9A!
=3')-!E"UU$GB!
CU!Q()!2+?/&>!5Qdf8!hh!5fdf84!01)?!/&!=3')-!3&?!i)-:)!EXYY"4!XYY[G!*31!2+&.)-')?!/&!'()!2+?/&>!3?+,')?!/&!
'()!20--)&'!?/11)-'3'/+&4!/B)B!L6+-nl+-Lhh5l+-nl+-8B!
!
"UX!
W-)&2(! 2(/:?! E6:3-3G4! R+1)! EXYYYG! 1(+*1! '(3'4! 2+&'-3-A! '+! '()! e&>:/1(! :)3-&)-14! *(+!
,-+?02)?! 6]! <+-;1! 9+'(! /&! 6d6d! 3&?! 6d6! *+-?14! '()! W-)&2(! 109@)2'! ,-+?02)?!
(3-;+&/S)?!+0',0'1!/&!?/1A::39:)1!+&:AB!!
!
R+1)! 3->0)1! '(3'! '()! 31A;;)'-A! 9)'*))&! e&>:/1(! 3&?! W-)&2(! 6]! ,3'')-&1!
-)10:'1! <-+;! 3! ?/1'/&2'! <++'! 1'-02'0-)! /&! '()! '*+! :3&>03>)1J! /&! e&>:/1(4! '()! </&3:!
2+&1+&3&'!/&!6d6!*+-?1!/1!1A::39/</)?!*/'(/&!'()!W++'4!*(/2(!/1!9/&3-A4!*(/:)!/&!W-)&2(!
'(3'! 13;)! </&3:! 2+&1+&3&'! /1! 1A::39/</)?! 31! '()! +&1)'! +<! 3&! );,'AK()3?)?! 1A::39:)! '(3'!
<3::1! +0'! +<! '()! W++'! 3&?! /1! ?/-)2':A! :/2)&1)?! 9A! '()! ,-+1+?/2! *+-?B! Q()! ')&)'! +<! R+1)D1!
3,,-+32(! /1! '(3'! '()! W++'! /1! '()! ,-+1+?/2! :/2)&1+-! +<! ,:32)! <)3'0-)14! '(01! 9)/&>! '()!
?+;3/&! /&! *(/2(! 6]! '3V)1! ,:32)B! W-+;! '(/1! ,)-1,)2'/.)4! 6d6! '3->)'! <+-;1! 3-)! &+'!
3<<)2')?!9A!(3-;+&A!/&!'()!W-)&2(!2(/:?D1!?3'3!9)2301)!'()!</&3:!2+&1+&3&'!/1!1A::39/</)?!
+0'1/?)!'()!W++'4!'()-)<+-)!9)/&>!+0'!+<!'()!-3&>)!+<!6]B!!
!
M22+-?/&>! '+! R+1)4! '()-)! 3-)! '*+! +9:/>3'+-A! ,:32)! (3-;+&A! ,3'')-&1! 3&?! +&)!
+,'/+&3:4!/&!6:3-3D1!?3'3B!Q()1)!,3'')-&1!3-)!/::01'-3')?!/&!EX[CGB!!
!
!"#C$ %;<%*(55,06-%36%D0,647%E%;+(0(%!FG#EFGFH$%%%%%%!I.-,J%"HHH$%
!
!
!
E3G!
`-'(+B!
?)9+0'!
g:+11!
1'3&?/&>!
E9G!
23<c!
2+<<))!
E2G!
>p')30!
23V)!
Q3->)'!
/d#bu /
`0',0'!
[b&!bu%]
/kafe/
[p#!f*]
Ll+-nb39LKh5b39nb398!
/(&to/
[tæ!to]
Ll+-n6+-LKh56+-n6+-8!
Q3->)'!=+M!Kh!`0',0'!=+M!
L6+-nb39LKh5b39nb398!
%&! '()! 13;)! 3>)! ,)-/+?4! 6:3-3! /1! 39:)! '+! ,-+?02)! 5b39n6+-8! 3&?! 5b39nl+-8! /&! 3!
'3->)'K:/V)!<31(/+&4!90'!'3->)'1!L6+-BBBb39L4!Ll+-nb39L!3&?!Ll+-n6+-L!3-)!-)&?)-)?!/&!3!
:39/3:!+-!2+-+&3:!(3-;+&A!<+-;3'B!!M22+-?/&>!'+!R+1)4!'()!<+::+*/&>!>)&)-3:/S3'/+&1!23&!
9)!;3?)4!39+0'!6:3-3D1!6]!,3'')-&1!E/G!b39/3:!23&!+220-!/&!'()!0&1'-)11)?!1A::39:)!E6"4!/&!
W-)&2(GJ! E//G! 6+-+&3:! 3&?! l+-13:! ?+! &+'! 10-<32)! /&! '()! 0&1'-)11)?! 1A::39:)4! 0&:)11! '()A!
3:1+!3,,)3-!/&!'()!1'-)11)?!+&)B!
i/'(/&! R+1)D1! 3,,-+32(4! '()! L6+-nb39LKh5b39nb398! ,3'')-&1! +91)-.)?! /&!
6:3-3D1! ?3'3! /1! )P,:3/&)?! 9A! 3! (/>(K-3&V/&>! +<! b%6E6+-4! W'G4! *(/2(! -)I0/-)1! 6+-+&3:! '+!
);)->)! 3'! '()! ])3?! +<! '()! W++'! E6XGB! T/&2)! '()! '3->)'! 2+;9/&3'/+&! ?/1,:3A1! 6+-+&3:! 3'!
6"4! '()! 2(/:?! */::! (3.)! '+! 01)! 3&! 3:')-&3'/.)! 1'-3')>A! /&! +-?)-! '+! 3.+/?! '()! ./+:3'/+&! +<!
b%6E6+-4! W'GB! Q()! <+-2)! +<! '()! 3:1+! (/>(! -3&V)?! <3/'(<0:&)11! 2+&1'-3/&'! NMqEb39G! */::!
20:;/&3')! /&! '()! 5b39nb398! +0',0'! <+-;B! M! 1/;/:3-! /&')-,-)'3'/+&! /1! ,-+./?)?! <+-!
,3'')-&1! Ll+-nb39LKh5b39nb398! 3&?! Ll+-n6+-LKh56+-n6+-84! 90'! '()&! '()! 32'/.)!
;3-V)?&)11!2+&1'-3/&'!*+0:?!9)!b%6El+-4!W'G!E1))!R+1)!XYYY!<+-!3!?)'3/:)?!322+0&'GB!!
R+1)! EXYYYG! ,-+./?)1! 3&! 322+0&'! +<! '()! <-)I0)&'! L6+-nl+-LKh5l+-nl+-8!
,3'')-&! /&! '()! e&>:/1(! ?3'3\! '()! (/>(K-3&V)?! ;3-V)?&)11! 2+&1'-3/&'! b%6El+-4! W'G!
-)I0/-)1! '()! <)3'0-)! l+-13:! '+! 9)! :/2)&1)?! 9A! '()! ])3?! +<! '()! W++'4! *(/2(! /&! 3! '-+2(3/2!
!
"U[!
:3&>03>)!102(!31!e&>:/1(4!*+0:?!9)!6"B!Q()!30'(+-!3:1+!;3V)1!-)<)-)&2)!'+!3&+'()-!6]!
,3'')-&4!+91)-.)?!/&!M;3(:D1!?3'3\!L6+-nb39LKh5b39nb398BHY!Q(/1!,3'')-&!*+0:?!-)10:'4!
/&!R+1)D1!./)*4!<-+;!3!(/>(!-3&V/&>!+<!b%6Eb394!W'G4!'(3'!-)I0/-)1!b39/3:!'+!9)!:/2)&1)?!9A!
6"!E1'-)11)?!1A::39:)GB!k+')!'(3'4!/&!'(/1!231)4!'()!13;)!,3'')-&4!3'')1')?!/&!9+'(!W-)&2(!
3&?! e&>:/1(4! L6+-nb39LKh5b39nb398! *+0:?! 9)! 322+0&')?! 9A! ?/<<)-)&'! 2+&1'-3/&'1\! /&!
e&>:/1(4!/'!*+0:?!-)10:'!<-+;!3!-)I0/-);)&'!'(3'!b39/3:!;01'!9)!:/2)&1)?!3'!'()!1'-)11)?!
1A::39:)J!/&!W-)&2(4!/'!*+0:?!-)10:'!<-+;!3!-)I0/-);)&'!'(3'!6+-+&3:!;01'!9)!:/2)&1)?!3'!
'()!1'-)11)?!1A::39:)B!!
M!231)!1'0?A!+<!3&+'()-!W-)&2(!2(/:?!EN3-/:A&G4!?/12011)?!/&!l+1!T3&'+1!EXYY$G4!
;3V)1! -)<)-)&2)! '+! '()! 13;)! 6]K:/V)! ,3'')-&\! L6+-nb39LKh5b39nb398B! Q()! 3&3:A1/1!
,-+,+1)?! 9A! l+1! T3&'+14! (+*).)-4! ?),3-'1! <-+;! '()! +&)! ,-)1)&')?! /&! R+1)! EXYYYGB!
M22+-?/&>! '+! l+1! T3&'+1! EXYY$G4! '()! L6+-nb39LKh5b39nb398! ,3'')-&! -)10:'1! <-+;! '()!
(/>(! -3&V/&>! +<! '()! ;3-V)?&)11! 2+&1'-3/&'! M:/>&KbEb394=iGBH"! Q(/1! 2+&1'-3/&'! -)I0/-)1!
'(3'!b39/3:!;01'!10-<32)!3'!'()!:)<';+1'!,+1/'/+&!*/'(/&!'()!,-+1+?/2!*+-?B!!
B('&:#.#,>0+0(24(!?F("252';#.+70(#.-(G2B:B,+;.5&.%(
!
M22+-?/&>! '+! b).):'! E"UUCJ! '+! 3,,)3-G! 3&?! W/VV)-'! a! b).):'! EXYY#G4! +&)! +<! '()!
2-02/3:!,-+9:);1!311+2/3')?!'+!;+1'!+<!'()!'()+-)'/23:!3,,-+32()1!'+!6]!/1!'()!<32'!'(3'!
'(/1! ,()&+;)&+&! /1! 3&3:AS)?! /&! /1+:3'/+&\! '()! *3A! (3-;+&/S)?! +0',0'1! -):3')! '+! '()!
+'()-!<+-;1!/&!'()!2(/:?-)&D1!:)P/2+&!/1!<-)I0)&':A!+.)-:++V)?B!!!
O31)?! +&! :+&>/'0?/&3:! l0'2(! 32I0/1/'/+&! ?3'34HX! b).):'! E"UUCJ! '+! 3,,)3-G! 3&?!
W/VV)-'! a! b).):'! EXYY#G! 3->0)! '(3'! 6]! ,3'')-&1! 3-)! +&:A! 3,,3-)&'4! 1/&2)! '()A! ?+! &+'!
32'03::A! /&.+:.)! 3&A! <)3'0-)! 1(3-/&>! 9)'*))&! '()! '*+! 2+&1+&3&'1! +<! '()! *+-?B! Q()1)!
30'(+-1!2:3/;!'(3'!=+M!(3-;+&/S)?!,-+?02'/+&1!3-)!3&!3-'/<32'!+<!'*+!1,)2/</2!1'3>)1!/&!
'()! ,-+2)11! +<! ?).):+,;)&'! +<! ,:32)! <)3'0-)1B! M1! *31! 3:-)3?A! ?/12011)?! /&! 2(3,')-1! C!
3&?!H4!</.)!;3/&!1'3>)1!*)-)!/?)&'/</)?!<+-!=+M!?).):+,;)&'!/&!l0'2(J!'(+1)!1'3>)1!3-)!
-),)3')?!/&!EX[HG!9):+*!E1))!2(3,')-1!C!3&?!H4!<+-!<0-'()-!?)'3/:1GB!
!!!
!"#K$ %=5(8,-% 36% 57,% 1,?,+.*),65% ./% *+(4,% /,(520,% -*,43/34(53.6L% M2547% !D3NN,05% O% P,?,+5J%
"HHQ$%
T'3>)!%!
`&)!=+M!<+-!'()!*(+:)!*+-?!o!56/d/L:+*6/8!
T'3>)!%%!
d+*):1!3-)!1,)2/</)?!/&?),)&?)&':A!+<!2+&1+&3&'1!56/d@6/8!
T'3>)1!%%%4!%d!
6+&1+&3&'1! 23&! 9)! 1,)2/</)?! /&?),)&?)&':A! +<! )32(! +'()-! 56/d6@8B! Q*+! );)->/&>!
!!
2+&1'-3/&'1\!5b39/3:!3&?!r5l+-13:!
T'3>)!d!
k+!-)1'-/2'/+&1!'+!=+M!<)3'0-)!311/>&;)&'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
HY!M:1+!-)<)--)?!'+!/&!=3')-!a!i)-:)!EXYY[GB!
H"!Q-3&1:3'/+&!/&'+!e&>:/1(!+<!'()!W-)&2(!<+-;0:3'/+&!,-)1)&')?!/&!l+1!T3&'+1!EXYY$G\!M:/>&KgEb394N'=G!
HX!W/.)!2(/:?-)&4!<-+;!'()!6b=W!?3'3931)B
!
!
"UC!
!
M1! <+-! 1'3>)! %4! b).):'! E"UUCG! 2:3/;1! '(3'4! 3'! '()! 9)>/&&/&>! +<! ,(+&+:+>/23:!
?).):+,;)&'4!2(/:?-)&D1!+0',0'!-),-)1)&'3'/+&1!3-)!&+'!1)>;)&'3:/S)?!A)'B!Q()!+&:A!0&/'!
3.3/:39:)! <+-! =+M! <)3'0-)! 1,)2/</23'/+&! /1! '()! i`Rl4H[! 31! 3&! 0&3&3:AS)?! *(+:)B! M'! '(/1!
/&/'/3:! 1'3>)4! '()-)! 3-)! '(-))! ,+11/9:)! +0',0'1\! 3::! 1)>;)&'1! ,-+?02)?! E2+&1+&3&'1! 3&?!
.+*):1G! )/'()-! 3-)! b39/3:4! 6+-+&3:! +-! l+-13:BHC! Q()1)! '(-))! 'A,)1! +<! *+-?K1,)2/</23'/+&!
3-)! /::01'-3')?! 9):+*4! */'(! l0'2(! ?3'3! E1))! 2(3,')-! C4! <+-! <0-'()-! ?)'3/:! +&! '(/1! /&/'/3:!
1'3>)4!/&!l0'2(GB!
!"#R$ %>+(4,%-*,43/34(53.6%(5%57,%+,?,+%./%57,%STIM%!P,?,+5J%FUUC$%
!
E3G!!si`Rl4!b39/3:t!
`-'(+>-B!
,+)1!
g:+11!
23'!
E9G!!si`Rlt!!
,-/V!
E2G!!si`Rlt!!
9)?!
/&@)2'/+&! /pr$k/
9)?!
/b*t/
!
!
Q3->)'!
/pus/
`0',0'!
[puf]
Q3->)'!=+MKh`0',0'!=+M!
Lb39BBB6+-LKh5b39nb398!
[t$t]
Lb39BBBl+-LKh56+-n6+-8!
[d*t]
Lb39n6+-LKh56+-n6+-8!
!
e.3!!
"JC!
!
M22+-?/&>! '+! b).):'! E"UUCG! 3&?! W/VV)-'! a! b).):'! EXYY#G4! '()! +0',0'! <+-;!
,-)1)&')?!/&!E3G!/1!/&')-,-)')?!/&!'()!<+::+*/&>!*3AB!Q()!2(/:?!311/>&1!'()!=+M!<)3'0-)!+<!
'()! '3->)'! 1'-)11)?! .+*):! Eb39/3:G! '+! '()! 0&?)-:A/&>! -),-)1)&'3'/+&B! M'! '(/1! 1'3>)4! '()!
0&/'! +<! 1,)2/</23'/+&! /1! '()! i`RlJ! 1091)I0)&':A4! 3::! 1)>;)&'1! +<! '()! *+-?! 10-<32)! 31!
:39/3:B!%&!)P3;,:)1!E9G!3&?!E2G4!'()!+0',0'!<+-;1!);)->)!*/'(!'()!=+M!<)3'0-)!6+-+&3:B!
Q()!30'(+-1!2:3/;!'(3'!'()!2:311/</23'/+&!+<!<+-;1!102(!31!'()!+&)1!/::01'-3')?!/&!EX[ZG!31!
/&1'3&2)1!+<!6]!*+0:?!9)!,-+9:);3'/24!1/&2)!E/G!'()-)!/1!&+!</P)?!?/-)2'/+&3:/'A!E&+')!'(3'!
Lb39n6+-L!'3->)'!,3'')-&1!23&!9)!,-+?02)?!31!5b39nb398!+-!31!56+-n6+-84!/&!'()!13;)!
,)-/+?!E)P3;,:)1!E3G!3&?!E2GGJ!E//G!/&!1+;)!231)14!'()!=+M!,-+?02)?!/1!&+'!).)&!,-)1)&'!
/&! 3&A! +<! '()! 2+&1+&3&'1! /&! '()! '3->)'! <+-;! E1))! )P3;,:)! E9GGB! ! M22+-?/&>! '+! W/VV)-'! a!
b).):'4! '()1)! <+-;1! ?+! &+'! /&.+:.)! /&')-32'/+&! 9)'*))&! '()! '*+! 2+&1+&3&'1J! '()A! 3-)!
3-'/<32'1!+<!(/>(:A!0&1,)2/</)?!:)P/23:!-),-)1)&'3'/+&14!/&!*(/2(!'()!0&/'!+<!1,)2/</23'/+&!
/1!*+-?K1/S)?B!
!
W/VV)-'! 3&?! b).):'! EXYY#G! 1'3')! '(3'! ^'A,/23:D! 231)1! +<! 6]! /&! l0'2(! ?3'3! +220-!
;+1':A! 3'! 1'3>)! %%%! +<! '()! ?).):+,;)&'! +<! ,:32)! 1,)2/</23'/+&B! ! M1! 3:-)3?A! ?/12011)?! /&!
2(3,')-!H4!'(/1!1'3>)!/1!2(3-32')-/S)?!9A!'()!<32'!'(3'!2+&1+&3&'1!/&!3!*+-?!23&!3:-)3?A!
9)!/&?),)&?)&':A!1,)2/</)?!E56/d6@8GB!]+*).)-4!1'-/2'!:/;/'3'/+&1!3-)!/;,+1)?!+&!<)3'0-)!
311/>&;)&'! '+! 1,)2/</2! *+-?! ,+1/'/+&14! */'(/&! '()1)! )3-:A! &+&K(+;+->3&/2! *+-?1B! Q()!
</-1'!,3'')-&!32I0/-)?!/1!5b39n6+-84!*(/2(!/1!3:1+!'()!;+1'!<-)I0)&'!,3'')-&!3'');,')?B!
W/VV)-'! a! b).):'! 3->0)! '(3'4! 3'! '(/1! ,+/&'4! '()! 2(/:?! 3&3:AS)1! (/1L()-! )3-:A! 32'/.)!
.+2390:3-A!3&?!+91)-.)1!'(3'!b39/3:!/1!3:*3A1!<+0&?!3'!'()!:)<'!)?>)!+<!'()!*+-?B!`&!'()!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
H[!!Q()!')-;!i`Rl!/1!01)?!9A!b).):'!E"UUCG!3&?!W/VV)-'!a!b).):'!EXYY#G!31!3&!391'-32'!23')>+-AJ!/'!23&!9)!
2+&1'/'0')?!9A!6d6!/&!;+&+1A::39:)1!+-!9A!6d6d!/&!?/1A::39:)1!Eb).):'4!"UUC\!#CK#HGB!
HC!i/'(/&!'(/1!3,,-+32(4!'()!23')>+-A!b39/3:!>3'()-1!-+0&?!.+*):1!3&?!9/:39/3:L:39/+?)&'3:!2+&1+&3&'1J!'()!
23')>+-A! 6+-+&3:! 311);9:)1! <-+&'! .+*):1! 3&?! ?)&'3:L3:.)+:3-L,3:3'3:! 2+&1+&3&'1J! </&3::A4! '()! 23')>+-A!
l+-13:!-)<)-1!'+!932V!.+*):1!3&?!.):3-L0.0:3-!2+&1+&3&'1B!
!
"UH!
931/1!+<!'(/1!+91)-.3'/+&4!3&!+.)->)&)-3:/S3'/+&!);)->)1!3&?!/1!,(+&+:+>/S)?!/&!'()!<+-;!
+<!3!2+&1'-3/&'4!*(/2(!-)I0/-)1!b39/3:!'+!9)!3:/>&)?!*/'(!'()!*+-?K/&/'/3:!,+1/'/+&B!!%'!/1!3'!
'(/1!,+/&'!+<!'()!?).):+,;)&'!'(3'!'()!,3'')-&1!L6+-nb39LKh5b39nb398!+-!Ll+-nb39LK
h5b39nb398! 3,,)3-! /&! l0'2(! 2(/:?-)&D1! ,-+?02'/+&1B! Q()1)! ,3'')-&1! 3-)! /::01'-3')?!
9):+*4!*/'(!l0'2(!?3'3B!!
!
!"#V$ %;<E+3N,% /.0)-% 36% M2547% (-% (% 0,-2+5% ./% .?,08,6,0(+3@(53.6% ./% WPXYZXP% !P,?,+5J% 5.%
(**,(0$%
!
E3G!
`-'(+>-B!
1:+<<)&!
g:+11!
1:/,,)-1!
E9G!
'3<):!
'39:)!
E2G!
V:/;;)&!
'+!2:/;9!
!
Q3->)'!
/sl!f!/
`0',0'!
[b!f!]
Q3->)'!=+M!!!
L6+-BBBb39L!
`0',0'!=+M!
5b39BBb398!
!
R+9/&!E"J"YB$G!
/taf!l/
[pafy]
L6+-BBBb39L!
5b39BBb398!
R+9/&!E"J"YB$G!
/kl$m#/
[p$m#]
Ll+-BBBb39L!
5b39nb398!
R+9/&!E"J"YB$G!
%&!)P3;,:)1!>/.)&!39+.)4!'()!'3->)'!&+&K(+;+->3&/2!2+;9/&3'/+&1!'(3'!,-)1)&'!
b39/3:! 3'! 6X! 3-)! -)&?)-)?! /&! 3! 5b39nb398! +0',0'! <+-;B! ! M22+-?/&>! '+! W/VV)-'! a! b).):'4!
'()1)! <+-;1! ?+! &+'! -)10:'! <-+;! 3&A! ,-)110-)! /&! l0'2(! 2(/:?-)&D1! >-3;;3-! <+-! '()! '*+!
2+&1+&3&'1! '+! 1(3-)! '()! 13;)! =+MJ! '()A! 3-)! '()! -)10:'! +<! 2(/:?-)&D1! 2+;,:/3&2)! '+! '()!
-)I0/-);)&'! '(3'! b39/3:! 23&&+'! 9)! 311+2/3')?! '+! 6X! 0&:)11! /'! /1! 3:1+! ,-)1)&'! /&! 6"B!
M??/'/+&3:! 10,,+-'! <+-! '(/1! &+&K(3-;+&/2! 3,,-+32(! 2+;)1! <-+;! ;)'3'()1/1! 102(! 31!
LV/,Lhh5,/V8! Ek++-'@)G! 3&?! <-+;! .+*):K'+K2+&1+&3&'! 311/;/:3'/+&! ,3'')-&1! 102(! 31!
LP0'Lhh5<0'8!ER+9/&G4!Eb).):'4!XYYCGB!%&!9+'(!231)14!'()!5b39/3:!2+&1'-3/&'!<+-2)1!b39/3:!'+!
9)! 311/>&)?! '+! 6"4! 90'! '()! +0',0'! <+-;! /1! &+'! (+;+->3&/2B! Q()! -):3'/+&! 9)'*))&!
;)'3'()1/1!3&?!6]K:/V)!<+-;1!*/::!9)!<0-'()-!)P,:+-)?!/&!'()!&)P'!1091)2'/+&B!!
%&!10;;3-A4!W/VV)-'!a!b).):'!3->0)!'(3'!'()-)!3-)!'*+!;3/&!?).):+,;)&'3:!,)-/+?1!
/&!*(/2(!3,,3-)&'!6]!<+-;1!3,,)3-!/&!l0'2(!?3'3\!/&!)3-:A!,-+?02'/+&14!*()&!+&)!1/&>:)!
,:32)! 1,)2/</23'/+&! /1! 311/>&)?! '+! '()! *(+:)! *+-?! 3&?! /&! '()! 9)>/&&/&>! +<! 56768!
,-+?02'/+&14! *()&! 2(/:?-)&D1! +0',0'1! 3-)! 9)/&>! 2+&1'-3/&)?! 9A! 3! -)I0/-);)&'! '(3'!
b39/3:!;01'!9)!3:/>&)?!*/'(!'()!:)<'!)?>)!+<!'()!*+-?B!Q()!30'(+-1!3->0)!'(3'!&+&)!+<!'()!
'*+!1)'1!+<!?3'3!1(+0:?!9)!2:311/</)?!31!/&1'3&2)1!+<!6]4!1/&2)!'()A!?+!&+'!/&.+:.)!<)3'0-)!
/&')-32'/+&! 9)'*))&! '()! '*+! 2+&1+&3&'1! +<! '()! *+-?B! b).):'! E'+! 3,,)3-G! ,-+,+1)1! '*+!
&)*!?)1/>&3'/+&1!<+-!'()!'*+!1)'1!+<!?3'3\!7.).08(634-4!<+-!'()!L6=+M76=+MLKh56=+MF6=+M8!
231)1!'(3'!+220-!/&!)3-:A!,-+?02'/+&1!3&?!>.XE(+386),65!<+-!'()!L6+-nb39LKh5b39nb398!
3&?! Ll+-nb39LKh5b39nb398! ,3'')-&1! '(3'! +220-! 3'! '()! :3')-! 1'3>)B! M22+-?/&>! '+! b).):'!
E'+! 3,,)3-G4! 9+'(! 'A,)1! +<! ,3'')-&1! 3-)! ?0)! '+! 1,)2/</2! ?).):+,;)&'3:! 1'3')1! +<! '()!
,(+&+:+>/23:! 1A1');! 3&?4! '()-)<+-)4! 3-)! '-3&1/)&'! 3&?! 2(/:?K1,)2/</2B! Q()!
+.)->)&)-3:/S3'/+&!5bMO%Mb!?/13,,)3-1!*/'(!'()!)P,3&1/+&!+<!'()!:)P/2+&4!*(/2(!,-+./?)1!
/&2-)31/&>!)./?)&2)!'(3'!b39/3:!/1!&+'!&)2)113-/:A!3:*3A1!:)<'K3:/>&)?B!
!
"UZ!
W/VV)-'! a! b).):'! EXYY#G! 3&?! b).):'! E'+! 3,,)3-G! 10>>)1'! '(3'! ?/<<)-)&'! 'A,)1! +<! =+M!
3:/>&;)&'!2+&1'-3/&'1!23&!9)!<+0&?!/&!2(/:?!:3&>03>)4!?),)&?/&>!+&!'()!?/1'-/90'/+&!+<!
,:32)!<)3'0-)!,3'')-&1!/&!'()!/&,0'!:3&>03>)1B!6+--+9+-3'/&>!)./?)&2)1!<+-!'(/1!,-+,+13:!
*)-)! <+0&?! /&! W/VV)-'4! b).):'! a! d3&! ?)! i)/@)-! EXYYXG4! *(+! 1(+*! '(3'! ?/<<)-)&'! =+M!
?/1'-/90'/+&1! /&! l0'2(! 3&?! e&>:/1(! 2+0:?! 322+0&'! <+-! '()! <32'! '(3'! /&! e&>:/1(! 2(/:?!
:3&>03>)! 9+'(! l+-13:! 3&?! b39/3:! =+M! 3:/>&;)&'! +220-14! *(/:)! /&! l0'2(! 2(/:?! :3&>03>)!
;3/&:A!b39/3:!3:/>&;)&'!/1!<+0&?!E1))!2(3,')-!HGB!
)898H(I&%#%"&0+0(
!
%&!>)&)-3:!')-;14!;)'3'()1/1!23&!9)!?)</&)?!31!'()!,-+?02'/+&!+<!'*+!1)>;)&'1!
E+-!1A::39:)1G!/&!'()!-).)-1)!+-?)-!<-+;!'()!'3->)'4!+-!0&?)-:A/&>4!<+-;B!T).)-3:!1'0?/)1!
(3.)! -),+-')?! 231)1! +<! 2+&1+&3&'! ;)'3'()1/1! /&! 2(/:?-)&D1! 1,))2(! E%&>-3;4! "U$CJ!
N32V)&4!"U$UJ!d)::);3&4!"UUZJ!j3)>)-4!"UU$4!l+1!T3&'+14!XYY$J!W/VV)-'!a!b).):'4!XYY#GB!
T+;)! )P3;,:)1! +<! '(/1! ,3'')-&! 3-)! ,-+./?)?! /&! EX[#G4! 931)?! +&! '()! 32I0/1/'/+&! ?3'3! +<!
?/<<)-)&'!:3&>03>)1B!
!
!"#Q$ %&'()*+,-%./%),5(57,-3-%36%473+1%+(682(8,%
!
E3G!
!
`-'(+>-B! g:+11!
T,3&/1(! 9++V!
:/9-+!
E9G! e&>:/1(!
20,!
!
E2G!
'+!2-+11!
2+0,)-!
2(/2V)&!
V/,!
W-)&2(!
E?G! l0'2(!
`0',0'!
[pito]
Q3->)'!=+M!
L6+-BBBb39L!
`0',0'!=+M!
5b39BBB6+-8!
!
T/!EN32V)&4!"U$UG!
[p)k+]
Ll+-BBBb39L!
5b39BBBl+-8!
M:/2)!!Ej3)>)-4!"UU$G!
[peke]
Ll+-BBBb39L!
5b39nl+-8!
N3-/:A&!El+1!T3&'+14!XYY$G!
[p$k]
Ll+-nb39L!!! 5b39nl+-8!
k++-'@)!EW/VV)-'!a!b).):'4!
XYY#G!
!
N+1'!231)1!+<!;)'3'()1/1!(3.)!9))&!-):3')?!'+!'()!,-+2)11!+<!<-+&'/&>4!E%&>-3;4!
"U$CG\! 2(/:?-)&! ')&?! '+! ,-+?02)! 2+&1+&3&'! =+M! 1)I0)&2)1! /&! 3! <-+&'! '+! 932V! +-?)-!
*/'(/&! 3! *+-?J! *()&! '()! '3->)'! <+-;! 3'');,')?! ,-)1)&'1! '()! -).)-1)! 1)I0)&2)4!
;)'3'()1/1! ')&?1! '+! +220-B! Q(/1! 3,,-+32(! 2+0:?! 322+0&'! <+-! 3::! '()! )P3;,:)1! ,-+./?)?!
39+.)4!*()-)!'()!1)I0)&2)1!L6+-nb39L!3&?!Ll+-nb39L!3-)!,-+?02)?!31!5b39n6+-8!3&?!
5b39nl+-84!-)1,)2'/.):AB!]+*).)-4!31!);,(31/S)?!9A!N)&&!E"U$HG!3&?!d)::);3&!E"UUZG!
3! <-+&'/&>! 1'-3')>A! 23&&+'! 322+0&'! <+-! 3::! ;)'3'()1/1! ,3'')-&1! +91)-.)?! /&! 2(/:?-)&D1!
?3'34!32-+11!:3&>03>)1B!
T+;)! 30'(+-1! (3.)! 10>>)1')?! '(3'! 6]K:/V)! ,3'')-&1! 3&?! 3'! :)31'! 1+;)! 'A,)1! +<!
;)'3'()1/1!;3A!-)10:'!<-+;!'()!13;)!'A,)!+<!0&?)-:A/&>!2+&1'-3/&'1B!b).):'!E'+!3,,)3-G!
1(+*1! '(3'4! /&! 1+;)! 2(/:?-)&D1! ?3'34! '()! L6+-nb39LKh5b39nb398! 3&?! '()! Ll+-nb39LK
h5b39nb398! ,3'')-&1! 2+K+220-! */'(! ;)'3'()1/S)?! <+-;1! +<! '()! 'A,)! L6+-nb39LK
h5b39n6+-8! +-! Ll+-nb39LKh5b39nl+-8B! M22+-?/&>! '+! '(/1! 30'(+-4! 9+'(! ,-+?02'/+&!
1'-3')>/)1!);)->)!31!3!*3A!+<!2+;,:A/&>!*/'(!3&!3:/>&;)&'!2+&1'-3/&'!'(3'!?/-)2'1!b39/3:!
'+! '()! *+-?K/&/'/3:! ,+1/'/+&B! M! 1/;/:3-! ./)*! /1! ,-)1)&')?! /&! d)::);3&! E"UUZG4! *(+! 3:1+!
3->0)1!'(3'!3!1/&>:)!1)'!+<!2+&1'-3/&'14!*/'(!1:/>(':A!?/<<)-)&'!-3&V/&>14!/1!39:)!'+!322+0&'!
!
"U$!
<+-! 9+'(! (3-;+&A! 3&?! ;)'3'()1/1! ,3'')-&1! /&! 2(/:?! :3&>03>)B! M22+-?/&>! '+! d)::);3&4!
;)'3'()1/1! /;,:/)1! o! /&! `Q! ')-;1! K! ;+-)! <3/'(<0:&)11! '+! '()! /&,0'! <+-;! '(3&! (3-;+&A\!
'(-+0>(!;)'3'()1/S)?!<+-;14!'()!2(/:?!;3&3>)1!'+!,-)1)-.)!'()!2+&1+&3&'1!/&!'()!/&,0'4!
3'!'()!)P,)&1)!+<!:/&)3-/'AB!`&!'()!2+&'-3-A4!/&!(3-;+&A!<+-;14!<3/'(<0:&)11!'+!,+1/'/+&3:!
-)I0/-);)&'1!+0'-3&V1!<3/'(<0:&)11!'+!1+;)!+<!'()!2+&1+&3&'1!/&!'()!/&,0'!<+-;B!!
)898J(K3L0%+%3%+2.($#%%&'.0(
!
M1! 3:-)3?A! ?)12-/9)?! /&! 2(3,')-! [4! -)1)3-2(! /&! 2(/:?! :3&>03>)! (31! 1(+*&! '(3'!
1091'/'0'/+&! ,3'')-&1! 2+&1'/'0')! 3! */?)1,-)3?! ,()&+;)&+&! /&! )3-:A! ,-+?02'/+&1B! Q(/1!
<32'!/1!;3/&:A!?0)!'+!'()!-)?02)?!1)>;)&'3:!/&.)&'+-A!2(/:?-)&!(3.)!'+!*+-V!*/'(!/&!'()!
)3-:A! 1'3>)1B! =:32)! 3&?! ;3&&)-! <)3'0-)1! 3-)! 32I0/-)?! >-3?03::A! 3&?4! *(/:)! 3! >/.)&!
<)3'0-)! /1! &+'! ;31')-)?4! /'! ')&?1! '+! 9)! )/'()-! ?):)')?! +-! -),:32)?! 9A! 3&+'()-! <)3'0-)4!
32I0/-)?!)3-:/)-B!Q()!,-+2)11)1!+<!1'+,,/&>4!<-+&'/&>!3&?!>:/?/&>!3-)!3;+&>1'!'()!;+1'!
<-)I0)&':A!-),+-')?!1091'/'0'/+&1!'(3'!/;,:A!2(3&>)1!/&!,:32)!3&?!;3&&)-!<)3'0-)1B!!
M!>)&)-3:!+.)-./)*!+<!'()!1091'/'0'/+&!,3'')-&1!'(3'!3<<)2'!=+-'0>0)1)!2(/:?-)&D1!
2+&1+&3&'3:! ,-+?02'/+&1! (31! 3:-)3?A! 9))&! ,-)1)&')?! /&! 2(3,')-! [B! %&! '()! 20--)&'!
2(3,')-4!'*+!;3/&!31,)2'1!2+&2)-&/&>!1091'/'0'/+&!,3'')-&1!*/::!2+&1'/'0')!'()!<+201!+<!
3&3:A1/1\! E/G! *+-?K,+1/'/+&3:! )<<)2'1! 3&?! E//G! /&')-32'/+&! 9)'*))&! ,:32)! 3&?! ;3&&)-!
<)3'0-)1B!!
M1! <+-! '()! )<<)2'! +<! *+-?K,+1/'/+&! +&! 1091'/'0'/+&! ,3'')-&1! E/&! '(/1! ,3-'/20:3-!
231)4!6"!3&?!6X!+&1)'1G4!1+;)!1'0?/)1!(3.)!1(+*&!'(3'!'()!1,)2/3:!)&./-+&;)&'!/&!*(/2(!
6X!2+&1+&3&'1!3,,)3-!E/B)B4!3&!/&')-.+23:/2!2+&')P'G!;3V)1!'();!,-+&)!'+!.+*):!<)3'0-)!
311/;/:3'/+&4! <+-! /&1'3&2)4! /&! ')-;1! +<! .+/2/&>! +-! /'1! 2+&'/&03&2AJ! '(/1! <32'! (31! 9))&!
?)</&)?! 31! 3&! /&1'3&2)! +<! ^*+(5,(2368B! EO)-&(3-?'! a! T');9)->)-4! "UU#J! T');9)->)-! a!
O)-&(3-?'! EXYY"GGB! %&! <32'4! 3! 1'-+&>! 3<</&/'A! (31! 9))&! +91)-.)?! 9)'*))&! 2+&'/&03&'!
2+&1+&3&'1! E)1,)2/3::A! 1+&+-3&'1G! 3&?! /&')-.+23:/2! ,+1/'/+&! EO)-&(3-?'! a! T');9)->)-4!
XYYXGB!!
`&)!+<!'()!I0)1'/+&1!3??-)11)?!/&!-)2)&'!:/')-3'0-)!/1!/<!/&')-.+23:/2!2+&1+&3&'1!
,3'')-&! */'(! *+-?K/&/'/3:! +&1)'1! +-! */'(! </&3:! 2+?314! /&! 2(/:?-)&D1! 1,))2(B! `&)! *3A! '+!
)1'39:/1(!'(3'!2+;,3-/1+&!/1!9A!3&3:AS/&>!'()!2+--)2'!12+-)1!+<!2+&1+&3&'1!/&!)32(!+<!'()!
,+1/'/+&14!31!*)::!31!3&3:AS/&>!'()!1091'/'0'/+&!,3'')-&1!'(3'!3<<)2'!2+&1+&3&'1!/&!)32(!+<!
'(+1)! *+-?! E3&?! 1A::39:)G! ,+1/'/+&1! Ef)(+)! a! b:c+4! XYYXGB! Q()! -)10:'1! +<! '()! ?/<<)-)&'!
1'0?/)1! +&! '(/1! ;3'')-! (3.)! &+'! 9))&! 2+&2:01/.)4! '(+0>(J! /'! 1));1! '(3'! /&')-.+23:/2!
+&1)'1! 23&! 1+;)'/;)1! ,-)1)&'! 9)(3./+-! 1/;/:3-! '+! 2+?314! /&! +'()-! '/;)1! ,3'')-&! :/V)!
*+-?K/&/'/3:! +&1)'1! +-! ).)&! 1(+*! 3! 0&/I0)! ?).):+,;)&'3:! ,3'')-&! EO)-&(3-?'! a!
!
"U#!
T');9)->)-4!"UU#J!f)(+)!a!b:c+4!XYYXJ!O)-&(3-?'!a!T');9)->)-4!XYYXJ!T'+):Kg3;;+&4!
XYYXGB!!
!T/&2)! '()! 3&3:A1/1! +<! ?).):+,;)&'3:! ,3'')-&1! /&! 2+?3! ,+1/'/+&! /1! 9)A+&?! '()!
12+,)!+<!'()!20--)&'!/&.)1'/>3'/+&4! *)!*/::! :/;/'!'()! ?/12011/+&!'+!'()!-):3'/+&! 9)'*))&!
6"!3&?!6X!+&1)'1B!%&!2(3,')-!H4!/'!*31!1(+*&!'(3'!'()-)!*)-)!31A;;)'-/)1!9)'*))&!6"!
3&?! 6X4! /&! '()! ,-+2)11! +<! ?).):+,;)&'! +<! ,:32)! 3&?! ;3&&)-! ,3'')-&1! /&! e=\! 1+;)!
<)3'0-)1!3&?!<)3'0-)!2+&'-31'1!')&?!'+!9)!?).):+,)?!</-1'!/&!+&)!,+1/'/+&!3&?!+&:A!:3')-!/&!
'()! +'()-B! Q()1)! 31A;;)'-/)1! 3-)4! 3'! :)31'! /&! 1+;)! +<! '()! 231)14! '()! 2301)! <+-! '()!
?/<<)-)&'! '/;/&>1! /&! '()! 32I0/1/'/+&! +<! 2)-'3/&! 2+&1+&3&'3:! 1)I0)&2)1J! <+-! /&1'3&2)4!
LT'+,nb/I0/?L! '3->)'! ,3'')-&1! 3-)! 32I0/-)?! ;02(! )3-:/)-! '(3&! Lb/I0/?nT'+,L!
2+;9/&3'/+&1B! O31)?! +&! '()! +91)-.)?! ,+1/'/+&3:! 31A;;)'-/)14! *)! (A,+'()1/S)?4! 3'! '()!
)&?! +<! 2(3,')-! H4! '(3'! 6"! 3&?! 6X! ;3A! (3.)! 3! ?/<<)-)&'! 1'3'01! /&! '()1)! 2(/:?-)&D1!
-),-)1)&'3'/+&1B! Q(/1! (A,+'()1/1! */::! 9)! <0-'()-! /&.)1'/>3')?! /&! '()! 20--)&'! 2(3,')-4!
931)?!+&!'()!3&3:A1/1!+<!'()!1091'/'0'/+&!,3'')-&1!'(3'!3<<)2'!2+&1+&3&'1!/&!)32(!+<!'(+1)!
*+-?K,+1/'/+&1B!!
Q()! ,+')&'/3:! /&<:0)&2)! +<! ;3&&)-! /&! '()! 1091'/'0'/+&! ,3'')-&1! '(3'! 3<<)2'! ,:32)!
<)3'0-)1!*/::!3:1+!9)!3&3:AS)?!3&?!?/12011)?!/&!'()!20--)&'!2(3,')-B!Q()!-)1)3-2(!/&!'(/1!
</):?! (31! 1(+*&! '(3'! '()! 1091'/'0'/+&! +<! 3! &+&K32I0/-)?! N+M! <)3'0-)! ;3A! 2301)! '()!
1091'/'0'/+&! +<! '()! =+M! 31! *)::4! ).)&! '(+0>(! '()! :3'')-! ;3A! 3:-)3?A! 9)! 32I0/-)?J! <+-!
/&1'3&2)!l0&,(A!EXYYZG!1(+*1!'(3'!'()!l0'2(!2(/:?!j3-;+HH!/1!3:-)3?A!,-+?02/&>!'3->)'K
:/V)! :39/3:! 1'+,1! 3'! XJY! E/!p&ula/hh5,p&u!-a]G4! 90'4! 3'! '()! 13;)! 3>)4! ()! 1091'/'0')1! :39/3:!
<-/23'/.)1!9A!2+-+&3:!1'+,1!E/!vo.#l/hh[!to."]GB!%&!'(/1!231)4!b39/3:!/1!32I0/-)?4!90'!+&:A!/&!
2+;9/&3'/+&!*/'(!5K2+&'/&03&'8!<)3'0-)1B!l0&,(A!);,(31/S)?!'(3'!j3-;+!3:1+!-)20-1!'+!
1'+,,/&>4! -)&?)-/&>! '3->)'! :39/3:! <-/23'/.)1! 31! :39/3:! 1'+,1B! ]+*).)-4! '()! ;+1'! <-)I0)&'!
1'-3')>A! 01)?! 9A! '(/1! 2(/:?! /1! '+! -),:32)! 9+'(! ,:32)! 3&?! ;3&&)-! <)3'0-)1! 9A! 3! ?)<30:'!
2+-+&3:! 1'+,B! %&! 2(3,')-! [4! *)! +91)-.)?! '(3'4! /&! >)&)-3:4! =+M! /1! 32I0/-)?! 9)<+-)! N+MB!
Q(/1! ;)3&1! '(3'4! 9A! '()! '/;)! L6=+M76=+ML! 1)I0)&2)1! 3-)! 9)/&>! 32I0/-)?4! 1+;)! ;3&&)-!
<)3'0-)1! 3-)! 1'/::! &+'! 3.3/:39:)! /&! 2(/:?-)&D1! /&.)&'+-A! 3&?! 3-)! 109;/'')?! '+! 3:')-&3'/.)!
1'-3')>/)14! &3;):A! 1091'/'0'/+&1B! Q()! I0)1'/+&! '(3'! */::! 9)! 3??-)11)?! ()-)! /1! /<! '(+1)!
;3&&)-! 1091'/'0'/+&! ,3'')-&1! 3:1+! 3<<)2'! ,:32)! 3&?! /<! '(3'! /&')-32'/+&! ,:3A1! 3&A! -+:)! /&!
'()!?).):+,;)&'3:!+-?)-!+<!L6=+M76=+ML!1)I0)&2)1B!
)898M8(A&N+7#,(0&,&7%+2.(
!
`&)! +<! '()! </-1'! 1'-3')>/)1! 01)?! 9A! 1+;)! 2(/:?-)&! /&! +-?)-! '+! 2+,)! */'(!
,-+9:);3'/2!3?0:'!1'-02'0-)1!/1!&+'!'+!3'');,'!'();!3'!3::B!%&!<32'4!2(/:?-)&!')&?!'+!1):)2'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
HH!l3'3!<-+;!'()!6b=W!?3'3931)!EW/VV)-'4!"UUCJ!b).):'4!"UUCGB!
!
"UU!
'3->)'! *+-?1! '(3'! 2+;,:A! */'(! '()/-! )3-:A! ,(+&+:+>/23:! 39/:/'A! EW)->01+&! 3&?! W3-*)::4!
"U$HJ! f/,3-1VA! a! N)&&! E"U$$GGB! M22+-?/&>! '+! b).):'! E"UUCG4! '()! :)P/23:! 1):)2'/+&!
1'-3')>A! ,-+./?)1! )./?)&2)! '(3'! A+0&>! 2(/:?-)&! 3-)! 39:)! '+! /?)&'/<A4! 3'! :)31'! '+! 1+;)!
)P')&'4!'()!,(+&+:+>/23:!,-+,)-'/)1!+<!*+-?1!3&?!1+0&?1!/&!'()/-!/&,0'!:3&>03>)B!
M1!<3-!31!,:32)!3&?!;3&&)-!<)3'0-)!,3'')-&1!3-)!2+&2)-&)?4!1).)-3:!1'0?/)1!(3.)!
-),+-')?!'(3'!2(/:?-)&!/&/'/3::A!')&?!'+!3.+/?!&+&K(3-;+&/2!1)I0)&2)1J!A+0&>!:)3-&)-D1!
,-+?02'/.)!.+2390:3-/)1!3-)!;3/&:A!+<!'()!'A,)!56F68!EN32V)&4!"U$UJ!b).):'4!"UUCJ!T'+):K
g3;;+&4!XYYXGB!M22+-?/&>!'+!W/VV)-'!a!b).):'!EXYY#G4!'()!1):)2'/+&!+<!56=+M76=+M8!*+-?1!
/&! '()! /&'3V)! +<! l0'2(! 2(/:?-)&! '3V)1! ,:32)! /&! 3! >-3?03:! <31(/+&J! '()! </-1'! 3&?! '()! ;+1'!
<-)I0)&'!,3'')-&!1):)2')?!/1!Lb39n6+-L4!*(/2(!/1!'()!</-1'!'+!9)!32I0/-)?!3&?!;+'/.3')1!
'()! );)->)&2)! +<! '()! +.)-K>)&)-3:/S3'/+&! '(3'! b39/3:! ;01'! 9)! 3:/>&)?! */'(! '()! *+-?K
/&/'/3:!,+1/'/+&!E1))!1)2'/+&!ZB"BXBG!M22+-?/&>!'+!'()1)!30'(+-14!3!,:32)!,3'')-&!'(3'!?+)1!
&+'!2+&'3/&!3!b39/3:!/&!*+-?!/&/'/3:!,+1/'/+&!')&?1!'+!9)!3'');,')?!:3')-B!Q()!,-)<)-)&2)!
<+-! *+-?K/&/'/3:! :39/3:! E1'+,1! 3&?! &313:1G! /&! 2(/:?-)&D1! .+2390:3-/)1! (31! 3:1+! 9))&!
-),+-')?! <+-! +'()-! :3&>03>)14! &3;):A! e&>:/1(! 3&?! 63&'+&)1)! ET'+):Kg3;;+&4! "UU#J!
W:)'2()-!)'!3:B!XYYCGB!
M22+-?/&>!'+!W/VV)-'!EXYY$G!3&?!W/VV)-'!a!b).):'!EXYY#G4!'()!1):)2'/+&!1'-3')>A!
-)10:'1! /&! 3&! /&/'/3:! 1'3')! +<! u<3/'(<0:&)11v! /&! 2(/:?-)&D1! ,(+&+:+>/23:! ?).):+,;)&'\!
:)3-&)-1! 1):)2'! *(3'! '()A! 23&! 32'03::A! ,-+?02)B! w&<3/'(<0:! +0',0'! <+-;14! /B)B! <+-;1!
?)./3'/&>!<-+;!'()!'3->)'!<+-;4!*/::!3,,)3-!;+-)!+<')&!*/'(!'()!>-3?03:!)P,3&1/+&!+<!'()!
2(/:?-)&D1!:)P/2+&4!2+&2+;/'3&'!*/'(!3!>-3?03:!?)2:/&)!+<!'()!1):)2'/+&!1'-3')>AB!!
]+*).)-4!/'!/1!/;,+-'3&'!'+!);,(31/S)!'(3'!1+;)!2(/:?-)&!3-)!&+&K1):)2'+-1!E<+-!
/&1'3&2)4!e.34!/&!b).):'4!"UUC!3&?!N3-/:A&4!/&!l+1!T3&'+14!XYY$GB!k+&K1):)2'+-1!3'');,'!
,-+9:);3'/2! ,3'')-&1! <-+;! 3&! )3-:A! 3>)! +&4! -)&?)-/&>! '();! /&! 3:')-&3'/.)! *3A14! *(/2(!
*/::!9)!?/12011)?!/&!'(/1!2(3,')-B!
)8=(K355#'>(#.-('&0&#'7"(O3&0%+2.0(
!
W/.)!;3/&!3:')-&3'/.)!1'-3')>/)1!*)-)!)P,:+-)?!/&!'()!,-)./+01!1)2'/+&1J!'()A!3-)!
10;;3-/S)?!9):+*B!!
!!
(a) Relw=b%6MQ%`k!!
%'! /1! 3! <-)I0)&'! 1'-3')>A! /&! )3-:A! ,-+?02'/+&14! <+-! 1+;)! 2(/:?-)&B! w103::A4! '()!
'3->)'!1'-)11)?!1A::39:)!/1!'()!+&)!'(3'!/1!-)?0,:/23')?!EW))!a!%&>-3;4!"U#XGB!
!
(b) 6`kT`kMkQ!]MRN`kx!!
Q*+!;3/&!2+&1'-3/&'K931)?!,)-1,)2'/.)1!*)-)!+0':/&)?B!%&!1'0?/)1!102(!31!=3')-!
E"UU$4! XYYXG! 3&?! =3')-! a! i)-:)! EXYY"4! XYY[G4! 6]! /1! ?)12-/9)?! 31! '()! -)10:'! +<! 3!
(/>(K-3&V)?!;3-V)?&)11!2+&1'-3/&'!'(3'!-)I0/-)1!,:32)!<)3'0-)!3>-));)&'!9)'*))&!
!
XYY!
'()!2+&1+&3&'1!+<!3!*+-?B!%&!1'0?/)1!102(!31!R+1)!EXYYYG4!W/VV)-'!a!b).):'!EXYY#G4!
l+1!T3&'+1!EXYY$G!3&?!b).):'!E'+!3,,)3-G4!'()!2:3/;!/1!'(3'!6]K:/V)!<+-;1!-)10:'!<-+;!
2+&1'-3/&'1! '(3'! -)I0/-)! 1,)2/</2! <)3'0-)1! '+! 9)! 311/>&)?! '+! 1,)2/</2! ,-+1+?/2!
?+;3/&1B! %&! '(/1! 1)&1)4! 6]! ?+)1! &+'! &)2)113-/:A! /;,:A! 3&A! 'A,)! +<! -):3'/+&1(/,!
9)'*))&!2+&1+&3&'1!/&!3!*+-?B!!
b).):'! E'+! 3,,)3-G! ,-+,+1)1! '*+! &)*! ')-;1! <+-! 6]K:/V)! <+-;1! /&! l0'2(\! E/G!
7.).08(634-4!<+-!'()!L6=+M76=+MLKh56=+MF6=+M8!,3'')-&1!'(3'!+220-!/&!3&!)3-:A!1'3>)!/&!
'()! ?).):+,;)&'! +<! =+M! 1)I0)&2)14! /&! *(/2(! +&)! 1/&>:)! <)3'0-)! /1! 311/>&)?! '+! '()!
*(+:)! *+-?! 3&?! E/G! =+MKX+386),654! <+-! '()! ,3'')-&1! '(3'! +220-! /&! '()! 9)>/&&/&>! +<!
'()!32I0/1/'/+&!+<!L676L!1)I0)&2)14!2(3-32')-/S)?!9A!'()!);)->)&2)!+<!3!2+&1'-3/&'!
5b39/3:B!!
M22+-?/&>! '+! W/VV)-'! a! b).):'! EXYY#G4! 3:/>&;)&'! 2+&1'-3/&'1! 102(! 31! 5b39/3:!
);)->)!<-+;!>)&)-3:/S3'/+&1!+.)-!3!2(/:?D1!+*&!:)P/2+&4!*(/2(4!/&!'0-&4!23&!9)!'-32)?!
932V! '+! ,-+,)-'/)1! +<! '()! /&,0'\! <-)I0)&'! 56768! 1'-02'0-)1! /&! 3?0:'! 1,))2(! E102(! 31!
5b39n6+-8G!')&?!'+!9)!3;+&>1'!'()!;+1'!<-)I0)&':A!3'');,')?!1)I0)&2)1!9A!A+0&>!
l0'2(!:)3-&)-1B!Q()!30'(+-1!<0-'()-!10>>)1'!E1))!3:1+!W/VV)-'4!b).):'!a!d3&!?)!i)/@)-!
EXYYXGG!'(3'!?/<<)-)&'!=+M!?/1'-/90'/+&1!32-+11!:3&>03>)1!;3A!:)3?!'+!'()!);)->)&2)!
+<!?/<<)-)&'!3:/>&;)&'!2+&1'-3/&'1B!!
(c) NeQMQ]eT%T!!
Q(/1! 1'-3')>A! 0103::A! /&.+:.)1! 1/&>:)! 1)>;)&'1! 3&?! -)K+-?)-/&>! <-+;! 932VK'+!
<-+&'K!'+!<-+&'K'+K932V!E)B>B!Ll+-nb39LGKh5b39nl+-8G!3:'(+0>(!.3-/3'/+&!/1!3'')1')?!
Ed)::);3&4!"UUZGB!T+;)!30'(+-1!EW/VV)-'!a!b).):'4!XYY#J!b).):'4!'+!3,,)3-G!3110;)!
'(3'!;)'3'()1/1!/1!;+'/.3')?!9A!'()!13;)!1)'!+<!3:/>&;)&'!2+&1'-3/&'1!'(3'!2301)!6]K
:/V)!,-+?02'/+&1B!!
!
(d) TwOTQ%QwQ%`k!=MQQeRkT!!
Q()! :/')-3'0-)! (31! 1(+*&! '(3'! 1091'/'0'/+&! ,3'')-&1! 23&! 9)! ?)')-;/&)?! 9A! '()!
,+1/'/+&!+<!3!>/.)&!2+&1+&3&'!/&!'()!*+-?!EO)-&(3-?'!a!T');9)->)-4!"UU#GB!Q()-)!/1!
3! 1'-+&>! 3<</&/'A! 9)'*))&! 1+&+-3&'1! 3&?! '()! /&')-.+23:/2! ,+1/'/+&! EO)-&(3-?'! a!
T');9)->)-4! XYYXGB! Q()! -)1)3-2(! (31! 3:1+! 1(+*&! '(3'! 1+;)! ;3&&)-! 1091'/'0'/+&1!
;3A!3<<)2'!,:32)!<)3'0-)1!El0&,(A4!XYYZGB!
!
(e) beq%6Mb!Tebe6Q%`k!TQRMQegx!!
!T+;)!2(/:?-)&!')&?!'+!1):)2'!+&:A!'()!*+-?1!'()A!23&!,-+?02)B!%&/'/3::A4!;+1':A!
L6F6L! <+-;1! 3-)! 3'');,')?! EN32V)&4! "U$UJ! T'+):Kg3;;+&4! XYYXGB! M22+-?/&>! '+!
W/VV)-'!a!b).):'!EXYY#J!b).):'4!'+!3,,)3-G4!3:/>&;)&'!2+&1'-3/&'1!;3A!+-/>/&3')!<-+;!
>)&)-3:/S3'/+&1!;3?)!+.)-!1;3::!.+2390:3-/)1\!(/>(!<-)I0)&2A!+<!Lb39n6+-L!/&!)3-:A!
!
XY"!
/&.)&'+-/)1!/1!3110;)?!'+!:)3?!'+!'()!);)->)&2)!+<!'()!2+&1'-3/&'!5b39/3:!/&!l0'2(B!
6+&1'-3/&'1! :++1)! /'1! 1'-)&>'(! */'(! '()! >-3?03:! )P,3&1/+&! +<! '()! /&.)&'+-A! 3&?!
2+&2+;/'3&'!?)2:/&)!/&!'()!1):)2'/+&!1'-3')>AB!
!
O31)?! +&! '()! </&?/&>1! 3&?! '()+-)'/23:! /110)1! -)./)*)?! /&! '()! ,-)./+01! 1)2'/+&14!
'*+!;3/&!-)1)3-2(!I0)1'/+&1!3-)!<+-;0:3')?!<+-!'()!20--)&'!2(3,')-B!
!
!"#U$ %I,-,(047%[2,-53.6-%
3G!i(3'!1'-3')>/)1!?+!=+-'0>0)1)!2(/:?-)&!-)20-!'+4!*()&!2+,/&>!*/'(!L676L!'3->)'1_!
9G!i(3'!23&!'(+1)!1'-3')>/)1!')::!01!39+0'!2(/:?-)&D1!:)P/23:K!3&?!+0',0'!-),-)1)&'3'/+&1_!
!
%&! +-?)-! '+! >3'()-! );,/-/23:! )./?)&2)! '+! ?/12011! '()! '*+! I0)1'/+&1! :/1')?! 39+.)4!
1+;)!1,)2/</2!>+3:1!*)-)!?)./1)?J!'()A!3-)!:/1')?!/&!EXCYGB!
!
!"CH$ %=*,43/34%8.(+-%
3G! l)12-/9)! '()! 3:')-&3'/.)! 1'-3')>/)1! '(3'! 3<<)2'! L6=+M76=+ML!3&?! L6N+M76N+ML!'3->)'1! /&!
'()!,)-/+?!*()&!&+&K(3-;+&/2!,3'')-&1!(3.)!&+'!9))&!32I0/-)?!E56F68!1'3>)GB!
9G! l)12-/9)! '()! 3:')-&3'/.)! 1'-3')>/)1! '(3'! 3<<)2'! L6=+M76=+ML!3&?! L6N+M76N+ML!'3->)'1! /&!
'()!,)-/+?!*()&!3'!:)31'!+&)!&+&K(3-;+&/2!,3'')-&!(31!9))&!32I0/-)?!E56768!1'3>)GB!
2G!R):3')!'()!'A,)!+<!1'-3')>A!01)?!'+!'()!1'3>)!*()-)!/'!+220-1B!
?G!l/12011!/&')-32'/+&1!9)'*))&!,:32)!3&?!;3&&)-!<)3'0-)14!/&!3:')-&3'/.)!1'-3')>/)1B!
)G!M&3:AS)!'()!/&<:0)&2)!+<!*+-?K,+1/'/+&!/&!'()!'A,)!+<!3:')-&3'/.)!1'-3')>A!01)?B!
<G!M&3:AS)!'()!-):3'/+&!9)'*))&!2+;9/&3'+-/3:!-)1'-/2'/+&1!3&?!3:')-&3'/.)!1'-3')>/)1!!
>G!6+;,3-)!/&'3V)!,3'')-&1!'+!'()!?/1'-/90'/+&!+<!56768!,3'')-&1!/&!3?0:'!1,))2(!
!
)8H(I&%"2-(
(
Q()! 3&3:A1/1! ,-)1)&')?! /&! '()! 20--)&'! 2(3,')-! /1! 931)?! +&! '()! ?3'3! +<! </.)!
=+-'0>0)1)!2(/:?-)&B!Q()!3>)!,)-/+?!2+.)-)?!3&?!'()!&0;9)-!+<!1)11/+&1!3-)!,-)1)&')?!
/&!EXC"GB!
!
!"CF$ %97,%1(5(\%(8,%(61%62)A,0%./%-,--3.6-J%*,0%473+1%
6(/:?!
%&z1!
j+3&3!
b0;3!
6:3-3!
j+{+!!
M>)!3'!'()!!
"1'!1)11/+&!
YJ""B"C!!
YJ""BXC!!
YJ""BX[!!
YJ""B"!
"JYB"!
M>)!3'!'()!!
:31'!1)11/+&!
CJXB"#!
CJ"YB$!
XJZBX$!
"J"YB"H!
XJYBXY!
kBy!+<!1)11/+&1!
E'+'3:G!
[Y!
[[!
[U!
"X!
XX!
!
Q()! 3&3:A1/1! *31! -)1'-/2')?! '+! ,-+?02'/+&1! +<! ?/1A::39/2! '3->)'1! */'(! '*+! &+&K
9-3&2(/&>! +&1)'1\! L6dE2G6dE2GLB! Q3V/&>! /&'+! 2+&1/?)-3'/+&! '()! ,-/;3-A! <)3'0-)1! <+-!
!
XYX!
,:32)! Eb39/3:4! 6+-+&3:4! l+-13:G! 3&?! <+-! ;3&&)-! ET'+,4! k313:4! W-/23'/.)4! b3')-3:! 3&?!
R(+'/2G4! 1/P! ?/1A::39/2! ,:32)! ,3'')-&1! 3&?! XY! ?/1A::39/2! ;3&&)-! ,3'')-&1! 2+0:?! 9)!
)P,)2')?!/&!2(/:?-)&D1!?3'3J!'()A!3-)!:/1')?!9):+*B!
!"C"$ %M3-:++(A34%*+(4,%].01E*(55,06-%^;_;^%
!
Lb39n6+-L!
Ll+-nb39L!
L6+-nb39L!
Lb39nl+-L!
Ll+-n6+-L!
L6+-nl+-L!
!
!"C#$ %M3-:++(A34%)(66,0%].01E*(55,06-%^;_;^%
!
LT'+,BBBk31L!
LT'+,BBBW-/2L!
LT'+,BBBb3'L!
LT'+,BBB!R(+'L!
Lk31BBB!T'+,L!
Lk31BBBW-/2L!
Lk31BBBb3'L!
Lk31BBB!R(+'L!
LW-/2BBBk31L!
LW-/2BBB!T'+,L!
LW-/2BBB!b3'L!
LW-/2BBB!R(+'L!
Lb3'BBBk31L!
Lb3'BBB!T'+,L!
Lb3'BBBW-/2L!
Lb3'BBB!R(+'L!
LR(+'BBBk31L!
LR(+'BBB!T'+,L!
LR(+'BBBW-/2L!
LR(+'BBBb3'L!
!
i)!1)3-2()?!<+-!)32(!+<!'()!,:32)!3&?!;3&&)-!2+;9/&3'/+&1!:/1')?!39+.)!/&!'()!
'3->)'! *+-?1! 1):)2')?! 9A! )32(! 2(/:?! E/&'3V)G4! ,)-! 1)11/+&! E'()! 13;)! ;)'(+?+:+>/23:!
,-+2)?0-)!31!'()!+&)!?)12-/9)?!/&!2(3,')-!H4!1)2'/+&!HBCGB!Q()&4!'()!2(/:?D1!-)&?/'/+&1!+<!
)32(! +<! '()! '3->)'1! 1):)2')?! *)-)! 3&3:AS)?! /&! +-?)-! '+! </&?! '()! &0;9)-! +<! +220--)&2)1!
3&?!'()!'A,)!+<!)32(!3:')-&3'/.)!1'-3')>A!01)?!E1))!3,,)&?/P!]GB!!!
!!
M1!;)&'/+&)?!/&!'()!,-)./+01!1)2'/+&4!+&)!+<!'()!1,)2/</2!>+3:1!+<!'(/1!2(3,')-!/1!
'+! 2+;,3-)! 2(/:?-)&D1! /&'3V)! ,3'')-&1! E&3;):A! '()! 'A,)! +<! L676L! ,3'')-&1! 3'');,')?4!
3&?! +-?)-! 3&?! <-)I0)&2A! +<! 1):)2'/+&G! '+! '()! ?/1'-/90'/+&! +<! 56768! 2+;9/&3'/+&1! /&! 3!
13;,:)! +<! '()! "YY! ;+1'! <-)I0)&'! 6d6d! *+-?1! /&! e=! 3?0:'! 1,))2(! E)P'-32')?! <-+;! '()!
4.0*2-! =*.N,6% >.05282,-,! K! >.05282`-% D(+(1.J! QMUY=eJ! 6bwbL%&1'/'0'+! 63;|)14! 01/&>!
'()!):)2'-+&/2!'++:!D0,>GBHZ!Q(/1!13;,:)!*31!,-)1)&')?!/&!2(3,')-!H4!1)2'/+&!HBX4!90'!*/::!
9)!-),)3')?!()-)4!<+-!)31)!+<!)P,+1/'/+&B!
!
!
!
!
!
!
!
!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
HZ!N+-)!/&<+-;3'/+&!+&!'(/1!'++:!23&!9)!<+0&?!3'!http://www.fl.ul.pt/LaboratorioFonetica/FreP.!
!
XY[!
!"CC$ %M3-503A253.6%./%*+(4,%W;_;a%*(55,06-% !"CK$ %M3-503A253.6% ./% )(66,0% W;_;a% *(55,06-%
36%&>%(12+5%-*,,47%!(**,613'%Y$%
!
(
5b39n6+-8!
5l+-n6+-8!
56+-nb398!
5b39nl+-8!
56+-nl+-8!
5l+-nb398!
!
!
!
!
PQ(
Z#U!
C[Z!
CX#!
"CX!
"[Z!
U[!
!
R(
[Z}!
X[}!
XX}!
$}!
$}!
H}!
36%&>%(12+5%-*,,47%!(**,613'%Y$%
(
5k31nT'+,8!
5T'+,nW-/28!
5T'+,nk318!
5T'+,nb3'8!
5W-/2nT'+,8!
5T'+,nR(+'8!
5W-/2nk318!
5b3'nT'+,8!
5k31nBb3'8!
5W-/2nR(+'8!
5b3'nk318!
5k31nW-/28!
5W-/2nb3'8!
!
!
PQ(
[HC!
[X"!
XCY!
"XH!
"XY!
UX!
$U!
H$!
H"!
["!
XH!
XC!
XX!
R(
X[}!
X"}!
"H}!
#}!
#}!
Z}!
H}!
C}!
[}!
X}!
X}!
X}!
"}!
!
M1!1(+*&!39+.)4!5b39n6+-84!5l+-n6+-8!3&?!56+-nb398!3-)!'()!;+1'!<-)I0)&':A!
,-+?02)?! 56=+M76=+M8! 1)I0)&2)1! /&! '()! e=! 3?0:'! 1,))2(! 13;,:)! E[Z}4! X[}! 3&?! XX}4!
-)1,)2'/.):AGB! M1! <+-! ;3&&)-! 2+;9/&3'/+&14! 5k31nT'+,8!3&?! 5T'+,nW-/28! 3-)! ,-+?02)?!
;+-)!+<')&!EX[}!3&?!X"}4!-)1,)2'/.):AG4!<+::+*)?!9A!5T'+,nk318!E"H}G!3&?!5T'+,nb3'8!
E#}GB!Q(/1!?/1'-/90'/+&!*/::!9)!2+;,3-)?!'+!2(/:?-)&D1!/&'3V)!,3'')-&1!/&!1)2'/+&!ZB$B!
!
B(.2%&(2.(%"&(%'3.7#%+2.(0%'#%&;>(
%&! 3! ,-):/;/&3-A! 3&3:A1/14! *)! +91)-.)?! '(3'! '()! ;+1'! <-)I0)&'! 1'-3')>A! 01)?! /&!
'()!</-1'!1)11/+&1!/1!1A::39:)!'-0&23'/+&4!+<!'()!'A,)\!/li!m/'w/' Kh[!m/'w]' E:/;{+4!+,).6J!j+{+4
"JXB"[); /!k"0d//Kh[!k"] E2+-?34! 0.*,J! %&z14! "JHB""GJ /!v*l//Kh[!f*] E.):34! 4(61+,J! j+3&34!
XJYBUGB Q(/1! 1'-3')>A! ')&?1! '+! 3<<)2'! 39+.)! HY}! +<! '()! L676L! ,3'')-&1! 3'');,')?4!
,3-'/20:3-:A! /&! '()! </-1'! 1)11/+&1! E1))! 3,,)&?/P! ]GB! %&! '()1)! 231)14! 2(/:?-)&! ')&?! '+!
,-)1)-.)!'()!'3->)'!1'-)11)?!1A::39:)!3&?!?):)')!'()!0&1'-)11)?!+&)4!/&?),)&?)&':A!+<!'()!
,:32)! +-! ;3&&)-! 1,)2/</23'/+&! +<! '()! 2+&1+&3&'! /&! +&1)'! +<! '()! +;/'')?! 1A::39:)B! %'!
3,,)3-1!'(3'!'-0&23'/+&!/&!'()1)!2(/:?-)&D1!)3-:A!,-+?02'/+&1!')&?1!&+'!'+!9)!;+'/.3')?!
9A!'()!1)>;)&'3:!2+&')&'!+<!'()!'3->)'!*+-?!90'!9A!3!,-)<)-)&2)!<+-!;+&+1A::39/2!<+-;1B!
M!1/;/:3-!,-)<)-)&2)!<+-!)3-:A!'-0&23'/+&!,3'')-&1!(31!9))&!-),+-')?!<+-!+'()-!:3&>03>)1!
EM::)&! a! ]3*V/&14! "U#YJ! e2(+:1! a! k)*,+-'4! "UUXJ! `'34! XYYZGB! T/&2)! '-0&23'/+&! 1));1!
&+'!'+!9)!-):3')?!'+!'()!1)>;)&'3:!,-+,)-'/)1!+<!'()!'3->)'!<+-;4!'(/1!1'-3')>A!*/::!&+'!9)!
)P,:+-)?! /&! '()! 20--)&'! 2(3,')-J! *)! */::! <+201! +&:A! +&! '()! ,-+?02'/+&! 1'-3')>/)1! '(3'!
-)10:'!/&!;0:'/1A::39/2!+0',0'!<+-;1B!]+*).)-4!'()!&0;9)-!+<!+220--)&2)1!+<!'-0&23'/+&!
,3'')-&14!,)-!1)11/+&4!/1!,-+./?)?!/&!3,,)&?/P!]B!
!
!
!
XYC!
)8J(B,%&'.#%+1&(0%'#%&;+&0(42'(S!G2BT!G2BS(%#';&%0(+.(DG(
!
Q()! 20--)&'! 1)2'/+&! <+201)1! +&! '()! ;+1'! <-)I0)&'! 3:')-&3'/.)! 1'-3')>/)1!
=+-'0>0)1)!2(/:?-)&!-)20-!'+4!*()&!3'');,'/&>!&+&K(+;+->3&/2!,:32)!*+-?K,3'')-&1BH$!
Q()!3&3:A1/1!2+.)-1!'()!,)-/+?!9)'*))&!'()!</-1'!3'');,'1!+<!3!>/.)&!,3'')-&!3&?!'()!3>)!
/'!9)2+;)1!,-+?02)?!/&!3!'3->)'K:/V)!<31(/+&4!322+-?/&>!'+!'()!32I0/1/'/+&!2-/')-/3!01)?!/&!
2(3,')-! HBH#! i()&! &+! -)>0:3-! '3->)'K:/V)! ,-+?02'/+&1! +220-4! '()! 3&3:A1/1! >+)1! <-+;! '()!
</-1'!3'');,'!0&'/:!'()!:31'!1)11/+&!+<!'()!4.0*2-B!!
k+')! '(3'! 9A! 3:')-&3'/.)! 1'-3')>A! *)! -)<)-! &+'! +&:A! '+! 3:')-&3'/.)! ,-+?02'/+&!
<+-;1! 90'! 3:1+! '+! :)P/23:! 1):)2'/+&\! 31! ;)&'/+&)?! /&! 1)2'/+&! ZB"BH4! +&)! +<! '()! 1'-3')>/)1!
01)?!9A!A+0&>!:)3-&)-1!'+!2+,)!*/'(!,-+9:);3'/2!'3->)'!1)I0)&2)1!/1!'+!3.+/?!'();B!W+-!
'(/1!-)31+&4!*)!*/::!3:1+!)P,:+-)!'()!/&'3V)!<+-;14!/&!)32(!2(/:?D1!?3'3B!
Q(/1! 1)2'/+&! /1! +->3&/S)?! 31! <+::+*1B! %&! ZBCB"4! *)! 3&3:AS)! '()! +-?)-! 3&?! '()!
<-)I0)&2A! /&! *(/2(! 2(/:?-)&! 3'');,'! &+&K(+;+->3&/2! ,3'')-&14! 9+'(! /&! '()! 56=+MF6=+M8!
1'3>)! E*()&! &+! 56768! ,3'')-&! (31! 9))&! 32I0/-)?! A)'G! 3&?! /&! '()! 56=+M76=+M8! 1'3>)B! %&!
1)2'/+&!ZBCBX4!*)!,-)1)&'!3&!+.)-./)*!+<!'()!;+1'!<-)I0)&'!3:')-&3'/.)!+0',0'!<+-;1!<+-!
)32(! 3'');,')?! L6=+M76=+ML! ,3'')-&4! ,)-! 2(/:?B! T)2'/+&! ZBCB[! <+201)1! +&! '()! 3:')-&3'/.)!
+0',0'! <+-;1! '(3'! +220-! 3'! '()! (+;+->3&/2! 1'3>)B! W/&3::A4! 1)2'/+&! ZBCBC! )P,:+-)1! '()!
3:')-&3'/.)!+0',0'!<+-;1!'(3'!+220-!3'!'()!56=+M76=+M8!1'3>)B!!
)8J89(B%%&5$%+.;(S!G2BT!G2BS($#%%&'.0(
!
Q()! 20--)&'! 1)2'/+&! /1! ?)?/23')?! '+! '()! 3&3:A1/1! +<! '()! 1)'! +<! &+&K(+;+->3&/2!
1)I0)&2)1!3'');,')?!9A!)32(!2(/:?!E/&'3V)GB!!
W+-!)31)!+<!)P,+1/'/+&4!*)!*/::!1'3-'!9A!-),)3'/&>!'()!+-?)-!+<!32I0/1/'/+&!+<!&+&K
(+;+->3&/2! ,3'')-&1! /&! )32(! 2(/:?D1! 4.0*2-4! 31! +91)-.)?! /&! 2(3,')-! HB! i)! */::4! '()&4!
,-)1)&'!'()!+-?)-!+<!3,,)3-3&2)!+<!&+&K(+;+->3&/2!1)I0)&2)1!/&!'()!/&'3V)4!31!*)::!31!
'()! <-)I0)&2A! +<! +220--)&2)! +<! )32(! /&'3V)! 1)I0)&2)! 9+'(! /&! '()! 56=+MF6=+M8! 1'3>)!
E,)-/+?! *()&! &+&K(+;+->3&/2! 2+;9/&3'/+&1! 3-)! 1'/::! &+'! 32I0/-)?G! 3&?! /&! '()!
56=+M76=+M8!1'3>)!E<-+;!'()!;+;)&'!3'!:)31'!+&)!L676L!1)I0)&2)!(31!9))&!32I0/-)?GB!!
B8(6.U0(
!
(
%&! 2(3,')-! H4! '()! <+::+*/&>! +-?)-! +<! 32I0/1/'/+&! *31! +91)-.)?! <+-! ?/1A::39/2!
56=+M76=+M8!,3'')-&14!/&!%&z1D!?3'3B!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
H$! `&:A! '()! ;+1'! <-)I0)&'! ,3'')-&1! */::! 9)! 3&3:AS)?! ()-)J! (+*).)-4! 3! <0::! I03&'/'3'/.)! -),+-'! +<! 3::! '()!
,-+?02'/+&!,3'')-&1!'(3'!3<<)2'!)32(!'3->)'!2+;9/&3'/+&!E,)-!2(/:?4!,)-!1)11/+&G!/1!,-+./?)?!/&!3,,)&?/P!]B!
!
H#!R)23::!'(3'!'()!2-/')-/3!01)?!<+-!?)')-;/&/&>!/<!3!,3'')-&!*31!32I0/-)?!*31!^&+!:)11!'(3&!'*+!'3->)'K:/V)!
,-+?02'/+&1!/&!+&)!;+&'(!3&?!3'!:)31'!+&)!/&!'()!'*+!<+::+*/&>!;+&'(1!E1))!2(3,')-!H4!1)2'/+&!HBCGB!!
!
XYH!
!
!"CR$ %T01,0%./%(4[23-353.6%./%W;>.X_;>.Xa%*(55,06-%L%Z6`-%!47(*5,0%K$%
"J#!
5b39n6+-8!
5l+-n6+-8!
"J"Y!
56+-nb398!
5l+-nb398!
XJY!
5b39nl+-8!
!
XJ"!
56+-nl+-8!
!
(
M1! <+-! '()! /&'3V)4! '()! </-1'! &+&K(+;+->3&/2! 1)I0)&2)! 3'');,')?! 9A! %&z1! /1!
L6+-nb39L4! 3'! '()! 3>)! +<! "JYB! Q()&4! 3'! "J[4! 1()! 1'3-'1! 1):)2'/&>! *+-?1! +<! '()! 'A,)!
Lb39n6+-L4!Ll+-n6+-L!3&?!Lb39nl+-LB!M'!"JH4!'()!</-1'!3'');,'1!+<!Ll+-nb39L!3,,)3-B!
W/&3::A4!3'!"J#4!%&z1!1'3-'1!1):)2'/&>!L6+-nl+-L!<+-;1B!!Q()!+-?)-!+<!3,,)3-3&2)!+<!)32(!
L676L!,3'')-&!/&!'(/1!2(/:?D1!/&'3V)!/1!?),/2')?!/&!EXC$GB!!
!
!"CV$ %T01,0%./%(**,(0(64,%./%^;>.X_;>.X^%*(55,06-%36%57,%365(N,%L%Z6`-%
"JY!
!
L6+-nb39L!
"J[BZ!
!
Lb39n6+-L!
Ll+-n6+-L!
Lb39nl+-L!
"JHB""!
!
Ll+-nb39L!
!
"J#BX!
!
L6+-nl+-L!
!
i)!23&!1))!'(3'4!3'!'()!3>)!'()!</-1'!56=+M76=+M8!,3'')-&1!3-)!32I0/-)?4!9)/&>!"J#4!
'()!1/P!&+&K(+;+->3&/2!,3'')-&1!*)-)!3:-)3?A!9)/&>!3'');,')?B!!
Q()! ,)-2)&'3>)! +<! 3'');,'1! +<! )32(! &+&K(+;+->3&/2! ,3'')-&! /&! '()! 56=+MF6=+M8!
+0',0'! 1'3>)! E9)<+-)! "J#G! 3&?! /&! '()! 56=+M76=+M8! 1'3>)! E3<')-! "J#G! /1! ,-+./?)?! /&! '*+!
>-3,(1!?),/2')?!/&!EXC#GB!
!
!
!"CQ$ %M3-503A253.6%./%,(47%^;>.X_;>.X^%*(55,06%36%57,%365(N,%L%Z6`-%
!
Y#Z([!\!](0%#;&((Y9VX:9V^Z(
YLZ([!T!](0%#;&((Y9V_:=V9Z(
!
S!2'888W2'SV(
M8(
!
!
SW2'888!2'SV(
HX8(
!
SA#L888!2'SV(
J=8(
SW2'888!2'SV(
=H8(
SW2'888A#LSV(
9=8(
!
SW2'888A#LSV(
9H8(
!
SA#L888W2'SV(
J8(
SA#L888W2'SV(
^8(
S!2'888A#LSV(
998(
SA#L888!2'SV(
HM8(
S!2'888A#LSV(
9_8(
!
M1! 1(+*&4! 39+.)4! '()! ;+1'! <-)I0)&':A! 1):)2')?! ,3'')-&1! 0&'/:! "J$! 3-)! ,-)2/1):A!
'()! </-1'! '+! 9)! 32I0/-)?\! Lb39n6+-L! 3&?! Ll+-n6+-LB! W-+;! "J#! +&*3-?14! '()! '*+! ;+1'!
<-)I0)&'! '3->)'1! 3-)! 1'/::! Lb39n6+-L! 3&?! Ll+-n6+-L! 90'! '()-)! /1! 3&! /&2-)31)! /&! '()!
&0;9)-!+<!3'');,'1!+<!'()!+'()-!,3'')-&1B!!
k+')! '(3'! '()! :31'! 2+;9/&3'/+&! 32I0/-)?! 9A! %&z14! L6+-nl+-L4! /1! 3:1+! '()! :)31'!
<-)I0)&':A!3'');,')?\!+&:A!XH!'+V)&1!EH}G!9)'*))&!"J#!3&?!XJ"!E1))!39+.)GB!!
!
!
!
!
!
XYZ!
a8(b2#.#(
%&!2(3,')-!H4!*)!+91)-.)?!'()!<+::+*/&>!+-?)-!+<!32I0/1/'/+&!+<!&+&K(+;+->3&/2!
,3'')-&14!/&!j+3&3D1!?3'3B!
!
!"CU$ %T01,0%./%(4[23-353.6%./%W;>.X_;>.Xa%*(55,06-%L%b.(6(%!47(*5,0%K$%
XJY!
5b39n6+-8!
!
XJX!
56+-nl+-8!
5l+-n6+-8!
XJZ!
5b39nl+-8!
56+-nb398!
XJ#!
5l+-nb398!
!
(
M1! <+-! '()! /&'3V)4!j+3&3! 1'3-'1!3'');,'/&>! ?/1A::39/2! L676L! ,3'')-&1! +&:A! 3'! "JZB!
Q()!'*+!2+;9/&3'/+&1!3'');,')?!</-1'!3-)!Ll+-n6+-L!3&?!Lb39n6+-LB!Q()!:31'!,3'')-&!
1):)2')?! /1! Lb39nl+-L4! 3'! XJY4! 3>)! 3'! *(/2(! '()! </-1'! &+&K(+;+->3&/2! 2+;9/&3'/+&! /1!
32I0/-)?! /&! ,-+?02'/+&B! Q()! +-?)-! +<! 1):)2'/+&! +<! '()! ?/<<)-)&'! ,3'')-&1! /&! '(/1! 2(/:?D1!
?3'3!/1!?),/2')?!/&!EXHYGB!
!
!"KH$ %T01,0%./%(**,(0(64,%./%^;>.X_;>.X^%*(55,06-%36%57,%365(N,%L%b.(6(%
"JZ!
!
Ll+-n6+-L!
"J#BC!
!
Lb39n6+-L!
!
"JUBXH!
!
L6+-nl+-L!
Ll+-nb39L!
!
"J"YBXX!
!
L6+-nb39L!
XJYBU!
!
Lb39nl+-L!
!
%&! EXH"G4! *)! ,-+./?)! '()! ?/1'-/90'/+&! +<! 3'');,'1! +<! )32(! &+&K(+;+->3&/2!
,3'')-&!/&!j+3&3D1!?3'34!9+'(!/&!'()!56=+MF6=+M8!E9)<+-)!XJYG!3&?!/&!'()!56=+M76=+M8!1'3>)!
E3<')-!XJYGB!
!
!
!!
!"KF$ %M3-503A253.6%./%,(47%^;>.X_;>.X^%*(55,06%36%57,%365(N,%L%b.(6(%
!
! Y#Z([!\!](0%#;&(Y9V):9V9XZ(
YLZ([!T!](0%#;&((Y=VX:=V_Z(
!
S!2'888W2'SV(
S!2'888W2'SV(
9X8(
^8(
!
SW2'888!2'SV(
!
9^8(
!
SA#L888!2'SV(
JX8(
!
SA#L888!2'SV(
SW2'888!2'SV(
SW2'888A#LSV(
J`8(
HM8(
!
J8(
(
SA#L888W2'SV(
9X8(
!
!
SW2'888A#LSV(
M8(
S!2'888A#LSV(
9X8(
S!2'888A#LSV(
9H8(
O)<+-)! XJY4! .)-A! <)*! 3'');,'1! +<! L6=+M76=+ML! ,3'')-&1! +220-! /&! '(/1! 2(/:?D1! ?3'3B!
Q()!;+1'!<-)I0)&':A!3'');,')?!,3'')-&1!/&!'(/1!,)-/+?!3-)!Lb39n6+-L!3&?!Ll+-n6+-L4!
90'! +&:A! #! 3&?! $! '/;)14! -)1,)2'/.):A! E2+--)1,+&?/&>! '+! CY! 3&?! '+! [H}! +<! '()! '+'3:!
&0;9)-!+<!56768!*+-?1!3'');,')?GB!W-+;!XJY!+&*3-?14!'()!&0;9)-!+<!3'');,'1!/&2-)31)!
<+-! 3::! ,3'')-&14! 3:'(+0>(! Lb39n6+-L! 3&?! Ll+-n6+-L! -);3/&! '()! ;+1'! <-)I0)&':A!
1):)2')?!E1))!'()!'*+!>-3,(1!39+.)GB!
6+&'-3-A! '+! %&z14! *(+! 1'3-'1! 3'');,'/&>! L6=+M76=+ML! ,3'')-&1! <-+;! "JY4! j+3&3!
1'3-'1! +&:A! 3'! "JZ! 3&?4! 0&'/:! "J"Y4! '()-)! 3-)! .)-A! <)*! 3'');,'1! +<! ! &+&K(+;+->3&/2!
!
XY$!
1)I0)&2)1! E+.)-3::4! XY! 3'');,'14! /&! 3! ,)-/+?! +<! C! ;+&'(1GB! %'! 1));1! '(3'! '(/1! 2(/:?! /1!
3.+/?/&>!&+&K(+;+->3&/2!,3'')-&1!0&'/:!'()!3>)!+<!XJYB!
!
!8(A35#(
%&!2(3,')-!H4!'()!<+::+*/&>!+-?)-!+<!32I0/1/'/+&!<+-!?/1A::39/2!56=+M76=+M8!,3'')-&1!
*31!+91)-.)?4!/&!b0;3D1!?3'3B!
!
!"K"$ %T01,0%./%(4[23-353.6%./%W;>.X_;>.Xa%*(55,06-%L%P2)(%!47(*5,0%K$%
XJ[!
5l+-n6+-8!
!
XJC!
5b39nl+-8!
5b39n6+-8!
XJH!
56+-nl+-8!
56+-nb398!
XJZ!
5l+-nb398!
!
(
R)>3-?/&>! '()! /&'3V)4! b0;3! 1'3-')?! 3'');,'/&>! ?/1A::39/2! L6=+M76=+ML! ,3'')-&1!
I0/')! )3-:A4! 3'! '()! 3>)! +<! "JXB! Q()! '*+! ,3'')-&1! 1):)2')?! </-1'! 3-)! Lb39n6+-L! 3&?!
Ll+-n6+-LB! Q()! &)P'! ,3'')-&1! 3'');,')?! 3-)! Lb39BBBl+-L! 3&?! L6+-nb39L4! +&:A! 3'! "J""!
3&?! XJX4! -)1,)2'/.):AB! L6+-nl+-L! 3&?! Ll+-nb39L! 3,,)3-! +&:A! 3'! XJ[! 3&?! XJC4! 3! ,)-/+?!
*()&!&+&K(+;+->3&/2!2+;9/&3'/+&1!3-)!3:-)3?A!9)/&>!32I0/-)?!9A!'(/1!2(/:?!E1))!EXHXG!
39+.)GB!Q(/1!+-?)-!+<!1):)2'/+&!/1!10;;3-/S)?!/&!EXH[GB!
!
!"K#$ %T01,0%./%(**,(0(64,%./%^;>.X_;>.X^%*(55,06-%36%57,%365(N,%L%P2)(%
"JX!
!
Lb39n6+-L!
Ll+-n6+-L!
"J""!
!
Lb39nl+-L!
!
XJX!
!
L6+-nb39L!
!
XJ[!
!
L6+-nl+-L!
XJC!
!
Ll+-nb39L!
!
Q()!?/1'-/90'/+&!+<!3'');,'1!+<!)32(!'3->)'!,3'')-&!/&!'()!'*+!1'3>)1!E9)<+-)!3&?!
3<')-!XJXG!/&!b0;3D1!?3'3!/1!,-+./?)?!/&!EXHCGB!
!
!"KC$ %M3-503A253.6%./%,(47%W;>.X_;>.Xa%*(55,06%36%57,%365(N,%L%P2)(%
YLZ([!T!](0%#;&((Y=VH:=V)Z(
Y#Z([!\!](0%#;&((Y9V=:=V=Z(
S!2'888W2'SV(
_8(
SW2'888!2'SV(
9H8(
SW2'888!2'SV(
9=8(
SA#L888W2'SV(
M8(
SW2'888A#LSV(
98(
S!2'888A#LSV(
98(
SA#L888W2'SV(
`8(
SA#L888!2'SV(
_98(
!
!
SA#L888!2'SV(
MJ8(
S!2'888A#LSV(
9)8(
M1! 1(+*&! /&! '()! >-3,(1! ,-+./?)?! 39+.)4! '()! ,3'')-&! Lb39n6+-L! /1! <-)I0)&'! /&!
b0;3D1!?3'3!EX"Z!'+V)&14!9)'*))&!"JXKXJX4!2+--)1,+&?/&>!'+!#"}GJ!'(/1!(/>(!<-)I0)&2A!
/1! ;+1':A! -):3')?! '+! '()! <32'! '(3'! Lb39n6+-L! /1! '()! ,:32)! <)3'0-)! 2+;,+1/'/+&! +<! '()!
2(/:?D1! +*&! &3;)4! *(/2(! /1! -)20--)&':A! 3'');,')?! /&! 3::! -)2+-?/&>! 1)11/+&1B! T'/::! /&! '()!
56F68! 1'3>)4! '()! 1)2+&?! ;+1'! <-)I0)&':A! 3'');,')?! ,3'')-&! /1! Ll+-n6+-L! E[H! '+V)&14!
"[}G4!*(/2(!/1!'()!</-1'!'+!9)!32I0/-)?4!3'!XJ[B!
!
XY#!
!Lb39n6+-L! 3&?! Ll+-n6+-L! 3-)! 3:;+1'! )P2:01/.):A! '()! L676L! ,3'')-&1!
3'');,')?! 0&'/:! XJXB! ]+*).)-4! 3! 10??)&! 90-1'! /&! '()! /&'3V)! '3V)1! ,:32)! <-+;! XJ[!
+&*3-?14!)./?)&'!/&!'()!>-3,(1!,-+./?)?!/&!EXHCG4!39+.)B!!
T/;/:3-:A! '+! j+3&34! /'! 1));1! '(3'! b0;3! 3.+/?1! ;+1'! +<! '()! &+&K(+;+->3&/2!
,3'')-&1!/&!'()!</-1'!1)11/+&1\!0&'/:!'()!3>)!+<!"J"Y4!+&:A!Lb39n6+-L!3&?!Ll+-n6+-L!*)-)!
1):)2')?B!
(
W8(!,#'#(
%&! 2(3,')-! H4! *)! +91)-.)?! '(3'! 6:3-3! 32I0/-)1! '(-))! ?/1A::39/2! 56=+M76=+M8!
,3'')-&14!/&!'()!+-?)-!,-)1)&')?!/&!EXHHGB!
(
!"KK$ %T01,0%./%(4[23-353.6%./%W;>.X_;>.Xa%*(55,06-%L%;+(0(%!47(*5,0%K$%
"JH!
5b39n6+-8!
!
"J#!
5l+-n6+-8!
"JU!
56+-nb398!
Q()! '(-))! ,3'')-&1! :/1')?! 39+.)! 3-)! '()! +&:A! &+&K(+;+->3&/2! 1)I0)&2)1!
3'');,')?!9A!6:3-3B!W0-'()-;+-)4!'()!3>)!+<!</-1'!3'');,'1!+<!)32(!,3'')-&!;3'2()1!'()!
3>)! +<! 32I0/1/'/+&B! Q()! +-?)-! +<! 3,,)3-3&2)! +<! '()! '(-))! ,3'')-&1! /&! 6:3-3D1! /&'3V)! /1!
>/.)&!/&!EXHZGB!
!
!"KR$ %T01,0%./%(**,(0(64,%./%^;>.X_;>.X^%*(55,06-%36%57,%365(N,%L%;+(0(%
"JHB"Z!
!
Lb39n6+-L!
!
!
"J#BXY!
!
Ll+-n6+-L!
!
"JUBX[!
!
L6+-nb39L!
!
6+&'-3-A! '+! 3::! +'()-! 2(/:?-)&4! 6:3-3! 32I0/-)1! )32(! +<! '()! '(-))! '3->)'! ,3'')-&1!
-/>('!<-+;!'()!</-1'!3'');,'1B!Q()!+'()-!'(-))!?/1A::39/2!2+;9/&3'/+&1!3-)!&+'!3'');,')?!
3'!3::B!Q(/1!2(/:?!1));1!'+!9)!3!1):)2'+-4!3'');,'/&>!+&:A!'()!1)I0)&2)1!'(3'!1()!/1!3:-)3?A!
39:)!'+!,-+?02)B!
!
D8(b2c2(
j+{+! 32I0/-)1! 5b39n6+-8! ,3'')-&1! 3'! "J$J! 31! ?)12-/9)?! /&! 2(3,')-! H4! '(/1! /1! '()!
+&:A! &+&K(+;+->3&/2! 1)I0)&2)! '(3'! 10-<32)1! 1A1');3'/23::A! /&! 3! '3->)'K:/V)! <31(/+&! /&!
j+{+D1!1,))2(4!0&'/:!'()!:31'!1)11/+&!3&3:AS)?!EXJYGB!(
M1! <+-! '()! /&'3V)4! '()! </-1'! &+&K(+;+->3&/2! ,3'')-&! 3'');,')?! 9A! j+{+! /1! 3:1+!
Lb39n6+-L4! 3'! '()! 3>)! +<! "JX4! <+::+*)?! 9A! L6+-BBBb39L! 3'! "JCB! M::! +'()-! ,3'')-&1! 3-)!
1):)2')?! <+-! '()! </-1'! '/;)! 3'! "JU! +-! +&*3-?14! ,)-/+?! /&! *(/2(! Lb39n6+-L! /1! 3:-)3?A!
32I0/-)?B!Q(/1!+-?)-!/1!10;;3-/S)?!/&!EXH$GB!
!
!"KV$ %T01,0%./%(**,(0(64,%./%^;>.X_;>.X^%*(55,06-%36%57,%365(N,%L%b.c.%
"JXB"[!
Lb39n6+-L!
!
!
"JCB"$!
L6+-nb39L!
!
"JUBXH!
Ll+-n6+-L!
Ll+-nb39L!
Lb39nl+-L!
XYU!
"J"YB""!
L6+-nl+-L!
!
Q()! ?/1'-/90'/+&! +<! 3'');,'1! +<! &+&K(+;+->3&/2! ,3'')-&1! /&! '()! 56F68! 1'3>)!
E9)<+-)! "J$G! 3&?! /&! '()! 56768! 1'3>)! E<-+;! "J#! +&*3-?1G4! /&! j+{+D1! ?3'34! /1! ,-+./?)?! /&!
EXH#GB!
!
!"KQ$ %M3-503A253.6%./%,(47%^;>.X_;>.X^%*(55,06%36%57,%365(N,%L%b.c.%
YLZ([!T!](0%#;&(((Y9V^:=VXZ(
Y#Z([!\!](0%#;&((Y9V=:9V)Z(
S!2'888A#LSV(
_8(
S!2'888W2'SV(
H8(
SW2'888!2'SV(
9^8(
SW2'888A#LSV(
H8(
SA#L888W2'SV(
H8(
SA#L888!2'SV(
`=8(
SA#L888!2'SV(
M^8(
S!2'888A#LSV(
9^8(
!
M1! 1(+*&! /&! '()! >-3,(1! 39+.)4! Lb39n6+-L! /1! (/>(:A! <-)I0)&'! /&! j+{+D1! /&'3V)4!
,3-'/20:3-:A! /&! '()! </-1'! 1'3>)! EUH! +<! '()! "Y[! '+V)&14! <-+;! "JX! '+! "JZGB! O)'*))&! "J$! 3&?!
XJY4!Lb39n6+-L!/1!1'/::!'()!;+1'!<-)I0)&':A!3'');,')?!,3'')-&4!90'!+'()-!L676L!<+-;1!3-)!
3:-)3?A! 1):)2')?! */'(! -):3'/.)! <-)I0)&2A4! &3;):A! Ll+-n6+-L! 3&?! L6+-nb39L! EHU!
3'');,'1! )32(4! /&! '(/1! 1)2+&?! ,)-/+?GB! Q()! :)31'! <-)I0)&':A! 3'');,')?! ,3'')-&1! 3-)4! 31!
+91)-.)?!/&!'()!?3'3!+<!'()!+'()-!2(/:?-)&4!L6+-nl+-L4!Lb39nl+-L!3&?!Ll+-nb39LB!
!
Q+!10;;3-/S)4!Lb39n6+-L!3&?!Ll+-n6+-L!3-)!'()!)3-:/)1'!3&?!;+1'!<-)I0)&':A!
3'');,')?! ,3'')-&1! ELb39n6+-L! 9)/&>! '()! ;+1'! <-)I0)&'! +<! 3::GB! Q()1)! ,3'')-&1! 3-)!
3;+&>1'! '()! </-1'! '+! 9)! 32I0/-)?4! <+-! ;+1'! 2(/:?-)&B! Q()! :3')-! 3&?! :)31'! <-)I0)&':A!
3'');,')?! 3-)! L6+-nl+-L! 3&?! '()! 2+;9/&3'/+&1! +<! b39/3:! 3&?! l+-13:\! Lb39nl+-L! 3&?!
Ll+-nb39LB!Q()1)!,3'')-&1!3-)!+<')&!3;+&>1'!'()!+&)1!'(3'!3-)!32I0/-)?!:3')-B!!!
%'! /1! 3:1+! *+-'(! );,(31/S/&>! '(3'! '()! ,:32)! <)3'0-)! ,3'')-&1! '(3'! 3-)! ;+1'!
<-)I0)&':A! 3'');,')?! 3&?! 32I0/-)?! )3-:/)-! ')&?! '+! 9)! '()! +&)1! '(3'! 3-)! ;+-)! +<')&!
,-+?02)?! /&! e=! 3?0:'! 1,))2(4! 322+-?/&>! '+! '()! "YY! ;+1'! <-)I0)&'! 6d6d! *+-?K13;,:)!
3&3:AS)?!/&!2(3,')-!H!E1)2'/+&!ZB[GJ!'(/1!/110)!*/::!9)!<0-'()-!?/12011)?!/&!1)2'/+&!ZB$B!
W+-!3::!2(/:?-)&!)P2),'!%&z14!.)-A!<)*!L676L!,3'')-&1!3-)!3'');,')?!/&!'()!56F68!
+0',0'!1'3>)B!%'!/1!<-+;!'()!;+;)&'!'()!</-1'!&+&K(+;+->3&/2!2+;9/&3'/+&!/1!32I0/-)?4!
'(3'! *)! +91)-.)! 3&! /&2-)31)! /&! '()! &0;9)-! 3&?! /&! '()! 'A,)1! +<! L676L! 1)I0)&2)1!
3'');,')?B! Q()1)! 2(/:?-)&! 1));! '+! 9)! 01/&>! 3! 1):)2'/+&! 1'-3')>A4! 3.+/?/&>! ,-+9:);3'/2!
1)I0)&2)1!/&!'()!</-1'!1)11/+&1B!M1!<3-!31!1):)2'/+&!1'-3')>/)1!3-)!2+&2)-&)?4!6:3-3!/1!'()!
,-/;)! )P3;,:)\! 1()! 3'');,'1! +&:A! '()! 1)I0)&2)1! '(3'! 1()! /1! 3:-)3?A! 39:)! '+! ,-+?02)!
3220-3'):AB!
!
X"Y!
i)! */::! &+*! '0-&! '+! '()! 3&3:A1/1! +<! '()! 3:')-&3'/.)! +0',0'! <+-;1! 2(/:?-)&! E3::!
)P2),'! 6:3-3G! ,-+?02)! *()&).)-! '()A! 3'');,'! 3! '3->)'! L676L! 1)I0)&2)! '(3'! /1! 1'/::! &+'!
32I0/-)?B!!
)8J8=(B,%&'.#%+1&(23%$3%(42'50F(#.(21&'1+&@(
(
%&! '()! 20--)&'! 1)2'/+&4! *)! ,-)1)&'! 3! 10;;3-A! +<! '()! ;+1'! <-)I0)&'! 3:')-&3'/.)!
+0',0'!<+-;1!'(3'!3<<)2'!)32(!L6=+M76=+ML!'3->)'4!/&!'()!?3'3!+<!3::!2(/:?-)&!)P2),'!6:3-3!
E-)23::! '(3'! '()! '(-))! &+&K(+;+->3&/2! ,3'')-&1! 32I0/-)?! 9A! '(/1! 2(/:?! 3-)! ,-+?02)?!
3220-3'):A! <-+;! '()! </-1'! 3'');,'1GB! Q()! '39:)1! >/.)&! <-+;! EXHUG! '+! EXZXG! ,-+./?)!
/&<+-;3'/+&! +&\! ! E/G! '()! 3>)! +<! </-1'! 3'');,'1! 3&?! +<! </-1'! 3220-3')! ,-+?02'/+&1! +<!
56=+M76=+M8! 1)I0)&2)1J! E//G! '()! &0;9)-! +<! +220--)&2)1! +<! )32(! 3:')-&3'/.)! ,-+?02'/+&!
E3&?!,)-2)&'3>)4!-):3'/.)!'+!'()!&0;9)-!+<!'3->)'!,3'')-&1GJ!E///G!'()!'/;)!<-3;)!/&!*(/2(!
)32(! +0',0'! <+-;! +220-1! ;+-)! +<')&J! E/.G! '()! 3:')-&3'/.)! <+-;1! '(3'! 3:-)3?A! 2+K+220-!
*/'(!'3->)'K:/V)!,-+?02'/+&1!E/&!9+:?GB!!
(
(
B8(6.U0(
!
M::!&+&K(+;+->3&/2!,3'')-&1!3'');,')?!9A!%&z1!3-)!-)&?)-)?!/&!3:')-&3'/.)!*3A1!
9)<+-)! '()A! 10-<32)! /&! 3! '3->)'K:/V)! <31(/+&B! Q()! ;+1'! <-)I0)&'! +0',0'! ,3'')-&1!
E'-0&23'/+&1!)P2:0?)?4!1))!1)2'/+&!ZB[G!3-)!?),/2')?!/&!EXHUGB!!
!
!"KU$ d.-5%/0,[2,65%.25*25%/.0)-%/.0%5(08,5-%^;>.X_;>.X^%L%Z6`-%
!
!
E3G!
Q3->)'!
,3'')-&!
L6+-nb39L!
W/-1'!
3'');,'!
"JYBXH!
Q3->)'K:/V)!
=-+?02'/+&!
"J"YBXU!
E9G!
Lb39n6+-L!
"J[BZ!
"J#BX!
E2G!
Ll+-n6+-L!
"J[BZ!
"J#BX!
E?G!
Lb39nl+-L!
"J[BZ!
E)G!
Ll+-nb39L!
E<G!
L6+-nl+-L!
!
`0',0'!<+-;!
`220-BL'3->)'1!
=)-/+?!
5b39nb398!
5b39n6+-8!
[A#Ld!2'](
5b39nb398!
[!2'd!2'](
56+-n6+-8!
5l+-nl+-8!
"CLC$!
XYL[C!
_S==(
"[LH"!
J_S===(
"L"!
"[L[H!
[Y}!
HU}!
H)R(
XH}!
==R(
"YY}!
[$}!
"JYK"JU!
"J#K"JU!
=VX899(
"J[K"J$!
9V_:=V=(
"J[BZ!
"JHK"J$!
XJYB""!
5l+-n6+-8!
56+-nl+-8!
ZL""!
[LH!
HH}!
ZY}!
"JUB"U!
"J"YBXU!
"JHB""!
"J"YBXU!
5l+-nl+-8!
5b39nl+-8!
5l+-n6+-8!
HL"H!
CLC!
ZLU!
[[}!
"YY}!
Z$}!
"JHK"J$!
"J#BX!
"JUB"U!
"J#BX!
XJ"B"Y!
5l+-n6+-8!
56+-n6+-8!
#LU!
"LX!
#U}!
HY}!
"J#BX!
XJYB""!
M1! 1(+*&! 39+.)4! %&z1! ,-+?02)1! 9+'(! (+;+->3&/2! 3&?! &+&K(+;+->3&/2!
3:')-&3'/.)! +0',0'! <+-;1J! <+-! /&1'3&2)4! 1()! ,-+?02)1! L6+-nb39L! '3->)'1! 31! 5b39nb3984!
9)'*))&! "JY! 3&?! "JU! 3&?! 31! 5b39n6+-8! 9)'*))&! "J#! 3&?! XJY! E1))! E3G4! 39+.)GB! k+')4!
(+*).)-4! '(3'! '()! L6=+M76=+MLKh56=+M76=+M8! ,3'')-&14! 102(! 31! L6+-nb39LKh5b39n6+-84!
+220-!+&:A!3<')-!"J#4!'()!3>)!3'!*(/2(!'(/1!2(/:?!32I0/-)1!'()!</-1'!&+&K(+;+->3&/2!<+-;1!
3&?!)&')-1!'()!56768!1'3>)B!Q()!-):3'/+&!9)'*))&!'()!'A,)!+<!3:')-&3'/.)!+0',0'!<+-;!3&?!
'()! ?).):+,;)&'3:! 1'3>)! */::! 9)! <0-'()-! )P,:+-)?! /&! 1)2'/+&1! ZBCB[! 3&?! ZBCBCB! k+')! '(3'!
!
X""!
1+;)!3:')-&3'/.)!<+-;1!2+K+220-!*/'(!'3->)'K:/V)!,-+?02'/+&1!<+-!'3->)'1!L6+-nb39L!3&?!
Lb39n6+-L!<-+;!XJY!3&?!"J#4!-)1,)2'/.):A!E1))!/&<+-;3'/+&!/&!9+:?4!/&!'()!'39:)!>/.)&!/&!
EXHUGB!
!
!
a8((b2#.#(
(
M&! +0':/&)! +<! '()! ;+1'! <-)I0)&'! 3:')-&3'/.)! +0',0'! <+-;1! <+-! '3->)'! L6=+M76=+ML!
,3'')-&1!/&!j+3&3D1!?3'3!/1!,-+./?)?!/&!EXZYGB!R)23::!'(3'!j+3&3!3.+/?1!3'');,'/&>!L676L!
*+-?1!0&'/:!XJY!E1)2'/+&!ZBCB"GJ!<+-!'(/1!-)31+&4!'()!&0;9)-!+<!3'');,'1!?),/2')?!/&!EXZYG!
/1!:+*B!
!
!"RH$ %d.-5%/0,[2,65%.25*25%*(55,06-%/.0%5(08,5-%^;>.X_;>.X^%L%b.(6(%
!
!
E3G!
E9G!
Q3->)'!
,3'')-&!
Ll+-n6+-L!
Lb39n6+-L!
W/-1'!
3'');,'!
"JZBXC!
"J#BC!
Q3->)'K:/V)!
=-+?02'/+&!
XJXB"U!
XJYBU!
E2G!
Ll+-nb39L!
"JUBXH!
E?G!
L6+-nb39L!
"J"YBXX!
!
`0',0'!<+-;!
[!2'd!2'](
[A#LdA#L](
!
`220-BL'3->)'1!
HS9^(
9_R(
_SMM(
9MR(
=)-/+?!
=V=:=VJ(
=VX:=VJ(
XJ#BH!
5l+-nl+-8!
56+-n6+-8!
"L"!
"L"!
"YY}!
"YY}!
"JUBXH!
XJZBXC!
XJZBXC!
[A#LdA#L](
MS=H(
==R(
=V):=V_(
Q()! ,-)?+;/&3&'! 3:')-&3'/.)! +0',0'! <+-;! /&! j+3&3D1! ?3'3! /1! +<! '()! 'A,)!
56=+MF6=+M8! 3&?! /'! +220-1! ;+1':A! <-+;! XJY! +&*3-?14! *(/2(! 2+--)1,+&?1! '+! '()! 3>)! +<!
32I0/1/'/+&!+<!'()!</-1'!&+&K(+;+->3&/2!,3'')-&!E1))!EXCUGGB!O)<+-)!XJY4!'()!,-)?+;/&3&'!
1'-3')>A! /&! '(/1! 2(/:?D1! ?3'3! /1! 1A::39:)! '-0&23'/+&4! -)&?)-/&>! ;0:'/1A::39/2! '3->)'! *+-?1!
31!;+&+1A::39:)1!E1))!3,,)&?/P!]GB!k+')!'(3'4!<-+;!XJY!+&*3-?14!3:')-&3'/.)!<+-;1!')&?!
'+! 2+K+220-! */'(! '3->)'K:/V)! ,-+?02'/+&1! E1))! /&<+-;3'/+&! /&! 9+:?4! /&! '()! '39:)! >/.)&! /&!
EXZYGGB!
!
!
!8((A35#(
(
Q()!;+1'!<-)I0)&'!3:')-&3'/.)!+0',0'!,3'')-&1!<+-!'3->)'1!L6=+M76=+ML!/&!b0;3D1!
?3'3!3-)!10;;3-/S)?!/&!EXZ"GB!!
!
!
!
!"RF$ %d.-5%/0,[2,65%.25*25%*(55,06-%/.0%5(08,5-%^;>.X_;>.X^%L%P2)(%
!
!
E3G!
Q3->)'!
,3'')-&!
Ll+-n6+-L!
W/-1'!
3'');,'!
"JXBXX!
Q3->)'K:/V)!
=-+?02'/+&!
XJ[BXZ!
E9G!
Lb39n6+-L!
"JXBXX!
XJCB""!
E2G!
L6+-nb39L!
XJXBC!
XJHBXY!
E?G!
Ll+-nb39L!
XJCBXH!
XJZBXY!
`0',0'!<+-;!
56+-n6+-8!
[!2'd!2'](
[W2'dW2']!
5b39nb398!
56+-n6+-8!
[A#LdA#L](
5b39nb398!
[A#LdA#L](
5l+-n6+-8!
5b39nb398!
!
`220-BL'3->)'1!
HLH!
"YY}!
^S=X(
HMR(
)S=X!
HXR!
$HLXXZ!
[[}!
[UL##!
CC}!
MS9=(
J=R(
[XL[Z!
#U}!
)S_(
^MR(
"L"!
"YY}!
CLC!
"YY}!
=)-/+?!
XJXBXX!
=VH:=VJ(
=VH:=VJ!
"JXKXJ[!
"JUKXJ[!
=VJ899(
XJXKXJHB"H!
=VM8=X(
XJCBXH!
XJHKXJZBZ!
!
T/;/:3-:A! '+! j+3&34! '()! ;+1'! 2+;;+&! +0',0'! <+-;! /&!b0;3D1! ?3'3! /1! +<! '()! 'A,)!
56=+MF6=+M8B! k+')! '(3'4! <-+;! XJ[! +&*3-?14! 1+;)! 3:')-&3'/.)! <+-;1! 2+K+220-! */'(! '3->)'K
:/V)!,-+?02'/+&1!E1))!/&<+-;3'/+&!/&!9+:?4!/&!'()!'39:)!>/.)&!/&!EXZ"GGB!
!
X"X!
!
W8(b2c2(
(
Q()! ;+1'! <-)I0)&'! 3:')-&3'/.)! +0',0'! ,3'')-&1! <+-! '3->)'1! L6=+M76=+ML! /&! j+{+D1!
?3'3!3-)!10;;3-/S)?!/&!EXZXGB!!!
!
!
!"R"$ %d.-5%/0,[2,65%.25*25%*(55,06-%/.0%5(08,5-%^;>.X_;>.X^%L%b.c.!
!
!
Q3->)'!
,3'')-&!
W/-1'!
3'');,'!
Q3->)'K:/V)!
=-+?02'/+&!
E3G!
Lb39n6+-L!
"JXB[!
"J$BY!
E9G!
L6+-nb39L!
"JCB"$!
~~~~~!
E2G!
Lb39nl+-L!
"JUBXH!
~~~~~!
E?G!
Ll+-nb39L!
"JUBXH!
~~~~~!
E)G!
Ll+-n6+-L!
"JUBXH!
E<G!
L6+-nl+-L!
"J"YB""!
(
`0',0'!<+-;!
M:')-&3'/.)!1'-3')>/)1!
`220-BL'3->)'1!
=)-/+?!
5b39nb398!
[A#LdA#L](
5b39nb398!
"UL#[!
9MSMJ(
CXLHZ!
X[}!
=_R(
$H}!
"JCK"JZ!
9V^:9V_(
"J"YKXJY!
~~~~~!
5b39nb398!
56+-n6+-8!
56+-n6+-8!
5b39nb398!
56+-n6+-8!
"L"!
[LC!
HL""!
[L""!
CHLHU!
"YY}!
$H}!
CH}!
X$}!
$Z}!
"JUBXH!
"J"YK"J""!
"JUKXJY!
"JUKXJY!
"JUKXJY!
~~~~~!
56+-n6+-8!
""L""!
"YY}!
"J"YK"J""!
T/;/:3-:A!'+!j+3&3!3&?!b0;34!'()!,-)?+;/&3&'!3:')-&3'/.)!+0',0'!<+-;!/&!j+{+D1!
?3'3!/1!(+;+->3&/2!EL6=+M76=+MLKh56=+MF6=+M8GB!k+')!'(3'4!<-+;!"J$!+&*3-?14!3:')-&3'/.)!
<+-;1! ')&?! '+! 2+K+220-! */'(! '3->)'K:/V)! ,-+?02'/+&1! ! <+-! Lb39n6+-L! 1)I0)&2)1! E1))!
/&<+-;3'/+&!/&!9+:?4!/&!'()!'39:)!>/.)&!/&!EXZXGGB!
!
%&!10;4!'()!,3'')-&!L6=+M76=+MLKh56=+MF6=+M8!/1!,-)?+;/&3&'!/&!'()!?3'3!+<!j+3&34!
b0;3! 3&?! j+{+4! ,3-'/20:3-:A! <-+;! '()! ;+;)&'! '()! </-1'! 56=+M76=+M8! ,3'')-&! /1! 32I0/-)?!
E0&'/:! '()&4! 1A::39:)! '-0&23'/+&! ')&?1! '+! ,-)?+;/&3')4! -)&?)-/&>! ;0:'/1A::39/2! '3->)'!
*+-?1! /&! ;+&+1A::39/2! +0',0'! <+-;1! o! 1))! 3,,)&?/P! ]GB! M1! <+-! %&z14! 9+'(! (+;+->3&/2!
3&?!&+&K(+;+->3&/2!+0',0'!<+-;1!*)-)!<+0&?4!90'!'()!:3'')-!'A,)!+<!,-+?02'/+&!+220-1!
+&:A!<-+;!'()!;+;)&'!'()!</-1'!L6=+M76=+ML!,3'')-&!(31!9))&!32I0/-)?!E3'!"J#GB!!
M1! ?)12-/9)?! /&! 1)2'/+&1! ZBCB[! 3&?! ZBCBC4! '()-)! 3-)! /;,+-'3&'! ?/<<)-)&2)1! /&! '()!
+0',0'! 1'-3')>/)1! '(3'! +220-! /&! '()! ,)-/+?! *()&! &+! L6=+M76=+ML! (31! 9))&! 32I0/-)?! E'()!
56=+MF6=+M8! 1'3>)G! 3&?! '()! +0',0'! 1'-3')>/)1! '(3'! +220-! /&! '()! ,)-/+?! *()&! 3'! :)31'! +&)!
L6=+M76=+ML! /1! 9)/&>! ,-+?02)?! 3220-3'):A! E'()! 6=+M76=+M8! 1'3>)GB! W+-! /&1'3&2)4! /'! */::! 9)!
1(+*&! '(3'! ;+1'! +<! '()! 56=+MF6=+M8! +0',0'! ,3'')-&1! '(3'! +220-! /&! '()! </-1'! 1'3>)! 3-)!
1A::39:)!-)?0,:/23'/+&14!*(/:)!'()!(+;+->3&/2!,3'')-&1!'(3'!3,,)3-!/&!'()!1)2+&?!1'3>)!
3,,)3-!'+!-)10:'!<-+;!1091'/'0'/+&!,3'')-&1!+<!&+&K32I0/-)?!2+&1+&3&'1!/&!1,)2/</2!*+-?!
,+1/'/+&1B!W0-'()-!?)'3/:1!3-)!>/.)&!/&!'()!<+::+*/&>!'*+!1091)2'/+&1B!!
)8J8H(B,%&'.#%+1&(23%$3%(42'50(+.(%"&([!G2B\!G2B](0%#;&(
!
%&! '(/1! 1)2'/+&4! *)! */::! )P,:+-)! '()! 3:')-&3'/.)! +0',0'! <+-;1! '(3'! +220-! /&! '()!
,)-/+?! /&! *(/2(! 2(/:?-)&! (3.)! &+'! 32I0/-)?! 3&A! &+&K(+;+->3&/2! 1)I0)&2)\! %&z1! 0&'/:!
"J$4!j+3&3!0&'/:!"J"YJ!b0;3!0&'/:!XJX!3&?!j+{+!0&'/:!"JZB!
!
X"[!
!M1!1(+*&!/&!'()!,-)./+01!1)2'/+&4!3::!E;0:'/1A::39/2G!3:')-&3'/.)!<+-;1!,-+?02)?!
/&! '(/1! )3-:A! 1'3>)! 3-)! (+;+->3&/2! E56=+MF6=+M8GB! Q()! L6=+M76=+MLKh56=+MF6=+M8! ,3'')-&1!
'(3'!+220-!/&!'()!(+;+->3&/2!1'3>)!')&?!'+!-)10:'!/&!+0',0'!<+-;1!+<!'()!'A,)!56/d@6/d@84!
3&?4!'(014!23&!9)!/&')-,-)')?!31!-)?0,:/23'/+&!<+-;1B!M1!/::01'-3')?!9):+*4!/'!/1!'()!'3->)'!
1'-)11)?!1A::39:)!'(3'!')&?1!'+!9)!-)?0,:/23')?B!=3-'/20:3-:A!/&!'()!:3')-!1)11/+&1!+<!'(/1!
/&/'/3:! 1'3>)4! 1+;)! (+;+->3&/2! ,-+?02'/+&1! ?/1,:3A/&>! &+&K/?)&'/23:! 1A::39:)1! 1'3-'! '+!
3,,)3-B!!
T+;)! )P3;,:)1! +<! '()! L6=+M76=+MLhh56=+MF6=+M8! ,3'')-&! /&! '(/1! ,)-/+?! 3-)!
,-+./?)?!/&!EXZ[GB!
!
!"R#$ %&'()*+,-%./%^;>.X_;>.X^EeW;>.Xf;>.Xa%*(55,06-%36%57,%W;>.Xf;>.Xa%-5(8,%
!
6(/:?!
M>)!
`-'(+>-B!
g:+11!
E3G!
%&z1!
"J[BZ!
'3;,3!
2+.)-!
E9G!
%&z1!
"JCBU!
,+-'3!
?++-!
E2G!
%&z1!
"JZB""!
:/;,3-!
'+!2:)3&!
E?G!
%&z1!
"JHB""!
2+,+!
>:311!
E)G!
%&z1!
"JHB""!
<323!
V&/<)!
E<G!
%&z1!
"JZB""!
2+:()-!
1,++&!
E>G!
%&z1!
"JZB""!
,z:+!
<0-!
E(G!
j+3&3!
"JUBXH!
,3'+!
?02V!
E/G!
b0;3!
XJYB"[!
9+:3!
93::!
E@G!
b0;3!
"JUBXU!
=3'/!
,-+,B&+0&!
EVG!
b0;3!
XJXBC!
=3'/!
,-+,B&+0&!
E:G!
b0;3!
XJXBXX!
>3'+!
23'!
E;G!
b0;3!
XJXBXX!
9+:3!
93::!
E&G!
j+{+!
"JZB"Z!
,3&?3!
,3&?3!
E+G!
j+{+!
"JZB"Z!
9+:3!
93::!
Q3->)'!
`0',0'!
Q3->)'!=+M!
`0',0'!=+M!
/!tap//
[papa]
L6+-nb39L!!!!!
5b39nb398!
Lb39n6+-L!!!!
5b39nb398!
/li'!pa0/
[pu1!p/%]
[pa!pa]
L6+-nb39L!!!!
5b39nb398!
[k"ko%]
Ll+-nb39L!!!!
5l+-nl+-8!
[!kaka]
Lb39nl+-L!!!!
5l+-nl+-8!
[k*!k*]
Ll+-n6+-L!!!!
5l+-nl+-8!
[pepe]
Lb39n6+-L!!!!
5b39nb398!
[pa!pa]
Lb39n6+-L!!!!
5b39nb398!
[papa]
Lb39n6+-L!!!!
5b39nb398!
[ti!ti]
Lb39n6+-L!!!!
56+-n6+-8!
[!tati]
Lb39n6+-L!!!!
56+-n6+-8!
[!tatu]
Ll+-n6+-L!!!!
56+-n6+-8!
[po!p/]
Lb39n6+-L!!!!
5b39nb398!
[!pap/]
Lb39n6+-L!!!!
5b39nb398!
[!b/w/]
a
Lb39n6+-L!!!!
5b39nb398!
/!p"0t//
/!k"pu/
/!fak//
/ku!2*0/
/!pelu/
/!patu/
/!b"l//
/pa!ti/
/pa!ti/
/!(atu/
/!b"l//
/!p/'d//
/!b"l//
M1! <+-! '()! -)?0,:/23'/+&! <+-;14! 2(/:?-)&! ')&?! '+! -),-+?02)! '()! '3->)'! 1'-)11)?!
1A::39:)4! 31! /::01'-3')?! /&! E2G4! E?G4! E>G4! E(G4! E@GG! +-! -)?0,:/23')! 3! ^&)*D! 1A::39:)4! *(/2(!
-)10:'1!<-+;!'()!2+;9/&3'/+&!+<!'()!&02:)01!+<!'()!'3->)'!1'-)11)?!1A::39:)!*/'(!'()!+&1)'!
+<!'()!0&1'-)11)?!+&)!E)P3;,:)1!E3G4!E)G!3&?!E<GGB!
M1! <+-! '()! L676LKh56F68! ,3'')-&1! '(3'! -)10:'! /&! &+&K-)?0,:/23')?! (+;+->3&/2!
<+-;14!'()A!3-)!/::01'-3')?!/&!E9G4!*/'(!?3'3!+<!%&z14!<-+;!EVG!'+!E:G4!*/'(!?3'3!+<!b0;3!3&?!
/&! E+G4! */'(! ?3'3! +<! j+{+B! Q()1)! <+-;1! ')&?! '+! 3,,)3-! /&! '()! :3')-! 1)11/+&1! */'(/&! '(/1!
,)-/+?4! 3'! :)31'! <+-! '*+! +<! '()! 2(/:?-)&! Ej+{+! 3'! "JZ! 3&?!b0;3! 3'! XJXGB! Q()! ,3'')-&! '(3'!
+220-1! 32-+11! '()! '(-))! 2(/:?-)&! /1! Lb39n6+-LKh5b39nb398B! Q()-)! 3-)! 3:1+! '*+! +'()-!
,3'')-&14!/&!b0;3\!Lb39n6+-LKh56+-n6+-8!3&?!Ll+-n6+-LKh56+-n6+-8B!k+')!'(3'!b0;3!
,-)1)&'14! <+-! '()! 13;)! '3->)'! 2+;9/&3'/+&! ELb39n6+-LG4! '*+! ?/<<)-)&'! +0',0'1\!
5b39nb398! 3&?! ! 56+-n6+-8! E)P3;,:)1! E/G! 3&?! E@GGB! Q()1)! ,3'')-&1! */::! 9)! ?/12011)?! /&!
1)2'/+&!ZB$B!
!
X"C!
)8J8J(B,%&'.#%+1&(23%$3%(42'50(+.(%"&([!G2BT!G2B](0%#;&(
!
Q(/1! 1)2'/+&! <+201)1! +&! '()! 3:')-&3'/.)! 1'-3')>/)1! '(3'! +220-! <-+;! '()! ;+;)&'!
'()!</-1'!L6=+M76=+ML!1)I0)&2)1!3-)!32I0/-)?\!%&z1!<-+;!"J#4!j+3&3!<-+;!XJY4!b0;3!<-+;!
XJ[! ! 3&?! j+{+! <-+;! "J$B! ! %&! 1)2'/+&! ZBCBX4! *)! +91)-.)?! '(3'! '*+! >)&)-3:! 'A,)1! +<!
3:')-&3'/.)! ,3'')-&1! +220-! /&! '(/1! ,)-/+?\! L6=+M76=+MLKh56=+MF6=+M8! 3&?! L6=+M76=+MLK
h56=+M76=+M8! E'()! :3'')-! 231)! +220-1! +&:A! /&! '()! ?3'3! +<! %&z1GB! M! ,-):/;/&3-A! 3&3:A1/1! +<!
'()1)!+0',0'!<+-;1!1(+*)?!'(3'!'()A!3-)!9)1'!?)12-/9)?!/<!?/./?)?!/&'+!'(-))!23')>+-/)14!
+0':/&)?!9):+*B!
(a) =3'')-&1!3<<)2'/&>!&+&K32I0/-)?!<)3'0-)1!/&!3&A!,+1/'/+&!+<!'()!*+-?B!
(b) =3'')-&1!-):3')?!'+!,+1/'/+&3:!31A;;)'-/)1!E1+;)!<)3'0-)1!3-)!32I0/-)?!/&!+&)!+<!
'()!,+1/'/+&1!+<!'()!*+-?!90'!&+'!/&!'()!+'()-GB!!
(c) =3'')-&1!-):3')?!'+!2+;9/&3'+-/3:!-)1'-/2'/+&1B!
!
Q()!'(-))!23')>+-/)1!:/1')?!39+.)!*/::!9)!)P,:+-)?!/&!'()!<+::+*/&>!1091)2'/+&1B!
(
(G#%%&'.0(#44&7%+.;(.2.:#7O3+'&-(4&#%3'&0F(03L0%+%3%+2.0(
(
T+;)! +<! '()! 3:')-&3'/.)! +0',0'! <+-;1! '(3'! +220-! /&! '()! 9)>/&&/&>! +<! '()!
56=+M76=+M8! 1'3>)! -)10:'! <-+;! '()! 1091'/'0'/+&! +<! 2+&1+&3&'3:! 2:311)1! '(3'! 3-)! 1'/::! &+'!
32I0/-)?!/&!3&A!+<!'()!'*+!,+1/'/+&1!+<!'()!*+-?!E*+-?K/&/'/3:!6"!3&?!/&')-.+23:/2!6XGB!
Q*+! ;3/&! =+M! <)3'0-)1! 3-)! <-)I0)&':A! 3<<)2')?! 9A! 1091'/'0'/+&! ,3'')-&1\! '3->)'! :39/3:!
<-/23'/.)1!E,3-'/20:3-:A!/&!'()!?3'3!+<!%&z1!3&?!j+{+G!3&?!?+-13:14!/&!j+{+D1!?3'3!E1))!'39:)1!
/&! 3,,)&?/P! gGB! %&! 9+'(! 231)14! '()! -),:32/&>! 2+&1+&3&'! /1! 3! 2+-+&3:! 1'+,4! -)10:'/&>! /&!
,3'')-&1! 102(! 31! Lb39n6+-LKh56+-n6+-8! 3&?! Ll+-n6+-LKh56+-n6+-8B! Q()1)!
1091'/'0'/+&1!3-)!/::01'-3')?!/&!EXZCGB!
!
!"RC$ %&'()*+,-%./%-2A-535253.6-%/.0%6.6E(4[230,1%/,(520,-%36%57,%W;>.X_;>.Xa%-5(8,%
!
6(/:?!
M>)!
g:+11!
Q3->)'!
`0',0'!
Q3->)'!=+M!
`0',0'!=+M!
"J#BX!
`-'(+>B!
</'3!
E3G!
%&z1!
-/99+&!
56+-n6+-8!
XJYB""!
.)-?)!
>-))&!
[!t3it3/]
Lb39W-/2n6+-L!!!!
%&z1!
/!fit//
E9G!
56+-n6+-8!
%&z1!
XJXB"!
<3S)-!
'+!?+!!
[!dedi]
Lb39W-/2n6+-L!!!!
E2G!
/!ve0d4/
56+-n6+-8!
%&z1!
"JUK"J"Y!
>3-<+!
<+-V!
[d/!de]
Lb39W-/2n6+-L!!!!
E?G!
/f/!ze0/
E)G!
%&z1!
/!(a0fu
"JUB"U!
<323!
V&/<)!
[!(ato]
E<G!
%&z1!
"J"YBXU!
.323!
2+*!
E>G!
j+{+!
"J"YB""!
.323!
2+*!
E(G!
j+{+!
"JUBXH!
23<c!
2+<<))!
E/G!
j+{+!
XJYBZ!
>+1'3!
!:/V)1!
E@G!
j+{+!
"J"YB""!
2/&2+!
</.)!
!
//!fak//
[!kat/]
/!vak//
[daka%]
/!vak//
[!tata]
/k/!f*/
[t/!t*]
/!("5t//
[!d"t/]
/!si'ku/
[!titu]
Ll+-nb39W-/2L!!!! 5l+-n6+-8!
Lb39W-/2nl+-L!!!! 5l+-n6+-8!
Lb39W-/2nl+-L!!!! 56+-nl+-8!
Lb39W-/2nl+-L!!!! 56+-n6+-8!
Ll+-nb39W-/2L!!!! 56+-n6+-8!
Ll+-n6+-L!!!!!!!!
56+-n6+-8!
L6+-nl+-L!!!!!!!!
56+-n6+-8!
!
Q()! ,3'')-&! Lb39n6+-LKh56+-nB6+-8! E1))! )P3;,:)1! E3G! '+! E2G4! /&! EXZCG4! 39+.)G!
3<<)2'1! '3->)'1! *()-)! '()! :39/3:! 2+&1+&3&'! /1! 3! <-/23'/.)! ELb39W-/2n6+-LG! 3&?! /'! 3,,)3-1!
!
X"H!
*()&! 5b39n6+-8! +0',0'1! 3-)! 3:-)3?A! 9)/&>! ,-+?02)?! 3220-3'):A! /<! '()! '3->)'! :39/3:!
2+&1+&3&'!/1!)/'()-!3!1'+,!+-!3!&313:BHU!!%&!'(/1!231)4!'()!2301)!<+-!'()!1091'/'0'/+&!,3'')-&!
/1! '()! N+M! 1,)2/</23'/+&! E2+&'/&03&'GB! M! 1/;/:3-! 1091'/'0'/+&! ,3'')-&! /1! +91)-.)?! <+-!
'3->)'1! Lb39W-/2nl+-L! 3&?! Ll+-nb39W-/2L! E)P3;,:)1! E?G! '+! E(GG\! ()-)! '3->)'! :39/3:!
<-/23'/.)1!10-<32)!31!2+-+&3:!1'+,1B!k+')!'(3'!'()!,-+9:);3'/2!/110)!()-)!/1!&+'!'()!=+M!
1)I0)&2)!E&+'!+&:A!Lb39n6+-L!/1!3<<)2')?4!90'!3:1+!Lb39nl+-L!3&?!Ll+-nb39LG\!:39/3:!
<-/23'/.)1!3-)!-),:32)?!9A!3!2+-+&3:!1'+,4!/&?),)&?)&':A!+<!'()!'A,)!+<!=+M!2+;9/&3'/+&!
'()A!+220-!/&B!
M1!<+-!'()!,3'')-&1!/::01'-3')?!<-+;!E>G!'+!E@G4!'()A!-)10:'!<-+;!'()!<32'!'(3'!?+-13:!
2+&1+&3&'1!3-)!&+'!32I0/-)?!/&!j+{+D1!?3'34!0&'/:!'()!3>)!+<!XJY!E'()!:31'!1)11/+&!3&3:AS)?!
/1!3'!XJYGB!%&!'()!.31'!;3@+-/'A!+<!231)14!'3->)'!?+-13:1!10-<32)!31!2+-+&3:!E1'+,1G!/&!j+{+D1!
?3'3! E1))! 3,,)&?/P! gGB! M>3/&4! /&! '(/1! 231)4! /'! /1! &+'! '()! =+M! 1)I0)&2)! '(3'! /1! ,+1/&>!
,-+9:);1! '+! '()! 2(/:?\! '3->)'! ?+-13:1! 3-)! 3:*3A1! 109;/'')?! '+! 3:')-&3'/.)! 1'-3')>/)1! /&!
j+{+D1! ?3'34! /&?),)&?)&':A! +<! '()! =+M! 1)I0)&2)! E?/<<)-)&'! 'A,)1! +<! 2+;9/&3'/+&1! 3-)!
3<<)2')?\!Ll+-nb39L4!Ll+-n6+-L!3&?!L6+-nl+-L4!1))!)P3;,:)1!39+.)GB!!!
Q()! <32'! '(3'! 1+;)! +0',0'! <+-;1! 3-)! +<! '()! 'A,)! 56F68! 3&?! +'()-1! 3-)! 56768!
?),)&?1!+&!'()!'3->)'!2+;9/&3'/+&\!/<!/'!3:-)3?A!2+&'3/&1!3!2+-+&3:!+-!/<!/'!2+&'3/&1!'*+!
&+&K32I0/-)?! <)3'0-)1! E?+-13:1! 3&?! :39/3:! <-/23'/.)14! /&! j+{+D1! ?3'3G4! '()&! '()! -)10:'! /1!
56+-n6+-8J!+&!'()!2+&'-3-A4!/<!'()!'3->)'!2+;9/&3'/+&!?+)1!&+'!2+&'3/&!3!2+-+&3:!3&?!/<!
+&:A! +&)! =+M! E?+-13:G! +-! +&)! =+MLN+M! 2+;9/&3'/+&! E:39/3:! <-/23'/.)G! /1! &+'! 32I0/-)?4!
'()&!'()!+0'2+;)!<+-;!/1!&+&K(+;+->3&/2\!56+-nP8!+-!5Pn6+-8B!
(
(G#%%&'.0(#44&7%+.;(G2B(4&#%3'&0(+.(0$&7+4+7(@2'-:$20+%+2.0(
!
M:1+! /&! '()! &+&K(+;+->3&/2! 1'3>)4! '()-)! 3-)! 1+;)! 3:')-&3'/.)! 1'-3')>/)1! '(3'!
3<<)2'! 1,)2/</2! <)3'0-)14! /&! 1,)2/</2! *+-?K,+1/'/+&1B! %&! '()1)! 231)14! '()! ,-+9:);! /1! &+!
:+&>)-!'()!<32'!'(3'!1+0&?1!3-)!&+'!32I0/-)?!E31!+91)-.)?!<+-!:39/3:!<-/23'/.)1!+-!?+-13:1GB!
Q()!?/<</20:'A!/1!&+*!-):3')?!'+!'()!<32'!'(3'!<)3'0-)1!3-)!3:-)3?A!32I0/-)?4!90'!&+'!/&!'()!
'*+!,+1/'/+&1!+<!'()!*+-?!E1))!3:1+!2(3,')-!HGB!!
Q()-)! /1! +&)! ,3-'/20:3-! 1)'! +<! '3->)'! *+-?1! '(3'! /1! ,-+9:);3'/2! <+-! '()! 2(/:?-)&!
1'0?/)?4!/&!'()!9)>/&&/&>!+<!'()!&+&K(+;+->3&/2!1'3>)\!'()!+&)1!'(3'!2+&'3/&!b39/3:!/&!6X!
,+1/'/+&B!Q()1)!*+-?1!3-)!3<<)2')?!9A!3:')-&3'/.)!1'-3')>/)1!/&!'()!1,))2(!+<!%&z14!b0;3!
3&?! j+{+4! 90'! 2+)P/1'! */'(! '3->)'K:/V)! ,-+?02'/+&1! <+-! *+-?1! */'(! b39/3:! /&! 6"B! Q()!
3:')-&3'/.)! 1'-3')>/)1! 01)?! <+-! '(+1)! L676b39/3:L! '3->)'1! 23&! 9)! L676LKh56F68! E;+1'!
<-)I0)&':AG!+-!;)'3'()1/1B!!Q()1)!,3'')-&1!3-)!/::01'-3')?!3&?!?)12-/9)?!9):+*4!,)-!2(/:?B!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
HU! %&! %&z1D! ?3'34! '()! "XY! 231)1! +<! '3->)'K:/V)! ,-+?02'/+&1! +<! Lb39n6+-L! '(3'! +220-! 9)'*))&! "J#! 3&?! XJ[!
2+--)1,+&?! '+! Lb39T'+,Lk31n6+-L! '3->)'1B! `&! '()! 2+&'-3-A4! 3::! 3'');,'1! +<! Lb39W-/2BBB6+-L! '(3'! +220-! /&! '(/1!
13;)!'/;)!<-3;)!EH#!231)1G!3-)!-)&?)-)?!/&!3:')-&3'/.)!+0',0'!<+-;1!E'-0&23'/+&!+-!56+-n6+-8GB!
!
X"Z!
!
!"RK$ %X+5,06(53?,%-50(5,83,-%(//,45368%W;_;P(A3(+a%5(08,5%].01-%E%Z6`-%
b39!
6X!
b39!
6"!
!
!
!
E3G!
M>)!
"J#BX!
`-'(+>-B!
;3&'3!
g:+11!
9:3&V)'!
Q3->)'!
`0',0'!
/!m/'t//
[!mat/]
Q3->)'!=+M!
!"#$%&'(!)))
`0',0'!=+M!
*"#$%&'(+)
E9G!
"J#BX!
,)&')!
2+;9!
/!pe't4/
[!p+it/]
!"#$%&'(!)))
*"#$%&'(+)
E2G!
"J#BX!
'3;,3!
2+.)-!
/!t/'p//
[!pat/]
!&'(%"#$!)))
,-.#./-010)
E?G!
"J#BX!
:•,/1!
,)&2/:!
/!lapi5/
[!patu]
!&'(%"#$!))))
,-.#./-010)
E)G!
"J#BX!
2(3,c0!
(3'!
/5/!p*w/
[pe!b*w]
!&'(%"#$!)))
*"#$%"#$+)
E<G!
"J#BX!
139{+!
1+3,!
/s/!b/'w'/
[ma!baw]
!&'(%"#$!)))
*"#$%"#$+)
E>G!
"J#BX!
2+,+!
>:311!
/!k"pu/
[!p"ku]
!2'(%"#$!)))
,-.#./-010)
E(G!
"JUB"U!
-+0,3!
2:+'()1!
/!6op//
[!bop/]
!2'(%"#$!)))
*"#$%"#$+)
%&z1!1'3-'1!,-+?02/&>!Lb39n6+-L!'3->)'1!3'!"J#!E)P3;,:)1!E3G!3&?!E9G!/&!EXZHGGB!
]+*).)-4! 3'! "J#K"JU4! '()! 3'');,'1! +<! *+-?1! 2+&'3/&/&>! 3! :39/3:! /&! 6X! EL6+-nb39L! 3&?!
Ll+-nb39LG! 3-)! 1A1');3'/23::A! 109;/'')?! '+! 3:')-&3'/.)! 1'-3')>/)14! -)10:'/&>! /&!
;)'3'()1/S)?!+-!5b39nb398!+0',0'!<+-;1!E)P3;,:)1!<-+;!E2G!'+!E(G!/&!EXZHGGB!k+')!'(3'!
9+'(! '3->)'! '-+2())1! 3&?! /3;91! 3-)! 3<<)2')?! 3&?! '(3'! '()! '3->)'! 2+&1+&3&'1! /&.+:.)?!
9):+&>!'+!?/<<)-)&'!N+M4!/&2:0?/&>!1'+,1!3&?!&313:14!*(/2(!3-)!3:-)3?A!32I0/-)?!3'!'(/1!
3>)B!W+-!'(/1!-)31+&4!'()!N+M!1,)2/</23'/+&!3&?!'()!*+-?!1'-)11!,+1/'/+&!?+!&+'!1));!'+!
,:3A! 3! -+:)! /&! '()1)! ,-+?02'/+&! ,3'')-&1B! k+')! 3:1+! '(3'! '()! ,-+9:);! 1));1! &+'! '+! 9)!
-):3')?! */'(! '()! 1)I0)&2)! /'1):<! ! K! 9+'(! L6+-nb39L! 3&?! Ll+-nb39L! 3-)! 3<<)2')?! K! 90'!
*/'(!'()!<32'!'(3'!b39/3:!/1!/&!/&')-.+23:/2!,+1/'/+&B!
!
!"RR$ %X+5,06(53?,%-50(5,83,-%(//,45368%^;_;P(A3(+^%5(08,5%].01-%E%P2)(%
b39!
6X!
b39!
6"!
!
!
E3G!
M>)!
XJCB""!
`-'(+>-!
;0&?+!
g:+11!
*+-:?!
Q3->)'!
`0',0'!
/!mu'du/
[!mu'du]
Q3->)'!=+M!
`0',0'!=+M!
Lb39n6+-L!!!!!! 5b39n6+-8!
E9G!
XJCB""!
,3113!
E()G!,311)1!
/!pas//
[!pas/]
Lb39n6+-L!!!!!! 5b39n6+-8!
E2G!
XJCB""!
13,+!
<-+>!
/!sapu/
[!fapu]
L6+-nb39L!!!!!! 5b39nb398!
E?G!
XJCB""!
:+9+!
*+:<!
/!lobu/
[!bobu]
L6+-nb39L!!!!!!! 5b39nb398!
E)G!
XJCB""!
'+;3!
'3V)!E/'G!
/!t"m//
[!p"m/]
L6+-nb39L!!!!!! 5b39nb398!
E<G!
XJCBXH!
&+.)!
&/&)!
/!n"v4/
[!vov]
L6+-nb39L!!!!!
E>G!
XJHB"H!
1+<•!
1+<3!
/su!fa/
[fu!fa]
L6+-nb39L!!!!!! 5b39nb398!
5b39nb398!
(
b0;3! 32I0/-)1! Lb39n6+-L! 2+;9/&3'/+&1! 3'! XJC! E1))! )P3;,:)1! E3G! 3&?! E9G! /&!
EXZZGGB! ]+*).)-4! 3'! XJCKXJHB"H4! *+-?1! */'(! '()! -).)-1)! ,3'')-&! EL6+-nb39LG! 3-)!
-)&?)-)?! 1A1');3'/23::A! /&! 3! 5b39nb398! <+-;3'4! 31! /::01'-3')?! <-+;! E2G! '+! E>G! /&! EXZZGB!!
T/;/:3-:A! '+! *(3'! *31! +91)-.)?! /&! %&z14! 9+'(! '-+2())1! 3&?! /3;91! 3-)! 3<<)2')?! 3&?! '()!
'3->)'!2+&1+&3&'1!/&.+:.)?!23&!9):+&>!'+!3&A!N+M!2:311B!!
!
!
!
!
!
!
!
!
X"$!
!
E3G!
M>)!
"J$BY!
`-'(+>-B!
9+:3!
g:+11!
93::!
Q3->)'!
`0',0'!
/!b"l//
[b"!2a]
Q3->)'!=+M! `0',0'!=+M!
Lb39n6+-L!!!!! 5b39n6+-8!
E9G!
"J"YBXZ!
;+'3!
;+'+-2A2:)!
/!m"t//
[!p"t/]
Lb39n6+-L!!!!! 5b39n6+-8!
E2G!
XJYBZ!
,+-'3!
?++-!
/!p"0t//
[!pot/]
Lb39n6+-L!!!!! 5b39n6+-8!
E?G!
"J"YBXZ!
'+;3!
'3V)!E/'G!
/!t"m//
[!p"m/]
L6+-nb39L!!!!! 5b39nb398!
E)G!
XJYBZ!
'3;,3!
2+.)-!
/!t/'p//
[!pap/]
L6+-nb39L!!!!! 5b39nb398!
E<G!
"J"YBXZ!
V/./!
V/*/!
/ki!vi/
[bi!bi]
Ll+-nb39L!
b39!
6X!
!
b39!
6"!
!"RV$ %X+5,06(53?,%-50(5,83,-%(//,45368%^;_;P(A3(+^%5(08,5%].01-%L%b.c.%
5b39nb398!
!
M1! 1(+*&! 39+.)4! j+{+! ,-+?02)1! *+-?1! */'(! 6"! :39/3:! <-+;! "J$! +&*3-?1! E1))!
)P3;,:)1! E3G! '+! E2G! /&! EXZ$GGB! ]+*).)-4! /&! '()! 13;)! '/;)! ,)-/+?4! *+-?1! */'(! 6X! :39/3:!
3-)! -)&?)-)?! /&! 3&! 3:')-&3'/.)! +0',0'! <+-;3'\! 5b39nb398! E)P3;,:)1! <-+;! E?G! '+! E<G! /&!
EXZ$GGB! O+'(! '-+2())1! 3&?! /3;91! 3-)! 3<<)2')?! 3&?! '()! 2+&1+&3&'1! /&.+:.)?! 3-)! ;+1':A!
1'+,1!3&?!&313:14!*(/2(!3-)!3:-)3?A!32I0/-)?!3'!'(/1!3>)B!Q()!=+M!1)I0)&2)1!3:1+!1));!
&+'!'+!,:3A!3!-+:)4!1/&2)!9+'(!L6+-nb39L!3&?!Ll+-nb39L!3-)!3<<)2')?B!
!
M!9)(3./+-!1/;/:3-!'+!'()!+&)!?)12-/9)?!39+.)!<+-!*+-?1!*/'(!6X!:39/3:!*31!3:1+!
+91)-.)?!<+-!*+-?1!*/'(!6X!?+-13:4!/&!'()!?3'3!+<!%&z14!9)'*))&!"J#!3&?!"JUB!]+*).)-4!/&!
'(/1! 231)4! '()! 3:')-&3'/.)! +0',0'! /1! 1A1');3'/23::A! 3! ;)'3'()1/S)?! <+-;B! Q(/1! ,3'')-&! /1!
/::01'-3')?!/&!EXZ#GB!
!
!"RQ$ %X+5,06(53?,%-50(5,83,-%(//,45368%^;_;M.0-(+^%5(08,5%].01-%L%Z6`-%
l+-!
6X!
l+-!
6"!
!
!
E3G!
M>)!
"J#BX!
`-'(+>-B!
I0)/@+!
g:+11!
2())1)!
Q3->)'!
`0',0'!
/!k/j7u/
[!(*tu]
Q3->)'!=+M!
Ll+-n6+-L!!Kh!
`0',0'!=+M!
5l+-n6+-8!!!
E9G!
"J#BX!
23-'3!
:)'')-!
/!ka0t//
[!katu]
Ll+-n6+-L!!Kh!
5l+-n6+-8!!!
E2G!
"J#BX!
'3:2+!
,+*?)-!
/!ta8ku/
[!katu]
L6+-nl+-L!!Kh!
N)'3'()1/1!
E?G!
"J#BX!
@+>+!
>3;)!
/!7o(u/
[(u!do]
L6+-nl+-L!!Kh!
N)'3'()1/1!
E)G!
"JUB"U!
<323!
V&/<)!
/!fak//
[!kat/]
Lb39nl+-L!!Kh!
N)'3'()1/1!
!
Q(/1! 2(/:?! 1'3-'1! ,-+?02/&>! *+-?1! */'(! /&/'/3:! ?+-13:1! 3'! '()! 3>)! +<! "J#4! 31!
/::01'-3')?! /&! E3G! 3&?! E9G! /&! EXZ#GB! ]+*).)-4! 9)'*))&! "J#K"JU4! '()! '3->)'! *+-?1!
2+&'3/&/&>! 3! ?+-13:! /&! 6X! ! EL6+-nl+-L! +-! Lb39nl+-LG! 3-)! 109;/'')?! '+! ;)'3'()1/14! 31!
1(+*&!/&!'()!)P3;,:)1!<-+;!E2G!'+!E)GZY!/&!EXZ#GB!
!
(G#%%&'.0(#44&7%+.;(0$&7+4+7(S!G2BT!G2BS(725L+.#%+2.0(
!
%&!'(/1!1)2'/+&4!*)!?)12-/9)!3!,-+?02'/+&!,3'')-&!+91)-.)?!/&!'()!4.0*2-!+<!b0;34!
3<<)2'/&>!'()!'3->)'!1)I0)&2)!Ll+-nb39L4!9)'*))&!'()!3>)1!+<!XJH!3&?!XJZBZJ!?0-/&>!'(/1!
,)-/+?4!b0;3!,-+?02)1!Ll+-nb39L!'3->)'1!31!5b39nb398!<+-;1B!Q(/1!,3'')-&!/1!?/<<)-)&'!
<-+;!3::!'()!+'()-!?)12-/9)?!/&!'(/1!56=+M76=+M8!1'3>)4!9)2301)!/'!+220-1!3'!3&!3>)!*()-)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
ZY!%&!'()!231)!/::01'-3')?!/&!E)G4!'()-)!/1!3:1+!3!2+-+&3:!/&1)-'/+&!'+!-),:32)!3!:39/3:!<-/23'/.)B!!
!
X"#!
'()! 2(/:?! /1! 3:-)3?A! ,-+?02/&>! 9+'(! 6"! ?+-13:1! 3&?! 6X! :39/3:14! /&! +'()-! 56=+M76=+M8!
1)I0)&2)1!E1))!)P3;,:)1!E3G!3&?!E9G!/&!EXZUG4!9):+*GB!Q(014!'()!2(/:?!/1!3:-)3?A!39:)!'+!
,-+?02)4!/&!&+&K(+;+->3&/2!1)I0)&2)14!3!?+-13:!/&!6"!3&?!3!:39/3:!/&!6X4!90'!1'/::!?+)1!
&+'!2+;9/&)!'();!/&!()-!,-+?02'/+&1!E1))!)P3;,:)1!E2G!3&?!E?G!/&!EXZUGGB!!!
!
!"RU$ ;.)A36(5.03(+%!(61%*.-353.6(+$%0,-503453.6-%E%P2)(%
!
E3G!
M>)!
XJ[BXZ!
`-'(+>-B!
I0)?3!
g:+11!
E3G!<3::!
E9G!
XJHBXY!
'3;,3!
2+.)-!
E2G!
XJHBXY!
23;3!
9)?!
E?G!
XJHBXY!
2+,+!
>:311!
!
Q3->)'!
/!k*d//
`0',0'!
[!ked/]
Q3->)'!=+M!
Ll+-n6+-L!!!!
`0',0'!=+M!
5l+-n6+-8!
/!t/'p//
[!t/'p/]
L6+-nb39L!!!!
56+-nb398!
/!k/m//
[!p/m/]
Ll+-nb39L!!!!
5b39nb398!
/!k"pu/
[!p"pu]
Ll+-nb39L!!!!
5b39nb398!
M'! :)31'! 3'! 3! </-1'! 1/>('4! '(/1! ,3'')-&! 2+0:?! 9)! /&')-,-)')?! 31! '()! -)10:'! +<! 3!
2+;9/&3'+-/3:! -)1'-/2'/+&! +&! '*+! ;3-V)?! ,:32)! <)3'0-)1B! Q(/1! 23&4! /&! <32'4! 9)! '()! 231)J!
(+*).)-4! /'! /1! *+-'(! &+'/2/&>! '(3'! b0;3! (31! 3:-)3?A! 32I0/-)?! '()! 2+;9/&3'/+&!
Lb39nl+-L!3'!'(/1!1'3>)!E<+-!/&1'3&2)4!/!bok//hh[!bok/] E;+0'(G4!3'!XJHBXYGB!Q(014!'(/1!;3A!
&+'!9)!@01'!3!2+;9/&3'+-/3:!/110)4!90'!3:1+!3!,+1/'/+&3:!+&)4!1/&2)!5b39nl+-8!/1!,+11/9:)4!
90'! 5l+-nb398! /1! &+'B! Q()! 2(/:?! ;3A! 9)! ?)3:/&>! */'(! 9+'(! 'A,)1! +<! -)1'-/2'/+&14! 3'! '(/1!
1'3>)B!!
%&!10;4!'()!<+::+*/&>!2+&2:01/+&1!23&!9)!?-3*&!<-+;!'()!3&3:A1/1!+<!'()!3:')-&3'/.)!
1'-3')>/)1!'(3'!3<<)2'!L6=+M76=+ML!'3->)'!*+-?1\!
(a) N+1'!2(/:?-)&!3.+/?!&+&K(+;+->3&/2!'3->)'1!/&!'()!</-1'!1)11/+&1B!
(b) Q()!,3'')-&1!Lb39BBB6+-L!3&?!Ll+-BBB6+-L!')&?!'+!9)!3;+&>1'!'()!</-1'!1)I0)&2)1!
3'');,')?! 3&?! 32I0/-)?B! Q()1)! 3-)! 3:1+! '()! ;+1'! <-)I0)&':A! ,-+?02)?! ,:32)!
<)3'0-)!*+-?K,3'')-&1!/&!3&!e=!3?0:'!1,))2(!13;,:)B!
(c) %&! '()! 56=+MF6=+M8! 1'3>)4! 1A::39:)! -)?0,:/23'/+&! /1! '()! ,-)?+;/&3&'! +0',0'!
1'-3')>A4!-)10:'/&>!/&!L6=+M76=+MLKh56/d@6/d@8!,3'')-&1B!
(d) %&!'()!56=+M76=+M8!1'3>)4!'(-))!'A,)1!+<!+0',0'!1'-3')>/)1!+220-\!
o
1091'/'0'/+&1!3<<)2'/&>!&+&K32I0/-)?!=+M!/&!3&A!,+1/'/+&!+<!'()!*+-?J!
o
;)'3'()1/1! 3&?! L676LKh56F68! ,3'')-&1! -)10:'/&>! <-+;! ,+1/'/+&3:!
31A;;)'-/)1!Eb39/3:!E+-!l+-13:G!/1!32I0/-)?!/&!6"!90'!&+'!/&!6XGJ!!
o
L676LKh56F68! ,3'')-&1! -)10:'/&>! <-+;! 2+;9/&3'+-/3:! -)1'-/2'/+&1! +<! '*+!
;3-V)?!<)3'0-)1!E5l+-BBBb3984!/&!b0;3D1!?3'3GB!
M!</&?/&>!'(3'!/1!*+-'(!);,(31/S/&>!/1!'(3'!;+1'!+<!'()!3:')-&3'/.)!+0',0'!<+-;1!
<+-! '3->)'! L676L! 2+;9/&3'/+&1! -)10:'! &+'! <-+;! '()! =+M! 2+;9/&3'/+&! /'1):<! 90'! <-+;!
/&?),)&?)&'!<32'+-14!&3;):A!'()!<32'!'(3'!1+;)!<)3'0-)1!3-)!32I0/-)?!:3')!/&!1+;)!*+-?K
!
X"U!
,+1/'/+&1B! Q()-)! /14! (+*).)-4! +&)! ,3'')-&! '(3'! 3,,)3-1! '+! -)10:'! <-+;! 2+;9/&3'+-/3:!
-)1'-/2'/+&14!&3;):A!'()!Ll+-nb39LKh5b39nb398!/&!b0;3D1!?3'3B!
)8M(B,%&'.#%+1&(0%'#%&;+&0(42'(S!I2BT!I2BS(%#';&%0(+.(DG(
!
%&!'()!20--)&'!1)2'/+&4!*)!*/::!<+201!+&!'()!3:')-&3'/.)!1'-3')>/)1!'(3'!3<<)2'!&+&K
(3-;+&/2!;3&&)-!,3'')-&1B!T/;/:3-:A!'+!'()!?)12-/,'/+&!;3?)!<+-!,:32)!<)3'0-)!,3'')-&14!
'()!3&3:A1/1!2+.)-1!'()!,)-/+?!2+;,-)()&?)?!9)'*))&!'()!</-1'!3'');,'1!+<!)32(!,3'')-&!
3&?!'3->)'K:/V)!,-+?02'/+&!E+-4!/&!'()!231)!+<!&+&K32I0/-)?!'3->)'!,3'')-&14!0&'/:!'()!:31'!
1)11/+&!3.3/:39:)!/&!'()!4.0*2-!+<!)32(!2(/:?GB!
Q(/1! 1)2'/+&! /1! +->3&/S)?! 31! <+::+*1B! %&! ZBHB"4! *)! 3&3:AS)! '()! +-?)-! 3&?! '()!
<-)I0)&2A! /&! *(/2(! 2(/:?-)&! 3'');,'! '()! ?/<<)-)&'! L6N+M76N+ML! ,3'')-&1B! %&! ZBHBX4! *)!
,-)1)&'! 3! 10;;3-A! +<! '()! 3:')-&3'/.)! 1'-3')>/)1! '(3'! 3<<)2'! )32(! L6N+M76N+ML! '3->)'!
,3'')-&4!,)-!2(/:?B!T)2'/+&!ZBHB[!<+201)1!+&!'()!3:')-&3'/.)1!'(3'!+220-!/&!'()!56N+MF6N+M8!
1'3>)B! b31':A4! 1)2'/+&! ZBHBC! ,-)1)&'1! '()! 3:')-&3'/.)1! '(3'! +220-! 3'! 3! :3')-! 1'3>)4! *()&!
L676L!<+-;1!1'3-'!9)/&>!32I0/-)?!E56N+M76N+M8!1'3>)GB!!
)8M89(B%%&5$%+.;(S!I2BT!I2BS($#%%&'.0((
!
%&!'(/1!1)2'/+&4!*)!,-)1)&'!3&!+.)-./)*!+<!'()!+-?)-!3&?!<-)I0)&2A!+<!1):)2'/+&!+<!
L6N+M76N+ML! ,3'')-&14! /&! '()! 4.0*.0(! +<! '()! </.)! 2(/:?-)&! +91)-.)?! /&! '(/1! ?/11)-'3'/+&B!
l0)! '+! '()! :3->)! &0;9)-! +<! ?/<<)-)&'! ,3'')-&1! 3'');,')?4! ,)-! 2(/:?4! /'! /1! &+'! <)31/9:)! '+!
,-)1)&'! 3! ?)'3/:)?! 3&3:A1/1! 31! '()! +&)! ,-+./?)?! <+-! ,:32)! <)3'0-)! ,3'')-&1B! W+-! '(/1!
-)31+&4! '()! ;3/&! +91)-.3'/+&1! 3-)! ,-)1)&')?! ()-)! 3&?! '()! <0::! I03&'/'3'/.)! -),+-'! /1!
,-+./?)?!/&!3,,)&?/P!%B!!
Q()! >)&)-3:! '-)&?1! /&! '()! 1):)2'/+&! +<! &+&K(3-;+&/2! ;3&&)-! ,3'')-&1! 3-)! '()!
<+::+*/&>\!
(a) M'');,')?!)3-:/)-!3&?!;+-)!<-)I0)&':A\!
!LT'+,nb/IL4!LT'+,nW-/2L4!LW-/2nT'+,L4!Lk31nT'+,L!
(b) M'');,')?!:3')-!3&?!:)11!<-)I0)&':A\!
!Lk31nb/IL4!LR(+'nB`91'-LT+&+-L4!Lb3'nW-/2LT+&+-L!
!
M1! +0':/&)?! 39+.)4! '()! ;+1'! <-)I0)&':A! 3'');,')?! L6N+M76N+ML! ,3'')-&1! 3-)!
0103::A!'()!+&)1!'(3'!3-)!1):)2')?!)3-:/)-4!*(/:)!'()!:)31'!<-)I0)&'!+&)1!')&?!'+!3,,)3-!/&!
'()!2(/:?-)&D1!/&'3V)!+&:A!/&!:3')-!1)11/+&1B!!
%&!'()!;3@+-/'A!+<!231)14!'()!:)11!3&?!:3')-!3'');,')?!,3'')-&1!3-)!'()!+&)1!'(3'!
2+&'3/&! 2+;9/&3'/+&1! +<! 1+&+-3&'1! +-! 2+;9/&3'/+&1! +<! 1+&+-3&'1! 3&?! <-/23'/.)1B! k+')!
'(3'4!31!1(+*&!/&!2(3,')-!H4!'()1)!;3&&)-!1)I0)&2)1!3-)!3:1+!3;+&>1'!'()!+&)1!'(3'!3-)!
32I0/-)?!:3')-!9A!;+1'!2(/:?-)&!E1))!3:1+!1)2'/+&!ZBHBXGB!
!
XXY!
Q()-)! /1! 3! 2+--):3'/+&! 9)'*))&! 1+;)! +<! '()! N+M! ,3'')-&1! '(3'! 3-)! 3'');,')?!
)3-:/)-! 9A! '()! </.)! 2(/:?-)&! 3&?! '()! ,3'')-&1! '(3'! 3-)! ,-+?02)?! ;+-)! +<')&! /&! e=! 3?0:'!
1,))2(\!1)I0)&2)1!102(!31!5T'+,nk3184!5T'+,nW-/28!3&?!5T'+,nb/I8!3-)!/&2:0?)?!/&!9+'(!
1)'1!+<!?3'3!E1))!ZB[GB!Q(/1!/110)!*/::!9)!<0-'()-!?/12011)?!/&!1)2'/+&!ZB$B!
T/;/:3-:A!'+!*(3'!*31!+91)-.)?!/&!'()!?).):+,;)&'!+<!=+M!/&'3V)!,3'')-&14!'()-)!
/1!3!1091'3&'/3:!/&2-)31)!/&!'()!&0;9)-!3&?!'A,)1!+<!L6N+M76N+ML!'3->)'1!3'');,')?4!<-+;!
'()! ;+;)&'! 2(/:?-)&! 32I0/-)! '()! </-1'! L6N+M76N+ML! 2+;9/&3'/+&1J! '(/1! /&2-)31)! /1! ;+-)!
)./?)&'!/&!'()!?3'3!+<!j+3&34!b0;3!3&?!6:3-34!3:'(+0>(!/'!3:1+!+220-1!/&!'()!?3'3!+<!%&z1!
3&?!j+{+!E1))!'39:)1!/&!3,,)&?/P!%GB!!%'!'(01!1));1!'(3'!+&)!+<!'()!3:')-&3'/.)!1'-3')>/)1!
2(/:?-)&!01)!?0-/&>!'()!56N+MF6N+M8!1'3>)!/1!:)P/23:!1):)2'/+&B!
e.)&! '(+0>(! :)P/23:! 1):)2'/+&! ;3A! ,:3A! 3&! /;,+-'3&'! -+:)4! ,3-'/20:3-:A! /&! '()!
)3-:A!1)11/+&14!2(/:?-)&!?+!3'');,'!L6N+M76N+ML!1)I0)&2)1J!/&!'()!&)P'!1)2'/+&14!*)!*/::!
)P,:+-)!'()!3:')-&3'/.)!1'-3')>/)1!01)?!'+!2+,)!*/'(!'(+1)!,-+9:);3'/2!'3->)'1B!
)8M8=(B,%&'.#%+1&(23%$3%(42'50F(#.(21&'1+&@(
!
%&! '(/1! 1)2'/+&4! *)! ,-)1)&'! 3! 10;;3-A! +<! '()! ;+1'! <-)I0)&'! 3:')-&3'/.)! +0',0'!
<+-;1!'(3'!3<<)2'!)32(!L6N+M76N+ML!'3->)'4!,)-!2(/:?B!!
!
B8(6.U0(
%&! 2(3,')-! H4! '(/-'))&! ?/1A::39/2! 56N+M76N+M8! ,3'')-&1! *)-)! 2+&1/?)-)?! 32I0/-)?!
/&!%&z1D!?3'3BZ"!i)!-)23::!'(3'!+-?)-!+<!32I0/1/'/+&!/&!EX$YGB!
!
!"VH$ %T01,0%./%(4[23-353.6%./%W;d.X_;d.Xa%*(55,06-%L%Z6`-%!47(*5,0%K$%
"J#!
5k31!
T'+,8!
!
"JU!
5T'+,!
b3'8!
"J"Y!
5T'+,!
R(+'8!
XJY!
5T'+,!
k318!
XJ"!
5b3'!
T'+,8!
!
XJC!
5T'+,!
W-/28!
XJ$!
5W-/2BBb3'8!
5W-/2nk318!
5W-/2nR(+'8!
5W-/2nT'+,8!
XJ""!
5k31BBW-/28!
5b3'BBW-/28!
[JC!
5R(+'!
T'+,8!
M!10;;3-A!+<!'()!;+1'!<-)I0)&'!3:')-&3'/.)!+0',0'!<+-;1!<+-!'3->)'!L6N+M76N+ML!
*+-?1! /1! >/.)&! /&! EX$"G4! *()-)! *)! ,-+./?)! /&<+-;3'/+&! +&! '()! 3>)! +<! </-1'! 3'');,'1! +<!
)32(! '3->)'! ,3'')-&! 3&?! +<! </-1'! 3220-3')! ,-+?02'/+&14! 31! *)::! 31! +&! '()! &0;9)-! +<!
+220--)&2)1! 3&?! '()! ,)-/+?! /&! *(/2(! )32(! 3:')-&3'/.)! +0',0'! <+-;1! +220-1BZX! Q()!
(/>(:/>('1!E/&!9+:?G!/&?/23')!'(3'!3:')-&3'/.)!+0',0'!<+-;1!3:-)3?A!2+K+220-!*/'(!'3->)'K
:/V)!,-+?02'/+&1B!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Z"!R)23::!'(3'!'()!2-/')-/3!01)?!<+-!?)')-;/&/&>!/<!3!,3'')-&!(3?!)&')-)?!'()!,-+2)11!+<!32I0/1/'/+&!*31!^&+!
:)11! '(3&! '*+! '3->)'K:/V)! ,-+?02'/+&1! /&! +&)! ;+&'(! 3&?! 3'! :)31'! +&)! /&! '()! '*+! <+::+*/&>! ;+&'(1! E1))!
2(3,')-!H4!1)2'/+&!HBCGB!
!
ZX!M1!3:-)3?A!;)&'/+&)?4!+&:A!'()!;+1'!<-)I0)&'!3:')-&3'/.)!,-+?02'/+&1!3-)!?)12-/9)?!()-)4!<+-!)32(!'3->)'!
,3'')-&J! <+-! 3! :/1'! +<! 3::! 'A,)1! +<! ,-+?02'/+&1! '(3'! 3<<)2'! )32(! '3->)'! ,3'')-&4! ,)-! 2(/:?! 3&?! ,)-! 1)11/+&4! 1))!
3,,)&?/P!]B!
!
XX"!
!"VF$ %d.-5%/0,[2,65%.25*25%*(55,06-%/.0%5(08,5-%^;d.X_;d.X^%L%Z6`-%
!
!
!
E3G!
Q3->)'!
,3'')-&!
LT'+,nk31L!
W/-1'!
3'');,'!
"JYBXH!
Q3->)'K:/V)!
=-+?02'/+&!
XJYB""!
E9G!
LW-/2nT'+,L!
"J"B[Y!
XJ$B"Z!
E2G!
LT'+,nb3'L!
"J[BZ!
"JUB"U!
E?G!
LT'+,nR(+'L!
"J[BZ!
"J"YBXU!
E)G!
LT'+,nW-/2L!
"J[BZ!
XJCB"#!
E<G!
Lb3'nT'+,L!!
"JHB""!
XJ"B"Y!
E>G!
LR(+'nT'+,L!
"J$BX!
[JCBZ!
E(G!
LW-/2nb3'L!
"J#BX!
XJ$B"Z!
E/G!
Lb3'nW-/2L!
"J#BX!
XJ""BXX!
E@G!
LW-/2nk31L!
"JUB"U!
XJ$B"Z!
EVG!
E:G!
E;G!
Lk31nW-/2L!
Lk31BBBR(+'L!
LW-/2nR(+'L!
"JUB"U!
XJYB""!
XJ"B"Y!
XJ""BXX!
~~~~~!
XJ$B"Z!
`0',0'!<+-;!
5T'+,nT'+,8!
5T'+,ng:/?)8!
5T'+,nT'+,8!
[K%2$dK%2$](
5T'+,nT'+,8!
[K%2$d<"2%](
[K%2$dC,+-&]!
5T'+,nT'+,8!
[K%2$dA#%](
5T'+,nT'+,8!
[K%2$dK%2$](
5T'+,nT'+,8!
5T'+,nb/I8!
5T'+,nT'+,8!
5T'+,nb/I8!
5T'+,ng:/?)8!
5T'+,nT'+,8!
5b3'nT'+,8!
5T'+,nk318!
[K%2$dP#0](
5k31nT'+,8!
5k31nb3'8!
5T'+,nR(+'8!
[E'+7dA#%](
!
`220-BL'3->)'1!
ZL"Z!
"YL"X!
"""L"[X!
9_SMX(
"YLCY!
MSJJ(
HSJJ!
"XCL"Z!
9_S)X(
$ZL"YX!
9=S=)(
"XLXY!
ZL"[!
UL"[!
!
#L"#!
ZL"#!
[LZ!
""L"#!
CYLCX!
^S9H(
"ZLXZ!
UL"X!
[L[!
=XSHM(
[$}!
#[}!
#C}!
H)R(
XH}!
99R(
^R!
XH}!
HXR(
$H}!
J)R(
ZY}!
CZ}!
ZU}!
!
CC}!
[[}!
HY}!
Z"}!
UH}!
MJR(
ZX}!
$H}!
"YY}!
M^R(
=)-/+?!
"JYK"J#!
"JUB"U!
"J"KXJH!
=V^:=V9X(
"J[K"J#!
9V`:=V9(
9V`:=V9!
"J[K"JU!
=VX:=VM(
"J[KXJ[!
=VJ:=V^(
"JHK"J"Y!
XJYB""!
"J$K[JY!
"J#KXJ[!
"J#KXJ[!
"J"YKXJY!
"J"YKXJ$!
"J"YKXJH!
=V^:=V9X(
"JUKXJ#!
XJ[K[J$!
XJ"B"Y!
=V^:HV^(
!
`.)-3::4!'()!3:')-&3'/.)!+0',0'!<+-;1!01)?!9A!%&z1!23&!9)!?/./?)?!/&'+!'*+!;3/&!
'A,)1\! E/G! L6N+M76N+MLKh5T'+,nT'+,8! 3&?! E//G! L6N+M76N+MLKh56N+M76N+M8J! /&! '(/1! :3'')-!
231)4!'()!+0',0'!<+-;1!3:-)3?A!;3'2(!'()!'3->)'!/&!'()!<32'!'(3'!2+&1+&3&'1!?+!&+'!1(3-)!
N+M! 1,)2/</23'/+&4! 90'! 3'! :)31'! +&)! +<! '()! N+M! ,-+?02)?! ?+)1! &+'! 2+/&2/?)! */'(! '()!
'3->)'B! w&'/:! '()! 3>)! +<! "J$4! +&:A! 5T'+,nT'+,8! +220-1B! Q()! 1'-3')>/)1! '(3'! -)10:'! /&! &+&K
(3-;+&/2!+0',0'!<+-;1!);)->)!+&:A!<-+;!"J#!+&*3-?14!*(/2(!2+/&2/?)1!*/'(!'()!3>)!+<!
32I0/1/'/+&!+<!'()!</-1'!?/1A::39/2!L6N+M76N+ML!,3'')-&!E1))!EX$YGGB!!
!
a8(b2#.#(
!
M1! ?)12-/9)?! /&! '()! ,-)./+01! 2(3,')-4! j+3&3! 32I0/-)1! ')&! ?/1A::39/2! 56N+M76N+M8!
,3'')-&1B!i)!-)23::!'(3'!+-?)-!+<!32I0/1/'/+&!/&!EX$XGB!
!
!"V"$ %T01,0%./%(4[23-353.6%./%W;d.X_;d.Xa%%*(55,06-%36%b.(6(B-%1(5(%!47(*5,0%K$%
XJX!
5k31nT'+,8!
5T'+,nk318!
5W-/2nT'+,8!
XJZ!
5T'+,nW-/28!
5W-/2nk318!
5k31nW-/28!
XJ"Y!
5T'+,nb3'8!
!
!
[J[!
5W-/2nR(+'8!
5k31nb3'8!
!
[JZ!
5T'+,nR(+'8!
!
!
!
!
!
!
!
Q()!;+1'!<-)I0)&'!3:')-&3'/.)!+0',0'!<+-;1!<+-!'3->)'!L6N+M76N+ML!1)I0)&2)1!/&!
j+3&3D1!?3'3!3-)!:/1')?!/&!EX$[GB!!
!
!
!
!
!
!
XXX!
!
!"V#$ %d.-5%/0,[2,65%.25*25%*(55,06-%/.0%5(08,5-%^;d.X_;d.X^%%%E%b.(6(%
!
Q3->)'!
,3'')-&!
W/-1'!
Q3->)'K:/V)!
3'');,'! =-+?02'/+&!
E3G!
LT'+,nb3'L!
"JZBXC!
E9G!
LT'+,nR(+'L!
"J"YBXX! [JZBXY!
E2G!
Lk31nb3'L!
"JUBXH!
[J[BX[!
E?G!
Lk31nT'+,L!
"JUBXH!
E)G!
LR(+'nT'+,L!
"JUBXH!
E<G!
!
XJ"YB#!
!
`0',0'!
`220-BL'3->)'1!
=)-/+?!
5T'+,ng:/?)8! "[L[Y!
[K%2$dC,+-&]( H)S^M(
(
5T'+,ng:/?)8!
"[LZH!
C[}!
J_R(
XY}!
XJXKXJ#!
=V9X:HV99(
XJZK[JZ!
XJXB"U!
5k31ng:/?)8!
[P#0dC,+-&](
[P#0dP#0](
ZL$!
=S9X(
MS^(
#Z}!
=XR(
^9R(
XJCK[JX!
HVH:JVX(
=V=89`(
~~~~~!
5T'+,nT'+,8!
XCLZY!
CY}!
"JUKCJY!
Lb3'nT'+,L!
"J"YBXX! ~~~~~!
E>G!
LW-/2nb3'L!
XJYBU!
~~~~~!
Lb3'nk31L!
XJCB"!
~~~~~!
""L[H!
HL[C!
"CLXU!
!XL#!
["}!
"H}!
C#}!
E(G!
XH}!
XJCKCJY!
XJZK[J"Y!
XJZKCJY!
!XJCK[J#!
E/G!
LR(+'nk31L!
XJ"YB#!
~~~~~!
5T'+,nT'+,8!
5g:/?)nT'+,8!
5W-/2ng:/?)8!
!5T'+,nk318!
!
5T'+,nk318!
XLH!
CY}!
XJ"YK[JX!
)
M1! /&! %&z1D! ?3'34! '*+! ;3/&! 23')>+-/)1! +<! 3:')-&3'/.)! ,-+?02'/+&1! 3-)! <+0&?! /&!
j+3&3D1! 4.0*2-\! L6N+M76N+MLKh56N+MF6N+M8! 3&?! L6N+M76N+MLKh56N+M76N+M8B! Q()! :3'')-!
,3'')-&!3,,)3-1!+&:A!<-+;!XJX!+&*3-?1!E2+/&2/?/&>!*/'(!'()!3>)!'()!</-1'!&+&K(3-;+&/2!
2+;9/&3'/+&1!3-)!32I0/-)?4!1))!EX$XGGB!!
!8((A35#(
%&! 2(3,')-! H4! )/>('! ;3&&)-! *+-?K,3'')-&1! *)-)! 2+&1/?)-)?! 32I0/-)?! /&! b0;3D1!
?3'3B!Q()!+-?)-!+<!32I0/1/'/+&!/1!-),)3')?!/&!EX$CGB!
!
!"VC$ %T01,0%./%(4[23-353.6%./%W;d.X_;d.Xa%].01E*(55,06-%L%P2)(%!47(*5,0%K$%
!
!
!
XJ"!
5T'+,nR(+'8!
!
!
!
XJ[!
5T'+,nW-/28!
5W-/2nT'+,8!
5W-/2nk318!
XJCB""!
5k31nT'+,8!
!
!
XJCBXH!
5T'+,nk318!
!
!
XJH!
5T'+,nb3'8!
5k31nW-/28!
!
Q()! ;+1'! <-)I0)&'! 3:')-&3'/.)! +0',0'! <+-;1! <+-! L6N+M76N+ML! '3->)'1! /&! b0;3D1!
?3'3!3-)!>/.)&!/&!EX$HGB!!
!
!"VK$ %d.-5%/0,[2,65%.25*25%*(55,06-%/.0%5(08,5-%^;d.X_;d.X^%L%P2)(%
!
!
Q3->)'!
,3'')-&!
W/-1'!
3'');,'!
Q3->)'K:/V)!
=-+?02'/+&!
E3G!
LW-/2nT'+,L!
"J#B"H!
E9G!
Lk31nT'+,L!
E2G!
LT'+,nW-/2L!
E?G!
!
!
`0',0'!
`220-BL'3->)'1!
=)-/+?!
XJ[BXZ!
5T'+,nT'+,8!
[L$!
C[}!
"J#KXJX!
"J""B"!
XJCB""!
XJ[BXZ!
5k31nk318!
!
5T'+,nT'+,8!
5T'+,ng:/?)8!
$L"Y!
!
"LX!
"L"!
$Y}!
!
HY}!
"YY}!
"J""B"!
XJYB"[!
Lb3'nT'+,L!
XJXBC!
~~~~~!
5T'+,nT'+,8!
5k31nT'+,8!
CLH!
"$L["!
#Y}!
HH}!
XJXKXJ[!
XJCKXJZ!
E)G!
LT'+,nb3'L!
XJ[BXZ!
XJHB"H!
5T'+,nT'+,8!
5T'+,nk318!
"CLX"!
HLX"!
Z$}!
XC}!
XJ[KXJC!
XJ[KXJC!
E<G!
LW-/2nb3'L!
XJ[BXZ!
~~~~~!
5W-/2nk318!
[LC!
$H}!
XJHKXJZ!
E>G!
LW-/2nR(+'L!
XJCBXH!
~~~~~!
5W-/2nb3'8!
CL"X!
[[}!
XJCKXJZ!
E(G!
Lk31nW-/2L!
XJCBXH!
XJHB"H!
5T'+,nW-/28!
[E'+7dE'+7](
XL[!
)S9M(
Z$}!
JXR(
XJCBXH!
=VM(
E/G!
Lb3'nW-/2L!
XJHBXY!
~~~~~!
5k31nW-/28!
[LC!
$H}!
XJHKXJZ!
!
!
XX[!
XJYB"[!
XJXBXX!
T/;/:3-:A! '+! '()! +'()-! '*+! 2(/:?-)&4! 9+'(! L6N+M76N+MLKh56N+MF6N+M8! 3&?!
L6N+M76N+MLKh56N+M76N+M8!,3'')-&1!23&!9)!<+0&?!/&!b0;3D1!?3'3B!w&'/:!'()!3>)!+<!XJX4!/'!/1!
;+1':A!'()!</-1'!,3'')-&!'(3'!3,,)3-1B!
!
W8(!,#'#(
!
Q()-)!3-)!.)-A!<)*!3'');,'1!+<!L6N+M76N+ML!'3->)'1!/&!6:3-3D1!?3'34!0&'/:!'()!:31'!
1)11/+&! 3&3:AS)?4! 3'! "J"YBZ[! %&! 1,/')! +<! '()! <)*! '+V)&14! '*+! N+M! ,3'')-&1! 3-)! 32I0/-)?\!
5k31nT'+,8! 3&?! 5T'+,nW-/284! 3'! '()! 3>)! +<! "J#BZC! Q()1)! '*+! ,3'')-&1! 3-)! ,-+?02)?!
3220-3'):A! <-+;! '()! </-1'! 3'');,'BZH! T).)&! +'()-! L6N+M76N+ML! 2+;9/&3'/+&1! 3-)!
3'');,')?! 9A! '(/1! 2(/:?! 90'! 3-)! +.)-*():;/&>:A! 109;/'')?! '+! 1A::39:)! '-0&23'/+&!
,3'')-&1!E1))!3,,)&?/P!]GB!!
!
(
D8((b2c2(
%&! 2(3,')-! H4! '*+! ?/1A::39/2! 56N+M76N+M8! ,3'')-&1! *)-)! 2+&1/?)-)?! 32I0/-)?! /&!
j+{+D1! ?3'3\! 5T'+,nb3'84! <-+;! "J$! +&*3-?14! 3&?! 5T'+,nk3184! <-+;! "J"YB! Q()! '3->)'1!
5T'+,nk318! 3-)! ,-+?02)?! 3220-3'):A! <-+;! '()! </-1'! 3'');,'1J! 3::! +'()-! ,3'')-&1!
3'');,')?!9A!j+{+!3-)!-)&?)-)?!/&!3:')-&3'/.)!+0',0'!<+-;1B!!M!10;;3-A!+<!'(+1)!<+-;1!
/1!,-+./?)?!/&!EX$ZGB!
!
!"VR$ %d.-5%/0,[2,65%.25*25%*(55,06-%/.0%5(08,5-%^;d.X_;d.X^%L%b.c.%
!
!
Q3->)'!
,3'')-&!
W/-1'!
3'');,'!
Q3->)'K:/V)!
=-+?02'/+&!
E3G!
LT'+,nb3'L!
"JXB"[!
"J$BY!
E9G!
Lk31nW-/2L!
"JCB"$!
E2G!
Lb3'nk31L!
"JCB"$!
E?G!
Lk31nT'+,L!
"JHB"X!
~~~~~!
E)G!
LW-/2nT'+,L!
"J#BXH!
E<G!
LT'+,nW-/2L!
"J#BXH!
E>G!
LT'+,nR(+'L!
E(G!
LW-/2nk31L!
!
M:')-&3'/.)!1'-3')>/)1!
`0',0'!
`220-BL'3->)'1!
=)-/+?!
[K%2$dC,+-&](
J=S)^(
)HR(
9V^:9V99(
~~~~~!
5k31nk318!
"YL"C!
$"}!
"JCK"J"Y!
~~~~~!
"XL"[!
!
[XLCH!
!
[$LCX!
UX}!
~~~~~!
5k31nk318!
!
5T'+,nT'+,8!
!
5T'+,nT'+,8!
$"}!
!
##}!
"J"YBXZ!
!
"JHKXJY!
!
"J#KXJY!
~~~~~!
5T'+,nT'+,8!
"HL"U!
$U}!
"J#K"J""!
"J"YBXZ!
~~~~~!
5T'+,ng:/?)8!
ULU!
"YY}!
"J"YKXJY!
"J""BXU!
~~~~~!
5T'+,nk318!
[LH!
ZY}!
"J""KXJY!
!
Q()! ,-)?+;/&3&'! 3:')-&3'/.)! +0',0'! <+-;! /&! j+{+D1! ?3'3! /1! +<! '()! 'A,)!
56N+MF6N+M8\!5k31nk318!3&?!5T'+,nT'+,8B!T+;)!&+&K(3-;+&/2!3:')-&3'/.)!+0',0'!<+-;1!
3,,)3-4!(+*).)-4!<-+;!"J"Y!+&*3-?1!E5T'+,ng:/?)8!3&?!5T'+,nk3184!1))!E>G!3&?!E(G4!/&!
EX$ZGGB!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Z[! `&:A! #$! 3'');,'1! +<! L6N+M76N+ML! ,3'')-&14! 9)'*))&! YJ""! 3&?! "J"Y! E1))! 3,,)&?/P! gGB! Q()1)! 3'');,'1!
2+--)1,+&?!'+!+&:A!""!'3->)'!*+-?1!E""!'A,)14!#$!'+V)&1GB!
ZC!Q()-)!/1!+&)!+'()-!2+;9/&3'/+&!'(3'!10-<32)1!'3->)'K:/V)\!3!LT'+,nk31L!'3->)'!*+-?!/1!3'');,')?!C!'/;)1!
3'!"J"YB"H!3&?!3::!'()!3'');,'1!3-)!-)&?)-)?!3220-3'):AB!]+*).)-4!'(/1!,3'')-&!*31!&+'!2+&1/?)-)?!'+!9)!/&!
32I0/1/'/+&! /&! 2(3,')-! H4! 1/&2)! *)! ?+! V&+*! /<! /'! /1! 3&! /1+:3')?! ,-+?02'/+&! E-););9)-! '(3'! "J"Y! /1! '()! :31'!
1)11/+&!3.3/:39:)!/&!'(/1!2(/:?D1!4.0*2-GB!!
ZH! W+-! Lk31nT'+,L4! 3::! 3220-3')! ,-+?02'/+&1! 2+--)1,+&?! '+! +&)! 1/&>:)! '3->)'K*+-?! E[X! '+V)&14! +&)! 'A,)4!
9)'*))&!"J#!3&?!"J"YG4!<+-!LT'+,nW-/2L4!'3->)'K:/V)!,-+?02'/+&1!2+--)1,+&?!'+!+&:A!'*+!'3->)'1!*+-?1!EXY!
'+V)&14!X!'A,)1G!E1))!3,,)&?/P!]GB!
!
XXC!
%&! 10;;3-A4! @01'! 31! +91)-.)?! */'(! '()! ,:32)! <)3'0-)! ,3'')-&14! '()-)! 3-)! '*+!
>)&)-3:!'A,)1!+<!3:')-&3'/.)!+0',0'!<+-;1\!(3-;+&/2!3&?!&+&K(3-;+&/2B!Q()!:3'')-!<+-;1!
')&?!'+!+220-!+&:A!<-+;!'()!;+;)&'!'()!</-1'!56N+M76N+M8!(31!9))&!32I0/-)?B!!
i)!*/::!&+*!'0-&!'+!3!;+-)!?)'3/:)?!3&3:A1/1!+<!'()!3:')-&3'/.)!+0',0'!<+-;1!'(3'!
+220-!/&!'()!56N+MF6N+M8!1'3>)!E1)2'/+&!ZBHB[G!3&?!/&!'()!56N+M76N+M8!1'3>)!E1)2'/+&!ZBHBCGB!!!
!
)8M8H(B,%&'.#%+1&(23%$3%(42'50(+.(%"&([!I2B\!I2B](0%#;&(
(
Q()!20--)&'!1)2'/+&!/1!?)?/23')?!'+!'()!3&3:A1/1!+<!'()!3:')-&3'/.)!+0',0'!<+-;1!
'(3'!+220-!/&!'()!,)-/+?!*()&!&+!L6N+M76N+ML!'3->)'!,3'')-&1!3-)!32I0/-)?!A)'\!!%&z1!3&?!
6:3-3!0&'/:!"J$4!j+{+!0&'/:!"JZJ!j+3&3!0&'/:!XJ"!3&?!b0;3!0&'/:!XJYB!!
`&)! ;3/&! 'A,)! +<! 1'-3')>A! +220-1! /&! '(/1! ,)-/+?\! L6N+M76N+ML! '3->)'1! 3-)!
-)&?)-)?!/&!3!56N+MF6N+M8!+0',0'!<+-;3'B!M1!3:-)3?A!+91)-.)?!<+-!=+M!,3'')-&14!;+1'!+<!
'()!56F68!+0',0'!<+-;1!/&!'(/1!</-1'!,)-/+?!23&!9)!/&')-,-)')?!31!-)?0,:/23'/+&1B!%&!'()1)!
231)14! 2(/:?-)&! ;+1':A! ,/2V! 0,! '()! '3->)'! 1'-)11)?! 1A::39:)! 3&?! -)?0,:/23')! /'B! T+;)!
)P3;,:)1!3-)!,-+./?)?!/&!EX$$G4!*()-)!'()!3<<)2')?!'3->)'!N+M!/1!0&?)-:/&)?B!!
!
!"VV$ %&'()*+,-%./%^;_;^eeW;f;a%*(55,06-%36%57,%W;f;a%-5(8,%
!
6(/:?!
M>)!
`-'(+>-B!
g:+11!
Q3->)'!
`0',0'!
Q3->)'!N+M!
`0',0'!N+M!
E3G!
%&z1!
(3'!
23--+!
23-!
/5/!p*w/
[p*!pæ%]
LW-/2nT'+,L!!!!
!LT'+,nR(+'L!!!
5T'+,nT'+,8!
%&z1!
"J[JZ!
!"JCBU!
2(3,c0!
E9G!
/!k/j7u/
[ke!ke%]
5T'+,nT'+,8!
[b/!b/]
LT'+,nW-/2L!!!!
!LT'+,nk31L!!!!
[pa!pa]
Lb3'nT'+,L!!!!!
5T'+,nT'+,8!
[ke!ke]
LT'+,nb3'L!!!!!!
5T'+,nT'+,8!
[!bop/]
LR(+'nT'+,L!
5T'+,nT'+,8!
[k*!k*]
LR(+'nT'+,L!!!
5T'+,nT'+,8!
[!n/ne]
Lk31nT'+,L!!!!!
5k31nk318!
[bobo]
LT'+,nW-/2L!!!!
hh!
LW-/2nT'+,L!!!!
5T'+,nT'+,8!
[m/%!m/
Lk31nW-/2L!!!!!!
5k31nk318!
Lk31nT'+,L!!!!
hh!
5T'+,nT'+,8!
E2G!
%&z1!
!"JHB""!
I0)/@+!
2())1)!
E?G!
%&z1!
"JHB""!
93&(+!
93'(!
E)G!
%&z1!
:/;,3-!
'+!2:)3&!
E<G!
%&z1!
"JZB""!
!"J$BX!
2+:()-!
1,++&!
E>G!
%&z1!
"J$BX!
-+0,3!
2:+'()1!
E(G!
j+3&3!
"JUBXH!
R3I0):!
,-+,B&+0&!
E/G!
b0;3!
"J""B"!
k+??A!
,-+,B&+0&!
E@G!
b0;3!
XJYB"[!
,+:.+!
+2'+,01!
EVG!
b0;3!
XJ"B"Y!
W/;9+!
,-+,B&+0&!
E:G!
j+{+!
3,,:)!
j+{+!
"JCK
"JZ!
"JZB"Z!
;3€{!
E;G!
;+'3!
;+'+-2A2:)!
!
/!ka6u/
/!b/9u/
/li'!pa0/
/ku!2*0/
/!6op//
/6/!k*8/
/!n"di/
/!po8vu/
/!fi'bu/
/m/!s/'/
/!m"t//
[kaka]
[bi!bo%]
[ta!ta]
]
5T'+,nT'+,8!
5T'+,nT'+,8!
5T'+,nT'+,8!
Q()!-)?0,:/23'/+&!+<!'()!'3->)'!1'-)11)?!1A::39:)!/1!/::01'-3')?!/&!E3G4!E9G4!E?G4!E)G4!
E(G4! E@G! /&! EX$$GGB! ! %&! 1+;)! +'()-! 231)14! '()! -)?0,:/23')?! 1A::39:)! /1! '()! 0&1'-)11)?! +&)!
E)P3;,:)1! /&! ! E:G! 3&?! E;G! /&! EX$$GGB! Q()-)! 3-)! 3:1+! 1+;)! +'()-! ,3'')-&14! *()-)! '()!
-)?0,:/23')?! 1A::39:)! V)),1! '()! '3->)'! 1'-)11)?! .+*):! 90'! -),:32)1! '()! 2+&1+&3&'1! /&!
+&1)'!E;+1':A!:/I0/?1G!9A!3!1'+,!E1))!)P3;,:)!/&!E<G!/&!EX$$GGB!!
b31':A4! '()-)! 3-)! 1+;)! +220--)&2)1! +<! L676LKh56F68! '(3'! ?+! &+'! -)10:'! /&! '*+!
/?)&'/23:! 1A::39:)1! E)P3;,:)1! E>G4! E/G4! EVG! /&! EX$$GGB! k+')! '(3'! '()1)! 231)1! +220-! 3'! '()!
:3')-!1)11/+&1!*/'(/&!'()!56N+MF6N+M8!1'3>)B!!
!
XXH!
)8M8J(B,%&'.#%+1&(23%$3%(42'50(+.(%"&([!I2BT!I2B](0%#;&(
!
Q(/1!1)2'/+&!<+201)1!+&!'()!,3'')-&1!'(3'!+220-!3'!'()!,)-/+?!*()&!3'!:)31'!1+;)!
L6N+M76N+ML!'3->)'!,3'')-&1!3-)!32I0/-)?\!%&z1!3&?!6:3-3!<-+;!"J#4!j+3&3!<-+;!XJX4!b0;3!
<-+;!XJ"!3&?!j+{+!<-+;!"J$B!!
T/;/:3-:A! '+! *(3'! (31! 9))&! +91)-.)?! <+-! =+M4! '()! 3:')-&3'/.)! 1'-3')>/)1! '(3'!
+220-!3'!'()!56N+M76N+M8!1'3>)!23&!9)!?/./?)?!/&'+!'(-))!;3/&!23')>+-/)1\!E/G!'()!+&)1!'(3'!
3<<)2'!,3'')-&1!2+&'3/&/&>!&+&K32I0/-)?!N+M!<)3'0-)14!/&!3&A!+<!'()!'*+!*+-?!,+1/'/+&1J!
E//G!'()!+&)1!'(3'!'3->)'!1,)2/</2!N+M4!/&!1,)2/</2!*+-?K,+1/'/+&1J!E///G!'()!+&)1!'(3'!1));!
'+!-)10:'!<-+;!2+;9/&3'+-/3:!-)1'-/2'/+&1!9)'*))&!'()!'*+!N+M!<)3'0-)1!+<!'()!*+-?!E1))!
1)2'/+&!ZBHBXG!
!
(G#%%&'.0(#44&7%+.;(.2.:#7O3+'&-(4&#%3'&0F(03L0%+%3%+2.0(
!
=3-'/20:3-:A! /&! '()! 9)>/&&/&>! +<! '()! 56N+M76N+M8! 1'3>)4! 2(/:?-)&! ')&?! '+! 3'');,'!
,3'')-&1! 2+&'3/&/&>! N+M! <)3'0-)1! '(3'! 3-)! 1'/::! &+'! 32I0/-)?4! /&! 3&A! +<! '()! ,+1/'/+&1! /&!
'()! *+-?! E6"! 3&?! 6XGB! Q(+1)! &+&K32I0/-)?! 2+&1+&3&'1! 3-)! 109;/'')?! '+! 1091'/'0'/+&1B!
Q()!2+&1+&3&'!'(3'!/1!01)?!'+!-),:32)!'()!,-+9:);3'/2!N+M!')&?1!'+!9)!3!1'+,!<+-!'3->)'!
<-/23'/.)1!3&?!:/I0/?1B!]+*).)-4!'()-)!3-)!3:1+!1+;)!231)1!*()-)!'()!1091'/'0')!/1!3!&313:!
E<+-!:3')-3:1G!+-!3!>:/?)!E;+1':A!<+-!:/I0/?14!/&!6XGB!T+;)!)P3;,:)1!+<!'()1)!1091'/'0'/+&!
,3'')-&1!3-)!>/.)&!/&!EX$#GB!
!
!"VQ$ %&'()*+,-%./%-2A-535253.6%*(55,06-%/.0%6.6E(4[230,1%/,(520,-%36%57,%W;_;a%-5(8,%
!
6(/:?!
M>)!
`-'(+>-B!
g:+11!
E3G!
%&z1!
"J#BX!
23--+!
23-!
E9G!
%&z1!
"J#BX!
:/;,3-!
'+!2:)3&!
E2G!
%&z1!
XJ"B"Y!
23<c!
2+<<))!
E?G!
%&z1!
XJ"B"Y!
<3:3!
'3:V!
E)G!
j+3&3!
XJCB"!
:)/')!
;/:V!
E<G!
j+3&3!
XJCB"!
;3:3!
93>!
E>G!
j+3&3!
[JXB"[!
23-3!
<32)!
E(G!
j+3&3!
[JYBXZ!
-)&31!
-)/&?))-!
E/G!
b0;3!
XJ"B"Y!
W/;9+!
,-+,B&+0&!
E@G!
b0;3!
XJ[BXZ!
:+9+!
*+:<!
EVG!
b0;3!
XJCB""!
:/&?3!
9)30'/<0:!
E:G!
b0;3!
XJCB""!
2+:+!
:3,!
E;G!
6:3-3!
"JUBX[!
9+:3!
93::!
E&G!
j+{+!
"J#BXH!
,)/P)!
</1(!
E+G!
j+{+!
'(/&!
j+{+!
"J""B"
U!
"4"YBX
</&+!
E,G!
,z-3!
,)3-!
Z!
(
Q3->)'!
/!ka6u/
/li'!pa0/
/k/!f*/
/!fal//
/!l/jt4/
/mal//
/!ka0//
/!6en/5/
/!fi'bu/
/!lobu/
/!li'd//
/!k"lu/
/!b"l//
/!p/j54/
/!finu/
/!pe0//
`0',0'!
Q3->)'!N+M!
`0',0'!N+M!
[!ka%d3u]
LT'+,nR(+'L!!
5T'+,nT'+,8!
[/(e!pa]
Lb3'nT'+,L!!!!!
5T'+,nT'+,8!
[k/!pe]
LT'+,nW-/2L!!!!
5T'+,nT'+,8!
[!tal/]
LW-/2nb3'L!!!!!!
5T'+,nb3'8!!
[!(*t+4]
Lb3'nT'+,L!!!!!
5T'+,nT'+,8!
[!maw/]
Lk31nb3'L!!!!!!! 5k31ng:/?)8!
[!kaj/]
LT'+,nR(+'L!
[!(en/z]
LR(+'nk31L!!!! 5T'+,nk318!
[bi!bo%]
LW-/2nT'+,L!!!!
5T'+,nT'+,8!
[!bobu]
Lb3'nT'+,L!!!!!
5T'+,nT'+,8!
[!ni'd/%]
Lb3'nT'+,L!!!!!
5k31nT'+,8!
[a!ko:u']
LT'+,nb3'L!!!!!
5T'+,nk318!
[!b"b/]
LT'+,nb3'L!!!!!
5T'+,nT'+,8!
[!pet3i]
LT'+,nW-/2L!!!
5T'+,nT'+,8!
[!tinu]
LW-/2nk31L!!!!!
5T'+,nk318!
[!p*j/]
LT'+,nR(+'L!!
5T'+,ng:/?)8!
5T'+,ng:/?)8!
k+')! '(3'! '()! 1091'/'0'/+&! ,3'')-&1! ;3A! -)10:'! )/'()-! /&! 3! 5T'+,nT'+,8! +-! /&! 3!
56N+M76N+M8!+0',0'!<+-;4!?),)&?/&>!+&!'()!2+;,+1/'/+&!+<!'()!'3->)'!,3'')-&\!/<!'()!3?0:'!
!
XXZ!
<+-;! 3:-)3?A! 2+&'3/&1! 3! 1'+,4! '()! /&1)-'/+&! +<! 3&+'()-! 1'+,! '+! -),:32)! 3! ,-+9:);3'/2!
2+&1+&3&'!-)&?)-1!3!(3-;+&/2!<+-;!<+-!;3&&)-!E1))4!<+-!/&1'3&2)4!)P3;,:)1!<-+;!E3G!'+!
E2G!/&!EX$#GGB!!
Q()!-),:32);)&'!+<!:/I0/?1!9A!>:/?)1!+220-1!;+1':A!/&!6X!,+1/'/+&!E)P3;,:)1!/&!
E<G4!E>G4!E,G!/&!EX$#GG4!*(/:)!:/I0/?1!/&!6"!3-)!3:;+1'!)P2:01/.):A!-),:32)?!9A!1'+,1!E1))4!
/&1'3&2)4!'()!)P3;,:)1!/&!E/G!3&?!E(G!/&!EX$#GGB!Q()!231)1!*()-)!3!1+&+-3&'!/1!-),:32)?!
9A!3&+'()-!1+&+-3&'!/&!6"!,+1/'/+&!+220-!;+1':A!/&!b0;3D1!?3'34!*()-)!:3')-3:1!23&!9)!
1091'/'0')?!9A!3!&313:4!/&!9+'(!,+1/'/+&1!E1))!)P3;,:)1!/&!EVG!3&?!E:G!/&!EX$#GGB(
(
G#%%&'.0(#44&7%+.;(I2B(4&#%3'&0(+.(0$&7+4+7(@2'-($20+%+2.0(
!
M:')-&3'/.)! 1'-3')>/)1! ;3A! 3<<)2'! 1+;)! 2+&1+&3&'3:! 2:311)1! /&! 3! >/.)&! ,+1/'/+&4!
*(/:)! /&! '()! +'()-! ,+1/'/+&! +<! '()! *+-?! '(3'! 13;)! 2:311! /1! 3:-)3?A! 9)/&>! ,-+?02)?!
3220-3'):AB!N+1'!+<')&4!'()1)!,+1/'/+&3:!31A;;)'-/)1!3<<)2'!:/I0/?14!,3-'/20:3-:A!:3')-3:14!
1/&2)! '()A! 3-)! 3;+&>1'! '()! </-1'! N+M! '+! 3,,)3-! /&! 6X! /&! 56N+M76N+M8! ,3'')-&14! 90'! 3-)!
3;+&>1'!'()!:31'!'+!3,,)3-!/&!6"B!k+')!'(3'4!31!1(+*&!/&!2(3,')-!H!E1)2'/+&!HBZBXG4!'()1)!
,+1/'/+&3:! 31A;;)'-/)1! 3<<)2'! :3')-3:1! /&! 6d6d! 1)I0)&2)1! 90'! &+'! /&! 6d! +-! 6dd!
1'-02'0-)1\!/li'!pa0/Kh[pa!paj] E5.%4+,(6G!90' /!lu//Kh[!lu/] E)..6GJ %&z1!E"J"YBXUG!E1))!2(3,')-!
H4!<+-!<0-'()-!?)'3/:1GB!!
=+1/'/+&3:! 31A;;)'-/)1! 23&! 3:1+! 3<<)2'! +'()-! N+M! 9)1/?)! :3')-3:1! /&! 1+;)!
2(/:?-)&D1!4.0*.0(\!<-/23'/.)1!/&!%&z1!3&?!&313:1!/&!j+{+B!i)!*/::!)P,:+-)!'()1)!,3'')-&1!
1),3-3'):AB!!
(
MB!MbQeRkMQ%de!TQRMQeg%eT!MWWe6Q%kg!i`RlT!i%Q]!bMQeRMbT!%k!6"!
%&z1!1'3-'1!,-+?02/&>!:3')-3:1!/&!6X4!/&!'()!2+;9/&3'/+&!5T'+,nb3'84!3'!'()!3>)!+<!
"JU4!90'!*+-?1!*/'(!:3')-3:1!/&!6"!3-)!1A1');3'/23::A!109;/'')?!'+!3:')-&3'/.)!1'-3')>/)14!
31!/::01'-3')?!/&!EX$UGB!
!
!"VU$ %X+5,06(53?,%-50(5,83,-%(//,45368%5(08,5%^;P(5,0(+_;^%-,[2,64,-%E%Z6`-%
b3'!
6"!
b3'!
6X!
!
!
!
E3G!
M>)!
"JUB"U!
`-'(+>-B!
9+:+1!
g:+11!
23V)1!
Q3->)'!
`0',0'!
/!bolu5/
[!bolu5]
Q3->)'!N+M! `0',0'!N+M!
LT'+,nb3'L!!! 5T'+,nb3'8!
E9G!
"J"YBXU!
2+:()-!
1,++&!
/!ku!2*0/
[!keli]
LT'+,nb3'L!!! 5T'+,nb3'8!
E2G!
"J"YBXU!
:/;,3-!
'+!2:)3&!
/li'!pa0/
[pa!paj]
Lb3'nT'+,L!!! 5T'+,nT'+,8!
E?G!
XJYB""!
:+9+!
*+:<!
/!lobu/
[!bolu]
Lb3'nT'+,L!!!! ;)'3'()1/1!
E)G!
"J"YKXJY!
:)&€+!
123-<!
/!le'su/
[!ditu]
Lb3'nW-/2L!!! 5T'+,nT'+,8!
!
M1! 1(+*&! /&! )P3;,:)1! E3G! 3&?! E9G! /&! EX$UG4! :3')-3:1! 3-)! ,-+?02)?! /&! 3! '3->)'K:/V)!
<31(/+&!/&!6X!<-+;!"JU!+&*3-?1!E3:'(+0>(!'()-)!/1!1'/::!1+;)!/&1'39/:/'A!/&!'()!2+&'-31'!5•!
3&')-/+-84!1))!E9G!/&!EX$UGGB!]+*).)-4!/&!'()!13;)!'/;)!<-3;)4!*+-?K/&/'/3:!:3')-3:1!)/'()-!
10-<32)! 31! 1'+,1! E)P3;,:)1! E2G! 3&?! E)G! /&! EX$UGG! +-! 9)2+;)! 109;/'')?! '+! ;)'3'()1/1!
!
XX$!
E)P3;,:)! E?G! /&! EX$UGGBZZ! k+')! '(3'! ?/<<)-)&'! '3->)'! 2+;9/&3'/+&1! +<! N+M! 2+&'3/&/&>!
b3')-3:!/&!6"4!Lb3'nT'+,L!3&?!Lb3'nW-/2L4!3-)!3<<)2')?!9A!3:')-&3'/.)!1'-3')>/)14!'(01!'()!
,3-'/20:3-! N+M! 1)I0)&2)! ?+)1! &+'! 1));! '+! ,:3A! 3! -+:)! /&! '()! ,-+2)11\! 6"! :3')-3:1! 3-)!
,-+9:);3'/2!3'!'(/1!1'3>)4!/&?),)&?)&':A!+<!'()!N+M!2+;9/&3'/+&!'()A!+220-!/&B!
T/;/:3-:A! '+! *(3'! *31! +91)-.)?! /&! %&z1D! ?3'34! '()-)! 3-)! 3:1+! ,+1/'/+&3:!
31A;;)'-/)1! /&! '()! *3A! j+3&3! 2+,)1! */'(! :3')-3:1B! k+')! '(3'! <-+;! XJ"Y! +&*3-?14! 6X!
:3')-3:1! /&! 5T'+,nb3'8! 3&?! 5k31nb3'8! 2+;9/&3'/+&1! 3-)! ,-+?02)?! 3220-3'):A4! 90'4!
2+&'-31'/.):A4! 6"! :3')-3:1! 3-)! 1A1');3'/23::A! 3<<)2')?! 9A! 3:')-&3'/.)! 1'-3')>/)1! 0&'/:! '()!
:31'!1)11/+&!3&3:AS)?!E1))!'39:)!/&!EX$"GGB!Q(/1!31A;;)'-A!/1!/::01'-3')?!/&!EX#YGB!
!
!"QH$ %X+5,06(53?,%-50(5,83,-%(//,45368%^;P(5,0(+_;^%-,[2,64,-%E%b.(6(%
b3'!
6"!
b3'!
6X!
!
!
E3G!
M>)!
XJ"YB#!
`-'(+>-!
23:+-!
g:+11!
()3'!
Q3->)'!
`0',0'!
/k/!lo0/
[k/!2o]
Q3->)'!N+M! `0',0'!N+M!
LT'+,nb3'L!!!! 5T'+,nb3'8!
E9G!
[J[BX[!
;3:3!
93>!
/!mal//
[!mal/]
Lk31nb3'L!!!!! 5k31nb3'8!
E2G!
XJ"YB#!
:‚&>03!
'+&>0)!
/!li'(w//
[!(e'(u/]
Lb3'nT'+,L!!!! 5T'+,nT'+,8!
E?G!
[JZBXY!
:/;|)1!
:);+&1!
/li!mo'j5' /
[di!mo'i'%5]
Lb3'nk31L!!!! 5T'+,nk318!
E)G!
XJZKXJ#!
:+9+!
*+:<!
/!lobu/
[!wobu]
Lb3'nT'+,L!!!! 5g:/?)nT'+,8!
E<G!
XJZBXC!
:3€+!
:32)!
/!lasu/
[!9asu1]
Lb3'nW-/2L!!!! 5k31nW-/28!
E>G!
[JYBX!
:/1+!
1;++'(!
/!lizu/
[!di7u]
Lb3'nW-/2L!!!! 5T'+,nW-/28!
!
Q()!)P3;,:)1!,-+./?)?!/&!E3G!3&?!E9G!/&!EX#YG!1(+*!'(3'!:3')-3:1!3-)!,-+?02)?!/&!
3!'3->)'K:/V)!<31(/+&!<-+;!EXJ"YG4Z$!/&!*+-?K;)?/3:!,+1/'/+&B!]+*).)-4!/&!'()!'/;)K1,3&!
9)'*))&!XJ"Y!3&?![J""4!!*+-?K/&/'/3:!:3')-3:1!3-)!)/'()-!-),:32)?!9A!1'+,1!E)P3;,:)1!E2G4!
E?G!3&?!E>G!/&!EX#YG!+-4!:)11!+<')&4!9A!3!>:/?)!+-!3!&313:!E)P3;,:)1!E)G!3&?!E<G!/&!EX#YGGB!
k+')! '(3'! ?/<<)-)&'! 2+;9/&3'/+&1! 2+&'3/&/&>! b3')-3:! /&! 6"! 3-)! 3<<)2')?! 9A! 3:')-&3'/.)!
1'-3')>/)14! 1(+*/&>! '(3'! '()! ,-+9:);3'/2! /110)! /1! b3')-3:! 3,,)3-/&>! /&! *+-?K/&/'/3:!
,+1/'/+&!3&?!&+'!'()!N+M!2+;9/&3'/+&!*()-)!6"!:3')-3:!/1!/&1)-')?B!
M1!<+-!b0;34!1()!1'3-'1!,-+?02/&>!6X!:3')-3:1!3'!'()!3>)!+<!XJH!E1))!)P3;,:)1!E3G!
3&?! E9G4! /&! EX#"G! 9):+*G4! 90'! *+-?K/&/'/3:! :3')-3:1! 3-)! -),:32)?! 9A! &313:1! /&! '()! 13;)!
'/;)!<-3;)!E1))!)P3;,:)1!E2G!3&?!E?G!/&!EX#"GGB!!
!
!"QF$ %X+5,06(53?,%-50(5,83,-%(//,45368%^;P(5,0(+_;^%-,[2,64,-%E%P2)(%
b3'!
6"!
b3'!
6X!
!
!
E3G!
M>)!
XJHB"H!
`-'(+>-B!
9+:3!
g:+11!
93::!
Q3->)'!
`0',0'!
/!b"l//
[!b"l/]
Q3->)'!N+M! `0',0'!N+M!
LT'+,nb3'L!!! 5T'+,nb3'8!
E9G!
XJZBXY!
2+:3!
>:0)!
/!k"l//
[!k"2/]
LT'+,nb3'L!!! 5T'+,nb3'8!
E2G!
XJHB"H!
:/>3!
EA+0G!23::!
/!li(//
[!ni(/]
Lb3'nT'+,L!!! 5k31n1'+,8!
E?G!
XJHKXJZ!
:).3!
23--/)1!
/!l*v//
[!n*v/]
Lb3'nW-/2L!!!!! 5k31nW-/28!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
ZZ!
k+')! '(3'4! 3:'(+0>(! ;+1'! +<! '()! )P3;,:)1! ,-+./?)?! 39+.)! <+-! 5b3'nT'+,8! 3-)! 3:1+! 56+-nb3984! '()!
3:')-&3'/.)!1'-3')>/)1!1));!&+'!'+!9)!2301)?!9A!=+M4!1/&2)!56+-nb398!'3->)'1!3-)!32I0/-)?!9A!%&z1!3'!'()!3>)!
+<!"J"YB!
!
Z$!Q(+0>(!'()-)!/1!1'/::!/&1'39/:/'A!/&!'()!=+M!2+&'-31'!5•3&')-/+-84!)./?)&'!/&!)P3;,:)!E3GB!
!
XX#!
%&!j+{+D1!?3'34!:3')-3:1!1'3-'!9)/&>!,-+?02)?!3220-3'):A!/&!/&')-.+23:/2!,+1/'/+&!3'!
'()!3>)!+<!"J$Z#!E1))!)P3;,:)1!E3G!3&?!E9G!9):+*G4!90'!6"!:3')-3:1!3-)!-),:32)?!9A!3!1'+,!
+-!3!&313:4!/&!'()!13;)!,)-/+?!E)P3;,:)1!E2G!3&?!E?GGB!!
!
!"Q"$ %X+5,06(53?,%-50(5,83,-%(//,45368%^;P(5,0(+_;^%%-,[2,64,-%L%b.c.%
b3'!
6"!
b3'!
6X!
!
!
E3G!
M>)!
"J$BXY!
`-'(+!
9+:3!
g:+11!
93::!
Q3->)'!
`0',0'!
/!b"l//
[!b"jl/%]
Q3->)'!N+M! `0',0'!N+M!
LT'+,nb3'L!!! 5T'+,nb3'8!
E9G!
"JUBXH!
9+:+!
23V)!
/!bolu/
[!bolu]
LT'+,nb3'L!!! 5T'+,nb3'8!
E2G!
"J"YB""!
:/;,3-!
'+!2:)3&!
/li'!pa0/
[t4!ta%]
Lb3'nT'+,L!!! 5T'+,n1'+,8!
E?G!
"J"YBXZ!
:/;{+!
:);+&!
/li!m/'w'/
[mi!m/'w']
Lb3'nk31L!!!! 5k31nk318!
(
OB!MbQeRkMQ%de!TQRMQeg%eT!MWWe6Q%kg!WR%6MQ%deT!%k!6"!o!%kƒT!
%&z1!1'3-'1!,-+?02/&>!56N+M76N+M8!*+-?1!2+&'3/&/&>!<-/23'/.)1!/&!6X!3'!'()!3>)!+<!
XJC4!31!)P);,:/</)?!/&!E3G!3&?!E9G!9):+*B!]+*).)-4!/&!'()!,)-/+?!XJCKXJH4!'()!'3->)'!*+-?1!
3'');,')?! 2+&'3/&/&>! <-/23'/.)1! /&! *+-?K/&/'/3:! ,+1/'/+&! 3-)! 109;/'')?! '+! 1091'/'0'/+&!
,3'')-&14!*()-)!'()!<-/23'/.)!/1!-),:32)?!9A!3!1'+,!E1))!)P3;,:)1!E2G!3&?!E?G4!9):+*GB!
!
!"Q#$ %X+5,06(53?,%-50(5,83,-%(//,45368%^;D034(53?,_;^%-,[2,64,-%E%Z6`-%
W-/2!
6"!
W-/2!
6X!
!
!
E3G!
M>)!
XJCB"#!
`-'(+>-B!
23<c!
g:+11!
2+<<))!
Q3->)'!
`0',0'!
/k/!f*/
[k/!f*]
Q3->)'!N+M!
LT'+,nW-/2L!!!
`0',0'!N+M!
5T'+,nW-/28!
E9G!
XJHBXC!
>3-<+!
<+-V!
/!(a0fu/
[!(afu]
LT'+,nW-/2L!!!
5T'+,nW-/28!
E2G!
XJCB"#!
<3:'3!
:32V1!
/!fa8t//
[!pat/]
LW-/2nT'+,L!!!! 5T'+,nT'+,8!
E?G!
XJHBXC!
1)&(+-!
;3&!
/s4!9o0/
[ti!no]
LW-/2nk31L!!!
5T'+,nk318!
!
Q()! '3->)'! 2+;9/&3'/+&1! K! LW-/2nT'+,L! 3&?! LW-/2nk31L! K! 3<<)2')?! /&! %&z1D! ?3'34!
1(+*!'(3'!6"!<-/23'/.)1!3-)!,-+9:);3'/2!<+-!'(/1!2(/:?4!/&?),)&?)&':A!+<!'()!N+M!+<!'()!
2+&1+&3&'!/&!6XB!
!
6B!MbQeRkMQ%de!TQRMQeg%eT!MWWe6Q%kg!kMTMbT!%k!6"!o!j`„`!
M'!"J"Y4!j+{+!1'3-'1!,-+?02/&>!6X!&313:1!/&!56768!1)I0)&2)1!E)P3;,:)1!/&!E3G!3&?!
E9G4!/&!EX#CG4!9):+*GB!]+*).)-4!3'!'()!13;)!3>)4!*+-?K/&/'/3:!&313:1!/&!56768!1)I0)&2)1!
3-)!-),:32)?!9A!1'+,14!31!/::01'-3')?!/&!E2G!3&?!E?GB!
!
!"QC$ %X+5,06(53?,%-50(5,83,-%(//,45368%^;g(-(+_;^%-,[2,64,-%L%b.c.%
k31!
6"!
k31!
6X!
!
!
!
E3G!
M>)!
"J"YBXZ!
`-'(+!
,)-&3!
g:+11!
:)>!!
Q3->)'!
`0',0'!
/!p*0n//
[!p*m/]
Q3->)'!N+M!
LT'+,nk31L!!!
`0',0'!N+M!
5T'+,nk318!
E9G!
"J""B"Y!
'c&/1!
')&&/1!
/!t*ni5/
[!t*ni]
LT'+,nk31L!!!
5T'+,nk318!
E2G!
"J"YBXZ!
;+'3!
;+'+-2A2:)!
/!m"t//
[!p"t/]
Lk31nT'+,L!!!
5T'+,nT'+,8!
E?G!
"J"YBXZ!
k+??A!
,-+,B&+0&!
/!n"di/
[!d"di]
Lk31nT'+,L!!!
5T'+,nT'+,8!
E)G!
"J"YBXZ!
;3€{!
3,,:)!
/m/!s/'/
[t/!t/']
Lk31nW-/2L!!!
5T'+,nT'+,8!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Z#!M:'(+0>(!3220-3')!,-+?02'/+&1!1'/::!2+)P/1'!*/'(!1091'/'0'/+&1!9A!>:/?)1!0&'/:!"J""B
!
XXU!
!
(G#%%&'.0(#44&7%+.;(0$&7+4+7(S!I2BT!I2BS(725L+.#%+2.0(
!!
!
T/;/:3-:A!'+!*(3'!(31!9))&!?)12-/9)?!<+-!'()!2+;9/&3'/+&!Ll+-nb39L!/&!b0;3D1!?3'3!
E1))! 1)2'/+&! ZBCBCG4! '()-)! 3-)! 3:1+! 1+;)! 3:')-&3'/.)! 1'-3')>/)1! 3<<)2'/&>! N+M! 1)I0)&2)1!
'(3'!3,,)3-!'+!9)!2301)?!9A!2+;9/&3'+-/3:!-)1'-/2'/+&1B!Q()!3<<)2')?!'3->)'!,3'')-&1!3-)!
;+1':A!2+;9/&3'/+&1!+<!1+&+-3&'1!E&313:1!*/'(!:/I0/?1G!+-!2+;9/&3'/+&1!+<!<-/23'/.)1!3&?!
1+&+-3&'14! *(/2(! 3-)! 3:1+! 3;+&>1'! '()! :31'! '+! 9)! 3'');,')?! 3&?! 32I0/-)?! E1))! 1)2'/+&!
ZBHB"GB!Q()1)!,3'')-&1!3-)!+91)-.)?!/&!'()!?3'3!+<!%&z14!j+3&3!3&?!b0;34!31!*/::!9)!1(+*&!
9):+*B!!
B8(6.U0((
%&z1! 32I0/-)1! &+&K(3-;+&/2! 1)I0)&2)1! */'(! 6"! :3')-3:1! 3'! XJ"! 3&?! */'(! 6X!
<-/23'/.)1! 3'! XJC! E1))! )P3;,:)1! /&! EX#HG! 9):+*4! /&! E3G! 3&?! E9GGB! i)! *+0:?! )P,)2'4! '()&4!
'()! 2+;9/&3'/+&1! Lb3'nW-/2L! '+! 9)! ,-+?02)?! 3220-3'):A! 3:-)3?A! 3'! XJCB! ]+*).)-4! '(/1!
2+;9/&3'/+&!/1!109;/'')?!'+!1091'/'0'/+&1!3'!'(/1!3>)4!31!/::01'-3')?!/&!E2GB!
!
!"QK$ %;.)A36(5.03(+%(-:)),503,-\%^P(5hD034^%L%Z6`-%
!
E3G!
M>)!
XJ"B"Y!
`-'(+>-B!
:+9+!
g:+11!
*+:<!
E9G!
XJCB"#!
>3-<+!
<+-V!
E2G!
XJCB"#!
'/-3!
'3V)!E/'G!
Q3->)'!
/!lobu/
`0',0'!
[!lobu]
/!(a0fu/
[!(afu]
/!l*v//
[!l*b]
Q3->)'!N+M!
Lb3'nT'+,L!!!
`0',0'!N+M!
5b3'nT'+,8!!!
LT'+,nW-/2L!!!!
5T'+,nW-/28!
Lb3'nW-/2L!!!!!!!
5b3'nT'+,8!
!
M1! 1(+*&! /&! 3,,)&?/P! g4! '()! ,)-2)&'3>)! +<! 3220-3')! ,-+?02'/+&1! <+-! '3->)'1!
Lb3'nT'+,L! /1! 3-+0&?! +-! 39+.)! #Y}! <-+;! XJ"! +&*3-?1B! M1! <+-! LT'+,nW-/2L4! /'! /1!
,-+?02)?! /&! 3! '3->)'K:/V)! <31(/+&! 3-+0&?! Z$}! 3'! XJHB! ! `&! '()! 2+&'-3-A4! Lb3'nW-/2L! /1!
1A1');3'/23::A!109;/'')?!'+!3:')-&3'/.)!1'-3')>/)1!/&!'()!13;)!'/;)!,)-/+?!E'()-)!3-)!"Y!
3'');,'1!9)'*))&!XJ"!3&?!XJH4!90'!&+&)!/1!,-+?02)?!3220-3'):AGB!
!
M!1/;/:3-!,3'')-&!/1!+91)-.)?!/&!'()!*3A!%&z1!2+,)1!*/'(!'3->)'1!Lk31nR(+'L\!3'!"J#!
1()! (31! 32I0/-)?! L676L! 2+;9/&3'/+&1! */'(! &313:1! /&! *+-?K/&/'/3:! ,+1/'/+&! E)P3;,:)! /&!
EHHG4!E3G4!9):+*GJ!3'!"J"Y4!1()!32I0/-)1!6X!-(+'/21!/&!'()!LT'+,nR(+'L!,3'')-&!E)P3;,:)!
E9GG4! 90'4! 3'! XJY4! '()! '3->)'! ,3'')-&! Lk31nR(+'L! /1! 1'/::! 109;/'')?! '+! 3:')-&3'/.)!
1'-3')>/)14!/&!'(/1!231)4!?):)'/+&!E)P3;,:)!E2GGB!
!
!"QR$ %;.)A36(5.03(+%(-:)),503,-\%^g(-hI7.5^%L%Z6`-%
!
E3G!
M>)!
"J#BX!
`-'(+>-B!
;3&'3!
g:+11!
9:3&V)'!
Q3->)'!
/!m/'t//
`0',0'!
[!mat/]
Q3->)'!N+M!
Lk31nT'+,L!!
`0',0'!N+M!
5k31nT'+,8!
E9G!
"J"YBXY!
'/-3!
'3V)!E/'G!
5T'+,nR(+'8!
&3-/S!
&+1)!
[!ti0/]
LT'+,nR(+'L!!!
XJYB""!
/!ti0//
/n/!0i5/
[!di5%]
Lk31nR(+'L!!!
l):)'/+&!
E2G!
!
M1! 1(+*&! /&! 3,,)&?/P! g4! Lk31nT'+,L! /1! 3220-3'):A! ,-+?02)?! /&! "YY}! +<! '()!
231)1!<-+;!"J#!+&*3-?1!/&!%&z1D!?3'3B!M1!<+-!LT'+,BBR(+'L!/'!/1!,-+?02)?!/&!3!'3->)'K:/V)!
<31(/+&! /&! $"}! +<! '()! 231)1! 3'! "J"YB! Q()! ,3'')-&! Lk31nR(+'L4! +&! '()! 2+&'-3-A4! /1!
!
X[Y!
/&<-)I0)&':A!3'');,')?!3&?!&+!3220-3')!,-+?02'/+&!/1!+91)-.)?!/&!'(/1!,)-/+?!E'()-)!3-)!
"Y!3'');,'14!9)'*))&!"J$!3&?!XJ""4!3::!-)&?)-)?!/&!3:')-&3'/.)!*3A1GB!
!
a8(b2#.#(!
M'!'()!3>)!+<!XJ"Y4!j+3&3!/1!3:-)3?A!,-+?02/&>!56768!1)I0)&2)1!*/'(!6"!<-/23'/.)1!
3&?! 6X! :3')-3:1! /&! 5W-/2nT'+,8! 3&?! 5T'+,nb3'8! 2+;9/&3'/+&1! E)P3;,:)1! /&! E3G! 3&?! E9G4!
9):+*GB! ]+*).)-4! '()! '3->)'! 2+;9/&3'/+&! LW-/2nb3'L! /1! 109;/'')?! '+! 3:')-&3'/.)!
1'-3')>/)1!E;+1':A!1091'/'0'/+&!+<!'()!:3')-3:!9A!3!>:/?)G!0&'/:!'()!:31'!1)11/+&!3&3:AS)?4!3'!
CJY!E)P3;,:)!E2G!/&!EX#$GGB!
!
!"QV$ %;.)A36(5.03(+%(-:)),503,-\%^D034hP(5^%L%b.(6(%
!
E3G!
M>)!
XJXB"U!
`-'(+>-B!
132+!
g:+11!
93>!
E9G!
XJ"YB#!
2+:+!
:3,!
E2G!
XJZKCJY!
.):31!
23&?:)1!
Q3->)'!
/!saku/
`0',0'!
[!5aku]
/!k"lu/
/!v*l/5/
Q3->)'!N+M!
LW-/2nT'+,L!!
`0',0'!N+M!
5W-/2nT'+,8!!
[ !k"lu]
LT'+,nb3'L!!!
5T'+,nb3'8!
[!v*w/5]
LW-/2nb3'L!!!!!
5W-/2ng:/?)8!
!
!
M'!XJ"Y4!j+3&3!,-+?02)1!5W-/2nT'+,8!/&!3!'3->)'K:/V)!<31(/+&!/&!"YY}!+<!'()!231)1!
3&?!5T'+,nb3'8!/&!X[}!+<!'()!3'');,'1B!Q()!'3->)'!,3'')-&!LW-/2nb3'L4!(+*).)-!/1!&).)-!
,-+?02)?! 3220-3'):A! /&! '()! 13;)! '/;)K<-3;)\! 3::! U! 3'');,'1! 9)'*))&! X4X! 3&?! XJ"Y! 3-)!
109;/'')?!'+!3:')-&3'/.)!1'-3')>/)1!E1))!3,,)&?/P!gGB!
!
M! 1/;/:3-! ,3'')-&! *31! +91)-.)?! <+-! '3->)'1! Lk31nb3'LB! M'! '()! 3>)! +<! XJ"Y4! j+3&3! /1!
3:-)3?A!,-+?02/&>!&+&K(3-;+&/2!1)I0)&2)1!*/'(!6"!&313:!E5k31nT'+,8G!3&?!1)I0)&2)1!
*/'(!6X!:3')-3:!E5T'+,nb3'8G!E)P3;,:)1!/&!EX##G!E3G!3&?!E9GG4!90'!?+)1!&+'!2+;9/&)!9+'(!
ELk31nb3'LG! 0&'/:! '()! 3>)! +<! [J[B! O)'*))&! XJC! 3&?! [JX4! Lk31nb3'L! /1! -)&?)-)?! 31!
5k31ng:/?)8!E)P3;,:)!/&!E2G4!9):+*GB!
!
!"QQ$ %;.)A36(5.03(+%(-:)),503,-\%^g(-hP(5^%L%b.(6(%
!
E3G!
M>)!
XJXB"U!
`-'(+>-B!
k)231!
g:+11!
,-+,B&+0&!
Q3->)'!
/!n*k/5/
`0',0'!
[!n*k/s]
Q3->)'!N+M!
Lk31nT'+,L!!
`0',0'!N+M!
5k31nT'+,8!!
E9G!
XJ"YB#!
2+:+!
:3,!
5T'+,nb3'8!
XJCK[JX!
;+:3!
1,-/&>!
[ !k"lu]
LT'+,nb3'L!!!
E2G!
/!k"lu/
/!m"l//
[!m"w/]
Lk31nb3'L!!!!!
5k31ng:/?)8!
!
M&+'()-!2+;9/&3'+-/3:!-)1'-/2'/+&!*31!+91)-.)?!/&!j+3&3D1!?3'3\!3'!'()!3>)!+<![J[4!
'(/1! 2(/:?! (31! 3:-)3?A! 32I0/-)?! 2+;9/&3'/+&1! */'(! k31! /&! 6"! E5k31nW-/28G! 3&?!
2+;9/&3'/+&1!*/'(!R(+'!/&!6X!5W-/2nR(+'8G!E)P3;,:)1!/&!EX#UG!E3G!3&?!E9GG4!90'4!3'!'(3'!
13;)!3>)4!Lk31nR(+'L!'3->)'1!3-)!109;/'')?!'+!?):)'/+&!E)P3;,:)!E2GGB!!
!
!"QU$ %;.)A36(5.03(+%(-:)),503,-\%^g(-hI7.5^%L%b.(6(%
!
E3G!
M>)!
XJZBXC!
`-'(+>-B!
&).)!
g:+11!
1&+*!
E9G!
[J[BX[!
<+-3!
+0'!
E2G!
[J[BX[!
&3-/S!
&+1)!
!
Q3->)'!
/!n*v4/
`0',0'!
[!n*v]
/!f"0//
/n/!0i5/
Q3->)'!N+M!
Lk31nW-/2L!!!
`0',0'!N+M!
5k31nW-/28!!!
[!f"0/]
LW-/2nR(+'L!!
5W-/2nR(+'8!!
[n/!i5]
Lk31nR(+'L!!!
l):)'/+&!
X["!
!
Q()-)!3-)!+&:A!#!3'');,'1!+<!Lk31nR(+'L!/&!j+3&3D1!?3'34!9)'*))&!XJX!3&?![JZ4!
3::!109;/'')?!'+!3:')-&3'/.)!1'-3')>/)1!E1))!3,,)&?/P!gGB!
(
!8(A35#((
M'! XJHB"H4! b0;3! ,-+?02)1! 3220-3')! 2+;9/&3'/+&1! */'(! 6"! <-/23'/.)1!
E5W-/2nT'+,8G!3&?!2+;9/&3'/+&1!*/'(!6X!:3')-3:1!E5T'+,nb3'8G!)P3;,:)1!/&!EXUYG!E3G!3&?!
E9G!9):+*GB!]+*).)-4!3'!'(/1!13;)!3>)4!'()!'3->)'!1)I0)&2)!LW-/2nb3'L!/1!-)&?)-)?!/&!3!
1091'/'0'/+&!,3'')-&4!*()-)!'()!:3')-3:!/1!-),:32)?!9A!3!&313:!E)P3;,:)!E2G4!/&!EXUYGGB!
!"UH$ %;.)A36(5.03(+%(-:)),503,-\%^D034hP(5^%L%P2)(%
!
E3G!
M>)!
XJ[BXZ!
`-'(+>-B!
13&'+!
g:+11!
13/&'!
E9G!
XJHB"H!
9+:3!
93::!
E2G!
XJHB"H!
.):3!
23&?:)!
Q3->)'!
/!s/'tu/
`0',0'!
[!s3/'tu]
/!b"l//
[!b"l/]
/!v*l//
[!v*n/]
Q3->)'!N+M!
LW-/2nT'+,L!!
`0',0'!N+M!
5W-/2nT'+,8!
LT'+,nb3'L!!!
5T'+,nb3'8!
LW-/2nb3'L!!!!!!
5W-/2nk318!
!
!
M1! 1(+*&! /&! 3,,)&?/P! g4! b0;3! ,-+?02)1! 5W-/2nT'+,L! ,3'')-&1! /&! 3! '3->)'K:/V)!
<31(/+&! /&! 39+.)! #Y}! +<! '()! 3'');,'1! <-+;! XJ[! +&*3-?1J! ! 31! <+-! LT'+,nb3'L4! /'! /1!
,-+?02)?! 3220-3'):A! /&! HY}! +<! '()! 231)1! 3'! XJHB! %&! '(/1! 13;)! 1)11/+&4! (+*).)-4!
LW-/2nb3'L!/1!3'');,')?!'*/2)4!90'!-)&?)-)?!/&!3:')-&3'/.)!*3A1B!
!
M&+'()-! 2+;9/&3'/+&! /1! ,-+9:);3'/2! <+-! b0;3\! 3'! '()! 3>)! +<! XJCB""4! '(/1! 2(/:?! /1!
3:-)3?A!39:)!'+!,-+?02)!2+;9/&3'/+&1!*/'(!6"!&313:1!E5k31nT'+,8G!/&!ZC}!+<!'()!231)1!
3&?! 2+;9/&3'/+&1! */'(! 6X! <-/23'/.)1! E5T'+,nW-/28G! 39+.)! #Y}! +<! '()! 3'');,'1! 90'! '()!
'(-))! 3'');,'1! +<! Lk31nW-/2L! 3'! '(3'! 13;)! 3>)! 3-)! -)&?)-)?! /&! 3! 1091'/'0'/+&! ,3'')-&4!
*()-)!'()!&313:!/1!-),:32)?!9A!3!1'+,B!Q()1)!,3'')-&1!3-)!/::01'-3')?!9):+*B!
!
!"UF$ %;.)A36(5.03(+%(-:)),503,-\%^g(-hD034^%L%P2)(%
!
!
E3G!
M>)!
XJCB""!
`-'(+>-B!
&3?3!
g:+11!
&+'(/&>!
Q3->)'!
/!nad//
`0',0'!
[!nad/]
Q3->)'!N+M!
Lk31nT'+,L!!!
`0',0'!N+M!
5k31nT'+,8!!!
E9G!
XJCB""!
2313!
(+01)!
;+2(+!
+*:!
[ka7/]
5T'+,nW-/28!
XJCBXH!
/!kaz//
LT'+,nW-/2L!!
E2G!
/!mo5u/
[!bo7u%]
Lk31nW-/2L!!
5T'+,nW-/28!
!
%&! 10;4! '3->)'! L676L! 1)I0)&2)1! 2+&'3/&/&>! 2+;9/&3'/+&1! +<! 1+&+-3&'1! */'(!
<-/23'/.)1! ELW-/2nb3'L4! Lb3'nW-/2L4! Lk31nW-/2LG! 3-)! ,-+9:);3'/2! <+-! '(-))! +<! '()!
2(/:?-)&! 1'0?/)?! E%&z14! j+3&34! b0;3GJ! '()! 2+;9/&3'/+&! +<! &313:1! */'(! +'()-! 1+&+-3&'1!
3:1+! ,+1)1! 1+;)! ,-+9:);1\! Lk31nR(+'L! E/&! %&z1! 3&?! j+3&3D1! ?3'3G! 3&?! Lk31nb3'L! E/&!
j+3&3D1!4.0*2-GB!
)8)(K355#'>(((
!
Q()!3:')-&3'/.)!1'-3')>/)1!<+-!L6=+M76=+ML!'3->)'1!+91)-.)?!/&!'()!?3'3!+<!'()!</.)!
2(/:?-)&!+9)A!'+!1+;)!>)&)-3:!'-)&?14!10;;3-/S)?!9):+*B!
M1!<3-!31!/&'3V)!,3'')-&1!3-)!2+&2)-&)?4!'()!<+::+*/&>!'-)&?1!*)-)!+91)-.)?\!
!
X[X!
!
(a) Q()! )3-:/)1'! 3&?! ;+-)! <-)I0)&':A! 3'');,')?! ,3'')-&1! 3-)! Lb39n6+-L! 3&?!
Ll+-n6+-L4!*(/2(!3-)!3:1+!'()!</-1'!'+!9)!32I0/-)?4!9A!;+1'!2(/:?-)&B!
(b) Q()! :3')1'! 3&?! :)11! <-)I0)&':A! 3'');,')?! ,3'')-&1! 3-)! L6+-nl+-L4! Lb39nl+-L! 3&?!
Ll+-nb39L4!*(/2(!')&?!'+!9)!'()!:31'!2+;9/&3'/+&1!32I0/-)?B!
(c) eP2),'! <+-! %&z14! 2(/:?-)&! ')&?! '+! 3.+/?! &+&K(+;+->3&/2! '3->)'1! /&! '()! 56=+MF6=+M8!
1'3>)B!M!10??)&!/&2-)31)!/&!'()!/&'3V)!/1!+91)-.)?4!'(+0>(4!*()&!'()!</-1'!56=+M76=+M8!
,-+?02'/+&!/1!32I0/-)?B!!
(d) 6:3-3! /1! 3! ,-/;)! )P3;,:)! +<! 3! 1):)2'+-J! 1()! '-/)1! '+! ,-+?02)! +&:A! '(-))! &+&K
(+;+->3&/2!,3'')-&14!90'!-)&?)-1!'();!3220-3'):A!3'!'()!</-1'!3'');,'1B!
!
R)>3-?/&>! '()! 3:')-&3'/.)! +0',0'! 1'-3')>/)1! '(3'! 3<<)2'! '3->)'1! L676L! /&! '()!
56=+MF6=+M8! 1'3>)4! /'! *31! 1(+*&! '(3'! -)?0,:/23'/+&! /1! '()! ;+1'! <-)I0)&'! 1'-3')>AB! Q()!
+0',0'! <+-;1! ')&?! '+! 9)! +<! '()! 'A,)! 56/d@6/d@8J! '()! -)?0,:/23')?! 1A::39:)! /1! ;+1'!
<-)I0)&':A!'()!'3->)'!1'-)11)?!+&)B!Q()-)!3-)!3:1+!1+;)!231)1!+<!56F68!+0',0'1!*()-)!'()!
'*+!1A::39:)1!3-)!&+!:+&>)-!/?)&'/23:!o!!56/d@6/dV84!,3-'/20:3-:A!3'!:3')-!1)11/+&1B!
M1!<+-!'()!3:')-&3'/.)!+0',0'!1'-3')>/)1!'(3'!+220-!/&!'()!56=+M76=+M8!1'3>)4!'(-))!;3/&!
'A,)1!*)-)!+91)-.)?\!
!
!
(a) T'-3')>/)1! 3<<)2'/&>! &+&K32I0/-)?! =+M! <)3'0-)1! /&! 9+'(! *+-?K,+1/'/+&1! o! ;+1':A!
1091'/'0'/+&14!*()-)!'()!'3->)'1!')&?!'+!9)!?+-13:1!E/&!j+{+D1!?3'3G!+-!:39/3:!<-/23'/.)1!
E;+1':A!/&!%&z1!3&?!j+{+D1!?3'3GB!Q()!/&1)-')?!=+M!/1!;+1'!+<')&!6+-+&3:B!
!
(b) T'-3')>/)1! 3<<)2'/&>! &+&K32I0/-)?! =+M! <)3'0-)1! /&! 3! ,3-'/20:3-! *+-?K,+1/'/+&1! o!
;+1':A!L676LKh56768!,3'')-&1!3&?!;)'3'()1/1!K!'()!;+1'!<-)I0)&':A!3<<)2')?!<)3'0-)!
/1!b39/3:4!/&!6X!,+1/'/+&B!!
(c) T'-3')>/)1! 3<<)2'/&>! 1,)2/</2! =+M! 2+;9/&3'/+&1B! O+'(! 2+;9/&3'+-/3:! 3&?! ,+1/'/+&3:!
-)1'-/2'/+&1! *)-)! +91)-.)?! /&! b0;3D1! ?3'34! -)>3-?/&>! '()! '3->)'! 2+;9/&3'/+&!
Ll+-nb39LB! Q()! 2(/:?! (31! 32I0/-)?! 5l+-n6+-8! 3&?! 56+-nb398! 90'! Ll+-nb39L!
'3->)'1!3-)!-)&?)-)?!31!5b39nb398B!
!
Q()!3:')-&3'/.)!1'-3')>/)1!<+-!L6N+M76N+ML!'3->)'1!+91)-.)?!/&!'()!?3'3!+<!'()!</.)!
2(/:?-)&!+9)A!'+!1+;)!>)&)-3:!'-)&?14!10;;3-/S)?!9):+*B!
M1!<3-!31!/&'3V)!,3'')-&1!3-)!2+&2)-&)?4!'()!<+::+*/&>!'-)&?1!*)-)!+91)-.)?\!
!!
(a) Q()! )3-:/)1'! 3&?! ;+-)! <-)I0)&':A! 3'');,')?! ,3'')-&1! ')&?! '+! 9)! 2+;9/&3'/+&1! +<!
+91'-0)&'14!2+;9/&3'/+&1!+<!1'+,1!3&?!&313:1!3&?!2+;9/&3'/+&1!+<!6"!1'+,1!*/'(!6X!
:/I0/?1! ELT'+,nb3'LJ! LT'+,nR(+'LGB! Q()1)! 2+;9/&3'/+&1! 3-)! 3:1+! '()! </-1'! '+! 9)!
32I0/-)?!/&!,-+?02'/+&4!9A!;+1'!2(/:?-)&B!
!
X[[!
(b) Q()! :3')-! 3&?! :)11! <-)I0)&':A! 3'');,')?! ,3'')-&1! ')&?! '+! 9)! 2+;9/&3'/+&1! */'(/&!
1+&+-3&'1! E9)'*))&! &313:1! 3&?! :/I0/?1J! 9)'*))&! :3')-3:1! 3&?! -(+'/21G! 3&?!
2+;9/&3'/+&1! +<! <-/23'/.)1! 3&?! 1+&+-3&'1B! Q()1)! ,3'')-&1! ')&?! '+! 9)! 32I0/-)?! :3')-!
9A!3::!2(/:?-)&B!
(c) Q()! &0;9)-! 3&?! .3-/)'A! +<! &+&K(3-;+&/2! ,3'')-&1! 3'');,')?! /&2-)31)1! <-+;! '()!
;+;)&'!2(/:?-)&!)&')-!'()!56N+M76N+M8!1'3>)B!
!
!
R)>3-?/&>! '()! 3:')-&3'/.)! 1'-3')>/)1! '(3'! 3<<)2'! '3->)'1! L6N+M76N+ML! /&! '()!
56N+MF6N+M8!1'3>)4!-)?0,:/23'/+&!/1!'()!;+1'!<-)I0)&'!1'-3')>AB!Q()!+0',0'!<+-;1!')&?!'+!
9)!+<!'()!'A,)!56/d@6/d@8J!'()!-)?0,:/23')?!1A::39:)!/1!;+1'!<-)I0)&':A!'()!'3->)'!1'-)11)?!
+&)B!Q()-)!3-)!3:1+!1+;)!231)1!+<!56F68!+0',0'1!*()-)!'()!'*+!1A::39:)1!3-)!&+!:+&>)-!
/?)&'/23:!o!!56/d@6/dV84!3'!:3')-!1)11/+&1B!
!
!
M1! <+-! '()! 3:')-&3'/.)! +0',0'! 1'-3')>/)1! '(3'! +220-! /&! '()! 56N+M76N+M8! 1'3>)4! '(-))!
;3/&!'A,)1!*)-)!+91)-.)?\!
!
(a) M<<)2'/&>! &+&K32I0/-)?! N+M! /&! 9+'(! *+-?K,+1/'/+&14! ;+1':A! 1091'/'0'/+&1! +<!
<-/23'/.)1! 3&?! :/I0/?1B! Q()! /&1)-')?! N+M! /1! ;+1'! +<')&! 3! T'+,B! ]+*).)-4! '()-)! 3-)!
1+;)! 231)1! +<! 1091'/'0'/+&! +<! :/I0/?1! 9A! 3&+'()-! 1+&+-3&'! E&313:! +-! >:/?)G4!
,3-'/20:3-:A!/&!6X!,+1/'/+&B!
!
(b) M<<)2'/&>! &+&K32I0/-)?! N+M! /&! 3! ,3-'/20:3-! *+-?K,+1/'/+&1J! '()! ;+1'! <-)I0)&':A!
3<<)2')?! 2:311! /1! b3')-3:4! /&! 6"! ,+1/'/+&B! ! Q()! 1'-3')>/)1! 01)?! '+! 2+,)! */'(! '(/1!
,+1/'/+&3:! 31A;;)'-A! 23&! 9)! /&1)-'/+&! +<! 1'+,! /&! 6"! E1091'/'0'/+&G! +-! ;)'3'()1/1!
E+220-1! +&:A! /&! %&z1D! ?3'3GB! `'()-! 1+0&?1! 3-)! 3:1+! 3<<)2')?\! ! <-/23'/.)1! /&! 6"! E%&z1GJ!
&313:1!/&!6"!Ej+{+GB!!
!
(c) M<<)2'/&>! 1,)2/</2! N+M! 2+;9/&3'/+&1J! 2+;9/&3'+-/3:! -)1'-/2'/+&1! *)-)! +91)-.)?!
2+&2)-&/&>!'*+!;3/&!'A,)1!+<!56N+M76N+M8!,3'')-&1\!E/G!2+;9/&3'/+&1!+<!&313:1!*/'(!
+'()-!1+&+-3&'1!3&?!E//G!2+;9/&3'/+&1!+<!<-/23'/.)1!3&?!1+&+-3&'1B!
(
)8^(W+07300+2.((
!
Q*+! ;3/&! -)1)3-2(! I0)1'/+&1! 0&?)-:/)! '()! 20--)&'! 2(3,')-\! E/G! *(3'! 1'-3')>/)1!
=+-'0>0)1)! 2(/:?-)&! -)20-! '+! *()&! 2+,/&>! */'(! L676L! '3->)'1J! 3&?! E//G! *(3'! 23&! '(+1)!
1'-3')>/)1!')::!01!39+0'!2(/:?-)&D1!:)P/23:!-),-)1)&'3'/+&1B!%&!1091)2'/+&1!M!3&?!O4!*)!*/::!
?/12011! '()! ;3/&! </&?/&>1! -)>3-?/&>! '()! I0)1'/+&! >/.)&! /&! E/GB! O31)?! +&! '(+1)! </&?/&>14!
!
X[C!
*)!*/::!,-)1)&'4!/&!1091)2'/+&!64!3!?/12011/+&!+&!'()!&3'0-)!+<!2(/:?-)&D1!-),-)1)&'3'/+&14!
'(-+0>(+0'!?).):+,;)&'!E/&!56F68!3&?!56768!1'3>)1GB!
`&)! /;,+-'3&'! 31,)2'! *+-'(! );,(31/S/&>! ()-)! /1! '(3'! ;+1'! +<! '()! 3:')-&3'/.)!
+0',0'!<+-;1!+91)-.)?!<+-!'3->)'1!L676L!?+!&+'!-)10:'!<-+;!2+;9/&3'+-/3:!-)1'-/2'/+&1\!
'()A! 23&! -)10:'! <-+;! 1).)-3:! /&?),)&?)&'! <32'+-1! &3;):A! '()! :3')! 32I0/1/'/+&! +<! 1+;)!
<)3'0-)1! /&! 1,)2/</2! *+-?! ,+1/'/+&1! E1))! 1)2'/+&1! M! 3&?! OGB! ]+*).)-4! '()-)! 3-)4! /&! <32'4!
1+;)!3:')-&3'/.)!1'-3')>/)1!'(3'!1));!'+!9)!;+'/.3')?!9A!2+;9/&3'+-/3:!-)1'-/2'/+&1!E1))!
1)2'/+&!OGB!!
!
B8((e?D([!\!](KeBCDF(ADf6!BA(KDAD!e6gP(BPW([!T!]:h[!\!]($#%%&'.0!!(
!
%&!1)2'/+&1!ZBC!3&?!ZBH4!*)!+91)-.)?!'(3'4!/&!'()!,)-/+?!*()&!&+!L676L!,3'')-&!
(31! A)'! 9))&! 32I0/-)?4! 2(/:?-)&! )/'()-! 3.+/?! &+&K(3-;+&/2! '3->)'1! +-! -)&?)-! '()! <)*!
,3'')-&1! 3'');,')?! /&! (3-;+&/2! +0',0'! <+-;1! EL676LKh56F68GB! ! i)! */::! ?/12011! '(+1)!
'(-))!1'-3')>/)1!/&!'()!<+::+*/&>!1091)2'/+&1B!
!
Y6Z
KDAD!e6gP(Ke<BeDCi(
6(/:?-)&!')&?!'+!3.+/?!&+&K(3-;+&/2!1)I0)&2)1!/&!'()!56F68!1'3>)4!,3-'/20:3-:A!'()!
+&)1!'(3'!2+;9/&)!;3-V)?!=+M!+-!N+MB!`&)!+<!'()!2(/:?-)&!E6:3-3G!/1!'()!,-/;)!)P3;,:)!
+<! :)P/23:! 1):)2'/+&4! 31! <3-! 31! =+M! /1! 2+&2)-&)?\! 1()! 3'');,'1! +&:A! '(-))! L6=+M76=+ML!
,3'')-&1! 0&'/:! '()! :31'! 1)11/+&! 1'0?/)?! E3'! "J"YG! 3&?! '()! '(-))! ,3'')-&1! 3-)! ,-+?02)?!
3220-3'):A!3'!'()!</-1'!3'');,'1B!6:3-3!?+)1!&+'!3'');,'!3&A!+'()-!?/1A::39/2!L6=+M76=+ML!
1'-02'0-)J! /'! 1));1! '(3'! '(/1! 2(/:?! 1):)2'1! +&:A! *(3'! 1()! 23&! ,-+?02)4! 3&?! 3.+/?1! '()!
,3'')-&1!'(3'!3-)!1'/::!,-+9:);3'/2!/&!()-!1A1');B!
Q()! :)P/23:! 1):)2'/+&! 1'-3')>A! (31! +<')&! 9))&! -),+-')?! /&! '()! :/')-3'0-)! +&! )3-:A!
?).):+,;)&'!EW)->01+&!3&?!W3-*)::4!"U$HJ!f/,3-1VA!a!N)&&!E"U$$GJ!T'+):Kg3;;+&!a!
6++,)-4!"U#CG4!31!;)&'/+&)?!/&!1)2'/+&!ZB"BHB!Q()!)3-:A!,-)?+;/&3&2)!+<!56F68!,3'')-&1!
/&! /&'3V)! <+-;1! (31! 9))&! &+'/2)?4! <+-! /&1'3&2)4! /&! N32V)&! E"U$UGJ! b).):'! E"UUCG! 3&?!
T'+):Kg3;;+&! EXYYXGB! Q(/1! 1'-3')>A! (31! +<')&! 9))&! ./)*)?! 31! 3! *3A! +<! >03-3&'))/&>!
<3/'(<0:&)11\! 2(/:?-)&! 1):)2'! '3->)'! *+-?1! '(3'! 2+;,:A! */'(! '()/-! )3-:A! ,(+&+:+>/23:!
39/:/'AB!!
M22+-?/&>!'+!W/VV)-'!a!b).):'!EXYY#G4!'()!/&2-)31)!/&!2(/:?-)&D1!/&'3V)!<+-;1!E/&!1/S)!
3&?!.3-/39/:/'AG!:)3?1!'+!'()!>-+*'(!+<!'()!&0;9)-!+<!,-+?02'/+&1!'(3'!?)./3')!<-+;!'()!
'3->)'!1'-02'0-)B!=+-'0>0)1)!2(/:?-)&!1(+*!3!1/;/:3-!,3'')-&\!/'!/1!*()&!'()!&0;9)-!+<!
?/<<)-)&'! L676L! ,3'')-&1! /&2-)31)1! /&! '()! /&'3V)! E/B)B! *()&! '()! </-1'! &+&K(3-;+&/2!
,3'')-&1!3-)!32I0/-)?!3&?!2(/:?-)&!)&')-!'()!56768!1'3>)G!'(3'!'()!&0;9)-!3&?!'A,)!+<!
3:')-&3'/.)!1'-3')>/)1!/&2-)31)1!E1))!1091)2'/+&!OGB!!
!
!
X[H!
T'/::!-)>3-?/&>!'()!/&'3V)4!*/'(/&!=+M!,3'')-&14!'()!)3-:/)1'!3&?!;+-)!<-)I0)&':A!
3'');,')?!1)I0)&2)1!3-)!Lb39n6+-L!3&?!Ll+-n6+-L!E1))!1)2'/+&!ZBCB"GB!M1!<+-!;3&&)-!
<)3'0-)14! '()! 1)I0)&2)1! '(3'! 3-)! 3'');,')?! )3-:/)-! 3&?! ;+-)! +<')&! ')&?! '+! 9)!
2+;9/&3'/+&1!+<!1'+,1!3&?!&313:14!1'+,1!3&?!<-/23'/.)1!+-!2+;9/&3'/+&1!+<!6"!1'+,1!*/'(!
6X! :/I0/?1! E1))! 1)2'/+&! ZBHB"GB! O+'(! '()! =+M! 3&?! '()! N+M! 1)I0)&2)1! -)<)--)?! '+! 39+.)!
')&?! '+! 9)! 3;+&>1'! '()! </-1'! 56768! ,3'')-&1! 32I0/-)?! /&! ,-+?02'/+&B! M1! 3:-)3?A!
;)&'/+&)?4! '(/1! <32'! 1(+*1! '(3'! 2(/:?-)&! ')&?! '+! 3'');,'! '()! <+-;1! '()A! 23&! 3:-)3?A!
(3&?:)!E1))!2(3,')-![4!<+-!1/;/:3-!</&?/&>1GB!!M1!<+-!'()!&+&K(3-;+&/2!,3'')-&1!'(3'!3-)!
3.+/?)?!/&!'()!</-1'!1)11/+&14!'()A!')&?!'+!9)!2+;9/&3'/+&1!+<!;3-V)?!<)3'0-)1\!b39!3&?!
l+-!<+-!,:32)!3&?!k31!3&?!b/I!+-!W-/2!3&?!T+&+-4!<+-!;3&&)-B!!
!
"#$%&#'(%#)*!)+!,-.-/!$01(0*20$3!#*%450!4*6!46(7%!$80029!
M1! ;)&'/+&)?! /&! 1)2'/+&1! ZBC! 3&?! ZBH4! '()! ,3'')-&1! '(3'! 3-)! 3'');,')?! 3&?!
32I0/-)?!)3-:A!')&?! 3:1+!'+!9)!3;+&>1'!'()!;+1'!<-)I0)&':A!,-+?02)?!/&!'()!13;,:)!+<!
e=! 3?0:'! 1,))2(! E1))! 1)2'/+&! ZB[GB! M1! <3-! 31! ,:32)! <)3'0-)! ,3'')-&1! 3-)! 2+&2)-&)?4!
5b39n6+-8! 3&?! 5l+-n6+-8! 3-)! '()! '*+! ;+1'! <-)I0)&':A! ,-+?02)?! /&! '()! 3?0:'! 13;,:)\!
[Z}! 3&?! X[}4! -)1,)2'/.):A! E1))! '39:)! EXCCG4! 1)2'/+&! ZB[GB! M1! <+-! ;3&&)-! <)3'0-)14! '()!
2+;9/&3'/+&1! +<! 1'+,1! 3&?! &313:14! 1'+,1! 3&?! <-/23'/.)1! 3&?! 6"! 1'+,1! 3&?! 6X! :/I0/?1! 3-)!
3:1+! '()! ;+1'! +<')&! ,-+?02)?\! 5k31nT'+,8! X[}J! 5T'+,nW-/28! X"}J! 5T'+,nk318! "H}J!
5T'+,nb3'8!#}!!E1))!'39:)!EXCHG4!1)2'/+&!ZB[GB!!
%&!10;4!'()!;+1'!<-)I0)&'!,:32)!3&?!;3&&)-!56768!2+;9/&3'/+&1!/&!3?0:'!1,))2(!
')&?! '+! 9)! 3'');,')?! 3&?! 32I0/-)?! )3-:A! 9A! '()! 2(/:?-)&! 1'0?/)?B! %'! '(01! 1));1! '(3'!
?/1'-/90'/+&3:! ,-+,)-'/)1! +<! '()! /&,0'! ;3A! 9)! ,:3A/&>! 3! -+:)! /&! '()! 32I0/1/'/+&! +<! 56768!
1)I0)&2)1B! W/VV)-'! a! b).):'! EXYY#G! -),+-'! 1/;/:3-! -)10:'1! /&! '()! 32I0/1/'/+&! +<! =+M! /&!
l0'2(J! 322+-?/&>! '+! '()1)! 30'(+-14! 5b39n6+-8! *+-?1! 3-)! (/>(:A! <-)I0)&'! /&! '()! /&,0'!
:3&>03>)!3&?!3-)!3:1+!1):)2')?!I0/')!+<')&!9A!l0'2(!:)3-&)-1B!Q()&4!931)?!+&!'()/-!/&'3V)!
,3'')-&14! 2(/:?-)&! >)&)-3:/S)! '(3'! b39/3:! (31! '+! 9)! 311+2/3')?! '+! *+-?K/&/'/3:! ,+1/'/+&!
E1))! ZB"BXGB! W/VV)-'4! b).):'! a! d3&! ?)! i)/@)-! EXYYXG! <0-'()-! 10>>)1'! '(3'! ?/<<)-)&'!
?/1'-/90'/+&1! /&! /&,0'! :3&>03>)1! 23&! :)3?! '+! 2-+11K:/&>0/1'/2! ?/<<)-)&2)1! /&! '()! 'A,)! +<!
2+&1'-3/&'1!'(3'!);)->)!/&!'()!9)>/&&/&>!+<!'()!56768!1'3>)\!?0)!'+!'()!:32V!+<!)./?)&2)!
<+-!*+-?K/&/'/3:!?+-13:14!l0'2(!2(/:?-)&!*+0:?!>)&)-3:/S)!'*+!'A,)1!+<!2+&1'-3/&'1\!5b39!
3&?!r5l+-4!*(/:)!e&>:/1(!2(/:?-)&!*+0:?!(3.)!9+'(!5b39!3&?!5l+-!E1))!1)2'/+&!ZB"BXGB!%&!
'(/1! :/&)! +<! '(+0>(4! '()&4! e=! ?3'3! -)1);9:)1! e&>:/1(4! 1/&2)! =+-'0>0)1)! 2(/:?-)&! 23&!
,-+?02)!56768!1)I0)&2)1!*/'(!9+'(!6"!b39/3:!3&?!6"!l+-13:B!
%'! '(01! 1));1! '(3'4! <-+;! '()! ;+;)&'! '()! </-1'! 56768! ,3'')-&1! 3-)! 32I0/-)?4! '()!
-):3'/+&! 9)'*))&! 2(/:?-)&D1! ?/1'-/90'/+&3:! ,3'')-&1! E/&'3V)! 3&?! ,-+?02'/+&G! 3&?! '()!
!
X[Z!
?/1'-/90'/+&!/&!'()!/&,0'!:3&>03>)!/1!I0/')!2:+1)B!]+*).)-4!'()!&3'0-)!+<!'(/1!-):3'/+&!/1!
1'/::!&+'!2:)3-!3&?!&))?1!'+!9)!<0-'()-!/&.)1'/>3')?!E1))!1)2'/+&!ZB#GB!
!
Y66Z
e?D(S!T!S:h[!\!](GBeeD<PK((
i/'(/&! '()! 56F68! 1'3>)4! '*+! 'A,)1! +<! (3-;+&/2! <+-;1! 23&! 9)! ,-+?02)?4! <+-! &+&K
(3-;+&/2! '3->)'1\! 56/d@6/d@84! *(/2(! 3-)! /&')-,-)')?! 31! -)?0,:/23'/+&1! 3&?! 56/d@6/dV84!
*(/2(!2+0:?!9)!2:311/</)?!31!6]Kb/V)!<+-;1B!i)!*/::!)P,:+-)!9+'(!'A,)1!+<!+0',0'!<+-;1!
1),3-3'):AB!!
!
:06(87#24%#)*!
N+1'! +<! '()! L676LKh56F68! ,3'')-&1! +91)-.)?! /&! '()! </-1'! 1)11/+&1! 23&! 9)!
/&')-,-)')?!31!-)?0,:/23'/+&14!1/&2)!'()A!2+--)1,+&?!'+!+0',0'!56/d@6/d@8!1)I0)&2)1B!Q()!
-)?0,:/23')?!1A::39:)!')&?1!'+!9)!'()!'3->)'!1'-)11)?!1A::39:)J!/&!'(/1!-)1,)2'4!=+-'0>0)1)!
2(/:?-)&D1! ?3'3! -)1);9:)! 32I0/1/'/+&! ,3'')-&1! -),+-')?! /&! +'()-! :3&>03>)1! Ei3')-1+&4!
"U$"J!%&>-3;4!"U$UJ!b:c+4!"UUZGB!!
M1! ;)&'/+&)?! /&! 1)2'/+&! ZB"B"4! 1+;)! 30'(+-1! (3.)! 10>>)1')?! '(3'! -)?0,:/23'/+&!
23&!9)!./)*)?!31!3!*3A!<+-!2(/:?-)&!'+!;3'2(!'()!)P,)2')?!:)&>'(!+<!'()!*+-?!3&?4!3'!'()!
13;)!'/;)4!2+;,:A!*/'(!'()!-)I0/-);)&'!+<!=+M!/?)&'/'A!*/'(/&!'()!*+-?!Eb:c+4!"UUZGB!!
`'()-! 1'0?/)1! 3->0)! '(3'! -)?0,:/23'/+&1! 2+&1'/'0')! 3! *3A! +<! 2+,/&>! */'(! ;0:'/1A::39/2!
'3->)'!<+-;14!*()'()-!;+'/.3')?!9A!'()!,-)<)-)&2)!<+-!102(!<+-;1!EW))!a!%&>-3;4!"U#XG!
+-!9A!'()!3.+/?3&2)!+<!/'1!2+;,:)P/'A!ET2(*3-'S!)'!3:B4!"U#YJ!1))!-)./)*!/&!f:)/&4!XYYHGB!
Q()!?/12011/+&!+<!'()1)!3,,-+32()1!*+0:?!/&.+:.)!3&3:AS/&>!2(/:?-)&D1!,-+?02'/+&1!<+-!
'3->)'1!*+-?1!*/'(!?/<<)-)&'!:)&>'(1!E;+&+1A::39:)14!?/1A::39:)1!3&?!,+:A1A::39:)1GB!Q(/1!
3&3:A1/1!/14!(+*).)-4!9)A+&?!'()!12+,)!+<!'()!20--)&'!/&.)1'/>3'/+&B!Q()!</&?/&>1!'(3'!3-)!
-):).3&'! <+-! '()! 20--)&'! ?/12011/+&! 3-)! '(3'! -)?0,:/23'/+&! <+-;1! +220-! ;+1':A! 3'! '()!
56F68! 1'3>)! 3&?! '(3'! '()! ,-+?02)?! 1A::39:)! ')&?1! '+! 9)! '()! '3->)'! 1'-)11)?! +&)B! ! Q()!
/;,+-'3&2)! +<! '()! '3->)'! 1'-)11)?! 1A::39:)! <+-! A+0&>! :)3-&)-1! /1! 3:1+! )./?)&'! /&! '()!
,3'')-&1!'(3'!*/::!9)!?/12011)?!&)P'B!
!
-;<7#50!84%%0&*$!=!S!T!S:h[!+jk!+jl]!
=3-'/20:3-:A!3'!'()!:3')-!1)11/+&1!*/'(/&!'()!56768!1'3>)4!2(/:?-)&!,-+?02)!1+;)!
(3-;+&/2! <+-;1! <+-! '3->)'1! L676L! '(3'! 2+0:?! 9)! /&')-,-)')?! 31! '()! +0'2+;)! +<! 3&!
311/;/:3'/+&!,-+2)11!9)'*))&!'()!'*+!2+&1+&3&'1!+<!'()!*+-?B!%&!'()1)!231)14!'()!56F68!
+0',0'! <+-;1! ,-)1)&'! '*+! ?/<<)-)&'! .+*):1! 3&?! 3-)! &+'! /&')-,-)')?! 31! -)?0,:/23'/+&1B!
Q()1)! 231)1! /&.+:.)! ;+-)! +<')&! ,:32)! <)3'0-)1B! ! T+;)! )P3;,:)1! +<! '()1)! ,3'')-&1! 3-)!
-),)3')?!/&!EXUXGB!
!
!
X[$!
!"U"$ %&'()*+,-%./%6.6E0,12*+34(5,1%^;_;^EeW;f;a%*(55,06-%36%57,%W;>.Xf;>.Xa%-5(8,%
!
6(/:?!
M>)!
`-'(+>-B!
g:+11!
Q3->)'!
`0',0'!
Q3->)'!=+M!
`0',0'!=+M!
E3G!
%&z1!
"JCBU!
,+-'3!
?++-!
"JZB"Z!
9+:3!
93::!
[pu1!p/%]
5b39nb398!
j+{+!
/!p"0t//
Lb39n6+-L!!!!
E9G!
5b39nb398!
E2G!
b0;3!
XJXBC!
=3'/!
,-+,B&+0&!
56+-n6+-8!
b0;3!
XJXBXX!
9+:3!
93::!
[!tati]
Lb39n6+-L!!!!
E?G!
/pa!ti/
[!b/w/]
Lb39n6+-L!!!!
5b39nb398!
E)G!
b0;3!
XJXBXX!
>3'+!
23'!
[po!p/]
Lb39n6+-L!!!!
[!tatu]
Ll+-n6+-L!!!!
56+-n6+-8!
/!b"l//
/!b"l//
/!(atu/
%&!'()!,3'')-&1!/::01'-3')?!39+.)4!/'!1));1!'(3'!E/G!2+-+&3:!2+&1+&3&'1!10-<32)!31!
:39/3:!/&!'()!,-)1)&2)!+<!3&+'()-!:39/3:!2+&1+&3&'!/&!'()!*+-?!E1))!)P3;,:)1!/&!E3G4!E9G4!
E?G! /&! EXUXGG! 3&?! E//G! :39/3:! +-! ?+-13:! 2+&1+&3&'1! 9)2+;)! 2+-+&3:! /&! '()! ,-)1)&2)! +<!
3&+'()-!2+-+&3:!2+&1+&3&'!/&!'()!*+-?!E1))!)P3;,:)1!E2G!3&?!E)G!/&!EXUXG4!-)1,)2'/.):AGB!!
Q()1)!231)1!2+0:?4!3'!</-1'!1/>('4!9)!2:311/</)?!31!/&1'3&2)1!+<!2+&1+&3&'!(3-;+&AB!
]+*).)-4! 2+&'-3-A! '+! '()! ;+1'! 'A,/23:! 231)1! +<! 6]! -),+-')?! /&! '()! :/')-3'0-)! ET;/'(4!
"U$[J!=3')-!a!i)-:)4!XYY[4!3;+&>!+'()-1G4!'()-)!*+0:?!9)!&+!</P)?!?/-)2'/+&3:/'A!/&!'()!
,-+2)11! +<! 311/;/:3'/+&\! /'! 23&! +220-! <-+;! :)<'K'+K-/>('! E/&! Lb39n6+-LKh56+-n6+-8! 3&?!
Ll+-n6+-LKh56+-n6+-8! ,3'')-&1G! +-! <-+;! -/>('K'+K:)<'! E/&! Lb39n6+-LKh56+-n6+-84! 1))!
)P3;,:)!E2G!/&!EXUXGGB!k+')!3:1+!'(3'!'()!13;)!'3->)'!2+;9/&3'/+&!ELb39n6+-LG!23&!9)!
-)&?)-)?! )/'()-! 31! 5b39nb398! +-! 31! 56+-n6+-84! 9A! '()! 13;)! 2(/:?! Eb0;3GB! Q+! 10;! 0,4!
'()-)! /1! &+! 2:)3-! ,3'')-&! +<! 311/;/:3'/+&! /&! '()! (A,+'()'/23:! 231)1! +<! 6]! ;)&'/+&)?!
39+.)B!!
Q()!6]K:/V)!<+-;1!;)&'/+&)?!39+.)!+220-!/&!3!,)-/+?!*()-)!2(/:?-)&!3-)!01/&>!
'()!'3->)'!1'-)11)?!1A::39:)!31!'()/-!;3/&!3&2(+-!+<!1,)2/</23'/+&!E1'-)11)?!1A::39:)1!')&?!
'+!9)!-)?0,:/23')?GB!%<!*)!:++V!3'!'()!1'-)11)?!1A::39:)!+<!'()!'3->)'!*+-?1!:/1')?!/&!EXUXG4!
*)!23&!1))!'(3'!3::!+<!'();!E)P2),'!<+-!'()!*+-?!8(5.G!?/1,:3A!'()!13;)!=+M!31!'()!+&)!
,-+?02)?\!'()!*+-?1!*.05(4!A.+(4!*(/2(!2+&'3/&!3!:39/3:!2+&1+&3&'!3&?!3!-+0&?!E:39/3:G!
.+*):!/&!'()!1'-)11)?!1A::39:)4!3-)!-)&?)-)?!31!5b39nb398J!'()!*+-?!*(534!*(/2(!2+&'3/&1!
3! 2+-+&3:! 2+&1+&3&'! 3&?! 3! <-+&'! E2+-+&3:G! .+*):ZU! /&! '()! '3->)'! 1'-)11)?! 1A::39:)4! /1!
-)&?)-)?!31!56+-n6+-8B!%'!'(01!1));1!'(3'4!/&!'(/1!/&/'/3:!1'3>)4!2(/:?-)&!3-)!1):)2'/&>!'()!
=+M!+<!'()!1'-)11)?!1A::39:)!E)/'()-!<-+;!'()!.+*):!+-!<-+;!'()!2+&1+&3&'!/&!+&1)'G!3&?!
311/>&/&>! /'! '+! '()! *(+:)! *+-?B! Q(/1! (A,+'()1/1! *+0:?! 322+0&'! <+-! '()! <32'! '(3'! b0;3!
,-+?02)1!A.+(!31!5b39nb398!3&?!*(53!31!56+-n6+-8!3&?!</'1!'()!(A,+'()1)1!,0'!<+-*3-?!
3'! '()! )&?! +<! 2(3,')-! C4! 39+0'! '()! /&/'/3:! (+:/1'/2! &3'0-)! +<! 2(/:?-)&D1! :)P/23:!
-),-)1)&'3'/+&1!/&!'()!56F68!1'3>)B!!
k+')4! (+*).)-4! '(3'! b0;3D1! ,-+?02'/+&! +<! '()! *+-?! 8(5.! E-)&?)-)?! 31!
56+-n6+-84!1))!EXUXG!E)G!39+.)G!2+0:?!&+'!9)!322+0&')?!9A!'()!,-+,+13:!+0':/&)?!()-)4!
1/&2)!'()!=+M!,-+?02)?!E6+-+&3:G!/1!&+'!,3-'!+<!'()!'3->)'!1'-)11)?!1A::39:)B!k+')!'(3'4!/&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
ZU!T))!2(3,')-!C4!<+-!3!0&/</)?!=+M!2:311/</23'/+&!+<!2+&1+&3&'1!3&?!.+*):1B!
!
X[#!
2(3,')-![4!*)!+91)-.)?!'(3'!b0;3!?+)1!&+'!32I0/-)!'()!.+/2)?!?+-13:!1'+,!0&'/:!'()!:31'!
1)11/+&! 1'0?/)?4! 3'! XJZB! e.)&! '()! .+/2):)11! ?+-13:! 5V8! /1! +&:A! 32I0/-)?! 3'! XJ[4! *()&! '()!
2(/:?!/1!3:-)3?A!3'!'()!56768!1'3>)B!%'!'(01!1));1!'(3'!'()!,3'')-&! /!(atu/Kh[!tatu] -)10:'1!
<-+;!3!1091'/'0'/+&!+<!'()!&+&K32I0/-)?!?+-13:!1'+,!9A!'()!?)<30:'!=+M!2+-+&3:B!%'!;/>('!
9)!'()!231)!'()&4!'(3'!*()&!<32/&>!3!'3->)'!*+-?!*()-)!'()!+&1)'!/&!'()!1'-)11)?!1A::39:)!
/1!&+&K32I0/-)?!3&?!23&&+'!,-+./?)!'()!=+M!1,)2/</23'/+&4!3!?)<30:'!2+-+&3:!/1!/&1)-')?B!!
!
O31)?!+&!'()!3:')-&3'/.)!+0',0'!<+-;1!+91)-.)?!/&!'()!56F68!1'3>)4!'()!<+::+*/&>!
>)&)-3:! +91)-.3'/+&1! 23&! 9)! ;3?)\! 2(/:?-)&! ,/2V! 0,! '()! '3->)'! 1'-)11)?! 1A::39:)! +<! '()!
'3->)'!*+-?1!3&?!E/G!,-+?02)!/'4!3&?!-)?0,:/23')!/'!/&!+-?)-!'+!</'!3!;0:'/1A::39/2!,3'')-&J!
E//G! ,/2V! '()! =+M! 1,)2/</23'/+&! +<! '()! 1'-)11)?! 1A::39:)! E<-+;! '()! .+*):! +-! <-+;! '()!
2+&1+&3&'G!3&?!311/>&!/'!'+!'()!*(+:)!*+-?B!i()&!'()!'3->)'!1'-)11)?!1A::39:)!/1!&+'!39:)!
'+!,-+./?)!3!,:32)!1,)2/</23'/+&!E9)2301)!'()!2+&1+&3&'!/&!+&1)'!/1!&+'!32I0/-)?!A)'G4!3!
?)<30:'!2+-+&3:!/1!/&1)-')?B!
!
a8(e?D([!T!](KeBCDF(KDCIDPeBA(KmaKe6eme6gPK(BPW(IDeBe?DK6K(
!
Q()-)!3-)!'(-))!;3/&!23')>+-/)1!+<!3:')-&3'/.)!+0',0'!<+-;1!/&!'()!56768!1'3>)\!
E/G! -)10:'/&>! <-+;! 1091'/'0'/+&1! +<! &+&K32I0/-)?! =+M! +-! N+M! E/&! 9+'(! ,+1/'/+&1GJ! E//G!
-)10:'/&>! <-+;! 1091'/'0'/+&1! E+-! ;)'3'()1/1G! +<! ,3-'/20:3-! <)3'0-)14! /&! 1,)2/</2! *+-?!
,+1/'/+&1J!E///G!-)10:'/&>!<-+;!1091'/'0'/+&1!E+-!;)'3'()1/1G!+<!<)3'0-)1!/&!1,)2/</2!56768!
2+;9/&3'/+&1B!Q(+1)!23')>+-/)1!*/::!9)!?/12011)?!1),3-3'):AB!!
!
Y6Z
KmaKe6eme6gPK(BEED!e6PC(PgP:B!nm6<DW(!gPKgPBPeK(6P(age?(og<W:GgK6e6gPK(
%&! '()! 9)>/&&/&>! +<! '()! 56768! 1'3>)4! 1+;)! 2+;9/&3'/+&1! 3-)! &+'! -)&?)-)?!
3220-3'):A!&+'!9)2301)!+<!'()!1)I0)&2)!/'1):<!90'!9)2301)!'()A!2+&'3/&!3!=+M!+-!N+M!'(3'!
3-)!1'/::!&+'!32I0/-)?B!Q(+1)!1+0&?1!3-)!;+1'!+<')&!?+-13:1!E,3-'/20:3-:A!/&!j+{+D1!?3'3G4!
<-/23'/.)1!3&?!:/I0/?14!*(/2(!3-)!109;/'')?!'+!1091'/'0'/+&1B!!!k+&K32I0/-)?!=+M!<)3'0-)1!
3-)!,-)?+;/&3&':A!-),:32)?!9A!2+-+&3:14!*(/:)!&+&K32I0/-)?!N+M!3-)!-),:32)?!9A!1'+,1B!
Q(/1!</&?/&>!10>>)1'1!'(3'!6+-+&3:!3&?!T'+,!3-)!'()!?)<30:'!,:32)!3&?!;3&&)-!<)3'0-)1!/&!
'()1)!2(/:?-)&D1!1A1');1B!
`&)!/&')-)1'/&>!,3'')-&!*31!<+0&?!-)>3-?/&>!'()!,-+?02'/+&!+<!:39/3:!<-/23'/.)14!
,3-'/20:3-:A! /&! '()! ?3'3! +<! %&z1! 3&?! j+{+! E1))! 1)2'/+&! ZBCBCGJ! ).)&! '(+0>(! '()1)! '*+!
2(/:?-)&!(3?!3:-)3?A!32I0/-)?!:39/3:!1'+,1!+-!&313:14!'()A!1A1');3'/23::A!-),:32)?!:39/3:!
<-/23'/.)1! 9A! 2+-+&3:1\! /!ve0d4/Kh[!dedi] E%&z14! XJYGJ! /!vak//Kh[!tata]Ej+{+4! "J"YGB! Q()!
,-+9:);! 0&?)-:A/&>! '()1)! 1091'/'0'/+&1! /1! '()! <32'! '(3'! <-/23'/.)1! 3-)! &+'! 32I0/-)?! A)'B!
]+*).)-4!1/&2)!:39/3:!1'+,1!3-)!3:-)3?A!3.3/:39:)!/&!'()1)!2(/:?-)&D1!1A1');14!*)!*+0:?!
)P,)2'!'()!1091'/'0'/+&!+<!:39/3:!<-/23'/.)1!9A!:39/3:!1'+,1!3&?!&+'!9A!2+-+&3:1B!!Q(/1!'A,)!
!
X[U!
+<! &+&K;/&/;3:! 3:')-&3'/.)4! *()-)! '()! 2(3&>/&>! +<! 3! ,-+9:);3'/2! <)3'0-)! E+-! <)3'0-)!
.3:0)G! 2301)1! 2(3&>)1! /&! <)3'0-)1! '(3'! 3-)! &+'! ,-+9:);3'/2! (31! 9))&! -),+-')?! /&! '()!
:/')-3'0-)!EO)-&(3-?'!a!T');9)->)-4!"UU#J!1))!2(3,')-![GB!!
Q()!/&<:0)&2)!+<!N+M!+&!'()!1091'/'0'/+&!,3'')-&1!<+-!,-+9:);3'/2!=+M!<)3'0-)1!
(31!9))&!-),+-')?!/&!l0&,(A!EXYYZG4!+&!'()!931/1!+<!l0'2(!32I0/1/'/+&!?3'3B!T/;/:3-:A!'+!
'()! =+-'0>0)1)! 2(/:?-)&! 1'0?/)?! ()-)4! 1+;)! +<! '()! l0'2(! :)3-&)-1! 3:1+! -),:32)?! :39/3:!
<-/23'/.)1!9A!2+-+&3:1!E/!vo.#l/Kh[!to."], j3-;+4!XJY!/&!l0&,(A4!XYYZG!).)&!'(+0>(!'()A!
(3?!3:-)3?A!32I0/-)?!:39/3:!1'+,1B!!
M&+'()-! /&')-)1'/&>! 1091'/'0'/+&! ,3'')-&! +91)-.)?! 2+&2)-&1! '()! 1091'/'0'/+&! +<!
:/I0/?14! ,)-! ,+1/'/+&J! *)! +91)-.)?! '(3'4! *(/:)! 6"! :/I0/?1! 3-)! ;+1'! +<')&! -),:32)?! 9A!
1'+,1!E)P2),'!+<!'()!,3'')-&!L:LKh5&8!/&!b0;3D1!?3'3G4!6X!:/I0/?1!23&!9)!-),:32)?!9A!1'+,1!
+-! 9A! +'()-! 1+&+-3&'14! &3;):A! &313:1! 3&?! >:/?)1B! %'! '(01! 1));1! '(3'! '()-)! 3-)! *+-?K
,+1/'/+&!)<<)2'1!/&!'()!1091'/'0'/+&!,3'')-&1!'(3'!3<<)2'!:/I0/?1!E1))!3:1+!2(3,')-![GB!Q()!
<32'! '(3'! 1+&+-3&'! 1091'/'0')1! 3,,)3-! ;+1'! +<')&! /&! 6X! ,+1/'/+&! 2+--+9+-3')?! </&?/&>1!
-),+-')?! /&! +'()-! 1'0?/)14! *()-)! 3! 1'-+&>! 3<</&/'A! 9)'*))&! 1+&+-3&'1! 3&?! /&')-.+23:/2!
,+1/'/+&! (31! 9))&! +91)-.)?! EO)-&(3-?'! a! T');9)->)-4! "UU#J! T');9)->)-! a! O)-&(3-?'4!
XYY"GB!!
%'! '(01! 1));1! '(3'4! 31! <3-! 31! 1+&+-3&'1! 3-)! 2+&2)-&)?4! 6X! ?/<<)-1! <-+;! 6"B! Q()!
/&')-.+23:/2! ,+1/'/+&! 1));1! '+! ,-+;+')! 3&! )3-:/)-! 32I0/1/'/+&! +<! 1+&+-3&'1! /&! '(/1!
,+1/'/+&! E1))! 2(3,')-! HG! 31! *)::! 31! 3! 2:+1)-! -):3'/+&4! /&! ')-;1! +<! 1+&+-/'A4! 9)'*))&!
-),:32)?!3&?!-),:32/&>!2+&1+&3&'14!/&!1091'/'0'/+&!,3'')-&1B!]+*).)-4!'()!&3'0-)!+<!6X!
&))?1! '+! 9)! <0-'()-! )P,:+-)?4! 931)?! +&! ?3'3! +&! '()! ?).):+,;)&'! +<! :/I0/?1! /&! 2+?3!
,+1/'/+&4!'(01!9)/&>!3!'+,/2!<+-!<0'0-)!-)1)3-2(B!
!
`.)-3::4!'()!3:')-&3'/.)!+0',0'!<+-;1!?)12-/9)?!39+.)!?+!&+'!')::!01!;02(!39+0'!
*+-?K2+;9/&3'/+&1\! '()! 1091'/'0'/+&! ,3'')-&1! ?)12-/9)?! 39+.)! 3-)! '3->)'/&>! <)3'0-)1!
'(3'!3-)!1/;,:A!&+'!32I0/-)?4!/&?),)&?)&':A!+<!'()!*+-?K2+;9/&3'/+&!'()A!3,,)3-!/&B!!
!
Y66Z
KmaKe6eme6gP(BPW(IDeBe?DK6K(BEED!e6PC(EDBem<DK(6P(KGD!6E6!(og<W(GgK6e6gPK(
!
(
>7420!+04%(&0!84%%0&*$!
(
Q()!;+1'!<-)I0)&'!,+1/'/+&3:!31A;;)'-A!<+0&?!/&!56=+M76=+M8!,3'')-&1!/1!'()!+&)!
'(3'!/&.+:.)1!'3->)'!L676L!*+-?1!*/'(!6X!:39/3:14!102(!31!L6+-nb39L!+-!Ll+-nb39LB!%'!/1!
,3-'/20:3-:A!<-)I0)&'!/&!'()!?3'3!+<!%&z14!b0;3!3&?!j+{+B!%'!+220-1!/&!'()!9)>/&&/&>!+<!'()!
56768!1'3>)4!*()&!5b39n6+-8!,3'')-&1!3-)!3:-)3?A!32I0/-)?4!90'!,3'')-&1!*/'(!:39/3:!/&!
6X! E;+1'! <-)I0)&':A! L6+-nb39LG! 3-)! 109;/'')?! '+! 3:')-&3'/.)! 1'-3')>/)1B! Q*+! 'A,)1! +<!
3:')-&3'/.)!1'-3')>/)1!3<<)2'!L6+-nb39L!,3'')-&1\!;)'3'()1/1!+-!L6+-nb39LKh5b39nb398B!
!
XCY!
N)'3'()1/1! +220-1! ;+1':A! /&! '()! ?3'3! +<! %&z1B! Q()! ;+1'! 2+;;+&! 3:')-&3'/.)! 1'-3')>A!
32-+11! '()! '(-))! 2(/:?-)&! /1! L6+-nb39LKh5b39nb398B! i)! */::! )P,:+-)! '(/1! ,3'')-&! /&!
<0-'()-!?)'3/:B!
!
e"&(S!2'd8A#LS:h[A#LdA#L]($#%%&'.(
Q()! L6+-nb39LKh5b39nb398! /1! 3! <-)I0)&':A! +91)-.)?! ,3'')-&4! 2-+11K
:/&>0/1'/23::AB! %'! (31! 9))&! -),+-')?4! 3;+&>! +'()-14! /&! W-)&2(! ER+1)4! XYYYJ! l+1! T3&'+14!
XYY$GJ!/&!e&>:/1(!E=3')-!a!i)-:)4!XYY[J!R+1)4!XYYYG4!3&?!/&!l0'2(!Eb).):'4!"UUCJ!W/VV)-'!
a! b).):'4! XYY#J! b).):'4! '+! 3,,)3-GB! i/'(/&! '()1)! :3&>03>)14! 1).)-3:! 3,,-+32()1! (3.)!
9))&!,-+,+1)?!'+!322+0&'!<+-!'()!L6+-nb39Lhh5b39nb398!,3'')-&B!i)!*/::!&+*!?/12011!
'()!3?)I032A!+<!'()1)!,-+,+13:1!'+!322+0&'!<+-!'(/1!,3'')-&!/&!e=B!
!
e?D(BC<DD(BGG<gB!?(
M110;/&>! '()! 3,,-+32(! ,-+,+1)?! /&! =3')-! a! i)-:)! EXYY"4! XYY[G4! '()! '(-))!
=+-'0>0)1)! 2(/:?-)&! *+0:?! ,-+?02)! L6+-nb39L! '3->)'1! 31! 5b39nb398! ?0)! '+! 3! (/>(K
-3&V)?! 2+&1'-3/&'! '(3'! *+0:?! -)I0/-)! '()! 2+-+&3:! 2+&1+&3&'! '+! 311/;/:3')! '+! '()! :39/3:!
2+&1+&3&'4!/&!+-?)-!?+!3.+/?!&+&K(+;+->3&/2!1)I0)&2)1B!]+*).)-4!'(/1!3,,-+32(!/1!&+'!
39:)!'+!322+0&'!<+-!'()!;)'3'()1/1!,3'')-&1!'(3'!3<<)2'!'()!L6+-nb39L!'3->)'14!?0-/&>!'()!
13;)! '/;)! ,)-/+?4! /&! '()! ?3'3! +<! %&z1! E1))! )P3;,:)1! /&! EXZHGGB! Q(/1! 3,,3-)&'! :39/3:!
(3-;+&A! ,3'')-&! 23&&+'! 9)! '()! -)10:'! +<! 3! ,-)110-)! /&! '()! >-3;;3-! <+-! 3>-));)&'!
9)'*))&!2+&1+&3&'1J!/<!'(3'!*)-)!'()!231)4!;)'3'()1/1!*+0:?!&+'!'3V)!,:32)B!!
!
e?D(Egge(A6!DPK6PC(BGG<gB!?(
M22+-?/&>! '+! R+1)! EXYYYG4! L6+-nb39LKh5b39nb398! ,3'')-&1! /&! W-)&2(! 23&! 9)!
322+0&')?! <+-! 31! '()! -)10:'! +<! 3! (/>(! -3&V)?! :/2)&1/&>! 2+&1'-3/&'! '(3'! -)I0/-)1! '()!
2+-+&3:! 2+&1+&3&'! '+! 9)! :/2)&1)?! 9A! '()! ])3?! +<! '()! W++'4! /B)B4! 9A! '()! 1'-)11)?! 1A::39:)B!
Q(/1!322+0&'!/1!39:)!'+!)P,:3/&!L6+-BBBb39LKh5b39nb398!,3'')-&1!/&!/3;9/2!<+-;14!*(/2(!
3-)!'()!)P2:01/.)!<+-;1!<+0&?!/&!W-)&2(B!!
]+*).)-4! /&! e=4! *)! </&?! L6+-nb39LKh5b39nb398! ,3'')-&1! 3<<)2'/&>! 9+'(!
'-+2())1!3&?!/3;914!31!/::01'-3')?!9):+*B!
!
!"U#$ %&'()*+,-%./%^;.0hP(A^EeWP(AhP(Aa%*(55,06-%36%&>%(4[23-353.6%1(5(%
"#$1#3))))&G)
)
)
@#A)
&/134)
B?C0)
56-)
DEF8G)
7(./'6(8)
>/#<H;)
93'00)
/#.)
:#(6-.)
7;.<;.)
@$A)
B?C0)
DEJ8DJ)
(';<#)
>3'./-0)
/5/!p*w/
[pe!b*w]
@>A)
K'L')
DEDM8GN)
.'O#)
.#P-)@1.A)
/!6op//
[!bop/]
/!t"m//
@4A)
K'L')
DEDM8GN)
31OL')
3-O'?)
@-A)
";O#
GEQ8DD)
.'O#)
.#P-)@1.A)
@RA)
";O#
GEQ8GS)
?'T-)
?1?-)
@6A)
";O#)
GES8DS)
0'RU)
0'R#)
@/A)
";O#)
GES8DS)
>/'T-()
.')(#1?)
!2'(%"#$!)II))
*"#$%"#$+)
[!p"m/]
!&'(%"#$!)II))
*"#$%"#$+)
/li!m/'w'/
[mi!m/'w']
!&'(%"#$!)II))
*"#$%"#$+)
/!t"m//
[!p"m/]
!&'(%"#$!)II))
*"#$%"#$+)
/!n"v4/
[!vov]
!&'(%"#$!)II)
*"#$%"#$+)
/su!fa/
[fu!fa]
!&'(%"#$!)II)
*"#$%"#$+)
/5u!ve0/
[fu!ve]
!&'(%"#$!)II)
*"#$%"#$+)
!
!
=('4;>.1'?)<#..-(?0)
!&'(%"#$!)II)) *"#$%"#$+)
XC"!
Q-+2())1!3-)!;+-)!<-)I0)&'4!90'!'(/1!/1!;+1'!,-+939:A!?0)!'+!'()!(/>(!<-)I0)&2A!
+<!'-+2(3/2!<+-;1!/&!'()!/&,0'B!!
Q+! 322+0&'! <+-! '()! ,3'')-&1! /&! '-+2())14! :/V)! /!n"v4/Kh[!vov]4! *()-)! '()! 2+-+&3:!
2+&1+&3&'!/1!3'!'()!1'-)11)?!,+1/'/+&!3&?!'()!:39/3:!3'!'()!0&1'-)11)?4!*)!*+0:?!(3.)!'+!
3110;)!3!b/2)&1/&>!2+&1'-3/&'!'(3'!-)I0/-)1!:39/3:!'+!10-<32)!/&!'()!1'-)11)?!1A::39:)B!`&!
'()!2+&'-3-A4!/&!+-?)-!'+!322+0&'!<+-!'()!,3'')-&!/&!/3;914!:/V)! /su!fa/Kh[fu!fa]4! *()-)!'()!
:39/3:!/1!3'!'()!1'-)11)?!1A::39:)!3&?!'()!2+-+&3:!3'!'()!0&1'-)11)?!+&)4!3&+'()-!b/2)&1/&>!
2+&1'-3/&'! *+0:?! (3.)! '+! 9)! 3110;)?4! -)I0/-/&>! 2+-+&3:! '+! 10-<32)! 3'! '()! 1'-)11)?!
1A::39:)B!Q(014!'()!13;)!,3'')-&!L6+-nb39LKh5b39nb398!*+0:?!-)I0/-)!'*+!;3-V)?&)11!
2+&1'-3/&'14!?),)&?/&>!+&!'()!*+-?!1(3,)!K!'-+2(3/2!+-!/3;9/2!K!'()!2(/:?!/1!3'');,'/&>B!!
!
e?D(BA6CPIDPe(BGG<gB!?((
Q()! L6+-nb39LKh5b39nb398! ,3'')-&! +91)-.)?! /&! e=! /1! 9)1'! 23,'0-)?! 9A! 3!
2+&1'-3/&'!'(3'!-)I0/-)1!'()!<)3'0-)!b39/3:!'+!9)!311/>&)?!'+!'()!:)<';+1'!,+1/'/+&!*/'(/&!
'()!*+-?B!T/;/:3-!322+0&'1!(3.)!9))&!,-+,+1)?!9A!l+1!T3&'+1!EXYY$G!<+-!W-)&2(!3&?!9A!
b).):'!E"UUCG!3&?!W/VV)-'!a!b).):'!EXYY#G!3&?!b).):'!E'+!3,,)3-G!<+-!l0'2(B!M22+-?/&>!
'+! '()! :3'')-! 30'(+-14! '()! 2+&1'-3/&'! 5b39/3:! );)->)1! /&! '()! 2(/:?! >-3;;3-! 3'! 3! >/.)&!
1'3>)!/&!'()!?).):+,;)&'!+<!=+M!<)3'0-)!-),-)1)&'3'/+&14!3<')-!'()!</-1'!&+&K(+;+->3&/2!
,-+?02'/+&1!3,,)3-!/&!2(/:?-)&D1!1,))2(B!Q()1)!</-1'!&+&K(+;+->3&/2!,-+?02'/+&1!3-)!+<!
'()! 'A,)! 5b39n6+-8B! %&! '()! /&'3V)4! '()! </-1'! 2+;9/&3'/+&1! 3-)! Lb39n6+-L4! 3&?! 3-)!
<-)I0)&':A! 3'');,')?B! Q()! 2(/:?! +.)->)&)-3:/S)1! 3&?! 3110;)1! '(3'! 3::! 56768! 1)I0)&2)1!
*/'(!:39/3:!;01'!(3.)!/'!/&!6"B!M'!'(/1!'/;)4!3&A!3?0:'!1)I0)&2)!'(3'!2+&'3/&1!:39/3:!/&!6X!
/1!-)&?)-)?!31!5b39nb398B!!
%&! e=4! '()! 3&3:A1/1! +<! '()! /&'3V)! 1(+*)?! '(3'! ()-)! '++! Lb39n6+-L! /1! &+'! +&:A!
3;+&>1'! '()! </-1'! 56768! ,3'')-&1! 3'');,')?4! 90'! /'! /1! 3:1+! '()! ;+1'! <-)I0)&':A! 1):)2')?B!
6+;9/&3'/+&1!*/'(!b39/3:!/&!6X!3-)!;02(!:)11!<-)I0)&'4!,3-'/20:3-:A!/&!'()!</-1'!1)11/+&1B!
T+4! =+-'0>0)1)! 2(/:?-)&! 2+0:?! 3:1+! 9)! +.)->)&)-3:/S/&>! '(3'! b39/3:! ;01'! 9)! /&! 6"B!
W0-'()-!)./?)&2)!<+-!3&!3:/>&;)&'!2+&1'-3/&'!'(3'!-)I0/-)1!b39/3:!'+!3,,)3-!/&!6"!2+;)1!
<-+;!'()!;)'3'()1/1!,3'')-&1!'(3'!+220-!/&!%&z1D!?3'3\!L6+-nb39LKh5b39n6+-8B!%&!<32'4!/'!
1));1! '(3'! %&z1! /1! 3:1+! >)&)-3:/S/&>! '(3'! ?+-13:! ;01'! 9)! 311/>&)?! '+! 6"\! Ll+-n6+-L! /1!
3:1+! <-)I0)&'! /&! '()! /&'3V)J! '(/1! >)&)-3:/S3'/+&! 2+0:?! 322+0&'! <+-! '()! ;)'3'()1/1!
L6+-nl+-LKh5l+-n6+-8!'(3'!3,,)3-1!3'!'()!13;)!,)-/+?B!
(
!
?4**0&!+04%(&0!84%%0&*$!
!
Q()! ;+1'! 2+;;+&! ;3&&)-! ,3'')-&1! 3<<)2')?! 9A! ,+1/'/+&3:! 31A;;)'-/)1! 32-+11!
2(/:?-)&! 3-)! '()! +&)1! '(3'! 2+&'3/&! b3')-3:! /&! 6"! ,+1/'/+&4! ;+1'! +<')&! Lb3'nT'+,L!
!
XCX!
1)I0)&2)1B! N+1'! 2(/:?-)&! 32I0/-)! '3->)'! L676L! *+-?1! */'(! 6X! :3')-3:1! K! ;+1':A!
LT'+,nb3'L!K!)3-:A4!*(/:)!*+-?K/&/'/3:!:3')-3:1!/&!&+&K(3-;+&/2!1)I0)&2)1!3-)!32I0/-)?!
:3')-B!Q()!;+1'!<-)I0)&'!3:')-&3'/.)!1'-3')>A!01)?!/1!'()!1091'/'0'/+&!+<!'()!,-+9:);3'/2!
<)3'0-)! /&! 6"! 9A! 3! 1'+,\! Lb3'nT'+,LKh5T'+,nT'+,8B! %1! '(/1! ,3'')-&! 1/;/:3-! '+! '()!
L6+-nb39LKh5b39BBBb398! ,3'')-&1! ?/12011)?! 39+.)_! 6+0:?! *)! 3110;)! '(3'! 2(/:?-)&! 3-)!
?)3:/&>! ()-)! */'(! 3:/>&;)&'! 2+&1'-3/&'1! '(3'! -)I0/-)?! :3')-3:! '+! 9)! 3:/>&)?! */'(! 6X_! %<!
'(3'! *)-)! '()! 231)4! *)! *+0:?! )P,)2'! 3! ,3'')-&! 102(! 31! Lb3'nT'+,LKh5b3'nb3'84! *()-)!
2(/:?-)&!*+0:?!3:/>&!b3')-3:!*/'(!6XB!O0'!'()1)!,3'')-&1!3-)!&+'!2+;;+&!/&!=+-'0>0)1)!
2(/:?-)&D1! ,-+?02'/+&1B! 6(/:?-)&! /&1)-'! 3! ?)<30:'! ;3&&)-! E1'+,G! /&! 6"4! /&1')3?! +<! '()!
:3')-3:B!M!?)<30:'!/&1)-'/+&4!(+*).)-4!*+0:?!&+'!322+0&'!<+-!'()!L6+-nb39LKh5b39nb398!
,3'')-&4! 9)2301)! /<! '(3'! *+0:?! 9)! '()! 231)4! '()&! '()! -)10:'! *+0:?! 9)! L6+-nb39LK
h56+-n6+-8B!
%'! '(01! 1));1! '(3'! 2(/:?-)&! ?)3:! /&! ?/<<)-)&'! *3A1! */'(! ,+1/'/+&3:! 31A;;)'-/)1!
2+&2)-&/&>! ,:32)! 3&?! '(+1)! 2+&2)-&/&>! ;3&&)-! <)3'0-)! 1,)2/</23'/+&J! V)),/&>! '()!
3&3:A1/1! */'(/&! 3! 2+&1'-3/&'! 931)?! 3,,-+32(4! *)! 2+0:?! (A,+'()1/S)! '(3'! 2(/:?-)&! 3-)!
?)3:/&>! */'(! 3! (/>(! -3&V)?! 3:/>&;)&'! 2+&1'-3/&'! +&! b3')-3:! /&! 6"! ,+1/'/+&B! Q(/1!
3:/>&;)&'! -)1'-/2'/+&4! 3??)?! '+! 3! :+*! -3&V/&>! +<! 2+&1'-3/&'1! 3>3/&1'! '()! /&1)-'/+&! +<!
?)<30:'! 1'+,14! *+0:?! -)10:'! /&! '()! Lb3'nT'+,LKh5T'+,nT'+,8! ,3'')-&1! +91)-.)?! /&!
2(/:?-)&D1!+0',0'!<+-;1B!!
!(
Y666Z GBeeD<PK(BEED!e6PC(KGD!6E6!(EDBem<D(!gIa6PBe6gPK(
(
M1! 1(+*&! /&! 1)2'/+&1! ZBCBC! 3&?! ZBHBC4! 2(/:?-)&! ')&?! '+! ,-+?02)! '3->)'!
2+;9/&3'/+&1! +<! ;3-V)?! ,:32)! +-! ;3&&)-! <)3'0-)1! /&! 3:')-&3'/.)! *3A1J! '(+1)!
2+;9/&3'/+&1! /&2:0?)! b39/3:! 3&?! l+-13:4! <+-! =+M! 3&?! T+&+-3&'! 3&?! W-/23'/.)4! <+-!
;3&&)-B! W+-! /&1'3&2)4! 2(/:?-)&! ;3A! (3.)! 3:-)3?A! 32I0/-)?! LW-/2nBT'+,L! 3&?!
LT'+,nb3'L4!'(01!9+'(!<-/23'/.)1!3&?!:3')-3:1!3-)!32I0/-)?!/&!56768!1)I0)&2)14!*(/:)!3'!
'()!13;)!'/;)!3!2+;9/&3'/+&!+<!9+'(!N+M4!/B)B!LW-/2nb3'L4!/1!-)&?)-)?!/&!3&!3:')-&3'/.)!
*3A! E1))! 1)2'/+&! ZBHBCGB! %&! '()1)! 231)14! '()! ;+1'! 2+;;+&! 3:')-&3'/.)! 1'-3')>A! /1!
1091'/'0'/+&!+<!+&)!'()!2+&1+&3&'14!;+1':A!9A!3!1'+,4!+-4!/&!'()!231)!+<!1+&+-3&'1!/&!6X4!
9A!3!>:/?)!+-!3!&313:B!!
k+')! '(3'! '()! 2+;9/&3'/+&1! +<! 9+'(! :39/3:1! 3&?! ?+-13:14! +&! '()! +&)! (3&?4! 3&?!
1+&+-3&'1!3&?!<-/23'/.)1!+&!'()!+'()-4!')&?!3:1+!'+!9)!/&<-)I0)&'!/&!'()!e=!3?0:'!1,))2(!
13;,:)! E1))! 1)2'/+&! ZB[GB! %'! 3,,)3-1! '(3'! '()1)! 2+;9/&3'/+&1! 3-)! ;3-V)?! 9+'(! /&! '()!
/&,0'! :3&>03>)! 3&?! /&! 2(/:?-)&D1! 1A1');1\! '()A! 3-)! 3'');,')?! :3')-! 3&?! :)11! +<')&4! 3&?!
'()A! 3-)! 109;/'')?! '+! 3:')-&3'/.)! 1'-3')>/)1! ).)&! '(+0>(! '()! /&?/./?03:! <)3'0-)1! 3-)!
3:-)3?A!32I0/-)?B!!
!
XC[!
Q(/1!>-+0,!+<!3:')-&3'/.)!1'-3')>/)14!3<<)2'/&>!1,)2/</2!2+;9/&3'/+&14!1(+*1!'(3'!
'()! ?).):+,;)&'! +<! ,:32)! 3&?! ;3&&)-! <)3'0-)1! 3'! '()! 56768! 1'3>)! /1! &+'! 2+;,:)'):A!
/&?),)&?)&'! +<! '()! 0&/'! *+-?B! Q()! ,:32)! +-! ;3&&)-! 1,)2/</23'/+&! +<! +&)! +<! '()!
2+&1+&3&'1! /&! '()! *+-?! 23&! /&<:0)&2)! '()! +-?)-! +<! 32I0/1/'/+&! +<! 56768! 1)I0)&2)1\! /<!
'()-)! /1! 3! 2+-+&3:! +-! 3! 1'+,! /&! '()! 1)I0)&2)4! /'! ')&?1! '+! 9)! 32I0/-)?! )3-:/)-! '(3&! '()!
2+;9/&3'/+&1!'(3'!/&2:0?)!+&:A!;3-V)?!<)3'0-)1B!!
!
!8(e?D(WDjDAgGIDPe(gE(!?6AW<DP/K(ADf6!BA(BPW(gmeGme(<DG<DKDPeBe6gPKF(Dj6WDP!D(E<gI(
BAeD<PBe6jD(Ke<BeDC6DK(
%&! '()! 56F68! 1'3>)4! '*+! ;3/&! 1'-3')>/)1! 3-)! 01)?\! :)P/23:! 1):)2'/+&! 3&?!
-)?0,:/23'/+&!+<!1'-)11)?!1A::39:)1B!6(/:?-)&!')&?!'+!1'3A!2:+1)!'+!'()!<)3'0-)!;3V)K0,!+<!
'()!'3->)'!1'-)11)?!1A::39:)B!!
%&!'()!56768!1'3>)4!'()!3:')-&3'/.)!,-+?02'/+&1!?/1,:3A!3!).0,%-,8),65(+%6(520,J!
'()A!'3->)'!1,)2/</2!,:32)!+-!;3&&)-!<)3'0-)14!)/'()-!E/G!9)2301)!'()A!3-)!&+'!32I0/-)?!3'!
3::J! E//G! 9)2301)! '()A! 3-)! &+'! 32I0/-)?! /&! 3! >/.)&! *+-?K,+1/'/+&! +-! E///G! 9)2301)! +<!
2+;9/&3'+-/3:!-)1'-/2'/+&1!+&!;3-V)?!<)3'0-)1!/&!56768!1)I0)&2)1B!!
Q()! 1'-3')>/)1! 01)?! /&! 9+'(! 1'3>)1! 2+--+9+-3')! '()! (A,+'()1)1! ,0'! <+-*3-?! 3'!
'()!)&?!+<!2(3,')-1!C!3&?!H\!!
•
%&! '()! 56F68! 1'3>)4! 2(/:?-)&D1! :)P/23:! -),-)1)&'3'/+&1! 3-)! 0&1)>;)&'3:/S)?B! %&/'/3::A!
'()! 0&/'! <+-! 1,)2/</23'/+&! /1! '()! *(+:)! *+-?4! +&:A! :3')-! '()-)! 3-)! 1),3-3')! 6K1:+'1B!
6(/:?-)&! )P'-32'! '()! <)3'0-)! 1,)2/</23'/+&! +<! '()! 2+&1+&3&'! K! +-! .+*):4! /&! '()! </-1'!
1)11/+&1! K! +<! '()! '3->)'! 1'-)11)?! 1A::39:)! 3&?! 311/>&! /'! '+! 3! *+-?K1/S)?! 0&/'B! Q()!
/;,+-'3&2)! +<! '()! '3->)'! 1'-)11)?! 1A::39:)! /1! )./?)&'! /&! '()! -)?0,:/23'/+&! ,3'')-&1!
'(3'! +220-! /&! '(/1! 1'3>)! E1))! 1)2'/+&1! ZBCB"! 3&?! ZBHB"GB!Q(/1! 3,,-+32(! /1! 3:1+! 39:)! '+!
322+0&'!<+-!'()!L676LKh56F68!231)1!'(3'!?+!&+'!-)10:'!/&!-)?0,:/23'/+&1!3&?!2+0:?!9)!
/&')-,-)')?!31!6]K:/V)!<+-;1!E1))!1)2'/+&!O4!39+.)GB!
•
%&!'()!56768!1'3>)4!2(/:?-)&D1!:)P/23:!-),-)1)&'3'/+&1!9)2+;)!;+-)!?)'3/:)?\!6K1:+'1!
9)2+;)!1,)2/</39:)!0&/'1!E1))!2(3,')-!HGB!Q()!1091'/'0'/+&1!'(3'!3<<)2'!1,)2/</2!N+M4!
102(!31!LW-/2nk31LKh5T'+,nk3184!-)<:)2'!'(/1!1)>;)&'3:/S3'/+&\!+&:A!'()!,-+9:);3'/2!
2+&1+&3&'!/1!3<<)2')?!3&?!&+'!'()!*(+:)!*+-?B!]+*).)-4!/'!1));1!'(3'!*+-?K,3'')-&1!
3-)! 1'/::! ,:3A/&>! 3! -+:)\! '()! ,+1/'/+&3:! 3&?! 2+;9/&3'+-/3:! 31A;;)'-/)1! ?)12-/9)?!
1(+*! '(3'! '()! ?).):+,;)&'! +<! <)3'0-)1! 23&! 9)! /&<:0)&2)?! 9A! '()! 1,)2/</2! *+-?K
,+1/'/+&! 3&?! 9A! '()! <)3'0-)! 1,)2/</23'/+&! +<! '()! +'()-! 2+&1+&3&'! /&! '()! *+-?B! %&!
10;;3-A4! 3:'(+0>(! :)P/23:! -),-)1)&'3'/+&1! (3.)! 9)2+;)! ;+-)! ?)'3/:)?! 3&?! 3?0:'K
:/V)4! 2(/:?-)&D1! +0',0'! -),-)1)&'3'/+&1! 1'/::! (3.)! '+! 2+;,:A! */'(! 1,)2/</2! 'A,)1! +<!
,+1/'/+&3:!3&?!2+;9/&3'+-/3:!-)1'-/2'/+&1B!
!
XCC!
)8_(E+.#,('&5#'l0(
%&! '(/1! 2(3,')-4! /'! *31! 1(+*&! '(3'! '()! 3:')-&3'/.)! 1'-3')>/)1! 2(/:?-)&! -)20-! '+!
*()&!2+,/&>!*/'(!'3->)'!L676L!,:32)!3&?!;3&&)-!<)3'0-)!2+;9/&3'/+&1!.3-A!322+-?/&>!
'+!'()!?).):+,;)&'3:!1'3>)B!!
%&!'()!56F68!,-+?02'/+&!1'3>)4!2(/:?-)&!3.+/?!&+&K(3-;+&/2!,3'')-&1!3&?!-)&?)-!
'()! <)*! '3->)'1! 3'');,')?! /&! 56F68! <+-;1B! %&! '()! .31'! ;3@+-/'A! +<! 231)14! '()! (3-;+&/2!
<+-;1! ,-+?02)?! 3-)! -)?0,:/23'/+&1! +<! '()! '3->)'! 1'-)11)?! 1A::39:)B! Q()1)! 3:')-&3'/.)!
,-+?02'/+&1!,-+./?)!3??/'/+&3:!10,,+-'!<+-!'()!(A,+'()1/1!,0'!<+-*3-?!/&!2(3,')-!C4!'(3'!
2(/:?-)&! *+0:?! 9)! ?)3:/&>! */'(! 0&1)>;)&'3:/S)?! -),-)1)&'3'/+&1! 3'! 3&! )3-:A! 3>)! 3&?!
'(3'! '()A! *+0:?! 9)! 01/&>! '()! '3->)'! 1'-)11)?! 1A::39:)! 31! '()/-! ;3/&! 3&2(+-! +<!
1,)2/</23'/+&B!
!%&! '()! 56768! ,-+?02'/+&! 1'3>)4! '()! &0;9)-! +<! 3'');,'1! 3'! &+&K(3-;+&/2! <+-;1!
/&2-)31)1!3&?!'(-))!;3/&!23')>+-/)1!+<!3:')-&3'/.)!1'-3')>/)1!3,,)3-\!E/G!1091'/'0'/+&1!+<!
<)3'0-)1!'(3'!3-)!&+'!32I0/-)?!/&!3&A!,+1/'/+&J!E//G!1091'/'0'/+&1!+-!;)'3'()1/1!3<<)2'/&>!
1,)2/</2!<)3'0-)1!/&!1,)2/</2!,+1/'/+&1!/&!56768!1)I0)&2)1!3&?!E///G!1091'/'0'/+&1!3<<)2'/&>!
2+;9/&3'/+&1! +<! ;3-V)?! <)3'0-)1B! Q()1)! ?)./3&'! +0',0'! <+-;1! 10,,+-'! '()! </&?/&>1!
,-)1)&')?!/&!2(3,')-!H4!*()-)!/'!*31!1(+*&!'(3'!'()!?).):+,;)&'!+<!56768!1)I0)&2)1!/1!
/&<:0)&2)?!9A!*+-?K,+1/'/+&!3&?!9A!6"K6X!/&')--):3'/+&1(/,1B!
M&+'()-! /&')-)1'/&>! </&?/&>! ,-)1)&')?! /&! '(/1! 2(3,')-! /1! '(3'! '()! +-?)-! 3&?!
<-)I0)&2A! +<! 1):)2'/+&! +<! L676L! *+-?1! /&! 2(/:?-)&D1! .+2390:3-/)1! -)1);9:)1! '()!
?/1'-/90'/+&! +<! '(+1)! 1)I0)&2)1! /&! 3! 13;,:)! +<! e=! 3?0:'! 1,))2(B! T/;/:3-:A! '+! *(3'! (31!
9))&! -),+-')?! <+-! '()! ?).):+,;)&'! +<! =+M! /&! l0'2(! 9A! W/VV)-'! a! b).):'! EXYY#G4! *)!
(A,+'()1/S)?! '(3'! 2(/:?-)&! ;3A! 9)! +.)->)&)-3:/S/&>! +.)-! '()/-! +*&! :)P/2+&! 3&?! '(3'!
3:/>&;)&'! 2+&1'-3/&'1! 102(! 31! 3:/>&! b39/3:! */'(! 6"! *+0:?! );)->)! <-+;! '(+1)!
>)&)-3:/S3'/+&1B!O)/&>!'(/1!'()!231)!'()&!3&?!3110;/&>!'()!,+11/9/:/'A!+<!'()!&0;9)-!+<!
*+-?1! 1'+-)?! /&! 2(/:?-)&D1! ;)&'3:! :)P/2+&! 9)/&>! ;02(! 9/>>)-! '(3&! '()! 1)'! +<! *+-?1!
,-+?02)?4!3&+'()-!I0)1'/+&!3-/1)1\!*(A!*+0:?!2(/:?-)&!>)&)-3:/S)!+.)-!3!1091)'!+<!'()!
*+-?1! /&! '()/-! :)P/2+&_! %'! ;/>('! 9)! '()! 231)! '(3'4! /<! >)&)-3:/S3'/+&1! +220-4! '()A! 3-)!
2+&1'-3/&)?!/&!1+;)!*3A!/&!+-?)-!'+!2+;,:A!*/'(!2(/:?-)&D1!,(+&+:+>/23:!39/:/'/)1B!Q(/1!
/110)! &))?1! '+! 9)! <0-'()-! /&.)1'/>3')?4! &3;):A! 931)?! +&! 3! :3->)-! 1)'! +<! ?3'3! -)>3-?/&>!
3?0:'!1,))2(4!;+-)!1,)2/</23::A!2(/:?!?/-)2')?!1,))2(B!Q(/1!*3A4!3!;+-)!-):/39:)!-):3'/+&!
2+0:?!9)!)1'39:/1()?!9)'*))&!/&,0'!3&?!2(/:?!?3'3B!%&!3??/'/+&4!'()!-)10:'1!+91)-.)?!/&!
'(/1! 2(3,')-! 1(+0:?! 9)! 2+;,:);)&')?! */'(! ?3'3! +&! '()! ?).):+,;)&'! +<! ;+&+1A::39:)1!
3&?!,+:A1A::39:)14!31!*)::!31!?3'3!+&!'()!?).):+,;)&'!+<!2+&1+&3&'1!/&!2+?3!,+1/'/+&B!
!
!
!
XCH!
!
!
XCZ!
!"#$%&'()(*(!+,-./01+,(
%&!'()(''(*!+,!-.!/012+('!34!+5,!61-.!7,18&!9.*('8-(!+0(!/9''(.+!*-&&('+1+-,.:!;-<!
+,! 2',=-*(! -.),'61+-,.! ,.! +0(! 21++('.&! ,)! 1/>9-&-+-,.! ,)! +0(! /,.&,.1.+18! &?&+(6! -.! @A!
1.*!;--<!+,!/,.+'-B9+(!+,!+0(!*-&/9&&-,.!,.!+0(!.1+9'(!,)!A,'+979(&(!/0-8*'(.C&!8(D-/18!1.*!
,9+29+!'(2'(&(.+1+-,.&E!F.!,'*('!+,!1/0-(=(!+0(&(!7,18&4!),9'!61-.!&+9*-(&!5('(!/1''-(*!
,9+!-.!+0-&!-.=(&+-71+-,.:!5(!1.18?G(*!+0(!7(.('18!,'*('!,)!1/>9-&-+-,.!,)!+0(!/,.&,.1.+18!
-.=(.+,'?!;/012+('!H<I!5(!&+9*-(*!+0(!'(81+-,.!B(+5((.!&(76(.+18!*(=(8,26(.+!1.*!+0(!
5,'*!;/012+('&!#!1.*!J<!1.*!5(!),/9&(*!,.!+0(!&9B&+-+9+(!),'6&!/0-8*'(.!2',*9/(!50(.!
1++(62+-.7!2',B8(61+-/!+1'7(+!5,'*&!;/012+('!K<E!
L0(! &+9*-(&! /,.*9/+(*! -.! +0-&! *-&&('+1+-,.! 5('(! B1&(*! ,.! &2,.+1.(,9&!
8,.7-+9*-.18! *1+1! ,)! )-=(! /0-8*'(.! 1/>9-'-.7! @9',2(1.! A,'+979(&(! ;@A<! 1&! +0(-'! )-'&+!
81.7917(4! B(+5((.! MI33! 1.*! #I3M4! 122',D-61+(8?E! L0',970,9+! +0(! *-&&('+1+-,.4!
1/>9-&-+-,.! 21++('.&! 5('(! /,621'(*! 5-+0! *-&+'-B9+-,.18! *1+1! ,)! @A! 1*98+! 81.7917(4! ,.!
+0(! B1&-&! ,)! 1! &1628(! ,)! 1*98+! &2((/0! (D+'1/+(*! )',6! +0(! /,'29&! !"#$%&%'() *+,+-"!
;F.&+-+9+,! N16O(&PNQRQ<4! -.! ,'*('! +,! =('-)?! -)! +0(! *-&+'-B9+-,.! ,)! )(1+9'(&! -.! 1*98+!
81.7917(!/,98*!B(!'(81+(*!+,!+0(!,'*('!,)!1/>9-&-+-,.E!L5,!&,)+51'(!2',7'16&!5('(!9&(*!
-.! +0(! *1+1! 1.18?&-&:! !."/) ;S,&(! (+! 18E! "MMK<4! ),'! /,62-81+-,.! ,)! +0(! *1+1! 1.*! >9('-(&!
'(81+(*!+,!1/>9-&-+-,.!*1+14!1.*!*#0!);T',+14!U-7V'-,!W!X1'+-.&!"MMK<4!),'!+0(!(D+'1/+-,.!
,)!)'(>9(./?!-.),'61+-,.!-.!+0(!1*98+!&2((/0!&1628(!;&((!/012+('!"<E!
F.! +0(! ),88,5-.7! &9B&(/+-,.&! ;)',6! F! +,! U<4! 5(! 2'(&(.+! 1! &9661'?! ,)! +0(! 61-.!
)-.*-.7&! 1.*! /,./89&-,.&! )',6! /012+('&! H4! #4! J! 1.*! KE! L0(! )-.18! '(61'Y&! 1.*! +0(!
>9(&+-,.&!),'!)9+9'(!'(&(1'/0!1'(!,9+8-.(*!-.!&(/+-,.!UFE!!
!
23(4&,&'#.(5&6&.+$7&,%(+8(%"&(-+,0+,#,%#.(090%&7(1,(:;(
F.! 1.+2$0#) 34! 5(! 1.18?G(*! +0(! ,'*('! -.! 50-/0! +0(! )-=(! A,'+979(&(! /0-8*'(.!
1/>9-'(*! +0(! /,.&,.1.+18! -.=(.+,'?! ,)! +0(-'! 81.7917(4! ),/9&-.7! ,.! 281/(! 1.*! 61..('!
)(1+9'(&!-.!.,.ZB'1./0-.7!,.&(+!2,&-+-,.E!F.!7(.('18!+('6&4!+0(!*1+1!&0,5(*!+01+!Q1B-18!
1.*!N,',.18![\1.+]!)(1+9'(&!+(.*!+,!B(!1/>9-'(*!B(),'(!N,',.18![Z1.+]!1.*!^,'&18I!1&!),'!
61..('4!&+,2&!1.*!.1&18&!1'(!+0(!)-'&+!+,!B(!1/>9-'(*4!),88,5(*!B?!)'-/1+-=(&!1.*4!81&+8?4!
B?!8->9-*&E!_9661'-G-.74!A,'+979(&(!/0-8*'(.!+(.*!+,!1/>9-'(!281/(!)(1+9'(&!)',6!)',.+!
+,! B1/Y! ;1.+('-,'! ``.,.Z1.+('-,'<I! 1&! ),'! 61..('4! +0(?! 2'()('! .1&18&! 1.*! &+,2&! B(),'(!
1.?! ,+0('! /,.&,.1.+18! /81&&E! L0(&(! +'(.*&! /,'',B,'1+(! +0(! '(&98+&! ,B&('=(*! -.! +0(!
8-+('1+9'(!;a1Y,B&,.4!3b#3PKcI!U-061.4!3bb"I!Q8d,!(+!18E4!3bbK4!e('.01'*+!W!_+(6B('7('4!
3bbc4!Q162'(/0+!(+!18E!"MM#<E!!
%8&,!-.!/012+('!H4!-+!51&!&0,5.!+01+4!B(&-*(&!B(-.7!1/>9-'(*!(1'8?4!/,',.18![\1.+]!
1.*!&+,2&!1'(!18&,!)'(>9(.+8?!9&(*!+,!'(281/(!/,.&,.1.+&!+01+!1'(!.,+!21'+!,)!/0-8*'(.C&!
!
"#$!
(1'8?!-.=(.+,'-(&E!e1&(*!,.!+0(&(!)-.*-.7&4!5(!0?2,+0(&-G(*!+01+!/,',.18![\1.+]!&+,2&!1'(!
9.61'Y(*! -.! +0(! )-=(! /0-8*'(.C&! &?&+(6&E! L0(&(! )-.*-.7&! &922,'+4! -.! 21'+4! +0(! 1.18?&-&!
2',2,&(*! B?! X1+(9&! W! *C! %.*'1*(! ;"MMM<! ),'! +0(! +1'7(+! 81.7917(4! 50,! &977(&+! +01+!
/,',.18![\1.+]!/,.&,.1.+&!1'(!9.61'Y(*!-.!+0(!20,.,8,7-/18!&?&+(6E!f,+(!+01+!18+0,970!
+0(!19+0,'&!),/9&!,.8?!,.!+0(!A,%!)(1+9'(!N,',.18!1&!+0(!9.61'Y(*!)(1+9'(!-.!+0(!+1'7(+!
&?&+(64!1/>9-&-+-,.!*1+1!01&!&0,5.!+01+!/,',.18![\1.+]!-&!,.8?!9.61'Y(*!-.!+0(!&?&+(6!-)!
-+! -&! /,6B-.(*! 5-+0! +0(! X,%! )(1+9'(&! [Z&,.,'1.+4! Z/,.+-.91.+]E! F.! ,+0('! 5,'*&4! ,.8?!
/,',.18!&+,2&!1'(!9.61'Y(*!-.!+0(!/0-8*'(.C&!&?&+(6&E!!
%.,+0('! -.+('(&+-.7! )-.*-.7! '(71'*-.7! &9B&+-+9+-,.! 21++('.&! 51&! +01+! .,+! 188!
(1'8?Z1/>9-'(*! )(1+9'(&! 1'(! (>9188?! 2',.(! +,! B(! 9&(*! 1&! &9B&+-+9+(&E! F.! )1/+4! .1&18&! 1.*!
81B-18&!+(.*!+,!B(!1/>9-'(*!(1'8?!Z!-.!&,6(!/1&(&4!B(),'(!/,',.18!&+,2&!Z!B9+!+0(?!1'(!.,+!
)'(>9(.+8?! 9&(*! 1&! *()198+&E! F+! +09&! &((6&! +01+! +0(! (1'8?! 1/>9-&-+-,.! ,)! 1! 7-=(.! )(1+9'(!
*,(&! .,+! .(/(&&1'-8?! -628?! 1! *()198+! &+1+9&! -.! /0-8*'(.C&! &?&+(6&4! 1+! 8(1&+! 1&! )1'! 1&!
&9B&+-+9+-,.!21++('.&!1'(!/,./('.(*E!!
_+-88! -.! /012+('! H4! -+! 51&! &0,5.! +01+! 5,'*Z2,&-+-,.! 281?&! 1.! -62,'+1.+! ',8(! -.!
&9B&+-+9+-,.! 21++('.&E! T,'! -.&+1./(4! -.+('=,/18-/! +'-88&! 1'(! 6,'(! 2',.(! +,! &9')1/(! 1&!
&,.,'1.+&! +01.! N3! +'-88&4! 50-/0! +(.*! +,! B(! '(281/(*! B?! &+,2&E! e1&(*! ,.! +0-&! )-.*-.74! 5(!
0?2,+0(&-G(*!+01+!+0(!*-))('(./(&!-.!+0(!&9B&+-+9+-,.!21++('.&!+01+!1))(/+!+0(!)812!1.*!+0(!
+'-88! ;+0(! )812! -&! 6,'(! ,)+(.! '(281/(*! B?! &,.,'1.+&! +01.! +0(! +'-88<! '(&98+! )',6! +0(!
*-&+'-B9+-,.!,)!+0(&(!+5,!'0,+-/&!-.!+0(!5,'*:!1.!,.&(+!)812!/1.!,.8?!,//9'!-.!-.+('=,/18-/!
2,&-+-,.!;N"<4!50-8(!+0(!+'-88!/1.!,//9'!B,+0!-.!N"!1.*!-.!5,'*Z-.-+-18!2,&-+-,.E!T',6!+0-&!
2('&2(/+-=(4! +0(! &9B&+-+9+-,.! 21++('.&! 1))(/+-.7! +0(! +5,! '0,+-/&! /1.! B(! (D281-.(*! B1&(*!
,.! 5,'*Z2,&-+-,.! 1.*! .,+! .(/(&&1'-8?! ,.! &,.,'-+?! *-))('(./(&4! 1&! 2',2,&(*! B?! X-'1.*1!
;3bbKI!"MM$<!),'!eAE!L0-&!-&&9(!.((*&!+,!B(!)9'+0('!(D28,'(*!;&((!&(/+-,.!UF<E!
!
223(<"&(5&6&.+$7&,%(+8(;+'%/=/&0&(-"1.5'&,>0(&#'.9(?+'50(
g.(!,)!+0(!61-.!-&&9(&!(D28,'(*!-.!+0-&!*-&&('+1+-,.!51&!+0(!)(1+9'(!/,62,&-+-,.!,)!
/0-8*'(.C&!(1'8?!5,'*&4!B,+0!-.!2',*9/+-,.!1.*!-.!+0(!1++(62+(*!),'6&E!L0(!61-.!'(&98+&!
,)!+0-&!1.18?&-&!1'(!&9661'-G(*!B(8,5E!
•
@&.#%1+,(A&%?&&,(%"&(1,%#B&(#,5(%"&(510%'1A/%1+,#.($'+$&'%1&0(+8(#5/.%(0$&&-"(
F.! /012+('! H4! 5(! /,621'(*! +0(! )(1+9'(! /,62,&-+-,.! ,)! /0-8*'(.C&! -.+1Y(! ),'6&!
5-+0!+0(!*-&+'-B9+-,.!,)!)(1+9'(&!-.!1!&1628(!,)!@A!1*98+!&2((/0E!F+!51&!&0,5.!+01+!-.!+0(!
)-'&+! &(&&-,.&! ;-<! +0('(! -&! 1! 0-70! *(7'((! ,)! =1'-1+-,.! -.! +0(! .96B('! ,)! +-6(&! 1! 7-=(.!
)(1+9'(! -&! 1++(62+(*! B?! 1! /0-8*4! )',6! ,.(! '(/,'*-.7! +,! +0(! .(D+I! ;--<! -.! 7(.('184! +0(!
)'(>9(./?! ,)! &(8(/+-,.! *-))('&! &9B&+1.+-188?! )',6! +0(! *-&+'-B9+-,.! ,)! )(1+9'(&! -.! 1*98+!
&2((/0E!T,'!-.&+1./(4!/0-8*'(.!+(.*!+,!&(8(/+!81B-18&!6,'(!,)+(.!+01.!/,',.18&4!18+0,970!
N,',.18! -&! +0(! 6,&+! )'(>9(.+8?! 2',*9/(*! 281/(! )(1+9'(! -.! 1*98+! &2((/0E! %&! ),'! 61..('4!
!
"#c!
?,9.7! 8(1'.('&! &(8(/+! .1&18&! 1.*! &+,2&! 6,'(! ,)+(.! +01.! 1.?! ,+0('! )(1+9'(4! 18+0,970!
)'-/1+-=(&!,9+'1.Y!.1&18&!-.!+0(!1*98+!&2((/0!&1628(!&+9*-(*E!
%&!'()(''(*!+,!-.!/012+('!H4!(1'8?!-.+1Y(!21++('.&!;B(+5((.!+0(!17(&!,)!MI33!1.*!
3Ic4!122',D-61+(8?<!1'(!=('?!-*-,&?./'1+-/!1.*!+0(!&(+!,)!5,'*&!1++(62+(*!-&4!,)!/,9'&(4!
=('?!8-6-+(*!1+!+0-&!17(E!_-6-81'-+-(&!B(+5((.!/0-8*'(.C&!*1+1!1.*!*-&+'-B9+-,.18!21++('.&!
-.! 1*98+! &2((/0! +(.*! .,+! +,! B(! ),9.*! -.! +0(&(! (1'8?! 1++(62+(*! 5,'*&E! %! &-6-81'!
*-&/'(21./?! 51&! '(2,'+(*! -.! ^,&! _1.+,&4! ;"MM$<4! ),'! T'(./0! 1.*! -.! Q(=(8+! W! =1.!
g,&+(.*,'2!;"MM$<!1.*!T-YY('+!W!Q(=(8+!;"MMc<4!),'!^9+/0E!!!
L0(!-*-,&?./'1&?!,)!(1'8?!5,'*&!51&!1++(&+(*!.,+!,.8?!-.!+0(!-.+1Y(!21++('.&!B9+!
18&,!-.!+0(!,9+29+!),'6&4!1&!&9661'-G(*!B(8,5E!
!
•
C,(1,1%1#.(D!E!F(+/%$/%(0%#=&((
F.! /012+('! #4! -+! 51&! &0,5.! +01+! +0(! )-=(! @A! /0-8*'(.! &+9*-(*! -.! +0-&! 2',h(/+! 7,!
+0',970! 1.! -.-+-18! 01'6,.-/! ,9+29+! &+17(4! 1))(/+-.7! B,+0! 281/(! 1.*! 61..('! )(1+9'(&E! F.!
+0-&! '(&2(/+4! @A! *(=(8,26(.+18! 21++('.&! '(&(6B8(! +0(! )-.*-.7&! '(2,'+(*! -.! +0(!
1/>9-&-+-,.! ,)! ,+0('! 81.7917(&4! .16(8?! @.78-&0! ;_+,(8Zi166,.4! "MM"<I! ^9+/0! ;Q(=(8+4!
3bb#I! Q1.7(&8174! "MM$I! T-YY('+! W! Q(=(8+4! "MMc<4! _21.-&0! ;X1/Y(.4! 3b$b<I! i('61.! 1.*!
T'(./0!;%8+=1+('ZX1/Y(.&(.4!*,&!_1.+,&!W!T-YY('+4!"MMcI!%8+=1+('ZX1/Y(.&(.!W!T-YY('+!
;"MMb<E!
L0',970,9+! +0(! [NjN]! ,9+29+! &+17(4! +0(! 281/(! ,'! 61..('! &2(/-)-/1+-,.! ,)! +0(!
/,.&,.1.+&!2',*9/(*!-.!+0(!01'6,.-/!),'6&!)'(>9(.+8?!/,-./-*(&!5-+0!+0(!A,%!,'!X,%!
,)! +0(! /,.&,.1.+! -.! +0(! ,.&(+! ,)! +0(! +1'7(+! &+'(&&(*! &?881B8(4! -.*(2(.*(.+8?! ,)! 5,'*Z
2,&-+-,.E! @D1628(&! 1'(! 5,'*&! 8-Y(! /!b"l#/ 2',*9/(*! 1&! [po!p#], /$#!p%w/ 1& [pa!b%w] ,'
/li!m#&w&/ 1&! ! [mi!m#&w&]. k(! 0?2,+0(&-G(*! +01+ /0-8*'(.! &(8(/+! +0(! 281/(! ,'! 61..('!
&2(/-)-/1+-,.! ,)! +0(! /,.&,.1.+! -.! +0(! +1'7(+! &+'(&&(*! &?881B8(! 1.*! 1&&-7.! -+! +,! +0(! 9.-+!
5,'*4!&-6-81'8?!+,!501+!-&!2',2,&(*!B?!Q(=(8+!;3bb#<4!T-YY('+!W!Q(=(8+!;"MMc<!1.*!Q(=(8+!
;+,!122(1'<!),'!^9+/0E!L0-&!2',/(*9'(!-&!-889&+'1+(*!-.!;"b#<E!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
"#b!
!
45678)!,+10)+/-)9+//0#):0+$%#0)(201;:;1+$;"/)+$)$.0)<"#-),0=0,)>)0+#,?)($+&0()
!
(a) Early [CPoA=CPoA] productions
(b) Early [CMoA=CMoA] productions
papa; Vanessa; bebé
chapéu; limão; bola
Adult: [!pap#]
Child:
[v#!n%s#]
Adult:
[b%!b%]
WORD
Lab
Cor
[!pap#]
[!n#n#]
[$#!p%w]
Child:
Lab
[!b"l#]
WORD
Stop
[b#p#]
[li!m#&w]&
[pa!b%w]
Nas
[mi!m#&w&]
Stop
[po!p#]
!
%&! &0,5.! -.! /012+('! #4! 50(.(=('! +0(! /,.&,.1.+! -.! +0(! +1'7(+! &+'(&&(*! &?881B8(!
01*! .,+! B((.! 61&+('(*! ?(+! 1! *()198+! -.&('+-,.! +,,Y! 281/(4! '(&98+-.7! -.! [N,'lN,']! ,'!
[_+,2l_+,2]! ,9+29+! ),'6&E! L0(&(! 21++('.&! 2',=-*(! )9'+0('! &922,'+! ),'! +0(! 0?2,+0(&-&!
+01+!N,',.18!;[\1.+]<!1.*!_+,2!1'(!9.61'Y(*!-.!+0(&(!/0-8*'(.C&!&?&+(6&4!122(1'-.7!B?!
*()198+!+,!'(281/(!.,.Z1/>9-'(*!&,9.*&E!!
%&! ),'! =,5(8&! -.! +0(&(! (1'8?! 5,'*&4! +0(?! +(.*! +,! B(! 8,5! ,'! /(.+'18I! [N-U-N-U-]!
),'6&4!50('(!=,5(8&!1.*!/,.&,.1.+&!&01'(!A,%!&2(/-)-/1+-,.4!1'(!.,+!1&!/,66,.!-.!@A!
1&! -.! ^9+/0! 1/>9-&-+-,.! *1+1E! F.! /012+('! #4! 5(! 0?2,+0(&-G(*! +01+! +0-&! *-))('(./(! /,98*!
'(&98+! )',6! +0(! )1/+! +01+! =,5(8&! 1'(! 8(&&! &18-(.+! +,! @A! 8(1'.('&! +01.! +,! ^9+/0! /0-8*'(.4!
B(/19&(!,)!+0(!'(*9/+-,.!2',/(&&(&!+01+!1))(/+!=,5(8&!-.!@A!;&((!/012+('!#<E!
!
2223(<"&(5&6&.+$7&,%(+8(D!G!F(+/%$/%(8+'70H($+01%1+,#.(#,5(-+7A1,#%+'1#.(&88&-%0(
L0(! *1+1! ,)! +0(! )-=(! A,'+979(&(! /0-8*'(.! &0,5(*! +01+! .,.Z01'6,.-/!
/,6B-.1+-,.&!,)!281/(!1.*!61..('!)(1+9'(&!;[NmN]<!1'(!.,+!1=1-81B8(!)',6!+0(!,.&(+!,)!
&2((/0! 2',*9/+-,.! 1.*! 1'(! 1/>9-'(*! 7'1*9188?E! %&! )1'! 1&! [NA,%mNA,%]! 21++('.&! 1'(!
/,./('.(*4! -+! 51&! &0,5.! +01+! +5,! /,6B-.1+-,.&! 1'(! 16,.7&+! +0(! )-'&+! +,! B(! 1/>9-'(*:!
[Q1BlN,']!1.*![^,'lN,']E!%&!),'!+0(!*(=(8,26(.+!,)![NX,%mNX,%]!21++('.&4!5(!,B&('=(*!
+01+4!-.!7(.('184!+0(!)-'&+!&(>9(./(&!1/>9-'(*!/,.+1-.!1!&+,2!-.!,.(!,)!+0(!5,'*Z2,&-+-,.&4!
50-8(! +0(! 21++('.&! 1/>9-'(*! 81+('! +(.*! +,! B(! /,6B-.1+-,.&! 5-+0-.! &,.,'1.+&! ,'!
/,6B-.1+-,.&!,)!)'-/1+-=(&!5-+0!&,.,'1.+&E!!
F.!/012+('!J4!-+!51&!&0,5.!+01+!A,%!1.*!X,%!)(1+9'(&!-.![NmN]!21++('.&!+(.*!+,!
B(!1/>9-'(*!)-'&+!-.!,.(!&2(/-)-/!2,&-+-,.!1.*!,.8?!81+('!-.!+0(!,+0('E!T,'!-.&+1./(4!Q1B-18!
1.*!^,'&18!1'(!)-'&+!1/>9-'(*!-.!N3!1.*!,.8?!81+('!-.!N"I!8->9-*&4!,.!+0(!/,.+'1'?4!1'(!)-'&+!
1/>9-'(*! -.! N"! 1.*! ,.8?! 81+('! -.! N3E! L0-&! 7'1*918! 1/>9-&-+-,.! '(&98+&! -.! 2,&-+-,.18!
!
"JM!
1&?66(+'-(&!-.!/0-8*'(.C&!2',*9/+-,.&4!),'!-.&+1./(4!+0(?!2',*9/(![Q1BlN,']!1//9'1+(8?!
B9+!.,+![N,'lQ1B]!,'![^,'lQ1B]E!!!
%.,+0('!-62,'+1.+!)-.*-.7!2'(&(.+(*!-.!/012+('!J!51&!+01+!1!7-=(.!)(1+9'(!-.!1!
21'+-/981'!2,&-+-,.!/,98*!B(!&?&+(61+-/188?!'(281/(*!-.![NmN]!),'6&!50-8(!-+!/,98*!1+!+0(!
&16(!+-6(!B(!1//9'1+(8?!2',*9/(*!-.![NjN]!,'!NUPNUU!),'6&E!T,'!-.&+1./(4!-+!51&!&0,5.!
+01+4! 1+! +0(! &16(! +-6(! 1! /0-8*! ,6-++(*! N3! 81+('18&! -.! [Q1+l_+,2]! /,6B-.1+-,.&! ;<",:!
/!lobu/Z`[!obu] Q9614!"IK< &0(!51&!18'(1*?!2',*9/-.7!1//9'1+(!NU!),'6&!5-+0!5,'*Z-.-+-18!
81+('18&! ;,+@0! /!la'u/Z`[!la(] Q9614! "I#). L0-&! )-.*-.7! &977(&+&! +01+! .,.Z01'6,.-/!
&(>9(./(&!281?!1!',8(!-.!+0(!1/>9-&-+-,.!,)!)(1+9'(&!2('!2,&-+-,.:!1!7-=(.!)(1+9'(!61?!B(!
1/>9-'(*!-.!5,'*Z-.-+-18!2,&-+-,.!B9+!,.8?!-)!-+!-&!.,+!21'+!,)!1![NmN]!&(>9(./(E!L09&4!1&!
/81-6(*!B?!Q1.7(&817!;"MM$<4!+0(!&+9*?!,)!+0(!1/>9-&-+-,.!,)!)(1+9'(&!69&+!),/9&!B,+0!,.!
+0(! *(=(8,26(.+! 2('! 2,&-+-,.! 1.*! ,.! +0(! -.+('1/+-,.&! +01+! +1Y(! 281/(! B(+5((.! 5,'*Z
2,&-+-,.&E!%**-+-,.18!(=-*(./(!),'!+0-&!-.+('1/+-,.!/1.!B(!),9.*!-.!+0(!)1/+!+01+!/0-8*'(.!
1=,-*!/,6B-.1+-,.&!,)!61'Y(*!)(1+9'(&4!&9/0!1&![Q1BEEE^,']!1.*![T'-/lQ1+]E!L0-&!*(81?!-.!
1++(62+-.7!1.*!1/>9-'-.7!61'Y(*!/,6B-.1+-,.&!/1.!18&,!B(!'(81+(*!+,!+0(!*-&+'-B9+-,.!,)!
+0(&(!/,6B-.1+-,.&!-.!@A!1*98+!&2((/04!1&!&0,5.!B(8,5E!
!
•
!
@&.#%1+,(A&%?&&,(%"&(#-I/101%1+,(+8(D!G!F(8+'70(#,5(#5/.%(0$&&-"(
F.! /012+('! J4! 5(! /,621'(*! +0(! ,'*('! ,)! 1/>9-&-+-,.! ,)! [NmN]! 21++('.&! 5-+0! +0(!
*-&+'-B9+-,.! ,)! +0,&(! ),'6&! -.! 1! &1628(! ,)! @A! 1*98+! &2((/0E! %! &+',.7! /,''(81+-,.! 51&!
),9.*!B(+5((.!B,+0!&(+&!,)!*1+1:!;-<!+0(!+5,!)-'&+!1/>9-'(*!A,%!/,6B-.1+-,.&4![Q1BlN,']!
1.*![^,'lN,']4!1'(!18&,!+0(!+5,!6,&+!)'(>9(.+8?!2',*9/(*!/,6B-.1+-,.&!-.!+0(!&1628(!
,)!@A!1*98+!&2((/0I!;--<!+0(!6,&+!)'(>9(.+8?!2',*9/(*![NX,%mNX,%]!),'6&!-.!1*98+!&2((/04!
[f1&lE_+,2]4![_+,2lEf1&]4![_+,2lT'-/]4![_+,2lQ1+]4!1'(!16,.7&+!+0(!)-'&+!+,!B(!1/>9-'(*E!
g.! +0(! /,.+'1'?4! -.)'(>9(.+! 21++('.&! -.! 1*98+! &2((/04! &9/0! 1&! [T'-/lQ->]! ,'! [Q->lT'-/]!
+(.*!+,!B(!1/>9-'(*!81+(E!F.!&9661'?4!61'Y(*!/,6B-.1+-,.&!-.!1*98+!&2((/0!+(.*!+,!B(!
61'Y(*!18&,!-.!/0-8*'(.C&!&2((/0E!
!!
L09&4!+0(!0?2,+0(&-&!29+!),'51'*!B?!T-YY('+4!Q(=(8+!W!U1.!*(!k(-h('!;"MM"<4!+01+!
+0(!,'*('!,)!1/>9-&-+-,.!,)![NmN]!21++('.&!/1.!B(!'(81+(*!+,!+0(!*-&+'-B9+-,.!,)!)(1+9'(&!-.!
+0(! -.29+! 81.7917(&4! &((6&! +,! )-.*! )9'+0('! &922,'+! -.! +0(! @A! 1/>9-&-+-,.! *1+1E! L0(!
*-&+'-B9+-,.18! 2',2('+-(&! ,)! +0(! -.29+! /,98*! 18&,! 1//,9.+! ),'! +0(! )1/+! +01+! [NmN]!
/,6B-.1+-,.&! 5-+0! 5,'*Z-.-+-18! *,'&18&! 1'(! 8(&&! 2',B8(61+-/! ),'! @A! /0-8*'(.! +01.! ),'!
^9+/0!8(1'.('&!;&((!/012+('!#<E!!
!
!
!
!
"J3!
2J3(<"&(5&6&.+$7&,%(+8(#.%&',#%16&(+/%$/%(8+'70(
F.! /012+('! K4! -+! 51&! &0,5.! +01+! +0(! 18+('.1+-=(! ),'6&! /0-8*'(.! 2',*9/(! =1'?!
1//,'*-.7!+,!+0(!*(=(8,26(.+18!&+17(E!!
F.! +0(! (1'8?! [NjN]! &+17(4! /0-8*'(.! 1=,-*! .,.Z01'6,.-/! 21++('.&! 1.*! '(.*('! +0(!
)(5!+1'7(+&!1++(62+(*!1&![NjN]!),'6&E!F.!+0(!=1&+!61h,'-+?!,)!/1&(&4!+0(!01'6,.-/!),'6&!
2',*9/(*!1'(!'(*928-/1+-,.&!,)!+0(!+1'7(+!&+'(&&(*!&?881B8(E!L0(&(!,9+29+!),'6&!2',=-*(!
1**-+-,.18!&922,'+!),'!+0(!0?2,+0(&-&!29+!),'51'*!-.!/012+('!#4!+01+!/0-8*'(.!1'(!*(18-.7!
5-+0!1!kgS^!'(2'(&(.+1+-,.!1+!1.!(1'8?!17(!1.*!+01+!+0(?!9&(!+0(!+1'7(+!&+'(&&(*!&?881B8(!
1&!+0(-'!61-.!1./0,'!),'!)(1+9'(!&2(/-)-/1+-,.E!
!F.!+0(![NmN]!&+17(4!+0(!.96B('!,)!1++(62+&!1+!.,.Z01'6,.-/!),'6&!-./'(1&(&!1.*!
+0'((! 61-.! /1+(7,'-(&! ,)! 18+('.1+-=(! 2',*9/+-,.&! 122(1':! ;-<! &9B&+-+9+-,.&! ,)! )(1+9'(&!
+01+! 1'(! .,+! 1/>9-'(*! -.! 1.?! 2,&-+-,.I! ;--<! &9B&+-+9+-,.&! ,'! 6(+1+0(&-&! 1))(/+-.7! &2(/-)-/!
)(1+9'(&! -.! &2(/-)-/! 2,&-+-,.&! -.! [NmN]! &(>9(./(&! 1.*! ;---<! &9B&+-+9+-,.&! 1))(/+-.7!
/,6B-.1+-,.&! ,)! 61'Y(*! )(1+9'(&E! L0(&(! '(21-'&! &922,'+! +0(! )-.*-.7&! 2'(&(.+(*! -.!
/012+('!J4!50('(!-+!51&!&0,5.!+01+!+0(!*(=(8,26(.+!,)![NmN]!&(>9(./(&!-&!-.)89(./(*!B?!
5,'*Z2,&-+-,.!1.*!B?!N3ZN"!-.+(''(81+-,.&0-2&E!
!
!
J3 !"1.5'&,>0(.&K1-#.(#,5(+/%$/%('&$'&0&,%#%1+,0(%"'+/="+/%(5&6&.+$7&,%(
L0(! )-.*-.7&! 2'(&(.+(*! -.! +0(! /9''(.+! *-&&('+1+-,.! 2',=-*(! -.&-70+! -.+,! +0(!
*(=(8,26(.+! ,)! /0-8*'(.C&! 8(D-/18! 1.*! ,9+29+! '(2'(&(.+1+-,.&I! +0,&(! -.&-70+&! 1'(!
&9661'-G(*!B(8,5E!
L0(! [NjN]! ,9+29+! &+17(! (D28,'(*! -.! /012+('! #! 8(1*&! 9&! +,! 0?2,+0(&-G(! +01+! @A!
/0-8*'(.!7,!+0',970!1.!-.-+-18!&+17(!50('(!,.(!&-.78(!)(1+9'(!;A,%!1.*!X,%<!-&!1&&-7.(*!
+,! +0(! 5,'*4! '(&98+-.7! -.! [NjN]! ),'6&E! ^9'-.7! +0-&! 2('-,*4! /0-8*'(.! *,! .,+! *-&+-.79-&0!
B(+5((.!5,'*!2,&-+-,.&!-.!+0(-'!8(D-/18!'(2'(&(.+1+-,.&4!&-./(!+0,&(!'(2'(&(.+1+-,.&!1'(!
9.&(76(.+18-G(*!;&((!;"b#<4!1B,=(<E!
%!)(5!6,.+0&!81+('4!50(.![NmN]!21++('.&!&+1'+!B(-.7!1/>9-'(*4!-+!B(/,6(&!/8(1'!
+01+! /0-8*'(.C&! '(2'(&(.+1+-,.&! 01=(! B(/,6(! 6,'(! *(+1-8(*E! F.! /012+('! J4! 5(!
0?2,+0(&-G(*!+01+!/0-8*'(.!&+1'+!+0(!2',/(&&!,)!1/>9-&-+-,.!,)![NmN]!),'6&!B?!1&&-7.-.7!
)(1+9'(!&2(/-)-/1+-,.!+,!N3!,.8?4!1.*!8(1=(!N"!9.&2(/-)-(*4!'(&98+-.7!-.!/,6B-.1+-,.&!&9/0!
1&! [Q1BlN,']! 1.*! [^,'lN,']4! 50('(! N"! -&! )-88(*! 5-+0! +0(! *()198+! A,%! N,',.18E! %+! +0-&!
&+17(4! N"! -&! &+-88! .,+! 1=1-81B8(! 1&! 1! &(21'1+(8?! &2(/-)-1B8(! 9.-+! -.! +0(! /0-8*'(.C&! 8(D-/18!
'(2'(&(.+1+-,.&E!Q(=(8+!;3bb#<!1.*!Q1.7(&817!;"MM$<!01=(!2',2,&(*!1!&-6-81'!122',1/0!
+,!+0(!*(=(8,26(.+!,)!281/(!1.*!61..('!)(1+9'(&!-.!^9+/0E!%+!1!81+('!*(=(8,26(.+!&+17(4!
/,6B-.1+-,.&!5-+0!61'Y(*!)(1+9'(&!-.!N"!&+1'+!B(-.7!1/>9-'(*E!%+!+0-&!2,-.+4!N"!122(1'&!
+,!B(!18'(1*?!1=1-81B8(!),'!)(1+9'(!1&&-7.6(.+E!!
!
"J"!
F.! ;"bJ<! 5(! -889&+'1+(! +0(! /0-8*'(.C&! 8(D-/18! '(2'(&(.+1+-,.&! 1+! +0(! +0'((!
*(=(8,26(.+18! &+17(&! ,9+8-.(*! 1B,=(:! ;"bJE1<! '(2'(&(.+&! +0(! kgS^! &+17(4! ;"bJEB<!
-889&+'1+(&!+0(!&2(/-)-/1+-,.!,)!N3!;[kgS^<!1.*!;"bJE/<!'(2'(&(.+&!+0(!&+17(!50('(!B,+0!
/,.&,.1.+&!-.!+0(!5,'*!/1.!B(!-.*(2(.*(.+8?!&2(/-)-(*!;N3=N"=<!E!!
!
456A8)B#+-%+,)-0=0,"290/$)":)1.;,-#0/C(),0D;1+,)#02#0(0/$+$;"/())
d
(a) Early [C=C] productions
Specification at the WORD level
Adult: [!pap#]
Lab/Stop
[v#!n%s#]
Cor/Nas
(c) Later [C!C] patterns
(b) Early [C!C] patterns
[b%!b%]
Lab/Stop
Specification of the word-initial C
Adult: /!t#&p#/
/!ta)ku/
Lab
Dor
[WORD
Child:
(Marked features are assigned to C1)
WORD
[!pap#]
[!n#n#]
[b#p#]
[!pat#]
[!katu]
Specification of the two C-slots
Adult: /$#!p%w/
/ku!me*/
[Cor…Lab]
[Dor…Lab]
[C1 v C 2v]
[Cor…Lab]
[Dor…Lab]
[$+!p%w]
[ku!me]
!
!
g=('1884! 5(! ),9.*! (=-*(./(! +01+! &922,'+&! +0(! ),88,5-.7! *(=(8,26(.+&! -.!
/0-8*'(.C&! 8(D-/18! '(2'(&(.+1+-,.&:! kgS^! ``! [5,'*! ``! NUNUE! n,5(=('4! +0(! -.+('6(*-1+(!
&+17(! ;[kgS^<! *,(&! .,+! ,//9'! ),'! X,%! 21++('.&4! -.! +0(! *1+1! ,)! +5,! /0-8*'(.E! L0-&!
*-))('(./(!61?!'(&98+!)',6!-.*-=-*918!=1'-1+-,.!,'!)',6!1.!,=('812!,)!+5,!*(=(8,26(.+18!
2('-,*&E! %8+('.1+-=(8?4! -+! 6-70+! '(&98+! )',6! *-))('(.+! '(2'(&(.+1+-,.&! ),'! 281/(! 1.*! ),'!
61..('! &2(/-)-/1+-,.E! L0-&! -&&9(! .((*&! +,! B(! )9'+0('! -.=(&+-71+(*! ,.! +0(! B1&-&! ,)! 6,'(!
*1+14!.16(8?!,.!+0(!*(=(8,26(.+!,)!2,8?&?881B-/!),'6&E!
L,!&9661'-G(4!B1&(*!,.!+0(!1/>9-&-+-,.!21++('.&!,B&('=(*4!,9'!2',2,&18!-&!+01+!
?,9.7!8(1'.('&C!8(D-/18!'(2'(&(.+1+-,.&!1'(!/0-8*Z&2(/-)-/!1.*!9.&(76(.+18-G(*!+,!1!0-70!
*(7'((! -.! +0(! (1'8?! &+17(&E! _(76(.+18-G1+-,.! +1Y(&! 281/(! -.! 1! 7'1*918! )1&0-,.:! =,5(8&!
)-'&+4! +0(.! +0(! 5,'*Z-.-+-18! /,.&,.1.+! 1.*4! )-.188?! 188! +0(! /Z&8,+&! -.! +0(! 5,'*! ;&((!
'(2'(&(.+1+-,.&! -.! ;"bJ<<E! F.! +0-&! '(&2(/+4! @A! *1+1! &922,'+&! +0(! 2',2,&18&! ),'! +0(!
1/>9-&-+-,.! ,)! ^9+/0! 2'(&(.+(*! -.! T-YY('+! W! Q(=(8+! ;"MMc<4! ),'! A,%! 1.*! B?! Q1.7(&817!
;"MM$<! ),'! X,%E! R.*('! +0-&! 2('&2(/+-=(4! +0(! (1'8?! 18+('.1+-=(! ,9+29+! ),'6&! &+9*-(*! *,!
.,+! *('-=(! )',6! 2',/(&&(&! +01+! &012(! ,9+29+! ),'6&4! B9+! 1'(! +0(! .1+9'18! ,9+/,6(! ,)!
*(=(8,2-.7!'(2'(&(.+1+-,.&!;T-YY('+4!"MM$I!Q(=(8+4!+,!122(1'<E!!
%.,+0('! -62,'+1.+! )-.*-.7! 2'(&(.+(*! -.! +0-&! *-&&('+1+-,.! -&! +01+4! 50(.! +0(!
&(76(.+&! -.! +0(! 8(D-/18! '(2'(&(.+1+-,.&! 1'(! 18'(1*?! &(21'1+(8?! &2(/-)-1B8(! ;&((!
'(2'(&(.+1+-,.! -.! ;/<4! -.! ;"bJ<<4! /0-8*'(.C&! ,9+29+! ),'6&! 1'(! /,.&+'1-.(*! B?! B,+0!
2,&-+-,.18! 1.*! /,6B-.1+,'-18! '(&+'-/+-,.&:! &,6(! )(1+9'(&! 1'(! 1/>9-'(*! )-'&+! -.! ,.(!
2,&-+-,.! ;N3! ,'! N"<! 1.*! ,.8?! 81+('! -.! +0(! ,+0('! 1.*! &,6(! /,6B-.1+-,.&! ,)! )(1+9'(&! 1'(!
6,'(!2',B8(61+-/!+01.!,+0('&!;&((!/012+('&!J!1.*!K<E!%+!+0-&!&+17(4!/0-8*'(.C&!9.*('8?-.7!
!
"JH!
'(2'(&(.+1+-,.&! 1'(! 6,'(! 1*98+Z8-Y(4! B9+! +0(! ,9+29+! ),'6&! &+-88! 01=(! +,! /,628?! 5-+0!
/('+1-.!'(7981'-+-(&4!'(&98+-.7!-.!*(=-1.+!2',*9/+-,.&E!
!
J23(L1,#.('&7#'B0(#,5(%+$1-0(8+'(8/%/'&('&0&#'-"(
L0(!/9''(.+!-.=(&+-71+-,.!01&!/,.+'-B9+(*!+,!)-88-.7!+0(!712!-.!+0(!Y.,58(*7(!,)!
0,5! @A! /0-8*'(.! 1/>9-'(! +0(! &(76(.+18! &?&+(6! ,)! +0(-'! 81.7917(E! F.! 7(.('184! @A!
1/>9-&-+-,.! 21++('.&! 1'(! &-6-81'! +,! +0(! ,.(&! ,B&('=(*! -.! ,+0('! 81.7917(&E! _,6(!
*-))('(./(&4! 0,5(=('4! 5('(! ),9.*I! ),'! -.&+1./(4! &-6-81'8?! +,! @.78-&0! B9+! /,.+'1'?! +,!
^9+/0!;T-YY('+4!Q(=(8+!W!U1.!*(!k(-h('4!"MM"<4!@A!/0-8*'(.!*,!.,+!&0,5!/,.&+'1-.+&!,.!
5,'*Z-.-+-18!*,'&18&!-.![NmN]!&(>9(./(&I!18&,!/,.+'1'?!+,!^9+/04!@A!8(1'.('&!&0,5!1!/8(1'!
2'()('(./(!),'!8,5!,'!/(.+'18!=,5(8&!-.!(1'8?!,9+29+!),'6&E!L0(&(!*-))('(./(&!/1.!'(&98+!
)',6!/01'1/+('-&+-/&!,)!+0(!+1'7(+!81.7917(4!.16(8?!+0(!*-&+'-B9+-,.!,)!)(1+9'(!21++('.&4!
8-Y(! +0(! )1/+! +01+! [^,'lN,']! 21++('.&! 122(1'! +,! B(! '(81+-=(8?! )'(>9(.+! -.! 1*98+! &2((/04!
1.*!+0(!8,5('!&18-(./?!,)!=,5(8&!-.!+0(!-.29+4!*9(!+,!2',/(&&(&!+,!50-/0!+0(&(!&(76(.+&!
1'(!&9B6-++(*!-.!@AE!
g.(! ,)! +0(! /'9/-18! )-.*-.7&! ,)! +0-&! -.=(&+-71+-,.! -&! +0(! )1/+! +01+! +0(! 9.-+! ,)!
&2(/-)-/1+-,.! ,)! 281/(! 1.*! 61..('! )(1+9'(&! -&4! 1+! +0(! B(7-..-.7! ,)! 6(1.-.7)98! &2((/04!
81'7('! +01.! +0(! &(76(.+E! L0-&! -.-+-18! &92'1&&(76(.+18! &2(/-)-/1+-,.! 9.*('8-(&! +0(! )-=(!
/0-8*'(.C&!2',*9/+-,.&!9.+-8!1+!8(1&+!+0(!17(!,)!"I34!'(&98+-.7!-.![NjN]!,'![NmNN,']!,9+29+!
),'6&E!L0(!.1+9'(!,)!+0(!9.-+!kgS^!.((*&4!0,5(=('4!+,!B(!)9'+0('!-.=(&+-71+(*4!&-./(4!-.!1!
=('?!(1'8?!&+17(4!+01+!9.-+!/,98*!B(!(>918(*!+,!1!&?881B8(4!50-/0!-&!'(*928-/1+(*!;Pbu!n%k#/
Z` [,%!,%])!1.*!+,!0-70('!2',&,*-/!*,61-.&E!
L0',970,9+! +0-&! *-&&('+1+-,.4! -+! 51&! &0,5.! +01+! +0(! 2',/(&&! ,)! &(76(.+18!
1/>9-&-+-,.!-&!-.)89(./(*!B?!&(=('18!=1'-1B8(&4!.16(8?!+0(!9.-+!,)!&2(/-)-/1+-,.4!+0(!5,'*Z
2,&-+-,.4! +0(! -.+('1/+-,.! B(+5((.! )(1+9'(&! 5-+0-.! +0(! 5,'*! 1.*! +0(! *-&+'-B9+-,.18!
2',2('+-(&! ,)! +0(! -.29+E! _+-884! ,+0('! =1'-1B8(&! .((*! +,! B(! -.=(&+-71+(*4! .16(8?! &?881B8(!
/,.&+-+9(./?! ;,.&(+! =(! /,*1I! B'1./0-.7! ,.&(+! =&! .,.ZB'1./0-.7<4! &+'(&&! 2,&-+-,.! 1.*!
5,'*Z(D+(.&-,.!;*(=(8,26(.+!-.!6,.,&?881B8(&!=(!*-&?881B8(&!=(!2,8-&?881B8(&<E!
L0(!'(81+-,.!B(+5((.!1/>9-&-+-,.!*1+1!1.*!+0(!2',2('+-(&!,)!@A!1*98+!&2((/0!18&,!
.((*&! +,! B(! )9'+0('! &+9*-(*4! ,.! +0(! B1&-&! ,)! 1! 81'7('! &1628(! ,)! *1+1E! F.! 1**-+-,.4!
-.),'61+-,.! -&! .((*(*! ,.! @A! N0-8*! ^-'(/+(*! _2((/0E! F*(188?4! +0(! 1.18?&-&! ,)! +0(!
1/>9-&-+-,.!*1+1!,)!1!7-=(.!/0-8*!&0,98*!B(!/,628(6(.+(*!5-+0!&2((/0!*1+1!,)!+0(!1*98+&!
+01+! &9'',9.*! 0-6P0('E! e1&(*! ,.! +0-&! +?2(! ,)! *1+14! +0(! -.)('(./(&! 1B,9+! +0(! '(81+-,.!
B(+5((.!B,+0!&?&+(6&!5,98*!B(!6,'(!/,.&-&+(.+!1.*!'(8-1B8(E!!
i-=(.!+0(!-62,'+1./(!,)!1/>9-&-+-,.!*1+1!.,+!,.8?!+,!8-.79-&+-/!+0(,'?!B9+!18&,!+,!
81.7917(! +(1/0-.7! 1.*! /8-.-/18! 20,.,8,7?4! +0(! &+9*?! ,)! 0,5! /0-8*'(.! 1/>9-'(! +0(!
!
"J#!
20,.,8,7?! ,)! +0(-'! 81.7917(! &0,98*! 01=(! 1.! -62,'+1.+! 281/(! -.! 8-.79-&+-/! &+9*-(&E!!
n,5(=('4!92!9.+-8!.,5!+0-&!01&!.,+!B((.!+0(!/1&(!),'!@A4!1&!)1'!1&!&(76(.+18!1/>9-&-+-,.!
-&!/,./('.(*E!!g.(!,)!+0(!61-.!7,18&!,)!+0-&!*-&&('+1+-,.!51&!+,!/,.+'-B9+(!+,!)-88-.7!+0(!
712! -.! +0(! Y.,58(*7(! ,)! 0,5! @A! /0-8*'(.! 1/>9-'(! +0(! /,.&,.1.+18! &?&+(6! ,)! +0(-'!
81.7917(E!L0-&!7,18!01&!B((.!1++1-.(*4!&-./(!*(+1-8(*!-.),'61+-,.!01&!B((.!2',=-*(*!,.!
+0(! 1/>9-&-+-,.! 21++('.&! ,)! )-=(! +?2-/188?! *(=(8,2-.7! A,'+979(&(! /0-8*'(.E! ! _2(/-)-/188?4!
+0(! Y.,58(*7(! ,)! +0(! 21++('.&! +01+! /01'1/+('-G(! +0(! 1/>9-&-+-,.! ,)! 281/(! 1.*! 61..('!
)(1+9'(&!-.!5,'*&!o!+0(!)1/+!+01+!+0(!-.-+-18!9.-+!),'!)(1+9'(!&2(/-)-/1+-,.!122(1'&!+,!B(!+0(!
5,'*4! +01+! *(=(8,26(.+! *(2(.*&! ,.! +0(! 5,'*Z2,&-+-,.! -.! 81+('! *(=(8,26(.+18! &+17(&4!
1.*!+01+!)(1+9'(!/,Z,//9''(./(!'(&+'-/+-,.&!281?!1!',8(!Z!/,.&+-+9+(&!/'9/-18!-.),'61+-,.!
),'!,+0('!8-.79-&+-/Z'(81+(*!)-(8*&4!8-Y(!(*9/1+-,.!1.*!&2((/0!+0('12?E!%&!)1'!1&!(*9/1+-,.!
-&!/,./('.(*4!+0(!Y.,58(*7(!,)!0,5!+0(!/,.&,.1.+18!&?&+(6!-&!1/>9-'(*!-.!@A!/1.!281?!1!
Y(?! ',8(4! ),'! -.&+1./(4! -.! +0(! /,.&+'9/+-,.! ,)! +(1/0-.7! (D('/-&(&4! 21'+-/981'8?! ),'! .,.Z
.1+-=(!/0-8*'(.!1/>9-'-.7!@A!1&!1!&(/,.*!81.7917(E!F.!+0(!/8-.-/18!)-(8*4!&(=('18!&+9*-(&!,.!
/0-8*'(.! 50,! 2'(&(.+! *(=-1.+! 20,.,8,7-/18! 1/>9-&-+-,.! 21++('.&! 01=(! &0,5.! +01+!
-.),'61+-,.!,.!+?2-/18!&(76(.+18!1/>9-&-+-,.!-&!/'9/-18!1&!1!B1&-&!),'!+0(!/,.&+'9/+-,.!,)!
*-17.,&-&! 1.*! +0('12(9+-/! -.&+'96(.+&! ;-.! Ae4! &((4! ),'! -.&+1./(4! X,+14! 3bbKI! pd&Y(Z
_,1'(&4!"MM3I!Q1GG1',++,4!"MMJI!^91'+(4!"MMKI!Q1GG1',++,ZU,8/q,4!"MMb<E!!
%&!9&918!-.!&/-(.+-)-/!&+9*-(&4!&,6(!,)!+0(!>9(&+-,.&!+01+!01=(!1'-&(.!+0',970,9+!
+0-&!*-&&('+1+-,.!'(61-.!9.1.&5('(*I!0,2()988?4!+0,&(!>9(&+-,.&!5-88!/,.&+-+9+(!+0(!B1&-&!
),'!)9+9'(!'(&(1'/0!1.*!5-88!188,5!),'!1!6,'(!-.Z*(2+0!Y.,58(*7(!,.!+0(!51?!A,'+979(&(!
/0-8*'(.!1/>9-'(!+0(!20,.,8,7-/18!&?&+(6!,)!+0(-'!.1+-=(!81.7917(E!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
"JJ!
!
!
!
"JK!
!"#"$"%&"'(
!
%&&'()!*+)!,!-./01(2)!!3+!456$78+!9:'!;'<'&=>?'(@!=A!>:=(=&=B1C.&!D:E@:?+!F(!%+!G'&&)!,!H+!!!
G+!-==>'D!4I;2+8)!!"##$%#&'($)*('&+,&)-'+!%?2@'D;.?J!K=D@:L-=&&.(;+!
%&@<.@'DLM.C0'(2'()! K+)! ,!N100'D@)! O+! 4"PP68+! Q=?>.D1(B! @:'! .CRS121@1=(! =A! 2'B?'(@.&!
C=(@D.2@! 1(! TS@C:! .(;! *'D?.(+! 9.&0! B1<'(! .@! @:'! /=D02:=>! ./,0#&12-"3( 4"0/#/+"(
$)*(56782'2-2/)+!M.E!"$L"7)!UE=()!ND.(C'+!
%&@<.@'DLM.C0'(2'()! K+)! T=2! 3.(@=2)! Q+)! ,! N100'D@)! O+! 4"PP78+! %! CD=22L&1(BS12@1C!
>'D2>'C@1<'! =(! @:'! D=&'! =A! >D=2=;1C! 2@DSC@SD'! 1(! @:'! .CRS121@1=(! =A! ?.(('D! =A!
.D@1CS&.@1=(! A'.@SD'2+! 9.&0! B1<'(! .@! @:'! 9:-;( <$)6;&'-&=( >;/)/#/+"( <&&-2)B+! M.E!
""L"V)!M.(C:'2@'D)!WX+!
;Y%(;D.;')!I+!4566V8+!4&,$'(*&(?/)/#/+2$+!U12Z=.J!Q=&1ZD1+!
;Y%(;D.;')!I+)!,!X1:?)!%+!4567$8+!N=(=&=B1.!.S@=L2'B?'(@.&!'!(.2.12!'?!O=D@SBS[2+!56-$'(
*/(@@@(A)6/)-=/(*$(5''/62$BC/(>/=-8+8&'$(*&(D2)+8E'-26$+!U12Z=.J!%OU+!
%(;D.;')! I+)! ,! \=;D1BS'2)! Q+! 456668+! T.2! '2C=&.2! '! ;.2! CS&@SD.2J! :12@]D1.! ;'! S?.!
2'RS[(C1.! C=(2=(^(@1C.+! 56-$'( */( F@G( A)6/)-=/( *$( 5''/62$BC/( >/=-8+8&'$( *&(
D2)+8E'-26$(9)!>>+!55$L5__+!%OU`Q=&1ZD1+!
%DC:.(B'&1)! T+! 4567V8+! H)*&='0&62I26$-2/)( 2)( J$K&#,$)2( 0;/)/#/+"( $)*( ,/=0;/#/+"+!
T=C@=D.&!;122'D@.@1=(J!MF9+!K'/!a=D0J!*.D&.(;!OD'22+!!
%DC:1Z.&;)! H+! 4566#8+! >;/)/#/+26$#( 56782'2-2/)( $)*( >;/)/#/+26$#( 4;&/="+! -1&&2;.&')! K+H+J!
U./D'(C'!ID&Z.S?!%22=C1.@'2+!!
G.C'&.D!;=!K.2C1?'(@=)!M+N+)!O'D'1D.)!U+!%+!3+)!,!3.D.?.B=)!H+!4"PPP8+!O=D@SBS'2'!Q=D>=D.!
.@!QUWU+!F(!!&6/)*(@)-&=)$-2/)$#(./)I&=&)6&(/)(D$)+8$+&(L&'/8=6&'($)*(AM$#8$-2/)((
>=/6&&*2)+')!b=&S?'!FF+!%@:'(2+!
G.@@12@'&&.)!I+!4566c8+!4;&(D/+26(/I(<$=N&*)&''+!W3%J!deA=D;!W(1<'D21@E!OD'22+!!
G''D2)!M+!4566#8+!4;&(0;/)/#/+"(/I()/=,$##"(*&M&#/02)+($)*(#$)+8$+&(2,0$2=&*(6;2#*=&)O!
T=C@=D.&!T122'D@.@1=(+!FNd99)!W(1<'D21@E!=A!%?2@'D;.?)!@:'!K'@:'D&.(;2+!!
G''D2)!M+! 4566c8+!%CRS121@1=(!=A!TS@C:! >:=(=&=B1C.&! C=(@D.2@2! /1@:1(! @:'! AD.?'/=D0! =A!
A'.@SD'! B'=?'@DE! @:'=DE+! F(! G+! G'D(:.D;@)! H+! *1&Z'D@)! ,! T+! F(BD.?! 4I;2+8)!
>=/6&&*2)+'( /I( -;&! HP.( @)-&=)$-2/)$#( ./)I&=&)6&( /)( >;/)/#/+26$#( 56782'2-2/)+!
3=?'D<1&&'J!Q.2C.;1&&.!OD'22+!
G'D(:.D;@)!G+!4566P8+!500#26$-2/)(/I()/)#2)&$=(0;/)/#/+26$#(-;&/="(-/(2)-&=M&)-2/)(K2-;('21(
0;/)/#/+26$##"( *2'/=*&=&*( 6;2#*=&)+! W(>SZ&12:';! O:T! @:'212)! W(1<'D21@E! =A! GD1@12:!
Q=&S?Z1.+!
G'D(:.D;@)! G+! 4566"8+! T'<'&=>?'(@.&! 1?>&1C.@1=(2! =A! (=(&1('.D! >:=(=&=B1C.&! @:'=DE+!
.#2)26$#(D2)+82'-26'(Q(>;/)&-26')!:)!>>+!"#6L"75+!
G'D(:.D;@)!G+)!,!3@'?Z'DB'D)!H+!456678+!R$)*%//N(/I(0;/)/#/+26$#(*&M&#/0,&)-(I=/,(-;&(
!
"#$!
0&='0&6-2M&(/I(6/)'-=$2)-S%$'&*()/)#2)&$=(0;/)/#/+"+!3.(!T1'B=J!%C.;'?1C!OD'22+!!
G'D(:.D;@)!G+)!,!3@'?Z'DB'D)!H+!4"PP"8+!F(@'D<=C.&1C!C=(2=(.(@2!1(!@:'!2>''C:!=A!C:1&;D'(!
/1@:!>:=(=&=B1C.&!;12=D;'D2+!.#2)26$#(D2)+82'-26'($)*(>;/)&-26'(9:TUV3!>>+!566L"5V+!!
G'D(:.D;@)! G+)! ,! 3@='&L*.??=()! Q+! 4566V8+! K=(&1('.D! >:=(=&=BEJ! 1(@D=;SC@1=(! .(;!
C&1(1C.&!.>>&1C.@1=(+!W/8=)$#(/I(!0&&6;($)*(R&$=2)+(L&'&$=6;3(UX)!>>+!5"_L5V_+!
G&=;B'@@)! I+)! ,! M1&&'D)! b+! 456768+! A$'"( Y/&'( @-( ?/=( >;/)/#/+"+! 5( 6/,0#&-&( 0=/+=$,( -/(
=&,&*2$-&(0;/)/#/+26$#(*2'/=*&='(2)("/8)+(6;2#*=&)+!W3%J!U1(BS12E2@'?+!!
G='D2?.)!O+)!,!U'<'&@)!Q+!4"PPV8+!d>@1?.&1@E!9:'=DE!.(;!O:=(=&=B1C.&!%CRS121@1=(+!5))8$#(
L&M2&K(/I(D$)+8$+&(56782'2-2/)!U)!>>+!5L#P+!!
G=('@)! I+)! ,! M.2C.D])! H+! 4566c8+! d(! @:'! D'>D'2'(@.@1=(! =A! C=(@D.2@1(B! D:=@1C2+!
W(>SZ&12:';!?2+!W(1<'D21;.;'!%S@](=?.!;'!G.DC'&=(.+!!
G=('@)! I+)! ,! M.2C.D])! H+! 4566$8+! d(! @:'! D'>D'2'(@.@1=(! =A! C=(@D.2@1(B! D:=@1C2+! F(! N+!
M.D@f('g!*1&)!,!%+!M=D.&'2!ND=(@!4I;2+8!@''8&'(2)(-;&(>;/)/#/+"($)*(</=0;/#/+"(/I(
-;&(<$Z/=(@%&=2$)(D$)+8$+&'+!h.2:1(B@=()!TQJ!*WO+!!
G=(1&&:.)! *+! 4"PP#8+! 5782'2BC/( ?/)/#[+26$( *&( >/=-8+8\'( P=$'2#&2=/]( 8,$( $%/=*$+&,(
6/)&12/)2'-$( *$( -&/=2$( *$( /-2,2*$*&+! 9'2'! ;'! ;=S@=D.?'(@=+! O=(@1AfC1.!
W(1<'D21;.;'!Q.@]&1C.!;=!\1=!*D.(;'!;=!3S&+!O=D@=!%&'BD'+!
G=E22=(LG.D;1'2)!G+)!b1:?.()!M+)!\=SBL-'&&1C:1S2)!U+)!TSD.(;)!Q+)!U.(;Z'DB)!F+)!,!%D.=)!N+!
4566"8+! M.@'D1.&! '<1;'(C'! =A! 1(A.(@! 2'&'C@1=(! AD=?! @:'! @.DB'@! &.(BS.B'J! .! CD=22L
&1(BS12@1C! >:=('@1C! 2@S;E+! F(! Q+! N'DBS2=()! U+! M'(()! ,! Q+! 3@='&L*.??=(! 4I;2OV(
>;/)/#/+26$#( *&M&#/0,&)-]( ,/*&#'3( =&'&$=6;3( 2,0#26$-2/)'+! 91?=(1S?)! M.DE&.(;J!
a=D0!OD'22+!
GD=/()! Q+)! ,! M.@@:'/2)! H+! 4566$8+! 9:'! D=&'! =A! A'.@SD'! B'=?'@DE! 1(! @:'! ;'<'&=>?'(@! =A!
>:=('?1C! C=(@D.2@2+! F(! 3+! -.((.:2)! ,! M+! a=S(BL3C:=&@'(! 4I;2+8)! ?/68'( /)(
>;/)/#/+26$#!56782'2-2/)+!TSD:.?J!H=:(!G'(i.?1(2!OSZ&12:'D2+!!
Q:=?20E)!K+!456758+!D&6-8=&'(/)(^/M&=),&)-($)*(P2)*2)++!T=D;D'C:@J!N=D12+!!
Q&'?'(@2)!K+!4567#8+!9:'!B'=?'@DE!=A!>:=(=&=B1C.&!A'.@SD'2+!>;/)/#/+"(J&$=%//N)!_)!>>+!
""_L"#"+!!
Q:=?20E! K+! 4567c8+! X(=/&';B'! =A! U.(BS.B'+! F@2! K.@SD')! dD1B1(! .(;! W2'+! K'/! a=D0J!
OD.'B'D+!
Q:=?20E)!K+)!,!-.&&')!M+!456c78+!4;&(!/8)*(>$--&=)(/I(A)+#2';+!M.22.C:S2'@@2J!MF9!OD'22+!!
Q&'?'(@2)! K+! 4"PP58+! \'>D'2'(@.@1=(.&! 'C=(=?E! 1(! C=([email protected](@LZ.2';! >:=(=&=BE+! F(! 9+!
-.&&+!4I;+8!Y2'-2)6-2M&(?&$-8=&(4;&/="+!G'D&1(J!M=S@=(!;'!*DSE@'D+!!
Q&'?'(@2)!K+!4"PP68+!9:'!\=&'!=A!N'.@SD'2!1(!O:=(=&=B1C.&!F(<'(@=D1'2+!F(!I+(\.1?E!,!Q+!
Q.1D(2! 4I;2+8+! ./)-&,0/=$="( G2&K'( /)( 5=6;2-&6-8=&( $)*( L&0=&'&)-$-2/)'( 2)(
>;/)/#/+")! >>+! 56Lc7+! Q.?ZD1;B'J! MF9! OD'22+! OSZ&12:';! 1(! "PP#! 1(!
!
"#7!
j:@@>J``///+(1C0C&'?'(@2+AD''+ADk+!!
Q&'?'(@2)! *+)! ,! -S?')! I+! 4566#8+! 9:'! 1(@'D(.&! =DB.(1g.@1=(! =A! 2>''C:! 2=S(;2+! F(! H+!
*=&;2?1@:!4I;+8)!4;&(R$)*%//N(/I(>;/)/#/+26$#(4;&/="+!Q.?ZD1;B'J!G&.C0/'&&!OSZ+!!
Q=?>@=()! %+! H+)! ,! 3@D''@'D)! M+! 456$$8+! Q:1&;! >:=(=&=BEJ! ;.@.! C=&&'C@1=(! .(;! >D'&1?1(.DE!
.(.&E2'2+! >$0&='( $)*( L&0/=-'( /)( .;2#*( D$)+8$+&( Y&M&#/0,&)-( X+! 3@.(A=D;)! Q%J!
3@.(A=D;!W(1<'D21@E!OD'22+!
Q=2@.)!9+)!,!ND'[email protected])!M+!H+!4"PP_8+!dZ2@DSlm'2!(.!.RS121ln=+!%!>D=>]21@=!;.!(.@SD'g.!;=2!
'2@o;1=2!1(1C1.12!(=!;'2'(<=&<1?'(@=!2'B?'(@.&+!56-$'(*/(FG@@@(A)6/)-=/(`$62/)$#(
*$(5''/62$BC/(>/=-8+8&'$(*&(D2)+8E'-26$+!U12Z=.J!%OU+!
T1((2'()! T+! 4566"8+! b.D1.@1=(! 1(! ;'<'&=>1(B! .(;! AS&&E! ;'<'&=>';! >:=(=&=B1'2+! F(! Q+! %+!
N'DBS2=()! U+! M'(()! ,! Q+! 3@='&L*.??=(! 4I;2+8! >;/)/#/+26$#( Y&M&#/0,&)-]( </*&#'3(
L&'&$=6;3(@,0#26$-2/)')!>>+!565L"5P+!91?=(1S?)!MTJ!a=D0!OD'22+!!
T1((2'()! T+! 4566c.8+! Q=(@'e@L2'(21@1<'! S(;'D2>'C1A1C.@1=(! .(;! @:'! .CRS121@1=(! =A! .!
>:=('?1C!C=(@D.2@+!W/8=)$#(/I(.;2#*(D$)+8$+&!_U3!>>+!_5L_#+!
T1((2'()! T+! 4566cZ8+! Q=(@'e@! 'AA'C@2! 1(! @:'! .CRS121@1=(! =A! AD1C.@1<'2+! ! F(! G+! G'D(:.D;@)! H+!
*1&Z'D@)! ,! T+! F(BD.?! 4I;2+8)! >=/6&&*2)+'( /I( -;&! HP.( @)-&=)$-2/)$#( ./)I&=&)6&( /)(
>;/)/#/+26$#(56782'2-2/)+!3=?'D<1&&'J!Q.2C.;1&&.!OD'22+!
T1((2'()! T+)! Q:1(+)! I&Z'D@)! M+)! ,! O=/'&&)! 9+! 4566P8+! 3=?'! C=([email protected](@2! =(! AS(C@1=(.&&E!
;12=D;'D';! >:=(=&=B1'2J! >:=('@1C! 1(<'(@=D1'2! .(;! >:=([email protected]@1C+! W/8=)$#( /I( !0&&6;(
$)*(R&$=2)+(L&'&$=6;3(<+__)!>>+!"7L_$+!
TD'2:'D)! G+! ,! -S&2@)! -+! 4566#8+! *&=Z.&! ;'@'D?1(.CE! .(;! &'.D(.Z1&1@E! 1(! >:=(=&=BE+! F(! H+!
%DC:1Z.&;! 4I;+8)! >;/)/#/+26$#( 56782'2-2/)( $)*( >;/)/#/+26$#( 4;&/="+! -1&&2;.&'J!
U./D'(C'!ID&Z.S?!%22=C1.@'2+!
TS(>:E)! Q+! 4"PPc8+! 5)/-;&=( 0&='0&6-2M&( /)( ./)'/)$)-( R$=,/)"( 2)( Y8-6;+! M+%+! @:'212+!
T'>.D@?'(@!=A!U1(BS12@1C2+!M'?=D1.&!W(1<'D21@E!=A!K'/A=S(;&.(;+!
IC:=&2)! Q+)! ,! K'/>=D@)! I+! 4566"8+! 9:'! D=&'! =A! 2@D'22! .(;! >=21@1=(! 1(! ;'@'D?1(1(B! A1D2@!
/=D;2+!D$)+8$+&(56782'2-2/)!"(TUV)!>>+!576L""P+!!
I;/.D;2)! M+U+! 4566c8+! h=D;! >=21@1=(! 'AA'C@2! 1(! @:'! >D=;SC@1=(! =A! AD1C.@1<'2+! F(! G+!
G'D(:.D;@)! H+! *1&Z'D@)! ,! T+! F(BD.?! 4I;2+8)! >=/6&&*2)+'( /I( -;&( HP.( 2)-&=)$-2/)$#(
6/)I&=&)6&(/)(0;/)/#/+26$#($6782'2-2/)O(3=?'D<1&&')!M%J!Q.2C.;1&&.!OD'22+!
I;/.D;2)!H+)!G'C0?.()!M+)!,!MS(2=()!G+!4"PPV8+!9:'!1(@'D.C@1=(!Z'@/''(!<=C.ZS&.DE!21g'!
.(;!>:=([email protected]@1C!>D=Z.Z1&1@E!'AA'C@2!=(!C:1&;D'(p2!>D=;SC@1=(!.CCSD.CE!.(;!A&S'(CE!
1(!(=(/=D;!D'>'@1@1=(+!W/8=)$#(/I(!0&&6;3(D$)+8$+&($)*(R&$=2)+(L&'&$=6;3!aX)!>>+!
V"5LV_c+!
N'')! H+! 4566#8+! 3'B?'(@2! .(;! 3E&&.Z&'2! 1(! I.D&E! U.(BS.B'! %CRS121@1=(+! F(! H+! %DC:1Z.&;!
4I;+8)! >;/)/#/+26$#( 56782'2-2/)( $)*( >;/)/#/+26$#( 4;&/="+! -1&&2;.&'J! U./D'(C'!
!
"#6!
ID&Z.S?!%22=C1.@'2+!!
N'')! H+)! ,! F(BD.?)! T+! 4567"8+! \';S>&1C.@1=(! .2! .! 2@D.@'BE! =A! >:=(=&=B1C.&! ;'<'&=>?'(@+!!
W/8=)$#(/I(.;2#*(D$)+8$+&3(b)!>>+!V5L#V+!!
N''2@)! 3+! <.(! ;'D! 4"PP$8+! P82#*2)+( $( 0;/)/#/+26$#( #&126/)+! O:T+! 9:'212+! \.;Z=S;!
W(1<'D21@E!=A!K1i?'B'(+!!
N''2@)! 3+! <.(! ;'D)! ,! N100'D@)! O+! 4"PP#8+! 3'B?'(@.&! ;'@.1&! 1(! C:1&;D'(p2! '.D&E! &'e1C.&!
D'>D'2'(@.@1=(2+! OD/6&&*2)+'( /I( -;&( @!.5( c/=N';/0( /)( >#$'-262-"( 2)( !0&&6;(
>&=6&0-2/)+!W(1<'D21@E!Q=&&'B'!U=(;=(+!
N'DBS2=()! Q+! 456$68+! O:=(=&=BE! .2! .(! F(;1<1;S.&! %CC'22! 3E2@'?J! 3=?'! T.@.! AD=?!
U.(BS.B'!%CRS121@1=(+!F(!Q+!N1&&?=D'!'@!.&+!4I;2+8!@)*2M2*8$#(Y2II&=&)6&'(2)(D$)+8$+&(
5%2#2-"($)*(D$)+8$+&(P&;$M2/=O(K'/!a=D0J!%C.;'?1C!OD'22+!!
N'DBS2=()! Q+)! ,! N.D/'&&)! Q+! 456$#8+! h=D;2! .(;! 2=S(;2! 1(! '.D&E! &.(BS.B'! .CRS121@1=(+!
D$)+8$+&3(d9)!>>+!V56LV_6+!
N'DBS2=()! Q+)! ,! *.D(1C.)! d+! 456$#8+! 9:'=D1'2! =A! >:=(=&=B1C.&! ;'<'&=>?'(@+! F(! I+! -+!
U'(('Z'DB!,!I+!U'(('Z'DB!4I;2+8)!?/8)*$-2/)'(/I(#$)+8$+&(*&M&#/0,&)-)!>>+!5#_q
57P+!b=&S?'!5+!K'/!a=D0J!%C.;'?1C!OD'22+!
N'DBS2=()! Q+! ,! M.C0'()! M+! 4567_8+! 9:'! D=&'! =A! >&.E! 1(! >:=(=&=B1C.&! ;'<'&=>?'(@+! F(! K+!
X'1@:! 4I;+8! .;2#*=&)e'( D$)+8$+&O( G/#O( a)! >>+! "_5L"V#+! K'/! H'D2'E)! U=(;=(J!
U./D'(C'!ID&Z.S?!%22=C1.@'2+!!
N100'D@)!O+!4566V8+!f)(-;&(56782'2-2/)(/I(>=/'/*26(!-=86-8=&+!T=D;D'C:@J!-FU+!!
N100'D@)! O+! 4"PP#.8+! *'@@1(B! 2=S(;2! 2@DSC@SD'2! 1(! ?1(;+! %CRS121@1=(! ZD1;B1(B! &1(BS12@1C2!
.(;! >2EC:=&=BEr! F(! %+! QS@&'D! 4I;+8! 4K&)-"S?2='-( .&)-8="( >'"6;/#2)+82'-26']( ?/8=(
./=)&='-/)&'O(U./D'(C'!ID&Z.S?!%22=C1.@'2+!!
N100'D@)! O+! 4"PP#Z8+! ND=?! >:=('@1C! C.@'B=D1'2! @=! >:=(=&=B1C.&! A'.@SD'2! 2>'C1A1C.@1=(J!
%CRS1D1(B! @:'! ISD=>'.(! O=D@SBS'2'! <=/'&! 2E2@'?+! D2)+8&( &( D2)+8$++2/( aT_V)! >>+!
"c_L"7P+!!
N100'D@)! O+! 4"PP$8+! %CRS1D1(B! >:=(=&=BE+! F(! O+! ;'! U.CE! 4I;+8)! R$)*%//N( /I( 0;/)/#/+26$#(
-;&/="+!Q.?ZD1;B')!M%J!Q.?ZD1;B'!W(1<'D21@E!OD'22+!!
N100'D@)! O+)! ,! ND'[email protected])! M+! H+! 4"PPc8+! %&&=>:=(E! .(;! .&&=?=D>:E! CS'! >:=(=&=B1C.&!
;'<'&=>?'(@J! I<1;'(C'! AD=?! @:'! ISD=>'.(! O=D@SBS'2'! <=/'&! 2E2@'?+! W/8=)$#( /I(
.$-$#$)(D2)+82'-26'!d)!>>+!7_q5P7+!
N100'D@)!O+)!,!U'<'&@)!Q+!4"PP78+!-=/!;='2!>&.C'!A.&&!1(@=!>&.C'r!9:'!&'e1C=(!.(;!'?'DB'(@!
C=([email protected](@2!1(!@:'!;'<'&=>1(B!>:=(=&=B1C.&!BD.??.D+!F(!O+!%<'DE)!G+!I&.(!TD'2:'D)!
,!X+!\1C'!4I;2+8)!./)-=$'-(2)(0;/)/#/+"](>&=6&0-2/)($)*(56782'2-2/)+!G'D&1(J!M=S@=(+!!
N100'D@)! O+)! U'<'&@)! Q+)! ,! <.(! ;'! h'1i'D)! H+! 4"PP"8+! F(>S@)! 1(@.0'! .(;! >:=(=&=B1C.&!
;'<'&=>?'(@s!@:'!C.2'!=A!C=(2=(.(@!:.D?=(E+!9.&0!B1<'(!.@!*%U%)!W@D'C:@+!!
!
"cP!
N12C:'D)!Q+)!Q:SDC:)!G+)!,!Q:.?Z'D2)!X+!4"PPV8+!U'.D(1(B!@=!1;'(@1AE!2>=0'(!/=D;2+!F(!T+!*+!
-.&&!,!3+!\+!h.e?.(!4I;2+8)!c&$M2)+($(#&126/))(>>+!_qVP+!Q.?ZD1;B')!M%J!9:'!MF9!
OD'22+!!
ND'[email protected])!*+!4"PPV8+!3=ZD'!.!.RS121ln=!;.2!>&=21<.2!'!(.2.12+!F(!\+!U.?>D'C:@)!*+!G=(1&:.)!*+!
ND'[email protected])!Q+!M.@g'(.S'D)!Q+!M'gg=?=)!Q+!d&1<'1D.!,!U+!\1Z.2)!5782'2BC/(?/)/#[+26$(*/(
>/=-8+8\'3(0&=I2#(*&(*&'&)M/#M2,&)-/(&('8%'E*2/'(0$=$($(-&=$02$+!3n=!O.S&=J!%D@?';+!
ND'[email protected])!M+!H+!4566$8+!!5782'2BC/(*$(A'-=8-8=$(!2#g%26$(*/(>/=-8+8\'(A8=/0&8+!T122'[email protected]=!
;'!T=S@=D.?'(@=+!N.CS&;.;'!;'!U'@D.2!;.!W(1<'D21;.;'!;'!U12Z=.+!!
ND'[email protected])!M+!H+!4"PP_8+!d!>=(@=!;'!.D@1CS&.ln=!;.2!&.@'D.12!'?!%@.RS'!21?>&'2!(.!.RS121ln=!
;=!O=D@SBS[2!ISD=>'S+!F(!M+I+!3=.D'2!4I;+8!5)$2'(*/(@@!./)+=&''/(@)-&=)$62/)$#(*$(
5PL5D@`+!N=D@.&'g.J!%G\%UFK+!
ND=@.)! 3+)! ,! b1BoD1=)! M+! 4"PP$8! ND'O! L! %S@=?.@1C! '[email protected]@1=(! =A! >:=(=&=B1C.&! AD'RS'(CE!
>.@@'D(2! .(;! .>>&1C.@1=(2! @=! &.(BS.B'! .CRS121@1=(+! 9.&0! B1<'(! .@! ^5D5( _hhX(
!$-&##2-&( c/=N';/0( 4//#'( I/=( >;/)/#/+26$#( Y$-$%$'&']( ?=&>3( >;/)3( $)*( >;/)P$)N+!
W%G)!3>.1(+!!
ND=@.)! 3+)! b1BoD1=)! M+)! ,! M.D@1(2)! N+! 4"PPc8! ND'OJ! .(! '&'C@D=(1C! @==&! A=D! '[email protected]@1(B!
AD'RS'(CE! 1(A=D?.@1=(! =A! >:=(=&=B1C.&! S(1@2! AD=?! O=D@SBS'2'! /D1@@'(! @'e@+!
>=/6&&*2)+'( /I( -;&( d-;( @)-&=)$-2/)$#( ./)I&=&)6&( /)( D$)+8$+&( L&'/8=6&'( $)*(
AM$#8$-2/))!*'(=.)!M.E!"PPc+!!
ND=@.)! 3+)! b1BoD1=)! M+)! M.D@1(2)! N+)! ,! QDSg)! M+! 4@=! .>>'.D8+! 9:&( ?=&>f>( T?=&78&)6"( /I(
>;/)/#/+26$#(f%Z&6-'(2)(>/=-8+8&'&V(Y$-$%$'&+!U.Z=D.@]D1=!;'!N=(t@1C.!;.!NUWU+!
*1'DS@)! H+! 4567c8+! 3=S(;! C:.(B'J! %! >:=('?1C! 2>&1@! 1(! .! ?12.D@1CS&.@1(B! C:1&;+! 500#2&*(
>'"6;/#2)+82'-26')!$)!>>+!#$Lc7+!!
*1'DS@)! H+! 4566"8+! 9:'! C=(;1@1=(2! .(;! C=SD2'! =A! C&1(1C.&&EL1(;SC';! >:=(=&=B1C.&! C:.(B'+!
W/8=)$#(/I(!0&&6;($)*(R&$=2)+(L&'&$=6;O(<+!_#)!>>+!5PV6L5Pc_+!!
*=.;)! -+! 4566c8+! Q=(2=(.(@! :.D?=(E! 1(! C:1&;! &.(BS.B'J! '<1;'(C'! .B.1(2@! C=D=(.&!
S(;'D2>'C1A1C.@1=(+!F(!G+!G'D(:.D;@)!H+!*1&Z'D@!'!T+!F(BD.?!4I;2+8)!>=/6&&*2)+'(/I(-;&!
HP.( @)-&=)$-2/)$#( ./)I&=&)6&( /)( >;/)/#/+26$#( 56782'2-2/)+! 3=?'D<1&&'J! Q.2C.;1&&.!
OD'22+!!
*=.;)!-+!4566$8+!Q=(2=(.(@!:.D?=(E!1(!C:1&;!&.(BS.B'J!!.(!=>@1?.&1@EL@:'=D'@1C!.CC=S(@+!!
F(! 3+! H+! -.((.:2)! ,! M+! a=S(BL3C:=&@'(! 4I;2+8! ?/68'( /)( fL5P( >;/)/#/+26$#(
56782'2-2/))!>>+!55_L5V"+!!%?2@'D;.?J!!H=:(!G'(i.?1(2+!!
*=&;2?1@:)!H+!4566P8+!58-/'&+,&)-$#($)*(<&-=26$#(>;/)/#/+"+!deA=D;J!G&.C0/'&&+!
*=&;2?1@:)! H+! 4566#8+! O:=(=&=B1C.&! 9:'=DE+! F(! H+! *=&;2?1@:! 4I;+8)! 4;&( R$)*%//N( /I(
>;/)/#/+26$#(4;&/="+!Q.?ZD1;B'J!G&.C0/'&&!OSZ+!!
*==;&SC0)!-+!456658+!D$)+8$+&(56782'2-2/)+!deA=D;J!G&.C0/'&&!OSZ+!
!
"c5!
-.&&)! Q+! H+! 456778+! F(@'BD.@1(B! ;1.C:D=(1C! .(;! >D=C'221(B! >D1(C1>&'2! 1(! 'e>&.1(1(B! @:'!
2SAA1e1(B!>D'A'D'(C'+!F(!%+!-./01(2!4I;+8+!A10#$2)2)+(D$)+8$+&(H)2M&='$#'+!deA=D;J!
G&.C0/'&&+!
-.&&)!Q+!H+!4566"8+!</=0;/#/+"($)*(,2)*]($(8)2I2&*($00=/$6;(-/(&10#$)$-2/)(2)(#2)+82'-26'+!
K'/!a=D0J!\=S@&';B'+!
-.&&)!9+!4"PP58+!O:=(=&=B1C.&!D'>D'2'(@.@1=(2!.(;!>:=('@1C!1?>&'?'(@.@1=(!=A!;12@1(C@1<'!
A'.@SD'2+!F(!9+!-.&&+!4I;+8!Y2'-2)6-2M&(?&$-8=&(4;&/="+!G'D&1?J!M=S@=(!;'!*DSE@'D+!!
-.(22=()! *+! 4"PP58+! 4;&/=&-26$#( $)*( 4"0/#/+26$#( @''8&'( 2)( ./)'/)$)-( R$=,/)"+! T=C@=D.&!
;122'D@.@1=()!W(1<'D21@E!=A!Q.&1A=D(1.)!G'D0'&'E)!Q%+!!
-./01(2+!U+!%!,!QS@&'D)!%+!456778+!O2EC:=&1(BS12@1C!A.C@=D2!1(!?=D>:=&=B1C.&!.2E??'@DE+!
F(!%+!-./01(2!4I;+8+!A10#$2)2)+(D$)+8$+&(H)2M&='$#'+!deA=D;J!G&.C0/'&&+!!
F(BD.?)! T+! 4567c8+! O:=(=&=B1C.&! ;'<'&=>?'(@+! F(! O+! N&'@C:'D! ,! M+! *.D?.(! 4I;2+8!
D$)+8$+&(56782'2-2/)+!Q.?ZD1;B'J!QWO+!
F(BD.?)!T+!456$V8+!O:=(=&=B1C.&!DS&'2!1(!E=S(B!C:1&;D'(+!W/8=)$#(/I(.;2#*(D$)+8$+&)!9)!>>+!
V6qcV+!!!
F(BD.?)!T+!456$68+!O:=(=&=B1C.&!>.@@'D(2!1(!@:'!2>''C:!=A!E=S(B!C:1&;D'(+!F(!O+!N&'@C:'D!
,! M+! *.D?.(! 4I;2+8! D$)+8$+&( $6782'2-2/)3( >>+! 5__LV6+! Q.?ZD1;B'J! Q.?ZD1;B'!
W(1<'D21@E!OD'22+!
F(BD.?)! T+! 456768+! ?2='-( D$)+8$+&( 56782'2-2/)+! <&-;/*3( Y&'6=20-2/)( $)*( A10#$)$-2/)+!
Q.?ZD1;B'J!Q.?ZD1;B'!W(1<'D21@E!OD'22+!!
F(BD.?)!T+!4566c8+!3=?'!=Z2'D<.@1=(2!=(!A'.@SD'!.221B(?'(@+!F(!G+!G'D(:.D;@)!H+!*1&Z'D@!
,! T+! F(BD.?! 4I;28)! >=/6&&*2)+'( /I( -;&! HP.( @)-&=)$-2/)$#( ./)I&=&)6&( /)(
>;/)/#/+26$#(56782'2-2/)+!3=?'D<1&&'J!Q.2C.;1&&.!OD'22+!!
F(BD.?)! T+)! Q:D12@'(2'()! U+)! b'.C:)! U+)! ,! h'Z2@'D)! G+! 4567P8+! 9:'! .CRS121@1=(! =A! /=D;L!
1(1@1.&!AD1C.@1<'2!.(;!.AAD1C.@'2!1(!I(B&12:!ZE!C:1&;D'(!Z'@/''(!"!.(;!c!E'.D2+!!F(!*+!
-+! a'(1LX=?2:1.()! H+! N+! X.<.(.B:! ,! Q+! %+! N'DBS2=(! 4I;2+8! .;2#*( 0;/)/#/+"3! b=&+! 5)!
>>+!5c6L6"+!K'/!a=D0J!%C.;'?1C!OD'22+!!
F(0'&.2)! 3+! ,! \=2')! a+! 4"PP_8+! b'&.D! ND=(@1(B! \'<121@';+! >=/6&&*2)+'( /I( -;&( _:-;( 5))8$#(
P/'-/)(H)2M&='2-"(./)I&=&)6&(/)(D$)+8$+&(Y&M&#/0,&)-)!3=?'D<1&&')!M%+!!
F<'D2=()!*+!,!h:''&'D)!T+!4567$8+!-1'D.DC:1C.&!!2@DSC@SD'2!1(!C:1&;!>:=(=&=BE+!D2)+8$(XU)!!
>>+!"V_L"#$+!
H.'B'D)!H+!4566$8+!-=/!@=!2.E!u*D.(;?.Y!.(;!u*D.(;>.YJ!.!C.2'!2@S;E!1(!'.D&E!>:=(=&=B1C.&!
;'<'&=>?'(@+!?2='-(D$)+8$+&)!9X458)!>>+!5L"6+!
H.0=Z2=()! \+! 456V5`c78+! .;2#*( D$)+8$+&3( 50;$'2$( $)*( >;/)/#/+26$#( H)2M&='$#'O! 9:'!
-.BS'J!M=S@=(+!!
H.0=Z2=()! \+)! N.(@)! *+)! ,! -.&&')! M+! 456#"8+! >=&#2,2)$=2&'( -/( !0&&6;( 5)$#"'2'+! Q.?ZD1;B')!
!
"c"!
M.22.C:S2'@@2J!MF9!OD'22+!!
HS2CgE0)!O+)!USC')!O+)!,!Q:.D&'2LUSC')!H+!4566V8+!F(A.(@2p!2'(21@1<1@E!@=!>:=([email protected]@1C!>.@@'D(2!
1(!@:'!(.@1<'!&.(BS.B'+!W/8=)$#(/I(<&,/="($)*(D$)+8$+&!UU)!>>+!c_PLcV#+!!
X.B'D)!\+)!O.@'D)!H+)!,!v=(('<'&;)!h+!4"PPV8+!./)'-=$2)-'(2)(>;/)/#/+26$#(56782'2-2/)!4I;2+8!
Q.?ZD1;B'J!Q.?ZD1;B'!W(1<'D21@E!OD'22+!
X':=')! M+)! ,! U&t=)! Q+! 4"PP"8+! F(@'D<=C.&1C! C=(2=(.(@2! 1(! @:'! .CRS121@1=(! =A! *'D?.(J!
=(2'@2)!C=;.2!=D!2=?'@:1(B!'&2'r!!.#2)26$#(D2)+82'-26'(Q(>;/)&-26')!<=&+!5c)!(=+!_+!
X'(2@=/1Cg)!M+!4566V8+!>;/)/#/+"(2)(^&)&=$-2M&(^=$,,$=+!Q.?ZD1;B')!M%J!G&.C0/'&&+!!
X1>.D20E)!O+!4567"8+!ND=?!QEC&1C!O:=(=&=BE!@=!U'e1C.&!O:=(=&=BE+!F(!-+!<.(!;'D!-S&2@!,!
K+! 3?1@:! 4I;2+8)! 4;&( '-=86-8=&( /I( 0;/)/#/+26$#( =&0=&'&)-$-2/)'+! b=&! 5)! >>+5_5L5$#+!
T=D;D'C:@J!N=D12+!
X1>.D20E)!O+)!,!M'(()!U+!456$$8+!d(!@:'!.CRS121@1=(!=A!>:=(=&=BE+!F(!D$)+8$+&(D&$=)2)+(
$)*(4;/8+;-)!>>+!V$q$7+!K'/!a=D0J!%C.;'?1C!OD'22+!!
X&'1()! -+! 4"PP#8+! \';S>&1C.@1=(! D'<121@';J! NS(C@1=(2)! Q=([email protected](@2)! \'>.1D2! .(;! Q&1(1C.&!
F?>&1C.@1=(2+!5,&=26$)(W/8=)$#(/I(!0&&6;S(D$)+8$+&(>$-;/#/+"+!b=&+!5V)!!>>+!$5L7_+!
U.;'A=B';)! O+)! ,! M.;;1'2=()! F+! 4566c8+! 4;&( !/8)*'( /I( -;&( c/=#*e'( D$)+8$+&'+! deA=D;J!
G&.C0/'&&!OSZ&12:'D2+!
U.:1D1)! %+! ,! I<'D2)! b+! 456658+! O.&.@.&1g.@1=(! .(;! C=D=(.&1@E+! F(! Q+! O.D.;12! ,! H+! N+! ODS('@!
4I;2+8)!4;&('0&62$#('-$-8'(/I(6/=/)$#')!>>+!$6L5PP+!3.(!T1'B=J!%C.;'?1C!OD'22+!!
U.?>D'C:@)!\+!4566P8+!>&=I2#(*$(5782'2BC/(`/=,$#(*$(?/)/#/+2$(*/(>/=-8+8\'(S(*&'6=2BC/(
#/)+2-8*2)$#(*&(9_(6=2$)B$'](_]b($(d]d+!9'2'!;'!;=S@=D.;=+!O=D@=!%&'BD'J!OWQ\3+!!
U.?>D'C:@)!\+!456668+!T'2<1=2!N=(=&]B1C=2J!'<=&Sln=!(.2!>'2RS12.2)!C=(:'C1?'(@=!.@S.&!
'!1?>&1C.lm'2!;=2!'2@S;=2!'?!N=(=&=B1.!Q&f(1C.+!F(!\+!U.?>D'C:@!4dDB+8)!5782'2BC/(
*$(D2)+8$+&,((S(i8&'-j&'(&($)g#2'&'+!O=D@=!%&'BD'J!ITFOWQ\3+!!
U.?>D'C:@)!\+)!G=(1&:.)!*+)!ND'[email protected])!*+)!M.@g'(.S'D)!Q+)!M'gg=?=)!Q+)!d&1<'1D.)!Q+)!,!\1Z.2)!
U+!4"PPV8+!5782'2BC/(I/)/#[+26$(*/(>/=-8+8\'O(>&=I2#(*&(*&'&)M/#M2,&)-/(&('8%'E*2/'(
0$=$(-&=$02$+!O=D@=!%&'BD'J!%D@?';+!!
U.(B'2&.B)!H+!4"PP$8+!5'(-/(-;&(<$))&=(P/=)+!!M+%+!9:'212+!\.;Z=S;!W(1<'D21@E+!K1i?'B'(+!
U.gg.D=@@=Lb=&Cn=)!Q+!4"PP68+!M=;'&=!>.;Dn=!;'!.RS121ln=!;'!C=(@D.2@'2J!S?.!>D=>=2@.!
;'! .<.&1.ln=! '! C&.221A1C.ln=! ;=2! ;'2<1=2! A=(=&]B1C=2+! O:T! ;122'D@.@1=(+!
W(1<'D21;.;'!Q.@]&1C.!;'!O'&[email protected]+!
U'<'&@)! Q+! 4566V8+! f)( -;&( $6782'2-2/)( /I( 0#$6&+! -FU! ;122'D@.@1=(2! 1(! U1(BS12@1C2! 7)! 9:'!
-.BS'J!-%*+!!
U'<'&@)! Q+! 4566c8+! Q=(2=(.(@L<=/'&! 1(@'D.C@1=(2! 1(! C:1&;! &.(BS.B'+! F(! G+! G'D(:.D;@)! H+!
*1&Z'D@! ,! T+! F(BD.?! 4I;2+8)! >=/6&&*2)+'( /I( -;&! HP.( @)-&=)$-2/)$#( ./)I&=&)6&( /)(
>;/)/#/+26$#(56782'2-2/)+!3=?'D<1&&'J!Q.2C.;1&&.!OD'22+!!
!
"c_!
U'<'&@)! Q+! 4@=! .>>'.D8+! Q=(2=(.(@! -.D?=(E! 1(! C:1&;! &.(BS.B'+! F(! M+! <.(! d=2@'(;=D>)! Q+!
I/'()!I+!-S?'!,!X+!\1C'!4I;2+8+!4;&(P#$6NK&##(./,0$)2/)(-/(>;/)/#/+"+!G&.C0/'&&!
OSZ&12:1(B!&@;+!
U'<'&@)!Q+)!,!<.(!;'!b1i<'D)!\+!4"PPV8+!3E&&.Z&'!@E>'2!1(!CD=22L&1(BS12@1C!.(;!;'<'&=>?'(@.&!
BD.??.D2+!F(!\+!X.B'D)!h+!v=(('<'&;)!H+!O.@'D!4I;2+8)!?212)+(>=2/=2-2&'](./)'-=$2)-'(
2)(>;/)/#/+26$#(56782'2-2/)3!Q.?ZD1;B'J!Q.?ZD1;B'!W(1<'D21@E!OD'22+!
U'<'&@)!Q+)!,!d=2@'(;=D>)!M+!4"PP$8+!N'.@SD'!C=L=CCSDD'(C'!C=([email protected](@2!1(!U5!.CRS121@1=(+!
F(! G+! U=2)! ,! M+)! X=>>'(! 4I;2+8)! D2)+82'-26'( 2)( 4;&( `&-;&=#$)*')! >>+! 5c"L5$"+!
%?2@'D;.?J!H=:(!G'(i.?1(2!OSZ&12:1(B!Q=?>.(E+!
U&t=)!Q+!4566P8+!-=?=(E?E!.(;!D';S>&1C.@1=(!D'<121@';J!d(!@:'!'e@'(;';!.<.1&.Z1&1@E!=A!
@/=!2@D.@'B1'2!1(!>:=(=&=B1C.&!.CRS121@1=(+!W/8=)$#(/I(.;2#*(D$)+8$+&(9X)!>>+!"c$L
"$7+!
U&t=)!Q+!4566c.8!9=!2>D'.;!=D!(=@!@=!2>D'.;J!;1AA'D'(@!2@E&'2!1(!@:'!.CRS121@1=(!=A!3>.(12:!
>:=(=&=BE+! F(! G+! G'D(:.D;@)! H+! *1&Z'D@! ,! T+! F(BD.?! 4I;2+8)! >=/6&&*2)+'( /I( -;&( HP.(
@)-&=)$-2/)$#( ./)I&=&)6&( /)( >;/)/#/+26$#( 56782'2-2/)3! >>+! "5#L""7+! 3=?'D<1&&'J!
Q.2C.;1&&.!OD'22+!
U&t=)! Q+! 4566cZ8+! I.D&E! >:=(=&=B1C.&! .CRS121@1=(! =A! *'D?.(! .(;! 3>.(12:J! %!
D'1(@'D>D'@.@1=(! =A! @:'! C=(@1(S1@E! 122S'! /1@:1(! @:'! OD1(C1>&'2! .(;! O.D.?'@'D2!
?=;'&+!F(!Q+I+!H=:(2=(!,!H+-+b+!*1&Z'D@!4I;2+8)!.;2#*=&)k'(D$)+8$+&3(G/#8,&(b)!>>+55L
_5+!-1&&2;.&'J!U./D'(C'!ID&Z.S?!%22=C1.@'2+!
M.C0'()! M+! 456$68+! T'<'&=>?'(@.&! D'=DB.(1g.@1=(! =A! >:=(=&=BEJ! %! :1'D.DC:E! =A! Z.21C!
S(1@2!=A!.CRS121@1=(O((D2)+8$3(ab3!>>+!55LV6+!!
M.C0'()! M+! 4566#8+! O:=(=&=B1C.&! %CRS121@1=(+! F(! H+! *=&;2?1@:! 4I;+8)! 4;&( R$)*%//N( /I!
>;/)/#/+26$#(4;&/="+!Q.?ZD1;B'J!G&.C0/'&&!OSZ+!!
M.C0'()! M+! 4566c8+! OD=2=;1C! Q=([email protected](@2! =(! A'.@SD'2+! ! F(! G+! G'D(:.D;@)! H+! *1&Z'D@! ,! T+!
F(BD.?! 4I;2+8)! >=/6&&*2)+'( /I( -;&! HP.( @)-&=)$-2/)$#( ./)I&=&)6&( /)( >;/)/#/+26$#(
56782'2-2/)+!3=?'D<1&&'J!Q.2C.;1&&.!OD'22+!!
M.CK'1&.B')! O+)! ,! T.<12)! G+! 4"PPP8+! dD1B1(! =A! @:'! 1(@'D(.&! 2@DSC@SD'! =A! /=D;! A=D?2+!
!62&)6&)!"77)!>>+!#"$q#_5+!!!
M.Ch:1(('E)! G+! 4"PPP8+! 4;&( .R@DYA!( 0=/Z&6-]( -//#'( I/=( $)$#"l2)+( -$#N+! b=&S?'! 5J!
9D.(2CD1>@1=(!A=D?.@!.(;!>D=BD.?2+!b=&S?'!"J!9:'!;[email protected]'+!U./D'(C'!ID&Z.S?+!
M.@'S2)!M+-+!456$#8+!5'0&6-/'(*$(?/)/#/+2$(>/=-8+8&'$+!U12Z=.J!FKFQ+!!
M.@'S2)!M+-+!4566$8+!\';S(;^(C1.2!&'e1C.12!'!2SZ'2>'C1A1C.ln=J!=!212@'?.!;=!>=D@SBS[2+!
F(!56-$'(*/(F@@(A)6/)-=/(`$62/)$#(*$(5''/62$BC/(>/=-8+8&'$(*&(D2)+8E'-26$+!U12Z=.J!
%OU+!
!M.@'S2)! M+-+)! ,! ;Y%(;D.;')! I+! 4"PPP8+! 4;&( >;/)/#/+"( /I( >/=-8+8&'&+! deA=D;J! W(1<'D21@E!
!
"cV!
OD'22+!!
M.@'S2)! M+-+)! N.&t)! F+)! ,! ND'[email protected])! M+H+! 4"PP#8+! ?/)m-26$( &( ?/)/#/+2$( */( >/=-8+8\'+! U12Z=.J!
W(1<'D21;.;'!%Z'D@.+!
M.@g'(.S'D$P)! Q+! 4566P8+! 5782'2BC/( *$( ?/)/#/+2$( */( >/=-8+8\'O( A'-$%&#&62,&)-/( *&(
0$*=j&'(6/,(%$'&(&,(-=$B/'(*2'-2)-2M/'+!T122'[email protected]=!;'!;=S@=D.?'(@=!.>D'2'(@.;.!
w!OWQ\3+!O=D@=!%&'BD'J!OWQ\3+!
M.@g'(.S'D)! Q+! 4566_8+! %! .(o&12'! ;.! A=(=&=B1.! ;.! CD1.(l.! .@D.<t2! ;'! @D.l=2! ;12@1(@1<=2+!
D&-=$'(*&(R/Z&3()On(b_+!O=D@=!%&'BD'J!OWQ\3+!
M.@g'(.S'D)! Q+! 4566V8+! %! *'=?'@D1.! ;'! 9D.l=2! (.! D'>D'2'(@.ln=! ;.2! >.&[email protected]! (.!
.RS121ln=!;=!>=D@SBS[2+!D&-=$'(*&(R/Z&O()!<+"6)!(+V)!>>+5#6L5c$+!O=D@=!%&'BD'!
M.@g'(.S'D)! Q+! 4566#8+! 3=ZD'! .! ;'2CD1ln=! ;'! ;'2<1=2! A=(=&]B1C=2! '! ;'! A'(]?'(=2! ;.!
.RS121ln=!;.!A=(=&=B1.+!F(!D&-=$'(*&(R/Z&)!)On(a+!O=D@=!%&'BD'J!OWQ\3+!
M.@g'(.S'D)!Q+!4566c8+!\'&.lm'2!F?>&1C.C1=(.12!(.!%RS121ln=!;.!N=(=&=B1.+!F(!D&-=$'(*&(
R/Z&3()n(9ha+!O=D@=!%&'BD'J!OWQ\3+!
M.@g'(.S'D)!Q+!!4"PP5.8+!%!C=(2@DSln=!;.!A=(=&=B1.!(=!>D=C'22=!;'!.RS121ln=!;.!&f(BS.+!
F(! M.@g'(.S'D)! Q+! 4dDB+8! 5782'2BC/( *$( DE)+8$( <$-&=)$( &( *$( DE)+8$( A'-=$)+&2=$+!
O'&[email protected]!ITWQ%9+!!
M.@g'(.S'D)! Q+! 4"PP5Z8+! %! .RS121ln=! ;'! 2'B?'(@=2! ;=! >=D@SBS[2! '! =! >t! ?t@D1C=+! F(! \+!!
U.?>D'C:@!,!3+!M'(Sgg1)!D&-=$'(*&(R/Z&+!O=D@=!%&'BD'J!OWQ\3+!
M.@g'(.S'D)! Q+)! ,! G=(1&:.)! H+! 4"PP_8+! 5782'2BC/( *$( ?/)/#/+2$( &( 4&/=2$( *$( f-2,2*$*&+!
O'&[email protected]!ITWQ%9+!
MCQ.D@:E)!H+!4"PPV8)!4I;+8+!f0-2,$#2-"(4;&/="(2)(>;/)/#/+"](5(L&$*&=+!W3%J!G&.C0/'&&+!
MCQ.D@:E)! H+)! ,! OD1(C')! %+! 4566_8+! >=/'/*26( </=0;/#/+"( @]( ./)'-=$2)-( @)-&=$6-2/)( $)*(
!$-2'I$6-2/)+!?2+!W(1<'D21@E!=A!M.22.C:S2'@@2)!%?:'D2@!.(;!\S@B'D2!W(1<'D21@E+!
MCT=(=SB:)! H+! ,! ME'D2)! 3+! 456658+! ./)'/)$)-( ;$=,/)"( $)*( 0#$)$=( '&+=&+$-2/)( 2)( 6;2#*(
#$)+8$+&O!WQU%!.(;!W(1<'D21@E!=A!9'e.2)!%S2@1(+!!!
M'(()!U+!456$58+!O:=(=&=B1C.&!DS&'2!1(!Z'B1((1(B!2>''C:+!D2)+8$)!"c)!>>+!""#q"V5+!!
M'(()!U+!456$78+!O:=(=&=B1C.&!S(1@2!1(!Z'B1((1(B!2>''C:+!F(!%+!G'&&!,!H+!G+!-==>'D!4I;2+8)!
!"##$%#&'($)*(!&+,&)-'+)!>>+!5#$q5$"+!K'/!a=D0J!I&2'<1'DLK=D@:!-=&&.(;+!!
M'(()! U+)! ,! 3@='&L*.??=()! Q+! 4566#8+! O:=(=&=B1C.&! ;'<'&=>?'(@+! F(! O+! N&'@C:'D)! G+!
M.Ch:1(('E!4I;2+8)!4;&(R$)*%//N(/I(.;2#*(D$)+8$+&+!W3%J!G&.C0/'&&+!!
M'gg=?=)! Q+! 4"PP$8+! d! S2=! ;'! '2@[email protected]! ;'! D'>.D=! C=?=! 1(;fC1=! ;=! C=(:'C1?'(@=!
A=(=&]B1C=!;.!CD1.(l.+!F(!*+!G=(1&:.!,!M+!X'20'L3=.D'2!4dDB+8)!A'-8*/'(&,(5782'2BC/(
?/)/#[+26$3(00O!c#L$6+!3.(@.!M.D1.J!OO*U!I;1@=D'2+!
M'gg=?=)!Q+!U+!,!\1Z.2)!U+!O+!4"PPV8+!3=ZD'!.!.RS121ln=!;.2!&fRS1;.2+!F(!\+!U.?>D'C:@!'@!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$P!W(@1&!"PPP)!@:12!.S@:=D!>SZ&12:';!!.2!-'D(.(;=D'(.)!Q+!
!
"c#!
.&O3( ( 5782'2BC/( I/)/#[+26$( */( 0/=-8+8\']( 0&=I2#( *&( *&'&)M/#M2,&)-/( &( '8%'E*2/'( 0$=$(
-&=$02$)!>>+!6#L55"+!O=D@=!%&'BD'J!%D@?';+!!
M1D.(;.)! %+! 4566c8+! 5( 5782'2BC/( */( o=e]( 8,$( 6/)-=2%82BC/( p( *2'68''C/( '/%=&( '&8( '-$-8'!
I/)/#[+26/+!T122'[email protected]=!;'!?'2@D.;=!.>D'2'(@.;.!w!OWQ\3)!O=D@=!%&'BD'+!!
M1D.(;.)! %+! 4"PP$8+! %2! D]@1C.2! (=! 212@'?.! ;=! >=D@SBS[2! ZD.21&'1D=! '! (.! .RS121ln=! ;.!
&1(BS.B'?+! F(! *+! G=(1&:.! ,! M+! X'20'L3=.D'2! 4dDB+8)! A'-8*/'( &,( 5782'2BC/(
?/)/#[+26$3(00O!"#LVc+!3.(@.!M.D1.J!OO*U!I;1@=D'2+!
M=((1()! H+)! U='<'(ZDSC0)! -+)! ,! G'C0?.()! M+! I+! 4"PP$8+! 9:'! 1(A&S'(C'! =A! AD'RS'(CE! =(!
/=D;L1(1@1.&! =Z2@DS'(@! .CRS121@1=(! 1(! -'e.B=(.&! ND'(C:+! >=/6&&*2)+'( /I( -;&( FG@-;(
@)-&=)$-2/)$#(./)+=&''(/I(>;/)&-26(!62&)6&'3(cL5P!%SBS2@!)!3..DZDS'C0'(+!
M=DD12'@@')! M+! U+)! T1((2'()! T+! %+)! ,! *1'DS@)! H+! %+! 4"PP_8+! %! D'C=(C'>@S.&1g.@1=(! =A!
?.D0';('22!Z.2';!=(!.CRS121@1=(!=A!>&.C'!A'.@SD'2+!9.&0!B1<'(!.@!@:'!!",0/'28,(/)(
L&'&$=6;(2)(.;2#*(D$)+8$+&(Y2'/=*&=')!M.;12=(+!
M=20=/1@g)!%+!H+!456$_8+!9:'!.CRS121@1=(!=A!>:=(=&=BE!.(;!2E(@.eJ!%!>D'&1?1(.DE!2@S;E+!
F(!H+!-1(@100.!&-($#+!4I;2+8)!500=/$6;&'(-/()$-8=$#(#$)+8$+&(](0=/6&&*2)+'(/I(-;&(9bXh(
!-$)I/=*(c/=N';/0(/)(^=$,,$=($)*(!&,$)-26')!>>+!V7q7V+!T=D;D'C:@J!\'1;'&!OSZ&+!!
M=@.)! -+! G+! 4566c8+! 5782'2BC/( '&+,&)-$#( */( >/=-8+8\']( 8,( ,/*&#/( 2,0#26$62/)$#( *&(
6/,0#&12*$*&( *&( -=$B/'+! 9'2'! ;'! T=S@=D.?'(@=+! O=(@1AfC1.! W(1<'D21;.;'! Q.@]&1C.!
;=!\1=!*D.(;'!;=!3S&+!O=D@=!%&'BD'+!
M=@.)! -+! G+! 4"PP$8+! M=;'&=! 1?>&1C.C1=(.&! ;'! C=?>&'e1;.;'! ;'! @D.l=2! q! =2! C.?1(:=2! (.!
.RS121ln=! 2'B?'(@.&! ;=! >=D@SBS[2+! F(! *+! G=(1&:.)! ,! M+! X'20'L3=.D'2! 4dDB2+8!
A'-8*/'(&,($782'2BC/(I/)/#[+26$)!<=&+!5+!3.(@.!M.D1.J!WN3M)!OO*ULI;1@=D'2+!
!d&1<'1D.)! Q+! 4"PPV8+! 3=ZD'! .! .RS121ln=! ;.2! AD1C.@1<.2+! F(! \+! U.?>D'C:@+! 4dDB+8+! 5782'2BC/(
I/)/#[+26$(*/(0/=-8+8\'(S(0&=I2#(*&(*&'&)M/#M2,&)-/(&('8%'E*2/'(0$=$(-&=$02$)!>>+!7_L
6V+!O=D@=!%&'BD'J!%D@?';!';1@=D.+!
d&1<'1D.)! Q+! 4"PP$8+! %RS121ln=! ;=! DLAD.C=! (=! >=D@SBS[2! ZD.21&'1D=! '! (=! '2>.(:=&J! S?!
'2@S;=!C=?>.D.@1<=+!F(!*+!G=(1&:.!,!M+!X'20'L3=.D'2!4dDB+8)!A'-8*/'(&,(5782'2BC/(
?/)/#[+26$3(00O!V$LcV+!3.(@.!M.D1.J!OO*U!I;1@=D'2+!
d@.)! M+! 4"PPc8+! F(>S@! AD'RS'(CE! .(;! /=D;! @DS(C.@1=(! 1(! C:1&;! H.>.('2'J! 3@DSC@SD.&! .(;!
&'e1C.&!'AA'C@2+!D$)+8$+&($)*(!0&&6;3(ab)!>>+!"c5L"6#+!
O.D.;12)!Q+)!,!ODS('@)!H+!456658+!!>;/)&-26'($)*(>;/)/#/+"](4;&(!0&62$#(!-$-8'(/I(./=/)$#'+!
K'/!a=D0J!%C.;'?1C!OD'22+!!!
O.@'D)!H+!4566$8+!M1(1?.&!<1=&.@1=(!.(;!>:=(=&=B1C.&!;'<'&=>?'(@+!D$)+8$+&(56782'2-2/)(
:J!>>+!"P5q"#_+!
O.@'D)!H+!4"PP"8+!N=D?!.(;!3SZ2@.(C'!1(!O:=(=&=B1C.&!T'<'&=>?'(@+!F(!U+!M100'&2=(!,!Q+!
O=@@2)!4I;2+8)!c..?D(_9(>=/6&&*2)+')!>>+!_V7L_$"+!3=?'D<1&&'J!Q.2C.;1&&.!OD'22+!!
!
"cc!
O.@'D)!H+)!,!h'D&')!%+!4"PP58+!!9E>=&=BE!.(;!<.D1.@1=(!1(!C:1&;!C=(2=(.(@!:.D?=(E+!!F(!Q+!
NtDE)! %+! *D''(! ,! \+! <.(! ;'! b1i<'D)! >=/6&&*2)+'( /I( R@D>( d)! >>+! 556L5_6+! O=@2;.?J!!
W(1<'D21@E!=A!O=@2;.?+!!
O.@'D)! H+! ,! h'D&')! %+! 4"PP_8+! T1D'C@1=(! =A! .221?1&.@1=(! 1(! C:1&;! C=(2=(.(@! :.D?=(E+!
.$)$*2$)(W/8=)$#(/I(D2)+82'-26'qL&M8&(6$)$*2&))&(*&(#2)+82'-278&3(arTUqaV+!(
OD1(C')!%+)!,!3?=&'(20E)!O+!4566_8+!f0-2,$#2-"(4;&/="](6/)'-=$2)-(2)-&=$6-2/)(2)(+&)&=$-2M&(
+=$,,$=+!x\d%!#_$LP7P"y+!OSZ&12:';!"PPV!ZE!G&.C0/'&&+!!
OD1(C')! %+)! ,! 3?=&'(20E)! O+! 4"PPV8+! f0-2,$#2-"( -;&/="+! deA=D;J! G&.C0/'&&+! x%<.1&.Z&'! =(!
\S@B'D2!d>@1?.&1@E!%DC:1<'!.2!\d%L#_$y+!!
\.(B'&)! *+%+! 456678+! d2! ;1A'D'(@'2! C.?1(:=2! >'DC=DD1;=2! (.! .RS121ln=! ;.! A=(=&=B1.! ;=!
>=D@SBS[2+!D&-=$'(*&(R/Z&)!>>+!5__L5VP!O=D@=!%&'BD')!<=&+!__+!
\1C')!X+!,!%<'DE)!O+!4566#8+!b.D1.Z1&1@E!1(!.!;'@'D?1(12@1C!?=;'&!=A!&.(BS.B'!.CRS121@1=(J!.!
@:'=DE!=A!2'B?'(@.&!'&.Z=D.@1=(+!F(!H+!%DC:1Z.&;!4I;+8)!>;/)/#/+26$#(56782'2-2/)($)*(
>;/)/#/+26$#(4;&/="+!-1&&2;.&'J!U./D'(C'!ID&Z.S?!%22=C1.@'2+!
\=ZZ)!M+!O+)!,!G&'1&')!X+!M+!4566V8+!Q=(2=(.(@!1(<'(@=D1'2!=A!E=S(B!C:1&;D'(!AD=?!7!@=!"#!
?=(@:2+!.#2)26$#(D2)+82'-26'($)*(>;/)&-26'3(r3!>>+!"6#L_"P+!!
\=2')! a+! 4"PPP8+! R&$*&*)&''( $)*( >=/'/*26( D26&)'2)+( 2)( -;&( D9( 56782'2-2/)( /I( >;/)/#/+"+!
O:+T!;122'D@.@1=(+!MC*1&&!W(1<'D21@E+!!
\=2')!a+)!M.Ch:1(('E)!G+)!GED(')!\+)!-';&S(;)!*+)!M.;;=C02)!X+)!dpGD1'()!O+)!,!h.D':.?)!9+!
4"PPc8+! F(@D=;SC1(B! >;/)J! %! 3=A@/.D'! 3=&S@1=(! A=D! @:'! 3@S;E! =A! O:=(=&=B1C.&!
%CRS121@1=(+! F(! T+! G.??.()! 9+! M.B([email protected].)! ,! Q+! v.&&'D! 4I;2+8)! >=/6&&*2)+'( /I( -;&(
Uh-;(5))8$#(P/'-/)(H)2M&='2-"(./)I&=&)6&(/)(D$)+8$+&(Y&M&#/0,&)-)!>>+!V76L#PP+!
3=?'D<1&&')!M%J!Q.2C.;1&&.!OD'22+!
3.AAD.()!H+)!K'/>=D@)!I+)!,!%2&1()!\+!4566c8+!h=D;!2'B?'(@.@1=(J!@:'!D=&'!=A!;12@D1ZS@1=(.&!
CS'2+!W/8=)$#(/I(<&,/="($)*(D$)+8$+&3(Ud)!>>+!cPcLc"5+!!
3.B'E)!I+!4567c8+!4;&(L&0=&'&)-$-2/)(/I(?&$-8=&'($)*(L&#$-2/)'(2)(`/)SD2)&$=(>;/)/#/+"+!
O:+T+!T122'D@.@1=()!MF9+!
T=2! 3.(@=2)! Q+! 4"PP$8+! YmM&#/00&,&)-( 0;/)/#/+278&( &)( I=$)B$2'( #$)+8&( ,$-&=)&##&O( H)&(
m-8*&(*&(6$'+!O:+T!;122'D@.@1=(+!W(1<'D21@t!US?1zD'!UE=(!"+!
3C:/.D@g)! \+)! U.SD'(C'! U+)! h1&C=e)! M+H+)! ,! N=&B'D)! M+! X+! 4567P8+! ! %B.1(! .(;! %B.1(J!
\';S>&1C.@1=(!1(!C:1&;!>:=(=&=BE+!!W/8=)$#(/I(.;2#*(D$)+8$+&3(X)!>>+!$#L7$+!!
3'&01D0)!I+!4567V8+!d(!@:'!M.i=D!Q&.22!N'.@SD'2!.(;!3E&&.Z&'!9:'=DE+!F(!M+!%D=(=AA!,!\+!
d':D&'!4I;2+8)!D$)+8$+&($)*(!/8)*(!-=86-8=&+!Q.?ZD1;B')!M%J!MF9!OD'22+!!
3?1@:)! K+! b+! 456$_8+! 4;&( 56782'2-2/)( /I( >;/)/#/+"3( $( .$'&( !-8*"+! Q.?ZD1;B'J! Q.?ZD1;B'!
W(1<'D21@E!OD'22+!!
3?1@:)! K+b+! 456$#8+! W(1<'D2.&! @'(;'(C1'2! 1(! @:'! C:1&;p2! .CRS121@1=(! =A! >:=(=&=BE+! F(! K+!
!
"c$!
dpQ=((=D!4I;+8)!D$)+8$+&3(./+)2-2M&(Y&I262-'($)*(L&-$=*$-2/)+!\'>D1(@';!1(!G+!US2@!
,! Q+! N=&'E! 4"PPV8! 4I;2+8+! ?2='-( D$)+8$+&( 56782'2-2/)]( 4;&( A''&)-2$#( L&$*2)+')! >>+!
"6VL_Pc+!deA=D;J!G&.C0/'&&+!
3=.D'2)! M+! 4"PP58+! W?! ?=;'&=! ;'! @'D.>1.! >.D.! CD1.(l.2! C=?! ;'2<1=2! A=(=&]B1C=2J! .!
:1'D.DRS1.!1?>&1C.C1=(.&!;[email protected]=2!;12@1(@1<=2+!F(!M.@g'(.S'D)!Q+!4dDB+8+!5782'2BC/(
*$(DE)+8$(<$-&=)$(&(*$(DE)+8$(A'-=$)+&2=$+!O'&[email protected]!ITWQ%9!!
3=2.)! %+! b+)! ,! 3@='&L*.??=()! Q+! 4"PPc8+! O.@@'D(2! =A! 1(@D.L/=D;! >:=(=&=B1C.&! <.D1.Z1&1@E!
;SD1(B!@:'!2'C=(;!E'.D!=A!&1A'+!W/8=)$#(/I(.;2#*(D$)+8$+&(UU)!>>+!_5q#P+!
3>'(C'D)!%+!4567c8+!9=/.D;2!.!@:'=DE!=A!>:=(=&=B1C.&!;'<'&=>?'(@+!D2)+8$(:r)!>>+!_q_7+
3@.?>')!T+!456$_8+!5(*2''&=-$-2/)(/)()$-8=$#(0;/)/#/+"+!O:+T+!;122'D@.@1=(+!W(1<'D21@E!=A!
Q:1C.B=!xOSZ&12:';!ZE!*.D&.(;!OD'22)!K'/!a=D0)!56$6y+!
3@.?>')!T+!!56c6+!!9:'!.CRS121@1=(!=A!>:=('@1C!D'>D'2'(@.@1=(+!!.D!(#)!!>>+!VV_LV#_+!!
3@'?Z'DB'D)! H+O+)! ,! G'D(:.D;@)! G+-+! 4"PP58+! WL2:.>';! &'.D(1(B! 1(! &.(BS.B'! .CRS121@1=()!
.(;! D'2@D1C@1=(2! =(! 'DD=D! C=DD'C@1=(+! O=2@'D! >D'2'(@';! .@! @:'! _hh9( P2&))2$#(
<&&-2)+(/I(-;&(!/62&-"(I/=(L&'&$=6;(2)(.;2#*(*&M&#/0,&)-3!%>D1&!""+!\d%LV$"+!
3@'?Z'DB'D)! H+! O+! ,! 3@='&L*.??=()! Q+! 456658+! 9:'! S(;'D2>'C1A1C.@1=(! =A! C=D=(.&J!
'<1;'(C'! AD=?! &.(BS.B'! .CRS121@1=(! .(;! >'DA=D?.(C'! 'DD=D2+! F(! Q+! O.D.;12! ,! H+! N+!
ODS('@! 4I;2+8)! 4;&( '0&62$#( '-$-8'( /I( 6/=/)$#']( 2)-&=)$#( $)*! &1-&=)$#( &M2*&)6&O(
>;/)&-26'($)*(>;/)/#/+"!")!>>+!575L566+!3.(!T1'B=)!Q%J!%C.;'?1C!OD'22+!!
3@'D1.;')! T+! 4566#8+! W(;'D2>'C1A1C.@1=(! .(;! M.D0';('22+! F(! H+! *=&;2?1@:! 4I;+8)! 4;&(
R$)*%//N(/I(>;/)/#/+26$#(4;&/="+!Q.?ZD1;B'J!G&.C0/'&&!OSZ+!!
3@='&L*.??=()! Q+)! 4566_8+! O:=(=&=B1C.&! C:.D.C@'D12@1C2! =A! C:1&;D'(Y2! A1D2@! /=D;2J! @:'!
'.D&1'2@! [email protected]'2+! 3E?>=21S?! /1@:! G+! G'D(:.D;@)! W+! G'D@=&1(1! .(;! U+! U'=(.D;)! !21-;(
@)-&=)$-2/)$#(./)+=&''(I/=(-;&(!-8*"(/I(.;2#*(D$)+8$+&)!HS&E)!9D1'2@')!F@.&E+!!
3@='&L*.??=()! Q+! 4566V8+! M'.2SD1(B! >:=(=&=BE! 1(! Z.ZZ&'! .(;! 2>''C:+! .#2)( ./,,8)(
Y2'/=*+!M.DsV458)!>>+5L55+!
3@='&L*.??=()! Q+! 4566c8+! d(! @:'! .CRS121@1=(! =A! <'&.D2! 1(! I(B&12:+! F(! G+! G'D(:.D;@)! H+!
*1&Z'D@! ,! T+! F(BD.?! 4I;2+8! >=/6&&*2)+'( /I( -;&( HP.( 2)-&=)$-2/)$#( 6/)I&=&)6&( /)(
0;/)/#/+26$#($6782'2-2/))!>>+!"P5L"5V+!3=?'D<1&&')!M%J!Q.2C.;1&&.!OD'22+!
3@='&L*.??=()! Q+! 456678+! 3=S(;2! .(;! /=D;2! 1(! '.D&E! &.(BS.B'! .CRS121@1=(J! @:'!
D'&.@1=(2:1>! Z'@/''(! &'e1C.&! .(;! >:=(=&=B1C.&! ;'<'&=>?'(@+! F(! \+! O.S&! 4I;+8!
A10#/=2)+(-;&(!0&&6;SD$)+8$+&(./))&6-2/))!>>+!"#L#"+!G.&@1?=D'J!O.S&!-+!GD==0'2!
OSZ&12:1(B!Q=+!!
3@='&L*.??=()!Q+!4"PP58+!9D.(2CD1Z1(B!@:'!2>''C:!=A!E=S(B!C:1&;D'(+!4/026'(2)(D$)+8$+&(
Y2'/=*&=')!_9)!>>+!5"L"5+!
3@='&L*.??=()!Q+!4"PP"8+!F(@'D<=C.&1C!C=(2=(.(@2!1(!@:'!2>''C:!=A!@E>1C.&&E!;'<'&=>1(B!
!
"c7!
C:1&;D'(J! '?'DB'(C'! .(;! '.D&E! S2'+! .#2)26$#( D2)+82'-26'( Q( >;/)&-26')! <=&+! 5c)! (=+! _)!
>>+!5##L!5c7+!
3@='&L*.??=()! Q+)! ,+! TS(()! Q+! 4567#8+! `/=,$#( $)*( Y2'/=*&=&*( >;/)/#/+"( 2)( .;2#*=&)+!
%S2@1()!9{J!OD=LI;+!!
3@='&L*.??=()! Q+! ,! 3@'?Z'DB'D)! H+O+! ! 4566V8+! Q=(2=(.(@! :.D?=(E! .(;! >:=(=&=B1C.&!
S(;'D2>'C1A1C.@1=(! 1(! C:1&;! 2>''C:+! F(! M+! ! a.<.|! 4I;+8)! ?2='-( $)*( '&6/)*( #$)+8$+&(
0;/)/#/+")!>>+!c_L7P+!3.(!T1'B=J!31(BS&.D!OD'22+!
3@=D0'&)! -+! U+! 4"PP58+! U'.D(1(B! ('/! /=D;2J! O:=([email protected]@1C! >D=Z.Z1&1@E! 1(! &.(BS.B'!
;'<'&=>?'(@+!W/8=)$#(/I(!0&&6;(D$)+8$+&($)*(R&$=2)+(L&'&$=6;3(aaT:V)!>>+!5_"5L
5__$+!!
3@=D0'&)! -+! U+)! ,! M=DD12'@@')! M+! U+! 4"PP"8+! 9:'! &'e1C=(! .(;! >:=(=&=BEJ! F(@'D.C@1=(2! 1(!
&.(BS.B'!.CRS121@1=(+!D$)+8$+&3(!0&&6;3($)*(R&$=2)+(!&=M26&'(2)(!6;//#'3(UU)!>>+!""L
_#+!!
b'&&'?.()! 3+! 4566c8+! M'@.@:'212! -1B:&1B:@2! N'.@SD'LZEL>=21@1=(! C=([email protected](@2+! F(! G+! -+!
G'D(:.D;@)! H+! *1&Z'D@! ,! T+! F(BD.?! 4I;2+8)! >=/6&&*2)+'( /I( -;&( HP.( @)-&=)$-2/)$#(
./)I&=&)6&(/)(>;/)/#/+26$#(56782'2-2/)+!3=?'D<1&&'J!Q.2C.;1&&.!OD'22+!!
b1:?.()! M+! 456$78+! Q=(2=(.(@! -.D?=(EJ! F@2! 3C=>'! .(;! NS(C@1=(! 1(! Q:1&;! U.(BS.B'+!
H)2M&='$#'(/I(R8,$)(D$)+8$+&(_](>;/)/#/+"+!F(!H+!-+!*D''(Z'DB!4I;+8)!>>+!"75L__V+!
3@.(A=D;J!3@.(A=D;!W(1<'D21@E!OD'22+!
b1:?.()!M+!4566"8+!I.D&E!2E&&.Z&'2!.(;!@:'!C=(2@DSC@1=(!=A!>:=(=&=BE+!F(!Q+!N'DBS2=()!U+!
M'((! ,! Q+! 3@='&L*.??=(! 4I;2+8)! >;/)/#/+26$#( *&M&#/0,&)-]( ,/*&#'3( =&'&$=6;3(
2,0#26$-2/)'+!91?=(1S?)!MTJ!a=D0!OD'22+!
b=;=>1<'C)! 3+! 4"PPV8+! 4;&( 2)I#8&)6&( /I( 0;/)/-$6-26( 0=/%$%2#2-"( /)( 6/)'/)$)-( $6782'2-2/)O!
G+%+! :=(=Dp2! @:'212+! T'>.D@?'(@! =A! 3>''C:! .(;! -'.D1(B! 3C1'(C')! d:1=! 3@.@'!
W(1<'D21@E+!
h.@'D2=()! K+! 456$58+! Q:1&;! >:=(=&=BEJ! %! >D=2=;1C! <1'/+! W/8=)$#( /I( D2)+82'-26'3( XT_V3! >>+!
5$6L"55+!!
h'1i'D)!H+!<.(!;'!456668+!D$)+8$+&(2)08-(I/=(K/=*(*2'6/M&="+!O:T!;122'D@.@1=()!K1i?'B'(!
W(1<'D21@E)!K1i?'B'()!9:'!K'@:'D&.(;2+!
a.<.2)!M+!4I;+8!456658+!>;/)/#/+26$#(Y2'/=*&='(2)(.;2#*=&)+!U=(;=(J!\=S@&';B'+!!
a.<.2)!M+)!,!U.?>D'C:@)!\+!456778+!OD=C'22'2!.(;!F(@'&&1B1Z1&1@E!1(!T12=D;'D';!O:=(=&=BE+!
.#2)26$#(D2)+82'-26'!$)*(>;/)&-26')!_TaV)!>>+!_"6L_V#+!!
v.?S('D)! 9+)! *'D0'()! U+! %+)! ,! -.??=(;)! M+! 4"PPV8+! O:=([email protected]@1C! >D=Z.Z1&1@1'2! 1(! E=S(B!
C:1&;D'(Y2!2>''C:!>D=;SC@1=(2+!W/8=)$#(/I(.;2#*(D$)+8$+&3(U9)!>>+!#5#L#_c+!!
!
!
!
"c6!
!
!
"$P!