Professional Documents
Culture Documents
Ngugi Wa Thiong O Decolonising The Mind PDF
Ngugi Wa Thiong O Decolonising The Mind PDF
!
!
! !
!
!
!
!"#$%$&'('&)*+,"*-'&.*
!
* "#$%&'(%)*!!
+,%-!.))/!%-!01#'(#23445!$#$%&'(#$!()!'44!(,)-#!6,)!61%(#!%*!721%&'*!4'*03'0#-8! !
'*$!()!'44!(,)-#!6,)!)9#1!(,#!5#'1-!,'9#!:'%*('%*#$!(,#!$%0*%(5!)2!(,#!!
* 4%(#1'(31#8!&34(31#8!;,%4)-);,58!'*$!)(,#1!(1#'-31#-!&'11%#$!.5!721%&'*!!
4'*03'0#-<!!
/)0)'*12*3,'$&)4$! !
! !
! !
! !
! !
! !
! !
! !
! !
! 9%!!
B%:.'.6#!@3.4%-,%*0!I)3-#!L@9(<M!A($<!!
=030%!!
@<K<!D)N!OPQ!!
6'!+,%)*0>)!!
I'1'1#8!B%:.'.6#!!
"#&)4)*%-%*0!(,#!?%*$!!
=030%!6'!+,%)*0>)!RSTR!!
+,#!@)4%(%&-!! U%1-(!;3.4%-,#$!RSTV!.5!B@I<!!
)2!A'*03'0#!! W#;1%*(#$!RSSX!!
%*!721%&'*!A%(#1'(31#!! CHD=!Q!SXSYYP!OT!Z!!
BC?D7DEF!@GDACHIC=J!IKGHF! ! 744!1%0,(-!1#-#19#$<!=)!;'1(!)2!(,%-!;3.4%&'(%)*!:'5!.#!1#;1)$3&#$8!-()1#$!%*!'! !
! 1#(1%#9'4!-5-(#:!)1!(1'*-:%((#$!%*!'*5!2)1:!)1!.5!'*5!:#'*-8!#4#&(1)*%&8! !
:#&,'*%&'48!;,)()&);5%*08!1#&)1$%*0!)1!)(,#16%-#!6%(,)3(!(,#!;1%)1!;#1:%--%)*!!
!
)2!(,#!;3.4%-,#1-<!!
! @1%*(#$!%*!B%:.'.6#!'(!RX!73-(%*!W)'$8!E)1/%*0()*8!I'1'1#!!
9%%!!
!
!
!
!
!
!
!
!
! 7&/*)64#$0#:#*(-!!
_+,#!A'*03'0#!)2!721%&'*!A%(#1'(31#>!,'-!'!4)*0!,%-()15<!@'1(!)2!%(!6'-!!
[)*(#*(-!! )1%0%*'445!0%9#*!'-!'!;';#1!'(!'!&)*2#1#*&#!)10'*%-#$!.5!+1%#!E1%(#1-!!
7&/*)64#$0#:#*(-!9%!! 7--)&%'(%)*!)2!`#*5'!%*!"#&#:.#1!RSTR!)*!(,#!(,#:#!>E1%(%*0!2)1!)31!!
@1#2'&#!9%%!! [,%4$1#*><!7!-4%0,(45!'4(#1#$!9#1-%)*!)2!(,#!)1%0%*'4!;';#1!6'-!'4-)!0%9#*!'(!'! !
&)*2#1#*&#!)*!A'*03'0#!'*$!721%&'*!A%(#1'(31#!'(!(,#!G*%9#1-%(5!)2!['4'.'18!!
7!H('(#:#*(!N%!!
=%0#1%'!%*!RSTY<!+,#!-':#!9#1-%)*!a!'0'%*!-4%0,(45!'4(#1#$!a!6'-!('.4#$!'(!(,#!!
C*(1)$3&(%)*!\!+)6'1$-!(,#!G*%9#1-'4!!
B%:.'.6#!C*(#1*'(%)*'4!D))/!U'%1!%*!RSTO!'*$!-3.-#b3#*(45!;3.4%-,#$!%*!'*!!
A'*03'0#!)2!H(13004#!R!! 721%&'*!E1%(#1-!7--)&%'(%)*!L7E7M!*#6-4#((#1!%*!(,#!-':#!5#'1<!+,#!;1#-#*(!%-! !
R<!+,#!A'*03'0#!)2!721%&'*!A%(#1'(31#!X!! '*!#N;'*$#$!9#1-%)*!'*$!0)#-!9#15!:3&,!.#5)*$!(,#!-&);#!)2!(,#!)*#!!
Y<!+,#!A'*03'0#!)2!721%&'*!+,#'(1#!OX!! ;1#&#$%*0!%(<!7*!'.1%$0#$!9#1-%)*!)2!(,%-!;';#1!6'-!2%1-(!1#'$!'(!'!3*%9#1-%(5!!
-#:%*'1!'(!(,#!D'51#3(,!G*%9#1-%(5!%*!c345!RSTX<!+,#!-':#8!)*45!-4%0,(45! !
O<!+,#!A'*03'0#!)2!721%&'*!U%&(%)*!]O!!
&,'*0#$!()!-3%(!(,#!)&&'-%)*8!6'-!1#'$!'-!(,#!);#*%*0!-;##&,!'(!(,#![)*2#1#*&#!!
X<!+,#!^3#-(!2)1!W#4#9'*&#!TV!!
)*!=#6!E1%(%*0!21):!721%&'8!'(!(,#![)::)*6#'4(,!C*-(%(3(#!%*!A)*$)*!%*! !
C*$#N!! "#&#:.#1!RSTX<!+,#!;';#18!-4%0,(45!'.1%$0#$8!6'-!2%1-(!;3.4%-,#$!%*!=#6!A#2(! !
9%%%!! W#9%#6!*)<!RPQ!%*!RSTP<!!
! _+,#!A'*03'0#!)2!721%&'*!+,#'(1#>!6'-!'4-)!1#'$!'(!(,#!G*%9#1-%(5!)2!!
B%:.'.6#!%*!7303-(!RSTX!3*$#1!(,#!'3-;%&#-!)2!(,#!A%(#1'(31#!"#;'1(:#*(!'*$!!
!
(,#!B%:.'.6#!U)3*$'(%)*!2)1!F$3&'(%)*!6%(,!@1)$3&(%)*<!!
! >+,#!A'*03'0#!)2!721%&'*!U%&(%)*>!,'-!'4-)!.##*!1#'$!%*!I'1'1#8!B%:.'.6#!!
3*$#1!(,#!'3-;%&#-!)2!(,#!C*-(%(3(#!)2!"#9#4);:#*(!H(3$%#-!%*!7303-(!RSTX!'*$!!
!
'(!(,#!C*-(%(3(#!)2![)::)*6#'4(,!H(3$%#-8!G*%9#1-%(5!)2 !A)*$)*8!%*!U#.13'15!!
! RSTP<!!
%N!!
!
@1#2'&#!! C!2#4(!;'1(%&34'145!()3&,#$!.5!(,#!6#4&):#!C!1#&#%9#$!21):!(,#!?')1%! !
C!6'-!04'$!()!.#!'-/#$!()!0%9#!(,#!RSTX!W)..!4#&(31#-!%*!,)*)31!)2!H%1!")304'-!! ;#);4#!'*$!%(!6%44!4)*0!4%9#!%*!:5!:#:)15<!+,#1#!%-!'!4)(!()!4#'1*!21):!(,#! !
W)..8!2)1:#1![,'*,)1!)2!73&/4'*$!G*%9#1-%(5!'*$!)*#!)2!=#6!B#'4'*$>-!! &34(31#!)2!?')1%!;#);4#8!'!&34(31#!6,%&,!,'-!-3&,!9%('4%(58!-(1#*0(,!'*$!.#'3(5\! !
:)-(!$%-(%*03%-,#$!-310#)*-<!G*%9#1-%(%#-!()$'58!;'1(%&34'145!%*!721%&'8!,'9#!! (,#!9%('4%(58!-(1#*0(,!'*$!.#'3(5!)2!1#-%-('*&#<!C!6'-!,';;5!(,#1#2)1#!(,'(!:5!!
.#&):#!(,#!:)$#1*!;'(1)*-!2)1!(,#!'1(%-(<!?)-(!721%&'*a61%(#1-!'1#!;1)$3&(-!)2!! 4#&(31#-!)*!+,#!@)4%(%&-!)2!A'*03'0#!%*!721%&'*!!
3*%9#1-%(%#-\!%*$##$!'!0))$!*3:.#1!)2!(,#:!-(%44!&):.%*#!'&'$#:%&!;)-(-!'*$!! N!!
2)1!(13(,<!@1#-&1%;(%)*!)2!(,#!&)11#&(!&31#!%-!$#;#*$#*(!)*!'!1%0)1)3-!'*'45-%-!)2!! (,#!-(13004%*0!&34(31#!)2!(,#!?')1%!;#);4#g!!
2%*'445!(,#!4#&(31#-!6)34$!*#9#1!,'9#!.##*!61%((#*8!'(8!4#'-(!*)(!%*!(,#!5#'1! ! 4)(!()!(,#!(%:#!C!-;#*(!'(!(,#!D'51#3(,!G*%9#1-%(5!%*!E#-(!J#1:'*5!'-!'!J3#-(! !
RSTX8!6%(,)3(!(,#!%*9%('(%)*!21):!73&/4'*$!G*%9#1-%(5<!! @1)2#--)1!'(('&,#$!()!(,#!"#;'1(:#*(!)2!F*04%-,!'*$![):;'1'(%9#!A%(#1'(31#!!
C!6'*(!()!(,'*/!(,#![,'*,)18!"1!A%*$)!U#103-)*8!(,#!d%&#a[,'*,)18!! 21):!RP!?'5!()!RP!c345!RSTX<!C!6'*(!()!(,'*/!@1)2#--)1!I<!W3;;#1(8!&))1$%*'()1!!
"1![)4%*!?'%$#*8!(,#!W#0%-(1'18!?1!E'16%&/!=%&,)44!'*$!(,#%1!-('22!2)1!.)(,! ! )2!(,#!-;#&%'4!1#-#'1&,!;1)e#&(!)*!%$#*(%(5!%*!721%&'8!'*$!(,#!J#1:'*! !
(,#!%*9%('(%)*!'*$!(,#!6'1:!1#&#;(%)*<!@1)2#--)1!?%&,'#4!=#%4!'*$!?1! ! W#-#'1&,![)3*&%4!2)1!(,#!%*9%('(%)*f!'*$!@1)2#--)1!W%&,'1$!+'54)1!'*$!(,#!!
H#.'-(%)*!D4'&/!6#1#!:#(%&34)3-!'*$!,#4;234!%*!'44!(,#!'11'*0#:#*(-<!+,#58!! #*(%1#!-('22!)2!(,#!F*04%-,!$#;'1(:#*(!2)1!(,#%1!6'1:!1#&#;(%)*<!C!6)34$!4%/#!()! !
()0#(,#1!6%(,!@1)2#--)1!+#115!H(31:!'*$!(,#!-('22!)2!(,#!F*04%-,!"#;'1(:#*(8! ! -%*04#!)3(!"1!W#%*,'1$!H'*$#1!L6,)!'11'*0#$!(,#!9%-%(M8!"1!W,)*$'![).,':8!!
:'$#!:#!2##4!'(!,):#<!+,'*/-!'4-)!()!E'*e%/3!`%'1%%!'*$!?'1(5*!H'*$#1-)*!! "1!F'/,'1$!D1#%(%*0#18!"1!c310#*!?'1(%*%!'*$!?'10%(!E#1:(#18!2)1!:'/%*0! !
2)1!(,#%1!21%#*$-,%;!'*$!&)*-('*(!'((#*(%)*!$31%*0!(,#!9%-%(<!'*$!2)1!1#'$%45!! (,#%1!(%:#!'9'%4'.4#!'*$!2)1!;1)9%$%*0!:#!6%(,!'!&)-5!'*$!-(%:34'(%*0! !
E#*$(8!(,#!H':)'*!*)9#4%-(8!'*$!,%-!6%2#!c#**58!6,)!4'%$!)*!'!.%0!1#&#;(%)*! ! 6,):!C!-,'1#$!(,#!,)3-#!'(!H(!c),'**#-!9%44'0#8!C!2##4!'!-;#&%'4!%*$#.(#$*#--!!
2)1!3-!'(!(,#%1!,):#!'(!(,#!G*%9#1-%(5!)2!H)3(,!@'&%2%&8!U%e%8!'*$!())/!(%:#!()! ! 2)1!'44!(,#!-#--%)*-!)*!:'(,#:'(%&'4!4)0%&8!A)3%-!74(,3-%#18!?%&,'#4!@#&,#3N8! !
$1%9#!3-!'1)3*$!H39'f!()!@'(!I),#;'!6,)!'11'*0#$!'!9#158!:)9%*0!?')1%!! @%#11#!?'&,#1#58!U#1$%*'*$!$#!H'3--31#8!A#);)4$!H#$'1!H#*0,)18!E)4)28!!
6#4&):#f!'*$!()!'44!(,#!?')1%!;#);4#!%*-%$#!'*$!)3(-%$#!(,#!G*%9#1-%(5!6,)! ! 721%&'*!;,%4)-);,5!'*$!:3&,!:)1#<!I#!'4-)!$%$!(1'*-4'(%)*-!)2!-):#!;'--'0#-!!
6#4&):#$!3-!%*!(,#%1!,)3-#-!)1!;4'&#-!)2!6)1/<!7!-'*(#!-'*'g!! 21):!U1#*&,!%*()!F*04%-,<!!
+,#!2'&(!(,'(!(,#-#!4#&(31#-!6#1#!1#'$5!%*!(%:#!2)1!$#4%9#15!)6#$!'!4)(!()! ! '1#!:'*5!)(,#1-<!721%&'*!4%*03%-(-!2)1!%*-(' *&#!,'9#!.##*!:)1#!;1)01#--%9#!%*!!
F9'!A'**)<!74(,)30,!(,#!2%1-(!4#&(31#!6'-!61%((#*!'*$!(,#!0#*#1'4!21':#6)1/! ! (,#%1!)3(4))/!)*!(,#!4'*03'0#!%--3#!(,'*!(,#%1!&)3*(#1;'1(-!%*!&1#'(%9#!4%(#1'(31#<! !
)2!(,#!1#-(!6)1/#$!)3(!%*!D'51#3(,8!(,#!'&(3'4!&):;)-%(%)*!'*$!61%(%*0!)2!(,#! ! U)1!%*-('*!'!4)(!)2!0))$!6)1/!)*!`#*5'*!'*$!721%&'*!4'*03'0#-!,'-!.##*!!
)(,#1!(,1##!'*$!(,#!(5;%*0!)2!'44!2)31!6'-!$)*#!%*!=#6!B#'4'*$<!F9'!(5;#$!! $)*#!'(!(,#!"#;'1(:#*(!)2!A%*03%-(%&-!'*$!721%&'*!4'*03'0#-!'(!(,#!G*%9#1-%(5!!
(,#:8!(,#!4'-(!(6)!'-!C!6'-!61%(%*0!(,#:8!':%$-(!6)1/%*0!)3(!(,#!(1'9#4!;4'*-! ! )2!='%1).%<!@1)2#--)1!7.$34'h%h!'*$!"1!`'1#0'!?%%(',%!,'9#!$)*#!;%)*##1%*0!!
'*$!';;)%*(:#*(-!'*$!13-,%*0!()!(,#!4%.1'1%#-!'*$!.))/-,);-!2)1!310#*(45!! 6)1/!%*!:'*5!'1#'-!)2!`#*5'*!4'*03'0#-<!+,#5!.)(,!'&/*)64#$0#!(,#!1#'4%(5!!
*##$#$!1#2#1#*&#-<!! )2!(,#1#!.#%*0!(,1##!4'*03'0#-!2)1!#'&,!&,%4$!%*!`#*5'8!'!1#'4%(5!6,%&,!:'*5! !
7*$!2%*'445!(,#-#!4#&(31#-!6)34$!*)(!,'9#!.##*!;)--%.4#!6%(,)3(!(,#!! ;'(1%)(%&!'*$!$#:)&1'(%&!`#*5'*-!6)34$!*)6!'103#!-,)34$!.#!(1'*-4'(#$!%*()!!
(,)-#!%*!D1%('%*8!"#*:'1/8!H6#$#*!'*$!B%:.'.6#f!'*$!()!'44!(,#!21%#*$-!)2!! )22%&%'4!4'*03'0#f!(,#!)(,#1!*'(%)*'4%(5!4'*03'0#-!6)34$!,'9#!(,#%1!1%0,(234! !
`#*5'*!;#);4#>-!-(13004#-!2)1!$#:)&1'(%&!'*$!,3:'*!1%0,(-<!C!$)*>(!:#*(%)*!! ;4'&#-!%*!(,#!-&,))4-f!'*$!F*04%-,!6)34$!1#:'%*!`#*5'!;#);4#>-!2%1-(!4'*03'0#!!
(,#%1!*':#-!,#1#!2)1!1#'-)*-!(,'(!4%#!)3(-%$#!(,%-!.))/<!D3(!(,#!-(1#*0(,!()!61%(#! ! )2!%*(#1*'(%)*'4!&)::3*%&'(%)*<!D3(!%*!(,#-#!4#&(31#-!C!':!*)(!$#'4%*0!-)!:3&,! !
(,#!4#&(31#-!'*$!)(,#1!.))/-!C!,'9#!61%((#*!-%*&#!RSTY!3*$#1!(,#!,'1-,!! 6%(,!(,#!4'*03'0#!;)4%&%#-!'-!6%(,!(,#!4'*03'0#!;1'&(%&#!)2!721%&'*!61%(#1-<!C! !
K9#1!(,#!5#'1-!C!,'9#!&):#!()!1#'4%-#!:)1#!'*$!:)1#!(,'(!6)1/8!'*5!6)1/8! ! 6,)!)9#1!(,#!5#'1-8!)9#1!(,#!&#*(31%#-8!,'9#!61%((#*!'*$!&)*(%*3#!()!61%(#!%*! !
#9#*!4%(#1'15!&1#'(%9#!6)1/8!%-!*)(!(,#!1#-34(!)2!'*!%*$%9%$3'4!0#*%3-!.3(!(,#! ! 721%&'*!4'*03'0#-<!!
1#-34(!)2!'!&)44#&(%9#!#22)1(<!+,#1#!'1#!-)!:'*5!%*;3(-!%*!(,#!'&(3'4!2)1:'(%)*!)2!! ?5!(,%*/%*0!,'-!.##*!$#&%-%9#45!-,';#$!'*$!&,'*0#$!:)1#!(,'*!C!&'*!#9#1!!
'*!%:'0#8!'*!%$#'8!'!4%*#!)2!'103:#*(!'*$!#9#*!-):#(%:#-!(,#!2)1:'4! ! #N;1#--!)*!;';#1!.5!(,#!&)44#&(%9#!6)1/!'*$!$#.'(#-!)2!(,#!-('22!'*$!-(3$#*(-!)2!!
'11'*0#:#*(<!+,#!9#15!6)1$-!6#!3-#!'1#!! (,#!A%(#1'(31#!"#;'1(:#*(8!G*%9#1-%(5!)2!='%1).%8!;'1(%&34'145!%*!(,#!;#1%)$! !
N%!! 21):!RSVR!()!RSVV<!C!,'9#!'46'5-!1#:#:.#1#$!6%(,!2)*$*#--!'44!(,#!-('22!'*$! !
C!)6#!'!4)(!()!(,#!;#);4#!6,)!,'9#!&)*(1%.3(#$!()!(,#!01#'(!$#.'(#!)*!(,#!! ;1%9%4#0#!()!%*(#1'&(!$31%*0!(,)-#!:):#*()3-!5#'1-<!@1)2#--)1!?%#!?30)!!
4'*03'0#!)2!721%&'*!4%(#1'(31#8!%*!;'1(%&34'1!()!(,#!4'(#!"'9%$!"%);!)2!H#*#0'48! ! ,'$!'!&';'&%(5!)2!2%1%*0!:5!%:'0%*'(%)*!%*!$%22#1#*(!$%1#&(%)*-!'*$!C!4))/#$! !
'*$!()!K.%!E'4%!)2!=%0#1%'!6,)!:'$#!(,#!,%-()1%&!%*(#19#*(%)*!%*!RS]X<!+,#1#! ! 2)16'1$8!;'1(%&34'145!%*!(,#!5#'1-!21):!RSVX!()!RSV]8!()!)31!'4:)-(!$'%45! !
:)1*%*0!-#--%)*-!)2!$%-&3--%)*-!'*$!1#9%#6!)2!#9#*(-!%*!(,#!&)11%$)1-!)2!(,#!! *)(!-)!:3&,!'!:'((#1!)2!;#1-)*'4!$#&%-%)*!'-!(,'(!)2!'!23*$':#*('4!-)&%'4! !
A%(#1'(31#!"#;'1(:#*(8!-#--%)*-!6,%&,!1#-34(#$!%*!(,#!e)%*(!'3(,)1-,%;!)2!+,#! ! (1'*-2)1:'(%)*!)2!(,#!-(13&(31#-!)2!)31!-)&%#(%#-!-('1(%*0!6%(,!'!1#'4!.1#'/!6%(,! !
+1%'4!)2!"#$'*!`%:'(,%8!%(-#42!'*!'&(!)2!4%(#1'15!'*$!;)4%(%&'4!%*(#19#*(%)*<! ! %:;#1%'4%-:!'*$!%(-!%*(#1*'4!134%*0!'44%#-<!C:;#1%'4%-:!'*$!%(-!&):;1'$)1! !
+,#!RSVX!='%1).%!&)*2#1#*&#!)*!(,#!(#'&,%*0!)2!721%&'*!4%(#1'(31#!%*!! '44%'*&#-!%*!721%&'!&'*!*#9#1!*#9#1!$#9#4);!(,#!&)*(%*#*(<!!
'*$!'44!(,#!;'1(%&%;'*(-!2)1!C!0'%*#$!%*-%0,(-!21):!(,#!)2(#*!,#'(#$!;1)&##$%*0-<! ! )31!4%*03%-(%&!;1'N%-8!%(!%-!*)(!()!('/#!'6'5!21):!(,#!('4#*(!'*$!(,#!0#*%3-!)2! !
F$$',!J'&,3/%'!6,)!'.45!'*$!! 4':#*(%*0!'!*#)a&)4)*%'4!-%(3'(%)*!6,%&,!,'-!:#'*(!(,#!F31);#'*!.)310#)%-%#!!
N%%!! )*&#!'0'%*!-(#'4%*0!)31!('4#*(-!'*$!0#*%3-#-!'-!(,#5!,'9#!-()4#*!)31!#&)*):%#-<!!
'$:%1'.45!,#4$!%(!()0#(,#1<!+)!E'-':.)!E#1#8!(,#!2%1-(!`#*5'*!%*-;#&()1!)2! ! C*!(,#!#%0,(##*(,!'*$!*%*#(##*(,!&#*(31%#-!F31);#!-()4#!'1(!(1#'-31#-!21):!!
$1':'!'*$!4%(#1'(31#!%*!(,#!?%*%-(15!)2!F$3&'(%)*8!'*$!()!'44!(,#!(#'&,#1-!'*$! ! 721%&'!()!$#&)1'(#!(,#%1!,)3-#-!'*$!:3-#3:-f!%*!(,#!(6#*(%#(,!&#*(315!F31);#!!
[)44#0#!6,)!,'9#!&)*(%*3#$!(,#!$#.'(#!)*!721%&'*!4%(#1'(31#!%*!-&,))4-8!C!)22#1! ! 721%&'!*##$-!.'&/!%(-!#&)*):58!%(-!;)4%(%&-8!%(-!&34(31#8!%(-!4'*03'0#-!'*$!'44!%(-! !
(,#-#!#--'5-!'-!6,'(!6)34$!,'9#!.##*!:5!&)*(1%.3(%)*!,'$!C!.##*!)*!(,#!-&#*#<!! ;'(1%)(%&!61%(#1-<!!
6%(,!:5!;'-(!;1'N%-8!%*!(,#!'1#'!)2!2%&(%)*!'*$!(,#'(1#<!C!':!01'(#234!()!'44!(,#! ! &,#)!&,')!*%!&,'!;%4%!$3*%'!a!$3*%'!4'!&,#)<!!
6):#*!'*$!:#*!)2!`':%1%%(,3!6%(,!6,):!C!6)1/#$!'(!`':%1%%(,3![)::3*%(5! ! N%%%!!
F$3&'(%)*!'*$![34(31'4![#*(1#8!'*$!%*!;'1(%&34'1!()!=030%!6'!?%1%%8!H<!H):e%8! ! 7!H('(#:#*(!!
`%:'*%!J#&'3!'*$!`'.%13!`%*5'*e3%<!! C*!RSVV!C!;3.4%-,#$!@#('4-!)2!D4))$!'*$!-'%$!2'1#6#44!()!(,#!F*04%-,!4'*03'0#!!
()*#<!C!6)34$!4%/#!()!:'/#!%(!&4#'1!(,'(!C!':!61%(%*0!'-!:3&,!'.)3(!:5-#42!'-! ! &1#'(%9#!61%(%*0!,'-!.##*!61%((#*!$%1#&(45!%*!J%/353!4'*03'0#\!:5!*)9#4-! !
'.)3(!'*5.)$5!#4-#<!+,#!;1#-#*(!;1#$%&':#*(-!)2!721%&'!'1#!)2(#*!*)(!'!:'((#1!! ['%(''*%!?3(,'1'.'%*%!'*$!?'(%0'1%!?'!=e%13%%*0%8!:5!;4'5-!=0'',%/'! !
)2!;#1-)*'4!&,)%&#\!(,#5!'1%-#!21):!'*!,%-()1%&'4!-%(3'(%)*<!+,#%1!-)43(%)*-!'1#! ! =$##*$'!L61%((#*!6%(,!=030%!6'!?%1%%M!'*$!?'%(3!=e30%1'8!'*$!:5!&,%$1#*->! !
.))/-8!=e':.'!=#*#!*'!?.''(,%!%!?'(,'038!D'(,%())1'!5'!=e':.'!=#*#!'*$!! +,#!-(3$5!)2!(,#!721%&'*!1#'4%(%#-!,'-!2)1!())!4)*0!.##*!-##*!%*!(#1:-!)2!!
=e':.'!=#*#!*'![%.3!`%*0>'*0>%<!! (1%.#-<!E,'(#9#1!,';;#*-!%*!`#*5'8!G0'*$'8!?'4'6%!%-!.#&'3-#!)2!+1%.#!7!!
I)6#9#18!C!&)*(%*3#$!61%(%*0!#N;4'*'()15!;1)-#!%*!F*04%-,<!+,3-!"#('%*#$\!! 9#1-3-!+1%.#!D<!E,'(#9#1!#13;(-!%*!B'%1#8!=%0#1%'8!A%.#1%'8!B':.%'!%-!.#&'3-#! !
7!E1%(#1>-!@1%-)*!"%'158!E1%(#1-!%*!@)4%(%&-!'*$!D'11#4!)2!'!@#*!6#1#!'44!61%((#*! ! )2!(,#!(1'$%(%)*'4!#*:%(5!.#(6##*!+1%.#!"!'*$!+1%.#![<!7!9'1%'(%)*!)2!(,#!-':#! !
%*!F*04%-,!! -()&/!%*(#1;1#('(%)*!%-!?)-4#:!9#1-3-![,1%-(%'*!)1!['(,)4%&!9#1-3-!@1)(#-('*(!!
+,%-!.))/8!"#&)4)*%-%*0!(,#iVI%*$8!%-!:5!2'1#6#44!()!F*04%-,!'-!'!9#,%&4#!! 6,#1#!'!;#);4#!$)#-!*)(!#'-%45!2'44!%*()!>(1%.#-><!F9#*!4%(#1'(31#!%-!-):#(%:#-! !
2)1!'*5!)2!:5!61%(%*0-<!U1):!*)6!)*!%(!%-!J%/353!'*$!`%-6',%4%!'44!(,#!6'5<! ! #9'43'(#$!%*!(#1:-!)2!(,#!>(1%.'4>!)1%0%*-!)2!(,#!'3(,)1-!)1!(,#!>(1%.'4>!)1%0%*-!'*$! !
I)6#9#18!C!,);#!(,'(!(,1)30,!(,#!'0#!)4$!:#$%3:!)2!(1'*-4'(%)*!C!-,'44!.#! ! &):;)-%(%)*!)2!(,#!&,'1'&(#1-!%*!'!0%9#*!*)9#4!)1!;4'5<!+,%-!:%-4#'$%*0!-()&/!!
'.4#!()!&)*(%*3#!$%'4)03#!6%(,!'44<!! %*(#1;1#('(%)*!)2!(,#!721%&'*!1#'4%(%#-!,'-!.##*!;);34'1%-#$!.5!(,#!6#-(#1*! !
N%9!! :#$%'!6,%&,!4%/#-!()!$#24#&(!;#);4#!21):!-##%*0!(,'(!%:;#1%'4%-:!%-!-(%44!(,#! !
R!! 1))(!&'3-#!)2!:'*5!;1).4#:-!%*!721%&'<!3*2)1(3*'(#45!-):#!721%&'*!!
+,%-!.))/!%-!'!-3::'15!)2!-):#!)2!(,#!%--3#-!%*!6,%&,!C!,'9#!.##*!! '1#!3*'.4#!()!-##!(,#!$%9%$#a'*$a134#!&)4)*!%'4!)1%0%*-!)2!#N;4'%*%*0!'*5!!
I):#&):%*08!E1%(#1-!%*!@)4%(%&-8!D'11#4!)2!'!@#*!'*$!#9#*!"#('%*#$\!7!! +,#!&)*24%&(-!.#(6##*!;#);4#-!&'**)(!.#!#N;4'%*#$!%*!(#1:-!)2!(,'(!6,%&,!%-! !
E1%(#1>-!@1%-)*!"%'15!(,#1#!:'5!.#!'!2##4%*0!)2!$#e'!93<!H3&,!'!1#'&(%)*!6%44! ! 2%N#$!L(,#!%*9'1%'.4#-M<!K(,#16%-#!(,#!;1).4#:-!.#(6##*!'*5!(6)!;#);4#-! !
*)(!.#!2'1!21):!(,#!(13(,<!D3(!(,#!4#&(31#-!)*!6,%&,!(,%-!.))/!%-!.'-#$!,'9#! ! Y!!
0%9#*!:#!(,#!&,'*&#!()!;344!()0#(,#1!%*!'!&)**#&(#$!'*$!&),#1#*(!2)1:!(,#!! 6)34$!'46'5-!.#!(,#!-':#!'(!'44!(%:#-!'*$!;4'&#-f!'*$!231(,#18!(,#1#!6)34$! !
:'%*!%--3#-!)*!(,#!4'*03'0#!b3#-(%)*!%*!4%(#1'(31#!6,%&,!C!,'9#!()3&,#$!)*!,#1#!! *#9#1!.#!'*5!-)43(%)*!()!-)&%'4!&)*24%&(-!#N&#;(!(,1)30,!'!&,'*0#!%*!(,'(!6,%&,!!
'*$!(,#1#!%*!:5!;1#9%)3-!6)1/-!'*$!%*(#19%#6-<!C!,);#!(,)30,!(,'(!(,#!6)1/! ! %-!;#1:'*#*(45!2%N#$8!2)1!#N':;4#!(,1)30,!0#*#(%&!)1!.%)4)0%&'4!(1'*-2)1:'(%)*! !
,'-!0'%*#$!21):!(,#!%*-%0,(-!C!,'9#!1#&#%9#$!21):!(,#!1#'&(%)*-!a!21%#*$45!'*$!! )2!(,#!'&()1-<!!
,)-(%4#!a!)2!)(,#1!;#);4#!()!(,#!%--3#-!)9#1!(,#!-':#!5#'1-<!+,%-!.))/!%-!;'1(!)2!! ?5!';;1)'&,!6%44!.#!$%22#1#*(<!C!-,'44!4))/!'(!(,#!721%&'*!1#'4%(%#-!'-!(,#5! !
'!&)*(%*3%*0!$#.'(#!'44!)9#1!(,#!&)*(%*#*(!'.)3(!(,#!$#-(%*5!)2!721%&'<!! '1#!'22#&(#$!.5!(,#!01#'(!-(13004#!.#(6##*!(,#!(6)!:3(3'445!);;)-#$!2)1&#-!%*! !
721%&'!()$'5\!'*!%:;#1%'4%-(!(1'$%(%)*!)*!)*#!,'*$8!'*$!'!1#-%-('*&#!(1'$%(%)*!)*! ! :)1(0'0#$!()!C?U!a!(,#!*#6!C*(#1*'(%)*'4!?%*%-(15!)2!U%*'*&#!'-!c34%3-!!
%*(#1*'(%)*'4!.)310#)%-%#!3-%*0!(,#!:34(%*'(%)*'4!'*$!)2!&)31-#!(,#!24'0a6'9%*0!! 1#'4!6#'4(,!L3-#9'43#M!%*!(,#!&)3*(15!-)!:)1(0'0#$8!6,%&,!:#'*-!#9#15!-%*04#! !
#*2)1&#$!)*!'!1#-(%9#!;);34'(%)*!(,1)30,!;)4%&#!.))(-f!.'1.#$!6%1#8!'!0)6*#$!! &)34$!#9#*!4#'$!()!,)4)&'3-(<!!
&4#105!'*$!e3$%&%'15f!(,#%1!%$#'-!'1#!-;1#'$!.5!'!&)1;3-!)2!-('(#!%*(#44#&(3'4-8!(,#! ! +,#!21##$):!2)1!6#-(#1*!2%*'*&#!&';%('4!'*$!2)1!(,#!9'-(!(1'*-*'(%)*'4! !
'&'$#:%&!'*$!e)31*'4%-(%&!4'31#'(#-!)2!(,#!*#)a&)4)*%'4!#-('.4%-,:#*(<!+,#!! :)*);)4%#-!3*$#1!%(-!3:.1#44'!()!&)*(%*3#!-(#'4%*0!21):!(,#!!
1#-%-('*&#!(1'$%(%)*!%-!.#%*0!&'11%#$!)3(!.5!(,#!6)1/%*0!;#);4#!L(,#!;#'-'*(15! ! O!!
'*$!(,#!;1)4#('1%'(M!'%$#$!.5!;'(1%)(%&!-(3$#*(-8!%*(#44#&(3'4-!L'&'$#:%&!'*$! ! &)3*(1%#-!'*$!;#);4#!)2!A'(%*!7:#1%&'8!721%&'8!7-%'!'*$!@)45*#-%'!%-!()$'58!!
*)*a'&'$#:%&M8!-)4$%#1-!'*$!)(,#1!;1)01#--%9#!#4#:#*(-!)2!(,#!;#((5!:%$$4#!! ;1)(#&(#$!.5!&)*9#*(%)*'4!'*$!*3&4#'1!6#';)*-\!C:;#1%'4%-:8!4#$!.5!(,#!GH78!!
&4'--<!+,%-!1#-%-('*&#!%-!1#24#&(#$!%*!(,#%1!;'(1%)(%&!$#2#*&#!)2!(,#!<! ! ;1#-#*(-!(,#!-(13004%*0!;#);4#-!)2!(,#!#'1(,!'*$!'44!(,)-#!&'44%*0!2)1!;#'! !
;#'-'*(j6)1/#1!1))(-!)2!*'(%)*'4!&34(31#-8!(,#%1!$#2#*&#!)2!(,#!$#:)&1'(%&! ! $#:)&1'&5!'*$!-)&%'4%-:!6%(,!(,#!G4(%:'(3:\!'&&#;(!(,#2(!)1!$#'(,<!!
-(13004#!%*!'44!(,#!*'(%)*'4%(%#-!%*,'.%(%*0!(,#!-':#!(#11%()15<!7*5!.4)6!'0'%*-(! ! +,#!);;1#--#$!'*$!(,#!#N;4)%(#$!)2!(,#!#'1(,!:'%*('%*!(,#%1!$#2%'*&#\!!
(,#-#!.4)6-!*)!:'((#1!6,'(!(,#%1!6#%0,(8!-%h#8!-&'4#8!4)&'(%)*!%*!(%:#!'*$!-;'&#! ! )2!'!&34(31'4!.):.!%-!()!'**%,%4'(#!'!;#);4#>-!.#4%#2!%*!(,#%1!*':#-8!%*!(,#%1! !
:'/#-!(,#!*'(%)*'4!,#1%('0#<!! 4'*03'0#-8!%*!(,#%1!#*9%1)*:#*(8!%*!(,#%1!,#1%('0#!)2!-(13004#8!%*!(,#%1!3*%(58!%*! !
%:;#1%'4%-:!%-!*)(!'!-4)0'*<!C(!%-!1#'48!%(!%-!;'4;'.4#!%*!&)*(#*(!'*$!2)1:!'*$!%*! ! )*#!6'-(#4'*$!)2!*)*a'&,%#9#:#*(!'*$!%(!:'/#-!(,#:!6'*(!()!$%-('*&#!!
%(-!:#(,)$-!'*$!#22#&(-<!C:;#1%'4%-:!%-!(,#!134#!)2!&)*-)4%$'(#$!2%*'*&#!&';%('4! ! (,#:-#49#-!21):!(,'(!6'-(#4'*$<!C(!:'/#-!(,#:!6'*(!()!%$#*(%25!6%(,!(,'(!6,%&,! !
'*$!-%*&#!RTTX!(,%-!:)*);)4%-(%&!;'1'-%(%&!&';%('4!,'-!'22#&(#$!'*$!&)*(%*3#-!()!! %-!231(,#-(!1#:)9#$!21):!(,#:-#49#-f!2)1!%*-('*!6%(,!)(,#1!;#);4#->! !
'22#&(!(,#!4%9#-!#9#*!)2!(,#!;#'-'*(-!%*!(,#!1#:)(#-(!&)1*#1-!)2!)31!&)3*(1%#-<!C2! ! 4'*03'0#-!1'(,#1!(,'*!(,#%1!)6*<!C(!:'/#-!(,#:!%$#*(%25!6%(,!(,'(!6,%&,!%-! !
5)3!'1#!%*!$)3.(8!e3-(!&)3*(!,)6!:'*5!721%&!'*!&)3*(1%#-!,'9#!*)6!.##*!! $#&'$#*(!'*$!1#'&(%)*'158!'44!>(,)-#!2)1&#-!6,%&,!6)34$!-();!(,#%1!)6*!-;1%*0-!!
)2!4%2#<!C(!#9#*!;4'*(-!-#1%)3-!$)3.(-!'.)3(!(,#!:)1'4!1%0,(*#--!)2!-(13004#<! ! C!!
%*(#*$#$!1#-34(-!'1#!$#-;'%18!$#-;)*$#*&5!'*$!'!&)44#&(%9#!$#'(,a6%-,<!7:%$-(!! (,#!&)*(#N(!)2!(,)-#!-)&%'4!2)1&#-!6,%&,!,'9#!:'$#!%(8!.)(,!'*!%--3#!$#:'*$%*0!!
(,%-!6'-(#4'*$!6,%&,!%(!,'-!&1#'(#$8!%:;#1%'4%-:!;1#-#*(-!%(-#42!'-!(,#!&31#!'*$! ! )31!'((#*(%)*!'*$!'!;1).4#:!&'44%*0!2)1!'!1#-)43(%)*<! !
.)310#)%-%#!%*!:'*5!>%*$#;#*$#*(>!721%&'*!-('(#-<!! '*$!;3((%*0!.4%*/#1-!)*!,%:!()!:'/#!,%:!9%#6!(,#!;'(,!',#'$!)*45!'-! !
+,#!&4'--#-!2%0,(%*0!'0'%*-(!%:;#1%'4%-:!#9#*!%*!%(-!*#)a&)4)*%'4!-('0#!'*$!! $#(#1:%*#$!2)1!,%:!.5!(,#!:'-(#1!'1:#$!6%(,!(,#!.%.4#!'*$!(,#!-6)1$<!C*!)(,#1! !
2)1:8!,'9#!()!&)*21)*(!(,%-!(,1#'(!6%(,!(,#!,%0,#1!'*$!:)1#!&1#'(%9#!&34(31#!)2!! 6)1$-8!%:;#1%'4%-:!&)*(%*3#-!()!&)*(1)4!(,#!#&)*):58!;)4%(%&-8!'*$!&34(31#-!)2! !
1#-)43(#!-(13004#<!+,#-#!&4'--#-!,'9#!()!6%#4$!#9#*!:)1#!2%1:45!(,#!6#';)*-!)2! ! 721%&'<!D3(!)*!(,#!)(,#18!'*$!;%((#$!'0'%*-(!%(8!'1#!(,#!&#'-#4#--!-(13004#-!)2! !
(,#!-(13004#!&)*('%*#$!%*!(,#%1!&34(31#-<!+,#5!,'9#!()!-;#'/!(!,#!3*%(#$!4'*03'0#!! 721%&'*!;#);4#!()!4%.#1'(#!(,#%1!#&)*):58!;)4%(%&-!'*$!&34(31#!21):!(,'(! !
)2!-(13004#!&)*('%*#$!%*!#'&,!)2!(,#%1!4'*03'0#-<!+,#5!:3-(!$%-&)9#1!(,#%1!! F31)a7:#1%&'*a.'-#$!-(1'*04#,)4$!()!3-,#1!'!*#6!#1'!)2!(13#!&)::3*'4!!
9'1%)3-!()*03#-!()!-%*0!(,#!-)*0\!>7!;#);4#!3*%(#$!&'*!*#9#1!.#!$#2#'(#$><!! -#42a1#034'(%)*!'*$!-#42a$#(#1:%*'(%)*<!C(!%-!'*!#9#1a&)*(%*3%*0!-(13004#!()!-#%h#!!
;)#(!?'1(%*!['1(#1!%*!6,%&,!,#!-##-!)1$%*'15!:#*!'*$!6):#*!,3*0#1%*0!'*$!! &)::3*'4!-#42a$#2%*%(%)*!%*!(%:#!'*$!-;'&#<!+,#!&,)%&#!)2!4'*03'0#!'*$!(,#!!
=':%.%'8!`#*5'8!B'%1#8!C9)15![)'-(8!F4!H'49'$)18![,%4#8!@,%4%;;%*#-8!H)3(,! ! 1#4'(%)*!()!(,#%1!*'(31'4!'*$!-)&%'4!#*9%1)*:#*(8!%*$##$!%*!1#4'(%)*!()!(,#!#*(%1#! !
`)1#'8!C*$)*#-%'8!J1#*'$'8!U'*)*>-!>E1#(&,#$!)2!(,#!F'1(,>8!6,)!,'9#!! 3*%9#1-#<!I#*&#!4'*03'0#!,'-!'46'5-!.##*!'(!(,#!,#'1(!)2!(,#!(6)!&)*(#*$%*0!!
$#&4'1#$!4)3$!'*$!&4#'1!(,'(!(,#5!$)!*)(!-4##;!()!$1#':8!>.3(!$1#':!()!&,'*0#!! -)&%'4!2)1&#-!%*!(,#!721%&'!)2!(,#!(6#*(%#(,!&#*(315< !!
(,#!6)14$><!! +,#!&)*(#*(%)*!-('1(#$!'!,3*$1#$!5#'1-!'0)!6,#*!%*!RTTX!(,#!&';%('4%-(!!
C!,);#!(,'(!-):#!)2!(,#!%--3#-!%*!(,%-!.))/!6%44!2%*$!#&,)#-!%*!5)31!,#'1(-<! ! ;)6#1-!)2!F31);#!-'(!%*!D#14%*!'*$!&'19#$!'*!#*(%1#!&)*(%*#*(!6%(,!'! !
X!! :34(%;4%&%(5!)2!;#);4#-8!&34(31#-8!'*$!4'*03'0#-!%*()!$%22#1#*(!&)4)*%#-<!C(!-##:-! !
)2!721%&'*!A%(#1'(31#!! ('.4#-!%*!(,#!:#(1);)4%-#-!)2!(,#!6#-(#1*!6)14$\!,#1!-3.:#10#*&#!21):! !
-#42a0)9#1*%*0!&)::3*%(%#-!%*()!&)4)*%#-!6'-!$#&%$#$!%*!D#14%*f!,#1!:)1#!! 3*%9#1-%(%#-!'44!)9#1!(,#!6)14$<!+,#!(%(4#k!>7![)*2#1#*&#!)2!721%&'*!E1%(#1-!)2! !
1#&#*(!(1'*-%(%)*!%*()!*#)&)4)*%#-!'4)*0!(,#!-':#!.)3*$'1%#-!6'-!*#0)(%'(#$!! F*04%-,!FN;1#--%)*><!LYM!!
'1)3*$!(,#!-':#!('.4#-!%*!A)*$)*8!@'1%-8!D13--#4-!'*$!A%-.)*<!+,#!! C!6'-!(,#*!'!-(3$#*(!)2!F*04%-,!'(!?'/#1#1#8!'*!)9#1-#'-!&)44#0#!)2!(,#! !
D#14%*a$1'6*!! G*%9#1-%(5!)2!A)*$)*<!+,#!:'%*!'((1'&(%)*!2)1!:#!6'-!(,#!('%*!;)--%.%4%(5!)2! !
R!! :##(%*0![,%*3'!7&,#.#<!C!,'$!6%(,!:#!'!1)30,8!(5;#-&1%;(!)2!'!*)9#4!%*!!
P!! ;1)01#--8!E##;!=)(8![,%4$8!'*$!C!6'*(#$!,%:!()!1#'$!%(<!C*!(,#!;1#9%)3-!5#'18! !
$%9%-%)*!3*$#1!6,%&,!721%&'!%-!-(%44!4%9%*0!6'-!).9%)3-45!#&)*):%&!'*$! ! RS]R8!C!,'$!&):;4#(#$!+,#!W%9#1!D#(6##*8!:5!2%1-(a#9#1!'((#:;(!'(!'!*)9#48!'*$!!
&34(31'4<!D#14%*!%*!RTTX!-'68!(,#!$%9%-%)*!)2!721%&'!%*()!(,#!$%22#1#*(!4'*03'0#-! ! D31#'3<!C!6'-!/##;%*0!%*!-(#;!6%(,!(,#!(1'$%(%)*!)2!@#(#1!7.1',':-!6%(,!,%-! !
)2!(,#!F31);#'*!;)6#1-<!721%&'*!&)3*(1%#-8!'-!&)4)*%#-!'*$!#9#*!()$'5!'-!! )3(;3(!)2!*)9#4-!'*$!'3().%)01';,%#-!21):!@'(,!)2!+,3*$#1!()!+#44!U1##$):!!
*#)a&)4)*%#-8!&':#!()!.#!$#2%*#$!'*$!()!$#2%*#!(,#:-#49#-!%*!(#1:-!)2!(,#! ! '*$!2)44)6#$!.5![,%*3'!7&,#.#!6%(,!,%-!;3.4%&'(%)*!)2!+,%*0-!U'44!7;'1(!%*!!
4'*03'0#-!)2!F31);#\!F*04%-,a-;#'/%*08!U1#*&,a-;#'/%*0!)1!! RSPS<!K1!(,#1#!6#1#!(,#%1!&)3*(#1;'1(-!%*!U1#*&,!&)4)*%#-8!(,#!0#*#1'(%)*!)2! !
@)1(303#-#a-;#'/%*0!721%&'*!&)3*(1%#-<LRM!! E'1!H#*0,)1!'*$!"'9%$!"%);!%*&43$#$!%*!(,#!RSXVgXT!@'1%-!#$%(%)*!)2!!
G*2)1(3*'(#45!61%(#1-!6,)!-,)34$!,'9#!.##*!:';;%*0!;'(,-!)3(!)2!(,'(!! 7*(,)4)0%#!$#!4'!*)39#44#!;)#-%#!*#01#!#(!:'40'&,#!$#!4'*03#!21'*&'%-#<!+,#5!!
4%*03%-(%&!#*&%1&4#:#*(!)2!(,#%1!&)*(%*#*(!'4-)!&':#!()!.#!$#2%*#$!'*$!()!$#2%*#! ! '44!61)(#!%*!F31);#'*!4'*03'0#-!'-!6'-!(,#!&'-#!6%(,!'44!(,#!;'1(%&%;'*(-!%*!(,'(!!
(,#:-#49#-!%*!(#1:-!)2!(,#!4'*03'0#-!)2!%:;#1%'4%-(!%:;)-%(%)*<!F9#*!'(!(,#%1! ! :):#*()3-!#*&)3*(#1!)*!?'/#1#1#!,%44!%*!`':;'4'!%*!RS]Y<!!
:)-(!1'$%&'4!'*$!;1)a721%&'*8!;)-%(%)*!%*!(,#%1!-#*(%:#*(-!'*$!'1(%&34'(%)*!)2! ! ]!!
;1).4#:-!(,#5!-(%44!())/!%(!'-!'N%):'(%&!(,'(!(,#!1#*'%--'*&#!)2!721%&'*!&34(31#-! ! +,#!(%(4#8!>7![)*2#1#*&#!)2!721%&'*!E1%(#1-!)2!F*04%-,!FN;1#--%)*>8!!
4'5!%*!(,#!4'*03'0#-!)2!F31);#<!! '3():'(%&'445!#N&43$#$!(,)-#!6,)!61)(#!%*!721%&'*!4'*03'0#-<!=)6!)*!4))/%*0!!
C!-,)34$!/*)6g!! .'&/!21):!(,#!-#42ab3#-(%)*%*0!,#%0,(-!)2!RST]8!C!&'*!-##!(,%-!&)*('%*#$!'.-31$!!
CC!! '*):'4%#-<!C8!'!-(3$#*(8!&)34$!b3'4%25!2)1!(,#!:##(%*0!)*!(,#!.'-%-!)2!)*45!(6)! !
C*!RS]Y!C!6'-!%*9%(#$!()!(,'(!,%-()1%&!:##(%*0!)2!721%&'*!61%(#1-!'(!?'/#1#1#! ! ;3.4%-,#$!-,)1(!-()1%#-8!>+,#!U%0!+1##!L?l03:)M>!%*!'!-(3$#*(!e)31*'48!!
G*%9#1-%(5![)44#0#8!`':;'4'8!G0'*$'<!+,#!4%-(!)2!;'1(%&%;'*(-!&)*('%*#$!:)-(!! @#*;)%*(8!'*$!>+,#!W#(31*>!%*!'!*#6!e)31*'4f!+1'*-%(%)*<!D3(!*#%(,#1!H,'.''*!!
)2!(,#!*':#-!6,%&,!,'9#!*)6!.#&):#!(,#!-3.e#&(!)2!-&,)4'145!$%--#1('(%)*-!%*!! W).#1(8!(,#*!(,#!01#'(#-(!4%9%*0!F'-(!721%&'*!;)#(!6%(,!-#9#1'4!6)1/-!)2!;)#(158! !
'*$!;1)-#!()!,%-!&1#$%(!%*!`%-6',%4%8!*)1![,%#2!U'03*6'8!(,#!01#'(!=%0#1%'*! ! )1%0%*-!'*$!0#)01';,%&'4!,'.%('(%)*!-('(%)*!)2!(,#!61%(#1<! !
61%(#1!6%(,!-#9#1'4!;3.4%-,#$!(%(4#-!%*!m)13.'8!&)34$!;)--%.45!b3'4%25<!! F*04%-,8!4%/#!U1#*&,!'*$!@)1(303#-#8!6'-!'--3:#$!()!.#!(,#!*'(31'4!!
+,#!$%-&3--%)*-!)*!(,#!*)9#48!(,#!-,)1(!-()158!;)#(158!'*$!$1':'!6#1#!! 4'*03'0#!)2!4%(#1'15!'*$!8#9#*!;)4%(%&'4!:#$%'(%)*!.#(6##*!721%&'*<!;#);4#!%*! !
.'-#$!)*!#N(1'&(-!21):!6)1/-!%*!F*04%-,!'*$!,#*&#!(,#5!#N&43$#$!(,#!:'%*!! (,#!-':#!*'(%)*!'*$!.#(6##*!*'(%)*-!%*!721%&'!'*$!)(,#1!&)*(%*#*(-<!C*!-):#!!
4'*03'0#-<!m#(8!$#-;%(#!(,%-!#N&43-%)*!)2!61%(#1-!'*$!4%(#1'(31#!%*!721%&'*! ! 721%&'*!;#);4#-!'0'%*-(!$%9%-%9#!(#*$#*&%#-!!
4'*03'0#-8!*)!-))*#1!6#1#!(,#!%*(1)$3&()15!;1#4%:%*'1%#-!)9#1!(,'*!(,%-!! V!!
[)*2#1#*&#!)2!>721%&'*!E1%(#1-!)2!F*04%-,!FN;1#--%)*>!-'(!$)6*!()!(,#!2%1-(! ! %*,#1#*(!%*!(,#!:34(%;4%&%(5!)2!721%&'*!4'*03'0#-!6%(,%*!(,#!-':#!0#)01';,%&! !
%(#:!)*!(,#!'0#*$'\!>E,'(!%-!721%&'*!A%(#1'(31#k>!! -('(#<!+,3-8!Fh#/%#4!?;,',4#4#!7-(#1!&)34$!61%(#8!%*!'!4#((#1!()!+1'*-%(%)*! !
+,#!$#.'(#!6,%&,!2)44)6#$!6'-!'*%:'(#$\!E'-!%(!4%(#1'(31#!'.)3(!721%&'!)1! ! *3:.#1!RR8!(,'(!F*04%-,!'*$!U1#*&,!,'9#!.#&):#!(,#!&)::)*!4'*03'0#!6%(,!!
'.)3(!(,#!721%&'*!#N;#1%#*&#k!E'-!%(!4%(#1'(31#!61%((#*!.5!721%&'*-k!E,'(! ! 6,%&,!()!;1#-#*(!'!*'(%)*'4%-(!21)*(!'0'%*-(!6,%(#!);;1#--)1-8!'*$!#9#*!>6,#1#! !
721%&'*!4%(#1'(31#k!K1!6#1#!721%&'*!4'*03'0#-!(,#!&1%(#1%'k!K`\!6,'(!'.)!3(! ! -##*!'-!&):%*0!()!-'9#!721%&'*!4'*03'0#-a'0'%*-(!(,#:-#49#-<!E1%(%*0!'!!
71'.%&8!6'-!%(!*)(!2)1#%0*!()!721%&'k!E,'(!'.)3(!U1#*&,!'*$!F*04%-,8!6,%&,! ! 2)1#6)1$!()<!D%1'0)!"%);>-!.))/![)*(#-!$>7:'$)3!`)3:.'!H#$'1!H#*0,)1!!
,'$!.#&):#!721%&'*8!4'*03'0#-k!E,'(!%2!>'*!F31);#'*!61)(#!'.)3(!F31);#!%*!! &)::#*$-!,%:!2)18!3-%*0!U1#*&,!()!1#-&3#!(,#!-;%1%(!'*$!-(54#!)2!)4$!721%&'*! !
'*!721%&'*!4'*03'0#k!C2!<<<!%2!<<<!%2!<<<!(,%-!)1!(,'(8!#N&#;(!(,#!%--3#\!(,#! ! 2'.4#-!'*$!('4#-<!>I)6#9#1!6,%4#!1#*$#1%*0!(,#:!%*()!U1#*&,!,#!1#*#6-!(,#:!!
$):%*'(%)*!)2!)31!4'*03'0#-!'*$!&34(31#-!.5!(,)-#!)2!%:;#1%'4%-(!F31);#\!%*!! 6%(,!'*!'1(!6,%&,8!6,%4#<!%(!1#-;#&(-!(,#!0#*%3-!)2!(,#!U1#*&,!4'*03'0#8!(,'(! !
'*5!&'-#!(,#1#!6'-!*)!U'03*6'!)1!H,'.''*!W).#1(!)1!'*5!61%(#1!%*!721%&'*!! 4'*03'0#!)2!0#*(4#*#--!'*$!,)*#-(58!;1#-#19#-!'(!(,#!-':#!(%:#!'44!(,#!a!9%1(3#-!!
4'*03'0#-!()!.1%*0!(,#!&)*2#1#*&#!$)6*!21):!(,#!1#'4:-!)2!#9'-%9#!! )2!(,#!*#01)a721%&'*!4'*03'0#-<>!LXM!F*04%-,8!U1#*&,!'*$!@)1(303#-#!,'$!&):#!!
'.-(1'&(%)*-<!+,#!b3#-(%)*!6'-!*#9#1!-#1%)3-45!'-/#$\!$%$!6,'(!6#!61)(#!! ()!)31!1#-&3#!'*$!6#!'&&#;(#$!(,#!3*-)4%&%(#$!0%2(!6%(,!01'(%(3$#<!+,3-!%*!RS]X8! !
b3'4%25!'-!721%&'*!4%(#1'(31#k!+,#!6,)4#!'1#'!)2!4%(#1'(31#!'*$!'3$%#*!'*$! ! [,%*3'!7&,#.#8!%*!'!-;##&,!#*(%(4#$!>+,#!721%&'*!E1%(#1!'*$!(,#!F*04%-,!!
,#*&#!)2!4'*03'0#!'-!'!$#(#1:%*'*(!)2!.)(,!(,#!*'(%)*'4!'*$!&4'--!'3$%#*!$%$!! A'*03'0#8!-'%$\!!
*)(!1#'445!2%031#\!(,#!$#.'(#!6'-!:)1#!'.)3(!(,#!-3.e#&(!:'((#1!'*$!(,#!1'&%'4! ! C-!%(!1%0,(!(,'(!'!:'*!-,)34$!'.'*$)*!,%-!:)(,#1!()*03#!2)1!-):#)*#!#4-#>-k!!
C(!4))/-!4%/#!'!$1#'$234!.#(1'5'4!'*$!;1)$3&#-!a\'!03%4(5!2##4%*0<!D3(!2)1!:#!! C!':!)2!(,#!);%*%)*<!(,#!)*45!6'5!()!3-#!(,#:!#22#&(%9#45!%-!()!(1'*-4'(#! !
(,#1#!%-!*)!)(,#1!&,)%&#<!C!,'9#!.##*!0%9#*!(,#<!4'*03'0#!'*$!C!%*(#*$!()!3-#!! (,#:!'4:)-(a!4%(#1'445!21):!(,#!721%&'*!4'*03'0#!*'(%9#!()!(,#!61%(#1!%*()! !
%(<!LPM!! 6,'(#9#1!F31);#'*!4'*03'0#!,#!%-!3-%*0!'-!:#$%3:!)2!#N;1#--%)*<!C!,'9#!!
H##!(,#!;'1'$)N\!(,#!;)--%.%4%(58!)2!3-%*0!:)(,#1a()*03#-!;1)9)/#-!'!()*#!)2!! #*$#'9)31#$!%*!:5!6)1$-!()!/##;!'-!&4)-#!'-!;)--%.4#!()!(,#!9#1*'&34'1!!
4#9%(5!%*!;,1'-#-!4%/#!>'!$1#'$234!.#(1'5'4>!'*$!>'!03%4(5!2##4%*0>f!.3(!(,'(!)2! ! #N;1#--%)*-<!U)18!21):!'!6)1$8!'!01)3;!)2!6)1$-8!'!-#*(#*&#!'*$!#9#*!'!!
2)1#%0*!4'*03'0#-!;1)$3&#-!'!&'(#0)1%&'48!;)-%(%9#!#:.1'!6,'(!7&,#.#!! *':#!%*!'*5!721%&'*!4'*03'0!#8!)*#!;'*!04#'*!(,#!-)&%'4!*)1:-8!'((%(3$#-!!
,%:-#428!(#*!5#'1-!4'(#18!6'-!()!$#-&1%.#!'-!(,%-!>2'('4%-(%&!4)0%&!)2!(,#<! ! '*$!9'43#-!)2!'!;#);4#<!!
3*'--'%4'.4#!;)-%(%)*!)2!F*04%-,!%*!)31!4%(#1'(31#\!L]M! ! C*!)1$#1!()!&';(31#!(,#!9%9%$!%:'0#$!)2!<721%&'*!-;##&,8!C!,'$8!()! !
+,#!2'&(!%-8!(,'(<!'44!)2!3-!6,)!);(#$!2)1!F31);#'*!4'*03'0#-!a!(,#!! #-&,#6!(,#!,'.%(!)2!#N;1#--%*0!:5!(,)30,(-!2%1-(!%*!F*04%-,<!C(!6'-!$%22%&34(! !
&)*2#1#*&#!;'1(%&%;'*(-!'*$a!(,#!0#*#1'(%)*!(,'(!2)44)6#$!(,#:8!'&&#;(#$!(,'(!! '(!2%1-(8!.3(!+!,'$!a()!4#'1*!C!,'$!()!-(3$5<!#'&,!Ce'6!#N;1#--%)*!C!3-#$!'*$!!
b3#-(%)*!6,%&,!;1#)&&3;%#$!3-!6'-!,)6<!D#-(!()!:'/#!(,#!.)11)6#$!()*03#-!! (,#!*#'1#-(8!:#'*%*0!%*!F*04%-,<!C!2)3*$!%(!'!2'-&%*'(%*0!#N#1&%-#<!LVM! !
&'115!(,#!6#%0,(!)2!)31!721%&'*!#N;#1%#*&#!.58!2)1!%*-('*!:'/%*0!(,#:! ! E,58!6#!:'5!'-/8!-,)34$!'*!721%&'*!61%(#18!)1!'*5!861%(#18!.#&):#!-)! !
>;1#5>!)*!721%&'*!;1)9#1.-!'*$!)(,#1!;#&34%'1%(%#-!)2!721%&'*!-;##&,!'*$!! ).-#--#$a!.5!('/%*0!21):!,%-<!:)(,#1!aa()*03#8!()!#*1%&,!)(,#1!()*03#-k!E,5!!
+3(3)4'!L+,#!@'4:6%*#!"1%*/'1$f!?5!2%2#!%*!(,#!D3-,!)2!J,)-(-M8!'*$!J'.1%#4! ! 6#!#*1%&,!)31!4'*03'0#-k!I)6!&'*!6#!>;1#5>8!)*!(,#!1%&,!,3:'*%-(!'*$!!
K/'1'!L+,#!d)%&#M!6#1#!)2(#*!,#4$!'-!;1)9%$%*0!(,#!(,1##!'4(#1*'(%9#!:)$#4-<! ! $#:)&1'(%&!,#1%('0#!%*!(,#!-(13004#-!)2!)(,#1!;#);4#-!%*!)(,#1!(%:#-!'*$!)(,#1!!
+,#!4#*0(,-!()!6,%&,!6#!6#1#!;1#;'1#$!()!0)!%*!)31!:%--%)*!)2!#*1%&,%*0!! ;4'&#-!()!#*1%&,!)31!)6*k!E,5!*)(8!,'9#!D'4h'&8!+)4-()58!H,)4)/)98!D1#&,(8!!
2)1#%0*!4'*03'0#-!.5!%*e#&(%*0!H#*0,)1%'*!>.4'&/!.4))$>!%*()!(,#%1!13-(5!e)%*(-8!! A3!I-3*8!@'.4)!=#13$'8!I<![<!7*$#1-)*8!`%:![,%<!I'8!?'1N8!A#*%*8!74.#1(!!
T!! 6,5!*)(!&1#'(#!4%(#1'15!:)*3:#*(-!%*!)31!)6*!4'*03'0#-k!E,5a%*!)(,#1!6)1$-!!
+1'*-%(%)*\!! -,)34$!K/'1'!*)(!-6#'(!%(!)3(!()!&1#'(#!%*!Ce'68!6,%&,!,#!'&/*)64#$0#-!()!,'9#! !
;,%4)-);,5!'*$!721%&'*!2)4/4)1#!'*$!%:'0#15!()!(,#!2344#-(!#N(#*(!;)--%.4#8! ! 1#-;)*-%.%4%(5!()!(,#!-(13004#-!)2!721%&'*!;#);4#-k!=)8!(,#-#!b3#-(%)*-!6#1#!*)(!!
'-/#$<!E,'(!-##:#$!()!6)115!3-!:)1#!6'-!(,%-\!'2(#1!'44!(,#!4%(#1'15!05:*'-(%&-! ! 4'*03'0#-!)*!3-!'*$!-)!'001#--%9#!%*!)31!&4'%:-!)*!)(,#1!4'*03'0#-8!!
)2!;1#5%*0!)*!)31!4'*03'0#-!()!'$$!4%2#!'*$!9%0)31!()!F*04%-,!'*$!)(,#1!2)1#%0*!! ;'1(%&34'145!(,#!4'*03'0#-!<!)2!)31!&)4)*%h'(%)*k!!
4'*03'0#-8!6)34$!(,#!1#-34(!.#!'&&#;(#$!'-!0))$!F*04%-,!)1!0))$!U1#*&,k!E%44!! D#14%*!)2!RTTX!6'-!#22#&(#$!(,1)30,!(,#!-6)1$!'*$!(,#!.344#(<!D3(!(,#!*%0,(!!
(,#!)6*#1!)2!(,#!4'*03'0#!&1%(%&%-#!)31!3-'0#kaI#1#!6#!6#1#!:)1#!'--#1(%9#!)2!! )2!(,#!-6)1$!'*$!(,#!<.344#(!6'-!2)44)6#$!.5!(,#!:)1*%*0!)2!(,#!&,'4/!'*$!>(,#! !
)31!1%0,(-g![,%*3'!7&,#.#!61)(#\!! .4'&/.)'1$<!+,#!;,5-%&'4!9%)4#*&#!)2!(,#!.'((4#2%#4$!6'-!2)44)6#$!.5!(,#! !
C!2##4!(,'(!(,#!F*04%-,!4'*03'0#!6%44!.#!'.4#!()!&'115!(,#!6#%0,(!)2!:5! ! ;-5&,)4)0%&'4!9%)4#*&#!)2!(,#>!&4'--1)):<!D3(!6,#1#!(,#!2)1:#1!a6'-!9%-%.45!!
721%&'*!#N;#1%#*&#<!D3(!%(!6%44!,'9#!()!.#!'!*#6!F*04%-,8!-(%44!%*!2344! ! .13('48!(,#!4'((#1!6'-!9%-%.45!0#*(4#8!'!;1)&#--!.#-(!$#-&1%.#$!%*![,#%/,! !
&)::3*%)*!6%(,!%(-!'*&#-(1'4!,):#!.3(!'4(#1#$!()!-3%(!*#6!721%&'*! ! I':%$)3!`'*#>-!*)9#4!7:.%03)3-!7$9#*(31#!6,#1#!,#!('4/-!)2!(,#!:#(,)$-!)2!!
-311)3*$%*0-<!LTM!! (,#!&)4)*%'4!;,'-#!)2!%:;#1%'4%-:!'-!&)*-%-(%*0!)2!/*)6%*0!,)6!()!/%44!6%(,! !
S!! #22%&%#*&5!'*$!()!,#'4!6%(,!(,#!-':#!'1(<!!
J'.1%#4!K/'1'>-!;)-%(%)*!)*!(,%-!6'-!1#;1#-#*('(%9#!)2!)31!0#*#1'(%)*\! ! K*!(,#!D4'&/![)*(%*#*(8!)*#!.#0'*!()!3*$#1-('*$!(,'(!(,#%1!1#'4!;)6#1!!
4'*03'0#\!+,%-!%-!)2!&)31-#!*)(!(13#<!A%9%*0!4'*03'0#-!01)6!4%/#!4%9%*0! ! (,#!&'**)*-<!+,#1#2)1#!.#,%*$!(,#!&'**)*-!6'-!(,#!*#6!-&,))4<!+,#!*#6!!
(,%*0-8!'1%$!F*04%-,!%-!2'1!21):!'!$#'$!4'*03'0#<!+,#1#!'1#!7:#1%&'*8!E#-(! ! -&,))4!,'$!(,#!*'(31#!)2!.)(,!(,#!&'**)*!'*$!(,#!:'0*#(<<!U1):!(,#!&'**)*!!
C*$%'*8!73-(1'4%'*8!['*'$%'*!'*$!=#6!B#'4'*$!9#1-%)*-!)2!F*04%-,<!744!)2!! %(!())/!(,#!<#22%&%#*&5!)2!'!2%0,(%*0!6#';)*<!D3(!.#((#1!(,'*!(,#!&'**)*!%(! !
(,#:!'$$!4%2#!'*$!9%0)31!()!(,#!4'*03'0#!6,%4#!1#24#&(%*0!(,#%1!)6*! ! :'$#!(,#!&)*b3#-(!;#1:'*#*(<!+,#!&'**)*!2)1&#-!(,#!.)$5!'*$!(,#!-&,))4!!
1#-;#&(%9#!&34(31#-<!E,5!-,)34$*>(!(,#1#!.#!'!=%0#1%'*!)1!E#-(!721%&'*!! 2'-&%*'(#-!(,#!-)34<!LRQM!!
F*04%-,!6,%&,!<6#!&'*!3-#!()!#N;1#--!)31!)6*!%$#'-8!(,%*/%*0!'*$!! C*!:5!9%#6!4'*03'0#!6'-!(,#!:)-(!%:;)1('*(!9#,%&4#!(,1)30,!6,%&,!(,'(!;)6#1! !
;,%4)-);,5!%*<!)31!)6*!6'5k!LSM!! 2'-&%*'(#$!'*$!,#4$!(,#!-)34!;1%-)*#1<<!+,#!.344#(!6'-!(,#!:#'*-!)2!(,#!;,5-%&'4! !
I)6!$%$!6#!'11%9#!'(!(,%-!'&&#;('*&#!)2!>(,#!2'('4%-(%&!4)0%&!)2!(,#!! -3.e30'(%)*<!A'*03'0#!6'-!(,#!:#'*-!)2!(,#!-;%1%(3'4!-3.e30'(%)*<!A#(!:#!!
;)4%(%&-k!E,'(!6'-!(,#!1)3(#!21):!(,#<!D#14%*!)2!RTTX!9%'!(,#!?'/#1#1#!)2!RS]Y! ! %*!4'*03'0#!'*$!4%(#1'(31#<!!
(6#*(5a#%0,(!&,%4$1#*<!C!'4-)!.#4)*0#$8!'-!6#!'44!$%$!%*!(,)-#!$'5-8!()!'!6%$#1! ! &)::3*%(5!6'-!'!&)*-('*(!(,#:#<!C(!&)34$!3*%(#!,3:'*!.#%*0-!6%(,!'*%:'4-! !
#N(#*$#$!2':%45!'*$!()!(,#!&)::3*%(5!'-!'!6,)4#<!! '0'%*-(!)01#-!'*$!.#'-(-!)2!;1#58!'-!%*!(,#!-()15!)2!,)6!$)9#8!'2(#1!.#%*0!2#$! !
E#!-;)/#!J%/353!'-!6#!6)1/#$!%*!(,#!2%#4$-<!E#!-;)/#!J%/353!%*!8'*$! ! E%(,!&'-()1)%4!-##$-8!6'-!-#*(!()!2#(&,!'!-:%(,!6)1/%*0!2'1!'6'58!21):!,):#! !
)3(-%$#!(,#!,):#<!C!&'*!9%9%$45!1#&'44!(,)-#!#9#*%*0-!)2!-()15(#44%*0!'1)3*$!(,#! ! '*$!6,)-#!;1#0*'*(!6%2#!6'-!.#%*0!(,1#'(#*#$!.5!(,#-#!:'*a#'(%*0!!
%*(#1#-(#$!'*$!%*9)49#$<!E#!&,%4$1#*!6)34$!1#a(#44!(,#!-()1%#-!(,#!2)44)6%*0!$'5!! +,#1#!6#1#!0))$!'*$!.'$!-()15a(#44#1-<!7!0))$!)*#!&)34$!(#44!(,#!-':#!!
()!)(,#1!&,%4$1#*!6,)!6)1/#$!%*!(,#!2%#4$-!;%&/%*0!(,#!;51#(,13:!24)6#1-8! ! -()15!)9#1!'*$!)9#1!'0'%*8!'*$!%(!6)34$!'46'5-!.#8!21#-,!()!3-8!(,#!4%-(#*#1-<!I#! !
(#'a4#'9#-!)1!&)22##!.#'*-!)2!)31!F31);#'*!'*$!721%&'*!4'*$4)1$-<!! )1!-,#!&)34$!(#44!'!-()15!()4$!.5!-):#)*#!#4-#!'*$!:'/#!%(!:)1#!'4%9#!'*$! !
J%/353<!I'1#8!.#%*0!-:'448!6#'/!.3(!2344!)2!%**)9'(%9#!6%(!'1%$!&3**%*08!6'-! ! %*24#N%)*!)2!9)%&#-!()!#22#&(!$%22#1#*(!()*#-<! !
)31!,#1)<!E#!%$#*(%2%#$!6%(,!,%:!'-!,#!-(13004#$!'0'%*-(!(,#!.13(#-!)2!;1#5!4%/#! ! RR!!
';;'1#*(45!6#'/!&'*!)3(6%(!(,#!-(1)*0<!E#!2)44)6#$!a(,#!'*%:'4-!%*!(,#%1!! A'*03'0#!6'-!a*)(!'!:#1#!-(1%*0!)2!6)1$-<!C(!,'$!'!-300#-(%9#!;)6#1!6#44! !
-(13004#!'0'%*-(!,)-(%4#!*'(31#!$1)30,(8!1'%*8!-3*8!6%*$!a!'!&)*21)*('(%)*!)2(#*!! .#5)*$!(,#!%::#$%'(#!'*$!4#N%&'4!:#'*%*0<!K31!';;1#&%'(%)*!)2!(,#!-300#-(%9#!!
2)1&%*0!(,#:!()!-#'1&,!2)1!2)1:-!)2!&)a);#1'(%)*<!D3(!6#!6#1#!'4-)!%*(#1#-(#$!! :'0%&'4!;)6#1!)2!4'*03'0#!6'-!1#%*2)1&#$!.5!(,#!0':#-!6#!;4'5#$!6%(,!6)1$-! !
%*!(,#%1!-(13004#-!':)*0-(!(,#:-#49#-8!'*$!;'1(%&34'145!.#(6##*!(,#!.#'-(-!'*$!! (,1)30,!1%$$4#-8!;1)9#1.-8!(1'*-;)-%(%)*-!)2!-544'.4#-8!)1!(,1)30,!*)*-#*-%&'4!!
1#24#&(#$!1#'4a4%2#!-(13004#-!%*!(,#!,3:'*!6)14$<!! ();!)2!(,#!&)*(#*(<!+,#!4'*03'0#8!(,1)30,!%:'0#-!'*$!-5:.)4-8!0'9#!3-!'!9%#6!!
=)(!(,'(!9%#!*#04#&(#$!-()1%#-!6%(,!,3:'*!.#%*0-!'-!(,#!:'%*!n!&,'1'&(#1-<!! )2!(,#!6)14$8!.3(!%(!,'$!'!.#'3(5!)2!%(-!)6*<!+,#!,):#!'*$!(,#!2%#4$!6#1#!(,#*! !
-;#&%#-!)2!(1345!,3:'*!.#%*0-!6%(,!b3'4%(%#-!)2!&)31'0#8!/%*$*#--8!:#1&58! ! 4'*03'0#!)2!)31!#9#*%*0!(#'&,a%*-8!'*$!(,#!4'*03'0#!)2!)31!%::#$%'(#!'*$!!
,'(1#$!)2!#9%48!&)**!2)1!)(,#1-f!'*$!'!:'*a#'(a:'*!(6)a:)3(,#$!-;#&%#-!! 6%$#1!&)::3*%(58!'*$!(,#!4'*03'0#!)2!)31!6)1/!%*a!(,#!2%#4$-!6#1#!)*#<!!
6%(,!b3'4%(%#-!)2!01##$8!-#42%-,*#--8!%*$%9%$3'4%-:!'*$!,'(1#$!)2!6,'(!6'-!0))$! ! 7*$!(,#*!C!6#*(!()!-&,))48!'!&)4)*%'4!-&,))48!'*$!(,%-!,'1:)*5!6'-!.1)/#*<! !
+,#!4'*03'0#!)2!:5!#$3&'(%)*!6'-!*)!4)*0#1!(,#!4'*03'0#!)2!:5!&34(31#<!C!2%1-(! ! %::#$%'(#!&)::3*%(5<!!
6#*(!()!`':''*$31'8!:%--%)*'15!13*8!'*$!(,#*!()<!'*)(,#1!&'44#$!?''*0333!! RY!!
13*!.5!*'(%)*'4%-(-!01)3;#$!'1)3*$!(,#!J%/353!C*$#;#*$#*(!'*$!`'1%*0'!! +,#!'((%(3$#!()!F*04%-,!6'-!(,#!#N'&(!);;)-%(#\!'*5!'&,%#9#:#*(!%*!-;)/#*!!
(%:#!C!6'-!#9#1!0%9#*!'*!)9'(%)*!2)1!:5!61%(%*0!6'-!)9#1!'!&):;)-%(%)*!%*! ! ,%0,#1!1#'4:-<!F*04%-,!.#&':#!(,#!:#'-31#!)2!%*(#44%0#*&#!'*$!'.%4%(5!%*!(,#! !
J%/353<!H)!2)1!:5!2%1-(!2)31!5#'1-!(,#1#8!6'-!-(%44!,'1:)*5!.#(6##*!(,#! ! '1(-8!(,#!-&%#*&#-8!'*$!'44!(,#!)(,#1!.1'*&,#-!)2!4#'1*%*0<!F*04%-,!.#&':#!(,#!!
4'*03'0#!)2!:5!2)1:'4!#$3&'(%)*!'*$!(,'(!)2!(,#!A%:313!;#'-'*(!&)::3*%(5<!! :'%*!$#(#1:%*'*(!)2!'!&,%4$>-!;1)01#--a!3;!(,#!4'$$#1!)2!2)1:'4!#$3&'(%)*<!!
C(!6'-!'2(#1!(,#!$#&4'1'(%)*!)2!'!-('(#!)2!#:#10#*&5!)9#1!`#*5'!%*!RSPY!(,'(!! 7-!5)3!:'5!/*)68!(,#!&)4)*%'4!-5-(#:!)2a#$3&'(%)*!%*!'$$%(%)*!()!%(-!!
'44!(,#!-&,))4-!13*!.5!;'(1%)(%&!*'(%)*'4%-(-!6#1#!('/#*!)9#1!.5!(,#!&)4)*%'4! ! ';'1(,#%$!1'&%'4!$#:'1&'(%)*!,'$!(,#!-(13&(31#!)2!'!;51':%$\!'!.1)'$!;1%:'15!!
1#0%:#!'*$!6#1#!;4'&#$!3*$#1!"%-(1%&(!F$3&'(%)*!D)'1$-!&,'%1#$!.5!! .'-#8!'!*'11)6%*0!-#&)*$'15!(6%$$4#8!'*$!'*!#9#*!*'11)6#1!3*%9#1-%(5!';#N8!!
F*04%-,:#*<!F*04%-,!.#&':#!(,#!4'*03'0#!)2!:5!2)1:'4!#$3&'(%)*\!C*!`#*5'8!! H#4#&(%)*-!21):!;1%:'15!%*()!-#&)*$'15!6#1#!(,1)30,!'*!#N':%*'(%)*8!%*!:5! !
F*04%-,<!.#&':#!:)1#!(,'*!'!4'*03'0#\!%(!6'-!(,#!4'*03'0#8!'*$!'44!(,#!)(,#1-! ! <(%:#!&'44#$!`#*5'!721%&'*!@1#4%:%*'15!FN':%*'(%)*8!%*!6,%&,!)*#!,'$!()!;'--! !
,'$!()!.)6!.#2)1#!%(!%*!$#2#1#*&#<!! -%N!-3.e#&(-!1'*0%*0!21):!?'(,-!()!='(31#!H(3$5!'*$!`%-6',%,<!744!(,#!;';#1-!!
+,3-!)*#!)2!(,#!:)-(!,3:%4%'(%*0!#N;#1%#*&#-!6'-!()!.#!&'30,(!-;#'/%*0!! 6#1#!61%((#*!%*!F*04%-,<!=).)$5!&)34$!;'--!<(,#!#N':!6,)!2'%4#$!(,#!F*04%-,! !
;3*%-,:#*(!a!(,1##!()!2%9#!-(1)/#-!)2!(,#!&'*#!)*!.'1#!.3(()&/-!a!)1!6'-!:'$#!()!! 1#:#:.#1!)*#!.)5!%*!:5!&4'--!)2!RSPX!6,)!,'$!$%-(%*&(%)*-!%*!'44!-3.e#&(-!!
&'115!'!:#('4!;4'(#!'1)3*$!(,#!*#&/!6%(,!%*-&1%;(%)*-!-3&,!'-!C!7?!H+G@C"!)1!C! ! #N&#;(!F*04%-,8!6,%&,!,#!,'$!2'%4#$<!I#!6'-!:'$#!()!2'%4!(,#!#*(%1#!#N':<!I#! !
0%9#*!()!)*#!;3;%4!6,)!6'-!-3;;)-#$!()!,'*$!%(!)9#1!()!6,)#9#1!6'-!&'30,(!! %*-(%(3(%)*-!2)1!721%&'*-!%*!&)4)*%'4!`#*5'<!+,#!1#b3%1#:#*(-!2)1!'!;4'&#!'(!(,#! !
-;#'/%*0!,%-!:)(,#1!()*03#<!E,)#9#1!,'$!(,#!.3(()*!'(!(,#!#*$!)2!(,#!$'5!! G*%9#1-%(58!?'/#1#1#!G*%9#1-%(5![)44#0#8!6#1#!.1)'$45!(,#!-':#\!*).)$5!!
6)34$!-%*0!6,)!,'$!0%9#*!%(!()!,%:!'*$!(,#!#*-3%*0!;1)&#--!6)34$!.1%*0!)3(!'44!! &)34$!0)!)*!()!6#'1!(,#!3*$#101'$3'(#!1#$!0)6*8!*)!:'((#1!,)6!.1%44%'*(45!o5! !
;1)&#--!6#1#!.#%*0!('30,(!(,#!43&1'(%9#a!9'43#!)2!.#%*0!'!(1'%()1!()!)*#>-!! -%:;4#!;'--g!a!%*!F*04%-,<!+,3-!(,#!:)-(!&)9#(#$!;4'&#!%*!(,#!;51':%$!'*$!%*!!
(,#!-5-(#:!6'-!)*45!a'9'%4'.4#!()!(,#!,)4$#1!)2!'*!F*04%-,!4'*03'0#!a&1#$%(!! )*45<!'!:#'*-!)2!&)::3*%&'(%)*!6%(,!*)*aH&'*$%*'9%'*-<!C(!%-!*)(!'!&'11%#1!)2!!
#4%(#$):<!! %*-#;'1'.45!21):!%(-!3-#!'-!'!())4!)2<!&)::3*%&'(%)*8!'!&'11%#1!)2!(,#%1!&34(31#! !
A%(#1'15!#$3&'(%)*!6'-!*)6!$#(#1:%*#$!.5!(,#!$):%*'*(!4'*03'0#!6,%4#a!! '*$!,%-()15<!K1!('/#!H6',%4%!%*!F'-(!'*$![#*(1'4!721%&'<!C(!%-!6%$#45!3-#$!'-!'! !
'4-)!1#%*2)1&%*0!(,'(!$):%*'*&#<!K1'(31#!L)1'4!4%(#1'(31#M8!%*!`#*5'*!4'*03'0#-! ! :#'*-!)2!&)::3*%&'(%)*!'&1)--!:'*5!*'(%)*'4%(%#-<!D3(!%(!%-!*)(!(,#!&'11%#1!)2!'! !
-();;#$<!C*!;1%:'15!-&,))4!C!*)6!1#'$!-%:;4%2%#$!"%&/#*-!'*$!H(#9#*-)*!! &34(31#!'*$!,%-()15!)2!:'*5!)2!(,)-#!*'(%)*'4%(%#-<!I)6#9#1!%*!;'1(-!)2!`#*5'! !
%:'0%*'(%)*<!C*!-#&)*$'15!-&,))48!H&)((!'*$!J<!D<!H,'6!9%#$!6%(,!:)1#!W%$#1! ! :)(,#1a()*03#\!!
I'00'1$8!c),*!D3&,'*8!74'*!@'()*8![';('%*!E<!F<!c),*-<!7(!?'/#1#1#!C!1#'$!! A'*03'0#!'-!&)::3*%&'(%)*!,'-!(,1##!'-;#&(-!)2!#4#:#*(-<!+,#1#!%-!2%1-(!!
F*04%-,\!21):<![,'3!()!+<!H<!F4%)(!6%(,!'!()3&,!)2!J1',':!J1##*#<! ! 6,'(!`'14!?'1N!)*&#!&'44#$!(,#!4'*03'0#!)2!1#'4!4%2#8!LRYM!(,#!#4#:#*(!.'-%&!()! !
+,3-!4'*03'0#!'*$!4%(#1'(31#!6#1#!('/%*0!3-!231(,#1!'*$!231(,#1!21):!! (,#!6,)4#!*)(%)*!)2!4'*03'0#8!%(-!)1%0%*-!'*$!$#9#4);:#*(\!(,'(!%-8!(,#!1#4'(%)*-!!
)31-#49#-!()!)(,#1!-#49#-8!21):!)31!6)14$!()!)(,#1!6)14$-<!! ;#);4#!#*(#1!%*()!6%(,!)*#\!'*)(,#1!%*!(,#!4'.)31!;1)&#--8!(,#!4%*/-!(,#5! !
E,'(!6'-!(,#!&)4)*%'4!-5-(#:!$)%*0!()!3-!`#*5'*!&,%4$1#*k!E,'(!6#1#!(,#!! *#&#--'1%45!#-('.4%-,!':)*0!(,#:-#49#-!%*!(,#!'&(!)2!'!;#);4#88!'!&)::3*%(5!)2! !
RO!! ,3:'*!&)::3*%(5!1#'445!-('1(-!%(-!,%-()1%&'4!.#%*0!'-!'!&)::3*%(5!)2! !
)2!)31!4'*03'0#-!'*$!(,#!4%(#1'(31#!(,#5!&'11%#$8!'*$!)*!(,#!)(,#1!(,#!#4#9'(%)*! ! &)a);#1'(%)*!%*!;1)$3&(%)*!(,1)30,!(,#!$%9%-%)*!)2!4'.)31f!(,#!-%:;4#-(!%-! !
)2!F*04%-,!'*$!(,#!4%(#1'(31#8!%(!&'11%#$k!+)!'*-6#1!(,)-#!b3#-(%)*-8!4#(!:#!2%1-(! ! .#(6##*!:'*p6):'*!'*$!&,%4$!6%(,%*!'!,)3-#,)4$f!(,#!:)1#!&):;4#N!!
#N':%*#!(,#!1#4'(%)*-,%;!)2!4'*03'0#!()!,3:'*!#N;#1%#*!,3:'*!&34(31#8!'*$!! $%9%-%)*-!'1#!.#(6##*!.1'*&,#-!)2!;1)$3&(%)*!-3&,!'-!(,)-#!6,)8!'1#!-)4#!!
(,#!,3:'*!;#1&#;(%)*!)2!1#'4%(5<!! ,3*(#1-8!-)4#!0'(,#1#1-!)2!213%(-!)1!-)4#!6)1/#1-!%*!:#('4<!+,#*!(,#1#!'1#!(,#! !
Cd!! :)-(!&):;4#N!$%9%-%)*-!-3&,!'-!(,)-#!%*!:)$#1*!2'&()1%#-!a6,#1#!'!-%*04#!!
&)::3*%&'(%)*!'*$!'!&'11%#1!)2!&34(31#<!+'/#!F*04%-,<!C(!%-!-;)/#*!%*!D1%('%*! ! @1)$3&(%)*!%-!&)a);#1'(%)*8!%-!&)::3*%&'(%)*8!%-!4'*03'0#8!%-!#N;1#--%)*!)2!'!!
'*$!%*!H6#$#*!'*$!"#*:'1/<!D3(!2)1!H6#$%-,!'*$!"'*%-,!;#);4#!F*04%-,!%-!! 1#4'(%)*!.#(6##*!,3:'*!.#%*0-!'*$!%(!%-!-;#&%2%&'445!,3:'*\!!
+,#!-#&)*$!'-;#&(!)2!4'*03'0#!'-!&)::3*%&'(%)*!%-!-;##&,!'*$!%(!%:%('(#-!! (,'(!$)3.4#!%*(#1'&(%)*!'*$!'!1#24#&(%)*!)2!%(<!+,#!'--)&%'(%)*!)2!(,#!&,%4$>-! !
(,#!4'*03'0#!)2!1#'4!4%2#8!(,'(!%-!&)::3*%&'(%)*!%*!;1)$3&(%)*!! -#*-%.%4%(5!%-!6%(,!(,#!4'*03'0#!)2!,%-!#N;#1%#*&#!)2!4%2#<! !
+,#!9#1.'4!-%0*;)-(-!.)(,!1#24#&(!'*$!'%$!&)::3*%&'(%)*!)1!(,#!1#4'(%)*-!! .'-%-!'*$!;1)&#--!)2!#9)49%*0!&34(31#<!C*!$)%*0!-%:%4'1!/%*$-!)2!(,%*0-!'*$! !
#-('.4%-,#$!.#(6##*!,3:'*!.#%*0-!%*!(,#!;1)$3&(%)*!)2!(,#%1!:#'*-!)2!4%2#<! ! '&(%)*-!)9#1!'*$!)9#1!'0'%*!3*$#1!-%:%4'1!&%1&3:-('*&#-8!-%:%4'1!#9#*!%*!(,#%1! !
-;)/#*!6)1$!%-!()!1#4'(%)*-!.#(6##*!,3:'*!.#%*0-!6,'(!(,#!,'*$!%-!()!(,#!! /*)64#$0#!#:#10#<!+,)-#!#N;#1%#*&#-!'1#!,'*$#$!)9#1!()!(,#!*#N(!0#*#1'(%)*!!
1#4'(%)*-!.#(6##*!,3:'*!.#%*0-!'*$!*'(31#<!+,#!,'*$!(,1)30,!())4-!:#$%'(#-!! '*$!.#&):#!(,#!%*,#1%(#$!.'-%-!2)1!(,#%1!231(,#1!'&(%)*-!)*!*'(31#!'*$!)*!!
.#(6##*!,3:'*!.#%*0-!'*$!*'(31#!'*$!2)1:-!(,#!4'*03'0#!)2!1#'4!4%2#\!-;)/#*!! (,#:-#49#-<!+,#1#!%-!'!01'$3'4!'&&3:34'(%)*!)2!9'43#-!6,%&,!%*!(%:#!.#&):#! !
6)1$-!:#$%'(#!.#(6##*!,3:'*!.#%*0-!'*$!2)1:!(,#!4'*03'0#!)2!-;##&,<!! '4:)-(!-#42!#9%$#*(!(13(,-!0)9#1*%*0!(,#%1!&)*&#;(%)*!)2!6,'(!%-!1%0,(!'*$!!
+,#!(,%1$!'-;#&(!%-!(,#!61%((#*!-%0*-<!+,#!61%((#*!6)1$!%:%('(#-!(,#!-;)/#*<! ! 61)*08!0))$!'*$!.'$8!.#'3(%234!'*$!30458!&)31'0#)3-!'*$!&)6'1$458!0#*#1)3-!!
E,#1#!(,#!2%1-(!(6)!'-;#&(-!)q!4'*03'0#!'-!&)::3*%&'(%)*!(,1)30,!(,#!,'*$!! '*$!:#'*!%*!(,#%1!%*(#1*'4!'*$!#N(#1*'4!1#4'(%)*-<!K9#1!'!(%:#!&,%&!.#&):#-!'! !
61%((#*!'-;#&(!%-!a'!:3&,!4'(#1!,%-()1%&'4!$#9#4);:#*(<!E1%(%*0!%-! ! &34(31#!'*$!,%-()15<![34(31#!#:.)$%#-!(,)-#!:)1'48!#(,%&'4!'*$!'#-(,#(%&!!
1#;1#-#*('(%)*<!)2!-)3*$-!6%(,!9%-3'4!-5:.)4-8!21):!(,#!-%:;4#-(!/*)(!':)*0! ! 9'43#-8<!(,#!-#(!)2!-;%1%(3'4!#5#04'--#-8!(,1)30,!6,%&,!(,#5!&):#!()!9%#6! !
-,#;,#1$-!()!(#44!(,#!*3:.#1!%*!'!,#1$!)1!(,#!,%#1)045;,%&-!':)*0!(,#!70%/353!! (,#:-#49#-!'*$!(,#%1!;4'&#!%*!(,#!!
0%&''*$%!-%*0#1-!'*$!;)#(-!)2!`#*5'8!()!(,#!:)-(!&):;4%&'(#$!'*$!$%22#1#*(!! RP!!
4#((#1!'*$!;%&(31#!61%(%*0!-5-(#:-!)2!(,#!6)14$!()$'5<! ! 3*%9#1-#<!d'43#-!'1#!(,#!.'-%-!)2!'!;#);4#>-!%$#*(%(58!(,#%1!-#*-#!)2!;'1(%&34'1%(5! !
C*!:)-(!-)&%#(%#-!(,#!61%((#*!'*$!(,#!-;)/#*!4'*03'0#-!'1#!(,#!-':#8!%*!(,'(! ! '-!:#:.#1-!)2!(,#!,3:'*!1'&#<!744!(,%-!%-!&'11%#$!.5!4'*03'0#<!A'*03'0#!'-!!
(,#5!1#;1#-#*(!#'&,!)(,#1\!6,'(!%-!)*!;';#1!&'*!.#!1#'$!()!'*)(,#1!;#1-)*!'*$!! &34(31#!%-!(,#!&)44#&(%9#!:#:)15!.'*/!)2!'!;#);4#>-!#N;#1%#*&#!%*!,%-()15<! !
'!-)&%#(5!(,#1#!%-!.1)'$!,'1:)*5!2)1!'!&,%4$!.#(6##*!(,#!(,1##!'-;#&(-!)2! ! 0#*#-%-!01)6(,!.'*/%*08!'1(%&34'(%)*!'*$!%*$##$!%(-!(1'*-:%--%)*!21):!)*#!!
4'*03'0#!'-!&)::3*%&'(%)*<!I%-!%*(#1'&(%)*!6%(,!*'(31#!'*$!6%(,!)(,#1!:#*!%-! ! 0#*#1'(%)*!()!(,#!*#N(<!!
#N;1#--#$!%*!61%((#*!'*$!-;)/#*!-5:.)4>-!)1!-%0*-!6,%&,!'1#!.)(,!'!1#-34(!)2! ! A'*03'0#!'-!&34(31#!'4-)!,'-!(,1##!%:;)1('*(!'-;#&(-<![34(31#!%-!'!;1)$3&(!!
)2!(,#!,%-()15!6,%&,!%(!%*!(31*!1#24#&(-<![34(31# !%*!)(,#1!6)1$-!%-!'!;1)$3&(!'*$!'!! ;'1(%&34'1%(5!'-!(,#!4'*03'0#!)2!'!-;#&%2%&!&)::3*%(5!6%(,!'!-;#&%2%&!,%-()15\! !
1#24#&(%)*!)2!,3:'*!.#%*0-!&)::3*%&'(%*0!6%(,!)*#!'*)(,#1!%*!(,#!9#15!! E1%((#*!4%(#1'(31#!'*$!)1'(31#!'1#!(,#!:'%*!:#'*-!.5!6,%&,!'!;'1(%&34'1! !
-(13004#!()!&1#'(#!6#'4(,!'*$!()!&)*(1)4!%(<!D3(!&34(31#!$)#-!*)(!:#1#45!1#24#&(! ! 4'*03'0#!(1'*-:%(-!(,#!%:'0#-!)2!(,#!6)14$!&)*('%*#$!%*!(,#!&34(31#!%(!&'11%#-<!!
6)14$!)2!*'(31#!'*$!*31(31#<!+,3-!(,#!-#&)*$!'-;#&(!)2!4'*03'0#!'-!&34(31#!%-!'-!! [)::3*%&'(%)*!&1#'(#-!&34(31#\!&34(31#!%-!'!:#'*-!)2!!
'*!%:'0#a2)1:%*0!'0#*(!%*!(,#!:%*$!)2!'!&,%4$<!K31!6,)4#!&)*&#;(%)*!)2! ! R]!!
)31-#49#-!'-!'!;#);4#8!%*$%9%$3'445!'*$!&)44#&(%9#458!%-!.'-#$!)*!(,)-#!;%&(31#-!! &)::3*%&'(%)*<!A'*03'0#!&'11%#-!&34(31#8!'*$!&34(31#!&'11%#-8!;'1(%&34'145! !
'*$!%:'0#-!6,%&,!:'5!)1!:'5!*)(!&)11#&(45!&)11#-;)*$!()!(,#!'&(3'4!1#'4%(5!)2! ! (,1)30,!)1'(31#!'*$!4%(#1'(31#f!(,#!#*(%1#!.)$5!)2!9'43#-!.5!6,%&,!6#!&):#!()!!
(,#!-(13004#-!6%(,!*'(31#!'*$!*31(31#!6,%&,!;1)$3&#$!(,#:!%*!(,#!2%1-(!;4'&#<! ! ;#1&#%9#!)31-#49#-!'*$!)31!;4'&#!%*!(,#!6)14$<!I)6!;#);4#!;#1&#%9#!(,#:-#49#-!!
)2!)31!-(13004#-<!A'*03'0#!'-!&34(31#!%-!(,3-!:#$%'(%*0!.#(6##*!:#!'*$!:5!! A'*03'0#!%-!(,3-!%*-#;'1'.4#!21):!)31-#49#-!'-!'!&)::3*%(5!)2!,3:'*!.#%*0-!!
)6*!-#42f!.#(6##*!:5!)6*!-#42!'*$!)(,#1!-#49#-f!.#(6##*!:#!'*$!*'(31#<! ! 6%(,!'!-;#&%2%&!2)1:!'*$!&,'1'&(#18!'!-;#&%2%&!,%-()158!'!-;#&%2%&!1#4'(%)*-,%;!()! !
A'*03'0#!%-!:#$%'(%*0!%*!:5!9#15!.#%*0<!7*$!(,%-!.1%*0-!3-!()!(,#!(,%1$!'-;#&(!! (,#!6)14$<!!
)2!4'*03'0#!'-!&34(31#<![34(31#!(1'*-:%(-!)1!%:;'1(-!(,)-#!%:'0#-!)2!(,#!6)14$! ! d!!
-)3*$-!%*!'!:'**#1!(,'(!:'/#-!2)1!:3(3'4!&):;1#,#*-%)*!.#(6##*!,3:'*!! +,#!1#'4!'%:!)2!&)4)*%'4%-:!6'-!()!&)*(1)4!(,#!;#);4#>-!6#'4(,\!6,'(!(,#5! !
.#%*0-!%-!3*%9#1-'4<!+,%-!%-!(,#!3*%9#1-'4%(5!)2!4'*03'0#8!'!b3'4%(5!-;#&%2%&!()! ! ;1)$3&#$8!,)6!(,#5!;1)$3&#$!%(8!'*$!,)6!%(!6'-!$%-(1%.3(#$f!()!&)*(1)48!%*!)(,#1! !
'*$!(,'(!.#(6##*!,3:'*!.#%*0-<!D3(!(,#!;'1(%&34'1%(5!)2!(,#!-)3*$-8!(,#!6)1$-8!! &)*(1)4!)2!(,#!-)&%'4!;1)$3&(%)*!)2!6#'4(,!(,1)30,!:%4%('15!&)*b3#-(!'*$! !
(,#!6)1$!)1$#1!%*()!;,1'-#-!'*$!-#*(#*&#-8!'*$!(,#!-;#&%2%&!:'**#18!)1!4'6-8!)2! ! -3.-#b3#*(!;)4%(%&'4!$%&('()1-,%;<!D3(!%(-!:)-(!%:;)1('*(!'1#'!)2!$):%*'(%)*! !
&34(31#!%-!*)(!(1'*-:%((#$!(,1)30,!4'*03'0#!%*!%(-!3*%9#1-'4%(5!.3(!%*!%(-!! ;#);4#!;#1&#%9#$!<(,#:-#49#-!'*$!(,#%1!1#4'(%)*-,%;a()!(,#!6)14$<!F&)*):%&!!
'*$!;)4%(%&'4!&)*(1)4!&'*8!*#9#1!.#!&):;4#(#!)1!#22#&(%9#!6%(,)3(!:#*('4! ! (,%1$!'-;#&(!)2!4'*03'0#!'-!&)::3*%&'(%)*8!(,#!61%((#*<!+,#!7'*03'0#!)2!'*!!
%*!1#4'(%)*-,%;!()!)(,#1-<!! 1#'$!6'-!2)1#%0*<!+,#!4'*03'0#!)2!,%-!&)*&#;(3'4%-'(%)*!6'-!2)1#%0*<!+,)30,(8!!
U)1!&)4)*%'4%-:!(,%-!%*9)49#$!(6)!'-;#&(-!)2!(,#!-':#!;1)&#--\!(,#!! %*!,%:8!())/!(,#!9%-%.4#!2)1:!)2!'!2)1#%0*!4'*03'0#<!H)!(,#!61%((#*!4'*03'0#!)2! !
$#-(13&(%)*!)1<!(,#!$#4%.#1'(#!3*$#19'43%*0!)2!'!;#);4#>-!&34(31#8!(,#%1!'1(8! ! '!&,%4$>-!3;.1%*0%*0!%*!(,#!-&,))4!L#9#*!,%-!-;)/#*!4'*03'0#!6%(,%*!(,#!-&,))4!!
$'*&#-8!1#4%0%)*-8!,%-()158!0#)01';,58!#$3&'(%)*8!)1'(31#!'*$!4%(#1'(31#8!'*$!(,#!! &):;)3*$M!.#&':#!$%9)1&#$!21):!,%-!-;)/#*!4'*03'0#!'(!,):#<!+,#1#!6'-!!
&)*-&%)3-!#4#9'(%)*!)2!(,#!4'*03'0#!)2!(,#!&)4)*%-#1<!+,#!$):%*'(%)*!)2!'!! )2(#*!*)(!(,#!-4%0,(#-(!1#4'(%)*-,%;!.#(6##*!(,#!&,%4$>-!61%((#*!6)14$8!6,%&,! !
$):%*'(%)*!)2!(,#!:#*('4!3*%9#1-#!)2!(,#!&)4)*%-#$<!! #*9%1)*:#*(!%*!(,#!2':%45!'*$!(,#!&)::3*%(5<!U)1!'!&)4)*%'4!&,%4$8!(,#! !
+'/#!4'*03'0#!'-!&)::3*%&'(%)*<!C:;)-%*0!'!2)1#%0*!4'*03'0#8!'*$!! ,'1:)*5!#N%-(%*0!.#(6##*!(,#!(,1##!'-;#&(-!)2!4'*03'0#!'-!&)::3*%&'(%)*!6'-!!
-3;;1#--%*0!(,#!*'(%9#!4'*03'0#-!'-!-;)/#*!'*$!61%((#*8!6#1#!'41#'$5!.1#'/%*0!! %11#9)&'.45!.1)/#*<!+,%-!1#-34(#$!%*!(,#!$%-'--)&%'(%)*!)2!(,#!-#*-%.%4%(5!)2!(,'(! !
(,#!,'1:)*5!;1#9%)3-45!#N%-(%*0!.#(6##*!(,#!721%&'*!&,%4$!'*$!(,#!(,1##!! &,%4$!21):!,%-!*'(31'4!'*$!-)&%'4!#*9%1)*:#*(8!6,'(!6#!:%0,(!&'44!&)4)*%'4! !
'-;#&(-!)2!4'*03'0#<!H%*&#!(,#!*#6!4'*03'0#!'-!'!:#'*-!)2!X!&)::3*%&'(%)*!! '4%#*'(%)*<!+,#!'4%#*'(%)*!.#&':#!1#%*2)1&#$!%*!(,#!(#'&,%*0!)2!,%-()158! !
6'-!'!;1)$3&(!)2!'*$!6'-!1#24#&(%*0!(,#!>1#'4!4'*03'0#!)2!4%2#>!#4-#6,#1#8!%(! ! 0#)01';,58!:3-%&8!6,#1#!.)310#)%-!F31);#!a6'-!'46'5-!(,#!&#*(1#!)2!(,#!!
&)34$!*#9#1!'-!-;)/#*!)1!61%((#*!;1);#145!1#24#&(!)1!%:%('(#!(,#!1#'4!4%2#!)2!(,'(! ! 3*%9#1-#<!!
&)::3*%(5<!+,%-!:'5!%*!;'1(!#N;4'%*!6,5!(#&,*)4)05!'46'5-!';;#'1-!()!3-!'-!! +,%-!$%-'--)&%'(%)*8!$%9)1!)1!'4%#*'(%)*!21):!(,#!%::#$%'(#!#*9%1)*:#*(!!
-4%0,(45!#N(#1*'48!(,#%1!;1)$3&(!'*$!! .#&):#-!&4#'1#1!6,#*!5)3!4))/!'(!&)4)*%'4!4'*03'0#!'-!'!&'11%#1!)2!&34(31#<! !
RV!! H%*&#!&34(31#!%-!'!;1)$3&(!)2!(,#!,%-()15!)2!'!;#);4#!6,%&,!%(!%*!(31*! !
C!1#&#*(45!4#'1*(!%(-!#b3%9'4#*(!%*!J%/3538!*0313/3,%8!'*$!%(!:'$#!(,#! ! ;1)$3&(!)2!'!6)14$!#N(#1*'4!()!,%:-#42<!I#!6'-!.#%*0!:'$#!()!-('*$!)3(-%$#! !
';;1#,#*$!R(!$%22#1#*(45<!A#'1*%*08!2)1!'!&)4)*%'4!&,%4$8!.#&':#!'!#.1'4! ! ,%:-#42!()!4))/!'(!,%:-#42\!['(&,%*0!+,#:!m)3*0!%-!(,#!(%(4#!)2!'!.))/!)*! !
'&(%9%(5!'*$!*)(!'*!#:)(%)*'4!2#4(!#N;#1%#*&#<!! 1'&%-:8!&4'--8!-#N8!'*$!;)4%(%&-!%*!&,%4$1#*>-!4%(#1'(31#!.5!D).!"%N)*<!>['(&,%*0! !
D3(!-%*&#!(,#!*#68!%:;)-#$!4'*03'0#-!&)34$!*#9#1!&):;4#(#45!.1#'/!(,#!! (,#:!5)3*0>!'-!'*!'%:!6'-!#9#*!:)1#!(13#!)2!'!&)4)*%'4!&,%4$<!+,#!%:'0#-8!)2! !
*'(%9#!4'*03'0#-!'-!-;)/#*8!(,#%1!:)-(!#22#&(%9#!'1#'!)2!$):%*'(%)*!6'-!(,#! ! (,%-!6)14$!'*$!,%-!;4'&#!%*!%(!%:;4'*(#$!%*!'!&,%4$!('/#!5#'1-!()!#1'$%&'(#8!%2!(,#5! !
#9#1!&'*!.#<!! .4'&/-!<!<!<!'1#!%*2#1%)1!()!(,#!6,%(#-!)*!(,#!#*$)6:#*(-!)2!.)(,!.)$5!'*$! !
H%*&#!&34(31#!$)#-!*)(!e3-(!1#24#&(!(,#!6)14$!%*!%:'0#-!.3(!'&(3'4458!(,1)30,! ! :%*$<<!<>M8LRXM!)1!I#0#!4!6%(,!,%-!721%&'!&):;'1'.4#!()!'!4'*$!)2!&,%4$,))$!-(%44! !
(,)-#!9#15!%:'0#-8!&)*$%(%)*-!'!&,%4$!()!-##!(,'(!6)14$!%*!'!('%*!6'58!(,#! ! #*9#4);#$!%*!(,#!$'1/!:'*(4#!)2!(,#!*%0,(!'-!2'1!'-!(,#!$#9#4);:#*(!)2!!
&)4)*%'4!&,%4$!6'-!:'$#!()!-##!(,#!6)14$!'*$!6,#1#!,#!>!-('*$-!%*!%(!'-!-##*!'*$! ! -#42a&)*-&%)3-!,%-()15!6'-!&)**#$<!I#0#4>-!-('(#:#*(!(,'(!(,#1#!6'-!*)(,%*0!!
$#2%*#$!.5!)1!1#24#&(#$!%*!(,#!&34(31#!)2!(,#!4'*03'0#!)2!%:;)-%(%)*<! ! ,'1:)*%)3-!6%(,!,3:'*%(5!()!.#!2)3*$!%*!(,#!721%&'*!&,'1'&(#1!%-!!
7*$!-%*&#!(,)-#!%:'0#-!'1#!:)-(45!;'--#$!)*!(,1)30,!)1'(31#!'*$!4%(#1'(31#!! 1#;1#-#*('(%9#!)2!(,#!1'&%-(!%:'0#-!)2!721%&'*-!'*$!721%&'!-3&,!'!&)4)*%'4!&,%4$! !
%(!:#'*(!(,#!&,%4$!6)34$!*)6!)*45!-##!(,#!6)14$!'-!-##*!%*!(,#!4%(!#1'(31#!)2!,%-! ! 6'-!.)3*$!()!#*&)3*(#1!%*!(,#!4%(#1'(31#!)2!(,#!&)4)*%'4!4'*03'0#-<!LRPM!+,#! !
4'*03'0#!)2!'$);(%)*<!U1):!(,#!;)%*(!)2!9%#6!)2!! 1#-34(-!&)34$!.#!$%-'-(1)3-<!>!!
RT!! C*!,#1!;';#1!1#'$!()!(,#!&)*2#1#*&#!)*!(,#!(#'&,%*0!)2!721%&'*!4%(#1'(31#!%*! !
-#428!%(!$)#-!*)(!:'((#1!(,'(!(,#!%:;)1(#$!4%(#1'(31#!&'11%#$!(,#!01#'(!,3:'*%-(! ! C:'0#->8LR]M!(,#!`#*5'*!61%(#1!'*$!-&,)4'1!@1)2#--)1!?%#!?30)!1#4'(#$!!
(1'$%(%)*!)2!(,#!.#-(!%*!H,'/#-;#'1#8!J)#(,#8!D'4h'&8!+)4-()58!J)1/58!D1#&,(8! ! ,)6!'!1#'$%*0!)2!(,#!$#-&1%;(%)*!)2!J'0))4!'-!'*!)4$!721%&'*!6):'*!%*!W%$#1! !
H,)4)/,)98!"%&/#*-<!+,#!4)&'(%)*!)2!(,%-!01#'(!:%11)1!)2!%:'0%*'(%)*!6'-! ! I'00'1$>-!`%*0!H)4):)*>-!?%*#-!,'$!2)1!'!4)*0!(%:#!:'$#!,#1!2##4!:)1('4! !
*#&#--'1%45!F31);#!'*$!%(-!,%-()15!'*$!&34(31#!'*$!(,#!1#-(!)2!(,#!3*%9#1-#!6'-!! (#11)1!6,#*#9#1!-,#!#*&)3*(#1#$!)4$!721%&'*!6):#*<!C*!,%-!'3().%)01';,5!!
-##*!21):!(,'(!&#*(1#<!! +,%-!A%2#!H5$*#5!@)%(%#1!$#-&1%.#-!,)68!'-!'!1#-34(!)2!(,#!4%(#1'(31#!,#!,'$!1#'$! !
D3(!).9%)3-45!%(!6'-!6)1-#!6,#*!(,#!&)4)*%'4!&,%4$!6'-!#N;)-#$!()!%:'0#-! ! ,#!,'$!&):#!()!'--)&%'(#!721%&'!6%(,!-*'/#-<!H)!)*!'11%9'4!%*!721%&'!'*$!.#%*0! !
)6*!*'(%9#!4'*03'0#-!6#1#!'--)&%'(#$!%*!,%-!%:;1#--%)*'.4#!:%*$!6%(,!4)6!a!! )*!4))/%*0!2)1!-*'/#-!#9#156,#1#8!#9#*>!3*$#1!(,#!.#$<!+,#-#!(6)!,'9#!.##*!!
-('(3-8!,3:%4%'(%)*8!&)1;)1'4!;3*%-,:#*(8!-4)6!a2))(#$!%*(#44%0#*&#!'*$!'.%4%(5!! '.4#!()!;%*;)%*(!(,#!)1%0%*-!)2!(,#%1!2#'1-<!D31!2)1!:)-(!)(,#1-!(,#!*#0'(%9#! !
)1!$)6*1%0,(!-(3;%$%(58!*)*a%*(#44%0%.%4%(5!'*$!.'1.'1%-:8!(,%-!6'-!1#%*2)1&#$!.5! ! %:'0#!.#&):#-!%*(#1*'4%-#$!'*$!%(!'22#&(-!(,#%1!&34(31'4!'*$!#9#*!;)4%(%&'4! !
)1!'!=%&,)4'-!?)*-'11'(f!*)(!()!:#*(%)*!(,#!;1)*)3*&#:#*(!)2!-):#!)2!(,#!! +,3-!A#);)4$!H#$'1!H#*0,)1!,'-!-'%$!9#15a&4#'145!(,'(!'4(,)30,!(,#!!
0%'*(-!)2!6#-(#1*!%*(#44#&(3'4!'*$!;)4%(%&'4!#-('.4%-,:#*(8!-3&,!'-!I3:#!L><<<!(,#! ! &)4)*%'4!4'*03'0#!,'$!.##*!2)1&#$!3;)*!,%:8!%2!,#!,'$!.##*!0%9#*!(,#!!
-3.-#19%#*&#!()!U1#*&,\!! C*!,%-()15!.))/-!'*$!;);34'1!&)::#*('1%#-!)*!721%&'8!())!:3&,!,'-!.##*!!
E#!#N;1#--!)31-#49#-!%*!U1#*&,!-%*&#!U1#*&,!,'-!'!3*%9#1-'4!9)&'(%)*!'*$!! :'$#!)2!(,#!-3;;)-#$!$%22#1#*&#-!%*!(,#!;)4%&%#-!)2!(,#!9'1%)3-!&)4)*%'4!;)6#1-8! !
-%*&#!)31!:#--'0#!%-!'4-)!'$$1#--#$!()!U1#*&,!;#);4#!'*$!)(,#1-<!C*!)31!! (,#!D1%(%-,!%*$%1#&(!134#!L)1!(,#!;1'0:'(%-:!)2!(,#!D1%(%-,!%*!f(,#%1!4'&/!)2!'! !
4'*03'0#-!r%<#<!721%&'*!4'*03'0#-s!(,#!,'4)!(,'(!-311)3*$-!(,#!6)1$-!%-!.5!! &34(31'4!;1)01'::#gM!'*$!(,#!U1#*&,!'*$!@)1(303#-#!&)*-&%)3-!;1)01'::#!)2!!
*'(31#!:#1#45!(,'(!)2!-';!'*$!.4))$f!U1#*&,!6)1$-!-#*$!)3(!(,)3-'*$-!)2!! &34(31'4!'--%:%4'(%)*<!+,#-#!'1#!'!:'((#1!)2!$#('%48!'*$!#:;,'-%-<!+,#!2%*'4! !
1'5-!4%/#!$%':)*$-<!LRVM!! #22#&(!6'-!(,#!-':#\!H#*0,)1>-!#:.1'&#!)2!U1#*&,!'-!(,%-!4'*03'0#!6%(,!'!!
H#*0,)1!,'-!*)6!.##*!1#6'1$#$!.5!.#%*0!'*)%*(#$!()!'*!,)*)31#$!;4'&#!%*!(,#!! 3*%9#1-'4!9)&'(%)*!%-!*)(!-)!$%22#1#*(!21):![,%*3'!7&,#.#>-!01'(%(3$#!%*!RS]X!!
U1#*&,!7&'$#:5!a!(,'(!%*-(%(3(%)*!2)1!-'2#a03'1$%*0!(,#!;31%(5!)2!(,#!U1#*&,!! ()!F*04%-,a!>(,)-#!)2!3-!6,)!,'9#!%*,#1%(#$!(,#!F*04%-,!4'*03'0#!:'5!*)(!.#!%*!!
4'*03'0#<!! '!;)-%(%)*!()!';;1#&%'(#!(,#!9'43#!)2!(,#!%*,#1%('*&#><!LRSM!+,#!'--3:;(%)*-! !
C*!?'4'6%8!D'*$'!,'-!#1#&(#$!,%-!)6*!:)*3:#*(!.5!6'5!)2!'*!%*-(%(3(%)*8!! .#,%*$!(,#!;1'&(%&#!)2!(,)-#!)2!3-!6,)!,'9#!'.'*$)*#$!)31!:)(,#1!a()*03#-!'*$!!
+,#!`':3h3!7&'$#:58!$#-%0*#$!()!'%$!(,#!.1%0,(#-(!;3;%4-!)2!?'4'6%!%*!(,#%1! ! YQ!!
:'-(#15!)2!F*04%-,<!! '$);(#$!F31);#'*!)*#-!'-!(,#!&1#'(%9#!9#,%&4#-!)2!)31!%:'0%*'(%)*8!'1#!*)(!!
C(!%-!'!01'::'1!-&,))4!$#-%0*#$!()!;1)$3&#!.)5-!'*$!0%14-!6,)!6%44!.#!-#*(! ! $%22#1#*(!#%(,#1!<!>!!
()!3*%9#1-%(%#-!4%/#!I'19'1$8![,%&'0)8!KN2)1$8![':.1%$0#!'*$!F$%*.310,!! +,3-!(,#!RS]Y!&)*2#1#*&#!)2!>721%&'*!E1%(#1-!)2!F*04%-,#N;1#--%)*>!6'-!!
+,#!@1#-%$#*(!,'-!%*-(13&(#$!(,'(!A'(%*!-,)34$!)&&3;5!'!&#*(1'4!;4'&#!%*!! )2!-#4#&(%9#!#$3&'(%)*!'*$!1%0)1)3-!(3(#4'0#8!6#!,'$!'41#'$5!.##*!4#$!()!!
(,#!&311%&343:<!744!(#'&,#1-!:3-(!,'9#!,'$!'(!4#'-(!-):#!A'(%*!%*!(,#%1! ! '&&#;(\!(,##!>2'('4%-(%&!4)0%&!)2!(,#!3*'--'%4'.4#!;)-%(%)*!)2!F*04%-,!%*!)31! !
'&'$#:%&!.'&/01)3*$<!"1!D'*$'!,'-!)2(#*!-'%$!(,'(!*)!)*#!&'*!23445!:'-(#1!! 4%(#1'(31#>\!+,#!4)0%&!6'-!#:.)$%#$!$##;!%*!%:;#1%'4%-:f!'*$!%(!6'-! !
U)1!0))$!:#'-31#!*)!?'4'6%'*!%-!'44)6#$!()!(#'&,!'(!(,#!'&'$#:5!*)*#!%-!! (1%3:;,!)2!'!-5-(#:!)2!$):%*'(%)*!6,#*!(,#!$):%*'(#$!-('1(!-%*0%*0!%(-!9%1(3#-<! !
0))$!#*)30,!a!'*$!'44!(,#!(#'&,%*0!-('22a,'-!.##;!1#&13%(#$!21):!D1%('%*<!7!! dC!!
?'4'6%'*!:%0,(!4)6#1!(,#!-('*$'1$-8!)1!1'(,#18!(,#!;31%(5!)2!(,#!F*04%-,! ! +,#!(6#*(58!5#'1-!(,'(a!2)44)6#$!>(,#!?'/#1#1#!&)*2#1#*&#>!0'9#!(,#<!6)14$!'!!
4'*03'0#<!['*!5)3!0#(!'!:)1#!(#44%*0!#N':;4#!)2!,'(1#$!)2!6,'(!%-!*'(%)*'48!'*$! ! 3*%b3#!4%(#1'(31#!a!*)9#4-f>!-()1%#-8a!;)#:-8!;4'5-!61%((#*!.5!721%&'*-!%*!!
F31);#'*!4'*03'0#-!a!6,%&,!-))*!&)*-)4%$'(#$!%(-#42!%*()!'!(1'$%(%)*!6%(,! ! (,#!&34(31#!)2!(,#!;#'-'*(15!'*$!%*!(,#!&34(31#!)2!(,#!:#(1);)4%('*!.)310#)%-%#<!!
&):;'*%)*!-(3$%#-!'*$!'!-&,)4'145!%*$3-(15<!! +,#!4%(#1'(31#!'$$#$!&)*2%$#*&#!()!(,#!&4'--\!(,#!;#((5a.)310#)%-%#!*)6!,'$!'!!
W%0,(!21):!%(-!&)*&#;(%)*!%(!6'-!<(,#!4%(#1'(31#!)2!(,#!;#((5!.)310#)%-%#! ! ;'-(8!'!&34(31#!'*!$!'!4%(#1'(31#!6%(,!6,%&,!()!&)*21)*(!(,#!1'&%-(!.%0)(15<!)2<! !
.)1*!)2!(,#!&)4)*%'4!-&,))4-!'*$!3*%9#1-%(%#-<!C(!&)34$!*)(!.#!)(,#16%-#8!0%9#*!! F31);#<!+,%-!&)*2%$#*&#!a:'*%2#-(#$!%*!(,#!()*#!)2!(,#!61%(%*08<!%(-!-,'1;!!
(,#!4%*03%-(%&!:#$%3:!)2!%(-!:#--'0#<!C(-!1%-#!'*$!$#9#4);:#*(!1#24#&(#$!(,#! ! &1%(%b3#!)2!F31);#'*!.)310#)%-!&%9%4%-'(%)*8<!%(-!%:;4%&'(%)*-8<!;'1(%&34'145!%*!%(-! !
(,#!;#((5a.)310#)%-%#!%*!721%&'!6'-!'!4'10#!&4'--!6%(,!$%22#1#*(!-(1'*$-!%*!%(<!C(! ! (,#!;)4%(%&'4!'-&#*$'*&5!)2!(,#!;'(1%)(%&!*'(%)*'4%-(%&!-#&(%)*!)2!(,# !!
1'*0#$!21):!(,'(!-#&(%)*!6,%&,!4))/#$!2)16'1$!()!'!;#1:'*#*(!'44%'*&#!6%(,! ! ;#((5a.)310#)%-%#!.#2)1#!'*$!%::#$%'(#45!'2(#1!%*$#;#*$#*&#<!!
.)310#)%-%#!)2!(,#!6#-(#1*!:#(1);)4%-!'*$!(,#!;#);4#!)2!(,#!&)4)*%#-!a!(,#!! 1#9)43(%)*'15!'*$!'*(%a&)4)*%'4!4%.#1'(%)*!%*![,%*'!'*$!C*$%'8!'1:#$!3;1%-%*0-!!
-#&(%)*!6,%&,!%*!*'5!.))/!"#('%*#$\!7!E1%(#1>-!@1%-)*!"%'15!C!,'9#!$#-&1%.#$!! %*!`#*5'!'*$!740#1%'8!(,#!%*$#;#*$#*&#!)2!J,'*'!'*$!=%0#1%'!6%(,!)(,#1-!!
'-!(,#!&):;1'$)1!.)310#)%-%#!a!()!(,'(!-#&(%)*!6,%&,!-'6!(,#!23(31#!%*!(#1:-!)2! ! %:;#*$%*0a6'-!;'1(!)2!(,'(a!01#'(!'*(%&)4)*%'4!'*$!'*(%a%:;#1%'4%-(!3;,#'9'4!%*!!
'!9%0)1)3-!%*$#;#*$#*(!*'(%)*'4!#&)*):5a!%*!721%&'*!&';%('4%-:!)1!%*>!-):#!! 7-%'f!721%&'8!A'(%*!7:#1%&'!'*$!['1%..#'*!%-4'*$-<!C(!6'-!%*-;%1#$!.5!(,#! !
.)310#)%-%#<!+,%-<!4%(#1'(31#!.5!721%&'*-!%*!F31);#'*!4'*03'0#-!6'-!! ;#'-'*(15\!(,#%1!;1)9#1.-8!2'.4#-8!-()1%#-f!1%$$4#-8!'*$!6%-#!-'5%*0-<!C(!<6'-!-,)(! !
-;#&%2%&'445!(,'(!)2!<(,#<!*'(%)*'4%-(%&!.)310#)%-%#!%*!%(-!&1#'()1-8!%(-!(,#:'(%&! ! (,1)30,!'*$!(,1)30,!6%(,!);(%:%-:<8!D3(!4'(#18!6,#*!(,#!&):;1'$)1!-#&(%)*! !
&)**-!'*$!%(-!&)*-3:;(%)*<!LYQM!! '--3:#$!;)4%(%&'4!'-&#*$'*&5!'*$!-(1#*0(,#*#$!1'(,#1!(,'*!6#'/#*#$!(,#!!
'*$!#$3&'(%)*8!6'-!'--3:%*0!4#'$#1-,%;!)2!(,#!&)3*(1%#-!*#645!#:#10#*(!21):!! '11'*0#:#*(8!(,%-!4%(#1'(31#!.#&':#!:)1#!'*$!:)1#!&1%(%&'48!&5*%&'48! !
&)4)*%'4%-:8!)1!)2!(,)-#!-(13004%*0!()!-)!#:#10#8!()!#N;4'%*!721%&'!()!(,#!6)14$\! ! $%-%443-%)*#$8!.%((#1!'*$!$#*3*&%'()15!%*_!()*#<!C(!6'-!'4:)-(!3*'*%:)3-!%*!%(-! !
YR!! ;)-(a%*$#;#*$#*&#!.#(1'5'4!)2!,);#<!D3(!()!6,):!6'-!%(!$%1#&(%*0!%(-!4%-(!)2! !
C*(#1*'445!(,#!4%(#1'(31#8!0'9#!(,%-!&4'--!'!&),#-%9#>!(1'$%(%)*!'*$!'!&)::)*! ! :%-('/#-!:'$#8!&1%:#-!'*$!61)*0-&)::%((#$8!&):;4'%*(-!3*,##$#$8!)1!%(-!&'44! !
4%(#1'15!21':#!)2!1#2#1#*&#-8!6,%&,!%(!)(,#16%-#!4'&/#$!6%(,!%(-!3*#'-5!1))(-!%*! ! 2)1!'!&,'*0#!)2!:)1'4!$%1#&(%)*k!+,#!%:;#1%'4%-(!.)310#)%-%#k!+,#!!
;#((5a.)310#)%-%#!%*!;)6#1k!+,#!:%4%('158!a!%(-#42!;'1(!'*$!;'1!)2!(,'(!&4'--k!C(! ! &)44'.)1'(%)*a6%(,!(,#!;)6#1-a(,'(a.#!'(!(%:#-!)2!1#'&(%)*'15!(%$#-<!C*!721%&'*! !
-)30,(!'*)(,#1!'3$%#*!;1%*&%;'445!(,#!;#'-'*(15!'*$!(,#!6)1/%*0!&4'--!)1!! (,%-!&4'--!,%-!'46'5-!)-&%44'(#$!.#(6##*!(,#!%:;#1%'4%-(!.)310#)%-%#!'*$!%(-! !
6,'(!6'-!0#*#1'445!&)*&#%9#$!'-!(,#!;#);4#<!+,#!-#'1&,!2)1!*#6!'3$%#*&#!'*$!! &):;1'$)1!*#)a&)4)*%'4!134%*0!#4#:#*(-!)*!(,#!)*#!,'*$8!'*$!(,#!;#'-'*(15!'*$!!
*#6<!$%1#&(%)*-!6'-<!1#24#&(#$!%*!(,#!b3#-(!2)1!-%:;4#1!2)1:-8!%*!(,#!'$);(%)*!)2! ! (,#!6)1/%*0!&4'--!L(,#!:'--#-M!)*8!(,#!)(,#1<!+,%-!9#15!4'&/!)2!%$#*(%(5!%*!%(-! !
':)1#!$%1#&(!()*#8!'*$!)2(#*!%*!'!$%1#&(!&'44!2)1!'&(%)*<!C(!6'-!'4-)!1#24#&(#$!%*! ! -)&%'4!'*$!;-5&,)4)0%&'4!:'/#a3;!'-!'!&4'--8!6'-!1#24#&(#$!%*!(,#!9#15!4%(#1'(31#! !
(,#!&)*(#*(<!C*-(#'$!)2!-##%*0!721%&'!'-!)*#!3*$%22#1#*(%'(#$!:'--!)2!! %(!;1)$3&#$\!(,#!&1%-%-!)2!%$#*(%(5!6'-!'--3:#$!%*!(,'(!9#15!;1#)&&3;'(%)*!6%(,! !
,%-()1%&'445!61)*0#$!.4'&/*#--8!%(!*)6!'((#:;(#$!-):#!-)1(!)2!&4'--!'*'45-%-!! $#2%*%(%)*!'(!(,#!?'/#1#1#!&)*2#1#*&#<!C*!4%(#1'(31#!'-!%*!;)4%(%&-!%(!-;)/#!'-!%2! !
&)*2%*#-!)2!(,#!4'*03'0#-!)2!F31);#!6,)-#!3-#!%(!*)6!$#2#*$#$!6%(,!4#--!! 4%(#1'(31#!%(!;1)$3&#$!%*!F31);#'*!4'*03'0#-!6'-!0%9#*!(,#!%$#*(%(5!)2!721%&'*!!
9%0)31!'*$!&)*2%$#*&#<!H)!%(-!b3#-(!6'-!,':;#1#$!.5!(,#!9#15!4'*03'0#!&,)%!! 4%(#1'(31#!'-!%2!(,#1#!,'$!*#9#1!.##*!4%(#1'(31#!%*!721%&'*!4'*03'0#-<!m#(!.5! !
'*$!%*!%(-<!:)9#:#*(!()6'1$!(,#!;#);4#8!%(!&)34$!)*45!0)!3;!()!(,'(!-#&(%)*!)2! ! '9)%$%*0!'!1#'4!&)*21)*('(%)*!6%(,!(,#!4'*03'0#!%--3#8!%(!6'-!&4#'145!6#'1%*0!!
(,#!! 2'4-#!1).#-!)2!%$#*(%(5\!%(!6'-!'!;1#(#*$#1!()!(,#!(,1)*#!)2!(,#!:'%*-(1#':!)2! !
2#*&#!)2!%(-!&)4)*%'4!%*,#1%('*&#<!! U1#*&,!3-'0#!6,%4#!:'/%*0!-31#!%(!6'-!-(%44!1#&)0*%-'.4#!'-!F*04%-,!)1!U1#*&,! !
C(-!01#'(#-(!6#'/*#--!-(%44!4'5!6,#1#!%(!,'-!'46'5-!.##*8!%*<!(,#!'3$%#*&#! ! )1!@)1(303#-#<!!
4'*03'0#<!D#&'3-#!)2!%(-!%*$#(#1:%*'(#!#&)*):%&!;)-%(%)*!.#(6##*!(,#!:'*5!! F*04%-,a-;#'/%*0!L)1!U1#*&,aa)1!@)1(303#-#M!721%&'*!;#'-'*(15!'*$!6)1/%*0!!
&)*(#*$%*0!&4'--#-8!(,#!;#((5a.)310#)%-%#!$#9#4);-!'!9'&%44'(%*0!;-5&,)4)0%&'4!! &4'--8!'!&4#'1!*#0'(%)*!)1!2'4-%2%&'(%)*!)2!(,#!,%-()1%&'4!;1)&#--!'*$!1#'4%(5<!+,%-! !
:'/#a3;<!A%/#!'!&,':#4#)*!%(!('/#-!)*!(,#!&)4)31!)2!(,#!:'%*!&4'--!6%(,!6,%&,! ! F31);#'*a4'*03'0#a-;#'/%*0!;#'-'*(15!'*$!6)1/%*0!&4'--88!#N%-(%*0!)*45!%*!!
'(!'!(3*#!)2!1#9)43(%)*'15!(%$#f!)1!.#!$1%9#*!()!-%4#*!2#'18!&5*%&%-:8! ! #9'-%9#!-#42a&)*(#:;4'(%)*8!(,#!#N%-(#*(%'4!'*03%-,#$!,3:'*!&)*$%(%)*8!)1!(,#!!
6%(,$1'6'4!%*()!-#42a&)*(#:;4'(%)*8!#N%-(#*(%'4!'*03%-,8!)1!()!! :'*a()1*a.#(6##*a(6)a6)14$-2'&#$*#--!)2!(,#!;#((5a.)310#)%-%#<!!
C*!2'&(8!%2!%(!,'$!.##*!4#2(!#*(%1#45!()!(,%-!&4'--8!721%&'* !4'*03'0#-!6)34$!! 6%(,)3(!'*5!)2!(,#!1#-;#&(!2)1!%(-!'*&#-(15!-,)6*!.5!H#*0,)1!'*$!7&,#.#8!-)!!
,'9#!&#'-#$!()!#N%-(!6%(,!%*$#;#*$#*&#<g!! ()('445!'-!()!,'9#!&1#'(#$!*#6!721%&'*!4'*03'0#-8!4%/#!`1%)!%*a<H%#11'!A#)*#!)1!!
YO!! @%$0%*!%*!=%0#1%'8!(,'(!)6#$!(,#%1!%$#*(%(%#-!()!(,#!-5*('N!'*$!1,5(,:-!)2! !
dCC!! <721%&'*!4'*03'0#-<!744!(,#-#!4'*03'0#-!6#1#!/#;(!'4%9#!%*!(,#!$'%45!-;##&,8!%*! !
D3(!721%&'*!4'*03'0#-!1#23-#$!()!$%#<!+,#5!6)34$!*)(!-%:;45!0)!(,#!6'5!)2!! (,#!#:)*%#-8!%*!;)4%(%&'4!-(13004#-8!'.)9#!'44!%*!(,#!1%&,!-()1#!)2!)1'(31#! !
A'(%*!()!.#&):#!(,#!2)--%4-!2)1!4%*03%-(%&!'1&,'#)4)05!()!$%0!3;8!&4'--%258!'*$! ! a;1)9#1.-88!-()1%#-8!;)#:-8!'*$!1%$$4#-<!!
'103#!'.)3(!(,#!%*(#1*'(%)*'4!&)*2#1#*&#-<!! +,#!;#'-'*(15!'*$!(,#!31.'*!6)1/%*0!&4'--!(,1#6!3;!-%*0#1-<!+,#-#!-'*0!!
+,#-#!4'*03'0#-8!(,#-#!*'(%)*'4!,#1%('0#-!)2!721%&'8!6#1#!a/#;(!<'4%9#!.5!! (,#!)4$!-)*0-!)1!&):;)-#$!*#6!)*#-!%*&)1;)1'(%*0!(,#!*#6!#N;#1%#*&#-!%*!!
(,#!;#'-'*(15<!+,#!;#'-'*(15!-'6!*)!&)*(1'$%&(%)*!.#(6##*!-;#'/%*0!(,#%1!)6*!! %*$3-(1%#-!'*$!31.'*!4%2#!'*$!%*!6)1/%*0a&4'--!-(13004#!'*$!)10'*%-'(%)*-<!!
:)(,#1a()*03#-!'*$!.#4)*0%*0!()!'!4'10#1!*'(%)*'4!)1!&)*(%*#*('4!0#)01';,5<!! +,#-#!-%*0#1-!;3-,#$!(,#!4'*03'0#-!()!*#6!4%:%(-8!1#*#6%*0!'*$!1#%*9%0)1'(%*0!!
+,#5!-'6!*)!*#&#--'15!'*('0)*%-(%&!&)*(1'$%&(%)*!.#(6##*!.#4)*0%*0!()!(,#%1!! (,#:!.5!&)%*%*0!*#6!6)1$-!'*$!*#6!#N;1#--%)*-8!'*$!%*!0#*#1'445!#N;'*$%*0!!
.)3*$'1%#-8!'*$!()!721%&'!'-!'!6,)4#<!+,#-#!;#);4#!,';;%45!-;)/#!E)4)28!! +,#!;#'-'*(15!'*$!(,#!6)1/%*0!&4'--!(,1#6!3;!(,#%1!)6*!61%(#1-8!)1! !
I'3-'8!m)13.'8!C.)8!71'.%&8!7:,'1%&8!`%-6',%4%8!J%/353!A3)8!A3,5'8!H,)*'8!! '((1'&(#$!()!(,#%1!1'*/-!'*$!&)**!%*(#44#&(3'4-!21):!':)*0!(,#!!
=$#.#4#8!`%:.3*$38!B343!)1!A%*0'4'!6%(,)3(!(,%-!2'&(!(#'1%*0!(,#!:34(%*'(%)*'4! ! YX!!
-('(#-!';'1(<!"31%*0!(,#!'*(%a&)4)*%'4!-(13004#!(,#5!-,)6#$!'*!3*4%:%(#$!! ;#((5a.)310#)%-%#8!6,)!'44!61)(#!%*!721%&'*!4'*03'0#-<!C(!<%-!(,#-#!61%(#1-!4%/#! !
&';'&%(5!()!3*%(#!'1)3*$!6,'(#9#1!4#'$#1!)1!;'1(5!.#-(!'*$!:)-(!&)*-%-(#*(45!! I#135!E%4$g!H#44'--%#8!J#1:'&'6!+'/4'!I'6'15'(8!H,'.''*!W).#1(8!7.$344'(%2! !
;'1(%&34'145!(,#!&):;1'$)1-8!6%(,!(,#%1!U1#*&,!'*$!F*04%-,!'*$!@)1(303#-#8!! 7<![<!c)1$'*8!@<!?.)5'8!"<!K<!U'03*6'8!?'h%-%!`3*#*#!'*$!:'*5!)(,#1-!!
6%(,!(,#%1!;#((5!1%9'41%#-8!(,#%1!#(,*%&!&,'39%*%-:8!6,%&,!#*&)31'0#$!(,#-#! ! 1%0,(45!#.1'(#$!%*!74.#1(!J#1'1$>-!;%)*##1%*0!-319#5!)2!4%(#1'(31#!%*!721%&'*! !
9#1(%&'4!$%9%-%)*-!()!(,#!;)%*(!)2!6'1!'(!(%:#-<!=)8!(,#!;#'-'*(15!,'$!*)! ! 4'*03'0#-!21):!(,#!(#*(,!&#*(315!()!(,#!;1#-#*(8!&'44#$!721%&'*!A'*03'0#!!
&):;4#N#-!'.)3(!(,#%1!4'*03'0#-!'*$!(,#!&34(31#-!(,#5!&'11%#$g!! A%(#1'(31#-!LRSTRM8!6,)!,'9#!0%9#*!)31!4'*03'0#-!'!61%((#*!4%(#1'(31#<!+,3-!(,#!!
C*!2'&(!6,#*!(,#!;#'-'*(15!'*$!(,#!6)1/%*0!&4'--!6#1#!&):;#44#$!.5!! %::)1('4%(5!)2!)31!4'*03'0#-!%*!;1%*(!,'-!.##*!#*-31#$!$#-;%(#!(,#!%*(#1*'4!'*$! !
*#&#--%(5!)1!,%-()15!()!'$);(!(,#!4'*03'0#!)2!(,#!:'-(#18!(,#5!721%&'*%-#$!%(!! #N(#1*'4!;1#--31#-!2)1!(,#%1!#N(%*&(%)*<!C*!`#*5'!C!6)34$!4%/#!()!-%*04#!)3(! !
J'/''1'!6'!E'*e'38!6,)!6'-!e'%4#$!.5!(,#!D1%(%-, !2)1!(,#!(#*!5#'1-!.#(6##*!! '&&#;(#$!(,'(!'*5!(13#!721%&'*!4%(#1'(31#!:3-(!.#!61%((#*!%* !721%&'*!4'*03'0#-8!!
RSPY!'*$!RS]Y!.#&'3-#!)2!,%-!61%(%*0!%*!J%/353<!I%-!.))/f!?6'*$%/%!6'!?'3! ! (,#5!6)34$!:#1#45!.#!;31-3%*0!'!<$#'$!#*$<!!
?'3!C(,'':'1%)%*%8!'!$%'15!,#!-#&1#(45!/#;(!6,%4#!%*!;)4%(%&'4!$#(#*(%)*8!6'-! ! YP!!
;3.4%-,#$!.5!I#%*#:'**!`#*5'!'*$!6)*!(,#!RSTX!=):'!76'1$!C(!%-!'!! E,'(!6#!6)34$!4%/#!23(31#!&)*2#1#*&#-!)*!721%&'*!4%(#1'(31#!()!$#9)(#!(%:#! !
;)6#1234!6)1/8!#N(#*$%*0!(,#!1'*0#!)2!(,#!J%/353!4'*03'0#!;1)-#8!'*$!%(!%-!'!! ()8!%-!(,#!'44a%:;)1('*(!;1).4#:!)2!721%&'*!61%(%*0!%*!721%&'*!4'*03'0#-8!'*$!'44! !
&1)6*%*0!'&,%#9#:#*(!()!(,#!6)1/!,#!-('1(#$!%*!RSX]<!I#!,'-!6)1/#$!%*!! %(-!%:;4%&'(%)*-!2)1!(,#!$#9#4);:#*(!)2!'!(1345!721%&'*!-#*-!%.%4%(5<! !
;)9#1(58!%*!(,#!,'1$-,%;-!)2!;1%-)*8!%*!;)-(a%*$#;#*$#*&#!%-)4'(%)*!6,#*!(,#!! K.%!E'4%!,'$!,%-!;1#$#&#--)1-<!C*$##$!;#);4#!4%/#!"'9%$!"%);!)2!H#*#0'4!!
F*04%-,!4'*03'0#!,#4$!-6'5!%*!`#*5'>-!-&,))4-!21):!*31-#15!()!G*%9#1-%(5!'*$!! ,'$!;3(!(,#!&'-#!'0'%*-(!(,%-!3-#!)2!&)4)*%'4!4'*03'0#-!#9#*!:)1#!-(1)*045<!!
%*!#9#15!6'4/!)2!(,#!*'(%)*'4!;1%*(#$!6)14$8!.3(!,#!*#9#1!.1)/#!,%-!2'%(,!%*!(,#! ! +,#!721%&'*!&1#'()18!$#;1%9#$!)2!(,#!3-#!)q!,%-!4'*03'0#!'*$!&3(!)22!21):!!
;)--%.%4%(%#-!)2!`#*5'>-!*'(%)*'4!4'*03'0#-\!I%-!%*-;%1'(%)*!&':#!21):!(,#!:'--! ! ,%-!;#);4#8!:%0,(!(31*!)3(!()!.#!)*45!(,#!1#;1#-#*('(%9#!)2!'!4%(#1'15!(1#*$!L'*$! !
'*(%a&)4)*%'4!:)9#:#*(!)2!`#*5'*!;#);4#8!;'1(%&34'145!(,#!:%4%('*(!6%*0!! (,'(!*)(!*#&#--'1%45!(,#!4#'-(!01'(3%()3-M!)2!(,#!&)*b3#1%*0!*'(%)*<!I%-!6)1/-8! !
01)3;#$!'1)3*$!?'3!?'3!)1!(,#!`#*5'!A'*$!'*$!U1##$):!71:58!6,%&,!%X!! ,'9%*0!.#&):#!'!;#12#&(!%443-(1'(%)*!)2!(,#!'--%:%4'(%)*%-(!;)4%&5!(,1)30,! !
RSPY!3-,#1#$!%*!(,#!#1'!)2!:)$#1*!03#11%44'!6'12'1#!%*!721%&'<!I#!%-!(,#!&4#'1#-(! ! %:'0%*'(%)*!'*$!-(54#8!6%44!$)3.(4#--!1)3-#!(,#!6'1:!';;4'3-#!)2!'!('%*! !
#N':;4#!)2!(,)-#!61%(#1-!(,1)6*!3;!.5!(,#<!:'--!;)4%(%&'4!:)9#:#*(-!)2!'*! ! 01)3;!)2!&1%(%&-<!C*!2'&(8!(,#-#!;1'%-#-!6%44!0)!:)-(45!()!&)4)*%'4%-:!6,%&,8! !
'6'/#*#$!;#'-'*(15!'*$!6)1/%*0!&4'--<!! 6,#*!%(!&'*!*)!4)*0#1!/##;!%(-!-3.e#&(-!%*!-4'9#158!(1'*-2)1:-!(,#:!%*()!$)&%4#! !
7*$!2%*'445!21):!':)*0!(,#!F31);#'*a4'*03'0#t-;#'/%*0!721%&'*!! %*(#44#&(3'4-!;'((#1*#$!'2(#1!E#-(#1*!4%(#1'15!2'-,%)*-!6,%&,!.#-%$#-8!%-!'*)(,#1! !
<;#((5a.)310#)%-%#8!(,#1#!#:#10#$!'!2#6!6,)!1#23-#$!()!e)%*!(,#!>&,)13-!)2! ! :)1#!-3.(4#!2)1:!)2!.'-('1$%h'(%)*<!LYYM!!
(,)-#!6,)!,'$!'&&#;(#$!(,#!>2'('4%-(%&!4)0%&>!)2!(,#!;)-%(%)*!)2!F31);#'*! ! "'9%$!"%);!b3%(#!&)11#&(45!-'6!(,'(!(,#!3-#!)2!F*04%-,!'*$!U1#*&,!6'-!'!!
4'*03'0#-!%*!)31!4%(#1'15!.#%*0<!C(!6'-!)*#!)2!(,#-#8!K.%!E'4%8!6,)!;344#$!(,#! ! :'((#1!)2!(#:;)1'15!,%-()1%&'4!*#&#--%(5<!!
&'1;#(!21):!3*$#1!(,#!4%(#1'15!2##(!)2!(,)-#!6,)!0'(,#1#$!'(!?'/#1#1#!%*!RS]Y! ! H31#45!%*!>'*!721%&'!21##$!21):!);;1#--%)*!%(!6%44!*)(!)&&31!()!'*5!61%(#1!()! !
.5!$#&4'1%*0!%*!'*!'1(%&4#!;3.4%-,#$!%*!+1'*-%(%)*!LRQ8!H#;(#:.#1!RS]O8M8!>(,'(! ! #N;1#--8!)(,#16%-#!(,'*!%*!,%-!1#$%-&)9#1#$!4'*03'0#8!,%-!2##4%*0-!'*$!(,#!!
(,#!6,)4#!3*&1%(%&'4!'&&#;('*&#!)2!F*04%-,!'*$!U1#*&,!'-!(,#!%*#9%('.4#!! 2##4%*0-!)2!,%-!;#);4#<!LYOM!!
:#$%3:!2)1!#$3&'(#$!721%&'*!61%(%*0!%-!:%-$%1#&(#$8!'*$!,'-!*)!&,'*&#!)2! ! +,#!%:;)1('*&#!)2!K.%!E',>-!%*(#19#*(%)*!6'-!%*!()*#!'*$!(%:%*0\!%(!6'-! !
'$9'*&%*0!721%&'*!4%(#1'(31#!'*$<!&34(31#>8!'*$!(,'(!3*(%4!721%&'*!61%(#1-! ! ;3.4%-,#$!-))*!'2(#1!(,#!RS]Y!?'/#1#1#!&)*2#1#*&#!)2!721%&'*!61%(#1-!)2!!
F*04%-,!#N;1#--%)*f!%(!6'-!;)4#:%&'4!'*$!'001#--%9#8!;)31#$!1%$%&34#!'*$!-&)1*!! %$#)4)0%#-8!-3;#1-(%(%)*-8!4%#-8!'44!(,#-#!.'&/6'1$!#4#:#*(-!'*$!:)1#!'1#! !
)*!a(,#!&,)%&#!)2!F*04%-,!'*$!U1#*&,8!6,%4#!.#%*0!3*';)4)0#(%&!%*!%(-!&'44!2)1! ! &)::3*%&'(#$!()!(,#!721%&'*!:'--#-!%*!(,#%1!)6*!4'*03'0#-!6%(,)3(!'*5!!
(,#*!-%4#*&#<!D3(!(6#*(5!5#'1-!)2!3*%*(#113;(#$!$):%*'*&#!)2!4%(#1'(31#!%*! ! $#4%.#1'(#45!&)&))*#$!(,#:-#49#-!%*!F*04%-,8!U1#*&,8!'*$!@)1(303#-#<!C(!%-!!
721%&'!,'9#!('/#*8!'*$!(,#!-#'1&,!2)1!'!1#9)43(%)*'15!.1#'/!6%(,!(,#!! -#44%*0!721%&'!()!F31);#8!%-!)2(#*!'!:'-(#1!)2!721%&'*!4'*03'0#-f!(,'(!(,#!:)-(! !
*#)&)4)*%'4!-('(3-!ab3)8!'44!&):;#4!-)34a-#'1&,%*0!':)*0!61%(#1-8!1'%-%*0!)*&#!! h#'4)3-!)2!F31);#'*!:%--%)*'1%#-!6,)!.#4%#9#$!%*!1#-&3%*0!721%&'!21):!%(-#428! !
'0'%*!(,#!#*(%1#!b3#-(%)*!)2!(,#!4'*03'0#!)2!721%&'*!4%(#1'(31#<! ! a#9#*!21):!(,#!;'0'*%-:!)2!%(-!4'*03'0#-8!6#1#!*#9#1(,#4#--!:'-(#1-!)2!721%&'*!!
Y]!! 4'*03'0#-8!6,%&,!(,#5!)2(#*!1#$3&#$!()!61%(%*0<!+,#!F31);#'*!:%--%)*'15!!
dCCC!! .#4%#9#$!())!:3&,!%*!,%-!:%--%)*!)2!&)*b3#-(!*)(!()!&)::3*%&'(#!%(!%*!(,#! !
+,#!b3#-(%)*!%-!(,%-\!6#!'-!721%&'*!61%(#1-!,'9#!'46'5-!&):;4'%*#$!'.)3(!(,#! ! 4'*03'0#-!:)-(!1#'$%45!'9'%4'.4#!()!(,#!;#);4#\!(,#!721%&'*!61%(#1!.#4%#9#-!()#! !
*#)a&)4)*%'4!#&)*):%&!'*$!;)4%(%&'4!1#4'(!%)*-,%;!()!F31)!7:#1%&'<!W%0,(<!D3(!! :3&,!%*!>721%&'*!4%(#1'(31#>!()!61%(#!%(!%*!(,)-#!#(,*%&8!$%9%-%9#!'*$! !
.5!)31!&)*(%*3%*0!()!61%(#!%*!2)1#%0*!4'*03'0#-8!;'5%*0!,):'0#!()!(,#:8!'1#! ! 3*$#1$#9#4);#$!4'*03'0#-!)2!(,#!;#'-'*(15g!!
6#!*)(!)*!(,#!&34(31'4!4#9#4!&)*(%*3%*0!(,'(!*#)a&)4)*%'4!-4'9%-,!'*$!&1%*0%*0!! +,#!'$$#$!%1)*5!%-!(,'(!6,'(!(,#5!,'9#!;1)$3&#$8!$#-;%(#!'*5!&4'%:-!:!()!!
6%(,)3(!%:;#1%'4%-:!'*$!(,#!61%(#1!6,)!-'5-!721%&'!&'**)(!$)!6%(,)3(! ! F*04%-,!4%(#1'(31#!%*!(,#%1!4'(#-(!9)43:#!6#1#!1%0,(!()!%*&43$#!'!$%-&3--%)*!)2! !
E,%4#!6#!6#1#!.3-5!,'1'*03%*0!(,#a134%*0!&%1&4#-!%*!'!4'*03'0#!6,%&,!! 7&'$#:5!6'-!1%0,(!()!,)*)31!H#*0,)1!2)1!,%-!0#*3%*#!'*$!('4#*(#$!!
'3():'(%&'445!#N&43$#$!(,#!;'1(%&%;'(%)*!)2!(,#!;#'-'*(15!'*$!(,#!6)1/%*0!&4'--!! &)*(1%.3(%)*!()!U1#*&,!4%(#1'(31#!'*$!4'*03'0#<!E,'(!6#!,'9#!&1#'(#$!%-!'*)(,#1!!
%*!(,#!$#.'(#8!%:;#1%'4%-(!&34(31#!'*$!721%&'*!1#'&(%)*'15!2)1&#-!,'$!'!2%#4$!$'5\! ! ,5.1%$!(1'$%(%)*8!'!(1'$%(%)*!<!%*!(1'*-%(%)*8!'!:%*)1%(5!(1'$%(%)*!(,'(!&'*!)*45!.#! !
<(,#![,1%-(%'*!.%.4#!%-!'9'%4'.4#!%*!3*4%:%(#$!b3'*(%(%#-!%*!#9#*!(,#!(%*%#-(! ! (#1:#$!'-!721)!F31);#'*!!
721%&'*!4'*03'0#<!+,#!&):;1'$)1!134%*0!&4%b3#-!'1#!'4-)!b3%(#!,';;5!()!,'9#!! YV!!
(,#!;#'-'*(15!'*$!(,#!6)1/%*0!&4'--!'44!()!(,#:-#49#-\!$%-()1(%)*-8!$%&('()1%'4! ! 4%(#1'(31#f!(,'(!%-8!(,#!4%(#1'(31#!61%((#*!.5!721%&'*-!%*!F31);#'*!4'*03'0#-<!LYXM! !
$%1#&(%9#-8!$#&1##-8!:3-#3:a(5;#!2)--%4-!;'1'$#$!'-!721%&'*!&34(31#8!2#3$'4%-(%&!! C(!,'-!;1)$3&#$!:'*5!61%(#1-!'*$!6)1/-!)2!0#*3%*#!('4#*(\![,%*3'!7&,#.#8!!
E)4#!H)5%*/'8!75%!`6#%!71:',8!H#:.#*#!K3-:'*#8!70)-(%*)!=#()8!H#$'1!! =e':.'!=#*#!*'![%.3!`ah*0>'*0>%8!'-!6#44!'-!'*)(,#1!*)9#4!:'*3-&1%;(\!!
H#*0,)1!'*$!:'*5!)(,#1-<!E,)!&'*!$#*5!(,#%1!('4#*(k!+,#!4%0,(!%*!(,#!;1)$3&(-!! ?'(%0'1%!?'!=e%133*0%\!E,#1#9#1!C!,'9#!0)*#8!;'1(%&34'145!%*!F31);#8!C!,'9#! !
&)*-#b3#*&#-!)2!D#14%*!'*$!'2(#1<!I)6#9#1!6#!&'**)(!,'9#!)31!&'/#!'*$!#'(!%(g!! .##*!&)*21)*(#$!6%(,!(,#!1#.3/#8!>E,5!,'9#!5)3!'.'*$)*#$!3-k>!C(!6'-!'4:)-(<!!
+,#%1!6)1/!.#4)*0-!()!'*!721)aF31);#'*!4%(#1'15!(1'$%(%)*!6,%&,!%-!4%/#45!()!! '-!%28!%*!<&,))-%*0!()!61%(#!%*!J%/3538!C!6'-!$)%*0!-):#(,%*0!'.*)1:'4<!D3(! !
-#(a3;<!H)!721)aF31);#'*!4%(#1'(31#<!&'*!.#!$#2%*#$!'-!4%(#1'(31#!61%((#*!.5! ! (,#!4%(#1'15!;1'&(%&#!!
721%&'*-!%*!F31);#'*!4'*03'0#-!%*!(,#!#1'!)2!%:;#1%'4%-:<!! YT!!
D3(!-):#!'1#!&):%*0!1)3*$!()!(,#!%*#-&';'.4#!&)*&43-%)*!'1(%&34'(#$!.5!! )2!)(,#1!&34(31#-!%-!.#%*0!b3#-(%)*#$!%*!'*!721%&'*!61%(#1!%-!'!:#'-31#!)2!,)6! !
K.%!E'4%!6%(,!-3&,!;)4#:%&'4!9%0)31!(6#*(5!5#'1-!'0)\!721%&'*!4%(#1'(31#!&'*! ! 2'1!%:;#1%'4%-:!,'-!$%-()1(#$!(,#!9%#6!)2!721%&'*!1#'4%(%#-<!C(!,'-!(31*#$!1#'4%(5! !
)*45!.#!61%((#*!%*!721%&'*!4'*03'0#-8!(,'(!%-8!(,#!4'*03'0#-!)2!(,#!721%&'*! ! 3;-%$#!$)6*\!(,#!'.*)1:'4!%-!9%#6#$!'-!*)1:'4!'*$!(,#!*)1:'4!%-!9%#6#$!'-! !
;#'-'*(15!'*$!6)1/%*0!&4'--8!(,#!:'e)1!'44%'*&#!)2!&4'--#-!%*!#'&,!)2!)31!! '.*)1:'4<!721%&'!'&(3'445!#*1%&,#-!F31);#\!.3(!721%&'!%-!:'$#!()!.#4%#9#!(,'(! !
*'(%)*'4%(%#-!'*$!(,#!'0#*&5!2)1!(,#!&):%*0!%*#9%('.4#!1#9)43(%)*'15!.1#'/!6%(,! ! *##$-!F31);#!()!1#-&3#!%(!21):!;)9#1(5<!721%&'>-!*'(31'4!'*$!,3:'*!1#-)31&#-!!
*#)a&)4)*%'4%-:<!! &)*(%*3#!()!$#9#4);!F31);#!'*$!7:#1%&'\!.3(!721%&'!%-!:'$#!()!2##4!01'(#234!!
CZ!! 2)1!'%$!21):!(,#!-':#!b3'1(#1-!(,'(!-(%44!-%(!)*!(,#!.'&/!)2!(,#!&)*(%*#*(\!721%&'! !
C!-('1(#$!61%(%*0!%*!J%/353!4'*03'0#!%*!RSVV!'2(#1!-#9#*(##*!5#'1-!)2! ! #9#*!;1)$3&#-!%*(#44#&(3'4-!6,)!a*)6!1'(%)*'4%-#!(,%-!3;-%$#a$)6*!6'5!)2!!
%*9)49#:#*(!%*!721)aF31);#'*!4%(#1'(31#8!%*!>:5!&'-#!721)aF*04%-,!4%(#1'(31#<!C(!! 4))/%*0!'(!721%&'<!!
6'-!(,#*!(,'(!C!&)44'.)1'(#$!6%(,!=030%!6'!?%1%%!%*!(,#!$1'2(%*0!)2!(,#! ! C!.#4%#9#!(,'(!:5!61%(%*0!%*!J%/353!4'*03'0#8!'!`#*5'*!4'*03'0#8!'*! !
;4'5-&1%;(8!=0'',%/'!=$##*$'!L(,#!F*04%-,!(1'*-4'(%)*!6'-!R!E%44!?'115!E,#*! ! 721%&'*!4'*03'0#8!%-!;'1(!'*$!;'1!)2!(,#!'*(%a%:;#1%'4%-(!-(13004#-!)2!`#*5'*!!
R!E'*(M<!C!,'9#!-%*&#!;3.4%-,#$!'!*)9#4!%*!J%/353!['%(''*%!?3(,'1'.'%*%! ! '*$!721%&'*!;#);4#-<!C*!-&,))4-!'*$!3*%9#1-%(%#-!)31<!`#*5'*!4'*03'0#-!a!(,'(!!
LF*04%-,!(1'*-4'(%)*\!"#9%4!)*!(,#![1)--M!'*$!&):;4#(#$!'!:3-%&'4!$1':'8!! %-!(,#!4'*03'0#-!)2!(,#!:'*5!*'(%)*'4%(%#-!6,%&,!:'/#!3;!`#*5'!a!6#1#!!
?'%(3!=e30%1'8!LF*04%-,!(1'*-4'(%)*\!?)(,#1!H%*0!2)1!?#Mf!(,1##!.))/-!2)1! ! '--)&%'(#$!6%(,!*#0'(%9#!b3'4%(%#-a)2!.'&/6'1$*#--8!3*$#1$#9#4);:#*(8!!
&,%4$1#*8!=e':.'!=#*#!*'!?.''(,%!%!?'(,'038!D'(,%())1'!5'!=e':.'!=#*#8!! ,3:%4%'(%)*!'*$!;3*%-,:#*(\!E#!6,)!#9#*(!(,1)30,!(,'(!-&,))4!-5-(#:!6#1#!!
:#'*(!()!01'$3!'(#!6%(,!'!,'(1#$!)2!(,#!;#);4#!'*$!(,#!&34(31#!'*$!(,#!9'43#-!)2! ! '*$!&34(31#-!6%(,)3(!'*5!&):;4#N#-!'.)3(!,%-!)6*!4'*03'0#8!,%-!)6*!-#428!,%-! !
(,#!4'*03'0#!)2!)31!$'%45!,3:%4%'(%)*!'*$!;3*%-,:#*(<!C!$)!*)(!6'*(!()!-##! ! #*9%1)*:#*(<!+,#!'44a`#*5'8!*'(%)*'4!4'*03'0#!L%<#<!`%-6',%4%Mf!(,#!)(,#1!!
2)1!(,#!())4-!)2!&)::3*%&'(%)*!$#9#4);!#$!.5!(,#%1!&)::3*%(%#-!'*$!(,#%1! ! ?''-'%8!A3,5'8!`'44#*e%*8!`':.'8!?%e%/#*$'8!H):'4%8!J'44'8!+31/'*'8! !
,%-()15<!C!6'*(!(,#:!()!(1'*-&#*$!&)4)*%'4!'4%#*'(%)*<! ! 71'.%&-;#'/%*0!a;#);4#8!#(&<Mf!)(,#1!721%&'*!4'*03'0#-!4%/#!I'3-'8!E)4)28!!
$%-('*&%*0!)2!)*#-#42!21):!(,#!1#'4%(5!'1)3*$f!'*$!'*!'&(%9#!L)1!;'--%9#M! ! 2)1#%0*!()!721%&'!a!4%/#!F*04%-,8!U1#*&,8!J#1:'*8!W3--%'*8![,%*#-#8!c';'*#-#8!!
%$#*(%2%&'(%)*!6%(,!<(,'(!6,%&,!%-!:)-(!#N(#1*'4!()!)*#>-!#*9%1)*:#*(<!C(!-('1(-! ! @)1(303#-#8!H;'*%-,!6%44<!2'44!%*()!(,#%1!;1);#1!;#1-;#&(%9#!%*!(,#!4%9#-!)2! !
6%(,!'!$#4%.#1'(#!$%-'--)&%'(%)*!)2!(,#!4'*03'0#!)2!&)*&#;(3'4%-'(%)*8!)2! ! `#*5'*!&,%4$1#*<!!
(,%*/%*08!)2!2)1:'4!#$3&'(%)*f!)2!:#*('4!$#9#4);:#*(8!21):!(,#!4'*03'0#!)2!! [,%*3'!7&,#.#!)*&#!$#&1%#$!(,#!(#*$#*&5!)2!721%&'*!%*(#44#&(3'4-!()!!
$'%45!%*(#1'&(%)*!%-!(,#!,):#!'*$!%*!(,#!&)::3*%(5<!C(!%-!4%/#!-#;'1'(%*0!(,#! ! #-&';#!%*()!'.-(1'&(!3*%9#1-'4%-:!%*!(,#!6)1$-!(,'(!';;45!#9#*!:)1#!()!(,#!%--3#!!
:%*$!21):!(,#!.)$5!-)!(,'(!(,#5!'1#!)&&3;5%*0!(6)!3*1#4'(#$!4%*03%-(%&!-;,#1#-!! )2!(,#!4'*03'0#!)2!721%&'*!4%(#1'(31#\!!
%*!(,#!-':#!;#1-)*<!K*!'!4'10#1!-)&%'4!-&'4#!%(!%-!4%/#!;1)$3&%*0!'!-)&%#(5!)2!! 721%&'!,'-!,'$!-3&,!'!2'(#!%*!(,#!6)14$!(,'(!(,#!9#15!'$e#&(%9#!721%&'*!&'*! !
.)$%4#--!,#'$-!'*$!,#'$4#--!.)$%#-<!! &'44!3;!,%$#)3-!2#'1-!)2!1#e#&(%)*<!D#((#1!(,#*!()!&3(!'44!(,#!4%*/-!6%(,!(,%-! !
H)!C!6)34$!4%/#!()!&)*(1%.3(#!()6'1$-!(,#!1#-()1'(%)*!)2!(,#!,'1:)*5! ! ,):#4'*$8!(,%-!4%'.%4%(58!'*$!.#&):#!%*!)*#!0%'*(!4#';!(,#!3*%9#1-'4!:'*<!!
.#(6##*!'44!(,#!'-;#&(-!'*$!$%9%-%)*-!)2!4'*03'0#!-)!'-!()!1#-()1#!(,#!`#*5'*!! C*$##$!C!3*$#1-('*$!(,%-!'*N%#(5<!D3(!13**%*0!'6'5!21):!)*#-#42!-##:-!()!!
&,%4$!()!,%-!#*9%1)*:#*(8!3*$#1-('*$!%(!23445!-)!'-!()!.#!%*!'!;)-%(%)*!()!&,'*0#!! :#!'!9#15!%*'$#b3'(#!6'5!)2!$#'4%*0!6%(,!'*!'*N%#(5!r%('4%&-!:%*#s<!7*$!%2! !
)2!'!&,%4$>-!-;)/#*!#N;1#--%)*8!.3(!'4-)!,%-!-(13004#!6%(,!*'(31#!'*$!,%-!-)&%'4!! E#!721%&'*!61%(#1-!'1#!.)3*$!.5!)31!&'44%*0!()!$)!2)1!)31!4'*03'0#-!6,'(! !
*'(31#<!E%(,!(,'(!,'1:)*5!.#(6##*!,%:-#428!,%-!4'*03'0#!'*$!,%-!#*9%1)*:#*(! ! H;#*!?%4()*!'*$!H,'/#-;#'1#!$%$!2)1!F*04%-,f!6,'(!@3-,/%*!'*$!+)4-()5!!
YS!! 4'*03'0#-!.5!:##(%*0!(,#!&,'44#*0#!)2!&1#'(%*0!'!4%(#1'(31#!%*!(,#:8!6,%&,! !
,3:'*%-(%&8!$#:)&1'(%&!'*$!1#9)43(%)*'15!#4#:#*(-!%*!)(,#1!;#);4#>-!4%(#1'(31#-!! ;1)&#--!4'(#1!);#*-!(,#!4'*03'0#-!2)1!;,%4)-);,58!-&%#*!(#&,*)4)05!'*$!'44!!
(,#!)(,#1!'1#'-!)2!,3:'*!&1#'(%9#!#*$#'9)31-<!! ;)--%.%4%(%#-!)2!;1%-)*8!#N%4#!)1a#9#*!$#'(,<!U)1!,%:!(,#1#!'1#!*)!>*'(%)*'4>!!
D3(!61%(%*0!%*!)31!4'*03'0#-!;#1!-#!a!'4(,)30,!'!*#&#--'15!2%1-(!-(#;!%*!(,#!! '&&)4'$#-8!*)a!*#6!5#'1!,)*)31-8!)*45!'.3-#!'*$!-4'*$#1!'*$!%**3:#1'.4#!4%#-!!
&)11#&(!$%1#&(%)*!a!6%44!*)(!%(-#42!.1%*0!'.)3(!(,#!1#*'%--'*&#!%*!721%&'*!&34(31#-! ! 21):!(,#!:)3(,-!)2!(,#!'1:#$!;)6#1a!)2!'!134%*0!:%*)1%(5!a!134%*08!(,'(!%-8!)*!!
(,#!*##$!2)1!3*%(5!':)*0!(,#!6)1/#1-!'*$!8;#'-'*(-!)2!'44!(,#!*'(%)*'4%(%#-!%*! ! $%-&3--%*0!(,#%1!)6*!4%9#-!%*!4'*03'0#-!(,'(!'44)6!2)1!:3(3'4!&):;1#,#*-%)*!%-! !
(,#%1!-(13004#!()!&)*(1)4!(,#!6#'4(,8!(,#5!;1)$3&#!'*$!()!21##!%(!21):!%*(#1*'4! ! -##*!'-!.#%*0!$'*0#1)3-!()!(,#!0))$!0)9#1*:#*(!)2!'!&)3*(15!'*$!%(-!!
'*$!#N(#1*'4!;'1'-%(#-<!8!! %*-(%(3(%)*-<!721%&'*!4'*03'0#-!'$$1#--%*0!(,#:-#49#-!()!(,#!4%9#-!)2!(,#!;#);4#!!
()!(,#!1#9)43(%)*'15!(1'$%(%)*-!)2!'*!)10'*%-#$!;#'-'*(15!'*$!6)1/%*0!&4'--!%*!! =)(#-!!
721%&'!%*!(,#%1!-(13004#!()!$#2#'(!%:;#1%'4%-:!'*$! ! R<!>F31);#'*!4'*03'0#-!.#&':#!-)!%:;)1('*(!()!(,#!721%&'*-!(,'(!(,#5!$#2%*#$!(,#%1!
OQ!! )6*!%$#*(%(%#-!;'1(45!!
&1#'(#!'!,%0,#1!-5-(#:!)2!$#:)&1'&5!'*$!-)&%'4%-:!%*!'44%'*&#!6%(,!'44!(,#!)(,#1! ! .5!1#2#1#*&#!()!(,)-#!4'*03'0#-8!721%&'*-!.#0'*!()!$#-&1%.#!#'&,!)(,#1!%*!(#1:-!)2!
;#);4#-!)2!(,#!6)14$<!G*%(5!%*!(,'(!-(13004#!6)34$!#*-31#!3*%(5!%*!)31! ! .#%*0!#%(,#1!!
:34(%a4%*03'4!$%9#1-%(5<!C(!6)34$!'4()!1#9#'4!(,#!1#'4!4%*/-!(,'(!.%*$!(,#!;#);4#! ! U1'*&);,)*#!)1!F*04%-,a-;#'/%*0!721%&'*-<!+,#!&)*(%*#*(!%(-#42!6'-!(,)30,(!)2!%*!
)2!721%&'!()!(,#!;#);4#-!)2!7-%'8!H)3(,!7:#1%&'8!F31);#8!73-(1'4%'!'*$!=#6!! (#1:-!)2!!
B#'4'*$8!['*'$'!'*$a!(,#!G<H<7<!! U1#*&,a-;#'/%*0!-('(#-8!F*04%-,a-;#'/%*0!-('(#-!'*$!71'.%&a-;#'/%*0!-('(#-<>!!
D3(!%(!%-!;1#&%-#45!6,#*!61%(#1-!);#*!)3(!721%&'*!4'*03'0#-!()!(,#!1#'4!4%*/-! ! 74%!7><!?'h13%8!721%&'>-!C*(#1*'(%)*'4!W#4'(%)*-8!A)*$)*\!RSVV8!;<!SY<! !
&,'44#*0#<!U)1!()!(,#!&):;1'$)1a134%*0!1#0%:#-8!(,#%1!1#'4!#*#:5!%-!'*! ! #N':;4#8!!
'6'/#*#$!;#'-'*(15!'*$!6)1/%*0!&4'--<!7!61%(#1!6,)!(1%#-!()!&)::3*%&'(#!(,#! ! ?'h13%!-,)34$!,'9#!;3(!@)1(303#-#a-;#'/%*0!-('(#-<!71'.%&!%-!*)6!'*!721%&'*!
:#--'0#!)2!<1#9)43(%)*'15!3*%(5!'*$!,);#!%*!(,#!4'*03'0#-!)2!(,#!;#);4#!! 4'*03'0#!3*4#--!6#!6'*(!!
.#&):#-!'!-3.9#1-%9#!&,'1'&(#1<!C(!%-!(,#*!(,'(!61%(%*0!%*!721%&'*!4'*03'0#-! ! ()!61%(#!)22!'44!(,#!%*$%0#*)3-!;);34'(%)*-8!)2!=)1(,!721%&'8!F05;(8!H3$'*!'-!*)(!.#%*0!
.#&):#-!'!-3.9#1-%9#!)1!(1#'-)*'.4#!)22#*&#!6%(,!-3&,!'!61%(#1!2'&%*0!! 721%&'*-<!!
7*$!'-!3-3'4!6%(,!?'h13%!,%-!)2(#*!';(!'*$!%*-%0,(234!$#-&1%;(%)*-8!).-#19'(%)*-8!'*$! '-!'!;)4%(%&'445!!
&):;'1%-)*-!)2!! *#3(1'4!4'*03'0#!.#5)*$(,#!1#;1)'&,#-!)2!(1%.'4%-:<!C(!%-!'4-)!'!:)1#!'((1'&(%9#!
(,#!&)*(#:;)1'15!721%&'*!1#'4%(%#-!'-!'22#&(#$!.5!F31);#!'1#8!3*2)1(3*'(#458!)2(#*! @1);)-%(%)*!%*!721%&'!!
(%*0#$!6%(,!';;1)9'4!! (,'*!%*!#%(,#1!C*$%'!)1!?'4'5-%'!.#&'3-#!&):;'1'(%9#45!2#6!721%&'*-!'1#!&):;4#(#45!
)1!'!-#*-#!)2!%11#9#1-%.4#!%*#9%('.%4%(5<! ! 4%(#1'(#!%*!(,#!!
Y<!+,#!&)*2#1#*&#!6'-!)10'*%h#$!.5!(,#!'*(%a[)::3*%-(!@'1%-a.'-#$!.3(! 9#1*'&34'1!()*03#-!'*$!#9#*!%*!(,#!4'*03'0#-!)2!)1'4!&)::3*%&'(%)*8!I'3-'!'*$!
7:#1%&'*%*-;%1#$!'*$!2%*'*&#$!! H6',%4%8!6,%&,!'1#!!
H)&%#(5!2)1![34(31'4!U1##$):!6,%&,!6'-!4'(#1!$%-&)9#1#$!'&(3'445!()!,'9#!.##*! -;)/#*!.5!:%44%)*-8!'*$!)*45!1#'$!'*$!61%((#*!.5!(,)3-'*$-<>!L?5!%('4%&-M! !
-,)6-!,)6!('%*!$%1#&(%)*-!%*!)31!&34(31'48!;)4%(%&'48!'*$!#&)*):%&!&,)%&#-!&'*!.#! &)*21)*('(%)*!6%(,!!
:'-(#1:%*$#$!! *##a&)4)*%#-k!Ci(#44%*0!3-!(,'(!.5!RSX!(,#1#!6#1#!:)1#!721%&'*-!4%(#1'(#!%*!F31);#'*!
21):!(,#!:#(1);)4%('*!&#*(1#-!)2!%:;#1%'4%-:<! ! 4'*03'0#-!(,'*!%*!!
O<!+,%-!%-!'*!'103:#*(!)2(#*!#-;)3-#$!.5!&)4)*%'4!-;)/#-:#*<![):;'1#!?;,',4#4#-! 721%&'*!4'*03'0#-k!+,'(!721%&'*-!&)34$!*)(8!#9#*!%2!(,'(!6'-!(,#!&'-(8!.#!4%(#1'(#!%*!
&)::#*(!6%(,!(,'(!)2!! (,#%1!)6*!*'(%)*'4!!
J#)221#5!?))1,)3-#!%*!?'*&,#-(#1!J3'1$%'*!E##/458!! 4'*03'0#-!)1!%*!(,#!1#0%)*'4!4'*03'0#-k!W#'445!%-!?1!?))1#,)3-#!()*03#a(5%*0!(,#8!
OR!! 721%&'*k!!
RP!c345!RS]X8!'-!b3)(#$!.5!74%!7<!?'h13%!'*$!?%&,'#4!+%$5!%*!(,#%1!6)1/!='(%)*'4%-:! X<!+,#!F*04%-,!(%(4#!%-!+'4#-!)2!7:'$)3!`)3:.'8!;3.4%-,#$!.5!KN2)1$!G*%9#1-%(5!
'*$!=#6!H('(#-!! @1#--<!+,#!(1'*-4'(%)*!!
%*!721%&'8!A)*$)*\!RSTX<!! )2!(,%-!;'1(%&34'1!;'--'0#!21):!(,#!@1#-#*&#!721%&'%*#8!@'1%-!#$%(%)*!)2!(,#!.))/!6'-!
>K*!.)(,!-%$#-!)2!721%&'8!:)1#)9#18!%*!J,'*'!'*$!=%0#1%'8!%*!G0'*$'!'*$!%*!`#*5'8!(,#! $)*#!2)1!:#!.5!"1!!
-;1#'$!)2!! D'&,%1!"%'0*#!%*!D'51#3(,<8!>!!
#$3&'(%)*!,'-!4#$!()!'*!%*&1#'-#$!$#:'*$!2)1!F*04%-,!'(!;1%:'15!4#9#4<!+,#! P<!+,#!;';#!%-!*)6!%*<!7&,#.#>-!&)44#&(%)*!)2!#--'5-!?)1*%*0!m#(!)*![1#'(%)*!"'58!
1#:'1/'.4#!(,%*0!%-!(,'(!! A)*$)*\!RSVP<!!
F*04%-,!,'-!*)(!.##*!1#e#&(#$!'-!'!-5:.)4!)2![)4)*%'4%-:f!%(!,'-!1'(,#1!.##*!'$);(#$! ]<!C*!(,#!%*(1)$3&(%)*!()!?)1*%*0!m#(!)*![1#'(%)*!"'5!7&,#.#!).9%)3-45!('/#-!'!
-4%0,(45!:)1#!&1%(%&'4!! .#,'9%)31<!+,#!!
61%(#1-<!<!! :)1'4%(58!1#4%0%)*8!!
V<!+1'*-%(%)*!=)<!RQ8!H#;(#:.#1!RuO8!1#;1%*(#$!21):!"%'4)03#8!@'1%-<! ! :#(';,5-%&-8!#(&<8!)2!'!;#);4#<!?#*!'1#!(,#!;1)$3-!)2!&,'1!&)*&#;(%)*-8!%$!#'-!#(&<!
T<![,%*3'!7&,#.#!>+,#!721%&'*!E1%(#1!'*$!(,#!F*04%-,!A'*03'0#>8!%*!?)1*%*0!m#(!)*! a!1#'48!'&(%9#!:#*8!!
[1#'(%)*!"'5<!! '-!(,#5!'1#!&)*$%(%)*#$!.5!'!$#2%*%(#!$#9#4);:#*(!)2!(,#%1!;1)$3&(%9#!2)1&#-!'*$!)2!
S<!J'.1%#4!K/'1'8!+1'*-%(%)*!=)<!RQ8!H#;(#:.#1!RuO<! ! (,#!%*(#1&)31-#!!
RQ<![,#%/,!I':%$)3!`'*#!A!89#*(31#!7:.%03%<!LF*04%-,!(1'*-4'(%)*\!7:.%03)3-! &)11#-;)*$%*0!()!(,#-#8!3;!()!%(-!231(,#-(!2)1:<>!?'1N!'*$!F*0#4-8!J#1:'*!C$#)4)058!
7$9#*(31#M<!+,%-!;'0#!! (,#!2%1-(!;'1(!!
6'-!(1'*-4'(#$!2)1!:#!.5!D'(,%1!"%'0*#<!! ;3.4%-,#$!3*$#1!(,#!(%(4#8!U#3#1.'&,\!K;;)-%(%)*!)2!(,#!?'(#1%'4%-(!'*$!C$#'4%-(!
RR<!FN':;4#!21):!'!()*03#!(6%-(#1\!>`''*'!4#'!=%/))1'!/))*'!/))1'!/))1'\!*'!/)! K3(4))/-8!A)*$)*\!!
/))1'!/))*'!/''*'!4#'!! RSVO8!;<!T<!!
&,%4$!-'6!'!.'.5!! RS]X8!;<!OY<!!
21)0!'*$!1'*!'6'5\!'*$!6,#*!(,#!.'.5!21)0!-'6!=%&,)4'>-!&,%4$!%(!'4-)!1'*!'6'5<>!7! RX<!F1%&!E%44%':-8!%.%$<8!;<!OR<! !
J%53/3!-!&,%4$!,'-!! RP<!C*!1#2#1#*&#-!()!721%&'!%*!(,#!%*(1)$3&(!%)*!()!,%-!4#&(31#-<!%*!+,#!@,%4)-);,5!)2!
()!0#(!(,#!&)1*#(!()*#!'*$!4#*0(,!)2!9)6#4!'*$!;'3-#-!()!0#(!%(!1%0,(<!K(,#16%-#!%(! I%-()158!I#0#4!0%9#-!!
.#&):#-!'!e3:.4#!)2!! ,%-()1%&'48!;,%4)-)!1'(%)*'4!#N;1#--%)*!'*$!4#0%(%:'&5!()!#9#15!&)*&#%9'.4#!F31);#'*!
/>-!'*$!1>-!'*$!*'>-!! 1'&%-(!:5(,!'.)3(!!
RY<!>+,#!;1)$3&(%)*!)2!%$#'-8!)2!&)*&#;(%)*-8!)2!&)*-&%)3-*#--8!%-!'(!24%1(!$%1#&(45! 721%&'<!721%&'!%-!#9#*!$#*%#$!,#1!)6*!0#)01';,5!6,#1#!%(!$)#-!*)(!&)11#-;)*$!()!(,#!
%*(#16)9#*!6%(,!(,#!! :5(,<!+,3-!F05;(!!
[)*&#%9%*08!(,%*/%*08!! OY!!
()(#!:#*('4!%*(#1&)31-#!)2!:#*8!';;#'1!'(!(,%-!-('0#!'-!(,#!$%1#8!#2243N!)2!(,#%1!:'(#1%'4! 721%&'f!'*$!=)1(,!721%&'!%-!;'1(!)2!F31);#<!721%&'!;1);#1!%-!(,#!#-;#&%'4!,):#!)2!
1'9#*)3-!.#'-(-8!! 21'*&'%-8!;31##!b3#!4#!21'*&'%-!#-(!)*#!4'*03#!'!9)&'(%)*!3*%9#1-#44#8!b3#!*)(1#!
-*'/#-!)2!'44!/%*$-<!+,#!721%&'*!%-!*)(!;'1(!)2!,3:'*%(5<!K*45!-4'9#15!()!F31);#!&'*! :#--'0#!->'$1#--#!!
1'%-#!,%:8!;)--%.458!! -3--\!'3N!U1'*&'%-!$#!U1'*&#!#(!'3N!'3(1#-!,)::#-8!;3&#!b3#!4#!5#!#-(!3*#!4'*03#!
()!(,#!4)6#1!1'*/-!)2!,3:'*%(5<!H4'9#15!%-!0))$!2)1!(,#<!721%&'*<!>H4'9#15!%-!%*!'*$!2)1! 1'(!0#*(%44#--#!!
%(-#42!%*e3-(%!! #(!$>,)**#(#(#><!^3%!'!$)!b3#!&>#('%(!)*#!2'(%03#!;1%-#!#(!'()*#!$>%*0#*%#31-!#(!$#!
-4'9#15!%-!(,#1#2)1#!6%-#1!'*$!:)1#!#b3%('.4#!(,'*!%(-!-3$$#*!1#:)9'4<>!LI#0#4!+,#! ['1!e#!-'%-!!
@,%4)-);,5!)2!! -#-!1#--)31&#-!;)31!C>'9)%1!0)3(#8!:'&,#8!#*-#%0*#8!#(!b3>%4!#-(!4'!4'*03#!$#-!$%#3N<!
I%-()158!")9#1!#$%(%)*8!=#6!m)1/\!RSP]8!;;<!SRaS<M!I#0#4!&4#'145!1#9#'4-!,%:-#42!'-!(,#!! F&)3(#h!$)*#!!
*%*#(##*(,!a&#*(315!I%(4#1!)2!(,#!%*(#44#&(<!! [)1*#%44#8!A'3(1#':)*(8!W%:.'3$8!@#035!#(![4'3$#4<!F&)3*(#h!4#!01'*$!I30)<!A#!
R]<!+,#!;';#1!%-!*)6!%*!7/%9'0'!'*$!J'&,3/%',>-!+,#!+#'&,%*0!)2!721%&'*!A%(#1'(31#! 21'*&'%-8!&&!!
%*!H&,))4-8!;3.4%-,#$!! -)*(!4#-!01'*$#-!)103#-!b3%!-#!;1#(#*(!'!4))-!4#-!(%:.1#-8!O!4))-!4#-!#22#&(-8!$#-!
.5!`#*5'!A%(#1'(31#!D31#'3<!! $)3-!4#-!;43-!!
RV<!H#*0,)18!C*(1)$3&(%)*!()!,%-!;)#:-8!>Ri!(,%);%b3#-8!4#!YX!H#;(#:.1#!RSPX>8!%*! -)'9#-!'3N!234031'*&#-!$#!4>)1'0#<!CA!#-(8!()3(!O!()31!(%(!#*!:%:#!(#:;-8!243(#8!
'*-6#1%*0!(,#!b3#-(%)*\!! ,'3(.)%-8!(1):;#((#8!!
H##!,)6!451%&'4!! $';-!*)-!!
H#*0,)1!.#&):#-!'-!,#!('4/-!)2!,%-!#*&)3*(#1!6%(,!U1#*&,!4'*03'0#!'*$!U1#*&,! 4'*03#-!:'(#1*#44#-!a8!)3!4#'!4'1:#-!-#!2)*(!;%#11#-!;1#&%#3-#-<![,#h!*)3-8!4#-!:)(-!
4%(#1'(31#<!! -)*(!!
?'%-!)*!:#!;)-#1-!4'!b3#-(%)*\!>@)31b3)%8!$#-!4)1#8!##1%9#ha9)3-!#*!21'*&'%-k>!;'1&#! *'(31#44#:#*(!*%:.#-!$>3*!,'4)!$#!-'9#!#(!$#!-'*0f!2#-!:)(-!$3!21'*&'%-!1'5)**#*(!
b3#!*)3-!! $#!:%*#!2'3N8!!
-)::#-!$#-!:#(%-!&34(31#4-8!;31##!a!3#8!-%!*)3-!-#*()*-!#*!*#01#-8!*)3-!*)3-! &)::'!$#-!$%':'*(-<!"#-!23-##-!b3%!#&4'%1#*(!*)(1#!*3%(<!!
#N;1%:)*-!#*!! H##!'4-)!H#*0,)1>-!1#;45!()!'!b3#-(%)*!)*!4'*03'0#!%*!'*!%(((6!.5!71:'*$!J3%.#1!'*$!
;3.4%-,#$!%*!! )2!1'&%'4!!
CR!#-(!91'%!b3'!4#!21'*&'%-!*#-(!;'-!:'!4'*03#!:'(#1*#44#<!c'%!&)::#*&#!$#! OO!!
C>';;1#*$1#!'!-#;(!! .4':#!)(,#1-8!:3&,!'-!(,#5!:'5!$#-#19#!-3&,!.4':#!'*$!&)*$#:*'(%)*<!E,'(!6#!
'*-f!;'1!$#-!:)(-!&)::'!>&)*2%(31#->!#(!>&.)&)4'(><!7e)31$>!e#!;#*-#!*'(31#44#:#*(!#*! *##$!()!$)!%-!()!4))/!!
21'*&'%-!#(!e#!! .'&/!'*$!(15!'*$!2%*$!)3(!6,#1#!6#!6#*(!61)*08!6,#1#!(,#!1'%*!.#0'*!()!.#'(!3-<! !
&):;1#*$!4#!21'*&'%-!a!2'3(a%4!#*!'9)%1!,)*(#k!?%#3N!b3>'3&3*#!-3(1'!4'*03#<![>#-(! >I#1#!(,#*!%-!'*!'$#b3'(#!1#9)43(%)*!2)1!:#!()!#-;)3-#!a!()!,#4;!:5!-)&%#(5!1#0'%*!
$%1#!b3'!4#!! .#4%#2!%*!%(-#42!'*$!!
*'(31#44#!$#!:'!! )*![1#'(%)*!!
;#*-##<!! "'58!;<!XX<!!
[#!b3%!:>#-(!#(1'*0#!$3*-!4#!21'*&'%-!&>#-(!;#3(a#(1#!-)*!-(54#\!! H%*&#!(,#!;#'-'*(!'*$!(,#!6)1/#1!,'$!*#9#1!1#'445!,'$!'*5!$)3.(-!'.)3(!(,#%1!
H)*!'1&,%(#&(31#!&4'--%b3#<!c#!-3%-!*'(31#44#:#*(!;)1(#!'!0)*24#1!$>%:'0#!-)*!&'$1#! 721%&'**#--8!(,#!!
#(1)%(8!-'*-!! 1#2#1#*&#!&)34$!)*45!,'9#!.##*!()!(,#!>#$3&'(#$>!)1!(,#!;#(!.)310#)%-!721%&'*<!C*!2'&(!
4'!;)3--##!$#!4'!&,'4#31!#:)(%)*#44#<!! %2!)*#!-3.!(%(3(#-!!
RT<!B%:.'.6#!I#1'4$!7303-(!RSTR<!! (,#!6)1$-!>(,#!;#((5a.)310#)%->!2)1!(,#!6)1$!>)31>!'*$!>(,#<!;#((5a.)310#)%>-!&4'-->!2)1!
RS<![,%*3'!7&,#.#!>+,#!721%&'*!E1%(#1!'*$!(,#!F*04%-,!A'*03'0#><!%*!?)1*%*0!m#(!)*! >:5!-)&%#(5>!(,#!!
[1#'(%)*!"'5!;<!PS<!! -('(#:#*(!%-!';(8!'&&31'(#8!'*$!$#-&1%.#-!6#44!(,#!'--3:#$!'3$%#*&#<!K2!&)31-#8!'*!
YQ<!?)-(!)2!(,#!61%(#1-!6#1#!21):!G*%9#1-%(%#-<!+,#!1#'$#1-,%;!6'-!:'%*45!(,#!;1)$3&(! %$#)4)0%&'4!!
)2!-&,))4-!'*$<!! 1#9)43(%)*!%*!(,%-!&4'--!6)34$!'22#&(!(,#!6,)4#!-)&%#(5<! !
&)44#0#-<!7-!2)1!(,#!3*$#145%*0!(,#:#!)2!:3&,!)2!(,'(!4%(#1'(31#8!7&,#.#>-!-('(#:#*(! YY<!"'9%$!"%);>[)*(1%.3(%)*!()!(,#!"#.'(#!)*!='(%)*'4!@)#(15>8!@1#-#*&#!721%&'%*#!]8!
%*!,%-!;';#18!>8+,#!! RSP]<!!
=)9#4%-(!'-!'!+#'&,#1>8!%-!%*-(13&(%9#\!! YO<!"'9%$!"%);8!%$%$<!!
&):;)*#*(-!6)34$!! ,)3-#!'*$!-,#!6#*(<!-(1'%0,(!()!(,#!;)%*(\!>E#!,#'1!5)3!,'9#!'!4)(!)2!#$3&'(%)*! !
(,#*!.#!>7*04)a721%&'*!4%(#1'(31#>8!>U1'*&)a721%&'*!4%(#1'(31#>!)1!>A3-)!a721%&'*! '*$!(,'(!5)3!61%(#!.))/-<!E,5!$)*>(!5)3!'*$!)(,#1-!)2!5)31!/%*$!0%9#!-):#!)2!!
%:;)1('*(!%-!(,'(!(,%-!:%*)1%(5!4%(#1'(31#!2)1:-!'!$%-(%*&(!(1'$%(%)*!(,'(!*##$-!'! %(8!'*$!'!4%((4#!)2!5)31!(%:#<>!+,#1#!6'-!'!5)3(,!&#*(1#!%*!(,#!9%44'0#8!-,#!6#*(! !
$%22#1#*(!(#1:!()!! )*8!'*$!%(!6'-!2'44%*0!';'1(<!C(!*##$#$8!01)3;!#22)1(!()!.1%*0!%(!.'&/!()!4%2#<! !
$%-(%*03%-,!%(!21):!7A%(#1'(31#8!%*-(#'$!)2!3-31;%*0!(,#!(%(4#!721%&'*!A%(#1'(31#!'-!%-! E)34$!C!.#!6%44%*0!()!,#4;k!C!-'%$!C!6)34$!(,%*/!'.)3(!%(<!C*!(,)-#!$'5-8!C!6'-! !
(,#!&311#*(!;1'&(%&#!! (,#!&,'%1:'*!)2!(,#!A%(#1'(31#!"#;'1(:#*(!'(!(,#!G*%9#1-%(5!)2!='%1).%!.3(!C! !
-&,)4'1-!6,)!('4/!'-!%2!! &%(5<!C!3-#$!()!$1%9#!()!='%1).%!'*$!.'&/!$'%45!#N&#;(!)*!H3*$'5-<!H)!H3*$'5!!
(,#!4%(#1'(31#!61%((#*!%*!F31);#'*!4'*03'0#-!%-!*#&#--'1%45!&4)-#1!()!(,#!721%&'**#--! 6'-!(,#!.#-(!$'5!()!&'(&,!:#!'(!,):#<!H,#!&':#!(,#!-#&)*$8!(,#!(,%1$!'*$!(,#!!
)2!%(-!%*-;%1'(%)*!! 2)31(,!&)*-#&3(%9#!H3*$'5-!6%(,!(,#!-':#!1#b3#-(!&)3&,#$!%*!9%1(3'445!(,#!!
(,'*!-%:%4'1!6)1/-!%*!721%&'*!4'*03'0#-8!(,#!4'*03'0#-!)2!(,#!:'e)1%(5<!H)!(,)1.30,45! -':#!6)1$-<!+,'(!6'-!,)6!C!&':#!()!e)%*!)(,#1-!%*!6,'(!4'(#1!6'-!()!.#!&'44#$! !
,'-!(,#!:%*)1%(5!! `':%1%%(,3![)::3*%(5!F$3&'(%)*!'*$![34(31'4![#*(1#<!!
>721)aF31);#'*!A%(#1'(31#>!LF31)!a721%&'*!4%(#1'(31#kM!3-31;#$!(,#!*':#!>721%&'*! CC!!
4%(#1'(31#>!%*!(,#!&311#*(!! `':%1%%(,3!%-!)*#!)2!-#9#1'4!9%44'0#-!%(-!A%:313!)1%0%*'445!-#(!3;!%*!(,#!2%2(%#-! !
-&,)4'1-,%;!(,'(!4%(#1'(31#!.5!721%&'*-!%*!721%&'*!4'*03'0#-!%-!(,#!)*#!(,'(!*##$-! .5!(,#!D1%(%-,!&)4)*%'4!'$:%*%-(1'(%)*!'-!'!6'5!)2!&3((%*0!)22!(,#!4%*/-!.#(6##*! !
b3'4%2%&'(%)*!74.#1(!! (,#!;#);4#!'*$!(,#!03#11%44'-!)2!(,#!`#*5'!A'*$!'*$!U1##$):!71:58!)(,#16%-#!!
J#1'1$>-!)(,#16%-#!(%:#45!.))/!%-!(%(4#$!721%&'*!A'*03'0#!A%(#1'(31#-!>! ! /*)6*>!'-!?'3!?'3<!F9#*!'2(#1!%*$#;#*$#*&#!%*!RS]O!(,#!9%44'0#-!1#:'%*#$!'-!!
YP<![,%*3'!7&,#.#!>721%&'!'*$!,#1!E1%(#1->!%*!?)1*%*0!m#(!)*![1#'(%)*!"'58!;<!YV<! ! 1#-#19)%1-!)2!&,#';!4'.)31<!D5!RSVP!`':%1%%(,3!'4)*#!,'$!01)6*!%*()!'!!
OX!! ;);34'(%)*!)2!(#*!(,)3-'*$<!+,#!6)1/#1-!6,)!4%9#!%*!`':%1%%(,38!#%(,#1!'-! !
+,#8!A'*03'0#!)2!721%&'*!! 1#*(a;'5%*0!(#*'*(-!)1!'-!)6*#1-8!2'44!%*()!(,1##!.1)'$!&'(#0)1%#-<!U%1-(45!(,#1#!!
+,#'(1#!! '1#!(,)-#!6,)!!
Y!! C!:#*(%)*!(,#-#!$%22#1#*(!&4'--#-!.#&'3-#!*#'145!'44!)2!( ,#:!6#1#!<!!
OP!! 1#;1#-#*(#$!':)*0!(,#!;'1(%&%;'*(-!'(!`':%1%%(,3![)::3*%(5!F$3&'(%)*!'*$!!
6)1/!'(!D'('8!(,#!:34(%*'(%)*'4!-,)#a:'/%*0!2'&()158!'(!(,#!=%4#!C*9#-(:#*(-!! [34(31#![#*(1#<!U)1!%*-('*!(,#!&)::%((##!13**%*0!(,#!&#*(1#!6'-!:'$#!3;!)2! !
@4'-(%&!@%;#-!'*$!J))$-!2'&()158!'(!(,#!-:'44!-'4(!;1)&#--%*0!;4'*(-8!'(!(,#! ! ;#'-'*(-8!6)1/#1-8!'!-&,))4(#'&,#1!'*$!'!.3-%*#--:'*<!+,)-#!)2!3-!21):!(,#8!!
(%:.#1!'*$!:'%h#!:%44-!'*$!'(!(,#!:)()1!'*$!.%&5&4#!1#;'%1%*0!0'1'0#-!a!'44!;'1(!! G*%9#1-%(5!%*&43$#$!`%:'*%8!J#&'38!`'.%13!`%*5'*e3%!'*$!=030%!6'!?%1%%!!
)2!'!01)6%*0!%*$3-(1%'4!;1)4#('1%'(<!+,#*!(,#1#!'1#!(,)-#!#:;4)5#$!%*!,)(#4-8! ! 6,)!4'(#1!.#&':#!(,#!&)a)1$%*'(%*0!$%1#&()1!)2!'44!)31!'&(%9%(%#-<!D3(!(,#! !
-,);-8!;#(1)4!-('(%)*-8!(1'*-;)1(!.3-#-!'*$!:'('(3-8!6%(,!$)*/#5a;344#$!! ;#'-'*(-!'*$!(,#!6)1/#1-8!%*&43$%*0!(,#!3*#:;4)5#$8!6#1#!(,#!1#'4!.'&/.)*#!)2!!
&'11%'0#-!>'*$!,3:'*a;)6#1#$!;3-,&'1(-!a!&)::#1&%'4!'*$!$):#-(%&!6)1/#1-<!! (,#!&#*(1#!6,%&,!-('1(#$!23*&(%)*%*0!%*!RSV]<!!
+,#!(,%1$!&'(#0)15!'1#!;'1(!)2!(,#!'01%&34(31'4!;1)4#('1%'(f!(,)-#!6,)!'1#!:'%*45! ! C!,'9#!('4/#$!'.)3(!(,#!)1%0%*-8!(,#!'%:-8!'*$!(,#!$#9#4);:#*(!)2!(,#!&#*(1#! !
#:;4)5#$!%*!(,#!,30#!(#'!'*$!&)22##!;4'*('(%)*-!'*$!2'1:-!;1#9%)3-45!)6*#$!! %*!:5!.))/-8!"#('%*#$\!7!E1%(#1>-!@1%-)*!"%'15!'*$!D'11#4!)2!'!@#*\! !
.5!(,#!D1%(%-,!&)4)*%'4!-#((4#1-!.3(!6,%&,<!*)6!.#4)*0!()!'!2#6!6#'4(,5! ! W#-%-('*&#!()!W#;1#--%)*!%*!=#)a&)4)*%'4!`#*5'8!'*$!%*!9'1%)3-!)(,#1!!
`#*5'*-!'*$!:34(%*'(%)*'4-!4%/#!A)*1,)8!.3(!'4-)!(,)-#!6,)!'1#!#:;4)5#$!'-!! ;3.4%&'(%)*-<!7!01#'(!$#'4!,'-!'4-)!.##*!61%((#*!'.)3(!%(!%*!*#6-;';#1-8!!
-#'-)*'4!4'.)31!)*!2'1:-!)2!'44!-%h#-8!! e)31*'4-!'*$!1#-#'1&,!;';#1-<!D3(!6,'(!%-!%:;)1('*(8!2)1!)31!$%-&3--%)*!)*!(,#!!
D3(!(,#!;#'-'*(-!'1#!(,#!:'e)1%(5<!+,#5!%*&43$#!>1%&,>!;#'-'*(-!6,)!#:;4)5! ! 4'*03'0#!)2!721%&'*!(,#'(1#8!%-!(,'(!'44!(,#!'&(%9%(%#-!)2!(,#!&#*(1#!6#1#!()!.#! !
;))1!;#'-'*(-!6,)!6)1/!)*!(,#%1!)6*!-(1%;-!)2!4'*$!.3(!'4-)!,%1#!)3(!(,#%1! ! O]!!
4'.)31f!'*$!*3:#1)3-!4'*$4#--!;#'-'*(-!6,)!1#*(!4'*$!'*$!,%1#!)3(!(,#:-#49#-<!! )(,#1!a!6,%4#!#'&,!.#%*0!'!-#42!a&)*('%*#$!;1)01'::#<!+,3-!(,#'(1#8!'-!(,#!!
;1)-(%(3(#-!'*$!;#((5!&1%:%*'4-<!+,#!)(,#1!$%-(%*&(!(5;#!)2!$6#44#1-!%*! ! :'(#1%'4!'*$!'&(%9%(%#-!2)1!(,#!*#6!4%(#1'(#-!21):!(,#!'$34(!4%(#1'&5!;1)01'::#8! !
-:'44!.'1-!'*$!-,);-8!-#42a#:;4)5#$!&1'2(-:#*8!&'1;#*(#1-8!:3-%&%'*-8!:'1/#(!! :'(#1%'4!&34(31#!;1)01'::#<!!
(1'$#1-8!'*$!(,#!)&&'-%)*'4!.3-%*#--:'*!a!(,'(!%-8!(,#!;#((5!.)310#)%-%#<!?)-(!)2!! D3(!6,5!(,#'(1#!%*!(,#!9%44'0#k!E#1#!6#!%*(1)$3&%*0!-):#(,%*0!()('445! !
(,#!1%&,!4'*$4)1$-8!:#1&,'*(-8!'*$!();!)22%&%'4-!%*!&):;'*%#-!)1!'$:%*%-(1'(%)*8! ! '4%#*!()!(,#!&)::3*%(5!'-!(,#!@1)9%*&%'4![)::%--%)*#1!6'-!4'(#1!()!&4'%:k! !
'*$!'!4'10#!-#&(%)*!)2!(,#!4'*$a)6*%*0!;#'-'*(158!4%9#!)3(-%$#!(,#!9%44'0#<!LRM! ! CCC!!
"1':'!,'-!)1%0%*-!%*!,3:'*!-(13004#-!6%(,!*'(31#!'*$!6%(,!)(,#1-<!C*!! (,#!&)::3*'4!'$:%1'(%)*!'*$!01'(%(3$#<!+,#1#!6#1#!'4-)!#*#:%#-!6%(,%*\! !
;1#a&)4)*%'4!`#*5'8!(,#!;#'-'*(-!%*!(,#!9'1%)3-!*'(%)*'4%(%#-!&4#'1#$!2)1#-(-8! ! #9%4$)#1-f!!
;4'*(#$!&1);-8!(#*$#$!(,#:!()!1%;#*#--!'*$!,'19#-(!a!)3(!)2!(,#!)*#!-##$!.31%#$!! OV!!
%*!(,#!01)3*$8!&':#!:'*5!-##$-<!K3(!)2!$#'(,!4%2#!-;1)3(#$8!'*$!(,%-!(,1)30,!! (,%#9#-8!%$4#1-f!(,#1#!6#1#!-()1%#-!a!)2(#*!6%(,!'!&,)13-!a!()!;)%*(!(,#!2'(#!)2!!
(,#!:#$%'(%)*!)2!(,#!,3:'*!,'*$!'*$!(,#!())4-!%(!,#4$<!H)!(,#1#!6#1#!1%(#-!()! ! (,)-#!(,1#'(#*%*0!(,#!&)::3*'4!0))$<!!
.4#--!(,#!:'0%&!;)6#1!)2!())4-<!+,#1#!6#1#!)(,#1!:5-(#1%#-\!)2!&)6-!'*$!0)'(-! ! H):#!)2!(,#!$1':'!&)34$!('/#!$'5-8!6##/-8!)1!:)*(,-<!7:)*0!(,#!!
'*$!)(,#1!'*%:'4-!'*$!.%1$-!:'(%*0!a!4%/#!,3:'*a!.#%*0-!a'*$!)3(!&':#!4%2#!(,'(!! 70%/353!)2!`#*5'8!2)1!%*-('*!(,#1#!6'-!(,#!C(3%/'!#:)*5!,#4$!#9#15a!!
,#4;#$!-3-('%*!,3:'*!4%2#<!H)!2#1(%4%(5!1%(#-!'*$!#:)*%#-!()!#.1'(#!4%2#! ! (6#*(5a2%9#!5#'1-!)1!-)!(,'(!:'1/#$!(,#!,'*$%*0!)9#1!)2!;)6#1!21):!)*#!!
))h%*0!21):!(,#!#'1(,8!)1!21):!.#(6##*!(,#!(,%0,-!)2!,3:'*-!'*$!'*%:'4-<! ! 0#*#1'(%)*!()!'*(,#1<!7&&)1$%*0!()!`#*5'(('!%*!,%-!.))/!U'1%*0!?)3*(!`#*5'8!!
I3:'*!4%2#!%(-#42!6'-!'!:5-(#15\!.%1(,8!01)6%*0!3;!'*$!$#'(,8!.3(!(,1)30,! ! (,#!C(3%/'!6'-!#.1'(#$!.5!2#'-(%*08!$'*&%*0!'*$!-%*0%*0!)9#1!'!-%Na:)*(,-!!
:'*5!-('0#-<!H)!(,#1#!6#1#!1%(3'4-!'*$!#:)*%#-!()!#.1'(#!'*$!:'1/!.%1(,8!! ;#1%)$<!+,#!4'6-!'*$!1#034'(%)*-!)2!(,#!*#6!0)9#1*:#*(!6#1#!#:.)$%#$!%*!(,#!!
&%1&3:&%-%)*!)1!%*%(%'(%)*!%*()!(,#!$%22#1#*(!-('0#-!)2!01)6(,!'*$!1#-;)*-%.%4%(58! ! 6)1$-8!;,1'-#-!'*$!1,5(,:%&!:)9#:#*(-!)2!(,#!*#6!-)*0-!'*$!$'*&#-<LYM!I)6!!
D3(!-##!(,#!&13#4(5!)2!*'(31#\!(,#1#!6#1#!$1)30,(-!'*$!24))$-8!(,1#'(#*%*0!! (,#-#!9'1%#(%#-!)2!$1':'(%&!#N;1#--%)*!6#1!#!-)*0-8!$'*&#!'*$!)&&'-%)*'4!:%:#g!!
$#9'-('(%)*!'*$!$#'(,<!+,#!&)::3*%(5!-,'44!.3%4$!6#44-!'*$!6'44-<!D3(!(,#! ! "1':'!%*!;1#a&)4)*%'4!`#*5'!6'-!*)(8!(,#*8!'*!%-)4'(#$!#9#*(\!%(!6'-!;'1(! !
0)$-!6#1#!)2!&)31-#!%*9%-%.4#!.3(!(,#5!&)34$!.#!1#;1#-#*(#$!.5!:'-/-!6)1*!.5!! '*a'&(%9%(5!':)*0a!)(,#1!'&(%9%(%#-8!)2(#*!$1'6%*0!%(-!#*#105!21):!(,)-#!(#(,#1! !
,3:'*-<!='(31#8!(,1)30,!6)1/-!'*$!#:)*58!&)34$!.#!(31*#$!%*()!'!21%#*$<!! '&(%9%(%#-<!C(!6'-!'4-)!#*(#1('%*:#*(!'*!8(,#!-#*-#!)2!%*9)49#$!#*e)5:#*(f!%(!6'-! !
D3(!-##!(,#!&13#4(5!)2!,3:'*!.#%*0-<!F*#:%#-!&):#!()!('/#!'6'5!'!! :)1'4!%*-(13&(%)*f!'*$!%(!6'-!'4-)!'!-(1%&(!:'((#1!)2!4%2#!'*$!$#'(,!'*$! !
&)::3*%(5>-!6#'4(,!%*!0)'(-!'*$!&'((4#<!H)!(,#1#!6#1#!.'((4#-!()!.#!2)30,(!()! ! &)::3*'4!-319%9'4<!+,%-!$1':'!6'-!*)(!;#12)1:#$!%*!-;#&%'4!.3%4$%*0-!-#(! !
&4'%:!.'&/!)*#>-!)6*<aD4#--!(,#!-;#'1-<!D4#--!(,#!6'11%)1-<!D4#--!(,)-#!6,)!! '-%$#!2)1!(,#!;31;)-#<!C(!&)34$!('/#!;4'&#!'*56,#1#!a!6,#1#9#1!(,#1#!6'-!'*!!
$#2#*$!(,#!&)::3*%(5!21):!%(-!#*#:%#-!6%(,)3(<!d%&()1%)3-!6'11%)1-!1#(31*#$! ! >#:;(5!-;'&#>8!()!.)11)6!(,#!;,1'-#!21):!@#(#1!D1))/<!>+,#!#:;(5!-;'&#>8!!
()!1%(3'4!'*$!#:)*5<!C*!-)*0!'*$!$'*&#!(,#5!'&(#$!)3(!(,#!.'((4#!-&#*#-!2)1!! ':)*0!(,#!;#);4#8!6'-!;'1(!)2<!(,'(!(1'$%(%)*<!LOM!!
(,)-#!6,)!6#1#!*)(!(,#1#!'*$!2)1!(,#!6'11%)1-!()!1#4%9#!(,#!04)158!$1%*/%*0!%*! ! Cd!!
C(!6'-!(,#!D1%(%-,<!&)4)*%'4%-:!6,%&,!$#-(1)5#$!(,'(!(1'$%(%)*<!+,#!:%--%)*'1%#-! ! '1:!)2!(,#!4'6!(,'(!&'(&,#-!&1%:%*'4-!'*$!,#*&#!1#-()1#-!;#'&#!%*!(,#!()6*<!+,#!!
<%*!(,#%1!;1)-#45(%-%*0!h#'4!-'6!:'*5!)2!(,#-#!(1'$%(%)*-!'-!6)1/-!)2!(,#!$#9%4<! ! -&,))4!'*$!&,31&,!,'44!;1)$3&#$!1#4%0%)3-!(,#'(1#!6%(,!(,#!-()15!)2!(,#!;1)$%0'4!!
+,#5!,'$!()!.#!2)30,(!.#2)1#!(,#!.%.4#!&)34$!,)4$!-6'5!%*!(,#!,#'1(-!)2!(,#!! -)*!'*$!(,#!='(%9%(5!.#%*0!':)*0!(,#!:)-(!;);34'1!(,#:#-<!D3(!(,#!-&,))4!'4-)!!
*'(%9#-<!+,#!&)4)*%'4!'$:%*%-(1'(%)*!'4-)!&)44'.)1'(#$<!7*5!0'(,#1%*0!)2!(,#!! ;1)$3&#$!;4'5-!%*!F*04%-,f!%*!744%'*&#!I%0,!H&,))4!6,%&,!C!'((#*$#$!!
*'(%9#-!*##$#$!'!4%&#*&#\!&)4)*%'4%-:!2#'1#$!%(-!)6*!.%.4%&'4!-'5%*0!(,'(!6,#1#! ! H,'/#-;#'1#8!4%/#!(,#!H;##&,!"'58!6'-!'*!'**3'4!#9#*(<!D#(6##*!RSPP!'*$!!
(6)!)1!(,1##!0'(,#1#$8!J)$!6)34$!,#'1!(,#%1!&15<!E,5!-,)34$!(,#5!'44)6!J)$! ! RSPT!R!-'6!7-!m)3!A%/#!C(f!I#*15!Cd!@'1(!K*#8!`%*0!A#'1!'*$!?%$-3::#1! !
'.)9#8!)1!(,#>8!J)$!6%(,%*!(,#!*'(%9#-!()!,#'1!(,#!&15!)2!(,#!;#);4#k!?'*5!)2! ! =%0,(-!"1#':!1)30,45!%*!(,'(!)1$#1<!C*!(,#!2%2(%#-!(,1)30,8!(,#!D1%(%-,![)3*&%4 !!
(,#-#!#:)*%#-!6#1#!.'**#$\!A%/#'.4#!C(3%/'8!%*!RSYP<!D3(!(,#a.'*!1#'&,#$!! '*$!'!0)9#1*:#*(a';;)%*(#$!&)4)*5a6%$#!$1':'!'*$!:3-%&!)22%!(,#!-&,))4!!
:'--%9#!;1);)1(%)*-!21):!RSPY!()!RS]Y!$31%*0!(,#!?'3!?'3!-(13004#\!6,#*!! $1':'!6'-!-5-(#:'(%h#$!%*()!'*!'**3'4!H&,))4-!"1':'!U#-(%9'4<!+,#!:'*5!!
'!4%&#*&#<!D)(,!(,#!:%--%)*'1%#-!'*$!(,#!&)4)*%'4!'$:%*%-(1'(%)*!3-#$!(,#!-&,))4!! ='%1).%8!='/3138!`%-3:38!`%('4#8!F4$)1#(!a!.#(6##*!RSXT!'*$!RSPY!-;#&%'4%-#$!!
-5-(#:!()!$#-(1)5!(,#!&)*&#;(!)2!(,#!! %*!E#-(!F*$!&):#$%#-!'*$!-30'15!:3-%&'4-!6%(,!)&&'-%)*'4!H,'/#-;#'1#!'*$!!
OT!! J#)10#!D#1*'1$!H,'6<!+,#!(6)!:)-(!2':)3-!6#1#!(a+%#!")*)9'*!?'34#!!
0)9#1*:#*(a-3;#19%-#$!31.'*!&)::3*%(5!,'44-8!-&,))4,'44-8!&,31&,!.3%4$%*0-88!! +,#'(1#8!>'!&)4)*%'4!0)9#1*:#*(!#-('.4%-,:#*(8!;1)e#&(#$!'-!'!23(31#!!
'*$!%*!'&(3'4!(,#'(1#!.3%4$%*0-!6%(,!(,#!;1)-&#*%3:!-('0#<!D#(6##*!RSPY!'*$!! :34(%a1'&%'4!&34(31'4!&#*(1#<!C*$#;#*$#*&#!%*!RS]O!$%$!*)(!&,'*0#!(,#!(,#'(1#!!
RS]Y!>(,#!#:;(5!-;'&#>!6'-!#9#*!&)*2%*#$!.#,%*$!.'1.#$>!6%1#!%*>!;1%-)*-!'*$!! -('(3-!b3)f!(,#!>#:;(5!-;'&#>!6'-!-(%44!&)*2%*#$!%*!-%:%4'1!;4'&#-<!E#-(!F*$! !
$#(#*(%)*!&':;-!6,#1#!(,#!;)4%(%&'4!$#('%*##-!'*$!;1%-)*#1-!6#1#!#*&)31'0#$!()!! :3-%&'4-!4%/#!7**%#!J#(!m)31!J3*8!D)#%*0!D)#%*08!c#-3-![,1%-(!H3;#1-('18!!
;1)$3&#!-4'9%-,45!;1)a&)4)*%'4!'*$!'*(%a#'3!?'3!;1);'0'*$'!;4'5-<!! "#-;#1'(#!U4)31-!'*$!74%&#a%*!E)*$#14'*$!&)*(%*3#$!()!,)4$!-6'58!6%(,!(,#!!
+,#!-)&%'4!,'44-!#*&)31'0#$!(,#!&)*(8!'!/%*$!)2!;4'54#(!6%(,8!-%:;4#!;4)(-! ! #N;'(1%'(#!&)::3*%(5!$):%*'(%*0!(,#!;1)2#--a<!%)*'48!(,#!-#:%a;1)2#--%)*'4!'*$!!
;#1;4#N#$!.5!(,#!&):;4#N%(%#-!)2!:)$#1*!1%2#8!(,#!-(3;%$!;#'-'*(!6,)!0)#-!()!! 6'-!4'10#45!&)*2%*#$!()!`#*5'*a7-%'*!&)::3*%(5!-)&%'4!,'44-!'*$!-&,))4-<!!
-;#'/!()!(#4#;,)*#!6%1#-!'-/%*0a(,#:!()!-#*$!:)*#5!()!,%-!1#4'(%9#-!'*$!! +,#!&)4)*%'4!1#0%:#!'4-)!#*&!)31'0#$!1'$%)<!$1':'!6%(,!(,#!721%&'*!'-!'! !
4#'9%*0!(,#!.3*$4#!)2!*)(#-!3*$#1!(,#<!(#4#;,)*#!;)4#f!'*$!)2!&)31-#!(,#!4)*0!! &4)6*<!C2!(,#!721%&'*!&)34$!.#<!:'$#!()!4'30,!'(!,%-!)6*!-(3;%$%(5!'*$! !
-%:;4%&%(5!,#!:%0,(!2)10#(!(,%-!.3-%*#--!)2!?'3!?'38!U1##$):8!'*$!'44!(,'(<! ! G*%9#1-%(5!1#%*2)1&#$!(,#%1!`#*5'*!&)3*(#1;'1(-<!7:'(#31!(,#'(1#!&):;'*%#-!!
+,#!$1':'!)2!(,#!:%*$4#--!! #:#10#$8!-):#!24'1%*0<!)*45!2)1!'!$'5f!.3(!'!2#6!4%/#!>+,#!G*%9#1-%(5!@4'5#1->! !
OS!! '*$!(,#!?3:.%!6'!?'%*'>-!>+':'$3*%!@4'5#1->!#N%-(#$!2)1!'!4)*0#1!;#1%)$<!!
&4)6*!6'-!01)3;#$!'1)3*$a!`%;'*0'!'*$!'!2#6!)(,#1!721%&'*!&):#$%'*-<!! +':'$3*%!@4'5#1-!6#1#!(,#!:)-(!&)*-%-(#*(!%*!(#1:-!)2!(,#!1#034'1%(5!)2!(,#%1! !
E%(,!%*$#;#*$b*&#!:)1#!'*$!:)1#!01'$3'(#-!e)%*#$!-&,))4-!'*$!! ;1)$3&(%)*-8!(,#%1!&)*(%*3)3-!-#'1&,!2)1!1#4#9'*!'*$!(,#%1!,%0,!!
3*%9#1-%(%#-!'*$!(,#1#!6'-!'!01'$3'4!a1#9)4(!'4(,)30,!%(!6'-!-(%44!4'10#45! ! ;1)2#--%)*'4%-:<!!
&)*2%*#$!()!(,#!2)31!6'44-!)2!(,#!-&,))48!(,#!-)&%'4!,'4488!(,#!3*%9#1-%(5! ! +,#!1#9)4(!())/!:'*5!2)1:-\!)*#!6'-!(,#!-,##1!721%&'*!;#((5.)310#)%-!!
;1#:%-#-8!'*$!'4-)!()!(,#!.)3*$'1%#-!)2!(,#!F*04%-,!4'*03'0#<!+,#!1#9)4(!)2!(%!-! ! '--#1(%)*!%*!(,#!9#15!2'&(!)2!61%(%*0!'*$!$%1#&(%*0!'*$!;#12)1:%*0!;4'5-<!C(!'4-)! !
721%&'*!;#((5a.)310#)%-%#!%*!(,#!'1#'!)2!(,#'(1#!,'$!1))(-!%*!(,#!2%2(%#-!6%(,! ! ())/!(,#!2)1:!)2!'!:)1#a!'*$!:)1#!*'(%)*'4%-(%&!;'(1%)(%&!'*$!'*(%a*#)&)4)*%'48a!!
;1)$3&%*0!'!&)3*(#1aH,'/#-;#'1#!'*$!J<!D<!H,'6!(1'$%(%)*!6%(,a!(,#%1!)6*!! ?%#!?30)>-!'*$!=030%!6'!+,%)*0>)>-!+,#!+1%'4!)2!"#$'*!`%:'(,%!6,%&,!!
-&1%;(-!%*!`%-6',%4%<!7(!744%'*&#!I%0,!H&,))4!(,#1#!6#1#!='/3;#*$'!A'/%*%!.5!! 6'-!;#12)1:#$!.5!(,#!`#*5'!U#-('4!VV!"1':'!J1)3;<!C(!'4-)!())/!(,#!2)1:!)2!'! !
I#*15!`31%'!L6,)!6'-!'4-)!)10'*%h#1!)2!(,#!`%':.3!?3-%&!U#-(%9'4M!LRSPXMf! ! :)1#!-,'1;#*#$!&1%(%&%-:!)2!(,#!%*(#1*'4!)1$#1!'-!%*!U1'*&%-!C:.30'>-!D#(1'5'4! !
?'%-,'!*%!=%*%!.5!`%:'*%!=5)%/#!LRSPPMf!=%:#4)06'!*%-%6#!*'!:;#*h%!.5! ! %*!(,#![%(5!;#12)1:#$!.5!(,#!-':#!01)3;!%*!='%1).%!<'*$!A'0)-<!!
J#1%-,)*!=030%!LRSP]Mf!7('/%6'!*'!@)4%-%!.5!D<!?<!`313(3!LRSPVM!6,%&,!'44! ! D3(!(,#!.%00#-(!1#9)4(!6'-!)9#1!(,#!&)*(1)4!)q!(,#!`#*5'*!='(%)*'4!!
#*$#$!6%(,!;#12)1:'*&#-!'(!?#*#*0'%!H)&%'4!I'44!%*!='/3138!(,#!,#'1(4'*$!)2!! +,#'(1#8!-#(!3;!%*!(,#!2%2(%#-!'*$!6,)445!$):%*'(#$!.5!D1%(%-,!$%1#&()1-! !
-#((4#1$):<!! XQ!!
D3(!(,#!1#9)4(-!)2a!(,#!-%N(%#-!'*$a!(,#!#'145!-#9#*(%#-!,'$!'!:)1#!! '*$!D1%(%-,!':'(#31!01)3;-<!C(!1#:'%*#$!(,#!;1#-#19#!)2!(,#!D1%(%-,!#N;'(1%'(#!!
*'(%)*'4%-(%&!24'9)31<!`#*5'*!;4'561%0,(-!L4%/#!U1'*&%-!C:.30'8!`#**#(,!! &)::3*%(5!#9#*!'2(#1a`#*5'!,'$!,#1!)6*!*'(%)*'4!'*(,#:!'*$!*'(%)*'4!24'0!%*!!
E'(#*#8!`%.6'*'!'*$!?%#!?30)M!'1%$!`#*5'*!$%1#&()1-!L4%/#!H#(,!7$'0'4'8!! RS]O\!C(!6'-!13*!.5!'!6,)445!#N;'(1%'(#!0)9#1*%*0!&)3*&%4!6%(,!(,#!D1%(%-,! !
+%13-!J'(,6#8!E'%06'!E'&,%%1'8!'*$<!"'9%$!?346'M!#:#10#$!6%(,!'!01)6%*0! ! [)3*&%4!1#(!'%*%*0!'!1#;1#-#*('(%9#!:'*5!5#'1-!'2(#1!C*$#;#*$#*&#<!+,#1#!6'-!!
&%1&4#!)2!'&()1-<!'1)3*$!d)%&#a)2!`#*5'!1'$%)!'*$!(#4#9%-%)*8!(,#!`#*5'!! '*!)3(&15!)9#1!(,%-!$):%*'*!21):!(,#!`#*5'*!;#((5a.)310#)%-%#!&#*(1#$!)*!!
='(%)*'4!+,#'(1#8!'*$!(,#!G*%9#1-%(5<!@1):%*#*(!721%&'*!;4'561%0,(-!'*$!! (,#!G*%9#1-%(5!'*$!-3;;)1(#$!.5!'!2#6!;'(1%)(%&!e)31*'4%-(-!6,)!&'44#$!2)1!(,#! !
$%1#&()1-!21):!)(,#1!&)3*(1%#-!4%/#!c),*!W30'*$'!'*$!c)#!$#8!J1'2(8!'(!a(,#!! `#*5'*%h'(%)*!)2!(,#!$%1#&()1-,%;!'*$!&)3*&%4<!7!-('(#:#*(!.5!(,#!-('22!)2!(,#! !
A%(#1'(31#!"#;'1(:#*(!%*!RSVQ!$#*)3*&#$!(,#!`#*5'![34(31'4![#*(1#!'-!'!! +,#!13**%*0!)2!(,#!H&,))4-!"1':'!U#-(%9'48!;1#9%)3-45!%*!(,#!,'*$-!)n!!
-#19%&#!-('(%)*!2)1!2)1#%0*!%*(#1#-(-8!'!-('(#:#*(!6,%&,!6'-!'4-)!'!&34(31'4! ! #N;'(1%'(#!-('22!%*!(,#!?%*%-(15!)2!F$3&'(%)*8!*)6!&':#!3*$#1!(,#!$%1#&()1-,%;! !
1#24#&(%)*!)2!(,#!01)6%*0!$%--'(%-2'&(%)*!6%(,!(,#!#&)*):%&!'*$!;)4%(%&'4! ! )2!(,#!2%1-(!`#*5'*!721%&'*!"1':'!'*$!A%(#1'(31#!)22%!?1!E'-':.)!E#1#<! !
2)1!:)1#!$'5-!'*$!6##/-!'44)6#$!2)1!721%&'*!(,#'(1#!+,#!,#'(#$!$#.'(#-!! (,#!+#'&,#1-!+1'%*%*0![)44#0#-8!,'$!.#&):#!:)1#!'*$!:)1#!*'(%)*'4%-(%&!%*!!
&4%:'N#$!O*!1'&%'4!9%)4#*&#!%*!RSV]!6,#*!)*#!#N;'(1%'(#!6,%(#!4'$5!,'$!,#1! ! &)*(#*(!'-!:)1#!'*$!:)1#!!
*)-#!.4))$%#$!.5!'!.4'&/!'&()1!'2(#1!-,#!,'$!&'44#$!,%:!'!.4'&/!8.'-('1$<!+,#!! XR!!
;)4%&#!&':#!.3(!%*!(,#!%$#*(%2%&'(%)*!;'1'$#!-,#!&)34$!*)(!:'/#!)3(!)*#!721%&'*!! 01'$3'(#-!21):!(,#!G*%9#1-%(5!)2!='%1).%!e)%*#$!(,#!-('22!)2!(,#!9'1!%)3-!-&,))4-! !
2'&#a21):!'*)(,#1<!H#(,!7$'0'4'8!(,#!$%1#&()1!)2!(,#!`#*5'!U#-('&!VV!"1':'!! '*$!.1)30,(!'!*#6!'((%(3$#!()!$1':'<!G*$#1!(,#!*#6!)22%!(,#!U#-(%9'4!())/!'! !
J1)3;8!'*$!C!6#1#!4'(#1!-3::)*#$!()!(,#![<C<"<!,#'$b3'1(#1-!'2(#1!&):;4'%*(-! ! 1'$%&'4!$#;'1(31#!21):!(,#!;'-(<8!+,#<!U#-(%9'4!6)34$!:)9#!21):!%(-!'**3'4! !
.5!(,#!4#'$#1-!)2!(,#!F31);#'*!7:'(#31!J1)3;-!(,'(!6#!6#1#!%*(#12#1%*0!6%(,! ! 4)&'(%)*!'(!(,#!`#*5'!='(%)*'4!+,#'(1#!()!'!9#*3#!%*!`'/':#0'8!6'5!)3(!%*!(,#!!
3*(13#<!D3(!(,#!-(13004#!'4-)!())/!(,#!2)1:!)2!'!$#.'(#!'.)3(!(,#!6,)4#! ! 2%*'4%-(!;4'5-!()31%*08!(,#!&)3*(15<!+,#!4'*03'0#!)2!(,#!;4'5-!&,'*0#$!6%(,!(,#! !
b3#-(%)*8!&)*&#;(!'*$!&)*-(%(3(%)*!)2!'!='(%)*'4!+,#'(1#<!E'-!%(!e3-(!'!! F*04%-,!4'*03'0#!.#%*0!#$0#$!)3(!.5!`%-6',%4%!'-!(,#!:'%*!:#$%3:!)2!!
.3%4$%*0k!E'-!%(!(,#!4)&'(%)*k!E'-!%(!(,#!/%*$!)2!;4'5-!;1#-#*(#$!(,#1#k!K1!6'-! ! (,#'(1%&'4!#N;1#--%)*<!!
%(!-%:;45!(,#!-/%*!a&)4)31!)2!>(,#!$%1#&()1!'*$!(,#!'$:%*%-(1'(%)*!-('22k!! +,#!G*%9#1-%(5!)2!='%1).%!A%(#1'(31#!"#;'1(:#*(!-('1(#$!%(-!)6*!U1##!!
H):#!01)3;-!);(#$!2)1!)(,#1!;1#:%-#-<!+,#!G*%9#1-%(5!+,#'(1#8!.'-%&'445!! +1'9#44%*0+,#'(1#\!+,#!-(3$#*(-!()31#$!31.'*!'*$!131'4!&)::3*%(5!&#*(1#-!'*$!!
'*!#$3&'(%)*!4#&(31#!,'44!6%(,!'!-('0#8!6%$#!.3(!*)(!$##;8!)*!(,#!-':#!4#9#4!'-! ! -&,))4-!()!'&&4'%:!.5!(,)3-'*$-<!K(,#1!(1'9#4%*0!:%*%a(,#'(1#!01)3;-!6#1#!!
(,#!2%1-(!1)6!)2!(,#!'3$%()1%3:8!-'6!'!6%$#!1'*0#!)2!#N;#1%:#*('4!;1)$3&(%)*-8! ! 2)1:#$!%*!)(,#1!-&,))4-!'*$!&)44#0#-<!+,#!'&&#*(!21):!(,#!#'145!()!!
;'1(%&34'145!<%*!(,#!-#&)*$!,'42!)2a!(,#!-#9#*(%#-<!F$3&'(%)*!+,#'(1#!CC8!'-!%(!6'-!! :%$a-#9#*(%#-!6'-!)*!(,#'(1#!()!(,#!;#);4#<!!
)22%&%'445!&'44#$8!.#&'#!'*!'4(#1*'(%9#!()!(,#!0)9#1*:#*(a)6*#$!.3(!2)1#%0*a13*!! K*!4))/%*0!.'&/!*)68!%(!%-!&4#'1!(,'(!`#*5'*!(,#'(1#!%*!(,#!#'145!-#9#*(%#-! !
`#*5'!*'(%)*'4!+,#'(1#!'*$![34(31'4![#*(1#<!+':'$3:!'*$!)(,#1!01)3;-!-('0#$!! 6'-!(15%*0!()!.1#'/!'6'5!21):!(,#!%:;#1%'4%-(!&)4)*%'48!(1'$%(%)*!6,)-#! !
)*#!%**)9'(%9#!;4'5!'2(#1!'*)(,#1!3*$#1!(,#!03%$'*&#!)2!(,#!%*$#2'(%0'.4#!! -5:.)4-!6#1#!(,#!F31);#'*a$):%*'(#$!`#*5'!='(%)*'4!+,#'(1#!L'4.#%(!'%$#$!!
?3:.%!6'!?'%*'!'*$!)(,#1!$%1#&()1-<!! .5!(,#!134%*0!1#0%:#M8!(,#!")*)9'*!?'34#!+,#'(1#!%*!='%1).%!'*$!)(,#1!-%:%4'1! !
&#*(1#-!%*!(,#!:'e)1!()6*-<!! (,#'(1#<!+,#'(1#!%-!*)(!'!.3%4$%*0<!@#);4#!:'/#!(,#'(1#<!+,#%1!4%2#!%-!(,#!9#15! !
6'-!(15%*0!()!.1#'/!'6'5<!F*04%-,<!6'-!-(%44!'&&#;(#$!'-!(,#!:'%*8!:#$%3:!)2! ! U)1!%*-('*!(,#1#!6'-!'*!'&(3'4!#:;(5!-;'&#!'(!`':!%1%%(,3!<!+,#!2)31!!
1#9)4(!'*$!'22%1:'(%)*<!K1%0%*'4!-&1%;(-8!#9#*!(,#!:)-(!1'$%&'48!6#1#!)2(#*! ! '&1#-!1#-#19#$!2)1!(,#!m)3(,![#*(1#!,'$!'(!(,'(!(%:#8!%*!RSVV8!)*45!'! !
61%((#*!21):!(,#!-('*$;)%*(-!)2!(,#!;#((5a.)310#)%-%#<!7*$!(,#'(1#!6'-!-(%44!! 2'44%*0a';'1(!:3$a6'44#$!.'11'&/!)2!2)31!1)):-!6,%&,!6#!3-#$!2)1!'$34(! !
&)*2%*#$!6%(,%*!6'44-<!E,#1#!%(!(1%#$!()!.1#'/!'6'5!21):!(,#!&)*2%*#-!)2!&4)-#$! ! 4%(#1'&5<!+,#!1#-(!6'-!01'--<!=)(,%*0!:)1#<!C(!6'-!(,#!;#'-'*(-!'*$!6)1/#1-! !
6'44-!'*$!&31('%*-!)2!'!2)1:'4!(,#'(1#!.3%4$%*0!%*()!131'4!'*$!31.'*!&)::3*%(5! ! 21):!(,#!9%44'0#!6,)!.3%4(!(,#!-('0#\!e3-(!'!1'%-#$!-#:%&%1&34'1!;4'(2)1:!.'&/#$! !
6#1#!()!.#!0%9#*!'!('-(#!)2!(,#!(1#'-31#-!)2!(,#!(,#'(1#<!@#);4#!,'$!*)!(1'$%(%)*-! ! 6,%&,!-#19#$!'-!(,#!-()1#!'*$!&,'*0%*0!1)):<!+,#!-('0#!'*$!(,#!'3$%()1%3:!a!!
)2!(,#'(1#<!+,#!'--3:;(%)*!(,'(!;#);4#!6#1#!()!.#!0%9#*!(,#'(1#!6'-!)2!&)31-#! ! 2%N#$!4)*0!6))$#*!-#'(-!'11'*0#$!4%/#!-('%1-!a!6#1#!'4:)-(!'*!#N(#*-%)*!)2!#'&,!!
$#9#4);:#*(!;'1(%&34'145!%2!(,#5!.#,'9#$!(,#:-#49#-<!! -311)3*$%*0!(,#!-('0#!'*$!(,#!'3$%()1%3:<!+,#!<24)6!)2!'&()1-!'*$!;#);4#!!
D3(!%(!6'-!%:;#1%'4%-:!(,'(!,'$!-();;#$!(,#!21##!$#9#4);:#*(!)2!(,#! ! .#(6##*!(,#!'3$%()1%3:!'*$!(,#!-('0#8!'*$a'1)3*$!(,#!-('0#a'*$!(,#!#*(%1#!!
*'(%)*'4!(1'$%(%)*>-!)2!(,#'(1#!1))(#$!%*!(,#!1%(3'4!'*$!#:)*%'4!;1'&!(%&#-!)2! ! '3$%()1%3:!6'-!3*%*,%.%(#$\!D#,%*$!(,#!'3$%()1%3:!6#1#!-):#!('44!#3&'45;(3-! !
(,#!;#'-'*(15<!+,#!1#'4!4'*03'0#!)2!721%&'*!(,#'(1#!&)34$!)*45!.#!2)3*$!':)*0!! (1##-<!D%1$-!&)34$!6'(&,!;#12)1:'*&#-!21):!(,#-#!)1<!21):!(,#!();!)2!(,#!)3(#1! !
(,#!;#);4#a!(,#!;#'-'*(15!%*!;'1(%&34'1!a!%*!(,#%1!4%2#8!,%-()15!'*$!-(13004#-<! ! .':.))!2#*&#<!7*$!$31%*0!)*#!;#12)1:'*&#!-):#!'&()1-8!3*1#,#'1-#$8!,'$!(,#!!
XY!! %$#'!)2!&4%:.%*0!3;!(,#!(1##-!'*$!e)%*%*0!(,#!-%*0%*0!21):!3;!(,#1#<!+,#5!6#1#!!
d!! ;#12)1:%*0!*)(!)*45!()!(,)-#!-#'(#$!.#2)1#!(,#:8!.3(!()!6,)#9#1!&)34$!1)6!-##! !
`':%1%%(,3!(,#*!6'-!*)(!'*!'.#11'(%)*8!.3(!'*!'((#:;(!'(!1#&)**#&(%)*!6%(,!(,#! ! (,#:!'*$!,#'1!(,#:!a!(,#!#*(%1#!9%44'0#!)2!RQ8QQQ!;#);4#!6'-!(,#%1!'3$%#*&#<!!
.1)/#*!1))(-!)2!721%&'*!&%9%4%h'(%)*!'*$!a%(-!(1'$%(%)*-!)2!(,#'(1#<!C*!%(-!9#15! ! =#&#--%(5!2)1&#$!'!&)::)*-#*-#!-)43(%)*!()!(,#!%--3#!)2!4'*03'0#<!=030%!!
4)&'(%)*!%*!'!9%44'0#!6%(,%*!(,#!/%*$!)2!-)&%'4!&4'--#-!$#-&1%.#$!'.)9#8! ! 6'!?%1%%!'*$!C!,'$!.##*!'-/#$!()!-&1%;(!(,#!%*%(%'4!)3(4%*#!)2!'!;4'5!(,'(!4'(#1! !
`':%1%%(,3!9'-!(,#!'*-6#1!()!(,#!b3#-(%)*!)2!(,#!1#'4!-3.-('*&#!)2!'!*'(%)*'4! ! &':#!()!.#!&'44#$!=0'',%/'!=$##*$'!LC!6%44!:'115!6,#*!C!6'*(M<!+,#!b3#-(%)*! !
6'-8!6,'(!4'*03'0#!6#1#!6#!0)%*0!()!3-#k!! +,#!#4$#1-!21):!'!131'4!)3(;)-(!&):#!a!()!()6*!2)1!(,#%1!-)*8!(,#!.4'&/!,#1:%(8! !
H%*&#!RS]Q8!6,#*!'-!'!-(3$#*(!C!-('1(#$!()!-&1%..4#!6)1$-!)*!;';#18!C!,'$!! '*$!-;#'/!%*!%:;#&&'.4#!F*04%-,<!H)!$)#-!`%:''(,%8!%*!+,#!+1%'4!)2!"#$'*!!
61%((#*!'44!:5!*)9#4-!'*$!-()1%#-!%*!F*04%-,<!@4'5-!())<!+,#!D4'&/!I#1:%(!:#'*(! ! `%:'(,%!#9#*!6,#*!'$$1#--%*0!,%-!03#11%44'!'1:5!)1!(,#!;#'-'*(-!'*$!6)1/#1-! !
2)1!(,#!#.1'(%)*!)2!G0'*$'>-!C*$#;#*$#*&#!6'-!;#12)1:#$!.5!?'/#1#1#!! %*!&)31(<!7$:%((#$45!%(!%-!3*$#1-())$!(,'(!(,#!&,'1'&(#1-!'1#!-;#'/%*0!'*!721%&'*! !
+):)11)68!61%((#*!%*!RS]]8!6'-!! (,#5!-;#'/!$%1#&(45!%*!F*04%-,<!+,#1#!'1#!)(,#1!&)*(1'$%&(%)*-!())\!(,#-#!!
XO!! &,'1'&(#1-!-;#'/!F*04%-,!.3(!6,#*!%(!&):#-!()!8-%*0%*0!(,#5!b3%(#!,';;%45!'*$!!
'.)3(!(,#!#9%&(%)*!)2!6)1/#1-!21):!*#'1!(,#!&#*(1#!)2!='%1).%!()!/##;!(,#!&%(5! ! *'(31'445!2'44!.'&/!%*()!(,#%1!4'*03'0#-<!H)!(,#5!$)!/*)6!721%&'*!4'*03'0#-g!!
&4#'*<!2)1!()31%-(-<!C*!RSV]>!C!,'$!&)44'.)1'(#$8!6%(,!?%#!?30)!%*!61%(%*0! ! +,#!%443-%)*!(,'(!%*!-;#'/%*0!F*04%-,!(,#5!6#1#!1#'445_!-;#'/%*0<!'*!721%&'*! !
+,#!+1%'4!)2!"#$'*!`%:'(,%<!C*!(,#!;1#2'&#!()!(,#!;3.4%-,#$!-&1%;(!6#!,'$!! 4'*03'0#!%-!.1)/#*<!+,#!1#'4%-:!%*!(,#'(1#!&)44%$#-!6%(,!(,#!,%-()1%&'4!1#'4%(5!%(! !
(,#!'((%(3$#!)2!721%&'*!61%(#1-!()!2%0,(!6%(,!(,#!;#);4#!'0'%*-(!%:;#1%'4%-:!'*$! ! -&,))4-!'*$!3*%9#1-%(%#-!a!6,)!*)1:'445!'*$!b3%(#!21##45!:%N!F*04%-,!6%(,!!
(,#!&4'--!#*#:%#-!)2!(,#!;#);4#<!E#!&'44#$!2)1!'!1#9)43(%)*'15!(,#'(1#!2'&%*0!(,#!! 721%&'*!4'*03'0#-!%*!(,#!-':#!-#*(#*&#!)1!-;##&,<!LXM!6!!
&)*-#b3#*(!&,'44#*0#\!,)6!()!(1345!$#;%&(!(,#!:'--#-!%*!(,#!)*45!,%-()1%&'445! ! +,#!3-#!)2!F*04%-,!'-!:5!4%(#1'15!:#$%3:!)2!#N;1#--%)*8!;'1(%&34'145!%*! !
E#!,'$!0)*#!)*!()!$#2%*#!0))$!(,#'(1#!'-!(,'(!6,%&,!6'-!a)*!(,#!-%$#!)2!(,#!! %*!RS]V!'*$!%*!:58!.))/!I):#&):%*0!LRaS]SM!C!&':#!.'&/!()!(,#!b3#-(%)*<<!!
;#);4#8>(,'(!6,%&,8!6%(,)3(!:'-/%*0!:%-('/#-!'*$!6#'/*#--#-!0%9#-!;#);4#!! D3(!C!/#;(!!
&)31'0#!'*$!310#-!(,#:!()!,%0,#1!1#-)49#-!%*!(,#%1!-(13004#!2)1!()('4!4%.#1'(%)*><! ! XX!!
D3(<!6#!*#9#1>!'-/#$!)31-#49#-!,)6!(,%-!1#9)43(%)*'15!(,#'(1#!6'-!0)%*0!()a!! )*!,#$0%*0!(,#!%--3#<!a!+,#!<;)--%.%4%(5!)2!3-%*0!'*!721%&'*!4'*03'0#!-('5#$)*45!!
310#!;#);4#!()!,%0,#1!1#-)49#-!%*!'!2)1#%0*!4'*03'0#k!C*$##$!%*!'44!(,1##!;4'5-8!! %*!(,#!1#'4:!)2!;)--%.%4%(5!3*(%4!C!&':#!()!`':%1%%(,3<! !
+,#!D4'&/!I#1:%(8!+,%-!+%:#!+):)11)68<!'*$!+,#!+1%'4!)2>8!"#$'*!`%:'(,%8! ! C(!6'-!`':%1%%(,3!6,%&,!2)1&#$!:#!()!(31*!()!J%/353!'*$!,#*&#!%*()!6,'(! !
(,#1#!6#1#!9#15!).9%)3-!&)*(1'$%&(%)*-!(,)30,!>(,#-#!6#1#!:)1#!';;'1#*(!)*!! 2)1!:#!,'-!':)3*(#$!()!>'*!#;%-(#:)4)0%&'4!.1#'/>!6%(,!:5!;'-(f!;'1(%&34'145>! !
(,#!-('0#!(,'*!%*!(,#!-&1%;(<!C*!(,#!);#*%*0!4%*#!)2!+,#!D4'&/!I#1:%(!(,#!;#'-'*(! ! %*!(,#!'1#'!)2!(,#'(1#<!+,#!b3#-(%)*!)2!'3$%#*&#!-#((4#$!(,#!;1).4#:!)2!4'*03'0#!!
:)(,#1!%-!:'$#!()!-;#'/!%*!'!;)#(%&!4'*03'0#!1#:%*%-&#*(!%*!()*#8!)2!+<!H<!F4%)(<! ! &,)%&#fa!'*$!(,#!4'*03'0#!a!&,)%&#!-#((4#$!(,#!b3#-(%)*!)2!'3$%#*&#<!D3(!)31!3-#!!
)2!J%/353!<!,'$!)(,#1!&)*-#b3#*&#-!%*!1#4'(%)*!()!)(,#1!(,#'(1#!%--3#-\!&)*(#*(!! %*(#1#-(-!.#%*0!$):%*'*(8!()!'!*#)a&)4)*5!6%(,!(,#!$))1-!);#*!()!6%$#1!!
2)1!%*-('*&#f!'&()1-8!'3$%(%)*%*0!'*$!1#,#'1-'4-8!;#12)1:'*&#-!'*$!1#&#;(%)*f!! a%:;#1%'4%-(!%*(#1!#-(-!21):!c';'*!()!7:#1%&'<!D3(!(,#8!;4'5!'4-)!$#;%&(#$!(,#! !
=0'',%/'!=$##*$'!$#;%&(-!(,#!;1)4#('1%-'(%)*!)2!a(,#!;#'-'*(15!%*!'!! 2'&()1%#-!'*$!;4'*('(%)*-<!!
*#)a&)4)*%'4!-)&%#(5<![)*&1#(#45!%(!-,)6-!(,#!6'5!(,#!`%033*$'!2':%458!'!;))1! ! XP!!
;#'-'*(!2':%458!6,)!,'/#!()!-3;;4#:#*(!(,#%1!-3.-%-(#*&#!)*!(,#%1!)*#!'*$!'!! =)6!:'*5!)2!(,#!6)1/#1-8!'*$!;#'-'*(-!%*!`':!%1%%(,3!,'$!;'1(%&%;'(#$!%*! !
F31)7:#1%&'*!%*$3-(1%'4%-(-!'*$!.'*/#1-!'%$#$!.5!(,#!*'(%9#!&):;1'$)1!! &)4)*%'4!$#(#*(%)*!&':;-!'*$!;1%-)*-f!6,%4#!-):#!,'$!)2!&)31-#!&)44'.)1'(#$!!
4'*$4)1$-!'*$!.3-%*#--:#*<!! 6%(,!(,#!D1%(%-,!#*#:5<!?'*5!,'$!-##*!(,#%1!,)3-#-!.31*(f!(,#%1!$'30,(#1-!!
+,#!4'*$!b3#-(%)*!%-!.'-%&!()!'*!3*$#1-('*$%*0!)2!`#*5'>-!,%-()15a!'*$!! 1';#$!.5!(,#!D1%(%-,f!(,#%1!4'*$-!('/#*!'6'5f!(,#%1!1#4'(%9#-!/%44#$<!C*$##$! !
;#);4#!,'9#!,'$!(,#%1!4'*$!('/#*!'6'5!.5!&)*b3#-(8!3*#b3'4!(1#'(%#-!)1!.5!(,#!! &)4)*%'4%-:!'*$!)2!(,#!-3.-#b3#*(!:)*3:#*('4!.#(1'5'4!%*()!*#)a&)4)*%'4%-:<!!
0#*)&%$#!)2!;'1(!)2!(,#!;);34'(%)*<!+,#!?'3!?'3!:%4%('*(!)10'*%h'(%)*!6,%&,! ! +,#!;4'5!6'-!#.1'(%*0!(,'(!,%-()15!6,%4#!-,)6%*0!(,#!3*%(5!'*$!&)*(%*3%(5!)2! !
(,#!`#*5'!A'*$!'*$!U1##$):!71:5a+,#!;4'58!=0'',%/'!=$##*$'8!%*!;'1(!$1#6!! .'11%#1!.#(6##*!(,#!&)*(#*(!)2!(,#%1!,%-()15!'*$!(,#!4%*03%-(%&!:#$%3:!)2!%(-! !
9#15!,#'9%458!)*!(,#!,%-()15!)2!(,#!-(13004#!2)1!4'*$!'*$!21##$):f!;'1(%&34'145! ! #N;1#--%)*<!D#&'3-#!(,#!;4'5!6'-!61%((#*!%*!'!4'*03'0#!(,#5!&)34$!3*$#1-('*$!!
(,#!5#'1!RSPY8!6,#*!(,#!`%:''(,%a4#$!'1:#$!-(13004#!-('1(#$!'*$!(,#!D1%(%-,!! (,#!;#);4#!&)34$!;'1(%&%;'(#!%*!'44!(,#!-3.-#b3#*(!$%-&3--%)*-!)*!(,#!-&1%;(<!!
&)4)*%'4!1#0%:#-!-3-;#*$#$!'44!&%9%4!4%.#1(%#-!.5!%:;)-%*0!'!-('(#!)2!#:#10#*&5f! ! +,#5!$%-&3--#$!%(-!&)*(#*(8!%(-!4'*03'0#!'*$!#9#*!(,#!2)1:<!+,#!;1)&#--8!!
'*$!RS]O8!6,#*!`7=G!3*$#1!`#*5'(('!-3&&#--23445!*#0)(%'(#$!2)1!(,#!1%0,(!()!! ;'1(%&34'145!2)1!=030%!6'!?%1%%!8!`%:'*%!J#&'38!'*$!:5-#42!6'-!)*#!)2! !
%*$#;#*$#*!2)1!6,%&,!(,)3-'*$-!)2!`#*5'*-!$%#$8!,'$!.##*!,%e'&/#$<!C*!! 4'*03'0#8!2)1!(,#!;#'-'*(-!6#1#!#--#*(%'445!(,#8!03'1$%'*-!)2!(,#!4'*03'0#!!
)(,#1!6)1$-8!%(!-,)6#$!(,#!(1'*-%(%)*!)2!`#*5'!21):!'!&)4)*5!6%(,!(,#!D1%(%-,! ! (,1)30,!5#'1-!)2!3-#<!7*$!4#'1*%*0!'*#6!(,#!#4#:#*(-!)2!2)1:!)2!(,#!721%&'*! !
+,#'(1#<!! .##*!$'(%*0!J'(,)*%<!+,#!%$#'!%-!-)!2'12#(&,#$!(,'(!`%03**$'!&'*!)*45!#N&4'%:\!!
E,'(!'1#!(,#-#!#4#:#*(-!)2!2)1:k!! `CJGG="7\!!
U%1-(!6'-!-)*0!'*$!$'*&#<!H)*0!'*$!$'*&#!'-!6#!,'9#!-##*8!'1#!&#*(1'4!()!! m)3!6):#*g!!
*#'145!'44!(,#!1%(3'4-!#.1'(%*0!1'%*8!.%1(,8!(,#!-#&)*$!.%1(,8!&%1&3:&%-%)*8! ! m)3!'1#!'46'5-!(,%*/%*0!)2!6#$$%*0-g!!
:'11%'0#8!23*#1'4-!)1!()!'44!)1$%*'15!#:)*%#-<!F9#*!$'%45!-;##&,!':)*0!! E7=JF[C\!!
-)*0<!E,'(>-!%:;)1('*(!%-!(,'(!-)*0!'*$!$'*&#!'1#!*)(!e3-(!$#&)1'(%)*-f!(,#5!'1#!! +,#-#!'1#!$%22#1#*(!(%:#-!21):!)31-<!!
'*!%*(#01'4!;'1(!)2!(,'(!&)*9#1-'(%)*8!(,'(!$1%*/%*0!-#--%)*8!(,'(!1%(3'48!(,'(! ! +,#-#!$'5-!(,#5!-%*0!(,'(!4)9#!/*)6-!*)!2#'1<!!
#:)*5<!C*!=0'',%/'!=$##*$'<!E#!())!(1%#$!()!%*&)1;)1'(#!-)*0!'*$!$'*!! C*!'*5!&'-#8!&'*>(!5)3!-##!!
'-!;'1(!)2!(,#!-(13&(31#!'*$!:)9#:#*(!)2!(,#!'&()1-<!+,#!-)*0!'1%-#-!21):!6,'(! ! m)31!$'30,(#1!%-!9#15!.#'3(%234k!!
,'-!0)*#!.#2)1#!'*$!%(!4#'$-!()!6,'(!2)44)6-<!+,#!-)*0!'*$!(,#!$'*&#!.#&):#!'!! H,#!4))/-!#N'&(45!(,#!6'5!C!3-#$!()!4))/!a!'!;#12#&(!.#'3(5g!!
&)*(%*3'(%)*!)2!(,#!&)*9#1-'(%)*!'*$!)2!(,#!'&(%)*<!A#(!:#!%443-(1'(#!.5!b3)(%*0! ! `CJGG="7\!r-();;%*0!$3-(%*0!3;!(,#!(51#!-'*$'4-s!!
'!4)*0!-#b3#*&#!6,)-#!'&(%)*!'*$!:)9#:#*(!%*!(%:#!%-!$#;#*$#*(!)*!'!-#1%#-!! m)3k!7!;#12#&(!.#'3(5k!!
)2!-)*0-!'*$!$'*&#-<!! E7=JF[C\!!
X]!! m#-<!?#<!!
+,#!;4'5!);#*-!6%(,!`%033*$'!'*$!,%-!6%2#8!E'*0#&%8!:'/%*0!;1#;'1'(%)*-!! `CJGG="7\!!
()!1#&#%9#!`%)%!'*$!,%-!6%2#!c#h#.#4<!`%033*$'!'*$!E'*0#&%!'1#!'!;#'-'*(!! ")*>(!5)3!/*)6!(,'(!%(!6'-!)*45!(,'(!C!2#4(!;%(5!2)1!5)3k!!
2':%45\!`%)%!'*$!c#h#.#4!'1#!'!1%&,!4'*$4)1$!2':%45!6%(,!&4)-#!&)**#&(%)*-!%*! ! E7=JF[C\!!
,%0,!&,31&,8!.'*/-!'*$!%*$3-(15<!`%033*$'!6)1/-!2)1!`%)%<!D3(!%(!%-!(,#!9#15!! m)38!6,)!3-#$!()!6'54'5!:#!#9#156,#1#!'44!<!(,#!(%:#k! !
2%1-(!(%:#!(,'(!(,#!`%)%-!,'9#!9%-%(#$!(,#!`%033*$'!-!'*$!*'(31'445!`%033*$'!! C*!(,#!:)1*%*08!!
'*$!E'*0#&%!(15!()!;3hh4#!)3(!(,#!1#'-)*-!2)1!(,%-!9%-%(<!E,5!-,)34$!(,#!! C*!(,#!#9#*%*08!!
4'*$4)1$!6'*(!()!;'5!(,#:!'!9%-%(k!+,#*!-3$$#*45!%(!)&&31-!()!E'*0#&%!a(,'(!! 7-!C!&':#!,):#!21):!(,#!1%9#18!!
:'5.#!(,#!`%)%-!'1#!&):%*0!()!$%-&3--!(,#!;)--%.%4%(%#-!)2!'!:'11%'0#!.#(6##*! ! 7-!C!&':#!,):#!21):!(,#!:'1/#(8!!
J'(,)*%8!`%033*$'!>-!$'30,(#18!'*$!c),*!?3,33*%8!`%)%>-!-)*<!?3,33*%!,'-!! K1!'-!C!&':#!.'&/!,):#!21):!6)1/!%*!(,#!-#((4#1-!2'1:-k! !
['*>(!5)3!1#:#:.#1!,)6!5)3!3-#$!()!;4#'$!6%(,!:#8! ! +%44!(,#!03%('1!;4'5#1!6'-!:)9#$!()!.1#'/%*0!(,#!-(1%*0-<! !
H'5%*0!5)3!,'$!*#9#1!%*!5)31!4%2#!-##*!'!.#'3(5!4%/#!:#k!! 7*$!(,#!03%('1-!3-#$a()!-)3*$!(3*#!!
`CJGG="7\!rJ)%*0!.'&/!%*!(%:#s!a!! +,'(!-%4#*&#$!(,#!#*(%1#!2)1#-(8!!
+,'(!6'-!4)*0!.#2)1#!(,#!-('(#!)2!F:#10#*&5<!! ?'/%*0a#9#*!(,#!(1##-!4%-(#*<<<!!
m)31!,##4-!3-#$!()!-,%*#!.1%0,(8!! +,#!-)3*$!)2!03%('1-!'*$!)(,#1!%*-(13:#*(-!'-!%2!`CJGG="7!'*$!!
XV!! E7=JF[C!['*!,#'1<!(,#:!%*!(,#!:#:)15<!`CJGG="7!'*$!!
m)31!2'&#!-,)*#!4%/#!(,#!&4#'1!:))*!'(!*%0,(8!! E7=JF[C!-('1(!$'*&%*0<!+,#*!(,#5!'1#!e)%*#$!.5!(,#!03%('1!;4'5#1-! !
m)31!#5#-!4%/#!(,#!-('1-!%*!,#'9#*<!! '*$!;4'5#1-!)2!)(,#18!%*-(13:#*(-!'*$!"7=[FWH<!+,#5!$'*!!
m)31!(##(,8!%(!-##:#$8!6#1!#!'46'5-!6'-,#$<!6%(,!:%4/<! ! `CJGG="7!'*$!E7=JF[C!':)*0!(,#:<!!
m)31!9)%&#!-)3*$#$!4%/#!'!;1#&%)3-!%*-(13:#*(<!! =5''*06%&3!4#(>-!-,'/#!(,#!-/%1(!!
m)31!.1#'-(-!6#1#!2344!'*$!;)%*(#$!4%/#!(,#!(%;!)2!(,#!-,'1;#-(<! ! =5''*06%&3!4#(>-!-,'/#!(,#!-/%1(!!
(,)1*<!! H%-(#1!-,'/#!%(!'*$!:'/#!%(!5%#4$!%(-!;1#&%)3-!5%#4$-<! !
7-!5)3!6'4/#$!%(!-##:#$!'-!%2!(,#5!6#1#!6,%-(4%*0>!.#'3(%234!(3*#-f! ! H%-(#1!-,'/#!%(!'*$!:'/#!%(!5%#4$!%(-!;1#&%)3-!5%#4$-<! !
C*!(,)-#!$'5-!! =5''*06%&3!%-a!$'*&#$!)*!)*#!4#0!!
E#!3-#$!()!$'*&#!%*!`#*##*%%!2)1#-(<!! +,#!)(,#1!%-!?#1#45!2)1!;4#'-%*0!(,#!.)$5<!!
`CJGG="7\!! +,#!)(,#1!%-!:#1#45!2)1!;4#'-%*0!(,#!.)$5<!!
7!$'*&#!6)34$!&)-(!)*45!(6#*(5a2%9#!&#*(-<!! E'*0#&%!(,#!.#'3(%234!)*#<!!
E7=JF[C\!! E'*0#&%!(,#!.#'3(%234!)*#!!
C*!(,)-#!$'5-!(,#1#!6'-!*)(!'!-%*04#!0%14!21):!=$#%5'!3;!()!! E%(,!'!.)$5!-4%:!'*$!-(1'%0,(!4%/#!(,#!#3&'45;(3-<!!
J%(,%%0'!! XT!!
E,)a$%$!*)(!$%#!()!$'*&#!6%(,!5)3<!! E%(,!'!.)$5!-4%:!'*$!-(1'%0,(!4%/#!(,#!#3&'45;(3-\!!
`CJGG="7\!! E'*0#&%!(,#!4%((4#!:'%$#*!!
m)3!())!6)34$!-6%*0!5)31!-/%1(!! E'*0#&%!(,#!4%((4#!:'%$#*!!
E,#*!R!-##!,#1!C!':!3*'.4#!()!6'4/<!! +'/#!&'1#!)2!:#!!
E,#*!C!-##!,#1!4!':!3*'.4#!()!6'4/<!! C!('/#!&'1#!)2!5)3!!
E'*0#&%!4#(>-!&34(%9'(#!(,#!213%(!0'1$#*!! @1).4#:-!&'*!.#!-#((4#$!%*!e)/#-<!!
E'*0#&%!4#(>-!&34(%9'(#!(,#!213%(!0'1$#*!! A%:313!%-!:5!,):#!!
+,%-!0'1$#*!(,'(!.#4)*0-!()!`%033*$'!6'!J'(,)*%<!! I#1#!C!,'9#8!&):#!()!4)'2a'.)3(!!
+,%-!0'1$#*!(,'(!.#4)*0-!()!`%033*$'!6'!J'(,)*%<!! E'*0#,8!:5!5)3*0!4'$5!!
E'*0#$8!)31!:)(,#18!6#!*)6!1#23-#!! D#!(,#!6'5!5)3!'1#!!
E'*0#&%8!)31!:)(,#18!6#!*)6!1#23-#!! 7*$!$)*>(!'$$!21%44-!!
+)!.#!-4'9#-!%*!8)31!,):#8!! +)!5)31!;1#-#*(!0'%(<!!
+)!.#!-4'9#-!%*!)31!,):#<!! +'/#!&'1#!)2!:#!!
E,#*!(,%-!%-!)9#18!E7=JF[C!H'5-8!>K,!:5!2'9)31%(#!6'-!?6):a.)/)!! XS!!
7*$!`CJGG="7!1#;4%#-\!>K,!%*!(,)-#!-4'5-!6#!3-#$!()!(#'1!(,#!1%0,(! ! C!('/#!&'1#!)2!5)3!!
)1!4#2(!-%$#!)2!(1)3-#1!4#0-!21):!(,#!/*##!$)6*6'1$-<!+,)-#!6#1#!)31! ! @1).4#:-!&'*!.#!-#((4#$!%*!e)/#-<!!
.#44!.)(():-!6%(,!6,%&,!6#!$'*&#$!?6):.)/)<>!=)6!(,#!03%('1! ! +,%-!%-!5)31!;4'&#<!!
;4'5#1-!'*$!(,#!'&&)1$%)*!;4'5#1-!-('1(<!+,#!?6):.)/)!"7=[FWH!! U':#$!2)1!1%;#!a.'*'*'-!!
#*(#1<!`CJGG="7!'*$!E7=JF[C!4#'$!(,#:!%*!(,#!?h*):.)/)!! C>44!-%*0!()!5)3!(%44!5)3!&15!!
$'*&#<!J3%('1-8!%1)*!1%*0-!'*$!(,#!'&&)1$%)*-!'1#!;4'5#$!6%(,!9%0)31!! K1!2'%4%*0!()!&15!!
'*$!(,#!$'*->!2##(!'$$!#:.#44%-,:#*(-<!! m)3>44!.#!-)!)9#1&):#!6%(,!2##4%*0-!!
+,#!?6):.)/)!$'*&#!%-!*)(!$%22%&34(8!! +,'(!5)3>44!('/#!5)31!4%2#!<!!
%(>-!e3-(!(6)!-(#;-!'*$!'!(31*<!! +'/#!&'1#!)2!:#>!!
C>44!-6%*0!5)3!-)!.#'3(%23445!(,'(8!! C!('/#!&'1#!)2!5)3!!
m)31!:)(,#1!.#%*0!%*!(,#!2%#4$-8!! @1).4#:-!&'*!.#!-#((4#$a%*!e)/#-<!!
m)31!2'(,#1!%*!'!.##1!2#'-(8!! R!.1#6#$!4%b3)1!2)1!5)3!!
m)3>44!(#44!:#!6,#1#!5)31!2'(,#1>-!;31-#!%-!,%$$#*<! ! 7*$!*)6!5)3>9#!(31*#$!'0'%*-(!:#g!!
7!&1%;;4#!)2(#*!(31*-!'0'%*-(!,%-!.#*#2'&()1-!! PQ!!
K31!-)*!)2!J'(,)*%!82!! U1##$):!!
J))$!2)1(3*#8!3*#N;#&(#$8!2)3*$!E'$-!%*!(,#!U%#4$!! U1##$):!!
7*$!-,#!-'(!$)6*!()!2#'-(!)*!%(<!! U1##$):!2)1!`#*5'!)31!:)(,#14'*$!!
+'/#!&'1#!)2!:#<!! 7!4'*$!)2!4%:%(4#--!e)5!!
R!('/#!&'1#!)2!5)3!<!! 7!a4'*$!1%&,!%*!01##*!2%#4$-!'*$!2)1#-(-!<!<!<! !
@1).4#:-!&'*!.#!-#((4#$!%*!e)/#-<!! `#*5'!%-!'*!721%&'*>!;#);4#>-!&)3*(15<!!
I'9#!5)3!('/#*!)*#!())!:'*5!! E#!$)!*)(!:%*$!.#%*0!e'%4#$!!
K1!'1#!5)3!-%:;45!$13*/!! E#!$)!*)(!:%*$!.#%*0!#N%4#!!
C>44!*)(!-'5!'*5(,%*08!! U)1!6#!-,'44!*#9#1a*#9#1!-();!!
K,8!E'*0#&%!:5!4%((4#a!213%(8!! 70%('(%*0!2)1!'*$!$#:'*$%*0!.'&/!)31!4'*$-!!
G*(%4!-#9#*!5#'1-!'1#!)9#1!<!<!<!! U)1!`#*5'!%-!'*!721%&'*!;#);4#>-!&)3*(15!!
+,#!9)%&#-!>)2!:#*!'*$!(,#!-)3*$!)2!03%('1-8!'&&)1$%)*-!'*$!8)(,#1!! 7-!(,#!HC=JFWH!4#'9#!(,#!-('0#!E7=JF[C!('/#-!)9#1!(,#!!
%*-(13:#*(-!#*$!'.13;(45\!+,#!"7=[FWH!4#'9#!(,#!-('0#<!! 1#:#:.1'*&#!)2!(,%*0-!;'-(8!!
`CJGG="7!'*$!E7=JF[C!1#:'%*!21)h#*!%*!(,#!'&(!)2!$'*&%*0!! E7=JF[C\!!
`CJGG="7!-,'/#-!,%-!,#'$!'-!%2!,#!%-!-(%44!#*01)--#$!%*!:#:)1%#-8!)2! ! C!:5-#42!<!,'9#!'46'5-!1#:#:.#1#$>!!
(,#!;'-(f!+,#5!$%-#*0'0#!$)3145g!! +,#!K4#*0313#*%!6):#*!!
`CJGG="7\!! +,#!)*#-!$1%9#*!21):!(,#%1!4'*$-!'1)3*$!='/313!!
K,8!(,#!-#9#*!5#'1-!6#1#!*)(!#9#*!)9#1!! +)!.#!#N%4#$!()!m'(('8!(,#!4'*$!)2!.4'&/!1)&/-\!!
E,#*!6#!.#0'*8!! +,#5!;'--#$!(,1)30,!A%:313!!
H)*0-!'*$!9)%&#-!$#:'*$%*0!! D3(!-(%44!(,#5!-'*0!-)*0-!!
21##$):!2)1!`#*5'8!)31!:)(,#14'*$<!! E%(,!6)1$-!(,'(!;%#1&#$!)*#>!-!,#'1(!4%/#!'!-;#'1<!!
7!;1)&#--%)*!#*(#1-!(,#!-('0#8!-%*0%*0!21##$):<H)*0-<!! +,#!-)*0-!6#1#!-'$8!(13#8!!
D3(!(,#!6):#*!6#1#!&):;4#(#45!2#'14#--!! +,'(!(,#!-('(#!)2!F:#10#*&5!6'-!$#&4'1#$!)9#1!`#*5'<!!
U)1!(,#5!,'$!2'%(,!'*$!6#1#!-31#!(,'(8!! K31!;'(1%)(-f!!
K*#!$'5f!(,%-!-'%4!6%44!.#!1#(31*#$8!()!3-<! ! '*$!6):#*!)2!!
7!;1)&#--%)*!)2!6):#*!HC=JFWH!#*(#1-!(,#!-('0#!$%*0%*0<!! A%:313!'*$!(,#!6,)4#!&)3*(158!!
@1'5!%*!+13(,!! E#1#!'11#-(#$g!!
D#-##&,!I%:!6%(,!+13(,!! +,#!F:#10#*&5!4'6-!.#&':#!9#15!);;1#--%9#<!!
U)1!,#!%-!(,#!-':#!=0'%!6%(,%*!3-<!! K31!,):#-!6#1#!.31*(!$)6*<!!
K*#!6):'*!$%#$!! E#!6#1#!e'%4#$f!!
72(#1!.#%*0!()1(31#$<!! E#!6#1#!('/#*!()!$#(#*(%)*!&':;-8!!
D#&'3-#!-,#!1#23-#$!()!-#44a)3(<!! H):#!)2!3-!6#1#f!&1%;;4#$!(,1)30,!.#'(%*0-<!!
@1'5!%*!+13(,!! K(,#1-!6#1#!&'-(1'(#$<!!
D#-##&,!I%:!6%(,!+13(,!! K31!6):#*a6#1#!1';#$!6%(,!.)((4#-<!!
U)1!,#!%-!(,#!-':#!=0'%!6%(,%*!3-<!! K31!6%9#-!'*$!$'30,(#1-8!1';#$!.#2)1#!)31!#5#-g!!
PR!! r?)9#$!.5!(,#!.%((#1!:#:)1%#-8!`CJGG="7!;'3-#-!2)1!'!2#6!!
J1#'(!4)9#!C!2)3*$!(,#1#!! -#&)*$-s!!
7:)*0!6):#*!a'*$a&,%4$1#*!! D3(!(,1)30,!?'3a!?'3!!
7!.#'*!2#44!()!(,#!01)3*$!! A#$!.5!`%:''(,%!'*$!?'(,##*0#8!!
7.#$!%(!6'-!-,'1#$!':)*0!(,#:<!! 7*$!(,1)30,!(,#!)10'*%h#$!3*%(5!)2!(,#!:'--#-!!
@1'5!%*!+13(,!! E#!.#'(!(,#!6,%(#-!!
D#-##&,!I%:!6%(,!+13(,!! 7*$!21##$):!&':#!<!<!<!!
U)1!,#!%-!(,#!-':#!=0'%!6%(,%*!3-<!! E#!1'%-#$!,%0,!)31!*'(%)*'4!24'0<!!
+,#!HC=JFWH!4#'9#!(,#!-('0#<!! 7!e3.%4'*(!;1)&#--%)*!)2!:#*8!6):#*!'*$!&,%4$1#*!#*(#1-!(,#a!!
`CJGG="7\!! -('0#!-%*0%*0!-)*0-!'*$!$'*&#-!%*!;1'%-#!)2!21##$):<!!
C(!6'-!(,#*!! C(!%-!'!24'0!)2!(,1##!&)4)31-!!
W'%-#!(,#!2!4'0!,%0,!! E,#1#!$%$!(,#!6,%(#-!&):#!21):k!!
J1##*!%-<!2)1!)31!#'1(,!! r+,#5!&)*(%*3#!-%*0%*0!'-!(,#5!6'4/!)22!(,#!-('0#<s!!
W'%-#!(,#!24'0!,%0,!! `CJGG="7\!!
W#$!%-!2)1!)31!.4))$!! I)6!(,#!(%:#-!13*g!!
W'%-#!(,#!24'0!,%0,!! I)6!:'*5!5#'1-!,'9#!0)*#!!
PY!! H%*&#!6#!0)(!%*$#;#*$#*&#k!!
D4'&/!%-!2)1!721%&'!! +#*!'*$!)9#18!!
W'%-#!(,#!24'0!,%0,<!! ^3%(#!'!0))$!*3:.#1!)2!5#'1-g8!!
r+,#5!&,'*0#!()!'!*#6!-)*0!'*$!$'*&#s!! 7*$!*)6!4))/!'(!:#g!!
J1#'(!)31!;'(1%)(-!2).!8:#!<!<!<!! %(s!!
E,#1#!$%$!(,#!6,%(#-!&):#!21):k!! K*#!'*$!'!,'42!'&1#-!)2!4'*$!%*!$15!;4'%*-<!<! !
[IKWGH\!! K31!2':%45!4'*$!6'-!0%9#*!()!,):#03'1$-<!!
E,#1#!$%$!(,#!6,%(#-!&):#!21):k8!! +)$'5!C!':!e3-(!'!4'.)31#1!!
E,#1#!$%$!(,#!6,%(#-!&):#!21):!! K*!2'1:-!)6*#$!.5!7,':!`%)%!6'!`'*)13<!!
+,#5!&':#!(,1)30,!?31'*0>'8!! ?5!(1)3-#1-!'1#a;31#!('((#1-<!!
7*$!(,#5!-;#*(!'!*%0,(!'(!aE'%5'/%>-!,):#8!! A))/!'(!5)3<!!
C2!5)3!6'*(!()!/*)6!(,'(<!(,#-#!2)1#%0*#1-!6#1#!*)!0))$8! ! H##!6,'(!(,#!5#'1-!)2!21##$):!%*!;)9#1(5!!
7-/!5)31-#42!! I'9#!$)*#!()!5)3g!!
E,#1#!%-!E'%5'/%>-!01'9#!()$'5k!! @)9#1(5!,'-!,'34#$!$)6*!5)31!2)1:#1!-;4#*$)31<!!
E#!:3-(!;1)(#&(!)31!;'(1%)(-!! @)9#1(5!,'-!$30!(1#*&,#-!)*!5)31!2'!!
H)!(,#5!$)*>(!:##(!E'%5'/%>-!2'(#<!! m)31!,##4-!'1#!*)6!-)!:'*5!&1'&/-8!!
HKAKCH+\!! PO!!
`%:''(,%>-!;'(1%)(-!'1#!.1'9#!! m)31!.1#'-(-!,'9#!2'44#*8!!
+,#5!,'9#!*)6,#1#!()!,)4$<!! #N':;4#!%-!`%033*$'>-!%*(#*$#$!&,31&,!6#$$%*0!#:)*5<!+,'(!-#b3#*&#!!
+,'(!,'-!4)-(!'44!-,';#<p!! '*$!1).#-!,'9%*0!.##*!;#1-3'$#$!()!>:)1(0'0#!(,#%1!4'*$!()!'!.'*/!()!0#(!(,#!!
E7=JF[C\!! :#'*-!()!2%*'*&#!(,#!1#*#6'4!)2!(,#%1!:'11%'0#!%*!&,31&,!'-!(,#%1!721%&'*! !
76'5!6%(,!5)38!! 6#$$%*0!%-!1#0'1$#$!.5!(,#!`%)%-!'-!-%*234!'*$!*)(!9'4%$<!+,#5!(15!(,#:!)*!'*$! !
7!24)6#1!%-!1)..#$!)2!(,#!&)4)31-!.5!(,#!213%(!%(!.#'1-g! ! &3((%*0!'*!%:'0%*'15!2%9#!-()1%#$!&'/#<!!
r[,'*0%*0!(,#!()*#!)2!9)%&#s!! +,'(!:%:#!-#b3#*&#!%-!<'4-)!'!0))$!%443-(1'(%)*!)2!#:)*5!.3(!)*#8!%*! !
H();!(,%-!,'.%(!)2!(,%*/%*0!())!:3&,!'.)3(!(,#!;'-(!! (,%-!&'-#8!#:;(%#$!)2!%(-!01'*$#31!'1%$!$%0*%(5<!+,#!&,1%-(%'*!#:)*5!%-! !
K2(#*!4)-%*0!5)31!-4##;!)9#1!(,%*0-!(,'(!,'$!.#((#1!.##*!2)10)((#*<!! #N(#1*'445!%:;)-#$!'*$!4'&/-!(,#!';;1);1%'(#!-5:.)4-!1))(#$!%*!(,#!-)%4<!C(! !
+,%*/!'.)3(!()$'5!'*$!():)11)6<!! .#&):#-!'!&'1%&'(31#!)2!(,#!*'(%)*'4!(1'$%(%)*-!)2!#:)*5<!+,%-!%-!&)*(1'-(#$! !
+,%*/!'.)3(!)31!,):#<!! 6%(,!(,#!=031'1%)!-#b3#*&#!6,#1#8!!
@)9#1(5!,'-!*)!;#1:'*#*(!1))(-g!! PX!!
r@'3-#-8!'-!%2!&'30,(!.5!'!*#6!(,)30,(s!! E,#*!%(!&':#!()!-)*08!$'*&#!'*$!#:)*58!(,#!;#'-'*(-8!6,)!)2!&)31-#!!
+#44!:#\!! /*#6!'44!'.)3(!%(8!6#1#!;'1(%&34'1!'.)3(!(,#!'&&31'&5!)2!$#('%4<!+,#%1!';;1)'&,! !
E,'(!$)#-!`%)%!'*$!,%-!2':%45!! 6'-!9#15!-#1%)3-<!!
E'*(!6%(,!3-!()$'5kLPM!! +,#5!6#1#!'4-)!;'1(%&34'1!'.)3(!4'*03'0#!6,%&,8!)2!&)31-#8!%-!'*)(,#1!!
7-!5)3!,'9#!-##*8!(,#!-#b3#*&#!.#0%*-!6%(,!(,#!>6,5>!)2!`%)%>-!9%-%(8!0)#-!! #4#:#*(!)2!2)1:<!+,#5!6#1#!&)**#$!(,'(!(,#!9'1%)3-!&,'1'&(#1-8!$#;#*$%*0!!
(,1)30,!(,#!#*(%1#!,%-()15!)2!(,#!'1:#$!-(13004#!)2!(,#!2%2(%#-!%*&43$%*0!(,#! ! )*!'0#!'*$!)&&3;'(%)*8!.#!0%9#*!(,#!';;1);1%'(#!4'*03'0#<!>7*!)4$!:'*!&'**)(!!
'&,%#9#:#*(!)2!'!*'(%)*'4!24'08!'*$!&):#-!>.'&/!()!(,#!>6,5>!)2!`%)%>-! ! -;#'/!4%/#!(,'(>!(,#5!6)34$!-'5<!>C2!5)38!6'*(!,%:!()!,'9#!$%0*%(58!,#!,'-!()!3-#! !
%*(#*$#$!9%-%(<!C*$##$!%*!=0'',%/'!=$##*$'!(,#!;'-(<!'*$!(,#!23(31#!'1#!)2(#*!! (,%-!)1!(,'(!/%*$!)2!;1)9#1.<>!A#9#4-!)2!4'*03'0#!'*$!4'*03'0#a3-#!'*$!(,#!!
1#&1#'(#$!(,1)30,!-)*0!'*$!$'*&#!'*$!:%:#<!! *3'*&#-!)2!6)1$-!'*$!;,1'-#-!6#1#!$%-&3--#$!,#'(#$45<!!
?%:#!%*!2'&(!%-!(,#<!)(,#1!:)-(!%:;)1('*(!#4#:#*(!)2!2)1:<!+,#!.#-(! ! D3(!6,'(!0%9#-!'*5!2)1:!%(-!('3(*#--!'*$!-;#&%'4!&,'1'&(#1!'*$!-,';#!%-!(,#!!
&)*(#*(<!+,%-!%-!#9#*!:)1#!(13#!%*!$1':'<!"1':'!%-!&4)-#1!()!(,#!$% '4#&(%&-!)2!! -(#'4%*0!'1:-!21):!(,#!D1%(%-,!#*#:58!%*!&'115%*0!.344#(-!(,1)30,!(,#!#*#:5! !
4%2#!(,'*!;)#(15!'*$!(,#!2%&(%)*<!A%2#!%-!:)9#:#*(!'1%-%*0!21):!(,#!%*,#1#*(! ! PP!!
&)*(1'$%&(%)*!8'*$!3*%(5!)2!);;)-%(#-<!?'*!'*$!6):'*!:##(!%*!'!3*%(#$!$'*&#!! 4%*#-8!)1!%*!(,#!9'1%)3-!-(1'(#0%#-!2)1!-319%9'4<!A'*$!'*$!21##$):<!F&)*):%&! !
)2!);;)-%(!#-!)3(!)2!6,%&,!&):#-!'!,3:'*!4%2#!-#;'1'(#!21):!(,#!(6)!(,'(!0'9#!%(! ! '*$!;)4%(%&'4!%*$#;#*$#*&#<!+,)-#!6#1#!(,#!'%:-!)2!(,#%1!-(13004#!'*$!(,#5!$%$!!
.%1(,!.3(!%*&)1;)1'(%*0!2#'(31#-!)2!.)(,!%*!-3&,!'!6'5!(,'(!%(!%-!1#&)0*%-'.4#!'(!'! ! *)(!6'*(!=0'',%/'!=$##*$'!()!$%-()1(!(,#:<!+,#!)*#!6,)!:'$#!%:%('(%)*!03*-!!
04'*&#!(,'(!-)!'*$!-)!%-!1#'445!'!;1)$3&(!)2!-)!'*$!-)<!+,#!01)6(,!)2!(,'(!4%2#! ! 2)1!(,#!;4'5!'(!`':%1%%(,3!6'-!(,#!9#15!;#1-)*!6,)!3-#$!()!:'/#!'&(3'4!03*-! !
$#;#*$-!)*!-):#!,-!$5%*0!'*$!)(,#1-!.#%*0!.)1*<!H)&%'4!4%2#!%(-#42!'1%-#-!)3(! ! 2)1!(,#!?'3!?'3!03#11%44'-!%*!(,#!2%2(%#-<!+,#!6)1/#1-!6#1#!/##*!(,'(!(,#!$#('%4-! !
)2!(,#!&)*(1'$%&(%)*!.#(6##*!:'*!'*$!*'(31#<!D3(!:'*!%-!;'1(!)2!*'(31#<!`'14! ! )2!(,#!#N;4)%('(%)*!'*$!(,#!,'1-,!&)*$%(%)*-!)2!4%2#!%*!(,#!:34(%*'(%)*'4!2'&()1%#-! !
?'1N!,'-!-'%$\!I#!);;)-#-!,%:-#42!()!*'(31#!'-!)*#!)2!,#1!)6*!2)1&#-8!-#((%*0! ! .#!4'%$!.'1#<!C!1#:#:.#1!2)1!%*-('*&#!,)6!)*#!01)3;!6,)!6)1/#$!%*!'! !
%*!:)(%)*!'1:-8!4#0-8!,#'$!'*$!,'*$-8!(,#!*'(31'4!2)1&#-!)2!,%-!.)$58!%*!)1$#1!()! ! ;'1(%&34'1!$#;'1(:#*(!'(!(,#!*#'1.5!D'('!-,)#!2'&()15!-'(!$)6*!()!6)1/a)3(!(,#!!
#N(#1*'4!*'(31#!'*$!&,'*0%*0!%(8!4%#!'(!(,#!-':#!(%:#!&,'*0#-!,%-!)6*!*'(31#<! ! 6,)!,'$!*#9#1!6)1/#$!%*!'!2'&()15<!E%(,%*!'!-%*04#!$'5!(,#5!6)34$!:'/#!-,)#-! !
L]M!"1':'!#*&';-34'(#-!6%(,%*!%(-#42!(,%-!;1%*&%;4#!)2!(,#!-(13004#!)2!);;)-%(#-! ! ()!(,#!9'43#!)2!'44!(,#!:)*(,45!6'0#-!2)1!(,#!#*(%1#!6)1/!2)1&#!)2!(,1##! !
6,%&,!0#*#1'(#-!W)9#:#*(<!+,#1#!%-!%*!$1':'!'!:)9#:#*(!21):!';;'1#*(!! (,)3-'*$<!H)!(,#5!6)1/#$!2)1!(,#:-#49#-!2)1!)*#!$'5<!U)1!6,):!6#1#!(,#5!!
,'1:)*58!'!/%*$!)2!1#-(8!(,1)30,!&)*24%&(!()!'!&):%&!)1!(1'0%&!1#-)43(%)*!)2!(,'(! ! 6)1/%*0!2)1!(,#!)(,#1!(6#*(5a*%*#!$'5-k!+,#5!&'4&34'(#$!6,'(!)2!6,'(!(,#5!!
&)*24%&(<!E#!#*$!6%(,!,'1:)*5!'(!'!$%22#1#*(!4#9#48!'!/%*$!)2!(#:;)1'15!1#-(8! ! ;1)$3&#$!6#*(!2)1!6#'1!'*$!(#'1!)2!(,#!:'&,%*#15!'*$!2)1!(,#!1#;'5:#*(!)2! !
6,%&,a!)2!&)31-#!%-!(,#!.#0%**%*0!)2!'*)(,#1!:)9#:#*(<!+,#!.'4'*&#!)2!! %*%(%'4!&';%('48!'*$!.#&'3-#!(,#!&):;'*5!,'$!.##*!(,#1#!-%*&#!RSOT!(,#5!!
);;)-%*0!%$#'-!'*$!-)&%'4!2)1&#-8!)2!'44!(,#!&)*(#*$%*0!2)1&#-!%-!%:;)1('*(!%*! ! '--3:#$!(,'(!(,#!%*%(%'4!%*9#-(:#*(!,'$!.##*!1#;'%$!'!4)*0!(%:#!'0)\!+)!6,):!!
-,';%*0!(,#!2)1:!)2!$1':'!'*$!(,#'(1#<!! $%$!(,#!1#-(!0)k!+)!(,#!)6*#1-!%*!['*'$'<!E,'(!'.)3(!#*(1#;1#*#31%'4!-/%44-!!
+,#!;'1(%&%;'*(-!6#1#!:)-(!;'1(%&34'1!'.)3(!(,#!1#;1#-#*('(%)*!)2!,%-()158! ! a(,#!.1'%*;)6#1!a!6,%&,!1#034'(#$!(,#!#*(%1#!-5-(#:!(,)30,!-#'(#$!%*!)22%&#-!%*!!
(,#%1!,%-()15<!7*$!(,#5!6#1#!b3%&/!()!;)%*(!)3(!'*$!'103#!'0'%*-(!'*5!%*&)11#&(!! ='%1).%!)1!2'1!a'6'5!%*!['*'$'k!E,'(!'.)3(!(,#!-,'1#,)4$#1!6,)-#!:)*#5!!
;)-%(%)*%*0!'*$!1#;1#-#*('(%)*!)2!(,#!9'1%)3-!2)1&#-!a!#9#*!(,#!#*#:5!2)1&#-!a!! :'$#!(,#!#*(%1#!-5-(#:!6)1/k!7,8!6#44<!+,#5!,'$!*#9#1!-##*!(,'(!.1'%*;)6#1! !
'(!6)1/!%*!(,#a-(13004#!'0'%*-(!%:;#1%'4%-:<!+,#5!6)34$!&):;'1#!*)(#-!21):!! '*$!g,'(!-,'1#,)4$#1!)*&#!4%2(!'!,'::#1!()!:'/#!'!-,)#<!C2!(,#5!&)34$!:'/#! !
(,#%1!)6*!'&(3'4!#N;#1%#*!6,#(,#1!%(!6'-!%*!:'/%*0!03*-!%*!(,#!2)1#-(-8!%*! ! 03*-!'*$!-#(!3;!'1:':#*(!2'&()1%#-!%*!(,#!,'1-,!&)*$%(%)*-!)2!(,#!2)1#-(!'*$!!
:)3*('%*-!6%(,)3(!(,#!.1'%*;)6#1!'*$!:)*#5a;)6#1!)2!'*5!-,'1#,)4$#1!21):!! &)*(#*(!$31%*0!(,#!#*(%1#!;#1%)$!)2!(,#!;4'5>-!#9)43(%)*<!H):#(%:#-!(,#-#!!
'.1)'$8!&)34$!(,#5!*)(!13*!'!-,)#:'/%*0!2'&()15k!+,#!$%-&3--%)*!6)34$!0)!)*<!! %*9)49#$!*)(!e3-(!(,#!'&(3'4!;'1(%&%;'*(-!.3(!(,#!#9#1!6%$#*%*08!&%1&4#!)2!(,#! !
+,3-!(,#5!6#1#!9#15!&4#'1!'.)3(!4'.)318!(,#%1!4'.)318!.#%*0!(,#!&1#'()1!)2! ! '3$%#*&#<!!
(,'(k!@#);4#!$%#8!;#);4#!,'9#!$%#$<!>A#(>-!&)3*(!<!<!<!-)!'*$!-)!<!<!<g>!C!1#:#:.#1! ! 01)6%*0!&)*9%&(%)*!(,'(!'!$#:)&1'(%&!;'1(%&%;'(%)*!#9#*!%*!(,#!-)43(%)*!)2! !
)*#!;#1-)*!6,)!'-!#9%$#*&#!1#:)9#$!,%-!-,%1(<!I%-!.)$5!6'-!.31*#$!'44!)9#1<!! '1(%-(%&!;1).4#:-8!,)6#9#1!-4)6!'*$!&,')(%&!%(!'(!(%:#-!-##:#$8!6'-!;1)$3&%*0! !
>J'-#->8!,#!-'%$<!>7*$!6,'(!$%$!C!0#(!'-!&):;#*-'(%)*k!"%-:%--'4\!A'%$!)22<! ! 1#-34(-!)2!'!,%0,!'1(%-(%&<!)1$#1!'*$!6'-!2)10%*0!'!&)::3*'4!-;%1%(!%*!'! !
E%(,)3(!#9#*!'!6'(&,!2)1!:5!2'%(,234*#--!%*!-#19%&#<! ! &)::3*%(5!)2!'1(%-(%&!6)1/#1-\!@,"-!21):!(,#!3*%9#1-%(5!)2!='%1).%\!@,"-! !
+,#!$#('%4-!)2!(,#!-(13004#!.#(6##*!&';%('4!'*$!4'.)31!6,%&,!'1#!$#-&1%.#$!! 21):!(,#!3*%9#1-%(5!)2!(,#!2'&()15!'*$!(,#!;4'*('(%)*\!@,"-!21):!J)1/%>-! !
%*!'!4)*0!$1':'(%&!:)*)4)03#!.5!)*#!)2!(,#!6)1/#1!&,'1'&(#1-8!J%&'':.'8!6#1#!! >3*%9#1-%(5!)2!(,#!-(1##(->!a!#'&,!;#1-)*>-!6)1(,!6'-!e3$0#$!.5!(,#!-&'4#!)2!#'&,!!
6)1/#$!)3(!%*!$%-&3--%)*-<![#*(1'4!()!J%&'':.'>-!:)*)4)03#!#N;4'%*%*0!()!! ;#1-)*>-!&)*(1%.3(%)*!()!(,#!01)3;!#22)1(<!+,#!);#*!'3$%(%)*-!'*$!(,#!1#,#'1-'4-!!
`%033*$'!(,'(!6)1/#1-!'1#!*)(!*#&#--'1%45!.#((#1!)22!(,'*!(,#!;#'-'*(-8!(,'(!(,#!! 6%(,!#9#15.)$5!-##%*0!'44!(,#!#4#:#*(-!(,'(!6#*(!%*()!:'/%*0!'!6,)4#!,'$!(,#! !
6)1/#1!'*$!(,#!;#'-'*(!! #22#&(!)2!$#:5-(%25%*0!(,#!(,#'(1%&'4!;1)&#--\<<! !
.)(,!-322#1!21):!(,#!-':#!-5-(#:!)2!%:;#1%'4%-(!&';%('4%-:8!6'-!(,#!b3#-(%)*! ! &%1&4#-8!(,#!'&()1-!1#,#'1-#$!:)1#!)1!4#--!%*!-#&1#&5!'*$!(,#*!-;13*0!(,#%1!!
'--3:#$!.5!(,#!-(13004#!.#(6##*!&';%('4!'*$!4'.)31!%*!(,#!(6#*(%#(,!&#*(315\!! 2%*%-,#$!;#12#&(%)*<!)*!'*!3*-3-;#&(%*0!'3$%#*&#!6,)!6#1#!)2!&)31-#!-31;1%-#$!!
C-!0))$8!9#15!0))$g!! ('%*45!&)34$!*#9#1!$)!-3&,!'!(,%*0g!H3&,!'!(,#'(1#!%-!;'1(!)2!(,#!0#*#1'4!!
C(!%-!'!:#'*-!)2!$#9#4);%*0!(,#!&)3*(15<!! .)310#)%-!#$3&'(%)*!-5-(#:!6,%&,!;1'&(%&#-!#$3&'(%)*!'-!'!;1)&#--!)2!!
E,)-#!&,%4$1#*!0'%*!21):!(,#!%*$3-(1%#-k!LVM!! ('/#!-3&,!.1'%*-g!a!C*!)(,#1!6)1$-!#$3&'(%)*!'-!'!:#'*-!)2!:5-(%25%*0!!
+,#!&)*(#*(!)2!(,#!;4'5!6'-!'-/%*0!:'*5!b3#-(%)*-!'.)3(!(,#!*'(31#!)2!! /*)64#$0#!'*$!,#*&#!1#'4%(5<!F$3&'(%)*8!2'1!21):!0%9%*0!;#);4#!a(,#!!
`#*5'*!-)&%#(5!'*$!(,%-!0#*#1'(#$!#9#1!:)1#!,#'(#$!$%-&3--%)*-!)*!2)1:!'*$!! &)*2%$#*&#!%*!(,#%1!'.%4%(5!'*$!&';'&%(%#-!()!)9#1&):#!).-('&4#-!)1!()!.#&):#!!
:'-(#1-!)2!(,#!4'6-!0)9#1*%*0!#N(#1*'4!*'(31#!'-!,3:'*!.#%*0-8!(#*$-!()!:'/#!! (,#!1#'$%*0-!'*$!(,#<!$%-&3--%)*-!)2!(,#!)3(4%*#8!(,#!'3$%(%)*-!'*$!1#,#'1-'4-!!
(,#:!2##4!(,#%1!%*'$#b3'&%#-8!(,#%1!6#'/*#--#-!'*$!(,#%1!%*&';'&%(%#-!%*!(,#!2'&#! ! '*$!(,#!&)*-(13&(%)*a)2!(,#!);#*a'%1!(,#'(1#!())/!%*!'44!'.)3(!*%*#!:)*(,-!a21):!!
)2!1#'4%(5f!'*$!(,#%1!%*'.%4%(5!()!$)!'*5(,%*0!'.)3(!(,#!&)*$%(%)*-!0)9#1*%*0! ! c'*3'15!()!H#;(#:.#1!RSVV<!+,#!1#'$%*0-f!(,#!$%-&3--%)*-!'*$!(,#!1#,#'1-'4-!!
(,#%1!4%9#-<!+,#5!.#&):#!:)1#!'*$!:)1#!! 6#1#!(%:#$!()!/##;!%*!1,5(,:!6%(,!(,#!4%9#-!)2!(,#!;#);4#<!H)!(,#-#!6#1#!-#(! !
PV!! -):#(%:#-!)*!H'(31$'5!'2(#1*))*!.3(!'46'5-!)*!H3*$'5!'2(#1*))*-<!F9#*!!
F$3&'(%)*!'-!'!;1)&#--!)2!'4%#*'(%)*!;1)$3&#-!'!0'44#15!)2!'&(%9#!-('1-!'*$!'*!! 6%(,!&,31&,!'((#*$'*&#!%*!(,#!:)1*%*0-<!!
3*$%22#1#*(%'(#$!:'--!)2!01'(#234!'$:%1#1-<!+,#!K45:;%'*!0)$-!)2!(,#!J1##/! ! +,#!1#-34(-!)2!'44!(,%-!#22)1(!()!#9)49#!'*!'3(,#*(%&!4'*03'0#!)2!721%&'*! !
:5(,)4)05!)1!(,#!$'-,%*0!/*%0,(-!)2!(,#!:%$$4#!'0#-!'1#!1#.)1*!%*!(,#!! (,#'(1#!6#1#!).9%)3-!6,#*!(,#!;4'5!);#*#$!()!'!;'5%*0!'3$%#*&#!)*!Y!K&().#1!!
a(6#*(%#(,!&#*(315!'-!-3;#1-('1!;)4%(%&%'*-8!-&%#*(%-(-8!-;)1(-:#*8!'&()1-8!(,#! ! RSVV<!K*&#!'0'%*!(,#!;#12)1:'*&#-!6#1#!(%:#$!2)1!H3*$'5!'2(#1*))*-<!!
,'*$-):#!$)#1-!)1!,#1)#-8!6%(,!(,#!)1$%*'15!;#);4#!6'(&,%*0!;'--%9#458!! F9#*%*0-!6)34$!,'9#!.##*!())!&)4$!2)1!#9#15.)$5<!=0'',%/'!=$##*$'!6'-!'*!!
01'(#234458!'$:%1%*045<!`':%1%%(,3!6'-!(,#!);;)-%(#!)2!(,%-<!+,#!`':%1%%(,3! ! %::#$%'(#!-3&&#--!6%(,!;#);4#!&):%*0!21):!'2'18!#9#*!%*!,%1#$!.3-#-!'*$!!
(,'(!-('0#<!H):#!;#);4#!%*!2'&(!6#1#!1#&13%(#$!%*()!(,#!'&(%*0!(#':!'2(#1!(,#5! ! ;#);4#!&'44#$!(,#:-#49#-!.5!(,#!*':#-!)2!(,#!%1!2'9)31%(#!;#'-'*(!'*$!6)1/#1! !
,'$!%*(#19#*#$!()!-,)6!,)6!-3&,!'*$!-3&,!'!&,'1'&(#1!-,)34$!.#!;)1(1'5#$<!! &,'1'&(#1-!4%/#!`%033*$'f!J%&'':.'f!E'*0#&%f!J'(,)*%<!!
+,#!'3$%#*&#!';;4'3$#$!(,#:!%*()!&)*(%*3%*0!$)%*0!(,#!;'1(\!@#12#&(%)*!6'-!! PT!!
(,3-!-,)6*!()!.#!'!;1)&#--8!'!,%-()1%&'4!-)&%'4!;1)&#--8!.3(!%(!6'-!a'$*31#$!*)!! D3(!(,#5!'4-)!3-#$!(,#!*':#-!)2!-3&,!a&,'1'&(#1-!'-!`%)%8!=$%(%/'8!C/33'8!'*$!!
6'-!'!;1)$3&(!)2!(,#:-#49#-!(,#%1!&)44#&(%9#!&)*(1%.3(%)*<!C(!6'-!'!,#%0,(#*%*0! ! (#*$#*&%#-<!+,#!4'*03'0#!)2!=0'',%/'<!=$##*$'!6'-!.#&):%*0!;'1(!)2!(,#!!
)2!(,#:-#49#-!'-!'!&)::3*%(5<!! ;#);4#>-!$'%45!9)&'.34'15!'*$!21':#!)2!1#2#1#*&#<!+,#1#!6#1#!-):#!()3&,%*0!!
+,#!1#-#'1&,!)*!(,#!-&1%;(!)2!=0'',%/'!=$##*$'8!(,#!61%(%*0!)2!(,#!)3(4%*#8!! :):#*(-\!C!1#:#:.#1!)*#!H3*$'5!6,#*!%(!1'%*#$!'*$!;#);4#!13-,#$!()!(,#!!
*#'1#-(!-,#4(#1-!3*$#1!(,#!(1##-!)1!3*$#1!(,#!1))2-<!E,#*!%(!-();;#$8!'*$!'44!(,#! ! $#9#4);:#*(!%*()!-#((4#1!13*!;4'*('(%)*-<!!
'&()1-!1#-3:#$8!(,#!'3$%()1%3:!6'-!'-!2344!'-!.#2)1#<!+,#!;#12)1:'*&#!6'-! ! "'*!:%:#8!-)*0!6#1#!:)1#!$):%*'*(!(,'*!6)1$-!%*!(#44%*0!(,%-!-()15!)2! !
%*(#113;(#$!'.)3(!(,1##!(%:#-!)*!(,'(!'2(#1*))*!.3(!(,#!'3$%#*&#!6)34$!*)(!0)!! 1#;1#-!-%)*!'*$!1#-%-('*&#<!+,#!9%-3'4!'*$!(,#!-)3*$!%:'0#-!&'11%#$!(,#!.31$#*!!
'6'5<!+,#!;#);4#>-!%$#*(%2%&'(%)*!6%(,!`':%1%%(,3!6'-!*)6!&):;4#(#<! ! )2!(,#!<*'11'(%9#!'*$!(,#!'*'45-%-<!+,#!:#$%3:!)2!-4%$#-!6'-!'4-)!%*(1)$3&#$!()! !
A'(#1!(,#5!6#1#!$1%9#*!'6'58!*)(!.5!(,#!1'%*8!*)(!.5!'*5!*'(31'4!$%-'-(#18! ! 0%9#!'3(,#*(%&!9%-3'4!%:'0#-!)2!(,#!;#1%)$!)2!(,#!(6#*(%#-!'*$!(,%1(%#-<!7*$!'(! !
.3(!.5!(,#!'3(,)1%('1%'*!:#'-31#-!)2!'*!'*(%a;#);4#!1#0%:#<!K*!R]!=)9#:.#1!! #9#15!-('0#!%*!%(-!#9)43(%)*!:)1#!;#);4#!21):!:'*5!)2!(,#!`#*5'*!*'(%)*'4%(%#-! !
RSRV!(,#!`#*5'!0)9#1*:#*(!.'**#$!'*5!231(,#1!;3.4%&!;#12)1:'*&#-!)2!! 6#1#!%*9)49#$<!?'%(3!=e30%1'!L?)(,#1!-%*0!2)1!:#M8!'!$1':'!%*!:3-%&8!,'$! !
=0'',%/'!=$##*$'!.5!(,#!-%:;4#!'&(!)2!6%(,$1'6%*0!(,#!4%&#*&#!2)1!'*5!;3.4%&!! :)1#!(,'*!#%0,(5!-)*0-!21):!:)1#!(,'*!#%0,(!*'(%)*'4%(%#-!%*!`#*5'!'44!!
>0'(,#1%*0>!'(!(,#!&#*(1#<!C!:5-#42!6'-!'11#-(#$!)*!OR!"#&#:.#1!RSVV!'*$!-;#*(!! PS!!
(,#!6,)4#!)2!RSVT!%*!'!:'N%:3:!-#&31%(5!;1%-)*8!$#('%*#$!6%(,)3(!#9#*!(,#! ! $#;%&(%*0!(,#!e)58!(,#!-)11)68!(,#!0'%*-8!(,#!4)--#-8!(,#!3*%(58!(,#!$%9%-%)*-8!'*$! !
$)3.(234!.#*#2%(a)2!'!(1%'4<!+,#5!6#1#!'((#:;(%*0!()!-();!(,#!#:#10#*&#!)2!'*! ! (,#!:'1&,!2)16'1$!'-!6#44!'-!(,#!-#(.'&/-!%*!`#*5'*>;#);4#>-!-(13004#-<!!
D3(!(,'(!6'-!*)(!(,#!#*$!)2!`':%1%%(,3>-!-#'1&,!2)1!'*!'3(,#*(%&!4'*03'0#!! +,#'(1#!)*!RS!U#.13'15!RSTY!'2(#1!:)1#a!(,'*!(#*!6##/-!)2!-(1#*3)3-!6)1/!.5!!
)2!721%&'*!(,#'(1#!%*!2)1:!'*$!&)*(#*(<!! 6,'(!,'$!*)6!.#&):#!'*!%:;)1('*(!'44%'*&#!21):!'44!*'(%)*'4%(%#-!)2!6)1/#1-8! !
C*!=)9#:.#1!RSTR!(,#5!1#01)3;#$!2)1!'*)(,#1!#22)1(8!(,#!;1)$3&(%)*!)2!! ;#'-'*(-!'*$!;1)01#--%9#!(#'&,#1-!'*$!-(3$#*(-<!D5!0)%*0!()!<;#12)1:!'(!(,#!!
?'%(3!=e30%1'!L?)(,#1!-%*0!2)1!:#M<!73$%(%)*-!6#1#!-#(!2)1!V8!RX!'*$!RP! ! `#*5'!='(%)*'4!+,#'(1#!(,#!'44%'*&#!6'-!0)%*0!()!:'/#!(,#!;)%*(!(,'(!'*! !
=)9#:.#1!RSTR8!'4:)-(!'-!%2!`':%1%%(,3!6'-!1#-3:%*0!(,#!-#'1&,!21):!(,#! ! '3(,#*(%&!4'*03'0#!)2!721%&'*!(,#'(1#8!*)!:'((#1!%*!6,'(!-;#&%2%&!721%&'*! !
9#15!$'(#!'*$!:)*(,!%(!,'$!.##*!-();;#$<!C!,'9#!*'11'(#$!(,#!2'(#!)2!(,%-!! ()*03#!%(!2)3*$!#N;1#--%)*8!6)34$!&)::3*%&'(#!()!;#);4#!)2!'44!(,#!!
=#)a[)4)*%'4!`#*5'<!I#1#!C!6)34$!4%/#!()!-%:;45!;)%*(!)3(!(,'(!'44!(,#! ! `#*5'*!;#);4#!)2!'44!(,#!*'(%)*'4%(%#-<!E,#1#!#4-#!()!;1)9#!(,%-!(,'*!)*!(,#! !
#4#:#*(-!)2!(,#'(1#!$#9#4);#$8!%*!RSVV!6#1#!#:;4)5#$!'*$!231(,#1!#N(#*$#$<!! ;1#:%-#-!)2!(,#!-)a&'44#$!`#*5'!='(%)*'4!+,#'(1#<!C(!6'-!.))/#$!()!.#!(,#!!
?'%(3!=e30%1'!$#;%&(#$!(,#!,#1)%&!-(13004#!)2!`#*5'*!6)1/#1-!'0'%*-(!,#!#'145!! 4)*0#-(!13*!#9#1!#9#*!(,)30,!%(!6'-!$31%*0!(,#!)22!(,#'(1#!-#'-)*8!'(!(,#! !
;,'-#!)2!%:;#1%'4%-(!&';%('4%-(!>;1%:%(%9#>!'&&3:34'(%)*!6%(,!&)*2%-&'(%)*!)2! ! .#0%**%*0!)2!(,#!5#'1!'2(#1![,1%-(:'-<!!
4'*$8!2)1&#$!4'.)31!)*!(,#!-':#!-()4#*!4'*$!'*$!,#'95!('N'(%)*!()!2%*'*&#!%(-!! +,#!;#'-'*(-!'*$!6)1/#1-!6#1#!'.)3(!()!.1%*0!*'(%)*'4!(,#'(1#!()!(,#!!
&';%('4!&%(5\!D3(!(,%-!6'-!*)(!()!.#<!+,%-!(%:#!(,#!'3(,)1%(%#-!6)34$!*)(!#9#*! ! J%(%%1)!#(&f!(,#%1!;'1(%&%;'(%)*8!(,1)30,!$%-&3--%)*!)*!(,#!-&1%;(-!'*$!(,#1#2)1#! !
(,#!$))1-f!'*$!(,#!;)4%&#!6#1#!-#*(!()!#*-31#!;3.4%&!;#'&#!'*$!;3.4%&!-#&31%(5<!! &)31-#!(,1)30,!(,#!;#12)1:'*&#-<!+,#!1#'4!4'*03'0#!)2!721%&'*!(,#'(1#!%-!()!.#!!
2':)3-!+,#'(1#!CC!a!6#1#!'0'%*!213-(1'(#$!'2(#1!'.)3(!(#*!-3&,!>1#,#'1-'4->!-##*!! *#6!721%&'!%-!.#%*0!.)1*<!+,#!;#'-'*(-!'*$!6)1/#1-!)2!721%&'!'1#!:'/%*0!'!!
(,#!$))1-!)2!+,#'(1#!CC<!+,'(!6'-!v*!+,31-$'5!YP!U#.13'15!RSTY<!K*!+,31-$'5!! 721%&'*!(,#'(1#!\-,)34$!1#24#&(!(,%-!#9#*!'-!%(!%-!0%9#*!.%1(,!.5!(,'(!9#15!()%4!'*$! !
RR!?'1&,!RSTY!(,#!0)9#1*:#*(!)3(4'6#$!`':%1%%(,3![)::3*%(5!F$3&'(%)*!! (31:)%4<!H3&,!'!(,#'(1#!6%44!2%*$!1#-;)*-#!%*!(,#!,#'1(-!'*$!4%9#-!)2!(,#! !
'1%$![34(31'4![#*(1#!'*$!.'**#$!'44!(,#'(1#!'&(%9%(%#-!%*<!(,#!#*(%1#!'1#'<!7*! ! ;'1(%&%;'*(-f!'*$!#9#*!%*!(,#!,#'1(-!)2!(,)-#!4%9%*0<!)3(-%$#!(,#!%::#$%'(#! !
>%*$#;#*$#*(>!`#*5'*!0)9#1*:#*(!,'$!2)44)6#$!%*!(,#!2))(-(#;-!)2!%(-!&)4)*%'4!! #*9%1)*:#*(!)28!%(-!;,5-%&'4!.#%*0!'*$!);#1'(%)*<!!
;1#$#&#--)1-\!%(!.'**#$!'44!(,#!;#'-'*(!'*$!6)1/#1!.'-%-!2)1!0#*3%*#!*'(%)*'4!! 7!VQ!5#'1!)4$!;'1(%&%;'*(8!=e)/%!6'!=):31'8!6'-!%*(#19%#6#$!%*!+,#!"'%45! !
K*!RY!?'1&,!RSTY!(,1##!(13&/4)'$-!)2!'1:#$!;)4%&#:#*!6#1#!-#*(!()!! >E,#*!(,#!`':%1%%(,3!+,#'(1#!01)3;!-('1(#$>8!=e)/%!-'%$8!>6#!)4$!;#);4#! !
`':%1%%(,3![)::3*%(5!F$3&'(%)*!'*$![34(31'4![#*(1#!'*$!1'h#$!(,#!);#*a'%1!! 2)3*$!6#!&)34$!.#!3-#234!.5!(#'&,%*0!(,#!5)3*0!-):#!)2!(,#!(,%*0-!(,#5!!
(,#'(1#!()!(,#!01)3*$<!D5!-)!$)%*0!%(!#*-31#$!(,#!%::)1('4%(5!)2!(,#!`':%1%%(,3! ! $%$!*)(!/*)6<!C!2#4(!C!6'-!$)%*0!-):#(,%*0!%:;)1('*(!()!,#!*'(%)*!.5! !
#N;#1%:#*(-!'*$!-#'1&,!2)1!;#'-'*(j6)1/#1a.'-#$!4'*03'0#!)2!721%&'*!(,#'(1#<!! (#'&,%*0!(,#!-)*0-!(,'(!6#!3-#$!%*!=0'',%/'!=$##*$'!'*$!(,'(!%-!6,5!C!!
7!&)44#&(%9#!(,#'(1#8!)1!6,'(!D)'4!,'-!&'44#$!'!>(,#'(1#!)2!(,#!);;1#--#$>8! ! a':!%*9)49#$!%*!?'%(3!=e30%1'><!<!<!+)!=e)/%!(,#!=0'',%/'!=$##*$'!!
6'-!;1)$3&#$!.5!'!1'*0#!)2!2'&()1-\!'!&)*(#*(!6%(,!6,%&,!;#);4#!&)34$!%$#*(%25! ! #N;#1%#*&#!-,)6#$!,)6!,%-()15!&'*!.#!.1)30,(!()!(,#!2)1#!(,1)30,!$1':'!!
&'11%#$!%*!'!2)1:!6,%&,!(,#5!&)34$!1#&)0*%-#!'*$!%$#*(%25f!(,#%1!;'1(%&%;'(%)*!%*!! -)!(,'(!>&,%4$1#*!:'5!/*)6!6,'(!(,#%1!;'-(!6'-!4%/#!'*$!-)!(,'(!(,#5!:'5! !
%(-!#9)43(%)*!(,1)30,!(,#!1#-#'1&,!-('0#-8!(,'(!%-!.5!(,#!&)44#&(%)*!)2!1'6! ! ,#4;!%*!(,#!.3%4$%*0!)2!'!,#'4(,5!-)&%#(5<!+,#!*#6!;4'58!?'%(3!=e30%1'8!%-! !
:'(#1%'4!4%/#!$#('%4-!)2!6)1/!&)*$%(%)*-!%*!2'1:-!'*$!2%1:-f!(,#!&)44#&(%)*!)2!)4$! ! #b3'445!%:;)1('*(!.#&'3-#!9#15!2#6!`#*5'*-!()$'5!/*)6!6,'(!%(!:#'*(!()!!
-)*0-!'*$!$'*&#-!4%/#!?3(,%1%038!?3&3*0>6'8!'*$!?6):.)/)!'*$!);#1'!! .#!&)4)*%h#$!%*!(,#!RSOQ>-!6,%&,!%-!6,'(!(,#!;4'5!%-!'.)3(<LTM! !
2)1:-!4%/#!! H%:%4'1!-#*(%:#*(-!6#1#!#N;1#--#$!.5!'44!(,#!)(,#1-!%*(#19%#6#$!%*!(,#! !
]Q!! -':#!%--3#!'*$!.5!)(,#1-!%*(#19%#6#$!%*!+,#!H('*$'1$!)2!U1%$'5!YS!c'*3'15!!
RSTY<!E'*e%13!6'!=0%0%8!'!5)3*0!-#&1#('15!'*$!:)(,#1!)2!(6)!-3::'1%-#$!%(!! 6,%&,!:#'*-!>U)44)6!%*!:5!2))(-(#;-><! !
'44\!! +,#1#!,'-!.##*!'*!%*(#1#-(%*0!(6%-(!()!(,#!`':%1%%(,3!-()15<!C*!U#.13'15! !
"31%*0!1#,#'1-'4!-)!2'18!C!,'9#!$%-&)9#1#$!-)!:3&,!C!$%$!*)(!/*)6!'.)3(!! RSTX!@1#-%$#*(!?)%!:'$#!>'!-31;1%-#!9%-%(>!()!`':%1%%(,3!'*$!,#!-,#$!(#'1-!'(! !
:5!)6*!,%-()15<!C!&'*!-'5!6%(,!&)*2%$#*&#!(,'(!C!/*)6!'*$!C>:!-(%44! ! (,#!;)9#1(5!,#!-'6!'1)3*$!(,#!&#*(1#\!,)6!&'*!,3:'*!.#%*0-!4%9#!%*!-3&,!!
4#'1*%*0!a!'!01#'(!$#'4!:)1#!'.)3(!:5>!)6*!&34(31#<!`*)6%*0!:)1#!'.)3(!! &)*$%(%)*-k!K*!>'*!%:;34-#>8!>'*!3*1#,#'1-#$>!'&(!)2!>;#1-)*'4>!0#*#1)-%(58!,#! !
:5!;'-(!,'-!:'$#!:#!)1#!-#*-%(%9#!()!:5!;1#-#*(!-%(3'(%)*!'*$!(,'(!)2!:5! ! (,#1#!'*$!(,#*!0'9#!'!$)*'(%)*!()6'1$-!(,#!.3%4$%*0!)2!'!;)45(#&,*%&!6,#1#!(,#!!
23(31#!'*$!(,#!23(31#!)2!:5!&,%4$1#*<!LSM! ! );#*!'%1!(,#'(1#!3-#$!()!.#<!=)!:#*(%)*!)2!(,#!`':%1%%(,3![)::3*%(5!!
C*!%(-!-,)1(!;#1%)$!)2!;,5-%&'4!#N%-(#*&#!`':%1%%(,3!,'$!'*!#22#&(!)*!(,'(! ! F$3&'(%)*!'*$![34(31'4![#*(1#<!D3(!(,#!;#);4#!6#1#!*)(!$#&#%9#$<!7!!
:)9#:#*(!%*!`#*5'*!(,#'(1#!$#-&1%.#$!#'14%#1!%*!(,%-!&,';(#1<!+,#1#!6'-!(,#!! ;)45(#&,*%&!6'-!6,'(!(,#5!6#1#!,);%*0!()!.3%4$<!+,#5!6)34$!6#4&):#!)*#! !
:)9#!()6'1$-!(,#!;#);4#!'*$!(,#!01'$3'4!.3(!01)6%*0!&)*2%$#*&#!%*!;#);4#>-!! .3%4(!.5!(,#!0)9#1*:#*(!2)1!'2(#1!'44!%(!6'-!(,#%1!:)*#5<!D3(!(,#!1#0%:#!,'-! !
4'*03'0#-!'*$!(,#%1!3-#!%*!(,#'(1#<!+,#1#!6'-!'4-)!(,#!#:#10#*&#!)2!! $%22#1#*(!,);#-<!D5!%(-!6'*()*!'&(!)2!$#-(13&(%)*!)2!`':%1%%(,3!+,#'(1#!%*!RSTY8! !
6#-(#1*!`#*5'<!+,#5!6#1#!*)(!'!&);5!)2!! '4%#*'(#$!21):!(,#!;#);4#<!C(-!%*(#*-%2%#$!1#;1#--%)*!)2!`#*5'*-!%*!RSTY!a!!
]R!! (,1)30,!$#(#*(%)*-!6%(,)3(!(1%'4!)1!%:;1%-)*:#*(!)*!(13:;#$a3;!&,'10#-8!!
`':%1%%(,3!.3(!6#1#!%*-;%1#$!.5!'!-%:%4'1!2#4(!*##$!2)1!'!1#*'%--'*&#!)2!`#*5'*! ! ;'1(%&34'145!)2!3*%9#1-%(5!4#&(31#1-!'*$!-(3$#*(-!a!$%$!*)(!%:;1)9#!%(-!%:'0#!'*$!!
&34(31#!6,%&,!6)34$!.#!'&,%#9#$!.5!0)%*0!()!(,#!1))(-!)2!%(-!.#%*0!%*!(,#!4%9#-! ! %(-!231(,#1!'4%#*'(%)*!21):!(,#!;#);4#<!C(!,);#-!(,'(!;#);4#!&'*!2)10#(!(,#! !
'*$!4'*03'0#-!)2!(,#!;#);4#<!+,#!$#-(13&(%)*!)2!`':%1%%(,3!6'-!(,3-!:3&,!! '4(#1*'(%9#!9%-%)*8!#9#*!(,)30,!3*1#'4%-#$8!.3(!#:.)$%#$!%*!(,#!`':%1%%(,3!!
:)1#!(,'*!'!$#-(13&(%)*!)2!'*!);#*!'%1!(,#'(1#<!C*!%(-!-#'1&,!2)1!'*!'3(,#*(%&! ! #N;#1%#*&#<!`':%1%%(,3!:3-(!*)(!.#!'44)6#$!()!.#&):#!'!1#9)43(%)*'15!-,1%*#! !
4'*03'0#!)2!721%&'*!(,#'(1#8!`':%1%%(,3!,'$!0%9#*!;'4;'.4#!2)1:!()!'!9%-%)*!)2! ! @#);4#!,'9#!()!.#!('30,(!(,#!9%1(3#-!)2!-3.-#19%#*&#!'*$!01'(%(3$#!()!'!0'44#15!!
`#*5'>-!23(31#!'!`#*5'!2)1!`#*5'*-8!'!-#42a1#4%'*(!`#*5'!2)1!'!-#42a1#4%'*(!! )2!-('1-<!!
;#);4#8!'!9%-%)*!#:.)$5%*0!'!&)::3*'4!#(,)-!)2!$#:)&1'&5!'*$!! D3(!&'*!'*!%$#'!.#!/%44#$k!['*!5)3!$#-(1)5!'!1#9)43(%)*'15!-,1%*#!%(-#42!!
%*$#;#*$#*&#<!+,%-!9%-%)*!6'-!$%':#(1%&'445!);;)-#$!()!(,#!-3.-#19%#*&#!()!(,#!! #*-,1%*#$!%*!(,#!1#9)43(%)*'15!-;%1%(!)2!'!;#);4#k!!
GH7!'*$!6#-(#1*!%:;#1%'4%-(!%*(#1#-(-!1#;1#-#*(#$!.5!(,#!*#)a&)4)*%'4!1#0%:#!! C!6'-!%*!F31);#!%*!c3*#!RSTY!6,#*!C!,#'1$!(,#!*#6-\!"1!`%:'*%!J#&'38! !
)2!.)(,!`#*5'(('!'*$!?)%8!6,%&,!%-!*)6!#:.)$%#$!%*!(,#!-4)0'*!)2!=5'5)%-:!! &,'%1:'*!)2!(,#!A%(#1'(31#!"#;'1(:#*(!'*$!$%1#&()1!)2!=0'',%/'!=$##*$'!%*!!
RSVV!'*$!&)a$%1#&()18!6%(,!E'%06'!E'&,%%1'8! )2!?'%(3!=e30%1'!%*!RSTRaTY8!! O!C!':!%*$#.(#$!()!E'-':.)!E#1#!2)1!(,#!&):;'1%-)*!.#(6##*!+,#!F:;(5!H;'1#!)2!
,'$!24#$!()!B%:.'.6#<!=030%!6'!?%1%%8!'!:)-(!$#$%&'(#$!'*$!%*$#2'(%0'.4#! ! @#(#1!D1))/>-!(%(4#8!!
6)1/#1!2)1!'!;#);4#>-!&'3-#8!'*$!(,#!&))$%*'(%*0!$%1#&()1!)2!8!`':%1%%(,3! ! '*$!(,#!;1'&(%&#!)2!721%&'*!4%(#1'(31#!$31%*0!'!$%-&3--%)*!C!,'$!6%(,!,%:!)*!+,#'(1#!%*!
]Y!! `#*5'!%*!A)*$)*!!
[)::3*%(5!F$3&'(%)*!'*$![34(31'4![#*(1#!'4-)!,'$!()!24##!'!2#6!,)31-!',#'$!! RSTO<!!
)2!(,)-#!6%(,!'!6'11'*(!2)1!,%-a!'11#-(!'*$!;)--%.4#!$#(#*(%)*<!+,#5!,'9#!.##*!! X![):;'1#!'4-)!6%(,!E)4#!H)5%*/'>-!+,#!A%)*!'*$!(,#!e#6#48!(,#!#N&,'*0#!.#(6##*!
,#4;%*0!()!-#(!3;!131'4a.'-#$!&34(31'4!&#*(1#-!'*$!%*!RSTO!;1)$3&#$!+,#!+1%'4!)2!! A'/3*4#8!(,#!-&,))4!!
"#$'*!`%:'(,%!%*!(,#!H,)*'!4'*03'0#<!C(!6'-!%*!(,#!-':#!:)*(,-!)2!c3*#!'*$!! (#'&,#1!6,)!b3)(#-!'.3-#-!21):!(,#!H,)1(#1!KN2)1$!"%&(%)*'15!'*$!H%$%8!(,#!%44%(#1'(#!
c345!RSTY!(,'(8!'-!C!6'-!'.)3(!()!1#(31*!()!`#*5'8!C!1#&#%9#$!21'*(%&!:#--'0#-!! 9%44'0#!6):'*!!
21):!$%22#1#*(!$%1#&(%)*-\!)1$#1-!6#1#!)3(!2)1!:5!'11#-(!'*$!$#(#*(%)*!6%(,)3(! ! 6,)!;1#-3:'.45!-;#'/-!m)13.'<!C*!6,'(!4'*03'0#!%-!A'/3*4#!-;#'/%*0\!m)13.'!)1!
(1%'4!)*!'11%9'4!'(!(,#!c):)!`#*5'(('!7%1;)1(!%*!='%1).%<!H,)34$!C!*)(!$#4'5!:5! ! F*04%-,k!E,'(!!
1#(31*k!C!$%$!'*$!C!,'9#!.##*!(#44%*0!(,#!`':%1%%(,3!-()15!6,#1#9#1!'*$!! '.)3(!H%$%k!C*!(,#!(#N(!(,#5!'1#!.)(,!-;#'/%*0!F*04%-,8!)2!&)31-#<!!
6,#*#9#1!C!,'9#!'!&,'*&#<!U)1!)*!'!;#1-)*'4!4#9#4!%(!,'-!&,'*0#$!:5!4%2#<! ! P!=030%!'*$!=030%!C!E%44!?'115!E,#*!C!E'*(8!='%1).%!'*$!A)*$)*!RSTY8!;;<!YRaS<!!
C(!,'-!4#$!:#!()!;1%-)*8!5#-f!%(!0)(!:#!.'**#$!21):!(#'&,%*0!'(>!(,#! ! ]!`'14!?'1N![';%('48!d)4<!C8![,';<!dCC8!;<!RVV<! !
,'-!'4-)!:'$#!:#!&)*21)*(!(,#!6,)4#!b3#-(%)*!)2!(,#!4'*03'0#!)2!721%&'*!<!! T!"'%45!='(%)*!YY!c'*3'15!RSTY<!!
(,#'(1#a!6,%&,!(,#*!4#$!:#!()!&)*21)*(!(,#!4'*03'0#>!)2!721%&'*!2%&(%)*<! ! S!+,#!H('*$'1$!YS!c'*3'15!RSTY<!+,#!(6)!2#'(31#-!.5!+,#!"'%45!='(%)*!'*$!+,#!
=)(#-!! H('*$'1$!&'115!:'*5!!
R!H##!'4-)!=030%!6'!?%$%>!K*!A%(#1'15![)*(#*(!E)1/%*0!;';#1!*)<!OXQ8!C"H8!='%1).%8! )(,#1!&)::#*(-!'*$!$%1#&(!b3)(#-!21):!;'1(%&%;'*(-!6,%&,!0%9#!'*!%*-%0,(!%*()!(,#!
7;1%4!RSVS<!I#!! ;);34'1!.'-#!)2!!
;4'&#-!,%-!$%-&3--%)*!)2!(,#!4%(#1'15!&)*(#*(!'(!`':%1%%(,3![)::3*%(5!F$3&'(%)*'4! (,#'(1#<!!
'*$![34(31'4![#*(1#!! ]O!!
%*!'!&4'--!'*'45-%-!)2!(,#!9%44'0#!&)::3*%(5<! ! +,#!A'*03'0#!!
Y!c):)!`#*5'(('!U'&%*0!?)3*(!`#*5'8!A)*$)*!RSOT<!! )2!721%&'*!U%&(%)*!!
C!! ;'1(%&34'145!*)9#4-!61%((#*!.5!721%&'*-<!+,#5!'1#!U1'*(h!U'*)*!+,#!E1#(&,#$!!
K*#!)2!:5!.))/-!"#('%*#$!,'-!(,#!-3.(%(4#!7!E1%(#1>-!@1%-)*!"%'15<!E,5!'!! )2!(,#!F'1(,8!:)-(45!(,#!&,';(#1!(%(4#$!>(,#!;%(2'44-!)2!*'(%)*'4!&)*-&%)3-*#-->! !
61%(#1>-!;1%-)*!$%'15k!D#&'3-#!(,#!:'%*!(,#:#!6'-!(,#!;1)&#--!)2!61%(%*0!'! ! '*$!d<!C<!A#*%*>-!C:;#1%'4%-:8!(,#!I%0,#-(!H('0#!)2![';%('4%-:<! !
*)9#4!3*$#1!;1%-)*!&)*$%(%)*-<!['%(''*%!?3(,'1'.'%*%!L%*!F*04%-,!"#9%4!)*!(,#!! O!!
[1)--M!6'-!;3.4%-,#$!.5!I#%*#:'**!%*!RSTQ!'*$!%(!6'-!(,#!2%1-(!*)9#4!)2!%(-! ! ]X!!
/%*$!%*!-&);#!'*$!-%h#!%*!(,#!J%/353!4'*03'0#<!! U%9#!$'5-!4'(#1!a)1!#N'&(45!-%N!>6##/-!'2(#1!(,#!.'**%*0!)2!=0'',%/'!!
C*!$%-&3--%*0!(,#!4'*03'0#!)2!721%&'*!2%&(%)*!C!-,'44!$1'6!,#'9%45!)*!(,#! ! =$##*$'!aC!6'-!%*!,!R]!'(!`':%(%!?'N%:3:!H#&31%(5!@1%-)*!'-!'!;)4%(%&'4! !
#N;#1%#*&#!)2!61%(%*0!['%(''*%!?3(,'1'.'%*%!'*$!C!,);#!(,'(!%*!(,#!;1)&#--!C! ! $#('%*##!'*-6#1%*0!()!'!:#1#!*3:.#1!`]8VV<![#44!R]!6)34$!.#&):#!2)1!:#! !
-,'44!$#:)*-(1'(#!(,#!6%$#1!%--3#-!'*$!;1).4#:-!)2!(,#!#N%-(#*!(,#!)1%0%*-8!! 6,'(!d%10%*%'!E))42!,'$!&'44#$!7!W)):!)2!K*#>-!K6*!'*$!6,%&,!-,#!&4'%:#$! !
7(!(,#!(%:#!)2!:5!'11#-(!'(!:5!,):#!)*!OR!"#&#:.#1!RSVV!C!6'-8!%*! ! 0)9#1*:#*(<!!
F$3&'(%)*'4!'*$![34(31'4![#*(1#8!(,#![,'%1:'*!)2!(,#!A%(#1'(31#!"#;'1(:#*(!'(!! H)8!&)*2%*#$!6%(,%*!(,#!6'44-!)2!(,'(!1)):!)2!:5!)6*8!C!(,)30,(!'!01#'(!$#'4! !
(,#!G*%9#1-%(5!)2!='%1).%!'*$!7--)&%'(#!@1)2#--)1<!C!1#:#:.#1!:5!4'-(!4#&(31#<! ! '.)3(!:5!6)1/!%*!(,#!A%(#1'(31#!"#;'1(:#*(!a!,'$!:5!-(3$#*(-!1#'$!U1'*(h!!
C(!6'-!()!:5!(,%1$!5#'1!-(3$#*(-<!>=#N(!5#'18>!C!()4$!(,#:!%*!;'1(%*08!>C!6'*(!()! ! U'*)*!'*$!A#*%*!)*!&)4)*%'4%-:!'*$!%:;#1%'4%-:k!a!'*$!)2!&)31-#!'.)3(!:5!!
'((#:;(!'!&4'--!'*'45-%-!)2![,%*3'!7&,#!.#>-!2%&(%)*!21):!+,%*0-!U'44!7;'1(!3;!! ;'1(%&%;'(%)*!'(!`':%1%%(,3![)::3*%(5!F$3&'(%)*'4!'*$![34(31'4![#*(1#!a!,'$!!
()!J%14-!'(!E'1<!C!6'*(!%*!;'1(%&34'1!()!(1'&#!(,#!$#9#4);:#*(!)2!(,#!:#--#*0#1! ! (,#!;'1(%&%;'*(-!&)*(%*3#$!6%(,!'$34(!4%(#1'&5k!a!'*$!%*$##$!'.)3(!:5!#*(%1#!!
F'-#f!()!(,#%1!'--3:;(%)*!'*$!#N#1&%-#!)2!;)6#1!%*!7!?'*!)2!(,#!@#);4#f!()! ! '*$!(,#!;#);4#<!C*!:5!&'-#!(,#!1#0%:#!6'*(#$!()!/##;!:#!'6'5!21):!(,#! !
6#!:##(!()!$%-&3--!'44!(,#-#!;1).4#:-8!C!310#!5)3!()!1#'$!(6)!.))/-!6%(,)3(! ! '*$!(,#!.#-(!6'5!6'-!()!3-#!(,#!9#15!&)*$%(%)*-!%*!;1%-)*!()!.1#'/!(,'(!%-)4'(%)*! !
6,%&,!C!.#4%#9#!%(!%-!%:;)--%.4#!()!3*$#1-('*$!6,'(!%*2)1:-!721%&'*!61%(%*08! ! '*$!1#a#-('.4%-,!'!<&)*('&(!$#-;%(#!(,#!.4#'/!6'44-!'*$!(,#!&,'%*#$!$))1-<!?5!!
$#(#1:%*'(%)*!.#&':#!-,'1;#*#$!6,#*!'!9#15!&13#4!;1%-)*!-3;#1%*(#*$'*(!! -3-;%&%)3-45!;)--#--%*0!'44!(,#!2#'(31#-!)2!2#3$'4!,%#1'1&,%#-!)2!*).4#-!'*$!!
*)9#4-!6%(,!;)#:-<!! -;%1%(3'4!1#24#&(%)*!%*!'!J)$!)2!;1)2%(!'*$!4)--<!+)$'5!(,#!-)*0!%-8!4#(!4'.)31! !
D3(!6,5!'!*)9#4k!7*$!6,5!%*!J%/353!4'*03'0#k!! ,)4$!(,#!1#%*-f!(,#*!(,#!-)*0!6'-8!4#(!(,#!.)310#)%-!,)4$!(,#!1#%*-\! !
CCC!! +,#!F31);#!(,'(!&':#!()!721%&'!'(!(,#!#*$!)2!(,#!*%*#(##*(,!&#*(315!,'$!'(!!
=)(!-)!4)*0!'0)!(,#!*)9#48!4%/#a!J)$8!6'-!$#&4'1#$!$#'$8!'(!4#'-(!%*!%(-! ! %(-!,#'$!(,#!9%&()1%)3-!.)310#)%-!:'*8!*)6!(1'*-2)1:#$!21):!'!&';('%*!)2! !
#%0,(##*(,!'*$!*%*#(##*(,!&#*(315!2)1:-<!+,#1#!6'-!#9#*!'!:)9#:#*(!%*!-#'1&,!! %*$3-(15!%*!'!21##!:'1/#(!-5-(#:!%*()!'!&)::'*$#1a%*a&,%#2!)2!9'-(!2%*'*&%'4!!
)2!'!*)39#'3!1):'*!.3(!C!':!*)(!-31#!6,#(,#1!(,#1#!6'-!'4-)!'!;'1'44#4! ! 1#-)31&#-!1#034'(%*0!,30#!%*$3-(1%#-!'*$!&)::#1&%'4!:)*);)4%#-!'*$!%*!-#'1&,!!
:)9#:#*(!%*!-#'1&,!)2!'!*#6!J)$!)18!2)1!(,'(!:'((#18!6,#(,#1!(,#!-#'1&,!6'-! ! )2!*#6!:'1/#(-!()!&)*b3#1!'*$!()!0)9#1*<!!
$#'(,!)2!(,#!*)9#4!6'-!*)(!(,#1#2)1#!)*#!)2!:5!;1).4#:-<!! &,'1'&(#1%-#$!.5!(,#!4)6!4#9#4!)2!$#9#4);:#*(!)2!;1)$3&(%9#!2)1&#-<!I#*&#!%(! !
]P!! 6'-!$):%*'(#$!.5!'*!%*&):;1#,#*-%.4#!'*$!3*;1#$%&('.4#!*'(31#8!)1!1'(,#1!.5!'!!
=#9#1(,#4#--!(,#!*)9#48!'(!4#'-(!%*!(,#!2)1:!(,'(!1#'&,#$!3-!%*!721%&'8!%-!)2! ! *'(31#!()!'*!#N(#*(!)*45!/*)6'.4#!(,1)30,!1%(3'48!:'0%&!'*$!$%9%*'(%)*<!+,%-! !
.)310#)%-!)1%0%*-<!C(!'1)-#!6%(,!(,#!#:#10#*&#!)2!(,#!F31);#'*!.)310#)%-%#!! *'(31#8!4'10#458!3*/*)6'.4#!'*$!4'10#45!,)-(%4#8!&)34$!.#!2'&#$!(,1)30,!'!!
$#9#4);:#*(!)2!(,#<!*#6!(#&,*)4)05!)2!(,#!;1%*(%*0!;1#--!'*$!,#*&#!! ;1'&(%&#-8!.3(!'4-)!,3:'*#!%*!%(-!;#1-)*'4!1#4'(%)*-!'*$!%(-!'6'1#*#--!)2!:3(3'4! !
@()4#:5!6'-!.#%*0!1#;4'&#$!.5!(,#!6)14$!)2![);#1*%&3-!'*$!J'4%4#)f!(,#!6)14$! ! ,3:'*!.#%*0-!'44!%*(#1:%*04%*0!'*$!%*(#1'&(%*0!%*!'!&)#N%-(#*&#!)2!:3(3'4! !
)2!'4&,#:5!.5!(,'(!)2!&,#:%-(15f!(,'(!)2!:'0%&!'*$!$%9%*#!6%44-!.5!(,'(!)2! ! -3-;%&%)*8!,)-(%4%(58!'*$!&3**%*0!.3(!'4-)!)&&'-%)*'4!:):#*(-!)2!&)a);#1'(%)*<!!
#N;#1%#*&#!%*!*'(31#!'*$!%*!,3:'*!'22'%1-<!+,#!F$:3*$-!)2!(,#!*#6!6)14$!! +,#!-)&%'4!-(13004#-!6#1#!1#24#&(#$!%*!'*)(,#1!(5;#!)2!4%(#1'(31#8!(,'(!)2!#;%&! !
6#1#!#9#156,#1#!&,'44#*0%*0!(,#!`%*0!A#'1-!)2!(,#!)4$!)1$#1<!7!6)14$!! ;)#(%&!*'11'(%9#-!#.1'(%*0!(,#!,#1)%&!$##$-!)2!/%*0-!'*$!#N&#;(%)*'4!:#*!!
$):%*'(#$!.5!*'(31#!'*$!%(-!-;%1%(3'4!1#24#&(%)*!%*!J)$>-!/%*0$):!.)(,! ! 6,)!,'$!-#19#$!(,#!8!&)::3*%(5!%*!(%:#-!)2!6'1!)1!$%-'-(#1<!+,#!%*(#1*'4!'*$! !
#N(#1*'4!-(13004#-!)2!(,#-#!-)&%#(%#-!'*$!,#*&#!(,#!$#9#4);:#*(!)2!(,#%1!! '*$!&1)--!1#0%)*'4!3*$#1$#9#4);:#*(<![';%('4%-:!%*(1)$3&#$!;4#*(5!'*$!!
;1)$3&(%9#!2)1&#-!'*$!;1)01#--%9#!:'-(#15!)9#1!*'(31#!6#1#!,%*$#1#$!! ;)--%.%4%(%#-!)2!(,#!&)*b3#-(!)2!,3*0#1\!&';%('4%-:!#*-31#$!;)9#1(5!'*$!:'--!!
]]!! -('19'(%)*!)*!'!-&'4#!3*/*)6*!.#2)1#<![';%('4%-:!'*$!(,#!$#9#4);:#*(!)2!!
.5!F31);#'*!-4'9#15!6,%&,!)2(#*!$%-13;(#$!-#((4#$<!'01%&34(31#!&):;#44%*0!! -&%#*&#!'*$!(#&,*)4)05!%*(1)$3&#$!(,#!;)--%.%4%(%#-!)2!(,#!&)*b3#-(!)2!*'(31#\!!
:'--!:%01'(%)*!'*$!:)9#:#*(-<>!D3(!(,#%1!*'(31'4!$#9#4);:#*(!6'-!:)1#!! &';%('4%-:!.5!%(-!3*&)*(1)44#$!3-#!'*$!#N;4)%('(%)*!)2!*'(31'48!1#-)31&#-!!
(,1)30,!%(-!,#1%('0#!<)2!'!,%0,45!$#9#4);%*0!-&%#*&#!'*$!(#&,*)4)058!%(-!! $#-#1(%2%&'(%)*<![';%('4%-:!%*(1)$3&#$!'!*#6!:#$%&'4!-&%#*&#!()!&)*b3#1!!
':'--%*0!)2!#*)1:)3-!;1)$3&(%9#!2)1&#-!(,1)30,!'!1#)10'*%h'(%)*!)2!(,#!4'.)31!! $%-#'-#-\!&';%('4%-:!(,1)30,!%(-!-#4#&(%)*!;1#-&1%;(%)*!)2!:#$%&'4!&'1#8!'(!4#'-(!!
)2!:%44%)*-!3*$#1!#%0,(##*(,!'*$!*%*#(##*(,!&#*(315!:#1&'*(%4#!'*$!%*$3-(1%'4!! %*!(,#!&)4)*%#-8!#*-31#$!'!$%-#'-#a1%$$#*!;);34'(%)*!6,)!*)6!4'&/#$!,#4;!21):!!
&';%('4!a!.1)30,(!()!721%&'<!(,#!;)--%.%4%(%#-!)2!/*)6%*0!'*$!:'-(#1%*0!(,'(! ! (,#!,#1.'4%-(-!'*$!;-5&,%'(1%-(-!6,)-#!;1'&(%&#-!,'$!.##*!&)*$#:*#$!'-!!
6)14$!)2!*'(31#<!D3(!'(!(,#!-':#!(%:#!%(!$#*%#$!(,#!&)*b3#1#$!1'&#-!'*$!;#);4#-! ! $#9%415<!!
6#1#!&)*2%-&'(#$8!(,#%1!;#);4#!)2(#*!/%44#$!.5!'!&%9%4%-'(%)*!(,'(!,'$!6%;#$!)3(! ! %(-!%$#)4)05!%*(1)$3&#$!61%(%*0!()!:'*5!721%&'*!4'*03'0#-\!C(!6'-!*#&#--'15! !
;);34'(%)*-!'*$!&%9%4%-'(%)*-!%*!7:#1%&'8!=#6!B#'4'*$!'*$!73-(1'4%'<!+,3-!(,#!! (,'(!(,#!.%.4%&'4!:#--'0#!)2!-3.-#19%#*!(,#!'$:%*%-(1'(%9#!)1$#1-!2)1!4'.)31! !
9#15!:#'*-!'*$!.'-%-!)2!'!;1)01#--%9#!)1$#1%*0!)2!(,#%1!)6*!4%9#-!6#1#!('/#*!! '*$!('N#-!'*$!(,#!:%4%('15!'*$!;)4%&#!)1$#1-!2)1!/%44%*0!1#&'4&%(1'*(-8!1#'&,#$! !
'6'5!21):!(,#:<!+,#!#4'.)1'(#!-5-(#:-!6)1/#$!)3(!()!&);#!6%(,!*'(31#!'*$! ! (,#!*'(%9#!:#--#*0#1-!'-!$%1#&(45!'-!;)--%.4#<!W%9'4!%:;#1%'4%-:-!'*$!(,#! !
6%(,!)*#!'*)(,#1!6#1#!)2(#*!$#-(1)5#$8!4#'9%*0!,3:'*!.#%*0-!'(!(,#!:#1&5!)2!'! ! &)4)*%'4!;1'&(%&#!)2!$%9%$#!'*$!134#!!
'*$!%(-!&)*(1'$%&(%)*-!(,'*!*'(31#!%(-#42<!! %*(1)$3&#$!&)*(1'$%&()15!1#;1#-#*('(%)*-!)2!(,#!-)3*$!-5-(#:-!)2!(,#!9#15!-':#!!
%*$3-(15!:#'*(!;1)$3&(%9%(5!'*$!;)--%.%4%(%#-!)2!6#'4(,!)*!'!-&'4#!3*/*)6*! ! .)3*$'15<!U)1!%*-('*&#!(,#!J4/*5*!4'*03'0#-!,'$!(6)8!1%9'4!)1(,)01';,%#-!!
.#2)1#!3*$#1!2#3$'4!'*$!&)::3*'4%-(%&!-5-(#:-<!D3(!(,#!&)4)*%'4!-5-(#:8!! $#9#4);#$!.5!;1)(#-('*(!'*$!&'(,)4%&!:%--%)*'1%#-<!D#2)1#!(,%-!6'-!1#&(%2%#$8! !
(,1)30,!1#;1#--%9#!1'&%-(!%$#)4)0%#-8!#*-31#$!(,#!;1%9'(#!';;1);1%'(%)*!)2!(,'(!! a(6)!aJ%/*5*!-;#'/%*0!&,%4$1#*!&)34$!6#44!,'9#!.##*!%*!(,#!;)-%(%)*!6,#1#!!
6#'4(,!%*!'!2#6!,'*$-8!:)-(45!6,%(#<!C:;#1%'4%-:!(,3-!%*(1)$3&#$!:'--!;)9#1(5! ! (,#5!&)34$!*)(!1#'$!#'&,!)(,#1-!4#((#1-!)1!#--'5-<!70'%*!%:;#1%'4%-:!%*(1)$3&#$!!
4%(#1'&58!.3(!)2(#*!&)*2%*#$!%(!()!&4#1/-8!-)4$%#1-8<!;)4%&#:#*8!'*$!(,#!;#((5!&%9%4! ! '&(%)*8!'*$!%(-!0#*#1'4!'--3:;(%)*!(,'(!(,#!6)14$!%*!6,%&,!6#!4%9#!&'*!.#! !
-#19'*(-8!(,#!*'-&#*(!:#--#*0#1!&4'--!'.)3(!6,%&,!C!6'-!0)%*0!()!('4/!()!:5! ! 3*$#1-())$!)1!'(!4#'-(!'*'45-#$!(,1)30,!).-#19'(%)*-!)2!;'((#1*-!)2!.#,'9%)31!!
-(3$#*(-<!+,3-!#9#*!)*!(,#!#9#!)2!%*$#;#*$#*&#f!(,#!:'--#-!)2!721%&'*!;#);4#!! )2!%*$%9%$3'4-!)1!)2!(,#!&,'*0%*0!;'((#1*-!)2!,3:'*!1#4'(%)*-,%;-!.#(6##*!!
&)34$!*)(!1#'$!)1!61%(#<!! 01)3;-!'*$!%*$%9%$3'4-<!!
C:;#1%'4%-(!*'(%)*-!'4-)!%*(1)$3&#$!(,#!;1%*(%*0!;1#--!'*$!(,#!;)--%.%4%(%#-! ! 7:%$-(!:'--%9#!%44%(#1'&58!':%$-(!(,#!&)*24%&(%*0!;,)*#(%&!-5-(#:-!#9#*! !
)2!;3.4%-,%*0!2)1!'!6%$#1!'3$%#*&#<!U)1!%*-('*&#!%*!D1%(%-,!&)4)*%-#$!(#11%()1%#-8! ! 6%(,%*!(,#!-':#!4'*03'0#8!':%$-(!(,#!*#6!-3;#1-(%(%)*-!)2!(,#!.%.4#!'*$!(,#! !
;'1(%&34'145!%*!F'-(!'*$![#*(1'4!721%&'f!4%(#1'(31#!.31#'3-!6#1#!#-('.4%-,#$!6%(,! ! &,31&,8!,)6!&'*!6#!('4/!:#'*%*023445!)2!(,#!721%&'*!!
(,#!&)::#*$'.4#!'*$!#*4%0,(#*#$!;)4%&5!)2!;3.4%-,%*0!%*!F*04%-,!'*$!721%&'*!! ]T!!
4'*03'0#-<!D3(!%:;#1%'4%-:!(1%#$!()!&)64!&)*(#*(!&'11%#$!.5!(,)-#!4'*03'0#-<! ! *)9#4k!I)6!&)34$!C!&)*(#:;4'(#!(,#!*)9#4!'-!'!:#'*-!)2!:5!1#&)**#&(%)*!6%(,!!
@3.4%&'(%)*-!6#1#!&#*-)1#$!$%1#&(458!(,1)30,!0)9#1*:#*(!4%&#*-%*0!4'6-!)1!%*t!! (,#!;#);4#!C!4#2(!.#,%*$k!?5!('10#(#$!'3$%#*&#!a!(,#!;#);4#!a!6#1#!(,#!(6)!!
$%1#&(45!(,1)30,!(,#!#$%()1%'4!;1'&(%&#-!)2!(,)-#!13**%*0!(,#!0)9#1*:#*(!'*$!! &4'--#-!#;1#-#*(#$!.5!`':%1%%(,3<!I)6!&)34$!C!('/#!'!2)1:!-)!-;#&%2%&'445! !
:%--%)*'15!<;1#--#-<!721%&'*!4'*0!3'0#-!6#1#!-(%44!<:#'*(!()!&'115!(,#!:#--'0#! ! .)310#)%-!%*!%(-!)1%0%*-8!'3(,)1-,%;!'*$!&)*-3:;(%)*8!2)1!-3&,!'!1#&)**#&(%)*!!
.5!(,#-#!;1#--#-!%*!.))/4#(-8!6#1#!)2(#*!-)!&'1#23445!-#4#&(#$!'-!()!:'/#!(,#:! ! +,#!-)&%'4!)1!#9#*!*'(%)*'4!.'-%-!)2<!(,#!)1%0%*-!)2!'*!%:;)1('*(!$%-&)9#15! !
&'115!(,#!:)1'4!:#--'0#!'*$!%:;4%&'(%)*-!1#9#'4%*0!(,#!3*#11%*0!2%*0#1!)2!'! ! )1!'*5!%*9#*(%)*!%-!*)(!*#&#--'1%45!'!$#(#1:%*'*(!)2!(,#!3-#!()!6,%&,!%(!&'*!.#!!
6,%(#!J)$!%*!,3:'*!'22'%1-<!! ;3(!.5!%(-!%*,#1%()1-<!I%-()15!%-!1#;4#(#!6%(,!#N':;4#-!)2!(,#!);;)-%(#<! !
+,3-!%:;#1%'4%-(!;1#(#*&#-!()!21##!(,#!721%&'*!21):!-3;#1-(%(%)*8!%0*)1'*&#!! J3*;)6$#1!6'-!%*9#*(#$!%*![,%*'<!C(!6'-!#22#&(%9#45!3-#$!.5!(,#!F31);#'*!!
'*$!'6#!)2!*'(31#!)2(#*!1#-34(#$!%*!$##;#*%*0!,%-!%0*)1'*X!%*&1#'-%*0!,%-!! .)310#)%-%#!%*!%(-!-;1#'$!'*$!#N;'*-%)*!()!'44!(,#!&)1*#1-!)2!(,#!04).#<!!
-3;#1-(%(%)*-!'*$!:34(%;45%*0!,%-!'6#!)2!(,#!*#6!6,%;'*$a03*a6%#4$%*0!! ?'(,#:'(%&'4!-&%#*&#!6'-!%*9#*(#$!.5!(,#!71'.-!.3(!%(!,'-!.##*!!
:'-(#1<!7*!721%&'*8!;'1(%&34'145!)*#!6,)!,'$!0)*#!(,1)30,!'!&)4)*%'4!-&,))48!! ';;1);1%'(#$a.5!'44!(,#!*'(%)*-!)2!(,#!#'1(,<!+,#!,%-()15!)2!-&%#*&#!'*$!!
6)34$!:)1#<a1#'$%45!1#4'(#!()!(,#!.%.4#!6%(,!%(-!2'*('-(%&!#N;4'*'(%)*!)2!(,#! ! (#&,*)4)05!('/#*!'-!'!6,)4#!%-!'!1#-34(!)2!&)*(1%.3(%)*-!21):!:'*5!*'(%)*-!'*$! !
)1%0%*-!)2!(,#!3*%9#1-#8!%(-!>$%9%*#>!1#9#4'(%)*-!'.)3(!(,#!-#&)*$!&):%*0!'*$!%(-! ! 1'&#-!%*!721%&'8!7-%'8!F31);#8!7:#1%&'!'*$!73-(1'4'-%'<!+,#!-':#!%-!(13#!)2!(,#!!
,)11%25%*0!;%&(31#-!)2!,#44!'*$!$':*'(%)*!2)1!(,)-#!-%**%*0!'0'%*-(!%:;#1%'4%-(! ! ,%-()15!)2!(,#!'1(-!a!:3-%&8!$'*!-&34;(31#8!;'%*(%*0-!'*$!4%(#1'(31#<!721%&'*!!
)1$#18!(,'*!()!(,#!*)9#48!6%(,!%(-!&'1#234!'*'45-%-!)2!:)(%9#!%*!&,'1'&(#1!'*$! ! :3-%&!'*$!'1(!2)1!%*-('*&#!,'9#!.##*!';;1);1%'(#$!.5!(,#!F31);#!'*$!7:#1%&'!!
)2!(,#!(6#*(%#(,!&#*(315<!E,'(!%-!(13#!)2!(,#!*'(%) *'4!'*$!1'&%'4!)1%0%*-!)2!'!! '*(#&#$#*(-!%*!721%&'*!)1'4!4%(#1'(31#<!+,#!:)-(!#--#*(%'4!#4#:#*(!%*!(,#!!
$%-&)9#15!%-!#9#*!:)1#!;)%0*'*(45!(13#!)2!(,#!&4'--!)1%0%*-!)2!$%-&)9#1%#-<!+,#!! )1'4a('4#!'-a!%*!(,'(!)2!(,#!*)9#4!%-!-(%44!(,#!-()158!(,#!#4#:#*(!)2!6,'(!,';;#*-! !
:)-(!&13&%'4!$%-&)9#1%#-!'*$!(#&,*%&'4!.1#'/(,1)30,-!(,'(!,'9#!&,'*0#$!(,#!! *#N(<!+,#!'1(%-(15!4%#-!%*!(,#!9'1%)3-!$#9%&#-!2)1!:'%*('%*%*0!(,#!-()15<! !
6#'9%*0!4)):8!'*$!(,#!-(#':!#*0%*#!6#1#!'44!(,#!;1)$3&(-!)2!(,#!6)1/%*0! ! )1%0%*-!)2!(,#!*)9#4f!.3(!(,'(!)2!%(-!$#9#4);:#*(!'1%$!(,#!3-#-!()!6,%&,!%(!%-! !
&4'--<<!744!(,#!#'14%#1!&13&%'4!$%-&)9#1%#-!4%/#!(,#!6,##4!2)1!%11%0'(%)*8!)1!(,#! ! &)*(%*3'445!.#%*0!;3(<!!
6%*$:%44!)1!6'(#1a:%448!6#1#!(,#!%*9#*(%)*-!)2!(,#!;#'-'*(15<!70'%*!(,%-!%-!#9#*! ! Cd!!
:)1#!(13#!)2!(,#!'1(-<!+,#!:)-(!%:;)1('*(!.1#'/(,1)30,-!%*!:3-%&8!$'*&#!'*$!! +,#!721%&'*!*)9#4!'*$!%(-!$#9#4);:#*(8!-%*&#!%(-!%*&#;(%)*!#'1458!(,%-!&#*(3158! !
4%(#1'(31#!,'9#!.##*!.)11)6#$!21):!(,#!;#'-'*(15<!F9#*!(,#!0':#-!4%/#!2))(.'44! ! ,'9#!.##*!'$9#1-#45!'22#&(#$!.5!(6)!2'&()1-<!n!!
'*$!'(,4#(%&-!,'9#!&):#!21):!)1$%*'15!;#);4#!6,%4#!'44!(,#!)(,#1-!*)1:'445! ! +,#!;1%*(%*0!;1#--8!(,#!;3.4%-,%*0!,)3-#-!'*$!(,#!#$3&'(%)*'4!&)*(#N(!)2!(,#!!
'--)&%'(#$!6%(,!(,#!3;;#1!&4'--#-!6#1#!1#2%*#:#*(-!)2!(,)-#!)2!(,#!;#);4#<!! *)9#4>-!.%1(,!6#1#!&)*(1)44#$!.5!(,#!:%--%)*'1%#-!'*$!(,#!&)4)*%'4! !
=)6,#1#!%-!(,%-!:)1#!&4#'1!(,'*!%*!(,#!'1#'!)2!4'*03'0#-<!C(!%-!(,#!;#'-'*(15!'*$! ! '$:%*%-(1'(%)*<!+,#!#'145!;1'&(%(%)*#1-!)2!(,#!721%&'*!*)9#48!;'1(%&34'145!%*! !
(,#!6)1/%*0!&4'--!6,)!'1#!&,'*0%*0!4'*03'0#!'44!(,#!(%:#!%*!;1)*3*&%'(%)*-8!%*! ! H)3(,!721%&'8!6#1#!;1)$3&(-!)2!:%--%)*'15!#$3&'(%)*'4!%*-(%(3(%)*-!'*$!(,#5!!
2)1:%*0!*#6!$%'4#&(-8!*#6!6)1$-8!*#6!;,1'-#-!'*$!*#6!#N;1#--%)*-<!C*!(,#!! 6#1#!:)1#!4%/#45!()!,'9#!.##*!#N;)-#$!()!D3*5'*>-!@%401%:>-!@1)01#--!'*$!(,#!!
,'*$-!)2!(,#!;#'-'*(15!'*$!(,#!6)1/%*0!&4'--8!4'*03'0#!%-!&,'*0%*0!'44!(,#!(%:#8!! `%*0!c':#-!)1!73(,)1%h#$!9#1-%)*!)2!(,#!.%.4#!(,'*!()!+)4-()58!D'4h'&!)1!!
%(!%-!*#9#1!'(!'!-('*$-(%44<!+,#!-)&%'4!,%-()15!)2!(,#!6)14$!.#2)1#!(,#!'$9#*(!)2! ! "%&/#*-<!F9#*!6,#*!4'(#1!*)9#4-!6#1#!%*(1)$3&#$!%*!(,#!-&,))4!4%.1'1%#-8!(,#!!
0#*%3-!)2!(,#!4'.)31!)2!:%44%)*-!.5!(,#!%$4#!&4'--#-<!E,5!-,)34$!*)(!(,#!721%&'*! ! $'*0#1)3-8!3*$#-%1'.4#!'*$!3*'&&#;('.4#!:)1'4!'*$!;)4%(%&'4!%*243#*&#-<8!C!!
;#'-'*(15!'*$!6)1/%*0!&4'--!';;1);1%'(#!(,#!*)9#4k!! 1#:#:.#1!)*#!$'5!'(!744%'*&#!I%0,!H&,))48!(,#!:%--%)*'15!,#'$:'-(#1!3-%*0!!
]S!! (,#!:)1*%*0!'--#:.45!()!4#&(31#!3-!)*!(,#!.#'3(5!'*$!(,#!$%0*%(5!)2!74'*!!
C*!'*5!&'-#!(,#!*)9#4!%(-#42!6'-!'*!)3(01)6(,!21):!(,#!#'14%#1!(1'$%(%)*-!)2! ! @'()*>-!*)9#4![15!(,#!D#4)9#$![)3*(15!%*!6,%&,!'!-3.-#19%#*(!*)*a9%)4#*(!!
)1'4!('4#-!'*$!)2!#;%&!;)#(%&!*'11'(%9#-!4%/#!(,)-#!)2!I):#1>-!C4%'$!'*$!K$5--#5!! 721%&'*!&,1%-(%'*!G*&4#!+):!%-!(,#!,#1)f!'*$!(,#*!4'(#1!,#!'&&3-#$!74'*!@'()*!!
)1!(,)-#!)2!A%5)*0)!%*!H6',%4%!4%(#1'(31#<!+,#-#!6#1#!('%*45!(,#!'1(2)1:-!)2! ! )2!0)%*0!'-(1'5!%*!(,#!*#N(!*)9#48!+))!4'(#!(,#!@,'4'1);#8!.5!%*(1)$3&%*0!-#N!!
(,#!;#'-'*(15<!+,#!721%&'*!*)9#4!'-!'*!#N(#*$#$!*'11'(%9#!%*!61%((#*!2)1:!,'$!! -#b3#*&#-!.#(6##*!6,%(#-!'*$!.4'&/-!%*!H)3(,!721%&'<!+,#!#'145!721%&'*!*)9#4!!
;1)$3&#$!3*$#1!-3&,!&%1&3:-('*&!#-f!())/!%(-!(,#:#-!'*$!:)1'4!;1#)&&3;'(%)*!! -(3$#*(-!(31*#$!()!F*04%-,!'-!(,#!9#,%&4#!)2!(,#%1!2%&(%)*'4!#*&)3*(#1!6%(,!(,#%1! !
D31#'3!6)34$!*)(!;3.4%-,!'*!721%&'*!*)9#4!6,%&,!,'$!'*5!.3(!1#4%0%)3-!! (,'(!)2!(,#!721)aF31);#'*!*)9#4<8!+,#!*)9#4!L%*!F*04%-,8!U1#*&,!)1!@)1(303#-#M!!
8(,#:#-!'*$!-)&%)4)0%&'4!(,#:#-!6,%&,!6#1#!21##!21):!;)4%(%&-<!W#(#44%*0!)4$! ! 2)3*$!231(,#1!#*&)31'0#:#*(!(,1)30,!(,#!:34(%*'(%)*'4!;3.4%-,#1-!6,)!-'6!'!!
2'.4#-!'*$!('4#-8!5#-<!W#&)*-(13&(%)*-!)2!;1#&)4)*%'4!! *#6!4%(#1'15!'1#'!2)1!%*9#-(:#*(<!+,#!721)aF31);#'*!*)9#4!%-!*)6!'4:)-(!!
VQ!! %*-#;'1'.4#!21):!I#%*#:'**>-!721%&'*!E1%(#1-!H#1%#-!6%(,!:)1#!(,'*!'! !
:'0%&'4!'*$!1%(3'4!;1'&(%&#-f!5#-<!H()1%#-!)2!&,'1'&(#1-!6,)!:)9#!21):!(,#! ! ,3*$1#$!*)9#4-!)*!%(-!4%-(<!D3(!;3.4%-,#1-!4%/#!A)*0:'*!'*$!,):#01)6*!!
$'1/*#--!)2!(,#!<;1#a&)4)*%'4!;'-(!()!(,#!4%0,(!)2!(,#!&,1%-(%'*!;1#-#*(8!5#-<!D3(! ! 9'1%#(%#-!4%/#!(,#!F'-(!721%&'*!@3.4%-,%*0!I)3-#!'4-)!,'9#!%:;1#--%9#!4%-(-<! !
+,#!-#&)*$!'$9#1-#!2'&()1!6'-!(,#!1%-#!)2!3*%9#1-%(%#-!'*$!&)44#0#-!)*!(,#!! ;)--%.4#!4%.#1'(%)*\!#N;)-31#!)2!%(-!6)34$a.#a;1'&(%(%)*#1-!()!(,#!-#&34'1!!
721%&'*!-)%4!'(!(,#!.#0%**%*0!)2!(,#!2%2(%#-<!L7!;'1'44#4!:)9#:#*(!6'-!(,#! ! (1'$%(%)*!)2!(,#!&1%(%&'4!'*$!-)&%'4%-(!1#'4%-:!)2!(,#!F31);#'*!*)9#4!'*$!(,#! !
G*%9#1-%(5![)44#0#!%*!G0'*$'8!C.'$'*!G*%9#1-%(5![)44#0#!%*!=%0#1%'!'*$!(,#!! 0)9#1*:#*(!'*$!:%--%)*'15!&)*(1)4<!!
J,'*'!G*%9#1-%(5![)44#0#!6#1#!'44!)9#1-#'-!&)44#0#-!)2!(,#!G*%9#1-%(58!)2! ! C!6'-!;'1(!'*$!;'1!)2!(,'(!;1)&#--8!)1!1'(,#1!)*#!)2!%(-!;1)$3&(-<!C!6#*(!()! !
A)*$)*<!+,#5!,'$!23445a24#$0#$!$#;'1(:#*(-!)2!F*04%-,\!2)1!(,#!2%1-(!(%:#!(,#1#! ! ?'/#1#1#!G*%9#1-%(5![)44#0#!%*!RSPS!'*$!1#'$!F*04%-,<!?5!#'14%#-(!-,)1(!-()158! !
6'-!01)6%*0!3;!'!01)3;!)2!721%&'*!-(3$#*(-!6,)!6#1#!.#%*0!#N;)-#$!()!:)1#!! >?303:)>!6'-!2%1-(!;3.4%-,#$!%*!(,#!$#;'1(:#*(!:'0'h%*#8!@#*;)%*(8!3*$#1!(,#!!
(,'*!(,#!`%*0!c':#-!D%.4#!'*$!D3*5'*>-!@%401%:>-!@1)01#--<!+,#5!,'$!-(3$%#$!! (%(4#8!>+,#!U%0!+1##><!D5!RS]S!C!,'$!&):;4#(#$!:5!2%1-(!*)9#4!:'*3-&1%;(!6,%&,! !
(,#!F*04%-,!*)9#4!21):!W%&,'1$-)*!()!c':#-!c)5&#<!+,#5!6)34$!'4-)!.#!! 4'(#1!.#&':#!+,#!W%9#1!D#(6##*<!D5!RS]O!E##;!=)(8![,%4$f!:5!-#&)*$!*)9#4!!
*)9#4<!+,#5!6)34$!'4-)!1#'$!F31);#'*!*)9#4%-(-!a!4%/#!c)-#;,![)*1'$!'*$!! VR!!
c)5&#!['15!)1!74'*!@'()*8!-):#!)2!6,)-#!.))/-!,'$!721%&'!'-!(,#%1!(,#:'(%&!! .##*!'&&#;(#$!.5!E%44%':!I#%*#:'**8!A)*$)*!'*$!%(!4'(#1!.#&':#!(,#!-#9#*(,!!
-3.e#&(<!?'*5!)2!(,#-#!F*04%-,!$#;'1(:#*(-!'4-)!2)3*$#$!4%(#1'15!e)31*'4-!)1!! (%(4#!%*!(,#!721%&'*!E1%(#1-!H#1%#-<!RSVV8!(,#!5#'1!)2!:5!'11#-(!'*$!;)4%(%&'4! !
-(3$#*(!:'0'h%*#-!a4%/#!I)1*!%*!C.'$'*!'*$!@#*;)%*(!%*!?'/#1#1#8!D3(!(,#-#!! $#(#*(%)*8!,'$!-##*!(,#!;3.4%&'(%)*!)2!:5!2)31(,!*)9#4!%*!F*04%-,8!@#('4-!)2! !
D4))$<!! ;1#--#-f!2)1!#N':;4#!?)),#1)!?'!+#*#8!?6#*$)!=!C1'!*'!C1%%1%8!`'1%3/%!*'! !
%*!RSVT8!C!-,)34$!,'9#!.##*!(,%*/%*0!)2!(,#!*)9#4!'-!(,#!:#'*-!)2!:5!$#2%'*&#!! .3(!(,%*45!2%&(%)*'4%-#$!$#-&1%;(%)*-!)2!)4$!&3-():-8!(1'$%(%)*-8!-('0#-!%*!(,#!4%2#! !
)2!(,#!%*(#*$#$!$#(#*(%)*!)2!:5!:%*$!'*$!%:'0%*'(%)*<!G*$#1!(,#!;1%-)*!! )2!'!?330%/353!&,%4$!)1!-(1'%0,(!.%.4%&'4!*'11'(%9#<!+,#5!6#1#!2344!)2!:)1'4! !
&%1&3:-('*&#-!(,#!*)9#4!,'$!)(,#1!'$9'*('0#-<!+,#'(1#!'*$!2%4:8!(,#!%$#'4!! 4#--)*-!$#1%9#$!21):!(,#!.%.4#!)1!21):!(,#!)4$!(1'$%(%)*-<!+,#!:)-(!&1#'(%9#!)2! !
:#'*-!2)1!.1#'/%*0!(,1)30,!(,#!.'11%#1-!)28!%44%(#1'&58!%*9)49#!:)1#!(,'*!)*#! ! (,)-#!`#*5'*-!(,#*!61%(%*0!%*!J%/353!6'-!J'/''1'!6'!E'*e'3!6,)!,'$!#9#*!!
;#1-)*!'*$!%*$##$!'!2%N#$!4)&'(%)*!)1!;1#:%-#-8!*)(!()!:#*(%)*!2%*'*&%'4! ! #-('.4%-,#$!,%-!)6*!J'/''1'!D))/!H#19%&#!2)1!;3.4%-,%*0!'*$!.))/!!
%*9#-(:#*(!%*!(,#!&'-#!)2!2%4:<!+,#!*)9#48!'(!4#'-(!(,#!61%(%*0!)2!%(8!*##$-!)*45! ! $%-(1%.3(%)*<!I#!,'$!'*!%:;1#--%9#!4%-(!)2!!
;#*!'*$!;';#1<!=#9#1(,#4#--8!C!,'$!2%1-(!()!1#-)49#!(,#!b3#-(%)*!)2!4'*03'0#!! VY!!
6,%&,!6'-!&4#'145!%*-#;'1'.4#!21):!(,#!b3#-(%)*!)2!()!6,%&,!(1'$%(%)*!C!6)34$! ! *)9#4#((#-8!;)4%(%&'4!#--'5-8!-)*0-!'*$!;)#:-!'*$!-,##1!'0%('(%)*'4!:'(#1%'48!'44! !
1#&)**#&(!:5-#42\!(,'(!)2!(,#!721)aF31);#'*!=)9#4!()!6,%&,!7!J1'%*!)2!E,#'(!! 310%*0!;#);4#!()!,%0,#1!1#-)49#-!%*!(,#%1!;31-3%(!)2!4'*$8!21##$):!'*$!(,#! !
@#('4-!)2!D4))$!.#4)*0#$!)1!(,'(!)2!(,#!721%&'*!*)9#4!)2!6,%&,!C!,'$!*)!! 1#$#:;(%)*!)2!(,#%1!&34(31#<!G*2)1(3*'(#458!'44!,%-!.))/-!6#1#!.'**#$!'*$!,#! !
;1#9%)3-!#N;#1%#*&#<a!=)!*#3(1'4%(5<!C!,'$!()!&,))-#<!! ,%:-#42!'11#-(#$!'*$!$#('%*#$!2)1!(#*!5#'1-!21):!RSPY!()!RS]Y<!D3(!,%-!.))/-8! !
D3(!%*!'!-#*-#!(,#!&,)%&#!,'$!.##*!-#((4#$!2)1!:#!.5!`':!%1%%(,3!'*$!.5!(,#!! 4%/#!W%3'!W%(''*'(,3'8!K!`%1%:'!=0''03'8!?'0#1%'!=):)!?',)('8!=06#*$'!!
9#15!2'&(!)2!:5!$#(#*(%)*<!C!6)34$!'((#:;(!'!*)9#4!%*!(,#!9#15!4'*03'0#!6,%&,! ! G3*e31'0#!'*$!?'1#.#('!C/3:%!:'!6#*$)!1#:'%*#$!('*('4%-%*0!(%(4#-!%*!:5! !
,'$!.##*!(,#!.'-%-!)2!%*&'1'(%)*<!C!6)34$!1#&)**#&(!:5-#42!*)(!()!(,#!! :%*$<!C!(,#1#'2(#1!$1%2(#$!()!6,'(!6'-!(,#*!'9'%4'.4#!%*!`%-6',%4%<!70'%*!*)(! !
721)aF31);#'*!*)9#4!)2!:5!;1#9%)3-!;1'&(%&#!.3(!()!(,#!721%&'*!*)9#4!)2!:5!! :3&,<!D3(!C!1#'$!'*$!1#a1#'$!I#/'5'!B'!7.3*36'-%8!.#%*0!(,#!-()1%#-!'*$!!
*#6!&)::%(:#*(<!! '$9#*(31#-!)2!'!(1%&/-(#18!7.3*36'-%<!!
d!! +,#!F*04%-,!4'*03'0#!);#*#$!(,#!$))1!()!'!6%$#!1'*0#!)2!2%&(%)*!'*$!%(!6'-! !
+,#!1)'$!()!(,'(!$#&%-%)*!,'$!.##*!4)*0\!7-!C!,'9#!#N;4'%*#$!C!01#6!! (,%-!(,'(!#9#*(3'445!4#$!:#!<()!(,#!F*04%-,!"#;'1(:#*(!<!'(!?'/#1#1#!%*!RSPS<! !
3;-;#'/%*0!J%/353!?5!2%1-(!#*&)3*(#1!6%(,!-()1%#-!'*$!)1'4!*'11'(%9#-!6'-!! '*$!,#*&#!()!(,#!/%*$!)2!61%(%*0!6,%&,!&4%:'N#$!%*!@#('4-!)2!D4))$!6,%&,!6'-! !
(,1)30,!J%/353!7-!'!*#6!4%(#1'(#!%*!J%/353!C!'9%$45!1#'$!(,#!.%.4#8!;'1(%&34'145! ! ;3.4%-,#$!%*!c345!RSVV<!D3(!C!6'-!.#&):%*0!%*&1#'-%*045!3*#'-5!'.)3(!(,#!!
%*!J%/353!4'*03'0#!'*$!;3.4%-,#$!:)-(45!.5!(,#!:%--%)*'15!'*$!0)9#1*:#*(!! /*#6!6,):!C!6'-!61%(%*0!'.)3(!.3(!6,):!6'-!C!61%(%*0!2)1k!+,#!;#'-'*(-! !
6,)-#!-(13004#-!2#$!(,#!*)9#4!6)34$!*#9#1!1#'$!%(<!C*!'*!%*(#19%#6!%*!RS]V!6%(, !! $#9#4);:#*(!)2!#(,*%&!4'*03'0#-!6)34$!*)(!.#!%*%:%&'4!()!*'(%)*'4!3*%(5! !
'!;)%*(!)2!&1%-%-<!C!$)*>(!/*)6!6,#(,#1!%(!%-!6)1(,!'*5!4)*0#1!61%(%*0!%*! ! 6'11%*0!%*(#1#-(-!#N;4)%(!#(,*%&!'*$!1#0%)*'4!4'*03'0#!$%22#1#*&#-!()!(,#!!
F*04%-,<>!+,#!K.%!E'4%!&,'44#*0#!)2!RS]O!/#;(!)*!;31-3%*0!:#!(,1)30,8!A##$-!! $#(1%:#*(!)2!(,#!&)::)*!&'3-#!)2!(,#!;#'-'*(15!'*$!(,#!6)1/#1-<!+,'(!'!!
[1#'(%9#!E1%(%*0!%*!(,#!"#;'1(:#*(!)2!F*04%-,8!C!61)(#!'!;';#1!>+)6'1$-!'! ! %*&1#'-%*045!.#%*0!1#'4%h#$!<<<!!
[)*2#1#*&#!)*!>[34(31'4!@)4%&5!%*!721%&'>!,#4$!%*!"'/'18!H#*#0'4<!+,#!;';#1!! 721%&'*-!6'*(!()!61%(#!%*!(,#%1!:)(,#1!()*03#-!'*$!(,3-!);#*!*#6!'9#*3#-!!
6'-!4'(#1!%*&43$#$!%*!:5!.))/!I):#&):%*0!'*$!%*!%(!C!6'-!:)1#!#:;,'(%&! ! 2)1!)31!&1#'(%9#!%:'0%*'(%)*k!!
'.)3(!(,#!4'*03'0#!%--3#\!! C*!RSVV!(,#!`':%1%%(,3!#N;#1%#*&#!4#$!:#!()!0%9#!'!;3.4%&!4#&(31#!'(!`#*5'(('! !
721%&'*!4'*03'0#-<!E#!,'9#!'41#'$5!-##*!6,'(!'*5!&)4)*%'4!-5-(#:!$)#-\!! 1))(-!%*!(,#!4'*03'0#-!'*$!&34(31#-!)2!'44!)31!*'(%)*'4%(%#-<! !
%:;)-#!%(-!()*03#!)*!(,#!-3.e#&(!1'&#-8!'*$!(,#*!$)6*01'$#!(,#!9#1*'&34'1!! H(%44!(,#!b3#-(%)*!*'00#$<!:#<!C!,'$!.##*!'.4#!()!&);#!6%(,!(,#!;1).4#:!)2! !
()*03#-<!)2!(,#!;#);4#<!D5!-)!$)%*0!(,#5!:'/#!(,#!'&b3%-%(%)*!)2!(,#%1!! 4'*03'0#!%*!(,#'(1#<!E,'(!'.)3(!'!*)9#4k!E)34$!C!.#!'.4#!()!)9#1&):#!(,#!!
()*03#!'!-('(3-!-5:.)4f!'*5)*#!6,)!4#'1*-!%(!.#0%*-!()!$#-;%-#!(,#!;#'-'*(!! ;1).4#:-k!`':%(%!?'N%:3:!H#&31%(5!@1%-)*!2%*'445!1#-)49#$!(,#!%--3#<!C*!'!!
:'e)1%(5!'*$!(,#%1!.'1.'1%&!()*03#-!D5!'&b3%1%*0!(,#!(,)30,(a;1)&#--#-!'*$!! &,'44#*0#!()!(,#!%:;1%-)*%*0!'3(,)1%(%#-!(,1)30,!+,#!"#('%*##-!W#9%#6!!
9'43#-!)2!,%-!'$);(#$!()*03#8!,#!.#&):#-!'4%#*'(#$!21):!(,#!9'43#-!)2!,%-!! +1%.3*'4!'*$!$'(#$!YM!c3*#!RSVT!C!&)*&43$#$\!!
:)(,#1!()*03#8!)1!21):!(,#!4'*03'0#!)2!(,#!:'--#-<!A'*03'0#!'2(#1!'44!%-!'! ! `#*5'*!61%(#1-!,'9#!*)!'4(#1*'(%9#!.3(!()!1#(31*!()!(,#!1))(-8!1#(31*!()! !
&'11%#1!)2!9'43#-!2'-,%)*#$!.5!'!;#);4#!)9#1!'!;#1%)$!)2!(%:#<!C(!-##:-!()!! (,#!-)31&#-!)2!(,#%1!.#%*0!%*!(,#!1,5(,:-!)2!4%2#!'*$a!-;##&,!'*$!4'*03'0#-!!
:#!(,'(!%*!'!&)3*(15!6,#1#!*%*#(5!;#1!&#*(!-;#'/!721%&'*!4'*03'0#-8!%(!%-! ! )2!(,#!`#*5'*!:'--#-!%2!(,#5!'1#!()!1%-#!()!(,#!01#'(!&,'44#*0#!)2!1#&1#'(%*08! !
9#15!3*6%-#!*)(!()!(#'&,!(,#-#!%*!-&,))4-!'*$!&)44#0#-<!E#!*##$!()!$#9#4);!! %*!(,#%1!;)#:-8!;4'5-!'*$!*)9#4-8!(,#!#;%&!01'*$#31!)2!(,'(!,%-%)15<<! !
'!*'(%)*'4!4'*03'0#8!.3(!*)(!'(!(,#!$%1#!#N;#*-#!)2!(,#!! C*-(#'$!)2!.#%*0!-3;;1#--#$!'*$!.#%*0!-#*(!()!:'N%:3:!-#&31%(5!!
VO!! ;1%-)*-!'*$!$#(#*(%)*!&':;-8<!(,#5!-,)34$!.#!'&&)1$#$!'44!(,#!!
1#0%)*'4!4'*03'0#-\!C*!'!-)&%'4%-(!#&)*):%&!'*$!;)4%(%&'4!&)*(#N(8!(,#! ! #*&)31'0#:#*(!()!61%(#!'!4%(#1'(31#!(,'(!6%44!.#!(,#!;1%$#!)2!`#*5'!'*$!(,#! !
#*95!)2!(,#!6)14$<!O!! J'/''1'!6'!E'*e'3!,'$!(1%#$!()!&1#'(#!(,#!.#0%**%*0-!)2!-3&,'!(1'$%(%)*<!D3(!!
)1!1'(,#1!C!-,)34$!-'5!(,'(!C!6'-!$##;!%*!(,#!;1).4#:-!)2!61%(%*0!['%(''*%! ! e)31*'4!%*!(,#!J%/353!4'*03'0#!&'44#$!J%/353!='!?3:.%<!I#!1'*!'!a2%&(%)*'4!!
?3(,'1'.'%*%8!%*!;1%-)*8!%*![#44!R]<!! -#1%#-!)*!(,#!'$9#*(31#-!)2!`(a6'%!6'!=$33'<!D3(!%(!$%$!>*)(!,'9#!(,#!b3'4%(5!)2! !
dC!! ,%-!61%(%*0-!%*!(,#!2%2(%#-!6,%&,!6#1#!-(%44!:)-(45!)3(!)2!;1%*(<!C!6'-!'4-)! !
@';#1!'*$!;#*!6#1#!(,#!2%1-(!;1).4#:<!K*#!&)34$!0#(!'!;#*!<%2!)*#!-'%$!(,'(!)*#! ! &)*21)*(#$!6%(,!.'-%&!b3#-(%)*-!)2!(#*-#8!#9#*!(,)-#!)2!(,#!&,'*0%*0!9%-3'4!!
VX!! .#&'3-#!)2!(,#!3*-'(%-2'&()15!J%/353!)1(,)01';,5<!J%/353!4'*03'0#!,'$!.##*!!
K*#!&)34$!#9#*!0#(!(6)!)1!(,1##!-,##(-!)1!;';#1<!D3(!'!6,)4#!;%4#!2)1!'! ! 1#$3&#$!()!61%(%*0!.5!*)*a*'(%9#!-;#'/#1-!-3&,!'-!F31);#'*!:%--%)*'1%#-!'*$!!
*)9#4k!C!1#-)1(#$!()!()%4#(!;';#1<!E,#*#9#1!C!,'9#!-'%$!(,%-!;#);4#!,'9#!4'30,#$!! (,#5!&)34$!*)(!'46'5-!%$#*(%25!(,#!9'1%)3-!4#*0(,-!)2!9)6#4-<!+,#!$%-(%*&(%)*! !
61%(%*0!)*!()%4#(!;';#1<!+)%4#(!;';#1!'(!`':%(%!6'-!:#'*(!()!;3*%-,!;1%-)*#1-<! ! ;)#(15<!D3(!(,#!;1#9'%4%*0!)1(,)01';,5!)2(#*!4#2(!(,#!1#'$#1!()!03#--!6,#(,#1!()! !
H)!%(!6'-!9#15!&)'1-#<!D3(!6,'(!6'-!.'$!2)1!(,#!.)$5!6'-!0))$!2)1!(,#!;#*<! ! ;1)4)*0!)1!-,)1(#*!(,#!9)6#4!-)3*$<!+,%-!6)34$!.#!9#15!(%1%*0!2)1!'*!#N(#*$#$!!
1)):!)2!)*#>-!)6*!6'-![#44!R]<!E)1$-!2)1!%*-('*&#<!H#*(#*&#-<!@'1'01';,-<!C*!! '*$!-,)1(!9)6#4!-)3*$!'--3:#$!'!;1#9%)3-!/*)64#$0#!)2!'44!(,#!6)1$-!)*!(,#!!
U)31!^3'1(#(-!+<!H<!F4%)(!,'-!:'$#!(,#!';(!).-#19'(%)*!)*!(,#!-4%;;#15!b3'4%(5! ! ;'1(!)2!(,#!1#'$#1<!C!(1%#$!()!-)49#!(,#!;1).4#:!.5!3-%*0!$)3.4#!9)6#4-!6,#1#!C! !
)2!6)1$-\!! 6'*(#$!()!%*$%&'(#!(,#!4)*0!9)6#4<!D3(!%(!())/!-#9#1'4!;'0#-!.#2)1#!C!&)34$!0#(! !
E)1$-!-(1'%*8!! 3-#$!()!%(<!7*$!#9#*!(,#*!%(!6'-!*#9#1!2%*'445!-'(%-2'&()15!2)1!6,'(!%(!&'44#$!2)1! !
[1'&/!'*$!-):#(%:#-!.1#'/8!3*$#1!(,#!.31$#*8!! 6'-!'!*#6!4#((#1!)1!'!*#6!:'1/#1!2)1!(,#!4)*0!9)6#4<!J%/353!%-!'4-)!'!()*'4! !
G*$#1!(,#!(#*-%)*8!-4%;8!-4%$#8!;#1%-,8!! 4'*03'0#!.3(!(,#!;1#9'%4%*0!)1(,)01';,5!$%$!*)(!%*$%&'(#!()*'4!9'1%'(%)*-<!!
"#&'5!6%(,!%:;1#&%-%)*8!6%44!*)(!-('5!%*!;4'!'! ! VP!!
E%44!*)(!-('5!-(%44<! ! H)!2)1!'44!(,#-#!1#'-)*-8!C!6)34$!61%(#!'!;'1'01';,!%*!(,#!#9#*%*0!-31#!)2!!
C!2)3*$!(,%-!#9#*!:)1#!(13#!6,%4#!61%(%*0!['%(''*%!?3(,'1'.'%*%!J%/353! ! ,)6!%(!1#'$8!)*45!4'(#1!()!2%*$!(,'(!%(!&)34$!.#!1#'$!%*!'!$%22#1#*(!6'5!6,%&,! !
4'*03'0#!$%$!*)(!,'9#!'!-%0*%2%&'*(!(1'$%(%)*!)2!*)9#4!)1!2%&(%)*!61%(%*0<! ! &):;4#(#45!'4(#1#$!(,#!:#'*%*0<!C!&)34$!)*45!-)49#!(,#!;1).4#:!.5!-#9#1#45! !
&)*(1)44%*0!(,#!&)*(#N(!)2!6)1$-!%*!'!-#*(#*!'*$!(,'(!)2!-#*(#*&#-!%*!'!! C*!(,#!721)aF31);#'*!*)9#4!)2!:5!;1#9%)3-!;1'&(%&#!C!,'$!0)*#!(,1)30,!!
;'1'01';,8!'*$!(,'(!)2!(,#!;'1'01';,!6%(,%*!(,#!#*(%1#!-%(3'(%)*!)2!(,#! ! $%22#1#*(!;,'-#-!)2!>(#&,*%&'4>!01)6(,<!+,#!W%9#1!D#(6##*!'*$!E##;!=)(f![,%4$!!
)&&311#*&#!)2!(,#!'&(%)*a!%*!(%:#!'*$!-;'&#<!m#-8!6)1$-!$%$!-4%;!'*$!-4%$#!3*$#1!! ,'9#!'!4%*#'1!;4)(<!K*#!'&(%)*!4#'$-!()!(,#!*#N(!'4)*0!(,#!*)1:'4!-#b3#*&#!'*$!!
D3(!(,#!.%00#-(!;1).4#:!(,#*8!'*$!6,'(!C!-(%44!(,%*/!%-!(,#!.%00#-(!;1).4#:! ! ';;1)'&,!6,#1#!(,#!&,'1'&(#1j*'11'()1!2)44)6-!(,#!,#1)!%*!(%:#!'*$!-;'&#!21):! !
2'&%*0!(,#!01)6(,!'*$!(,#!$#9#4);:#*(!)2!(,#!721%&'*!*)9#48!%-!2%*$%*0!(,#! ! ,%-j,#1!;)%*(!)2!#*(15!()!(,'(!)2!#N%(8!4#(>-!-'5!21):!.%1(,!()!$#'(,<!+,#!;)%*(!)2! !
4'*03'0#8!6%(,!6,%&,!()!#22#&(%9#45!&)::3*%&'(#!6%(,!)*#>-!('10#(#$!'3$%#*&#\! ! (,#!):*%-&%#*(!*'11'()1j'3(,)1<!D3(!.5!(,#!(%:#!E##;!=)(8![,%4$!&':#! !
(,'(!%-8!%*!:5!&'-#8!(,#!;#);4#!C!4#2(!.#44<! ! V]!!
61%(#1>-!&,)-#*!'3$%#*&#\!,%-!1#4'(%)*-,%;!()!(,#!2)1:8!()!(,#!0#*1#!%(-#42f!'*$! ! c)-#;,![)*1'$8!6,%&,!C!,'$!-(3$%#$!'-!'!-;#&%'4!;';#18!C!,'$!-##*!,)6!(,#!!
,%-!1#4'(%)*-,%;!()!,%-!:'(#1%'48!(,'(!%-!()!(,#!1#'4%(5!.#2)1#!<!,%:<!I)6!6)34$!,#! ! '3(,)1!,'$!3-#$!'!9'1%#(5!)2!*'11'(%9#!9)%&#-!'(!$%22#1#*(!(%:#-!'*$!;4'&#-!%*!(,#! !
,'*$4#!(,#!2)1:k!I)6!6)34$!,#!,'*$4#!(,#!:'(#1%'4!.#2)1#!,%:k!! -':#!*)9#4!6%(,!('*('4%-%*0!#22#&(<!E%(,![)*1'$!(,#!-':#!#9#*(!&)34$!.#! !
"#2)#!%-!$%22#1#*(!21):!J#)10#!F4%)(8!('%*45!21):!D'4h'&8!B)4'8!+)4-()5!'*$! ! :34(%;4#!9)%&#-!&)34$!-,#$!*#6!4%0,(!)*!(,#!#9#*(!.5!-3;;45%*0!:)1#!!
")-()#9-/5<!E,'(!'.)3(!c)-#;,![)*1'$8!c':#-!c)5!'*$!U'34/*#1!6%(,!(,#%1!! %*2)1:'(%)*8!:)1#!#9%$#*!)1!.5!1#4'(%*0!)(,#1!#;%-)$#-!(,'(!;1#&#$#$!)1!!
%(-#42!,'$!;1)$3&#$!'!6,)4#!1'*0#!)2!';;1)'&,#-\!21):!(,#!4%*#'1!;4)(!! %-8!'!01#'(!*)9#48!.3(!)*!(,#!6,)4#!C!2)3*$![)*1'$>-!9%-%)*!4%:%(#$<!I%-! !
$#9#4);:#*(!%*![,%*3'!7&,#.#>-!+,%*0-!U'44!7;'1(!()!E)4#!H)5%*/'>-!+,#!! ':.%9'4#*&#!()6'1$-!%:;#1%'4%-:!a!'*$!%(!6'-!%:;#1%'4%-:!(,'(!8-3;;4%#$!,%:! !
C*(#1;1#(#1-!6,%&,!'4:)-(!$%-;#*-#-!6%(,!;4)(<![)34$!C!61%(#!2)1!'*!'3$%#*&#! ! 6%(,!(,#!-#((%*0!'*$!-3.e#&(a:'((#1!)2!,%-!*)9#4-!&)34$!*#9#1!4#(!,%:!0)8<!!
(,'(!,'$!*#9#1!1#'$!'!*)9#4!%*!(,#!-':#!6'5!'-!C!6)34$!61%(#!2)1!'*!'3$%#*&#!! .#5)*$!(,#!.'4'*&%*0!'&(-!)2!4%.#1'4!,3:'*%-:<!D3(!(,#!-,%2(%*0!;)%*(-!)2!9%#6! !
(,'(!,'$!1#'$!)1!6'-!'6'1#!)2!c':#-!c)5!c)-#;,![)*1'$8!E)4#!H)5%*/'!)1!! %*!(%:#!'*$!a-;'&#f!(,#!:34(%;4%&%(5!)2!*'11'(%9#!9)%&#-f!(,#!!
75%!`6#%!71:',k!! *'11'(%9#a6%(,%*a'a*'11'(%)*f!(,#!$#4'5#$!%*2)1:'(%)*!(,'(!,#4;-!(,#!1#9%-%)*!)2!!
'!;1#9%)3-!e3$0#:#*(!-)!(,'(!)*45!'(!(,#!#*$!6%(,!(,#!2344!'--#:.4'0#!)2! ! +,#!*'11'(%9#!2)1:!)2!7!J1'%*!)2!E,#'(!6%(,!%(-!-()1%#-!6%(,%*!-()1%#-!%*!' !!
(,#-#!(#&,*%b3#-!,'$!%:;1#--#$!:#<!! 9)%&#-8!';'1(!21):!,#4;%*0!:#!%*!&);%*0!6%(,!24#N%.4#!(%:#!'*$!-;'!'4-)! !
J#)10#!A'::%*0!,'$!'4-)!%:;1#--#$!:#!%*!,%-!:'-(#145!,'*$4%*0!)2!! ,#4;#$!:#!%*!:)9%*0a'6'5!21):!'!-%*04#!&,'1'&(#1!*'9#4<<!C*!7!J1'%*!)2!E,#'(! !
$%22#1#*(!*'11'(%9#!(#&,*%b3#-!6%(,%*!(,#!-':#!*)9#48!;'1(%&34'145!%*!C*!(,#! ! '44!(,#!:'%*!&,'1'&(#1-!'1#!)2!'4:)-(!#b3'4!%:;)1('*!'*$!(,#!;#);4#!a!(,#!!
'3().%)01';,5f!(,%1$!;#1-)*!*'11'(%)*!'*$!$%1#&(!'3(,)1%'4!%*(#19#*(%)*!()!<!('/#! ! ;1#-#*(!'&(%)*!)2!(,#!*)9#4!('/#-!;4'&#!6%(,%*!2)31!$'5-!.#2)1#!%*$#;#*$#*&#!!
#'145!*)9#4-!C(-!(,#!['-(4#!)2!?5!H/%*8!+,#!F:%01'*(-8!K2!70#!'*$!C**)&#*! ! (,#!;1#-#*(!()!(,#!.#0%**%*0!)28!(,#!&#*(315!'*$!()!)(,#1!%*(#1:#$%'(#!;#1%)$<! !
'*$!H#'-)*!)2!7$9#*(31#<!A'::%*0>-!'*(%a%:;#1%'4%-(!&)*-%-(#*&58!,%-!! @#('4-!)2!D4))$!,'$!('/#*!'!-('0#!231(,#1!(,#!(#&,*%b3#-<!)2!24'-,.'&/-8!!
(,#!-)&%'4!;)4%(%&'4!%--3#-!%*!,%-!6)1/8!.1)30,(!,%-!6)14$!&4)-#!()!:#!'*$!:5!>! ! .%)01';,%#-!'*$!-()1%#-8<!+,#!(#&,*%b3#!'44)6#$!:#!()a!:)9#!21##45!%*!(%:#!'*$!!
#N;#1%#*&#!)2!4%2#!%*!`#*5'<!! -;'&#!(,1)30,!(,#!&#*(31%#-!'*$!(,1)30,!'44!(,#!%:;)1('*(!4'*$:'1/-!%*!`#*5'>-!!
?5!231(,#1!'&b3'%*('*&#!6%(,!J)0)48!")-()#9-/58!+)4-()58!J)1/58!! ,%-()15!21):!(,#!#'145!(%:#-!'*$!.'&/!()!(,#!(6#49#!$'5-!$31'(%)*!)2!(,#!;1#-#*(! !
H,)4)/)98!D'4h'&!'*$!U'34/*#1!,'$!-,)6*!:#!:)1#!;)--%.%4%(%#-!2)1!(,#!*)9#4!! )2!(,#!*)9#4<!!
%*!(#1:-!)2!(,#:'(%&!&)**-!'*$!1'*0#!)2!(#&,*%b3#<!! D3(!'44!(,%-!'--3:#$!'!1#'$#1!'&b3'%*(#$!6%(,!(,#!a&)*9#*(%)*!)2!1#'$%*0!!
=)6!:5!)6*!).-#19'(%)*!)2!,)6!;#);4#!)1$%*'1%45!*'11'(#$!#9#*(-!()!)*#!! *)9#4-8!'*$!;'1(%&34'145!(,#!:)$#1*!*)9#4!%*!F31);#'*!4'*03'0#-<!E)34$!!
'*)(,#1!,'$!'4-)!-,)6*!:#!(,'(!(,#5!b3%(#!,';;%45a!'&&#;(#$!%*(#19#*(%)*-8!! -%:%4'1!(#&,*%b3#-!&'115!(,#!/%*$!)2!1#'$#1!6,)!,'$!.##*!()!-##!=0'',%/'!!
$%01#--%)*-8!*'11'(%9#!6%(,%*!'!*'11'(%9#!'*$!$1':'(%&!%443-(1'(%)*-!6%(,)3(! ! =$##*$'!LC!6%44!:'115!6,#*!C!6'*(M!'(!`':%1%%(,3k!7*$!5#(!,)6!6)34$!C!1#(31*! !
)2!(,#!&)*9#1-'(%)*'4!*)1:-!)2!(,#!;#'-'*(15<!+,#!4%*#'1j.%)01';,%&'4!3*2)4$%*0!! '3$%#*&#<!K1!:'5.#!%(!a6'-!'!:'((#1!)2!4'*03'0#-<!E)34$!:5!3-#!)2!J%/353!!
)2!'!-()15!6'-!:)1#!1#:)9#$!21):!'&(3'4a-)&%'4!;1'&(%&#!(,'*!(,#!*'11'(%9#!)2!! 4'*03'0#!$%&('(#!'!$%22#1#*(!/%*$!)2!*)9#4k!!
[)*1'$!'*$!A'::%*0<!! E,'(#9#1!(,#!&'-#8!C!6'*(#$!()!0)!2)1!'!-%:;4#1!;4)(8!'!-%:;4#1!)1!&4#'1#18! !
VV!! *'11'(%9#!4%*#8!'!-(1)*0#1!-()15!#4#:#*(!L(,#!#4#:#*(!)2!6,'(!,';;#*-!*#6gM! !
6%(,)3(!4))/%*0!$)6*!3;)*!)1!;'(1)*%-%*0!(,#!%*(#*$#$!6)1/#1j;#'-'*(!! 4'*$-&';#<![)*(#*(!6%(,!6,%&,!(,#!;#);4#!&)34$!%$#*(%25!)1!6,%&,!6)34$!2)1&#! !
1#'$#1-,%;<!! (,#:!()!('/#!-%$#-!6'-!*#&#--'15<![)*(#*(!%-<!34(%:'(#45!(,#!'1.%(#1!)2!2)1:<!7! !
-(13&(31#8!(,'(!)2!'!-%:;4#!e)31*#5<!['%(''*%!?3(,'1'.'%*%!L"#9%4!)*!(,#![1)--M! ! *)9#4<!H)!(,#!:)-(!%:;)1('*(!(,%*0!6'-!()!0)!2)1!'!-3.e#&(!:'((#18!2)1!'!&)*(#*(8! !
)3(;)-(<!+,#*!E'1%%*0'!:'/#-!'!-#&)*$!e)31*#5!%*!'!&'1!21):!='%1).%!()!! 7*$!(,%-!.1)30,(!:#!()!(,#!*#N(8!;1).4#:\!:5!1#4'(%)*-,%;!()!:5!:'(#1%'48! !
*3:.#1!>)2!24'-,.'&/-<!D3(!(,#5!'1#!'44!&)*(1)44#$!.5!(,#!(%:#!'*$!-;'&#! ! 7!61%(#1>-!,'*$4%*0!)2!1#'4%(5!%-!'22#&(#$!.5!,%-!.'-%&!;,%4)-);,%&!)3(4))/! !
;1)01#--%)*!)*!(,#!(6)!4'5#1-!)2!;'1'44#4!e)31*#5-!(,'(!-300#-(!)(,#1!e)31*#5-<!! )*!*'(31#!'*$!-)&%#(5!'*$!,%-!:#(,)$!)2!%*9#-(%0'(%*0!(,'(!*'(31#!'*$!-)&%#(5\!!
+,#!e)31*#58!(,#!:#'*-!)2!(1'*-;)1(!'*$!(,#!'&(3'4!;4'&#-!:#*(%)*#$!%*!='%1).%!! 6,#(,#1!2)1!%*-('*&#!,#!;#1&#%9#-!'*$!(,#1#2)1#!4))/-!'(!'!;,#*):#*)*!%*!%(-!!
'*$!='/313!6)34$!.#!2':%4%'1!()!:'*5!)1$%*'15!`#*5'*-<!C!<!'4-)!.)11)6#$!! %*(#1&)**#&(%)*!)1!%*!%(-!$%-4)&'(%)*f!%*!%(-!1#-(!)1!%*!%(-!:)(%)*f!%*!%(-!:3('.%4%(5! !
,#'9%45!21):!2)1:-!)2!)1'4!*'11'(%9#8!;'1(%&34'145!(,#!&)*9#1-'(%)*'4!()*#8!(,#!! )1!%::3('.%4%(5f!%*!%(-!.#%*0!)1!%*!%(-!.#&):%*0f!'*$!6,#(,#1!,#!-##-!'*5! !
2'.4#8!;1)9#1.-8!-)*0-!'*$!(,#!6,)4#!(1'$%(%)*!! b3'4%('(%9#!&,'*0#!%*!%(-!:)(%)*!21):!)*#!-('(#!)2!.#%*0!%*()!'*)(,#1<!7!61%(#1>-! !
VT!! ,'*$4%*0!)2!(,#!:'(#1%'4!&'*!'4-)!.#!'22#&(#$!.5!,%-!:'(#1%'4!.'-#!%*!-)&%#(5f! !
)2!;)#(%&!-#42a;1'%-#!)1!;1'%-#!)2!)(,#1-<!C!'4-)!%*&)1;)1'(#$!'!.%.4%&'4!#4#:#*(! ! (,'(!%-!,%-!&4'--!;)-%(%)*!'*$!-('*$;)%*(\!+,%-8!C!,'-(#*!()!'$$8!$)#-!*)(! !
a(,#!;'1'.4#!a!.#&'3-#!:'*5!4%(#1'(#-!6)34$!,'9#!1#'$!(,#!.%.4#<!@#);4#!6)34$!! *#&#--'1%45!;1)$3&#!0))$!)1!.'$!61%(%*08!)1!1'(,#1!'!&)*-&%)3-45!,#4$!)3(4))/!!
.#!2':%4%'1!6%(,!(,#-#!2#'(31#-!'*$!C!,);#$!(,'(!(,#-#!6)34$!,#4;!1))(!(,#!*)9#4! ! $)#-!*)(!*#&#--'1%45!:'/#!2)1!.'$!)1!0))$!61%(%*0!2)1!(,%-!34(%:'(#45!$#;#*$-!!
6%(,%*!'!/*)6*!(1'$%(%)*<!! )*!(,'(!3*$#2%*'.4#!b3'4%(5!)2!%:'0%*'(%)*8!>!'!61%(#1>-!'1(%-(158!6,%&,!%-!'.4#!()! !
A'*03'0#f!;4)(f!1#'4%-:!)2!-)&%'4!'*$!;,5-%&'4!$#('%4f!2#'(31#-!)2!)1'4! ! ;#1&#%9#!6,'(!%-!3*%9#1-'4!a!(,'(!%-8!';;4%&'.4#!()!(,#!6%$#-(!;)--%.4#!-&'4#!%*! !
:'((#1!,)6!2':%4%'1!'*$!%*(#1#-(%*08!&)34$!*#9#1!,)4$!(,#!'((#*(%)*!)2!:5!*#6! ! 8'22#&(!,%-!';;1)N%:'(%)*!)2!1#'4%(5!)1!1'(,#1!,%-j!#22#&(%9#*#--!%*!&)11#&(458! !
/%*$!)2!1#'$#1!2)1!4)*0<!+,#5!,'9#!:)1#!%:;)1('*(!(,%*0-!()!$)!(,'*!%*$340#!%*! ! 1#24#&(%*0!1#'4%(5<!!
;1#((5!1#'11'*0#:#*(-!)2!2':%4%'1!2#'(31#-!)2!)1'(31#!)1!)2!(,#!31.'*!'*$!131'4! ! D3(!6,'(!,';;#*-!6,#*!1#'4%(5!%-!-(1'*0#1!(,'*!2%&(%)*k!I)6!$)#-!'!!
*)9#4%-(!&';(31#!'*$!,)4$!(,#!%*(#1#-(!)2a(,#!1#'$#1!6,#*!(,#!1#'4%(5!&)*21)*(%*0!! 6'9#4#*0(,<!7*$!-)!%(!-,)34$!.#<!I#1#!6#!J#1:'*-!*##$!*)(!2##4!'!03%4(5! !
(,#!1#'$#1!%-!-(1'*0#1!'*$!:)1#!&';(%9'(%*0!(,'*!2%&(%)*k!7*$!5#(!(,%-!%-!6,'(! ! &)*-&%#*&#!.#&'3-#!(,#!(%:#!)2!)31!&)4)*%'4!134#!6'-!())!-,)1(!()!4#'9#!.#,%*$!!
&)*21)*(-!'!*)9#4%-(!%*!'!*#)a&)4)*5!9%-a'a9%-!(,#!'3$%#*&#!:)-(!'$9#1-#45!! (1'&#-!)(,#1!(,'*!*)-('40%&!)*#-<_!W%0,(<!+,#!(%:#!)2!(,#!:)1#!1#&#*(!J#1:'*! !
'22#&(#$!.5!(,'(!9#15!1#'4%(5!)2!'!*#)a&)4)*5<!! '((#:;(-!'(!(,#!&)4)*%-'(%)*!)2!(,#!)(,#1!F31);#'*!*'(%)*-!6'-!#9#*!-,)1(#1<!!
A#(!:#!0%9#!'!2#6!&)*&1#(#!#N':;4#-!21):!1#&#*(!,%-()15<!! ")#-!(,'(!:'5.#!4#'9#!#9#*!01#'(#1!a!(1'&#-!)2!*)-('40%'!%*!(,#!>6#!J#1:'*->!)2! !
VS!! (,#!?'1/3-![4#9#*>-!c345!&)::#*('15k!+,#!2'34(!%-!*)(!1#'445!(,#!E#-(!!
dCC!! J#1:'*!e)31*'4%-(>-<!72(#1!'44!(,#1#!6#1#!*)!E#-(!J#1:'*!03*-,%;-!'(!(,#!&)'-(! !
H(1'3--8!:'/#-!'*!)22%&%'4!9%-%(!()!(,#!%*$#;#*$#*(!1#;3.4%&!)2!+)0)!%*!E#-(! ! @1#-%$#*&5<!K*45!(,#!?'1/!L'%$M!()!,#4;!#N(1'&(!:)1#!?'1/-!L;1)2%(-M!21):!(,# !!
D#14%*!&)*2#1#*&#!)2!RTTXk!+)!$1'6!4#--)*-!21):!%(!()!03%$#!(,#!1#4'(%)*-! ! &)::%--%)*<!!
.#(6##*!E#-(#1*!F31);#!'*$!721%&'!%*()!'!*#6!2))(%*0!)2!&):;4#(#!#&)*):%&f!! +,#1#!'1#!)(,#1!'.-31$%(%#-<!?).3()!)2!B'%1#8!%*!'*!'&(!)2!-3;1#:#!721%&'*! !
,3*$1#$(,!'**%9#1-'15!)2!(,#!3*#b3'4!(1#'(5!%:;)-#$!)*!`%*0!?4';'!CCC!)2!! ()!'!E#-(!J#1:'*!1)&/#1!&):;'*5<!7!01)3;!)2!721%&'*!4#'$#1-!1#&#*(45!.#00#$!!
+)0)!()!#-('.4%-,!(,#!/%*0$):!'-!'!&)4)*5!)2!(,#!J#1:'*!W#%&,<!@1#-%$#*(!! U1'*&#!()!-#*$!(1));-!()![,'$!()!;1)(#&(!U1#*&,!4#0%(%:'(!#!%*(#1#-(-8!(,1#'(#*#$!!
F5'$#:'!#9#*!#1#&(-!'!-('(3#!)2!(,#!J#1:'*!C:;#1%'4!F'04#!L)1!%-!%(! ! .5!>%:;#1%'4%-(>!A%.5'8!?)%!)2!`#*5'!,'-!0%9#*!:%4%('15!.'-#-!()!G<H<7<! !
&)4)*%-'(%)*<!+,#!J)9#1*)1aJ#*#1'4>-!1#-%$#*&#<!%-!1#.3%4(<!7*$!'44!(,%-!%-!()!.#! ! >-#&1#(>!$#'4!!
;'%$!2)1!.5!+)0)4#-#!;#'-'*(-!'*$!6)1/#1-<!7*$!-)!RTTX8!6,%&,!%-!'46'5-!! TQ!!
-('1(!)2!'!&#*(315!)2!&)*(%*3)3-!,3:%4%'(%)*!)2!721%&'!.5!(,#!E#-(8!%-!.#%*!0! ! #;%-)$#-8!)2!(,#!&'44)3-!:'--'&1#!)2!&,%4$1#*8!)2!(,#!#b3'445!&'44)3-!0#*)&%$#!!
#.1'(#$!6%(,!;1%$#!.5!'*!721%&'*!@1#-%$#*(<!7!E#-(!J#1:'*!*#6-;';#1!! ),!;'1(!)2!'!;);34'(%)*!'*$!'44!.5!*'(%9#!4#'$#1-!)*!.#,'42!)2!%:;#1%'4%-:<!U)1!!
&)43:*%-(!L-##!=)1$.'5#1%-&,#1!`31%#1!]!c345!RSTXM!0)#-!-(1'%0,(!()!(,#!;)%*(\!! (,#!;)%*(!%-!(,%-\!(,#!?).3(3-8!(,#!?)%-!'*$!(,#!F5'$#:'-!)2!(,#!*#)&)4)*%'4! !
>%(!&'*!.#!'--3:#$!(,'(!%*!+)0)!H(1'3--!'*$!,%-!,)-(-!6%44!:)9#!)*!(,#!-':#!! 6)14$!'1#!*)(!.#%*0!2)1&#$!()!&';%(34'(#!()!%:;#1%'4%-:!'(!(,#!;)%*(!)2!'*! !
7:#1%&'*!:'N%:!03*<!+,#5!(,#:-#49#-!'1#!)2!(,#!-':#!:%*$\!(,#5!'1#! '&(3'445!! dCCC!!
.#00%*0!2)1!'!1#&)4)*%-'(%)*!)2!(,#%1!)6*!&)3*(1%#-!6%(,!(,#:-#49#-!'-!(,#! ! U)1!'!4)*0!(%:#!C!,'$!.##*!%*(1%03#$!.5!(,#!U'3-(!(,#:#8!%*!4%(#1'(31#<!+,#! !
*#)a-4'9#!$1%9#1-!)2!(,#%1!)6*!;#);4#-f!,';;%#1!'-!a!(,#!*#)a)9#1-##1-!)2!(,#!! J)#(,#>-!U'3-(8!+,):'-!?'1%*>-!"1!U'3-(3-!'*$!D340'/)9>-!?'-(#1!'*$!!
G<H<a4#$!#&)*):%&!,'#:)11,'0#!)2!(,#%1!)6*!&)3*(1%#-<!! ?'10'1%('<!D3(!C!'46'5-!-3-;#&(#$<!(,'(!(,#!-()15!)2!(,#!0))$!:'*!6,)! !
I)6!$)#-!'!61%(#18!'!*)9#4%-(8!-,)&/!,%-!1#'$#1-!.5!(#44%*0!(,#:<!(,'(!(,#-#! ! -311#*$#1-!,%-!-)34!()!#9%4!2)1!%::#$%'(#!!
'1#!*#)a-4'9#-!6,#*!(,#5!(,#:-#49#-8!(,#!*#)a-4'9#-8!'1#!);#*45!'**)3*&%*0!! TR!!
'1#!:'--!:31$#1#1-8!4))(#1-8!1)..#1-8!(,%#9#-8!6,#*!(,#58!(,#!;#1;#(1'()1-!)2! ! (,#!4)1#-!)2!(,#!;#'-'*(15<!F4#:#*(-!)2!%(!'1#!()!.#!2)3*$!%*!:'*5!*'(%)*'4! !
(,#-#!'*(%a;#);4#!&1%:#-8!'1#!*)1!#9#*!'((#:;(%*0!()!,%$#!(,#!2'&(k!E,#*!%*!! (1'$%(%)*-<!a!K63)1!7*53:.'8!'!&)44#'03#!%*!(,#!"#;'1(:#*(!)2!A%(#1'(31#!6,)!!
-):#!&'-#-!(,#5!'1#!'&(3'445!'*$!;1)3$45!#.1'(%*0!(,#%1!:'--'&1#!)2!! ,'$!$)*#!%::#*-#t!6)1/!)*!(,#!)1'4!4%(#1'(31#!)2!(,#!$%22#1#*(!*'(%)*'4%(%#-!%*! !
&,%4$1#*8!'*$!(,#!(,#2(!'*$!1)..#15!)2!(,#!*'(%)*k!I)6!$)!5)3!-'(%1%-#!(,#%1!! `#*5'8!,'$!()4$!:#!%*-('*&#-!)2!(,%-!%*!'!*3:.#1!)2!-()1%#-!%*9)49%*0!-)1#1-<! !
3((#1'*&#-!'1%$!&4'%:-!<!6,#*!(,#%1!)6*!6)1$-!.#'(!'44!2%&(%)*'4!#N'00#1'(%)*-k! ! K*&#!%*!RSV]!(1'9#44%*0!()!1!6#-(#1*!`#*5'!6%(,!`'9#(-'!7$'0'4'8!'*)(,#1!!
LPM!! &)44#'03#!%*!(,#!"#;'1(:#*(8!C!-'6!2)1!(,#!2%1-(!(%:#!(,#!,3:'*!-,';#$!1)&/-!)2! !
7-!C!&)*(#:;4'(#$!8(,#!*#)a&)4)*%'4!1#'4%(5!)2!`#*5'*!C!6'-!&)*21)*(#$!! C$'/,)<!C!,'$!(,%-!-(1'*0#!-#*-'(%)*!)2!-3$$#*45!&):%*0!'&1)--!-):#(,%*0!C!,'$!!
6%(,!(,#!b3#-(%)*!)2!(,#!2%&(%)*'4!2)1:!)2!%(-!$#;%&(%)*<!D3(!'!61%(#1f!'*5!61%(#18! ! .##*!4))/%*0!2)1!'*$!%*!1#(31*%*0!()!A%:3138!C!61)(#!:)1#!(,'*!'!,3*$1#$! !
&)'4#-&#*&#!)2!'!b3'4%('(%9#45!$%22#1#*(!.3(!3*%2%#$!%:'0#!)1!-#(-!)2!%:'0#-!)2! ! (,)-#!,3:'*!-,';#$!1)&/-!,'$!(,#!;#'-'*(-!.3%4(k!+,#!%:'0#-!)2!C$'/,)!23-#$!!
1#'4%(5<!! 6%(,!%:'0#-!)2!(,)-#)01#-!%*!J%/353!)1'(31#<!?'1%:3!6#1#!-3;;)-#$!()! !
6'-!`#*5'!3*$#1!.)(,!`#*5'(('!'*$!?)%8!C!)*&#!'0'%*!2#44!)*!(,#!)1'4!(1'$%(%)*<! ! &)9#1#$!6%(,!4)*0!,'%1<!+,#5!6#1#!&13#48!9#15!01##$58!'*$!(,#5!4%9#$!)*!(,#! !
4'.)31!)2!,3:'*-<!E,'(!'.)3(!(,#!4'((#1!$'5!?'1%:3-k!E)34$!(,#!?'1%:3!! ,#'1(!(1'*-;4'*(-!0%9#-!,%:!'*!%$#'<!I#!,'-!9%-%)*-!)2!'!,30#!2'&()15!2)1! !
&,'1'&(#1-!;1)9%$#!:#!6%(,!(,#!%:'0#!C!-)30,(k!! :'*32'&(31%*0!-;'1#!;'1(-!)2!(,#!,3:'*!.)$5!%*&43$%*0!#N(1'!;#*%-#-!-)!(,'(!'!!
C*!:5!1#'$%*0!)2!(,#!6)1/!)2!(,#!H)3(,!`)1#'*!;)#(!`%:![,%!I'!C!,'$!! 1#'445!1%&,!:'*!&)34$!.35!%::)1('4%(5!'*$!4#'9#!$#'(,!'-!(,#!;1#1)0'(%9#!)2!(,#! !
-##*8!;'1(%&34'145!%*!(,#!U%9#!D'*$%(-!'*$!J1)3*$4#--!W3:)31-8!,)6!! ;))1<!D3(!,#!:'/#-!'!:%-('/#!%*!(#44%*0!,%-!6%2#!'.)3(!(,#!9%-%)*<!H,#!%-! !
#22#&(%9#45!,#!,'$!#N;4)%(#$!(,#!)1'4!2)1:-!'*$!%:'0#-!()!&)*21)*(!(,#!H)3(,!! $#4%0,(#$!'(!(,#!;)--%.%4%(5!)2!(,#!6%9#-!)2!(,#!1%&,8!.#%*0!$%-(%*03%-,#$!21):! !
`)1#'*!*#)a&)4)*%'4!1#'4%(%#-<!H'(%1#!%-!('%*45!)*#!)2!(,#!:)-(!#22#&(%9#! ! (,#!6%9#-!)2!(,#!;))1!.5!(,#%1!(6)!:)3(,-8!(6)!.#44%#-8!(6)!)1!:)1#!,#'1(-!'*$! !
6#';)*-!%*!)1'4!(1'$%(%)*-<!! (6)!&3*(-\!!
7*$!(,#*!)*#a$'5!C!0)(!%(!E,5!*)(!(#44!(,#!-()15!)2!:#*!6,)!,'$!-)4$!(,#%1! ! >E,#*!C!,#'1$!,#1!:#*(%)*!(6)!2#:'4#!)10'*-!'*$!-'5!(,'(!-,#!6)34$!.#! !
-)34-!'*$!(,'(!)2!(,#!*'(%)*!()!(,#!2)1#%0*!$#9%4!)28!%:;#1%'4%-:k!E,5!*)(!(#44! ! '.4#!()!,'9#!(6)!%*-(#'$!)2!)*#8!C!6'-!,)11%2%#$<!C<!()4$!,#1!b3%(#!21'*/45!(,'(!C! !
(,#!-()15!)2!#9%4!(,'(!('/#-!;1%$#!%*!#9%4k!E,5!*)(!(#44!(,#!-()15!)2!1)..#1-!6,)! ! 6)34$!*)(!:%*$!,#1!,'9%*0!(6)!:)3(,-8!)1!(6)!.#44%#-8!)1!:34(%;4#-!)2!'*5! !
('/#!;1%$#!%*!1)..%*0!(,#!:'--#-k!! )(,#1!)10'*!)2!(,#!.)$5<!D3(!()!,'9#!(6)!<!<!<!*)8!*)g!4!()4$!,#1!()!2)10#(!'44!(,'(! !
+,'(!6'-!,)6!C!&':#!()!61%(#!(,#!*)9#4!['%(''*%!?3(,'1'.'%*%!%*!J%/353 !! *)*-#*-#<!+,#*!-,#!-('1(#$!'103%*08!'*$!-'%$!(,'(!%2!(,'(!6'-!()!.#!(,#!&'-#8! !
E'1%%*0'!'*$!-%N!)(,#1-!6,)!(1'9#4!%*!'!:'('(3!('N%!21):!='%1).%!()!C4:)1)0<! ! 6'*(!()!,'9#!(6)k!+#44!:#\!6,'(!6)34$!5)3!3-#!(6)!2)1k>!H,#!1#()1(#$\!>E,5! !
+,#!;'--#*0#1-!2%*$!(,'(!(,#5!,'9#!-):#(,%*0!%*!&)::)*<!+,#5!'44!,'9#!! $)!5)3!6'*(!(6)k!E,'(!6)34$!5)3!3-#!(6)!2)1k!C2!5)3!,'9#!(6)8!(,#*!C!:3-(! !
%*9%('(%)*-!()!'!2#'-(!)2!(,%#9#-!'*$!1)..#1-!)10'*%h#$!.5!(,#!$#9%4<!7(!(,#!,#'1(!! ,'9#!(6)<!E#!:3-(!,'9#!#b3'4%(5!)2!(,#!-#N#-<>!!
(,'(!%-!(,)-#!6,)!,'9#!$#9#4);#$!(,#!'1(!)2!1)..%*0!(,#!;#);4#!()!(,#!,%0,#-(!! F31);#!)1!7:#1%&'<!I#1#!9%#!'1#!721%&'*-8!'*$!6#!:3-(!;1'&(%-#!721%&'*!!
$#01##<!+,#!&):;#(%()1-!,'9#!()!-('*$!%*!21)*(!)2!(,#!)(,#1-!()!(#44!(,#%1!#N;4)%(-! ! &34(31#<!C!-(13&/!,#1!'!.4)6!)*!(,#!2'&#<!H,#!-('1(#$!&15%*0<!C!-(13&/!,#1!'0'%*<! !
'*$!'&,%#9#:#*(-<!U)1!%*-('*&#!(,#1#!%-!(,#!&'-#!)2!)*#!1)..#1!6,)!,'-!.#&):#!! &)34$!,'9#!(,1##f!)1!(#*<!H,#!6)34$!.#!-'(%-2%#$!6%(,!e3-(!)*#<! !
-)!6#'4(,5!(,1)30,!-:3004%*0!(,'(!,#!.#0%*-!()!1#-#*(!,%-!6#'4(,<!E,5k!! >@#);4#8!(,%*/!'.)3(!(,'(!9%-%)*g!F9#15!1%&,!:'*!&)34$!,'9#!(6)!:)3(,-8! !
CZ!! ()!'!4%:%(#$!#N(#*(8!%*!(,#!&%*#:'<!8! !
+,#!1#&#;(%)*!)2!'!0%9#*!6)1/!)2!'1(!%-!;'1(!)2!(,#!6)1/!%(-#42f!)1!1'(,#18!(,#! ! +,#!$%-(1%.3(%)*!)2!(,#!*)9#4!L'*$!)2!(,#!;4'5!=0'',%/'!=$##*$'!6,%&,!!
1#&#;(%)*!L)1!&)*-3:;(%)*gM!)2!(,#!6)1/!&):;4#(#-!(,#!6,)4#!&1#'(%9#!;1)&#--!! 6'-!;3.4%-,#$!'(!(,#!-':#!(%:#M!6'-!'!&,'44#*0#!()!(,#!;3.4%-,#1-<!C(!-))*! !
%*9)49%*0!(,'(!;'1(%&34'1!'1(%-(%&!).e#&(<!H)!*)6!C!6'*(! ! .#&':#!&4#'1!(,'(!(,#!-(13&(31#!)2!.))/-,);-8!4%.1'1%#-!'*$!)(,#1!%*2)1:'(%)*!!
TO!! &#*(1#-!6'-!0#'1#$!()!-#19#!(,#!31.'*!F*04%-,a#$3&'(#$!-#&()1-<!+,#!31.'*!;))1!!
()!(#44!5)3!.1%#245!,)6!(,#!*)9#48!['%(''*%!?3(,'1'.'%*%!6'-!1#&%#9#$<!6'-!1#'$! ! '*$!(,#!131'4!'1#'-!,'$!1#'445!*)!'&&#--!()!43N31%#-!%*!.#(6##*!,'1$!&)9#1-<!!
%*!2':%4%#-<!7!2':%45!6)34$!0#(!()0#(,#1!#9#15!#9#*%*0!'*$!)*#!)2!(,#%1!4%(#1'(# !! +,#5!'1#!;1#-3:#$!()!.#!%44%(#1'(#!a!6,%&,!(,#5!*)1:'445!'1#!a!'*$!;))1!a!6,%&,!!
:#:.#1-!6)34$!1#'$!%(!2)1!(,#:<!E)1/#1-!6)34$!'4-)!0'(,#1!%*!01)3;-8! ! (,#5!:)-(45!'1#<!I)6!$)#-!)*#!)9#1&):#!(,#!%-)4'(%)*!%:;)-#$!.5!;)9#1(5!'*$!!
;'1(%&34'145!$31%*0!(,#!43*&,.1#'/8!'*$!(,#5!6)34$!0#(!)*#!)2!(,#:!()!1#'$!(,#! ! %44%(#1'&5k!")!(,#-#!*)(!-#9#1#45!4%:%(!(,#!1#&#;(%)*!)28!4#(>-!-'58<!'!*)9#4k!744! !
.))/<!C(!6'-!1#'$!%*!.3-#-f!%(!6'-!1#'$!%*!('N%-f!%(!6'-!1#'$!%*!;3.4%&!.'1-<! ! (,%-!%-!;1).'.45!(13#\!;)9#1(5!'*$!%44%(#1'&5!$)!-#9#1#45!4%:%(!'&&#--!()! !
K*#!':3-%*0!'-;#&(!)2!'44!(,%-!6'-!(,#!$#9#4);:#*(!)2!>;1)2#--%)*'4!! /*)64#$0#!'*$!%*2)1:'(%)*<!+,%-!%-!'!-(13&(31'4!;1).4#:!'*$!0)#-!()!(,#!!
1#'$#1->!.3(!%*!.'1-<!+,#-#!6#1#!;#);4#!6,)!6)34$!1#'$!(,#!.))/!'4)3$!()!(,#!! #&)*):%&!'*$!;)4%(%&'4!.'-%-!)2!'&&#--%.%4%(5!)2!/*)64#$0#8!%*2)1:'(%)*8! !
)(,#1!$1%*/%*0!.3(!'((#*(%9#!&3-():#1-<!E,#*!(,#!1#'$#1!1#'&,#$!'*!%*(#1#-(%*0!! 4%(#1'(31#<!D3(!'2(#1!-):#!(%:#!%*-(%(3(%)*-!'1#!.3%4(!'1)3*$!(,%-!3*#9!#*!'*$! !
#;%-)$#!'*$!,#!$%-&)9#1#$!(,'(!,%-!04'--!6'-!#:;(58!,#!6)34$!;3(!(,#!.))/!! 3*#b3'4!$#9#4);:#*(<!+,#!4'&/!)2!.))/-,);-!'*$!4%.1'15!2'&%4%(%#-!%*!(,#!131'4!!
$)6*<!>J%9#!,%:!'*)(,#1!.)((4#!)2!.##1g>!-):#!)2!(,#!4%-(#*#1-!6)34$!-,)3(!()! ! '1#'-!6,#1#!(,#!:'e)1%(5!4%9#!%-!'!&'-#!%*!;)%*(<!+,#5!'1#!;))1!'*$!%44%(#1'(#f! !
(,#!;1);1%#()1<!H)!)31!1#'$#1!6)34$!1#-3:#!'*$!0)!)*!3*(%4!,%-!04'--!6'-! ! (,#1#2)1#!(,#5!&'**)(!.35!)1!1#'$!.))/-f!(,#1#2)1#!(,#1#!%-!*)!*##$!2)1!!
#:;(5<!I#!6)34$!;3(!(,#!.))/!$)6*!'*$!(,#!6,)4#!$1':'!6)34$!.#!1#;#'(#$8!! .))/-,);-!)1!4%.1'1%#-<!D3(!.#&'3-#!*)!.))/-,);-!)1!4%.1'1%#-!'1#<!'9'%4'.4#8!!
*%0,(!'2(#1!*%0,(8!3*(%4!(,#!#*$!)2!(,#!*)9#4<!! ;#);4#!'1#!$#*%#$!(,#!!
+,#!;1)&#--!C>:!$#-&1%.%*0!%-!1#'4458!(,#!';;1);1%'(%)*!)2!(,#!*)9#4!%*()!(,#! ! TX!!
)1'4!(1'$%(%)*<!['%(''*%!?3(,'1'.'%*%!L"#9%4!)*!(,#![1)--M!6'-!1#&#%9#$!%*()!(,#! ! 9#15!:#'*-!)2!/*)64#$0#!'*$!%*2)1:'(%)*!6,%&,!:%0,(!,#4;!%*!(,#%1!'((#:;(!()! !
%*(#1;1#('(%)*8!&)::#*(-!'*$a!$%-&3--%)*-<!W#:*'*(-!)2!(,%-!a!6,'(!3-#$!()!.#!! .)11)6%*0!'!.))/!21):!'!4%.1'15!)1!.35%*0!'!.))/!2)1!1#'$%*0!2)1!;4#'-31#!'*$!!
2)1!%*-(13&(%)*!)3(-%$#!(,#!2)1:'4!&4'--1)):!%-!,'1$45!$#9#4);#$<!I)6!$)!5)3!! `#*5'<!!
-#44!*)9#4-!()!-3&,!'1#'-k!! +,#!*)9#4!,'-!*)6!.##*!(1'*-4'(#$!%*()!F*04%-,8!H6#$%-,8!=)16#0%'*!'*$!!
9'*-!'-!'!:).%4#!.))/-,);<!+,#5!#N;#1%:#*(#$!%*!9'1%)3-!6'5-\!4%/#!4#'9%*0!! %:;)1('*(!,'-!.##*!(,#!(1'*-4'(%)*!)2!(,#!*)9#4!%*()!`%-6',%4%!3*$#1!(,#!(%(4#! !
-#9#1'4!&);%#-!'(!-):#!-,);-!)2!-('44-!)*!'!-'4#!)1!1#(31*!.'-%-<!D3(>!-):#! ! H,#('*%!?-'4'.'*%8!'!$%1#&(!&)::3*%&'(%)*!.#(6##*!J%/353!'*$!H6',%4%! !
#*(,3-%'-(%&!1#'$#1-!6)34$!.35!(,#!.))/-!21):!(,#!;3.4%-,#1-!%*!.34/-!)2!2%9#8! ! 4'*03'0#-<!!
(#*!)1!(6#*(5!'*$!)*!(,#%1!)6*!%*%(%'(%9#!6)34$!('/#!(,#!&);%#-!()!131'4!'1#'-! ! C*$##$!C!-##!(,%-!/%*$!)2!&)::3*%&'(%)*!.#(6##*!721%&'*!4'*03'0#-!'-!!
'*$!;4'*('(%)*-<!+,#1#!6#1#!-):#!-31;1%-#-<!K*#!-3&,!-#44#18!=0%0%!6'! ! 2)1:%*0!(,#!1#'4<!2)!3*$'(%)*!)2!'!0#*3%*#45!721%&'*!*)9#4<!7!*)9#4!)1%0%*'445!!
E'&,%%1'8!)*!1#(31*%*0!()!'!;4'*('(%)*!6,#1#!'!:)*(,!.#2)1#!,#!,'$!-)4$!(6)!)1! ! 61%((#*!%*!C.)!&)34$!2%*$!%(-#42!(1'*-4'(#$!%*()!m)13.'!'*$!9%&#!9#1-'<!7!*)9#4! !
(,1##a!&);%#-8!6'-!01##(#$!6%(,!0%2(-<!H)!)3(!(,#1#!(,#1#!6#1#!-3&,!0))$!.))/-<!! 61%((#*!%*!",)43)!)1!?''-'%!&)34$!2%*$!%(-#42!(1'*-4'(#$!%*()!(6)!)1!(,1##!)1! !
E)34$!,#!;4#'-#!/##;!)*!.1%*0%*0!*#6!(%(4#-!()!(,#:k!+,#5!&)34$!'46'5-!;))4!! TP!!
(,#%1!1#-)31&#-!'*$!.35!'!2#6!&);%#-8!'*$!-)!=0%0%!,'$!.#&):#!'!,#1)!2)1!! :)1#!`#*5'*!4'*03'0#-!)1!%*()!721%&'*!4'*03'0#-!)3(-%$#!`#*5'<!+,#1#!6)34$!!
:'/%*0!['%(''*%!?%(,'1'.'%*%8!'!*)9#48!'9'%4'.4#!()!(,#:g !! (,3-!.#!'!1#'4!$%'4)03#!.#(6##*!(,#!4%(#1'(31#-8!4'*03'0#-!'*$!&34(31#-!)2!(,#! !
;1%*(#$!)*45!P8QQQ!&);%#-8!,);%*0!()!-#44!(,#:!)9#1!'!;#1%)$!)2!(,1##!()!2%9#! ! '-!'!6,)4#!(,#1#!6)34$!.#!(,#!2)3*$'(%)*!)2!'!(1345!721%&'*!-#*-%.%4%(5!%*!(,#! !
5#'1-<!C*!)(,#1!6)1$-!(,#5!6)34$!,'9#!.##*!-'(%-2%#$!6%(,!'*!'**3'4!-'4#!)2!! 61%((#*!'1(-<!+,%-!6%44!'4-)!,'9#!(,#!'$$#$!#22#&(!)2!#*,'*&%*0!(,#!'1(!)2! !
)9#1!'!(,)3-'*$!&);%#-<!D3(!6%(,%*!'!:)*(,!)2!;3.4%&'(%)*!(,#5!,'$!1#;1%*(#$!! (1'*-4'(%)*!6,%&,!6)34$!.#!-(3$%#$!%*!-&,))4-!'*$!&)44#0#-!L'*)(,#1!&'1##1!!
'*)(,#1!P8QQQ!'*$!6%(,%*!(,#!-':#!5#'1!(,#5!,'$!()!1#;1%*(!P8QQQ!:)1#<!+,#! ! );#*!()!01'$3'(#-gM!'*$!(,%-!*#&#--'1%45!6)34$!:#'*!:)1#!1%0)1)3-!'*$!!
*)9#4!&':#!)3(!%*!7;1%4!RSTQ<!D5!"#&#:.#1!RSTQ8!(,#5!,'$!,'$!(,1##!;1%*(%*0-!! &)::%((#$!-(3$5!)2!721%&'*!4'*03'0#-<!F'&,!(,%*0!6%44!.#!2##$%*0!)*!#9#15!!
.1%*0%*0!(,#!()('4!()!RP8QQQ!&);%#-<!=)(!#9#*!2)1!'!*)9#4!%*!F*04%-,!,'$!(,#5! ! )(,#1!(,%*08!%*!'!$%'4#&(%&'4!-#*-#8!()!&1#'(#!'!;1)01#--%9#!:)9#:#*(!%*!(,#! !
#9#1!$)*#!-)!6#44!%*!`#*5'*!%*!(,#!-':#!4#*0(,!)2!(%:#<!+,#!;3.4%-,#1-!(#44!:#! ! 721%&'*!*)9#4!'*$!4%(#1'(31#<!!
*)6!(,#!*)9#4!,'-!-#((4#$!()!'*!'**3'4!-'4#!)2!'.)3(!RQQQ!&);%#-!6,%&,!! Z!!
&):;'1#-!2'9)31'.45!6%(,!(,#%1!.#-(a-#44%*0!(%(4#-!a%*!F*04%-,!)1!`%-6',%4%!%*!! +,#!23(31#!)2!(,#!721%&'*!*)9#4!%-!(,#*!$#;#*$#*(!)*!'!6%44%*0!61%(#18!L1#'$5!()! !
%*9#-(!(%:#!'*$!('4#*(8!%*!721%&'*!4'*03'0#-Mf!'!6%44%*0!(1'*-4'()1!L1#'$5!()! ! b3#-(!2)1!1#4#9'*&#<!!
%*9#-(!(%:#!'*$!('4#*(!%*!(,#!'1(!)2!(1'*-4'(%*0!21):!)*#!721%&'*!4'*03'0#!%*()! ! =)(#-!!
'*)(,#1Mf!'!6%44%*0!;3.4%-!,#1!L1#'$5!()!%*9#-(!(%:#!'*$!:)*#5M!)1!'!;1)01#--%9#!! R<!=)!,3:'*!$%-'-(#18!6%(,!(,#!#N&#;(%)*!)2!(,#!U4))$!L%2!(,'(!.%.4%&'4!4#0#*$!'!(13#M!
-('(#!6,%&,!6)34$!)9#1,'34!(,#!&311#*(!*#)a&)4)*%'4!4%*03%-(%&!;)4%&%#-!'*$!! &'*!#b3'4!%*!!
('&/4#!(,#!*'(%)*'4!b3#-(%)*!%*!'!$#:)&1'(%&!:'**#1f!'*$!2%*'4458!'*$!:)-(! ! $%:#*-%)*!)2!$#-(13&(%9#*#--!(,#!&'('&45-:!(,'(!-,))/!721%&'\!E#!'1#!'44!2':%4%'1!6%(,!
%:;)1('*(8!'!6%44%*0!'*$!6%$#*%*0!1#'$#1-,%;<!D3(!)2!'44!(,#-#!)(,#1!2'&()1-8!%(!%-! ! (,#!-4'9#!(1'$#!!
2%&(%)*!%*!721%&'*!4'*03'0#-<!+,#!61%(#1!)2!2%&(%)*!&'*!.#!'*$!:3-(!.#!(,#8! ! ,)11)1-!6#1#!!
;'(,2%*$#1<!C(!,'-!,';;#*#$!%*!,%-()158!%*!)(,#1!&)3*(1%#-!-3&,!'-!W3--%'!'*$!! 61)30,(!)*!721%&'!%(-#42<!d'-(!;);34'(%)*-!6#1#!3;1))(#$!'*$!$%-;4'&#$8!6,)4#!
U%*4'*$<!a+,#*!(,#!)(,#1!2'&()1-!6%44!2)44)6<!E,#*!(,'(!$'5!&):#-8!6,#*!(,#! ! 0#*#1'(%)*-!!
721%&'*!61%(#1!6%44!*'(31'445!(31*!()!721%&'*!4'*03'0#-!2)1!,%-!&1#'(%9#! ! $%-';;#'1#$8<!F31);#'*!$%-#'-#-!$#-&#*$#$!4%/#!(,#!;4'03#8!$#&%:'(%*0!.)(,!&'((4#!
%:'0%*'(%)*8!(,#!721%&'*!*)9#4!6%44!(1345!&):#!%*()!%(-!)6*8!%*&)1;)1'(%*0!%*() !! '*$!;#);4#8!&%(%#-!!
%(-#42!'44!(,#!2#'(31#-!$#9#4);#$!%*!(,#!$%22#1#*(!;'1(-!)2!721%&'!21):!(,#! ! '*$!()6*-!6#1#!'.'*$)*#$8!2':%45!*#(6)1/-!$%-%*(#01'(#$f!/%*0$):-!&13:.4#$8!(,#!a!
$%22#1#*(!&34(31#-!)2!721%&'*!;#);4#-!'-!6#44!'-!(,#!.#-(!;1)01#--%9#!2#'(31#-!)2! ! (1#'$-!)2!&34(31'4!!
(,#!*)9#4!)1!2%&(%)*!$#9#4);#$!%*!7-%'8!A'(%*!7:#1%&'8!F31);#8!7:#1%&'8!(,#! ! '*$!,%-()1%&'4!&)*(%*3%(5!6#1#!-)!-'9'0#45!()1*!'-3*$#1!(,'(!,#*)16'1$!)*#!6)34$!
E)14$<<!! ,'9#!()!(,%*/!)2!!
C(!%-!(,#1#2)1#!())!#'145!()!:'/#!'*5!&)*&43-%)*!'.)3(!(,#!&,'1'&(#1!)2!(,#!! (6)!721%&'-\!(,#!)*#!.#2)1#!'*$!(,#!)*#!'2(#1!(,#!I)4)&'3-(<>!C9'*!d'*!H#1(%:'8!=#6!
4'*03'0#!)2!(,#!721%&'*!2%&(%)*!'*$!;'1(%&34'145!(,#!721%&'*!*)9#4<!7*$!,#1#!C! ! D13*-6%&/!'*$!!
':!'4-)!('4/%*0!)2!2%&(%)*!'-!'!4'*03'0#<!D3(!C!':!&)*9%*&#$!(,'(!%(!6%44!2%*$!%(-! ! A)*$)*!RSTX8!;<!T<!!
2)1:!'*$!&,'1'&(#1!(,1)30,!%(-!1#&)**#&(%)*!6%(,!(,#!:'%*-(1#':!)2!(,#!! Y<!=0'0%!6'!+,%)*0>)!I):#&):%*08!A)*$)*!RSVY8!;;<!R]!aRV<!!
-(13004#-!)2!721%&'*!;#);4#!'0'%*-(!%:;#1%'4%-:!'*$!%(-!1))(%*0!%(-#42!%*!(,#!1%&,! ! O<!=030%!6'!+,%)*0>)!"#('%*#$\!7!E1%(#1>-!@1%-)*!"%'158!A)*$)*!RSTR8!;<!RS]<!!
)1'4!(1'$%(%)*-!)2!! X<!?'1/3-![4#9#*!=)1$.'5#1%-&,#1!`31%#1!]!c345!RSTX<!!
T]!! P<!+,#!;,%4)-);,5!)2!@1#-%$#*(!?)%!)2!`#*5'!%-!&'44#$!>=9'5)%-:>8!%<#<!2)44)6!:5!
(,#!;#'-'*(15<!C*!$)%*0!(,%-!%(!6%44!;4'5!'!:)-(!&13&%'4!1)4#!%*!721%&'>-!0#*#1'4! ! 2))(-(#;-<!W#&#*(45!,#!!
,'-!#4'.)1'(#$!)*!(,'(!;,%4)-);,5!%*!6)1$-!(,'(!.#'(!(,#!:)-(!%*9#*(%9#!-'(%1%&! 21):!7$$%-!!
0#*%3-!6,#*!,#!! aaaaaaa7.'.'!)*!RO!H#;(#:.#1!RSTX!!
$#:'*$#$!(,'(!'44!`#*5'*-!:3-(!-%*0!4%/#!;'11)(-\!! E,'(!.#'(-!'44!-'(%1%&!$#-&1%;(%)*-!%-!(,'(!-):#!G*%9#1-%(5!'&'$#:%&-8!-):#!
>A'$%#-!'*$!J#*(4#:#*8!6#!`#*5'*-!'1#!,';;5!';'1(!21):!(,#!2'&(!(,'(!(,#1#!%-! e)31*'4%-(-8!'*$!)2!&)31-#!!
6%$#-;1#'$!$1)30,(<!! :)-(!)2!(,#!?@-!'*$!:%*%-(#1-!,'9#!'&(3'445!.##*!#&,)%*0!?)%>-!#9#15!6)1$!4%/#!
C!6)34$!4%/#!()!-'58!6,%4#!,#1#!6%(,!5)38!(,'(!2)1!;1)01#--!()!.#!1#'4%-#$!(,#1#!-,)34$! ;'11)(-<!+,#5!,'9#!!
.#!*)!$#.'(#-!%*!! *)(,%*0!()!-'5!2)1!(,#%1!&)44#'03#-!3*$#1!2'4-#!&,'10#-!)1!$#(#*(%)*!6%(,)3(!(1%'48!.3(!
:'**#1!<!<!<!! '*5.)$5!$#-&1%.#$!.5!(,#!*#)a&)4)*%'4!1#0%:#!'-!.#%*0!a'!>$%--%$#*(><!!
<!<!C!&'44!)*!'44!:%*%-(#1-8!'--%-('*(!:%*%-(#1-!'*$!#9#15!)(,#1!;#1-)*!()!-%*0!4%/#! TV!!
;'11)(-<!"31%*0!! +,#!^3#-(!!
?h##!`#*5'1('>-!;#1%)$!C!;#1-%-(#*(45!-'*0!(,#!`#*5'(('!L(3*#M8!3*(%4!;#);4#!-'%$\!+,%-! 2)1!W#4#9'*&#!!
2#44)6!,'-!! C!!
*)(,%*0!L()!-'5M!#N&#;(!()!-%*0!2)1!`#*5'(('<!C!-'5\!C!$%$*>(!,'9#!%$#'-!)2!:5!)6*<!E,5! H)!2'1!C!,'9#!('4/#$!'.)3(!4'*03'0#!%*!&1#'(%9#!4%(#1'(31#>!0#*#1'445!'*$!%*! !
6'-!C!()!,'9#!! (,#'(1#!'*$!2%&(%)*!%*!;'1(%&34'1<!C!-,)34$!,'9#!0)*#!)*!()!('4/!'.)3(!>+,#! !
:5!)6*!%$#'-k!C!6'-!%*!`#*5'(('>-!-,)#-!'*$!(,#1#2)1#8!C!,'$!()!-%*0!6,'(#9#1! 4'*03'0#!)2!721%&'*!;)#(15>!.3(!(,#!-':#!'103:#*(-!';;45!#9#*!:)1#!!
`#*5'(('!6'*(#$!C2!C!! ;)%0*'*(45!%*!(,#!'1#'!)2!;)#(15\!+,#!#N%-(#*&#!'*$!(,#!&)*(%*3%*0!01)6(,!)2!!
,'$!-3*0!'*)(,#1!-)*08!$)8!5)3!(,%*/!`#*5'(('!6)34$!,'9#!4#2(!:#!'4)*#k!+,#1#2)1!#! ;)#(15!%%%!721%&'*!4'*03'0#-8!&4#'145!'*$!3*#b3%9)&'445!-)!%*!)1'(31#!L)1'4! !
(,%-!&)3*(15!6%44!! 721%&'*!;)#(15!6,%&,!%-!(,#!;)#(15!&):;)-#$!.5!721%&'*-!%*!721%&'*!4'*03'0#-<!!
:)9#!2)16'1$<!+,#!$'5!5)3!.#&):#!'!.%0!;#1-)*8!5)3!6%44!,'9#!(,#!4%.#1(5!()!-%*0! U)1!%*-('*!61%((#*!;)#(15!%*!H6',%4%!0)#-!.'&/!()!:'*5!&#*(31%#-<!E,%4#!(,#! !
5)31!)6*!-)*0!! ;)#(%&!;)4%(%&'4!&):;)-%(%)*-!)2!(,#!01#'(!'*(%a%:;#1%'4%-(!H):'4%!2%0,(#18!!
'*$!#9#15.)$5!6%44!-%*0!%(!<!<!<>!7*!#N(8!21):!@1#-%$#*(!?)%>-!-;##&,!)*!,%-!1#(31*8! I'--'*8!6%44!.#!/*)6*!.5!,#'1(8!.5!#9#15<!H):'4%a-;#'/%*0!,#1$-:'*8!*)(!'!!
4%*#!.5!#9#*!(,#!.#-(!)2!721%&'*!;)#(-!%*!2)1#%0*!4'*03'0#-!6%44!.#!/*)6*!.5! ! 6,%&,!(,#1#!&'*!*#9#1!.#!'*5!4#0%-4'(%)*<!741#'$5!'-!5)3!&'*!-##!6#!'1#!!
'*5!;#'-'*(!'*56,#1#!%*!721%&'<!7-!2)1!'!$%-&3--%)*!)2<!(,#!)(,#1!4'*03'0#!)2!! #*('*04#$!%*!'!/%*$!)2!9%&%)3-!&%1&4#!6%(,!#9#15(,%*0!'22#&(%*0!'*$!.#%*0! !
;)#(15!a!6,#1#!;)#(158!4%/#!(,#'(1#!'*$!2%&(%)*8!%-!&)*-%$#1#$!'-!'!4'*03'0#!%*! ! '22#&(#$!.5!#9#15(,%*0!#4-#<!D3(!4#(!:#!#N;4'%*!(,#!b3#-(%)*!)2!.'-#<! !
1,5:#-8!4%*#-!'*$!%:'0#-!a!%(!&'44-!2)1!$%22#1#*(!1#-)31&#-!%*&43$%*0!'!! 6#!-('*$!%*!1#4'(%)*-,%;!()!%(<!U)1!%*-('*&#!6#!'1#!'44!%*!(,%-!4#&(31#!(,#'(1#<!D3(! !
/*)64#$0#!)2!(,#!;'1(%&34'1!721%&'*!4'*03'0#-!)2!%(-!#N;1#--%)*8!6,%&,!C!! 6,'(!6#!-##!)2!(,#!1)):!'*$!,)6!:3&,!)2!%(!6#!-##!%-!$#;#*$#*(!)*!6,#1#!6#! !
&'**)(8!'(!;1#-#*(8!#9#*!;1#(#*$!()!;)--#--<!! '1#!*)6!-%((%*0!'-!6#!4%-(#*!()!(,%-!('4/<!U)1!%*-('*&#!5)3!'44!&'*!-##!(,#!6'44! !
C*-(#'$8!C!-,'44!'((#:;(!()!-3:!3;!6,'(!6#!,'9#!-)!2'1!.##*!$%-&3--%*0!.5! ! .#,%*$!:#\!'*$!C!&'*!-##!(,#!6'44!.#,%*$!5)3<!H):#!)2!5)3!'1#!-#'(#$!%*!-3&,!!
4%(#1'(31#f!(,'(!%-!(,#!-#'1&,!2)1!'!4%.#1'(%*0!;#1-;#&(%9#!6%(,%*!6,%&,!()!-##! ! E,'(!%-!&4#'1!%-!(,'(!6#1#!6#!()!4#'9#!(,%-!1)):!'*$!$#-&1%.#!%(8!6#!6)34$!#*$! !
3*%9#1-#<!C!-,'44!&'44!(,%-!>'!b3#-(!2)1!1#4#9'*&#>!'*$!C!6'*(!()!4))/!'(!%(!'-!2'1!'-! ! 5)3!/*)6!(,#!-()15!)2!(,#!-#9#*!.4%*$!:#*!6,)!6#*(!()!-##!'*!#4#;,'*(k!+,#5!!
%(!1#4'(#-8!*)(!()!e3-(!(,#!61%(%*0!)2!4%(#1'(31#8!.3(!()!(,#!(#'&,%*0!)2!(,'(! ! 3-#$!()!,'9#!-)!:'*5!&)*24%&(%*0!-;#&34'(%)*-!'-!()!(,#!;,5-%&'4!:'/#a3;!)2!'*!!
6)1$-8!0%9#*!(,'(!(,#1#!%-!4%(#1'(31#!%*!721%&'!'*$!%*!(,#!6)14$8!%*!6,'(!)1$#1! ! $%22#1#*(!;'1(!)2!(,#!'*%:'4\!4#08!#'18!(3-/8!('%48!-%$#8!(13*/8!.#445!'*$!-)!(,#5! !
-,)34$!! 6#*(!,):#!#9#*!f;)1#!$%9%$#$!'-!()!(,#!;,5-%&'4!*'(31#8!-,';#!'*$!-%h#!)2!'*!!
X!! #4#;,'*(<!+,#5!).9%)3-45a!-())$!%*!$%22#1#*(!;)-%(%)*-!)1!;,5-%&'4!.'-#-8!%*!!
TT!! (,#%1!#N;4)1'(%)*!)2!(,#!#4#;,'*(<!=)68!(,#!.'-#!*##$!*)(!.#!;,5-%&'4!.3(!&)34$!!
%(!.#!;1#-#*(#$!()!(,#!&,%4$!'*$!,)6k!+,%-!%*9)49#-!(6)!;1)&#--#-8\!(,#!&,)%&#!! '4-)!.#!;,%4)-);,%&'48!&4'--!)1!*'(%)*'4<!8!!
)2!:'(#1%'4!'*$!(,#!'((%(3$#!()8!)1!%*(#1;1#('(%)*!)28!(,'(!:'(#1%'4<!+,#-#!(6)! ! C*!(,%-!.))/!C!,'9#!;)%*(#$!)3(!(,'(!,)6!6#!9%#6!)31-#49#-8!)31! !
;1)&#--#-!6%44!(,#:-#49#-!'22#&(!'*$!.#!'22#&(#$!.5!(,#!*'(%)*'4!'*$!(,#!&4'--! ! #*9%1)*:#*(!#9#*8!%-!9#15!:3&,!$#;#*$#*(!)*!6,#1#!6#!-('*$!%*!1#4'(%)*-,%;!!
.'-#-!)2!(,#!&,)%&#!'*$!(,#!'((%(3$#!()!(,#!:'(#1%'4!&,)-#*<!U%*'445!(,#!*'(%)*'4!! ()!%:;#1%'4%-:!%*!%(-!&)4)*%'4!'*$!*#)a&)4)*%'4!-('0#-f!(,'(!%2!6#!'1#!()!$)!!
'*$!#9#*!(,#!&4'--!.'-#-!)2!)31!&,)%&#!'*$!;#1-;#&(%9#!6%44!'22#&(!'*$!.#!! '*5(,%*0!'.)3(!)31!%*$%9%$3'4!'*$!&)44#&(%9#!.#%*0!()$'58!(,#*!6#!,'9#!()!!
'22#&(#$!.5!(,#!;,%4)-);,%&!.'-#!21):!6,%&,a6#!4))/!'(!1#'4%(58!'!:'((#1!)9#1! ! &)4$45!'*$!&)*-&%)3-45!4))/!'(!a!6,'(!%:;#1%'4%-:!,'-!.##*!$)%*0!()!3-!'*$!()!!
)31!9%#6!)2!)31-#49#-!%*!(,#!3*%9#1-#<![#1('%*45!(,#!b3#-(!2)1!1#4#9'*&#!'*$!2)1!! ;31;)-#-<rRs!!
'!&)11#&(!;#1-;#&(%9#!&'*!)*45!.#!3*$#1-())$!'*$!.#!:#'*%*023445!1#-)49#$!! 7!:)*(,!4'(#1!)*!YX!K&().#1!RS]T!(,1##!721%&'*!4#&(31#1-!'*$!1#-#'1&,#1-!!
6%(,%*!(,#!&)*(#N(!)2!(,#!0#*#1'4!-(13004#<!'0'%*-(!%:;#1%'4%-:<! ! '(!(,#!G*%9#1-%(5!1#-;)*$#$!()!"1!H(#6'1(>-!;1);)-'4-!.5!&'44%*0!2)1!(,#! !
6'*(!()!3-#!(,#!#N':;4#!)2!(,#!-(13004#!)9#1!6,'(!%-!()!.#!('30,(8!'*$!%*!6,'(! ! 3*$#145%*0!'--3:;(%)*!(,'(!(,#!F*04%-,!(1'$%(%)*!'*$!(,#!#:#10#*&#!)2!(,#!!
)1$#18!6%(,!6,'(!'((%(3$#-!)1!&1%(%&'4!';;1)'&,#-8!()!%443-(1'(#!(,#! ! :)$#1*!6#-(!6#1#!(,#!&#*(1'4!1))(!)2!`#*5'>-!a'*$!721%&'>-!&)*-&%)3-*#--!'*$!!
'*(%a%:;#1%'4%-(!&)*(#N(!)2!(,#!b3#-(!2)1!1#4#9'*&#!%*!! &34(31'4!,#1%('0#<!+,#5!1#e#&(#$!(,#!3*$#145%*0!*)(%)*!(,'(!721%&'!6'-!'*! !
TS!! #N(#*-%)*!)2!(,#!E#-(<!+,#*!2)44)6#$!(,#!&13&%'4!1#e)%*$#1\! !
>(,#!01#'(!='%1).%!4%(#1'(31#!$#.'(#>!'*!(,#!(#'&,%*0!)2!4%(#1'(31#!%*!3*%9#1-%(%#-! ! ,%-()1%&!&)*(%*3%(5!)2!'!-%*04#!&34(31#>8!6,5!&'*>(!(,%-!.#!721%&'*k!E,5!&'*>(! !
'*$!-&,))4-<!! 721%&'*!4%(#1'(31#!.#!'(!(,#!&#*(1#!-)!(,'(!6#!&'*!9%#6!)(,#1!&34(31#-!%*! !
CC!! 1#4'(%)*-,%;!()!%(kY!!
(,#!F*04%-,!a!"#;'1(:#*(8!"1!c':#-!H(#6'1(8!;1#-#*(#$!;1);)-'4-!()!(,#!71(-!! $#.'(#!1'0#$!)*8!#*0342%*0!(,#!#*(%1#!2'&34(5!'*$!(,#!3*%9#1-%(5<!+,3-!6%(,%*! !
U'&34(5!D)'1$!)*!(,#!$#9#4);:#*(!)2!(,#!F*04%-,!"#;'1(:#*(<!+,#!;1);)-'4-!! 2)31!-#*(#*&#-!(,#!-('0#!6'-!-#(!2)1!6,'(!,'-!.#&):#!(,#!:)-(!&13&%'4!$#.'(#!!
6#1#!%*!:'*5!6'5->!;#1(%*#*(<!D3(!(,#5!6#1#!'44!;1#&#$#$!.5!(6)!&13&%'4! ! )*!(,#!;)4%(%&-!)2!4%(#1'(31#!'*$!&34(31#!#9#*!%*!`#*5'!)2!()$'5<!E,'(!6'- !!
-#*(#*&#-\!! %*(#1#-(%*0!6'-!(,'(!(,#!$#('%4-!)2!(,#!$#.'(#!U!6#1#!(,#!-':#\!'44!-%$#-!6#1#! !
+,#!F*04%-,!$#;'1(:#*(!,'-!,'$!'!4)*0!,%-()15!'(!(,%-!&)44#0#!'*$!,'-!.3%4(!! SQ!!
-%*04#!&34(31#!(,1)30,)3(!(,#!;#1%)$!)2!#:#10#*&#!)2!(,#!:)$#1*!6#-(!! 6)34$!.#!(,#!&#*(1#k!7*$!6,'(!6)34$!.#!(,#!;#1%;,#158!-)!()!-;#'/k!I)6!!
:'/#-!%(!'*!%:;)1('*(!&):;'*%)*!()!I%-()15!'*$!()!@,%4)-);,5!'*$!! 6)34$!(,#!&#*(1#!1#4'(#!()!(,#!;#1%;,#15k!+,3-!(,#!b3#-(%)*!)2!(,#!.'-#!)2!(,#!!
W#4%0%)3-!H(3$%#-<!I)6#9#18!%(!%-!.)3*$!()!.#&):#!4#--!D1%(%-,8!:)1#!);#*!! ('/#a)228!(,#!6,)4#!b3#-(%)*!)2!;#1-;#&(%9#!'*$!1#4#9'*!'4(#1#$!(,#!6#%0,(! !
()!)(,#1!61%(%*0!%*!F*04%-,!L7:#1%&'*8!['1%..#'*8!721%&'*8! ! '*$!1#4'(%)*-,%;!)2!(,#!9'1%)3-!;'1(-!'*$!$#('%4-!a()!#'&,!)(,#1<!!
721%&'8!)2!(,#!/%*$!)2<!4%(#1'(31#!'*!721%&'*!-(3$#*(!6'-!4%/#45!()!#*&)3*(#1!'*$! ! %*!(,#!-(3$5!)2!$1':'!6,#1#!*':#-!4%/#!(,)-#!)2!7#-&,543-8!H);,)&4#-!'*$!!
CCC!! -(1'*0#!%*!(,#%1!9#15!!
F*04%-,!-(3$%#-!%*!-&,))4-!'*$!,%0,#1!%*-(%(3(%)*-!)2!4#'1*%*0!.#&':#!! SR!!
-5-(#:'(%-#$!'2(#1!(,#!H#&)*$!E)14$!E'1!6%(,!(,#!-#((%*0!3;!)2!(,#!)9#1-#'-! ! 3*F*04%-,*#--<!+,#!&#*(1'4%(5!'*$!(,#!3*%9#1-'4%(5!)2!(,#!F*04%-,!(1'$%(%)*!6'-! !
#N(#*-%)*-!)2!(,#!G*%9#1-%(5!)2!A)*$)*!%*!G0'*$'8!=%0#1%'8!J,'*'8!H%#11'!! -3::#$!3;!%*8!(,#!(%(4#!)2!'*!%*'3031'4!4#&(31#!.5!@1)2#--)1!E'1*#1!)2! !
A#)*#8!`#*5'!'*$!+'*h'*%'f!'*$!6%(,!9#15!2#6!9'1%'(%)*-!(,#5!)22#1#$!6,'(! ! ?'/#1#1#8!H,'/#-;#'1#!%*!721%&'8!%*!a6,%&,!,#!01#6!'4:)-(!#&-('(%&!'.)3(!(,#!!
'4-)!).('%*#$!%*!A)*$)*<!+,#!-544'.3-!)2!(,#!F*04%-,!"#;'1(:#*(!2)1!%*-('*&#!! 2'&(!(,'(8!-):#!)2!,%-!-(3$#*(-!,'$!.##*!'.4#!()!1#&)0*%-#!-):#!&,'1'&(#1-!)2!!
:#'*(!'<!-(3$5!)2!(,#!,%-()15!)2!F*04%-,!4%(#1'(31#!21):!H,'/#-;#'1#8!H;#*!! c'*#!73-(#*>-!*)9#!4-!%*!(,#%1!)6*!721%&'*!9%44'0#-<!H)8!F*04%-,!4%(#1'(31#! !
W<!A#'9%-<!?'((,#6!71*)4$>-!ab3#-(!2)1!(,#!-6##(*#--!'*$!4%0,(!)2!'!,#44#*%h#$!! -%(3'(%)*!6'-!*)6!&):;4#(#<!C*!-&,))4-!(,#!F*04%-,!4'*03'0#!'*$!F*04%-,!!
F*04%-,!A%(#1'(31#>!'*$!,%-!%*-%-(#*&#!)*!(,#>:)1'4!-%0*%2%&'*&#!)2!4%(#1'(31#f! ! .#2)1#!C!/*#6!C!?)34$8#9#*8!:'/#!%(!()!?'/#1#1#<! !
$#(#&(%*0!(,%-!:)1'4!-%0*%2%&'*&#!%*!#9#15!;'1'01';,8!%*!#9#15!6)1$8!#9#*!%*! ! H)&%#(5>!aC!,'9#!(1%#$!()!-3:!3;!(,#!/%*$!)2!4%(#1'(31#!'9'%4'.4#!()!721%&'*! !
H,'/#-;#'1#>-!&)::'-!'*$!2344-();-k!U)1!-):#!1#'-)*!(,#!(6)!:)-(!! &,%4$1#*!<%*!(,#!&4'--1)):-!'*$!4%.1'1%#-!2)1!(,#%1!-&,))4!'*$!a3*%9#1-%(5!!
)3(-('*$%*0!&1%(%&'4!:%*$-!(,'(!:%0,(!,'9#!:'$#!:5!-(3$5!)2!F*04%-,!A%(#1'(31#! ! #$3&'(%)*8!.5!;4'&%*0!%(!%*()!(,1##!.1)'$!&'(#0)1%#-<!!
1#'445!:#'*%*0234!#9#*!%*!'!&)4)*%'4!-#((%*0!a!71*)4$!`#((4#!'*$!W'5:)*$!! U%1-(!6'-!a!(,#!01#'(!,3:'*%-(!'*$!$#:)&1'(%&!<!(1'$%(%)*!)2!F31)!;#'*!!
E%44%':-!6#1#<!-(3$%#$8!%2!'(!'448!)*45!1#:)(#45!'*$!24##(%*045!#9#*!%*!(,#!(%:#! ! 4%(#1'(31#\!7#-&,543-8!H);,)&4#-8!aH,'/#-;#'1#8!D'4h'&8!"%&/#*-8!")-()#9-/58!!
.#!:)1#!2':%4%'1!()!'!&,%4$!.1)30,(!3;!%*!(,#!-':#!4'*$-&';#!(,'*!()!)*#!! (,#!d%#(*':!6'1!.5!.4)6%*0!.3..4#-!'*$!)22#1%*0!24)6#1-!()!&43.!'*$!03*!!
.1)30,(!3;!)3(-%$#8!*)!:'((#1!,)6!(,#!4'((#1!:%0,(!(15!()!-##!c'*#!&,'1'&(#1-!%*! ! 6%#4$%*0!;)4%&#:#*<!c)5&#!['15!%*!?%-(#1e).*-)*!,'$!0)*#!'!-('0#!231(,#1!%*!!
(,#!0)--%;%*0!6):#*!)2!,%-!131'4!721%&'*!-#((%*0<!+,%-!6'-!*)(!,#4;#$!.5!'! ! ,%-!4%.#1'4%-:<!C*!(,%-!*)9#4!,#!)22#1#$!'*!%$%)(%&!721%&'*!'-!(,#!,#1)<!?%-(#1! !
)2<&):;'--%)3<!+,#-#!61%(#1-8!6,)!,'$!(,#!-,'1;#-(!'*$!:)-(!;#*#(1'(%*0!! E,'(!6'-!,%-!$#'1#-(!6%-,k!+)!.#!-,)(!$#'$!.5!(,#!F31);#'*!"%-(1%&(!K22%<! !
).-#19'(%)*-!)*!(,#!F31);#'*!.)310#)%-!&34(31#8!6#1#!)2(#*!('30,(!'-!%2!(,#%1!! +,#!"%-(1%&(!K22%!01'*(-!,%:!(,'(!6%-,<!")*>(!6#!$)!(,#!-':#!2)1!)31!,)1-#-! !
)*45!&)**!6'-!6%(,!(,#!3*%9#1-'4!(,#:#-!)2!4)9#8!2#'18!.%1(,!'*$!$#'(,<! ! '*$!&'(-k!+,#!;)%*(!%-!(,'(!%*!(,#!*)9#4!(,#!1#'$#1!%-!-3;;)-#$!()!'$:%1#!.)(,!!
H):#(%:#-!(,#%1!01#'(*#--!6'-!;1#-#*(#$!'-!)*#!:)1#!F*04%-,!0%2(!()!(,#!6)14$! ! (,#!"%-(1%&(!K22%!'*$!?%-(#1!<c),*-)*\!(,#5!,'9#!#-('.4%-,#$!'!,3:'*!&)*('&(! !
'4)*0-%$#<!(,#!.%.4#!'*$!(,#!*##$4#\!E%44%':!H,'/#-;#'1#!'*$!c#-3-![,1%-(!,'$!! a!(,'(!)2!(,#!1%$#1!'*$!(,#!,)1-#8!(,#!:'-(#1!'*$!,%-!-#19'*(<!`'1#*!D4%N#*>-! !
1)30,(!4%0,(!()!$'1/#-(!721%&'<!+,#1#8!6'-!aa'!(#'&,#1!%*!)31!-&,))4!6,)!3-#$!()!! .))/!K3(!)2!721%&'!2'44-!6%(,%*!(,#!-':#!4%.#1'4!:)34$\!()!,#1!721%&'*-!'1#!'! !
-'5!(,'(!H,'/#-;#'1#!'*$!c#-3-!3-#$!9#1!5!-%:;4#!F*04%-,8!3*(%4!-):#)*#8!! -;#&%'4!-;#&%#-!)2!,3:'*!.#%*0-!#*$)6#$!6%(,!'!01#'(!-;%1%(3'4%(5!'*$!'! !
;)%*(#$!)3(!(,'(!c#-3-!-;)/#!I#.1#6<!+,#!>J1#'(!+1'$%(%)*>!)2!F*04%-,!! :5-(%&'4!';;1#,#*-%)*!)2!1#'4%(5!)1!#4-#!6%(,!(,#!%*-(%*&(!'*$!9%('4%(5!)2! !
(,#!-3.e#&(<!)2!(,#%1!%:'0%*'(%9#!#N;4)1'(%)*-<!+,#!.#-(!#N':;4#!%-!74'*!@'()*>-! ! I'00'1$8!F4-;#(,!I3N4#58!W).#1(!W3'1/8!'*$!=%&,)4'-!?)*-'11'(<!C*!-3&,!'!!
[15!(,#!D#4)9#$![)3*(158!I#1#!'*!721%&'*!#-&,#6%*0!9%)4#*!$#-;%(#!(,#!! 4%(#1'(31#!(,#1#!6#1#!)*45!(6)!(5;#-!)2!<721%&'*-\!(,#!0))$!'*$!(,#!.'$<!+,#! !
1'&%-(!9%)4#*&#!'1)3*$!,%:8!%-!(,#!! 0))$!721%&'*!6'-!(,#!)*#!6,)!&)a);#1'(#$!6%(,!(,#!F31);#'*!&)4)*%-#1f!!
SY!! ;'1(%&34'145!(,#!721%&'*!6,)!,#4;#$!(,#!F31);#'*!&)4)*%-#1!%*!(,#!)&&3;'(%)*!!
;#12#&(!,#1)<!+,#<!W#9#1#*$!H(#;,#*!`3:'4)!%-!;1#-#*(#$!%*!-3&,!'!6'5!(,'(!'44!! '*$a!-3.e30'(%)*!)2!,%-!)6*!;#);4#!'*$!&)3*(15<!H3&,!'!&,'1'&(#1!6'-!!
)31!-5:;'(,%#-!'1#!6%(,!,%:<!I#!%-!(,#!#:.)$%:#*(!>)2!(,#!.%.4%&'4!:'*!6,)! ! ;)1(1'5#$!'-!;)--#--%*0!b3'4%(%#-!)2!-(1#*0(,8!%*(#44%0#*&#!'*$!.#'3(5<!D3(!%(!!
.'-,#$!%*!.5!(,#!-':#!#*#:5<!`3:'4)!%-8!(,#!#'14%#1!4%(#1'15!9#1-%)*!%*!'*! ! 721%&'*!&,'1'&(#1!6'-!(,#!)*#!6,)!)22#1#$!1#-%-('*&#!()!(,#!2)1#%0*!&)*b3#-(!!
'*$!)&&3;'(%)*!)2!,%-!&)3*(15<!H3&,!'!&,'1'&(#1!6'-!;)1(1'5#$!'-!.#%*0!30458!! F31);#!6'-8!)*&#!'0'%*8!(,#!&#*(1#<!+,%-!%*!(31*<!2%((#$!6#44!6%(,!(,#!&34(31'4! !
6#'/8!&)6'1$45!'*$!-&,#:%*0<!+,#!1#'$#1>-!-5:;'(,%#-!'1#!03%$#$!%*!-3&,!'!! %:;#1'(%9#-!)2!D1%(%-,!%:;#1%'4%-:<!C*!(,%-!.)!)/!C!,'9#!%*!2'&(!(1%#$!()!-,)6! !
6'5!'-!()!:'/#a!,%:!%$#*(%25!6%(,!721%&'*-!&)44'.)1'(%*0!6%(,!&)4)*%'4%-:!'*$! ! ,)6!(,#!#&)*):%&!&)*(1)4!)2!(,#!721%&'*!;#);4#!6'-!#22#&(#$!(,1)30,!;)4%(%&-!!
()!:'/#!,%:!$%-('*&#!,%:-#42!21):!(,)-#!)22#1%*0!;)4%(%&'4!'*$!:%4%('15! ! '*$!&34(31#<!F&)*):%&!'*$!;)4%(%&'4!&)*(1)4!)2!'!;#);4#!&'*!*#9#1!.#!&):;4#(#!!
1#-%-('*&#!()!&)4)*%'4%-:<!K*#!&'*!-L!#!(,#!-':#!-&,#:'!'(!6)1/!()$'5!%*!(,#! ! 6%(,)3(!&34(31'4!&)*(1)48!'*$!,#1#!4%(#1'15!-&,)4'145!;1'&(%!%11#-;#&(%9#!)2!'*5! !
'-!%*!`#*5'!'*$!C9)15![)'-(8!6,%&,!,'9#!9%1(3'445!:)1(0'0#$!(,#!23(31#!)2!! (,#!4)0%&!)2!(,#!-5-(#:!'-!'!6,)4#<!72(#1!'448!(,#!3*%9#1-%(%#-!'*$!&)44#0#-!-#(!3;! !
(,#%1!&)3*(1%#-!()!F31)a7:#1%&'*!%:;#1%'4%-:8!'1#!;)1(1'5#$!'-!.#%*0!! %*!(,#!&)4)*%#-!'2(#1!(,#!6'1!6#1#!:#'*(!()!;1)$3&#!'!*'(%9#!#4%(#!6,%&,!6)34$! !
SO!! #.1'(#$!%*!`%;4%*0>-!;)#:!%2!(,#!0#*(4#:'*!6,)!&)34$!/##;!,%-!,#'$!'0'%*-(!!
,'9%*0!'&,%#9#$!3*;'1'44#4#$!#&)*):%&!01)6(,!2)1!(,#%1!&)3*(1%#-<!D3(!)(,#1!! (,#!1%-%*0!-()1:-!)2!1#-%-('*&#f!(,#!0#*(4#:'*!6,)!6)34$!:##(!6%(,!(1%3:;,! !
1#0%:#-!4%/#!(,)-#!)2!=/13:',>-!J,'*'!)1!='--#1-!F05;(!6,%&,!-(1)9#!2)1!'!! '*$!$%-'-(#1!'*$!(1#'(!(,)-#!(6)!%:;)-(#1-!e3-(!(,#!-':#f!(,#!0#*(4#:'*!6,)! !
$)&(1%*'%1#8!'3(,)1%('1%'*!'*$!'1#!)2(#*!-,)6*!'-!,'9%*0!.1)30,(!)*45!#&)*):%&!! )2!$)3.(!'1)3*$f!(,%-!0#*(4#:'*!6'-!*)6!.#%*0!0%9#*!721%&'*!1).#-!%*!(,#8!!
&,')-!()!(,#%1!&)3*(1%#-<!+,3-!%:'0%*'(%9#!4%(#1'(31#!,'$!&1#'(#$!(,#!*#&#--'15!! ;)-(a6'1!-&,))4-!'*$!3*%9#1-%(%#-!)2!'*!'0#%*0!%:;#1%'4%-:<! !
&):#!()!$):%*'(#!(,#!-&#*#<!! 3*%9#1-%(%#-!,'$!&)*(%*3#$!6#44!%*()!%*$#;#*$#*&#!#1'!&):;4#(#45!3*'22#&(#$!!
721%&'*!&,%4$1#*!6,)!#*&)3*(#1#$!4%(#1'(31#!%*!&)4)*%'4!-&,))4-!'*$!! .5!'*5!6%*$-!)2!&34(31'4!&,'*0#<!+,#!%1)*5!)2!'44!(,%-!6'-!(,'(!(,#-#! !
3*%9#1-%(%#-!6#1#!(,3-!#N;#1%#*&%*0!(,#!6)14$!'-!$#2%*#$!'*$!1#24#&(#$!%*!(,#! ! $#;'1(:#*(-!6#1#!.#%*0!13*!%*!&)3*(1%#-!6,#1#!(,#!)1'4!(1'$%(%)*8!(,#!.'-%-!)2! !
F31);#'*!#N;#1%#*&#!)2!,%-()15<!+,#%1!#*(%1#!6'5!)2!4))/%*0!'(!(,#!6)14$8!#9#*! ! '44!0#*1#-!)2!61%((#*!4%(#1'(31#!.#!%(!'!;)#:8!'!;4'58!)1!'!-()158!6'-!.#'(%*0!6%(,! !
(,#!6)14$!)2a(,#!%::#$%'(#!#*9%1)*:#*(8!6'-!F31)&#*(1%&<!F31);#!6'-!(,#!! 4%2#!'*$!#*#1058!'*$!5#(!(,#5!6#1#!3*'22#&(#$!.5!(,#!-310%*0!&1#'(%9#!-()1:!'44! !
&#*(1#!)2!(,#!3*%9#1-#<!+,#!#'1(,!:)9#$!'1)3*$!(,#!F31);#'*!%*(#44#&(3'4!! '1)3*$!(,#:<!+,#!-(3$5!)2!(,#!,%-()1!%&!&)*(%*3%(5!)2!'!-%*04#!&34(31#!(,1)30,)3(! !
-&,)4'145!'N%-\a!+,#!%:'0#-!&,%4$1#*!#*&)3*(#1#$!%*!4%(#1'(31#!6#1#!1#%*2)1&#$!! (,#!;#1%)$!)2!!
.5!(,#%1!-(3$5!)2!0#)01';,5!'*$!,%-()158!'*'4!-&%#*&#!'*$!(#&,*)4)05!6,#1#!! SX!!
#:#10#*&#!)2!(,#!:)$#1*!6#-(!6'-!-(%44!(,#!)10'*%-%*0!;1%*&%;4#!)2!4%(#1'(31#! ! .#%*0!(,'(!#$3&'(%)*!%-!'!:#'*-!)2!/*)64#$0#!'.)3(!)31-#49#-<!+,#1#2)1#8!!
(#'&,%*0!%*!-&,))4-!'*$!&)44#0#-<!! '2(#1!6#!,'9#!#N':%*#$!)31-#49#-8!6#!1'$%'(#!)3(6'1$-!'*$!$%-&)9#1! !
H##*!'0'%*-(!(,%-!.'&/01)3*$8!(,#!1#e#&(%)*!)2!(,'(!;1%*&%;4#!%*!RuT!6'-! ! ;#);4#-!'*$!6)14$-!'1)3*$!3-<!E%(,!721%&'!'(!(,#!&#*(1#!a)2!(,%*0-8!*)(!!
6'-!b3#-(%)*%*0!(,#!3*$#145%*0!'--3:;(%)*-!.#,%*$!(,#!#*(%1#!-5-(#:!(,'(!6#!! (,%*0-!:3-(!.#!-##*!21):!(,#!721%&'*!;#1-;#&(%9#<!LXM!!
,'$!%*,#1%(#$!'*$!,'$!&)*(%*3#$!()!13*!6%(,)3(!.'-%&!b3#-(%)*-!'.)3(!*'(%)*'4!! D3(!)31!.)4$#-(!&'44!6'-!2)1!(,#!;4'&%*08!6%(,%*!(,#!*'(%)*'4!;#1-;#&(%9#8! !
;#1-;#&(%9#!'*$!1#4#9'*&#<!+,#!b3#-(%)*!%-!(,%-\!21):!6,'(!.'-#!$)!6#!4))/!'(! ! )2!)1'4a4%(#1'(31#!L)1'(31#M!'(!(,#!&#*(1#!)2!(,#!-544'.3-\! !
(,#a6)14$k!! +,#!)1'4!(1'$%(%)*!%-!1%&,!'*$!:'*5a-%$#$!<!<!<!(,#!'1(!$%$!*)(!#*$!5#-(#1$'5f! !
Cd!! %(!%-!'!4%9%*0!(1'$%(%)*!<!<!<!2':%4%'1%(5!6%(,!)1'4!4%(#1'(31#!&)34$!-300#-(!*#6! !
+,1##!4#&(31#1-8!K63)1!7*53:.'8!+'.'*!A)!A%5)*0!'*$!:5-#42f!6#1#!! -(13&(31#-!'*$!(#&,*%b3#-f!'*$!&)34$!2)-(#1!!
#:;,'(%&!%*!)31!1#e#&(%)*!'*$!'22%1:'(%)*\!)31!-('(#:#*(!-'%$8! ! SP!!
-,)34$!.#!()!)1%#*('(#!)31-#49#-!()6'1$-!;4'&%*0!`#*5'8!F'-(!721%&'8!'*$!! 2)1:-!<!<!<!+,#!-(3$5!)2!(,#!K1'4!+1'$%(%)*!6)34$!(,#1#2)1#!-3;;4#:#*(! !
(,#*!721%&'!%*!(,#!&#*(1#<!744!)(,#1!(,%*0-!'1#!()!.#!&)*-%$#1#$!%*!(,#%1! ! L*)(!1#;4'&#M!&)31-#-!%*!?)$#1*!721%&'*!A%(#1'(31#<!D5!$%-&)9#1%*0!'*$!!
)31-#49#-!<!<!<!C*!-300#-(%*0!(,%-!6#!'1#!*)(!1#e#&(%*0!)(,#1!-(1#':-8! ! )*#!,'*$!.#!-#(!%*!(,#!-(1#':!)2!,%-()15!()!6,%&,!%(!.#4)*0-!'*$!-)!.#! !
#-;#&%'445!(,#!6#-(#1*!-(1#':<!E#!'1#!)*45!&4#'145!:';;%*0!)3(!(,#! ! .#((#1!';;1#&%'(#$f!'*$!)*!(,#!)(,#1!.#!.#((#1!'.4#!()!#:.1'&#!'*$!!
$%1#&(%)*-!'*$!;#1-;#&(%9#-!(,#!-(3$5!)2!&34(31#!'*$!4%(#1'(31#!6%44! ! '--%:%4'(#!)(,#1!(,)30,(-!6%(,)3(!4)-%*0!%(-!1))(-<!LPM! !
E#!;1);)-#$!'!a*#6!)10'*%-%*0!;1%*&%;4#!6,%&,!6)34$!:#'*!'!>-(3$5!)2!! &):;)-%(%)*-8!(,#%1!-)*0-8!(,#%1!'1(8!6,%&,!2)1:-!(,#!.'-%-!)2!(,#!*'(%)*'4!'*$! !
`#*5'*!'*$!F'-(!721%&'*!4%(#1'(31#8!721%&'*8!4%(#1'(31#8!(,%1$!6)14$!4%(#1'(31#! ! 1#-%-('*&#!&34(31#!$31%*0!(,#!&)4)*%'4!'*$!*#)a&)4)*%'4!(%:#-<!E#!(,1##!!
'*$!4%(#1'(31#!21):!(,#!1#-(<!)2!(,#!6)14$<!E#!&)*&43$#$\! ! 4#&(31#1-!6#1#!(,#1#2)1#!&'44%*0!2)1!(,#!&#*(1'4%(5!)2!;#'-'*(!'*$!6)1/#1! !
E#!6'*(!()!#-('.4%-,!(,#!&#*(1'4%(5!)2!721%&'!%*!(,#!$#;'1(:#*(<!+,%-8!6#! ! ,#1%('0#!%*!(,#!-(3$5!)2!4%(#1'(31#!'*$!&34(31#<!!
,'9#!'103#$8!%-!e3-(%2%'.4#!)*!9'1%)3-!01)3*$-8!(,#!:)-(!%:;)1('*(!)*#!! +,#!*#6!)10'*%-%*0!;1%*&%;4#!6'-!'&&#;(#$!'2(#1!'!4)*0!$#.'(#a6,%&,!!
#*0342#$!(,#!#*(%1#!G*%9#1-%(5!'*$!6,%&,8!'(!)*#!(%:#8!'4-)!%*&43$#$!'44!(,#! ! H&,))4->!6'-!,#4$!'(!='%1).%!H&,))4<!+,#!&)*2#1#*&#!6'-!e)%*(45!)10'*%-#$!.5!!
;'1(%&%;'*(-!'(!(,#<!RS]S!='%1).%!<[)*2#1#*&#!)2!F*04%-,!'*$!A%(#1'(31#!! (,#!"#;'1(:#*(!)2!A%(#1'(31#8!G*%9#1-%(5!)2!='%1).%!'*$!(,#!C*-;#&()1'(#!)2!!
"#;'1(:#*(-!)2!(,#!G*%9#1-%(%#-!)2!F'-(!'*$![#*(1'4!721%&'<!721%&'*!K1'(31#f! ! F*04%-,!%*!(,#!?%*%-(15!)2!F$3&'(%)*<!C(!6'-!'((#*$#$!.5!(6)!,3*$1#$! !
(,#!1#-(!)2!(,#!6)14$!%*&43$%*0!F31);#!'*$!=)1(,!7:#1%&'f!1)30,45!%*!(,'(!! ='%1).%!'*$!`#*5'(('!G*%9#1-%(5![)44#0#f!$#4#0'(#-!21):!$#;'1(:#*(-!)2!!
)1$#1!)2!1#4#9'*!1#4'(%)*-,%;!'*$!;#1-;#&(%9#8!6)34$!2)1:!(,#!.'-%-!)2!'!*#6! ! 4%(#1'(31#-!)2!"'1!#-!H'4'':8!?'/#1#1#!'*$!?'4'6%!G*%9#1-%(%#-f! !
4%(#1'(31#!-544'.3-!6%(,!F*04%-,!'-!(,#!:#$%'(%*0!4'*03'0#<!+,#!'&(3'4!-544'.3-8! ! 1#;1#-#*('(%9#-!)2!(,#!C*-;#&()1'(#!)2!F*04%-,8!?%*%-(15!)2!F$3&'(%)*!'*$!)2a(,#!!
1#-34(%*0!21):!(,#!RS]TaS!$#.'(#!6'-!*#&#--'1%45!'!&):;1):%-#<!U)1!%*-('*&#!! `#*5'!C*-(%(3(#!)2!F$3&'(%)*f!).-#19#1-!21):!(,#!?%*%-(15<!)2!F$3&'(%)*!%*!!
F'-(!721%&'*!;)#(15!6'-!()!.#!('30,(!%*!%(-!F31);#'*!&)*(#N(\!%(!6'-!*)(!3*(%4! ! +'*h'*%'!'*$!G0'*$'f!1#;1#-#*('(%9#-!21):!(,#!(,#*!F'-(!721%&'*![)::3*%(5f!!
RSVO8!6,#*!(,#!:'e)1%(5!)2!(,#!-('22!%*!(,#!$#;'1(:#*(!6#1#!721%&'*-8!(,'(!(,#! ! F'-(!721%&'!FN':%*'(%)*![)3*&%4f!F'-(!721%&'!A%(#1'(31#!D31#'3f!(1'$#!3*%)*!!
';)4)0%'<!! ;3.4%-,#1-\!c):)!`#*5'(('!U)3*$'(%)*8!F'-(!721%&'*!A%(#1'(31#!D31#'38!F'-(!!
+,#!01)6(,!)2!(,#!a!A%(#1'(31#!"#;'1(:#*(!'(!(,#!G*%9#1-%(5!)2!='%1).%8!'!! 721%&'!@3.4%-,%*0!I)3-#!'*$!KN2)1$!G*%9#1-%(5!@1#--<!7-!%2!()!0%9#!%(!'*!#9#*!!
$#;'1(:#*(!6,%&,!,'-!;1)$3&#$!-(3$#*(-!6,)!&'*8!.5!-('1(%*0!21):!(,#%1!! :)1#!(1345!%*(#1*'(%)*'4!&,'1'&(#18!(,#1#!6#1#!9%-%(%*0!$#4#0'(#-!21):!(,#! !
#*9%1)*:#*(8!21##45!4%*/!(,#!131'4!'*$!31.'*!#N;#1%#*&#-!)2!`#*5'*!'*$!! G*%9#1-%(5!)2!E#-(!C*$%#-!'(!?)*'8!c':'%&'8!(,#!G*%9#1-%(5!)2!C2#8!=%0#1%'!'*$! !
721%&'*!4%(#1'(31#!()!(,'(!)2!J'1&%'!?'1b3#h8!W%&,'1$!E1%0,(8!J#)10#! ! 21):!73&/4'*$!G*%9#1-%(58!=#6!B#'4'*$<!+,%-!%:;1#--%9#!0'(,#1%*0!6'-!(,#!!
A'::%*08!D'4h'&8!"%&/#*-8!H,'/#-;#'1#!'*$!D1#&,(!%-!'!2'1!&15!21):!(,)-#!! 1#-34(!)2!,'1$!)10'*%-'(%)*'4!#22)1(-!)2!(,#!-(##1%*0!&)::%((##!&,'%1#$!.5!F$$',! !
$'5-!%*!(,#!2%2(%#-!'*$!-%N(%#-!6,#*!(,#5!3-#$!()!(15!'*$!$#(#&(!c'*#!73-(#*>-! ! J'&,3/%'!'*$!H<!7<!7/%9'0'<!!
&,'1'&(#1-!%*!(,#%1!9%44'0#-<!! +,#!&)*2#1#*&#!6'-!&4#'145!:)(%9'(#$!.5!(,#!-':#!b3#-(!2)1!1#4#9'*&#!!
S]!! 6,%&,!#'14%#1!,'$!4#$!()!(,#!1#&)*-(%(3(%)*!)2!(,#!"#;'1(:#*(!)2!A%(#1'(31#<!C*! !
d!! (,#!1#&)::#*$'(%)*-!)2!'!6)1/%*0!&)::%((##!#4#&(#$!.5!(,#!&)*2#1#*!%(!%-! !
D31!(,'(!6'-!*)(!(,#!#*$!)2!(,#!='%1).%!A%(#1'(31#!"#.'(#<!L]M!C*!H#;(#:.#1! ! '103#$!(,'(\!!
RSVX!'!&13&%'4!&)*2#1#*&#!)*!>+,#!+#'&,%*0!)2!721%&'*!A%(#1'(31#!%*!`#*5'*!! @1%)1!()!%*$#;#*$#*!#$3&'(%)*!%*!`#*5'!6'-!'*!%*-(13:#*(!)2!&)4)*%'4!!
;)4%&5!$#-%0*#$!()!#$3&'(#!(,#!;#);4#!)2!`#*5'!%*()!'&&#;('*&#!)2!(,#%1!! $#('%4#$!1#&)::#*$'(%)*-!)*!;)4%&5<!'*$!)*!-544'.3-#-!'4)*0!(,#!;1%*&%;4#-!!
1)4#!'-!(,#!&)4)*%h#$<!+,#!#$3&'(%)*!-5-(#:!'(!%*$#;#*$#*&#!6'-!(,#1#2)1#!! )3(4%*#$!%*!(,#!&)*2#1#*&#!1#-)43(%)*<!+,#!-#9#*(5(,1##!;'0#!$)&3:#*(!6'-!!
(,#!-(3$5!)2!'*!F*04%-,!4%(#1'15!(1'$%(%)*!('30,(!.5!F*04%-,!(#'&,#1-<!H3&,!'!! aW#&)::#*$'(%)*-a)2!(,#!E)1/%*0![)::%((##!'*$!6'-!&4#'145!(,#!1#-34(!)2! !
-%(3'(%)*!:#'*(!(,'(!`#*5'*!&,%4$1#*!6#1#!'4%#*'(#$!21):!(,#%1!)6*! ! :)*(,-!)2!,'1$!6)1/!'*$!&)::%(:#*(<!A))/%*0!'(!(,#!$)&3:#*(!(#*!5#'1-!!
#N;#1%#*&#!r'*$s!%$#*(%(5!%*!'*!%*$#;#*$#*(!721%&'*!&)3*(15<LVM!! 4'(#18!)*#!%-!-(13&/f!*)(!-)!:3&,!.5!(,#%1!&1%(%b3#!)2!(,#!#N%-(%*0!-544'.3-#-!)1! !
7$$1#--%*0!%(-#42!()!b3#-(%)*-!)2!4'*03'0#!'*$!4%(#1'(31#8!'!1#-)43(%)*!;'--#$!'(!! .5!(,#%1!$#('%4#$!;1);)-'4-!2)1!&,'*0#!a!(,)30,!.)(,!'1#!%:;1#--%9#!'*$!-(%44!!
(,#!#*$!)2!(,#!&)*2#1#*&#!-('(#$\!! 1#4#9'*(!()!(,#!-%:%4'1!$#.'(#-!'*$!%--3#-!()$'5!a!.3(!.5!(,#!&)*-&%)3-*#--!(,'(!!
SV!! 03%$#$!(,#!&1%(%b3#!'*$!(,#!;1);)-'4-<!!
+,#!;1#-#*(!4'*03'0#!'*$!4%(#1'(31#!-544'.3-#-!'1#!%*'$#b3'(#!'*$!! +,#!;'*a721%&'*!&)*-&%)3-*#--!%-!-(1)*0<!+,#!'3(,)1-!-##!721%&'!'-!)*#!!
%11#4#9'*(!()!(,#!*##$-!)2!(,#!&)3*(15<!+,#5!'1#!-)!)10'*%-#$!(,'(!'!`#*5'*!! '*$!(,#5!1#e#&(!(,#!$%9%-%)*!)2!721%&'!%*()!-3.aH','1'*!LD4'&/!721%&'f!W#'4!!
&,%4$!/*)6-!,%:-#42!(,1)30,!A)*$)*!'*$!=#6!m)1/<!D)(,!-,)34$!(,#1#2)1#!! 721%&'M!'*$!=)1(,#1*!L71'.%&f!U)1#%0*f!?#$%(#11'*#'*!721%&'M<!+,#5!6'*(!'!!
.#!&):;4#(#45!)9#1,'34#$!'(!'44!4#9#4-!)2!)31!#$3&'(%)*!-5-(#:!'*$!! `#*5'*!&,%4$!()!.#!#N;)-#$!()!(,#!4%(#1'(31#!21):!*)1(,8!-)3(,8!6#-(!'*$!#'-(! !
;'1(%&34'145!%*!-&,))4-<LTM!! 721%&'\!!
+,#a!&)*2#1#*!6,%&,!6'-!&,'10#$!6%(,!#N':%*%*0!(,#!1)4#!)2!4%(#1'(31#! ! +,#!&#*(31%#-!)4$!71'.!&%9%4%h'(%)*>!,'-!#N#1(#$!(1#:#*$)3-!%*243#*&#!)*!!
%*!-)&%#(5!'*$!(,#!*'(31#!)2!4%(#1'(31#!('30,(!%*!-#&)*$'15!-&,))4-!'*$!%(-!! (,#!4%(#1'(31#!)2!:)$#1*!=)1(,!721%&'!'*$!'4-)!:'*5!;'1(-!)2!(,#!&)*(%*#*(<! !
1#4#9'*&#!()!`#*5'>-!;1#-#*(!$'5!*##$-8!&'44#$!2)1!(,#!&#*(1'4%(5!)2!8)1'4! ! +)!$'(#!(,#%1!%*243#*&#!,'-!.##*!$#*%#$!.5!)31!#$3&'()1-!'*$!(,#!4%(#1'(31#!!
4%(#1'(31#!'-!'!('/#a)22!.'-#!()!&):(#:;)1'15!4%(#1'(31#<!+,#5!'103#$!(,'(!'!! )2!=)1(,!721%&'!'*$!(,#!71'.!6)14$!,'-!4'10#45!.##*!%0*)1#$<LRQM!!
-)3*$!#$3&'(%)*'4!;)4%&5!6'-!)*#!6,%&,!#*'.4#$!-(3$#*(-!()!-(3$5!(,#!&34(31#!! +,#!'3(,)1-!6'*(!()!;31-3#!(,#!721%&'*!&)**#&(%)*!()!(,#!2)31!&)1*#1-!)2!(,#!!
'*$!(,#!#*9%1)*:#*(!)2!(,#%1!-)&%#(5!2%1-(8!(,#*!-#(!%(!%*!1#4'(%)*!()!(,#!&34(31#! ! #'1(,8!-)!()!-;#'/8!'*$!(,#5!6'*(!`#*5'*!&,%4$1#*!()!.#!#N;)-#$!()!(,)-#!!
(,#!-544'.3-#-<!LSM!7!6)1/%*0!&)::%((##!-#(!3;!.5!(,#!&)*2#1#*&#!6%(,!")30'4! ! ST!!
D4'&/.31*!'-![,'%1:'*!'*$!W<!J'&,#&,#!'-!(,#!H#&1#('15!&':#!3;!6%(,!! C(!%-!)2(#*!'-/#$8!6,5!-(3$5!['1%..#'*!'*$!721)a7:#1%&'*!4%(#1'(31#k!E,'(!!
%-!(,#!&)**#&(%)*!.#(6##*!721%&'*!'*$!(,#!E#-(!C*$%'*!'*$!! '1#!9#15!&)*-&%)3-!)2!(,#!%*(#1*'(%)*'4%-(!-#((%*0!'*$!&)*(#N(!)2!(,#!*'(%)*'4! !
721)a7:#1%&'*k!! #N;#1%#*&#<!A%/#!(,#!3*%9#1-%(5!A%(#1'(31#!"#;'1(:#*(8!6,%&,!6'-!&)*-&%)3-!)2!!
L'M!E#!,'9#!(,#!-':#!.%)a0#)01';,%&!1))(-\!(,#!;#);4#!)2!(,#!E#-(!C*$%#-!! (,#!%::#*-#!9'43#!)2!6)14$!4%(#1'(31#8!(,#5!())!1#23-#$!()!-3.-(%(3(#!*'(%)*'4! !
'*$!721)a7:#1%&'!'1#!721%&'*-!6,)8!'!2#6!,3*$1#$!5#'1-!'0)8!6#1#!! &,'39%*%-:!2)1!(,#!D1%(%-,!&)4)*%'4!&,'39%*%-:!)2!(,#!#N%-(%*0!-544'.3-#-<!7! !
.13('445!3;1))(#$!21):!(,#a721%&'*!&)*(%*#*(<!! `#*5'*!&,%4$!6)34$!.#!#N;)-#$!()!6)14$!4%(#1'(31#!'*$!(,#!$#:)&1'(%&!(1'$%(%)*! !
L.M!E#!,'9#!-,'1#$!(,#!-':#!;'-(!)2!,3:%4%'(%)*!'*$!#N;4)%('(%)*!3*$#1!! %*!6)14$!4%(#1'(31#<!!
-4'9#158!'*$!&)4)*%'4%-:\!6#!,'9#!'4-)!-,'1#$!(,#!04)1%)3-!;'-(!)2!! C*!'&&)1$'*&#!6%(,!(,#!;1%*&%;4#!)2!(#'&,%*0!.#0%**%*0!6%(,!(,#!-(3$#*(->!!
-(13004#8!'*$!2%0,(!'0'%*-(!(,#!-':#!2)1&#<!! %::#$%'(#!#*9%1)*:#*(!'*$!:)9%*0!)3(!()6'1$-!(,#!6)14$8!(,#!(#'&,%*0!)2! !
L&M!Fb3'445!%:;)1('*(!6#!,'9#!(,#!-':#!'-;%1'(%)*-!2)1!(,#!()('4!4%.#1'(%)*! ! *)*a721%&'*!4%(#1'(31#!%*!-&,))4-!-,)34$!'%:!()!%*(1)$3&#!(,#!`#*5'*!!
)2!'44!(,#!.4'&/!;#);4#8!%*!(,#!6)14$<!! -(3$#*(!()!(,#!6)14$!&)*(#N(!)2!(,#!.4'&/!#N;#1%#*&#<!H3&,!-(3$5!-,)34$!!
+,#%1!4%(#1'(31#8!4%/#!)31!4%(#1'(31#!#:.)$%#-!'44!(,#!'.)9#!'-;#&(-!)2!)31! ! (,#1#2)1#!%*&43$#!F31);#'*!'*$!7:#1%&'*!4%(#1'(31#8!6%(,!(,#%1!,%-()1%&!'4! !
-(13004#!2)1!'!&34(31'4!%$#*(%(5<!! '*$!;1#-#*(!%*243#*&#-!)*!!
7;'1(!21):!(,'(8!721%&'*!;#);4#-!)2!(,#!"%'-;)1'!,'9#!&)*(1%.3(#$!! SS!!
J#)10#!@'$:)1#8!E<!F<!"3.)%-8!?'1&3-!J'19#5!'*$!:'*5!)(,#1-!6#1#!;'1(!! )(,#1!;'1(-!)2!(,#!(,%1$!6)14$!-3&,!'-!A'(%*!7:#1%&'!'*$!7-%'<![1%(#1%'!2)1! !
'*$!;'1a)2!721%&'>-!-(13004#!2)1!%*$#;#*$#*&#<!+,#!4%(#1'15!:)9#:#*(-!! -#4#&(%)*!-,)34$!'((#:;(!()!.'4'*&#\!4%(#1'15!#N,#*!-)&%'4!1#4#9'*! !
6%(,!(,)-#!%*!721%&'<!7%:#![#-'%1#8!U1'*(h!U'*)*8![4'3$#!?&`'58!! 4%(#1'(31#8!6,%&,!6%44!.)(,!#*&)31'0#!%(-!;31-3%(!%*!4'(#1!5#'1-!'*$!#*-31#! !
A'*0-()*!I30,#-8!A#)*!"':'-8!W#*#!"#;#-(1#8!@'34!W).#-)*!a!'44!(,#-#!! (,'(!-3&,!'!;31-3%(!%-!#*0'0#$!%*!213%(23445!<!<!<!J%9#*!(,#!*'(31#!)2!`#*5'*! !
0%'*(-!)2!<&34(31#!'*$!(,#!'1(-!,'9#!;)-%(%9#45!&)*(1%.3(#$!()!(,#!01)6(,!)2! ! -)&%#(58!6#!1#&)::#*$!(,'(!'((#*(%)*!.#!;'%$!()!4%(#1'(31#!#N;1#--%*08(,#! !
721%&'*!A%(#1'(31#<!! #N;#1%#*&#!)2!'!&,'*0%*0!-)&%#(58!'*$!(,'(!%(!.#!#*-31#$!(,'(!(,#!9'1%#(5!)2! !
?)-(!)2!(,#-#!&)::#*(-!6)34$!';;45!#b3'445!6#44!()!(,#!4%(#1'(31#!)2!! #N;#1%#*&#!)2!$%22#1#*(!&4'--#-!%*!-)&%#(5!.#!&)9#1#$<!LRYM!!
(,#!(,%1$!6)14$!#-;#&%'445!(,'(!)2!7-%'!'*$!A'(%*!7:#1%&'<!LRRM! ! +,#%1!1#&)::#*$'(%)*-!2)1a(,#!(#'&,%*0!)2!6)14$!4%(#1'(31#!&):#!2'&#!()!2'&#! !
721%&'f!721%&'*!&)**#&(%)*-f!(,%1$!6)14$f!%*$##$8!(,#!'3(,)1-!)2!(,#!1#;)1(! ! 6%(,!(,#!%--3#!)2!4'*03'0#f!'*$!(,#5!,'9#!'3(,)1-!6,%&,!%*&43$#!+)4-()58!!
J)0)48!J)1/58!")-()#9-/5!LW3--%'*Mf!B)4'8!D'4h'&8!U4'3.#1(!LU1#*&,Mf!C.-#*!! '*!#4#:#*(!)2!&34(31#!6'-!3-#$!%*!(,#!$):%*'(%)*!)2!721%&'<!+,#!1#;)1(!*)(#-\! !
L=)16#0%'*Mf!U'34/*#18!71(,31!?%44#18!G;()*!H%*&4'%18!I#:%*06'5! ! RQQ!!
?'**!'*$!D1#&,(!LJ#1:'*M<!+,#5!-##!(,#!*#&#--%(5!)1!%*#9%('.%4%(5!)2! ! #N;4)%('(%)*8!);;1#--%)*!'*$!,3:'*!$#01'$'(%)*<!C*!(,#!2%#4$!)2!&34(31#!-,#!!
&)*(%*3#$!3-#!)2!F*04%-,8!.3(!(,#5!-(1)*045!&'44!2)1!H6',%4%!()!.#!:'$#! ! 6'-!('30,(!()!4))/!)*!F31);#!'-!,#1!(#'&,#1!'*$!(,#!&#*(1#!)2!:'*>-!!
&):;34-)15!%*!'44!-&,))4-!.3(!;'1(%&34'145!2)1!(,)-#!-(3$#*(-!)2!F*04%-,!'*$!! &%9%4%h'(%)*8!'*$!,#1-#42!'-!(,#!;3;%4<!C*!(,%-!#9#*(!E#-(#1*!&34(31#!.#&':#! !
4%(#1'(31#!'*$!$1':'\!! (,#!&#*(1#!)2!721%&'>-!;1)&#--!)2!4#'1*%*08!'*$!721%&'!6'-!1#4#0'(#$!()!(,#! !
7!&4#'1!;1)01'::#!)2!H6',%4%!4%(#1'(31#!.#!%*(1)$3&#$!'*$!.#!:'$#!! .'&/01)3*$<!721%&'!3*&1%(%&'445!%:.%.#$!9'43#-!(,'(!6#1#!'4%#*!'*$!,'$!*)!!
&):;34-)15!%*!-&,))4-<!! %::#$%'(#!1#4#9'*&#!()!,#1!;#);4#<!+,3-!6'-!(,#!1%&,*#--!)2!721%&'>-! !
F9#15!4'*03'0#!,'-!%(-a)6*!-)&%'4!'*$!&34(31'4!.'-%-8!'*$!(,#-#!'1#!! &34(31'4!,#1%('0#!$#01'$#$8!'*$!,#1!;#);4#!4'.#44#$!'-!;1%:%(%9#!'*$!-'9'0#<!!
%*-(13:#*('4!%*!(,#!2)1:'(%)*!)2!:#*('4!;1)&#--#-!'*$!9'43#!e3$0#:#*(-<!! +,#!&)4)*%h#1>-!9'43#-!6#1#!;4'&#$!%*!(,#!4%:#4%0,(8!'*$!%*!(,#!;1)&#--8! !
E,#1#'-!%(!%-!'&&#;(#$!(,'(!6#!3-#!F*04%-,!'*$!6%44!&)*(%*3#!()!$)!-)!2)1!'!! #9)49#$!'!*#6!721%&'*!6,)!$#*%#$!,%-!)1%0%*'4!%:'0#8!'*$!#N,%.%(#$!'!!
4)*0!(%:#!()!&):#8!(,#!-(1#*0(,!'*$!$#;(,!)2!)31!&34(31'4!01)3*$%*0!6%44! ! &)*-%$#1'.4#!4'&/)2!&)*2%$#*&#!%*!,%-!&1#'(%9#!;)(#*(%'4<!LRXM!!
34(%:'(#45!$#;#*$!)*!)31!'.%4%(5!()!%*9)/#!(,#!%$%):!)2!721%&'*![34(31#!%*! ! +,#!61%(#1-!'1#!(,#1#2)1#!-,)&/#$!(,'(!-544'.3-#-!$#-%0*#$!()!:##(!(,#!*##$-!)2!!
;4'5!%*!`#*5'8!'*$!*##$-!()!.#!0%9#*!01#'(#1!#:;,'-%-!(,'*!%(!,'-8!,%(,#1()<!! C(!6'-!*)(#$!6%(,!-,)&/!'*$!&)**!(,'(!#9#*!(#*!5#'1-!'2(#1!!
.##*!'&&)1$#$<!! C*$#;#*$#*!%*!;1'&(%&'445!#9#15!-&,))4!%*!(,#!1#;3.4%&!)31!-(3$#*(-!6#1#!!
'$#b3'(#!*3:.#1-!)2!H6',%4%!(#'&,#1-!-,)34$!.#!(1'%*#$<LROM!! #-;#&%'445!()!)31!;1#-#*(!*##$-<!74:)-(!'44!.))/-!3-#$!%*!)31!-&,))4-!'1#!!
4%(#1'(31#!%-!'!;)6#1234!%*-(13:#*(!%*!#9)49%*0!(,#!&34(31'4!#(,)-!)2!'!;#);4#<! ! 4#9#4!%*!)31!-&,))4-!.#(6##*!<RS]T!'*$!RSVY!)*45!)*#!6'-!721%&'*<!C(!!
+,#5!-##!4%(#1'(31#!'-!;'1(!)2!(,#!6,)4#!%$#)4)0%&'4!:#&,'*%-:!2)1!%*(#01'(%*0!'! ! .#&':#!).9%)3-!(,'(!9#15!4%((4#!%-!.#%*0!$)*#!%*!-&,))4-!()!#N;)-#!)31!!
;#);4#!%*()!(,#!9'43#-!)2!'!$):%*'*(!&4'--8!1'<!*)1!*'(%)*<!C:;#1%'4%-:8n! ! -(3$#*(-!()!(,#%1!&34(31'4!'*$!;,5-%&'4!#*9%1)*:#*(<!LRPM!!
;'1(%&34'145!$31%*0!&)4)*%'4%-:8!;1)9%$#-!(,#!.#-(!#N':;4#!)2!,)6!4%(#1'(31#!'-! ! +,#5!'1#!(,#1#2)1#!&)*-&%)3-!)2!(,#!2'&(!(,'(!'*!'&(3'4!4%(#1'(31#!-544'.3-8!*)! !
:'((#1!,)6!2'1!1#'&,%*0!%*!%(-!-&);#!'*$!&):;)-%(%)*!)2!(#N(-!'*$!'3(,)1-8!%-! ! 6%(,)3(!2#'1>!)2!.#%*0!4'.#44#$!?'1N%-(8![)::3*%-(!)1!1'$%&'4!'*$!.#%*0!,'34#$! !
4%:%(#$!3*4#--!4%(#1'(31#!%-!-##*!'*$!('30,(!'-!'*!%$#)4)0%&'4!&):;)*#*(!)2!(,#! ! %*()!;1%-)*-!'*$!$#(#*(%)*!&':;-<!F9#*!-)!(,#!;1);)-'4-!'*$!(,#!:)$#4!-544'.3-!!
+,1##!:'e)1!;1%*&!%;4#-!(,'(!#:#10#$!21):!(,#!&)*2#1#*&#!,'9#!03%$#$!(,#!! E)14$!'*$!(,#!1#-(!)2!(,#!6)14$8!6#1#!*)(!1#'$%45!'&&#;(#$!.5!(,#!?%*%-(15!)2! !
$%-&3--%)*-!)2!(,#!6)1/%*0!&)::%((##!'*$!(,#!;1#;'1'(%)*!)2!(,%-!2%*'4! ! F$3&'(%)*<!+,#5!.#&':#!(,#!-3.e#&(!)2!'!&)*(%*3%*0!$#.'(#!'*$!-(13004#!%*!(,#!!
1#;)1(<!! #$3&'(%)*'4!&)11%$)1-!)2!;)6#1<!+,#!;1);)-'4-!6#1#!-(1#*0(,#*#$!'*$!'103#$!!
L%M!7!;#);4#>-!&34(31#!%-!'*!#--#*(%'4!&):;)*#*(!%*!$#2!2%*%*0!'*$! ! '.)3(!%*!5#(!)(,#1!2)44)6!a3;!&)*2#1#*&#-!'*$!%*!RSTR!6#1#!-(%44!'!:'((#1!)2! !
&)4)*%'4!0)9#1*:#*(-!%*!721%&'<!<!! 721)&#*(1%-:!a9'-!*)6!#b3'(#$!6%(,!?'1N%-:<!!
L%%M!7!-)3*$!#$3&'(%)*'4!;)4%&5!%-!)*#!6,%&,!#*'.4#-!-(3$#*(-!()!-(3$5!(,#!! C!':!*)(!-31#!%2!()$'5!(,#!;1);)-'4-!,'9#!.##*!'&&#;(#$!)1!*)(<!C!(,%*/!!
(,#!&34(31#!'*$!#*9%1)*:#*(!)2!)(,#1!-)&%#(%#-<!! (,#!-&,))4!4%(#1'(31#!&311%&343:<!D3(!C>!#N;#&(!(,#!&)*(1)9#1-58!&)*(%*3#-<!U)1! !
RQR!! (,#!b3#-(!2)1!1#4#9'*&#!'*$!(,#!#*(%1#!4%(#1'(31#!$#!.'(#!6'-!*)(!1#'445!'.)3(!(,#! !
L%%%M!U)1!(,#!#$3&'(%)*!)22#1#$!()$'5!()!.#!;)-%(%9#!'*$!()!,'9#!&1#'(%9#! ! '$:%--%.%4%(5!)2!(,%-!)1!(,'(!(#N(8!(,%-!)1!(,'(!'3(,)18!(,)30,!%(!)2(#*!#N;1#--#$! !
;)(#*(%'4!2)1!`#*5'>-!23(31#!%(!:3-(!.#!-##*!'-!'*!#--#*(%'4!;'1(!)2!(,#! ! %(-#42!'-!-3&,<!C(!6'-!1#'445!'.)3(!(,#!$%1#&(%)*8!(,#!(#'&,%*0!)2!4%(#1'(31#8!'-! !
1#&)::#*$'(%)*-!6'-!'4:)-(!'!1#;#'(!)2<!(,#!RS]TaS!G*%9#1-%(5a.'-#$!$#.'(#<!! &)4)*%'4!#$3&'(%)*!-5-(#:!'*$!(,#!&)*-&%)3-*#--!%(!*#&#--'1%45!%*&34&'(#$!%*!(,#!!
D3(!*)6!(,#!$#.'(#!.#&':#!*'(%)*'4<!H):#!*#6-;';#1-!);#*#$!(,#%1!;'0#-!()!! 721%&'*!:%*$<!E,'(!$%1#&(%)*-!-,)34$!'*!#$3&'(%)*!-5-(#:!('/#!%*!'*!721%&'!!
(,#!4%(#1'(31#!$#.'(#!1#9#'4%*0!%*!(,#!;1)&#--!'!6%$#!1'*0#!)2!9%#6-!)*!(,#!%--3#!! 6%-,%*0!()!.1#'/!6%(,!*#)a&)4)*%'4%-:k!E,'(!-,)34$!.#!(,#!;,%4)-);,5!03%$%*0!!
21):!#N(1#:#!,)-(%4%(5!()!;'--%)*'(#!&)::%(:#*(<!D#4%#9#!%(!)1!*)(8!%*!(,#!#'145! ! %(k!I)6!$)#-!%(!6'*(!(,#!>=#6!721%&'*->!()!9%#6!(,#:-#49#-!'*$!(,#%1!3*%9#1-#k! !
;1%:'&5!)2!(,#!`#*5'*!;#);4#!'*$!(,#%1!#N;#1%#*&#!)2!(,#!,%-()15!)2!-(13004#!! -,)34$!.#!#N;)-#$!()\!'*$!%*!6,'(!)1$#1!'*$!;#1-;#&(%9#k!E,)!-,)34$!.#!!
%*(#1;1#(%*0!(,'(!:'(#1%'4!()!(,#:\!'*!721%&'*!)1!*)* a721%&'*k!C2!721%&'*8!6,'(!! %*(#1#-(-8!(,#!2'-(#1!6%44!.#!,#1!$#9#4);:#*(!'*$!,#1!:)9#:#*(!()!(,#! !
/%*$!)2!721%&'*k!K*#!6,)!,'-!%*(#1*'4%h#$!(,#!&)4)*%'4!! :)$#1*%(5!)2!(,#!(6#*(%#(,!&#*(315<!+,%-!4%*#!%-!;'1(%&34'145!&4#'1!%*!(,#! !
RQY!! %*(#1;1#('(%)*!)2!,%-()15!6,#1#!'!&)1;3-!)2!-('(#!%*(#44#&(3'4-!,'-!#:#10#$!6,)! !
6)14$!)3(4))/!)1!)*#!'((#:;(%*0!()!.1#'/!21##!21):!(,#!%*,#1%(#$!-4'9#!! *)6!);#*45!61%(#!:'*3'4-!%*!;1'%-#!)2!&)4)*%'4%-:<!+,#-#!-('(#!%*(#44#&(3'4-! !
&)*-&%)3-*#--k!7*$!6,'(!6#1#!(,#!%:;4%&'(%)*-!)2!-3&,!'*!#$3&'(%)*!-5-(#:!! -&)22!'(!(,#!,#1)%&!'*$!;'(1%)(%&!-(13004#-!)2!`#*5'*!;#);4#!a!)2!'44!(,#!!
2)1!(,#!;)4%(%&'4!'*$!#&)*):%&!-#(!3;!)1!-('(3-!b3)k!C*8!'!*#)&)4)*%'4%-(!&)*(#N(8! ! *'(%)*'4%(%#-!()!21##!`#*5'!21):!(,#!-(1'*04#,)4$!)2!%:;#1%'4%-(%&!&';%('4%-:<! !
6)34$!-3&,!'*!#$3&'(%)*!-5-(#:!.#!;)--%.4#k!E)34$!%(!*)(!%*!2'&(!&):#!%*()!! U)1!(,#:!(,#!(1'$%(%)*!)2!&)44'.)1'(%)*!6%(,!D1%(%-,!%:;#1%'4%-:!%-!6,'(!.1)30,(! !
&)*24%&(!6%(,!;)4%(%&'4!'*$!#&)*):%&!*#)a&)4)*%'4%-:k!! '.)3(!%*$#;#*$#*&#!'*$!*)(!(,#!1#-%-('*&#!(1'$%(%)*!)2!E'%5'/%8!`)%('4#48!?#! !
34(%:'(#45!$#;#*$-!)*!(,#!#*(%1#!0)9#1*:#*(!;)4%&5!()6'1$-!&34(31#8!#$3&'(%)*!! "#$'*!`%:'(,%!'*$!(,#!`#*5'!A'*$!'*$!U1##$):!71:5!L?'3!?'3M<!U)1!(,#-#!!
'*$!4'*03'0#8!'*$!)*!6,#1#!'*$!,)6!%(!-('*$-!%*!(,#!'*(%a%:;#1%'4%-(!;1)&#--!%*!! -('(#!%*(#44#&(3'4-!%:;#1%'4%-(!F31);#!%-!(,#!.#0%**%*0!)2!`#*5'>-!,%-()15!'*$! !
E,'(#9#1!(,#!$#-(%*5!)2!(,#!RSVX!;1);)-'4-!)*!4%(#1'(31#!%*!-&,))4-8!(,#!! RQO!!
9'43#-8!'--3:;(%)*-!'*$!(,#!'((%(3$#-!3*$#145%*0!(,#!#*(%1#!>='%1).%!A%(#1'(31#! ! (,#!*#)a&)4)*%'4!-('(#!%-!(,#!:)$#4!%*-(13:#*(!2)1!721%&'>-!1';%$!$#9#4);:#*(<! !
"#.'(#>!'1#!()$'5!'(!(,#!,#'1(!)2!(,#!&)*(#*$%*0!-)&%'4!2)1&#-!%*!`#*5'8!%*!! +,#!)(,#1!4%*#!%$#*(%2%#-!6%(,!(,#!(1'$%(%)*!)2!1#-%-('*&#!%*!'44!(,#! !
721%&'!'*$!%*!(,#!(,%1$!6)14$!'*$!(,#5!'44!.)%4!$)6*!()!(,#!b3#-(%)*!)2! ! *'(%)*'4%(%#-<!C(!-##-!%*!(,#!'&(%9%(%#-!'*$!'&(%)*-!)2!)1$%*'15!:#*!'*$!6):#*!)2! !
1#4#9'*!%*!;,%4)-);,%&'4!&4'--!'*$!*'(%)*'4!(#1:-<!! `#*5'8!(,#!.'-%-!)2!`#*5'>-!,%-()15!'*$!;1)01#--<!+,#!4%*#8!.#-(!#N#:;4%2%#$!.5!!
7(!(,#!4#9#4!)2!(,#!*'(%)*'4!.'-#!2)1!1#4#9'*!(6)!&)*24%&(%*0!4%*#-!,'9#! ! &4#'145!*)(!-('(#!23*&(%)*'1%#-!%*-%-(-!(,'(!`#*5'!'*$!(,#!*##$-!)2!`#*5'!&):#!!
,%-()158!;)4%(%&-!'*$!#&)*):%&!$#9#4);:#*(<!! *'(%)*'4!&';%('4!'*$!#*(#1;1%-#!6#1#!$):%*'*(M8!;)4%(%&-!'*$!&34(31#!%-!)2! !
K*#!4%*#!%$#*(%2%#-!6%(,!(,#!%:;#1%'4%-(!,#1%('0#8!&)4)*%'4!'*$!*#)&)4)*%'48! ! ;'1':)3*(!%:;)1('*&#<!+)!0#(!(,#!&)11#&(!*'(%)*'4!;#1-;#&(%9#8!$#:)&1'&5!!
1#-)31&#-<!U1):!(,%-!-('1(%*0!;)%*(!(,#5!&'*!1'$%'(#!)3(6'1$-!()!4%*/!6%(,!(,#! ! %*!RS]O8!(,#!$#2#*$#1-!)2!%:;#1%'4%-(!'*$!*#)a&)4)*%'4!&34(31#!6#1#!;3(8!)*!(,#!!
,#1%('0#!'*$!-(13004#-!)2!)(,#1<!;#);4#-!%*!721%&'8!(,#!(,%1$!6)14$!;#);4#-8! ! $#2#*-%9#\<!!
F31);#!'*$!(,#!7:#1%&'-f!6%(,!(,#!-(13004#-!)2!(,#!;#);4#!(,#!6)14$!)9#18!(,#! ! dCC!!
9'-(!$#:)&1'(%&!'*$!-)&%'4%-(%&!2)1&#-!$'%45!%*24%&(%*0!:)1('4!.4)6-!()! ! E,%4#!(,#!='%1).%!A%(#1'(31#!"#.'(#!,'-!&4#'145!.##*!'.4#!()!%-)4'(#!(,#! !
%:;#1%'4%-(!&';%('4%-:<!7!-(3$5!)2!721%&'*!4%(#1'(31#8!&34(31#!'*$!,%-()158! ! *'(%)*'4!$#:)&1'(%&!.'-%-!)2!1#4#9'*!%(!,'-!*)(!'46'5-!.##*!'-!-3&&#--234!%*! !
-('1(%*0!21):!'!*'(%)*'4!.'-#8!6)34$!(,#1#2)1#!.#!4%*/#$!6%(,!;1)01#--%9#!'*$! ! %-)4'(%*0!(,#!;,%4)-);,%&!'*$!&4'--!.'-#-!)2!1#4#9'*&#!a!'4(,)30,!(,#5!'1#!!
2)1!1#4#9'*&#!%-!*)(!'!&'44!2)1!%-)4'(%)*%-:!.3(!'!1#&)0*%(%)*!(,'(!*'(%)*'4! ! +,#!;,%4)-);,%&!'*$!(,#!&4'--!.'-#-!)2!1#4#9'*&#!'1#!#9#*!:)1#!&13&%'4!!
4%.#1'(%)*!%-!(,#!.'-%-!)2!'*!%*(#1*'(%)*'4%-:!)2!'44!(,#!$#:)&1'(%&!'*$!-)&%'4! ! 6,#*!%(!&):#-!()!(,#!'1#'!)2!&1%(%&'4!';;1)'&,#-!'*$!%*(#1;1#('(%)*-<!U)1!(,#! !
*#)a&)4)*%'4!-('(#!%-!(,#!*#0'(%)*!)2!721%&'>-!;1)01#--!'*$!$#9#4);:#*(<!+,#!! -)&%#(5<!F'&,!&,%4$!.5!.%1(,8!2':%45!)1!;'1#*(->!)&&3;'(%)*!%-!.1)30,(!3;!%*!'! !
$#2#'(!)2!%:;#1%'4%-:!'*$!*#)a&)4)*%'4%-:!'*$!,#*&#!(,#!4%.#1'(%)*!)2!*'(31'4!! 0%9#*!&4'--<!D5!#$3&'(%)*!&,%4$1#*!'1#!.1)30,(!3;!%*!(,#!&34(31#8!9'43#-!'*$!!
(,#!.#0%**%*0!)2!721%&'>-!1#'4!;1)01#--!'*$!$#9#4);:#*(<!+,#!*'(%)*'48!9%#6#$!! &4'--!)2!(,#%1!.%1(,!'*$!2':%45<!D5!&,)%&#!(,#5!:'5!);(!2)1!)*#!)1!(,#<!)(,#1! !
&#*(31%#-8!(,#!%*(#1*'(%)*'4!$#:)&1'(%&!'*$!-)&%'4%-(!&)::3*%(5!)2!():)11)6<!! -('*$;)%*(8!)1!%*(#44#&(3'4!.'-#8!'*$!(,#%1!&)*-&%)3-!)1!3*&)*-&%)3-!&4'--!!
+,#!='%1).%!A%(#1'(31#!"#.'(#!'*$!(,#!#*)1:)3-!1#'&(%)*-!%(!0#*#1'(#$!2)1!! -5:;'(,%#-<!!
'*$!'0'%*-(!1#24#&(#$!(,#!2%#1&#!-(13004#!)2!(,#!(6)!4%*#-!%*!`#*5'!()$'5<!C*! ! U%1-(!(,#!;,%4)-);,%&'4!.'-#<!C-!'!;#1-)*>-!-('*$;)%*(!(,'(!)2!%$#'4%-(!)1! !
'*-6#1%*0!(,#!b3#-(%)*!a!'1#!(,#!-)31&#-!)2!)31!%*-;%1'(%)*a!2)1#%0*!)1!*'(%)*'4k!! :'(#1%'4%-(k!C-!(,#%1!:)$#!)2!(,%*/%*0!'*$!1#'-)*%*0!$%'4#&(%&'4!)1! !
a!(,#!;1);)-#$!>&,'*0#-!%:;4%#$!'*!3*#b3%9)&'4!1#e#&(%)*!)2!(,#!%:;#1%'4%-(!'*$!! :#(';,5-%&'4k!")#-!(,#!&1%(%&!-##!9'43#-8!%$#'-!'*$!(,#!-;%1%(3'4!'-!-3;#1%)1!()!!
2)1#%0*!'*$!'*!'22%1:'(%)*!)2!(,#!$#:)&1'(%&!'*$!*'(%)*'4<!U)1!(,#!2%1-(!(%:#! ! :'(#1%'4!1#'4%(5k!")#-!(,#!&1%(%&!-##!1#'4%(5!'-!-('(%&!2)1!'44!(%:#!)1!1#'4%(5!'-! !
&,'*0%*0!'44!(,#!(%:#k!")#-!(,#!&1%(%&!-##!(,%*0-8!;1)&#--#-8!;,#*):#*'!'-!! 3*%9#1-%(%#-<!!
4%*/#$!)1!'-!-#;'1'(#!:3(3'445!#N&43-%9#!#*(%(%#-k!H%*&#!4%(#1'(31#8!4%/#!1#4%0%)*! ! dCCC!!
'*$!)(,#1!'1#'-!)2!&34(31#8!%-!'!1#24#&(%)*!)2!(,#!6)14$!)2!*'(31#!'*$!,3:'*! ! U)1!(,#!='%1).%!A%(#1'(31#!"#.'(#!'*$!(,#!b3#-(!2)1!1#4#9'*&#!6#1#!.'-%&'445!!
&)::3*%(58!(,#!)3(4))/!)2!'!&1%(%&!%*!1#'4!4%2#!6%44!;1)2)3*$45!'22#&(!(,#%1! ! &,'44#*0#-!'-!()!6,#1#!;#);4#!-('*$!%*!(,#!.%0!-)&%'4!%--3#-!)2!(,#!6)14$!()$'5<! !
+,%-!%-!#9#*!:)1#!(13#!)2!&4'--!-5:;'(,%#-!'*$!%$#*(%2%&'(%)*<!! -(13&(31#!)2!%*#b3'4%(58!6,#1#!&))!6#!-('*$k!['*!6#!1#:'%*!*#3(1'48!&)&))*#$!!
7!&1%(%&!6,)!%*!1#'4!4%2#!%-!-3-;%&%)3-!)2!;#);4#!2%0,(%*0!2)1!4%.#1'(%)*!6%44! ! %*!)31!4%.1'1%#-!'*$!-&,)4'145!$%-&%;4%*#-8!:3((#1%*0!()!)31-#49#-\!C!':!)*45!'! !
1#-%-('*&#!()!%:;#1%'4%-:8!1'&%-:!'*$!-(13004#-!'0'%*-(!1'&%-:8!)2!1#'&(%)*'15! ! '*$!@#'-'*(->!U'&34(5\>!!
9#1-3-!1#9)43(%)*'15!9%)4#*&#f!6%44!.#!#b3'445!%:;'(%#*(!6,#*!,#!)1!-,#!2%*$-! ! m)31!-&%#*&#!6%44!.#!9'43#4#--8!!
(,#1#!%-!'*!%$#)4)0%&'4!! G*4#--!5)3!;4#$0#!5)31!%*(#44#&(!()!2%0,(%*0!!
RQP!! 70'%*-(!'44!#*#:%#-!)2!:'*/%*$<LRVM!!
-(13004#<!7!&1%(%&>-!6)14$!)3(4))/8!,%-!)1!,#1!&4'--!-5:;'(,%#-!'*$!9'43#-!6%44! ! K1!,%-!;)#:!'$$1#--#$!()!"'*%-,!6)1/%*0a&4'--!'&()1-\!!
'22#&(!#9'43'(%)*-!)2![,%*3'!7&,#.#8!H#:.#*#!K3-:'*#a8!D1#&,(8!D'4h'&8!! 7*$!(,'(!%-!6,#1#!5)3!!
H,'/#-;#'1#8!A3!I-3*8!J'1&%'!?'1b3#h!)1!74#N!A'!J3:'<!! +,#!6)1/#1->!'&()1-8!'-!5)3!4#'1*!'*$!(#'&,!!
+,#!b3#-(!2)1!1#4#9'*&#!&'44-!2)1!:)1#!(,'*!&,)%&#!)2!:'(#1%'4<!+,#!'((%(3$#! ! ['*!;4'5!5)31!;'1(!&1#'(%9#45!%*!'44!(,#!-(13004#-!!
()!(,#!:'(#1%'4!%-!'4-)!%:;)1('*(<!K2!&)31-#8!)9#1!(,%-8!(,#1#!&'*!*#9#1!.#!'*5! ! K2!:#*!)2!5)31!(%:#8!(,#1#.5!!
4#0%-4'(%)*<!D3(!%(!%-!&13&%'4!()!.#!'4#1(!()!(,#!&4'--!%$#)4)0%&'4!'--3:;(%)*-! ! I#4;%*08!6%(,!5)31!-#1%)3-*#--!)2!-(3$5!'*$!(,#!&,##1234*#--!)2!/*)64#$0#!!
.#,%*$!&,)%&#-f!3((#1'*&#-!'*$!#9'43'(%)*-<!+,#!&,)%&#!)2!6,'(!%-!1#4#9'*(!'*$!! +)!(31*!(,#!-(13004#-!%*()!&)::)*!#N;#1%#*&#!'*$!!
(,#!#9'43'(%)*!)2!'!b3'4%(5!%-!&)*$%(%)*#$!.5!(,#!*'(%)*'48!&4'--!'*$! ! e3-(%&#!%*()!'!;'--%)*<!LRTM!!
;,%4)-);,%&'4!.'-#<!+,#-#!2'&()1-!3*$#14'5!(,#!<&)*(1)9#1-5!'((#*$%*0!(,#!6,)4#!! RQ]!!
b3#-(!2)1!1#4#9'*&#!%*!(,#!(#'&,%*0!)2!4%(#1'(31#!%*!`#*5'*!-&,))4-a!'*$!! E,#*!)*#!$'5!(,#!-%:;4#!:#*!'*$!6):#*!)2!'44!)31!&)3*(1%#-!6%448!'-! !
2)1#-##*!%*!(,#!;)#:!'$$1#--#$!()!';)4%(%&'4!%*(#44#&(3'4-!.5!(,#!4'(#!! -(13004#-!)2!721%&'*!;#);4#!'0'%*-(!%:;#1%'4%-:!%*!%(-!*#)&)4)*%'4!-('0#<!C(!%-! !
J3'(#:'4'*!;)#(!K(()!W#*#!['-(%44)8!1%-#!'*$!'-/!3-!6,'(!6#!$%$!6,#*!)31! ! ;'1(!)2!(,'(!-(13004#!2)1!(,'(!6)14$<!%*!6,%&,!:5!,#'4(,!%-!*)(!$#;#*$#*(!)*!!
*'(%)*-!$1%#$!)3(!-4)6458!>4%/#!'!-6##(!2%1#8!-:'44!'*$!'4)*#8>!5#-!6,#*!(,#5!6%44! ! '*)(,#1>-!4#;1)-5f!:5!&4#'*4%*#--!*)(!)*!'*)(,#1>-!:'00)(a1%$$#*!.)$5f!'*$!:5!!
'-/!3-a!! ,3:'*%(5!*)(!)*!(,#!.31%#$!,3:'*%(5!)2!)(,#1-<!!
E,'(!$%$!5)3!$)!6,#*!(,#!;))1!! 7!,3*$1#$!'*$!2%2(5!5#'1-!'0)8!(,'(!%-!2)1(5!5#'1-!.#2)1#!(,#!D#14%*! !
H322#1#$8!6,#*!(#*$#1*#--!! [)*2#1#*!'!J#1:'*!9%-%)*'15!-'6!,)6!:)*#5!('/#*!21):!(,#!6)1/#1!'*$!!
'*$!4%2#!! (,#!;))1!,'$!&):#!()!$):%*'(#!,3:'*!1#4'(%)*-\!!
.31*#$!)3(!%*!(,#:k!LRSM!! RQV!!
a!6#f!6,)!(#'&,!4%(#1'(31#8!,%-()158!(,#!'1(-8!&34(31#f!1#4%0%)*-8!-,)34$!.#!'.4#!()! ! C(!(1'*-2)1:-!2%$#4%(5!%*()!%*2%$#4%(58!4)9#!%*()!,'(#8!,'(#!%*()!4)9#8!9%1(3#! !
%*()!(,#!-;,#1#-!)2!&)::)*!/*)64#$0#!'*$8!'.)9#!'448!e3-(%&#!%*()!'!;'--%)*<!! %*(#44%0#*&#!%*()!%$%)&5!<!<!<!I#!6,)!&'*!.35!.1'9#15!%-!.1'9#!(,)30,!,#!.#!'! !
CZ!! &)6'1$<!LYQM!!
+,#!='%1).%!A%(#1'(31#!"#.'(#!%-!'!&)*(%*3%*0!$#.'(#<!C(!%-!(,#1#!%*!F'-(8!E#-(8! ! I#!2)1#-'6!'!*#6!6)14$!.'-#$!)*!'!1#4'(%)*-,%;8!*)(!)2!-()4#*!;1);#1(58!.3(! !
A'(%*!7:#1%&'<!+,#!1#4#9'*&#!)2!4%(#1'(31#<!+,#!1#4#9'*&#!)2!'1(<!+,#!1#4#9'*&#!! 7--3:#!:'*!()!.#!:'*!'*$!,%-!1#4'(%)*-,%;!()!.#!'!,3:'*!)*#\!(,#*!5)3!!
)2!&34(31#<!E,'(!4%(#1'(31#8!>6,'(!'1(8!6,'(!&34(31#8!6,'(!9'43#-k!U)1!6,):8!2)1! ! &'*!#N&,'*0#!4)9#!2)1!)*45!4)9#8!(13-(!2)1!(13-(8!#(&<!C2!5)3!6'*(!()!#*e)5! !
6,'(k!+,#!$#.'(#8!#9#*!2)1!`#*5'*-8!,'-!*)(!2)1!%*-('*&#!-#((4#$!(,#!%--3#!)2!! '1(8!5)3!:3-(!.#!'*!'1(%-(%&'445!&34(%9'(#$!;#1-)*f!%2!5)3!6'*(!()!#N#1&%-#! !
&)*2#1#*&#-<!+,#!4'*03'0#!b3#-(%)*!&'**)(!.#!-)49#$!)3(-%$#!(,#!4'10#1!'1#*'!! ()!*'(31#!:3-(!.#!'!-;#&%2%&!#N;1#--%)*8!&)11#-;)*$%*0!()!(,#!).e#&(!)2!5)31!!
6#!6'*(<!! a!(,'(!%-8!<!%2!5)31!4)9%*0!'-!4)9%*0!$)#-!*)(!;1)$3&#!1#&%;1)&'4!4)9#f!%2! !
D3(!(,#!-#'1&,!2)1!*#6!$%1#&(%)*-!%*!4'*03'0#8!4%(#1'(31#8!(,#'(1#8!;)#(158! ! (,1)30,!'!4%9%*0!#N;1#--%)*!)2!5)31-#42!>'-!'!4)9%*0!;#1-)*!5)3!$)!*)(!:'/#!!
2%&(%)*>!'*$!-&,)4'145!-(3$%#-!%*!721%&'!%-!;'1(a'*$!;'1!)2!(,#!)9#1'44!! 5)31-#42!'!.#4)9#$!)*#8!(,#*!5)31!4)9#!%-!%:;)(#*(!a!'!:%-2)1(3*#<!LYRM!!
+,'(!6'-!*)(!'!J#1:'*!@);#!%*!(,#!d'(%&'*!.3(!`'14!?'1N!%*!(,#!D1%(%-,! ! +,%-!%-!6,'(!(,%-!.))/!)*!(,#!;)4%(%&-!)2!4'*03'0#!%*!721%&'*!4%(#1'(31#!,'-! !
?3-#3:!4%.1'15<!7*$!%(!6'-!,#!6,)!(,1#6!'*)(,#1!&,'44#*0#!()!'44!-&,)4'1-8!'44! ! 1#'445!.##*!'.)3(\!*'(%)*'48!$#:)&1'(%&!'*$!,3:'*!4%.#1'(%)*<!+,#!&'44!2)1!(,#! !
;,%4)-);,#1-8!'44!(,#!:#*!'*$!6):#*!)2!4#((#1-8!'44!(,)-#!6,)!%*!(,#%1!$%22#1#*(! ! 1#$%-&)9#15!'*$!(,#!1#-3:;(%)*!)2!)31!4'*03'0#!%-!'!&'44!2)1!'!1#0#*#1'(%9#!!
$%-&%;4%*#-!'1#!(15%*0!()!#N;4'%*!(,#!6)14$<!I%(,#1()8!,#!61)(#\! ! 1#&)**#&(%)*!6%(,!(,#!:%44%)*-!)2!1#9)43(%)*'15!()*03#-!%*!721%&'!'*$!(,#!6)14$! !
+,#!;,%4)-);,#1-!,'9#!)*45!%*(#1;1#(#$!(,#!! )9#1!$#:'*$%*0!4%.#1'(%)*<!C(!%-!'!&'44!2)1!(,#<!1#$%-&)9#15!)2!(,#!1#'4!4'*03'0#! !
(,#!6)14$!%*!9'1%)3-!6'5-f!(,#!;)%*(8!! )2!,3:'*/%*$\!(,#!4'*03'0#!)2!-(13004#<!C(!%-!(,#!3*%9#1-'4!4'*03'0#!3*$#145%*0!!
,)6#9#1!%-!()!&,'*0#!%(<!LYYM!! '44!-;##&,!'*$!6)1$-!)2!)31!,%-()15<!H(13004#<!H(13004#!:'/#-!,%-()15<!H(13004#! !
[,'*0#!%(k!+,%-!-#*(%:#*(!%-!%*!/##;%*0!6%(,!(,#!9%-%)*!)2!'44!+,#!E1#(&,#$!)2! ! :'/#-!3-<!C*!-(13004#!%-!)31!,%-()158!)31!4'*03'0#!'*$!)31!.#%*0<!+,'(!-(13004#!!
#&)*):%&8!;)4%(%&'4!'*$!&34(31'4!)1$#1!21##!21):!%:;#1%'4%-:!%*!%(-!&)4)*%'4!)1!%*! ! :%44%)*-!6,):!?'1(%*!['1(#1!)*&#!-'6!-4##;%*0!*)(!()!$1#':!.3(!$1#':%*0!()! !
%(-!:)1#!-3.(4#!.3(!:)1#!9%&%)3-!*#)&)4)*%'4!2)1:<!C(!%-!(,#!-#*(%:#*(!)2!'44!(,#! ! &,'*0#!(,#!6)14$<!!
$#:)&1'(%&!'*$!-)&%'4%-(%&!2)1&#-!2)1!&,'*0#!%*!(,#!6)14$!()$'58!2)1&#-!)*&#!! =)(#-!!
'$$1#--#$!.5!D1#&,(!%*!(,#!;)#:8!>H;##&,!()!"'*%-,!E)1/%*0![4'--!7&()1-!)*!! R!=030%!6'!+,%)*0>)!I):#&):%*08!A)*$)*!4uS8!;<!RXP<!!
(,#!71(!)2!K.-#19'(%)*>\!! Y!%.%$<8!;<!RX]<!!
+)$'5!#9#156,#1#8!21):!(,#!,3*$1#$a-()1#5#$!&%(%#-!! O!%.%$<8!;<!RX]<!!
K9#1!(,#!-#'-8!&1)--a;4)30,#$!.5!(##:%*0!4%*#1-!! X!%.%$<8!;<!RPQ<!!
+)!(,#!4)*#4%#-(!9%44'0#-8!(,#!6)1$!,'-!-;1#'$!! P!%.%$<8!;<!RXT<!!
+,'(!:'*/%*$>-!2'(#a%-!:'*!'4)#<!+,#1#2)1#!! ]!+,#!$#.'(#!'*$!(,#!&)*2#1#*&#-!(,'(!2)44)6#$!,'9#!'4-)!.##*!(,#!-3.e#&(!)2!
RQT!! -&,)4'145!$%--#1('(%)*-!a!-##!!
E#!*)6!'-/!5)38!(,#!'&()1-!! 2)1!%*-('*!7**#!E',*-4#5!A%(#1'(31#!%*!`#*5'*!F$3&'(%)*!a@1).4#:-!'*$![,)%&#-!
K2!)31!(%:#!a!'!(%:#!)2!)9#1(,1)6!'*$!)2!.)3*$4#--!:'-(#15!! %*!73(,)1!'-!!
+)!&,'*0#!5)31-#49#-!'*$!-,)6!3-!:'*/%*$>-!6)14$!! V!W#&)::#*$'(%)*-!)2!(,#!E)1/%*0![)::%((##8!;<!V<!!
7-!%(!1#'445!%-\!:'$#!.5!:#*!'*$!);#*!()!'4(#1'(%)*<LYOM! ! T!%.%$<8!;<!T<!!
S!%.%$<8!;<!T<!!
RQ!%.%$<8!;<!PS<!!
RR!%.%$<8!;;<!]RaY<!!
RY!%.%$<8!;;<!VQaR<!!
RO!%.%$!_!;<!YR8!!
RX!%.%$<8!;<!V<!!
RP!%.%$<8!<;;<!VaT<!!
R]!%.%$<8!;;<!RSaYQ<!!
RV!D1#&,(![)44#&(#$!@)#:-8!?#(,3#*!F$%(%)*8!;<!XPQ<!>+)!(,#!H(3$#*(-!)2!E)1/#1->!'*$!
@#'-'*(-!U'&34(5>!!
44<!PaT<!!
RT!%.%$<8!;<!YOT<!>H;##&,!()!"'*%-,!E)1/%*0!a[4'--!7&()1-!)*!(,#!71(!)2!K.-#19'(%)*>8!
44<!R]Qa]<!!
RS!+,#!6,)4#!;)#:!%-!%*8!W).#1(!?'1b3#h8!#$<!A'(%*!7:#1%&'*!W#9)43(%)*'15!@)#(158<!
=#6!m)1/!'*$!!
A)*$)*!RSVX<!!
YQ!`'14!?'1N8!RTXX!F&)*):%&!'*$!@,%4)-);,%&!?'*3-&1%;(<!!
RQS!!
YR!%.%$<!!
YY!`'14!?'1N!+.#-#-!'*!U#3#1.'&,!=)<!ZC<!!
YO!D1#&,(![)44#&(#$!@)#:-8!?#(,3#*!F$%(%)*8!;<!YOX8!C4<!OPaXO<!