Sunteți pe pagina 1din 20




!"#$%&'&()










*#$!+,-#.,/"+01,2!-!,
3/-!4!-&
















5,6!+03,+6!0-



 


!"# $ 











78#+6,94#$6

!"#$%&'()*+,+$-'"#$"./"%01($!(#+#$")"*"#+,(/-230-2$+.+/-$-/"4('$+.'+!-/"-$"5$('(+#(6
&/+!"7&/)0"#$"#-2!3+&2-$0!&27&/)'",+'&/."2-'"82%+,&-/"


















:,",6,;0+#+#0-,;06<5#'#+-,$&=>/$9!-6,$"?65?/$5/$@A


 

>!B+,$9

%&'()*+ 
!%)* ,-" ./&)( 0,-, 


1'1.& -'%)02,-0, !2.& ) 


0$3$45$6$78$9$94:;<=;58;><3$<=8$?$@A:;6;4?:<B;>$C2$@5;A@$<3;@8:$D=$E$<>8A$=F7;D=$
94;GH>AF I$<@!8<:46;@5JK ,@?$@3$6L8:M@$N$%:;4:;8<8$<D3$5>:;ON;$;F&$?A=;3$
BA@>N;4@<:$
148;G<N;;=$O5;P4=4?;>$7;=;8$:<:$<=$9$94:;<=;58A=A;,@9<:84:>:$3;6;=<=;584:;$;7;4:?4=;A=
<5>A@5 <=9<:84:A=A;0;@$G<><:$5$>:$3$A@49$5$@N;<=Q@;584:;$ 
%$:54@<E$7;9;8A:; 3;5>A8<6;=$ Q@:$G$:;;=$9$94:;<=;58;>$
R$5O:$DG;?;=$@8<B;3$=;8<8$<9$94:;$;F7;>$5$Q@8M9O=L>M@3A@9<:$B;=454BA;8L5$<:<>$<
5>:;53;9;@$<N<
R$58;@<8<:A=9$94:;;=4:-$>84:A=D5$9<@8;>F7;=$>84:A=D5$9;48;>F3AOL,96$:84'>4
D)O4:;;=$F9$94:;<=;58A=A;7;3:$O8A:;=$49A=A;3$<5$>4@8:<S;>$ 
T@>$>49O<:8;9$@8<==;8$:<8A:;;>4@B$5;G$Q;;@8:43A>$9O$94:<=;78;C 
1$94:;<=;58;><3$>L=L84:;$,@U$:9$5Q@54N;83$#<:>;5 
1<;$58$9$94:;<=;58A=A@943$=94:<=C!BM:7;8A=:$>=AS;A@;;7;>L3$:$<8<6AA:;=4: 
'VO$:;$@N<3$8$@N;$;-;8$:<8A:<><:>$:<=L 

),2." ./&)( ),#0.#2&)02R' R'#2 2)2'0)&)02'&,-2'!2)1'#2)&


W %&.('2 0)-R !0,&!,-, ),2." ./&)( 01 2,& (.#R)2.)&' 
.@<:<N;A@$5A6;$>8;GLQ@><:$?$@A:;=$6;4?:<B;>A=A;5$Q@8M=@$5>7;5$>496;@L;9O:$G;S;6;=
R$58;@<8<:A=$;X;<N<D49A=A;;584:;$;F7;6;4?:<B;<4<9$@;=4:9L:A@N; 
.@<:<N;A@$@A43$5>:;ON;$.<A84:$B$:;@NL$VO=;>;8L7;4G<=4<:$<A84:$B$:$@N;<=L;9O=;>;8L
!8<:46;@5JK 
R$5O:$D58;=A=F<A846;4?:<B;$; 
D-$E$<>8A$=F$8D=$E$:HG4=AF)4:;58A=A@943G$:6<=;3$<= 
D)5>:;$;584:;<G;$N;;8<=$$58$<;3<4B4:9LF)OA@$4:3;@$Q@3$S4:3;@$<A@A;8;9O:$G4=A8
#458<=?;<A@;8LN;;5$@5A=A; 
04@78;;@N<O$:54@<=;8LN;;D<A54;:3$5<>4A:5$F 
R$5O:$5;@>$:;8<8$<A8$@8;>;8<8$G$:45;9;=;8<8$D0A>M85A@89<;5;@>$:>A<8M83$G;@
;@8$:O:$8<6;=F "<:8P$5 
D-$548O:4E$8YA
;=<3$5$O$;@3:$F %<5><= 1<=<3;<O:$$9;@$@N$;
R4AL9;8A:;O45;6;=$O$@8:A<A846;4?:<B;$#<:>;57;!;5;B 
0<:<>8$:A=8$58<9$@8<:7;O:4B$8;>


 !


'8P4O$$<7;O:454O4?:<B;< 
%L8:A@38$4:;;=$;3$4=4?;;=$5;58$9$=$B;=454B;>$Q@@<:<N;A@$<<A846;4?:<B;>LC 
,@943$=<=?$@A=A;Q@S4:;;943$:@;8LN;;Z%4$S;$7;)3$GL: 
ZX;<N<=A;"$@G$@A840$==;@;5>:;5L3$$=Q@5A7;143$=A=&$@<78$:;; 
&.1)#,-),2." ./&)( 0
.5O$>;$>A:;4<5L7;5AO$:B;>;<=LC)7<>:$3$2P;6<A3$8 
1;P<;=!$6<58;<@ZR$34AL9;;3$<@;
!8;=A=A@A;$5$A:49<@$5>5>:;53$A@D<5;9;=;58FB4:9<8=<7>4<=<A9<@;59A=A;$A:4O$<@
";4?:<B;<@<:<84:A=A;[6;4?:<B;<<A84:A=A;C&49<@A=3$;3$;
X( 0* ,#')D&.1)#,-, I,&#)-F!),)DI,&#)-,-, &.1)#F.0& \+R'
R'#2 2)2'W ,#%)02R')W2'%2)&'
%<:<3;?9$=$A@$;D@<:<N;A@;;@8$:><=<8$F
0$3$45$6$78$A@EA:@<=:49<@3$A@EA:@<=O:4O:;AS;5C,@5;58$93$:$B$:;@N$>49O=;><87;A@
5;58$93$BA@>N;4@<:$O=;@3$<96;?A;8LN; 
143$=$=$D@<:<N;A@;;;@8$:><=<8$FIA:@<=A=3;@:49<@7;:49<@A=3;@EA:@<= 
X&.1)#,-1'1.& 
.):>L<=A;#4$Q@5O<N;A=>4@B$5;A@;;0!8$:$ZT@O:$<E9<:$G4=AN;$;
DX<@;<&LA8A@A5A@8$A]^<9;@G$@8<8>M85$O4<8$3$OAN;@F 
D)A846;4?:<B;$5O;:;8A<=L]^9<:$$O4O$$9$94:;<=;58;>L]^:49<@9$94:;<=;58;>F
2;O4=4?;<A@A;:49<@84=584;<@Q@=A9$<6<5<:<6$<@LDX;S;A@;<6;59<=$F>4@B=;>8A=
9<9LB;A 
";4?:<B;< 7;B;>N;A@$< A@A;8M@L:@<:43@;> 
D.$O4O$$?:<@3;4<5L<;@B$:@A=A;?$4=4?;>]^A@$V8:<4:3;@<:O:4S<84:<=?$4=4?;>A=A;F
/0L=;@$5>A 
.>49$3;$ @$:$A7;8L 3$94:<GA:;
!O<N;A=6;4?:<B;>O:;9<:7;G$:45;9;=;8<8$<B;>N;A@;;9$94:;<=;58;>$ 
X '!',-" ./&)( 0),2." ./&)( 01'1.& )- !2 0),2.%.&2&'2,-
D)#2 1'1.& -'FR'!%&'D'!2 1'FW 1.1'#2'-'Z_) &.2 0'
D%4G$58$5>B<O8$=$7;3$5>:;AO$:54@<EA=><7;>M@3@<:B;G4:6<3$9;@$ 1<=:<AV 
R$5O:$DJ<;:45FD$58;9$F7;<=8$949$@8$O:;G;=$?;<8$Q@O:4S<6;4?:<B;>L 
0M@3A@$G$@;9$@83$G;@$3AOLR;=8P$KD':=$6@;5F 
X 0)&2')X.&" 2+%)02,-0.&R )- 2+* X / -'#2'R. )02.& 
-.0,2.&,-W Z!0& '2.&,-W ,#)-2&' -')-'02.&,-0)&'.&R.#')\+
W R+.!'1# ( 0)* 'R )-./,-, .R #)1 0+ 1%&'X \ " -+)&.-,& -.& 


!


X 1'1.& )-,-,#/'#0)&')1'!2'0+R !0,&!,& -'2&)R * )
&.1`#')!0+
aR !0,&!,-'% !2.-)&,#I,&#)- #2 1 #2'&1 2'#20,,#! #/,&
R'!2 #)2)&%)02,-R'0.#( R'#* )- 2)2'
.5>:;;8A:L>4@B;3$@N;<=L7;8:$;<>84:;;9O=;><N;Q@$<<A84:A=9$5<?$:A=7;D<3:;5<@8A=F
3$58;@<8<:A= 
%4<8$3$G$@;<>$58<=6A9bb;9O:4G;S<844O$:LC 
143$=A=>=<5;>04:$5O4@3$@N<DR;G;@$;9<:>P;S$F1<3<9$3$!HG;?@H><:$3AOLA@$=$
4O;@;;<:B;OA8A8B;A@!8$@3P<=<=$O4>;;5<=$3<>L<:B;?M@3;89<;9A=8R$G;S<$;$58$
D!8:A@$78$N;O<@<F 
X<=4:;=$94:<=$<=$1<:>P;S$;G<=4:;=$5$>4=A=A;5LA4@4<:$<9L5A:<3$5LGM:7;:$<B<;9<7;
>A:<EA=
DT96A=S$<=<7;Q@GL=9L7$<=<F@A;@8:LQ@>43A=5>:;;8A:;;>=<5;>$
0:4@;><A@$;=A9;=<>49$3$?=4:;$ 
a" ./&)( ),#/'#( a)2T#2&. #2'&!'0* 'R' #2'&!'0* R'R !0 %- #'
1'2.R'W !0'#)& &'2.& 0'0+,2)&') R'#2 2+* W R'!0.%'& &')
D %!' 2+* F0& 2 0)" ./&)( 0+W 0&')2.&,-' !) #2'"',X'" ./&)( )
0& 2 0+ 
";4?:<B;<4G;>8;9L$:A3;8L<>:;8;>;;58:A>8A:<=$)3G$:5<:A==A;"<:8P$514@5;$A:%;><:35$
Q@84<:>$
143$=$=$6;4?:<B;$;3AOLR1<3H=H@<8
&$5A:$>N;<943$:@L7;O458943$9L0:;S<O5;P4=4?;$;7;<$O;58$94=4?;$;:<N;4@<=;58$
0M8$G<:$B=$>N;;5A9<:$3$5O:$A@?$@><:$;@A@3L<S;O;<N<=;8$:<:L 
a D0,#.)W2'&')" ./&)( ' %.'2,-, '!2' #,2 -+F %),-X)-c&d 
1.#! ',&2'!2'0)R'T#%)&)R.a0`#RR'X #' #'X 2)" -+%&."-'1)
" ./&)( 0+C 
0$9L;@8$:$5$<SL;A6;:;=$=A;&<>;@$C 
%$:54@<=;8<8$<49A=A;$V8$:;4:7;D-$14;OA:FR;@@4A%<A=X<=H:K
a " ./&)( )W 0& 2 0)" ./&)( 0+R ##.,!) #2'"',X' D.1,-
" ./&)( 0F%.)2'( ,#!," '02 #2'&'!)#2%'#2&,D',-%&.(,#RF)&2)
%.&2&'2,-, R'0`2'('-,& %.)2'( )0')!2+D0+,2)&'.#2.-./ 0+F
)-) #X )-) 0)&''!2'" ./&)( )C 
0:;8;><6;4?:<B;>L0<SA=!<;@8$"$AG$@A;Q@>L3$B;@;8;G>=<5<8 
";4?:<B;<><DO:4;$>83$:$>4@58;8A;:$?=46<=L<B;;@N$;F&$84:;><<O4=4?;$;8;@3$5L3$G;@L4
:$84:;>L<G$:45;9;=;8LN;; 


! 


!4=AN;;O458943$:@$";4?:<B;<DG;$N;=4:9;@A5>A=$F 
a R.!)&,-R''a !2'#*+%)&)- 2'&)2,&)R #!%)* ,-" ./&)( 0,-, 
a X1'1.& )- W2 
,#&.1)# #R &'02-))1 #2 & -'0.-.#'-,-, -+0,!2')#, 
1'1.& -'-, 0.#!2)#2 #R 1 2& ')& 0'!0, 
/& /.&'R%.- \,Z1'1.& -',#, 1.&2X ,&'X.-,* ,#')R'-)
%-. 'W2 T#R.,+ %.!2)\'
1.&)-)Z.1,-, T#X #!%)#) 2 !2&)2 
1'1.& )- !2 0))0)R'1 0+)-'a)#R&,-)%'R)2,)#R&' &+R,-'!0,

92+#$&/+!/&):2'-4&#!&%-82&!$&)6/+" 
92)-/";(/+#$!-/")+-$"/&/+1-$!&.+'0/+-<+-*&'"#!"23- 2*/"+=0*('"#!(
1'1.& -'-, 0.#!2)#2 #X &/ -/U'.&/U ,
e,#0 #!2 2.&)-- 1" &.1`#'/)"& '-*'%'-')
,#1'1.& )- !20)&'#,W  ,"'W2'!'0.-,-W #,!' ,"'W2'# 0 %'! #'
W'&")#0 .0,-'!0,
.X \ ,#')/,-)/,-, &.1`#'!02'.U)&1 U)R)W 
1'1.& )-R'%,W0+& ',#1)&2.&)-)0,\+& 0)&'!'I,!2 ( 0+)#R&' 
W'&",-'!0, 
1'1.& !),I,&#)-'C%'2&'%)#R&'),#!% & 2"./.1 - 0T#!.* 2R',#
!) #2I,!2W R',#R.#I,)#.-2')# 
Z1$94:;;=$9<@3<:;@A=A;G<=<P 
,@94:<=;584=8$<@7;$A:4O$<@
!4@9<Q8:$fO$@5$: 
,@=4><=;58=A9;@<8,@9<@3<:;@E$:8B$=@;>Z0:A?A=9<@3<:;@A=A;
X4=AO8LN;=$8:AOA=A;7;9$=<@>4=;;=$5O;:;8A=A;Z2A9A=3$;G4:;A
,@584;>:A:<=C%:$=$?$:;=$3$=<);A3Z!4<:$=$9$=<@>4=;$; 
R$5O:$<B<@;5$<=L7;<BA:;5;:$ 
!B<8A:;O$@8:A:A6$3$@;;04@8:<PA=;?<@;59A=A;3$3:$<O8<7;<PA=;?<@;59A=A;3$58M@?<
Z#4<O8$<X<=<P;$; 
D',!,#2/&'0F 
D!'0.-,-0.)#' - \ 0)F
Z )* ".)&('-'W 1 W0+1)& )#)1)& #.)#).&-') 
,#-,#/!'\.#T# #('&#1'1.& -' .)#' "'& #R' 







Z =@
K<<A>A@$>4@58<@8$$V;58<@>$@;3$@48:$g8:$@;3$>$=A;3$546E$85]^;=@$5$O$A8
H8<6=;::;$@3$>$:8<;@3$=
A@f=
<A8:$
'()=7&*) 

Z-$548O:4E$8YA
;=<3$5$O$;@3:$
C7%>7?

Z";4?:<B;;=$ ><:$ 9$:? 3$ =< GM:58< 3$ >;@>; <@; =< GM:58< 3$ >;@>;S$>; 3$ <@; 5A@8 B<=5$
$=$9$@8$ <=$ $VO$:;$@N$; 9$=$ >?  2$+)")&/++'" :$BASL >A O:$9$3;8<:$ 6;4?:<B;< '=$ @A 5$
5O:;E;@L O$ A@ EA:@<= 5<A O$ @48$ X4:6;@3 3$ B<>84:;; 3$>;5;G; <; $VO$:;$@N$; 9$=$ :$?L5$5> A@
O$:54@<E7;A@@A9L:3$B:<?9$@8$3$;584:;$%4G$58$5>B<O8$=$7;3$5>:;AO$:54@<EA=><7;>M@3@<:
B;G4:6<3$9;@$
7):DE'7?D7@F

Z0$ YA$ E
H>:;5 3$ 94; @
$@ $58 E<9<;5 =$ 3$:@;$: 94; O=A5 E$ 5A;5 D5;@>h:$F O=A5 E$ 5A;5
;@8$:O:$8<6=$
D(?7):G7D=H %




CD I7JK

0<:8$< 3$ B<NL B<>$ O<:8$ 3;@8:A@ >;>=A 8$9<8;> 82$&-/!"/"- -($&/('(+   @+!3+(2"-
;(/2-'('(+ +2$+) i    7; 3<>L Q@><=> OAN;@ B:4@8;$:< 3;@8:$ 8$4:;< =;8$:<8A:;; 7; B;>N;A@$<
3;<:;58;>L<7OA8$<>;8<Q@<>$<58L4:3;@$3$O:$4>AOL:;7;A+).('$/0+/++$+).(')0/$(/+#+/++  
7;B7+*-/"-/"$&/+!++C(/2-',"/)-2  0A9<99L:8A:;5;83$9<;9A=8$4:;;3$$<3$<5>:;$
3$5O:$ <>$58$ ?$@A:; @$494=4?<8$ EA:@<=A= ;@8;9 9$94:;; <A846;4?:<B;<  9;< G$@;8 N;@M@3 $A
Q@5A9; A@ EA:@<= %$ 9L5A:L >$ @48<9 S;=@;> Q@ ><;$8$=$ 9$=$ 9;<9 OA5 O:46=$9< <>$58$;
943<=;8LN; =;8$:<:$ O$ ><:$ >:;8;>< :49M@$<5>L @< <>>$O8<84 9A=8L G:$9$ 7; Q@ >M8$G< ><SA:; /
0L=;@$5>A3$O;=3L @<<>>$O8<843$=4>";SA;@3A9LO$5>:;$:;=$8$4:$8;>$3$:$B$:;@NL3;@<>$58
349$@;A 7; O$ 4O$:$=$ 3;<:;58;>$ i 58:L;@$ 7; :49M@$ i >A@45>A8$ <9 Q@>$:><8 5L 34G$3$5> >L
$V;58L4B;>N;A@$;@>;O;$@8LQ@EA:@<=A=;@8;9 45>:;$:$><:$:$5O;@?$3$=;6$:<8>4@G$@N;;=$=;8$:<8A:; 
7;<>4=4A@3$@$<78$O8L99<;OAN;@<G$95A:O:;S<3$<3$5>4O$:;4G$:;8<6;=L=;8$:<8A:L
B!/++$(/- +2$+)0 <:$ <9 G4;8 5L <:L8 >=<AS$=$ O<:8;>A=<:;8LN;=$ O$ 5>A:8 .&"$+!- $; ><:$ 5$
:$G$@3;>L3;@8:4@4N;A@$@$5;?A:L5O4@8<@$;8<8$<D&"$+!-#.&2$-2"+$03++<7<3<:><:$O4<8$<3A>$
4 5>:;$:$ @$=;8$:<:L Q@ 5O<N;A= 9<:;; =;8$:<8A:; 1<; 9A=8 3$>M8 <8M8 5$ O4<8$ 5A658;8A; 7; Q@ A=8;9L
;@58<@NLA@EA:@<=;@8;9i54>48;84O$:L3$9M@<<34A<iO4<8$5L;<=4>A=4O$:$=4:3$B;>N;A@$
S;5$$V$9O=<:$1L?M@3$5>=<:49<@$=$=A;/;3$3;@>$Q@>$9<;OAN;@>;8;8$=<Q@>$OA8A=<>$58A;
5$>4= T@ 5>P;96 EA:@<=A= =A; ;@8;9 $58$ Q@ >4@8;@A<:$ >;8;8 >4@5A=8<8 >49$@8<8 . :L58A:@<:$
5O$>8<>A=4<5L#A;A@;>L.O$:<3$B;>N;A@$<=A;R:;$A=<&4>P$==$$58$<S;>49O=$8A;8<8L34<:
EA:@<=A=;@8;9iOA6=;><8>AA@3$>$@;AQ@A:9Li9<;8:$S$78$;@8$:$51L8$9>L<>$=<7;=A>:A5$
Q@8M9O=L5<A5$G<Q@8M9O=<>A5>:;$:;=$=;8$:<:$<=$>$=$6:$;Z-<!<:8:$A5$!;94@$3$"$<AG4;:
W; >P;<: Q@ ><SA= 9A=8 9<; >49O=$V <= =A; I$<@%<A= !<:8:$ ;$:<:P;;=$ <A Q@>$OA8 5L 5$ 943;B;>$
E(%+2$"'"=A;<A9<;9<:$5A>>$53$>M8O;$5$=$3$8$<8:AW;$V$9O=$=$O48>4@8;@A<C(/2-'('=A;
1;P<;=!$6<58;<@$58$9<;>;8;83$?$@$:<N;;=$9<;@4;3$>M8:49<@$=$7;8$<8:A=5LA 4@R!M:6A<
OL8:A@5 :$?$78$ Q@ =;8$:<8A:L @A O:;@ :49<@$=$ 5<=$ >; O:;@ C(/2-'(' (2(+ ;(/2-'+#$ 70/0 ;(/2-' 7;
>4:$5O4@3$@N<=A;$V>$ON;4@<=L#$<78$<O8L7;<=8$5A:O:;S$5A@8<654=A85;?A:
0<:8$< >$ A:9$<SL >4@8;@AL <>$<58L 9$3;8<N;$ >:;8;>L 7; <3A>$ @4; 34G$S; 3;@ 5B$:<
9$94:;;=4:<A846;4?:<B;;=4:$5$A=A;<A846;4?:<B;>7;<6;4?:<B;$;O:4O:;AS;5$'<<B4585>:;5LQ@
8;9O A@9;>$5$A 3$5O:$ F$/0%(/+'" =A;!<;@8$"$AG$$58$3;@ <=8A=3$5O:$9$94:;<=;58A=
W$:6<@ 0;4>A=$5>A  $58$ 3;@  ;<: >$= ><:$ 3$5>P;3$ B.-3+(' 6+&,/-7+!('(+ < B458 OA6=;><8 Q@
 5$9@ >L 8$9< A:9L:$78$ O$ >:;8;>A= =;8$:<: ;<: >:;8;>A= Q@>$<:>L <>A9 5L; 3$< 4 3$B;@;N;$
8$4:$8;>L 7;=<4:;?;@;A@$=$><O;84=$5A@8>:4@;>;3$Q@8M9O;@<:$5<A9;>;$5$A:;Q@9<:?;@$<A@4:
5>:;$:;>4@B$5;G$ 34>A9$@8<:$ OA6=;><8$Q@<@;;
7;9<;<=$5Q@<@;;
A")-!/+$+!('(+ 8$9<
6;4?:<B;>A=A;  8:$>$ <O:4<O$ BL:L G4;@N< =A; 3$ =< A@ >49$@8<:;A =< <=8A= 0;8;@3 <>A9 =< :M@3





<>$58$ O<?;@; <@<=;8;>$ 9;<9 3<8 5$<9< >L 4:; 3$ >M8$ 4:; 9L <O:4O;<9 3 <>$58 8;O 3$ =;8$:<8A:L
5A6;$>8;GL ;@8;9L 34>A9$@8<:L  :$<OL:$<A Q@8:$6L:;=$ 9$=$ G$>P; 3$5O:$ 3;54>;$:$< BL>A8L 3$
%:4A587;:$=A<8L3$X<=H:K7;3$<=N;$58$8;>;$@;3;@5$>4=A=<=aa=$<O:;G;84<:$=<"('6+&,/-7+!7;
"(' ./&7(2* 0A9 OA8$9 5L =$ 5$O<:L9 7; =< 3:$O8 G4:6;@3 >M8 3$ G;@4G<8 $58$ !<;@8$"$AG$ 3$
B<O8A= >L Q@ >49$@8<:;;=$ =A; 3$ =A@; B<>$ A@ O4:8:$8 <= 49A=A; ><:$ 5>:;$C #A 9$:;8L 4<:$ "('
6+&,/-7+!<3;>L49A=8:;9;5=<O=;96<:$5L@$;@8$:$5L93$54<:8<=A;C
W;<O4;>;@$5>:;$)")&/++'"-($&6+&,/-7++'"<>A;4O$:L$58$4O$:<@4@B;>8;GL4O$:<3$
>4@B$5;A@$<"('(+./&7(2* $A=OA: 5<A<3$8$58<6;=A=A;"(6+&,/-7+!+ <8L;@8$:4?<N;;=$O$><:$9;
=$<9OA57;9;=$OA@Q@>LO$9L5A:L>$>;8$5>i7;8:$6A;$5L5OA@>L>;8$5>>A9<:$;@8$:$57;>A
4 ;:$O:$5;6;=L O=L>$:$ i Q@5$9@L:;=$ ;@8;9$ 0M8L =;8$:<8A:L $V;58L Q@ $=$ 7; 9<; <=$5 3$ >$ =<5
3$4O<:8$:49<@A=G4=A9;@45O$><:$9;=<4B$:;8A@>4@B:<8$>$=$6:A7;9L<OA>5L>;8$5>>A9<:$
5<8;5B<>N;$9L:8A:;5;:;=$EA:@<=$=$64?49;=;>A=A;%$8:$%<@3:$<C
0M@3 5>:;A <>$58$ :M@3A:; >4@58<8 >L @A 5A@8 5;@?A:A= >:;8;> <:$ Q@>$<:>L 5L :$<3A>L Q@
3;5>AN;$6+2&)('=A;%:4A587;B<8<=5L5$Q@8:$6$3<>L@A5$B<>$848A7;49<:$;@EA58;N;$=A;!<;@8$
"$AG$,@ <:8;>4= :$>$@8 3;@8:A@ 5LO8L9M@<=B:<@>$SO$><:$Q=<95A64>P;Q@>$O$>AO:4O4S;N;<
A:9L84<:$G$#+D/&(#$-%-+$H$H+2;(#$"I'A<7:$B4:9A=<<58B$=Q@8:$6<:$<7;3<>L!<;@8$"$AG$
i><:$G4;<5LB;$ZA@@<8A:<=;58O$>M9OA=G<58<=5O;:;8A=A;i$58$Q@3:$O8LN;85L@A=;@?@4:$O$
49A= ><:$ 5>:;$C R$ >$ 5L B;$ 54>48;8 A@ OL><8 3$ 94<:8$ ;@8$:$5A= =A; O$@8:A 6;4?:<B;$ 7; O$@8:A
O4:8:$8A=94:<=<=49A=A;O$><:$Q=Q@8M=@$<E4;Q@5<=4@A=A@$;9<:;34<9@$O<:;S;$@$7;Q;>49$@8<
4O$:<Q@B4;=$84@A=3$=A@;C
#A5$OA@$>:$3O:46=$9<5L@$Q@84<:>$9=<>:;8;><6;4?:<B;>L7;5LQ@>$:>L95L$VO=;>L9
4O$:<=;8$:<:LO:;@;@>;3$@N$=$G;$N;;5>:;;84:A=A;.$:4<:$O$><:$3$<=8B$=!<;@8$"$AG$@<BL>A8
4)>AS<N;<=A;%:4A58@A5$G$:;B;>L;@8$?:<=!$:;3;>LQ@5L<=8L>P$58;A@$3;@<>$58>49O=;><8345<:
345<:A=>:$<84:A=A;8:;9;5Q@$V;= >$5$Q@8M9O=L>M@3$=BL:L5L5$?M@3$<5>LO:$<9A=8=<"('.(/
7;=<"('6+&,/-7+!5$<OA>L5L5>:;$3$5O:$$=Q@5A7;7;3$5O:$=A9$<O:;@><:$<8:$>A8C0A>$>:;8$:;;
EA3$>L9 <5$9$@$< 5>:;$:; 7; >;@$ $58$ Q@ B4@3 <A84:A= ><:$ 5$ <5>A@3$ Q@ <>$58$ >4@B$5;A@;C G('
./&7(2* 5<A "(' 6+&,/-7+!+ #A >A9G< 9$94:;;=$ $5$A:;=$ 6;4?:<B;>$ <A846;4?:<B;;=$ >< <8<:$
:$O:$S;@8L4:$G<@7L<<A84:A=A;$=;9;@<83;@$>A<N;$CW;>P;<:3<>L@A$58$4:$G<@7L>A9EA3$>L9
=A>:A:;=$<8A@>;>M@3"('6+&,/-7+!3$G;@$>:4@;><:A="('(+./&7(2*C0;@$$58$Q@<>$58><S<A84:A=
7;>;@$$58$>:$<84:A=Q@5$@5A=3<83$%:4A58<>$584:@4N;A@;C
<8L3<:Q@8:$6L:;=$=<><:$Q@>$<:>L5L:L5OA@3L><:8$<3$B<NL#A5OA@>L<9?L5;8:L5OA@5
=< 84<8$ <>$58$ ;@8$:4?<N;; !OA@ 34<: O:$=AM@3 4 O:4O4S;N;$ < =A; 1<=:<AV >L A@$4:; $58$ 9<;
;9O4:8<@8 943A= Q@ ><:$ OA; Q@8:$6<:$< 3$>M8 :L5OA@5A= O$ ><:$ Q= 3<; 0$= OAN;@ Q@8:A@ 3;5>A:5
>:;8;>
*"!")6/+"






%A6=;> Q@8:4 @4AL $3;N;$ 5$@5;6;= <9O=;B;><8L G4=A9A= J"2(/+'" 6+&,/-7+!('(+ <OL:A8 Q@
 !A@8 O$58$  O<?;@; @4; 3$5O:$ >$$< >$ >:;8;>< 9<; G$>P$ @A9$< '+$"/-$(/- #(6+"!$+%0 7;
3$5O:$ 8$4:;;=$ ><:$ >;:>A=L <S; Q@ =$?L8A:L >A <>$58 349$@;A ;?@4:<8 9A=8L G:$9$ #;>; <>A9
8$4:$8;>;$@;; =;8$:<8A:;; @A 5$ <:<8L O:$< 9A=8 ;@8$:$5<N; 3$ O<:<3;?9$=$ 6;4?:<B;59A=A; 3$7;
6;4?:<B;59A=><<8<:$<B458:$>P$9<843<8L>A)A84:A=Q@5O<N;A==;8$:<8A:;;(<O8>A:;45O$@8:A>L
Q@<>$58:L58;9O6;4?:<B;;=$<A846;4?:<B;;=$EA:@<=$=$;@8;9$>L:N;=$3$9$94:;;$8><A;@G<3<8OA:
7;5;9O=AO;<N<=;8$:<:L,@8M@L:>$:>$8L84:Q9;5$9@<=$<SLB<O8A=>L=<6;6=;48$><A@$;,@;G$:5;8LN;
2$P@;>$ 3;@ 58<8A= X;:?;@;< $:<A Q@:$?;58:<8$ Q@ B$6:A<:;$  EA:@<=$ 3$ <A84: 3;@8:$ ><:$
OA6=;><8$Q@A=8;9A=8;9O 7;@A9<;O<8:A5<A>;@>;58A3;;8$4:$8;>$3$5O:$<>$58?$@@4@B;>N;4@<=
R;@8:4OA6=;><N;$B:<@>$SL Z-;:$ 3$3A>>LQ@<@;;
$:<A><98:$;9;=;4<@$ :$O$8$/"+)+'+&-2" 
3$ B:<@>$S; ><:$ N;@$<A A@ EA:@<= ;@8;9 5<A Q7; 5>:;<A 9$94:;;=$ 7; <A846;4?:<B;;=$ @B4:9<N;< $58$
3<8L 3$ 4 <54>;<N;$ O:4B$5;4@<=L )% )% )  )54>;<8;4@ O4A: =
<A846;4?:<OP;$ $8 =$ O<8:;94;@$
<A846;4?:<OP;YA$ >44:34@<8L3$A@5O$>;<=;58Q@349$@;A@A<=8A=3$>M8%P;=;OO$-$E$A@$<A84:A=
D-!$('(+ -($&6+&,/-7+! 7; <= G4=A9A=A; C" "#$ (2 ($/" >;8<8$ Q@ 9<; 9A=8$ :M@3A:; Q@ G4=A9A= 3$
B<NL 2:$; 9;=;4<@$ :$O:$S;@8L 4 >;B:L B<6A=4<5L ;@>:$3;6;=L )A84:A= <9;@8;8 9<; 5A5 N;@$ 5L
O:$>;S$S$>L@A8:$6A;$5L@$<78$O8L95L$V;58$8:$;9;=;4<@$3$)9;$=5<A3$/4@>4A:8Q@(:<@N<
$V;58L34<:9A=N;4<9$@;O$58$<@; ><:$Q7;@48$<SLQ@><:@$8$9<;9A=85<A9<;OAN;@5$>:$8$
?M@3A:;=$7;;9O:$5;;=$=4:0P;<:3<>LB4<:8$OAN;@;3;@8:$$;<EA@?5L7;OA6=;>$Q@5$9@L:;=$;@8;9$
B$@49$@A=$58$3$=A<8Q@5$<9L
#A78;A>A958<A:49M@;;=<<>$58OA@>8O$@8:A>L@;9$@;@<Q@>$:><8OM@L<>A95LB<>L4
<@>P$8L O$ <>$<58L 8$9L 0$ 78;A $58$ >L 3AOL  <A <OL:A8 9A=8$ 5>:;$:; 3;<:;58;>$ 7;
9$94:;<=;58;>$7;3<>L465$:G6;@$@A9L:A==4:$58$Q@>:$78$:$!$9@>A9<95>:;5<=8L3<8L>L
5A6;$>8;G;8<8$<:49M@$<5>L9A=8LG:$9$8;94:<8L>$@SA:<8L<A84>$@SA:<8L>4@B;5><8L ><93$
<@; 5$$=;6$:$<SL3$>49O=$V$)9>;8;8Q@A=8;9;;<@;9A=8$5>:;$:;3$<>$58B$= A@$=$:L9<5$OM@L
<>A9Q@<:P;G$=$OA6=;>$5<AO:;G<8$ 7;O$>M8$G<3;@8:$$=$=$>49$@8$SQ@><:8$<>$A:9$<SL)9
>LA8<884843<8L5L>49O=$8$S7;5L@A<@N$S:$B=$>N;;=$>:;8;>$9<;G$>P;O:;G;84<:$=<<>$58$?$@A:;
B;>N;4@<=$7;@4@B;>N;4@<=$><:$5$Q@8M=@$5>5$<9$58$>L7;5$3$5O<:8Q@5O<N;A=<?=49$:<87;B4<:8$
3;@<9;><=6;4?:<B;>A=A;)7<5$$VO=;>L<O<:;N;<A@4:><O;84=$@4;>A9<:B;<>$=<3$5O:$=&)-2('
;(/2-' 5<A Q@5$9@L:;=$ 3$5O:$ ($&6+&,/-7+" K+&,/-7+" 7; E/+$+!- 6+&,/-7+!0 3$5O:$ L+#!(/#('
".+#$&'-/ E-/$"- %&/6+$0 5<A D-/-'+$"/-$(/- *+2 #.-3+(' 6+&,/-7+!('(+ $8> )9 ;@>=A5 Q@ 5A9<:A=
G4=A9A=A; O:$S$@8 7; 3;<=4?A:;=$ O$ ><:$ =$<9 <GA8 >A >MN;G< <@; Q@ A:9L >A !$:?$ (<A>P$:$<A
O:4B$54: 3$ =;8$:<8A:L >49O<:<8L 7; :$OA8<8 >:;8;> =;8$:<: B:<@>$S 7; 3$ >A:M@3 >A A@ 8M@L: >:;8;>
:49M@ )@3:$; 2$:;<@ 3$5O:$ O:4G4>L:;=$ 7; 58:A>8A:;=$ 6;4?:<B;59A=A; Q@ =;8$:<8A:L T@ B;@$ B;;@3
G4:6< 3$ 6;4?:<B;$ <A846;4?:<B;$ O4:8:$8 EA:@<= ;@8;9 *+#!(/# .(6'+! 7; *+#!(/# $-!+$(/2 @<9





OA8A84>4=;A@<=88;O3$3;5>A:56;4?:<B;>A@3;5>A:5><:$<B$>8$<SLQ@?:<39<V;97;Q@B4:9$>M85$
O4<8$ 3$ 3:<9<8;>$ G;<N< 49A=A; ><:$ 5>:;$ 7; =;8$:<8A:< =A; 0A9 5L= @A9;9C T@<;@8$ 3$ < ?L5; 4
B4:9A=LO48:;G;8L<958A3;<8>A<8$@N;$A@><S8:<?;>Z0<SA=0<:<;4@04@3<9@<8=<9A@>L5;=@;>L
O$G;<NLO$@8:A>A=O$;9<?;@<:$O4$8A=0<:<;4@<<>>$O8<8Q@3;5O$:<:$3$><ASL5L>4=<64:$S$>A
84:N;4@<:;;5L;)3$G$@;8<=8B$=S;5A@>4=<64:<84:S$=45<=5$>A:;8LN;;0A9OA8$9$VO=;><<>$58><S
Q@>L43<8L8:<?;>C S6LG$78$Q@<>$58$>;:>A958<@N$O4$S;<O$49A=><:$O$@8:A<7;5<=G<G;<N<
<>>$O8L 4 5$:G;8A8$ ;@<>>$O8<6;=LC <8L >$ Q@>$:> 5L <@<=;S$S Q@ 2"5- 58A3;A=A; 9$A ";4?:<B;<
>:$<84:A=A; ><:$ 8:L;$78$ Q@8:A@ 5;58$9 848<=;8<: >A@4<78$ A@$4:; <5$9$@$< $VO$:;$@N$ %$@8:A $=
=<6;:;@8A=8:$>$O:;@;@B$:@
)-+

'!




%C7J&@?G&(*D7I&>@?@&

(<@8<59<<A84:A=A;8A=6A:LQ@A=8;9<G:$9$5O;:;8A=>:;8;>RAOL>$<B4589A=88;9O$V;=<8
3;@8$V8 ><9A@5$>4= 7;3AOL>$Q@<@;;
;5$<@A@N<5$3$>$5A=<A84:A=:$G;@$5A64B4:9L5<A
<=8<Q@<8$@N;<>:;8;>;;=;8$:<:$)9>;8;89<;9A=8$<:8;>4=$O$8$9<6+&,/-7+!('(+7;<9OA8A8>4@58<8<
>L@;>;>P;<:8$4:$8;>;$@;;=;8$:<8A:;;<>$;<><:$3L3$<A><5;?A:L3;5O<:;N;<<A84:A=A;3$O$>4O$:8L
;3$@8;B;><8 >A B<;945A= ZOL:;@8$ ><58:<84: <= =A; (:$A3 @A 5A@8 <S; ;@3;B$:$@N; B<NL 3$ 54<:8<
O$:54@<EA=A; 8:;9;5 =< O=;96<:$ )9 5$9@<=<8 >A <=8 O:;=$E Q@>$:><:$< =A; /H:<:3 /$@$88$ 3$ <
EA58;B;><Q@M&('*+#!(/#-#(./-.&%"#$+/++O:$S$@N<5>:;;84:A=A;7;:<O4:8A:;=$5<=$>A3;5>A:5A=$O;>
%P;=;OO$ -$E$A@$ < OA6=;><8 :$>$@8 4 ><:8$ 4&+ -(###+ '3;8;4@5 !$A;=   Q@ ><:$ >;8$<SL 4
>A:;4<5L 9L:8A:;5;:$ < =A; X<=H:K 0A:;4<5L O$@8:A >L X<=H:K $58$ 5$ 78;$ <3G$:5<:A= >A >$< 9<;
9<:$ <A84:;8<8$ Q@ $58$8;>< 3;@ G$<>A= @458:A  <= 6;4?:<B;$; < G4:6;8 Q@ <8M8$< :M@3A:; 34<: 3$
O$:B$>8<$;;@A8;=;8<8$R<:;<8L>$5OA@$$=Q@8:4>4@B$:;@NLOA6=;>LZ1L5>AS>L9LO:$S;@8<58B$=
Q@ B<N< 3A9@$<G4<58:L >4@5;3$: Q@5L >L $58$ 9<; 3$ B4=45 >< 49A= 5L O4G$58$<5>L >$$< >$ ; 5$
Q@8M9O=L >$$< >$ Q@>$<:>L  3$>M8 5L 5;9A=$S$ 4 >A@4<78$:$ ;@3$O$@3$@8L 3$ 4:;>$ O$:54<@L 7;
465$:G<N;$ BL:L 465$:G<84: M( "5+#$0 $"&/+" !-/" #0 2( 7+" (2 7/-,)"2$ -'"# !( ,/+;0 *+2$/&
-2()+$0-($&6+&,/-7+" 5@ 
#A>A@478$<98:$6A;$545OA@<>$58$O:4O4S;N;;7;>;8;@3A=$=$<9OA5Q@=$?L8A:L>A4
465$:G<N;$ 9<; G$>P$ < =A; #;$8S5>P$ O:;G;84<:$ < 4:;?;@$< 5;58$9$=4: B;=454B;>$ Z.:;>$ 9<:$
B;=454B;$<B458OM@L <S; >4@B$5;A@$< <A84:A=A;5LA7;G4;85<A@$G4;8>4@58;8A;$9$94:;;=$5<=$
R<>L Q@ 4:;>$ 8$4:;$ $58$ ;9O=;><8L B:<?9$@8<: $ 3:$O8 3<: $58$ ;9O=;><8L  7; 6;4?:<B;< <A84:A=A;
><:$ B4:9A=$<SL 8$4:;< 7; 3<>L $ <3$GL:<8 >L 9<:;; B;=454B; @A B<> 3$>M8 5L7; 5>:;$ 9$94:;;=$
Q@8:$6<:$<<=<:9<@8LO$@8:A5O;:;8A=>:;8;>$>;@$O4<8$B;<>$58"(!-/"%/"-#07+"-'$('7;3<>L@A
$58$><SA=><5$@5A=>A@45>A8$;O:4O4S;N;;<=A;&;96<A35LB;$:L58A:@<80:;8;><943$:@L<>LA8<85L
3$8$:9;@$ 3$ 9A=8$ 3$>$@;; O$ -'$(' Q@ "(' ><:$ $@A@NL $ 8;9OA= 5L ><A8$ <>A9 "(' ><:$ 5$
3$?P;S$<SL Q@ -'$(' ;9O=;><N;< 7/-,)"2$('(+ -($&6+&,/-7+! 3$ ><:$ G4:6$78$ X<=H:K Q@ 58:A>8A:<
8$4:;$; ,@$=$ >49$@8<:;; 9$:? Q@ <>$<58L 3;:$>N;$ >$=$ 9<; 9A=8$ :$;<A Q@5L 8$9< 6;4?:<B;>A=A;
;@3$O$@3$@83$:$=<N;<$;>A8$9<>:$<N;$;&$G;58<D&H$+N("<3$3;><8A@@A9L: 5$O8$96:;$ 
>$=A; 3;@ A:9L <5O$>8 3AOL >$ 9<; Q@<;@8$ $V<9;@<5$ B4:9$=$ 7; O4$8;>< EA:@<=A=A; ;@8;9 A@ <=8
9433$<G4:6;3$<A84:7;3$8$9<$V;58$@N$;5<=$ #48<=4:>49A@L$58$O:$S$@N<<65$@N<<A84:A=A;
3;@ 8$V8 7; Q@8:4 <>>$ON;$ 9<; =<:?L ;@8$:$5A= O$@8:A #.-3+(' 6+&,/-7+! Q@ =;8$:<8A:< 3;@ A=8;9$=$
5$>4=$I$<@0=<A3$ "4@@$8 465$:GL @-2$-#)-#!/++$&/('(+ >L;@8$@N;<3$<=;>P;3<43<8LO$@8:A
8483$<A@< 8$9< <A84:A=A; < $7A<8 Z#A @A9<; >L $< 5$ :$Q@84<:>$ ]Q@ <@<=;S< >:;8;>L^ 3AOL >$ 9<;
9A=N; <@; < B458 OA5L =< ;@3$V 3<: 7; O$@8:A >L $< @< Q@>$8<8 5L B;$ O:$S$@8L 5A6 <=8$ B4:9$ 7;





3$?P;S<8L Q@ ;@8$:4?<N;; @4; !$ 78;$ <S; >L <A84:A= $58$ >:$<N;< 4O$:$; 5<=$ 7; 84843<8L >:$<N;<
@A9$:4<5$=4:3;5>A:5A:;><:$Q@54N$5>4O$:<465$:GL$5$;58A=
(<O8A= $58$ ;@>4@8$58<6;= < G4:6; 848 8;9OA= 3$Z94<:8$< <A84:A=A; 3$ Z3;5O<:;N;< 4:;>L:$;
G4>;<4:;>L:$;4:;?;@;:$O:$S;@8L<=89433$<5A6=;@;<O:$S$@N<<A84:A=A;Q@8$V80:;8;>A=><:$5$
4658;@$<SL 5L 34G$3$<5>L <65$@N< <A84:A=A; ;@8:L Q@8:A@ ;@$G;8<6;= O<:<34V 3L 4 B4:9L 7; A@
>4@N;@A8 B<@849$; O$ ><:$ G:$< 54 <=A@?$ &$SA=8<8A= $58$ <=8A= 3$>M8 >$= <78$O8<8 I$<@0=<A3$
"4@@$8 7; <=N;; G4:6$5> <>A9 O$ B<NL 7; Q@ <=N; 8$:9$@; 3$ <>$<58L B<@8<59L ><:$ @A 5< =L5<8
$=;9;@<8L'V;58L48$9L<<A84:A=A;Q@=;8$:<8A:L7;$V;58L4=;8$:<8A:L<$V;58$@N$;<A84:A=A; EA:@<=$
9$94:;;6;4?:<B;;<A846;4?:<B;;$=4?;;=$<3A5$4<9$@;=4:;=A78:;3;<=4?A:;;@8$:G;A:; 0A9<:<8L
$< >$ O4$8;>L BA@>N;4@$<SL Q@ ;@8$:;4:A= <>$584: 3;5>A:5A:; ><:$ ;?@4:L 3;5>A:5A= 4O$:$; 7; 5$
>4@58;8A;$ Q@ B<O8 Q@ <B<:< 4O$:$;C (<@8<59< <A84:A=A; 34G$3$78$ $5$;58A= >;8<8 < <OL:A8 O$ =<
9;E=4>A=5$>4=A=A;<=aX =$<7;848<8A@>;5<;9OA5$>A<N;<Z49A=7;4O$:<O$><:$<3$B;@;84
3;@OA@>83$G$3$:$>:;8;>9<;8M:S;A!<;@8$"$AG$.9A=3$=;8$:$><OL8LO4@3$:$Q@G;<N<54>;<=L
7;O$:54@<=;8<8$<=A;$58$<3$5$<46;$>83$G$@$:<N;$R
)=$96$:8$58$Q@8:;58<8>L14@8$5YA;$A@<
<>>$O8<85LB;$O;>8<83$/$4:?$53$ <24A:O$@8:A<=L5<O458$:;8LN;;O4:8:$8A=49A=A;;=A58:A><:$<
5>:;5B.+/+$(''",+'&/R;3$:48<:<8L49<:$>A:;4S;8<8$O$@8:AZG;<N<O:;G<8L<4<9$@;=4:O$><:$Q;
<39;:LZ-4>A==4:3$@<78$:$$3A><N;<=4:><:<>8$:A=3<8<4O$:$=4:O:;9;:$<O$><:$<A<GA84Q@
8;9OQ@>=;@<N;;=$ ?A58A:;=$ >;@58;8$ 5<A @$>;@58;8$O:;$8$@;;=$ B<@8$S;;=$]^B4:9<=4: $V8$:;4<:L
8:L5L8A:;=$B$N$;848>$$<>$5$:$B$:L=<$;<8:<?$<8$@N;<O458$:;8LN;;#$O=<>$5LG;S;8L9=4>A;@N$=$
=4:8:L;94$94N;$3$=;><8L=<A96:<A@A;<:64:$5A6><:$$;5<A43;P@;8<9G:$<5L;G$3$97;5L
>4@G$:5L9>AQ@N$=$ON;;<=$>L:4:4O$:$<A5O4:;8OA8$:$<G;:8AN;;7;8$S<A:$=$<3$GL:A=A;
I$<@0=<A3$ "4@@$8 >;8$<SL <>$58B:<?9$@8 3$A@3$Q=:$O:43A>7;$A O$@8:A<34G$3;>$
;9O4:8<@NL><OL8L6;4?:<B;<>:$<84:A=A;Q@5$>4=A=B;=454B;=4:7;>$8;O3$=;8$:<8A:L<;@5O;:<8$<.
=;8$:<8A:LOA8$9 5OA@$ Q@ ><:$ 49A= G<=4:$<SL848<8M8>M84O$:<;<:Q@ <65$@N<4O$:$;49A= $58$
EA3$><8 3AOL 9L5A:< B<O8$=4: 5<=$ G'&,+(' 3$G;@$ A@ 8;O 3$ 3;5>A:5 >$ O4<8$ B; 3$8$:9;@<8 .
><:<>8$:;58;>L<=A;$58$O:$NA;:$<$58$8;>L<G;$N;; <3$58;@A=A;;@3;G;3A<= .G;<NLO4<8$B;B:A94<5L
Q@ 5;@$5$9@;B;><8;GL $V$9O=<:L ;=A58:L7;Q@O:$<E9<$;8:L;$5><>$78;)-/$&/+><:$5$3$>;35L
G4:6$<5>L!>:;;84:A=$58$3AOL4G4:6LO:$=A<8L9<;8M:S;A3$"<=S<>(2+2#$+$($&/-'&-)"2+'&/
O$@8:A >L 4<9$@;; @<A @$G4;$ 3$ 3<5>L=; >< 5L 5$ Q@34;<5>L '= O4<8$ ;9OA@$ A@ 943$= 3$
$V;58$@NL>P;<:<8A@>;>M@3Q7;:$BASL ><SA==A;&4A55$<A 3:$O8A=3$<B;A:9<8



!$>4=A=<=a a=$<3$SG4=8L<>$585$@8;9$@8<=O:$$9;@$@N$;>:$<84:A=A;Q@>M8"<=S<>O4<8$
5>:;$Q@Q@O:$B<N<=<E&)"*+-()-20
Z-$?$<5>:;;84:A=A;>$$<>$Q=;@58;8A;$><<8<:$Q=B<>$





$?<= 7; O4<8$ 5AO$:;4: 49A=A; 3$ 58<8 $58$ =A<:$< <@A9;84: 3$>;S;; O:;G;@3 =A>:A:;=$ 49$@$78; A@
3$G48<9$@8<654=A8B<NL3$O:;@>;O;;!A@8$9Q@5$>4=A=:49<@8;>;=4:7;8$9<?$@;A=A;465$3$<SL
>P;<: 7; 5O;:;8$=$ :$<=;58$ 0$ 5$ <5>A@3$ 5A6 <>$<58L 5AO$:6;$ < >:$<84:A=A; >:$5>A8 Q@ 9;8A= =A;
#<O4=$4@$58$4O:46=$9LO$><:$43$5>4O$:L>:;8;><3;@5$>4=A=<=
aa=$< &$=<N;< 3;@8:$ G;<NL 7; 4O$:L @A $58$ 8483$<A@< <:94@;4<5L 7; Q@ B<N< B4;; <=6$
>:$<84:A= @A 5$ 9<; <:<8L <8M8 3$ 4:?4=;45 -AL9 ><SA= =A; "<=S<> ><:$ <G$< 46;>$;A= 5L 5OA@L >L
;584:;<G;$N;;=A;$58$;584:;<4O$:$=4:5<=$,@3$G48<9$@8<654=A85<:OA8$<5OA@$B<NL3$>:$<N;$
0A:8;A56;4?:<BA==A;"<=S<><:<8LQ@5L>$3$S<>4:3OA8$:@;>$V;58LQ@8:$8$@8<N;;=$G;$N;;7;>$:;@N$=$
;9OA5$3$$=<64:<:$< 4O$:$; A@ 3$S<>4:3 Z@$5OA53$3A:$:457;9;58A;84:"<=S<>49A=$58$ZA@
9<:8;:<=4O$:$;5<=$
<8L 3<: >L 4 G;<NL ;=A58:L <5>A@3$ A@ >P;@ ;@5AO4:8<6;= >L 4O$:< >$=$6:L 5$ :;3;>L O$
O:;G<N;A@; ;@8;9$ 3$ ><:$ 5>:;;84:A= =4: G:$< 5L 5><O$ !< G4:6;8 3$ Z$:?4?:<B;$ "<:8P$5  3$
OA8;@N<<=8B$=S;53$<3$8$:9;@<B4:9$=$7;:;89A:;=$<>8A=A;3$<5>:;$"<=S<>5>:;$5$78;$:$O$3$
:$=<8;GA74:5$Q@>P;3$Q@><5L>M8$G<S;=$7;;$5$3$<>4=4>A:49<@A=Q@>P$;<8)G$<&-#"$-/+>A9
S;>$ A@ 5>:;;84: :49M@ 3;@ 5$>4=A= @458:A 7; >A9 >$:$< >A 9A=8 8;9O Q@<;@8$< =A; #;$8S5>P$
Z):8;78;;<8A@>;>M@35A@86A@;=<>$G<5A@8 7;B;S;> Q@S$58:<N;>A4B4:NL>AA@O:;5453$OA8$:$Q@
$; 5A@8 >< @;78$ <@;9<=$ 3$ O4G<:L >A 5;9NA:;=$ 3$SG4=8<8$ "<=S<> ;@8:L =< O:;9< G$3$:$ Q@
<>$<58L><8$?4:;$!>:;$4:$O$S;Q@8:4><9$:L>A46=4<@$=$8:<5$7;>AO<8:A=A9M@L:;<O:;@5$'
Q96:L><8 Q@8:4 9<@8;$ <=6L 3$ >L=A?L: 349;@;><@ =< A@ O:M@S >4@5A9L 3AOL >A9 >4@B;:9L
$3;84:A= 5LA  4 5A8L 3$ 58:;3;;  B:;O8A:; 3$ 6$:6$> 4 :<NL >M8$G< O48M:@;>P; A@ O$78$ X;@ <O4;
><B$=$=$B<;94<5$=$><B$=$%:4S<84:A=<BL>A86A:8L7;$;@3;?@<8>LB:<@>$S;;Q7;6<8E4>3$6A:8<=A;
Z:M33$6A:8<9$< #A;B$:;>;8<:34:;5LB<>L4:;>$<=8>$G<@A9<;5L@A5>:;$T@8:A@=4>"<=S<>
G4:6$78$ 3$ Z<O8;8A3;@$< Q@?:4S;84<:$ 3$ < >:$< (4:N< ;@8$:;4<:L Q@>$O$ 5L B;$ >4@5;3$:<8L A@
6=$58$9 G;<N< i 3$8<7<8L 3$ 4O$:L i @A $58$ 3$=4> $V$9O=<:L ZX;<N< =A; ]"<=S<>^ i 5OA@$
0A:8;A53;@><:$<9$V8:<54O<:8$3;@<>$58$3<8$iO:;G;8L58:;>85A6:<O4:8$8;>7;$58$8;>@$4B$:L
A@5O$>8<>4=><:$8:$S$78$Q@@4;@A9<;?:4<SL7;>49OL8;9;:$
#A9<; ?:4<SL 7; >49OL8;9;:$  <8L O$ >$ 5$ >=L3$78$ B<;9< 9<:$=A; 5>:;;84: R;@ B$:;>;:$
G;<N<@AO4<8$B;3$5OL:N;8L3$4O$:L7;4O$:<3L$V;58$@N$;>:$<84:A=A;<=8L3;9$@5;A@$%A8$95OA@$
>P;<:Q;>:$$<SL4G;<NLQ;B<6:;>L46;4?:<B;$O$9L5A:<$;#;9$@;@A9<;:M3$<S;3AOL>M8$78;A
3$6A:8<=A;"<=S<>7;3$8;>P;<=A;!<;@8$"$AG$




& ' '(D&&? C7>=@?>@&%=(D&7



Z1$94:;;=$@A5A@83$>M8O$EA9L8<8$5;@>$:$4:;>M83$9<:$<:B;
?:;E<O$@8:A<3$GL:
7):DE*&: 
Z)A84:A= 3$ 9$94:;; >4@8:;6A;$ 9<; 9A=8 =< ;584:;< $O4>;; 5<=$
3$>M8 =< O:4O:;< ;584:;$ ;584:;< O$:54@<=L 5$ Q@5>:;$ Q@ ;584:;< ?$@$:<=L 7;
46;$>8;GL
* (D* %*@%:(DI
 ! "!#$!%!&'! (!(#)*+,*$'*-+ "! +,'! .!/0)* %*#.)+1*-!2 3!/$*0/!+ "*/')! 4,! 5!
+-'0!,6 &* 4,! (#* 78-06 9!+/ :'+)#%*/$;<  =/ .!/ "! %>')?/!@! A)*#)*'+'!+ 4"!$-)*B@*!*6
C!.0,*"!10/-@*#/+)!
1$94:;<=;58;><B<>$O<:8$5$78;$3;@>$$<>$G$>P$<>:;8;>L@A9$<'+$"/-$(/-#(6+"!$+%05<A
'+$"/-$(/- !&27"#+(2++ R$=;9;8<:$ ;9O:$>;5L O$@8:A >L 4:;>$ 4O$:L =;8$:<:L $58$ Q@8:A@ >P;O 5<A
<=8A= 5A6;$>8;GL >AO:;@3$ >A <=8$ G4:6$ A@ Z5A6;$>8 >:$<84: I$<@ &4A55$8  7; O:4OA@$ 4
:$O:$S$@8<:$;@3;G;3A<=L3$>;5A6;$>8;GL<=A9;;#<:<84=4?;;9<;@4; 3$B$=A==A;%P;=;OO$-$E$A@$
5<A I<<O -;@8G$=8  ;@>=A3 9$94:;;=$ Q@ 5O<N;A= @<:<N;A@;; =< O$:54<@< Q@8M;< 7;; 3$8$:9;@L
5O$>;B;>;8<8$<=;8$:<:LQ@BA@>N;$3$:$=<N;<-($&/2-/-$&/."/#&2-;0<7;Q@><SA=EA:@<=A=A;;@8;95<A
<=<A846;4?:<B;$;>$=$8:$;;@58<@N$@<:<8;G$>4;@>;3<A84:A=$58$848A@<>A>$=><:$O4G$58$78$7;5$
;3$@8;B;>LQ@$?<=L9L5A:L>A<>$=<3$5O:$><:$5$O4G$58$78$0A9G493$45$6;<8A@>;4O<?;@L
3$9$94:;;3$4O<?;@L58:;>8<A846;4?:<B;>L5<A3$B:<?9$@8$=$5>4<5$3;@8:A@EA:@<=;@8;9C!A@8
9<;9A=8$:L5OA@5A:;=<<>$<58LQ@8:$6<:$%P;=;OO$-$E$A@$><:$<58A3;<8Q@>L:N;=$5<=$ O"D-!$"
-($&6+&,/-.P+N(" C" "#$ (2 -($/" 4&+ -(##+  <>$58$ :<O4:8A:; 5OA@$ >L <A84:A= 3$ 9$94:;; 5$
>49O4:8L><A@9<:84:3A6=A<=$V;58$@N$;5<=$7;<=$O4>;;5<=$Z0$$<>$$58$O$:54@<=$58$OA@>8A=
3$G$3$:$;@3;G;3A<=3<:46;$>8A=3;5>A:5A=A;$58$>$G<>$3$OL7$78$>A9A=8;@3;G;3A=$58$;584:;<
?:AOA:;=4: 54>;<=$ 7; ;584:;>$ >L:4:< $= =$ <O<:N;@$ T@ -($&6+&,/-7+" 7; Q@ ;(2-'(' +2$+) 46;$>8A=
3;5>A:5A=A; $58$ ;@3;G;3A= Q@5A7; >$= ><:$ @<:$<SL  Q@ )")&/++ @<:<84:A= O4G$58;@3A5$ O$ 5;@$
O4G$58$78$9<;<=$5=A9$<O:;@><:$8:$>$
.65$:G<N;<$58$Q@$5$@NLEA58L3<:$<@A=L9A:$78$O:$<6;@$>$3$5O<:8$3$O;=3L4><:8$
3$ 9$94:;; !<;@8!;94@  3$ 4 <A846;4?:<B;$ 3$ 8;O 0$==;@; 0$ G4=A9 3$ 9$94:;; @A >AO:;@3$
;9O=;>;846;4?:<B;$<<A84:A=A; 4<A846;4?:<B;$ 7;>$<A846;4?:<B;$@A$58$Q@B<O87;4;584:;$<
$O4>;;<?:AOA:;=4:54>;<=$<94:<GA:;=4:7;9$@8<=;8LN;=4:C'58$3$5;?A:4O:46=$9L3$<>>$@83$
<9O=;8A3;@$< 5<A 3;9O48:;GL OAN;@L8<8$< 5O<N;A=A; <>4:3<8 ;584:;$; 3;@ <B<:L Q@ B<G4<:$< ;584:;$;
O$:54@<=$ 3<: 84<8$ <>$58$< 5A@8 ?:$A 3$ 3$8$:9;@<8 Q@8:4 ><:8$ 5>:;5L =< O$:54<@< Q@8M; 0L:$;
><8$?4:;;@<:<8;G$<O<:N;@E&27"#+(2+'"!BM@8A=A;)A?A58;@C)A846;4?:<B;$;3$6A@L5$<9LO$@8:A





>LQ@$=$$G4:6<3$;584:;<A@$;>4@G$:8;:;5O;:;8A<=$:$=<8<8$3$>$=><:$48:L;$78$(<O8$=$@A5A@8
Q@5L<7<3$5;9O=$#<:<84:A=$58$A@B;=454B7;>4@G$:8;:$<=A;$58$5A5N;@A8LO:;@<:?A9$@8$3$4:3;@
5O$>A=<8;G'G4:6<<7<3<:3$49$3;8<N;$B;=454B;>LQ@;@8$:;4:A=A@$;9L:8A:;5;:;><:$@A4>4=$78$
@;>;;584:;<3;@<B<:L0<:8$<5>:;5L5O:$<@;;3U:>4@58;8A;$O$@8:A9A=N;A@O:;9943$=<=
9$94:;<=;58;>;; $A:4O$@$ '58$ 4 ;584:;$ < 5AB=$8A=A; 7; Q@ $?<=L 9L5A:L 4 ;584:;$ < 5O;:;8A=A; =<
Q@>$OA8A:;=$ >:$78;@L8LN;; R<: E&27"#+(2+'" =A; &4A55$<AC (4:9A=< =4: $58$ 848 <7< 3$ >49O=$VL
<9$58$> 3$ 9$94:;; <A846;4?:<B;$ <A84O4:8:$8 EA:@<= ;@8;9 7; 9$3;8<N;$ 94:<=L I$<@I<>YA$5
Q@>P$;$(2.-!$ !( #+2" ZG4; 5OA@$ 848A=3$5O:$9;@$ 3<:Q@>P$;$7;A@.-!$!(+#$&/+-7;Q@>L
A@A=B4<:8$<96;N;45
'58$?:$AQ@ >4@>=AS;$ 3$< >49O<:8;9$@8<<>$58$>L:N;Q@><:$3AOLG4:6<@<:<84=4?;=4:
BA@>N;< 3$ :$O:$S$@8<:$ 5$ 5AO:<OA@$ O$58$ BA@>N;< 3$ <>N;A@$ !A@8 9;@;9$ 3$45$6;:; Q@ 58:A>8A:<
=4: )9 OA8$< 3;58;@?$ 3$ O;=3L B<O8A= >L Q@ 9$94:;; O:$G<=$<SL .-!$(' !( +#$&/+- Q@ 8;9O >$ Q@
<A846;4?:<B;$<A84O4:8:$8EA:@<=;@8;9$5$@N;<=$58$O<>8A=<A84:A=A;>A5;@$ .-!$('-($&6+&,/-7+! 
3<: Q@>L 4 3<8L =A>:A:;=$ 8:$6A;$ <>>$O8<8$ Q@ >P;O :$=<8;G !L B;9 3$ <>4:3 3$4><93<8L >L
9$94:;<=;58A= O:$S;@8L >A O:$>L3$:$ $G$@;9$@8$=$ 9<:; 5<A 9;>;  7; 8;@3$ 5L 3$< 4 ;9<?;@$ <
;584:;$;O$><:$<8:<G$:5<84Q@8;9O>$<A846;4?:<BA=5$<:$Q@G$3$:$Q@O:;9A=:M@3O$5;@$;584:;<
:$O:$S;@8L3$>$=$9<;9A=8$4:;:<9<<>$584:<>8$ $G$@;9$@8$ <=$;@8$:;4:;8LN;;
!A@8 <O4; 3$45$6;:; Q@ >$ O:;G$78$ :;89A= 7; @<8A:< 3;5>A:5A=A; 1$94:;<=;58A= @A 5$ 9<;
5AOA@$ ><=$@3<:A=A; 7; @;>; @A :$5O$>8L =$?$< 5O4@8<@$;8LN;; '= @A @48$<SL 5$<:< >$$< >$ < BL>A8
O$58$ S; 5<A @AQ@:$?;58:$<SL <S; >$$< >$ 5< Q@8M9O=<8 ;$:; '","- K'-2!P&$  #A <78$:@$ O$ PM:8;$
>$; 8:$>$ O:;@ ><O =< :$O$S$<=L 5A6 O:$5;A@$< Q@8M9O=L:;=4: BL:L 5L 5$ ?M@3$<5>L =< <=N;; 7; =<
4:?<@;S<:$< 3;5>A:5A=A; >4@B$5;G '= <:$ 3$ 46;>$; 8;9O 7; @<:<N;A@$< 5< $58$ :$8:45O$>8;GL
1$94:;;=$ :$O:$S;@8L Q@ >$=$ 9<; 9A=8$ ><SA:; 4O$:$ 3$ 6L8:M@$N$ 7; 3$58;@<8<:A= =4: $58$ 3$
:$?A=LO458A9
'V;58L7;Q@58<8A8A=9$94:;;=4:>=<AS<5;@>$:;8LN;;3<:5;@>$:;8<8$<=4:$58$OA5LQ@3;5>AN;$
3;@ 34AL 948;G$ =  O$@8:A >L 9$94:;<=;58A= >< ;@3;G;3  $58$ 5A6;$>8;G <:$ 5;9O<8;; 7; <@8;O<8;;
><SA= !<;@8!;94@ ><SA= &4A55$<A  7; 3$>; 5;@>$:;8<8$< >4@B$5;A@;; $58$ =;9;8<8L 7;   Q@8:$
949$@8A=8:L;:;;7;949$@8A=5>:;$:;;$58$49<;9<:$5<A49<;9;>L3;58<@NL!AB;>;$@88;9OO$@8:A
><9$94:;<5L3$B4:9$S$B<O8$=$IA:@<=A=$58$5>:;55A6;9O:$5;<$G$@;9$@8A=A;9$94:;<=A=$58$4
;584:;$Q@8M9O=<8L>A9A=88;9OQ@A:9L@48<8LQ@<=88;9O7;>A<=8L58<:$3$5O;:;8)>A;G;S;A@$
$58$Q@<>$58><S$5$@N;<=LC%$>;@$>;8;9C%$>$=><:$<8:L;84>4O;=L:;$B4<:8$Q@3$OL:8<8L5<AO$
>$= ><:$ 4 :$;@G$@8$<SL =< 6L8:M@$N$ Q@ <>$58$ O<?;@; @458<=?;>$C 0;8;9 $G;3$@8 O$ >$= 3;@ A:9L
>;8;9:$O:$S$@8L:;=$;@G$@N;;=$>$=A;><:$7;5>:;$G;<N< !3+(2"-5<Q@>P$;<83$9A=8/"./"1"2$-/"-
-!3+(2++;@8$:G;@$3AOLA@8;9OG<:;<6;=A@$4:;3AOL3$<@;-$?$<5;9A=8<@$;8LN;; .&%"#$"-
5;9A=8<@L >A #!/++$(/-  @A BA@>N;4@$<SL Q@ <>$58 ><S 7; 3<>L @A BA@>N;4@$<SL 5$ :;3;>L 5$9@$ 3$





Q@8:$6<:$<5AO:<<A8$@8;>;8LN;;>4@B$5;A@;;!>:;O84:A= @<:<84:A= O4<8$B;3$6A@L>:$3;@NL9$94:;<
Q@5LQ=O4<8$8:L3<
0M@3 9$94:;;=$ 5A@8 OA6=;><8$ O458A9 >A9 5$ Q@8M9O=L 3$ 46;>$; 0$==;@; 0<:3;@<=A= 3$
&$8S!<;@8!;94@ $V;58L8:$;949$@8$5<A8:$;B<>84:;><:$;@8:LQ@E4> 949$@8A=*"#70<(/0/++
8:L;:;;  $G$@;9$@8$=4:   949$@8A= #!/+"/++ =4: 7;   949$@8A= '"!$(/++ 1$94:;;=$ 3A>$=A; 3$
!<;@8!;94@  <O<:Q@8:4O:;9L$3;N;$Q@)>$=$<<=$0<:3;@<=A=A;3$&$8S 
  <A Q@>$OA8 5L B;$ 8;OL:;8$ 3AOL  )=8$=$ 5A@8 3$5>4O$:;8$ 7; OA6=;><8$ 7; 9<; 8M:S;A
R$58;@<8<:A= =4: =$>84:A= 3;@ <=8L ?$@$:<N;$  <:$ 9<:; 3;B;>A=8LN; 5L 9<; G$:;B;>$ <A8$@8;>;8<8$<
>4@B$5;A@;;!$9A=NA9$78$>A<A8$@8;>;8<8$<$;Q@4:3;@$<>:$<N;$;
0;8;9Q@B4@34><:8$3$9$94:;;><5L3$5>4O$:;9&+#$&/+"GLSA8L3$A@;@3;G;37;&%+-30
:$O:$S$@8<8L Q@>P;OA;8L  3$ >$= ><:$ 4 8:L;$78$ 7; 4 5>:;$ )9M@34AL 3$O;@3 Q@ >$=$ 3;@ A:9L 3$
OA8$:$< 3;5>A:5A=A; 3$ < =$ B<>$ G$:45;9;=$ <: OA8$:$< 3;5>A:5A=A; 3$O;@3$ Q@ 9<:$ O<:8$ 3$
>4$:$@N< 7; $VO:$5;G;8<8$< .&%"#$+/++ 3;@ ;@8$:;4:A= =A; . ><:8$ 3$ 9$94:;; >AO:;@3$ Q@ B4@3
.&%"#$"- (2"+ %+"3+ 7; 3;:$>8 5<A ;@3;:$>8 .&%"#$"- (2"+ +#$&/++ '=$ 8;@3 5L 5$ 5AO:<OA@L 7; 5L 5$
>4@3;N;4@$S$ Q@ <7< 9L5A:L Q@>M8 ;@3;G;3A= @<:<84:A= O$:54@<EA= <>N;A@;;  O<:$ >$@8:A= ;584:;$;
)8A@>; >M@3 >;8;9 <9;@8;:;=$ >A;G< <G$9 <>$58 58:<@;A 5$@8;9$@8 >L @<:<84:A= 5$ <B=L Q@8:A@ =4>
O:;G;=$?;<87;>L;584:;<$V;58L><5L=EA58;B;>$O$$=#;9;>@A$58$9<;;9O4:8<@8Q@$O4><=A;I$<@
I<>YA$5 $G$@;9$@8$=$ $V;58$@N$; 5<=$ O<: < B; $G$@;9$@8$=$ 9<E4:$ <=$ 5$>4=A=A; T@8M=@;:;=$ =A;
1<=:<AV :$=<8<8$ Q@ 2$+)")&/++ 5A@8 Q@8M=@;:; 9;84=4?;>$ $= @A G$3$ ;@3;G;S; G$3$ F-)"2+ -+
Q#$&/+"+ >A9<EA5>A=L 7;$=Q@5A7;5$?M@3$78$><A@F)-'4-/++Q#$&/++
0M@3>;8$78$9$94:;;=$?$@$:<=A=A;3$/<A==$1<=:<AV=$EA3$>L>A<>$<58LO$:5O$>8;GLQ@
B<NL <;>; @A 5$ >4@B$5$<SL 14@5;$A: 0P<:=$5 4 O$:54<@L 4<:$><:$  <;>; $58$ G4:6< 3$ 4 Q#$&/+"
:$=<8<8L3$>$=><:$<BL>A84<;>;4B;>;<SL'",H2H/-'3$/<A==$ Z0$=;G:$@
$58A@=;G:$3$9H94;:$5
@;<A5$@53$5E&27"##+&2#@;<A5$@53$!<;@8!;94@>$YA$=
<A8$A:$@<H><:8H3$5<O$:54@@$i
$83
<64:30P<:=$5i@
$58O<594;@55;?@;B;><8;BYA$>$YA
;=<H=A>499$=$5E&))"2$-+/"#4A
'
2-6-#" 4A 0H5<: $8 aH@4B4@ O<:=$@8 3$AV f =< 8:4;5;h9$ O$:54@@$ =
4$G:$ $58 =$ :H>;8 3
A@$
<>8;4@P;584:;YA$O<:>$=A;YA;=
<>>49O=;8i 2$+)H)&+/"# 
%A8$98:<?$4>4@>=AS;$4><:8$3$9$94:;;8;@3$5L8:<@5B4:9$4G;<NLQ@8:A@3$58;@O:;@
;@8$:9$3;A=A@$;O4G$58;:;><:$@A:$5O$>8L=$?;=$B;>N;A@;;.B;>N;A@$848A7;$V;58LQ@4:;>$@<:<N;A@$
9$94:;<=;58;>L<>$$<><:$:$5O;@?$B;>N;A@$<=;8$:<8A:;;'<@A;@G$@8$<SLQ@5$@558:;>8O$:54@<E$
3<:8:<@5B4:9L3<>L$58$5AB;>;$@83$OA8$:@;>LO$:54@<E$=$:$<=$<=$A@$;$O4>;Q@O$:54@<E$><:$
<A:$=$G<@NLO$:54@<E$9$94:<6;=$O:4O:;;=;8$:<8A:;;
1$94:;<=A=$58$<7<3<:7;A@O<:;A>A=;8$:<8A:<#A84<8$>L:N;=$3$9$94:;;Q=>M78;?L3<:
84<8$ >P;<: 7; >$=$ ><:$ 5$ 4OA@ O$ B<NL =;8$:<8A:;; 7; >4@G$@N;;=4: $; 8;@3 5L 3$G;@L =;8$:<8A:L W;
<@A9$O:;@< OA8$:$<3$<;9<?;@< 9LB$:$5>5LS;><:$O:43A>$ ;584:;<6 OA8$:$<3$<>:$<A@





O$:54@<E ><:$ EA3$>L <>$<58L ;584:;$ A@ <=8A= 3$>M8 <A84:A= @<:<84:A=  7; 3$ 6A@L 5$<9L >  O:;@
?:<3A=3$<A8$@8;>;8<8$<=>4@B$5;A@;; O4G$58;:;; 
T@5A7;:$< 3;@ A:9L $58$ $5$@N;<=L R$7; 78;9 >L <3$GL:A= Q@8:4 5>:;$:$ 5A6;$>8;GL $58$
8483$<A@<:$=<8;G<78$O8L93$=<4><:8$3$9$94:;;Q@<;@8$3$4:;>$><$<5L5OA@L<3$GL:A=5LB;$
5;@>$:L5LB;$49L:8A:;$>:$3;6;=LG$:45;9;=L'?:$A3$;9<?;@<8>A9<9O:;9;A@9$94:;<=Q@
><:$ 84<8$ B<O8$=$ <: B; 8:A><8$ X:$9 3;9O48:;GL >< 9$94:;<=;58A= 5L B;$ A@ 9<:84: 3$ 6A@L
>:$3;@NL3$7;78;9 >L 6A@L>:$3;@N< =A; 3$O;@3$ 3$<8M8$<;9O4@3$:<6;=$.:;>A9A@9$94:;<=;58
><:$7; =;8$:<8A:;S$<SL G;<N< @A =<5L 4 6A@L ;9O:$5;$ 'V;58L 3$5;?A: 9A=8L <:8L Q@ Q@5$9@L:;=$
;@8;9$7;@A$58$ 4 $V<?$:<:$ < 5OA@$ >L%:4A58<Q@GLN<83$=<!<;@8!;94@9<;9A=83$>M83$=<
>$;=<=N;O:4S<84:;):8<9$94:;<=;58A=A;<:$Q@5L5O$>;B;>A=$;7;>$<3;@8M;?:;EL<$;$58$<>$$<3$<
3<;=AS;<<A8$@8;>;8LN;;
&$G$@;@3 =< :$=<N;< <A84:@<:<84:O$:54@<E $5$@N;<=L Q@ 4:;>$ @<:<N;A@$ OA8$9 5OA@$ >L Q@
@<:<N;A@$<9$94:;<=;58;>L-($&/('Q@>P$;$A@O<>8<A846;4?:<B;>7;A@O<>8;584:;>$=8<+#!/+"G;<N<
3AOL >$ 4 8:L;$78$ 7; 3;@ <>$<58L O:;>;@L G;S;A@$< 5>:;O84:A=A; O4<8$ 5>P;96< >A9 <9 5$9@<=<8
3$E< 5$@5A= B<O8$=4: 8:L;8$ /;3$ ><:$ < 3<8 Q@ B+ '" ,/-+2# )"(/$ A@ 943$= 3$ 9$94:;<=;58;>L
943$:@L $ 3$ OL:$:$ >L 9$94:;;=$ Z@A 5A@8 3$>M8 O$ EA9L8<8$ 5;@>$:$ 4:;>M8 3$ 9<:$ <: B; ?:;E<
O$@8:A<3$GL:7;>LA@:49<@5$O4<8$<O:4O;<9<;9A=83$<3$GL:3$>M8A@9$94:;<=W;1<A:;<>
$58$ 3$ <>$$<7; OL:$:$ Z@A9<; B;>N;A@$< @A 9;@8$ i G!/+$# +2$+)"#   3<: $58$ ><SA= 3$ <
:$O$8<>L7;Q@9$94:;;$V;58L49;@;9LB;>N;A@$7;3$>;4O45;6;=;8<8$3$<3$GL:)O4;#+2!"/+$-$"-
-*"%0/(' 5A@8 @4N;A@; ><:$ @A 8:L;$5> ;@3$O$@3$@8 3$ @<:<N;A@$ 7; 3$ OA8$:$< $; 3$ < 3< ;9<?;@$<
G$:45;9;=L<A@$;G;$N;Q@;584:;$
)=34;=$<$=$9$@8 @<:<84:A= <:$<O<:$@89<;OAN;@$=;6$:8LN;3$>M8@<:<84:A=3;@O:4S<3$
B;>N;A@$'=4O$:$<SL>A3<8$>4@8:4=<6;=$7;O4G$58$78$4G;<NL8:L;8L@A;9<?;@<8LT7;;<>A84<8$
<>$58$<=;6$:8<8$<3$-.&%"#$+;584:;<3;@OA@>8A=5LA3$G$3$:$7;B<>$O4:8:$8$=$O$><:$=$>:$3$3$
>AG;;@NL 1<:;; 9$94:;<=;78; O:$S;@8L 8483$<A@< ;@3;G;S; >A 4 58<:$ >;G;=L O:$>;5L 3;@ A@?P;A=
A9<@A=A; 7; B<> <3$5$< 3;@ $; G$:;8<6;=$ O$:54@<E$ R$ <=8B$= ;584:;< 5$ $5849O$<SL >A G:$9$< 7;
:L9M@$34<::$O:$S$@8<:$<$;0;8;84:A=Q@3$OL:8<8Q@8;9O3$B<O8$=$@<:<8$O:;9$78$7;EA3$>L848A=
Q@BA@>N;$3$>$$<>$<9OA8$<@A9;+)-,+2-3+--*"%0/('(+
1<; ;@8$:$5<@8 Q@ 9$94:;<=;58;>L $58$ O$:54@<EA= $; >$= 3$5O:$ ><:$ 5$ G4:6$78$ .
><:<>8$:;58;>L<=A;<:N;@$3$B<O8A=>L$=@AG;@$5;@?A:>A95<S;5Q@@<:<N;A@$G;@$9$:$AQ@54N;8
3$$G$@;9$@8$3$Q@8M9O=L:;3;@<B<:<$V;58$@N$;=A;G;@$O$5>A:8Q@54N;83$+#$&/+"R$943A=Q@
><:$O:$S;@8LB<O8$=$;584:;$;3$O;@3$>:$3;6;=;8<8$<=A;><9<:84:7;>:$3;6;=;8<8$<=A;><O$:54@<EQ@8:
4@<:<N;A@$><:$G:$<5LOA@L;584:;<Q@8:4O4G$58$7;:$O$8L95L8:<@5B4:9$4G;<NLQ@8:A@3$58;@
0;8;@3 9A=8$ >L:N; 3$ 9$94:;; <9 <EA@5 =< >4@G;@?$:$< >L 9$94:;;=$ @A 5A@8 @;>;43<8L 943$58$
'=$O:4OA@;9O=;>;85<A$VO=;>;8494:<=L3$G;<NL7;A@943$=3$G;<NL#A8:$6A;$>:$SAN;>$;><:$





@$5OA@>L@AG4:5LB;$3$>M8@48<:;;A9;=;<;;584:;$;0M@35$<OA>L5L5>:;$<96;N;;=$;5O;8$=$Q;
>4O=$7$5> 7; OM@L =< A:9L ><OL8L >4@G;@?$:$< >< I$<@I<>YA$5 &4A55$<A >L $; 5A@8 $5$@N;<=; Q@
A@;G$:57;>L;584:;<O$><:$4O4G$58$5>Q@>L:N;=$=4:@A<:$<=8L:<N;A@$3$<B;3$>M8<>$$<3$<=$
EA58;B;><6;4?:<B;<



&$G;@ =< Q@8:$6<:$< O$ ><:$ <9 OA54 3$E< $V;58L >$G< $5$@N;<= ><:$ 3$45$6$78$ ?$@A=
9$94:;<=;58;> 3$ >$=$=<=8$ ?$@A:; >4@B$5;G$ >L>; >$$< >$ =$ <O:4O;$ <9 GLSA8 3$E< C )O4; <:$
@<:<N;A@$<9$94:;<=;58;>LA@5;58$93$BA@>N;4@<:$3$45$6;83$O;=3L3$<>$=<<=6;4?:<B;$;C!<A
9$94:;<=;58A=<:$<=8$948;G<N;;3$>M8<>$=$<?$@$:<=$<=$49A=A;><:$5$>4@B$5$<SLO$@8:A<5$
3$>;3$5L7;@48$S$<9;@8;:;=$C#A5A@8:$O$8Q@8:$6L:;@4;@A<9?L5;88:$6A;$5L<G$:8;S$S@;>;
:L5OA@5A:; >A 3$5LGM:7;:$ @4; 1;<9 >4@5A=8<8 Q@5$9@L:;=$ 9<; G$>P; 7; 9<; @4; ;<9 >;8;8 i
A@$4:;:$>;8;8iO$>$;><:$5<A4>AO<89<;5;58$9<8;>3$<>$58?$@>A@45>A8Q@>L3;@)@8;>P;8<8$
>$= 9<; G$>P; Q@ 943 >$:8 3;@8:$ ?$@A:;=$ 6;4?:<B;>A=A; 7; >$= 9<; :L5OM@3;8 Q@ 84<8$ $O4>;=$
>;G;=;S<N;$; i7;<9>4@58<8<8>L
- #<:<N;A@$< 9$94:;<=;58;>L BA@>N;4@$<SL 3AOL <>$=$<7; :$?A=; >A ><:$ BA@>N;4@$<SL
<A846;4?:<B;<'58$8484 5>:;$:$ <A84:$B$:$@N;<=L@<:<84:A=$58$848A@<>A<A84:A=3$O$>4O$:8L7;
>A9 :$9<:>L I$<@ !8<:46;@5JK $V;58L 7; Q@ ><SA= @<:<N;A@;; 9$94:;<=;58;>$ 4 8$@5;A@$ Q@8:$ '" ;"
-!$("' 49A= ><:$7; 5>:;$ Q@8M9O=L:;=$ G;$N;;  7; '" )&+ /H%&'( 8:$>A8A= >< <8<:$ O;$:3A8 Q@
=<6;:;@8A:;=$9$94:;$; '58$Q@9$94:;;9<;9A=8L*"#!/+.3+"3$>M8$V;58LQ@<A846;4?:<B;$C)7<5
<:OL:$<3<:@A;@;>;<;>;4:$?A=LW;Q@?$@$:$A@3$;:$?A=<Q@<>$58$?$@A:;3$5$:8<:C0<7;Q@
<=8$ >49O<:8;9$@8$ <=$ 5>:;;8A:;; >4@B$5;G$ :$?A=;=$ 5$ >4@58;8A;$ 3;@ ;:$5O$>8A= B<NL 3$ :$?A=;=$
>4@G$@N;;=$ =;8$:<8A:;;R<>L$58$4:$?A=LQ@8:4><:8$3$<>$58?$@$<<:$A@><:<>8$:;@3;G;3A<=7;
3$ >$=$9<;9A=8$ 4:; ;@G4=A@8<: !A@8 :$?A=;=$;9OA5$3$5>:;;8A:<><<8<:$7;3$>M8$G<O:$>$O8$
94:<=$3;@<;@8$ <>>$O8<8$ >A9 <: B; #0 #.(+-*"%0/('#02('+$"/-$(/+1"1++#$&/+-#07++&6+"!$+%
-($"2$+!#02(+,2&/+"#"23+-'('*+2+#$&/+"$8>.:;>;@$465$:GL>L$G4:6<3$O:;@>;O;;@A3$:$?A=;
58:;>8$
61$94:;<=;58;><$58$><7;<A846;4?:<B;<A@?$@3$6L8:M@$N$0$=><:$=$5>:;$5$<O:4O;$
3$ 94<:8$ 5<A 4:;>A9 < 8:$>A8 3$ EA9L8<8$< 3:A9A=A; G;$N;; 7; Q@>$O$ 5L 8:<?L =;@;< X:$< 5L
:$>4@58;8A;$B;:A=G;$N;;7;5L=<5$A@9$5<E>AG<=4<:$8$58<9$@8<:LR$<;>;G;@$8;96:A=<>$=A;$+).
./&7"$+!3$><:$G4:6$78$/A534:BO:$S$@87;Q@@<:<N;A@$<<A846;4?:<B;>LR$45$6;:$<5$9@<=<8L3$
84N;$V$?$N;;<:B;>LQ@8;9O>$Q@<A846;4?:<B;$Q@>$@8:A=<>N;A@;;5$<B=L;@3;G;3A=><<8<:$ >$=>$
5>:;$  Q@ 9$94:;; 46;$>8A= 3;5>A:5A=A; @A $58$ ;@3;G;3A= >; ;584:;< 1<K /A534:B -$E$A@$ 
.65$:G<N;$EA58L)7@A<@N<4848A7;Q@>P;OA=A:9L84:$58$3:$O8>LQ@9$94:;;;584:;<4>AOL9<;

S-ar putea să vă placă și