centre for promoting learner autonomy faculty projects
DESCRIPTION
A collection of case studies developed by the Centre for Learner Autonomy at Sheffield Hallam University.TRANSCRIPT
!
!
"#$%!
"&'()&!*+)!#)+,+(-'.!$&/)'&)!%0(+'+,1!
%!"&'()&!*+)!234&55&'4&!-'!6&/47-'.!/'8!$&/)'-'.!
!
!
!
!
!
"/9&!:(08-&9;!</405(1!#)+=&4(9!!
!
!
28-(&8!>1;!!
?-@&!>)/,7/55A!"7)-9(-'&!BC$&/)1!/'8!"7)-9!"+)@&)!
!
!
!
!
!
:7&**-&58!D/55/,!E'-F&)9-(1!
#0G5-97&8!G1!(7&!"&'()&!*+)!#)+,+(-'.!$&/)'&)!%0(+'+,1!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
B!"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!
!
:7#''+#58!?.55.*!@$+A#&9+%1!
CCC!"7.&5#9!:%&##%!
:7#''+#58!
:C!>DE!
@$+%#8!F+$,8(*!
!
6#5#G7($#;!HICCJK!>>L!JMNL!
2O*.+5;!")-/P970Q.4Q0R!
S#T!.88c!UUUQ970Q.4Q0RV4#%5!!
!
/$1! G(&%+($! ('! %7+9! 8(40*#$%! *.1! T#! G&(804#8! U+%7(0%! G#&*+99+($! T0%! U+%7!
.4R$(U5#8,#*#$%Q!!
!
W:XD;!YMZOCOZYMZLCOCYOM!
/5G7.!X((R9!
"(A#&!8#9+,$!T1![.%O<.+!6.$,! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! N!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
#)&*/4&!
67#! "#$%&#! '(&! )&(*(%+$,! -#.&$#&! /0%($(*1! H")-/K! .%! :7#''+#58! ?.55.*! @$+A#&9+%1! +9! .!
(,$+9#8! "#$%&#! '(&! 234#55#$4#! +$! 6#.47+$,! .$8! -#.&$+$,! H"26-KQ! 67#! ")-/! "26-! U.9!
'0$8#8!'(&!L!1#.&9!'&(*!>IIL!%(!>ICI!U+%7!.!&.%+($.5#!%7.%!#*G(U#&9!9%08#$%9!.%!:7#''+#58!
?.55.*!@$+A#&9+%1! .$8! T#1($8! %(! .4\0+&#! 	G($9+T+5+%1! '(&! %7#+&! 5#.&$+$,! .$8! %(!U(&R! +$!
G.&%$#&97+G9!U+%7!%0%(&9!.$8!(%7#&!9%08#$%9Q!-#.&$#&9!4.$!%7#$!8#*($9%&.%#!%&.$9'(&*.%+A#!
.GG&(.47#9!%(!4($9%&04%+$,!%7#+&!(U$!R$(U5#8,#Q!"#$%&.5!%(!%7#!0$+A#&9+%1]9!-6/!9%&.%#,1!+9!
.59(!%7#!$##8!'(&!9%08#$%9!$(%!($51!%(!T#4(*#!.0%($(*(09!5#.&$#&9^!T0%!.59(!%(!.4\0+&#!%7#!
9R+559! .$8! R$(U5#8,#! $##8#8! '(&! #*G5(1*#$%^! 	#.&47! .$8! 4($%+$0+$,! G&('#99+($.5!
8#A#5(G*#$%Q!!W$!%7+9!4($%#3%!+%!+9!+*G#&.%+A#!%7.%!9%08#$%9!.&#!+$4&#.9+$,51!.T5#!%(!*.$.,#!
%7#+&!(U$!5#.&$+$,^!'(&*05.%#!%7#+&!(U$!5+$#9!('!#$\0+&1!.$8!8#A#5(G!'5#3+T5#!.GG&(.47#9!%(!
%7#+&!9%08+#9!O!%7#!#99#$4#!('!.4\0+&+$,!9%08#$%!5#.&$#&!.0%($(*1Q!!W%!+9!.59(!+*G(&%.$%!%7.%!
9%08#$%9!4.$!U(&R!.4&(99!8+94+G5+$#!T(0$8.&+#9^!('%#$!+$!.!%#.*!4($%#3%^!%.4R5+$,!G&(T5#*9!
%7.%!.&#!#99#$%+.551!*05%+8+94+G5+$.&1Q!!!
67+9! T((R5#%! 8#94&+T#9! %7#! #A.50.%+($! ('! '(0&! 5.&,#! 94.5#! '.405%1! G&(=#4%9! %7.%! U#&#!
8#A#5(G#8!+$!%7#!5.9%!>!1#.&9!('!%7#!"26-_!($#!G&(=#4%!+$!#.47!('!%7#!'(0&!5.&,#!'.405%+#9!%7.%!
*.R#!0G!%7#!0$+A#&9+%1Q!67#!4#$%&.5!.+*9!('!%7#9#!'(0&!G&(=#4%9!U#&#!%(!9%&.%#,+4.551!47.$,#!
.$8!#$7.$4#! %#.47+$,!.$8! 5#.&$+$,!G&.4%+4#9!.4&(99! %7#! '(0&! '.405%+#9! +$!(&8#&! %(!G&(*(%#!
5#.&$#&!.0%($(*1!U+%7+$!%7#+&!9%08#$%9Q!
W$! %7+9! U(&R! &#G(&%#8! ($#! ('! %7#! 4#$%&.5! %7#*#9! +9! %7#! 9%&.%#,+4! 09#! ('! 2$\0+&1! X.9#8!
-#.&$+$,!H2X-K!+$!.&#.9!%7.%!+$A(5A#!9%08#$%9!U(&R+$,!%(,#%7#&!+$!9*.55!,&(0G9Q!6U(!('!%7#!
'(0&! '.405%+#9! %((R! %7+9! .GG&(.47! Ή%+$,! +$! .! 5.&,#! $0*T#&! ('! 9%08#$%9! G.&%+4+G.%+$,! +$!
#34+%+$,!2X-!.4%+A+%+#9!%7.%!7.8!.!9+,$+'+4.$%!#''#4%!($!%7#+&!5#.&$#&!.0%($(*1Q!67#!(%7#&!%U(!
'.405%+#9!%((R!95+,7%51!8+''#&#$%!.GG&(.47#9Q!`$#!'.405%1!4($4#$%&.%#8!($!G(9%,&.80.%#!5#A#5!
4(0&9#9! .$8! a.9%#&9! 8+99#&%.%+($! 90GG(&%^! U7+59%! %7#! (%7#&! %((R! .! 	#.&47! .GG&(.47^!
4($9+8#&+$,! 8.%.! ,.%7#! %(! '+$8! (0%! .T(0%! U7.%! *(%+A.%#9! 5#.&$#&9! .$8! %7#+&! 5#.&$+$,!
9%&.%#,+#9^! +$! (&8#&! %(! 8#A#5(G! ,0+8#5+$#9! '(&! ,((8! G&.4%+4#! .$8! %(! G&(A+8#! .! b%((5R+%b! ('!
+$%#&A#$%+($9!%(!#$7.$4#!%7#!9%08#$%9b!5#.&$+$,!#3G#&+#$4#!.$8!%7#+&!.0%($(*1Q!
S#!7(G#!%7.%!%7#!'(0&!&#G(&%9!,+A#!1(0!9(*#!+8#.9!($!7(U!5.&,#!94.5#!47.$,#!4.$!T#!#''#4%#8!
.4&(99! .! 5.&,#! 0$+A#&9+%1^! .$8! 9%+*05.%#! 1(0! %(! 4($9+8#&! +8#.9! '(&! 9%&.%#,+4! 47.$,#!U+%7+$!
1(0&!(U$!4($%#3%9Q!
!
a+R#!X&.*7.55! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! J!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
%G+0(!(7&!&8-(+)9!!!
?-@&!>)/,7/55!
a+R#! +9! ($#! ('! %7#! /99(4+.%#! E+%(&9! ('! %7#! "#$%&#! '(&! )&(*(%+$,! -#.&$#&! /0%($(*1! .%!
:7#''+#58!?.55.*!@$+A#&9+%1Q!?#! +9!.!)&('#99(&!('!2$,+$##&+$,!2804.%+($!.$8!+9!%7#!?#.8!('!
-#.&$+$,^! 6#.47+$,! .$8! /99#99*#$%! '(&! %7#! <.405%1! ('! /&%9^! "(*G0%+$,^! 2$,+$##&+$,! .$8!
:4+#$4#9! U+%7+$! :7#''+#58! ?.55.*Q! ?#! +9! .59(! %7#! /99(4+.%#! E+%(&! ('! %7#! @F! "#$%&#! '(&!
a.%#&+.59!2804.%+($^!.!:0T=#4%!"#$%&#!('!%7#!?+,7#&!2804.%+($!/4.8#*1!H?2/K^!T.9#8!.%!%7#!
@$+A#&9+%1!('!-+A#&G((5Q!/9!U#55!.9!T#+$,!.!D.%+($.5!6#.47+$,!<#55(U!7#!+9!.59(!($#!('!%7#!'#U!
:#$+(&! <#55(U9! ('! %7#! ?2/Q! a+R#! 7.9! +$%#	%9! +$! $(%! ($51! 5#.&$#&! .0%($(*1^! T0%! .59(! +$!
#$\0+&1!T.9#8!5#.&$+$,^!%7#!09#!('!*#8+.!.$8!%#47$(5(,1!+$!%#.47+$,!.$8!5#.&$+$,^!.$8!%7#!
G#&9($.5!.$8!G&('#99+($.5!8#A#5(G*#$%!('!#$,+$##&9Q!?#!7.9!G0T5+97#8!U+8#51! +$!.55! %7#9#!
.&#.9Q!
"7)-9(-'&!BC$&/)1!
"7&+9%+$#! `b-#.&1! +9! .! )&+$4+G.5! -#4%0&#&! +$! :7#''+#58! X09+$#99! :47((5! H:X:K^! .%! :7#''+#58!
?.55.*!@$+A#&9+%1^!U7#&#! 97#! %#.47#9! -.$,0.,#9! .$8! X09+$#99Q! :+$4#! 7#&! .GG(+$%*#$%! .%!
:7#''+#58!?.55.*!@$+A#&9+%1!+$!CYYN^!97#!7.9!7#58!.!$0*T#&!('!5#.8#&97+G!.$8!*.$.,#*#$%!
&(5#9! +$4508+$,! G&(,&.**#! 5#.8#&97+G^! -#.&$+$,^! 6#.47+$,! .$8! /99#99*#$%! "(O(&8+$.%(&^!
.$8!*(&#! #$%51! /99(4+.%#!E+%(&! '(&! %7#! "#$%&#! '(&! 234#55#$4#! +$! )&(*(%+$,! -#.&$#&!
/0%($(*1!H")-/K^!6#.47+$,!<#55(U!.$8!E+%(&!('!%7#!:X:!"#$%&#!'(&!)#8.,(,+4!c#9#.&47!
.$8! W$$(A.%+($Q! `0%9+8#! %7#! @$+A#&9+%1^! 97#! +9! .! *#*T#&! ('! .! $0*T#&! ('! G&('#99+($.5!
.99(4+.%+($9^! +$4508+$,! %7#! ?+,7#&! 2804.%+($! /4.8#*1! H?2/K^! %7#! X&+%+97! 2804.%+($.5!
c#9#.&47!/99(4+.%+($!.$8!%7#!/99(4+.%+($!'(&!-.$,0.,#!-#.&$+$,!U7(9#!<&#$47!"(**+%%##!
97#!47.+!T#%U##$!>IId!.$8!>IIYQ! :7#! +9! 40&&#$%51! A+4#OG	+8#$%! .$8! %&#.90&#&!('! %7#!
S#9%#&$!"(**+99+($!('!%7#!W$%#&$.%+($.5!<#8#&.%+($!('!<&#$47!6#.47#&9!H"2`O<W)<KQ!:7#!+9!
.$!.4%+A#!	#.&47#&!.$8!G.&%+4+G.$%!+$!5(4.5^!$.%+($.5!.$8!+$%#&$.%+($.5!	#.&47!$#%U(&R9!
+$!7#&!.&#.!('!+$%#	%^!%7#!8#A#5(G*#$%!('!5#.&$#&!.0%($(*1Q!:7#!7.9!G	#$%#8!G.G#&9!.%!
T(%7!$.%+($.5!.$8!+$%#&$.%+($.5!4($'#&#$4#9^!.$8!G0T5+97#8!.&%+45#9!+$!&#'#&##8!G0T5+4.%+($9!
+$!%7+9!.&#.!9+$4#!%7#!*+8!CYYI9Q!
"7)-9!"+)@&)!
"7&+9! +9! %7#! ")-/! 9%08#$%! +$%#&$Q! ?#! +9! .! :7#''+#58! ?.55.*! @$+A#&9+%1! ,&.80.%#^! 7.A+$,!
4(*G5#%#8!7+9!X/!+$!?+9%(&1!+$!>IIZ^!.$8!7+9!a/!+$!?+9%(&1!+$!>IIYQ!?#!+9!40&&#$%51!.!)7E!
	#.&47! 9%08#$%! U+%7! .$! +$%#	%! +$! T09+$#99! 7+9%(&1^! #3G5(&+$,! %7#! X&+%+97! .&*.*#$%9!
+$809%&1! '&(*!CYII! %(!CYNYQ!"7&+9!T#,.$!U(&R+$,!U+%7! %7#!"#$%&#! '(&!)&(*(%+$,!-#.&$#&!
/0%($(*1!+$!>IIZ^!.$8!7.9!T##$!+$A(5A#8!+$!G&(A+8+$,!G&(=#4%!90GG(&%^!#A#$%9!G5.$$+$,!.$8!
4($'#&#$4#! .8*+$+9%&.%+($! '(&! ")-/Q! `$#! ('! 7+9! +$%#	%9! +$! %#.47+$,! .$8! 5#.&$+$,! +9! %7#!
8#A#5(G*#$%! ('! 9%08#$%9! .9! 4(55.T(&.%(&9Q! ?#! +9! .59(! .$! /*T.99.8(&! '(&! %7#! :%08#$%!
-#.&$+$,!.$8!6#.47+$,!D#%U(&RQ!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! L!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
"+'(&'(9!!!
#)-'4-H5&9!/'8!H)/4(-4&!+*!$&/)'&)!%0(+'+,1!! ! ! ! ! M!
!
67&!"#$%!*/405(1!H)+=&4(!947&,&!I!/'!+F&)F-&J! ! ! ! ! CC!
!
"/9&!:(08-&9;!
!
</405(1!+*!%)(9A!"+,H0(-'.A!2'.-'&&)-'.!/'8!:4-&'4&9! ! ! ! CN!
2'7/'4-'.!9(08&'(!$&/)'&)!%0(+'+,1!G1!(7&!09&!+*!2'K0-)1I>/9&8!$&/)'-'.!
/55.$!D(&45+''#!.$8!e09%+$!-#U+9!
!
! %"2:!%HH&'8-3!L! ! ! ! ! ! ! ! NL!
! 2'K0-)1I>/9&8!$&/)'-'.;!%!.0-8&!*+)!9(/**!
!
! %"2:!%HH&'8-3!M! ! ! ! ! ! ! ! LL!
! %'!/HH)+/47!(+!,&/90)-'.!(7&!8&F&5+H,&'(!+*!9(08&'(!$&/)'&)!
! %0(+'+,1!
!
! %"2:!%HH&'8-3!N! ! ! ! ! ! ! ! dC!
! #0G5-4/(-+'9!/99+4-/(&8!J-(7!(7&!</405(1!$&/)'&)!%0(+'+,1!#)+=&4(!
!
! %"2:!%HH&'8-3!O! ! ! ! ! ! ! ! dN!
! P/J!*&&8G/4@!8/(/;!:,/55!:4/5&!#)+=&4(!5&/89!
!
</405(1!+*!Q&F&5+H,&'(!/'8!:+4-&(1!! ! ! ! ! ! MY!
Q&F&5+H-'.!/'8!&,G&88-'.!&**&4(-F&!H)/4(-4&!-'!2'K0-)1!>/9&8!$&/)'-'.!-'!
(7&!</405(1!+*!Q&F&5+H,&'(!/'8!:+4-&(1!
)7+5!/9R7.*!
!
! QR:!%HH&'8-3!L! ! ! ! ! ! ! ! YM!
! S,H/4(!+*!8-94)&(&!H)+=&4(9!-'4508&8!-'!(7&!</405(1!#)+=&4(!
!
! QR:!%HH&'8-3!L/! ! ! ! ! ! ! ! YY!
! S,H/4(!+*!/88-(-+'/5!/4(-F-(-&9!
!
! QR:!%HH&'8-3!M! ! ! ! ! ! ! ! CIC!
! $-9(!+*!-'(&)F-&J&&9!
!
! QR:!%HH&'8-3!N! ! ! ! ! ! ! ! CIN!
! Q&(/-59!+*!9,/55!H)+=&4(9!
!
! QR:!%HH&'8-3!O! ! ! ! ! ! ! ! CIM!
! ?/'-*&9(/(-+'9!/'8!H+99-G-5-(-&9!-'!2'K0-)1I>/9&8!$&/)'-'.!
!
!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! d!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
! QR:!%HH&'8-3!T! ! ! ! ! ! ! ! CCN!
! :0,,/)1!+*!8-99&,-'/(-+'!/4(-F-(-&9!
!
</405(1!B*!D&/5(7!/'8!U&55G&-'.! ! ! ! ! ! ! CCL!
2'4+0)/.-'.!/'8!&'7/'4-'.!$&/)'&)!%0(+'+,1!
"5.+&#!"&.+,!.$8!F.&#$!X((%7!
!
:7&**-&58!>09-'&99!:47++5! ! ! ! ! ! ! ! C>C!
Q&F&5+H-'.!/'8!&,G&88-'.!$&/)'&)!%0(+'+,1!J-(7-'!(7&!#+9(.)/80/(&!
"0))-4050,!
f(8'!"&.+R!
!
! :>:!%HH&'8-3!L! ! ! ! ! ! ! ! C>Y!
! Q&F&5+H-'.!/'8!&,G&88-'.!$&/)'&)!%0(+'+,1!J-(7-'!(7&!
! #+9(.)/80/(&!"0))-4050,!)&9&/)47!,&(7+8+5+.1!
! f(8'!"&.+R!
!
! :>:!%HH&'8-3!M! ! ! ! ! ! ! ! CdC!
! Q&F&5+H-'.!/'8!&,G&88-'.!$&/)'&)!%0(+'+,1!J-(7-'!(7&!
! #+9(.)/80/(&!"0))-4050,!(+!&'7/'4&!5&/)'-'.!/'8!H)+*&99-+'/5!
! 8&F&5+H,&'(!
! 6.%+.$.!f(&T0$%9(A.!
!
! :>:!%HH&'8-3!N! ! ! ! ! ! ! ! CMY!
! ?+(-F/(-'.!S'(&)'/(-+'/5!:(08&'(9;!%'!/4(-+'!)&9&/)47!9(081!-'(+!(7&!
! &**&4(-F&!09&!+*!&5&4()+'-4!H5/(*+),9!(+!9(-,05/(&!.)&/(&)!5&F&59!+*!
! 9(08&'(!&'./.&,&'(!!/'8!/0(+'+,1!-'!:7&**-&58!>09-'&99!:47++5!
! /$81!"&(GG#&!.$8!e#.$#%%#!X.R#&!
! !
! :>:!%HH&'8-3!O! ! ! ! ! ! ! ! CYM!
! %'!&F/50/(-+'!+*!8-99&)(/(-+'!)&9&/)47!/'8!$&/)'&)!%0(+'+,1!/4)+99!
! (7&!#+9(.)/80/(&!#)+.)/,,&9!-'!:7&**-&58!>09-'&99!:47++5!
! :.&.+!X.&%($! !
!
! :>:!%HH&'8-3!T! ! ! ! ! ! ! ! >>N!
! 67&!09&!+*!2I"/9&!:(08-&9!*+)!?:4!6+(/5!V0/5-(1!?/'/.&,&'(!4+0)9&!
! a.5+7#!:7.7+8.$!
!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! M!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
#)-'4-H5&9!/'8!H)/4(-4&!+*!$&/)'&)!%0(+'+,1!!
-#.&$#&!.0%($(*1!+9!(,$+9#8!.9!.$!+*G(&%.$%^!T0%!('%#$!*+90$8#&9%((8!4($4#G%^!.$8!'(&!
%7+9! &#.9($! %7+9! T((R5#%! .+*9! %(! 45.&+'1! %7#! %#&*! +$! .%+($! %(! 7(U! +%! +9! +$%#&G&#%#8! .$8!
G&(*(%#8! .%! %7#! +$8+A+80.5! .$8! +$9%+%0%+($.5! 5#A#5Q! 67#! "#$%&#! '(&! )&(*(%+$,! -#.&$#&!
/0%($(*1! H")-/K! 4($4#+A#9! .$! .0%($(*(09! 5#.&$#&! %(! T#! ($#! U7(! 7.9! 8#A#5(G#8! %7#!
4.G.4+%1! %(! %.R#! .%! 5#.9%! 9(*#! 4($%&(5! (A#&! %7#+&! 5#.&$+$,Q! 67#1! 4.$! +8#$%+'1!%7#+&! (U$!
5#.&$+$,!,(.59! HU7.%! %7#1!$##8!%(! 5#.&$K^!%7#+&! 5#.&$+$,!G&(4#99#9!H7(U!%7#1!U+55! 5#.&$! +%K^!
.$8!7(U!%7#1!U+55!#A.50.%#!.$8!09#!%7#+&!5#.&$+$,Q!67#!4($4#G%!('!5#.&$#&!.0%($(*1!+$A(5A#9!
.88c+$,!.!9%08#$%b9!9%.$4#!%(U.&89!%7#+&!5#.&$+$,^!&#'5#4%+$,!.!*(A#!.U.1!'&(*!%7#!+8#.!
('! 9+*G51! *#*(&+9+$,! (&! 5#.&$+$,! %(! .GG51! R$(U5#8,#! %(! T#+$,! .T5#! %(! 91$%7#9+9#! .$8!
4($%#3%0.5+9#!%7#!5#.&$+$,!+$!.!U.1!%7.%!4&#.%#9!G(9+%+A#!5#.&$+$,!%&.$9'#&!HF$(U5#9!CYYIKQ!!
F#1!%(!8#A#5(G+$,!5#.&$#&!.0%($(*1!+9!#$7.$4+$,!%7#!5#.&$#&b9!*#%.4(,$+%+A#!.$8!&#'5#4%+A#!
9R+559!.$8!G&(4#99#9Q!
W$!(%7#&!U(&89^!%7#!.+*!+9!%(!#$.T5#!9%08#$%9!%(!,&.80.%#!U+%7!.!7(5+9%+4!9#%!('!9R+559^!.G%+%08#!
.$8!*(%+A.%+($!%(!5#.&$!+$!.!&.G+851!47.$,+$,!U(&58;!%7#1!U+55!7.A#!%7#!.T+5+%1!%(!(,$+9#!
U7.%! %7#1! $##8! %(! 5#.&$^! .$8! 7(U! %(! 5#.&$! '.9%! HX.0*#^! CYYJKQ! ?(5#4! HCYZC;NK! 8#'+$#9!
5#.&$#&!.0%($(*1!.9!b%7#!.T+5+%1!%.R#!47.&,#!('!($#b9!(U$!5#.&$+$,bQ!67#!#*G7.9+9!7#&#!+9!($!
%7#! 5#.&$#&! .$8! 8#A#5(G+$,! %7#+&! 4.G.4+%1! '(&! 9#5'O8+%#8! 5#.&$+$,! H-##^! CYYZK^! U+%7! .$!
#*G7.9+9!($!7.A+$,!4($%&(5!(A#&!%7#+&!5#.&$+$,!G&(4#99Q!!
<.g#1!.$8!<.g#1!H>IIC;NJLK!8#94&+T#!.0%($(*(09!5#.&$#&9!.9!G#(G5#!U7(!.&#;!
• +$%&+$9+4.551O*(%+A.%#8^! G#&4#+A#! %7#*9#5A#9! %(! T#! +$! 4($%&(5! ('! %7#+&! 8#4+9+($O
*.R+$,^!!
• %.R#!	G($9+T+5+%1!'(&!%7#!(0%4(*#9!('!%7#+&!.4%+($9^!.$8!!
• 7.A#!4($'+8#$4#!+$!%7#*9#5A#9Q!
W$! (&8#&! %(! 5#.&$! #''#4%+A#51! .$8! +$8#G#$8#$%51^! +%! +9!$#4#99.&1! '(&! 9%08#$%9! %(! 7.A#! ,((8!
+$'(&*.%+($! G&(4#99+$,! 9R+559Q! 67#1! $##8! %(! T#! .T5#! %(! 8#A#5(G! 9%&.%#,+#9! '(&! '+$8+$,^!
#A.50.%+$,! .$8! 09+$,! #A.$%! +$'(&*.%+($Q! <+$.551^! %7#1! $##8! %(! T#! .T5#! %(!*.$.,#! %7#+&!
5#.&$+$,Q!67#9#!'(0&!4($4#G%9!H.!4($4#G%0.5!9%.$4#!%(U.&89!7+,7#&!5#.&$+$,_!.!U+55+$,$#99!%(!
5#.&$_!+$'(&*.%+($!9R+559_!.$8!.T+5+%1!%(!*.$.,#!%7#+&!5#.&$+$,K!.&#!90**.&+9#8!+$!%7#!%.T5#!
T#5(U!.$8! '(&*! %7#! .4&($1*!:SWaQ!67+9! +9! .!09#'05!*#%.G7(&! .9! +%! +*G5+#9! %7.%! 9%08#$%9!
*09%!5#.&$!%(!9U+*!'(&!%7#*9#5A#9^!T0%!%7.%!U#!U+55!$(%!5#%!%7#!9%08#$%9!8&(U$Q!67#!.*(0$%!
('! 90GG(&%! U#! G&(A+8#! U+55! 8#G#$8! ($! 7(U! #''#4%+A#! %7#1! 7.A#! T#4(*#! .%! %.R+$,!
	G($9+T+5+%1!'(&!%7#*9#5A#9!.$8!7(U!U#55!%7#1!7.A#!8#A#5(G#8!#A.$%!5#.&$+$,!9R+559Q!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! Z!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
!
:6%W"2!6BU%PQ:!$2%PWSWX!
`&+#$%.%+($!%(!5#.&$+$,!
HU7.%!.$8!U71^!&#'5#4%+A#K!
/!&.$,#!('!.GG&(G&+.%#!5#.&$+$,!
9%&.%#,+#9!
F$(U!7(U!%7#1!5#.&$!.$8!7(U!%(!
+*G&(A#!7(U!%7#1!5#.&$!
!
US$$SWXW2::!6B!$2%PW!
X.5.$4#!('!A(4.%+($.5^!.4.8#*+4^!
G#&9($.5!.$8!9(4+.5!*(%+A.%+($9!%(!
5#.&$!
W$%&+$9+4!*(%+A.%+($!
23%&+$9+4!*(%+A.%+($!
f(.59!
:7(&%!O!a#8+0*!O!-($,!
"($'+8#$4#!
SW<BP?%6SBW!
".$!+8#$%+'1!U7.%!%7#1!R$(U!
".$!+8#$%+'1!U7.%!+$'(&*.%+($!%7#1!
$##8!
E#A#5(G!.!9%&.%#,1!'(&!'+$8+$,!+%!
H8+''#&#$%!	(0&4#9K!
".$!,#%!%7#!+$'(&*.%+($!
2A.50.%#!8+''#&#$%!9(0&4#9!('!
+$'(&*.%+($!'(&!#A.$4#!.$8!
4+T+5+%1!
".$!09#!%7#!+$'(&*.%+($!.$8!.88!+%!%(!
%7#+&!R$(U5#8,#!T.9#!
?%W%X2?2W6!
:%081!:R+559!
)5.$$+$,!.$8!G&(T5#*!9(5A+$,!
2A.50.%+($!h!a#%.4(,$+%+($!
:#5'O.99#99*#$%!
<(409!h!i9%+4R.T+5+%1]!
6+*#!.$8!G&(=#4%!*.$.,#*#$%!
X.5.$4+$,!9(4+.5^!U(&R!.$8!5#.&$+$,!
$##89!
/99#99*#$%!
!
!
!
W$! 97(&%^! %7#! 5#.&$#&!G(99#99#9!(U$#&97+G!('! %7#+&!(U$! 5#.&$+$,!G&(4#99^!U7+47! +$! %0&$! +9!
*.$+'#9%#8!+$!47.$,#9!+$!%7#+&!R$(U5#8,#^!U.19!('!4($4#G%0.5+9+$,!%7#!U(&58!.&(0$8!%7#*^!
9R+559! .$8! #A#$! #*(%+($.5! 8#A#5(G*#$%Q! /%! .$! +$9%+%0%+($.5! 5#A#5^! %7#! "#$%&#! 9%&+A#9! %(!
#$4(0&.,#!#''#4%+A#!(&+#$%.%+($!.$8!.!8##G#&!.GG&(.47!%(!5#.&$+$,Q!/88+%+($.551^!+%!G&(*(%#9!
.!405%0&#!('!&#'5#4%+($!.$8!#$,.,#*#$%!%7.%!90GG(&%!9%08#$%9!+$!8#A#5(G+$,!.$!.GG&(G&+.%#!
4($4#G%0.5!9%.$4#!%(U.&89!%7#+&!5#.&$+$,!+$!.!?+,7#&!2804.%+($!#$A+&($*#$%Q!!
67#! G&(4#99! ('! 8#A#5(G+$,! .0%($(*1! +9! $(%! \0+4RQ! S#! 4.$! 4($4#G%0.5+9#! %7#! 9%08#$%!
#3G#&+#$4#! .9! .! =(0&$#1! '&(*! .%+A#! 8#G#$8#$4#! %(! +$8#G#$8#$4#! (&! .0%($(*1! .9! .!
5#.&$#&Q!/$! +$%#&+*!9%.,#!*.1!U#55!T#!($#!('! +$%#&O8#G#$8#$4#Q!:%08#$%9!U+55! 45#.&51!$##8!
9(*#! '(&*!('! 90GG(&%! '&(*! %0%(&9^!T0%! %7#1!*.1!U#55! 3!($!(%7#&! 9%08#$%9Q! W$8##8^! +%! +9!
('%#$! 8#9+&.T5#! '(&! 9%08#$%9! %(! U(&R! .$8! 5#.&$! 4(55.T(&.%+A#51! 9(! .9! %(! #$4(0&.,#! %7#!
8#A#5(G*#$%!('! %#.*U(&R!.$8!(%7#&!G&('#99+($.5! 9R+559Q!?(U#A#&^! 4(55.T(&.%+A#!U(&R!9%+55!
&#\0+	! 9%08#$%9! %(! .44#G%! +$8+A+80.5! 	G($9+T+5+%1!'(&! %7#+&! 4($%&+T0%+($! %(! ,&(0G!U(&R!
.$8!'(&!%7#+&!(U$!5#.&$+$,Q!
!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!
2$,.,+$,!U+%7!G&+$4+G5#9!('!5#.&$#&!.0%($(*1
90GG(&%+$,!%7#! 5#.&$+$,!G&(4#99
5#.&$#&9! .$8! %0%(&9^! .$8!
G&(4#99#9^!%7#!*(&#!5#4%0&#&9!U+55!T#4(*#
('!+%!.$8!%7#!9(0&4#!('!#A.$%!
67#!'(409!%709!97+'%9!%7#!A#&1!T.5.$4#!('!G(U#&
%7#! %#.47#&! %(! %7#! 5#.&$#&^! .$8! +8#.551! %7#! 5#.&$#&! 9
(U$!5#.&$+$,Q!S7.%!%7+9!*#.$9!+$!G&.4%+4#!+9!
!"#$ %#&'"#($&'%)$&)$&$ *&'+,+%&%-($&./$&$ (#)-0('#
'"--)+.1$ &./$ 2,&..+.1$ %"#$ '0((+'0,034$ -($ &%$ ,#&)%$ %
5#&(.+.1$+)$)#,*6+.+%+&%#/4$&./$-*%#.$+.7-,7#)$%"#$2(-'#))$-*$#.80+(
,#&(.#($ +)$ &,)-$ (#)2-.)+9,#$ *-($ #7&,0&%+.1$ %"#$ (#)0
*+()%4$ +)$ %"&%$ #&'"$ +./+7+/0&,$ +)$ :;;<$ (#)2-.)+9,#$ *-($ "+)
2&(%+'+2&%+-.$&./$,#&(.+.1=$>?(&./#)$&./$@+..+)4$:A
X.0*#!HCYYJ;NK!.&,0#9!%7#!+8#.!('!5#.&$#&!.0%($(*1
B)$&$1-&,$-*$#/0'&%+-.4$ %"#$1-&,$9#+.1$ %-$"#,2$)%0/
,#&(.#()4$ &./$ &)$ &.$ #/0'&%+-.$ 3#%"-/4$ +.%(-/0'#/$ *-
2"+,-)-2"+'&,$&./$#'-.-3+'
,#&(.+.1$ 3#%"-/)4$ C+%"+.$ 3-(#$ -($ ,#))$ '-.7#.%+-.&,$
-(1&.+)&%+-.=$$
67#&#! .&#! A.&+(09! .4%+A#! 5#.&$+$,! .$8! %#.47+$,! .GG&(
8#A#5(G*#$%! ('! 9R+559! .$8! .G%+%08#9! %7.%! 47.&.4%#&+9#! .$! .0%($(*(09! 5#.&
#$\0+&1!T.9#8!5#.&$+$,!H2X-K^!G&(T5#*!T.9#8!5#.&$+$,!
S7+5#! b5#.&$#&! .0%($(*1b! 7.9! (44.9+($.551! T##$! #\0.%#8! U+%
5#.&$+$,b^!%7#!4($4#G%!+%9#5'
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! Y!! :7#''+#58!?.55.*!@$+A#&9+%1
!
!
G&+$4+G5#9!('!5#.&$#&!.0%($(*1!.55(U9!.4.8#*+4!9%.''!%(!&#%7+$R!
%7#! 5#.&$+$,!G&(4#99Q!-#.&$#&!.0%($(*1! +9! +$!G.&%!.T(0%!G.&%$#&97+G9!T#
.9! 9%08#$%9! *.R#! *(&#! 8#4+9+($9! .T(0%! %7#+&! (U$! 5#.&$+$,!
5#4%0&#&9!U+55!T#4(*#!'.4+5+%.%(&9!'(&!%7.%!5#.&$+$,!&.%7#&!%7.$!8+%(&9!
#A.$%!+$'(&*.%+($Q!!
67#!'(409!%709!97+'%9!%7#!A#&1!T.5.$4#!('!G(U#&!.$8!	G($9+T+5+%1!'&(*!%7#!+$9%+%0%+($!.$8!
%7#! %#.47#&! %(! %7#! 5#.&$#&^! .$8! +8#.551! %7#! 5#.&$#&! 97(058!7.A#! '055! 	G($9+T+5+%1! '(&! %7#+&!
(U$!5#.&$+$,Q!S7.%!%7+9!*#.$9!+$!G&.4%+4#!+9!%7.%;!
!"#$ %#&'"#($&'%)$&)$&$ *&'+,+%&%-($&./$&$ (#)-0('#62#()-.=$ D%0/#.%)$ &(#$ (#)2-.)+9,#$ *-($
'"--)+.1$ &./$ 2,&..+.1$ %"#$ '0((+'0,034$ -($ &%$ ,#&)%$ %"#E$ 2&(%+'+2&%#$ +.$ %"#$ '"--)+.1=$
+.+%+&%#/4$&./$-*%#.$+.7-,7#)$%"#$2(-'#))$-*$#.80+(E$&./$/+)'-7
,#&(.#($ +)$ &,)-$ (#)2-.)+9,#$ *-($ #7&,0&%+.1$ %"#$ (#)0,%)=$ B$ /+**+'0,%$ '-.'#2%$ %-$ 1(&)24$ &%$
&%$ #&'"$ +./+7+/0&,$ +)$ :;;<$ (#)2-.)+9,#$ *-($ "+)$ F-($ "#(G
2&(%+'+2&%+-.$&./$,#&(.+.1=$>?(&./#)$&./$@+..+)4$:AHIJ$:KL$
&,0#9!%7#!+8#.!('!5#.&$#&!.0%($(*1!#$4(*G.99#9!%U(!*.+$!#5#*#$%9;
B)$&$1-&,$-*$#/0'&%+-.4$ %"#$1-&,$9#+.1$ %-$"#,2$)%0/#.%)$9#'-3#$#**#'%+7#$ )#,*
,#&(.#()4$ &./$ &)$ &.$ #/0'&%+-.$ 3#%"-/4$ +.%(-/0'#/$ *-($ &$ 7&(+#%E$ -*$ #/0'&%+-.4$
2"+,-)-2"+'&,$&./$#'-.-3+'$ (#&)-.)4$2#("&2)$-2#(&%#/$&,-.1)+/#$-%"#($ %#&'"+.1$
,#&(.+.1$ 3#%"-/)4$ C+%"+.$ 3-(#$ -($ ,#))$ '-.7#.%+-.&,$ %E2#)$ -*$ '-0()#$ )%(0'%0(#$ &./$
67#&#! .&#! A.&+(09! .4%+A#! 5#.&$+$,! .$8! %#.47+$,! .GG&(.47#9! U7+47! 4#&%.+$51! '(9%#&! %7#!
59! .$8! .G%+%08#9! %7.%! 47.&.4%#&+9#! .$! .0%($(*(09! 5#.&
#$\0+&1!T.9#8!5#.&$+$,!H2X-K^!G&(T5#*!T.9#8!5#.&$+$,!H)X-K!(&!U(&ROT.9#8!5#.&$+$,!HSX-KQ!
b5#.&$#&! .0%($(*1b! 7.9! (44.9+($.551! T##$! #\0.%#8! U+%7! %7#! +8#.! ('! b+$8#G#$8#$%!
4($4#G%!+%9#5'!+9!.59(!A#&1!*047!.%#8!%(!%7#!4($4#G%!('!4(55.T(&.%+A#!5#.&$+$,
/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
:7#''+#58!?.55.*!@$+A#&9+%1!
!
&#%7+$R!%7#+&!&(5#!+$!
Q!-#.&$#&!.0%($(*1! +9! +$!G.&%!.T(0%!G.&%$#&97+G9!T#%U##$!
%7#+&! (U$! 5#.&$+$,!
&.%7#&!%7.$!8+%(&9!
'&(*!%7#!+$9%+%0%+($!.$8!
7(058!7.A#! '055! 	G($9+T+5+%1! '(&! %7#+&!
2#()-.=$ D%0/#.%)$ &(#$ (#)2-.)+9,#$ *-($
"#E$ 2&(%+'+2&%#$ +.$ %"#$ '"--)+.1=$
+.+%+&%#/4$&./$-*%#.$+.7-,7#)$%"#$2(-'#))$-*$#.80+(E$&./$/+)'-7#(EM$%"#$
,%)=$ B$ /+**+'0,%$ '-.'#2%$ %-$ 1(&)24$ &%$
F-($ "#(G$ -C.$ 9#"&7+-0(4$
#$4(*G.99#9!%U(!*.+$!#5#*#$%9;!
#.%)$9#'-3#$#**#'%+7#$ )#,*6/+(#'%#/$
($ &$ 7&(+#%E$ -*$ #/0'&%+-.4$
(#&)-.)4$2#("&2)$-2#(&%#/$&,-.1)+/#$-%"#($ %#&'"+.1$&./$
%E2#)$ -*$ '-0()#$ )%(0'%0(#$ &./$
.47#9! U7+47! 4#&%.+$51! '(9%#&! %7#!
59! .$8! .G%+%08#9! %7.%! 47.&.4%#&+9#! .$! .0%($(*(09! 5#.&$#&! O! 9047! .9!
T.9#8!5#.&$+$,!HSX-KQ!
+8#.! ('! b+$8#G#$8#$%!
4(55.T(&.%+A#!5#.&$+$,!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CI!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
HF(7($#$^!CYY>KQ!?#$4#^!,&(0G!U(&R!(&!G##&!.99+9%#8!5#.&$+$,!4.$!%7#&#'(&#!T#!.$!#''#4%+A#!
U.1! ('! '(9%#&+$,! 5#.&$#&! .0%($(*1Q!67+9! G0T5+4.%+($!U+55! ,+A#! 1(0! 9(*#! +8#.9!('! %#.47+$,!
.$8!5#.&$+$,!G&.4%+4#9!%7.%!.55(U!9%08#$%9!%(!5#.&$!*(&#!.0%($(*(0951Q!W%!U+55!.59(!G&(A+8#!
9(*#!4($4&#%#!#3.*G5#9!('!%#.47+$,!*#%7(89!%7.%!9%.''!.%!:7#''+#58!?.55.*!@$+A#&9+%1!7.A#!
#$,.,#8! U+%7! +$! A+#U! ('! #$7.$4+$,! 5#.&$#&! .0%($(*1^! .$8! 7(U! %7+9! 7.9! .''#4%#8! 9%.''b9!
%#.47+$,! #3G#&+#$4#^! $(%! %(! *#$%+($! %7#! #''#4%9! +%! 7.9! 7.8! ($! %7#! 9%08#$%9b! 5#.&$+$,!
#3G#&+#$4#Q!
W$4(&G(&.%+$,! #5#*#$%9! ('! 5#.&$#&! .0%($(*1! +$! .! 7+,7#&! #804.%+($! %#.47+$,! .$8! 5#.&$+$,!
#$A+&($*#$%! 7.9! T##$! (,$+9#8! .9! ,((8! G&.4%+4#! T1! ?2<"2^! .$8! '.&! '&(*! T#+$,! .!
4(*G5#%#51! $#U! 8#A#5(G*#$%! *.$1! 5#4%0&#&9! .&#! .5&#.81! #$,.,+$,! U+%7! 9(*#! ('! %7#9#!
G&+$4+G5#9!+$!%7#+&!%#.47+$,!G&.4%+4#Q!).05!c.*98#$b9!&#G(&%!($!%7#!'0%0&#!('!%#.47+$,!.$8!%7#!
9%08#$%! #3G#&+#$4#! +$! ?2! %(! %7#! :#4&#%.&1! ('! :%.%#! e(7$! E#$7.*! 7+,75+,7%#8! %7#!.##/$%-$
3&+.%&+.$&./$#."&.'#$)%0/#.%$#.1&1#3#.%$H>IIZK^! .$8! %(! 4(0$%#&! %7#! A+#U! %7.%! 9%08#$%9!
97(058!T#!%&#.%#8!.9!409%(*#&9!U7(!7.A#!.!9#$9#!('!#$%+%5#*#$%Q!c.%7#&^!7#!.&,0#9!%7.%!%7#1!
97(058! T#! G#&4#+A#8! .9! G.&%$#&9! U7(! .&#! G&(A+8#8! U+%7! (GG(&%0$+%+#9! %(! 5#.&$Q! 67+9! .55!
7+,75+,7%9!%7#!$##8!'(409!($!%7#!9%08#$%!.9!.$!.4%+A#!G.&%+4+G.$%!+$!%7#!5#.&$+$,!G&(4#99#9Q!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
`$!.!G(9+%+A#!$(%#^!9%08#$%9!U7(!T#4(*#!.0%($(*(09!5#.&$#&9!.&#!*047!*(&#!'0$!%(!U(&R!
U+%7;! %7#1! .9R! +$%#	%+$,! .$8! ('%#$! 0$#3G#4%#8! \0#9%+($9_! %7#1! .&#!*(%+A.%#8! .$8! ('%#$!
+*.,+$.%+A#! +$! %7#+&!.GG&(.47! %(! %.4R5#!\0#9%+($9!G0%! %(! %7#*!H(&!($#9! %7.%! %7#1!7.A#!9#%!
%7#*9#5A#9K_!%7#1!,&(U!+$!4($'+8#$4#!%(!#3Gc!%7#+&!A+#U9!O!.$8!1(0!*+,7%!#A#$!'+$8!%7.%!
1(0&!(U$!9%08#$%9!U+55!G0%!#3%&#*#51!+$%#	%+$,!\0#9%+($9!%(!1(0!%7.%!1(0!*+,7%!U.$%!%(!
	#.&47! '0&%7#&Q! 67#! 4.9#! 9%08+#9! +$4508#8! +$! %7+9! T((R! U+55! 8#*($9%&.%#! %7#! G(9+%+A#!
#$7.$4#*#$%9! %(! 5#.&$+$,!&./! %#.47+$,! #3G#&+#$4#9! '(&! T(%7! 9%08#$%9! .$8! 9%.''! #$,.,+$,!
U+%7!4($4#G%9!.&(0$8!5#.&$#&!.0%($(*1Q!
P&*&)&'4&9!
!
X.0*#^! EQ! HCYYJK^!N#7#,-2+.1$5#&(.#($B0%-.-3E^! :2E/! ).G#&! ZJ! HX+&*+$,7.*;! :%.''! .$8!
2804.%+($.5!E#A#5(G*#$%!/99(4+.%+($KQ!
!
X&.$8#9^!EQ!.$8!f+$$+9!)Q!HCYZdK^!B$@0+/#$%-$D%0/#.%6O#.%(#/$5#&(.+.1$H"7#5%#$7.*;!D#59($!
67(&$#9KQ!
!
<.g#1^! EQ! .$8! <.g#1^! eQ! H>IICK^! b67#! G(%#$%+.5! '(&! .0%($(*1! +$! 5#.&$+$,;! G#&4#G%+($9! ('!
4(*G#%#$4#^!*(%+A.%+($!.$8!5(409!('!4($%&(5!+$!'+&9%O1#.&!0$8#&,&.80.%#!9%08#$%9b^!D%0/+#)$+.$
P+1"#($Q/0'&%+-.!>dHNK;!NJLONdCQ!
!
F(7($#$^! jQ! HCYY>K^! b23G#&+#$%+.5! 5.$,0.,#! 5#.&$+$,;! 9#4($8! 5.$,0.,#! 5#.&$+$,! .9!
4((G#&.%+A#! 5#.&$#&! #804.%+($b^! +$! D0$.$^! EQ! H289QK^!O-,,&9-(&%+7#$5&.10&1#$5#&(.+.1$&./$
!#&'"+.,!H".*T&+8,#;!".*T&+8,#!@$+A#&9+%1!)cK;!CJONYQ!
!
-##^! WQ! HCYYZK^! b:0GG(&%+$,! f&#.%#&! /0%($(*1! +$! -.$,0.,#! -#.&$+$,b^! Q5!$ R-0(.&,! L>HJK;!
>Z>OYIQ! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!
!
67&!"#$%!*/405(1!H)+=&4(
67#!(A#&.55!G0&G(9#!('! %7#!"
5#.&$+$,!.$8!%#.47+$,!G&.4%+4#9!U7+47!#*G(U#&!9%08#$%9!%(!.4\0+&#!	G($9+T+5+%1!'(&!%7#+&!
(U$! 5#.&$+$,! %7&(0,7! G&(*(%+$,! .$8! +$$(A.%+$,! U.19! ('! #$.T5+$,! 9%08#$%9! %(! 4($9%&04%!
%7#+&!(U$!R$(U5#8,#!+$!G.&%$#&97+G
.9!.!70T!%(! '(9%#&! +$$(A.%+A#!8#A#5(G*#$%9! +$!.4%0.5! %#.47+$,!G&.4%+4#9^!.$8! %(!G&(*(%#!.!
405%0&.5!47.$,#!%7.%!.+*9!%(!G0%!%7#!9%08#$%!.%!%7#!7#.&%!('!%#.47+$,!.$8!5#.&$+$,!G&.4%+4#9!+$!
G&('(0$8! .$8! #''#4%+A#! U.19Q
'.405%+#9! ('! %7#! 0$+A#&9+%1! ($! 5.&,#! 94.5#! '.405%1! U+8#! G&(=#4%9Q! 67#9#! G&(=#4%9! U#&#!
8#A#5(G#8! +$! 4(55.T(&.%+($! U+%7! %7#*! %(! %.&,#%! %7(9#! .&#.9! 4($$#4%#8! U+%7! 5#.&$#&!
.0%($(*1! H-/K!U7+47! .&#! 40&&#$%51! #+%7#&!0$8#&
<.405%+#9b!#3+9%+$,!9%&.%#,+4!5#.&$+$,!.$8!%#.47+$,!(T=#4%+A#9Q
67#!'.405%1!G&(=#4%9!.&(9#!.9!.!Ή%!('!
('!8#A#5(G*#$%!.9!97(U$!+$!%7#!8+.,&.*!T#5(UQ!67&(0,7!%7#9#!.4%+A+%+#9;
• U#!'.4+5+%.%#!%7#!+*G5#*#$%.%+($!('
• U#!9%+*05.%#^!8+%!.$8!90GG(&%!%7#!8#A#5(G*#$%!('!.!&.$,#!('!+$$(A.%+A#!%#.47+$,!
G&.4%+4#9!%7&(0,7!(0&!9*.55!94.5#!G&(=#4%!947#*#_
• U#!#$.T5#!.!947(5.&51!.GG&(.47!%(!
• U#!8#A#5(G!.$8!G&(
4.G%0&+$,!%7#!(0%4(*#9!('!90GG(&%#8!8#A#5(G*#$%!G&(=#4%9Q
!
!
!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CC!! :7#''+#58!?.55.*!@$+A#&9+%1
*/405(1!H)+=&4(!947&,&!I!/'!+F&)F-&J
('! %7#!"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!H")-/K
5#.&$+$,!.$8!%#.47+$,!G&.4%+4#9!U7+47!#*G(U#&!9%08#$%9!%(!.4\0+&#!	G($9+T+5+%1!'(&!%7#+&!
(U$! 5#.&$+$,! %7&(0,7! G&(*(%+$,! .$8! +$$(A.%+$,! U.19! ('! #$.T5+$,! 9%08#$%9! %(! 4($9%&04%!
5#8,#!+$!G.&%$#&97+G!U+%7!%0%(&9!.$8!(%7#&!9%08#$%9Q!67#!"26-
.9!.!70T!%(! '(9%#&! +$$(A.%+A#!8#A#5(G*#$%9! +$!.4%0.5! %#.47+$,!G&.4%+4#9^!.$8! %(!G&(*(%#!.!
405%0&.5!47.$,#!%7.%!.+*9!%(!G0%!%7#!9%08#$%!.%!%7#!7#.&%!('!%#.47+$,!.$8!5#.&$+$,!G&.4%+4#9!+$!
G&('(0$8! .$8! #''#4%+A#! U.19Q! 6(! %7+9! #$8^! %7#! 4#$%&#! U(&R#8! A#&1! 45(9
'.405%+#9! ('! %7#! 0$+A#&9+%1! ($! 5.&,#! 94.5#! '.405%1! U+8#! G&(=#4%9Q! 67#9#! G&(=#4%9! U#&#!
8#A#5(G#8! +$! 4(55.T(&.%+($! U+%7! %7#*! %(! %.&,#%! %7(9#! .&#.9! 4($$#4%#8! U+%7! 5#.&$#&!
.0%($(*1! H-/K!U7+47! .&#! 40&&#$%51! #+%7#&!0$8#&O8#A#5(G#8!(&!(%7#&U+9#!
<.405%+#9b!#3+9%+$,!9%&.%#,+4!5#.&$+$,!.$8!%#.47+$,!(T=#4%+A#9Q!
.&(9#!.9!.!Ή%!('!(0&!9%&.%#,1^!U7+47!+$A(5A#8!'(0&!+$%#&5+$R#8!.&#.9!
('!8#A#5(G*#$%!.9!97(U$!+$!%7#!8+.,&.*!T#5(UQ!67&(0,7!%7#9#!.4%+A+%+#9;
+%.%#!%7#!+*G5#*#$%.%+($!('!9%&.%#,+4!+$+%+.%+A#9!+$!#.47!('!(0&!'(0&!'.405%+#9_
#!9%+*05.%#^!8+%!.$8!90GG(&%!%7#!8#A#5(G*#$%!('!.!&.$,#!('!+$$(A.%+A#!%#.47+$,!
G&.4%+4#9!%7&(0,7!(0&!9*.55!94.5#!G&(=#4%!947#*#_!
#!#$.T5#!.!947(5.&51!.GG&(.47!%(!%7#!5#.&$#&!.0%($(*1!.,#$8._!
#!8#A#5(G!.$8!G&(A+8#!	(0&4#9^!90GG(&%#8!T1!%7(&(0,7!	#.&47^!#A.50.%+($!.$8!
4.G%0&+$,!%7#!(0%4(*#9!('!90GG(&%#8!8#A#5(G*#$%!G&(=#4%9Q!
/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
:7#''+#58!?.55.*!@$+A#&9+%1!
J!
0%($(*1!H")-/K! +9! %(!G&(*(%#!
5#.&$+$,!.$8!%#.47+$,!G&.4%+4#9!U7+47!#*G(U#&!9%08#$%9!%(!.4\0+&#!	G($9+T+5+%1!'(&!%7#+&!
(U$! 5#.&$+$,! %7&(0,7! G&(*(%+$,! .$8! +$$(A.%+$,! U.19! ('! #$.T5+$,! 9%08#$%9! %(! 4($9%&04%!
.$8!(%7#&!9%08#$%9Q!67#!"26-!%709!(G#&.%#9!
.9!.!70T!%(! '(9%#&! +$$(A.%+A#!8#A#5(G*#$%9! +$!.4%0.5! %#.47+$,!G&.4%+4#9^!.$8! %(!G&(*(%#!.!
405%0&.5!47.$,#!%7.%!.+*9!%(!G0%!%7#!9%08#$%!.%!%7#!7#.&%!('!%#.47+$,!.$8!5#.&$+$,!G&.4%+4#9!+$!
6(! %7+9! #$8^! %7#! 4#$%&#! U(&R#8! A#&1! 45(9#51! U+%7! .55! '(0&!
'.405%+#9! ('! %7#! 0$+A#&9+%1! ($! 5.&,#! 94.5#! '.405%1! U+8#! G&(=#4%9Q! 67#9#! G&(=#4%9! U#&#!
8#A#5(G#8! +$! 4(55.T(&.%+($! U+%7! %7#*! %(! %.&,#%! %7(9#! .&#.9! 4($$#4%#8! U+%7! 5#.&$#&!
8#A#5(G#8!(&!(%7#&U+9#! '+%!U#55! +$%(! %7#!
+$A(5A#8!'(0&!+$%#&5+$R#8!.&#.9!
('!8#A#5(G*#$%!.9!97(U$!+$!%7#!8+.,&.*!T#5(UQ!67&(0,7!%7#9#!.4%+A+%+#9;!
+$!#.47!('!(0&!'(0&!'.405%+#9_!
#!9%+*05.%#^!8+%!.$8!90GG(&%!%7#!8#A#5(G*#$%!('!.!&.$,#!('!+$$(A.%+A#!%#.47+$,!
!
&(0,7!	#.&47^!#A.50.%+($!.$8!
!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! C>!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
67#9#!G&(=#4%9!U#&#! 9%&.%#,+4! +$+%+.%+A#9! %(! &.+9#!G&('+5#!U+%7+$! '.405%+#9!('!7(U!.9G#4%9!('!
5#.&$#&! .0%($(*1! 4.$! T#! +$4(&G(&.%#8! .$8! #*T#88#8! U+%7+$! 5#.&$+$,! .$8! %#.47+$,!
G&.4%+4#9Q! ! 67#! R#1! .+*9! %7#&#'(&#!U#&#! %(! 8#A#5(G! #A.50.%#8! G&.4%+4#! .$8! '(&! %7+9! %(! T#!
909%.+$.T5#!.$8!#*T#88#8!+$!%#.47+$,!.$8!5#.&$+$,!G&(4#99#9Q!67#!R#1!(T=#4%+A#9!U#&#;!
• 6(! +$4&#.9#! .U.&#$#99! .$8! 0$8#&9%.$8+$,! ('! 9%.''! ('! %7#! $.%0&#! .$8! T#$#'+%9! ('!
G&(*(%+$,!-#.&$#&!/0%($(*1Q!
• 6(!,.+$!4(**+%*#$%!'&(*!%7#!<.405%1!.$8!+%9!9%.''!%(!4($%+$0#!%(!8#A#5(G!-/!G&.4%+4#!
+$!%7#!<.405%1Q!
• 6(! 8#%#&*+$#! %7#! $.%0&#! ('! ,((8! G&.4%+4#! +$! -/! +$! %7#! 4($%#3%! ('! %7#! 90T=#4%!
G#8.,(,+#9!('!%7#!<.405%1Q!
• 6(!G&(804#! #A.50.%#8! 4.9#! 9%08+#9!('! 5.&,#! 94.5#!-/!G&.4%+4#^!U7+47! +9! '(0$8#8!($!
#A+8#$4#!.$8!947(5.&97+GQ!
• 6(!8#A#5(G!G&.4%+4#!%7.%!+9!U(&%71!('!#3%#&$.5!G0T5+4.%+($!.$8!%7.%!U+55!#$7.$4#!%7#!
&#G0%.%+($!('!%7#!0$+A#&9+%1!+$!.!,5(T.5!4(**0$+%1Q!
67#!G&(=#4%9!#$90!.!9+,$+'+4.$%! +*G.4%!($! %7#!9%08#$%!#3G#&+#$4#!.4&(99! %7#! +$9%+%0%+($!
.$8!G&(A+8#8!.!&+47!9(0&4#!('!+$'(&*.%+($!'(&!8+99#*+$.%+($!.4&(99!%7#!9#4%(&Q!
67#9#! ")-/! '0$8#8! G&(=#4%9! 4(**#$4#8! +$! e.$0.&1! >IIZ! .$8! &.$! 0$%+5! e0$#! >ICIQ! 2.47!
G&(=#4%!U.9!*.$.,#8!T1!.!%#.*!U7(!8#A#5(G#8^!90GG(&%#8^!#A.50.%#8!.$8!8+99#*+$.%#8!%7#!
(0%4(*#9! ('! %7#9#! G&(=#4%9Q! 67+9! T((R5#%! 4($%.+$9! %7#! #A.50.%+($! &#G(&%9! ('! %7#9#! '(0&!
G&(=#4%9Q!
67+9!G0T5+4.%+($!9#&A#9! %(! 90GG(&%! %7#!U(&R!('!")-/! +$!8+99#*+$.%+$,! +%9!U(&R!.4&(99! %7#!
?+,7#&! 2804.%+($! 9#4%(&Q!S#! 7(G#! %7.%! +%! U+55! G&(A+8#! .! 9(0&4#! ('! +8#.9^! .55! ('! U7+47! .&#!
#A+8#$4#OT.9#8^! '(&! .4.8#*+4! 9%.''^! 90GG(&%! 9%.''^! #804.%+($.5! 8#A#5(G#&9^! .$8! 9#$+(&!
*.$.,#&9Q!S#!.59(!T#5+#A#!%7.%!+%!U+55!T#!.$!+$9G+&.%+($!'(&!%7(9#!%7&(0,7(0%!?2!U7(!T#5+#A#!
+$!%7#!A.50#!('!.4%+A#!5#.&$+$,^!#$\0+&1!T.9#8!5#.&$+$,^!.$8!4(55.T(&.%+A#!5#.&$+$,!.9!.!*#.$9!
('!8#A#5(G+$,!5#.&$#&!.0%($(*1Q!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CN!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
2'7/'4-'.! 9(08&'(! $&/)'&)! %0(+'+,1! G1! (7&! 09&! +*!
2'K0-)1I>/9&8!$&/)'-'.!!
%$$%W!WBP"$S<<2!Y%ZWBP"$S<<2[:DEZ%"ZE\]!
^E:6SW!$2US:!Y^Z$2US:[:DEZ%"ZE\]!
</"@-6[!`<!/c6:^!"`a)@6WDf^!2DfWD22cWDf!/DE!:"W2D"2:^!!
:?2<<W2-E!?/--/a!@DWj2c:W6[!
P&H+)(!BF&)F-&J!
67#! '(55(U+$,! &#G(&%!G&(A+8#9! .!8#94&+G%+($! .$8!#A.50.%+($!('! %7#!U(&R! 4(*G5#%#8! +$! %7#!
'.405%1! ('! /&%9^! "(*G0%+$,^! 2$,+$##&+$,! .$8! 94+#$4#9! H/"2:K! 80&+$,! %7#! G#&+(8! <#T&0.&1!
>IIZ!%(!e051!>ICI!($!#$7.$4+$,!9%08#$%!5#.&$#&!.0%($(*1!%7&(0,7!%7#!09#!('!#$\0+&1OT.9#8!
5#.&$+$,Q!!!!
<0$8+$,! '(&! %7#! <.405%1! )&(=#4%! H9(*#! kJLRK! U.9! *.8#! .A.+5.T5#! '&(*! %7#! "#$%&#! '(&!
)&(*(%+$,! -#.&$#&! /0%($(*1! H")-/K^! .! "#$%&#! '(&! 234#55#$4#! +$! 6#.47+$,! .$8! -#.&$+$,!
H"26-K!U+%7+$!%7#!@$+A#&9+%1^!U7+47!+9!,&.%#'0551!.4R$(U5#8,#8Q!
S(&R! 0$8#&%.R#$! ($! %7#! <.405%1! )&(=#4%! +$4508#9! U(&R! 4.&&+#8! (0%! T1! <.405%1! 9%.''! ($!
9#A#&.5!9*.55O94.5#!G&(=#4%9! H::)9K^! &#G(&%9!('!U7+47!.&#!4($%.+$#8!U+%7+$! %7#!T(81!('! %7#!
&#G(&%Q!
67#!.GG#$8+4#9!4($%.+$!.!,0+8#!'(&!9%.''!($!7(U!%(!8#A#5(G!#$\0+&1OT.9#8!5#.&$+$,!.4%+A+%+#9!
.9!U#55!.9!*#%7(89!'(&!*#.90&+$,!%7#!8#A#5(G*#$%!('!5#.&$#&!.0%($(*1Q!
LZ!P/(-+'/5&!
LZL!%-,9!
67#!(A#&.55!.+*!('!%7#!/"2:!")-/!<.405%1!)&(=#4%!U.9!%(!#$7.$4#!9%08#$%!5#.&$#&!.0%($(*1!
H-/K!%7&(0,7!%7#!09#!('!#$\0+&1!T.9#8!5#.&$+$,!H2X-KQ!!<(&!9%08#$%9!%7+9!(A#&.55!.+*!U.9!%(!
T#!.47+#A#8!.9!'(55(U9;!
• G&(A+8+$,! 2X-! .4%+A+%+#9!U+%7+$! %7#! 40&&+4050*!('! #3+9%+$,! 4(0&9#9!U7#&#! %7+9!U.9!
.GG&(G&+.%#!
• #$90&+$,!%7.%!2X-!.4%+A+%+#9!U#&#!#*T#88#8!+$%(!$#U!4(0&9#9^!.,.+$!U7#&#!%7+9!U.9!
.GG&(G&+.%#Q!
<(&!9%.''^!%7+9!.+*!U.9!%(!T#!.47+#A#8!T1;!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CJ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
• G&(804+$,! .$! .GG&(.47! %(! %7#! 8#A#5(G*#$%! ('! 9%08#$%! 5#.&$#&! .0%($(*1^! %7&(0,7!
%7#!09#!('!2X-^!%7.%!*(805#!5#.8#&9!.$8!4(0&9#!G5.$$+$,!%#.*9!4(058!09#!
• 8#A#5(G+$,!9%.''!+$!%7#+&!-6/!G&.4%+4#!U+%7!&#,.&8!%(!2X-!
• G&(804+$,!4.9#!9%08+#9!+$!(&8#&!%(!8+99#*+$.%#!G&.4%+4#!
• G&(A+8+$,!.!T.$R!('!	(0&4#9!.$8!90GG(&%!%(!#$4(0&.,#!9%.''!%(!+$%&(804#!2X-!+$%(!
%7#!40&&+4050*!
• 4(55.T(&.%+$,!.4&(99!'.405%+#9^!U+%7!Eh:!+$!G.&%+405.&^!+$!%7#!8#A#5(G*#$%!('!2X-!.$8!
+%9!+*G.4%!($!9%08#$%!5#.&$#&!.0%($(*1Q!
LZM!S8&'(-*1-'.!@&1!H)-+)-(1!/4(-F-(-&9!
67#! &.%+($.5#! '(&! %7#! <.405%1! )&(=#4%! 5.1! +$! %7#! 9%&($,! 	($.$4#! %7.%! #3+9%9! T#%U##$! %7#!
47.&.4%#&+9%+49!.$8!T#$#'+%9!('!2X-!.$8!%7#!8#A#5(G*#$%!('!9%08#$%!5#.&$#&!.0%($(*1Q!!!
:%.''!*#*T#&9!U#&#!+$A+%#8!%(!+8#$%+'1!90+%.T5#!2X-!.4%+A+%+#9!H9*.55O94.5#!G&(=#4%9!(&!::)9K!
.$8!7(U!%7#9#!97(058!T#!*.$.,#8!.%! %U(!4($905%.%+($!*##%+$,9!H7#58!.%! %7#!)9.5%#&!-.$#!
".*G09!.$8!"+%1!".*G09!.%! %7#!T#,+$$+$,!('! %7#!)&(=#4%KQ! ! <(55(U+$,! %7+9! +%!T#4.*#!45#.&!
%7.%!9%.''!$##8#8!90GG(&%!+$!0$8#&9%.$8+$,!%7#!2X-!G&(4#99!.$8!7(U!%(!+*G5#*#$%!+%Q!
S#! %7#&#'(&#! %&.+$#8! 9*.55O94.5#! G&(=#4%! 9%.''! +$! %7#! '(55(U+$,! 2X-! 47.&.4%#&+9%+49! .$8!
T#$#'+%9Q!
"7.&.4%#&+9%+49;!!!
• 5#.&$+$,!+9!9%08#$%O4#$%^!U+%7!.$!#*G7.9+9!($!,&(0G!U(&R!.$8!09#!('!5+T&.&1^!U#T!
.$8!(%7#&!+$'(&*.%+($!	(0&4#9!!
• 5#4%0&#&9!.&#!'.4+5+%.%(&9^!G&(A+8+$,!#$4(0&.,#*#$%!.$8!90GG(&%!%(!#$.T5#!9%08#$%9!
%(!%.R#!	G($9+T+5+%1!'(&!U7.%!.$8!7(U!%7#1!5#.&$!!
• 9%08#$%9! '(&*05.%#! %7#+&!(U$!	#.&47! %(G+49^! 4($A#&%+$,! %7.%! 	#.&47! +$%(!09#'05!
R$(U5#8,#!
• 4(*G5#3!&#.5OU(&58!G&(T5#*9!.&#!%1G+4.551!%.4R5#8!&#\0+&+$,!%7#!$##8!'(&!R$(U5#8,#!
8#A#5(G*#$%!.$8!5#.8#&97+G!9R+559!
• )&(=#4%!,(.59!'.4+5+%.%#!*05%+G5#!G(%#$%+.5!.A#$0#9!('!+$A#9%+,.%+($Q!!
X#$#'+%9;!
• :%08#$%9!.&#!*(&#!#$,.,#8Q! !-#.&$+$,! +9!G#&4#+A#8!.9!T#+$,!*(&#!#A.$%!%(!%7#+&!
$##89!.$8!%709!%7#1!.&#!#$%709+.9%+4!.$8!&#.81!%(!5#.&$Q!!67#&#!+9!,&#.%#&!(U$#&97+G!
• :%08#$%9! 4.$! #3G.$8! ($! U7.%! %7#1! 7.A#! 5#.&$#8! T1! '(55(U+$,! %7#+&! (U$! 5+$#9! ('!
#$\0+&1!.$8!	#.&47!+$%#	%9!
• 2X-! .55(U9! 9%08#$%9! %(! 8#A#5(G! .! *(&#! '5#3+T5#! .GG&(.47! %(! %7#+&! 9%08+#9^! ,+A+$,!
%7#*! %7#! '&##8(*! .$8! %7#! 	G($9+T+5+%1! %(! (&,.$+9#! %7#+&! (U$! G.%%#&$! ('! U(&R!
U+%7+$!%7#!%+*#!4($9%&.+$%9!('!%7#!%.9R!!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CL!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
• :#5'O8+%#8! 5#.&$+$,!$(%!($51!8#A#5(G9!R#1!9R+559! '(&!G(9%,&.80.%#!9%081^!T0%!.59(!
5#.89!%(!(&+,+$.5!%7(0,7%!%7.%!4.$!4($%&+T0%#!%(!5.&,#&!	#.&47!G&(=#4%9^!G.G#&9!.$8!
G0T5+4.%+($9!
• :%08#$%9! .&#! #$4(0&.,#8! %(! .4%+A#51! #$,.,#! U+%7! %7#! G&(4#99#9! ('! 71G(%7#9+9+$,^!
#3G#&+*#$%+$,^!4($4508+$,!.$8!#A.50.%+$,!80&+$,!%7#!4(0&9#!('!%7#+&!+$A#9%+,.%+($Q!
LZN!>0-58-'.!+'!&3-9(-'.!&3H&)-&'4&!/'8!.++8!H)/4(-4&!
S+%7+$! %7#! <.405%1! 2X-O5+R#! .4%+A+%+#9! 9047! .9! ,&(0G! U(&R^! +$%#,&.%+A#! G&(=#4%! U(&R^!
*#$%(&+$,! .$8! 4.9#! 9%081!U(&R^!U#&#! .5&#.81! G.&%! ('! %7#! 40&&+4050*! ($! 9#A#&.5! 4(0&9#9Q!!!
67#9#!.4%+A+%+#9!U#&#!G.&%!('!8#5+A#&1!%(!#$7.$4#!9%08#$%9]!R#1!G#&9($.5!.$8!#*G5(1.T+5+%1!
9R+559Q! !67+9!#3G#&+#$4#!U.9!09#8!.9!%7#!9%.&%+$,!G(+$%!($!U7+47!%(!T.9#!%7#!<.405%1!)&(=#4%!
.$8! %(! 8#%#&*+$#! %7#! 4(*G($#$%! ::)9Q! ! j+#U+$,! %7#9#! #3+9%+$,! .4%+A+%+#9! +$! %#&*9! ('! %7#!
A(4.T05.&1! 90&&(0$8+$,! 2X-! .$8! +%9! +*G.4%^! G.&%+405.&51! ($! %7#! 8#A#5(G*#$%! ('! 9%08#$%!
5#.&$#&!.0%($(*1!H.9!#9%.T5+97#8!T1!%7#!")-/K!U(058^!+%!U.9!7(G#8^!T#!.!09#'05!A#7+45#!%(!
#$4(0&.,#!'0&%7#&!+*G5#*#$%.%+($!('!2X-!+$!%7#!40&&+4050*!.$8!%7#!'0&%7#&!97.&+$,!('!,((8!
G&.4%+4#Q!
/!40&+(09!(T9#&A.%+($!.%+$,!%(!i#3+9%+$,!#3G#&+#$4#]!U.9!*.8#!4($4#&$+$,!%7#!.&#.!('!.&%!
.$8! 8#9+,$Q! ! /! 9#$+(&! 5#4%0&#&! +$! .&%! .$8! 8#9+,$! U.9! .9R#8! +'! %7#1! U#&#! +$%#	%#8! +$!
#*T#88+$,! #$\0+&1OT.9#8! 5#.&$+$,! U+%7+$! %7#! 40&&+4050*Q! ! 67#! 5#4%0&#&! A(+4#8! 9(*#!
4($4#&$!.%!%7+9!G&(G(9.5^!9.1+$,!%7.%^!lU#!U.9%#!.!5(%!('!%+*#!%&1+$,!%(!0$8#&9%.$8!U7.%!1(0!
G#(G5#!*#.$!U7#$!1(0!%.5R!.T(0%!%7+9!2X-!+8#.!('!1(0&9^!.$8!U7#$!U#!'+$.551!0$8#&9%.$8!
1(0^!U#!&#.5+9#!%7.%!*(9%!('!U7.%!U#!8(!U(058!.5&#.81!T#!45.99#8!.9!2X-mQ!
)#&7.G9! %7#$! %7#! 4($4509+($! '&(*! %7+9! (T9#&A.%+($! U(058! T#! %7.%! .&%! .$8! 8#9+,$! +9! .$!
+$7#&#$%51!#$\0+&1OT.9#8!#3#&4+9#!.$8!.!$.%0&.5!G5.4#!%(!(T9#&A#!2$\0+&1OX.9#8!5#.&$+$,!+$!
G&.4%+4#Q!
MZ!:()/(&.1!
MZL!2'./.-'.!9(/**!
a#*T#&9!('!9%.''!U#&#! +$A(5A#8!.%!%7#!9%.&%!('! %7#!<.405%1!)&(=#4%!.9!(0%5+$#8!.T(A#Q! !:%.''!
#99#$%+.551!8#%#&*+$#8!%7#!T&(.8!.&#.9!U7#&#!2X-!.4%+A+%+#9!U(058!T#!8#A#5(G#8!.$8!7#5G#8!
%(! 8#%#&*+$#! %7#! 90GG(&%! U7+47! %7#1! U(058! &#\0+&#Q! ! /9! *#$%+($#8^! #3+9%+$,! 2X-O%1G#!
.4%+A+%+#9! 7#5G#8! +$! %7+9! 	G#4%! .9! #3#*G5.&9! ('! ,((8! G&.4%+4#Q! :%.''! U#&#! .59(! .U.&#! ('!
<.405%1!T09+$#99!G&+(&+%+#9!H#Q,Q!&#%#$%+($K^!U7+47!7#5G#8!%(!8#%#&*+$#!%7#!R+$8!('!.&#.9!%(!
T#! 8#A#5(G#8^! '(&! #3.*G5#! %7#! +$4509+($! ('! 2X-! ($! <(0$8.%+($! [#.&! 4(0&9#9^! U7+47! 7.8!
.&#.9!('!G((&!&#%#$%+($Q!
67#&#! U#&#! %U(! T+88+$,! &(0$89! '(&! %7#! '0$8+$,! ('! ::)9! n! ($#! '(&! %7#! 9%.&%! ('! [#.&! >!
H:#G%#*T#&!>IIZK!.$8!($#!'(&!%7#!9%.&%!('![#.&!N!H:#G%#*T#&!>IIYKQ!!67#!G&(=#4%!&.$!(A#&!
%U(!.$8!.!7.5'!1#.&9^!9%.&%+$,!+$!<#T&0.&1!>IIZQ! !)&(=#4%!'0$8+$,!U.9!09#8!%(!G&(A+8#!9%.''!
T01! (0%! H.9! (GG(9#8! %(! .GG(+$%+$,! $#U! 9%.''K! 9(! %7.%! 8+99#*+$.%+($! .$8! +*G5#*#$%.%+($!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! Cd!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
U(058!T#!($,(+$,!.'%#&!%7#!'0$8+$,!'(&!%7#!)&(=#4%!4#.9#8Q!!/$!2X-!,0+8#!U.9!G&(804#8!T1!
%7#!)&(=#4%!a.$.,#&9!#.&51! +$!%7#!)&(=#4%!%(!90GG(&%!%7(9#!9%.''!#$,.,#8!+$!%7#!9*.55O94.5#!
G&(=#4%9Q! ! 67#! ,0+8#! U.9! 9.$4%+($#8! .%! %7#! +$+%+.5! 9%.''! U(&R97(G! 4($905%.%+($! .$8! +%9!
G&(804%+($!'0$8#8!T1!%7#!)&(=#4%Q!!67#!,0+8#^!%7(0,7!#99#$%+.551!4(*G5#%#^!7.9!.5U.19!T##$!
&#,.&8#8!.9!U(&R!+$!G&(,c^!%(!T#!*(8+'+#8!.9!.GG&(G&+.%#!T1!9%.''!+$!%7#!'0%0&#Q!
/!$(%#U(&%71!G(+$%!('!#A.50.%+($!7#&#!+9!%7#!+*G(&%.$4#!('!45.&+'1+$,!U+%7!9%.''!80&+$,!%7#!
T+88+$,! G7.9#! 7(U! &#.5+9%+4! %7#1! .&#! T#+$,! +$! %7#+&! .990*G%+($9! %7.%! %7#+&! %+*#! 4.$! T#!
T(0,7%!(0%!.$8!.59(!U7#%7#&!%7#1!0$8#&9%.$8!7(U!*047!4(**+%*#$%!+9!&#\0+!('!%7#*Q!
MZM!#)+=&4(!?/'/.&,&'(!
6U(!)&(=#4%!a.$.,#&9!U#&#!.GG(+$%#8^!($#!(G#&.%+($.5!.$8!($#!9%&.%#,+4Q! !67#!`G#&.%+($9!
a.$.,#&!*#%!U+%7!.55! ::)! 5#.89! &#,05.&51! %(!8+94099!G&(,c!.$8! %(! '.4+5+%.%#! %7#! 9*((%7!
&0$$+$,!.$8!*($+%(&+$,!('!%7#!::)9Q!!67#!:%&.%#,+4!a.$.,#&!&#G(&%#8!%(!%7#!)&(=#4%!-#.8#&!
($!%7#!8#A#5(G*#$%!('!%7#!<.405%1!G&(=#4%!+$!%7#!4($%#3%!('!%7#!<.405%1b9!T09+$#99!.$8!-6/!
G&+(&+%+#9Q!!67#!)&(=#4%!-#.8#&!U.9!%7#!<.405%1]9!?#.8!('!-6/Q!
<&(*!.$!(G#&.%+($9!G(+$%!('!A+#U^!9#A#&.5!+*G(&%.$%!5#99($9!7.A#!T##$!5#.&$#8_!<+&9%51^!%7#!
+*G(&%.$4#! ('! $(%! .55(U+$,! 947#805#! 95+GG.,#Q! ! 67+9! +9! +*G(&%.$%! 80#! %(! %7#!
4(*G.&%*#$%.5+9#!$.%0&#!('!%7#!.4.8#*+4!1#.&Q!!W%!+9!+*G(&%.$%!%7#&#'(&#!%(!4(**0$+4.%#!%(!
9%.''! #A.$%! 8#.85+$#9^! #Q,Q! *+$(&! *(8+'+4.%+($! T(.&89! .$8! %+*#%.T5+$,! 9(50%+($9! '(&!
4(55.T(&.%+A#!*(805#9Q!
/$(%7#&! +*G(&%.$%! 5#99($! +9! %7.%! U7#&#! .! 9*.55O94.5#! G&(=#4%! +9! +$%#$8#8! %(! T#! &0$! .9! .!
4(55.T(&.%+A#!A#$%0&#!T#%U##$!%U(!+$%#&!'.405%1!4(0&9#9^!.55!9%.''!+$A(5A#8!*09%!7.A#!T(0,7%!
+$%(!%7#!G&(4#99^!T#!#*G(U#!%(!&0$!%7#!G&(4#99^!9##!%7#!G&(4#99#9!.9!.!U+$VU+$!9+%0.%+($^!
7.A#!'&##!%+*#!.$8!T#!4(**+%%#8!%(!%7#!G&(=#4%!'&(*!%7#!(0%9#%Q!
MZN!2'/G5-'.!%4(-F-(-&9!
2$.T5+$,! .4%+A+%+#9! 80&+$,! %7#! )&(=#4%! 7.A#! +$4508#8! %7#! G&(804%+($! ('! )&(=#4%! f0+8#9!
H*.$0.59K!($!#*T#88+$,!2X-!+$!%7#!40&&+4050*!H'(&!%7#!9%.&%!('![#.&!>!('!%7#!)&(=#4%K!.$8!($!
*#.90&+$,! %7#! 8#A#5(G*#$%! ('! 9%08#$%! 5#.&$#&! .0%($(*1! H'(&! %7#! 9%.&%! ('! [#.&! NKQ! ! /9!
*#$%+($#8!.T(A#^!4($905%.%+($!U(&R97(G9!U#&#!7#58!+$+%+.551!%(!8#%#&*+$#!%7#!T&(.8!.&#.9!
%(!T#!'0$8#8!.$8!%7#&#!7.A#!T##$!(%7#&!@$+A#&9+%1!U(&R97(G9!H(&,.$+9#8!T1!%7#!")-/K!%(!
8+99#*+$.%#!U7.%!7.9!T##$!.47+#A#8Q!!!
j.&+(09! 9%.''! *#*T#&9! .99(4+.%#8! U+%7! %7#! <.405%1! )&(=#4%! 7.A#! ,+A#$! G	#$%.%+($9! .$8!
U(&R97(G9!.%!#.47!('!%7#! 5.9%!%U(!?2/!"($'#&#$4#9!.$8!.%!%7+9!90**#&]9!H>ICIK!2$\0+&1^!
/0%($(*1!.$8!f&.80.%#$#99!"($'#&#$4#!7#58!.%!%7#!@$+A#&9+%1Q!!67#!)&(=#4%!-#.8#&!7.9!.59(!
,+A#$!G	#$%.%+($9!.%!9#A#&.5!+$%#&$.%+($.5!4($'#&#$4#9^!80&+$,!%7#!'0$8+$,!G#&+(8^!($!%7#!
U(&R!('!%7#!<.405%1!)&(=#4%Q!!/$!2X-!U(&R97(G!U.9!.59(!&0$!+$!>IIY!.%!%7#!c(1.5!:47((5!('!
a+5+%.&1! :0&A#1^! .! G.&%$#&! 4(55#,#! ('! %7#! @$+A#&9+%1^! T1! %7#! )&(=#4%! -#.8#&! .$8! :%&.%#,+4!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CM!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
a.$.,#&Q!!j.50.T5#!+$9+,7%!+$%(!&0$$+$,!G&(=#4%OT.9#8!,&(0G!U(&R!(A#&!97(&%!%+*#94.5#9!U.9!
,5#.$#8!.%!%7+9!U(&R97(GQ!
:?@! 7(9%#8! 2X-V-/! U(&R97(G9! .55(U#8! 9%.''! %(! .9R! \0#9%+($9! .$8! 8+94099! 9(50%+($9! %(!
G&(T5#*9!%7#1!7.8!#$4(0$%#Q!!<(&!#3.*G5#^!($#!9%.''!*#*T#&!$(%#8!%7.%!9(*#!9%08#$%9!
T#4.*#!.$,&1!U7#$!.!45#.&! 5+$#!('!#$\0+&1!U.9!$(%!G	#$%#8! %(! %7#*Q! !)&(T5#*9!9047!.9!
%7+9!5#8!%(!%7#!(**#$8.%+($9!%7.%!.&#!*.8#!+$!%7#!9%.''!2X-!,0+8#_!%7#!9%08#$%!T01O+$!.$8!
9%08#$%!0$8#&9%.$8+$,!97(058!T#!.47+#A#8!($!8.1!($#!('!.$!2X-!*(805#Q!
)&(=#4%!*.$.,#*#$%!4.&&+#8!(0%!T1!%7#!`G#&.%+($9!a.$.,#&!7.9!T##$!.!R#1!#$.T5+$,!.4%+A+%1!
.$8!9%.''!*#*T#&9!4.&&1+$,!(0%!::)9!7.A#!T##$!U#55!90GG(&%#8!T1! %7#!`G#&.%+($9!)&(=#4%!
a.$.,#&Q! ! 67#! &#,05.&! 4(55#4%+($! ('! +$'(&*.%+($! .$8! '##8T.4R! '(&! *($+%(&+$,! G0&G(9#9^!
#9G#4+.551!+$![#.&!N^!7.9!7#5G#8!R##G!%7#!::)9!($!%&.4R!.$8!,+A#$!#$4(0&.,#*#$%!%(!%7#!9%.''!
+$A(5A#8Q! !)	#$%.%+($9!,+A#$!T1!9%08#$%9!4.&&1+$,!(0%!$#U!2X-!.4%+A+%+#9!7.A#!.59(!T##$!
.%%#$8#8!T1!T(%7!)&(=#4%!a.$.,#&9Q!!j.50.T5#!9%08#$%!'##8T.4R!7.9!T##$!4(55#4%#8!.%!%7#9#!
#A#$%9^!%709!#$.T5+$,!'0%0&#!+*G&(A#*#$%9!+$!9%08#$%!G&#G.&.%+($!.$8!'.4+5+%.%+($Q!
MZO!Q&F&5+H-'.!/!"+,,0'-(1!+*!#)/4(-4&!
67#! <.405%1! )&(=#4%! U.9! 8#9+,$#8! %(! T0+58! ($! #3+9%+$,! 9%.''! #3G#&+#$4#! ('! 09+$,! 2X-O5+R#!
.GG&(.47#9!%(!8#5+A#&!.9G#4%9!('!%7#!40&&+4050*!($!A.&+(09!4(0&9#!*(805#9Q!!6709^!%7#!+8#.!
('!9%08#$%9!5#.&$+$,!+$!,&(0G9^!(&!4(**0$+%+#9^!'&(*!#.47!(%7#&!.$8!'.4+5+%.%#8!T1!9%.''^!U.9!
.5&#.81!#9%.T5+97#8!+$!%7#!<.405%1!($!9(*#!4(0&9#9Q!!67#!2X-!f0+8#!%7.%!U.9!G&(804#8!.%!%7#!
9%.&%!('!%7#!)&(=#4%!97(U4.9#8!9(*#!('!%7#!.GG5+4.%+($9!('!%7#9#!.GG&(.47#9!.$8!4($%.+$#8!
5+$R9! %(!.GG&(G&+.%#!U#T9+%#9Q! ! W%!.59(! 5+9%#8! %7#!$.*#9!('! %7(9#!9%.''! +$A(5A#8Q! !6709^!9%.''!
U+97+$,!%(!%&1!(0%!.$!2X-!.GG&(.47!($!%7#+&!*(805#9!$(%!($51!7.8!%7#!f0+8#^!T0%!.59(!7.8!.!
5+9%!('!4(55#.,0#9!%(!U7(*!%7#1!4(058!%0&$!'(&!G&.4%+4.5!.8A+4#Q!
67#!f0+8#!7#5G#8!%(!G&(A+8#!.!A(4.T05.&1!'(&!,#$0+$#!4(**0$+4.%+($^!#$.T5+$,!9%.''! '&(*!
8+''#&#$%!8+94+G5+$#9!%(!%.5R!%(!($#!.$(%7#&!.T(0%!R#1!5#.&$+$,!+990#9!.$8!%(!9##!%7#!*#&+%9!('!
9(4+.5! +$%#&.4%+($9! +$! '(9%#&+$,! 9%08#$%! 5#.&$#&! .0%($(*1Q! ! 67#! f0+8#^! '(&! #3.*G5#^!
4($4#$%&.%#9!($! %7#! +*G(&%.$%! +990#9!('!9#%%+$,!0G!9%08#$%!,&(0G9! %(!#$90&#! %7.%! %7#1!.&#!
G&(804%+A#!.$8!G&(A+8#9!9#A#&.5!7+$%9!'(&!9%.''^!.$8!.+89!'(&!9%08#$%9^!($!7(U!T#9%!%(!*.$.,#!
+$%#&.4%+($9! +$! %7#! 9%08#$%!,&(0G9Q! !67#!f0+8#!.59(!G&(*(%#9! %7#! 5#4%0&#&]9! &(5#!.9! %7.%!('!
'.4+5+%.%(&^! '0&%7#&! '(9%#&+$,! %7#! +8#.! ('! 5#.&$+$,! .9! .! ,#$0+$#! 4(55.T(&.%+A#! G.&%$#&97+G!
T#%U##$!9%08#$%9!.$8!9%.''^!*(&#!%7.$!9+*G51!%7#!%&.$9*+99+($!('!R$(U5#8,#!'&(*!5#4%0&#&!
%(!9%08#$%Q!
<(&!#3.*G5#^!($#!5#4%0&#&!$(%#8!%7.%!80&+$,!.$!2X-!G&(=#4%!9%08#$%9!U#&#!+$A+%#8!%(!#3G5(&#!
.! G+#4#! ('! 9('%U.&#! T#1($8! %7#! '0$4%+($.5+%1! %7.%! U.9! %.0,7%! 80&+$,! 5#4%0	Q! !S7#$! %7#!
9%08#$%9! '#8! T.4R! ($! %7#+&! 8+94(A#&+#9^! %7#! 5#4%0&#&! ,&#U! +$! %7#+&! 0$8#&9%.$8+$,! ('! %7#!
9('%U.&#Q!
/9!%7#!<.405%1!)&(=#4%!7.9!#A(5A#8^!.$8!2X-!7.9!T##$!%&+#8!(0%!($!8+''#&#$%!9%08#$%!,&(0G9^!
%7#!$##8!%(!G&#G.&#!9%08#$%9!G&(G#&51! '(&!U7.%!%7#+&!#$\0+&+#9!*+,7%! +$A(5A#^!7.9!T#4(*#!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CZ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
G.&.*(0$%Q! ! W'! 9%08#$%9!.&#! %(!T#4(*#!.0%($(*(09! 5#.&$#&9^! %7#1! %((!$##8! %(!T#! '.*+5+.&!
U+%7!%7#!.99(4+.%#8!A(4.T05.&1!.$8!%(!0$8#&9%.$8!U7.%!5#.&$#&!.0%($(*1!*#.$9Q!!67#!09#!
('! %7#! 9(O4.55#8! &.8.&! 94&##$! *(8#5^! 8#A#5(G#8! T1! %7#! E+%(&! ('! %7#! ")-/! .%! :7#''+#58!
?.55.*^!U#!T#5+#A#^!U+55!T#!A#&1!09#'05!+$!%7+9!	G#4%Q!!67#!&.8.&!94&##$!*(8#5^!.$8!+%9!09#!
T1! 9%08#$%9! %(!*#.90&#! %7#+&! (U$! 8#A#5(G*#$%! ('! 5#.&$#&! .0%($(*1^! +9! 8#94&+T#8! +$! %7#!
9#4($8!f0+8#!H($!*#.90&+$,! 5#.&$#&!.0%($(*1K!8#A#5(G#8!T1! %7#!)&(=#4%!a.$.,#&9Q! !67+9!
f0+8#!.59(!90,,#9%9!%7.%!%7#!&.8.&!94&##$!*(8#5!4(058!T#!09#8!+$!9%.''!8#A#5(G*#$%!.9!G.&%!
('!%7#!.GG&.+9.5!G&(4#99^!T0%!+%9!09#!+$!%7+9!4($%#3%!7.9!1#%!%(!T#!8#A#5(G#8!'0&%7#&Q!!?(U#A#&^!
%7+9! f0+8#! .$8! %7#! 2X-! f0+8#^! U#! T#5+#A#^! .&#! R#1! 	(0&4#9! +$! 7#5G+$,! %(! 4&#.%#! %7#!
4(**0$+%1!('!G&.4%+4#!$##8#8!'(&!#$7.$4+$,!9%08#$%!5#.&$#&!.0%($(*1!+$!%7#!/"2:!<.405%1Q!!!
<+$.551^! '&(*! (T9#&A+$,! 9%08#$%9! 4.&&1+$,! (0%! %7#+&! 2X-! .4%+A+%+#9! .$8! G	#$%+$,! %7#+&!
'+$8+$,9^!+%!7.9!T#4(*#!45#.&!%7.%!%#47$(5(,1!.$8!A+&%0.5!5#.&$+$,!9G.4#9!%(!90GG(&%!2X-!.&#!
+*G(&%.$%Q!!`$#![#.&!N!::)!.88c#9!%7+9!.9G#4%!('!8#A#5(G+$,!4(**0$+%+#9!('!G&.4%+4#Q!!!
NZ!Q-94)&(&!#)+=&4(9!
NZL!P/(-+'/5&!*+)!::#9!-'!_&/)!L!/'8!_&/)!M!
/%!%7#!9%.&%!('! %7#!<.405%1!)&(=#4%!%7#!.&#.9! +8#$%+'+#8!T1!9%.''!.9!4.$8+8.%#9! '(&!%7#!09#!('!
2X-! T#%U##$! <#T&0.&1! >IIZ! .$8! :#G%#*T#&! >IIY! H[#.&C! .$8! [#.&! >! ('! %7#! )&(=#4%K!
+$4508#8!%7#!'(55(U+$,;!
• <(0$8.%+($![#.&!4(0&9#9!+$!2$,+$##&+$,!.$8!E#9+,$!!
• :09%.+$.T+5+%1!
• E.%.T.9#9!($!"(*G0%+$,!4(0&9#9!
• "&#.%+A#!a#8+.!)&.4%+4#!4(0&9#9!
• "&(99!<.405%1!.4%+A+%+#9!#Q,Q!*#$%(&+$,^!<.405%1!$#U9G.G#&!.$8!6j!47.$$#5Q!
67#! &.%+($.5#! '(&! %7#9#! .&#.9!U.9! %7#+&! 90+%.T+5+%1! '(&! .8(G%+$,! .$! 2X-! .GG&(.47! .$8! %7#!
$##8!%(!.88c!%7#!G&+(&+%+#9!4($%.+$#8!+$!%7#!@$+A#&9+%1]9!#$%!"(&G(&.%#!)5.$!&#,.&8+$,!
&0+%*#$%^! &#%#$%+($^! +$9G+&.%+($.5! 8#5+A#&1! .$8! %7#! 8#A#5(G*#$%! ('! #34#55#$%!
#*G5(1.T+5+%1! 9R+559Q! ! ?(U#A#&^! %7#&#! U#&#! (%7#&! '.4%(&9! U7+47! U#&#! 4($9+8#! 9047! .9!
<.405%1!T09+$#99!G&+(&+%+#9!.$8!%7#!G.&%+405.&!$##8!%(!*#58!%(,#%7#&!.55!<.405%1!9%08#$%9!.$8!
9%.''!+$!%7#!U.R#!('!<.405%1!9%.''!*(A+$,!'&(*!)9.5%#&!-.$#!%(!"+%1!".*G09Q!
6709^! +%! U.9! '#5%! %7.%! %7#! +$4509+($! ('! 2X-! .4%+A+%+#9! ($! <(0$8.%+($! [#.&! 4(0&9#9! U(058!
G(99+T51!G&#G.&#!9%08#$%9!'(&!8#,&##!5#A#5!9%081!T#%%#&!%7.$!7.8!G&#A+(0951!T##$!%7#!4.9#!T1!
+*G&(A+$,! %7#+&! 5#.&$#&! .0%($(*1! .$8! 9%081! 9R+559Q! ! 67+9! +$! %0&$!U(058! +*G&(A#! 9%08#$%!
9044#99!&.%#9!.$8!7#$4#!7#5G!U+%7!&#%#$%+($Q!
?(U#A#&^!($#!9*.55O94.5#!G&(=#4%!5#.8#&!$(%#8!%7.%!9%08#$%9!U7(!U#&#!$(%!#$,.,+$,!U+%7!.!
4(0&9#!A#&1!*047!9##*#8!%(!T#4(*#!#A#$!*(&#!.8&+'%!U7#$!%7#1!U#&#!,+A#$!.$!2X-!.4%+A+%1Q!!
W%!U.9!.59(!$(%#8!%7.%!U7+59%!9%08#$%9!U7(!U#&#! 5(U!($!#$,.,#*#$%!%#$8#8!%(!T#!U#.R#&!
9%08#$%9^!U#.R#&!9%08#$%9!U7(!8+8!#$,.,#!U+%7!2X-!.4%+A+%+#9!T#4.*#!9%&($,#&Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CY!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
S+%7! &#,.&8! %(! %7#! .&#.! ('! 909%.+$.T+5+%1^! %7#! <.405%1! 7.8! .5&#.81! T##$! +$9%&0*#$%.5! +$!
8#A#5(G+$,!.$!24(!?(09#!.9!.!	(0&4#!'(&!9%08#$%!G&(=#4%!U(&R!+$!2$,+$##&+$,Q!!W%!7.8!.59(!
T##$!.9R#8!%(!8#A#5(G!(G%+($!*(805#9! +$!909%.+$.T+5+%1! '(&!09#!.4&(99!%7#!@$+A#&9+%1Q! !67#!
A#7+45#!('!2X-!9##*#8!.$!#34#55#$%!U.1!('!8#A#5(G+$,!%7#!24(!?(09#!'0&%7#&!H#Q,Q!U+%7!%7#!
+$4509+($! ('! E#9+,$! 9%08#$%9! .$8! G(99+T51! /&47+%#4%0&#! 9%08#$%9! '&(*! %7#! '.405%1! ('!
E#A#5(G*#$%!.$8!9(4+#%1^!Eh:K!.9!U#55!.9!8#5+A#&+$,!%7#!40&&+4050*!+$!909%.+$.T+5+%1^!,+A#$!
%7#! 8+A#&9+%1! ('! 9%08#$%9! U+97+$,! %(! 9%081! 9047! *(805#9Q! ! 67#! .&#.! 7.8! <.405%1! OU+8#!
G(%#$%+.5!.$8!U(058!%709!7#5G!%(!'0&%7#&!+$%#,&.%#!<.405%1!9%.''!.$8!9%08#$%9Q!
67#! .&#.! ('!E.%.T.9#9! ($! %7#! <.405%1b9! "(*G0%+$,! 4(0&9#9!U.9! %&.8+%+($.551! .$! .&#.! %7.%!
9(*#!9%08#$%9!'(0$8!8+''+405%Q!!W$+%+.5!*(805#!'.+50&#!&.%#9!U#&#!7+,7!.$8!8.%.T.9#!*(805#9!
.&#!('%#$!&#'#&!%(!.9!lR+55#&!*(805#9mQ! !)&(A+8+$,!2O5#.&$+$,!*.%#&+.5!'(&!%7#9#!*(805#9^!
8#A#5(G#8!T1!9%08#$%9!'(&!9%08#$%9^!+%!U.9!'#5%!U(058!7#5G!+*G&(A#!*(805#!G.99!&.%#9^!%709!
7#5G+$,! .88c! &#%#$%+($Q! ! 67#!2O5#.&$+$,!a.%#&+.59!U(058!.59(!7.A#! ,((8! 5#,.41! .9! %7#1!
U(058!T#!	.T5#Q!
67#!$#U!4&#.%+A#!*#8+.!G&.4%+4#!.&#.!HU7+47!+$4508#8!X/!f.*#9!E#9+,$^!X/!/$+*.%+($^!X/!
<+5*!.$8!j+90.5!2''#4%9!.$8!X/!E+,+%.5!a#8+.!)&(804%+($K!+$4(&G(&.%#8!2X-!*(805#9!($!.55!
%7&##!1#.&9^!T0%!.%! %7#!9%.&%!('! %7#!G&(=#4%!($51![#.&!C!('! %7#!4(0&9#9!7.8! &0$Q! ! W%!U.9! '#5%!
+*G(&%.$%!%(!+$4508#!%7+9!.&#.^!9+*G51!%(!*($+%(&!%7#!9044#99!.$8!G&(T5#*9!('!09+$,!2X-!.9!
%7#!4(0&9#9!8#A#5(G#8!.$8!%(!'##8!.$1!,((8!G&.4%+4#!T.4R!+$%(!%7#!)&(=#4%Q!
67#!4&(99O<.405%1!.&#.9!9047!.9!*#$%(&+$,^!8#A#5(G+$,!.!<.405%1!$#U9G.G#&!.$8!6j!47.$$#5!
U#&#! +$4508#8! %(! G&(A+8#! .4%+A+%+#9! %7.%! U(058! 7#5G! +$%#,&.%#! 9%08#$%9! A#&%+4.551! .4&(99!
1#.&9! .$8! 7(&+g($%.551! .4&(99! 8+94+G5+$#! T(0$8.&+#9^! %709! 7#5G+$,! %(! *#58! %(,#%7#&! %7#!
<.405%1]9!9%.''!.$8!9%08#$%9Q!
NZM!S'8-F-80/5!::#9!*0'8&8!-'!_&/)!L!/'8!_&/)!M!
67#!'(55(U+$,!%.T5#!+$8+4.%#!%7#!G&(=#4%9!%7.%!U#&#!'0$8#8!+$!%7#!'+&9%!7.5'!1#.&^!+Q#Q!+$![#.&!C^!
%(,#%7#&!U+%7!%7#!.99(4+.%#8!+$+%+.5!'0$8+$,!.55(4.%+($9Q!!!
#)+=&4(!! :(/**!-'F+5F&8! %55+4/(-+'Y`]! >)-&*!Q&94)-H(-+'!
)&(=#4%!*.$.,#*#$%!! /55.$!D(&45+''#!!!
e09%+$!-#U+9!
NYJZ! )&(=#4%!*.$.,+$,!.$8!
U&+%+$,!%7#!2X-!f0+8#Q!
<(0$8.%+($![#.&9!! <&.$R!X0&,+$H/-K! CLJZ! -((R+$,!.%!%7#!'#.9+T+5+%1!('!
8#A#5(G+$,!2X-!G&(=#4%!U(&R!
.4&(99!2$,+$##&+$,!.$8!
E#9+,$!<(0$8.%+($![#.&!
4(0&9#9!.$8!0G8.%+$,!
#A.$%!*(805#!8#94&+G%(&9Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >I!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
E.%.T.9#9! 25+g.T#%7!@&.470&%0!
H/-K!
CLJZ! -((R+$,!.%!,((8!G&.4%+4#!+$!
8#A#5(G+$,!2O5#.&$+$,!
*.%#&+.59!+$!%7#!T&(.8!
"(*G0%+$,!.&#.Q!!
".&&1!(A#&!%(![&!>!('!
%7#!)&(=#4%!
! CYLd! !
6(%.59! ! YIII! !
S+%7!&#,.&8!%(!%7+9!%.T5#!%7#!'(55(U+$,!G(+$%9!.&#!#A.$%Q!
67#!U(&R!($!%7#!<(0$8.%+($![#.&9!.$8!%7#!E.%.T.9#9!G&(=#4%9!U.9!4.&&+#8!(0%!T1!%U(!/-9!+$!
%7#!<.405%1Q! !a(9%!9%.''!7.8!'055!U(&R!G5.$9!.$8!%7#!#.&5+#9%!%7#1!4(058!9%.&%^!A+.!%7#!09#!('!
T01!(0%^!U.9!($![#.&!>!('!%7#!)&(=#4%Q!
W%!U.9!+*G(99+T5#!%(!=09%+'1!9G#$8+$,!.55!kYIII!('!%7#!G&(O&.%.!'0$8+$,!'(&!%7#!'+&9%!7.5'!1#.&^!
.$8!4($9#\0#$%51!kCYLd!U.9!4.&&+#8!(A#&!%(![#.&!>Q!
67#!$#3%!%.T5#!97(U9!%7#!9*.55!94.5#!G&(=#4%9!%7.%!U#&#!+$+%+.551!'0$8#8!+$![#.&!>!'(55(U+$,!
%7#!'+&9%!T+88+$,!&(0$8!U7+47!U.9!'0551!+$%#,&.%#8!+$%(!%7#!>IIZVIY!U(&R!G5.$$+$,!G&(4#99Q!!
#)+=&4(! :(/**!-'F+5F&8! %55+4/(-+'Y`]! >)-&*!8&94)-H(-+'!
)&(=#4%!*.$.,#*#$%! /55.$!D(&45+''#!!
e09%+$!-#U+9!
JMNI! )&(=#4%!*.$.,+$,Q!
:09%.+$.T+5+%1! /$81![(0$,!H-#.8K!
.$8!e09%+$!X03%($!
NJJI! )&(804%+($!('!<.405%1OU+8#!
(G%+($!*(805#9!+$!
909%.+$.T+5+%1!.$8!'(4099#8!
2X-!U(&R!($!24(!?(09#!
G&(=#4%!.$8!2$#&,1!
2$,+$##&+$,!'(&!
:09%.+$.T+5+%1!4(0&9#Q!
E.%.T.9#9! a.%%7#U!-(A#!
H-#.8K!U+%7!F#+%7!
X0&5#1!.$8!25+g.T#%7!
@&0470&%0!H/-K!
NCZ>! [&!J!"(*G0%+$,!9%08#$%9!($!
%7#!E#9+,$+$,!.$8!
8#A#5(G+$,!2O5#.&$+$,!
*(805#!U+55!8#A#5(G^!A+.!.$!
2X-!.GG&(.47^!2O5#.&$+$,!
*.%#&+.5!'(&!09#!T1!>$8![&!
"(*G0%+$,!9%08#$%9!+$!%7#!
8.%.T.9#9!.&#.Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >C!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
"&#.%+A#!a#8+.!
)&.4%+4#!!
e#''!X.,,(%%!H-#.8K!
U+%7!/5.$!c(T+$9($^!
E#TT+#!X.55+$!.$8!
e09%+$!-#U+9!
ZdI! c#9#.&47!($!#3+9%+$,!"a)!
2X-!G&(=#4%9!.$8!
+*G5#*#$%.%+($!('!.$1!
#$7.$4#*#$%9Q!
"&(99O<.405%1!! e#''!S.58(4R!H-#.8K!
U+%7!:0#!
<#.%7#&9%($#!.$8!
e#''!X.,,(%%!
NZMI! 29%.T5+97+$,!*#$%(&+$,!('!
9#4($8!1#.&!a.%7#*.%+49!
9%08#$%9!T1!'+$.5!1#.&!
9%08#$%9Q!!E#A#5(G+$,!.!
<.405%1!$#U9G.G#&!.$8!6j!
47.$$#5!'(&!'0%0&#!2X-O%1G#!
.4%+A+%+#9!.4&(99!%7#!/"2:!
<.405%1Q!
<(0$8.%+($![#.&9! <&.$R!X0&,+$! >CLI! E#A#5(G+$,!.$8!
+*G5#*#$%+$,!2X-!.4%+A+%1!
($!4.9#!9%081!U(&R!($!%7#!
<.405%1]9!<(0$8.%+($![#.&!
4(0&9#9Q!
E+99#*+$.%+($! ! CM>J! D.%+($.5!.$8!+$%#&$.%+($.5!
4($'#&#$4#9!.9!.,&##8!
%(,#%7#&!U+%7!U(&R97(G9!!
[&C".&&1!'(&U.&8!! ! OCYLd! !
6(%.59! ! CZIII! !
S+%7!&#,.&8!%(!%7#!.T(A#!%.T5#!%7#!'(55(U+$,!G(+$%9!.&#!#A.$%Q!
W%! 97(058! T#! $(%#8! %7.%! %7#! .*(0$%! 4.&&+#8! '(&U.&8! HkCYLdK! '&(*![#.&! C! +9! #$%#! .9! .!
$#,.%+A#!.*(0$%!T#4.09#!+%!&#G	#$%9!+$4(*#!.$8!$(%!.$!.55(4.%#8!4(9%Q! !S7#$!4(*T+$#8!
U+%7! %7#! %(%.5! 4(9%! ('! %7#!G&(=#4%9! H('! kCYYLdK! +%!T&+$,9! %7#! %(%.5! %(! %7#!G&(O&.%.! 9G#$8!('!
kCZIII!'(&![#.&!>!('!%7#!)&(=#4%Q!
67#!9G#$8!+$!%7#!N!1#.&9!U.9!G5.$$#8!%(!T#!kYIII^!kCZIII!.$8!kCZIIIQ!!
/9![#.&!>!#A(5A#8^!G&(T5#*9!.&(9#!80#!%(!%7#!+$.T+5+%1!%(!'&##!0G!R#1!9%.''!%(!4.&&1!(0%!9(*#!
('! %7#! G&(=#4%9Q! ! W$! %7#! #A#$%^! *($+#9! 7.8! %(! +9%&+T0%#8! .U.1! '&(*! %7#! .&#.9! ('!
:09%.+$.T+5+%1! .$8! E.%.T.9#9! %(! )&(=#4%! a.$.,#*#$%! H%(! U&+%#! %7#! f0+8#! ($! *#.90&+$,!
9%08#$%! 5#.&$#&! .0%($(*1K^! %(! %7#! "&#.%+A#!a#8+.! )&.4%+4#! .&#.^! .$8! %(! %7#! "&(99O<.405%1!
.&#.Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >>!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
NZN!P/(-+'/5&!*+)!(7&!::#9!-'!_&/)!N!
67#!G&(=#4%9!'0$8#8!+$![#.&!N^!%(!9(*#!#3%#$%^!&#'5#4%#8!%7#!9044#99!('!%7(9#!'0$8#8!+$![#.&!>Q!!
/5%7(0,7!%7#!E.%.T.9#9!G&(=#4%!8+8!$(%!&0$!+$![#.&!>^!+%!U.9!8##*#8!%(!T#!.!9%&($,!G&(=#4%!
.$8!($#!%7.%!U.9!$##8#8!+$!%7#!<.405%1Q!!W%!U.9!%7#&#'(&#!8#4+8#8!%(!8#'#&!%7+9!%(![#.&!NQ!!67#!
[#.&!>!:09%.+$.T+5+%1!G&(=#4%!U.9!$#A#&!9%.&%#8!80#!%(!%7#!+$.T+5+%1!%(!'&##!0G!.!R#1!*#*T#&!
('! 2$,+$##&+$,! 9%.''Q! ! E#%.+59! ('! %7#! G&(T5#*9! #$4(0$%#! .&#! ,+A#$! +$! 9#4%+($! J! T#5(U!
U7#&#!.$!#A.50.%+($!('! %7#!A.&+(09!::)9! +9!G	#$%#8Q! !`$! %7#!.8A+4#!('! %7#!:09%.+$.T+5+%1!
%#.*!*#*T#&9!+%!U.9!8#4+8#8!$(%!%(!*.R#!.$1!'0$8+$,!.A.+5.T5#!'(&!%7+9!.&#.!+$![#.&!NQ!
X#4.09#!('!%7#!9044#99!('!%7#!G&(=#4%9!+$!%7#!"&#.%+A#!a#8+.!)&.4%+4#!.&#.^!'0&%7#&!G&(=#4%9!+$!
%7+9!.&#.!U#&#!'0$8#8Q!!?(U#A#&^!+%!97(058!T#!$(%#8!%7.%!.55!G&(=#4%9!%7.%!U#&#!'0$8#8!U#&#!
%7#! (0%4(*#! ('! %7#! (G#$! T+88+$,! &(0$8! 80&+$,! [#.&! >! +$!U7+47! .55! 9%.''! '&(*! .4&(99! %7#!
<.405%1!U#&#! '&##! %(!G.&%+4+G.%#Q! !67#!9#5#4%+($!('!G&(=#4%9! '(&! '0$8+$,!U.9!8#%#&*+$#8!T1!
%7#!%U(!)&(=#4%!a.$.,#&9!.$8!%7#!)&(=#4%!-#.8#&!.'%#&!8+94099+($!U+%7!%7(9#!90T*+%%+$,!T+89Q!
NZO!S'8-F-80/5!#)+=&4(9!*0'8&8!-'!_&/)!N!!
67#!'(55(U+$,!%.T5#!,+A#9!.!T&+#'!8#94&+G%+($!('!%7#!::)9!'0$8#8!+$![#.&!NQ!
#)+=&4(! :(/**!-'F+5F&8! %55+4/(-+'Y`]! >)-&*!8&94)-H(-+'!
)&(=#4%!*.$.,#*#$%! /55.$!D(&45+''#!!!
e09%+$!-#U+9!
JIII! )&(=#4%!*.$.,+$,!
?.&$#99+$,!2X-!'(&!
E+,+%.5!a#8+.!/&%9!W;!
a09#0*!)&(=#4%!
e(7$!?.1#9^!"7&+9!
?.55!.$8!"5.+&#!
:%&+R#!Ha+55#$$+0*!
f.55#&+#9K!!
>III! <+&9%!1#.&!"a)!9%08#$%9!
.&#!,+A#$!%7#!
	G($9+T+5+%1!'(&!
8#A#5(G+$,!%7#!a09#0*]9!
4(55#4%+($!.&(0$8!.!8+,+%.5!
'&.*#U(&R!%(!#$7.$4#!%7#!
4(55#4%+($!%7&(0,7!%7#!09#!
('!8+,+%.5!*#8+.!
H.$+*.%+($^!,.*#9^!A+8#(^!
.08+(^!9%&#.*+$,!*#8+.!
.$8!NEKQ!!!
?.&$#99+$,!2X-!'(&!
E+,+%.5!a#8+.!/&%9!WW!
`9R.$.!<#8(%(A.!
E#.$!:0**#&9!
E#TT+#!X.55+$!!!!
E.A+8!S+55+.*9!!!
F.%1!".&&(55!.$8!
c+47.&8!?+55!
>III! W$%#,&.%#9!4&#.%+A#!
G&.4%+4#^!4&+%+4.5!.$.519+9!
.$8!.4.8#*+4!U&+%+$,!
9R+559!.%!5#A#5!J!H"a)K!
%7&(0,7!2X-!A+.!c#9#.&47!
a#%7(89!.$8!"&+%+4.5O
:%08+#9!*(805#9!%7.%!.99+9%!
9%08#$%9]!8#A#5(G*#$%!.9!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >N!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
.4%+A#^!+$8#G#$8#$%!.$8!
8+,+%.551O5+%#&.%#!
	#.&47#&9Q!
E+.5(,0#! ?#9%#&!c##A#!!!!
?#5#$!X5#=#&*.$!
!
>III! 67#!(T=#4%+A#!('!%7+9!
G&(=#4%!+9!%(!.4%+A.%#!+$!%7#!
9%08#$%!$#U!U.19!('!
.0%($(*(09!%7+$R+$,!
.T(0%!%7#!.%+($97+G9!
T#%U##$!%7#!W$9%+%0%+($9!
%7.%!*.R#!0G!%7#!b.&%!
U(&58b!.$8!%7#+&!G(9+%+($!
U+%7+$!9047!.!*.%&+3Q!
E+.5(,0#!'.4+5+%.%#9!
9%08#$%9!%(!4&#.%+A#51!
#$,.,#!+$!%7+$R+$,!
G&(4#99#9!%(,#%7#&!.9!.!
,&(0G!('!.0%($(*(09!
+$8+A+80.59!.$8!9##R9!%(!
#3G(9#!.990*G%+($9!.$8!
T#5+#'!919%#*9!%7.%!.&#!.%!
G5.1Q!
E#A#5(G+$,!-/!+$!
f&(0G!S(&R!09+$,!
"(55.T(&.%+A#!
6#47$(5(,+#9!
"7#&15!a+885#%($!
?#5#$!c(8,#&!!!!!
a+R#!f+T9($!
>III! 6#47$(5(,+#9!%(!'.4+5+%.%#!
*#.$+$,'05^!9.%+9'1+$,!
.$8!.0%($(*(09!,&(0G!
U(&R!#3G#&+#$4#9!9047!.9!
A+&%0.5!45.99&((*9!
H2550*+$.%#K^!j`W)!
H:R1G#K^!+$9%.$%!*#99.,+$,!
.$8!91$47&($(09!U+R+9!.&#!
#A.50.%#8!T1!"(*G0%+$,!
9%08#$%9!($!%7#!'+$.5!1#.&!
"(55.T(&.%+A#!
6#47$(5(,+#9!*(805#!
09+$,!.$!2X-!.GG&(.47Q!!!
EE2-;!E#9+,$+$,!.$8!
E#A#5(G+$,!2O
-#.&$+$,!
"7#&15!a+885#%($!
a+R#!f+T9($!
NIII! [&!J!"(*G0%+$,!9%08#$%9!
($!%7#!E#9+,$+$,!.$8!
8#A#5(G+$,!2O5#.&$+$,!
*(805#!U+55!8#A#5(G^!A+.!
.$!2X-!.GG&(.47^!2O
5#.&$+$,!*.%#&+.5!'(&!09#!
T1!>$8![&!"(*G0%+$,!
9%08#$%9!+$!%7#!8.%.T.9#9!
.&#.Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >J!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
E+99#*+$.%+($! ! NIII! S(&R97(G9^!$.%+($.5!.$8!
+$%#&$.%+($.5!4($'#&#$4#9!
.9!.,&##8Q!
6(%.59! ! CZIII! !
67#!.%+A#51!7+,7!8+99#*+$.%+($!.55(4.%+($!&#'5#4%9!%7#!#3G#4%#8!7+,7!5#A#5!('!8+99#*+$.%+($!
80&+$,!%7+9!'+$.5!9%.,#!('!%7#!)&(=#4%Q!
OZ!B0(4+,&9!/'8!S,H/4(!+*!(7&!::#9!
OZL!%HH)+/47!(+!2F/50/(-+'!
/55![#.&!N!9*.55O94.5#!G&(=#4%9!U#&#!45(9#51!*($+%(!T1!%7#!`G#&.%+($9!a.$.,#&!.$8!.$1!
G&(T5#*9!#$4(0$%#!U#&#!8+94099#8!.$8!.88c#8^!*(&#!(&!5#99!.9!%7#1!7.GG#$#8Q!!:*.55!
94.5#!G&(=#4%!9%.''!*#*T#&9!U#&#!.9R#8!%(!#A.50.%#!%7#+&!G&(=#4%!'+$8+$,9!.%!%7#!#$8!('!%7#!
<.405%1!)&(=#4%!T1!.88c+$,!%7#!'(55(U+$,!\0#9%+($9Q!
CQ o0.$%+%.%+A#!\0#9%+($9;!
>Q ?(U!*.$1!9%08#$%9!.$8!9%.''!U#&#!+$A(5A#8p!
NQ ?(U!*.$1! 9%08#$%! 7(0&9! ($! %7#! 40&&+4050*! 8(#9! %7#! G&(=#4%! (440G1! H>I! 4+%9!
4(&	G($8!%(!>II!7(0&9!('!%(%.5!9%08#$%!9%081!%+*#Kp!
JQ ?(U!*.$1! 9%.''! 7(0&9!U#&#! +$A(5A#8! +$!G5.$$+$,! .$8!7(U!*.$1! 9%.''! 7(0&9!U#&#!
+$A(5A#8!+$!8#5+A#&1p!
LQ `$!7(U!*.$1!4(0&9#9!8(#9!1(0&!G&(=#4%!+*G.4%p!
dQ S7.%!8.%.!8(!1(0!G(99#99!%7.%!8#*($9%&.%#9!.$1!T#$#'+%!+$;!,&.8#9V*.&R9^!9%08#$%!
&#%#$%+($^! 9%08#$%! .%%#$8.$4#^! 9%08#$%! #3G#&+#$4#! H#Q,Q! '##8T.4RV\0#9%+($$.+	K!
.$8!&0+%*#$%p!!)5#.9#!9#$8!.$1!G&(A+9+($.5!.$.519#8!'+$8+$,9Q!
o0.5+%.%+A#!\0#9%+($9;!
CQ ?.A#!1(0!8($#!U7.%!1(0!9#%!(0%!%(!8(p!
>Q W$!U7.%!U.1!7.9!1(0&!G&(=#4%!#A(5A#8p!
NQ ?(U!7.A#!9%08#$%9!G#&4#+A#8!%7#+&!(U$!,&(U%7V5.4R!('!,&(U%7!+$!5#.&$#&!.0%($(*1p!
JQ E(!1(0!'##5!%7#!40&&+4050*!7.9!T##$!#$&+47#8p!!)5#.9#!#3G5.+$!1(0&!.$9U#&Q!
LQ ?(U!7.9!1(0&!5#,.41!G5.$!#A(5A#8p!
)&(=#4%!9%.''!U#&#!.59(!+$A+%#8!%(!.88!.$1!.88+%+($.5!4(**#$%9!.T(0%!%7#+&!G&(=#4%!&#,.&8+$,!
9%.''! 8#A#5(G*#$%^! 90GG(&%! #+A#8! .$8! +*G.4%! ('! %7#! G&(=#4%! ($! '0%0&#! 4(0&9#!
8#A#5(G*#$%9Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >L!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
OZM!S'8-F-80/5!_&/)!N!H)+=&4(!&F/50/(-+'9!
!D/)'&99-'.!2>$!*+)!Q-.-(/5!?&8-/!%)(9!S;!?09&0,!#)+=&4(!
67#!G&(=#4%!+$A(5A#8!YI!9%08#$%9^!N!@$+A#&9+%1!9%.''!G509!($#!#3%#&$.5!*#*T#&!('!9%.''!'&(*!
%7#!a+55#$$+0*!f.55#&+#9!a09#0*Q! !67#!G&(=#4%!(440G+#8!.GG&(3+*.%#51!CZI!7(0&9!('! %(%.5!
9%08#$%!5#.&$+$,!%+*#Q!!>I!9%.''!7(0&9!U#&#!+$A(5A#8!+$!%7#!G5.$$+$,!.$8!CII!7(0&9!('!9%.''!
%+*#! U#&#! +$A(5A#8! +$! 8#5+A#&1Q! ! 67#! G&(=#4%! +*G.4%#8! ($! J! 4(0&9#9;! X/! /$+*.%+($^! X/!
f.*#9! E#9+,$^! X/! E+,+%.5! a#8+.! )&(804%+($^! .$8! X/! <+5*! .$8! j+90.5! 2''#4%9Q! ! 67#&#! +9!
G(9+%+A#! .$#48(%.5! #A+8#$4#! %(! 90,,#9%! T#$#'+%9^! T0%! \0#9%+($$.+&#! Ή%9! 7.A#! 1#%! %(! T#!
.$.519#8Q!
e(7$!?.1#9!%7#!G&(=#4%! 5#.8#&!9.19!%7.%!%7#!G&(=#4%!7.9!.47+#A#8!U7.%! +%!9#%!(0%!%(!8(Q! !?#!
T#5+#A#9!%7#!40&&+4050*!7.9!T##$!qA#&1!*047q!#$&+47#8!T1!%7#!G&(=#4%Q!!67+9!G&(=#4%!7.9!&0$!
%U+4#!U+%7! %U(! &(0$89!('! '0$8+$,! .$8!9+,$+'+4.$%!#A(50%+($! H+%! &.$! +$! %7#! '+&9%! 1#.&! .9! %7#!
"&#.%+A#! a#8+.! )&.4%+4#! )&(=#4%^! U7#&#! 9%08#$%9! U(&R#8! ($! .! '+4%+($.5! .8A#&%+9+$,!
4.*G.+,$KQ!!e(7$!9.19!q<(&!%7#!9%08#$%9!%(!U(&R!($!.!&#.5!T&+#'^!9(*#%7+$,!%7.%!U+55!7.A#!&#.5!
U(&58! #A.$4#^! .$8! %7#&#'(&#! #$7.$4#! %7#+&! G(&%'(5+(^! +9! A#&1! U(&%7U7+5#Q! ! W$! .88+%+($^!
9%08#$%9!7.A#!,&(U$! +$!4($'+8#$4#^!.$8!U#&#!45#.&51!$(%!.'&.+8! %(!&0$!U+%7!4&#.%+A#! +8#.9!
.$8!9(*#%+*#9!4(*G5#3!%#47$+4.5!G&(T5#*9!%(!G&(804#!%7#+&!'+$.5!G+#4#Qq!
S+%7!&#,.&89!%(!9%08#$%9b!G#&4#G%+($!('!%7#+&!G#&9($.5!5#.&$#&!.0%($(*1!8#A#5(G*#$%^!e(7$!
9.19^! qW$! 4(*G.&+$,! 5.9%! 1#.&b9! .99+,$*#$%! T&+#'! HU7+47! U.9! %7#! '+4%+($.5! .8A#&%+9+$,!
4.*G.+,$K!U+%7!%7+9!1#.&]9^!+%!7.9!*.8#!.!&#.5!8+''#&#$4#!%(!%7#!#$,.,#*#$%!('!9%08#$%9!U+%7!
%7#!*(805#Q!!:%08#$%9!U#&#!A#&1!#34+%#8!.T(0%!%7#!4(55.T(&.%+($!.$8!'0%0&#!G(%#$%+.5!09#!('!
%7#+&!.99#%9^!Ή%+$,!+$!.!$0*T#&!('!9%08#$%!,&(0G9!G&(804+$,!&#.551!#34#55#$%!U(&RQq!
"($4#&$+$,!5#,.41^!e(7$b9!#A.50.%+($!+9!%7.%^!q67#!.$%+4+G.%#8!G(%#$%+.5!5#,.41!U.9!*#3!%(!
7.A#!.!9#&+#9!('!.99#%9!4&#.%#8!T1!9%08#$%9^!.$8!09#8!T1!%7#!*09#0*Q!?(U#A#&^!T#4.09#!('!
%7#!G(9+%+A#!$.%0&#!('! %7#!G&(=#4%^! %7#!*09#0*!U+97#8! '(&!09! %(! 4($%+$0#! %7#! .%+($97+G!
.$8!%(! &0$! %7#!G&(=#4%!$#3%!1#.&Q! :(! +$!#''#4%! %7#!'0$8+$,!7.9! +$.8A#&%#$%51!G&(A+8#8!9##8!
'0$8+$,!'(&!.!A#&1!#34+%+$,!4(55.T(&.%+($!U7+47!Wb*!90&#!U+55!#3G.$8!%(!4(A#&!(%7#&!.&#.9!('!
(0&!G&(A+9+($!.$8!%7#&#'(&#!#$7.$4#!%7#!9%08#$%!#3G#&+#$4#!.4&(99!%7#!8#G.&%*#$%Qm!
Q-/5+.0&!#)+=&4(!
67#!E+.5(,0#! )&(=#4%! +$A(5A#8! >! 9%.''! .$8! CY! 9%08#$%9Q! ! 67#! G&(=#4%!U.9! &0$! .9! G.&%! ('! .!
*(805#!(440G1+$,!NN!7(0&9!('!40&&+4050*!%+*#Q! !)5.$$+$,!('! %7#!*(805#! %((R!CI!7(0&9!('!
9%.''!%+*#!.$8!#.47!9%.''!*#*T#&!4($%&+T0%#8!NN!7(0&9!%(!%7#!8#5+A#&1Q!!67#!E+.5(,0#!)&(=#4%!
U.9!%&+.55#8!($!%7#!'(0&!"&#.%+A#!a#8+.!)&.4%+4#!4(0&9#9^!$.*#51!X/!/$+*.%+($^!X/!f.*#9!
E#9+,$^! X/! <+5*! .$8! j+90.5! 2''#4%9! .$8! X/! E+,+%.5! a#8+.! )&(804%+($Q! ! <##8T.4R! '&(*!
9%08#$%9!.%%#$8+$,! %7#!E+.5(,0#!f&(0G9! +9!9%+55!T#+$,!.$.519#8^!T0%!?#9%#&!c##A#!9.19! %7.%!
97#!q9.U!%7#!T#$#'+%9!8+%51q!+$!9%08#$%9!U7(!.%%#$8#8!7#&!G&(=#4%Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >d!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
S7#$!.9R#8!+'! %7#!G&(=#4%!.47+#A#8!U7.%! +%!9#%!(0%!%(!.47+#A#^! %7#!G&(=#4%! 5#.89!9.+8^!q[#9Q!!
S#!&.$!&#,05.&!E+.5(,0#!f&(0G9!.$8!%7#!*#%7(8(5(,1!('!(G#$!4&#.%+A#!8+94099+($!,0+8#8!T1!
%7#! J! )&+$4+G5#9! ('!E+.5(,0#! .5U.19! '(9%#! .$! +$O8#G%7! 97.! 4($A#&9.%+($!U7#&#! $#U!
+8#.9! .$8! G#&9G#4%+A#9! U#&#! 97.Q! W$#A+%.T51! 9%08#$%9! &#'5#4%#8! 0G($! %7#+&! +8#$%+%1! .9!
9%08#$%9!.$8!.&%+9%9!.$8!%7#+&!.%+($97+G!%(!%7#!@$+A#&9+%1!.$8!U+8#&!.&%!U(&58!5.$894.G#9Q!
c#,.&8+$,!G&(=#4%!#A(50%+($!+%!U.9!$(%#8!%7.%^!q67+9!7.9!T##$!A#&1!*.&R#8Q!S#!9%.&%#8!%7#!
,&(0G9!%7+9!1#.&!U+%7!$(!'&.*#U(&R!(&!G&#OG(9#8!\0#9%+($^!+$!5+$#!U+%7!bG0&#!E+.5(,0#^b!+Q#Q!
$(!.,#$8.Q!!/5%7(0,7!%7+9!8+8!$(%!.''#4%!%7#!9%08#$%9b!#$,.,#*#$%!(&!.T+5+%1!%(!%7+$R!%(,#%7#&^!
U#! &#.5+9#8! %7&(0,7! %7#! '.4+5+%.%(&! %&.+$+$,! 4(0&9#! %7.%! U#! 0$8#&%((R! %7.%! .4%0.551! .$!
.GG&(G&+.%#! '&.*#U(&R!U+%7+$! %7#! @$+A#&9+%1! E+.5(,0#! '&.*#U(&R! .55(U9! '(&! 9%08#$%9! %(!
*.+$51! #$,.,#! +$! %7#! 4($4&#%#! 9+%0.%+($! ('! %7#+&! 5#.&$+$,! 9G#4+'+4! %(! %7#+&! 4(0&9#Q!S#! &#O
+$%&(804#8!9047!.! '&.*#U(&R! +$! %7#! 5.9%!>!E+.5(,0#!*##%+$,9!.$8!,(%!9(*#!$#U!9%08#$%9!
.$8^!U#!'#5%^!&+47#&!8+.5(,0#!+$!%#&*9!('!%7#!4(**0$+%1!%7.%!%7#!4($A#&9.%+($9!4&#.%#8^!+Q#Q!
%7#!4($A#&9.%+($9!U#&#!*(&#!b9+%#O9G#4+'+4Qb!q!
"($4#&$+$,!40&&+4050*!#$&+47*#$%^!%7#!5#.89!9.1^!q67+9!1#.&!E+.5(,0#!U.9!9%&+4%51!9G#.R+$,!
$(%!G.&%!('!%7#!40&&+4050*Q!?(U#A#&^!%7+9!+9!+%9!A.50#!%(!%7#!9%08#$%9!.$8!G.&.8(3+4.551!%(!%7#!
40&&+4050*Q! 67#&#! +9! .! ,&#.%#&! 9#$9#! ('! 9%08#$%9! (U$+$,! %7#! 8#A#5(G*#$%9! U+%7+$! %7#!
8#G.&%*#$%;!E+.5(,0#!4&#.%#9!.!8+9%.$4#!'&(*!%7#!947#805#8!5#.&$+$,!.$8!7#$4#!.!9G.4#!'(&!
9%08#$%b9!4&+%+4.5!&#'5#4%+($!.$8!.$!.8*+%%.$4#!('!	G($9+T+5+%1!'(&!5#.&$+$,!#3G#&+#$4#!.$8!
.4%+A.%+$,!%7#+&!&(5#!+$!.55(U+$,!%#.47+$,!%(!T#!9044#99'05Qq!!
67#!5#.89!90*!0G!5#,.41!%709;!qS#!,.A#!.!'#U!G	#$%.%+($9!.T(0%!E+.5(,0#!(0%9+8#!('!%7#!
<+$#! /&%! E#G.&%*#$%! .$8!U#&#!*#%!U+%7! .! 9%&($,! 	G($9#! O! (%7#&! 8#G.&%*#$%9! 9##*! %(!
0$8#&9%.$8!E+.5(,0#b9!G(%#$%+.5!A.50#!+$!%7#+&!(U$!.&#.9^!G.&%+405.&51!+$!&#,.&8!%(!.4%+A.%+$,!
9%08#$%9!.9!.,#$%9!('!%7#+&!(U$!5#.&$+$,!.$8!*#*T#&9!('!%7#!@$+A#&9+%1Q!67#!#3G#&+#$4#!%7+9!
1#.&! O! +$4508+$,! %7#! %&.+$+$,! .$8! .! 9G#4+.5!*##%+$,!U+%7! )#%#&!f.&&#%%! HU7(!U(&R#8!U+%7!
X(7*!%(!%0&$!7+9!G7+5(9(G71!+$%(!%7#!G&.4%+4#!.$8!$(U!8+%9!)&+9($!E+.5(,0#K!%(!8+94099!
U7.%!U#!7.8!8#A#5(G#8!9(!'.&!U+%7+$!%7#!@$+A#&9+%1!.$8!%(!,#%!7+9!.8A+4#!($!U7#&#!%7#!$#3%!
9%#G9!97(058V4(058!T#!O!7.9!5#.8!09!%(!(0&!40&&#$%!G(9+%+($!%7.%!E+.5(,0#!U+55!U(&R!U#55!.9!
.$!b+$804%+($!*#%7(8(5(,1b!'(&!.55!$#U!-J!9%08#$%9Q!W$!%7+9!+$9%.$4#!.%%#$8+$,!%7#!E+.5(,0#!
,&(0G!U(058!$(%!T#!A(50$%.&1!.9!+%!7.9!9(!'.&!T##$!&0$Q!W%!U(058!$(%!&0$!.9!G.&%!('!W$804%+($!
S##R^!U7#$! %7+$,9! .&#! %((! bT091^b! T0%! C! (&! >!U##R9!.'%#&! +$804%+($!U##R!U7#$! 9%08#$%9!
$##8!%(!'##5!G.&%!('!.!4(**0$+%1^!%&09%!#.47!(%7#&^!'##5!#$4(0&.,#8!%(!9G#.R!%7#+&!*+$89!.$8!
&#'5#4%! 0G($! %7#! +8#.9!('!(%7#&9! .$8! %(! &#.5+9#! %7.%! %7#1!7.A#!G#&*+99+($! %(! 9%.$8!0G! .$8!
%.R#! &+9R9! .9! 9%08#$%9Q!S#!U(058! %7#$! '(55(U! %7+9! 0G!T1! &0$$+$,! ($#! 5($,#&! .$8! b9G#4+.5b!
E+.5(,0#!E.1!.%! %7#!A#&1!#$8!('! %7#!.4.8#*+4!1#.&!U7+47!U(058!T#!A(50$%.&1!.$8! '(&!.$1!
9%08#$%!'&(*!.$1!1#.&!%(!.%%#$8!+$!(&8#&!%(!#3G5(&#!%7#+&!+8#$%+%1!.$8!+8#.9!+$!.%+($97+G!
%(!%7#!'&.*#U(&R!('!b/&%+9%O@$+A#&9+%1Of.55#&1O<0$8+$,!X(8+#9Qb!q!
<+$.5!&#*.&R9!T1!?#5#$!.$8!?#9%#&!.&#;!q`0&!%&.+$+$,!U+%7!%7#!47.&+%1!)&+9($!E+.5(,0#!U.9!
G.&%+405.&51!7#5G'05Q!S#!*#%!(%7#&! '.4+5+%.%(&9!('! %7#!*#%7(8(5(,1!.$8!97.!#3G#&+#$4#9!
#%4Q! !S#!G.&%+4+G.%#8! +$!E+.5(,0#! ,&(0G9! +$! >! G&+9($9! .$8^! .9!*#$%+($#8!.T(A#^!*#%!U+%7!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >M!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
)#%#&! f.&&#%%! %(! ,#%! '##8T.4R! .$8! .8A+4#! ($! U7.%! U#! 7.A#! T##$! 8(+$,! +$! %7#! @$+A#&9+%1!
4($%#3%Qq!
QQ2$!/'8!"+55/G+)/(-F&!6&47'+5+.-&9!#)+=&4(9!
67#! %U(! G&(=#4%9! 7.A#! T##$! #A.50.%#8! %(,#%7#&! T1! %7#! )&(=#4%! 5#.89Q! ! 67#1! 4($4#&$! NM!
9%08#$%9!($!.!>I!4+%!*(805#9!.%!5#A#5!dQ!!6(%.5!9%08#$%!%+*#!+9!%7#&#'(&#!>II!7(0&9Q!!:%.''!
7(0&9!+$4508#8!LI!7(0&9!'(&!G5.$$+$,!.$8!YI!7(0&9!'(&!8#5+A#&1Q!!!67#!G&(=#4%9!+*G.4%#8!($!
'(0&! "(*G0%+$,! 4(0&9#9Q! ! "7#&15!a+885#%($! .$8!a+R#! f+T9($^! %7#! G&(=#4%! 5#.89^! T#,+$! T1!
G(+$%+$,!(0%!%7.%!%7#!.A#&.,#!9%08#$%!*.&R!q7.9!+$4&#.9#8!T1!Cr!9+$4#!%7#!+$%&(804%+($!('!
2X-q!.9!U#55!.9!.$!+$4&#.9#!+$!%7#!$0*T#&!('!C9%!45.99!.U.&89!Hd!*(&#!%7.$!5.9%!1#.&KQ!
c#,.&8+$,! .47+#A#*#$%! ('! +$+%+.5! ,(.59^! "7#&15! 9.19^q! [#9^! 	(0&4#9! 7.A#! T##$! G5.$$#8^!
8#9+,$#8^!8#A#5(G#8!.$8!.$!2X-!.GG&(.47!7.9!T##$!.8(G%#8!'(&!%7#!8#5+A#&1!('!.!4(*G5#%#!
*(805#!.%!<+$.5![#.&!5#A#5Q!!:%08#$%!#3G#&+#$4#9!+$!%7#!09#!('!2X-!7.A#!T##$!#A.50.%#8!.$8!.!
9%.''!T5(,!(&8+$,!&#'5#4%+($9!('!G&(4#99VG&(=#4%!7.9!T##$!(&8#8Qq!!!
"($4#&$+$,! %7#! #A(50%+($! ('! %7#! %U(! G&(=#4%9^! "7#&15! 9.19! %7.%! %7+9! q+$4508#9! %7#! 09#! ('!
4(55.T(&.%+A#!91$47&($+9#8!.$8!.91$47&($+9#8!%#47$(5(,1!%(!90GG(&%!.$!2X-!G&(4#99Q! !67#!
G&(=#4%!$(U!(,$+9#9!%7#!47.55#$,#9!.$8!#3G5(	!G&.4%+4.5+%+#9!('!%7#!09#!('!2X-!.%!:?@Q!!W%!
7.9!G&(A+8#8!+$9+,7%!+$%(!7(U!%(!#A.50.%#!%7#!G(%#$%+.5!T#$#'+%9!'(&!9%.''!.$8!9%08#$%9Q!
S7#$! .9R#8! +'! %7#1! '#5%! %7.%! %7#! 40&&+4050*! 7.8! T##$! #$&+47#8^! %7#! G&(=#4%! 5#.89! 9.+8^!
qE#'+$+%#51! +$! %#&*9! ('! 4($9+8#&.%+($! ('! ,&(0G! U(&R! .$8! %7#! 47.55#$,#VA.&+#%1! ('! %7#!
5#.&$+$,!G&(4#99Qq!!!
S7#$!.9R#8!7(U!%7#+&!5#,.41!G5.$!7.8!#A(5A#8!%7#1!.88#8!%7.%!%7#&#!U.9!qG5.$$#8!'0%0&#!
09#!($!.!'+&9%!1#.&!0$8#&,&.80.%#!*(805#!4.55#8!X09+$#99!/$.519+9!+$!%7#!S(&RG5.4#^!.!$#U!
9#4($8!1#.&!*(805#!4.55#8!X09+$#99!a(8#55+$,!'(&!2$%#&G&+9#!:19%#*9!G509!($,(+$,!	#.&47!
.$8!8#A#5(G*#$%!('!EE2-!%(!0$8#&G+$!#''#4%+A#!,&(0G!U(&R!.$8!09#!('!2X-Qq!
)&(=#4%! 5#.89! 4($4508#^! &#,.&8+$,! 9%.''! 8#A#5(G*#$%;!qD##8! %(! 4($9+8#&!47.55#$,#9! +$!
#''#4%+A#!8#9+,$!.$8!8#A#5(G*#$%!('!,&(0G!U(&R+$,! +$4508+$,!7(U!%(!9#5#4%! +$+%+.5!,&(0G9^!
7(U! %(! (&,.$+9#! ,&(0G9! %(! U(&R! #''#4%+A#51^! 7(U! %(! *.$.,#! 9%08#$%9V,&(0G9! U7#$!
8+''+405%+#9!.&#! #3G#&+#$4#8! 9047! .9!$($O.%%#$8.$4#^! +*T.5.$4#9!U+%7! ,&(0G! 4($%&+T0%+($9^!
.99#99*#$%!(G%+($9!9047!.9!8+''#&#$%!U.19!%(!4.&&1!(0%!G##&!.99#99*#$%Qm!!
lW%! U(058! .59(! T#! 09#'05! %(! 4($9+8#&! %7#! 09#! ('! %7#! 2X-! .GG&(.47! +$! 5+,7%! ('! %7#!
%#47$(5(,1V%((59V9#&A+4#9V#$A+&($*#$%9!%7.%!.&#!#*#&,+$,!HU+%7+$!.$8!#3%#&$.5!%(!:?@KQm!!!
l67#!G&(=#4%!47.55#$,#8!%7#!#3+9%+$,!5#.&$+$,!9G.4#!.$8!%#47$(5(,1!.A.+5.T5#!%(!90GG(&%!.$!
2X-!.GG&(.47Q!!W$!G.&%+405.&!%7#!90GG(&%!.A.+5.T5#!'(&!9%.''!%(!'.4+5+%.%#!4(55.T(&.%+A#!5#.&$+$,!
.$8!%7#!5#.&$+$,!9G.4#!.$8!%#47$(5(,1!.A.+5.T5#V#*#&,+$,!%(!'.4+5+%.%#!%7+9!G&(4#99Q!!67+9!+9!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >Z!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
($#! G(%#$%+.5!+$$(A.%+A#! .&#.! %7.%! U(058! T#! +$%#	%+$,! %(! 4($%+$0#! 	#.&47V4(0&9#!
8#A#5(G*#$%9!+$Qq!
D/)'&99-'.!2>$!*+)!Q-.-(/5!%)(9!?&8-/!SS!#)+=&4(!
67#!G&(=#4%!(440G+#8!.GG&(3+*.%#51!JII!7(0&9!($!%7#!40&&+4050*!.$8!+$A(5A#8!%U(!9%.''!.$8!
ZI! '+&9%O1#.&! 9%08#$%9!.4&(99! '(0&! 4(0&9#9! O!X/!/$+*.%+($^!X/!E+,+%.5!a#8+.^!X/!<+5*!.$8!
j+90.5!2''#4%9!.$8!X/!f.*#!E#9+,$Q!!!67#!*.+$!'(409!U.9!($!%7#(&1!*(805#9!.%!5#A#5!J^!U7+47!
.+*! %(! #\0+G! $#U! 9%08#$%9! U+%7! 9R+559! .$8! .%%+%08#9! .GG&(G&+.%#! '(&! .! 7+,7#&! 5#A#5!
+$8#G#$8#$%!#$\0+&1!+$!'0%0&#!1#.&9!('!%7#+&!@$+A#&9+%1!9%081Q!!!67#9#!.&#!c#9#.&47!a#%7(89!
H9#*#9%#&!CK!.$8!"&+%+4.5!/$.519+9! H9#*#9%#&!>KQ! !?+9%(&+4.551^! 9%08#$%9! '(0$8! +%!8+''+405%! %(!
#$,.,#!U+%7! %7#!*(805#9^! 80#! %(! %7#! 9#G.&.%+($! ('! %7#! i9%081! 9R+559! V! .4.8#*+4!U&+%+$,! V!
4&+%+4.5!.$.519+9_!#5#*#$%9!'&(*!%7#+&!47(9#$!4&#.%+A#!G&.4%+4#Q!!!67#!G&(=#4%!.+*#8!%(!T&+8,#!
%7#!,.G!T#%U##$!i%7#(&1]!.$8!iG&.4%+4#]!T1!#9+,$+$,!%7#!5#.&$+$,^!%#.47+$,!.$8!.99#99*#$%!
.4%+A+%+#9!($!T(%7!*(805#9!.44(&8+$,!%(!%7#!G&+$4+G5#9!('!2X-Q!!!
:%08#$%! '##8T.4R! 8.%.! '&(*! MC! \0#9%+($$.+	! .$8! J! '(409! ,&(0G9! '0551! #$8(&9#! %7#!
+$$(A.%+($9^!&#G(&%!7+,7!*(%+A.%+($^!.$8!90,,#9%!.&#.9!'(&!'0&%7#&!'+$#O%0$+$,Q!67#!'+&9%!G.99!
&.%#9! U#&#! 4(*G.&.T5#! %(! G&#A+(09! 1#.&9! +$! ($#! *(805#! .$8! 7+,7#&! %7.$! T#'(&#! +$! %7#!
9#4($8!*(805#Q! ! <&.$R! /TT(%%^! %7#! 23%#&$.5! 23.*+$#&^! 4(**#$%#8! ($! 7(U! +*Gc#8! 7#!
U.9!T1!9%08#$%!U(&R!8#5+A#!80&+$,!%7+9!G&(=#4%Q!!:%08#$%9!4(**#$%#8!%7.%!%7#!A+8#(!U.5R!
%7&(0,7!.55(U#8!%7#*!%(!,.%7#&!%7#+&!%7(0,7%9!+$!.!A+90.5!U.1^!U7+47!90+%#8!%7#+&!5#.&$+$,!
9%15#Q!!:%08#$%9!U#$%!($!%(!9.1!%7.%!+$!(&8#&!%(!G&(804#!.!G&('#99+($.5!\0.5+%1!A+8#(!%7#1!7.8!
%(!*.G!(0%!.!,#$#&.5!94&+G%!G&+(&!%(!G&(804%+($Q!!67+9!94&+G%!4(058!%7#$!T#!09#8!.9!.!9%&04%0&#!
'(&!.$!#99.1Q!
S7#$!.9R#8! +'! %7#!G&(=#4%!7.8!8($#!U7.%! +%! 9#%! (0%! %(!8(^!`R9.$.!<#8(%(A.! 9.+8;! l/55! %7#!
G5.$$#8!(T=#4%+A#9!7.A#!T##$!.88c#8^!.5%7(0,7!9(*#!U+%7!*(&#!9044#99!%7.$!(%7#&9!H80#!
%(! %+*#94.5#! .$8! 9%&04%0&.5! 5+*+%.%+($9KQ! ! 67#! G&(=#4%! 7.9! 9044#99'0551! G+5(%#8! $#U!
.99#99*#$%! *#%7(89! .+*#8! .%! T&+$,+$,! 45(9#&! %(,#%7#&! %7#(&#%+4.5! 	#.&47! .$8! *#8+.!
G&(804%+($^!.$8!Ή%#8!+$!.!45#.&!+$4&#.9#!('!9%08#$%!#$,.,#*#$%Qm!!
c#,.&8+$,! G&(=#4%! #A(50%+($^! `R9.$.! 9.+8! %7.%! lW$+%+.551^! U#! G5.$$#8! %(! '(409! *.+$51! ($!
.4.8#*+4!U&+%+$,!.$8!G&(804#!.$!+990#!('!2$\0+&1!H/"2:!@f!	#.&47!=(0&$.5K!.9!($#!('!%7#!
*.+$!(0%4(*#9Q!!:+$4#!%7#!8#G.&%0&#!('!c+47.&8!?+55!H%7#!#8+%(&!('!2$\0+&1K^!.$8!U+%7!%7#!5.%#!
'0$8+$,^!%7#!=(0&$.5!#5#*#$%!U.9!%#*G(&.&+51!U+%78&.U$!'&(*!%7#!G&(=#4%Q!!?(U#A#&^!$#.&#&!
%7#!#$8!('!%7#!G&(=#4%^!%7+9!#5#*#$%!&#O#*#&,#8!+$!%7#!$#U!'(&*.%Q!!S#!7.8!.!*##%+$,!U+%7!
%7#!$#U!#8+%(&!('!2$\0+&1!+$!a.&47^!.$8!9#40!(0&!(U$!i9.$8T(3]!=(0&$.5!ij+&%0.551!c#.5]!
U7+47!U+55!G0T5+97!9%08#$%!U(&R!'&(*!a#8+.!/&%9Qm!
S+%7! &#,.&8! %(!7(U!9%08#$%9!G#&4#+A#! %7#+&! 5#.&$#&! .0%($(*1!8#A#5(G*#$%! ^! '(409! ,&(0G!
'##8T.4R! 90,,#9%! %7.%! %7#! *.+$! T#$#'+%9! ('! 09+$,! 2X-! U#&#! +$! *(%+A.%+($^! #$,.,#*#$%^!
G0&90+$,! (U$! +$%#	%9! .$8! +$! .4\0+&+$,! %&.$9'#&.T5#! 9R+559! 9047! .9! 	#.&47! .$8!
+$8#G#$8#$%!U(&R!9R+559Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >Y!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
S+%7!&#,.&8!%(!5#,.41!G5.$9^!($#!('!%7#!(''97((%9!('!%7#!G&(=#4%!U.9!.$!+8#.!%(!#$,.,#!U+%7!
a.47+$+*.!.9!($#!('!%7#!$#U!*(8#9!('!8+,+%.5!*#8+.!G&(804%+($^!.$8!%(!09#!%7+9!+$!'0%0&#!'(&!
#804.%+($.5!G0&G(9#9Q! !67+9!U(058! +$A(5A#! %7#!$##8! '(&! '0&%7#&! '0$89^!T0%!%7#!G&(4#99!7.9!
.5&#.81!T##$! 9%.&%#8!U+%7+$! %7#!40&&#$%!G&(=#4%Q! !67+9! 90**#&! %7#! %U(!9%08#$%! .99+9%.$%9!
U+55!G&(804#!.!8&.'%!94&+G%!.$8!.!9%(&1T(.&8^!.$8!(&8!9(*#!#3%&.4%9!09+$,!%7#!S(&58!('!
S.&4&.'%! #$A+&($*#$%! .$8! 94&##$4.G%0&#! .$8! a.47+$+*.! 9('%U.&#! H<c/):^! a(A+#:%(&*^!
S(SOa(8#5Oj+#U#&! .$8!S+$8(U9!a(A+#*.R#&KQ! ! 67+9!U(&R! +9! G5.$$#8! %(! 9%.&%! ($!C! e051!
.$8!'+$+97!($!CL!e051^!.%!.$!.GG&(G&+.%#!*+5#9%($#!%(!T#!G+4R#8!0G!.$8!4($%+$0#8!+$!'0%0&#Q!!
67#! $#U! 	(0&4#9! U(058! T#! 09#8! +$! %#.47+$,! ($! %7#! ic#9#.&47! *#%7(89]! *(805#^!!
9+*05%.$#(0951! %(! +5509%&.%#! 4(**($! *#%7(8(5(,+4.5! +990#9^! .$8! %(! 97(U! 9%08#$%9! .!
4($4&#%#!#3.*G5#!('!7(U!4&#.%+A#!.08+(A+90.5!U(&R!4.$!T#!09#8!'(&!%7#(&#%+4.5!G0&G(9#9Q!!!
`9R.$.!.59(!G(+$%#8!(0%!%7.%;!lW$!>ICC^!%7#!a#8+.!/&%9!.$8!"(**0$+4.%+($!E#G.&%*#$%!U+55!
7(9%!.!4($'#&#$4#Q!!67#!40&&#$%!G&(=#4%!%#.*!*#*T#&9!.&#!($!%7#!(&,.$+9+$,!4(**+%%##!.$8!
U+55!T#!09+$,!%7#!+$9+,7%9!,.+$#8!+$!%7+9!G&(=#4%!%(!'0551!+$A(5A#!0$8#&,&.80.%#!9%08#$%9!+$%(!
%7#! 4($'#&#$4#! .9! 4($%&+T0%(&9Q! ! @9+$,! %7#! #3G#&+#$4#! ('! 2X-! &#G(&%9! .$8! 94&##$4.9%!
G&(804%+($!U+%7+$! 5#A#5!J!*(805#9^!U#!U+55! 9%&04%0&#! '0%0&#!.99#99*#$%! +$! %7#!U.1! %7.%! +%!
4.$!'##8!+$%(!.!i4($'#&#$4#!'&+$,#]^!U+%7!!.08+(A+90.5!G(9%#&9!.$8!	#.&47!%&.+5#&9!G&(804#8!
T1!9%08#$%9!8+9G5.1#8!($!@$+A#&9+%1!94&##$9!.$8!:70''5#6j^!!%7#*#8!+990#9!('!j+&%0.551!c#.5!!
G&(804#8!9G#4+'+4.551!'(&!%7#!4($'#&#$4#^!.$8!9%08#$%O5#8!G.$#59!.$8!8#T.%#!9#99+($9Qm!!!
OZN!B0(4+,&!/'8!S,H/4(!+*!_&/)!L!/'8!_&/)!M!#)+=&4(9!
)&(=#4%9!80&+$,! %7#! '+&9%!.$8!9#4($8!1#.&9!U#&#!$(%! '(&*.551!#A.50.%#8!.,.+$9%!.! 9#&+#9!('!
\0.$%+%.%+A#!.$8!\0.5+%.%+A#!\0#9%+($9^!.9!.T(A#!'(&!%7#![#.&!N!G&(=#4%9Q!67#!.GG&(.47!U.9!
A#&1!+$'(&*.5!$(%+$,!(0%4(*#9!.,.+$9%!G&(=#4%!.+*9Q!
<+0'8/(-+'!_&/)!#)+=&4(9!Y_&/)!L!/'8!_&/)!M]!
<&.$R!X0&,+$!T#,.$!T1!8+94099+$,!U+%7! #A.$%!E#9+,$!9%.''! %7#! '#.9+T+5+%1!('!7.A+$,!T(%7!
2$,+$##&+$,!.$8!E#9+,$!9%08#$%9!U(&R!($!.!4(**($!,&(0GOT.9#8!G&(=#4%!.4&(99!T(%7! %7#!
2$,+$##&+$,!.$8!%7#!E#9+,$!<(0$8.%+($!4(0&9#9!09+$,!.$!2X-!.GG&(.47Q!!S7+59%!+$!G&+$4+G5#!
%7+9!U.9! 9##$! .9!G(99+T5#! .$8!8#9+&.T5#^! %+*#%.T5+$,!4($9%&.+$%9!G&#A#$%#8! %7+9! '&(*!#A#&!
T#+$,! +*G5#*#$%#8!U+%7(0%!*.=(&!*(8+'+4.%+($! %(!T(%7!('! %7#!<(0$8.%+($!4(0&9#9Q! ! W$! %7#!
#A#$%! +%! U.9! 8#4+8#8! %(! *(8+'1! %7#! G	#$%! 2$,+$##&+$,! G&(=#4%! *(805#! %(! #$.T5#! .$!
(G%+($.5! ,&(0GOT.9#8! H2X-K! .GG&(.47! %(! T#! %.R#$Q! ! 67+9!*(8+'+4.%+($! +9! +$! G5.4#! .$8! %7#!
*(805#! +9!$(U!&0$$+$,Q! !D(! '(&*.5! '##8T.4R!#3+9%9!.%! %7+9! 9%.,#! &#,.&8+$,!0G%.R#!(&!7(U!
9044#99'05!%7#!2X-!.GG&(.47!7.9!T##$Q!!67#&#!.&#!%1G+4.551!LI!9%08#$%9!($!%7#!2$,+$##&+$,!
<(0$8.%+($![#.&!.$8!%7#!G&(=#4%!+9!.!>I!4+%!*(805#Q!!D(%!.55!%7#!'0$8+$,!.55(4.%#8!%(!%7+9!
G&(=#4%!U.9!09#8!.$8!+%!U.9!*(A#8!+$%(!%7#!"&#.%+A#!a#8+.!)&.4%+4#!.$8!"&(99O<.405%1!.&#.9Q!!!
Q/(/G/9&!#)+=&4(9!Y_&/)!L!/'8!_&/)!M]!
25+g.T#%7!@&0470&%0!9044#99'0551!4(*G5#%#8!%7#![#.&!C!9%081!('!,((8!G&.4%+4#!+$!8#A#5(G+$,!
2O5#.&$+$,! *.%#&+.59^! '&(*! %7#! G(+$%! ('! A+#U! ('! *.%#&+.5! T#+$,! U&+%%#$! T1! 9%08#$%9! '(&!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! NI!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
9%08#$%9Q!!67+9!U.9!25+g.T#%7]9!)7E!	#.&47!.&#.!.$8!%7#!&#G(&%!97#!G&(804#8!U.9!%(!7.A#!
T##$!%.R#$!($!T(.&8!T1!%7(9#!&0$$+$,!%7#!E.%.T.9#9!G&(=#4%!+$![#.&!>Q!!W$!%7#!#A#$%!+%!U.9!
$(%! G(99+T5#! %(! '&##! 0G! %+*#! ($!U(&R! G5.$9! '(&! %7(9#!U+97+$,! %(! 4.&&1! (0%! %7#!E.%.T.9#9!
)&(=#4%!+$![#.&!>!.$8!%7#!G&(=#4%!U.9!.4%0.551!&0$!.9!%7#!EE2-!)&(=#4%!+$![#.&!N^!.9!8#94&+T#8!
.T(A#Q!!67#![#.&!>!'0$8+$,!.55(4.%+($!'(&!E.%.T.9#9!U.9!09#8^!+$9%#.8^!%(!'0$8!*(&#!"&(99O
<.405%1!G&(=#4%9Q!!
:09(/-'/G-5-(1!#)+=&4(!Y_&/)!M]!
/$81! [(0$,^! %7#! G&(=#4%! 5#.8^! 4(058! $(%! '+$8! %+*#! ($! 7+9! U(&R! G5.$! %(! #$,.,#! U+%7! %7#!
G&(=#4%Q!!/'%#&!9#A#&.5!.%%#*G%9!%(!γ#805#!%7#!G&(=#4%!+%!T#4.*#!45#.&!%7.%!%7#!G&(=#4%!U.9!
$(%! ,(+$,! %(! &0$! +$! %7#! '0$8+$,! G#&+(8! ('! %7#! <.405%1! )&(=#4%! .$8^! A#&1! Ǹ%.$%51^! %7#!
G&(=#4%!U.9!.T(&%#8Q!<0$8+$,!U.9!%&.$9'#&!%(!'0&%7#&!90GG(&%!%7#!"&#.%+A#!a#8+.!)&.4%+4#!
.$8! "&(99O<.405%1! .&#.9Q! ! -+$R9! U+%7! %7#! <.405%1! ('! E#A#5(G*#$%! .$8! :(4+#%1! H+$! %7#!
/&47+%#4%0&#! .&#.K^! %7#&#'(&#^! $#A#&!*.%#&+.5+9#8Q! !S+%7! %7#! 8#*+9#! ('! %7+9! 5+$R^! %7#! (%7#&!
90,,#9%#8!5+$R9!U+%7!Eh:^!+$!%7#!.&#.!('!)#&'(&*.$4#!/&%9^!.59(!$#A#&!*.%#&+.5+9#8Q!!
")&/(-F&!?&8-/!#)/4(-4&!#)+=&4(!Y_&/)!M]!
a(8#9%!'0$8+$,!7.8!T##$!#.&*.&R#8!%(!*($+%(&!%7#!G#&'(&*.$4#!('!9%08#$%9!($!%7#!5#A#5!J!
W$%#,&.%+$,!)&(=#4%!*(805#^!.9!+%!&.$!'(&!%7#!9#4($8!%+*#!.4&(99!%7#!'(0&!$#U!"a)!8#,&##9Q!
67+9!*(805#!U.9!8#5+A#!A+.!2X-!.4%+A+%1!.$8!%7#!+8#.!U.9!%(!'##8!T.4R!,((8!G&.4%+4#!+$%(!
%7#!<.405%1!)&(=#4%^!.$8!%(!*.R#!#$7.$4#*#$%9!%(!8#5+A#&1!($!%7#!"a)!8#,&##9Q! !S+%7!%7#!
.88+%+($.5!'0$8+$,!*.8#!.A.+5.T5#!T1!%7#![#.&!>!G&(=#4%9!%7.%!8+8!$(%!&0$!+%!U.9!G(99+T5#!%(!
*.R#! 4($9+8#&.T5#! #$7.$4#*#$%9! %(! 8#5+A#&1Q! ! e(7$! ?.1#9! U.9! .T5#! %(! G5.$! $#U! 5#A#5! J!
.4%+A+%+#9!H#Q,Q!U+%7!%7#!a+55#$$+0*!f.55#&+#9K!'(&!+*G5#*#$%.%+($!+$![#.&!N!.9!%7#!a09#0*!
)&(=#4%Q!!W%!U.9!.59(!G(99+T5#!%(!U(&R!U+%7!e#''!X.,,(%%^!U7(!7.8!T##$!.55(4.%#8!'0$8+$,!H9##!
T#5(UK! %(! 8#A#5(G! %7#! /"2:! 6j! "7.$$#5! H:70''5#! 6jK^! %(! 8#A#5(G! .$8! &0$! $#U! 5#A#5! L!
+$%#,&.%+$,!G&(=#4%!U(&R!.&(0$8!%7#!:70''5#!6j!4($4#G%Q!!
")+99I</405(1!#)+=&4(9!Y_&/)!M]!
W$!%7#!#A#$%^!%U(!('!%7#!%7&##!90,,#9%#8!G&(=#4%9^!U#&#!#A#$%0.551!.55(4.%#8!'0$8+$,!.$8!&.$Q!!
67#!)##&!/99+9%#8!-#.&$+$,!H)/-K!947#*#!U.9!G5.$$#8!.$8!+*G5#*#$%#8!T1!e#''!S.58(4R!($!
%7#!a.%7#*.%+49!8#,&##^! .$8! e#''!X.,,(%%!U.9!.T5#! %(! 9#%!0G! .$8! 9##!09#8!:70''5#!6j^! %7#!
/"2:!6j!"7.$$#5Q!!!
67#! )/-! 947#*#! %&.+$#8! '+$.5! 1#.&! a.%7#*.%+49! 9%08#$%9! %(! T#4(*#!*#$%(&9^! U7(! %7#$!
'.4+5+%.%#8! 9#4($8!1#.&!a.%7#*.%+49! 9%08#$%9!U(&R+$,!($! .! 9#4($8!1#.&!*(805#Q! ! :%08#$%!
'##8T.4R!90,,#9%9!%7#!947#*#!U.9!9044#99'05Q!!67#!*#$%(&9!U#&#!.T5#!%(!#$7.$4#!%7#+&!"j9^!
A+.!%7+9!*#$%(&+$,!.4%+A+%1^!.$8!%7#!9#4($8O1#.&!9%08#$%9!,.+$#8!*047!T1!T#+$,!.99+9%#8!T1!
9%08#$%9! U7(! 7.8! 8+%! #3G#&+#$4#! ('! %7#! *(805#! 4($%#$%! %7#1! U#&#! #$,.,#8! U+%7Q!!
<0$8+$,!U.9!09#8!%(!G.1!*#$%(&9!.$8!%(!,#%!%7#!947#*#!(''!%7#!,&(0$8Q!!:%08#$%9!$(U!.&#!
7.GG1!%(!A(50$%##&!.9!*#$%(&9!T#4.09#!%7#1!9##!+%!.9!.!G(9+%+A#!.$8!"jO#$7.$4+$,!.4%+A+%1Q!!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! NC!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
a#$%(&+$,! (''#&9! %7#! <.405%1! .! 4($9+8#&.T5#! 	(0&4#^! G&(A+8+$,! T#$#'+%9! %(! .55! 9%08#$%9!
+$A(5A#8Q!
:70''5#!6j!+9!%7#!$#U!/"2:!6j!47.$$#5Q! !W%9!9#%!0G!U.9!.99+9%#8!T1!"&#.%+A#!a#8+.!)&.4%+4#!
H"a)K! 9%08#$%9! ($! %7#+&! 5#A#5! L! W$%#,&.%+$,! )&(=#4%!*(805#^! U7+47! &0$9! .4&(99! %7#! '(0&!
8#,&##9!('!%7#!"a)!G&(,&.**#Q!!67#!G(%#$%+.5!('!:70''5#!6j!+9!#$(&*(09!'(&!%7#!<.405%1!.$8!
(''#&9!9%08#$%9!%7#!(GG(&%0$+%1!%(!97(U4.9#!%7#+&!U(&R!A+.!%7#!*#8+0*!('!%#5#A+9+($Q!!!
TZ!2F/50/(-+'!+*!(7&!</405(1!$%!#)+=&4(!BF&)/55!
67#!<.405%1!)&(=#4%!+9!#99#$%+.551!%7#!90*!('!+%9!9*.55!94.5#!G&(=#4%9^!U7(9#!#A.50.%+($9!7.A#!
=09%!T##$!G	#$%#8!.T(A#Q!!?(U#A#&^!.$!#A.50.%+($!.,.+$9%!%7#!(&+,+$.5!.+*9^!+$!5+,7%!('!%7#!
.T(A#!#A.50.%+($9^!+9!.GG&(G&+.%#Q!
TZL!2F/50/(-+'!/./-'9(!(7&!BF&)/55!#)+=&4(!%-,!
67#!(A#&.55!)&(=#4%!.+*!U.9! %(!#$7.$4#!9%08#$%! 5#.&$#&!.0%($(*1! %7&(0,7!#$\0+&1!T.9#8!
5#.&$+$,Q!!"5#.&51^!.9!#A+8#$4#8!.T(A#!+$!9#4%+($!J^!U#!'##5!%7+9!7.9!T##$!.47+#A#8Q!!:%08#$%9!
U7(!7.A#!#3G#&+#$4#8!2X-!($!%7#+&!*(805#9!7.A#!,&(U$!+$!4($'+8#$4#!.9!5#.&$#&9!.$8!%7#&#!
+9! 9(*#! #A+8#$4#! ('! +$4&#.9#8! G#&'(&*.$4#Q! ! :%08#$%9! .$8! 9%.''! $(U! 7.A#! .! T#%%#&!
R$(U5#8,#!('!U7.%!+9!*#.$%!T1!5#.&$#&!.0%($(*1!.$8!%7#!9%08#$%9!$(U!7.A#!.$!.GG&(.47!
%(!#$.T5#!%7#*!%(!&#'5#4%!($!%7#+&!8#A#5(G*#$%!+$!%7+9!	G#4%Q!!
TZM!2F/50/(-+'!+*!(7&!:(08&'(I)&5/(&8!%-,9!
67#! '+&9%! ('! %7#! 90T9+8+.&1! .+*9! '(&! 9%08#$%9! U.9! %(! G&(A+8#! 2X-! .4%+A+%+#9! U+%7+$! %7#!
40&&+4050*!('!#3+9%+$,!4(0&9#9Q!!67+9!7.9!45#.&51!T##$!*#%^!'(&!#3.*G5#!($!%7#!a.%7#*.%+49!
8#,&##! A+.! %7#! )/-! 947#*#^! ($! %7#! '(0&! "&#.%+A#! a#8+.! )&.4%+4#! 4(0&9#9^! ($! "(*G0%+$,!
4(0&9#9!.$8!($! %7#!2$,+$##&+$,!<(0$8.%+($![#.&Q! !67#!2X-!f0+8#!7.9!.59(!,+A#$!9%.''! %7#!
A(4.T05.&1! %(! A+#U! .$8! .9%! *.$1! ,&(0GOU(&R+$,! .4%+A+%+#9! .9! 2X-! O! 9047! .9! ($! %7#!
<.405%1]9!2$,+$##&+$,!8#,&##9!U#&#!,&(0G!U(&R!+9!.!4(**($!'#.%0&#!('!%7#!40&&+4050*Q!!
67#!9#4($8!90T9+8+.&1!.+*!'(&!9%08#$%9!U.9! %(!#$90&#! %7.%!2X-!.4%+A+%+#9!U#&#!#*T#88#8!
+$%(!$#U!4(0&9#9Q!!/9!#A+8#$4#8!+$!9#4%+($!J^!+$!%7#!5+,7%!('!#3G#&+#$4#!,.+$#8!($!%7#!)&(=#4%^!
ZT*+99+($! ('! %7#! <.405%1]9! "(*G0%+$,! 4(0&9#9^! '(&! #3.*G5#^! U+55! +$4508#! $#U! 2X-!
*(805#9Q! !67#!2X-!f0+8#!.$8!%7#!f0+8#! %(!*#.90&+$,! %7#!8#A#5(G*#$%!('!9%08#$%! 5#.&$#&!
.0%($(*1!G&(A+8#!%7#!T.9+4!%((5R+%!'(&!9%.''!%(!#*T#8!2X-!+$!%7#!40&&+4050*!('!$#U!4(0&9#9Q!!
67#&#!+9!%7#&#'(&#!$(!#3409#!'(&!9%08#$%9!%(!$(%!T#!.T5#!%(!#3G#&+#$4#!2X-!($!%7#+&!4(0&9#^!+'!
2X-!.4%+A+%1!+9!8##*#8!.GG&(G&+.%#Q!!
TZN!2F/50/(-+'!+*!(7&!:(/**I)&5/(&8!%-,9!
67#!'+&9%!('!%7#!9%.''O.%#8!.+*9!U.9!%(!G&(804#!.$!.GG&(.47!%(!%7#!8#A#5(G*#$%!('!9%08#$%!
5#.&$#&!.0%($(*1!09+$,!2X-^!'(&!*(805#!5#.8#&9!.$8!4(0&9#!G5.$$+$,!%#.*9Q!!!67+9!7.9!T##$!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! N>!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
.47+#A#8Q! ! 67#! %U(! f0+8#9! G&(804#8! T1! %7#! )&(=#4%! a.$.,#&9! .&#! 4($%.+$#8! +$! %7#!
/GG#$8+4#9!%(!%7#!&#G(&%Q!!67#!f0+8#9!7.A#!G&(A+8#8!.55!9%.''!U+%7!.!4(**($!'&.*#U(&R!.$8!
A(4.T05.&1!'(&!8#5+A#&1!.$8!4(0&9#!G5.$$+$,!G0&G(9#9Q!!
67#!9#4($8!.+*!U.9!%(!8#A#5(G!9%.''!+$!%7#+&!-6/!G&.4%+4#!U+%7!&#,.&8!%(!2X-Q!!67+9!7.9!T##$!
.47+#A#8!%7&(0,7!A.&+(09!<.405%1O!.$8!@$+A#&9+%1O&0$!U(&R97(G9!($!2X-Q! !67#!%U(!f0+8#9!
7.A#!.59(!T##$!+*G(&%.$%!.5($,!U+%7!%7#!4($9%.$%!90GG(&%!.$8!7#5G!G&(A+8#8!%(!::)!9%.''!T1!
%7#! `G#&.%+($9!a.$.,#&Q! ! /9! 9%.%#8! #.&5+#&^! %7#! &.8.&! 94&##$! .GG&(.47! %(! +8#$%+'1+$,! .$8!
*#.90&+$,!U7.%!+9!*#.$%!T1!9%08#$%!5#.&$#&!.0%($(*1!+9!.!%((5!%7.%!4(058!T#!09#8!+$!9%.''!
8#A#5(G*#$%Q! ! :%.''! 4(058! +8#$%+'1! 8#5+A#&1! .GG&(.47#9! %7.%!U(058! 7#5G! 9%08#$%9! 8#A#5(G!
5#.&$#&! .0%($(*1! 9R+559Q! ! ! 67#1! 4(058! %7#$! #A.50.%#! %7#+&! (U$! G&.4%+4#! .,.+$9%! %7#9#!
.GG&(.47#9^!%709!+8#$%+'1+$,!%7#+&!(U$!8#A#5(G*#$%!$##89Q! !67+9!4(058!T#!.!G(U#&'05!9%.''!
8#A#5(G*#$%!*#47.$+9*^!#9G#4+.551!+'!%7+9!U#&#!4.&&+#8!(0%!U+%7!.!G##&Q!
67#! %7+&8! .+*!U.9! %(! G&(804#! 4.9#! 9%08+#9! +$! (&8#&! %(! 8+99#*+$.%#! G&.4%+4#Q! ! 67+9! .+*! +9!
T#+$,! .47+#A#8! .9! 9%.''! *#*T#&9! U&+%#! 0G! .$8! G0T5+97! %7#+&! #3G#&+#$4#9! .$8! '+$8+$,9!
U(&R+$,!U+%7!%7#!2X-!.GG&(.47Q!!/!5+9%!('!9(*#!('!%7#!G0T5+4.%+($9!T1!9%.''!.99(4+.%#8!U+%7!
%7#! )&(=#4%! +9! ,+A#$! +$! %7#! /GG#$8+4#9Q! ! 67#&#! +9! .*G5#! #A+8#$4#^! 4($%.+$#8! +$! 9#4%+($! J!
.T(A#^! %7.%! 9%.''! H.$8! 9(*#! 9%08#$%9K! .&#! G&#G.&+$,! .&%+45#9! '(&! G0T5+4.%+($! T.9#8! ($! %7#!
U(&R!('!%7#!<.405%1!-/!)&(=#4%Q!
67#! '(0&%7! .+*! U.9! %(! G&(A+8#! .! T.$R! ('! 	(0&4#9! .$8! 90GG(&%! %(! #$4(0&.,#! 9%.''! %(!
+$%&(804#!2X-!+$%(!%7#!40&&+4050*Q!!S#!'##5!%7+9!.+*!+9!T#+$,!.47+#A#8Q!!:%.''!7.A#!.44#99!%(!
%7#! %U(! f0+8#9^! #A.$%! G0T5+4.%+($9! .$8^! +*G(&%.$%51^! %7#! ")-/! "26-! 	(0&4#9Q! ! 67#!
<.405%1!7.9!.$!-6/!U#T9+%#!.$8!+%!+9!7(G#8!%7.%!%7+9!&#G(&%!.$8!.55!.%#8!G0T5+4.%+($9!U+55!
T#!.99#*T5#8!($!%7#!9+%#!.9!.!H,&(U+$,K!	(0&4#!'(&!9%.''!+$!%7#!2X-!.&#.Q!
67#!'+$.5!.+*!U.9!%(!4(55.T(&.%#!.4&(99!'.405%+#9^!U+%7!Eh:!+$!G.&%+405.&^!+$!%7#!8#A#5(G*#$%!
('!2X-!.$8!+%9!+*G.4%!($!9%08#$%!5#.&$#&!.0%($(*1Q!!:.851^!%7+9!.+*!7.9!$(%!T##$!.47+#A#8!
&#,.&8+$,!5+$R.,#9!U+%7!Eh:Q!!?(U#A#&^!+%!+9!45#.&!H'&(*!-/!U(&R97(G9!U+%7+$!%7#!@$+A#&9+%1K!
%7.%!*#$%(&+$,! +9! .$! .GG&(.47! %7.%! +9! T#+$,! #*T&.4#8! T1! 9#A#&.5! <.405%+#9! %(! #$&+47! %7#!
9%08#$%!#3G#&+#$4#!.$8!%(!8#A#5(G!%7(9#!9%08#$%9!+$A(5A#8!+$!*#$%(&+$,Q!!67#&#!U(058!9##*!
%(! T#! 94(G#! '(&! '0&%7#&! +$%#&O<.405%1! 4(55.T(&.%+($^! #9G#4+.551! .&(0$8! %7#! 8#A#5(G*#$%! ('!
@$+A#&9+%1OU+8#!(G%+($!*(805#9!+$!*#$%(&+$,Q!
TZO!S'!:0,,/)1!
W$!90**.&1!U#!'##5!%7#!.+*9!('!%7#!<.405%1!-/!)&(=#4%!7.A#!T##$!*#%Q!!67#!71G(%7#9+9!%7.%!
2X-! 8(#9! #$7.$4#! -/^! U#! T#5+#A#^! +9! %&0#Q! ! S#! '##5! .59(! %7.%! 9##R+$,! %(! #$7.$4#! %7#!
8#A#5(G*#$%!('!9%08#$%!5#.&$#&!.0%($(*1!#''#4%+A#51!U(&R9!%(U.&89!*##%+$,!%7#!G#G%9!
('! %7#! @$+A#&9+%1]9! "(&G(&.%#! )5.$Q! ! 67#! A(4.T05.&1! 7.9! T##$! #9%.T5+97#8! '(&! '0&%7#&!
*#.$+$,'05! 2X-! .$8! -/! 8#A#5(G*#$%9Q! ! :%.''! 7.A#! +$4&#.9#8! %7#+&! .T+5+%1! %(! 8#5+A#&! 2X-!
.4%+A+%+#9!.$8!4(0&9#9!7.A#!T##$!#$&+47#8!U+%7!2X-!+$!.!909%.+$.T5#!'.97+($Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! NN!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
aZ!"+'(-'0/(-+'!#5/'9!
"($%+$0+$,!%7#!8#A#5(G*#$%9!%7.%!7.A#!T##$!#$,#$8#!T1!%7#!<.405%1!-/!)&(=#4%!+9!,(+$,!
%(!T#!.!*.=(&!47.55#$,#!'(&!%7#!@$+A#&9+%1!.$8!'(&!%7#!?#.89!('!-6/!.%!<.405%1!5#A#5Q!!S+%7+$!
/"2:!#.47!('!%7#![#.&!N!::)9!7.A#!+$8+4.%#8!%7.%!8#A#5(G*#$%9!U+55!4($%+$0#!+$%(!%7#!'0%0&#^!
#+%7#&! ($! #3+9%+$,! 4(0&9#9^! (&! ($! $#U! 4(0&9#9Q! ! :(*#!7.A#! +$8+4.%#8! %7#!$##8! '(&! '0&%7#&!
'0$8+$,^!U7+47!.%!%7+9!9%.,#!+9!$(%!,0.&.$%##8Q!
/5%7(0,7! G&(=#4%9! 7.A#! T##$! .9R#8! .T(0%! %7#+&! 5#,.41! .$8! 4($%+$0.%+($! G5.$9^! +%! 7.9! $(%!
T##$!G(99+T5#!%(!.$.519#!%7#9#!+$!.$1!8#%.+5!.%!%7+9!9%.,#!%(!4(*#!0G!U+%7!.!4($%+$0.%+($!G5.$!
'(&! %7#!U(&R!('! %7#! <.405%1! )&(=#4%Q! ! /9! )&(=#4%!a.$.,#&9! (0&! (**#$8.%+($! +9! %7.%! .55!
G&(=#4%! 5#.89! T#! 8#T&+#'#8! T1! %7#! ?#.8! ('! -6/! %(! '(&*05.%#! 9047! .! 4($%+$0.%+($! G5.$! %(!
#$90&#!%7.%!%7#!#34#55#$%!U(&R!4.&&+#8!(0%!T1!%7#*!4($%+$0#9!+$%(!%7#!'0%0&#!+$!.!909%.+$.T5#!
U.1Q!
bZ!"+'4508-'.!)&,/)@9!
67#!'(55(U+$,!+9!9+*G51!.!5+9%!('!G(+$%9!.$8!+990#9!.&+9+$,!'&(*!%7#!U(&R!4.&&+#8!(0%!($!%7#!
)&(=#4%Q!!:(*#!*.1!$(%!T#!#A.$%!'(&!4($%+$0.%+($!('!%7#!U(&R!('!%7#!)&(=#4%^!T0%!U+55!T#!('!
09#!+$!(%7#&!4($%#3%9Q!!
bZL!#)/4(-4/5-(-&9!
<0$8#8!G&(=#4%9!$##8! %(!T#!8#5+A#!T1! 9%.''Q! ! W$! %7#!/"2:!<.405%1!)&(=#4%! %7#! 4($94+(09!
8#4+9+($!U.9!%.R#$!%(!+$A(5A#!.9!*.$1!<.405%1!9%.''!.9!G(99+T5#!H.9!(GG(9#8!%(!T01+$,!+$!9%.''K!
%(!#$90&#! %7.%! %7#!#3G#&+#$4#!,.+$#8!U(058! 	+8#!U+%7+$! %7#!<.405%1!.$8!%7#&#!U(058!T#!
4($%+$0+%1!.'%#&!%7#!)&(=#4%!'0$8+$,!4#.9#8Q! !?(U#A#&^!%7#!+990#!('!T01+$,O(0%!<.405%1!9%.''!
U.9!G&(T5#*.%+4!.$8!Ή%#8!+$!9(*#!::)9!$(%!&0$$+$,^!(&!7.A+$,!%(!T#!8#'#&!T1!.!1#.&Q!
a(9%! ('! %7#! 2X-! 9*.55! 94.5#! G&(=#4%9! 9(0,7%! %(! 4&#.%#! *+3#8! 4(**0$+%+#9! ('! 9%08#$%9! n!
#+%7#&! T1! 7.A+$,! &#*+%9! %.4R5#8! T1! 9%08#$%9! '&(*! 8+''#&#$%! 8+94+G5+$#! .&#.9^! (&! T1!*+3+$,!
8+''#&#$%!1#.&9!($!.!G.&%+405.&!4(0&9#Q!!/9!+%!9(($!T#4.*#!45#.&!%7+9!7.8!+%9!G&(T5#*9Q!!W%!U.9!
$(%!.5U.19!#.91!%(!%+*#%.T5#!9%08#$%9!.4&(99!8+''#&#$%!4(0&9#9Q!!67#!+$%#,&.%#8!G&(=#4%!U(&R!
($!%7#!"&#.%+A#!a#8+.!)&.4%+4#!4(0&9#9!($51!&.$!9*((%751!T#4.09#!%7#!4(0&9#9!.55!7.8!%7#+&!
W$%#,&.%#8!)&(=#4%!*(805#!.%! %7#!9.*#!%+*#!O!T1!8#9+,$Q! ! W$%&(804+$,! +$$(A.%+($9! +$%(! %7#!
40&&+4050*!+9!$(%!.5U.19!#.91!.$8!+8#.551!$##89!%(!T#!G5.$$#8!+$!.%!%7#!4(0&9#!8#9+,$!9%.,#Q!
bZM!:(/**!90HH+)(!
:%.''!$##8!%(!T#!U#55!90GG(&%#8!.$8!7.A#!%7#!&+,7%!%((59!+'!+$$(A.%+($!+9!%(!T#!+$%&(804#8!+$!.!
919%#*.%+4!U.1Q!!67#!"26-!-/!'(409!U.9!#34#55#$%!.9!.!9%.&%+$,!G(+$%!+$!&.+9+$,!.U.&#$#99Q!!
67#!%U(!f0+8#9!G&(804#8!%(!90GG(&%!9%.''!+#8!7#.A+51!($!%7#!	(0&4#9!.5&#.81!.A.+5.T5#!
($! %7#! ")-/! U#T9+%#Q! 67#&#! +9! $(U! .! ,&(U+$,! G((5! ('! 9%.''! 09+$,! 2X-! .$8! %7+9! 97(058!
4($%+$0#!%(!,&(U!.9!8+99#*+$.%+($!('!%7#!U(&R!('!%7#!)&(=#4%!4($%+$0#9Q! !6(!%7+9!#$8!%7#&#!
$##89!%(!T#!#''#4%+A#!8+99#*+$.%+($!('!%7+9!U(&R!T1^!'(&!#3.*G5#^!U(&R97(G9^!9#*+$.&9!.$8!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! NJ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
%7#!<.405%1]9!-6/!U#T9+%#Q!!:%.''!8#A#5(G*#$%!%((59!.$8!*#47.$+9*9!.%#8!%(!2X-!.$8!%7#!
8#A#5(G*#$%!('!5#.&$#&!.0%($(*1!.59(!$##8!8#A#5(G+$,!.$8!'(&*.5+9+$,!919%#*.%+4.551Q!!!
bZN!:(08&'(!90HH+)(!
:%08#$%9!5#.&$+$,!+$!4(**0$+%+#9!('!G&.4%+4#!$##8!%(!R$(U!45#.&51!U7.%!+9!&#\0+!('!%7#*!
.$8!U71Q!!X#'(&#!.$1!2X-!.4%+A+%1!+9!4.&&+#8!(0%!9%08#$%9!U+55!$##8!%(!T#!A#&1!U#55!T&+#'#8Q!!
67#1!U+55!.59(!$##8!%(!R$(U!%7.%!%7#!2X-!.4%+A+%1!%7#1!.&#!+$A(5A#8!+$!+9!8#9+,$#8!%(!8#A#5(G!
%7#*!.9!.0%($(*(09!5#.&$#&9Q!!/,.+$^!9%08#$%9!U+55!7.A#!%(!T#!+$%&(804#8!4.&#'0551!%(!U7.%!
+9!*#.$%!T1!5#.&$#&!.0%($(*1!.$8!T#!4(.47#8!+$!U.19!('!#$.T5+$,!%7#*!%(!&#'5#4%!($!%7#+&!
(U$!8#A#5(G*#$%!+$!%7+9!	G#4%Q!!67#1!97(058!%.R#!U#55!%(!U(&R+$,!U+%7!%#47$(5(,1!%7.%!+9!
8#9+,$#8!%(!#$.T5#!%7#*!%(!U(&R!+$!,&(0G9!.$8!9%.''!U+55!$##8!%(!T#!.U.&#!('!7(U!T#9%!%(!
4&#.%#!.GG&(G&+.%#!A+&%0.5!5#.&$+$,!9G.4#9!'(&!.!,+A#$!G.&%+405.&!2X-!.4%+A+%1Q!!
:%08#$%9!8(!.GG#.&!%(!#$=(1!G##&!.99+9%#8!5#.&$+$,!.$8!*#$%(&+$,Q!!:%.''!97(058!T#!.U.&#!('!
%7#!G(%#$%+.5!'(&!%7+9!($!%7#+&!*(805#Q!
bZO!%G+0(!2>$!/'8!(7&!8&F&5+H,&'(!+*!$%!
/55! 9%.''! #$,.,#8!U+%7! %7#!<.405%1!)&(=#4%!7.A#! &#G(&%#8!G(9+%+A#51!($! %7#!2X-!.4%+A+%1! ($!
U7+47! %7#1! 7.A#! T##$! #$,.,#8Q! ! 67#1! 7.A#! #$=(1#8! &0$$+$,! %7#+&! G.&%+405.&!*(805#! .$8!
9%08#$%! '##8T.4R!7.9! ,#$#&.551!T##$!G(9+%+A#Q! !?(U#A#&^! #$%709+.9%+4! 9%.''! #.9+51! ,#$#&.%#!
#$%709+.9%+4!9%08#$%9!.$8!G#&7.G9!*(&#!	#.&47!+9!$##8#8!($!%7#!#''+4.41!('!2X-Q! !2X-!+9!
$(%!.GG+.%#8!T1!.55! 9%08#$%9!.$8! %7#&#! +9! %7#!(T9#&A.%+($! %7.%!8+9#$,.,#8!9%08#$%9!.&#!
'0&%7#&!.5+#$.%#8!T1!2X-Q! !/%! %7#!c(1.5!:47((5!('!a+5+%.&1!:0&A#1^!U7#&#! %7#!40&&+4050*!+9!
8#5+A#!+$!'(&%$+,7%51!T5(4R9^!9%08#$%9!8(!$(%!5+R#!U(&R+$,!+$!,&(0G9!T#4.09#!('!%7#!A#&1!
4(*Gc#8!%+*#94.5#9Q!
2X-! .4%+A+%1! +$A.&+.T51! 5#.89! %(! 7.A+$,! %(! .99#99! 9%08#$%9! .9!*#*T#&9! ('! .! ,&(0GQ! !a.$1!
G&(T5#*9! &#*.+$! &#,.&8+$,! %7#! .99#99*#$%! ('! ,&(0G!U(&R^! T0%!*047! ,((8! G&.4%+4#! $(U!
#3+9%9Q!!/99#99+$,!%7#!8#A#5(G*#$%!('!-/^!7(U#A#&^!+9!.!$#U!.&#.!('!	#.&47Q!!67#!.GG&(.47!
90,,#9%#8! +$! %7#! 9#4($8!('! %7#!f0+8#9!G&(804#8!T1! %7#!)&(=#4%!a.$.,#&9! +9! %7.%! 9%08#$%9!
%.R#! 47.&,#! ('!*#.90&+$,! %7#+&! (U$!-/!8#A#5(G*#$%! 09+$,! %7#! &.8.&! 94&##$!*(8#5Q! ! W%! +9!
%7#+&!&#'5#4%+($9!($!%7#+&!(U$!-/!8#A#5(G*#$%!%7.%!+9!%7#$!.99#99#8!T1!9%.''Q!!!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! NL!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
%"2:!%HH&'8-3!L!
2'K0-)1I>/9&8!$&/)'-'.;!%!.0-8&!*+)!9(/**!
<+)&J+)8! !
"+'(&3(! !
67&!"7/55&'.&!!
U7/(!-9!2'K0-)1I>/9&8!$&/)'-'.c! !
P&4+.'-9/G5&!*+),9!+*!2>$! !
"0))&'(!&3/,H5&9!+*!2>$!-,H5&,&'(/(-+'!-'!%"2:!!
2'.-'&&)-'.! !
:09(/-'/G-5-(1!!
")&/(-F&!?&8-/!#)/4(-4&! !
<+409!X)+0H!*&&8G/4@! !
BHH+)(0'-(-&9!*+)!</405(1IJ-8&!#)+=&4(9! !
6&,H5/(&!*+)!/!(1H-4/5!2>$!#)+=&4(! !
"7++9-'.!/!90-(/G5&!H)+=&4(! !
"7++9-'.!/'8!&'*+)4-'.!90-(/G5&!H)+=&4(!G+0'8/)-&9! !
"7++9-'.!/!(&/,!09-'.!?1&)9!>)-..9!H9147+5+.1!/'8!>&5G-'!(&/,!(7&+)1! !
:()/(&.1!*+)!&(7-4/5!-,H5&,&'(/(-+'! !
BG(/-'-'.!:(08&'(!G01I-'! !
U&&@51!6&/,!?/'/.&,&'(!:7&&(!Y*+)!09&!G1!6&/,!$&/8&)]! !
2'./.-'.!:(08&'(9! !
E9&*05!6-H9! !
P&*&)&'4&9! !
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! Nd!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
<+)&J+)8!
/9!.!*#*T#&!('!9%.''^!U(058!1(0!5+R#!%(!9##!1(0&!9%08#$%9!8#A#5(G!.!9%&($,!9#%!('!5+'#O9R+559!
.5($,9+8#!%7#+&!%#47$+4.5!9R+559p!!S(058!1(0!5+R#!%(!9##!1(0&!9%08#$%9!#34##8!%7#+&!(U$!H.$8!
1(0&K!#3G#4%.%+($9p!!S(058!1(0!5+R#!%(!9##!1(0&!9%08#$%9!U(&R+$,!($!G&(=#4%9!U+%7!9%08#$%9!
($!(%7#&!8#,&##9!.$8!7.A+$,!'0$p!!!
WA.$!a((&#^!E+%(&!('!%7#!"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!"#$%&#!('!234#55#$4#!+$!
6#.47+$,! .$8! -#.&$+$,! H")-/! "26-K^! %#559! 09! '&(*! 7+9! #3G#&+#$4#! %7.%! .55! ('! %7#9#! .&#!
G(99+T5#! %7&(0,7! 2$\0+&1OX.9#8! -#.&$+$,! H2X-KQ! ! W$8##8^! 9%.''! +$! %7#! <.405%1! U7(! 7.A#!
+*G5#*#$%#8!2X-!+8#.9!+$%(!%7#+&!%#.47+$,^!4($'+&*!WA.$b9!'+$8+$,9Q!
67+9!,0+8#!U+55!7#5G!1(0!%(!#9%.T5+97!.$!2X-!.GG&(.47!U+%7+$!1(0&!*(805#9Q!!67#!,0+8#!9#%9!
8(U$!9%&.%#,+#9!.$8!9%&04%0	!%7.%! '.4+5+%.%#!#$\0+&1OT.9#8!5#.&$+$,!T.9#8!($!#3G#&+#$4#^!
T#9%!G&.4%+4#!.$8!	#.&47Q!!67#!,0+8#!4($%.+$9!71G#&5+$R9!%(!($5+$#!	(0&4#9!.$8!90GG(&%^!
4#$%!.&(0$8!%7#!"26-!%#.*!.$8!($!<.405%1!9%.''!U7(!7.A#!#3G#&+#$4#!09+$,!2X-Q!
/9!#8+%(&9!U#!7(G#!1(0!'+$8!%7#!,0+8#!#3%&#*#51!09#'05Q!!S#!.&#!4($'+8#$%!%7.%!1(0!U+55!9##!
9+,$+'+4.$%! 47.$,#9! +$! 1(0&! 9%08#$%9b! .T+5+%1! %(!*.$.,#! %7#+&! (U$! 5#.&$+$,! .9! .! Ή%! ('!
+*G5#*#$%+$,!.$!2X-!9%&.%#,1!+$!1(0&!%#.47+$,Q!
^09(-'!$&J-9!
%55/'!W+)45-**&!
"+'(&3(!
67#!@$+A#&9+%1b9!-#.&$+$,!.$8!6#.47+$,!:%&.%#,1!#*G7.9+9#9!%7#!$##8!%(!8#A#5(G!U+%7+$!(0&!
9%08#$%9^! 5#.&$#&! .0%($(*1! O! +$! (%7#&!U(&89! %7#! .T+5+%1! ('! 9%08#$%9! %(!*.$.,#! %7#+&! (U$!
5#.&$+$,Q! ! :%08#$%9!U+%7! 7#+,7%#$#8! 5#.&$#&! .0%($(*1!.&#!*(&#! 5+R#51! %(!*##%! 8#.85+$#9!
.7#.8!('!%+*#^!.%%#$8!45.99#9!4($9+9%#$%51!.$8!.47+#A#!,&.8#9!+$!5+$#!U+%7!%7#+&!G(%#$%+.5Q!!!!
67#!@$+A#&9+%1!+9!8#9+,$.%#8!T1!%7#!?+,7#&!2804.%+($!<0$8+$,!"(0$4+5!.9!T#+$,!.!"#$%&#!('!
234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!H"26-K!+$!5#.&$#&!.0%($(*1^!%7#!'(409!'(&!U7+47!+9!%7#!
-#.&$#&! /0%($(*1! "26-Q! ! c#4#$%51! %7#! "26-! 7.9! *.8#! .A.+5.T5#! '0$8+$,! %(! T(%7! %7#!
<.405%+#9!('!/"2:!.$8!Eh:!%(!#$.T5#!9%08#$%9! %(!#$7.$4#! %7#+&! 5#.&$#&!.0%($(*1!%7&(0,7!
#$,.,+$,!+$!#$\0+&1OT.9#8!5#.&$+$,Q!!!
2X-!&#G	#$%9!.!97+'%!.U.1!'&(*!G.99+A#!%#.47+$,!*#%7(89^!U7+47!+$A(5A#!%7#!%&.$9*+99+($!
('!R$(U5#8,#!%(!9%08#$%9^!%(!*(&#!'.4+5+%.%+A#!*#%7(89!%7&(0,7!U7+47!9%08#$%9!.&#!#3G#4%#8!
%(!4($9%&04%!%7#+&!(U$!R$(U5#8,#!.$8!0$8#&9%.$8+$,!T1!#$,.,+$,!+$!90GG(&%#8!G&(4#99#9!('!
#$\0+&1Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! NM!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
67#! <.405%1b9! 2X-! '0$8+$,! '&(*! %7#! -/! "26-! +9! '(&! %U(! .$8! .! 7.5'! 1#.&9! .$8! +9! .+*#8!
G&+*.&+51!.%!7#5G+$,!%(!#*T#8!2X-!+8#.9!+$%(!%7#!40&&+4050*Q!!W$+%+.551!'0$8+$,!U+55!T#!09#8!
%(!8#A#5(G!9#5#4%#8!2X-!G&(=#4%9!+$!$#U!.&#.9^!8&.U+$,!($!T#9%!G&.4%+4#!.$8!#3G#&+#$4#!('!
09+$,!2X-!($!#3+9%+$,!*(805#9Q! !a.$1!4(0&9#9! +$!%7#!<.405%1!.5&#.81!09#!2X-!.GG&(.47#9^!
.5%7(0,7!*(805#!8#94&+G%(&9!*+,7%!$(%!&#'#&!#3G5+4+%51!%(!%7#!%#&*Q! !<0$8+$,!+$!5.%#&!1#.&9!
U+55! T#! 09#8! %(! .99+9%! U+%7! +*G5#*#$%.%+($! .$8! #A.50.%+($^! .$8! '(&! %7#! 8#A#5(G*#$%! ('!
'0&%7#&!G&(=#4%9Q!!!
67#! 2X-! G&(=#4%! 9%.&%#8! +$! <#T&0.&1! >IIZ! .$8! ($#! ('! %7#! '+&9%! (0%4(*#9! 7.9! T##$! %7#!
G&(804%+($!('! %7+9! ,0+8#Q! !a047! ('! %7#! '0$8+$,! '(&! %7#! >IIZVY! .4.8#*+4! 9#99+($!7.9! $(U!
T##$!.55(4.%#8!%(!8#A#5(G!2X-!4($%#$%Q!!W8#.9!'(&!%7#!>IIYVCI!9#99+($!.&#!U#54(*#!.$8!U+55^!
+$!.$1!4.9#^!T#!4.$A.99#8Q!
67&!"7/55&'.&!
W$809%&1! %#559! 09! %7.%! %7#&#! .&#! G&(T5#*9! U+%7! 9%08#$%9! #$%#&+$,! U(&R^! '&(*! ?2! U+%7! .!
%#47$(O4#$%&+4!U(&58!A+#U!Ha+$89#%!/K^!U7#&#!%7#+&!4(&#!9R+559!.&#!$(%!90GG5#*#$%#8!U+%7!
9(5+8! 5+'#! 9R+559Q! ! <(&! #3.*G5#^! 0$+A#&9+%1! #$,+$##&+$,! 9%08#$%9!*.1! &#'09#! %(! #$,.,#!U+%7!
.4%+A+%+#9!%7.%!5+#!(0%9+8#!('!%7#+&!90T=#4%Q!
!
2$\0+&1OT.9#8! 5#.&$+$,! 9##R9! %(! 90GG51! .! 9+*05.%#8! #3G#&+#$4#! %7.%! 7#5G9! G&#G.&#! %7#9#!
9%08#$%9! '(&! +$809%&1! Ha+$89#%! XKQ! ! 67#! +$,+#$%9! '(&! %7#! 9+*05.%#8! #3G#&+#$4#! 4.$! T#!
8+94(A#!T1!(T9#&A.%+($!('!%7#!%.&,#%!+$809%&1!.$8!4(55.T(&.%+($!U+%7!+$809%&1!5#.8#&9Q!
!
U7/(!-9!2'K0-)1I>/9&8!$&/)'-'.c!!
7%%G;VV#3%&.Q970Q.4Q0RV4#%5V4G5.V	(0&4#9Q7%*5!
• 2$\0+&1!X.9#8!-#.&$+$,!+9!.!$.%0&.5!'(&*!('!5#.&$+$,^!T(&$#!(0%!('!(0&!+$$.%#!9#$9#!
('!40&+(9+%1!.$8!8#9+&#!%(!0$8#&9%.$8!
• W%! +9!,#$#&+4.551!.GG5+4.T5#^!.$8!7.9!,&(U$!'&(*!*(8#55+$,! 5#.&$+$,! +$!.!$0*T#&!('!
90T=#4%9!
• W%!G&(*(%#9!+$%#&OG&('#99+($.5!.$8!+$%#&8+94+G5+$.&1!5#.&$+$,!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! NZ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
• W%!7#5G9!8#A#5(G!9%08#$%!.0%($(*1!.$8!#*G5(1.T+5+%1Q!
2X-! +9! G.&%+405.&51! ,((8! '(&! 8#A#5(G+$,! .! &.$,#! ('! R#1! 9R+559! %7.%! %&.$94#$8! 90T=#4%!
R$(U5#8,#;!
• /4.8#*+4!9R+559!('!	#.&47!.$8!+$'(&*.%+($!G&(4#99+$,!
• W$%#55#4%0.5! 9R+559! 9%.&%+$,! '&(*! R$(U5#8,#! .4\0+9+%+($! .$8! *.$+G05.%+($^! *(A+$,!
%7&(0,7!.GG5+4.%+($!.$8!.$.519+9^!405*+$.%+$,!U+%7!91$%7#9+9!.$8!#A.50.%+($!
• )&('#99+($.5! 9R+559! +$4508+$,! 5#.8#&97+G^! .$8! G&(=#4%! *.$.,#*#$%^! %7&(0,7! %7#!
G&.4%+4.5!.GG5+4.%+($!('!%7#(&1!+$!.!%#.*!4($%#3%!
• )#&9($.5!9R+559!('!.44#G%+$,!	G($9+T+5+%1^!T#+$,!4&#.%+A#!.$8!%+*#!*.$.,#*#$%Q!
2X-!#$7.$4#9!9%08#$%!*(%+A.%+($!T1!9(4+.5+9+$,!%7#+&!5#.&$+$,!.$8!#$,.,+$,!U+%7!.0%7#$%+4!
&#.5OU(&58!G&(T5#*9Q!
P&4+.'-9/G5&!*+),9!+*!2>$!
2$\0+&1OT.9#8!5#.&$+$,!.4%+A+%+#9!+$4508#!!
• E#9+,$!
• )&(T5#*OT.9#8!5#.&$+$,!
• ".9#OT.9#8!5#.&$+$,!
• <+#58!%&+G9!
• E+99#&%.%+($9!.$8!G&(=#4%OT.9#8!5#.&$+$,!
• c#9#.&47Q!
67#!8#'+$+$,!'#.%0&#!('!2X-!+9!%7.%!($4#!9%08#$%9!7.A#!T##$!,+A#$!.$!(G#$!T&+#'^!%7#1!,(!($!
%(!8#%#&*+$#!%7#+&!(U$!5+$#9!('!#$\0+&1!.$8!+8#$%+'1!U7.%!+$'(&*.%+($!%7#1!$##8Q!!
"0))&'(!&3/,H5&9!+*!2>$!-,H5&,&'(/(-+'!-'!%"2:!
2'.-'&&)-'.!I!:DE!P/4-'.! !
q/55! :7#''+#58! ?.55.*! 9%08#$%9! .&#! +$A+%#8! %(! =(+$!
%7#!%#.*Q!W'!1(0!'##5! %7.%!1(0!7.A#!%7#!#$%709+.9*!
.$8!8#8+4.%+($! %(!U(&R!($!.$!#34+%+$,!*(%(&9G(&%!
G&(=#4%!'&(*!9%.&%!%(!'+$+97^!%7#$!1(0!4(058!*.R#!.$!
+8#.5!*#*T#&!('!%7#!<(&*05.!:%08#$%!%#.*Qq!!
7%%G;VVUUUQ970Q.4Q0RV970&.4+$,!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! NY!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
:09(/-'/G-5-(1!I!24+I7+09&!I!/!H)+=&4(!*+)!909(/-'/G5&!5-F-'.!
q67#!i#4(O7(09#]!G&(=#4%!'0$8#8!T1!%7#!?+,7#&!
2804.%+($! /0%7(&+%1! H?2/K^! 7.9! 7#5G#8!
9%08#$%9!5#.&$!.T(0%!909%.+$.T+5+%1QQQQq!
7%%G;VV*.%#&+.59Q970Q.4Q0RV#O
$#U9V+990#dV#4(7(09#Q7%*5!
!
")&/(-F&!?&8-/!#)/4(-4&!
q/55! 9%08#$%9!($! %7#!X/!E+,+%.5!a#8+.!)&(804%+($!8#,&##!U(&R!U+%7! 9%08#$%9! '&(*! %7#!X/!
/$+*.%+($^! X/! <+5*! .$8! j+90.5! 2''#4%9! .$8! X/! f.*#9! E#9+,$! %(! 4.&&1! (0%! .$! +$%#,&.%#8!
G&(=#4%!U7#&#!.$!2X-!.GG&(.47!+9!09#8Qq!
7%%G;VVG&(9G#4%09Q970Q.4Q0RV(Gs@f5((R0GCQ4'*p+8s$0*tL>dh"0&&6.TtJ!
<+409!X)+0H!*&&8G/4@!
67#!'0$8+$,!'&(*!%7#!-/!"26-!9%.&%#8!+$!<#T&0.&1!>IIZ!.$8!*047!('!%7#!#.&51!.4%+A+%1!7.9!
T##$!09#8!%(!4.&&1!(0%!.!94(G+$,!#3#&4+9#!%(!8#%#&*+$#!%7(9#!2X-!G&(=#4%9!%(!T#!'0$8#8!+$!
%7#! >IIZVIY! .4.8#*+4! 9#99+($Q! ! 67#! %(%.5! '0$8+$,!U.9!9(*#! kJLR^! %(! T#! 9G&#.8! G&(O&.%.!
(A#&!%7#!%U(!.$8!.!7.5'!1#.&!G#&+(8Q!!6(!8#%#&*+$#!%7#!G(99+T5#!G&(=#4%!.&#.9!.55!9%.''!+$!%7#!
<.405%1!7.A#!T##$!+$A+%#8!%(!U(&R97(G9!.%!"+%1!".*G09!H>>!<#T!>IIZK!.$8!.%!)9.5%#&!-.$#!
H>M! <#T! >IIZKQ! ! /%! %7#9#! *##%+$,9! +8#.9! U#&#! G0%! '(&U.&8! T1! 9%.''! .$8! 8+94099#8Q! ! 67#!
G(99+T5#!G&(=#4%!.&#.9!'(&!%7#!>IIZVIY!.4.8#*+4!9#99+($!+$4508#!%7#!'(55(U+$,;!!
• "&#.%+A#!a#8+.!)&.4%+4#!
• :09%.+$.T+5+%1!
• <(0$8.%+($O[#.&!4(0&9#9!
• E.%.T.9#9VW6!
• <.405%1OU+8#!.&#.9Q!
!")&/(-F&!?&8-/!#)/4(-4&!
2X-! G&(=#4%! U(&R! +9! .5&#.81! #*T#88#8! +$! %7#! '(0&! $#U! 8#,&##! 4(0&9#9! +$! %7+9! .&#.! HX/!
/$+*.%+($^!X/!f.*#9!E#9+,$^!X/!<+5*!.$8!j+90.5!2''#4%9^!X/!E+,+%.5!a#8+.!)&(804%+($KQ! !/!
9*.55! .*(0$%! ('! '0$8+$,! +9! T#+$,! 09#8! %(! &#A+#U! %7#! 9044#99! ('! %7+9! G&(=#4%!U(&R! .$8! %(!
4.G%0&#! T#9%! G&.4%+4#Q! ! 67#! U&+%+$,! ('! %7+9! ,0+8#! 7.9! T##$! +$'50#$4#8! T1! '##8T.4R! '&(*!
9%08#$%9!.$8!9%.''!.99(4+.%#8!U+%7!%7#9#!4(0&9#9Q!!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! JI!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
:09(/-'/G-5-(1!
67#!<.405%1!U+97#9!%(!*.R#!.A.+5.T5#!%(!.55!4(0&9#9!HU+%7+$!/"2:!.$8!.4&(99!%7#!@$+A#&9+%1K!
(G%+($!*(805#9! +$! 909%.+$.T+5+%1Q! ! <0$8+$,! +9! T#+$,! 09#8! %(! 8#A#5(G! .$! 2X-! .GG&(.47! ($!
%7#9#!(G%+($!*(805#9Q!
<+0'8/(-+'I_&/)!4+0)9&9!
/!9+,$+'+4.$%!$0*T#&!('!9%08#$%9!#$%#&!%7#!<.405%1!.%!-#A#5!N!($!<(0$8.%+($O[#.&!4(0&9#9Q!!
<0$8+$,! +9!T#+$,!09#8! %(!#*T#8!2X-!.4%+A+%+#9!($! %7#9#!4(0&9#9! +$!(&8#&! %(!7#5G!9%08#$%9!
+*G&(A#!%7#+&!5#.&$#&!.0%($(*1!9R+559!.$8!%7#&#T1!%(!+$4&#.9#!&#%#$%+($!.$8!9044#99!&.%#9Q!
Q/(/G/9&9dS6!!
:%08#$%9!('%#$!'+$8!%7#!9%081!('!8.%.T.9#9!8+''+405%Q! !2X-!.GG&(.47#9!'(&!9047!9%08#$%9!.&#!
T#+$,!8#A+9#8! %(!#$7.$4#! %7#+&!9044#99!&.%#9!.$8!%(!90GG(&%! %7#*!.9! %7#1!*.R#!,((8!.$1!
+$+%+.5!G((&!G#&'(&*.$4#!+$!8.%.T.9#9!.$8!(%7#&!.&#.9!('!W6Q!
</405(1IJ-8&!/)&/9!!!
<0$8+$,!+9!T#+$,!09#8!%(!8#A#5(G!2X-!.4%+A+%+#9!%7.%!.&#!,#$0+$#51!<.405%1!U+8#Q!!a#$%(&+$,!
HT1!9%08#$%9!'(&!9%08#$%9K!.$8!G&(804+$,!.&%+45#9!'(&!%7#!<.405%1!$#U9G.G#&!U#&#!+8#$%+'+#8!
'(&!%7#!>IIZVIY!.4.8#*+4!9#99+($Q!!
BHH+)(0'-(-&9!*+)!</405(1IJ-8&!#)+=&4(9!
2X-!8(#9!$(%!$##8!%(!T#!	%&+4%#8!U+%7+$!%7#!4($'+$#9!('!.!9+$,5#!90T=#4%!.&#.Q!!W$8##8^!9%.''!
.&#!.4%+A#51!#$4(0&.,#8!%(!T&+$,!9%08#$%9!'&(*!8+''#&#$%!90T=#4%!.&#.9!%(,#%7#&!%(!U(&R!($!
=(+$%! 2X-! G&(=#4%9Q! ! 67#! '0$8+$,! %7.%! 7.9! T##$! G&(A+8#8! T1! %7#! -/! "26-! 9G#4+'+4.551!
90GG(&%#8!.$8!#*G7.9+9#8!%7+9!R+$8!('!4&(99O<.405%1!A#$%0&#Q!!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! JC!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
6&,H5/(&!*+)!/!(1H-4/5!2>$!#)+=&4(!
"7++9-'.!/!90-(/G5&!H)+=&4(!
67#!'(409!('!.$!2X-!G&(=#4%!+9!$(%!%1G+4.551!%(!+*G.&%!90T=#4%O4#$%&+4!R$(U5#8,#!%(!9%08#$%9!
T0%!%(!8#A#5(G!*(&#!,#$#&.5^!&#.5OU(&58!5+'#!9R+559^!9047!.9!%7#!.T+5+%1!%(!*.$.,#!($#b9!(U$!
5#.&$+$,!+$!.!%#.*!4($%#3%Q!!
a.$1!('!%7#!G&(=#4%9!8#A#5(G#8!09+$,!%7#!-/!"26-!'0$8+$,!U+55!.59(!T#!4&(99O<.405%1^!U7#&#!
9%08#$%9!'&(*!8+''#&#$%!8#,&##!4(0&9#9!H(&!8+''#&#$%!1#.&9!('!.!4(0&9#K!U(&R!%(,#%7#&!($!.!
,+A#$!G&(T5#*Q!!W$!9047!9+%0.%+($9!+*G.&%+$,!90T=#4%O4#$%&+4!R$(U5#8,#!+9!$(%!G&.4%+4.5!.$8!
'(4099+$,!($!%7#!8#A#5(G*#$%!('!,#$#&.5!9R+559!+9!.GG&(G&+.%#Q!!!
)&(=#4%9!97(058!%7#&#'(&#!9##R!%(!#$.T5#!9%08#$%9!%(!91$%7#9+9#!%7#!90T=#4%!R$(U5#8,#!%7#1!
7.A#!.4\0+!0G!%(!%7.%!G(+$%Q!
"7++9-'.!/'8!&'*+)4-'.!90-(/G5&!H)+=&4(!G+0'8/)-&9!
X#5(U!+9!.!5+9%!('!%1G+4.5!.&#.9!U7#&#!2X-!4.$!T#!09#8;!!
• E#9+,$!
• )&(T5#*!X.9#8!-#.&$+$,!
• ".9#!X.9#8!-#.&$+$,!
• <+#58!6&+G9!
• E+99#&%.%+($9^!G&(=#4%9!
• c#9#.&47!
/55!('!%7#!.T(A#!.&#.9^!T#+$,!(G#$!#$8#8^!*.1!5#.8!%(!9+%0.%+($9!%7.%!*.1!4($'5+4%!U+%7;!
• j.50#9!.$8!9%.$8.&89!('!%7#!@$+A#&9+%1!
• :?@!&#,05.%(&1!'&.*#U(&R9!
• :(4+#%.5!#%7+49!!
• X&+%+97!.$8!2"!5.U!
• ?#.5%7!.$8!9.'#%1!
• W$%#&$.5!9%08#$%!,&(0G!A.50#9!
• :.'#!'+$.$4+.5!G&.4%+4#!!
[(0!$##8!%(!T#!.U.&#!('!%7+9!.$8!*.R#!90&#!%7.%!9%08#$%9!.87#&#!%(!%7#9#!T(0$8.&+#9Q!!!
:(*#! %.9R9! .&#! 0$90+%.T5#! '(&! #$\0+&1OT.9#8! 5#.&$+$,Q! ! <(&! #3.*G5#^! 9%08#$%9! 4.$$(%! T#!
#3G#4%#8!%(!8+94(A#&!7(U!%(!09#!4#&%.+$!#$,+$##&+$,!*.47+$#&1Q!!67+9!+9!T#4.09#!#$,+$##&+$,!
*.47+$#&1! 7.9! %(! T#! 09#8! +$! ($#! U.1! ($51^! U7+47! +9! %7#! 4(&%! U.1^! .$8! 4.$$(%! T#!
+*G&(A+9#8Q! !W*G&(G#&!09#!('!*.47+$#&1!4.$!Ή%!+$!*.99+A#!'+$.$4+.5! 5(99#9!.$8!9%08#$%!
+$=0&1Q! ! 67+9! %1G#! ('! R$(U5#8,#! +9! T#9%! %.0,7%! G&.4%+4.551! T1! .$! #3G#&%! %(! #$.T5#! 9%08#$%!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! J>!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
G&('+4+#$41!%7&(0,7!90G#&A+9#8!09#Q!!W$!%7+9!8(40*#$%!U#!97.55!&#'#&!%(!%7#!.'(&#*#$%+($#8!
R$(U5#8,#!4.%#,(&1!.9!%0%(&O+*G.&%#8!4&+%+4.5!R$(U5#8,#Q!
S7#$!47((9+$,!.!G&(=#4%!+%!+9!.59(!.8A+9.T5#!%(!4($9+8#&!%7#!4($9#\0#$4#9!('!9%08#$%!'.+50&#!
U+%7+$!.!G&(=#4%!%.9R^!U7#$!9%08#$%9!.8(G%!.!G.&%+405.&!5+$#!('!#$\0+&1Q!!W8#.551!9047!'.+50&#!
97(058!($51!T#!('!.$!.4.8#*+4!$.%0&#!.$8!($#!U7#&#!9%08#$%9!4.$! 5#.&$! '&(*!%7+9! '.+50&#Q!!
/$! #3.*G5#! ('! .! G((&51! 9#5#4%#8! G&(=#4%! %.9R! U(058! T#! ($#! &#\0+&+$,! 9%08#$%9! %(! &#G.+&!
5.G%(G!4(*G0%#&9!U+%7(0%!+$90&.$4#!4(A#&^!.9!%7+9!U(058!4($'5+4%!U+%7!9.'#!'+$.$4+.5!G&.4%+4#Q!!
S7#$! U(&R+$,! +$! ,&(0G9^! 9%08#$%9! $##8! %(! T#! 9#$9+%+A#! %(! #.47! (%7#&9! A.50#9! .$8!
G#&9G#4%+A#9Q!![(0!97(058!#$90&#!%7.%!.$1!4($'5+4%!T#!	(5A#8Q!
"7++9-'.! /! (&/,!09-'.!?1&)9! >)-..9! H9147+5+.1! /'8!>&5G-'! (&/,!
(7&+)1!
U7/(!-9!?1&)9!>)-..9!H9147+5+.1c!
a1#&9! X&+,,9! HaXK! G9147(5(,1! +$A(5A#9! %7#! 9%08#$%9! '+55+$,! +$! .$! ($5+$#! \0#9%+($$.+&#!
5+4#$9#8!%(!%7#!@$+A#&9+%1Q!!67#!\0#9%+($$.+&#!9##R9!%(!7+,75+,7%!G#&9($.5+%1!8+''#&#$4#9!.$8!
G&(*(%#9!.GG+.%+($!($!8+''#&+$,!U(&58!A+#U9Q!!67#!\0#9%+($$.+&#!.59(!90,,#9%9!HT0%!$#A#&!
+*G(9#9K! %1G+4.5! &(5#9! %7.%! U(058! 90+%! .$! +$8+A+80.5b9! G&#'#&#$4#9Q! ! a1#&9! X&+,,9! +9!
G.&%+405.&51!09#'05!'(&!+8#$%+'1+$,!$.%0&.5!%#.*!5#.8#&9Q!!!
a1#&9! X&+,,9! G9147(5(,1! +8#$%+'+#9! '(0&! R#1! .%%+%08#9! %7.%! 8#94&+T#! *.=(&! .&#.9! ('! .$!
+$8+A+80.5b9! G#&9($.5+%1Q! ! 67#! '(0&! .%%+%08#9! .&#;! #$#&,1^! +$'(&*.%+($! ,.%7#&+$,^! 8#4+9+($!
*.R+$,!.$8!5+'#9%15#Q!
2.47! .%%+%08#! &#G	#$%9! %U(! (GG(9+$,! G&#'#&#$4#9Q! !67#! #$#&,1! .%%+%08#! &#G	#$%9! T(%7!
#3%&.A#&9+($!.$8!+$%&(A#&9+($Q!!23%&.A#&9+($!H&#G	#$%#8!T1!%7#!5#%%#&!2K!+9!8#'+$#8!.9!%+*#!
9G#$%!+$%#&.4%+$,!U+%7!(%7#&!G#(G5#!(&!%7#!(0%9+8#!U(&58Q!!W$%&(A#&9+($!H&#G	#$%#8!T1!%7#!
5#%%#&!WK!+9!8#'+$#8!.9!%+*#!9G#$%!.5($#!.$8!%7#!+$$#&!U(&58!('!4($4#G%9!.$8!+8#.9Q!!2A#&1T(81!
9G#$89!%+*#!80&+$,!%7#!8.1!G&.4%+9+$,!T(%7! +$%&(A#&9+($!.$8!#3%&.A#&9+($_!%7#!%U(!4.$$(%!
T#!G&.4%+9#8!9+*05%.$#(0951Q! !F#1!%(!%7#!aX!%7#(&1!+9!%7#!90,,#9%+($!%7.%!#A#&1T(81!7.9!.!
45#.&! G&#'#&#$4#! '(&! ($#! 9+8#! ('! %7#! .%%+%08#! (A#&! %7#! (%7#&^! T0%! 4.$! 47((9#! %(! 09#! %7#+&!
U#.R#&!G&#'#&#$4#Q!!/!09#'05!.$.5(,1!('!%7+9!+9!.!G#&9($b9!.T+5+%1!%(!U&+%#!09+$,!#+%7#&!7.$8^!
T0%!.5*(9%!#A#&1T(81!G&#'#&9!H+9!*(&#!9R+55#8K!($#!7.$8!(A#&!.$(%7#&Q!
!
!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! JN!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
67#!(%7#&!%7&##!.%%+%08#9!.&#;!+$'(&*.%+($!,.%7#&+$,^!+$8+4.%#8!T1!%7#!G&#'#&#$4#9!('!9#$9+$,!
H:K! .$8! +$%0+%+($! HDK_! 8#4+9+($! *.R+$,^! +$8+4.%#8! T1! %7#! G&#'#&#$4#9! ('! %7+$R+$,! H6K! .$8!
'##5+$,!H<K_!.$8!5+'#9%15#^!+$8+4.%#8!T1!%7#!G&#'#&#$4#9!('!=08,+$,!HeK!.$8!G#&4#+A+$,!H)KQ!!
!
:#$9+$,!+9!4($4#&$#8!U+%7!'.4%9^!8#%.+59!.$8!%7#!&#.5+%1!('!%7#!G	#$%!*(*#$%!.9!G#&4#+A#8!
%7&(0,7!%7#!'+A#!9#$9#9!('!%(047^!9*#55!#%4Q!!W$%0+%+($!+9!4($4#&$#8!U+%7!'0%0&#!G(99+T+5+%+#9^!
+$'#&!.T9%&.4%!4($$#4%+($9!.$8!%7#(&+#9Q!
!
67+$R+$,!+9!4($4#&$#8!U+%7!(T=#4%+A#!8#4+9+($!*.R+$, !̂U7#&#!%7#!+$8+A+80.5!9%#G9!(0%!('!%7#!
9+%0.%+($! %(! .4\0+&#! .$! +*G.&%+.5! G#&9G#4%+A#Q! ! <##5+$,! +9! 4($4#&$#8! U+%7! A.50#9OT.9#8!
8#4+9+($!*.R+$,^!U7#&#! .$! +$8+A+80.5! 9%#G9! +$%(! %7#! 9+%0.%+($! +$! (&8#&! %(! #*G.%7+9#!U+%7!
%7(9#!.''#4%#8!.$8!.59(!%(!5+A#!(0%!.!G&.4%+4.5!#3Gc+($!('!9%&($,51O7#58!+$$#&!T#5+#'9Q!
!
e08,+$,! +$A(5A#9! .! %+*#%.T5#8^! G&#OG5.$$#8! .GG&(.47! %(! 5+'#! .$8! 8#.85+$#9Q! ! )#&4#+A+$,!
+$A(5A#9!.!9G($%.$#(09!.GG&(.47!%(!5+'#!.$8!GϞ&#OG&(*G%#8^!5.9%O*+$0%#!8.97!%(U.&89!
8#.85+$#9Q!
<&(*!%7#9#!'(0&!.%%+%08#9!.$!+$8+A+80.5!4.$!&#G	#$%!%7#!4(*T+$.%+($!('!%7#+&!G#&9($.5+%1!
G&#'#&#$4#9! T1! .! '(0&O5#%%#&! 4(8#Q! ! <(&! #3.*G5#^! .$! +$8+A+80.5! U7(! G&#'#&9! #3%&.A#&9+($^!
9#$9+$,^!%7+$R+$,!.$8!=08,+$,!U(058!T#!&#G	#$%#8!T1!%7#!4(8#!2:6eQ!
67#!($O5+$#!aX!\0#9%+($$.+&#!U+55!+$8+4.%#!.$!+$8+A+80.5b9!G#&9($.5+%1!4(8#!H%1G#KQ!!!!!
U7/(!-9!>&5G-'!(&/,!(7&+)1c!
X#5T+$!%#.*!%7#(&1!+9!.!%&.+%!+$8+4.%(&!.9!(GG(9#8!%(!a1#&9!X&+,,9^!U7+47!+9!.!%1G#!+$8+4.%(&Q!!
67#!4#$%&.5!8+''#&#$4#!T#+$,!%7.%!X#5T+$!9%&($,51!+8#$%+'+#9!.$8!90,,#9%9!%#.*!&(5#9!T.9#8!($!
.$!+$8+A+80.5b9!7+9%(&+4.551OG&(A#$!9%&#$,%79!.$8!.T+5+%+#9Q!!!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! JJ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
67#&#!+9!.!X#5T+$!\0#9%+($$.+&#_!7(U#A#&!%7#!@$+A#&9+%1!8(#9!$(%!7.A#!.!5+4#$4#!%(!.55(U!+%9!
09#Q!!67#&#'(&#!9%08#$%9!$##8!%(!+8#$%+'1!%7#+&!X#5T+$!%#.*!&(5#9!'&(*!.$!#3G5.$.%(&1!5#4%0&#^!
U7+47!45#.&51!.&%+405.%#9!%7#!\0.5+%+#9!('!#.47!&(5#!
67#! .&47#%1G.5! %#.*! &(5#9^! .9! +8#$%+'+#8! T1! X#5T+$^! .&#;! 4(O(&8+$.%(&^! 97.G#&^! *($+%(&O
#A.50.%(&^! %#.*! U(&R#&^! 4(*G.$1! U(&R#&^! 4(*G5#%#&O'+$+97#&^! G5.$%^! .$8! 	(0&4#!
+$A#9%+,.%(&Q!!67#&#!+9!.!$+$%7^!90GG5#*#$%.&1!&(5#^!%7.%!('!9G#4+.5+9%Q!!!
:7/H&)!+9!95.A#!8&+A#&!H#Q,Q!'.4%(&1!'(&#*.$K!
"+I+)8-'/(+)!+9!91$%7#9+9#&!('!#3G#&%9!H#Q,Q!T(.&8!8+%(&!(&!7#.8!%#.47#&K!
?+'-(+)I2F/50/(+)! +9! %7#! %#.*! .$.519%^! %1G+4.551! 47.&.4%#&+9#8! T1! .! \0+#%! 8#*#.$(0&Q!!
?(U#A#&^! %7#1! 7.A#! .!*#%+405(09! +$%#&$.5! %7(0,7%! G&(4#99! %7.%! 4($9%.$%51! 4(*G.	! %7#!
U(&R!40&&#$%51!T#+$,!8($#!U+%7! %7#!(&+,+$.5!U(&R!G5.$Q! !67#1!.&#!\0+4R! %(!A(4.5+9#!U(&RO
G5.$!8#A+.%+($9^!.$8!.&#!97.&G51!4&+%+4.5!+$!%7#+&!.GG&(.47!%(!\0.5+%1!4($%&(5!!
6&/,!U+)@&)!+9!.!=.4R!('!.55!%&.8#9^!7.GG1!%(!7#5G!(0%!U7#&#!%7#1!.&#!$##8#8!
"+,H/'1!U+)@&)!+9!9+*+5.&!%(!6#.*!S(&R#&^!T0%!7.9!.!7#+,7%#$#8!9#$9#!('!	G($9+T+5+%1^!
80%1!.$8!G&(.4%+A#!5(1.5%1!%(!%7#!4(*G.$1!.$8!%7#+&!&(5#!U+%7+$!+%!H#Q,Q!e(7$!-#U+9!).&%$#&K!
"+,H5&(&)I<-'-97&)!%.R#9!,&#.%!9.%+9'.4%+($!'&(*!4(*G5#%+$,!.!=(T!.$8!T#4(*#9!'&09%&.%#8!
U7#$!%.9R9!.&#!5#'%!0$'+$+97#8!
#5/'(!7.9!4&#.%+A#!+8#.9!%7.%!7#5G!.!%#.*!%(!(440G1!$#U!%#&&+%(&1Q!!a.$1!G#(G5#!*+9%.R#$51!
4($9+8#&! %7#*9#5A#9! %(! T#! G5.$%9^! #9G#4+.551! 5#.8#&9V*.$.,#&9Q! ! /! %&0#! G5.$%! 8(#9! $(%!
%1G+4.551! 8+%! (%7#&9^! &.%7#&! %7#1! 9##R! &#,05.&! 9(5+%08#! +$! (&8#&! %(! 4(*G#$8! $#U!
4($4#G%9!U+%7(0%!&#'#&#$4#!%(!G.9%!(&!G	#$%!G&.4%+4#!H'(&!#3.*G5#^!2+$9%#+$K!
P&9+0)4&! S'F&9(-./(+)! +9! .! %1G+4.551! #3%&.A#&%! G#&9($.5+%1^! #34+%#8! T1! %7#! G&(9G#4%! ('!
#3G5(&+$,!%7#!U(&58!.%!5.&,#!.$8!T&+$,+$,!T.4R!$#U!8+94(A#&+#9!+$!(&8#&!%(!T#$#'+%!%7#!%#.*!
H'(&!#3.*G5#^!a.&4(!)(5(K!
67#!:H&4-/5-9(! +9! 8#'+$#8!T1! %7#+&! .T+5+%1! %(!8(! .! %.9R!('! 4&+%+4.5! +*G(&%.$4#! %7.%! &#\0+	!
9+,$+'+4.$%!%&.+$+$,Q!
:()/(&.1!*+)!&(7-4/5!-,H5&,&'(/(-+'!
67#!@$+A#&9+%1!G&.4%+9#9! .$! #\0.5! (GG(&%0$+%+#9! A.50#! 919%#*Q! !67#! #%7+4.5! 4($9+8#&.%+($9!
U+%7+$! %7#! @$+A#&9+%1b9! A.50#9! .&#!*+&&(! +$! %7#! #%7+4.5! ,0+8#5+$#9! 9#%! 8(U$! T1! a1#&9!
X&+,,9!.$8!X#5T+$!%((59Q!!<0$8.*#$%.5!%(!%7#!+*G5#*#$%.%+($!('!%7#9#!#%7+49!+9!%7#!&+,7%9!('!
%7#! +$8+A+80.5! %(! 47((9#! %7#+&! &(5#! .$8! %7#! .GG+.%+($! ('! %7#! .T+5+%1! ('! %7#! +$8+A+80.5^!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! JL!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
U+%7+$! %7.%! &(5#^! U+%7(0%! G&#=08+4#Q! ! W$! (%7#&! U(&89^! %7#! +$8+A+80.5! 4.$! %&.$94#$8! %7#+&!
G&#'#&!U.1!('!U(&R+$,!%7&(0,7!47(+4#Q!
W%!+9!%7#&#'(&#!+*G(&%.$%!%(!%.R#!+$%(!4($9+8#&.%+($!%7#!'(55(U+$,!G(+$%9;!!!
• c.4+.5!.$8!,#$8#&!+$%#,&.%+($!
• D(!G+,#($O7(5+$,Q!!"7(+4#!('!&(5#^!+$'(&*#8!T1!G9147(*#%&+4!%((59!.$8!4($9#$909!+9!
4&04+.5!!!
• /A(+8+$,! %1G#O/! G#&9($.5+%+#9! T#+$,! (A#&51! &#G	#$%#8! U+%7+$! .! ,&(0GQ! ! 61G#! /!
G#&9($.5+%+#9!.&#!%1G+4.551!2D6e!.$8!2:6e!.9!+8#$%+'+#8!T1!a1#&9!X&+,,9!.$8!#*T(81!
%7#! &(5#9! ('! 97.G#&! .$8! 4(O(&8+$.%(&! .9! +8#$%+'+#8! T1! X#5T+$Q! ! 67#&#! +9! &(T09%!
+$'(&*.%+($!%7.%!97(U9!%7.%!%#.*9!U+%7!%((!*.$1!%1G#!/!G#&9($.5+%+#9!&#*.+$!9%.%+4!
80#!%(!+$8+A+80.59!G055+$,!+$!8+''#&#$%!8+%+($9Q!
BG(/-'-'.!:(08&'(!G01I-'!
/9!2X-!+9!.$!0$'.*+5+.&!4($4#G%!%(!*.$1!('!%7#!9%08#$%9!+%!+9!A+%.5!%(!(T%.+$!9%08#$%!T01O+$!
'&(*! %7#! (0%9#%Q! ! 67#! '(55(U+$,! +9! .! 5+9%! ('! %#47$+\0#9! %7.%!*.1! T#! 7#5G'05! +$!*(%+A.%+$,!
9%08#$%9!%(!#$,.,#!U+%7!%7#+&!2X-!G&(=#4%Q!
• 2$90&#!9%08#$%9!.&#!%.R#$!%7&(0,7!%7.%!G.&%!('!%7#!*(805#!8#94&+G%(&!%7.%!+$A(5A#9!
%7#!2X-!.4%+A+%1!.$8!+$%&(804#!%7#!+8#.9!T#7+$8!#$\0+&1OT.9#8!5#.&$+$,!
• 67#!09#!('!A+8#(!45+G9!%7.%!97(U!9%08#$%9!#$,.,+$,!+$!2X-!*.1!T#!09#'05!+$!,.+$+$,!
9%08#$%!T01O+$^!#9G#4+.551!+'!%7#!45+G9!97(U!9%08#$%9!9G#.R+$,!G(9+%+A#51!.T(0%!2X-!
• f#%!.55!9%08#$%9!%(!%7+$R!.T(0%!U(&R+$,! +$!%#.*9!T1!7.A+$,!%7#*!09#!a1#&9!X&+,,9!
9('%U.&#!%(!8#%#&*+$#!%7#+&!G#&9($.5+%1!%1G#Q!!67+9!4(058!T#!.!G&#O*(805#!#3#&4+9#!%(!
(G#$!0G!$#U!G(99+T+5+%+#9!%(!9%08#$%9!&.%7#&!%7.$!G+,#($O7(5+$,!%7#*!
• W$+%+.%#!.!8&1O&0$!2X-!#3#&4+9#!+$!(&8#&!%(!+$%&(804#!2X-!4($4#G%9!.$8!%#&*+$(5(,1Q!!
67#!09#!('![(*G!.$8!+8#.O(G(51!	(0&4#9!U+55!G&(A#!09#'05Q!!67#1!.&#!.!@$+A#&9+%1O
(U$#8! 	(0&4#! %7.%! '.4+5+%.%#9! %#.*T0+58+$,Q! ! [(*G! +9! .!U.1! ('! 4($9%&04%+$,! .$8!
G	#$%+$,! .! A+90.5! T09+$#99!G5.$! .$8! %+*#5+$#! '(&! %.4R5+$,! .$1! &#.5OU(&58!G&(=#4%Q!!
67+9!#3#&4+9#!G&(*(%#9!%#.*!T0+58+$,!.$8!.59(!G&(A+8#9!.!A+90.5!G	#$%.%+($!'(&!%7#!
U+8#&!9%08#$%!T(81!%(!4&+%+\0#Q!!:%08#$%!4&+%+4+9*!H.9!(GG(9#8!%(!9%.''!4&+%+4+9*K!+9!.!
R#1!G.&%!('!2X-!.$8!%7+9!+9!.!81$.*+4!%7.%!97(058!T#!9%c#8!%(!9%08#$%9!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! Jd!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
U&&@51!6&/,!?/'/.&,&'(!:7&&(!Y*+)!09&!G1!6&/,!$&/8&)]! !!!!!!
Q/(&;!
6&/,!'/,&;!
6&/,!$&/8&)C9!'/,&;!
6#.*!*#*T#&9! ! ! ! ! ! ! !
/%%#$8.$4#! ! ! ! ! ! ! !
/G(5(,+#9! ! ! ! ! ! ! !
/G(59!.44#G%#8! ! ! ! ! ! ! !
cV[!4.&8!,+A#$p! ! ! ! ! ! ! !
6.9R9!*#%! ! ! ! ! ! ! !
6.9R9!$(%!*#%! ! ! ! ! ! ! !
6+*#!9G#$%!($!G&(=#4%!%.9R9! ! ! ! ! ! ! !
D#U!%.9R!97##%!4(*G5#%#8! ! ! ! ! ! ! !
6.9R9!.$8!%+*#9!.,&##8! ! ! ! ! ! ! !
E.%#! ('! $#3%! *.$.,#*#$%!
&#A+#U! *##%+$,! #9%.T5+97#8!
.$8!4(**0$+4.%#8!
! ! ! ! ! ! !
X#,+$!%7#!*##%+$,!T1!#$%#&+$,!%7#!%#.*!*#*T#&9b!$.*#9!+$!%7#!%(G!&(U!('!%7#!%.T5#Q!!)5.4#!.!
%+4R!(&!.!4&(99! +$! %7#!.%%#$8.$4#!&(U!'(&!#.47! %#.*!*#*T#&! %(! +$8+4.%#! %7#+&!G	#$4#!(&!
.T9#$4#Q!!<(&!%7(9#!*#*T#&9!$(%!G	#$%!+$8+4.%#!U7#%7#&!.$!.G(5(,1!7.9!T##$!'(&U.&8#8Q!!!
)&(4##8!T1! '+55+$,! +$! %7#!	%!('! %7#! %.T5#!.9!,0+8#8!T1! %7#!7#.8+$,9! +$! %7#!'.&! 5#'%!4(50*$Q!!
@9#!%7+9!97##%!%(!'+55!+$!.$!#5#4%&($+4!A#&9+($!('!%7+9!%.T5#!'(&!#*.+5+$,!%(!1(0&!%0%(&Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! JM!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
U&&@51! S'8-F-80/5! ?/'/.&,&'(! :7&&(! Y*+)! 09&! G1! &/47! (&/,!
,&,G&)]! ! ! ! ! ! ! ! ! ! !!!!!!
Q/(&;!
W/,&!+*!-'8-F-80/5!/'8!(&/,;!
D+0)9!H&)!J&&@;!
6.9R! E#94&+G%+($! 23G#4%#8!
%+*#!
)&(,c! 23%#$9+($p!!
C! !
!
!
! ! !
>! !
!
!
! ! !
N! !
!
!
! ! !
J! !
!
!
! ! !
L! !
!
!
! ! !
-+9%! %7#! %.9R9! %7.%! .&#! %(! T#! .47+#A#8! '(&! %7#! 4(*+$,!U##R_! 8(! %7+9! .9! .! %#.*! 0$8#&! %7#!
90G#&A+9+($!('!1(0&!%#.*!5#.8#&Q!!/,&##!U+%7!%7#!%#.*!%7#!#3G#4%#8!%+*#!+$!7(0&9!#.47!('!%7#!
%.9R9!97(058!%.R#Q!!67#!%(%.5!%+*#!('!%7#!U##R51!%.9R9!97(058!.GG&(3+*.%#51!#\0.5!%7#!7(0&9!
G#&! U##R! 9%.%#8! .T(A#Q! ! /%! %7#! #$8! ('! %7#! U##R^! $(%#! G&(,c! *.8#! .$8! U7#%7#&! .$1!
#3%#$9+($!$##89!%(!T#!.,&##8!U+%7!1(0&!%#.*!5#.8#&Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! JZ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
U&&@51!60(+)C9!X)+0HI?/'/.&,&'(!:7&&(!Y*+)!09&!G1!60(+)]! !!!!!!Q/(&;!
W/,&!+*!,+805&;!
6#.*!
$.*#!
!
!
:0T*+%%#8!
U##R51! %#.*!
*.$.,#*#$%!!
97##%p!
/4%+($!
$##8#8p!
/4%+($!
%.R#$p!
D(%#9!
!
!
! ! ! !
!
!
! ! ! !
!
!
! ! ! !
!
!
! ! ! !
!
!
! ! ! !
!
!
! ! ! !
!
!
! ! ! !
!
!
! ! ! !
!
!
! ! ! !
!
!
! ! ! !
@9#!%7+9!%.T5#!%(!*($+%(&!.$8!&#'5#4%!0G($!%7#!G&(,c!('!%#.*!5#.8#&9!.$8!.99(4+.%#8!%#.*!
*#*T#&9Q!!W990#9!*.1!.&+9#!+$!%7+9!&#'5#4%+($!%7.%!*.1!+$'50#$4#!%7#!4($%#$%!('!1(0&!*(805#!
&#A+#U!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! JY!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
#)+=&4(!2F/50/(-+'!:7&&(!Y(+!G&!4+,H5&(&8!G1!(7&!9(08&'(]!
67#! '(55(U+$,!97##%! +9!$(%!*.$8.%(&1^! +%! +9!.$($1*(09!.$8! %7#! Ή%9!U+55!T#! 9%(!.9!.!
9%.%+9%+4.5!9%081!+$!(&8#&!%(!#$7.$4#!4(0&9#!\0.5+%1Q!
/99#&%+($! :%&($,51!
8+9.,&##!
E+9.,&##! D(! 9%&($,!
'##5+$,!!
/,&##! :%&($,51!
.,&##!
67#!G&(=#4%!7.9!#$,.,#8!
*1!+$%#	%!
! ! ! ! !
E0&+$,!%7#!G&(=#4%!W!7.A#!
T##$!+$$(A.%+A#!
! ! ! ! !
E0&+$,!%7#!G&(=#4%!W!7.A#!
8#'+$#8!*1!(U$! 5+$#9!('!
#$\0+&1!!
! ! ! ! !
a1! %+*#! *.$.,#*#$%!
9R+559! 7.A#! +*G&(A#8!
80&+$,!%7+9!G&(=#4%!
! ! ! ! !
67#! G&(=#4%! 7.9! 7#5G#8!
%(! 9%&#%47! *#! +$! *1!
%#.*O*#*T#&!4.G.4+%1!
! ! ! ! !
W! 7.A#! #$=(1#8! U(&R+$,!
U+%7! *1! '#55(U! %#.*!
*#*T#&9!
! ! ! ! !
W! '##5! 	G#4%#8! .$8!
0%+5+9#8! T1! *1! '#55(U!
%#.*!*#*T#&9!!
! ! ! ! !
67#!G&(=#4%!U.9!'0$! ! ! ! ! !
W! '##5!T#%%#&!#\0+GG#8!%(!
4.&&1! (0%! &#.5! U(&58!
G&(=#4%9!
! ! ! ! !
a1!.T+5+%1!%(!*.$.,#!*1!
(U$! 5#.&$+$,! 7.9!
+*G&(A#8!
! ! ! ! !
!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! LI!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
2'./.-'.!:(08&'(9!
X5((*b9!%.3($(*1!('!5#.&$+$,!+9!.!09#'05!%((5!'(&!0$8#&9%.$8+$,!7(U!%(!*(%+A.%#!9%08#$%9Q!!
:%08#$%9^! .44(&8+$,! %(! X5((*^! 5#.&$! T1! '+&9%! .4\0+&+$,! R$(U5#8,#! .$8! *.$+G05.%+$,! .$8!
.GG51+$,! +%Q! ! ?.A+$,! T#4(*#! 9R+55#8! +$! %7+9! %7#1! 4.$! %7#$! .$.519#! .$8! 91$%7#9+9#! %7+9!
R$(U5#8,#Q!!<+$.551!T1!#A.50.%+($!%7#1!4.$!#3#&4+9#!=08,#*#$%Q!!67+9!%.3($(*1!('!5#.&$+$,!+9!
97(U$! +$! %7#! %&+.$,5#!T#5(UQ! !67#!,(.5! +$!2X-!97(058!T#! %(! +,$+%#! 9%08#$%9b! 4&#.%+A+%1!.$8!
+$%0+%+($!T1!.55(U+$,!%7#*!%(!8#'+$#!%7#+&!(U$!5+$#9!('!#$\0+&1!.9!%7#1!91$%7#9+9#!%7#+&!9R+559!
.$8!#A.50.%#!%7#+&!U(&RQ!
67#!!g($#!+$!%7#!'+,0&#!T#5(U!+9!R$(U$!.9!%7#!q+$%#55#4%0.5!G5.1,&(0$8qQ!!!67#!,(.5!('!.$!
2X-!G&(=#4%^!%7#&#'(&#^!+9!%(!5#.8!9%08#$%!+$%(!%7+9!+$%#55#4%0.5!G5.1,&(0$8Q!
!
S+10(#$:J$X5((*b9!6.3($(*1!('!-#.&$+$,!
"#$#%&'()*!()+#%%#,+-.%!/0(%%/!1 2%&&3!.*.()
Evaluation
Synthesis
Analysis
Application
Manipulation
Knowledge
HypothesisCreativity
InstinctIntuition
BoringChallenging
The playground
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! LC!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
E9&*05!6-H9!
:0HH+)(!*+)!9(/**;! !E#5+A#&+$,! %7#!40&&+4050*!A+.!2X-!G&(=#4%9!*.1!T#!$#U! %(! 9(*#!9%.''Q!!
S7#&#!G(99+T5#!1(0!97(058!U(&R!+$!G.+&9!(&!%#.*9!%(!8#5+A#&!.$1!G&#!5#4%0	!.$8!5#4%0	Q!!
67+9!U+55!#*G7.9+9#!%7#!*05%+8+94+G5+$.&1!$.%0&#!('!%7#!G&(=#4%!.$8!7#5G!1(0!'##5!90GG(&%#8Q!!
W%!+9!%7#!+$%#$%+($!%(!7(58!&#,05.&!U(&R97(G9!U7#&#!9%.''!4.$!97.&#!#3G#&+#$4#9!.$8!$#%U(&RQ!!
67+9!#3G#&+#$4#!U+55!T#!09#'05! +$!#9%.T5+97+$,!T#9%!G&.4%+4#!.$8!&#'+$+$,! '0%0&#!A#&9+($9!('!
%7+9!,0+8#Q!
"+0)9&!K0/5-(1!-990&9;!!:(*#!*(805#9!+$!%7#!<.405%1!.5&#.81!4($%.+$!2X-!G&(=#4%9Q! !W'!1(0!
.&#! %7+$R+$,! ('! 8#A#5(G+$,! $#U! *(805#9! (&! *(8+'1+$,! #3+9%+$,! *(805#9! %(! #$.T5#! 2X-!
.4%+A+%+#9! %(! T#! +$%&(804#8! +$%(! %7#! 40&&+4050*^! 1(0!*09%! 8(! %7+9! U+%7+$! %7#! @$+A#&9+%1b9!
\0.5+%1! ,0+8#5+$#9Q! ! 67+9!U+55! +$4508#! %7#! 90T*+99+($! ('! .!*+$(&!*(8+'+4.%+($! G&('(&*.! %(!
1(0&! G&(,&.**#! .&#.! \0.5+%1! 90T4(**+%%##Q! ! [(0!U+55! %7#&#'(&#! 7.A#! %(! 5+.+9#!U+%7! 1(0&!
:0T=#4%!f&(0G!-#.8#&!.$8!%7#!.GG&(G&+.%#!"(0&9#!-#.8#&H9KV)&(,&.**#!E+%(&H9KQ!!67#9#!
+$8+A+80.59!U+55!A#%!%7#!90+%.T+5+%1!('!%7#!2X-!G&(=#4%!.$8!9+,$!(''!9044#99'05!90T*+99+($9!'(&!
90T9#\0#$%! '(&U.&8+$,! %(! %7#! \0.5+%1! 90T4(**+%%##Q! ! 67#! <.405%1b9! ?#.8! ('! o0.5+%1! .$8!
2$7.$4#*#$%^!c(,#&!D#U^!U+55!T#!.T5#!%(!.8A+9#!1(0!($!.$1!\0.5+%1!+990#9Q!
"+'()/4(-'.;! ! 2X-! G&(=#4%9!*.1! +$A(5A#! 9#A#&.5! 9%08#$%9! '&(*! 8+''#&#$%! 4(0&9#9!U(&R+$,!
%(,#%7#&! .$8!*.1! %7#&#'(&#! &#\0+&#! %7#! +$G0%! ('! 9%.''! '&(*!8+''#&#$%! 90T=#4%! ,&(0G9Q! ! W%! +9!
A+%.5! '(&! %7#!9044#99!('! %7#!G&(=#4%! %7.%! %7#! %+*#!9G#$%!T1! 9%.''! +9!G&(G#&51!(,$+9#8!.$8!
.44(0$%#8!'(&!U7#$!U(&R+$,!(0%!%7#!<629!H+$4(*#K!.44&0+$,!%(!%7#!8+''#&#$%!90T=#4%!,&(0G9!
.$8!'(&!U(&R!G5.$$+$,!G0&G(9#9Q! ! W'!1(0!G5.$!%(!8#5+A#&!G.&%!('!1(0&!*(805#!09+$,!.$!2X-!
.GG&(.47^! #$90&#! %7.%!1(0!.5#&%!.55! #A.$%!:0T=#4%!f&(0G!-#.8#&! +$!.! %+*#51!U.1!9(! %7.%!
%7#1!4.$!.,&##!($!%7#!	(0&4#9!&#\0+!.$8!,&##$!5+,7%!%7#!2X-!G&(=#4%Q!!!
S8&'(-*1-'.!/!*/-5-'.!(&/,!&/)51!/'8!)&9H+'8-'.!K0-4@51;!`$#!('!%7#!47.55#$,#9!('!2X-!+9!
%7.%!T#4.09#!9%08#$%9!.&#!+8#$%+'1+$,!%7#+&!(U$!5+$#9!('!#$\0+&1!+%!4.$!T#!8+''+405%!%(!*($+%(&!
,&(0G! G&(,c! .440&.%#51^! #9G#4+.551! 9(! +$! %7#! #.&51! U##R9! ('! .! G&(=#4%Q! ! /440&.%#!
*($+%(&+$,!+9!+*G(&%.$%!+$!(&8#&!%(!+8#$%+'1!'.+5+$,!%#.*9!.$8!G&(.4%+A#51!.88c!%7#!&((%!
4.09#9!('!%7+9Q! !W'!.!%#.*!+9!'.+5+$,!80#!%(!'0$8.*#$%.5!+$4(*G.%+T+5+%1!('!%#.*!*#*T#&9^!(&!
80#!%(!.!5.4R!('!.%%#$8.$4#^!(&!%7&(0,7!.!7+,7!G&(G(&%+($!('!U#.R!9%08#$%9^!+%!+9!+*G(&%.$%!%(!
+9%&+T0%#!+%9!*#*T#&9!.4&(99!%7#!(%7#&!%#.*9!.$8!%(!8(!%7+9!#.&51Q!!
/!,((8!9%&.%#,1!'(&!+8#$%+'1+$,!U#.R!%#.*9!+9!%(!9#%!%7#*!45#.&!8#.85+$#9!.$8!%(!*($+%(&!%7#!
9044#99! ('! *##%+$,! %7(9#! 8#.85+$#9! U+%7! %7#! 4($9#\0#$4#9! ('! '.+50&#! #9%.T5+97#8! .%! %7#!
(0%9#%Q!!
P&H5/4-'.!6&/,!$&/8&)9;!67#!9044#99!('!.!%#.*!4.$!('%#$!7+$,#!($!%7#!.T+5+%1!('!%7#!6#.*!
-#.8#&!%(!*.$.,#!%7#+&!%#.*Q!!67#&#'(&#!+%!+9!+*G#&.%+A#!%(!\0+4R51!&#O#5#4%!.$8!&#G5.4#!%7#!
6#.*! -#.8#&! +'! %7#1! .&#! 9%&0,,5+$,! %(! '05'+5! %7#+&! &(5#Q! ! W%! 97(058! T#!*.8#! 45#.&! %(! 6#.*!
-#.8#&9!%7.%!%7#+&!.GG(+$%*#$%! +9!G&(A+9+($.5!.$8!%7.%!%7#1!U+55!T#!*(A#8!+$%(!.!8+''#&#$%!
&(5#! +'! %7#1! '.+5! %(! #34#5! +$! %7#+&! 	G($9+T+5+%+#9! (&! 97(U! G((&! .%%+%08#Q! ! 67#! /*#&+4.$!
*(%+A.%+($.5!9G#.R#&^!e(7$!a.3U#55^!G(+$%9!(0%!%7.%!q.%%+%08#!+9!.$!(0%U.&8!#3Gc+($!('!.$!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! L>!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
+$U.&8!'##5+$,qQ!!)((&!.%%+%08#!97(U9!%7.%!%7#!9%08#$%!+9!$(%!'##5+$,!,((8!.T(0%!%7#!G&(=#4%!
.$8!+9!$(%!+$!%7#!&+,7%!9%.%#!('!*+$8!%(!5#.8!(%7#&9Q!!!X1!G5.4+$,!%7#*!+$!.!$#U!&(5#!%7#1!.&#!
,+A#$! .! 9#4($8! 47.$4#! %(! #3G5(&#! %7#+&! 9%&#$,%79Q! ! 67#! 6#.*! -#.8#&! +9! 	G($9+T5#! '(&!
*.+$%.+$+$,!7+,7!5#A#59!('!.%%#$8.$4#!.*($,9%!%#.*!*#*T#&9Q!
S,H5&,&'(-'.! ,/'/.&,&'(! 9()04(0)&9;!/! G(99+T5#! 2X-! 5+$#! *.$.,#*#$%! 9%&04%0&#! +9!
+5509%&.%#8!+$!%7#!'+,0&#!T#5(U;!!!!
!
S+10(#$KJ!E+.,&.*!+5509%&.%+$,!90,,#9%#8!2X-!5+$#O*.$.,#*#$%!
6#.*!*#*T#&9!97(058!&#G(&%!%(!%7#!6#.*!-#.8#&^! %7#!%#.*!.9!.!U7(5#^!7#.8#8!0G!T1!%7#!
6#.*!-#.8#&^!97(058!&#G(&%!%(!%7#!60%(&!.$8!%7#!60%(&!97(058!&#G(&%!%(!%7#!a(805#!-#.8#&Q!!
67#! a(805#! -#.8#&! .$.519#9! %7#! T&(.8! G&(,c! ('! %#.*9^! .$8! .4%9! .9! .$! .44(0$%.T+5+%1!
G.&%$#&!'(&!%7#!%0%(&H9KQ!
67+9! &#G(&%+$,! U(058! #$4(*G.99! %7#! '(55(U+$,! 81$.*+49! %7.%! 4.$! T#! (&8#8! 09+$,! %7#!
U(&R!97##%9!.%%.47#8!%(!%7+9!8(40*#$%;!
CQ 6#.*!*#*T#&! %(!6#.*!-#.8#&! O! %7+9! #9%.T5+97#9! %7#! 4(&#! %.9R9! .%! %7#!(G#&.%+($.5!
5#A#5! .$8! ,#%9! %7#! 6#.*! -#.8#&! 0G! .$8! &0$$+$,! U+%7! %7#+&! *.$.,#&+.5!
	G($9+T+5+%+#9Q! ! 67#! 6#.*! -#.8#&! +9! .! 9%08#$%! .$8! 7.9! 6#.*! a#*T#&!
	G($9+T+5+%+#9! .9! U#55! .9! *.$.,#&+.5! 80%+#9Q! ! @9#! %7#! S##R51! W$8+A+80.5!
a.$.,#*#$%!:7##%!'(&!%7+9!G0&G(9#!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! LN!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
>Q 6#.*!%(!60%(&!O!%7+9!7(589!%7#!6#.*!-#.8#&!%(!.44(0$%!'(&!%7#!G&(,c!('!%7#!%#.*Q!!
/! %&.8+%+($.5! G&(T5#*! .%! %7#9#! *##%+$,9! +9! '(&! %7#! 6#.*! -#.8#&! %(! *.9R! %7#+&!
97(&%4(*+$,9! T1! (''5(.8+$,! .55! %7#! %#.*b9! G&(T5#*9! ($%(! %7#! 60%(&! .$8! #3G#4%+$,!
9(50%+($9! '&(*! %7#!60%(&Q! !67+9! +9! .!G.&%+405.&51! 9#&+(09!G&(T5#*!T#4.09#! +%!*(A#9!
%7#!($09!('!	G($9+T+5+%1!'(&!%7#!6#.*b9!9044#99!($%(!%7#!60%(&^!U7+47!4(*G5#%#51!
0$8#&*+$#9! %7#! 9R+559! %7.%! 2X-! 9%&+A#9! +$4054.%#Q! ! 67#! '(55(U+$,! %#47$+\0#! 090.551!
9(5A#9!%7+9!G&(T5#*;!*.R#!+%!.T0$8.$%51!45#.&!%(!%7#!6#.*!-#.8#&^!+$!%7#!G	#$4#!('!
%7#! #$%+&#! %#.*^! %7.%! %7#! 5#.8#&97+G! G(9+%+($! +9! G&(T.%+($.&1Q! ! 67#! $#3%! 9%#G! +9! %(!
#$,#$8#&!.!*+$8!9#%!U+%7+$! %7#!6#.*!-#.8#&!('!.! b*.$.,+$,!8+%(&! %(!47.+&*.$b!
.%+($97+G!T#%U##$!7+*9#5'!.$8!%7#!60%(&Q!!67#!(0%U(&R+$,!('!%7+9!#$4(0&.,#9!%7#!
6#.*! -#.8#&! %(! 	(5A#! G&(T5#*9!U+%7! %7#! %#.*! .$8! %(! &#G(&%! ($! 9044#99#9! .$8!
G&(,cQ!!@9#!%7#!S##R51!6#.*!a.$.,#*#$%!:7##%!%(!'.4+5+%.%#!%7+9!G&(4#99Q!
NQ 60%(&!%(!a(805#!-#.8#&!O!67+9!+9!G&+*.&+51!%(!*(%+A.%#!%7#!60%(&!.$8!%(!+$'(&*!%7#!
a(805#! -#.8#&! .T(0%! G(99+T5#! #$7.$4#*#$%9! .$8! 47.$,#9! '(&! 90T9#\0#$%! 1#.&9Q!!
67+9!+9!.59(!.!%+*#!U7#&#!%7#!60%(&!4.$!.9R!%7#!a(805#!-#.8#&!.T(0%!\0#9%+($9!%7.%!
%7#!9%08#$%9!7.A#!&.+9#8Q! !@9#!%7#!S##R51!f&(0G!a.$.,#*#$%!:7##%!.9!G.&%!('!%7+9!
&#G(&%+$,Q!
U/1H+-'(9! /'8! H)&9&'(/(-+'9;! 67&(0,7(0%! %7#! G&(=#4%! 1(0! *.1! 7.A#! 9#A#&.5! 9%08#$%!
G	#$%.%+($9Q!!67+9!+9!.!U.1!('!%7#!9%08#$%9!'##8+$,!T.4R!%(!(%7#&!%#.*9^!U7+47!U+55!'.4+5+%.%#!
%7#! 97.&+$,!('! +8#.9!.$8!7+,75+,7%+$,! %(! %#.*9! %7.%!*.1!T#! '.55+$,!T.4R! +$! %7#+&!U(&R! %7.%!
(%7#&9! .&#! G055+$,! .7#.8Q! ! 67#! G	#$%.%+($9! .4%! .9! bU.1G(+$%9b! .5($,! %7#! =(0&$#1! '(&! %7#!
9%08#$%9! +$! %7.%! %7#! G	#$%.%+($! 4&+%#&+.! &#\0+	! %7#! 9%08#$%9! %(! '##8T.4R! ($! %7#+&!
.$%+4+G.%#8!G&(,cQ!!
"&5&G)/(-'.! 9(08&'(! /47-&F&,&'(9;! 67#&#! 97(058! T#! .$! #3G#4%.%+($! %7.%! &#*.&R.T5#!
G&(=#4%!U(&R!U+55!#*#&,#!'&(*!2X-!.4%+A+%+#9Q!!/9!.$8!U7#$!+%!8(#9!#A#&1!(GG(&%0$+%1!97(058!
T#!%.R#$!%(!G0T5+97!%7#!Ή%9!('!%7+9!U(&R!+$!$.%+($.5!.$8^!U7#&#!.GG&(G&+.%#^!+$%#&$.%+($.5!
=(0&$.59!.$8!'(&.Q!!!
?/)@-'.! -990&9;! W$!*.&R+$,! %7#! 9%08#$%9b!U(&R! +%! +9! +*G(&%.$%! %(! #9%.T5+97! .! '.+&! 9G5+%! ('!
*.&R9!T(%7!T#%U##$!,&(0G!U(&R!.$8!+$8+A+80.5!&#'5#4%+($^!.$8!.59(!+$%#&O%#.*!*.&R+$,!%7.%!
.55(U9!9(*#!'(&*!('!G##&!.99#99*#$%Q! !<(&!#A.$%!*.&R+$,!'(&*05.#!9##!/$$#!D(&%45+''#!
U7(!+9!40&&#$%51!%7#!/"2:!%#.47+$,!'#55(U!'(&!.99#99*#$%Q!!
P&F-&J!-990&9;!/!4#$%&.5!.+*!('!2X-!G&(=#4%!U(&R!+9!%7#!8#A#5(G*#$%!('!5#.&$#&!.0%($(*1!
9R+559!U+%7+$!9%08#$%9Q!!S7#$!&#A+#U+$,!%7#!9044#99!('!.$!2X-!G&(=#4%!+%!+9!+*G(&%.$%!%(!R##G!
%7#!G&#O8#'+$#8!G&(=#4%!,(.5!+$!*+$8Q!!<(&!#3.*G5#!+'!9%08#$%9!7.A#!T##$!.9R#8!%(!4&#.%#!.$8!
&0$! .! G&('+%O*.R+$,! 9*.55! T09+$#99^! %7#! &#A+#U!U(058! 4($9+8#&!U7#%7#&! .$! 0$.44#G%.T5#!
$0*T#&!('!9%08#$%! %#.*9!7.8! '.+5#8! %(!*.R#!.!G&('+%Q! !67#!&#A+#U!U(058!$(%! '(409!($! %7#!
0$+\0#! 5+$#9!('!#$\0+&1!0$8#&%.R#$!T1!%7#!9%08#$%!%#.*9Q! !?(U#A#&^! %7#!&#A+#U!97(058!T#!
+$'(&*#8!T1!9%08#$%! '##8T.4R! '.4+5+%.%#8!T1! %7#!#$45(9#8!#A.50.%+($!97##%!G&(A+8#8!+$! %7#!
.GG#$8+3Q! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! LJ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
P&*&)&'4&9!
X.&&#%%^!6Q^! -.T7&.+$$^! WQ!aQ! .$8!<.55($^!?Q! H>IILK !̂P&./9--T$-*$Q.80+(E$&./$U(-9,#3$?&)#/$
5#&(.+.1! Hf.5U.1;! "2-6^! D@WKQ! /A.+5.T5#! .%;! 7%%G;VVUUUQ.+97#Q(&,V&#.8+$,9V>IILO
>V4($%#$%9Q7%*5!H/44#99#8!CI!`4%(T#&!>IIZKQ!
"(($#&^! 6Q! :Q! H>IILK^! bE+.5#4%+4.5! "($9%&04%+A+9*;!c#'5#4%+($9! ($! "&#.%+$,! .!S#T!a#8+.%#8!
2$\0+&1OT.9#8! -#.&$+$,! 2$A+&($*#$%bQ! D-'+&,$ V-(T$ Q/0'&%+-.! >JHJK;! NMLONYIQ! E`5;!
CIQCIZIVI>dCLJMILIIIYdYI>Q!
")-/!"26-!"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!H>IIZK^!.A.+5.T5#!.%;!!
7%%G;VV#3%&.Q970Q.4Q0RV4#%5V4G5.V	(0&4#9Q7%*5!H/44#99#8!CI!`4%(T#&!>IIZKQ!
"&.T%&##^! ?Q! H>IIJK^! bW*G&(A+$,! :%08#$%! -#.&$+$,! @9+$,! .$! 2$\0+&1! X.9#8!
/GG&(.47bQ! Q/0'&%+-.$ +.$ &$ O"&.1+.1$ Q.7+(-.3#.%^! "($'#&#$4#! )&(4##8+$,9! H:.5'(&8;!
?+,7#&! 2804.%+($! c#9#.&47^! @$+A#&9+%1! ('! :.5'(&8KQ! /A.+5.T5#! .%;!
7%%G;VVUUUQ#4#Q9.5'(&8Q.4Q0RVG&(4##8+$,VG.G#&9V74sINQ&%'! H/44#99#8! Y! a.1!
>IIZKQ!
f6"2! H>IIdK! 2$\0+&1OT.9#8! 5#.&$+$,^! 4(,$+%+A#! .44#5#&.%+($! .$8! %7#! 9G+&.5! 40&&+4050*;!
e#&(*#!X&0$#&b9! 4($9%&04%+A+9%!A+#U!('! %#.47+$,!.$8!5#.&$+$,Q!@#.#(&,$!#&'"+.1$O-0.'+,$*-($
Q.1,&./Q!/A.+5.T5#!.%;!
7%%G;VVUUUQ,%4#Q(&,Q0RV	#.&47V&(*%(G+49V&(*s%#.47+$,.$85#.&$+$,VT&0$#&s*.1Id!
!H/44#99#8!Y!a.1!>IIZKQ!
F.7$! )Q! .$8! `bc(0&R#^! FQ! H>IILK^! b@$8#&9%.$8+$,! 2$\0+&1OT.9#8! 5#.&$+$,b^! +$! X.&&#%%! 6Q^!!
-.T7&.+$$^! WQ! aQ! .$8! <.55($! ?Q! H289QK^! P&./9--T$ -*$ Q.80+(E$ &./$ U(-9,#369&)#/$ 5#&(.+.1!
Hf.5U.1;! "2-6^! D@WKQ! /A.+5.T5#! .%;! 7%%G;VVUUUQ.+97#Q(&,V&#.8+$,9V>IIL>V47.G%#&CQG8'!
H/44#99#8!Y!a.1!>IIZKQ!
!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! LL!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
%"2:!%HH&'8-3!M!
%'! /HH)+/47! (+! ,&/90)-'.! (7&! 8&F&5+H,&'(! +*! 9(08&'(! $&/)'&)!
%0(+'+,1!
LZ!U7/(!-9!$&/)'&)!%0(+'+,1c!
6(!*#.90&#! %7#! 8#A#5(G*#$%! ('! 5#.&$#&! .0%($(*1!U#! '+&9%! $##8! %(! R$(U!U7.%! +%! +9Q! ! /%!
:7#''+#58! ?.55.*!@$+A#&9+%1! .! 9%08#$%! +9! &#,.&8#8! .9! T#+$,! .$! .0%($(*(09! 5#.&$#&!U7#$!
%7#1! 7.A#! %7#! 4($'+8#$4#! %(! %.R#! 	G($9+T+5+%1! '(&!*.$.,+$,! %7#+&! (U$! 5#.&$+$,Q! ! 67+9! +$!
%0&$!H9##!")-/!e.$0.&1!>IIY!D#U95#%%#&K!+9!%.R#$!%(!*#.$!%7.%!9047!9%08#$%9!
• ".$!+8#$%+'1!%7#+&!5#.&$+$,!,(.59!HU7.%!%7#1!$##8!%(!5#.&$K^!%7#+&!5#.&$+$,!G&(4#99#9!
H7(U!%7#1!U+55!5#.&$K!.$8!7(U!%7#1!U+55!#A.50.%#!.$8!09#!%7#+&!5#.&$+$,!
• ?.A#!U#55O'(0$8#8!4($4#G%+($9!('!5#.&$+$,!
• ?.A#!.!&.$,#!('!5#.&$+$,!.GG&(.47#9!.$8!9R+559!
• ".$!(&,.$+g#!%7#+&!5#.&$+$,!
• ?.A#!,((8!+$'(&*.%+($!G&(4#99+$,!9R+559!
• /&#!U#55!*(%+A.%#8!%(!5#.&$Q!
W$!7+9!G.G#&!($!"($4#G%0.5+g+$,!-#.&$#&!/0%($(*1!+$!?+,7#&!2804.%+($^!WA.$!a((&#!A+#U9!
.$8!#3G.$89!0G($!%7#!.T(A#!.%%&+T0%#9!+$!%#&*9!('!7+9!9(O4.55#8!:SWa!*(8#5Q!!W$!%7#!:SWa!
*(8#5!.!9%08#$%9^!%(!T#!.$!.0%($(*(09!5#.&$#&^!*09%!7.A#!8#A#5(G#8!.$!.GG&(G&+.%#!9%.$4#!
H:K! %(! %7#+&! 5#.&$+$,Q! ! 67#1!*09%! 7.A#! .!U+55+$,$#99! HSK! %(! 5#.&$Q! ! 67#1!*09%! 7.A#! ,((8!
+$'(&*.%+($!HWK!9R+559^!.$8!*09%!T#!.T5#!%(!*.$.,#!HaK!%7#+&!5#.&$+$,Q!!67+9!A+#U!('!5#.&$#&!
.0%($(*1! +9! G.&%+405.&51! 4($A#$+#$%! U7#$! +%! 4(*#9! %(! *#.90&+$,! %7#! 8#A#5(G*#$%! ('!
9%08#$%!5#.&$#&!.0%($(*1Q!!
LZL!U7/(!8+!J&!,&/'!G1!/'!/HH)+H)-/(&!9(/'4&!(+!5&/)'-'.c!
67+9!*#.$9!%7.%!9%08#$%9!97(058!7.A#!.$!0$8#&9%.$8+$,!('!%7#!5#.&$+$,!G&(4#99!.9!+%!.GG5+#9!
+$!?+,7#&!2804.%+($Q!!:%08#$%9!$##8!%(!R$(U!%7.%!%7#1!7.A#!%(!%.R#!	G($9+T+5+%1!'(&!%7#+&!
5#.&$+$,Q!!67#1!$##8!%(!R$(U!%7.%!%7#1!U+55!T#!90GG(&%#8!+$!%7+9!#$8#.A(0&!T1!%7#+&!%0%(&9!
.$8!T1!%7#!U+8#&!5#.&$+$,!	(0&4#9!.A.+5.T5#^!T0%!(,$+g+$,!U7#&#!	G($9+T+5+%+#9!5+#!+9!
+*G(&%.$%Q!!67#1!97(058!R$(U!%7.%!%7#1!U+55!$##8!%(!.4\0+&#!7+,7O5#A#5!+$%#55#4%0.5!9R+559!H.9!
8#'+$#8!+$!X5((*]9!%.3($(*1^!'(&!#3.*G5#K!.$8!8#A#5(G!%7#+&!(U$!.GG&(.47#9!%(!5#.&$+$,^!
+$4508+$,!.!405%0&#!('!&#'5#4%+($!.$8!#$,.,#*#$%Q! !67#1!97(058!0$8#&9%.$8!%7#!T#$#'+%9!('!
.8(G%+$,!.!8##G!.GG&(.47!%(!5#.&$+$,Q!
LZM!U7/(!8+!J&!,&/'!G1!/!J-55-'.'&99!(+!5&/)'c!
67+9!+9!.T(0%!*(%+A.%+($!.$8!#$,.,#*#$%Q!!:%08#$%9!97(058!G(99#99!.!$.%0&.5!40&+(9+%1!.T(0%!
%7#+&! 90T=#4%! .$8! +%9! U+8#&! 4($%#3%Q! ! 67#1! 97(058! 0$8#&9%.$8! %7.%! %7#&#! .&#! A(4.%+($.5^!
.4.8#*+4^! G#&9($.5! .$8! 9(4+.5! +*G#&.%+A#9! +$! .%+($! %(! %7#+&! 5#.&$+$,! .$8! T#! .T5#! %(!
8+9%+$,0+97! T#%U##$! +$%&+$9+4! .$8! #3%&+$9+4!*(%+A.%+($9Q! ! 67#1! 97(058! R$(U! %7#! A.50#! ('!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! Ld!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
9#%%+$,!,(.59!n!97(&%^!*#8+0*!.$8!5($,O%#&*Q!!67#1!97(058!R$(U!%7.%!T1!%.4R5+$,!47.55#$,#9!
.$8!9%&#%47+$,!%7#*9#5A#9!%7#1!U+55!8#A#5(G!9#5'!4($'+8#$4#Q!
LZN!U7/(!8+!J&!,&/'!G1!.++8!-'*+),/(-+'!9@-559c!
/!9%08#$%!U+%7!,((8!+$'(&*.%+($!9R+559!97(058!T#!.T5#!%(!.44(*G5+97!%7#!'(55(U+$,!.44(&8+$,!
%(!%7#!:%.$8+$,!"($'#&#$4#!('!@$+A#&9+%1!-+T&.&+.$9;!
• c#4(,$+g#!.!$##8!'(&!+$'(&*.%+($!
• E+9%+$,0+97!U.19!+$!U7+47!%7#!+$'(&*.%+($!,.G!*.1!T#!.88c#8!
• "($9%&04%!9%&.%#,+#9!'(&!5(4.%+$,!+$'(&*.%+($!
• -(4.%#!.$8!.44#99!+$'(&*.%+($!
• "(*G.&#!.$8!#A.50.%#!+$'(&*.%+($!(T%.+$#8!'&(*!8+''#&#$%!9(0&4#9!
• `&,.$+g#^!.GG51!.$8!4(**0$+4.%#!+$'(&*.%+($!%(!(%7#&9!+$!U.19!.GG&(G&+.%#!
• :1$%7#9+g#!.$8!T0+58!0G($!#3+9%+$,!+$'(&*.%+($^!4($%&+T0%+$,!%(!%7#!4&#.%+($!('!$#U!
R$(U5#8,#Q!
LZO!U7/(!8+!J&!,&/'!G1!,/'/.-'.!+'&e9!5&/)'-'.c!
:%08#$%9!$##8!%(!T#!.T5#!%(!*.$.,#!%7#*9#5A#9!.$8!.%+($97+G9!+$!U.19!%7.%!U+55!*.3+*+g#!
%7#+&!.T+5+%1!%(!5#.&$!9044#99'0551Q!!67+9!U+55!+$A(5A#!!
• E#A#5(G+$,! 9%081^! G5.$$+$,^! G&(T5#*O9(5A+$,! .$8! %+*#O! .$8! G&(=#4%O*.$.,#*#$%!
9R+559!
• E#*($9%&.%+$,!'(409!.$8!	+5+#$4#!
• X.5.$4+$,!9(4+.5^!U(&R!.$8!5#.&$+$,!$##89!
• ?.A+$,! %7#!*#%.O4(,$+%+($! %(!T.5.$4#! %7#!8#*.$89!('! .99#99*#$%^! 9#5'! .99#99*#$%!
.$8!#A.50.%+($!('!%7#+&!5#.&$+$,Q!
MZ!:(/@&7+58&)9!-'F+5F&8!-'!?&/90)-'.!(7&!Q&F&5+H,&'(!+*!:(08&'(!
$&/)'&)!%0(+'+,1!
67#&#! .&#! %U(! +*G(&%.$%! 9%.R#7(58#&9! %(! %.R#! +$%(! 4($9+8#&.%+($! U7#$! *#.90&+$,! %7#!
8#A#5(G*#$%!('!9%08#$%!5#.&$#&!.0%($(*1Q!!67#9#!.&#!CK!%7#!9%08#$%!.$8!>K!%7#!5#4%0&#&Q!!!
67#! 9%08#$%! $##89! %(! T#! .T5#! %(! *#.90&#! %7#+&! (U$! 8#A#5(G*#$%! .5($,! %7#! =(0&$#1! %(!
T#4(*+$,! .$! .0%($(*(09! 5#.&$#&! +$! .!U.1! %7.%! +9! 9+*G5#^! '5#3+T5#! .$8! G#&9($.5! %(! %7#*Q!!
67#1! $##8! %(! T#! .T5#! %(! 09#! %7+9! *#.90&#*#$%! '(&! %7#! G0&G(9#9! ('! 8#A#5(G*#$%! .$8!
+*G&(A#*#$%Q! !67#1!$##8!.59(!%(!T#!.T5#!%(!G.99!4(**#$%!($!%7#!(GG(&%0$+%+#9!%7#1!7.A#!
T##$!,+A#$^!.$8!%7#!	(0&4#9!%7.%!7.A#!T##$!*.8#!.A.+5.T5#!%(!%7#*^!%(!8#A#5(G!%7#+&!(U$!
5#.&$#&!.0%($(*1Q!!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! LM!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
67#!5#4%0&#&^!+$!%0&$^!$##89!%(!T#!.T5#!%(!*#.90&#!%7#!9%08#$%]9!,&.9G!('!%7#!+990#9!+$A(5A#8!
+$! 8#A#5(G+$,! 9%08#$%! 5#.&$#&! .0%($(*1! .$8! T#! .T5#! %(! 9.%+9'1! %7#*9#5A#9! %7.%! %7#+&!
9%08#$%9!.&#!T#4(*+$,!.0%($(*(09!5#.&$#&9Q!!67#!5#4%0&#&!.59(!$##89!%(!R$(U!%7.%!%7#1!.&#!
G&(A+8+$,!9%08#$%9!U+%7! %7#!(GG(&%0$+%+#9!$##8#8! '(&! %7#!8#A#5(G*#$%!('! 9%08#$%! 5#.&$#&!
.0%($(*1!.$8!7.A#!*#47.$+9*9!%(!8#A#5(G!%7#*9#5A#9!.9!5#4%0&#&9!+$!%7+9!	G#4%Q!
NZ!?&/90)-'.!(7&!Q&F&5+H,&'(!+*!:(08&'(!$&/)'&)!%0(+'+,1!*)+,!
(7&!:(08&'(!#&)9H&4(-F&!
a(9%!5#.&$+$,!.4%+A+%+#9!8#A#5(G!U+%7+$!.!9%08#$%!9#A#&.5!('!%7#!.%%&+T0%#9!*#$%+($#8!+$!%7#!
:SWa!*(8#5Q!!X#'(&#!%.4R5+$,!.!5#.&$+$,!.4%+A+%1!%7#!5#4%0&#&!*+,7%!#$4(0&.,#!%7#!9%08#$%9!
%(!8+94099!%7#!.%%&+T0%#9!%7.%!%7#1!'##5!.&#!,(+$,!%(!T#!*(9%!#A.$%!%(!%7#!.4%+A+%1Q!!/990*#!
+%! +9! 8#4+8#8! %7.%! %7#! G.&%+405.&! 5#.&$+$,! .4%+A+%1! +9! %(! 7.A#! .! 9+,$+'+4.$%! T#.&+$,! ($! %7#!
'(55(U+$,!.%%&+T0%#9;!!!
CQ 6.R+$,!	G($9+T+5+%1!!
>Q E#A#5(G+$,!4(,$+%+A#!9R+559!!
NQ /8(G%+$,!.!8##G!.GG&(.47!%(!5#.&$+$,!!
JQ E#A#5(G+$,!9#5'!4($'+8#$4#!
LQ :#%%+$,!,(.59!!
dQ 2A.50.%+$,!+$'(&*.%+($!!
MQ 6+*#!*.$.,#*#$%!!!
ZQ a.$.,+$,!.%+($97+G9Q!!!
:%08#$%9!97(058!T#!+$A+%#8!%(!94(&#!%7#*9#5A#9!T#%U##$!I!.$8!CI!.9!%(!U7#&#!%7#1!'##5!%7#1!
.&#!U+%7! &#,.&8! %(! #.47! .%%&+T0%#Q! ! W$+%+.551! 9%08#$%9!*.1! '+$8! %7+9! 8+''+405%Q! ! W%! 97(058! T#!
#*G7.9+g#8!%7.%!%7#&#!.&#!$(!.T9(50%#9!.$8!%7.%!%7#+&!*#.90&#*#$%9!.&#!G#&9($.5!%(!%7#*Q!!
/5%#&$.%+A#51^! %7#! 5#4%0&#&! *.1! ,+A#! 9(*#! +$8+4.%+($! .9! %(! U7.%! .! d^! (&! .$! Z! (&! .! J^! '(&!
#3.*G5#^!*+,7%!*#.$Q!!/!9%08#$%!*.1!U#55!4(*#!0G!U+%7!%7#!'(55(U+$,!94(	!T#'(&#!%.4R5+$,!
%7#!5#.&$+$,!.4%+A+%1;!
CQ 6.R+$,!	G($9+T+5+%1!! ! ! ! d!
>Q E#A#5(G+$,!4(,$+%+A#!9R+559! ! ! J!!
NQ /8(G%+$,!.!8##G!.GG&(.47!%(!5#.&$+$,!! M!!
JQ E#A#5(G+$,!9#5'!4($'+8#$4#! ! ! Z!
LQ :#%%+$,!,(.59! ! ! ! ! N!
dQ 2A.50.%+$,!+$'(&*.%+($!! ! ! M!
MQ 6+*#!*.$.,#*#$%!!! ! ! ! d!
ZQ a.$.,+$,!.%+($97+G9!!! ! ! J!
/'%#&! %7#! 5#.&$+$,!.4%+A+%1^! 9%08#$%9!97(058!.,.+$!T#! +$A+%#8! %(!94(&#! %7#*9#5A#9!09+$,! %7#!
9.*#!94(&+$,!919%#*Q!!W$!%7+9!U.1!%7#!9%08#$%!4.$!5(,!%7#!8#A#5(G*#$%!H(&!$(%^!.9!%7#!4.9#!
*.1!T#uK!('!%7#+&!G#&4#+A#8!5#.&$#&!.0%($(*1^!.9!'.&!.9!+%!+9!47.&.4%#&+g#8!T1!%7#!.%%&+T0%#9!
8##*#8!#A.$%!%(!%7#!5#.&$+$,!.4%+A+%1!+$!\0#9%+($Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! LZ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
67#! c.8.&! :4&##$! *(8#5! +9! .! ,((8! *(8#5! %(! 09#! '(&! %7#! G0&G(9#! ('! 4.G%0&+$,! %7#!
*#.90&#*#$%9! +$!.!A+90.5!U.1Q! !2Q,Q! '(&! %7#! lT#'(&#m!*#.90&#*#$%9! %7#!c.8.&!:4&##$!G5(%!
U(058!T#!.9!'(55(U9^!U7#&#!C^!>^vQ^!Z!&#'#&!%(!%7#!5#.&$#&O.0%($(*1!.%%&+T0%#9!.$8!%7#!7#.A1!
8(%9! %(! %7#! 94(	! H%7#! 4#$%&#! ('! %7#! &.8.&! 94&##$! T#+$,! I! .$8! %7#! 4+&40*'#&#$4#!
&#G	#$%+$,!.!94(&#!('!CI!'(&!#.47!.%%&+T0%#K;!
!
S+%7!%7+9!*(8#5!%7#!9%08#$%!+9!.T5#!%(!4.G%0&#!U7#&#!%7#1!.&#!($!%7#+&!=(0&$#1!%(!T#4(*+$,!
.0%($(*(09!5#.&$#&9Q! !W%!+9!#.91!%(!9##!%7.%!%7#!U#T!G5(%!U+55!*(A#!%(!%7#!G#&+G7#&1!('!%7#!
4+&45#! .9! .! 9%08#$%! T#4(*#9!*(&#! .0%($(*(09Q! ! <0&%7#&^! +'! 9%08#$%9! .&#! %(! T#!U(&R+$,! +$!
,&(0G9!($!9(*#!2X-!.4%+A+%1^!'(&!#3.*G5#^!%7#!9%08#$%9!4(058!5(,!%7#!T#9%!+$8+A+80.5!94(	^!
'(&!%7#+&!,&(0G^!'(&!#.47!.%%&+T0%#!+$!%0&$!.$8!(T9#&A#!%7.%!%7#!Ή%+$,!G5(%!+9!45(9#&!%(!%7#!
G#&+G7#&1!%7.$!+9!.$1!+$8+A+80.5!G5(%!n!8#*($9%&.%+$,!%7#!T#$#'+%9!('!U(&R+$,!+$!,&(0G9!.$8!
G((5+$,!#3G#&%+9#Q!
X1!G5(%%+$,!U7#&#!%7#1!'##5!%7#1!.&#!.'%#&!%7#!5#.&$+$,!.4%+A+%1!+9!4(*G5#%#!HG(99+T51!($!%7#!
9.*#! &.8.&! 94&##$K! .! 9%08#$%! 4.$! (T%.+$! .! A+90.5! (&8! ('! %7#+&! 5#.&$#&! .0%($(*1!
8#A#5(G*#$%^!%709!G&(A+8+$,!.!A#7+45#!'(&!&#'5#4%+($!.$8!G#&9($.5!8#A#5(G*#$%Q!!!
W$!.$1!#A.50.%+($!('!%7#!5#.&$+$,!.4%+A+%1!9%08#$%9!97(058!.59(!T#!#$4(0&.,#8!%(!4(**#$%!($!
7(U! %7#! .4%+A+%1! G&(A+8#8! %7#*! U+%7! (GG(&%0$+%+#9! H(&! 5.4R! ('^! .9! %7#! 4.9#! *.1! T#K! '(&!
8#A#5(G+$,!%7#+&!5#.&$#&!.0%($(*1^!%709!G&(A+8+$,!A.50.T5#!'##8T.4R!%(!%7#!5#4%0&#&Q!
OZf!?&/90)-'.!(7&!Q&F&5+H,&'(!+*!:(08&'(!$&/)'&)!%0(+'+,1!*)+,!
(7&!$&4(0)&)e9!#&)9H&4(-F&!
6(!*#.90&#!7(U!9%08#$%9!.&#!,#%%+$,!%(!,&+G9!U+%7!%7#!G&(4#99!('!.4\0+&+$,!9%08#$%!5#.&$#&!
.0%($(*1^! %7#! 5#4%0&#&! 4.$! .9R! 9%08#$%9! %(! 4.&&1! (0%! .! &#'5#4%+($! ($! %7#! 5#.&$+$,! .4%+A+%1!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! LY!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
U+%7!9G#4+'+4!&#'#&#$4#!%(!%7#+&!(U$!.99#99*#$%!('!U7#&#!%7#1!9##!%7#*9#5A#9!U+%7!	G#4%!
%(!%7#!.%%&+T0%#9!%7.%!7.A#!T##$!+8#$%+'+#8Q!!:%08#$%9!*+,7%!09#'0551!T#!.9R#8!%(!
• 23G5.+$!%7#+&!.99#99*#$%!('!U7#&#!%7#1!'##5!%7#1!.&#!G&+(&!%(!%7#!5#.&$+$,!.4%+A+%1!
• 23G5.+$!%7#+&!.99#99*#$%!.'%#&!%7#!5#.&$+$,!.4%+A+%1^!.44(0$%+$,!'(&!.$1!47.$,#9!
• :0,,#9%!+$!.$!.4%+($!G5.$!7(U!%7#1!G&(G(9#!%(!+*G&(A#!#.47!.%%&+T0%#!94(&#!T1!($#!
G(+$%^!9.1!
• "(**#$%!($!%7#!(GG(&%0$+%+#9!%7.%!U#&#!.A.+5.T5#!%(!%7#*!'(&!8#A#5(G+$,!%7#+&!(U$!
5#.&$#&!.0%($(*1Q!
67#!&#'5#4%+($!4.$!T#!*.&R#8!.$8!4($%&+T0%#!%(!%7#!(A#&.55!.99#99*#$%!('!%7#!*(805#Q!!
e09%! .9! 9%08#$%9! 09#! %7#! c.8.&! :4&##$!*(8#5! %(! 47.&%! %7#+&! (U$! 8#A#5(G*#$%! ('! 5#.&$#&!
.0%($(*1^! 5#4%0&#&9! 4(058! 09#! %7#! 9.*#!*(8#5! %(! 47.&%! %7#+&! (U$! G&(,c! +$! G&(A+8+$,!
(GG(&%0$+%+#9! '(&! 9%08#$%9! %(!8#A#5(G! 5#.&$#&! .0%($(*1Q! !E+94099+($9!U+%7!4(55#.,0#9^! '(&!
#3.*G5#^!4(058!T#!09#8!%(!G&(804#!.!5+9%!('!9047!(GG(&%0$+%+#9Q!!<(&!#3.*G5#^!+%!4(058!U#55!T#!
%7#! 4.9#! %7.%! 9%.''! '##5! %7#! '(55(U+$,! 5+9%! ('! (GG(&%0$+%+#9! +9! .GG&(G&+.%#! +$! .! G.&%+405.&!
8+94+G5+$#!.&#.;!
• E+.5(,0#!
• 2$,.,+$,!U+%7!'##8T.4R!
• c#'5#4%+($!
• )##&!.99#99*#$%!
• :#5'!.99#99*#$%!
• /0%7#$%+4!.4%+A+%+#9!
• )	#$%.%+($9!
• c(5#!G5.1+$,Q!
:%.''!*+,7%! 94(&#! %7#*9#5A#9! .,.+$9%! #.47! .4%+A+%1 !̂ %7#! 4&+%#&+($! T#+$,! 7(U! '.&! +$! .%+A#!
%#&*9!%7#1!0%+5+g#!#.47!('!%7#!.T(A#!(GG(&%0$+%+#9!+$!%7#+&!%#.47+$,^!.$8!G5(%!%7#!Ή%9!($!.!
&.8.&! 94&##$!G5(%Q! !/9!G.&%!('!G##&O90GG(&%#8! &#A+#U!('! %#.47+$,!.$8! 5#.&$+$,^! %7#1!*+,7%!
09#'0551! '(&*05.%#! .$! .4%+($! G5.$! %7.%! 9%.%#9! 7(U! %7#1! 4(058! +*G&(A#! #.47! 94(&#! T1! ($#!
G(+$%^!'(&!#3.*G5#Q!!W$!%7+9!U.1!%7#!G&(4#99!4(058!'##8!+$%(!.GG&.+9.5!.$8!9%.''!8#A#5(G*#$%^!
7#5G+$,! %(! G&(A+8#! .$! .88+%+($.5! *#47.$+9*! %(! 7#5G! %7#! 5#4%0&#&! T#4(*#! .! &#'5#4%+A#!
G&.4%+%+($#&Q!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! dI!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! dC!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
%"2:!%HH&'8-3!N!
#0G5-4/(-+'9!/99+4-/(&8!J-(7!(7&!</405(1!$&/)'&)!%0(+'+,1!#)+=&4(!
^+0)'/5d!>++@!4+'()-G0(-+'9;!
X&.*7.55^! aQ! EQ^! -#U+9^! eQ^! D(&45+''#^! /Q^! c.85#1! FQ! .$8! S.58(4R^! eQ! H>ICIK^! b67#! 9%&.%#,+4!
8#A#5(G*#$%!('! 5#.&$#&!.0%($(*1! %7&(0,7!#$\0+&1OT.9#8! 5#.&$+$,;!.! 4.9#!9%081b^! W./0)%(E$
&./$P+1"#($Q/0'&%+-.!>JH>K;!C>COC>LQ!
X&.*7.55^! aQ! EQ^! c.85#1^! FQ! .$8! a#%4.5'^! eQ! H>ICIK^! b)&(*(%+$,! -#.&$#&! /0%($(*1! +$!
#$,+$##&+$,!T1!9%08#$%9!09+$,!*#8+.b^!+$!a((&#^!WQ^!25'A+$,O?U.$,^!eQ^!f.&$#%%^!FQ!.$8!"(&R#&^!
"Q! H289QK^!O#.%(#$*-($U(-3-%+.1$5#&(.#($B0%-.-3E$O&)#$D%0/+#)J$X-,03#$:^! H:7#''+#58;! "#$%&#!
'(&!)&(*(%+$,!-#.&$#&!/0%($(*1K!W:XD;!YMZOCOZYMZLCOCMONQ!
P&*&)&&8!"+'*&)&'4&!H)&9&'(/(-+'9d!H)+4&&8-'.9;!
X&.*7.55^!aQ!EQ^!.$8!c.85#1^!FQ^!b)&(*(%+$,!-#.&$#&!/0%($(*1!+$!9%08#$%9!T1!09+$,!*#8+.!%(!
9%+*05.%#!%7#+&!5#.&$+$,b^!G	#$%#8!.%!%7#!6/c"!W$%#&$.%+($.5!"($'#&#$4#!($!6#.47+$,!.$8!
-#.&$+$,;!2$7.$4+$,!-#.&$+$,!.$8!6#.47+$,!+$!?+,7#&!2804.%+($^!a.5.19+.^!>IIZQ!
X&.*7.55^! aQ! EQ^! D(&45+''#^! /Q^! -#U+9^! e^! .$8!S.58(4R^! e^! b2$\0+&1OT.9#8! 5#.&$+$,;! :%&.%#,+4!
8#A#5(G*#$%! +$! %(! %7#! 40&&+4050*b^! G	#$%#8! .%! %7#! '(0&%7! -#.&$+$,! 67&(0,7! 2$\0+&1!
/55+.$4#!H-62/K!"($'#&#$4#^!@$+A#&9+%1!('!c#.8+$,^!>IIYQ!
X&.*7.55^!aQ!EQ^!c.85#1^!FQ^!D(&45+''#^!/Q^!-#U+9^!e^!.$8!S.58(4R^!e^!b67#!9%&.%#,+4!8#A#5(G*#$%!
('! #$\0+&1OT.9#8! 5#.&$+$,! +$%(! %7#! 40&&+4050*b^! G	#$%#8! .%! %7#!?2/!/$$0.5! "($'#&#$4#^!
a.$47#9%#&^!>IIYQ!
X&.*7.55^!aQ!EQ^!c.85#1^!FQ^!D(&45+''#^!/Q^!-#U+9^!e^!.$8!S.58(4R^!e^!b67#!9%&.%#,+4!8#A#5(G*#$%!
('!!5#.&$#&!.0%($(*1b^!G&(4##8+$,9!('!%7#!L%7!W$%#&$.%+($.5!4($'#&#$4#!($!D#U!?(&+g($9!+$!
W$809%&1^!X09+$#99!.$8!2804.%+($^!GG!CIOCd^!W:XD!YMZOYdIOZZMZLOZOM^!f&##4#^!>IIYQ!
P&4&'(!U+)@97+H9!
a((&#!WQ!.$8!X&.*7.55^!aQ!EQ^!@$+A#&9+%1!8#!/0%($(*.^!a.8&+8!n!J!S(&R97(G9!($!2$\0+&1!
X.9#8!-#.&$+$,!H2X-K^!e0$#!>IIYQ!
a((&#!WQ!.$8!X&.*7.55^!aQ!EQ^!@$+A#&9+%1!('!w.&.,(g.^!:G.+$!n!>!S(&R97(G9!($!2X-^!<#T&0.&1!
>ICIQ!
X&.*7.55^! aQ! EQ^! c.85#1^! FQ^! D(&45+''#^! /Q! .$8! -#U+9^! e^! "#$%&#! '(&! )&(*(%+$,! -#.&$#&!
/0%($(*1! W$%#&$.%+($.5!"($'#&#$4#! n! :7#''+#58!?.55.*!@$+A#&9+%1^!S(&R97(G!($! q2$\0+&1!
T.9#8!5#.&$+$,!.$8!5#.&$#&!.0%($(*1q^!e0$#!>ICIQ!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! d>!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
X&.*7.55^!aQ!EQ^!c.85#1^!FQ!.$8!-#U+9^!e^!?2/!/$$0.5!"($'#&#$4#^!@$+A#&9+%1!('!?#&%'(&897+&#^!
S(&R97(G! ($! qW$9G+&.%+($.5! %#.47+$,! .$8! 5#.&$+$,;! E#A#5(G+$,! .$8! #$4(0&.,+$,!
.0%($(*(09!9%08#$%!5#.&$+$,!%7&(0,7!#$\0+&1!.$8!09+$,!8+,+%.5!*#8+.q^!e0$#!>ICIQ!
a((&#^!WQ^!X&.*7.55^!aQ!EQ!.$8!c.85#1!FQ^!22>ICI^!/9%($!@$+A#&9+%1^!S(&R97(G!($!q2$\0+&1!
X.9#8!-#.&$+$,q^!e051!>ICIQ!
a((&#^! WQ^! X&.*7.55^! aQ! EQ! .$8! c.85#1! FQ^! 22>ICI^! /9%($! @$+A#&9+%1^! S(&R97(G! ($!
qW$9G+&.%+($.5! %#.47+$,! .$8! 5#.&$+$,;! E#A#5(G+$,! .$8! #$4(0&.,+$,! .0%($(*(09! 9%08#$%!
5#.&$+$,q^!e051!>ICIQ!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! dN!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
%"2:!%HH&'8-3!O!
P/J!*&&8G/4@!8/(/;!:,/55!:4/5&!#)+=&4(!5&/89!
e(7$!?.1#9;!"a)!
o0.$%+%.%+A#!o0#9%+($9;!
CQ!!?(U!*.$1!9%08#$%9!.$8!9%.''!U#&#!+$A(5A#8p!
YI!9%08#$%9^!N!9%.''^!G509!($#!#3%#&$.5!H*09#0*!45+#$%K!
>Q!!?(U!*.$1! 9%08#$%!7(0&9!($! %7#!40&&+4050*!8(#9! 1(0&!G&(=#4%! (440G1! H#Q,Q! .! >I! 4+%!
*(805#!(440G+#9!.T(0%!>II!7(0&9!('!9%08#$%!%+*#Kp!
CZI!7(0&9!
NQ!!?(U!*.$1!9%.''!7(0&9!U#&#!+$A(5A#8!+$!G5.$$+$,!.$8!7(U!*.$1!+$!8#5+A#&1p!
>I!V!CII!!
JQ!!`$!7(U!*.$1!8+''#&#$%!4(0&9#9!8(#9!1(0&!G&(=#4%!+*G.4%p!
'(0&!4(0&9#9! O!X/!/$+*.%+($^!X/!E+,+%.5!a#8+.!)&(804%+($^!X/!<+5*!.$8!j+90.5!2''#4%9^!X/!
f.*#9!E#9+,$!
LQ!! S7.%! 8.%.! 8(! 1(0! 7.A#! %7.%! 8#*($9%&.%#9! .$1! T#$#'+%! +$;!! ,&.8#9V*.&R9^! 9%08#$%!
&#%#$%+($^! 9%08#$%! .%%#$8.$4#^! 9%08#$%! #3G#&+#$4#! H#Q,Q! '##8T.4RV\0#9%+($$.+	K^!
&0+%*#$%p!!)5#.9#!9#$8!.$1!G&(A+9+($.5!.$.519#8!'+$8+$,9Q!
)(9+%+A#!.$#48(%.5!#A+8#$4#!O!1#%!%(!.$.519#!\0#9%+($$.+	Q!!
o0.5+%.%+A#!o0#9%+($9;!
CQ!!?.A#!1(0!8($#!U7.%!1(0!9#%!(0%!%(!8(p!
[#9!
>Q!!W$!U7.%!U.1!7.9!1(0&!G&(=#4%!#A(5A#8p!
67#!G&(=#4%!U#$%!%(!G5.$Q!
!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! dJ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
NQ!!?(U!7.A#!9%08#$%9!G#&4#+A#8!%7#+&!(U$!,&(U%7V5.4R!('!,&(U%7!+$!5#.&$#&!.0%($(*1p!
W$!4(*G.&+$,!5.9%!1#.&b9!.99+,$*#$%!T&+#'!HU7+47!U.9!.!'+4%+($.5!.8A#&%+9+$,!4.*G.+,$K!U+%7!
%7+9! 1#.&9^! +%! 7.9!*.8#! .! &#.5! 8+''#&#$4#! %(! %7#! #$,.,#*#$%! ('! 9%08#$%9!U+%7! %7#!*(805#Q!
:%08#$%9!U#&#!A#&1!#34+%#8!.T(0%!%7#!4(55.T(&.%+($!.$8!'0%0&#!G(%#$%+.5!09#!('!%7#+&!.99#%9^!
Ή%+$,!+$!.!$0*T#&!('!9%08#$%!,&(0G9!G&(804+$,!&#.551!#34#55#$%!U(&RQ!
JQ!!E(!1(0!'##5!%7.%!%7#!40&&+4050*!7.9!T##$!#$&+47#8p!!)5#.9#!#3G5.+$!1(0&!.$9U#&Q!
j#&1!*047!9(Q!<(&!%7#!9%08#$%9!%(!U(&R!($!.!&#.5!T&+#'^!9(*#%7+$,!%7.%!U+55!7.A#!&#.5!U(&58!
#A.$4#^! .$8! %7#&#'(&#!#$7.$4#! %7#+&!G(&%'(5+(! +9!A#&1!U(&%7U7+5#Q! W$! .88+%+($^! 9%08#$%9!
7.A#! ,&(U$! +$! 4($'+8#$4#^! .$8! U#&#! 45#.&51! $(%! .'&.+8! %(! &0$! U+%7! 4&#.%+A#! +8#.9! .$8!
9(*#%+*#9!4(*G5#3!%#47$+4.5!G&(T5#*9!%(!G&(804#!%7#+&!'+$.5!G+#4#Q!
LQ!!?(U!7.9!1(0&!5#,.41!G5.$!#A(5A#8p!!
67#!.$%+4+G.%#8!G(%#$%+.5!5#,.41!U.9!*#3!%(!7.A#!.!9#&+#9!('!.99#%9!4&#.%#8!T1!9%08#$%9^!
.$8! 09#8! T1! %7#! *09#0*Q! ?(U#A#&^! T#4.09#! ('! %7#! G(9+%+A#! $.%0&#! ('! %7#! G&(=#4%^! %7#!
*09#0*!U+97! '(&! 09! %(! 4($%+$0#! %7#! .%+($97+G! .$8!! %(! &0$! %7#! G&(=#4%! $#3%! 1#.&Q! :(! +$!
#''#4%!%7#!'0$8+$,!7.9!+$.8A#&%#$%51!G&(A+8#8!9##8!'0$8+$,!'(&!.!A#&1!#34+%+$,!4(55.T(&.%+($!
U7+47!Wb*!90&#!U+55!#3G.$8!%(!4(A#&!(%7#&!.&#.9!('!(0&!G&(A+9+($!.$8!%7#&#'(&#!#$7.$4#!%7#!
9%08#$%!#3G#&+#$4#!.4&(99!%7#!8#G.&%*#$%Q!
)5#.9#! '##5! '&##! %(! .88! .$1! .88+%+($.5! 4(**#$%9! .T(0%! 1(0&! G&(=#4%Q!! S#! U(058! T#!
G.&%+405.&51!+$%#	%#8!+$!1(0&!A+#U9!($!9%.''!8#A#5(G*#$%^!%7#!90GG(&%!1(0!7.A#!#+A#8!%(!
4.&&1!(0%!1(0&!G&(=#4%!.$8!+%9!+*G.4%!($!'0%0&#!4(0&9#!8#A#5(G*#$%9Q!
EW/-`f@2;!2A.50.%+($!
?#9%#&!c##A#!h!?#5#$!X5#=#&*.$;!e0$#!>C9%!>ICI!
o0.$%+%.%+A#!
CQ!>!3!9%.''^!CY!3!9%08#$%9!HA(50$%.&1!G.&%+4+G.%+($^!$(%!#A#&1!9%08#$%!4.*#!A#&1!*##%+$,K!
>Q!D($#!O%7+9!U.9!$(%!&0$!.9!G.&%!('!.!*(805#_!+%!(440G+#8!NN!7(0&9!+$!%(%.5Q!
NQ!)5.$$+$,!t!CI!7(0&9!T#%U##$!>!9%.''!E#5+A#&1!t!NN!G#&!9%.''!*#*T#&!
JQ!J!3!4(0&9#9!
!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! dL!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
LQ!67+9! +9!7.&8#&! %(! 90GG51! #9G#4+.551! 9+$4#! .%%#$8.$4#!U.9!$(%! .9! 5.&,#! .9!U#!7.8!7(G#8!
H9%08#$%! 947#805#! +990#V9%.''! 947#805#! +990#! *#.$%! E+.5(,0#! 4(058! ($51! &0$! ($! <&+8.1!
.'%#&$(($9^!$(%!G#&'#4%KQ!S#!('!4(0&9#!9.U!%7#!T#$#'+%9!8+%51!+$!9%08#$%9!U7(!8+8!.%%#$8!
.$8!'&(*!'##8T.4R!HU#!U#&#!%((!T091!.%!%7#!#$8!('!%#&*!%(!%7+$R!%(!,+A#!(0&!'##8T.4R!'(&*9!
%7#!'+$.5!E+.5(,0#!*##%+$,^!U#!7.A#!#*.+5#8!9(*#!('!%7#!9%08#$%9!%7(0,7!.$8!U+55!'(&U.&8!
%7#9#!($!%(!1(0KQ!!
o0.5+%.%+A#;!
CQ! [#9^!U#! &.$! &#,05.&!E+.5(,0#!f&(0G9! .$8! %7#!*#%7(8(5(,1! ('! (G#$! 4&#.%+A#! 8+94099+($!
,0+8#8! T1! %7#! J! )&+$4+G5#9! ('! E+.5(,0#! .5U.19! '(9%#! .$! +$! 8#G%7! 97.! 4($A#&9.%+($!
U7#&#! $#U! +8#.9! .$8! G#&9G#4%+A#9!U#&#! 97.Q! W$#A+%.T51! 9%08#$%9! &#'5#4%#8! 0G($! %7#+&!
+8#$%+%1!.9!9%08#$%9!.$8!.&%+9%9!.$8!%7#+&!.%+($97+G!%(!%7#!@$+A#&9+%1!.$8!U+8#&!.&%!U(&58!
5.$894.G#9Q!
>Q!67+9!7.9!T##$!A#&1!*.&R#8Q!S#!9%.&%#8!%7#!,&(0G9!%7+9!1#.&!U+%7!$(!'&.*#U(&R!(&!G&#O
G(9#8!\0#9%+($^!+$!5+$#!U+%7!bG0&#!E+.5(,0#^b!+Q#Q!$(!.,#$8.Q!/5%7(0,7!%7+9!8+8!$(%!.''#4%!!%7#!
9%08#$%9b!#$,.,#*#$%!(&!.T+5+%1!%(!%7+$R!%(,#%7#&!H.9!9%.%#8!+$!CQK!U#!&#.5+9#8!%7&(0,7!%7#!
'.4+5+%.%(&!%&.+$+$,!4(0&9#!%7.%!U#!0$8#&%((R!%7.%!.4%0.551!.$!.GG&(G&+.%#!'&.*#U(&R!U+%7+$!
%7#! @$+A#&9+%1! E+.5(,0#! '&.*#U(&R! .55(U9! '(&! 9%08#$%9! %(!*.+$51! #$,.,#! +$! %7#! 4($4&#%#!
9+%0.%+($!('!%7#+&!5#.&$+$,!9G#4+'+4!%(!%7#+&!4(0&9#Q!S#!&#O+$%&(804#8!9047!.!'&.*#!+$!%7#!5.9%!
>!E+.5(,0#!*##%+$,9!.$8!,(%!9(*#!$#U!9%08#$%9!.$8^!U#!'#5%^!&+47#&!8+.5(,0#!+$!%#&*9!('!%7#!
4(**0$+%1!%7.%!%7#!4($A#&9.%+($9!4&#.%#8^!+Q#Q!%7#!4($A#&9.%+($9!U#&#!*(&#!b9+%#O9G#4+'+4Qb!
NQ!)5#.9#!9##!\0(%.%+($9!'&(*!9%08#$%!'##8T.4RQ!!
JQ! 67+9! +9! %&+4R1! %(! .$9U#&^! %7+9! 1#.&! E+.5(,0#! U.9! 9%&+4%51! 9G#.R+$,! $(%! G.&%! ('! %7#!
40&&+4050*Q!?(U#A#&^! %7+9! +9! +%9!A.50#!%(!%7#!9%08#$%9!.$8!G.&.8(3+4.551!%(!%7#!40&&+4050*Q!
67#&#! +9! .! ,&#.%#&! 9#$9#! ('! 9%08#$%9! (U$+$,! %7#! 8#A#5(G*#$%9! U+%7+$! %7#! 8#G.&%*#$%;!
E+.5(,0#! 4&#.%#9! .! 8+9%.$4#! '&(*! %7#! 947#805#8! 5#.&$+$,! .$8! 7#$4#! .! 9G.4#! '(&! 9%08#$%b9!
4&+%+4.5!&#'5#4%+($!.$8!.$!.8*+%%.$4#!('!	G($9+T+5+%1!'(&!5#.&$+$,!#3G#&+#$4#!.$8!.4%+A.%+$,!
%7#+&!&(5#!+$!.55(U+$,!%#.47+$,!%(!T#!9044#99'05Q!!
LQ! HW'!U#! 0$8#&9%.$8! %7#! %#&*! 5#,.41! G5.$K;!S#! ,.A#! .! '#U! G	#$%.%+($9! .T(0%! E+.5(,0#!
(0%9+8#!('!%7#!'+$#!.&%!8#G.&%*#$%!.$8!U#&#!*#%!U+%7!.!9%&($,!	G($9#!O!(%7#&!8#G.&%*#$%9!
9##*!%(!0$8#&9%.$8!E+.5(,0#b9!G(%#$%+.5!A.50#!+$!%7#+&!(U$!.&#.9^!G.&%+405.&51!+$!&#,.&8!%(!
.4%+A.%+$,! 9%08#$%9! .9! .,#$%9! ('! %7#+&! (U$! 5#.&$+$,! .$8! *#*T#&9! ('! %7#! @$+A#&9+%1Q! 67#!
#3G#&+#$4#!%7+9!1#.&!O!+$4508+$,!%7#!%&.+$+$,!.$8!.!9G#4+.5!*##%+$,!U+%7!)#%#&!f.&&#%%!HU7(!
U(&R#8!U+%7!X(7*!%(!%0&$!7+9!G7+5(9(G71!+$%(!%7#!G&.4%+4#!.$8!$(U!8+%9!)&+9($!E+.5(,0#K!
%(! 8+94099! U7.%! U#! 7.8! 8#A#5(G#8! 9(! '.&! U+%7+$! %7#! @$+A#&9+%1! .$8! %(! ,#%! 7+9! .8A+4#! ($!
U7#&#!%7#!$#3%!9%#G9!97(058V4(058!T#!O!7.9!5#.8!09!%(!(0&!40&&#$%!G(9+%+($!%7.%!E+.5(,0#!U+55!
U(&R!U#55!.9!.$!b+$804%+($!*#%7(8(5(,1b!'(&!.55!$#U!-J!9%08#$%9Q!W$!%7+9!+$9%.$4#!.%%#$8+$,!
%7#!E+.5(,0#!,&(0G!U(058!$(%!T#!A(50$%.&1!.9!+%!7.9!9(!'.&!T##$!&0$Q!W%!U(058!$(%!&0$!.9!G.&%!
('!W$804%+($!S##R^!U7#$!%7+$,9!.&#!%((!bT091^b!T0%!C!(&!>!U##R9!.'%#&!+$804%+($!U##R!!U7#$!
9%08#$%9!$##8!%(!'##5!G.&%!('!.!4(**0$+%1^!%&09%!#.47!(%7#&^!'##5!#$4(0&.,#8!%(!9G#.R!%7#+&!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! dd!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
*+$89!.$8!&#'5#4%!0G($!%7#!+8#.9!('!(%7#&9!.$8!%(!&#.5+9#!%7.%!%7#1!7.A#!G#&*+99+($!%(!9%.$8!
0G! .$8! %.R#! &+9R9! .9! 9%08#$%9Q!S#!U(058! %7#$! '(55(U! %7+9! 0G! T1! &0$$+$,! ($#! 5($,#&! .$8!
b9G#4+.5b!E+.5(,0#!E.1!.%!%7#!A#&1!#$8!('!%7#!.4.8#*+4!1#.&!U7+47!U(058!T#!A(50$%.&1!.$8!
'(&! .$1! 9%08#$%! '&(*! .$1! 1#.&! %(! .%%#$8! +$! (&8#&! %(! #3G5(&#! %7#+&! +8#$%+%1! .$8! +8#.9! +$!
.%+($97+G!%(!%7#!'&.*#U(&R!('!b/&%+9%O@$+A#&9+%1Of.55#&1O<0$8+$,!X(8+#9Qb!
<+$.5! &#*.&R9;!`0&! %&.+$+$,!U+%7! %7#!47.&+%1!)&+9($!E+.5(,0#!U.9!G.&%+405.&51!7#5G'05Q!S#!
*#%! (%7#&! '.4+5+%.%(&9! ('! %7#!*#%7(8(5(,1! .$8! 97.! #3G#&+#$4#9! #%4Q!S#!G.&%+4+G.%#8! +$!
E+.5(,0#! ,&(0G9! +$! >! G&+9($9! .$8^! .9! *#$%+($#8! .T(A#^! *#%! U+%7! )#%#&! f.&&#%%! %(! ,#%!
'##8T.4R!.$8!.8A+4#!($!U7.%!U#!7.A#!T##$!8(+$,!+$!%7#!@$+A#&9+%1!4($%#3%Q!!
)&(=#4%!%+%5#;!
W$%#,&.%+($! ('! "&#.%+A#! )&.4%+4#^! "&+%+4.5! /$.519+9! .$8! /4.8#*+4! :R+559! .%! 5#A#5! J! %7&(0,7!
2$\0+&1OX.9#8!-#.&$+$,!
)&(=#4%!6#.*;!
`R9.$.!<#8(%(A.^!E#.$!:0**#&9!Ha#8+.!/&%9!.$8!"(**0$+4.%+($K!!!!
:0**.&1!
67#!G&(=#4%!(440G+#8!.GGQ!JII!7(0&9!($!%7#!40&&+4050*!.$8!+$A(5A#8!%U(!9%.''!.$8!ZI!'+&9%O
1#.&! 9%08#$%9! .4&(99! '(0&! 4(0&9#9! O! X/! /$+*.%+($^! X/! E+,+%.5! a#8+.^! X/! <+5*! .$8! j+90.5!
2''#4%9!.$8!X/!f.*#!E#9+,$Q!!!67#!*.+$!'(409!U.9!($!%7#(&1!*(805#9!.%!5#A#5!J^!U7+47!.+*!
%(!#\0+G!$#U!9%08#$%9!U+%7!9R+559!.$8!.%%+%08#9!.GG&(G&+.%#!'(&!.!7+,7#&!5#A#5!+$8#G#$8#$%!
#$\0+&1!+$!'0%0&#!1#.&9!('!%7#+&!@$+A#&9+%1!9%081Q!!!67#9#!.&#!c#9#.&47!a#%7(89!H9#*#9%#&!CK!
.$8!"&+%+4.5!/$.519+9!H9#*#9%#&!>KQ!!?+9%(&+4.551^!9%08#$%9!'(0$8!+%!8+''+405%!%(!#$,.,#!U+%7!%7#!
*(805#9^! 80#! %(! %7#! 9#G.&.%+($! ('! %7#! i9%081! 9R+559! V! .4.8#*+4!U&+%+$,! V! 4&+%+4.5! .$.519+9_!
#5#*#$%9!'&(*!%7#+&!47(9#$!4&#.%+A#!G&.4%+4#Q!!!67#!G&(=#4%!.+*#8!%(!T&+8,#!%7#!,.G!T#%U##$!
i%7#(&1]! .$8! iG&.4%+4#]! T1! #9+,$+$,! %7#! 5#.&$+$,^! %#.47+$,! .$8! .99#99*#$%! .4%+A+%+#9! ($!
T(%7!*(805#9!.44(&8+$,!%(!%7#!G&+$4+G5#9!('!2X-Q!
S7.%!U#&#!U#!G5.$$+$,!%(!.47+#A#p!
• 6(!.5+,$!*(805#! .4%+A+%+#9!U+%7!2X-!.GG&(.47^! .GG&(G&+.%#51! '(&! %7#! 5#A#5!('! 9%081!
.$8!*(805#!5#.&$+$,!(0%4(*#9!
• 6(! ! +$4&#.9#! (GG(&%0$+%+#9! '(&! 0$8#&,&.80.%#! 	#.&47! .$8! %7#! 5#A#59! ('! 8+,+%.5!
5+%#&.41!.$8!+$'(&*.%+($!9R+559!!
• 6(!+*G&(A#!9%08#$%!#3G#&+#$4#^!*(%+A.%+($!.$8!.%%.+$*#$%!
• 6(!T&+8,#!%7#!,.G!T#%U##$!i%7#(&1]!.$8!iG&.4%+4#]!U+%7+$!%7#!G&(,&.**#!
• 6(! .99#99! %7#! '#.9+T+5+%1! ('! +$4(&G(&.%+$,! $#U! .4%+A+%+#9! +$%(! %7#! 5#.&$+$,! .$8!
.99#99*#$%!G&(4#99^!9047!.9!4($'#&#$4#!G.&%+4+G.%+($^!G&(804%+($!('! %7#*#8! +990#9!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! dM!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
('!i2$\0+&1]!H/"2:!=(0&$.5!('!0$8#&,&.80.%#!	#.&47K^!G(9%#&!#37+T+%+($!.$8!i#99.1O
'+5*]Q!!!!
?.A#!U#!.47+#A#8!U7.%!U#!9#%!(0%!%(!8(p!
[#9Q!!/55!%7#!G5.$$#8!(T=#4%+A#9!7.A#!T##$!.88c#8^!.5%7(0,7!9(*#!U+%7!*(&#!9044#99!%7.$!
(%7#&9! H80#! %(! %+*#94.5#! .$8! 9%&04%0&.5! 5+*+%.%+($9KQ! ! 67#! G&(=#4%! 7.9! 9044#99'0551! G+5(%#8!
$#U!.99#99*#$%!*#%7(89!.+*#8!.%!T&+$,+$,!45(9#&!%(,#%7#&!%7#(&#%+4.5!	#.&47!.$8!*#8+.!
G&(804%+($^! .$8! Ή%#8! +$! .! 45#.&! +$4&#.9#! ('! 9%08#$%! #$,.,#*#$%Q! ! 67#! '+&9%! G.99! &.%#9!
U#&#! 4(*G.&.T5#! %(! G&#A+(09! 1#.&9! +$! ($#!*(805#! .$8!7+,7#&! %7.$! T#'(&#! +$! %7#! 9#4($8!
*(805#Q!!:%08#$%!'##8T.4R!8.%.!'&(*!MC!\0#9%+($$.+	!.$8!J!'(409!,&(0G9!'0551!#$8(&9#!%7#!
+$$(A.%+($9^!&#G(&%!7+,7!*(%+A.%+($^!!.$8!90,,#9%!.&#.9!'(&!'0&%7#&!'+$#O%0$+$,Q!!!!67#!G&(=#4%!
7.8!9(*#!+$7#&#$%!5+*+%.%+($9!80#!%(!%7#!%+*+$,!('!%7#!'0$8+$,!HU7+47!U.9!%((!5.%#!%(!*+$(&!
*(8]9^!*.R+$,!+$8#G#$8#$%!	#.&47!G&(=#4%9!.$8!4(55.T(&.%+A#!U(&R!(G%+($.5K!T0%!%7+9!4.$!
T#! '+$#O%0$#8! +$! '0%0&#Q! ! 67#! #3%#&$.5! #3.*+$#&! 7.9! 5((R#8! .%! .! 9.*G5#! ('! 9%08#$%9]!
.08+(A+90.5!	#.&47!U(&R!.$8!#A.50.%#8!%7+9! +$+%+.%+A#!A#&1!7+,751Q! !67#!G&(=#4%!U(&R!7.9!
$(%! '+$+97#8! 1#%! .$8! 9(*#! +*G(&%.$%! '(&U.&8O5((R+$,! .9G#4%9! .&#! 9%+55! 4.&&+#8!(0%! T1! %U(!
G.+8!9%08#$%!.99+9%.$%9!0$8#&!%7#!,0+8.$4#!('!`R9.$.!<#8(%(A.^!T0%!U+55!T#!4(*G5#%#8!T1!%7#!
#$8!('!e051Q!!!H:##!%7#!5#,.41!9#4%+($K!
)+*+$.&1!Ή%9!
2X-!<(409!,&(0G9;!
67#!*.+$!T#$#'+%9!'(&!09+$,!2X-!U#&#!+8#$%+'+#8!T1!9%08#$%9!.9!'(55(U9;!
CQ a(%+A.%+($;!lX#4.09#!U#!G+%47!(0&!	#.&47!\0#9%+($9!(0&!9#5'!U#!.&#!+$%#	%#8^!U#!
.&#!*(%+A.%#8!%(!8(!+%^!+'!1(0!,.A#!*#!.!	#.&47!\0#9%+($!W!U.9!$(%!+$%#	%#8!+$!+%!
U(058!T#!.!G((&!(0%4(*#Qm!
>Q 2$,.,#*#$%!;!lW%!R+$8!('!8#G#$89!($!7(U!1(0!8#'+$#!7.&8!U(&R!.9!U#55^!T#4.09#!!1(0!
4.$!8#'+$#!7.&8!U(&R!.9!%7#!.*(0$%!('! %+*#!1(0!G0%! +$%(! +%^!T0%!U7.%!1(0!%U(!.&#!
9.1+$,!.$8!W!.,&##!U+%7^!+9!%7.%!+'!+%!+9!9(*#%7+$,!1(0!.&#!+$%#	%#8!+$!%7#$!+%!+9!$(%!
7.&8!U(&RQ!W!U(058!&.%7#&!8(!CI!7(0&9!('!9(*#%7+$,!W!'+$8!+$%#	%+$,!%7.$!C!7(0&!('!
9(*#%7+$,!W!'+$8!*+$8!$0*T+$,!T(&+$,Q!l!
NQ )0&90+$,! (U$! +$%#	%9;! l:(! W! 7.A#! (TA+(0951! 47(9#$! 9(*#%7+$,! W! '+$8! +$%#	%+$,!!
.$8!.59(!9(*#%7+$,!%7.%!W!*+,7%!09#!+$!*1!G&('#99+($.5!5+'#^!+%]9!.$!.&#.!('!#3G#&%+9#!
%7.%!W!4.$!#99#$%+.551!G+%47!*19#5'!'(&!=(T9!+$!%7#!'0%0&#Q!l!
JQ /4\0+&+$,! %&.$9'#&.T5#! 9R+559! 9047! .9! 	#.&47! 9R+559! .$8! +$8#G#$8#$%! U(&R! 9R+559;!
l:(*#!G#(G5#!*+,7%!'##5!$(%!4(*'(&%.T5#!U+%7!4(*+$,!0G!U+%7!%7#+&!(U$!+8#.!.%!!'+&9%^!
T#4.09#!1(0!4(*#!+$%(!+%!5+R#!xQQQy!^!T0%!U7#$!+%!4(*#9!%(!9#4($8!1#.&!%7#1!U(058!T#!
*(&#!4($'+8#$%!U+%7!G+4R+$,!0G!%7#+&!(U$!R+$8!('!9%0''mQ!lW!%7+$R!%7.%!.%!'+&9%!+%!9##*9!
5+R#!1(0!,#%!%7&(U$!+$%(!%7#!8##G!#$8^!T0%!W!%7+$R!%7.%!+$!%7#!#$8!+%!+9!T#%%#&!T#4.09#!
+%! 9##*9!5+R#^!.%!0$+A#&9+%1^! +%! +9!.!9%15#!U#!U+55!T#!4.&&1+$,! %7&(0,7!.! 5(%! ^!.$8! +%! +9!
9%0''!U#!$##8!%(!5#.&$!7(U!%(!8(^!9(!8(+$,!+%!+$!%7#!'+&9%!1#.&!U+55!8#'+$+%#51!7#5G!09!+$!
%7#!'0%0&#!lQ!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! dZ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
!
/55! %7#! G.&%+4+G.$%9! ('! %7#! '(409! ,&(0G9! .,&##8! %7.%! %7#1! #$=(1#8! .$8! G&#'#&! %7#! 2X-!
9%&04%0&#!('!%7#!4(0&9#!.$8!%7.%!+%!5#$89!+%9#5'!%(!%7+9!9%&.$8!.9!lW!%7+$R!*(9%!G#(G5#^!W!*#.$!+'!
1(0! G097! +%! %(! 4(*#! 0G!U+%7! %7#+&! (U$! +8#.^! #9G#4+.551! +$! 4(0&9#9! 5+R#! ,.*#9^! U7+47! .&#!
4&#.%+A#^!90GG(9#8!%(!T#!4&#.%+A#!G#(G5#^!9(!4(*+$,!0G!U+%7!1(0&!(U$!+8#.^!1(0!97(058!T#!
A#&1!G.99+($.%#!.T(0%!+%mQ!?(U#A#&!%7#1!8+8!9.1!%7.%!+%!*+,7%!$(%!90+%!.55!9%08#$%9!.$8!%7#&#!
97(058!T#!.!47(+4#!T#%U##$!%&.8+%+($.5!9#%!\0#9%+($9!.$8!%7#!*(&#!(G#$!#$8#8!9%&04%0&#!('!
2X-Q!!S7#$!+%!4(*#9!%(!%7#!\0#9%+($!('!+*T.5.$4#8!U(&R5(.89^!%7#!9%08#$%9!9.+8!%7.%!.!l,((8m!
9%08#$%! U(058! G0%! =09%! .9! *047! U(&R! +$%(! .! 9#%! \0#9%+($! .9! %(! .$! (G#$! \0#9%+($^! %7#!
8+''#&#$4#! U(058! T#! *(%+A.%+($! ($! G#&09+$,! #+%7#&! %7#! 9#%! (&! %7#! 9#5'! 8#'+$#8! \0#9%+($!
8#G#$8+$,!($!(U$!G#&9($.5!5#.&$+$,!9%15#Q!67#!U(&&1!#3Gc#8!+'!%7#&#!+9!(G%+($9!5+R#!%7+9!
+9!U+%7!%7#!'.+&$#99!('!*.&R+$,!lxQQQy! %7#!*(&#!(G%+($9!1(0!7.A#!%7#!7.&8#&!+%!,#%9!%(!*.&R^!
+$4+T51!7.&8!%(!*.&RQ!W'!1(0!9#%!.$!#99.1!\0#9%+($^!%7#$!1(0!.5*(9%!R$(U!U7.%!%7#!G#&'#4%!
#99.1! 5((R9! 5+R#^!.%! 5#.9%!1(0!4.$!4(*G.&#! %7#!(%7#&!($#9Q! !S#!7.A#! %7#!.990*G%+($!U7#$!
8(+$,! %7+9! 4(0&9#! %7.%! U#! U+55! T#! *.&R#8! '.+&51! xQQQy! +'! +%! +9! $(%! '#.9+T5#! %(! *.&R! %7+$,9!
4(*G5#%#51! '.+&51!.4&(99!%7#!T(.&8!%7#$!W! %7+$R! +%!.5*(9%!*.R#9!%7+$,9QQQm!.$8!%7.%!%7#!($51!
U.1!.&(0$8!%7+9!U(058!T#!%(!'0551!(G%!+$!%(!#+%7#&!%&.8+%+($.5!%#.47+$,!(&!2X-;!l67#&#!4.$$(%!
T#!%U(!*.&R+$,!947#*#9^!9(!W!%7+$R!1(0!4.$!#+%7#&!8(!+%!(&!$(%Qm!
S7.%!4.$!T#!G&(T5#*.%+4!+9!8#'+$+$,!.$8!l'5#97+$,m!(0%!%7#!	#.&47!\0#9%+($^!.$8!+%!+9!.%!%7+9!
9%.,#!%7.%!%7#!9%08#$%9!%7+$R!%7.%!(%7#&!9%08#$%9!U(058!7.A#!*(9%!8+''+405%+#9^!T0%!+%!4.$!T#!
U(&%7!G#&9+9%+$,^!(&!.9!.!9%08#$%!9.+8!llW!4.$!0$8#&9%.$8!%7.%!9(*#!G#(G5#!U(058!'+$8!+%!7.&8!
%(!%&1!%(!8#'+$#!U7.%!%7#1!U.$%!%(!8(^!.$8!%7.%]9!.55!,((8^!T0%!7($#9%51!+%!+9!,((8!%(!#3G5(&#!
9(*#%7+$,!1(0!#$=(1mQ!W%!4.$!G5.4#!%7#!5#4%0&#&!+$!.!8+''+405%!9G(%^!.9!+%!G097+$,!%7#!9%08#$%9!
4.$!5#.8!%(!(GG(9+%#!#''#4%9^!$($O#$,.,#*#$%!.$8!%7#!5#4%0&#&!*09%!'+$8!.!U.1!%(!l#$4(0&.,#!
%(!4(*#!0G!U+%7!1(0&!(U$!+8#.^!$(%!$#4#99.&+51!'(&4#!%7#*mQ!/!G(99+T5#!9(50%+($!U(058!T#!%(!
#$4(0&.,#!%7#!9%08#$%9!%(!9%.&%!%7+$R+$,!.T(0%!%7#!	#.&47!\0#9%+($!.9!#.&51!.9!G(99+T5#^!%(!
9%.&%!%7#!G&(4#99!+$!c#9#.&47!a#%7(89!+$!9#*#9%#&!($#^!.$8!4.&&1!%7+9!%7&(0,7;!lW!%7+$R!%7.%!
+'!1(0!.%!%7#!T#,+$$+$,!('!%7#!	#.&47!*#%7(8!%(!9%.&%!%7+$R!('!9(*#%7+$,!%(!8(!'(&!4&+%+4.5!
.$.519+9!.$8!%7.%^!+$!%7.%!.*(0$%!('!%+*#!.%!5#.9%!#A#&1($#!97(058!T#!.T5#!%(!4(*#!0G!U+%7!.$!
+8#.!(&!\0#9%+($!+'!%7#1!G0%!%7#!#''(&%!+$m!.$8!.+*!%7#!8+.,$(9%+4!.99+,$*#$%9!%(U.&89!%7#+&!
(U$! G&(=#4%^! 7(U#A#&! %7+9! U(058! .59(! &#\0+&#! &#U(&R+$,! ('! %7#! .99+,$*#$%! &#,+*#! '(&!
c#9#.&47!a#%7(89!.9!U#55!.9!"&+%+4.5!/$.519+9Q!
/$(%7#&! .&#.! ('! +$9#40&+%1! U.9! .T(0%! 47((9+$,! .$! 0$O	#.&47.T5#! %(G+4Q! 67+9! 97(058! T#!
45#.!0G!U+%7!,0+8.$4#!('!%7#!%0%(&^!T0%!%7#&#!+9!($51!9(!*047!,0+8.$4#!.!%0%(&!4.$V97(058!
,+A#^!!!.9!($#!9%08#$%!#3G5.+$9;!lW!%7+$R!%7.%!+'!%7#1!G0%!%7#!#''(&%!+$!%7#1!97(058!,#%!.$!8#,&##^!
T0%! +'! %7#1!G0%!%7#!#''(&%!+$!.$8!+%! +9!&#.551!(0%9%.$8+$,!%7#1!97(058!,#%!.!7+,7!8#,&##^!1(0!
R$(U!%7.%]9!7(U!+%!+9^!T0%!+'!%7#1!G0%!$(!#''(&%!+$^!%7#$!1(0!R$(U^!+%!+9!$(%!0G!%(!1(0mQ!/$(%7#&!
G(+$%!U.9!.T(0%!!!l8#.8!#$89mQ!:%08#$%9!90,,#9%#8!%U(!U.19!'(&!8#.5+$,!U+%7!%7+9!G&(T5#*^!
T(%7!'(409+$,!($!%7+9!T#+$,!.!	#.&47!*(805#!.$8!%7.%!5#.&$+$,!7(U!%(!8(!	#.&47!+9!G.&%!
('! %7#! 5#.&$+$,!(0%4(*#9Q!67#! '+&9%!U.9! %(! 5#.&$!7(U! %(! &#%&.4#! %7#!G&(=#4%! '+$8!U(&R.T5#!
9(50%+($9;! l+%! +9! %7#! 5+$#! ('! #$\0+&1^! 1(0! 9%.&%! .%! .! G(+$%! .$8! +%! T&.$47! (0%! .$8! 1(0! '+$8!
1(0&9#5'! +$! .!8#.8!#$8^! 1(0! 4.$! .5U.19! ,(!T.4R!8(U$! %7#!T&.$47#9mQ!67#!9#4($8!9(50%+($!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! dY!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
U.9!%7.%!%7#!*.&R9!97(058!T#!T.9#8!$(%!($!%7#!Ή%9^!T0%!($!%7#!G&(4#99;!l[#.7^!T0%!%7.%]9!
%7#! G(+$%! ('! %7#! *(805#_! %7.%! 1(0! .&#! 8(+$,! %7#! 	#.&47_! %7.%! 1(0]&#! %&1+$,! %(! .$.519#!
9(*#%7+$,!1(0!8($]%! 0$8#&9%.$8Q!:(! +'! 1(0!4(*#! %(! .!8#.8!#$8!.$8!#3G5.+$! %7.%^! .$8!1(0!
7.A#!8($#!%7#!U(&R^!%7#$!1(0!G.99!%7#!*(805#m!
!:4&##$!4.9%!Ή%9!
67#!'(409!,&(0G9!4($4#&$+$,!%7#!09#!('!94&##$4.9%!U#&#!4(8#8!+$!Dj+A(!T1!J!+$8#G#$8#$%!
4(8#&9Q!!/5*(9%!.55!9%08#$%9!U#&#!+$!'.A(0&!('!09+$,!94&##$4.9%!.9!.$!.99#99*#$%!(G%+($Q!67#!
%7&##!*.+$!.8A.$%.,#9!'(&!09+$,!%7+9!(G%+($!+8#$%+'+#8!T1!%7#!4(8+$,!U#&#;!
j+90.5!'(&*!('!.99#99*#$%;!!67#!9%08#$%9!.&#!A#&1!A+90.551!(&+#$%#8!.$8!4.$!'+$8!+%!#.9+#&!%(!
#3Gc!%7#*9#5A#9!U+%7!G+4%0	!.$8!*(A+$,!+*.,#9;!
!l[(0!R$(U!+%]9!=09%!8#Gc+$,!&#.551!.9!#A#&1!%+*#!U#!,#%!.$!#99.1!W!,#%!JI!(&!LIr!T#4.09#!
W!4.$]%!1(0!R$(U!,#%!*1!U(&89!.4&(99!U7#$!W!U&+%#!8(U$!.$8!W!5(9#!%&.4R!.$8!W!,(!.55!(A#&!
%7#!G5.4#!.$8!+%!8(#9$]%!'5(UQ!W'!1(0]A#!,(%!.!G+4%0&#!.$8!%7+9!,(#9!'(&!%7#!%#.47+$,!.9!U#55!+'!
1(0]A#!,(%!.!G+4%0&#!%(!5((R!.%!1(0!4.$!,#%!1(0&!G(+$%!.4&(99Qm!
l67#! A+90.59! %7.%! W! 09#8! +$! %7#! 94&##$4.9%! .4%#8! .9! #A+8#$4#!U7+47! 90GG(&%#8!U7.%! W!U.9!
%.5R+$,! .T(0%^!U7#&#.9^!U+%7! .$! #99.1! +%! +9! A#&1! 7.&8! %(! 8#94&+T#! +$! G.&.,&.G79!U7.%! %7#!
A+90.59!U#&#Q!W!$##8#8!9(0$8!%(!8#94&+T#!*1!G(+$%!+$9%#.8!('!U(&89Qm!
lW%]9!&#.551!7.&8!%(!8#94&+T#!.!,.*#!+$!U(&89!.$8!1(0]&#!,(+$,!%(!U.9%#!0$$#4#99.&1!U(&89!
U7#&#.9!+$!.!94&##$4.9%!1(0!4.$!9.1!97(U!%7.%!+$!CI!9#4($89m!
D(%! l5+A#m;! W%! U.9! ,#$#&.551! 9##$! %7.%! G&(804+$,! .! 94&##$4.9%! +9! +$!*.$1!U.19! 9+*+5.&! %(!
7(58+$,!.!G	#$%.%+($^!T0%!U+%7(0%!%7#!U(&&1!('!9%.$8+$,!0G!.$8!97(U+$,!+%!l5+A#mQ!<(&!*.$1!
%7+9!U.9!.!+#'!'&(*!%7#!l9%.,#!'&+,7%m!%7#1!'##5!+$!%7#9#!9+%0.%+($9!.$8!%7#1!'#5%!%7#1!U#&#!
.T5#!%(!G&(804#!.!*(&#!4(7#&#$%!G+#4#!('!U(&R!+$!%7+9!'.97+($Q!!
lS+%7!G	#$%.%+($9!.9!U#55! +'!1(0]&#!$(%!,((8!.%!8(+$,! %7#*!1(0]&#!,(+$,! %(!U(&&1!.T(0%!
%7#*!.$8!1(0]&#!,(+$,!%(!,#%!0G!%7#&#!.$8!'(&,#%!%7+$,9!T0%!U+%7!%7#!94&##$4.9%!1(0!4.$!%.R#!
1(0&!%+*#!(A#&!8(+$,!%7#*m!
l[#.7!.$8!1(0!4.$!G5.1!+%!T.4R!%(!9##!+'!1(0]A#!,(%%#$!+%!&+,7%!T0%!U+%7!.!G	#$%.%+($!1(0]A#!
($51!,(%!($#!47.$4#!%(!,#%!#A#&1%7+$,!.4&(99!T0%!U+%7!.!94&##$4.9%!.$8!1(0!4.$!*.R#!90&#!
1(0]A#!,(%!#A#&1%7+$,!+$!T#'(&#!1(0!7.$8!+%!+$!U+%7!.!94&##$4.9%m!
!
!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! MI!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
?#5G9! '(409+$,;!a(9%! ('! %7#! 9%08#$%9! '(0$8! %7.%! G&(804+$,! %7#! 94&##$4.9%!7#5G#8! %7#*! +$!
'(409+$,!($!%7#!.99#99*#$%!.$8!4&#.%#!.!9%&04%0&#!+$!%7#!.&,0*#$%9!%7#1!7.A#!$(%!T##$!.T5#!
%(!8(!T#'(&#!U7#$!U&+%+$,!#99.19!(&!7(58+$,!G	#$%.%+($9Q!67+9!4(*#9!'&(*!%7#!9%&+4%!%+*#!
	%&+4%+($9!($!%7#!94&##$4.9%^!%7#!.T+5+%1!%(!&#G5.1!%7#!U(&R!9#A#&.5!%+*#9!U7#$!*.R+$,!+%!%(!
*.R#!90&#!+%!l'5(U9m!.$8!%7#!$##8!%(!4&#.%#!.!U(&R+$,!94&+G%Q!
lW!8+8!#$=(1!8(+$,!%7#!94&##$4.9%!*(&#!%7.$!%7#!G	#$%.%+($!T#4.09#!U#!8+8!%7#!94&+G%9!.9!
U#!%7(0,7%!(0%!(0&!+8#.9!.$8!%7#$!U#!U#&#!.T5#!%(!9U.G!%7#*!.&(0$8!+$%(!.!G&(G#&!(&8#&!
9(!+%!*.8#!*(&#!9#$9#!.$8!+%!'5(U#8!T#%%#&!.$8!U#]A#!,(%!#A#&1%7+$,!%7.%!U#!U.$%#8Q!W'!U#]8!
T##$!8(+$,! .!G	#$%.%+($! W!*+,7%!7.A#!U.''5#8! .$8! 9%.55#8!.$8!$(%! ,(%! #A#&1%7+$,! +$! %7#!
&+,7%!(&8#&Qm!
l[#.7!T#4.09#!U#]A#!+*G&(A#8!+%!5(.89!.9!U#!4(058!9(&%!.!94&+G%!(0%!.$8!U#!9(&%#8!U7.%!U#!
U#&#!9.1+$,!(0%!.$8!9U+%47!T+%9!&(0$8!.9!%7#!U.1!U#]8!8($#!+%!T#'(&#!+%!U.9!+$!%U(!*.99+A#!
470$R9!.$8!+%!U.9$]%!A#&1!4(7#&#$%!T0%!%7#$!U#!4(058!47(G!.$8!47.$,#!+%Qm!
lX#4.09#!%7#!%+*#!x('!%7#!94&##$4.9%y!+9!97(&%!1(0!&#.551!7.A#!%(!%7+$R!.T(0%!U7.%!1(0!U.$%!
%(!+$4508#!U7+47!40%9!\0+%#!.!5(%!(0%^!+$!#99.1!1(0!4.$!%#$8!%(!U.''5#!($!T0%!U+%7!.!94&##$4.9%!
1(0!&#.551!7.A#!%(!T#!4($4+9#Qm!
`%7#&!.8A.$%.,#9!%7.%!4.*#!0G!80&+$,!%7#!'(409!,&(0G9!n!9%08#$%9!'(0$8!%7.%!%7#!94&##$4.9%!
7#5G#8!%7#*!+$!4&#.%+$,!.!U&+%%#$!U(&R!($!%7#!9.*#!90T=#4%!5.%#&^!#A#$!%7(0,7!%7#1!8+8!$(%!
47((9#! %(! 4($%+$0#! U+%7! 94&##$4.9%! .9! '+$.5! G+#4#! ('! .99#99*#$%Q! 67#! '.4%! %7.%! +%! +9!
*05%+8+94+G5+$.&1!U#&#!.59(!*#$%+($#8!.$8!%7.%!+%!4&#.%#8!.!*(&#!l#.9#m!('!&#G(&%+$,!U7+47!
+$!%7#!#$8!*.8#!%7#!.99#99*#$%!*(&#!l'0$m!.$8!l8+''#&#$%m!U7+47!#$,.,#8!%7#!9%08#$%9Q!
67#&#!U#&#!9(*#!8+9.8A.$%.,#9^!%7#!5.&,#9%!('!U7+47!U#&#!%(!8#.5!U+%7!%#47$+4.5!8+''+405%+#9Q!
67#9#! U7#&#! *(9%51! .%#8! %(! $(%! 7.A+$,! .$1! %&.+$+$,! +$! 09+$,! %7#! 9('%U.&#! $##8#8^!
0$4#&%.+$%+#9! .T(0%! '(&*.%9! .$8! G&(T5#*9!U+%7! 7.&8U.&#! H4Q8Q! T0&$#&9^!*+4&(G7($#9^!?E!
9G.4#!#%4QKQ!!:(*#!'(0$8!+%!8+''+405%!%(!4.G%0&#!%7#!+*.,#9^!#+%7#&!'&(*!.!'+5*!(&!.!,.*#^!%(!09#!
+$!%7#!94&##$4.9%Q!S7#$!09+$,!+*.,#9!'&(*!(%7#&!9(0&4#9^!9047!.9!+$%#&$#%^!%7#1!4(058!7.A#!
G&(T5#*9!'+$8+$,!.GG&(G&+.%#!+*.,#9!'(&!%7#+&!.&,0*#$%9Q!67+9!5#.89!%(!94&##$4.9%!T#4(*+$,!
*(&#!%+*#!4($90*+$,!%7.$!*(9%!9%08#$%9!#3G#4%#8^!.$8!%7#1!'#5%!%7.%!%7#!U#+,7%+$,!'(&!%7#!
94&##$4.9%!97(058!T#!5.&,#&!'(&!%7#!.*(0$%!('!U(&R!G0%!+$%(!+%;!
lW!'(0$8!U+%7!%7#!94&##$4.9%!%7.%!xQQQy!1(0!7.A#!%(!U&+%#!.!94&+G%!+$!U7+47!4.9#!1(0!*+,7%!.9!
U#55!U&+%#!.!&#G(&%!O!.$8!1(0!*.1!.9!U#55!=09%!90T*+%!%7#!&#G(&%!&.%7#&!%7.$!(&8!1(0&9#5'!
&#.8+$,!%7#!&#G(&%!9(!1(0!4.$!*#99!+%!0G!.$8!$(%!&#.8!+%!.9!U#55!.9!1(0!U(058]A#!8($#Q!/59(!+'!
1(0]&#!,(+$,!%(!+$4508#!.55!%7#!G+4%0	!.$8!#A#&1%7+$,!%7#$!1(0!*.1!.9!U#55!=09%!8(!.$!(&.5!
G	#$%.%+($!U7+47!+9!5+A#!.$8!.4%0.551!8#A#5(G!($!+%!*(&#Qm!
/$(%7#&!G&(T5#*!U+%7!%7#!U#&#!%7.%!9(*#!9%08#$%9!'#5%!A#&1!9#5'!4($94+(09!.T(0%!%7#+&!(U$!
A(+4#!^!.$8!%7#!94&##$4.9%!T#4.*#!'&09%&.%+$,!T#4.09#!('!%7#!+%#&.%+A#!U.1!+%!+9!G&(804#8;!!!lW!
=09%! 8($]%! 5+R#! 7#.&+$,! *19#5'! %.5R+$,! .$8! U7#$! W! U.9! (&8+$,! *1! A(+4#! U.9! .! T+%!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! MC!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
'&09%&.%+$,!.$8!W!7.8!%(!R##G!(&8+$,! +%!.,.+$!.$8!.,.+$Qm!67#!U.1!%7.%!.!94&##$4.9%!4.$!
4&#.%#!.!A#&1!0$$.%0&.5!'5(U!.$8!U.1!('!&#G(&%+$,!U.9!.59(!4(**#$%#8^!T0%!%7+9!+9!.%#8!%(!
%7+9!T#+$,!.!#3G#&+*#$%.5!.99#99*#$%!.$8!9(*#!9%08#$%9!U#&#!$(%!90&#!.T(0%!%7#!$.%0&#!('!
%7#!94&##$4.9%!.$8!U7.%!.08+#$4#!%7#1!U#&#!*.R+$,! +%!'(&_! %7#1!'#5%!.!9%&($,#&!$##8!%(!T#!
#$%#&%.+$+$,!%7#$!+$'(&*.%+($.5!Hl6jO9%15#mKQ!
67#9#! Ή%9! .&#! &#'5#4%#8! +$! %7#! \0#9%+($$.+&#! ,+A#$! %(! .55! 9%08#$%9! .%! %7#! #$8! ('! %7#!
*(805#Q!67+9!\0#9%+($$.+&#!U.9!($!.!-+R#&%!94.5#!'&(*!C!%(!L!.$8!%7#&#!U#&#!MC!	G($8#$%9Q!
67#!09#!('!94&##$4.9%!U.9! '0551!90GG(&%#8^!.$8! %7#!9%08#$%9!.8A+9#8! %7#! %0%(&! %(!4($%+$0#!
U+%7! 94&##$4.9%9! +$! %7#! '0%0&#Q!67#&#! +9! .$! .,&##*#$%! %7&(0,7! %7#! \0#9%+($$.+&#! %7.%! %7#!
94&##$4.9%!97(058!$(%!T#!&#G5.4#8!U+%7!#99.19^! &#G(&%9!(&!G	#$%.%+($Q!S7.%!4.*#!(0%!('!
%7#!\0#9%+($$.+&#!+9!%7.%!%7#1!'(0$8!%7.%!U.%47+$,!#3.*G5#9!('!(%7#&9!G&#A+(09!94&##$4.9%^!
.$8!U.%47+$,!(%7#&9!9%08#$%9!lU(&R!+$!G&(,cm!94&##$4.9%9!U#&#!7#5G'05Q!!!!
)&(=#4%!#A(50%+($!.$8!5#,.41!!!!
@9+$,!.$!0$8#&,&.80.%#!	#.&47!=(0&$.5!.9!.!'(409!('!*(805#!U(&R!!H.$8!.!A#&9+($!('!G##&O
.99+9%#8!5#.&$+$,KQ!!W$+%+.551^!U#!G5.$$#8!%(!'(409!*.+$51!($!.4.8#*+4!U&+%+$,!.$8!G&(804#!.$!
+990#! ('! 2$\0+&1! H/"2:! @f! 	#.&47! =(0&$.5K! .9! ($#! ('! %7#! *.+$! (0%4(*#9Q! ! :+$4#! %7#!
8#G.&%0&#! ('! c+47.&8! ?+55! H%7#! #8+%(&! ('! 2$\0+&1K^! .$8!U+%7! %7#! 5.%#! '0$8+$,^! %7#! =(0&$.5!
#5#*#$%! U.9! %#*G(&.&+51! U+%78&.U$! '&(*! %7#! G&(=#4%Q! ! ?(U#A#&^! $#.&#&! %7#! #$8! ('! %7#!
G&(=#4%^!%7+9!#5#*#$%!&#O#*#&,#8!+$!%7#!$#U!'(&*.%Q!!S#!7.8!.!*##%+$,!U+%7!%7#!$#U!#8+%(&!
('! 2$\0+&1! +$! a.&47^! .$8! 9#40! (0&! (U$! i9.$8T(3]! =(0&$.5! ij+&%0.551! c#.5]! U7+47! U+55!
G0T5+97!9%08#$%!U(&R!'&(*!a#8+.!/&%9Q!!6U(!9%08#$%!.99+9%.$%9!.&#!40&&#$%51!,#%%+$,!%(!,&+G9!
U+%7! %7#! =(0&$.5!*.$.,#*#$%! 9('%U.&#^! G&(804+$,! .$8!G(G05.%+$,! .! G&(%(%1G#! +990#! .$8!
4($804%+$,!.!:S`6!.$.519+9!'(&!09+$,!%7+9!+$!5#A#5!J!*(805#9Q!!!W'!U#!4($%+$0#^!%7#!+$%#$%+($!
+9!%7.%!%7#!%U(!9%08#$%!.99+9%.$%9!U+55!4($%+$0#!U(&R+$,!A(50$%.&+51!.9!#8+%(&9!.$8!*#$%(&9!
'(&!'0%0&#!9%08#$%!A(50$%##&9Q!
/5%#&$.%+A#!%(!%7#!=(0&$.5!H.!U#T9+%#!8#G(9+%(&1KQ! !a+$8'05!('!G(%#$%+.5!%#47$+4.5!9$.,9!.$8!
%7#!T.$8U+8%7!+990#9^!%7#!%U(!.99+9%.$%9!U#&#!.59(!.9R#8!%(!+$A#9%+,.%#!.$!.5%#&$.%+A#!U.1!('!
($5+$#!8+99#*+$.%+($!('!9%08#$%!U(&RQ!!!/!&(0,7!G&(%(%1G#!U#T9+%#!7.9!T##$!4&#.%#8!.$8!%7#!
9%08#$%! .99+9%.$%9! U+55! G(G05.%#! +%! .$8! 4(*G.&#! U+%7! %7#! =(0&$.5! (G%+($^! +$! %#&*9! ('!
.GG5+4.T+5+%1!'(&!5#A#5!JQ!![(0!4.$!A+9+%!%7#!U#T9+%#!7#&#!!
E.%.! .$.519+9! .$8! G0T5+4.%+($! ('! Ή%9Q! ! 67#!*#*T#&9! ('! 9%.''! +$A(5A#8! 7.A#! 4(*G5#%#8!
G+*+$.&1! .$.519+9! .$8! 7.A#! .! &(0,7! (A#&.55! G+4%0&#^! T0%! %7#! '(409! ,&(0G! 8.%.! $##89!
(8+$,!.$8!%&+.$,05.%+$,!%(!.47+#A#!.!'+$#&!.$8!5#99!90T=#4%+A#!+$%#&G&#%.%+($!('!%7#!Ή%9Q!!!
67#! %U(! 9%08#$%! .99+9%.$%9! 7.A#! T##$! %&.+$#8! T1! 9%.''! %(! 09#! Dj+A(! 9('%U.&#! .$8! .&#!
40&&#$%51! U(&R+$,! ($! %7#! $#U! 4(8#9! H8#.85+$#! C! e051KQ! ! 67#! G+*+$.&1! Ή%9! U#&#!
&#G(&%#8! .%! %7#! ")-/! 4($'#&#$4#! +$! e0$#! >ICI^! .$8! U#! +$%#$8! %(! 90T*+%! .! 4(55.T(&.%+A#!
G.G#&!T.9#8!($!%7#!$#U!Ή%9^!U+%7!($#!(&!T(%7!9%08#$%!.99+9%.$%9!+$4508#8!.9!4(O.0%7(&9Q!!
!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! M>!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
)&(804+$,!.!$#U!.08+(A+90.5!%#.47+$,!	(0&4#Q!!`$#!('!%7#!(''97((%9!('!%7#!G&(=#4%!U.9!.$!
+8#.!%(!#$,.,#!U+%7!*.47+$+*.!.9!($#!('!%7#!$#U!*(8#9!('!8+,+%.5!*#8+.!G&(804%+($^!.$8!%(!
09#!%7+9!+$!'0%0&#!'(&!#804.%+($.5!G0&G(9#9Q!!67+9!U(058!+$A(5A#!%7#!$##8!'(&!'0&%7#&!'0$89^!
T0%!%7#!G&(4#99!7.9!.5&#.81!T##$!9%.&%#8!U+%7+$!%7#!40&&#$%!G&(=#4%Q! !67+9!90**#&!%7#!%U(!
9%08#$%! .99+9%.$%9!U+55! G&(804#! .!8&.'%! 94&+G%! .$8!.! 9%(&1T(.&8^! .$8! (&8! 9(*#!#3%&.4%9!
09+$,! %7#! S(&58! ('! S.&4&.'%! #$A+&($*#$%! .$8! 94&##$4.G%0&#! .$8! *.47+$0*.! 9('%U.&#!
H<c/):^! a(A+#:%(&*^! S(SOa(8#5Oj+#U#&! .$8! S+$8(U9! a(A+#*.R#&KQ! ! 67+9! U(&R! +9!
G5.$$#8!%(!9%.&%!($!C!e051!.$8!'+$+97!($!CL!e051^!.%!.$!.GG&(G&+.%#!*+5#9%($#!%(!T#!G+4R#8!0G!
.$8! 4($%+$0#8! +$! '0%0&#Q! ! 67#!$#U! 	(0&4#9!U(058!T#!09#8! +$! %#.47+$,!($! %7#! ic#9#.&47!
*#%7(89]!*(805#^!!9+*05%.$#(0951!%(!+5509%&.%#!4(**($!*#%7(8(5(,+4.5!+990#9^!.$8!%(!97(U!
9%08#$%9!.!4($4&#%#!#3.*G5#!('!7(U!4&#.%+A#!.08+(A+90.5!U(&R!4.$!T#!09#8!'(&!%7#(&#%+4.5!
G0&G(9#9Q!!!
"($'#&#$4#!G.&%+4+G.%+($Q!!W$!>ICC^!!!a#8+.!/&%9!.$8!"(**0$+4.%+($!E#G.&%*#$%!U+55!7(9%!.!
4($'#&#$4#Q!!67#!40&&#$%!G&(=#4%!%#.*!*#*T#&9!.&#!($!%7#!(&,.$+9+$,!4(**+%%##!.$8!U+55!T#!
09+$,! %7#! +$9+,7%9! ,.+$#8! +$! %7+9! G&(=#4%! %(! '0551! +$A(5A#! 0$8#&,&.80.%#! 9%08#$%9! +$%(! %7#!
4($'#&#$4#!.9!4($%&+T0%(&9Q!!@9+$,!%7#!#3G#&+#$4#!('!2X-!&#G(&%9!.$8!94&##$4.9%!G&(804%+($!
U+%7+$!5#A#5!J!*(805#9^!U#!U+55!9%&04%0&#!'0%0&#!.99#99*#$%!+$!%7#!U.1!%7.%!+%!4.$!'##8!+$%(!.!
i4($'#&#$4#! '&+$,#]^!U+%7! ! ! .08+(A+90.5!G(9%#&9! .$8!	#.&47! %&.+5#&9!G&(804#8!T1! 9%08#$%9!
8+9G5.1#8!($!@$+A#&9+%1!94&##$9!.$8!:70''5#6j^! ! %7#*#8!+990#9!('!j+&%0.551!c#.5! !G&(804#8!
9G#4+'+4.551!'(&!%7#!4($'#&#$4#^!.$8!9%08#$%O5#8!G.$#59!.$8!8#T.%#!9#99+($9Q!!!
:0GI%HH&'8-4&9!
%HH&'8-3!%!g!h-)(0/551!P&/5!=+0)'/5!H)+(+(1H&!
!
!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! MN!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
%HH&'8-3!>g!h-)(0/551!P&/5!J&G9-(&!H)+(+(1H&!
UUUQA+&%0.551O&#.5Q(&,Q0R!
!
!
!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! MJ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
!
%HH&'8-3!"!I!#)&5-,-'/)1!)&905(9!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! ML!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
o0#9%+($$.+&#!Ή%9!HG5#.9#!$(%#!O!9(*#!('!%7#!\0#9%+($9!9(0$8!(88!.9!%7#1!U#&#!&#A#&9#8!
'(&! 9%.%+9%+4.5! G0&G(9#9^! #Q,Q! i%7#! 94&##$4.9%! U.9! $(%! '&09%&.%+$,]! U.9! +$! %7#! +$+%+.5!
\0#9%+($$.+&#!G7&.9#8!.9!i%7#!94&##$4.9%!U.9!'&09%&.%+$,]K!
! o0#9%+($! "(0$%! /A&,Q! :QE#A!
.! :4&##$4.9%!4.$!T#!09#'05!'(&!%#.47+$,!.$8!5#.&$+$,! MC! JQId! IQMC!
T! W!8(!$(%!G&#'#&!8(+$,!.$!(&.5!G	#$%.%+($!('!*.R+$,!.!
G	#$%.%+($!
MC! NQMd! CQIY!
4! W%!U.9!#.91!*.R+$,!.!94&##$4.9%! MC! >QZd! CQCI!
8! W! 7.A#! 09#8! %7#! U&+%%#$! T&+#'! .9! .! ,0+8#5+$#! U7#$!
*.R+$,!.!94&##$4.9%!
dY! NQZM! IQZJ!
#! a.R+$,!.!94&##$4.9%!7#5G#8!*#!%(!&#'5#4%!($!*1!%(G+4! MC! JQIN! CQIC!
'! W!7.8!%7#!&+,7%!%((59!'(&!%7#!94&##$4.9%! MC! JQCL! CQIC!
,! )	#$%+$,!*1!94&##$4.9%!+$!45.99!U.9!09#'05! dJ! NQNY! CQC>!
7! W!U(058!$(%!G&#'#&!U&+%+$,!.$!#99.1!+$9%#.8!('!*.R+$,!.!
94&##$4.9%!
MC! NQJJ! CQN>!
+! W!#$=(1#8!%7#!G&(4#99!('!*.R+$,!%7#!94&##$4.9%! MC! NQMN! CQIZ!
=! S.%47+$,!94&##$4.9%9!'&(*!G&#A+(09!1#.&9!U.9!7#5G'05! MI! JQCI! IQYI!
R! W!.*!7.GG1!U+%7!%7#!94&##$4.9%!W!G&(804#8! MI! NQMM! IQYI!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! Md!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
5! )	#$%+$,!*1!8&.'%!94&##$4.9%!+$!45.99!U.9!#$=(1.T5#! dL! NQCJ! IQY>!
*! a.R+$,!.!94&##$4.9%!U.9!$(%!'&09%&.%+$,! MC! >QYY! CQCd!
$! W!7.8!$(!%#47$+4.5!G&(T5#*9!*.R+$,!.!94&##$4.9%! dY! >QZC! CQNN!
(! S.%47+$,!(%7#&!9%08#$%9]!8&.'%!94&##$4.9%!U.9!7#5G'05! MI! NQYI! CQIL!
G! W!.*!4($9+8#&+$,!94&##$4.9%!'(&!*1!'+$.5!.99+,$*#$%! dY! NQCJ! CQN>!
\! 67#!94&##$4.9%!T&+#'!U.9!45#.&! MC! JQId! IQZN!
&! W! .8A+4#! %7#! %0%(&! %(! 4($%+$0#! U+%7! 94&##$4.9%9! .9! .!
'+$.5!.99+,$*#$%!(G%+($!+$!%7#!'0%0&#!
dY! JQIY! IQZ>!
9! E+.,$(9%+4! 94&##$4.9%! 97(058! $(%! T#! &#G5.4#8! T1!
G	#$%.%+($9!
MC! NQ>Z! IQYY!
%! E+.,$(9%+4! 94&##$4.9%! 97(058! $(%! T#! &#G5.4#8! T1!
#99.1V&#G(&%!
MC! NQLJ! IQYM!
0! E+.,$(9%+4!94&##$4.9%!97(058!T#!+$8+A+80.5!.99#99*#$%! MC! >QZd! CQCC!
A! E+.,$(9%+4!94&##$4.9%!97(058!T#!,+A#$!*(&#!U#+,7%+$,! dY! NQJN! IQYY!
"7#&15!a+885#%($!h!a+R#!f+T9($;!EE2-!h!2O5#.&$+$,!
o0.$%+%.%+A#!o0#9%+($9!
CQ!!?(U!*.$1!9%08#$%9!.$8!9%.''!U#&#!+$A(5A#8p!NM!
>Q! !?(U!*.$1!9%08#$%!7(0&9!($! %7#!40&&+4050*!8(#9!1(0&!G&(=#4%!(440G1! H#Q,Q! .!>I!4+%!
*(805#!(440G+#9!.T(0%!>II!7(0&9!('!9%08#$%!%+*#Kp!>II!7(0&9!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! MM!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
NQ!!?(U!*.$1! 9%.''! 7(0&9!U#&#! +$A(5A#8! +$! G5.$$+$,! .$8! 7(U!*.$1! +$! 8#5+A#&1! LI! 7(0&9!
G5.$$+$,V!YI!7(0&9!
JQ!!`$!7(U!*.$1!8+''#&#$%!4(0&9#9!8(#9!1(0&!G&(=#4%!+*G.4%p!J!
LQ!!S7.%! 8.%.! 8(! 1(0! 7.A#! %7.%! 8#*($9%&.%#9! .$1! T#$#'+%! +$;! !,&.8#9V*.&R9^! 9%08#$%!
&#%#$%+($^! 9%08#$%! .%%#$8.$4#^! 9%08#$%! #3G#&+#$4#! H#Q,Q! '##8T.4RV\0#9%+($$.+	K^!
&0+%*#$%p!!)5#.9#!9#$8!.$1!G&(A+9+($.5!.$.519#8!'+$8+$,9Q!
67#! .A#&.,#!*.&R! %7+9! 1#.&! ('! LY! +9! 4(*G.&.T5#!U+%7! %7#! A.5+8! 90T*+99+($! .A#&.,#! ('! LZ!
'&(*!5.9%!1#.&Q!?(U#A#&!%7#&#!U#&#!.!$0*T#&!('!A#&1!9%&($,!,&(0G!U(&R!G#&'(&*.$4#9!%7+9!
1#.&!.$8!.59(!9(*#!U#55!*(%+A.%#8!.$8!+*Gc+A#!+$8+A+80.5!90T*+99+($9Q!67+9!+9!#A+8#$4#8!
T1!.$!+$4&#.9#!+$!%7#!$0*T#&!('!'+&9%9!%7.%!U#&#!.47+#A#8!%7+9!1#.&Q!Hd!*(&#!%7.$!5.9%!1#.&K!
o0.5+%.%+A#!o0#9%+($9!
CQ!!?.A#! 1(0! 8($#! U7.%! 1(0! 9#%! (0%! %(! 8(p! [#9^! 	(0&4#9! 7.A#! T##$! G5.$$#8^! 8#9+,$#8^!
8#A#5(G#8!.$8!.$!2X-!.GG&(.47!7.9!T##$!.8(G%#8!'(&!%7#!8#5+A#&1!('!.!4(*G5#%#!*(805#!.%!
<+$.5![#.&!5#A#5Q!!:%08#$%!#3G#&+#$4#9!+$!%7#!09#!('!2X-!7.A#!T##$!#A.50.%#8!.$8!9%.''!T5(,!
(&8+$,!&#'5#4%+($9!('!G&(4#99VG&(=#4%!7.9!T##$!(&8#8Q!
!>Q! !W$!U7.%!U.1!7.9! 1(0&!G&(=#4%! #A(5A#8p! W$4508#9! %7#!09#!('! 4(55.T(&.%+A#! 91$47&($+9#8!
.$8!.91$47&($+9#8!%#47$(5(,1!%(!90GG(&%!.$!2X-!G&(4#99Q! !67#!G&(=#4%!$(U!(,$+9#9!%7#!
47.55#$,#9!.$8!#3G5(	!G&.4%+4.5+%+#9!('!%7#!09#!('!2X-!.%!:?@Q!!W%!7.9!G&(A+8#8!+$9+,7%!+$%(!
7(U!%(!#A.50.%#!%7#!G(%#$%+.5!T#$#'+%9!'(&!9%.''!.$8!9%08#$%9Q!
NQ!!?(U! 7.A#! 9%08#$%9! G#&4#+A#8! %7#+&! (U$! ,&(U%7V5.4R! ('! ,&(U%7! +$! 5#.&$#&! .0%($(*1p!
)5#.9#!9##!\0#9%+($9!L^!d^!C>^!NL!('!EE2-!#$8!('!.99#99*#$%!#A.50.%+($!'(&!4($9+8#&.%+($!('!
.%%&+T0%#9!('!5#.&$#&!.0%($(*1Q!
JQ!!E(!1(0!'##5!%7.%!%7#!40&&+4050*!7.9!T##$!#$&+47#8p!E#'+$+%#51!+$!%#&*9!('!4($9+8#&.%+($!('!
,&(0G!U(&R!.$8!%7#!47.55#$,#VA.&+#%1!('!%7#!5#.&$+$,!G&(4#99Q!!!
LQ!!?(U! 7.9! 1(0&! 5#,.41! G5.$! #A(5A#8p! !)5.$$#8! '0%0&#! 09#! ($! '+&9%! 1#.&! 0$8#&,&.80.%#!
*(805#! 4.55#8! X09+$#99! /$.519+9! +$! %7#! S(&RG5.4#^! .! $#U! 9#4($8! 1#.&! *(805#! 4.55#8!
X09+$#99!a(8#55+$,!'(&!2$%#&G&+9#!:19%#*9!G509!($,(+$,!	#.&47!.$8!8#A#5(G*#$%!('!EE2-!
%(!0$8#&G+$!#''#4%+A#!,&(0G!U(&R!.$8!09#!('!2X-Q!
)5#.9#! '##5! '&##! %(! .88! .$1! .88+%+($.5! 4(**#$%9! .T(0%! 1(0&! G&(=#4%Q! !S#! U(058! T#!
G.&%+405.&51!+$%#	%#8!+$!1(0&!A+#U9!($!9%.''!8#A#5(G*#$%^!%7#!90GG(&%!1(0!7.A#!#+A#8!%(!
4.&&1!(0%!1(0&!G&(=#4%!.$8!+%9!+*G.4%!($!'0%0&#!4(0&9#!8#A#5(G*#$%9Q!
:%.''! E#A#5(G*#$%;!! D##8! %(! 4($9+8#&!47.55#$,#9! +$! #''#4%+A#! 8#9+,$! .$8! 8#A#5(G*#$%! ('!
,&(0G! U(&R+$,! +$4508+$,! 7(U! %(! 9#5#4%! +$+%+.5! ,&(0G9^! 7(U! %(! (&,.$+9#! ,&(0G9! %(! U(&R!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! MZ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
#''#4%+A#51^!7(U!%(!*.$.,#!9%08#$%9V,&(0G9!U7#$!8+''+405%+#9!.&#!#3G#&+#$4#8!9047!.9!$($O
.%%#$8.$4#^! +*T.5.$4#9! U+%7! ,&(0G! 4($%&+T0%+($9^! .99#99*#$%! (G%+($9! 9047! .9! 8+''#&#$%!
U.19!%(!4.&&1!(0%!G##&!.99#99*#$%Q!!!
W%! U(058! .59(! T#! 09#'05! %(! 4($9+8#&! %7#! 09#! ('! %7#! 2X-! .GG&(.47! +$! 5+,7%! ('! %7#!
%#47$(5(,1V%((59V9#&A+4#9V#$A+&($*#$%9!%7.%!.&#!#*#&,+$,!HU+%7+$!.$8!#3%#&$.5!%(!:?@KQ!!!
67#!G&(=#4%!47.55#$,#8!%7#!#3+9%+$,!5#.&$+$,!9G.4#!.$8!%#47$(5(,1!.A.+5.T5#!%(!90GG(&%!2X-!
.GG&(.47Q!!W$!G.&%+405.&!%7#!90GG(&%!.A.+5.T5#!'(&!9%.''!%(!'.4+5+%.%#!4(55.T(&.%+A#!5#.&$+$,!.$8!
%7#!5#.&$+$,!9G.4#!.$8!%#47$(5(,1!.A.+5.T5#V#*#&,+$,!%(!'.4+5+%.%#!%7+9!G&(4#99Q!!67+9!+9!($#!
G(%#$%+.5!+$$(A.%+A#! .&#.! %7.%! U(058! T#! +$%#	%+$,! %(! 4($%+$0#! 	#.&47V4(0&9#!
8#A#5(G*#$%9!+$Q!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! MY!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
Q&F&5+H-'.! /'8! &,G&88-'.! &**&4(-F&! H)/4(-4&! -'! 2'K0-)1!
>/9&8!$&/)'-'.!-'!(7&!</405(1!+*!Q&F&5+H,&'(!/'8!:+4-&(1!
#DS$!%:\D%?!Y#Z$Z%:\D%?[:DEZ%"ZE\]!
</"@-6[!`<!E2j2-`)a2D6!/DE!:`"W26[^!!
:?2<<W2-E!?/--/a!@DWj2c:W6[!
LZ!>/4@.)+0'8!/'8!P/(-+'/5&!
LZL!#)+=&4(!B0(5-'&!
67#! '(409!('! %7+9!<.405%1!T.9#8!G&(=#4%!U.9! %7#!09#!('!2$\0+&1!X.9#8!-#.&$+$,!H2X-K!.9!.!
A#7+45#!'(&!+$%&(804+$,!.$8!#*T#88+$,!5#.&$#&!.0%($(*1!.%!*(805#^!4(0&9#!.$8!G&(,&.**#!
5#A#59Q! W$!G5.$$+$,! %7+9!G&(=#4%^! +%!U.9! (,$+9#8!%7.%! %7#!G&.4%+4#!('!2X-!(&! WX-! HW$\0+&1!
X.9#8! -#.&$+$,K! +9! .&,0.T51! \0+%#!U+8#9G&#.8! .4&(99! %7#! <.405%1! T0%!*.1! $(%! .5U.19! T#!
+8#$%+'+#8!.9!.!8+9%+$4%!.GG&(.47!%(!5#.&$+$,!.$8!%#.47+$,!+$!+%9!(U$!&+,7%Q!67#!'+&9%!G7.9#!('!
%7#!G&(=#4%!%7#&#'(&#!9(0,7%!%(!+8#$%+'1!#3+9%+$,!2X-!G&.4%+4#!+$!.55!+%9!8+A#&9#!'(&*9^!.4&(99!
%7#!<.405%1!.$8!90GG(&%!9G#4+'+4!.4%+A+%+#9!.4&(99!8+''#&#$%!E#G.&%*#$%9!U7+47!7.8!+8#$%+'+#8!
%7#*9#5A#9!.9!7.A+$,!.$!2X-!'5.A(0&Q!67+9!U(&R!U.9!8#9+,$#8!%(!+*G.4%!($!.!U+8#!&.$,#!('!
9%.''!.$8!9%08#$%9!U+%7!%7#!5($,!%#&*!.+*!('!90GG(&%+$,!%7#!4&#.%+($!('!.!405%0&#!U7#&#!2X-!
+9!U+8#51!(,$+9#8!.$8!G&.4%+9#8!.$8!T#4(*#9!#*T#88#8!+$%(!%7#!5#.&$+$,!405%0&#!U+%7+$!
%7#! <.405%1Q! X1! +$A#9%+,.%+$,! #3+9%+$,! G(4R#%9! ('! 2X-! .4%+A+%1! .4&(99! .! 8+A#&9#! &.$,#! ('!
90T=#4%! .&#.9^! %7#! .+*! U.9! %(! U(&R! 45(9#51! U+%7! #3+9%+$,! 47.*G+($9! ('! 2X-! U+%7+$! %7#!
<.405%1!%(!#3G5(&#!.$8!8&.U!%(,#%7#&!9%&.$89!('!#3+9%+$,!G&.4%+4#Q!/9!%7#!'+&9%!G7.9#!('!%7#!
<.405%1!G&(=#4%!*(A#8!+$%(!%7#!9#4($8!G7.9#!H&(0,751!.GG&(3+*.%+$,!%(!1#.&!($#!.$8!1#.&!
%U(K! %7#! G&(=#4%! 8#A#5(G#8! +%9! (U$! +$%#&A#$%+($9!U+%7! .! '(409! ($! 90GG(&%+$,! 40&&+4050*!
8#A#5(G*#$%Q!67#9#! +$4508#8!.!G+5(%! +$%#&A#$%+($!U+%7+$! %7#! 4(0&9#!G5.$$+$,! '(&! %7#!c#.5!
29%.%#! :0T=#4%! f&(0G]9! &#A.5+8.%+($! ('! +%9! 0$8#&,&.80.%#! c#.5! 29%.%#! G&(,&.**#_! '0&%7#&!
90GG(&%! '(&! %7#! 90T9#\0#$%! &#A+#U9! ('! %7#! 0$8#&,&.80.%#! .$8! G(9%,&.80.%#! X0+5%!
2$A+&($*#$%! G&(,&.**#9^! ! .9! U#55! .9! %7&##! "0&&+4050*! /8A(4.41! G&(=#4%9^! 8#9+,$#8! %(!
90GG(&%!#*T#88+$,!('!#$\0+&1OT.9#8!5#.&$+$,!.4&(99!4(0&9#9!%7&(0,7!%7#!A.5+8.%+($!G&(4#99Q!
67#!G&(=#4%!4(**#$4#8!+$!:#G%#*T#&!>IIZ^!&0$$+$,!'(&!%U(!1#.&9!0$%+5!%7#!*+885#!('!>ICIQ!!
LZM!Q&*-'-'.!2>$!
E#'+$+%+($9! ('! #$\0+&1OT.9#8! 5#.&$+$,! .&#! A.&+#8Q! <(&! 9(*#^! #$\0+&1OT.9#8! 5#.&$+$,! +9! .$!
#3%#$9+($!('!G&(T5#*OT.9#8!5#.&$+$,!U7+47^!8#&+A+$,!'&(*!*#8+4.5!#804.%+($!+$!%7#!CYdI9^!
+$A(5A#9!9%08#$%9! +$!U(&R+$,!4(55.T(&.%+A#51! %(! +8#$%+'1!.$8!9(5A#!G&(T5#*9!8#&+A+$,! '&(*!
&#.5O5+'#! 94#$.&+(9! HE047! #%! .5^! >IICKQ! c#O4.9%+$,! %7+9! *(8#5! .9! #$\0+&1OT.9#8! 5#.&$+$,^!
:.A+$OX.8#$!#%!.5!H>IIJK!.&,0#!%7.%!9%08#$%9!97(058!#$,.,#!+$! iG&(,c+A#!#$\0+&1]!U7#$!
'.4#8! U+%7! 94#$.&+(9^! .&&+A+$,! .%! 8##G#$+$,! 0$8#&9%.$8+$,9! %7&(0,7! .! 4145+4.5! G&(4#99! ('!
#$\0+&1Q!W$!%7+9!*(8#5^!%7#!+$%#$%+($!+9!$(%!%(!.&&+A#!.%!.!9+$,5#!9(50%+($!T0%!.$!+$4&#.9+$,51!
4($9+8#! #3.*+$.%+($! ('! %7#! .990*G%+($9! .$8! +*G5+4.%+($9! .99(4+.%#8! U+%7! G(99+T5#!
9(50%+($9Q! `%7#&9! 7.A#! 9##$! #$\0+&1OT.9#8! 5#.&$+$,! .9! .$! (A#&.&47+$,! 4.%#,(&1! U7+47!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! ZI!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
+$4508#9! .! $0*T#&! ('! .GG&(.47#9! T.9#8! ($! 4($9%&04%+A+9%! *(8#59! ('! 5#.&$+$,Q! <(9#1! .$8!
a4E($$#55! H>IIdK^! '(&! #3.*G5#^! +8#$%+'1! 9+3! .GG&(.47#9! .99(4+.%#8! U+%7! #$\0+&1OT.9#8!
5#.&$+$,! +$4508+$,;! G&(T5#*OT.9#8! 5#.&$+$,_! .4%+($OT.9#8! 5#.&$+$,_! &#'5#4%+A#! 5#.&$+$,_!
#3G#&+#$%+.5! 5#.&$+$,_! ,&(0GVG##&V4(55.T(&.%+A#! 5#.&$+$,_! .$8! 	#.&47O5#8!
%#.47+$,V5#.&$+$,Q!c#4(,$+9+$,!%7#!A.&+#8!U.19!%7.%!#A#$!%7#9#!90TO4.%#,(&+#9!.&#!8#'+$#8^!
%7#! '.405%1! G&(=#4%! .8(G%#8! .$! +$4509+A#! 8#'+$+%+($! ('! #$\0+&1OT.9#8! 5#.&$+$,! U7+47!
#$4(*G.99#8!.$1!.4%+A+%1!+$A(5A+$,!9%08#$%O4#$%!5#.&$+$,!8&+A#$!T1!#$\0+&1Q!!67+9!8&#U!
($! .! 5+9%! ('! R#1! 47.&.4%#&+9%+49! ('! #$\0+&1OT.9#8! 5#.&$+$,^! 8#A#5(G#8! T1! %7#! @$+A#&9+%1! ('!
a.$47#9%#&! l2$\0+&1OX.9#8! -#.&$+$,! "26-! H"22X-K! U7+47! 9##9! 2X-! .9! .$! .GG&(.47! %(!
5#.&$+$,! U7+47! q+$9G+	! 9%08#$%9! %(! 5#.&$! '(&! %7#*9#5A#9^! T&+$,+$,! .! &#.5! 	#.&47O
(&+#$%.%#8!.GG&(.47!%(!%7#!90T=#4%Qm!"22X-!9#%!(0%!.!7#5G'05!5+9%!('!%7#!47.&.4%#&+9%+49!('!2X-;!!
• -#.&$+$,!+9!#99#$%+.551!9%08#$%O4#$%^!U+%7!.$!#*G7.9+9!($!,&(0G!U(&R!.$8!09#!('!
5+T&.&1^!U#T!.$8!(%7#&!+$'(&*.%+($!	(0&4#9Q!!
• -#4%0&#&9!T#4(*#! '.4+5+%.%(&9^!G&(A+8+$,!#$4(0&.,#*#$%!.$8!90GG(&%! %(!#$.T5#! %7#!
9%08#$%9!%(!%.R#!	G($9+T+5+%1!'(&!U7.%!.$8!7(U!%7#1!5#.&$Q!!
• :%08#$%9!&#.47!.!G(+$%!U7#&#!%7#1!.&#!$(%!9+*G51!+$A#9%+,.%+$,!\0#9%+($9!G(9#8!T1!
(%7#&9^!T0%!4.$!'(&*05.%#!%7#+&!(U$!	#.&47!%(G+49!.$8!4($A#&%!%7.%!	#.&47!+$%(!
09#'05!R$(U5#8,#Q!
• :%08#$%9! ,.+$!$(%! ($51! .! 8##G#&!0$8#&9%.$8+$,!('! %7#! 90T=#4%O*.%%#&^! T0%! .59(! %7#!
R$(U5#8,#O8#A#5(G*#$%! .$8! 5#.8#&97+G! 9R+559! &#\0+! '(&! %.4R5+$,! 4(*G5#3!
G&(T5#*9!%7.%!(440&!+$!%7#!&#.5!U(&58Q!H"22X-^!>IIYK!
67#9#!8+*#$9+($9!.&#!09#'0551!90**.&+9#8!T1!c(,#&!-5(18!e($#9!+$!.$!+$%#&$.5!G.G#&!U7+47!
#3G5(! %7#! #.&5+#&! .8(G%+($!('!2X-!.4&(99! %7#!?+9%(&1! 90T=#4%! ,&(0G!T#%U##$!>IId!.$8!
>IIZQ!?#!4($4508#8!%7.%!2X-!$##89!%(!T#!9##$!.9!.!G.&%$#&97+G!T#%U##$!%0%(&!.$8!9%08#$%Q!
67+9! +9! $(%! +$8#G#$8#$%! 5#.&$+$,! T0%! +$%#&8#G#$8#$%! 5#.&$+$,! U7#&#! 9%08#$%9! 4.$! 5#.&$!
'&(*!#.47!(%7#&Q!/%!%7#!9.*#!%+*#!+%!7#5G9!%0%(&9!,.+$!%7#!4($'+8#$4#!%(!U#.$!9%08#$%9!.U.1!
'&(*! (A#&O8+%#8! %#.47+$,! .$8! .99#99*#$%^! U7+47! %#$89! %(! %0&$! 9%08#$%9! +$%(! G.99+A#!
+G+#$%9! ('! R$(U5#8,#Q! 60%(&9! .&#! #$4(0&.,#8! T1! ,&#.%#&! G.&%+4+G.%+($! .$8! .4%+A+%1! +$!
9#*+$.&9! %(!(''#&! .! 9+,$+'+4.$%51!*(&#! A.&+#8! .99#99*#$%! G(&%'(5+(! .$8! %7+9! +9! &#'5#4%#8! +$!
9%08#$%! U(&R! .$8! G#&'(&*.$4#Q! 67+9! &#\0+	! .! 9+,$+'+4.$%! +$A#9%*#$%! +$! 90GG(&%! .$8!
b94.''(58+$,b! +$4508+$,! X5.4RT(.&8! .9! .! *#.$9! ('! 90GG(&%+$,! %7#! G.&%$#&97+G! T#%U##$!
9%08#$%9!.$8!%0%(&9Q!X#$#'+%9!45.+*#8!'(&!2X-!.GG&(.47#9!4.$!T#!9#%!(0%!.9!'(55(U9;!
• <0$8.*#$%.551^!9%08#$%9!.&#!*(&#!#$,.,#8!U+%7! %7#!90T=#4%Q!-#.&$+$,! +9!G#&4#+A#8!
.9!T#+$,!*(&#!#A.$%!%(!%7#+&!$##89^!%709!%7#1!.&#!#$%709+.9%+4!.$8!&#.81!%(!5#.&$Q!!
• :%08#$%9! 4.$! #3G.$8! ($!U7.%! %7#1! 7.A#! 5#.&$#8! T1! '(55(U+$,! %7#+&! (U$! 	#.&47!
+$%#	%9Q!!
• 2X-! .55(U9! 9%08#$%9! %(! 8#A#5(G! .! *(&#! '5#3+T5#! .GG&(.47! %(! %7#+&! 9%08+#9^! ,+A+$,!
%7#*! %7#! '&##8(*! .$8! %7#! 	G($9+T+5+%1! %(! (&,.$+g#! %7#+&! (U$! G.%%#&$! ('! U(&R!
U+%7+$!%7#!%+*#!4($9%&.+$%9!('!%7#!%.9RQ!!
• 67#! 9R+559! .99(4+.%#8! U+%7! #$\0+&1OT.9#8! 5#.&$+$,^! 9047! .9! 4(55.T(&.%+A#! 9R+559^!
G&(=#4%! *.$.,#*#$%! .$8! 4(**0$+4.%+($^! .&#! 45(9#51! 5+$R#8! %(! %7#! #*G5(1.T+5+%1!
.,#$8.Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! ZC!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
• :#5'O8+%#8! 5#.&$+$,!$(%!($51!8#A#5(G9!R#1!9R+559! '(&!G(9%,&.80.%#!9%081^!T0%!.59(!
5#.89! %(! (&+,+$.5! %7(0,7%! %7.%! 4($%&+T0%#9! %(! 5.&,#&! 	#.&47! G&(=#4%9^! G.G#&9! .$8!
G0T5+4.%+($9!
• <(&!%#.47+$,!9%.''^!8#A#5(G+$,!.$!2X-!*(805#!7#5G9!%(!8#A#5(G!.$!0$8#&9%.$8+$,!('!
%7#!5#.&$+$,!G&(4#99!.$8!%7#!47.$,+$,!$##89!('!9%08#$%9Q!
LZN!%-,9A!+G=&4(-F&9!/'8!/'(-4-H/(&8!+0(4+,&9!+*!(7&!H)+=&4(!
67#!T&(.8!.+*!('!%7#!G&(=#4%!U.9!%(!+$%&(804#!9%08#$%O4#$%!5#.&$+$,!.GG&(.47#9!.4&(99!.!
U+8#! &.$,#! ('!*(805#9^! %709! G&(A+8+$,! #$7.$4#8! 5#.&$+$,! (GG(&%0$+%+#9! '(&! 9%08#$%9! .$8!
*(&#!#3G5+4+%!-6/!#$,.,#*#$%!'(&!*(805#!.$8!4(0&9#!5#.8#&9Q!W%!.+*#8!%(!+*G.4%!($!.!5.&,#!
$0*T#&!('!9%.''!.$8!9%08#$%9!.4&(99!8+''#&#$%!90T=#4%!,&(0G9!+$!%#&*9!('!#3%#$8+$,!8#5+A#&1!
G&.4%+4#! %(! +$4(&G(&.%#! 2X-! .$8! .$! #$7.$4#8! 9%08#$%! 5#.&$+$,! #3G#&+#$4#Q! W$! 8(+$,! 9(^! +%!
.+*#8!%(!.47+#A#!.!45(9#&!.5+,$*#$%!('!.4.8#*+4!.$8!4#$%&.5!9#&A+4#9!9047!.9!-#.&$+$,!.$8!
W$'(&*.%+($! :#&A+4#9! H-W:K! .9! U#55! .9! 4&(99! <.405%1! 4(55.T(&.%+($! .$8! 8+99#*+$.%+($!
90GG(&%#8!T1!%7#!")-/!"26-Q!!
`T=#4%+A#9!U#&#! +8#$%+'+#8! %7.%! .%#8! %(! %7&##! +$%#&O5+$R#8! 9%&.$89! ('! .4%+A+%1;! &#A+#U+$,!
#3+9%+$,!G&.4%+4#_!97.&+$,!.$8!8#A#5(G+$,!G&.4%+4#_!.$8!40&&+4050*!8#A#5(G*#$%;!
c#A+#U+$,!#3+9%+$,!G&.4%+4#!
• +8#$%+'1!.$8!7.&$#99!#3+9%+$,!,((8!G&.4%+4#!.9!.!*#.$9!('!#3%#$8+$,!2X-!
• +8#$%+'1!4(**($!T.&&+#&9!.$8!(GG(&%0$+%+#9!.99(4+.%#8!U+%7!09+$,!2X-!!
:7.&+$,!.$8!E#A#5(G+$,!)&.4%+4#!
• 8+99#*+$.%#!.$8!97.&#!,((8!2X-!G&.4%+4#!
• 8#A#5(G!9%.''!+$!%7#+&!-6/!G&.4%+4#!U+%7!&#,.&8!%(!2X-!
"0&&+4050*!E#A#5(G*#$%!
• 8#A#5(G! %7#! 40&&+4050*^! 5#.&$+$,^! %#.47+$,! .$8! .99#99*#$%! *#%7(89! %(! 90GG(&%!
9%08#$%! 8#A#5(G*#$%! ('! 5#.&$#&! .0%($(*1!h!8#A#5(G! 9R+559! +$! 9%08#$%9! %(!T#4(*#!
.0%($(*(09!5#.&$#&9!
• G&(A+8#! 	(0&4#9! .$8! 90GG(&%! '(&! )&(,&.**#! 5#.8#&9^! "(0&9#! 5#.8#&9^! a(805#!
5#.8#&9!%(!+$%&(804#!2X-!+$!%7#!40&&+4050*!
• G&(A+8#! (GG(&%0$+%+#9! '(&! 4(0&9#! 5#.8#&9V*(805#9! 5#.8#&9! %(! U(&R! 45(9#51! U+%7!
4(55#.,0#9!+$!-W:!+$!8#A#5(G+$,!2X-!.$8!#*T#88+$,!%7+9!U+%7+$!4(0&9#!8#9+,$!
• G&(804#! .! *#%7(8(5(,1V! G#8.,(,1! ('! %7#! 8#A#5(G*#$%! ('! 5#.&$#&! .0%($(*1! +$!
4(0&9#9!.$8!G&(,&.**#9!%7.%!4(0&9#!G5.$$+$,!%#.*9!4.$!09#!
• %(!4(55.T(&.%#!.4&(99!'.405%+#9!+$!%7#!8#A#5(G*#$%!('!2X-Q!
• %(!G&(804#!4.9#!9%08+#9!+$!(&8#&!%(!8+99#*+$.%#!G&.4%+4#!!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! Z>!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
MZ!?&(7+8+5+.1!
67#! '.405%1!G&(=#4%!U.9! 5#8!T1! %7#! '.405%1! %#.47+$,!'#55(U! +$! #$\0+&1OT.9#8! 5#.&$+$,! '&(*!
:#G%#*T#&!>IIZOe051!>ICIQ!W%!T0+5%!($!.$!#.&5+#&!G7.9#!('!")-/!U(&R!U7+47!7.8!'(409#8!($!
8#A#5(G+$,!2X-!+$!%7#!?+9%(&1!:0T=#4%!/&#.Q!67#!G&(=#4%!U.9!90GG(&%#8!T1!.!9%##&+$,!,&(0G!
+$4508+$,!&#G	#$%.%+A#9!'&(*!%7#!<.405%1^!"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!H")-/K^!
-#.&$+$,!.$8!W$'(&*.%+($!:#&A+4#9!H-W:K!.$8!47.+!T1!%7#!?#.8!('!:%08#$%!23G#&+#$4#!'(&!
%7#! <.405%1Q! 67+9! ,&(0G!*#%! &#,05.&51! %7&(0,7(0%! %7#! %U(! 1#.&9! ('! %7#! G&(=#4%! G&(A+8+$,!
8+%+($^! &#A+#U+$,! G&(,c! .$8! (''#&+$,! ,0+8.$4#! ($! '0%0&#! 8#A#5(G*#$%9Q! )&(=#4%!
G&(,c!U.9!*($+%(!T1!%7#!"26-!*.$.,#*#$%!%#.*!%7&(0,7!&#,05.&!G&(,c!&#G(&%9Q!
W$!%7#!'+&9%!1#.&^!90GG(&%!U.9!.59(!G&(A+8#8!T1!.!IQ>!9#4($8*#$%!'(&!#$\0+&1OT.9#8!5#.&$+$,Q!
67#!G&(=#4%!%((R!G5.4#!.%!.!%+*#!U7#$!.!9#&+#9!('!*.=(&!$#U!8#A#5(G*#$%9!U#&#!(440&&+$,!+$!
%7#!'.405%1!+$!.%+($!%(!5#.&$+$,^!%#.47+$,!.$8!.99#99*#$%Q!<+&9%51^!'(55(U+$,!&#O9%&04%0&+$,^!
8#G.&%*#$%.5! -6/! 5#.89!U#&#! .GG(+$%#8! .%!G&+$4+G.5! 5#4%0&#&! ,&.8#Q! :#4($851^! .!$#U!-6/!
9%&.%#,1!U.9!G&(804#8!U7+47!+8#$%+'+#8!R#1!-6/!%7#*#9!%(!8&+A#!8#A#5(G*#$%9!.4&(99!%7#!
'.405%1Q!67+&851^!%7#!'.405%1!T#,.$!U(&R!($!.!"0&&+4050*!E#A#5(G*#$%!c#9(0&4#!8#9+,$#8!%(!
90GG(&%! %#.*9! +$! G&#G.&+$,! '(&! A.5+8.%+($V&#OA.5+8.%+($! T1! G&(A+8+$,! .! 9#&+#9! ('! G&(*G%9!
.$8!4.9#!9%08+#9Q!67+9!U.9!G5.$$#8!.9!.!R#1!A#7+45#!%(!G&(*(%#!#*T#88+$,!('!%7#!G&+$4+G5#9!
+8#$%+'+#8!+$!%7#!-6/!9%&.%#,1Q!67#!#$\0+&1OT.9#8!5#.&$+$,!G&(=#4%!.5+,$#8!+%9#5'!U+%7!%7#9#!
8#A#5(G*#$%9^! '##8+$,! +$%(! %7#! 8#A#5(G*#$%! ('! %7#! 9%&.%#,1^! U(&R+$,! .5($,9+8#!
8#G.&%*#$%.5! -6/! 5#.89! .$8! 4($%&+T0%+$,! %(! %7#! "0&&+4050*! E#A#5(G*#$%! c#9(0&4#Q! W$!
(&8#&!%(!4(*G5#*#$%!U(&R!.%+$,!%(!%7#9#!9%&.%#,+4!+$+%+.%+A#9^!7(U#A#&^!%7#!G&(=#4%!.59(!
9(0,7%! %(! 5#.&$! '&(*! .$8! &.+9#! %7#! G&('+5#! ('! #3+9%+$,! G&.4%+4#! +$! %7#! '.405%1! .%+$,! %(!
#$\0+&1OT.9#8! 5#.&$+$,Q! /9! G&#A+(09!U(&R! 7.9! 90,,#9%#8! H2.9%7(G#! .$8! 2.9%7(G#^! >IIIK^!
9%.''!4.$!T#4(*#!8+9#$,.,#8!.$8!8+9#$'&.$47+9#8!U7#$!'.4#8!U+%7!%(GO8(U$!.GG&(.47#9!%(!
8#A#5(G+$,! %#.47+$,! .$8! 5#.&$+$,! .$8! %7#! G&(=#4%! .+*#8! %(! #$,.,#! 4(55#.,0#9! +$! 8#T.%#9!
.&(0$8! #$\0+&1OT.9#8! 5#.&$+$,! U7+47! (,$+9#8! %7#+&! #3G#&+#$4#! .$8! #3G#&%+9#Q! /9!
#3G5(! T#5(U^! %7#! G&(=#4%! (T=#4%+A#9! U#&#! %7#&#'(&#! (G#&.%+($.5+9#8! +$! U.19! %7.%! T(%7!
9(0,7%! %(! (,$+9#! .$8! T0+58! ($! #3+9%+$,! G&.4%+4#! .$8! G&(A+8#! 90GG(&%! %7&(0,7! $#U51!
#9%.T5+97#8! '.405%1! 919%#*9Q! 67#9#! .GG&(.47#9^! 5+$R#8! %(! %7#! G&(=#4%b9! %7&##! 9%&.$89^! .&#!
8#94&+T#8!+$!%7#!'(55(U+$,!%7&##!9#4%+($9Q!
MZL!P&F-&J-'.!&'K0-)1IG/9&8!5&/)'-'.!/4)+99!(7&!*/405(1!
67#!&#A+#U!('!#3+9%+$,!G&.4%+4#!U.9!8#9+,$#8!%(;!
• 4.G%0&#! #3+9%+$,! .$8! 8#A#5(G+$,! G&.4%+4#! +$! #$\0+&1OT.9#8! 5#.&$+$,! .4&(99! %7#!
'.405%1!
• #3G5(&#!%7#!T.&&+#&9!.$8!(GG(&%0$+%+#9!%7.%!9%.''!.99(4+.%#8!U+%7!%7+9!U(&RQ!!!
W$!(&8#&!%(!,.+$!+$9+,7%9!+$%(!U(&R!.4&(99!8+''#&#$%!8+94+G5+$#9^! +$%#&A+#U9!U#&#!4($804%#8!
T1! %7#! 2X-! %#.47+$,! '#55(U! .$8! '.405%1! 9#4($8##!U+%7!NM!*#*T#&9! ('! 9%.''Q! 67+9! #$.T5#8!
+$9+,7%9!+$%(!U(&R!.4&(99!%7#!8+''#&#$%!8+94+G5+$#!.&#.9!&#G	#$%#8!T1!%7#!CZ!90T=#4%!,&(0G9!
U+%7+$!%7#!<.405%1Q!!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! ZN!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
W$%#&A+#U9!U#&#!4.&&+#8!(0%!U+%7!CZ!90T=#4%!T.9#8!-6/!4(O4((&8+$.%(&9Q!W%!97(058!T#!$(%#8!
%7.%!80&+$,!%7#!4(0&9#!('!%7#!G&(=#4%!%7#!<.405%1!U.9!&#O9%&04%0!'&(*!CZ!8+94&#%#!90T=#4%!
.&#.9!%(!M!E#G.&%*#$%9Q!/%!%7+9!%+*#^!%7#!&(5#!('!-6/!4((&8+$.%(&!+$!#.47!90T=#4%!.&#.!U.9!
&#G5.4#8!T1!%7#!$#U!&(5#!('!-6/!-#.8!+$!#.47!8#G.&%*#$%Q!67+9!+$%&(804%+($!('!%7+9!$#U!&(5#!
U.9!8#9+,$#8!%(!.47+#A#!.!*(&#!9%&.%#,+4!.GG&(.47!%(!%7#!8#A#5(G*#$%!('!-6/Q!/%!%7#!%+*#!
('! %7#! &#A+#U^! 7(U#A#&^! %7#! <.405%1! -6/! 4((&8+$.%(&9! 7.8! .! R#1! &(5#! +$! G&(*(%+$,! .$8!
90GG(&%+$,!9*.55!G&(=#4%9!.$8!+$!*(9%!90T=#4%!.&#.9!U#&#!+8#$%+'+#8!.9!%7#!+$8+A+80.59!T#9%!
G5.4#8!%(!G&(A+8#!5(4.5!90T=#4%!T.9#8!R$(U5#8,#Q!!
W$%#&A+#U9! U#&#! .59(! 4($804%#8! U+%7! %7#! 5#.8#&9! ('! CN! 9*.55! 94.5#! G&(=#4%9! U7+47! 7.8!
+8#$%+'+#8!2X-!.9!.!*.+$!%7#*#Q!67#9#!+$4508#8!'+A#!")-/!'0$8#8!9*.55O94.5#!G&(=#4%9!.$8!.!
'0&%7#&!9+3!-6/!G&(=#4%9!'0$8#8!T1!%7#!<.405%1Q!67#1!U#&#!5(4.%#8!U+%7+$!8+''#&#$%!5#A#59!.$8!
%1G#9!('!G&(A+9+($!.$8!+$4508#8!90T=#4%9!'&.*#8!T1!#3%#&$.5!4($9%&.+$%9!9047!.9!G&('#99+($.5!
T(81! .$8! 4#$%&.5! ,(A#&$*#$%! .,#$41! &#,05.%+($Q! W$! .88+%+($^! %U(! '0&%7#&! 8#A#5(G*#$%!
+$%#&A#$%+($9!U+%7+$! %7#!c#.5!29%.%#!.$8!)&+*.&1!.$8!2.&51![#.&9! 90T=#4%!.&#.9!U#&#!.59(!
+$4508#8Q!67#!+$%#&A+#U9!%((R!G5.4#!U+%7+$!%7#!T&(.8#&!4($%#3%!('!90GG(&%!'(&!%7#!G&(=#4%9_!
%7#!+$%#$%+($!U.9!%(!G&(A+8#!8+%!90GG(&%!'(&!G&(=#4%!5#.8#&9!U7+59%!,.%7#&+$,!'##8T.4R!%(!
+$'(&*! 4($4509+($9! .T(0%! %7#! .8(G%+($! .$8! 8#A#5(G*#$%! ('! 2X-Q! W$! *(9%! 4.9#9! %U(!
+$%#&A+#U9! %((R!G5.4#_!.$! +$+%+.5! '.4%! '+$8+$,! +$%#&A+#U!.$8!%7#$!.T(0%!9+3!*($%79! +$%(! %7#!
G&(=#4%!.!9#4($8!+$%#&A+#U!%(!.99#99!G&(,c!($!%7#!G&(=#4%Q!!
<+$.551!.!$0*T#&!('! +$%#&A+#U9!U#&#!4.&&+#8!(0%!U+%7!(%7#&!9%.''!U+%7!*(&#!9%&.%#,+4!&(5#9!
.4&(99!%7#!<.405%1!.$8!'&(*!4#$%&.5!8#G.&%*#$%9Q!67#9#!+$4508#8!&#G	#$%.%+A#9!'&(*!%7#!
-#.&$+$,! ?0T9^! -#.&$+$,! .$8! 6#.47+$,! W$9%+%0%#^! 2O-#.&$+$,! E#A#5(G*#$%! 6#.*! .$8! 2X-!
G&(=#4%9! +$! %7#! '.405%1! ('! /&%9^! "(*G0%+$,^! 2$,+$##&+$,! h! :4+#$4#9! H/"2:KQ! ! /! '055! 5+9%! ('!
+$%#&A+#U##9! +9! 9#%! (0%! +$!/GG#$8+3! >Q! W$! .55^! NM! 9%.''!U#&#! +$%#&A+#U#8^! +$4508+$,! <.405%1!
6#.47+$,! <#55(U9^! <.405%1! -6/! "((&8+$.%(&9^! :*.55! :4.5#! )&(=#4%! -#.8#&9^! ! 9%.''! '&(*! %7#!
%7#$!-#.&$+$,!.$8!6#.47+$,!W$9%+%0%#^!?@X!*.$.,#&9!.$8!(%7#&9QC!
MZM!"0))-4050,!Q&F&5+H,&'(!
67#! 5#99($9! 5#.&$#8! '&(*! %7+9! &#A+#U! ('! .4%+A+%1!U#&#! 09#8! %(! 90GG(&%!U(&R!U+%7! 4(0&9#!
G5.$$+$,!%#.*9!%(!#*T#8!2X-!.$8!-#.&$#&!/0%($(*1!9%&.%#,+#9!+$%(!%7#!G&(4#99!('!4(0&9#!
G5.$$+$,^! &#A+#U! .$8! A.5+8.%+($Q! W$! (&8#&! %(! 90GG(&%! %7+9! U(&R^! %U(! 9%&.%#,+#9! U#&#!
8#A#5(G#8;!
• "0&&+4050*!E#A#5(G*#$%!)&(=#4%9!
• "0&&+4050*!E#A#5(G*#$%!c#9(0&4#9Q!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1 Numbers of interviews do not = 31 because some of the staff have dual roles such as HUBs manager and LTA coordinator or LTA coordinator and Small Scale Project Leader
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! ZJ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
MZMZL!"0))-4050,!Q&F&5+H,&'(!#)+=&4(9!
E0&+$,! %7#! 9#4($8! 1#.&! ('! %7#! )&(=#4%^! '0$8+$,! U.9! 09#8! %(! 90GG(&%! 4(0&9#VG&(,&.**#!
G5.$$+$,! %#.*9! '&(*! %7&##! 8#G.&%*#$%9! +$! T#,+$$+$,! %7#! G&(4#99! ('! #*T#88+$,! #$\0+&1O
T.9#8!5#.&$+$,!.4&(99!.!4(0&9#!(&!G&(,&.**#Q!67#9#!U#&#!8&.U$!'&(*!%7#!E#G.&%*#$%!('!
/&47+%#4%0&#! .$8! )5.$$+$,! H)5.$$+$,! .$8! ?(09+$,K^! 2.&51! "7+587((8! .$8! W$4509+($! H2.&51!
[#.&9!<(0$8.%+($!E#,&##K! .$8!6#.47#&!2804.%+($! H)&+*.&1! .$8!2.&51![#.&9!)&(,&.**#KQ!
/55!U#&#!.%! %7#!A#&1!#.&51! 9%.,#9!('!G&#G.&+$,! '(&!A.5+8.%+($!(&! &#A.5+8.%+($!80&+$,!>ICIV!
>ICCQ! 67#! +$%#$%+($! U.9! %(! G&(A+8#! 90GG(&%! .%! %7+9! #.&51! 9%.,#! +$! %7#! 4(0&9#! G5.$$+$,!
G&(4#99! %(!#$.T5#!4(55#.,0#9! %(!4($9+8#&!$#U!U.19!('!9%&04%0&+$,! %7#+&!4(0&9#9!T#'(&#! %7#!
U(&R!($!U&+%+$,!G&(,&.**#!.$8!*(805#!9G#4+'+4.%+($9!T#,.$Q!E0#!%(!%7#!%+*+$,!('!%7#!G&#O
A.5+8.%+($!U(&R^!%7#!U(&R!($!%7#9#!G&(=#4%9!%((R!G5.4#!+$!90**#&!>ICI!.$8!%7#!+*G.4%!('!
%7+9!U+55!$(%!T#! '#5%!0$%+5! 5.%#&! +$! %7#!A.5+8.%+($!G&(4#99Q!a($+%(&+$,!.$8!90GG(&%! '(&! %7#9#!
%7&##!G&(,&.**#9!7(U#A#&!U+55!4($%+$0#!+'!'0$8+$,!G#&*+%9!+$%(!>ICCVC>Q!67#!(0%4(*#9!('!
%7+9!U(&R!U+55!T#!90**.&+9#8!.$8!G	#$%#8!.9!.!9#&+#9!('!G&(,&.**#OT.9#8!4.9#!9%08+#9!%(!
90GG(&%!9+*+5.&!40&&+4050*!8#A#5(G*#$%!#59#U7#&#!+$!%7#!<.405%1Q!
MZMZM!"0))-4050,!Q&F&5+H,&'(!P&9+0)4&9!
W$!(&8#&!%(!.47+#A#!*.3+*0*!+*G.4%!'&(*!+%9!U(&R^!%7#!G&(=#4%!.5+,$#8!+%9#5'!%(!.$!#3+9%+$,!
+$+%+.%+A#!U+%7+$! %7#! <.405%1^!U7+47! .+*#8! %(! G&(804#! .$! ($5+$#! "0&&+4050*!E#A#5(G*#$%!
c#9(0&4#! '(&!4(0&9#!G5.$$+$,! %#.*9Q! !67+9! +$A(5A#8!U(&R+$,!45(9#51!U+%7! %7#!<.405%1!-#.8!
H"0&&+4050*! E#A#5(G*#$%KQ! 67#! 	(0&4#! +$4508#9! G&(*G%! \0#9%+($9^! ($5+$#! 90GG(&%! .$8!
#3#*G5.&!4.9#!9%08+#9!('!G&.4%+4#!%(!90GG(&%!%7#!4(0&9#!G5.$$+$,!G&(4#99!.4&(99!%7#!<.405%1Q!
W$!4($%&+T0%+$,!%(!%7+9!<.405%1!	(0&4#^! %7#!2X-!G&(=#4%!8&#U!($!R$(U5#8,#!,.+$#8!.T(0%!
#3+9%+$,!G&.4%+4#!,.+$#8!%7&(0,7!%7#!&#A+#U!('!#$\0+&1OT.9#8!5#.&$+$,Q!
6U(!'0&%7#&!.4%+A+%+#9!U#&#!G5.$$#8!%(!G&(A+8#!'0&%7#&!90GG(&%!'(&!40&&+4050*!8#A#5(G*#$%;!
• 67#! -6/! <.405%1! W$%&.$#%! G.,#9! U#&#! &#A+#U#8! .$8! 0G8.%#8! %(! +$4508#! ,&#.%#&!
90GG(&%!'(&!8#A#5(G+$,!5#.&$#&!.0%($(*1!.$8!2X-!+$!G.&%+405.&!
• /55!%7(9#!+$A(5A#8!+$!")-/!'0$8#8!9*.55O94.5#!G&(=#4%9!4(*G5#%#8!.!'055!4.9#!9%081!('!
%7#+&!U(&RQ!67#9#!U#&#!*.8#!.A.+5.T5#!($!%7#!")-/!U#T9+%#!.$8!5+$R#8!%(!%7#!'.405%1!
-6/!9+%#Q!
MZN!:7/)-'.!/'8!8&F&5+H-'.!H)/4(-4&!
W$! 90GG(&%+$,! 9%.''! 8#A#5(G*#$%! .&(0$8! #$\0+&1OT.9#8! 5#.&$+$,^! %7#! 9%&.%#,1! '(409#8! ($!
(,$+9+$,!.$8!T0+58+$,!0G($!#3+9%+$,!#3G#&%+9#Q!:%&.%#,+#9!+$4508#8;!
• *#$%(&97+G!('!9*.55O94.5#!G&(=#4%9!
• 90GG(&%+$,!%7#!8#A#5(G*#$%!('!5#.&$+$,!4(**0$+%+#9!
• (%7#&!U(&R97(G9!.$8!#A#$%9Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! ZL!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
MZNZL!?&'(+)97-H!+*!9,/55I94/5&!H)+=&4(9!
67#! 2X-! %#.47+$,! '#55(U! .$8! 9#4($8##! G&(A+8#8!*#$%(&97+G! %(! %7(9#! 0$8#&%.R+$,! 9*.55O
94.5#!G&(=#4%9!'0$8#8!T1!%7#!'.405%1!(&!T1!")-/Q!W$!8(+$,!9(^!%7#1!90GG(&%#8!G&(=#4%!5#.8#&9!
+$! &#'5#4%+$,! ($! .$8! 8#A#5(G+$,! %7#+&! G&(=#4%9! U7+59%! G&(A+8+$,! G&.4%+4.5! ,0+8.$4#^! '(&!
#3.*G5#^!+$!&#A+#U+$,!8&.'%!4($'#&#$4#!G.G#&9!.$8!&.+9+$,!%7#!G&('+5#!('!%7#+&!U(&RQ!!
MZNZM!:0HH+)(-'.!(7&!8&F&5+H,&'(!+*!5&/)'-'.!4+,,0'-(-&9!
E0&+$,!%7#!'+&9%!1#.&!('!%7#!G&(=#4%^!.$!2X-!:G#4+.5!W$%#	%!f&(0G!H:WfK!U.9!#9%.T5+97#8Q!67+9!
U.9! ($#! ('! .! $0*T#&! ('! ,&(0G9! 90GG(&%#8! T1! %7#! <.405%1! %(! 8#A#5(G! R#1! 8#A#5(G*#$%!
%7#*#9! H9047! .9! .99#99*#$%! .$8! '##8T.4R^! #*G5(1.T+5+%1! .$8! +$%#&$.%+($.5+9.%+($KQ! W%!U.9!
+$%#$8#8! %7.%! %7+9! U(058! 5#.8! %(! %7#! 8#A#5(G*#$%! ('! .! 4(**0$+%1! ('! G&.4%+4#! +$4508+$,!
<.405%1!.$8!(%7#&!9%.''!U+%7!.$!+$%#	%!+$!#$\0+&1OT.9#8!5#.&$+$,Q!67#!8#A#5(G*#$%!('!%7#!
"(**0$+%1! ('! )&.4%+4#! U.9! '0&%7#&! 90GG(&%#8! %7&(0,7! .! ($#! 8.1! U(&R97(G! 8#9+,$#8! %(!
#3G5(&#!7(U!%7#!"(**0$+%1!4(058!T#!8#A#5(G#8!.$8!90GG(&%#8!.$8!U7.%!+%9!G0&G(9#!U(058!
T#! n! 67#! -#.&$+$,! "(**($! c((*Q! W$! 	G($9#! %(! 8+94099+($9! 7#58! .%! %7+9! #A#$%^! .$8! +$!
(,$+%+($!('!%7#!8+''+405%+#9!.99(4+.%#8!U+%7!4($A#$+$,!.!,&(0G!($!.!&#,05.&!T.9+9^!.!9#&+#9!
('!+$'(&*.5!50$47%+*#!%7#*#8!$#%U(&R+$,!#A#$%9!U#&#!7#58!+$!>IIYVCI!%(!#$.T5#!4(55#.,0#9!
%(! *##%! %(,#%7#&^! 8+94099! 4($4#&$9! .$8! 97.&#! #3.*G5#9! ('! G&.4%+4#Q! 67#! %7#*#9! 47(9#$!
&#'5#4%#8!4(**($!'(4+!%7.%!7.8!.&+9#$!'&(*!%7#!9*.55!94.5#!G&(=#4%9!.$8!&#A+#U!('!G&.4%+4#Q!!
MZNZN!B(7&)!9(/**!8&F&5+H,&'(!J+)@!/'8!&F&'(9!
`0%4(*#9! '&(*! %7#! G&(=#4%! U#&#! 8+99#*+$.%#8! 80&+$,! +$%#&$.5! .$8! #3%#&$.5! 4($'#&#$4#!
G	#$%.%+($9!.9!U#55!.9!+$'(&*.5!9%.''!8#A#5(G*#$%!9#99+($9!.$8!")-/!G(9%#&!9#99+($9!.$8!
(%7#&!#A#$%9Q!!
NZ!B0(4+,&9!
a047!('!%7+9!G&(=#4%!7.9!T##$!8#A#5(G*#$%.5!+$!$.%0&#!.$8!+%!U+55!$(%!T#!G(99+T5#!%(!T#,+$!%(!
*#.90&#!+%9!+*G.4%!0$%+5!>ICIVCCQ!67+9!9#4%+($!%7#&#'(&#!&#G(&%9!($!G&(,c!%(!8.%#Q!S7#&#!
G(99+T5#^!+$%#&+*!8.%.!+9!G&(A+8#8!U7+47!.%#9!%(!9%.''!#$,.,#*#$%Q!
NZL!P&F-&J-'.!&'K0-)1IG/9&8!5&/)'-'.!/4)+99!(7&!*/405(1!
E#%.+59!('!%7#!CN!8+94&#%#!G&(=#4%9!%7.%!'(&*#8!%7#!T.9+9!('!%7#!'+&9%!1#.&b9!.$.519+9!('!<.405%1!
X.9#8!)&.4%+4#!.&#!9#%!(0%!+$!/GG#$8+3!CQ!67#!9+3!")-/!9G($9(!G&(=#4%9!U#&#!#A.50.%#8!
T1! %7#! "26-! .$8! .GG#.&! .9! '055! 4.9#! 9%08+#9! ($! %7#! ")-/!U#T!G.,#9Q! 2.47!('! %7#! <.405%1!
9G($9(! G&(=#4%9! U.9! 90T=#4%! %(! +%9! (U$! +$%#&$.5! #A.50.%+($Q! 67+9! #A.50.%+($! +9! $(%!
&#G5+4.%#8!7#&#Q!?(U#A#&^!%7#!R#1!Ή%9!('!%7#!&#A+#U!.&#!8#%.+5#8!T#5(UQ!!
!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! Zd!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
NZLZL! 23-9(-'.! /'8! 8&F&5+H-'.! H)/4(-4&! -'! &'K0-)1IG/9&8! 5&/)'-'.!
/4)+99!(7&!*/405(1!
67#!.$.519+9!#3G5(!7(U!#$\0+&1OT.9#8!5#.&$+$,!+9!*.$+'#9%#8!+$!8+''#&#$%!4($%#3%9!.4&(99!
%7#!'.405%1^!T(%7!U+%7+$!%7#!9*.55!G&(=#4%9!.$8!%7#!*(&#!#9%.T5+97#8!U(&R!8#94&+T#8!T1!%7#!
-6/!4(O(&8+$.%(&9Q!67#&#!.&#!9(*#!4($9+9%#$%! '#.%0	!.4&(99! %7#!U+8#!&.$,#!('!#3.*G5#9!
#$4(0$%#Q!67#9#!.&#;!!
• ,&(0G!U(&R;!(GG(&%0$+%+#9!.&#!G&(A+8#8!'(&!8+.5(,0#!T#%U##$!9%08#$%9^!'(&*.5!.$8!
+$'(&*.5!*#$%(&+$,!.$8!G##&!5#.&$+$,!!
• &#'5#4%+($;!9%08#$%9!.&#!#3G#4%#8! %(!&#'5#4%!($! %7#+&!(U$!G#&'(&*.$4#!.$8!G&.4%+4#!
.$8!%7+9!+9!('%#$!'(&*.551!.99#99#8!
• #*G5(1.T+5+%1;! %7#&#! 9##*9! %(! T#! 5+%%5#! 8+9%+$4%+($! %(! T#! 8&.U$! T#%U##$! (A#&%51!
A(4.%+($.5! G&(,&.**#9! .$8! %7(9#! U7+47! *+,7%! T#! 9##$! *(&#! .9! G0&#! 90T=#4%!
8+94+G5+$#9Q! a(9%! 90T=#4%! .&#.9! 9##*! %(! T#! .U.&#! ('! %7#! $##8! %(! .88c! %7#!
#*G5(1.T+5+%1!.,#$8.!.$8!*(9%!*.R#!5+$R9!U+%7!#*G5(1#&9!.$8!G&('#99+($.5!T(8+#9Q!
2X-!+9!9##$!.9!*.R+$,!.!9+,$+'+4.$%!4($%&+T0%+($!%(!%7#!8#A#5(G*#$%!('!#*G5(1.T+5+%1!
9R+559!
• 90GG(&%;!4(55#.,0#9!#*G7.9+9#8!%7#!+*G(&%.$4#!('!G&(A+8+$,!90GG(&%!+$!8#A#5(G+$,!!
%7#!9R+559!('!&#'5#4%+($!.$8!4&+%+4.5!&#A+#U!+8#$%+'+#8!.T(A#^!.9!U#55!.9!$##8!90GG(&%!%(!
7#5G!%7#*!%(!T#!.T5#!%(!*.G!%7#!G&(4#99!('!#$\0+&1!.$8!90GG(&%!'(&!%&.$9+%+($!!!
• '(&*.%+A#! '##8T.4R;!G&(,c+A#! '(&*.%+A#!.99#99*#$%9!.&#!09#8!('%#$!U7#&#! %7#1!
'##8!+$%(!'+$.5!90**.%+A#!.99#99*#$%!'(&!.$!+$8+A+80.5!*(805#Q!67+9!,#$#&.%#9!#.&51!
'##8T.4R^!U7+47!+$!%0&$!$##89!%(!T#!9#$9+%+A#51!4($9%&04%+A#^!T0%!U7#$!8($#!U#55!4.$!
T#!.$!#''#4%+A#!+$%&+$9+4!*(%+A.%(&Q!)(&%'(5+(9!.&#!('%#$!09#8!.9!%7#!A#7+45#!%(!.47+#A#!
%7+9!!
• 8#%.+5#8! G5.$$+$,;! 9#99+($! T1! 9#99+($! G5.$$+$,! #$.T5#9! .! ,&.80.5! G&(4#99! ('!
8#A#5(G*#$%! %7&(0,7! %7#!*(805#! 09+$,! 4.&#'05! +$%#,&.%+($! ('! 45.99&((*!.4%+A+%+#9!
.$8!.99#99*#$%!%.9R9Q!!
E#9G+%#!9047!4(**($!'#.%0	^!8+94099+($9!90,,#9%#8!%7.%!%7#&#!U#&#!8+''#&#$4#9!+$!%7#!&(5#!
.$8! 9+,$+'+4.$4#! ('! #$\0+&1OT.9#8! 5#.&$+$,Q! S7+59%! 8+''#&#$%! 90T=#4%! .&#.9! 09#8! 9+*+5.&!
.GG&(.47#9^! %7#1! 9##*#8! %(! 9##! %7#! 9+,$+'+4.$4#! ('! %7#9#! +$! 8+''#&#$%! U.19Q! W%! +9! 0$45#.&!
U7#%7#&!%7#9#!8+''#&#$4#9!.&#!.%#8!%(!%7#!$.%0&#!('!8+94+G5+$#9!(&!%7#!G.&%+405.&!405%0&#!('!
4(0&9#!(&!*(805#!%#.*9Q!E+''#&#$4#9^!7(U#A#&^!.%#8!%(!T(%7!%7#!'(409!('!#$\0+&1!.$8!+%9!
G0&G(9#Q!c#,.&8+$,!'(409^!%7#&#!9##*#8!%(!T#!.!8+9%+$4%+($!T#%U##$!.4.8#*+4!#$\0+&1!.$8!
G&('#99+($.5VA(4.%+($.5!#$\0+&1Q!c#,.&8+$,!G0&G(9# !̂9(*#!9##*!%(!'(409!($!%7#!.GG5+4.%+($!
('! #$\0+&1! %(! .47+#A#! G.&%+405.&! (0%4(*#9^!U7+59%! (%7#&9! '(409! ($! %7#! G&(4#99! ('! #$\0+&1Q!
67#9#!8+9%+$4%+($9!.&#!&#G	#$%#8!+$!'+,0&#!C!H<(4+!'(&!#$\0+&1OT.9#8!.GG&(.47#9KQ!!
!
!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! ZM!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
A. EBL as a means of
engaging with the subject discipline
Academic Knowledge
D. Using EBL to support
contextual and professional
problem solving in Professional
Practice
B. EBL to support the development
of Academic Skills
C. Using EBL to support
development of Professional
Skills
AcademicProfessional/
Vocational
Process
Application
!
S+10(#$:J!<(4+!'(&!#$\0+&1OT.9#8!.GG&(.47#9!
W%! +9! (,$+9#8! %7.%! %7#9#!8+9%+$4%+($9! .&#!G&(T5#*.%+4Q!a.$1! 90T=#4%! .&#.9!7.A#! .! 9%&($,!
G&('#99+($.5VA(4.%+($.5!'(409!.$8!U(058!.&,0#!'(&!.!&#'5#3+A#!.%+($97+G!T#%U##$!%7#(&1!
.$8! G&.4%+4#^! '(&! #3.*G5#! G&('#99+($.5! 4($%#3%9! *.1! T#! 09#8! .9! %7#! 9%.&%+$,! G(+$%! '(&!
.4.8#*+4!#$\0+&1^!U7+47!+$!%0&$!+$'(&*9!0$8#&9%.$8+$,!.T(0%!%7.%!G&('#99+($.5!4($%#3%Q!/%!
%7#!9.*#!%+*#^!7(U#A#&^!%7#9#!8+9%+$4%+($9!8(!&#'5#4%!8+''#&#$%!G(99+T5#!#*G7.9#9!&#,.&8+$,!
%7#!8#A#5(G*#$%!('!#$\0+&1OT.9#8!5#.&$+$,Q!<(&!'0&%7#&!8#%.+59^!9##!/GG#$8+3!J!U7+47!8&.U9!
($! #3.*G5#9!('! G&.4%+4#! '&(*! .4&(99! %7#! <.405%1! %(!#3G5(&#! %7#9#! 8+''#&#$%! '(4+! +$! ,&#.%#&!
8#%.+5Q!!
S7+59%! $(%+$,! %7#! 90T9%.$%+.5! 4(55#4%+A#! #3G#&+#$4#! ('! #$\0+&1OT.9#8! 5#.&$+$,! .4&(99! %7#!
<.405%1^! +%! +9! U(&%7! $(%+$,! %7.%! +$!*.$1! .&#.9! 2X-! #3+9%9! .9! .! 8+94&#%#! G(4R#%! ('! .4%+A+%1!
U7+47!+9!('%#$!*(805#!T.9#8Q!W$!%7#9#!4.9#9!2X-!*.1!T#!G&.4%+9#8!8+94&#%#51!.$8!*.1!$(%!T#!
+8#$%+'+#8! (&! 5.T#55#8! .9! 9047! T#4.09#! +%! +9! $(%! 9##$!.9! +$! .$1!U.1! &#*.&R.T5#Q! 67#&#! .&#!
#34#G%+($9Q! <(&! #3.*G5#^! +$! ?+9%(&1! %7#&#! U.9! .! 4($94+(09! #''(&%! .%! .! *(&#! 9%&.%#,+4!
.GG&(.47!.%!U+8#&!#*T#88+$,!('!2X-!*#%7(89!%7&(0,7!%7#!G+5(%+$,!('!.!$0*T#&!('!*(805#9!
%(! 8#A#5(G! .$! #$\0+&1! T.9#8! .GG&(.47! %(! %7#!U7(5#! 90T=#4%! .&#.Q! ?#&#! %7#&#!U.9! .! 45#.&!
+$%#$%+($!%(!09#!+$8+A+80.5!*(805#9!.9!#3#*G5.&9!%(!#$4(0&.,#!*(&#!U+8#9G&#.8!.8(G%+($Q!
67+9! .GG&(.47! U.9! *(&#! U+8#51! 90GG(&%#8! .4&(99! %7#! 90T=#4%! ,&(0G! .$8! U.9! .59(!
(,$+9#8! T1! 9%08#$%9! .9! .! 8+9%+$4%! .GG&(.47! %(! 5#.&$+$,Q! 67+9! .GG&(.47! 9##*#8! %(! T#!
8#G#$8#$%!($! .%! 5#.9%! ($#! +$8+A+80.5! 47.*G+($!U(&R+$,!U+%7! %7#! 90GG(&%! ('! .!$0*T#&!('!
(%7#&!R#1!90T=#4%!,&(0G!*#*T#&9Q!:+*+5.&51^!+$!/&47+%#4%0&#^!2X-!.GG&(.47#9!.GG#.&!%(!T#!
U+8#9G&#.8! .$8! U#55! +$%#,&.%#8! U+%7+$! %7#! #9%.T5+97#8! 9%08+(! 405%0&#Q! 67+9! *.1! +$! G.&%!
&#'5#4%!%7#!U.1!%0%(&9!%7#*9#5A#9!7.A#!T##$!%&.+$#8!U+%7+$!%7#+&!8+94+G5+$#!.&#.^!.$8!*.1!T#!
47.&.4%#&+9#8!T1!%7#!#3+9%#$4#!('!.!&+47!G#8.,(,1!U7+47!(,$+9#9!%7#!$##8!'(&!#3G5(&.%+($!
T#1($8!%7#!'.4%9Q!!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! ZZ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
NZLZM! >/))-&)9! /'8! +HH+)(0'-(-&9! /99+4-/(&8! J-(7! &'K0-)1IG/9&8!
5&/)'-'.!
67#! W$%#&A+#U! 8.%.! 90,,#9%#8! .! $0*T#&! ('! 4($4#&$9! .%#8! %(! %7#! +*G5#*#$%.%+($! ('!
#$\0+&1OT.9#8!.GG&(.47#9Q!:(*#!('!%7#9#!.&#!T.9#8!($!G#&4#G%+($9!%7.%!4(058!T#!47.55#$,#8^!
T0%! %7#1! $##8! %(! T#! .4R$(U5#8,#8! .$8! .88c#8! +'! 2X-! +9! %(! T#! *(&#! U+8#51! .8(G%#8Q!
W*G(&%.$%51^! %7#! 9*.55! G&(=#4%9! &#A#.5#8!7(U!9(*#!*1%79! 90&&(0$8+$,! T.&&+#&9! 7.8! T##$!
9044#99'0551! .88c#8! U+%7+$! G.&%+405.&! 4($%#3%9Q! 67#9#! .&#! +*G(&%.$%! '+$8+$,9! T#4.09#!
%7#1! 8(! 7#5G! %(! (A#&4(*#! 9(*#! ('! %7#! 	+9%.$4#9! %(! %7#! 8#A#5(G*#$%! ('! *(&#! 5#.&$#&!
4#$%!.GG&(.47#9Q!67#!4($4#&$9!.&#!90**.&+9#8!.9!'(55(U9;!
• W$! G5.4#9^! %7#&#! 8(#9! .GG#.&! %(! T#! .! %#$9+($! T#%U##$! A(4.%+($.551! T.9#8! .$8!
.4.8#*+4!8+94+G5+$#9^!.$8!4($4#&$!U.9!#3Gc#8!%7.%!2X-!.GG&(.47#9!.&#!G&(*(%#8!
.%!9(*#!4(9%!%(!%7#!8#A#5(G*#$%!('!%7#!8+94+G5+$#Q!!f+A#$!7(U#A#&!%7.%!#*G5(1.T+5+%1!
+9!.$!+$4&#.9+$,!%7#*#!.4&(99!.55!G&(A+9+($!+$!%7#!+$9%+%0%+($^!+%!*.1!T#!%7.%!2X-!+9!.!
*#.$9!('!8#A#5(G+$,!.!&.$,#!('!.4.8#*+4!.$8!G#&9($.5!9R+559!U7+47!.&#!#A.$%!%(!
.55!8+94+G5+$#9!.$8!4.$!T#!.GG5+#8!+$!8+A#&9#!4($%#3%9Q!
• S#! #$4(0$%#! .! U+8#9G&#.8! .990*G%+($! %7.%! 9%08#$%9! &#\0+&#! #3%&+$9+4!
*(%+A.%+($!%(!G&(A+8#!+$4#$%+A#9!'(&!#$,.,#*#$%!+$!5#.&$+$,!.4%+A+%+#9Q!)&(*(%#&9!('!
2X-!U#&#!.T5#! %(!47.55#$,#! %7+9!U+%7!$(%.T5#!#3.*G5#9!U+%7+$!*(805#9^!U7#&#! %7#!
4.&#'05! 9%&04%0&+$,! ('! '(&*.%+A#! 5#.&$+$,! #$4(0&.,#9! .! *(&#! +$%&+$9+4! 9#%! ('!
*(%+A.%+($9!'(&!9%08#$%9Q!
• :(*#!4(55#.,0#9!90,,#9%#8!%7.%^! +$!+$%&(804+$,!2X-!U#!$##8!%(!(,$+9#!%7#!$##8!
'(&! .! %&.$9+%+($! 9%.,#Q!67+9! +9! '(4099#8! #9G#4+.551!.&(0$8! .99#99*#$%! #3G#4%.%+($9Q!
67#&#! +9! .! G#&4#G%+($! %7.%! 9%08#$%9! $##8! %(! T#! q8#O947((5#8q! .$8! U+55! 7.GG+51!
&#,c! +$%(!G.99+A+%1! +'!U#!8(!$(%!(''#&!.!4(7#&#$%!9%&.%#,1!.4&(99!G&(,&.**#9!('!
5#.&$+$,Q!!
• W%! .GG#.&9! %(! T#! U#55! #9%.T5+97#8! %7.%! '(&! #$\0+&1! T.9#8!*#%7(89! %(! T#! #''#4%+A#^!
9%08#$%9!$##8!7+,7!5#A#59!('!90GG(&%Q!W$!9(*#!4.9#9!%7+9!+9!.47+#A#8!%7&(0,7!7+,751!
9%&04%0! 8#5+A#&1^! 90GG(&%#8! '(&! #3.*G5#! T1! 7+,751! 9%&04%0! X5.4RT(.&8! 9+%#9Q!
67#&#! +9! G#&7.G9! .!8.$,#&! %7.%! (A#&! 9%&04%0! .$8!G^&+T#8!90GG(&%!*.1! +%9#5'!
8#%&.4%!'&(*!%7#!4($4#G%!('!.0%($(*1^!T0%!'&##8(*^!4&#.%+A+%1!.$8!'5#3+T+5+%1!$##8!%(!
T#!'&.*#8!T#4.09#!9%08#$%9!8(!$##8!45#.&!,0+8.$4#!($!U7.%!+9!&#\0+!('!%7#*Q!!
• c#'5#4%+($! 7.9! T##$! &+,7%51! +8#$%+'+#8! .9! .$! +*G(&%.$%! 47.&.4%#&+9%+4! ('! 2X-!
.GG&(.47#9^! T0%! %7+9! 4.$!T#! 	+9%#8! T1! 9%08#$%9!U7(!$##8! 90GG(&%! +$! 8#A#5(G+$,!
%7+9!+*G(&%.$%!9R+55Q!
• 67#&#! +9!.$!.990*G%+($!%7.%!2X-!.GG&(.47#9!&#\0+&#!*(&#!8#A#5(G*#$%!%+*#!%7.$!
*(&#!%&.8+%+($.5!.GG&(.47#9Q!?(U#A#&^! +%!*.1!9+*G51!T#!%7#!4.9#!%7.%!%7#1!&#\0+&#!
*(&#!0G'&($%!8#A#5(G*#$%^!'(&!#3.*G5#!+$!G&(A+8+$,!.GG&(G&+.%#!5#A#59!('!90GG(&%Q!
W$!.88+%+($! %(! %7#9#!4($4#&$9! .%+$,! %(! %7#!G&(4#99!.$8!A.50#!('!#$\0+&1OT.9#8! 5#.&$+$,^!
'0&%7#&!4($4#&$9!.%#8!%(!0$+A#&9+%1OT.9#8!919%#*9!.$8!9%&04%0	!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! ZY!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
• "0&&+4050*!9%&04%0	!.&#!T.9#8!($!%7#!*(805#!.9!%7#!*.+$!T0+58+$,!T5(4RQ!67+9!8(#9!
4&#.%#! 8+''+405%1! +$! .8(G%+$,! 2X-! .GG&(.47#9! U7#&#! %7#&#! +9! .! $##8! %(! 4&(99!
8+94+G5+$#!T(0$8.&+#9!
• 67#&#! +9!9(*#!#A+8#$4#!%7.%!$#U#&!9%.''!.&#!*(&#!&#.81!%(!.8(G%!2X-!.GG&(.47#9^!
T0%! %7#&#! +9! .59(! .! 8.$,#&! %7.%! U7#&#! +$8+A+80.59! .&#! G&(*(%+$,! *(805#! T.9#8!
G&(=#4%9!%7#1!*.1!$(%!T#!909%.+$.T5#Q!
• :(*#!9%.''!*.1!	+9%!*(&#!4(55#4%+A#!U(&R+$,!G&.4%+4#9!T#4.09#!%7#1!'#.&!9(*#!5(99!
('!G#&9($.5!.0%($(*1!.$8!'5#3+T+5+%1Q!
60%(&9!.59(!7+,75+,7%#8!.!9#&+#9!('!'.4%(&9!%7.%!4(058!+*G.4%!G(9+%+A#51!($!%7#!8#A#5(G*#$%!
('!#$\0+&1OT.9#8!5#.&$+$,;!
• )&.4%+4.5! .GG&(.47#9! %(! 90GG(&%+$,! %&.$9+%+($9! +$%(! .$8! %7&(0,7! #$\0+&1OT.9#8!
5#.&$+$,!+$!7+,7#&!#804.%+($!.$8!U+%7+$!9G#4+'+4!8+94+G5+$#9!
• 67#!$##8!%(!G5.$!'(&!G&(,c+($!+$!#$\0+&1!
• "($9+8#&.%+($!('!%7#!&(5#!('!%0%(&9!.$8!(%7#&!G&.4%+%+($#&9!+$!'.4+5+%.%+$,!#$\0+&1!
• 67#!$##8! %(! '(409! #3G5+4+%51! ($! %7#! 9R+559! ('! #$\0+&1^! '(&! #3.*G5#!\0#9%+($O9#%%+$,^!
*#%7(89!('!#$\0+&1^!4(55.T(&.%+($!H5#.&$+$,!%(!5#.&$K!!
• 67#!$##8! %(! #*G7.9+9#^!G&(*(%#! .$8!8#A#5(G! .%+($97+G!T#%U##$! &#'5#4%+($! .$8!
#$\0+&1!
• 67#!$##8!%(!G&(T5#*.%+9#! %7#!.%+($97+G!T#%U##$!#$\0+&1^!.4.8#*+4! 5+%#&.41!.$8!
#*G5(1.T+5+%1!
• 2X-!$##89!%(!T#!#9%.T5+97#8!.9!9(($!.9!G(99+T5#!U+%7!9%08#$%9!.%!5#A#5!'(0&!.$8!%7#$!
09#8!4($9+9%#$%51!.4&(99!.55!90T9#\0#$%!5#A#59Q!!
NZM!"0))-4050,!Q&F&5+H,&'(!
67#! &#A+#U! ('! G&.4%+4#! 8#94&+T#8! .T(A#! G&(A+8#8! &+47! +$9+,7%9! +$%(! %7#! 8#A#5(G*#$%! ('!
#$\0+&1OT.9#8! 5#.&$+$,! .4&(99! %7#! '.405%1! .$8!*05%+G5#! #3.*G5#9! .$8! 5#99($9! %(! '##8! +$%(!
40&&+4050*! 8#A#5(G*#$%!U(&RQ!a047! ('! %7+9!U(&R! +9! 9%+55! ($,(+$,! .$8! 7.9! 1#%! %(! T#! '0551!
#A.50.%#8Q!?(U#A#&^!9+,$+'+4.$%!G&(,c!7.9!T##$!*.8#!.9!(0%5+$#8!T#5(UQ!
NZMZL!?&'(+)97-H!+*!9,/55I94/5&!H)+=&4(9!
67#!CN!8+94&#%#!G&(=#4%9!%7.%! '(&*#8!%7#!T.9+9!('! %7#!'+&9%!1#.&b9!.$.519+9!('!<.405%1!X.9#8!
)&.4%+4#!.&#!9#%!(0%!+$!/GG#$8+3!NQ!67#!9+3!")-/!9G($9(!G&(=#4%9!U#&#!#A.50.%#8!T1!%7#!
"26-!.$8!.GG#.&!.9!'055!4.9#!9%08+#9!($!%7#!")-/!U#T!G.,#9Q!2.47!('!%7#!<.405%1!9G($9(!
G&(=#4%9!U.9!90T=#4%!%(!+%9!(U$!+$%#&$.5!#A.50.%+($Q!!
/$!.$.519+9!+$!%#&*9!('!%7#!$0*T#&9!('!9%.''!.$8!9%08#$%9!+$A(5A#8!+9!9#%!(0%!+$!.GG#$8+3!C!
.$8!C.Q!:(*#!$0*T#&9!.&#!%.R#$!'&(*!(0&!(U$!(&8!('!#A#$%9!U7+59%!(%7#&9!.&#!T.9#8!($!
#9%+*.%#9!G&(A+8#8!T1!9*.55O94.5#!G&(=#4%!5#.8#&9Q!67#!$0*T#&9!&#'#&!%(!8+%!+*G.4%Q!:(!'(&!
#3.*G5#^!%7#!?+9%(&1!G&(,&.**#!97(U9!CLI!9%08#$%9!#A#$!%7(0,7!%7#!&#G(&%!($!%7+9!G&(=#4%!
90,,#9%9! %7.%! %7#&#! *.1! T#! .! U+8#&! +*G.4%! .''#4%+$,! .55! 9%08#$%9! +$A(5A#8! +$! %7#! U7(5#!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! YI!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
G&(,&.**#Q! <(&! +$8+A+80.5!*(805#9!U#! .59(!($51! (&8! 9%08#$%9!U7(! .&#! 40&&#$%! .%! %7#!
%+*#! ('! %7#! 2X-! +$%#&A#$%+($! .$8! +,$(&#! 90T9#\0#$%! 4(7(&%9^! .9! U#! 7.A#! $(! *#.$9! ('!
.99#99+$,! '0%0&#! +*G.4%9Q! <+$.551^! %7#&#!U+55! T#! 9(*#! (A#&5.G! +$! 9(*#! .&#.9;! '(&! #3.*G5#^!
9(*#!9%08#$%9! 97(U$! +$! %7#!?+9%(&1!G&(,&.**#!*.1!.59(!.GG#.&! +$! %7#!8+94&#%#!G&(=#4%9!
T.9#8! ($! +$8+A+80.5! *(805#9! .$8! 9(*#! 9%.''! *.1! .GG#.&! *(&#! %7.$! ($4#! +$! .%+($! %(!
G&(=#4%9!.$8!9%.''!8#A#5(G*#$%!.4%+A+%+#9Q!!
W$!(A#&.55!%#&*9!U#!#9%+*.%#!%7.%!%7#!&.$,#!('!.4%+A+%+#9!8&.U$!+$%(!%7#!U+8#&!<.405%1!T.9#8!
2X-!G&(=#4%!7.A#!+*G.4%#8!($!9(*#!CMI!9%.''!.$8!.GG&(3+*.%#51!CCII!9%08#$%9Q!!
NZMZM!"0))-4050,!%8F+4/41!#)+=&4(9!
67#!"0&&+4050*!/8A(4.41!G&(=#4%9!.&#!90GG(&%+$,!U(&R!U7+47!7.9! %7#!G(%#$%+.5! %(!#*T#8!
#$\0+&1OT.9#8!5#.&$+$,!+$!+$$(A.%+A#!U.19!U+%7+$!%7&##!8#G.&%*#$%9Q!/9!%7#9#!G&(=#4%9!.&#!
8#9+,$#8!%(!90GG(&%!A.5+8.%+($V&#OA.5+8.%+($!U(&R!+$!>ICIVCC^!U(&R!T#,.$!.%!%7#!#$8!('!%7#!
.4.8#*+4! 1#.&! >IIYVCIQ! 2.&51! #A.50.%+A#! '##8T.4R! '&(*! G.&%+4+G.%+$,! G&(,&.**#9^!
7(U#A#&^! 7.9! 90,,#9%#8! %7.%! %7+9! +$%#&A#$%+($! G&(*+9#9! %(! 7.A#! .! 9+,$+'+4.$%! +*G.4%! ($!
4(0&9#!8#9+,$!
Q&H/)(,&'(! +*! 6&/47&)! 2804/(-+'! Y#)-,/)1! /'8! 2/)51! _&/)9!
#)+.)/,,&]!
<0$8+$,! '(&! %7#! )&+*.&1! .$8! 2.&51! [#.&9! )&(,&.**#!U.9! 09#8! %(! #.9#! %#.47#&9^! 7#.8!
%#.47#&9!.$8!947((5OT.9#8!*#$%(&9! %(!U(&R!.5($,9+8#!:?@!%0%(&9!.$8!9%08#$%9! %(!#3G5(&#!
%7#!.%+($97+G!T#%U##$!#$\0+&1!.$8!G&('#99+($.5!G&.4%+4#Q! !67#!8.1!U.9!09#8! %(!#3G5(&#!
7(U!%7#!9%&.$8!('!#$\0+&1!4.$!T#!9%&#$,%7#$#8!.4&(99!%7#!G&(,&.**#!+$!(&8#&!%(!90GG(&%!
%&.+$##9! +$! %.R+$,! +$4&#.9#8! 	G($9+T+5+%1! '(&! %7#+&! G&('#99+($.5! 8#A#5(G*#$%! .$8!
#$4(0&.,#! +$$(A.%+($^! 4&#.%+A+%1! .$8! G&(T5#*O9(5A+$,Q! 67#! 8.1! U.9! .%%#$8#8! T1! NY!
4(55#.,0#9Q!c#G	#$%.%+A#!4(**#$%9!($!%7#!8.1!+$4508#8;!
! qc#.551!+$9G+&+$,!8.1O!#34+%+$,!%(!T#!G.&%!('!%7+9!%#.*Qq!
! q67#! G.&%+4+G.%+($! ('! +$8+A+80.59! U+%7! &#.5! G.99+($! #$90! A+T&.$%! G&('#99+($.5!
! 8+94099+($Qq!
! q/$!#$=(1.T5#!%7(0,7%OG&(A(R+$,!8.1!U+%7!%7#!(GG(&%0$+%1!%(!8+94099!#$\0+&1!U+%7!
! (%7#&9!'&(*!.!A.&+#%1!('!G&('#99+($.5!T.4R,&(0$89Qq!
! qc#A+%.5+9.%+($!('!G7+5(9(G71!('!7+,7!\0.5+%1!%#.47+$,Qq!
! qW$9G+&+$,! .$8! #34+%+$,! O! +%b9! ,&#.%! %(! 7.A#! 9#A#&.5! 8+''#&#$%! #3G#&+#$4#9! .$8!
! A+#UG(+$%9! 97.Q! 67#&#! 7.A#! T##$! 5(%9! ('! #34+%+$,! +8#.9! &.+9#8! '(&! '0%0&#!
! 8#A#5(G*#$%Qq!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! YC!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
! q:%+*05.%+$,^!47.55#$,+$,^!#34+%+$,!O!%7#!T#,+$$+$,!('!.!4(**0$+%1!('!#$\0+&1Qq!
! qS($8#&'05!(GG(&%0$+%1!%(!&#'5#4%!($!U7.%!U#!.&#!.T(0%!O!A#&1!+*G(&%.$%!%(!7.A#!.!
! 9%&($,!+8#$%+%1!+$!.!45+*.%#!('!#A#&!47.$,+$,!40&&+405.!.$8!8#*.$89Qq!
"(55#.,0#9! U#&#! G.&%+405.&51! #$%709+.9%+4! .T(0%! %7#! +*G(&%.$4#! ('! 8#A#5(G+$,! #$\0+&1!
.4&(99!%7#!G&(,&.**#^!+8#$%+'1+$,!A.&+(09!U.19!+$!U7+47!.$!+$4&#.9#8!'(409!($!#$\0+&1!*.1!
9%&#$,%7#$!%7#!G&(,&.**#;!
• 67#! 47.$4#! %(! 8#A#5(G! &#'5#4%+A#! 4&#.%+A#! %#.47#&9! U7(! U+55! 8#A#5(G! 4&#.%+A#!
&#'5#4%+A#!.$8!+$A(5A#8!G0G+59!R##$!%(!#3G5(&#!5#.&$+$,!'(&!5+'#! ! !
• -#.89! %(!.! 9%&($,#&! %#.47+$,! '(&4#!.8.G%.T5#! %(! 47.$,#!.$8!.T5#! %(! 909%.+$!\0.5+%1!
%#.47+$,!
• :%08#$%9!*.1!T#!,+A#$!(GG(&%0$+%1!%(!%.R#!*(&#!4($%&(5!('!%7#+&!5#.&$+$,!.$8!'(55(U!
G.%7U.19!G#&9($.5!%(!%7#*!
• 2$\0+&1!.GG&(.47!#99#$%+.5! '(&!%7#!8#A#5(G*#$%!('!G&('#99+($.5!&#'5#4%+A#!%#.47#&9!
U7(!.&#!5#.&$+$,!4($%+$0.551!
• 6(!#*G(U#&!5#.&$#&!%7&(0,7!.!G&(4#99!('!5#.&$+$,!%7&(0,7!(U$#&97+G!
/! U(&R+$,! ,&(0G! 7.9! T##$! #9%.T5+97#8! %(! 09#! %7#9#! 8+94099+($9! %(! 8#A#5(G! .! 9#&+#9! ('!
G(99+T5#! (**#$8.%+($9! .$8! 40&&+4050*!*(8#59! %(! +$'(&*! %7#! &#OA.5+8.%+($! G&(4#99! +$!
>ICIVCCQ! 67+9! U+55! +$'(&*! %7#! 8#9+,$! ('! %7#! '(55(U+$,! 4(0&9#9;! X/! H?($9K! 2.&51! [#.&9!
2804.%+($!U+%7!o6:_!X/!H?($9K!)&+*.&1!2804.%+($!U+%7!o6:_!)f"2!2.&51![#.&9!U+%7!o6:_!
)f"2!)&+*.&1!2804.%+($!U+%7!o6:Q!
Q&H/)(,&'(! +*! 2/)51! "7-587++8! /'8! S'4509-+'! Y2/)51! _&/)9!
<+0'8/(-+'!4+0)9&]!
67#!2.&51![#.&9!<(0$8.%+($!4(0&9#!+9!%.0,7%!4(55.T(&.%+A#51!T1!%0%(&9!.%!:?@!.$8!+$!5(4.5!<2!
4(55#,#9Q!"(55#.,0#9!7.A#!09#8!'0$8+$,!%(!#.9#!<2!%0%(&9!%(!U(&R!.5($,9+8#!:?@!%0%(&9!%(!
#3G5(&#! U.19! ('! #*T#88+$,! #$\0+&1! .4&(99! %7#! 40&&+4050*! %(! .47+#A#! ,&#.%#&! 5#A#59! ('!
9%08#$%!.0%($(*1!.$8!*.$.,#!%&.$9+%+($9!%(!7+,7#&!#804.%+($Q!!
/$! .U.1! 8.1! 7#58! +$! e0$#! >ICI! U.9! 09#8! %(! +$A#9%+,.%#! .GG&(.47#9! %(! #$\0+&1OT.9#8!
5#.&$+$,!.$8!4($9+8#&!U.19!+$!U7+47!%7+9!4(058!T#!09#8!%(!90GG(&%!5#.&$+$,!.4&(99!<2!.$8!
?2! 4($%#3%9Q! <##8T.4R! '&(*! %7+9! #A#$%!U.9! #3%&#*#51!G(9+%+A#Q! ! ).&%+4+G.$%9! '#5%! %7.%! %7#!
#A#$%!7.8!T##$!.!9+,$+'+4.$%!8#A#5(G*#$%!+$!G.&%$#&97+G!U(&R+$,!.$8!U#&#!#$%709#8!T1!%7#!
G(99+T+5+%+#9!'(&!09+$,!#$\0+&1OT.9#8!5#.&$+$,Q!!:.*G5#!'##8T.4R!4(**#$%9!+$4508#;!
! qW%! G&(A+8#8! .! 8##G#&! 0$8#&9%.$8+$,! ('! %7#! G0&G(9#! .$8! %7#! A.50#! ('! %7#! G&(4#99!
! &.%7#&!%7.$!%7#!#$8!G&(804%!%(!8#A#5(G!A+%.5!5#.&$+$,!9R+559Qq!
! qj#&1!+$%#	%+$,!2X-!9#99+($!n!9##+$,!+%!T#+$,!+$4+T51!09#'05!.%!5#A#59!N^!J!h!LQq!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! Y>!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
! qW!7.A#!,.+$#8!.!*047!T#%%#&!0$8#&9%.$8+$,!('!#$\0+&1!T.9#8!5#.&$+$,Qq!
/55! 4(**+%%#8! %(! %&+.55+$,! #$\0+&1OT.9#8! .GG&(.47#9! +$! #3+9%+$,! *(805#9! 80&+$,! /0%0*$!
>ICI!.$8!%7#$!&#A+#U+$,!7(U!9047!.GG&(.47#9!4.$!T#!#*T#88#8!U+%7+$!%7#!4(0&9#Q!"5#.&!
G&(4#80	!U#&#!#9%.T5+97#8!'(&!%.R+$,!%7+9!'(&U.&8Q!
Q&H/)(,&'(!+*!%)47-(&4(0)&!/'8!#5/''-'.!Y#5/''-'.!/'8!D+09-'.]!
<0$8+$,! '(&! .$! .U.1!8.1!U.9!09#8! +$!)5.$$+$,! .$8!?(09+$,! %(! 90GG(&%! #.&51!8+94099+($9!
.T(0%!%7#!&#OA.5+8.%+($!('!0$8#&,&.80.%#!G&(A+9+($Q!:%.''!.&&+A#8!.%!R#1!G&+$4+G5#9!.%#8!%(!
#$90&+$,! G&(A+9+($! .4&(99! %7#! G&(,&.**#^! +$4508+$,! ,&#.%#&! .%%#$%+($! %(! R#1! 9R+559! .$8!
90GG(&%! '(&!8#A#5(G+$,! 	#.&47Q!67+9!U.9! 9##$!.9!#3%&#*#51!09#'05! +$!(G#$+$,!0G!8#T.%#!
.$8! #9%.T5+97+$,! .$! .,#$8.! '(&! %7#! &#A.5+8.%+($! G&(4#99Q! /9! %7#! G&(,&.**#! 5#.8#&!
4(**#$%#8;!
! q67#&#! U.9! 9(*#! A#&1! 09#'05! 97.&+$,! ('! +8#.9! U7+47! 7#5G#8! %(! +8#$%+'1! %7#!
! 4(**($.5+%1!.4&(99!%7#!J!90T=#4%!.&#.9Q!!S#!9%+55!7.A#!.!5(%!('!U(&R!%(!8(!T0%!U#!.&#!
! 8#'+$+%#51!*.R+$,!G&(,cQq!
W$+%+.5!#A.50.%+($!('!%7+9!U(&R!U+55!T#!4(*G5#%#8!+$!%7#!9G&+$,!('!>ICC!0G($!4(*G5#%+($!('!
%7#! $#3%! &(0$8! ('! A.5+8.%+($9^! +8#$%+'1+$,! 7(U! %7#! G&(=#4%! U(&R! 7.9! +*G.4%#8! ($! %7#! &#O
8#9+,$! ('! %7#! %7&##! 4(0&9#9VG&(,&.**#9Q! 67+9! #A.50.%+($! U+55! +$'(&*! %7&##! 4.9#! 9%08+#9!
#3G5(&+$,! %7#! G&(4#99#9! ('! #*T#88+$,! #$\0+&1OT.9#8! 5#.&$+$,! .$8! %7#! 5#99($9! 09#8! %(!
+$'(&*! '0&%7#&! 40&&+4050*!8#A#5(G*#$%!U(&R! +$! %7+9! .&#.Q!67#! +*G.4%! ('! .$1! G&(,&.**#!
47.$,#9! ($! %7#! 9%08#$%! #3G#&+#$4#^! 7(U#A#&^!U+55! $(%! T#! R$(U$! 0$%+5! %7#! '+&9%! 4(7(&%9! ('!
9%08#$%9!7.A#!4(*G5#%#8!%7#!G&(,&.**#9Q!a($+%(&+$,^!#A.50.%+($!.$8!&#A+#U!U+55!%7#&#'(&#!
T#!($,(+$,Q!!
NZN!"0))-4050,!Q&F&5+H,&'(!P&9+0)4&9!
<+$8+$,9!'&(*!%7#!&#A+#U!('!#3+9%+$,!G&.4%+4#!+$!#$\0+&1OT.9#8!5#.&$+$,!7.A#!T##$!09#8!%(!
90GG(&%!%7#!8#A#5(G*#$%!('!.!9#&+#9!('!,#$#&.%+A#!\0#9%+($9!.$8!.99(4+.%#8!G&(*G%9!U7+47!
.&#!$(U!+$4508#8!.9!G.&%!('!%7#!"0&&+4050*!E#A#5(G*#$%!c#9(0&4#Q!!/!9#&+#9!('!4.9#!9%08+#9!
7.A#! T##$! 8#A#5(G#8! %(! +5509%&.%#! G(99+T5#! 	G($9#9! %(! %7#9#! \0#9%+($9Q! <0&%7#&! 4.9#!
9%08+#9!.&#!0$8#&!8#A#5(G*#$%Q!!
/! $0*T#&! ('! 	(0&4#9! 7.A#! T##$! 8#A#5(G#8! .9! .! 8+%! Ή%! ('! %7#! <.405%1! 2X-!
G&(=#4%Q! 67#9#! +$4508#! 5+$R9! %(! %7#! 9*.55O94.5#! G&(=#4%9^! 4.9#! 9%08+#9^! #A.50.%+($9^!
+$%#&A+#U9! U+%7! 9%08#$%9^! G.G#&9! .$8! +$%#&$.5! .$8! #3%#&$.5! 5+$R9Q! ! 67#9#! 4.$! T#!
'(0$8! ($! %7#! G.,#9! ('! %7#! -6/! +$%&.$#%! 9+%#Q! 67#9#! 4.$! T#! '(0$8! .%;!
7%%G9;VV9%.''Q970Q.4Q0RV'89V9%08#$%V5%.V5#.&$+$,V9%G.V#T5Q.9G!
67#! "0&&+4050*! E#A#5(G*#$%! c#9(0&4#! +9! 9%+55! 0$8#&! 8#A#5(G*#$%! .$8! 7.9! $(%! 1#%! T##$!
90T=#4%!%(!#A.50.%+($Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! YN!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
NZO!:7/)-'.!/'8!Q&F&5+H-'.!#)/4(-4&!
NZOZL!:0HH+)(-'.!(7&!8&F&5+H,&'(!+*!5&/)'-'.!4+,,0'-(-&9!
67#!<.405%1O'0$8#8!2X-!:G#4+.5!W$%#	%!f&(0G!7.8!%U(!+$+%+.5!*##%+$,9!.%%#$8#8!T1!CL!9%.''Q!
?(U#A#&^! ,+A#$! 8#G.&%*#$%.5! 47.$,#9! .$8! 9(*#! 9%.''! 4($'09+($! .T(0%! %7#! $.%0&#! .$8!
G0&G(9#!('!%7#!:Wf^!%7#!2X-!:Wf!U.9!#A#$%0.551!.T.$8($#8Q!67#!&#A+#U!('!#3+9%+$,!G&.4%+4#!
7(U#A#&! 8+8! 7#5G! %(! +8#$%+'1! .! 9#&+#9! ('! 4(55#.,0#9! U+%7+$! %7#! '.405%1! U7(!U#&#! .4%+A#51!
#$,.,#8! +$! 8#A#5(G+$,! #$\0+&1OT.9#8! 5#.&$+$,Q! W$! (&8#&! %(! &#A+#U! G&(,c! %(! 8.%#! .$8!
#3G5(&#!7(U!<.405%1! 9%.''!U(058! 5+R#! %(! 9##! 90GG(&%!8#A#5(G+$,! +$! %7#! '0%0&#^! .! q-#.&$+$,!
"(**($!c((*q!#A#$%!U.9!7#58!+$!e0$#!>IIY!%(U.&89!%7#!#$8!('!%7#!'+&9%!1#.&!('! %7#!2X-!
G&(=#4%Q!67+9!U.9!.%%#$8#8!T1!>L!9%.''!.$8!G&(A+8#8!.$!(GG(&%0$+%1!%(!97.&#!.GG&(.47#9!%(!
09+$,! #$\0+&1OT.9#8! 5#.&$+$,! .$8! 8+94099!U.19! '(&U.&8! +$! 8#A#5(G+$,! $#%U(&R9! .*($,9%!
9%.''! %(!8#A#5(G!G&.4%+4#!.$8!97.&#!4($4#&$9Q! !`$#!('!%7#!*.+$!(0%4(*#9!('!%7+9!U(&R97(G!
U.9!%7#!8#A#5(G*#$%!('!.!9#&+#9!('!%7#*#8!50$47%+*#!$#%U(&R+$,!#A#$%9Q!
:#A#$!$#%U(&R+$,!#A#$%9!U#&#!7#58!80&+$,!%7#!1#.&!%(!G&(A+8#!.$!+$'(&*.5!(GG(&%0$+%1!'(&!
97.&+$,! 40&&#$%! G&.4%+4#! .$8! 8+94099+($! ('! +990#9! .%#8! %(! %7#! G&(*(%+($! ('! 5#.&$#&!
.0%($(*1! .$8! #$\0+&1OT.9#8! 5#.&$+$,Q! 67#*#9! &#'5#4%#8! R#1! 9%&.$89! ('! U(&R! 8#A#5(G#8!
%7&(0,7! 9*.55O94.5#! G&(=#4%9! .$8! +990#9! %7.%! 7.8! .&+9#$! 80&+$,! %7#! &#A+#U! ('! G&.4%+4#^!
'(409+$,!0G($;!
• 2$4(0&.,+$,!9%08#$%9!.%!5#A#5!J!%(!#$,.,#!.9!.0%($(*(09!5#.&$#&9Q!!
• @9+$,!G&(T5#*OT.9#8V+$%#&O8+94+G5+$.&1!5#.&$+$,!%(!G&(*(%#!9%08#$%!#$,.,#*#$%!!!!!
• )&(A+8+$,!(GG(&%0$+%+#9!'(&!4(55.T(&.%+A#!.$8!G##&O90GG(&%#8!5#.&$+$,!
• )&(*(%+$,!4&+%+4.5!%7+$R+$,!.$8!&#'5#4%+($!%7&(0,7!8+94099+($!!
• 2A+8#$4+$,!2$\0+&1!
:%.''!4(**#$%9!($!%7#!9#99+($9!90,,#9%#8!%7.%!%7#9#!#A#$%9!7.8!G&(A+8#8!.!A.50.T5#!'(&0*!
'(&! #347.$,#!('! +8#.9;! ($#! '(0$8! %7#*! %(! T#!Y7#(E$+.*-(3&%+7#4$+.)+1"%*0,$&./$0)#*0,YQ! 67#1!
U#&#!9##$!.9!.!U.1!('!#3G5(&+$,!.$8!97.&+$,!.$8!G&.4%+4#!.4&(99!.$8!T#1($8!%7#!<.405%1;!Y&$
1(#&%$ -22-(%0.+%E$ %-$ (#&,,E$ 9#1+.$ %-$ #Z&3+.#$ %"#$ 2(#3+)#$ -*$ ,#&(.#($ &0%-.-3E$ +.$ -0($
+.)%+%0%+-.YQ! ! 67#! +$'(&*.5^! (G#$O#$8#8! '(&*.%! ('! %7#9#! #A#$%9!U.9! '#5%! %(! T#! G.&%+405.&51!
09#'05;! [#Z'#,,#.%$-22-(%0.+%E$*-($'"&.1+.1$3-/#4$/+)'0))+-.$&./$(#*,#'%+-.$&./$,#&(.+.1$C+%"$
'-,,#&10#)=\!
67#9#! $#%U(&R+$,! #A#$%9! U#&#! .%%#$8#8! T1! .! A.&+#%1! ('! 4(55#.,0#9;! (A#&.55^! N>! 8+''#&#$%!
*#*T#&9! ('! 9%.''! .%%#$8#8^! +$4508+$,! N! '&(*! %7#! -#.&$+$,! .$8! 6#.47+$,! W$9%+%0%#^! N! '&(*!
")-/^! N! '&(*! 4#$%&.5! 9#&A+4#9! .$8! %0%(&9! '&(*! CL! 90T=#4%! .&#.9Q! 67+9! .GG&(.47! U.9! 5#99!
.*T+%+(09!%7.$!%7#!(&+,+$.5!G5.$9!%(!8#A#5(G!%7#!R+$8!('!5#.&$+$,!4(**0$+%1!#$A+9.,#8!T1!
%7#! (&+,+$.5! :Wf! .$8! %7#! -#.&$+$,! "(**($! c((*! #A#$%Q! ?(U#A#&^! +%! 8+8! 7#5G! ,#$#&.%#!
4($$#4%+($9!T#%U##$!4(55#.,0#9!U(&R+$,!+$!8+''#&#$%!G.&%9!('!%7#!'.405%1;!($#!4(**#$%#8!($!
%7#!(GG(&%0$+%1! %(^![*+./$-0%$&9-0%$-%"#($C-(T$+.$N]D$&./$+/#.%+*E$)E.#(1+#)$^2#-2,#$C#$.##/$
%-$9#$%&,T+.1$%-=\$!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! YJ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
NZOZM!B(7&)!9(/**!8&F&5+H,&'(!/4(-F-(-&9!
`%7#&!9%.''!8#A#5(G*#$%!.4%+A+%+#9!7.A#!+$4508#8!%7#!'(55(U+$,;!
• 67#! 2X-! 6#.47+$,! <#55(U!U.9! +$A+%#8! %(! .%%#$8! .! c#.5! 29%.%#! .U.1! 8.1! %(! &0$! .!
U(&R97(G! ($! /0%7#$%+4! -#.&$+$,Q! 67+9! U.9! 09#8! %(! '(409! ($! %7#! .GG5+4.%+($! ('!
G&.4%+4.551! T.9#8! 5#.&$+$,! .$8! .99#99*#$%! .4%+A+%+#9! .$8! ,#$#&.%#8! .! 9#&+#9! ('!
#3.*G5#9!('!.0%7#$%+4!5#.&$+$,!09#8!T1!.!U+8#!&.$,#!('!9%.''Q!
• <+$8+$,9!'&(*!#5#*#$%9!('! %7#!G&(=#4%!U#&#!.59(!97.!%7&(0,7!%7#!-6W! 50$47%+*#!
)&.4%+%+($#&! :#*+$.&! 9#&+#9! 80&+$,! .!U(&R97(G! 7#58! +$!D(A#*T#&! >IIYQ! 67+9!U.9!
.%%#$8#8!T1!.!&.$,#!('!9%.''!'&(*!.4&(99!%7#!+$9%+%0%+($!.$8!G&(A+8#8!.$!(GG(&%0$+%1!
%(! #3G5(&#! #*#&,+$,! %7#*#9! .$8! +8#.9! '&(*! %7#! G&(=#4%! U+%7+$! .! '.+&51! +$'(&*.5!
9#%%+$,Q!
• /!8+94099+($!G.G#&!U.9!G&(804#8!'(&!%7#!)&('#99+($.5!E#A#5(G*#$%!)&(,&.**#!+$!
2804.%+($! T.9#8! ($! +$%#&A+#U9! U+%7! %0%(&9! ($! %7#! G&(,&.**#Q! 67+9! #3G5(!
8+''#&#$%! %0%(&9]! G#&9G#4%+A#9! ($! %7#! &(5#! ('! #$\0+&1! .$8! U.9! 09#8! %(! ,#$#&.%#!
8+94099+($9!.T(0%!%#.47+$,!.GG&(.47#9!.$8!G&(,c+($Q!
• <+$8+$,9! '&(*! %7#! G&(=#4%! 7.A#! T##$! #3G5(! .$8! &#G(&%#8! +$! .! $0*T#&! ('!
U(&R97(G!.$8!4($'#&#$4#!G	#$%.%+($9!H9##!.GG#$8+3!LKQ!!
NZOZN!"0))-4050,!Q&F&5+H,&'(!P&9+0)4&9!!
6U(!'0&%7#&!.4%+A+%+#9!.&#!G5.$$#8!%(!G&(A+8#!'0&%7#&!90GG(&%!'(&!40&&+4050*!8#A#5(G*#$%;!
• 67#!-6/!<.405%1!W$%&.$#%!G.,#9!7.A#!T##$!&#A+#U#8!.$8!0G8.%#8!%(!+$4508#!,&#.%#&!
90GG(&%!'(&!8#A#5(G+$,!5#.&$#&!.0%($(*1!.$8!2X-!+$!G.&%+405.&Q!
• /55!%7(9#!+$A(5A#8!+$!")-/!'0$8#8!9*.55O94.5#!G&(=#4%9!4(*G5#%#8!.!'055!4.9#!9%081!('!
%7#+&!U(&RQ!67#9#!U#&#!*.8#!.A.+5.T5#!($!%7#!")-/!U#T9+%#!.$8!5+$R#8!%(!%7#!'.405%1!
-6/!9+%#Q!
OZ!67&!>)+/8&)!S,H/4(!B*!67&!#)+=&4(!
OZL! S,H/4(!+'!</405(1!9()/(&.1!!
W%!+9!8+''+405%!%(!+9(5.%#!%7#!+*G.4%!('!%7#!G&(=#4%!+%9#5'!($!%7#!405%0&#!+$!%7#!<.405%1!.9!%7+9!+9!
($51!($#!('!.!$0*T#&!('!-6/!.%#8!+$+%+.%+A#9!80&+$,!>IIZO>ICIQ!W$!($#!9#$9#!%7#!($51!U.1!
%(!#A.50.%#!.$1!+$%#&A#$%+($!+$!5#.&$+$,!%#.47+$,!.$8!.99#99*#$%!+9!7(U!%7+9!+*G.4%9!($!%7#!
5#.&$+$,!#$A+&($*#$%Q!67+9!+9!4(*G5#3!.$8!+9!+$'50#$4#8!T1!9(!*.$1!8+''#&#$%!'.4%(&9!%7.%!+%!
+9!8+''+405%! %(! %#.9#!(0%! %7#! +*G.4%!('!.$1!($#!8+''#&#$%! +$+%+.%+A#Q!67#! '.4%! %7.%! %7+9!G&(=#4%!
.5+,$#8!+%9#5'!9G#4+'+4.551!U+%7!T&(.8#&!'.405%1!8#A#5(G*#$%9!*.R#9!+%!G.&%+405.&51!8+''+405%!%(!
+9(5.%#! +%9! +*G.4%Q! S7.%! +9! 45#.&! 7(U#A#&! +9! +%9! .%+($97+G! %(! %7#! 8#A#5(G*#$%! .$8!
(G#&.%+($.5+9.%+($!('! %7#!<.405%1!-6/! 9%&.%#,1^!U7+47! 4($%.+$9! .! 45#.&! 4(**+%*#$%! %(! %7#!
8#A#5(G*#$%! ('! 5#.&$#&! .0%($(*1Q! -#.&$#&! .0%($(*1! 7.9! &#*.+$#8! 4#$%&.5! %(! %7#! '(0&!
#$7.$4#*#$%!%7#*#9!#*T#88#8!+$%(!%7#!-6/!9%&.%#,1^!*(9%!$(%.T51!+$!90GG(&%+$,!i9%08#$%O
4#$%! .$8! .4%+A#! .GG&(.47#9! %(! 5#.&$+$,Q]! f+A#$! %7.%! %7+9! 9%&.%#,1! U+55! 4($%+$0#! %(! T#!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! YL!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
G&(*(%#8!.9!%7#!R#1!8&+A#&!97.G+$,!%7#!8#A#5(G*#$%!('!40&&+405.!.4&(99!%7#!<.405%1!'(&!%7#!
$#3%! '(0&! 1#.&9^! %7#! 4(**+%*#$%! %(! #$\0+&1OT.9#8! 5#.&$+$,!U(058! 9##*! %(! T#! #*T#88#8!
.$8!909%.+$.T5#Q!
OZM!"+'(-'0/(-+'!H5/'9!
/,.+$9%!%7#!40&&#$%!0$4#&%.+$51!.T(0%!'0%0&#!'0$8+$,!+%!+9!8+''+405%!%(!*.R#!G+4%+($9!.T(0%!
7(U! %7#! <.405%1! U+55! T#! .T5#! %(! 4($%+$0#! %(! 90GG(&%! %7#! 8#A#5(G*#$%! ('! 2X-! .$8! %7#!
8#A#5(G*#$%!('!5#.&$#&!.0%($(*1^!#A#$!%7(0,7!%7+9!&#*.+$9!.!*.=(&!G.&%!('!%7#!<.405%1!-6/!
9%&.%#,1Q!2.&51! +$8+4.%+($9!.&#! %7.%! 9(*#!<.405%1!T.9#8!62::! H6#.47+$,!2$7.$4#*#$%!.$8!
:%08#$%! :044#99K! '0$8+$,!U+55! T#! .A.+5.T5#^! T0%! +%! +9! 0$5+R#51! %7.%! %7+9!U+55! T#! 09#8! %(! '(&!
'0&%7#&!4($%+$0.%+($!('!%7#!'0$8+$,!'(&!.!<.405%1!6#.47+$,!<#55(U97+GQ!67+9!U.9!+$!.$1!#A#$%!
.!%#*G(&.&1!.GG(+$%*#$%!.$8!U.9!G.&%!'0$8#8!T1!%7#!")-/!"26-!.$8!U.9!.5U.19!G5.$$#8!
%(!#$8!+$!/0,09%!>ICIQ!!
2A#$!.,.+$9%! %7+9!T.4R,&(0$8^! 5#.&$#&!.0%($(*1!7.9!T##$! +8#$%+'+#8!.9!.!R#1!<.405%1!-6/!
G&+(&+%1!.$8!+9!#*T#88#8!U+%7+$!%7#!<.405%1!-6/!9%&.%#,1!'(&!>ICIO>ICJQ!67+9!*#.$9!%7.%!
4($%+$0#8!90GG(&%! '(&! %7#!8#A#5(G*#$%!('! #$\0+&1OT.9#8! 5#.&$+$,!U+55! %.R#!G5.4#! %7&(0,7!
%7#! "0&&+4050*! E#A#5(G*#$%! +$+%+.%+A#! U7+47! #$90	! %7.%! i9%08#$%O4#$%! .$8! .4%+A#!
.GG&(.47#9!%(!5#.&$+$,]!&#*.+$!.!R#1!'(409!'(&!4($9+8#&.%+($!+$!4(0&9#!G5.$$+$,!&#A+#U!.$8!
A.5+8.%+($Q!".9#!9%081!*.%#&+.59!.$8!,#$#&.%+A#!\0#9%+($9!.%+$,!%(!5#.&$#&!.0%($(*1!.&#!
$(U!#9%.T5+97#8!U+%7+$!%7#!-6/!+$%&.$#%!G.,#9!'(&!%7#!<.405%1!.$8!%7#9#!U+55!4($%+$0#!%(!T#!
8#A#5(G#8!.$8!*.+$%.+$#8!.9!G.&%!('! %7#!<.405%1]9!($,(+$,!4(**+%*#$%! %(! %7#! 90GG(&%!('!
40&&+4050*!8#A#5(G*#$%Q!".9#!9%08+#9!T.9#8!($!%7#!%7&##!"0&&+4050*!E#A#5(G*#$%!G&(=#4%9!
U+55! G&(A+8#! #3#*G5.&9! ('! %7#! 8#A#5(G*#$%! ('! #$\0+&1OT.9#8! 5#.&$+$,! .4&(99! 4(0&9#9! %(!
90GG5#*#$%! %7(9#! 4.9#! 9%08+#9! %7.%! G&(A+8#! #3#*G5.&9!('! G&.4%+4#! .%!*(805#! 5#A#5Q! `%7#&!
'.405%1! 9%&.%#,+4! 8#A#5(G*#$%9^! 9047! .9! %7#! &#$#U.5! ('! G##&O90GG(&%#8! &#A+#U! .$8! %7#!
8#A#5(G*#$%! ('! +$9%+%0%+($.5! '&.*#U(&R9! .%+$,! %(!G&('#99+($.5! 9%.$8.&89! .$8! ,&.80.%#!
.%%&+T0%#9^!(''#&!'0&%7#&!(GG(&%0$+%+#9!%(!#*T#8!#$\0+&1OT.9#8!5#.&$+$,!*(&#!'+&*51!U+%7+$!
G(5+41!.$8!G&.4%+4#!.4&(99!%7#!'.405%1Q!a(&#(A#&^!%7#!.4\0+9+%+($!('!#*G5(1.T+5+%1!9R+559!7.9!
T##$! +8#$%+'+#8! .9! ($#! ('! %7#! R#1! (T=#4%+A#9! '(&! .55! 9%08#$%9! +$! 7+,7#&! #804.%+($Q! 67#!
8#A#5(G*#$%!('! 5#.&$#&!.0%($(*1! +9!A#&1!45#.&51!.5+,$#8!%(! %7+9!.,#$8.!.$8!%7#!9R+559!.$8!
.%%&+T0%#9!90GG(&%#8!.&#!A#&1!*047!%7(9#!U7+47!.&#!5+$R#8!%(!%7#!#*G5(1.T+5+%1!.,#$8.Q!
/%!%7#!9.*#!%+*#^!.9!'+$8+$,9!'&(*!%7#!&#A+#U!('!G&.4%+4#!+5509%&.%#^!#$\0+&1OT.9#8!5#.&$+$,!+9!
*.$+'#9%!+$!8+''#&#$%!U.19!.4&(99!%7#!'.405%1!.$8!4(55#.,0#9!7.A#!A.&+#8!0$8#&9%.$8+$,9!('!
%7#! 47.55#$,#9! .$8! (GG(&%0$+%+#9! +%! (''#&9Q! W%! U(058! 9##*! %7#&#'(&#! %7.%! .$1! 4($%+$0+$,!
'0$8+$,!'(&!%7+9!.&#.!97(058!90GG(&%!*(&#!%.+5(!90GG(&%!'(&!+$8+A+80.5!90T=#4%!.&#.9!.$8!
8&.U!($!%7#!4($9+8#&.T5#!#3G#&%+9#!.$8!#3G#&+#$4#!('!4(55#.,0#9!'&(*!.4&(99!%7#!'.405%1Q!W$!
%7#! .T9#$4#! ('! .! 6#.47+$,! <#55(U! U+%7! .$! #3G5+4+%! (A#&&+8+$,! 2X-! &(5#^! +%! U+55! T#! %7#!
	G($9+T+5+%1! ('! %7#! +$8+A+80.5! E#G.&%*#$%.5! -6/! -#.89! %(! G&(*(%#! %7+9! .5($,! U+%7! %7#!
(%7#&!*.+$!%7#*#9!4($%.+$#8!U+%7+$!%7#!-6/!9%&.%#,1 !̂%7&(0,7!+$%#&A#$%+($9!+$!%7#!4(0&9#!
G5.$$+$,!.$8!A.5+8.%+($!G&(4#99Q!!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! Yd!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
W'!	(0&4#9!G#&*+%!U#!97(058!#3G5(&#!%7#!8#A#5(G*#$%!('!.!&(T09%!'&.*#U(&R!'(&!,.%7#&+$,!
(T=#4%+A#^!+.T5#!.$8!+$!8#G%7!\0.5+%.%+A#!8.%.!($!%7#!9%08#$%!#3G#&+#$4#!.$8!#3%#$8!%7+9!%(!
*(&#!#3G5+4+%!+$A(5A#*#$%!('!9%08#$%9!+$!%7#!8#A#5(G*#$%!('!2X-Q!
TZ!"+'4509-+'9!
67#!*05%+O9%&.$8#8!.GG&(.47!%(!%7+9!G&(=#4%!7.9!#$.T5#8!U(&R!%(!G&(,c!($!.!$0*T#&!('!
5#A#59;!.%!*(805#!5#A#5^!4(0&9#!.$8!G&(,&.**#!5#A#5^!.$8!+$!%#&*9!('!9%&.%#,+4!8#A#5(G*#$%Q!
S7+59%!%7#!#*T#88#8$#99!('!%7+9!.GG&(.47!7.9!*.8#!+%!8+''+405%!%(!.$.519#!%7#!G+9#!+*G.4%!
('!G&(=#4%!U(&R^!+$+%+.5!#A.50.%+($!U(058!90,,#9%!%7.%!+%!7.9!G&(A+8#8!'(0$8.%+($9!($!U7+47!
'0%0&#! 8#A#5(G*#$%9! 4.$! T0+58Q! c#O8#9+,$#8! 4(0&9#9^! 40&&+4050*! 8#A#5(G*#$%! 	(0&4#9^!
.$8! #*#&,+$,! $#%U(&R+$,! (GG(&%0$+%+#9! .*($,9%! 9%.''! (''#&! %7#! G(%#$%+.5! %(! 90GG(&%!
4($%+$0#8!U(&R!+$!%7#!'0%0&#Q!
P&*&)&'4&9!
"#$%&#! ('! 234#55#$4#! +$! 2$\0+&1! X.9#8! -#.&$+$,! H>IIYK^!V"&%$+)$Q.80+(E6?&)#/$5#&(.+.1_^$
Ha.$47#9%#&;! "22X-KQ! /A.+5.T5#! .%;! 7%%G;VVUUUQ4.*G09Q*.$47#9%#&Q.4Q0RV4##T5V#T5V!
H/44#99#8!NC!a.&47!>IIYKQ!
E047^!XQ!eQ^!f&(7^!:Q!2Q!.$8!/55#$^!EQ2Q!H>IICK^!!"#$U-C#($-*$U(-9,#36?&)#/$5#&(.+.1!H:%#&5+$,^!
j+&,+$+.;!:%1509!)0T5+97+$,KQ!
2.9%7(G#^!"Q!.$8!2.9%7(G#^!fQ!H>IIIK^!bW$%#$9+'+4.%+($^!#3%#$9+($!.$8!4(*G5#3+%1!('!%#.47#&9b!
S(&R5(.8b^!?(+%+)"$R-0(.&,$-*$D-'+-,-1E$-*$Q/0'&%+-.!>CHCK;!JNOLZQ!
:.A+$OX.8#$^! aQ! .$8! S+5R+#^! FQ! H289QK! H>IIJK^! O"&,,#.1+.1$ `#)#&('"$ +.$ U(-9,#36?&)#/$
5#&(.+.1!HX04R+$,7.*;!`G#$!@$+A#&9+%1!)cKQ!!!
6(9#1^!)Q!.$8!a4E($$#55^!eQ!H>IIdK^!a&22+.1$Q.80+(E$?&)#/$5#&(.+.1J$N+)'-0()#)4$S(&'%&,)$&./$
&$?-C,$-*$O"#((+#)!H:0&!-#.&$+$,!%(!5#.&$KQ! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! YM!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
QR:!%HH&'8-3!L!
S,H/4(!+*!8-94)&(&!H)+=&4(9!-'4508&8!-'!(7&!</405(1!#)+=&4(!
6+%5#!! a.+$!"($%.4%! :0T=#4%!f&(0G! )&(=#4%!c#'! :%.''!D(9Q! :%08#$%!D(9Q!
E+94+G5+$.&1!
W$A#9%+,.%+($9!
/$$!c(T+$9($! "&+*+$(5(,1! ")-/!C! M! ZI!
W$8#G#$8#$%!
-#.&$+$,!a(805#!!
"&.+,!
).%#&9($!
"&+*+$(5(,1! Eh:!C! L! >L!
)"/:`!
8+99#*+$.%+($!
G&(=#4%!
a.&R!X(15.$!
6#&&1!?089($!
2804.%+($! Eh:!>! ! !
`$!5+$#!=(0&$.5!
'(&!9%08#$%!
G&(=#4%9!
:0#!E&#U! 2804.%+($! Eh:!N! CI! CII!
)&(*(%+$,!2X-!
09+$,!%7#!
)7+5(9(G7+4.5!
2$\0+&1!
/GG&(.47!
<0'1!E#*+99+#!
!
2804.%+($!
)&+*.&1!2.&51!
[#.&9!
")-/!>! L! LI!
E#A#5(G+$,!
2$\0+&+$,!
6#.47#&9!%7&(0,7!
)##&!f&(0G!
-#.&$+$,!
a.&R!X(15.$! 2804.%+($!
:#4($8.&1!
")-/!N! CI! MI!
E#A#5(G+$,!
:%08#$%!
/0%($(*1!
%7(&(0,7!%7#!
)&(804%+($!('!.!
)0T5+4!7+9%(&1!
	(0&4#!
2**.!
c(T#&%9($!
!
?+9%(&1! ")-/!J! L! CII!
c+6!h!2X-!
#3G5(&+$,!%7#!
G(%#$%+.5!
2**.!
c(T#&%9($!
?+9%(&1! Eh:!J! L! CII!
W$%&(804%+($!%(!
/4.8#*+4!:R+559!
".%71!a(&9#! -.U! ")-/!L! Z! >LI!
W$$(4#$4#!)&(=#4%! "(55##$!:*+%7! -.U! Eh:!L! C! d!
W$%&(804+$,!2X-!
.%!%7#!4(0&9#!
G5.$$+$,!9%.,#!
e+55!<(&%0$#! c#.5!29%.%#! <:!C! Z! dI!
:%08#$%9!.9!
G&(804#&9!.$8!4(!
8#5+A#&#&9!
2**.!?#&($!
!
:(4+(5(,1! Eh:!d! L! >I!
E+99#&%.%+($!
4($'#&#$4#!
".%71!X0&$#%%! 6#.47#&!
2804.%+($!
Eh:! d! CMI!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! YZ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! YY!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
QR:!%HH&'8-3!L/;!
S,H/4(!+*!/88-(-+'/5!/4(-F-(-&9!
! :%.''!D(9Q! :%08#$%!D(9Q!
c#.5!29%.%#!)f!/0%7#$%+4!-#.&$+$,!S(&R97(G! CI! >L!
D#%U(&R+$,!2A#$%9! N>! !
:%.''!E#A#5(G*#$%!:#*+$.&! CI! !
2X-!+$!?+9%(&1! M! >II!
:Wf!a##%+$,9! CL! !
-#.&$+$,!"(**($!c((*!-.0$47! >L! J!
!!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CII!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CIC!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
QR:!%HH&'8-3!M!
$-9(!+*!-'(&)F-&J&&9!
W/,&! P+5&!
D+4R1!?.&&+9! :%08#$%!@$+($!
/5+9($!6U#559! 6#.47+$,!<#55(U!
/$,#5.!a.1#!X.$T0&1! -6/!"((&8+$.%(&!
/$$!c(T+$9($!H>K! :*.55!)&(=#4%!-#.8#&!
".%71!X0&$#%%! <.405%1!:#4($8##!
".&(5+$#!X.%7! -6/!"((&8+$.%(&!
e05+.!a1#&9! -6/!"((&8+$.%(&!
6.$91!?.&81! -6/!"((&8+$.%(&!
?#5#$!/%R+$9($! -6/!"((&8+$.%(&!
c(9!f.&&+4R! )&+$4+G.5!-#4%0&#&^!4(O(&8+$.%(&!('!+$%#&8+94+G5+$.&1!G&(=#4%!
/5+9($!c1.$! "(0&9#!5#.8#&!
".%71!a(&9#! -6/!"((&8+$.%(&V!:*.55!)&(=#4%!-#.8#&!
"7&+9!?+55! -6/!"((&8+$.%(&!
"(55##$!:*+%7!H>K! :*.55!)&(=#4%!-#.8#&!
"&.+,!).%#&9($!H>K! :*.55!)&(=#4%!-#.8#&!
2.*($$!"&($$(551! -6/!"((&8+$.%(&!
2**.!?#&($! -#.&$+$,!?0T!a.$.,#&!h!-6/!"((&8+$.%(&!
2**.!c(T#&%9($!H>K! -6/!"((&8+$.%(&!h!9*.55!G&(=#4%!5#.8#&!
<0'1!E#*+99+#! :*.55!)&(=#4%!-#.8#&!
e+55!<(&%0$#! -6/!"((&8+$.%(&V!:*.55!)&(=#4%!-#.8#&!
).05!?#5*! /99%!E+%(&!O!o2!h!:%08#$%!:044#99!
c.$.58!a.48($.58! -6W!
e05+#!2A.$9! -#.&$+$,!?0T!a.$.,#&!
)#&&1!259#! -6/!"((&8+$.%(&!
c(T!<0&T1! -6/!"((&8+$.%(&!
:0#!X.*'(&8! 2!5#.&$+$,!E#A#5(G*#$%!6#.*!
:0#!).&R+$9($! -6/!"((&8+$.%(&!
f&.7.*!?(58#$! ?#.8!('!/4.8#*+4!)&.4%+4#!-6W!
:.T+$#!-+%%5#! ?#.8!('!"W-/::!:7#''+#58!@$+A#&9+%1!
6(*!c0%%#&! -6/!"((&8+$.%(&!
:0#!E&#U! :*.55!)&(=#4%!-#.8#&!
-(0+9#!67(&G#! ?#.8!('!/4.8#*+4!W$$(A.%+($!-6W!
a+R#!X&.*7.55! /"2:!?#.8!('!-6/!
/55.$!D(&45+''#! /"2:!<.405%1!2X-!G&(=#4%!5#.8!
c#T#44.!?(8,9($! -6/!"((&8+$.%(&!
a.&R!X(15.$! -6/!"((&8+$.%(&!
c(,#&!-5(18Oe($#9! ")-/!"26-!/E!
S+55!c#.8#&! -6/!"((&8+$.%(&!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CI>!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CIN!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
QR:!%HH&'8-3!N!
Q&(/-59!+*!9,/55!H)+=&4(9!
)&(=#4%!
c#'!
6+%5#!! :0**.&1!
")-/!C! E+94+G5+$.&1!W$A#9%+,.%+($9;!
/$!2X-!/GG&(.47!%(!
2$,.,+$,!-#.&$#&!
/0%($(*1!.%!5#A#5!d!
67+9! G&(=#4%! .+*#8! %(! 09#! .$! #$\0+&1OT.9#8! .GG&(.47! %(!
#$7.$4#!%7#!G.&%$#&97+G!T#%U##$!9%08#$%9!.$8!9%.''!+$!%7#!
8+94+G5+$#!('! 4&+*+$(5(,1! HX&#U^!>IIdKQ!67#!(T=#4%+A#9!('!
%7+9!U#&#!.9!'(55(U9;!
z!"&#.%#!.$!+$A#9%+,.%+($!%7.%!G&(A+8#9!.$!(GG(&%0$+%1!'(&!
9%08#$%9! %(! .&%+405.%#! R#19! +990#9! .$8! .! '0%0&#! 8+%+($!
'(&!%7#!8+94+G5+$#Q!
z! @9#! .$! #$\0+&1! T.9#8!*(8#5! HS((8^! CYYJK! %(! G5.$! '(&!
9%08#$%! 5#.&$+$,! U+%7+$! %7#! *(805#! 9(! .9! %(! T0+58!
#$,.,#*#$%!.$8!*(%+A.%+($Q!
Eh:!C! W$8#G#$8#$%!-#.&$+$,!
*(805#!:G#4+.5!)(5+4#!
"($9%.T5#!j(4.%+($.5!
2804.%+($!U(&R!U+%7!:[!
)(5+4#Q!
67+9! G&(=#4%! U.9! 4($4#&$#8! U+%7! %7#! 8#A#5(G*#$%! ('! .!
*(805#!%(!G&(A+8#!9%08#$%9!U+%7!%7#!(GG(&%0$+%1!%(!U(&R!
+$!G(5+4+$,!.9!&#'5#4%+A#!G&.4%+%+($#&9Q!67+9!4(+$4+8#8!U+%7!
.$! (G#$+$,! 0G! ('! G(5+4#! %&.+$+$,! %(! ?2! .$8! ,#%%+$,!
9%08#$%9!U(&R+$,!.9!:G#4+.5!"($9%.T5#9Q!
Eh:!>! )"/:`!8+99#*+$.%+($!
G&(=#4%!
67+9! G&(=#4%! .+*#8! %(! &#A+#U! .$8! 91$%7#9+9#! .$8!
8+99#*+$.%#! +$%#&$.551! .$8!#3%#&$.551! #3+9%+$,!R$(U5#8,#!
($! 4(55.T(&.%+A#! 5#.&$+$,! .$8! .99#99*#$%! %7.%! 7.8! T##$!
8#A#5(G#8! %7&(0,7! G&#A+(09! 8#A#5(G*#$%! +$! %7#!
G&(,&.**#Q!
Eh:!N! `$!5+$#!=(0&$.5!'(&!9%08#$%!
G&(=#4%9!
67+9! G&(=#4%! .+*#8! %(! 9#%! 0G! .$! ($! 5+$#! =(0&$.5! U7#&#!
9%08#$%9! 4(058! G0T5+97! &#G(&%9! G&(804#8! '(&! .! '+$.5!
G&(=#4%Q! 67#! .+*! U.9! %(! G&(A+8#! .$! .88#8! +$4#$%+A#! '(&!
G&(804+$,! 7+,7! \0.5+%1! (0%G0%9^! G&(A+8#! .$! ($,(+$,!
	(0&4#! '(&! 9%08#$%9! .$8! 9%.''^! &.+9+$,! %7#! G&('+5#!('! %7#!
90T=#4%!,&(0G!.$8!G&(A+8+$,!.!G&(%(%1G#!'(&!(%7#&!90T=#4%!
.&#.9Q!
")-/!>! )&(*(%+$,!2X-!09+$,!%7#!
)7+5(9(G7+4.5!2$\0+&1!
/GG&(.47!
67+9!U.9!.!4(55.T(&.%+A#!G&(=#4%!.4&(99!%U(!90T=#4%!,&(0G9!
H/:2""!.$8!)&+*.&1!V#.&51!1#.&9K^!+$A(5A+$,!L!%0%(&9Q!67#!
.+*!('!%7#!G&(=#4%!U.9!%(!7#5G!%0%(&9!%&+.5!.$!#$\0+&1!T.9#8!
.GG&(.47! +$! %7#+&! %#.47+$,! %(! #$4(0&.,#! 9%08#$%!
#$,.,#*#$%!.$8!G.&%+4+G.%+($Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CIJ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
")-/!N! E#A#5(G+$,!2$\0+&+$,!
6#.47#&9!%7&(0,7!)##&!
f&(0G!-#.&$+$,!
67+9!G&(=#4%!.+*#8!%(!8#A#5(G!4&(99!90T=#4%!.GG&(.47#9!%(!
8#A#5(G+$,! W66! 9%08#$%9]! #$\0+&1! 9R+559! %7&(0,7!
4(55.T(&.%+A#! G&.4%+4#! .4&(99! 90T=#4%9Q! W%! .59(! .+*#8! %(!
#3%#$8! %7#! 09#! ('! +$8#G#$8#$%! G##&! ,&(0G! 9%081! .$8! %(!
*.R#!#3+9%+$,!09#9!*(&#!#''#4%+A#Q!
!
")-/!J! E#A#5(G+$,!:%08#$%!
/0%($(*1!%7(&(0,7!%7#!
)&(804%+($!('!.!)0T5+4!
7+9%(&1!	(0&4#!
67+9!G&(=#4%!.+*#8!%(!8#A#5(G^!+*G5#*#$%!.$8!90GG(&%!.$!
+$$(A.%+A#! G+#4#! ('! .99#99*#$%! +$! U7+47! 9%08#$%9!
.0%($(*(0951! G&(804#! .! G0T5+4! 7+9%(&1! 	(0&4#! H#Q,Q!
U#T9+%#KQ!
67#!9G#4+'+4!(T=#4%+A#9!+$4508#8;!
z! 6(! ,#$#&.%#! $#%U(&R9! T#%U##$! 9%.''^! .$8! G.&%$#&97+G9!
T#%U##$! 9%.''! .$8! 9%08#$%9^! U7+47! #$7.$4#! 9%08#$%!
.0%($(*1Q!
z! 6(! +8#$%+'1^! *($+%(&! .$8! #A.50.%#! %7#! #*#&,+$,! 9R+559!
H90T=#4%O9G#4+'+4!.$8!,#$#&+4K!('!%7#!9%08#$%9Q!
z! 6(! 5+.+9#!U+%7! %7#! -6W! %(! 8#A#5(G! .GG&(G&+.%#! 5#A#59! ('!
W6V*#8+.!9R+559!'(&!%0%(&!.$8!9%08#$%9Q!
Eh:!J! c+6!h!2X-!#3G5(&+$,!%7#!
G(%#$%+.5!
67+9! +$+%+.%+A#! .+*#8! ! %(! +$%&(804#! 9%08#$%9! +$! 5#A#5! J! %(!
	#.&47!+$'(&*#8!%#.47+$,!.$8!#$\0+&1!T.9#8!5#.&$+$,!+$!
.! 90GG(&%+A#! #$A+&($*#$%^! G.&%+405.&51! %7&(0,7! %7#!
a.R+$,!?+9%(&1!C!*(805#!.$8!%709!%(!#$4(0&.,#!9%08#$%9!
%(!*.R#!%7#!%&.$9+%+($!+$%(!0$+A#&9+%1!5#A#5!U(&RQ!
")-/!L! W$%&(804%+($!%(!/4.8#*+4!
:R+559!
67#! G&(=#4%! U.9! .+*#8! .%! -#A#5! J! -.U! 9%08#$%9! .$8!
4($9+9%#8! ('! .! A(50$%.&1! 9#%! ('! ($5+$#! b#3#&4+9#9b! (&!
.4%+A+%+#9! %(,#%7#&! U+%7! 90,,#9%#8! b*(8#5b! .GG&(.47#9! %(!
T#!(''#!%(!9%08#$%9^!+$!.$!#.9+51!.44#99+T5#!'(&*.%^!'&(*!
%7#!G(+$%!.%!U7+47!%7#1!T#4(*#!@$4($8+%+($.5!<+&*!+$!%7#!
/8*+99+($9! G&(4#99Q! 67#! G&(G(9.5! +9! +$! 5+$#! U+%7! (%7#&!
8#A#5(G*#$%9! +$! `&+#$%.%+($! U+%7+$! %7#! @$+A#&9+%1^! +$!
(,$+9+$,! %7#! +$4&#.9+$,! +*G(&%.$4#! ('! #9%.T5+97+$,!
G(9+%+A#! .$8! #$,.,#8! .%+($97+G9! U+%7! %7#9#! 9%08#$%9!
'&(*!%7+9!#.&51!G(+$%Q!
Eh:!L! W$$(4#$4#!)&(=#4%! 67#! +$$(4#$4#! G&(=#4%! .%! :?@! '(&*9! G.&%! ('! %7#! @F!
$#%U(&R! '(&! W$$(4#$4#! )&(=#4%9! HWD@FK! U7+47! G&(A+8#9!
90GG(&%!.$8!%&.+$+$,!%(!*#*T#&9Q!67#!G&(=#4%!+9!(''#!.9!
.$! .99#99#8! *(805#! '(&! d! 0$8#&,&.80.%#! 9%08#$%9! U7(!
U(&R! ($! .! &#.5! .55#,#8!*+94.&&+.,#! ('! =09%+4#! 4.9#!U7#&#!
%7#!45+#$%!+9!+$!G&+9($!9#&A+$,!.!5+'#!9#$%#$4#Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CIL!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
<:!C! W$%&(804+$,!2X-!.%!%7#!
4(0&9#!G5.$$+$,!9%.,#!
67+9! G&(=#4%! #3.*+$#8! .$! .%%#*G%! %(! +$%&(804#! 2X-!
%7&(0,7! .! 4&(99! 8+94+G5+$.&1! G&(=#4%! .%! 5#A#5! J! 09+$,^!
.*($,!(%7#&!%7+$,9^!)E)!.9!.!G&(*(%+($.5!A#7+45#Q!
Eh:!d! :%08#$%9!.9!G&(804#&9!.$8!
4(!8#5+A#&#&9!
67+9!G&(=#4%!#3G5(!%7#!G(99+T+5+%1!('!9%08#$%9!T#4(*+$,!
G&(804#&9!('!%#.47+$,!*.%#&+.5Q!
<:>! E+99#&%.%+($!4($'#&#$4#! /!4($'#&#$4#!U.9!+$%#,&.%#8!+$%(!%7#!2804.%+($.5!2$\0+&1!
*(805#! '(&! X/! o6:! G&+*.&1V#.&51! 1#.&9! 9%08#$%9Q!
:%08#$%9! G	#$%#8! %7#! Ή%9! ('! %7#+&! 8+99#&%.%+($9! .%! .!
4($'#&#$4#! +$4508+$,! R#1! $(%#! 5#4%0	! '&(*! G&.4%+9+$,!
%#.47#&9!'(409+$,!($!#$\0+&1!.$8!%7#+&!G&('#99+($.5!&(5#Q!
!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CId!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CIM!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
QR:!%HH&'8-3!O!
?/'-*&9(/(-+'9!/'8!H+99-G-5-(-&9!-'!2'K0-)1I>/9&8!$&/)'-'.!
67#! '(55(U+$,! 09#9! #3.*G5#9! '&(*! 8+''#&#$%! 90T=#4%! .&#.9! %(! +5509%&.%#! %7#! '(0&! 8+''#&#$%!
U.19!+$!U7+47!#$\0+&1!+9!+$%#,&.%#8!+$%(!4(0&9#9;!
• /4.8#*+4!R$(U5#8,#;!2X-!.9!.!*#.$9!('!#$,.,+$,!U+%7!%7#!90T=#4%!8+94+G5+$#!
• <(409+$,!($!%7#!.4.8#*+4!9R+559!('!#$\0+&1!
• @9+$,!2X-!%(!90GG(&%!%7#!8#A#5(G*#$%!('!G&('#99+($.5!9R+559!
• @9+$,!2X-! %(! 90GG(&%! 4($%#3%0.5! .$8! G&('#99+($.5! G&(T5#*O9(5A+$,! +$! G&('#99+($.5!
G&.4%+4#!
%4/8&,-4!@'+J5&8.&;!2>$!/9!/!,&/'9!+*!&'./.-'.!J-(7!(7&!90G=&4(!
8-94-H5-'&!
67#! *(9%! 4(**($51! 4+%#8! #3.*G5#! ('! 9%08#$%O5#8! .4.8#*+4! #$\0+&1! U.9! %7#! +$8+A+80.5!
8+99#&%.%+($!(&!'+$.5!1#.&!G&(=#4%Q!67#!'(4+!'(&!9047!G&(=#4%9!A.&+#8!4($9+8#&.T51^!'&(*!%7(9#!
U7+47!T0+5%!0G($!#*G+&+4.5!(&!9#4($8.&1!	#.&47!%(!%7(9#!U7+47!7.8!.!,&#.%#&!#*G7.9+9!($!
G&.4%+%+($#&! #$\0+&1! (&! G#&9($.5! &#'5#4%+($Q! :(*#! .&#.9^! 7(U#A#&^! 7.A#! '(409#8! 0G($!
#*T#88+$,!(GG(&%0$+%+#9!'(&!.4.8#*+4!#$\0+&1!%7&(0,7(0%!%7#+&!4(0&9#9Q!
! W.$ P+)%-(E4$ %"#$ (-,#$ -*$ #.80+(E69&)#/$ ,#&(.+.1$ "&)$ 9##.$ )%(#.1%"#.#/$ %"(-01"-0%$
$ 0./#(1(&/0&%#$ '-0()#)=$ S-($ #Z&32,#4$ &%$ ,#7#,$ b4$ %0%-()$ 1#.#(&%#$ #.%"0)+&)3$ *-($
$ (#)#&('"$ &./$3-/#,$ %"#$ 2(-'#))$ -*$ "+)%-(+'&,$ #.80+(E$ %"(-01"$ 2(#)#.%+.1$ )033&(+#)$
$ -*$%"#+($-C.$(#)#&('"=$D%0/#.%)$%"#.$C-(T$+.$1(-02)$%-$+.7#)%+1&%#$(#,&%#/$%-2+')$&./$
$ (#%0(.$C+%"$80#)%+-.)$ *-($%0%-()=$ W.$&$ ,#7#,$c$0./#(1(&/0&%#$P+)%-(E$3-/0,#4$ *-'0)+.1$
$ -.$/#7#,-2+.1$&$(#1+-.&,$ +/#.%+%E$ %"(-01"$'(#&%+.1$209,+'$"+)%-(E$(#)-0('#)4$ )%0/#.%)$
$ C-(T#/$ +.$ %#&3)$ %-$ +.7#)%+1&%#$ &.$ &)2#'%$ -*$ ,-'&,$ "+)%-(E$ &./$ /(&C$ *(-3$ %"+)$ %-$
$ 2(-/0'#$&$*+,3$%"&%$'&.$9#$0)#/$&)$&$'-330.+%E$"+)%-(E$(#)-0('#=$
S7+59%!.55!-6/!4(O(&8+$.%(&9!'#5%!%7.%!#$\0+&1!U.9!.$!+*G(&%.$%!8+*#$9+($!('!%7#+&!4(0&9#9^!
9(*#!-6/!4(O(&8+$.%(&9!9.U!#$\0+&1!.9!4#$%&.5!%(!%7#!$.%0&#!('!%7#!90T=#4%Q!!W$!?+9%(&1!.$8!
:#4($8.&1!a.%7#*.%+49^! '(&! #3.*G5#^! %7#! 90T=#4%!U.9!$(%! ($51! 90GG(&%#8! T1! #$\0+&1! T0%!
.T(0%! #$\0+&1Q! <(&! %7#9#! 4(55#.,0#9^! #.&51! U(&R! U+%7! 9%08#$%9! $#4#99.&+51! +$A(5A#9!
47.55#$,+$,!9%08#$%9]!G&+(&!.990*G%+($9!.T(0%! %7#!$.%0&#!('! %7#!90T=#4%! +%9#5'Q!2$\0+&1O5#8!
.GG&(.47#9!.&#!09#8!%(!7#5G!9%08#$%9!+$!&#O8#'+$#!%7#+&!G#&4#G%+($9!('! %7#!90T=#4%!.$8!9##!
R$(U5#8,#!.9!4($%+$,#$%!&.%7#&!%7.$!'+3#8;!!
$ W.$ 0./#(1(&/0&%#$ D#'-./&(E$ a&%"#3&%+')$ '-0()#)4$ %"#$ *-'0)$ +)$ -.$ #.80+(E$ &./$
$ '-,,&9-(&%+-.$ &./$ &,,$ &))+1.3#.%)$ +.7-,7#$ +.80+(E6,#/$ 2(-d#'%$ C-(T=$ S-($ #Z&32,#4$
$ )%0/#.%)$ -.$ %"#$ )#'-./$ E#&($ -*$ &.$ 0./#(1(&/0&%#$ '-0()#$ /#)+1.$ &$ 3&%"#3&%+')$
$ +.7#)%+1&%+-.$*-($%"#+($2##()$&./$10+/#$%"#3$%"(-01"$%"+)=$$
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CIZ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
W$! (%7#&! .&#.9^! .%%#*G%9! .&#! T#+$,! *.8#! %(! &.+9#! %7#! 9%.%09! ('! 9%08#$%! #$\0+&1! %7&(0,7!
G&(A+8+$,!.08+#$4#9!'(&!(0%4(*#9Q!!67#!)"26!($5+$#!9%08#$%!=(0&$.5!G&(=#4%^!'(&!#3.*G5#^!+9!
.!G0T5+4.%+($!(0%5#%! '(&! 4(*G5#%#8! 9%08#$%!G&(=#4%9^!U7+59%! 9%08#$%9!($!G&+*.&1! .$8!#.&51!
1#.&9!#804.%+($!4(0&9#9!G	#$%!%7#!(0%4(*#9!('!%7#+&!'+$.5!1#.&!8+99#&%.%+($9!%(!G##&9!.%!.!
7.5'O8.1!4($'#&#$4#Q!
67#9#!#3.*G5#9!90,,#9%!%7.%!.4.8#*+4!#$\0+&1^!(&!#$\0+&1!.%#8!%(!.!90T=#4%!(&!8+94+G5+$#^!
#.&$9!+%9!G5.4#!U+%7+$!4(0&9#9!+$!%U(!*.+$!U.19Q!<+&9%51^!+%!+9!.99(4+.%#8!U+%7!%7(9#!.4%+A+%+#9!
%7.%!+$A(5A#!9%08#$%9!+$!+8#$%+'1+$,!.&#.9!('!+$%#	%!'(&!+$8#G#$8#$%!+$A#9%+,.%+($Q!:#4($851^!
+%! 7.9! .! *(&#! #*T#88#8! .%+($97+G! U+%7! %7#! 90T=#4%;! #$\0+&1! +9! $(%! =09%! .! *#.$9! ('!
#$,.,+$,!U+%7! %7#!90T=#4%!T0%! +9!G.&%!('! %7#!A#&1!$.%0&#!('! %7#! 90T=#4%! +%9#5'Q! W$!#.47!4.9#^!
%0%(&9!'.4#!47.55#$,#9!+$!T(%7!%.4R5+$,!G&+(&!.990*G%+($9!.$8!90GG(&%+$,!%7#!8#A#5(G*#$%!('!
9R+559!.$8!.%%+%08#9!%(!90GG(&%!#$\0+&1Q!
<+409-'.!+'!(7&!/4/8&,-4!9@-559!+*!&'K0-)1!
/! $0*T#&! ('! %#.*9! 7.A#! #$%51! 9%&#$,%7#$#8! %7#! 5#A#5! ('! 9%&04%0&#! .$8! 90GG(&%! '(&!
#$\0+&1!9R+559!.4&(99!G&(,&.**#9Q!
$ W.$!QDe54$%"#(#$+)$&$1(#&%#($#32"&)+)$-.$%"#$2(-'#))$-*$(#)#&('"$C+%"+.$%"#$/+)%&.'#6
$ ,#&(.+.1$ -.,E$ 2-)%1(&/0&%#$ (-0%#=$ !"+)$ +)$ )022-(%#/$ +.$ 7&(+-0)$ C&E)4$ +.',0/+.1$
$ +.'(#&)#/$2##($)022-(%$7+&$&$7+(%0&,$,#&(.+.1$#.7+(-.3#.%$&./$%"#$+.%(-/0'%+-.$-*$)#,*6
$ )%0/E$ &'%+7+%+#)$ -.$ (#)#&('"$3#%"-/)$ %-$ )022-(%$ %"#$ +./0'%+-.$ %-$ #.80+(E$ &%$a&)%#()$
$ ,#7#,=$
$ W.$O(+3+.-,-1E4$#.80+(E$9&)#/$,#&(.+.1$+)$0)#/$%-$)022-(%$%"#$O-.%#32-(&(E$W))0#)$+.$
$ O(+3+.-,-1E$3-/0,#=$ $ D%0/#.%)$&(#$#Z2#'%#/$ %-$/#3-.)%(&%#$ +.'(#&)+.1$&0%-.-3E$9E$
$ 0./#(%&T+.1$ (#)#&('"$ +.%-$ '"-)#.$ %-2+'$ &(#&)=$ !"#$ (#)0,%)$ -*$ %"+)$ (#)#&('"$ &(#$
$ *-(3&%+7#,E$ &))#))#/$ &./$ %"#.$ %"+)$ 90+,/)$ +.%-$ &$ )033&%+7#,E$ &))#))#/$ 2-(%*-,+-=$
$ S##/9&'T$ &./$ 2##($ (#7+#C$ &(#$ 0)#/$ #Z%#.)+7#,E$ &./$ %"#$3-/0,#$ +)$ "+1",E$ )%(0'%0(#/$
$ 0)+.1$ %"#$?,&'T9-&(/$ 7+(%0&,$ ,#&(.+.1$ #.7+(-.3#.%$+.$ -(/#($ %-$ *-'0)$-.$ %"#$-.1-+.1$
$ /#7#,-23#.%$-*$#.80+(E$)T+,,)=!
W$!.!$0*T#&!('!*(805#9!%7#!8#A#5(G*#$%!('!#$\0+&1!9R+559!+9!.88c#8!#3G5+4+%51!9047!.9;!
$ W.$ D-'+-,-1E$ &./$ U-,+%+')4$ &)$ 2&(%$ -*$ %"#$ @,-9&,$ &./$ 5-'&,$ a-/0,#4$ )%0/#.%)$ &(#$
$ #.'-0(&1#/$%-$'-.%(+90%#$(#)-0('#)$&./$*-(30,&%#$%"#+($-C.$(#)#&('"$2(-d#'%)=$
$ W.$&$U)E'"-,-1E$3-/0,#$&$2-)%#($#Z#('+)#$-.$3#.%&,$+,,.#))$+)$0)#/$&)$%"#$*-'0)$*-($%"#$
$ /#7#,-23#.%$ -*$ &'&/#3+'$ &./$ 2#()-.&,$ )T+,,)4$ #)2#'+&,,E$ +.*-(3&%+-.$ )T+,,)=$ P&7+.1$
$ '-33#.%#/$ -.$ &./$ #Z2,-(#/$ &))#))3#.%$ '(+%#(+&$ *-($%"#3)#,7#)4$ )%0/#.%)$ +.7#)%+1&%#$
$ "+1"$2(-*+,#$'#,#9(+%E$'&)#)$>#=1=$D%#2"#.$S(EL$&./$)"&(#$+.*-(3&%+-.$C+%"$2##()$%"-01"$
$ %"#$2-)%#($3#/+03=$
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CIY!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
$ W.$,&C$2(#6#.(-,3#.%$)%0/#.%)$&(#$#.'-0(&1#/$%-$2(#2&(#$*-($%"#$%(&.)+%+-.$+.%-$PQ$9E$
$ 0./#(%&T+.1$?,&'T9-&(/$9&)#/$&'%+7+%+#)$%-$/#7#,-2$%"#+($1#.#(+'$&'&/#3+'$)T+,,)$)0'"$
$ &)$(#&/+.1$'(+%+'&,,E=$
`%7#&9! 7.A#! U(&R#8! U+%7+$! #3+9%+$,! 4(0&9#! 9%&04%0	! %(! #3G5(&#! .5%#&$.%+A#! *(8#9! ('!
8#5+A#&1^!8#9+,$#8!%(!90GG(&%!9%08#$%9!+$!8#A#5(G+$,!%7#!9R+559!('!#$\0+&1Q!
$ W.$ *-0./&%+-.$ /#1(##$ *-($ #&(,E$ '"+,/"--/$ 2(-*#))+-.&,)4$ &$ '-330.+%E$ -*$ #.80+(E$
$ &22(-&'"$ C&)$ 0)#/$ /0(+.1$ +./0'%+-.$ %-$ #.1&1#$ .#C$ )%0/#.%)$ +.$ &)T+.1$ #**#'%+7#$
$ 80#)%+-.)$ &./$ '(+%+'&,$ %"+.T+.1=$ B.$ +3&1#$ C&)$ 0)#/$ 9E$ )%0/#.%)$ &)$ &$ )%+30,0)$ *-($
$ +/#.%+*E+.14$(#*+.+.1$&./$#7&,0&%+.1$80#)%+-.)$%"&%$%"#.$*-(3#/$%"#$)%&(%+.1$2-+.%$ *-($
$ /+)'0))+-.=$ W32-(%&.%,E$ %"+)$ &'%+7+%E$C&)$ -2#.6#./#/$ &./$ -.,E$ ,--)#,E$ (#,&%#/$ %-$ %"#$
$ '-.%#.%$-*$%"#$3-/0,#=$O-.)#80#.%,E$)%0/#.%)$*#,%$'-.*+/#.%$+.$'-.%(+90%+.1$&./$'-0,/$
$ *-'0)$3-(#$ ',-)#,E$ -.$ %"#$ 2(-'#))$ -*$ #.80+(E=$ B)$ )%0/#.%)$ 9#1&.$C-(T$ (#,&%#/$3-(#$
$ ',-)#,E$%-$3-/0,#$'-.%#.%4$%"#E$(#*#((#/$9&'T$%-$%"+)$&'%+7+%E$&./$C#(#$#.'-0(&1#/$%-$
$ 0)#$ )+3+,&($ &22(-&'"#)$C+%"+.$ *-'0)#/$ &'&/#3+'$ +.80+(E4$ #=1=$ +.7#)%+1&%+.1$ %"#$ +/#&)$
$ C+%"+.$&'&/#3+'$2&2#()$+.$%"#$)&3#$C&E$%"&%$%"#E$"&/$/-.#$C+%"$%"#$+3&1#=$
W$! (%7#&! 4($%#3%9^! 9%&.%#,+#9! U#&#! 09#8! %(! #$4(0&.,#! 9%08#$%9! %(! 47.55#$,#! .990*G%+($9!
.T(0%!R$(U5#8,#!.$8!#$\0+&1!%7#1!*.1!7.A#!T&(0,7%!'&(*!(%7#&!4(0&9#9Q!W$!G(9%,&.80.%#!
4(0&9#9! ('! +$+%+.5! %#.47#&! #804.%+($^! '(&! #3.*G5#^! 9%08#$%9! *.1! 7.A#! 09#8! A#&1! 8+''#&#$%!
*#%7(89!('!#$\0+&1!%(!%7(9#!%7#1!09#!U7#$!	#.&47+$,!45.99&((*!G&.4%+4#Q!/,.+$^!+$804%+($!
*#%7(89!.4%+A+%+#9!.&#!09#8!%(!90GG(&%!9047!%&.$9+%+($9;!
$ N0(+.1$ +./0'%+-.$ C##T$ *-($ U(+3&(E$ &./$ Q&(,E$ f#&()$ U-)%1(&/0&%#$ O#(%+*+'&%#)$ -*$
$ Q/0'&%+-.4$ )%0/#.%)$C-(T$ '-,,&9-(&%+7#,E$ %-$ #Z&3+.#$ &./$ '(+%+80#$ &$ )#(+#)$ -*$ 2&2#()$
$ (#,&%#/$ %-$ %"#$ (-,#$ -*$ %&,T$ +.$ ,#&(.+.1=$ !"#E$ +.7#)%+1&%#$ %"#$ .&%0(#$ -*$ '-.)%(0'%+7+)%$
$ &22(-&'"#)$ %-$ ,#&(.+.14$ %"(-01"$ (#*,#'%+-.$ -.$ 9-%"$ %"#$ 2&2#()$ &./$ %"#+($ -C.$
$ #Z2#(+#.'#$-*$C-(T+.1$%-1#%"#(4$&./$1#.#(&%#$80#)%+-.)$%-$20()0#$%"(-01"$(#&/+.1$&./$
$ #&(,E$ ',&))(--3$-9)#(7&%+-.)=$ !"#E$&,)-$ '-.)+/#($ %"#$ T+./)$ -*$ (#)#&('"$3#%"-/)$ %"&%$
$ "&7#$+.*-(3#/$*+./+.1)$+.$%"#$2&2#()$&./$,&%#($'-.)%(0'%$%"#+($-C.$+.7#)%+1&%+-.$+.%-$
$ %"#+($0)#$-*$%&,T$+.$%"#$',&))(--3=$
E9-'.!2>$!(+!90HH+)(!(7&!8&F&5+H,&'(!+*!H)+*&99-+'/5!9@-559!
W$!9(*#!.&#.9^!#$\0+&1OT.9#8!5#.&$+$,!+9!09#8!%(!#$4(0&.,#!%7#!8#A#5(G*#$%!('!%7#!R+$89!('!
9R+559!9%08#$%9!U+55!$##8!+$!%7#!U(&RG5.4#Q!2$\0+&1!7#&#!9##*9!.%#8!%(!G&(T5#*O9(5A+$,;!
+$A#9%+,.%+$,^! 9(&%+$,! .$8! 91$%7#9+9+$,! +$'(&*.%+($! +$! (&8#&! %(! 8#A+9#! G&('#99+($.551!
.GG&(G&+.%#!9(50%+($9!%(!&#.5O5+'#!9+%0.%+($9Q!
$ W.$ !QDe54$ )%0/#.%)$ &.&,E)#$ %"#$ ,+.10+)%+'$ &'"+#7#3#.%)$ &./$ /+**+'0,%+#)$ -*$ &$ )#,#'%#/$
$ QDe5$ ,#&(.#($ &./$3&T#$ (#'-33#./&%+-.)$ *-($ *0%0(#$ )%0/E$ 9&)#/$ -.$ %"#+($ ,+.10+)%+'$
$ &.&,E)+)=$
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CCI!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
S+%7+$! %7+9! G&('#99+($.551! #A.$%! .4%+A+%1^! %7#! 9R+559! ('! #$\0+&1! .&#! 8+%51! #A.$%! %(!
%7(9#! 9%08#$%9!U+55!$##8! +$! %7#+&! %#.47+$,!4.&##&Q!S7+59%! 9047!.4%+A+%+#9! +$A(5A#! +$8+A+80.5!
#$\0+&1^!(%7#&9!+$A(5A#!4(55.T(&.%+($Q!!
$ W.$ +.+%+&,$ %#&'"#($ #/0'&%+-.4$ U@OQ$ )%0/#.%)$C-(T$ +.$ ,#&(.+.1$ 1(-02)$ %"&%$3##%$ -.$ &$
$ (#10,&($9&)+)$%-$'-,,&9-(&%#$-.$+.7#)%+1&%+-.)$(#,&%+.1$%-$&)2#'%)$-*$%"#+($2(-*#))+-.&,$
$ 2(&'%+'#=$D%0/#.%)$&(#$1+7#.$%+3#%&9,#/$),-%)$*-($%"+)$&'%+7+%E$&./$#.'-0(&1#/$%-$(#7+#C$
$ &./$ (#*,#'%$ -.$ 9-%"$ %"#$ -0%'-3#)$ &./$ 2(-'#))$ -*$ %"+)$ '-,,&9-(&%+7#$ C-(T+.1=$V"+,)%$
$ %0%-()$)2#'+*E$%"#$*-'0)$-*$)-3#$+.7#)%+1&%+-.)4$)%0/#.%)$+/#.%+*E$-%"#()$+.$(#)2-.)#$%-$
$ 2(-*#))+-.&,$.##/)=$
W$!%7+9!#3.*G5#^!90GG(&%!'(&!4(55.T(&.%+A#!U(&R!+9!+$%#,&.%#8!+$%(!G5.$$+$,!'(&!%7#!*(805#^!
T(%7!+$!%#&*9!('!%+*#!.$8!90GG(&%#8!&#'5#4%+($!.$8!#A.50.%+($!('!%7#!G&(4#99Q!!
E9-'.!2>$!(+!90HH+)(!4+'(&3(0/5!/'8!H)+*&99-+'/5!H)+G5&,I9+5F-'.!
-'!H)+*&99-+'/5!H)/4(-4&!
/! $0*T#&! ('! 90T=#4%! .&#.9! 7.A#! #$%51! #3G5(! %7#! G(%#$%+.5! '(&! +$%#&8+94+G5+$.&1!
4(55.T(&.%+($!.&(0$8!#$\0+&1^!+$!U7+47!9%08#$%9!'&(*!8+''#&#$%!8+94+G5+$#9!U(&R!%(,#%7#&!%(!
%.4R5#!.!G&(T5#*!U+%7!G&('#99+($.5!#A.$4#Q!!
$ B$'0((#.%$2(-d#'%$+.7-,7+.1$PV?$&./$N]D$"&)$/#)+1.#/$'&)#$)%0/E$3&%#(+&,)$%-$9#$0)#/$
$ &)$ )%+30,+$ +.$ &.$ #.80+(E69&)#/$ ,#&(.+.1$ 2(-d#'%$ +.7-,7+.1$ )%0/#.%)$ *(-3$ &$ 7&(+#%E$ -*$
$ '-0()#)$ &'(-))$ 9-%"$ *&'0,%+#)$ >#=1=$ ,&C4$ )-'+&,$ C-(T4$ "#&,%"4$ #&(,E$ '"+,/"--/4$ +.+%+&,$
$ %#&'"#($ #/0'&%+-.4$ #%'=L=$ D%0/#.%)$ *(-3$ /+**#(#.%$ '-0()#)$ C+,,$ &/-2%$ %"#$ (-,#)$ -*$
$ /+**#(#.%$2(-*#))+-.&,)4$C-(T$'-,,&9-(&%+7#,E$%-$'-.)+/#($"-C$9#)%$%-$)022-(%$%"#$.##/)$
$ -*$ '"+,/(#.4$ &./$ &*%#(C&(/)$ (#*,#'%$ 02-.$ %"#$ #**#'%+7#.#))$ -*$ %"#$ 2(-'#))$ &./$ %"#+($
$ '-.%(+90%+-.=$
$ W.$ P+)%-(E4$ /#7#,-23#.%&,$ C-(T$ +)$ -.1-+.1$ %-$ 2(-/0'#$ &$ 7+(%0&,$ 30)#03=$ e.'#$ %"#$
$ 30)#03$+)$'-32,#%#4$%"#(#$&(#$2,&.)$*-($P+)%-(E$)%0/#.%)$%-$C-(T$&,-.1)+/#$%"-)#$*(-3$
$ -%"#($/+)'+2,+.#)4$#=1=$#/0'&%+-.4$'-.)#(7&%+-.4$90)+.#))4$0(9&.$(#1#.#(&%+-.4$/#)+1.4$%-$
$ /#)+1.4$'(#&%#4$'0(&%#4$/#)+1.$&./$2(-3-%#$&.$#Z"+9+%+-.$+.$%"#$30)#03=$
$ W.$?0+,%$Q.7+(-.3#.%$2(-2#(%E$3&.&1#3#.%$&./$%#'".+'&,$&('"+%#'%0(#$)%0/#.%)$C-(T$
$ %-1#%"#($%-$'(#&%#$&$)-,0%+-.$%-$%"#$2(-9,#3$-*$"-C$%-$(#&,+)#$/#7#,-23#.%$-*$&$)2#'+*+'$
$ '+%E$'#.%(#$)+%#4$0)0&,,E$C+%"+.$&.$+.%#(.&%+-.&,$'-.%#Z%=!!!!
W$! %7#9#! R+$89! ('! .4%+A+%+#9^! 9%08#$%9! *09%! $(%! ($51! 9#.&47! '(&! +$'(&*.%+($! %(! .88c!
G&(T5#*9!T0%!U(&R!.5($,9+8#!(%7#&9!.$8!#3G5(&#!9+%0.%+($9!'&(*!.!A.&+#%1!('!G#&9G#4%+A#9Q!!
/$.5(,(09!%(!G&('#99+($.5^!4(**#&4+.5!(&!+$809%&+.5!4($%#3%9^!4(55#.,0#9!9##!%7#9#!.4%+A+%+#9!
.9!7.A+$,!G(9+%+A#!+*G5+4.%+($9!'(&!*(%+A.%+($^!#$,.,#*#$%!.$8!#*G5(1.T+5+%1Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CCC!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
W$! %7#9#! #3.*G5#9^! G#&9($.5! .$8V(&! G&('#99+($.5! 8#A#5(G*#$%! 9##*9! .%#8! %(! %7#!
.4\0+9+%+($! (&! .GG5+4.%+($! ('! G.&%+405.&! 9R+559! .$8! R$(U5#8,#Q! 67#! 9+,$+'+4.$4#! ('! #$\0+&1!
%7#&#'(&#!+9!+$!+$A#9%+,.%+$,!.!G.&%+405.&!4($%#3%!+$!U7+47!9047!9R+559!.$8!R$(U5#8,#!4.$!T#!
.GG5+#8Q! W$! 9(*#!.&#.9^! 7(U#A#&^! G#&9($.5! (&!G&('#99+($.5!8#A#5(G*#$%! +9! +%9#5'! 9##$! .9! .!
G&(4#99!('!#$\0+&1_!%7#!'(409!+9!($!09+$,!#$\0+&1!%(!90GG(&%!4&+%+4.5!&#'5#4%+($!($!G#&9($.5!(&!
G&('#99+($.5! G&.4%+4#Q! :047! U(&R! #$4(0&.,#9! 9%08#$%9! %(! G&(T5#*.%+9#! %7#*9#5A#9^! %7#+&!
G&.4%+4#!.$8!%7#!4($%#3%9!+$!U7+47!%7#1!.&#!G5.4#8Q!67+9!.GG&(.47!+9!G.&%+405.&51!.GG.&#$%!+$!
G&('#99+($.5! 4(0&9#9! U7#&#! %7#! 5+$R! T#%U##$! &#'5#4%+($! .$8! G&('#99+($.5! 8#A#5(G*#$%! +9!
#3G5+4+%! .$8!9%08#$%9!.&#! 4($%+$0.551! &#\0+! %(!&#'5#4%!($! %7#+&!G&.4%+4#!.$8!.99#99! %7#+&!
(U$!G&(,c!.,.+$9%!#3%#&$.551!G^&+T#8!9%.$8.&89Q!!
$ W.$U,&EC-(T4$)%0/#.%)$9#1+.$9E$+/#.%+*E+.1$%"#+($-C.$.##/)$+.$(#,&%+-.$%-$2#()-.&,$&./$
$ 2(-*#))+-.&,$/#7#,-23#.%4$ %"#.$0)+.1$ %"#)#$&)$ %"#$)%&(%+.1$2-+.%$ *-($&)T+.1$80#)%+-.)$
$ &./$'(+%+'&,$&.&,E)+)=$!"+)$&22(-&'"$/(&C)$*(-3$&.$+.'(#&)#/$*-'0)$-.$'(+%+'&,$&.&,E)+)$
$ /0(+.1$%"#$'-0()#4$&)$#7+/#.'#/$C+%"+.$%"#+($2(-*#))+-.&,$/#7#,-23#.%$2-(%*-,+-=$$
$ W.$Q&(,E$O"+,/"--/$D%0/+#)4$%"#$C-(T$-*$@,#./&$a&'g&01"%-.$"&)$9##.$0)#/$%-$)022-(%$
$ %"+.T+.1$&9-0%$"-C$9#)%$%-$)022-(%$%"#$/#7#,-23#.%$-*$)%0/#.%)$&)$h'(+%+'&,,E$T.-C+.1$
$ #&(,E$ '"+,/"--/$ 2(-*#))+-.&,)i=$ !0%-()$ "&7#$ C-(T#/$ C+%"$ )%0/#.%)$ 0)+.1$ #.80+(E6,#/$
$ &22(-&'"#)$%-$)022-(%$%"#3$+.$&/-2%+.1$&$'(+%+'&,$)%&.'#$%-$%"#+($2(&'%+'#$&./$%"+.T+.1=$
$ !"#$ #32"&)+)$ -.$ #.80+(E$ "#(#$ +)$ &+3#/$ &%$ &)T+.1$ 80#)%+-.)$ &9-0%$ %"#$ &))032%+-.)$
$ 0./#(2+..+.1$#)%&9,+)"#/$2(&'%+'#)=$$
$ !"#$O-330.+%E$U-,+'+.1$3-/0,#$ +.$O(+3+.-,-1E$ +)$&$)022-(%#/$ +./#2#./#.%$ ,#&(.+.1$
$ 3-/0,#$C"+'"$3&T#)$#Z%#.)+7#$0)#$-*$(#*,#'%+7#$2(&'%+'#=$D%0/#.%)$C-(T$+.$'-.d0.'%+-.$
$ C+%"$D-0%"$f-(T)"+(#$U-,+'#$-.$&$)"-(%$2,&'#3#.%$C"+'"$+)$2&(%,E$/#)+1.#/$%-$'"&,,#.1#$
$ )%0/#.%)j$2#('#2%+-.)$&9-0%$%"#$(#&,+%+#)$-*$2(&'%+'&,$2-,+'+.1=$
$ k`D$ 0)#)$ 2(-*+,#$ &))#))3#.%$ &'(-))$ %"#$ )09d#'%$ &(#&$ C"#(#$ %"#$ (+1+/+%E$ -*$ '-0()#$
$ j'-32-.#.%)j$"&)$9##.$(#2,&'#/$9E$&$3-(#$*,#Z+9,#$3#.0$-*$j#,#3#.%)j=$!"+)$+.7-,7#)$%"#$
$ *&'+,+%&%+-.$-*$'(+%+'&,$(#*,#'%+-.$C+%"$&$)%(-.1$7-'&%+-.&,$/+3#.)+-.$&./$#32,-E#($&./$
$ 2(-*#))+-.&,$9-/E$,+.T)=$!
67#9#!#3.*G5#9!90,,#9%!%7.%^!=09%!.9!%7#!'(409!('!.4.8#*+4!#$\0+&1!9##*9!%(!A.&1^!9(!%7#&#!
9##*!%(!T#!8+''#&#$%!*.$+'#9%.%+($9!('!G&('#99+($.5!#$\0+&1Q!)&('#99+($.5VA(4.%+($.5!#$\0+&1!
*.1!T#!(0%U.&8!5((R+$,^!G&(A+8+$,!9%08#$%9!U+%7!&#.5O5+'#!(GG(&%0$+%+#9!%(!8#A#5(G!%7#!9R+559!
$##8#8!%(!9(5A#!G&(T5#*9!+$!G&('#99+($.5^!+$809%&+.5!(&!4(**#&4+.5!4($%#3%9Q!/5%#&$.%+A#51!+%!
*.1!T#!*(&#! +$U.&8O5((R+$,^! 09#8! %(! 90GG(&%! 4&+%+4.5! &#'5#4%+($!($!G#&9($.5VG&('#99+($.5!
8#A#5(G*#$%Q!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CC>!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CCN!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
QR:!%HH&'8-3!T!
:0,,/)1!+*!8-99&,-'/(-+'!/4(-F-(-&9!
S'(&)'/5!H/H&)9!/'8!H0G5-4/(-+'9!!
/9R7.*Q!)Q!H>IIYK^!b/0%7#$%+4!.$8!:+*05.%#8!-#.&$+$,!+$!%7#!X0+5%!2$A+&($*#$%b^!:%.''!
-#.&$+$,!.$8!6#.47+$,!W$9%+%0%#!50$47%+*#!9#*+$.&^!:7#''+#58!?.55.*!@$+A#&9+%1Q!
/9R7.*^!)Q!.$8!X0&$#%%^!"Q!H>IIYK^!b67#!&(5#!('!#$\0+&1!+$!%7#!<.405%1!('!E#A#5(G*#$%!.$8!
:(4+#%1;!*.$+'#9%.%+($9!.$8!G(99+T+5+%+#9bQ!/A.+5.T5#!.%;!!
7%%G9;VV9%.''Q970Q.4Q0RV'89V9%08#$%V5%.V5#.&$+$,V9%G.V#T5Q.9G!!!
X0&$#%%^!"Q!H>IIYK^!b)&(*(%+$,!2$\0+&1!67&(0,7!%7#!)&('#99+($.5!E#A#5(G*#$%!)&(,&.**#b^!
+$%#&$.5!8+94099+($!G.G#&Q!
-5(18Oe($#9^! cQ! H>IIZK^! bE+99#*+$.%+$,! f((8! )&.4%+4#! %7&(0,7! -#.&$#&! /0%($(*1! .$8!
2$\0+&1!X.9#8!-#.&$+$,!($!.!?+9%(&1!)&(,&.**#b^!+$!a((&#^!WQ^!25'A+$,O?U.$,^!eQ^!f.&$#%%^!FQ!
.$8! "(&R#&^! "Q! H289QK^! O#.%(#$ *-($ U(-3-%+.1$ 5#&(.#($ B0%-.-3E$ O&)#$ D%0/+#)J$ X-,03#$ :^!
H:7#''+#58;!"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1K!W:XD;!YMZOCOZYMZLCOCMONQ!
S'(&)'/5!&F&'(9!
67#!:G#4+.5!W$%#	%!f&(0G!U.9!G&(A+9+($.551!&#$.*#8!q67#!-#.&$+$,!"(**($!c((*qQ!67+9!
U.9! 5.0$47#8! +$! e0$#! >IIY! .%! .!U(&R97(G! 7#58! .%! %7#! 22<! "#$%&#! ($! X&((*,&(A#! c(.8^!
:7#''+#58Q!E#%.+59!.A.+5.T5#!.%;!!
!7%%G;VV5#.&$+$,4(**($&((*QU(&8GcQ4(*V>IIYVIdVCLV#T5O5#.&$+$,O4(**($O&((*O
U(&R97(GO=0$#CC%7O>IIYV!
E#4#*T#&!>IIYO/G&+5!>ICI;!:#&+#9!('!$#%U(&R+$,!#A#$%9!7#58!+$!<.405%1!('!E#A#5(G*#$%!.$8!
:(4+#%1! %(! 90GG(&%! $#%U(&R+$,! .$8! 8+99#*+$.%+($! ('! G&.4%+4#! T#%U##$! ")-/! G&(=#4%!
*#*T#&9!.$8!(%7#&!<.405%1!*#*T#&9Q! H-+$R#8!%(! %7#*#9;!G&(*(%+$,! 5#.&$#&!.0%($(*1!.%!
5#A#5! J_! G&(T5#*OT.9#8! 5#.&$+$,! .$8! +$%#&O8+94+G5+$.&1! 5#.&$+$,_! G##&! *#$%(&+$,! .$8!
4(55.T(&.%+($_!'.4+5+%.%+$,!4&+%+4.5!%7+$R+$,_!#A+8#$4+$,!#$\0+&1KQ!
23(&)'/5!&F&'(9!/'8!4+'*&)&'4&9!
/9R7.*^!)Q^!b2$\0+&1!X.9#8!-#.&$+$,;!"&#.%+$,!.!"(**0$+%1!('!)&.4%+4#b^!).G#&!G	#$%#8!.%!
-#.&$+$,!67&(0,7!2$\0+&1!/55+.$4#!4($'#&#$4#^!@$+A#&9+%1!('!c#.8+$,!>IIYQ!
/9R7.*^!)Q^!b/0%7#$%+4!.$8!:+*05.%#8!-#.&$+$,!+$!%7#!X0+5%!2$A+&($*#$%b^!).G#&!G	#$%#8!.%!
%7#! /55! W.$8! :1*G(9+0*! '(&! X0+5%! 2$A+&($*#$%! 2804.%+($^!@$+A#&9+%1! ('! @59%#&^! X#5'.9%^!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CCJ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
>ICIQ!
/9R7.*^!)Q!.$8!X0&$#%%^!"Q^!!b6#55!*#!U7.%!W!$##8!%(!R$(U;!5#.&$+$,!%(!.88c!%7#!47.55#$,#!
('! 47.$,+$,! 9%08#$%! #3G#4%.%+($9b^! ).G#&! G	#$%#8! .%! ?+,7#&! 2804.%+($! /4.8#*1!
"($'#&#$4#^!@$+A#&9+%1!('!a.$47#9%#&!>IIYQ!
/9R7.*^! )Q! .$8! 25'A+$,O?U.$,^! eQ^! b2$\0+&1! X.9#8! -#.&$+$,;! "&#.%+$,! .! "(**0$+%1! ('!
)&.4%+4#b^!).G#&!G	#$%#8!.%!%7#!)c`X2-!"($'#&#$4# !̂6.*G#&#^!<+$5.$8^!>IIYQ!
X0&$#%%^!"Q^!i)&(*(%+$,!-#.&$#&!/0%($(*1]^!+$A+%#8!G	#$%.%+($!.%!)#&9($.5+9#8!W$%#,&.%#8!
-#.&$#&!:0GG(&%!"26-!'+$.5!4($'#&#$4#^!`G#$!@$+A#&9+%1^!a+5%($!F#1$#9^!CY!a.&47!>ICIQ!
E#*+99+#^!<Q^!X0&$#%%^!"Q^!?.1$#9^!aQ!.$8!:7.&G#^!:Q^!ilD(U!W!'##5!5+R#!W!.*!.%!0$+A#&9+%1m;!09+$,!
.!4(**0$+%1!('!#$\0+&1!.GG&(.47!%(!G&(*(%#!#$,.,#*#$%!.$8!.4.8#*+4! 5+%#&.41!.*($,9%!
0$8#&,&.80.%#!9%08#$%9]^!).G#&!G	#$%#8!.%!5#.&$+$,!67&(0,7!2$\0+&1!/55+.$4#!4($'#&#$4#^!
@$+A#&9+%1!('!c#.8+$,^!>IIYQ!
!
!
!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CCL!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
2'4+0)/.-'.!/'8!&'7/'4-'.!$&/)'&)!%0(+'+,1!!
"$%SP2!"P%SXY"Z"P%SX[:DEZ%"ZE\]!
\%P2W!>BB6DY\Z>BB6D[:DEZ%"ZE\]!
</"@-6[!`<!?2/-6?!/DE!S2--X2WDf^!!
:?2<<W2-E!?/--/a!@DWj2c:W6[!
>/4@.)+0'8!/'8!)/(-+'/5&!(+!(7&!</405(1!H)+=&4(!
67#! 0$+A#&9+%1OU+8#! 9%&.%#,1! '(&! #$7.$4+$,! 5#.&$+$, !̂ %#.47+$,! .$8! .99#99*#$%! +$4508#9! .!
9%&.$8! '(&! #*T#88+$,! 9%&.%#,+#9!U7+47! #$7.$4#! .$8! 90GG(&%! 5#.&$#&! .0%($(*1Q! 67+9! +9! .!
&#\0+&#*#$%!T(%7!'(&!,&.80.%#$#99^!.9!8#'+$#8!T1!%7#!o0.5+%1!/990&.$4#!/,#$41!Ho//!CYYMK^!
.$8!'(&!#*G5(1*#$%Q!HD"W?2!CYYMKQ!
67#! <.405%1! ('! ?#.5%7! .$8! S#55T#+$,! G&(A+8#9! .! U+8#! &.$,#! ('! 0$8#&,&.80.%#! 4(0&9#9^!
*.+$51! A(4.%+($.5^! #$4(*G.99+$,! .! $0*T#&! ('! G&('#99+($9Q! 67#! 8+A#&9+%1! ('! 9%08#$%! #$%&1!
.4&(99! %7#! <.405%1! +$8+4.%#9! %7.%! 9%08#$%9b! G.9%! #804.%+($.5! .$8! 5+'#! #3G#&+#$4#9!U+55! A.&1!
4($9+8#&.T51Q! 67#+&! %&.$9+%+($! +$%(!?2^! .$8! %7#+&! =(0&$#1! %7&(0,7! +%^!U+55! 8#G#$8! %(! 9(*#!
#3%#$%! ($! %7#+&! G&#A+(09! #3G#&+#$4#9! .$8! %7#+&! 	G($9+A#! .GG&(.47#9! %(! 5#.&$+$,Q! /9! .!
Ή%^! %7#+&! &#.8+$#99! '(&! .0%($(*(09! 5#.&$+$,! U+55! A.&1! .$8! .! 4(**($! .GG&(.47! *.1!
7+$8#&!&.%7#&!%7.$!#$7.$4#!5#.&$+$,!'(&!9(*#Q!!
67#!G&(=#4%!U+55!+$A#9%+,.%#!.$8!#9%.T5+97!%7#!*#.$+$,!.$8!$.%0&#!('!5#.&$#&!.0%($(*1!.$8!
U+55!8#A#5(G!#A+8#$4#OT.9#8!-6/!9%&.%#,+#9!T(%7!.%!G&(,&.**#V4(0&9#!.$8!*(805#! 5#A#59!
U7+47!90GG(&%!%7#!9%08#$%9b!=(0&$#1!%(U.&89!.0%($(*1Q!
#)+=&4(!/-,9!/'8!+G=&4(-F&9;!
67#! (A#&.55! G0&G(9#! ('! %7#! G&(=#4%! U.9! %(! 8#A#5(G! .$! #''#4%+A#! 9%&.%#,1! '(&! '.4+5+%.%+$,!
5#.&$#&!.0%($(*1Q!67#!G&(=#4%!9(0,7%;!
• 6(! 8#'+$#! 5#.&$#&! .0%($(*1! +$! %7#! 4($%#3%! ('! 9R+559! .$8! .%%&+T0%#9! %(! ,.+$! .! 45#.&!
0$8#&9%.$8+$,!('!5#.&$#&!.0%($(*1!+$!.55!#A.$%!4($%#3%9Q!
• 6(!#3G5(&#!40&&#$%!0$8#&9%.$8+$,!('!-/!.$8!7(U!+%!+9!#*T#88#8!U+%7+$!4(0&9#9!!
• 6(!8#%#&*+$#!%7#!&#.8+$#99!('!9%08#$%9!'(&!+$8#G#$8#$%^!9#5'O&#,05.%#8!5#.&$+$,!($!
#$%&1!%(!%7#+&!4(0&9#!
• 6(!8#A#5(G!.!'&.*#U(&R^!.%!T(%7!G&(,&.**#!.$8!*(805.&!5#A#5^! '(&!'.4+5+%.%+$,!%7#!
8#A#5(G*#$%!('!%7#!+8#$%+'+#8!9R+559!.$8!.%%&+T0%#9!
• 6(! #*T#8! *(8#59! ('! 8#A#5(G*#$%! U+%7+$! 4(0&9#9! .4&(99! %7#! <.405%1!
H+$%#&G&('#99+($.5!5#.&$+$,K!
• 6(!#A.50.%#!%7#!#''#4%+A#$#99!('!%7#!*(8#59V9%&.%#,1!.%!5#A#59!J^!L!.$8!dQ!
• 6(!8+99#*+$.%#!%7#!'+$8+$,9!+$!.!A.&+#%1!('!'(&*.%9!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CCd!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
?(U#A#&^!80&+$,!%7#!#.&51!9%.,#9!('!%7#!G&(=#4%!+%!T#4.*#!.GG.&#$%!%7.%!%7#!9%081!U.9!%((!
4(*G5#3Q! 67+9^! %(,#%7#&!U+%7! %7#! "(&G(&.%#! )5.$!U7+47! 7+,75+,7%#8! %7#! +*G(&%.$4#! ('! %7#!
%&.$9+%+($! G7.9#! '(&! 9%08#$%9! *(A+$,! +$%(! ?2! 5#8! 09! %(! *(8+'1! %7#! (&+,+$.5! .+*9! .$8! %(!
4($4#$%&.%#!G(*+$.$%51!($!1#.&!C^!U+%7!G.&%+405.&!#*G7.9+9!($!%&.$9+%+($Q!!c#,&#%%.T51^!
.9!.!Ή%!5#99^!'(409!U.9!G5.4#8!($!9%&.%#,+#9!%(!G&(*(%#!%7#!8#A#5(G*#$%!('!9%&.%#,+#9!.%!
5#A#59!'+A#!.$8!9+3^!.5%7(0,7!45(9#!U(&R!U+%7!%7#!#*G5(1.T+5+%1!"26-!*#.$%!%7.%!+990#9!'.4+$,!
9%08#$%9!.%!5#A#5!9+3!U#&#!#3G5(Q!
:()/(&.1!
67#!G&(=#4%!U.9!#3%&#*#51!.*T+%+(09Q!!67#!<.405%1!('!?#.5%7!.$8!S#55T#+$,!+9!9G&#.8!.4&(99!
%U(!9+%#9!.$8!+%!U.9!%7#&#'(&#!8#4+8#8!%(!U(&R!9%&.%#,+4.551!U+%7!90T=#4%!.&#.9!H.9!+8#$%+'+#8!
T1!%#.47+$,!'#55(U9K!+$!%7#!90T=#4%!.&#.9!(';!
• :G(&%!Hc(T!S+59($K!
• X+(94+#$4#!HE.A+8!"&(U%7#&K!
• ?#.5%7!.$8!9(4+.5!4.&#!He(7$!"5#.RK!
6(!U(&R!.%!*(805#!5#A#5!U+%7!,&(0G9!+$;!
• `440G.%+($.5!%7#&.G1!
• `G#&.%+$,!E#G.&%*#$%!)&.4%+4#!
• X+(94+#$4#!
• :G(&%!.$8!5#+90&#!*.$.,#*#$%!
/59(^!%(!U(&R!+$!G.&%$#&97+G!U+%7!9%08#$%9^!+$!%7#!($,(+$,!8#A#5(G*#$%!.$8!#A(50%+($!('!%7#!
G&(=#4%Q!W%!U.9!8#4+8#8!%7.%!G.&%+4+G.%+$,!9%08#$%9!97(058!T#!&#U.&8#8!#+%7#&!T1!5+$R+$,!%7#!
#3G#&+#$4#! .9! .! G.&%! ('! .! *(805#^! 9047! .9! %7#! `440G.%+($.5! 67#&.G1! W$8#G#$8#$%! :%081!
*(805#^!(&!#*T#88+$,! %7#!#3G#&+#$4#!U+%7+$! %7#+&!G(&%'(5+(9!('!G#&9($.5!.$8!G&('#99+($.5!
8#A#5(G*#$%^!.9!U#55!.9!8+%!&#U.&89!%7&(0,7!G.1*#$%Q!
67+9!U.9!.47+#A#8!+$!%7#!'+&9%!1#.&!('!%7#!G&(=#4%Q!!W$!1#.&!%U(!.!*(&#!,#$#&.5+9#8!.GG&(.47!
U.9!.8(G%#8^!U7#&#!9%.''!U#&#!,+A#$!%7#!(GG(&%0$+%1!%(!#$,.,#!+$!.!$0*T#&!('!G&('#99+($.5!
8#A#5(G*#$%!(GG(&%0$+%+#9^!U+%7!%7#!+$%#$%+($!%7.%!%7+9!U(058!#$7.$4#!%7#+&!R$(U5#8,#!.$8!
9R+559!+$!8#A#5(G+$,!5#.&$#&!.0%($(*1Q!67+9!9%.&%#8!#.&51!+$!%7#!G&(=#4%!.$8!U.9!.!4($%+$0(09!
T0+58+$,!G&(4#99!.9!(0%4(*#9!.$8!T#9%!G&.4%+4#!U#&#!+8#$%+'+#8Q!!
67+9!U.9!.47+#A#8!%7&(0,7;!
• *##%+$,!U+%7!$.*#8!9%.''!,&(0G9!!
• 50$47%+*#!9#*+$.&9!
• G(9%#&!G	#$%.%+($9!%7&(0,7!")-/!
• 45(9#&!5+$R9!%(!%7#!2*G5(1.T+5+%1!.$8!W$%#&O)&('#99+($.5!"26-9Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CCM!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
67#!G&(=#4%!U.9!*.$.,#8!T1!%7#!=(+$%!G&(=#4%!5#.8#&9Q!W$+%+.551!%7#!G&(=#4%!U.9!G5.$$#8!.$8!
8#A#5(G#8!%7&(0,7!.!$#,(%+.%#8!G&(4#99! %(!#9%.T5+97! %7#!G&(=#4%!U+%7+$! %7#!<.405%1!.$8!%(!
#$90&#!4(O(G#&.%+($Q!/$!.8A+9(&1!,&(0G!G&(A+8#8!,0+8.$4#!.$8!.8A+4#!+$!%7#!'+&9%!1#.&!('!%7#!
G&(=#4%Q!!
Q-94)&(&!H)+=&4(9!I!(7&9&!/)&!8&(/-5&8!G&5+J;!
SZ!$-(&)/(0)&!)&F-&J!!
67#!.+*!.%!%7#!9%.&%!('!%7#!G&(=#4%!U.9!%(!#9%.T5+97!40&&#$%!#A+8#$4#!.$8!%(!,0+8#!%7#!8.%.!
4(55#4%+($Q!67+9!U.9!.47+#A#8!+$!%7#!'(&*!('!.$!#3%#$9+A#! 5+%#&.%0&#!&#A+#UQ! !67+9!7.9!T##$!
8+99#*+$.%#8! .4&(99! %7#! <.405%1! .$8! %(! 9%.''! +$! (%7#&! <.405%+#9! U7#$! &#\0#9%#8! .$8! 7.9!
'(&*#8!.$!#5#*#$%!('!%7#!'+$.5!.0%($(*1!%((5R+%Q!!
SSZ!Q/(/!"+55&4(-+'!
67+9!.+*#8!%(!+$A#9%+,.%#!9%08#$%9b!G#&4#G%+($9!('!%7#+&!#.&51!#3G#&+#$4#9!('!@$+A#&9+%1!.$8!
%(!G&(A+8#!%7#+&!G#&4#G%+($9!('! %7#!%&.$9+%+($!G7.9#Q!67#!8.%.!G&(A+8#8!9(*#!+$9+,7%9! +$%(!
U7.%!7+$8#!.$8!U7.%!7#5G#8!%7#+&!%&.$9+%+($Q!67+9!8.%.!U.9!4(55#4%#8!T1;!!
• +$%#&A+#U9!U+%7!9%08#$%9!+$!%7#+&!'+&9%!9#*#9%#&!
• \0#9%+($$.+&#!G&(A+8+$,!\0.$%+%.%+A#!8.%.!%(!#9%.T5+97!&#.8+$#99!'(&!5#.&$+$,!!
• G7(%(O#5+4+%.%+($!+$%#&A+#U9!
• '(409!,&(0G9!($!9G#4+'+4!+990#9!.&(0$8!8#A#5(G+$,!5#.&$#&!.0%($(*1!
67#! '+$8+$,9!7.A#! T##$!8+99#*+$.%#8!U+%7+$! %7#!<.405%1! %7&(0,7! .! 9#*+$.&! .%! %7#! .$$0.5!
-6/! 4($'#&#$4#! .$8! 50$47%+*#!U(&R97(G9_! .$8!*(&#!U+8#51! %7&(0,7! %7#! @$+A#&9+%1! 9%.''!
8#A#5(G*#$%! G&(,&.**#! .$8! +$8+A+80.5! 9%.''! 7.A#! 09#8! %7#! &#G(&%! '(&! 9G#4+'+4! G0&G(9#!
U+%7+$!%7#+&!(U$!,&(0G9Q!
SSSZ! 2,G&88-'.! +*! /0(+'+,1! -'(+! -'(&)IH)+*&99-+'/5! 5&/)'-'.!
,+805&!
@9+$,!F$(U5#8,#!.$8!2A+8#$4#! %(!:0GG(&%!:%081!.$8!)&.4%+4#!H@F2::)K! +9!.! 5#A#5!J! +$%#&O
G&('#99+($.5!*(805#Q!W%!+9!.!4(**($!*(805#!.$8!+9!8#5+A#!T1!$+$#!90T=#4%!,&(0G9!%(!%7#+&!
(U$!9%08#$%9Q!W%!+9!%7#!'+&9%!+$!%7#!#A+8#$4#!9%&.$8!('!+$%#&OG&('#99+($.5!5#.&$+$,!.$8!'(&*9!.!
'(0$8.%+($!'(&!9%08#$%9!%(!'+$8!.$8!09#!#A+8#$4#!U+%7+$!%7#+&!.4.8#*+4!9%08+#9!.$8!.9!G.&%!
('! %7#+&! G&('#99+($.5! G&.4%+4#Q! 67#!*(805#! +9! G.&%! ('! .! $#U51! A.5+8.%#8! G&(,&.**#! T#+$,!
8#5+A#!'(&!%7#!'+&9%!%+*#!%7+9!1#.&Q!
67#!*(805#!4($%#$%!.$8!8#9+,$!U.9!8#A#5(G#8! +$!4(55.T(&.%+($!U+%7! %7#!"#$%&#! '(&! W$%#&O
G&('#99+($.5!#O5#.&$+$,!H.!"26-!+$!?SXKQ!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CCZ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
67#!*(805#!.+*9!%(!8#A#5(G!9%08#$%9b!9%081!9R+559^!#$.T5+$,!%7#*!%(! 5(4.%#^!.$8!&#'#&#$4#^!
5+%#&.%0&#!%(!90GG(&%!%7#+&!9%08+#9!.$8!%(!0$8#&9%.$8!%7#!A.50#!('!#A+8#$4#!'&(*!.!A.&+#%1!('!
9(0&4#9Q! 67#! 0$8#&51+$,! 5#.&$+$,! .$8! %#.47+$,! 9%&.%#,1! +9! %(! T0+58! 4($'+8#$4#! +$!U(&R+$,!
U+%7! (%7#&! 9%08#$%9! .$8! +$! %7#+&! (U$! .T+5+%+#9! .9! G.&%! ('! .$! (A#&.55! 9%&.%#,1! %(! T0+58! .$!
.0%($(*(09! .GG&(.47! %(! 5#.&$+$,Q! "(0&9#! *.%#&+.5! +$4508#8! .4%+A+%+#9! .$8! .GG&(.47#9!
U7+47!U(058!#$4(0&.,#!.0%($(*(09!5#.&$+$,Q!
/! G.&#$%! X5.4RT(.&8! 9+%#! U.9! 9#%! 0G! .$8! G(G05.%#8! U+%7! 4($%#$%^! U7+47! +$4508#8! 5#99($!
G5.$9^!8+,+%.5!	(0&4#9^!.4%+A+%+#9!.$8!9%08#$%!.$8!%0%(&!90GG(&%!*.%#&+.59Q!/!9%.''!7.$8T((R^!
U7+47!(0%5+$#8!%7#!0$8#&51+$,!G7+5(9(G71!('!T0+58+$,!.0%($(*1^!90GG(&%#8!4(0&9#!%0%(&9!+$!
G5.$$+$,! .GG&(.47#9! .$8!.4%+A+%+#9!U7+47! #$4(0&.,#8!.4%+A#! .$8!4(55.T(&.%+A#! 5#.&$+$,Q!/!
U(&R97(G!G&+(&! %(! %7#! 8#5+A#&1! ('! %7#!*(805#! #$.T5#8! %0%(&9! %(! 8+94099! %7#! %#.47+$,! .$8!
5#.&$+$,!9%&.%#,+#9!.$8!%(!,.+$!G##&!90GG(&%!'&(*!%7#+&!.4.8#*+4!4(55#.,0#9Q!
`$,(+$,! #$,.,#*#$%! .$8! #A.50.%+($! 7.9! T##$! 0$8#&%.R#$Q! ! E.%.! 4(55#4%#8! '&(*! 9%08#$%9!
U.9!#3%&#*#51!G(9+%+A#!.$8!(A#&!($#!%7(09.$8!9%08#$%9!U#&#!#$,.,#8!+$!5#.&$+$,!U+%7+$!%7#!
*(805#Q!!
#)+=&4(!+0(4+,&9!
BF&)/55!&F/50/(-+'!
67+9!U.9!.$!.*T+%+(09!G&(=#4%^! %7#! +*G.4%!('!U7+47!U.9! 5+*+%#8! 5.&,#51! %(! 9G#4+'+4!90T=#4%!
,&(0G9!.4&(99!%7#!'.405%1_!%7#!*(9%!9+,$+'+4.$%!4($4#$%&.%+($!T#+$,!+$!7#.5%7!.$8!9(4+.5!4.&#!
U7#&#! 90T=#4%! ,&(0G9! 7.A#! %.R#$! *.$1! ('! %7#! '+$8+$,9! ('! %7#! G&(=#4%! .$8! #*T#88#8!
9%&.%#,+#9!%(!G&(*(%#!5#.&$#&!.0%($(*1!+$%(!%7#+&!5#.&$+$,!.$8!%#.47+$,!G&.4%+4#Q!
67#!&#.5!%#9%!('!%7#!G&(=#4%!U+55!T#!+$!.!'+$.5!#A.50.%+($!('!%7#!.0%($(*1!%((5R+%!U7+47!G0559!
%(,#%7#&! %7#! 5#.&$+$,! .$8! 8#A#5(G*#$%9! 4.G%0! (A#&! %7#! 5.9%! %U(! 1#.&9Q! ! 67+9!U+55! %.R#!
G5.4#! .'%#&! %7#! G&(=#4%! 7.9! '+$+97#8! .$8!U+55! T#! G.&%! ('! ($O,(+$,! U(&R! +$! .%+($! %(! %7+9!
+$+%+.%+A#Q!!!
?(U#A#&!U#!7.A#!T##$!.T5#!%(!9044#99'0551!#A.50.%#!%7#!+$%#&OG&('#99+($.5!5#.&$+$,!*(805#Q!
2F/50/(-+'!+*!(7&!S'(&)IH)+*&99-+'/5!5&/)'-'.!,+805&!
67#! *(805#! U.9! #A.50.%#8! T1! 9%08#$%9! %7&(0,7! .! \0.$%+%.%+A#! \0#9%+($$.+&#Q! 67+9!
+$4(&G(&.%#8! \0#9%+($9! U7+47! 5((R#8! 9G#4+'+4.551! .%! .9G#4%9! ('! 5#.&$#&! .0%($(*1Q! 67#!
*(805#!U.9!G(9+%+A#51!#A.50.%#8!+$!.55!.&#.9Q!!
67+9!*(805#! +9! 8#5+A#!T1!$+$#!8+''#&#$%! 90T=#4%! ,&(0G9! %(!.GG&(3+*.%#51!($#! %7(09.$8!
'+A#!70$8!'+&9%!1#.&!9%08#$%9^!U+%7!%7#!+$A(5A#*#$%!('!.&(0$8!%U#$%1!9%.''^!+$4508+$,!T(%7!
.4.8#*+4!.$8!5#.&$+$,!4#$%&#!9%.''Q!67#!*(805#!G&(A+8#8!.$!(GG(&%0$+%1!'(&!.!G.&%$#&97+G!
T#%U##$!.4.8#*+4! .$8! 5#.&$+$,! 4#$%&#! 9%.''! +$!8#A#5(G+$,! .$8! 90GG(&%+$,! 9%081! 9R+559! '(&!
9%08#$%9Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CCY!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
:%.''!.59(!#A.50.%#8!%7#!*(805#!%7&(0,7!.!'(409!,&(0G!(&!+$8+A+80.5!+$%#&A+#U9Q!67#1!'(0$8!
%7#!#*G7.9+9!($!T0+58+$,!9R+559!.9!.!'(0$8.%+($!'(&!5#.&$#&!.0%($(*1!09#'05!.$8!U#54(*#8!
%7#!90,,#9%+($9!'(&!.GG&(.47#9!.$8!.4%+A+%+#9!%(!90GG(&%!%7+9Q!!
"+'(-'0/(-+'!H5/'9!
CQ :%&.%#,1! 8#A#5(G#8! T1! :0#!S.597! H/99(4+.%#! E+%(&K! ! .$8! F.&#$! X((%7! H)&(=#4%!
-#.8K!
>Q 2A.50.%+($!.$8!*(8+'+4.%+($!('!@F2::)Q!<(55(U+$,!9%.''!.$8!9%08#$%!#A.50.%+($^!%7#!
*(805#! 7.9! T##$!*(8+'+#8! 95+,7%51! %(!*.R#! %7#! 8#9+,$! 9+*G5#&! .$8! %(! 7.A#!*(&#!
+$%#&.4%+A#! .4%+A+%+#9Q!67+9!*(805#!U+55! &#*.+$! .! '(0$8.%+($! '(&! 9%081! 9R+559!U+%7+$!
%7#! 40&&+4050*! ('! .GG&(3+*.%#51! CLII! 9%08#$%9! #.47! 1#.&Q! )5.$$+$,! &#*.+$9! .!
G.&%$#&97+G!T#%U##$!.4.8#*+4!.$8!5#.&$+$,!4#$%&#!9%.''Q!
NQ 67#!+$A#9%+,.%+($!('!%7#!9%08#$%!7.9!5#8!%(!%7#!8#A#5(G*#$%!('!.!9#&+#9!('!	(0&4#9!
'(&! 9%.''! +$! %7#! '(&*! ('! #5#4%&($+4! '5+G! T((R9! U7+47! 4.$! T#! .44#99#8! A+.! %7#! 9%.''!
+$%&.$#%Q!!67#9#!'5+G!T((R9!.%#!%(!,((8!G&.4%+4#!+$!5#.&$#&!.0%($(*1!+$!.%+($!%(;!
• a.$.,+$,!'+&9%!%&.$9+%+($9!
• E#A#5(G+$,!947(5.&97+G!9R+559!
• /99#99*#$%!.$8!'##8T.4R!
67#&#!+9!.59(!.!9*.55!+$%&(804%+($!%(!5#.&$#&!.0%($(*1!U+%7!5+$R9!%(!%7#!#3%#$9+A#!5+%#&.%0&#!
&#A+#U^!U7+47!8#'+$#9!.$8!#3G5(	!%7#!4($4#G%!('!5#.&$#&!.0%($(*1Q!
2.47!T((R!G&(A+8#9;!!
• /$!(A#&A+#U!('!%7#!%(G+4!
• `0%5+$#9!U7.%! %7#! 5+%#&.%0&#!9.19! +$!.%+($! %(! 5#.&$#&!.0%($(*1! +$! %7#!4($%#3%!('!
%7#!%(G+4!
• W$4508#9!\0(%#9!'&(*!9%08#$%9!+$!.%+($!%(!%7#+&!#3G#&+#$4#9!.%!%7#!0$+A#&9+%1!
• `''#&9!U.19! %(! G&(*(%#! .0%($(*1! +$! .%+($! %(!T#9%! G&.4%+4#! .9! +8#$%+'+#8! T1! %7#!
5+%#&.%0&#!
• :7.	!,((8!G&.4%+4#!7.GG#$+$,!+$!%7#!0$+A#&9+%1!
W%!+9!#$A+9.,#8!%7.%!%7#9#!T((R9!U+55!(''#&!.!*#47.$+9*!'(&!4($%+$0#8!9%.''!#$,.,#*#$%!.$8!
8#A#5(G*#$%! .9! U#55! .9! .! 	(0&4#! '(&! 9%.''! +$%#	%#8! +$! G&.4%+4.5! U.19! ('! G&(*(%+$,!
.0%($(*1!.%!4(0&9#!.$8!*(805.&!5#A#5Q!!!
/$!.08+%!('!8#'+$+%+A#!8(40*#$%9!+$!.%+($!%(!+$8+A+80.5!4(0&9#9!7.9!+$8+4.%#8!%7.%!4(0&9#9!
.&#! 4(**+%%#8! %(! %7#! G&(*(%+($! ('! 5#.&$#&! .0%($(*1! .$8! .&#! *+$8'05! ('! 9%&.%#,+#9! %(!
8#A#5(G!%7+9Q!
?(U#A#&^! '(&! .$1! 5($,O%#&*! 909%.+$.T5#! 8#A#5(G*#$%9! %(! %.R#! G5.4#! %7+9! U(&R! *09%! T#!
#*T#88#8!+$%(!.$!(A#&.55!<.405%1!:%&.%#,1!.$8!*09%!'(&*!G.&%!('!#+%7#&!%7#!$#U!9%.''!4(0&9#!
(&!9%.''!+$804%+($Q!!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! C>I!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
"+'4509-+'9!
-#.&$#&! .0%($(*1! +9! .! T&(.8! 4($4#G%! U+%7! U+8#! &.$,+$,! +*G5+4.%+($9! '(&! 5#.&$+$,! .$8!
%#.47+$,!G&.4%+4#Q!!67#!<.405%1!G&(=#4%!7.9!7+,75+,7%#8!%7.%!'(&!.!5#.&$#&!.0%($(*1!9%&.%#,1!
%(!T#!#''#4%+A#!+%!*09%;!
• X#! #*T#88#8! .4&(99! .55! #5#*#$%9! ('! 5#.&$+$,! .$8! %#.47+$,! H#Q,Q! .99#99*#$%! .$8!
'##8T.4R^!#*G5(1.T+5+%1K!
• c#4(,$+g#!.$8!	G#4%!9%.''!.0%($(*1!
• E#A#5(G!45(9#!%+#9!!U+%7!9%.''!'&(*!.99(4+.%#8!90GG(&%!9#&A+4#9!
• X#!&#'5#4%#8!+$!%7#!#$A+&($*#$%!.$8!+$'&.9%&04%0&#!('!%7#!0$+A#&9+%1!H#Q,Q!%+*#%.T5+$,K!!
• c#4(,$+9#! %7.%! 9%08#$%9! 7.A#! .! &.$,#! ('! $##89^! +$4508+$,! .4.8#*+4^! 9(4+.5! .$8!
G&('#99+($.5^!.$8!%7.%!.!7(5+9%+4!.GG&(.47!%(!90GG(&%+$,!%7#9#!+9!$##8#8Q!
W$!*.$1!U.19!8#'+$+$,!.$8!G5.4+$,!5#.&$#&!.0%($(*1!.9!.!8+9%+$4%!#$%+%1!7.9!T##$!*(&#!('!.!
7+$8&.$4#! %7.$!.!7#5GQ! ! 67#!*(*#$%! +%! +9! 8#'+$#8! +$! 9047! .!U.1! +%! +9! &#,.&8#8!T1! 9%.''! .9!
9(*#%7+$,!8+94&#%#!.$8!9#G.&.%#!'&(*!.$!(A#&.55!5#.&$+$,!.$8!%#.47+$,!9%&.%#,1^!'(&!#3.*G5#!
'&(*! '##8T.4R! .$8! .99#99*#$%Q! 67+9! 7.9! +$! 9(*#! 	G#4%9! 5#8! %(! %7#! 4(**0$+4.%+($! ('!
4($'09+$,!.$8!4($%&.8+4%(&1!*#99.,#9Q!!67+9!*09%!T#!(,$+g#8!.$8!%.R#$!+$%(!.44(0$%!+$!
%7#!8#A#5(G*#$%!('!.$1!'0%0&#!+$+%+.%+A#9!+$!.%+($!%(!-6/!.$8!5#.&$#&!.0%($(*1Q!!!!
P&*&)&'4&9!
o//!HCYYMK^!B))#))3#.%$+.$P+1"#($Q/0'&%+-.$&./$%"#$(-,#$-*$j@(&/0&%#.#))j!Hf5(04#9%#&;!o//K!
D"W?2! HCYYMK^!P+1"#($Q/0'&%+-.$ +.$%"#$5#&(.+.1$D-'+#%EJ$`#2-(%$-*$ %"#$g&%+-.&,$O-33+%%##$
H-($8($;!?a:`KQ! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! C>C!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
Q&F&5+H-'.!/'8!&,G&88-'.!$&/)'&)!%0(+'+,1!J-(7-'! (7&!
#+9(.)/80/(&!"0))-4050,!!
XBQ<P2_!"P%S\!YXZDZ"P%S\[:DEZ%"ZE\]!
:?2<<W2-E!X@:WD2::!:"?``-^!!
:?2<<W2-E!?/--/a!@DWj2c:W6[!
P/(-+'/5&!
67+9!U.9!.!7(5+9%+4!.4%+($!	#.&47!T.9#8!G&(=#4%!+$A(5A+$,!T(%7!\0.$%+%.%+A#!.$8!\0.5+%.%+A#!
8.%.!4(55#4%+($!*#%7(89Q!67#!	#.&47!G&(=#4%9!U#&#!4.&&+#8!(0%!'&(*!a.1!>IIZ!O!a.1!>ICI!
U+%7!%U(!9%+55!+$!G&(,cQ!
67#!	#.&47!%#.*!8#A#5(G#8!.!'&.*#U(&R!*(8#5!T.9#8!($!%7#!5+'#O4145#!('!.!G(9%,&.80.%#!
9%08#$%! %(! #3G5(&#! %7#+&! #3G#&+#$4#9! .9! 9%08#$%9! ($! :X:! G&(,&.**#9! '&(*! %7#! G(+$%! ('!
.GG5+4.%+($! %7&(0,7! %(! ,&.80.%+($! .$8! '0&%7#&! 9%081Q! 67#! %#.*! 09#8! '(409! ,&(0G9^!
+$%#&A+#U9!.$8! 90&A#19! %(!8#A#5(G! %7#! '+$8+$,9! +$%(! 9+3! .&#.9! 5+$R#8! %(! 5#.&$#&! .0%($(*1!
.$8! +$%&.O8#G#$8#$%! 5#.&$+$,Q!/!$0*T#&!('! +$+%+.%+A#9!7.A#!T##$! +$%&(804#8!.9!.!Ή%!('!
%7#!	#.&47!U7+47!+$4508#9!%7#!9#%%+$,!0G!('!.!	#.&47!*#%7(89!'(&0*!.$8!&#A+#U!('!%7#!
+$804%+($!G&(4#99!'(&!G(9%,&.80.%#!9%08#$%9Q!
• F#1!)&+(&+%+#9;!
• 6(!8#5+A#&!(0%4(*#9!+$!5+$#!U+%7!:?@!h!:X:!4(&G(&.%#!!V!T09+$#99!(T=#4%+A#9_!
• 6(!#$,.,#!U+%7!)f!9%08#$%9^!.4.8#*+49!.$8!90GG(&%!9%.''_!
• )&+(&+%+#9!.,&##8!%7&(0,7!.$!+$804%+A#!	#.&47!'&.*#U(&R_!
• 6(!8#A#5(G!(**#$8.%+($9!%(!+$'(&*!%7#!)f!"0&&+4050*_!
• )&(A+8#! 	#.&47! (0%G0%9! %7.%! +$'(&*! %7#! 8#A#5(G*#$%! ('! 5#.&$#&! .0%($(*1!
+$+%+.%+A#9_!
• 6&.$95.%#!	#.&47!+$%(!%#.47+$,_!
:()/(&.1!
:(/**!2'./.&,&'(!/'8!Q-99&,-'/(-+'!%4(-F-(-&9!
67&(0,7! 8#A#5(G+$,! .! 4(55.T(&.%+A#! '&.*#U(&R! '(&! .4.8#*+49^! 90GG(&%! 9%.''! .$8!
G(9%,&.80.%#! 9%08#$%9Q! E+99#*+$.%+($! U.9! .47+#A#8! %7&(0,7! .! $0*T#&! ('! '(&.! U7+47!
+$4508#8;!
• ")-/!91*G(9+0*!
• :0T=#4%!f&(0G!-#A#5!
• )(9%,&.80.%#!)&(,&.**#!-#.8#&!f&(0G!
• /4.8#*+4!E#A#5(G*#$%!"(**+%%##!
• :X:!.4.8#*+4!T(.&8!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! C>>!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
• -6W!	#.&47!'(&0*!
• :%.''!h!:%08#$%!<(409!f&(0G9!
#)+=&4(!?/'/.&,&'(!
/9!)&(=#4%!-#.8#&^!W!7.A#!7.8!9(*#!'##8T.4R!'&(*!4(55#.,0#9^!7#.89!('!8#G.&%*#$%_!9%08#$%9!
.$8!%7#!	#.&47! %#.*!U7+47!90,,#9%9! %7.%! %7#!G&(=#4%!7.9!T##$!U#55!*.$.,#8Q!@5%+*.%#51!
%7#! &#.5! %#9%!U+55! T#! %7.%!U#! 4.$! .GG51! .$8! +*G5#*#$%! %7#! 	#.&47! .$8!8#A#5(G! 9%08#$%9!
U7+47! .&#! *(&#! 4($'+8#$%! .$8! .0%($(*(09! +$! %7#+&! .GG&(.47! %(! 5#.&$+$,! H9##! %7#!
(**#$8.%+($9Q!
2'/G5-'.!%4(-F-(-&9!
• :0GG(&%!.$8!f0+8.$4#!'(&!	#.&47!4(55#.,0#9_!
• 67#!8#A#5(G*#$%!('!.!	#.&47!'(&0*_!
• /44#99!%(!9%08#$%9!.$8!9%.''!%(!4.&&1!(0%!	#.&47_!
• c#9(0&4#9!
• /!'(&0*!%(!97.&#!G&.4%+4#!.$8!G&(A+8#!'##8T.4R!(GG(&%0$+%+#9!
67&!Q&F&5+H,&'(!+*!/!"+,,0'-(1!+*!#)/4(-4&!
X1!.8(G%+$,!.$!.4%+($!	#.&47!*#%7(8(5(,1!U7+47!7#5G#8!'.4+5+%.%#9!.$!(G#$!.$8!
4($9%&04%+A#!'(&0*Q!67#!G7+5(9(G71!+9!%7.%!('!%7#!5#.&$+$,!(&,.$+9.%+($!U7+47!'(&*9!G.&%!('!
%7#!8+94099+($!+$!%7#!	#.&47!*#%7(89!G.G#&Q!67#!:X:!G&(=#4%!U.9!T.9#8!($!8#A#5(G+$,!.!
7(5+9%+4!'&.*#U(&R!+$!U7+47!%7#!4($4#G%!('!5#.&$#&!.0%($(*1!4(058!T#!	#.&47#8Q!
Q-94)&(&!H)+=&4(9!
LZ!#)+=&4(!P&9&/)47!?&(7+8+5+.1!
67#&#! +9!9#G.&.%#!G.G#&!U7+47!(&89!.$8!#A.50.%#9! %7#!*.$.,#*#$%!('! %7#!G&(=#4%9^! %7#!
8#A#5(G*#$%! ('! %7#! 	#.&47! '&.*#U(&R^! (A#&A+#U!('! '+$8+$,9! .$8! (**#$8.%+($9! .$8!
+*G5#*#$%.%+($!9%&.%#,1Q!H:##!:X:!/GG#$8+3!CQK!
MZ!P+55-'.!S'804(-+'!*+)!S'(&)'/(-+'/5!:(08&'(9;!2'7/'4-'.!:(08&'(!
2'./.&,&'(!/'8!$&/)'-'.!
<(&!'055!	#.&47!G.G#&!9##!:X:!/GG#$8+3!>Q!
2F/50/(-+'! 4)-(&)-/;! '##8T.4R! ($! %7#! \0.5+%1! ('! G&#O.&&+A.5! *.%#&+.59! 5+$R#8! %(! #.&51!
#$,.,#*#$%! .$8! 0$8#&9%.$8+$,! ('! %7#! 8#*.$89! ('! *.9%#&b9! 5#A#5! 4(0&9#9_! *($+%(&+$,!
9%08#$%!G#&'(&*.$4#!.$8!#$,.,#*#$%!80&+$,!%7#!#.&51!G#&+(8!('!9%081Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! C>N!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
%4(-+'9;! c#A+#U! ('! G&#! .$8! G(9%! W$804%+($! G&(4#99_! @9+$,! %7#!2*G5(1.T+5+%1! 	#.&47! %(!
+$'(&*!%7#!8#9+,$!('!G&(*(%+($.5!*.%#&+.5_!/!G&(=#4%!.%!.$!#.&51!9%.,#! %(!8#A#5(G! ! b%.5R+$,!
7#.89b!%(!7#5G!90GG(&%!G(%#$%+.5!.$8!#3+9%+$,!9%08#$%9_!!
NZ! ?:4! S'(&)'/(-+'/5! ?/)@&(-'.;! Q&F&5+H,&'(! +*! h-)(0/5! "+0)9&!
"+,,0'-(1!
<(&!'055!	#.&47!G.G#&!9##!:X:!/GG#$8+3!NQ!
/%!%7#!'(0$8.%+($!('!.55! %7#!(G#&.%+($.5!(T=#4%+A#9!9#%^! %7#!0$8#&51+$,!8&+A#&9! '#55! '&(*!%7#!
%U(!R#1!9%&.$89Q!6(;!
CQ "&#.%#! V! #$7.$4#! %7#! 4(**0$+%1! '##5+$,! ('! T#5($,+$,! H%(! +*G&(A#! 9%08#$%!
9.%+9'.4%+($V#$,.,#*#$%!.$8^!T1!8#'.05%^!G#&'(&*.$4#!5#A#59K_!
>Q E&+A#! 0G! 5#A#59! ('! .0%($(*1! .$8! #$,.,#*#$%! HU+%7! .! G.&%+405.&! +$%#	%! +$!
+$4&#.9+$,!.87#&#$4#!%(!%.9R9!9#%K^!#99#$%+.551!&.+9+$,!(A#&.55!G#&'(&*.$4#!5#A#59!T1!
G&(A+8+$,! *047! *(&#! #''#4%+A#! 9#4($8.&1! 90GG(&%! *.%#&+.5! %(! 7#5G! 90GG(&%! G((&!
9G##89!('!4(*G#$9+($Q!
:G#4+'+4.551^!%7#!'(55(U+$,!(T9#&A.%+($9!7.A#!T##$!8&.U$;!
• `$4#! +$8+4.%+($9! ('! A.50#VT#$#'+%! T#,.$! %(! T#! 8#*($9%&.%#8! %7&(0,7! 09#! ('!
X5.4RT(.&8! %((59^! %7#&#! U.9! .! U+8#&! 8#,&##! ('! #$,.,#*#$%! .$8! #3G#&+*#$%.%+($!
.*($,9%! :0T=#4%! f&(0G! 9%.''! .$8! %7#! ,#$#&.5! \0.5+%1! ('! %7+9! 90GG(&%! *#8+0*!
+$4&#.9#8! .4&(99! %7#!f&(0G! .9! .!U7(5#Q! ! :#%%+$,! .9+8#! .$1!*(A#*#$%! %(U.&89! %7#!
71G(%7#9#9^! %7+9! 8#A#5(G*#$%! .5($#! 7.9! T##$! '#5%! %(! T#! .! *.=(&! T#$#'+%! ('! %7+9!
	#.&47!G&(,&.**#Q!
• :+*G51! 4&#.%+$,! .$8! G(G05.%+$,! .! T5.4RT(.&8! G5.%'(&*! U+55! $(%^! +$! +%9#5'^! 8&.U!
9%08#$%9!+$%(!&#,05.&!#$,.,#*#$%Q!!67#1!U+55^!.9!U+%7!.55!9%081!.4%+A+%+#9^!9#5#4%!U7#$!
.$8!7(U!%(!#$,.,#!T0%!%7#!+*G(&%.$%!(T9#&A.%+($!9##*9!%(!T#!%7.%!U7#$!%7.%!$##8!
.&+9#9^!%7#!9(50%+($!+9!%7#&#^!&#.81!.$8!U.+%+$,!'(&!%7#*Q!!67#!+$+%+.5!G#&4#G%+($^!'&(*!
9%.''^! U.9! %7.%! %7#! #''(&%! .$8! 	(0&4#! &#\0+! '(&! %7#! 4&#.%+($! ('! 9+%#9! U.9!
8+9G&(G(&%+($.%#! %(! %7#! 9%08#$%! 09#! V! .GG+.%+($! ('! U7.%! +9! G&(A+8#8Q! ! 67+9!
8#A#5(G*#$%! 9##*9! %(! 90,,#9%! %7.%! %7+9! +9! .! '5.U#8! A+#U! .$8! %7.%! .! 4(&%51!
8#9+,$#8!9+%#!U+55!̤#!%7#!(44.9+($9!U7#$!9%08#$%9!9##R!.99+9%.$4#!&.%7#&!%7.$!%(!
.%%#*G%!%(!'+$8!%7#!9(50%+($!%7#*9#5A#9Q!
• 6(! 8.%#! +%! 7.9! $(%! T##$! G(99+T5#! %(! .99#99! %7#! '+$.5! G.99! &.%#! ('! %7#! %#9%! *(805#!
9%08#$%9!.$8!4(*G.&#!+%!U+%7!%7#!>IIY!&.%#Q!!<&(*!%7#!+$%#&+*!U(&R!4(*G5#%#8!.$8!
%7#!'(&*.%+A#!.99#99*#$%!(GG(&%0$+%+#9!%7&(0,7(0%!%7#!*(805#^!%7#!+$8+4.%+($9!.&#!
%7.%!.!9+*+5.&!#''#4%!%(!%7.%!#3G#&+#$4#8!5.9%!%+*#!*+,7%!T#!.GG.&#$%Q!!67+9!&#*.+$9!.!
4&04+.5! +$8+4.%(&! %7(0,7! .$8! %7+9! 9%.%+9%+4^! U7#$! .A.+5.T5#^! U+55! 8+4%.%#! 7(U! %7+9!
G&(=#4%!+9!G&(,c#8Q!
• 67#! 9+%#! +$%#,&.%+($^! U+%7! *(805#! 9+%#9! T#+$,! #*T#88#8! U+%7+$! 4(0&9#! 9+%#9^! 7.9!
T##$!97(U$!.9!.$!#''#4%+A#!*(8#5!'(&!G	#$%+$,!*.%#&+.5!%(!9%08#$%9!.$8!W6!.&#!$(U!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! C>J!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
#$4(0&.,+$,!(%7#&9!%(!.8(G%!.!9+*+5.&!G5.%'(&*!+$!%7#+&!(U$!&#A+#U9!('!T5.4RT(.&8!
09#!.9!+%!+9!'#5%!%(!(''#&!.!*047!*(&#!iG&('#99+($.5]!+*.,#!'(&!9%08#$%9Q!
!
OZ!%'!2F/50/(-+'!+*!Q-99&)(/(-+'!P&9&/)47!/'8!$&/)'&)!%0(+'+,1;!%!
</405(1!U-8&!#)+=&4(!
<(&!'055!	#.&47!G.G#&!9##!:X:!/GG#$8+3!JQ!
• 67#&#! .&#!8#%.+5#8! '+$8+$,9! +$! %7#! 	#.&47!G.G#&!U7+47!U+55! T#!*.8#!.A.+5.T5#! .9!
G.&%!('!%7#!'+$.5!G&(=#4%Q!67#!	#.&47!8+8!7+,75+,7%!9(*#!R#1!+990#9!%7.%!$##8!%(!T#!
.88c#8!.$8!9(*#!.&#.9!7.A#!.5&#.81!T#,0$!%(!T#!H:##!:X:!/GG#$8+3!L!'(&!'0&%7#&!
8#%.+59K^!9047!.9;!
• ca!*(805#! 5#.8#&9!U+55! T#! &#A+#U+$,! %7#+&!*(805#! 9G#4+'+4.%+($9^! 7.$8T((R9! .$8!
%#.47+$,!8#5+A#&1_!
• .!	#.&47!*#%7(89!'(&0*!+9!T#+$,!#9%.T5+97#8!U7+47!U+55!%&1!%(!97.&#!T#9%!G&.4%+4#^!
8#T.%#!
• 0$8#&G+$$+$,!A.50#9^!97.&#!	(0&4#9!.$8!9##R!4($9+9%#$41!+$!.GG&(.47!U7#&#A#&!+%!
+9!.GG&(G&+.%#_!
• .! G&(,&.**#! ('! 90G#&A+9(&! 8#A#5(G*#$%! 9#99+($9! +9! T#+$,! #9%.T5+97#8! %(! 90GG(&%!
8+99#&%.%+($!90G#&A+9(&9!.4&(99!:X:!
• /!&#A+#U!('!%7#!.55(4.%+($!('!7(0&9!'(&!8+99#&%.%+($!90G#&A+9+($!+9!T#+$,!0$8#&%.R#$Q!
TZ!Q&F&5+H-'.!2!I$&/)'-'.!4/9&!9(08-&9!+'!(7&!?:4!6V?!H)+.)/,,&!
<(&!'055!	#.&47!G.G#&!9##!:X:!/GG#$8+3!LQ!
23%&.4%9!'&(*!%7#!	#.&47!9%081Q!
"/9&!:(081!L;! 67#! '+&9%! (0%G0%! 8#*($9%&.%#8! %7.%! 5#.&$#&9]! ,(.5! '(&! 8#A#5(G*#$%! ('! 4.9#!
9%081! U.9! %(! .47+#A#! 9(50%+($! %(! 7+9! T09+$#99! G&(T5#*Q!S7+5#! 7+9! ,(.5! U.9! #A.$%! .$8!
+*G(&%.$%^! +%!U.9! 7+,751! 0$&#.5+9%+4! %(! .47+#A#! .55! ('! %7#*! H,+A#$! %7#! 5#A#5! ('! +$'(&*.%+($!
.A.+5.T5#!%(!5#.&$#&KQ!
/'%#&!9(*#!%.5R+$,!.T(0%!7+9!,(.59!.$8!7+9!40&&#$%!#3G#&+#$4#9^!%7#!5#.&$#&!8#4+8#8!%(!'(409!
+$+%+.551!($!%7#(&+#9!7#!R$(U9!U7+5#!#3G.$8+$,!7+9!R$(U5#8,#!($!8+''#&#$%!%#47$+\0#9!.$8!
%((59Q! 67+9! 47.$,#! +$! ,(.59! #$7.$4#8! 7+9! *(%+A.%+($^! T1! #$90&+$,! %7.%! 7#! #3G#&+#$4#9!
.88+%+($.5!9R+559!.$8!*(A+$,!%(U.&89!7+9!*(&#!5($,O%#&*!,(.59Q!
"/9&!:(081M;!67#!9#4($8!4.9#!9%081!U.9!G03!.GG51+$,!7+9!G.9%!#3G#&+#$4#!.$8!%&1+$,!%(!
5#.&$! %7.%! ($! $#U! 4+&40*9%.$4#Q!S7+5#! %7#&#!U.9! $(%7+$,! $#U! +$! %7.%! 4.9#! 9%081! T0%^! 7#!
8#*($9%&.%#8!45#.&!0$8#&9%.$8+$,!('!7(U!%(!.GG51! %7#(&+#9!($! %7#!8+''#&#$%!#$A+&($*#$%Q!!
67+9!4.$!T#!4($9+8#!.9!#$7.$4#*#$%!('!R$(U5#8,#Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! C>L!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
/!$0*T#&!('!+$%#&A+#U9!U+%7!5#.&$#&9!8#*($9%&.%#8!%7.%!%7#1!7.A#!,((8!#3G#&+#$4#!($!,(.5!
9#%%+$,9^! *($+%(&+$,! (&! #A.50.%+$,! %7#+&! 5#.&$+$,^! .$8! %7.%! %7#1! U#&#! 0$5+R#51! %(! .4\0+&#!
#3%#$9+A#!90GG(&%#8!G&.4%+4#Q!!67+9!4.$!T#!Ή%!('!%7#!$.%0&#!('!%7+9!,&(0G!('!9%08#$%9!U(&R!
#3G#&+#$4#!.$8!	G($9+T+5+%+#9Q!
67#! Ή%! ('! 	#.&47! 8#*($9%&.%#8! %7.%! %7#! 5+9%! ('! (0%4(*#9! '&(*! %7#! 4.9#! 9%08+#9! .&#!
4(*T+$.%+($!('!($#!(&!*(&#!('!5#.&$#&!$##89^!R$(U5#8,#!U+%7+$!%7#!'+#58^!%7#+&!.U.&#$#99!('!
%7#!'+#58!^!%7#+&!+$%#	%9!.$8!,(.59!'(&!%7#!9%081Q!
<0)(7&)!#)+=&4(9!
67#&#!.&#!%U(!.88+%+($.5!	#.&47!G&(=#4%9!U+55!4(*#!%(!'&0+%+($!5.%#&!+$!>ICIQ!67#9#!.&#_!
aZ!E9-'.!P&*5&4(-F&!#)/4(-4&!-'!%99&99,&'(!!
67+9!U+55!7#5G! +$!0$8#&9%.$8+$,!7(U!&#'5#4%+A#!G&.4%+4#!4.$!T#!09#8!.9!.$!.99#99*#$%! %((5!
T0%! *(&#! +*G(&%.$%51! 7(U! 9%08#$%9! A+#U! .$8! A.50#! %7#! G&(4#99! +$! %#&*9! ('! .! '(&*.5!
.99#99*#$%Q!67+9! +9! .!4&+%+4.5! +990#! '(&!40&&+4050*!8#9+,$!.9!*(&#!*(805#9! 9##R! %(!#*T#8!
%7+9! +$! %7#!6-/! 9%&.%#,1Q!67#&#! +9! .! 8.$,#&! ('! b(A#&R+55b! .$8! %7+9!U+55! 8#A.50#! %7#! 5#.&$+$,!
'&(*!&#'5#4%+($Q!
bZ!#&&)!?&'(+)-'.!$&F&5!b!
67#&#!+9!.!G&(=#4%!U7+47!+$A(5A#9!8#A#5(G+$,!*#$%(&+$,!9R+559!+$!.!A(50$%##&!,&(0G!('!
+$%#&$.%+($.5!9%08#$%9Q!67+9!7.9!90GG(&%!'&(*!9%.''!'&(*!%7#!"(.47+$,!h!a#$%(&+$,!c#9#.&47!
"#$%&#Q!
BF&)/55!2F/50/(-+';!
67#&#!U.9!.!4&(99!9#4%+($!('!/4.8#*+49^!:0GG(&%!9#&A+4#!9%.''!.$8!9%08#$%9!+$A(5A#8!.4&(99!
%7#!9+3!G&(=#4%9Q!67#!T&#.R8(U$!+9!.9!'(55(U9_!
• ")-/!6#.*;!CI!
• /4.8#*+49;!CL!
• :0GG(&%!:%.'';!L!
• )f!9%08#$%9;!YM!
/%! %7+9! 9%.,#! 4#&%.+$! 9%#G9! 7.A#! T##$! %.R#$! %(! +*G5#*#$%! %7#! 	#.&47! '+$8+$,9! .$8!
(**#$8.%+($9Q! 67#9#! .&#! +$! 5+$#!U+%7! %7#! 	#.&47! G&(=#4%9!*#%7(8(5(,+#9!U7+47! .&#!
8#9+,$#8! %(! '(409! G&+*.&+51! ($! CS,H)+F-'.! (7&! :(08&'(! 23H&)-&'4&C! .$8! %(! 7.A#! 9(*#!
+*G.4%!($!CP/-9-'.!+0)!#)+*-5&ZC!U7+47!.&#!:?@!.$8!:X:!4(&G(&.%#!(T=#4%+A#9Q!!
67#!*.+$!+$+%+.%+A#9!.$8!.4%+($9!U7+47!7.A#!T##$!+$9%+,.%#8!.9!.!Ή%!('!%7#!	#.&47!.&#_!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! C>d!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
• c#A+#U!('!G&#!.$8!G(9%!W$804%+($!G&(4#99_!
• @9+$,!%7#!2*G5(1.T+5+%1!	#.&47!%(!+$'(&*!%7#!8#9+,$!('!G&(*(%+($.5!*.%#&+.5_!
• /!G&(=#4%!.%!.$!#.&51!9%.,#!%(!8#A#5(G!!b%.5R+$,!7#.89b!%(!7#5G!90GG(&%!G(%#$%+.5!.$8!
#3+9%+$,!9%08#$%9_!
• 2*T#88+$,!%7#!09#!('!X5.4RT(.&8!.9!.!A+&%0.5!4(**0$+%1!.4&(99!.!90T=#4%!,&(0G_!
• /!45#.&!G(5+41!9%.%#*#$%!($!8#A#5(G+$,!	#.&47!4.G.T+5+%1_!
• /! 4(**+%*#$%! %(! &#A+#U! 8+99#&%.%+($! 90G#&A+9+($! 5#.8+$,! %(! (**#$8.%+($! '(&!
90G#&A+9(&!%&.+$+$,_!
• 67#!'(&*.%+($!('!.!c#9#.&47!a#%7(89!<(&0*!+$!:X:!
67#!G&(=#4%9!U+55!4($%&+T0%#!%(!S,H)+F-'.!(7&!:(08&'(!23H&)-&'4&C!%7&(0,7!'.4+5+%.%+$,!%7#!
U.1! :X:! #*T#89! 5#.&$+$,! +$%(! %7#! '.T&+4! ('! %7#! (&,.$+9.%+($Q! 67+9! 4.$!U#! #A+8#$4#8! +$! .!
$0*T#&!('!U.19!'&(*!%7#!'+$8+$,9!#Q,Q!	#.&47!'(&0*!9%.&%9!+%9!U(&R!(&!%7#!4(0&9#!5#.8#&9!
#'+$#! 7(U! U#! .GG&(.47! %7#! U7(5#! G&(4#99! ('! #$,.,+$,! U+%7! $#U! 9%08#$%9Q! S#! .&#!
5((R+$,! %(! 8+94($%+$0#! 09+$,! %7#! %#&*! +$804%+($! %(! '(409! ($! .! G&(4#99! U7+47! G&(A+8#9!
90GG(&%!(A#&!.!5($,#&!G#&+(8!('!%+*#Q!67+9!U+55!G&(A+8#!%7#!9G.4#!+$!U7+47!9%08#$%9!4.$!T#!
,+A#$! %7#! 90GG(&%! %(! .55(U! %7#*! %(! 0$8#&9%.$8! 7(U! %(!T#4(*#!*(&#! .0%($(*(09! +$! %7#!
5#.&$+$,!G&(4#99#9Q!67#!	#.&47!+$%(!#*G5(1.T+5+%1!.$8!%7#!9%08#$%!#3G#&+#$4#!('!G&#OG(9%!
.&&+A.5! 7.9! T##$! 8+99#*+$.%#8! %(! %7#! *.$.,#*#$%! 90GG(&%! %#.*! U+%7! 	G($9+T+5+%1! '(&!
G0T5+4+9+$,! .$8! G&(*(%+$,! G(9%,&.80.%#! 4(0&9#9Q! /! &#G	#$%.%+A#! 9.*G5#! ('! :X:! )f!
9%08#$%9! 7.A#! #$,.,#8! U+%7! %7#! 	#.&47! .$8! +$! 8(+$,! 9(! T#4(*#! *(&#! .U.&#! ('! %7#!
	#.&47!G&(4#99!%7.%!%7#1!*.1!%7#*9#5A#9!09#!+$!%7#+&!9%08+#9Q!!
67#&#!.&#!.!$0*T#&!('!*#.90	!%7.%!*+,7%!.55(U!09!%(!%#9%!%7#!9044#99!('!%7#!G&(=#4%9!(A#&!
.!G#&+(8!('!%+*#Q!67#9#!+$4508#_!
• :%08#$%!G&(,c+($!.$8!.47+#A#*#$%_!!
• <##8T.4R!'&(*!9%.''!9%08#$%!4(**+%%##9_!!
• c#905%9!'&(*!9%08#$%!#A.50.%+($!+'!8#9+,$#8!%(!#3G5(&#!%7#!+990#!('!5#.&$#&!.0%($(*1_!!
• <##8T.4R! ($! %7#! \0.5+%1! ('! G&#O.&&+A.5! *.%#&+.59! 5+$R#8! %(! #.&51! #$,.,#*#$%! .$8!
0$8#&9%.$8+$,!('!%7#!8#*.$89!('!*.9%#&b9!5#A#5!4(0&9#9_!
• a($+%(&+$,!9%08#$%!G#&'(&*.$4#!.$8!#$,.,#*#$%!80&+$,!%7#!#.&51!G#&+(8!('!9%081_!
• 2$7.$4#8!	#.&47!4.G.T+5+%1!.$8!\0.5+%1!	#.&47!(0%G0%9_!
• 2$7.$4#8!%0%(&V9%08#$%!.%+($97+G9_!
• /$$0.5!#A.50.%+($!('! %7#!9%08#$%!#3G#&+#$4#! %7&(0,7!'(409!,&(0G!9#%!0G!.9!G.&%!('!
	#.&47!*#%7(89!*(805#9_!
• c#A+#U+$,! %7#! \0.5+%1! ('! 90T*+99+($! 8(40*#$%.%+($! +$! %#&*9! ('! .GG51+$,! %7#!
	#.&47! '+$8+$,9! %(! %7#!8#9+,$! ('! %7#! 40&&+4050*! +Q#Q! 9%08#$%! #$,.,#*#$%^! 5#.&$#&!
.0%($(*1^!#*G5(1.T+5+%1^!&#'5#4%+A#!G&.4%+4#!.$8!2O-#.&$+$,_!
• W$A(5A#*#$%!('!9%08#$%9!+$!%7#!8#9+,$!('!%7#!40&&+4050*_!!
• X0+58+$,!($!%7#!	#.&47!.9!G.&%!('!)##&!:0GG(&%#8!-#.&$+$,!.4%+A+%+#9Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! C>M!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
#)+=&4(!B0(4+,&9!
"05(0)&!"7/'.&!S'!:7&**-&58!>09-'&99!:47++5!
67+9! +9! .! 5($,+%08+$.5! G&(4#99! .$8! .$1! 405%0&.5! 47.$,#! U+55! T#! *#.90! T1! 7(U! %7#!
40&&+4050*! +9! 8#A#5(G#8! %(! &#'5#4%! .$1! ('! %7#! '+$8+$,9! '&(*! %7#! G&(=#4%9Q! <(&! #3.*G5#! %7#!
	#.&47!'(&0*!*.1!U#55!+$'50#$4#!%7#!8#9+,$!.$8!%#.47+$,!('!	#.&47!*#%7(89Q!67#!405%0&#!
('!4&(99O8+94+G5+$.&1!U(&R+$,!.$8!4(55.T(&.%+($!7.9!T##$!#$7.$4#8!T1!%7#!U(&R!('!%7#!")-/!
%#.*!.9!#A+8#$4#8!T1!%7#!9#%%+$,!0G!('!%7#!	#.&47!'(&0*Q!!
!#)+*&99-+'/5!Q&F&5+H,&'(!+*!:(/**!
67#! ")-/! 7.8! G&(A+8#8! G&('#99+($.5! 8#A#5(G*#$%! (GG(&%0$+%+#9! '(&! %7#! G&(=#4%! %#.*!
*#*T#&9!.$8!.99(4+.%#8! 	#.&47#&9Q! W!7(G#! %(!G#&90.8#! %7#!:X:!#3#40%+A#! %(! 5((R!.%! %7#!
'0$8+$,!('! 9%.''! %(!8#A#5(G! %7#+&! 	#.&47! 4.G.T+5+%1! +$! %#&*9!('! %.0,7%! 	#.&47!*#%7(89Q!
67+9!5($,!%#&*!.+*!U(058!4($%&+T0%#!%(!+*G&(A+$,!%7#!\0.5+%1!('!	#.&47!90G#&A+9+($!U+%7!
%7#!.+*!('!#$7.$4+$,!5#.&$#&!.0%($(*1!+$!	#.&47!9%08#$%9Q!
"+'4&H(0/5!"7/'.&9!/9!/!P&905(!+*!(7&!#)+=&4(!!
67#!4($4#G%!('!%7+9!G&(=#4%!U.9!%(!%.R#!.!7(5+9%+4!A+#U!('!%7#!9%08#$%!#3G#&+#$4#!+$!(&8#&!%(!
'(9%#&! %7#!8#A#5(G*#$%!('!.0%($(*(09! 5#.&$#&9!U7+47!%&.$95.%#8! +$%(!.!4($4#G%0.5!*(8#5!
%7.%!'(&*#8!%7#!T.9+9!('!%7#!G&(=#4%9Q!!
S,H/4(!B'!</405(1!:()/(&.1!
67#!G&(=#4%!+*G.4%#8!($!'.405%1!9%&.%#,1!+$!%#&*9!('!%7&##!.&#.9_!
CQ W$!*##%+$,!%7#!(T=#4%+A#!%(!45.&+'1!%7#!$.%0&#!('!	#.&47!*#%7(89!%#.47+$,!+$!:X:_!
>Q W$!8#A#5(G+$,!.!9%&.%#,1!'(&!&(55+$,!+$804%+($_!
NQ W$!8#A#5(G+$,!%7#!#*G5(1.T+5+%1!.,#$8.!'(&!*.&R#%+$,!:X:!*.9%#&9!4(0&9#9Q!
S,H/4(!+'!(7&!:(08&'(9!$&/)'-'.!2'F-)+',&'(!
67#! G&(=#4%! 7.9! 47.$,#8! %7#! 5#.&$+$,! #$A+&($*#$%! '(&! 9%08#$%9! T1! 4&#.%+$,! .U.&#$#99!
.4&(99!:X:!('!%7#!+$%#&O.%+($97+G!T#%U##$!.55!%7#!9%.R#7(58#&9!U7(!7.A#!.$!.4%+A#!&(5#!+$!
&0+%+$,^!90GG(&%+$,^!.8A+9+$,!.$8!%#.47+$,!G(9%,&.80.%#!9%08#$%9Q!67#!4(55.T(&.%+($!.$8!
+$A(5A#*#$%! ('! .! 5.&,#! $0*T#&! ('! 9%08#$%9! 7.9! .5&#.81! +*G.4%#8! ($! %7#! #$A+&($*#$%! T1!
8#*($9%&.%+$,! (0&! 4(**+%*#$%! %(! +*G&(A+$,! %7#! 5#.&$+$,! 4(**0$+%1! %7(0,7! .4%+A#!
+$A(5A#*#$%!('!9%08#$%9!.$8!9%.''Q!
"+'(-'0/(-+'!H5/'9!
:7#''+#58!X09+$#99!:47((5!G5.$9!%(!4($%+$0#!%7+9!+$+%+.%+A#!+$!%7#!'(55(U+$,!U.19;!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! C>Z!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
• 67&(0,7!%7#!	#.&47!*#%7(89!'(&0*_!
• 67&(0,7!90T=#4%!,&(0G!+$A(5A#*#$%!+$!8#A#5(G+$,!*(805#9!($!XX_!
• W$!%7#!47.$,#9!T#+$,!G5.$$#8!'(&!%7#!+$804%+($!G&(4#99_!
• W$!90GG(&%+$,!.$8!.8A+9+$,!($!40&&+4050*!8#A#5(G*#$%!'(&!A.5+8.%+($_!
• W$!8#A#5(G+$,!%7#!9%08#$%!&#G	#$%.%+A#!G&(4#99!.%!)f!5#A#5Q!
"+'4509-+'9!
67#!47.$,#!G&(4#99!U.9!7(5+9%+4^!+$A(5A+$,!.55!%7#!9%.R#7(58#&9!+$!%7#!	#.&47!G&(4#99!.$8!
+$!4($9+8#&+$,!9(50%+($9!%(!40&&#$%!G&(T5#*9!.$8!+990#9Q!67#!9%08#$%!qA(+4#q!7.9!.!
G&(*+$#$%!G5.4#!+$!%7#!	#.&47^!%(,#%7#&!U+%7!%7#!9%.''!+$A(5A#8!+$!T(%7!%7#!%#.47+$,!.$8!
40&&+4050*!8#9+,$Q!"7.$,#9!U+55!%7#&#'(&#!T#!(U$#8!T1!%7#!4(**0$+%1!('!G&.4%+4#V5#.&$+$,!
U7+47!97(058!#$90&#!*(&#!#''#4%+A#!4(*G5#*#$%.%+($Q!
!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! C>Y!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
:>:!%HH&'8-3!L!
Q&F&5+H-'.! /'8! &,G&88-'.! $&/)'&)! %0(+'+,1! J-(7-'! (7&!
#+9(.)/80/(&!"0))-4050,!)&9&/)47!,&(7+8+5+.1!
XBQ<P2_!"P%S\!YXZDZ"P%S\[:DEZ%"ZE\]!
%G9()/4(;!
67+9!U.9!.!7(5+9%+4!.4%+($!	#.&47!T.9#8!G&(=#4%!+$A(5A+$,!T(%7!\0.$%+%.%+A#!.$8!\0.5+%.%+A#!
8.%.!4(55#4%+($!*#%7(89Q!67#!	#.&47!G&(=#4%9!U#&#!4.&&+#8!(0%!'&(*!a.1!>IIZ!O!a.1!>ICI!
U+%7!%U(!9%+55!+$!G&(,cQ!
67#!	#.&47!%#.*!8#A#5(G+$,!.!'&.*#U(&R!*(8#5!T.9#8!($!%7#!5+'#O4145#!('!.!G(9%,&.80.%#!
9%08#$%! %(! #3G5(&#! %7#+&! #3G#&+#$4#9! .9! 9%08#$%9! ($! :X:! G&(,&.**#9! '&(*! %7#! G(+$%! ('!
.GG5+4.%+($! %7&(0,7! %(! ,&.80.%+($! .$8! '0&%7#&! 9%081Q! 67#! %#.*! 09#8! '(409! ,&(0G9^!
+$%#&A+#U9!.$8! 90&A#19! %(!8#A#5(G! %7#! '+$8+$,9! +$%(! 9+3! .&#.9! 5+$R#8! %(! 5#.&$#&! .0%($(*1!
.$8! +$%&.O8#G#$8.$%! 5#.&$+$,Q!/!$0*T#&!('! +$+%+.%+A#9!7.A#!T##$! +$%&(804#8!.9!.!Ή%!('!
%7#!	#.&47!U7+47!+$4508#9!%7#!9#%%+$,!0G!('!.!	#.&47!*#%7(89!'(&0*!.$8!&#A+#U!('!%7#!
+$804%+($!G&(4#99!'(&!G(9%,&.80.%#!9%08#$%9Q!
67#!*.+$!47.55#$,#!%(!T#!.88c#8!+$!%#&*9!('!%7#!(0%G0%9!.$8!(**#$8.%+($!%(!4(*#!
'&(*! %7#! 	#.&47! +9! 7(U! %(! 909%.+$! +$+%+.%+A#9! +$! %7#! '0%0&#! .9! G.&%! ('! %7#! :X:! 9%08#$%!
#$,.,#*#$%!9%&.%#,1Q!67+9!G.G#&!*.R#9!.!$0*T#&!('!(**#$8.%+($9!.9!%(!7(U!%7+9!*+,7%!
T#!.47+#A#8!(A#&!%7#!$#3%!%U(!1#.&9Q!
:7&**-&58! >09-'&99! :47++5! d! "&'()&! *+)! #)+,+(-'.! $&/)'&)!
%0(+'+,1!P&9&/)47!#)+=&4(9!
6-(5&!+*!(7&!#)+=&4(!
E#A#5(G+$,! .$8! 2*T#88+$,! -#.&$#&! /0%($(*1! U+%7+$! %7#! )(9%,&.80.%#! "0&&+4050*! %(!
#$7.$4#!5#.&$+$,!.$8!)&('#99+($.5!E#A#5(G*#$%Q!
/9!.!Ή%!('!.!&#A+#U!('!+%9!G(9%,&.80.%#!40&&+4050*^!%7#!:7#''+#58!X09+$#99!:47((5!H:X:K!+9!
G5.$$+$,! %(! 8#A#5(G! .! *(&#! 9%08#$%O4#$%! .GG&(.47! %(! 5#.&$+$,! %(! T(%7! #$7.$4#! %7#!
5#.&$+$,! #3G#&+#$4#! .$8! %7#! G&('#99+($.5! 8#A#5(G*#$%! ('! .$! +$4&#.9+$,51! 8+A#&9#! 9%08#$%!
G(G05.%+($Q!67#!8#A#5(G*#$%!('!.0%($(*1!+*G5+#9!9%08#$%9!%.R+$,!,&#.%#&!	G($9+T+5+%1!'(&!
%7#+&! (U$! 5#.&$+$,! %7&(0,7! .4%+A#! .$8! +$8#G#$8#$%V! +$%#&8#G#$8#$%! +$A(5A#*#$%! +$! %7#!
G&(4#99! .9!U#55! .9! +$! %7#! 90T=#4%! 4($%#$%! ('! %7#! 40&&+4050*! H-+%%5#^! >IIIKQ! W$! .88+%+($^! %7#!
.T+5+%1! %(! +$'50#$4#! ($#b9! (U$! 5#.&$+$,! 7.9! T##$! .99(4+.%#8! U+%7! +*G&(A#8! .4.8#*+4!
G#&'(&*.$4#!H<+$85#1!.$8!"((G#&^!CYZN_!X.$80&.^!CYMM!.$8!CYZdKQ!/5%7(0,7!G(9%,&.80.%#!
9%08#$%9!*.1!7.A#!8#A#5(G#8!.!8#,&##!('!.0%($(*1!U+%7+$!%7#+&!47(9#$!G&('#99+($!.$8V!(&!
G&#A+(09!5#.&$+$,!#3G#&+#$4#9^!%7#+&!.0%($(*1!+$!%7#!4($%#3%!('!%7#+&!40&&#$%!9%08+#9!$##89!
%(!T#!'(9%#!+$!(&8#&!%(!#$7.$4#!%7#+&!5#.&$+$,!.$8!+*G&(A#!%7#+&!G#&'(&*.$4#Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CNI!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
!
67#!G&(=#4%!U+55!'(409!($!%7#!8#A#5(G*#$%!('!*(805#!.4%+A+%+#9!.$8!.99#99*#$%!U+%7+$!:X:!
X09+$#99! .$8!a.$.,#*#$%! G&(,&.**#9! U7+47! '(409! ($! G&(4#99! ('! %#.47+$,! .$8! 9%08#$%!
90GG(&%!.9!U#55!.9!4($%#$%!('!4(0&9#9!%(!'.4+5+%.%#!%7#!4(O4($9%&04%+($!('!R$(U5#8,#!T#%U##$!
9%08#$%9! .$8! %7#+&! %0%(&H9K^! .$8! 90GG(&%! %7#! 8#A#5(G*#$%!('! #A.$%! 9R+559! .$8! .%%&+T0%#^!
+$4508+$,!&#'5#4%+A#!.$8!&#'5#3+A#!.9G#4%9Q!67#9#!8#A#5(G*#$%9!U+55!T#!45(9#51!+$%#,&.%#8!.%!
4(0&9#!5#A#5!U+%7!.!&(55+$,!+$804%+($!.$8!.!)E)!G&(4#99Q!67#1!U+55!.+*!%(!*.3+*+9#!%7#!+$G0%!
('!9%08#$%9!+$!%7#+&!5#.&$+$,!%7&(0,7^!'(&!#3.*G5#^!%7#!$#,(%+.%+($!('!5#.&$+$,!(0%4(*#9^!.$8!
.$!(GG(&%0$+%1!%(!47((9#!(&!8#9+,$!.4%+A+%+#9!.$8V(&!.99#99*#$%!%.9R9!+$4508+$,!.99#99*#$%!
4&+%#&+.^!U(&R+$,!4(55.T(&.%+A#51!U+%7!G##&9!U+%7(0%!(&!+$!G.&%$#&97+G!U+%7!%0%(&H9KQ!!
?&(7+8+5+.1;!!
67#! 	#.&47! *#%7(8(5(,1! '(&! %7#! G&(=#4%! .9! .! U7(5#! +9! T.9#8! ($! .$! .4%+($! 	#.&47!
*#%7(8(5(,1!U+%7!.4%+($!	#.&47!T#+$,!8#'+$#8!.9_!
l$&$*-(3$-*$)#,*6(#*,#'%+7#$#.80+(E$0./#(%&T#.$9E$2&(%+'+2&.%)$ +.$)-'+&,$)+%0&%+-.)$ +.$-(/#($%-$
+32(-7#$ %"#$ (&%+-.&,+%E$ &./$ d0)%+'#$ -*$ %"#+($ -C.$ 2(&'%+'#)4$ %"#+($ 0./#()%&./+.1$ -*$ %"#)#$
2(&'%+'#)4$&./$ %"#$)+%0&%+-.)$ +.$C"+'"$ %"#$2(&'%+'#)$&(#$'&((+#/$-0%$ >O&(($&./$m#33+)$:AHIJ$
:IKL=$
67#!'(409!('!.4%+($!	#.&47!4.$!T#!8#'+$#8!.9!'(55(U9_!
• /4%+($!	#.&47]9!.+*!+9!%(!4($%&+T0%#!T(%7!%(!%7#!G&.4%+4.5!4($4#&$9!('!G#(G5#!+$!.$!
+**#8+.%#! G&(T5#*.%+4! 9+%0.%+($! .$8! %(! %7#! ,(.59! ('! 9(4+.5! 94+#$4#! T1! =(+$%!
4(55.T(&.%+($!!! ! !! ! ! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!Hc.G(G(&%^! CYMIK!
• /4%+($! 	#.&47! *09%! G(99#99! .$! .9G#4%! ('! 8+%! +$A(5A#*#$%! +$! (&,.$+g.%+($.5!
47.$,#^!.$8!9+*05%.$#(0951!.4%+($!	#.&47!*09%!G&(A+8#!.$!+$4&#.9#!+$!R$(U5#8,#!
! ! ! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!H"5.&R^!CYM>K!
• /4%+($!	#.&47!+9!47.&.4%#&+9#8!T1!.!G.&%$#&97+G!T#%U##$!%7&##!G&+*#!.4%(&9;!
!"#$%&'((((((')$*$+,-.$,'(((((('/012$-&''
67#!45+#$%! +$! %7+9! 	#.&47! +9! %7#!"#$%&#! '(&!)&(*(%+$,!-#.$#&!/0%($(*1^! %7#! 	#.&47#&9!
.&#!.4.8#*+49!.$8!	#.&47!.99+9%.$%9!'&(*!%7#!:7#''+#58!X09+$#99!:47((5!.$8!%7#!90T=#4%9!
.&#!.!&#G	#$%.%+A#!9.*G5#!('!*.9%#&b9!9%08#$%9!.$8!:X:!.4.8#*+4!.$8!90GG(&%!9%.''Q!
W$! %7+9! 4.9#! %7#! %#.*! ('! 	#.&47#&9! +$4508#! .4.8#*+49! .$8! 	#.&47! .99+9%.$%9! H9##!
.GG#$8+3!CK!U7(!.&#!U(&R+$,!4(55.T(&.%+A#51!%(!8#5+A#&!.!9#&+#9!('!9*.55!.$8!+$%#&4($$#4%#8!
	#.&47!G&(=#4%9Q!67#!G&(=#4%9!9%.&%#8!+$!.!8+94&#%#!U.1!.$8!.%!%7#!#.&51!9%.,#9!U#&#!9##$!%(!
T#! b9*.55! 	#.&47b! .4%+A+%+#9! %7.%! $##8#8! %(! T#! G5.4#8! +$%(! .! T&(.8#&! 4($%#3%! ('! %7#!
8#A#5(G*#$%! ('! %7#! :7#''+#58! X09+$#99! :47((5! .$8! @$+A#&9+%1! 4(&G(&.%#! G5.$9Q! /9! %7#!
G&(=#4%9!#A(5A#8!%7#&#!U.9!.$!(GG(&%0$+%1!%(!U+8#$!(0%!%7#!'(409!('!	#.&47!.$8!%(!4($$#4%!
+$%(!(%7#&!	#.&47!G&(=#4%9!U7+47!7.8!.%#8!%7#*#9Q!67+9!'+%9!U#55!U+%7!%7#!4($4#G%!('!%7#!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CNC!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
5#.&$+$,!(&,.$+9.%+($!H:#$,#!CYY>K!U7+47!($#!*+,7%!#3G#4%!%7#!T09+$#99!947((5!%(!*(8#5!+$!
%#&*9!('!%#.*!5#.&$+$,!.$8!919%#*9!%7+$R+$,Q!
$ Y!"#(#$&(#$ )#7#(&,$ /+**#(#.%$ /#*+.+%+-.)$ &./$ '-.'#2%)$ -*$ -(1&.+n&%+-.&,$ ,#&(.+.14$ &./$
$ %"#(#$ +)$ .-$ 0.+7#()&,$ &1(##3#.%$ -.$ %"#$ 2"#.-3#.-.=$ P-C#7#(4$ 3-)%$ (#)#&('"#()$
$ '-.)+/#($ %"&%$ -(1&.+n&%+-.&,$ ,#&(.+.1$ +)$ %"#$ 2(-/0'%$ -*$ -(1&.+n&%+-.&,$ 3#39#()j$
$ +.7-,7#3#.%$+.$%"#$+.%#(&'%+-.$&./$)"&(+.1$-*$#Z2#(+#.'#)$&./$T.-C,#/1#=$!"+)$)"&(#/$
$ *-(3$ -*$ T.-C,#/1#$ +)$ 9+11#($ %"&.$ %"#$ )+32,#$ &//#/$ -*$ %"#$ +./+7+/0&,)j$ ,#&(.+.1$
$ '&2&'+%+#)=$ !"+)$ +32,+#)$ %"&%$ +./+7+/0&,$ ,#&(.+.1$ +)$ &$ .#'#))&(E4$ 90%$ .-%$ )0**+'+#.%4$
$ '-./+%+-.$ *-($ -(1&.+n&%+-.&,$ ,#&(.+.1$ %-$ -''0(=$ !"#$ +.*-(3&%+-.$ /+)%(+90%#/$ %"(-01"$
$ %"#$-(1&.+n&%+-.j)$3#39#()$+)$)"&(#/$&./$+.%#(2(#%#/$+.$&.$-(1&.+n&%+-.&,$C&E=$Q7#.$
$ %"-01"4$ +./+7+/0&,$ ,#&(.+.1$ &./$ -(1&.+n&%+-.&,$ ,#&(.+.1$ &(#$ )-3#$ "-C$ -*$ /+**#(#.%$
$ #))#.'#)M$ %"#$ *-(3#($ +)$ #))#.%+&,,E$&$ '-1.+%+7#$2(-'#))4$&./$ %"#$ ,&)%$ +)$3&+.,E$&$ )-'+&,$
$ 2(-'#))=$YH6#%&+4R!.$8!E.!:+5A.^!>IINKQ!
`A#&! %7#! 5.9%! 8#4.8#! 0$+A#&9+%+#9! 7.A#! T##$! 90T=#4%#8! %(! A.&+(09! '(&*9! ('! .4.8#*+4!
.44(0$%.T+5+%1!8#9+,$#8!%(!*.+$%.+$!(&!+*G&(A#!%7#!\0.5+%1!('!%7#+&!%#.47+$,!.$8!5#.&$+$,Q!/!
97.! G#&9G#4%+A#! ('! *.$1! ('! %7#9#! .44(0$%.T+5+%1! G&(4#99#9! +9! %7.%! 0$+A#&9+%+#9! 97(058!
T#4(*#!9R+55#8!.%!4&#.%+$,!R$(U5#8,#!'(&!%7#!+*G&(A#*#$%!('!%#.47+$,!.$8!5#.&$+$,^!.$8!.%!
*(8+'1+$,!%7#+&!T#7.A+(0&!%(!&#'5#4%!%7+9!$#U!R$(U5#8,#Q!W$!97(&%^!%7(9#!0$+A#&9+%+#9!97(058!
T#4(*#!5#.&$+$,!(&,.$+g.%+($9Q!E+55!HCYYYKQ!
E+55!&#A+#U9!.!$0*T#&!('!0$+A#&9+%+#9!%(!	#.&47!q%7#!.&47+%#4%0&#!('!%7#!.4.8#*+4!5#.&$+$,!
(&,.$+g.%+($;!/$!.$.519+9!('! %7#!0$+A#&9+%1!4.9#!9%08+#9!7+,75+,7%9!%7#!4($'5+4%!T#%U##$!%7#!
&#\0+&#*#$%!%(!*##%!\0.5+%1!9%.$8.&89!%(!b%+4R!%7#!T(3#9b!.$8!%7#!$##8!%(!#$4(0&.,#!.!9#.!
47.$,#!+$!%7#!U.1!%7#!(&,.$+9.%+($!#*T#89!5#.&$+$,!+$%(!%7#!'.T&+4!('!%7#!(&,.$+9.%+($Q!
! q%7#&#! +9! .! 8.$,#&! %7.%! .! '(409! ($! 4($'(&*+$,! %(! #3%#&$.5! .99#99*#$%9! *.1!
! #$4(0&.,#! .! l405%0&#! ('! 4(*G5+.$4#m! +$! U7+47! %7#! G&(804%+($! ('! 7+,7! \0.5+%1!
! 8(40*#$%9^! G(5+4+#9^! .$8! G&(4#80	! 90T9%+%0%#9! '(&! %7#! 8#A#5(G*#$%! .$8!
! 8+99#*+$.%+($!('!$#U!R$(U5#8,#!8#9+,$#8!%(!+*G&(A#!%7#!4(&#!G&(4#99#9!('!%#.47+$,!
! .$8!5#.&$+$,Qq!E+55!HCYYYKQ!
?#!.&,0#9!%7.%!.!%&0#!5#.&$+$,!(&,.$+9.%+($!U(058_!
! qW$! 4($%&.9%! %(! %7+9! .4%+A+%1! ('! (&,.$+g.%+($.5! 4($%&(5! %7#! .4%+A+%+#9! ('! .! 5#.&$+$,!
! (&,.$+g.%+($! '(409! ($! 8#A#5(G+$,! .$8! +*G5#*#$%+$,! $#U! R$(U5#8,#! %7.%! U+55!
! +*G&(A#!%7#!4(&#!G&(4#99#9!('!.$!(&,.$+g.%+($Qq!E+55!HCYYYKQ!
/%! %7#! (0%9#%! ('! %7#! 	#.&47! G&(=#4%! %7#&#!U.9! .! 8+5#**.! %(! T#! 	(5A#8! +$! %#&*9!('! %7#!
(0%G0%9! .$8! .GG5+4.%+($! ('! %7#! 	#.&47Q! <&(*! %7#! '0$8#&9! G#&9G#4%+A#! 9(*#! #3G#4%.%+($!
.&+9#9!%7.%!%7#!	#.&47!U+55!7.A#!.$!#804.%+($.5!G#8.,(,+4! '(409! 5#.8+$,!%(!8+99#*+$.%+($!
%7&(0,7! G0T5+97#8! 	#.&47! G.G#&9Q! <&(*! %7#! +$9%+%0%+($.5! 9%.$8G(+$%! %7#! 	#.&47!
(T=#4%+A#9!G(+$%! %(U.&89! +*G&(A+$,! %7#! 4(&#!G&(4#99#9!('!.$!(&,.$+9.%+($Q!67+9! &.+9#9! %7#!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CN>!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
\0#9%+($!.T(0%! %7#!G7+5(9(G7+4.5!8+94(0&9#! %7.%!*.1!T#!&#\0+!T#'(&#! %7#!8#9+,$!('!.$1!
.4.8#*+4! 8#,&##! (&! 8#A#5(G*#$%! .4%+A+%1Q! 67#&#!U.9! .$! +$%#	%+$,! G.G#&! '&(*! c0($.!h!
-1$7.*!H>IIJK!%7.%!#3G5(	!%7#!U(&58!('!?0*.$!c#9(0&4#!E#A#5(G*#$%!H?cEK!'&(*!%7#!
G#&9G#4%+A#!('!.$!+$8+A+80.5!%&1+$,!%(!8#4+8#!($!U7.%!97(058!+$'(&*!%7#!8#9+,$!('!.!8+A#&9+%1!
G&(,&.**#Q! 67#1! .&,0#! %7.%! $(%! #$(0,7! %+*#! +9! .55(U#8! '(&! %7+9! G7+5(9(G7+4.5! 8+94(0&9#!
U7+47!4.$!Ή%! +$! %7#!U&($,!47(+4#9!T#+$,!*.8#! +$!%#&*9!('! %7#!(G%+($9Q!67#1!4($4508#!
U+%7! .! G(U#&'05! +*.,#! ('! b9%04R! 4($A#&9.%+($b! U7+47! .&#! 8#94&+T#8! +$! %7#! '(55(U+$,!
\0(%.%+($_!!
! qS.&&#$! 6(GG! HCYYZK! +$%&(804#8! %7#9#! .0%7(&9! %(! %7#! 4($4#G%! ('! .! i4($A#&9.%+($!
! 7.A+$,!09]! n! %7.%! +9^! ('! .! 4($A#&9.%+($! %7.%! +9!($,(+$,! .$8!T#4(*#9! %7#!G&(*+$#$%!
! '(409! 9047! %7.%! 5+%%5#! #59#! .4%0.551! 7.GG#$9! #34#G%! %7#! 7.A+$,! ('! %7#! 4($A#&9.%+($!
! HX(7*!CYYJKQ! W$!%7#!4($%#3%!('! %7#9#! i9%04R]!4($A#&9.%+($9^!A#&1!'#U!$#U!%7(0,7%9!
! .&#! ,#$#&.%#8^! G(9+%+($9! .&#! 8#'#$8#8^! %&.8+%+($! U#+,79! 7#.A1! .$8! A#&1! 5+%%5#!
! G&(,c!+9!*.8#!+$!0$8#&9%.$8+$,!.$8!4&#.%+$,!$#U!*#.$+$,Q!:(*#!U(058!9.1!%7.%!
! ?cE!+9!40&&#$%51!#$,.,#8!+$!.!'#U!('!%7#9#!R+$89!('!4($A#&9.%+($9Qq! ! !
! ! ! ! ! ! ! ! !c0($.!h!-1$7.*!H>IIJK!
67#!G&(=#4%!5#.8#&!U.9!$(%!+$A(5A#8!.%!%7#!G(+$%!('!4&#.%+($!('!%7#!")-/!	#.&47!G&(=#4%!.$8!
%7#&#'(&#!*+99#8! %7#! G7+5(9(G7+4.5! 8+94(0&9#!U7+47! +%! +9! .990*#8!U.9! 4.&&+#8! (0%! T1! %7#!
	#.&47!*.$.,#*#$%! %#.*Q! W$! %7#! 9%&.%#,+4! 70*.$! 	(0&4#! 8#A#5(G*#$%! 5+%#&.%0&#! %7+9!
U(058!%1G+'1!%7#!5.4R!('!b'+%b!(&!b4($,&0#$4#b!T#%U##$!4(&G(&.%#!V!T09+$#99!9%&.%#,1!H+$!%7+9!
4.9#! %7#! ")-/! G&(=#4%! (T=#4%+A#9K! .$8! %7#! +$A(5A#*#$%! ('! %7(9#! U7(! U+55! 8#5+A#&! %7#!
(T=#4%+A#9!+$!%7#!8#4+9+($!*.R+$,!G&(4#99Q!!
!67+9! 5#8! %(! %7#! 8#4+9+($! %(! .8(G%! %7#! .4%+($! 	#.&47!*#%7(8(5(,1! .$8! '(&! %7+9! %(! T#! .$!
+$804%+A#!G&(4#99Q!67#&#!.&#!5+*+%.%+($9!U7+47!U+55!T#!8+94099#8!5.%#&!%(!%7+9!.GG&(.47!U7+47!
&#A(5A#!.&(0$8!%7#!$.%0&#!('!#A.50.%+($Q!!
67#!	#.&47!%#.*!%&+#8!%(!.A(+8!%7#9#! b9%04R!4($A#&9.%+($b!&#'#&!%(!.T(A#!T1!%&1+$,!%(!
#$90&#! %7.%! %7#&#! U.9! .! 45#.&! 0$8#&9%.$8+$,! ('! %7#! G0&G(9#! ('! %7#! +$8+A+80.5! 	#.&47!
G&(=#4%9!.$8!7(U!%7#1!'+%%#8!b7(5+9%+4.551b!U+%7!%7#!'&.*#U(&R!U7+47!U.9!=(+$%51!8#&+A#8!T1!
%7#! 	#.&47! ,&(0GQ! 67+9! 5#8! 09! %7#! G&(=#4%9! #A(5A+$,^! T#+$,! *(8+'+#8^! +$! ($#! 4.9#!
9+,$+'+4.$%51! #9+,$#8! %(! *.R#! 90&#! %7#1! 7.A#! A.50#! '(&! %7#! T09+$#99! 947((5! .$8! %7#!
(0%G0%9!('!%7#!	#.&47!4.$!T#!.GG5+#8Q!
%4(-+'!P&9&/)47!/'8!"+)H+)/(&!BG=&4(-F&9!
28#$!h!?037.*!HCYYdK!.&,0#! %7.%! q/4%+($!c#9#.&47!8#*.$89!.$! +$%#,&.5! +$A(5A#*#$%!T1!
%7#!	#.&47#&H9K!+$!.$!+$%#$%+($!%(!47.$,#!%7#!(&,.$+g.%+($Q!!W$!%7+9!	#.&47!%7#!(T=#4%+A#9!
.&#! 5+$R#8!8+%51! %(! %7#!0$+A#&9+%1! 4(&G(&.%#!G5.$!>IIZ! O>ICN!.$8!.&#!(0%4(*#9!U+55! T#!
09#8! %(! +$'(&*! %7#! 8#9+,$! ('! %7#! 40&&+4050*^! %#.47+$,! G&.4%+4#! .$8! 9%08#$%! 90GG(&%!
*#47.$+9*9Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CNN!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
67#!"(&G(&.%#!)5.$!9%.%#9!%7.%!T1!>ICN^!U#!U+55!T#!(,$+g#8!$.%+($.551!.$8!+$%#&$.%+($.551!
'(&! %7#!#34#55#$4#!('!(0&! 5#.&$+$,!.$8! %#.47+$,^! '(&! %7#!(0%9%.$8+$,!\0.5+%1!('! %7#! 9%08#$%!
#3G#&+#$4#^! .$8! .9! .$! #3#*G5.&! +$! +$$(A.%+($^! .GG5+#8! 	#.&47! .$8! R$(U5#8,#! %&.$9'#&Q!
67#9#!+$%#&5+$R#8!G&(=#4%9!.&#!8#9+,$#8!%(!8#5+A#&!($!%7+9!R#1!(T=#4%+A#Q!W%!+9!#3G#4%#8!%7.%!
%7#!(0%4(*#9!.$8!'+$8+$,9!'&(*!%7#!9+3!	#.&47!G&(=#4%9!U7+47!4(A#&!%7#!.&#.9!('!%#.47+$,^!
5#.&$+$,!.$8!.99#99*#$%!U+55!+$'(&*!%7#!8#9+,$!('!%7#!G(9%!,&.80.%#!40&&+4050*Q!!
67&!E'-F&)9-(1!#0)H+9&;!
• 6(!G&(A+8#!.!7+,7!\0.5+%1^!A+T&.$%!.$8!47.55#$,+$,!5#.&$+$,!#3G#&+#$4#Q!
• 6(!4&#.%#^!8#A#5(G!.$8!%&.$9'#&!R$(U5#8,#!%7&(0,7!	#.&47!.$8!+$$(A.%+($Q!!
• 6(!7.A#!.!9+,$+'+4.$%!+*G.4%!($!%7#!8#A#5(G*#$%!('!%7#!&#,+($!.$8!%(!4($%&+T0%#!%(!
*##%+$,!$.%+($.5!.$8!+$%#&$.%+($.5!G&+(&+%+#9Q!
\&1!67&,&9!
67#!'(0&!R#1!%7#*#9!U7+47!4($9%+%0%#!%7#!4#$%&.5!'(409!('!%7#!)5.$;!!
• E#A#5(G+$,!(0&!2804.%+($!)(&%'(5+(!
• S,H)+F-'.!(7&!:(08&'(!23H&)-&'4&!
• 234#55+$,!+$!W$$(A.%+($!
• P/-9-'.!+0)!#)+*-5&!!
67#! 	#.&47! G&(=#4%9!*#%7(8(5(,+#9! .&#! 8#9+,$#8! %(! '(409! G&+*.&+51! ($! CS,H)+F-'.! (7&!
:(08&'(!23H&)-&'4&C!.$8!%(!9(*#!#3%#$%!%7+9!U+55!+*G.4%!($!CP/-9-'.!+0)!#)+*-5&ZC!
67#! '(55(U+$,!*(8#5! 97(U9! %7#! .4%+($! 	#.&47! G&(4#99! .$8!U+55! T#! '(55(U#8! %7&(0,7! +$!
%#&*9!('!8#A#5(G+$,!%7#!	#.&47!9%08+#9Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CNJ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
5AR
Prepare & jointly definea problem
Jointly selectan appropriate
framework
Collect& analyze
data
Define whatconstitutes animprovement
Formulate anew conceptual
model
Jointlearning from
process
Monitor&
evaluate
Implementthe
changes
Jointly decideon & agree
strategy
The Action Research ProcessSource: Warmington, 1980
!
:(&H!L;!#)&H/)&!/'8!^+-'(51!Q&*-'&!%!#)+G5&,Z!
67#! G7+5(9(G71! ('! .4%+($! 	#.&47! (0%5+$#8! .T(A#! .$8! %7#! '&.*#U(&R! %7.%! '(55(U9! '&(*!
S.&&+$,%($!HCYZIK!.&#!G+4.%#8!($!%7#!	#.&47! 5#.8#&!T#+$,! +$A(5A#8!+$!G&#G.&+$,!.$8!
=(+$%51! 8#'+$+$,! .! G&(T5#*! %7.%! +9! 9%#G! C! .T(A#Q! `$! &#'5#4%+($! %7(9#! 4(**+99+($+$,! .$8!
'0$8+$,! %7#! 	#.&47! 8+8! $(%!*##%! %7#! '+&9%! ('! %7#! 9%.,#9! %7.%! +9! %7#! +*G5+4.%+($9! ('! G&#O
0$8#&9%.$8+$,! ('! .55! %7(9#! %(! T#! +$A(5A#8! +$! .! *05%+O5.1#! 	#.&47! G&(=#4%Q! 67#!
0$8#&9%.$8+$,! ('! %7#! b8#9+,$#&9b! .$8! %7#! %7#(&#%+4.5! .$8! 4($4#G%0.5! 8#T.%#9! 97(058! 7.A#!
'(&*#8!G.&%!%7#!.4%+($!	#.&47!.$8!'(&*#8!G.&%!('!%7#(&1!#3G5(&.%+($Q!<(&!#3.*G5#!+$!%7#!
4($%#3%!('!%7#!b#3G5+4.%+($!('!G&#O0$8#&9%.$8+$,b!%7#!*#.$+$,!.$8!0$8#&9%.$8+$,!('!%7#!%#&*!
b5#.&$#&! .0%($(*1b! U.9! $(%! #3G5(! .%! .$! #.&51! 9%.,#! %(! 7#5G! +$! %7#! 8#9+,$! ('! %7#!
*#%7(8(5(,+#9! ('! %7#! +$8+A+80.5! G&(=#4%9Q! 67#! 919%#*.%+4! .$8! '(&*.5! 8#'+$+$,! ('! %7#! %#&*!
5#.&$#&! .0%($(*1!#A(5A#8! %7&(0,7! +$'(&*.5! .$8!8+94($$#4%#8! 4($A#&9.%+($9! .*($,9%! %7#!
	#.&47#&b9^!.4.8#*+49!.$8!90GG(&%!9%.''Q!
Yf-0$'-0,/4$"-C#7#(4$&(10#$%"&%$%"+)$+)$&$)%(#.1%"$&)$C#,,$2#('#+7#/$C#&T.#))=$!"#$OQ5!)$C#(#$
+.%#./#/$ %-$ *0./$ +.+%+&%+7#)$ %"&%$ +.7-,7#/$ (+)T=$ !"#$ +/#&$ +)$ %"&%$ )-3#$2(-d#'%)^&22(-&'"#)$ %-$
5!B$C-(T$&./$)-3#$/-.j%=$W.$)-3#$)#.)#$%"#.4$.-%$/#*+.+.1$5B$&,,-C)$*-($30,%+2,#$/#*+.+%+-.)$%-$
#3#(1#$*(-3$C"+'"$&$)"&(#/$-.#4$+.$%"#$)2#'+*+'$'-.%#Z%$-*$D?D4$'&.$9#$*-(30,&%#/$%-$9#$&22,+#/$
+.$%"#$.#Z%$B`$'E',#=Y$>R-&..#$Q,*7+.16PC&.1$6$OU5B$U(-d#'%$Q7&,0&%-(L=$
:(&H!M;!^+-'(51!:&5&4(!%'!%HH)+H)-/(&!<)/,&J+)@Z!
/%!%7#!9%.,#!%7#!G&(=#4%!5#.8#&!.990*#8!	G($9+T+5+%1!'(&!%7#!b9*.55b!")-/!	#.&47!G&(=#4%9!
%7#&#!U.9! ($#! 	#.&47!G&(=#4%! +$! G&(,c!U7+47! 7.9! +%9! (U$!*#%7(8(5(,1! .$8! 5#.&$+$,!
(0%4(*#9Q!`$!('!%7#!5#.&$+$,!G(+$%9!%(!4(*#!'&(*!%7#!G&(4#99!('!*.$.,+$,!%7+9!	#.&47!+9!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CNL!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
%7#!$##8!%(!T#!45#.&!.T(0%!%7#!#A.50.%+($!.$8!*#%7(8(5(,+#9!09#8!T1!+$8+A+80.5!G&(=#4%9!.$8!
7(U! %7#9#! .&#! 5+$R#8! %(! %7#! :X:! .$8! 0$+A#&9+%1! 4(&G(&.%#! (T=#4%+A#9Q! W%!U.9! 45#.&! %7.%! .$!
+$+%+.5!U#.R$#99!+$!%7#!8#9+,$!9%.,#!U.9!$(%!%(!A+#U!.55!%7#!G&(=#4%9!7(5+9%+4.551!.$8!#$90&#!
%7#1! .&#! +$%#,&.%#8! U+%7! %7#! :X:! G(9%,&.80.%#! T09+$#99! G5.$Q! /$#48(%.5! #A+8#$4#! '&(*!
.4.8#*+49! U.9! %7.%! %7#1! A+#U#8! G&#A+(09! 9*.55! 94.5#! 	#.&47! G&(=#4%9! U+%7! 9(*#!
94#G%+4+9*!.$8!9.U!$(!#A+8#$4#!('!%7#&#!4($%&+T0%+($!%(!5#.&$+$,^!%#.47+$,!.$8!.99#99*#$%!
9%&.%#,+#9Q!67+9!+9!%7#!G#&4#G%+($!T0%!+$!&#.5+%1!GϞ&#!('!U(&R^!%#.47+$,!.$8!*.&R+$,!5(.89!
.$8!+$8+A+80.5!+$%#	%!('%#$!4($9G+&#!%(!5+*+%!%7#!8+99#*+$.%+($!('!%7#!	#.&47Q!S(&R97(G9!
.$8!T&+#'+$,!.&#!G&(A+8#8!T0%!('%#$!($51!.%%#$8#8!T1!%7#!b4($A#&%9b!.$8!%7#9#!G&(=#4%9!$##8!
%(!'+$8!.!*#47.$+9*!T1!U7+47!U#!4.$!8+99#*+$.%#!.9!U+8#51!.9!G(99+T5#!.4&(99!%7#!T09+$#99!
947((5Q!
/%!.$!#.&51!9%.,#!Ha.1!>IIZK!%7#!G&(=#4%! 5#.8#&!.$8!+$8+A+80.5!	#.&47#&9!*#%!%(!8+94099!
%7#!A.&+(09!G&(=#4%9!%7.%!*+,7%!5#.8!%(!*##%+$,!%7#!	#.&47!(T=#4%+A#9Q!/9!%7#!8+94099+($9!
0$'(58#8!+%!U.9!45#.&!%7.%!9(*#!%7#*#!U.9!&#\0+!%(!7#5G!*(8#5!.55!%7#!G&(=#4%9!.$8!,+A#!
%7#*!.$!(A#&.&47+$,!%7#*#Q!67+9!5#8!%(!%7#!4&#.%+($!('!.!b9%(&1T(.&8!U7+47!&#A(5A#8!.&(0$8!
%7#!b5+'#!4145#b!('!.!G(9%!,&.80.%#!9%08#$%Q!:(!.$!#.&51!*(8#5!U.9!'(&*#8!U7+47!+9!(0%5+$#8!
T#5(U_!
!
67#!+$+%+.5!8#9+,$!('!%7#!'+A#!	#.&47!G&(=#4%9!U.9!5+$R#8!%(!%7+9!*(8#5!.9!(0%5+$#8!T#5(U;!
!
:0T9#\0#$%51! %7+9!*(8#5!7.9! #A(5A#8! .$8! 47.$,#8!U+%7! %7#! +$%#&A#$%+($!('! (%7#&! .$8! %7#!
.88+%+($.5!('!*(&#!	#.&47!(T=#4%+A#9Q!!
:(&H!N;!Q&*-'&!U7/(!"+'9(-(0(&9!%'!S,H)+F&,&'(!
/%! %7+9! 9%#G! U#! 9%.&%! %(! +8#$%+'1! 9(*#! 5+*+%.%+($9! ($! %7#! .4%+($! 	#.&47! *(8#5Q! /9! %7#!
	#.&47! %#.*! U#&#! $(%! +$9%&0*#$%.5! .%! %7#! 8#9+,$! 9%.,#! %7#&#! U.9! $(! 45#.&! A+9+($! (&!
0$8#&9%.$8+$,! ('! 7(U! %7#9#! G&(=#4%9! U+55! +*G&(A#! %7#! 5#A#5! ('! 9%08#$%! #$,.,#*#$%Q! 67+9!
4(*#9!T.4R!%(!%7#!5.4R!('!.!45#.&!9#%!('!#A.50.%+($!*#%&+49!%7.%!.&#!45#.&51!5+$R#8!%(!%7#!")-/!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CNd!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
G&(=#4%!4&+%#&+.!.$8!:X:!G(9%!,&.80.%#!T09+$#99!G5.$!>IIZ!O>ICNQ!!W%!+9!.59(!$(%!+**#8+.%#51!
.GG.&#$%! U7.%! 4($9%+%0%#9! .$! +*G&(A#*#$%! +$! %7#! 4($%#3%! ('! %7#! j/#7#,-23#.%$-*$3-/0,#$
&'%+7+%+#)$ &./$&))#))3#.%$C+%"+.$ D?D$?0)+.#))$ &./$a&.&1#3#.%$2(-1(&33#$C"+'"$ *-'0)$ -.$
2(-'#))$&)$C#,,$&)$'-.%#.%$%-$*&'+,+%&%#$%"#$'-6'-.)%(0'%+-.$-*$T.-C,#/1#$9#%C##.$)%0/#.%)$&./$
%"#+($%0%-(>)L=j!!67#!(0%4(*#9!'&(*!%7#!	#.&47!U+55!9##R!%(!T&+$,!.!45#.&#&!'(409!%(!%7+9!.&#.!
9(!%7.%!*(&#!,0+8.$4#!4.$!T#!,+A#$!%(!%7(9#!8#A#5(G+$,!*.9%#&9b!4(0&9#9Q!
67#! '+A#!G&(=#4%9!7.A#!9G#4+'+4! T0%! +$%#&5+$R#8!(T=#4%+A#9!U7+47!7.A#! #A(5A#8!(A#&! %7#!C>!
*($%79!9+$4#!%7#!+$4#G%+($!('!%7#!	#.&47Q!67#9#!4.$!T#!8#'+$#8!.9!'(55(U9_!
P+55-'.! S'804(-+'! *+)! S'(&)'/(-+'/5! :(08&'(9;! 2'7/'4-'.! :(08&'(! 2'./.&,&'(! /'8!
$&/)'-'.!
6(!#A.50.%#! %7#!\0.5+%1!('! %7#!#3+9%+$,! 90GG(&%!.$8!,0+8.$4#! '(&! 9%08#$%9!.$8! %(! 4($9+8#&!
*(8+'+4.%+($9!.$8!+*G&(A#*#$%9!%(!%7#!W$804%+($!)&(4#99!
W$%#$8#8!(0%4(*#9;!%(!#$7.$4#!9%08#$%!#$,.,#*#$%!.$8!#$90&#!90GG(&%!(A#&!%7#!#.&51!.$8!
*+885#!9%081!G#&+(89Q!67+9!5+$R9!%(!.!9%081!('!U7#$!.$8!7(U!9%08#$%9!T#4(*#!+$8#G#$8#$%!
5#.&$#&9Q!
• 2F/50/(-+'!4)-(&)-/;!'##8T.4R!($!%7#!\0.5+%1!('!G&#O.&&+A.5!*.%#&+.59!5+$R#8!%(!#.&51!
#$,.,#*#$%! .$8! 0$8#&9%.$8+$,! ('! %7#! 8#*.$89! ('! *.9%#&b9! 5#A#5! 4(0&9#9_!
*($+%(&+$,!9%08#$%!G#&'(&*.$4#!.$8!#$,.,#*#$%!80&+$,!%7#!#.&51!G#&+(8!('!9%081Q!
?:4!S'(&)'/(-+'/5!?/)@&(-'.;!Q&F&5+H,&'(!+*!h-)(0/5!"+0)9&!"+,,0'-(1!
6(!G&(A+8#!.$!#5#4%&($+4!	(0&4#!%7.%!+9!90GG(&%!T1!%7#!9%08#$%!.$8!.4.8#*+4!4(**0$+%1!
.$8!W$%#$8#8!(0%4(*#9;!G&(A+8#9!.$!.5%#&$.%+A#!	(0&4#!%(!8#A#5(G!5#.&$#&!.0%($(*1Q!!
• 2F/50/(-+'! 4)-(&)-/;! 9%08#$%! G&(,c+($! .$8! .47+#A#*#$%_! #$7.$4#8! 	#.&47!
4.G.T+5+%1!.$8!\0.5+%1! 	#.&47!(0%G0%9_!*#.90&+$,! %.R#!0G!($! %7#! 9+%#! +$! %#&*9!('!
̤+$,!8#*.$89!('!.4.8#*+4!9%.''!
?:4!DP?iQ!#)+.)/,,&;!23H5+)-'.!"+55/G+)/(-F&!/'8!%0(+'+,+09!U+)@-'.!09-'.!2I
$&/)'-'.!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
^/'&((&!D0)9(!d!P/47/&5!U++84+4@!?:4!DP?dQ!
67#! G&(=#4%! +9! 8#9+,$#8! %(! 90GG(&%! .$! #$\0+&1! T.9#8!*(805#! W$8+A+80.5! h!`&,.$+9.%+($.5!
-#.&$+$,Q!67#!*#%7(8(5(,1!('!%7#!*(805#!+9!8#9+,$#8!%(!G&(*(%#!5#.&$#&!.0%($(*1!T0%!'(&!
%7#!G.&%! %+*#!*.9%#&b9! 9%08#$%9! %7+9!7.9!G&(A#8!G&(T5#*.%+4! +$! %#&*9!('! %+*#^! .%%#$8.$4#!
.$8! 4(55.T(&.%+A#!U(&R+$,Q! 67#! G&(=#4%! '(409#9! ($! %7#! 8#9+,$! ('! .$! #O5#.&$+$,! 9+%#!U7+47!
'.4+5+%.%#9!.$8!#$.T5#9!9%08#$%9!%(!4.&&1!(0%!	#.&47!T#'(&#!%7#!9%.&%!('!%7#!*(805#Q!W%!U+55!
.59(!G&(A+8#!.44#99! %(!.$!($O5+$#! 5#.&$+$,!4(**0$+%1!.$8!90GG(&%!&#'5#4%+A#!.$8!&#'5#3+A#!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CNM!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
G&.4%+4#Q!<+$.551!+%!G&(A+8#9!.$!.88+%+($.5!5#A#5!('!90GG(&%!+$!%#&*9!('!%7#!%0%(&9!4.$!,+A#!%(!
%7#!9%08#$%!,&(0GQ!
• 2F/50/(-+'!4)-(&)-/;!&#A+#U+$,!%7#!\0.5+%1!('!90T*+99+($!8(40*#$%.%+($!+$!%#&*9!('!
.GG51+$,! %7#! 	#.&47! '+$8+$,9! %(! %7#! 8#9+,$! ('! %7#! 40&&+4050*! +Q#Q! 9%08#$%!
#$,.,#*#$%^!5#.&$#&!.0%($(*1^!#*G5(1.T+5+%1^!&#'5#4%+A#!G&.4%+4#!.$8!2O-#.&$+$,_!!
%'! 2F/50/(-+'! +*! Q-99&)(/(-+'! P&9&/)47! /'8! $&/)'&)! %0(+'+,1;! %! </405(1! U-8&!
#)+=&4(!
67#! 	#.&47! +9! 8#9+,$#8! %(! +8#$%+'1! 7(U!8+99#&%.%+($9! .&#!*.$.,#8! .4&(99! %7#! '.405%1! .9!
%7#&#!+9!$(!#A+8#$4#!%7.%!%7#&#!7.9!T##$!.$!.08+%!('!%7+9!.99#99*#$%!%.9RQ!67+9!+9!('!4&+%+4.5!
+*G(&%.$4#! +$!%#&*9!('!\0.5+%1!.$8!#$7.$4#*#$%!.9!%7#!8+99#&%.%+($!.44(0$%9! '(&!T#%U##$!
JLr!O!dIr!('!%7#!4+%!&#\0+!%(!&#.47!%7#!*.9%#&9!5#A#5Q!
W$%#$8#8!(0%4(*#9;!%7+9!	#.&47!U+55!G&(A+8#!T#$#'+%9!+$!%#&*9!('!G&(A+8+$,!.!4(7#&#$%!.$8!
'.405%1! U+8#! 9%&.%#,1! '(&! 8+99#&%.%+($! 	#.&47! .$8! 	#.&47! *#%7(89! %#.47+$,Q! 67+9!
7(U#A#&!*09%!T#!+$!%7#!4($%#3%!('!8#A#5(G+$,!.$8!#*T#88+$,!5#.&$#&!.0%($(*1Q!
• 2F/50/(-+'!4)-(&)-/;!Ή%9!'&(*!9%08#$%!#A.50.%+($!+'!8#9+,$#8!%(!#3G5(&#!%7#!+990#!
('! 5#.&$#&! .0%($(*1_! #$7.$4#8! 	#.&47! 4.G.T+5+%1! .$8! \0.5+%1! 	#.&47! (0%G0%9_!
.$$0.5!#A.50.%+($!('! %7#!9%08#$%!#3G#&+#$4#! %7&(0,7!'(409!,&(0G!9#%!0G!.9!G.&%!('!
	#.&47!*#%7(89!*(805#9_!!
Q&F&5+H-'.!2I$&/)'-'.!4/9&!9(08-&9!+'!(7&!?:4!6V?!H)+.)/,,&!
67+9!	#.&47!.+*9!%(!+$A#9%+,.%#!%7#!+*G.4%!('!%7#!8#A#5(G*#$%!('!.0%($(*(09!5#.&$+$,!($!
G#&'(&*.$4#!.$8!T#7.A+(0&!('!,&(0G!('!E+9%.$4#!-#.&$+$,!9%08#$%9Q!
W$%#$8#8!(0%4(*#9;!%(!8#A#5(G!.!'(&*.%!('!#O4.9#!9%08+#9!.$8!%7.%!4.$!T#!.44#99#8!T1!(%7#&!
9%08#$%9!'(&!'##8T.4R!.$8!'0&%7#&!8+94099+($9Q!
• 2F/50/(-+'! 4)-(&)-/;! W$A(5A#*#$%! ('! 9%08#$%9! +$! %7#! 8#9+,$! ('! %7#! 40&&+4050*_!
#$7.$4#8!	#.&47!4.G.T+5+%1!.$8!\0.5+%1!	#.&47!(0%G0%9_!
67#!b+*G&(A#*#$%9b!*09%!5#.8!%(!.!9#%!('!4&+%+4.5!9044#99!'.4%(&9!U7+47!.&#!%7#!*#.90	!T1!
U7+47!%7#!G&(=#4%9!4.$!T#!.99#99#8!+$!%#&*9!('!8#A#5(G+$,!%7#!G(9%!,&.80.%#!40&&+4050*Q!
:(&H!O;!^+-'(!$&/)'-'.!<)+,!#)+4&99!
/9!%7#!	#.&47!G&(=#4%9!U#&#!+$!%7#!G&(4#99!('!'(&*05.%+($!+%!U.9!45#.&!%7.%!%7#!a:4!?ca!
G&(=#4%!U.9!$(%!G&.4%+4.5!.$8!(A#&5.GG#8!U+%7!%7#!a:4!W$%#&$.%+($.5!a.&R#%+$,!G&(,&.**#Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CNZ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
67+9!+9!%(!T#!&#G5.4#8!U+%7!.!9%081!+$%(!%7#!$.%0&#!('!&#'5#4%+A#!G&.4%+4#!U7+47!#3G5(	!%7#!
+990#9!9%08#$%9!'.4#8!+$!4&+%+4.551!&#'5#4%+$,!($!%7#+&!G&.4%+4#Q!
`$#! ('! %7#! (0%4(*#9! '&(*! (0&! 8+94099+($! .$8! +$! &#A+#U! 7(U! (%7#&! '.405%+#9! .GG&(.47!
	#.&47!U.9!%(!5((R!.%!.55!%7#!G&(=#4%9!7(5+9%+4.551!.$8!5+$R!%7#*!8+%51!%(!%7#!0$+A#&9+%1!
.$8!:X:!(T=#4%+A#9Q!67+9!Ή%#8!+$!.$!+$%#&+*!&#G(&%!H>JVIJV>IIYK!8#9+,$#8!%(!97(U!7(U!
%7#!G&(=#4%9!U(058!T#!#A.50.%#8!.$8!8+99#*+$.%#8!+$!5+$#!U+%7!%7#!4(&G(&.%#!G5.$Q!/9!G.&%!('!
%7#!8+99#*+$.%+($!G&(4#99!%7#!G&(=#4%!5#.8#&!T&+#'#8!:X:!90T=#4%^!G(9%!,&.80.%#!5#.8#&9!.$8!
.4.8#*+4! 4(**+%%##! .T(0%! %7#! &.%+($.5#! '(&! %7#! 	#.&47Q! /9! .! Ή%! ('! %7#! T&+#'+$,! +%!
T#4.*#!45#.&!%7.%!%7#&#!U#&#!(GG(&%0$+%+#9!+$!%7#!X09+$#99!:47((5!%(!#3%#$%!%7+9!%(!+$4508#!
(%7#&!	#.&47!G&(=#4%9!U7+47!+*G.4%!($!9%08#$%!#$,.,#*#$%!.$8!90GG(&%Q!67#9#!+$4508#8!
	#.&47!($!#*G5(1.T+5+%1!.$8!.99#99*#$%!G&(4#99#9!U7+47!.&#!8#9+,$#8!%(!5((R!.%!7(U!%7#!
G(9%! ,&.80.%#! 4(0&9#9! .&#!*.&R#%#8! +$%#&$.%+($.551Q!`'!G.&%+405.&! +$%#	%! +9! %7#! 5.$,0.,#!
09#8! +$!(0&!G0T5+4.%+($9!.$8!%7#!#3%#$%! %(!U7+47! +%! 5#.89! %(!0$'05'+55#8!#3G#4%.%+($9!.$8!.!
5.4R!('!0$8#&9%.$8+$,!('!%7#!5#.&$+$,!#$A+&($*#$%Q!!
`$#!R#1!#3.*G5#!('!=(+$%!5#.&$+$,!U.9!%7#!8#4+9+($!%(!8#A#5(G!.!9#&+#9!('!947((5!U+8#!'(409!
,&(0G9!+$A(5A+$,!.!&#G	#$%.%+A#!9.*G5#!('!9%08#$%9!'&(*!.55!*.9%#&9b!4(0&9#9!+$!:X:Q!@9+$,!
'0$8+$,! '&(*! %7#! ")-/! .$8! 2*G5(1.T+5+%1! G&(=#4%9! U#! (&,.$+9#8! %U(! '(409! ,&(0G9! .$8!
.&&.$,#8! '&(*!G.1*#$%9! %(! 9%08#$%9!.9!.$! +$804#*#$%! %(! %.R#!G.&%! +$! %7#!	#.&47Q!a(&#!
8#%.+5#8! +$'(&*.%+($! ($! %7#! 	#.&47!*#%7(8(5(,1! U+55! '(55(U! 0$8#&! %7#! 9#4%+($! ($! 8.%.!
4(55#4%+($!.$8!.$.519+9Q!!
/!9#4($8!#3.*G5#!('!=(+$%!5#.&$+$,!U.9!.$!+$+%+.%+A#!U+%7!%7#!aX/!'055!%+*#!9%08#$%9!U7+47!
4.*#! (0%! ('! .! 8+94099+($! ('! %7#! G&(,&.**#! 5#.8#&! '(&! %7#!aX/Q! `$#! ('! %7#! +990#9! .T(0%!
9%08#$%! #$,.,#*#$%! +$! 	#.&47! +9! .K! %+*#! TK! 9%08#$%! #$,.,#*#$%! .$8! 4K! A.50#! %(! %7#!
9%08#$%Q! W%! U.9! 45#.&! %7.%! .$1! '(409! ,&(0G!U(058! 7.A#! %(! T#! 947#805#8! %(! 9+%! U+%7+$! %7#!
40&&#$%!aX/!%+*#%.T5#!.$8!%7.%!9%08#$%9!U(058!$##8!%(!T#!45#.&!.9!%(!%7#!A.50#!.$8!5#.&$+$,!
%7.%! %7#1!4(058! %.R#! +$!G.&%+4+G.%+$,! +$! %7#! '(409!,&(0GQ!a(&#!8#%.+5#8! +$'(&*.%+($!($! %7#!
	#.&47!*#%7(8(5(,1!U+55!'(55(U!0$8#&!%7#!9#4%+($!($!8.%.!4(55#4%+($!.$8!.$.519+9Q!
:+$4#!%7#!+$4#G%+($!('!%7#!	#.&47!U#!7.A#!4(**+99+($#8!.!'0&%7#&!	#.&47!G&(=#4%!U7+47!
+9! .T(0%! %7#! 4($%&+T0%+($! ('! G##&!*#$%(&+$,! +$! 90GG(&%+$,!*.9%#&b9! 9%08#$%9! +$! T#4(*+$,!
*(&#!.0%($(*(09!5#.&$#&9Q!
:(&H!T;!<+),05/(&!%!W&J!"+'4&H(0/5!?+8&5!
67#!:X:!")-/!	#.&47!G&(=#4%9!7.A#!T##$!4($4#G%0.5+g#8!+$!.!G(9%#&!U7+47!+9!%(!T#!09#8!.%!
.!91*G(9+0*!+$!e051!>IIYQ!67#!*(8#5!7.9!.%!+%9!4(&#!J!9G#4+'+4!(T=#4%+A#9!U7+47!5+$R!%(!%7#!
*.+$!'(409!('!%7#!	#.&47!8#A#5(G+$,!5#.&$#&!.0%($(*1Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CNY!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
!
67#&#!.&#!9+3!G&(=#4%9!U7+47!.&#!5+$R#8!%(!%7#!*(8#5Q!67#9#!.&#_!
• )&(=#4%!C;!c(55+$,!W$804%+($!
• )&(=#4%!>;!j+&%0.5!"(0&9#!"(**0$+%1!
• )&(=#4%!N;!E#A#5(G+$,!c#'5#4%+A#!)&.4%+4#!
• )&(=#4%!J;!)##&!a#$%(&+$,!H.%!8#9+,$!9%.,#K!
• )&(=#4%!L;!c#9#.&47!a#%7(89!h!E+99#&%.%+($!&#A+#U!
• )&(=#4%!d;!6oa!h!2O-#.&$+$,!".9#!:%08+#9! ! ! ! ! !
! ! ! ! ! H:##!.GG#$8+3!CK!
2.47! ('! %7#! '(0&! \0.8&.$%9! 7.9! .! 9G#4+'+4! (0%4(*#! %7.%! 4.$! T#! +$'50#$4#8! T1! %7#! '+$8+$,9!
'&(*!%7+9!	#.&47Q!
Q-99&,-'/(-+';! %7#! 	#.&47! 9##R9! %(! +8#$%+'1! %7#! A.&+(09! '(&.! +$! U7+47! #''#4%+A#!
8+99#*+$.%+($! ('! %7#! 	#.&47! *+,7%! %.R#! G5.4#! 9(! %7.%! U#! 4.$! 8#*($9%&.%#! 7(U! %7#!
	#.&47!*+,7%!+*G&(A#!%#.47+$,^!5#.&$+$,!.$8!.99#99*#$%!8#9+,$!.$8!.GG5+4.%+($Q!
"0))-4050,!Q&9-.';!W$!%#&*9!('!%7#!(0%G0%9!'&(*!%7#!G&(=#4%9!%7#!'+$8+$,9!4(058!T#!09#8!%(!
7#5G! +$! %7#! #.&51! 9%.,#9! ('! %7#! &#OA.5+8.%+($! ('! *.9%#&9b! 5#A#5! 4(0&9#9Q! 67#! '.405%1! ('!
E#A#5(G*#$%! h! :(4+#%1! .&#! .59(! %.R+$,! %7+9! .GG&(.47! +$! 7(U! %7#1! 09#! %7#! 	#.&47Q! 67#!
T09+$#99! 947((5! +9! +$! %7#! G&(4#99! ('! &#A+#U+$,! %7#!A.5+8.%+($! G&(4#99! .$8! %7+9!U(&R!*.1!
4($%&+T0%#!.%!%7#!9%.,#!U7#&#!4(0&9#!%#.*9!.&#!8+94099+$,!%7#!0$8#&51+$,!G7+5(9(G71!('!%7#!
4(0&9#Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CJI!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
P&9&/)47;! W$! +%9! T&(.8#9%! %#&*9! %7#! '+$8+$,9! .&#! 8#9+,$#8! %(! 0$8#&9%.$8! %7#! 9%08#$%9!
#3G#&+#$4#9! ('! 4.&&1+$,! (0%! 	#.&47^! %7#! 8#5+A#&1! ('! 	#.&47!*#%7(89! %#.47+$,^! .$8! %7#!
\0.5+%1!('!8+99#&%.%+($!	#.&47!.$8!(0%G0%9Q!!
Q&F&5+H-'.!2,H5+1/G-5-(1;! 67#! 	#.&47! G&(=#4%9! 7.A#! T##$! .5+,$#8! %(! 40&&#$%!	#.&47!
T#+$,!4.&&+#8!(0%! +$%(!#*G5(1.T+5+%1! +$! %7#!T09+$#99!947((5Q!67+9!U+55! +$'(&*!%7#!8#9+,$!('!
*.%#&+.59^!+$804%+($!G&(4#99#9!.$8!%(!9(*#!#3%#$%!%7#!&#\0+&#*#$%!'(&!9%08#$%9!%(!T#4(*#!
.0%($(*(09!5#.&$#&9!.$8!	#.&47#&9Q!!
67#&#! +9! .$! .88+%+($.5! %7#*#!U7+47! #3G5(	! %7#! %0%(&! &(5#! +$!*(A+$,! '&(*! %#.47+$,! %(! .!
'.4+5+%.%(&!('!5#.&$+$,Q!
S7+5#!%7#!G(9%#&!G&(A+8#9!.!09#'05!*.&R#%+$,!%((5!'(&!%7#!G&(=#4%9!+%!8(#9!$(%!97(U!+$!8#%.+59!
7(U!%7#!9+3!G&(=#4%9!*.G!($!%(!.!4($4#G%0.5!*(8#5Q!/%!.!&#A+#U!*##%+$,!('!CJVIMV>IIY!%7#!
	#.&47! %#.*! .,&##8! ($! .! *(8#5! U7+47! %7#1! T#5+#A#! 4.$! +5509%&.%#! .$8! #3G5.+$! %7#!
.%+($97+G!T#%U##$!%7#!G&(=#4%9!.$8!%7#!($#!1#.&!4145#!('!G(9%!,&.80.%#!*.9%#&b9!9%081Q!!
<+,0&#! N! U7+47! '(55(U9! +9! .! A+90.5! &#G	#$%.%+($! ('! 7(U! U#! *+,7%! 9##! %7#! .%+($97+G!
T#%U##$!%7#!G&(=#4%9^!%7#!1#.&!G&(,&.**#!.$8!%7#!8#A#5(G*#$%!('!5#.&$#&!.0%($(*1Q!
!""#$%
"&'(#)&
*$$$$!""#$%
"&'(#)&
*
Pre
Arrival
%)++,"$-'.+/$!"#)(+
0)&1,$-'.+/$!"#)(+
21#,/$-'.+/$!"#)(+
3"4",(5)&*$$$$$$$$$$$$$$$$$$$$$$$$$$6"7,"8')4"$!#18')8"$$$$$$$$$$$$$$$$$$$6"7,"8')4"$!#18')8"
Craik & Cropper (2009)
!
S+10(#$oJ$c#5.%+($97+G!T#%U##$!G&(=#4%9!.$8!%7#!8#A#5(G*#$%!('!5#.&$#&!.0%($(*1!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CJC!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
:(&H!a;!"+55&4(!%'8!%'/51j&!Q/(/!
67#&#! .&#! .! $0*T#&! ('! 8.%.! 4(55#4%+($!*#%7(89! T#+$,! #*G5(1#8! T1! %7#! A.&+(09! G&(=#4%9Q!
67#9#!+$4508#_!
:%08#$%!<(409!f&(0G!C;!!U#!7.A#!.!'(409!,&(0G!U+%7!.!&#G	#$%.%+A#!9.*G5#!('!>C!*.9%#&b9!
9%08#$%9Q!S#!09#8! +)(8!(&8#&9!.$8!$(%#! %.R#&9! %(!(&8! %7#!A+#U9!.$8!#3G#&+#$4#9!('!
%7#!9%08#$%9Q!67#&#!U#&#!%7&##!	#.&47!(T=#4%+A#9!U7+47!U#&#!%7#!'(409!('!%7#!9%081!%7#9#!
U#&#!#*G5(1.T+5+%1^!+$804%+($!.$8!5#.&$#&!.0%($(*1Q!!
:%08#$%!<(409!f&(0G!>;!U#!7.A#!%U(!	#.&47!.99+9%.$%9!%&.4R+$,!.!,&(0G!('!aX/!9%08#$%9!
80&+$,!%7#!G#&+(8!e.$0.&1!O!E#4#*T#&!>IIYQ!67#&#!7.9!T##$!.$!+$+%+.5!'(409!,&(0G!9#99+($!+$!
a.&47! U7+47! #3G5(! %7&##! %7#*#9! U+%7! 9%08#$%9Q! 67#9#! U#&#! +$804%+($^! 	#.&47!
#3G#&+#$4#!.$8!5#.&$#&!.0%($(*1Q!67#!'+$8+$,9!'&(*!%7+9!9%081!U+55!T#!09#8!+$!4($=0$4%+($!
U+%7!%7#!	#.&47!'+$8+$,9!'&(*!'(409!,&(0G!CQ!
:0&A#1;!.!90&A#1!($!5#.&$#&!.0%($(*1!U.9!09#8!.%!%7#!9%.&%!('!%7#!'(409!,&(0G!9#99+($Q!
E#9R! T.9#8! 	#.&47;! .! &#A+#U! ('! 	#.&47!*#%7(89! .$8!8+99#&%.%+($!*(805#! ,0+8#9! .$8!
*.&R+$,! 4&+%#&+.! +9! T#+$,! 4.&&+#8! ($! .$8! %7#! '+$8+$,9!U+55! T#! 09#8! %(! +$'(&*! %7#! 9%081!($!
5#.&$#&!.0%($(*1Q!
:%.''!<(409!f&(0G;!U#!.&#!+$A+%+$,!.!9.*G5#!('!.4.8#*+4!9%.''!%7.%!.%!*.9%#&b9!5#A#5!%(!%.R#!
G.&%!+$!%7#!	#.&47Q!
W$8+A+80.5!W$%#&A+#U9;!67#9#!U+55!T#!U+%7!.4.8#*+4!.$8!90GG(&%!9%.''Q!
<-'8-'.9;!!
67#! '+$8+$,9! .$8! (**#$8.%+($9! '&(*! '(0&! ('! %7#! G&(=#4%9! .&#! .A.+5.T5#! .9! 	#.&47!
G.G#&9!.$8!U+55!'(&*!%7#!T.9+9!('!%7#!")-/!4($'#&#$4#!U(&R97(G!+$!e0$#!>ICIQ!/9!G.&%!('!%7#!
*#%7(8(5(,1!'(&!%7+9!G.G#&!%7#!*.+$!'+$8+$,9!U+55!T#!8+94099#8!+$!%#&*9!('!%7#+&!+*G5+4.%+($9!
'(&! %7#! :X:! U+8#! G&(=#4%! .$8! %7#! 8#9+,$! ('! %7#! G(9%,&.80.%#! 40&&+4050*! .$8! 8#A#5(G+$,!
5#.&$#&!.0%($(*1Q!!
P+55-'.! S'804(-+'! *+)! S'(&)'/(-+'/5! :(08&'(9;! 2'7/'4-'.! :(08&'(!
2'./.&,&'(!/'8!$&/)'-'.!
67#! '(55(U+$,! 8+94099+($! +9! 8&.U$! 8+%51! '&(*! %7#! 	#.&47! .$8! +$4508#9! #3%&.4%9! %7.%!
7+,75+,7%!%7#!*.+$!+990#9!.$8!90T9#\0#$%!'+$8+$,9Q!
67+9! 	#.&47! 4.&&+#8! (0%! T1! 6.%+.$.! f(&T0$%9(A.! 7.9! T##$! 8#A#5(G#8! %(! #3G5(&#! %7#!
#3G#&+#$4#!('!%U(!,&(0G9!('!+$%#&$.%+($.5!9%08#$%9!*.+$51!'&(*!"7+$.!.$8!W$8+.Q!67#9#!%U(!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CJ>!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
4(0$%&+#9!4($%+$0#!%(!G&(A+8#!%7#!*.+$!9(0&4#9!('!9%08#$%9!'(&!%7#!*.9%#&b9!G&(,&.**#9!+$!
%7#! <.405%1Q! 67#!*.+$! (T=#4%+A#! ('! %7#! 	#.&47! +9! %(! %&.4R! T(%7! ,&(0G9! (A#&! C>!*($%79!
*#.90&+$,!%7#+&!#3G#&+#$4#9!('!9%081+$,!+$!%7#!'.405%1!.$8!4#&%.+$!G(+$%9!+$!%7#!G&(,&.**#Q!
67#! *.+$! .&#.9! '(&! 	#.&47! +9! %(! +8#$%+'1! U7.%! 8#,&##! ('! .0%($(*1! %7#! 9%08#$%! .&#!
.47+#A+$,! +$!*.$.,+$,! .$8! %.R+$,! 4($%&(5! ('! %7#+&! (U$! 5#.&$+$,! (A#&! %7+9! G#&+(8^! .$8! %(!
#A.50.%#!%7#!&(5#!('!%7#!%0%(&9!+$!+%Q!67+9!U+55!&#\0+&#!%7#!9%08#$%9!%(!0$8#&9%.$8!.%!.$!#.&51!
9%.,#! +$! %7#! 	#.&47! U7.%! +9! *#.$%! T1! 5#.&$#&! .0%($(*1Q! 67#! *.+$! (0%G0%! '&(*! %7#!
	#.&47! +9! %(! 8#A#5(G! .! &(55+$,! +$804%+($! G&(,&.**#! %7.%! U+55! G&(A+8#! %7#! 90GG(&%! '(&!
9%08#$%9!+$!T#4(*+$,!+$8#G#$8#$%!5#.&$#&9Q!
• 67#!*.+$!	#.&47!(T=#4%+A#9!.&#;!
• 6(! +8#$%+'1! %7#! #3%#$%! %(! U7+47! %7#! %U(! ,&(0G9! 0$8#&9%.$8! %7#! %#&*! 5#.&$#&!
.0%($(*1_!
• 6(!%&.4R!%7#!8#A#5(G*#$%!('!5#.&$#&!.0%($(*1!+$!%7#!,&(0G9!(A#&!	#.&47!G#&+(8_!
• 6(!#A.50.%#!.$1!G(%#$%+.5!8+''#&#$4#9!+$!%7#!%U(!,&(0Gb9!.4.8#*+4!G#&'(&*.$4#_!
• 6(!(,$+g#!%7#!*.+$!'.4%(&9!%7.%!U+55!#$7.$4#!5#.&$#&!.0%($(*1!+$!%7#!,&(0G9_!
• 6(!8#A#5(G!.$!(0%5+$#!'&.*#U(&R!'(&!.!&(55+$,!+$804%+($!G&(,&.**#Q!
o0.5+%.%+A#! %#47$+\0#9^! 9047!.9! '(409!,&(0G!.$8!9#*+O9%&04%0	! +$%#&A+#U9^!U#&#!09#8!($!
%7#! T.9+9! ('! %7#! 	#.&47#&]9! .44#G%.$4#! ('! %7#! 4($4#G%9^! %#&*9! .$8! +990#9! 8#'+$#8! T1! %7#!
90T=#4%9! $(%! T1! %7#! 	#.&47#&! +$! .8A.$4#! H-.$4.9%#&! >IILKQ! 67#9#! %#47$+\0#9! .55(U#8!
	#.&47#&!%(!'(409!($!.!G.&%+405.&!.9G#4%!.$8!%(!,.%7#&!.!5.&,#!.*(0$%!('!.%+A#51!8#%.+5#8!
+$'(&*.%+($!($!+%!H/8.*9!#%!.5!>IIMKQ!<(409!,&(0G!8+94099+($!U.9!#*G5(1#8!%(!G&(804#!8.%.!
.$8! +$9+,7%9! %7.%!U(058!T#! 5#99!.44#99+T5#!U+%7(0%! +$%#&.4%+($! '(0$8! +$!.!,&(0G!9#%%+$,!.9!
5+9%#$+$,! %(!(%7#&9]!A#&T.5+g#8!#3G#&+#$4#9!9%+*05.%#9!*#*(&+#9^! +8#.9^!.$8!#3G#&+#$4#9! +$!
G.&%+4+G.$%9!H-+$85('!.$8!6.15(&^!>II>KQ!Hf(&T0$%9(A.!!!!>ICIK!
23()/4(9!*)+,!(7&!)&9&/)47!9(081Z!
67#!0$8#&9%.$8+$,!('!%7#!*#.$+$,!('!-#.&$#&!/0%($(*1!H-/K!.*($,!+$%#&$.%+($.5!9%08#$%9!
.$8!5#4%0&#&9!+9!.5*(9%!9+*+5.&Q!W$%#&$.%+($.5!9%08#$%9!H<(409!f&(0G!>^!CZ!a.1!>IIYK!9##!-/!
.9;!!
• /!9#%!('!.4%+($9!8#9+,$#8!%(!.4%+A.%#!%7#!G&(4#99!('!:#5'O).4#8!5#.&$+$,Q!67+9!*#.$9!
%7.%! %7#! 5#.&$#&! +9! .55(U#8! +$8#G#$8#$%! %7+$R+$,! .$8! 9%081! U+%7! 90GG(&%! '&(*! .!
%0%(&!.$8!%7#!5#.&$+$,!,&(0G_!
• /!9%081!!U+%7!%7#!&+,7%!%(!8#%#&*+$#!%7#!8+%+($!('!(U$!5#.&$+$,!G509!%.R+$,!7#5G!
.$8! 90,,#9%+($! '&(*! %0%(&9_! '&##8(*! '(&! 47((9+$,! %7#! 4($%#$%9! T0%! U+%7! %0%(&9]!
90GG(&%_!
• /!9#$9#!('!T#%%#&*#$%!.$8!U#55T#+$,!%7&(0,7!5#.&$+$,!'(&!#$7.$4#8!R$(U5#8,#_!
• :(*#!R+$8!('!'&##8(*!+$!*.R+$,!47(+4#9^!8#4+8+$,!U7.%̂ !7(U!.$8!U7#$!%(!9%081_!
• -#.&$! T1!*19#5'! U+%7! %#.47#&Q! 6#.47#&! 4(&%9! 8+%+($! .$8!*.R#9! %7#! 5#.&$+$,!
G&(4#99!45#.&_!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CJN!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
• S(&R+$,! +$8#G#$8#$%51! U+%7! %0%(&]9! ,0+8.$4#_! $#U! %#47$+\0#9! ('! 5#.&$+$,! .$8!
U(&R+$,!($!(0&!(U$Q! ! ! ! ! ! ! ! !
! ! ! ! ! ! ! ! Hf(&T0$%9(A.!>ICIy!
W$%#&$.%+($.5!9%08#$%9!8(!$(%!G(99#99!.!45#.&!0$8#&9%.$8+$,!('!U7.%!+%!U+55!T#!%.0,7%!80&+$,!
%7#+&!4(0&9#^!U7.%!R+$8!('!*(805#9!%7#1!U+55!7.A#^!7(U!%7#1!U+55!T#!#3.*+$#8!.$8!.99#99#8!
H<(409!f&(0G!C^!Z!a.1!>IIYKQ!/$9U#&+$,!%7#!\0#9%+($!YV&)$%"#(#$&.E$+.*-(3&%+-.$%"&%$E-0$
C-0,/$"&7#$,+T#/$%-$(#'#+7#$%"&%$E-0$/+/$.-%$(#'#+7#$/0(+.1$U(#6&((+7&,$2#(+-/_Y!
67.%! +9! %(!9.1! %7#! +$'(&*.%+($!U7+47! +9!4($9+8#! %(!T#! %7#!*(9%! +*G(&%.$%!($#!U7+47! +9!
.T5#!%(!G&#G.&#!%7#!9%08#$%9!%(!%7#!G&(4#99!('!9%081!+9!$(%!G&(A+8#8Q!a(&#(A#&^!%7#!9%08#$%9!
.&#!$(%!90GG5+#8!U+%7!%7+9!+$'(&*.%+($!#A#$!80&+$,!W$804%+($Q!67#!G(9+%+($!('!9%.''!.$8!%7#!
5#4%0&#&9!($!%7+9!*.%%#&!+9!9%&.+,7%!(GG(9+%#!%(!%7#!+$%#&$.%+($.5!9%08#$%9b!#3G#4%.%+($9Q!
?.A+$,! #3G#&+#$4#8! .55! %7#! .T(A#! *#$%+($#8! +990#9^! +$%#&$.%+($.5! 9%08#$%9^! .9! .! Ή%^!
4($9+8#&! %+*#! '(&! %7#!*(805#9^! '(&! &#.8+$,^! '(&!U&+%+$,! 8(U$! .99+,$*#$%9! .9! +$90''+4+#$%Q!
67#1! 8(! $(%! 7.A#! %+*#! %(! %7+$R! .0%($(*(09! .$8! %(! G&(804#! 9(*#%7+$,! (&+,+$.5! H<(409!
f&(0G!C^!Z!a.1^!>IIYKQ!6709^!9(*#!('!%7#*!G5.,+.&+g#!Hq%7#1!=09%!l40%!.$8!G.99m!H-#4%0&#&9!C^!
>^!NKQ!67+9!9+%0.%+($!,#%9!U(&9#!80#!%(!%7#!U#.R!90GG(&%!'&(*!9(*#!%0%(&9!H%7#+&!+$4.G.T+5+%1!
%(! ,+A#! .! 	G($9#! A+.! #*.+5! ($! %+*#^! %(! 47#4R! %7#!8&.'%9^! %(! 90GG51! 9%08#$%9!U+%7! .! 45#.&!
,0+8.$4#! ($! %7#!*(805#! .$8! .99+,$*#$%9! ,0+8.$4#! .$8! &#\0+&#*#$%9K! H<(409!f&(0G!C^! Z!
a.1!>IIYKQ!/55!%7#9#!'.4%(&9!5#.8!%(!%7#!G((&!\0.5+%1!('!.99+,$*#$%9!.$8!8+99#&%.%+($9!.$8^!
.9!.!4($9#\0#$4#^!%(!%7#!5(U!*.&R9VΉ%9!(&!'.+50	Q!<.+50&#!+$!.99+,$*#$%9!+$!%0&$!5#.89!
%(!%7#!5(U!9#5'O#9%##*Q!Hf(&T0$%9(A.!>ICIK!
c#4(**#$8.%+($9;!
• W%! +9! 7+,751! (**#$8#8! %(! &#O4($9+8#&! %7#! G&(4#99! .$8! 8#.85+$#9! ('! %7#!
.GG5+4.%+($9_!
• W$%#&$.%+($.5!9%08#$%9!97(058!T#!.T5#!%(!%&.4#!%7#+&!.GG5+4.%+($9!($5+$#_!
• 67#!G&(A+9+($!('!G&#O4(0&9#!*.%#&+.59!97(058!T#!&#A+#U#8_!
• 2$,5+97!4(0&9#!97(058!T#!8#A#5(G#8!+$!.44(&8.$4#!U+%7!+$%#&$.%+($.5!9%08#$%9!$##89!
.$8!T#!+$%#&4($$#4%#8!U+%7!%7#!4(0&9#9!%.0,7%_!
• E0&+$,!9%081!+$%#&$.%+($.5!9%08#$%9!97(058!T#!8+''#&#$%+.%#8!+$%(!8+''#&#$%!,&(0G9!+$!
.44(&8.$4#!U+%7!%7#+&!.T+5+%+#9_!
• 6&.+$+$,!9#99+($9!'(&!9%.''!($!7(U!%(!8#.5!U+%7!%7#!+$%#&$.%+($.5!9%08#$%9^!U7.%!R+$8!
('!%#.47+$,!*#%7(89!.$8!9%&.%#,+#9!H'(&!%0%(&9K!%(!09#!.&#!7+,751!.8A+9.T5#_!
• :#5'O&#'5#4%+($!('!%7#!5#4%0&#&9!($!%7#!\0.5+%1!('!%7#+&!%#.47+$,!+9!A+%.5_!
• W%! +9!(**#$8#8!%(!4($804%!4(0&9#!#A.50.%+($!90&A#19!.%!%7#!#$8!('!#.47!4(0&9#Q!
67#!+$'(&*.%+($!4.$!T#!09#8!'(&!'.405%1!.$8!G&(,&.*!#A.50.%+($_!
• W%! +9! .59(! 90,,#9%#8! %(! *#.90&#! q#*G5(1.T+5+%1q! 9%.%+9%+49! H%(! 4($804%! 90&A#19! ('!
,&.80.%#9! JOL! *($%79! .'%#&! ,&.80.%+($K^! .$8! %(! *#.90&#! #*G5(1#&9b! 9.%+9'.4%+($!
U+%7! %7#! @$+A#&9+%1! .$8!U+%7! %7#! ,&.80.%#9! %7#1! &0+%! .9! #*G5(1##9! (&! +$%#&$9!
'&(*!:?@Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CJJ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
?:4! S'(&)'/(-+'/5! ?/)@&(-'.;! Q&F&5+H,&'(! +*! h-)(0/5! "+0)9&!
"+,,0'-(1!
67#! '(55(U+$,! 8+94099+($! +9! 8&.U$! 8+%51! '&(*! %7#! 	#.&47! .$8! +$4508#9! #3%&.4%9! %7.%!
7+,75+,7%!%7#!*.+$!+990#9!.$8!90T9#\0#$%!'+$8+$,9Q!
67+9!9%081!U.9!4($804%#8!T1!/$81!"&(GG#&!.$8!U.9!4($4#&$#8!U+%7!(A#&4(*+$,!(T9#&A#8!
T.&&+#&9! %(! 5#.&$+$,! #3G#&+#$4#8! T1! +$%#&$.%+($.5! 9%08#$%9! U+%7+$! *.9%#&9! G&(,&.**#9!
8#5+A#!%7&(0,7!:7#''+#58!X09+$#99!:47((5!.$8!'(4099#8!0G($!%U(!4(&#!%7#*#9^!+*G&(A+$,!
#$,.,#*#$%! %7&(0,7! %7#! '(9%#&+$,! ('! .$! +$4&#.9#8! 8#,&##! ('! bT#5($,+$,b! .$8! 9%+*05.%+$,!
.0%($(*1!T1!G&(A+8+$,!.!,0+8#8!&(0%#!%(!T#4(*+$,!.0%($(*(09Q!
67#!'(409!U.9!0G($!%7#!#''#4%+A#!0%+5+9.%+($!('!.$!#5#4%&($+4!90GG(&%!G5.%'(&*^!T5.4RT(.&8^!
.$8! %7#! .GG&(.47! .8(G%#8! U.9! A+.! .$! .4%+($! T.9#8! 	#.&47! G&(=#4%! %7.%! #99#$%+.551!
8#A#5(G#8!(&,.$+4.551! .&(0$8!G&#O'(&*#8!71G(%7#9#9! %7.%!U#&#! ,&(0$8#8! +$! .!T#5+#'! %7.%!
&.8+4.5!47.$,#!U.9!$(%!%7#!9(50%+($^!T0%!%7#!T#%%#&!0%+5+9.%+($!('!#3+9%+$,!	(0&4#9!U.9!%7#!
R#1Q! !6(!%7+9!#$8!+%9! '0$8.*#$%.5!8+%+($!U.9!.&(0$8!.5%#&+$,^! %#9%+$,^!&#A+#U+$,!.$8!&#O
%#9%+$,!+8#.9!.$8!%7+9!G&(4#99!U+55!45#.&51!4($%+$0#!T#1($8!%7#!#3%#$%!('!%7+9!G.&%+405.&!G.G#&Q!!
?(U#A#&^! %7#! R#1! (T9#&A.%+($! %7.%! 4.$! T#! 8&.U$! +9! %7.%! 9%08#$%9! 8(! 	G($8^! .$8! +$! .!
G(9+%+A#!U.1^!%(!+$8#G#$8#$%!.$8^!%(!.$!#3%#$%^!.$($1*(09!90GG(&%!G5.%'(&*9!.$8!%7.%!%7#+&!
G#&'(&*.$4#!.$8!5#.&$+$,!#3G#&+#$4#9!4.$!T#!#$7.$4#8!.9!.!Ή%Q!
23()/4(9!*)+,!(7&!)&9&/)47!9(081Z!
f&#.%! 4.&#! +9! #3#&4+9#8! %(! #$90&#! %7.%! &0+%*#$%! G&.4%+4#! 5#.89! %(! 9%08#$%9! =(+$+$,! %7#!
4(0&9#9! U+%7! %7#! &+,7%! 5#A#5! ('! 2$,5+97! 5.$,0.,#! 9R+559_! 7(U#A#&! %7#! .T+5+%1! %(! .47+#A#! .!
5.$,0.,#!\0.5+'+4.%+($!7.9!G&(A#$!%(!$(%!.5U.19!T#!.!,((8!*#.90&#!('!%7#!G&#G.$#99!('!
+$8+A+80.59!%(!.4%0.551!G0%!%7+9!+$%(!G&.4%+4#Q!!W%!+9!$(%!0$4(**($^!%7#&#'(&#^!'(&!.!%0%(&!%(!T#!
G	#$%#8! U+%7! .! 45.99! %7.%! #$4(*G.99#9! .! U+8#! A.&+.%+($! +$! &#.8+$,! 9G##89^! 5+9%#$+$,!
4(*G#$9+($! 5#A#59^! 9%&#$,%7! ('! 9G(R#$! 2$,5+97! .$8! 8+''#&+$,! .4.8#*+4! .$8! A(4.%+($.5!
#3G#&+#$4#!.9!U#55Q!
! q/5($,9+8#! %7+9!G(%#$%+.5!T.&&+#&! %(! 5#.&$+$,^!U+%7! %7#!*+3!('!9%08#$%9!7.A+$,!T##$!
! 8&.U$!'&(*!9047!.!U+8#!&.$,#!('!405%0&.5!T.4R,&(0$89!%7#+&!8#A#5(G#8!#804.%+($.5!
! 5#.&$+$,! 9%15#9! .$8! #3G#4%.%+($9! 8(! A.&1_! .! G7#$(*#$.! %7.%! +9! U+8#51! (,$+9#8!!
! H#Q,Q!-.88!h!c0T1^!CYYYKQ!!67+9!+*G.4%9!0G($!7(U!%7#1!.4%!+$!45.99!.$8!.59(!($!%7#+&!
! #3G#4%.%+($9!'&(*!%7#!%0%(&9Qq!!! ! ! ! ! ! !
! ! ! ! ! ! ! ! ! ! H"&(GG#&! >ICIK!
23G5(&+$,! %7#! 5+%#&.%0&#^! 4(*G5+.$4#!U+%7! G&#O9#99+($! .4%+A+%+#9! 7.9! 5($,! T##$! 9##$! .9! .$!
+990#Q! !6.R+$,!.!NI!1#.&! %+*#5+$#^! '(&!#3.*G5#^! +$!CYMd!HF.&G!h![(#59K!U#!4.$!,&(0$8!%7#!
.44#G%.$4#!('!G&#O&#.8+$,!.9!7.A+$,!A.50#!.9!+%!U.9!$(%#8!T1!9%08#$%9!.9!Y==$-.#$-*$%"#$3-)%$
+32-(%&.%$'-.%(+90%+.1$*&'%-()$%-$',&))$2&(%+'+2&%+-.==\=$!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CJL!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
E#9G+%#!9%08#$%!G#&4#G%+($^!7(U#A#&^!"5.&R#$(&8!HCYYJK!(T9#&A#8^!G(99+T51!G&(G7#%+4.551^!
%7.%![==3-%+7&%+.1$)%0/#.%)$%-$(#&/$==$&(%+',#)$'&.$9#$/+**+'0,%==\$.$8!%7+9!G(9+%+($!.GG#.&9!%(!T#!
8#%#&+(&.%+$,! &.%7#&! %7.$! +*G&(A+$,! +'! 5.%#&! (T9#&A.%+($9! .&#! %(! T#! .44#G%#8Q! ! W$! >III^!
X0&47'+#58!h!:.GG+$,%($!7+,75+,7%#8!.$!(A#&.55!8#45+$#!+$!&#.8+$,!4(*G5+.$4#!9+$4#!CYZJ^!T1!
>II>!:+R(&9R+!#%$&,$&#G(&%#8!b*(9%b!9%08#$%9!.8*+%%+$,!%(!8(+$,!5#99!%7.$!N!7(0&9!G#&!U##R!
&#.8+$,! .$8! +$! >IIJ! .!@:! 9%081! T1! "50*G!#%! .5! (T9#&A#8! %7.%$[==)%0/#.%)$(#&/4$-.$&7#(&1#4$
Kp=bI<$-*$%"#$&))+1.#/$(#&/+.1)$9#*-(#$',&))==\=!H"&(GG#&!>ICIK!
W&	G#4%+A#! ('! %7#! 5+*+%.%+($9! ('! %7#! 5.%#&! 9%081^! %7#! ,#$#&.5! %&#$8! %(! *+$+*+9#! %7#!
G&#G.&.%(&1!U(&R!8(#9!.GG#.&! %(!T#!.!&#.5+%1!.$8!%7#&#! +9!.*G5#!#A+8#$4#!%(!90GG(&%! %7+9!
A+#U!He(7$9($^!>IIMKQ!
W$! :#G%#*T#&! >IIZ^! %7#! 4(O.0%7(&9! +$8#G#$8#$%51! +8#$%+'+#8! %7#9#! .GG.&#$%! T.&&+#&9! %(!
#$,.,#*#$%!.$8!4($9+8#!%U(!G(%#$%+.5!&(0%#9!%(!*+$+*+9+$,!%7#*Q!
• <+&9%51_!.5($,9+8#!.!71G(%7#9+9!%7.%!T1!9%&#$,%7#$+$,!%7#!8#,&##!('!T#5($,+$,!%(!%7#!
@$+A#&9+%1V"(0&9#! .$8! 9%+*05.%+$,! .! *(&#! +$%#,&.5! G##&! 90GG(&%! 919%#*^! %7#!
#3G#4%.%+($! U(058! T#! %7.%! %7+9! *+,7%! 7#5G! %(! 9#%%5#! 9%08#$%9! +$%(! %7#! 5#.&$+$,!
#$A+&($*#$%! *(&#! &.G+851! .$8! #''#4%+A#51^! %709! +*G&(A+$,! %7#+&! 9%081! G&.4%+4#9^!
#$,.,#*#$%!5#A#59!.$8!G#&'(&*.$4#Q!
• :#4($851_! .,.+$9%! .! 9#4($8! 71G(%7#9+9! %7.%! +$! (&8#&! %(! 9%+*05.%#! +$8#G#$8#$%!
5#.&$+$,^!+'!.!b9('%b!&(0%#!4(058!T#!'(0$8!%7.%!U(058!.55(U!9%08#$%9!.$!b#.91b!U.1!%(!
%.R#!%7#!'+&9%!+$8#G#$8#$%!9%#G9!%(U.&89!.0%($(*1!U+%7+$!.!9%&04%0!'&.*#U(&R^!
%7#$!%7#1!U(058!T#!*(&#!5+R#51!%(!'(55(U!%7.%!&(0%#Q!
X#%U##$! :#G%#*T#&! .$8! E#4#*T#&! >IIZ! %7#9#! %U(! 71G(%7#9#9! U#&#! #3G5(!
+$8#G#$8#$%51! .9! T(%7! 	#.&47#&9! 9(0,7%! %(! +8#$%+'1! G(99+T5#! U.19! ('! +$%#&A#$%+($! %7.%!
*+,7%!.47+#A#!%7#!8#9+!(0%4(*#9^!1#%!.4R$(U5#8,#!%7#!G&(T.T5#!	(0&4#!+*G5+4.%+($9!('!
9(!8(+$,Q!
/9!.!Ή%^!.$!.4%+($!	#.&47!.GG&(.47!U.9!8#A+9#8!%7.%!U(058!#$7.$4#!%7#!&(5#!G#&'(&*#8!
T1!T5.4RT(.&8^!T(%7!+$!.!90GG(&%!.$8!&#'#&#$4#!4.G.4+%1Q!!!
67+9!%((R!%7#!'(&*!('!.!G&(G(9.5!%(!4(*G5#%#51!&#OG(9+%+($!T5.4RT(.&8!4($%#$%!.$8!09#!'(&!
%7#!+$%#&$.%+($.5!9%08#$%9!.$8!.$!+$+%+.5!(0%5+$#!U(&R+$,!*(8#5!U.9!8#A+9#8!.,.+$9%!U7+47!
U(&R!4(058!4(**#$4#Q!"&(GG#&!H>ICIKQ!
67#!T.9+9!('!.!U.1!'(&U.&8^!%7#&#'(&#^!U.9!%(;!
CQ c#O*(8#5! %7#! U.1! +$! U7+47! %7#! "(0&9#! T5.4RT(.&8! 9+%#9! '+%%#8! %(,#%7#&^! %(! *.R#!
.44#99!.$8!*+,&.%+($!9*((%7#&!'(&!T(%7!9%08#$%9!.$8!9%.''_!
>Q :##R! .!*(&#! G^&+T#8! 4($%#$%!*.G! '(&! T(%7! "(0&9#! .$8!a(805#! 9+%#9^! #$90&+$,!
%7#1!7.8!'+&*51!8#'+$#8!.$8!4(**0$+4.%#8!G0&G(9#9!U7+47!U#&#!(A#&%51!#A.$%!%(!
%7#!9%08#$%9b!&#\0+&#*#$%9!('!%#.47+$,!.$8!5#.&$+$,_!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CJd!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
NQ a(&#!45(9#51! +$%#,&.%#!%7#!*(805#!9+%#!U+%7!*(805#!%#.47+$,!.$8!5#.&$+$,!G&.4%+4#!
.$8!+$4(&G(&.%#!45#.&!.$8!+8#$%+'+.T5#!U.19!('!8#A#5(G+$,!+$8#G#$8#$%!#3G5(&.%+($!
.&(0$8!%7#!90T=#4%_!
JQ 23G5(&#!$#U!G&.4%+4#9! .$8^! +$!G.&%+405.&^! .%%#*G%! %(! b70*.$+9#b! %7#!#3G#&+#$4#! '(&!
9%08#$%9!+$!(&8#&!%(!7#5G!%7#*!0$8#&9%.$8!U71!%7#1!.&#!T#+$,!.9R#8!%(!0$8#&%.R#!
A.&+(09!.4%+A+%+#9Q!
/%!%7#!'(0$8.%+($!('!.55! %7#!(G#&.%+($.5!(T=#4%+A#9!9#%^! %7#!0$8#&51+$,!8&+A#&9! '#55! '&(*!%7#!
%U(!R#1!9%&.$89Q!!6(_!
CQ 4&#.%#! V! #$7.$4#! %7#! 4(**0$+%1! '##5+$,! ('! T#5($,+$,! H%(! +*G&(A#! 9%08#$%!
9.%+9'.4%+($V#$,.,#*#$%!.$8^!T1!8#'.05%^!G#&'(&*.$4#!5#A#59K!
>Q 8&+A#!0G!5#A#59!('!.0%($(*1!.$8!#$,.,#*#$%!HU+%7!.!G.&%+405.&!+$%#	%!+$!+$4&#.9+$,!
4(*G5+.$4#!%(!%.9R9!9#%K^!#99#$%+.551!&.+9+$,!(A#&.55!G#&'(&*.$4#!5#A#59!T1!G&(A+8+$,!
*047! *(&#! #''#4%+A#! 9#4($8.&1! 90GG(&%! *.%#&+.5! %(! 7#5G! 90GG(&%! G((&! 9G##89! ('!
4(*G#$9+($Q!
:G#4+'+4.551^!%7#!'(55(U+$,!(T9#&A.%+($9!7.A#!T##$!8&.U$;!
• `$4#! +$8+4.%+($9! ('! A.50#VT#$#'+%! T#,.$! %(! T#! 8#*($9%&.%#8! %7&(0,7! 09#! ('!
X5.4RT(.&8! %((59^! %7#&#! U.9! .! U+8#&! 8#,&##! ('! #$,.,#*#$%! .$8! #3G#&+*#$%.%+($!
.*($,9%! :0T=#4%! f&(0G! 9%.''! .$8! %7#! ,#$#&.5! \0.5+%1! ('! %7+9! 90GG(&%! *#8+0*!
+$4&#.9#8! .4&(99! %7#!f&(0G! .9! .!U7(5#Q! ! :#%%+$,! .9+8#! .$1!*(A#*#$%! %(U.&89! %7#!
71G(%7#9#9^! %7+9! 8#A#5(G*#$%! .5($#! 7.9! T##$! '#5%! %(! T#! .! *.=(&! T#$#'+%! ('! %7+9!
	#.&47!G&(,&.**#Q!
• :+*G51! 4&#.%+$,! .$8! G(G05.%+$,! .! T5.4RT(.&8! G5.%'(&*! U+55! $(%^! +$! +%9#5'^! 8&.U!
9%08#$%9!+$%(!&#,05.&!#$,.,#*#$%Q!!67#1!U+55^!.9!U+%7!.55!9%081!.4%+A+%+#9^!9#5#4%!U7#$!
.$8!7(U!%(!#$,.,#!T0%!%7#!+*G(&%.$%!(T9#&A.%+($!9##*9!%(!T#!%7.%!U7#$!%7.%!$##8!
.&+9#9^!%7#!9(50%+($!+9!%7#&#^!&#.81!.$8!U.+%+$,!'(&!%7#*Q!!67#!+$+%+.5!G#&4#G%+($^!'&(*!
9%.''^! U.9! %7.%! %7#! #''(&%! .$8! 	(0&4#! &#\0+! '(&! %7#! 4&#.%+($! ('! 9+%#9! U.9!
8+9G&(G(&%+($.%#! %(! %7#! 9%08#$%! 09#! V! .GG+.%+($! ('!U7.%! +9! G&(A+8#8Q! ! 67+9! %#9%!
9##*9! %(! 90,,#9%! %7.%! %7+9! +9! .! '5.U#8!A+#U!.$8! %7.%!.! 4(&%51!8#9+,$#8! 9+%#!U+55!
̤#!%7#!(44.9+($9!U7#$!9%08#$%9!9##R!.99+9%.$4#!&.%7#&!%7.$!%(!.%%#*G%!%(! '+$8!
%7#!9(50%+($!%7#*9#5A#9Q!
• 6(! 8.%#! +%! 7.9! $(%! T##$! G(99+T5#! %(! .99#99! %7#! '+$.5! G.99! &.%#! ('! %7#! %#9%! *(805#!
9%08#$%9!.$8!4(*G.&#!+%!U+%7!%7#!>IIY!&.%#Q!!<&(*!%7#!+$%#&+*!U(&R!4(*G5#%#8!.$8!
%7#!'(&*.%+A#!.99#99*#$%!(GG(&%0$+%+#9!%7&(0,7(0%!%7#!*(805#^!%7#!+$8+4.%+($9!.&#!
%7.%!.!9+*+5.&!#''#4%!%(!%7.%!#3G#&+#$4#8!5.9%!%+*#!*+,7%!T#!.GG.&#$%Q!!67+9!&#*.+$9!.!
4&04+.5! +$8+4.%(&! %7(0,7! .$8! %7+9! 9%.%+9%+4^! U7#$! .A.+5.T5#^! U+55! 8+4%.%#! 7(U! %7+9!
G&(=#4%!+9!G&(,c#8Q!
• 67#! 9+%#! +$%#,&.%+($^! U+%7! *(805#! 9+%#9! T#+$,! #*T#88#8! U+%7+$! 4(0&9#! 9+%#9^! 7.9!
T##$!97(U$!.9!.$!#''#4%+A#!*(8#5!'(&!G	#$%+$,!*.%#&+.5!%(!9%08#$%9!.$8!W6!.&#!$(U!
#$4(0&.,+$,!(%7#&9!%(!.8(G%!.!9+*+5.&!G5.%'(&*!+$!%7#+&!(U$!&#A+#U9!('!T5.4RT(.&8!
09#!.9!+%!+9!'#5%!%(!(''#&!.!*047!*(&#!iG&('#99+($.5]!+*.,#!'(&!9%08#$%9Q! !
! ! ! ! ! ! ! ! ! "&(GG#&! H>ICIK!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CJM!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
%'!2F/50/(-+'!+*!Q-99&)(/(-+'!P&9&/)47!/'8!$&/)'&)!%0(+'+,1;!%!
</405(1!U-8&!#)+=&4(!
67#!G0&G(9#!('!%7#!G&(=#4%!U.9!%(!#3G5(&#!%7#!#3G#&+#$4#9!('!9%08#$%9!.%!G(9%,&.80.%#!5#A#5!
+$! (0&! '.405%1! ('! 8+99#&%.%+($! 90G#&A+9+($! .$8! %7#! %(G+49! 90&&(0$8+$,! %7.%^! U7+47! U#&#;!
5#.&$#&!.0%($(*1_!	#.&47!*#%7(89!*(805#9_!G&#A+(09!8+99#&%.%+($!#3G#&+#$4#_!#3G#&+#$4#!
('! 90G#&A+9+($_! .$8! T.&&+#&9! %(! G&(,c+($Q! 67#! G&(=#4%! .59(! .%%#*G%#8! %(! #3G5(&#! %7#9#!
+990#9!'&(*!.!90G#&A+9(&!G(+$%!('!A+#UQ!67#!'+$8+$,9!#3G5(!%7#!$##8^!.*($,9%!(%7#&!%7+$,9^!
'(&;!.!45#.&#&!#3G5.$.%+($!('! 5#.&$#&!.0%($(*1_!,&#.%#&! 5.$,0.,#!90GG(&%! '(&! +$%#&$.%+($.5!
9%08#$%9_! .$! .08+%! ('! 	#.&47! *#%7(89! *(805#9! +$! %7#! <.405%1_! .$8! .! &#A+#U! ('! %7#!
.55(U.$4#9!'(&!8+99#&%.%+($!90G#&A+9+($Q!
67#!	#.&47!U.9!4.&&+#8!(0%!T#!:.&.+!X.&%($!.$8!f(8'!"&.+RQ!67#!'+$.5!G.G#&!U.9!U&+%%#$!
T1!:.&.+!X.&%($Q!
a.$1! .0%7(&9! 90,,#9%! %7.%! 5#.&$#&! .0%($(*1! +9! 8+''+405%! %(! 8#'+$#^! U+%7! -+%%5#! HCYYC^! GJK!
G&(G(9+$,!%7.%!%7+9!8+''+405%1!.&+9#9!'&(*!%7#!'.4%!%7.%!Y%"#$9#"&7+-0($-*$&0%-.-3-0)$,#&(.#()$
'&.$%&T#$.03#(-0)$/+**#(#.%$*-(3)4$/#2#./+.1$-.$%"#+($&1#4$"-C$*&($%"#E$"&7#$2(-1(#))#/$C+%"$
%"#+($,#&(.+.14$C"&%$%"#E$2#('#+7#$%"#+($+33#/+&%#$,#&(.+.1$.##/)$%-$9#4$&./$)-$-.=Y$67#&#'(&#^!
%7#&#! .&#!$0*#&(09!8#'+$+%+($9!('! 5#.&$#&! .0%($(*1! &.$,+$,! '&(*! %7#!*(9%! 9+*G5#! %(! %7#!
7+,751! 4(*G5#3Q! ?(U#A#&^! ?(5#4b9! 8#'+$+%+($! 7.9! T##$! 09#8! T1! *.$1Q! ?#! 8#'+$#8! 5#.&$#&!
.0%($(*1! .9^! Y%-$)&E$-*$&$,#&(.#($%"&%$"#$+)$&0%-.-3-0)$+)$%-$)&E$%"&%$"#$+)$'&2&9,#$-*$%&T+.1$
'"&(1#$-*$"+)$-C.$,#&(.+.1Y! HCYZI^! GJKQ!67#!")-/! H>ICI^! ($5+$#K^! %7#! '0$8+$,!T(81! '(&! %7#!
	#.&47^! .59(! G&(A+8#9! .! 9+*+5.&! 8#'+$+%+($^! Y!"#$ D"#**+#,/$ P&,,&3$ /#*+.+%+-.$ -*$ ,#&(.#($
&0%-.-3E$)%&(%)$C+%"$%"#$2(#3+)#$%"&%$&.$&0%-.-3-0)$,#&(.#($%&T#)$(#)2-.)+9+,+%E$*-($"+)^"#($
-C.$ ,#&(.+.1=Y! 67#&#! .&#! 45#.&51! A+9+T5#! 5+$R9! T#%U##$! %7#9#! %U(! 8#'+$+%+($9^! U+%7! T(%7!
90,,#9%+$,! %7.%! .$! .0%($(*(09! 5#.&$#&! %.R#9! 	G($9+T+5+%1! '(&! %7#+&! (U$! 5#.&$+$,Q! 67#!
G0&G(9#! ('! %7#! 	#.&47!U.9! %(! +$A#9%+,.%#! U7.%! 9%08#$%! A+#U9! .&#! ($! %7#! %#&*! b5#.&$#&!
.0%($(*1b!.$8!7(U!%7#1!.%#8!+%!%(!%7#*9#5A#9Q!X.&%($!H>ICIKQ!
67#! 5+%#&.%0&#! .&(0$8! 	#.&47!*#%7(89!*.+$51! '(409#9! ($! 	#.&47!*#%7(89! %7#*9#5A#9!
.$8!90T=#4%9! 9047!.9!G7+5(9(G7+#9!.$8!*#%7(8(5(,+#9^! '(&!#3.*G5#! e(7$9($!.$8!E0T#&5#1^!
>IIdQ!W%!7.9!T##$!8+''+405%! %(! '+$8!	#.&47!%7.%!.%%#*G%9!%(!#3.*+$#!%7#!.4%0.5!%#.47+$,!('!
	#.&47!*#%7(89^!U7+47!+9!U7.%!%7+9!G&(=#4%!U.9!.%%#*G%+$,!%(!.47+#A#Q!?(U#A#&^!X#$9($!
.$8! X5.4R*.$! 0$8#&%((R! .! 9%081! +$%(! 7(U! 	#.&47! *#%7(89! U#&#! %.0,7%! U+%7+$! %7#+&!
947((5Q!67#1! '(0$8! %7.%^!Y+%$"&/$9#'-3#$&22&(#.%4$*(-3$9-%"$)%&**$&./$)%0/#.%$*##/9&'T4$%"&%$
%"#$ 2#('#2%0&,$ ,+.T$ 9#%C##.$ ,#&(.+.1$ (#)#&('"$3#%"-/)$ &)$ &$ )09d#'%4$ &./$ +%)$ 0)#$ *-($ *0%0(#$
)%0/E4$C&)$2--(=Y!H>IIN^!G!NYKQ!
23()/4(9!*)+,!(7&!)&9&/)47!9(081Z!
/$!+$A#9%+,.%+A#!'(409!,&(0G!U.9!0$8#&%.R#$!%(!#3G5(&#!7(U!9%08#$%9!#.&51!($!+$!.!4(0&9#!
.&#!4(G+$,!.$8!U7.%!%7#+&!#3G#4%.%+($9!.&#Q!67#!G.&%+4+G.$%9!%7#$!%((R!G.&%!+$!.!5.%#&!'(409!
,&(0G!U7+47! #3G5(! 7(U! %7#+&! #3G#4%.%+($9! .$8! #3G#&+#$4#9! 7.8! 8#A#5(G#8Q! 67#! +$+%+.5!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CJZ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
'(409! ,&(0G! +$'(&*#8!(0&!\0#9%+($+$,! +$! '0&%7#&! '(409! ,&(0G9! .$8! +$%#&A+#U9Q!`$51!$(%#9!
U#&#!.T5#!%(!T#!%.R#$!+$!(&8#&!%(!G&(%#4%!%7#!4($'+8#$%+.5+%1!('!%7#!9%08#$%9Q!X.&%($!H>ICIKQ!
:#*+O9%&04%0! +$%#&A+#U9!U#&#! 7#58!U+%7! .4.8#*+4! 90G#&A+9(&9! %(! #3G5(&#!*(&#! 8##G51!
%7#+&! %7(0,7%9! .$8! '##5+$,9! .T(0%! %7#! 90G#&A+9+($! G&(4#99! .$8! 7(U! 9%08#$%9! G#&'(&*! .%!
8+99#&%.%+($!9%.,#Q!67#!+$%#&A+#U9!U#&#!+$'(&*#8!T1!%7#!'(409!,&(0G9!.$8!%7#&#'(&#!.T5#!%(!
T#! #3G5(&.%(&1Q! W$! .55! 4.9#9^! (&8+$,9!('! %7#! +$%#&A+#U9!U#&#!*.8#^! %7#! +$%#&A+#U9!U#&#!
'0551!%&.$94&+T#8!%(!.+8!8.%.!.$.519+9!.$8!%7#*.%+4!.$.519+9!U.9!09#8Q!
67#! +$%#&A+#U9! .$8! '(409! ,&(0G9! G&(A+8#8! A+#U9! '&(*! T(%7! 90G#&A+9(&9! .$8! 9%08#$%9! ($!
5#.&$#&!.0%($(*1;!
YN-+.1$ %"+.1)$ -.$ E-0($ -C.$C+%"$/+(#'%+-.$ *(-3$&$ %0%-(4$ E-0$-C.$C-(T$C+%"$ )022-(%$ *(-3$&$
%#&'"#(Y$>D%0/#.%L=$
YW$%"+.T$+%j)$&9-0%$)%0/#.%)$9#+.14$)-(%$-*$%&T+.1$(#)2-.)+9+,+%E$*-($%"#+($,#&(.+.1=$V"+'"$W$3#&.$
%"&%$%"#E$%&T#$(#)2-.)+9+,+%E$*-($%"#$2(-'#))#)$%"&%$%"#E$0)#$*-($%"#$,#&(.+.1$&./$%"#$%"+.1)$%"&%$
%"#E$C&.%$%-$,#&(.Y$>D02#(7+)-(L=$
YW$ %"+.T$&,)-$%"#(#j)$&$%"+.1$&9-0%$(#)2-.)+9+,+%E$+.$%"&%$&)$C#,,lW%j)$.-%$3E$/+))#(%&%+-.$&)$&$
)02#(7+)-(4$+%j)$.-%$3E$d-9$%-$3&T#$+%$"&22#.4$)-$&,-.1$C+%"$%"&%$-C.#()"+2$&./$%"&%$*(##/-3$
'-3#)$(#)2-.)+9+,+%EY$>D02#(7+)-(L=!
X.9#8!($! %7#9#! '+$8+$,9^!T(%7!9%08#$%9!.$8!90G#&A+9(&9! +8#$%+'1!U+%7! %7#! +8#.! %7.%! 5#.&$#&!
.0%($(*1!90&&(0$89!(U$#&97+G!.$8!	G($9+T+5+%1Q!X.&%($!H>ICIKQ!
67#&#!.&#!8#%.+5#8!'+$8+$,9!+$!%7#!	#.&47!G.G#&!U7+47!U+55!T#!*.8#!.A.+5.T5#!.9!G.&%!('!%7#!
'+$.5! G&(=#4%Q! 67#! 	#.&47! 8+8! 7+,75+,7%9! 9(*#! R#1! +990#9! %7.%! $##8! %(! T#! .88c#8! .$8!
9(*#!.&#.9!7.A#!.5&#.81!T#,0$!%(!T#!H9##!.GG#$8+3!J!'(&!'0&%7#&!8#%.+59K^!9047!.9;!
• ca!*(805#! 5#.8#&9!U+55! T#! &#A+#U+$,! %7#+&!*(805#! 9G#4+'+4.%+($9^! 7.$8T((R9! .$8!
%#.47+$,!8#5+A#&1_!
• .!	#.&47!*#%7(89!'(&0*!+9!T#+$,!#9%.T5+97#8!U7+47!U+55!%&1!%(!97.&#!T#9%!G&.4%+4#^!
8#T.%#_!
• 0$8#&G+$$+$,!A.50#9^!97.&#!	(0&4#9!.$8!9##R!4($9+9%#$41!+$!.GG&(.47!U7#&#A#&!+%!
+9!.GG&(G&+.%#_!
• .! G&(,&.**#! ('! 90G#&A+9(&! 8#A#5(G*#$%! 9#99+($9! +9! T#+$,! #9%.T5+97#8! %(! 90GG(&%!
8+99#&%.%+($_!
• 90G#&A+9(&9!.4&(99!:X:_!
• .!&#A+#U!('!%7#!.55(4.%+($!('!7(0&9!'(&!8+99#&%.%+($!90G#&A+9+($!+9!T#+$,!0$8#&%.R#$Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CJY!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
Q&F&5+H-'.!2I$&/)'-'.!4/9&!9(08-&9!+'!(7&!?:4!6V?!H)+.)/,,&!
a.5+7#!:7.7+8.$!4(0&9#!5#.8#&!'(&!%7#!6oa!4.&&+#8!(0%!	#.&47!U+%7!.!9.*G5#!('!9%08#$%9!
'&(*!%7#!G&(,&.**#Q!67+9!	#.&47!G&(A+8#8!.$!(GG(&%0$+%1!'(&!#3.*+$+$,!.$8!8#A#5(G+$,!
5#.&$#&!.0%($(*1!T1!09+$,!4.9#!9%08+#9!($!,&(0G!('!8+9%.$4#!5#.&$+$,!9%08#$%9Q!!!
67+9! 9%081! 7.9! (0%5+$#8! '.4%(&9! .99(4+.%#8! U+%7! 5#.&$#&! .0%($(*1! .9! U#55! .9! '.4%(&9!
#$7.$4+$,!9%08#$%b9!5#.&$#&!.0%($(*1Q!!
?&(7+8+5+.1;!
67#!	#.&47!9.*G5#!.&#!,&(0G!('!)(9%!f&.80.%#!E+9%.$4#!-#.&$+$,!9%08#$%9!U7(!7.A#!T##$!
+$A(5A#8!U+%7! 9%081! '(&!*(&#! %7.$!($#!1#.&!.$8!.5&#.81!G.99#8!$0*T#&!('!*(805#9Q!67+9!
,+A#9! .$! (GG(&%0$+%1! %(! #A.50.%#! .$8! T#$47*.&R! %7#! G#&'(&*.$4#! ('! 9%08#$%9! G&+(&! .$8!
.'%#&! %7+9! 	#.&47Q! !67#!9.*G5#!,&(0G!7.A#!#3G#&+#$4#!($!7(U! %(!*.$.,#! %7#! %&.8+%+($.5!
.GG&(.47!('!7.$85+$,!4(0&9#!U(&R9^!H.9!%7#1!7.A#!.5&#.81!90T*+%%#8!*(&#!%7.$!7.5'!('!%7#+&!
4(0&9#!U(&R9KQ! 67#1! .&#! 9#5'! 8+94+G5+$#8! .$8! 7.A#! 4($9+8#&.T5#! .*(0$%! ('! #3G#&+#$4#! ($!
*.$.,+$,!G&(=#4%9Q!67#&#'(&#^! +%!U.9! #3G#4%#8! %(! #+A#! .!G(9+%+A#! '##8T.4R! .$8!.%%+%08#!
%(U.&89!%7#!G&(G(9.5!'&(*!%7#!9.*G5#!,&(0GQ!
U71!2I"/9&!:(081c!
W%!7.9!T##$!90,,#9%#8!HX($U#55!.$8!2+9($^!CYYC_!:+A.$!#%!.5^!>IICK!%7.%!9%08#$%9!4.$!5#.&$!
*(&#!#''#4%+A#51!U7#$!%7#1!.&#!.4%+A#51!+$A(5A#8!+$!%7#!5#.&$+$,!G&(4#99Q!67#&#'(&#^!09#!('!
%7#!4.9#! 9%081!.GG&(.47!U.9! 9#5#4%#8!.9!.!U.1! +$!U7+47!.4%+A#! 5#.&$+$,!9%&.%#,+#9! 4.$!T#!
+*G5#*#$%#8!+$!%7#!a:4!6oa!4(0&9#Q!<&1!#%!.5!HCYYYK!8#94&+T#9!%7#!4.9#!9%081!.9!4(*G5#3!
#3.*G5#9!U7+47! G&(A+8#! 4($%#3%! R$(U5#8,#! ('! .!G&(T5#*! .9!U#55! .9! +5509%&.%+$,! %7#!*.+$!
G(+$%Q!
D+J!(+!09&!"/9&!9(081!(+!/47-&F&!5&/)'&)e9!/0(+'+,1;!
".9#!9%081!7.9!T##$!+8#$%+'+#8!.9!.!*#.$!('! +$%#&.4%+A#! 5#.&$+$,!9%&.%#,1!U7+47! +9!97+'%+$,!
%7#!'(409!'&(*!%#.47#&!%(!*(&#!9%08#$%O4#$%#!.4%+A+%+#9!Hf&.$%^!CYYMKQ!`$!.88+%+($!4.9#!
9%08+#9! 7.A#! +$4&#.9#8! 9%08#$%! *(%+A.%+($! .$8! +$%#	%9! +$! .! 90T=#4%! Ha09%(#! .$8! "&('%^!
CYYYKQ! /9! %7#! "5.+&#! E.A+9! .$8! 25+g.T#%7!S+54(4R! (0%5+$#8! %7#+&! #3G#&+#$4#! ('! 09+$,! 4.9#!
9%08+#9!G&(A#8!%7.%!4.9#!9%08+#8!4.$!T#!09#8!.9;!
• X&+8,+$,!%7#!,.G!T#%U##$!%7#(&1!.$8!G&.4%+4#_!
• 2$4(0&.,+$,!.4%+A#!5#.&$+$,_!
• )&(A+8+$,!.$!(GG(&%0$+%1!'(&!%7#!8#A#5(G*#$%!('!R#1!9R+559_!
• W$4&#.9+$,!%7#!9%08#$%9b!#$=(1*#$%!!('!%7#!%(G+4Q!
23()/4(9!*)+,!(7&!)&9&/)47!9(081Z!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CLI!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
".9#!:%081!C;!
67#! '+&9%! (0%G0%! 8#*($9%&.%#8! %7.%! 5#.&$#&9]! ,(.5! '(&! 8#A#5(G*#$%! ('! 4.9#! 9%081! U.9! %(!
.47+#A#!9(50%+($!%(!7+9!T09+$#99!G&(T5#*Q!S7+5#!7+9!,(.5!U.9!#A.$%!.$8!+*G(&%.$%^!+%!U.9!
7+,751!0$&#.5+9%+4!%(!.47+#A#!.55!('!%7#*!H,+A#$!%7#!5#A#5!('!+$'(&*.%+($!.A.+5.T5#!%(!5#.&$#&KQ!
/'%#&!9(*#!%.5R+$,!.T(0%!7+9!,(.59!.$8!7+9!40&&#$%!#3G#&+#$4#9^!%7#!5#.&$#&!8#4+8#8!%(!'(409!
+$+%+.551!($!%7#(&+#9!7#!R$(U9!U7+5#!#3G.$8+$,!7+9!R$(U5#8,#!($!8+''#&#$%!%#47$+\0#9!.$8!
%((59Q! 67+9! 47.$,#! +$! ,(.59! #$7.$4#8! 7+9! *(%+A.%+($^! T1! #$90&+$,! %7.%! 7#! #3G#&+#$4#9!
.88+%+($.5!9R+559!.$8!*(A+$,!%(U.&89!7+9!*(&#!5($,O%#&*!,(.59Q!
".9#!:%081>;!
67#!9#4($8!4.9#!9%081!U.9!G03!.GG51+$,!7+9!G.9%!#3G#&+#$4#!.$8!%&1+$,!%(!5#.&$!%7.%!($!
$#U!4+&40*9%.$4#Q!S7+5#! %7#&#!U.9!$(%7+$,!$#U! +$! %7.%! 4.9#! 9%081!T0%^! 7#!8#*($9%&.%#8!
45#.&! 0$8#&9%.$8+$,! ('! 7(U! %(! .GG51! %7#(&+#9! ($! %7#! 8+''#&#$%! #$A+&($*#$%Q! ! 67+9! 4.$! T#!
4($9+8#!.9!#$7.$4#*#$%!('!R$(U5#8,#Q!
/!$0*T#&!('!+$%#&A+#U9!U+%7!5#.&$#&9!8#*($9%&.%#8!%7.%!%7#1!7.A#!,((8!#3G#&+#$4#!($!,(.5!
9#%%+$,9^! *($+%(&+$,! (&! #A.50.%+$,! %7#+&! 5#.&$+$,^! .$8! %7.%! %7#1! U#&#! 0$5+R#51! %(! .4\0+&#!
#3%#$9+A#!90GG(&%#8!G&.4%+4#Q!!67+9!4.$!T#!Ή%!('!%7#!$.%0&#!('!%7+9!,&(0G!('!9%08#$%9!U(&R!
#3G#&+#$4#!.$8!	G($9+T+5+%+#9Q!
67#! Ή%! ('! 	#.&47! 8#*($9%&.%#8! %7.%! %7#! 5+9%! ('! (0%4(*#9! '&(*! %7#! 4.9#! 9%08+#9! .&#!
4(*T+$.%+($!('!($#!(&!*(&#!('!5#.&$#&!$##89^!R$(U5#8,#!U+%7+$!%7#!'+#58^!%7#+&!.U.&#$#99!('!
%7#!'+#58!^!%7#+&!+$%#	%9!.$8!,(.59!'(&!%7#!9%081Q!
67#&#!.&#!%U(!.88+%+($.5!	#.&47!G&(=#4%9!U+55!4(*#!%(!'&0+%+($!5.%#&!+$!>ICIQ!67#9#!.&#_!
E9-'.!P&*5&4(-F&!#)/4(-4&!-'!%99&99,&'(!O! %7+9!U+55!7#5G! +$!0$8#&9%.$8+$,!7(U!&#'5#4%+A#!
G&.4%+4#! 4.$!T#!09#8!.9!.$! .99#99*#$%! %((5! T0%!*(&#!+*G(&%.$%51!7(U!9%08#$%9! A+#U!.$8!
A.50#! %7#! G&(4#99! +$! %#&*9! ('! .! '(&*.5! .99#99*#$%Q!67+9! +9! .! 4&+%+4.5! +990#! '(&! 40&&+4050*!
8#9+,$! .9! *(&#! *(805#9! 9##R! %(! #*T#8! %7+9! +$! %7#! 6-/! 9%&.%#,1Q! 67#&#! +9! .! 8.$,#&! ('!
b(A#&R+55b!.$8!%7+9!U+55!8#A.50#!%7#!5#.&$+$,!'&(*!&#'5#4%+($Q!
#&&)!?&'(+)-'.!$&F&5!b!O!67#&#!+9!.!G&(=#4%!U7+47!+$A(5A#9!8#A#5(G+$,!*#$%(&+$,!9R+559!+$!.!
A(50$%##&!,&(0G!('!+$%#&$.%+($.5!9%08#$%9Q!67+9!7.9!90GG(&%!'&(*!9%.''!'&(*!%7#!"(.47+$,!h!
a#$%(&+$,!c#9#.&47!"#$%&#Q!!
:(&H!b;!^+-'(51!Q&4-8&!+'!/'8!%.)&&!:()/(&.1!
/%!%7+9!9%.,#!('!%7#!G&(=#4%!.!$0*T#&!('!+$+%+.%+A#9!7.A#!T##$!G0%!+$!G5.4#!+$!%#&*9!.!9%&.%#,1!
'(&!+*G5#*#$%+$,!%7#!	#.&47!'+$8+$,9Q!67#!G&(=#4%!%#.*!7.9!U+8#$#8!%(!+$4508#!.4.8#*+49!
.$8! *.$.,#*#$%! 90GG(&%! 9%.''! U7(! .&#! +$! .! G(9+%+($! %(! 7#5G! *.R#! %7+$,9! 7.GG#$Q! ! W$!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CLC!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
4($=0$4%+($! U+%7! %7#! ?#.8! ('! )(9%,&.80.%#! 	#.&47! .! G.G#&! U.9! G	#$%#8! %(! %7#! :X:!
#3#40%+A#! *.R+$,! (**#$8.%+($9! ($! *.$.,+$,! 	#.&47! *#%7(89! .$8! 8+99#&%.%+($!
90G#&A+9+($Q!67#&#! +9!.! =(+$%!G&(=#4%!U+%7! %7#!7#.89!('!*.$.,#*#$%!90GG(&%! %(!&#A+#U!%7#!
+$804%+($! G&(4#99! .$8! G&#O.&&+A.5! *.%#&+.59Q! 67+9! +9! 5+$R#8! %(! .! 	#.&47! G&(=#4%! ($!
2*G5(1.T+5+%1! HN+2K!U7+47!U.9! &0$! +$! %.$8#*!U+%7! %7#! ")-/! 	#.&47! .$8! 4.$! T#! 09#! %(!
+$'(&*!%7#!8#9+,$!('!*.%#&+.59!9#$8!%(!G&(9G#4%+A#!.GG5+4.$%9!%(!G(9%!,&.80.%#!4(0&9#9Q!67#!
	#.&47!4.$!T#!09#8!%(!+$'(&*!.!G&(=#4%!&0$!T1!%7#!a.&R#%+$,!h!c#4&0+%*#$%!%#.*!U7+47!+9!
#3G5(&+$,!%7#!#9+,$!('!+$804%+($!.$8!%7#!&(5#!('!4(0&9#!5#.8#&9Q!
67#&#! .&#! .88+%+($.5! '(&0*9! +$! :X:! %(! U7+47! %7#! '+$8+$,9! .$8! (**#$8.%+($9! ('! %7+9!
&#G(&%!4.$!T#!8+99#*+$.%#8Q!67#9#!+$4508#_!
• /4.8#*+4!E#A#5(G*#$%!"(**+%%##!
• :%08#$%!2$,.,#*#$%!c#9#.&47!f&(0G!
• )(9%!f&.80.%#!)&(,&.**#!-#.8#&9!!
• :0T=#4%!f&(0G!-#A#5!
• )f!a.&R#%+$,!h!c#4&0+%*#$%!f&(0G!x<6V)6y!
• a.$.,#*#$%!:0GG(&%!6#.*9!
67+9!4(55.T(&.%+($!.4&(99!:X:!&#'5#4%#8!($#!('!%7#!+$%#$8#8!(0%4(*#9!('!%7#!G&(=#4%!.$8!%7.%!
+%!909%.+$.T+5+%1!U+55!%(!9(*#!#3%#$%!($!*.+$%.+$+$,!.$8!T0+58+$,!($!%7#!.%+($97+G9Q!!
67#!*(A#!%(!9##R!.44+%.%+($!+$!:X:!#Q,Q!2)/:!7.9!+8#$%+'+#8!.!$0*T#&!('!4&+%#&+.!%7.%!.&#!
&#\0+! +$! %#&*9! ('! %7#! .GG5+4.%+($! G&(4#99Q! `$#! ('! %7#9#! +9! %7#! &#\0+&#*#$%9! ($! %7#!
$0*T#&!('!9%.''!U+%7!)7Eb9!.$8!U7(!.&#!	#.&47!.4%+A#!+$!%7#!T09+$#99!947((5Q!67+9!U+55!('!
4(0&9#! &#\0+&#! .! 4(**+%*#$%! %(! 8#A#5(G! #3+9%+$,! 9%.''! .$8! G&(A+8+$,! 	#.&47! 7(0&9! .$8!
.44#99! %(! (0&! %.0,7%! 	#.&47! *#%7(89! *(805#9! ($! %7#! ac#:Q! 67#! 8#A#5(G*#$%! ('! %7#!
	#.&47!*#%7(89! '(&0*!4(058!G&(A+8#!.!A#7+45#! %(!7#5G!U+%7! 9(*#!('! %7#! +990#9!(A#&! %7#!
5($,#&!%#&*Q!
:(&H!k;!S,H5&,&'(!(7&!"7/'.&9!
/%! %7+9! 9%.,#! 4#&%.+$! 9%#G9! 7.A#! T##$! %.R#$! %(! +*G5#*#$%! %7#! 	#.&47! '+$8+$,9! .$8!
(**#$8.%+($9Q! 67#9#! .&#! +$! 5+$#!U+%7! %7#! 	#.&47! G&(=#4%9!*#%7(8(5(,+#9!U7+47! .&#!
8#9+,$#8! %(! '(409! G&+*.&+51! ($! CS,H)+F-'.! (7&! :(08&'(! 23H&)-&'4&C!.$8! %(! 7.A#! 9(*#!
+*G.4%!($!CP/-9-'.!+0)!#)+*-5&ZC!U7+47!.&#!:?@!.$8!:X:!4(&G(&.%#!(T=#4%+A#9Q!!
67#!*.+$!+$+%+.%+A#9!.$8!.4%+($9!U7+47!7.A#!T##$!+$9%+,.%#8!.9!.!Ή%!('!%7#!	#.&47!.&#_!
• c#A+#U!('!G&#!.$8!G(9%!W$804%+($!G&(4#99_!
• @9+$,!%7#!2*G5(1.T+5+%1!	#.&47!%(!+$'(&*!%7#!8#9+,$!('!G&(*(%+($.5!*.%#&+.5_!
• /!G&(=#4%!.%!.$!#.&51!9%.,#!%(!8#A#5(G!!b%.5R+$,!7#.89b!%(!7#5G!90GG(&%!G(%#$%+.5!.$8!
#3+9%+$,!9%08#$%9_!
• 2*T#88+$,!%7#!09#!('!X5.4RT(.&8!.9!.!A+&%0.5!4(**0$+%1!.4&(99!.!90T=#4%!,&(0G_!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CL>!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
• /!45#.&!G(5+41!9%.%#*#$%!($!8#A#5(G+$,!	#.&47!4.G.T+5+%1_!
• /! 4(**+%*#$%! %(! &#A+#U! 8+99#&%.%+($! 90G#&A+9+($! 5#.8+$,! %(! (**#$8.%+($! '(&!
90G#&A+9(&!%&.+$+$,_!
• 67#!'(&*.%+($!('!.!c#9#.&47!a#%7(89!<(&0*!+$!:X:!
:(&H!l;!?+'-(+)!%'8!2F/50/(&!!
67#! 	#.&47! %#.*! U#&#! 4($94+(09! ('! %7#! G&(T5#*9! .99(4+.%#8! U+%7! %7#! 5.4R! ('! .! 45#.&!
#A.50.%+($! 9%&.%#,1! .%! %7#! 9%.&%! ('! %7#! G&(=#4%Q! ?(U! U+55! U#! *#.90&#! %7#! (0%G0%9! ('! %7#!
	#.&47^!7.A#!%7#!A.&+(09!+$%#&A#$%+($9!*.8#!.!8+''#&#$4#!+$!%#&*9!('!9%08#$%!G#&'(&*.$4#!
.$8!#$,.,#*#$%! +$! %7#! 5#.&$+$,!G&(4#99p!S#!97(058! +$!.$9U#&+$,! %7#9#!\0#9%+($9b!U7+47!
9(*#!U+55!4(&%51!9##!.9!5+*+%+$,!%7#!	#.&47!+$!%#&*9!('!%7#!+.T+5+%1!('!%7#!8.%.^!&#*+$8!
(0&9#5A#9! ('! %7#! (A#&.&47+$,! ,(.5! ('! %7#! ")-/! G&(=#4%Q! 67#! %+%5#! ('! %7#! G&(=#4%! U.9!
E#A#5(G+$,!.$8!2*T#88+$,!-#.&$#&!/0%($(*1!U+%7+$!%7#!)(9%,&.80.%#!"0&&+4050*!.$8!%7+9!
+9!%7#!(T=#4%+A#!.,.+$9%!U7+47!U#!97(058!*#.90&#!%7#!#''#4%+A#$#99!('!%7#!G&(=#4%9Q!!
67#!G&(=#4%9!U+55!4($%&+T0%#!%(!S,H)+F-'.!(7&!:(08&'(!23H&)-&'4&!%7&(0,7!'.4+5+%.%+$,!%7#!
U.1! :X:! #*T#89! 5#.&$+$,! +$%(! %7#! '.T&+4! ('! %7#! (&,.$+9.%+($Q! 67+9! 4.$!U#! #A+8#$4#8! +$! .!
$0*T#&! ('!U.19! '&(*! %7#! '+$8+$,9! '&(*! %7#! 	#.&47! .9! %7#! 4(**0$+%+#9! ('! G&.4%+4#! #Q,Q!
	#.&47! '(&0*!9%.&%9! +%9!U(&R!(&!.9!4(0&9#! 5#.8#&9!#'+$#!7(U!U#!.GG&(.47! %7#!U7(5#!
G&(4#99! ('! #$,.,+$,! U+%7! $#U! 9%08#$%9Q! S#! .&#! 5((R+$,! %(! 8+94($%+$0#! 09+$,! %7#! %#&*!
+$804%+($! %(! +8#$%+'1!.!G&(4#99!U7+47!G&(A+8#9!90GG(&%!(A#&!.! 5($,#&!G#&+(8!('! %+*#Q!67+9!
U+55! G&(A+8#! %7#! 9G.4#! +$! U7+47! 9%08#$%9! 4.$! T#! ,+A#$! %7#! 90GG(&%! %(! .55(U! %7#*! %(!
0$8#&9%.$8!7(U!%(!T#4(*#!*(&#!.0%($(*(09!+$!%7#!5#.&$+$,!G&(4#99#9Q!67#!	#.&47!+$%(!
#*G5(1.T+5+%1!.$8!%7#!9%08#$%!#3G#&+#$4#!('!G&#OG(9%!.&&+A.5!7.9!T##$!8+99#*+$.%#8!%(!%7#!
*.$.,#*#$%!90GG(&%!%#.*!U+%7!	G($9+T+5+%1!'(&!G0T5+4+9+$,!.$8!G&(*(%+$,!G(9%,&.80.%#!
4(0&9#9Q!/!&#G	#$%.%+A#!9.*G5#!('!:X:!)f!9%08#$%9!7.A#!#$,.,#8!U+%7!%7#!	#.&47!.$8!+$!
8(+$,!9(!T#4(*#!*(&#!.U.&#!('!%7#!	#.&47!G&(4#99!%7.%!%7#1!*.1!%7#*9#5A#9!09#!+$!%7#+&!
9%08+#9Q!!
67#&#! .&#! %U(! '0&%7#&! 9%08+#9!U7+47!U+55! 4($%&+T0%#! +$!8+''#&#$%!U.19! %(!7#5G+$,! 9%08#$%9!
T#4(*#! *(&#! .0%($(*(09! .9! 5#.&$#&9Q! 67#! G##&! *#$%(&+$,! 9%081! U+55! 7#5G! 9%08#$%9! %(!
90GG(&%!$#U!)f!9%08#$%9!.9!%7#!#.&51!9%.,#9!('!9%081!.$8!7#5G! +$!,+A+$,!%7.%!G##&!90GG(&%!
A+%.5!%(!.$!#''#4%+A#!5#.&$+$,!4(**0$+%1Q!67#!9%081!($!&#'5#4%+A#!G&.4%+4#!U+55!G&(A+8#!.!A+#U!
'&(*!9%08#$%9!.9!%(!%7#!A.50#!.$8!A.5+8+%1!('!09+$,!=(0&$.59!.$8!5#.&$+$,!5(,9!.9!.99#99*#$%!
%((59Q!67+9!97(058!#$.T5#!09!%(!G&(A+8#!,0+8.$4#!%(!4(55#.,0#!+$!8#9+,$+$,!%7#!)f!40&&+4050*!
'(&!*.9%#&b9!4(0&9#9Q!
67#&#!.&#!.!$0*T#&!('!*#.90	!%7.%!*+,7%!.55(U!09!%(!%#9%!%7#!9044#99!('!%7#!G&(=#4%9!(A#&!
.!G#&+(8!('!%+*#Q!67#9#!+$4508#_!
• 9%08#$%!G&(,c+($!.$8!.47+#A#*#$%_!!
• '##8T.4R!'&(*!9%.''!9%08#$%!4(**+%%##9_!!
• Ή%9!'&(*!9%08#$%!#A.50.%+($!+'!8#9+,$#8!%(!#3G5(&#!%7#!+990#!('!5#.&$#&!.0%($(*1_!!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CLN!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
• '##8T.4R! ($! %7#! \0.5+%1! ('! G&#O.&&+A.5! *.%#&+.59! 5+$R#8! %(! #.&51! #$,.,#*#$%! .$8!
0$8#&9%.$8+$,!('!%7#!8#*.$89!('!*.9%#&b9!5#A#5!4(0&9#9_!
• *($+%(&+$,!9%08#$%!G#&'(&*.$4#!.$8!#$,.,#*#$%!80&+$,!%7#!#.&51!G#&+(8!('!9%081_!
• #$7.$4#8!	#.&47!4.G.T+5+%1!.$8!\0.5+%1!	#.&47!(0%G0%9_!
• #$7.$4#8!%0%(&V9%08#$%!.%+($97+G9_!
• .$$0.5!#A.50.%+($!('! %7#!9%08#$%!#3G#&+#$4#! %7&(0,7!'(409!,&(0G!9#%!0G!.9!G.&%!('!
	#.&47!*#%7(89!*(805#9_!
• &#A+#U+$,! %7#! \0.5+%1! ('! 90T*+99+($! 8(40*#$%.%+($! +$! %#&*9! ('! .GG51+$,! %7#!
	#.&47! '+$8+$,9! %(! %7#!8#9+,$! ('! %7#! 40&&+4050*! +Q#Q! 9%08#$%! #$,.,#*#$%^! 5#.&$#&!
.0%($(*1^!#*G5(1.T+5+%1^!&#'5#4%+A#!G&.4%+4#!.$8!2O-#.&$+$,_!
• W$A(5A#*#$%!('!9%08#$%9!+$!%7#!8#9+,$!('!%7#!40&&+4050*_!!
• T0+58+$,!($!9(*#!('!%7#!	#.&47!.9!G.&%!('!)##&!:0GG(&%#8!-#.&$+$,!.4%+A+%+#9Q!
`$#!('!%7#!R#1!&#\0+&#*#$%9!'(&!.$1!G&(=#4%!+9!7(U!%(!909%.+$!%7#!5#.&$+$,^!9%.''!.$8!9%08#$%!
4(**+%*#$%!.$8!#A.50.%+($!U7#$!%7#!'0$8+$,!&0$9!(0%Q!67#!*#.90	!(0%5+$#8!.T(A#!4.$!
.55! '&(*! G.&%! ('! .! \0.5+%1! #$7.$4#*#$%! G&(4#99! U7+47! 5#.89! 05%+*.%#51! %(! #$7.$4+$,! %7#!
9%08#$%!#3G#&+#$4#^!#$,.,#*#$%!.$8!G#&'(&*.$4#Q!!
?(U#A#&!U#!8#'+$#! 5#.&$#&! .0%($(*1! +%! +9! #3G#4%#8! %7.%! 9(*#!('! %7#! 5#99($9! 5#.&$%! '&(*!
%7#9#! 	#.&47! 9%08+#9! 4.$! T#! .GG5+#8! %(! 7#5G+$,! 9%08#$%9! &#.5+9#! %7#+&! G(%#$%+.5! U+%7!
90GG(&%!'&(*!.4.8#*+4!.$8!90GG(&%!9%.''Q!!
"+'4509-+';!
6(!&#%0&$!%(!.$!#.&5+#&!%7#*#b!%7.%!('!4&#.%+$,!.!b5#.&$+$,!(&,.$+9.%+($b!.$8!4(**0$+%+#9!('!
G&.4%+4#!U7+47!9##R!%(!.GG51!%7+9!	#.&47!.4&(99!%7#!G(9%,&.80.%#!4(**0$+%1Q!`$#!('!%7#!
47.55#$,#9!+9!%(!#$90&#!%7.%!.55!%7#!U(&R!.$8!	#.&47!4.&&+#8!(0%!+$!%7#!-#.&$+$,!h!6#.47+$,!
W$9%+%0%#^!:X:!.$8!(%7#&!'.405%+#9!4.$!T#!9##$!%(!b.88!A.50#b!+$!%#&*9!('!9%08#$%!#$,.,#*#$%!
.$8! G#&'(&*.$4#Q! 67+9! U+55! #$90&#! %7.%! 	#.&47! 4.$! T#! #*T#88#8! +$%(! %#.47+$,! .$8! %(!
40&&+4050*! 8#9+,$! .$8! $(%! T#! 9##$! =09%! .9! .! U.1! ('! 9.%+9'1+$,! %7#! $##8! '(&! #3%#&$.5!
T#$47*.&R!.$8!\0.5+%1!.990&.$4#!&#\0+&#*#$%9Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CLJ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
!
UUUQ+9,Q49Q0$+O*.,8#T0&,Q8#!
67+9!+*.,#!U.9!09#8!.9!%7#!T.9+9!'(&!%7#!'+$.5!G(9%#&9!('!.!9#&+#9!('!%7&##!%7.%!+5509%&.%#8!%7#!
=(0&$#1!('! %7#!G&(=#4%Q! 67#!G+4%0&#! &#G	#$%9! %7#!0$+A#&9+%1_! T09+$#99! 947((5^! %7#!G&(=#4%!
%#.*_! %7#!9%08#$%9!.$8!+$! +%9#5'! +9!.*T+,0(09! +$! %#&*9!('! +%! +$%#&G&#%.%+($!.$8!*#.$+$,Q! W%!
4(058! &#G	#$%!T&#.R!0G! .$8! %7#! 9%&0,,5#! %(! R##G! %7#!(&,.$+9.%+($! +$!($#!G+#4#_! +%! 4(058!
90,,#9%! b.55! 7.$89b! G055+$,! %(,#%7#&! %(! .47+#A#! %7#! 9044#99! ('! %7#! #$%#&G&+9#Q! W%! 4(058! .59(!
+5509%&.%#! %7.%!.0%($(*1!+9!.59(!.T(0%!90GG(&%!.$8!.%+($9!('! %#.47#&!.$8!9%08#$%!9(! %7#!
(0%#&!5#.A#9!4.$!'5(0&+97!.$8!,&(UQ!!
! l/%!%7#!#$8!('!%7#!=(0&$#1!U#!(,$+g#8!%7.%!5#.&$#&!.0%($(*1!&#\0+	!.55!!%7#!
! T&.$47#9! %(! 5#.8! %(! .! 5#.&$+$,! (&,.$+g.%+($! '(4099+$,! ($! 8#A#5(G+$,! .$8!
! +*G5#*#$%+$,! $#U! R$(U5#8,#! %7.%! U+55! +*G&(A#! %7#! 4(&#! G&(4#99#9! ('! .$!
! (&,.$+g.%+($Qm!! ! ! ! ! ! ! ! ! !
! ! ! ! ! ! ! ! :X:!")-/!	#.&47!%#.*!
P&*&)&'4&9;!P&9&/)47!?&(7+89!#/H&)!
X.$80&.^! /Q! HCYMMK^! b:#5'O#''+4.41;! %(U.&8! .! 0$+'1+$,! %7#(&1! ('! T#7.A+(0&.5! 47.$,#b^!
U)E'"-,-1+'&,$`#7+#C!JC;!CYCO>CLQ!
X.$80&.^! /Q! HCYZdK^! D-'+&,$ S-0./&%+-.)$ -*$ !"-01"%$ &./$ B'%+-.J$ &$ )-'+&,$ '-1.+%+7#$ %"#-(E!
H2$,5#U((8!"5+''9^!D#U!e#&9#1;!)&#$%+4#!?.55KQ!
".&&^!SQ!.$8!F#**+9^!:Q!HCYZdK^!?#'-3+.1$O(+%+'&,=$Q/0'&%+-.4$T.-C,#/1#$&./$&'%+-.$(#)#&('"!
H-#U#9;!<.5*#&KQ!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CLL!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
"5.&R^!)Q!/Q!HCYM>K^!B'%+-.$`#)#&('"$&./$e(1&.+n&%+-.&,$O"&.1#!H-($8($;!?.&G#&!.$8!c(UKQ!
E+4R+$9($^!-Q!HCYYLK^!b/0%($(*1!.$8!*(%+A.%+($;!.!5+%#&.%0&#!&#A+#Ub^!DE)%#3!>NH>K;!CdLOMJQ!
E+55^! EQ! HCYYYK^! B'&/#3+'$ &''-0.%&9+,+%E$ &./$ 0.+7#()+%E$ &/&2%&%+-.J$!"#$ &('"+%#'%0(#$ -*$ &.$
&'&/#3+'$,#&(.+.1$-(1&.+n&%+-.!HD#%7#&5.$89;!F50U#&!/4.8#*+4!)0T5+97#&9KQ!
<#0#&9%#+$^! cQ^! F5#+$^! :Q! .$8! 6.$$#$T.0*^! /Q! HCYYCK^! a#/+&%#/$ 5#&(.+.1$ QZ2#(+#.'#J$
%"#-(#%+'&,4$2)E'"-,-1+'&,$&./$,#&(.+.1$+32,+'&%+-.)!H-($8($;!<�$8KQ!
<+$85#1^!aQ!.$8!"((G#&^!?Q!HCYZNK^!b-(409!('!"($%&(5!.$8!/4.8#*+4!/47+#A#*#$%;!.!5+%#&.%0&#!
&#A+#Ub^!R-0(.&,$-*$U#()-.&,+%E$&./$)-'+&,$U)E'"-,-1E!JJH>K;!JCYO>MQ!
c.G(G(&%^!/Q!HCYMIK^!g6U#()-.$@&3#$!"#-(E!HD#U![(&R;!E(A#&!)0T5+4.%+($9KQ!
c0($.^!SQ!.$8!-1$7.*^!:Q! H>IIJK^! b/!G7+5(9(G7+4.5! '&.*#U(&R! '(&! %7(0,7%!.$8!G&.4%+4#! +$!
70*.$!	(0&4#!8#A#5(G*#$%b^!P03&.$`#)-0('#$N#7#,-23#.%$W.%#(.&%+-.&,!MH>K;!CLCOCdJQ!
:#$,#^! )Q! HCYY>K^! !"#$ S+*%"$ N+)'+2,+.#J$ !"#$ B(%$ &./$ U(&'%+'#$ -*$ %"#$ 5#&(.+.1$ e(1&.+n&%+-.!
Ha#5T(0&$#;!c.$8(*!?(09#KQ!
6#%&+4R^! -Q! .$8! E.! :+5A.^! DQ! H>IINK^! b/99#99+$,! %7#! 405%0&#! .$8! 45+*.%#! '(&! (&,.$+g.%+($.5!
5#.&$+$,b^! +$! e.4R9($^!:Q!2Q^!?+%%^!aQ!.$8!E#D+9+^!/Q!H289QK^!a&.&1+.1$m.-C,#/1#$*-($D0)%&+.#/$
O-32#%+%+7#$B/7&.%&1#!H:.$!<&.$4+94(;!e(99#1OX.99K;!NNNOLYQ!
c#'#&#$4#! %(! %7#! 9(0&4#9! '&(*! %7#! G.G#&9! +$4508#8! 7#&#! 4.$! T#! '(0$8! +$! %7#! +$8+A+80.5!
	#.&47!G.G#&9!+$!%7#!'(55(U+$,!.GG#$8+4#9Q!67#9#!G.G#&9!.&#_!
X.&%($Q!:^!H>ICIK^!/$!#A.50.%+($!('!8+99#&%.%+($!	#.&47!.$8!-#.&$#&!/0%($(*1!.4&(99!%7#!
)(9%,&.80.%#!)&(,&.**#9!+$!:7#''+#58!X09+$#99!:47((5Q!!
"&(GG#&^! /Q! .$8! X.R#&^! eQ! H>ICIK^! a(%+A.%+$,! W$%#&$.%+($.5! :%08#$%9;! /$! .4%+($! 	#.&47!
9%081! +$%(! %7#! #''#4%+A#! 09#! ('! #5#4%&($+4! G5.%'(&*9! %(! 9%+*05.%#! ,&#.%#&! 5#A#59! ('! 9%08#$%!
#$,.,#*#$%!.$8!.0%($(*1!+$!:7#''+#58!X09+$#99!:47((5Q!
f(&T0$%9(A.^! 6Q! H>ICIK^! E#A#5(G+$,! .$8! #*T#88+$,! -#.&$#&! /0%($(*1! U+%7+$! %7#!
)(9%,&.80.%#!"0&&+4050*!%(!#$7.$4#!5#.&$+$,!.$8!G&('#99+($.5!8#A#5(G*#$%Q!!
:7.7+8.$^!aQ!H>ICIK^!67#!09#!('!2O".9#!:%08+#9!'(&!a:4!6(%.5!o0.5+%1!a.$.,#*#$%!4(0&9#Q!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CLd!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
%HH&'8-3!
)&(=#4%!6#.*!c#9#.&47#&9;!
• e#.$#%%#!X.R#&!s!a:4!W$%#&$.%+($.5!a.&R#%+$,!
• /$81!"&(GG#&!!s!a:4!W$%#&$.%+($.5!a.&R#%+$,!
• a.5+7#!:7.7+8.$!s!a:4!6oa!
• e.$#%%#!?0&9%!!!s!a:4!?caVE!
• c.47.#5!S((84(4R!s!a:4!?caVE!
• :.&.+!X.&%($!sc#9#.&47!"W`E!
• 6.%+.$.!f(&T0$%9(A.!sc#9#.&47#&!
• f08&0$!a1#&9!O!2*G5(1.T+5+%1!!
%'!2F/50/(-+'!+*!Q-99&)(/(-+'!P&9&/)47!/'8!$&/)'&)!%0(+'+,1;!%!
</405(1!U-8&!#)+=&4(!
:/)/-!>/)(+'!I!P&9&/)47!"SBQ!
67#! 	#.&47! +9! 8#9+,$#8! %(! +8#$%+'1! 7(U!8+99#&%.%+($9! .&#!*.$.,#8! .4&(99! %7#! '.405%1! .9!
%7#&#!+9!$(!#A+8#$4#!%7.%!%7#&#!7.9!T##$!.$!.08+%!('!%7+9!.99#99*#$%!%.9RQ!67+9!+9!('!4&+%+4.5!
+*G(&%.$4#! +$!%#&*9!('!\0.5+%1!.$8!#$7.$4#*#$%!.9!%7#!8+99#&%.%+($!.44(0$%9! '(&!T#%U##$!
NIr!O!NNr!('!%7#!4+%!&#\0+!%(!&#.47!%7#!*.9%#&9!5#A#5Q!S7+5#!%7+9!	#.&47!U+55!G&(A+8#!
T#$#'+%9!+$!%#&*9!('!G&(A+8+$,!.!4(7#&#$%!.$8!'.405%1!U+8#!9%&.%#,1!'(&!8+99#&%.%+($!	#.&47!
%7+9! *09%! T#! +$! %7#! 4($%#3%! ('! 8#A#5(G+$,! .$8! #*T#88+$,! 5#.&$#&! .0%($(*1Q! 67#!
8+99#&%.%+($! +9! %7#! 405*+$.%+($! ('! *.9%#&b9! 5#A#5! 9%08+#9! .$8! +9! %7#! 05%+*.%#! +$! 5#.&$#&!
.0%($(*1^! (&! 97(058! T#^! T0%! %7+9! +9! U7.%! %7#! 	#.&47! +9! 8#9+,$#8! %(! +$A#9%+,.%#Q! 67#!
	#.&47!U+55!#3G5(&#!%7#!#3G#&+#$4#9!('!.!9.*G5#!('!*.9%#&b9!9%08#$%9!.%!%7#!	#.&47!9%.,#!
.$8! %7#+&!G&+(&! #3G#&+#$4#!('! 4.&&1+$,!(0%! 	#.&47Q!S#!.&#! %&.4R+$,! %7#! #3G#&+#$4#9!('!.!
,&(0G!('!aX/!9%08#$%9!(A#&!%7#!G#&+(8!>IIYVCI!.9!G.&%!('!%7#!	#.&47!G&(=#4%Q!67#!'+$8+$,9!
U+55!T#!09#8!.5($,!U+%7!.88+%+($.5!#A+8#$4#!'&(*!90G#&A+9(&9!.$8!9#4($8.&1!8.%.!%(!.55(U!
7#5G! 09! 0$8#&9%.$8! 7(U! T#9%! %(! 90GG(&%! 9%08#$%9! +$! 8#A#5(G+$,! 	#.&47! 9R+559Q! 67#!
8+99#&%.%+($!97(058!&#G	#$%!%7#!9%.,#!.%!U7+47!9%08#$%9!4.$!8#*($9%&.%#!&#.5!.0%($(*1!
.$8!+$8#G#$8#$%!	#.&47#&!9R+559!.$8!%7+9!	#.&47!+9!8#9+,$#8!%(!7#5G!U+%7!%7+9!(T=#4%+A#Q!
/9! G.&%! ('! %7+9! 	#.&47!G&(=#4%! %7#&#!U+55! T#! .! &#A+#U!('! 	#.&47!*#%7(89!*(805#9! .$8!
+$%#&A+#U9!U+%7!9%08#$%9!.$8!9%.''Q!
P+55-'.! S'804(-+'! *+)! S'(&)'/(-+'/5! :(08&'(9;! 2'7/'4-'.! :(08&'(!
2'./.&,&'(!/'8!$&/)'-'.!
6/(-/'/!X+)G0'(9+F/!!I!P&9&/)47&)!
67+9! 	#.&47! G&(=#4%! 7.9! T##$! 8#A#5(G#8! %(! #3G5(&#! %7#! #3G#&+#$4#! ('! %U(! ,&(0G9! ('!
+$%#&$.%+($.5!9%08#$%9! '&(*!"7+$.!.$8! W$8+.Q!67#9#! %U(!4(0$%&+#9!4($%+$0#! %(!G&(A+8#! %7#!
*.+$!9(0&4#9!('!9%08#$%9!'(&!%7#!*.9%#&b9!G&(,&.**#9!+$!%7#!<.405%1Q!67#!*.+$!(T=#4%+A#!('!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CLM!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
%7#! 	#.&47! +9! %(! %&.4R! T(%7! ,&(0G9! (A#&! C>! *($%79! *#.90&+$,! %7#+&! #3G#&+#$4#9! ('!
9%081+$,!+$!%7#!'.405%1!.$8!4#&%.+$!G(+$%9!+$!%7#!G&(,&.**#Q!67#!*.+$!.&#.9!'(&!	#.&47!+9!
%(! +8#$%+'1! U7.%! 8#,&##! ('! .0%($(*1! %7#! 9%08#$%! .&#! .47+#A+$,! +$! *.$.,+$,! .$8! %.R+$,!
4($%&(5!('!%7#+&!(U$!5#.&$+$,!(A#&!%7+9!G#&+(8Q!67+9!U+55!&#\0+&#!%7#!9%08#$%9!%(!0$8#&9%.$8!
.%!.$!#.&51!9%.,#!+$!%7#!	#.&47!U7.%!+9!*#.$%!T1!5#.&$#&!.0%($(*1Q!67#!*.+$!(0%G0%!'&(*!
%7#!	#.&47!+9!%(!8#A#5(G!.!&(55+$,!+$804%+($!G&(,&.**#!%7.%!U+55!G&(A+8#!%7#!90GG(&%!'(&!
9%08#$%9!+$!T#4(*+$,!+$8#G#$8#$%!5#.&$#&9Q!
Q&F&5+H-'.!2I$&/)'-'.!4/9&!9(08-&9!+'!(7&!?:4!6V?!H)+.)/,,&!
?/5-7&!:7/7-8/'!I!?:4!6V?!
67+9!	#.&47!.+*9!%(!+$A#9%+,.%#!%7#!+*G.4%!('!%7#!8#A#5(G*#$%!('!.0%($(*(09!5#.&$+$,!($!
G#&'(&*.$4#!.$8!T#7.A+(0&!('!,&(0G!('!E+9%.$4#!-#.&$+$,!9%08#$%9Q!
2A#&1! 1#.&! %7#&#! .&#! 9#A#&.5! +$8+4.%+($9!('! +$%#	%9! '&(*!a:4!6(%.5!o0.5+%1!a.$.,#*#$%!
.$8!`&,.$+9.%+($.5!234#55#$4#!9%08#$%9!($!4($%+$0.%+($!('!%7#+&!9%081!%(!)7E!5#A#5Q!W$!(&8#&!
%(!T#! +$!G(9+%+($!%(!90GG(&%!%7#+&!+$%#	%^! %7#1!4.$!,(!%7&(0,7!4&#.%+($!('!9(*#!*+$+!4.9#!
9%08+#9!.$8!%7#!(0%4(*#9!4.$!T#!09#8!.9!*#.$9!'(&!#A.50.%+($!('!%7#+&!R$(U5#8,#!($!*(A#!
%(!)7EQ! !/88+%+($.551^!%7#!(0%!G0%!4.$!T#!09#8!%(U.&89!%7#+&!'+$.5!8+99#&%.%+($!.$8!G(99+T5#!
G.G#&!%(!T#!G	#$%#8!+$!4($'#&#$4#9!(&!=(0&$.59Q!
67+9!U+55!*(%+A.%#!9%08#$%9!%(!,(!%7&(0,7!%7+9!A(50$%##&!U(&R!.9!%7#1!4.$!9##!9(*#!T#$#'+%!
(0%!('!%7.%!'(&!%7#*9#5A#9Q!67#!9#5#4%+($!('!.&#.!('!+$%#	%!.9!U#55!.9!*#%7(8!('!*.$.,+$,!
%7.%!U(058!T#!A#&1!'5#3+T5#!.$8!9%08#$%!U(058!T#!G&(A+8#8!U+%7!.!%#*G5.%#!.$8!'&.*#U(&R!
%(!4.&&1!(0%!%7#!%.9RQ!
67+9!'+$.5!(0%!4(*#!U(058!T#!+$!.!'(&*.%!('!#O4.9#!9%081!.$8!%7.%!4.$!T#!.44#99#8!T1!(%7#&!
9%08#$%9!'(&!'##8T.4R!.$8!'0&%7#&!8+94099+($9Q!
P+55-'.! S'804(-+'! *+)! S'(&)'/(-+'/5! :(08&'(9;! 2'7/'4-'.! :(08&'(!
2'./.&,&'(!/'8!$&/)'-'.!!
^&/'&((&!>/@&)!d!%'81!")+HH&)!I!?:4!S'(&)'/(-+'/5!?/)@&(-'.!
67#!X5.4RT(.&8!9+%#!+$!G5.4#!%7.%!&#G	#$%9!%7#!U7(5#!a:4!W$%#&$.%+($.5!a.&R#%+$,!h!a:4!
:%&.%#,+4!f5(T.5!a.&R#%+$,!4(0&9#9!.9!.!($#O9%(G!97(G!'(&!T(%7!4(0&9#!.$8!*(805#!.%#8!
+990#9Q! 2.47! *(805#! +9! G(G05.%+$,! +%9! .&#.! ($! %7+9! 9+%#! U+%7! *(805#! #A.$%! *.%#&+.59!
+$4508+$,! %7#! 09#! ('!S+R+9! .$8!X5(,9! %(! #$,.,#! 9%08#$%9! +$! 8+.5(,0#!U+%7! #.47! (%7#&! .$8!
%0%(&9Q!
67#!'0$8.*#$%.5!R#1!.4&(99!%7#!U7(5#!G&(=#4%!%7(0,7^!.$8!%7+9!T&+$,9!09!T.4R!%(!e#.$#%%#]9!
'(409^! +9! %7.%! 1(0! $##8! %(! T#! 4($9+9%#$%! .$8! %709! 1(0! 4.$$(%^! ($! .! "(0&9#^! 7.A#! 9(*#!
*(805#9!U+%7!,((8!XX!9+%#9!.$8!9(*#!U+%7!%7#!090.5!G(9%+$,!T(.&8!.GG&(.47!%7.%!+9^!9.851^!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CLZ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
$(%!0$4(**($Q!!67#!+*G.4%!+9!%7.%!.!9%08#$%!7.9!.$!#.&51^!G((&!#3G#&+#$4#!.$8!%709!$#A#&!
5((R9!.%!.!XX!9+%#!.,.+$Q! !/!9+,$+'+4.$%!9%#G! '(&!09^! %7#&#'(&#^!U.9!#9%.T5+97+$,! %7.%!U#!4.$!
47.$,#! %7#!U.1! +$!U7+47!XX! +9! 4($9%&04%#8! '(&! .!"(0&9#! .$8! 7.A#! .! G&+*.&1^! "(0&9#! 9+%#!
U7+47!4($%.+$9^!U+%7+$!+%^!5+$R9!(0%!%(!%7#!+$8+A+80.5!*(805#!9+%#9Q!!67+9!*#.$9!%7.%!9%08#$%9!
9+*G51!$##8!%(!09#!($#!.44#99!G(+$%!.$8!U+55^!U#!.&#!7(G+$,_!*.R#!*(&#!09#!('! %7+9!.9!.$!
+$8#G#$8#$%!9%081!%((5Q!
?:4!DP?iQ!#)+.)/,,&;!23H5+)-'.!"+55/G+)/(-F&!/'8!%0(+'+,+09!
U+)@-'.!09-'.!2I$&/)'-'.!
^/'&((&!D0)9(!d!P/47/&5!U++84+4@!I!?:4!DP?dQ!
67#! G&(=#4%! +9! 8#9+,$#8! %(! 90GG(&%! .$! #$\0+&1! T.9#8!*(805#! W$8+A+80.5! h!`&,.$+9.%+($.5!
-#.&$+$,Q!67#!*#%7(8(5(,1!('!%7#!*(805#!+9!8#9+,$#8!%(!G&(*(%#!5#.&$#&!.0%($(*1!T0%!'(&!
%7#!G.&%! %+*#!*.9%#&b9! 9%08#$%9! %7+9!7.9!G&(A#8!G&(T5#*.%+4! +$! %#&*9!('! %+*#^! .%%#$8.$4#!
.$8! 4(55.T(&.%+A#!U(&R+$,Q! 67#! G&(=#4%! '(409#9! ($! %7#! 8#9+,$! ('! .$! #O5#.&$+$,! 9+%#!U7+47!
'.4+5+%.%#9!.$8!#$.T5#9!9%08#$%9!%(!4.&&1!(0%!	#.&47!T#'(&#!%7#!9%.&%!('!%7#!*(805#Q!W%!U+55!
.59(!G&(A+8#!.44#99! %(!.$!($O5+$#! 5#.&$+$,!4(**0$+%1!.$8!90GG(&%!&#'5#4%+A#!.$8!&#'5#3+A#!
G&.4%+4#Q!<+$.551!+%!G&(A+8#9!.$!.88+%+($.5!5#A#5!('!90GG(&%!+$!%#&*9!('!%7#!%0%(&9!4.$!,+A#!%(!
%7#!9%08#$%!,&(0GQ!
D+.'#$ %"+)$ (#2-(%$C&)$C(+%%#.$ %"+)$ "&)$ 9##.$ )02#()#/#/$9E$&$2(-d#'%$ -.$/#7#,-2+.1$ (#*,#'%+7#$
2(&'%+'#$ +.$3&)%#(j)$ )%0/#.%)=$ N#%&+,)$ -*$ %"#$ )2#'+*+'$ (#)#&('"$ -9d#'%+7#)$ &(#$ 9#+.1$ /#7#,-2#/$
&./$%"#$(#)#&('"$C+,,$%&T#$2,&'#$+.$K;;A^:;=$
#&&)!?&'(+)-'.!*+)!S'(&)'/(-+'/5!:(08&'(9!
X08)0'!?1&)9!!
Q&F&5+H-'.!$&/)'&)!%0(+'+,1!!
#)+=&4(!%-,!
X0+58+$,! ($! .! 9044#99'05! ")-/! 9*.55! 94.5#! G&(=#4%C^! %7+9! G##&O*#$%(&+$,! G&(=#4%! .+*9! %(!
8#A#5(G!'0&%7#&!.$8!T&(.8#$!%7#!(GG(&%0$+%+#9!'(&!@F!.$8!+$%#&$.%+($.5!9%08#$%9!%(!90GG(&%!
#.47!(%7#&!+$!%7#!8#A#5(G*#$%!('!.0%($(*(09!T#7.A+(0&9Q!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1 Developing Autonomy in UK and International Students, G. Myers, 2008/09
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CLY!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
BG=&4(-F&9!
• )&(A+8+$,! 5#.&$#&9! 9%081+$,! l2*G5(1##! -#.&$+$,! .$8! E#A#5(G*#$%m! U+%7! &#.5! 5+'#!
*#$%(&+$,!9+%0.%+($9!.$8!(GG(&%0$+%+#9!%(!&#'5#4%!($!%7#!*#$%(&+$,!G&(4#99!.$8!%7#+&!
(U$!G&.4%+4#!.9!G.&%!('!%7#!*(805#!.99#99*#$%!G.4R.,#!
• )&(A+8+$,! +$%#&$.%+($.5! 9%08#$%9! U+%7! .! *#$%(&! U+%7! U7(*! %7#1! 4.$! #3G5(&#!
#''#4%+A#!.GG&(.47#9!%(!.4.8#*+4!.$8!9(4+.5!+$%#,&.%+($!!!
• :0GG(&%+$,!+$%#&405%0&.5!5#.&$+$,!
23H&4(&8!>&'&*-(9!
• :%08#$%9! U+55! 8#A#5(G! .$! .GG+.%+($! .$8! 8+''#&#$%+.%#8! 0$8#&9%.$8+$,! ('! %7#!
*#$%(&+$,! G&(4#99! .9! U#55! .9! .$! 0$8#&9%.$8+$,! ('! %7#! 47.55#$,#9! '.4#8! U7#$!
U(&R+$,!+$!.$!+$%#&$.%+($.5!4($%#3%!
• )#&9($.5!,&(U%7!.$8!.4.8#*+4!+*G&(A#*#$%!%7&(0,7!%7#!*#$%(&+$,!G&(4#99!
• W$4&#.9#8!5#A#59!('!.0%($(*1!
#5/'!B*!%4(-F-(-&9!
CQ :#5#4%+($!.$8!&0+%*#$%!('!9%08#$%9!A+.!*(805#! 5#.8#&!Hl2*G5(1##!-#.&$+$,!.$8!
E#A#5(G*#$%mK!.$8!)f!4(0&9#!5#.8#&9!
>Q 23G5.$.%+($! ('! %7#! G&(=#4%! .$8! G&#G.&.%+($! '(&! %7#! 9%08#$%9! '(&! %7#! *#$%(&+$,!
G&(4#99!.%!.$!(&,.$+9#8!#A#$%!HG&(=#4%!5#.8#&!.$8!*#$%(&+$,!9G#4+.5+9%9K!
NQ `$O,(+$,!*#$%(&+$,!*##%+$,9!H9%08#$%9K^!U+%7! '.4+5+%.%+($^!90GG(&%!.$8!*($+%(&+$,!
T1!G&(=#4%!5#.8#&!
JQ 2A.50.%+($!('!G&(=#4%! H%7&(0,7(0%! %7#!G&(=#4%!.$8!.%!G&(=#4%!#$8K! +$A(5A+$,!G&(=#4%!
5#.8#&^!*(805#!%0%(&9^!4(0&9#!5#.8#&9!.$8!9%08#$%9K!
LQ a.R+$,!$#4#99.&1!47.$,#9!'(&!%7#!'(55(U+$,!1#.&!
2F/50/(-+'!
2A.50.%+($!U+55!T#!($,(+$,!.$8!+$A(5A#!%7#!*($+%(&+$,!('!9%08#$%!.4%+A+%+#9!.$8!,.%7#&+$,!('!
'##8T.4R!U+%7!.8=09%*#$%9!T#+$,!*.8#!U7#&#!$#4#99.&1Q! !67#&#!U+55!T#!.! '+$.5! #A.50.%+($!
T.9#8!($!'(409!,&(0G!8+94099+($9!.$8!\0.5+%.%+A#!.$8!\0.$%+%.%+A#!\0#9%+($$.+	Q! !"(0&9#!
5#.8#&9!.$8!%7#!*(805#!5#.8#&!'(&!l2-Em!U+55!T#!.9R#8!%(!*($+%(&!G&(,c!('!%7(9#!9%08#$%9!
U7(!.&#!%.R+$,!G.&%!+$!%7#!G&(=#4%!.$8!%(!4(**#$%!($!G#&'(&*.$4#!.$8!%7#!8#A#5(G*#$%!('!
.0%($(*(09!T#7.A+(0&9!.$8!.%%+%08#9Q! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CdI!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CdC!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
:>:!%HH&'8-3!M!
Q&F&5+H-'.! /'8! &,G&88-'.! $&/)'&)! %0(+'+,1! J-(7-'! (7&!
#+9(.)/80/(&! "0))-4050,! (+! &'7/'4&! 5&/)'-'.! /'8! H)+*&99-+'/5!
8&F&5+H,&'(!
6%6S%W%!XBP>EW6:Bh%!Y6ZXBP>EW6:Bh%[:DEZ%"ZE\]!
/44(&8+$,! %(! -+%%5#! HCYYC;JK! -#.&$#&! /0%($(*1! +9! .$! 0$8#&9%.$8+$,! %7#! G0&G(9#! ('! %7#!
5#.&$+$,! G&(,&.**#^! #3G5+4+%51! .44#G%+$,! 	G($9+T+5+%1! '(&! %7#! 5#.&$+$,^! 97.&+$,! +$! %7#!
9#%%+$,!('!5#.&$+$,!,(.59^!%.R+$,!+$+%+.%+A#!+$!G5.$$+$,!.$8!#3#40%+$,!5#.&$+$,!.4%+A+%+#9^!.$8!
&#,05.&51! &#A+#U+$,! %7#! 5#.&$+$,! .$8! #A.50.%+$,! +%9! #''#4%+A#$#99^! 5#.&$#&9^! .0%($(*(09!
5#.&$#&9!.&#!#3G#4%#8!%(!4&+%+4.551!&#'5#4%!($!.$8!%.R#!47.$,#!('!%7#+&!(U$!5#.&$+$,Q!/9!-+%%5#!
HCYYCK! 9%.%#9! %7#! .0%($(*(09! 5#.&$#&! %.R#9! .! HG&(OK! .4%+A#! &(5#! +$! %7#! 5#.&$+$,! G&(4#99^!
,#$#&.%+$,!+8#.9!.$8!.A.+5+$,!7+*9#5'!('!5#.&$+$,!(GG(&%0$+%+#9^!&.%7#&!%7.$!9+*G51!&#.4%+$,!
%(!A.&+(09!9%+*05+!('!%7#!%#.47#&Q!W$!(%7#&!U(&89^!%7#!.0%($(*(09!5#.&$#&!+9!.!9#5'O.4%+A.%#8!
*.R#&!('!*#.$+$,^!.$!.4%+A#!.,#$%!+$!7+9!(U$!5#.&$+$,!G&(4#99Q!!
?(U#A#&^!5#.&$#&!.0%($(*1!8(#9!$(%!*#.$!%7.%!%7#!%#.47#&!T#4(*#9!P$8.$%!.T8+4.%+$,!
7+9V7#&!4($%&(5!(A#&!U7.%!+9!%&.$9G+&+$,!+$!%7#!5#.&$+$,!G&(4#99Q!W$9%#.8^!%#.47#&9!7#5G!%7#!
5#.&$#&9! %(! T#4(*#! .U.&#! ('! .$8! +8#$%+'1! %7#! 9%&.%#,+#9! %7.%! %7#1! .5&#.81! 09#! (&! 4(058!
G(%#$%+.551!09#Q!W$!(%7#&!U(&89^!.0%($(*(09!5#.&$+$,!+9!T1!$(!*#.$9!%#.47#&!5#99!5#.&$+$,Q!
6709^!%7#!%#.47#&b9!&(5#!+9!%(!4&#.%#!.$8!*.+$%.+$!.!5#.&$+$,!#$A+&($*#$%!+$!U7+47!5#.&$#&9!
4.$!T#!.0%($(*(09!+$!(&8#&!%(!T#4(*#!*(&#!.0%($(*(09!H).&&.^!>IIYKQ!
67+9! 	#.&47! G&(=#4%! 7.9! T##$! 8#A#5(G#8! %(! #3G5(&#! %7#! #3G#&+#$4#! ('! %U(! ,&(0G9! ('!
+$%#&$.%+($.5! 9%08#$%9! *.+$51! '&(*! "7+$.! .$8! W$8+.Q! 67#9#! %U(! 4(0$%&+#9! 4($%+$0#! %(!
G&(A+8#!%7#!*.+$!9(0&4#9!('!9%08#$%9!'(&!%7#!*.9%#&b9!G&(,&.**#9!+$!%7#!<.405%1Q!67#!*.+$!
(T=#4%+A#! ('! %7#! 	#.&47! +9! %(! %&.4R! T(%7! ,&(0G9! (A#&! C>! *($%79! *#.90&+$,! %7#+&!
#3G#&+#$4#9!('!9%081+$,!+$!%7#!'.405%1!.$8!4#&%.+$!G(+$%9!+$!%7#!G&(,&.**#Q!67#!*.+$!.&#.9!
'(&!	#.&47!+9!%(!+8#$%+'1!U7.%!8#,&##!('!.0%($(*1!%7#!9%08#$%!.&#!.47+#A+$,!+$!*.$.,+$,!
.$8! %.R+$,! 4($%&(5! ('! %7#+&! (U$! 5#.&$+$,! (A#&! %7+9! G#&+(8^! .$8! %(! #A.50.%#! %7#! &(5#!('! %7#!
%0%(&9! +$! +%Q!67+9!U+55! &#\0+&#! %7#! 9%08#$%9! %(!0$8#&9%.$8!.%!.$!#.&51! 9%.,#! +$! %7#! 	#.&47!
U7.%! +9!*#.$%! T1! 5#.&$#&! .0%($(*1Q! 67#!*.+$! (0%G0%! '&(*! %7#! 	#.&47! +9! %(! 8#A#5(G! .!
&(55+$,! +$804%+($! G&(,&.**#! %7.%! U+55! G&(A+8#! %7#! 90GG(&%! '(&! 9%08#$%9! +$! T#4(*+$,!
+$8#G#$8#$%!5#.&$#&9Q!
67#!*.+$!	#.&47!(T=#4%+A#9!.&#;!
CQ 6(! +8#$%+'1! %7#! #3%#$%! %(! U7+47! %7#! %U(! ,&(0G9! 0$8#&9%.$8! %7#! %#&*! 5#.&$#&!
.0%($(*1_!
>Q 6(!%&.4R!%7#!8#A#5(G*#$%!('!5#.&$#&!.0%($(*1!+$!%7#!,&(0G9!(A#&!	#.&47!G#&+(8_!
NQ 6(!#A.50.%#!.$1!G(%#$%+.5!8+''#&#$4#9!+$!%7#!%U(!,&(0Gb9!.4.8#*+4!G#&'(&*.$4#_!
JQ 6(!(,$+g#!%7#!*.+$!'.4%(&9!%7.%!U+55!#$7.$4#!5#.&$#&!.0%($(*1!+$!%7#!,&(0G9_!
LQ 6(!8#A#5(G!.$!(0%5+$#!'&.*#U(&R!'(&!.!&(55+$,!+$804%+($!G&(,&.**#Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! Cd>!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
?&(7+8+5+.1!
W$! (&8#&! %(! '05'+5! %7#! .+*! .$8! (T=#4%+A#9! 2A.50.%+A#! .$8! /4%+($! 	#.&47! U#&#! 09#8Q!
2A.50.%+A#! 	#.&47! .&(9#! '&(*! %7#! $##8! %(! *.R#! =08,#*#$%9! ($! %7#! 9044#99! .$8!
#''#4%+A#$#99!('!&05#9^!G(5+4+#9!.$8!G&(,&.**#9!8#A#5(G#8!.$8!(''#!T1!:7#''+#58!?.55.*!
@$+A#&9+%1!%(!9%08#$%9!80&+$,!)&#O#$&(5*#$%^!c(55+$,!W$804%+($!G#&+(89!.$8!G#&+(8!('!9%081!
Hj#.5^!>IIZK!U7+5#!/4%+($!c#9#.&47!U.9!#*G5(1#8!U+%7!%7#!.+*!('!+*G&(A+$,!%7#!9%&.%#,+#9^!
G&.4%+4#9^! .$8! R$(U5#8,#! ('! %7#! #$A+&($*#$%9! U+%7+$! 9%.''b! .$8! %0%(&9b! G&.4%+4#^! .$8! %(!
G&(G(9#! .! $#U! 4(0&9#! ('! .4%+($! %(! 7#5G! :7#''+#58! ?.55.*! @$+A#&9+%1! H9%.''! .$8! %0%(&9K!
+*G&(A#!+%9!H%7#+&K!U(&R!G&.4%+4#9Q!!
-($,+%08+$.5!9%081!.9!l.$!($,(+$,!*#%7(8!+$!4(55#4%+($!('!+$'(&*.%+($!.T(0%!+$8+A+80.59!.$8!
%7#+&!*($+%(&+$,! ('! 9G#4+'+4! #A#$%9! (A#&! .$! #3%#$8#8!G#&+(8! ('! %+*#m! H[(0$,! #%! .5^! CYYC_!
"(7#$!#%!.5Q!>IIM;>CCK!.99+9%#8!+$!+8#$%+'1+$,!%7#!4(**($!+990#9!%7#!+$%#&$.%+($.5!9%08#$%9!
'.4#!'&(*!1#.&!%(!1#.&Q!W$!(&8#&!%(!#$90&#!%7.%!%7#!G&(T5#*9!%7#!+$%#&$.%+($.5!9%08#$%9!.$8!
-#4%0&#&!'.4#!.&#!4(**($!.!4&(99O9#4%+($!&#G	#$%.%+($!('!%7#!+$%#&$.%+($.5!9%08#$%9!'&(*!
8+''#&#$%!a.9%#&b9!4(0&9#9!'&(*!8+''#&#$%!+$%.R#9!.$8!-#4%0&#&9!'&(*!8+''#&#$%!'.405%+#9!U#&#!
*.8#Q!!!
o0.5+%.%+A#! %#47$+\0#9^! 9047!.9! '(409!,&(0G!.$8!9#*+O9%&04%0	! +$%#&A+#U9^!U#&#!09#8!($!
%7#! T.9+9! ('! %7#! 	#.&47#&]9! .44#G%.$4#! ('! %7#! 4($4#G%9^! %#&*9! .$8! +990#9! 8#'+$#8! T1! %7#!
90T=#4%9! $(%! T1! %7#! 	#.&47#&! +$! .8A.$4#! H-.$4.9%#&! >IILKQ! 67#9#! %#47$+\0#9! .55(U#8!
	#.&47#&!%(!'(409!($!.!G.&%+405.&!.9G#4%!.$8!%(!,.%7#&!.!5.&,#!.*(0$%!('!.%+A#51!8#%.+5#8!
+$'(&*.%+($!($!+%!H/8.*9!#%!.5!>IIMKQ!
<(409! ,&(0G! 8+94099+($! U.9! #*G5(1#8! %(! G&(804#! 8.%.! .$8! +$9+,7%9! %7.%! U(058! T#! 5#99!
.44#99+T5#! U+%7(0%! +$%#&.4%+($! '(0$8! +$! .! ,&(0G! 9#%%+$,! .9! 5+9%#$+$,! %(! (%7#&9]! A#&T.5+g#8!
#3G#&+#$4#9!9%+*05.%#9!*#*(&+#9^!+8#.9^!.$8!#3G#&+#$4#9!+$!G.&%+4+G.$%9!H-+$85('!.$8!6.15(&^!
>II>KQ!
:#*+O9%&04%0! +$%#&A+#U! U.9! 09#8! .9! +%! +9! 8#9+,$#8! %(! T#! '(409#8! +$! %#&*9! ('! %(G+49!
4(A#! .$8! 1#%! '5#3+T5#! +$! %7.%! +%! +9! G(99+T5#! %(! 9%##&! \0#9%+($9! +$%(! .&#.9! %7.%! .GG#.&!
G&(*+9+$,! '&(*! %7#! G(+$%! ('! A+#U! ('! G&(A+8+$,! &+47! 8.%.! .$8! V! (&! .88+%+($.5! +$9+,7%9!
H-.$4.9%#&! >IILKQ! W$! %7+9! 	#.&47! %7+9! R+$8! ('! +$%#&A+#U! ,.A#! %7#! &#G	#$%.%+A#9! '&(*!
:7#''+#58!?.55.*!@$+A#&9+%1]9!8#G.&%*#$%9!.$8!%0%(&9!%7#!47.$4#!%(!%.5R!'&##51!%(!90GG51!%7#!
	#.&47#&! U+%7! %7#! 8#G%7! 8.%.Q! W$%#&A+#U#&! 7.8! .! 9#&+#9! ('! \0#9%+($9! %7.%! U#&#! +$! %7#!
,#$#&.5!'(&*!('!+$%#&A+#U!947#805#!T0%!U.9!.T5#!%(!A.&1!%7#!9#\0#$4#!('!\0#9%+($9!.$8!7.8!
9(*#!5.%+%08#!%(!.9R!'0&%7#&!\0#9%+($9!+$!	G($9#!%(!U7.%!U#&#!9##$!.9!9+,$+'+4.$%!&#G5+#9Q!
W$!(&8#&!%(!G&(A+8#!.!*(&#!4(*G#$9+A#!	#.&47!(0%4(*#!%7#!Ή%9!(T%.+$#8!'&(*!%7#!
+$%#&A+#U9!.$8!'(409O,&(0G9!U#&#!%&+.$,05.%#8!HE#$94(*T#^!>IIMKQ!
)&+*.&1!8.%.!U#&#!4(55#4%#8!+$!N!9%.,#9!09+$,!%7#!'(55(U+$,!%1G#9!('!\0.5+%.%+A#!*#%7(89;!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CdN!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
D#3+6)%(0'%0(#/$ +.%#(7+#C)! U+%7! %7#! &#G	#$%.%+A#9! '&(*! /8*+99+($9! 6#.*! .$8! :%08#$%!
:0GG(&%!6#.*!H<+,0&#!CK!U#&#!4.&&+#8!(0%!+$!a.&47!>IIY!+$!(&8#&!%(!+8#$%+'1!%7#!+990#9!%7#+&!
8#G.&%*#$%9!'.4#!80&+$,!)&#O#$&(5*#$%!.$8!W$804%+($!G#&+(8!+$!.%+($!%(!%7#!+$%#&$.%+($.5!
9%08#$%9^! U7.%! R+$8! ('! +$'(&*.%+($! %7#+&! 8#G.&%*#$%9! 9#$8! %(! %7#! .GG5+4.$%9! 80&+$,! G&#O
.&&+A.5!G#&+(8!('!%+*#!.$8!U7.%!R+$8!('!+$'(&*.%+($!%7#!.GG5+4.$%9!.9R!%(!90GG51!%7#*!U+%7Q!
X.9#8!($!%7#!+$'(&*.%+($!(T%.+$#8!.$8!+990#9!+8#$%+'+#8!.!9#%!('!\0#9%+($9!'(&!'(409!,&(0G9!
U.9!8#A#5(G#8!H/GG#$8+3!WKQ!
D.*#! E#G.&%*#$%! E.%#!
a.%%7#U!).,#! /8*+99+($9!6#.*^!!
:7#''+#58!?.55.*!@$+A#&9+%1!
>I%7!('!a.&47!>IIY!
".&(5!:.0$8#&9! )(9%,&.80.%#!a.$.,#&^!!
:%08#$%!:0GG(&%^!!
<.405%1!('!`&,.$+9.%+($!.$8!
a.$.,#*#$%^!
:7#''+#58!?.55.*!@$+A#&9+%1!
>>$8!('!a.&47!>IIY!
S+10(#$:J!c#4(&8!('!)&#O.&&.$,#8!W$%#&A+#U9!
S-'0)$1(-02$+.%#(7+#C)$U+%7!.!9.*G5#!('! +$%#&$.%+($.5!9%08#$%9!HNd!9%08#$%9!+$! %(%.5K!U#&#!
0$8#&%.R#$! +$! (&8#&! %(! +8#$%+'1! %7#! ,&(0G! A+#U!($! %7#! +990#9! %7#1! 8#.5%!U+%7! 80&+$,! )&#O
#$&(5*#$%! .$8! W$804%+($! G#&+(8! .$8! 80&+$,! G#&+(8! ('! %7#+&! 9%081^! .$8! 7(U! %7#9#! +990#9!
+$'50#$4#8!($!%7#+&!9%081!.$8!%7#+&!.T+5+%1!%(!T#4(*#!.0%($(*(09Q!67#!*.+$!'(409!U.9!($!
%7#! #A.50.%+($! ('! %7#! G&(4#99! ('! .GG5+4.%+($^! +$804%+($! .$8! %7#! G&(4#99! ('! 9%081^! ($! %7#!
9#&A+4#!\0.5+%1!('! %7#!9%.''!.$8! %7#!\0.5+%1!('!90GG(&%! '&(*!%0%(&9Q! W$!(&8#&! %(!9044#99'0551!
09#!'(409!,&(0G9!%U(!	#.&47#&9!U#&#!#*G5(1#8Q!`$#!'.4+5+%.%#8!.$8!.9R#8!%7#!\0#9%+($9!
U7+5#!.$(%7#&!($#!$(%#8!8(U$!%7#!	G($9#9Q! W$!.88+%+($^!.$!.08+(!(&8+$,!U.9!09#8!%(!
.A(+8!.$1!(*+99+($9^! %(!4(&%! %7#!*+9%.R#9!*.8#! +$!%7#!$(%#9^! %(!8(0T5#!47#4R! %7#! +8#.9!
#3Gc#8! T1! %7#! 	G($8#$%9Q! /'%#&! 4($804%+$,! '(409! ,&(0G! +$%#&A+#U9! %7#! 	#.&47#&!
G&(804#8! .! 90**.&1! '&(*! %7#! (8+$,! .$8! %7#! $(%#9Q! /! ,&(0G! 4(*G&+9#8! ('! #+,7%!
G.&%+4+G.$%9Q!/!G+5(%!'(409!,&(0G!7.A#!T##$!(&,.$+9#8!($!%7#!>N&8!('!/G&+5!9(!.9!%(!%#9%!%7#!
\0#9%+($9!G&#G.^!%(!#9%+*.%#!7(U!+$'(&*.%+A#!.$9U#&9!4.$!T#!,(%%#$!+$!	G($9#!%(!%7#*!
.$8!7(U!*047!%+*#!.!'(409!,&(0G!%.R#9Q!67#!'(55(U+$,!.4%0.5!'(409!,&(0G9!(440&!($!%7#!
Z%7!.$8!CZ%7!('!a.1!>IIYQ!W$!T(%7!'(409!,&(0G9!%7#!9.*#!,&(0G!('!9%08#$%9!U.9!+$%#&A+#U#8Q!
67#!G&(4#99!U.9!+$'(&*.5!T0%!%7#!+$%#&A+#U#&!9%+55!7.8!.!&(5#!+$!,0+8+$,!%7#!8+94099+($!.$8!
#$90&+$,!%7.%!.55!%7#!.9G#4%9!('!%7#!%(G+4!U#&#!4(A#!.$8!%7.%!#A#&1($#!+$!%7#!,&(0G!7.8!
%7#+&!9.1^!.$8!%7.%!%7#!8+94099+($!U.9!$(%!8(*+$.%#8!T1!($#!(&!%U(!A(4+'#&(09!*#*T#&9!('!
%7#!,&(0G!Hj#.5!>IId_!/8.*9!#%!.5Q!>IIMKQ!2.47!9#99+($!5.9%#8!.T(0%!%7&##!7(0&9Q!!
D#3+6)%(0'%0(#/$+.%#(7+#C)$U+%7! %7#! %0%(&9! HL! 5#4%0&#&9! +$! %(%.5K!U#&#! .990*#8! +$!(&8#&! %(!
9G(%!%7#+&!A+9+($!('!%7#!9%081!G&(4#99^!%7#!U.19!('!+%9!+*G&(A#*#$%!.$8!90GG(&%!$##8#8!'(&!
%7#!9%08#$%9!%(!T#4(*#!+$8#G#$8#$%!+$!%#&*9!('!5#.&$+$,^!.$8!U7.%!+9VU.9!8($#!T1!%7#*!($!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CdJ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
%7+9!*.%%#&Q!67#!+$%#&A+#U!\0#9%+($9!U#&#!9#$%!+$!.8A.$4#!9(!%7.%!%0%(&9!4(058!G&#G.&#!'(&!
%7#!+$%#&A+#U!H/GG#$8+3!WWKQ!!
67#! A+#U9! ('! %7#! +$%#&$.%+($.5! 9%08#$%9! .$8! %0%(&9!U#&#! 4(*G.! .$8! %7#!*.=(&! '.4%(&9!
U7+47!G&#A#$%!9%08#$%9!'&(*!T#4(*+$,!+$8#G#$8#$%!+$!%#&*9!('!9%081!.$8!U7+47!.A#&%!%7#*!
'&(*!9044#99'05!4(*G5#%+($!('!%7#+&!4(0&9#9!U#&#!+8#$%+'+#8Q!
$-,-(/(-+'9!/'8!<0(0)&!P&9&/)47!
67#! Ή%9! ('! %7+9! G.G#&! 97(058! $(%! T#! +$%#&G&#%#8! U+%7(0%! %.R+$,! +$%(! .44(0$%! %7#!
5+*+%.%+($9!('!%7+9!9%081Q!!
<+&9%! ('! .55^! %7+9! 	#.&47! U.9! 5+*+%#8! +$! %#&*9! ('! &#G	#$%.%+A#$#99! .$8! ,#$#&.5+g.T+5+%1!
H($51! Nd! 9%08#$%9! +$! %(%.5K^! .5%7(0,7^! +%! U.9! $(%! %7#! .+*Q! ?(U#A#&^! +%!*.1! T#! G(99+T5#! %(!
4($804%!.!U+8#&!9%081!8&.U+$,!($!%7#!'+$8+$,9!7#&#!.9!.!T.9+9!'(&!'0%0&#!	#.&47!%(!#$7.$4#!
,#$#&.5+g.T+5+%1!+$!'0%0&#Q!
:#4($851^!+%!U(058!T#!A.50.T5#!%(!+$%#&A+#U!X&+%+97!9%08#$%9!.9!U#55!.$8!%(!9G(%!%7#!G&(T5#*9!
%7#1!'.4#!80&+$,!%7#!G#&+(89!7+,75+,7%#8!.T(A#Q!!
67+&851^! .'%#&! 4($804%+$,! %7#! '+&9%! '(409! ,&(0G! %7#! 9%08#$%9!U#&#! .9R#8! %(! +$%#&A+#U! %7#+&!
4(0&9#!'&+#$89!($!%7#!%(G+4!09+$,!%7#!9.*#!+$%#&A+#U!\0#9%+($9!.$8!%(!4(*#!%(!%7#!$#3%!'(409!
,&(0G!U+%7!9(*#!Ή%9!'(&!8+94099+($Q!67#!*.=(&!8+9.8A.$%.,#!('!%7+9!%#47$+\0#!U.9!%7.%!
%7#! 9%08#$%9!7.A#!T&(0,7%! %7#! 9.*#! +990#9!8+94099#8! +$! %7#! '+&9%! '(409!,&(0G!.$8!$(%7+$,!
$#UQ!W$!%7#9#!%#&*9!+%!U(058!T#!.8A+9.T5#!%(!+$%#&A+#U!8+''#&#$%!,&(0G!('!	G($8#$%9!&.%7#&!
%7.$!%7#!9.*#!%U+4#Q!!
<(0&%751^!+%!U(058!T#!09#'05!%(!+$%#&A+#U!%7(9#!9%08#$%9!U7(!.GG5+#8!($5+$#!.$8!U7(!,(%!.$!
.44#99! %(! %7#! X5.4RT(.&8! T#'(&#! %7#! '+&9%! %#&*! 9%.&%#8Q! 67+9! U(058! 7#5G! %(! +8#$%+'1! %7#!
G&(T5#*9!%7#1!*#%!.$8!4(*G.&#!%7#*!U+%7!%7.%!('!9%08#$%9!'&(*!%7#!'(409!,&(0G9!7.8Q!
<+$.551^! &#,.&8+$,! %7#! +$%#&A+#U9!U+%7! %7#! 5#4%0&#&9! +$+%+.551! +%! U.9! G5.$$#8! %(! 0$8#&%.R#!
'(409O,&(0G9!U+%7! %7#! %0%(&9^!7(U#A#&!T#4.09#!('! %7#!(A#&5(.8+$,!('! %7#! %0%(&9!.$8^! %709^!
+$.T+5+%1! ('! %7#! 	#.&47#&! %(! .&&.$,#! %7#!8.%#! .$8! %+*#!90+%.T5#! '(&! .55! %7#! 5#4%0&#&9!U7(!
+$%#$8#8!%(!%.R#!G.&%!+$!%7+9!9%081!%7#!	#.&47#&!7.8!%(!47.$,#!%7#!*#%7(8!.$8!%(!09#!9#*+O
9%&04%0!+$%#&A+#U9Q!
S'(&)H)&(-'.!(7&!P&905(9!+*!(7&!%'/519-9!
67#!0$8#&9%.$8+$,!('!%7#!*#.$+$,!('!-#.&$#&!/0%($(*1!H-/K!.*($,!+$%#&$.%+($.5!9%08#$%9!
.$8!5#4%0&#&9!+9!.5*(9%!9+*+5.&Q!W$%#&$.%+($.5!9%08#$%9!H<(409!f&(0G!>^!CZ!a.1!>IIYK!9##!-/!
.9;!!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CdL!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
• /!9#%!('!.4%+($9!8#9+,$#8!%(!.4%+A.%#!%7#!G&(4#99!('!:#5'O).4#8!5#.&$+$,Q!67+9!*#.$9!
%7.%! %7#! 5#.&$#&! +9! .55(U#8! +$8#G#$8#$%! %7+$R+$,! .$8! 9%081! U+%7! 90GG(&%! '&(*! .!
%0%(&!.$8!%7#!5#.&$+$,!,&(0G_!
• /!9%081!!U+%7!%7#!&+,7%!%(!8#%#&*+$#!%7#!8+%+($!('!(U$!5#.&$+$,!G509!%.R+$,!7#5G!
.$8! 90,,#9%+($! '&(*! %0%(&9_! '&##8(*! '(&! 47((9+$,! %7#! 4($%#$%9! T0%! U+%7! %0%(&9]!
90GG(&%_!
• /!9#$9#!('!T#%%#&*#$%!.$8!U#55T#+$,!%7&(0,7!5#.&$+$,!'(&!#$7.$4#8!R$(U5#8,#_!
• :(*#!R+$8!('!'&##8(*!+$!*.R+$,!47(+4#9^!8#4+8+$,!U7.%̂ !7(U!.$8!U7#$!%(!9%081_!
• -#.&$! T1!*19#5'! U+%7! %#.47#&Q! 6#.47#&! 4(&%9! 8+%+($! .$8!*.R#9! %7#! 5#.&$+$,!
G&(4#99!45#.&_!
• S(&R+$,! +$8#G#$8#$%51! U+%7! %0%(&]9! ,0+8.$4#_! $#U! %#47$+\0#9! ('! 5#.&$+$,! .$8!
U(&R+$,!($!(0&!(U$Q!
-#4%0&#&9! 0$8#&9%.$8! -/! .9! %7#! .T+5+%1! ('! %7#! 9%08#$%9! %(! *.$.,#! %7#+&! (U$! 5#.&$+$,!
H-#4%0&#&!C^!>^!N^!JK_!%(!9(5A#!%7#!G&(T5#*9!T1!%7#*9#5A#9!H-#4%0&#&9!C^!>^!NK_!%(!0$8#&%.R#!
.&#.9!('!	#.&47^!%(!9%081!+$!#''#4%^!%(!T#!9#5'O*(%+A.%#8!.$8!+$8#G#$8#$%Q!?(U#A#&^!$(%!.55!
%7#!+$%#&A+#U#8!5#4%0&#&9!0$8#&9%.$8!%7#+&!&(5#!+$!+%Q!67.%!+9!U71!-#4%0&#&!C!8(#9!$(%!7#5G!
%7#!9%08#$%9!.%!.55Q!W$!7+9!(G+$+($!%7#!9%08#$%9!97(058!8(!#A#&1%7+$,!T1!%7#*9#5A#9!H%.R#!%7#!
%(G+4!.$8!,(!%(!9#.&47!%7#!*.%#&+.5KQ!?#!T#5+#A#9!%7.%!T1!90GG51+$,!%7#!9%08#$%9!U+%7!.55!%7#!
+$'(&*.%+($!.$8!*.%#&+.5!H+$4508+$,!4(G+#9!('!%7#!5#4%0	K!qU#!*.R#!%7#*!*(&#!8#G#$8#$%!
%7.$!+$8#G#$8#$%qQ!S7+5#!-#4%0&#&9^!>^!N!.$8!L^!7.A#!8+''#&#$%!(G+$+($!.$8!9##!%7#+&!&(5#!+$!
1#.#(&,$10+/&.'#$-*$%"#$)%0/#.%)=$$
67.%! +9!U71! %7#! #3G#4%.%+($9! ('! %7#! 5#4%0&#&9! ('! +$%#&$.%+($.5! 9%08#$%9! .&#! .9! G&(O.4%+A#^!
.5U.19!.9R+$,!\0#9%+($9!H-#4%0&#&9!C!.$8!>K^!*.%0&#!9%08#$%9!('!%7#!9.*#!5#A#5!.9!5#4%0&#&9!
%(!8+94099!%7#!%(G+4!H-#4%0&#!NKQ!!
S7+5#! +$! &#.5+%1! +$%#&$.%+($.5! 9%08#$%9^! '&(*!"7+$.! +$! G.&%+405.&^! +$! 5#4%0&#&9b! (G+$+($! .&#!
8#G#$8#$%! &.%7#&! %7.$! +$8#G#$8#$%^! %7#1! .&#! \0+#%^! G.99+A#^! .$8! $(%! +$+%+.%+A#^! %7#+&!
4(**+%*#$%!+9!5(U^!%7#1!8(!$(%!.9R!\0#9%+($9^!%7#1!#3G#4%!%7#!.$9U#&9!'&(*!%7#!%0%(&9^!%7#1!
0$4($94+(0951!8(!$(%!U.$%!%(!T#!+$8#G#$8#$%!H-#4%0&#&9!C!.$8!>K^!%7#1!.&#!$(%!G&#G.!%(!
9%081!($! %7#!G(9%,&.80.%#! 5#A#5! H-#4%0&#&9!C^! >^! N^!J! .$8!LKQ!/9!-#4%0&#&!C.$8!>! 9%.%#! %7#!
9%08#$%9!T(%7#&!.T(0%!%7#!$0*T#&!('!U(&89!+$!%7#!.99+,$*#$%9^!.T(0%!%7#!*.&R9!H-#4%0&#&!
LK^! "7+$#9#! 9%08#$%9! .T(0%! 9##R+$,! %7#! =(T! H-#4%0&#&! CK! &.%7#&! %7.$! .T(0%! %7#! G&(4#99! ('!
9%081!(&!%7#!G&(4#99!('!	#.&47Q!`$51!.!'#U!9%08#$%9!4.$!4($%&+T0%#!9%&.+,7%!.U.1^!U7(!.9R!
%7#!\0#9%+($9!.$8!&#.81!%(!8(!#A#&1%7+$,!H-#4%0&#&!CKQ!67#!9+%0.%+($!,#%9!U(&9#!80#!%(!%7#!
G((&! R$(U5#8,#! ('! 2$,5+97! *(9%51! .*($,! "7+$#9#! 9%08#$%9! U7+47! 5#.89! %(! %7#+&! 5(U!
4($4#$%&.%+($!H-#4%0&#&!CKQ!67#1!8(!$(%!0$8#&9%.$8!%7#!#3G5.$.%+($9!,+A#$!T1!%7#!5#4%0&#&9_!
.9!.!Ή%^! 5#4%0&#&9!7.A#! %(!9G#$8!*047!*(&#! %+*#!($! %7#*!%7.$! +%! +9! +$+%+.551!90GG(9#8^!
#9G#4+.551! +$! .! 9+%0.%+($! ('! 90G#&A+9+($! ('! 8+99#&%.%+($9! U7#$! %7#! 5#4%0&#&! 7.A#! %(! 9G#$8!
*(&#! %7.$! G5.$$#8! d! 7(0&9! G#&! 9%08#$%! H-#4%0&#&9! >^! N! .$8! LKQ! 67.%! +9! U71!*(9%! ('! %7#!
5#4%0&#&9! #3Gc! %7#+&! 5(U! +$%#	%! +$! %7#! 90G#&A+9+($! ('! %7#! 40&&#$%! 9%08#$%9! ($! %7#+&!
8+99#&%.%+($9Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! Cdd!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
W$! %7+9! 4($%#3%! %7#! '(55(U+$,! \0#9%+($! .&+9#9;!V"&%$ 2(#7#.%$ +.%#(.&%+-.&,$ )%0/#.%)$ *(-3$
9#'-3+.1$&0%-.-3-0)_!
W$! (&8#&! %(! .$9U#&! %7+9! \0#9%+($! +%! U(058! T#! U(&%7U7+5#! %(! 9%.&%! %7#! .$.519+9! '&(*! %7#!
T#,+$$+$,! %7.%! +9! %(! 9.1! '&(*! %7#!*(*#$%! U7#$! .$! .GG5+4.$%! #3Gc#8! 7+9V7#&! U+97! %(!
9%081!.%!:7#''+#58!?.55.*!@$+A#&9+%1!.$8!90T*+%%#8!7+9V7#&!.GG5+4.%+($Q!
#)&I%))-F/5!#&)-+8!+*!6-,&!
W'! %7#! 8#'+$+%+($! %7.%! .! 9%08#$%! q4.$! T#4(*#! .$! .0%($(*(09! +'! 7#V97#! 0$8#&9%.$89! %7#!
G0&G(9#!('!%7#!5#.&$+$,!G&(,&.**#q!HG5#.9#!9##!.T(A#K!+9!.44#G%#8!'(&!%7#!4(&$#&9%($#!%7#$!
%7#!&#.9($9!U71!+$%#&$.%+($.5!9%08#$%9!4.$$(%!T#!+$8#G#$8#$%!T#4(*#!45#.&Q!W$%#&$.%+($.5!
9%08#$%9!8(!$(%!G(99#99!.!45#.&!0$8#&9%.$8+$,!('!U7.%!+%!U+55!T#!%.0,7%!80&+$,!%7#+&!4(0&9#^!
U7.%!R+$8!('!*(805#9!%7#1!U+55!7.A#^!7(U!%7#1!U+55!T#!#3.*+$#8!.$8!.99#99#8!H<(409!f&(0G!
C^! Z! a.1! >IIYKQ! /$9U#&+$,! %7#! \0#9%+($! YV&)$%"#(#$&.E$ +.*-(3&%+-.$%"&%$E-0$C-0,/$"&7#$
,+T#/$ %-$ (#'#+7#$ %"&%$ E-0$ /+/$ .-%$ (#'#+7#$ /0(+.1$ U(#6&((+7&,$ 2#(+-/_Y$ %7#1! G(+$%! (0%! %7#!
'(55(U+$,;!!
• "($%#$%!('!%7#!*(805#9V4(0&9#9!.$8!&#\0+&#*#$%9_!
• ?.$8!(0%9!('!%7#!5#4%0	_!
• "(0&9#!9%&04%0&#_!4(0&9#!+$!*.%#&+.59_!
• c#.8+$,!5+9%9!HG&#'#&.T51!.&%+45#9K_!
• :(*#%7+$,!.T(0%!%7#!G&(=#4%9_!
• f0+8.$4#! ($! 7(U! %(!U&+%#! .99+,$*#$%9! H9%&04%0&#! .$8! A(4.T05.&1! %(! 09#K^! 7(U! %(!
*.R#!G	#$%.%+($9^! %(! 90GG51!U+%7! +$'(&*.%+($!($!c#9#.&47!a#%7(89! .$8!"&+%+4.5!
%7+$R+$,_!
• /99#99*#$%!4&+%#&+.!.$8!*.&R+$,_!
• W$'(&*.%+($!($!%7#!A.5+8+%1V\0.5+%1!('!%7#!"#&%+'+4.%#^!/U.&8!('!:?@!+$!.8A.$4#Q!<(&!
#3.*G5#^! $(T(81! #3G5.+$#8!U7.%! %7#!E+9%+$4%+($! +9! .$8!7(U! +%! 4.$! T#! &#.47#8Q! W$!
.88+%+($^!%7#!9%08#$%9!8(!$(%!R$(U!#3.4%51!%7#!*#.$+$,!(';!C;C!(&!>;C!(&!>;>!#%4Q_!
67.%! +9! %(!9.1! %7#! +$'(&*.%+($!U7+47! +9!4($9+8#! %(!T#! %7#!*(9%! +*G(&%.$%!($#!U7+47! +9!
.T5#!%(!G&#G.&#!%7#!9%08#$%9!%(!%7#!G&(4#99!('!9%081!+9!$(%!G&(A+8#8Q!a(&#(A#&^!%7#!9%08#$%9!
.&#!$(%!90GG5+#8!U+%7!%7+9!+$'(&*.%+($!#A#$!80&+$,!W$804%+($Q!!
67#!G(9+%+($!('!9%.''!.$8!%7#!5#4%0&#&9!($!%7+9!*.%%#&!+9!9%&.+,7%!(GG(9+%#!%(!%7#!+$%#&$.%+($.5!
9%08#$%9b!#3G#4%.%+($9Q!-#4%0&#&9!HC^!>^!N^!J!.$8!LK!8(0T%!U7#%7#&! %7#!.GG5+4.$%9!U+55! &#.8!
%7#!*.%#&+.5^!U7#%7#&!%7#!*(805#!,0+8#VT((R!U+55!T#!&#.81!*047!+$!.8A.$4#!T#'(&#!%7#!'+&9%!
%#&*!9%.&%9!.$8!U7#%7#&!%7#!.GG5+4.$%9!U+55!T#!4.G.T5#!%(!09#!%7#!X5.4RT(.&8!+'!%7#1!,#%!.$!
.44#99!%(!+%! +$!.8A.$4#Q!-#4%0&#&9!HC^!>^!N^!J!.$8!LK!8(!$(%!U.$%!%(!q(A#&5(.8q!%7#!9%08#$%9!
U+%7!+$'(&*.%+($!($!%7#+&!.&&+A.5!U7+5#!+$!&#.5+%1!9047!G(9+%+($!5#.89!%(!%7#!9%c!.$8!5.4R!('!
4($'+8#$4#! .*($,! +$%#&$.%+($.5! 9%08#$%9! H<(409! f&(0G! C^! Z! a.1^! >IIYK! .$8^! .9! .!
4($9#\0#$4#^!%(!%7#+&!qG.99+A+%1q!80&+$,!%7#!'+&9%!U##R9!('!%7#+&!9%081Q!!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CdM!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
a(&#(A#&^!%7#!9+%0.%+($!+9!4(*G5+4.%#8!T1!%7#!'.4%!%7.%;!
<.+50&#V5.%#! ('! G(9%! 8#5+A#&1! G&(A(R#8! T1! %7#! 95(U8(U$! +$! 9#&A+4#! ('! /8*+99+($9! 6#.*!
5#.89!%(! 5.%#!+990#8!A+9.!.$8!.&&+A.5!('! %7#!9%08#$%9!.$8^!.9!.!Ή%^!*+99#8!W$804%+($Q!67#!
*.+$!&#.9($!+9!9##$!+$!$(%!U#55!8#A#5(G#8!G&(4#99!('!.GG5+4.%+($_!
)(9%,&.80.%#! :%08#$%! :0GG(&%! 6#.*! +9! 0$.T5#! %(! 	G($8! %(! .55! G&(G(9#8! 9%08#$%9]!
#$\0+&+#9! .$8! #*.+5! '.+50&#! 80#! %(! %7#!U&($,! #*.+5! .88c#9! +$G0%! +$%(! %7#! :?@! 919%#*!
U7+47!+$!+%9!%0&$!%&+,,#!T1!%7#!*.$0.551!'+55#8!.GG5+4.%+($!'(&*9_!!
:(*#!/,#$4+#9!+$%#&$.%+($.5!9%08#$%9!.GG51!%7&(0,7!.$8!9(*#!('!:?@!c#G9!.&#!+$4.G.T5#!%(!
90GG51!.GG5+4.$%9!U+%7!&#\0+! +$'(&*.%+($!80#! %(! %7#!.T9#$4#!('!R$(U5#8,#!.T(0%!:?@^!
4(0&9#9!+%!(''#&9^!.$8!&.%+$,!('!:?@!.*($,!(%7#&!X&+%+97!@$+A#&9+%+#9Q!W$!%7+9!4.9#!%7#!*.=(&!
4.09#!+9!9##$!+$!%7#!+$4(&%!*.&R#%+$,!.GG&(.47!('!:7#''+#58!?.55.*!@$+A#&9+%1_!
"(**0$+4.%+($!T#%U##$!/,#$4+#9!.$8!:?@!(''+4#9^!.$8!T#%U##$!8#G.&%*#$%9!U+%7+$!:?@!+9!
U#.R!U7+47!8#5.1!%7#!G&(4#99!('!.GG5+4.%+($_!
/44(**(8.%+($! (''+4#! (''#&9! 0$9.%+9'.4%(&1! 9#&A+4#;! 7+,7! G&+4#9^! +$'5#3+T5#! 4($%&.4%!
4($8+%+($9^!+*G(5+%#^!$(%!7#5G'05!9%.''!#*G5(1#8!%(!9(5A#!%7#!9%08#$%9]!G&(T5#*9!&.%7#&!%7.$!
%(!*.R#!%7#*!.$8!%709^!9%c!%7#!9%08#$%9_!
<+$.$4#!E#G.&%*#$%!(''#&9!.!95(U!9#&A+4#Q!!
/55!%7#9#!'.4%(&9!9#&+(0951!.''#4%!%7#!+$%#&$.%+($.5!9%08#$%9b!G&(4#99!('!9%081!.$8!%7#+&!9#5'O
4($'+8#$4#Q!
#&)-+8!+*!:(081!
?.A+$,! #3G#&+#$4#8! .55! %7#! .T(A#! *#$%+($#8! +990#9^! +$%#&$.%+($.5! 9%08#$%9^! .9! .! Ή%^!
4($9+8#&! %+*#! '(&! %7#!*(805#9^! '(&! &#.8+$,^! '(&!U&+%+$,! 8(U$! .99+,$*#$%9! .9! +$90''+4+#$%Q!
67#1! 8(! $(%! 7.A#! %+*#! %(! %7+$R! .0%($(*(09! .$8! %(! G&(804#! 9(*#%7+$,! (&+,+$.5! H<(409!
f&(0G!C^!Z!a.1^!>IIYKQ!6709^!9(*#!('!%7#*!G5.,+.&+g#!Hq%7#1!=09%!l40%!.$8!G.99m!H-#4%0&#&9!C^!
>^!NKQ!67+9!9+%0.%+($!,#%9!U(&9#!80#!%(!%7#!U#.R!90GG(&%!'&(*!9(*#!%0%(&9!H%7#+&!+$4.G.T+5+%1!
%(! ,+A#! .! 	G($9#! A+.! #*.+5! ($! %+*#^! %(! 47#4R! %7#!8&.'%9^! %(! 90GG51! 9%08#$%9!U+%7! .! 45#.&!
,0+8.$4#! ($! %7#!*(805#! .$8! .99+,$*#$%9! ,0+8.$4#! .$8! &#\0+&#*#$%9K! H<(409!f&(0G!C^! Z!
a.1!>IIYKQ!/55!%7#9#!'.4%(&9!5#.8!%(!%7#!G((&!\0.5+%1!('!.99+,$*#$%9!.$8!8+99#&%.%+($9!.$8^!
.9!.!4($9#\0#$4#^!%(!%7#!5(U!*.&R9VΉ%9!(&!'.+50	Q!<.+50&#!+$!.99+,$*#$%9!+$!%0&$!5#.89!
%(!%7#!5(U!9#5'O#9%##*Q!!
a(&#(A#&^!.99+,$*#$%9^!+$!%7#+&!(G+$+($^!9%.&%!%((!#.&51!.$8!*09%!T#!90T*+%%#8!.%!.5*(9%!%7#!
9.*#! 8.%#Q! 67#1! .&#! $(%!U#55! G&#G.! %(! +%Q! W$! .88+%+($^! %7#! '##8T.4R! '&(*! %7#! %0%(&9! +9!
4($9+8#!.9!U#.RQ!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CdZ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
2$,5+97! 4(0&9#! (''#! T1! :?@! .9! .$! (G%+($.5! ($#!U+%7! %7#! .+*! %(! +*G&(A#! +$%#&$.%+($.5!
9%08#$%9b! 5.$,0.,#! 9R+559! +9! 47.&.4%#&+g#8! T1! %7#! 9%08#$%9! .9! +$.GG&(G&+.%#! .9! +%! +9! $(%!
8#A#5(G#8!+$!.44(&8.$4#!U+%7!%7#!8+''#&#$%!$##89!('!%7#!9%08#$%9!.$8!+9!$(%!+$%#&4($$#4%#8!
U+%7!%7#!4(0&9#9!%.0,7%Q!
c#9#.&47!*(805#!+9!$(%!U#55!#3G5.+$#8Q!67#!9%08#$%9!8(!$(%!G(99#9!R$(U5#8,#!($!	#.&47!
*#%7(89! .$8! ($! 7(U! %(! T#! 4&+%+4.5! 80#! %(! %7#! 8+''#&#$%! 919%#*! ('! #804.%+($! H($51! 7.5'! ('!
%7#*!7.8!.$!#3G#&+#$4#! +$!	#.&47!*#%7(89!T#'(&#KQ!E0#! %(! %7#! 5.4R!('!0$8#&9%.$8+$,!('!
	#.&47!*#%7(89!%7#1!'.4#!8+''+405%+#9!U+%7!4($905%.$41!G&(=#4%9!.$8!8+99#&%.%+($9Q!
f&(0G!U(&R9!+9!4($9+8#!T1!%7#!9%08#$%9!.9!09#'05!T0%!$(%!U#55!(&,.$+g#8Q!!
"($905%.$41! G&(=#4%9! .&#! U#.RQ! 67#&#! .&#! 5+%%5#! +$%#&4($$#4%+($9! T#%U##$! %7#*! H9(*#!
*(805#9!.9!U#55K!.$8!%7#!&#.5!T09+$#99#9Q!67+9!7.9!.!$#,.%+A#!+$'50#$4#!($!%7#!#*G5(1.T+5+%1!
('!%7#!9%08#$%9!+$!'0%0&#Q!
67&!U/19!+*!:+5F-'.!#)+G5&,!<)+,!%'!S'(&)'/(-+'/5!:(08&'(9!#+-'(!
+*!h-&J!
#)&I/))-F/5!H&)-+8!
W$!4.9#!('!.$1!\0#&+#9!%7#!.GG5+4.$%9!7.A#!H&#!4($8+%+($.5!(''#&^!G.1*#$%^!G&(4#99!('!9%081!
#%4QK!+%!U(058!T#!U(&%7U7+5#!+'!%7#1!U#&#!90GG5+#8!U+%7!.55!#99#$%+.5!4($%.4%!+$'(&*.%+($Q!!
W$!(&8#&!%(!9G##8!0G!%7#!G&(4#99!('!.GG5+4.%+($!+%!U(058!T#!.8A+9.T5#!%(!,+A#!%7#!.GG5+4.$%9!.!
%#*G(&.&1! .44#99! H.! %#*G(&.&1! G.99U(&8! .$8! 5(,O+$K! %(! :?@! 9G.4#! +$! (&8#&! %(! #$.T5#! %(!
%&.4#! %7#+&! .GG5+4.%+($9! HU7#%7#&! %7#1! .&#! (''#! .! G5.4#! ($! %7#! 4(0&9#^! U7#%7#&! .!
4($8+%+($.5!(''#&!U.9!9#$%!%(!%7#*^!+'!q1#9q!%7#$!U7#$!.$8!#%4QKQ!!
/55! +$'(&*.%+($! &#,.&8+$,! %7#! 4(0&9#9V*(805#9! 97(058! T#! 9#$%! (0%! T1! :?@! U7#$! .!
4($8+%+($.5!5#%%#&!U.9!.44#G%#8!T1!.$!.GG5+4.$%^!(&!U7#$!k!CIII!8#G(9+%!U.9!%&.$9'#&!T1!
%7#! .GG5+4.$%! %(! :?@^! (&! ($#! *($%7! T#'(&#! %7#! 9%081! 9%.&%9! H.5%7(0,7^! .$! +$%#&$.%+($.5!
9%08#$%! G.19! T+,!*($#1! '(&! %7#! 9%081! +$! %7#! @F! .$8! 7#V97#! 7.9! .! &+,7%! ($! ,#%%+$,! 9047!
+$'(&*.%+($!+$!.8A.$4#!&#,.&85#99!('!U7#%7#&!%7#!8#G(9+%!U.9!G.+8!(&!$(%KQ!
W%!U(058!T#!,&.%#!+'!%7#!9%08#$%9!4(058!G(99+T51!,#%!+$!%(047!U+%7!9(*#!,&.80.%#9!'&(*!%7#!
9.*#!4(0&9#!H'(&!#3.*G5#^!T#!.T5#!%(!#*.+5!%7#*K^!U7(!4(058!97.&#!%7#+&!#3G#&+#$4#!('!9%081!
($! %7#! 4(0&9#^! (&! +%! 4(058! T#! 9(*#! A+90.5! *.%#&+.5! 5+R#! EjE! U7#&#! G#(G5#! 97.&#! %7#+&!
(G+$+($9!($!#.47!4(0&9#Q!<(&!%7.%!.!E+94099+($!X(.&8!($O5+$#!4(058!T#!(&,.$+g#8Q!!
#&)-+8!+*!9(081!
c#,.&8+$,!%7#!,&(0G!U(&R9^!.55!%7#!9%08#$%9!97(058!T#!8+A+8#8!+$%(!%7#!,&(0G9!T1!%7#!%0%(&!
U7(! +$! 7+9V7#&! %0&$! 97(058! +8#$%+'1! 9%&($,! .$8! U#.R! 9%08#$%9! +$! .8A.$4#! T.9#8! ($! %7#!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CdY!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
9%08#$%9b! T.4R,&(0$8^! *.&R9! %7#1! ,(%! T#'(&#! .&&+A+$,! %(! :?@Q! 67#! ,&(0G9! *09%! T#!
*05%+405%0&.5!.$8!G&#'#&.T51!U+%7!9(*#!X&+%+97!9%08#$%9!+$!%7#*Q!!
"($4#&$+$,!%7#!G	#$%.%+($9^!+%!U(058!T#!7#5G'05!%(!90GG51!%7#!.GG5+4.$%9!U+%7!9(*#!A+90.5!
9.*G5#9^!'(&!+$9%.$4#^!%(!97(U!%7#*!EjE!U+%7!G	#$%.%+($9!G&#G.!T1!(%7#&!9%08#$%9Q!
:0T*+99+($! 8.%#9! ('! %7#! .99+,$*#$%9!*09%! T#! 8+''#&#$%^! 7.A#! 9(*#! %+*#! +$! T#%U##$Q! W%! +9!
U(&%7U7+5#!%(!U&+%#!%7#!.99+,$*#$%9!,&.80.551Q!<(&!#3.*G5#^!#.47!U##R!%7#!9%08#$%9!97(058!
U&+%#!.!8#'+$+%#!G.&%!('!%7#+&!U(&R!9(!%7.%!.%!%7#!#$8!%7#1!4(058!7.A#!%7#+&!U(&R!8($#Q!60%(&9!
97(058!4($%&(5!+%Q!
<##8T.4R!($!%7#!.99+,$*#$%9!'&(*!%7#!%0%(&9!*09%!T#!*(&#!9G#4+'+4!.9!%7+9!+9!.!47.$4#!'(&!.!
9%08#$%!%(!+*G&(A#!+%9!*.&R!$#3%!%+*#Q!67#!9%08#$%9!90GG(9#!%7.%!+%!U(058!T#!7#5G'05!+'!%7#!
%0%(&b9! 4(**#$%9!U#&#!U&+%%#$!($! %7#! &+,7%! 9+8#!('! %7#!U(&R!.$8! %7&(0,7(0%! %7#!U(&R! +$!
9+*G5#!0$8#&9%.$8.T5#!U(&89Q!
60%(&9!*09%!T#!7#5G'05!.$8!90GG(&%+A#Q!
W%! +9! U(&%7U7+5#! %(! .9R! 9%08#$%9]! '##8T.4R! +$! %7#! #$8!('! #.47! 9#*#9%#&! ($! %7#! \0.5+%1! ('!
%#.47+$,^!4($%#$%!('!#.47!G.&%+405.&!*(805#^!($!#.47!G.&%+405.&!5#4%0&#&V%0%(&Q!
67&!U/19!+*!#)+G5&,9!:+50(-+'9!*)+,!$&4(0)&)9C!#+-'(!+*!h-&J;!
W%!U(058! T#! .8A+9.T5#! %(! ($9+8#&! %7#! G&(4#99! ('! 9#5#4%+($! .$8! #$%&1! &#\0+&#*#$%9! H'(&!
#3.*G5#^!'(&!2$,5+97!5.$,0.,#!%(!47.$,#!'&(*!dQL!%(!MQIKQ!W$%#&$.%+($.5!9%08#$%9!97(058!T#!
&#O#3.*+$#8!($!%7#+&!.&&+A.5Q!!
"7+$#9#!9%08#$%9!97(058!T#!T&(R#$!+$%(!%7#!,&(0G9!.$8!*+3#8!U+%7!%7#!9%08#$%9!'&(*!(%7#&!
4(0$%&+#9! H2@!(&! W$8+.^!(&!c099+.K! H%7#!4(**0$+%+#9!%7#1!(&,.$+g#!G&#A#$%! %7#*! '&(*! %7#!
47.$4#! %(! 4(**0$+4.%#! U+%7! %7#! $.%+A#! 9G#.R#&9! .$8^! %709^! %(! +*G&(A#! %7#+&! 2$,5+97!
5.$,0.,#!H-#4%0&#&9!J!.$8!LKQ!!
?(U#A#&^!%7+9!.GG&(.47!+9!$(%!+$!'.A(0&!.*($,!%7#!5.%%#&!9%08#$%9!H'&(*!2@^!W$8+.^!W&.$^!.$8!
c099+.K!H<(409!,&(0G!C^!Za.1!>IIYKQ!67#1!&#'09#!'&(*!U(&R+$,!+$!,&(0G9!U+%7!%7#!9%08#$%9!
'&(*!"7+$.!.9!%7#!4($%&+T0%+($!('!%7#!"7+$#9#!9%08#$%9!+9!#3%&#*#51!5(U_!+$!*(9%!4.9#9!%7#1!
8(! $(%7+$,! .%! .55Q! W$! %7+9! 4($%#3%^! %7#! .GG&(.47! (''#! T1! +$%#&$.%+($.5! 9%08#$%9! .$8!
*#$%+($#8!.T(A#^!.$8!e.$#%%#!X.R#&!Ha:4!W$%#&$.%+($.5!a.&R#%+$,K!+9!9##+$,!%(!T#!%7#!*(9%!
.GG&(G&+.%#!($#!.9!+9!T.9#8!($!%7#!+8#$%+'+4.%+($!('!%7#!U#.R!.$8!9%&($,!9%08#$%9!.$8!%7#+&!
9#G.&.%+($!+$%(!%7#!8+''#&#$%!,&(0G9Q!67+9!.GG&(.47!.55(U9!%7#!%0%(&9!%(!.GG&(.47!8+''#&#$%!
9%08#$%9!+$!.!8+''#&#$%!U.1!.$8^!%709^!%(!*.R#!%7#!G&(4#99!('!9%081!*(&#!#''#4%+A#Q!
W%!U(058!T#!7+,751!(**#$8#8!%(!($9+8#&!%7#!G&(4#99!('!9%081!.$8!8#A#5(G!.!9G#4+.5!
*(805#!U7+47!U+55!T#!.+*#8!.%!T0+58+$,!%7#!9R+559!#99#$%+.5!'(&!%7#!9%08#$%9!+$!%7#+&!9%081!H+Q#Q!
7(U!%(!U&+%#!%7#!.99+,$*#$%9^!&#G(&%9^!U7+47!5.$,0.,#!9%15#!.$8!A(4.T05.&1!%(!09#^!7(U!%(!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CMI!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
*.R#!G	#$%.%+($9K!H-#4%0&#&!LKQ!67+9!*(805#!97(058!T#!%.0,7%!T#'(&#!%7#!'+&9%!%#&*!9%.&%9^!
'(&! #3.*G5#^! >! U##R9! HT#%%#&! C! *($%7K! +$! .8A.$4#^! T1! U##R! L! %7#! 9%08#$%9! U+55! T#!
8+.,$(9#8V.99#99#8! .$8! %7#! 5#A#5! ('! #.47! ('! %7#! 9%08#$%! .9!U#55! .9! %7#+&! &#.8+$#99! %(! T#!
.0%($(*(09!U+55!T#!+8#$%+'+#8Q!67#$!%7#!$#3%!*(805#!9047!.9!lW$%&(804%+($!%(!%7#!+$809%&1m!
9%.&%9Q!67+9!*(805#!+9!90GG(9#8!%(!T#!%7#!T&+8,+$,!($#!%(!4($A#&%!%(!%7#!+$809%&1!R$(U5#8,#Q!!
P&4+,,&'8/(-+'9! (+! :7&**-&58! D/55/,! E'-F&)9-(1! *)+,!
P&9&/)47&)C9!#+-'(!+*!h-&J!
W%!+9!7+,751!(**#$8#8!%(!&#O4($9+8#&!%7#!G&(4#99!.$8!8#.85+$#9!('!%7#!.GG5+4.%+($9Q!67#!
.GG5+4.%+($9!97(058!T#!*.8#!($O5+$#!.9!%7+9!U+55!.55(U!%7#!@$+A#&9+%1!%(!.A(+8!.$1!*+9%.R#9!
+$! %7#! .88c#9^! #*.+59!.$8!G7($#!$0*T#&9!('! %7#! .GG5+4.$%9^! .$8!0$%+5! %7#!8#'+$+%#!8.%#!
H'(&!90**#&!.$8!U+$%#&!+$%.R#!	G#4%+A#51K!%(!9(5A#!%7#!G&(T5#*9!('!$($O8#5+A#&1!.$8^!.9!.!
Ή%^! 5.%#! A+9.! .GG5+4.%+($^! 5.%#! .&&+A.5^! *+99#8! W$804%+($^! 97(&%.,#! ('! %+*#! ($! U&+%+$,!
.99+,$*#$%9!(&!G&#G.&.%+($!%(!%7#!#3.*9!.$8!5(U!*.&R9!(&!'.+50	Q!!
W$%#&$.%+($.5!9%08#$%9!97(058!T#!.T5#!%(!%&.4#!%7#+&!.GG5+4.%+($9!($5+$#Q!W'^!'(&!#3.*G5#^!($#!
('! %7#! -#%%#&9! U+%7! "($8+%+($.5! (&! @$4($8+%+($.5! (''#&! +9! $(%! 8#5+A#! %(! %7#! .GG5+4.$%b9!
.88c!0$%+5! %7#!8#'+$+%#!8.%#!G(+$%#8!(0%!($O5+$#! %7#!.GG5+4.$%!97(058!4($%.4%!9(*#T(81!
'&(*! %7#!@$+A#&9+%1V'&(*!/8*+99+($9!6#.*!.$8! +$'(&*!7+*V7#&!($! %7+9!*.%%#&Q!67+9!U+55!
.55(U! %7#!/8*+99+($9!6#.*! %(! &#O9#$8! %7#! -#%%#&9! ($!%+*#Q!67#! G(99+T+5+%1! ('! G(9%.5! $($O
8#5+A#&+#9!*09%!T#!%.R#$!+$%(!.44(0$%!U7+5#!&#O4($9+8#&+$,!%7#!G&(4#99!('!.GG5+4.%+($Q!!
W%! U(058! T#! U(&%7U7+5#! %(! 90GG51! %7#! +$%#&$.%+($.5! 9%08#$%9! U+%7! %7#! '(55(U+$,!*.%#&+.5!
80&+$,!)&#O.&&+A.5!G#&+(8!('!%+*#;!"(0&9#!.$8!a(805#!f0+8#!.$8!&#\0+&#*#$%9_!/99#99*#$%!
4&+%#&+.! .$8! *.&R+$,_! c#.8+$,! -+9%! H/&%+45#9K_! f0+8.$4#! ($! 7(U! %(! U&+%#! .99+,$*#$%9^! %(!
*.R#! G	#$%.%+($9! #%4! H($!U7.%! +9! 90GG(9#8! %(!T#! 80&+$,! %7#! 4(0&9#V*(805#K! .$8! %7#+&!
9.*G5#9_!($!%7#!G&(4#99!('!9%081!+$!,#$#&.5Q!67#!T#9%!U.1!%(!8(!+%!+9!%(!90GG51!%7#!.GG5+4.$%9!
U+%7! .$! .44#99! %(! %7#! X5.4RT(.&8Q! ?.A+$,! ,(%! .55! %7#! *.%#&+.5! $##8#8! +$! .8A.$4#! %7#!
.GG5+4.$%9!U+55!T#!.T5#!%(!G&#G.&#!%7#*9#5A#9!U#55!%(!%7#!G&(4#99!('!9%081!.$8!%7#!G&(4#99!('!
9%081!U+55!T#!*(&#!#''#4%+A#Q!!
2$,5+97!4(0&9#!97(058!T#!8#A#5(G#8!+$!.44(&8.$4#!U+%7!+$%#&$.%+($.5!9%08#$%9!$##89!.$8!9#!
+.%#('-..#'%#/!U+%7!%7#!4(0&9#9!%.0,7%Q!W$!(%7#&!U(&89!%7+9!4(0&9#!97(058!.99+9%!9%08#$%9!+$!
T0+58+$,! %7#+&!*.+$! 5.$,0.,#! 9R+559;!U&+%+$,! .99+,$*#$%9^! &#G(&%9^! 8+99#&%.%+($9! H9%&04%0&#^!
4($%#$%!.$8!A(4.T05.&1K^!.$.519+9!('!G&.4%+4.5!#3.*G5#9^!9.*G5#9_!4(**0$+4.%+($^!5+9%#$+$,!
.$8!&#.8+$,KQ!
:(*#!*(805#9! .%#8! %(! %7#! &#.5! T09+$#99#9! 97(058! T#! &#O4($9+8#! .$8! &#O9%&04%0Q!
67#1!97(058!T#!*(&#!T.9#8!($! &#.5! 8+%51! .%#8! %(! %7#!T09+$#99! 9+%0.%+($9Q! <(&! %7.%! +%!
U(058! T#! U(&%7U7+5#! %(! 4($%.4%! %7#! &#.5! 4(*G.$+#9! .$8! *.R#! .$! .,&##*#$%! ($! *0%0.5!
4(55.T(&.%+($!U+%7!%7#*Q!:%08#$%9!4.$!7.A#!.!G&.4%+4#!80&+$,^!'(&!#3.*G5#^!7.5'!('!%7#!1#.&!
U(&R+$,!'(&!%7#9#!4(*G.$+#9^!(&!*.R#!9(*#!&#.5!5+'#!4($905%.$41!G&(=#4%9!'(&!%7#*Q!67+9!U+55!
+$4&#.9#!%7#!#*G5(1.T+5+%1!('!%7#!9%08#$%9!('!:?@Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CMC!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
E0&+$,! 9%081! +$%#&$.%+($.5! 9%08#$%9! 97(058! T#! 8+''#&#$%+.%#8! +$%(! 8+''#&#$%! ,&(0G9! +$!
.44(&8.$4#!U+%7! %7#+&! .T+5+%+#9Q! 67+9!U+55! 7#5G! -#4%0&#&9! %(! 4($4#$%&.%#!*(9%! ($! %7#!U#.R!
9%08#$%9^!.$8!T1!09+$,!8+''#&#$%!*#%7(89!('! %#.47+$,! ! %(!7#5G! %7#*!%(! +*G&(A#! %7#+&!9R+559!
.$8^!%709^!%(!T#4(*#!*(&#!+$8#G#$8#$%!+$!%#&*9!('!9%081Q!
6&.+$+$,! 9#99+($9! '(&! 9%.''! ($! 7(U! %(! 8#.5! U+%7! %7#! +$%#&$.%+($.5! 9%08#$%9^! U7.%! R+$8! ('!
%#.47+$,!*#%7(89!.$8!9%&.%#,+#9!H'(&!%0%(&9K!%(!09#!.&#!7+,751!.8A+9.T5#Q!
:#5'O&#'5#4%+($!('!%7#!5#4%0&#&9!($!%7#!\0.5+%1!('!%7#+&!%#.47+$,!+9!A+%.5Q!
W%!$##89!%(!4.&&1!(0%!(G#$O#$8#8!8+94099+($9!9#99+($9!U+%7!#+%7#&!45.99!&#G	#$%.%+A#9!(&!
U+%7!%7#!U7(5#!9%08#$%!G(G05.%+($!('!.!*.9%#&!G&(,&.*!+'!$0*T#&9!.&#!$(%!%((!5.&,#!+$!%7#!
*+885#!('!#.47!9#*#9%#&Q!67+9!U+55!7#5G!%(!4(&%!+990#9V4($4#&$9!%7.%!*.1!.GG#.&!U+%7!.!
45.99!(&!.!G&('#99(&!T#'(&#!%7#!#$8!('!%7#!9#*#9%#&Q!!67#9#!9#99+($9!.&#!.59(!.$!(GG(&%0$+%1!
%(!,#%!'##8T.4R!($!(%7#&!.9G#4%9!('!9%08#$%!5+'#!9047!.9!&#,+9%&.%+($^!5+T&.&1^!4.'#%#&+.!#%4Q!!
W%! +9! (**#$8#8! %(! 4($804%! 4(0&9#! #A.50.%+($! 90&A#19! .%! %7#! #$8! ('! #.47! 4(0&9#Q! 67#!
+$'(&*.%+($!4.$!T#!09#8!'(&!'.405%1!.$8!G&(,&.*!#A.50.%+($Q!
`$4#!.!1#.&!+%!+9!&#\0+!%(!0$8#&%.R#!.$!#3%#$9+A#!9.%+9'.4%+($!90&A#1Q!67#!U7(5#!9%08#$%!
G(G05.%+($! 97(058! T#! 90&A#1#8! #5#4%&($+4.551! .T(0%! HCK! 4(0&9#9! .$8! G&(,&.*9^!H>K! 947((5!
9#&A+4#9!H'&(*!&#,+9%&.%+($!%(!U+'+!.44#99^!4(*G0%#&!	(0&4#9^!5+T&.&1^!.99+9%.$4#!+$!'+$8+$,!
+$%#&$97+G9! .$8! =(T9^! +$%#&$.%+($.5! #347.$,#! (GG(&%0$+%+#9^! 9%08#$%! 5+'#^! #%4QK^! .$8! HNK!
G#&4#G%+($9! .T(0%! @$+A#&9+%1! 9%&.%#,1^! G(9+%+($+$, !̂ '0%0&#^! #%4Q!67+9! 90&A#1! U+55! 7#5G! %(!
+8#$%+'1!.$8!+*G&(A#!U#.R!.&#.9!+$!%7#!@$+A#&9+%1Q!
W%!+9!.59(!90,,#9%#8!%(!*#.90&#!q#*G5(1.T+5+%1q!9%.%+9%+49!H%(!4($804%!90&A#19!('!,&.80.%#9!JO
L!*($%79!.'%#&!,&.80.%+($K^!.$8!%(!*#.90&#!#*G5(1#&9b!9.%+9'.4%+($!U+%7!%7#!@$+A#&9+%1!.$8!
U+%7!%7#!,&.80.%#9!%7#1!&0+%!.9!#*G5(1##9!(&!+$%#&$9!'&(*!:?@Q!!!
67#! 4#$%&.5+g#8! G(5+41! .$8! 4(O(&8+$.%#8! .4%+($9! +$A(5A+$,! .55! %7#! 8#G.&%*#$%9! .$8! %0%(&9!
.5+R#!.&#!7+,751!(**#$8#8Q!!
W%!U(058!T#!09#'05!%(!.8A.$4#!%7#!+$%#&4($$#4%+($9!T#%U##$!%7#!8#G.&%*#$%9!.$8!T#%U##$!
%7#!'.405%+#9Q!2A#&1T(81!97(058!R$(U!U7(!%(!4($%.4%!+$!4.9#!('!%7#!\0#&+#9Q!
W$!(&8#&!%(!8+99#*+$.%#!%7#!(''#&!('!:7#''+#58!?.55.*!@$+A#&9+%1!.T&(.8!+%!U(058!T#!A.50.T5#!
%(!&#O4($9+8#&!.$8!+*G&(A#!*.&R#%+$,!9%&.%#,+#9Q!
W%! U(058! T#! A.50.T5#! %(! +*G&(A#! %7#! +$%#&.%+($9!U+%7! %7#! /,#$4+#9! HW$%#&*#8+.&+#9K! +$!
"7+$.^!W$8+.!.$8!(%7#&!4(0$%&+#9!T1!(&,.$+g+$,!9(*#!%&.+$+$,!9#99+($9!'(&!%7#+&!9%.''!.$8!T1!
G&(A+8+$,! %7#*! U+%7! .55! 8#%.+5#8! +$'(&*.%+($! ($! %7#! 4(0&9#9! ($! (''#&Q! 67+9! U+55! 7#5G! %(!
+*G&(A#! %7#! \0.5+%1! ('! %7#! 9#&A+4#! ('! %7#!/,#$4+#9!.$8^! .9! .! Ή%^! %7#! +*.,#! ('! :7#''+#58!
?.55.*!@$+A#&9+%1Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CM>!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
!/55!%7#9#!*#.90&#*#$%!9%&.%#,+#9^!G&(4#80	!.$8!G&(4#99#9!U+%7!	G#4%!%(!\0.5+%1!4($%&(5!
.$8!*.$.,#*#$%!U+55!,&#.%51!.99+9%!+$!*(A+$,!'(&U.&8!('!:7#''+#58!?.55.*!@$+A#&9+%1!.$8!+$!
,#%%+$,^! '(&! #3.*G5#^! 2o@W:! H20&(G#.$! o0.5+%1! W*G&(A#*#$%! :19%#*K! .44+%.%+($! '&(*!
2<aE!H20&(G#.$!<(0$8.%+($!'(&!a.$.,#*#$%!E#A#5(G*#$%KQ!!
67&!?/=+)!?&/90)&,&'(9!+*!(7&!#)+.)&99!+*!:(08&'(9!
CQ 67#+&!#$,.,#*#$%!U+%7!%7#!X5.4RT(.&8!H'&#\0#$41!('!A+9+%+$,!4.$!T#!%&.4#8K!
>Q 67#! \0.5+%1! ('! %7#+&! 8&.'%9! HU+55! 8#*($9%&.%#! %7#! 5#A#5! ('! 0$8#&9%.$8+$,! ('! %7#!
G&(T5#*!.$8!%7#!'(&*.%!('!%7#!U(&R^!'(&!#3.*G5#^!('!.99+,$*#$%V&#G(&%K!
NQ 67#!\0.5+%1!('!%7#+&!'+$.5!U(&R!
67&!?/=+)!?&/90)&,&'(!+*!P&*5&4(-+'!/'8!:&5*I23/,-'/(-+'!+*! (7&!
$&4(0)&)9d60(+)9!
/4%+($!	#.&47!H/cK!U(058!T#!09#'05! %(!G&(A+8#! '(&!.! %1G#!('!	#.&47! +$!U7+47! %#.47+$,^!
5#.&$+$,^! &#'5#4%+($! .$8! 9#5'O.4%0.5+g.%+($! 4.$! %.R#! G5.4#! +$! %7#! 45.99&((*Q! 67+9! %1G#! ('!
	#.&47!G&(''#&9!&#'5#4%+($!.$8!9#5'O#3.*+$.%+($!%(!%#.47#&9^!.!	#.&47!+$!U7+47!%#.47#&9!
4.$!9#.&47!'(&!9(50%+($9!%(!#A#&18.1^!&#.5!G&(T5#*9!#3G#&+#$4#8!+$!45.99&((*9^!(&!5((R!'(&!
U.19!%(!+*G&(A#!+$9%&04%+($!.$8!+$4&#.9#!9%08#$%!.47+#A#*#$%!H<+$47^!>IILKQ!!
/44(&8+$,!%(!E.$+#5!a.8&+8!H>III^!GQ!>>K^!%7#&#!.&#!'(0&!45.99+4!8#A#5(G*#$%.5!G7.9#9!('!/c;!
• )7.9#!C;!E#A#5(G!.!G5.$!('!.4%+($!.K!%(!+*G&(A#!U7.%!+9!.5&#.81!7.GG#$+$,!(&!TK!%(!!
+8#$%+'1!.$8!#3.*+$#!.!qG0gg5#q!(&!G&(T5#*!.&#.!+$!1(0&!%#.47+$,_!
• )7.9#!>;!/4%!%(!+*G5#*#$%!%7#!G5.$_!
• )7.9#!N;!`T9#&A#!%7#!#''#4%9!('!.4%+($!+$!%7#!4($%#3%!+$!U7+47!+%!(440&9^!.$8!
• )7.9#!J;!c#'5#4%!($!%7#9#!#''#4%9Q!
67#9#!T.9+4!G7.9#9!4.$!T#!9##$!+$!%7#!'(55(U+$,!8+.,&.*;!
!
:(0&4#;!X.9+4!:%.,#9!('!/4%+($!c#9#.&47!Ha.8&+8^!>III;!GQ!>>K!
!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CMN!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CMJ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
P&*&)&'4&9;!
/8.*9^!eQ^!F7.$^!?Q^!c.#9+8#^!cQ!.$8!S7+%#^!EQ!H>IIMK^!`#)#&('"$a#%"-/)$*-($@(&/0&%#$?0)+.#))$
&./$D-'+&,$D'+#.'#$D%0/#.%)!HW$8+.;!:.,#!)0T5+4.%+($9KQ!
"(7#$^! -Q^! a.$+($^! -Q! .$8!a(&&+9($^! FQ! H>IIMK^!`#)#&('"$a#%"-/)$+.$Q/0'&%+-.4$I%"$Q/+%+-.!
H-($8($;!c(0%5#8,#KQ!
"ca! H>IIYK! U0(2-)#$ &./$ U(-'#))$ e7#(7+#C! H:7#''+#58! ?.55.*! @$+A#&9+%1;! <.405%1! ('!
`&,.$+9.%+($!.$8!a.$.,#*#$%KQ!!
E#$94(*T#^!aQ!H>IIMK^!!"#$@--/$`#)#&('"$@0+/#$*-($D3&,,$D'&,#$D-'+&,$`#)#&('"$U(-d#'%)4$K./$
Q/+%+-.!Ha.+8#$7#.8;!`G#$!@$+A#&9+%1!)cKQ!
<+$47^! /Q! H>IILK^! b/4%+($! c#9#.&47;! 2*G(U#&+$,! %7#!6#.47#&9b^! R-0(.&,$-*$!#&'"+.1$f-0.1$
5#&(.#()$-*$Q.1,+)"!CHCK;!NIOJZQ!!
-.$4.9%#&^!fQ!H>IILK^!`#)#&('"$a#%"-/)$+.$a&.&1#3#.%J$B$'-.'+)#$+.%(-/0'%+-.$%-$(#)#&('"$+.$
3&.&1#3#.%$ &./$ 90)+.#))$ '-.)0,%&.'E$ HX0&5+$,%($^! a.99.4709#%%9;! 259#A+#&! X0%%#&U(&%7O
?#+$#*.$$KQ!
-+$85('^!6Q! .$8!6.15(&^!XQ! H>II>K^!q0&,+%&%+7#$O-330.+'&%+-.$`#)#&('"$a#%"-/)4$K./$Q/+%+-.!
H67(09.$8!`.R9^!".5+'(&$+.;!:.,#KQ!
-+%%5#^!EQ!HCYYCK^!5#&(.#($B0%-.-3E$:J$N#*+.+%+-.)4$W))0#)$&./$U(-9,#3)$HE0T5+$;!/0%7#$%+RKQ!
a.8&+8^! EQ! H>IIIK^! b`T9#&A.%+($! .$8! 	#.&47! +$! %7#! 45.99&((*b^! +$! !#&'"+.1$Q.1,+)"$&)$&$
S-(#+1.$5&.10&1#!HX.&4#5($.;!67#!/09%&.5+.$!W$9%+%0%#K;!COCIIQ!
).&&.^![Q! H>IIYK^! b/!G.%7U.1! %(!6#.47#&!.$8! 5#.&$#&!/0%($(*1;!/!:%081!($!:(4+(.''#4%+A#!
-.$,0.,#!-#.&$+$,!:%&.%#,+#9b^!.44#99#8!($5+$#!.%;!7%%GVV;UUUQ%7#'&##5+T&.&1Q4(*!
j#.5^! /Q! H>IIdK^! `#)#&('"$a#%"-/)$ *-($ 5#+)0(#$ &./$ !-0(+)3=$ B$ U(&'%+'&,$ @0+/#4$ o(/$ Q/+%+-.!
H?.&5(U;!)#.&9($!2804.%+($KQ!
%HH&'8-4&9!
%HH&'8-3!S!<+409!X)+0H!V0&9(-+'9!
#)&I%))-F/5!
LZ!U7/(!@-'8!+*!-990&9!7/F&!1+0!*/4&8!80)-'.!#)&I%))-F/5!H&)-+8c!!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CML!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
)&(4#99!('!/GG5+4.%+($ssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss!
:#&A+4#!('!%7#!.,#$4+#9sssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss!
:?@!c#G9sssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss!
)(9%!8#5+A#&1ssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss!
`%7#&ssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss!
MZ!D+J!-'*+),/(-F&!7/F&!1+0!*+0'8!(7&!-'*+),/(-+'!)&4&-F&8!*)+,!:DEc!
2*.+59ssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss!
)&#O.&&+A.5!G.4R!H5#.'5#%9VT((R5#%9K!ssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss!
</ossssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss!
:?@!U#T9+%#sssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss!
`%7#&sssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss!
NZ!Q-8!(7-9!-'*+),/(-+'!H)&H/)&!1+0!*+)!1+0)!4+0)9&c!!
OZ!U/9! (7&)&!/'1! -'*+),/(-+'! (7/(!1+0!J+058!7/F&! 5-@&8! (+!)&4&-F&! (7/(!1+0!8-8!'+(!
)&4&-F&c!!
/T(0%!%7#!4(0&9#;!!
"($%#$%!('!%7#!*(805#9V4(0&9#!!!
c#.8+$,!5+9%9!H47((9#!($#!(G%+($K;!!
/&%+45#9!!!
X((R9!
`%7#&sssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss!
/T(0%!5+'#!+$!:7#''+#58!
E+%+($9V*.GV7(U!%(!,#%!%(!:7#''+#58!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CMd!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
`%7#&ssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss!
TZ!#5&/9&!&9(-,/(&!7+J!7&5H*05!/'8!K0-4@!J/9!(7&!9(/**!+*!:7&**-&58!D/55/,!E'-F&)9-(1!
-'!9+5F-'.!1+0)!-990&9!+)!-'!/'9J&)-'.!1+0)!&'K0-)-&9;!!
/8*+99+($9!6#.*sssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss!!
:%08#$%!:#&A+4#!.$8!:0GG(&%ssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss!
/44(**(8.%+($!(''+4#sssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss!
<+$.$4+.5!E#G.&%*#$%ssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss!
"(0&9#!5#.8#&9sssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss!
`%7#&sssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss!
S'804(-+'!
LZ!U7/(!@-'8!+*!-990&9!7/F&!1+0!*/4&8!80)-'.!S'804(-+'c!
!G&(*G%9;!W$804%+($!G.4R!HU#54(*#!T((R_!4(0&9#!,0+8#_!7(U!%(!09#!l:70:G.4#m!.$8!%7#!:?@!
4(*G0%#&!$#%U(&R_!,0+8.$4#!'(&!4(*G5#%+$,!%7#!#$&(5*#$%!'(&*K!!
ssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss
ssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss!
MZ!#5&/9&!&F/50/(&!(7&!-'*+),/(-+'!)&4&-F&8!80)-'.!S'804(-+'c!
W$804%+($!G.4R!HU#54(*#!T((R_!4(0&9#!,0+8#_!7(U!%(!09#!l:70:G.4#m!.$8!%7#!:?@!4(*G0%#&!
$#%U(&R_!,0+8.$4#!'(&!4(*G5#%+$,!%7#!#$&(5*#$%!'(&*K!
sssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss!
W$'(&*.%+($!.T(0%!!1(0&!4(0&9#^!*(805#9!.$8!
&#\0+&#*#$%9ssssssssssssssssssssssssssssssssssssssssssssssssssss!
`%7#&ssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss!
NZ!U/9!(7&)&!/'1!-'*+),/(-+'!,-99-'.!(7/(!97+058!G&!-'4508&8!-'(+!S'804(-+'c!!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CMM!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
ssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss
ssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss!
#&)-+8!+*!:(081!
LZ!U7/(!/)&!(7&!,/=+)!-990&9!1+0!*/4&!80)-'.!1+0)!9(081c!
MZ!U7/(!@-'8!+*!90HH+)(!-9!'&&8&8!(+!1+0c!
NZ!D+J!(7&!H)+4&99!+*!9(081!97+058!G&!+)./'-9&8!+)!7+J!-(!4+058!G&!-,H)+F&8c!
$&/)'&)!%0(+'+,1!
LZ!U7/(!8+&9!(7&!(&),!$&/)'&)!%0(+'+,1!,&/'!*+)!1+0c!Y"7++9&!(7&!,+9(!-,H+)(/'(]!
:%08#$%9!%.R+$,!4($%&(5!(A#&!%7#+&!5#.&$+$,!
6.R+$,!	G($9+T+5+%1!'(&!(U$!5#.&$+$,!
S(&R+$,!($!1(0&!(U$!
"(55.T(&.%+A#!5#.&$+$,!H,+A#!.$!#3.*G5#K!
:0GG(&%+A#!5#.&$+$,!H90GG(&%!'&(*!%0%(&9!(&!'&(*!(%7#&!9%08#$%9pKsssssssssssss!
@$8#&%.R+$,!.!%.9R!U+%7(0%!90G#&A+9+($!
E#A#5(G+$,!4($'+8#$4#!
a(%+A.%+($!H7.A+$,!(&!8#A#5(G+$,pK!
S(&R+$,!.%!.!8+9%.$4#!
`%7#&ssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss!
MZ!U7/(!8+!1+0!*&&5!4+058!7/F&!7&5H&8!1+0!(+!G&!,+)&!-'8&H&'8&'(!-'!1+0)!9(081c!
ssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss
ssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss!
NZ!U7/(!4+058!7/F&!1+0!8+'&!-'!+)8&)!(+!G&!,+)&!-'8&H&'8&'(c!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CMZ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
ssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss
ssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss!
%HH&'8-3!SS!S'(&)F-&J!V0&9(-+'9!*+)!(7&!$&4(0)&)9!
?(U!U(058!1(0!8#'+$#!%7#!%#&*!-#.&$#&!/0%($(*1p!
S7.%!+9!1(0&!'+&9%!+*Gc+($!('!+$%#&$.%+($.5!9%08#$%9!+$!%7#!'+&9%!>ON!U##R9p!
S7.%!.&#!1(0&!#3G#4%.%+($9!('!+$%#&$.%+($.5!9%08#$%9p!
S7.%!R+$8!('!90GG(&%!+9!$##8#8!%(!7#5G!+$%#&$.%+($.5!9%08#$%9!%(!T#4(*#!*(&#!.0%($(*(09!
+$!%#&*9!('!5#.&$+$,p!
?(U!%7#!G&(4#99!('!9%081!97(058!T#!(&,.$+9#8p!
S+%7!U7.%!R+$8!('! +$'(&*.%+($!97(058! +$%#&$.%+($.5!9%08#$%9!T#!90GG5+#8!T1! %0%(&9!80&+$,!
)&#O.&&+A.5!G#&+(8!.$8!W$804%+($p!
)&#O.&&+A.5sssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss!
W$804%+($ssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss!
?.A#!1(0!T##$!($!.$1!4(0&9#9!5+$R#8!%(!%#.47+$,!W$%#&$.%+($.5!9%08#$%9p!
E(#9!1(0&!.GG&(.47!%(!%#.47+$,!A.&1!T#%U##$!2@!.$8!W$%#&$.%+($.5!9%08#$%9p!W'!q1#9q!%7#$!
q?(Uqp!
S7.%!G&(T5#*9!8(!1(0!#3G#&+#$4#!80&+$,!%7#!45.99&((*p!
S7.%!7.A#!1(0!8($#!+$!(&8#&!%(!7#5G!%7#!9%08#$%9!T#4(*#!*(&#!.0%($(*(09p!
E#'+$+%+($9! D0*T#&!
('!
	G($9#9!
67#!&+,7%!('!5#.&$#&9!%(!8#%#&*+$#!%7#!8+%+($!('!%7#+&!(U$!5#.&$+$,! M!
E#%#&*+$+$,!.$8!9#%%+$,!1(0&!(U$!5#.&$+$,!(T=#4%+A#9! M!
S(&R+$,!+$8#G#$8#$%51!U+%7!90GG(&%!'&(*!.!%0%(&! M!
6.R+$,!	G($9+T+5+%1!'(&!%7#+&!(U$!5#.&$+$,! d!
/!9#%!('!9R+559!U7+47!4.$!T#!5#.&$#8!.$8!.GG5+#8!+$!9#5'O8+%#8!5#.&$+$,! L!
:#5#4%+$,!*#%7(89!.$8!%#47$+\0#9!%(!T#!09#8!%(!9%081! L!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CMY!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
:>:!%HH&'8-3!N!
?+(-F/(-'.! S'(&)'/(-+'/5! :(08&'(9;! %'! /4(-+'! )&9&/)47! 9(081! -'(+!
(7&!&**&4(-F&!09&!+*!&5&4()+'-4!H5/(*+),9!(+!9(-,05/(&!.)&/(&)!5&F&59!
+*!9(08&'(!&'./.&,&'(!/'8!/0(+'+,1!-'!:7&**-&58!>09-'&99!:47++5!
%WQ_!"PB##2P!Y%Z"PB##2P[:DEZ%"ZE\]!
^2%W2662!>%\2P!Y^Z>%\2P[:DEZ%"ZE\]!
%G9()/4(;!
67+9! 9%081!U.9! 4($4#&$#8!U+%7!(A#&4(*+$,!(T9#&A#8!T.&&+#&9! %(! 5#.&$+$,!#3G#&+#$4#8!T1!
+$%#&$.%+($.5! 9%08#$%9! U+%7+$! *.9%#&9! G&(,&.**#9! 8#5+A#! %7&(0,7! :7#''+#58! X09+$#99!
:47((5!.$8!'(4099#8!0G($!%U(!4(&#!%7#*#9^!+*G&(A+$,!#$,.,#*#$%!%7&(0,7!%7#!'(9%#&+$,!('!
.$!+$4&#.9#8!8#,&##!('!bT#5($,+$,b!.$8!9%+*05.%+$,!.0%($(*1!T1!G&(A+8+$,!.!,0+8#8!&(0%#!%(!
T#4(*+$,!.0%($(*(09Q!
67#!'(409!U.9!0G($!%7#!#''#4%+A#!0%+5+9.%+($!('!.$!#5#4%&($+4!90GG(&%!G5.%'(&*^!T5.4RT(.&8^!
.$8! %7#! .GG&(.47! .8(G%#8! U.9! A+.! .$! .4%+($! T.9#8! 	#.&47! G&(=#4%! %7.%! #99#$%+.551!
8#A#5(G#8!(&,.$+4.551! .&(0$8!G&#O'(&*#8!71G(%7#9#9! %7.%!U#&#! ,&(0$8#8! +$! .!T#5+#'! %7.%!
&.8+4.5!47.$,#!U.9!$(%!%7#!9(50%+($^!T0%!%7#!T#%%#&!0%+5+9.%+($!('!#3+9%+$,!	(0&4#9!U.9!%7#!
R#1Q! !6(!%7+9!#$8!+%9! '0$8.*#$%.5!8+%+($!U.9!.&(0$8!.5%#&+$,^! %#9%+$,^!&#A+#U+$,!.$8!&#O
%#9%+$,!+8#.9!.$8!%7+9!G&(4#99!U+55!45#.&51!4($%+$0#!T#1($8!%7#!#3%#$%!('!%7+9!G.&%+405.&!G.G#&Q!!
?(U#A#&^! %7#! R#1! (T9#&A.%+($! %7.%! 4.$! T#! 8&.U$! +9! %7.%! 9%08#$%9! 8(! 	G($8^! .$8! +$! .!
G(9+%+A#!U.1^!%(!+$8#G#$8#$%!.$8^!%(!.$!#3%#$%^!.$($1*(09!90GG(&%!G5.%'(&*9!.$8!%7.%!%7#+&!
G#&'(&*.$4#!.$8!5#.&$+$,!#3G#&+#$4#9!4.$!T#!#$7.$4#8!.9!.!Ή%Q!
LZf!>/4@.)+0'8;!
S+%7+$! %7#! a.&R#%+$,! :0T=#4%! f&(0G^! %7#! a:4! W$%#&$.%+($.5! a.&R#%+$,! 7.9! T##$! &0$$+$,!
9+$4#!CYYJ!.$8! %7&(0,7(0%! %7.%! %+*#! +$%#&$.%+($.5! 9%08#$%9!7.A#!*.8#!0G! %7#! 9+,$+'+4.$%!
G&(G(&%+($!('!%7#!9%08#$%!T(81^!.A#&.,+$,!T#%U##$!YI!.$8!CIIr!('!.55!9%08#$%9!.%!.$1!($#!
%+*#Q!!W$!>IIZ^!+$!	G($9#!%(!47.$,+$,!*.&R#%!81$.*+49^!%7+9!U.9!#$7.$4#8!U+%7!.!9#4($8!
*.9%#&9b! 8#,&##^! a:"! f5(T.5! :%&.%#,+4! a.&R#%+$,^! .$8! 4(*T+$#8! %7#1! .44(0$%! '(&!
.GG&(3+*.%#51!CII!+$%#&$.%+($.5!9%08#$%9!.%!.$1!($#!%+*#Q!
67#!G(*+$.$%!$.%+($.5+%+#9!.&#!"7+$#9#^!6.+U.$#9#!.$8!W$8+.$_!.5%7(0,7!%7#&#!4($%+$0#!
%(!T#!.!U+8#!&.$,#!('!(%7#&!$.%+($.5+%+#9!&#G	#$%#8!.9!U#55!.$8!+$!%7#!40&&#$%!9%08#$%!T(81!
.5($#!%7#&#!.&#!&#G	#$%.%+A#9!('!CI!8+''#&#$%!$.%+($.5+%+#9!9%081+$,!.U.1!'&(*!%7#+&!7(*#!
4(0$%&+#9Q!
S7+59%! %7+9! T&(.8! #3G(90&#! %(! (%7#&! 405%0	! 4.$! T#! .! R#1! .8A.$%.,#! ('! 9%081+$,! %7+9!
8+94+G5+$#^! +%!7.9!G&(A#$!%(!T#! %7#!9(0&4#!('!.!$0*T#&!('! b47.55#$,#9b! '.4#8!T1!9%.''Q! !f&#.%!
4.&#! +9!#3#&4+9#8! %(!#$90&#! %7.%!&0+%*#$%!G&.4%+4#! 5#.89! %(!9%08#$%9! =(+$+$,! %7#!4(0&9#9!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CZI!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
U+%7! %7#! &+,7%! 5#A#5! ('! 2$,5+97! 5.$,0.,#! 9R+559_! 7(U#A#&! %7#! .T+5+%1! %(! .47+#A#! .! 5.$,0.,#!
\0.5+'+4.%+($!7.9!G&(A#$!%(!$(%!.5U.19!T#!.!,((8!*#.90&#!('!%7#!G&#G.$#99!('!+$8+A+80.59!
%(!.4%0.551!G0%!%7+9!+$%(!G&.4%+4#Q!!W%!+9!$(%!0$4(**($^!%7#&#'(&#^!'(&!.!%0%(&!%(!T#!G	#$%#8!
U+%7!.!45.99!%7.%!#$4(*G.99#9!.!U+8#!A.&+.%+($!+$!&#.8+$,!9G##89^!5+9%#$+$,!4(*G#$9+($!
5#A#59^!9%&#$,%7!('!9G(R#$!2$,5+97!.$8!8+''#&+$,!.4.8#*+4!.$8!A(4.%+($.5!#3G#&+#$4#!.9!U#55Q!
/5($,9+8#! %7+9! G(%#$%+.5! T.&&+#&! %(! 5#.&$+$,^!U+%7! %7#!*+3! ('! 9%08#$%9! 7.A+$,! T##$! 8&.U$!
'&(*!9047!.!U+8#!&.$,#!('!405%0&.5!T.4R,&(0$89!%7#+&!8#A#5(G#8!#804.%+($.5!5#.&$+$,!9%15#9!
.$8!#3G#4%.%+($9!8(!A.&1_!.!G7#$(*#$.!%7.%!+9!U+8#51!(,$+9#8!!H#Q,Q!-.88!h!c0T1^!CYYYKQ!!
67+9!+*G.4%9!0G($!7(U!%7#1!.4%!+$!45.99!.$8!.59(!($!%7#+&!#3G#4%.%+($9!'&(*!%7#!%0%(&9Q!!<(&!
#3.*G5#^!9(*#!/9+.$!9%08#$%9!U+55!.4%+A#51!.%%#*G%!%(!.A(+8!.$1!9(&%!('!45.99!4($%&+T0%+($!+'!
+%! +$A(5A#9!.9R+$,!\0#9%+($9!(&!#3Gc+$,!(G+$+($9Q! !`%7#&9!U+55!#3G#4%!%7#!%0%(&!%(!T#!%7#!
9(0&4#!('!b.55!R$(U5#8,#b!.$8!$(%!#A#$!4($9+8#&!,(+$,!T#1($8!U7.%!%7#!%0%(&!+$%&(804#9!+$!
45.99!+$!%#&*9!('!%7#!9%081!*.%#&+.5!%7#1!#$,.,#!U+%7Q!
6(! .88! %(! U7.%! +9! T#4(*+$,! .! 4(*G5#3! 5#.&$+$,! #$A+&($*#$%! %7#&#! +9! .! *(&#! U+8#51!
0$8#&9%((8! &#%+4#$4#! ('! 9%08#$%9! %(! 0$8#&%.R#! 8+%#8! .4%+A+%+#9! T#%U##$! 45.99! 9#99+($9Q!!
23G5(&+$,! %7#! 5+%#&.%0&#^! 4(*G5+.$4#!U+%7! G&#O9#99+($! .4%+A+%+#9! 7.9! 5($,! T##$! 9##$! .9! .$!
+990#Q! !6.R+$,!.!NI!1#.&! %+*#5+$#^! '(&!#3.*G5#^! +$!CYMd!HF.&G!h![(#59K!U#!4.$!,&(0$8!%7#!
.44#G%.$4#!('!G&#O&#.8+$,!.9!7.A+$,!A.50#!.9!+%!U.9!$(%#8!T1!9%08#$%9!.9!Y==$-.#$-*$%"#$3-)%$
+32-(%&.%$'-.%(+90%+.1$*&'%-()$%-$',&))$2&(%+'+2&%+-.==\Q!
E#9G+%#!9%08#$%!G#&4#G%+($^!7(U#A#&^!"5.&R#$(&8!HCYYJK!(T9#&A#8^!G(99+T51!G&(G7#%+4.551^!
%7.%![==3-%+7&%+.1$)%0/#.%)$%-$(#&/$==$&(%+',#)$'&.$9#$/+**+'0,%==\!.$8!%7+9!G(9+%+($!.GG#.&9!%(!T#!
8#%#&+(&.%+$,! &.%7#&! %7.$! +*G&(A+$,! +'! 5.%#&! (T9#&A.%+($9! .&#! %(! T#! .44#G%#8Q! ! W$! >III^!
X0&47'+#58!h!:.GG+$,%($!7+,75+,7%#8!.$!(A#&.55!8#45+$#!+$!&#.8+$,!4(*G5+.$4#!9+$4#!CYZJ^!T1!
>II>!:+R(&9R+!#%!.5!&#G(&%#8!b*(9%b!9%08#$%9!.8*+%%+$,!%(!8(+$,!5#99!%7.$!N!7(0&9!G#&!U##R!
&#.8+$,! .$8! +$!>IIJ!.!@:! 9%081!T1!"50*G!#%! .5! (T9#&A#8!%7.%! [==)%0/#.%)$(#&/4$-.$&7#(&1#4$
Kp=bI<$-*$%"#$&))+1.#/$(#&/+.1)$9#*-(#$',&))==\=!
W&	G#4%+A#! ('! %7#! 5+*+%.%+($9! ('! %7#! 5.%#&! 9%081^! %7#! ,#$#&.5! %&#$8! %(! *+$+*+9#! %7#!
G&#G.&.%(&1!U(&R!8(#9!.GG#.&! %(!T#!.!&#.5+%1!.$8!%7#&#! +9!.*G5#!#A+8#$4#!%(!90GG(&%! %7+9!
A+#U!He(7$9($^!>IIMKQ!!W$#A+%.T51^!%7+9!U+55!+*G.4%!$(%!($51!($!%7#!9%08#$%b9!5#.&$+$,!T0%!.59(!
($!%7#!.T+5+%1!('! %7#!%0%(&!%(!8#5+A#&!.$!#''#4%+A#!5#.&$+$,!#3G#&+#$4#!U+%7+$!%7#!	G#4%+A#!
45.99&((*! 9#99+($9^! .9! %7#! 5#A#5! ('! U7.%! 4($9%+%0%#9! 8#9%&04%+A#! 	+9%.$4#! U+55! ̤#!
9%08#$%!G&#G.$#99!%(!#$,.,#!U+%7+$!45.99&((*!8+94099+($9!HX0&&(0,79!#%$&,^!CYZYKQ!!67#!
+*G.4%!('! %7+9! 5.4R!('!G&#G.$#99!*.$+'#9%9! +%9#5'! +$! %7#! 5.4R!('!#$,.,#*#$%!T1!9%08#$%9!
U7#$!%0%(&9!.%%#*G%!%(!#$,.,#!%7#*!+$!8+94099+($9!('!.$1!9(&%Q!
S+%7!9%08#$%9!U(&R+$,!+$!%7#+&!'+&9%!5.$,0.,#!%7#&#!+9!9(*#!(GG(&%0$+%1!%(!(A#&!%7+9!5.4R!
('!G&#G.&.%+($!.9!+%!4.$!T#!G(99+T5#!%(!4(A#&!T.4R,&(0$8!*.%#&+.5!\0+4R51!.$8!T#!.%+A#51!
.990!%7.%!%7#&#!U+55!T#!.!&#.9($.T5#!5#A#5!('!4(*G#$9+($!.,.+$9%!U7+47!'0&%7#&!45.99!
.4%+A+%+#9! 4.$! T#! &0$! U+%7+$! %7#! 9#99+($Q! ! 23G#&+#$4#! 7.9! 8#*($9%&.%#8! .4&(99! %7#!
+$%#&$.%+($.5! *.&R#%+$,! 9%08#$%9! %7(0,7! %7.%! %7#! *+3! ('! 5.$,0.,#! 9R+559! .$8! G&#'#&!
5#.&$+$,!9%15#9!4(*T+$#9!%(!*.R#!%7+9!+$O45.99!(A#&1!A#&1!8+''+405%Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CZC!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
W$!.88+%+($!%(!.55!('!%7#!.T(A#^!%7&##!(%7#&!(T9#&A#8!'.4%(&9!.&#!.59(!%7(0,7%!%(!T#!U(&%71!('!
4($9+8#&.%+($! .9! G(%#$%+.5! T.&&+#&9! %(! 5#.&$+$,Q! ! CQ! 67#! 5+*+%.%+($9! +$! 9G##89! ('!
4(*G#$9+($!.$8!%7#!5(U#&!&#.8+$,!&.%#9!4(*T+$#!%(!95(U!8(U$!%7#!A(50*#!('!U(&R!%7.%!
4.$!T#!8($#!(0%9+8#!45.99!4($%.4%!.$8!+*G.4%!0G($!%7#!.T+5+%1!('!9%08#$%9b!%(!G&+(&+%+9#!U7.%!
97(058!T#!8($#Q!!>Q!-+$R#8!U+%7!%7+9!+9!%7#!%+*#!+%!4.$!%.R#!%(!9#%%5#!%(!9%081+$,!U+%7+$!.!$#U!
#$A+&($*#$%!.!5($,!U.1!'&(*!7(*#!.$8!%7#!#''#4%!('!%7#!8#5.19!%7+9!4.09#9!0G($!%7#!.T+5+%1!
%(!G&+(&+%+9#!.$8^!'+$.551_!NQ!X#4.09#!('!%7#!*(8#!('!#$,.,#*#$%!+%!4.$!T#!#3%&#*#51!8+''+405%!
'(&!%0%(&9!%(!#''#4%+A#51!,.0,#!+$8+A+80.5!97(&%'.559! +$! 5#.&$+$,!0$%+5!9%08#$%9!&#.47!.!G(+$%!
U7#$!+%!+9!%((!5.%#!%(!+$%#&A#$#!%(!.$1!,&#.%!8#,&##Q!
`0%U.&8! 9+,$9! ('! %7#! bG&(T5#*b! 4(058! T#! 9##$! +$! %7#! T.9+4! .4.8#*+4! 4($9%&04%! #&&(&9!
#$4(0$%#! +$! .99+,$*#$%9^! %7#! 7+,7! 8#*.$8! '(&! bG#&9($.5b! %0%(&! %+*#! (0%9+8#! .99+,$#8!
45.99!4($%.4%!%+*#^!%7#!9+*G5+9%+4!$.%0&#!('!\0#9%+($9!.9R#8!.&(0$8!T.9+4!#5#*#$%9!('!4(0&9#!
*.%#&+.5!(&!G.9%(&.5!+990#9!.$8!.!9%&($,!+$8+4.%+($!('!&#.4%+A+%1!&.%7#&!%7.$!G&(.4%+A+%1!U+%7!
&#,.&8!%(!9%081!.4%+A+%+#9Q!
67#!4($4509+($!('!.55!('!%7+9!U.9!%7.%!%0%(&9!7.8!,&(U$!4($4#&$#8!(A#&!%7#!.GG.&#$%!5.4R!('!
9%08#$%! .0%($(*1! .$8! U7+59%! (A#&.55! 4(*G5#%+($! &.%#9! U#&#! ,((8^! 4(*G5#%+($! .%! '+&9%!
90T*+99+($! U.9! $(%! .$8! %7#! \0.5+%1! ('! U(&R! 90T*+%%#8! H.9! .! &#'5#4%+($! ('! %7#! \0.5+%1! ('!
5#.&$+$,K!U.9!5(U#&!%7#$!8#9+Q!
MZf!P&9&/)47!BG=&4(-F&9;!
W$! :#G%#*T#&! >IIZ^! %7#! 4(O.0%7(&9! +$8#G#$8#$%51! +8#$%+'+#8! %7#9#! .GG.&#$%! T.&&+#&9! %(!
#$,.,#*#$%!.$8!4($9+8#!%U(!G(%#$%+.5!&(0%#9!%(!*+$+*+9+$,!%7#*Q!
• <+&9%51_!.5($,9+8#!.!71G(%7#9+9!%7.%!T1!9%&#$,%7#$+$,!%7#!8#,&##!('!T#5($,+$,!%(!%7#!
@$+A#&9+%1V"(0&9#! .$8! 9%+*05.%+$,! .! *(&#! +$%#,&.5! G##&! 90GG(&%! 919%#*^! %7#!
#3G#4%.%+($! U(058! T#! %7.%! %7+9! *+,7%! 7#5G! %(! 9#%%5#! 9%08#$%9! +$%(! %7#! 5#.&$+$,!
#$A+&($*#$%! *(&#! &.G+851! .$8! #''#4%+A#51^! %709! +*G&(A+$,! %7#+&! 9%081! G&.4%+4#9^!
#$,.,#*#$%!5#A#59!.$8!G#&'(&*.$4#Q!
• :#4($851_! .,.+$9%! .! 9#4($8! 71G(%7#9+9! %7.%! +$! (&8#&! %(! 9%+*05.%#! +$8#G#$8#$%!
5#.&$+$,^!+'!.!b9('%b!&(0%#!4(058!T#!'(0$8!%7.%!U(058!.55(U!9%08#$%9!.$!b#.91b!U.1!%(!
%.R#!%7#!'+&9%!+$8#G#$8#$%!9%#G9!%(U.&89!.0%($(*1!U+%7+$!.!9%&04%0!'&.*#U(&R^!
%7#$!%7#1!U(058!T#!*(&#!5+R#51!%(!'(55(U!%7.%!&(0%#Q!
/!$0*T#&!('!.88+%+($.5!.$8!5+$R#8^!9G#4+'+4!8#9+!(0%G0%9!U#&#!.59(!+8#$%+'+#8;!
• 2$4(0&.,#!*(&#! +$8#G#$8#$%!&#.8+$,;!H+8#$%+'+#8!.9!.! '0$8.*#$%.5!97(&%'.55! +$!%7#!
40&&#$%!5#.&$+$,!#3G#&+#$4#K!
• E#*19%+'1!5.$,0.,#!4($'09+($9;!H.4R$(U5#8,+$,!%7.%!9%08#$%9!9%081+$,!+$!.!9#4($8!
5.$,0.,#!%#$8!%(!U(&R!'&(*!.!5+*+%#8!A(4.T05.&1!.$8!%709!'0551!+$%#&G&#%+$,!9(*#!('!
%7#!%7#(&+#9!.$8!%#&*9!4.$^!+$!+%9#5'^!95(U!8(U$!4(*G#$9+($K!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CZ>!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
• E#*($9%&.%#! %7#! #A.$4#! ('! 8+%#8! .4%+A+%+#9;! H+$! G.&%+405.&! %7(9#! &#\0+!
.5($,9+8#!*(805#9!80&+$,!%7#!4(0&9#!('!4(*G5#%+($K!
NZf!P&9&/)47!%HH)+/47;!
X#%U##$! :#G%#*T#&! .$8! E#4#*T#&! >IIZ! %7#9#! %U(! 71G(%7#9#9! U#&#! #3G5(!
+$8#G#$8#$%51! .9! T(%7! 	#.&47#&9! 9(0,7%! %(! +8#$%+'1! G(99+T5#! U.19! ('! +$%#&A#$%+($! %7.%!
*+,7%!.47+#A#!%7#!8#9+!(0%4(*#9^!1#%!.4R$(U5#8,#!%7#!G&(T.T5#!	(0&4#!+*G5+4.%+($9!('!
9(!8(+$,Q!!67#!(0%G0%!('!%7.%!94(G+$,!9%081!\0.5+'+#8!%7.%!%7#!#3G#&+#$4#9!('!%0%(&9!U#&#!$(%!
0$090.5!.4&(99!%0%(&9!U(&R+$,!U+%7!+$%#&$.%+($.5!9%08#$%9!.$8!90,,#9%#8!%7.%!.!&#.9($.T5#!
9%.&%+$,!G(+$%!U(058!T#!.!T#%%#&!0%+5+9.%+($!('!(0&!#5#4%&($+4!90GG(&%!G5.%'(&*^!T5.4RT(.&8^!
.9! +%! (''#! .$! .$($1*(09! T.4RO0G! %7.%! 9%08#$%9! 4(058! %.G! +$%(! U+%7(0%! #3G(9+$,!
%7#*9#5A#9!%(!G(99+T5#!#*T.&&.99*#$%!.&(0$8!G#&4#+A#8!0$8#&G#&'(&*.$4#!H.$!+990#!U+%7!
9(*#!+$%#&$.%+($.5!9%08#$%9!+$!G.&%+405.&!+$!.%+($!%(!9.A+$,!'.4#!+$!'&($%!('!%7#+&!G##&9!.$8!
%7#! 09#! ('! b97.*#b! .9! .! 4($%&(5! %((5! H#Q,Q! <0$,! #%! .5Q^! >IINKKQ! ! /$(%7#&! (0%G0%^! 7(U#A#&^!
+8#$%+'+#8! %7.%! %7+9! U.9! A#&1! G((&51! 0%+5+9#8! T1! %7#! f&(0G! .9! .! U7(5#^! %7.%! 9%08#$%!
#$,.,#*#$%!U+%7! +%! H.$8! G#&4#G%+($! ('! A.50#K!U.9! 5+*+%#8! .%! T#9%! .$8! %7.%! ,#$#&.5! %0%(&!
T#5+#'!+$!.$1!A.50#!%7.%!T5.4RT(.&8!4(058!(''#&!U.9!.59(!5+*+%#8Q!
/%!%7+9!G(+$%!%7#!	#.&47#&9!4(*T+$#8!%7#+&!'+$8+$,9!.$8!U7+59%!.44#G%+$,!G(%#$%+.5!T.&&+#&9!
%(!.8(G%+($^!&#.9($#8!%7.%!+'!%7#&#!U.9!.!U.1!('!4&#.%+$,!.!*(&#!7(5+9%+4!5#.&$+$,!#3G#&+#$4#!
'(&!9%08#$%9!'&(*!U+%7+$!%7#!	(0&4#9!&#.8+51!.A.+5.T5#^!%7#$!%7.%!U(058!T#!.$!#''#4%+A#!U.1!
'(&U.&8Q!!/9!.!Ή%^!.$!.4%+($!	#.&47!.GG&(.47!U.9!8#A+9#8!%7.%!U(058!#$7.$4#!%7#!&(5#!
G#&'(&*#8!T1!T5.4RT(.&8^!T(%7!+$!.!90GG(&%!.$8!&#'#&#$4#!4.G.4+%1Q!!!
67+9!%((R!%7#!'(&*!('!.!G&(G(9.5!%(!4(*G5#%#51!&#OG(9+%+($!T5.4RT(.&8!4($%#$%!.$8!09#!'(&!
%7#!+$%#&$.%+($.5!9%08#$%9!.$8!.$!+$+%+.5!(0%5+$#!U(&R+$,!*(8#5!U.9!8#A+9#8!.,.+$9%!U7+47!
U(&R! 4(058! 4(**#$4#! H9##! '+,0&#! C! T#5(UKQ! ! 299#$%+.551! .! 5((9#^! (&,.$+4^! .GG&(.47! U.9!
G(9%05.%#8!%7.%!U(058!T#!8&+A#$!T1!%7#!	#.&47#&9!%7#*9#5A#9!.9!b47.*G+($9b^!($!%7#!T.9+9!
%7.%! 47.*G+($9! .&#! .! 4&+%+4.5! 4(*G($#$%! ('! 8&+A+$,! 47.$,#! U+%7+$! 7+,7#&! #804.%+($!
H"5#**#&^!>IIJ_!:4(%%^!>IINKQ! !67#!&#.9($+$,!T#+$,!%7.%^!.9! %7+9!T#4.*#!(G#&.%+($.5^! %7#$!
9%08#$%!.$8!9%.''!+$%#&.4%+($!U(058!7#5G!G&(A+8#!.88+%+($.5!'(&*!.$8!8#A#5(G*#$%_!.,.+$9%!
.! &.%+($.5#! %7.%! +'! T(%7! 9%08#$%9! .$8! %0%(&9! 4(058! T#! #$4(0&.,#8! %(! %.R#! (U$#&97+G^! %7#$!
09.,#!5#A#59!97(058!+$4&#.9#!.$8!4($%#$%!97(058!#A(5A#!%(!T#!*(9%!#A.$%Q!!!
67#!T.9+9!('!.!U.1!'(&U.&8^!%7#&#'(&#^!U.9!%(;!
CQ c#O*(8#5! %7#! U.1! +$! U7+47! %7#! "(0&9#! T5.4RT(.&8! 9+%#9! '+%%#8! %(,#%7#&^! %(! *.R#!
.44#99!.$8!*+,&.%+($!9*((%7#&!'(&!T(%7!9%08#$%9!.$8!9%.''!
>Q :##R! .!*(&#! G^&+T#8! 4($%#$%!*.G! '(&! T(%7! "(0&9#! .$8!a(805#! 9+%#9^! #$90&+$,!
%7#1!7.8!'+&*51!8#'+$#8!.$8!4(**0$+4.%#8!G0&G(9#9!U7+47!U#&#!(A#&%51!#A.$%!%(!
%7#!9%08#$%9b!&#\0+&#*#$%9!('!%#.47+$,!.$8!5#.&$+$,!
NQ a(&#!45(9#51! +$%#,&.%#!%7#!*(805#!9+%#!U+%7!*(805#!%#.47+$,!.$8!5#.&$+$,!G&.4%+4#!
.$8!+$4(&G(&.%#!45#.&!.$8!+8#$%+'+.T5#!U.19!('!8#A#5(G+$,!+$8#G#$8#$%!#3G5(&.%+($!
.&(0$8!%7#!90T=#4%!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CZN!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
JQ 23G5(&#!$#U!G&.4%+4#9! .$8^! +$!G.&%+405.&^! .%%#*G%! %(! b70*.$+9#b! %7#!#3G#&+#$4#! '(&!
9%08#$%9!+$!(&8#&!%(!7#5G!%7#*!0$8#&9%.$8!U71!%7#1!.&#!T#+$,!.9R#8!%(!0$8#&%.R#!
A.&+(09!.4%+A+%+#9!
:%.&%+$,! U+%7! %7#!*.+$! "(0&9#! 9+%#! .$8! .! 9.*G5#! a(805#! 9+%#^! U+%7! .! A+#U! %(! #3G.$8+$,!
.4&(99! %7#! &#*.+$+$,!a(805#! 9+%#9! .9! #3G#&+#$4#!8#A#5(G#8!.$8!.88+%+($.5! %0%(&9!T#4.*#!
#3G(9#8!%(!.$8!'.*+5+.&!U+%7!.$1!T#$#'+4+.5!#''#4%9!('!%7#!.4%+A+%+#9Q!
OZf!6-,&(/G5&;!
• :+%#!($'+,0&+$,!%(!T#!4(*G5#%#8!.$8!%#9%#8!T#%U##$!e.$0.&1!.$8!a.1!>IIY!
• D#U! %#9%! a(805#! 9+%#! Hc#'5#4%+A#! G&.4%+4#! H&#$.*#8;! /4.8#*+4! c#9#.&47! .$8!
c#'5#4%+($^!.%!%7#!*+8!G(+$%K!%(!T#!G+5(%#8!e.$0.&1!O!a.1!>IIY!
• 6#9%!a(805#!9+%#!+$+%+.5!&#A+#U!+$!:0**#&!>IIY!
• D#U! "(0&9#! :+%#9! H'(&! a:4! W$%#&$.%+($.5! a.&R#%+$,! .$8! a:4! f5(T.5! :%&.%#,+4!
a.&R#%+$,K!%(!T#!T0+5%!.$8!+$!G5.4#!'(&!:#G%#*T#&!>IIY!
• D#U!9%&04%0&#!a(805#!9+%#9!H'(&!.55!*(805#9K!%(!T#!+$!G5.4#!'(&!:#G%#*T#&!>IIY!.$8!
%(! +$4(&G(&.%#! 5#.&$+$,! 5#99($9! '&(*! %7#! %#9%! 9+%#! .9! .GG&(G&+.%#Q! ! 6(! #$4(0&.,#!
U+8#&!#$,.,#*#$%!.*($,9%!9%.''!.$8!'.*+5+.&+%1!U+%7!%7#!.4%+A+%1Q!
• 6#9%!a(805#!9+%#!%(!T#!'0551!(G#&.%+($.5! e.$0.&1!>ICI!O!a.1!>ICI!%(!.99#99! +*G.4%!
.,.+$9%!+$+%+.5!%#9%!.$8!G&#O%#9%!#3G#&+#$4#Q!
• a.1!>ICI!O!9%.%09!&#A+#U;!q?.9!%7+9!*.8#!.$1!8+''#&#$4#!.$8!U7.%!*+,7%!%7.%!T#pq!
TZf!%4(-F-(-&9;!
TZL!>5/4@G+/)8!#5/(*+),;!:(08&'(!h-&J!
/%!%7#!7#.&%!('!%7#!G&(G(9.5!U.9!.!4(*G5#%#!&#%7+$R+$,!('!7(U!T5.4RT(.&8!+9!9##$!.$8!09#8!
T1!9%08#$%9!.$8! %7#! '+&9%! %.9R!U.9! %(!.4R$(U5#8,#! %7.%^!($!.44#99+$,!a1:G.4#^! .!*.9%#&9b!
9%08#$%!4(058!G(%#$%+.551!9##!CI!8+''#&#$%!9+%#9^!%7.%!#.47!+$%.R#!('!9%08#$%9!U(058!7.A#!%7#+&!
(U$!9#%!('!9+%#9!.$8!%709!%0%(&9!U(058!7.A#!*(&#!%7.$!($#!4(0&9#!9+%#!.$8!*05%+G5#!*(805#!
9+%#9! 5+A#!.%!.$1!($#! %+*#! %(!*.$.,#;! !a.R+$,!4($9+9%#$41!47.55#$,+$,^!*.R+$,!0G8.%+$,!.!
%.9R!('!*#*(&1!.9!*047!.9!.$1%7+$,!#59#!.$8!(G#$+$,!0G!.!&#.5!%7&#.%!('!#&&(&9!(440&&+$,!+$!
0G8.%+$,!%7#!9.*#!%7+$,!%(!*05%+G5#!9+%#9;!!/&,0.T51!%7+9!4(*G5#3+%1!T#+$,!.!T.&&+#&!%(!9%.''!
#$,.,#*#$%!.9!U#55Q!
67#!9+*G5+'+4.%+($!('!%7#!G5.%'(&*!T#4.*#!.!G&+(&+%1^!%7#&#'(&#^!.$8!%7#!'(55(U+$,!*(8#5!U.9!
8#A+9#8!.9!.!9%.&%+$,!G(+$%!'(&!#9+,$;!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CZJ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
!
S+10(#$:J!W$+%+.5!<&.*#U(&R!'(&!X5.4RT(.&8!G5.%'(&*!
67#!T.9+4!G&+$4+G5#!T#+$,!%7.%!%7#&#!U(058!=09%!T#!($#!9+%#!'(&!#.47!('!%7#!"(0&9#9^!.$8!%7.%!
.55! 9%08#$%9!U(058!T#!.%%.47#8!%(! %7#!9.*#!9+%#^! &#,.&85#99!('! +$%.R#Q! !67.%! %7#1!U(058!T#!
+8#$%+'+.T5#^!'(&!4($%.4%!G0&G(9#9^!T1!+$%.R#!H09+$,!%7#!b,&(0Gb!%((5K!.$8!%7.%!%7#!"(0&9#!9+%#!
U(058!T#!8#9+,$#8!%(!90GG(&%!b4(0&9#!T#5($,+$,b!.$8!4($4#$%&.%#!($!U+8#&!9%08#$%!90GG(&%!
4($%#$%!9047!.9;!
• )&(4#80	!.$8!)&(%(4(59!
• :?@!9%08#$%!90GG(&%!8+%+($!
• F#1!5+$R9!%(!:?@!.&#.9!
• 2*G5(1*#$%!(GG(&%0$+%+#9!
• X&(.8!*.&R#%+$,!4($4#G%9!.$8!*(8#59!
• 6+*#%.T5#!,0+8.$4#!
• "(0&9#!,0+8#9!
• )5.,+.&+9*!
• /99+,$*#$%!,0+8.$4#!
• "(0&9#!-#.8#&!T5(,!
W$!.88+%+($^!.$8!R#1!%(!%7#!*(8#5^!.55!a(805#!9+%#9!U(058!T#!b#*T#88#8b!U+%7+$!%7#!"(0&9#!
9+%#! 9(! %7.%! 9%08#$%9! 9+*G51! 7.A#! ($#! .44#99! G(+$%Q! ! a(805#! 9+%#9!U(058! 9%+55! #3+9%! +$! %7#!
$(&*.5!U.1!T0%!#99#$%+.551!%7#&#!U(058!T#!5+$R9!'&(*!%7#!"(0&9#!9+%#!%(!#.47!('!%7#!a(805#!
9+%#9!%7.%!.$1^!+$8+A+80.5!9%08#$%!U.9!.%%.47#8!%(Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CZL!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
67#!+$%#$%!T#+$,!%7.%!%7#!"(0&9#!9+%#9!U(058!$#A#&!T#!&#G5.4#8!U+%7!#.47!+$%.R#!T0%!9+*G51!
0G8.%#8Q! ! /55(U+$,! %7#! b'##5b! ('! 4(**0$+%1! %(! T#! #$7.$4#8! T1! %7#! 7+9%(&1! ('! %7#! 9+%#! .$8!
#$4(0&.,+$,!$#U!9%08#$%9!%(!#$,.,#!+$!+*+%.%+($!('!#$,.,#*#$%!T1!G.9%!9%08#$%9Q!
/9!&#,.&89!a(805#!9+%#9^!.4&(99!%7#9#!%U(!"(0&9#9!.!$0*T#&!('!97.!a(805#9!.&#!+$!G5.4#!
.$8!U7+59%! 9%08#$%9!*+,7%! $(%! .5U.19! 97.&#! 45.99#9^! %7#!a(805#9! &#*.+$! 4($9%.$%! .$8! 9(!
($51! ($#! a(805#! 9+%#! G#&! a(805#! U(058! .59(! #3+9%;! ! /,.+$! &#O#$'(&4+$,! %7#! b4(**0$+%1b!
$.%0&#!('!T#+$,!.!a.&R#%+$,!a.9%#&9!9%08#$%!T0%!.59(!7#5G+$,!%(!#$7.$4#!%7#!4($9+9%#$41!('!
%7#!5#.&$+$,!#3G#&+#$4#!.$8!9+*G5+'1+$,!%7#!&(0%#9!%(!09+$,!T5.4RT(.&8!.9!.!4(**0$+4.%+($9!
.$8!90GG(&%!%((5!'(&!.4.8#*+4!9%.''Q!
67+9!'(&*.%!U.9!%&+.55#8! +$!%7#!9G&+$,!('!>IIY!.$8!T1!%7#!90**#&!%7#!%#47$+4.5!.9G#4%9!('!
4($9%&04%! .$8! .%%.47+$,! 9%08#$%9! U#&#! .88c#8^! .5T#+%! .%%.47*#$%! &#\0+! *.$0.5!
+$%#&A#$%+($!T0%!%7+9!8+8!$(%!G&(A#!%(!T#!($#&(09Q!!`A#&!%7#!90**#&!%7#!'(&*.%!U.9!09#8!%(!
*.$.,#!%7#!9+%#9!'(&!%7#!6/c"!9%08#$%9!($!%7#!90**#&!9%081!G&(,&.**#!.9!.!5+A#!%#9%!.$8!
%7+9! U(&R#8! U+%7(0%! +990#Q! ! 67+9! %7#$! #$.T5#8! %7#! a.&R#%+$,! a.9%#&9! "(0&9#9! %(! 9%.&%!
:#G%#*T#&!>IIY!($!%7#!$#U!G5.%'(&*!+$!.!'055!%&+.5!.$8!%7#!($51!%#47$+4.5!+990#9!'.4#8!U#&#!
+$! %7#!$##8! %(!*.$0.551! 4.G%0&#! 9%08#$%9! .$8!.%%.47! %7#*! %(! %7#! 97.! 9+%#9^! .9!*(805#!
4(8#9!8+''#Q!!S7+59%!*.$.,#.T5#^!%7#!%&0#!%#9%!4.*#!.9!%7#!4&(99O(A#&!'&(*!:#*#9%#&!C!%(!
:#*#9%#&!>!7.GG#$#8!.$8!9(*#!*(805#!9+%#9!U#&#!4.&&+#8! +$%(! %7#!9#4($8!9#*#9%#&! '(&!.!
$#U!+$%.R#!('!9%08#$%9Q!
67#! .*(0$%! ('! *.$0.5! +$%#&A#$%+($! .%! %7+9! G(+$%! G&(A#8! 4(*G5#3! .$8! *.+$%.+$+$,! %7#!
#*T#88#8! 5+$R9!U+%7+$! %7#! "(0&9#! 9+%#9^! G&(T5#*.%+4Q! ! 67+9! 7+,75+,7%#8! %7#! ($#! .$8! ($51!
%#47$+4.5!T.&&+#&!%7.%!U(058!$##8!%(!T#!4.&&+#8!'(&U.&8!'(&!'0&%7#&!&#A+#U!.$8!%7.%!U+55!T#!
+$A#9%+,.%#8!'0&%7#&!'(55(U+$,!%7#!4(*G5#%+($!('!%7+9!9%081Q!
TZM!>5/4@G+/)8!#5/(*+),;!"+'9-9(&'41!+*!:(08&'(!23H&)-&'4&!
<&(*!%7#!G+*+$.&1!+$A#9%+,.%+($9!+%!T#4.*#!45#.&!%7.%!%7#!09#!('!T5.4RT(.&8!.9!.!90GG(&%!
%((5!A.&+#8!U+8#51!T#%U##$!9%.''^!T(%7!U+%7+$!%7#!90T=#4%!,&(0G!.$8!.&(0$8!%7#!@$+A#&9+%1!.9!
.!U7(5#Q! !E+94099+($9!U+%7!9%08#$%9!.59(!7+,75+,7%#8!%7+9!A.&+.%+($!.$8!8&#U!(0%!9(*#!$(%!
0$#3G#4%#8!(T9#&A.%+($9!\0#9%+($+$,!U7.%!G0&G(9#!T5.4RT(.&8!.4%0.551!9#&A#8!.$8!\0+%#!.!
$0*T#&! ('! 9%08#$%9! 9%.%#8! %7.%! .'%#&! +$+%+.551! 5((R+$,! .%! %7#+&! 9+%#9! %7#1! $#A#&! T(%7#!
&#%0&$+$,Q! ! /! G&.4%+4#! %7#1! %7#$! .8(G%#8! .9! %7#1! *(A#8! ($! %7&(0,7! %7#+&! a(805#9^! U+%7!
.A.+5.T5#! 9%.%+9%+49! ($! 9+%#! 09.,#! 45#.&51! 97(U+$,! %7.%!*(9%! 9%08#$%9! $#A#&! #A#$! .44#99#8!
9#4($8!9#*#9%#&!a(805#!9+%#9!(%7#&!%7.$!%(!90T*+%!U(&R!(&!A+#U!,&.8#9Q!
W%! U.9! (,$+9#8^! %7#&#'(&#^! %7.%! .$! +$+%+.5^! G((&! #3G#&+#$4#! U(058! *(9%! 5+R#51! 7.A#! .!
$#,.%+A#!+*G.4%!0G($!'0%0&#!#$,.,#*#$%!.$8!+%!U.9!.59(!909G#4%#8!%7.%!.!90T9#\0#$%!G((&!
#3G#&+#$4#! '(55(U+$,! .!G(9+%+A#!($#!U(058!.59(! ̤#!#$,.,#*#$%! .9!U#55_! 9(! .!$##8! '(&!
4($9+9%#$41!U.9!45#.&51!.$!+990#Q!
`$4#!.,.+$^! +$+%+.5!(T9#&A.%+($9! +8#$%+'+#8! %7.%! 9(*#!*(805#9!*.+$%.+$#8!&#.9($.T5#! 9+%#9!
U7+59%!(%7#&9!U#&#!09#8^!.%!T#9%^!.9!.!G(9%+$,!T(.&8!'(&!95+8#9!U+%7!5+%%5#!.88+%+($.5!4($%#$%Q!!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CZd!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
W$8##8^! .! 90&A#1! ('! .4%+A#! 9+%#9!U+%7+$! %7#! f&(0G! &#A#.5#8! .! $0*T#&! ('! T5.$R! G.,#9! .$8!
G.,#9! %7.%! 9+*G51! 4($%.+$#8! +$9%&04%+($9! '(&!U7.%! %7#!G.,#!97(058!4($%.+$Q! ! 67#!\0#9%+($!
.&(9#^! %7#&#'(&#^! .9! %(! U7.%! #3G#&+#$4#! 9%08#$%9! $##8#8! %(! 7.A#! '&(*! T5.4RT(.&8! .$8! .!
$#4#99+%1! %(! .88c! %7+9! T#'(&#! .%%#*G%+$,! 7+,7! 5#A#59! ('! 4($9+9%#$41! +$! (&8#&! %(! G0&90#!
47.$,#!.5($,!%7#!*(9%!#''#4%+A#!&(0%#Q!
<&(*! %7+9^! +%! U.9! 8#4+8#8! %(! +$4(&G(&.%#^! U+%7+$! %7#! %#9%! a(805#! 9+%#^! .! 7+,7! 8#,&##! ('!
'##8T.4R!.$8!%(!09#!%7+9!80&+$,!%7#!'+&9%!G.&%!('!%7#!*(805#!%#9%!G7.9#!+$!9#*#9%#&!>!>IIZVY!
%(!+$'(&*!&#A+9+($9!+$!%7#!9#4($8!G7.9#!+$!9#*#9%#&!>!>IIYVCIQ!!67#!'##8T.4R!919%#*!U.9!
+$+%+.%#8! 80&+$,! %7#! G+*+$.&1! #3G5(&.%+($! G7.9#! G&+(&! %(! %7#! +$+%+.5! %#9%! *(805#! 9+%#!
&0$$+$,^! +$!(&8#&! %(!G&(A+8#!.! '&.*#U(&R! '(&! 4($%#$%!.$8!9%&04%0&#Q! !`$#!#3.*G5#!('! %7+9!
#.&51! '##8T.4R! 4.$! T#! 9##$! +$! /GG#$8+3! CQ! ! 67+9! %7#$! '(&*#8! %7#! '&.*#U(&R! '(&! '0%0&#!
'##8T.4R!G&.4%+4#9!U7+47!+$4(&G(&.%#8!+$!*(805#!'##8T.4R!($!R#1!#3G#&+#$4#9!(&!*.%#&+.59^!
.!&#'5#4%+A#!T5(,!U+%7+$!%7#!*(805#!9+%#!.$8!.!'(&*.5!G+#4#!('!	#.&47^!+$4(&G(&.%#8!+$%(!%7#!
5#.&$+$,!(0%4(*#9!('!%7#!*(805#!T0%!T0+5%!.&(0$8!G#&9($.5!#3G#&+#$4#9!('!9%081+$,Q!
/5($,9+8#!%7+9^!7(U#A#&^!+%!U.9!+**#8+.%#51!$#4#99.&1!%(!T&+$,!.55!%7#!.88+%+($.5!9+%#9!%(!.!
*+$+*0*!b#3G#&+#$4#b!9%.$8.&8!.$8!.55!U#&#!&#O*(8#55#8!.5($,9+8#!%7#!9%&04%0&#!('!%7#!%#9%!
9+%#!.9!.!9%.&%+$,!G(+$%Q! !67#1!U#&#!.59(!bG(5+4#8b!T1!%7#!"(0&9#!-#.8#&!%(!#$90&#!%7.%!%7#1!
U#&#!G(G05.%#8!.$8!,0+8.$4#!,+A#$!.&(0$8!4($%#$%^!.5%7(0,7^!+$+%+.551^!+%!U.9!.44#G%#8!%7.%!
0$%+5!.$1!A.50#!4(058!T#!G#&4#+A#8!T1!9%.''!('!%7#!U(&R5(.8!+$A(5A#8!%(!8#A#5(G!T5.4RT(.&8!
9+%#9^!80&+$,! %7#!#.&51!9%.,#9!('! %#9%+$,!4($9+9%#$41!('! +*.,#&1^! 5.1(0%^!*+,&.%+($!.$8!4(&#!
4($%#$%9!U(058!T#!%7#!*(9%!%7.%!4(058!T#!.47+#A#8Q!
/9!%7#!%#9%!G&(,c#8^!9%.''!#$,.,#*#$%!4($9+9%#$%51!+$4&#.9#8!.$8!.47+#A+$,!.!b*+$+*0*b!
4($9+9%#$41!('!#3G#&+#$4#!U.9!\0+4R51!&#.47#8Q!!W$!.88+%+($^!.$8!.9!8+94099#8!T#5(U^!%7#!09#!
('!%7#!*(805#!9+%#9!+$!,#$#&.5!.59(!T#,.$!%(!8#A#5(GQ!
TZN!>5/4@G+/)8!#5/(*+),;!"+'(&'(!
F#1!%(!%7#!U7(5#!.4%+A+%1!U.9!4($%#$%!.$8!%7#!T#5+#'!('!%7#!	#.&47#&9^!+$!+%9#5'^!U.9!.!,((8!
9%.&%+$,!G(+$%!T0%! +%!U.9!(,$+9#8!%7.%!%7#&#!U(058!G&(T.T51!T#!.!,05'!T#%U##$!%7+9!.$8!
%7#! 8#*.$89! ('! %7#! 9%08#$%9Q! ! 67#! +$+%+.5! 4($4#G%^! 7(U#A#&^!U.9! %7.%! "(0&9#! .$8!a(805#!
9+%#9! U(058! 7.A#! 8+9%+$4%! '0$4%+($9! .$8! .,.+$9%! %7+9! G&#*+9#! %7#! '(55(U+$,! U(&R+$,!
'&.*#U(&R!U.9!9#%!0G!%(!#$.T5#!%7#!4($4#G%!%(!T#!(G#&.%+($.5+9#8^!%#9%#8!.$8!#A(5A#8Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CZM!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
!
S+10(#$KJ$W$+%+.5!'&.*#U(&R!'(&!9+%#!4($%#$%!
67#! G0&G(9#! ('! '+,0&#! >! U.9! #99#$%+.551! %(! 4&#.%#! .! 9%.&%+$,! G(+$%! .$8! T.9+4!
'&.*#U(&RV#3G#&+#$4#! .4&(99! .55! .%#8! 9+%#9^!U+%7! %7#! +$%#$%+($! %7.%! +%!U(058! #A(5A#! .9!
'##8T.4R!.$8!+*G.4%!U.9!#A.50.%#8Q!!67+9!Ή%#8!+$!.!T.9+4!"(0&9#!G5.%'(&*!%7.%!*+&&(!
'+,0&#! N! H$(%#^! %7+9! +9! .! 5.%#&! +*.,#! 4.G%0&#! T0%! 7.9! #99#$%+.551! &#*.+$#8! %7#! 9.*#!
%7&(0,7(0%!%7#!%#9%K;!
!
S+10(#$oJ!"(0&9#!:+%#!-.1(0%!
S+%7!.!a(805#!G5.%'(&*!%7.%!#A(5A#8!.&(0$8! +$8+A+80.5!a(805#!$##89!1#%!*.+$%.+$#8! %7#!
4(&#!4($%#$%!#5#*#$%9Q!!<+,0&#!J!97(U9!%7#!9%.,#!%7#!%#9%!*(805#!9+%#!&#.47#8!T1!/G&+5!>ICIQ!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CZZ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
!
S+10(#$bJ$a(805#!:+%#!-.1(0%!
/5+,$#8! U+%7! 4($%#$%! #5#*#$%9^! .55! G.,#9! .$8! 8(U$5(.89!U#&#! %.,,#8! %(! #9%.T5+97! 09.,#!
G.%%#&$9!.$8!'##8T.4R!#5#*#$%9^!T#!+%!A+.!T5(,!(&!U+R+^! +$4(&G(&.%#8Q! !W%!U.9!$(%!#$A+9.,#8!
%7.%!9%08#$%9!U(058!.4%+A#51!G0%!8(U$!%7#+&! %7(0,7%9!(&!4(**#$%9!.9! %7.%!*.8#! %7#*^!.9!
+$8+A+80.59^!A#&1! bG0T5+4b^!T0%!T1!#3G#&+*#$%+$,!U+%7!.GG&(.47#9!%(!#$4(0&.,+$,!4(**#$%^!
T1!%7#!4($4509+($!('!%7#!9#4($8!G7.9#!4($9%&04%+A#!4(**#$%9!U#&#!T#,+$$+$,!%(!T#!G(9%#8Q!
aZf!:0,,/)1!+*!S,H/4(;!
/%!%7#!'(0$8.%+($!('!.55! %7#!(G#&.%+($.5!(T=#4%+A#9!9#%^! %7#!0$8#&51+$,!8&+A#&9! '#55! '&(*!%7#!
%U(!R#1!9%&.$89Q!!6(_!
CQ 4&#.%#! V! #$7.$4#! %7#! 4(**0$+%1! '##5+$,! ('! T#5($,+$,! H%(! +*G&(A#! 9%08#$%!
9.%+9'.4%+($V#$,.,#*#$%!.$8^!T1!8#'.05%^!G#&'(&*.$4#!5#A#59K!
>Q 8&+A#!0G!5#A#59!('!.0%($(*1!.$8!#$,.,#*#$%!HU+%7!.!G.&%+405.&!+$%#	%!+$!+$4&#.9+$,!
4(*G5+.$4#!%(!%.9R9!9#%K^!#99#$%+.551!&.+9+$,!(A#&.55!G#&'(&*.$4#!5#A#59!T1!G&(A+8+$,!
*047! *(&#! #''#4%+A#! 9#4($8.&1! 90GG(&%! *.%#&+.5! %(! 7#5G! 90GG(&%! G((&! 9G##89! ('!
4(*G#$9+($Q!
/9!.!4($9#\0#$4#^!%7#!*#.90&#*#$%9!('!+*G.4%!7.A#!T##$!8&.U$!'&(*!9%08#$%!#$,.,#*#$%!
U+%7! %7#! T5.4RT(.&8! G5.%'(&*^! 9%08#$%! G#&'(&*.$4#! ($! %7#! %#9%!*(805#! .$8! %7#! 47.$,+$,!
$.%0&#!('!9%08#$%!8#*.$89!($!9%.''Q!
aZL!S'-(-/5!(&9(!H7/9&;!
:#*#9%#&! >! >IIY! U.9! #99#$%+.551! .! %#9%OT#8! '(&! 4($%#$%! ($! %7#! c#'5#4%+A#! a.&R#%+$,!
)&.4%+%+($#&!*(805#!H&#$.*#8!/4.8#*+4!c#9#.&47!.$8!c#'5#4%+($!'(&!%7#!5.%#&!%#9%!9%.,#!T0%!
#99#$%+.551!%7#!9.*#!a(805#!U+%7!%7#!9.*#!4($%#$%K^!U7+47!+9!.5U.19!47.55#$,+$,!.9!%7+9!+9!
#''#4%+A#51!.!	#.&47!*#%7(89!*(805#Q!!:+%#!7+%9!U#&#!7+,7^!G.&%+405.&51!%(U.&89!90T*+99+($^!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CZY!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
.$8!U7+59%!9(*#!.9G#4%9!('!%7#!#5#*#$%9!+$%&(804#8!U#$%!0$09#8^!'(&!#3.*G5#!%7#!&#A+9+($!
%#9%9!%7.%!U#&#!.88#8^!(%7#&9!U#&#!&#'#&!%(!\0+%#!&#,05.&51Q!
:%.''! &#'5#4%+A#! T5(,9! U#&#! 09#8! %(! 8#*($9%&.%#! 7(U! %(! &#'5#4%! .$8! .59(! 0%+5+9#8! .9! .!
T.4R8((&! &(0%#! %(! #3Gc+$,! +990#9! %7.%! %0%(&9! $##8#8! %(! ,#%! .4&(99_! '(&! #3.*G5#!
.%%#$8.$4#!G.%%#&$9!.$8!4(*G5+.$4#!%(!+$%#&O9#99+($!%.9R9Q!!67+9!.9G#4%!U.9!4#&%.+$51!%.5R#8!
.T(0%!T1! 9%08#$%9!.$8! +%!4(058!T#!.&,0#8! %(!T#!.!G.&%+.5!T0+58+$,!T5(4R! +$! %7#!4(**0$+%1!
4&#.%+($!(T=#4%+A#Q! !/!5(%!('!9%.$8.&8!.GG&(.47#9!U#&#!.59(!09#8^!#Q,Q!G&(A+8+$,!#3#*G5.&9_!
T0%!U7#&#! %7#9#!U#&#! +$%&(804#8!90GG(&%+$,! %#3%! '(409#8!0G($!U71! %7#9#!#5#*#$%9!U#&#!
09#'05Q! ! +$! %7#! 4.9#! ('! #3#*G5.&9^! %7+9! U.9! 8($#! T1! (A#&5.1+$,! %7#*! U+%7! G#&'(&*.$4#!
'##8T.4R!%(!#3G5.+$!U71^!.5%7(0,7!.8#\0.%#!G+#4#9!('!U(&R^!%7#1!U#&#!'055!('!#&&(&9Q!
67#! Ή%! U.9^! .$8! %7+9! +9! ($51! .$! +9(5.%#8! 9#*#9%#&! 9(! +%! 4.$! T#! $(%7+$,! *(&#! %7.$!
+$8+4.%+A#^! %7.%! :`a26?WDf!U(&R#8Q! ! 67#! G.99! 5#A#5!U.9! 95+,7%51! 0G! ($! >IIZ! H9(! $(! &#.5!
+$8+4.%+($K! T0%! %7#! (A#&.55! \0.5+%1! 5#A#5! U.9! 45#.&51! 0G! T1! LOCIrQ! ! 67+9! U.9! G.&%+405.&51!
#A+8#$%!.%!%7#!5(U#&!#$8!.$8!+$!%7#!'(&*05.%+($!('!+8#.9!.$8!%7#!9%&04%0&+$,!.$8!4($%#$%!('!
%7#!*.+$!	#.&47!9#4%+($Q!
/9!$(!(%7#&!47.$,#9!7.8!T##$!*.8#!%(!%7#!*.%#&+.5^!%0%(&9!(&!9#99+($9^!%7#!($51!A.&+.T5#!U.9!
%7#!9%08#$%9Q!!67#!90,,#9%+($!T#+$,^!%7#&#'(&#^!%7.%!%7#!G&+$4+G5#!('!U7.%!U#!.&#!%&1+$,!%(!8(!
+9!9(0$8!.$8!%7#!%.9R!+$!%7#!$#3%!9#*#9%#&!U(058!T#!%(!*(&#!9(0$851!%#9%!%7#!.GG5+4.%+($Q!
W$!G&#G.&.%+($^!T5.4RT(.&8!9+%#9!U#&#!G(G05.%#8!*(&#!&+,(&(0951!T1!*(805#!%0%(&9!.$8!4.&#!
%.R#$!%(!*.R#!%7#*!#$,.,+$,!.$8!i5+A#]!n!$(%!9+*G5#!G(9%+$,!T(.&89Q!
aZM!<-'/5!(&9(!H7/9&;!
<&(*!:#G%#*T#&!>IIY!%(!a.1!>ICI!%7#!%.9R!T#4.*#!%(!%&1!.$8! b\0.5+'1b! %7#! +$8+4.%+($9! +$!
%#&*9! ('! #$,.,#*#$%! .$8! .0%($(*1! .$8! %(! 4($'+&*! %7.%! %7#! %#47$(5(,+4.5! .9G#4%9! ('! %7#!
G5.%'(&*!U#&#!&(T09%!#$(0,7!%(!90GG(&%!5($,!%#&*!09#!+'!+%!U#&#!%(!G&(A#!.!=09%+'+.T5#!*(8#5!
'(&!U+8#&!09#Q!
`$!%7#!5.%%#&^!$(!G&(T5#*9!U#&#!#3G#&+#$4#8!.%!.55!0$%+5!+%!4.*#!%(!%7#!47.$,#!('!9#*#9%#&9Q!!
/%!%7+9!G(+$%!($#!*.=(&!47.55#$,#!T#4.*#!A#&1!#A+8#$%Q!!67#!#9%.T5+97#8!G&(4#99!(G#&.%#8!T1!
%7#!@$+A#&9+%1!U.9!T.9#8!.&(0$8! b$#U!9%08#$%9! O!$#U!9+%#b^! b8+''#&#$%! 9#*#9%#&! O!8+''#&#$%!
*(805#!4(8#b^!.$8!U7+59%!%7+9!.GG#.!%(!7.A#!T##$!*.$.,#8^!%7#!8#'.05%!G(9+%+($!Ή%#8!
+$! .!$0*T#&!('!$#U!*(805#! 9+%#9!T#+$,! 4&#.%#8! .9! 4(G+#9!('! %7#! 9#*#9%#&!C!*(805#9^! T0%!
U+%7!%7#*!7.A+$,!'a!4(8#9!%7#1!+$9%.$%51!.GG#.!(0%9+8#!%7#!b#*T#88#8b!$.%0&#!('!%7#!
'(&*#&!9+%#9;!!c#\0+&+$,!&#%&(9G#4%+A#^!*.$0.5!+$%#&A#$%+($Q!
W$! .88+%+($^! %7#! $##8! %(!*.$0.551! .%%.47! .$8! ,&(0G! 9%08#$%9! %(! %7#!*.9%#&^! "(0&9#! 9+%#9^!
G&(A#8!.!%+*#!4&+%+4.5!%.9R!.9!($#!('!%7#!4(0&9#9^!a:4!W$%#&$.%+($.5!a.&R#%+$,^!7.9!.!e.$0.&1!
9%08#$%!+$%.R#Q! !67#!$.%0&#!('!G(9%O,&.80.%#!&#,+9%&.%+($!5#8!%(!%7+9!.55!$##8+$,!%(!T#!8($#!
U+%7+$! .! A#&1! $.&&(U! %+*#'&.*#! .$8! 	(0&4#! +*G5+4.%+($9!*#.$%! %7.%! %7+9! 4(058! $(%! T#!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CYI!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
.47+#A#8Q! !S7+59%! T#+$,! 4(*G5#%#8!U+%7+$! .! '#U! 8.19! ('! 45.99#9! 4(**#$4+$,! +%! 8+8! 4.09#!
97(&%!%#&*!(G#&.%+($.5!8+''+405%+#9!.$8!0$5#99!%7+9!4.$!T#!.47+#A#8!b.0%(*.%+4.551b^!%7+9!U+55!
$(%!T#!.!909%.+$.T5#!U.1!'(&U.&8!5($,O%#&*Q!
:+%#9!U#&#!9%.T+5+9#8!'(&!9#*#9%#&!>!T0%!.!&#A+#U!('!G&(4#99#9!7.9!$(U!T##$!947#805#8!'(&!
:0**#&!>ICI!%(!9##!+'!%7+9!4.$!T#!.88c#8Q!
W$! %#&*9! ('! 9%08#$%! 4(**0$+%1! 90GG(&%^! .5($,9+8#! %7+9! +$+%+.%+A#! .$8! %7&(0,7! %7#! a/c6!
%#.*^! .! &.$,#! ('! .4%+A+%+#9! U#&#! .59(! +$%&(804#8! .$8! %7#! G(&%.5! U.9! 09#8! .9! .! U.1! ('!
.8A#&%+9+$,! %7#9#Q! ! W%! U(058! T#! +$.GG&(G&+.%#! %(! 8&.U! 4.%#,(&+4.5! 4($4509+($9! .&(0$8!
#''#4%+A#$#99! ('! %7#! 9+%#! +%9#5'^! 7(U#A#&! 9(*#! +$8+4.%+A#! +*G.4%9! 4.$! T#! (T9#&A#8_! ($#! ('!
U7+47!+9!97(U$!+$!'+,0&#!L!T#5(U^!U7#&#!.!9%08#$%!09#8!%7#!4(0&9#!9+%#!%(!G(9%!.!*#99.,#!%(!
4(55#.,0#9!.T(0%!.!"(0&9#!<.4#T((R!9+%#!%7.%!7#!7.8!9#%!0GQ!
!
S+10(#$cJ$:%08#$%!9(4+.5!$#%U(&R+$,!
67#! (T9#&A.%+($! T#+$,! %7.%! %7#! 9+%#! 7.9! T#4(*#! .! G.&%! ('! %7#! qWa! a.9%#&9b! 450Tb9q!
4(**0$+4.%+($9!(G%+($9!.$8!%7.%!*#99.,#9!.&#!G(9%#8!%7#&#!T#4.09#!%7#1!.&#!#3G#4%#8!%(!
T#!&#.8;!!W$!+%9#5'!.$!+$8+4.%(&!('!($#!%((5!('!4(**0$+%1!8#A#5(G*#$%Q!
/%!%7#!G(+$%!('!4(*G+5+$,!%7+9!8(40*#$%!%7#!4(0&9#U(&R!90T*+99+($9!'(&!%7#!%#9%!a(805#!9+%#!
+9!1#%!%(!'.55!80#!.$8!9(!.!4(*G.&.%+A#!G#&'(&*.$4#!'+,0&#!%(!%7#!'+&9%!%#9%!4.$$(%!T#!8&.U$Q!!
?(U#A#&^! .44#99! 9%.%+9%+49! 8#*($9%&.%#! &#,05.&! .$8! '&#\0#$%! 9+%#! .44#99! %7&(0,7! 90GG(&%!
.&#.9! .$8!U+%7! .! 5+$#! 8&.U$! .%! C!U##R! '&(*! .99+,$*#$%! 90T*+99+($^! ('! %7#! dJ! 9%08#$%9b!
&#,+9%#^!($51!L!7.8!$(%!.44#99#8!%7#!9+%#!U+%7+$!%7#!G&#A+(09!CI!8.19Q! !`$!%7#!G&#A+(09!
*(8#5^! +'!L!9%08#$%9!7.8!.44#99#8!U+%7+$! %7#!G&#A+(09!CI!8.19! %7#$! %7.%!U(058!7.A#!T##$!
0$090.5Q!
`$#!+$%#	%+$,!9%.%+9%+4!+8#$%+'+#8!U.9!.59(!.&(0$8!.44#99^!T0%!%7+9!%+*#!+$!.%+($!%(!U7#$!
%7#!9+%#!U.9!.44#99#8^!U7+47!4.$!T#!9##$!T#5(U!+$!'+,0&#!dQ!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!
!
S+10(#$IJ!j(50*#!('!+$8+A+80.59!.44#99+$,!%7#!/cc!9+%#!T1!8.1!H<#T
<&(*!%7+9!+%!4.$!T#!9##$!%7.%!%7#&#!.&#!'.+&51!9%.$8.&8!.$8!&#,05.&!8#*.$8!5#A#59!.4&(99!.55!
8.19^!T(%7!%.0,7%!.$8!$($O
*(805#!*.%#&+.5!.$8!4($%+$0+$,!9%08+#9!(0%9+8#!%7#!%0%(&!4($%.4%!%+*#Q
-+$R#8!%(!%7+9!.$8!.9+8#!'&(*!.55!%7#!(%7#&!'##8T.4R!&(0%#9!09#8!HT(%7!+$'(&*.5!+$!45.99!.$8!
%U(!'(&*.5!*(805#!90&A#19K^!Z!9%08#$%9!G(9%#8!4(**#$%9!($!%7#!'##8T.4R!T5(,!U+%7+$!%7#!
9+%#!U+%7!4(**#$%9!.T(0%!%7#!9+%#!+%9#5'!.$8!>C!(%7#&9!.4%0.551!.44#99#8!.$8!A+#U#8!%7#9#Q
W$!.88+%+($^!.$8!.5%7(0,7!0$*#.90!.9!%7+9!+9!8+''+405%!%(!.99#99^! %7#!$0*T#&!('!&#\0#9%9!
'(&! *##%+$,9! U+%7! 9%.''! ($! %7#! %#9%! *(805#! .$8! 09#! ('! b8&(G
$(%+4#.T51Q! ! /,.+$9%! %7+9^! %7#! 09#! ('! %7#! 4($%#$%! .&#.9! ('! %7#! %#9%! *(805#! 9+%#! U.9!
H.5*(9%!LIr!('!.55!.44#99K!.$8!%7#! +$8+4.%+($! +9! %7.%! %7+9! '+&9%!9%#G! %(U.&89!.0%($(*1!7.9!
.4%0.551!T##$!%.R#$!T1!.!$0*T#&!('!9%08#$%9Q
`$#! (%7#&! +*G.4%! %7.%! U.9! (T9#&A#8! 9%((8! .9+8#! '&(*! %7#! 4(&#! 71G(%7#9#9! 8&+A+$,! %7#!
	#.&47! .$8! .4%0.551! .%#8! %
X5.4RT(.&8! .9! .! 90GG(&%! %((5Q! ! `A#&! %7#! G#&+(8! ('! %7#! %#9%9^! 9(*#! ('! %7#! %#47$+\0#9! 09#8!
U+%7+$! %7#! %#9%! 9+%#9!U#&#!8&.U$!($!T1!(%7#&9! .$8! +$4(&G(&.%#8! +$%(! %7#+&! (U$!.4%+A+%+#9^!
$(%.T51! %7#! 09#! ('! %7#! ,&(0G! %((5! %(!*.$.,#! .99#99#8!U(&R,&(0G9!U+%7+$! 0$8#&,&.80.%#!
*(805#9! T0%! U+8#&! 09#! ('! 4($%#$%^! T(%7! .9! 90GG(&%! *.%#&+.5! .$8! +$! 4($$#4%+($! U+%7!
.99#99*#$%9^!7.9!.59(!T##$!(T9#&A#8Q
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CYC!! :7#''+#58!?.55.*!@$+A#&9+%1
j(50*#!('!+$8+A+80.59!.44#99+$,!%7#!/cc!9+%#!T1!8.1!H<#T
9##$!%7.%!%7#&#!.&#!'.+&51!9%.$8.&8!.$8!&#,05.&!8#*.$8!5#A#59!.4&(99!.55!
O%.0,7%;!:0,,#9%+$,^!.%!%7#!A#&1!5#.9%^!%7.%!9%08#$%9!.&#!&#A+#U+$,!
*(805#!*.%#&+.5!.$8!4($%+$0+$,!9%08+#9!(0%9+8#!%7#!%0%(&!4($%.4%!%+*#Q!
.9+8#!'&(*!.55!%7#!(%7#&!'##8T.4R!&(0%#9!09#8!HT(%7!+$'(&*.5!+$!45.99!.$8!
%U(!'(&*.5!*(805#!90&A#19K^!Z!9%08#$%9!G(9%#8!4(**#$%9!($!%7#!'##8T.4R!T5(,!U+%7+$!%7#!
9+%#!U+%7!4(**#$%9!.T(0%!%7#!9+%#!+%9#5'!.$8!>C!(%7#&9!.4%0.551!.44#99#8!.$8!A+#U#8!%7#9#Q
88+%+($^!.$8!.5%7(0,7!0$*#.90!.9!%7+9!+9!8+''+405%!%(!.99#99^! %7#!$0*T#&!('!&#\0#9%9!
'(&! *##%+$,9! U+%7! 9%.''! ($! %7#! %#9%! *(805#! .$8! 09#! ('! b8&(GO+$b! 9#99+($9! 8+*+$+97#8!
$(%+4#.T51Q! ! /,.+$9%! %7+9^! %7#! 09#! ('! %7#! 4($%#$%! .&#.9! ('! %7#! %#9%! *(805#! 9+%#! U.9!
H.5*(9%!LIr!('!.55!.44#99K!.$8!%7#! +$8+4.%+($! +9! %7.%! %7+9! '+&9%!9%#G! %(U.&89!.0%($(*1!7.9!
.4%0.551!T##$!%.R#$!T1!.!$0*T#&!('!9%08#$%9Q!
`$#! (%7#&! +*G.4%! %7.%! U.9! (T9#&A#8! 9%((8! .9+8#! '&(*! %7#! 4(&#! 71G(%7#9#9! 8&+A+$,! %7#!
	#.&47! .$8! .4%0.551! .%#8! %(! %7#! :0T=#4%! f&(0G! .%%+%08#! %(U.&89! .$8! .8(G%+($! ('!
X5.4RT(.&8! .9! .! 90GG(&%! %((5Q! ! `A#&! %7#! G#&+(8! ('! %7#! %#9%9^! 9(*#! ('! %7#! %#47$+\0#9! 09#8!
U+%7+$! %7#! %#9%! 9+%#9!U#&#!8&.U$!($!T1!(%7#&9! .$8! +$4(&G(&.%#8! +$%(! %7#+&! (U$!.4%+A+%+#9^!
&(0G! %((5! %(!*.$.,#! .99#99#8!U(&R,&(0G9!U+%7+$! 0$8#&,&.80.%#!
*(805#9! T0%! U+8#&! 09#! ('! 4($%#$%^! T(%7! .9! 90GG(&%! *.%#&+.5! .$8! +$! 4($$#4%+($! U+%7!
.99#99*#$%9^!7.9!.59(!T##$!(T9#&A#8Q!
/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
:7#''+#58!?.55.*!@$+A#&9+%1!
!
j(50*#!('!+$8+A+80.59!.44#99+$,!%7#!/cc!9+%#!T1!8.1!H<#TO/G&+5!>ICIK!
9##$!%7.%!%7#&#!.&#!'.+&51!9%.$8.&8!.$8!&#,05.&!8#*.$8!5#A#59!.4&(99!.55!
%.0,7%;!:0,,#9%+$,^!.%!%7#!A#&1!5#.9%^!%7.%!9%08#$%9!.&#!&#A+#U+$,!
.9+8#!'&(*!.55!%7#!(%7#&!'##8T.4R!&(0%#9!09#8!HT(%7!+$'(&*.5!+$!45.99!.$8!
%U(!'(&*.5!*(805#!90&A#19K^!Z!9%08#$%9!G(9%#8!4(**#$%9!($!%7#!'##8T.4R!T5(,!U+%7+$!%7#!
9+%#!U+%7!4(**#$%9!.T(0%!%7#!9+%#!+%9#5'!.$8!>C!(%7#&9!.4%0.551!.44#99#8!.$8!A+#U#8!%7#9#Q!
88+%+($^!.$8!.5%7(0,7!0$*#.90!.9!%7+9!+9!8+''+405%!%(!.99#99^! %7#!$0*T#&!('!&#\0#9%9!
+$b! 9#99+($9! 8+*+$+97#8!
$(%+4#.T51Q! ! /,.+$9%! %7+9^! %7#! 09#! ('! %7#! 4($%#$%! .&#.9! ('! %7#! %#9%! *(805#! 9+%#! U.9! 7+,7!
H.5*(9%!LIr!('!.55!.44#99K!.$8!%7#! +$8+4.%+($! +9! %7.%! %7+9! '+&9%!9%#G! %(U.&89!.0%($(*1!7.9!
`$#! (%7#&! +*G.4%! %7.%! U.9! (T9#&A#8! 9%((8! .9+8#! '&(*! %7#! 4(&#! 71G(%7#9#9! 8&+A+$,! %7#!
(! %7#! :0T=#4%! f&(0G! .%%+%08#! %(U.&89! .$8! .8(G%+($! ('!
X5.4RT(.&8! .9! .! 90GG(&%! %((5Q! ! `A#&! %7#! G#&+(8! ('! %7#! %#9%9^! 9(*#! ('! %7#! %#47$+\0#9! 09#8!
U+%7+$! %7#! %#9%! 9+%#9!U#&#!8&.U$!($!T1!(%7#&9! .$8! +$4(&G(&.%#8! +$%(! %7#+&! (U$!.4%+A+%+#9^!
&(0G! %((5! %(!*.$.,#! .99#99#8!U(&R,&(0G9!U+%7+$! 0$8#&,&.80.%#!
*(805#9! T0%! U+8#&! 09#! ('! 4($%#$%^! T(%7! .9! 90GG(&%! *.%#&+.5! .$8! +$! 4($$#4%+($! U+%7!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CY>!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
67#!$#%!G(9+%+($^! %7#&#'(&#^!7.9!T##$! %7.%! %7#!8#A#5(G*#$%!U(&R!7.9!.88#8!%(! %7#!\0.5+%1!
.$8! 9%.$8.&89! ('! T5.4RT(.&8! 09#! .4&(99! %7#! :0T=#4%! f&(0G! .$8! 7.9! .59(! 8#*($9%&.%#8!
G(9+%+A#! #$7.$4#*#$%9! ('! %7#! 9%08#$%! 5#.&$+$,! #3G#&+#$4#Q! ! 67#! 8#,&##! %(! U7+47! %7#!
71G(%7#9#9!7.A#!T##$!8#*($9%&.%#8!+9!5#99!#3G5+4+%^!T0%!+%!9##*9!45#.&!%7.%!%7#&#!7.9!T##$!
*(A#*#$%!%(U.&89!%7#!0$8#&51+$,!(T=#4%+A#9Q!
aZN!S,H/4(!BG9&)F/(-+'9;!
:G#4+'+4.551^!%7#!'(55(U+$,!(T9#&A.%+($9!7.A#!T##$!8&.U$;!
• `$4#! +$8+4.%+($9! ('! A.50#VT#$#'+%! T#,.$! %(! T#! 8#*($9%&.%#8! %7&(0,7! 09#! ('!
X5.4RT(.&8! %((59^! %7#&#! U.9! .! U+8#&! 8#,&##! ('! #$,.,#*#$%! .$8! #3G#&+*#$%.%+($!
.*($,9%! :0T=#4%! f&(0G! 9%.''! .$8! %7#! ,#$#&.5! \0.5+%1! ('! %7+9! 90GG(&%! *#8+0*!
+$4&#.9#8! .4&(99! %7#!f&(0G! .9! .!U7(5#Q! ! :#%%+$,! .9+8#! .$1!*(A#*#$%! %(U.&89! %7#!
71G(%7#9#9^! %7+9! 8#A#5(G*#$%! .5($#! 7.9! T##$! '#5%! %(! T#! .! *.=(&! T#$#'+%! ('! %7+9!
	#.&47!G&(,&.**#Q!
• :+*G51! 4&#.%+$,! .$8! G(G05.%+$,! .! T5.4RT(.&8! G5.%'(&*! U+55! $(%^! +$! +%9#5'^! 8&.U!
9%08#$%9!+$%(!&#,05.&!#$,.,#*#$%Q!!67#1!U+55^!.9!U+%7!.55!9%081!.4%+A+%+#9^!9#5#4%!U7#$!
.$8!7(U!%(!#$,.,#!T0%!%7#!+*G(&%.$%!(T9#&A.%+($!9##*9!%(!T#!%7.%!U7#$!%7.%!$##8!
.&+9#9^!%7#!9(50%+($!+9!%7#&#^!&#.81!.$8!U.+%+$,!'(&!%7#*Q!!67#!+$+%+.5!G#&4#G%+($^!'&(*!
9%.''^! U.9! %7.%! %7#! #''(&%! .$8! 	(0&4#! &#\0+! '(&! %7#! 4&#.%+($! ('! 9+%#9! U.9!
8+9G&(G(&%+($.%#! %(! %7#! 9%08#$%! 09#! V! .GG+.%+($! ('!U7.%! +9! G&(A+8#8Q! ! 67+9! %#9%!
9##*9! %(! 90,,#9%! %7.%! %7+9! +9! .! '5.U#8!A+#U!.$8! %7.%!.! 4(&%51!8#9+,$#8! 9+%#!U+55!
̤#!%7#!(44.9+($9!U7#$!9%08#$%9!9##R!.99+9%.$4#!&.%7#&!%7.$!%(!.%%#*G%!%(! '+$8!
%7#!9(50%+($!%7#*9#5A#9Q!
• 6(! 8.%#! +%! 7.9! $(%! T##$! G(99+T5#! %(! .99#99! %7#! '+$.5! G.99! &.%#! ('! %7#! %#9%! *(805#!
9%08#$%9!.$8!4(*G.&#!+%!U+%7!%7#!>IIY!&.%#Q!!<&(*!%7#!+$%#&+*!U(&R!4(*G5#%#8!.$8!
%7#!'(&*.%+A#!.99#99*#$%!(GG(&%0$+%+#9!%7&(0,7(0%!%7#!*(805#^!%7#!+$8+4.%+($9!.&#!
%7.%!.!9+*+5.&!#''#4%!%(!%7.%!#3G#&+#$4#8!5.9%!%+*#!*+,7%!T#!.GG.&#$%Q!!67+9!&#*.+$9!.!
4&04+.5! +$8+4.%(&! %7(0,7! .$8! %7+9! 9%.%+9%+4^! U7#$! .A.+5.T5#^! U+55! 8+4%.%#! 7(U! %7+9!
G&(=#4%!+9!G&(,c#8Q!
• 67#! 9+%#! +$%#,&.%+($^! U+%7! *(805#! 9+%#9! T#+$,! #*T#88#8! U+%7+$! 4(0&9#! 9+%#9^! 7.9!
T##$!97(U$!.9!.$!#''#4%+A#!*(8#5!'(&!G	#$%+$,!*.%#&+.5!%(!9%08#$%9!.$8!W6!.&#!$(U!
#$4(0&.,+$,!(%7#&9!%(!.8(G%!.!9+*+5.&!G5.%'(&*!+$!%7#+&!(U$!&#A+#U9!('!T5.4RT(.&8!
09#!.9!+%!+9!'#5%!%(!(''#&!.!*047!*(&#!iG&('#99+($.5]!+*.,#!'(&!9%08#$%9Q!
bZf!"+'4509-+'!
/9!.$!(&,.$+4!G+#4#!('!.4%+($!	#.&47^!+%!U.9!$#A#&!.$%+4+G.%#8!%7.%!%7#!.4%+A+%1!U(058!Ή%!
+$! 9(*#! ,&(0$8T&#.R+$,! &#A#5.%+($Q! ! S7.%! U.9! 7(G#8! '(&^! 7(U#A#&^! U.9! %7.%! G(9+%+A#!
+$8+4.%(&9! U(058! T#! (T9#&A#8! %7.%! U(058! T(%7! 7+,75+,7%! +*G&(A#8! 9%08#$%! #3G#&+#$4#!
'.4%(&9!.$8!+$8+4.%#!+*G&(A#8!9%08#$%!G#&'(&*.$4#Q!
W$! ,#$#&.5! +%! +9! '#5%! %7.%! %7#9#! .&#!T#+$,! 9##$!.$8!%7.%! %7#&#! +9! =09%+'+4.%+($! '(&! 4($%+$0+$,!
U+%7! %7#! %#9%+$,Q! ! /9! .! 4($9#\0#$4#^! .$8! '(55(U+$,! %7#! .99#99*#$%! Ή%9! '&(*! %7#! %#9%!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CYN!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
a(805#! T#4(*+$,! .A.+5.T5#! +$! 5.%#! a.1^! .! '0&%7#&! &#A+#U! U+55! T#! 0$8#&%.R#$! .$8! %7#!
(T9#&A.%+($9! 8+99#*+$.%#8! %7&(0,7(0%! %7#! :0T=#4%! f&(0G! U+%7! .! A+#U! %(! &(55+$,! (0%! %7#!
,#$#&.5! .GG&(.47! .4&(99! .55! X5.4RT(.&8! 90GG(&%! G5.%'(&*9! *.$.,#8! T1! %7#! f&(0G_! %7#!
5.0$47!('!X5.4RT(.&8!Y!T#+$,!9##$!.9!.$!+8#.5!(GG(&%0$+%1!%(!8&+A#!%7+9!'(&U.&8Q!
P&*&)&'4&9!
X0&47'+#58^!"Q!aQ!.$8!:.GG+$,%($^!eQ!H>IIIK^!b"(*G5+.$4#!U+%7!&#\0+!&#.8+$,!.99+,$*#$%9b^!
!#&'"+.1$-*$U)E'"-,-1E!>M;!LZOdIQ!
X0&&(0,79^!DQ!<Q^!F#.&$#1^!)Q! .$8!)5.3^!6Q!fQ! ! HCYZYK^! b"(*G5+.$4#! 	+9%.$4#! +$! %7#!4(55#,#!
45.99&((*b^!O-330.+'&%+-.$#/0'&%+-.!NZ;!>CJO>>YQ!
"5.&R#$(&8^!EQ!aQ!HCYYJK^!ba(%+A.%+$,!9%08#$%9!%(!&#.8!=(0&$.5!.&%+45#9b^!!#&'"+.1$U)E'"-,-1E!
>C;!Cd>OCdJQ!
"5#**#&^! eQ! H>IIJK^!P&(.#))+.1$ %"#$#.#(1E$-*$ '"&.1#$'"&32+-.)Q! c#%&+#A#8! D(A#*T#&! >I^!
>IIJ!'&(*;!7%%G;VVUUUQ45#**#&Q$#%V#34#&G%9V7.&$#9s47.$,#Q97%*5!
"50*G^!aQ!/Q^!X.0#&^!?Q! .$8!X&.85#1^! "Q! H>IIJK^! b67#!23%#$%! %(!U7+47!)9147(5(,1! :%08#$%9!
&#.8! 6#3%T((R9;! /! *05%+G5#! 45.99! .$.519+9! ('! &#.8+$,! .4&(99! %7#! G9147(5(,1! 40&&+4050*b^!
R-0(.&,$-*$W.)%(0'%+-.&,$U)E'"-,-1E!NCHNK;!>>MXQ!
<0$,^! ?Q^! -+#T#&^! 2Q! .$8! -#0$,^! )Q! SQ! H>IINKQ! b).&#$%.5! T#5+#'9! .T(0%! 97.*#! .$8! *(&.5!
9(4+.5+g.%+($!+$!6.+U.$^!?($,!F($,!.$8!%7#!@$+%#8!:%.%#9b^!+$![.$,^!FQ!:Q!#%!.5Q!H289QK^!U(-1(#))$
+.$ B)+&.$ )-'+&,$ 2)E'"-,-1EJ$ '-.'#2%0&,$ &./$ #32+(+'&,$ '-.%(+90%+-.)! HS#9%G(&%^! "($$#4%+40%;!!
)&.#,#&K;!ZNnCIYQ!
e(7$9($^! EQ! WQ! H>IIMK^! b@9+$,! `0%O('O"5.99! o0+gg#9! %(! )&(*(%#! "(,$+%+A#! 2$,.,#*#$%b^!
O-330.+'&%+-.$!#&'"#(!>CH>K;!NLONZQ!
F.&G^! EQ! /Q! .$8! [(#59^! SQ! "Q! HCYMdK^! b67#! 4(55#,#! 45.99&((*;! :(*#! (T9#&A.%+($9! ($! %7#!
*#.$+$,9!('!9%08#$%!G.&%+4+G.%+($b^!D-'+-,-1E$&./$D-'+&,$`#)#&('"!dI;!J>COJNYQ!
-.88^!)Q!EQ! .$8!c0T1! e&^^!cQ! HCYYYK^! b-#.&$+$,!9%15#! .$8!.8=09%*#$%! +990#9!('! +$%#&$.%+($.5!
9%08#$%9b^!R-0(.&,$-*$Q/0'&%+-.$*-($?0)+.#))$MJHdK;!NdNONdMQ!
:+R(&9R1^!eQ!2Q^!c+47^!FQ^!:.A+55#^!XQ!FQ^!X09R+9%^!SQ^!E&(,.$^!`Q!.$8!E.A+9^!:Q!<Q!H>II>K^!b:%08#$%9!
09#!('! +$%&(804%(&1! %#3%9;!"(*G.&.%+A#! 90&A#1! '+$8+$,9! '&(*! %U(!0$+A#&9+%+#9b^!!#&'"+.1$-*$
U)E'"-,-1E!>Y;!NC>ONCNQ!
:4(%%^!fQ!H>IINK^!b2''#4%+A#!47.$,#!*.$.,#*#$%!+$!7+,7#&!#804.%+($b^!Q/0'&0)#$`#7+#C!NZHdK;!
dJ!n!ZIQ!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CYJ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
%HH&'8-3!
:%08#$%! <##8T.4R! ($! c#'5#4%+A#! )&.4%+4#! *(805#! '&(*! 9#*#9%#&! >^! >IIZVY^! 5#.8+$,! %(!
($,(+$,!8#A#5(G*#$%9!+$!%7#!T5.4RT(.&8!9+%#!4($9%&04%Q!
67#!G	#$%.%+($!T#5(U!U.9!.99#*T5#8!T1!9%08#$%9!HU+%7!%7#!'+$.5^!.4%+($!T.9#8!95+8#^!T#+$,!
.88#8!T1!9%.''!'(&!09#!U+%7!9%08#$%9!+$!G7.9#!>K!
Academic Research and Reflection
What students have said…..
!
Where this comes from
• In the final seminar of the 2008 module, students completed and then analysed a questionnaire as one of the activities
– both in terms of the answers and the quality of the questionnaire itself!
• The questionnaire was about their experiences on the module and what they would do differently if starting again
• What follows is a summary of their 'wisdom'
!
What was good about this module?
• The module booklet was very clear
• Practical instruction on research process
• Practice at analysing
• Frameworks used
• Seminar discussions
• Logical process / structure / approach
• Seminars and lectures fit together
• Helped develop ideas for dissertation
!
What was not so goodCan you spot a bit of a theme?
• Too much time spent in class helping some students to find an idea
• Not enough time spent in class helping people find ideas ( )
• Not enough time to develop ideas between classes
• Lectures had too much in them• Seminars not long enough
• Some students did not get involved in the seminar discussions
!
Where I got confused
• Complex terminology
• Finding a topic
• Managing time (what to do next?)
• Constructing a methodology
!!
What I had to do
• Start discussing ideas with others
– both friends and in class with tutors
• Read more
– books, articles, newspapers
!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CYL!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
5 Students tips for completing the course
1. Attend– lectures and seminars
2. Work through the tasks set– it helps you get through the pain barrier
3. Contribute in the seminars– if you get involved in the discussion it helps
remove some confusion
4. Start work early– you can't write the assignment in 3 days in May!
5. Check your progress at every opportunity in class– don't stay quiet even if it is not going well
!!
What has been done to the module since then?
• Lecture content– has been reduced and 'top-up' sessions have been placed
on BlackBoard so you can study them in your own time
• BlackBoard now includes an 'ideas' blog– to help generate research ideas
• BlackBoard has been revised– to include more directed learning materials to help with the
self-study process
• Seminar Activities– have been revised to focus on areas of most confusion
• More practical examples– have been included to help stimulate ideas
!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CYd!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CYM!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
:>:!%HH&'8-3!O!
%'! &F/50/(-+'! +*! 8-99&)(/(-+'! )&9&/)47! /'8! $&/)'&)! %0(+'+,1!
/4)+99!(7&!#+9(.)/80/(&!#)+.)/,,&9!-'!:7&**-&58!>09-'&99!:47++5!
:%P%S!>%P6BW!Y:Z>%P6BW[:DEZ%"ZE\]!
%4@'+J5&8.&,&'(9!
67#! 	#.&47! +$'(&*+$,! %7+9! &#G(&%! U.9! 0$8#&%.R#$! T1! :.&.+! X.&%($! .%! %7#! "#$%&#! '(&!
W$8+A+80.5!.$8!`&,.$+9.%+($.5!E#A#5(G*#$%!H"W`EK!.$8!f(8'!"&.+R!+$!:7#''+#58!X09+$#99!
:47((5Q!
S#!U(058!G.&%+405.&51!5+R#!%(!%7.$R!%7(9#!9%08#$%9!.$8!90G#&A+9(&9!U7(!G.&%+4+G.%#8!+$!%7#!
	#.&47Q!
67#!#A+8#$4#!G	#$%#8!.$8!%7#!4($4509+($9!8&.U$^!7(U#A#&^!&#*.+$!%7#!	G($9+T+5+%1!('!
%7#!.0%7(&Q!
23&40(-F&!90,,/)1!
67#!G0&G(9#!('!%7#!G&(=#4%!U.9!%(!#3G5(&#!%7#!#3G#&+#$4#9!('!9%08#$%9!.%!G(9%,&.80.%#!5#A#5!
+$! (0&! '.405%1! ('! 8+99#&%.%+($! 90G#&A+9+($! .$8! %7#! %(G+49! 90&&(0$8+$,! %7.%^! U7+47! U#&#;!
5#.&$#&!.0%($(*1_!	#.&47!*#%7(89!*(805#9_!G&#A+(09!8+99#&%.%+($!#3G#&+#$4#_!#3G#&+#$4#!
('! 90G#&A+9+($_! .$8! T.&&+#&9! %(! G&(,c+($Q! 67#! G&(=#4%! .59(! .%%#*G%#8! %(! #3G5(&#! %7#9#!
+990#9!'&(*!.!90G#&A+9(&!G(+$%!('!A+#U!.9!U#55Q!!
67#! G&(=#4%! U.9! 0$8#&%.R#$! 09+$,! .$! .4%+($! 	#.&47! *#%7(8(5(,1! .$8! %7#! 	#.&47!
G&(A+8#9!.!G(%#$%+.5!'&.*#U(&R!'(&!(%7#&9!%(!#3G5(&#!#3G#&+#$4#9!+$!%7#+&!(U$!<.405%+#9Q!!
67#!'+$8+$,9!#3G5(!%7#!$##8^!.*($,9%!(%7#&!%7+$,9^!'(&;!.!45#.&#&!#3G5.$.%+($!('!5#.&$#&!
.0%($(*1_! ,&#.%#&! 5.$,0.,#! 90GG(&%! '(&! +$%#&$.%+($.5! 9%08#$%9_! .$! .08+%! ('! 	#.&47!
*#%7(89!*(805#9!+$!%7#!<.405%1_!.$8!.!&#A+#U!('!%7#!.55(U.$4#9!'(&!8+99#&%.%+($!90G#&A+9+($Q!!
LZ!S'()+804(-+'!
67#!	#.&47!U.9!8#9+,$#8!%(!+$A#9%+,.%#!9%08#$%!.$8!90G#&A+9(&!A+#U9!.$8!#3G#&+#$4#9!('!
8+99#&%.%+($9!.4&(99!%7#!<.405%1Q!!
67#!G&(=#4%!U.9!T&(.851!8#'+$#8!T1! %7#! '0$8+$,!G&(A+8#&9^! %7#!")-/^!.9!T#+$,!G.&%!('! +%b9;!
qE#A#5(G+$,! .$8! 2*T#88+$,! -#.&$#&! /0%($(*1! U+%7+$! %7#! )(9%,&.80.%#! "0&&+4050*! %(!
2$7.$4#! -#.&$+$,! .$8!)&('#99+($.5!E#A#5(G*#$%q! 90+%#! ('! G&(=#4%9! H9##! .GG#$8+3! CKQ! 67#!
(T=#4%+A#9!U#&#!%(!%7#&#'(&#;!!!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CYZ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
• #3G5(&#!A+#U9!('!5#.&$#&!.0%($(*1!
• #3G5(&#!#3G#&+#$4#9!('!	#.&47!*#%7(89!
• #3G5(&#!#3G#&+#$4#9!('!8+99#&%.%+($9!
• #3G5(&#!%7#!90G#&A+9(&1!.%+($97+GQ!
/&+9+$,!(0%!('!%7#!(T=#4%+A#9^!%7#!#3G#4%#8!T#$#'+%9!('!%7#!G&(=#4%!U#&#;!!
• +*G&(A#8!\0.5+%1!('!	#.&47!(0%G0%9!
• 7+,7#&!5#A#5!('!9%08#$%!.0%($(*1!!
• *(&#!4($9+9%#$41!+$!90G#&A+9+($!
• *(&#!4($9+9%#$41!+$!c#9#.&47!*#%7(89!%#.47+$,Q!
67#! G&(=#4%! U.9! ,&(0$8#8! +$! G&(A+8+$,! G&.4%+4.5! 9(50%+($9! %(! %7#! G&(T5#*9! G.&%+4+G.$%9!
U#&#!'.4+$,Q!!
MZL!$-(&)/(0)&!)&F-&J!
67#&#!.&#!4#$%&.5!%(G+49!%(!%7+9!8#T.%#^!$.*#51;!
• 8#'+$+$,!.$8!#3G5(&+$,!%7#!&(5#!('!5#.&$#&!.0%($(*1!
• %7#!#3G#&+#$4#9!('!8+99#&%.%+($!90G#&A+9+($!
• %7#!+*G5+4.%+($9!('!	#.&47!*#%7(89!*(805#9!.$8!%&.+$+$,!
• +*G5#*#$%+$,!.$!.4%+($!	#.&47!*#%7(8(5(,1Q!
MZL!$&/)'&)!/0(+'+,1!
67#&#!7.A#!T##$!5($,9%.$8+$,!8#T.%#9!90&&(0$8+$,!5#.&$#&!.0%($(*1!U+%7!U&+%#&9!9047!.9!
-+%%5#!HCYYJ;JN>K^!($#!('!%7#!*(9%!U#55OR$(U$!.4.8#*+49!+$!%7+9!.&#.^!90,,#9%+$,!%7.%!Y&)$&$
1#.#(&,$#/0'&%+-.&,$+/#&,$+%$F,#&(.#($&0%-.-3EG$"&)$&$'#.%0(+#)6,-.1$2#/+1(##Y=!!
67#!5+%#&.%0&#!($!5#.&$#&!.0%($(*1!+9!*.+$51!'(409#8!($!%7#!8#T.%#!90&&(0$8+$,!5.$,0.,#!
%#.47+$,^!.9!:47*#4R!H>IIL;CIMK!90,,#9%9^!Y,#&(.#($&0%-.-3E$"&)$9##.$2(-3-%#/$&'(-))$%"#$
1,-9#$ &./4$ '-.)#80#.%,E4$ "&)$ 1&+.#/$ '0((#.'E$ &)$ &$ 90nnC-(/$ +.$ ,&.10&1#$ ,#&(.+.1$ &./$
%#&'"+.1=Y$!
a.$1! .0%7(&9! 90,,#9%! %7.%! 5#.&$#&! .0%($(*1! +9! 8+''+405%! %(! 8#'+$#^! U+%7! -+%%5#! HCYYC;JK!
G&(G(9+$,!%7.%!%7+9!8+''+405%1!.&+9#9!'&(*!%7#!'.4%!%7.%!Y%"#$9#"&7+-0($-*$&0%-.-3-0)$,#&(.#()$
'&.$%&T#$.03#(-0)$/+**#(#.%$*-(3)4$/#2#./+.1$-.$%"#+($&1#4$"-C$*&($%"#E$"&7#$2(-1(#))#/$C+%"$
%"#+($,#&(.+.14$C"&%$%"#E$2#('#+7#$%"#+($+33#/+&%#$,#&(.+.1$.##/)$%-$9#4$&./$)-$-.=Y$67#&#'(&#^!
%7#&#! .&#!$0*#&(09!8#'+$+%+($9!('! 5#.&$#&! .0%($(*1! &.$,+$,! '&(*! %7#!*(9%! 9+*G5#! %(! %7#!
7+,751! 4(*G5#3Q! ?(U#A#&^! ?(5#4b9! 8#'+$+%+($! 7.9! T##$! 09#8! T1! *.$1Q! ?#! 8#'+$#8! 5#.&$#&!
.0%($(*1! .9^! Y%-$)&E$-*$&$,#&(.#($%"&%$"#$+)$&0%-.-3-0)$+)$%-$)&E$%"&%$"#$+)$'&2&9,#$-*$%&T+.1$
'"&(1#$-*$"+)$-C.$ ,#&(.+.1Y$HCYZI;JKQ! 67#! ")-/! H>ICI^! ($5+$#K^! %7#! '0$8+$,! T(81! '(&! %7#!
	#.&47^! .59(! G&(A+8#9! .! 9+*+5.&! 8#'+$+%+($^! Y!"#$ D"#**+#,/$ P&,,&3$ /#*+.+%+-.$ -*$ ,#&(.#($
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! CYY!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
&0%-.-3E$)%&(%)$C+%"$%"#$2(#3+)#$%"&%$&.$&0%-.-3-0)$,#&(.#($%&T#)$(#)2-.)+9+,+%E$*-($"+)^"#($
-C.$ ,#&(.+.1=Y! 67#&#! .&#! 45#.&51! A+9+T5#! 5+$R9! T#%U##$! %7#9#! %U(! 8#'+$+%+($9^! U+%7! T(%7!
90,,#9%+$,!%7.%!.$!.0%($(*(09!5#.&$#&!%.R#9!	G($9+T+5+%1!'(&!%7#+&!(U$!5#.&$+$,Q!!
67#!G0&G(9#!('!%7#!	#.&47!U.9!%(!+$A#9%+,.%#!U7.%!9%08#$%!A+#U9!.&#!($!%7#!%#&*!b5#.&$#&!
.0%($(*1b!.$8!7(U!%7#1!.%#8!+%!%(!%7#*9#5A#9Q!
MZM!Q-99&)(/(-+'!90H&)F-9-+'!
67#! 5+%#&.%0&#! 90&&(0$8+$,! 8+99#&%.%+($! 90G#&A+9+($! %1G+4.551! '(409#9! ($! 9#5'O7#5G! 9%15#!
T((R9! '(&! 9%08#$%9!.$8!90G#&A+9(&9^!U7+47! %.R#! %7#*! %7&(0,7! %7#! 9%.,#9!('!.!8+99#&%.%+($!
.$8!U7.%!+9!#3G#4%#8!('!%7#*!'(&!#3.*G5#!X#55^!>IILQ!67#&#!+9!5+*+%#8!5+%#&.%0&#!90&&(0$8+$,!
%7#! #3G#&+#$4#9! ('! %7(9#! +$A(5A#8! +$! 8+99#&%.%+($! 90G#&A+9+($^! U7+47! %7+9! G&(=#4%! 7.9!
.%%#*G%#8!%(!.88cQ!!?(U#A#&^!%7#&#!.&#!9(*#!9%08+#9!($!%7+9!90T=#4%^!'(&!#3.*G5#;!6(88!
#%! .5! H>IIdK! 0$8#&%((R! .! 9%081! #3.*+$+$,! %7#! #3G#&+#$4#9! ('! 8+99#&%.%+($! 90G#&A+9+($! .%!
0$8#&,&.80.%#! 5#A#5Q! 67#1! 5((R! .%! %7#! #3G#&+#$4#9! ('! 90G#&A+9(&9! +$! %7#! 9(4+.5! 94+#$4#9!
8#G.&%*#$%!.$8!%7#+&! '+$8+$,9!90&&(0$8#8!+990#9!9047!.9;! %7#!%#$9+($!%7.%!.&+9#9! '&(*!%7#!
b'&##b!$.%0&#!('! %7#!8+99#&%.%+($_! %7#!$##8! %(!T#!.T5#! %(!4(G#!U+%7!47.$,#_!.$8! %7#!$##8! %(!
(0%5+$#!%7#!&(5#9!('!%7#!9%08#$%!.$8!90G#&A+9(&Q!/$8#&9($!#%!.5!H>IIdK!0$8#&%((R!.!9+*+5.&!
9%081^! Y#Z&3+.+.1$)02#(7+)-($&./$)%0/#.%$2#()2#'%+7#)$-.$2(-/0'+.1$&$a&)%#(j)$/+))#(%&%+-.Y=!
67#+&! 8+94099+($! 90&&(0$8#8! %7#! G#&9G#4%+A#! ('! 90G#&A+9(&9! ($! %7#! 90G#&A+9+($! .$8!
8+99#&%.%+($!G&(4#99!U+%7!.!,&#.%!8#,&##!('!'(409!($!%7#!90G#&A+9+($!.%+($97+GQ!!
`0&!	#.&47!.+*#8!%(!#3.*+$#! %7#!#3G#&+#$4#9!('!T(%7!90G#&A+9(&9!.$8!9%08#$%9!.%!G(9%O
,&.80.%#!5#A#5Q!!
MZN!P&9&/)47!,&(7+89!
67#! 5+%#&.%0&#! .&(0$8! 	#.&47!*#%7(89!*.+$51! '(409#9! ($! 	#.&47!*#%7(89! %7#*9#5A#9!
.$8!90T=#4%9! 9047!.9!G7+5(9(G7+#9!.$8!*#%7(8(5(,+#9^! '(&!#3.*G5#! e(7$9($!.$8!E0T#&5#1^!
>IIdQ!W%!7.9!T##$!8+''+405%! %(! '+$8!	#.&47!%7.%!.%%#*G%9!%(!#3.*+$#!%7#!.4%0.5!%#.47+$,!('!
	#.&47!*#%7(89^!U7+47!+9!U7.%!%7+9!G&(=#4%!U.9!.%%#*G%+$,!%(!.47+#A#Q!?(U#A#&^!X#$9($!
.$8!X5.4R*.$!0$8#&%((R!.!9%081!+$%(!7(U!	#.&47!*#%7(89!U.9!%.0,7%!U+%7+$!%7#+&!947((5Q!
67#1! '(0$8! %7.%^! Y+%$ "&/$ 9#'-3#$ &22&(#.%4$ *(-3$ 9-%"$ )%&**$ &./$ )%0/#.%$ *##/9&'T4$ %"&%$ %"#$
2#('#2%0&,$ ,+.T$9#%C##.$ ,#&(.+.1$(#)#&('"$3#%"-/)$&)$&$)09d#'%4$&./$ +%)$0)#$ *-($ *0%0(#$)%0/E4$
C&)$2--(=Y!H>IIN;NYK!! !
`0&!G&(=#4%!.+*#8! %(! 5((R!.%;! %7#! 5+$R9!T#%U##$!	#.&47!*#%7(89!.$8!8+99#&%.%+($9_!7(U!
	#.&47!*#%7(89!.&#!%.0,7%_!.$8!%7#!#3G#&+#$4#9!('!T(%7!90G#&A+9(&9!.$8!9%08#$%9Q!!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >II!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
NZ!?&(7+8+5+.1!/'8!8/(/!4+55&4(-+'!,&(7+89!
NZL!?&(7+8+5+.1!
67#!G&(=#4%!U.9! 0$8#&%.R#$! 09+$,! .$! .4%+($! 	#.&47!*#%7(8(5(,1Q! ! /4%+($! 	#.&47!U.9!
47(9#$! .9! %7#!*#%7(8(5(,1! T#4.09#! %7#! G&(=#4%! 4&+%+4.551! +#8! 0G($! %7#! G.&%+4+G.%+($! ('!
T(%7! 9%.''! .$8! 9%08#$%9! +$! %7#! G&(4#99! ('! 5#.&$+$,! .$8! +*G5#*#$%+$,! 47.$,#! '&(*! %7.%!
5#.&$+$,Q![B'%+-.$(#)#&('"$+)$9&)#/$-.$%"#$9#,+#*$%"&%$+%$+)$.-%$#.-01"$%-$/#)'(+9#4$0./#()%&./$-($
#Z2,&+.$%"#$C-(,/4$%"#$2-+.%$+)$%-$'"&.1#$+%\! HE(7#&%1! >IIYKQ! 67#! R#1! #5#*#$%! ('! .$! .4%+($!
	#.&47! G&(=#4%! +9! %7.%! +%! +*G5#*#$%9! 47.$,#Q! 67#!G0&G(9#! +9! $(%! H($51K! %(! 4($%&+T0%#! %(!
R$(U5#8,#!T0%!+%!+9!%(!8#&+A#!9(50%+($9!%(!%7#!G&(T5#*9!%7.%!%7#!G.&%+4+G.$%9!'.4#^!+*G5#*#$%!
%7#! 47.$,#9! .$8! 4&+%+\0#! %7#! U7(5#! G&(4#99Q! <(&! %7(9#! &#.9($9^! +%! U.9! #99#$%+.5! %7.%! .$!
.4%+($!	#.&47!*#%7(8(5(,1!U.9!+*G5#*#$%#8!'(&!%7+9!G&(=#4%Q!!
28#$!.$8!?037.*!H>IIC;ZNK!(0%5+$#!7(U!+%!+9!G(99+T5#!%(!=09%+'1!%7#!09#!('!.4%+($!	#.&47!
(A#&!.$8!.T(A#!.$1!(%7#&!*#%7(8(5(,1^![W.$-(/#($%-$d0)%+*E$%"#$0)#$-*$&'%+-.$(#)#&('"$(&%"#($
%"&.$-%"#($&22(-&'"#)4$ %"#$ (#*,#'%+-.$&./$/&%&$ '-,,#'%+-.$2(-'#))$r$&./$"#.'#$ %"#$#3#(1#.%$
%"#-(+#)$r$)"-0,/$9#$*-'0)#/$-.$%"#$&)2#'%)$%"&%$'&..-%$9#$'&2%0(#/$#&)+,E$9E$-%"#($&22(-&'"#)=$
!"+)4$ +.$%0(.4$)011#)%)$%"&%$"&7+.1$T.-C,#/1#$&9-0%4$&./$)T+,,)$%-$&22,E4$3#%"-/$&./$&.&,E)+)$
2(-'#/0(#$*-($'-,,#'%+.1$(+'"$/&%&$+)$#))#.%+&,=\$67#&#'(&#^!%7#!=09%+'+4.%+($!'(&!09+$,!.$!.4%+($!
	#.&47!*#%7(8(5(,1!+$!%7+9!4.9#!+9!%7.%;!!
• %7#!G&(=#4%!&#\0+	!47.$,#!%(!T#!+*G5#*#$%#8_!!
• +$!(&8#&!%(!+*G5#*#$%!%7#!47.$,#^!*#%7(89!%7.%!$##8!%(!T#!09#8!+$4508#;!!
o 8(40*#$%! ! .$.519+9! T#4.09#! %7#! G&(=#4%! +9! .T(0%! G(9%,&.80.%#! #804.%+($!
U7+47!+$A(5A#9!4(0&9#!8(40*#$%9_!!!
o +$%#&A+#U9^! %7#9#! U#&#! .$! +*G(&%.$%! G.&%! ('! %7#! 	#.&47! T#4.09#! %7#1!
#$.T5#8! 09! %(! ,.+$! .! ,&#.%#&! +$9+,7%! +$%(! %7#! %7(0,7%9! .$8! '##5+$,9! ('! %7#!
G.&%+4+G.$%9_!!
o '(409!,&(0G9^!%7#9#!'(&*#8!%7#!5.&,#9%!G.&%!('!8.%.!4(55#4%+($!'(&!%7#!G&(=#4%!Q!!
`]X&+#$! H>IIC;dK! 90GG5+#9! .! '0&%7#&! &#.9($! '(&! 47((9+$,! .4%+($! 	#.&47! (A#&! .$(%7#&!
*#%7(8(5(,1^! [&'%+-.$ (#)#&('"$ +)$ '"-)#.$ C"#.$ '+('03)%&.'#)$ (#80+(#$ *,#Z+9+,+%E4$ %"#$
+.7-,7#3#.%$-*$%"#$2#-2,#$+.$%"#$(#)#&('"4$-($'"&.1#$30)%$%&T#$2,&'#$80+'T,E$-($"-,+)%+'&,,E=\$!
67+9!G&(=#4%!&#\0+!%7#!G.&%+4+G.$%9!%(!T#!+$A(5A#8!+$!%7#!	#.&47!G&(4#99_!%7#!	#.&47!
.,#$8.!%(!$(%!T#!G^&+G%+A#!T0%!.55(U#8!%(!8#A#5(G_!.$8!47.$,#9!%(!T#!+*G5#*#$%#8Q!
NZM!P&9&/)47!8&9-.'!
67#&#!.&#!*.$1!*#%7(89!%7.%!4(058!7.A#!T##$!09#8!.$8!.9!:%&+$,#&!H>IIM;CK!$(%#9^![B'%+-.$
(#)#&('"$ +)$ 1(-0./#/$ +.$ &$ 80&,+%&%+7#$ (#)#&('"$ 2&(&/+13$C"-)#$ 20(2-)#$ +)$ %-$ 1&+.$ 1(#&%#($
0./#()%&./+.1$ -*$ &$ 80#)%+-.4$ 2(-9,#34$ -($ +))0#=\$67#&#'(&#^! %7+9! G&(A+8#8! %7#! ,&(0$89! '(&!
09+$,!\0.5+%.%+A#!*#%7(89!'(&!%7#!G&(=#4%Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >IC!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
67#!	#.&47!G&(,&.**#!4($9+9%#8!('!9#A#$!8+94&#%#!G7.9#9;!'(409!,&(0G9!U+%7!90G#&A+9(&9_!
'(409!,&(0G9!U+%7!9%08#$%9!U7+47! +$4(&G(&.%#8!.!9%08#$%! +*G5#*#$%#8!\0#9%+($$.+&#_!COC!
9#*+O9%&04%0!+$%#&A+#U9!U+%7!90G#&A+9(&9_!.!	#.&47!*#%7(89!*(805#!.08+%_!.!	#.&47!
*#%7(89! U(&R+$,! ,&(0G_! T.4R,&(0$8! &#.8+$,! .$8! *##%+$,9_! .$8! &#G(&%!
U&+%+$,VG	#$%.%+($Q! 67#! T.4R,&(0$8! &#.8+$,! .$8!*##%+$,9!U#&#! '(409#8! ($! 8#A#5(G+$,!
%7#!(T=#4%+A#9!'(&!%7#!	#.&47!.$8!,.+$+$,!.!45#.&#&!0$8#&9%.$8+$,!('!U7.%!U.9!7.GG#$+$,!
+$!%7+9!.&#.!.4&(99!%7#!<.405%1Q!
NZMZL!<+409!.)+0H9!!
<(409! ,&(0G9! U#&#! 47(9#$! .9! .! *#%7(8! ('! 8.%.! 4(55#4%+($! T#4.09#! %7#1! .&#! Y&$ '&(#*0,,E$
2,&..#/$/+)'0))+-.$/#)+1.#/$%-$-9%&+.$2#('#2%+-.)$+.$&$/#*+.#/$&(#&$-*$+.%#(#)%$+.$&$2#(3+))+7#4$
.-.6%"(#&%#.+.1$#.7+(-.3#.%=Y$H! F�,#&^! CYZZ;CZKQ! /59(^! Y*-'0)$1(-02)$'&.$9#$0)#/$&%$&.E$
2-+.%$+.$&$(#)#&('"$2(-1(&3=Y$H-#U+9^!CYYZ;>KQ!<+A#!'(409!,&(0G9!U#&#!4($804%#8!.4&(99!T(%7!
%7#!9%08#$%!.$8!90G#&A+9(&!T(8+#9Q!!
D02#(7+)-(j)$*-'0)$1(-02$
67+9!9#99+($!U.9!0$8#&%.R#$!A#&1!#.&51!($!+$!%7#!G&(=#4%!%(!,.+$!%7#!A+#U9!('!90G#&A+9(&9Q!W%!
U.9! 9%&04%0! .$8! &0$! T1!a0&&.1! "5.&R! .$8! f(8'! "&.+RQ! W%9! G0&G(9#!U.9! %(! 0$4(A#&!
U7.%! .! 90G#&A+9(&! %7+$R9! %7#+&! &(5#! +9!.$8!U7.%! %7#1!T#5+#A#! .! 9%08#$%b9! &(5#! %(!T#Q! W$+%+.5!
'+$8+$,9! '&(*! %7+9! ,&(0G! U#&#! 09#8! %(! +$'(&*! '0%0&#! 9#99+($9Q! D(%#9! U#&#! 09#8! .9! %7#!
*#%7(8!('!8.%.!4(55#4%+($Q!
D%0/#.%$S-'0)$@(-02$
/$!+$A#9%+,.%+A#!'(409!,&(0G!U.9!0$8#&%.R#$!%(!#3G5(&#!7(U!9%08#$%9!#.&51!($!+$!.!4(0&9#!
.&#!4(G+$,!.$8!U7.%!%7#+&!#3G#4%.%+($9!.&#Q!67#!G.&%+4+G.$%9!%7#$!%((R!G.&%!+$!.!5.%#&!'(409!
,&(0G!U7+47! #3G5(! 7(U! %7#+&! #3G#4%.%+($9! .$8! #3G#&+#$4#9! 7.8! 8#A#5(G#8Q! 67#! +$+%+.5!
'(409! ,&(0G! +$'(&*#8!(0&!\0#9%+($+$,! +$! '0&%7#&! '(409! ,&(0G9! .$8! +$%#&A+#U9Q!`$51!$(%#9!
U#&#!.T5#!%(!T#!%.R#$!+$!(&8#&!%(!G&(%#4%!%7#!4($'+8#$%+.5+%1!('!%7#!9%08#$%9Q!!
D?D$C+/#$)%0/#.%$(#2(#)#.%&%+7#$*-'0)$1(-02$
6U(! '(409! ,&(0G9! U#&#! (&,.$+9#8! U+%7! %7#! 9%08#$%! &#G	#$%.%+A#9! .4&(99! %7#! <.405%1^!
.5($,9+8#!%7#!(%7#&!")-/!G&(=#4%9Q!67#9#!9#99+($9!U#&#!*(&#!#3G5(&.%(&1!.$8!T0+5%!($!%7#!
'+$8+$,9! '&(*! %7#! +$+%+.5! 9%08#$%! '(409! ,&(0GQ! 67#! &#G	#$%.%+A#9! U#&#! .9R#8! %(! ,.%7#&!
+$'(&*.%+($! '&(*! '#55(U! G##&9! .T(0%! %7#+&! #3G#&+#$4#9! ('! 4(*G5#%+$,! 8+99#&%.%+($9! +$! %7#!
'(&*!('! .! 9*.55! \0#9%+($$.+&#! H9##! .GG#$8+3! >K! T#%U##$! %7#! %U(! 9#99+($9Q! 67+9! .GG&(.47!
U.9!%.R#$!'(&!%U(!&#.9($9;!
• .9!+%!U.9!'#5%!%7.%!9%08#$%9!U#&#!*(&#!5+R#51!%(!,+A#!.$9U#&9!%(!G##&9^!
• %(!#$90&#!%7#!,&#.%#9%!.*(0$%!('!8.%.!G(99+T5#!U.9!,.%7#Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >I>!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
67#! '(409! ,&(0G9! U#&#! (&8#8! .$8! %&.$94&+T#8! 09+$,! .! %7#*.%+4! .GG&(.47Q! <055!
%&.$94&+G%+($!U.9!$(%!.T5#!%(!T#!0$8#&%.R#$!T#4.09#!('!%7#!%+*#!4($9%&.+$%9!'(&!%7#!G&(=#4%Q!
NZMZM!:0H&)F-9+)!-'(&)F-&J9!
W$%#&A+#U9!U#&#!47(9#$!.9!.!*#%7(8!('!8.%.!4(55#4%+($!T#4.09#!Y+.%#(7+#C)$&(#$&.$+32-(%&.%$
2&(%$ -*$ &.E$ &'%+-.$ (#)#&('"$ 2(-d#'%$ &)$ %"#E$ 2(-7+/#$ %"#$ -22-(%0.+%E$ *-($ %"#$ (#)#&('"#($ %-$
+.7#)%+1&%#$*0(%"#(4$%-$)-,7#$2(-9,#3)$&./$%-$1&%"#($/&%&$C"+'"$'-0,/$.-%$"&7#$9##.$-9%&+.#/$
+.$-%"#($C&E)=Y$H"0$$+$,7.*^!CYYN;YNKQ!!
:#*+O9%&04%0! +$%#&A+#U9!U#&#! 7#58!U+%7! .4.8#*+4! 90G#&A+9(&9! %(! #3G5(&#!*(&#! 8##G51!
%7#+&! %7(0,7%9! .$8! '##5+$,9! .T(0%! %7#! 90G#&A+9+($! G&(4#99! .$8! 7(U! 9%08#$%9! G#&'(&*! .%!
8+99#&%.%+($!9%.,#Q!67#!+$%#&A+#U9!U#&#!+$'(&*#8!T1!%7#!'(409!,&(0G9!.$8!%7#&#'(&#!.T5#!%(!
T#! #3G5(&.%(&1Q! W$! .55! 4.9#9^! (&8+$,9!('! %7#! +$%#&A+#U9!U#&#!*.8#^! %7#! +$%#&A+#U9!U#&#!
'0551!%&.$94&+T#8!%(!.+8!8.%.!.$.519+9!.$8!%7#*.%+4!.$.519+9!U.9!09#8Q!
NZMZN!P&9&/)47!,&(7+89!J+)@-'.!.)+0H!
/9! G.&%! ('! %7#! T.4R,&(0$8! %(! %7#! ,&(0G^! .$! .08+%! ('! 	#.&47! *#%7(89! *(805#9! U.9!
4($804%#8Q! 67+9! 7+,75+,7%#8! %7.%! %7#&#! .GG#.&9! %(! T#! .! *05%+G5+4+%1! ('! *(805#9! .$8!
.GG&(.47#9!%(!	#.&47!*#%7(89!%#.47+$,Q!67#!	#.&47!*#%7(89!U(&R+$,!,&(0G!U.9!%7#$!
9#%!0G! %(!#3G5(&#! %7#! 	#.&47!*#%7(89!*(805#9!.$8! %#.47+$,! +$! :X:Q!67#!G0&G(9#!('! %7#!
,&(0G!U.9;!!
• %(!T0+58!.!9%&04%0&.5!'&.*#U(&R!'(&!)f!	#.&47!*#%7(89!*(805#9!
• %(!8#A#5(G!.!4(55.T(&.%+A#!.GG&(.47!%(!	#.&47!*#%7(89!%#.47+$,!
• %(! 4&#.%#! .! 90GG(&%+A#! 4(**0$+%1! ('! .4.8#*+49! +$A(5A#8! +$! %7#! 8#A#5(G*#$%! .$8!
8#5+A#&1!('!#34#55#$%!	#.&47!*#%7(89!%#.47+$,Q!
NZN!")&8-G-5-(1!
6&+.$,05.%+($!U.9!09#8!.9!.!*#%7(8!%(!.44#99! %7#!4+T+5+%1!('! 	#.&47^![%(+&.10,&%+-.$-*$
(#)#&('"$ /&%&$ +)$ &,C&E)$ +32-(%&.%$ +.$ 0./#()%&./+.1$ 0.'#(%&+.%E$ +.$ +.%#(2(#%&%+-.$ -($
3#&)0(#3#.%Y! H28#$!.$8!?037.*!>IIC;ZNKQ!?.&{!.$8!:#4(&8!CYMd!H+$!28#$!.$8!?037.*!
H>IIC;ZNK! .88! %(! %7+9! T1! 9.1+$,^! [QZ'#2%+-.&,,E4$&'%+-.$(#)#&('"$2(-7+/#)$&.$-22-(%0.+%E$%-$
)##T$-0%$%(+&.10,&%+-.$9#%C##.$>+L$-9)#(7&%+-.$-*$#7#.%)$&./$)-'+&,$2(-'#))#)4$>++L$%"#$&''-0.%)$
#&'"$2&(%+'+2&.%$-**#()4$&./$>+++L$%"#$'"&.1#)$+.$%"#)#$&''-0.%)$&./$+.%#(2(#%&%+-.$-*$#7#.%)$&)$
%+3#$2&))#)Y=$6709^!%7#!09#!('!8+''#&#$%!*#%7(89!'(&!8.%.!4(55#4%+($!U+55!#$90&#!%7.%!%7#!8.%.!
4(55#4%#8!+9!4+T5#Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >IN!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
NZO!2(7-4/5!-990&9!
67#&#!U#&#!#%7+4.5!+990#9!%7.%!$##8#8!%(!T#!4($9+8#Q!`]X&+#$!H>IIC;CIK!(0%5+$#9!S+$%#&]9!
G&+$4+G5#9!.T(0%!#%7+4.5!4($9+8#&.%+($9!+$!.4%+($!	#.&47;![`+'"&(/$V+.%#($>:AAIL$)011#)%)$&$
.039#($-*$2(+.'+2,#)$%-$9#$&/"#(#/$%-J$
• 3&T#$)0(#$%"&%$%"#$(#,#7&.%$2#()-.)4$'-33+%%##)$&./$&0%"-(+%+#)$"&7#$9##.$'-.)0,%#/4$
&./$%"&%$%"#$2(+.'+2,#)$10+/+.1$%"#$C-(T$&(#$&''#2%#/$+.$&/7&.'#$9E$&,,$
• &,,$2&(%+'+2&.%)$30)%$9#$&,,-C#/$%-$+.*,0#.'#$%"#$C-(T4$&./$%"#$C+)"#)$-*$%"-)#$C"-$/-$
.-%$C+)"$%-$2&(%+'+2&%#$30)%$9#$(#)2#'%#/$
• %"#$/#7#,-23#.%$-*$%"#$C-(T$30)%$(#3&+.$7+)+9,#$&./$-2#.$%-$)011#)%+-.)$*(-3$-%"#()$
• 2#(3+))+-.$ 30)%$ 9#$ -9%&+.#/$ 9#*-(#$ 3&T+.1$ -9)#(7&%+-.)$ -($ #Z&3+.+.1$ /-'03#.%$
2(-/0'#/$*-($-%"#($20(2-)#)$
• /#)'(+2%+-.)$ -*$ -%"#()i$ C-(T$ &./$ 2-+.%)$ -*$ 7+#C$ 30)%$ 9#$ .#1-%+&%#/$ C+%"$ %"-)#$
'-.'#(.#/$9#*-(#$9#+.1$209,+)"#/$
• %"#$(#)#&('"$30)%$&''#2%$(#)2-.)+9+,+%E$*-($3&+.%&+.+.1$'-.*+/#.%+&,+%E=$
S+$%#&!8&.U9!.%%#$%+($!%(!%7#!$##8!'(&!.55!G.&%+4+G.$%9;! %(!T#!7.A#!9(*#!.U.&#$#99!('! %7#!
	#.&47! G&(=#4%! G&+(&! %(! 4(**#$4#*#$%! ('! %7#! 8.%.! 4(55#4%+($! G&(4#99_! %(! 7.A#! %7#!
(GG(&%0$+%1!%(!T#!.T5#!%(!+$'50#$4#!%7#!8+%+($!('!%7#!G&(=#4%_!%(!7.A#!%7#!(GG(&%0$+%1!%(!
.GG&(A#!U(&R!T#'(&#! +%! +9!G0T5+97#8Q!6709! +%!4.$!T#!9##$! %7.%! %7#!4(55.T(&.%+A#!#5#*#$%!('!
%7#! .4%+($! 	#.&47!*#%7(8(5(,1! '(55(U9! %7&(0,7! %(! %7#! #%7+4.5! 4($9+8#&.%+($9! .59(Q! 67#!
G&(=#4%! #$4(*G.99#8! .55! ('! %7#9#! G(+$%9^! %7#! $.%0&#! ('! %7#! .4%+($! 	#.&47! *#%7(8(5(,1!
.55(U#8!G.&%+4+G.$%9!%(!+$'50#$4#!%7#!U(&R!.$8!,+A#!(&!&#'09#!G#&*+99+($Q!!
OZ!P&F-&J!+*!*-'8-'.9!
<+$8+$,9! '&(*! %7#! 	#.&47! +$8+4.%#! %7#&#! .&#! .! $0*T#&! ('! 97.! %7#*#9^! #.47! ($#! +9!
7+,75+,7%#8!T#5(UQ!
OZL!$&/)'&)!/0(+'+,1!
67#&#! U#&#! .! 5(%! ('! 8+''#&#$%! A+#U9! .T(0%! %7#! 4($4#G%! ('! 5#.&$#&! .0%($(*1^! +$4508+$,!
%7(0,7%9!($!U7.%!5#.&$#&!.0%($(*1!+9!.T(0%!+$!%7#!4($%#3%!('!.!8+99#&%.%+($Q!
W$!%7#!#.&51!9%.,#9!('!%7#!	#.&47^!%7#!9%08#$%9!'(0$8!+%!8+''+405%!%(!.&%+405.%#!%7#+&!%7(0,7%9!
($!5#.&$#&!.0%($(*1Q!67#&#'(&#^!U#!4&#.%#8!9(*#!G&(*G%!4.&89!T.9#8!($!%7#!")-/!H>ICI^!
($5+$#K!8#'+$+%+($!('!%7#!%#&*Q!X.9#8!($!%7+9^!.$!#3#&4+9#!U.9!0$8#&%.R#$!U7#&#!%7#!9%08#$%!
+8#$%+'+#8!9%.%#*#$%9!%7#1!%7(0,7%!.%#8!%(!5#.&$#&!.0%($(*1!'&(*!%7#!G&(*G%!4.&89Q!67#!
Ή%9! 97(U#8! %7#!*.=(&+%1!.,&##8!U+%7! %7#! '(55(U+$,!9%.%#*#$%9^! %7.%! 5#.&$#&!.0%($(*1!
U.9;!
• Y%&T+.1$'-.%(-,$-7#($%"#+($,#&(.+.1$
• %&T+.1$(#)2-.)+9+,+%E$*-($-C.$,#&(.+.1$
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >IJ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
• C-(T+.1$-.$E-0($-C.$
• '-,,&9-(&%+7#$,#&(.+.1$
• )022-(%+7#$,#&(.+.1$
• 0./#(%&T+.1$&$%&)T$C+%"-0%$)02#(7+)+-.=Y!
<0&%7#&!%(!%7+9^!%7#!+$%#&A+#U9!.$8!'(409!,&(0G9!G&(A+8#8!A+#U9!'&(*!T(%7!90G#&A+9(&9!.$8!
9%08#$%9!($!5#.&$#&!.0%($(*1;!!
YN-+.1$ %"+.1)$ -.$ E-0($ -C.$C+%"$/+(#'%+-.$ *(-3$&$ %0%-(4$ E-0$-C.$C-(T$C+%"$ )022-(%$ *(-3$&$
%#&'"#(Y$>D%0/#.%L$
YW$%"+.T$+%j)$&9-0%$)%0/#.%)$9#+.14$)-(%$-*$%&T+.1$(#)2-.)+9+,+%E$*-($%"#+($,#&(.+.1=$V"+'"$W$3#&.$
%"&%$%"#E$%&T#$(#)2-.)+9+,+%E$*-($%"#$2(-'#))#)$%"&%$%"#E$0)#$*-($%"#$,#&(.+.1$&./$%"#$%"+.1)$%"&%$
%"#E$C&.%$%-$,#&(.=Y$>D02#(7+)-(L$
YW$ %"+.T$&,)-$%"#(#j)$&$%"+.1$&9-0%$(#)2-.)+9+,+%E$+.$%"&%$&)$C#,,lW%j)$.-%$3E$/+))#(%&%+-.$&)$&$
)02#(7+)-(4$+%j)$.-%$3E$d-9$%-$3&T#$+%$"&22#.4$)-$&,-.1$C+%"$%"&%$-C.#()"+2$&./$%"&%$*(##/-3$
'-3#)$(#)2-.)+9+,+%EY$>D02#(7+)-(L!
X.9#8!($! %7#9#! '+$8+$,9^!T(%7!9%08#$%9!.$8!90G#&A+9(&9! +8#$%+'1!U+%7! %7#! +8#.! %7.%! 5#.&$#&!
.0%($(*1!90&&(0$89!(U$#&97+G!.$8!	G($9+T+5+%1Q!!
67#&#!U#&#! .59(! 9(*#! A+#U9! ($! 5#.&$#&! .0%($(*1! 90&&(0$8+$,! 9#5'O8+%#8! 5#.&$+$,;! Y&$
/#)+(#$*-($T.-C,#/1#$&./$0./#()%&./+.1$.-%$d0)%$(#&/+.1$*-($%"#$&))+1.3#.%$&./$%-$3##%$-0($
-C.$ -9d#'%+7#)Y$ >D%0/#.%L! 6709^! %7#&#! .&#! 9(*#! A+#U9! %7.%! 5#.&$#&! .0%($(*1! 90&&(0$89!
G&(804+$,!.!G+#4#!('!U(&R!%7.%!+9!('!G.&%+405.&!+$%#	%!%(!%7#!9%08#$%!%7#*9#5A#9Q!!
<0&%7#&!%(!%7+9!.!90G#&A+9(&!.88#8;!YW$/-.j%$)##$"-C$E-0$'&.$9#$&.$&0%-.-3-0)$,#&(.#($0.,#))$
E-0j7#$ 1-%$ &.$ &9+,+%E$ %-$ (#*,#'%$ -.$ C"&%j)$ "&22#.4$ -.$ C"&%$ E-0j7#$ /-.#$ &./$ /(&C$ )-3#$
'-.',0)+-.)$*(-3$%"&%=Y!67#&#'(&#^!5#.&$#&!.0%($(*1!4.$!.59(!T#!%7(0,7%!%(!T#!.T(0%!T#+$,!.!
&#'5#4%+A#!5#.&$#&Q!!
W$!.88+%+($!%(!%7#!9G#4+'+4!8#T.%#!90&&(0$8+$,!5#.&$#&!.0%($(*1!%7#&#!+9!.$(%7#&!8+94099+($!
.&(0$8! +$8#G#$8#$%! 5#.&$+$,^! '(&! #3.*G5#! F#9%#$! HCYZM;NK! 90,,#9%9! %7.%^! Y+./#2#./#.%$
,#&(.+.1$ +)$ ,#&(.+.1$ +.$C"+'"$ %"#$ ,#&(.#(4$ +.$ '-.d0.'%+-.$C+%"$ (#,#7&.%$ -%"#()4$ '&.$3&T#$ %"#$
.#'#))&(E$/#'+)+-.)$%-$3##%$%"#$,#&(.#(j)$-C.$,#&(.+.1$.##/)=Y!67#!8#'+$+%+($!,+A#$!T1!F#9%#$!
('! +$8#G#$8#$%! 5#.&$+$,! 97.	! %7#! %7(0,7%9! &#G	#$%#8! +$! (0&! 	#.&47! T1! T(%7! %7#!
9%08#$%9! .$8! 90G#&A+9(&9! .5+R#! ($! 5#.&$#&! .0%($(*1^! 9047! .9! *##%+$,! .! 9%08#$%b9! (U$!
(T=#4%+A#9Q!
/5%7(0,7! %7#&#! .&#! 9(*#! 97.! A+#U9! .T(0%! %7#! 8#'+$+%+($! ('! 5#.&$#&! .0%($(*1^! %7#!
9%08#$%9!*.1!T#$#'+%!'&(*!%7#!4($4#G%^!.$8!+$!%0&$!%7#!+*G5+4.%+($9!%7#!%#&*!7.9!($!U7.%!+9!
#3G#4%#8!('!%7#*^!%(!T#!(0%5+$#8!+$!%7#!#.&51!9%.,#9!('!%7#+&!4(0&9#Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >IL!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
OZM!P&9&/)47!,&(7+89!YP?]!,+805&!
67#! 	#.&47!*#%7(89!*(805#9!U#&#!8+94099#8!U+%7! T(%7! 90G#&A+9(&9! .$8! 9%08#$%9^!U+%7!
A.&1+$,!A+#U9!T#+$,!&.+9#8Q!!!
67#&#!U.9!.!90,,#9%+($!%7.%!	#.&47!*#%7(89!8(#9!$(%!+*G.4%!($!.47+#A#*#$%!.%!*.9%#&b9!
5#A#5;! ! Y#7#.$)%0/#.%)$ %"&%$"&7#$)%0/+#/$(#)#&('"$3#%"-/)$/-$.-%$&,C&E)$&'"+#7#$&%$a&)%#()$
,#7#,Y$ >D02#(7+)-(L=! 67+9! *.1! T#! T#4.09#! ('! %7#! $.%0&#! ('! %7#! *(805#! +$A(5A+$,! 8+''+405%!
4($4#G%9!.$8!5.$,0.,#!'(&!G#(G5#!%(!0$8#&9%.$8^!.9!($#!90G#&A+9(&!90,,#9%#8;!YW$%"+.T$%"&%$
)%0/#.%)$ /-$ )%(011,#$ C+%"$ +%$ 90%$ W$ %"+.T$ %"&%j)$ 3-(#$ &$ 2(-/0'%$ -*$ (#)#&('"$ 2"+,-)-2"E$ &./$
(#)#&('"$3#%"-/-,-1E$9#+.1$&$/+**+'0,%$ )09d#'%$ %-$1#%$E-0($"#&/$(-0./$&./$ +%j)$.-%$1#.#(&,,E$
)%0/#.%)j$2(+3&(E$+.%#(#)%$0.,#))$%"#Ej(#$-.$%"#$3&)%#()$*-($(#)#&('"$3#%"-/Y$>D02#(7+)-(L=!
67#! 	#.&47! 90,,#9%9! %7.%! %7#! G.&%+4+G.$%9! 0$8#&9%.$8! %7#! 5+$R9! T#%U##$! %7#! 	#.&47!
*#%7(89!*(805#!.$8!%7#+&!8+99#&%.%+($;!
YW.$%"#$(#)#&('"$3#%"-/)$,#'%0(#^)#3+.&($%"#E$1&7#$-.#$2(#)#.%&%+-.$&9-0%$C"&%$E-0$.##/$%-$
/-4$%"#$&(#&)$E-0$.##/$%-$*-'0)$-.=$V#$&,)-$1-%$&$"&./9--T$%"#$+.*-(3&%+-.$1&7#$E-0$&$9(+#*$
-0%,+.#$&./$%"#$/#&/,+.#$*-($)093+))+-.=$W%$C&)$7#(E$+32-(%&.%=Y$>D%0/#.%L$
Yl&)$2&(%$-*$'(+%+'&,$%"+.T+.1$C#$&,)-$"&/$o^b$/+))#(%&%+-.$)#))+-.)=Y$>D%0/#.%L$
YW$%"+.T$%"#$(#)#&('"$3#%"-/)$3-/0,#$+)$1--/$2(#2&(&%+-.$*-($%"#$/+))#(%&%+-.$9#'&0)#$%"#Ej(#$
&)T#/$ %-$ C-(T$ 02$ &$ (#)#&('"$ 2(-2-)&,$ C"+'"$ '&.$ /+(#'%,E$ '-.%(+90%#$ %-$ %"#$ /+))#(%&%+-.Y$
>D02#(7+)-(L$
?(U#A#&^! 9(*#! U&+%#&9! 90,,#9%! %7.%! 9%08#$%9! 8(! $(%! *.R#! %7#! 5+$R9! T#%U##$! 	#.&47!
*#%7(89!%&.+$+$,!.$8!4(*G5#%+$,!.!8+99#&%.%+($^!YW%$"&/$9#'-3#$&22&(#.%4$*(-3$9-%"$)%&**$&./$
)%0/#.%$*##/9&'T4$%"&%$%"#$2#('#2%0&,$,+.T$9#%C##.$,#&(.+.1$(#)#&('"$3#%"-/)$&)$&$)09d#'%4$&./$
+%)$0)#$*-($*0%0(#$)%0/E4$C&)$2--(Y$HX#$9($! h! X5.4R*.$^! >IIN;J>KQ! 67+9! U.9! 90GG(&%#8! T1!
9(*#! ('! %7#! 90G#&A+9(&9b! .$8! 9%08#$%9b! A+#U9;! Ye.$3E$3-/0,#$ c;<$ -*$ Qk$ )%0/#.%)$ "&7#$
)%0/+#/$ `a$ &./$ -.,E$ &9-0%$ :;<$ -*$ %"#$ +.%#(.&%+-.&,$ )%0/#.%)$ "&7#Y$ >D02#(7+)-(M$ Yl"&7#$
)%&(%#/^'-32,#%#/$%"#$'(+%+'&,$%"+.T+.1$3-/0,#$90%$+%$+)$%--$)2#'+*+'$%-$%"#$3-/0,#$(&%"#($%"&.$
1#.#(&,$ %-$ %"#+($ -C.$ (#)#&('"$ 6$ /-.j%$ 0./#()%&./$ %"#$ ,+.T)$ %-$ %"#+($ /+))#(%&%+-.$ 2(-d#'%Y$
>D%0/#.%L=! /! 90G#&A+9(&! 90,,#9%#8! .! &#.9($! '(&! %7+9;! Y%"#E$%#&'"$2"+,-)-2"E$30'"$#&(,+#($+.$
Q0(-2#=$B%$5##/)$k.+7#()+%E$%"#E$%#&'"$%"+)$&%$,#7#,)$b^c^IY!U7+47!G&(G(9#9!%7.%!U#!97(058!T#!
+$%&(804+$,!	#.&47!*#%7(89!.%!0$8#&,&.80.%#!5#A#5Q!!
/$! .08+%! ('! 	#.&47!*#%7(89!*(805#9! '(0$8! %7.%! %7#&#! +9! .!*05%+G5+4+%1! ('!*(805#9! .$8!
.GG&(.47#9!%(!	#.&47!*#%7(89!%#.47+$,!+$!%7#!<.405%1!H9##!.GG#$8+3!NKQ!67+9!+9!+$!5+$#!U+%7!
.! 90G#&A+9(&9! 4(**#$%^!YC"E$/-$C#$"&7#$)-$3&.E$`a$3-/0,#)$&./$/+**#(#.%$'(#/+%$(&%+.1)YQ!
67+9! 4(058! T#! +*G.4%+$,! ($! %7#! 9%08#$%! #3G#&+#$4#! ('! 	#.&47! *#%7(89! .$8! .59(! %7#!
<.405%1b9! .T+5+%1! %(!*($+%(&! .$8! .08+%! %7#! %#.47+$,! .9! +%! +9! T#+$,! %.0,7%! +$! A.&+(09! U.19Q!
<0&%7#&! %(! (0&! .08+%^! 9(*#! +$%#	%+$,! G(+$%9! U#&#! &.+9#8! '&(*! 90G#&A+9(&9! .T(0%! U71!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >Id!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
9%08#$%9! .&#! $(%! #$,.,+$,! U+%7! 	#.&47!*#%7(89;! Y&9+,+%E$%-$'-..#'%$C+%"$(#80+(#3#.%)YM$
Y2#('#2%+-.$-*$(#,#7&.'#Y=! 67#9#! 7+,75+,7%! %7.%! %7#&#! *.1! T#! 9#A#&.5! +990#9! %7.%! 4(058! T#!
+*G.4%+$,!($!9%08#$%!G#&'(&*.$4#!.$8!.47+#A#*#$%!($!ca!*(805#9!(%7#&!%7.$!%7#!8+''#&#$%!
%#.47+$,!9%15#9Q!!
67#!	#.&47!U#$%!($!%(!#3G5(&#^!U+%7!90G#&A+9(&9^!U7#%7#&!.!,#$#&+4!ca!*(805#!4(058!T#!
+*G5#*#$%#8Q! `$#! 90G#&A+9(&! 4(**#$%#8^! Y2(-9&9,E$ .-%lC#$ .##/$ &$ '-"#(#.%$ -**#($ %"&%$
3&T#)$ )#.)#$ (&%"#($ %"&.$ 9#$ 2(#/+'&%#/$ -.$ -.#$ 2&(%+'0,&($ /+)'+2,+.#=Y! ?(U#A#&^! '0&%7#&!
4(**#$%9!90&&(0$8#8!$##8+$,!.!4(**($!0$8#&9%.$8+$,;!YC#$.##/$&$)"&(#/$0./#()%&./+.1YM$
YC#$.##/$&$'-33-.$0./#()%&./+.1$-*$"-C$C#$#Z2,&+.$%-$)%0/#.%)$%"#$20(2-)#$&./$2(-'#))$-*$
(#)#&('"=Y! /$(%7#&! 90G#&A+9(&! 4(**#$%#8^! YW$ /-$ %"+.T$ E-0$ "&7#$ '&.$ "&7#$ &$ 1#.#(+'$ `a$
3-/0,#4$%"+.T$&9-0%$%#Z%$9--T)$C"+'"$&(#$1#.#(+'=Y!67#&#'(&#!%7#&#!.&#!4($'5+4%+$,!A+#U9!.9!%(!
U7#%7#&!.!,#$#&+4!ca!*(805#!+9!G(99+T5#Q!)#&7.G9!9(*#!'0&%7#&!	#.&47!U+%7+$!.$8!(0%9+8#!
('!%7#!<.405%1!+9!$##8#8!7#&#!%(!#3G5(&#!U.19!'(&U.&8Q!!
67#&#! U#&#! 9(*#! +$%#	%+$,! 4(**#$%9! (''#! T1! 90G#&A+9(&9! .T(0%! %7#! &#.9($! '(&! ca!
%#.47+$,;!YC#$&(#$2(-/0'+.1$2(&'%+%+-.#()$+.$&$.039#($-*$*+#,/)4$C#$&(#$.-%$2(#2&(+.1$%"#3$*-($
U"N=Y!/$8#&9($!#%!.5!H>IId;CLLK!.59(!97.&#!%7+9!A+#U^$Y+%$C&)$.#'#))&(E$%-$9#$(#&,+)%+'$&9-0%$
%"#$ #Z%#.%$ %-$ C"+'"$ &$ /+))#(%&%+-.$ '-0,/$ &'%$ &)$ &$ 7#"+',#$ *-($ (#)#&('"$ %(&+.+.1=Y$?(U#A#&^!
.$(%7#&! 90G#&A+9(&! 8+9.,&##8^! 9%.%+$,;!YV#$&(#$%(E+.1$%-$2(-/0'#$2#-2,#$C"-$&(#$'&2&9,#$-*$
(#)#&('"$&./$%&(1#%$%"-)#$C"-$C&.%$%-$d-+.$%"#$#/0'&%+-.$)#'%-($-($1-$-.$%-$U"N=Y$W%! +9! 45#.&!
'&(*!%7#9#!\0(%.%+($9!%7.%!%7#&#!+9!$(%!.!97.!0$8#&9%.$8+$,!('!%7#!G0&G(9#!('!	#.&47!
*#%7(89! %#.47+$,Q! "($9#\0#$%51^! 9(*#! '0&%7#&! 	#.&47!*.1! $##8! %(! T#! 0$8#&%.R#$! +$%(!
8#A#5(G+$,!.!97.!0$8#&9%.$8+$,Q!!
W$! 90**.&1^! 9%08#$%9! 8(! $(%! +8#$%+'1!U+%7! 	#.&47!*#%7(89! 5+$R+$,! %(! %7#+&! 8+99#&%.%+($!
.$8! 90G#&A+9(&9! 8(! $(%! 97.&#! A+#U9!.9! %(! %7#! #3%#$%! %7.%! +%! G&#G.	! 9%08#$%9! '(&! '0&%7#&!
9%081Q!
OZN!#)&F-+09!8-99&)(/(-+'!&3H&)-&'4&!
67#&#! U#&#! G.&%+405.&! +990#9! 90&&(0$8+$,! +$%#&$.%+($.5! 9%08#$%9! .$8! 8+99#&%.%+($9! %7.%!
U#&#! &.+9#8!T1! %7#!G.&%+4+G.$%9Q!<(&!#3.*G5#;! +$%#&$.%+($.5!9%08#$%9!,#$#&.551!7.A#!$#A#&!
4(*G5#%#8!.!G+#4#!('!U(&R^! 5+R#!.!8+99#&%.%+($;!Y%"#E$"&7#$.-%$'-32,#%#/$&$/+))#(%&%+-.$2(+-($
%-$DPk$6$%"#+($%(&/+%+-.&,$#Z2#(+#.'#$-*$&))#))3#.%$+)$#Z&3)$.-%$,-.1$C(+%%#.$2+#'#)$-*$C-(TY$
>D%0/#.%LM$YN+/.j%$T.-C$C"&%$&$/+))#(%&%+-.$C&)4$)-$W$j@--1,#/j$+%Y$>D%0/#.%L=!
`$#! 9%08#$%! .59(! 9%.%#8! %7.%! %7#! 8+99#&%.%+($! ,0+8#!U.9! $(%! 90''+4+#$%! %(! #3G5.+$! %(! %7#*!
#3.4%51!U7.%! .! 8+99#&%.%+($! +9;! Y"&7#$(#'#+7#/$%"#+($/+))#(%&%+-.$10+/#$90%$C-(/)$/-$.-%$"#,2$
%"#3$ %-$ 0./#()%&./$ -($ 1(&)2$ C"&%$ %-$ /-$ 6$ %"#E$ C-0,/$ ,+T#$ %-$ )##$ #Z&32,#)$ -*$ C"&%$ &$
/+))#(%&%+-.$,--T)$,+T#M$%"#$)%(0'%0(#M$,&E-0%M$,#.1%"$#%'Y$>D%0/#.%L=!
W$%#&$.%+($.5!9%08#$%9!7.A#!8+''+405%1!+$!0$8#&9%.$8+$,!U7.%!+9!&#\0+!('!%7#*!+$!(&8#&!%(!
4(*G5#%#! .! 8+99#&%.%+($Q! !a047! ('! %7+9! 4(058! T#! .%%&+T0%#8! %(! %7#*! 7.A+$,! $(%! G&#A+(0951!
9%08+#8!+$!%7+9!U.1!.$8!7.A+$,!($51!#3G#&+#$4#8!#3.*!9%15#!.99#99*#$%Q!:(*#!#3%&.!90GG(&%!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >IM!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
(&!%0+%+($!45.99#9!*.1!T#!$#4#99.&1!'(&!%7#*!%(!0$8#&9%.$8!7(U!%(!,(!.T(0%!4($9%&04%+$,^!
U&+%+$,! .$8! &#'#&#$4+$,! 9047! .9! G+#4#! ('! U(&R^! .9! +%! U.9! 90,,#9%#8! %7.%! %7#! 8+99#&%.%+($!
,0+8#9!%7#1!#+A#!.&#!$(%!90''+4+#$%!'(&!%7#*!%(!,&.9G!.$!0$8#&9%.$8+$,!('!U7.%!+9!&#\0+!
('!%7#*Q!!
6(88! #%! .5! H>IId;CdCK! 8#94&+T#! %7#! G0&G(9#! ('! .! 8+99#&%.%+($^! YW%$ -**#()$ %"#$ )%0/#.%$ &.$
-22-(%0.+%E$%-$C-(T$+./#2#./#.%,E$&./$)093+%$&.$#Z%#./#/$2+#'#$-*$C-(T=$B)$)0'"4$+%$+)$)##.$&)$
&$ 7#"+',#$ *-($ 2(-3-%+.1$ &0%-.-3-0)$ ,#&(.+.1$ &./$ &.$ #**#'%+7#$ &))#))3#.%$ %--,=Y$ `$#!
G.&%+4+G.$%! +$! (0&! 	#.&47! &#G(&%#8! %7.%! YW$ %"+.T$ +%j)$ &9-0%$ -C.#()"+24$ )-$ -C.+.1$ E-0($
(#)#&('"4$-($+.$%"+)$'&)#$E-0$T.-C4$/+))#(%&%+-.$(#)#&('"=Y$>D02#(7+)-(L$%7#&#'(&#!%7#&#!+9!9(*#!
0$8#&9%.$8+$,! %7.%! .! 8+99#&%.%+($! +9! .T(0%! G&(804+$,! .$! .0%($(*(09! G+#4#! ('! U(&RQ!
?(U#A#&^!%7#9#!A+#U9!*+,7%!$(%!T#!97.!T1!%7#!9%08#$%!T(81Q!
OZO!23H&)-&'4&!+*!8-99&)(/(-+'Y9]!/(!:>:!
67#&#!.&#!9(*#!97.!%7(0,7%9!%7.%!+%b9!+*G(&%.$%!'(&!9%08#$%9!%(!+8#$%+'1!.!%(G+4!%7#1!.&#!
+$%#	%#8!+$!'(&!%7#+&!8+99#&%.%+($;!!
YlE-0$ .##/$ %-$ %"+.T$ &9-0%$ %"#$ %-2+'$ *(-3$ %"#$ 9#1+..+.1$ &./$ C"&%$ E-0j(#$ +.%#(#)%#/$ +.=Y$
>D%0/#.%L$
YW%i)$1-%$%-$9#$&$(#)#&('"$80#)%+-.$%"&%j)$+.%(+10+.1$&./$+32-(%&.%$&./$)-3#%"+.1$%"#$)%0/#.%$
C&.%)$%-$&.)C#($%"#$80#)%+-.$%-$(&%"#($%"&.$&.$+32-)#/$-.#$9#'&0)#$%"#$)02#(7+)-($"&22#.)$
%-$"&7#$&.$+.%#(#)%$+.$%"&%$&(#&=Y$>D02#(7+)-(L!
67+9!+9!90GG(&%#8!T1!6(88!#%!.5!H>IId;CdMK!U7(!90,,#9%!%7.%!+%!+9!.!90G#&A+9(&b9!&(5#!%(!7#5G!
.! 9%08#$%! '+$8! .$! .GG&(G&+.%#! %(G+4^! Y%"#$*+()%$3&d-($%&)T4$C"+'"$%"#$/+))#(%&%+-.$)02#(7+)-($
0./#(%&T#)$ +)$ %-$ 2(-7+/#$ )022-(%$ *-($ )%0/#.%)$ +.$ +/#.%+*E+.1$ &./$ /#*+.+.1$ %"#$ (#)#&('"$
80#)%+-.=Y!6(88!#%!.5!H>IId;CdMK!,(!($!'0&%7#&!%(!9.1^!Y)%0/#.%)$-*%#.$)%(011,#/$%-$/#*+.#$&.$
&22(-2(+&%#$*-'0)$*-($%"#+($C-(TY$U7+47!U.9! .59(! %7#! A+#U!('! .! 90G#&A+9(&! +$!(0&! 	#.&47^!
Yl)%0/#.%)$'&.j%$(#&,,E$7+)0&,+)#$C"&%$*-(3$%"#$/+))#(%&%+-.$+)$1-+.1$%-$%&T#$&./$+%$%&T#)$%"#3$
)-3#$%+3#$%-$(#'-1.+)#$C"&%j)$/-&9,#=Y!
6709^!($#!('!%7#!'+&9%!%.9R9!.!90G#&A+9(&!4.$!T#!#3G#4%#8!%(!8(!+9!%(!,0+8#!.!9%08#$%!+$!'+$8+$,!
.$!.GG&(G&+.%#!%(G+4!'(&!%7#+&!8+99#&%.%+($Q!!
OZT!23H&)-&'4&!+*!90H&)F-9-+'!/(!:>:!
67#&#!+9!.!4($9#$909!T#%U##$!90G#&A+9(&9!.$8!9%08#$%9!%7.%!d!7(0&9!90G#&A+9+($!%+*#!+9!$(%!
#$(0,7;!!
YI$"-0()$)02#(7+)+-.$+).j%$#.-01"Y$>D%0/#.%L$
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >IZ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
Y)+Z$ "-0()$ %-$ )02#(7+)#$ &$ *0,,$ /+))#(%&%+-.$ &./$3&(T$ +%$ &./$ )#'-./$3&(T$ &.-%"#($ -.#4$ +)$ .-%$
2(-9&9,E$ &/#80&%#$ %-$ "&7#$ &)$ 30'"$ +.20%$ &)$ E-0$ 3+1"%$ C&.%$ %-$ -($ 3&E9#$ E-0$ )"-0,/Y$
>D02#(7+)-(L$
Y-.,E$1#%$I$"-0()=Y$>D02#(7+)-(L!
67#&#! +9! .! '##5+$,! %7.%! d! 7(0&9! 90G#&A+9+($! %+*#! +9! $(%! #$(0,7! %(! 90''+4+#$%51! 90GG(&%! .!
9%08#$%! +$! 4(*G5#%+$,! .! 8+99#&%.%+($Q! :7.$$($! HCYYL;C>K! .,&##9! U+%7! %7#9#! '+$8+$,9!
90,,#9%+$,! %7.%^! Y+*$%"#(#$+)$.-$C-(T,-&/$(#'-1.+%+-.$*-($%"#$)02#(7+)-(E$(-,#4$%"#.$+%$3&E$.-%$
9#$/-.#$C#,,$ -($ +%$3&E$9#$&7-+/#/$#Z2#'%$9E$ %"#$7#(E$/#/+'&%#/=Y! -.%#&! +$! %7#! 9.*#! .&%+45#!
:7.$$($!,(#9!($! %(!9.1^!Y&$%"-(.E$+))0#$+)$(#'-1.+%+-.$-*$)02#(7+)+-.$&)$2&(%$-*$%"#$C-(T$,-&/$
-*$&.$&'&/#3+'4$&./$%"#.$1+7+.1$'(#/+%$*-($+%$C"#.$%#&'"+.1$/0%+#)$&(#$&,,-'&%#/=Y$67#!	#.&47!
90,,#9%9!%7.%!.!<.405%1!U+8#!4($905%.%+($!($!%7#!.55(U.$4#9!'(&!8+99#&%.%+($!90G#&A+9+($!.$8!
%7#!#3G#4%.%+($9!'&(*!%7(9#!.55(U.$4#9!$##89!%(!T#!0$8#&%.R#$Q!!
67#&#!.&#!.59(!4($4#&$9!'&(*!90G#&A+9(&9!%7.%!9%08#$%9!8(!$(%!U7.%!.!90G#&A+9(&b9!&(5#!+9!+$!
.!8+99#&%.%+($;!!
YWj3$ .-%$ )-$ )0(#$ C"#%"#($ )%0/#.%)$ &(#$ &C&(#$ -*$ C"&%$ %"#E$ '&.$ &./$ )"-0,/$ #Z2#'%$ *(-3$
)02#(7+)-()=Y$>D02#(7+)-(L$
YFWG$"&7#$&$)0)2+'+-.$%"&%$+%$3&E$9#$0)#*0,$%-$&'%0&,,E4$+*$%"#E$/-.j%$&,(#&/E4$"&7#$&$)#))+-.$C+%"$
%"#$)%0/#.%)$-.$)02#(7+)+-.l=$C"&%$E-0$)"-0,/$&./$)"-0,/.j%$0)#$E-0($)02#(7+)-($*-($&./$"-C$
E-0$)"-0,/$&./$)"-0,/.j%$3&.&1#$%"#3$&./$C"&%$E-0$)"-0,/$#Z2#'%$-($.-%$#Z2#'%$*(-3$%"#34$
%"&%$ T+./$ -*$ %"+.14$ "-C$ %-$ 1#%$ %"#$ 3-)%$ -0%$ -*$ %"#$ (#,&%+-.)"+2$ 9&)+'&,,E=$ W$ %"+.T$ 3&E9#$
)-3#%"+.1$,+T#$%"&%$C-0,/$9#$(#&,,E$0)#*0,4$.-%$-.,E$*-($%"#$)%0/#.%)$90%$*-($%"#$)02#(7+)-()$&)$
C#,,=Y$>)02#(7+)-(L!
67#&#'(&#!+%!*.1!T#!$#4#99.&1!%(!#3G5(&+$,!+*G5#*#$%!9(*#%7+$,!*(&#!9%&04%0!.&(0$8!
90G#&A+9+($Q!67+9!4(058!T#!+$!9#A#&.5!'(&*9^!'(&!#3.*G5#;!.!90G#&A+9+($!4($%&.4%_!(&!9+*G51!
,#%%+$,!T(%7!%7#!9%08#$%!.$8!90G#&A+9(&!%(!(0%5+$#!.$8!8+94099!%7#+&!#3G#4%.%+($9!.%!%7#!9%.&%!
('!%7#!90G#&A+9+($!G&(4#99Q!/9!T(%7!9%08#$%9!.$8!90G#&A+9(&9!.&#!0$90&#!('!U7.%!%(!#3G#4%!
'&(*!#.47!(%7#&!'&(*!%7#!G&(4#99!('!90G#&A+9+($^!%7#1!U(058!T#$#'+%!'&(*!4(*G5#%+$,!9(*#!
9(&%! ('! 90G#&A+9+($! 4($%&.4%! .%! %7#! (0%9#%! ('! .! 8+99#&%.%+($Q!67+9!U(058! (0%5+$#!U7.%! #.47!
G.&%1!4(058!#3G#4%!('!%7#!(%7#&!80&+$,!%7#!G&(4#99!('!90G#&A+9+($Q!67+9!+9!'0&%7#&!90GG(&%#8!
T1!%7#!'(55(U+$,!90G#&A+9(&!4(**#$%9;!
YWj3$ .-%$ )-$ )0(#$ C"#%"#($ )%0/#.%)$ &(#$ &C&(#$ -*$ C"&%$ %"#E$ '&.$ &./$ )"-0,/$ #Z2#'%$ *(-3$
)02#(7+)-()=Y$
Y"&7#$&$)0)2+'+-.$%"&%$+%$3&E$9#$0)#*0,$%-$&'%0&,,E4$+*$%"#E$/-.j%$&,(#&/E4$"&7#$&$)#))+-.$C+%"$%"#$
)%0/#.%)$-.$)02#(7+)+-.l=$C"&%$E-0$)"-0,/$&./$)"-0,/.j%$0)#$E-0($)02#(7+)-($*-($&./$"-C$E-0$
)"-0,/$&./$)"-0,/.j%$3&.&1#$%"#3$&./$C"&%$E-0$)"-0,/$#Z2#'%$-($.-%$#Z2#'%$*(-3$%"#34$%"&%$
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >IY!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
T+./$-*$%"+.14$"-C$%-$1#%$%"#$3-)%$-0%$-*$%"#$(#,&%+-.)"+2$9&)+'&,,E=$ W$ %"+.T$3&E9#$)-3#%"+.1$
,+T#$%"&%$C-0,/$9#$(#&,,E$0)#*0,4$.-%$-.,E$*-($%"#$)%0/#.%)$90%$*-($%"#$)02#(7+)-()$&)$C#,,=Y!
6(88!#%!.5!H>IId;CMIK!7.A#!%7#!9.*#!(G+$+($^!90,,#9%+$,!%7.%^!Y!"#E$F%"#$)02#(7+)-(G$&./$%"#$
)%0/#.%$C(-%#$/-C.$%"#+($#Z2#'%&%+-.)$-*$-.#$&.-%"#($&%$%"&%$)%&(%$-*$%"#$/+))#(%&%+-.$2(-'#))$
&./$%"#.$#)%&9,+)"#/$%"#$1(-0./$(0,#)=Y! !S((57(09#! H>II>;CJNK! .59(! 97.	! %7#! (G+$+($^! YW$
.-C$&)T$)%0/#.%)$%-$'-3#$%-$%"#+($*+()%$%0%-(+&,$.-%$-.,E$C+%"$&$',#&($+/#&$*-($%"#$*-'0)$-*$%"#+($
)%0/E$90%$&,)-$%-$"&7#$%"-01"%$&9-0%$C"&%$%"#E$#Z2#'%$*(-3$3#$&)$%"#+($)02#(7+)-(Y=!67#&#'(&#^!
+*G5#*#$%+$,! 9(*#%7+$,! 90&&(0$8+$,! %7#! 90G#&A+9+($! G&(4#99! .4&(99! %7#! <.405%1! *.1!
.55#A+.%#! %7#!G&(T5#*9!.&(0$8!#3G#4%.%+($9!.$8!7#5G! %7#!90G#&A+9+($!G&(4#99! %(!&0$!*(&#!
9*((%751Q!
X#$9($!.$8!X5.4R*.$!H>IIN;JNK!.59(!#3.*+$#!%7#!T(0$8.&+#9^!90,,#9%+$,!%7.%!Y&,%"-01"$&$
)02#(7+)-($'&.$"#,24$-.,E$%"#$)%0/#.%$'&.$/-$%"#$&'%0&,$C-(TY=!6(88!#%!.5!H>IId;CdYK!.59(!9%.%#!
%7.%^! Y(#)2-.)+9+,+%E$ *-($ %"#$ /+))#(%&%+-.$ 9#,-.1)$ %-$ %"#$ )%0/#.%=Y! X(%7! 90,,#9%! %7.%! %7#!
8+99#&%.%+($! +9! .$! +$8#G#$8#$%! G+#4#!('!U(&R_! %7#&#'(&#! 90G#&A+9(&9! $##8! %(! T#! 4.&#'05! %(!
9%&+R#!.!T.5.$4#!T#%U##$!7#5G+$,!.!9%08#$%!.$8!8(+$,!%7#+&!U(&R!'(&!%7#*Q!
OZa!?&&(-'.9!J-(7!90H&)F-9+)9!
67#!	#.&47!97(U#8!%7#&#!%(!T#!.!4($9#$909!T#%U##$!90G#&A+9(&9!.$8!9%08#$%9!%7.%!'.4#O
%(O'.4#!*##%+$,9!.&#!%7#!T#9%!'(&*!('!4($%.4%!+$!%7#!90G#&A+9+($!G&(4#99!.$8!%7#!T#9%!U.1!('!
G&(A+8+$,!.$8!#+A+$,!'##8T.4R;!
Ye.'#$ +.$&$C"+,#4$3&E9#$%C+'#$&$3-.%"$3##%+.1$*&'#6%-6*&'#$ +)$0)#*0,4$90%$T##2+.1$ +.$'-.%&'%$
7+&$#3&+,$+)$%"#$9#)%$C&E=Y$>D%0/#.%L$
YD#./$#&'"$2&(%$%-$%0%-(4$3&T#$&22-+.%3#.%)$%-$)##$%0%-($*&'#6%-6*&'#$&./$1#%$)-3#$*##/9&'T=$
?#)%$C&E$+)$*&'#6%-6*&'#=$?-/E$,&.10&1#$+)$&,)-$+32-(%&.%=Y$>D%0/#.%L$
YU#()-.&,,E$*&'#6%-6*&'#$3##%+.1)$)"-0,/$%&T#$2&'#4$2#(+-/+'&,4$)-$C"#.$Wj7#$*+.+)"#/$&$'#(%&+.$
2-(%+-.$W$3&T#$&$3##%+.1$C+%"$3E$%0%-($W$"&7#$"+)$)'"#/0,#$)-$W$'&.$C-(T$&(-0./$"+)$"-,+/&E)$
#%'=Y$>D%0/#.%L$
YWj/$#Z2#'%$%-$3##%$C+%"$%"#3$*&+(,E$(#10,&(,E$90%$9#&(+.1$+.$3+./$%"#$+))0#)$&(-0./$&,,-'&%+-.$
-*$"-0()$W$%"+.T$E-0j7#$1-%$%-$9#$*&+(,E$)%(+'%$C+%"$%"&%=$D-$Wj/$2(-9&9,E$#Z2#'%$)-(%$-*$I$*&'#6%-6
*&'#$3##%+.1)$&./$#3&+,$'-.%&'%4$E-0$T.-C$)#./+.1$%"+.1)$%"(-01"$*-($3#$%-$(#&/$-($T+./$-*$
+33#/+&%#$80#)%+-.)$%"&%$'&.$9#$/#&,%$C+%"$7+&$#3&+,$-($%#,#2"-.#=Y$>D02#(7+)-(L!
<0&%7#&! %(! %7+9^! %7#&#!U.9! .! A+#U! %7.%! 7.A+$,! 9+,7%! ('! 8&.'%9! T#'(&#!*##%+$,9!U.9! 09#'05;!
Yk)0&,,E$ W$C&.%$ %-$ &'%0&,,E$ )##$ %"#3M$3&E9#$ W$ /-.j%$ T.-C$ *-0($ -($ *+7#$ %+3#)$ )-3#%"+.1$ ,+T#$
%"&%=$l?0%$C"&%$W$C&.%$%-$/-4$9#*-(#$W$)##$%"#34$W$C&.%$%-$)##$C"#(#$%"#Ej7#$1-%$%-$)-$W$#Z2#'%$%-$
9#$ &9,#$ %-$ (#&/$ C"&%$ %"#Ej7#$ C(+%%#.Y$ >D02#(7+)-(L! 6(88! #%! .5! H>IId;CdYK! 90GG(&%! %7+9^!
YD%0/#.%)$30)%$'-3#$%-$3##%+.1)$C+%"$)-3#%"+.1$%&.1+9,#$%-$/+)'0))=Y!67#&#'(&#^!9%08#$%9!4.$!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >CI!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
T#!#3G#4%#8!%(!7.A#!4(*G5#%#8!U(&R!.$8!9#$%!+%!%(!%7#+&!90G#&A+9(&!G&+(&!%(!%7#!90G#&A+9+($!
*##%+$,9!+$!(&8#&!'(&!%7#*!%(!T#!U(&%7U7+5#!.$8!90G#&A+9(&9!.$8!9%08#$%9!.5+R#!4.$!#3G#4%!
%(!7.A#!'.4#O%(O'.4#!90G#&A+9+($!*##%+$,9Q!!
OZ!b!6)/-'-'.!+*!90H&)F-9+)9!
67#!'+$8+$,9!'&(*!%7#!	#.&47!+$8+4.%#8!%7.%!90G#&A+9(&9!8(!$(%!#+A#!*047!+$!%7#!U.1!('!
90GG(&%!(&!%&.+$+$,;!!
Y)02#(7+)-()$.##/$)022-(%$&./$/-$.-%$&,C&E)$1#%$+%4$)##3)$%-$9#$&$2&(%$-*$%"#$'0,%0(#=Y$
YW$C-0,/$&(10#$C#$.##/$&$)02#(7+)-(j)$"&./9--T=Y$
Y&)$&$.#C$)02#(7+)-(4$Wj7#$.-%$)&%$/-C.$C+%"$&.E9-/E$&./$%&,T#/$%"(-01"4$&.E$'-0()#$,#&/#(4$
&./$%&,T$%"(-01"$C"&%$%"#E$#Z2#'%$*(-3$3#$&)$)-3#-.#$)02#(7+)+.1$)%0/#.%)$-.$%"#+($'-0()#=Y$
YE-0j(#$&,3-)%$,#%$,--)#$%-$1-$&./$)%&(%$)02#(7+)+.1$C+%"-0%$&.E$T+./$-*$10+/&.'#$W$)022-)#=Y$
67+9! +9! +$5+$#! U+%7! 6(88! #%! .5! H>IId;CMIK! '+$8+$,9^! Yg-.#$ -*$ %"#$ %0%-()$ +.%#(7+#C#/$ "&/$
(#'#+7#/$*-(3&,$%(&+.+.14$#+%"#($+.$%"#$'&)#$)%0/E$-($&.E$-%"#($+.)%+%0%+-.4$-.$"-C$%-$&22(-&'"$
)02#(7+)+.1$ %"#$ 0./#(1(&/0&%#$ /+))#(%&%+-.=Y$"($9#\0#$%51^! +%! *.1! T#! $#4#99.&1! %(! *.R#!
9(*#!%&.+$+$,!.A.+5.T5#!%(!90G#&A+9(&9^!G.&%+405.&51!$#U!90G#&A+9(&9Q!
OZk!>/))-&)9!
-.$,0.,#!U.9!7+,75+,7%#8!T1!*.$1!('!%7#!G.&%+4+G.$%9!.9!.!T.&&+#&!%(!9%08#$%9!G&(,c+($;!!
Y%"#(#$ +)$ &$ ,&.10&1#$ 9&((+#($ *-($ &$ ,-%$ -*$ )%0/#.%)$ >)0'"$ &)$ O"+.#)#$ )%0/#.%)L$ C"-$ /-$ .-%$
0./#()%&./$&))+1.3#.%)4$C"+'"$'&0)#)$'-.*0)+-.$*-($-%"#()=$DPk$)"-0,/$9#$3-%+7&%+.1$)%0/#.%)$
%-$,#&(.$Q.1,+)"=$DPk$)"-0,/$9#$3&(T+.1$&%%#./&.'#Y$>D%0/#.%L=$
Y'0,%0(&,$&./$9&'T1(-0./$/+**#(#.'#)$&(#$/+**+'0,%$&%$ *+()%=$D##$ +%$ *(-3$%"#$ ,&.10&1#4$C"+'"$ +)$
C"E$C#$'-3#$%-$%"#$km4$90%$*#C$km$)%0/#.%)$+.$%"#$',&))Y$>D%0/#.%L=$
Y!"#$*+()%$C##T$C"#(#$&(#$%"#$?(+%+)"$)%0/#.%)_$a-)%$-*$3E$,#&(.+.1$%&T#)$2,&'#$+.$%"#$1(-02$
#.7+(-.3#.%$)-$#Z2,-(#$,-%)$-*$-%"#($'-0.%(+#)$.-%$km4$C&.%$%-$T.-C$3-(#$&9-0%$%"#$:)%$C-(,/Y$
>D%0/#.%L=$
YW$ *##,$ &*(&+/$ 9#'&0)#$ W$ &3$ F.-%G$ 1--/$ &%$ Q.1,+)"$ &./$ &1&+.$3E$ ,&.10&1#$ +)$ .-%$ 7#(E$ C#,,Y$
>D%0/#.%L=$
Y5&.10&1#$ )022-(%$ +)$ 7#(E$ +32-(%&.%$ *-($ %"#3$ %-$ +32(-7#$ %"#+($ &9+,+%E$ +.$ )%0/E+.1$ %"#+($
3-/0,#)^'-0()#=$B,)-4$3&T#$)0(#$)%0/#.%)$)2#&T$Q.1,+)"$+.$',&))Y$>D%0/#.%L=$
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >CC!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
Y==%"#$Q.1,+)"$)022-(%$+)$.-%$#.-01"Y$>D%0/#.%L=$
YW$%"+.T$%"#$,&.10&1#$9&((+#($+)$&$9+1$%"+.14$2&(%+'0,&(,E$*-($+.%#(.&%+-.&,$)%0/#.%)l$C"#.$E-0$
)%&(%$1#%%+.1$ +.%-$(#)#&('"$3#%"-/-,-1E4$&)$E-0$T.-C$ +%j)$&$'-32,#%#,E$/+**#(#.%$ ,&.10&1#$%-$
Q.1,+)"$)2#&T#()4$)-$C"#.$E-0$&(#$9#+.1$%&01"%$%"&%4$.-%$+.$E-0($*+()%$,&.10&1#4$W$%"+.T$+%j)$#7#.$
3-(#$/+**+'0,%$%-$#.1&1#$C+%"Y$>D02#(7+)-(L=!
/!90G#&A+9(&!.59(!&.+9#8! %7#! +990#!('! %7#!9%.$8.&8!('!9%08#$%9b!2$,5+97^!Y%"#(#$+)$&.$+))0#$-*$
1+7+.1$*##/9&'T$-.$%"#$)%&./&(/$-*$Q.1,+)"=Y! 67+9! +9! +$5+$#! U+%7! .! 9%08#$%b9! (U$! 9%.%#*#$%!
%7.%!%7#1!'+$8!%7#!2$,5+97!5.$,0.,#!8+''+405%^!.$8!%7.%!5.$,0.,#!90GG(&%!+9!A#&1!+*G(&%.$%!%(!
%7#*;! Y,&.10&1#$)022-(%$+)$7#(E$+32-(%&.%$*-($%"#3$%-$+32(-7#$%"#+($&9+,+%E$+.$)%0/E+.1$%"#+($
3-/0,#)^'-0()#=$B,)-4$3&T#$ )0(#$ )%0/#.%)$ )2#&T$Q.1,+)"$ +.$ ',&))=Y! 67#! +990#! ('! 5.$,0.,#! +$!
8+99#&%.%+($!90G#&A+9+($!U.9!.59(!#3G5(!T1!F.*!HCYYMK!U7(!90,,#9%#8! %7.%!@$+A#&9+%1!
9%.''!&#,05.&51!90G#&A+9#!9%08#$%9!U+%7! 5.$,0.,#!8+''+405%+#9Q!67#&#'(&#^! +$4&#.9#8!5.$,0.,#!
90GG(&%! '(&! +$%#&$.%+($.5! 9%08#$%9! +9! $##8#8Q! 67#&#! +9! .59(! .! $##8! '(&! 90T=#4%! 9G#4+'+4!
5.$,0.,#! 90GG(&%! %(! T#! *.8#! .A.+5.T5#^! &.%7#&! %7.$! ,#$#&.5! 5.$,0.,#! 90GG(&%! 9(! %7.%!
9%08#$%9! T#4(*#! '.*+5+.&! U+%7! +$809%&1! %#&*+$(5(,1! '(&! #3.*G5#Q! /$(%7#&! 90,,#9%+($^! %(!
7#5G!.55#A+.%#!5.$,0.,#!G&(T5#*9^!U.9!&.+9#8!T1!.!9%08#$%!.$8!90,,#9%#8!%7.%!%0%(&9!97(058!
#$4(0&.,#!9%08#$%9!%(!9G#.R!2$,5+97!+$!45.99^!&.%7#&!%7.$!.55(U!%7#*!%(!%.5R!+$!%7#+&!$.%+A#!
%($,0#Q!!
/59(! %7#! +990#! ('! G5.,+.&+9*!U.9! &.+9#8! .$8! %7#&#! .&#! 9(*#! 405%0&.5! 9#$9+%+A+%+#9! %7.%! .&#!
G.&%+405.&51!#A.$%!%(!+$%#&$.%+($.5!9%08#$%9;!YFC#G$&(#$.-%$&,,-C#/$%-$'-2E$-%"#()$C-(T$90%$
+.$O"+.&$+%$+)$/+**#(#.%=Y$>D%0/#.%L$67#&#'(&#^! 5#4%0&#&9! .$8!90G#&A+9(&9!$##8! %(!T#! .U.&#!('!
%7#! 405%0&.5! 8+''#&#$4#9! .$8! %7#! +*G(&%.$4#! ('! #3G5.+$+$,! U71! G5.,+.&+9*! U(&R! +9! $(%!
.55(U#8Q!!
/! '0&%7#&! &#\0#9%!U.9! '(&! 45#.&#&! &#'#&#$4+$,! ,0+8#5+$#9;! YP&(7&(/$C&E$%-$(#*#(#.'#$6$3-)%$
)%0/#.%)$/-.j%$T.-C$"-C$%-$0)#$%"+)4$.-6-.#$%-$',&(+*E$"-C$%-$/-$%"+)Y$>D%0/#.%L_! .$8! YQ.1,+)"$
C&)$&$3&d-($"0(/,#$6$)-$%--T$02$3&.E$0.+7#()+%E$',&))#)$%-$+32(-7#$Q.1,+)"$)T+,,)$&./$"#,2$C+%"$
(#*#(#.'+.1=Y$>D%0/#.%L!W$%#&$.%+($.5!9%08#$%9!'+$8!%7+9!8+''+405%!.9!90,,#9%#8!.T(A#^!%7#1!*.1!
$#A#&!7.A#!T##$!&#\0+!%(!&#'#&#$4#!G&#A+(0951Q!/!9#99+($!($!&#'#&#$4+$,!.%!A.&+(09!9%.,#9!
('! %7#+&!*.9%#&b9!G&(,&.**#!*.1!7#5G! %(! .55#A+.%#! %7#!G&(T5#*!.$8!G&(A+8#! %7#! 9%08#$%9!
U+%7!%7#!9R+559!&#\0+!%(!&#'#&#$4#!4(&%51Q!
TZ!P&4+,,&'8/(-+'9!
/! 5(%! ('! %7#! (**#$8.%+($9! '(409! ($! %7#! $##89! ('! +$%#&$.%+($.5! 9%08#$%9Q! :0GG(&%+$,!
9%08#$%9!.%!.$!#.&51!9%.,#!+$!%7#+&!4(0&9#9!U(058!7#5G!%(!.55#A+.%#!G&(T5#*9!5.%#&!($!+$!%7#+&!
@$+A#&9+%1! 5+'#! .$8! #$90&#! %7.%! %7#! 9%08#$%9! ,#%! %7#! T#9%! G(99+T5#! #3G#&+#$4#! .A.+5.T5#! %(!
%7#*Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >C>!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
TZL!$&/'&)!/0(+'+,1!
67#&#!U.9!#A+8#$4#!%7.%!9%08#$%9!.$8!90G#&A+9(&9!.5+R#!97.!.!A+#U!('!5#.&$#&!.0%($(*1Q!
?(U#A#&^!%7#!#.&51!	#.&47!97(U#8!%7.%!.%!%7#!(0%9#%!%7#!9%08#$%9!U#&#!$(%!.9!45#.&!.T(0%!
%7#!+8#.!('!5#.&$#&!.0%($(*1Q!/9!.!Ή%^!%7#!9%08#$%9!*.1!T#$#'+%!'&(*!%7#!4($4#G%!T#+$,!
(0%5+$#8!+$!%7#!#.&51!9%.,#9!('!%7#+&!4(0&9#Q!!
`%7#&! %(G+49! %(!T#!4($9+8#!.&#!#3G5(&+$,!U+%7! %7#!9%08#$%9!7(U!%7#1!4.$!.GG51! 5#.&$#&!
.0%($(*1! %(! %7#+&! (U$! 5#.&$+$,! #3G#&+#$4#9! .$8! 7(U! %7#1! 4.$! ,(! .T(0%! T#+$,! .$!
.0%($(*(09!5#.&$#&Q!67#&#!4(058!T#!9#A#&.5!9(50%+($9!%(!%7+9;!
• 7.A#!.!9#99+($!+$!%7#!+$804%+($!9%.,#9!'(&!%7#!4(0&9#!($!5#.&$#&!.0%($(*1^!!
• .!<.405%1!H(&!@$+A#&9+%1K!U+8#!X5.4RT(.&8!9+%#!($!5#.&$#&!.0%($(*1Q!
TZM!!P&9&/)47!,&(7+89!
67#&#! +9! .! 45#.&! 8+9G.&+%1! +$! %7#! 0$8#&9%.$8+$,! ('! 9%08#$%9! U7#$! +%! 4(*#9! %(! %7#! 5+$R9!
T#%U##$!	#.&47!*#%7(89!.$8!%7#!8+99#&%.%+($Q!"5#.&51!#3G5.+$+$,!%7#!G0&G(9#!('!	#.&47!
*#%7(89!.%!%7#!(0%9#%!+9!9(*#%7+$,!%7.%!$##89!%(!T#!#3G5(Q!/!9(50%+($!'(&!%7+9!4(058!T#!
7.A+$,!.!9%.$8.&8!#3G5.$.%+($!('!U7.%!ca!+9!.T(0%!.4&(99!%7#!<.405%1!.$8!#$.T5+$,!5#4%0&#&9!
%(!+$4508#!%7+9!#3G5.$.%+($!+$!*(805#!,0+8#9^!T5.4RT(.&8!9+%#9!.$8!%7#!'+&9%!9#*+$.&V5#4%0&#!
($!%7#!*(805#9Q!67+9!U(058!.59(!7#5G!%(!.55#A+.%#!%7#!%#$9+($9!90&&(0$8+$,!%7#!G#&4#G%+($!
%7.%! ca! +9! $(%! #A.$%! '(&! 9%08#$%9bQ! 67#! 8#9+,$! ('! %7#! *(805#! 4(058! .59(! T#! #3G5(^!
97(058!ca!7.A#!.!8+99#&%.%+($!'(409!&.%7#&!%7.$!.$!ca!'(409!+Q#Q!#3G5(&#!7(U!%(!.GG51!ca!%(!
%7#+&!47(9#$!90T=#4%!.&#.Q!!
67#!	#.&47!'(0$8!%7.%!%7#&#!.&#!9#A#&.5!8+''#&#$%!ca!*(805#9!.$8!U.19!('! %#.47+$,!ca!
.4&(99!%7#!<.405%1Q!67+9!4(058!T#!+*G.4%+$,!($!%7#!9%08#$%!#3G#&+#$4#!('!ca^!.9!%7#&#!+9!$(!
4($9+9%#$41^!.$8!.59(! %7#!<.405%1b9!.T+5+%1! %(!*($+%(&!.$8!.08+%! %7#! %#.47+$,Q!67#!	#.&47!
.59(!#3G5(!U7#%7#&! .! 9%.$8.&8!ca!*(805#! 4(058!T#! +*G5#*#$%#8!T0%! 90G#&A+9(&9!7.8!
4($'5+4%+$,! A+#U9! .9! %(! U7#%7#&! %7+9! U.9! G&.4%+4.5! (&! U(058! T#! 9044#99'05Q! :(*#! '0&%7#&!
	#.&47! U+%7+$! .$8! (0%9+8#! ('! %7#! <.405%1! +9! $##8#8! %(! #3G5(&#! U.19! '(&U.&8Q! `$#!
#3G5(&.%+($!4(058!T#!%(!#3.*+$#!U7.%!(%7#&!@$+A#&9+%+#9!.&#!8(+$,!+$!%7+9!.&#.Q!
!67#&#! .&#! .59(! 9(*#! +$4($9+9%#$4+#9! T#%U##$! 9%.''! +$! %7#! 0$8#&9%.$8+$,! ('! %7#! 05%+*.%#!
G0&G(9#! ('! %7#!*.9%#&b9! 5#A#5! #804.%+($Q! <0&%7#&! 	#.&47! $##89! %(! #3G5(&#! 7(U!.! 97.!
0$8#&9%.$8+$,!4.$!T#!8#A#5(G#8^!%7+9!4(058!+$A(5A#!'0&%7#&!'(409!,&(0G9!U+%7!90G#&A+9(&9Q!
TZN!Q-99&)(/(-+'!
TZNZL!$/'.0/.&!90HH+)(!
:(*#! #3%&.! 90GG(&%! (&! %0+%+($! 45.99#9! *.1! T#! $#4#99.&1! '(&! +$%#&$.%+($.5! 9%08#$%9! %(!
0$8#&9%.$8!7(U!%(!,(!.T(0%!4($9%&04%+$,^!U&+%+$,!.$8!&#'#&#$4+$,!9047!.9!G+#4#!('!U(&R^!.9!
+%! U.9! 90,,#9%#8! %7.%! %7#! 8+99#&%.%+($! ,0+8#9! .&#! $(%! 90''+4+#$%! '(&! %7#*! %(! ,&.9G! .$!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >CN!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
0$8#&9%.$8+$,!('!U7.%!+9!&#\0+!('!%7#*Q!/$(%7#&!90,,#9%+($!+9!'(&!&#'a#&!9#99+($9!($!
90T=#4%9!9047!.9!&#'#&#$4+$,!%(!%.R#!G5.4#!.%!A.&+(09!9%.,#9!('!%7#!4(0&9#Q!!
TZNZM!%55+J/'4&9!
67#!	#.&47!90,,#9%9! %7.%!.!<.405%1!U+8#!4($905%.%+($!($! %7#!.55(U.$4#9! '(&!8+99#&%.%+($!
90G#&A+9+($!.$8!%7#!#3G#4%.%+($9!('!U7.%!%7(9#!.55(U.$4#9!#$%.+5!$##89!%(!T#!0$8#&%.R#$^!.9!
T(%7!9%08#$%9!.$8!90G#&A+9(&9!T#5+#A#!%7.%!%7#!%+*#!.55(4.%#8!+9!$(%!#$(0,7Q!!
TZNZN!:0H&)F-9-+'!4+'()/4(!
67#! 	#.&47! .59(! 90,,#9%9! %7.%! +%! *.1! T#! $#4#99.&1! %(! +*G5#*#$%! 9(*#%7+$,! *(&#!
9%&04%0!.&(0$8!90G#&A+9+($Q! W*G5#*#$%+$,!9(*#%7+$,!.&(0$8!U7.%!4.$!T#!#3G#4%#8^!T1!
T(%7! G.&%+#9^! .T(0%!8+99#&%.%+($! 90G#&A+9+($! .4&(99! %7#! <.405%1!*.1! .55#A+.%#! %7#! %#$9+($9!
90&&(0$8+$,!0$'05'+55#8!#3G#4%.%+($9!.$8!7#5G!%7#!90G#&A+9+($!G&(4#99!%(!&0$!*(&#!9*((%751Q!
TZNZO!:0H&)F-9-+'!,&&(-'.9!
X(%7! 9%08#$%9! .$8! 90G#&A+9(&9! '##5! %7.%! %7#! T#9%! U.1! %(! G&(,c! U+%7! .! 8+99#&%.%+($! +9!
%7&(0,7!'.4#O%(O'.4#!90G#&A+9+($!*##%+$,9Q!"($9#\0#$%51^!90G#&A+9(&9!97(058!T#!#$4(0&.,#8!
%(!0$8#&%.R#!90G#&A+9+($!+$!%7+9!U.1Q!
TZNZT!:0H&)F-9+)!()/-'-'.!
:0G#&A+9(&9!.59(!'#5%! %7.%!%7#1!U(058!T#$#'+%! '&(*!0$8#&%.R+$,!9(*#!%&.+$+$,!90&&(0$8+$,!
90G#&A+9+($Q! 67+9! 4(058! %.R#! %7#! '(&*! ('! .! 97(&%#$#8! A#&9+($! ('! %7#! )7E! 90G#&A+9+($!
G&(,&.**#!%7.%!+9!@$+A#&9+%1!U+8#Q!!!
TZO!>/))-&)9!
W$4&#.9#8! 5.$,0.,#! 90GG(&%! '(&! +$%#&$.%+($.5! 9%08#$%9! +9! $##8#8!.9! %7#1! .&#! 9%&0,,5+$,! %(!
,.+$! %7#! &+,7%! 90T=#4%! 9G#4+'+4! 5.$,0.,#Q! 67#1! .&#! .59(! 9%&0,,5+$,! U+%7! &#'#&#$4+$,! .$8!
G5.,+.&+9*Q!!/!90,,#9%+($!%(!7#5G!.55#A+.%#!9(*#!('!%7+9!+9!'(&!%0%(&9!%(!#$4(0&.,#!9%08#$%9!%(!
9G#.R!2$,5+97!+$!45.99^!&.%7#&!%7.$!.55(U!%7#*!%(!%.5R!+$!%7#+&!$.%+A#!%($,0#Q!!
-#4%0&#&9! .$8! 90G#&A+9(&9! .59(! $##8! %(! T#! .U.&#! ('! %7#! 405%0&.5! 8+''#&#$4#9! .$8! %7#!
+*G(&%.$4#! ('! #3G5.+$+$,! U71! 4(G1+$,! 9(*#($#! #59#b9! U(&R! +9! $(%! .55(U#8Q! -.$,0.,#!
9G#4+'+4! 90GG(&%! ($! &#'#&#$4+$,! .59(! $##89! %(! T#! ,+A#$^! &.%7#&! %7.$! %7#! ,#$#&.5! :?@!
&#'#&#$4+$,!,0+8#5+$#9^!.9!+$%#&$.%+($.5!9%08#$%9!9%&0,,5#!%(!0$8#&9%.$8!%7#9#Q!
aZ!"+'4509-+'!!
/9! %7#!G&(=#4%!U.9!0$8#&%.R#$!09+$,! .$! .4%+($! 	#.&47!*#%7(8(5(,1^! %7#! #A.50.%+($!U.9!
4.&&+#8! (0%! T1! %7#! G&(=#4%! 9%.''^! .9! :%&+$,#&! H>IIM;CdNK! #3G5.+$9^! YW.$ T##2+.1$ C+%"$ %"#$
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >CJ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
2(+.'+2,#)$ -*$ &'%+-.$ (#)#&('"4$ #7&,0&%+-.$ +)$ .-%$ '&((+#/$ -0%$ 9E$ &.$ -0%)+/#$ #7&,0&%-($ %-$3&T#$
d0/1#3#.%)$&9-0%$%"#$C-(%"4$#**#'%+7#.#))4$)0''#))$-($ *&+,0(#$-*$&$2(-d#'%=$ W%$ +)$&$2(-'#))$%"&%$
#.&9,#)$ %"-)#$ C"-$ "&7#$ 9##.$ #.1&1#/$ +.$ %"#$ (#)#&('"$ 2(-d#'%$ %-$ ,#&(.$ *(-3$ %"#+($ -C.$
#Z2#(+#.'#=Y$!
67#!G&(=#4%!U.9!0$8#&%.R#$!(A#&!.!$+$#!*($%7!G#&+(8Q!67#!5+*+%.%+($9!('!%7#!	#.&47!.&#!
%7.%;!!
• %7#!	#.&47!*.+$51!'(409#8!($!%7#!#3G#&+#$4#9!('!+$%#&$.%+($.5!9%08#$%9Q!?(U#A#&^!
%7#!*.=(&+%1!('!*.9%#&b9!5#A#5!9%08#$%9!U+%7+$!:X:!.&#!+$%#&$.%+($.5!%7#&#'(&#!+%!+9!.!
&#'5#4%+($!('!9%08#$%!#3G#&+#$4#9!+$!%7+9!<.405%1_!
• ($51!($#!,&(0G!('!9%08#$%9!U#&#!'(55(U#8!'&(*!9%.&%!%(!'+$+97!('!%7#+&!G&(,&.**#9!
.$8!%7#1!U#&#!($51!+$A(5A#8!+$!%U(!'(409!,&(0G9_!
• 5+*+%#8!$0*T#&9!('!90G#&A+9(&9!U#&#!+$A(5A#8!+$!%7#!	#.&47!.$8!%7#1!U#&#!H*(9%51K!
($51!+$A(5A#8!.%!($#!G(+$%!+$!%+*#^!$(%!%7&(0,7(0%!%7#!G&(,&.**#!('!%7#!	#.&47Q!!
67#!	#.&47!8+8^!7(U#A#&^!7+,75+,7%!9(*#!R#1!+990#9!%7.%!$##8!%(!T#!.88c#8!.$8!9(*#!
.&#.9!7.A#!.5&#.81!T#,0$!%(!T#!H9##!.GG#$8+3!J!'(&!'0&%7#&!8#%.+59K^!9047!.9;!
• ca!*(805#! 5#.8#&9!U+55! T#! &#A+#U+$,! %7#+&!*(805#! 9G#4+'+4.%+($9^! 7.$8T((R9! .$8!
%#.47+$,!8#5+A#&1_!
• .!	#.&47!*#%7(89!'(&0*!+9!T#+$,!#9%.T5+97#8!U7+47!U+55!%&1!%(!97.&#!T#9%!G&.4%+4#^!
8#T.%#! 0$8#&G+$$+$,! A.50#9^! 97.&#! 	(0&4#9! .$8! 9##R! 4($9+9%#$41! +$! .GG&(.47!
U7#&#A#&!+%!+9!.GG&(G&+.%#_!
• .! G&(,&.**#! ('! 90G#&A+9(&! 8#A#5(G*#$%! 9#99+($9! +9! T#+$,! #9%.T5+97#8! %(! 90GG(&%!
8+99#&%.%+($!90G#&A+9(&9!.4&(99!:X:_!
• .!&#A+#U!('!%7#!.55(4.%+($!('!7(0&9!'(&!8+99#&%.%+($!90G#&A+9+($!+9!T#+$,!0$8#&%.R#$Q!
67#!	#.&47!.+*#8!%(!.&&+A#!.%!G&.4%+4.5!9(50%+($9!%(!%7#!G&(T5#*9!'.4#8!T1!%7#!G.&%+4+G.$%9!
.$8!%7+9!.+*!7.9!.5&#.81!T#,0$!%(!T#!&#.5+9#8^!.9!8#*($9%&.%#8!T1!%7#!&#.5+9.%+($!('!9(*#!('!
%7#!.4%+($!G(+$%9!.&+9+$,!(0%!('!%7#!	#.&47Q!!
bZ!P&*&)&'4&9!
/$8#&9($^! "Q^! E.1^! FQ! .$8! a4-.0,75+$^! )Q! H>IIdK^! ba.9%#&+$,! %7#! 8+99#&%.%+($;! 5#4%0&#&9b!
&#G	#$%.%+($9!('! %7#!G0&G(9#9! .$8!G&(4#99#9!('!a.9%#&b9! 5#A#5! 8+99#&%.%+($! 90G#&A+9+($b^!
D%0/+#)$+.$P+1"#($Q/0'&%+-.!NCH>K;!CJYOCdZQ!
X#55^!eQ!H>IILK^!N-+.1$E-0($(#)#&('"$2(-d#'%!HX#&R97+&#;!`G#$!@$+A#&9+%1!)cKQ!
X#$9($^! /Q! .$8! X5.4R*.$^! EQ! H>IIN^K! b".$! 	#.&47!*#%7(89! #A#&! T#! +$%#	%+$,pb^!B'%+7#$
,#&(.+.1$+.$P+1"#($Q/0'&%+-.!JHCK;!NYOLLQ!
"0$$+$,7.*^!eQ!XQ!HCYYNK^!B'%+-.$(#)#&('"$&./$-(1&.+)&%+-.&,$/#7#,-23#.%!H-($8($;!)&.#,#&KQ!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >CL!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
?(5#4^!?Q! HCYZIK^!B0%-.-3E$&./$*-(#+1.$,&.10&1#$,#&(.+.1! H:%&.9T(0&,^! <&.$4#;!"(0$4+5! '(&!
"05%0&.5!"(O(G#&.%+($!('!%7#!"(0$4+5!('!20&(G#KQ!
e(7$9($^!)Q!.$8!E0T#&5#1^!eQ!H>IIdK^!k./#()%&./+.1$a&.&1#3#.%$`#)#&('"!H-($8($;!:/f2KQ!
-#U+9!aQ!HCYYZK^!b<(409!,&(0G!+$%#&A+#U9!+$!\0.5+%.%+A#!	#.&47;!.!&#A+#U!('!%7#!5+%#&.%0&#b^!
B'%+-.$`#)#&('"$Q6`#2-(%)4$>Q!/A.+5.T5#!.%;!7%%G;VVUUUQ'79Q0918Q#80Q.0V.&(UV.&#&VII>Q7%*!!
-+%%5#^!EQ!HCYYCK^!5#&(.#($B0%-.-3EJ$N#*+.+%+-.)4$+))0#)$&./$2(-9,#3)!HE0T5+$;!/0%7#$%+4KQ!!
-+%%5#^!EQ! HCYYJK^! b-#.&$#&!/0%($(*1;!/! %7#(&#%+4.5!4($9%&04%!.$8! +%9!G&.4%+4.5!.GG5+4.%+($b^!
N+#$g#0#(#.$D2(&'"#.!YN;!JNIOJJ>Q!
F.*^! XQ! HCYYMK^! b:%15#! .$8! o0.5+%1! +$! c#9#.&47! :0G#&A+9+($;! 67#! :0G#&A+9(&! E#G#$8#$41!
<.4%(&b^!P+1"#($Q/0'&%+-.!NJ;!ZCOCINQ!
F#9%#$^!"Q!HCYZMK^!W./#2#./#.%$5#&(.+.1!Hc#,+$.;!:.9R.%47#U.$!2804.%+($KQ!
F�,#&^!cQ!/Q!HCYZZK^!S-'0)$1(-02)J$&$2(&'%+'&,$10+/#$*-($&22,+#/$(#)#&('"!H-($8($;!:.,#KQ!!
:47*#$R^!XQ!H>IILK^!bf5(T.5+9+$,!-#.&$#&!/0%($(*1b !̂!QDe5$q0&(%#(,E!NYHCK;!CIMOCCZQ!
6(88^!aQ!eQ^!:*+%7^!FQ!.$8!X.$$+9%#&^!)Q!H>IIdK^! b:0G#&A+9+$,!.!9(4+.5!94+#$4#!0$8#&,&.80.%#!
8+99#&%.%+($;! 9%.''! #3G#&+#$4#9! .$8! G#&4#G%+($9b^!!#&'"+.1$+.$P+1"#($Q/0'&%+-.! CCH>K;! CdCO
CMNQ!
S((57(09#^!aQ! H>II>K^! b:0G#&A+9+$,!8+99#&%.%+($!G&(=#4%9;! #3G#4%.%+($9!('! 90G#&A+9(&9! .$8!
9%08#$%9b^!W..-7&%+-.)$+.$Q/0'&%+-.$&./$!#&'"+.1$W.%#(.&%+-.&,!NYH>K;!CNMnCJJQ!
bZL!!>-G5-+.)/H71!
E#047.&^!cQ!H>IIZ^K!b<.4+5+%.%(&^!8+%(&!(&!4&+%+4.5!'&+#$8p;!4($%&.8+4%+($!.$8!4($,&0#$4#!+$!
8(4%(&.5!90G#&A+9+($!9%15#9b^!!#&'"+.1$+.$P+1"#($Q/0'&%+-.!CNHJK;!JZYOLIIQ!
:.&=.^!/Q! .$8! e.$7($#$^!:Q! H>IIYK^! ba#%7(8(5(,+4.5!c#'5#4%+($9;! 90G#&A+9(&1!8+94(0&9#9!.$8!
G&.4%+4#OT.9#8!5#.&$+$,b^!!#&'"+.1$+.$P+1"#($Q/0'&%+-.!CJHdK;!dCYOdNIQ!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >Cd!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
kZ!%HH&'8-4&9!!
kZL!%HH&'8-3!L!
67#! 	#.&47! +9! 8#9+,$#8! %(! +8#$%+'1! 7(U!8+99#&%.%+($9! .&#!*.$.,#8! .4&(99! %7#! '.405%1! .9!
%7#&#!+9!$(!#A+8#$4#!%7.%!%7#&#!7.9!T##$!.$!.08+%!('!%7+9!.99#99*#$%!%.9RQ!67+9!+9!('!4&+%+4.5!
+*G(&%.$4#! +$!%#&*9!('!\0.5+%1!.$8!#$7.$4#*#$%!.9!%7#!8+99#&%.%+($!.44(0$%9! '(&!T#%U##$!
JLr! O! dIr! ('! %7#! 4+%! &#\0+! %(! &#.47! %7#! *.9%#&9! 5#A#5Q! 67#! (0%G0%9! +$! %#&*9! ('!
G0T5+4.%+($!.$8!(GG(&%0$+%+#9!'(&!)7E!9%081!.&#!.59(!+*G(&%.$%!.%!.!%+*#!U7#$!%7#!'.405%1!+9!
&#O5.0$47+$,!%7#!:7#''+#58!X09+$#99!:47((5Q!!
67#&#! +9! .$#48(%.5! #A+8#$4#! %7.%! G&.4%+4#! +$! %7+9! .&#.! +9! +$4($9+9%#$%! .$8! %7.%! \0.5+%1!
9%.$8.&89!.&#!A.&+.T5#!+$!%#&*9!('!.GG5+4.%+($!('!90G#&A+9+($!.$8!'##8T.4R!($!	#.&47Q!S#!
7.A#! 5+%%5#! #A+8#$4#! .9! %(! U7#%7#&! (GG(&%0$+%+#9! '(&! 4(55.T(&.%+A#! 	#.&47! U+%7!
(&,.$+9.%+($9!.$8!*.$.,#&9!.&#!T#+$,!8#A#5(G#8Q!S7+5#!%7+9!	#.&47!U+55!G&(A+8#!T#$#'+%9!
+$! %#&*9! ('! G&(A+8+$,! .! 4(7#&#$%! .$8! '.405%1!U+8#! 9%&.%#,1! '(&! 8+99#&%.%+($! 	#.&47! %7+9!
*09%!T#!+$!%7#!4($%#3%!('!8#A#5(G+$,!.$8!#*T#88+$,!5#.&$#&!.0%($(*1Q!67#!8+99#&%.%+($!+9!
%7#!405*+$.%+($!('!*.9%#&b9!5#A#5!9%08+#9!.$8!+9!%7#!05%+*.%#!+$!5#.&$#&!.0%($(*1^!(&!97(058!
T#^!T0%!%7+9!+9!U7.%!%7#!	#.&47!+9!8#9+,$#8!%(!+$A#9%+,.%#Q!
67#!%#&*9!('!&#'#&#$4#!'(&!%7+9!	#.&47!.&#;!
• c#A+#U!%7#!90G#&A+9+($!G&(4#99!09#8!T1!*.9%#&9VaX/!G&(,&.**#9_!
• 23G5(&#!%7#!5#A#5!.$8!8#,&##!('!5#.&$#&!V!	#.&47#&!.0%($(*1_!
• 2A.50.%#!%7#!.GG&(.47!%(!	#.&47!*#%7(89!%#.47+$,!.$8!8#9+,$!('!*(805#9_!
• c#A+#U!%7#!&.$,#!('!.99#99*#$%!4&+%#&+.!09#8!.4&(99!%7#!G&(,&.**#9_!
• 2A.50.%#!%7#!&.$,#!.$8!\0.5+%1!('!'##8T.4R!G&(A+8#8!%(!	#.&47!9%08#$%9_!
• "($9+8#&!%7#!#3%#$%!%(!U7+47!8+99#&%.%+($!	#.&47!5#.89!($!%(!)7E!9%081Q!
67#&#!.&#!.!$0*T#&!('!+990#9!%7.%!U+55!$##8!%(!T#!4($9+8#!T1!%7(9#!5#.8+$,!%7#!	#.&47!
G&(=#4%Q!67#9#!.&#!.9!'(55(U9;!
• 67#! $0*T#&! ('! 	#.&47! *#%7(89! *(805#9! .%! G	#$%! T#+$,! 8#5+A#! .4&(99! %7#!
'.405%1_!
• 23G5(&+$,!%7#!9%08#$%!#3G#&+#$4#!('!90G#&A+9+($!.$8!5#.&$#&!.0%($(*1_!
• 67#!#3%#$%!%(!U7+47!%7#!8+99#&%.%+($!*(805#!&#A+#U!'(&*9!G.&%!('!%7#!/oc!G&(4#99_!
• 67#!$0*T#&!.$8!\0.5+%1!('!%7#!.99#99*#$%!'##8T.4R!*.%&+4#9_!
• ?(U!90G#&A+9+($!+9!8#5+A#!.$8!7(U!90G#&A+9(&9!.&#!90GG(&%#8!.$8!8#A#5(G#8_!
• ?(U!'##8T.4R!($!	#.&47!+9!8+99#*+$.%#8!%(!	#.&47!9%08#$%9_!
• 67#!9.*G5+$,!.$8!*(8#&.%+($!G&(4#99!+$!%#&*9!('!4($9+9%#$41!.$8!\0.5+%1_!
• :%08#$%!G&(,c+($!%(!)7E!V!EX/!	#.&47!
l67#!'0$8+$,!'(&!%7#!G&(=#4%!U.9!.A.+5.T5#!'(&!CZ!*($%79!4(**#$4+$,!+$!e.$0.&1!>IIYQ!67#!
9#5#4%+($!('! %7#!	#.&47#&!U.9!('!4&+%+4.5! +*G(&%.$4#! %(! %7#!9044#99!('! %7+9!G&(=#4%Q!67#&#!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >CM!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
U#&#! G(%#$%+.5! +990#9! .T(0%! 7(U! 9%.''! U+55! #$,.,#! U+%7! %7+9! G&(=#4%! +'! $(%! *.$.,#8!
9#$9+%+A#51Q! 67#&#!U.9! .! ,((8! 4.9#! 7#&#! '(&! #*G5(1+$,! .! 	#.&47! 9%08#$%!U7(!U(058! T#!
(T=#4%+A#!.$8!*(&#!4.G.T5#!('!,#%%+$,!90GG(&%!.4&(99!%7#!'.405%1Qm!!
>!&T#.$*(-3$S&'0,%E$N+))#(%&%+-.$`#)#&('"4$@-/*(#E$O(&+T$6$::^::^K;;HL$
kZM!%HH&'8-3!M!I!<+409!X)+0H!K0&9(-+'9!
67#! '(55(U+$,! \0#9%+($9!7.A#! T##$! 8#&+A#8! '&(*! %7#! ,&(0G! '##8T.4R! '&(*! %7#! 9#99+($! ($!
8#'+$+$,!5#.&$#&!.0%($(*1!.$8!#3G5(&+$,!8+99#&%.%+($!#3G#&+#$4#9Q!
W'!1(0!.9R!.9!*.$1!4(55#.,0#9!($!1(0&!4(0&9#!%7#9#!\0#9%+($9^!4(55#4%!%7#!	G($9#9!1(0!4.$!
&#G(&%!%7#9#!.%!%7#!9#99+($!($!%7#!CZ%7!a.1Q!
CQ S7.%!U.9!1(0!#3G#&+#$4#!('!9%081!+$!%7#!'+&9%!*($%7!('!%7#!4(0&9#p!!
>Q S7.%!+9!%7#!+*G.4%!('!%7#!8+A#&9#!T.4R,&(0$8!('!9%08#$%9!($!9%081+$,!.$8!5#.&$+$,p!!
NQ S7.%!+9!1(0&!#3G#&+#$4#!('!9%081+$,!+$!%7#!@F!A#&909!1(0&!#3G#4%.%+($p!!
JQ S7.%!U(058!1(0!U.$%!%(!*(8+'1!+$!.!T#%%#&!U.1!%(!*.R#!.!8+''#&#$4#p!!
LQ S7.%!+9!%7#!T#9%!U.1!%(!,#%!+$'(&*.%+($!'&(*!9%08#$%9p!
dQ 6(!1(0!'##5!1(0!7.A#!%7#!.T+5+%1!%(!9%081!($!1(0&!(U$p!
MQ S7.%!U.9!1(0&!#3G#4%.%+($!.T(0%!%7#!5#A#5!('!9%081!('!%7#!4(0&9#p!
ZQ S7.%!8(!1(0!#3G#4%!'&(*!%7#!8+99#&%.%+($!90G#&A+9(&!+$!%#&*9!('!90GG(&%p!
YQ S7.%!G&(T5#*9!(&!+990#9!7.A#!1(0!'.4#8!+$!8(+$,!1(0&!8+99#&%.%+($p!
CIQ ?(U!U(058!1(0!T0+58!.!.%+($97+G!U+%7!%7#!%0%(&9p!
!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >CZ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
kZN!%HH&'8-3!N!I!)&9&/)47!,&(7+89!,+805&!/08-(!
a(805#!
4(8#!
a.9%#&9!90T=#4%!.&#.! D.*#! ('! ca!
*(805#!
"(0&9#9!4(A#! 25#4%+A#! (&!
*.$8.%(&1!
"+%!
&.%+$,!
E0&.%+($! E#5+A#&1!
*(8#!!
2A+8#$4#! ('!
	#.&47! *#%7(89!
#%7+49! 9%.%#*#$%! +$!
,0+8#!
>LOMXCCO
II:!(&!>LO
M2INOII9!
"7.$,#!.$8!4($905%.$41! c#9#.&47!*#%7(89! ! *.$8.%(&1! CL! >I!7(0&9! ! !
>LOM:I>O
II:!
a/!::caV)7E! c#9#.&47! 8#9+,$!
.$8!#3#40%+($!
a/!::caV)7E! *.$8.%(&1! NI! JL!7(0&9! T5(4R! 1#9!
>LOM/CdO
II:!
X.$R+$,! .$8! <+$.$4#Vc+9R!
*.$.,#*#$%! .$8! 9%&.%#,+4!
'+$.$4+.5!*.$.,#*#$%!!
c#9#.&47!*#%7(89! ! *.$8.%(&1! CI! >I!7(0&9! ! !
>LOMECNO
II:!
W$%#&$.%+($.5! X09+$#99!
*.$.,#*#$%! .$8! %7#!
,5(T.5+9.%+($!('!T09+$#99!
c#9#.&47!*#%7(89! ! *.$8.%(&1! CL! JL!7(0&9! ! !
! EX/! c#9#.&47! 8#9+,$!
.$8!#3#40%+($!
EX/! *.$8.%(&1! $V.! JL!7(0&9!! ! $(!
>LOMaICO
II:!(&!>LO
MaICOII[!
aX/! "&+%+4.5! %7+$R+$,!
.$8!	#.&47!
! *.$8.%(&1! CL! NI!7(0&9! ! !
>dOM@C>O
II:!
<.4+5+%+#9!*.$.,#*#$%! c#9#.&47!*#%7(89! ! *.$8.%(&1! CL! NI!7(0&9! ! !
! :G(&%! .$8! 5#+90&#!
*.$.,#*#$%!
"&+%+4.5! %7+$R+$,!
.$8! +$A#9%+,.%+($!
*#%7(89!
! *.$8.%(&1! CL! >J!7(0&9! ! !
JJOMYMLO
II:!
W$%#&$.%+($.5! #A#$%9_!
7(9G+%.5+%1!.$8!%(0&+9*!
c#9#.&47!*#%7(89! ! ! ! Nd!7(0&9! ! !
!! ! c#'5#4%+A#!
*.&R#%+$,!
G&.4%+%+($#&!
! ! ! ! ! !
! X09+$#99!.$8!<+$.$4#;! '((8!
*.$0'.4%0&+$,!
*.$.,#*#$%!
	#.&47!*#%7(89! ! ! ! ! ! !
! X09+$#99! .$8! <+$.$4#;!
70*.$!	(0&4#!5#.8#&97+G!
	#.&47!
*#%7(8(5(,+#9! .$8!
	#.&47!*#%7(89!
! *.$8.%(&1! CL! >L!7(0&9! ! !
! X09+$#99! .$8! '+$.$4#;!?ca!
O!8#A#5(G*#$%!
	#.&47! *#%7(89!
.$8!4($905%.$41!
! *.$8.%(&1! CI! >I!7(0&9! ! !
! X09+$#99! .$8! <+$.$4#;!
5#.8#&97+G! .$8!
*.$.,#*#$%!
	#.&47!
*#%7(8(5(,+#9! .$8!
	#.&47!*#%7(89!
! *.$8.%(&1! CI! Cd!7(0&9! ! !
! X09+$#99! .$8! '+$.$4#;!aX/!
)&.,0#!
c#9#.&47!
*#%7(8(5(,1! .$8!
8+99#&%.%+($!
90GG(&%!
! *.$8.%(&1! CL! NI!7(0&9! ! !
! X09+$#99! .$8! '+$.$4#;! 6oa!
.$8!`2!
	#.&47!*#%7(89! ! *.$8.%(&1! CL! >L!7(0&9! ! !
>LOMXCCO
II:!(&!>LO
M2INOII9!
?caV`X! 	#.&47!*#%7(89! a:4!`E!h!
"($905%.$41!a:4!
"7.&+%1!!
c#9(0&4#!a,*%!
a:4!"(.47+$,!h!
a#$%(&+$,!a:4!
:2!E#A#5(G*#$%!!
! CL! >C!7(0&9! ! W$! a#$%(&+$,! .$8!
4(.47+$,!
>LOM<CJO
IC/!
6oa! 	#.&47!*#%7(89! ! *.$8.%(&1! CL! C>L!
7(0&9!
! !
! <+$.$4#! 	#.&47!*#%7(89! a/!<+$.$4#!a/!
X.$R+$,!.$8!
<+$.$4+.5!
a.&R#%9!a/!
/44(0$%+$,!.$8!
<+$.$4#!a/!c+9R!
a.$.,#*#$%!
! ! ! ! 1#9!
!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >CY!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
kZO!%HH&'8-3!O!I!+0(4+,&9!
:7#''+#58!X09+$#99!:47((5!
c#9#.&47!a#%7(89!a(805#9!+$!a.9%#&9!)&(,&.**#9!
W$%&(804%+($!
/%! %7#! 9%.&%! ('! %7#! >IIYVCI! .4.8#*+4! 1#.&! -+g! E(7#&%1! .$8! W9(T#5! E((5#! 0$8#&%((R! %(!
4($804%!.!&#A+#U!('!%7#!	#.&47!*#%7(89!*(805#9!40&&#$%51!($!(''#&!U+%7+$!:X:Q!67+9!U.9!
+$! 	G($9#! %(! ,#$#&.5! 4($4#&$! %7.%! %7#&#! *+,7%! T#! .! *05%+G5+4+%1! ('! 	#.&47! *#%7(89!
*(805#9!T#+$,!(''#!.$8!+$4($9+9%#$4+#9! +$!(0&!	#.&47!*#%7(89!%#.47+$,Q!S#!.59(!7.8!
9(*#!4($4#&$9!%7.%!	#.&47!#%7+49!U.9!$(%!.5U.19!T#+$,!4(A#!+$!*(805#9!.$8!%7.%!*(&#!
9#40&#!#%7+4.5!94&0%+$1!U.9!$##8#8!'(&!*.9%#&9b!	#.&47Q!/%!%7#!9.*#!%+*#^!f(8'!"&.+R!
7.8!#*T.&R#8!($!.!G+#4#!('!	#.&47!+$%(!5#.&$#&!.0%($(*1!U7+47!+$4508#8!.$!#A.50.%+($!('!
%7#!*.$.,#*#$%!('!8+99#&%.%+($9!U+%7+$!:X:Q!S#!U#&#!.T5#!%(!+$'50#$4#!9(*#!('!f(8'b9!
	#.&47!\0#9%+($9!.$8!09#!9(*#!('!7+9!'+$8+$,9Q!67#!G.G#&!T#5(U!4(A#&9!%7#!'(55(U+$,!.&#.9;!
• /GG&(.47!
• /08+%!('!40&&#$%!	#.&47!*#%7(89!*(805#9!
• :%08#$%!A+#U9!
• :%.''!A+#U9!
• "($4509+($9!.$8!c#4(**#$8.%+($9!
%HH)+/47!
S#! '+&9%! (T%.+$#8! .! 5+9%! ('! .55! %7#!*.9%#&9b! 	#.&47!*#%7(89!*(805#9! .$8! %7#! .99(4+.%#8!
*(805#!9G#4+'+4.%+($9Q!/GG#$8+3!C!5+9%9!.55!('!%7#!*(805#9!U#!7.A#!+8#$%+'+#8^!%(,#%7#&!U+%7!
9(*#!4(**#$%.&1!.T(0%!%7#*Q!
f(8'b9!G&+*.&1!8.%.!4(55#4%+($!U.9!4(*G&+9#8!('!%7&##!'(409!,&(0G9^! %U(!U+%7!*.9%#&9b!
9%08#$%9!.$8!($#!U+%7!9%.''Q!67#!9%08#$%!'(409!,&(0G9!U#&#!U+%7!W$%#&$.%+($.5!X09+$#99!H>C!
G#(G5#K!.$8!aX/!9%08#$%9!HCL!G#(G5#KQ!67#!9%.''!,&(0G!U.9!*.8#!0G!('!9+3!G#(G5#!U7(!.&#!
+$A(5A#8! +$! %7#! 8#5+A#&1! ('! 	#.&47!*#%7(89! %#.47+$,Q! W%! 7.8! T##$! 7(G#8! %(! .99#*T5#! .!
T&(.8#&!&.$,#!('!9%.''!T0%!%7+9!U.9!8+''+405%!%(!.&&.$,#!,+A#$!(%7#&!4(**+%*#$%9Q!!
%08-(!+*!40))&'(!)&9&/)47!,&(7+89!,+805&9!
/GG#$8+3!C!4($%.+$9!.55!('! %7#!*(805#9!U#!7.A#!T##$!.T5#!%(! +8#$%+'1Q! W%! +9!$(%!G(99+T5#!%(!
G&(804#! .$! .T9(50%#51! .440&.%#! 5+9%! .9! %7+9! 4.$! ($51! T#! .! 9$.G97(%! .%! .! G#&+(8! +$! %+*#! O!
*(805#9!.$8!4(0&9#9!.&#!('%#$!0$8#&!&#A+#UQ!
67#!'+&9%!G(+$%!%(!$(%#!+9!7#.&%#$+$,!O!%7#&#!+9!$(%!.!70,#!G&(5+'#&.%+($!('!*(805#9Q!67#!ac#9!
*(805#9!97(058!T#!G0%! %(!($#!9+8#!.9! %7#1!90GG(&%! %7#!)7E!G&(,&.**#^!.$8!%7#!*(805#9!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >>I!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
%(U.&89!%7#!#$8!('!%7#!5+9%!U+%7!%+%5#9!9047!.9!ba#%7(89!('!2$\0+&1b!(&!"&+%+4.5!%7+$R+$,b!.&#!
$(%! 	#.&47! *#%7(89! *(805#9Q! W$! *(9%! 4.9#9! %7#9#! .&#! (''#! +$! .88+%+($! %(! 	#.&47!
*#%7(89! *(805#9! .$8! 7.A#! T&(.8#&! #804.%+($.5! .+*9^! (&! %7#1! 90GG(&%! +$809%&1OT.9#8!
4($905%.$41!G&(=#4%9!U+%7!45+#$%9Q!
a(9%!('!%7#!*(805#9!90GG(&%!*(&#!%7.$!($#!4(0&9#!.$8!%7#1!5((R!#''+4+#$%!H#Q,Q!%7#!*(805#!
90GG(&%+$,! 7(9G+%.5+%1^! %(0&+9*! .$8! #A#$%9_! %7#! *(805#! 90GG(&%+$,! .44(0$%.$41^! '+$.$4#^!
T.$R+$,!.$8!&+9R!*.$.,#*#$%_!.$8!%7#!*(805#!90GG(&%+$,!%7#!47.$,#!90+%#KQ!67#&#!.&#!($51!
.! 7.$8'05! ('! A#&1! 9*.55! .$8! 9G#4+'+4!*(805#9! O! #Q,Q! 90GG(&%+$,! %7#! <.4+5+%+#9!a.$.,#*#$%!
aX/!O!.$8!%7+9!.GG#.&9!=09%+'+#8!,+A#$!%7#!9G#4+.5+9%!$.%0&#!('!%7#!4(0&9#Q!!
/5*(9%!.55!('!%7#!*(805#9!.%%&.4%!CL!4+%9Q!67#!#34#G%+($!%(!%7+9!+9!%7#!*(805#!90GG(&%+$,!
%7#!a:4!+$!?0*.$!c#9(0&4#!a.$.,#*#$%Q!W%!+9!+*G(&%.$%!%(!4($9+8#&!%7+9!+$!.%+($!%(!%7#!
U7(5#!4(0&9#!U7+47!+$4508#9!.!	#.&47!T.9#8!*(805#!b)#&9G#4%+A#9!($!W$%#&$.%+($.5!?cab!
U7+47!+9!+$%#$8#8!%(!G&#G.&#!9%08#$%9!'(&!%7#+&!8+99#&%.%+($9Q!!
67#&#! +9! 4($9+8#&.T5#! (A#&5.G! .4&(99! *(805#9! +$! %7#! 09#! ('! 	#.&47! *#%7(89! %#3%9! %(!
90GG(&%!9%08#$%!5#.&$+$,Q!:(*#!*(805#9!#$,.,#!U+%7!0$8#&G+$$+$,!	#.&47!G7+5(9(G71!'.&!
*(&#! %7.$!(%7#&9! O! %7+9!.GG#.&9! %(!&#'5#4%! %7#!$##89!('! %7#!9%08#$%9!($!G.&%+405.&!4(0&9#9^!
%7(0,7!+%!*.1!.59(!T#!.!'#.%0&#!('!%7#!#3G#&%+9#V.GG&(.47!('!%7#!*(805#!5#.8#&Q!!!!
"(A#&.,#!('!	#.&47!#%7+49!+9!G.%471!O!9(*#!*(805#!9G#4+'+4.%+($9!*.R#!$(!&#'#&#$4#!.%!.55!
%(!	#.&47!#%7+49^!U7#&#!(%7#&9!&#'#&!%(!#%7+49!+$!%7#!5#.&$+$,!(0%4(*#9!.$8V(&!+$8+4.%+A#!
4($%#$%Q!`$51!($#!*(805#!&#'#&9!8+%51!%(!%7#!&#\0+&#*#$%!%(!4(*G5#%#!.!0$+A#&9+%1!#%7+49!
'(&*Q! 67+9! +9! .! U#.R$#99! .4&(99! :X:! .$8! +%! 4(058! T#! .88c#8! #+%7#&! +$! (0&! 	#.&47!
*#%7(89!*(805#9!(&!+$!(0&!8+99#&%.%+($!*(805#9Q!!
W$! *(9%! 4.9#9! %7#! .99+,$*#$%! .%%.47#8! %(! %7#! *(805#! +9! %7#! G&(804%+($! ('! .! 	#.&47!
G&(G(9.5! U7+47! 8&.U9! ($! T(%7! 5+%#&.%0&#! .%#8! %(! %7#! 90T9%.$%+A#! %(G+4! .$8! 5+%#&.%0&#!
.%#8! %(! 	#.&47! *#%7(8(5(,+#9! .$8! 	#.&47! *#%7(89Q! W$! ($#! (&! %U(! 4.9#9! %7#!
.99+,$*#$%!+$A(5A#9!%7#!#A.50.%+($!('!.4.8#*+4!G.G#&9!.$8!%7#!4&+%+\0#!('!	#.&47!*#%7(89Q!
:(08&'(!F-&J9!
67#! *.+$! G(+$%9! #A.$%! %(! 	#.&47! *#%7(89! *(805#9! .&+9+$,! '&(*! %7#! 9%08#$%! '(409!
,&(0G9!U#&#!.9!'(55(U9;!
• `'%#$!9%08#$%9!8(!$(%!R$(U!U7.%!.!8+99#&%.%+($!+9!
• `'%#$! 9%08#$%9! .&&+A#! .%! :?@!U+%7! $(! G&+(&! #3G#&+#$4#! ('! 09+$,! 	#.&47!*#%7(89!
H%7+9!+9!G.&%+405.&51!%7#!4.9#!U+%7!+$%#&$.%+($.5!9%08#$%9K!
• :%08#$%9!'+$8!	#.&47!*#%7(89!9#99+($9!7#5G'05!.$8!+*G(&%.$%!
• :%08#$%9! 5+R#! U(&R+$,! ($! 	#.&47! G&(G(9.59! .9! %7#1! 7#5G! %7#*! U(&R! ($! %7#+&!
8+99#&%.%+($9!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >>C!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
• aX/!9%08#$%9!.GG#.&!$(%!%(!T#!.T5#!%(!5+$R!%7#!4&+%+4.5!%7+$R+$,!*(805#!90''+4+#$%51!
%(!%7#+&!8+99#&%.%+($!G&(=#4%9!
• :%08#$%9! 5+R#!($#O%(O($#!90G#&A+9+($! +$! %7#+&!8+99#&%.%+($9!T0%! '##5! %7.%!d!7(0&9! +9!
$(%!5($,!#$(0,7!!!
:(/**!F-&J9!
67#!*.+$!G(+$%9!#*#&,+$,!'&(*!%7#!9%.''!'(409!,&(0G!U#&#!.9!'(55(U9_!
• 67#!*+$(&+%1! ('! 9%08#$%9! H#9G#4+.551! +$%#&$.%+($.5! 9%08#$%9K! 7.8! 9%08+#8! 	#.&47!
*#%7(89!+$!%7#!G.9%!
• :(*#! 9%08#$%9! .&#! 5#99! #\0+GG#8! %7.$! (%7#&9! %(! 7.$85#! 	#.&47! G7+5(9(G71! H#Q,Q!
9%08#$%9!($!4($A#&9+($!4(0&9#9!*.1!T#!*(&#!47.55#$,#8!T1!%7+9K!
• a(9%! G#(G5#! %7(0,7%! %7#&#! U.9$|%! .! 9%&($,! 4.9#! '(&! .! ,#$#&+4! 	#.&47! *#%7(89!
*(805#! .4&(99! :X:Q! ! 67+9!U.9! T#4.09#! 9G#4+.5+9%!*(805#9!U#&#! ,#.! %(! 9G#4+'+4!
*.&R#%9^!9G#4+'+4!8+94+G5+$#9!.$8!9G#4+'+4!9%08#$%!$##89Q!
• ?(U#A#&!%7#&#!U.9!.!4.9#!'(&!8#A#5(G+$,!*(&#!97.!0$8#&9%.$8+$,!.T(0%!7(U!U#!
%#.47!	#.&47!*#%7(89Q!)#&7.G9!.!'&.*#U(&R!U7+47!4.G%0!9(*#!4(**($!A.50#9!
.$8!.GG&(.47#9Q!
• :(*#!G#(G5#!.&,0#!%7.%!%7#!	#.&47!*#%7(89!*(805#9!97(058!9%.$8!.5($#!.$8!$(%!
$#4#99.&+51!T#!5+$R#8!%(!%7#!8+99#&%.%+($Q!
• 67#&#!U.9! .! ,#$#&.5! A+#U! %7.%!8+99#&%.%+($! 90G#&A+9(&9!$##8#8!*(&#! 90GG(&%! .$8!
8#A#5(G*#$%Q!W$!9(*#!.&#.9!+%!+9!8+''+405%!%(!'+$8!90G#&A+9(&9Q!d!7(0&9!U.9!4($9+8#!
+$90''+4+#$%! '(&! 90G#&A+9+($Q! X#%%#&! 90GG(&%! '(&! 90G#&A+9(&9! U(058! +*G&(A#! %7#!
4($9+9%#$41!('!%7#!9%08#$%9b!8+99#&%.%+($!#3G#&+#$4#Q!
• /!5(%!('!%7#!	G($9+T+5+%1!'(&!90GG(&%+$,!90G#&A+9(&9!5+#9!U+%7!%7#!*(805#!5#.8#&9!('!
	#.&47!*#%7(89!*(805#9! O! +%!U(058! T#! ,((8! %(! ,#%! %7#*! %(,#%7#&! %(! 97.&#! T#9%!
G&.4%+4#Q!!
"+'4509-+'9!/'8!P&4+,,&'8/(-+'9!
S#! 8(! $(%! 7.A#! .! U(&&1+$,! G&(5+'#&.%+($! ('! 	#.&47! *#%7(89! *(805#9! O! +$! '.4%! (0&!
G&(A+9+($!5((R9!&#.9($.T51!#''+4+#$%!.$8!.GG&(G&+.%#Q!f+A#$!%7#!8+''#&#$%!$##89!('!9%08#$%9!
($! 8+''#&#$%! 4(0&9#9VG&(,&.**#9^! 8+''#&#$4#9! +$! #*G7.9+9! .$8! .GG&(.47! .GG#.&! %(! T#!
=09%+'+#8Q!!/$1!*(A#!%(U.&89!̤+$,!%7#!$0*T#&!('!*(805#9!U(058!7.A#!%(!T#!4($9+8#!
+$!%7#!5+,7%!('!%7#!U7(5#!40&&+4050*!('!.!G.&%+405.&!4(0&9#!.$8!%7#&#!8(#9!$(%!.GG#.&!%(!T#!.!
Gc+$,! $##8! %(! 8(! %7+9Q! W%! +9! 45#.&! %7.%! %7#&#! +9! 9%+55! .! 9%&($,! $##8! '(&! 	#.&47!*#%7(89!
*(805#9!,+A#$!%7#!9%08#$%9b!5.4R!('!G&+(&!9R+559^!G.&%+405.&51!.*($,9%!+$%#&$.%+($.5!9%08#$%9Q!
67#!9%08#$%9! %7#*9#5A#9! '+$8! 	#.&47!*#%7(89! 9#99+($9!09#'05! .$8! %7#1! 5+R#!U(&R+$,!($!
	#.&47!G&(G(9.59!%7.%!U+55!'##8!+$%(!%7#+&!8+99#&%.%+($9Q!
"(A#&.,#!('!	#.&47!#%7+49!+9!G.%471!.$8!%7+9!$##89!%(!T#!.88c#8Q!/%!%7#!A#&1!5#.9%!#A#&1!
	#.&47!*#%7(89!4(0&9#!97(058!7.A#!#%7+49!4(A#!+$!T(%7!%7#!5#.&$+$,!(0%4(*#9!.$8!%7#!
+$8+4.%+A#!4($%#$%Q!/!9*.55!,&(0G!7.9!#$%51!T##$!#9%.T5+97#8!T1!%7#!:X:!c#9#.&47!2%7+49!
"(**+%%##!%(!4($9+8#&!7(U!U#!#$90&#!%7.%!#%7+4.5!94&0%+$1!+9!4.&&+#8!U+%7+$!.55!(0&!9%08#$%!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >>>!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
G&(=#4%9^! +$! T(%7! 0$8#&,&.80.%#! .$8! G(9%O,&.80.%#! G&(,&.**#9Q! 67+9! &#A+#U! ('! 	#.&47!
*#%7(89!*(805#9!0$8#&5+$#9!%7#!+*G(&%.$4#!('!%7+9!U(&RQ!
S7+59%! %7#&#! +9!$(!9%&($,!.&,0*#$%! %(!#9%.T5+97!($#!,#$#&+4!	#.&47!*#%7(89!*(805#! '(&!
:X:^!%7#!#A+8#$4#!90,,#9%9!%7.%!U#!4(058!+*G&(A#!%7#!4($9+9%#$41!('!(0&!	#.&47!*#%7(89!
%#.47+$,!.$8!%7#!\0.5+%1!('!(0&!8+99#&%.%+($!90G#&A+9+($Q!67+9!4(058!T#!8($#!T1!#9%.T5+97+$,!
.!	#.&47!*#%7(89!'(&0*!'(&!*(805#!5#.8#&9!.$8!90G#&A+9(&9Q!!
67#!'(55(U+$,!(**#$8.%+($9!.&#!G&(G(9#8;!
CQ S#! 8(! $(%! G0&90#! .! &.8+4.5! &.%+($.5+9.%+($! ('! 	#.&47! *#%7(89! *(805#9! .%! %7#!
G	#$%!%+*#!
>Q S#! &#\0+&#! #A#&1! 	#.&47! *#%7(89! *(805#! 5#.8#&! %(! &#A+#U! %7#+&! *(805#!
9G#4+'+4.%+($9^!*(805#!7.$8T((R9! .$8! %#.47+$,!8#5+A#&1! %(! +$4508#! 	#.&47! #%7+49!
U+%7+$!%7#+&!5#.&$+$,!(0%4(*#9!.$8!*(805#!4($%#$%!
NQ S#!.9R!%7#!9*.55!,&(0G!9#%!0G!T1!%7#!:X:!c#9#.&47!2%7+49!"(**+%%##!%(!*.R#!:X:O
U+8#! (**#$8.%+($9! .T(0%! #%7+4.5! 94&0%+$1! +$! *.9%#&9! H.$8! 0$8#&,&.80.%#K!
8+99#&%.%+($9!!
JQ S#!#9%.T5+97!.!	#.&47!*#%7(89!'(&0*!'(&!	#.&47!*#%7(89!*(805#!5#.8#&9Q!67+9!
U+55!T#!%(!97.&#!T#9%!G&.4%+4#^!8#T.%#!0$8#&G+$$+$,!A.50#9^!97.&#!	(0&4#9!.$8!9##R!
4($9+9%#$41!+$!.GG&(.47!U7#&#A#&!+%!+9!.GG&(G&+.%#!
LQ S#! #9%.T5+97! .! G&(,&.**#! ('! 90G#&A+9(&! 8#A#5(G*#$%! 9#99+($9! %(! 90GG(&%!
8+99#&%.%+($!90G#&A+9(&9!.4&(99!:X:!!
dQ f+A#$!%7#!+*G(&%.$4#!('!%7#!8+99#&%.%+($!+$!:X:!*.9%#&9!G&(,&.**#9!H,#$#&.551!NNr!
('!%7#!9%08#$%9b!9%081K!U#!&#A+#U!%7#!7(0&9!U#!.55(4.%#!%(!90G#&A+9+($Q!
-+g!E(7#&%1!
?#.8!('!c#9#.&47!.$8!E(4%(&.5!)&(,&.**#9!
Y!<#T&0.&1!>ICI!!!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >>N!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
:>:!%HH&'8-3!T!
67&!09&!+*!2I"/9&!:(08-&9!*+)!?:4!6+(/5!V0/5-(1!?/'/.&,&'(!4+0)9&!
?%$SD2!:D%DSQ%W!Y:Z?%$SD2[:DEZ%"ZE\]!
2I"/9&!:(081!*+)!?:4!6V?!4+0)9&;!
67+9!	#.&47!G&(A+8#8!.$!(GG(&%0$+%1!'(&!#3.*+$+$,!.$8!8#A#5(G+$,!5#.&$#&!.0%($(*1!T1!
09+$,!4.9#!9%08+#9!($!,&(0G!('!8+9%.$4#!5#.&$+$,!9%08#$%9Q!!!
67+9! 9%081! 7.9! (0%5+$#8! '.4%(&9! .99(4+.%#8! U+%7! 5#.&$#&! .0%($(*1! .9! U#55! .9! '.4%(&9!
#$7.$4+$,!9%08#$%b9!5#.&$#&!.0%($(*1Q!
L]!P/(-+'/5;!
2A#&1!1#.&! %7#&#! .&#! 9#A#&.5! +$8+4.%+($9!('! +$%#	%9! '&(*!a:4!6(%.5!o0.5+%1!a.$.,#*#$%!
.$8!`&,.$+9.%+($.5!234#55#$4#!9%08#$%9!($!4($%+$0.%+($!('!%7#+&!9%081!%(!)7E!5#A#5Q!W$!(&8#&!
%(!T#!+$!G(9+%+($!%(!90GG(&%!%7#+&!+$%#	%^!%7#1!4.$!9%081!+$8#G#$8#$%51!.$8!8#A#5(G!.!*+$+!
4.9#!9%081Q!!67+9!(0%G0%!4.$!T#!09#8!.9!.$!.99#99*#$%!.$8!#A.50.%+($!('!%7#+&!R$(U5#8,#!($!
*(A#! %(! )7EQ! ! /88+%+($.551^! %7#! (0%G0%! 4.$! T#! 09#8! %(U.&89! %7#+&! '+$.5! 8+99#&%.%+($! .$8!
G(99+T51!G0T5+4.%+($9!%(!T#!G	#$%#8!+$!4($'#&#$4#9!(&!=(0&$.59Q!
67+9!U+55!*(%+A.%#!9%08#$%9!%(!,(!%7&(0,7!%7+9!#3G#&+*#$%!.9!%7#1!4.$!9##!9(*#!T#$#'+%9!'(&!
%7#*9#5A#9Q!67#!9#5#4%+($!('!.&#.!('!+$%#	%!.$8!*#%7(8!('!*.$.,+$,!%7#!G&(4#99!U(058!T#!
A#&1!'5#3+T5#!.$8!9%08#$%!U(058!T#!G&(A+8#8!U+%7!.!%#*G5.%#!.$8!'&.*#U(&R!%(!4.&&1!(0%!%7#!
%.9RQ!
67+9! '+$.5! (0%! 4(*#!U(058!T#! +$! .! '(&*.%!('! .$!2O4.9#! 9%081! .$8! %7.%! 4.$!T#! .44#99#8!T1!
(%7#&!9%08#$%9!'(&!'##8T.4R!.$8!'0&%7#&!8+94099+($9Q!
M]!$-(&)/(0)&!)&F-&J;!
W$! 5.9%! 8#4.8#! %7#&#! 7.9! T##$! $0*T#&! ('! 	#.&47#9! ($! 5#.&$#&! .0%($(*1Q! ! "(%%#&.55! .$8!
"&.TT#!H>IIZK!.%%#*G%#8! %(!8#'+$#! %7#! %#.47#&O5#.&$#&!.%+($97+G! +$!.0%($(*1! 5#.&$+$,Q!!!
67#1! 7.A#! +8#$%+'+#8! %7#! .%+($97+G! T#%U##$! %7#! 5#A#5! ('! R$(U5#8,#! ('! 5#.&$#&! .$8!
9#5#4%+($!('!%.9R9Q!!"(%%#&.55!.$8!"&.TT#!H>IIZK!T#5+#A#8!%7.%!%(!*.R#!.$1!9#$9#!('!.0%($(*1!
5#.&$+$,! ($#! $##89! %(! 9%.&%! U+%7! T#5+#'9^! 0$8#&9%.$8+$,! .$8! .4%+($9! %7.%! +8#$%+'1! %7#!
5#.&$#&V%#.47#&! &(5#9Q! ! 67#1! T#5+#A#! .$1! 4($$#4%+($! T#%U##$! %#.47#&! .$8! 5#.&$#&9! .&#!
8#G#$8#$%!($!#$A+&($*#$%!.$8!90&&(0$8+$,9!('!5#.&$#&!.$8!%7+9!+9!.$!+*G(&%.$%!'.4%(&!($!
9#5#4%#8!	#.&47!9.*G5#Q!!
a.$1! %#.47#&9! T#5+#A#! ($! +*G(&%.$4#! ('! +$4(&G(&.%+$,! G&+$4+G5#9! ('! 5#.&$#&! .0%($(*1!
H"(%%#&.55^!>IIIK! +$! %7#+&! %#.47+$,!9%&.%#,1Q! !67#1!.&#! 4($A+$4#8!9%08#$%9!.&#!.T5#! %(! %.R#!
47.&,#!('!%7#+&!(U$!5#.&$+$,!+$%(!%7#+&!G&.4%+4#!H?(5#4!CYZCKQ!!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >>J!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
X.9#8!($!"(%%#&.55!#%!.5!H>IIIK!	#.&47^!.0%($(*1!7.9!T##$!8#'+$#8!.9!+$A(5A+$,!9%08#$%b9!
4.G.4+%1! %(! 09#! %7#+&! 5#.&$+$,! +$8#G#$8#$%51! ('! %#.47#&9Q! 67+9! +9! U7#$! .0%($(*1! U+55!
T#4(*#!.!4#&%.+$!,(.5!'(&!5#.&$#&9Q!
W$!%7+9!4.9#!5#.&$#&9!.&#!+$A(5A#8!.$8!G5.1!8+''#&#$%!&(5#9!.$8!%7#+&!&(5#9!U(058!T#!A.&+#8!.9!
.%%+%08#9^!T#5+#'9^!9%&.%#,+#9!('!#.47!5#.&$#&!.&#!8+''#&#$%Q!W$!90GG(&%!('!%7.%!-##!HCYYZK!7.9!
T##$! 90,,#9%#8! %7.%! A(50$%.&1! 9#5'O8+%#8! 5#.&$+$,! G&(,&.**#! U+55! 7#5G! 5#.&$#&9! %(!
T#4(*#!.0%($(*(09Q!!
"(%%#&.55! H>IIIK! 7.9! +8#$%+'+#8! %7.%! %(! 8#A#5(G! .! 4(0&9#! U7+47! +9! 90GG(&%+$,! 5#.&$+$,!
.0%($(*1!'+A#!G&+$4+G5#9!+$!8#9+,$+$,!97(058!T#!4($9+8#!
• 5#.&$#&!,(.59^!!
• %7#!5#.&$+$,!G&(4#99^!
• %.9R9^!
• -#.&$#&!9%&.%#,+#9^!.$8!!
• &#'5#4%+($!($!5#.&$+$,Q!!!!!!
`$!.88+%+($!%7#&#!.&#!$0*T#&!('!47.55#$,#9!($!+$4&#.9+$,!5#.&$#&9b!.T+5+%1!%(!b%.R#!47.&,#!('!
%7#+&!5#.&$+$,b!H?(5#4!CYZCKQ!!67#!*.+$!+990#!+$!8#9+,$!('!.!4(0&9#!'(&!5#.&$#&!.0%($(*1!+9!%(!
+8#$%+'1!7(U!%(!90GG(&%!5#.&$#&!%(!%&.$9'#&!%7#!	G($9+T+5+%1!'(&!8#4+9+($O*.R+$,!%(!5#.&$#&!
'(&*!%#.47#&Q!
6(! 8#9+,$! .$! .4%+A+%1! %(!G&(*(%#! 5#.&$#&! .0%($(*1!($#! $##89! %(! 9#%! (0%! ,(.59!U7+47! %7#!
5#.&$#&! 4($9+8#&! .9! +*G(&%.$%! %(! 7+9V7#&! 5#.&$+$,! HX&##$! .$8! ".$85+$^! CYZIKQ! ! c#905%9! ('!
*.$1! 	#.&47! 8#*($9%&.%#8! %7.%! 5#.&$#&9! .&#! $(%! 5#.&$+$,! 0$5#99! %7#1! 7.A#! .$! +8#.9! ('!
U7.%!%7#1!.&#!%&1+$,!%(!.47+#A#!.$8!U7.%!+9!%7#!&#'5#4%+($!('!%7.%!($!%7#+&!5#.&$+$,Q!/59(!%7#1!
97(058!$(%!4($9+8#&+$,!%&.8+%+($.5!A+#U!('!%#.47#&9!.$8!5#.&$#&9!U7#&#!%#.47#&!+9!%7#!#3G#&%!
.$8!5#.&$#&!+9!$(A+4#!H"(%%#&.55!#%!.5^!>IIIKQ!
N]!P&*5&4(-+'!+'!5&/)'-'.!
67#!90&&(0$8+$,9!.$8!#$A+&($*#$%!('!5#.&$#&!4.$!G5.1!.$!+*G(&%.$%!&(5#!($!%7#+&!5#.&$+$,Q!
E.*!.$8!-#,#$7.09#$!HCYYYK!90,,#9%#8! %7.%! %(!*#.90&#!%7#!#''#4%+A#$#99!('! %7#! 5#.&$+$,!
#$A+&($*#$%! 1(0! 4.$! .99#99! %7#! 5#.&$#&9b! .T+5+%1! %(! &#'5#4%! 4&+%+4.551! ($! %7#+&! 5#.&$+$,Q!`$!
.88+%+($! +%! +9!G(99+T5#! %(!&#A+#U!G.9%!.$8! '0%0&#! 5#.&$+$,!#3G#&+#$4#9! +$!(&8#&! %(!#$7.$4#!
5#.&$+$,!('!%7#!'0%0&#^!($!%7#!(%7#&!U(&8!+$!.0%($(*(09!#804.%+($!%7#!5#.&$+$,!#3G#&+#$4#9!
('!%7#!G.9%!.&#!&#'5#4%#8!.$8!%&.$9'(&*#8!+$%(!G5.$9!'(&!'0%0&#!.4%+($Q!67#&#'(&#!%7#!.*(0$%!
('!#3G#&+#$4#!('!5#.&$#&!+9!.!R#1!'.4%(&!+$!.0%($(*1!.$8!+%!U(058!+$4&#.9#9!.9!.U.&#$#99!('!
.$!+$8+A+80.5b9!5#.&$+$,!,&(U9Q!!
6(!0$8#&9%.$8+$,!.$8!*#.90&#!7(U!%7#!5#.&$#&9!'##5!.T(0%!9047!.4%+A+%1!	#.&47#&!8#4+8#8!
%(! +$A#9%+,.%#! %7#! 5#A#5!('! +$%#	%9!('!9.*G5#!,&(0G!($! ! 5#.&$+$,!.0%($(*1Q!67#!'(55(U+$,!
8.%.!4(55#4%+($!U+55!8#94&+T#9!%7#!'+$8+$,9!('!%7#!	#.&47!!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >>L!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
O]!?&(7+8+5+.1;!
67#!	#.&47!9.*G5#!.&#!,&(0G!('!)(9%!f&.80.%#!E+9%.$4#!-#.&$+$,!9%08#$%9!U7(!7.A#!T##$!
+$A(5A#8!U+%7! 9%081! '(&!*(&#! %7.$!($#!1#.&!.$8!.5&#.81!G.99#8!$0*T#&!('!*(805#9Q!67+9!
,+A#9! .$! (GG(&%0$+%1! %(! #A.50.%#! .$8! T#$47*.&R! %7#! G#&'(&*.$4#! ('! 9%08#$%9! G&+(&! .$8!
.'%#&! %7+9! 	#.&47Q! !67#!9.*G5#!,&(0G!7.A#!#3G#&+#$4#!($!7(U! %(!*.$.,#! %7#! %&.8+%+($.5!
.GG&(.47!('!7.$85+$,!4(0&9#!U(&R9^!H.9!%7#1!7.A#!.5&#.81!90T*+%%#8!*(&#!%7.$!7.5'!('!%7#+&!
4(0&9#!U(&R9KQ! 67#1! .&#! 9#5'! 8+94+G5+$#8! .$8! 7.A#! 4($9+8#&.T5#! .*(0$%! ('! #3G#&+#$4#! ($!
*.$.,+$,!G&(=#4%9Q!67#&#'(&#^! +%!U.9! #3G#4%#8! %(! #+A#! .!G(9+%+A#! '##8T.4R! .$8!.%%+%08#!
%(U.&89!%7#!G&(G(9.5!'&(*!%7#!9.*G5#!,&(0GQ!
T]!S'-(-/5!)&9&/)47;!
E.%.! '(&! %7+9!9%081!U.9!4(55#4%#8!(A#&!.! %U(!G7.9#9! +$!G#&+(8!('!>IIZVCI!'&(*!a:4!6(%.5!
o0.5+%1!a.$.,#*#$%!9%08#$%9!'&(*!%U(!8+''#&#$%!+$%.R#9!+$!%+*#!('!%7#+&!9%081Q!!
67#! 8.%.! U.9! 4(55#4%#8! T1! .! 4(*T+$.%+($! ('! *#%7(89! +$4508+$,! '(409! ,&(0G! 8+94099+($9^!
90&A#19! .$8! +$8+A+80.5! 9%08#$%! +$%#&A+#U9Q!67#! '+&9%! 90&A#1!U.9! 4(*G5#%#8! .%! %7#! 9%.&%! ('!
[#.&!C!.$8!U.9!'(55(U#8!T1!'(409!,&(0G!8+94099+($9Q!67#!9#4($8!90&A#1!%((R!G5.4#!%(U.&89!
%7#!#$8!('!%7#!9#4($8!1#.&Q!!67#!5#A#5!('!9%08#$%!G.&%+4+G.%+($!+$!%7#!G&(=#4%!+9!+$8+4.%#8!+$!
%.T5#!CQ!!
67+9! 	#.&47! %((R! G5.4#! +$! %U(! 1#.&9! .$8! &#A#.5#8! .! *+3%0&#! ('! '##5+$,9! %(U.&89! %7#!
.0%($(*1Q!
TZL]!P&9&/)47!:/,H5&;!
6U(!,&(0G9!('!9%08#$%9!U#&#!+$A#9%+,.%#8!.$8!#+A#8!.!\0#9%+($$.+&#!.$8!U#$%!%7&(0,7!
9(*#!($#!%(!($#!+$%#&A+#U9Q!
f&(0G!/!7.9!=09%!#$%51!=(+$#8!%7#!a:4!4(0&9#!.$8!%7#1!.&#!+$!'055O%+*#!=(T9Q!67#1!.&#!+$!
&.$,#! ('! >LOLI! 1#.&9! (58! .$8! 7.A#! T##$! %7&(0,7! #804.%+($! .$8! 7.A#!E#,&##! +$! 8+''#&#$%!
'+#589Q!
f&(0G!X!7.9!,(%!A#&1!9+*+5.&!47.&.4%#&+9%+49!.G.&%!'&(*!%7#+&!9%.%09!+$!#804.%+($Q!67#1!.&#!+$!
%7#+&! 9#4($8! 1#.&! ('! %7#+&! 9%081! .$8! 7.A#! *(&#! %7.$! ($#! 1#.&! ('! #3G#&+#$4#! U+%7+$! %7#!
4(0&9#Q!
67#!%.T5#!T#5(U!8#*($9%&.%#9!%7#!G(G05.%+($!.$8!9.*G5#!9+g#!('!%7#!	#.&47;!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >>d!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
f&(0G! [#.&!
('!
:%081!
/,#! f#$8#&! e(T! X.4R,&(0$8!2804.%+($! )(G05.%+($!
9+g#!
c#9G($8! r!!
c#9G($8!
/! C! >LO
LL!
aV<! <055O
%+*#!
=(T!
E#,&##!G509!*(&#!%7.$!
L!1#.&9!U(&R+$,!
#3G#&+#$4#!
>C! CJ! ddr!
X! >! >LO
LL!
aV<! <055O
%+*#!
=(T!
E#,&##!G509!*(&#!%7.$!
L!1#.&9!U(&R+$,!
#3G#&+#$4#!
CJ! CI! MCr!
!&9,#$:J!)(G05.%+($!9+g#!.$8!c#9G($89!
/!$0*T#&9!('!\0#9%+($9!U#&#!.9R#8!.$8!.$9U#&9!%(!9(*#!('!%7#!\0#9%+($9!.&#!.9!'(55(U;!
.K!:%08#$%9!U#&#!.9R#8!%(!8#'+$#!%7#+&!'##5+$,9!%(U.&89!%7#!(GG(&%0$+%1!%(!G5.$!.$8!8#9+,$!.!
*(805#! %(!T#!4+%#8! %(U.&89! %7#+&!a:4!\0.5+'+4.%+($Q!c#9G($89!.&#!8#*($9%&.%#8! +$! %7#!
%.T5#!T#5(U;!
f&(0G! D0*T#&! ('!
	G($89!
<##5!4(*'(&%.T5#! D(%!90&#! D(%!4(*'(&%.T5#!
/! CJ! >!HCJrK! C!HMrK! CCHMYrK!
X! CI! d!HdIrK! >!H>IrK! >H>IrK!
!&9,#$KJ$:.*G5#!'##8T.4R!($!5#.&$+$,!.0%($(*1!
D#3%! 9%08#$%9! U#&#! .9R#8! %(! 9#5#4%! %7#+&! *(9%! 8#9+&.T5#! 9%15#! ('! %#.47#&O9%08#$%9!
.%+($97+GQ!
`0%!('!9+3!8+''#&#$%!9%15#9!('!9%081!%7#!Ή%9!&#A#.5#8!%7.%!LZr!('!9%08#$%9!G&#'#&!%0%(&9!
8#'+$+$,!%7#!G5.$!.$8!9%08#$%9!*.R#!.!8#4+9+($Q!
`$!%7#!(%7#&!7.$8!>Nr!+$8+4.%#8!%7#!5#.9%!8#9+&.T5#!9%15#!U(058!T#!%7#!%0%(&9!G5.$!*.%#&+.59!
.$8! .99#99! 9%08#$%9^! U7+47! +9! %7#! #3+9%+$,! 9%15#! ('! 8#5+A#&1! .$8! .99#99*#$%! +$! *(9%! .55!
*(805#9Q!
:%08#$%!7.8!9(*#!8(0T%!.$8!9#$9#!('!0$O4#&%.+$%1!($!7.A+$,!.0%($(*1! %(!47((9#!.&#.!('!
9%081!.$8!$(%!90&#!.T(0%!%7#!(0%4(*#9Q!67#1!U#&#!$(%!4#&%.+$!+'!%7#+&!+$G0%9!U(058!%7#!*(9%!
#A.$%!.&#.9!.$8!+'!%7#1!7.A#!+8#$%+'+#8!.$8!4(A#!%7#!R#1!+990#9!'(&!%7#!.&#.!('!9%081Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >>M!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
a#.$U7+5#^! 9(*#!9%08#$%9!U#&#! #$%709+.9%+4! .9! %7#1! 9.U! %7.%! .9! .$!(GG(&%0$+%1! %(! 9#5#4%!
U7.%!%7#1!T#5+#A#!+9!%7#!*(9%!+$%#	%+$,!.&#.9!%(!9%081Q!
W$! 9#4($8! G7.9#! ('! %7#! 	#.&47! 9%08#$%9! U7(! U#&#! %7+$R+$,! ('! 4($%+$0+$,! %7#+&! 9%081!
+$A+%#8!%(!U&+%#!.!4.9#!9%081!U7+47!4.$!T#!4($9+8#!.9!.!G&(G(9.5!%(!%7#+&!	#.&47Q!X.9#8!
($!9%08#$%b9!'##8T.4R!%(!'+&9%!G7.9#!.!'&.*#!U(&R!U.9!4&#.%#8!.$8!%7#1!U#&#!.9R#8!%(!4&#.%#!
.!4.9#!9%081!U7+47!+9!.$9U#&+$,!%7#!'(55(U+$,!\0#9%+($9;!
• W8#$%+'1!.$!.&#.!U+%7+$!%7#!6(%.5!o0.5+%1!*.$.,#*#$%!%(!+$A#9%+,.%#Q!
• S7.%!8(!1(0!#3G#4%!%(!7.A#!.9!(0%4(*#9!('!%7.%!	#.&47V9%081p!
• W8#$%+'1!5+9%!('!.+*9!.$8!(T=#4%+A#9!('!%7+9!	#.&47Q!
• ?(U!8(!1(0!G5.$!%(!.47+#A#!%7(9#!.+*9!.$8!(T=#4%+A#9p!
• ?(U!8(!1(0!*#.90&#!V.99#99!1(0&!(0%4(*#9p!
W$!'+$.5!G.&%!%7#!4.9#!9%08+#9!U#&#!#8+%#8!%(!T#!&#.81!%(!G0%!($O5+$#!'(&!*(&#!8+94099+($!.$8!
T#!#A.50.%#8!T1!(%7#&!9%08#$%9!H9##!'+,0&#!>KQ!
67#!Ή%!('!+$+%+.5!	#.&47!7#5G#8!%(!09#!4.9#!9%081!.9!.!%#47$+\0#!'(&!5#.&$#&!/0%($(*1Q!
a]!U71!2I"/9&!:(081c!
W%!7.9!T##$!90,,#9%#8!HX($U#55!.$8!2+9($^!CYYC_!:+A.$!#%!.5^!>IICK!%7.%!9%08#$%9!4.$!5#.&$!
*(&#!#''#4%+A#51!U7#$!%7#1!.&#!.4%+A#51!+$A(5A#8!+$!%7#!5#.&$+$,!G&(4#99Q!67#&#'(&#^!09#!('!
%7#!4.9#! 9%081!.GG&(.47!U.9! 9#5#4%#8!.9!.!U.1! +$!U7+47!.4%+A#! 5#.&$+$,!9%&.%#,+#9! 4.$!T#!
+*G5#*#$%#8!+$!%7#!a:4!6oa!4(0&9#Q!<&1!#%!.5!HCYYYK!8#94&+T#9!%7#!4.9#!9%081!.9!4(*G5#3!
#3.*G5#9!U7+47! G&(A+8#! 4($%#3%! R$(U5#8,#! ('! .!G&(T5#*! .9!U#55! .9! +5509%&.%+$,! %7#!*.+$!
G(+$%Q!
aZL]!D+J!(+!09&!"/9&!9(081!(+!/47-&F&!5&/)'&)e9!/0(+'+,1;!
".9#!9%081!7.9!T##$!+8#$%+'+#8!.9!.!*#.$!('! +$%#&.4%+A#! 5#.&$+$,!9%&.%#,1!U7+47! +9!97+'%+$,!
%7#! '(409! '&(*! %#.47#&! %(!*(&#!9%08#$%O4#$%!.4%+A+%+#9! Hf&.$%^! CYYMKQ!`$!.88+%+($!4.9#!
9%08+#9! 7.A#! +$4&#.9#8! 9%08#$%! *(%+A.%+($! .$8! +$%#	%9! +$! .! 90T=#4%! Ha09%(#! .$8! "&('%^!
CYYYKQ!/9!"5.+&#!E.A+9!.$8!25+g.T#%7!S+54(4R!(0%5+$#8!%7#+&!#3G#&+#$4#!('!09+$,!4.9#!9%08+#9^!
%7#1!G&(A#8!%7.%!%7#1!4.$!T#!09#8!.9;!
• X&+8,+$,!%7#!,.G!T#%U##$!%7#(&1!.$8!G&.4%+4#_!
• 2$4(0&.,+$,!.4%+A#!5#.&$+$,_!
• )&(A+8+$,!.$!(GG(&%0$+%1!'(&!%7#!8#A#5(G*#$%!('!R#1!9R+559_!
• W$4&#.9+$,!%7#!9%08#$%9b!#$=(1*#$%!!('!%7#!%(G+4Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >>Z!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
aZM]!#)+=&4(IG/9&8!/./-'9(!#)+G5&,IG/9&8!5&/)'-'.;!
6(!0$8#&9%.$8! %7#! &(5#! ('! 4.9#! 9%081! +$! 8#A#5(G*#$%! .$8!*(%+A.%+($!('! 5#.&$#&^! +%!U(058!
.59(!T#!+*G(&%.$%!%(!*.R#!.!8+9%+$4%+($!T#%U##$!G&(=#4%OT.9#8!5#.&$+$,!.$8!G&(T5#*OT.9#8!
5#.&$+$,Q! :.A+$OX.8#$! H>IINK! +8#$%+'+#8! %7#! 8+''#&#$4#9! T#%U##$! G&(T5#*OT.9#8! 5#.&$+$,!
.$8!G&(=#4%OT.9#8!5#.&$+$,!+$!%.T5#!N!.9!'(55(U9;!
)&(=#4%OT.9#8!-#.&$+$,! )&(T5#*OX.9#8!-#.&$+$,!
6.9R!(&+#$%.%#8!U+%7!.4%+A+%1!('%#$!9#%!T1!
%0%(&!
)&(T5#*9!G&(A+8#8!T1!9%.''!T0%!9%08#$%9!
8#'+$#!U7.%!.$8!7(U!
60%(&!90G#&A+9#9!! 60%(&!'.4+5+%.%#9!
:%08#$%9!G&(804#!.!9(50%+($!(&!9%&.%#,1!%(!
9(5A#!%7#!G&(T5#*!
<(409!+9!($!G&(T5#*O*.$.,#*#$%^!$(%!($!.!
45#.&!.$8!T(0$8#8!9(50%+($!
:(*#!90GG(&%+$,!5#4%0	!%(!.99+9%!9%08#$%9!
%(!0$8#&%.R#!.4%+A+%1^!(%7#&U+9#!9%08#$%9!09#!
R$(U5#8,#!'&(*!G&#A+(09!5#4%0	!
-#4%0	!090.551!09#8!($!%7#!T.9+9!%7.%!
9%08#$%9!.&#!$(%!#3G#4%#8!%(!8#'+$#!%7#!
&#\0+!R$(U5#8,#!$##8#8!%(!9(5A#!%7#!
G&(T5#*!
!&9,#$oJ$E+''#&#$4#9!.$8!9+*+5.&+%+#9!T#%U##$!G&(=#4%OT.9#8!5#.&$+$,!H9+*+5.&!+$!9%&04%0&#!%(!
4.9#!9%081!5#.&$+$,K!.$8!G&(T5#*!T.9#8!5#.&$+$,Q!
b]!")&/(-'.!4/9&!9(08-&9;!
"(%%#&.55! H>IIIK! 9%081! 45.+*9! %7.%! %7#! *.+$! #5#*#$%! %(! 5#.&$#&! .0%($(*1! U(058! T#! %(!
+8#$%+'1!%7#!,(.59!('!5#.&$#&9!.$8!7#&!5#.&$#&9!U#&#!.9R#8!%(!9G#4+'1!%7#+&!,(.59!.$8!+8#$%+'1!
.GG&(G&+.%#!	(0&4#9^!.$8!%(!G0%!%(,#%7#&!*#.90	!'(&!8#%#&*+$+$,!U7#$!%7#+&!,(.59!7.8!
T##$!&#.47#8Q!/!9+*+5.&!G&(4#99!U.9!.GG5+#8!($!4.9#!9%08+#9!'(&!a:4!6oaQ!!
6(!.47+#A#!%7#!(T=#4%+A#9!9%08#$%9!U#&#!.9R#8!%(!G0%!%(,#%7#&!%7#!'(55(U+$,!+$'(&*.%+($;!
• "&#.%+$,!5+9%!('!.+*9!.$8!(T=#4%+A#9!.$8!&.%+($.5!'(&!%7#!4.9#_!
• "&#.%+$,!.!5+9%!('!(0%!4(*#9!'(&!%7#!G+#4#!('!U(&R !̂
• "&#.%+$,! 4&+%#&+.! '(&!*#.90&+$,! .$8! #A.50.%+$,! %7#! (0%4(*#9! .$8! %7.%! 4.$! T#! +$! .!
'(&*.%!('!.!a.%&+3^!
• "&#.%+$,!5+9%!('!#A.$%!	(0&4#9!U7+47!4.$!.99+9%!%7#!9%08#$%!($!.47+#A+$,!%7#!.+*9!
.$8!(T=#4%+A#9!('!%7#!U(&R_!.$8!
• -+9%!('!.$1!#*G+&+4.5!U(&RV9%081!%7#1!7.A#!T##$!%7&(0,7!%(!.47+#A#!%7#!(0%4(*#9Q!
W$! (&8#&! %(! #3G#&+#$4#! .0%($(*1! .! $0*T#&! ('! 5#.&$#&9! H9%08#$%9! +$!*.9%#&9K! 8#A#5(G#8!
$0*T#&!('!4.9#!9%08+#9Q!!!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >>Y!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
"/9&!:(081!L;!
67#! '+&9%! (0%G0%! 8#*($9%&.%#8! %7.%! 5#.&$#&9]! ,(.5! '(&! 8#A#5(G*#$%! ('! 4.9#! 9%081! U.9! %(!
.47+#A#!9(50%+($!%(!7+9!T09+$#99!G&(T5#*Q!S7+5#!7+9!,(.5!U.9!#A.$%!.$8!+*G(&%.$%^!+%!U.9!
7+,751!0$&#.5+9%+4!%(!.47+#A#!.55!('!%7#*!H,+A#$!%7#!5#A#5!('!+$'(&*.%+($!.A.+5.T5#!%(!5#.&$#&KQ!
/'%#&!9(*#!%.5R+$,!.T(0%!7+9!,(.59!.$8!7+9!40&&#$%!#3G#&+#$4#9^!%7#!5#.&$#&!8#4+8#8!%(!'(409!
+$+%+.551!($!%7#(&+#9!7#!R$(U9!U7+5#!#3G.$8+$,!7+9!R$(U5#8,#!($!8+''#&#$%!%#47$+\0#9!.$8!
%((59Q! 67+9! 47.$,#! +$! ,(.59! #$7.$4#8! 7+9! *(%+A.%+($^! T1! #$90&+$,! %7.%! 7#! #3G#&+#$4#9!
.88+%+($.5!9R+559!.$8!*(A+$,!%(U.&89!7+9!*(&#!5($,O%#&*!,(.59Q!
"/9&!:(081M;!
67#!9#4($8!4.9#!9%081!U.9!G03!.GG51+$,!7+9!G.9%!#3G#&+#$4#!.$8!%&1+$,!%(!5#.&$!%7.%!($!
$#U!4+&40*9%.$4#Q!S7+5#! %7#&#!U.9!$(%7+$,!$#U! +$! %7.%! 4.9#! 9%081!T0%^! 7#!8#*($9%&.%#8!
45#.&! 0$8#&9%.$8+$,! ('! 7(U! %(! .GG51! %7#(&+#9! ($! %7#! 8+''#&#$%! #$A+&($*#$%Q! ! 67+9! 4.$! T#!
4($9+8#!.9!#$7.$4#*#$%!('!R$(U5#8,#Q!
/!$0*T#&!('!+$%#&A+#U9!U+%7!5#.&$#&9!8#*($9%&.%#8!%7.%!%7#1!7.A#!,((8!#3G#&+#$4#!($!,(.5!
9#%%+$,9^! *($+%(&+$,! (&! #A.50.%+$,! %7#+&! 5#.&$+$,^! .$8! %7.%! %7#1! U#&#! 0$5+R#51! %(! .4\0+&#!
#3%#$9+A#!90GG(&%#8!G&.4%+4#Q!!67+9!4.$!T#!Ή%!('!%7#!$.%0&#!('!%7+9!,&(0G!('!9%08#$%9!U(&R!
#3G#&+#$4#!.$8!	G($9+T+5+%+#9Q!
67#! Ή%! ('! 	#.&47! 8#*($9%&.%#8! %7.%! %7#! 5+9%! ('! (0%4(*#9! '&(*! %7#! 4.9#! 9%08+#9! .&#!
4(*T+$.%+($!('!($#!(&!*(&#!('!5#.&$#&!$##89^!R$(U5#8,#!U+%7+$!%7#!'+#58^!%7#+&!.U.&#$#99!('!
%7#!'+#58!^!%7#+&!+$%#	%9!.$8!,(.59!'(&!%7#!9%081Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >NI!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
!
S+10(#$:J$/8(G%#8!'&(*;!:+*G5+'+#8!*(8#5!('!%7#!5.$,0.,#!5#.&$+$,!G&(4#99!H"(%%#&.55Q!:^!
>IIIK!
67+9!+9!.$!(G%+($.5!G+#4#!('!U(&R!.$8!%+*+$,!('!+$%&(804+$,!%7+9!U(&R!4.$!T#!4($9+8#!.9!
.$!+*G(&%.$%!'.4%(&Q!67+9!G+#4#!('!U(&R!U(058!T#!.$!+$+%+.%+($!'(&!%7(9#!U7(!.&#!+$%#	%#8!
%(!,(!T#1($8!a:4!5#A#5!.$8!*(A+$,!%(!)7E!5#A#5Q!
/9! %7#+&! U(&R! U(058! T#! ($O5+$#^! +%! G&(A+8#9! .$! (GG(&%0$+%1! '(&! 9%08#$%9! %(! &#A+#U! %7#+&!
0$8#&9%.$8+$,! ('! *(805#9! %7#1! 7.A#! .5&#.81! G.99#8! .$8! 4.$! T#! 4($9+8#! .9! .$!
.99#99*#$%! (&! T#$47*.&R+$,! ('! %7#+&! R$(U5#8,#! 7.5'! U.1! %7&(0,7! %7#! 4(0&9#! T1! %7#+&!
4(55#.,0#9!.9!U#55!.9!%0%(&9Q!
/88+%+($.551^! +%! U+55! (G#$! .! 8+94099+($! ($! 5+$#! U+%7! (%7#&! 9%08#$%9! U7(! .&#! $(%! +$%(!
#$7.$4+$,! %7#+&! \0.5+'+4.%+($! T0%^! 9%+55! +$%#	%#8!($! %7#! '+$8+$,9! ('! %7#+&! 4(55#.,0#9Q! ! 67#!
T#5(U!+9!%7#!G+4%0&#!('!X5.4RT(.&8!9+%#!'(&!8+94099+($!T(.&8!('!a:4!6oa!4(0&9#Q!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >NC!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
!
S+10(#$KJ$E+94099+($!X(.&8!($!X5.4R!X(.&8!9+%#!('!a:4!6oa!4(0&9#!
67+9! U(&R! 4.$! 09#! %7#! #3+9%+$,! 5#.&$+$,! *.%#&+.59! (&! .5%#&$.%+A#51! .8(G%+$,! ($#! ('! %7#!
*(805#9! .$8! 09#! 8+''#&#$%! 9#%! ('! 	(0&4#9Q! W%! .59(! 4.$! T#! G03! #*G+&+4.5! U(&R! .$8!
.GG51+$,!%7#!R$(U5#8,#!($!.!4.9#!9%081Q!!!
67#! $#3%! 9%.,#! ('! %7+9! 	#.&47!U(058! T#! %(! .$.519#! %7#! '##8T.4R! .$8! 8+94099+($9! ('! %7#!
9%08#$%9! ($! %7#! 4.9#! 9%08+#9! ($! 5+$#Q! 67+9! 4.$! T#! 4($9+8#! .9! .! *#.90&#*#$%! .$8!
T#$47*.&R!('!%7#!.4%+A+%1!U7+5#!G(9+%+A#!.$8!4($9%&04%+A#!8+94099+($!4.$!#$4(0&.,#!(%7#&9!
%(!*(A#!%(!4&#.%+($!('!4.9#!9%08+#9!.$8!#$7.$4#!%7#+&!.T+5+%1!%(!4&#.%#!.$8!T#!*(&#!.4%+A#!($!
9+*+5.&!%.9R9!'(&!5#.&$#&!/0%($(*1Q!
2I"/9&!:(081!B'&!
$&/)'&)!H0(!(+.&(7&)!/!5-9(!+*!/-,9!/'8!+G=&4(-F&9!/9!*+55+J;!
CQ "($9+8#&!#3%#&$.5!(&,.$+9.%+($9!.$8!U7.%!%7#1!9%&+A#!%(!.47+#A#!
>Q 6(! *.R#! (**#$8.%+($9! '(&! 4(*G.$1! /! '&(*! %7#! (T9#&A.%+($9! ('! (%7#&!
(&,.$+9.%+($9!
NQ 6(!4($9+8#&!%7#(&+#9!('!T#9%!G&.4%+4#!.$8!+8#$%+'1!U7.%!4.$!T#!.GG5+#8!U+%7!#.9#!.$8!
7(U!%7+9!*.1!T#$#'+%!%7#!(&,.$+9.%+($!.$8!+%9!409%(*#&!
JQ E+94099!U7.%!(%7#&!.%%&+T0%#9!*.1!.59(!T#!'.4%(!+$!%(!4(*G5#*#$%!%7#!9#&A+4#!.$8!
T((9%!G&('+%.T+5+%1!('!%7#!4(*G.$1!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >N>!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
LQ W8#$%+'1! '0%0&#! .&#.9! '(&! '0&%7#&! +$A#9%+,.%+($! .$8! *.R#! (**#$8.%+($9! ('! %7#!
.4%+($9!&#\0+!
6(!5((R!#3%#&$.551!.$8!#3.*+$#!7(U!9(*#!('!%7#!47.$,#9!4.$!+*G.4%!4(*G.$1!.!409%(*#&!
T.9#Q!
67#$!5#.&$#&!%&+#8!%(!'+$8!.$9U#&!%(!'(55(U+$,!\0#9%+($9;!
L]!!S8&'(-*1!/'!/)&/!J-(7-'!(7&!6+(/5!V0/5-(1!,/'/.&,&'(!(+!-'F&9(-./(&m!
YSZ&Z!&3H5/-'!7+J!1+0!-8&'(-*1!(7+9&!/)&/9c!J7/(!J+058!G&!(7&!,/-'!)&/9+'d!,+(-F&!*+)!
9&5&4(-+'!+*!(7/(!/)&/c]!
`$#!('!%7#!T+,,#9%!+990#9!G&#A#$%+$,!(&8#&9!'&(*!T#+$,!4(*G5#%#8!+$!'055!+9!80#!%(!%7#!5.4R!('!
+$A#$%(&1!(&!+$4(&%!+$A#$%(&1Q!W$A#$%(&1!40&&#$%51!4($9+9%9!('!.GG&(3+*.%#51!>^NII!:%(4R!
F##G+$,! @$+%9! H:F@K! .55! ('! A.&1+$,! A(50*#9Q! 2.47! G&(804%! +9! 0$+\0#! .$8! $(%! #.91! %(!
90T9%+%0%#Q!
67#&#!.&#!.!$0*T#&!('!'.4%(&9!%(!4($9+8#&!T#'(&#!*.R+$,!.$!+$'(&*#8!8#4+9+($!($!U7.%!%7#!
9(50%+($! 97(058! 5((R! 5+R#! +$! (&8#&! %7.%! %7#! G&(G(9.5! 4(058! (''#&! .! i\0.5+%1]! 9#&A+4#^! 9047!
'.4%(&9!T#+$,;!
• a+$+*0*!(&8#&!\0.$%+%+#9!
• /$$0.5!8#*.$8!'(&!%7#!:F@!
• <&#\0#$41!('!8#*.$8!('!%7#!:F@!
• :0GG5+#&!5#.8!%+*#!
• :0+%.T5#!.5%#&$.%+A#9!H+'!.GG5+4.T5#K!
• <0$8+$,!&#\0+&#*#$%9!%(!909%.+$!.GG&(G&+.%#!5#A#59!
M]!U7/(!8+!1+0!&3H&4(!(+!7/F&!/9!+0(4+,&9!+*!(7/(!)&9&/)47d9(081c!
6(!8#A#5(G!.$! +*G&(A#8!95+4R#&! 919%#*! %7.%!(''#&9!.!7+,7#&! 5#A#5!('!\0.5+%1!8.%.^! %7.%!U+55!
#$.T5#!%7#!)0&47.9+$,!G&(4#99!%(!8#5+A#&!.!*(&#!#''+4+#$%^!%+*#!9#$9+%+A#^!&(T09%!.$8!+.T5#!
+$A#$%(&1!.%!.!5(U#&!4(9%!%(!%7#!4(*G.$1Q!
"&#.%#!,&#.%#&!4(**0$+4.%+($!5+$R9!T#%U##$!%7#!A.&+(09!*#*T#&9!('!%7#!A.50#!47.+$Q!
WQ#Q!"09%(*#&!}!?(9%!"(*G.$1!}!6+#&!C!:0GG5+#&!}!6+#&!>!:0GG5+#&!
N]!S8&'(-*1!5-9(!+*!/-,9!/'8!+G=&4(-F&9!+*!(7-9!)&9&/)47Z!
Y-Z&Z!!D+J!8-8!1+0!-8&'(-*1!(7+9&!H+-'(9c!J7/(!J+058!1+0!9(081c!]!
67#! +*G&(A#8! 919%#*9! 97(058! (''#&! 4(9%! T#$#'+%9! %(! G&(A+8#! .! 5#.$#&! .$8! *(&#! #''+4+#$%!
*#%7(8!('!U(&R+$,^!%(!G&(A#!%7#(&+9%9!T#5+#'9!%7.%!io0.5+%1!+9!'&##]!H"&(9T1KQ!!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >NN!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
• 67#! 4(9%! ('! 8#A#5(G*#$%! .$8! +*G5#*#$%.%+($! 97(058! T#! 90&G.99#8! T1! %7#! 4(9%!
T#$#'+%9! ,+A#$! %7&(0,7! ̤%+($! +$! U(&R+$,! 4.G+%.5! %7&(0,7! ̤%+($! +$A#$%(&1^!
.$8!5#99!+.$4#!($!#3%#&$.5!'0$8+$,!
• /! ̤%+($! +$! 	G($9#! %+*#9! %(! 90GG5+#&9! 5#99! %7&(0,7! %7#!8#A#5(G*#$%!('!*(&#!
#''+4+#$%!*#%7(89!('!U(&R+$,!
• c#804%+($!+$!90GG5+#&!5#.8!%+*#!%7&(0,7!7.A+$,!'.9%#&!*(&#!.440&.%#!8.%.!%(!.99+9%!+$!
%7#+&!G&(804%+($!G5.$$+$,!919%#*9!
O]!D+J!8+!1+0!H5/'!(+!/47-&F&!(7+9&!/-,9!/'8!+G=&4(-F&9c!
Y-Z&ZA!$-(&)/(0)&!)&F-&JA!90)F&1A!-'(&)F-&JA!&(4Z]!
67#!	#.&47!U(058!4($9+8#&;!
• )&(4#99! *.GG+$,! ('! %7#! 40&&#$%! G&(4#99#9! %(! +8#$%+'1! %7#! R#1! &#\0+&#*#$%9! .$8!
U#.R$#99#9!('!%7#!40&&#$%!919%#*9!
• /GG&.+9.5! ('! 40&&#$%! 9%(4R! *(8#55+$,! 919%#*9! U+%7+$! %7#! 7(9%! 4(*G.$1! %(! ,+A#! .!
T#$47*.&R!'(&!%7#!	#.&47!%(!*#.90&#!.,.+$9%!
• c#A+#U! ('! 7(9%! 4(*G.$1! 90GG5+#&! G&(4#99#9! %(! .99#99! %7#+&! U#.R$#99#9! V!
&#\0+&#*#$%9!'&(*!%7#!7(9%!4(*G.$1!
• c#9#.&47!.&(0$8!%7#!40&&#$%!G#&4#+A#8!T#9%!G&.4%+4#!'&(*!.!A.&+#%1!('!%7#(&+9%9!%7.%!
4(058!4&#.%#!,&#.%#&!+.T+5+%1!
• c#9#.&47!40&&#$%!9('%U.&#!%(!.99#99!+'!%7#&#!.&#!.$1!m\0+4Rm!'+3#9!(&!4(*G($#$%9!!V!
*#%7(89!%7.%!4(058!T#!+$4(&G(&.%#8!+$%(!.!iG#&9($.5+9#8]!*(8#5!
• c#9#.&47! U+%7! (%7#&! (&,.$+9.%+($9! %(! T#$47*.&R! 919%#*9! G&(A+8+$,! '0&%7#&!
4(*G.&.%+A#!*#.90	!!
T]!D+J!8+!1+0!,&/90)&!d/99&99!1+0)!+0(4+,&9c!
Y-Z&ZA!/./-'9(!J7/(!4)-(&)-/!8+!1+0!&F/50/(&!1+0)!+0(4+,&9c!7+J!8+!1+0!9&5&4(! (7+9&!
4)-(&)-/c]!
• a#.90&#*#$%!('!%7#!9044#99!U+55!4(*#!%7&(0,7!
• 67#!̤%+($!+$!%7#!7(9%!4(*G.$+#9!5#.8!%+*#!U7+47!+9!*#.90!'&(*!:.5#9!`&8#&!
#+G%! %(!E.%#! ('! 8#9G.%47^! .$! +%#*!(''5+$#!U+55! ,#$#&.%#! .! G.&%!8#9G.%47! 4&#.%+$,!
8#5.19!.$8!80G5+4.%+($!('!%7#!8#4(&.%+($!G&(4#99#9!
• j(50*#!('!(&8#&9!4(*G5#%#8!+$!'055!'+&9%!%+*#!.9!.!G#&4#$%.,#!('!%(%.5!(&8#&9!
• D0*T#&!('!9R0]9!(''5+$#^!T&(R#$!+$%(!*.=(&^!*#8+0*!.$8!*+$(&!4.%#,(&+#9!
• f&(U%7!+$!G&('+%.T+5+%1!80#!%(!5#99!&#U(&R+$,!
• c#804%+($!+$!U(&R+$,!4.G+%.5!
• 67&(0,7!8#4&#.9#!+$!+$A#$%(&1!5#A#59!
• c#5#.9#!('!4.97!%(!'0$8!(%7#&!G&(=#4%9Q!
!
!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >NJ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
a]!>/4@.)+0'8!
67#!4(*G.$1!/!U.9!'(&*#8!+$!CYZZ!T1!)#%#&!X##T1!.$8!c+47.&8!e($#9Q!:+$4#!%7+9!8.%#!%7#!
4(*G.$1!7.9!,&(U$!%(!T#4(*#!%7#!5.&,#9%!90GG5+#&!('!34#,$-&'&5'*-.55"6!G#&9($.5+9#8!947((5!
U#.&^!90GG51+$,!%(!(A#&!d^III!947((59!$.%+($U+8#Q!
67#!4(*G.$1!40&&#$%51!#*G5(19!CNI!G#(G5#!.$8!7.9!.$!.$$0.5!%0&$(A#&!('!.GG&(3+*.%#51!
kCIaQ! W$! >IIJ! %7#! 4(*G.$1! T#4.*#! %(%.551! #*G5(1##! (U$#8^!U+%7! #.47! #*G5(1##! T#+$,!
&#\0+!%(!7(58!.!*+$+*0*!9%.R#!('!97.	Q!
b]!#)+804(9!
67#!*.+$!G&(4#99!('!%7#!4(*G.$1!+9!%(!9(0&4#!G5.+$!,.&*#$%9!U7+47!.&#!*.$0'.4%0!%(!%7#!
4(*G.$1]9! 9G#4+'+4.%+($_! %7#! 4(*G.$1! #*T&(+8#&! (&! G&+$%! #.47! ,.&*#$%! U+%7! %7#!
.GG&(G&+.%#!947((5!5(,(Q!2.47!,.&*#$%!+9!%7#$!'(58#8!.$8!G.4R.,#8!+$!.!G	#$%.T5#!'(&*.%!
'(&!%7#!947((5!%(!9#55!%(!G.&#$%9Q!
:47((59!.&#!4.%#,(&+9#8!+$%(!%U(!9#4%(&9;!
• )&+*.&1!! "7+58&#$!.,#8!L!%(!CC!
• :#4($8.&1! "7+58&#$!.,#8!CC!%(!Cd!
67#!*.=(&+%1!('!%7#!G&(804%9!9(58!.&#!7#58!+$!9%(4R!.$8!4(*G&+9#!(A#&!>^dII!9R0]9Q!:(*#!('!
%7#!G&(804%9!.&#!8#%.+5#8!T#5(U!
! ! !!
!
:U#.%97+&%! )(5(!:7+&%! c#A#&9+T5#!
e.4R#%!
:47((5!X.,! :#4($8.&1!
:47((5!
)#&'(&*.$4#!
S#.&!
23.*G5#!G&(804%9!'&(*!"(*G.$1!/!
:#5#4%#8! :#4($8.&1! 947((59! .59(! G0&47.9#! '&(*! %7#! 4(*G.$1]9! (U$! T&.$8#8! 9G(&%9U#.&!
&.$,#!R$(U$!.9!i)#&'(&*.$4#!S#.&]Q!
!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >NL!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
B'!(-,&!-'!*055!J-(7-'!*+0)(&&'!8/19!
67#!4(*G.$1!'.+59!%(!.47+#A#!+%9!%.&,#%!('!CIIr!l($!%+*#!+$!'055m!8#5+A#&1Q!!
• S7.%!.&#!%7#!'.4%(&9!%7.%!G&#A#$%!%7+9p!!
• ?(U!*.1!%7#1!T#!	(5A#8p!
67#!T&(470&#!9%.%#9!%7.%![&,,$-(/#()$&(#$.-(3&,,E$/#,+7#(#/$C+%"+.$:b$/&E)\=!
6(! 4(*G5+4.%#! *.%%#&9! '0&%7#&^! %7#! 4(*G.$1! .59(! 7.9! %7#! +990#! ('! 4(G+$,! U+%7! 9#.9($.5!
8#*.$8Q! 67#&#! +9! .! ,&.80.5! 45+*T! +$! %7#! 9G&+$,! U+%7! .! 9+,$+'+4.$%! 9%#G! 47.$,#! +$! a.1^!
405*+$.%+$,! +$! G#.R! 8#*.$8! +$! e051! 80#! %(! %7#! 947((5! 45(90	! '(&! %7#! 90**#&! T&#.RQ!
:#G%#*T#&!+9!.59(!.!R#1!*($%7!U+%7!%7#!*.=(&+%1!947((59!G5.4+$,!.!5(%!('!9*.55#&!(&8#&9!%(!
&#G5#$+97!%7#+&!9%(4R9!'(55(U+$,!%7#!9%.&%!('!$#U!%#&*Q!
! !
O"&(%$:=:J!:.5#9!A.50#!G&('+5#! O"&(%$:=KJ!:.5#9!(&8#&9!G&('+5#!
67#!%0&$.&(0$8!%+*#!+9!4.5405.%#8!'(&!#A#&1!9.5#9!(&8#&!.$8!.$.519#8!+$%(!T.$89!('!!
• I!%(!M!8.19!
• Z!%(!CJ!8.19!
• CL!%(!>C!8.19!
• >>!%(!>Z!8.19!
• >Y!8.19!G509!
"7.&%! CQN! 8#%.+59! %7#! G#&'(&*.$4#! '(&! %7#! G.9%! '(0&! 1#.&9Q! S7+59%! %7#&#! +9! .! 9+,$! ('!
+*G&(A#*#$%^!%7#!4(*G.$1!9%+55!'.4#9!%7#!7#.8.47#!('!8#45+$+$,!G#&'(&*.$4#!+$!%7#!G#&+(89!
('! +$4&#.9#8!8#*.$8Q!67#!*#.90&#! '(&!/0,09%!97(U9!.!97.&G!8&(G!+$!G#&'(&*.$4#^! %7+9! +9!
*.+$51! 80#! %(! .! 5.&,#! G&(G(&%+($! ('! 947((59! &#\0#9%! 8#5+A#&1! +$! #.&51! :#G%#*T#&^! %7#!
4(*G.$1!%.R#9!.8A.$%.,#!('!%7+9!'.4%!.$8!+9!.T5#!%(!9G&#.8!%7#!U(&R5(.8!(A#&!%7#!9+3!U##R9!
7(5+8.19Q!
£0
£200,000
£400,000
£600,000
£800,000
£1,000,000
£1,200,000
£1,400,000
£1,600,000
£1,800,000
£2,000,000
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
Sales Value
0
1,000
2,000
3,000
4,000
5,000
6,000
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP O
CT
NOV
DEC
Quantity of Orders
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >Nd!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
!
O"&(%$:=oJ!a#.90&#!('!G#&'(&*.$4#!U+%7+$!'(0&%##$!8.19!
B'!(-,&!-'!*055!)&905(9!J-(7-'!9&F&'!8/19!
W'!%7#!G#&4#$%.,#!('!(&8#&9!4(*G51+$,!U+%7!%7#!*#.90&#!('!`6W<!+9!&#O.99#99#8!($!%7#!$(0,7%!
%(! 9#A#$!8.1!4.%#,(&1^! %7#$! %7#!G#&'(&*.$4#! '.559!#A#$!*(&#!8&.*.%+4.551Q! ! W$!*#8+0*! %(!
5($,#&! %#&*! %7#! 4(*G.$1! 97(058! T#! .+*+$,! '(&! 97(&%#&! 5#.8! %+*#9! .9! ($#! 4(*G($#$%! ('!
8#5+A#&+$,!4(*G#%+%+A#!.8A.$%.,#Q!
!
O"&(%$:=bJ!a#.90&#!('!G#&'(&*.$4#!U+%7+$!9#A#$!8.19!
!
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Year 2006
Year 2007
Year 2008
Year 2009
OTIF Performance for 0 to 14 days
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Year 2006
Year 2007
Year 2008
Year 2009
OTIF Performance for 0 to 7 days
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >NM!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
U7/(!/)&!(7&!*/4(+)9!(7/(!4/09&!(7&!8&45-'&c!
/55! %7#! i'.+5+$,! (&8#&9]! 7.A#! T##$! .$.519#8! %(! .94#&%.+$! %7#! R#1! &#.9($9! '(&! '.+50&#^!U7+47!
45#.&51!8#*($9%&.%#9!%7.%!%7#&#!.&#!%U(!*.+$!'.4%(&9;!
CQ E#5.19!+$!G&(804%+($!
>Q W$A#$%(&1!T#+$,!(0%!('!9%(4R!
! B'!6-,&!-'!<055! #)+804(-+'!Q&5/1! B0(!+*!:(+4@9!
_&/)!Mffa! ddQYr! >NQ>r! YQYr!
_&/)!Mffb! Z>QCr! CNQIr! JQYr!
_&/)!Mffk! YNQNr! CQJr! LQNr!
_&/)!Mffl! YCQZr! JQLr! NQMr!
h/50&!"7/-'!#&)*+),/'4&!/'/519&8!G1!(7&!(J+!,/-'!*/4(+)9!
67#!%.T5#!97(U9!+*G&(A#*#$%!.$8!%7#$!8#45+$#!(A#&!%7#!G.9%!'(0&!1#.&9^!.4%+($9!%(!&#A#&9#!
%7#!8#45+$#!.$8!,&#.%#&!'(409!%(!.%%.+$!%7#!%.&,#%!+9!&#\0+Q!
<&(*! '0&%7#&!*(&#!8#%.+5#8!.$.519+9!('! %7#!4(*G.$1]9!>IIZ! %0&$.&(0$8!8.%.^! %7#! &#.9($9!
'(&!'.+50&#!%(!*##%!%7#!T&(470&#!\0(%#!('!q/55!(&8#&9!.&#!$(&*.551!8#5+A#!U+%7+$!CJ!8.19q!
.&#;!
• )&(804%+($!)&(4#99!<.+50	!! ! !!!NZN! ! >CQIdr!
• W$A#$%(&1!-#A#5!<.+50	!! ! C^JNd! ! MZQYJr!
• 6(%.5! ! ! ! ! C^ZCY! ! !
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >NZ!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
6(%.5!`&8#&9!4(*G5#%#8!+$!>IIZ!H2345!/0,09%!.$8!"7&+9%*.9K! >d^YYN! !
`&8#&9!4(*G5#%#8!($!%+*#^!+$!'055! >L^CMJ! YNQ>dr!
`&8#&9!4(*G5#%#8!+$!'055!T0%!(A#&!CJ!8.19!H)&(804%+($K! NZN! CQJ>r!
`&8#&9!+990#8!.9!G.&%!(&8#&9!HW$A#$%(&1K! C^JNd! LQN>r!
$&/8!6-,&9!
2A#&1!*.+$!G&(4#99!7.9!.!5#.8!%+*#!.55(U.$4#^!8#%.+59!%7#!%+*#!.55(U#8!'(&!#.47!G&(4#99^!%7#!
G719+4.5!%+*#!%(!4(*G5#%#!%7#!G&(4#99!.$8!%7#!.*(0$%!('!8#.8!H\0#0+$,K!%+*#Q!67+9!&#A#.59!.!
7+,7!G#&4#$%.,#!('!%7#!U(&R9!(&8#&!5+'#!U7#&#!G&(804%!+9!9%((8!U.+%+$,!'(&!%7#!$#3%!G&(4#99Q!!
67#&#!*.1! T#! '.4%(&9! %7.%! G&#A#$%! 9+,$+'+4.$%! ̤%+($! +$! 5#.8! %+*#^! T0%! %7+9! 97(058! $(%!
G&#A#$%!%7#!*#.90&#!'&(*!T#+$,!47.55#$,#8Q!/!̤%+($!+$!%7#!5#.8!%+*#!.55(U.$4#!U(058!
,+A#!#.47!G&(4#99!%#.*!'0&%7#&!+$4#$%+A#!%(!.88c!%7#!\0#0+$,!%+*#Q!
a.$1!('!%7#!40&&#$%!*#.90	!.&#!&#%0&$+$,!7+,7!G#&'(&*.$4#! 5#A#59^!.&#!%7#1!47.55#$,+$,!
%7#!G&+$4+G5#9!('! 5#.$p!S7.%!U(058! #.47!G#&'(&*.$4#!*#.90&#!T#! +'! %7#! .55(U.$4#9!U#&#!
̤#8!T1!'+'%1!G#&!4#$%p!
67&!<0(0)&!
67#!iE+%!%(!947((5]!*.&R#%!+9!A#&1!'&.,*#$%#8!U+%7!+$!#34#99!('!'+'%1!G#&4#$%!('!%7#!*.&R#%!
T#+$,! 9#&A+4#8! T1! 5(4.5! 97(G9Q! -+9%#8! T#5(U! .&#! 9(*#!('! %7#! 5.&,#&! 4(*G#%+%(&9! %7.%! (''#&!
9+*+5.&!(&!̤#8!5#.8!%+*#9!'(&!%7#!#\0+A.5#$%!G&(804%9Q!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >NY!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
"+,H/'1! Q&5-F&)1!6&),9! U&G9-(&!
6&0%#3! S+%7+$!9#A#$!U(&R+$,!8.19! UUUQ947((50$+'(&*97(GQ4(Q0R!
X&+,.8#! 67&##!%(!<+A#!8.19!D(A#*T#&!%(!/G&+5!
:#A#$!%(!6U#$%1!`$#!8.19!a.1!%(!
`4%(T#&!
UUUQT&+,.8#Q0RQ4(*!
[(0&!:47((5!
@$+'(&*!
:#A#$!%(!6#$!U(&R+$,!8.19! UUUQ1(0&947((50$+'(&*Q4(*!
"5.99U#.&! S+%7+$!%U#$%1!($#!8.19! UUUQ"5.99U#.&Q0RQ4(*!
c#4#$%!9#&A+4#!#$7.$4#*#$%9!%(!%7#!9#&A+4#9!%7.%!:47((5!6&#$89!(''#&!.&#;!
CQ ).4R+$,! G#&! G0G+5! n! 947((59! 4.$! +$G0%! +$8+A+80.5! G0G+5! (&8#&9^! %7#! 9('%U.&#! %7#$!
4($9(5+8.%#9!+$%(!($#!947((5!(&8#&^!.$8!%7#!,.&*#$%9!.&#!8#4(&.%#8!.$8!%7#$!G.4R#8!
G#&! G0G+5Q! 67+9! G&(4#99!*+$+*+9#9! %7#! .8*+$! T0&8#$! '(&! %7#! 947((5! %(! 4(55.%#! .$8!
8+9%&+T0%#Q!
>Q ).&#$%9!($!5+$#!n!.55(U9!%7#!G.&#$%9!%(!G5.4#!(&8#&9!A+.!%7#!+$%#&$#%Q!67#!G&(4#80	!
('!)))!%7#$!.GG51Q!
67&(0,7! 8#A#5(G+$,! .! ,&#.%#&! 0$8#&9%.$8+$,! ('! %7#! 409%(*#&]9! $##89^! %7#! 4(*G.$1! 4.$!
*.R#! '0&%7#&! #$7.$4#*#$%9! %(! %7#! 40&&#$%! (''#&+$,9! (&! G(99+T51! .88+$,! $#U! 9#&A+4#9! %(!
*.R#!%7#!4(*G.$1!%7#!G&#'#&!47(+4#!'(&!90GG51!('!8#4(&.%#8!947((5!0$+'(&*Q!
E#5+A#&+$,! #$7.$4#8! 9#&A+4#9! .9! U#55! .9! *##%+$,! .! '.9%#&! 8#5+A#&1! G&(*+9#! U+55! ,+A#! %7#!
4(*G.$1!.!4(*G#%+%+A#!.8A.$%.,#Q!
P&*&)&'4&9!
X($U#55^!"Q!.$8!2+9($^!eQ!/Q!HCYYCK^!b/4%+A#!-#.&$+$,;!"&#.%+$,!234+%#*#$%!+$!%7#!"5.99&((*b^!
+$! BDPQ6Q`WO$ P+1"#($ Q/0'&%+-.$ `#2-(%$ g-=$ :Q! HS.97+$,%($! E";! 67#! f#(&,#! S.97+$,%($!
@$+A#&9+%1^!:47((5!('!2804.%+($!.$8!?0*.$!E#A#5(G*#$%KQ!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >JI!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
"(%%#&.55^!:Q!.$8!"&.TT#^!EQ!H>IIZK^!b-#.&$#&9!6.5R+$,;!<&(*!)&(T5#*!%(!9(50%+($b^!+$!-.*T^!6Q!
.$8! c#+$8#&9^! ?Q! H289QK^! 5#&(.#($ &./$ !#&'"#($ B0%-.-3E4$ '-.'#2%)4$ (#&,+%+#)$ &./$ (#)2-.)#^!
H/*9%#&8.*;!X#$=.*+$9!)0T5+97+$,!"(*G.$1K!
<&1^! ?Q^! F#%%#&+8,#^! :Q! .$8! a.&97.55^! :Q! HCYYYK^! B$P&./9--T$ *-($ !#&'"+.1$ &./$ 5#&(.+.1$ +.$
P+1"#($Q/0'&%+-.!Hf5.9,(U;!F(,.$!).,#KQ!
f&.$%^! cQ! HCYYMK^! b/! "5.+*! '(&! %7#! ".9#!a#%7(8! +$! %7#! 6#.47+$,! ('! f#(,&.G71b^! R-0(.&,$-*$
@#-1(&2"E$+.$P+1"#($Q/0'&%+-.!>CH>K;!CMCOCZLQ!
-6:D!f#$#&+4!"#$%&#!O!/99#99*#$%!:#&+#9!H>IICK^!X((R5#%!M^!/!T&+#'+$,!($!R#1!4($4#G%9!T1!
)#%#&! F$+,7%_! X((R5#%! Y^! /! T&+#'+$,! ($! 9#5'^! G##&! .$8! ,&(0G! .99#99*#$%! T1! )7+5! c.4#! .$8!
X((R5#%!C>^!/!T&+#'+$,!($!.99#99*#$%!('!5.&,#!,&(0G9!T1!"7&+9!c09%Q!
a09%(#^!-Q!cQ!.$8!"&('%^!/Q!"Q!HCYYYK^!ba(%+A.%+$,!2$,+$##&+$,!:%08#$%9!T1!@9+$,!a(8#&$!".9#!
:%08+#9b^!Q0(-2#&.$R-0(.&,$-*$Q.1+.##(+.1$Q/0'&%+-.!CLHdK;!JdYOJMdQ!
c.=0^! )Q! FQ! .$8! :.$R#&^! "Q! :Q! HCYYYK^! b6#.47+$,! c#.5OS(&58! W990#9! %7&(0,7! ".9#! :%08+#9b^!
R-0(.&,$-*$Q.1+.##(+.1$Q/0'&%+-.!ZZHJK;!LICOLIZQ!
:.A+$OX.8#$^! Qa! H>IINK^! S&'+,+%&%+.1$ 2(-9,#369&)#/$ ,#&(.+.1J$ %"#$ -%"#($ )+/#$ -*$ )+,#.'#!
HX+&*+$,7.*;!:c?2V`G#$!@$+A#&9+%1!)cK!
:+A.$^!/Q^!S($,!-#0$,^!cQ^!S(($^!"Q! .$8!F#*T#&^!EQ! H>IIIK^! b/$! W*G5#*#$%.%+($!('!/4%+A#!
-#.&$+$,! .$8! +%9! 2''#4%! ($! %7#! o0.5+%1! ('! :%08#$%! -#.&$+$,! W$$(A.%+($9b^! Q/0'&%+-.$ &./$
!(&+.+.1$W.%#(.&%+-.&,!NMHJK;!NZCONZYQ!
:*+%7^!"Q!`Q!HCYY>K^!b:%08#$%!S&+%%#$!2$,+$##&+$,!".9#9b^!W.%#(.&%+-.&,$R-0(.&,$-*$Q.1+.##(+.1$
Q/0'&%+-.!ZHdK;!JJ>OJJLQ!
:U.$9($^!EQ^!".9#^!:Q!.$8!A.$!8#&!j5#0%#$^!"Q!HCYYCK^!b:%&.%#,+#9!'(&!9%08#$%!.99#99*#$%b^!+$!
X(08^!EQ! eQ! .$8!<#55#%%+^!fQ! H289QK^!!"#$O"&,,#.1#$-*$U(-9,#36?&)#/$5#&(.+.1! H-($8($;!F(,.$!
)0T5+97#&9KQ!
>-G5-+.)/H71!
X&(U$^! :Q! HCYYZK^! U##($ B))#))3#.%$ +.$ U(&'%+'#^! :2E/! ).G#&! CI>! HX+&*+$,7.*;! :%.''! .$8!
2804.%+($.5!E#A#5(G*#$%!/99(4+.%+($KQ!
"7&+9%#$9#$^!"Q!cQ! HCYZCK^!!#&'"+.1$&./$%"#$O&)#$a#%"-/M$!#Z%4$O&)#)$&./$`#&/+.1)! HX(9%($^!
a.99.4709#%%9;!?.&A.&8!X09+$#99!:47((5KQ!
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >JC!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
F&#T#&^! "Q! H>IICK^! b-#.&$+$,! 23G#&+#$%+.551! %7&(0,7! ".9#! :%08+#9p! /! "($4#G%0.5! /$.519+9b^!
!#&'"+.1$+.$P+1"#($Q/0'&%+-$!dH>K;!>CMO>>ZQ!
F0$%g^!:Q!.$8!?#995.&^!/Q!HCYYZK^!bX&+8,+$,!%7#!f.G!T#%U##$!67#(&1!.$8!)&.4%+4#;!<(9%#&+$,!
/4%+A#! -#.&$+$,! %7&(0,7! %7#! 4.9#! *#%7(8b^!B..0&,$a##%+.1$-*$%"#$B))-'+&%+-.$-*$B3#(+'&.$
O-,,#1#)$&./$k.+7#()+%+#)=!
c+47.&89^! -Q! fQ^! f(&*.$^! aQ^! :47#&#&^! SQ! 6Q! .$8! -.$8#5^! cQ! EQ! HCYYLK^! b)&(*(%+$,! /4%+A#!
-#.&$+$,! U+%7! ".9#9! .$8! W$9%&04%+($.5! a(805#9b^! R-0(.&,$ -*$ Q.1+.##(+.1$Q/0'&%+-.! ZJHJK;!
NMLONZCQ!
! !
"#$%&#!'(&!)&(*(%+$,!-#.&$#&!/0%($(*1!!!!!!!!!!!!!!!!!!!!!!/!"#$%&#!'(&!234#55#$4#!+$!6#.47+$,!.$8!-#.&$+$,!
")-/!".9#!:%08+#9;!<.405%1!)&(=#4%9!! >J>!! :7#''+#58!?.55.*!@$+A#&9+%1!
!
!