2010 - MeetFactory

V!ro"ní zpráva za rok 2010
MeetFactory o.p.s.
Úvod
Obecn! prosp!"ná spole#nost MeetFactory byla zalo$ena 15.b%ezna
2001 s cílem otev%ít kulturní centrum MeetFactory.
Úkolem MeetFactory o.p.s. je:
• Provozování mezinárodního ateliérového reziden#ního programu
• Provozování galerie
• Organizování kulturních, vzd!lávacích a osv!tov&ch akcí
Základní fakta
Zapsána v rejst%íku obecn! prosp!"n&ch spole#ností u M!stského soudu
v Praze oddíl O, vlo$ka #.219
Správní rada
'lenové:
P%edseda:
Alice Nellis
David Koller
David 'ern&
Dozor"í rada
Ivana Bursíková
Pavel Strnad (do 1.4.2010)
Václav Dej#mar (od 1.4.2010)
Sebastian Georg Pawlowski
Zakladatelé
David 'ern&
(Na základ! smlouvy o p%evodu zakladatelsk&ch práv do"lo 8. 7. 2010
k v&mazu Heleny Wiegandové z rejst%íku obecn! prosp!"n&ch spole#ností.)
I'O 26466708
DI' CZ-26466708
Sídlo
Ke Sklárn! 3213/15
150 00 Praha 5,
web
www.meetfactory.cz
Zpráva o "innosti v roce 2010
Podrobn& popis uveden na následujících stránkách 3 a$ 45.
2
!""#$%&#'()*+,-,**
./(01%*'*2344'5#3*
*
*
*
*
*
!
6 789 : *
!
!
! " " # $ %& # ' ( ) * +,-,"!!
!
# $ $ % & '( %)* +!; %<" ( 3" " !
# $ $ % & '( %)* +!=31 %=<' " *
# $ $ % & '( %)* +* ( " . 3=" 42 4>* /( '; ( %? " !
# $ $ % & '( %)* +!@ 3<? '1 A* B <CD" ! !
# $ $ % & '( %)* +*E C=D%"!
*
, ! - *) . % ) */ ! !
!
3
!""#$%&#'()*+,-,**
!
#$$%&'(%)*+!0!*)($!1232!/0$45'!6'!+-+*1"F"G4A&E*/("."4#%&>!713!08.%'0!92%:!'/%)*;<!=2!
>/4$?6@(>!'A(@!0BC!D$.%:0'5)08(>!E6)>)0*.%$068(>!-*)4/A(@!'!>/4$?6@(>!4)-*)0)468(>!
-*)F*'E;<!GH!4:0'4$56@(>!'!%'6$B6@(>!-I$4.%'0$6@<!JK!-*)L$A(@!'!0@($!6$M!3K!'A(@!
0!)%$0I$68(>!'%$5:$*$(>N!'!%I:!-*)F*'E)0O!?5)A+!-*)!E5P4$M!Q!-*'M.A8(>!6@QA)-*'>)08(>!
($6%$*C!,?5:?/!-*)L$A%/!#$$%&'(%)*+!-)%0*Q/L$!6P0R%S06).%!(('!H+,,,*E'5#IC!T!0!*)($!1232!
?+5'!1)#>J"4'5#*%#"<3K(I!%OESI!-,,U<!-*'()0'5)!0!6:(>!HL*(".3="4#I*'!.A/-:6C!#:E)!/0$4$6O!
0$I$L6O!-*$Q$6%'($!#$$%&'(%)*+!-).A+%5'!=!)4?)*68(>!-I$46PR$A!7-*)!VWX<!YZ[#T\\<!]^Y_<!
`,Z\a\bYZVTVc<!deb!E'6C!/ES6@<!&&!]f!4:0C!0S4'N!'!I'4/!)4?)*68(>!A)6Q/5%'(@!7W5Q$g!
b#f!123G<!f)R:($!b#f!123H<!f_!d'5'R.AO!#$Q:I@B@<!fY[!['(>)0<!CCCNC!#:E)!4)A/E$6%'B6@!'!
-*)-'F'B6@!E'%$*:P5+<!#$$%&'(%)*+!0+4'5'!.-)5$B6S!.!f)E/6:A'B6@E!($6%*$E!eA)5.AP!
-/?5:A'(:!#@.%'!-)B:6/C!
!
hP.'46@!6)0:6A)/!0!B:66).%:!'!i.:5@!-*06@>)!-)5)5$%@!?+5)!4)A)6B$6@!QPQ$E@!'!/'5><"4>!
4*'E'%/*F:(AO>)!%8E/!EC="D4>&E*/('=CB&>C!a@A+!0.%I@(6).%:!4)4'0'%$5;!'!0+.:5/L@(@E/!
6'.'Q$6@!0R$(>!-*'()06@A;<!-I@Q6:0(;!'!.%'%/%P*6@(>!)*FP6;<!4:.-)6/L$!#$$%&'(%)*+!.A0S5$!
0+?'0$68E!>/4$?6@E!.P5$E!.!4)A)6'58E:!'A/.%:(A8E:!05'.%6).%E:C!a5)/>)!)B$AP0'68!
-)./6!0$!D*$A0$6(:!:!A0'5:%S!>/4$?6@>)!-*)F*'E/!.$!%$4+!L:M!0!-)4Q:E6@!.$Q)6S!.%'5!
.A/%$B6).%@C!!
!
hPL$E!/ES5(;!'!)4?)*68(>!:6.%:%/(@!)!Z$Q:4$6B6@!-*)F*'E!L:M!6'*).%5!4)!i*)06S<!M$!3CN!
D*$A0$6%'6%:!*$Q:4$6B6@(>!-)?+%;!L:M!0!-*;?S>/!*$Q:4$6(@[email protected]'L@!6P.5$46P!
'6F'MEP<!1CN!08?S*!Q!0$5AO>)!E6)M.%0@!/(>'Q$B;!/E)Mg/L$!6P*)B6SLR@!-)./Q)0P6@!-I:L'%8(>!
'/%)*;!'!-*)L$A%;<!%$4+!6$/.%P5O!Q0+R)0P6@!-).%'0$6@!!""#$%&#'()*1*5>#3*?".340('=4>&E*
(".3="424>&E*&"4#"(C!!
!
M31%=<'!/0$45)!H!/("?3K()!7j$6L'E$6%'<!f'a$`$<!e'05$N!0!.)/B:66).%:!.!*$Q:4$6B6@E!
-*)F*'E$E!-$06S!/(>)-:5)!'!*)Q0:6/5)!6)08!D)*EP%!4:0'4$56@!-*)4/A($!9#"<3"(*
N"(@'(?%4&"C!!
!
O%<"(3"!-)4!0$4$6@E!A/*P%)*'!a/R'6'!hP>)*'6.AO>)!4).-S5'!A!('.P>F"4>!)!6)08<!%*)(>/!
Q05PR%6@<!$k-)Q:B6@!-*).%)*!Q'5#B%C!l:M!0!-*06@E!*)($!L$>)!)%$0I$6@!.$!.%'5<!Q05PR%S!/!E5'4O>)!
-/?5:A'!'!'/%)*;<!0$5E:!-)-/5P*6@EC!R".3="424>*1A5#%1)!-)Q)*/>)46S!)4*PM$5+!%0;*B@!M:0)%!
/06:%I!#$$%&'(%)*+C!!
!
Z$Q:4$6%:!#$$%&'(%)*+!.-)5$B6S!.!%8E$E!4)?*)0)56@A;!-$.%I$!)M:0:5:*D"./('5#F"=4>*'B'<>!
)?L$A%/!08.'4?)/!A$I;!'!A0S%:6<!0.%I@(68E!QPQ$E@E!-*)!(+A5:.%:(AO!6P0R%S06@A+C!W:A6:A)0O!
-).$Q$6@!/!.E@(>)0.AO>)!A)5$L:R%S!m!L'AO.:!#$$%&'(%)*+!)/%4))*!D)+$*!.:!L:M!4)APQ'5)!6'L@%!
.0O!%*0'5O!-I@Q6:0($!'!/(';(%?'1'C*5B<%=DC*EC="D4>S*/"(@'(%24>*3*1A#1%(4'CC!
!
W*)F*'E)0P!.%*/A%/*'!*$-*:Q)0'6O>)!:!6)0O>)!*$-$*%)P*/!-56S!0+/M@0P!('./'2#'1K*?'J4'5#3!
4'6O!-I$4$0R@E!08R@!40)/5$%O>)!F*'6%/!n#W!71232!'!1233N!'!05'.%6@(>!Q4*)L;<!08Q6'E6S!
-).@5$6O!D:6'6B6@!-'*%:(:-'(@!-'*%6$*.A8(>!:6.%:%/(@C![+%)!E)M6).%:!'!5:E:%+!.$!%8A'L@!:!
*$Q:4$6B6@>)!-*)F*'E/<!L$>)M!6$/.%P5$!*).%)/(@!-*$.%:M!6'!E$Q:6P*)46@!.(O6S!E'6'F$E$6%!
Qi*)B/L$!0!i.:5@!)[email protected]@!-'*%6$*.A8(>!D:6'6B6@(>!Q4*)L;C!W*)L$A%!?+5!'!?/4$!0$4$6!/F>54T*
E'5/'=0(4T<!.!6$/%/(>'L@(@E!4;*'Q$E!6'!$D$A%:0:%/!0+6'5)M$68(>!6PA5'4;C!
!
"#$%&'()!*!+&,($-%./01.!,2313-42567!+&+.89:!#$,2$;(<!=#2>/6!(>*%&,4+?7!/&%1.!,)@4+.!=3!A3B.!#$=$2($*-C!
!
!
!
!
!
!
!
!
D.(,23!E&13($/>7!F&,.-&%@3!#2$+&@-4!
4
#$$%&'(%)*+*O%<"(3"**
!
c'5$*:L6@!-*)F*'E<!A%$*8!L.E$!6P0R%S06@A;E!6'?@45:!0!*)($!1232<!-I$.P>5<!()!.$!%8B$!
D*$A0$6($!08.%'0!'!4)-*)0)46@(>!'A(@<!-;0)46@!-5P6C!W)45$!-;0)46@>)!-*)F*'E/!-*)?S>5+!
0!>5'06@!F'5$*::!4)E5/0$6O!08.%'0+!'!A/*P%)*.A+!A))*4:6)0'6O!-*$Q$6%'($!*$Q:4$6%;!
#$$%&'(%)*+C!d!4/?6/!1232!L.E$!0$I$L6).%:!Q-I@.%/-6:5:!6)0O!08.%'06@!-*).%)*+!'!
4*'E'%/*F:$!F'5$*:$!.$!%@E!-P4$E!*)QR@I:5'!)!6)0)/!A/*P%)*.A)/!5:6::!m!Q'ESI$6)/!6'!
6$LE5'4R@!08%0'*6)/!F$6$*'(:C!,4!?I$Q6'!1232!.$!A/*P%)*$E!F'5$*:$!#$$%&'(%)*+!.%'5!4)(C!
a/R'6!h'>)*'6.A8!#F*C'*%C<!A%$*8!6'!-)Q:(:!0+.%I@4'5!#FYC!h/Q'6/!j5)(>)0)/C!
,4!5$46'!4)!-*).:6($!1232!-*)?S>5)!1*E<%14>&E*/('5#'(0&E*;%<"(3"*U*1A5#%1!-I$0PM6S!
Q'>*'6:B6@(>!/ES5(;!'!/ES5A+gC!d!6)0S!)%$0I$6OE!-*).%)*/*VO%<"(3"*Q'5#B%W*-*)?S>5)!)4!
4/?6'!4)!-*).:6($!1232*=1%40&#*%C#'(5BA&E*1A5#%1C!d;B:!-;0)46@E/!F'5$*:L6@E/!QPES*/<!L$!
%)!0@(!6$M!40)L6P.)?6P!08.%'06@!'A%:0:%'C!
X0?T("?!08.%'06@>)!-*)F*'E/!?+5)!'!L$!4)EP(@!0$I$L6).%:!-I$4.%'0)0'%!A0'5:%6@!
%B#C0<4>*?".340('=4>*1A#1%(4K*C?T4>C!a@A+!'%$5:O*)0OE/!*$Q:4$6B6@E/!-*)F*'E/!
#$$%&'(%)*+!E;M)/!08%0'*6@(:!45)/>)4)?S!-I:-*'0)0'%!.0)L$!-*)L$A%+!-I@E)!6'!E@*/!
08.%'06@>)!-*).%)*/!76'-I@A5'4!0!-I@-'4S!08.%'0+!oZ$.:4$6%.!TTp!'!Zb^TabV[^!Td!0+%0)I:5!
.A)%.A8!/ES5$(!Y64*$q!c:5?$*%!'!>)5'64.AP!/ES5A+6S!Z/E:A)!n'F:q'*'!:6.%'5'(:!.-$(:P56S!
-*)!L$46/!Q!E@.%6).%@!F'5$*:$NC!
!
d8.%'0+!*$Q:4$6%;!?+5+!-*)-)*B6S!.%I@4P6+!'/%)*.A8E:!A/*P%)*.A8E:!-*)L$A%+!
708.%'0+r!Z)06)*'E$668!%*)Li>$56@A<!W)5.AP!0:4$)-$*D)*E'6($<!j$:6F![>$*$<!d$4*)<!
_:6$%'(%:(.N<!A%$*O!6P0R%S06@A;E!-I$4.%'0:5+!%$E'%:(AO!08.%'06@!($5A+C!
!
f)6%'A%!.!6$LE5'4R@E!-/?5:A$E!'!08%0'*6)/!F$6$*'(@!-)A*+5!-*).%)*!c'5$*:$!f).%A'<!
A4$!ES5:!E)M6).%!-)!?)A/!QA/R$6SLR@(>!'/%)*$A!76'-I@A5'4!W$%*'!^%$:6$*)0P!'!l/5:%'!`sL(:AN!
0+.%'0)0'%!:!B$*.%0@!'?.)50$6%:!4)EP(@(>!/ES5$(A8(>!0+.)A8(>!RA)5!7Y5$6'!a*'>)A)/-:5)0P!
&]a!]lbW!0!X.%@!6'4!\'?$E<!#'%SL!Y5tY5:!]]a!hu]!0!W5Q6:<!v/E:A)!,6)!m!de]W!W*'>'NC!
!
h'4'6O>)!QPES*/<!6'?@46)/%!4)EP(@E/!-/?5:A/!0>5$4!4)!*;Q68(>!MP6*;!.)/4)?O>)!
/ES5$(AO>)!4S6@!m!)4!-$*D)*E'6($!'M!-)!A5'.:(AP!EO4:'!m!?+5)!4).'M$6)C!d8.%'0+<!A%$*O!
0!#$$%&'(%)*+!-*)?S>5+!)4!5$46'!1232<!?+5+!F$6$*'B6S!'!MP6*)0S!-$.%*O!m!)4!E'5?+!'M!-)!
'/4:)-$*D)*E'6($!'!)4!.%'*R@!-)5.AO!0:4$)F$6$*'($!7l).$D!Z)?'A)q.A:N!'M!-)!6$LE5'4R@!
4)EP(@!'/%)*+!'!'/%)*A+!7Y5$6'!a*'>)A)/-:5)0PNC!
W;0)46@!;%<"(3G4>*/(';(%?*D)<*.&"<%*4%/<4T4<!0@($!6$M!0!-5P6)0'6OE!*)Q.'>/C!h/Q'6'!
j5)(>)0P!A/*P%)*.A+!'!-*)4/AB6S!0$45'!%+%)!08.%'0+r!
! R"53="4#5*
^'.(>'!W)>5$<!#:(>'5!#)*'0B@A<!Y4'E!n)58!*
w!08.%'0'!*$Q:4$6B6@(>!/ES5(;!#$$%&'(%)*+!
d$*6:.PM!0!3KC31C!0!3=!>!x!!aL!d:A%)*:/.!y!dL!Y6%$6'!
3KC31C122=!!t!39C!3C!1232!
t!A/*P%)*!h/Q'6'!j5)(>)0P!
V'!QP0S*!.0O>)!*$Q:4$6B6@>)!-)?+%/!-I$4.%'0:5'!%*)L:($!'/%)*;!.0)L$!'A%/P56@!
08.%/-+C!^'.(>'!W)>5$!-*$Q$6%)0'5!.0;L!08-*'068!0:4$)D:5E!Q!-*).%I$4@[email protected]!
/ES5$(AO!A)E/6:%+C!#:(>'5!#)*'0B@A!0+%0)I:5!A:6$%:(A8!)?L$A%!*$D5$A%/L@(@!
.-)5$B6)/!B$.A)t.5)0$6.A)/!E:6/5).%!'!Y4'E!n)58!0+.%'0:5!08?S*!Q$!.08(>!
-)$%:(A8(>!.%/4:)08(>!E)E$6%$AC!
*
! R'14'(%?"44A*#('GCE"<4>B*
W$%*!f*P%A8<!W$%*!#'5:6'<!#'*$A!#$4/6'!
5
d$*6:.PM!0!-P%$A!11C!3C!0!3=!>!!
1HC!3C!t!13C!1C!1232!
t!A/*P%)*!h/Q'6'!j5)(>)0P!
V$QP0:.58!-)Q)*)0'%$5r!d8.%'0'!L$!.-)5$B6)/!-*'(@!W$%*'!f*P%AO>)<!W$%*'!
#'5:6+!'!#'*A'!#$4/6+C!7CCCN!W)0'>'!-*P($!6'!%)E%)!-*)L$A%/!.$!6'(>PQ@!0!
)?5'.%:!E$Q:!*+Q@!A)5$A%:0:%)/<!A4+!0R$!L$!A)6Q/5%)0P6)!'!0+%0PI$6)!.-)5$B6S!'!
6$*)Q4@56S!0R$E:!'A%O*+<!'!:64:0:4/P56@E:!-*$Q$6%'($E:!0!*PE(:!A)5$A%:06@!
08.%'0+<!A%$*O!L.)/!L$6!%/!'!%'E!/.ES*g)0P6+!QP.'>+!R:*R@>)!A)6.$6Q/C!
!
!
N'<5B0*13="'/"(@'(?%4&"*
l).$D!Z)?'A)q.A:<!h?+F6:$q!\:?$*'<!f'%'*Q+6'!f)Q+*'<!,.A'*!a'q:4(A:<!
d$*6:.PM!19C!1C!0!3=>**
1KC!1C!m!1JC!HC!1232!
t!A/*P%)*!h/Q'6'!j5)(>)0P!0$!.-)5/-*P(:!.!h?+F6:$q$E!\:?$*)/!
d8.%'0'!-I$4.%'0:5'!-I$>5$4!-)5.AO>)!0:4$)!'*%/!)4!K2C!\$%!'M!-)!
6$L'A%/P56SLR@!F$6$*'(:!!'/%)*;C!^-$(:D:(A8!MP6*!-$*D)*E'6($!6'5$Q5!0$!0:4$/!
0>)46O!'!5$06O!QPQ6'E)0O!EO4:/EC!,4!:6%:E6@(>!'!(:0:56@(>!.A$%(>;!l).$D'!
Z)?'A)q.AO>)!'M!-)!08-*'06O!-$*D)*E'6($!f'%'*Q+6+!f)Q+*+C!
!
,4!?I$Q6'!1232!?+5+!0!>5'06@!F'5$*::!4P5$!/.-)IP4P6+!%+%)!08.%'06@!-*)L$A%+r!
!
! R"53="4#5*-**
#'6)6!Yq.%!y!j$6L'E:6!`'5%>$*<!YL:%!_>'/>'6<!!
\/(:'![APB)0P!'64!Y6$%%'!#)6'!_>:.'!!
d$*6:.PM!1CJC!0!3=>!
HCJC!m!3JCJC1232!
t!A/*P%)*!a/R'6!h'>)*'6.A8!
d8.%'0'!pZ$.:4$6%.!3z!L$!.)/BP.%@!.-)5/-*P($!*$Q:4$6B6@>)!'!F'5$*:L6@>)!
-*)F*'E/!-*)!/ES5($!0!#$$%&'(%)*+C!WS%!/ES5(;!'!/ES5A+g!YL:%!_>'/>'6<!
#'6)6!Yq.%<!j$6L'E:6!`'5%>$*<!\/(:'![APB)0P!'!Y6$%%'!#)6'!_>:.'!-*'()0'5:!
%I:!ES.@($!0!6$QP0:.5OE!A/5%/*6@E!($6%*/!6'!.08(>!'A%/P56@(>!-*)L$A%$(>C!
! 7"34;*YE"("*
V:6'!j$:$*<!]55'!0)6!j*'64$6?/*F<!b%:$66$!_>'E?'/4<!Y5$k'64$*!c/%A$<!
b5:Q'?$%>!#(Y5-:6$<!l)6'%>'6!#)6A<!#'645'!Z$/%$*!y!Y5$k'64$*!`)5DD<!#'*5)!
W'.(/'5<!Y*:$5!^(>5$.:6F$*<!#'%%!^>$*:4'6!^E:%>!
d$*6:.PM!12CJC!0!3=>!
13CJC!m!H2CGC!1232!
t!.-)5/-*P($!h/Q'6'!j5)(>)0P!'!A/*P%)*!_>*:.!^>'*-!!
7-*)4/A($!a/R'6!h'>)*'6.A8!'!#'*:P6!c*)5E/.N!
^A/-:6)0P!08.%'0'<!A%$*)/!-).%'0:5!'E$*:(A8<!0!W'I@M:!M:L@(@!A/*P%)*!_>*:.!^>'*-C!
[OE'%:A'!B'./!0Q%'>/!A!E@.%/!L$!*$D5$A%)0P6'!0!-*'($(>!31!'/%)*;C!d@(!L'A!3G!
MP6*)0S!*)Q4@568(>!-*'(@r!)4!-*)($./P56@(>!:6.%'5'(@!'M!-)!3{EE!D:5E)0)/!
-*)L$A(:!ES5:!4:0P(:!E)M6).%!0Q>5O46)/%!/APQA/!'A%/P56@>)!$0*)-.AO>)!
/ES6@C!
! R"53="4#5*+!
Y64*$q!c:5?$*%<!d$*)6:A'!\'64'<!!
d$*6:.PM!1HC{C!0!3=>!
6
1HC{C!m!32C9C!1232!
t!A/*P%)*!a/R'6!h'>)*'6.A8!
a0)L:($!*$Q:4$6%;!#$$%&'(%)*+!-I$4.%'0:5'!0!c'5$*::!#$$%D'(%)*+!-*;I$Q!.0)L@!
6$L'A%/P56SLR@!%0)*?)/C!a)EP(@!'/%)*A'!m!d$*)6:A'!\'64'!0+%0PI@!E'[email protected]+!
0$5:($!-;0)46@!4@5'!.!E+%)5)F:(A8E!-)4%$k%$EC!d$*)6:A'!-)/M@0P!?'*0+!'!
-:FE$6%+!A!0$5:($!-*$(:Q6@!-5'.%:(AO!4*)?6)A*$.?SC!j+%).%:<!A%$*O!L.E$!/*B:%S!
L$R%S!6:A4$!'!6:A4+!6$0:4S5:<!.$!6'!)?*'Q$(>!-*)5@6'L@!.!A*'L:6)/<!0$!A%$*O!-I$4!
6PE:!L$R%S!6:A4)!6$?+5C!Y64*$q!c:5?$*%!t!.A)%.A8!'/%)*!M:L@(@!%)>)!B'./!
0!j$*5@6S!t!L$!E:E)IP46S!B:6)*)48!A*$.5@I!'!0R$.%*'668!/ES5$(C!^08E!
$k-*$.:06@E!*/A)-:.$E!A'*:A/L$!QP-'46@!(:0:5:Q'B6@!Q6'A+!'!-*)E@(>P0P!L$!
.!-I@Q*'A+!.%'*8(>!-*:E:%:06@(>!A/5%/*C!
!
!
!
! Z"=('!
l'6'!f)(>P6A)0P<!f`<!Y4O5'!^0)?)4)0P<!l'6!n'/?$5%<!l:I@![>86<!#:(>'5!
#)*'0B@A<!\/(:'!V:E()0P<!\/4E:5'!^E$LA'5)0P<!#'%SL!^E$%'6'<!\$6A'!d@%A)0P<!
d5'.%'!|PA)0P!
d$*6:.PM!0$!.%I$4/!3JC9C!0!3=>!
3JC9C!m!39C=C!1232!
7
t!A/*P%)*!a/R'6!h'>)*'6.A8!
d8.%'0'!dbaZ,!L$!L$46@E!Q!-*06@(>!-)A/.;!-).%'0:%!$k-)Q:(:!-*)!4$5R@!B'.)0O!
)?4)?@C!hPES*$E!?+5)!-*$Q$6%)0'%<!0!-*;?S>/!40)/!ES.@(;!/ES5$(AP!4@5'<!
A%$*P!/4*M@!-)Q)*6).%!-/?5:A'!0!-*;?S>/!($5O>)!5O%'C!d8.%'0'!*$D5$A%/L$!
'A%/P56@!4)EP(@!.(O6/!'!L$46P!.$!)!A)E?:6'(:!6)08(>!-*'(@!.!08?S*$E!
.%'*R@(>!4S5<!A%$*P!A)*$.-)64/L@!.!A)6($-%$E!08.%'0+C!
!
!
!
8
!
!
R"53="4#5*H*[*o'**:0$4<!.$$6!'64!F)6$p!
#/*.>:4'!Y5-'6'!Y*Q/<!>).%r!#'%SL!^E*A)0.A8!
d$*6:.PM!19C=C!0!3=>!
19C=C!m!1JC32C!1232!
t!A/*P%)*!a/R'6!h'>)*'6.A8!
!
j'6F5'4OR.AP!/ES5A+6S!#/*.>:4'!Y*Q/!Y5-'6'!?+5'!6'!%0;*B@E!.%:-$64:/!0!
#$$%&'(%)*+!0!W*'Q$C!h'.'M$6'!.-$(:D:A$E!ES.%'<!%0)I@!A*$.?+!'!)?*'Q+!*$D5$A%/L@(@!L$L@!
.$%AP6@!.$!.%I$4)$0*)-.A)/!E$%*)-)5@!'!A/5%/*)/C!d$!.08(>!E'5?P(>!-*)E@(>P0P!
.-$(:D:(A)/!'.:L.A)/!0:Q/'5:%/<!0$!A%$*O!L$!6'-I@A5'4!*/B6S!4$A)*)0'68!)4S0!4)46$.!
D)*E)/!-)>+?5:0O>)!0$I$L6O>)!)?*'Q/C!d!*PE(:!4*'E'%/*F:$!>).%;!#$$%&'(%)*+!
-I$4.%'0:5!E5'48!4)EP(@!'/%)*<!.%/4$6%!Yd]!0!W*'Q$!m!'%$5:O*!-*)DC!l:%A+!^0)?)4)0O<!
.0)L$!6$L6)0SLR@!.O*:$!A*$.$?!'!E'5$?!:6.-:*)0'68(>!%:R%S68E:!-)>5$46:($E:C!!
!
!
Q'?3B5$\8Y]!
*o#CYCaC!m!^6)0O!A*'L:6+!A)E:A./p!
#)A:!7aN<!YE'6:%'!a$.:F6!'!aZY`$%(C!
d$*6:.PM!0!.)?)%/!H2C32C!0!3=>!
H2C32C!m!13C33C!1232!
t!A)-*)4/A($!f)E:A.&b^[!'!c'5$*:$!#$$%&'(%)*+!
#$$%&'(%)*+!.$!5$%).!.%'5'!E@.%$E<!A4$!.$!/.A/%$B6:5!5$%)R6@!*)B6@A!f,#Tf^&b^[}!
1232C!d8.%'0'!6SE$(AO!08%0'*6:($!#,fT!?+5'!4)-56S6'!)!-*)>5@4A/!40)/!
6$L05:06SLR@(>!-*'M.A8(>!F*'D:(A)!4$.:F6O*.A8(>!Q6'B$A!Q6PE8(>!0$!.DOI$!A)E:A./!'!
-)B@%'B)08(>!>$*r!YE'6:%'!a$.:F6!'!aZY`$%(C!#)A:!.$!-I$4.%'0:5'!A*$.?'E:!
0+Q6'B/L@(@E:!.$!D'6%'Q:L6@E!*/A)-:.$E!-568E!-).%'0!'!4$%':5;!'!0.%/-$E!4)!-*).%)*;!
:64/.%*:P56@!F'5$*:$!#$$%&'(%)*+C!W*)F*'E!F'5$*:$!4)-56:5!)?0+A58!-$.%*8!4)-*)0)468!
-*)F*'E!D$.%:0'5/!0$!0R$(>!-*$Q$6%'B6@(>!-*).%)*P(>!#$$%&'(%)*+C!
!
!
! 9RY^_6Q`YZ*9RY*$9aR!
d$*6:.PM!0$!B%0*%$A!1C31C!)4!3Gr22!4)!1Hr22!
H2C33C!m!1C31C!1232!
t!A)-*)4/A($!YZ[v_,fC[d!'!c'5$*:$!#$$%&'(%)*+<!A/*P%)I:r!a/R'6!h'>)*'6.A8!
'!!
l'6$A!Z)/.!
d!F'5$*::!#$$%&'(%)*+!.:!E)>5:!6P0R%S06@(:!Q'A)/-:%!4@5'!.-I@Q6S68(>!'/%)*;!'!
08%0'*68(>!/ES5A+gC![@E!'*%+B)A/!.:!.-)5/!.:!.!#$$%&'(%)*+!!-I:-)E6S5!
0R$(>6)<!()!6$QP0:.58!.$*0*!-*)!08%0'*6O!/ES6@!Q'!G!5$%!Q'M:5C!!,4!3GC22!4)!
1HC22!?+5'!F'5$*:$!Q-I@.%/-6S6'!0R$E!QPL$E(;E!)!08%0'*6O!/ES6@C!!
!
! R"53="4#5*b!
o_:6$%'(%:(.p!
!
Z/E:A)!n'F:q'*'!'!a'6:$5!4$!Z))!
!>).%Or!l'6'!f'5:6)0P<![)EPR!d'6SA<!n+6$A!Y5%<!Y5$k'64*'!d'L4<!l'6!VP5$0A'!!
d$*6:.PM!!9C31C!0!3=>!
9C31C!1232!m!3JC3C!1233!
t!A)-*)4/A($!f)E:A.&b^[!'!c'5$*:$!#$$%&'(%)*+!
Z/E:A)!n'F:q'*'!'!a'6:$5!4$!Z))!4$A)6.%*//L@!E$%)4+!06@EP6@C!V$!L$6)E!%)!
6'!()!.$!4@0PE$<!'5$!:!%)!L'A!.$!4@0PE$<!.$!.%P0P!)?.'>$EC!,?'!'/%)*+!m!
*$Q:4$6%+!'%$5:O*)0O>)!-*)F*'E/!#$$%&'(%)*+!4)-56@!.A/-:6'!4)EP(@(>!
9
/ES5(;!'!/ES5A+g<!A%$I@!-*'(/L@!.!-)4)?6)/!-)$%:A)/!E'6:-/5'($!.E+.5)08(>!
-*)M:%A;C!
!
W)!08ES6S!6'!-).%/!A/*P%)*'!4)R5)!A!4)>)4S!)!QES6P(>!F'5$*:L6@>)!-*)F*'E/!)4!
B$*0$6($!1232!7'A%/P56@!08.%'0'!d$4*)!3JC9C1232!m!39C=C1232<!?+5'!-I:-*'0$6'!6)08E!
A/*P%)*$E!'!L$>)!.-)5/-*'()06@A+NC!d8.%'0'!6SE$(A8(>!'!B$.A8(>!'/%)*;!7V:()55!]55*:(>!'!
]5*:A$!#/64%<!W'%*:(A!^$45'(Q$A!'!#'*A![>$*N!-5P6)0'6P!-I$4(>)Q@!A/*P%)*A)/!6'!4*/>)/!
-;5:!*)A/!1232!?+5'!-I$5)M$6'!6'!?I$Q$6!*)A/!1233C!W)4Q:E6@!08.%'06@!-*)F*'E!Q'Q6'E$6'5!
QES6+!.)/0:.$L@(@!.!'A%/P56@E!'%$5:O*)08E!*$Q:4$6B6@E!-*)F*'E$EC!e$.%:!/ES5(;E!'!
/ES5A+6@E!m!%)>)!B'./!6'!-)?+%/!0!#$$%&'(%)*+!0!W*'Q$<!?/4$!-).A+%6/%!08.%'06@!-*).%)*!
0!>5'06@!F'5$*::<!*$.-C!0!F'5$*::!f).%A'!7QPI@<!I@L$6<!5:.%)-'4!'!-*).:6$(NC!#$$%&'(%)*+!>).%)0'5!
f)E:A.&b^[!1232!7H2C32C!m!13C33C!1232N<!0!A)-*)4/A(:!.!6$QP0:.58E!q$?)08E!-)*%P5$E!-*)!
*$D5$k:!.)/4)?O>)!/ES6@!YZ[v_,fC[d<!-*:-*'0/L$E$!6/5%8!*)B6@A!YZ[!&YTZ/C!W).5$46@!5$%)R6@!
08.%'0)/!?/4$!.A/-:6)0P!-*$Q$6%'($!_TVb[Y_[T_^!40)L:($!*$Q:4$6%;!'!-S%:($!B$.A8(>!'/%)*;!
.!%OE'%:A)/!D:5E)0O!I$B:!0$!08%0'*6OE!/ES6@C!
!
W'*'5$56S!.!>5'06@E!F'5$*:L6@E!-*)F*'E$E!L.E$!/.-)IP4'5:!0!L:M!QE@6S6O!c'5$*::!f).%A'!%+%)!
08.%'0+r!!
! c"&E?"*#'*4%*/'#'?**
#'%SL!Y5tY5:!!
f,^[fY!)%$0I$6@!6)0O>)!08.%'06@>)!-*).%)*/r!*
0$*6:.PM!0!i%$*8!1C!JC!0!3=!>!
HC!JC!t!H2C!JC!1232!
t!A/*P%)*!a/R'6!h'>)*'6.A8!
!
!
Q"?/34B*
W$%*'!^%$:6$*)0P<!>).%!#:(>'5!WS(>)/B$A!
oY/%)ER$p!>'--$6:6F!\/APR!f$556$*<!l'6!#'*%:6$(!
0$*6:.PM!0!i%$*8!GC!GC!0!3=!>!!
{C!GC!t!H2C!GC!1232!
t!A/*P%)*!a/R'6!h'>)*'6.A8!
10
!
!
!
*
!
:'?"*
v/E:A)!,6)!
0$*6:.PM!!1C!{C!0!3=!>!!
HC!{C!t!3KC!{C!1232!
t!A/*P%)*!a/R'6!h'>)*'6.A8!
!
!
8#>43=<%*
l/5:%'!`sL(:A!
0$*6:.PM!!1HC!{C!0!3=!>!!
1JC!{C!t!32C!9C!1232!
t!A/*P%)*!a/R'6!h'>)*'6.A8!
!
a$*
Z)E'6!e%S%:6'<!!
[)EPR!#)*'0$(!!
0$*6:.PM!0!i%$*8!1HC!{C!0!3K!>!!
1JC!{C!t!32C!9C!1232!
t!A/*P%)*!a/R'6!h'>)*'6.A8!
!
!
!
!
!
!
!
!
!
!
!
!
11
!
!
!
!
!
!
Y'?'(('d*%@#"(4''4*
Y5$6'!a*'>)A)/-:5)0P!
0$*6:.PM!!3JC!9C!0!3=!>!!
3JC9C!t!H3C!9C!1232!
t!A/*P%)*!a/R'6!h'>)*'6.A8!
!
X%B0.%4K*C1'<4T4>*
bL'!aS0$BA)0P<!W$%$*!j'*O6+:<!>).%r!T0'6!^0)?)4'!
0$*6:.PM!JC!KC!0!3K!>!!
JC!KC!t!13C!KC!1232!
t!A/*P%)*!a/R'6!h'>)*'6.A8!
!
X1<0P#4>*?>5#%*
#'*:P6!c*)5E/.!
0$*6:.PM!39C!=C!0!3=!>!!
39C!=C!t!1C32C!1232!
x!@3<?'10*/('G"B&"*!%(BC5*8"<;*eM\f*'=*+,g,,*
VSE$(A8!'/%)*!m!0R$.%*'668!/ES5$(!.$!-)>+?/L$!0!R:*)AOE!.-$A%*/!
08*'Q)08(>!-*).%I$4A;C!,4!.A/%$B6S!A5'.:(AO!.)(>+<!'M!-)!08-*'06O!
0$5A)-5)R6O!0:4$)!-*)L$A($C!l$>)!%OE'%$E!L$!E8%/.!.-)4)?)0P6!/ES5$(A8E:!
%$(>6:A'E:!QP-'46@!b0*)-+C!VSE$(A8!'!R0O4.A+!B$*6)?@58!D:5E<!$k-*$.:06@!
.%+5:Q'($!'!-'%).!'6%:(A8(>!%*'FO4:@!L.)/!#'*(/.$E!*$>'?:5:%)0P6+!4)!).)?:%O!
>:.%)*:Q/L@(@!A)5PM$C!bk%'%:(AO!QE@%P6@!.$!E$Q:!.E*%@!'!M:0)%$E!L$!'/%)*$E!
0+A*$.5)0P6)!6'!-)Q'4@!*/A)-:.;!F:F'6%;!L'A8E:!?+5:!Z:(>'*4!`'F6$*<!6$?)!
6'-I@A5'4!T6FE'*!j$*FE'6C!
t!A/*P%)*!a/R'6!h'>)*'6.A8!
!
h'(B345/%&"*
V:()5'!f:*A'54+!'64!Z)).!#'.(:6:!7V\N!
0$*6:.PM!!9C!32C!0!3K!>!!
9C32C!1232!t!1HC32C!1232!
t!A/*P%)*!a/R'6!h'>)*'6.A8!
!
Y%B"*?"*d3#E*)'C*
f:%!Z$:.(>!7]C^CYCN!
0$*6:.PM!!1KC!32C!0!3K!>!!
1KC32C!1232!t!13C!33C!1232!
t!A/*P%)*!a/R'6!h'>)*'6.A8!
!
6C#53="*eEf"(*
v'$5!j$6!t!n)*:6!
0$*6:.PM!H2C33C!0!3K!>!!
H2C!33C!t!33C!31C!1232!
t!A/*P%)*!a/R'6!h'>)*'6.A8!
12
!
!
!
iJ*P"="50#*<"#*G"*?3*#F3&"#*
Y4O5'!j'?P6)0P!
0$*6:.PM!3JC!31C!0!3K!>!!
3JC31C!1232!t!=C!3C!1233!
t!A/*P%)*!a/R'6!h'>)*'6.A8!
!
!
d8.%'06@!/(';(%?*;%<"(3"*!""#$%&#'()*G"*.%?TF"4*/F"10J4T*4%*?<%=K*/CD<3BC?C!
a@A+!?)>'%O!4*'E'%/*F::!#$$%&'(%)*+!7>/4?'<!4:0'45)<!A:6)<!'%$5:O*)08!-*)F*'EN!L$!-/?5:A/E!
-I:(>PQ$L@(@!4)!($6%*'!Q6'B6S!-$.%*OC!,4!-I@Q6:0(;!$k-$*:E$6%P56@!>/4?+!'!4:0'45'<!'M!-)!
D'6)/RA+!A*$.?+!'!E'5?+C![SM@E$!Q!%)>)<!M$!.$!L$46)%5:0O!'A($!-*)5@6'L@!'!%/4@M!E'L@!4:0P(:!
6.-IC!D:5E)0O>)!A5/?/!E)M6).%!0:4S%!'A%/P56@!08.%'0+!'!)?*P($6SC!
!
a)(>PQ@!%'A!A!-)%I$?6OE/!-*)E@(>P6@!(@5)08(>!.A/-:6!L$46)%5:08(>!4*'E'%/*F:@!'!
[email protected]@!6)08(>!6P0R%S06@A;C!h6'B6)/!BP.%!-I@(>)Q@(>!7(('!H2UN!%0)I@!(:Q:6(:!
-I:L@M4SL@(@!4)!W*'>+!Q'!/ES6@EC!W*)F*'E!L$!-*'0:4$56S!)?)/L'Q+B6S!'6)6()0P6!7Y*%#'-'<!
q$?r!qqqCE$$%D'(%)*+C(QN!6'!q$?)08(>!.$*0*$(>!qqqCL5?L%C6$%!'!qqqC'*%+()AC%0C!
!
13
!
V$L0S%R@!/F>4'5!-*)!(@5)0)/!.A/-:6/!-)45$!6P.!.-)B@0P!1*4%D>=&"*B1%<3#4>*.%E(%4324>*
1A#1%(4K*/('=CB&"*='?0&>?C*/CD<3BCC!a@A+!.0OE/!:64/.%*:P56@E/!(>'*'A%$*/!E)>)/!/ES5(:!
'!/ES5A+6S!0$5A)*+.$!-*'()0'%!.!-*).%)*$E!F'5$*:$C!c'5$*:$!#$$%&'(%)*+!'!c'5$*:$!f).%A'!%'A!
4)EP(@E/!:!Q'>*'6:B6@E/!-/?5:A/!6'?@Q$L@!0!W*'Q$!/6:AP%6@!08%0'*6O!-*)L$A%+C!
#$$%&'(%)*+!0!*)($!1232!)?)>'%:5'!.0;L!.$*0:.!0;B:!6P0R%S06@A;E!)!.%P5)/!
*$($-(:wA'DO!A:).A!/!0(>)4/!4)!($6%*'!7.!'6F5:(A+!E5/0@(@!)?.5/>)/N!)%$0I$6)/!A'M48!4$6!)4!
3Gr22!4)!12r22C!VP0R%S06@(:!%'A!E'L@!E)M6).%[email protected]'%!0$RA$*O!-)%I$?6O!:6D)*E'($!)!4S6@!
0!F'5$*::!'!0!($6%*/!-)!4)?/!($5O>)!%846$C!d!5$%6@(>!ES.@(@(>!L$!A!4:.-)Q:(:!/-*'0$68!$k%$*:O*!
($6%*'!.!-).$Q$6@EC!VP0R%S06@(:!F'5$*:$!E'L@!%'A!A*)ES!E)M6).%@!Q>5O46)/%!08.%/-+!
Q'>*'6:B6@(>!/ES5(;!%'AO!E)M6).%!.%*P0:%!0!#$$%&'(%)*+!0@($!B'./!'!.$%A'%!.$!.!?)>'%)/!
>/4$?6@!'!4:0'4$56@!4*'E'%/*F:@C!
!
!
!
!
!
c'5$*:$!#$$%&'(%)*+!0$!.0OE!08.%'06@E!-*)F*'E/!0!*)($!1232!-I$4.%'0:5'!%0)*?/!HU*
.%E(%4324>&E*%*H-*='?0&>&E*%C#'(I!%*%C#'("B!70+L@E'L$!K=!'/%)*;!'!/ES5A+g!Q'.%)/-$68(>!
6'!YZ[v_,fC[d!YZ[!&YTZNC!l$46P!.$!0$.ES.!)!6'.%/-/L@(@!08%0'*6)/!F$6$*'(:<!A%$*P!L$!L:M!
E$Q:6P*)46S!'A($-%)0'6PC!c'5$*:$!-*'(/L$!6'!?PQ:!45)/>)4)?O!.-)5/-*P($!.!A/*P%)*+<!*$.-C!
/ES5(:!'!%@E!-P4$E!L$!E)M6O!4)EP(@!0$I$L6).%:!-I$4.%'0)0'%!1).(0<K*1A5#%14>*B'4&"/&"!
70:QC!_>*:.!^>'*-!'!L$>)!08.%'0'!j$:6F![>$*$NC!V'R@!'E?:(@!L$!-).A+%6)/%!-*).%)*!-*)!5"#B0104>*
%*5('140104>*='?0&>&E*%*.%E(%4324>&E*#"4="4&>*%*/F>5#C/IC!Q(3#3&BK*%*'B%?J3#K*.%F%."4>*
?<%=A&E*2"5BA&E*%C#'(I!E$Q:!$0*)-.AO!%0;*($!-)E;M$!0+*)06'%!4$D:(:%!-)A/5>P0'L@(@!
:6.%:%/(:)6P56@!-)4-)*+<!*$.-C!6$Q*'5O>)!A)E$*B6@>)!F'5$*:L6@>)!-*).%I$6@!0!W*'Q$!'!0!
u$(>P(>C!
!
!
X1)PCG>&>*5"*401P#T14'5#!-I:!08.%'06@(>!'A(@(>!7L$46)4$66@!'A($!YZ[v_,fC[d!YZ[!
&YTZ!.$!QiB'.%6:5)!-I:?5:M6S!J22!'M!G22!6P0R%S06@A;N!L$!-*)!6P.!.:F6P5$E<!M$!*)Q/E6S!.$!
4)-5g/L@(@!'A%:0:%+!4*'E'%/*F:@!L.)/!5/(014'C*&"5#'C!-*)!>5$4P6@!6)0O>)!-/?5:A'C!d$*6:.PM$!
4)EP(@(>!'!Q'>*'6:B6@(>!'/%)*;!.!'4$A0P%6@E!4)-*)0)468E!-*)F*'E$E!7>/4$?6@!-*)4/A($!
14
al.<!q)*A.>)-+<!D:5E)08!A5/?N!L.)/!)-%:EP56@!($.%)/!L'A!0+/M@%!-)%$6(:P5!L$46)%5:08(>!.$A(@!
#$$%&'(%)*+C!
!
!
n5'06@!-*).%)*+!F'5$*:$!#$$%&'(%)*+!L.)/!D".D%(3K('1K!'!-I@.%/-6O!-*)!Q4*'0)%6S!
Q6$08>)46S6O!.A/-:6+C!7V)0S!Q-I@.%/-6S68!-*).%)*!c'5$*:$!f).%A'!L$!0!-*06@E!-).(>)4@!m!
-I@.%/-!-*)!>'64:('-)0'6O!L$!%/4@M!)E$Q$68!'!E)M68!6'!-)MP4P6@!/!*$($-($N!Z5#C/*='*'D'C*
/('5#'(I*G"*.=%(?%!0BC!4)-*)0)468(>!'A%:0:%!#$$%&'(%)*+C!
!
!
W*'(/L$E$!6'!Q5$-R$6@!0Q%'>/!.!)4?)*68E!%:.A$E!'!EO4::C!T!A4+M!L.)/!'A%:0:%+!c'5$*:$!
#$$%&'(%)*+!/0P4S6O!0!A/5%/*6@(>!-*)F*'E$(>!4$66@>)!%:.A/<!-)B$%!-*'0:4$568(>!*$($6Q@!L$!
L$R%S!6@QA8C!dQ>5$4$E!A!-)Q)*6).%:!0S6)0'6O!08%0'*6OE/!/ES6@!0!4$66@E!%:.A/!.$!(>($E$!
Q'ESI:%!6'!DC='104>*%B#314>*5BC/34)*("&"4."4#I*%*("&"4."4#"BC!_>($E$!L$!E)%:0)0'%!
6'-I@A5'4!/.-)IP4P6@E!o_$6+!-*)!E5'4)/!A*:%:A/p<!A%$*P!?/4$!0$!.-)5/-*P(:!.!*$Q:4$6B6@E!
-*)F*'E$E!#$$%&'(%)*+C!
!
!
W)Q6PEA'!A!/4*M:%$56).%:!-*)L$A%/r!V$L0S%R@!BP.%!6PA5'4;!6'!F'5$*:L6@!-*)0)Q!L$!
>*'Q$6'!Q!F*'6%/!n5'06@>)!ES.%'!W*'>+<!BP.%!Q!4)%'($!#fuZC!#$$%&'(%)*+!.$!-*;?SM6S!
/(>PQ@!'[email protected]!4'5R@!F*'6%)0)/!-)4-)*/C!c'5$*:L6@!-*)0)Q!L$!.%'?:5:Q)0P6!'!6PA5'4+!6'!
L$46)%5:0O!-*)L$A%+!L.)/!-I$4$E!A'5A/5)0P6+C!c'5$*:$!EP!45)/>)4)?8!08.%'06@!-5P6<!.$!
A%$*8E!.$<!L'A)!.)/BP.%!-*)L$A%/!#$$%&'(%)*+<!/(>PQ@!)!B%+I5$%)/!-)4-)*/!F*'6%/!n5'06@>)!
ES.%'!W*'>+C!
a'5R@!:6D)*E'($!)!*$'5:Q'(:!-*)L$A%/!76'-ICr!*$D5$k$!-*)L$A%/!0$I$L6).%@<!-I@-'46S!E$4:P56@!
)>5'.Nr!
A)-*)4/A($!#$$%&'(%)*+!'!YZ[v_,fC[dr!
>%%-rwwqqqC(%1JC(QwA/5%/*'w0+%0'*6$t/E$6:w32K=1GtD':*t'*%+()Aw!
>%%-rwwqqqC5:4)0A+C(Qw:6L$A($tLE$6$Et'*%+()At%0t2+/t
w56~6)0:6+C'.-(ÄY32312J~2222GJ~56~6)0:6+~.A)yA5:(Ä1J213=yE$.Ä32312J~2!
f)E:A.&b^[}!
>%%-rwwqqqC5:4)0A+C(Qw.0$%tD'6%'Q:$t0+%0'*6:($tE)A:t)4.%'*%)0'5tD$.%:0'5tA)E:A.D$.%t-q=t
w56~A/5%/*'C'.-(ÄY3232H3~2=2{1{~56~A/5%/*'~E$0!
>%%-rwwqqqC'40)LA'C(Qw'/%)*:wE)A:!
d$4*)r!
>%%-rwwqqqC5:4)0A+C(Qw6'0)4tL'At.$t(>)0'%t6't0+.%'0$t4AJt
w56~6)0:6+C'.-(ÄY322K2{~2222HH~56~6)0:6+~.A)yA5:(Ä1HK19HyE$.Ä322K2{~2!
Zb^TabV[^!TTr!
>%%-rww4$6:A*$D$*$64/EC(Qw(5'6$AwJGKGt%*)L:($t*$Q:4$6%/t%)t*)Q.0:%:5't0tE$$%D'(%)*+!
W)B$%!6P0R%S06@A;!Q'!)?4)?@!\$4$6!'M!W*).:6$(!1232r!!
d$*6:.PM$!c'5$*:$!#$$%&'(%)*+!31G2!6P0R%S06@A;C!
W*;?SM6P!6P0R%S06).%!c'5$*:$!#$$%&'(%)*+!3222!6P0R%S06@A;C!
d$*6:.PM$!c'5$*:$!f).%A'!K22!6P0R%S06@A;C!
W*;?SM6P!6P0R%S06).%!c'5$*:$!f).%A'!32226P0R%S06@A;C!
VÅde[ÇdV,^[!dÉ^[YdVÑn,!WZ,cZY#]!_b\f,dÇr!J1G2!
!
!
!
G4B3(!E39$23(*@0!
15
#$$%&'(%)*+*=31%=<'*!
!
a:0'45)!#$$%&'(%)*+!.$!Q'!0@($!6$M!40'!*)A+!.0O!$k:.%$6($!.%'?:5:Q)0'5)!'!:!.!E'58E!
-$*.)6P56@E!QPQ$E@E!.$!4)APQ'5)!$%'?5)0'%!L'A)!51KD)#4A*/('5#'(*5*G%54A?*5?TF'104>?C!
a;A'Q$E!L$!E:E)!L:6O!5)g.AO!)($6S6@!4*'E'%/*F:$!4:0'45'!#$$%&'(%)*+!($6)/!V$k%!`'0$<!
Q'I'Q$6@!6'!D$.%:0'5+!#'5P!'!d$5AP!T60$6%/*'!'!.%P5$!.$!Q0S%R/L@(@!QPL$E!)!>).%)0P6@!:6.($6'(@!
0Q6:A58(>!0!#$$%&'(%)*+!6$L$6!0!u$.AO!*$-/?5:($C!T!.!)>5$4$E!6'!(>'*'A%$*!($5O!#$$%&'(%)*+<!
%$4+!/ES5$(AO>)!4)E/<!A%$*8!6$6@!L$6!4:0'45$E!'5$!:!'E?:(:sQ6@!F'5$*:@<!*$Q:4$6B6@E!
($6%*$E<!D:5E)08E!A5/?$E!'!-I$4$0R@E!4@A+!6)0S!-).@5$6O!>/4$?6@!4*'E'%/*F::<!.$!0!-*06@E!
-)5)5$%@!1232!4*'E'%/*F:$!4:0'45'!#$$%&'(%)*+!Q'ESI:5'!-I$4$0R@E!6'!-I@-*'0/!-5P6)0'68(>!
-*)L$A%;!-*)!6)0)/!.$Qs6/!'!=<'CE'='DA*=(%?%#C(;3&BA*/<04C!!
!
d!-*06@E!-)5)5$%@!?+5)!6'.%/4)0P6)!'!)4-*$E:O*)0P6)!L$46)!-I$4.%'0$6@!77"4G%?"4#%<!
*$M:$!\/(:$!&$*$6()0PN<!4*/>O!-5P6)0'6O!-I$4.%'0$6@!7f'!a$!`$<!*$M:$!TF'!c'6(Q'*(+AN!?+5)!
D)*E)/!.(O6:(AO>)!B%$6@!-*$Q$6%)0P6)!Q'BP%A$E!*)A/C!h!0PM68(>!).)?6@(>!4;0)4;!?+5'!-'A!
-;0)46S!-5P6)0'6P!-*$E:O*'!-I$./6/%'!6'!Q'BP%$A!6)0O!.$Qs6+!'!4)R5)!:!6'!-$*.)6P56@!
QES6/!0!).)?S!*$M:.O*A+C!d!4*/>OE!-)5)5$%@!?+5+!*$'5:Q)0P6+!40S!-*$E:O*+!7n$5E/%!f'LQ'*!t!
Q%M"h"<!*$M:$r!#'F4'!^%)L)q.A'!'!j%1<"<!*$M:$r!l'6!n)*PANC!W;0)46S!-5P6)0'6P!:6.($6'($!
0)56S!:6.-:*)0'6P!D:5E$E!,?B'6!f'6$!0!*$M::!l'6'!V$?$.AO>)<!?+5'!Q!)*F'6:Q'B6StD:6'6B6@(>!
4;0)4;!-I$./6/%'!6'!Q'BP%$A!*)A/!1233C!!!!!
!
f*)ES!-*'0:4$56O>)!ES.@B6@>)!("/(>.'1KE'*("J3?C!-*)?S>5+!:!>).%/L@(@!.0G".=)!:6.($6'($!
h$ES!?$Q$!.5)0!4)!,5)E)/($!'!4)!,.%*'0+C!h$ES!?$Q$!.5)0!?+5'!%'AO!.!0$5A)/!)4$Q0)/!
/0$4$6'!6'!D$.%:0'5/!f'5%.%'*%!0!n'E?/*A/C!WI$4.%'0$6@!#/M:!E'5/L@!?+5)!/0$4$6)!0!*PE(:!
-*$Q$6%'($!W5Q$g!$0*)-.AO!ES.%)!A/5%/*+!0!:64/.%*:P56@E!-*).%)*/!^0S%)0'*C!!
!!
a:0'45)!#$$%&'(%)*+!?+5)!%'AO!-)-*0O!.%F%."4'*4%*$"5#31%<*!%<0*a41"4#C(%!.!:6.($6'($E:!\C!
&C!_O5:6$!w!^A)B6'!'!n'64'!c)%$!m!Z':6!a'6($C!!
!
d!-*06@E!-)5)5$%@!?+5!)%$0I$6!4'1A*/('G"B#*4%.1%4A*V9#"<3K(*/"(@'(?%4&"W!0!*PE(:!
Y%$5:O*)0O>)!-*)F*'E/!#$$%&'(%)*+C!Y%$5:O*!-$*D)*E'6($!L$!0$4$68!4:0'4$56@!4*'E'%/*F:@!
#$$%&'(%)*+!'!L$!A)6(:-)0P6!L'A)!-*).%)*!-*)!B$.AO!'!Q'>*'6:B6@!4:0'4$56@!-$*D)*E$*+<!A%$I@!
Q4$!-)!4)?/!%I@!ES.@(;!*$'5:Q/L@!.0O!-*)L$A%+<!A%$*O!L.)/!0!-*;?S>/!6SA)5:A*P%!0$I$L6S!
-*$Q$6%)0P6+C!d!-*06@E!-)5)5$%@!?+5:!*$Q:4$6%+!'%$5:O*/!-$*D)*E'6($!W$%*!f*;R$56:(A8!'!D:6.AP!
-$*D)*E'%:06@!.A/-:6'!^'?)%'6:(!c'*4$6C!d!4*/>OE!-'A!_*:.%:6'!#'54)6'4)!.!6SA)5:A'!
-*)L$A%+!*$'5:Q'68E:!0$!.-)5/-*P(:!.$!Q'>*'6:B6@E:!>).%+C!W).5$46@E!*$Q:4$6%$E!Y%$5:O*/!
-$*D)*E'6($!0!*)($!1232!?+5!l'6!f)EP*$A<!A%$*8!6'!.0OE!-I$4.%'0$6@!.-)5/-*'()0'5!.!>$*(:!Q!
A)R:(AO>)!a:0'45'!6'!-$*)6SC!#$$%&'(%)*+!.$!%'A!L$R%S!0@($!.%'5'!.A/%$B6S!D/6AB6@E!
E$Q:6P*)46@E!E@.%$E!.$%AP0P6@!/ES5(;!0R$(>!MP6*;<!4;A'Q$E!%)>)!L$!E:E)!L:6O!:!
:6.-:*'%:06@!-*)-)L)0P6@!%S(>%)!MP6*;<!A$!A%$*OE/!Q4$!4)(>PQ@!'!A%$*O!L$!-*)!0R$(>6+!
)?)>'(/L@(@C!!!!!!!!!
!!
a:0'45)!#$$%&'(%)*+!0+%0)I:5)!QPQ$E@!-*)!-)IP4P6@!>$*$(A8(>!5"?340FI!f'%$4*+!4:0'4$56@!
0S4+!&&]f<!A*P%A)4)?S!%'AO!/'5B)#<'*51K*/('5#'()!'!%$(>6:(AO!QPQ$E@!.)/?)*/!&'*E'!0!
L$.A+6:<!T6.%:%/%/!.0S%$56O!>)!4$.:F6/<!_$*$E)6::!-I$4P0P6@!($6!l:64I:(>'!_>'5/-$(AO>)<!
-*).%)*/!Z'*'(>!'!4'5R@EC!!
!
16
H2&1.<26I!!
!
7"4G%?"4#%!
:6.-:*)0P6)!A6:>)/!l'A)?!0)6!c/6%$6!R08('*.AO>)!'/%)*'!Z)?$*%'!`'5.$*'<!-I$A5'4!Z'4)0'6!
_>'*0P%!
!
JC!HC<!1232!
.(O6PI<!*$M:$r!\/(:$!&$*$6Q)0P!
4*'E'%/*F:(AP!.-)5/-*P($r!#'%SL!^'E$(!
08-*'0'r!Z'4A'!d+-5'R:5)0P!
>*'L@!rY6:%'!f*'/.)0P<!l:64I:RA'!fI:0P6A)0P<!f*:.%86'!#'%SL)0P<!l'6'!f)Q/?A)0P<!V)*?$*%!|:4!
!
l'6'!0)6!c/6%$6!-I:(>PQ@!4)!RA)5+!j$6L'E$6%'!.!-I$4.$0Q$%@E!Q'B@%!i-56S!)4Q4)5'<!-*'()0'%<!
-).%'0:%!.$!6'!05'.%6@!6)>+<!6$?8%!.08E!*)4:B;E!6'!)?%@MC!]M!0!-*06@!(>0@5:!'5$!QL:RÖ/L$<!M$!
RA)5/!.-)5$B6S!.!L$L@E:!(>)0'6A'E:!'!/B:%$5A)/!)05P4P!L'A8.:!Q?+%6S58!.+.%OE!4)FE'%!'!
-*'0:4$5!0+>6'68(>!A!'?./*46).%:C!W*)!l'6/!L$!%)!-*06@!.$%AP6@!.!6$.E+.56).%@!.+.%OE;<!0$!
A%$*8(>!.$!-I$0*P%:5!L$L:(>!-;0)46@!.E+.5C!`'5.$*!/A'Q/L$!%*'F:B6).%!'!?$Q08(>)46).%!B5)0SA'!
?$Q!).)?6@(>!'E?:(@<!B5)0SA'<!A%$*8!(>($!?8%!L$6!4)?*8E!o-)E)(6@A$EzC!
!
:"<?C#*Q%G.%(*[*B%M"h"!
3GC!=C<!1232!
!
Z$M:$r!#'F4'!^%)L)q.A'!
a*'E'%/*F:$!'!-I$A5'4r!\/APR!l:I:BA'!
Y4'-%'($!%$k%/r!#'F4'!^%)L)q.A'!'!TF'!c'Ü(Q'*(Q+A!
^(O6)F*'D:$r!a)E:6:A!\'6F!'!b*:A!^:A)*'!
\:F>%!a$.:F6r!d5'4:E@*!j/*:'6!
d:4$)r!b*:A!^:A)*'!
f).%8E+r!#PR'!u$*6@A)0P!
n/4?'r!c$)*F:L!j'F4'.'*)0!
n*'L@r!n+6$A!_>E$5'I<!Y6:%'!f*'/.)0P!'!d5'4:E@*!#'*$A!
!
17
T6.($6'($!4*'E'%/!-)5.AO>)!4*'E'%:A'!'!*$M:.O*'!n$5E/%'!f'LQ'*'!f'a$`$!0Q6:A5'!'4'-%'(@!
%$k%/!oa'5R@!4@5!7f'a$`$N"!,-$*6@!5:?*$%)z<!A%$*8!?+5!6'-.P6!0!92C!5$%$(>!?S>$E!B'.%8(>!
-)?+%;!n$5E/%'!f'LQ'*'!0!hP-'46@E!j$*5@6SC!l$46P!.$!)!A)5PM!.+*)08(>!)?*'Q;!ES.%'!'!L$>)!
05'.%6@!:E'F:6'($<!:6%:E6@(>!D'6%'Q:@!%8A'L@(@(>!.$!E:5$6(;<!/ES6@<!E$4:P56@!.0S%'!'%4C![:%/56@!
f'a$`$!L'A)!%$>4$LR@!6$L0S%R@!0$5A))?(>)4!b0*)-+!L$!-*)!'/%)*'!E$%'D)*)/!%$E6O!'!5PA'0O!
.%*'6+!.0S%'C![$6%)!./-$*E'*A$%!QP*)0$g!-I$4.%'0/L$!.$k.>)-+<!?)*4$5!'!/ES5$(A)/!F'5$*::<!
0!6SEM!.$!'/%)*!t!>*4:6'!'6$?)!7B%$6PIt4:0PAN!A)/AP!6'!-5$LP4/!-)4:068(>!-).%'0!'!
-I$4ES%;C!l$!%)!%'AO!($.%'!A!Q'.0S($6@C!
!
j%1<"!
1C!32C<!1232!
!
0)56S!-)45$!*)EP6/!f*P5)06:6'!R'05$!a)*)%+!#'.5)q.AO!
!
-I$A5'4r!jP*'!c*$F)*)0P!
.(O6PI!'!*$M:$r!l'6!n)*PA!
.(O6)F*'D:$!'!*$M:L6@!.-)5/-*P($r!#:(>'5!WS(>)/B$A!
'/%)*!.0S%$56O>)!)?*'Q/r!Z:(>'*4!\).A)%!
>*'L@r!n'5A'![I$RgPA)0P<!a)E:6:A'!n)*+6)0P!'!f'L$%P6!W@.'I)0:(!
!
e'05$!L$!-I@?S>!.-:.)0'%$5A+<!A%$*P!.$!)4.%S>/L$!6'!0'*R'0.AO!.@45:R%S!W*'F'<!'[email protected]'5'!
:6.-:*'(:!-*)!.0;L!4*/>8!*)EP6!-)!i.-SR6O!-*0)%:6SC!W*'F'!L$!F>$%)<!E@.%)!A4$!M:L@!L$6!
.)(:P56S!6$L.5'?R@!5:4O<!6$Q'ES.%'6@<!6'*A)E'6:!'!'5A)>)5:(:C!a)!%S(>%)!A/5:.!Q'.'Q/L$!.0;L!
D'?/5)0'68!-I@?S><!'?+!>)!QP>+!Q'0*>5'!'!Q'B'5'!Q6)0/!'!/-I:E6SC!!
!
WI$4.%'0$6@!L$!D)*EP56S!E:6:E'5:.%:(A)/!)?*'Q)0)/!A)E-)Q:(@!'!-*'(/L$!.!6SA)5:A'!B'.)08E:!
*)0:6'E:C!
!
!
"8<(.8@<!'-&(?I!
!
:"<?C#*Q%G.%(*k*M%<P>*#%E*eQ%M"h"f*:"<?C#%*Q%G.%(%!!
!
3C!1C<!1232!
*$M:$r!TF'!c'Ü(Q'*(Q+A<!#'F4'!l:I:BA'!^%)L)q.A'!
-I$A5'4r!\/APR!l:I:BA'!
18
>*'L@r!Y6:%'!f*'/.)0P<!W'0$5!j'%SA<!W$%$*!d'*F'!
!
T6.($6)0'6O!B%$6@!%$k%/!-)5.AO>)!4*'E'%:A'!'!*$M:.O*'!n$5E/%'!f'LQ'*'!oa'5R@!%'>!
7f'a$`$NzC!f'LQ'*!73=J3t3=K1N!6$6@!'6:!0!.'E)%6OE!W)5.A/!-I@5:R!Q6PE8E!'/%)*$E<!L$>)M!
5:%$*P*6@!'!4*'E'%:(AP!%0)*?'!'M!6+6@<!.!%OESI!%I:($%:5$%8E!)4.%/-$E!)4!L$>)!.E*%:<!Q'B@6P!?8%!
4)($g)0P6'C!
[$k%!a'5R@!%'>!7f'a$`$N!0Q6:A5!0!92C!5$%$(>!?S>$E!B'.%8(>!-)?+%;!n$5E/%'!f'LQ'*'!0!
hP-'46@E!j$*5@6SC!l$46P!.$!)!A)5PM!.+*)08(>!)?*'Q;!ES.%'!'!L$>)!05'.%6@!:E'F:6'($<!
:6%:E6@(>!D'6%'Q:@!%8A'L@(@(>!.$!E:5$6(;<!/ES6@!'%4C![:%/56@!fY!ab!`b!L'A)!6$L0S%R@!%$>4$LR@!
0$5A))?(>)4!b0*)-+!L$!-*)!'/%)*'!E$%'D)*)/!%$E6O!'!5PA'0O!.%*'6+!.0S%'C![$6%)!
./-$*E'*A$%!QP*)0$g!-I$4.%'0/L$!.$k.>)-+<!?)*4$5!'!/ES5$(A)/!F'5$*::<!0!6SEM!.$!'/%)*!t!
>*4:6'!'6$?)!7B%$6PIt4:0PAN!A)/AP!6'!-5$LP4/!-)4:068(>!-).%'0!'!-I$4ES%;C!l$!%)!%'AO!($.%'!
A!Q'.0S($6@C!
^%*/A%/*'!'!(>'*'A%$*!%$k%/!L$!0$5E:!.)/B'.68<!0$!.0O!D)*EP56@!08.%'0?S!-I:-)E@6P!%$64$6($!
-).%E)4$*6@!6SE$(AO!4*'E'%:A+<!6$?)Ö!).(:5/L$!E$Q:!4*'E'%$E<!.(O6PI$E<!$.$L$E!'!
:6%:E6@E!4$6@A$EC!
!
!
H2$5231!J-&%.<24!#&2K$213(8&I*!
!
94#"4%!
u%+I:!0$I$L6O!08.%/-+C!
11C!3C<!1HC1C<!11C!HC<!1C!JC"!1232!!
!!
YVVY!1d1Y!G2nQ!:6.%'5'($!t!E$4:%'%:06@!)?*'Q!7Jk![d!E)6:%)*!t!5:0$!.+6(>*)!0:4$)w'/4:)N!
.)/?)*!0:4$)!.E+B$A!-I$0$4$68(>!4)!'/4:'!L'A)!6@QA)-*'>)0O!'!0+.)A)-*'>)0O!>'*E)6:$!
0+(>PQ$L@(@!Q!G2nQ!D*$A0$6($!
!
YVVY!1d1Y!G2nQ!t!-$*D)*E'6($<!q)*A!:6!-*)F*$..<!.%*$'E:6F!E:64!.+6(>*)!'/4:)w0:4$)<!
'?.%*'A%6@!)?*'Q+!0!6$-I$*/R$6OE!%)A/!E+R5$6$A!/0S4)ES5O>)!plPz!'!L$>)!-)*/(>!6'!
19
QPA5'4S!*$D5$k$!.)/B'.6).%:!L$4:6($C!
!
WI$4.%'0$6@!-*)?@>'5)!0M4+!0$!Q05PR%6@E!*$M:E/!t!0!-*;?S>/!-$*D)*E'6($!.$!-*'(/L$!.!
A)6%*'.%$E!jw`!.%*)?)!)?*'Q;!G2!nQ!'!.:568E!Q0/A$EC!
!
8976Y9ca_*O9RM\c!7&:65'64N!
[>$!^$(*$%!,D![>$!^-'($!c)'%!
u%+I:!0$I$L6O!08.%/-+C!!
32C!JC<!19C!GC!<!JC!{C<!1{C!{C"!1232!
bk%*OE6@!D+Q:(AP!'!>/4$?6@!-$*D)*E'6($!D:6.AO!.A/-:6+!*$Q:4$6%;!'!L$L:(>!.-)5/%0;*(;!
!
h!4P068(>!/F*)tD:6.A8(>!*:%/P5;<!6$Q6PE8(>!)Q0S6!?/4)/(6).%:!'!.)/B'.6O>)!(>')./!
-)0.%P0P!6$L6)0SLR@!08%0)*!^'?)%'6:(!c'*4$6}!bk%*OE6@!D+Q:(AO!'!>/4$?6@!-I$4.%'0$6@C!
['L$E.%0@!0$.E@*6O>)!A)Q5'!L$!08-*'0)/!Q'!%$E6)/!>E)%)/!'!4P5<!-*)!-)A*)B:5OC!
*
_(35#34%*!%<='4%='!
9C=3'k51T="B!
33C!KC<!1232!
d6@EP6@C!W'ESÖC!Y.)(:'($C!^$6Q'($C!T6%$*-*$%'($C!
h$!.5/(>P%$A!.5+R$68!-)-:.!4:0'4$56@>)!-I$4.%'0$6@<!.)/B'.6S!.!0:Q/P56S!06@E'68E!M:08E!
0+.%)/-$6@!/*B$68E!-)/Q$!dPEC!
!
bk(>'6F$!_)EE:%%$$!L$!45)/>)4)?8!-*)L$A%<!A%$*8!Q'B'5!%I@ES.@B6@!.%PM@!0!Y%$5:O*/!
-$*D)*E'6($!0!#$$$%&'(%)*+C!h'?80P!.$!08QA/E$E!0Q%'>;!E$Q:!06@EP6@E<!EO4::!'!
-I$4.%'0$6@EC![$6%)!-*)L$A%!L$!)*F'6:Q)0P6!'!0$4$6!E$k:(A)/!/ES5A+6@!_*:.%:6)/!
#'54)6'4)<!-$*D)*E$*A)/!'!*$M:.O*A)/<!A%$*P!.!B$.A8E:!/ES5(:!.-)5/-*'(/L$!L:M!)4!*)A/!
122H<!'!0$!.-)5/-*P(:!.!4:0'45$E!n)#b<!#*.C!b0$*+>$*$á.!_5/?!'64!b5$(%*)0:.:)6$.C!dR$(>6'!
-I$4.%'0$6@!L.)/!.-5)/0+%0PI$6'!'!-I$40P4S6'!.A/-:6)/!/ES5(;!Q!*;Q68(>!Q$E@!-)E)(@!
20
:6%$*6$%/!'!6'!*$.:4$6B6@E!E@.%S!'!6SA%$*P!Q!6:(>!.$!)4$>*P0'L@!QP*)0$g!0!#$k:()!_:%+!'!
W*'Q$C!W*)L$A%!L$!-)4-)*)0P6!VP*)46@E!D)64$E!-*)!/ES6@!'!A/5%/*/!0!#$k:A/<!#'F:.%*P%$E!
>5C!ES.%'!W*'>+<!^%P%6@E!D)64$E!-*)!/ES6@!'!A/5%/*/!0!Yà/'.('5:$6%$.<!#$k:(A)/!
'E?'.P4)/!0!u$.AO!*$-/?5:($<!]ES5$(A)/!*'4)/!0!l:M6@E!^'0)<!u%+IE:!46+!0!-)>+?/!'!a*C!
['ÖP6)/!dPQà/$QC!
!
_(35#34%*!%<='4%='!
:'4"5#<)*6<=!
['6$(<!4:0'45)<!.(O6)F*'D:$<!0:4$)<!/ES6@!'!Q0/A)08!4$.:F6!'!E)6)5)F!6'-.'68!-*)!L$46/!
%'6$B6:(:C!
31C!32C<!1232!
f)6($-%r!_*:.%:6'!#'54)6'4)!7#bâN!
Y.:.%$6%!*$M:$r!n)q'*4!\)%A$*!7_hw]^YN!
[0;*B@!%8E!'!:6%$*-*$%:r!Y6%)6:)!^'5:6'.!7#bâN<!Z)(@)!hiä:F'!7#bâN<!l$66:!f)AA)E'A:!7&TVN!'!
_*:.%:6'!#'54)6'4)!7#bâN!
a*'E'%/*F:$!'!%$k%r!^)4L'!\)%A$*!7_hN!
^0S%$568!4$.:F6r!n)6Q'!j$6$R!7_hN!
h0/A)08!4$.:F6r![)EPR!W*)(>PQA'!7_hN!
^(O6)F*'D:$r!f'%$I:6'!n)/.A)0P!7_hN!
!
W)!HG5$%$(>!.$!-%PE$r!
_)!%)!-*)?)>'!4S5PE!Q'!?5?).%:!CCC!/0S4)E@E$!.:<!M$!L$!%)!05'.%6S!.%$L6O!L'A)!-O(%!./R$6A+<!
L'A)!?8%!6$i-*).68!?)L)06@A!Q'!4/(>)06@!>)46)%+<!.5'068!/ES5$(<!L'A)!.6'>'!/(>)0'%!.:!
4/R$06@!Q4*'0@"!%'A!)!B$E!L$!05'.%6S!%)!(>%S6@!?8%!6SA8E!A8E!L.E$!0M4+(A+!(>%S5:}!
#$k:(AP!(>)*$)F*'DA'!'!$kt%'6$B6:($<!A%$*)/!L:M!)?%SM/L$!%'6B:%<!'5$!0!%)E%)!-*)L$A%/!L:!%)!
6$)?%SM/L$<!4'5R@!E$k:(AP!$kt%'6$B6:($<!A%$*P!.$!.%'5'!*$M:.O*A)/!.!0$5A8E!6'4P6@E!0O.%!
A/*Q+!'!6$)E$Q$68E:!*$M:L6@E+!6P-'4+<!*$M:.O*A'!'!:6%$*-*$%A'!D:6.AO>)!D+Q:(AO>)!4:0'45'<!
A%$*P!0+E8R5@!-*)L$A%<!L'A!M@%!L'A)!D$EE$!D'%'5!'!0+>6)/%!.$!6/4S<!E$k:(A8!4:0'4$56@!*$M:.O*!'!
(>)*$)F*'D<!A%$*8!-)-*0O!-)(>+?/L$!)!.08(>!6$)E+568(>!%0*Q$6@(>!'!.*?.AP!4*'E'%:BA'<!
A%$*P!6$(>'5'!-.'6@!L:M!-I$4!5$%+!'!6+6@!-*)M@0P!).)?6@!A*:Q:!'!-@R$!%)%)!4*'E'!-*)!%'6$B6:($"!
4)>*)E'4+!-)-*0O!'!6'-).5$4+!-)Q6P0'L@<!M$!/M!6$L.)/!%SE:<!A%$*8E:!?+5:!4I@0$!'6:!%SE:!
A%$*8E:!L.)/!%$ãC!
!
l%4*Q'?0("B!
m#('D)*B(%1!
13C!32C<!1232!
a:0'45)!6'!-$*)6S!7|:5:6'<^fN<0$!.-)5/-*P(:!6'!'/%)*.AOE!-*)L$A%/!*$M:.O*'!l'6'!f)E'*A'C!!
!
a:0'4$56S!-)>+?)08<!)?*'Q)08!'!Q0/A)08!i%)A!6'!5:4.AO!(:%+!'!Q0@I$(@!-)(:%)0).%C!W)$%:(AP!
:6%$*-*$%'($!.5$Q:6+<!L'%$*<!5$40:6<!.%I$0!'!0'.A/5P*6@>)!.+.%OE/C!V$0>)46O!-*)!A/(>'I$C!
d>)46O!-*)!%+<!A%$I@!-I$M:5:!0$!Q4*'0@!D:5E!Y6%:A*:.%C!!
!
!
L3%>!M(/&(-423I!
n`$`*_K<34"*[*8B'240!
1GC!1C<!1232!
4*'E'%:Q'($r!!#:*).5'0!j'E?/R$A!'!l'6!n)*PA!
21
*$M:$r!#:*).5'0!j'E?/R$A!
>*'L@r!f'*$5!a)?*8<!T0'6'!]>5@I)0P<!l'6!\$-R@A<!n'5A'![I$RgPA)0P<!a)*'!n)R%)0P<!^%'6:.5'0!
#'L$*<![)EPR!l$IP?$A<!W$%*!f*;R$56:(A8!
>/4?'r!W$%*!f)D*)g!
.(O6'r![)EPR!j'E?/R$A!
A).%8E+r!l'6'!W*$A)0P!
Y/%)*.AP!:6.($6'($!:6.-:*)0'6P!L$46)/!Q!6$L08Q6'E6SLR@(>!'!QP*)0$g!6$LA)6%*)0$*Q6SLR@(>!
).)?6).%@!.0S%)0O!5:%$*'%/*+!40'(P%O>)!.%)5$%@C!aSL!.$!)4$>*P0P!)4!I@L6'!3=JJ!4)!A0S%6'!
3=JGC!d!4)?S!).0)?)Q$6@!?+5!_O5:6$!5:4)08E!.)/4$E!)?0:6S6!Q!A)5'?)*'($!.!VSE(:!'!Q!
05'.%:Q*'4+!'!)4.)/Q$6!A!.E*%:!0!6$-I@%)E6).%:C!T6.($6'($!$k-*$.:06S!-)L$46P0P!Q?S.:5@!i-*A!
5OA'I$!'!.-:.)0'%$5$!_O5:6'!L$>)!M$6+!'!?'5$%A+!\:5:<!>$*($!\$!d:F'6'!'!L$L:(>!A)()/*'!jO?$*%'!Q!
W'I@M$!-I$.!>*)/%@(@!.$![I$%@!I@R:!4)!f)4'6SC!
!
:%4=%*O'#"*[*R%34*M%4&"!
1{C!1C<!1232!
-I:-*'0:5:r!aå*6$*<!W*)(>PQA'<!^E)5@A!!
Z':6!4'6($!L$!'?./*46@!%$E6P!F*)%$.A'!.-)L/L@(@!A5:RO!QP?'06@>)!-*;E+.5/!.$!.A$-.@!-)E'5/!
*).%)/(@!0!($5O!QP-'46@!A/5%/I$<!A4$!.:!Q?5)/4:5@!4OE)6:!.%'*O>)!.0S%'!0!6)0O!4)?S!6$0S4@!
*'4+!.%$L6S!L'A)!L$L@!)?+0'%$5OC!!
!
N$*-$/>(?I!!
!
M"%*n'E"(g*X"?T*D"."*5<'1!
HC!HC<!1232!!a:0'45)!>/4?+!,5)E)/(!7d!*PE(:!d$5AO!T60$6%/*+N!
1=C!GC<!1232!a*$'E&'(%)*+!,.%*'0'!!
3=C!9C<!1232![>$'%$*'A'4$E:$!h$:.$>'55$6!7d!*PE(:!D$.%:0'5/!f'5%.%'*%!w!n'E?/*FN!
*
!3&E%<*NT&E'C2"B*[*!CJ3*?%<CG>!
GC!=C<!1232!^0S%)0'*!w!W5Q$g!7d!*PE(:!A'64:4'%/*+!W5Q6S!6'!$0*)-.AO!ES.%)!A/5%/*+N!
!
O&#2?=6I!
!
h$ES!?$Q$!.5)0r!Kk!73JC3<!31C!1C<!HC!HC!t!,5)E)/(<!12C!HC<!19C!GC<!1=C!GC!t!,.%*'0'<!3=C!9C!t!
n'E?/*A<!H2C!=CN!
#/M:!E'5/L@r!9k!7JC!3C<!11C!1C<!=C!HC<!1{C!JC<!1G!GC<!1C!=C<!GC!=C!t!W5Q$gN!
\C!&C!_O5:6$!m!^A)B6Pr!H!k!71GC!1C<!33C!GC<!12C!31CN!
,!>)5B:B($r!{k!71GC!3C<!9C!HC<!KC!JC<!39C!GC<!12C!{C<!33C!32CN!
b6F5'64r!{k!73GC!3C<!1=C!3C<!3=C!HC<!3GC!JC<!13C!GC<!JC!32CN!
Z':6!a'6($r!Gk!71{C!1C<!3GC!HC<!11C!J<!H3C!GC<!3GC!33CN!
W'6!Z)E'6r!3k!7KC!HCN!
j$6L'E$6%'r!Kk!7JC!HC!t!-*$E:O*'<!1=C!HC<!3=C!JC<!JC!GC<!32C!{C<!12C!=C<!1{C!32C<!3JC!33CN!
f'a$`$r!Gk!73GC!=Cçt!-*$E:O*'<!3{C!=C<!GC!32C<!1C!33C<!3JC!31CN!
e'05$r!Jk!71C32C!t!-*$E:O*'<!HC!32C<!KC!33C<!{C!31CN!
!
!
D3(!N$2>@!
22
#$$%&'(%)*+*(".3="424>*/(';(%?*+,-,*
*
R".3="424>*/(';(%?!6'0PQ'5!6'!*)A!-I$4(>PQ$L@(@<!'5$!QP*)0$g!-I:6$.5!'!Q*$'5:Q)0'5!E6)>)!
6)0O>)C!d!*PE(:!*$Q:4$6B6@>)!-*)F*'E/!-*)?S>5)!+o*%0;*B@(>*-)?+%;*.%E(%4324>&E*/ES5(;!'!
p!*$Q:4$6(@!2"5BA&E*/ES5(;C!aP5$!0!'%$5:O*$(>!-)A*'B/L$!0$!.0O!B:66).%:!T60$6%/*'!)C.C<!
4:0'4$56@!.)/?)*!n'64'!c)%$!'!6)0S!-I@(>)Q@!)*F'6:Q'(@!.$!.%'5)!^'D$*!W'*%+C!d!6$-).5$46@!
I'4S!L.E$!6'!4)?/!)4!4/?6'!4)!A0S%6'!6'0PQ'5:!A*P%A)/!.-)5/-*P(:!.!*$Q:4$6B6@E!($6%*$E!
f5'%)0+wf5$6)0P!'!Q'B'5:!45)/>)4)?)/!.-)5/-*P(:!.$!Q'B@6'L@(@E!-*)L$A%$E!*$.:4$6(@!
0!f)R:(@(>C!!!_$5A$E!L.E$!/.A/%$B6:5:!39!0$I$L68(>!08.%/-;!Q!%)>)!J!08.%'0+<!32!-$*D)*E'6(@!
6$?)!4:0'4$56@(>!-I$4.%'0$6@!'!H!)%$0I$6O!'%$5:O*+C!
!
['A!L'A)!0!-I$4(>)Q@E!)?4)?@<!%'A!:!%$6%)A*P%!L.E$!-)A*'B)0'5:!1"*5/'<C/(0&3*5*O'"#E"*
a45#3#C#"?*N(%E%!'[email protected]'5:!L.E$!-)4-)*/!uV&jC!V)0:6A)/!L$!QI@Q$6@!.'E).%'%68(>!q$?)08(>!
.%*P6$A!7>%%-rwwqqqCF)$%>$C4$w:6.w(Qw-*Lw'*%w4$:64$kC>%EN!%)>)%)!-*)F*'E/<!A4$!E;M$%$!
6'5OQ%!6$L$6!-*)D:5+!L$46)%5:08(>!/ES5(;<!'5$!:!0$RA$*O!4'5R@!:6D)*E'($<!L'A)!%$*E@6+!08.%'0!'!
4'5R@C!W*06@E:!iB'.%6@A+!.$!.%'5'!40)L:($!-'*%6$*.AP!40)L($!!%4'4*9d5#!'!7"4G%?34*h%<#E"(C!
a*/>8E!0!-)I'4@!?+5!94=("d*O3<D"(#C!d!5O%S!6P.5$4)0'5:!!%(BC5*8"<;!'!!C(5E3=%*9(.C*
9</%4%C!
!
V)0:6A)/!5$%)R6@(>!*$Q:4$6(@!L$!)%$0I$6@!-*)F*'E/!9#"<3"(*/"(@'(?%4&"<!A4$!)4!5$46'!4)!
Q'BP%A/!4/?6'!-;.)?:5!W$%*!f*/R$56:(A8!'!/0$45!B%+I:!-$*D)*E'($!Y6%$6'!t!9cc9*+Z+9*q,:.C!
V):.)0O!-I$4.%'0$6@!.$!-).%/-6S!0+0@L$5)!)4!A*P%AO>)!3G!E:6/%)0O>)!0+.%)/-$6@!0!'%$5:O*/!
A!-;5>)4:6)0OE/!-*)F*'E/!6'!0$5AOE!.P5$!#&C!a*/>P!*$Q:4$6($!0!%O%)!I'4S!?+5'!M:0$56P!
-$*D)*E'6($!D:6.AO>)!/.A/-$6@!8%D'#%43&*O%(="4!!!!"#"$%!!"#$%&'()*+(,&-*./0.%*.*%,&
%'6$B6@A$E!?/%s>C!jS>$E!%I$(>!ES.@(;!?+5'!-I:-*'0$6'!J!0+.%)/-$6@<!0!A%$*8(>!iB:6A)0'5)!
6SA)5:A!/ES5(;!Q$LEO6'!Q!&:6.A'<!'5$!:!Q!u$.AO!*$-/?5:A+!6$?)!\)%+R.A'C!W*06@!-$*D)*E'6($!
23
?+5'!A*'%R@>)!D)*EP%/!'!-*)?S>5'!L$6!32!46@!-)!-I@L$Q4/!/ES5(;C!W).%/-6S!-*)L$A%!6'*;.%'5<!
'M!?+5!6'A)6$(!Q'0*R$6!%I@!>)4:6)0)/!-$*D)*E'6(@C!h!['L$E.%0@!0$.E@*6O>)!A)Q5'!.$!6'A)6$(!
.%'5!&$.%:0'5!0$.E@*6O>)!A)Q5'<!A%$*8!?+5!Q'B5$6S6!:!4)!-*)F*'E/!-*'M.AO>)!D$.%:0'5/!]6:%$4!
T.5'64.!)D!W*'F/$C!d!5O%S!'%$5:$*!-$*D)*E'6($!-I$4.%'0:5!-*)L$A%!\r&E%4;"*_'??3##""<!A4$!
.0O!4:0'45$6@!/ES6@!-*$.$6%)0'5:!/ES5(:!Q!#$k:A'<!&:6.A'!'!u$.AO!*$-/?5:A+C!d8.5$4A$E!L$L:(>!
-*P($!?+5+!B%+I:!4:0'4$56@!-I$.%'0$6@<!6SA%$*O!*$-*@Q)0'6OC!d8.%/-!Q!%O%)!*$Q:4$6($!?+5!
/0$4$6!6'!4:0'4$56@E!D$.%:0'5/!0!#$k:A/C!hP0S*!*)A/!.$!?+5!0$!Q6'E$6@!u$.A)!m!.5)0$6.AO!
.-)5/-*P($C!W)4!*$M:.O*.A8E!0$4$6@E!l'6'!f)EP*A'!-I$4.%'0:5:!0!#$$%&'(%)*+!.0;L!-*)L$A%!
oX%*)?+!A*'0p!>$*(:!A)R:(AO>)!4:0'4$56@>)!.)/?)*/!Vc%*/"('4TWC!
!
\$%).!.$!6PE!-)-*0O!%'AO!-)4'I:5)!/.A/%$B6:%!*$Q:4$6(:!'E$*:(AO>)!/ES5($!Q'!/'=/'()*
Z"<1)5<%4"&#1>*8/'G"4A&E*5#0#I*%?"(3&BA&EC!9G3#*_E%CE%4!?+5!L:M!0!-I$4$R5OE!*)($!0+?*P6!
/ES5$(A)/!*'4)/!#&!'!4)-)*/B$6!V$q!v)*.A)/!'!^'6!&*'6(:.A)/!F'5$*:@!l'(A!n'65$+C!jS>$E!
.0O>)!-)?+%/!0+.%'0)0'5!>6$4!40'A*P%<!L$46)/!0!f'*5:6!.%/4:).!'!-)4*/>O!0!*PE(:!*$Q:4$6B6@!
08.%'0+!.-)5/!.!\/(:@![APB)0)/!'!#'6)6!Yq.%!'!j$6L'E:6$E!`'5%>$*$EC!
!
d!-*06@E!-)5)5$%@!%)>)%)!*)A/!?+5+!/.A/%$B6S6+!)?S!5$%)R6@!*$Q:4$6($!-)4-)I$6O!
Z35";(%=5BA?*@'4="?C!nC&3"*YB02'10!Q'A)6B:5'!%I@ES.@B6@!-)?+%!-*$Q$6%'(@!0:4$)!-*)L$A($!
0!*PE(:!08.%'0+!*$Q:4$6%;!70$*6:.PM!1CJCNC!lC<3#%*hsG&3B!-I:L$5'!4)!#$$%&'(%)*+!0!-;5($!?I$Q6'C!
n6$4!6SA)5:A!46@!-)!.0OE!-I@L$Q4/!-*$Q$6%)0'5'!.0)/!4).'0'46@!-*P(:!D)*E)/!)%$0I$6O>)!
'%$5:O*/C!W*)!F'5$*::!f).%A'!l/5:%'!Q>)%)0:5'!.)/?)*!)?L$A%;!t!D/6AB6@(>!.%@6:4$5<!A%$*O!E'L@!
-)4)?/!.)/4)?O!-)5.AO!.'A*P56@!'*(>:%$A%/*+C!d8.%'0'!^%@6:45'!-*)?@>'5'!QP*)0$g!.!08.%'0)/!
0!F'5$*::!#&!*$Q:4$6%;!d$*)6:A+!\'64)0O!'!Y64*$q!c:5?$*%'C!
!
['AO!L.E$!Q'>PL:5:!.-)5/-*P(:!.!*$Q:4$6B6@E!($6%*$E!f5'%)0+wf5$6)0PC!#$$%&'(%)*+!.$!%'A!
.%'5'!-*'M.A8E!QPQ$E@E!-*)!oB<%#'15BK*(".3="4#)p<!A%$I@!-*$Q$6%)0'5:!.0)L:!-*P(:!-)4!
A/*P%)*.A8E!0$4$6@E!W'05'!d'6BP%'!0!*PE(:!-*)L$A%/!^%'*%$4!ç32C!d8ES6'!-*).%)*<!0QPL$E6O!
.$%AP6@!*$Q:4$6%;!?+5)!0$5E:!-I@6).6O!-*)!)?S!.%*'[email protected]'5:!L.E$!E6)>)!6)08(>!QA/R$6).%@!:!
A)6%'A%;<!L'A!-)!.%*P6($!/ES5$(AO!%'A!)*F'6:Q'B6@C!
!
V'!*)Q4@5!)4!*)A/!122=<!A4+!-*)F*'E!-*)!>)5'64.AO!/ES5($!-)4-)*)0'68!Z"<1)5<%4"&#1>?*
c3.'."?5BKE'*B(0<'15#1>!0!W*'Q$!0!#$$%&'(%)*+!-*'()0'5:!0!-*;?S>/!($5O>)!*)A/<!5$%).!.$!
0R:(>6:!B%+I:!/ES5(:!.$R5:!'M!0!L$>)!4*/>O!-)5)0:6SC!W*06@!A4)!-I:L$5<!?+5'!/ES5$(AP!40)L($!
oV:($5)$6*)).p!7c3&'<%*Q3(B%<=3!'!R''5?%(3G4*!%5&343NC!!
!
#:E)!08R$!QE@6S6O!-*)F*'E+!-;.)?:5:!0!#$$%&'(%)*+!0!4'6OE!)?4)?@!YE$*:B'6!Q3#*R"35&E<!
L$>)M!:6.%'5'($!-I@E)!*$D5$A%/L@!L$>)!0Q4P5$6).%!)4!4).'0'46@(>!-IP%$5!B:!E)M6).%!L$L:(>!
-I:?5@M$6@C!l%BCD*:'P"B!Q'A)6B:5!.0;L!.A)*)!40)/5$%8!-)?+%!0!#$$%&'(%)*+C!&)%)F*'D!9=%?*
:'<A!6SA)5:A*P%!)%$0I$5!.0;L!'%$5:O*!0$I$L6).%:!'!0$5E:!-)E)>5!:!4'5R@E!*$Q:4$6%;E!E:E)!L:6O!:!
.!4)A/E$6%'(@!L$L:(>!-*)L$A%;C!Z"('43B%*n%4='10!-)!40)/!5$%$(>!0+.%'0:5'!.0P!4@5'!.-)5/!.!L:M!
QE@6S68E!Y64*$q!c:5?$*%$E<!'!4'5R@C!!
!
,4!5)g.AO>)!*)A/!0!#$$%&'(%)*+!-;.)?@!4:0'4$56@!.A/-:6'!:%4=%*O'#"<!A%$*P!0!%)E%)!*)($!
/0$45'!4:0'4$56@!0+.%)/-$6@!Z':6!a'6($!'!-I$4.%'0$6@!)!M:0)%S!-'6'!Z)E'6'<!
Q'Q6'E$6'6OE!6'!-)4)EP(A/!6'%)B$6OE!KEE!D:5E/C!W*)L$A(:!-*)0PQ@!M:0P!>/4?'!6'!.%'*O!
$5$A%*)6:(AO!6P.%*)L$!t!$5$A%*:(AO!0'*>'6+!'!A+%'*/C!!
!
24
h'>*'6:B6@E!*$Q:4$6%;E!6'?@Q@E$!6$L$6!%0;*B@!QPQ$E@!'5$!:!L:.%)/!QPA5'46/!L$L:(>!4)B'.6O!
4)E$.%:A'($C!!,4!5$46'!%)>)%)!*)A/!?+5'!Q'0$4$6'!-*'0:4$56P!1ACB%*2"5BKE'*G%.)B%*/('*
&3.34&"<!-*)!-)A*)B:5O!:!-*)!Q'B@6'L@(@C!h!1<%5#31T=4A&E*1A/(%1!.%)L@!Q'!%)!QE@6:%!#)*'0.A)/!
08-*'0/!4)!L$.A+6@!'!h5@6'<!['(>)0.A)/!.!6P0R%S0)/!`:64:.(>*é%Q)0+!L@Q4P*6+!'!W*'M.A)/!)4!
#'*)54)0'!W'6)*'E'%/!-I$.!\$%6)/!'!W*'M.A8!>*'4!-)!W$%[email protected]!A)-$(C!W*)%)M$!
A!*$Q:4$6%6@E/!.)/M:%@!'!-)Q6P0P6@!-'%I@!:!5#(%1%<!.-)5$B6P!A/(>+g!.$!B'.%)!.%P0P!E@.%$E!
F'.%*).$%AP0P6@!m!o^5)0$6.AP!A*BE'p!.!>'5/RA'E:!6'R$>)!.5)0$6.AO>)!A/*P%)*'!a/R'6'!
hP>)*'6.AO>)<!oj'6F5'4OR.AP!>).%:6'p!)4!#/*.>:4'!Y*Q/!Y5-'6+!B:!'/%$6%:(AO!on)5'64.AO!
.6@4'6S!0!-)5$46$pC!V$!0R:(>6:!E)>)/!?8%!/'E'=<4T*CD)#'1043!0!'%$5:$*$(><!A4$!-*'(/L@!7?/ã!
Q!4;0)4;!(>$E:(A)t-'(>)08(><!-*).%)*)08(>!B:!>5/A)08(>N<!#$$%&'(%)*+!EP!-*)%)!
A!4:.-)Q:(:!0!?5@QA).%:!QPA5'46@!?/4)0+!:!.-'(@!-*).%)*+!0!A5'.:(AO!QP.%'0?SC!d$5:AO!Q5$-R$6@!
A)ED)*%/!L.)/!=1%*1'.)!a^H!'!l/E-$*!Q6C!_:%*)$6<!A%$*O!6'R$E/!*$Q:4$6B6@E/!($6%*/!
?$Q-5'%6S!-).A+%5!08*)?($C!V'R:!Q'>*'6:B6@!/ES5(:!L.)/!%$4+!B$.A+!E5/0@(@<!6'.+($6@<!.6'46)!
($.%/L@(@!'!-)>)456S!/?+%)0'6@C!
!
d!*PE(:!-I@-*'0!6'!*)A!1233!L.E$!)%$0I$5:!.-)5/-*P(:!.!RC?C45BA?*1"<1)5<%4"&#1>?*'!.*
$(%4&'C.5BA?*345#3#C#"?C!
!
d!-)5)0:6S!*)A/!/A)6B:5'!.0O!'6F'MEP!0!'%$5:O*)0OE!-*)L$A%/!#$$%&'(%)*+!L$>)!Q'A5'4'%$5A'!
#'*:$!d)LPA)0P!7-)%O!L:M!-*)04'6P!#'*A)0PNC!hP0S*$E!*)A/!L:M!?+5)!0$4$6@!-*)L$A%/!-).@5$6)!
W'05$E!d'6BP%$E<!Q'!6$-I$*/R$6O>)!-;.)?$6@!#:5'6'!d@%A'C!
!
^$Q6'E!*$Q:4$6%;!1232!7($5A$E!Hb!/ES5(;!'!H!)*F'6:Q'($Nr!
!
f:%!Z$:.(>!7]^YN<!YL:%!_>'/>'6!7]^YN!
#'6)6!Yq.%!'64!j$6L'E:6!`'5%>$*!7cN<!Y64*$q!c:5?$*%!7cN<!#'*A/.!^$5F!7cN!
\/(:$![APB)0P!7^fN<!l/5:%'!`sL(:A!7W\N!
V:()5'.!W+$!7_'6'4'N!
V:()5'!f:*A'54+!7n)5'64.A)N<!Z)).E'*:L6!#'.(:6:!7n)5'64.A)N<!a'6:$5!4$!Z))!7n)5'64.A)N!
Z/E:A)!n'F:q'*'!7l'-)6.A)wn)5'64.A)N!
b4/'*4)!j'5'6Q'!7e-'6S5.A)N!
c'?*:$5'!c)6('50$.!7W)*%/F'5.A)N!
#/*.>:4'!Y*Q/!Y5-'6'!7VSE$(A)wj'6F5'4ORN!
^'?)%'6:(!c'*4$6w'%$5:O*!-$*D)*E'6($r!W'.:!#éA$5é!7&:6.A)N<!l/..:!^':0)!7&:6.A)N<!^:E)!
\':>)6$6!7&:6.A)N<!#'*F:%'!h'5:%$!7\'%0:'N<!V::6'!\$>%)6$6tj*'/6!7&:6.A)N<!W$%*'!\/.%:F)0P!
7uZN<!d:55$!né*Aå6$6!7&:6.A)N<!#::AA'![/)E:6$6!7&:6.A)N!
Z/(:)!hi6:F'!Y($0$.!7#$k:A)N<!_*:.%:6'!#'54)6'4)!7#$k:A)N!
l'6!f)EP*$A!7uZN!'!.)/?)*!4:0'45'!V'!-$*s6$!7^fN!
!
Z:(>'*4!^%:-5!7uZN<!Y4'E!n)58!7uZN<!l'A/?!n)R$A!7uZN<!W$%*!f*/R$56:(A8!7uZN<!d$*)6:A'!
\'64)0P!7uZN<!#'%SL!^E*A)0.A8!7uZN!
!
#'*:'!_'0:6'!m!n'64'!c)%$!7uZN!
T60$6%/*'!)C!.C!
.-)5$B6).%!^'D$*!W'*%+!
!
'!>).%O!*$Q:4$6B6@>)!($6%*'!f5'%)0+wf5$6)0P!
25
WI$>5$4!'A(@r!
!
d8.%'0+!'!)%$0I$6O!'%$5:O*+r!
d8.%'0'!*$Q:4$6%;!4)!39C!3C!7`$46$.4'+!#$'%5)'D4'+!m!3!-C<!^'.>'!W)>5$!'!#:(>'5!#)*'0B@AN!
19C!1C!m!)%$0I$68!'%$5:O*!#'6)6!Yq.%!'!j$6L'E:6!`'5%>$*!
1C!JC!m!3JC!JC!08.%'0+!*$Q:4$6%;!7!YL:%!_>'/>'6<!j$6L'E:6!`'5%>$*!'64!#'6)6!Yq.%<!\/(:$!
[APB)0PN!
1C!JC!)%$0I$6O!'%$5:O*+r!l/5:%'!`sL(:A<!f:%!Z$:.(>!
1HC!{C!m!32C!9C!d8.%'0'!0!F'5$*::!#$$%&'(%)*+r!Z$Q:4$6%:!1r!d$*)6:A'!\'64'<!Y64*$q!
c5?$*%<08.%'0'!0!-*).%)*/!f).%A'r!^%@6:45'r!l/5:%'!`sL(:A!!
1HC!{C!m!H2C{C!d8.%'0'![>$!T6%$*6'%:)6'5!j)6F)!j)6F)!j*:F'4$!m!W*'>'"!:6:(:)0P6'!Y64*$q!
c:5?$*$%$E!0!'%$5:O*/!BC!3K<!A%$*8!-I:Q0'5!1G!4'5R@(>!/ES5(;!
!
W$*D)*E'6($!'!4:0'4$56@!-I$4.%'0$6@r!
11C!3<!1HC1<!11CH<!1CJ!Y%$5:$*!W$*D)*E'6($!t!W$%*!f*/R$56:(A8!
YVVY!1d1Y!G2nQ!
:6.%'5'($!t!E$4:%'%:06@!)?*'Q!7Jk![d!E)6:%)*!t!5:0$!.+6(>*)!0:4$)w'/4:)N!.)/?)*!0:4$)!.E+B$A!
-I$0$4$68(>!4)!'/4:'!L'A)!6@QA)-*'>)0O!'!0+.)A)-*'>)0O!>'*E)6:$!0+(>PQ$L@(@!Q!G2nQ!
D*$A0$6($!
!
9C!HC!!W'6!Z)E'6!m!4:0'4$56@!.)/?)*!n'64'!c)%$!
3GC!HC!Z':6!a'6($!m!4:0'4$56@!.)/?)*!n'64'!c)%$!
32C!J<!19CG<!JC{C!Y%$5:O*!-$*D)*E'6($w^'?)%'6:(!c'*4$6!['L$E.%0@!0$.E@*6O>)!A)Q5'!
1{C{C!Y%$5:O*!-$*D)*E'6($w^'?)%'6:(!c'*4$6!&$.%:0'5!0$.E@*6O>)!A)Q5'!
!
,.%'%6@r!
33C!1C!m!0$B$*!'E?'.P4+!V:Q)Q$E.AO>)!A*P5)0.%0@!m!A/5%/*6@!'%'RO!0$!.%I$46@!b0*)-S<!/!%O%)!
-I@5$M:%).%:!?+5+!)%$0I$6O!'%$5:O*+!j$66'!`'5%>$*'!'!#'6)6!Yq.%<!f:%'!Z$:.(>$<!YL:%'!
_>'/>'6'!
3{C!HC!m!^5)0$6.AP!A*BE'!m!0$B$I$!.!*$Q:4$6%+!0!A/(>+6:!#&!m!a/R'6!hP>)*'6.A8!'!#'*:P6!
c*)5E/.!-)4P0'5:!>'5/RA+!.$!Q$5@E<!.'5P%$E!'!4'5R@E'!5'>;4A'E:!
1JC!JC!085$%!.!*$Q:4$6%+!6'!#'*)54)0)!-'6)*'E'!?:%0+!/!\:-'6!74P5$!-I$.!\$%6)/<!W*'M.A8!>*'4!
'!W$%I@6!6'!^E@(>)0N!
13C!m!1JC!GC!d85$%!4)!h5@6'!m!08.%'0'!Y64*$q!c:5?$*%<!F'5$*:L6@!6)("!-*)>5@4A'!j*6'"!^5'0A)0!'!
-/6A$06@!L$.A+6S!
1KC!GC!t!d85$%!\:4:($!
31C{!t!d85$%!f5'%)0+wf5$6)0P!08.%'0'!^%'*%$4!ç32!
!
L32.&!A$+>@$/>!3!L.%3(!A?-&@!
26
#$$%&'(%)*+*$3<?*B<CD*
!
!
!
d!-*06@E!-)5)5$%@!1232!Q'B'5'!.-)5/-*P($!&:5E!A5/?/!#$$%&'(%)*+!74P5$!L$6!&f#N!.!D:5E)0)/!
4:.%*:?/B6@!.-)5$B6).%@!Y*%('EC!&f#!%'A!6'?@Q$5!/($5$6O!ES.@B6@!%OE'%:(AO!?5)A+!Q'ESI$6O!
-I$0PM6S!6'!.)/B'.6)/!$0*)-.A)/!A:6$E'%)F*'D::C!l$46)%5:0O!?5)A+!?+5:!0+?@*'6+!.!4;*'Q$E!
6'!/ES5$(A8!'A($6%<!%OE'%:(A)/!.)/4*M6).%!'!MP6*)0)/!*;Q6)*)4).%C!d!5O%S!-*)?S>5!L:M!
%*'4:B6@!?$Q-5'%68!?5)A!D:5E;<!%$6%)A*P%!Q'ESI$68!6'!.5)0$6.AO!D:5E+!R$4$.P%8(>!5$%C!d!
4*/>OE!-)5)5$%@!.$!.-)5/-*P($!.!Y*%('E$E!*)QR@I:5'!6'!4'5R@!4:.%*:?/B6@!.-)5$B6).%:C!d!*)($!
1232!?+5'!%'AO!4)E5/0$6'!08*'Q6P!.-)5/-*P($!.!-*'M.A)/!&Y#]C!&f#!6'?@45!.%/4$6%;E!
&Y#]!E)M6).%!0+/M@0'%!-*).%)*+!'!%$(>6:(AO!QPQ$E@!&f#!A!-*$Q$6%'(:!.08(>!-*'(@!:!-*)!
05'.%6@!%0)*?/C!d!L$46P6@!L$!%'AO!E$Q:6P*)46@!%0;*B@!D:5E)0P!*$Q:4$6($C!!
!
&f#!:6:(:)0'5!'!-I$0Q'5!4*'E'%/*F:(A)/!QPR%:%/!6'4!6)0S!0Q6:A58E!D:5E)08E!A5/?$E!0!*PE(:!
*$F:)6P56@!A/5%/*6@!:6:(:'%:0+!fY[!0!['(>)0S!'!0!f/%6O!n)I$!0!*PE(:!c'5$*:$!^%I$4)B$.AO>)!
A*'L$!cY^fC!,4!.*-6'!.:!Q'B'5+!%+%)!6)0S!0Q6:A5O!D:5E)0O!A5/[email protected]'%!.0O!-/?5:A/EC!d!)?)/!
-I@-'4$(>!.$!L$46P!)!i.-SR68!-)B:6<!)!B$EM!.0S4B@!E:E)IP468!QPL$E!)!/ES5$(A+!6P*)B6O!
D:5E+<!4*/>)%68E!$D$A%$E!L$!0+%0)I$6@!'A%:06@!A)E/6:%+!4:0PA;C!!
!
N$,($8&(?!*#$%4#2>8&!(3!#2$+&@-4!P.($@3/>2(3!1&=.!QJ"P!3!L&&-!R38-$26!
!
R.%16!#2$1?-3(<!@3:,$4!*-F&,4!/!#2$*-$2>89!@3/>2(6!QJ"P!*.!2689%&!=?*@3%6!/&%@$4!$;%.;4C!P/3%.-(?!
,2313-425.&!#2384+&!*!41)%&8@6!=3+?13/01.!K.%16!3!/6-/>F?!-3@!,3%B?!#2$*-$2!#2$!/(?1>(?!/0-/32(<9$!
41)(?!/!(3B?!53%&2..C!H$'&-!,./>@S!*&!#$*-4#()!4*->%.%7!@3#38.-3!@3/>2(6!3(.!/?8&!(&:!TU!V!
WU(>/B-)/(?@S!(&#$+1&C!G./>8.!$8&X4+?!+3@!@/3%.-4!,)%7!-3@!-&89(.8@<!=3+.B-)(?7!@/3%.-(?!#F&@%3,6!3!
27
/*-4#4+?!.!,$!(>*%&,(089!,&;3-C!R.%16!+3@$!J(-.@2.*-7!L&=.!=,1.!(&;$!Y?%>!*-493!/6/$%>/3+?!.!=3+?13/<!
*#$%&'&(*@<!$->=@6!3!,./>8.!*&!2>,.!=3#$+4+?!,$!,&;3-!$!+&+.89!41)%&8@<1!(&;$!*#$%&'&(*@<1!,$#3,4C!
!
P.($@3/>2(3!QJ"P!K4(54+&!+.:!/?8&!(&:!T!1)*?8&!3!=3!-4!,$;4!*.!/6-/$F.%3!*->%<!#4;%.@417!@-&2<!(389>=?!
($/<!.1#4%=6!3!/=-396!1&=.!(3B.1.!/0*-3/31.!3!#2$1?-3(01.!K.%16C!Z)B?1&!*&!(3!,3%B?!*#$%4#2>8.C!
!
G3(.&%3!A3%&B$/>7![\!QJ"P!
!
5$4$6!!
YK?%*t*YT<'!!!
!
[S5)!L$!0!.)/B'6.OE!D:5E/!06@EP6)!.-@R$!-)0*(>6SC!d!MP6*$(>!L'A)!>)*)*<!A%$*O!.!-*)ES6'E:!
%S5'!-I@E)!-*'(/L@<!4$D:5/L@!%$$6'F$I:<!.A'64P56@!.6@EA+!%S5)!%)%P56S!)4>'5/L@!'!A!'E%O*:.E/!
.ESI/L@(@!-)*6)F*'D:$!>)!4$E'.A/L$C!bk:.%/L@!)0R$E!D:5E+<!A%$*O!%S5)!'!%S5$.6).%!/A'Q/L@!L:6'AC!
Y6%:A*:.%!L$!D:5E$E<!A%$*8!4)!%S5'!4:0PA'!0.%/-/L$!'!0+6/%@!.:!*$'A(:!'!%)!6$L$6!4@A+!$k-5:(:%6@E!
QP?S*;E<!A%$*O!0!6SE!L.)/<!'5$!-I$4$0R@E!4@A+!%$(>6:($<!L'A)/!L$!6'%)B$6C!HG!-'6PA;!*/E/!
)4>'5/L@<!M$!0!6'R$E!A'M4)4$6@E<!)?+B$L6OE!M:0)%S<!L.)/!4)%+A+!%S5'!6'4!!E@*/!4;5$M:%8E!
A)E/6:A'B6@E!-*0A$EC!n5'4!-'A!/A'Q/L$!%S5)<!A%$*O!E;M$!.5)/M:%!L'A)!Q?*'g<!E$%'D)*/!%S5'!
L'A)!A*:E:6P5/C!,54!j)+!L$!/APQA)/!D+Q:(AO>)!D:5E/<!A4+!%S5)!L$!L$6!.(>*P6A)/<!>)46)/!A$!
Q6:B$6@C!!
!
94#3B(35#t94#3&E(35#!7*$MC!\'*.!0)6![*:$*<!aP6.A)<!VSE$(A)<!W)5.A)!122=N!!
Hq*/%40BI*(C?C*t*Hq*REC?5!7*$MC!_5':*$!a$6:.<!&*'6(:$<!VSE$(A)!122KN!!
:<%=*t*:C4;"(*7*$MC!^%$0$!#(è/$$6<!d$5AP!j*:%P6:$<!T*.A)!122KN!!
6<=*7')!7*$MC!W'*A!_>'6tq))A<!f)*$'!122HN!!
!
i6)*!!
YK?%g*MCP"*
!
a/(>)06@!D:5E+!L.)/!0S%R:6)/!.+6)6+E$E!-*)!*)Q05$A5P!4*'E'%!-56P!>/E'6:.E/<!
:6%$5$A%/P56@>)!-).$5.%0@!'!-*)!0S%R:6)0O>)!4:0PA'!L$!%)!.-@R$!4'5R@!Q!4;0)4;<!-*)B!.$!
'/%)*.AOE/!D:5E/!0+>8?'%C!d!6'R$E!08?S*/!-*)%)!D:F/*/L@!>6$4!40S!4/(>)06@!A)E$4:$<!L$4$6!
-)-!D:5E!'!08L:E$B6O!-).%t.)(:'5:.%:(AO!4*'E'C!&*'6()/Q.AP!A)E$4:$!\)/:.$t#:(>$5!L$!
-)A*'B)0'%$5$E!%*'4:($!./**$'5:.%:(AO>)!D:5E/!'!A)E?:6/L$!L:!.!'A%/P56@E:!E$%'D+Q:(A8E:!
)%PQA'E:!)!I$R$6@!D:6'6B6@!A*:Q$C!^A'D'64*!'!E)%85!6P.!Q'0$4$!4)!>5/?:6!4/R$!B5)0SA'<!L$6M!
-)/Q$!.:5)/!.0O!).)?6).%:!4)APM$!Q;.%'%!0!A)6%'A%/!.!).%'%6@E:<!:!A4+M!E/!6'!%S5$!-)!)(>*6/%@!
6$.5)/M@!%OESI!L$4:68!.0'5C!J!ES.@($<!H!%846+<!1!46+!L.)/!Q'(>+($6@E!%*8Q6:0O>)!)A'EM:A/<!
A%$*8!E;M$!6'.%'%!0!M:0)%S!A'M4O!M$6+<!)0R$E!QA)E-5:A/L$!.$!4@A+!6$.0)?)468E!-)ES*;E<!
0$!A%$*8(>!>5'06@!>*4:6A'!M:L$C!#PE!*P4!n/(A'?$$.!L$!L$46)/!Q!6$L0A/.6SLR@(>!A)E$4:@!
-).5$46@!4)?+<!A%$*P!.:!4S5P!.*'64/!L'A!Q!-)5:%:A+!6'46P*)46@(>!D:*$E<!%'A!Q!0SB6O>)!>5$4P6@!
*$($-%/!6'!.-)A)L$68!4/(>)06@!M:0)%C!!!
!
n'C35"*[*!3&E"<!7*$MC!c/.%'0$!4$!f$*0$*6<!j$6)ê%!a$5O-:6$<!&*'6(:$<!j$5F:$!122KN!
8B%@%4=(*%*?'#A<!7*$MC!l/5:'6!^(>6'?$5<!&*'6(:$w]^Y!1229N!
b*?T5>&"S*H*#A=4)S*+*=4)*7*$MC!_*:.%:'6!#/6F:/<!Z/E/6.A)!1229N!
!0?*(0=*:C&B%D""5!7*$MC!a'0:4!,ëZ/..$5<!]^Y!122JN!
!
?I$Q$6!!
YK?%g*Q'("%*
!
28
f)*$L.A8!D:5E!EP!E6)>)!-)4)?C!V'!L$46O!.%*'6S!.%)L@!A)E$*B6@!MP6*)0O!?5)(A?/.%$*+<!6'!
.%*'6S!4*/>O!./?%:56@!'/%)*.AO!D:5E+C!T!%'A!5Q$!I@(:<!M$!.$!)?S!%+%)!.A/-:6+!6'0QPL$E!-*)5@6'L@C!T!
%+!6$L0S%R@!A)*$L.AO!A'.)06@!%*>PA+!0!.)?S!E'L@!A/.!'/%)*.AO>)!0+LP4I$6@!'!.6'M@!.$!6'>5@M$%!
QP0'M6P!>:.%)*:(AP!'!.)/B'.6P!%OE'%'C!V')-'A!'/%)*.AO!D:5E+!.:!B'.%)!-)>*P0'L@!.!A5'.:(A8E:!
-).%/-+!*;Q68(>!MP6*;!L'A)!L$!>)*)*<!%>*:55$*!6$?)!4$%$A%:0A'C!Y.:L.A8!D:5E!)?$(6S!Q!6'?@4A+!
B$.AO!4:.%*:?/($!-)E'5/!E:Q@C!V'R@E!(@5$E!L$!-I:-)E$6)/%!D:5E+!40)/!6$L08*'Q6SLR@(>!
*$M:.O*.A8(>!).)?6).%@!.)/B'.6O>)!A)*$L.AO>)!D:5E/!m!f:E!f:t4/A'!'!W'*A!_>'6tq))A'C!,?'!
.08E:!D:5E+!)A)/Q5:5:!$0*)-.AO!D$.%:0'5+<!)?'!L.)/!Q6PE@!D:5E)08E!D'6)/RA;E!6'!($5OE!.0S%SC!
d!L$L:(>!D:5E$(>!.$!6P.:5@!-*)-5O%P!.$!.:568E:!-.+(>)5)F:(A8E:!-I@?S>+C!f5'.:(AO!0+-*P0S6@!L$!
)Q05PR%g)0P6)!-).%E)4$*6@E:!-*0A+!'!L$L:(>!-)$%:A'!L$!%'A!0.A/%A/!6'4B'.)0PC!!!!
!
c"D'E0*/%4>*/'?5#%!7*$MC!W'*A!_>'6tq))A<!f)*$'!122GN!
Hka('4!7*$MC!f:E!f:t4/A<!f)*$'!122JN!
u%5*7*$MC!f:E!f:t4/A<!f)*$'<!l'-)6.A)!122{N!
M"&E!7*$MC!f:E!f:t4/A<!f)*$'!1229N!
8%?%(3#04B%!7*$MC!f:E!f:t4/A<!f)*$'!122JN!
!
4/?$6!!
YK?%g*v"4)*.%*B%?"('C*
!
l:M!4P06)!6$-5'%@<!M$!M$6.A8!D:5E!L$!Q($5'!.-$(:D:(A8E!MP6*$EC!#)M6P!L$R%S!-I$4!-P*!5$%+!?+5'!
*$M:.O*APE!0+E$Q)0P6'!*)5$<!L'A)/!ES5+!-*06@!.-:.)0'%$5A+!0!4$0'%$6P(%OE!.%)5$%@C!a6$.!L$!
%$4+!.:%/'($!E6)>$E!-$.%I$LR@<!'5$!()!Q;.%'5)!L$!D'A%<!M$!D:5E'IA+!%OESI!Q$!QP.'4+!Q;.%P0'L@!
'/%)*.A8E:!).)?6).%E:C!V$-I:Q-;.)?/L@!.$!Q'?S>6/%8E!AP6)6;E<!>5$4'L@!.0;L!'/%$6%:(A8!
*/A)-:.!'!%OESI!0M4+!.%)L@!E:E)!>5'06@!-*)/4!A)E$*B6@!A:6$E'%)F*'D:$C!a/?6)08!-*)F*'E!L$!
%$4+!.$.%'0$6!%'A<!'?+!-I$4.%'0:5!*)Q5:B6O!-*P($!M$6<!A%$*O!>8?)/!D:5E)08E!.0S%$E!Q!-)Q:($!
.:($!E'58(><!'5$!)!%)!-I$.0S4B:0SLR@(>!D:5E;C!#'*L'6$!^'%*'-:!D:5E$E!W$*.$-)5:.!4$?/%)0'5'<!
Q?+%'[email protected]'5'!6SA)5:A!4$.@%$A!D:5E)08(>!($6C!d'5$*:'!j*/6:t['4$.(>:!Q'.!.08E:!5$>A8E:<!
:6%$5$A%/P56@E:!A)E$4:$E:!0$!.%+5/!`))4+>)!Y55$6'!)A)/Q5:5'!%I$?'!:!#:(>'$5'!n'6$A$>)C!
l'6$!_'E-:)6)0P!L$!.A/%$B6)/!E'%'4)*A)/!!D:5E)0O!*$M:$!'!4)!B$.A8(>!A:6!.:!Q'%@E!?)>/M$5!
6$/E@!6'L@%!($.%/!L$L@!-).5$46@!D:5E!j*:F:%!^%'*!)!M:0)%S!l)>6'!f$'%.$C!f'%>$*+6!j:F$5)q!L$!-'A!
B$*%0)/!4*M:%$5A)/!,.('*'!Q'!D:5E!^E*%!B$AP!0R/4$<!A%$*8!L$!Q($5'!MP6*)08E!D:5E$E<!'5$!6'!
4*/>)/!.%*'6/!6$LQ'L@E'0SLR@[email protected]$E!)!'E$*:(AOE!'6F'MEP!0!:*P(AO!0P5($<!A%$*8!)4!
L$L@>)!.A)6B$6@!0$!^%P%$(>!0Q6:A5C!
N"(5"/'<35!7*$MC!#'*L'6$!^'%*'-:<!d:6($6%!W'*)66'/4<!&*'6(:$<!]^Y!1229N!
:"("2B)!7*$MC!d'5$*:'!j*/6:!['4$.(>:<!&*'6(:$!1229N!
N3B'10*#('GB%!7*$MC!l'6$!_'E-:)6<!Y/.%*P5:$<!]^Y<!d$5AP!j*:%P6:$!122HN!
8?(#*2"B0*1PC="!7*$MC!f'%>$*+6!j:F$5)q<!]^Y!122=N!
!!
A0S%$6!!
YK?%g*n%(5*1'4*Y(3"(*
!
Z$M:.O*'!\'*.$!0)6![*:$*'!6$6@!%I$?'!-I@5:R!-I$4.%'0)0'%C!aP!.$!05'.%6S!0$5E:!L$46)4/R$!I@(%<!
M$!%$6%)!4P6.A8!D:5E'I!-'%I@!L:M!40'($%!5$%!A!6$L4;5$M:%SLR@E!).)?6).%$E!$0*)-.AO>)!D:5E/<!M$!
L$!%)!'/%)*!.!6P5$-A)/!-*)0)A'%O*'!'!M$!*)Q4S5/L$!-/?5:A/E!6'!.0O!Q'*+%O!Q'.%P6($!'!L$R%S!
).%I$L:!0+E$Q$6O!)4-;*($C!l$>)!-).5$46@!D:5E!Y6%:A*:.%<!A%$*8!L.E$!0!#&!/0P4S5:!0!5$46/<!?+5!
EO4:@!'!4:0PA+!-I:L'%!0.A/%A/!>+.%$*:(A+C!V'!L$46O!.%*'6S!.$!-I@Q6:0S!>)46)%:5:!
A:6$E'%)F*'D:(AO!A0'5:%+!D:5E/<!A*:%:(:!0R'A![*:$*)0:!-I:-:.)0'5:!E+.)F:6.%0@!'!$E)(:)6P56@!
0+4S*'B.%0@C!WI:!-)>5$4/!6'!L$>)!-I$4(>)Q@!D:5E+!0R'A!E;M$E$!4).-S%!A!-)Q6P6@<!M$![*:$*!L$!
29
'/%)*$E!E6)>'!%0PI@!'!M$!6:(!6$6@!%'A!B$*6)?@5O<!L'A!.$!6'!-*06@!-)>5$4!Q4PC!V)0:6A)/!
0!4/?6)0OE!-*)F*'E/!L$!%'AO!-*)L$A%!|:0O!A:6)<!0$!A%$*OE!.$!-I$4.%'0@!D:5E+!L$46O!
Q!6$L-)Q)*/>)46SLR@(>!-).%'0!.)/B'.6O>)!B$.AO>)!6$QP0:.5O>)!D:5E/<!*$M:.O*'!#'*%:6'!l$MA'C!
[$6!:!.0O!D:5E+!.PE!0+E8R5@<!6'%PB@<!.%I:>P<!-*)E@%P!'!/0P4@!'!/A'Q/L$C!^![*:$*$E!E'L@!.-)5$B68!
%I$?'!E)%:0!5:RA+<!A%$*P!.$!Q($5'!6$QP0:.5$!%'A!6SL'A!4).%'5'!4)!L$L:(>!-).5$46@(>!D:5E;!'!
0!)?)/!4:0PA+!08?)*6S!?'0@C!!!!
!
!%4="(<%)*7*$MC!\'*.!0)6![*:$*<!aP6.A)we0O4.A)wV:Q)Q$E@w&*'6(:$wVSE$(A)w]f!122JN!
NT#*/F"B0J"B*7*$MC!\'*.!0)6![*:$*!'!l)*F$6!\$%><!aP6.A)we08('*.A)wj$5F:$w&*'6(:$!122HN!
Q='*G"*#%=)*F"=3#"<*7*$MC!\'*.!0)6![*:$*<!aP6.A)we0O4.A)wT.5'64!122{N!
!
B$*0$6!
YK?%g*M'BC?"4#k*.4%2B%*_8*
!
V'4!.)/B'.68E!B$.A8E!4)A/E$6%$E!.$!/M!6SA)5:A!5$%!>)46S!4:.A/%/L$C!V'!.-$(:'5:Q)0'6OE!
D$.%:0'5/!0!l:>5'0S!.$!)($g/L@!>5'06S!Q'4/E'6O<!0PM6O!D:5E+!.!).%*)/!).)?6@!08-)0S4@!'/%)*'C!
d!A:6$(>!6'L4$E$!-I$4$0R@E!.:56O!'M!.)(:)5)F:(A+!Q'ESI$6O!D:5E+!'!.$E!%'E!6SL'A)/!5$F*'(:C!
VPR!08?S*!>5$4'5!-I$4$0R@E!D:5E+!0$.$5$LR@<!L$L:(>M!08-)0Sã!6PE!/A'Q/L$!.0S%<!0$!A%$*OE!
M:L$E$<!'5$!6$.6'M@!.$!L$L!/A'Q)0'%!-*:QE'%$E!./-$*!0+Q*P5O!4)A/E$6%'*:.%:(AO!).)?6).%:C!
f4+A)5:0!.$!4)A/E$6%!6SA4$!-*$Q$6%/L$<!I@AP!.$<!M$!L$!5$-R@!6$M!>*'68!D:5EC!l$!%)!.:($!L$6!
D*PQ$<!Q05PRÖ!-I:!-)>5$4/!6'!6P0R%S06).%!%S(>%)!D:5E;<!'5$!6S()!6'!%)E!-I$(:!L$6!?/4$C!
a)A/E$6%!?/4$!0M4+!).%I$LR@!6$M!>*'68!D:5E!'!0M4+!L'A.:!4$E)A*'%:B%SLR@!0!%)E<!M$!6$6@!
Q'-)%I$?@!.5)M:%O>)!-*;E+.5)0O>)!.)/A)5@<!0$!A%$*OE!6PE!%/!%+!>*'6O!D:5E+!0Q6:A'L@C!Y!
Q'E@I:5:!L.E$!%'AO!6'!^5)0$6.A)<!-*)%)M$!%'E6@!4)A/E$6%!.:!6'!E$Q:6P*)46@!.(O6S!0$4$!L$R%S!
5O-$<!6$M!%$6!6PRC!!!!!
!
a4K*51"#)!7*$MC!#'*A)!eA)-<!^5)0$6.A)!122{N!!
8<"/K*<05B)!7*$MC!l/*'L!\$>)%.A8<!^5)0$6.A)!122KN!
u"5B0*R9NCD<3B%!7*$MC!W'0$5!Y?*>PE<!uZ!122=N!
NI<*2#1(#K!7*$MC![)EPR!n)4'6<!uZ!122{N!
_34"?%#"(%/3"!7*$MC!T0'6!d)L6P*<!uZ!1232N!
!
B$*0$6$(<!.*-$6*
YK?%g*8<'1"45BA*@3<?*o,k#A&E*<"#*
*
f4+M!.$!0!R$4$.P%8(>!5$%$(>!E:6/5O>)!.%)5$%@!Q'B'5:!-*).'Q)0'%!*$M:.OI:!L'A)!#:5)R!&)*E'6<!
dS*'!_>+%:5)0P!6$?)!l:I@!#$6Q$5<!?+5)!%)!6$L$6!-*)%)<!M$!6'.%'5'!4)?'!L:.%O!5:?$*'5:Q'($<!'5$!M$!
Q4$!$k:.%)0'5:!D:5E'I:<!A%$I@!L:M!)4!-)5)0:6+!-'4$.P%8(>!5$%!0+ES6:5:!.)(:'5:.%:(A8!*$'5:.E/.!Q'!
%$>4$LR@!-*)F*$.:06@!$0*)-.A)/!A:6$E'%)F*'D::!)05:06S6O!Q-;.)?+!D:5E)0O>)!0+-*P0S6@C!
l$46@E!Q!6:(>!?+5!:!e%$D'6!]>$*<!L$>)M!^56A)!0!.:$%:!.$!-)B@%P!L'A)!L$4$6!Q!-*06@(>!D:5E;<!
6$.)/(@!Q6'A+!6'.%/-/L@(@!B$.A).5)0$6.AO!6)0O!056+C!^5)0$6.A)!-'A!A!6)0O!056S!o-I:4'5)p!
L$R%S!%I:!E:E)IP46O!%0;*($r!l/*'L$!l'A/?:.A'<!a/R'6'!n'6PA'!'!b5)!n'0$%%/C!dR:(>6:!%I:!.$!
0$5E:!5:R@!)4!-;0)4$E!B$.A8(>!%0;*(;!'!0R:(>6:!Q'B'5:!%)B:%!'M!6'!.A5)6A/!R$4$.P%8(>!5$%C!l$L:(>!
D:5E+!L.)/!)!%)!Q'L@E'0SLR@<!M$!A)E?:6/L@!0+.)($!:6%$5$A%/P56@!6P*)A+!%$>4$LR@!-*'M.AO!D:5E)0O!
.E$%P6A+<!.5)0$6.AO!*$P5:$<!$E)(:)6P56@!(:%5:0).%!'!05:0!.)/4)?O!5:%$*'%/*/<!Q$LEO6'!-'A!
6)0O>)!*)EP6/<!./**$'5:.E/<!4'4':.E/!'!$k:.%$6(:)6'5:.E/C!!V'!%S(>%)!D:5E$(>!.$!0$5A)/!
ES*)/!-)4@5$5:!%'AO!.(O6P*:.%O!f'*)5!^:4)6<!a/R'6!a/R$A!'!\/?)*!a)>6'5!6$?)!>/4$?6@A!
h4$6SA!\:RA'!'!A'E$*'E'6!TF)*!\/%>$*C!
*
8<4B'*1*53"#3*7*$MC!e%$D'6!]>$*<!u^^Z!3={HN!
30
Q(35#'1"*('B)*7*$MC!l/*'L!l'A/?:.A)<!u^^Z!3={9N!
H++*7*$MC!a/R'6!n'6PA<!u^^Z!3=92N!
8<014'5w*1*D'#%43&BK?*.0E(%=T*7*$MC!b5)!n'0$%%'<!u^^Z!3={=N!
Z#02B'13%S*53('#)*%*D<0.43*7*$MC!l/*'L!l'A/?:.A)<!u^^Z!3={=N!
N%44%*.0.(%243&%*7*$MC!e%$D'6!]>$*<!u^^Z!3={{N!
nx%<3"*/'<4K*7*$MC!b5)!n'0$%%'<!u^^Z!3=91N!
l0*?3<CG"?S*#)*?3<CG"P*7*$MC!a/R'6!n'6PA<!u^^Z!3=KKN!
!
QPI@*
YK?%g*9(&E3#"B#3!
!
!yl*9R_:aY\QY*n6ia8*Q9:c!w!!^*9R_:aY\_Y*n6ia8*Q9:c!7*$MC!V'%>'6:$5!f'>6<!]^Y<!122H!N!
8B3&3*$(%4B%*O"E()E'*7*$MC!^+46$+!W)55'(A<!]^Y<!122GN!*
9(&E3#"B#*'=/%=C**7*$MC!,5:0$*!n)4F$<!d$5AP!j*:%P6:$<!1229N!!
!
I@L$6!
YK?%g*6C#53="F3!
!
6D2%4*N"5*7*$MC!`:.:%!^'.'6'%:$6F<![>'L.A)!122JN!
l_ZM*7*$MC!#'?*)/A!b5!#$(>*:!<!j$5F:$w\/($E?/*.A)w!&*'6(:$!122KN!
6C#53="(*7*$MC!a'F/*!fP*:<!aP6.A)wT.5'64!122GN!
Y(%45)<1%43%*7*$MC![)6+!c'%5:D<!&*'6(:$!122{N!
!
5:.%)-'4!
#K?%g*8#>4*10<B)!
!
O(D%13&%!7*$MC!l'.E:5'!h?'6:(<!Z'A)/.A)<!VSE$(A)<!j).6'!'!n$*($F)0:6'<!_>)*0'%.A)!122{N!
Z%<2>B*5*7%P>("?*7*$MC!Y*:!&)5E'6<!TQ*'$5<!VSE$(A)<!&*'6(:$<!122KN!!!
7><0*5#CE%*7*$MC!#:(>'$5!n'6$A$<!Z'A)/.A)<!VSE$(A)<!&*'6(:$<!T%P5:$<!122=N!!
8%?%*1*9@(3&"*7*$MC!_5':*$!a$6:.S*&*'6(:$<!122=N*
!
-*).:6$(!
#K?%g*O'=%(=**
*
/F"=40PB%g*M%13=*u"4TB*
a'0:4!u$6SA!/B@!6'!f'%$4I$!D:5E)08(>!.%/4:@!&&!]f!'!45)/>)4)?S!08*'Q6S!.-)5/-*'(/L$!L'A)!4*'E'%/*F!.!#&a&!0!
l:>5'0S<!.!\&e<!.!&$?:)D$.%$E<!&$.%:0'5$E!)%*5O>)!4:0PA'!'!6'!4'5R@(>!'A(@(>C!W'%I@!E$Q:!-I$46@!)4?)*6@A+!6'!
>:.%)*::!:!.)/B'.6).%!D*'6()/Q.AO<!R-'6S5.AO<!5'%:6.A)'E$*:(AO!'!'D*:(AO!A:6$E'%)F*'D:$C!!
!
M1%*1"*1<4T!!7*$M:$r!bEE'6/$5!\'/*$6%"!&*'6(:$"!1232N!
8'&3%<35?C5*7.(O6PI!'!*$M:$r*l$'6t\/(!c)4'*4"!e08('*.A)<!&*'6(:$"!1232N!!!
!
_"<B"?*bU*/('G"B&>`!
!
D3(!N$2>@!
*
!
31
:C="D4>*=(%?%#C(;3"*!""#$%&#'()*
*
!
d!-*;?S>/!1232!.$!-)4'I:5)!)4.%'*%)0'%!>/4$?6@!4*'E'%/*F::<!A%$*P!L$!)?)>'($6@E!
.)/B'.6O>)!A/5%/*6@>)!4S6@!0!W*'Q$C!n5'06@E!QPES*$E!?+5)!)%$0I$6@!>/4$?6@>)!
6)6A)6D)*E6@>)!-*).%)*/!#$$%&'(%)*+!A!iB$5;E!-I$4.%'0:%!'!-)4-)*)0'%!Q4$!1"PB"(K*
EC="D4>*J04()*+-`*5#'<"#>C![)!.$!-)4'I:5)!0B$%6S!%BC5#3&BK*z/(%1)!A)6($*%6@>)!.P5/!.-)5/!
.!6':6.%'5)0P6@E!6)0O>)!P/32B'1KE'*.1CB'1KE'*%/%(0#C<!A%$*8!0+Q40:>/L$!'!/E)(g/L$!
A0'5:%/!/0P4S68(>!>/4$?6@(>!-*)L$A%;C!#:E)!L:6O!EP!#$$%&'(%)*+!A!4:.-)Q:(:!)45$>B$6O!
-)4:/E!'!QPA5'46@!.0S%$568!-'*AC!d$RA$*O!%)%)!%$(>6:(AO!0+?'0$6@!0$45)!A!E)M6).%:!
)4.%'*%)0P6@!-5+6/5O<!5%?'5#%#4K*EC="D4>*=(%?%#C(;3"!'!QP*)0$g!-)4-)*)0P6@!-*)L$A%;!)4!
$k%$*6@(>!-*)E)%O*;<!A%$I@!L.)/!6$4@56)/!.)/BP.%@!>/4$?6@!.(O6+!0!($5O!u$.AO!*$-/?5:($C!
WI$.%)!E/.@!E@%!'5$!>).%/L@(@!-*)4/A($!0M4+!(>'*'A%$*!.5'4S68!.$!QPES*$E!#$$%&'(%)*+<!
B$>)M!?+5)!4)(@5$6)!-)E)(@!4*'E'%/*F:(AO!>/4$?6@!*'4+<!A%$*P!.$!)4!5$46'!1232!-$*:)4:(A+!
.(>PQ@C!W*P0S!4*'E'%/*F:(AP!*'4'!L$!4)?*)/!'!/M:%$B6)/!QP*/A)/!6$A)5@.'L@(@!-*)F*'E)0O!
A0'5:%+!#$$%&'(%)*+!'!%@E<!M$!L$!.%P5P<!4)4P0P!0S*)>)468!'!/.%P5$68!QPA5'4C!a*'E'%/*F:(AP!
*'4'!.08E:!QA/R$6).%E:!Q!%/Q$E.AO!>/4$?6@!.(O6+!'!QP*)0$g!'A%:0:%'E:!0!Q'>*'6:B@!Q'*/B/L$!
E)M6).%:!)%$0I$6@!6)0O>)!'!?'="(4>E'*EC="D4>E'*5/"B#(%<!A%$*O!W*'>'!-*P0S!%)5:A!
-)%I$?/L$C!d!.)/B'.6O!4)?S!L.)/!>5'06@E:!:6:(:P%)*+!4*'E'%/*F:(AO!*'4+!a'0:4!f)55$*<!#'*$A!
c*$F)*!7A/5%/*6@!-/?5:(:.%'N<!l).$D!^$45)g!7*'4:)08!4LN<!W'0$5!&'L%!7>/4$?6@AN<!W'0$5![/*$A!
7>/4$?6@!-/?5:(:.%'N<!'!4*'E'%/*F!#$$%&'(%)*+!#:(>'5!j*$66$*C!hP*)0$g!.!4*'E'%/*F:(A)/!
>/4$?6@!*'4)/!.-)5/-*'(/L$!#$$%&'(%)*+!.!E6)>'!A)6Q/5%'6%+!.-$(:D:(A8(>!MP6*;!'!)?)*;<!
A%$I@!-)EP>'L@!I'4+!>/4$?6@!4*'E'%/*F:$!)?)>'%:%!)!Q($5'!6)0O!:!$k-$*:E$6%P56@!-*)L$A%+C!
!!
!
V$)-)E$6/%$568E!D'A%$E!L$<!M$!.08E:!=35/'.3&"?3*%*B1%<3#4>?3*/'=?>4B%?3*!""#$%&#'()*
6$0+5/B/L$!Q$!.-)5/-*P($!MP46O>)!Q!4*'E'%/*F;<!'6:!%+<!A%$I@!.$!Q'?80'L@!0+5)M$6S!>/4$?6@E:!
A)6($*%+<!L$L:(>M!6P0R%S06).%!4).'>/L$!E'k:EP56S!G2t322!6P0R%S06@A;<!-I$.%)!.0)/!A0'5:%)/!
4)A'Q/L@<!M$!E'L@!0!-*'0:4$56OE!-*)F*'E/!#$$%&'(%)*+!.%P5O!E@.%)C!f*)ES!%O%)!.-)5/-*P($!
32
#$$%&'(%)*+!6'0PQ'5'!6$?)!-)A*'B/L$!0!A)-*)4/AB6@(>!-*)L$A%$(><!A%$*O!E)>)/!Q'/LE)/%!
.0)/!)*:F:6'5:%)/!'!.)/B'.68E:!%*$64+!6$L$6!>/4$?6@!(@5)0)/!.A/-:6/<!68?*M!:!R:*R@!.-$A%*/E!
E5'4O>)!-/?5:A'C!l$46P!.$!Q$LEO6'!)!45)/>)4)?O!.-)5/-*P($!.!'5%$*6'%:06@E:<!%'6$B6@E:!:!
A5'.:(A8E:!D$.%:0'5+!L'A)!L.)/!\/6(>E$'%<!]6:%$4!T.5'64.!)D!W*'F/$<!^-$*E!D$.%:0'5!B:!^%*/6+!
-)4Q:E/C!dSI@E$<!M$!-*P0S!-'*%:(:-'($!'!0QPL$E6P!4*'E'%/*F:(AP!-)4-)*'!B:!.-)L$6@!%S(>%)!
A/5%/*6@(>!'A(@!0$!08.5$4A/!A5'46S!/F35/>10*B"*.B1%<3#4T4>*EC="D4>*5&K4)*1*N(%."`!!
!
d$!05'.%6@!4*'E'%/*F::!6$?)!A)-*)4/A(:!0!#$$%&'(%)*+!0+.%)/-:5)!0@($!6$M!+-,*EC="D4>&E*
C?T<&I<!.A/-:6!'!4L.!'!A%$I@!-I:5PA'5:!-I$.!+-*#35>&*401P#T14>BIC![+%)!/A'Q'%$5$!-5P6/L$E$!
0!4'5R@(>!5$%$(>!L$R%S!*)QR@I:%!m!6'!(('!K2t=2!'A(@!0!*)($!1233!'!=2t322!'A(@!0!*)($!1231<!
0!.)/5'4/!.!($5A)0)/!.%*'%$F::!*;.%/!-*)L$A%/!#$$%&'(%)*+C!!
!
|P6*)0S!'!(@5)0)/!.A/-:6)/!.$!#$$%&'(%)*+!-*)D:5/L$!L'A)!'5%$*6'%:06@!'!6$QP0:.5P!>/4$?6@!
.(O6'<!A%$*P!6'?@Q@!-*).%)*!-*)!.%I$46S!0$5AO!Q'>*'6:B6@!>/4$?6@!.A/-:6+!6$?)!Q6PESLR@!
4)EP(@!:6%$*-*$%+<!'5$!:!A)E?:6)0'6O!-*)4/A($<!A%$*O!-*)-)L@!0@($!/ES5$(A8(>!MP6*;!76'-IC!
'/4:)0:Q/P56@!D$.%:0'5+<!-$*D)*E'6($<!AI$.%!A6@M$A<!0Q4S5P0'(@!*)QES*!'-)4CNC!!
!
h'!A*P%A)/!4)?/!.$!4@A+!08?S*)0O!4*'E'%/*F::<!B$*.%0OE/!-I@.%/-/<!6$-)5$0/L@(@E!WZ!
'A%:0:%PE!'!0!6$-).5$46@!I'4S!6'4.%'64'*46@E!Q0/A)08E!A0'5:%PE!>/4$?6@>)!.P5/<!-)0$45)!
-I:5PA'%!6P0R%S06@A+!:!6'0Q4)*+!-)ES*6S!0Q4P5$6O!-)5)Q$!)4!($6%*'!ES.%'!'!)4!%*'4:B6@(>!
A/5%/*6@(>!.%P6A;C!d!A5/?)0OE!-*)F*'E/!.$!*)Q?S>5'!I'4'!A)6($*%;!Q6PE8(>!Q'>*'6:B6@(>!
>/4$?6@(>!LE$6!7Z'%'%'%<![)*%):.$N<!4)EP(@(>!5$F$64!7d'6$..'<!V'B$0'<!â'0:$*!j'/E'k'N!'5$!
:!6)08(>!'!6'4SL68(>!LE$6!7['?5$<!j)6/.<![)+Q<!a$'4!W)-$!_)E-'6+NC!f*)ES!A)6($*%;!L.E$!
Q'-)B'5:!:!.!-*)F*$.:06@E:!-*)F*'E)08E:!D)*EP%+<!6'-IC!o#/DD:6<!#/DD:6}z!-)4!%'A%)0A)/!
QA/R$68(>!al.![0+A.$!'![/('!6$?)!#$$%!%>$!j$'%!Q'ESI$6O!6'!Q5)E$6O!?$'%+C!a)-*)0)468!
>/4$?6@!-*)F*'E!-'A!-I$4.%'0/L$!6'-IC!I'4'![*':6.-)%%:6F!0!-*).%)*$(>!E:E)!>5'06@!
-)4:/E!'!4)-*)0)46O!>/4$?6@!?5)A+!A!0$*6:.PM@E!'!-*$E:O*PEC!!
!
33
f*)ES!05'.%6@!4*'E'%/*F:$!L.E$!0!*)($!1232!*)Q0@L$5:!:!.-)5/-*P($!.!%I$%@E:!./?L$A%+<!
6'-I@A5'4!D$.%:0'5+!\/6(>E$'%<!]6:%$4!T.5'64.!)D!W*'F/$<!0+4'0'%$5.%0@E!j:FF!j)..!6$?)!
-*'0:4$568E:!A5/?)08E:!0$B$*+!a*/E'DD$(%:)6!'!_:*(/.!Y5:$6C!V'0PQ'5+!.$!%'AO!6)0O!
.-)5/-*P($!.!D$.%:0'5+!^-$*E<!f)E:A.D$.%!'!-*)E)%O*+!a!^E'(A!]!7[>$!&/%/*$>$'4.<!
d'6$..'N<!j*)6k!W*)4/(%:)6.!7TY#â<!W$64/5/EN!j'*)E$%*!7Z$4!j/55!#/.:(!Y('4$E+!
_5/?6:F>%N!'!4'5R@E:C!!
!
W*)!*)A!1233!.$!(>+.%PE$!-)A*'B)0'%!0!?/4)0P6@!A0'5:%6@>)!-*)F*'E/!-*)!(@5)0O!-/?5:A/E<!
ELC!*)QR@I$6@E!-*)F*'E/!)!4'5R@!.)/BP.%:!t!)!0Q4S5P0'(@!I'4/<!4'5R@!A5/?)0O!D)*EP%+!Q'ESI$6O!
6'!E$6R:6)0O!%'6$B6@!MP6*+!74/?.%$-<!E:6:E'5N!'-)4C!l:M!46$.!L.)/!-I$4L$46'6O!6)0O!
A)-*)4/A($!.!-*$.%:M6@E:!-*'M.A8E:!D$.%:0'5+!L'A)!^%*/6+!-)4Q:E/<!Y5%$*6'%:0'!6$?)!^%:E/5<!
-5P6/L$E$!%'AO!.-)5/-*P(:!.!4'5R@E:!-*'M.A8E:!-*)E)%O*+!'!./?L$A%+C!hA0'5:%6S6@E!'!
0+%I@?$6@E!-*)F*'E/<!*/A/!0!*/($!.!D/6AB6@!-*)-'F'(@<!Q'L:.%@E$!%*0'5O!('.P>F"4>*BC<#C(4>*
4%D>=B)*?T5#%*N(%E)!'!-*)F*$.!>/4$?6@>)!-*)F*'E/!0!#&C!
!
!
!
!
NF"E<"=*%B&>*EC="D4>E'*/(';(%?C*1*('&"*+,-,*
!
n"="4*
*
!
H`*-`*
_3(&C5*9<3"4*
!
3GC!6'*)Q$6:6+!6$L.%'*R@>)!B$.AO>)!.)/64.+.%$E/<!.)/BP.%@!%$(>6)-'*%+!?+5+!:!>/4$?6@!'!
4:0'4$56@!-$*D)*E'6($!
!
H,`*-`*
ckY)/"*eiQfS*l%..&%C5"S*NE3<3/*Y7_S*N3r3"S*9DC*
!
f5/?)0P!'A($!.!($6S68E!?*:%.A8E!4/?.%$-)08E!alt$E!'!L$>)!B$.A8E:!-*)%SLRA+!
!
34
*
*
m4'(*
+L`*+`**
M%5*N'/*e7\f*
W*06@!A)6($*%!?$5F:(AO!-I@E)B'*O!A+%'*)0A+!0!u$.AO!*$-/?5:($<!iB'.%!0@($!6$M!G22!
6P0R%S06@A;!
!
!
*
*
*
!
7F"."4*
-+`*k*-H`*H`*
nC4&E?"%#*$"5#31%<*
!
W)A*'B)0P6@!.-)5/-*P($!.$!.4*/M$6@E!\/6(>E$'%<!A%$*O!6'0'Q/L$!6'!L$L:(>!\/6(>E$'%!
Yd!^$..:)6!'!.O*::!-I$46PR$A!Q'ESI$68(>!6'!'/4:)0:Q/P56@!%0)*?/C!d+.%)/-:5:!ELC!
\).'6F$5.A8!-*)4/($6%!V).'L![>:6F<!?*:%.AP!altA'!TA)6:A'!'!4'5R@!C!V'!?I$Q$6!1233!
-I:-*'0/L$E$!4'5R@!*)B6@AC!
*
+q`*H`*
M%#*N'<3#3&5*e$RfS*Q%."#)*
!
f)6($*%!D*'6()/Q.AO>)!.+6%>-)-)0O>)!%*:'!.!-)4-)*)/!4)EP(@(><!0!W*'Q$!.$!-I$4.%'0:5:!
-)4*/>O!-)!6SA)5:A'5$%O!)4E5($C!a)-56:5:!L$!.%'5$!'F:56SLR@!4)EP(@!f'Q$%+C!
*
+o`*k*+L`*H`*
7%##<"*'@*#E"*^"%(*
!
#$Q:6P*)46@!D$.%:0'5!'!.)/%SM!0!?*$'A!4'6($!'!.%*$$%!4'6($!.!?)>'%8E!-*)F*'E$E<!4L.<!
?$$%?)k$E<!F*'DD:%:!4)-56S6O!)!q)*A.>)-+!0!.)/B'.68(>!D)*EP(>!%'6($!
*
35
*
*
*
!
MCD"4*
o`*b`*
M(C?#("B*%450?D<*
!
W)A*'B)0P6@!?/?$6:(A8(>!-*)L$A%;!W'05'!&'L%'<!%$6%)A*P%!.-)5$B6S!.![)EPR$E!
V$/q:*%>$E<!L'-)6.A)/!Q-S0'BA)/!v/E:A)!'!4L$E?:.%)/!b->*':E$E!c)54:6$E!
*
U`*b`*
hhh*
!
X.-SR68!6P0*'%!p4)EP(@>)z!'5%$*6'%:06St>:->)-)0O>)!/.A/-$6@!```<!iB'.%!-I$.!{22!
6P0R%S06@A;!
*
-o`*b`*
M(C?%@@"&#3'4*
!
l'*6@!0+4P6@!A5/?)0O!6)(@!a*/E'DD$(%:)6<!.$!A%$*)/!#$$%&'(%)*+!L:M!%*'4:B6S!
.-)5/-*'(/L$<!Q'ESI$6O!6'!4*/Eë6ë?'..!'!.)/0:.$L@(@!MP6*+C!d+.%)/-:5:!?*:%R%@!al.!^:FE'<!
_'??:$!.!#_!_)--'!'!6SA)5:A!B$.A8(>!/ES5(;C!
*
-L`*b`*
R";;%"*!""#34;*h%(?kC/*
!
W*06@!*$FF'$!'A($!-)4!.%I$(>)/!#$$%&'(%)*+!-I:0@%'5'!j*':6![>$D%!Q!j$*5@6'<!#_!l/FF5'!
Q!,0$*-*))D!^)/64.+.%$E/!'!Z:Q5'!^)/64!Q!a*PMã'6<!A%$*O!4)-56:5:!4)EP(@!.%'*.!
*
+H`*k*+q`*b`*
8/"(?*$"5#31%<*
!
u%0*%8!*)B6@A!D$.%:0'5/!'A%/P56@(>!>/4$?6@(>!%*$64;!'!0:Q/P56@!A/5%/*+!-I$4.%'0:5!?S>$E!
%I@!46;!-I$.!12!/ES5(;!'!.$.A/-$6@<!MP6*)0S!.'>'L@(@!)4!'/4:)0:Q/P56@(>!-*)L$A%;!-I$.!
$k-$*:E$6%P56@<!$5$A%*)6:(AO!-*)4/A($<!%'6$B6@!4L.!'M!-)!.0S%)0O!>0SQ4+!6$QP0:.5O!
>/4$?6@!.(O6+C!d+.%)/-:5:!ELC!a'6!a$'4)6<!`>+<!^WY#!m!f'*$5!c)%%!W*'F$*!'!4'5R@C!!
!
36
*
Q1T#"4*
*
!
H`*q`*
$C&B*7C##'45*eiQfS*9*8C44)*M%)*34*O<%5;'d*ei8f* !
a5)/>)!)B$AP0'68!-*06@!A)6($*%!?*:%.AO!6):.$t-)-)0O!A'-$5+!0!W*'Q$<!4)-*)0PQ$5:!L$!
Q'.6S6@!:64:$t*)(A)0@!Y!^/66+!a'+!:6!c5'.F)qC!
*
p`*q`*
8<'1%B'@"5#*
!
d8?S*!.)/B'.6O!.5)0$6.AO!-)-*)(A)0O!.(O6+r!.%P5:($!.5)0$6.AO!.(O6+!n$k<!*$($.:.%:(AP!
f'*-:6'<!.A't5$F$64'!^A'!W*'!e/-:6'!'!-/6A)0@!\)*4!Y5$kC!
*
-+`*q`*
9D5'<1"4#5BA*B'4&"(#*N(%J5BK*B'4."(1%#'F"*
!
Y?.)50$6%.A8!0$B@*$A!.%/4$6%;!?:(@>)!)44S5$6@!W*'M.AO!A)6Q$*0'%)I$C!
!
+,`*q`*
6Q*N"(&C553'4*MC'*
!
W*)L$A%!#'*%:6'!,-*RP5'<!-$4'F)F'!lY#]!'!#'*%:6'!f5$:?5'<!B5$6'!?*6S6.AO!D:5>'*E)6:$<!
A%$*8!.$!0S6/L$!:6%$*-*$%'(:!.)/4)?O!0PM6O!>/4?+!-*)!?:(@!6P.%*)L$C!
*
+-`*q`*
c%#0<3"*Q'&0D'10*
!
W*$E:O*)08!A)6($*%!'!AI$.%!6)0O>)!-*)L$A%/!'!_a!`'5A:6F!)6!%>$!Ytj)E?!.!
4)-*)0)46)/!A'-$5)/!'!'D%$*-'*%+!.!al.![0+A.$E!'!c*$F)*+EC!
*
+H`*q`*
!'4'#'43r*eanfS*YZ*7C==E%5*eanf*
!
a0S!:Q*'$5.AO!F'*PM)0S!*)(A)0O!A'-$5+<!Q6PEO!.08E:!M:0$568E:!.>)q<!4).%P5:!.0O!-)0S.%:!
:!?S>$E!.0O!-*'M.AO!-*$E:O*+C!!
*
+p`*q`*
9O*$"5#*1'<`*H*
!
&$.%:0'5!'E'%O*.A8(>!A'-$5<!0+.%)/-:5+!^%@6)>*'<!&*$'A+!Y*%<!#)/*+!Q!Z)/*+<!_nY,[T_<!
\'EE)%><!^$4E!h?+%$B68(>!'!l/:(+!&*$'AC!
37
*
u"(1"4*
*
!
-L`*o`*
$3<3/"5*%*N<%&EK*n%4T*
!
fI$.%!4$.A+!'!-*$E:O*)0O!0+.%)/-$6@!6)0O>)!-*)L$A%/!?/?$6@A'!&:5:-'!a'6:$5'!e/?*'!'!
?'.:.%+!e%S-'6'!^E$%PBA'C!
*
-U`*o`*
_."&E*%4=*8<'1%B*M!_*_E%?/3'45E3/*
!
VP*)46@!A)5)!E$Q:6P*)46@!.)/%SM$!0!%$(>6:(AOE!4Lt:6F/<!0$!A%$*OE!.:!L$46)%5:0(:!'!%8E+!
QESI:5:!.0O!.(>)-6).%:!0!B'.)0S!)E$Q$6O!$k>:?:(:C!
*
*
!
+-`*o`*
_%(3D'C*e_9cfS*Y%D<"*
X.-SR68!6P0*'%!A'6'4.AO>)!E/5%::6.%*/E$6%'5:.%+<!4I@0S!Q6PEO>)!-)4!LEO6$E!
#'6:%)?'<!L$6!6SA)5:A!ES.@(;!-)!0+4P6@!-*;5)E)0O>)!'5?'!^q:EC!WI$4.A'A)0'5:!4)EP(@!
['?5$C!
*
+b`*o`*
Q<CD'10*4'&*@"5#31%<C*i43#"=*a5<%4=5*
!
['AO!#$$%&'(%)*+!.$!0!*)($!1232!.%'5'!.)/BP.%@!A)6($-%/!pA5/?)0O!6)(:z!ES.%.AO>)!
D$.%:0'5/!]6:%$4!T.5'64.C!d+.%)/-:5:!_,ZV&\Yfb^<!Zb^fY[Y<!^]V&\,`bZ!_YZYdYV!'!
[nb!jbYaC!
*
+o`*o`*
9@#"(/%(#)*@"5#31%<C*i43#"=*a5<%4=5*
!
,D:(:P56@!Q'A)6B$6@!'!-'*%+!D$.%:0'5/!.$!6$.5'!0!*+%E$(>!?*:%.AO!>0SQ4+!^:64$6!
'!4)EP(@(>!4L.!f'+!y![/Q$k<![0+A.!'!4C#T[CZvC!
*
u"(1"4"&*
*
!
o`*L`*
^9_:Y*ei8fS*7'DD)*73(=?%4*ei8f*
!
W*$E:O*)0O!B$.AO!0+.%)/-$6@!6$q+)*.AO!$5$A%*)t-)-)0O!D)*E'($!vY_n[!.!
-I$4.A)A'6$E!j)??+!j:*4E'6$EC!
38
*
-b`*L`*
8C??"(*Y(%345/'##34;g*@E*15*!C#CGC*
!
^%'*%!5$%6@>)!>/4$?6@>)!-*)F*'E/!m!E'58(>!>/4$?6@(>!-*)4/A(@!0!-*).%)*/!E:E)!0$5A8!
.P5!#$$%&'(%)*+!-I:6$.5!?S>$E!5O%'!3G!-)A*'B)0P6@!p)-$6t':*!4L!5)/6F$z<!0!6SA%$*8(>!
-I@-'4$(>!0$!.-)L$6@!.!-*)?@>'L@(@!0$*6:.PM@!08.%'0!0!c'5$*::!#$$%&'(%)*+!6$?)!c'5$*::!
f).%A'<!-I@-'46S!4'5R@E!-*)F*'E$E!7?5$R@!%*><!0:4$)-*)L$A($<!'%4CNC!d.%/-!?+5!6'!
0R$(>6+!'A($!Q4'*E'C!
*
++`*L`*
8C??"(*Y(%345/'##34;g*7'';3"*7"%#5*M35&'*
!
+H`*L`*
8C??"(*Y(%345/'##34;g*Z]*{*\<"&#('?'#31"*
!
+U`*L`*
8C??"(*Y(%345/'##34;g*Ml*Z3&#'(3'C5*O`*
!
H,`*L`*
8C??"(*Y(%345/'##34;g*Y6^X*@"%#`*:C;'*Y'rrr*
!
H-`*L`*
8C??"(*Y(%345/'##34;g*$''=<%D`&.*
!
*
*
*
!
8(/"4*
b`*p`*
8C??"(*Y(%345/'##34;g*Ml*N(34&"*'@*N"(53%*ea8Rf* !
q`*p`*
8C??"(*Y(%345/'##34;g*O<3#&E`&.*/%(#)*
!
o`*p`*
8C??"(*Y(%345/'##34;g*_%<<*!"*R%="|*{*6E)"5B3* !
-+`*p`*
8C??"(*Y(%345/'##34;g*N'rr'r'*Ml5*
!
-+`*p`*
_%B"D("%B*D<"P>*#(E*
!
-H`*p`*
8C??"(*Y(%345/'##34;g*8"<<%='45*}*Ml*$%4#'?%5* !
-U`*p`*
8C??"(*Y(%345/'##34;g*+B*
!
+,`*p`*
8C??"(*Y(%345/'##34;g*_3#)*8C(@"(*9<<5#%(5*
!
+o`*p`*
8C??"(*Y(%345/'##34;g*Q3=*M)4%?3#"*
!
+L`*p`*
8C??"(*Y(%345/'##34;g*(I.4K*
!
*
*
*
!
X0F>*
H`*U`*
!""#*YE"*7"%#*
!
d5'.%6@!%'6$B6@!-'*%+!0!*+%E/!4*/Eë6ë?'.$!-I$.%'0:5'!?*:%.AO!4L.!&*$4'!d!'!c*'D:k!'!L$L:(>!
-)5.AO!-*)%SLRA+!TA$!'!#_!#+.%:(!Q'!-)4-)*+!4)EP(@!^>'4)q?)k!_*$qC!
*
b`*U`*
Y(%4345/'##34;g*QC4='<%D*C10=>*
!
-L`*U`*
Y(%4345/'##34;g*=!aY`R^*
!
-p`*U`*
Y(%4345/'##34;g*Y6^X*@"%#`*:C;'*Y'rrr*%*8?%&B* !
+H`*U`*
Y(%4345/'##34;g*!"#%<*7"%#*
!
+q`*U`*
Y(%4345/'##34;g*@E*15*!C#CGC*
!
W)A*'B)0P6@!p4L!5)/6F$z!-)4!QL$46)4/R$68E!6PQ0$E!p[*':6.-)%%:6F}!-I$4.%'0:5)!0!G!
0$B$*$(>!%)!6$L5$-R@!Q!4)EP(@!.(O6+!A)E)*6@(>!-*)L$A%;!'!4L.C!d.%/-!)-S%!Q4'*E'C!!
*
U`*U`*
a4=3"*c3;E#*
!
n/4$?6@!0$B@*$A!L$4:6$B68(>!Q'>*'6:B6@(>!)?L$0;!6$QP0:.5O!.(O6+<!ELC!#+!V'E$!:.!#/.:(!
7Z'A)/.A)N<![)E!\/6$?$*F!7VSE$(A)N<!j$*6'*4!b4$*!7Z'A)/.A)N!'!B$.A8(>![>$!^5)%.C!
39
!
-,`*U`*
Z353'4*M%4&"*
!
Z:%/P56@!L'E!-)4!0$4$6@E!(>)*0'%.AO>)!>/4$?6@A'!^0$E:*'!Y+'6'!d*'6A'!'!6'4'6O!
.A/-:6+!L$>)!MPA;!'!6P.5$4)06@A;C!
*
+b`*U`*
n"*N4"C?%#3|*
!
^'E).%'%68!A)6($*%!-*'M.AO!?*$'A?$'%)0O!.A/-:6+<!4)-56S68!)!Q6PE$!4L$![/('!'!
c>)6Q'5$.$C!
*
~>G"4*
*
!
-`*-,`*
M(C?%@@"&#3'4*
!
V'!-)4Q:E!.$!4)!#&!0*P%:5'!)?5@?$6P!A5/?)0P!-'*%+!.$!.:568E!5:6$t/-$E!0!Q'.%)/-$6@!
?*'Q:5.AO>)!4L$!^CWCvC<!$.%)6.A8(>!#/%'%$4!&)*E.!'!4)EP(@(>!>0SQ4C!
*
+`*-,`*
!C@@34S*!C@@34]*
!
V)0P!A5/?)0S!%'6$B6@!-'*%+!#/DD:6<!#/DD:6<!A%$*)/!#&!-I:-*'0/L$!0$!.-)5/-*P(:!.!al.A)/!
40)L:(@![0+A.!'![/()!.$!6$.$!0$!Q6'E$6@!$5$A%*'<!?'..t5:6$!'!>*'0SLR@!6P5'4+C!V'!
-*$E:O*)0O!0+4P6@!-I:L'5!-)Q0P6@!?*:%!^$:L:<!Q6PE8!Q!D)*E'($!j/FQ!:6!%>$!Y%%:(C!
*
p`*-,`*
73;;*7'55*8#%;"*
!
W)4Q:E6@!0$B@*$A!6$L'F:56SLR@>)!B$.AO>)!>:-t>)-)0O>)!5'?$5/!-I:5PA'5!6'!3222!D'6)/RA;<!
A%$I@!.:!-I:R5:!-).5$(>6)/%!A)6($*%+!W^n<!n/F)![)kkk<!\YJ!'!4'5R@(>C!
*
U`*-,`*
YE"*_34"?%#3&5*e8_6fS*R%(%*9135*
!
l:M!-)%I$%@!.$!?S>$E!L$46)>)!*)A/!0*P%:5:!6'!-*'M.AO!-)4:'!.A)%R%@!:64:$t*)(A)0@![>$!
_:6$E'%:(.<!A%$I@!4)APQ'5:<!M$!?$Q!)>5$4/!6'!i.-S(>+!5$%6@(>!D$.%:0'5;!L$!-*)!6S!A5/?)0O!
-*).%I$4@!-)IP4!6$L4;5$M:%SLR@!
40
*
-b`k-q`-,`*
O''=@"5#*
!
a0)/4$66@!D$.%:0'5!E5'48(>!A'-$5!6$QP0:.5O!>/4$?6@!.(O6+!.:!-)!6SA)5:A'!*)B6@(@(>!6'R$5!
6)0O!i%)B:R%S!0!-*'M.AO!#$$%&'(%)*+<!-)45$!)>5'./!6P0R%S06@A;!!
*
-o`*-,`*
l3??)*\=;%(*ei8fS*N'//"(*_*
!
f)*/66@!-*:6(!MP6*/!Q0'6O>)!E:(*)tD/6A!0+4'5!5$%).!.A0S5)/!4$.A/!âââ<!A%$*)/!-I:L$5!
0!M:0O!D)*ES!)4-*$Q$6%)0'%!%'AO!5'B6OE/!B$.AOE/!-/?5:A/<!.$A/64)0'5:!E/!4)EP(@!
W)--$*t_C!
*
++`*-,`*
a9!*eiQf*
!
l:M!-)!6SA)5:AP%O!.$!_>*:.!_)*6$*!'!L$>)!6$L?5:MR@!-I$4.%'0:5:!0!-*'M.AO!E$%*)-)5:<!
%$6%)A*P%!-*$E:O*)0S!0!#&<!A4$!-I$4.%'0:5:!Q$LEO6'!.A5'4?+!Q!-I:-*'0)0'6O>)!'5?'<!
A%$*O!(>+.%'L@!6'!L'*)!1233C!
!
*
+H`*-,`*
c'*9;"*ei8fS*9D"*Z3;'=%*ei8f*
!
[I$%@!6'*)Q$6:6+!-*'M.AO!A5/?)0A+!j)>$E:'6!\:A$!v)/<!A%$*P!E'-/L$!6$QP0:.5)/!
A+%'*)0)/!.(O6/!)?)/!?I$>;!'%5'6%:A/<!-I:L$5:!).5'0:%!5).'6F$5.AO!.A/-:6+!V)!YF$!'!Y?$!
d:F)4'C!
+U`*-,`*
N"4=C<C?*\<*:'(4"#*=Gk5"#*
!
d!#&!.$!6'!-)4Q:E!-I$4.%'0:5!%'AO!QP.%/-($!L$46O!Q!6$L).5'0)0'6SLR@(>!A'-$5!.)/B'.6O!
4*/E6?'.)0O!.(O6+!W$64/5/E<!Q'A5'4'%$5!b5!n)*6$%C!
*
H,`*-,`*
Q'?3B5@"5#*
!
^5'06).%6@!Q'>PL$6@!'!0$*6:.PM!GC!*)B6@A/!D$.%:0'5/!A)E:A.)0O!A/5%/*+<!?S>$E!6S>)M!
A*)ES!Q'>PL$6@!%I$(>!08.%'0!'!Es46@!-I$>5@4A+!0+.%)/-:5:!%'AO!-*'MR%@!c>).%E)%>$*!'!
al.C!
*
*
!
*
*
*
41
n35#'/%=*
o`*--`*
!C@@34S*!C@@34]*
!
a*/>O!-)A*'B)0P6@!A5/?)0O!6)(:!-)4!%'A%)0A)/!,64I$L$!í:B:(:!7al![0+A.N!'!l)6'%>'6'!
,5E).$!7al![/()N<!%$6%)A*P%!.$!L'A)!>).%!-I$4.%'0:5!D*'6()/Q.A8!>).%!^'E![:?'C!!
!
L`*--`*
YE"*$C#C("E"%=5*eiQf*
!
f5/?)08!A)6($*%!Q6PEO!?*:%.AO!-).%t-/6A)0O!A'-$5+<!A%$I@!.$!-)!40)/!5$%$(>!0*P%:5:!4)!
W*'>+!-I$4.%'0:%!.0)L@!'A%/P56@!4$.A/!p[>$!_>').zC!
!
-H`*--`*
%13"(*7%C?%r%*
!
l$4:68!-*'M.A8!-)4Q:E6@!A)6($*%!5:%0@6)0.AO>)!?'*4'!.$!.E+B()08E!%S5$.$E!n6S4O!
.E+B($!-I:5PA'5!6'!G22!6P0R%S06@A;C!
*
-p`*--`*
R%#%#%#*ei8fS*_313<*_313&*e9i8f*
!
W*'M.AP!-*$E:O*'!$5$A%*)tA+%'*)0O>)!4/'!Z'%'%'%!Q!V$q!v)*A/!-'%I:5'!?$Q$.-)*/!A!
0*(>)5;E!-)4Q:E6@!.$Q)6+!0!#$$%&'(%)*+C!!
!
+,`*--`*
O'(E'('#E*ec6f*
!
V)*.AP!?5'(AE$%'5)0P!5$F$64'<!>*'L@(@!L:M!)4!*)A/!3==1!.$!?S>$E!.0O>)!$0*)-.AO>)!
-).5$46@>)!A5/?)0O>)!%/*6O!.%'0:5'!%'AO!0!#$$%&'(%)*+!'?+!-I:6$.5'!?5'.D$E:(A8!0$B$*!
.-)5$B6S!.$!.)/-/%6@A+!_'0/.!7&TVN<!V)(%$E!7b^WN<!c)*F)6$'!W*:E'!7_hN<![*)55$(>!7_hN<!
[)*%>'**+!7_hNC!!
!
++`*--`*
Y'(#'35"*ei8fS*6YQ*
!
l$46'!Q$!QP.'46@(>!A'-$5!6$QP0:.5O!>/4$?6@!.(O6+<!(>:F'F.A8!A0:6%$6%![)*%):.$<!A%$*8!6'!
-)BP%A/!4$0'4$.P%8(>!5$%!.%P5!/!Q*)4/!MP6*/!-).%t*)(A!'!0$!.0O!>/4?S!E@(>'!05:0+!
*)(A)0O<!L'QQ)0O!'!$5$A%*)6:(AO!>/4?+<!.$!A)6$B6S!-I$4.%'0:5!%'A$!0!W*'Q$C!!
!
42
+o`*--`*
c%2"1%tY3?*h(3;E#*[*QF"5#*_M*YE"*83&B*R'5"*
!
fI$.%!4$.A+![>$!^:(A!Z).$!40)L:($!V'B$0't`*:F>%<!A%$*8!0+(>PQ@!Q!L$L:(>[email protected]/!A!
08.%'0S!a$('4$6($!V)q!0!-*'M.AOE!Z/4)5D:6/!-I$4.%'0:5!)-S%!4'5R@!%0PI!%O%)!0R$.%*'66O!
/ES5A+6SC!
*
*
!
N('534"&*
+`*-+`*
X="*l5'C*N53*
!
fI$.%!A6@MA+<!A%$*P!QA)/EP!0:Q/P56@!.%+5!B$.A8(>!>/4$?6@(>!A'-$5!'!L$L:(>!D'6)/RA;C!V'!
AI%/!0+.%)/-:5:!^(>q'*Q-*:)*<!a$'4!W)-$.!_)E-'6+<!W)kk)k)!'!al![0+A.!
*
H`*-+`*
Z%4"55%*
!
VP0*'%!5$F$64+!6'!-)4:'!-*'M.A8(>!A5/?;!.$!L'A)!)?0+A5$!6$)?$R$5!?$Q!-*)-*:$%!L'A)!
/ES5P!A*$0<!4$A'4$6%6S!5'4S6P!.(O6'!6$?)!B$*0+!5O%'L@(@!E$Q:!*)Q0PR6S68!4'0C!
*
U`*-+`*
R"=DC<<*!C53&*9&%="?)*a4@'5"553'4*{*_<CD43;E#* !
u$.AP!Q'.%P0A'!:6D)*E'B6@!.$..:)6!'!q)*A.>)-;!Q6'BA+<!A%$*P!L:M!4$.$%!5$%!.+.%$E'%:(A+!
0Q4S5P0P!E5'4O!>/4$?6@!-*)4/($6%+!'!al.<!0+.%)/-:5:!ELC!#'%%!j5'(A<!a)*:'6!_)6($-%<!
Z).A'!'!4'5R@C!
*
-,`*-+`*
_3(&C5*9<3"4*
!
WI$40P6)B6@!0$B@*$A!%$(>6)!.)/64.+.%$E/!_:*(/.!Y5:$6<!%$6%)A*P%!6'!%OE'!p(:*A/.z<!)-S%!
.!4:0'4$56@E!'!%'6$B6@E!-I$4.%'0$6@E!'!6SA)5:A'!4)EP(@E:!4L.C!
*
--`*-+`*
u'B'1'B'S*YE"*R3#&E3"*8C&&"55*
!
VP0*'%!?*6S6.AO>)!4@0B@>)!*'-)0O>)!4/'!6'!W*'M.AO!-)4:'!.$!-)0$45<!A*)ES!u)A)0)A)!
0+.%)/-:5:!%'AO!%$E6S!$5$A%*)6:B%@![>$!Z:%(>:$!^/(($..!'!a$A'4$6%&'?*:AC!
*
-p`*-+`*
8C/"(&('''*
!
dP6)B6@!0+.%)/-$6@!6$LA)6%*)0$*6SLR@>)!4)EP(@>)!>:->)-)0O>)!4/'!n/F)![)kkk$!'!
l'E$.$!_)5$t'<!08L:E$B6S!.$!M:0)/!A'-$5)/C!
!
!
L.893%!Y2&((&2!
43
6*/('5#'(C*
T64/.%*:P56@!?/4)0'!#$$%&'(%)*+!.%)L@!0!.$0I$6@!4P56:($!'!).E:A)5$L:R%S!6'!L:M6@!>*'6:(:!
^E@(>)0'r!
_$5A)0P!/M:%6P!-5)(>'!!
!
(('!! q-,,*?+!
'%$5:$*+<!QA/R$?6+<!.%/4:'<!4$-).:%! !
HG22!E1!
D)+$*+!x!QPQ$E@!
!
!
!
!!!
!!JG2!E1!
0$5A8!E/5%:D/6AB6@!.P5!!
!
!
!!{22!E1!
E'58!E/5%:D/6AB6@!.P5!!
!
!
!!3G2!E1!
F'5$*:$!>5'06@!%*)L.P5@! !
!
!
!!H22!E1!
F'5$*:$!f).%A'!!
!
!
!
!!322!E1!
d+?'0$6@!'!Q'I@Q$6@!-*).%)*[email protected]!iB$5)0O<!'E?:$6%$!0+%0PI$L@!*$Q:4/L@(@!/ES5(:!'!>).%O<!
08.5$46P!'%E).DO*'!L$!.0SM@!'!:6.-:*/L@(@C!d@($!0:Q!qqqCE$$%D'(%)*+C(QC!
!
44
Zpráva o hospoda#ení v roce 2010
V!sledovka
V&nosy
Náklady
Zisk/ztráta
K#
K#
K#
12 564 200
13 481 469
- 917 269
K#
K#
K#
7 573 389
8 490 658
- 917 269
Rozvaha
Aktiva
Pasiva
Zisk/ztráta
P#ehled p#ijat!ch dotací
grant Hlavního m!sta Prahy
dotace MK'R
dotace MZV – 'PF
5 500 000 K#
730 000 K#
190 605 K#
P#ehled finan"ních podporovatel$
Holandské velvyslanectví
'EZ a.s.
Velvyslanectví USA
'eskon!meck& fond budoucnosti
Visegrad Fund
MASOX a.s.
Ve%ejná sbírka
100 000 K#
1 000 000 K#
85 000 K#
300 000 K#
226 661 K#
135 000 K#
70 862 K#
Vlastní finan"ní zdroje
vstupné
pronájmy a slu$by
771 821 K#
3 449 277 K#
Náklady v "len%ní podle projektov!ch segment$
MF ned!litelné spole#né náklady
MF galerie
MF divadlo
MF hudba
MF filmklub
MF reziden#ní program
6 328 138 K#
947 395 K#
1 566 248 K#
2 596 548 K#
27 204 K#
2 015 935 K#
Ú#etní záv!rka k 31. 12. 2010 a Zpráva nezávislého auditora je p%ílohou této zprávy.
45