La médiation santé : Un outil pour l`accès à la santé

La médiation santé : Un outil pour l`accès à la santé

Fédération
éducation
santé
Rhône-Alpes
"
!!!!!!!! #!$%&'#(')*!+#*(%!,!!
!!!-*!)-('.!/)-0!.1#223+!4!.#!+#*(%!5!
!
6#//)0(!&17*8-9(7!
!
:#0+!;<=<!
!
!
!
!
!
!
!
!
!
!
!
!
6%#.'+%7!/#0!!
>?7*#@..7!A.#*2!7(!"-2'7!B7.)++7!
"
!
C6DEF!!!
!"
#$%$&'()*+",-.+/"012/3"%45%67'()*+"2*6&"1'"8'+($"
9/+(&/"&$:)*+'1"%4;+<*&='()*+"/("%/">&$?/+()*+"%6"8)%'"
!
!
!
???G7&-2#(')*H+#*(7H0#G)0I!
F )$ $ #' 0 7!
!
!
!
1.
J *+(/A(/"%/"14/+B6C(/"
"
"
"
"
"
"
2D"E "
"
"
"
"
"
2DG ""
"
"
"
"
"
"
"
"
"
"
"
"
"
"
2DG "
2DG "
2DL "
2DN "
"
"
2.
F $(-*%*1*:)/"%/"14/+B6C(/""
"
"
3.
H '"=$%)'()*+"%/"B6*)"2'&1/I(I*+"J"
ED!"K$(*6&"-)3(*&)B6/ " "
"
ED@"H'"=$%)'()*+"3*7)'1/ "
"
EDE"H'"=$%)'()*+"3'+($M"%/3"32$7)<)7)($3""
4.
5.
6.
7.
"
"
" /3"%)32*3)()<3"%/"=$%)'()*+"3'+($" "
"
"
"
2DO "
"
"
" /3"=)33)*+3"%6"=$%)'(/6&"3'+($" "
"
"
"
2DP "
" LD!"H4'77Q3"'6A"%&*)(3M"14'77Q3"'6A"3*)+3 ""
"
"
2DP "
"
2D!R ""
" LD@"H'"2&$?/+()*+M"1'"2&*=*()*+"%/"1'"3'+($ "" "
" LDE"H/"2'&(/+'&)'( ""
"
"
"
"
"
"
2D!! "
"
" 4)+($&C("%/"1'"=$%)'()*+"3'+($" "
"
"
"
"
2D!@"
"
"
" /3"B6/3()*++/=/+(3"/("1/3"/+S/6A"%/"1'"=$%)'()*+"3'+($"" 2D!G "
ND!"T+"7'%&/"%4'7()*+"U"V'1)3/&""
ND@"K/3"<&*+()Q&/3"U"%$<)+)&"" "
NDE"T+"=$()/&"U"&/7*++'W(&/""
8.
"
"
J *+7163)*+""
"
"
"
"
"
"
"
"
"
"
"
"
2D!G"
2D!N "
2D!O "
"
"
"
"
"
"
"
"
2D!P !
A ) V1 ) * : & ' 2 -) / " "
"
"
"
"
"
"
"
2D"@!"
!
!
@"
"
1.
J)*(7K(7!&7!.17*8-9(7!
!
"/3" S/6+/3M" '6S*6&%4-6)M" &/+7*+(&/+(" %/3" %)<<)761($3" U" 34)+37&)&/" %'+3" 6+/" ?)/" 3*7)'1/" /("
2&*</33)*++/11/D" 9/3" %)<<)761($3" 2/6?/+(" 34/A21)B6/&" /+" :&'+%/" 2'&()/" " 2'&" 6+/" 3)(6'()*+" 7&)()B6/" %6"
='&7-$" %/" 14/=21*)M" 2'&" %/3" +)?/'6A" %/" B6'1)<)7'()*+" )+36<<)3'+(3" *6" 2'&" %4'6(&/3" (X2/3" %/"
%$(/&=)+'+(3"23X7-*3*7)'6AD"5(M"%'+3"7/&(')+3"7'3M"1/3"2&*V1Q=/3"%/"3'+($"7*+3()(6/+("6+"*V3('71/"U"
14/+(&$/"%'+3"1'"?)/"'7()?/"*6"?)/++/+("'::&'?/&"6+/"3)(6'()*+"%$SU"2&$7')&/D"9/3"B6/3()*+3"%/"3'+($"
%/?)/++/+("3*6?/+("2&*V1$='()B6/3"%6"<')(""%/"1'"%)<<)761($"B6/"1/3"S/6+/3"2/6?/+("&/+7*+(&/&"2*6&"
1/3"&$3*6%&/M"Y"7*=2(/"(/+6"%/"1/6&"=$7*++')33'+7/"%/"1'"2&*(/7()*+"3*7)'1/"/("%/3"*V3('71/3"B64)13"
&/+7*+(&/+("2*6&"'77$%/&"U"1'"2&$?/+()*+"/("'6A"3*)+3"Z!D"
"
"
K/" 2163M" 2163)/6&3" /+B6C(/3" =*+(&/+(" B6/" 1/3" S/6+/3" 3/" 2/&[*)?/+(" :1*V'1/=/+(" /+" V*++/"
3'+($"(*6("/+")+%)B6'+("B6/"1/3"$(6%/3"36&"1/3"2&'()B6/3"/("7*=2*&(/=/+(3"?)/++/+("+6'+7/&"7/((/"
'6(*I2/&7/2()*+"2*3)()?/D"5+"/<</(M"1'"S/6+/33/"B6)"3/"7'&'7($&)3/"%$3*&=')3"2'&"6+/"%6&$/"%/"2163"/+"
2163" 1*+:6/" /(" 2'&" 14)+%$(/&=)+'()*+M" 34'77*=2':+/" V)/+" 3*6?/+(" %/" 7*+%6)(/3" U" &)3B6/" ?/+'+("
($=*):+/&"%46+"7/&(')+"='1IC(&/"*6"%6"=*)+3"%46+"7/&(')+"$('("%4)+7/&()(6%/D"H/3"7*+%6)(/3"U"&)3B6/3"
)1163(&/+("3*6?/+("1/"V/3*)+"%46+/"&/7-/&7-/"%/"3/+3M"%/"&/2Q&/3"B6/"1'"3*7)$($"'7(6/11/"+4'&&)?/"2163"U"
%*++/&@D" 0)+3)M" 1/3" 2&*V1$='()B6/3" %/" 7*+%6)(/3" '%%)7()?/3M" %/" 36)7)%/M" %/" 2&)3/3" %/" &)3B6/" 3/A6/1\"
2&$*7762/+(" 1/3" 2*6?*)&3"26V1)73" /(" 1/3" 2&*</33)*++/13" 7'&" /11/3" &/2&$3/+(/+(" %/3" ('6A" &/1'()?/=/+("
)=2*&('+(3"2'&=)"1/3"S/6+/3D""
"
"
9/3" /+S/6A" %4'77Q3" '6A" 3*)+3" /(" 2163" :1*V'1/=/+(" %4'77Q3" U" 1'" 3'+($M" &/+<*&7$3" 2'&" %/3"
2&*V1$='()B6/3"%/"3'+($"32$7)<)B6/3"1)$/3"'6A"7'&'7($&)3()B6/3"%/"14'%*1/37/+7/"/("%/"1'"S/6+/33/M"*+("
7*+%6)("1/"9*+3/)1",$:)*+'1"%/",-.+/I012/3"/("1'"F6(6'1)($"#&'+[')3/"%/",-.+/I012/3"U"7*+3()(6/&"6+"
:&*62/"%/"&$<1/A)*+"/("%/"2&*%67()*+"36&"1'"3'+($"%/3"S/6+/3"&$6+)33'+("%/3"&/2&$3/+('+(3"%6"3/7(/6&"
3*7)'1M"$%67'()<"/("%/"1'"3'+($"B6)"(&'?')11/+("2*6&M"'62&Q3"*6"'?/7"%/3"S/6+/3D"T+/"2&/=)Q&/"'7()?)($"
%/"%)':+*3()7"2'&(':$"36&"1'"3'+($"%/3"S/6+/3"'"$($"&$'1)3$/"'6"3/)+"%6":&*62/"/("'"&$?$1$"+*('==/+("
6+"'77Q3"%)<<)7)1/"U"1'"3'+($"'77/+(6$"2'&"6+/"=$7*++')33'+7/"%/3"%&*)(3M"2'&"6+/"%)<<)761($"U"/A/&7/&"
7/3"%&*)(3"/("2'&"6+/"7*=21/A)($"%6"3X3(Q=/"%/"3'+($"X"7*=2&)3"2*6&"1/3"2&*</33)*++/13"B6)"/+(*6&/+("
1/3"S/6+/3D"
"
#'7/" U" 7/" 7*+3('(M" 2163)/6&3" )+(/&&*:'()*+3" *+(" $=/&:$" +*('==/+(" 36&" 7/" B6)" 2*6&&')("
<'7)1)(/&"14'77Q3"U"1'"3'+($"2*6&"1/3"S/6+/3D"H'"+*()*+"%/"=$%)'()*+M"%/"=)3/"/+"&/1'()*+"/+(&/"1/"S/6+/"
/(" 1/" 3X3(Q=/" %/" 3'+($" /3(" '22'&6/" %'+3" 1/3" %$V'(3M" 3'+3" C(&/" (*6(/<*)3" '77*=2':+$/" %/" &$/11/3"
%*++$/3"('+:)V1/3"('+("36&"1/"21'+"%/3"%)32*3)()<3"/A)3('+(3"B6/"36&"1/"21'+"%/"14'+'1X3/"%/"14)+($&C("%/"
7/"(X2/"%/"%$='&7-/D"
"
T+" (&'?')1" %/" &/7-/&7-/" 34/3(" '?$&$" +$7/33')&/" 2*6&" &$2*+%&/" U" 6+" 7/&(')+" +*=V&/" %/"
B6/3()*+3"B6/"3/"2*3')("1/":&*62/"&$:)*+'1D"5+"/<</(M"6+/"=$7*++')33'+7/"2'&(':$/"%/3"2&'()B6/3"%/"
=$%)'()*+"%/?')("%*++/&"1)/6"U"6+"$('("%/3"1)/6A"+*+"3/61/=/+("36&"1/3"2&'()B6/3M"1/3"%)32*3)()<3"=')3"
'633)" 36&" 1/3" <'7)1)($3M" 1/3" %)<<)761($3" &/+7*+(&$/3" 2'&" 1/3" '7(/6&3" %/" 1'" =$%)'()*+" /+" 3'+($D" 5+<)+M" 7/"
(&'?')1" %4$('(" %/3" 1)/6A" %/?')(" C(&/" 14*77'3)*+" %/" <')&/" %/3" 2&*2*3)()*+3" *6" '6" =*)+3" %4*6?&)&" %/3"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
!
"]/A(/"%4)+(&*%67()*+"U"1'"S*6&+$/"&$:)*+'1/")+(/&2&*</33)*++/11/" 36&"1'" 3'+($"%/3"S/6+/3"%6"!N^!!^@RRPM"7*I
*&:'+)3$/"2'&"1'"9*+3/)1",$:)*+'1"%/",-.+/I012/3"/("1'"F6(6'1)($"#&'+[')3/D"
@
"86&"7/"(-Q=/M"3/"&$<$&/&"'6A"(&'?'6A"%6"3*7)*1*:6/"K'?)%"H/V&/(*+D"
E"
"
2/&32/7()?/3"2*6&"&$2*+%&/"U"14/+S/6"%/"14'77Q3"U"1'"3'+($"%/3"S/6+/3D">*6&"$71')&/&"14/+3/=V1/"%/"7/3"
B6/3()*++/=/+(3M"1/"9*+3/)1",$:)*+'1M"<)+'+7/6&"%6"2&$3/+("(&'?')1M"'"7*+<)$"7/((/"=)33)*+"%4/+B6C(/"
U"1'"#,058D"
"
"
;G
:%(L)&).)I'7!&17*8-9(7!
!
"
B*6&"&$'1)3/&"7/"(&'?')1"%4/+B6C(/M"2163)/6&3"=$(-*%/3"7*=21$=/+(')&/3"*+("$($"2&)?)1$:)$/3D"
T+/" 2&/=)Q&/" $('2/" &1#*#.M+7! &7! .#! .'((%0#(-07" '" %_" C(&/" /<</7(6$/" 2*6&" 7/&+/&" %'?'+(':/" 1/3"
7*+(*6&3" %/" 1'" +*()*+" %/" =$%)'()*+D" 9/((/" '+'1X3/" '" 7*+7/&+$" %/3" *6?&':/3" (-$*&)B6/3" '33/`"
:$+$&'1)3(/3"36&"1'"=$%)'()*+D">'&"1'"36)(/M"6+"7*&263"%/"%*76=/+(3"7/+(&$3"36&"1'"=$%)'()*+"3*7)'1/"
/(" 1'" =$%)'()*+" 3'+($" (/13" B6/" %/3" &'22*&(3" %4/+B6C(/M" %/3" &'22*&(3" %4$?'16'()*+M" %/3" '7(/3" %/"
&/+7*+(&/3M"%/3"%*76=/+(3"'%=)+)3(&'()<3"'"$($"'+'1X3$D"
"
T+" 3/7*+%" (&'?')1" %/" 07/%0#I7! &1#2(7-0+! 07++)-027+" '" $($" 7*+%6)(" U" (&'?/&3" %/3" $7-'+:/3"
($1$2-*+)B6/3" '?/7" 6+" 2'+/1" %/" 2/&3*++/3" 3637/2()V1/3" %4C(&/" )=21)B6$/3" %'+3" %/3" '7()*+3" %/"
=$%)'()*+D"9/"&/2$&':/"'"7*+7/&+$"('+("%/3"*&:'+)3=/3"%/"<*&='()*+M"%/3"7*11/7()?)($3"26V1)B6/3"B6/"
%/3"'33*7)'()*+3D"9/"(&'?')1"%/"Y"%$V&*633')11':/"Z"'"$($"36)?)"%4/+(&/()/+3"/A21*&'(*)&/3D"
"
9/3" 7*(07('7*+! 7K/.)0#()'07+" *+(" $($" &$'1)3$3" '?/7" B6'(&/" 2/&3*++/3" &/33*6&7/3" B6)" '?')/+("
3*)("6+/"/A2$&)/+7/M"3*)("6+/"/A2/&()3/"36&"1'"=$%)'()*+D"
"
9/3" (&*)3" 2&/=)/&3" (/=23" %4/+B6C(/" *+(" 2/&=)3" %4)%/+()<)/&" %/3" 2&*</33)*++/13" 2*6&" %/3"
7*(07('7*+! '*&'N'&-7.+G" " H/" (/&=/" %/"=$%)'()*+" 2*6?'+(" C(&/" /+(/+%6/" %/" ='+)Q&/" (&Q3" 1'&:/" %*+7"
2*(/+()/11/=/+("'336&$/"2'&"(*6("2&*</33)*++/1"/+"1)/+"'?/7"%/3"26V1)73"36&"%/3"B6/3()*+3"%/"3'+($M")1"
'"$($"%$7)%$"B6/"1/3"/+(&/()/+3"+/"7*+7/&+/&')/+("B6/"1/3"'7(/6&3"2*6&"B6)"1'"=$%)'()*+"3'+($"/3("1'"
=)33)*+" 2&)+7)2'1/ED" 0)+3)M" =C=/" 3)" 7/&(')+3" 1)/6A" &/33*6&7/3" 7*==/" 1/3" 9>0F" *6" %/3" &$3/'6A" %/"
3'+($" '336&/+(" '633)" 2'&=)" 14/+3/=V1/" %/" 1/6&3" =)33)*+3M" 6+/" 7/&(')+/" <*+7()*+" %/" =$%)'()*+M" 7/3"
3(&67(6&/3" +4*+(" 2'3" $($" &/(/+6/3" 2*6&" 14/+B6C(/D" 06" <)+'1M" 3)A" /+(&/()/+3" *+(" $($" &$'1)3$3" '?/7" %/3"
7-/<3"%/"2&*S/(3M"%/3"7**&%*++'(/6&3""/("(&/)`/"'?/7"%/3"Y"=$%)'(/6&3"3'+($"ZD""
"
H/"&/2$&':/"%/3"'7()?)($3"/("%/3"'7(/6&3"'"$($"&$'1)3$"'6"+)?/'6"+'()*+'1"=')3"1/3"/+(&/()/+3"
*+(" $($" ='S*&)(')&/=/+(" 7*+%6)(3" %'+3" 1/" %$2'&(/=/+(" %6" ,-.+/" 7'&" 1/3" /A2$&)/+7/3" &/2$&$/3" /+"
,-.+/I012/3M"(/&&)(*)&/"%/"1'"7*=='+%/M"3/"1*7'1)3/+("2*6&"14/33/+()/1"%'+3"7/"%$2'&(/=/+("/("2163"
2&$7)3$=/+(" '6" +)?/'6" %/" 1'" 7*==6+'6($" 6&V')+/" %/" HX*+D" 9/((/" 1*7'1)3'()*+" %/3" /A2$&)/+7/3" " /3("
1)$/" '6" <')(" B6/" V/'67*62" %/" %)32*3)()<3" %/" =$%)'()*+" &/2$&$3" %'+3" 14/+B6C(/" 3*+(" +$3" %'+3" %/3"
(/&&)(*)&/3")=21)B6$3"/+"2*1)()B6/"%/"1'"?)11/D"
"
5+<)+M" 3)" 1'" 7*=='+%/" )+)()'1/" $='+/" %6" :&*62/" %/" (&'?')1" &$:)*+'1" 36&" 1'" 3'+($" %/3" S/6+/3M"
+*('==/+(" 2*6&" )%/+()<)/&" %/3" 1/?)/&3" %4'7()*+" 2*6&" <'7)1)(/&" 14'77Q3" U" 1'" 3'+($" %/3" S/6+/3M" 1/3"
&/7-/&7-/3"+4*+("2'3"$($"6+)B6/=/+("<*7'1)3$/3"36&"1/3"2&'()B6/3"%/"=$%)'()*+"'62&Q3"%/3"S/6+/3"B6)"
3*+(""'22'&6/3"'33/`"?)(/"1)=)($/3D"H4*VS/7()<"$(')("'1*&3"%/"B6/3()*++/&"7/3"2&'()B6/3M"B6/1"B6/"3*)("1/"
26V1)7M"2*6&"%'+3"6+"%/6A)Q=/"(/=23"=/36&/&"1/"(&'+3</&("2*33)V1/"2*6&"%/3"2*261'()*+3"S/6+/3D""
"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
E
"9/"7-*)A"+4'"26"C(&/"&$'1)3$"B646+/"<*)3"1/"(/&=/"%/"=$%)'()*+"3'+($"71')&/=/+("%$<)+)M"7/"B6)"3/&'"2&$3/+($"
%'+3"1'"36)(/"%6"2&$3/+("&'22*&(D"
G"
"
OG
"#!$%&'#(')*!&7!8-)'!/#0.7H(H)*!5!
!
OG=!P%()-0!L'+()0'8-7!!
"
"
PQ3"1'"a&Q7/"'+()B6/M"1'"2-)1*3*2-)/M"/==/+$/"+*('==/+("2'&">1'(*+M"+*6&&)("1'"+*()*+"%/"
=$%)'()*+" B6)" +4/A)3(')(" 2'3" U" 14$2*B6/" /+" ('+(" B6/" (/11/M" /+" )+(/&&*:/'+(" 1'" B6/3()*+" %/" 1'"
&/32*+3'V)1)($")+%)?)%6/11/M"%6"&'22*&("U"3*)"/("'6A"'6(&/3D"H'"3/7*+%/"2$&)*%/"<*+%'(&)7/"/3("14$2*B6/"
=*%/&+/" '?/7" %/3" 2/+3/6&3" 7*==/" ,D" K/37'&(/3" *6" bDbD" ,*633/'6" B6)" &$'<<)&=/+(" 1/" 2*(/+()/1" %/"
&/32*+3'V)1)($"%/"14)+%)?)%6"/("%/"3'"7'2'7)($"U"2&/+%&/"%/3"%$7)3)*+3D"K/"+*=V&/63/3"&$<$&/+7/3"?*+("
7*+()+6/&" %/" 7*+3(&6)&/" 2&*:&/33)?/=/+(" 7/((/" +*()*+" %/" =$%)'()*+" B6)" ?'" 3/" (&'%6)&/" 2'&" 1'" 36)(/M"
'?/7"FD"c/V/&M"2'&"1'"=$%)'()*+"%/"?*)3)+':/")+7'&+$/"2'&"1/"=$%/7)+M"14)+3()(6(/6&M"1/"=')&/\D"9/((/"
=$%)'()*+" B6/" 14*+" B6'1)<)/&'" %/" (&'%)()*++/11/" 3622*3')(" 6+"=$%)'(/6&" B6)" '33*7)/"(&*)3" 3*6&7/3" %/"
1$:)()=)($" d" 1$:)()=)($3" 7-'&)3='()B6/" e'6(*&)($" 2/&3*++/11/" %/" 14)+%)?)%6fM" (&'%)()*++/11/" e7&*X'+7/"
32*+('+$/" %'+3" 1/" V)/+I<*+%$" %/" 14*&%&/" 3*7)'1" )+3()(6$fM" 1$:'1/I&'()*++/11/" e/A2/&()3/" *6" '33)3/"
7*+<$&$/"2'&"1/"3('(6("S6&)%)B6/fGD"
""
5+<)+M"1'"=$%)'()*+"+')("7*==/"%)37)21)+/"U"2'&("/+()Q&/"U"1'"<)+"%6"ggQ=/"3)Q71/"/("<')("%)&/"U"
FD" a6)11'6=/Ih*<+6+:" B6/" V)/+" B64" Y"/11/" 7*+3()(6/" 6+" 7*+7/2(" ='S/6&" B6)" <):6&/" %'+3" (*63" 1/3"
%)7()*++')&/3" %/" 2-)1*3*2-)/M" /11/" i1'" =$%)'()*+j" 2&/+%" '6S*6&%4-6)" 6+/" )=2*&('+7/" 3*7)'1/" B6)" 1'"
&/+*6?/11/"7*=21Q(/=/+("/("&/+%"6&:/+("6+"/<<*&("(-$*&)B6/"3$&)/6A"ZLD"
"
H'" =$%)'()*+" U" 1'" <)+" %6" ggQ=/" 3)Q71/" 3/" <*&='1)3/" 7*==/" 2&'()B6/" %/" &$:61'()*+M" 7*==/"
=*%/" '1(/&+'()<" %/" &Q:1/=/+(" %/3" 7*+<1)(3D" K'+3" 7/((/" '77/2()*+M" 1/" =$%)'(/6&" 7*+3()(6/" 6+" ()/&3"
+/6(&/M" )+%$2/+%'+(" /(" -*&3" 2*6?*)&D" H/3" 7-'=23" %4'7()*+" 3*+(" ?'&)$3"/(" *+" )%/+()<)/" %'+3" 1/"
K)7()*++')&/" 7&)()B6/" %4'7()*+" 3*7)'1/M" 3/2(" 7-'=23" %4'221)7'()*+"d" Y"1'" =$%)'()*+" <'=)1)'1/M"
7*==6+'6(')&/M"3*7)'1/M"%'+3"1/"3/7(/6&"26V1)7M"7*+(&'7(6/11/M"%'+3"1/"%*=')+/"2*1)()B6/")+($&)/6&/M"
/(" /+<)+" 2$+'1/"Zk" (*6(" /+" &/7/+3'+(" 2163" %/" B6'&'+(/" '22/11'()*+3" %)<<$&/+(/3D" Y"H/3" V'3/3" %/" 1'"
=$%)'()*+"&/3(/+("7*=2'&'V1/3"/("3/"%$7*=2*3/+("/+"B6'(&/"(/=23I%'+3"1/"7'3"*2()='1"ZN"d"1/"(/=23"
%/"1'"&/+7*+(&/"e6+"()/&3"/A21)B6/"1/"%$&*61/=/+(fM"1/"(/=23"%6"&$7)("e7-'76+/"%/3"2'&()/3"2&$3/+(/"
3*+"2*)+("%/"?6/fM"1/"(/=23"%/"1'"%)37633)*+"e1/"()/&3"&/<*&=61/"/("36::Q&/"%/3"2)3(/3"%4'77*&%f"/("1/"
(/=23" %/" 1'" 7*+7163)*+" e3*)(" )1" X" '" '77*&%" '?/7"/+:':/=/+(" U" 1/" &/32/7(/&M" 3*)("1/" =$%)'(/6&" 2&/+%"
'7(/"%/"14$7-/7"%/"1'"=$%)'()*+fD"06"=)1)/6"%/3"'++$/3"!PNRM"14'%=)+)3(&'()*+"<&'+[')3/"34/+:':/"%'+3"
6+/" ?$&)('V1/" 2*1)()B6/" %/" %$?/1*22/=/+(" %/" 1'" =$%)'()*+" %'+3" 14'%=)+)3(&'()*+M" 1'" =$%)'()*+"
)+3()(6()*++/11/D" 0)+3)" 3*+(" 7&$$3" 1/" F$%)'(/6&" %/" 1'" ,$26V1)B6/" 26)3" 1/" F$%)'(/6&" %/" 145%67'()*+"
l'()*+'1/"*6"/+7*&/"1/"F$%)'(/6&"%/3"/+<'+(3D""
"
>&*:&/33)?/=/+(M"6+/"+*6?/11/"%)=/+3)*+"%/"1'"=$%)'()*+"'22'&')("%'+3"1/3"'++$/3"ORM"7/11/"
%/"1'"=$%)'()*+"7*==/"7&$'(&)7/"%/"1)/+"3*7)'1")+7'&+$/"2'&()761)Q&/=/+("2'&"1'"=$%)'()*+"3*7)'1/"/("
1'"=$%)'()*+"761(6&/11/D"
"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
G
"c/V/&"F'A"I"!"#$%&%'(#"(#)"#*+),(,-."D"5%)()*+"1'"K$7*6?/&(/^2*7-/D"
Q=/
"a6)11'6=/Ih*<+6+:"F)7-Q1/"I"!%#/01,%(,+'2">'&)3M">T#M"m6/"3')3IS/"J"L "$%)()*+"@RRPD"
k
"n'&&/X&/"b/'+Io?/3"I"3,4(,+''%,5"#45,(,-."#16%4(,+'#$+4,%)"D">'&)3M"n'X'&%3"5%)()*+M"!PPLD"
N
" K/" n&)'+(" p)+7/+(" /(" >'1'6" o?/3" q" !%# /01,%(,+'7# 108,',(,+'7# *5%(,-."$# "(# *"5$*"4(,&"$D" 5%)()*+3" l'(-'+M" 7*11D"
!@OM"!PPPD"
L
L"
"
OG;!"#!$%&'#(')*!+)2'#.7!
"
"
P'+3"1/3"'++$/3"!PNRM"1'"7&)3/"2$(&*1)Q&/"='&B6/"1'"<)+"%46+/"2$&)*%/"%/"<*&(/"7&*)33'+7/"B6)"
3/" (&'%6)(" 2'&" %/3" &/3(&67(6&'()*+3" )+%63(&)/11/3" /(" 6+/" '6:=/+('()*+" 7*+()+6/" %6" 7-.=':/D"
>'&'11Q1/=/+(" *+" '33)3(/" U" 14'?Q+/=/+(" %46+/" 3*7)$($" %/" 2163" /+" 2163" )+%)?)%6'1)3(/" =/(('+(" U" ='1"
6+/"<*&=/"%/"3*1)%'&)($"7*==6+'6(')&/D"H'"=$%)'()*+"3*7)'1/"+')("%'+3"7/"7*+(/A(/"Y"%/"&62(6&/3"%/"
1'" 7*==6+)7'()*+M" %4*2'7)($3" /(" %/" V1*7':/3" %46+" 3X3(Q=/" 3*7)'1" 7*=21)B6$" U" 14/A(&C=/M" %/" 1'"
3*2-)3()7'()*+" %/3" '22'&/)13" '%=)+)3(&'()<3" /(" S6&)%)B6/3ZOD" >/+%'+(" 7/((/" 2$&)*%/M" 1/3" =$%)'(/6&3"
)+<*&=/13" *+(" 2/6" U" 2/6" %)32'&6" /(" 1/3" '22'&/)13" (&'%)()*++/13M" 7*==/" 14$7*1/" *6" 1/3" 3X+%)7'(3M" +/"
2'&?)/++/+("2'3"U"&$2*+%&/"U"7/((/"2$&)*%/"%/":&'+%/")+3('V)1)($M"%/"7&)3/"%6"1)/+"3*7)'1D"
"
94/3("%'+3"7/"71)='("B6/"%/"=61()21/3"'7(/6&3"/("'33*7)'()*+3"?*+("%$?/1*22/&"%/3")+)()'()?/3"
?)3'+("U"=')+(/+)&"*6"&/3('6&/&"1/"1)/+"3*7)'1D"9/3"2&/=)Q&/3"2&'()B6/3"%/"=$%)'()*+"3*7)'1/"*+("6+/"
(&)21/"?)3$/"d"Y"2&$?/+)&"/("16((/&"7*+(&/"1/3"2-$+*=Q+/3"%4)+3$76&)($"/+"7&$'+("*6"/+"&/3('6&'+("%/3"
1)/+3"3*7)'6A"r"&'22&*7-/&"1/3"2*261'()*+3"%/3"B6'&()/&3"/+"%)<<)761($"%/3")+3()(6()*+3"/+"'%'2('+("1/3"
3/&?)7/3" 26V1)73" '6A" V/3*)+3" %/3" 63':/&3"r" 7*+(&)V6/&" U" 14)+3/&()*+" %/" 7/&(')+/3" 7'($:*&)/3" %/"
2*261'()*+3"%'+3"1'"3*7)$($"<&'+[')3/"2'&"%/3"%)32*3)()<3"%/"=$%)'()*+"3*7)'1/"/("761(6&/11/"ZPD"
"
]*6(/<*)3M" 1/3" 2&/=)Q&/3" /A2$&)/+7/3" *+(" $($" )+36<<)3'==/+(" $1'V*&$/3" /(" *+(" 3*6?/+("
7*+3)3($"U"Y"'7-/(/&"1'"2')A"3*7)'1/"Z!RD"5+"/<</(M"1/"&/7&6(/=/+("%/3"=$%)'(/6&3"3/"<')3')("3*6?/+("36&"
6+/"'22'&(/+'+7/"/(-+)B6/M"3*7)'1/"*6"(/&&)(*&)'1/"/("&'&/=/+("36&"%/3"7*=2$(/+7/3D"5+"*6(&/M"7/3"
+*6?/11/3" =)33)*+3" *+(" &'&/=/+(" $($" '77*=2':+$/3" %46+/" ?$&)('V1/" 2*1)()B6/" %/" <*&='()*+" /("
%4/+7'%&/=/+(D" ;1" /3(" U" +*(/&" $:'1/=/+(" B6/" 7/3" 3/&?)7/3" %$?/1*22$3" &/1Q?/+(" 3*6?/+(" %4/=21*)3"
')%$3"2'&"145('(D"
"
l$'+=*)+3M" 14/A21*3)*+" %/" 7/" (X2/" %4)+)()'()?/3" '" 7*+%6)(" 1/3" 2*1)()B6/3" U" %'?'+(':/" 1/3"
/+7'%&/&"/("U"%$<)+)&"1'"=$%)'()*+"3*7)'1/D"0)+3)M"/+"@RRR"1*&3"%46+"3$=)+')&/"%/"14T+)*+"56&*2$/++/M"
6+/"%$<)+)()*+"'"$($"$1'V*&$/M"&/7*++6/"/("'%*2($/"2'&"1'"#&'+7/"1/"!/&"*7(*V&/"@RR!"'?/7"1/"9*=)($"
)+(/&=)+)3($&)/1"%/3"?)11/3D"H'"7-'&(/"3):+$/"U"7/((/"*77'3)*+"%$<)+)("1'"=$%)'()*+"3*7)'1/"7*==/"Y"6+"
2&*7/3363" %/" 7&$'()*+" /(" %/" &$2'&'()*+" %6" 1)/+" 3*7)'1" /(" %/" &Q:1/=/+(" %/3" 7*+<1)(3" %/" 1'" ?)/"
B6*()%)/++/M"%'+3"1/B6/1"6+"()/&3")=2'&()'1"/(")+%$2/+%'+("(/+(/M"U"(&'?/&3"14*&:'+)3'()*+"%4$7-'+:/3"
/+(&/"1/3"2/&3*++/3"*6"1/3")+3()(6()*+3M"%/"1/3"')%/&"U"'=$1)*&/&"6+/"&/1'()*+"*6"%/"&$:1/&"6+"7*+<1)("
B6)" 1/3" *22*3/"ZD" 9/((/" %$<)+)()*+" '" 3/&?)" %/" V'3/" 2*6&" %$<)+)&" 1/3" '6(&/3" (X2/3" %/" =$%)'()*+"
e<'=)1)'1/\fD"
"
H'"=$%)'()*+"3*7)'1/"'"%Q3"1*&3"<')("14*VS/("%46+"(&'?')1")=2*&('+("%/"7'%&':/M"%4$1'V*&'()*+"/("
%4$?'16'()*+"B6)"34/3("7*+7&$()3$"2'&"%/3"7*11*B6/3M"%/3"&'22*&(3M"%/3"&/7*=='+%'()*+3\">'&=)"1/3"
2&*%67()*+3" &$'1)3$/3M" 6+/" $(6%/" %6" 9,5>0h" e9*+3/)1M" &/7-/&7-/M" $(6%/3" 2*6&" 1'" 21'+)<)7'()*+M"
14'=$+':/=/+("/("14-'V)('(f"7*+%6)(/"/+"@RR!I@RRE"'"2/&=)3"%/"%&/33/&"6+"&$<$&/+()/1"%4'7()?)($3"/("
6+/"='(&)7/"%/"7*=2$(/+7/3"2*6&"1'"=$%)'()*+"3*7)'1/D"9/"(&'?')1"'"+*('==/+(")+32)&$"1'"&$%'7()*+"
%46+"&$<$&/+()/1"%4/=21*)M"%4'7()?)($3"/("%/"7*=2$(/+7/3"%6"(/7-+)7)/+"%/"=$%)'()*+"3/&?)7/3"e]F8f"
%/"140#>0D"H/3"&$361('(3"%/"14/+B6C(/"%6"9,5>0h"*+("$:'1/=/+("+*6&&)"1'"&$%'7()*+"%46+"%*76=/+("
&/2Q&/3M"Y"H'"=$%)'()*+"3*7)'1/"d"6+/"%$='&7-/"%/"2&*A)=)($"'6"3/&?)7/"%/"1'"7*-$3)*+"3*7)'1/"/("%/"1'"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
O
">')11/(">'61/"q"F$%)'()*+3"2'&"=)11)/&3D";+"9'8+5/%(,+'$#$+4,%)"$M"+sGM"!PO@D"
" H'" =$%)'()*+" 3*7)'1/"d" 6+/" %$='&7-/" %/" 2&*A)=)($" '6" 3/&?)7/" %/" 1'" 7*-$3)*+" 3*7)'1/" /(" %/" 1'" (&'+B6)11)($"
26V1)B6/D""K;p"^"9l#>]D",/2Q&/3D"@RRG"
!R
":.,1"#160&%).%(,+'#1"#)6.(,),(0#$+4,%)"#1"#)%#/01,%(,+'#$+4,%)"2#"h*&3I3$&)/M"7'-)/&3"2&'()B6/3D"H/3"5%)()*+3"%6"
9*=)($";+(/&=)+)3($&)/1"%/3"p)11/3M"@RRPD"
P
k"
"
(&'+B6)11)($" 26V1)B6/"Z" %/" 1'" K;p" /(" %6" 9l#>]" $%)($" /+" @RRGD" K'+3" 7/" %*76=/+(M" 1/" +*X'6" %6&" %/"
14/=21*)"(X2/"%/"=$%)'()*+"3*7)'1/"/3("2&$3/+($"7*==/")+($:&'+("B6'(&/"'7()?)($3"3*71/3"d"
I"<')&/"?)?&/"3/3"&$3/'6A"%'+3"6+/"1*:)B6/"2'&(/+'&)'1/"/("(/&&)(*&)'1/"r"
I"'336&/&"6+"2&/=)/&"3/&?)7/"%4')%/"2/&3*++'1)3$/"r"
I"':)&"2'&"1/"%)'1*:6/"36&"1/3"7*+<1)(3"%/"1'"?)/"B6*()%)/++/"r"
I"*&:'+)3/&"%/3"'7()?)($3"3622*&(3"U"1'"=$%)'()*+"3*7)'1/D"
"
0)+3)"1'"=$%)'()*+"3*7)'1/"/3("&/2/+3$/"/("1/3"2&*<)13"%/"2*3(/"3*+("'<<)+$3D"Y"H/3"()(61')&/3"%/"
7/3" <*+7()*+3" ?*+(" 6()1)3/&" 6+/" 7/&(')+/" 2&*A)=)($" %/" 1/6&" -)3(*)&/" %/" ?)/" e2'&7*6&3" %4)==):&'()*+M"
/A2$&)/+7/"%4-'V)('+("%/"B6'&()/&"hHF"*6"%/"2'&/+("%4$1Q?/"'?/7"1/3"<'=)11/3"'?/7"B6)"/11/3"3*+("/+"
&/1'()*+fM" 2*6&" 7&$/&" %/3" 2'33/&/11/3" '?/7" 1/3" )+3()(6()*+3" %/" %&*)(" 7*==6+" /(" &$('V1)&" ')+3)" 6+"
%)'1*:6/" /(" 6+/" 7*=2&$-/+3)*+" =6(6/11/" /+(&/" 1/3" 2/&3*++/3" /(" 1/3" )+3()(6()*+3" 26V1)B6/3" %*+(" )13"
7*+(&)V6/+("<&$B6/==/+("U"<')&/"$?*16/&"1/3"=*%/3"%/"<*+7()*++/=/+("Z!!D"
"
"
H'" =$%)'()*+" 3*7)'1/" '22'&')(" ')+3)" 7*==/" 1'" 2163" 2&*7-/" %/" 1'" =$%)'()*+" 3'+($" (/11/" B6/"
+*63"14/+(/+%*+3"%'+3"7/"(&'?')1M"U"(/1"2*)+("B6/"1/"(/&=/"%/"Y"=$%)'()*+"%/"3'+($"Z"'22'&')("(/1"B6/1"
%'+3" 1/" Y"a6)%/" %4$?'16'()*+" %/" 146()1)($" 3*7)'1/" %/" 1'" =$%)'()*+" 3*7)'1/"Z" 26V1)$" 2'&" 1/" 9*=)($"
;+(/&=)+)3($&)/1" %/3" p)11/3"/+" @RRPD" 5+" /<</(M" 1'" Y":'1'A)/" %/3" =$%)'(/6&3"Z" 2&$3/+($/" %'+3" 7/" :6)%/"
$1'&:)(" 1/3" 7)+B" /=21*)3I&/2Q&/3" 2&*2*3$3" 2'&" 14$(6%/" %6" 9,5>0h" U" (&/)`/" <*&=/3" %/" =$%)'()*+"
3*7)'1/D">'&=)"/11/3M"1'"=$%)'()*+"%/"3'+($"B6)"/3("'336&$/"2'&"Y"6+"=$%)'(/6&")+(/&?/+'+("'62&Q3"%/3"
2'()/+(3"/("'7(/6&3"%/"1'"3'+($"e'(/1)/&3"3'+($I?)11/f"Z"/3("&/7/+3$/D"
"
OGO!"#!$%&'#(')*!+#*(%Q!&7+!+/%2'R'2'(%+!
"
"
"'" =$%)'()*+" 3'+($M" 7*==/" *+" ?)/+(" %/" 1/" ?*)&" 2/6(IC(&/" $(&*)(/=/+(" 1)$/" U" 1'" =$%)'()*+"
3*7)'1/D";1"/A)3(/"+$'+=*)+3"6+"'6(&/"%*=')+/"%4/A)3(/+7/"%/"1'"=$%)'()*+"3'+($"%'+3"6+/"%)=/+3)*+"
2163")+3()(6()*++/11/"B6)"2/6("+*('==/+("C(&/")+7'&+$/"2'&"1/"F$%)'(/6&"%/"1'",$26V1)B6/D"
"
5+" /<</(M" %/26)3" 6+" '+M" 6+" >.1/" 8'+($" /(" 8$76&)($" %/3" 8*)+3" e>E8f" '" $($" 7&$$" '6" 3/)+" %6"
F$%)'(/6&" %/" 1'" ,$26V1)B6/D" Y"8')3)" +*('==/+(" 36&"%/3" %)<<)761($3" %4'77Q3" '6" %&*)(M" %/3" %$<'6(3" %/"
3*)+3"/("%/3"7*+<1)(3"7*+3$76()<3"U"%/3"'1$'3"*6"%/3"<'6(/3"(-$&'2/6()B6/3M")1"/A/&7/"3'"=)33)*+"%'+3"
6+"71)='("+*6?/'6"%/"=$<)'+7/"/+(&/"6+/"*2)+)*+"'?)%/"%/"(&'+32'&/+7/"/("6+"=*+%/"=$%)7'1"3*63"
2&/33)*+"Z!@D" 9/((/" +*6?/11/" =)33)*+" %6" =$%)'(/6&" ?)/+(" 7*=21$(/&" 7/11/" %/3" 9*==)33)*+3" %/3"
&/1'()*+3" '?/7" 1/3" 63':/&3" /(" %/" 1'" B6'1)($" %/" 1'" 2&)3/" /+" 7-'&:/" e9,Tm>9f" (&*2" =$7*++6/3D" 9/3"
7*==)33)*+3M")+3('6&$/3"2'&"1'"1*)"%6"G"='&3"@RR@"&/1'()?/"'6A"%&*)(3"%/3"='1'%/3"/("U"1'"B6'1)($"%6"
3X3(Q=/"%/"3'+($M"2/&=/((/+(":&t7/"U"6+"=$%/7)+"=$%)'(/6&"%/"(&*6?/&"%/3"3*16()*+3"'6A"2&*V1Q=/3"
&/+7*+(&$3D" a1*V'1/=/+(" 7/3" %)<<$&/+(/3" )+3('+7/3" %/" =$%)'()*+" 2163" )+3()(6()*++/11/3" 7*+3()(6/+("
6+/" '1(/&+'()?/" U" 14'=)'V1/" '6" &Q:1/=/+(" %/3" 7*+<1)(3" B6)" *+(" (/+%'+7/" U" 3/" S6%)7)'&)3/&D" ;1" /A)3(/"
$:'1/=/+(" 1/3" 9*==)33)*+3" &$:)*+'1/3" %/" 7*+7)1)'()*+" /(" %4)+%/=+)3'()*+" e9,9;f" B6)" 3*+(" %/3"
7*==)33)*+3" )+%$2/+%'+(/3" %/3" $('V1)33/=/+(3" %/" 3*)+3D" 9/3" %)<<$&/+(/3" )+3('+7/3" 34$7'&(/+("
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
!!
" H'" =$%)'()*+" 3*7)'1/"d" 6+/" %$='&7-/" %/" 2&*A)=)($" '6" 3/&?)7/" %/" 1'" 7*-$3)*+" 3*7)'1/" /(" %/" 1'" (&'+B6)11)($"
26V1)B6/D""K;p"^"9l#>]D",/2Q&/3D"@RRG"
!@
" 8X+(-Q3/" '++6/11/" @RRP" %4'7()?)($" %6" 2.1/" 3'+($" /(" 3$76&)($" %/3" 3*)+3" %6" F$%)'(/6&" %/" 1'" ,$26V1)B6/D"
euuuD3/76&)(/3*)+3D<&f"
N"
"
B6/1B6/"2/6"%/"1'"B6/3()*+"%/"14'77Q3"U"1'"3'+($M"2&*V1$='()B6/"'6"7v6&"%/"7/"(&'?')1M"74/3("2*6&B6*)"
7/"(X2/"%/"=$%)'()*+")+3()(6()*++/11/"+/"3/&'"2'3"2163"%$(')11$D"
"
"
9*+7/&+'+(" 1/3" <*&='()*+3" 3637/2()V1/3" %4/A)3(/&" '6(*6&" %/" 1'" =$%)'()*+" 3'+($M" *6(&/" 1'"
<*&='()*+" %/" 140#>0" %/" Y"]/7-+)7)/+"=$%)'()*+" 3/&?)7/Z" B6)" +/" 7*+7/&+/" 2'3" %)&/7(/=/+(" 1'" 3'+($M"
6+/"<*&='()*+"'"/A)3($"/+"@RR@I@RRE"2*6&"<*&=/&"%/3"=$%)'(/6&3"%/"3'+($"26V1)B6/D"9/((/"<*&='()*+"
$(')(" '336&$/" 2'&" 14;+3()(6(" %/" F$%/7)+/" /(" %452)%$=)*1*:)/" 0221)B6$/" e;F50f" =')3" %/26)3" @RRLM"
'++$/" %46+" 7*11*B6/" %$%)$" U" 1'" =$%)'()*+" /+" 3'+($" 26V1)B6/M" '676+" +*6?/'6" =*X/+" +4'" 2/&=)3" 1'"
"
2*6&36)(/"%/"7/3"/A2$&)/+7/3"=/+$/3"%'+3"2163)/6&3"&$:)*+3"%/"#&'+7/!ED"
"
"
"
8)" 14*+" B6/3()*++/" 1/3" /+S/6A" %/" 14'77Q3" U" 1'" 3'+($M" 1'" =$%)'()*+" 3*7)'1/" 3/" 2&$3/+(/" %*+7"
7*==/"1'"2163"2&*7-/"%/"1'"=$%)'()*+"3'+($D"]*6(/<*)3"1'"%$<)+)()*+"%/"1'"=$%)'()*+"3*7)'1/"'%*2($/"
/+"@RR!"/3("'22'&6/"/+7*&/"6+"2/6"$1*):+$/"%/3"B6/3()*++/=/+(3"%6":&*62/"%/"&$<1/A)*+"U"14*&):)+/"
%/"7/((/"7*=='+%/"%4/+B6C(/D"K/"7/"<')(M")1"'"$($"+$7/33')&/"%/"34/+(/+%&/"36&"6+/"%$<)+)()*+"%/"1'"
=$%)'()*+"3'+($"2*6&"/+"3')3)&"1/3"32$7)<)7)($3D"H'"%$<)+)()*+"&/(/+6/"$('V1)("1'"=$%)'()*+"3'+($"7*==/"
,'("58%4"# 1"# *5+;,/,(0# *+.5# 8%4,),("5# )6%44<$# %.;# 15+,($7# =# )%# *50&"'(,+'# "(# %.;# $+,'$7# %$$.50"# %.*5<$#
16.'#*.>),4#*%5#.'"#*"5$+''"#1"#4+'8,%'4"7#,$$."#1"#4"#*.>),4#+.#*5+4?"#1"#).,7#4+/*0("'("#"(#8+5/0"#
=#4"(("#8+'4(,+'#16,'8+5/%(,+'7#16+5,"'(%(,+'#"(#16%44+/*%@'"/"'(2#!"#/01,%(".5#$%'(0#450"#1.#),"'#
"'(5"#)6+885"#A+.#$B$(</"C#1"#$%'(0#"(#.'"#*+*.)%(,+'#-.,#0*5+.&"#1"$#1,88,4.)(0$#=#B#%4401"52#
"
H'"+*()*+"%/"&$3*16()*+"%/"7*+<1)(3":1*V'1/=/+("(&Q3"2&$3/+(/"%'+3"(*6(/3"1/3"%$<)+)()*+3"%/"1'"
=$%)'()*+"+4/3("2'3"2&$3/+(/"/+"('+("B6/"(/11/"%'+3"7/((/"%$<)+)()*+"7'&"/11/"+4/3("2'3"'6"7v6&"%/3"
/+S/6A" %/" 14'77Q3" U" 1'" 3'+($" =C=/" 34)1" 34':)(" 2'&<*)3" %/" &$3*6%&/" %/3" 3)(6'()*+3" %/" 71*)3*++/=/+("
/+(&/"2&*</33)*++/13"/("%/"V1*7':/"/+(&/"1/"26V1)7"/("1/3"2&*</33)*++/13D"94/3("U"(&'?/&3"7/((/"+*6?/11/"
%$<)+)()*+" B64)1" '" $($" 2*33)V1/" %4)%/+()<)/&" %/3" '7(/6&3" )=21)B6$3" %'+3" %/3" =)33)*+3" %/" =$%)'()*+"
3'+($D"
"
"
SG
"7+!&'+/)+'('R+!&7!$%&'#(')*!+#*(%!
!
J/("$('("%/3"1)/6A"%/3"%)32*3)()<3"/A)3('+(3"<')("'22'&'W(&/"%/3"3(&67(6&'()*+3"%/"=$%)'()*+"
"
216&)/11/3"1)$/3"d"
- '6A" 7*+(/A(/3" %4$=/&:/+7/"d" 7/&(')+3" %)32*3)()<3" 3*+(" +$3" %46+/" =*V)1)3'()*+" %/3" -'V)('+(3" /("
'33*7)'()*+3" %/" B6'&()/&M" %4'6(&/3" *+(" $($" <'?*&)3$3" 2'&" 6+/" )=2613)*+" 2*1)()B6/M" 6+/" %X+'=)B6/"
+'()*+'1/M"%4'6(&/3"/+<)+"3*+("1/"<&6)("%46+"(&'?')1"7*11'V*&'()<"/+(&/"2&*</33)*++/13")=21)B6$3"36&"7/3"
B6/3()*+3"%/"3'+($\r"
- '6"26V1)7"7*+7/&+$"d"1/"26V1)7"7)V1$"?'&)/"%46+"%)32*3)()<"U"14'6(&/"/("2/6("7*+7/&+/&"1/3"S/6+/3"/("1/6&"
<'=)11/M"1/3"2/&3*++/3"/+"3)(6'()*+"%/"2&$7'&)($"e=):&'+(3M"2/&3*++/3"%$<'?*&)3$/3M"2/&3*++/3"t:$/3"
%$2/+%'+(/3fM""1/3"='1'%/3"*6"1/3"2/&3*++/3"%$2/+%'+(/3"'6A"2&*%6)(3\"r"
- '6A"2&*</33)*++/13")=21)B6$3"d"1/3"=$%)'(/6&3"2/6?/+("C(&/")3363"%/"2&*</33)*+"=$%)7'1/"*6"3*7)'1/M"
*6" V)/+" %46+" 2'&7*6&3" =)1)('+(" /(" /+:':$" '6" 3/)+" %46+" B6'&()/&M" 3'+3" B6'1)<)7'()*+" )+)()'1/" %'+3" 1/"
%*=')+/"=$%)7*I3*7)'1"r"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
!E
">*6&"(*6(/")+<*&='()*+"36&"7/"36S/(M"3/"&$<$&/&"'6"3)(/"%/"14;F50"uuuD)=/'D<&M",6V&)B6/"Y"06(&/3"'7()?)($3"Z"
O"
"
- '6A"3(&67(6&/3"2*&(/63/3"d"1/3"%)32*3)()<3"&/2$&$3"3*+("2*&($3"2'&"%/3"'33*7)'()*+3"e>5b"%/"8(">&)/3("/("
%/",)11)/6AM">05b"%/"F*+($1)='&M">*)+("%4)+<*&='()*+"/("%/"=$%)'()*+"=61()"3/&?)7/3"%/"p)11/6&V'++/M"
;+(/&=Q%/3" ,-.+/M" 532'7/" 7&$'(/6&3" %/" 3*1)%'&)($" %/" 8(" #*+3M" H'" l*&)'" %4w611)+3I>)/&&/" n$+)(/M"
p*)3)+4t:/3" %/" p)11/6&V'++/M" H'" >'33/&/11/" %40=21/26)3M" 0)%/3" ,-.+/fM# %/3# =6(6/11/3" eF6(6'1)($"
#&'+[')3/"%6",-.+/fM"%/3"7*11/7()?)($3"(/&&)(*&)'1/3"e9908"%/"]'&'&/fM"/("%/3"3/&?)7/3"-*32)('1)/&3"e>088"
=*V)1/"HX*+f"r"
- '6A"<)+'+7/=/+(3"=*V)1)3$3"d"7/3"<)+'+7/=/+(3"3*+("=61()21/3"/("2/6?/+("2&*?/+)&"%/"1456&*2/"e#85fM"
%/" 145('(" eK;pM" a,8>M" KK088M" K;09]fM" %/" 140336&'+7/IF'1'%)/" e#0m8M" 9,0FfM" %/3" 7*11/7()?)($3"
(/&&)(*&)'1/3"e9*+3/)1",$:)*+'1M"9*+3/)1":$+$&'1M"p)11/3M"0::1*=$&'()*+3fM"%/"1'"F6(6'1)($"#&'+[')3/M"*6"
%4/+(&/2&)3/3"2&)?$/3"e6+)B6/=/+("%'+3"1/"7'3"%/3">;FF8fD"
"
"
H4-)3(*)&/"%/"7/3"%)32*3)()<3"/3("='&B6$/"2'&"6+/"&/1'()?/"2&*</33)*++'1)3'()*+M"%'+3"1/"3/+3"*x"
)13" 3*+(" 2'33$3" 2&*:&/33)?/=/+(" %6" V$+$?*1'(" U" 14/=21*)D" F')3" 7/((/" (/+%'+7/" /3(" U" +6'+7/&M"
+*('==/+(" 2'&7/" B6/" 1'" 2162'&(" %/3" 7*+(&'(3" 2&*2*3$3" %'+3" 7/" 7'%&/" 3*+(" %/3" 7*+(&'(3" 2&$7')&/3"
e9KKM"7*+(&'(3"')%$3fM"/("B6/"1/"V*+"<*+7()*++/=/+("%6"%)32*3)()<"&/2*3/M"7*==/"*+"1/"?/&&'"2'&"1'"
36)(/M"36&"1'"V*++/"?*1*+($"%/3"=$%)'(/6&3"B6)"34)=21)B6/+("V)/+"3*6?/+("'6I%/1U"%/3"=*X/+3"B64*+"
1/6&" %*++/D" H46+/" %/3" 2/&3*++/3" &/+7*+(&$/3" /+" ($=*):+/"d" YD"# '6%,# *%$# )6,/*5"$$,+'# 1"# 8%,5"# .'#
(5%&%,)7#E%#8%,(#FG#-."#D"#(5%&%,))"#4+//"#E%#>0'0&+)"/"'(#1+'4#E%#'6%#5,"'#4?%'@0ZD"
K'+3"7/"7*+(/A(/M"1/"%)32*3)()<"+'()*+'1"Y"'%61(/3I&/1')3"Z"7&$$"2'&"1/"9*=)($";+(/&=)+)3($&)/1"%/"1'"p)11/"
/+" !PPP" B6)" 2/&=/(" %/" 7*+<)/&" %/3" =)33)*+3" %/" =$%)'()*+" 3*7)'1/" /(" 761(6&/11/" U" %/3" &$3)%/+(3" %/3"
B6'&()/&3"2&)*&)(')&/3"%/"1'"2*1)()B6/"%/"1'"?)11/"'"$($"2'&()761)Q&/=/+("=*V)1)3$D"
!
TG
"7+!$'++')*+!&-!$%&'#(7-0!
"
"
B'&=)"1/3"2&*</33)*++/13"&/+7*+(&$3M"(&Q3"2/6"2*&(')/+("1/"()(&/"%/"=$%)'(/6&"3'+($D"9/&(')+3"
'?')/+("2*6&"<*+7()*+"Y"=$%)'(/6&"Z"3'+3"'6(&/"2&$7)3)*+M"%4'6(&/3"$(')/+("Y"=$%)'(&)7/3"3*7)'1/3"Z"*6"
/+7*&/" Y"-'V)('+(/3I&/1')3"ZD" F'1:&$" 7/((/" %)?/&3)($" 3$='+()B6/M" )1" '" $($" 2*33)V1/M" U" 14)+3('&" %/3"
/+B6C(/3"+'()*+'1/3"36&"1'"=$%)'()*+"3*7)'1/M"%/"%$<)+)&"6+"3*71/"%/"=)33)*+3"7*==6+/3D"
"
"
"
5+"2&$'=V61/M")1"/3(")=2*&('+("%/"+*(/&"B6/"14/+3/=V1/"%/3"=$%)'(/6&3"3/"&/(&*6?/+("36&"6+"
*VS/7()<"2'&(':$"B6)"/3(""7/16)"%/"1'"16((/"7*+(&/"1/3")+$:'1)($3"3*7)'1/3"%/"3'+($"/+"<'?*&)3'+("1/"&/(*6&"
?/&3" 1/" %&*)(" 7*==6+D" >*6&" 6+/" =$%)'(&)7/" 3*+" (&'?')1" 7*+3)3(/" U"" H#5"'15"# I)"$# *.>),4$J# .(,),$%(".5$#
1"$#1,$*+$,(,8$#1"#15+,(#4+//.'#*+.5#-.6,)$#1"&,"''"'(#1"$#4,(+B"'$#=#*%5(#"'(,<5"#"(#*+.5#E%#+'#.(,),$"#
)"$# 5"$$+.54"$# )+4%)"$#ZD" H4'+'1X3/" %/3" /+(&/()/+3" '" 2/&=)3" %/" %$:':/&" (&*)3" 7-'=23" %4'7()*+"
2&)+7)2'6A"%)<<$&/==/+(")+?/3()3"2'&"1/3"=$%)'(/6&3"&/+7*+(&$3D"
"
TG=!"1D223+!#-K!&0)'(+Q!.1#223+!#-K!+)'*+!
"
"/" 2&/=)/&" (X2/" %/" =)33)*+" '336&$" 2'&" 1/3" =$%)'(/6&3" 3'+($" 7*+7/&+/" 14*&)/+('()*+" /("
14)+<*&='()*+"36&"1/3"3(&67(6&/3"&/33*6&7/3D"9/"(&'?')1"%4)+<*&='()*+"/("%4*&)/+('()*+"/3("1'"2162'&("%6"
(/=23" =61()(-$='()B6/" /(" +/" 7*+7/&+/" 2'3" 6+)B6/=/+(" %/3" &/33*6&7/3" 36&" 1'" 3'+($D" 5+" /<</(M"
2163)/6&3"=$%)'(/6&3"*+("$?*B6$"1'"(-$='()B6/"%6"1*:/=/+("*6"%/"14/=21*)"%'+3"1/3"%/='+%/3"B64)13"
P"
"
2*6?')/+("&/7/?*)&D"5+"*6(&/"14)+(/&&/1'()*+"/+(&/"3'+($"/("3*7)'1"'"$($"3*6?/+("$?*B6$/"/("<')("%)&/"U"
6+/"=$%)'(&)7/"B64"Y,',(,%)"/"'(#D"#*5+*+$%,$#.'"#*"5/%'"'4"#16%44+/*%@'"/"'(#$.5#)%#$%'(0#/%,$#
"'#8%,(#46"$(#,'1,$$+4,%>)"#1"#)6%44+/*%@'"/"'(#$+4,%)K2#
""
9/" (X2/" %/" =)33)*+" &/+?*)/" U" 1'" (X2*1*:)/" $1'V*&$/" 2'&" FD" 9*-/+I5=/&)B6/" B6)" '" )%/+()<)$"
B6'(&/" (X2/3" %/" =$%)'()*+"d" 7/11/" B6)" )+<*&=/M" 7/11/" B6)" ')%/" U" 1'" 7*==6+)7'()*+" /(" %)33)2/" 1/3"
2&$S6:$3M" 7/11/" B6)" ')%/" U" 1'" &$3*16()*+" %/3" 7*+<1)(3" /(" 7/11/" B6)" )+(&*%6)(" %/3" 7-'+:/=/+(3" %'+3" 1/3"
)+3()(6()*+3"*6"(*6("3)=21/=/+("B6)"1/3"2/&=$'V)1)3/"U"%4'6(&/3"<'[*+3"%/"?*)&"/("%/"<')&/M"(*6(/3"3*+("
%/3" '7()*+3" /+" 2&*<*+%/6&!GD" H/" 2&/=)/&" (X2/M" 7/11/" B6)" )+<*&=/M" /3(" 6+/" <*+7()*+" )+%)32/+3'V1/M"
216(.(" )+3(&6=/+('1/M" Y<'7)1)('(&)7/" %/" 1'" 7*==6+)7'()*+M" iB6)j" +/" =*%)<)/" 2'3" 1/3" '(()(6%/3" %/3"
2&*</33)*++/13M" +)" +/" 7*+%6)(" U" %/3" (&'+3<*&='()*+3" %/3" 2&'()B6/3" B64*+" &/(&*6?/" %'+3" 1/3" '6(&/3"
(X2/3"%/"=$%)'()*+"Z!LD""
"
"
K'+3" 7/" 7-'=2" %4'7()?)($" <'7)1)('+(" 14'77Q3" '6A" %&*)(3M" 14'77Q3" '6A" 3*)+3M" 1/3" =$%)'(/6&3"
'336&/+(" 2*6&" 7/&(')+3" 6+" 36)?)" )+%)?)%6/1" 2*6&" %/" 14'77Q3" '6A" %&*)(3" 7*==6+3D" 9/" (X2/" %/" =)33)*+"
34'22'&/+(/" <*&(/=/+(" '6" (&'?')1" 3*7)'1" /(" +4/3(" 2'3" 3'+3" 2*3/&" B6/3()*+" 36&" 1'" %$1)=)('()*+" %/3""
<&*+()Q&/3"/+(&/"(&'?')1"3*7)'1"/("=$%)'()*+M"7*==/"*+"1/"?/&&'"2'&"1'"36)(/D"9/"36)?)")+%)?)%6/1"2/&=/("
3*6?/+("%/"%$V1*B6/&"%/3"3)(6'()*+3"2*6&"&$:61'&)3/&"%/3"%*33)/&3"9FT"2'&"/A/=21/D"H/"%$V1*7':/"
2&*?)/+(" 3*)(" %46+" (&'?')1" %4/A21)7)('()*+" %/3" %$='&7-/3" U" /+(&/2&/+%&/" 3*)(" %/" &/=21)33':/" %/3"
%*33)/&3M"3*)("%4'22/13"($1$2-*+)B6/3"?/&3"%/3"2&*</33)*++/13"3637/2()V1/3"%/"&$:61'&)3/&"1/3"%*33)/&3D""
"
"
9/3"=)33)*+3"B6)"?)3/+("U"<'7)1)(/&"U"14'77Q3"U"1'"3'+($M"3*+("&/+<*&7$/3"2'&"1'"2*33)V)1)($"2*6&"1/"
=$%)'(/6&" %4'336&/&" 6+" '77*=2':+/=/+(" 2-X3)B6/" %/3" 2/&3*++/3" ?/&3" 1/3" 3(&67(6&/3" %/" 3'+($"
e-.2)('1M"7'V)+/("1)V$&'1\fM"14'%=)+)3(&'()*+"e9>0F\fM\""n)/+"3*6?/+("1/3"2'&(/+')&/3"&/+7*+(&$3"*+("
$?*B6$"Y"4"(#%$*"4(#(5<$#*+$,(,8#1"#)6%44+/*%@'"/"'(#*?B$,-."#Z"B64)13"+/"2/6?/+("2'3"'336&/&"'1*&3"
B64)13" 7*+3('(/+(" 6+/" '22&$-/+3)*+" U" <&'+7-)&" 7/&(')+/3" 2*&(/3" =C=/" 3)" 6+" (&'?')1" )=2*&('+(" %/"
%$%&'='()3'()*+" *6" %/" 2&$2'&'()*+" '" $($" &$'1)3$D" 9/3" '77*=2':+/=/+(3" 2-X3)B6/3" 3*+(" '33/`"
7-&*+*2-':/3" /(" %/" 7/" <')(" +/" 7*+3()(6/+(" B646+/" 2/()(/" 2'&()/" %/3" '7()?)($3" /(" +/" 3*+(" /<</7(6$3"
B64/+"7'3"%/"+$7/33)($D"
"
"
5+<)+M"7/&(')+3"=$%)'(/6&3"B6)"*+("6+/"<*&='()*+"/+"3'+($"e)+<)&=)/&\fM"2/6?/+("&$'1)3/&"%/3"
$?'16'()*+3"%/"2&*V1$='()B6/3")+%)?)%6/11/3"%/"3'+($"%/"='+)Q&/"U"2&$?*)&"6+/"*&)/+('()*+"?/&3"%/3"
32$7)'1)3(/3D"9/((/"$?'16'()*+"2/6("C(&/"'633)"14*77'3)*+"%/"H#(5+.&"5#1"$#$(5%(0@,"$#*+.5#8%,5"#"'#$+5("#
-."#)%#*"5$+''"#%44"*("#16"'(5"5#1%'$#.'"#10/%54?"#1"#$+,'$#K"=')3"'633)"%4*&:'+)3/&"/("%/"36)?&/"
%/3"2&)3/3"/+"7-'&:/D"
"
TG;
"
"#!/0%N7*(')*U!.#!/0)$)(')*!&7!.#!+#*(%!!
"/"%/6A)Q=/"7-'=2"%4'7()*+"%/3"=$%)'(/6&3"3/"3)(6/"%'?'+(':/"%'+3"1'"2&$?/+()*+"/("2163"
1'&:/=/+("%'+3"1'"2&*=*()*+"%/"1'"3'+($"%'+3"1/"3/+3"*x"1'"3'+($"/3("2/&[6/"7*==/"6+/"&/33*6&7/D"
K'+3"7/"7'%&/"1UM"1/3"=$%)'(/6&3"'336&/+("6+"(&'?')1"%4$7*6(/"/("%/"3*6()/+"=*&'1D"H#9)#$6%@,(#1"#450"5#
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
!G
"9*-/+I5=/&)B6/"F'&:'1)("q"!"$#/01,%(".5$#$+4,%.;#"(#4.)(.5")$#L#*%$$"5"))"$#16,1"'(,(0$D"9*+<$&/+7/"1*&3"%/")%#
M"'4+'(5"# +5@%',$0"# *%5# )%# N0105%(,+'# 1"$# %$$+4,%(,+'$# 1"# 8"//"$O5")%,$# 1"# P",'"OP%,'(O3"',$# "(# Q5+8"$$,+'#
R%'),"."#=#R+>,@'B#"'#FGGS#L#H#T01,%(,+'#$+4,%)"#"(#4.)(.5"))"#L#.'#/0(,"57#.'"#10+'(+)+@,"#K2"
!L
"9*-/+I5=/&)B6/"F'&:'1)(D"w2D"7)(D"
!R"
"
.'#"$*%4"#*+.5#*+.&+,5#04+.("5#)6%.(5"7#)"#*5"'15"#"'#4+/*("7#16,'$(%.5"5#.'#4),/%(#1"#4+'8,%'4"#*+.5#
),>05"5# )%# *%5+)"2# 9)# 8%.(# >"%.4+.*# 1604+.("7# 1"# 1,$*+',>,),(0# "(# 1"# *%(,"'4"#K2#H#U6"$(# >"%.4+.*# 1"#
$+.(,"'# /+5%)#K2# 9/" (&'?')1" %4$7*6(/" 2/6(" 2/&=/((&/" 2'&" 1'" 36)(/" %/" &/+?*X/&" ?/&3" %/3" 32$7)'1)3(/3D"
H#!"$# *%5"'($# +'(# >"$+,'# 1"# *%5)"5# 1"$# $+.4,$# 1.# -.+(,1,"'7# "(# *%$# 8+540/"'(# %&"4# .'# *$B4?+)+@."2#
U"5(%,'$7#%*5<$#$6V(5"#4+'8,0#=#/+,7#$+.?%,("'(#*5"'15"#MW#%&"4#.'#*$B4?+)+@."#K2#H/"3*6()/+"'22*&($"
/3("6+/"<*&=/"%/"&$'336&'+7/"2*6&"7/&(')+3"B6)"(&'?/&3/+("%/3"2$&)*%/3"%/"%*6(/3"/+"2'&()761)/&"%'+3"
1/6&3" &/1'()*+3" '?/7" 1/6&3" /+<'+(3D" " H/3" 2/&='+/+7/3" 2&*2*3$/3" %/?)/++/+(" %'+3" 7/&(')+3" 7'3" %/3"
/32'7/3"%4$7-'+:/3M"%/"7*+?)?)'1)($"B6)"2/&=/((/+("U"1'"<*)3"'6"+)?/'6")+%)?)%6/1"6+/"&/=*V)1)3'()*+M"
6+/"&/=*()?'()*+"%'+3"6+"7*+(/A(/"%/"?)/"3*6?/+("1*6&%"/("U"1'"<*)3"'6"+)?/'6"7*11/7()<"%/"&/+<*&7/&"
%/3"1)/+3"3*7)'6A"%)3(/+%63D""
"
"
>163)/6&3" =$%)'(/6&3" )+(/&?)/++/+(" $:'1/=/+(" " %'+3" %/3" 3$'+7/3" %4)+<*&='()*+" *6" %/"
3/+3)V)1)3'()*+" '62&Q3" %/" 26V1)73" ?'&)$3" eS/6+/3" %/" F)33)*+" H*7'1/M" =Q&/3" %46+" B6'&()/&\f" *6" %/"
2&*</33)*++/13D"9/3")+(/&?/+()*+3"3*+("V)/+"3*6?/+("&$'1)3$/3"%'+3"1/"7'%&/"%46+/"7*I'+)='()*+"'?/7"
6+" '6(&/" 2&*</33)*++/1" e%46+" 08pM" %46+/" F)33)*+" H*7'1/" *6" %46+/" 9>0F" 2'&" /A/=21/f" /(" 2/6?/+("
7*+7/&+/&" %/3" (-Q=/3" ?'&)$3" 7*==/" 14'77Q3" '6A" %&*)(3M" 1'" 7*+(&'7/2()*+" *6" /+7*&/" 14'1)=/+('()*+D""
K'+3"7/"7'%&/"1U"1/"=$%)'(/6&"<')("1/"1)/+M"Y"/+,#D"#)".5#$"5$#16,'("5*5<("7#D"#)"$#%,1"#=#4+/*5"'15"#K2#
8*+" )=21)7'()*+" %'+3" 7/3" )+(/&?/+()*+3" /3(" '633)" 14*77'3)*+" %/" 34'226X/&" 36&" 3/3" 7'2'7)($3" %/"
=*V)1)3'()*+"%/3"26V1)73D"Y!"#4"'(5"#$+4,%)#1"#)%#4+//.'"#%&%,(#+5@%',$0#.'#%("),"5#*+.5#1"$#/<5"$#
/%,$# (5<$# *".# $60(%,"'(# ,'$45,("$2# X'# %# *5+*+$0# )6%,1"# 1.# /01,%(".5# "(# "'# 1".;# D+.5$# )6%("),"5# 0(%,(#
*)",'#K2#"
"
"
>*6&"<)+)&M"7/3"=)33)*+3"'6(*6&"%/"1'"2&$?/+()*+"2/6?/+("'633)"3/"(&'%6)&/"2'&"%/3"%X+'=)B6/3"
%/"3'+($"7*==6+'6(')&/"*x"1/"=$%)'(/6&"'+)=/"7/((/"%X+'=)B6/"*6"7*I'+)=/"'?/7"6+"2&*</33)*++/1"
*6()11$" 36&" 1'" 3'+($" 7*==6+'6(')&/D" H'" 3'+($" 7*==6+'6(')&/" /3(" /+(/+%6/" 7*==/" 6+" 2&*7/3363"
%4'22&*2&)'()*+"%/3"B6/3()*+3"%/"3'+($"2'&"1/3"-'V)('+(3"*x"1'"+*()*+"%/"2'&()7)2'()*+"/3("/33/+()/11/D"
0)+3)"2163)/6&3":&*62/3"3'+($"*+("$=/&:$"U"(&'?/&3"1/"3*6()/+"%/3"=$%)'(/6&3"*6"*+("&$3)3($":&t7/"U"1'"
2&$3/+7/"%46+"=$%)'(/6&D"Y"X'#(5%&%,))"#=#*%5(,5#1"#)".5$#*5+*5"$#*50+44.*%(,+'$Y";*05,"'4"$7#1+'4#,)$#
$"#$"'("'(#&5%,/"'(#"'("'1.$#"(#,/*),-.0$K2#"
!
TGO!"7!/#0(7*#0'#(!
"
"/" %/&+)/&" 7-'=2" %4'7()?)($3" %/3" =$%)'(/6&3" 7*+7/&+/" 1/" 2'&(/+'&)'(" /(" /+" 2'&()761)/&" 3'"
<*+7()*+"%/"=)3/"/+"&$3/'6"%/3")+3()(6()*+3M"%/3"2&*</33)*++/13"/("%/3"26V1)73D"9/((/"=)3/"/+"&$3/'6"
3/" 7*+7&$()3/" 2'&" %/3" 2'&()7)2'()*+3" U" %)<<$&/+(/3" )+3('+7/3" U" 14$7-/11/" %/" 1'"7*==6+/" 2'&" /A/=21/"
e7*=)($" %/" 2)1*(':/\fM" 2'&" %/3" &/+7*+(&/3" %/3" %)<<$&/+(3" '7(/6&3" 36&" 6+" (/&&)(*)&/" 2*6&" '?*)&" 6+/"
V*++/"7*++')33'+7/"%/3"%)32*3)()<3"/("%/3"&/33*6&7/3"/A)3('+(/3D"511/"34)+7'&+/"'633)"%'+3"1'"7'2'7)($"
B64'"1/"=$%)'(/6&"U"3*11)7)(/&"%/3"2'&(/+')&/3M"U"*&)/+(/&"?/&3"%/3"32$7)'1)3(/3"*6"%/3"2&*</33)*++/13"
2163"B6'1)<)$3D"H#Z"#8%,$#1.#),"'7#D6%**"))"#.'#%.(5"#*5+8"$$,+''")#*+.5#8%,5"#%&%'4"5#)"#1+$$,"5#K2#K'+3"
7/&(')+3" 7'3" 1/" =$%)'(/6&" /3(" 2'&()/" 2&/+'+(/" %/" 1'" 7*+3(&67()*+" %46+" 2&*S/(" %/" 3*)+" 2*6&" 6+/"
2/&3*++/2# H#!%# /,$$,+'# 1"# /01,%(,+'# ,'4).(# %.$$,# (+.("# )%# 1,/"'$,+'# *%5("'%5,%)"7# $.5(+.(# %&"4# )"#
*.>),4#*504%,5"2#A[C#X'#8%,(#1"#)60&%).%(,+'#/01,4+O$+4,%)"7#*.,$#+'#4+'$(5.,(#%&"4#)"$#*%5("'%,5"$#.'#
*5+D"(# 1"# $+,'# *+.5# )%# *"5$+''"2## A[C# \+.$# $+//"$# )"# /%,))+'# /%'-.%'(7# )%# *%$$"5"))"# "'(5"# )"$#
1,8805"'("$#$(5.4(.5"$K2#9/"(&'?')1"%/"=)3/"/+"1)/+"/3("/33/+()/1"/("2*3/"71')&/=/+("1'"&/7*++')33'+7/"
!!"
"
%6" =$%)'(/6&" B6)" 3/&'" 'V*&%$/" 2'&" 1'" 36)(/" %'+3" 1'" &*+%/" %/3" 2&*</33)*++/13" *6" 7-'W+/" %/3"
2&*</33)*++'1)($3" '6" 3/+3" *x" 14/+(/+%" nD" ,'?*+" 74/3(IUI%)&/" Y"14/+3/=V1/" %/3" 7*=2$(/+7/3" B6)"
7*+<):6&/+(" 14'7()?)($" 2&*</33)*++/11/" U" 6+" =*=/+(" %*++$M" 14'&(" %4-'V)(/&" 6+/" 2&*</33)*+M" 14'&(" %/"
S*6/&"'?/7"1/3"&Q:1/3"%6"=$()/&"/("1/3"&Q:1/3"%/"1'"2&*</33)*+"Z!kD"
"
"
"9/((/"'7()?)($"'6(*6&"%6"2'&(/+'&)'("2/6("%'+3"7/&(')+3"7'3"3/"(&'%6)&/"2'&"1'"=*V)1)3'()*+"%/3"
2&*</33)*++/13"36&"%/3"2&*V1$='()B6/3"32$7)<)B6/3M"36&"%/3"3)(6'()*+3"%)<<)7)1/3D"H/"=$%)'(/6&"'336&/"
'1*&3"6+"&.1/"%4'1/&(/D"a&t7/"U"3'"7*++')33'+7/"%/3"'7(/6&3")1"2/6("2163"<'7)1/=/+("*&:'+)3/&"6+/"2&)3/"
/+"7-'&:/"3*7)'1/"*6"3'+)(')&/D"
"
5+<)+M""1/"=$%)'(/6&"%/"2'&("3*+")+37&)2()*+"1'"2162'&("%6"(/=23"%'+3"6+"7*+(/A(/"%/"?)/"B64)1"
7*++')(" V)/+M" 2/6(" C(&/" 3*11)7)($" 2*6&" C(&/" 6+" 3*6()/+" U" %/3" 2&*</33)*++/13" %'+3" 14'77*=2':+/=/+("
%/3"2/&3*++/3"/+"%)<<)761($D""H/"=$%)'(/6&"<')("%*+7"+*+"3/61/=/+("%6"1)/+"2*6&"1/3"26V1)73"?/&3"1/3"
2&*</33)*++/13" =')3" '633)" 2*6&" 1/3" 2&*</33)*++/13" ?/&3" 1/3" 26V1)73" B64)13" 7*=2&/++/+(" 2'&<*)3" %/"
=*)+3"/+"=*)+3"e1'+:6/M"$7'&("761(6&/1\fD""Y"!%#&5%,"#108,',(,+'#1"#)%#/01,%(,+'#1+,(#*"5/"((5"##-."#)"$#
$+)),4,(%(,+'$# &,"''"'(# 1"$# 1".;# 4](0$#K7" %6" 7.($" %/3" 2*261'()*+3" =')3" '633)" %6" 7.($" %/3"
2&*</33)*++/13D"
VG
"1'*(%09(!&7!.#!$%&'#(')*!+#*(%!
!
"
"4)+(/&&*:'()*+" %/3" 2&'()B6/3" %/" =$%)'()*+" U" 14v6?&/" %'+3" 1/3" %)32*3)()<3" /+B6C($3" <')("
&/33*&()&"6+"7/&(')+"+*=V&/"%/"%)=/+3)*+3"B6)"($=*):+/+("%/"1/6&")+($&C(D"
"
"
5+" 2&/=)/&" 1)/6M" )1" /3(" )+($&/33'+(" %/" +*(/&" B6/" 7/" 2&)+7)2/" %/" Y":6)7-/(" 6+)B6/"Z" '62&Q3"
%6B6/1"1/3"2/&3*++/3"2/6?/+("'%&/33/&"(*6("(X2/"%/='+%/"e/("2'3"6+)B6/=/+("36&"%/3"B6/3()*+3"%/"
3'+($f"/3("V)/+"<'7)1)('(/6&"%/"14'77Q3"'6A"%&*)(3"/("'6A"3*)+3M"/("B6/"7/((/"Y8+5/"#16045,&%,'#*.>),4Z"
36&" 1/3" B6/3()*+3" %/" 3'+($" '" %/3" &$361('(3" 2*3)()<3" /+" ='()Q&/" %/" :/3()*+" %/3" %&*)(3"d" Y4"# -."# D"#
4+'$(%("#46"$(#-."#)"$#*"5$+''"$#'"#&,"''"'(#*).$#"'#.5@"'4"#/%,$#>,"'#1".;#/+,$#%&%'(7#,)#B#%#.'"#
$%450"#0&+).(,+'ZD"
"
"
5+"*6(&/M"1'"(&Q3":&'+%/"2&*A)=)($"%6"=$%)'(/6&"'?/7"1/"26V1)7M"%6"<')("%/"3*+"'22'&(/+'+7/"
'6"B6'&()/&M"U"1'"7*==6+'6($M"*6"%/"3/3"B6'1)($3"&/1'()*++/11/3"<'7)1)(/"14)+3('6&'()*+"%46+/"&/1'()*+"
%/" 7*+<)'+7/M" 7*==/" 14)1163(&/+(" 1/3" 2&*2*3" 36)?'+(3"d" Y1%'$# /+'# -.%5(,"5# +'# /"# 4+''%,(7# D"# )"$#
5"$*"4("7# +'# /"# 5"$*"4("ZD" 94/3(" 36&" 1'" V'3/" %/" 7/((/" 7*+<)'+7/" B6/" 1/" =$%)'(/6&" '&&)?/" 3*6?/+(" U"
%$2'33/&"1/3"V'&&)Q&/3"761(6&/11/3"/("3*7)'1/3"B6)"$1*):+/+("1/3"2*261'()*+3"%/3")+3()(6()*+3"3'+)(')&/3"
/("3*7)'1/3"d"Y"+'#"$(#*%5(,#1.#4+'$(%(#16.'#(%>+.#@0'05%),$0#%.#10*%5(7#"(#%.D+.516?.,#)"$#4+//"5E%'($#
$+'(#1"&"'.$#".;O/V/"$#1"$#5")%,$7#4%*%>)"$#16+5,"'("5#-.%'1#+'#'6"$(#*%$#)=ZD"
"
"
H'"=)33)*+"%/"=$%)'()*+"2'33/"'633)M"7*==/"*+"14'"?6"2&$7$%/==/+(M"2'&"1'"=)3/"/+"&$3/'6"
%/3"2&*</33)*++/13"'6(*6&"%46+/"2/&3*++/M"*6"1'"=)3/"/+"1)/+"%/3"26V1)73"'?/7"1/3")+3()(6()*+3D"9/((/"
%)=/+3)*+"'"14'?'+(':/"%/"2/&=/((&/"1'"1/?$/"%4)+7*=2&$-/+3)*+3"/+(&/"1/3"%)<<$&/+(3"2&*</33)*++/13"
B6)":&'?)(/+("'6(*6&"%/"1'"2/&3*++/M"*6"/+(&/"1/"26V1)7"/("1/3")+3()(6()*+3M"7'&"(*63"+/"2'&1/+("2'3"1/"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
!k
",'?*+"n/&(&'+%M")+(/&?/+()*+"('V1/"&*+%/"!6%44<$#%.;#15+,($7#=#)%#*50&"'(,+'#"(#%.;#$+,'$#L#.'#"'D".#*+.5#)"$#
D".'"$7# .'# 108,# *+.5# )6%&"',57# 1"$# *%5("'%5,%($# *+.5# %@,5D" b*6&+$/" )+(/&2&*</33)*++/11/" !N^!!^@RRPM" ,$:)*+"
,-.+/I012/3"Y""H4'77Q3"%/3"S/6+/3"U"1'"3'+($"d"6+"/+S/6"2*6&"14'?/+)&M"%/3"2'&(/+'&)'(3"2*6&"':)&"ZD"
!@"
"
=C=/" 1'+:':/M" /(" +/" 2'&(':/+(" 2'3" 1'" =C=/" 761(6&/D" 94/3(" ')+3)" B6/" 146+/" %/3" =$%)'(&)7/3"
&/+7*+(&$/3"+*63"/A21)B6/"B6/"3*+"(&'?')1"Y0(%,(#1"#&%)+5,$"5#)%#/,$$,+'#)+4%)"#%.*5<$#1"$#D".'"$#4%5#,)#
B#%&%,(#>"%.4+.*#1"#4+'8),($#=#)60*+-."#"'(5"#)"$#D".'"$#"(#)%#/,$$,+'#)+4%)"ZD"K'+3"7/3"7*+(/A(/3"%/"
=$%)'()*+M" %*)(" 3/" :$&/&" '633)" 6+" /+3/=V1/" %4)+($&C(3" 2'&<*)3" 7*+(&'%)7(*)&/3" /+(&/" 1/3" %)<<$&/+(3"
'7(/6&3" /+" 2&$3/+7/D" 9/" (&'?')1" %/" %$2'33/=/+(" %/3" V1*7':/3" 3/" (&'%6)(" '62&Q3" %6" 26V1)7" 2'&" %/3"
%$='&7-/3" %4/A21)7)('()*+M" %/" 71'&)<)7'()*+M" ?*)&/" %4)+(/&2&$('()*+" 2*6&" %/3" 2*261'()*+3" /+" %)<<)761($"
'?/7" 1'" 1'+:6/" <&'+[')3/D" >*6&" 7/" B6)" 7*+7/&+/" 1/3" 2&*</33)*++/13M" 7/1'" 2/6(" 2'33/&" 2'&" 6+" 3)=21/"
'22/1"($1$2-*+)B6/"2*6&"$71')&7)&"6+"%*33)/&M"*6"V)/+"3/"<')&/"U"(&'?/&3"%/3"&$6+)*+3"216&)%)37)21)+')&/3"
%4$7-'+:/3" '6(*6&" %/" 3)(6'()*+3" )+%)?)%6/11/3D" H/" 7'&'7(Q&/" 2&)=*&%)'1" %/" 7/" (&'?')1" %/" =')11':/" /3("
3*61):+$"2'&"146+"%/3"7**&%*++'(/6&3")+(/&?)/u$3"d"Y)%#1,$*%5,(,+'#1"$#/01,%(".5$#$"5%,(#.'"#%>$"'4"#
1"#),"'$7#1"#/%,))%@"KD"
"
"
T+/" '6(&/" 7'&'7($&)3()B6/" %/" 1'" =$%)'()*+" B6)" '22'&'W(" %'+3" 14/+B6C(/" /3(" 7/11/" %/" (*67-/&"
%/3"26V1)73"<&':)1)3$3M"$1*):+$3"%/3"%)32*3)()<3"3*7)*I3'+)(')&/3"%/"%&*)("7*==6+M"/("B6)"$7-'22/+("'6A"
2&*</33)*++/13" =$%)7*I3*7)'6A" (&'%)()*++/13D" H4'77*=2':+/=/+(" %/" 7/3" 2*261'()*+3" 2'&" 1/3"
=$%)'(/6&3" ?/&3" 6+/" 2&)3/" /+" 7-'&:/" =$%)7'1/" /(^*6" 3*7)'1/" )+(&*%6)(" %'+3" 1/" (&')(/=/+(" %/" 1'"
3)(6'()*+M"6+/"=/)11/6&/"2&)3/"/+"7*=2(/"%6"7*+(/A(/"%/"?)/"%/"1'"2/&3*++/"/+":&'+%/"2&$7'&)($D"">'&"
/A/=21/M"146+"%/3"7**&%*++'(/6&3"/+B6C($3"+*63"%)("B6/"Y)6%44+/*%@'"/"'(#*?B$,-."#1"$#,'8,5/,"5$#
%.;# 4+'$.)(%(,+'$# /01,4%)"$# %# .'# ,/*%4(# (5<$# *+$,(,8# $.5# )"# $+,'ZD" K'+3" 7/" 7*+(/A(/M" Y)"# 5])"# 1.#
/01,%(".5# 46"$(# 1"# 8%,5"# *5"'15"# 4+'$4,"'4"# %.;# $+,@'%'($# 1.# 4+'(";("# 1"# &,"# 1"# )%# *"5$+''"# "'#
$,(.%(,+'# 1"# *504%5,(0#K# 7'&# H4?%-."# *5+8"$$,+''")# 1+,(# 50&,$"5# $"$# *5%(,-."$# %.# 5"@%51# 1"$#
*+*.)%(,+'$#)"$#*).$#&.)'05%>)"$ZD#
"
"
H4'+'1X3/" %/3" 2&'()B6/3" %/" =$%)'()*+" <')(" $=/&:/&" 6+" 7/&(')+" +*=V&/" %/" 32$7)<)7)($3"
%4)+(/&?/+()*+" 2&*2&/3" '6A" =$%)'(/6&3M" /(" B6)" <*+(" 1'" &$633)(/" %/" 1'" =)33)*+D" H/" 2&/=)/&" 7&)(Q&/" U"
&/(/+)&"/3("7/16)"%/"1'"(&Q3":&'+%/"%)32*+)V)1)($"/("&$'7()?)($"%6"=$%)'(/6&"d")1"'336&/"%/3"2/&='+/+7/3"
3'+3" ,pM" /(" +/" 7*=2(/" 2'3" 1/3" -/6&/3" 2'33$/3" '?/7" 7-'B6/" 63':/&"r" )1" +4-$3)(/" 2'3" U" &$2*+%&/" '6A"
3*11)7)('()*+3"36&"1/"(/&&')+"/("2'&<*)3"/+"%/-*&3"%/"3/3"-*&')&/3"%/"2/&='+/+7/3"r")1"2/6("'%'2(/&"3/3"
-*&')&/3"%/",p"/+"<*+7()*+"%/3"V/3*)+3"%/"1'"2/&3*++/"r")1"(&')(/")==$%)'(/=/+("1'"%/='+%/"/("'&&)?/"
3*6?/+("(&Q3"?)(/"U"%$V1*B6/&"1/3"3)(6'()*+3"%6"<')("%/"14)=2*&('+7/"/("1'"B6'1)($"%/"3*+"&$3/'6D"8*+"
/<<)7'7)($"/("3'"%)32*+)V)1)($"/3("(/11/"B6/"146+/"%/3"2/&3*++/3")+(/&&*:$/3"+*63"/A21)B6/"B6/"Y)"$#@"'$#
-.,# $+'(# 1%'$# )"# 15+,(# 4+//.'# A%44+/*%@'0$# $+4,%)"/"'(C# &,"''"'(# -.%'1# /V/"# 4%5# D"# $.,$#
1,$*+',>)"7# D6%$$.5"# 1"$# *"5/%'"'4"$ZD" H4'6(&/" 32$7)<)7)($" &/2$&$/" /3(" 7/11/" %46+" 1'&:/" 2$&)=Q(&/"
%4'7()*+"d" /+" /<</(M" 1/" =$%)'(/6&" /3(" 2&C(" U" '776/)11)&" (*6(" (X2/" %/" %/='+%/M" B6)" 2'&<*)3" %$2'33/" 1/"
%*=')+/"3(&)7(*"3/+36"%/"14'77Q3"'6A"%&*)(3"/("'6A"3*)+3"r")1"/3("%'+3"7/"3/+3"?$&)('V1/=/+("'6"3/&?)7/"
%/"1'"2&*=*()*+"%/"1'"3'+($"B6)"2&/+%"/+"7*=2(/"14/+3/=V1/"%/3"%$(/&=)+'+(3"%/"1'"3'+($M"X"7*=2&)3"
1/3" <'7(/6&3" 3*7)*I$7*+*=)B6/3" e1*:/=/+(M" /=21*)\f"r" 3/3" =)33)*+3" 3*+(" 3*6?/+(" *6?/&(/3" %/26)3"
14'77Q3"'6A"%&*)(3"S63B64U"1'"=)3/"/+"&$3/'6"%/3"2&*</33)*++/13"/+"2'33'+("2'&"%/3"'7()*+3"%4$%67'()*+"
2*6&" 1'" 3'+($D" 5+<)+M" 1/" =$%)'(/6&" /3(" '6" 2163" 2&Q3" %/3" V/3*)+3" %/" 1'" 2*261'()*+" %'+3" 6+/" 2*3(6&/"
%4$7*6(/M" %4'((/+()*+M" /(" %/" &/2$&':/" %/3" '((/+(/3" /(" %/3" %)<<)761($3M" 7*==/" 1/" 3*61):+/" 6+/"
=$%)'(&)7/"d" Y)"$# "88"($# $+'(# (5<$# *+$,(,8$#L# )"$# *"5$+''"$# /%)%1"$# $"# $"'("'(# 1"# *).$# "'# *).$# "'#
4+'8,%'4"7#"(#+'(#)"#$"'(,/"'(#-."#)".5#*%5+)"#"$(#*5,$"#"'#4+/*("ZD"H'"2&)3/"/+"7*=2(/"%/3"V/3*)+3"
2/&=/("%/"&$'S63(/&"14)=2'7("%/3"2*1)()B6/3"%/"3'+($M"2*1)()B6/3"B6)"3*+("3*6?/+("%'+3"6+/"%$='&7-/"
%/37/+%'+(/D"9/((/"2&*A)=)($"'?/7"1/3"V/3*)+3"%/"1'"2*261'()*+"2'33/"2'&"1'"%$='&7-/")+%)32/+3'V1/"
%6" Y"'11/&I?/&3"Z"d" Y%.D+.516?.,# ,)# /%'-."# .'# &5%,# (5%&%,)# 1"# ("55%,'# 4%5# )"$# /01"4,'$# '"# &+'(# *).$# =#
!E"
"
1+/,4,)"2#X5#*).$#+'#"$(#"'#*5+;,/,(07#*).$#+'#%#1"#4?%'4"#1"#8%,5"#0&+)."5#)%#*"5$+''"#$.5#$%#&,"ZD"5+"
/<</(M"2*6&"(*67-/&"7/3"2*261'()*+3"B6)"*+("$7-'22$"'6A"2&*</33)*++/13"=$%)7*I3*7)'6A"(&'%)()*++/13M"
1/"=$%)'(/6&"%$?/1*22/"6+"(&'?')1"%/"(/&&')+"2*6&"'11/&"U"1/6&"&/+7*+(&/M"%'+3"%)<<$&/+(3"1)/6A"%/"?)/"
/(" %/" 7*+?)?)'1)($M" ?*)&/" =C=/" U" %*=)7)1/" %'+3" 7/&(')+3" 7'3D" 0633)" 7*==/" 1/3" 2&*2*3" 36)?'+(3"
14)1163(&/+(M"Y,)#8%.(#%))"5#&"5$#)"#*.>),4#4%5#8%,5"#&"',5#)"$#@"'$#1,5"4("/"'(#"$(#(5<$#1,88,4,)"ZD"94/3("%*+7"
6+"(&'?')1"%/"7&$'()*+"%6"1)/+"3*7)'1"B6)"2/&=/("%4)+3('6&/&"6+/"7*+<)'+7/"36<<)3'==/+("3*1)%/"2*6&"
&'=/+/&"7/3"2*261'()*+3"?/&3"1/3"3(&67(6&/3I&/33*6&7/3"3'+($I3*7)'1D"
"
"
>*6&"<)+)&M"14)+($&C("%/"7/3"%)32*3)()<3"%/"=$%)'()*+"3'+($"/3("7*+<)&=$"2'&"1'"&/7*++')33'+7/"
/(" 1'" 3'()3<'7()*+" %/3" 26V1)73" %46+/" 2'&("d" Y"/+'# $+.)%@"/"'(# 46"$(# -.%'1# )"$# 8"//"$# "))"$# $+5("'(#
$+.5,%'("$"Z!W!Y46"$(#)"#*.>),4#-.,#'+.$#1+''"#.'"#&5%,"#5"4+''%,$$%'4"7#4")%#4+/*"'$"#.'#*".#)"#>%$#
$%)%,5"Z"W! /(" %/3" 2&*</33)*++/13" %4'6(&/" 2'&(" d" Y.'"# 1"$# 1,/"'$,+'$# 1"# )%# 5"4+''%,$$%'4"#
*5+8"$$,+''"))"7# 46"$(# -."# 1"# *).$# "'# *).$# 16,'8,5/,<5"$7# 1"# /01"4,'$7# 16^P[# '+.$# +5,"'("'(# )".5#
*.>),4ZD" ;1" /3(" $:'1/=/+(" 7*+<)&=$" 2'&" 1/" +*=V&/" %/" %/='+%/3" B6)" '6:=/+(/+(" /(" '6AB6/11/3" 7/3"
%)32*3)()<3"+/"2/6?/+("2'3"&$2*+%&/"2*6&"1/"=*=/+("<'6(/"%/"=*X/+3"36<<)3'+(3"d"Y",)#B#%#>"%.4+.*#
1"#1"/%'1"$#%.;-."))"$#+'#'6%55,&"#*%$#=#8%,5"#8%4"#_#/V/"#*%$#`Ga#1"$#1"/%'1"$#$+'(#?+'+50"$#"'#
4"#-.,#4+'4"5'"#)"$#*"5/%'"'4"$#1%'$#)"$#4+//"54"$#1"#*5+;,/,(0ZD!
!
"
H'"=$%)'()*+"/3("%*+7"6+"%)32*3)()<"(&Q3")+($&/33'+("=')3"'((/+()*+"U"+/"2'3"(&*2"/+"'((/+%&/""
7'&" /11/" +/" 2/6(" &$3*6%&/" 14/+3/=V1/" %/3" %)<<)761($3" %4'77Q3" '6A" 3*)+3D" 84'%&/33'+(" :$+$&'1/=/+(" U"
%/3" 2*261'()*+3" (&Q3" <&':)1/3" '6A" 2&*V1$='()B6/3" 7*=21/A/3M" %/3" &$361('(3" 2*3)()<3" /A)3(/+(" =')3" )1"
&/3(/" /+7*&/" V/'67*62" U" <')&/" %'+3" 7/" %*=')+/D" K/" 2163M" 1'" =$%)'()*+" )+(/&?/+'+(" %/" <'[*+"
(/=2*&')&/"%'+3"1'"?)/"%/3":/+3"%*)("C(&/"&/1'X$/"/+36)(/"2'&"1/3"%)32*3)()<3"%/"%&*)("7*==6+D"
"
XG
"7+!8-7+(')**7$7*(+!7(!.7+!7*Y7-K!&7!.#!$%&'#(')*!+#*(%!
!
"
J/"(&'?')1"%4/+B6C(/"'"2/&=)3"%/"3*61/?/&"6+"7/&(')+"+*=V&/"%/"B6/3()*+3"/("%4/+S/6A"B6/"
2*3/" 7/((/" 2&'()B6/" %/" =$%)'()*+D" ]&*)3" 'A/3" %/" &$<1/A)*+" /(" %4)+(/&&*:'()*+" *+(" $=/&:$" '6(*6&" %6"
7'%&/" %/" 14'7()?)($M" '6(*6&" %/3" <&*+()Q&/3" %/" 14'7()?)($" /+" 7/" B64/11/" 34)+37&)(" %'+3" 6+/" 7-'W+/" %/"
2&*</33)*++'1)($"/("/+<)+"'6(*6&"%/"14/+S/6"%/"&/7*++')33'+7/"%/"7/((/"'7()?)($"7*==/"=$()/&D"
"
"
!
"
XG=!Z*!2#&07!&1#2(')*!4![#.'+70!
"/3"2&'()B6/3"%/"=$%)'()*+"2*3/+("6+"7/&(')+"+*=V&/"%/"B6/3()*+3"*6"%/"2)3(/3"%/"&$<1/A)*+"
36&" 1/" 7'%&/" %/" 14'7()?)($D" ;1" +4X" '" 2'3" %/" 2*3(6&/" /A/=21')&/" 2*6&" $?*16/&" %'+3" 7/" 7'%&/" =')3" 6+/"
7*++')33'+7/"/("6+/"2&)3/"%/"7*+37)/+7/"%/3"/+S/6A"B6/"14'7()?)($"3622*3/D"
"
"
H'" =$%)'()*+M" *+" 14'" ?6" 2&$7$%/==/+(M" 34'(('7-/" U" <')&/" %6" 1)/+M" U" '77*=2':+/&" 1/3"
2/&3*++/3" ?/&3" 1'" 3'+($" /(" /+" 2'&()761)/&" ?/&3" 1/" %&*)(" 7*==6+D" Y\+5/%)"/"'(# )6+>D"4(,8# "$(#
16%44+/*%@'"5# )"$# *"5$+''"$# "'# &,$%'(# )6%.(+'+/,"# "(# *%58+,$# +'# B# %55,&"#K2# " 9/((/" %)=/+3)*+" %/"
14/=2*u/&=/+(" B6)"/3(" Y"1/" 2&*7/3363" 2'&" 1/B6/1" 6+")+%)?)%6" *6" 6+" :&*62/" '7B6)/&(" 1/3" =*X/+3" %/"
!G"
"
&/+<*&7/&" 3'" 7'2'7)($" %4'7()*+M" %/"34$='+7)2/&"Z!N" /3("/33/+()/11/" %'+3" 14'7()?)($"%/" =$%)'()*+D" 94/3("
7/((/" %)=/+3)*+" B6)" 2/6(" <')&/" %/" 1'" =$%)'()*+" 6+" &$/1" *6()1" 2*1)()B6/" %/" 7-'+:/=/+(M" %/"
(&'+3<*&='()*+" %/3" +*&=/3D" 9/(" '32/7(" &/+?*)/" U" 1'" (X2*1*:)/" %/" 1'" =$%)'()*+" 2&*2*3$/" 2'&" FD"
9*-/+I5=/&)B6/"$?*B6$/"2&$7$%/==/+(D">*6&"7/((/"23X7-*1*:6/M"1/"B6'(&)Q=/"(X2/"%/"=$%)'()*+"
/A)3(/"1*&3B6/""B6/"Y"1/"=$%)'(/6&"/3("2'&?/+6"U"$('V1)&"/+(&/"1/3"2&*(':*+)3(/3"%/"1'"=$%)'()*+M"%/3"
&/1'()*+3"/+")+(/&%$2/+%'+7/M"/+"7**2$&'()*+"/("+*+"2163"/+"):+*&'+7/"*6"'<<&*+(/=/+("Z!OD""
9/((/"/A):/+7/"%4'6(*+*=)3'()*+"%/3"2/&3*++/3"/3("<&':)1/"/("1'"(/+('()*+"/3(":&'+%/"%/"?*61*)&"<')&/"
U" 1'" 21'7/" %/" /(" %/" (*=V/&" %'+3" 6+/" ')%/" V'3$/" 36&" 6+/" &/1'()*+" %6/11/" *x" 1/" ()/&3" )+7'&+$" 2'&" 1/"
3X3(Q=/" %/" 3'+($" *6" 14'%=)+)3(&'()*+" %)32'&')(" '6" 2&*<)(" %6" =$%)'(/6&D" H#Z6%,# )6,/*5"$$,+'# 1"# )"$#
%$$,$("5# .'# *".# /%,$# D"# $%,$# *"5(,'"//"'(# -.6"))"$# $+'(# ,'4%*%>)"$# 1"# )"# 8%,5"# 4%5# ,)# B# %# )%# *".5# 1"#
)6%1/,',$(5%(,+'# "(# "))"$# $+'(# "'# @5%'1"# *504%5,(0#K2# 9/(" *VS/7()<" %4$='+7)2'()*+" +$7/33)(/" B6/" 1'"
=$%)'()*+"3*)("2/+3$/"7*==/"(/=2*&')&/"/("B6/"3*)("?$76"2'&"1/"=$%)'(/6&"7/"Y"10$,5#16V(5"#,'.(,)"#K2#
"
"
H/3" =$%)'(/6&3M" *+" 14'" ?6M" 34)+37&)?/+(" 3*6?/+(" %'+3" %/3" %)32*3)()<3" %4/=21*)3" ')%$3" %/" (X2/"
Y"0%61(/I&/1')3"ZD"T+/"%/3"/A):/+7/3"%/"7/"(X2/"%/"7*+(&'("/3("%/"?)?&/"%'+3"1/"B6'&()/&"%/"3*+"'7()?)($"
2&*</33)*++/11/D"8)"7/((/"/A):/+7/"'"%6"3/+3"2*6&"1'"7*++')33'+7/"%6"7*+(/A(/"%/"?)/M"2*6&"1'"<'7)1)($"U"
7&$/&"%6"1)/+M"7/1'"+4/3("2'3"3'+3"2*3/&"B6/3()*+3"36&"1/3"1)=)(/3"%/"14'7()?)($"2&*</33)*++/11/"/("36&"1'"
+$7/33)($" %/" 3'?*)&" 2*3/&" 6+" 7'%&/" %/" (&'?')1D" T+/" =$%)'(&)7/" ($=*):+/" B6/" H#)"# 8%,(# 1"# $.,&5"# .'"#
8+5/%(,+'# 1"# /01,%(5,4"# $+4,%)"# /6%# %,10"# *+.5# >,"'# 4%15"5# "(# +5,"'("5# )"$# *"5$+''"$# )+5$-."# D"#
(5%&%,))"#K#('+%)3" B646+"=$%)'(/6&" 2&$7)3/" B6/# HD"# 1+,$# (+.D+.5$# 5%**")"5#/"$# /,$$,+'$# 4%5# ,)# B# %# .'#
%**")#16%,52#!"#5"4%15%@"#0(%,(#1,88,4,)"#%.#10>.(#K2#T+/"'6(&/"2&$7)3/"B6/#H#4")%#/6%55,&"#*%58+,$#1"#
*5"'15"#)"#("/*$#%&"4#1"$#*"5$+''"$#-.%'1#D"#$.,$#,'("5*"))0"#1%'$#)%#5."7#/%,$#$".)"/"'(#$.5#/+'#
("/*$# 1"# (5%&%,)2#!"# (5%&%,)# 1"# ("55%,'# 8%,(# *%5(,"# 1"# /%# /,$$,+'7# $.5(+.(# *+.5# )"$# D".'"$#K2# >*6&"
7/&(')+3"1/"&'22/1"%6"7'%&/"+4$(')("2163"36<<)3'+(D" HZ"#$.,$#*%5(,"7#D"#'"#/"#5"'1%,$#*).$#>,"'#4+/*("#
/%,$# 46"$(# )"$# "'8%'($# -.,# +'(# $+.)"&0# )"# *5+>)</"2# ^# )604+)"# D"# 4+''%,$$%,$# (+.(# )"# /+'1"7# )"$# @"'$#
&"'%,"'(#4?"b#/+,7#460(%,(#*).$#*+$$,>)"2#3+'4#+'#%#10/0'%@0#K2#9/((/"%)3('+7/"'6"B6'&()/&"/3("=C=/"
?$76/"2*3)()?/=/+("2*6&"6+/"=$%)'(&)7/"7'&#H#'"#*%$#V(5"#1.#-.%5(,"57#E%#8%4,),("#)%#4+'8,1"'(,%),(02#\"#
*%$#V(5"#16,4,7#E%#)"$#5%$$.5"K2#0"+*(/&"B6/"7/((/"=$%)'(&)7/"(&'?')11/"%'+3"6+">*)+("57*6(/"%*+7"36&"
%/3" B6/3()*+3" %/" 3'+($" =/+('1/M" 7/" B6)" &/+?*)/" (&Q3" 2&*V'V1/=/+(" %'+3" 1/3" &/2&$3/+('()*+3"
7*11/7()?/3"%/3"-'V)('+(3"'6A"'"2&)*&)"B6)"/+(*6&/+("1'"2&)3/"/+"7-'&:/"23X7-*1*:)B6/D"l$'+=*)+3"1'"
2&*A)=)($"'?/7"1/"(/&&)(*)&/"%4)+(/&?/+()*+"/3("6+"%/3"1/?)/&3"/33/+()/13"%6"=$%)'(/6&D"
#
"
H/3" =$%)'(/6&3" 3*+(" 3*6?/+(" %$2*3)(')&/3" %/" ($=*):+':/3" %/" %X3<*+7()*++/=/+(" %6"
3X3(Q=/D"m6/"7/"3*)("%/3"%)<<)761($3"U"&$:61'&)3/&"6+"%*33)/&"9FTM"B6/"7/"3*)("%/3"&/<63"%/"3*)+3"%/"1'"
2'&("%/"7/&(')+3"=$%/7)+3M"B6/"7/"3*)("%/3"%$1')3"%4'((/+(/"/A':$&$=/+("1*+:3M"1/"=$%)'(/6&"/3("/+"
2&/=)Q&/"1):+/"/("%/?&')("2*6?*)&"<')&/"&/=*+(/&"7/3"%X3<*+7()*++/=/+(3D"9/((/"2*33)V)1)($"%/"&/1'X/&"
74/3("'633)"14*22*&(6+)($"%/"2'&(':/&"%/3"3)(6'()*+3"%/"?)/"2'&<*)3"(&Q3"%)<<)7)1/3D"H#Z"#*+5("#>"%.4+.*#
)"$#*5+>)</"$#1"$#@"'$7#E%#'"#$6%55V("#*%$#%.#)+4%)#I),".#1"$#*"5/%'"'4"$J2#c%#/"#(5%&%,))"#(+.D+.5$#K2#
9/((/"%)=/+3)*+"%/"?/)11/"/("%4*V3/&?'()*+"/3("1*)+""%/"2*6?*)&"C(&/"/A/&7$/"2'&"(*63"1/3"=$%)'(/6&3"
&/+7*+(&$3"B6)"+4/+"*+("2'3"(*63"1/3"7'2'7)($3")+%)?)%6/11/3"/("3(&67(6&/11/3"=')3"7*+3()(6/"2*6&('+("
6+"'A/")=2*&('+("%/"&$<1/A)*+D"#
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
"n'7B6$"F'&)/Ih$1Q+/"I"Hy)+(&'%6)3)V1/"+*()*+"%y/=2*u/&=/+("?6/"'6"<)1"%/3"2*1)()B6/3"6&V')+/3"'=$&)7')+/3M"
d"55,(+,5"$M"+s"GkRM"@RRLD"
!N
!O
"9*-/+I5=/&)B6/"F'&:'1)(M"*2D7)(D"
!L"
"
"
"
H'" B6/3()*+" %/" 14'77Q3" U" 1'" 3'+($" 2*3/" 1'" B6/3()*+" %/" 14'77Q3" '6A" %&*)(3" /(" 2'&('+(" /3("
$(&*)(/=/+("1)$/"U"%/3"%)=/+3)*+3"3*7)'1/3D"9/((/"?)3)*+"/3("(&Q3"2&*7-/"%/"7/11/"%/"1'"2&*=*()*+"%/"1'"
3'+($" B6)" )+(Q:&/" 7/((/" %$<)+)()*+" :1*V'1/" %/" 1'" 3'+($"/(" B6)" ?)3/"U" &$%6)&/" 1/3" )+$:'1)($3" 3*7)'1/3" %/"
3'+($D"H/3"=)33)*+3"%6"=$%)'(/6&"%$2'33/+("1'&:/=/+("1/"%*=')+/"%/"1'"3'+($"'6"3/+3"V)*=$%)7'1"%6"
(/&=/" /(" )13" 3/" (&*6?/+(" 3*6?/+(" /+" 3)(6'()*+" %4')%/&" U" 1'" &/7-/&7-/" %4/=21*)M" %/" 1*:/=/+(\" H!"#
/01,%(".5#1+,(#*+.&+,5#V(5"#$+)),4,(0#$.5#1"$#-."$(,+'$#1,&"5$"$7#1+'4#,)#'"#1+,(#*%$#V(5"#$*04,%),$0#K2#
9/((/"%)=/+3)*+"&/+?*)/"'633)"U"1'"B6/3()*+"%/"1'"7'($:*&)3'()*+"%/"14'77*=2':+/=/+(D"H4'22&*7-/"
(&'+3?/&3'1/"/(":$+$&'1)3(/"%6"=$%)'(/6&"2/&=/("'6A"26V1)73"%/"3/"&/7*++'W(&/"/("%/"+/"2'3"34/A716&/"
%'+3"6+"'77*=2':+/=/+("B6)"3/&')("(&*2"32$7)'1)3(/D"Y"T%,$#=#)6,'&"5$"#)"$#1,$*+$,(,8$#1"#8,'%'4"/"'($#
$+'(#(5<$#8)04?0$"Z"/("2/&=/((/+("(&Q3"2/6"1/"<)+'+7/=/+("%4'226)":$+$&'1)3(/D"9/"(&'?')1"'6"7'&&/<*6&"
%/" 1'" 3'+($" /(" %6" 3*7)'1" +4/3(" 2'3" 3'+3" 2*3/&" 2&*V1Q=/M" %6" <')(" %/3" 761(6&/3" 2&*</33)*++/11/3"
%)<<$&/+(/3D""H!"##(5%&%,)#*%5("'%5,%)#%&"4#)"#$+4,%)#"$(#*%58+,$#1,88,4,)"#4%5#'+.$#'"#*%5)+'$#*%$#)"#/V/"#
)%'@%@"#K2"
"
"
H'"=$%)'()*+"%'+3"3*+"'77/2()*+"71'33)B6/"/A):/"6+"=$%)'(/6&"+/6(&/D"8)"1'"=$%)'()*+"3'+($"
(/11/" B64'22&$-/+%$/" %'+3" 1/" 2&$3/+("$('(" %/3" 1)/6A"+4'" 2'3" )%/+()<)$" 7/(" )=2$&'()<" %/" +/6(&'1)($" %6"
=$%)'(/6&M"1'"B6/3()*+"%/"1'"+/6(&'1)($"+4/+"/3("2'3"2*6&"'6('+("$?'76$/D"5+"/<</(M"V)/+"2163"B6/"1'"
+/6(&'1)($" %6" =$%)'(/6&" 74/3(" 1'" +/6(&'1)($" %/" 1'" 3(&67(6&/" B6)" '" $($" $?*B6$/D" " H'" 7*+<):6&'()*+" %6"
%)32*3)()<"+/"%*)("2'3"'?*)&"%4/<</("&/2*633*)&D"5<</("B6)"2*6&&')("C(&/"1)$"U"6+/"='6?')3/")=21'+('()*+"
:$*:&'2-)B6/"e2'3"36<<)3'==/+("U"14'V&)"%/3"&/:'&%3"%6"B6'&()/&"*6"'6"7*+(&')&/"(&*2"/A7/+(&$f""*6M"
2163"3(&67(6&/11/=/+(M"U"14'22'&(/+'+7/"%/"1'"3(&67(6&/"2*&(/63/"e=')&)/M"3/&?)7/"%/"14$('(\fD"H#Z"#$.,$#
+>),@0# 1"# D+."5# )"# D".# -.%'1# /V/"# *%54"# -.6,)# B# %# .'"# 108,%'4"# .'# *".# 1.# 8%,(# -."# D"# $.,$# 1"# )%#
/%,5,"#K2#"
"
"
H/"=$%)'(/6&"<')("%6"1)/+"U"(&'?/&3"6+/"%$='&7-/"%/"=$%)'()*+"B6)"%*)("&/2*3/&"36&"%6"Y'11/&I
?/&3Z" 1/3" 26V1)73D" H'" 2162'&(" %/3" =$%)'(/6&3" *+(" $?*B6$" 1'" %)<<)761($" U" =*V)1)3/&" 1/3" 26V1)73D"
H4*&:'+)3'()*+"%/"&/+7*+(&/"*6"%4'(/1)/&"/A):/"6+"(&'?')1"%/"7*==6+)7'()*+")=2*&('+("/("%/"&/1'+7/"
2'&<*)3" )+%)?)%6/11/" 2*6&" 34'336&/&" B6/" 1/3" 2/&3*++/3" 3/" %$21'7/&*+(D" Y"" Z6%,# >"$+,'# 1"# 8%,5"# .'"#
5")%'4"#(0)0*?+',-."#)"#D+.5#/V/"#-.")-."$#?".5"$#%&%'(#)%#5"'4+'(5"2#T%,$#>+'#)6"88"(#'0@%(,8#46"$(#
-."# /%,'("'%'(# "))"$# %(("'1"'(# /+'# %**")#*+.5# "'&,$%@"5# 1"# $"# 10*)%4"5# ZD" T+/" '6(&/" =$%)'(&)7/"
2&$7)3/"B64H#,)#8%.(#%))"5#&"5$#)"#*.>),42#N%,5"#&"',5#)"$#@"'$#1,5"4("/"'(#"$(#(5<$#1,88,4,)"#K2#9/"2&)+7)2/"
%/"14'11/&I?/&3"3/"(&'%6)("%'+3"7/&(')+3"7'3"2'&"6+/"2&$3/+7/")=2*&('+(/"36&"1/"(/&&')+"2*6&"'11/&"U"1'"
&/+7*+(&/"%/3"26V1)73"1/3"2163"<&':)1)3$3M"1/3"2163"$1*):+$3"%6"3X3(Q=/"%/"3'+($M"H#%))"5#%.#*).$#*5<$#1"#
)%#*+*.)%(,+'7#=#1+/,4,)"7#(+.4?"5#)"$#'+'O1"/%'1".5$7#%))"5#&"5$2#Q+.&+,5#5"(,$$"5#1"$#),"'$#%&"4#.'"#
*+*.)%(,+'# -.,# %&%,(# 1045+4?0# 1"$# 1,$*+$,(,8$# 1"# $%'(0#K2# 5(" 2163" 3)=21/=/+(" 7/(" '11/&I?/&3" 3/"
='+)</3(/"2'&"6+/":&'+%/"3*621/33/"%'+3"1/3"=*X/+3"%/"3*11)7)(/&"1/"=$%)'(/6&"/("2'&"1/"3*67)"%4$?)(/&"
%/" &/2&*%6)&/" 1/3" 1*6&%/6&3" '%=)+)3(&'()?/3" e&/+%/`I?*63" *V1):'(*)&/3M" %$1')3" %4'((/+(/" 1*+:3\fD" HZ"#
'6%,#*%$#/%,'("'.#)"#*5,'4,*"#1"$#M3W7#D"#)".5#1,$#1"#&"',5#"(#1"#85%**"5#K2#8)"7/&(')+3"=')+()/++/+("1/"
2&)+7)2/"%/",KpM"1/3"%$1')3"3*+("(&Q3"7*6&(3D"9/("/+S/6"%/"2'&()7)2'()*+"%/3"26V1)73"B6)"3/"&/+7*+(&/"
%Q3" B6/" 14*+" %$2'33/" 6+/" %)=/+3)*+" )+%)?)%6/11/" %/" &$:61'&)3'()*+" %46+/" 3)(6'()*+" '%=)+)3(&'()?/"
e*6?/&(6&/"%/"%&*)(3M"=)3/"U"S*6&"%4)+<*&='()*+3\fM"&/S*)+("%/3"2&*V1$='()B6/3"2'&(':$/3"2'&"(*63"1/3"
2&*</33)*++/13" B6)" %$?/1*22/+(" %/3" '7()?)($3" 7*11/7()?/3" 2*6&" %/3" 26V1)73" Y"+*+" 7'2()<3"ZD" 5(" 2163"
1'&:/=/+(" 7/((/" )+(/&&*:'()*+" 34)+37&)(" '6" 7v6&" %/3" /+S/6A" %/" 1'" %$=*7&'()/" 2'&()7)2'()?/" B6)"
'6S*6&%4-6)" /3(" (*6S*6&3" /+" 2/)+/" 2*6&" <')&/" 2'&()7)2/&" 1/3" 2*261'()*+3" 3)" 14*+" +/" 3/" 7*+(/+(/" 2'3"
!k"
"
%46+/" 3)=21/" 2'&()7)2'()*+" %/" <'['%/D" 9/((/" B6/3()*+" %/" 1'" 2'&()7)2'()*+" &/+?*)/" ')+3)" '6A" ?'1/6&3"
?$-)761$/3" 2'&" 6+" 3X3(Q=/" B6)" 2&*=/6(" 14)+%)?)%6'1)3=/" /(" U" 1'" 21'7/" B6/" 7/" (X2/" %4*&:'+)3'()*+"
2*1)()B6/"2/6("1')33/&"U"14)=21)7'()*+"%/3"2*261'()*+3D"
#
"
5+<)+M"3)"1/"=$%)'(/6&"%*)("'77*=2':+/&"1/3"2/&3*++/3"2*6&"1/3"&/+%&/"'6(*+*=/3M")1")=2*&(/"
%/"2&/+%&/"1/"(/=23"+$7/33')&/"2*6&"B6/"7/((/"'6(*+*=)/"3*)("2*33)V1/D"9/("'77*=2':+/=/+("2/6("
'633)"%'+3"7/&(')+3"7'3"?)3/&"U"7/"B6/"1'"2/&3*++/"'77/2(/"3*+"$('("%/"3'+($"/("2'&('+("'77/2(/"%/"3/"
<')&/"3*):+/&D"HU"'633)")1"<'6("3/"1')33/&"1/"(/=23"%4X"2'&?/+)&D"H9)#8%.(#1.#("/*$#101,0#=#4"(("#04+.("7#
4"(("#%(("'(,+'#L#1.#("/*$#1"#$B'(?<$"#*%5(%@0"7#+'#&,(#%.#5B(?/"#1"#)%#*"5$+''"7#+'#4?"/,'"#%&"4#
"))"#*+.5#-.6"))"#$6%**5+*5,"#)%#10/%54?"K2#T+"'6(&/"=$%)'(/6&"$?*B6/"7/"V/3*)+"%/"(/=23"d#H#,)#8%.(#
.'"# @5%'1"# 50$,$(%'4"# =# )604?"4#_# ,)# '"# 8%.(# *%$# %(("'15"# @5%'1O4?+$"# 1%'$# 4"# 1+/%,'"7# D.$("# .'"#
*"(,("#%/0),+5%(,+'#L#*%5#";"/*)"#.'"#*"5$+''"#(5<$#"'#1,88,4.)(0#-.,#%55,&"#=#$"#)"&"5#)"#/%(,'#"(#=#$"#
5%$"57#46"$(#10D=#*%$#/%)2#Q5+@5"$$,&"/"'(#+'#%/<'"#)"$#*"5$+''"$#=#$"#&%)+5,$"5#*.,$#=#%))"5#&"5$#)"#
$+,'7#/%,$#46"$(#$.5#1"$#%''0"$#K2"
!
!
"
XG;!!P7+!R0)*('307+!4!&%R'*'0!
"46+" %/3" /+S/6A" %/" 1'" =$%)'()*+" 3'+($" =)3/" /+" v6?&/" '6S*6&%4-6)" /3(" %/" (/+%&/" ?/&3" 6+/"
=/)11/6&/"%$<)+)()*+"%/"3*+"2$&)=Q(&/"%4'7()*+D"5+"/<</(M"*+"7*+3('(/"U"(&'?/&3"7/((/"/+B6C(/"B6/"1/"
2&)+7)2'1" &)3B6/" %/" 1'" =$%)'()*+" /3(" 7/16)" %/" 1'" 36V3()(6()*+" '6A" 2&*</33)*++/13" =$%)7*I3*7)'6A" B6)"
/A)3(/+("%$SUM"7*==/"/+"($=*):+/"7/((/"=$%)'(&)7/"d"Y#D"#8%,$#$+.&"'(#)"#>+.)+(#16.'"#^P#/%,$#D"#'6%,#
*%$#)"#$%)%,5"#16.'"#^P2#e(#>"%.4+.*#1"#$,(.%(,+'#5")<&"'(#1.#15+,(#4+//.'#ZD"9/"&)3B6/"/3("'6:=/+($"
%6" <')(" %/3" 7'&/+7/3" /A)3('+(/3" %'+3" 1/3" '77*=2':+/=/+(3" (&'%)()*++/13" e08M" =$%/7)+" %/" B6'&()/&M"
23X7-)'(&)/f"/("%*+7"%46+"='+B6/"%/"&$'7()?)($"%/"1/6&"2'&("d"Y#+'#,'("5&,"'(#"'#.5@"'4"#"(#46"$(#*).$#
"88,4%4"#-.6%&"4#)6^P#ZD"H/3"7'&/+7/3"%/"7/3"'77*=2':+/=/+(3"(&'%)()*++/13"&/+?*)/+("d""
- '6" ='+B6/" %/" (/=23" %/3" 2&*</33)*++/13" 2*6&" '336&/&" 6+" '77*=2':+/=/+(" %'+3" 1/" (/=23"
e2&/33)*+"%/3"<)+'+7/6&3"2*6&")+3(&6)&/"2163"%/"%*33)/&3"/+"=*)+3"%/"(/=23f"r"
- U" 1'" <&'7(6&/" 761(6&/11/" e)+7*=2&$-/+3)*+" :&'+%)33'+(/" /+(&/" 1/3" 2&*</33)*++/13" /(" 1/3"
2*261'()*+3f"r"
- /("'6A"&62(6&/3"3*7)'1/3""e'37/+3/6&"3*7)'1"/+"2'++/fD"
H4'22/1"'6"=$%)'(/6&"3/"(&'%6)("%*+7"2*6&"1/3"26V1)73"2'&"6+/"'77$1$&'()*+"%'+3"1/6&3"%$='&7-/3D"
"
"
#'7/"U"7/((/"3)(6'()*+M"1/"=$%)'(/6&"3/"(&*6?/"%*+7"2'&<*)3"/+"3)(6'()*+"%/"7*+76&&/+7/"'?/7"
1/3"'6(&/3"2&*</33)*++/13"=$%)7*I3*7)'6A"%/"3*+"(/&&)(*)&/"%4)+(/&?/+()*+"d"Y#)"$#%.(5"$#*5+8"$$,+''")$#
'+.$# &+,"'(# 4+//"# .'"# *"5$+''"# -.,# 5,$-."# 1"# &+)"5# )".5# *.>),4#ZD" 5(" 7/1'" %4'6('+(" 2163" %'+3" 6+"
7*+(/A(/"%/"(*6(/"26)33'+7/"%'+3"1'":/3()*+"%/"1'"2&$7'&)($"*x""Y",)#B#%#.'"#%**5+*5,%(,+'#1"#)%#&,"#1"#
)%# *"5$+''"# %&"4# .'"# (5<$# 8+5("# 10*"'1%'4"# 1"$# ,'1,&,1.$# %.;# (5%&%,))".5$# $+4,%.;# "(Y+.#
*5+8"$$,+''")$#1"#$%'(0"ZD"
"
06"7*+(&')&/M"1z'&&)?$/"%6"=$%)'(/6&"2/6("'633)"C(&/"2/&[6/"2'&"1/3"2&*</33)*++/13"3'+)(')&/3"
/(" 3*7)'6A" 71'33)B6/3" 7*==/" 14*77'3)*+" %/" 3/" %$7-'&:/&" %46+" 7/&(')+" +*=V&/" %/3" &/32*+3'V)1)($3"
B64)13" +4'&&)?/+(" 2'3" U" '336=/&M" <'6(/" %/" =*X/+3" 36<<)3'+(3D" H/" &)3B6/" /3(" %*+7" :&'+%" %/" ?*)&" 1'"
<*+7()*+" %/" =$%)'()*+" 3/" (&'+3<*&=/&" /+" 6+/" <'[*+" %/" 2'11)/&" '6A" 7'&/+7/3" %/3" 3(&67(6&/3"
(&'%)()*++/11/3D"H46+"%/3"%)32*3)()<3"/+B6C($3"'?')("%4')11/6&3"V)/+"'+()7)2$"7/"&)3B6/"/+"7-*)3)33'+("%/"
&/7&6(/&" 2*6&" 1/" 2*3(/" %/" =$%)'(/6&M" 6+" 2&*</33)*++/1" %/" 3'+($"d" Y")"# /01,%(".5# '"# 1+,(# *%$# $"5&,5#
!N"
"
16%),>,#%.;#(5%&%,))".5$#$+4,%.;#4)%$$,-."$2#P,#)"#/01,%(".5#"$(#.'#(5%&%,))".5#$+4,%)7#46"$(#)"#5,$-."2#T%,$#
%&"4#.'#,'8,5/,"57#4"#'6"$(#*%$#*+$$,>)"#ZD""
"
"
8)" 1/" =$%)'(/6&" +/" %*)(" 2'3" 3/" 36V3()(6/&" '6A" '6(&/3" 2&*</33)*++/13M" )1" +/" %*)(" 2'3" +*+" 2163"
%/?/+)&"6+"+*6?/1")+(/&=$%)')&/M"%'+3"7/"1'VX&)+(-/"%/"%)32*3)()<3"3'+)(')&/3"/("3*7)'6A"'6"3/)+"%6B6/1"
1/3"2*261'()*+3"1/3"2163"?61+$&'V1/3"3/"2/&%/+(")+$?)('V1/=/+(D"5+"/<</(M"Y#,)#8%.(#8%,5"#%(("'(,+'#=#'"#
*%$#450"5#1"#'+.&"%.;#/0(,"5$#%.#10(5,/"'(#$,/*)"/"'(#16+.(,))%@"#"(#1"#("/*$"ZD"H/"=$%)'(/6&"%*)("
%*+7"(/+)&"3'"2*3)()*+"%/"2/&3*++/I&/33*6&7/M"B6)"2&/+%"1/"(/=23"%4$7*6(/&M"B6)"'77*=2':+/M":6)%/M"
*&)/+(/M" /(" =/(" /+" 1)/+" '6" &/:'&%" %/3" V/3*)+3" B6)" 16)" 3*+(" /A2&)=$3" 2'&" 1'" 2*261'()*+" /(" 1/3"
2&*</33)*++/13D";1"+/"34':)("2'3"%/"7&$/&"6+"+*6?/1"$7-/1*+"%/"2&)3/"/+"7-'&:/"32$7)<)B6/M"/("%*+7"%/"
7&$/&" 6+" +*6?/'6" 2'33':/" *V1):$" 2*6&" '77$%/&" '6" %&*)(" 7*==6+M" =')3" V)/+" %/" 34'226X/&" 36&"
14/A)3('+(D" K4*x" 14)=2*&('+7/" 2*6&" 1/"=$%)'(/6&" %/" %$?/1*22/&" 6+" &$3/'6" %/" 2'&(/+')&/3M" ?/&3" B6)" )1"
2*6&&'"3/"(*6&+/&"/("*&)/+(/&"1/"26V1)7"/("1/3"2&*</33)*++/13M"7*==/"1/"3*61):+/"7/&(')+3"d"Y#*+.5#-."#
E%# /%54?"7# ,)# 8%.(# .'"# >+''"# 4+''%,$$%'4"# 1"$# *%5("'%,5"$7# (,$$"5# 1"$# 5")%(,+'$#Z"r" Y")"# *%5("'%5,%(#
46"$(#.'#*).$7#*+.5#*).$#16"88,4%4,(07#1"#5%*,1,(0#1%'$#)"#(5%,("/"'(#%1/,',$(5%(,8#1"$#1+$$,"5$"ZD";1"/3("
)+($&/33'+(" %/" +*(/&" B6/" 7/" (&'?')1" %/" 2'&(/+'&)'(" 3/=V1/" <'7)1)($" 2'&" 1/" <')(" B6/" 1/" %)32*3)()<" %/"
=$%)'()*+"3*)("'&()761$"U"6+/"3(&67(6&/I&/33*6&7/"V)/+")%/+()<)$/"(/11/"B646+">*)+("57*6(/"b/6+/3M"6+/"
F)33)*+" H*7'1/M" 6+" h.2)('1\" =C=/" 3)M" %'+3" 7/3" 7'3I1UM" 1'" B6/3()*+" %/" 1'" +/6(&'1)($" &/3(/"
2&*V1$='()B6/M"7*==/"*+"14'"?6"2&$7$%/==/+(D"
"
!
"
XGO!!Z*!$%('70!4!072)**#\(07!!
E+<)+M"1/"%/&+)/&"'A/"%/"&$<1/A)*+"7*+7/&+/"1'"+*()*+"%/"=$()/&"B6)"+4/A)3(/"2'3"/+"('+("B6/"
(/11/"2*6&"7'&'7($&)3/&"1'"=$%)'()*+"3'+($D"T+")=2*&('+("(&'?')1"'"$($"=/+$"2*6&"<*&='1)3/&"14'7()?)($"
%/" =$%)'()*+" 3*7)'1/" " /(" " )1" /A)3(/" 6+" %)21.=/" %/" Y"]/7-+)7)/+" =$%)'()*+" 3/&?)7/"Z" %)32/+3$" 2'&"
140#>0D""F')3"3'+3"7/((/"<*&='()*+M"1/3"2&*</33)*++/13"B6)"2&'()B6/+("1'"=$%)'()*+"3'+($"%/=/6&/+("
%'+3" %/3" &/2&$3/+('()*+3" <1*6/3" %6" =$()/&" B6)" +$7/33)(/+(" 6+/" &/7*++')33'+7/" 2'&(':$/" %/3"
7*=2$(/+7/3"%/3"=$%)'(/6&3D"
"
5+" /<</(M" 1/3" 7*=2$(/+7/3" '((/+%6/3" %46+" =$%)'(/6&" " +/" 3*+(" 3*6?/+(" 2'3" &/7*++6/3" U" 1'"
-'6(/6&"%/"1/6&"/A):/+7/D""9/"='+B6/"%/"&/7*++')33'+7/"2&*?)/+("2*6&"2'&()/"%6"7'&'7(Q&/"+*6?/'6"
%6"2*3(/"B6)"7*==/"(*6(/"+*6?/11/"2&*</33)*+"/A):/"%6"(/=23"2*6&"/+"%$=*+(&/&"14)+($&C(D"H#U6"$(#
.'#*+$("#("))"/"'(#'+.&"%.#-."#)"$#*5+8"$$,+''")$#+'(#1.#/%)#=#%$$,/,)"5#4"(("#%55,&0"K2#T+/"'6(&/"
=$%)'(&)7/" 2&$7)3/# H#4"# -."# D"# 10*)+5"# 46"$(# -."# 4"# $+'(# 1"$# /0(,"5$# '+.&"%.;# "(# 4"# '6"$(# *%$#
5"4+''.K2# H/" ='+B6/" %/" &/7*++')33'+7/" 1'&:/=/+(" $?*B6$" %'+3" 1/3" /+(&/()/+3" 7*+7/&+/"
2'&()761)Q&/=/+("1/3"7*=2$(/+7/3"+$7/33')&/3"2*6&"7/"(X2/"%4'7()?)($3D"H'"2&$3/+('()*+"%/3"=)33)*+3"
'" =*+(&$" 1/" 1'&:/" 32/7(&/"%/3" <*+7()*+3" '336&$/3" 2'&" 1/3"=$%)'(/6&3" %*+(" 1/3" 2'&(/+')&/3" +4*+(" 2'3"
<*&7$=/+("2&)3"1'"21/)+/"=/36&/D"06I%/1U"%/"1'"B6/3()*+"%/3"3'?*)&I<')&/M"6+/"2'&()/")=2*&('+(/"%/3"
=)33)*+3"&/2*3/"36&"%6"3'?*)&IC(&/D"H/3"=$%)'(/6&3"*+("?$76"%/3"/A2$&)/+7/3"/(""*+("/6"%/3"2'&7*6&3"
/+:':$3" " %/3B6/13" )13" *+(" &/()&$" %/3" 7*=2$(/+7/3M" 6+" &$3/'6" 1*7'1" %/" 2'&(/+')&/3D" K/" 2163M" " 1/"
=$%)'(/6&"B6)"<')("%6"1)/+"%'+3"%/3"3)(6'()*+3"(*6S*6&3"%)<<$&/+(/3"%*)("C(&/"7'2'V1/"%/"34'%'2(/&"/("
%/"<')&/"%6"36&I=/36&/D"9/3"=)33)*+3"/A):/+("%/"14/=2'(-)/M"14)+37&)2()*+"%'+3"6+"7/&(')+"+*=V&/"%/"
?'1/6&3"2&*7-/"%/"14$%67'()*+"2*6&"1'"3'+($""(/11/3"B6/"1'"1)V/&($"%/"2'&*1/M"%/"7-*)AM"1'"?'1*&)3'()*+"
%/3"2/&3*++/3M"2'&()&"%/"1U"*x"/+"3*+("1/3"2/&3*++/3\"*6"/+7*&/""6+/":&'+%/"7'2'7)($"U"'+'1X3/&"6+/"
3)(6'()*+M" 6+" 7*+(/A(/M" U" &/2$&/&" 1/3" <&/)+3^1/?)/&3M" U" )=':)+/&" %/3" 3*16()*+3M" U" =/((&/" /+" 21'7/" %/3"
!O"
"
3(&'($:)/3\" " H#!"$# /01,%(".5$# $+'(# 1"# &5%,$# $*04,%),$("$# 1"# )%# 5")%(,+'#K2# H4/+3/=V1/" %/" 7/3"
7*=2$(/+7/3"=*+(&/"B64C(&/"=$%)'(/6&"+4/3("2'3"7-*3/"<'7)1/D"H9)#8%.(#V(5"#-.")-.6.'#1"#$+),1"7#8+5(K2#
H#U6"$(# *".(OV(5"# *).$# 8%4,)"# 1"# '"# *%$# V(5"# (+.(# )"# ("/*$# ,/*),-.0# 1%'$# )%# /01,%(,+'# 4%5# +'# %# 1"$#
04?%**%(+,5"$#@5f4"#%.;#%.(5"$#%4(,&,(0$K2#
#
"
9/"='+B6/"%/"&/7*++')33'+7/"?$76"2'&"1/3"=$%)'(/6&3"3/"&$2/&76(/"1'"2162'&("%6"(/=23"%'+3"
1/3" 3'1')&/3D# HZ"# (5+.&"# -.6,)# B# %# .'# /%'-."# 1"# 4+'$,105%(,+'# 1"# /+'# (5%&%,)7# .'# /%'-."# 1"#
5"4+''%,$$%'4"#$%)%5,%)"#K2#H'"2162'&("%/3"=$%)'(/6&3"3*+("36&"%/3"2*3(/3"'33/`"2&$7')&/3"%4/=21*)3I
')%$3"/("7/"7*+3('("/3("2*3$"2'&"6+/"=$%)'(&)7/"d"Y'+.$#$+//"$#'+.$O/V/"$#1%'$#)%#*504%5,(07#"(#+'#
$6+44.*"#1"#*"5$+''"$#"'#$,(.%(,+'#1"#*504%5,(0#L#4")%#'+.$#5"'&+,"#=#'+(5"#*5+*5"#4+'1,(,+'2#!"#4](0#
*+$,(,87# 46"$(# -."# )6+'# "$(# *).$# =# /V/"# 16V(5"# =# )604+.("K2# H'" &/7*++')33'+7/" %*)(" C(&/" 7*11/7()?/" /("
$='+/&"%/"14)+3()(6()*+"2*&(/63/M"%/3"2'&(/+')&/3"/("%/3"2*1)()B6/3D"#H9)#B#%#.'#/%'-."#1"#4)%5(0#$.5#
)"$#/,$$,+'$#"(#.'#/%'-."#1"#$+.(,"'#,'$(,(.(,+''")2#9)#'6B#%#*%$#%$$"b#1"#5"4+''%,$$%'4"#K2#T+/"'6(&/"
=$%)'(&)7/"'S*6(/"B6/"#H#*+.5#)"#/+/"'(7#4"(("#/,$$,+'#'6"$(#*%$#*5,+5,(%,5"#*+.5#)"$#,'$(,(.(,+'$#A[C2#
X'# &+.15%,(# 8%,5"# *).$# 1"# *50&"'(,+'# "(# '"# *%$# 50*+'15"# .',-."/"'(# %.;# .5@"'4"$# 4.5%(,&"$7# /%,$#
'+.$# '6%&+'$# *%$# %$$"b# 1"# /+B"'$#K2# 9/" V/3*)+" %/" &/7*++')33'+7/" 3/" &/(&*6?/" ')+3)" %6" 7.($"
)+3()(6()*++/1" /(" 2*1)()B6/" /+" 7/" B6)" 7*+7/&+/" 1'" 2$&/++)($" %/3" 2*3(/3" =')3" '633)" %6" 7.($" %/3"
2'&(/+')&/3"2*6&"B6/"1'"=$%)'()*+"'22'&')33/"7*==/"6+/"&$/11/"'7()?)($"/+"7*=21$=/+('&)($"/("+*+"
/+"36V3()(6()*+"'?/7"%/3"'7()?)($3"2163"(&'%)()*++/11/3"('+("%'+3"1/"7-'=2"%6"3*7)'1"B6/"%/"1'"3'+($D"
"
"
H'" &/7*++')33'+7/" %*)(" 7*+7/&+/&" +*+" 3/61/=/+(" 1/" 3('(6(" %6" =$%)'(/6&M" =')3" '633)" 1/3"
=*X/+3" +$7/33')&/3" U" 14/A/&7)7/" %/" 3'" <*+7()*+D" 8*6?/+(" 1/" 2'33$" =)1)('+(" %/3" =$%)'(/6&3"
34'77*=2':+/" %46+" &$3/'6" %/" 2'&(/+')&/3" B6)" 2/&=/(" 6+/" <*&=/" %/" V&)7*1':/" e'77Q3" :&'(6)(" U" %/3"
3'11/3" %/" &$6+)*+\fD" " H/" =$%)'(/6&" /+" ('+(" B6/" 2'33/6&" +/" 3/" 36<<)(" 2'3M" )1" '" V/3*)+" %/" =*X/+3"
<)+'+7)/&3M" ='($&)/13" 3*6?/+(" %$<')11'+(3D" 9/3" =*X/+3" 2/6?/+(" '633)" 3/" (&'%6)&/" 2'&" %/3" <*&='()*+3"
7'&"*+"14'"?6"1/"7-'=2"%4'7()*+"/3("1'&:/"/("+$7/33)(/"2&*V'V1/=/+("6+/"=*+($/"/+"7*=2$(/+7/3"36&"
6+"'32/7("*6"6+"'6(&/D"H!%#8+5/%(,+'#/6%#%,10#=#*5"'15"#1.#5"4.)7#=#4%15"5#/"$#/,$$,+'$#K2##;1"2/6(I
C(&/" 6()1/" %'+3" 6+/" 2$&)*%/" %*++$/" %4/+?)3':/&" 6+/" <*&=/" %/" 362/&?)3)*+" 7'&" *+" 14'" ?6" 1/3"
=$%)'(/6&3M" /+" 2&/=)Q&/" 1):+/M" 2/6?/+(" C(&/" 1/3" ($=*)+3" %/" 3)(6'()*+3" %)<<)7)1/3D" H#U6"$(# .'# (5%&%,)#
1,88,4,)"#16+g#)6,/*+5(%'4"#1"#)%#$.*"5&,$,+'#*+.5#*5"'15"#1"#)%#1,$(%'4"#K2##
"
]G
J)*2.-+')*!
"
"
H4)+($&C(" %/" 1'" =$%)'()*+" /+" 3'+($" '" $($" 1'&:/=/+(" 2&$3/+($" /(" 6+/" '%-$3)*+" :$+$&'1/" /3("
*V3/&?$/D" FC=/" 3)" 1'" =$%)'()*+M" *+" 14'" ?6M" '((/3(/" %46+" 7/&(')+" $7-/7" %/3" 2*1)()B6/3" 3*7)'1/3" /("
3'+)(')&/3M"/11/"'22'&')("'6S*6&%4-6)"7*==/"6+"1/?)/&")=2*&('+("2*6&"&/+*6/&"%/3"1)/+3"%)3(/+%63"/+"
2'&()761)/&"%'+3"1/3"B6'&()/&3"1/3"2163"%$<'?*&)3$3D"H'"=$%)'()*+"/+"3'+($"34)+37&)("%*+7"%'+3"1/3"$(')3"
2*33)V1/3" 2*6&" <'7)1)(/&" 14'77Q3" U" 1'" 3'+($D" F'1:&$" 7/(" )+($&C(" &/7*++6" /(" 2'&(':$M" 2163)/6&3" /+S/6A"
/A)3(/+("2*6&"2/&=/((&/"U"1'"=$%)'()*+"3'+($"%4'7B6$&)&"6+/"&$/11/"'33)3/D"
"
5+" /<</(M" 14/+S/6" 2&/=)/&" /3(" <)+'+7)/&" 7'&" 6+/" 2'&()/" %/3" 2*3(/3" %/" =$%)'(/6&3" /3("
'6S*6&%4-6)")+37&)(/"%'+3"1/"%)32*3)()<"+'()*+'1"0%61(/I&/1')3"B6)"?'"2&/+%&/"<)+"2&*7-')+/=/+("/("B6)"
%'+3" (*63" 1/3" 7'3" 2&*2*3/" 6+/" <*&=/" %/" 7*+(&'(" 2&$7')&/" e%6&$/" %$(/&=)+$/M" &$=6+$&'()*+"
=)+)='1/\fD" ;1" X" '" %*+7" +$7/33)($" %46+/" 2&)3/" /+" =')+" 2*1)()B6/" %/" 1'" =$%)'()*+" /+" 3'+($" " B6)" 16)"
!P"
"
2/&=/((&')("%4*V(/+)&"6+/"7/&(')+/"3('V)1)($"/("2$&/++)($D"9/((/"%)=/+3)*+"2*1)()B6/"/3("U"&/2/+3/&"U"
14'6+/"%6"+*6?/'6"2'X3':/"3'+)(')&/"/("/+"2'&()761)/&"%/"140,8"e0:/+7/"&$:)*+'1/"%/"8'+($fD"
"
F')3" 7/((/" 3('V)1)($" %*)(" 2'33/&" $:'1/=/+(" 2'&" 6+" (&'?')1" %/" 71'&)<)7'()*+" %/3" 7*=2$(/+7/3D"
H4'33)3/" +/" 2/6(" /A)3(/&" B6/" 2'&" 6+/" <*&=/" %/" &$<$&/+()/1" =$()/&" /(" %/" &$<$&/+()/1" %/" 7*=2$(/+7/3"
2*6&"2/&=/((&/"14)+37&)2()*+"%6"=$%)'(/6&"3'+($"%'+3"1'"7-'W+/"%/3"2&*</33)*++'1)($3D"9/3"&$<$&/+()/13"
2*3/+(" '1*&3" +$7/33')&/=/+(" 1'" B6/3()*+" %/" 1'" <*&='()*+" 74/3(IUI%)&/" 1/3" <*&='()*+3" U" %$?/1*22/&"
2*6&"&$2*+%&/"'6A"/A):/+7/3"%/"7/3"&$<$&/+()/13D"
"
5+<)+M"1'"216&'1)($"%/3"%)32*3)()<3"%/"=$%)'()*+"*V3/&?$3")+?)(/"U"=/+/&"6+"(&'?')1"%/"7'%&':/"
%/3" 3(&67(6&'()*+3" 2*33)V1/3" 2*6&" '33/*)&" 1'" =$%)'()*+" 3'+($D" ]&*)3" %)32*3)()<3" )+($&/33'+(3" 36&"
1/3B6/13")1"2'&')("2/&()+/+("%4'%*33/&"1'"=$%)'()*+"3'+($"$=/&:/+(d""
I" 1/3" >088" e>/&='+/+7/3" %4'77Q3" U" 1'" 3'+($" /(" '6A" 3*)+3f" 7'&" %46+/" 2'&(" %'+3" 1/6&" 2&)+7)2/" =C=/"
14/+S/6" %/" 14'77Q3" U" 1'" 3'+($" %/3" 2163" %$=6+)3"/3(" 2&$3/+("/(" %4'6(&/" 2'&("/11/3" 2/6?/+(" C(&/" 1/" 1)/6"
%46+")=2*&('+("(&'?')1"%/"=)3/"/+"&$3/'6"216&)"2&*</33)*++/1M"
I" " 1/3" >5b" e>*)+(3" 57*6(/" S/6+/3f" 7'&" 1'" %$<)+)()*+" %/"7/3" 3(&67(6&/3" &/2*3/"36&" 1/" 7*+7/2("=C=/" %/"
=$%)'()*+M"
I/("1/3"&$3/'6A"%/"3'+($"7'&M"7*==/"1/6&"+*="14)+%)B6/M"14/+S/6"%/"=)3/"/+"1)/+"/3("'6"<*+%/=/+("%/"
1/6&"%$?/1*22/=/+(D"
"
9/3" (&*)3" %)32*3)()<3" 3/" 2&$3/+(/+(" %*+7" 7*==/" %/3" 1/?)/&3" 2*33)V1/3" B6)" 2/&=/((&')/+(" 6+/"
<*&=/"%4)+3()(6()*++'1)3'()*+"%/"1'"=$%)'()*+"3'+($":&t7/"U"1'"7&$'()*+"%/"2*3(/3"%/"=$%)'(/6&"3'+($"
B6)" ?)/+%&')/+(" /+" 7*=21$=/+('&)($" %/3" '7()?)($3" B64)13" %$?/1*22/+(D" F')3" (*6(" 7/1'" 3622*3/M" *+" X"
&/?)/+(M"6+/"&$/11/"&/7*++')33'+7/"2*1)()B6/"%/"1'"=$%)'()*+"3'+($"2*6&"<'?*&)3/&"1/"%$21*)/=/+("%/"
=*X/+3"%6&'V1/3D""
"
"
"
"
"
"
"
"
"
@R"
"
A^A"^_>6DB`^E!
!
! :%&'#(')*Q!&)2-$7*(+!I%*%0#-K!
"
K5" n,;0l]" pDM" >0H0T" oD" q" "#! $%&'#(')*!,! P%R'*'(')*Q! /0#('8-7+! 7(! /70+/72('N7+" q" >'&)3"d" l'(-'+"
6+)?/&3)($M"!PPP"d"!@O"2"
"
aT;HH0TF5Ihw#lTla"FD"I""#!$%&'#(')*G!q">'&)3M">T#M"@RRPD"9*11"d"m6/"3')3IS/"J""
"
! :%&'#(')*!+)2'#.7!
"
9wh5lI5F5,;mT5"FD"q""7+!$%&'#(7-0+!+)2'#-K!7(!2-.(-07.+!,!/#++707..7+!&1'&7*('(%+H!M"'4+'(5"#1.#
@N^RG^@RRkM" H# T01,%(,+'# $+4,%)"# "(# 4.)(.5"))"# L# .'# /0(,"57# .'"# 10+'(+)+@,"K# 4+O+5@%',$0"# *%5# )%#
N0105%(,+'#1"$#%$$+4,%(,+'$#1"#8"//"$O5")%,$#1"#P",'"OP%,'(O3"',$#"(#Q5+8"$$,+'#R%'),"."#=#R+>,@'B2#
"
>0;HH5]">D"q":%&'#(')*+!/#0!$'..'70+D";+"9'8+5/%(,+'$#$+4,%)"$M"+sGM"!PO@"
"
"#! $%&'#(')*! +)2'#.7!d" 6+/" %$='&7-/" %/" 2&*A)=)($" '6" 3/&?)7/" %/" 1'" 7*-$3)*+" 3*7)'1/" /(" %/" 1'"
(&'+B6)11)($"26V1)B6/D""K;p"^"9l#>]D",/2Q&/3D"@RRG"
"
>-'&7! &1%N#.-#(')*! &7! .1-('.'(%! +)2'#.7! &7! .#! $%&'#(')*! +)2'#.7D# " h*&3I3$&)/M" 7'-)/&3" 2&'()B6/3D" H/3"
5%)()*+3"%6"9*=)($";+(/&=)+)3($&)/1"%/3"p)11/3M"@RRPD"
!
! :%&'#(')*!7*!+#*(%!N+!&0)'(!&-!/#('7*(!
"
90l;0,K"5D"q""#!/.#27!&7+!-+#I70+!&#*+!.7!+M+(3$7!&7!+#*(%"q"07(6'1)($"/("%*33)/&"/+"3'+($"26V1)B6/M"
+s"E!M"@RRR^Rk"d"!@I!G"
"
K0,Fwl"HD"I"D22-7'.!&7+!/#('7*(+!2L'*)'+!,!"7![0)2).'Q!217+(!&-!2L'*)'+"q"H/"S*6&+'1"%6"3)%'M"+s"@RREM"
@RRO^R@"d"!PI@R"
"
aT;HH0TF5Ihw#lTla" FDI" B"<S! a! "#! +%2-0'(%! &-! /#('7*(! &#*+! .7! &'+/)+'('R! &7! +)'*+!,! 8-7..7!
$%&'#(')*!5!q"07(/3"%6"AA"Q=/"7*+:&Q3"+'()*+'1"%/"1'"8#hhM"G"/("L"S6)+"@RRPD"
"
F$%)'(/6&" %/" 1'" ,$26V1)B6/" <&'+[')3/" q" >.1/" 8'+($M" 8$76&)($" /(" 8*)+3"d" euuuD3/76&)(/3*)+3D<&fD"
8X+(-Q3/"'++6/11/"@RRP"%4'7()?)($D"
!
! :%&'#(')*!7*!+#*(%!!
!
b!:%&'#(')*!7(!+#*(%!c"q"F$%)'()*+3"/("3*7)$($3M"ls"%*6V1/"!!^!@"I""
!
P)++'70!+/%2'#.!b!:%&'#(')*!7(!+#*(%"d"-*7!%N'&7*27!5"ZM"b*6&+$/3"9l5hD"07(6'1)($3"b6&)3'+($"+sk!"q"
F'&3"@RRO"
"
K0,Fwl"HD"q":%&'#(7-0!7*!+#*(%!/-[.'8-7G!"#!/0)K'$'(%!/)-0!2)$/%(7*27G!q"H/"S*6&+'1"%6"3)%'M"+s"
!ORM"@RRL^!!D"
"
aT;9h0,K" e0++/f" ^" 7**&D" I" P%$#02L7! /#0('2'/#('N7! 7(! +#*(%! ,! :M(L7! )-! 0%#.'(%! 5" I" H'" 8'+($" %/"
1y-*==/M"+s"EO@M"@RRk^REIRG"d"!!IGR"
"
@!"
"
8]0lwb5p;9h"e51*%)/I0{+'f"^"7**&D"q""7+!$%&'#(7-0+!2)$$-*#-(#'07+!&7!+#*(%Q!(0#'(!&1-*')*!7*(07!
/0)R7++')**7.+!7(!$'I0#*(+!'*!"#!+#*(%!&7+!$'I0#*(+"I"H'"8'+($"%/"1y-*==/M"+s"EP@M"@RRN^!!"d"@OI@P"
"
pH05Fol9|" #D" q" D(7.'70! T!,! P%/'+(#I7! 7(! #223+! #-K! +)'*+G! P%$#02L7! 7(! $%&'#(')*G! "7+! #2(7+! &7+!
07*2)*(07+! '*(70#++)2'#('N7+!,! "7+! X! 7(! ]! R%N0'70! ;<<;" q" ]&'+3?/&3'1M" +s" 36221$=/+(" '6" +" s" !RM"
@RR@^RP"d"@@I@G"
"
D2(7+" %6" 7*11*B6/" Y":%&'#(')*! 7*! +#*(%! /-[.'8-7"Z" %6" E^!R^@RRL" 2'&" 14;+3()(6(" %/" F$%/7)+/" /("
%452)%$=)*1*:)/"0221)B6$/"e;F50fD"
"
"
"
"
"
"
"
"
@@"
"