93022 - Radboud Repository

PDF hosted at the Radboud Repository of the Radboud University
Nijmegen
The following full text is a publisher's version.
For additional information about this publication click this link.
http://hdl.handle.net/2066/93022
Please be advised that this information was generated on 2015-01-24 and may be subject to
change.
!"#$%&'()*'"+(,*+-(,*./0"1
2"03(45(3"(0",4"2&0"(52**/6(""+(
#",$"3&0"+3"(74/4$"54$/*0"8
!"#$"%"#&'(#)*!#+*,-.
67*.89:!#!8;
`L$$!8**,!.$($+$#!,'B6//$!6$/!72@!)*#!a$,2$1!/$!a,400$(!$#%
?$($!1,$84+'B'c($!),*.$#!/2/!6$/!72@!)*#!R40/'/'$!)*#!+$!H4%
,21$0$!I$3$$#0B6*11$#=!T'++$(0!/L$$!)*#!+$W$!),*.$#!
L$,+!6$/!72@!)*#!R40/'/'$!)$,W2B6/!+$!5$/$?$#'0!)*#!6$/!5$%
0/*#++$$(!Z.$5,4'?!3*?$#!)*#!)22,L$/$#0B6*1[!W2*(0!21%
.$#23$#!'#!*,/=!A!('+!D!:'B6/('8#!T*,?/3'05,4'?D !/$!)$,+4'%
+$('8?$#=!>$!1,$84+'B'c($!5$0('00'#.!)2(.+$!21!AE!+$B$35$,!
ACCQ!'#!+$!)2,3!)*#!6$/!\1$B/2,!J62/2!I,241!*,,$0/A O!L$(?!
22,+$$(!'#3'++$(0!W'8#!L$.!'#!+$!<$+$,(*#+0$!,$B6/01,**?E!
6$$@/!.$)2#+$#=!9#!+'/!22,+$$(!0/**/!?2,/!.$W$.+!+$!'#/$#%
/'$!B$#/,**(!)*#!+$!1$,022#!+'$!+$!.$L,**?/$!/,*#0*B/'$!6$$@/!
)$,,'B6/!$#!($'+/!0($B6/0!6$/!.$5,4'?!3*?$#!)*#!)22,L$/$#%
0B6*1!'#!0/,'8+!3$/!+$!+2$(0/$(('#.!)*#!+$!:'B6/('8#!T*,?/%
3'05,4'?!/2/!2)$,/,$+'#.!)*#!6$/!)$,52+!21!6*#+$(!3$/!)22,%
L$/$#0B6*1=!>$!),**.!+'$!'?!'#!+$W$!5'8+,*.$!W*(!5$6*#+$($#!
'0!2@!+$!#'$4L$!L$.!+'$!6$/!72@!6'$,3$$!'0!'#.$0(*.$#!)22,!
+$!<$+$,(*#+0$!1,*?/'8?!*(0!5$),$+'.$#+!)*(/!/$!?$#0B6$/0$#=
_3!+$W$!),**.!/$!?4##$#!5$*#/L22,+$#!+'$#/!2#+$,!*#+$,$!
/$!L2,+$#!.$?$?$#!#**,!+$!2#/L'??$('#.$#!+'$!6$/!5$0/*#+%
+$$(!Z.$5,4'?!3*?$#!)*#[!5'##$#!6$/!)$,52+!21!6*#+$(!3$/!
)22,L$/$#0B6*1!6$$@/!+22,.$3**?/!$#!+$!),*.$#!+'$!+**,%
5'8!W'8#!.$,$W$#=!>**,/2$!+'$#/!*(($,$$,0/!0/'(!/$!L2,+$#!.$%
0/**#!5'8!+$!,2(!+'$!6$/!5$0/*#++$$(!)$,)4(/!5'##$#!6$/!)$,%
52+!21!6*#+$(!3$/!)22,L$/$#0B6*1!W2*(0!21.$#23$#!'#!*,/=!
XYXG!&$/!21!6$/!b'#*#B'$$(!`2$W'B6/!M6'$,#*Y!&@/NO!L$(?!*,/'%
?$(!.$5*0$$,+!'0!21!*,/=!A!:'B6/('8#!T*,?/3'05,4'?=!_1!.,2#+!
)*#!+'/!*,/'?$(!'0!6$/!$$#!'$+$,!)$,52+$#!23!.$5,4'?!/$!3*%
?$#!)*#!)22,L$/$#0B6*1!+22,!$$#!/,*#0*B/'$!/$!)$,,'B6/$#!2@!
/$!5$L$,?0/$(('.$#!'#!d#*#B'c($!'#0/,43$#/$#=V !H$#!/$,4.%
?$,$#+$!),**.!+'$!5'8!6$/!5$0/*#++$$(!21?23/!'0!L$(?!)$,%
5*#+!)$,$'0/!'0!/400$#!+$!)22,L$/$#0B6*1!$#!+$!/,*#0*B/'$=X!
>$!3$#'#.$#!2)$,!+$W$!),**.!W'8#!,$$+0!(*#.$!/'8+!)$,+$$(+=!
<'$/!*(($$#!L$,+$#!$,!'#!+$!(221!+$,!8*,$#!+22,!+$!L$/.$%
)$,!)$,0B6'(($#+$!)'0'$0!'#.$#23$#G O!3**,!22?!5'##$#!+$!
,$B6/01,**?S !$#!W$(@0!'#!H4,21$$0!)$,5*#+K !5('8?/!$,!2#+4'+$%
('8?6$'+!/$!5$0/**#!2)$,!+$!4'/($.!)*#!+'/!5$0/*#++$$(=!>'/!'0!
#**,!3'8#!22,+$$(!.$$#!.$L$#0/!4'/.*#.014#/O!W$?$,!3$/!6$/!
22.!21!6$/!@$'/!+*/!+$!,$.$(0!/$,!)22,?23'#.!)*#!3*,?/3'0%
5,4'?Q !%!L**,)*#!6$/!)$,52+!21!6*#+$(!3$/!)22,L$/$#0B6*1!
+$$(!4'/3**?/!%!+*.$('8?0$!?20/!W'8#!)22,!)$$(!5$4,0.$#2/$$,%
+$!)$##22/0B6*11$#=
_3!+$!),**.!/$!5$*#/L22,+$#!2@!+$!4'/($.!+'$!6$/!72@!)*#!
R40/'/'$!'#!+$!\1$B/2,!J62/2!I,241!W**?!**#!6$/!5$0/*#+%
+$$(!6$$@/!.$.$)$#!/6*#0!*(0!5$),$+'.$#+!)*(/!/$!?$#0B6$/0$#!
+'$#/!#'$/!*(($$#!#**,!6$/!)$,($+$#!/$!L2,+$#!.$?$?$#O!3**,!
22?!#**,!+$!/2$?230/!$#!'#!6$/!5'8W2#+$,!#**,!+$!32.$('8?$!
4'/L$,?'#.!)*#!+$!+22,!6$/!72@!.$6*#/$$,+$!4'/($.!'#!+$!<$%
+$,(*#+0$!1,*?/'8?=!7'$,2#+$,!W*(!+*#!22?!#*!$$#!?2,/$!4'/($.!
EA
b:ACDDeCDeCA='#+5!!!EA
)*#!6$/!)$,52+!21!6*#+$(!3$/!)22,L$/$#0B6*1O!+$!L$.!L2,%
+$#!.$0B6$/0/!+'$!6$/!5$L40/$!5$0/*#++$$(!/2/!21!6$+$#!6$$@/!
*@.$($.+=!7'$,5'8!W*(!#'$/!*(($$#!L2,+$#!0/'(.$0/**#!5'8!+$!)'%
0'$!)*#!+$!L$/.$)$,!'#!+$W$O!3**,!L2,+/!22?!+$!84,'01,4%
!
D=!
A=!
E=!
V=!
X=!
G=!
S=!
K=!
Q=!
"##$%&'((!)*#!+$,!-$./!'0!*(0!1,232)$#+40!)$,52#+$#!**#!
6$/!-*#!+$,!7$'8+$#!9#0/'/44/!)*#!+$!:*+524+!;#')$,0'/$'/!
<'83$.$#=!>'/!*,/'?$(!'0!*@.$0(2/$#!21!A!+$B$35$,!ACDC=
:'B6/('8#!ACCEFGFHI!)*#!6$/!H4,21$$0!J*,($3$#/!$#!+$!
:**+!)*#!AK!8*#4*,'!ACCE!5$/,$@@$#+$!6*#+$(!3$/!)22,%
L$/$#0B6*1!$#!3*,?/3*#'14(*/'$!M3*,?/3'05,4'?NO!/012!
ACCEO!P!QGFDG=
7)R!HI!AE!+$B$35$,!ACCQO!345!ACDCFSCO!3=#/=!T=!<$($%
3*#0=
>$!:$B6/5*#?!"30/$,+*3!6$$@/!21!ED!3**,/!ACDC!#*3$%
('8?!)22,!+$!$$,0/$!?$$,!6$/!5$0/*#++$$(!4'/.$($.+!21!5*0'0!
)*#!6$/!*,,$0/!)*#!6$/!72@O!:$B6/5*#?!"30/$,+*3!ED!3**,/!
ACDCO!345!ACDCFAEAO!3=#/=!R=!9/*('*#$,!MU4,'40N=
7'$,!W'8!21.$3$,?/!+*/!'#!('+!D!)*#!*,/=!XYXG!&@/!,$'?L'8+/$!
5$1*('#.$#!W'8#!21.$#23$#=
-.(=!R=!9/*('*#$,O!ZI$5,4'?!)*#!)22,L$/$#0B6*1[O!'#Y!>=:=!
>22,$#520O!\=]=R=R=!^2,/3*##!$#!T=J=!<'$4L$!&$3$!
M,$+=NO!6'()07*8#9'!8- :;0!<:8=!\$,'$!_#+$,#$3'#.!$#!
:$B6/!+$$(!EV!/L$$+$!+,4?O!>$)$#/$,Y!^(4L$,!ACCKO!1=!SQO!
I=`=R=!72@@O!ZT*,?/3'05,4'?[O!'#Y!>=!a40B6!$=*=!M,$+=NO!Z_#%
+$,#$3'#.!$#!b'#*#B'$$(!`2$W'B6/>=#?*!:*#4()*!(* :(,#*(#
5*@A-!+$$(!XS!/L$$+$!+,4?O!>$)$#/$,Y!^(4L$,!ACDCO!1=!SAA!
$#!3$$,!'#+',$B/!]=T=!I,4#+3*##%)*#!+$!^,2(O!B7*!;*(#
)77!#)*#C*-#7D#A*-#E('(@:**F#-7*G:@A-=!>$#!7**.Y!a223!
R4,'+'0B6$!;'/.$)$,0!ACDCO!1=!ESV%ESK=!
-22,!+$!)$,0B6'(($#+$!)'0'$0!)*#!+$!L$/.$)$,!)$,L'80!'?!
#**,!1*,*.,**@!E=
-22,!+$!84,'01,4+$#/'$!6'$,23/,$#/!)$,L'80!'?!#**,!1*,*%
.,**@!V=
<**,!**#($'+'#.!)*#!+$!B*((!@2,!$)'+$#B$!+'$!+$!H4,21$0$!
]233'00'$!'#!6$/!)22,8**,!)*#!ACCQ!6$$@/!.$145('B$$,+!
5('8?/!$,!2#+4'+$('8?6$'+!/$!5$0/**#!2)$,!+$!4'/($.!)*#!
+'/!5$0/*#++$$(O!]*((!@2,!$)'+$#B$Y!:$)'$L!2@!>',$B/')$!
ACCEFGFH]!2#!'#0'+$,!+$*('#.!*#+!3*,?$/!3*#'14(*/'2#O!AC!
*1,'(!ACCQ=!9#!1*,*.,**@!V!W*(!'?!6'$,!)$,+$,!21!'#.**#=
>$W$!,$.$(0!W'8#!21.$#23$#!'#!622@+0/4?!X=V!)*#!+$!&@/=!
_#+$,!+$!2)$,?2$1$($#+$!/$,3!Z3*,?/3'05,4'?[!)*(($#!
1,'3*',!6$/!)$,52+!21!6*#+$(!3$/!)22,L$/$#0B6*1!M*,/=!
XYXG!&@/N!$#!6$/!)$,52+!21!3*,?/3*#'14(*/'$!M*,/=!XYXK!
&@/N=!<**0/!+$W$!/L$$!?$,#)$,52+$#!5$0/**#!+$!,$.$(0!
/$,!)22,?23'#.!)*#!3*,?/3'05,4'?!4'/!6$/!/'1)$,52+!M*,/=!
XYXS!&@/NO!+$!)$,1('B6/'#.!23!?2$,0.$)2$('.$!'#@2,3*/'$!
/$!145('B$,$#!M*,/=!XYAX'!&@/N!$#!+$!3$(+'#.0)$,1('B6/'#.!
M*,/=!XYGC!&@/N!L$(?$!*(0!2#+$,0/$4#'#.!@4#.$,$#!)*#!6$/!
)$,52+!21!6*#+$(!3$/!)22,L$/$#0B6*1=
!"#$%&'!()*+,,'*-./0/1.223*4215
<,=!DFA!@$5,4*,'!ACDD
V%A%ACDD!!!DGYDQYXD
HI*0!<:8# '8*(#&'(>#&';-,*F*,)#7D#)*#,*&7*F:,*#DF''-J#**(#0*&!*):,*()*#K7-7!*D7!-',*L
!
+$#/'$!6'$,23/,$#/!**#!$$#!#*+$,$!*#*(f0$!2#+$,L2,1$#=!>$!
\1$B/2,!J62/2!I,241!W**?!)2,3/!6'$,5'8!6$/!$'#+14#/!)*#!
+$!$g$,B'/'$!)*#!6$/!5$0/*#++$$(O!'#!6$/!?*+$,!L**,)*#!'#!6$/!
5'8W2#+$,!0/'(!W*(!L2,+$#!.$0/**#!5'8!$#?$($!/2$1*00'#.0),*%
.$#!+'$!W'B6!+22,!+$!4'/($.!)*#!6$/!72@!'#!+$!1,*?/'8?!W4(($#!
)22,+2$#=
<7*5:)*+:'=,#*,>*&?8#:9*@:)*+,,'A:):8B
$%&?>
-22,!$$#!.2$+!5$.,'1!)*#!6$/!5$0/*#++$$(!Z.$5,4'?!3*?$#!
)*#[!L2,+/!6'$,2#+$,!?2,/!6$/!)$,52+!21!6*#+$(!3$/!)22,%
L$/$#0B6*1!.$0B6$/0/=!7$/!)$,52+!'#!?L$0/'$O!22?!L$(!6$/!
/,*#0*B/'$)$,52+!.$#2$3+O!'0!W2*(0!6'$,52)$#!,$$+0!5($$?!
21.$#23$#!'#!*,/=!XYXG!&@/!$#!)$,5'$+/!$$#!'$+$,!.$5,4'?!/$!
3*?$#!)*#!)22,L$/$#0B6*1!+22,!6$/!)$,,'B6/$#!2@!5$L$,?%
0/$(('.$#!)*#!/,*#0*B/'$0!'#!d#*#B'c($!'#0/,43$#/$#=!-22,L$%
/$#0B6*1!L2,+/!'#!*,/=!XYXE!('+!D!&@/!.$+$d#'$$,+!*(0Y
h5$?$#+6$'+!3$/!'#@2,3*/'$!+'$!B2#B,$$/!'0!$#!+'$!
,$B6/0,$$?0!2@!3'++$(('8?!5$/,$??'#.!6$$@/!21!$$#!
4'/.$)$#+$!'#0/$(('#.!MiN!L**,21!+$!d#*#B'c($!
'#0/,43$#/$#!5$/,$??'#.!6$55$#!2@!23/,$#/!+$!6*#+$(!
'#!+$W$!d#*#B'c($!'#0/,43$#/$#O!L$(?$!'#@2,3*/'$!#'$/!
21$#5**,!'0!.$3**?/!$#!L**,)*#!21$#5**,3*?'#.!0'.%
#'dB*#/$!'#)(2$+!W24!?4##$#!6$55$#!21!+$!?2$,0!)*#!
+$!d#*#B'c($!'#0/,43$#/$#!2@!21!+$!?2$,0!)*#!+**,)*#!
*@.$($'+$!d#*#B'c($!'#0/,43$#/$#=j
&'(!'#@2,3*/'$!L2,+$#!**#.$3$,?/!*(0!)22,L$/$#0B6*1!'#!
+$!W'#!)*#!*,/=!XYXE!&@/!W*(!W'8!+40!B2#B,$$/!+'$#$#!/$!W'8#O!
#'$/!21$#5**,!$#!5$/,$??'#.!32$/$#!6$55$#!21!$$#!4'/.$%
)$#+$!'#0/$(('#.D C !2@!21!+$!6*#+$(!'#!d#*#B'c($!'#0/,43$#%
/$#=DD !>**,#**0/!W*(!+$!21$#5**,3*?'#.!)*#!+$W$!'#@2,3*/'$!
$$#!32.$('8?!0'.#'dB*#/$!'#)(2$+!21!+$!?2$,0!32$/$#!6$5%
5$#=D A
U4*!#2,3*+,$00*#/$#!3**?/!6$/!)$,52+!'#!('+!A!$#!E!$$#!
2#+$,0B6$'+!'#!1,'3*',$!$#!0$B4#+*',$!'#0'+$,0=!>'/!2#+$,%
0B6$'+!'0!)*#!5$(*#.!/$#!**#W'$#!)*#!6$/!/$!($)$,$#!5$L'80!
/$,!)*0/0/$(('#.!)*#!+$!2)$,/,$+'#.!)*#!6$/!)$,52+=!`$#!**#%
W'$#!)*#!0$B4#+*',$!'#0'+$,0!32$/!#*3$('8?!5$L$W$#!L2,+$#!
+*/!W'8!/$#!/'8+$!)*#!+$!.$L,**?/$!6*#+$('#.!L'0/$#!2@!,$+$%
('8?$,L'80!32$0/$#!)$,32$+$#!+*/!W'8!2)$,!)22,L$/$#0B6*1!
5$0B6'?/$#O!/$,L'8(!+'/!5'8!1,'3*',$!'#0'+$,0!L2,+/!**#.$#2%
3$#!+22,!+$!,$(*/'$!+'$!+$W$!'#0'+$,0!/$#!21W'B6/$!)*#!+$!4'/%
.$)$#+$!'#0/$(('#.!'##$3$#=!a$0/44,+$,0O!B233'00*,'00$#!
$#!1$,02#$#!+'$!2)$,!$$#!.$?L*('dB$$,+$!+$$(#$3'#.D E !5$%
0B6'??$#!L2,+$#!+*#!22?!*(0!1,'3*',$!'#0'+$,!**#.$3$,?/!
L*##$$,!W'8!)*#L$.$!64#!62$+*#'.6$'+!5$0B6'??$#!2)$,!
)22,L$/$#0B6*1=!>**,#**0/!L2,+$#!1$,02#$#!+'$!/2$.*#.!
6$55$#!/2/!)22,L$/$#0B6*1!4'/!622@+$!)*#!64#!L$,?O!5$,2$1!
2@!@4#B/'$!$#!1$,02#$#!+'$!2)$,!)22,L$/$#0B6*1!5$0B6'??$#!
4'/!622@+$!)*#!64#!5$/,2??$#6$'+!5'8!0/,*@5*,$!@$'/$#!*(0!1,'%
3*',$!'#0'+$,!**#.$3$,?/=!"(0!0$B4#+*',$!'#0'+$,!L2,+/!$$#!
'$+$,!**#.$3$,?/!+'$!2)$,!)22,L$/$#0B6*1!5$0B6'?/!$#!.$$#!
1,'3*',$!'#0'+$,!'0=
C7*D:='E!F*@?F:8*+?8G*+?8*;:9!"F)!"#!;B
&:!#$+:'=?8#*+!?*!8$)'E@:8)::9*+:'=?8#*
8??'*=:AE$)H!"8$%'!):'!E@
9#!+$!'#($'+'#.!L$,+!,$$+0!.$,$@$,$$,+!**#!6$/!@$'/!+*/!+$!)'%
0'$!)*#!+$!L$/.$)$,!/$#!**#W'$#!)*#!+$!),**.!L$(?!)$,5*#+!
)$,$'0/!'0!/400$#!+$!**#L$W'.$!)22,L$/$#0B6*1!$#!+$!.$%
L,**?/$!/,*#0*B/'$!'#!+$!(221!+$,!8*,$#!**#!)$,*#+$,'#.!2#%
<,=!DFA!@$5,4*,'!ACDD
b:ACDDeCDeCA='#+5!!!EE
+$,6$)'.!'0!.$L$$0/=!&$(?$!)'0'$0!$#!)$,*#+$,'#.$#!+*/!L*%
,$#!W*(!4'/!6$/!6'$,#*!)2(.$#+$!5('8?$#=
C76*0')7*CCI?*J:)=,:F*+?8*K)'?(':%&)
"()2,$#0!'#!DQQA!6$/!)$,52+!21!6*#+$(!3$/!)22,L$/$#%
0B6*1!'#!+$!$@@$B/$#,$B6/$('8?$!L$/.$)'#.!'0!.$k#B2,12,$$,+!
'#!+$!)2,3!)*#!*,/=!ED*!&$/!`2$W'B6/!H@@$B/$#)$,?$$,!M6'$,%
#*Y!&/$ND V O!L*0!6$/!)$,52+!21.$#23$#!'#!6$/!&$/52$?!)*#!
\/,*@,$B6/!M6'$,#*Y!\,N=D XOD G !9#!+$W$!$$,0/$!0/,*@5**,0/$(('#.!
)*#!6*#+$(!3$/!)22,L$/$#0B6*1!'#!*,/=!EEG*!\,!2#/5,*?!$B6%
/$,!$$#!5$0/*#++$$(!+*/!4'/'#.!.*@!**#!$$#!$)$#/4$($!,$(*/'$!
/400$#!+$!**#L$W'.$!)22,L$/$#0B6*1!$#!+$!.$L,**?/$!/,*#0%
*B/'$=!9#!#*)2(.'#.!)*#!6$/!*+)'$0!)*#!+$!]233'00'$!-$#%
#22/0B6*10,$B6/!4'/!DQSEO!L$(?$!$,!,$$+0!21!L$$0!+*/!6$/!
5$L'80!+*/!3'05,4'?!)*#!)22,L$/$#0B6*1!'0!.$3**?/!32$'%
('8?!/$!($)$,$#!W*(!W'8#D S O!6*#/$$,+$!+$!L$/.$)$,!#*3$('8?!6$/!
W2.$#**3+$!Z.$('8?/'8+'.6$'+0)$,5*#+[!*(0!W'8#+$!6$/!)$,%
5*#+!/400$#!+$!**#L$W'.$!)22,L$/$#0B6*1!$#!+$!.$L,**?%
/$!/,*#0*B/'$=!9#!+$!L22,+$#!)*#!+$!)$,*#/L22,+$('8?$!3'#'0%
/$,0!L*0Y
h-22,!+$!0/,*@5**,6$'+!MiN!#'$/!)$,$'0/!+*/!L2,+/!
5$L$W$#!+*/!/2/!+$!/,*#0*B/'$!'0!5$0(2/$#!21!.,2#+!)*#!
)22,L$/$#0B6*1=!7$/!(24/$,$!@$'/!+*/!'$3*#+!6*#+$(/!
/$,L'8(!6'8!5$0B6'?/!2)$,!)22,L$/$#0B6*1O!3**?/!+$!
6*#+$('#.!,$$+0!0/,*@5**,=[[D K
DC=! 7$/!.**/!6'$,!'#.$)2(.$!*,/=!XYXE!('+!D!&@/!23!$$#!4'/.$%
)$#+$!'#0/$(('#.!*(0!5$+2$(+!'#!*,/=!XYXE!('+!V!2#+$,+$$(!*!
&@/=
DD=! 9#!*,/=!XYXE!('+!E!&@/!L2,+/!$$#!**#)4(('#.!.$.$)$#!21!+$!
+$d#'/'$!)*#!d#*#B'c($!'#0/,43$#/$#!W2*(0!21.$#23$#!'#!
*,/=!DYD!&@/=
DA=! _3+*/!$$#!.$+$/*'(($$,+$!230B6,'8)'#.!)*#!6$/!5$0/*#+%
+$$(!Z)22,L$/$#0B6*1[!+$!23)*#.!)*#!+'/!*,/'?$(!/$!54'/$#!
.**/O!)$,L'80!'?!21!+'/!14#/!#**,!9/*('*#$,!ACCKO!1=!SD%SK!$#!
72@@!ACDCO!1=!SAV%SAS=
DE=! ;'/!+$!L$/0.$0B6'$+$#'0!)*#!+$!&@/!)2(./!+*/!5'8!$$#!5$%
(*#.!)*#!/$#!3'#0/$!/'$#!1,2B$#/!3*.!L2,+$#!**#.$#23$#!
+*/!+$.$#$!+'$!2)$,!+$W$!+$$(#$3'#.!5$0B6'?/!*(0!1,'3*',$!
'#0'+$,!3*.!L2,+$#!**#.$3$,?/O!B' *!;-<88*(#MM!ACCXFCGO!
AQ!SCKO!#,=!DQO!1=!GCD=!l'$!22?!+$!+$d#'/'$!)*#!.$?L*('d%
B$$,+$!+$$(#$3'#.!'#!*,/=!DYD!&@/=
DV=! &$/!)*#!D!84('!DQQAO!?-0"!ESK=
DX=! a'8!L$/!)*#!A!@$5,4*,'!DQKQO!?-0"!DG=
DG=! <*!'#B2,12,*/'$!)*#!6$/!)$,52+!21!6*#+$(!3$/!)22,L$/$#%
0B6*1!'#!+$!$@@$B/$#,$B6/$('8?$!L$/.$)'#.!'#!+$!)2,3!)*#!
*,/=!ED*!&/$!'0!6$/!*,/'?$(!)$,)2(.$#0!W2#+$,!$#'.$!'#624%
+$('8?$!L'8W'.'#.!'#!DQQX!23.$W$/!'#!*,/=!VG!&/$!DQQX!
ML$/!)*#!DG!#2)$35$,!DQQXO!?-0"!XSVN!$#!W2L$(!'#!DQQQ!
M5'8!L$/!)*#!AG!3**,/!DQQKO!?-0"!EACN!*(0!3'++$(0!+$!&$/!
T*,?/3'05,4'?!'#!ACCX!ML$/!)*#!AE!84#'!ACCXO!?-0"#EVGN!
**#.$1*0/!23!4'/$'#+$('8?!'#!ACCS!/$!L2,+$#!23.$W$/!'#!
6$/!64'+'.$!*,/=!XYXG!&@/!M5'8!L$/!)*#!AK!0$1/$35$,!ACCGO!
?-0"!VSXN=
DS=! :*112,/!'#W*?$!3'05,4'?!)*#!)22,L$/$#0B6*1!DQSEO!1=!X=
DK=! B' *!;-<88*(#MM!DQKGFKSO!DQ!QEXO!#,=!EO!1=!Q=
!"#$%&'!()*+,,'*-./0/1.223*4215
EE
V%A%ACDD!!!DGYDQYXA
HI*0!<:8# '8*(#&'(>#&';-,*F*,)#7D#)*#,*&7*F:,*#DF''-J#**(#0*&!*):,*()*#K7-7!*D7!-',*L
-*#L$.$!+$!*#.0/!)22,!2#2)$,?23$('8?$!5$L'801,25($3$#!
L$,+!'#!*,/=!EEG*!\,!+40!5$L40/!#'$/!)22,!$$#!B*40**(!)$,%
5*#+!.$?2W$#=D Q
C7<*4!%&)9!"8*LMNOM<N22D
:$$+0!)22,!+$!'#L$,?'#./,$+'#.!)*#!*,/=!EEG*!\,!'#!@$5,4*%
,'!DQKQ!5$.2#!+$!B2334#*4/*',$!**#1*?!)*#!3'05,4'?!)*#!
)22,L$/$#0B6*1!%!+'$!*(!)*#*@!3'++$#!8*,$#![GC!21!+$!*.$#%
+*!0/2#+A C !%!$B6/$,!W'8#!),4B6/$#!*@!/$!L$,1$#!'#!+$!)2,3!)*#!
$$#!2#/L$,1,'B6/('8#!L**,'#!$)$#$$#0!$$#!)$,52+!21!6*#+$(!
3$/!)22,L$/$#0B6*1!L*0!21.$#23$#=!_#+$,!*#+$,$!)*#L$%
.$!+$!L$#0!/2/!$$#!.$B2m,+'#$$,+$!,$.$(.$)'#.!'#W*?$!6*#%
+$(!3$/!)22,L$/$#0B6*1!'#!+$!('+0/*/$#!?23/!4'/$'#+$('8?!'#!
#2)$35$,!DQKQ!+$!$$,0/$!H4,21$0$!,'B6/('8#!3$/!5$/,$??'#.!
/2/!6*#+$(!3$/!)22,L$/$#0B6*1!/2/!0/*#+Y!+$!,'B6/('8#!/2/!!
B2m,+'#*/'$!)*#!+$!)22,0B6,'@/$#!'#W*?$!/,*#0*B/'$0!)*#!'#.$%
L'8+$#n!22?!L$(!**#.$+4'+!*(0!Z:'B6/('8#!KQFXQAFHHI[=A DOA A!
9#!+$!:'B6/('8#!L*0!6$/!)$,52+!21!6*#+$(!3$/!)22,L$/$#%
0B6*1!21.$#23$#!'#!6$/!$$,0/$!('+!)*#!*,/=!A!$#!(4'++$!*(0!
)2(./Y
hH(?$!('+0/**/!)$,5'$+/!1$,02#$#!+'$!MiN!2)$,!
)22,L$/$#0B6*1!5$0B6'??$#O!)22,!$'.$#!,$?$#'#.!2@!
)22,!,$?$#'#.!)*#!+$,+$#O!,$B6/0/,$$?0!2@!3'++$(('8?O!
$@@$B/$#!)*#!+$!$3'//$#/!2@!)*#!+$!$3'//$#/$#!21!L'$!
+$W$!)22,L$/$#0B6*1!5$/,$??'#.!6$$@/O!/$!)$,L$,)$#!
2@!/$!)$,),$$3+$#!3$/!.$5,4'?3*?'#.O!L$(5$L40/O!
)*#!+$W$!)22,L$/$#0B6*1=[[
&**,!'#!6$/!<$+$,(*#+0$!)$,52+!.$$#!5$L'80!)*#!$$#!,$(*%
/'$!/400$#!+$!**#L$W'.$!)22,L$/$#0B6*1!$#!+$!.$L,**?/$!
/,*#0*B/'$!)$,$'0/!L*0O!('8?$#!+$!L22,+$#!Z3$/!.$5,4'?3*%
?'#.!)*#[!'#!6$/!H4,21$0$!)$,52+!L$(!$$#!B*40*($!,$(*/'$!/40%
0$#!+$!**#L$W'.$!)22,L$/$#0B6*1!$#!+$!5$L40/$!/,*#0*B/'$!
/$!'31('B$,$#=A E !a2)$#+'$#!.*@!6$/!L22,+!ZL$(5$L40/[O!+*/!
$)$#$$#0!'#!6$/!<$+$,(*#+0$!)$,52+!2#/5,*?O!4'/+,4??'#.!
**#!$$#!0/,*@,$B6/$('8?!21W$/=A V !`$#!/'8+$!)*#!+$!/2/0/*#+?2%
3'#.!)*#!*,/=!EEG*!\,!W*.$#!+$!3'#'0/$,0!$B6/$,!.$$#!**#($'%
+'#.!23!+$!B*40*($!,$(*/'$!$#!6$/!0458$B/'$)$!5$0/*#++$$(!4'/!
6$/!H4,21$0$!)$,52+!21!6*#+$(!3$/!)22,L$/$#0B6*1!2)$,!/$!
#$3$#=!>22,!/$!0/$(($#!+*/!*,/=!EEG*!\,!)$,+$,!.'#.!+*#!+$!
:'B6/('8#O!23+*/!'$+$,!+'$!6*#+$(/!/$,L'8(!6'8!5$0B6'?/!2)$,!
)22,L$/$#0B6*1!,$$+0!0/,*@5**,!L$,+!.$0/$(+!W2#+$,!5$L'80!
/$!$'0$#!+*/!21!.,2#+!)*#!+$!**#L$W'.$!)22,L$/$#0B6*1!'0!
.$6*#+$(+O!L*0!*,/=!EEG*!'33$,0!'#!2)$,$$#0/$33'#.!3$/!
+$!:'B6/('8#!L$(?$!3'#'3436*,32#'0*/'$!)$,$'0/$O!'#624%
+$#+$!+*/!0/,$#.$,$!5$1*('#.$#!L*,$#!/2$.$0/**#=A X
C7C*0')7*PI*J):QMO
9#!+$!L$/0.$0B6'$+$#'0!#**,!**#($'+'#.!)*#!+$!'#B2,12,*/'$!
)*#!6$/!)$,52+!21!6*#+$(!3$/!)22,L$/$#0B6*1!'#!+$!$@@$B%
/$#,$B6/$('8?$!L$/.$)'#.!$#!3$$,!'#!6$/!5'8W2#+$,!'#!*,/=!ED*!
&/$!L$,+!#'$/!$g1('B'$/!**#+*B6/!5$0/$$+!**#!6$/!5$0/*#+%
+$$(!Z.$5,4'?!3*?$#!)*#[=!J*0!V!8**,!(*/$,O!'#!DQQG!.$+4,$#%
+$!+$!'#/,2+4B/'$!)*#!6$/!/'1)$,52+!$#!+$!3$(+'#.01('B6/!'#!
+$!&/$[QXO!L'8++$!+$!3'#'0/$,!L$$,!$#?$($!2)$,L$.'#.$#!
**#!6$/!5$L40/$!5$0/*#++$$(!#**,!**#($'+'#.!)*#!$$#!213$,%
?'#.!)*#!+$!:**+!)*#!\/*/$!6'$,23/,$#/O!'#624+$#+$!+*/!+$!
<$+$,(*#+0$!)$,52+05$1*('#.!21!+'/!14#/!#'$/!'#!2)$,$$#%
0/$33'#.!L*0!3$/!:'B6/('8#!KQFXQAFHHI!$#!W2+2$#+$!W$$,!
,4'3!L*0!.$@2,34($$,+=!>$!3'#'0/$,!5$**3+$!+'/O!0/$(($#+$!
+*/!+$!<$+$,(*#+0$!@2,34($,'#.!)*#!+$!)$,52+05$1*('#.!L*0!
'#.$.$)$#!+22,!+$!L$#0$('8?6$'+!+$!'#/$.,'/$'/!)*#!+$!$@@$B%
/$#5$4,W$#!$#!+$!+**,21!.$+,$)$#!6*#+$(!W2!.2$+!32.$('8?!
EV
b:ACDDeCDeCA='#+5!!!EV
!
/$!?4##$#!L**,52,.$#!3$/!6$/!22.!21!6$/!)$,/,24L$#!)*#!
5$($..$,0!'#!+$W$!6*#+$(=!7$/!'#1$,?$#!)*#!+$!,$'?L'8+/$!
)*#!+$!)$,52+05$1*('#.!+22,!+$!5$L40/$!5$0/*#++$($#!4'/!+$!
:'B6/('8#!2)$,!/$!#$3$#!($'++$!)2(.$#0!+$!3'#'0/$,!#'$/!*(%
($$#!/2/!$$#!)$,WL*,'#.!)*#!+$!5$L'80(*0/!)*#!6$/!_1$#5**,!
T'#'0/$,'$O!3**,!L*0!22?!.$$#0W'#0!)$,$'0/!.$($/!21!6$/!@$'/!
+*/!+$!:'B6/('8#!0($B6/0!)22,W*.!'#!3'#'3436*,32#'0*/'$=AG!
_1!$$#!(*/$,!323$#/!$g1('B'/$$,+$!+$!3'#'0/$,!#2.3**(0!+*/!
6$/!5$L40/$!L$/0)22,0/$(!.$$#!B*40**(!)$,5*#+!)$,$'0/$!/40%
0$#!+$!)22,L$/$#0B6*1!$#!6$/!6*#+$($#=A S
C7P*4!%&)9!"8*R?'F)@!$='E!F
_1!H4,21$$0!#')$*4!L$,+!'#!DQQK!+$!**#W$/!.$.$)$#!/2/!+$!
:'B6/('8#!T*,?/3'05,4'?=!9#!+*/!8**,!,'$1!+$!H4,21$0$!:**+!
)*#!]*,+'@@!+$!H4,21$0$!]233'00'$!21!$$#!*B/'$?*+$,!)*0/!
/$!0/$(($#!/$,!)$,5$/$,'#.!)*#!+$!'#/$,#$!3*,?/!)22,!d#*#%!
B'c($!+'$#0/$#=!9#!6$/!*?/'$?*+$,!+*/!'#!DQQQ!)$,0B6$$#!'#!+$!
)2,3!)*#!6$/!Zb'#*#B'*(!\$,)'B$0!"B/'2#!J(*#[!L$,+!.$B2#%
0/*/$$,+!+*/!+$!d#*#B'c($!3*,?/$#!5'##$#!+$!('+0/*/$#!2#%
+$,2#/L'??$(+!$#!)$,0#'11$,+!L*,$#!*(0!.$)2(.!)*#!5$($3%
3$,'#.$#!+22,!)$,0B6'(($#!'#!,$.$(.$)'#.!$#!/2$W'B6/=!>$!
3**/,$.$($#!'#!6$/!*B/'$1(*#!0/,$?/$#!$,/2$!32+$,#$O!+'$%
1$!$#!('o4'+$!H4,21$0$!?*1'/**(3*,?/$#!/2/!0/*#+!/$!5,$#.$#!
L**,'#!#'$/!*(($$#!+$!5$($33$,'#.$#!)22,!.,$#02)$,0B6,'8%
+$#+!d#*#B'$$(!)$,?$$,!W'8#!L$..$#23$#O!3**,!L**,'#!22?!
6$/!)$,/,24L$#!)*#!B2#043$#/$#!L2,+/!5$)2,+$,+!+22,!6$/!
DQ=! B' *!;-<88*(#MM!DQKGFKSO!DQ!QEXO!#,=!XO!1=!X!*(L**,!+$!
3'#'0/$,0!'#!*#/L22,+!21!?*3$,),*.$#O!'#624+$#+$!2@!'#!
+$!+$('B/0230B6,'8)'#.!.$$#!B*40**(!)$,5*#+!W24!32$/$#!
L2,+$#!.$c'0/!/400$#!+$!)22,L$/$#0B6*1!$#!+$!/,*#0*B/'$O!
0/$(+$#!+*/!$$#!+$,.$('8?!)$,5*#+!L**,5'8!32$/!L2,+$#!
**#.$/22#+!+*/!+$!5$0B6'??'#.!2)$,!)22,L$/$#0B6*1!+$!
**#($'+'#.!/2/!+$!/,*#0*B/'$!'0!.$L$$0/O!2#2)$,?23$('8?$!
5$L'801,25($3$#!W24!21($)$,$#=!-.(=!R=!9/*('*#$,!$#!"=R=J=!
`'(($3*O!Z>$!&$/!T*,?/3'05,4'?!%'#/,2+4B/'$!)*#!$$#!
#'$4L!,$.'3$!'#!<$+$,(*#+[O!4()*!(* :(,;!*@A-!ACCX%AO!
1=!EX!$#!I=`=R=!72@@O!Z9#!+$!3**/!)*#!+$!?2$,0+','.$#/[O!'#Y!
\=]=R=R=!^2,/3*##!$=*=!M,$+=NO!N:('(@:*!:(,#*(#$'(;D!'O
8*F:P8A*:)=!\$,'$!_#+$,#$3'#.!$#!:$B6/!+$$(!DO!lL2(($Y!
`8$$#?!&'(('#?!DQQVO!1=!EX=
AC=! b=I=7=!^,'0/$#O!9:;0!<:8#&'(#&77!C*-*(;@A'D#(''!#
1<!7D**;#!*@A-Q#**(#7()*!G7*8#(''!#)*#,!7();F',#*(#
)*#C*!8:(,#&'(#A*-#1<!7D*;*#&*!07)#&'(# :;0!<:8#&'(#
&77!C*-*(;@A'D=# *-#''()'@A-#&77!#)*#)77!C*!8:(,#&'(#
1IO!:@A-F:P(*(#:(#A*-#;-!'K!*@A-=!<'83$.$#Y!&2(@!P$.*(!
J45('06$,0!ACCVO!1=!DCX=!-22,!$$#!5$0B6,'8)'#.!)*#!+$!2#/%
L'??$('#.!)*#!+$!B2334#*4/*',$!**#1*?!)$,L'80!'?!#**,!
^,'0/$#!ACCVO!1=!DCX%DEC=
AD=! :'B6/('8#!KQFXQAFHHI!)*#!+$!:**+!)*#!DE!#2)$35$,!DQKQ!
/2/!B2m,+'#*/'$!)*#!+$!)22,0B6,'@/$#!'#W*?$!/,*#0*B/'$0!)*#!
'#.$L'8+$#O!/01I!DQKQO!P!EEVFEC=
AA=! ^,'0/$#!ACCVO!1=!DEQ=
AE=! -.(=!^,'0/$#!ACCVO!1=!XXCO!)2$/#22/!DDVO!XXDO!XXAO!GCV!$#!
GDG!+'$!$$#!0/$(('.$,!0/*#+14#/!'##$$3/=
AV=! ^,'0/$#!ACCVO!1=!GAE!$#!GAV=
AX=! B' *!;-<88*(#MM!DQKSFKKO!DQ!QEXO!#,=!XO!1=!X!$#!G!2#+$,!DG=!
-.(=!^,'0/$#!ACCVO!1=!XXA!)2$/#22/!DAE=
AG=! B' *!;-<88*(#MM!DQQXFQGO!AX!CQXO!#,=!*O!1=!D!$#!A=
AS=! B' *!;-<88*(#MM!DQQSFQKO!AX!CQXO!#,=!KO!1=!X=!9#!B' *!O
;-<88*(#MM#DQQSFQKO!AX!CQXO!#,=!XO!1=!A!L$,+!#2.!$$#0O!W'8!
6$/!'#!$$#!*#+$,$!B2#/$g/O!.$0/$(+!+*/!'$+$,!.$5,4'?!)*#!
)22,L$/$#0B6*1!(**?5**,!'0=
!"#$%&'!()*+,,'*-./0/1.223*4215
<,=!DFA!@$5,4*,'!ACDD
V%A%ACDD!!!DGYDQYXA
HI*0!<:8# '8*(#&'(>#&';-,*F*,)#7D#)*#,*&7*F:,*#DF''-J#**(#0*&!*):,*()*#K7-7!*D7!-',*L
!
5'$+$#!)*#!$$#!.2$+$!5$0B6$,3'#.=A K !Hp#!)*#!+$!3**/,$.$%
($#!5$0/2#+!4'/!6$/!)22,0/$(!+$!:'B6/('8#!T*,?/3'05,4'?!4'/!/$!
)**,+'.$#=A Q !`$#$'#+$!pp#!,$B6/0?*+$,!/$!0B6$11$#!'#!+$!H4%
,21$0$!I$3$$#0B6*1!)22,!+$!5$0/,'8+'#.!)*#!3*,?/3'05,4'?!
$#!3$$,!*(.$3$$#!/$,!L**,52,.'#.!$#F2@!5$0B6$,3'#.!)*#!
+$!'#/$.,'/$'/!)*#!+$!d#*#B'c($!3*,?/$#!'0!DV!8**,!#*!6**,!'#%
L$,?'#./,$+'#.!:'B6/('8#!KQFXQAFHHI!.$*B/4*('0$$,+!$#!)$,%
)*#.$#!+22,!+$!:'B6/('8#!T*,?/3'05,4'?=E C
9#!*,/=!A!('+!D!$$,0/$!*('#$*!)*#!+$!:'B6/('8#!T*,?/3'05,4'?!
'0!6$/!)$,52+!21!6*#+$(!3$/!)22,L$/$#0B6*1!21.$#23$#!$#!
(4'+/!*(0!)2(./Y
h>$!('+0/*/$#!)$,5'$+$#!MiN!1$,02#$#!+'$!2)$,!)22,%
L$/$#0B6*1!5$0B6'??$#!23!.$5,4'?!/$!3*?$#!)*#!+$W$!
)22,L$/$#0B6*1!+22,!MiN!+$!d#*#B'c($!'#0/,43$#/$#!
L**,21!+$W$!)22,L$/$#0B6*1!5$/,$??'#.!6$$@/!/$!
)$,?,'8.$#!2@!/$!)$,),$$3+$#O!2@!/$!/,*B6/$#!+$W$!/$!
)$,L$,)$#!2@!/$!)$,),$$3+$#=[[
C7O*J:)*R?'F)@!$='E!F*:8*?')7*OGOI*J()
"*#.$W'$#!+$!:'B6/('8#!T*,?/3'05,4'?O!'#!/$.$#0/$(('#.!/2/!
6**,!)22,.*#.$,O!W2)$$(!32.$('8?!6*,32#'0*/'$!5$22./!/$#!
**#W'$#!)*#!+$!+**,'#!21.$#23$#!+$d#'/'$0!$#!)$,52+05$%
1*('#.$#!L$,+!6$/!5$0/*#++$$(!Z.$5,4'?!3*?$#!)*#[!3'+%
+$(0!+$!&$/!T*,?/3'05,4'?E D !%!+'$!0/,$?/$!/2/!'31($3$#/*/'$!
)*#!+$!:'B6/('8#!%!+'/!?$$,!L$(!21.$#23$#!'#!6$/!<$+$,(*#+%
0$!)$,52+!21!6*#+$(!3$/!)22,L$/$#0B6*1=E A !_#+*#?0!+*/!6$/!
5$0/*#++$$(!'#!+$!6'$,52)$#!.$B'/$$,+$!)$,52+05$1*('#.!$$#!
B*40*($!,$(*/'$!('8?/!/$!'31('B$,$#!/400$#!+$!**#L$W'.$!)22,%
L$/$#0B6*1!$#!+$!.$L,**?/$!/,*#0*B/'$E E O!(4'+/!+$!/2$('B6/'#.!
5'8!6$/!5$L40/$!5$0/*#++$$(!'#!+$!<$+$,(*#+0$!)$,52+05$1*%
('#.!'#!$$,0/$!'#0/*#/'$Y
hH$#!1$,022#!+'$!$$#!/,*#0*B/'$!1($$./O!3**?/!.$5,4'?!
)*#!)22,L$/$#0B6*1!'#+'$#!'#0/,43$#/$$(!)$,5*#+!
5$0/**/!/400$#!W'8#!?$##'0!$#!+$!/,*#0*B/'$!+'$!6'8!)$,%
,'B6/=!>'/!5$/$?$#/!#'$/!#22+W*?$('8?$,L'80!+*/!6'8!22?!
L$$/!2@!,$+$('8?$,L'80!32$/!)$,32$+$#!+*/!W'8#!?$##'0!
)22,L$/$#0B6*1!5$6$(0/!'#!+$!W'#!)*#!+$!L$/=!>'$!$'0!
.$(+/!*(($$#!)22,!0$B4#+*',$!'#0'+$,0=[[E V
>$W$!/2$('B6/'#.!L$,+!$B6/$,!*@.$WL*?/E X !3'++$(0!6$/!*#/%
L22,+!21!+$!),**.!)*#!$#?$($!^*3$,($+$#!L**,23!$,!'#!
1(**/0!)*#!$$#!Z'#0/,43$#/$$(!)$,5*#+[!.$$#!.$5,4'?!'0!.$%
3**?/!)*#!6$/!84,'+'0B6$!3$$,!.$5,4'?$('8?$!5$.,'1!ZB*40**(!
)$,5*#+[E G Y
hH$#!1$,022#!+'$!$$#!/,*#0*B/'$!1($$./O!3**?/!.$5,4'?!
)*#!)22,L$/$#0B6*1!'#+'$#!+$W$!W'B6!5$L40/!'0!2@!
5$622,/!/$!W'8#!)*#!6$/!@$'/!+*/!$,!01,*?$!'0!)*#!$$#!#'$/!
21$#5*,$!5'8W2#+$,6$'+!+'$!5'8!21$#5**,3*?'#.!$$#!
0'.#'dB*#/$!'#)(2$+!W24!?4##$#!6$55$#!21!+$!?2$,0!
)*#!+$!$@@$B/$#!2@!21!+$!?2$,0!)*#!+**,)*#!*@.$($'+$!
$@@$B/$#=!;'/.*#.014#/!'0!+$,6*()$!+*/!3$/!6$/!5$L'80!
)*#!q5$L40/6$'+r!6$/!5$0/*#++$$(!q.$5,4'?!3*?$#!
)*#r!5$L$W$#!?*#!L2,+$#!)$,?(**,+O!3**,!+**,3$$!
L2,+/!#'$/!.$+2$(+!21!$$#!B*40**(!)$,5*#+=!H,!62$@/!
+$,6*()$!#'$/!5$L$W$#!/$!L2,+$#!+*/!+$!/,*#0*B/'$!
)22,?23/!M)22,/?23/O!"L-N!4'/!+$!5$/,$@@$#+$!)22,%
L$/$#0B6*1=[[E S
-*#!.$('8?/'8+'.6$'+0)$,5*#+!0$B!)'*!$$#!'#0/,43$#/$$(!)$,%
5*#+!#**,!5$L40/W'8#0B,'/$,'43!*(0!W'8#+$!+$!)$,5*#+$#!+'$!
'#!+$!)'0'$!)*#!+$!L$/.$)$,!+22,!+$!8*,$#!6$$#!/400$#!+$!
<,=!DFA!@$5,4*,'!ACDD
b:ACDDeCDeCA='#+5!!!EX
**#L$W'.$!)22,L$/$#0B6*1!$#!+$!.$L,**?/$!/,*#0*B/'$!)$,%
$'0/!L*,$#!'#!+$!<$+$,(*#+0$!)$,52+05$1*('#.=!H$#!6$$(!0B*%
(*O!3**,!W2*(0!6'$,2#+$,!W*(!5('8?$#!)2$./!6$/!72@!)*#!R40%
/'/'$!)*#!+$!H4,21$0$!I$3$$#0B6*11$#!#2.!$$#!#4*#B$!/2$=!
;'/!52)$#0/**#+!B'/**/!)(2$'/!)22,/!+*/!+$!L$/.$)$,!3'++$(0!
6$/!5$L40/W'8#0B,'/$,'43!.$$#!B*40**(!)$,5*#+!)$,$'0/=!H$#!
)'0'$!+'$!22?!#*!+$!2)$,5,$#.'#.!)*#!*,/=!VG!&/$[QX!#**,!6$/!
64'+'.$!*,/=!XYXG!&@/!21!D!8*#4*,'!ACCSE K !'#!+$!2.$#!)*#!+$!
AK=! ]=T=!I,4#+3*##%)*#!+$!^,2(!$#!b=I=7=!^,'0/$#O!ZH4%
,21$0$!**#1*?!)*#!T*,?/3'05,4'?[O!'#Y!>=:=!>22,$#520O!
\=]=R=R=!^2,/3*##!$#!T=J=!<'$4L$!&$3$!M,$+=NO!6'()O
07*8#9'!8- :;0!<:8=#\$,'$!_#+$,#$3'#.!$#!:$B6/!+$$(!EV!
/L$$+$!+,4?O!>$)$#/$,Y!^(4L$,!ACCKO!1=!DD!$#!DA=
AQ=! ]=T=!],43!$#!b=I=7=!^,'0/$#O!Za24L$#!**#!$$#!'#/$,#$!
3*,?/Y!+$!,'B6/('8#!'#W*?$!6*#+$(!3$/!)22,L$/$#0B6*1!$#!
3*,?/3*#'14(*/'$!M3*,?$/!*540$N[O!4()*!(* :(,;!*@A-!
ACCAO!#,=!DO!1=!Q=!-22,!$$#!4'/)2$,'.$!5$0B6,'8)'#.!)*#!+$!
/2/0/*#+?23'#.!)*#!+$!:'B6/('8#!T*,?/3'05,4'?!)$,L'80!'?!
#**,!I,4#+3*##%)*#!+$!^,2(!$#!^,'0/$#!ACCKO!1=!DD%DV!$#!
^,'0/$#!ACCVO!1=!DGA%DGK!$#!DSX%DSK=
EC=! I,4#+3*##%)*#!+$!^,2(!$#!^,'0/$#!ACCKO!1=!AG!$#!AS=
ED=! &$/!)*#!AE!84#'!ACCXO!?-0"#EVG=
EA=! B' *!;-<88*(#MM!ACCVFCXO!AQ!KASO!#,=!EO!1=!K!$#!Q=
EE=! ^,'0/$#!ACCVO!1=!XXC!+'$!$$#!0/$(('.$,!0/*#+14#/!'##$$3/=
EV=! B' *!;-<88*(#MM!ACCVFCXO!AQ!KASO!#,=!EO!1=!Q=
EX=! 9#!+$!('/$,*/44,!L2,+/!)$,+$+'.+!+*/!+$!*@WL*??'#.!)*#!
$$#!Z'#0/,43$#/$$(!)$,5*#+[!/400$#!+$!)22,L$/$#0B6*1!$#!
+$!/,*#0*B/'$!#**,!$$#!Z5$L40/W'8#0B,'/$,'43[!'0!'#.$.$)$#!
+22,!+$!230/*#+'.6$'+!+*/!$,!/$#!/'8+$!)*#!6$/!L$/.$%
)'#.01,2B$0!+22,!84,'+'0B6$!*4/$4,0!21!'0!.$L$W$#!+*/!+$!
**##*3$!)*#!$$#!Z'#0/,43$#/$$(!)$,5*#+[!$$#!)$,WL*,'#.!
)*#!+$!5$L'80120'/'$!)*#!6$/!_T!3$/!W'B6!W24!5,$#.$#!/$#!
21W'B6/$!)*#!6$/!+**,)22,!.$(+$#+$!Z.$('8?/'8+'.6$'+0)$,%
5*#+[=!l'$!9/*('*#$,!ACCKO!1=!SQ!+'$!21!+$W$!,$+$#!)22,!+$!
*@WL*??'#.!L'80/!$#!9/*('*#$,!$#!`'(($3*!ACCXO!1=!EX!+'$!
/$#!**#W'$#!)*#!6$/!'#!+$!T)`!21.$#23$#!Z'#0/,43$#%
/$$(!)$,5*#+[!213$,?$#!+*/!L**,!+$!3'#'0/$,!3$/!6$/!22.!
21!2#2)$,?23$('8?$!5$L'801,25($3$#!'#!DQKQ!#2.!6$$@/!
*@.$W'$#!)*#!6$/!'#)2$,$#!)*#!$$#!B*40**(!)$,5*#+O!$,!'#!
6$/!2#+$,6*)'.$!L$/0)22,0/$(!%!L**,!$$#!B*40**(!)$,5*#+!
L2,+/!'#.$)2$,+!%!#'$/!2)$,!5$L'801,25($3$#!L2,+/!.$%
01,2?$#=
EG=! B' *!;-<88*(#MM!ACCVFCXO!AQ!KASO!#,=!X!M6$,+,4?NO!1=!DC=
ES=! B' *!;-<88*(#MM!ACCVFCXO!AQ!KASO!#,=!SO!1=!AC=!`$#!**#W'$#!
)*#!+'/!B,'/$,'43!'0!+$!),**.!21.$L2,1$#!2@!6$/!'#!2)$,$$#%
0/$33'#.!'0!3$/!6$/!5$0/*#++$$(!'#!+$!:'B6/('8#!T*,?/3'0%
5,4'?=!I$($/!21!+$!23)*#.!)*#!+'/!*,/'?$(!)$,L'80!'?!21!+'/!
14#/!#**,!72@@!ACDCO!1=!SAAO!9/*('*#$,!ACCKO!1=!SQ!$#!KC!
$#!b=I=7=!^,'0/$#O!Za$0(4'/!3*,?/3'05,4'?!$#!+$!L'00$(%
L$,?'#.!3$/!+$!&$/!3*,?/3'05,4'?[O!4()*!(* :(,;!*@A-!
ACCXO!#,=!DSO!1=!GDE=
EK=! a'8!L$/!)*#!AK!0$1/$35$,!ACCGO!?-0"!VSX=
EQ=! "*#.$W'$#!'#!622@+0/4?!X=V!&@/!+$!,$.$(0!/$,!)22,?23'#.!
)*#!3*,?/3'05,4'?!L**,2#+$,!6$/!)$,52+!21!6*#+$(!3$/!
)22,L$/$#0B6*1!'#!622@+W**?!2#.$L'8W'.+!W'8#!2)$,.$#2%
3$#!4'/!+$!&/$[QXO!B' *!;-<88*(#MM!ACCEFCVO!AQ!SCKO!#,=!
DQO!1=!XQQ=!>$!$#'.$!L'8W'.'#.!5$/,$@/!*,/=!XYGV!&@/!L**,'#!
/$#!21W'B6/$!)*#!*,/=!VS$!&/$[QX!$#?$($!L'8W'.'#.$#!W'8#!
**#.$5,*B6/=!-22,!+$!$g*B/$!5$L22,+'#.$#!$#!'31('B*/'$0!
)*#!+$W$!L'8W'.'#.!)$,L'80!'?!#**,!.$#2$3+$!L$/0.$0B6'$%
+$#'0=
!"#$%&'!()*+,,'*-./0/1.223*4215
EX
V%A%ACDD!!!DGYDQYXA
HI*0!<:8# '8*(#&'(>#&';-,*F*,)#7D#)*#,*&7*F:,*#DF''-J#**(#0*&!*):,*()*#K7-7!*D7!-',*L
!
L$/.$)$,!W'8#!.$(+'#.!6$$@/!5$624+$#E Q $#!L$(?$!$)$#$$#0!
+22,!+$!"bT!L2,+/!.$+$$(+=V C
P7*D:='E!F*@?F:8*+?8*!8*#:*':%&)$>'??F
VC=! a,2B64,$!7*#+$(!3$/!-22,L$/$#0B6*1O!"bT!+$B$35$,!
ACCQO!1=!G=!_#+*#?0!+*/!+'/!0/*#+14#/!)*#!+$!"bT!'#!+$!
P76*1,8%9E$!:*!8*-9:S,+!)
.$#2$3+$!5,2B64,$!'0!21.$#23$#!'0!6$/!$B6/$,!*(($,%
>$!21!W'B6!0433'$,$!62$)$$(6$'+!84,'01,4+$#/'$!L**,'#!01$%
3'#0/!W$?$,!2@!+$!"bT!5'8!+'/!0/*#+14#/!W*(!5('8)$#!.$($/!
21!6$/!,$$+0!$$,+$,!'#!+$!622@+/$?0/!.$#2$3+$!\1$B/2,!
B'd$?!**#+*B6/!L2,+/!.$0B62#?$#!**#!6$/!5$0/*#++$$(!Z.$%
J62/2!I,241!*,,$0/!)*#!6$/!7)R!HI!AE!+$B$35$,!ACCQO!
5,4'?!3*?$#!)*#[!#$$3/!$$#!**#)*#.!3$/!+$!B2#B(40'$!)*#!
345!ACDCFSCO!3=#/=!T=!<$($3*#0!$#!+$!4'/01,**?!)*#!+$!
*+)2B**/%.$#$,**(!&2,/$(!'#!+$!b($g2)'/!W**?=V D !9#!W'8#!B2#%
:$B6/5*#?!"30/$,+*3!)*#!ED!3**,/!ACDCO!345!ACDCFAEAO!
B(40'$!3$,?/!+$!*+)2B**/%.$#$,**(!*(($,$$,0/!21!+*/!**#!+$!
3=#/=!R=!9/*('*#$,!MU4,'40NO!L$(?$!'?!6'$,#*!'#!+$!622@+/$?0/!
/2/0/*#+?23'#.!)*#!+$!:'B6/('8#!T*,?/3'05,4'?!.$$#!+4'+$%
4'/.$5,$'+$,!5$01,$$?=
('8?$!**#L'8W'#.!'0!/$!2#/($#$#!+*/!$$#!)$,+$,0/,$??$#+$!5$%
VD=!
7:!ED!3$'!ACCXO!345!ACCXFDKXO!3=#/=!R=!9/*('*#$,=
/$?$#'0!**#!6$/!B*40*('/$'/05$.,'1!5'##$#!6$/!)$,52+!21!6*#%
VA=! 7:!ED!3$'!ACCXO!345!ACCXFDKXO!3=#/=!R=!9/*('*#$,O!2)$,L$%
+$(!3$/!)22,L$/$#0B6*1!32$/!L2,+$#!/2$.$+*B6/!+*#!2#+$,!
.'#.!DDX!)*#!+$!B2#B(40'$=
:'B6/('8#!KQFXQAFHHI!6$/!.$)*(!L*0n!W'8!6$/!+*/!+$!)$,L'8%
VE=! 9#!+$!1,$*354($!)*#!:'B6/('8#!KQFXQAFHHI!L*0!+$!2)$,L$%
W'#.!#**,!6$/!0458$B/'$)$!5$0/*#++$$(!+*/!4'/'#.!.*@!**#!$$#!
.'#.!21.$#23$#!'#624+$#+$Y!h+*/!$,!0($B6/0!01,*?$!'0!)*#!
5$L40/!6*#+$($#!'0!)$,+L$#$#=V A !_#+$,!)$,L'8W'#.!#**,!$#%
$$#!/,*#0*B/'$!)*#!'#.$L'8+$#!*(0!3'05,4'?!L2,+/!.$3**?/!
?$($!01$B'd$?$!2)$,L$.'#.$#!'#!+$!1,$*354($!)*#!W2L$(!
)*#!)22,L$/$#0B6*1n!+*/!+$,6*()$!+$!*B/')'/$'/$#!)*#!
:'B6/('8#!KQFXQAFHHIV E !*(0!+$!:'B6/('8#!T*,?/3'05,4'?V V!
3*,?$/!3*?$,0O!)*#!'#0/$(('#.$#!+'$!.$3*B6/'.+!W'8#!*(0!
L**,'#!0'/4*/'$0!W'8#!230B6,$)$#!+'$!21!W'B6!.$$#!.$5,4'?!
L$+$,1*,/'8!21!/$!/,$+$#!2@!)*#!$@@$B/$#3*?$(**,0!+'$!2)$,!
B=o=!3'05,4'?!)*#!)22,L$/$#0B6*1!21($)$,$#O!0/$(/!6'8!)$,%
)22,L$/$#0B6*1!5$0B6'??$#!$#!L**,)*#!+$!$$,0/$!/L$$!
)2(.$#0!+*/!+$!H4,21$0$!L$/.$)$,!3'++$(0!6$/!5$0/*#++$$(!
W'B6!5$1$,?$#!/2/!,$01$B/'$)$('8?!6$/!?21$#!$#!)$,?21$#!
$$#!2#+$,0B6$'+!5$22.+$!**#!/$!5,$#.$#!/400$#!.$22,(22@+!
)*#!$@@$B/$#!'#!6$/!?*+$,!)*#!+$!4'/2$@$#'#.!)*#!64#!#2,%
$#!2#.$22,(22@+!6*#+$($#!3$/!)22,L$/$#0B6*1=!`$#!0(2/%
3*($!L$,?W**36$+$#!$#!(**/0/.$#2$3+$#!W'B6!5$1$,?$#!
/2/!6$/!4'/)2$,$#!)*#!2,+$,0O!21!W'B6W$(@!.$$#!3'05,4'?!)*#!
/$!0/$(/!+$!*+)2B**/%.$#$,**(!+*/!*,/=!A!:'B6/('8#!T*,?/3'0%
+'$!)22,L$/$#0B6*1!'#624+$#=j!l'$!22?!2)$,L$.'#.!DDE!
5,4'?!.$$#!5$($/0$(!)2,3/!23!$$#!5$L'80)$,32$+$#!/$!6*#%
$#!DDV!)*#!+$!B2#B(40'$=!>$W$!2)$,L$.'#.!'0!'#!+$!1,$*3%
/$,$#!/$#!**#W'$#!)*#!+$!.$)*(($#!+'$!#'$/!'#!+$!1,$*354($!
54($!21.$#23$#!23+*/!6$/!.$5,4'?!3*?$#!)*#!)22,L$/$#%
*(0!W2+*#'.!L2,+$#!4'/.$W2#+$,+!)*#!6$/!)$,52+O!'#624+$#%
0B6*1!'#!+$!6'$,!.$0B6$/0/$!.$)*(($#!.$,$B6/)**,+'.+!'0!23!
+$!+*/!6$/!5$L'80!+*/!+$!)$,+*B6/$!+$!.$L,**?/$!/,*#0*B/'$!
6$/!@4#B/'2#$,$#!)*#!+$!$@@$B/$#3*,?/$#!#'$/!/$!0B6*+$#O!
6$$@/!)$,,'B6/!2@!5$L$,?0/$(('.+!/$,L'8(!6'8!2)$,!)22,L$/$#%
^,'0/$#!ACCVO!1=!GDA=
0B6*1!5$0B6'?/$O!'#!+$!,$.$(!)2(+2$#+$!5$L'80!W*(!W'8#!23!
VV=! _)$,L$.'#.!DK!$#!AQ!)*#!+$!1,$*354($=!_)$,L$.'#.!DK!'0!
**#!/$!/2#$#!+*/!+$!)22,L$/$#0B6*1!22?!+**+L$,?$('8?!+22,!
)$,.$('8?5**,!3$/!+$!2)$,L$.'#.!'#!+$!)2,'.$!)2$/#22/n!W'8!
+$!)$,+*B6/$!W*(!W'8#!.$5,4'?/=!9#!+$!)'0'$!)*#!+$!*+)2B**/%
6$/!+*/!+$!.$#2$3+$!*B/')'/$'/$#!21!W'B6W$(@!#'$/!?4##$#!
.$#$,**(!?2#!+$!)$,+*B6/$!+'/!5$L'80)$,32$+$#!L$$,($..$#!
L2,+$#!5$0B624L+!*(0!.$5,4'?!3*?$#!)*#!)22,L$/$#%
+22,!**#!/$!/2#$#!+*/!W'8#!)22,L$/$#0B6*1!)*#!.$$#!$#?$($!
0B6*1=!_)$,L$.'#.!AQ!(4'+/Y!h7$/!6$55$#!)*#!/2$.*#.!/2/!
'#)(2$+!'0!.$L$$0/=V X !a'8#*!/L$$!8**,!(*/$,!6$$@/!6$/!72@!"3%
)22,L$/$#0B6*1!2)$,!$$#!*#+$,$!2#+$,#$3'#.!$#!6$/!**#%
VG
0/$,+*3!+'/!5$/22.!5$)$0/'.+!'#!+$!P*#+'0!W**?=
L$#+$#!$,)*#!'#!6$/!?*+$,!)*#!$$#!21$#5**,!2)$,#*3$52+!
3$/!6$/!22.!21!6$/!)$,L$,)$#!)*#!+$!W$..$#0B6*1!2)$,!
P7<*5,(*0@$):'#?@*!8*T::'*U?9)&:*T,V):
+$W$!2#+$,#$3'#.!2@!23!$$#!@40'$!3$/!+$W$!2#+$,#$3'#.!
:4'3! $$#! 8**,! #*! +$! P*#+'0! W**?! '0! 6$/! 72@!"30/$,+*3! '#!
)22,!/$!0/$(($#O!3*.!21!W'B6!#'$/!*(0!6*#+$(!3$/!)22,L$%
+$!-$$,!J*(/6$!-2s/$!W**?V S !$B6/$,!Z23!.$.**#[!+22,!L$('0%
/$#0B6*1!L2,+$#!**#.$3$,?/=j!^,'0/$#!)$,2#+$,0/$(/!+*/!
L**,!'#!/$.$#0/$(('#.!/2/!+$!*+)2B**/%.$#$,**(!'#!+$!B2#B(4%
(**/0/.$#2$3+$!2)$,L$.'#.!'0!21.$#23$#!23+*/!$$#!
0'$!'#!+$!b($g2)'/!W**?!/$!22,+$($#!+*/!$,!.$$#!01,*?$!62$@/!/$!
)$,52+!21!6*#+$(!3$/!)22,L$/$#0B6*1!+*/!#'$/!'#!+$!L$.!
W'8#!)*#!$$#!B*40**(!)$,5*#+!/400$#!+$!.$L,**?/$!6*#+$('#.!
0/**/!**#!/,*#0*B/'$0!'#!**#+$($#!'#!6$/!?*+$,!)*#!$$#!2)$,%
$#!+$!/,*#0*B/'$O!3**,!6$/!+**,5'8!/$!6*#/$,$#!5$L'80)$,32$%
#*3$!5'8+,**./!**#!6$/!.2$+!@4#B/'2#$,$#!)*#!+$!d#*#B'c($!
+$#!'0!$'.$#('8?!2#)$,*#+$,+!.$5($)$#=!9#!+$!)'0'$!)*#!6$/!62@!
3*,?/$#O!^,'0/$#!ACCVO!1=!SAD!$#!SAA=
'0!)22,!6$/!5$L'80!)*#!6$/!5$0/*#++$$(!Z.$5,4'?!3*?$#!)*#[!
VX=! 7:!ED!3$'!ACCXO!345!ACCXFDKXO!3=#/=!R=!9/*('*#$,O!2)$,L$%
#*3$('8?!)2(+2$#+$!+*/!5$L$W$#!L2,+/!+*/!+$!)$,+*B6/$!+$!
.'#.!DDG%DAE!)*#!+$!B2#B(40'$=!;'/!2)$,L$.'#.!DDV!)(2$'/!
/,*#0*B/'$!6$$@/!)$,,'B6/!/$,L'8(!6'8!21!+*/!323$#/!2)$,!)22,%
)22,/!+*/!+$!*+)2B**/%.$#$,**(!6$/!5$L'80)$,32$+$#!$)$#%
$$#0!)*#!/2$1*00'#.!*B6//$!/$#!**#W'$#!)*#!6$/!)$,52+!21!
L$/$#0B6*1! 5$0B6'?/$=!"(($$#! $$#! 5$,2$1! 21! $$#! 0B64(+4'/%
6*#+$(!3$/!)22,L$/$#0B6*1!W2*(0!21.$#23$#!'#!:'B6/('8#!
0(4'/'#.0.,2#+O!$$#!L$//$('8?!2@!5'8!"T)a!.$.$)$#!4'/W2#+$%
KQFXQAFHHI=
,'#.!?*#!)22,?23$#!+*/!.$('8?/'8+'.6$'+!/400$#!+$!.$L,**?/$!
VG=! 72@!"30/$,+*3!D!3**,/!ACCSO!345!ACCKFDQQO!3=#/=!b=!
/,*#0*B/'$! $#! 6$/! 5$0B6'??$#! 2)$,! )22,L$/$#0B6*1! /2/! )2(%
^,'0/$#=!-.(=!I,4#+3*##%)*#!+$!^,2(!ACDCO!1=!ESX!$#!ESG=
+2$#+$! 5$L'80! '#W*?$! 6$/! 5$0/*#++$$(! Z.$5,4'?! 3*?$#! )*#[!
VS=!
72@!"30/$,+*3!DE!84#'!ACCKO!345!ACCQFDCO!3=#/=!b=!^,'0%
$#! '#! 6$/! )$,($#.+$! 6'$,)*#O! 6*#+$(! 3$/! )22,L$/$#0B6*1O!
/$#=
($'+/=V K !9#/$,$00*#/!'0!+*/!6$/!62@!6$/!22,+$$(!+*/!$,!.$$#!01,*%
VK=! 72@!"30/$,+*3!DE!84#'!ACCKO!345!ACCQFDCO!3=#/=!b=!^,'0%
?$!'0!)*#!$$#!B*40**(!)$,5*#+!2#+$,!*#+$,$V Q O!5*0$$,/!21!+$!
/$#O!,=2=!E=K=
'#! 1*,*.,**@! E=X! 5$0B6,$)$#! L$/0.$0B6'$+$#'0! )*#! +$! &$/!
VQ=! 9#!+$!)'0'$!)*#!6$/!62@!L'80/!+$!/2/0/*#+?23'#.0.$0B6'$+$%
T*,?/3'05,4'?!*(L**,!$$,0/!$$#!Z'#0/,43$#/$$(!)$,5*#+[!*(0!
#'0!)*#!+$!:'B6/('8#!T*,?/3'05,4'?!$,!'33$,0!21!+*/!3$/!
W'8#+$!6$/!)$,5*#+!/400$#!+$!)22,L$/$#0B6*1!$#!+$!/,*#0*B%
6$/!0B6,*11$#!)*#!6$/!0458$B/'$)$!5$0/*#++$$(!ZL$(5$L40/[!
/'$!L$,+!**#.$#23$#O!3**,!L**,!(*/$,!'0!2)$,.$.**#!21!6$/!
4'/!6$/!H4,21$0$!)$,52+!21!6*#+$(!3$/!)22,L$/$#0B6*1!
Z5$L40/W'8#0B,'/$,'43[O! /$,L'8(! 6$/! 62@! )22,! 6$/! 5$L'80! )*#!!
.$/,*B6/!'0!/$!)22,?23$#!+*/!+**,!$$#!B*40*('/$'/0$'0!L$,+!
.$0/$(+=!>'/O!.$B235'#$$,+!3$/!+$!W284'0/!'#!+$!622@+/$?0/!
!
!
EG
<,=!DFA!@$5,4*,'!ACDD
!"#$%&'!()*+,,'*-./0/1.223*4215
!
b:ACDDeCDeCA='#+5!!!EG
V%A%ACDD!!!DGYDQYXA
!
HI*0!<:8# '8*(#&'(>#&';-,*F*,)#7D#)*#,*&7*F:,*#DF''-J#**(#0*&!*):,*()*#K7-7!*D7!-',*L
!6$/!5$0/*#++$$(!4'/$'#+$('8?!.$#2$.$#!('8?/!/$!#$3$#!3$/!6$/!
Z.$('8?/'8+'.6$'+0)$,5*#+[!W2*(0!+*/!.2(+!/$#!/'8+$!)*#!+$!$$,%
0/$!0/,*@5**,0/$(('#.!)*#!6*#+$(!3$/!)22,L$/$#0B6*1=X C
+$!.$)2$('.$!1(**/=!T**,!'0!+$!5$/$?$#'0!)*#!6$/!5$0/*#++$$(!
)$,+4'+$('8?/t
P7C*1?99*(,'*:+!#:8%:
_3!+$!),**.!/$!5$*#/L22,+$#!2@!3'++$(0!+$!4'/01,**?!)*#!
6$/!H4,21$0$!72@!)*#!R40/'/'$!)*#!+$!H4,21$0$!I$3$$#%
0B6*11$#!'#W*?$!\1$B/2,!J62/2!I,241!+$!5$/$?$#'0!)*#!6$/!
5$0/*#++$$(!'0!)$,+4'+$('8?/O!+'$#/!$$,0/!#*+$,!0/'(!/$!L2,+$#!
.$0/**#!5'8!+$!'#!+$!)2,'.$!1*,*.,**@!L$$,.$.$)$#!?$,#2)$,%
L$.'#.$#!4'/!6$/!*,,$0/!$#!+$!2)$,L$.'#.$#!+'$!6$/!72@!
+**,/2$!6$$@/!+2$#!5$0(4'/$#=!_1)*(($#+!'0!+*/!6$/!72@!+$!'#%
/$#/'$!)*#!+$!'#0'+$,!+'$!+$!.$L,**?/$!/,*#0*B/'$!6$$@/!)$,%
,'B6/!5'8!+$!4'/($.!)*#!6$/!5$0/*#++$$(!B$#/,**(!0/$(/!$#!#'$/!
W2W$$,!+$!),**.!2@!+$!'#0'+$,!+22,!W'8#!)22,L$/$#0B6*1!'0!
5$L2.$#!+$!.$L,**?/$!/,*#0*B/'$!**#!/$!.**#=
;'/!+$!B*((!@2,!$)'+$#B$X D !+'$!+$!H4,21$0$!]233'00'$!'#!6$/!
)22,8**,!)*#!ACCQ!6$$@/!.$145('B$$,+!5('8?/!+*/!$,!22?!21!
H4,21$$0!#')$*4!2#+4'+$('8?6$'+!2)$,!6$/!5$0/*#++$$(!5$%
0/**/=!a'##$#!+$!('+0/*/$#!L2,+$#!.,2@L$.!/L$$!5$#*+$,'#%
.$#!.$6*#/$$,+!23!)*0/!/$!0/$(($#!+*/!**#!6$/!5$0/*#++$$(!
Z.$5,4'?!3*?$#!)*#[!'0!)2(+**#=!`$#!$$,0/$!+$!5$#*+$,'#.!
L**,'#!$,!.$5,4'?!L2,+/!.$3**?/!)*#!)22,L$/$#0B6*1!+22,!
$$#!/,*#0*B/'$!/$!)$,,'B6/$#!/$,L'8(!3$#!2)$,!)22,L$/$#%
0B6*1!5$0B6'?/!$#!/$#!/L$$+$!+$!5$#*+$,'#.!+*/!$,!21!5*0'0!
)*#!+$!)22,L$/$#0B6*1!.$6*#+$(+!+'$#/!/$!L2,+$#=!T'++$(0!
+$W$!B*((!@2,!$)'+$#B$!L'(!+$!H4,21$0$!]233'00'$!.,**.!
)$,#$3$#!L$(?$!5$#*+$,'#.!+$!)22,?$4,!.$#'$/=!9#!+$!B*((!
@2,!$)'+$#B$!L2,+/!$B6/$,!,$$+0!21.$3$,?/!+*/!$,!**#!6$/!
72@!)*#!R40/'/'$!)*#!+$!H4,21$0$!I$3$$#0B6*11$#!1,$84+'%
B'c($!),*.$#!W'8#!)22,.$($.+!'#W*?$!+$W$!3*/$,'$=X A
P7P*K>:%),'*U&,),*D',E>
:4'3!$$#!8**,!.$($+$#!6$$@/!6$/!72@!)*#!R40/'/'$!)*#!+$!H4%
,21$0$!I$3$$#0B6*11$#!W'B6!2)$,!52)$#0/**#+$!3*/$,'$!
4'/.$(*/$#!'#!+$!,$$+0!$$,+$,!.$#2$3+$!\1$B/2,!J62/2!I,241!
W**?X E !$#!'#!*#/L22,+!21!+$!1,$84+'B'c($!),*.$#!.$0/$(+!+*/!
$$#!1,'3*',$!'#0'+$,!+'$!$$#!/,*#0*B/'$!'#!d#*#B'c($!'#0/,4%
3$#/$#!)$,,'B6/!$#!2)$,!)22,L$/$#0B6*1!5$0B6'?/!+'$!21!+$!
d#*#B'c($!'#0/,43$#/$#!5$/,$??'#.!6$$@/O!.$5,4'?!3**?/!)*#!
)22,L$/$#0B6*1O!2#+$,!)22,5$624+!)*#!6$/!,$B6/!23!+*/!
)$,32$+$#!/$!L$$,($..$#=!-2(.$#0!6$/!72@!624+/!+*/!$B6/$,!
#'$/!'#!+*/!6$/!)$,52+!22?!+**+L$,?$('8?!'0!2)$,/,$+$#=!>*/!
'0!*(($$#!6$/!.$)*(!L*##$$,!$,!'#!0/,'8+!3$/!+$!+2$(0/$(('#.!
)*#!+$!:'B6/('8#!T*,?/3'05,4'?!.$5,4'?!L2,+/!.$3**?/!)*#!
)22,L$/$#0B6*1=!>$W$!+2$(0/$(('#.!5$0/**/!$,!4'/!3*,?/3'0%
5,4'?!/$!5$0/,'8+$#!$#!3$$,!01$B'd$?O!+$!'#/$.,'/$'/!)*#!+$!d%
#*#B'c($!3*,?/$#!/$!5$0B6$,3$#!$#!6$/!)$,.,2/$#!)*#!6$/!
)$,/,24L$#!)*#!5$($..$,0O!L$(?!)$,/,24L$#!2#+$,!3$$,!5$%
,40/!21!+$!L$/$#0B6*1!+*/!5$($..$,0!21!)2$/!)*#!.$('8?6$'+!
3$/!$(?**,!)$,?$,$#!$#!+*/!W'8!W4(($#!L2,+$#!5$0B6$,3+!/$%
.$#!6$/!2#.$22,(22@+$!.$5,4'?!)*#!)22,L$/$#0B6*1O!'#624%
+$#+$!+*/!2#.$,$B6/)**,+'.+!)22,+$$(!4'/!'#@2,3*/'$!L2,+/!
.$6**(+!/$#!?20/$!)*#!+$,+$#!+'$!#'$/!)*#!+$!'#@2,3*/'$!21!
+$!622./$!W'8#=X V !H$#!1,'3*',$!'#0'+$,!?*#!6$/!5$L'80)$,%
32$+$#!+*/!6'8!+$!)22,L$/$#0B6*1!6$$@/!(*/$#!3$$L$.$#!'#!
W'8#!5$0('00'#.01,2B$0!'#W*?$!+$!/,*#0*B/'$!$#!W2+2$#+$!.$%
5,4'?!3**?/!)*#!)22,L$/$#0B6*1!+40!L$$,($..$#O!*(0!'?!+$!
2)$,L$.'#.$#!)*#!6$/!72@!.2$+!5$.,'81=!\(**./!6'8!6'$,!$B6%
/$,!#'$/!'#O!+*#!0/**/!'#!@$'/$!)*0/!+*/!6'8!.$5,4'?!6$$@/!.$%
3**?/!)*#!)22,L$/$#0B6*1=!>$!)$,)2(.),**.!+'$!+*#!21%
?23/O!'0!2@!+$!1,'3*',$!'#0'+$,!.$($/!21!+$!+2$(0/$(('#.!)*#!
+$!:'B6/('8#!.$,$B6/)**,+'.+!2@!2#.$,$B6/)**,+'.+!.$5,4'?!
6$$@/!.$3**?/!)*#!)22,L$/$#0B6*1O!23+*/!*(($$#!'#!+*/!(**/%
0/$!.$)*(!'#!+$!)'0'$!)*#!6$/!72@!+$!)$,52+05$1*('#.!)*#!
6*#+$(!3$/!)22,L$/$#0B6*1!L2,+/!2)$,/,$+$#=!>$!)'0'$!)*#!
6$/!72@!'#W*?$!6$/!5$0/*#++$$(!Z.$5,4'?!3*?$#!)*#[!6$$@/!
'#3'++$(0!W'8#!L$.!'#!+$!<$+$,(*#+0$!,$B6/01,**?!.$)2#%
+$#=!>$!:$B6/5*#?!"30/$,+*3!6$$@/!21!ED!3**,/!ACDC!'#!
+$!U4,'40!W**?!#*3$('8?!)22,!+$!$$,0/$!?$$,!6$/!5$0/*#++$$(!
4'/.$($.+!21!5*0'0!)*#!6$/!*,,$0/!)*#!6$/!72@=X X !7$/!2)$,%
W'B6/!)*#!+$!0433'$,$!62$)$$(6$'+!84,'01,4+$#/'$!L**,'#!
$g1('B'$/!**#+*B6/!**#!6$/!5$0/*#++$$(!Z.$5,4'?!3*?$#!)*#[!
'0!5$0/$$+O!'0!3'++$(0!\1$B/2,!J62/2!I,241!)*0/.$($.+!21!
<,=!DFA!@$5,4*,'!ACDD
b:ACDDeCDeCA='#+5!!!ES
O7*K>:%),'*U&,),*D',E>*!8;:H,,@#
O76*D::8*@,'::9*=:$)?8##::9
"()2,$#0!6$/!72@!/2/!+$!?$,#2)$,L$.'#.$#!?23/O!L2,+/!
)22,21!.$0/$(+!+*/!*,/=!A!('+!D!:'B6/('8#!T*,?/3'05,4'?!$$#!
32,$$(!5$0/*#++$$(!2#/5$$,/!L**,'#!+$!)$,52+$#!5$+2$('#.!
)*#!+$!6*#+$($#+$!1$,022#!/2/!4'/+,4??'#.!L2,+/!.$5,*B6/=XG!
>**,)22,!)2$,/!6$/!72@!/L$$!,$+$#$#!**#=!>$!$$,0/$!,$+$#!
'0!+$!5'8W2#+$,$!**,+!)*#!6*#+$(!3$/!)22,L$/$#0B6*1!L**,%
+22,!$$#!32,$$(!5$0/*#++$$(!?*#!L2,+$#!)$,32$+!W2+,*!$$#!
1,'3*',$!'#0'+$,!2)$,!)22,L$/$#0B6*1!5$0B6'?/!$#!$$#!/,*#0%
*B/'$!'#!d#*#B'c($!'#0/,43$#/$#!)$,,'B6/=!9#!+'/!?*+$,!L'80/!
XC=!
XD=!
XA=!
XE=!
XV=!
XX=!
XG=!
5$01,2?$#!^*3$,0/4??$#!)*#!+$!&$/!T*,?/3'05,4'?!
*(L**,!.$0/$(+!L2,+/!+*/!6$/!5$0/*#++$$(!Z.$5,4'?!3*?$#!
)*#[!#'$/!21!$$#!B*40**(!)$,5*#+!+2$(/!$#!*(L**,!6$/!Z5$%
L40/W'8#0B,'/$,'43[!L2,+/!.$k#/,2+4B$$,+!($'+/!/2/!6$/!'#!+$!
622@+/$?0/!230B6,$)$#!22,+$$(!)*#!6$/!62@O!72@!"30/$,%
+*3!DE!84#'!ACCKO!345!ACCQFDCO!3=#/=!b=!^,'0/$#O!,=2=!E=K=!
-2(.$#0!^,'0/$#!.$$@/!+$!H4,21$0$!]233'00'$!21!L'$#0!
'#'/'*/'$@!6$/!0458$B/'$)$!5$0/*#++$$(!'#!+$!)$,52+05$1*('#.!
'#!+$!:'B6/('8#!T*,?/3'05,4'?!'0!.$0B6,*1/!$B6/$,!*(0!,$+$#!
+*/!1,'3*',$!'#.$L'8+$#!#22+W*?$('8?$,L'80!+*.$('8?0!/2$%
.*#.!6$55$#!/2/!)22,L$/$#0B6*1!$#!W'B6!+*#!22?!5$L40/!
W'8#!)*#!+$!)$,/,24L$('8?$!**,+!)*#!+$!2#/)*#.$#!'#@2,3*%
/'$O!^,'0/$#!ACCVO!1=!GAD!$#!GAA!W'$!22?!+$!#22/!)*#!W'8#!
6*#+!2#+$,!+$!4'/01,**?!*(L**,!6'8!W'B6!?,'/'0B6!210/$(/!/$#!
**#W'$#!)*#!52)$#.$#2$3+$!)'0'$!)*#!6$/!62@=
-.(=!b=!^,'0/$#!'#!W'8#!#22/!2#+$,!72@!"30/$,+*3!DE!84#'!
ACCKO!345!ACCQFDC=
]*((!@2,!$)'+$#B$Y!:$)'$L!2@!>',$B/')$!ACCEFGFH]!2#!
'#0'+$,!+$*('#.!*#+!3*,?$/!3*#'14(*/'2#O!AC!*1,'(!ACCQ=
]*((!@2,!$)'+$#B$Y!:$)'$L!2@!>',$B/')$!ACCEFGFH]!2#!
'#0'+$,!+$*('#.!*#+!3*,?$/!3*#'14(*/'2#O!AC!*1,'(!ACCQO!1=!
DD!$#!DA=
7)R!HI!AE!+$B$35$,!ACCQO!345!ACDCFSCO!3=#/=!T=!<$($%
3*#0=
7)R!HI!AE!+$B$35$,!ACCQO!345!ACDCFSCO!3=#/=!T=!<$($%
3*#0=!l'$!22?!+$!#22/!)*#!>=:=!>22,$#520!'#!4()*!(*O
:(,;!*@A-!ACDCO!#,=!SO!1=!EEA%EEG=
:$B6/5*#?!"30/$,+*3!ED!3**,/!ACDCO!345!ACDCFAEAO!
3=#/=!R=!9/*('*#$,=
7$/!72@!('B6/!+'/!/2$!+22,!$,21!/$!L'8W$#!+*/!*,/=!A!('+!D!
)*#!+$!:'B6/('8#!#'$/!1,$B'0$$,/!2@!+$!1,'3*',$!'#0'+$,!32$/!
6*#+$($#!3$/!01$B4(*/'$)$!5$+2$('#.$#O!3$/!$$#!5$+,'$.%
!"#$%&'!()*+,,'*-./0/1.223*4215
ES
V%A%ACDD!!!DGYDQYXA
HI*0!<:8# '8*(#&'(>#&';-,*F*,)#7D#)*#,*&7*F:,*#DF''-J#**(#0*&!*):,*()*#K7-7!*D7!-',*L
6$/!72@!$,!2#+$,!*#+$,$X S !21!+*/!+$!.$L,**?/$!/,*#0*B/'$!6$/!
,$04(/**/!'0!)*#!$$#!,$$?0!5$0('00'#.$#!L**,5'8!?*#!L2,+$#!
**#.$#23$#!+*/!'#!6$/!.$)*(!+$!1$,022#!+'$!+$!/,*#0*B/'$!
)$,,'B6/!2)$,!)22,L$/$#0B6*1!5$0B6'?/O!+$W$!'#@2,3*/'$!'#!
5$.'#0$(!$$#!,2(!6$$@/!.$01$$(+!'#!W'8#!5$0('00'#.01,2B$0=!7$/!
72@!(**/!6'$,5'8!2)$,'.$#0!'#!6$/!3'++$#!2@!,$$+0!+'/!)$,32$%
+$#!?*#!L2,+$#!L$$,($.+=X K !>$!/L$$+$!,$+$#!L**,23!$$#!
32,$$(!5$0/*#++$$(!?*#!L2,+$#!)$,32$+!5'8!.$('8?/'8+'.6$'+!
/400$#!+$!)22,L$/$#0B6*1!$#!+$!/,*#0*B/'$!?*#!)2(.$#0!6$/!
72@!.$)2#+$#!L2,+$#!'#!6$/!@$'/!+*/!*(($$#!$$#!0(*.)**,+'.!
)$,52+05$($'+!$$#!21/'3*($!.*,*#/'$!'0!)22,!+$!L**,52,.'#.!
)*#!+$!'#/$.,'/$'/!)*#!+$!d#*#B'c($!3*,?/$#!$#!6$/!)$,.,2%
/$#!)*#!6$/!)$,/,24L$#!)*#!5$($..$,0!'#!+$W$!3*,?/$#O!L$(%
?$!**#!+2$(/,$@@$#+6$'+!W24!'#52$/$#!L*##$$,!5'8!$(?$!2)$,%
/,$+'#.!)*#!6$/!)$,52+!$$#!32,$$(!5$0/*#++$$(!5$L$W$#!W24!
32$/$#!L2,+$#=!l2+,*!$,!+*#!22?!**#!+$!3*/$,'c($!5$0/*#+%
+$($#!)*#!6$/!)$,52+!'0!)2(+**#!M($$0Y!'#!6$/!.$)*(!$,!01,*%
?$!'0!)*#!.$('8?/'8+'.6$'+!)*#!)22,L$/$#0B6*1!$#!/,*#0*B/'$NO!
?*#!'#!+$!)'0'$!)*#!6$/!72@!+$!)$,52+$#!5$+2$('#.!)*#!+$!
6*#+$($#+$!'#0'+$,!L2,+$#!)$,32$+=X Q
!
M'N!2)$,L$.'#.!DK!L**,'#!.$0/$(+!L2,+/!+*/!6$/!(24/$,$!@$'/!
+*/!3*,?$/3*?$,0O!'#0/*#/'$0!+'$!*(0!/$.$#1*,/'8!32.$#!21%
/,$+$#!2@!1$,02#$#!+'$!5$)2$.+!W'8#!23!21+,*B6/$#!)*#!+$,%
+$#!4'/!/$!)2$,$#!2)$,!)22,L$/$#0B6*1!5$0B6'??$#!/$,L'8(!
W'8!W'B6!5$1$,?$#!/2/!6$/!($.'/'$3!$#!)2(.$#0!+$!21!6$#!/2$%
1*00$('8?$!,$.$(0!)$,,'B6/$#!)*#!3*,?//,*#0*B/'$0O!21!W'B6W$(@!
#'$/!?*#!L2,+$#!5$0B624L+!*(0!.$5,4'?!3*?$#!)*#!)22,%
L$/$#0B6*1O!21!M''N!2)$,L$.'#.!AQ!L**,'#!.$0/$(+!L2,+/!+*/!
6$/!6$55$#!)*#!/2$.*#.!/2/!)22,L$/$#0B6*1!2)$,!$$#!*#+$%
,$!2#+$,#$3'#.!$#!6$/!**#L$#+$#!$,)*#!'#!6$/!?*+$,!)*#!
$$#!21$#5**,!52+!2@!23!$$#!@40'$!3$/!+$W$!2#+$,#$3'#.!
)22,!/$!0/$(($#O!21!W'B6!#'$/!*(0!6*#+$(!3$/!)22,L$/$#0B6*1!
3*.!L2,+$#!**#.$3$,?/!$#!/$#!0(2//$!21!M'''N!2)$,L$.'#.!
EC!L**,'#!+$!W2.$#**3+$!$gB$1/'$!)*#!+$!$'.$#!)22,L$/$#%
0B6*1!'0!21.$#23$#O!'#624+$#+$!+*/!6$/!@$'/!+*/!$$#!/,*#0%
*B/'$!L2,+/!)22,*@.$.**#!+22,!$$#!+**,/2$!0/,$??$#+!5$0(4'/!
)*#!+$!1$,022#!+'$!+$!/,*#0*B/'$!)$,,'B6/!21!W'B6W$(@!#'$/!*(0!
O7<*W:A!"$+:'@,:#:8
>$W$!2)$,L$.'#.$#!)*#!6$/!72@!($'+$#!$,!/2$!+*/!6$/!'#!1*%
,*.,**@!V=V!5$0B6,$)$#!5$L'80)$,32$+$#!5$/,$??'#.!6$$@/!
21!+$!)$,52+$#!5$+2$('#.!)*#!+$!1,'3*',$!'#0'+$,!+'$!+$!.$%
L,**?/$!/,*#0*B/'$!6$$@/!)$,,'B6/!$#!'#624+/!+*/!+$W$!1$,%
022#!Z.$5,4'?!6$$@/!.$3**?/[!)*#!)22,L$/$#0B6*1=!_3!+'/!
5$L'80)$,32$+$#!/$!?4##$#!L$$,($..$#!+'$#/!$B6/$,!+4'%
+$('8?!/$!W'8#!L*/!.$5,4'?!3*?$#!)*#!)22,L$/$#0B6*1!M($$0Y!
+$!)$,52+$#!5$+2$('#.N!'#!+'/!?*+$,!1,$B'$0!'#624+/=!<**,!
3'8#!3$#'#.!5('#?/!+$!32/')$,'#.!)*#!6$/!72@!21!+'/!14#/!
#'$/!4'/!'#!+4'+$('8?6$'+=!"*##$3$('8?!'0!+*/!+'$#/!/$!L2,%
+$#!**#.$?#221/!5'8!6$/!L$W$#('8?$!?$#3$,?!)*#!6*#+$(!3$/!
)22,L$/$#0B6*1O!+*/!$,!)2(.$#0!6$/!72@!4'/!5$0/**/!+*/!2#%
.$,$B6/)**,+'.+!)22,+$$(!4'/!+$!'#@2,3*/'$!ML$(?$!?L*('%
dB$$,/!*(0!)22,L$/$#0B6*1N!L2,+/!.$6**(+!/$#!#*+$($!)*#!
+$,+$#!+'$!+**,!#'$/!)*#!21!+$!622./$!W'8#=G C !>$!1,'3*',$!'#%
0'+$,!?*#!6$/!5$L'80)$,32$+$#!+40!L$$,($..$#!+22,!**##$%
3$('8?!/$!3*?$#!+*/!6'8!#'$/!+$!'#/$#/'$!6$$@/!.$6*+!3'++$(0!
W'8#!)22,L$/$#0B6*1!2#.$,$B6/)**,+'.+!)22,+$$(!/$!5$6*%
($#!/$#!#*+$($!)*#!*#+$,$!3*,?/1*,/'8$#!+'$!#'$/!)*#!+$!)22,%
L$/$#0B6*1!21!+$!622./$!W'8#=!>'/!W*(!6$/!.$)*(!W'8#!L*#%
#$$,!+$!1,'3*',$!'#0'+$,!B2#/,*',!**#!+$!)22,L$/$#0B6*1!
6$$@/!.$6*#+$(+G D =!>22,+*/!6$/!72@!0/$(/!+*/!6$/!)$,52+!5$%
22./!+$!.$('8?6$'+!)*#!1*,/'8$#!/$!L**,52,.$#O!+22,!/$!)$,%
3'8+$#!+*/!pp#!)*#!+$!B2#/,*B/01*,/'8$#!+'$!2)$,!)22,L$/$#%
0B6*1!5$0B6'?/!6'$,)*#!1,2d/$$,/!/$#!#*+$($!)*#!+$!*#+$,$!
B2#/,*B/01*,/'8$#!+'$!6'$,)*#!#'$/!21!+$!622./$!W'8#O!L2,+/!
$)$#$$#0!**#.$#23$#!+*/!'#0'+$,0!+'$!2)$,!+$W$(@+$!)22,%
L$/$#0B6*1!5$0B6'??$#!2#+$,('#.!),'8!W'8#!/$!6*#+$($#=G A!
a2)$#+'$#O!W2!5('8?/!4'/!6$/!*,,$0/!624+/!6$/!5$L'80)$,32$%
+$#!#'$/!'#!+*/!$(?$!1,'3*',$!'#0'+$,!+'$!$$#!/,*#0*B/'$!)$,%
,'B6/!$#!2)$,!)22,L$/$#0B6*1!5$0B6'?/!22?!+**+L$,?$('8?!
2#+$,!6$/!)$,52+!)*(/=!"(($$#!6$/!.$5,4'?!3*?$#!)*#!)22,%
L$/$#0B6*1!'#!0/,'8+!3$/!+$!+2$(0/$(('#.!)*#!+$!:'B6/('8#!
T*,?/3'05,4'?!($'+/!/2/!$$#!0/,*@5**,!6*#+$($#=!7'$,/2$!?*#!
6$/!)$,$'0/!W'8#!+*/!'#!5$1**(+$!0'/4*/'$0!+$!@$'/$('8?$!230/*#%
+'.6$+$#!.,2#+'.!L2,+$#!2#+$,W2B6/!23!/$!5$22,+$($#!2@!$,!
'#+$,+**+!2#.$,$B6/)**,+'.+!.$5,4'?!'0!.$3**?/!)*#!)22,%
L$/$#0B6*1!L**,+22,!+$!+2$(0/$(('#.!)*#!+$!:'B6/('8#!L2,+/!
2)$,/,$+$#=G E !9#/$,$00*#/!'0!+*/!6$/!72@!'#!+'/!?*+$,!21!$#?$%
($!)22,5$$(+$#!'#!+$!1,$*354($!)*#!+$!:'B6/('8#!T*,?/3'0%
5,4'?!L'80/!)*#!0'/4*/'$0!+'$!21!W'B6!.$$#!Z.$5,4'?!3*?$#!
)*#!)22,L$/$#0B6*1[!32.$#!21($)$,$#=!l2!L'80/!6$/!72@!21!
EK
b:ACDDeCDeCA='#+5!!!EK
XS=!
XK=!
XQ=!
GC=!
GD=!
GA=!
GE=!
('8?!22.3$,?O!21W$//$('8?!2@!4'/!2#*B6/W**36$'+=!7)R!HI!
AE!+$B$35$,!ACCQO!345!ACDCFSCO!3=#/=!T=!<$($3*#0O!,=2=!
ED%EX=
7$/!72@!L'80/!'#!+'/!?*+$,!$)$#$$#0!21!+$!5'8W2#+$,$!
)$,/,24L$#0,$(*/'$!+'$!5$0/**/!/400$#!+$!1,'3*',$!'#0'+$,!
$#!+$!4'/.$)$#+$!'#0/$(('#.!L**,21!+$!)22,L$/$#0B6*1!
5$/,$??'#.!6$$@/O!L$(?$!$$#!5'8W2#+$,$!)$,*#/L22,+$('8?%
6$'+!'31('B$$,/=!_#+*#?0!+*/!+$W$!2)$,L$.'#.!#'$/!.$6$$(!
+4'+$('8?!'0O!L'(!6$/!72@!#**,!3'8#!3$#'#.!6'$,3$$!/2/!
4'/+,4??'#.!5,$#.$#!+*/!+22,!+$!,$(*/'$!+'$!+$W$!'#0'+$,0!
/$#!21W'B6/$!)*#!+$!4'/.$)$#+$!'#0/$(('#.!'##$3$#!+$W$!
'#0'+$,0!.$*B6/!L2,+$#!5$L40/!/$!W'8#!+*/!5$1**(+$!'#@2,%
3*/'$!*(0!)22,L$/$#0B6*1!?L*('dB$$,/O!,=2=!EG=
-.(=!<$($3*#0!'#!W'8#!#22/!2#+$,!6$/!*,,$0/!+'$!+$!),**.!
21L$,1/!2@!$#!62$!+'/!)$,32$+$#!W24!?4##$#!L2,+$#!
L$$,($.+=
7)R!HI!AE!+$B$35$,!ACCQO!345!ACDCFSCO!3=#/=!T=!<$($%
3*#0O!,=2=!EG%EK=
7)R!HI!AE!+$B$35$,!ACCQO!345!ACDCFSCO!3=#/=!T=!<$($%
3*#0O!,=2=!XA=!-.(=!>22,$#520!ACDCO!1=!EEV!2#+$,!V=
-.(=!>22,$#520!ACDCO!1=!EEV!2#+$,!X!$#!1=!EEX!2#+$,!DC=
7)R!HI!AE!+$B$35$,!ACCQO!345!ACDCFSCO!3=#/=!T=!<$($%
3*#0O!,=2=!VK=!7$/!72@!)$,L'80/!6'$,5'8!#**,!+$!I$2,.*?'0!
W**?!M7)R!HI!DC!3$'!ACCSO!345!ACCSFDXGO!3=#/!I=`=R=!
72@@N!L**,'#!6$/!72@!,$$+0!$$,+$,!6*+!.$22,+$$(+!+*/!$,!
.$$#!01,*?$!'0!)*#!.$5,4'?!3*?$#!)*#!)22,L$/$#0B6*1!*(0!
*(($!3$+$B2#/,*B/*#/$#!2)$,!+$W$(@+$!'#@2,3*/'$!5$0B6'?%
?$#!$#!W'8!+40!21!)2$/!)*#!.$('8?6$'+!3$/!$(?**,!0/**#!
L**,+22,!.$$#!)*#!+$!B2#/,*B/*#/$#!)22,+$$(!?*#!5$6*($#!
4'/!+$!'#@2,3*/'$=!>22,$#520!ACDCO!1=!EEV!$#!EEX!2#+$,!S=
7)R!HI!AE!+$B$35$,!ACCQO!345!ACDCFSCO!3=#/=!T=!<$($%
3*#0O!,=2=!VX%XX=!H$#!)22,5$$(+!6'$,)*#!)2,3/!+$!,$$+0!
$$,+$,!'#!+$!622@+/$?0/!.$#2$3+$!4'/01,**?!)*#!+$!:$B6/%
5*#?!"30/$,+*3!)*#!ED!3**,/!ACDC!*(L**,!21!.,2#+!)*#!
+$!230/*#+'.6$+$#!)*#!6$/!.$)*(!M'#/$,#$!21$#6$'+!2)$,!
+$!)22,.$#23$#!/,*#0*B/'$0O!@*',!32/'$@O!6*#+$($#!'#!$'.$#!
#**3!$#!3$(+'#.!5'8!"bTN!L$,+!.$22,+$$(+!+*/!)$,+*B6/$!
!"#$%&'!()*+,,'*-./0/1.223*4215
<,=!DFA!@$5,4*,'!ACDD
V%A%ACDD!!!DGYDQYXE
!
HI*0!<:8# '8*(#&'(>#&';-,*F*,)#7D#)*#,*&7*F:,*#DF''-J#**(#0*&!*):,*()*#K7-7!*D7!-',*L
3'05,4'?!)*#!)22,L$/$#0B6*1!3*.!L2,+$#!**#.$3$,?/=G V!
&*##$$,!52)$#0/**#+$!'#!2.$#0B624L!L2,+/!.$#23$#!?*#!
.$0/$(+!L2,+$#!+*/!6$/!72@!$$#!,$B6/)**,+'.$,!)$,52+05$1*%
('#.!)22,!2.$#!6$$@/!+*#!)22,6$$#!6$/!.$)*(!L*0=!>$!.$($%
)$,+$!?,'/'$?$#!+*/!23!)$,L*B6/$!5$L'801,25($3$#!/$!)22,%
?23$#!6*#+$('#.$#!'#!6$/!)$,($+$#!2#+$,!6$/!5$,$'?!)*#!
+$!<$+$,(*#+0$!)$,52+05$1*('#.!W'8#!.$5,*B6/!L**,!)*#4'/!
$/6'0B6!22.14#/!#'$/!)$$(!21!**#!/$!3$,?$#!L*0!5$62,$#!5'8!
+$W$!4'/($.!+*#!22?!/2/!6$/!)$,($+$#=G X
GV=!
O7C* ,:>?$$!8;$+'?;:8
72$L$(!21!6$/!$$,0/$!22.!52)$#0/**#+$!2)$,L$.'#.$#!)2(%
+2$#+$!+4'+$('8?!('8?$#O!'0!+*/!5'8!#*+$,!'#W'$#!/2B6!#'$/!.$%
6$$(!6$/!.$)*(=!"*#.$W'$#!+$!4'/01,**?!)*#!6$/!72@!1,'3*',!
5$/,$??'#.!('8?/!/$!6$55$#!21!+$!1,'3*',$!'#0'+$,O!+2$3/!#*%
3$('8?!+$!),**.!21!2@!+$!2)$,L$.'#.$#!22?!?4##$#!L2,%
+$#!/2$.$1*0/!21!0$B4#+*',$!'#0'+$,0!**#.$W'$#!'#!+$!)22,!
6$#!.$(+$#+$!)$,52+05$1*('#.!L$(!)$,L$W$#!L2,+/!#**,!$$#!
32,$$(!5$0/*#++$$(O!'#624+$#+$!+*/!W'8!32$/$#!L$/$#!2@!,$%
+$('8?$,L'80!32$/$#!)$,32$+$#!+*/!+$!'#@2,3*/'$!L**,2)$,!
W'8!5$0B6'??$#!*(0!)22,L$/$#0B6*1!?L*('dB$$,/=!9#!6$/!.$%
)*(!\1$B/2,!J62/2!I,241!#'$/!)*#!2)$,$$#?230/'.$!/2$1*0%
0'#.!'0!21!$$#!0$B4#+*',$!'#0'+$,!W24!/$,!W*?$!)*#!6$/!5$L'80!
+*/!+$W$!'#0'+$,!.$5,4'?!6$$@/!.$3**?/!)*#!)22,L$/$#0B6*1!
$)$#/4$$(!/$,4..$.,$1$#!+'$#$#!/$!L2,+$#!21!+$!4'/($.!+'$!
6$/!72@!"30/$,+*3!'#W*?$!-$$,!J*(/6$!-2s/$G G !**#!+'/!5$%
0/*#++$$(!6$$@/!.$.$)$#=!>*/!W24!$B6/$,!+$!B2#0$o4$#/'$!
6$55$#!+*/!+$!0$B4#+*',$!'#0'+$,!.$5,4'?!3**?/!)*#!)22,L$%
/$#0B6*1!L*##$$,!5$L$W$#!L2,+/!+*/!6'8!+$!/,*#0*B/'$!6$$@/!
)$,,'B6/!/$,L'8(!6'8!21!+*/!323$#/!2)$,!)22,L$/$#0B6*1!5$%
0B6'?/$n!L**,5'8!*(($$#!$$#!5$,2$1!21!$$#!0B64(+4'/0(4'/'#.0%
.,2#+O!$$#!L$//$('8?!2@!5'8!"T)a!.$.$)$#!4'/W2#+$,'#.!?*#!
)22,?23$#!+*/!.$('8?/'8+'.6$'+!/400$#!+$!.$L,**?/$!/,*#0%
*B/'$!$#!6$/!5$0B6'??$#!2)$,!)22,L$/$#0B6*1!/2/!)2(+2$#+$!
5$L'80!'#W*?$!6$/!5$0/*#++$$(!Z.$5,4'?!3*?$#!)*#[!$#!'#!6$/!
)$,($#.+$!6'$,)*#O!6*#+$(!3$/!)22,L$/$#0B6*1O!($'+/=G S !_1!
5*0'0!)*#!+$W$!4'/01,**?!2#/5,$$?/!6$/!+$!'#0'+$,!**#!+$!32%
.$('8?6$'+!6$/!5$L'80)$,32$+$#!/$!L$$,($..$#!+22,!/$!0/$(%
($#!+*/!6'8!#'$/!+$!'#/$#/'$!6$$@/!.$6*+!23!.$5,4'?!/$!3*%
?$#!)*#!W'8#!)22,L$/$#0B6*1!$#!'#!6$/!)$,($#.+$!6'$,)*#!+*/!
6'8!#'$/!'#!0/,'8+!3$/!+$!+2$(0/$(('#.!)*#!+$!:'B6/('8#!T*,?/%
3'05,4'?!6$$@/!.$6*#+$(+=!&**,!+$!4'/($.!+'$!\1$B/2,!J62%
/2!I,241!**#!6$/!5$0/*#++$$(!.$$@/!+$W$!32.$('8?6$'+!L$(!
5'$+/O!W24!$$#!1,'3*',$!'#0'+$,!'#!+$W$!0'/4*/'$!*(+40!),'8%
4'/!.**#!$#!W24!$$#!0$B4#+*',$!'#0'+$,!/$#!**#W'$#!)*#!$g*B/!
+$W$(@+$!6*#+$('#.!L2,+$#!.$0/,*@/=!>*/!?*#!#**,!3'8#!3$%
#'#.!#'$/!+$!5$+2$('#.!W'8#!L**,+22,!'?!$,#**,!#$'.!22?!/$#!
**#W'$#!)*#!0$B4#+*',$!'#0'+$,0!+$!4'/($.!/$!6*#/$,$#!+'$!
6$/!72@!**#!6$/!5$0/*#++$$(!Z.$5,4'?!3*?$#!)*#[!6$$@/!.$%
.$)$#!$#!+$!4'/01,**?!)*#!6$/!72@!"30/$,+*3!'#W*?$!-$$,!
J*(/6$!-2s/$!21!+'/!14#/!*(0!/$!5$1$,?/!/$!?$#0B6$/0$#=G K!
>$W$!21)*//'#.!('8?/!22?!)22,/!/$!)(2$'$#!4'/!/L$$!)2##'00$#!
)*#!+$!:$B6/5*#?!"30/$,+*3!)*#!E!#2)$35$,!ACDC!'#W*%
?$!I,2(0B6=G Q !>**,'#!0/$(+$!+$!,$B6/5*#?!*(($,$$,0/!)*0/!+*/!
+$!'#@2,3*/'$!L**,!+$!)$,+*B6/$#!/$#!/'8+$!)*#!+$!.$L,**?%
/$!/,*#0*B/'$0!2)$,!5$0B6'?/$#!*(0!)22,L$/$#0B6*1!?L*('d%
B$$,+$=!^'8?$#+!#**,!+$!230/*#+'.6$+$#!L**,2#+$,!+$!.$%
L,**?/$!/,*#0*B/'$0!L*,$#!5$.**#O!?L*3!W'8!)$,)2(.$#0!/2/!
6$/!L$$,($.5*,$!)$,32$+$#!+*/!+$!)22,L$/$#0B6*1!+$!)$,%
+*B6/$#!/2/!+$!/,*#0*B/'$0!6*+!+2$#!5$0(4'/$#=!>22,$#520!5$%
/'/$(/!+$W$!L$,?L'8W$!)*#!+$!,$B6/5*#?!'#!W'8#!#22/!2#+$,!
5$'+$!4'/01,*?$#!*(0!$$#!L$,?L'8W$!+'$!0/$,?!.$k#01',$$,+!
('8?/!21!\1$B/2,!J62/2!I,241O!6$/.$$#!)2(.$#0!6$3!#'$/!)*#%
W$(@01,$?$#+!'0!**#.$W'$#!+$!)2##'00$#!'#!?L$0/'$!5$/,$?%
<,=!DFA!@$5,4*,'!ACDD
b:ACDDeCDeCA='#+5!!!EQ
GX=!
GG=!
GS=!
GK=!
#'$/!+$!'#/$#/'$!6$$@/!.$6*+!.$5,4'?!/$!3*?$#!)*#!)22,L$%
/$#0B6*1!$#!L$,+!),'8.$01,2?$#O!:$B6/5*#?!"30/$,+*3!ED!
3**,/!ACDCO!345!ACDCFAEAO!3=#/=!R=!9/*('*#$,!MU4,'40N=
7)R!HI!AE!+$B$35$,!ACCQO!345!ACDCFSCO!3=#/=!T=!
<$($3*#0O!,=2=!XG%GC=!\*'((*#/!+$/*'(!'0!+$!213$,?'#.!)*#!
6$/!72@!/$,W*?$!)*#!+$!$gB$1/'$!)*#!+$!$'.$#!)22,L$/$#%
0B6*1!W2*(0!21.$#23$#!'#!2)$,L$.'#.!ECO!'#624+$#+$!+*/!
*(0!6$/.$$#!+*/!'#!+$W$!2)$,L$.'#.!'0!21.$#23$#!*#+$,0!
W24!W'8#O!*,/=!A!('+!D!)*#!+$!:'B6/('8#!T*,?/3'05,4'?!$,/2$!
W24!?4##$#!($'+$#!+*/!+$!1$,022#!+'$!5$0('0/!$$#!21$#%
5**,!2)$,#*3$52+!4'/!/$!5,$#.$#O!L2,+/!)$,52+$#!+$W$!
5$0('00'#.!4'/!/$!)2$,$#O!23+*/!W'8!)22,L$/$#0B6*1!)2,3/=!
7'$,4'/!)2(./!#**,!3'8#!3$#'#.!+*/!6$/!'#!+$!2)$,L$.'#.!
.$#2$3+$!5$0(4'/!*(0!W'8#+$!+$!$'.$#!)22,L$/$#0B6*1O!
?L*('dB$$,/!*(0!)22,L$/$#0B6*1=!>'/!+,4'0/!$B6/$,!'#!/$.$#!
+$!)'0'$!)*#!+$!<$+$,(*#+0$!L$/.$)$,!'#!+$W$O!**#.$W'$#!
'#!+$!L$/0.$0B6'$+$#'0!3$$,+$,$!**#?#21'#.014#/$#!W'8#!
/$!)'#+$#!+'$!$,21!L'8W$#!+*/!+$!L$/.$)$,!+$!3$#'#.!'0!
/2$.$+**#!+*/!$'.$#!)22,L$/$#0B6*1!.$$#!)22,L$/$#0B6*1!
'#!+$!W'#!)*#!+$!L$/!'0=!l'$!6'()*F:(,*(#M!+=+=!ED!8*#4*,'!
DQKQO!1=!DS%GSX!/$#!/'8+$!)*#!+$!'#)2$,'#.!)*#!*,/=!EEG*!\,!
$#!B' *!;-<88*(#MM!DQQSFQKO!AX!CQXO!#,=!KO!1=!V!$#!K!/$#!
/'8+$!)*#!+$!'#/,2+4B/'$!)*#!6$/!/'1)$,52+!$#!+$!3$(+'#.0%
1('B6/!'#!+$!&/$[QX=!-.(=!/$#!**#W'$#!)*#!+$!L$/0.$0B6'$%
+$#'0!>=:=!>22,$#520O!Z7*#+$(!3$/!)22,L$/$#0B6*1!'#!+$!
B2#/$g/!)*#!21$#5*,$!5'$+'#.$#[O!'#Y!T=J=!<'$4L$!&$3$!
M,$+=NO!6'()07*8#4D*(0'!*#R:*):(,*(O!\$,'$!_#+$,#$3'#.!
$#!:$B6/!+$$(!VGO!>$)$#/$,Y!^(4L$,!ACCKO!1=!KSK%KKC!
+'$!2)$,'.$#0!$)$#$$#0!)*#!3$#'#.!('8?/!/$!W'8#!+*/!$'.$#!
)22,L$/$#0B6*1!)22,L$/$#0B6*1!'#!+$!W'#!)*#!+$!L$/!'0!
$#!:=T=9=!P*31O!ZH'.$#!)22,L$/$#0B6*1!$#!**#)$,L*#/$!
?L$0/'$0[O!4()*!(* :(,;!*@A-!ACCKO!#,=!VO!1=!DXE!$#!
)2$/#22/!DC=!7$/!22,+$$(!)*#!+$!L$/.$)$,!'0!+22,!+$!72.$!
:**+!'#!6$/!]*,+'2!]2#/,2(!*,,$0/!2)$,.$#23$#!2#+$,!
)$,L'8W'#.!#**,!+$!W284'0/!.$#2$3+$!L$/0.$0B6'$+$#'0O!
72.$!:**+!G!@$5,4*,'!ACCSO!345!ACCSFSEO!3=#/=!R=!]2,/6*(0!
$#!R=!9/*('*#$,=!>$!),**.!2@!$'.$#!)22,L$/$#0B6*1!*(!+*#!
#'$/!?L*('dB$$,/!*(0!)22,L$/$#0B6*1!'0!)*#!5$(*#.!23+*/!
'#!6$/!.$)*(!$'.$#!)22,L$/$#0B6*1!.$$#!)22,L$/$#0B6*1!'#!
+$!W'#!)*#!+$!L$/!'0O!#'$/!*(($$#!6$/!)$,52+!21!6*#+$(!3$/!
)22,L$/$#0B6*1O!3**,!22?!6$/!/'1)$,52+!$#!+$!21$#5**,%
3*?'#.01('B6/!#'$/!)*#!/2$1*00'#.!W'8#=
-.(=!'#W*?$!+$!.$($)$,+$!?,'/'$?$#!T=\=!I,2$#64'80$#O!
Z",/=!ED*!&$/!`2$W'B6/!H@@$B/$#)$,?$$,[O!'#Y!"="=!b,*#?$#!
$#!"=T=!)*#!&2$#0$(!M,$+=NO!1*(#!'!:-*:-*(8'0:(*-Q#4D&'FO
F*()*#0*D'F:(,*(#:(#)*#;-!'KC*-,*&:(,=!<'83$.$#Y!",0!
"$o4'!P'5,'!DQQEO!1=!ES!$#!3$$,!'#+',$B/!I=R=T=!
]2,0/$#0OH>$!0/,*@5**,0/$(('#.!)*#!3'05,4'?!)*#!)22,L$%
/$#0B6*1[O!'#Y!9:;0!<:8#&'(#&77!C*-*(;@A'D#M"B/'23*!
a4#+$(NO!>$)$#/$,Y!^(4L$,!DQKQO!1=!AS!$#!AK=
72@!"30/$,+*3!DE!84#'!ACCKO!345!ACCQFDCO!3=#/=!b=!^,'0%
/$#=
l'$!)2,'.$!)2$/#22/=
-.(=!72@@!ACDCO!1=!SAV!*(L**,!6'8!0/$(/!+*/!$$#!0$B4#+*',$!
'#0'+$,!W'B6!?*#!5$+'$#$#!)*#!6$/!**#!6$/!*,,$0/!)*#!6$/!
72@!2#/($$#+$!)$,L$$,!+*/!.$$#!.$5,4'?!)*#!)22,L$/$#%
0B6*1!'0!.$3**?/!'#!0/,'8+!3$/!+$!+2$(0/$(('#.!)*#!+$!:'B6/%
('8#!T*,?/3'05,4'?!*(0!6$/!5$L'80!)22,6*#+$#!'0!+*/!+$!
0$B4#+*',$!'#0'+$,!L'0/!2@!,$+$('8?$,L'80!32$0/!)$,32$+$#!
+*/!6'8!2)$,!)22,L$/$#0B6*1!5$0B6'?/$!$#!T=>=!I2,'00$#!
$#!:=T=9=!P*31O!Z7)R!H;!)$,+4'+$('8?/!)$,52+!21!6*#+$(!
3$/!)22,L$/$#0B6*1[O!S:*<C;0!:*K#R*)!:PK;P<!:):;@A*#
R*!:@A-*(!ACDCO!#,=!GO!1=!VE!L$(?$!0/$(($#!+*/!L*##$$,!
5$L$W$#!'0!+*/!+$!0$B4#+*',$!'#0'+$,!L'0/!2@!,$+$('8?$,L'80!
!"#$%&'!()*+,,'*-./0/1.223*4215
EQ
V%A%ACDD!!!DGYDQYXE
HI*0!<:8# '8*(#&'(>#&';-,*F*,)#7D#)*#,*&7*F:,*#DF''-J#**(#0*&!*):,*()*#K7-7!*D7!-',*L
?'#.!6$55$#!21!0$B4#+*',$!'#0'+$,0=!7'8!B2#B(4+$$,/!+*#!22?!
+*/!+$!,$B6/5*#?!('8?/!/$!6$55$#!**#.$#23$#!+*/!W2+,*!$$#!
0$B4#+*',$!'#0'+$,!W'B6!5$L40/!'0!2@!5$622,/!/$!W'8#!.$L$$0/!
+*/!W'8#!'#@2,3*/'$!*(0!)22,L$/$#0B6*1!?L*('dB$$,+$O!6$/!
5$L'80)$,32$+$#!4'/!\1$B/2,!J62/2!I,241!22?!21!+$W$!'#%
0'+$,!?*#!L2,+$#!/2$.$1*0/=S C !_#+*#?0!+*/!6$/!1($'/5**,!'0!
+*/!+$!4'/($.!)*#!6$/!72@!'#W*?$!\1$B/2,!J62/2!I,241!*(0!6$/!
L*,$!L2,+/!+22,.$/,2??$#!#**,!+$!0$B4#+*',$!'#0'+$,O!5('8@/!
+$!/2$(**/5**,6$'+!6'$,)*#!'#!+$!1,*?/'8?!$B6/$,!2#+4'+$('8?!
/2/+*/!6$/!72@!W'B6!6'$,2)$,!6$$@/!4'/.$(*/$#=
H$#!*#+$,!*01$B/!)*#!+$!4'/($.!)*#!6$/!72@!+*/!#'$/!.$%
6$$(!+4'+$('8?!'0!624+/!)$,5*#+!3$/!+$!6'$,52)$#!.$#2$3%
+$!)22,5$$(+$#!'#!+$!1,$*354($!)*#!+$!:'B6/('8#!T*,?/3'0%
5,4'?!L**,#**,!6$/!72@!)$,L'80/=!-22,+*/!6$/!72@!01$B'd$?!
21!+$W$!)22,5$$(+$#!'#.**/O!0/$(/!6$/!72@!+*/!'#!+$W$!)22,%
5$$(+$#!0'/4*/'$0!W'8#!21.$#23$#!+'$!'#!0$!.$$#!.$5,4'?%
3*?'#.!)*#!)22,L$/$#0B6*1!'#!+$!W'#!)*#!+$!H4,21$0$!)$,%
52+05$1*('#.!W24+$#!32.$#!21($)$,$#=!>$!),**.!'0!$B6/$,!
62$)$$(!,4'3/$!+$!1,*?/'8?!.$52+$#!W*(!L2,+$#!23!6'$,)*#!
+**+L$,?$('8?!.$5,4'?!/$!?4##$#!3*?$#=!<'$/!*(($$#!+$!),'8!
21$#!@2,34($,'#.!)*#!6$/!72@!'#624+$#+$!+*/!+$!0'/4*/'$0!:(#
;*!.$$#!.$5,4'?!)*#!)22,L$/$#0B6*1!G7<)*(# 7,*(!21($)$%
,$#!+2$/!+$W$!),**.!21?23$#O!3**,!22?!L*##$$,!.$?$?$#!
L2,+/!#**,!+$!+$05$/,$@@$#+$!0'/4*/'$0!5('8?/!+*/!#'$/!'#!*(($!
.$)*(($#!.$6$$(!+4'+$('8?!'0!L*##$$,!6'$,)*#!01,*?$!'0=!l2!
3*.!+$!0'/4*/'$!W2*(0!5$0B6,$)$#!'#!2)$,L$.'#.!AQO!L**,%
'#!6$/!@$'/!+*/!3$#!/2$.*#.!6$$@/!/2/!)22,L$/$#0B6*1!2)$,!
$$#!*#+$,$!2#+$,#$3'#.!$#!+$W$!)22,L$/$#0B6*1!**#L$#+/!
'#!6$/!?*+$,!)*#!$$#!21$#5**,!52+!2@!23!$$#!@40'$!3$/!+$W$!
2#+$,#$3'#.!)22,!/$!0/$(($#O!7D#G:@A!#'$/!*(0!6*#+$(!3$/!
)22,L$/$#0B6*1!L2,+$#!**#.$3$,?/=!>$!),**.!'0!$B6/$,!L*/!
1,$B'$0!2#+$,!+$W$!0'/4*/'$!.$0B6**,+!?*#!L2,+$#!$#!62$)$$(!
.*,*#/'$!+$!L22,+$#!7D#G:@A!5'$+$#=S D !_#+*#?0!+*/!+$!@2,%
34($,'#.!)*#!6$/!72@!'#W*?$!2)$,L$.'#.!DK!**#!+4'+$('8?%
6$'+!#'$/!)$$(!/$!L$#0$#!2)$,!('8?/!/$!(*/$#O!5$0/**/!6$/!.$)**,!
+*/!+$!<$+$,(*#+0$!W4'#'.6$'+!o4*!'#/$,1,$/*/'$!$,!4'/$'#+$%
('8?!/2$!W*(!($'+$#!+*/!$#?$(!+$!4'/W2#+$,'#.$#!21!6$/!/,*#0%
*B/'$)$,52+!W2*(0!21.$#23$#!'#!*,/=!A!**#6$@!045!+O!$O!.!$#!
6!a$0(4'/!T*,?/3'05,4'?!&@/!/$#!**#W'$#!L**,)*#!+$!L$/.$%
)$,!'#!+$!+$05$/,$@@$#+$!<2/*!)*#!`2$('B6/'#.!0/$(/!+*/!+$W$!
4'/W2#+$,'#.$#!'#!6$/!)$,($#.+$!('..$#!)*#!2)$,L$.'#.!DK!
$#!AQ!'#!+$!1,*?/'8?!+**+L$,?$('8?!+$!)$'('.6$'+!5'$+$#!+'$!
6$/!72@!/$,W*?$!)*#!+$W$!2)$,L$.'#.$#!)22,!2.$#!6$$@/=S A
I7*1,8%9E$!:
<**,!3'8#!22,+$$(!6$,5$,./!+$!4'/($.!)*#!6$/!72@!'#!6$/!
\1$B/2,!J62/2!I,241!*,,$0/!/$#!**#W'$#!)*#!6$/!5$0/*#++$$(!
Z.$5,4'?!3*?$#!)*#[!'#!+$!?$,#!.$#23$#!W2L$(!$$#!120'%
/'$@!*(0!$$#!#$.*/'$@!*01$B/=!>22,!+$!'#/$#/'$!)*#!+$!'#0'+$,!%!
'#624+$#+$!6$/!2#.$,$B6/)**,+'.+!)22,+$$(!4'/!)22,L$/$#%
0B6*1!L'(($#!6*($#!/$#!#*+$($!)*#!+$,+$#!+'$!+**,!#'$/!)*#!
21!+$!622./$!W'8#!%!B$#/,**(!/$!0/$(($#!$#!)22,!2)$,/,$+'#.!
)*#!6$/!)$,52+!21!6*#+$(!3$/!)22,L$/$#0B6*1!$$#!/,*#0*B/'$!
'#!0/,'8+!3$/!+$!+2$(0/$(('#.!)*#!+$!:'B6/('8#!T*,?/3'05,4'?!
/$!$'0$#O!'0!+$!)'0'$!)*#!6$/!72@!,$B6/)**,+'.$,!+*#!)22,6$$#!
'#!+$!<$+$,(*#+0$!1,*?/'8?!6$/!.$)*(!L*0=!:$B6/)**,+'.$,!
L'(!'#!+$W$!$B6/$,!#'$/!W$..$#!+4'+$('8?$,=
-22,!\1$B/2,!J62/2!I,241!.2(+!#*3$('8?!*(0!4'/.*#.014#/!
'#!+$!84,'01,4+$#/'$!+*/!.$('8?/'8+'.6$'+!/400$#!+$!.$L,**?%
/$!/,*#0*B/'$!$#!+$!**#L$W'.$!)22,L$/$#0B6*1!)2(+2$#+$!
L*0!23!/2/!$$#!5$L$W$#)$,?(*,'#.!)*#!6$/!5$0/*#++$$(!Z.$%
5,4'?!3*?$#!)*#[!$#!'#!6$/!)$,($#.+$!6'$,)*#!6$/!)$,52+!
21!6*#+$(!3$/!)22,L$/$#0B6*1!/$!?23$#=!`$#!**#W'$#!)*#!
VC
b:ACDDeCDeCA='#+5!!!VC
!
+$!0$B4#+*',$!'#0'+$,!.2(+!$#!.$(+/!/6*#0!#2.!0/$$+0!+$!$g%
/,*!$'0!+*/!+$W$!/$#!/'8+$!)*#!+$!/,*#0*B/'$!L'0/!2@!5$622,+$!
/$!L$/$#!+*/!W'8#!'#@2,3*/'$!*(0!)22,L$/$#0B6*1!?L*('dB$$,%
+$!23!/2/!$$#!5$L$W$#)$,?(*,'#.!)*#!6$/!)$,52+!21!6*#%
+$(!3$/!)22,L$/$#0B6*1!/$!?23$#=!>$!)$,+*B6/$!?2#!)22,%
#2$3+!5$L'80)$,32$+$#!$#?$(!L$$,($..$#!+22,!W'B6!3$/!
04BB$0!/$!5$,2$1$#!21!$$#!0B64(+4'/0(4'/'#.0.,2#+O!$$#!L$/%
/$('8?$!2@!5'8!"T)a!.$.$)$#!4'/W2#+$,'#.=!&*##$$,!52)$#%
0/**#+!4'/.*#.014#/!)$,.$($?$#!L2,+/!3$/!+$!)'0'$0!)*#!+$!
L$/.$)$,!'#W*?$!6$/!5$0/*#++$$(!0/$3/!+'/!2)$,$$#!3$/!6$/!
.$('8?/'8+'.6$'+0)$,5*#+!W2*(0!+*/!.2(+!/$#!/'8+$!)*#!+$!$$,%
0/$!0/,*@5**,0/$(('#.!)*#!6*#+$(!3$/!)22,L$/$#0B6*1!'#!*,/=!
EEG*!\,=!&*##$$,!$#?$(!.$?$?$#!L2,+/!#**,!+$!+4'+$('8?%
6$'+!)*#!+$W$!/2$1*00'#.!'0!+**,!'#!@$'/$!L$'#'.!W2*(!#'$/0!21!
**#!/$!3$,?$#=!&*##$$,!$B6/$,!.$?$?$#!L2,+/!2@!+$W$!5$#*%
+$,'#.!@*',!'0!'#!+'$!W'#!+*/!6$/!)$,52+!$#?$(!2)$,/,$+$#!L$,+!
*(0!.$6*#+$(+!L*0!'#!0/,'8+!3$/!+$!3'++$(0!6$/!)$,52+!5$%
22.+$!+2$(0/$(('#.$#!$#!'#!6$/!)$,($#.+$!+**,)*#!'#!0/,'8+!
3$/!+$!3'++$(0!+$!:'B6/('8#!T*,?/3'05,4'?!5$22.+$!+2$(%
0/$(('#.$#!'0!+$!5$#*+$,'#.!$B6/$,!3'#+$,!.$(4??'.=!_2?!'#!
6$/!.$)*(!+$!'#0'+$,!B2#/,*',!**#!W'8#!)22,L$/$#0B6*1!6*+!
.$6*#+$(+O!6*+!6'8!.$5,4'?!.$3**?/!)*#!)22,L$/$#0B6*1!$#!
6$/!)$,52+!2)$,/,$+$#=!>**,!?23/!#2.!$$#!*#+$,!*01$B/!5'8=!
-22,!\1$B/2,!J62/2!I,241!01$$(+$!+$!'#/$#/'$!)*#!+$!'#0'%
+$,!.$$#!$#?$($!,2(!23+*/!*#.0/)*(('.!0458$B/'$)$!5$0/*#+%
+$($#!54'/$#!6$/!<$+$,(*#+0$!)$,52+!L$,+$#!.$624+$#=!_2?!
#*!\1$B/2,!J62/2!I,241!2#/5$$,/!6$/!<$+$,(*#+0$!)$,52+!
0458$B/'$)$!5$0/*#++$($#O!3**,!01$$(/!+$!'#/$#/'$!)*#!+$!'#%
0'+$,!+$0*(#'$//$3'#!$$#!.,2/$!,2(=!>22,!+$!'#?($+'#.!)*#!
6$/!5$L'80)$,32$+$#!+22,!6$/!72@!($'+/!.$('8?/'8+'.6$'+!)*#!
)22,L$/$#0B6*1!$#!/,*#0*B/'$!$,!#*3$('8?!/2$!+*/!+$!)$,52%
+$#!5$+2$('#.!)*#!+$!'#0'+$,O!'#624+$#+$!6$/!2#.$,$B6/%
)**,+'.+!)22,+$$(!4'/!)22,L$/$#0B6*1!L'(($#!6*($#!/$#!#*%
+$($!)*#!+$,+$#!+'$!+**,!#'$/!)*#!21!+$!622./$!W'8#O!L2,+/!
)$,32$+!**#L$W'.!/$!W'8#=!>'/!)$,32$+$#!?*#!$B6/$,!+22,!
+$!'#0'+$,!L2,+$#!L$$,($.+!+22,!**##$3$('8?!/$!3*?$#!+*/!
6'8!#'$/!+$!'#/$#/'$!6$$@/!.$6*+!23!3'++$(0!+$!.$L,**?%
/$!/,*#0*B/'$!2#.$,$B6/)**,+'.+!)22,+$$(!/$!5$6*($#=!_2?!
L*##$$,!+$!'#0'+$,!#'$/!'#!0/,'8+!3$/!+$!+2$(0/$(('#.!)*#!+$!
:'B6/('8#!T*,?/3'05,4'?!6$$@/!.$6*#+$(+!'0!6$/!)$,52+!#'$/!
+22,!6$3!2)$,/,$+$#=!l2*(0!,$$+0!.$W$.+!'0!+$!#'$4L$!L$.!
+'$!6$/!72@!'0!'#.$0(*.$#!#**,!3'8#!3$#'#.!+*#!22?!,$B6/%
)**,+'.$,=!>*/!L'(!$B6/$,!.$$#0W'#0!W$..$#!+*/!+$W$!22?!'#!
+$!1,*?/'8?!+4'+$('8?$,!'0=!;'/!1*,*.,**@!X=E!)*#!+$W$!5'8+,*%
.$!)(2$'/!'33$,0!)22,/!+*/!6$/!5'8)22,5$$(+!#'$/!W$?$,!'0!2@!
GQ=!
SC=!
SD=!
SA=!
32$0/!)$,32$+$#!+*/!6'8!2)$,!)22,L$/$#0B6*1!5$0B6'?/$!
6'8!+$!32.$('8?6$'+!32$/!?,'8.$#!23!**##$3$('8?!/$!3*?$#!
+*/!6'8!.$$#!'#5,$4?!6$$@/!.$3**?/!21!+$!5$(*#.$#!+'$!+$!
:'B6/('8#!T*,?/3'05,4'?!5$22./!/$!5$0B6$,3$#=
:$B6/5*#?!"30/$,+*3!E!#2)$35$,!ACDCO!345!ACDCFEXA!
3=#/=!>=:=!>22,$#520!2#+$,!345!ACDCFEXE!$#!345!
ACDCFEXE!3=#/=!>=:=!>22,$#520=
>=:=!>22,$#520!'#!W'8#!#22/!2#+$,!:$B6/5*#?!"30/$,+*3!
E!#2)$35$,!ACDCO!345!ACDCFEXE!/$)$#0!5$62,$#+!5'8!345!
ACDCFEXA!MI,2(0B6N=
-.(=!>22,$#520!ACDCO!1=!EEX!2#+$,!DC=
?-0=!ACCGO!XDCO!1=!AX!$#!AG!M<)`!a$0(4'/!T*,?/3'05,4'?!
&@/N!$#!/$#!**#W'$#!)*#!+$!'#/$,1,$/*/'$!>=:=!>22,$#520!
ACDCO!1=!EEX!*(L**,!6'8!0/$(/!+*/!'#!<$+$,(*#+!$$#!#$'.'#.!
5$01$4,5**,!'0!+$!4'/W2#+$,'#.05$1*('#.$#!21!2#+$,6*)'.!
/$,,$'#!21!+40+*#'.$!L'8W$!'#!/$!1$,?$#!+*/!$,!L$'#'.!)*#!
2)$,!5('8@/=
!"#$%&'!()*+,,'*-./0/1.223*4215
<,=!DFA!@$5,4*,'!ACDD
V%A%ACDD!!!DGYDQYXE
!
HI*0!<:8# '8*(#&'(>#&';-,*F*,)#7D#)*#,*&7*F:,*#DF''-J#**(#0*&!*):,*()*#K7-7!*D7!-',*L
$$#!0$B4#+*',$!'#0'+$,!W'B6!21!+$!#'$4L$!5$#*+$,'#.!?*#!5$%
,2$1$#=!_2?!'0!$,!.$$#!.*,*#/'$!/$!.$)$#!+*/!+$!+22,!6$/!72@!
**#.$6**(+$!2)$,L$.'#.$#!'#!+$!1,$*354($!)*#!+$!:'B6/('8#!
T*,?/3'05,4'?!22?!'#+$,+**+!+$!)$'('.6$'+!5'$+$#!+'$!6$/!
72@!)22,!2.$#!6$$@/O!(**/!0/**#!+*/!'#!*(($!.$)*(($#!+4'+$%
('8?!'0!L*/!1,$B'$0!2#+$,!+'$!01$B'd$?$!0'/4*/'$0!'0!/$!0B6*,$#=!
`$#!0(2//$!W*(!6$/!'#!+$!1,*?/'8?!(*0/'.!W'8#!4'/0(4'/0$(!/$!.$)$#!
2)$,!+$!),**.!2#+$,!L$(?$!230/*#+'.6$+$#!$$#!'#0'+$,!#'$/!
+$!'#/$#/'$!6$$@/!.$6*+!2#.$,$B6/)**,+'.+!.$5,4'?!/$!3*?$#!
)*#!W'8#!)22,L$/$#0B6*1=!"@6*#?$('8?!)*#!+$!)22,?$4,!)22,!
,$B6/)**,+'.6$'+!2@!+4'+$('8?6$'+!W*(!'#!6$/!(**/0/$!.$)*(!6$/!
*#/L22,+!21!+$!),**.!2@!+$!#'$4L$!L$.!+'$!6$/!5$0/*#++$$(!
Z.$5,4'?!3*?$#!)*#[!3'++$(0!\1$B/2,!J62/2!I,241!'0!'#.$%
0(*.$#!*(0!5$),$+'.$#+!)*(/!/$!?$#0B6$/0$#!)*#*@!#4!+*#!22?!
)22,#*3$('8?!*@6*#.$#!)*#!+$!L'8W$!L**,21!+$!/2$W'B6/624%
+$,O!+$!L$/.$)$,!$#!+$!,$B6/01,**?!6'$,!'#!+$!1,*?/'8?!'#)4(%
('#.!**#!.**#!.$)$#=!>$!/'8+!W*(!6$/!($,$#=
<,=!DFA!@$5,4*,'!ACDD
b:ACDDeCDeCA='#+5!!!VD
!"#$%&'!()*+,,'*-./0/1.223*4215
VD
V%A%ACDD!!!DGYDQYXE