!

"#$%#&'(")'*+
,$'-#.+)*()/-)*#.0+!
.1.+21)*().+3)-)(#4).+!
!

!
!
!
!

!
!
!
!
!
!
!
!
 !
!
!
!
"#$%&'!
!
!
"#$%&'&!(!%(!)*+,+$-!)./(0&%(111111111111111111111112113!
"#$%&'&!*4!5%64#7!8&9:(--11111111111112111111111222222222212;<!
=-(!-&7(!.&6#4!4%!74>7&1112222111111111111111111222222222222111;?!
"#&4:+@:111111111222211111111111111111222222221111;A!
()*+,!(*-.,*)/!
B47(C94-47+%(:+-(.111111111211111111111112222222211111223<!
D(/E7@%&!/#+:4#&F!G4.,(%+-(H!/IJ&7%!"K(-""4*#&!"94-47+%(:+-(.!(#7+9+,+(%4.111111113?!!
()*+,!0,1234)/!
L4#+M(*&.!N-*$%+,&.111111111112222221111111111111222222222221;;;!
D(/E7@%&!K4'@-*&F!OKLH!&%&%+@PQ@+H!RJR4&-2"*4#+M(*&.!*4!%(!4#'&%+-(11122111122222222;;<!
D(/E7@%&!S4#,4#&F!LGSH!,&P&6(H!4/4-TH!7#+/7(:+-(.!*4!(,,+$-!,&#7(11111112222211;?A!
D(/E7@%&!D@(#7&F!B47(!C!,(#6&%+-(.!J!/&,+&-4.!*4!(J(P:(.,(11222211122222222222222222222222222222;A?!
D(/E7@%&!U@+-7&F!".+%&,+6+-(V/.+%&,+-(V6(4&,+.7+-(F!4%!'#@/&!*4%!74&-(-T,(7%11111112WXA!
()*+,!5,*6,*)/!
L4#+M(*&.!*4%!+.&>(Y&%11112222222111111111111111111122212221<;3!
D(/E7@%&!K4>7&F!5,+*&!+6&7I-+,&V:@.,+:&%F!4%!/(->!J!4%!(:#7(!/#+:+'4-+&.111111221<;A!
()*+,!&2)*+)/!
5/I-*+,4!5F!D&:/@4.7&.!M+.+&-(#+&.!*+M4#.&.222222222222222211111111111111222<?A!
N2!5.(#&-(.!J!5,&#@.",(%(:@.22222222222222222222111111111111111112222222122<?A!
NN2!57#&/+-(H!P+&.,+(:+-(H!4.,&/&%(:+-(F!*4#+M(*&.!M+.+&-(#+&.!*4%!7#&/(-&111111222222<X;!
NNN2!N6&'(E-(H!7(64#-(-7+-(H!M&(,(-'+-(F!L4!%(!46&R(!(%!.(-(-P&112222222222221111222222221<XZ!
N[2!\+,&7+-(H!7(6(,&.!J!/+7@#+111111222222222222222222222222222222222222222222222222222222222222222222222222222222<3]!
[2!^(M(!C!/+#&-(."J!4./4,+4.!/.+,&(,7+M(.!*4%!'I-4#&!"+/4#!1111111221211222222212<3<!
[N2!K(%M+-&#+-(!5!J!.R(!/(.7&#(!11111111111111111111222112222222<33!
[NN2!S47#(P+*#&,(--(6+-&%4.!J!4./4,+4.!*4%!'I-4#&!D(--(6+.11111111221112222222<Z;!
[NNN2!S@_&-4.!J!4./4,+4.!M+.+&-(#+(.!*4%!'I-4#&!5#74:+.+(22111122222222222222221222112222222!<Z?!
5/I-*+,4!BF!)./4,+4.!.@/@4.7(:4-74!4-74&'I-+,(.1122222222222222222222222222222222222222222222222222222222222<ZA!
5/I-*+,4!DF!N-*+,4!*4!/#&/+4*(*4.!Q@E:+,(.!J!9(#:(,&%$'+,(.!*4!%&.!4-74$'4-&.12222222222222222`W;!
5/I-*+,4!LF!N-*+,4!6&7T-+,&1111122111122222222222222222222222222222222222222222222222222222222222222222``A!
5/I-*+,4!)F!O4,7@#(.!#4,&:4-*(*(.121212222222222222222222222222222222222222222222222222222222222222222222222222222`X?!
B+6%+&'#(9E(111111121122222222222222222222222222222222222222222222222222222222222222222222222222222222222122222`3<!
a-*+,4!b4-4#(%11111111111111111111111222222222222111222222222?A?!
5'#(*4,+:+4-7&.!J!\&7(.1111111111111111111111112222222222222XW<!
!
!
!
 !
!
!
!
!
(789:8&;57';#!
!
(9<=;>;!8!=8!'$%&%<#!'0(8?;=8!
!
S&*&.!%&.!4.7@*+&.&.H!4#@*+7&.!J!(9+,+&-(*&.!(!%&!Q@4!/&*#E(:&.!%%(:(#!c%(!4-74&'4-+(d!*464:&.!
('#(*4,4#!(!e&-(7P(-!f77!4%!4-&#:4!4.9@4#Y&!Q@4!.+'-+9+,(!%(!4%(6&#(,+$-!*4!#$%&'%()*$+),-"")#(!
-4,4.(#+(!@-(!#4,&/+%(,+$-!.+.74:T7+,(!,&:&!%(!/#4.4-74H!,@J&!9@7@#&!@.&!.4!(*+M+-(!:T.!,&:&!.$%+*&!
%+6#&!*4!,&-.@%7(!(%!'#(-!4.7+%&!,%T.+,&!Q@4!,&:&!74>7&!*4!%4,7@#(H!(@-Q@4!@-(!,&.(!-&!Q@+7(!%(!&7#(2!!
O&.!,&-&,+:+4-7&.!,+4-7E9+,&.!*4!Q@4!*+./&-4:&.!(,7@(%:4-74!.&6#4!/%(-7(.!J!&7#(.!.@6.7(-,+(.!
/.+,&(,7+M(.H!,&-&,4#!4%(6&#(*&!/&#!%(!Q@E:+,(H!%(!9(#:(,&%&'E(H!%(!(-7#&/&%&'E(!J!%(!6&7T-+,(H!4.7(6(-!
*+./4#.&.!4-!@-!,(&.!*4!6+6%+&'#(9E(!J!(#7E,@%&.!4./4,+(%+Y(*&.2!!).7(!.+7@(,+$-!Q@4*(!:('+.7#(%:4-74!
#4.@4%7(!,&-!4.7(!&6#(!*4!,(#T,74#!@-+M4#.(%+.7(!g(!/4.(#!*4!Q@4H!4-!(%'@-&.!:&:4-7&.!J!,&:&!
4@#&/4&H!4-,@4-7#&!4-!9(%7(!@-(!+-,%@.+$-!:T.!(:/%+(!*4!/@6%+,(,+&-4.!-&!(-'%&.(_&-(.h2!!)-!:+!
&/+-+$-!#$%&'%()*$+),",&-.('#(!*49+-+7+M(:4-74!(!e2!f77!,&:&!@-&!*4!%&.!:T.!+:/&#7(-74.!
+-M4.7+'(*&#4.!J!(@7&#4.!,&-74:/&#T-4&.!*4-7#&!*4%!T:6+7&!*4!%&.!4.7@*+&.!*4!47-&9(#:(,&'-&.+(H!
,&:&!I%!:+.:&!P(!6(@7+Y(*&2!!5*4:T.H!4.!/#4,+.&!7(:6+I-!#4.(%7(#!.@!/#4,+&.+.7(!4.7+%&!%+74#(#+&!*4!
@-(!(%7E.+:(!,(%+*(*2!
"(#7+4-*&!*4!.@!6+&'#(9E(H!/&*#E(:&.!*4,+#!Q@4!e2!f77!4.!@-!7E/+,&!P+_&!-&#74(:4#+,(-&!.+/0"'%1+"
'%,"*4!%(!*I,(*(!*4!%&.!(0&.!;AX]!g,#4(7+M&H!74-(YH!.@'4#4-74!J!%+6#4h!Q@4!P(!,&##+*&!7&*&.!%&.!
#+4.'&.!*4!(,7@(%+Y(#.4!*4-7#&!*4!@-!:(#,&!,+4-7E9+,&!*4!,(#T,74#!:4#,(-7+%+.7(H!,&:&!4.!4%!(,7@(%H!
.+-!/&#!4%%&!(6(-*&-(#!.@.!:T.!.$%+*&.!/#+-,+/+&.!I7+,&.!J!*4!#+'&#!,+4-7E9+,&2!!)-!;AXZH!/&#!.@!
.+7@(,+$-!9(:+%+(#H!-&!/&*E(!4.7@*+(#!4-!%(!=-+M4#.+*(*!4>(,7(:4-74!*4!%(!9&#:(!4-!Q@4!I%!Q@4#E(H!J!
/&#!%(!'@4##(!*4%![+47-(:!%4!7&,(6(!+#!(%!9#4-742!!"(#(!4M+7(#!/(#7+,+/(#!4-!4%!*4:4-,+(%!,&-9%+,7&!
6I%+,&H!J!/(#(!4.Q@+M(#!%(!,T#,4%!Q@4!4#(!%(!.&%@,+$-!4.7(6%4,+*(!(!.@!-4'(7+M(H!/(.$!7#4.!(0&.!
*4(:6@%(-*&!/&#!%&.!4./(,+&.!.&,+(%4.!:T.!6(_&.H!:(#'+-(%4.!J!,#+:+-(%+Y(*&.2!!5%%E!,&-&,+$!%&.!
494,7&.!4.7T7+,&.!*4!%&.!4-74$'4-&.!g7I#:+-&!(,@0(*&!(0&.!:T.!7(#*4!/&#!@-!4Q@+/&!*4!,+4-7E9+,&.!
*4%!Q@4!4%!/#&/+&!f77!4#(!:+4:6#&h!J!9@4!4.74!6@4-!@.&!*4!%&.!:(%!%%(:(*&.!(%@,+-$'4-&.H!
4./4,+(%:4-74!OKLH!%&!Q@4!%4!/4#:+7+$!M+M+#!@-(!4./+#+7@(%+*(*!(,7@(%+Y(*(H!%4!.(%M$!*4!%%4M(#H!7(%!M4Y!
/(#(!4%!#4.7&!*4!.@.!*E(.H!@-(!M+*(!:(#'+-(%H!J!%4!*4./4#7$!4%!+-74#I.!M&,(,+&-(%!(%!Q@4!4.7T!
,&-.('#(-*&!.@!M+*(2!
)%!(:+'&!e&-(7P(-!-(,+$!4-!\4i!8(M4-!gD&--4,7+,@7h2!!).7@*+$!Q@E:+,(!&#'T-+,(!*4!/#&*@,7&.!
-(7@#(%4.!4-!%(!=-+M4#.+*(*!*4!j(.P+-'7&-2!!5%%E!9@4!*&-*4H!4-!;A3<H!k+,P(#*!)M(-.!K,P@%74.!
+:/(#7+$!@-(!,&-94#4-,+(!Q@4!.+#M+$!*4!/@-7&!+-+,+(%!*4!,&-7(,7&!/(#(!(:6&.!+-M4.7+'(*&#4.2!!f77!
.4!(,4#,$!(!.(%@*(#%&!J!(!#(EY!*4!(Q@4%%(!/#+:4#(!(/#&>+:(,+$-!4-7#4!@-!_&M4-!4.7@*+(-74!
+-74#4.(*&!J!@-(!9+'@#(!,&-.('#(*(!gJ!,#4(*&#(!*4!%(!:&*4#-(!47-&6&7T-+,(hH!9@4!+-M+7(*&!/&#!k2!)2!
K,P@%74.!(!,&-.@%7(#!%(!6+6%+&74,(!4./4,+(%+Y(*(!Q@4!74-E(!4-!8(#M(#*H!,&.(!Q@4!e&-(7P(-!P+Y&!7(-!
/#&-7&!,&:&!/@*&F!*@#(-74!4%!M4#(-&!*4!;A3`2!!"&*#E(:&.!*4,+#!Q@4!*4!(%%E!-(,+$!@-(!%(#'(!J!
*&6%4!#4%(,+$-2!!!
 3!
!
L@#(-74!4.7(!M+.+7(!*4!f77!(!K,P@%74.H!I.74!%4!,&:4-7$!Q@4!*464#E(!,&-&,4#!/4#.&-(%:4-74!(!
k&64#7!b&#*&-!j(..&-H!,&'+$!4%!74%I9&-&!J!%&!%%(:$!*4.*4!.@!*4./(,P&F!7P4#4!+.!(!J&@-'!:(-!P4#4!
J&@!.P&@%*!:447!gc%234"$%5"3,"6)7+,"23+"1+8+&4%."(),)(+&9:!"J!/(.$!4%!(/(#(7&!(!f77H!(-74!4%!
4.7@/&#!*4%!_&M4-!4.7@*+(-742!
"(#(!4-7&-,4.!j(..&-!J(!4#(!@-+M4#.(%:4-74!9(:&.&!,&:&!*4.,@6#+*&#!*4!%(.!/#&/+4*(*4.!J!@.&!
47-&P+.7$#+,&!*4!%(!;'%,<*%"'3.(%&<%!"J!,&:&!#4*4.,@6#+*&#!*4%!,&-.@:&!,&-.4-.@(*&!*4!P&-'&.!
/.+,&(,7+M&.!Q@4!.4'@E(-!P(,+4-*&!%&.!+-*E'4-(.!:4>+,(-&.!4-!%(!Y&-(!*4!8@(@7%(!*4!e+:I-4YH!
/#T,7+,(!.('#(*(!Q@4!.4!,#4E(!*4.(/(#4,+*(!*4.*4!%(!I/&,(!*4!%(!,&%&-+Y(,+$-2!![E(!74%49$-+,(!
j(..&-!%4!+-M+7$!(!,&:4#!4-!.@!,(.(!,4#,(!*4!L(-6@#JH!4-!D&--4,7+,@7!g-&!:@J!%4_&.!*4!O+7,P9+4%*H!
*&-*4!e&-(7P(-!P(6E(!/(.(*&!%&.!9(:+%+(#4.!M4#(-&.!*4!.@!+-9(-,+(hH!J!(%%E!9@4!f77H!(!;]2]]]!R:.2!*4!
*+.7(-,+(H!(!,&-&,4#!(%!Q@4!.4#E(!.@!9+'@#(!:(4.7#(!4!+-./+#(*&#(!4-!:@,P&.!.4-7+*&.2!!).7(.!
#4%(,+&-4.!,(:6+(#&-!4%!*4.7+-&!*4%!_&M4-!e&-(7P(-2!!"#&-7&!*4,+*+$!(6(-*&-(#!%&.!4.7@*+&.!
9&#:(%4.!*4!/&.7'#(*&H!*&-*4!-@-,(!/&*#E(!(*Q@+#+#!'#(-*4.!,&-&,+:+4-7&.!.&6#4!.@!(,7@(%!
4./4,+(%+*(*H!/(#(!+-+,+(#.4!,&:&!(/#4-*+Y!,&-!%&.!7#4.!'#(-*4.!:(4.7#&.!,&-74:/&#T-4&.!*4!
/.+,&9(#:(,&%&'E(H!47-&6&7T-+,(!J!47-&:+,&%&'E(F!:4!#49+4#&!#4./4,7+M(:4-74!(!5%64#7!8&9#-(--H!
k+,P(#*!)M(-.!K,P@%74.!J!k&64#7!b&#*&-!j(..&-2!!"&,&!*4./@I.H!J!,&:&!/(#74!*4!.@.!4.7@*+&.H!
#4*(,7$!4%!74>7&!Q@4!.4!,&-M4#7+#E(!4-!.@!/#+:4#!%+6#&H!4*+7(*&!4-!4%!(0&!;A3X!J!,@J(!+-7#&*@,,+$-!
J(!4.7(6(!9+#:(*(!/&#!4%!+-,(-.(6%4!7#(6(_(*&#!K,P@%74.!=>%//3(<,)?+,<("#/%,*.")0"@)&*$";'A&<(%!"
j+-'6&i!"#4..H!B4#R4%4Jh2!!).74!/#+:4#!%+6#&!J(!7@M&!@-!*4.7(,(*&!I>+7&!*4!*+9@.+$-F!7#4.!(0&.!
*4./@I.!.4!P+Y&!@-(!#44*+,+$-2!!"#&-7&!.4!M4-*+4#&-!%&.!;?2]]]!4_4:/%(#4.!/@6%+,(*&.H!J!M4+-74!
(0&.!*4./@I.!.+'@4!P(6+4-*&!@-(!,+4#7(!*4:(-*(!(!/4.(#!*4!4.7(#!('&7(*&2!
!!GT.!7(#*4!M4-*#E(-!&7#(.!&6#(.!*4!e&-(7P(-!J!4-!7&*(.!4%%(.!*4.7(,(-H!(!:+!_@+,+&H!7#4.!4%4:4-7&.!
+:/&#7(-74.!J!/4#:(-4-74!Q@4!%&!*49+-4-!,&:&!@-!,+4-7E9+,&!*4!,&#74!,&:/%47&F!4%!(9T-!
#4,&/+%(7&#+&!g4-!.@!/#+:4#!%+6#&!J(!+-,%@E(!*+6@_&.H!M(#+&.!(/I-*+,4!6+6%+&'#T9+,&.!J!@-!4.6&Y&!
74$#+,&!*4%!&#+'4-!*4!%(.!#4%+'+&-4.H!J!(P&#(!#$%&'%()*$+),!Q@4!4.H!.+-!*@*(H!@-!,%T.+,&!4-!4.74!
.4-7+*&hl!.@!+:/%+,(,+$-!J!,&:/#&:+.&!/4#.&-(%!,&:&!+-M4.7+'(*&#!g4-!.@.!&6#(.!.+4:/#4!(/(#4,4!
I%!:+.:&!4-!/#+:4#(!/4#.&-(!(@7&C!4>/4#+:4-7(-*&!,&-!%(.!.@6.7(-,+(.!J!/#+-,+/+&.!(,7+M&.H!,&-!
-@4M(.!:47&*&%&'E(.!*4!7#(6(_&H!47,2hl!J!.@!4./E#+7@!,#4(7+M&!g4.!(@7&#!&!,&(@7&#!*4!-@:4#&.&.!
-4&%&'+.:&.!J!,&:6+-(,+&-4.!.4:T-7+,(.H!%(.!:T.!,&-&,+*(.!*4!%(.!,@(%4.!.&-!c4-74$'4-&.dH!
c47-&9(#:(,&'-&.+(d!C!-4&%&'+.:&!,&-!4%!Q@4!*4-&:+-(6(!.@!4./4,+(%+*(*!,+4-7E9+,(!C!
c4-74&'-&.+(d!C!,(74'&#E(!%+-'mE.7+,(!,&-!%(!Q@4!(,7@(%:4-74!%(!*4-&:+-(!C!&!c9(##-(,#(,+(dh!
n+-(%:4-74H!J!/(#(!(7(#!7&*&.!%&.!,(6&.!4-!%(!/#4.4-7(,+$-!*4!.@.!7#(6(_&.H!e&-(7P(-!f77!4.!4%!
/#&/+&!4*+7&#!*4!.@.!&6#(.!4-!+-'%I.2!!=-!6@4-!*E(H!4-&_(*&!/&#!%(!/I.+:(!,(%+*(*!'4-4#(%!*4!%(!
+-*@.7#+(!4*+7&#+(%!-&#74(:4#+,(-(!g%+6#&.!4-,&%(*&.!c(!%(!(:4#+,(-(d!Q@4!-&!.&/&#7(-!*&.!%4,7@#(.!
(-74.!*4!4:/4Y(#!(!4./(#,+#!P&_(.!.@4%7(.H!7+/&'#(9E(!J!*+.40&!*4!%&.!'#T9+,&.!/&,&!4.:4#(*&.H!
47,2hH!*4,+*+$!,@+*(#!/&#!.E!:+.:&!%(!4*+,+$-!*4!.@.!&6#(.!J!(@7&4*+7(#.42!!O(!*+.7#+6@,+$-!4-!%&.!
))2==2!*4!%&.!%+6#&.!(@7&4*+7(*&!4.!,(*(!*E(!:T.!9#4,@4-74!4-7#4!%&.!,+4-7E9+,&.!*4!#4-&:6#4!J!
4./4,+(%:4-74!*4!*4%!T:6+7&!*4!%(.!+-M4.7+'(,+&-4.!-&!&#7&*&>(.!4!+--&M(*&#(.!g%&!Q@4!/(#(!-(*(!
.+'-+9+,(!!
Z!
!
c!\&!#+'@#&.(.!cH!J!(!M4,4.!4.!_@.7&!%&!,&-7#(#+&hH!,&.(!Q@4!4-!)@#&/(!.4!P(,4!,(.+!+:/&.+6%4!*(*(.!
%(.!,(#(,74#E.7+,(.!*4%!:4#,(*&!J!*4!%(!+-*@.7#+(!*4!%(!*+.7#+6@,+$-2!!"(#(!(,(6(#H!,(64!,+7(#!Q@4!
(,7@(%:4-74!J(!P(J!&6#(.!*4!f77!7#(*@,+*(.!(%!(%4:T-H!,(.74%%(-&H!/&#7@'@I.!J!,P4,&.%&M(,&2!
!!!"&#!7&*&!4%%&H!:4!,&:/%(,4!4-&#:4:4-74!/&*4#!/#4.4-7(#!%(!M4#.+$-!,(.74%%(-(!*4!
#$%&'%()*$+),"*4-7#&!*4!%(!,&%4,,+$-!B)?,<(<),+.!"*4*+,(*(!4>,%@.+M(:4-74!(!74>7&.!*4!,(%+*(*!
#494#+*&.!(!%(.!.@6.7(-,+(.!4-74$'4-(.H!.@!@.&H!,@%7@#(H!Q@E:+,(!J!9(#:(,&%&'E(2!!K4!P(!7#(6(_(*&!
4-!@-(!4.:4#(*(!7#(*@,,+$-!*4%!74>7&!7I,-+,&!/&#!/(#74!*4!e&#*+!k+6(H!@-&!*4!-@4.7#&.!_$M4-4.!
9(#:(,$%&'&.!:T.!(M4Y(*&.!4-!4%!T:6+7&!*4!%(!n(#:(,&'-&.+(!J!%(!7#(*@,,+$-!*4%!"#&4:+&!P(!.+*&!
#4M+.(*(!/&#!5-7&-+&!).,&P&7(*&H!#4,&-&,+*&!4>/4#7&!4-!4-74$'4-&.!,@J(!,(%+*(*!4.7+%E.7+,(!4.7T!
9@4#(!*4!*@*(.2!
!
!"#$%&'()$*+$,("-./01!
!
!
!
!
'3$.,.@*-)!4,!
9A>;9$;#!B800;#!
!
k4*4.,@6#+*&#!*4%!C+),%,D(%*/!J!*4!%&.!&#E'4-4.!4-74&'I-+,&.!*4!%(.!#4%+'+&-4.!"+&-4#&!4-!4%!
4.7@*+&!1+"f%&%+@PQ@+!5"EF%"G%.*)&%!"#+:4#&!4-!#4,&-&,4#!%(!-(7@#(%4Y(!4-74&'I-+,(!*4!E)'%"J"
H5F+)**!).7@*+&.&!+--&M(*&#H!%+74#(7&!6#+%%(-74!M4-4#(*&!:(4.7#&H!(:(6%4!J!%4(%!(:+'&2!
!
!
(9<=;>;!
!
=-&!*4!%&.!(./4,7&.!:T.!+:/&#7(-74.!/(#(!M(%&#(#!@-!%+6#&!#4,+I-!/@6%+,(*&!4.!.@!(,7@(%+*(*H!4.!
*4,+#H!Q@4!(6&#*4!%(!/#&6%4:T7+,(!*4!.@!7+4:/&2!!)M(%@(*&!6(_&!4.74!,#+74#+&!"#$%&'%()*$+),!"4%!
-@4M&!%+6#&!*4!e&-(7P(-!f77H!4.!*4!%(!:(J&#!(,7@(%+*(*H!J(!Q@4!-&.!4-,&-7#(:&.!(-74!@-(!M(%+&.(!
,&-7#+6@,+$-!(%!*46(74!'%&6(%!.&6#4!@-&!*4!%&.!/#&6%4:(.!:T.!.4#+&.!*4!-@4.7#&!7+4:/&H!4%!
/#&6%4:(!*4!%(.!*#&'(.2!!GT.!(o-H!(%!M(%&#(#!@-!%+6#&!-@4M&!.4!*464-!4.7(6%4,4#!,&:/(#(,+&-4.!
,&-!/@6%+,(,+&-4.!/#4M+(.!(/(#4,+*(.!.&6#4!4%!:+.:&!,(:/&2!!)-!4.74!.4-7+*&H!#$%&'%()*$+),"4.!
7(:6+I-!@-(!M(%+&.(!&6#(H!/@4.!.4!*+.7+-'@4!*4!%&.!-@:4#&.&.!%+6#&.!.&6#4!*#&'(.!Q@4!P(-!
(/(#4,+*&!4-!%&.!o%7+:&.!(0&.!4-!*&.!(./4,7&.!9@-*(:4-7(%4.2!!).!4%!/#+:4#!,&:/4-*+&!,+4-7E9+,&!
4>P(@.7+M&!Q@4!.4!/@6%+,(!.&6#4!4%!,(:/&!*4!%&.!4-74$'4-&.H!@-!.4,7&#!/(#7+,@%(#:4-74!
+-74#4.(-74!*4%!:@-*&!*4!%(.!*#&'(.2!!)%!%+6#&!.@6#(J(!4./4,+(%:4-74!4.7&.!*&.!(./4,7&.!*4!
4>74-.+$-!J!#+'&#!,+4-7E9+,&H!J(!Q@4!4-!I%!.4!7#(7(-!/&#:4-&#+Y(*(:4-74!7&*&.!%&.!(./4,7&.!
#4%(,+&-(*&.!,&-!4.7(.!*#&'(.F!6&7T-+,&.H!Q@E:+,&.H!9(#:(,&%$'+,&.H!47-&%$'+,&.!4!P+.7$#+,&.2!!)%!
4./4,+(%+.7(!4-,&-7#(#T!7(:6+I-!@-(!4>74-.(!6+6%+&'#(9E(!*&-*4!(/(#4,4-!7&*(.!%(.!9@4-74.!
/@6%+,(*(.!Q@4!.4!,+7(-!4-!4%!74>7&2!!5*4:T.!*4!4>/&-4#!*4!9&#:(!#+'@#&.(!J!(:/%+(!%&.!P4,P&.!
&6_47+M&.!#4%(7+M&.!(!%&.!4-74$'4-&.H!(6&#*(!4-!*47(%%4!4%!.+'-+9+,(*&!J!%(!+:/&#7(-,+(!Q@4!P(-!
(*Q@+#+*&!4.74!7+/&!*4!/.+,&7#&/&.!4-!%(!.&,+4*(*!,&-74:/&#T-4(2!
!"&#!&7#(!/(#74H!,&-M+4-4!.40(%(#!Q@4!7&*(.!%(.!M(%&#(,+&-4.!J!(-T%+.+.!.&-!*4!P4,P&!.@6_47+M&.H!J(!
Q@4!.+4:/#4!.4!6(.(-!4-!4>/4#+4-,+(.!/4#.&-(%4.!&!4-!%(!M(%&#(,+$-!Q@4!@-&!P(,4!*4!%(.!
4>/4#+4-,+(.!*4!&7#&.2!
f77!M+4#74!4-!4%!%+6#&!.@!#+,(!4>/4#+4-,+(!/4#.&-(%!,&-!%(.!*#&'(.!4-74$'4-(.H!%&!,@(%!,&-9+4#4!
(@7&#+*(*!J!M(%+*4Y!(!.@.!,&:4-7(#+&.!.&6#4!%(!+:/&#7(-,+(!J!.+'-+9+,(*&!Q@4!/&.44-H!J!(!.@!74.+.!
.&6#4!%(!/#&P+6+,+$-!Q@4!/4.(!.&6#4!4%%(.2!
O(!J@>7(/&.+,+$-!*4!%&.!(./4,7&.!,+4-7E9+,&.!&6_47+M&.!,&-!%(!/(#74!4>/4#+:4-7(%!J!/@#(:4-74!
.@6_47+M(!*4%!/#&6%4:(!*4!%(.!*#&'(.!*49+-4!4%!,(#T,74#!4>,4/,+&-(%!*4!#$%&'%()*$+),"J!%4!*&7(!*4!
@-!M(%&#!.+-'@%(#2!!K$%&!/&*#E(!P(64#!.+*&!4.,#+7&!/&#!@-(!/4#.&-(!,&:&!e&-(7P(-!f77H!Q@4!
,&:6+-(!4%!7(%4-7&!/&%+9(,I7+,&!*4%!4.,#+7&#!,#4(7+M&!,&-!4%!,&-&,+:+4-7&!4./4,+(%+Y(*&!*4%!
,+4-7E9+,&!gf77!.4!%+,4-,+$!4-!Q@E:+,(!&#'T-+,(h2!
O(.!4>/4#+4-,+(.!:E.7+,(.!*4!f77!,&-!4-74$'4-&.!J!,&-!%(!-(7@#(%4Y(!P(-!*474#:+-(*&!
*4,+.+M(:4-74!.@!M+.+$-!*4%!:@-*&!J!.@!,(:+-&!4-!%(!M+*(2!!L+,P(.!.@6.7(-,+(.!%4!(6#+4#&-!%&.!&_&.!
(!%(!:(#(M+%%(!*4!4.(!#4(%+*(*!/#&9@-*(!J!@-+M4#.(%!*&-*4!7&*&.!P4:&.!-(,+*&!,&:&!/(#74!*4!%(!
,#4(,+$-2!p.7(!4.!%(!#4(%+*(*!Q@4!P(-!*4.,#+7&!7&*&.!%&.!'#(-*4.!:E.7+,&.!J!9@-*(*&#4.!*4!
#4%+'+&-4.H!4%!(@7I-7+,&!#4+-&!*4!%&.!,+4%&.!*4.7+-(*&!(!%(!P@:(-+*(*2!!O(!*+94#4-,+(!9@-*(:4-7(%!
#4.+*4!4-!Q@4!@-&!,&-&Y,(!4.7(!#4(%+*(*!.$%&!(!7#(MI.!*4!#4%(7&.!*4!&7#(.!/4#.&-(.H!&!%(!P(J(!
4>/4#+:4-7(*&!4-!:&:4-7&.!64(7E9+,&.H!4./&-7T-4(:4-74!&!,&-!(J@*(!*4!4-74$'4-&.2!
;<!
!
f77!*4.,#+64!4.7(.!.@.7(-,+(.!,&:&!@-&!*4!%&.!+-.7#@:4-7&.!,(/(,4.!*4!(J@*(#-&.!(!.@/4#(#!
-@4.7#(!M+.+$-!:(74#+(%+.7(!*4%!:@-*&H!(!%(!,@(%!/&*4:&.!(7#+6@+#H!4-!o%7+:(!+-.7(-,+(H!7&*&.!%&.!
'#(-*4.!/#&6%4:(.!*4!-@4.7#&!7+4:/&F!,&-7(:+-(,+$-!*4%!:4*+&!(:6+4-74l!(6@.&.!4./+#+7@(%4.H!
/&%E7+,&.H!.&,+(%4.H!'@4##(.2!!).7&.!:4*+,(:4-7&.!Q@4!%(!-(7@#(%4Y(!P(!,&-,4*+*&!(!%(!P@:(-+*(*!
g%&.!4-74$'4-&.!:T.!+:/&#7(-74.!.&-!*4!&#+'4-!M4'47(%h!-&!*464#E(-!.4#!-4'(*&.!(!%(!.&,+4*(*!
,&-74:/&#T-4(2!!L4!(PE!%(!/&.7@#(!(/(.+&-(*(!*4!f77!,&-7#(!%(!/#&P+6+,+$-2!"4#:E7(-:4!Q@4!P('(!
(Q@E!@-!,&:4-7(#+&!.&6#4!4.7(!,&-.+*4#(,+$-!*4!%&.!4-74$'4-&.!,&:&!#4'(%&!*4%!:@-*&!M4'47(%2!
5@-Q@4!,&-&,4:&.!%(!9@-,+$-!*4!%(!:(J&#E(!*4!%&.!,&-.7+7@J4-74.!*4!%(.!/%(-7(.H!-&!.(64:&.!*4!
Q@I!@7+%+*(*!%4.!/@4*4-!.4#!,+4#7(.!.@.7(-,+(.!9+7&Q@E:+,(.!%%(:(*(.!(%,(%&+*4.2!!\&!.(64#-&.!,$:&!
%&.!@.(!%(!/%(-7(H!/4#&!4.!+-*@*(6%4!Q@4!-&!.&-!4.4-,+(%4.!/(#(!.@!M+*(2!!84:&.!%%4'(*&!(!4.7(!
,&-,%@.+$-!&6.4#M(-*&!,$:&!*4-7#&!*4!,(*(!4./4,+4!M4'47(%!/#&*@,7&#(!*4!(%,(%&+*4.!P(J!
M(#+4*(*4.!6&7T-+,(.!+*I-7+,(.!Q@4!-&!%&.!,&-7+4-4-2!!K+!%&.!,&-.7+7@J4-74.!4-74&'I-+,&.!-&!7+4-4-!
-+-'@-(!9@-,+$-!M+7(%!/(#(!%(!/%(-7(H!.4!/%(-74(!%(!/#4'@-7(F!q/&#!Q@I!%&.!/#&*@,4-rH!q.4#T!
4./4,+(%:4-74!/(#(!%(!P@:(-+*(*r2!!O(!#4./@4.7(!(!4.7(!/#4'@-7(H!Q@4!.4!P(%%(!+#-/%E,+7(!4-!%&.!
#+7&.!*&-*4!-74#M+4-4-!4-74$'4-&.H!,&-.7+7@J4!@-(!,@4.7+$-!*4!,#44-,+(.2!e&-(7P(-!f77!M+M4!4-!
GI>+,&H!4-!@-!#(-,P&!4-!%(.!:&-7(0(.!*4%!4.7(*&!*4![4#(,#@YH!Q@4!%%4M(!/&#!-&:6#4!I/)/<3$23<-""
).7(!/(%(6#(!7+4-4!@-!.+'-+9+,(*&!4./4,+(%2!I/)/<3$23<"4.!4%!-&:6#4!(Y74,(!*4!@-(!*4!%(.!(-7+'@(.!
*#&'(.!:T'+,(.!*4!GI>+,&H!%(.!.4:+%%(.!*4!,+4#7&.!*&-*+4'&.!*4!*E(!=B),7)/73/%(+%+:-""J/")/)/<3$23<"
9&#:(!/(#74!*4!:+!(:+.7(*!,&-!e&-(7P(-2!!G+.!+-M4.7+'(,+&-4.!Q@E:+,(.!.&6#4!4.7(.!.4:+%%(.!
,&-*@_4#&-!(%!94%+Y!*4.,@6#+:+4-7&!*4!Q@4!.@.!/#+-,+/+&.!(,7+M&.!4-74&'I-+,&.!.&-!(%,(%&+*4.H!
4-7#4!%&.!,@(%4.!4.7T!%(!(:+*(!*4%!T,+*&!%+.I#'+,&H!4.7#4,P(:4-74!4:/(#4-7(*&!,&-!%(!OKL!&!
*+47+%(:+*(!*4%!T,+*&!%+.I#'+,&2!!L4!4%%&!.4!.+'@4!Q@4!%(!OKLH!Q@4!P(.7(!4-7&-,4.!P(6E(!.+*&!
,&-.+*4#(*(!@-!/#&*@,7&!.+-7I7+,&!*4%!%(6&#(7&#+&H!/4#74-4,4!*4!P4,P&!(!%(!9(:+%+(!*4!%(.!*#&'(.!
.('#(*(.!:4>+,(-&.2!S@M4!%(!9&#7@-(!*4!Q@4!e&-(7P(-!f77!7#(*@_4.4!(%!+-'%I.!@-&!*4!:+.!%+6#&.F!KEL"
'5!G&)8/+'"($</1-""b#(,+(.!(!4%%&H!/4#,+6E!.@!4>74-.&!,&-&,+:+4-7&!.&6#4!4%!74:(!*4!%(.!*#&'(.!
M4'47(%4.H!(.E!,&:&!.@!:(4.7#E(!%+74#(#+(2!
s(!4.7(:&.!4-!*4@*(!,&-!e&-(7P(-!f77!/&#!7#4.!M(%+&.&.!%+6#&.F!>%//3(<,)?+,4(!G/%,*.")0"@)&*$"
;'A&<(%"!"C+),%,D(%*/">%//3(<,)?+,<("'3.$&))'.")0"@)&*$";'A&<(%"5!4%!*4%+,+&.&!C$+"B%(%$3%*/"
J%*+&M"N3'<%*<),.")0"%,"O,%8%.$+1"($)()/%*+";114(*!
O4!*4.4&!(!e&-(7P(-!f77!Q@4!4.7(!-@4M(!J!7#(.,4-*4-7(%!/@6%+,(,+$-!#4,+6(!%(!(74-,+$-!Q@4!
:4#4,4H!7(-7&!4-!%&.!,E#,@%&.!4./4,+(%+Y(*&.!,&:&!4-7#4!%&.!/#&9(-&.!+-74#4.(*&.!/&#!4%!74:(2!
!
203("4$5&67188!
9:"/$-#0#$;:-<1!
=&>-(73"($?@@A!
;`!
!
!
!
!

\fS5!KfBk)!)O!S)tSf!
!
D&:&!4.!+-:4*+(7(:4-74!&6M+&!(!/(#7+#!*4!:+!7E7@%&H!@7+%+Y&!4%!-4&%&'+.:&!+,*+P?+,)"(!%&!%(#'&!
*4!4.74!%+6#&2!!K4!7#(7(!*4!@-(!-@4M(!/(%(6#(H!/#&/@4.7(!/&#!@-!'#@/&!*4!4.7@*+&.&.!4-7#4!%&.!Q@4!
.4!4-,@4-7#(-!4%!L#2!k2!b&#*&-!j(..&-H!4%!/#&94.&#!D(#%!52!"2!!k@,R!J!J&2!!5!/(#7+#!*4!%(!4>/4#+4-,+(!
/4#.&-(%!.(64:&.!Q@4!%&.!4:6#+('(-74.!,P(:T-+,&.!-&!/#&M&,(-!c(%@,+-(,+&-4.d!&!c/.+,&.+.dH!J!
,&:&!,#44:&.!Q@4!4.!@-(!+-,&-'#@4-,+(!#494#+#.4!(%!@.&!,P(:T-+,&!7#(*+,+&-(%!*4!/%(-7(.!
G.<23+1A/<(%."g/(%(6#(!/4J&#(7+M(!/(#(!:@,P&.H!Q@4!+-M(#+(6%4:4-74!.4!(.&,+(!,&-!4%!@.&!
&,,+*4-7(%!*4!%(!*#&'(!4-!%&.!.4.4-7(hH!(,@0(:&.!4.74!-@4M&!7I#:+-&!4-!;A3A!gk@,R!+*"%/-";A3Ah2!!
L4.,#+6&!4-!/#&9@-*+*(*!%(!P+.7&#+(!*4!%&.!-&:6#4.!*4!%(.!/%(-7(.!.('#(*(.!4-!4%!D(/E7@%&!;H!-&7(!
;2!G4!(%4'#(!/&*4#!*4,+#!Q@4H!,(7&#,4!(0&.!*4./@I.!*4!P(64#!%(-Y(*&!4%!-4&%&'+.:&!(%!:@-*&!
%+74#(#+&H!%(!/(%(6#(!P(!.+*&!(,4/7(*(!/&#!%(!:(J&#E(!*4!%&.!4>/4#7&.!4-!4.74!,(:/&H!J!P(!(/(#4,+*&!
+:/#4.(!/&#!%&!:4-&.!4-!.+474!%4-'@(.2!!).74!7I#:+-&!-&!.4!#49+4#4!(!@-(!,%(.4!*4!*#&'(.!
9(#:(,&%$'+,(.!4./4,E9+,(.!g(%'@-&.H!/&#!4_4:/%&H!4-7+4-*4-!/&#!G.<23+1A/<().!"*#&'(.!+-*$%+,(.!J!
94-47+%(:E-+,(.!,&-!@-!494,7&!7+/&!OKL!&!:4.,(%+-(hH!:T.!6+4-!*4.+'-(!*#&'(.!Q@4!/#&M&,(-!
I>7(.+.!J!P(-!.+*&!@7+%+Y(*(.!7#(*+,+&-(%:4-74!,&:&!4:6#+('(-74.!,P(:T-+,&.!&!#4%+'+&.&.H!(.E!
,&:&!.@.!/#+-,+/+&.!(,7+M&.!J!.@.!,&-'I-4#4.!.+-7I7+,&.2!
L4%!:+.:&!:&*&H!4M+7&!@.(#!%(!/(%(6#(!<,*)Q<(%,*+"4-!9(M&#!*4%!:T.!(/#&/+(*&!J!.@/@4.7&!
.+-$-+:&!+'8&<%?%,*+-""R,*)Q<(%,*+"g*4%!%(7E-!*)Q<(3'!"M4-4-&h!4.!@-(!/(%(6#(!/4J&#(7+M(!J!.@'+4#4!
(%!*4.+-9&#:(*&!%(!6&##(,P4#(!*4,+*+*(:4-74!-&!.('#(*(!*4!(%,&P&%!47E%+,&!g47(-&%h!C!!!
4:6#+('(-74!7#(*+,+&-(%!*4!%(!.&,+4*(*!&,,+*4-7(%2!!=-!M+.7(Y&!(%!*+,,+&-(#+&!:&.7#(#T!Q@4!
+'8&<%?%,*+"-&!/&.44!4.74!4.7+':(H!J!4%!f>9&#*!)-'%+.P!L+,7+&-(#J!gD&:/(,7!)*+7+&-H!/2!;`W<h!
:@4.7#(!Q@4!.+!6+4-!4.7(!/(%(6#(!7(:6+I-!P(!%%4'(*&!(!#4%(,+&-(#.4!4-!f,,+*4-74!,&-!4%!(%,&P&%H!4%!
/#+:4#!@.&!*4!4:6#+('(-74!g4-!;?WXh!4.!%&!&/@4.7&F!c7P+.!+-46#+(,J!&-!&#!P4@4-%J!*#&-R4--4..4!&9!
7P4!./+#J742d!u\2!*4%!S2!c!).7(!46#+4*(*!,4%4.7+(%!*4%!4./E#+7@2dv!)-!4%!,(/E7@%&!`H!-&7(!;H!#4.@:&!%(!
P+.7&#+(!*4!&7#&!7I#:+-&!/4J&#(7+M&!/(#(!%(.!*#&'(.!.('#(*(.F!,%&(P*<()S"J!4-!4%!D(/E7@%&!`H!\&7(!WH!
,&:4-7&!Q@4!c.('#(*&!+-7&>+,(-74d!4.!(@7&,&-7#(*+,7&#+&2!!L464:&.!#4,&#*(#!Q@4!%(!'#(-!:(J&#E(!
*4!%(!'4-74!-&!P(!4>/4#+:4-7(*&!%&.!4-74$'4-&.H!J!Q@4!7+4-4!%(!74-*4-,+(!(!,(7(%&'(#!%&.!
4:6#+('(-74.!*4.,&-&,+*&.!_@-7&!(%!(%,&P&%2!!)M+74:&.!/#4_@Y'(#!4.7&.!4:6#+('(-74.!.('#(*&.!
@7+%+Y(-*&!&67@.(:4-74!74#:+-&%&'E(!Q@4!4.7T!.+4:/#4!M+-,@%(*(!(!4.7(*&.!(%,&P$%+,&.2!
"&#!%&!:+.:&H!P4!*4.,(#7(*&!%(!/(%(6#(!&+(&+%*<7)"/(#(!+-*+,(#!4%!@.&!-&!:I*+,&!&!4>7#(,+4-7E9+,&!
*4!*#&'(.2!!s&!:+.:&!P4!+-,@##+*&!4-!4%!(6@.&!*4!4.74!7#+M+(%!7I#:+-&H!Q@4!7+4-*4!(!(6(#(7(#!J!(!
#4,@6#+#!*4!/#4_@+,+&!4%!@.&!(,7@(%!*4!*#&'(.!4-74&'I-+,(.2!!D&:&!.I!Q@4!:@,P&.!@.@(#+&.!(,7@(%4.!
*4!4.7(.!*#&'(.!.+4-74-!4%!:T.!/#&9@-*&!#4./47&!P(,+(!%&!Q@4H!,&##4,7(:4-74H!,&-.+*4#(-!
:(4.7#&.!
;?!
!
M4'47(%4.d!gO@-(;AZ`6hH!J!%&.!4:/%4(-!.4#+(:4-74H!*4!(%'@-(!:(-4#(!6@.,(-*&!%(!M+.+$-!gL#@#J!
;AZAl!kw7.,P!;AA;hH!.@!,&-.@:&!-&!/@4*4!%%(:(#.4!c#4,#4(7+M&d2!!\&!.4!:4!&,@%7(!7(:/&,&!Q@4!
:@,P&.!4:/%4(-!4-74$'4-&.!*4.,@+*(*(:4-74H!*4!:(-4#(!+-9#(4./+#+7@(%2!!)-!,&-.4,@4-,+(H!:4!
.+#M&!*4!@-!7I#:+-&!:4-&.!P(6+7@(%!J!-4@7#&!T"/31<83,1)!"&!4-!.@!M(#+(-74!/U1<()"/(#(!#494#+#:4!4-!
'4-4#(%!(%!@.&!,&-74:/&#T-4&!*4!*#&'(.!4-74&'I-+,(.2!!O(!/(%(6#(H!Q@4!*4#+M(!*4%!%(7E-!%@*4#4H!
c_@'(#dH!.+'-+9+,(!%+74#(%:4-74!c*+M4#7+*&H!%%4-&!*4!_@4'&d!=IQ0)&1"J,?/<.$"L<(*<),%&5!"D&:/(,7!)*2H!
/2!;X3?h2!!8(6%&!*4!1&)?%."/31<83,1%.!"&!*4!3.)"/U1<()!"/(#(!4>,%@+#!4>/#4.(:4-74!4%!@.&!:&*4#-&!
*4!c#4,#4(7+M&d!/(#(!M+*4&_@4'&.!J!:TQ@+-(.!7#('(/4##(.2!
5%'@-&.!*+.,@7+#T-!Q@4!@.4!%(!4>/#4.+$-!+-*+&H!4-!M4Y!*4!%(!c/&%E7+,(:4-74!,&##4,7(d"%8)&<?+,"
%'+&<(%,)-"""4#&!J&!.&J!7(:6+I-!@-!c(6&#+'4-!(:4#+,(-&dH!J!P(.7(!74-'&!@-!/4Q@40&!/&#,4-7(_4!
*4!.(-'#4!+-*+(H!(@-Q@4!-(*+4!:4!%%(:(#E(!+-*+&2!!).74!7I#:+-&!*4#+M(H!(%!/(#4,4#H!*4!%(!
4Q@+M&,(,+$-!*4!D&%$-H!Q@4!,#4J$!4.7(#!4-!%(!N-*+(!,@(-*&!(##+6$!(!%(.!5:I#+,(.2!!"4#&!P(J!@-(!
4>/%+,(,+$-!(%74#-(7+M(2!!K4!P(!+-*+,(*&!Q@4!4-!7+4:/&.!*4!D&%$-!4%!-&:6#4!:T.!,&:o-!/(#(!%(!
N-*+(!4#(!8+-*@.7T-H!J!%&.!P+./(-&/(#%(-74.!.+'@4-!%%(:(-*&!$<,13A.!"J!-&!<,1<).!"(!/4#.&-(.!*4!%(!
N-*+(2!!=-!/#&:+-4-74!/&#7(M&YH!c(6&#+'4-!(:4#+,(-&dH!(%4'$!Q@4!%(!/(%(6#(!+-*+&.!M+4-4!*4!+,T
1<).!"#49+#+I-*&.4!(%!P4,P&!*4!Q@4!%&.!P(6+7(-74.!*4%!\@4M&!G@-*&!%4.!/(#4,+4#&-!(!%&.!4@#&/4&.!
/4#.&-(.!Q@4!M+ME(-!c!4-!*+&.dH!*4!@-!!:&*&!-(7@#(%H!/#$>+:&.!(!%(!7+4##(!,&:&!&7#&.!(-+:(%4.H!,&-!
4.,(.&!(#7+9+,+&!&!,+M+%+Y(,+$-2!!)-!4.74!.4-7+*&!+-*+&!-&!4.!*4-+'#(*&#H!J!%&!4:/%4&!,&-!7(%!4./E#+7@H!
/&#!#4./47&!J!4-!64-49+,+&!*4!%(!/#4,+.+$-2!!"&#!%&!:+.:&H!P(6%&!*4!,@%7@#(.!D?&%0%.!"4-!M4Y!*4!
G&<'<*<7%.-!
84!(*&/7(*&!7(:6+I-!4%!4>,4%4-74!7I#:+-&!G.<(),%3*%!"(,@0(*&!/&#!)#-4.7!em-'4#!gem-'4#H!
;A3]hH!/(#(!M+(_4#&.!Q@4!4:/%4(-!,&:&!M4PE,@%&!*#&'(.!4-74&'I-+,(.!g(@-Q@4!4%!7I#:+-&!9@4!
(,@0(*&!4-!5%4:(-+(!*&.!*I,(*(.!(-74.H!@-!+-M4.7+'(*&#!(:4#+,(-&!.4!P(!/#&,%(:(*&!(@7&#!*4%!
-4&%&'+.:&l!K+4'4%H!;AZAh2!!K&%4:&.!P(6%(#!*4!cM+(_4.d!,&-!*#&'(.H!J!%(!/(%(6#(!*4!em-'4#!4.!
/#4,+.(!J!P4#:&.(2!
"&#!#(Y&-4.!Q@4!4>/%+Q@I!4-!:+!%+6#&!.&6#4!4%!,P&,&%(74!gf77!;AZ?l!f77!;AA<6hH!6&##&!4%!7I#:+-&!
c(6@.&!*4!*#&'(d2!!).7(!4>/#4.+$-!/&%E7+,(:4-74!<,()&&+(*%"c+-*+,(!(3%/23<+&"@.&!g.4(!:&*4#(*&!J!
,&-7#&%(*&H!&!+-:&*4#(*&!J!4>,4.+M&h!*4!,+4#7(.!*#&'(.!/#&.,#+7(.!/&#!%4J!&!,&.7@:6#4l!(@-Q@4!
.4(!4>,4.+M&H!4%!(.E!%%(:(*&!c(6@.&d!*4!&7#(.!*#&'(.!.(-,+&-(*(.!%4'(%:4-74H!,&:&!7(6(,&H!,(9I!J!
g4-!4%!:@-*&!-&!:&.(+,&h!646+*(.!(%,&P$%+,(.!.4!,4-.@#(!.+-!(./4#4Y(H!,&:&!.+:/%4!:(%!PT6+7&!&!
+-*+.,#4,,+$-!*+47I7+,(222!)>(:+-&!*4!,4#,(!4.74!/@-7&!4-!4%!"#&4:+&2!!D&-!(J@*(!*4!L(%4!"4-*4%%H!
P4!(,@0(*&!%(.!/(%(6#(.!'%*&<*+4.*<()"5"G%*&<*+4.*<()!"/(#(!#494#+#:4!(!,@%7@#(.!Q@4!'+#(-!4-!7&#-&!(!
*4+*(*4.!94:4-+-(.!J!:(.,@%+-(.!#4./4,7+M(:4-742!!S(:6+I-!:4!#49+4#&!(!\@4.7#(!K40&#(!b4(!g&!
bw("4-!(%4:T-hH!J!-&!(!%(!:(%(!7#(-.,#+/,+$-!b(+(H!,@J&!494,7&!4.!,&-.4'@+#!Q@4!4%!-&:6#4!*4!%(!
*+&.(!:T.!94:4-+-(!.@4-4!(!.4:+C:(.,@%+-&2!
=.&!%(!/(%(6#(!($%'D,!"Q@4!/#&M+4-4!*4!%(!/(%(6#(!.%'%,!"@.(*(!/&#!%&.!7@-'@.4.!.+64#+(-&.!
/(#(!4%!cP&:6#4C:4*+,+-(dH!&7#&#(!:4-,+&-(*&!(!7#(MI.!*4%!/4J&#(7+M&!cP4,P+,4#&d2!!K4!P(!
.@'4#+*&!Q@4!%(!/(%(6#(!,P(:T-!4.!(.+T7+,(!J!-&!#4.@%7(!(/#&/+(*(!/(#(!*4.,#+6+#!(!/#(,7+,(-74.!*4%!
-@4M&!:@-*&H!J!K,P@%74.!J!k(99(@9!g;AAWh!P(-!4%4'+*&!#4,+4-74:4-74!4%!7I#:+-&!G%5A-"!
;X!
!
5%!+'@(%!Q@4!%(!/(%(6#(!c,P(:T-dH!%&.!4Q@+M(%4-74.!4-!Q@4,P@(!=5%($%6:"J!:(Y(74,(!=($)T*%T(<T,+:"
.<?,<0<(%,".+4:/#4!(%'&!/#$>+:&!(!c(%'@+4-!Q@4!.(64dH!J!/#49+4#&!@.(#!c,P(:T-dH!Q@4!4-7+4-*4-!
6+4-!%&.!-&!4./4,+(%+.7(.H!J!.4!(,4/7(!4-!%(!%+74#(7@#(!,+4-7E9+,(!,&:&!7I#:+-&!'4-I#+,&!/(#(!
*4.,#+6+#!(!4.&.!.(6+&.!7#(*+,+&-(%4.222!%&.!Q@4!.(64-2!
G+!(:+'&!J!:4-7&#!5%64#7!8&9:(--!P(!74-+*&!%(!(:(6+%+*(*!*4!4.,#+6+#!4%!/#$%&'&!*4!4.74!%+6#&H!J!
:4!(%4'#(!/@6%+,(#%&!(%!,@:/%+#.4!4%!?]!(-+M4#.(#+&!*4!.@!:&-@:4-7(%!*4.,@6#+:+4-7&!.&6#4!%&.!
494,7&.!*4!%(!OKL2!!)./4#&!Q@4!#$%&'%()*$+),":(#Q@4!4%!(:(-4,4#!*4!@-(!-@4M(!4#(!*4!
7&%4#(-,+(!,+4-7E9+,(!J!4-74-*+:+4-7&!4-!:(74#+(!*4!*#&'(.!4-74&'I-+,(.l!Q@4!/&#!9+-!4:/+4,4!(!
,&:/#4-*4#.4!.@!/%4-&!/&74-,+(%2!xU@4!/@4*(-!*(#.4!%(!:(-&!J!7#(6(_(#!_@-7&.!4%!,P(:T-!J!4%!
,+4-7E9+,&222!Q@4!4%!/.+,&-(@7(!/@4*(!4-!%&!.@,4.+M&!.4#!(,4/7(*&!J!4.7+:(*&!,&:&!@-!M(%+4-74!
4>/%&#(*&#!*4!%(!+-:4-.+*(*!*4.,&-&,+*(H!4>74#+&#!(@-Q@4!*4!(%'@-(!:(-4#(!+-74#+&#H!7(-!M(.7(H!
-&!,(#7&'#(9+(*(!J!4-M@4%7(!4-!/4%+'#&!,&:&!%&.!+-.&-*(6%4.!M(,E&.!*4%!4./(,+&!+-74#4.74%(#y!!
5J@*(*&.!/&#!4.7&.!/#&*+'+&.&.!#.5($)G$%,,%F%!"&_(%T!-&.!,4-7#4:&.!,(*(!*E(!:T.!4-!%(!64%%4Y(!
4M(-4.,4-74!J!474#-(:4-74!49E:4#(!Q@4!4.!4%!(Q@E!J!(P&#(H!,&-,+4-,+(!,&7+*+(-(H!o-+,(!J!
474#-(:4-74!#4(%!#+Q@4Y(!4-!4.7(!*+:4-.+$-!*4%!@-+M4#.&y!
;3!
!

(9;':%C:!
!
O&.!/#&947(.!N.(E(.!J!)Y4Q@+4%!,&:+4#&-!,&-:+'&2!!O4.!/#4'@-7I!,$:&!.4!(7#4ME(-!(!(9+#:(#!7(-!
#&7@-*(:4-74!Q@4!L+&.!%4.!P(6%(6(l!J!.+!-&!P(6E(-!/4-.(*&!Q@4!+6(-!(!.4#!:(%+-74#/#47(*&.!J!4-!
,&-.4,@4-,+(!/&*#E(-!.4#!,(@.(!*4!+:/&.+,+$-2!
G4!#4./&-*+$!N.(E(.F!\&!M+!-+-'o-!L+&.!-+!%4!&E!4-!-+-'@-(!/4#,4/,+$-!&#'T-+,(!9+-+7(l!/4#&!:+.!
.4-7+*&.!*4.,@6#+4#&-!4%!+-9+-+7&!4-!7&*(.!%(.!,&.(.2!
!
j+%%+(:!B%(R4!"G(##+('4!&9!84(M4-!(-*!84%%!
=K%."8)1%."1+/"(<+/)"5"+/"<,0<+&,):!
!
!
G+.!.4-7+*&.!*4.,@6#+4#&-!@6+,@&!*@#(-74!@-(!-&,P4!*4!M4#(-&H!P(,4!@-!,@(#7&!*4!.+'%&!4-!
"4--.J%M(-+(l!J!(%'o-!7+4:/&!*4./@I.!4-!8(i(+H!:+4-7#(.!%&.!6#+%%(-74.!#(J&.!*4!%@-(!*(-Y(6(-!
.&6#4!@-!:(#!7#&/+,(%2!!GT.!7(#*4!#4(/(#4,+$H!4-!%(.!#4:&7(.!:&-7(0(.!*4!f(>(,(H!,@(-*&!%&.!
#(J&.!/&*4#&.&.!*4%!S%T%&,!6#(:(6(-!4-!%&.!,+4%&.!J!4.7(%%(6(-!,&-7#(!%(!G(*#4!S+4##(H!4-!4%!
*+.7(-74!9&-*&!*4%!M(%%4!J!4-!%&.!+:/&-4-74.!6&.Q@4.!4,@(7&#+(-&.!*4!K(,P(!k@-(H!6(_&!%(!*@%,4!
:4%&*E(!*4%!4(%&)".+%6(*&!/&#!4%!,P(:T-!(%!#+7:&!.@.@##(-74!J!.4,&!*4!.@!(6(-+,&!*4!P&_(.2!!"@4.!
7@M4!4%!/#+M+%4'+&!*4!.4#!+-+,+(*&!(%!#4+-&!.('#(*&!*4!%&.!4-74$'4-&.H!.(,#(:4-7&.!M4'47(%4.!Q@4!
4-.40(#&-!(!+-,&-7(6%4.!'4-4#(,+&-4.!*4!%(!9(:+%+(!P@:(-(l!7@M4!.(%M&,&-*@,7&!/(#(!,(/7(#!4-!@-!
P@+*+Y&!#4%T:/('&!%&!Q@4!P(J!7#(.!4%!M4%&!*4!-@4.7#(!K40&#(!b(+(l!P4!646+*&!4%!;'&*%"*4!N-*#(H!%(!
%'8&).<%"*4!%&.!*+&.4.!&%E:/+,&.H!%(!/&,+$-!*4!L4:I74#2!!L@#(-74!@-&.!6#4M4.!J!64-*+7&.!
+-.7(-74.!/@*4!:+#(#!9+_(:4-74!4%!(6#(.(*&#!74#,4#!&_&!*4!KP+M(2!!5'#(,+(*&!/&#!4.7(.!J!&7#(.!
M+.+&-4.!.('#(*(.H!:+!M+*(!.4!7#(-.9&#:$!J!4-#+Q@4,+$!*4.:4.@#(*(:4-74222!G4!,&-M4#7E!4-!@-!
+-+,+(*&!(!%&.!.('#(*&.!:+.74#+&.!*4!%(!(-7+'m4*(*H!4-!(Q@4%%&!Q@4!%&.!(-7+'@&.!'#+4'&.!%%(:(6(-!@-!
+G)G*+.!"4%!Q@4!P(!,&-74:/%(*&!%&!*+M+-&2!
).74!%+6#&!M4#.(!.&6#4!4.7&.!:(#(M+%%&.&.!4-74$'4-&.H!.@.!:+.74#+&.&.!.(,#(:4-7&.!M4'47(%4.!J!
%&.!/#+-,+/+&.!(,7+M&.!Q@4!,&-7+4-4-2!!)%!7I#:+-&!c4-74$'4-&d!9@4!/#&/@4.7&!/&#!%&.!9+%$.&9&.!D(#%!
52!"2!k@,R!J!L(--J!K7(/%4.H!/&#!4%!/+&-4#&!4-!4%!4.7@*+&!*4!%&.!4-74$'4-&.H!k2!b&#*&-!j(..&-H!/&#!
4%!47-&6&7T-+,&!e4#4:J!B+'i&&*!J!/&#!:E!:+.:&2!!)%!-4&%&'+.:&!*4#+M(!*4!@-(!(-7+'@(!/(%(6#(!
'#+4'(!Q@4!.+'-+9+,(!c*+&.!'4-4#(*&!*4-7#&dH!7I#:+-&!Q@4!@.(#&-!/(#(!*4.,#+6+#!4.7(*&.!*4!
+-./+#(,+$-!/&I7+,(!&!/#&9I7+,(!J!/(#(!*4.,#+6+#!@-!4.7(*&!4-74&'I-+,&!+-*@,+*&!/&#!/%(-7(.!
.('#(*(.2!!
;A!
!
).74!7I#:+-&!.@.7+7@J4!(!%(.!/(%(6#(.!/4J&#(7+M(.!c/.+,&7&:+:I7+,&d!J!c(%@,+-$'4-&d!,&-!.@.!
,&--&7(,+&-4.!*4!/.+,&.+.!&!(%@,+-(,+$-2!&!(!%(!/(%(6#(!c/.+Q@4*I%+,&d!Q@4!.4!(.&,+(!(!%(!,@%7@#(!
/&/@%(#!*4!%&.!(0&.!.4.4-7(!g:o.+,(H!(#74!/.+Q@4*I%+,&!47,2hH!%&!,@(%!P(,4!Q@4!.4(!+-(/#&/+(*&!/(#(!
#494#+#.4!(%!@.&!,P(:T-+,&!*4!@-(!/%(-7(2!!84!#4.@:+*&!%(!%$'+,(!Q@4!_@.7+9+,(!4%!@.&!*4!%(!/(%(6#(!
4-74$'4-&!4-!4%!D(/E7@%&!;H!\&7(!;H!J!.@'+4#&!(%!%4,7&#!+-74#4.(*&!Q@4!,&-.@%74!%&.!4.7@*+&.!
&#+'+-(%4.!*&-*4!.4!/#&/@.&!4%!7I#:+-&!gk@,R!+*"%/-";A3Al!j(..&-!+*"%/-";AZ]6h2!
O&.!%4,7&#4.!.4!/#4'@-7(#T-H!J!,&-!#(Y$-!cq/&#!Q@I!4.,#+6+#!@-!%+6#&!:T.!.&6#4!4.7(.!*#&'(.rd2!!)-!
4%!7#(-.,@#.&!*4%!7+4:/&!P4!M+.7&!(/(#4,4#!74>7&.!:@J!6@4-&.!.&6#4!4%!74:(2!!"&*#E(!:4-,+&-(#H!
4-!,&-,#47&H!@-!7#(7(*&!,+4-7E9+,&!VV*+"W)*%,5"%,1!B$+'<(*!!5")0">%//3(<,)?+,."*4%!47-&6&7T-+,&!
-&#74(:4#+,(-&!k+,P(#*!)M(-.!K,P@%74.!J!4%!Q@E:+,&!.@+Y&!5%64#7!8&9:(--H!(.E!,&:&!.@!4*+,+$-!
:T.!/&/@%(#!J!/#&9@.(:4-74!+%@.7#(*(!#/%,*.")0"*$+"X)1."gK,P@%74.!J!8&9:(--!;A3AH!K,P@%74.!J!
8&9:(--!;AZ]zh2!!S4-*#I!&,(.+$-!*4!M&%M4#!.&6#4!I.7&.!J!&7#&.!M(%+&.&.!%+6#&.!.&6#4!4%!74:(2!!G+!
/#&/$.+7&!(%!4.,#+6+#!4.7(!&6#(!9@4!*&6%42!!"&#!@-!%(*&!4.,#+6+#!@-!%+6#&!*4!#494#4-,+(!o7+%!/(#(!4%!
4./4,+(%+.7(H!Q@4!4-@:4#(.4!%(.!9@4-74.!6+6%+&'#T9+,(.!*4!%(!%+74#(7@#(!P+.7$#+,(H!(-7#&/&%$'+,(H!
6&7T-+,(H!Q@E:+,(!J!9(#:(,&%$'+,(H!J!7#(7(.4!(%!:+.:&!7+4:/&!4%!74:(!4-!@-!,&-74>7&!'4-4#(%!
47-&6&7T-+,&!:T.!(:/%+&2!
L4!4.74!:&*&!P4!/@4.7&!(%!*E(!J!(:/%+(*&!%(!:4_&#!6+6%+&'#(9E(!4>+.74-74!4-!4.74!,(:/&H!Q@4!4.!%(!
*4%!%+6#&!VV<+"W)*%,5"%,1"B$+'<,<(")0">%//3(<,)?+,.-""O(!/#4.4-74!6+6%+&'#(9E(!7#+/%+,(!4-!4>74-.+$-!
(!%(!*4!K,P@%74.!J!8&9:(--H!J!(o-!(.E!-&!/#474-*4!.4#!4>P(@.7+M(2!!G+!.4'@-*(!+-74-,+$-!9@4!%(!*4!
*47(%%(#!%(!,&:/%4_(!P+.7&#+(!*4!%(.!*#&'(.!4-74$'4-(.H!J!4-!,&-,#47&!,$:&!4-!4%!.+'%&!tt!.4!
/@.+4#&-!(%!(%,(-,4!*4!@-&.!@.@(#+&.!Q@4!-&!4#(-!%&.!7#(*+,+&-(%4.2!!5!*+94#4-,+(!*4!Q@+4-4.!P(-!
4.,#+7&!7#(6(_&.!.&6#4!4%!74:(H!,&-.+*4#&!Q@4!%(!47-&6&7T-+,(!*4!%(.!/%(-7(.!4-74&'I-+,(.!J!.@.!
/#+-,+/+&.!(,7+M&.!4.!7(-!+:/&#7(-74!4-!%(!,@%7@#(!&,,+*4-7(%!,&:&!4-!.@!@.&!7#(*+,+&-(%H!.+-&!:T.2!!
D&:&!b&#*&-!j(..&-!&/+-(6(F!
!
U@+YT.!,&-!7&*&.!-@4.7#&.!,&-&,+:+4-7&.!:&*4#-&.!/&*(:&.!/#4.,+-*+#!*4!%&.!P&-'&.!.('#(*&.2!
q!f!Q@+YT!%4.!-4,4.+74:&.!:T.!Q@4!-@-,(r2!!5%'@-&.!.4!.&#/#4-*4-!*4!Q@4!+-,%@.&!%(!,%(M4!*4!%(!
#4%+'+$-!.4!#4*@Y,(!:4#(:4-74!(!@-(!*#&'(2!!"&#!&7#&!%(*&!4.7(!*#&'(!.+'@4!.+4-*&!7(-!:+.74#+&.(!
,&:&!.+4:/#4!%&!9@4222!
gj(..&-H!;AX;h!
!
K$%&!#4,+4-74:4-74!P(-!4:/4Y(*&!(%'@-&.!(-7#&/$%&'&.!(,(*I:+,&.!(!,&-.+*4#(#!*+'-(.!*4!
4.7@*+&!9&#:(%!(!%(.!.@6,@%7@#(.!,&-74:/&#T-4(.!*4!%(!*#&'(!g5*%4#H!;AZ?l!
8&%*4-H!;AZA(h2!
!
z8(J!M4#.+$-!,(.74%%(-(!4-!4%!nD)H!#/%,*%."1+"/)."1<).+.-!
W]!
!
\&!:4!/#&/&-'&!/#&:&M4#!-+!,&-*4-(#!4%!@.&!,&-74:/&#T-4&!-&!7#(*+,+&-(%!*4!%&.!4-74$'4-&.2!!
D+4#7&!4.!Q@4!(%'@-(.!*4!%(.!*#&'(.!7#(7(*(.!4-!4.74!%+6#&!.&-!+%4'(%4.H!J!:T.!*4!@-&!,&-.+*4#(#T!
+##4./&-.(6%4!7#(7(#!4.74!74:(!.+-!*4-@-,+(#!.@!@.&!+%E,+7&2!!"&#!&7#&!%(*&H!%(!:(J&#!/(#74!*4!%&.!
,&:/@4.7&.!4.7@*+(*&.!.&-!%4'(%4.H!J!-&!P(J!*@*(!*4!Q@4!(,7@(%:4-74H!7(-!.$%&!4-!).7(*&.!
=-+*&.H!P(J!,&:&!:E-+:&!@-!:+%%$-!*4!@.@(#+&.!*4!*#&'(.!4-74&'I-+,(.!%4'(%4.!4!+%4'(%4.!
gb&%*.74+-!J!^(%(-7H!;AA]h2!!5!4.7&.!G.<(),%3*%."gem-'4#!;A3]hH!J!(!%&.!,+4-7E9+,&.!+-74#4.(*&.H!*+#+_&!
:+!%+6#&2!!\&!P(J!-+-'@-(!-4,4.+*(*!*4!(-+:(#!(!/&74-,+(%4.!@.@(#+&.!(!Q@4!/#@464-!4.7(.!
.@.7(-,+(.2!!K&-!*#&'(.!Q@4!J(!7+4-4-!.@.!*4M&7&.!JH!4-!,@(%Q@+4#!,(.&H!%(!&94#7(!(,7@(%!4.!
/#&6(6%4:4-74!+-.@9+,+4-74!/(#(!.(7+.9(,4#!%(!*4:(-*(!*4!%&.!@.@(#+&.!J(!4>+.74-74.2!gB%(-,&H!
;AA<h!
)-!4.74!4>&#*+&H!.+-!4:6(#'&H!*4-@-,+(#I!J!,+4#7(:4-74!-&!,&-!/(%(6#(.!M('(.H!%(!M(-(H!
,&-7#(/#&*@,4-74!4!+:/#@*4-74!/#&.,#+/,+$-!*4!%&.!4-74$'4-&.!/&#!/(#74!*4!).7(*&.!=-+*&.!J!
&7#&.!/+(.4.2!!D&:&!*+_&!B(#@,P!K/+-&Y(!%@,+*(:4-74F!
!
S&*(!%4J!Q@4!/@4*(!.4#!M+&%(*(!.+-!,(@.(#!*(0&!(%'@-&!(!-(*+4H!.4#T!6@#%(*(2!!GT.!
(o-H!4.7T!7(-!%4_&.!*4!,&-.4'@+#!,&-7#&%(#!%&.!*4.4&.!J!/(.+&-4.!*4!%&.!P&:6#4.H!
Q@4!(%!,&-7#(#+&!%4.!+-,+7(!*+#+'+4-*&!.@.!/4-.(:+4-7&.!P(,+(!4.&.!:+.:&.!&6_47&.H!
J(!Q@4!.+4:/#4!-&.!4-,(:+-(:&.!P(,+(!%&!/#&P+6+*&!J!*4.4(:&.!%(.!,&.(.!Q@4!-&!
-&.!4.7T-!/4#:+7+*&!74-4#2!!s!(!%&.!P&:6#4.!&,+&.&.!-&!%4.!9(%7(!%(!(.7@,+(!
-4,4.(#+(!Q@4!/4#:+74!6@#%(#!%4J4.!,&-,46+*(.!/(#(!#4'@%(#!,&.(.!Q@4!-&!.4!
/@4*4-!/#&P+6+#!7&7(%:4-74222!5Q@I%!Q@4!+-74-74!*474#:+-(#%&!7&*&!:4*+(-74!
%4J4.!9&:4-7(#T!4%!,#+:4-H!4-!%@'(#!*4!4M+7(#%&2!
!
).!4M+*4-74!Q@4!%&.!:+%%&-4.!*4!@.@(#+&.!,&-74:/&#T-4&.!*4!4-74$'4-&.!/#&P+6+*&.!.4!4.7T-!
#+4-*&!*4!%(.!%4J4.!Q@4!.@/@4.7(:4-74!%&.!/#&P+64-!J!Q@4H!,+4#7(:4-74H!-&!,(#4,4-!*4!%(!(.7@,+(!
-4,4.(#+(!/(#(!6@#%(#%(.2!!K+4:/#4!P(!&,@##+*&!%&!:+.:&!,&-!%(.!%4J4.!Q@4!+-74-7(-!#4'@%(#!(/47+7&.!
%4'E7+:&.!*4!%&.!.4#4.!P@:(-&.H!J!-&!P(J!*@*(!*4!Q@4!7(%4.!%4J4.!,&-.7+7@J4-!@-!(6@.&!
'@64#-(:4-7(%!*4!/&*4#2!!D&:&!4.,#+6+$!4%!'#(-!%+64#7(#+&!)*:@-*!57i+%%!j(..&-!4-!;A;`H!
,#+7+,(-*&!%(!/#&P+6+,+$-!*4%!(%,&P&%!4-!).7(*&.!=-+*&.!gj(..&-!;A;`hF!
!
=-(!,&.(!4.!,#4(#!@-(!%4JH!J!&7#(!4.!,#4(#!%(!9@4#Y(!-4,4.(#+(!/(#(!'(#(-7+Y(#!.@!
,@:/%+:+4-7&2!!L4!(PE!Q@4!74-'(:&.!7(-7(.!%4J4.!+-o7+%4.!4-!4.74!/(E.2!
f%M+*(:&.!Q@4!%(.!%4J4.!-&!.4!(/%+,(-!.&%(.2!
!
W;!
!
!!S4$#+,(:4-74!4-!%&.!"(E.4.!*4:&,#T7+,&.!%(.!%4J4.!.&-!@-!+-.7#@:4-7&!*4!%(!M&%@-7(*!/&/@%(#2!!
"4#&!4-!%(!/#T,7+,(!.4!P(-!@.(*&!,&:&!(#:(!*4!%(!:(J&#E(!/(#(!#4/#+:+#!J!(,&.(#!(!:+-&#E(.H!
4./4,+(%:4-74!%(.!%4J4.!,&-7#(!*#&'(.!(.&,+(*(.!(!4.7&.!'#@/&.!g84%:4#!;A3?l!G@.7&!;A3<h2!!O(!
/#&P+6+,+$-!*4%!(%,&P&%!4-!%&.!).7(*&.!=-+*&.!4.!@-!,(.&!4>,4/,+&-(%!*4!%4J!/#&:&M+*(!/&#!
:+-&#E(.!(,7+M(.!J!9(-T7+,(.H!Q@4!,&-*@_&!(%!(,&.&!J!#4/#4.+$-!*4!@-(!:(J&#E(!gG@.7&!;A3<l!
j(..&-!;A;`h2!!D@(-*&!@-(!%4J!4.!%&!.@9+,+4-74:4-74!+:/&/@%(#H!,&:&!%&!9@4!%(!)-:+4-*(!(!%(!
D&-.7+7@,+$-!Q@4!/#&P+6+$!%(!9(6#+,(,+$-!J!M4-7(!*4!(%,&P&%!,&-!9+-4.!%o*+,&.!4-!%&.!).7(*&.!=-+*&.H!
%(!'4-74!.4!:&M+%+Y(!/(#(!*4#&'(#%(2!xf_(%T!&,@##+4#(!%&!:+.:&!,&-!&7#(.!%4J4.!+-_@.7(.!&!+:/&.+6%4.!
*4!P(,4#!,@:/%+#y!!D@(-*&!@-!'&6+4#-&!.4!:@4.7#(!*4:(.+(*&!*4.4&.&!*4!+-74-7(#!c,#4(#!%(!9@4#Y(!
-4,4.(#+(!/(#(!(.4'@#(#!%(!&64*+4-,+(d!(!%4J4.!*+.,@7+6%4:4-74!_@.7(.H!4!+-(/%+,(6%4.H!%(.!
:+.:E.+:(.!%+64#7(*4.!&!c*4#4,P&.!P@:(-&.d!Q@4!9@-*(:4-7(-!4.4!'&6+4#-&!*4:&,#T7+,&!.4!
/&-4-!4-!/4%+'#&!gKP@%'+-!;AA;h2!!).!4%!,(.&!*4!4.7(!c'@4##(!(!%(.!*#&'(.d!,&-74:/&#T-4(!J!%(!
+-7#&:+.+$-!.+-!/#4,4*4-74.!4-!%(!%+64#7(*!/4#.&-(%!Q@4!+-4>&#(6%4:4-74!&,(.+&-(2!!K4!7#(7(!*4!@-!
,(.&!*&-*4!4%!#4:4*+&!4.!:@,P&!/4&#!Q@4!%(!4-94#:4*(*l!*&-*4!%(!c74#(/+(d!/#&/@4.7(!4.!7$>+,(!
4!+-,%@.&!:&#7(%!.+!.4!(/%+,(!4-!*&.+.!.@9+,+4-74:4-74!4%4M(*(.2!!)%!@.&!*4!*#&'(.H!,&-7#(!4%!Q@4!.4!
*+#+'4!4.7(!74#(/+(!*4!.P&,RH!.+'@4!.+-!*+.:+-@+#H!&!+-,%@.&!(@:4-7(H!:+4-7#(.!%(!%+64#7(*!J!%(!
*+'-+*(*!4.7T-!,&-7#(!%(.!,@4#*(.!J!(!/@-7&!*4!/4#*4#!/&#!^f2!
B&.Q@4_(#I!,@(7#&!%E-4(.!*4!(#'@:4-7(,+$-!*+94#4-74.!,&-7#(!%(!/#&P+6+,+$-!,&-74:/&#T-4(!*4!%&.!
4-74$'4-&.!JH!/&#!4>74-.+$-H!*4!&7#(.!*#&'(.F!*4.*4!4%!(%,&P&%H!,(94E-(!&!%(!-+,&7+-(!gQ@4!P(-!.+*&!
7&*(.!4%%(.!+%4'(%4.!4-!4%!/(.(*&h!P(.7(!%(!,&,(E-(H!P4#&E-(!&!:(#+P@(-(!gQ@4!P(-!.+*&!7&*(.!/&#!
:T.!7+4:/&!%4'(%4.!Q@4!+%4'(%4.h2!!).7(.!,@(7#&!%E-4(.!/@4*4-!('#@/(#.4!6(_&!%&.!.+'@+4-74.!
,#+74#+&.F!;h!,+4-7E9+,&H!Wh!/#T,7+,&!&!%4'(%H!<h!:&#(%H!`h!4,&-$:+,&2!!S(:6+I-!/#&/&-*#I!%(!.+'@+4-74!
/#4'@-7(F!q/&#Q@I!%(!.&,+4*(*!&,,+*4-7(%!-&!/@4*4!(.@:+#!J!(,4/7(#!%(!4@9&#+(!J!4%!I>7(.+.r!!)-!4%!
9&-*&!*4!4.7(!,@4.7+$-!.4!P(%%(!4%!&#+'4-!*4!%(!/#&P+6+,+$-!Q@4!/4.(!.&6#4!%&.!4-74$'4-&.2!!5@-Q@4!
.4!*+.9#(,4-!,&:&!c%4J4.!*4!.(%@*!/o6%+,(dH!%&.!(7(Q@4.!(!%&.!4-74$'4-&.!.&-!6T.+,(:4-74!
%+:+7(,+&-4.!(!%(!/#T,7+,(!*4!%(!#4%+'+$-!4-!@-!.4-7+*&!(:/%+&2!f!4-!7I#:+-&.!:T.!(:/%+&.!7&*(ME(H!
.4!/#474-*4!4-,4##(#!4-!@-!:(#,&!%4'(%!,+4#7&!%(*&!/4#M4#.&!*4!%&!Q@4!@-(!M4Y!.4!%%(:$!c9+%&.&9E(!
-(7@#(%d2!!s&!%&!%%(:&!,+4-,+(H!*4!:&*&!Q@4!%(.!%4J4.!(-7+4-74$'4-&.!.&-H!/&#!.@!4>,4.&!*4!,4%&H!
,%(#(:4-74!(-7+,+4-7E9+,(.!J!#4/#4.4-7(-H!*4!P4,P&H!c@-!,#+:4-!,&-7#(!%(!-(7@#(%4Y(.2!
!
('90('&5%D8!&%'#5"E%&8!
!
!!O(.!%4J4.!,&-7#(!%(.!*#&'(.!.4!_@.7+9+,(-!7E/+,(:4-74!,&:&!c%4J4.!/(#(!%(!/#&74,,+$-!*4!%(!.(%@*!
/o6%+,(d2!!L4!9&#:(!Q@4!4%!.4-7+*&!,&:o-!_@Y'(!Q@4H!/#&:@%'(-*&!J!(/%+,(-*&!7(%4.!%4J4.H!%&.!
'&6+4#-&.!4_4#,4-!@-(!9@-,+$-!/(74#-(%!*4!/#&74'4#!(!%&.!,+@*(*(-&.!*4!/4%+'#&.!,&-7#(!%(!.(%@*H!
,&:&!P(#E(-!,&-,+6+4-*&!J!(/%+,(-*&!%4J4.!.&6#4!%(!4%+:+-(,+$-!*4!('@(.!#4.+*@(%4.H!M(,@-(,+$-!
*4!4.,&%(#4.!&!,&-7(:+-(,+$-!(7:&.9I#+,(!,(@.(*(!/&#!M4PE,@%&.!&!+-*@.7#+(2!!
WW!
!
D&-74:/%(*(!*4.*4!4.7(!/4#./4,7+M(H!%(!/#&P+6+,+$-!*4!%(.!*#&'(.!/(#4,4!64-+'-(H!+-,%@.&!
64-49+,+&.(2!!).4!/@-7&!*4!M+.7(!P(!4-#(+Y(*&!7(-!9+#:4:4-74!4-!%(!&/+-+$-!/o6%+,(!Q@4!4.74!
,&-,4/7&!4.!(,4/7(*&!@-+M4#.(%:4-74!,&:&!@-(!(,7+M+*(*!%4'E7+:(H!4!+-,%@.&!@-(!.&%4:-4!
#4./&-.(6+%+*(*!/&#!/(#74!7(-7&!*4!%&.!'&6+4#-&.!,(/+7(%+.7(.!,&:&!*4!%&.!.&,+(%+.7(.!gKY(.Y!;A3`l!
KY(.Y!;AAWh2!!)-!%&.!).7(*&.!=-+*&.!.&%&!4%!/(#7+*&!%+64#7(#+&!.4!P(!&/@4.7&!9+#:4:4-74!(!%(!
/#&P+6+,+$-!*4!%(.!*#&'(.H!/&#!,&-.+*4#(#%(!@-!(6@.&!*4!/&*4#!*4%!'&6+4#-&2!!)-!(%'@-&.!/+(.4.H!%(!
M+&%(,+$-!*4!4.7(.!%4J4.!.4!%%(:(!4@94:E.7+,(:4-74!c*4%+7&!,&-7#(!%(!.(%@*!/o6%+,(d2!!\&!&6.7(-74H!
&6.4#M(*&!*4.(/(.+&-(*(:4-74!J!*4.*4!@-(!/4#./4,7+M(!4.7#+,7(:4-74!,+4-7E9+,(H!4.7(!
_@.7+9+,(,+$-!4-!%(!.(%@*!/o6%+,(!.+:/%4:4-74!-&!.4!.&.7+4-4H!J!,&%&,(-*&!,+4#7(.!*#&'(.!9@4#(!*4!
%&.!/#&,4.&.!*4!,&-7#&%!*4!,(%+*(*!9(#:(,I@7+,&.H!%&.!'&6+4#-&.!4.7T-!7#(+,+&-(-*&!(!.@!
#4./&-.(6+%+*(*!*4!/#&74'4#!4%!6+4-4.7(#!/o6%+,&2!5@-Q@4!(%'@-&.!,&-.@:+*&#4.!/&74-,+(%4.!.&-!
*+.@(*+*&.!/&#!%(.!%4J4.!Q@4!/#&P+64-!%(.!*#&'(.!*4!.@!4%4,,+$-H!:@,P&.!C!Q@+YT!%(!:(J&#E(!C!-&!.&-!
*+.@(*+*&.2!!L@#(-74!4%!4>/4#+:4-7&!Q@4!9@4!%(!/#&P+6+,+$-!94*4#(%!*4%!(%,&P&%!4-!).7(*&.!=-+*&.H!
4-!4%!/4#+&*&!;AW]C;A<<H!/(#74!*4!%&.!(-7+'@&.!6464*&#4.!(,4/7(#&-!(6(-*&-(#!4%!(%,&P&%!J!
&64*4,+4#&-!%(!%4JH!:+4-7#(.!&7#&.!:@,P&.!C!
!,&:&!:E-+:&!%(!:+7(*!C!,&-7+-@(#&-!,&-.@:+I-*&%&!(!/4.(#!*4!7&*&2!![(%4!%(!/4-(!.@6#(J(#!Q@4!
4%!c@.&d!*4%!(%,&P&%H!,&:&!&,@##4!P&J!,&-!4%!@.&!*4!,+4#7(.!*#&'(.!/4-(%+Y(*(.H!,&-7+-@$!.+4-*&!
%4'(%!4-!(%'@-&.!,(.&.!4>,4/,+&-(%4.F!4%!M+-&!.(,#(:4-7(%H!/&#!4_4:/%&H!.4!/&*E(!4%(6&#(#!J!
*+./4-.(#l!7(:6+I-!%&.!:I*+,&.!*4.,@6#+4#&-!*4!#4/4-74!Q@4!4%!(%,&P&%!4#(!@-(!/(-(,4(H!J!(!
#4,47(#%&!'4-4#&.(:4-742!!5@-Q@4!4.!+:/&.+6%4!4.7(6%4,4#!,+9#(.!4>(,7(.!.&6#4!4%!@.&!(,7@(%!*4!
*#&'(.!+%4'(%4.H!&!%(!49+,(,+(!*4!%(.!%4J4.!/#&P+6+,+&-+.7(.!gB(#-4.!;AZZ,hH!-&!P(J!*@*(!Q@4!:@,P&.!
@.@(#+&.H!4-7#4!W]!J!`]!:+%%&-4.!.$%&!4-!).7(*&.!=-+*&.H!4.!*4,+#F!4-7#4!@-!;]!J!@-!W]!{!*4!%(!
/&6%(,+$-!(*@%7(!gb&%*.74+-!J!^(%(-7!;AA]l!\(*4%:(--!;AZAhH!-&!.&-!*+.@(*+*&.!/&#!%(.!%4J4.H!*4!
:&*&!Q@4!%(.!@.(-!+%4'(%:4-742!L@#(-74!%(!I/&,(!*4!%(!/#&P+6+,+$-!*4%!(%,&P&%!:@,P&.!6464*&#4.!
P(6+7@(%4.!.@9#+4#&-!+-7&>+,(,+&-4.!(,,+*4-7(%4.!,(@.(*(.!/&#!:47(-&%!J!&7#&.!*+.&%M4-74.l!
M4-4-&.!Q@4!-@-,(!P(6#E(-!@.(*&!.+!.4!P@6+4#(-!P4,P&!%&.!/4#7+-4-74.!,&-7#&%4.!/(#(!*474#:+-(#!
%(!/@#4Y(!*4%!(%,&P&%!J!.@!,&-,4-7#(,+$-2!!).74!7+/&!*4!4-M4-4-(:+4-7&!*4.(/(#4,+$!,@(-*&!4%!@.&!
%o*+,&!*4%!(%,&P&%!J!.@!M4-7(!(!7(%!9+-!M&%M+4#&-!(!.4#!%4'(%4.2!!L4%!:+.:&!:&*&!:@4#4-!,(*(!(0&!
/#4:(7@#(:4-74!@-(.!<2?]]!/4#.&-(.!4-!%&.!).7(*&.!=-+*&.!*46+*&!(%!@.&!*4!*#&'(.!+%4'(%4.H!
7#(7T-*&.4!4-!:@,P&.!,(.&.!*4!%(.!%%(:(*(.!
:@4#74.!/&#!.&6#4*&.+.!*4!*#&'(.!+-J4,7(6%4.H!/#+-,+/(%:4-74!&/+T,4&.!gb&%*.74+-!J!^(%(-7!;AA]h2!!
5@-Q@4!4.7(.!:@4#74.!.4(-!/#4.4-7(*(.!,&:&!c.&6#4*&.+.!*4!P4#&E-(dH!%(!'#(-!:(J&#E(!.4!*464!(!
%&.!(*@%74#(-74.!J!,&-7(:+-(-74.!/#4.4-74.!4-!4.7&.!/#4/(#(*&.!gDP4+-!+*"%/-";AX`l!).,&P&7(*&!
;AZA!(h2!!L4./@I.!*4!7&*&H!%(.!:@4.7#(.!7E/+,(.!.@4%4-!74-4#!@-!6(_&!/&#,4-7(_4!*4!P4#&E-(!&!(%'o-!
&7#&!.@,4*T-4&!.+-7I7+,&2!!5*4:T.!,&-7+4-4-!/&%M&H!T,(#&.!J!&7#&.!:+-o.,@%&.!(#7#$/&*&.H!
4./&#(.H!M+#@.!J!6(,74#+(.!Q@4!/@4*4-!,(@.(#!+-94,,+&-4.!J!:@4#74.!.o6+7(.!/&#!.P&,R!(-(9+%T,7+,&!
&!/&#!%(!
7&>+,+*(*!*4!(%'@-&!*4!%&.!(*@%74#(-74.2!!8(J!Q@4!*4.7(,(#!Q@4!%(!+-J4,,+$-!&!+-,%@.&!%(!
(@7&(*:+-+.7#(,+$-!*4!*&.+.!,&-&,+*(.!J!4.7I#+%4.!*4!&/+T,4&.!*4!,(%+*(*!9(#:(,I@7+,(!4.!@-!
/#&,4*+:+4-7&!,&:o-!J!.4'@#&2!!"#&,4*+4-*&!*4!4.74!:&*&H!%(.!!:@4#74.!.&-!M+#7@(%:4-74!
*4.,&-&,+*(.2!
W<!
!
!
"&#!%&!Q@4!#4./4,7(!(!%&.!/#4.@:+6%4.!494,7&.!4,&%$'+,&.!(*M4#.&.!,(@.(*&.!/&#!%(!/#&*@,,+$-!
+%4'(%!*4!*#&'(.H!I.7&.!.&-!,&-.4,@4-,+(!*+#4,7(!*4!4.7(.!:+.:(.!%4J4.2!!O&.!/#&'#(:(.!&9+,+(%4.!
/(#(!%(!4##(*+,(,+$-!*4!,@%7+M&.!(!7#(MI.!*4!9@:+'(,+&-4.!,&-!Y!ZTL!"#%&%23%*"J!&7#&.!P4#6+,+*(.H!
&,(.+&-(-!%(!4>/&.+,+$-!*4!%&.!9@:(*&#4.!*4!:(#+P@(-(!(!#4.+*@&.!7$>+,&.2!!"&#!-&!:4-,+&-(#!%(!
*4.7#@,,+$-!:(.+M(!*4!4,&.+.74:(.!J!%&.!494,7&.!-&,+M&.!/(#(!%(!.(%@*!*4!%(.!/&6%(,+&-4.!
4>/@4.7(.!Q@4!&,(.+&-(-!4.7&.!P4#6+,+*(.2!!O(.!%4J4.!(-7+*#&'(!/#&:@4M4-!%(!,&-7(:+-(,+$-!
+-,&-7#&%(*&!*4!Y&-(.!*4!.4%M(!M+#'4-!/&#!%(.!Q@4!.4!P(-!*+./4#.(*&!%&.!%(6&#(7&#+&.!,%(-*4.7+-&.2!!
K+!4.7(.!*#&'(.!(P&#(!/4#.4'@+*(.!.4!P(%%(#(-!6(_&!/#&74,,+$-!%4'(%H!.4!9(6#+,(#E(-!(6+4#7(:4-74!4-!
+-.7(%(,+&-4.!(*4,@(*(.H!,@J(.!4:+.+&-4.!*4!#4.+*@&.!%EQ@+*&.!J!'(.4&.&.!/&*#E(-!.4#!,&-7#&%(*(.!
49+,(Y:4-742!!\@4.7#(.!(@7&#+*(*4.!.(-+7(#+(.!-&!.$%&!4.7T-!7#(+,+&-(-*&!.@!#4./&-.(6+%+*(*!.&6#4!
4%!,&-7#&%!*4!/@#4Y(!*4!%&.!/#&*@,7&.!9(#:(,I@7+,&.H!.+-&!Q@4!%(.!(@7&#+*(*4.!:4*+&(:6+4-7(%4.!
.&-!,@%/(6%4.!*4!-4'%+'4-,+(!(%!*4.,@+*(#!%(!/#&74,,+$-!*4%!4-7&#-&!J!%(!.(%@*!/o6%+,(2!
D+4#7(:4-74H!%(!+-J4,,+$-!*4!%(.!:@4.7#(.!*4!*#&'(!Q@4!.4!P(%%(-!P(6+7@(%:4-74!4-!4%!:4#,(*&!
-4'#&H!.4!P(!,&-M4#7+*&!4-!4%!:(J&#!9(,7&#!*4!7#(-.:+.+$-!*4!KNL5H!P4/(7+7+.!J!&7#(.!
4-94#:4*(*4.2!!)-!).7(*&.!=-+*&.!J!)@#&/(!(%#4*4*&#!*4%!W?{!*4!7&*&.!%&.!,(.&.!*4!KNL5H!
/#+-,+/(%:4-74!4-7#4!P474#&.4>@(%4.!J!-+0&.H!.&-!#4.@%7(*&!*+#4,7&!&!+-*+#4,7&!*4!%(!
(*:+-+.7#(,+$-!+-7#(M4-&.(!*4!*#&'(.!g\(*4%:(--!;AZAh2!!)-!%&.!).7(*&.!=-+*&.!J!&7#&.!/(E.4.!
#47#$'#(*&.!.4!P(!+:/@4.7&!%(!/#T,7+,(!.(%M(_4!*4!-4'(#!%(!M4-7(!*4!_4#+-'@+%%(.!.+-!#4,47(!:I*+,(2!!
"4#&!4-!%(!'#(-!:(J&#E(!*4!/(E.4.!%(.!_4#+-'@+%%(.!4.7I#+%4.!.4!M4-*4-!.4-.(7(:4-74!4-!9(#:(,+(.!(!
@-!6(_&!/#4,+&H!&!+-,%@.&!4-!.@/4#:4#,(*&.H!.+-!#4,47(!(%'@-(2!!O(!DT:(#(!*4!%&.!L+/@7(*&.!*4!
).7(*&.!=-+*&.!(/#&6$!#4,+4-74:4-74!@-(!#4.&%@,+$-!,&-7#(#E(!(%!@.&!*4!9&-*&.!94*4#(%4.!4-!%&.!
/#&'#(:(.!4.7(7(%4.!&!%&,(%4.!*4!#4/(#7&!*4!_4#+-'@+%%(.H!*4.7+-(*(.!(!9#4-(#!%(!/#&/('(,+$-!*4%!
KNL5!(!7#(MI.!*4%!@.&!*4!*#&'(.!g8(:+%7&-!;AAWh2!!).7(!:4*+*(!,#@4%!J!4Q@+M&,(*(!4.!*+#4,7(:4-74!
#4./&-.(6%4!C!,@(-*&!:4-&.!C!*4%!W?{!*4!%&.!-@4M&.!,(.&.!*4!KNL5!4-!).7(*&.!=-+*&.2!!O4_&.!*4!
/#&74'4#!%(!.(%@*!/o6%+,(H!%(!/#&P+6+,+$-!4.7T!4>74-*+4-*&!*#(:T7+,(:4-74!M(#+(.!4/+*4:+(.!J!
,&-7#+6@J4-*&!(!%(!:@4#74!*4!:+%4.!*4!/4#.&-(.!/&#!c.&6#4*&.+.dH!/4#.&-(.!(!%(.!Q@4!.4!-+4'(!%(!
/#&74,,+$-!*4!%(!nL5!gn&&*!(-*!L#@'!5*:+-+.7#(7+&-h!&!+-.7+7@,+&-4.!4Q@+M(%4-74.!4-!&7#&.!/(E.4.2!!
).7&!4.!4./4,+(%:4-74!+:/&#7(-74!.+!74-4:&.!4-!,@4-7(!Q@4!-&!7&*(.!%(.!*#&'(.!*4%!:4#,(*&!
-4'#&!.&-!4:6#+('(-74.!g^#4+'!;AX3h!J!Q@4!-&!7&*&.!%&.!Q@4!%(.!@.(-!.&-!P4*&-+.7(.!&!6@.,(*&#4.!
*4!4:&,+&-4.2!!L46+*&!(!%(!-(7@#(%4Y(!#4.7#+,7+M(!J!:&-&/&%+Y(*&#(!*4!%(!+-*@.7#+(!9(#:(,I@7+,(!*4!
).7(*&.!=-+*&.H!4>+.74!@-!:4#,(*&!-4'#&!*4!9T#:(,&.!74#(/I@7+,&.!,@J(!M4-7(!-&!P(!.+*&!
(/#&6(*(!/&#!%(!nL5H!/4#&!/(#(!%&.!Q@4!4>+.74!@-(!*4:(-*(2!!)_4:/%&.!#4,+4-74.!.&-!4%!
,&-7#&M4#7+*&!(-7+,(-,4#E'4-&!;'<?1%/<,%!K%+*&</+S"4%!!*+:47+%.@%9$>+*&!gLGKfhH!@.(*&!/&#!ME(!
7$/+,(!4-!4%!7#(7(:+4-7&!*4!,&-7@.+&-4.!J!7&#,4*@#(.!g%&.!@.@(#+&.!.4!M4-!9&#Y(*&.!(!@7+%+Y(#!LGKf!
+-*@.7#+(%!(%!-&!/&*4#!(*Q@+#+#!@-&!*4!,(%+*(*!9(#:(,I@7+,(hH!J!9T#:(,&.!(-7+C.+*(!,&:&!4%!N+*&)7<&"
)!TY+*&7+:+*+-(!g5|Sh2!!b#(,+(.!(!#49&#:(.!4-!%(!nL5!P(!(@:4-7(*&!%(!*+./&-+6+%+*(*!*4!4.74!
9T#:(,&H!Q@4!P(!*4.(/(#4,+*&!/#T,7+,(:4-74!*4%!:4#,(*&!-4'#&2!!!
W`!
!
f7#&!9T#:(,&!(-7+C.+*(H!4%!L+Q3/%*)"&!.@%9(7&!*4!*4>7#(-&H!4.!@-!-@4M&!4_4:/%&!*4!
:4*+,(:4-7&!Q@4!%&.!/(,+4-74.!4.7(*&@-+*4-.4.!*464-!c,&-7#(6(-*4(#d!*4.*4!&7#&.!/(E.4.!
gB&&7P!;AZZ!6h2!!8(J!+-,%@.&!@-(!,(74'&#E(!*4!9T#:(,&.!4-!4%!:4#,(*&!-4'#&!Q@4!-&!.4!/@4*4-!
,%(.+9+,(#!,&:&!4:6#+('(-74.!-+!,&:&!('4-74.!Q@+:+&74#T/+,&.2!!K&-!,+4#7&.!/#&*@,7&.!*4!%(!
6+&74,-&%&'E(!Q@4!%&.!(7%47(.!4.7T-!4:/4Y(-*&!(!@.(#!+%E,+7(:4-742!!5,7@(%:4-74!P(J!@-!,&:4#,+&!
+%4'(%!*4!%(!P&#:&-(!*4%!,#4,+:+4-7&!P@:(-&!gPb8h!J!*4%!JG&)Q"&!4#+7#&/&J47+-(!P@:(-(H!Q@4!.4!
@.(-!,%(-*4.7+-(:4-74!/(#(!:4_&#(#!4%!#4-*+:+4-7&!*4/&#7+M&!gK/(%*+-'!;AA;h2!!)%!M&%@:4-!*4!
*+-4#&!:&M+*&!(-@(%:4-74!/&#!%&.!4.74#&+*4.!+%4'(%4.!P(!.+*&!4.7+:(*&!4-!;]]!:+%%&-4.!*4!*$%(#4.!
gG(#.P(%%!;AZZ*h!J!.4!4-,@4-7#(!4-!/%4-(!4>/(-.+$-2!!).7&.!4.74#&+*4.!.4!M4-*4-!+-,%@.&!4-!
7+4-*(.!*4!*+47I7+,(2!!S(:6+I-!P(J!4.74#&+*4.!Q@4!(*4:T.!*4!(@:4-7(#!4%!#4-*+:+4-7&!.&-!
/.+,&(,7+M&.2!!D+4-7E9+,&.!*4!5%4:(-+(!*4%!4.74!*4.(##&%%(#&-!@-!4./#(J!-(.(%!Q@4!,&-74-E(!@-!
(-T%&'&!/.+,&(,7+M&!*4!%(!74.7&.74#&-(H!/(#(!Q@4!%&!@.(#(-!.@.!(7%47(.!&%E:/+,&.!gL+,R:(-!;AA;h2!
O(!/&%E7+,(!/#&P+6+,+&-+.7(!7(:6+I-!,(@.(!*(0&.!(!%(!.(%@*!/o6%+,(2!!D+4#7(.!*#&'(.!4:6#+('(-74.!
/#&P+6+*(.!(,7@(%:4-74!7+4-4!M(%+&.(.!/#&/+4*(*4.!74#(/I@7+,(.!JH!/&#!,&-.+'@+4-74H!@-(!
,(/(,+*(*!*4!(%+M+(#!4%!.@9#+:+4-7&!P@:(-&2!!K+-!4:6(#'&H!-&!.4!4.7@*+(-!.+.74:T7+,(:4-74!-+!.4!
*4.(##&%%(-!,&:&!/#&*@,7&.!9(#:(,I@7+,&.H!*46+*&!(%!:(%!-&:6#4!Q@4!%4.!*+&!.@!4##$-4(!
,%(.+9+,(,+$-!%4'(%2!!D&:&!M4#4:&.!4-!4%!D(/E7@%&!WH!%(!OKL!9@4!*4.(##&%%(*(!&#+'+-(%:4-74!/&#!%(!
,&:/(0E(!K(-*&YH!*4!K@+Y(H!,&:&!:4*+,(:4-7&!,&-!4%!-&:6#4!,&:4#,+(%!*4!L+/5.<1-"").74!-@4M&!
9T#:(,&!:&.7#$!/#&:474*&#(.!,@(%+*(*4.!4-!/.+,&74#(/+(!gL4%(J!+*"%/-";A?A6l!b#+-./&&-!J!
B(R(%(#H!;A3Al!b#&9H!;A3?l!84+:H!;AX;l!\(#(-_&H!;A3<(l!kT7.,PH!;AZAhH!J!4./4#(-Y(*&#!4-!@-!
,(:/&!(o-!:T.!4>,+7(-74H!,&:&!,&(*J@M(-74!(-(%'I.+,&!J!/.+,&74#T/+,&!4-!4%!7#(7(:+4-7&!*4!
/(,+4-74.!,&-!*&%&#&.&.!,T-,4#4.!74#:+-(%4.!J!&7#(.!4-94#:4*(*4.!+-,@#(6%4.2!!O(!OKLH!%(!L"S!
gMI(.4!,(/E7@%&!<h!J!&7#&.!4-74$'4-&.!*4:&.7#(#&-!.4#!M(%+&.&.!(-(%'I.+,&.!*4!%(#'(!*@#(,+$-H!Q@4!
-&!4-7&#/4,E(-!-+!-@6%(6(-!%(!,&-,+4-,+(!*4!/(,+4-74.!.&:47+*&.!(!*&%&#4.!4>7#4:&.H!(!*+94#4-,+(!
*4!%&.!(-(%'I.+,&.!&/+T,4&.!g^(.7!;AX<l!^(.7!;AXXl!^(.7!;A3]l!^(.7!J!D&%%+-.!;AX`l!"(P-R4!+*"%/-"
;A3](l!"(P-R4!+*"%/-";A3]6h2!!).7&.!9T#:(,&.!7(:6+I-!*4:&.7#(#&-!.@!M(%&#!4-!%(!c/.+,&74#(/+(!
6#4M4dH!(J@*(-*&!(!Q@4!/(,+4-74.!:&#+6@-*&.!P+,+4.4-!9#4-74!(!.@!.+7@(,+$-!gb#&9!J!8(%+9(>!;A3<l!
"(P-R4!;A3]l!"(P-R4!;A3;l!"(P-R4!J!k+,P(#*.!;AA]F!k+,P(#*.!;A3?l!k+,P(#*.!+*"%/-";A33l!k+,P(#*.!
+*"%/-";A3Ah2!!b#(,+(.!(!.@!/#&6(*&!M(%&#!:4*+,+-(%H!4%!'&6+4#-&!.@+Y&!P(!#4,(%+9+,(*&!%(!OKL!,&:&!
('4-74!/.+,&74#(/I@7+,&!4>/4#+:4-7(%H!,&-!%&!,@(%!M@4%M4!(!.4#!#4,47(6%4!/&#!:I*+,&.!g8&9:(--!
;AA;l!k(J%!;AAWh2!!O&.!4-74$'4-&.!7(:6+I-!.4!P(-!:&.7#(*&!o7+%4.!4-!4%!7#(7(:+4-7&!*4%!
(%,&P&%+.:&!gG+R@#+J(!;A3;l!G+R@7+J(!;A3<l!kP4(*!+*"%/-";A33l!MI(.4!4%!(-T%+.+.!Q@4!P(,4-!
b#+-./&&-!J!B(R(%(#!;A3A!*4!4.7(.!,&-7#&M4#7+*(.!+-M4.7+'(,+&-4.h2!!5!/4.(#!*4!4.(!/%I7&#(!*4!
494,7&.!74#(/I@7+,&.!64-49+,+&.&.H!4%!*4.(##&%%&!*4!%&.!4-74$'4-&.!,&:&!:4*+,(:4-7&.!9@4!
/(#(*&!4-!.4,&!/&#!.@!+%4'(%+Y(,+$-!J!.@!+%$'+,(!+-,&#/&#(,+$-!(!%(!O+.7(!NH!_@-7&!(!9T#:(,&.!.+-!
-+-'@-(!@7+%+*(*!74#(/I@7+,(!(,4/7(*(2!!O(!*4,+.+$-!+:/+*+$!,@(%Q@+4#!+-M4.7+'(,+$-!/&.74#+&#!4-!
4.7&.!,(:/&.2!!N-,%@.&!&7#(.!.@.7(-,+(.!M+.+&-(#+(.!(o-!:T.!+-_@.7(:4-74!7#(7(*(.H!,&:&!4%!
(-4.7I.+,&!94-,+,%+*+-(!g"D"H!E+&,58!"&!.@!/(#+4-74!%(!^47(:+-(!=H+*%/%&")!cM+7(:+-(!NDdH!@.(*(!/&#!
(%'@-&.!,&:&!4-74$'4-&l!G&&#4!J!5%7&@-+(-H!;A3Zh!P(-!*4:&.7#(*&!.@!/&74-,+(%!,&:&!
:4*+,(:4-7&.F!,&:&!(-7('&-+.7(.!*4!,+4#7&.!('&-+.7(.!,4#46#(%4.!*4%!#4,4/7&#!*4%!T,+*&!\C:47+%C
LC(./T#7+,&H!J!,&:&!('4-74.!/#&74,7&#4.!
!
W?!
!
9#4-74!(!%4.+&-4.!,4#46#(%4.!,(@.(*(.!/&#!4:6&%+(.!J!&7#(.!(94,,+&-4.!-4@#&%$'+,(.!gB(#+-('(!
;AA]6l!f%-4J!+*"%/-";AA;h2!!K4!P(!/#&/@4.7&!7(:6+I-!(/#&M4,P(#!%(!,(/(,+*(*!*4!%(!/.+%&,+6+-(!/(#(!
4.7+:@%(#!,+4#7(.!T#4(.!*4%!,4#46#&!4-!4%!*+('-$.7+,&!*4!(%'@-&.!/#&6%4:(.!,+#,@%(7&#+&.!J!*4!&7#&!
7+/&!gb(#7Y!;AA<hH!Q@+YT.!4-!,&:6+-(,+$-!,&-!7I,-+,(.!*4!/#&J4,,+$-!/&#!#4.&-(-,+(!:('-I7+,(2!!
N-,%@.&!%(!P4#&E-(H!,&-.+*4#(*(!,&:&!M4-4-&!:&#7(%!4-!).7(*&.!=-+*&.H!,&-7+-o(!.+4-*&!M(%&#(*(!
,&:&!:4*+,(:4-7&!4-!/(E.4.!,&:&!b#(-!B#47(0(2!!D&-&,+*(!,&-!4%!-&:6#4!*4!L<%')&G$<,+!"%(!
P4#&E-(!.4!,&-.+*4#(!:T.!.4'@#(!Q@4!%(!:&#9+-(!/(#(!4%!7#(7(:+4-7&!*4%!*&%&#H!4-!,(.&.!*4!+-9(#7&!
*4!:+&,(#*+&!gG,L&-(%*!+*"%/-";AX3h2!!D&:&!%(!P4#&E-(H!(%!+'@(%!Q@4!%(!OKLH!7+4-4!(/%+,(,+&-4.!
:I*+,(.!%4'(%4.!4-!/(E.4.!(M(-Y(*&.!,+4-7E9+,(:4-74H!.@!,%(.+9+,(,+$-!%4'(%!4-!%(!O+.7(!;!g9T#:(,&.!
.+-!@7+%+*(*!74#(/I@7+,(!(,4/7(*(h!4.!,%(#(:4-74!9(%.(!J!
/4#_@*+,+(%2!
!!!!O(!*#&'(!+%4'(%!,@J&!@.&!:I*+,&!.4!,&-&,4!:4_&#!4.!%(!:(#+P@(-(!gMI(.4!5/I-*+,4!5H!"(7&-!+*"
%/-";A3<l!k&99:(-!;AZWl!|+-64#'!;A3Ah2!!).7(!*#&'(!P(!:&.7#(*&!/#&/+4*(*4.!:4*+,+-(%4.!M(%+&.(.2!!
K@!(/%+,(,+$-!74#(/I@7+,(!/#+-,+/(%!4.!/#4M4-+#!-(@.4(.!4-!/(,+4-74.!.&:47+*&.!(!Q@+:+&74#(/+(!
(-7+,(-,4#E'4-(!&!,&-7#(!4%!KNL5H!(.E!,&:&!4-!4%!7#(7(:+4-7&!*4%!'%(@,&:(H!/(#(!*+.:+-@+#!@-(!
/#4.+$-!+-7#(&,@%(#!Q@4!/@4*4!&,(.+&-(#!,4'@4#(!gk&99:(-!;AZWl!|+-64#'!;A3Ah2!!S(-7&!%(!
:(#+P@(-(!9@:(*(!,&:&!%(!+-'4.7+$-!&#(%!*4!747#(P+*#&,(--(6+-&%!gS8D!&![%&<,)/!"@-&!*4!.@.!
/#+-,+/+&.!(,7+M&.h!P(-!*4:&.7#(*&!.4#!o7+%4.!4-!4%!7#(7(:+4-7&!*4!,T-,4#H!KNL5!J!'%(@,&:(2!!K+-!
4:6(#'&H!4%!'&6+4#-&!*4!%&.!).7(*&.!=-+*&.H!!
C!(%4'(-*&!4M+7(#!c:4-.(_4.!,&-9@.&.d!.&6#4!4%!74:(!*4!%(!:(#+P@(-(!C!P(!*474-+*&!.@!*+.7#+6@,+$-!
(!-@4M&.!4-94#:&.H!(@-Q@4!%(.!/(.7+%%(.!*4"[%&<,)/".4'@+#T-!4.7(-*&!*+./&-+6%4.!gB%@:4-7P(%!
;AAWh2!!"4#&!P(J!*(7&.!Q@4!+-*+,(-!%(!:(J&#!494,7+M+*(*!*4!%(!:(#+P@(-(!9@:(*(!4-!(%'@-&.!
/(,+4-74.!gk&99:(-!;AZWh2!!5*4:T.H!4%!7#(7(:+4-7&!.4#E(!:T.!6(#(7&!.+!.4!/4#:+7+4.4!4%!,@%7+M&!*4!
%(!/%(-7(!/(#(!4.7(!9+-(%+*(*2!!)-!,@(%Q@+4#!,(.&H!4%!'&6+4#-&!*4!%&.!).7(*&.!=-+*&.!.E!Q@4!*+9@-*4!
:4-.(_4.!,&-9@.&.!,&-!#4./4,7&!(!%(!:(#+P@(-(!J!4%!S8DF!/&#!@-!%(*&H!%(!/%(-7(!J!.@!/#+-,+/+&!
(,7+M&!.4!P(%%(-!,%(.+9+,(*&.!4-!%(!O+.7(!;!gc.+-!@7+%+*(*!74#(/I@7+,(!(,4/7(*(dhH!/4#&!4%!:+.:&!
'&6+4#-&!:@4.7#(!.@!4##&#!*+.7#+6@J4-*&!%(!/%(-7(!J!S8D!/(#(!@.&!:4*+,+-(%2!!)M(%@(-*&!4%!494,7&!
-4'(7+M&!*4!%(!/#&P+6+,+$-!.&6#4!%(!+-M4.7+'(,+$-!:I*+,(!4-!@-!(#7E,@%&!#4,+4-74!/@6%+,(*&!4-!%(!
#4M+.7(!E(<+,(+!"@-!/#&94.&#!*4!%(!=-+M4#.+*(*!*4!"#+-,47&-!:(-+94.7$!g\(*4%:(--!;AZAhF!
!
!!O(.!%4J4.!J!%(!/&%E7+,(!.&6#4!*#&'(.!(,7@(%4.!4-7&#/4,4-!%&.!4.9@4#Y&.!*4!%&.!+-M4.7+'(*&#4.!/(#(!
*+%@,+*(#!4.7&.!J!&7#&.!/&74-,+(%4.!@.&.!74#(/I@7+,&.!*4!%(.!*#&'(.!+%4'(%4.H!P(,4-!M+#7@(%:4-74!
+:/&.+6%4!.@!/#4.,#+/,+$-!%4'(%H!.&6#4!7&*&!*4!%(.!+-,%@+*(.!4-!%(!O+.7(!NH!(!(Q@4%%&.!Q@4!/&*#E(-!
64-49+,+(#.4!*4!4%%(.2!!s!,&-7#+6@J4-!4-!'#(-!:4*+*(!(%!4.,(.&!7#(7(:+4-7&!Q@4!#4,+64!4%!*&%&#H!
,&:&!4-!'4-4#(%!#4,&-&,4!%(!/#&94.+$-!:I*+,(!4-!).7(*&.!=-+*&.2!
WX!
!
 ).7&.!J!&7#&.!4_4:/%&.!.@6#(J(-!Q@4!@-!#4.@%7(*&!*4,+*+*(:4-74!-4'(7+M&!(/(#4_(*&!(!%(!
/#&P+6+,+$-!*4!%&.!4-74$'4-&.!4.!%(!#4.7#+,,+$-!Q@4!(94,7(!(!/#&:474*&#(.!%E-4(.!*4!+-M4.7+'(,+$-!
,%E-+,(!J!/#+M(#!(%!/o6%+,&!*4!:4*+,(:4-7&.!/&74-,+(%:4-74!M(%+&.&.2!!O(.!%4J4.!/@4.!4.7T-!
9@-,+&-(-*&!4-!*47#+:4-7&!*4!%(!.(%@*!/o6%+,(2!!G+4-7#(.!7(-7&H!%(.!*#&'(.!/#&P+6+*(.!4.7T-!(%!
(%,(-,4!*4!,@(%Q@+4#(!(!%(!M@4%7(!*4!%(!4.Q@+-(2!!L4!4.74!:&*&H!4%!,&-.@:+*&#!.4!M4!/#+M(*&!*4!%(.!
'(#(-7E(.!*4!,&-7#&%!*4!,(%+*(*!Q@4H!/('(-*&!.@.!+:/@4.7&.H!%(!nL5!gJ!&#'(-+.:&.!(-T%&'&.!4-!
&7#&.!/(E.4.h!*464#E(!/#&/&#,+&-(#2!
)-!494,7&H!%&.!cJ&-Q@+.d!J!c9@:47(.!:4%4-@*&.d!/('(-!7(:6+I-!+:/@4.7&.!J!7+4-4-!4%!:+.:&!
*4#4,P&!(!%(!/#&74,,+$-!Q@4!%&.!c4-7@.+(.7(.!*4!%(!-+,&7+-(d!&!%&.!c9(-T7+,&.!*4!%(!'+-46#(!,&-!/4%&!
,&#7&d2!!L4_(#4:&.!/(#(!4%!.+'@+4-74!,(/E7@%&!4%!(-T%+.+.!*4!,$:&!%(!,#+:+-(%+Y(,+$-!J!:4#,(*&!
-4'#&!*4!%(.!*#&'(.!P(-!/@4.7&!4-!/4%+'#&!%(!.(%@*!/o6%+,(2!S(-!'#(M4!,&:&!/#+M(#!(!%(!9(#:(,&/4(!
*4!:4*+,(:4-7&.!/&74-,+(%:4-74!M(%+&.&.!P(!.+*&!%(!%+:+7(,+$-!Q@4!P(-!.@9#+*&!%(.!+-M4.7+'(,+&-4.!
,+4-7E9+,(.!(!,&-.4,@4-,+(!*4!%(!/#&P+6+,+$-2!!5!,(@.(!*4!%&.!/#&6%4:(.!6@#&,#T7+,&.!(.&,+(*&.!(!
7&*(!+-M4.7+'(,+$-!Q@4!#4Q@+4#(!4%!@.&!*4!.@.7(-,+(.!,&-7#&%(*(.!gK7#(..:(-!;AA;hH!J!*46+*&!(!%(!
4.7+':(7+Y(,+$-!Q@4!.@9#4!4.74!,(:/&!(!%&.!&_&.!*4!%&.!9@-,+&-(#+&.!4-,(#'(*&.!*4!&7&#'(#!
.@6M4-,+&-4.!J!(!%&.!*4!%&.!,&%4'(.!,+4-7E9+,&.H!Q@4!:+#(-!,&-!%@/(!%(.!.&%+,+7@*4.!*4!64,(!&!
*4,+*4-!Q@+4-!/4#:(-4,4!&!-&!4-!@-(!+-.7+7@,+$-H!47,2H!%(.!+-M4.7+'(,+&-4.!.&6#4!%&.!4-74$'4-&.!
*4.(/(#4,+4#&-!/#T,7+,(:4-74H!,&:&!,&-.4,@4-,+(!*4!.@!,&-7#&%!%4'(%H!(!:4*+(*&.!*4!%&.!.4.4-7(2!!
L4!P4,P&H!%(!+-M4.7+'(,+$-!.&6#4!(/%+,(,+&-4.!J!(./4,7&.!/&.+7+M&.!*4!4.7(.!.@.7(-,+(.!.4!,&-.+*4#(!
c)%!64.&!*4!%(!:@4#74d!/(#(!@-(!,(##4#(!,+4-7E9+,(!,&-M4-,+&-(%2!!\@4.7#(!,@%7@#(!,+4-7E9+,(!
,&-.+*4#(!Q@4!c.+:/%4:4-74!*+#T!-&d!(!%(!+-9&#:(,+$-!Q@4!/@4*(!*4./#4-*4#.4!*4%!4.7@*+&!*4!
4.7(.!.@.7(-,+(.!g8&#&i+7Y!;AA;hH!+-9&#:(,+$-!Q@4!/&*#E(!.4#!M+7(%!/(#(!/#&'#4.(#!4-!-@4.7#(!
,&:/#4-.+$-!.&6#4!4%!9@-,+&-(:+4-7&!6T.+,&!*4%!,4#46#&2!!O&.!,+4-7E9+,&.!.4!M4-!(.E!&6%+'(*&.H!/&#!
#(Y&-4.!/&%E7+,(.H!(!/#4.,+-*+#!*4!@-!+-.7#@:4-7&!Q@4!%4.!/4#:+7+#E(!(6&#*(#!4%!,%T.+,&!*+%4:(!
9+%&.$9+,&!,4#46#&!M4#.@.!:4-74H!4.!*4,+#H!%(!6+&Q@E:+,(!*4!%(!/#&/+(!,&-,+4-,+(2!!L4.*4!4%!P(%%(Y'&!
*4!Q@4!4%!4-74$'4-&!+%4'(%!LGS!4.!@-!-4@#&7#(-.:+.&#!*4%!,4#46#&!*4!%&.!:(:E94#&.!gDP#+.7+(-!+*"
%/-";A3Xl!DP#+.7+(-!+*"%/-";A33l!D&#6477!;A3ZhH!%(!+-M4.7+'(,+$-!*4!&7#&.!4-74$'4-&.!+-*$%+,&.!
4:/(#4-7(*&.!,&-!I%!g:@,P&.!*4!%&.!,@(%4.!J(!+%4'(%4.h!.4!P(!,&-M4#7+*&!4-!@-(!%E-4(!
/#&:474*&#(!/(#(!-4@#&Q@E:+,&.!*4*+,(*&.!(!%(!+-M4.7+'(,+$-!*4%!/#&,4.(*&!*4!+-9&#:(,+$-!4-!4%!
,4#46#&H!(.E!,&:&!/(#(!%(!+-M4.7+'(,+$-!6+&:I*+,(!+-74#4.(*(!4-!4%!*4.(##&%%&!*4!('4-74.!
74#(/I@7+,&.!,(/(,4.!*4!:&*+9+,(#!*+.9@-,+&-4.!/(7&%$'+,(.!4-!4%!.+.74:(!-4#M+&.&!,4-7#(%!gK\Dh2!!
O(.!%4J4.!%@,P(-!(,7+M(:4-74!,&-7#(!4.74!7+/&!*4!+-M4.7+'(,+&-4.2!!K+-!4:6(#'&H!.4'@+#T-!(*4%(-74H!
Q@+YT.!4-!/(E.4.!,&-!:4-&.!#4.7#+,,+&-4.!&!,&-!@-(!/&%E7+,(!:T.!%o,+*(!P(,+(!%(.!*#&'(.2!!O(!
(/#&6(,+$-!4-!).7(*&.!=-+*&.!*4!%(!cO4J!.&6#4!,&:/@4.7&.!(-T%&'&.!(!.@.7(-,+(.!,&-7#&%(*(.d!
g;AZXh!P(!.+*&!(:/%+(:4-74!/4#,+6+*&!,&:&!@-(!9&#:(!*4!+%4'(%+Y(#!7&*(!+-M4.7+'(,+$-!Q@4!
+:/%+Q@4!%(!.E-74.+.!*4!4-74$'4-&.!&!,&:/@4.7&.!(-T%&'&.!C!Q@4!/(.(#E(-!(!.4#!(@7&:T7+,(:4-74!
+%4'(%4.!C!/(#(!4%!4.7@*+&!*4!.@.!494,7&.!4-!.4#4.!P@:(-&.!gk4/74!;AAWh2!!)-!).7(*&.!=-+*&.!P(!
/(.(*&!(!.4#!+%4'(%!+-,%@.&!4%!+-74-7&!*4!.+-747+Y(#!J!/#&6(#!.@.7(-,+(.!,&:/%47(:4-74!-@4M(.222!
)%!'&6+4#-&!/#474-*4!6T.+,(:4-74!%(!+%4'(%+Y(,+$-!*4!,@(%Q@+4#!,&.(!Q@4!-&!.4(!%&!4>/#4.(:4-74!
(@7&#+Y(*&2!
W3!
!
"(#(!Q@4!%@4'&!P(6%4-!*4!%(!/%(-+9+,(,+$-!,4-7#(%+Y(*(!J!4%!,&-7#&%!'@64#-(:4-7(%!*4!%(!+-*@.7#+(!
4-!%&.!/(E.4.!.&,+(%+.7(.2!!).7(!#4'%(:4-7(,+$-!%4'(%!4>,4.+M(!,&-*4-(#T!9+-(%:4-74!(!%(!+-*@.7#+(!
9(#:(,I@7+,(!-&#74(:4#+,(-(!(!@-(!+-94#+&#+*(*!4,&-$:+,(!J!74,-&%$'+,(H!/@4.!%(!/#$>+:(!
'4-4#(,+$-!*4!/.+,&7#&/&.!.4!*4.(##&%%(#T!4-!(%'@-(!&7#(!/(#742!!D@(-*&!@-!Q@E:+,&!
4.7(*&@-+*4-.4H!4:/%4(*&!4-!@-!4:/#4.(!9(--(,I@7+,(!*4!).7(*&.!=-+*&.H!/@6%+,$!g(-74.!*4!
/#&:@%'(#.4!%(!%4J!*4!;AZXh!+-M4.7+'(,+&-4.!I7+,(:4-74!+-7(,P(6%4.!J!#4(%+Y(*(.!4-!.@!7+4:/&!%+6#4!
.&6#4!-@4M&.!(-T%&'&.!!
C!,&:/%47(:4-74!%4'(%4.!C!*4!%(!LGSH!.@!,&:/(0E(!9@4!.&:47+*(!(!@-(!+-M4.7+'(,+$-!4./4,+(%!/&#!
/(#74!*4!%(!nL5!J!I%!9@4!(:4-(Y(*&!,&-!*4./+*&2!!D@(-*&!%(.!,&:/(0E(.!9(#:(,I@7+,(.!M4-!
%+:+7(*(!.@!(,7+M+*(*!/&#!@-(!4>,4.+M(!#4'@%(,+$-H!.+:/%4:4-74!+-M+4#74-!4-!(%'o-!&7#&!%@'(#H!
*&-*4!/@4*(-!%%4M(#!(!7I#:+-&!.@.!+-M4.7+'(,+&-4.!,&-!%(.!:E-+:(.!+-74#94#4-,+(.2!!=-!4_4:/%&!
#4,+4-74!9@4!%(!*4,+.+$-!*4!%(!:@%7+-(,+&-(%!.@+Y(!D+6(Cb4+'J!*4!-&!,&-.7#@+#!*4!@-(!-@4M(!9T6#+,(!
4-!.@!,+@*(*!*4!&#+'4-H!B(.+%4(2!!L46+*&!(%!/&*4#!/&%E7+,&!*4!%&.!(,7+M+.7(.!.@+Y&.!(-7+C
6+&74,-&%&'E(H!%(!,&:/(0E(!*4,+*+$!,(-,4%(#!/%(-4.!*4!,&-.7#@,,+$-!M(%&#(*&.!4-!;W?!:+%%&-4.!*4!
*$%(#4.H!J!%%4M(#.4!.@!/%(-7(!(%!&7#&!%(*&!*4!%(!9#&-74#(H!(!%(!%&,(%+*(*!9#(-,4.(!*4!8@-+-'4!g5%*P&@.!
;AAWh2!!).!+--4,4.(#+&!.40(%(#!Q@4!:@,P&.!/@4.7&.!*4!7#(6(_&!4-!B(.+%4(!.4!P(-!M+.7&!(:4-(Y(*&.!
/&#!4.7(!*4,+.+$-2!
!!!!5*4:T.!*4!+:/4*+#!%(!+-M4.7+'(,+$-!-4@#&Q@E:+,(H!J!/#+M(#!(%!/@6%+,&!*4!49+,(,4.!:4*+,(:4-7&.H!
%(!/#&P+6+,+$-!&,(.+&-(!*(0&.!,&%(74#(%4.!(!%(!,+4-,+(2!!=-!+:/&#7(-74!J!#4,+4-74!4_4:/%&!4.!%(!
+-.7(%(,+$-!/&#!/(#74!*4%!'&6+4#-&!*4!).7(*&.!=-+*&.!*4!@-(!.4#+4!*4!c(4#&.7(7&.d!C!4.!*4,+#H!
'%&6&.!4Q@+/(*&.!,&-!.&9+.7+,(*&.!4Q@+/&.!*4!#(*(#!J!9+_(*&.!(!@-&.!<]]]!:47#&.!*4!(%7@#(!(!%&!
%(#'&!*4!%(!9#&-74#(!,&-!GI>+,&!J!%(!,&.7(!*4!n%&#+*(2!!O(!9@-,+$-!*4!4.7&.!(4#&.7(7&.!4.!,&-7#&%(#!4%!
7#T9+,&!(I#4&!-&!,&:4#,+(%!(!7#(MI.!*4!%(!9#&-74#(H!4-!6@.,(!*4!(M+&-4.!+:/%+,(*&.!4-!4%!
,&-7#(6(-*&!*4!*#&'(.2!!).7&.!'%&6&.C#(*(#!+-74#9+4#4-!%(.!+-M4.7+'(,+&-4.!#(*+&(.7#&-$:+,(.!*4!
%&.!&6.4#M(7&#+&.!*4!5#+Y&-(!J!&7#&.!%@'(#4.2!!"&#Q@4!.&-!/&74-74.!#(*+&7#(-.:+.&#4.!4-!%(!'(:(!
*4!%&.!;W;?C;<?]!G8YH!Q@4!c,+4'(-d!%&.!4Q@+/&.!(.7#&-$:+,&.!.4-.+6%4.!(%!*4./%(Y(:+4-7&!(%!#&_&!
*4%!4./4,7#&!*4%!P+*#$'4-&!4-!'(%(>+(.!%4_(-(.!gK7&-4!;AA;h2!!=-(!M4Y!:T.H!4.!%(!+-M4.7+'(,+$-!
Q@+4-!.@9#4!*46+*&!(!%(!&6.4.+$-!*4%!'&6+4#-&!*4!).7(*&.!=-+*&.!*4!%@,P(#!,&-7#(!%(.!*#&'(.H!@-(!
/&%E7+,(!Q@4!.4!4.7T!P(,+4-*&!,(*(!M4Y!:T.!(-7+,+4-7E9+,(!4!+##(,+&-(%2!
D&:&!,+@*(*(-&!*4!).7(*&.!=-+*&.H!:4!#4.@%7(!/#&9@-*(:4-74!4:6(#(Y&.&!&6.4#M(#!4%!
4./4,7T,@%&!Q@4!&9#4,4-!4.&.!'%&6&.!(7(*&.!(!%&!%(#'&!*4!%(!9#&-74#(!,&-!GI>+,&222!qK4!%&!/@4*4-!
+:('+-(#r!xb%&6&.y!!)%!/(E.!J!.@!*4/(@/4#(*(!4,&-&:E(H!:(%!*+#+'+*&!/&#!@-!'&6+4#-&!
(-7+,+4-7E9+,&H!.4!4:/+4Y(!(!/(#4,4#!,(*(!M4Y!:T.!(!@-(!+-:4-.(!94#+(2!
!
&;#0%$'98&%;#'0!$'!5%(;!(9F&5%&;!G!='>8=!
!
)%!/#&6%4:(!9@-*(:4-7(%!Q@4!*4#+M(!*4%!,&-,4/7&!*4%!,&-7#&%!.&6#4!%(.!*#&'(.!4.!Q@4!%(!:(J&#E(!
*4!.4#4.!P@:(-&.!C!4-!7&*(.!%(.!4#(.!J!,@%7@#(.!Q@4!,&-&,4:&.!}!P(-!,&-.@:+*&!J!*+.9#@7(*&!
*#&'(.!/(#(!(%74#(#!.@!4.7(*&!*4!T-+:&!J!.@.!4.7(*&.!:4-7(%4.2!
WZ!
!
)-!).7(*&.!=-+*&.H!/&#!4_4:/%&H!P(J!,(.+!W]]!:+%%&-4.!*4!/4#.&-(.!:(J&#4.!*4!;W!(0&.H!*4!%(.!
,@(%4.!;3Z!:+%%&-4.!.&-!,&-.@:+*&#4.!*4!,(94E-(!gZA!{hH!;]X!:+%%&-4.!.&-!,&-.@:+*&#4.!*4!
(%,&P&%!g?<!{hH!J!?3!:+%%&-4.!,&-.@:4-!-+,&7+-(!gWZ!{hH!_@-7&!,&-!@-&.!;W!:+%%&-4.!*4!
,&-.@:+*&#4.!*4!:(#+P@(-(!gXA!{hH!@-&.!<!:+%%&-4.!*4!,&-.@:+*&#4.!*4!,&,(E-(!g;H?!{hH!W!
:+%%&-4.!*4!,&-.@:+*&#4.!*4!P4#&E-(!g%!{hH!J!(/#&>+:(*(:4-74!@-!:+%%$-!*4!,&-.@:+*&#4.!g]H?!
{h!*4!4-74$'4-&.!J!*+.&%M4-74.!*+M4#.&.!g.4'o-!4.7+:(,+&-4.!,&-.4#M(*&#(.!*4!@-!+-9&#:4!
'@64#-(:4-7(%l!b&%*.74+-!J!^(%(-7!;AA]h2!!\&!.$%&!4.!:@J!+-94#+&#!4%!-o:4#&!*4!,&-.@:+*&#4.!*4!
*#&'(.!+%E,+7(.!(%!*4!*#&'(.!/.+,&(,7+M(.!%4'(%4.!g(%,&P&%H!-+,&7+-(H!,(94E-(hH!.+-&!Q@4!4%!(6(-+,&!*4!
/#&6%4:(.!*4!.(%@*!(.&,+(*&.!(!%(.!*#&'(.!+%4'(%4.H!4-!,&:/(#(,+$-!,&-!%(.!%4'(%4.H!:@4.7#(!@-(!
*+./(#+*(*!.+:+%(#2!!S#4.!&!,@(7#&!:+%!:@4#74.!(-@(%4.!.4!/#&*@,4-!(!,&-.4,@4-,+(!*4!7&*(.!%(.!
*#&'(.!+%4'(%4.!_@-7(.H!:+4-7#(.!@-&.!<W]2]]]!(:4#+,(-&.!:@4#4-!/#4:(7@#(:4-74!,(*(!(0&!(!
,&-.4,@4-,+(!*4%!7(6(,&H!J!.&-!(,&:/(0(*&.!(%!,4:4-74#+&!/&#!W]]2]]]!/4#.&-(.!(*+,+&-(%4.H!
Q@4!:@4#4-!/#4:(7@#(:4-74!,(*(!(0&!,&:&!#4.@%7(*&!*4%!,&-.@:&!*4!(%,&P&%!g\(*4%:(--!
;AZAh2!!5@-Q@4!P(J!(/#&>+:(*(:4-74!7#4.!M4,4.!:T.!,&-.@:+*&#4.!*4!-+,&7+-(!Q@4!*4!7&*(.!%(.!
*#&'(.!+%4'(%4.!_@-7(.!4-!).7(*&.!=-+*&.H!.4!#4'+.7#(-!,+4-!M4,4.!:T.!:@4#74.!,(@.(*(.!/&#!%(!
/#+:4#(l!J!(@-Q@4!P(J!@-(.!,+-,&!M4,4.!:T.!,&-.@:+*&#4.!*4!(%,&P&%!Q@4!*4!*#&'(.!+%4'(%4.H!4%!
(%,&P&%!,(@.(!@-(.!,+-,@4-7(!M4,4.!:T.!:@4#74.2!!D(64!,&-,%@+#!Q@4!4%!7(6(,&!4.!@-(.!7#4+-7(!
M4,4.!:T.!/4%+'#&.&!Q@4!%(!:(#+P@(-(H!%(!,&,(E-(!J!%(!P4#&E-(l!J!Q@4!4%!(%,&P&%!4.!@-(.!*+4Y!M4,4.!
:T.!/4%+'#&.&222!D&-!4%!7+4:/&!.4!*4.,@6#+#TH!Q@+YT.H!Q@4!(%'@-(.!:@4#74.!/#4:(7@#(.!(*+,+&-(%4.!
.4!*464-H!*4!P4,P&H!(!@-!:(%!@.&!*4!4.7(.!*#&'(.2!!5!/4.(#!*4!7&*&H!%(!*+./(#+*(*!4.!.&#/#4-*4-742!!
s!-&!.4!/@4*4!(#'@:4-7(#!Q@4!%(.!*#&'(.!+%E,+7(.!.&-!+%4'(%4.!_@.7+9+,(*(:4-74!/&#Q@4!.&-!
/4%+'#&.(.H!J(!Q@4!.@.7(-,+(.!Q@4!.&-!,%(#(:4-74!:@,P&!:T.!/4%+'#&.(.!.&-!%4'(%4.2!!)-!7&*&!,(.&H!
4%!:4#&!P4,P&!*4!Q@4!(%'&!.4(!/4%+'#&.&!-&!_@.7+9+,(!.@!+%4'(%+Y(,+$-2!!O&.!P&-'&.!Q@4!,&-7+4-4-!
/.+%&,+6+-(!.&-!#4%(7+M(:4-74!64-+'-&.!/4#&!+%4'(%4.!gMI(.4!D(/E7@%&!?hH!:+4-7#(.!%(.!4./4,+4.!*4!
%&.!'I-4#&.!;'%,<*%"5"X%/+*<,%!"Q@4!,&-7+4-4-!(:(7&>+-(!J!9(%&7&>+-(!C!.@.7(-,+(.!:&#7(%:4-74!
M4-4-&.(.!C!.&-!/4#94,7(:4-74!%4'(%4.!gf77!;A3Z6l!f77!;A3A6h2!!L4!9&#:(!.+:+%(#H!.+!(74-*4:&.!(!
:@4#74.!/&#!7&>+,+*(*H!4%!3]!{!-&!.&-!,(@.(*(.!/&#!*#&'(.!+%4'(%4.!.+-&!/&#!*#&'(.!#4,47(*(.!
%4'(%:4-74H!Q@4!C!.4'o-!,+4#7&.!,T%,@%&.!C!.@/&-4-!4%!(6@.&!*4!@-&.!<]]!:+%%&-4.!*4!*&.+.!,(*(!
(0&!g8&%%+.74#!47!(%!;AA;h2!
L46&!:4-,+&-(#!7(:6+I-!Q@4!:+4-7#(.!(%,&P&%!J!-+,&7+-(!.&-!.@.7(-,+(.!(%7(:4-74!(*+,7+M(.!
gBJ:4!;AZZl!K,P4%%+-'!;AAWhH!%&.!4-74$'4-&.!-&!,(@.(-!-+-'o-!7+/&!*4!*4/4-*4-,+(!&!.E-*#&:4!
*4!(6.7+-4-,+(!g8&9#-(--H!;AZ]h2!!)-!@-!(#7E,@%&!#4,+4-74!*&-*4!#4,%(:(6(-!4%!,&-7#&%!*4!%(.!
*#&'(.H!%&.!4./4,+(%+.7(.!4-!(*+,,+&-4.!82^(%(-7!J!52b&%*.74+-!/@-7@(#&-!4-!@-(!4.,(%(!*4!;!(!?!/&#!
c#+4.'&!#4%(7+M&!*4!(*+,,+$-d!g.+4-*&!;!4%!#+4.'&!:T.!(%7&h!(!%(!-+,&7+-(!,&-!@-!cWdH!_@-7&!(!%(!
P4#&E-(H!J!(%!(%,&P&%!,&-!@-!c<d!_@-7&!(!6(#6+7o#+,&.!J!64-Y&*+(Y4/+-(.!&!c/(.7+%%(.!/(#(!*&#:+#d!
gb&%*.74+-!J!^(%(-7!;AA]h2!!O(!:(#+P@(-(!#4,+6+$!@-!c`dH!J!%&.!4-74$'4-&.!@-!c?dH!,&:&!%(!,(94E-(2!!
)-!@-(!#4./@4.7(!(!%(.!,(#7(.!*4!#I/%+,(!(!.@!(#7E,@%&!g8&%%+.74#!+*"%/-";AA;hH!b&%*.74+-!J!^(%(-7!
,&:4-7(#&-!Q@4!%&.!4-74$'4-&.!#4(%:4-74!,<".<23<+&%"1+.+%,"%G%&+(+&"+,!3,"(3%1&)".)8&+"&<+.?)."
1+"%1<((<P,!"J(!Q@4!4.7(.!.@.7(-,+(.!c/#&M&,(-!(M4#.+$-H!:T.!Q@4!(*+,,+$-!4-!%(.!/#@46(.!
#4(%+Y(*(.!,&-!(-+:(%4.d2!!).!*4,+#H!Q@4!4-!7(%4.!4>/4#+:4-7&.!%&.!(-+:(%4.!%(.!+7<*%8%,"4-!%@'(#!
*4!P(6+7@(#.4!(!4%%(.2!
WA!
!
5@-Q@4!:@,P&.!+-.+.74-!4-!+'-&#(#!Q@4!%(!-+,&7+-(!4.!@-(!*#&'(!(*+,7+M(!g4-!@-(!,(#7(!#4,+4-74!
.4!&6_47(6(!Q@4!c,&:/(#(#!%(!-+,&7+-(!,&-!4%!,#(,R!.4#E(!@-(!('#4.+$-!(%!.4-7+*&!,&:o-dl!O4M+-!+*"
%/-"g;AAWhH!4%!(-74#+&#!_494!*4%!*4/(#7(:4-7&!*4!.(-+*(*!*4!%&.!).7(*&.!=-+*&.H!D2)2^&&/H!*4,%(#$!
4-!7I#:+-&.!-(*(!(:6+'@&.!gBJ#-4!;AZZhF!
!
O&.!/#&,4.&.!9(#:(,&%$'+,&.!J!*4!,&:/&#7(:+4-7&!Q@4!*474#:+-(-!%(!(*+,,+$-!(%!
7(6(,&!.&-!.+:+%(#4.!(!%&.!Q@4!*474#:+-(-!%(!(*+,,+$-!(!*#&'(.!,&:&!%(!P4#&E-(!J!
%(!,&,(E-(222!S(:6+I-!*464#E(:&.!*(#!/#+&#+*(*!(!%(!o-+,(!(*+,,+$-!g%(!*4%!7(6(,&h!
Q@4!4.7T!:(7(-*&!(!:T.!*4!<]]2]]]!(:4#+,(-&.!,(*(!(0&2!
!
)-!%(!(-7+'@(!=-+$-!K&M+I7+,(H!4-!;AA]H!%(!4.,(.4Y!*4!7(6(,&!/#&M&,$!#4M@4%7(.!'4-4#(%+Y(*(.H!Q@4!
9&#Y(#&-!@-(!+:/&#7(,+$-!@#'4-74!*4!,+'(##+%%&.!(:4#+,(-&.!gn#(-R4%!+*"%/-";AAW6h2!!O&.!.@9#+*&.!
,&-.@:+*&#4.!/&*E(-!.&/&#7(#!4.7&+,(:4-74!%(!4.,(.4Y!,#$-+,(!*4!(%+:4-7&.H!#&/(!J!4-4#'E(H!/4#&!
-&!*4!7(6(,&2!!).7&!(,&-74,+$!4-!4%!/(E.!*&-*4!@-(!M4Y!4%!|(#!&#*4-$!4_4,@7(#!(!%&.!9@:(*&#4.!*4!
7(6(,&!gKY(.Y!;A3`h2!!K@6#(J(-*&!4%!/(#4,+*&!:47(6$%+,&!4-7#4!(*+,,+$-!(!%(!P4#&E-(!J!(*+,,+$-!(!%(!
-+,&7+-(H!.4!P(!*4.,@6+4#7&!Q@4!4%!9T#:(,&!P+/&74-.&#!,%&-+*+-(!:4_&#(!&!*+.:+-@J4!%&.!.E-7&:(.!
(6.7+-4-,+(%4.!*4!(:6(.!gb%(..:(-!+*"%/-";AZ`h2!!)%!/#4M+&!#4./&-.(6%4!*4%!N-.7+7@7&!\(,+&-(%!/(#(!
4%!56@.&!*4!L#&'(.!g\NL5hH!j2"&%%+-H!*4,%(#$!Q@4!%(!(*+,,+$-!(%!7(6(,&!c-&!4.!*+94#4-74!(!%(!*4!
P4#&E-(!&!,&,(E-(d!g8&%*4-!;AZ?h2!!O&.!(-@-,+&.!*4!%(!,&:/(0E(!G(#+&-!G4##4%%!L&iH!N-,2!H!
/#&*@,7&#4.!*4%!@<()&+**+"g@-!,P+,%4!Q@4!,&-7+4-4!-+,&7+-(!/&%(,#+%4>!4-!*&.+.!*4!W!(!`!:'!/&#!
/+4Y(hH!*+,4-F!cO(!(*+,,+$-!*4!.@!,@4#/&!(!%(!-+,&7+-(!4.!@-!/#&6%4:(!:I*+,&d2!!K4'o-!4%%&.H!4.74!
,P+,%4!c(%+M+(!%(!+-,&:&*+*(*!J!%(!(-.+4*(*H!Q@4!.&-!%&.!.E-7&:(.!*4!%(!(6.7+-4-,+(dl!#4*@,+#!
%4-7(:4-74!%(!*&.+.!*+(#+(!*4!@<()&+**+"c/4#:+7+#T!Q@4!.@!,@4#/&!.4!(*(/74!J!.@/4#4!%4-7(:4-74!
4.7(!(*+,,+$-d2!!)%!,P+,%4!.4!P+Y&!9(:&.&!,@(-*&!4%!c|(#!(-7+C*#&'(d!j2e2!!B4--477!C!Q@4!(%!(.@:+#!.@!
,(#'&!(6(-*&-$!@-!PT6+7&!*4!*&.!/(Q@474.!*+(#+&.!/(#(!*(#!4_4:/%&!gG(#.P(%%!;AZAh!C!(*:+7+$!
*4./@I.!Q@4!P(6E(!#4+-,+*+*&!J!Q@4!7&*(ME(!4.7(6(!4-'(-,P(*&!(%!,P+,%4!*4!-+,&7+-(2!
\E<'G/+'+,*+!"1<",)]!
)%!@.&!*4!*#&'(.!/.+,&(,7+M(.!-&!.$%&!4.!/#T,7+,(:4-74!@-+M4#.(%!4-7#4!(*@%7&.!(:4#+,(-&.F!4-!
7&*(.!%(.!,@%7@#(.!&6_47&!*4!4.7@*+&!.4!P(!*474,7(*&!4%!@.&!*4!@-(!@!&7#(!.@.7(-,+(!4:6#+('(-74!
gj4+%!;A3Wh2!!8(J!@-(!,#4,+4-74!4M+*4-,+(!*4!Q@4!&7#&.!(-+:(%4.!@.(-!/%(-7(.!:4*+,+-(%4.!J!
4:6#+('(-74.!gK+4'4%!;AZAl!K+4'4%!J!e(#M+R!;A3?l!K+4'4%!+*"(%2;A3`l!K+'.74*7!;AA]l!j+%%+(:.!;AZAhl!4%!
4_4:/%&!:T.!9(:&.&!4.!4%!,&-.@:&!*4!%(!P+4#6(!'(74#(!=@+G+*%"(%.%&%:",&:&!4:6#+('(-74!*4!%&.!
'(7&.!*&:I.7+,&.H!Q@4!.4!*(!4-!7&*(.!%(.!4./4,+4.!*4!4.7&.!94%+-&.!.+!7+4-4-!(,,4.&!(!%(!/%(-7(!
gMI(.4!5/I-*+,4!Bl!S@,R4#!J!S@,R4#!;AZZh2!!O(!5.&,+(,+$-!5:4#+,(-(!/(#(!4%!"#&'#4.&!*4!%(!D+4-,+(!
g555Kh!&#'(-+Y$!#4,+4-74:4-74!@-(.!,P(#%(.!.&6#4!c|&&9T#:(,&'-&.+(d!4-!.@!4-,@4-7#&!(-@(%!
gb+66&-.!;AAWh2!!)%!,&-.@:&!*4!4:6#+('(-74.!4.!,%(#(:4-74!@-(!(,7+M+*(*!-&#:(%!J!&#*+-(#+(!4-!
%&.!(-+:(%4.!J!M+#7@(%:4-74!@-+M4#.(%!4-7#4!%&.!:+4:6#&.!*4!-@4.7#(!4./4,+42!!!
<]!
!
"&#!%&!Q@4!,@(%Q@+4#!+-74-7&!%4'(%!*4!/#&P+6+#!@-(!.@.7(-,+(!/.+,&(,7+M(.!4-!9(M&#!*4!&7#(!g%&!,@(%H!
(%!9+-!J!(%!,(6&H!4.!,@4.7+$-!*4!'@.7&H!7#(*+,+$-H!J!/#4_@+,+&!:T.!Q@4!@-!,#+74#+&!,+4-7E9+,&h!4.7T!
*4.7+-(*&!(@7&:T7+,(:4-74!(!74-4#!/#&6%4:(.2!!O(.!%4J4.!.+:/%4:4-74!-&!4M+7(#T-!Q@4!:+%%&-4.!
*4!/4#.&-(.!,&-.@:(-!%(.!*#&'(.!Q@4!4%%&.!4%+_(-H!/4#&!/@4*4-!*+.7&#.+&-(#!J!/4#M4#7+#!4%!.+.74:(!
%4'(%!,(@.(-*&!7&*&!7+/&!*4!4.7#('&.!4-!4%!+-74-7&2!!=-!&6_47+M&!:(-+9+4.7&!*4!%(.!:4*+*(.!/(#(!4%!
,&-7#&%!*4!%(.!*#&'(.!4-!%&.!).7(*&.!=-+*&.!4.!(@:4-7(#!%&.!/#4,+&.!*4!%(!,(%%4!*4!%(.!*#&'(.!
+%4'(%4.2!!)-!4.74!.4-7+*&H!%&.!'(.7&.!Q@4!7+4-4-!%&.!7#(9+,(-74.!/(#(!4M+7(#!.4#!*474,7(*&.H!/&#!%(!
/4#*+*(!&,(.+&-(%!*4!,(#'(:4-7&.!&!/&#!4%!(##4.7&!*4!.@!/4#.&-(%H!,&-.7+7@J4-!@-(!4./4,+4!*4!
cN:/@4.7&!*4!(,7+M+*(*4.!4,&-$:+,(.d!Q@4!#4/4#,@74!4-!4%!,&-.@:+*&#2!!O&.!'(.7&.!
'@64#-(:4-7(%4.!4-!%(!%@,P(!,&-7#(!%(!*#&'(!/@4*4-!M4#.4!,&:&!@-(!.@6M4-,+$-!(!%&.!7#(9+,(-74.!
+%4'(%4.2!!D&:&!%&!4>/#4.$!4%!/#&94.&#!\(*4%:(--!g\(*4%:(--!%AZAhF!
!
O&.!:(J&#4.!64-49+,+(#+&.!*4!%(.!%4J4.!,&-7#(!%(.!*#&'(.!.&-!%&.!7#(9+,(-74.H!
&#'(-+Y(*&.!&!-&2!!O(!/4-(%+Y(,+$-!*4%!:4#,(*&!*4!%(.!*#&'(.!+:/&-4!*4!9(,7&!@-!
+:/@4.7&!.&6#4!4%!M(%&#!(0(*+*&H!Q@4!4.7T!(/&J(*&!J!&,(.+&-(%:4-74!
(@:4-7(*&!/&#!%(!(,,+$-!*4!%(.!+-.7+7@,+&-4.!*4!%(!%@,P(!,&-7#(!%(.!*#&'(.!J!
#4,&%4,7(*&!/&#!%&.!7#(9+,(-74.2!!K4!,#44!Q@4!:T.!*4!%(!:+7(*!*4!7&*&.!%&.!
64-49+,+&.!*4%!,#+:4-!&#'(-+Y(*&!*4#+M(-!*4%!-4'&,+&!*4!%(.!*#&'(.!+%4'(%4.l!J!.4!
4.7+:(!Q@4!4.7&.!64-49+,+&.!&.,+%(-!4-7#4!;]2]]]!J!?]2]]]!:+%%&-4.!*4!*$%(#4.!
(-@(%4.2!!K+!4%!:4#,(*&!*4!%(!:(#+P@(-(!%(!,&,(E-(!J!%(!P4#&E-(!9@4.4-!%4'(%4.H!%(.!
(*:+-+.7#(,+&-4.!4.7(7(%4.!J!94*4#(%4.!#4,(@*(#E(-!:+%%&-4.!*4!*$%(#4.!
(-@(%:4-74!(!7#(MI.!*4%!,&6#&!*4!+:/@4.7&.2!!"&#!4%!,&-7#(#+&H!'(.7(-!:+%4.!*4!
:+%%&-4.!4-!%&!Q@4!74#:+-(!.+4-*&!@-!.@6.+*+&!(%!,#+:4-!&#'(-+Y(*&2!
!
[&%M4#4:&.!(!7#(7(#!:T.!(*4%(-74!%(.!,&-.4,@4-,+(.!4,&-$:+,(.!*4!%(.!%4J4.!(-7+*#&'(2!!B(.74!,&-!
.@!+-49+,(,+(2!!5@:4-7(-*&!%&.!/#4,+&.!*4!%(.!*#&'(.!+%4'(%4.H!%(.!%4J4.!4-#+Q@4,4-!(!%&.!,#+:+-(%4.!
J!/#&M&,(-!#&6&.!:4-&#4.!J!&7#&.!*4%+7&.!Q@4!(J@*(-!(!%&.!,&-.@:+*&#4.!(!/('(#!@-&.!/#4,+&.!
4>&#6+7(-74.2!!5*4:T.!*4!,%(.+9+,(#!(#6+7#(#+(:4-74!(!:+%%&-4.!*4!,&-.@:+*&#4.!,&:&!,#+:+-(%4.H!
J!4:/@0(#%4.!(!9#4,@4-7(#!4%!:@-*&!*4!%(!*4%+-,@4-,+(!(!M4,4.!(.&,+(*(!(%!7#T9+,&!*4!*#&'(.H!%(.!
%4J4.!(-7+*#&'(!.4!%+:+7(-!(!,#4(#!:T.!*4%+-,@4-,+(2!!O(.!*#&'(.H!Q@4!*4!&7#&!:&*&!.4#E(-!6(#(7(.H!
.4!4-,(#4,4-!(!,&-.4,@4-,+(!*4!%(!/&%E7+,(!&9+,+(%H!*4!:&*&!Q@4!%&.!#&6&.!J!*4%+7&.!#4%(,+&-(*&.!
,&-!4%%(.!(@:4-7(-!/#&/&#,+&-(%:4-742!!O(!.(%@*!/o6%+,(!.I!*4'#(*(*(!(.E!*4!-@4M&H!J(!Q@4!4%!
,+@*(*(-&!4.!/@4.7&!4-!'#(M4!/4%+'#&!*4!.@9#+#!(7#(,&.!J!#&6&.!4-!.@!,(.(H!4!+-,%@.&!.4#!ME,7+:(!
+-&,4-74!*4!@-!7+#&74&!4-7#4!6(-*(.!#+M(%4.!4-!%@,P(!/&#!4%!74##+7&#+&2!!!
<;!
!
=-!*@#&!(-T%+.+.!:I*+,&!*4!%(.!%4J4.!(-7+*#&'(!(/(#4,4!4-!+/"^)3&,%/")0"*$+!;'+&<(%'"[+1<(%/"
;..)(<%*<),"g)*+.&-!;A3ZhF!
!
O(.!%4J4.!Q@4!,&-7#&%(-!-(#,$7+,&.!J!&7#(.!*#&'(.!/.+,&(,7+M(.222!*464#E(-!
M(%&#(#.4!/&#!.@!49+,(,+(!J!.4'@#+*(*H!*4!%(!:+.:(!:(-4#(!Q@4!M(%&#(:&.!@-!
7#(7(:+4-7&!Q@+#o#'+,&!&!9(#:(,&%$'+,&2!!D&:&!7#(7(:+4-7&H!%(.!%4J4.!(-7+*#&'(!
/(#4,4-!.4#!.$%&!:(#'+-(%:4-74!49+,(,4.2!!K@.!494,7&.!.4,@-*(#+&.!.&-!7(-!
/4%+'#&.&.!Q@4!4%!7#(7(:+4-7&!4.!(!:4-@*&!:T.!*4M(.7(*&#!Q@4!%(!/#&/+(!
4-94#:4*(*2!!=-!_@+,+&!6(.(*&!4.7#+,7(:4-74!4-!%(!49+,(,+(!J!.4'@#+*(*!*4!4.7(.!
%4J4.!#4Q@4#+#E(!.@!+-:4*+(7(!*4#&'(,+$-!&!#4M+.+$-2!
!
L4!:(-4#(!(-T%&'(H!L(-+4%!)2^&.P%(-*!e#2!H!*+#4,7&#!*4!E(<+,(+!"%(!#4M+.7(!,+4-7E9+,(!:T.!
+:/&#7(-74!*4!%&.!).7(*&.!=-+*&.H!P&:6#4!*4!(:/%+(!4>/4#+4-,+(!4-!Q@E:+,(!J!9(#:(,&%&'E(!*4!
&/+T,4&.H!,&:4-7$!4-!@-!4*+7&#+(%!7+7@%(*&!_K%"?3+&&%`!"_G&)?&%'%`!"_+QG+&<'+,*)`!"%,*<1&)?%""
g^&.P%(-*!;AZAhF!
!
O(!'@4##(!(!%(.!*#&'(.!+-+,+(*(!#4,+4-74:4-74!
/&#!4%!)_4,@7+M&222!4.!/&#!%&!:4-&.!@-!4>/4#+:4-7&!o7+%H!J!*464#E(!.4#!*49+-+*&!
,&:&!7(%222!
O(!4>+'4-,+(!:E-+:(!.4#E(!4%!(-T%+.+.!,&-7+-@(*&!
*4%!'#(*&!*4!I>+7&!*4%!/#&'#(:(H!/(#(!*4,+*+#!.+!.4!P(!*4!,&-7+-@(#!4-!4.7(!
*+#4,,+$-!&!.+!*464-!6@.,(#.4!&7#(.H!4-!,(.&!*4!Q@4!4%!/#&'#(:(!4.7I!
9#(,(.(-*&222!)%!4>/4#+:4-7&!.$%&!.4#T!(,4/7(6%4!.+!M(!(,&:/(0(*&!*4!@-!
*+.7(-,+(:+4-7&!,+4-7E9+,&!Q@4!*+'(F!c)%!4>/4#+:4-7&!*4!/&-4#.4!*@#&!4.7T!4-!
:(#,P(2!!K+!9(%%(H!4%!.+'@+4-74!/(.&!.4#T!%(!%4'(%+Y(,+$-d2!
!
K+-!4:6(#'&H!4%!'&6+4#-&!4%@*4!C!,&:/#4-.+6%4:4-74!C!4.7@*+(#!%(!49+,(,+(!g&!+-49+,(,+(h!*4!.@.!
/#&/+(.!+-+,+(7+M(.!,&-7#(!(%'@-(.!*#&'(.2!!"&#!4%%&!P(!.+*&!(,@.(*&!#4/47+*(:4-74!*4!*(#!c/(%&.!
*4!,+4'&d!4-!4.7(!'@4##(!g8(:+%7&-!;AA]l!G(#.P(%%!;AZZ(h2!!G+4-7#(.!4%!'&6+4#-&!.+'@4!
4>/4#+:4-7(-*&!,&-!%(!%E-4(!*@#(H!%&.!(M(-,4.!,+4-7E9+,&.!P(-!,&:/#&:47+*&!.4#+(:4-74!%(!M(%+*4Y!
Q@E:+,(!*4!,+4#7(.!/#@46(.H!Q@4!4#(-!(/&#7(*(.!/&#!%&.!/4#+7&.!4-!%&.!/#&,4.&.!,&-7#(!4%!,&-.@:&!
*4!*#&'(.2!
)%!+-74#4.(-74!*4.,@6#+:+4-7&!*4!Q@4!4%!4-74$'4-&!+%4'(%!LGS!/&*#E(!(,7@(#!,&:&!
-4@#&7#(-.:+.&#!4-!%&.!:(:E94#&.!gDP#+.7+(-!+*"%/-";A3Xl!DP#+.7+(-!+*"%/-";A33h!J!*4!Q@4!.4!P(%%(!
/#4.4-74!4-!4%!%EQ@+*&!,49(%&##(Q@+*4&!P@:(-&!gD&#6477!+*"%/-";A3Zh!/%(-74(!+-74#4.(-74.!
,@4.7+&-4.!%4'(%4.2!!5*4:T.H!.4!P(!4-,&-7#(*&!*+(Y4/(:!gcM(%+@:dh!4-!4%!,4#46#&!*4!#(7(.!J!P(.7(!
4-!%&.!'#(-&.!*4!7#+'&!gj+%*:(--!47!(%2!%AZ3h2!
<W!
!
D&:/@4.7&.!.+:+%(#4.!(%!*+(Y4/(:!.4!P(%%(-!7(:6+I-!4-!%(!&#+-(!*4%!'(-(*&!6&M+-&!gO@R!+*"
(%2;AZ<h2!5-T%&'(:4-74H!&/+T,4&.!,&-7#&%(*&.!,&:&!%(!:&#9+-(!J!%(!,&*4E-(!7(:6+I-!.4!P(%%(-!
/#4.4-74.!4-!4%!%EQ@+*&!,4#46#&V4./+-(%!gD(#*+-(%4!+*"%/-";AZ3h!4!+-,%@.&!4-!%(!%4,P4!*4!M(,(!J!%(!
P@:(-(H!(.E!,&:&!4-!4%!74_+*&!,4#46#(%!*4!%&.!:(:E94#&.2!!S(:6+I-!.4!P(-!*474,7(*&!:+-o.,@%(.!
,(-7+*(*4.!*4!:&#9+-(!4-!c/%(-7(.!,&:&!4%!P4-&!J!%(!%4,P@'(d!g8(Y@:!+*"%/-";AZ;h2!!)-!%(!
(-7+'m4*(*H!"%+-+&!:4-,+&-$!@-(!M(#+4*(*!*4!%4,P@'(!%%(:(*(!c%4,P@'(!.+%M4.7#4d!Q@4!/&.44!@-!
_@'&!*4!/#&/+4*(*4.!.&/&#E94#(.H!g8(#%(-!;AZXh!J!4%!K%(*3(%&<3'"@!c&/+&!*4!%4,P@'(d!9@4!
+-,&#/&#(*&!(!%(!9(#:(,&/4(!/&#!/#+:4#(!M4Y!4-!;Z;]!gL@-,(-!;Z;]hH!J!(o-!/@4*4!(*Q@+#+4.4!*4!
4:/#4.(.!Q@4!.4!(-@-,+(-!4-!#4M+.7(.!c,&-7#(,@%7@#(%4.d!*4!*#&'(.2!!5%!+-'4#+#!(%+:4-7&.!,&,+*&.!
,&-!.4:+%%(.!*4!(*&#:+*4#(.!4.!/&.+6%4!Q@4!/4Q@40(.!,(-7+*(*4.!*4!:&#9+-(!/(.4-!(!%(!&#+-(2!!
D&:&!.4!,&-.+*4#(!Q@4!%(!*474,,+$-!*4!:&#9+-(!4-!%(!&#+-(!4.!@-(!/#@46(!+##49@7(6%4!*4%!,&-.@:&!
*4!P4#&E-(!/&#!/(,+4-74.!7#(7(*&.!,&-!:47(*&-(H!&!/&#!4%!,(-*+*(7&!(!@-!/@4.7&!*4!7#(6(_&!
gB+'i&&*!;A3Zl!"&774#!J!f#9(%+!;AA]hl!J!,&:&!%(.!%4J4.!(-7+*#&'(!4.7(6%4,4-!,%(#(:4-74!Q@4!%(!
/&.4.+$-!-&!(@7&#+Y(*(H!&!%(!M4-7(H!*4!c,@(%Q@+4#!:(74#+(%H!,&:/@4.7&H!:4Y,%(!&!/#4/(#(,+$-!Q@4!
,&-74-'(!,@(%Q@+4#!,(-7+*(*d!*4!LGSH!*+(Y4/(:H!:&#9+-(!J!&7#(.!:@,P(.!*#&'(.!4.!+%4'(%!qQ@I!
,#4*+6+%+*(*!/@4*4!&7&#'(#.4!(!4.7(.!/#@46(.!:I*+,&C%4'(%4.r!!K+!4.!/&.+6%4!P(%%(#!:&#9+-(!4-!4%!
P4-&!J!%(!%4,P@'(H!4-!%&.!/(-4,+%%&.!,&-!.4:+%%(.!*4!(*&#:+*4#(.H!4-!,(*(!@-&!*4!-@4.7#&.!
,@4#/&.H!+-,%@.&!4-!%(!%4,P4!:(74#-(222!q,&-!Q@I!6(.4!,+4-7E9+,(!/@4*4!,(.7+'(#.4!(!@-!,@%7+M(*&#!
-&!(@7&#+Y(*&!*4!(*&#:+*4#(.H!.+-!,(.7+'(#!(%!:+.:&!7+4:/&!(!%&.!Q@4!,@%7+M(-!%4,P@'(!&!P4-&H!(!
%&.!/#&/+47(#+&.!J!4:/%4(*&.!*4!%(.!,(*4-(.!*4!.@/4#:4#,(*&.!&!,&%:(*&.!/&#!7#T9+,&!+%4'(%!*4!
:&#9+-(H!/#4.4-74!4-!7&*(.!J!,(*(!@-(!*4!%(.!6&74%%(.!*4!%4,P4!4-74#(r!q)-!6(.4!(!Q@I222!r!
G+4-7#(.!%&.!,+@*(*(-&.!4.74:&.!.@_47&.!(!%(.!(6.@#*(.!,&-.4,@4-,+(.!*4!%(.!%4J4.!(-7+*#&'(!
4>+'+:&.!.(64#F!q4-!6(.4!(!Q@4r!
O&.!(6.@#*&.!4!+-,&-'#@4-,+(.!Q@4!4-,&-7#(:&.!4-!4.74!,E-+,&!:@-*&!*4!%&.!%@,P(*&#4.!
(-7+*#&'(!4-!:&*&!(%'@-&!(,(6(-!(Q@E2!!=-!(#7E,@%&!/@6%+,(*&!#4,+4-74:4-74!4-!E(<+,(+"(9+#:(6(!
Q@4!4%!N-.7+7@7&!\(,+&-(%!/(#(!4%!56@.&!*4!L#&'(.!*4!).7(*&.!=-+*&.!g\NL5h!c.4!/#&/&-4!%@,P(#!
,&-7#(!%(.!*#&'(.!,&-!*#&'(.dl!J!Q@4!c4%!&#'(-+.:&!4.7T!/%(-4(-*&!@-(!+-M4.7+'(,+$-!4>P(@.7+M(!
.&6#4!:4*+,(:4-7&.!/(#(!7#(7(#H!4-7#4!&7#(.H!%(!(*+,,+$-!(!%(!,&,(E-(d!4!+-74-7(#!4-,&-7#(#!@-(!
c6(%(!:T'+,(!,&-7#(!%(!(*+,,+$-d!gj(%*#&/!;AXZh!
!
!!L464:&.!#4,&#*(#!Q@4!%(!P4#&E-(!9@4!&#+'+-(%:4-74!,&-,46+*(!,&:&!c,@#(d!/(#(!4%!:&#9+-+.:&!
g).,&P&7(*&!;AZA(l!O(7+:4#!J!b&%*64#'!;AZ;hH!J!Q@4!J(!.4!.&./4,P(!Q@4!@-(!*4!4.7(.!c6(%(.!
:T'+,(.dH!%(!6#&:&,#+/7+-(!&!#%&/)1+/"gMI(.4!D(/E7@%&!WH!\&7(!AhH!4.!@-(!*#&'(!(*+,7+M(!g8&%*4-!
;AZA6h2!!)%!(#7E,@%&!,&-7+-@(!(9+#:(-*&!Q@4!4.7(:&.!(-74!@-!-@4M&!c"#&J4,7&!G(-P(77(-d!/(#(!
Q@E:+,&.2!qD$:&!*464:&.!+-74#/#47(#!4.7&!4-7&-,4.r!qD$:&!@-!*4,%(#4:&.!%(!'@4##(!(7$:+,(!(%!
J&-R+!J!(%!P+//+4!*4%!6(##+&r!!U@+YT.!-&!:4!4Q@+M&Q@4!*4%!7&*&H!/&#Q@4!4-!@-(!,#E7+,(!#4,+4-74!(!@-!
%+6#&!(,4#,(!*4%!"#&J4,7&!G(-P(77(-H!4%!4:+-4-74!9E.+,&!n#44:(-!e2!LJ.&-!4.7(6%4,4!@-!
/(#(%4%+.:&!
<<!
!
4-7#4!%(!OKL!J!%(.!(#:(.!-@,%4(#4.2!!cO(.!(#:(.!-@,%4(#4.!J!%(!OKL!.&-!:@J!(*+,7+M(.222!(:6(.!P(-!
*4.7#@+*&!:@,P(.!M+*(.!J!/@4*4-!*4.7#@+#!:@,P(.!:T.222!gLJ.&-!;AAWh2!!\(*+4!4./4#(!Q@4!LJ.&-!
.4(!@-!4>/4#7&!4-!*#&'(.!4-74&'I-+,(.H!/4#&!%&!'#(M4!*4%!(.@-7&!4.!Q@4!E(<+,(+"%4!P(J(!/@6%+,(*&!
4.7(!9T6@%(!(6.@#*(H!J!Q@4!4.74!#4./47(*&!,+4-7E9+,&!(/(#4-74:4-74!P(6%(!4-!.4#+&2!!"&#!.@/@4.7&H!
:4!*&J!,@4-7(!*4!Q@4!4%!\NL5!-&!7+4-4!+-74-,+$-!*4!7#(7(#!(!%&.!(*+,7&.!(%!iP+.RJ!,&-!'+-46#(!.+-&!
*4!7#(7(#%&.!,&-!:47(-&%2!!n&#Y(#!(!%(!'4-74!(!*4_(#!@-(!*#&'(!,@J&.!494,7&.!%4.!#4.@%7(-!
('#(*(6%4.H!/(#(!.@6.7+7@+#%(!/&#!&7#(H!Q@4!P(#T!7&*&!/&#!4%%&.!:4-&.!*(#%4.!4%!/%(,4#!Q@4!
&#+'+-(%:4-74!6@.,(6(-!q:4#4,4!,(%+9+,(#.4!,&:&!7#(7(:+4-7&!*4!(7(Q@4r!
G+4-7#(.!:+%4.!*4!/4#.&-(.!.&-!*474-+*(.!/&#!/&.4.+$-!*4!,&,(E-(H!.4!P(!*4.,@6+4#7&!Q@4!&7#&!
c:(74#+(%H!,&:/@4.7&H!:4Y,%(!&!/#4/(#(*&!Q@4!,&-74-'(!,@(%Q@+4#!,(-7+*(*d!*4!4.7(!.@.7(-,+(!
+%4'(%!4.!4%!/(/4%!:&-4*(!(:4#+,(-&2!!)-!@-!(-T%+.+.!*4!;<?!6+%%474.!*4!%(!k4.4#M(!n4*4#(%!
5:4#+,(-(H!/#&M4-+4-74.!*4!*+.7+-7(.!/(#74.!*4%!/(E.H!7&*&.!:4-&.!,@(7#&!gA3!{h!,&-74-E(-!
,(-7+*(*4.!*474.7(6%4.!*4!,&,(E-(2!!)%!,&-74-+*&!:4*+&!4#(!*4!32<!:,'!*4!,&,(E-(!/&#!6+%%474H!J!
@-&!*4!%&.!6+%%474.!,&-74-E(!P(.7(!W3]!:,'2!*4!,&,(E-(!g"&&%!;AZAh2!!).7&!.+'-+9+,(!Q@4!
/#T,7+,(:4-74!7&*&.!%&.!(:4#+,(-&.!g4>,4/7@(-*&!.$%&!(!%&.!:T.!/&6#4.H!Q@4!.$%&!%%4M4-!,(%*4#+%%(!
4-!%&.!6&%.+%%&.h!4.7T-!.+4:/#4!4-!/&.4.+$-!*4!@-(!*#&'(!*4!%(!O+.7(!NN2!!s!4.!/&.+6%4!Q@4!%&.!:T.!
#+,&.!4-7#4-!4-!%(!,(74'&#E(!*4!c/&.4.+$-!,&-!+-74-,+$-!*4!M4-7(dH!6(.T-*&-&.!4-!4%!/4.&!-47&!*4!
.@!9&#7@-(!4-!6+%%474.!M4#*4.!Q@4!,&-7+4-4-!,&,(E-(222!qf!*464#E(:&.!%%(:(#%&.!(!/(#7+#!*4!(P&#(!
c6+%%474.!6%(-,&.d!r!!K+-!4:6(#'&!,&:&!4%!,+@*(*(-&!Q@4!%%4M(!6+%%474.H!'(-(*&.!,&-!4%!.@*&#!*4!.@!
9#4-74H!4.!%4'(%:4-74!.&%&!4%!/&#7(*&#!*4!@-!+-.7#@:4-7&!:&-47(#+&!Q@4!/4#74-4,4!(%!B(-,&!*4!%(!
k4.4#M(!n4*4#(%!q.+'-+9+,(!4.&!Q@4!4.!(!%&.!,&-&,+*&.!c/4,4.!'&#*&.d!(!%&.!Q@4!P(J!Q@4!*474-4#r!
q[4#4:&.!4-!@-!9@7@#&!4%!/#&,4.(:+4-7&!*4%!/#4.+*4-74!*4%!B(-,&!*4!%(!k4.4#M(!n4*4#(%!J!4%!
K4,#47(#+&!*4%!S4.&#&!/&#!7#T9+,&!*4!,&,(E-(r!fH!J(!Q@4!%(!/+.7(!*4%!*$%(#!gq&!*4%!c,&,(*$%(#drh!-&.!
,&-*@,4!&.74-.+6%4:4-74!P(.7(!%(!:4.(!*4%!L4./(,P&!fM(%!xM(J(:&.!*+#4,7&.!(!/&#!%(!,o/@%(!*4!
4.7(!.$#*+*(!&#'(-+Y(,+$-y!x(%!"#4.+*4-74!*4!%&.!).7(*&.!=-+*&.y!!S&*&!4%%&!/#4.,+-*+4-*&!*4!Q@4!%(!
:&-4*(!4.7(*&@-+*4-.4!4.7T!+:/#4.(!4-!@-!/(/4%!Q@4!,&-7+4-4!9+6#(!*4!,T0(:&!g:(#+P@(-(hH!
Q@4!%&.!&#+'+-(%4.!*4!%(!,&-.7+7@,+$-!(:4#+,(-(!J!%(!*4,%(#(,+$-!*4!+-*4/4-*4-,+(H!&!Q@4!%(!
/#+:4#(!6(-*4#(!(:4#+,(-(!*4!B47.J!k&..H!9@4#&-!4%(6&#(*&.!,&-!9+6#(!*4!4.7(!/%(-7(2!
O(!74,-&%&'E(!/(#(!*474,7(#!.@.7(-,+(.!Q@E:+,(.!P(!/#&'#4.(*&!P(.7(!7(%!/@-7&!Q@4!7&*&.!
4.7(:&.!4-!/4%+'#&!*4!,&-M4#7+:&.!4-!c4%!4-4:+'&d!4-!4.7(!c'@4##(!(-7+*#&'(d2!!k4,+4-74:4-74H!
/+%&7&!:+%+7(#!-&#74(:4#+,(-&!.@9#+$!@-!M4#'&-Y&.&!,&-.4_&!*4!'@4##(!/&#!@.&!+%E,+7&!*4!*#&'(.H!(%!
*474,7(#.4!4-!.@!&#+-(!#4.7&.!*4!(-947(:+-(2!!GT.!7(#*4!.4!*4:&.7#$!C!'#(,+(.!(!@-!.4-,+%%&!7#(6(_&!
*4!+-M4.7+'(,+$-!C!Q@4!P(6E(!4.7(*&!7&:(-*&!@-!/#4/(#(*&!(-&#I>+,&!M4-*+*&!.+-!#4,47(!g/(.7+%%(.!
/(#(!(*4%'(Y(#hH!J!Q@4!,&-74-E(!94-+%/#&/(-&%(:+-(!,&:&!/#+-,+/+&!(,7+M&H!.4!P(6E(!,&-7(:+-(*&!
*@#(-74!4%!/#&,4.&!*4!9(6#+,(,+$-!,&-!#4.7&.!*4!(-947(:+-(H!,&:&!&7#&.!%&74.!*4!/#&*@,7&.!
.+:+%(#4.!Q@4!9@4#&-!(-(%+Y(*&.2!!)%!/+%&7&!#4,&6#$!.@!'#(*@(,+$-!J!.4!#4+-,&#/&#$!(!.@!.4#M+,+&!
P(6+7@(%H!/4#&!-&!(!.@!#(-'&!4-!4%!4.,(%(9$-!g"&&%!;AZAh2!!).!.+'-+9+,(7+M&!Q@4!4%!/#&J4,7&!
'@64#-(:4-7(%!*4!(-(%+Y(#!%(!&#+-(!*4!.@.!9@-,+&-(#+&.!/(#(!6@.,(#!:47(6&%+7&.!*4!*#&'(.!7&/(.4!
,&-!@-(!9@4#74!&/&.+,+$-!4-!%&.!(*@(-4#&.!(:4#+,(-&.H!4%!cb#(-*!O&*'4!
<`!
!
&9!7P4!n#(74#-(%!f#*4#!&9!"&%+,4dH!/#+-,+/(%!.+-*+,(7&!*4!/&%+,E(!J!%&.!9+.,(%4.!94*4#(%4.!*4%!/#&/+&!
:+-+.74#+&!*4!e@.7+,+(H!Q@4!,&:4-7(#&-F!c4%%&.!(-(%+Y(-H!-&.&7#&.!/4#.4'@+:&.d!gD#(i9&#*!;AZZh!
f6.I#M4.4!Q@4!.&-!%(.!c7#&/(.!*4!M(-'@(#*+(d!4-!%(!cb@4##(!(!%(!*#&'(dH!/4#&!-&!*4.4(-!Q@4!%(!
c'4-74d!.4/(!Q@I!:47(6&%+7&.!*4!*#&'(.!P(J!4-!.@!&#+-(2!
D+4#7(!,&:/(0E(!%%(:(*(!".J,P4:4*+,.!%@,P(!(P&#(!,&-7#(!4%!c%&66J!*4%!&#+-(V(-T%+.+.!/(#(!
*4'%@7+#!/(#74!*4!4.4!:4#,(*&H!@-!.4,7&#!Q@4!:@4M4!(-@(%:4-74!W]]!:+%%&-4.!*4!*$%(#4.2!!L+,P(!
4:/#4.(!/#&:@4M4!@-(!74,-&%&'E(!6(.(*(!4-!*474,7(#!#4.+*@&.!+-9+-+74.+:(%4.!*4!*#&'(.H!&!
:47(6&%+7&.!.@J&.H!4-!:@4.7#(.!*4!,(64%%&!g8&%*4-!;AA],h2!!8(J!*(7&.!/(#(!,#44#!Q@4!6(.7(!
7&,(#.4!4%!/4%&!7#(.!P(64#!74-+*&!4-!%(.!:(-&.!@-&!*4!%&.!6+%%474.!4-M4-4-(*&.!*4!,&,(E-(!Q@4!
4:+74!4%!"#4.+*4-74!*4!%(!k4.4#M(!n4*4#(%!/(#(!*(#!/&.+7+M&!4-!%&.!c/4%&(-T%+.+.d222!&!6(.7(!/(.4(#!
/&#!@-!/(#Q@4!J!(,4#,(#.4!+-(*M4#7+*(:4-74!(%!P@:&!*4!:(#+P@(-(!4>P(%(*&!/&#!(%'o-!(@*(Y!
+-9#(,7&#!*4!%(!%4J!gK4!P(!*4:&.7#(*&!Q@4!4.(!4>/&.+,+$-!c/(.+M(d!(%!P@:&!*4!B%,,%8<."/@4*4!
/#&*@,+#!9(%.&.!/&.+7+M&.!4-!(-T%+.+.!*4!.(-'#4!J!&#+-(l!G&#%(-*!+*"%/-";AZ?h2!!O&.!(-T%+.+.!*4!&#+-(!
,&-%%4M(-!4%!/#&6%4:(!*4!c9(%.&.!/&.+7+M&.dH!.+!%&.!@:6#(%4.!*4!*474,,+$-!.4!#46(_(-!%&!.@9+,+4-74!
/(#(!*474,7(#!(!7&*&.!%&.!,&-.@:+*&#4.!gK,Pi(#7Y!+*"%/-";AZ3h2!!).7&.!(-T%+.+.!@%7#(.4-.+6%4.!*4!
:47(6&%+7&.!4-!%(!&#+-(!-&!/@4*4-!*474#:+-(#!.+!%(!:&#9+-(!.4!*464!(!@-!c,P@74d!*4!P4#&E-(!&!(!
@-&.!,@(-7&.!/(-4,+%%&.!4./&%M&#4(*&.!,&-!.4:+%%(.!*4!(*&#:+*4#(2!qS&*(ME(!/+4-.(!Q@4!%(.!
7#&/(.!,&:/#&:47+*(.!4-!%(!'@4##(!(!%(!*#&'(!4.7T-!*4!.@!/(#74r!222!q"@4*4!4.7(#!.4'@#&!*4!Q@4!@-!
*E(!-&!.4#T!,&-.+*4#(*&!/(#74!*4%!c4-4:+'&dr!!U@+YT.!%&.!c.R+-P4(*.d!74-'(-!.@!#(Y$-!*4!.4#!
*4./@I.!*4!7&*&222!59#&-7I:&.%&F!7&*&.!4.7(:&.!4-!*#&'(H!*)1)"+/"*<+'G)---"\&!:4!#49+4#&!(!%(.!
,(-7+*(*4.!+-*@.7#+(%4.!*4!(%,&P&%H!,(94E-(H!-+,&7+-(H!:(#+P@(-(H!,&,(E-(H!P4#&E-(H!47,2!Q@4!%(!
4./4,+4!P@:(-(!,&-.@:4!#4'@%(#:4-74H!.+-&!(!%(!LGS!J!%(!:&#9+-(!Q@4!-@4.7#&!,@4#/&!9(6#+,(!J!
-&.&7#&.!c,&-.@:+:&.d!(!7&*(.!P&#(.l!&!+-,%@.&!(!-@4.7#(!:T.!Q@4#+*(!/(.7+%%(!/(#(!*&#:+#H!4%!
4-%(,4!4-*$'4-&!*4%!#4,4/7&#!*4%![(%+@:!gQ@4!/&*#E(!.4#!4%!/#&/+&!ab%/<3'9:S"&!(%!c(-.+&/I/7+*&d!
Q@4!6%&Q@4(!4.4!#4,4/7&#!gG(#>!;AZ?hl!&!(!-@4.7#(.!4-*&#9+-(.!J!4-,49(%+-(.!g-@4.7#(.!
(@7&/#&*@,+*(.!a+,1)&0<,%.9S"7A%.+!KJ-*4#!J!G(77PJ..4!;A3?h!Q@4!:(7(-!-@4.7#&!*&%&#l!&!(!%(!
c.@.7(-,+(!"dH!-@4.7#(!/#&/+(!:&%I,@%(!,(@.(-74!*4%!*&%&#!gKR4##477!;AA]hl!&!(!%(!(-(-*(:+*(H!4%!
4-%(,4!4-*$'4-&!*4%!S8D!g:(#+P@(-(h!gL4M(-4!+*"%/-";AAWh222!O(!M+*(!*4!%(!:4-74H!*4!%(!,&-,+4-,+(H!
4.!@-(!.+-9&-E(!9(#:(,&%$'+,(!,&-.7(-74!J!4-!,&-7+-@&!,(:6+&H!&!/(#(!*4,+#%&!:4-&.!
#&:T-7+,(:4-74H!@-!(7#(,$-!+-74#:+-(6%4!*4!*#&'(.2!!O(!-4,4.+*(*!*4!+-'4#+#!&/+T,4&.H!LGS!&!
b%/<3'"4.!,&:/%47(:4-74!-(7@#(%!g!K+4'4%!;AZAh!J!7&7(%:4-74!c&#'T-+,(d2!!K$%&!4.7(:&.!
.@/%4:4-7(-*&!&!,&:/%4:4-7(-*&!%(.!*#&'(.!Q@4!P(,4-!7#(6(_(#!(!-@4.7#&!,4#46#&H!J!4.7&.!
9T#:(,&.!-&.!P(,4-!494,7&!/#4,+.(:4-74!/&#Q@4!.&-!+*I-7+,&.H!&!Q@E:+,(:4-74!.+:+%(#4.!(!
-@4.7#(.!/#&/+(.!*#&'(.!4-*$'4-(.2!!O&.!+-M4.7+'(*&#4.!P(-!4-,&-7#(*&!(-(%&'E(.!4-7#4!%(.!
*+94#4-74.!(*+,,+&-4.H!/&#!:@J!*+94#4-74.!Q@4!.4(-!4.7(.!.@.7(-,+(.!(!-+M4%!9(#:(,&%$'+,&!g8&%*4-!
;AZ?hH!/&#Q@4H!(%!9+-!J!(%!,(6&H!7&*(.!%(.!*#&'(.!/.+,&(,7+M(.!.&-!+'@(%4.F!,(.(-!,&-!%&.!#4,4/7&#4.!
*4%!/#&/+&!,4#46#&!/(#(!-@4.7#(.!/#&/+(.!*#&'(.!4-*$'4-(.2!
<?!
!
K&-!:@,P(.!J!:@J!'#(M4.!%(.!+-_@.7+,+(.!4!+-,&-'#@4-,+(.!Q@4!/#&M&,(-!%(.!%4J4.!(-7+*#&'(2!!O&.!
,+4-7E9+,&.!4.7T-!+-*+'-(*&.!P&J!gJ!,&-!#(Y$-h!/&#!%(.!+-74#/#47(,+&-4.!4.7(*E.7+,(.!J!%4'(%4.!*4!%(!
/#@46(!9&#4-.4!6(.(*(!4-!(-T%+.+.!*4!5L\H!%%(:(*(!cP@4%%(!*+'+7(%!*4!5L\dH!4-!%(!,@(%!(:/%+9+,(!4%!
5L\!Q@4!@-!+-*+M+*@&!P(J(!/&*+*&!*4_(#!4-!%(!4.,4-(!*4%!,#+:4-!:4*+(-74!%(!7I,-+,(!*4!%(!kD"!
gk4(,,+$-!4-!D(*4-(!*4!%(!"&%+:4#(.(H!+-M4-7(*(!/&#!^2!G@%%+.H!(-7+'@&!4:/%4(*&!*4!%(!D47@.!
D&#/2h2!=-!(#7E,@%&!#4,+4-74!*4!E(<+,(+"gDP(R#(6&#7J!J!^+**!;AA;h!,@4.7+&-(!%(!+:/&#7(-,+(!
4.7(*E.7+,(!Q@4!.4!(7#+6@J4!(!c,&##4./&-*4-,+(.d!4-7#4!cP@4%%(.!*+'+7(%4.d!*4%!5L\!g4-!#4(%+*(*H!
(@7&##(*+&'#(:(.!*4!.4/(#(,+&-4.!4%4,7#&9&#I7+,(.!*4!9#(':4-7&.!*4!5L\!*+'4#+*&.!4-!@-!'4%!*4!
/&%+(,#+%(:+*(hH!J!%(!*+#4,,+$-!*4!%(!#4M+.7(!.4!.+-7+$!&6%+'(*(!(!*(#!@-!/(.&!.+-!/#4,4*4-74.!(%!
/@6%+,(#!.+:@%7T-4(:4-74!@-(!#I/%+,(!(!4.74!(#7E,@%&!gO4i&-7+-!J!8(#7%!;AA;h!J!@-(!-&7(!
(,%(#(7&#+&!gk&64#7.!;AA;hH!7&*&!4%%&!.4'@+*&!*4!@-!4*+7&#+(%!g^&.P%(-*!;AAWh!J!@-!7&##4-74!*4!
,(#7(.!J!#49@7(,+&-4.!gj+%%.!+*"%/-";AAWh2!!5.E!*464#E(!.4#!.+4:/#4H!/@4.!%(!74,-&%&'E(!#4M&%@,+&-(#T!
%(!-(7@#(%4Y(!*4!%(.!/#@46(.H!(,@.(7&#+(.!J!4>,@%/(7&#+(.2!!K+-!4:6(#'&H!4%!4>7#4:&!,@+*(*&!,&-!
Q@4!%(!,&:@-+*(*!,+4-7E9+,(!4.7T!7#(7(-*&!4%!4.7(6%4,+:+4-7&!*4!/(@7(.!/(#(!%(!/#@46(!*4%!5L\!
,&-7#(.7(H!J!-&7(6%4:4-74!,&-!%(.!-&#:(.!Q@4!/#4M(%4,4-!4-!%(!(,7@(%!c,#@Y(*(d!(-7+*#&'(!
-&#74(:4#+,(-(2!!O(!#4'%(!4.!/&-4#!7#(:/(.!(%!(,@.(*&H!J!(!M4,4.!4%!'#@/&!.4,#47&!5!*4!%(!/&%+,E(!
%&,(%!(-7+*#&'(!7#(6(_(!(9(-&.(:4-74!/(#(!(7#(/(#!(%!'#@/&!.4,#47&!B!*4!%(!/&%+,E(!4.7(7(%!&!
94*4#(%H!4!+-,%@.&!P(!P(6+*&!7+#&74&.!4-7#4!*&.!@-+*(*4.!/&%+,+(%4.!*+.7+-7(.2!q).!(.E!,&:&!.4!
/#&74'4!%(!.(%@*!/o6%+,(r2!!D&:/#(#!74.7+'&.!&,@%(#4.!4-7#4!,#+:+-(%4.!#4,&-&,+*&.!4.!1+"c<?3+3&"
gJ(!.4(!*+#4,7(:4-74!,&-!*+-4#&H!&!:4*+(-74!+-*@%7&.!&!#4*@,,+$-!*4!,&-*4-(.h2!!)%!+-9&#7@-(*&!
(,@.(*&!/@4*4!P(64#!.+*&!ME,7+:(!*4!@-(!4.,@,P(!+%4'(%!&!*4!@-(!6@.,(!J!,(/7@#(!.+-!(@7&#+Y(,+$-!
&!:&7+M&!#(Y&-(6%42!!"4#&!,&:&!%(!/&%+,E(!(,7@(6(!c*4!6@4-(!94d!g!%(!/&%+,E(!.<+'G&+"(,7o(!*4!
c6@4-(!94d!qM4#*(*rh!.4!(*:+74-!%(.!/#@46(.!(.E!&674-+*(.2!!5o-!:T.!.&#/#4-*4-74!J!9#(@*@%4-7(!
4.!%(!/#T,7+,(!C!'4-4#(%+Y(*(!4-!).7(*&.!=-+*&.!C!*4!,&-.+*4#(#!@-!'#(:&!*4!P4#&E-(!(%!;]!{!,&:&!
@-!.+:/%4!'#(:&!*4!P4#&E-(H!g,@(-*&!4-!#4(%+*(*H!P(J!.$%&!@-!*I,+:&!*4!'#(:&!*4!P4#&E-(h!(!%(!
P&#(!*4!_@Y'(#!&!(,@.(#!g%(!.+:/%4!/&.4.+$-!.4!*+94#4-,+(!*4!/&.4.+$-!/(#(!%(!M4-7(H!Q@4!.@/&-4!
/4-(.!:@,P&!:(J&#4.H!4-!9@-,+$-!*4!%(!,(-7+*(*!*4!*#&'(!(/#4P4-*+*(h2!!).7(!/#T,7+,(!4.!
4./4,+(%:4-74!(6.@#*(!,@(-*&!.4!7#(7(!*4!*&.+.!*4!OKLH!Q@4!/@4*4-!,&-74-4#!.$%&!W?!&!?]!:,'2!
*4!*#&'(!4-!@-!7#&Y&!*4!/(/4%!&!'4%(7+-(!,(/(Y!*4!/4.(#!*4,4-(.!&!,4-74-(#4.!*4!:+%+'#(:&.!
gKP@%'+-!J!KP@%'+-!;AA;h2!!N:('+-4:&.!(%!+-&,4-74!'#(-_4#&!/(.(-*&!@-!9(7+'&.&!*E(!4-!4%!,(:/&H!
#&*4(*&!/&#!@-!4.,4-(#+&!6@,$%+,&H!J!,(#'(-*&!@-!/(#!*4!7&-4%(*(.!*4!P4-&!4-!4%!,(:+$-222!P4-&!
Q@4!,&-7+4-4!#(.7#&.!*4!:&#9+-(!g8(Y@:!+*"%/";AZ;h2!!L4!(,@4#*&!,&-!4.7(.!/(@7(.!/&*#E(!.4#!
*474-+*&!/&#!/&.44#!*&.!7&-4%(*(.!*4!:&#9+-(H!J!4-7#(#!4-!%(!P+.7&#+(!,&:&!@-&!*4!%&.!-(#,&.!:T.!
+:/&#7(-74.!*4!7&*&.!%&.!7+4:/&.2!qs!/&#!Q@I!-&!@-(!#4*(*(!(%!4.7+%&!*4!c%&.!N-7&,(6%4.d!4-!@-(!
/%(-7(!/(.74@#+Y(*&#(!*4!%4,P4H!/(#(!(##4.7(#!(!%&.!-49(.7&.!,(:4%%&.!Q@4!7#(9+,(-!,&-!7&-4%(*(.!J!
7&-4%(*(.!*4!:&#9+-(!g/@4.!%(!%4,P4!,&-7+4-4!#(.7#&.!*4!4.7(!*#&'(hr!!)%!7&-&!_&,&.&!4-:(.,(#(!:+!
'#(M4!/#4&,@/(,+$-H!,&:&!,+@*(*(-&!Q@4!/@4*4!.4#!.&:47+*&!(!4.,@,P(.!J!:(-+&6#(.!*4!
(7#(/(:+4-7&H!(!7&*&!7+/&!*4!7#+Q@+0@4%(H!/#4.7+*+'+7(,+$-!J!9#(@*4!4-!-&:6#4!*4!%(!%4J2!!s&!/+*&!
.(64#222!5"*)1)."1+8+').".(64#222!,&-!Q@I!%$'+,(!/@4*4!4%!c/@46%&d!4-_@+,+(#!(!@-!*4.'#(,+(*&!/&#!
/&.44#!
<X!
!
c'#(:&.d!&!cR+%&'#(:&.d!*4!*#&'(.!+%4'(%4.H!:+4-7#(.!/4#:+74!Q@4!7#(9+,(-74.!*4!c7&-4%(*(.d!*4!
[(%+@:H!:&#9+-(H!,&*4E-(H!LGS!&!,@(%Q@+4#!&7#&!7+/&!*4!*#&'(!,&-7#&%(*(!.+'(-!%+6#4.2!qD&-!Q@I!
%$'+,(r!
):6&.,(*(.H!4.,@,P(.H!#4'+.7#&.!.+-!&#*4-!_@*+,+(%!-+!:&7+M&!#(Y&-(6%4H!:4*+*(.!*4!9@4#Y(!
(#6+7#(#+(.!*46+*&!(!%(!&:-+/#4.4-,+(!*4!.@.7(-,+(.!,&-7#&%(*(.!4-!-@4.7#&.!/#&/+&.!,@4#/&.H!4-!
-@4.7#&!*+-4#&H!4-!%(!%4,P4!Q@4!6464:&.222!).7(.!4.,(-*(%&.(.!7I,-+,(.!/(#(!P(,4#!,@:/%+#!%(!%4J!C!
/&,&!,&##4,7(.H!-(*(!I7+,(.!J!*4!%4'(%+*(*!,@4.7+&-(6%4!C!(:4-(Y(-!-@4.7#(.!%+64#7(*4.!J!%&.!
*4#4,P&.!P@:(-&.2!!"&#!4>7#(0(!&!+%4'(%!Q@4!.4(!@-(!7T,7+,(!*4!%(!/&%+,E(H!@-(!M4Y!Q@4!.4!(,4/7(!4-!
@-!_@+,+&H!J!4.!(%4'(*(!4-!&7#&H!.+4-7(!/#4,4*4-742!!L4!4.74!:&*&H!%&!Q@4!4:/4Y$!,&:&!@-!(6@.&!
/&%+,+(%!*4!/&*4#H!*46+*&!(!/E,(#&.!Q@4!&6#(6(-!9@4#(!*4!%(!%4JH!.4!,&-M+4#74!4-!@-(!/#T,7+,(!
P(6+7@(%H!(,4/7(6%4!4-!,@(%Q@+4#!_@+,+&!gKP@%'+-!J!KP@%'+-!;AA;h2!!)%!@.&!*4!@-!4>7#(&#*+-(#+&!
-o:4#&!*4!:4*+*(.!*4!c4:4#'4-,+(d!+-.7+7@+*(.!/(#(!7#(7(#!%(!c4/+*4:+(d!*4%!c(6@.&!*4!*#&'(.d!J!
7&%4#(*(.!/&#!_@4,4.!Q@4!.4!P(-!7#('(*&!/&#!,&:/%47&!4%!(-Y@4%&!%(!/#&/('(-*(!(-7+*#&'(H!4.7T!
,(:6+(-*&!%(!#4%(,+$-!*4%!,+@*(*(-&!,&-!4%!).7(*&H!4-!*47#+:4-7&!*4!%(!%+64#7(*!+-*+M+*@(%2!!
\@4.7#&.!*4#4,P&.!,+M+%4.H!'(#(-7+Y(*&.!4-!%(!L4,%(#(,+$-!*4!L4#4,P&.!*4!%(!D&-.7+7@,+$-!*4!%&.!
).7(*&.!=-+*&.H!,&:&!4%!*4#4,P&!(!%(!/#+M(,+*(*H!(!@-(!/#&74,,+$-!(-74!/#T,7+,(.!-&!(@7&#+Y(*(.!
*4!6o.Q@4*(!J!,(/7@#(H!(.E!,&:&!%(!G&+.3,(<P,"1+"<,)(+,(<%!"4.7T-!.+4-*&!#4'@%(#:4-74!
:4#:(*(.!J!4#&.+&-(*(.H!7(-!,%(#(:4-74!,&:&!.4!*4.'(.7(!4%!#&.7#&!*4!SP&:(.!e4994#.&-!4-!%(.!
M+4_(.!:&-4*(.!*4!@-!-EQ@4%H!J!7T,7+,(.!/&%+,+(%4.!Q@4!9@4#&-!4-!.@!*E(!(,4/7(*(.!,&:&!:4*+*(.!
4>7#(&#*+-(#+(.!/(#(!c7+4:/&.!*4!'@4##(dH!_@.7+9+,(*(.!/&#!%(!c(:4-(Y(!:&#7(%d!Q@4!4#(-!%(.!
*#&'(.H!*4!#4/4-74!.4!(/%+,(-!(!7&*(.!%(.!T#4(.!*4!%(!#4/#4.+$-2!!s(!/&*4:&.!M4#!Q@4!4.(.!:+.:(.!
7I,-+,(.!C!!+-./+#(*(.!4-!%(.!*4!%(!b4.7(/&!C!.4!(/%+,(-!(!P(,4#!,@:/%+#!&7#(.!%4J4.!gb4.7(/&!4#(!%(!
.+'%(!(%4:(-(!*4!X+$+<'+"E*%%*."#)/<d+<!"&!c"&%+,E(!K4,#47(!*4%!).7(*&dH!*@#(-74!4%!:(-*(7&!*4%!
"(#7+*&!\(,+&-(%!K&,+(%+.7(H!&!-(Y+H!*4!5*&%9!8+7%4#h2!!K4!P(-!&#'(-+Y(*&!#4*(*(.!J!*474-,+&-4.!
+%4'(%4.!,&-7#(!%&.!%%(:(*&.!c/+#(7(.!+-9&#:T7+,&.dH!J!%(!/&%+,E(!.4!P(!(/#&M4,P(*&!,&-7+-@(:4-74!
*4!%(.!6@%(.!%4'(%4.!&7&#'(*(.!(!%&.!c%@,P(*&#4.!,&-7#(!%(!*#&'(d!gb(-.!J!K+#+@.!;AA]l!8&%*4-!
;AA]6l!O4MJ!;AA;l!K+#+@.!J!b%4(.&-!;AA]l!K74#%+-'!;AAWh2!!D&:&!&6.4#M(6(!@-!(#7E,@%&!#4,+4-74!*4!
[),1)"YeeeM!
!
5,7@(-*&!(!/47+,+$-!*4!(%'@-(.!4:/#4.(.H!4%!nBN!J!4%!K4#M+,+&!K4,#47&!g(#:(*&.!
,&-!M('(.!&#*4-4.!*4!#4'+.7#&h!P(-!P4,P&!#4*(*(.!4-!-4'&,+&.!J!M+M+4-*(.!
/(#7+,@%(#4.H!+-,(@7(-*&!@-!4-&#:4!-o:4#&!*4!&#*4-(*&#4.!J!(#7E,@%&.!
#4%(,+&-(*&.!,&-!4%%&.H!,&-!:@J!4.,(.(.!*474-,+&-4.2!!O&.!7I#:+-&.!4-!Q@4!
4.7(6(-!4.,#+7(.!4.7(.!&#*4-4.!*4!#4'+.7#&!4#(-!M('&.!/&#Q@4!C!+-,%@.&!4-!4%!#(#&!
,(.&!*4!.(64#!4%!'&6+4#-&!Q@I!4.7T!6@.,(-*&!CH!4-!4%!,(:/&!*4!%(!9#&-74#(!
4%4,7#$-+,(!/#&6(6%4:4-74!4.!+-,(/(Y!*4!*+.7+-'@+#!%&!Q@4!7+4-4!*4%(-74222!gb(-.!
J!K+#+@.!;AA]h2!
!
S#(.!9+.'&-4(#!+%4'(%:4-74!,&-M4#.(,+&-4.!4%4,7#$-+,(.H!J!*46+*&!(!%(!/#&9@-*(!
<3!
!
+'-&#(-,+(!*4!%&.!('4-74.!'@64#-(:4-7(%4.!4-!,@(-7&!(!%(!74#:+-&%&'E(!4:/%4(*(H!4%!K4#M+,+&!
K4,#47&!.(Q@4$!@-!-4'&,+&!%%(:(*&!K74M4!e(,R.&-!b(:4.H!N-,2H!#4Q@+.(-*&!7#4.!&#*4-(*&#4.!J!%&.!
*(7&.!.&6#4!@-!-@4M&!/#&*@,7&!4-!*4.(##&%%&!g-&!_@4'&!*4!&#*4-(*&#hH!J!,(.+!(##@+-$!(!%(!4:/#4.(!
g8&%*4-!;AA]6l!O4MJ!;AA;h2!!\&!.4!P(6E(!,&:47+*&!*4%+7&!(%'@-&H!-+!.4!/#4.4-7(#&-!,(#'&.!,&-7#(!
%(!,&:/(0E(!&!.@.!4:/%4(*&.H!-+!.4!,&:/4-.(#&-!%&.!*(0&.!:(74#+(%4.!g(@-Q@4!.4+.!:4.4.!:T.!
7(#*4H!,@(-*&!.4!*4M&%M+4#&-!%&.!&#*4-(*&#4.H!@-&!4.7(6(!*4.7#&Y(*&!J!4%!&7#&!-4,4.+7$!@-(!
#4/(#(,+$-!M(%&#(*(!4-!W]]!*$%(#4.h!-+!@-(.!/I#*+*(.!9+-(-,+4#(.!Q@4!(.,4-*+4#&-!(!;W?2]]]!
*$%(#4.2!!e(,R.&-H!4%!/#&/+47(#+&H!.4!M+&!&6%+'(*&!(!*4./4*+#!(!Z!*4!.@.!;3!4:/%4(*&.!/(#(!.(%M(#!%(!
4:/#4.(2!!O(!#(YY+(!.4!P+Y&!(%!(:/(#&!*4!@-(!M('(!&#*4-!*4!#4'+.7#&!Q@4!-@-,(!.4!4>/%+,$!(%!
/#&/+47(#+&l!,@(-*&!.@!(6&'(*&!/+*+$!4>(:+-(#!4.(!&#*4-H!.4!%4!*+_&!Q@4!4#(!+-9&#:(,+$-!
c.4%%(*(d2!!b#(,+(.!(%!,4%&!4>,4.+M&!*4!-@4.7#&.!/&%+,E(.H!Q@4!(-*(-!%&,&.!/&#!*474-4#!(!7#(9+,(-74.H!
&,P&!/4#.&-(.!/4#*+4#&-!.@!4:/%4&!.+-!P(64#!,&:47+*&!-+-'o-!*4%+7&2!qK4!M4#T!(P&#(!&6%+'(*(!
(%'@-(!*4!4.7(.!ME,7+:(.!+-&,4-74.!(!4-7#(#!4-!4%!-4'&,+&!*4!%(.!*#&'(.!/(#(!:(-74-4#!(!.@!
9(:+%+(r!!)-!@-!,(.&!#4%(,+&-(*&H!4%!'&6+4#-&!.4!Q@4#4%%$!,&-7#(!@-!.@/@4.7&!c*4%+-,@4-74!
+-9&#:T7+,&d!/&#!.@!/#4.@-7(!,&:/%+,+*(*!4-!4%!#&6&!(!@-(!,&:/(0E(!74%49$-+,(!*4!+-9&#:(,+$-!
,(%+9+,(*(!,&:&!c:@J!,&-9+*4-,+(%d!J!M(%&#(*(!4-!3A2]]]!*$%(#4.2!!56&,P&#-(*&!4%!9+.,(%!7@M&!Q@4!
#47+#(#!%&.!,(#'&.!(!:+7(*!*4%!_@+,+&H!,@(-*&!%(!*494-.(!*4:&.7#$!Q@4!%(!.@/@4.7(!+-9&#:(,+$-!
#&6(*(!4#(H!4-!#4(%+*(*H!+-9&#:(,+$-!*4!@.&!/o6%+,&H!Q@4!/&*E(!4-,&-7#(#.4!9T,+%:4-74!4-!
6+6%+&74,(.!J!Q@4H!(*4:T.H!%(!,&:/(0E(!9(,+%+7(6(!(6+4#7(:4-74!/&#!;<!*$%(#4.H!%%(:(-*&!(!@-!
74%I9&-&!'#(7@+7&2!gO4MJ!;AA;h2!!5.E!.4!7#&,(#&-!%(.!'#(M4.!(,@.(,+&-4.!*4!#&6&!4-!.+:/%4!P@#7&!
:4-&#H!(-74!%&.!&_&.!*4%!.&#/#4-*+*&!9+.,(%2!!).74!,(.&!.(,$!(!%(!%@Y!4%!#+7&!%4'(%+.7(!4-!.@.!7I#:+-&.!
#4(%4.F!-&!.4!7#(7(6(!*4!@-(!/&%+,E(!Q@4!%@,P(.4!,&-7#(!4%!*4%+7&H!.+-&!*4!@-(!'@4##(!.&6#4!%(!
c%+64#7(*!*4!+-9&#:(,+$-dH!.&6#4!4%!,&-7#&%!J!/#&/+4*(*!*4!+-9&#:(,+$-H!J!,&-7#(!4%!4%4:4-7&!
#(*+,(%!Q@4!/#&:@4M4!4%!%+6#4!(,,4.&!(!+-9&#:(,+$-!&!*#&'(.!gD%(#R4!;AAWl!k&..!;AA;h2!!"&#!&7#&!
%(*&H!4%!'&6+4#-&!*4!%&.!).7(*&.!=-+*&.!+-.+.74!4-!#4.4#M(#.4!4%!/#+M+%4'+&!*4!(,,4*4#!%+6#4:4-74!(!
,@(%Q@+4#!+-9&#:(,+$-2!!O(!5'4-,+(!*4!K4'@#+*(*!\(,+&-(%!g\K5hH!4-!,&%(6&#(,+$-!,&-!4%!
L4/(#7(:4-7&!*4!5.@-7&.!*4!).7(*&H!P(!/#&P+6+*&!%(!4>/&#7(#!/#&'#(:(.!ckK5d!/(#(!,&*+9+,(,+$-!
*4!*(7&.!g(!9+-!*4!/#&74'4#!+-9&#:(,+$-!,&:/@74#+Y(*(!@!&7#&.!*(7&.!*+'+7(%4.h!Q@4!.&6#4/(.4-!*4!
@-(!,(/(,+*(*!4.7T-*(#H!(@7&#+Y(-*&!.$%&!c,%(M4.!(%'&#E7:+,(.d!*4!`]!6+7.!&!:4-&.2!!).7&!/4#:+74!
(!%(!\K5H!,&-!.@.!&#*4-(*&#4.!o%7+:&!:&*4%&H!*4.,+9#(#!4%!,$*+'&!Q@4!.4!%4!(-7&_4H!/@4.H!*(*(!%(!
M4%&,+*(*!*4!%&.!.@/4#&#*4-(*&#4.!(,7@(%4.!.4!,&-.+*4#(!-4,4.(#+&!@-!,$*+'&!*4!?;W!6+7.!/(#(!
*+.9#@7(#!*4!@-(!#4%(7+M(!.4'@#+*(*!gn#4-,P!;AA]h2!!)%!nBN!P(!/#&/@4.7&!@-!/#&J4,7&!*4!%4J!J!@-(!
c)-:+4-*(!.&6#4!S4%49&-E(!L+'+7(%d!(!%(!cO4J!*4!D&:@-+,(,+&-4.d!*4!;A<`H!*&-*4!.&%+,+7(!Q@4!7&*&!
-@4M&!.+.74:(!*4!,&:@-+,(,+$-!g+-,%@J4-*&!%(.!#4*4.!+-9&#:T7+,(.h!.4!*+.404!/(#(!9(,+%+7(#!4%!
c/+-,P(Y&d!*4!%(.!(@7&#+*(*4.H!(@-Q@4!4-!;AA]!%&.!_@4,4.!(:4#+,(-&.!.$%&!(/#&6(#&-!Z3W!
/+-,P(Y&.!gO4MJ!;AAWh2!x).!,&:&!/4*+#!Q@4!%&.!/#4.4#M(7+M&.H!&!%&.!(+#6('.!*4!%&.!,&,P4.H!74-'(-!
('@_4#&.y!!"&#!*4.,&-7(*&H!%(!:(-4#(!*4!(.4'@#(#!#4*4.!+-9&#:T7+,(.!,&-7#(!c/+#(7(.d!J!4./E(.!g(!
Q@+4-4.!%(!\K5!6@.,(!&.74-.+6%4:4-74H!/@4.!4%!4./+&-(_4!,(.4#&!4.7T!.@/@4.7(:4-74!9@4#(!*4!.@!
(%,(-,4h!.&-!/4#:+7+#!@-(!,&*+9+,(,+$-!494,7+M(!*4!%(!+-9&#:(,+$-H!4-!M4Y!*4!/#(,7+,(#!#(YY+(.!7+/&!
b4.7(/&H!&!#4Q@+.(#!J!*4.7#@+#!&#*4-(*&#4.2!!G+4-7#(.!4%!'&6+4#-&!*4.44!74-4#!(,,4.&H!7(:6+I-!%&!
74-*#T!
<Z!
!
,@(%Q@+4#(!,&-!%(!(.7@,+(!-4,4.(#+(!/(#(!4-,&-7#(#!%(!c/@4#7(!7#(.4#(d!*4!7&*&!.+.74:(!+-9&#:T7+,(2!!
)-!4%!,(.&!*4!%(!,&:/(0E(!K74M4!e(,R.&-!b(:4.H!@-&!*4!%&.!&#*4-(*&#4.!#4Q@+.(*&.!*+9@-*E(!4-!
(Q@I%!:&:4-7&!@-!6&%47E-!4%4,7#$-+,&!*4!-&7+,+(.H!@-!7+/&!*4!*&,@:4-7&!Q@4!%(!D&-.7+7@,+$-!*4!
%&.!).7(*&.!=-+*&.!/#&74'4!7(-!9+#:4:4-74!,&:&!(!%(!/#4-.(!4.,#+7(!J!(!%&.!:4*+&.!*4!
,&:@-+,(,+$-2!!)%!_@4Y!94*4#(%!K(:!K/(#R.!(.E!%&!#4,&-&,+$H!J!4-!,&-.4,@4-,+(!&6%+'$!(%!K4#M+,+&!
K4,#47&!(!/('(#!??2]]]!*$%(#4.!(!e(,R.&-!J!.@.!(.&,+(*&.!:T.!%(.!,&.7(.!*4%!_@+,+&H!9(%%(-*&!Q@4!%(!
+-M4.7+'(,+$-!P(6E(!M+&%(*&!%(!cO4J!*4!"#+M(,+*(*!4-!D&:@-+,(,+&-4.!)%4,7#$-+,(.d2!!L@#(-74!4%!
_@+,+&!,4%46#(*&!4-!5@.7+-H!S4>(.H!K/(#R.!(9+#:$!Q@4!%&.!,&:@-+,(*&.!4%4,7#$-+,&.!.&-!
/@6%+,(,+&-4.!%4'(%4.H!J!Q@4!%&.!&/4#(*&#4.!,&:&!K74M4!e(,R.&-!b(:4.H!4.7T-!/#&74'+*&.!/&#!%(!
cO4J!K&6#4!L4#4,P&!(!%(!"#+M(,+*(*dH!Q@4!%+:+7(!4%!(,,4.&!*4%!'&6+4#-&!(!%&.!(#,P+M&.!J!#4'+.7#&.!*4!
/4#+&*+.7(.!J!4*+7&#4.!gf#74'(!;AA<h2!!5@-Q@4!%(!%+64#7(*!*4!+-9&#:(,+$-!/(#4,4!P(64#!'(-(*&!4.7(!
M4Y!qQ@+I-!.4!*4_(#T!4-'(0(#!.@/&-+4-*&!Q@4!4%!'&6+4#-&!(:4#+,(-&!*4%+:+7(#T!%(!9#&-74#(!4-!
c/+#(74#E(!+-9&#:T7+,(dH!:+4-7#(.!9%4>+&-(!.@!:o.,@%&!/&%+,+(%r!q).!(,(.&!/#&6(6%4!Q@4!%&.!('4-74.!
*4!%(!#4/#4.+$-!.4!:(#Q@4-!(%'o-!%E:+74r!
)-!@-(!4-7#4M+.7(!#4,+4-74!,&-!@-!/4#+&*+.7(!(:4#+,(-&H!4%!_494!*4!%(!/&%+,E(!(-7+*#&'(!*4!
5:.74#*(:!,&:4-7$!Q@4!%(!+*4(!*4!%(!cb@4##(!(!%(!*#&'(d!%4!#4,&#*(6(!(!%(!b4.7(/&H!(Q@4%%(!
/&%+,E(!(%4:(-(!Q@4!/4-.(6(!Q@4!c/&*E(!,(:6+(#!4%!,&:/&#7(:+4-7&!*4!%(!.&,+4*(*2!!O(!/&%+,E(!4.!
@-!4%4:4-7&!.&,+(%!:@J!/4%+'#&.&!.+!-&!4.!%+:+7(*(2!!K(64:&.!%&!Q@4!.+'-+9+,(!%(!'@4##(222!s!
P(,4:&.!%(!'@4##(!(!-@4.7#&.!4-4:+'&.H!-&!(!-@4.7#&.!,+@*(*(-&.d!gB44#.!;AA;h2!!)-!8&%(-*(H!%(.!
%4J4.!(-7+*#&'(!.&-!.+:+%(#4.!(!%(.!*4!).7(*&.!=-+*&.2!!"4#&!4%!'&6+4#-&!P&%(-*I.!%(.!(*:+-+.7#(!*4!
@-!:&*&!,&-&,+*&!,&:&!#4*@,,+$-!*4%!*(0&!&!c#4/#4.+$-!9%4>+6%4d2!!)%!_494!*4!4.7@/49(,+4-74.!|((%!
,&:4-7$!Q@4!%&.!,&-.@:+*&#4.!*4!*#&'(.!+%4'(%4.!.&-!c/(,+4-74.H!J!4-!-(*(!%4.!(J@*(:&.!
%%4MT-*&%&.!(!%(!,T#,4%d!gB44#.!;AA;h2!!)-!%&.!64%+,&.&.!).7(*&.!=-+*&.H!4%!4>_494!*4!/&%+,E(!*4!O&.!
5-'4%4.!L(#J%!b(74.!*4,%(#$!(-74!4%!D&:+7I!e@*+,+(%!*4%!K4-(*&!Q@4!(!%&.!,&-.@:+*&#4.!*4!*#&'(.!
+%4'(%4.!c*464#E(-!.(,(#%&.!(!%(!,(%%4!J!9@.+%(#%&.d!/&#!c7#(+,+$-d!gB44#.!;AA;h2!!)-!%(!cb@4##(!(!%(!
*#&'(d!.$%&!%&.!,&-.@:+*&#4.!.4!*+./(#(-!(!.E!:+.:&.H!z:+4-7#(.!%(!/&%+,E(!*+./(#(!(!%&.!*4:T.2!!O(!
?+,*+"4.!4%!4-4:+'&H!J!/%"?+,*+"74#:+-(!.+4-*&!%(!ME,7+:(2!!).!@-!/4%+'#&.&!_@4'&!(%!'(7&!J!4%!#(7$-H!
J!(@-Q@4!%&.!/&%+,E(.!.4(-!,%(#(:4-74!%&.!'(7&.H!Q@4!(7#(/(-!J!*4.7#&Y(-!#(7&-4.H!4-!4.74!,(.&!%&.!
#(7&-4.!%4.!P(,4-!*(#!M@4%7(.!,&##+4-*&!.+4:/#4!@-!/(.&!/&#!*4%(-74!*4!.@.!-(#+,4.2!!).!%(!
,&-.4,@4-,+(!+-4M+7(6%4!J!/#4*4,+6%4!*4!,&-,4-7#(#!%&.!4.9@4#Y&.!*4!,&-7#&%!.&6#4!%(!&94#7(!J!-&!
.&6#4!%(!*4:(-*(2!
O(!-&#74(:4#+,(-(!cb@4##(!(!%(.!*#&'(.d!.4!,4-7#(!4-!%(!&94#7(2!!)-!;AA;!4%!3;{!*4!%&.!9&-*&.!
/o6%+,&.!:(-4_(*&.!/&#!%(!c).7#(74'+(!\(,+&-(%!/(#(!4%!D&-7#&%!*4!L#&'(.d!.4!*4.7+-(#&-!(!@-(!
#4*@,,+$-!*4!%(!&94#7(!gWA{!4-!c+%4'(%+Y(,+$-!J!,&-7#&%!+-74#-(,+&-(%dl!`W{!4-!#4/#4.+$-hl!.$%&!4%!
WA{!.4!*4.7+-$!(!c#4*@,,+$-!*4!*4:(-*(d!gb&%*.74+-!J!^(%(-7!;AA]h2!!D&:&!:T.!*4%!3?{!*4!%(.!
3?]2]]]!*474-,+&-4.!(-@(%4.!/&#!M+&%(,+$-!*4!%(.!%4J4.!(-7+*#&'(!4-!).7(*&.!=-+*&.!.4!*464-!(!
.+:/%4!/&.4.+$-H!.&6#4!7&*&!*4!:(#+P@(-(!g\(*4%:(--!;AZAhH!,(64!*4,+#!Q@4!%(!:(J&#E(!*4!%&.!
4.9@4#Y&.!#4/#4.+M&.!+-74-7(-!,(.7+'(#!(%!,&-.@:+*&#H!:T.!Q@4!#4*@,+#!%(!&94#7(2!!O&.!4.9@4#Y&.!4-!
c+%4'(%+Y(,+$-!
!
zu\2!*4%!S2!e@4'&!*4!/(%(6#(.!,&-!.$))*!"Q@4!.+'-+9+,(!*+./(#(#!@-!(#:(!4!+-J4,7(#.4!@-(!*#&'(v!
<A!
!
J!,&-7#&%!+-74#-(,+&-(%d!.&-!+-49+,(,4.!4-!7&*&.!.@.!(./4,7&.2!!5!/4.(#!*4!%&.!,&-.7(-74.!4.9@4#Y&.!
*+#+'+*&.!,&-7#(!%(!/#&*@,,+$-!+%4'(%!*4!,&,(E-(!4-!K@*(:I#+,(H!J!/(#(!%&'#(#!Q@4!%(!*#&'(!.4(!
+-74#,4/7(*(!4-!%(.!9#&-74#(.!*4!).7(*&.!=-+*&.H!4%!/#4,+&!*4!M4-7(!(%!/&#!:(J&#!*4!,&,(E-(!
*4.,4-*+$!@-!Z]{!4-!%&.!(0&.!Z]H!:+4-7#(.!.@!'#(*&!*4!/@#4Y(!4-!%(!,(%%4!(@:4-7$!(<,()"7+(+.!"
.4'o-!*(7&.!*4!%(!5*:+-+.7#(,+$-!gL)5!;AZAh2!!D&:&!%(!L)5!+-9&#:$!4-!;AZ3!Q@4!4%!/#4,+&!*4!%(!
,&,(E-(!4.!4-!4%!:&:4-7&!*4!.@!4>/&#7(,+$-!.$%&!4%!`{!*4%!Q@4!.4!/('(!9+-(%:4-74!/&#!4%%(!4-!
).7(*&.!=-+*&.H!-&!P(J!:&7+M&!/(#(!4./4#(#!@-(!+-M4#.+$-!4-!%&.!P(.7(!(P&#(!9(%%+*&.!+-74-7&.!/&#!
#4*@,+#!%(!&94#7(2!!"#&*@,+#!%(!*#&'(!4.!7(-!6(#(7&!J!%@,#(7+M&!Q@4!%&.!7#(9+,(-74.!/@4*4-!
,&-7#(##4.7(#!,@(%Q@+4#!(@:4-7&!4-!%(.!(,7+M+*(*4.!&!#4,@#.&.!Q@4!%(.!(@7&#+*(*4.!*4.7+-(-!(!4.74!
9+-2!!=-(!M4Y!:T.H!%(.!%4J4.!,&-.7+7@J4-!@-!.@6.+*+&!/(#(!%&.!7#(9+,(-74.H!@-!c+:/@4.7&!.&6#4!4%!
M(%&#!(0(*+*&d2!!5.EH!4%!*+-4#&!Q@4!.4!+-M+4#74!/(#(!(J@*(#!(!&7#&.!/(E.4.!4-!/#&'#(:(.!*4!
.@.7+7@,+$-!*4!,@%7+M&.!,&-.7+7@J4!@-!.@6.+*+&!*+#4,7&!(%!(@:4-7&!*4!%(.!/%(-7(,+&-4.!*4!,&,(2!!
D&:&!%&.!7+/&.!*4!+-74#I.!.&-!7(-!(%7&.H!%&.!'#(-_4#&.!/%(-7(-!.+:/%4:4-74!@-(!/4Q@40(!/(#,4%(!
,&-!4%!/#&*@,7&!.@6.7+7@7&#+&!(,&#*(*&H!,&:&!7(/(*4#(H!J!@.(-!%(!:(J&#!/(#74!*4!%&.!9&-*&.!/(#(!
/%(-7(#!:T.!,&,(H!Q@4!4.!4%!o-+,&!,@%7+M&!.@9+,+4-74:4-74!#4-7(6%4!,&:&!/(#(!/4#:+7+#%4.!*4M&%M4#!
%&.!/#I.7(:&.!gG&#(%4.!;AZAh2!!)>,4/7@(-*&!%(.!(*&#:+*4#(.H!,%(#&!4.7T222!gG&#(%4.!;AZAl!f77!
;AAW!(h2!
!
O(!/#&*@,,+$-!*4!P4#&E-(!4.!(o-!:T.!%@,#(7+M(!J!.4!M4!+-,%@.&!:4-&.!(94,7(*(!/&#!%(.!
(@7&#+*(*4.2!!K4'o-!%(!L)5H!4%!/#4,+&!*4!%(!P4#&E-(!4-!4%!:&:4-7&!*4!.@!4>/&#7(,+$-!4.!.$%&!4%!;{!
*4!.@!/#4,+&!*4!,(%%4!4-!).7(*&.!=-+*&.2!!D&:&!%&.!4.9@4#Y&.!+-74#-(,+&-(%4.!/(#(!,&-7#&%(#!%(!
P4#&E-(!.4!P(-!*+#+'+*&!/#+-,+/(%:4-74!(!%(!Y&-(!*4%!~S#+T-'@%&!*4!f#&dH!4-!4%!.@*4.74!*4!5.+(!J!4-!
)@#&/(!*4%!).74H!#4'+&-4.!*&-*4!7#(*+,+&-(%:4-74!.4!,@%7+M(!%(!(*&#:+*4#(H!%&.!7#(9+,(-74.!P(-!
4:/4Y(*&!(!7#(.%(*(#!%(!/#&*@,,+$-!*4!&/+&!J!P4#&E-(!(!&7#(.!Y&-(.2!!)%!,@%7+M&!*4!%(!(*&#:+*4#(!.4!
P(!4>74-*+*&!7(-7&!4-!GI>+,&H!Q@4!4.74!/(E.!.4!P(!,&-M4#7+*&!4-!@-&!*4!%&.!.@:+-+.7#(*&#4.!:T.!
+:/&#7(-74.!*4%!:4#,(*&!(:4#+,(-&2!!GT.!(o-H!%(!(*&#:+*4#(!.4!P(!,&-M4#7+*&!4-!4%!,@%7+M&!*4!
4%4,,+$-!/(#(!.@.7+7@+#!%(.!/%(-7(,+&-4.!*4!,&,(!4-!K@*(:I#+,(H!J!%(!/#&*@,,+$-!*4!P4#&E-(!.4!4.7T!
4>74-*+4-*&!4-!B&%+M+(H!D&%&:6+(H!"4#o!4!+-,%@.&!b@(74:(%(2!!"&#!7(-7&H!%(.!(,7+M+*(*4.!#4/#4.+M(.!
P(-!%%4M(*&!(%!:4#,(*&!-4'#&!(!,#4(#!.@.!/#&/+&.!4.Q@4:(.!*4!.@.7+7@,+$-!*4!,@%7+M&.2!!O(.!
(*&#:+*4#(.!4.7T-!.@.7+7@J4-*&!(!%(!,&,(H!,&-!4%!#4.@%7(*&!+-4M+7(6%4!*4!Q@4!,@(%Q@+4#!#4*@,,+$-!
4-!4%!.@:+-+.7#&!*4!,&,(E-(!.4#T!.&6#(*(:4-74!,&:/4-.(*&!,&-!@-!(@:4-7&!.@.7(-,+(%!4-!4%!
.@:+-+.7#&!*4!P4#&E-(2!!)-!4.7&!,&-.+.74!4%!/#&'#4.&222!q).!(.E!,&:&!.4!/#&74'4!%(!.(%@*!/o6%+,(r!
O(.!(@7&#+*(*4.!*4!).7(*&.!=-+*&.!P(-!74-+*&!#4%(7+M(:4-74!:T.!I>+7&!4-!#4*@,+#!%(!
+-7#&*@,,+$-!*4!:(#+P@(-(!*4!,&-7#(6(-*&!4-!4%!/(E.H!(@-Q@4!P(J(!@-!(6@-*(-74!.@:+-+.7#&!*4!
:(#+P@(-(!4-!4%!:4#,(*&!(:4#+,(-&2!!\&!.$%&!4.!@-(!*#&'(!*4!6(_&!,&.74!g.@!/#4,+&!/(#(!%(!
4>/&#7(,+$-!4.!4%!;{!*4%!/#4,+&!4-!%(!,(%%4H!.4'o-!*(7&.!*4!%(!L)5hH!/4#&!%(!,&-.4,@4-,+(!
+-M&%@-7(#+&!g(@-Q@4!7&7(%:4-74!/#4M+.+6%4h!*4!%(!,(:/(0(!(-7+*#&'(!4-!).7(*&.!=-+*&.!P(!
,&-M4#7+*&!(%!/(E.!4-!@-&!*4!%&.!/#+:4#&.!/#&*@,7&#4.!:@-*+(%4.!*4!4.7(!*#&'(!J!4-!%(!
7#(-.9&#:(,+$-!*4!(-7+'@&.!,&-7#(6(-*+.7(.!*4!:(#+P@(-(!4-!,&-7#(6(-*+.7(.!*4!,&,(E-(!JV&!
P4#&E-(!g5*%4#!;AZ?h2!!5!:4*+*(!Q@4!
`]!
!
(@:4-74-!%&.!,&.74.!*4%!,&-7#(6(-*&H!%&.!,&-7#(6(-*+.7(.!4.,&'4#T-!,(#'(:4-7&.!,&-!:(J&#!
M(%&#!/&#!@-+*(*!*4!/4.&2!!L4!4.7(!:(-4#(H!%(!(74-,+$-!4>('4#(*(!Q@4!%(.!(@7&#+*(*4.!*4*+,(#&-!(%!
,&-7#(6(-*&!*4!:(#+P@(-(!P(!,&-*@,+*&!(!@-!'#(-!(@:4-7&!*4!%(!/#&*@,,+$-!*&:I.7+,(H!
4M+7(-*&!%(!-4,4.+*(*!*4!/(.(#!%(!*#&'(!(-74!%&.!/4#./+,(,4.!(*@(-4#&.2!!)%!M(%&#!7&7(%!*4!%&.!
,@%7+M&.!-&#74(:4#+,(-&.!*4!:(#+P@(-(!4-!;AZ3!.4!4.7+:$!4-!<<2;]]!:+%%&-4.!*4!*$%(#4.!gK+4'4%!
;AZAh2!!)%!:4#,(*&!.+'@4!6+4-!(6(.74,+*&H!/4#&H!*4!@-!:&*&!(/4-(.!M+.+6%4!/(#(!%(.!(@7&#+*(*4.H!
+-:4-.(:4-74!:T.!*4.,4-7#(%+Y(*&!J!:@,P&!:4-&.!.@.,4/7+6%4!*4!,&-7#&%2!!K+!6+4-!4.7(!.+7@(,+$-!
/@4*4!(J@*(#!(!4Q@+%+6#(#!%(!6(%(-Y(!*4!/('&.!*4%!/(E.H!-&!P(!#4*@,+*&!%(!&94#7(!J!P(!P4,P&!:T.!
/#&6%4:T7+,&.!%&.!+-74-7&.!9@7@#&.!*4!#4*@,+#!4.4!.@:+-+.7#&2!!5*4:T.H!%(!-4,4.+*(*!*4!/&74-,+(#!
@-!+-74-.&!,@%7+M&!4-!+-74#+&#4.!/(#(!4M+7(#!%(!M+'+%(-,+(H!P(!%%4M(*&!(!*4.(##&%%(#!@-(!M(#+4*(*!*4!
B%,,%8<.".@/4#C/&74-74!Q@4!,&-7+4-4!P(.7(!@-!W]{!*4!S8DH!,(.+!4%!*&6%4!*4!%(!,&-,4-7#(,+$-!
P(6+7@(%!4-!M(#+4*(*4.!-(7@#(%4.!*4!4>74#+&#H!J!(-74.!,&-.+*4#(*(.!%(.!:T.!/&74-74.2!!)%!/#4,+&!P(!
.@6+*&H!.EH!/4#&!%&.!/#&*@,7&#4.!P(-!%&'#(*&!.4'@+#!(6(.74,+4-*&!4%!:4#,(*&!,&-!@-!/#&*@,7&!
.@/4#+&#!(%!Q@4!(-74.!.4!,&-7#(6(-*4(6(2!!8(J!:@,P(.!:4-&.!/&.+6+%+*(*4.!*4!Q@4!%&.!*474-'(-H!J!
4.7T-!'(-(-*&!:@,P&!:T.!*+-4#&2!qL@*(!(%'@+4-!7&*(ME(!*4!Q@4H!,&:&!(9+#:(6(!4%!/#&94.&#!
\(*4%:(--H!%&.!/#&*@,7&#4.!J!7#(9+,(-74.!*4!*#&'(.!+%4'(%4.!.&-!%&.!/#+-,+/(%4.!64-49+,+(#+&.!*4!%(.!
%4J4.!/#&P+6+,+&-+.7(.r!g\(*4%:(--!;AZAh2!
!!f7#(!#4./@4.7(!/#4M+.+6%4!(!@-(!%@,P(!,&-,4-7#(*(!.+4:/#4!4-!4%!(./4,7&!*4%!.@:+-+.7#&!4.!%(!
+-7#&*@,,+$-!4-!4%!:4#,(*&!-4'#&H!*4.*4!P(,4!Q@+-,4!(0&.H!*4!@-(!.4#+4!*4!(-T%&'&.!
,&:/%47(:4-74!(#7+9+,+(%4.!*4!%(!P4#&E-(2!!O(.!/#+:4#(.!*4!4.7(.!%%(:(*(.!c*#&'(.!*4!*+.40&d!
g^+#.,P!;AZXh!Q@4!(/(#4,+4#&-!4-!4%!:4#,(*&!-4'#&!*4!).7(*&.!=-+*&.!9@4#&-!*4#+M(*&.!*4!%(!
[+G+&<1<,%")"L+'+&)/S",&:&!4%!G"""H!W?!M4,4.!:T.!/&74-74!Q@4!.@!c/(#+4-74d!J!@-(.!<!M4,4.!
:T.!Q@4!%(!:&#9+-(2!!K+-!4:6(#'&H!%&.!c-(#,$7+,&.!*4!*+.40&d!:T.!9(:&.&.!.&-!%&.!,&:/@4.7&.!
,&-&,+*&.!,&:&!cDP+-(!jP+74dl!*4#+M(*&.!*4%!-(#,$7+,&!:4*+,+-(%!f+,*%,</)!"@-!,&:/@4.7&!;]]!
M4,4.!:T.!/&74-74!Q@4!%(!:&#9+-(2!!)%!:T.!,&-&,+*&!*4!.@.!*4#+M(*&.!4.!4%!=QT'+*</T0+,*%,</)!"
(/#&>+:(*(:4-74!@-(.!<2]]]!M4,4.!:T.!/&74-74!Q@4!%(!:&#9+-(2!!K4'o-!%(!L)5H!%&.!:(74#+(%4.!J!4%!
4Q@+/&!-4,4.(#+&.!/(#(!/#4/(#(#!;!^'2!*4!4.7(!*#&'(!,@4.7(-!@-&.!W2]]]!*$%(#4.H!:+4-7#(.!4%!
/#&*@,7&!.4!M(%&#(!4-!;2]]]!:+%%&-4.!*4!*$%(#4.2!!).!+:/&#7(-74!*4.7(,(#!Q@4!4.74!,&:/@4.7&!4.!
@-(!,#4(,+$-!*4!Q@E:+,&.!*4%!:4#,(*&!-4'#&H!-@-,(!*4.,#+7&!4-!%(!%+74#(7@#(!Q@E:+,(!gB(@:!;AZ?l!
KP(94#!;AZ`l!KP(94#!;AZ?h2!!=-(!M4Y!:T.H!%4J4.!*+#+'+*(.!,&-7#(!4%!.@:+-+.7#&!,&-,46+*(.!/(#(!
4M+7(#!4%!,@%7+M&!*4!(*&#:+*4#(!J!%(!/#&*@,,+$-!*4!P4#&E-(H!P(-!4.7+:@%(*&!%(!9(6#+,(,+$-!
*&:I.7+,(!*4!.@,4*T-4&.!6(#(7&.H!:+%4.!*4!M4,4.!:T.!/&74-74.!Q@4!%(!:&#9+-(2!!L4!%(!:+.:(!
9&#:(H!%(!4>('4#(*(!(74-,+$-!*+#+'+*(!(!%(!/#&*@,,+$-!+%4'(%!*4!,&,(E-(!J!(!.@!,&-7#(6(-*&!4.7T!
9(M&#4,+4-*&!4%!,#4,+:+4-7&!*4!%(!+-*@.7#+(!*4!%(!(-947(:+-(!4-!).7(*&.!=-+*&.2!!K4!4.7+:(!Q@4!4%!
M(%&#!*4!%(!/#&*@,,+$-!(-@(%!*&:I.7+,(!*4!:47(-947(:+-(!4.!@-&.!<2]]]!:+%%&-4.!*4!*$%(#4.!gDP&!
;AA]h2!!=-(!M4Y!:T.!.4!4.7T!,&-7#+6@J4-*&!(!.@/4#(#!(%!*I9+,+7!,&:4#,+(%!(:4#+,(-&H!/4#&!-4'&,+&.!
*4!4-M4#'(*@#(!#4%(7+M(:4-74!'#(-*4!J!9T,+%:4-74!M+.+6%4.H!,&:&!%(!/#&*@,,+$-!*4!P4#&E-(!J!
,&,(E-(H!4.7T-!.+4-*&!#44:/%(Y(*&.!/&#!(,7+M+*(*4.!*4!:4-&#!4.,(%(!J!/#T,7+,(:4-74!
+-*474,7(6%4.2!!)-!%@'(#!*4!@-(!#4*!+-74#-(,+&-(%!*4!,@%7+M(*&#4.!J!,&.4,P(*&#4.H!Q@E:+,&.!J!
,&-7#(6(-*+.7(.H!(P&#(!.$%&!P(,4-!9(%7(!Q@E:+,&.!
`;!
!
*4-7#&!*4%!/(E.!,&-.@:+*&#2!!D&:&!4>/@.+4#&-!%&.!4>/4#7&.!52!b&%*.74+-!J!82!^(%(-7!4-!@-!(#7E,@%&!
#4,+4-74F!
!!O&.!(*4%(-7&.!4-!Q@E:+,(!9(#:(,I@7+,(!.&-!7(%4.!Q@4!/@4*4-!.+-747+Y(#.4!9T,+%:4-74!*#&'(.!
/.+,&(,7+M(.!:@J!/&74-74.!4-!%(6&#(7&#+&.!,%(-*4.7+-&.H!*4!:(-4#(!Q@4!4%!:4#,(*&!+%4'(%!.4!
/&*#E(!(*(/7(#!+-,%@.&!(%!,+4##4!P4#:I7+,&!*4!%(.!9#&-74#(.H!.+!4.&!9@4#(!/&.+6%42!gb&%*.74+-!J!^(%(-7!
;AA]h!
!
O(.!*4.,(##+(*(.!74.+.!/#&P+6+,+&-+.7(.!P(-!,&-*@,+*&!(!@-(!4%(6&#(,+$-!*4!*#&'(.!(%74#-(7+M(.H!
*4.,4-7#(%+Y(*(!J!(!/4Q@40(!4.,(%(H!/#T,7+,(:4-74!+-M+.+6%4!/(#(!%(.!(@7&#+*(*4.2!!O&.!,&.74.!*4!
9(6#+,(,+$-!*+.:+-@J4-H!%&.!64-49+,+&.!.4!*+./(#(-!J!%(!/#&6(6+%+*(*!*4!*474,,+$-!J!,(%(6&Y&!.4!
#4*@,42!!O&.!9(6#+,(-74.!J!M4-*4*&#4.!*4!*#&'(.!+%4'(%4.!-&!/&*#E(-!4.7(#!:T.!,&-74-7&.2!
K+:/%4:4-74H!4.!*4:(.+(*&!9T,+%!6@#%(#!%(.!%4J4.2!!G@,P&!(-74.!*4!Q@4!%(.!(@7&#+*(*4.!.4!
4-74#(.4-!*4!%&!Q@4!4.7(6(!/(.(-*&H!Q@E:+,&.!,%(-*4.7+-&.!*4!'#(-!7(%4-7&!P(6E(-!+-M4-7(*&!
-@4M&.!.@,4*T-4&.!*4!%(.!*#&'(.!,&-7#&%(*(.H!Q@4!.&-!%4'(%4.!J!:T.!%@,#(7+M&.2!!)-!@-(!&,(.+$-H!
@-!%(6&#(7&#+&!*4!cP4#&E-(!*4!*+.40&d!9@4!#4'+.7#(*&H!J!4%!Q@E:+,&!*+_&!(!%(!/&%+,E(!Q@4!4.7(6(!
4>/4#+:4-7(-*&!,&-!c(#&:(.!/(#(!'#(-+Y(*&.d!gKP(94#!;AZ`h2!!D@(-*&!%%4'(#&-!%&.!#4.@%7(*&.!*4%!
%(6&#(7&#+&!9&#4-.4H!%(!/&%+,E(!M+&!Q@4!-&!%4!/&*E(-!(,@.(#!*4!-(*(2!!D@(-*&!9+-(%:4-74!.4!
,&-.+'@+$!+*4-7+9+,(#!4%!,&:/@4.7&!,&:&!Q-T'+*</T0+,*%,</)"g%(!/#+:4#(!4.7#@,7@#(!Q@4!/#&/@.+4#&-!
%&.!Q@E:+,&.!*4!%(!L)5H!<C:47+%Cn4-7(-+%&H!#4.@%7$!.4#!4##$-4(l!5J#4.!+*"%/-";AZ;l!B(@:!;AZ?h!J!.4!
,%(.+9+,$!4.7(!*#&'(!,&:&!+%4'(%H!%&.!+-'4-+&.&.!Q@E:+,&.!,#4(#&-!4%!/(#(9%@&#94-7(-+%&H!Q@4!4#(!(o-!
/4#94,7(:4-74!%4'(%2!!n+-(%:4-74H!4%!'&6+4#-&!@#*+$!%(!cO4J!.&6#4!5-T%&'&.!*4!K@.7(-,+(.!
D&-7#&%(*(.d!4-!M+#7@*!*4!%(!,@(%!,@(%Q@+4#!(-T%&'&!Q@E:+,&!&!9(#:(,&%$'+,&!*4!@-(!*#&'(!%4'(%!.4!
,&-.+*4#(#E(!+%4'(%2!).74!4.!@-!,%(#&!4_4:/%&!*4!(:6+'m4*(*!(-7+,&-.7+7@,+&-(%H!/@#E.+:(!4.4-,+(!
*4!#4/#4.+$-!(#6+7#(#+(!J!.4%4,7+M(H!,#+.7(%+Y(*(!*4!@-(!9&#:(!:@,P&!:T.!/&74-74!Q@4!,@(%Q@+4#!
*4#+M(*&!*4%!f+,*%,</)-""\&!+:/&#7(!Q@4!4.7(!(6.@#*(!%4J!,&-M+4#7(!4-!+%4'(%!,@(%Q@+4#!,&.(!Q@4!
/@4*(!-&!'@.7(#%4!(!@-!_494!*4!/&%+,E(!&!(!@-!9+.,(%!*4!*+.7#+7&!gKP@%'+-!;AAWhH!&!Q@4H!*4!P4,P&H!4.7I!
+%4'(%+Y(-*&!7&*(!+-M4.7+'(,+$-!,+4-7E9+,(!.&6#4!*#&'(.!/.+,&(,7+M(.!J!/&-+4-*&!(!7&*&!4%!,(:/&!*4!
%(!Q@E:+,(!6(_&!.&./4,P(l!%&!+:/&#7(-74!4.!Q@4H!.+:/%4:4-74H!-&!M(!(!9@-,+&-(#2!!"4#:+7+#T!.+-!
*@*(!*4:(-*(#!(!9(6#+,(-74.!*4!-@4M&.!(-T%&'&.H!4-!%(.!4>7#(0(.!&,(.+&-4.!4-!Q@4!.4(-!
*474,7(*&.H!/4#&!4%!'4-+&!P(!.(%+*&!J(!*4!%(!6&74%%(2!!O(.!%4J4.!P(-!P4,P&!Q@4!%(!.E-74.+.!*4!*#&'(.!
.4(!7(-!#4-7(6%4H!J!4.!@-(!7(#4(!7(-!.4-,+%%(!Q@4!-+-'@-(!%4J!/&*#T!*474-4#%(H!-+!.+Q@+4#(!%(!/4-(!
,(/+7(%2!!O&.!Q@E:+,&.!*4%!:4#,(*&!-4'#&!@.(-!%(!%4'+.%(,+$-!,&:&!:(-@(%!/(#(!4-,&-7#(#!4-!%(.!
%+.7(.!*4!*#&'(.!,&-7#&%(*(.!+*4(.!/(#(!-@4M&.!/#&*@,7&.!gKP@%'+-!J!KP@%'+-!;AA;h2!
s(!Q@4!P4:&.!7&,(*&!4%!74:(!*4!%(!(:6+'m4*(*!,&-.7+7@,+&-(%H!4.!+:/&#7(-74!*4.7(,(#!Q@4!%(.!
+-M4.7+'(,+&-4.!,+4-7E9+,(.!,&-7+-o(-!*4.,@6#+4-*&!-@4M(.!4./4,+4.!M4'47(%4.!gJ!(-+:(%4.h!Q@4!
,&-7+4-4-!,&:/@4.7&.!+%4'(%4.2!!D+4#7(.!.@.7(-,+(.!,&-7#&%(*(.H!,&:&!LGSH!:&#9+-(!J!,&*4E-(H!
/(#4,4-!.4#!-4@#&7#(-.:+.&#4.!*4!%&.!:(:E94#&.!4-!'4-4#(%H!/&#!%&!,@(%!4%!*@40&!*4!/4##&.!J!
'(7&.!g@!&7#&.!:(:E94#&.h!.4!P(%%(!.+4:/#4!4-!/&.4.+$-!-&!(@7&#+Y(*(!*4!@-(!*#&'(!+%4'(%2!!D&:&!
M4#4:&.!4-!4%!D(/E7@%&!
`W!
!
?H!.4!,&-&,4-!(,7@(%:4-74!(%!:4-&.!ZA!4./4,+4.!*4!.47(.!Q@4!,&-7+4-4-!%(!.@.7(-,+(!+%4'(%!
/.+%&,+6+-(H!J!/@4*4!.@/&-4#.4!,&-!.4'@#+*(*!Q@4!&7#(.!?3!4./4,+4.!7(:6+I-!,&-7+4-4-!4.74!
,&:/@4.7&2!!).74!%+6#&!:4-,+&-(!@-(.!W?]!4./4,+4.!M4'47(%4.!Q@4!,&-7+4-4-!#4,&-&,+*(:4-74!
*#&'(.!+%4'(%4.2!!5%'@-(.H!,&:&!4%!/(.7&!#$%/%&<."%&3,14,%(+%!".&-!(#7E,@%&.!*4!,&-.@:&!
P(6+7@(%4.!Q@4!/@4*4-!,&:/#(#.4!/&#!7&-4%(*(.2!!f7#(.H!,&:&!%(.!.47(.!Q@4!,&-7+4-4-!/.+%&,+6+-(H!
,#4,4-!(%!(Y(#!/&#!7&*&!4%!:@-*&2!!D&:&!@-&!74-*#E(!Q@4!.4#!@-!4>/4#7&!4-!7(>&-&:E(!M4'47(%!J!
9+7&Q@E:+,(H!J!4.7@*+(#!#4'@%(#:4-74!%(.!o%7+:(.!+-M4.7+'(,+&-4.!7(-!.$%&!/(#(!.(64#!Q@I!/%(-7(.!
.&-!+%4'(%4.!g/%(-7(.!Q@4!/@4*4-!,#4,4#!4./&-7T-4(:4-74!4-!-@4.7#(!/#&/+4*(*!4-!,@(%Q@+4#!
:&:4-7&hH!/@4*4!(9+#:(#.4!Q@4!%(.!%4J4.!Q@4!/#&.,#+64-!4.7(.!/%(-7(.!.&-!+-,&-.7+7@,+&-(%:4-74!
M('(.H!/@4.!-&!4.7T!,%(#&!/(#(!4%!,+@*(*(-&!*4!(!/+4H!J!*4!P4,P&!/(#(!-(*+4H!Q@I!+%4'(%+Y(-!4.7(.!
%4J4.2!!L4!P4,P&H!,&-!%(!4-7#(*(!4-!M+'&#!*4!%(!cO4J!K&6#4!5-T%&'&.!*4!K@.7(-,+(.!D&-7#&%(*(.d!*4!
;AZXH!,(64!*4,+#!Q@4!7&*(.!%(.!4./4,+4.!M4'47(%4.!J!(-+:(%4.!.&-!+%4'(%4.H!(%!(-7&_&!*4%!'&6+4#-&2!!
K+!-&!4.!@-!4>/4#7&!4-!*+M4#.&.!,(:/&.!,+4-7E9+,&.H!J!*4*+,(!7+4:/&!J!4.9@4#Y&!,&-.+*4#(6%4.!(!
:(-74-4#.4!(%!*E(!.&6#4!%(.!o%7+:(.!+-M4.7+'(,+&-4.!9+7&Q@E:+,(.!J!6&7T-+,(.H!(%'@-(.!*4!%(.!,@(%4.!
4.7T-!/@6%+,(*(.!4-!(%4:T-!gb(#7Y!;AZX,hH!,(.74%%(-&!gb@Y:T-!;AZ<hH!9#(-,I.!g84+:!J!^&9:(--!
;A?ZhH!
+7(%+(-&!!gn4.7+!;AZ?H!n+@.4%%&!J!D4#@7+CK,@#7+!;A3Wl!K(:&#+-+!J!n4.7+!
;AZAhH!,P4,&!g"&@Y(#!;A?<hH!-&#@4'&!g^M(:*4!J!)*4:64#'!;A3Al!!!!!!!!!!!!!\&#*6&!;A3Ah!J!&7#(.!
%4-'@(.H!-&!P(J!:&*&!*4!Q@4!@-!,+@*(*(-&!/@4*(!4.7(#!.4'@#&!*4!-&!P(%%(#.4!4-!/&.4.+$-!+%4'(%!
*4!@-(!*#&'(!/#&P+6+*(2!
84!(PE!4%!#4.@%7(*&!*4!@-(.!%4J4.!4##$-4(.H!Q@4!.4!,4-7#(-!4-!4%+:+-(#!4%!.@:+-+.7#&2!!G+4-7#(.!
P(J(!@-(!*4:(-*(!*4!*#&'(.!+%4'(%4.H!J!:+4-7#(.!%(.!%4J4.!'(#(-7+,4-H!&!:4_&#H!.@6M4-,+&-4-!%(!
#4-7(6+%+*(*!*4#+M(*(!*4!.(7+.9(,4#!4.7(!*4:(-*(H!%(!'4-74!P(#T!,&%(!/(#(!/&*4#!4-7#(#!4-!4.74!
-4'&,+&2!!D&:&!#4,&-&,4-!+-,%@.&!%(.!/4#.&-(.!6+4-!+-9&#:(*(.!Q@4!.4!&/&-4-!(!@-(!%4'(%+Y(,+$-H!
.&%&!74-+4-*&!,&:&!&6_47+M&!%@,P(#!,&-7#(!%(!*4:(-*(!/&*#4:&.!(M(-Y(#!P(,+(!@-(!#4*@,,+$-!4-!
4%!,&-.@:&!*4!*#&'(.!+%E,+7(.!gb&%*.74+-!J!^(%(-7!;AA]l!e(#M+R!;AA]h2!!=-(!/#&/('(-*(!M(,E(!*4!
,&-74-+*&!(,&:/(0(*(!*4!@-(!c'@4##(d!,&-7#(!4%!,&-.@:+*&#!g#4,@4#*4-!Q@4!4%!3?{!*4!%(.!
*474-,+&-4.!4-!).7(*&.!=-+*&.!.&-!/&#!.+:/%4!/&.4.+$-!hH!(%!Q@4!.4!7#(7(!*4!.(6(-*+_(!J!M4,7&#!*4!
7#(-.:+.+$-!/(#(!@-(!c/%('(d!gKY(.Y!;A3`h!.$%&!,&-.+'@4!(%+4-(#%&!(o-!:T.!*4!%(!(@7&#+*(*2!!K$%&!
7#(7(-*&!(!%(!'4-74!,&-!#4./47&!J!&9#4,+4-*&!+-9&#:(,+$-!+:/(#,+(%H!_@-7&!(!(%74#-(7+M(.!M+(6%4.!gJ!
%(!,T#,4%!-&!4.!@-!:I7&*&!*+.@(.&#+&!494,7+M&!-+!@-(!(%74#-(7+M(!M+(6%4l!"(,R4#!;AXZl!KR&%-+,R!
;AXZh!/&*#T-!%(.!(@7&#+*(*4.!'@64#-(:4-7(%4.!74-4#!(%'@-(!%(!4./4#(-Y(!*4!*+.@(*+#!(!
,&-.@:+*&#4.!*4!4.7(!&!(Q@I%%(!*#&'(2!!8(J!/#@46(.!*4!Q@4!%(.!,(:/(0(.!+-9&#:(7+M(.!/@4*4-!
+-9%@+#!4-!4%!,&-.@:&!*4!*#&'(.!g)%%+,R.&-!J!B4%%!;AA]h2!!O(!#4./@4.7(!4.!/4#.@(.+$-H!-&C,&(,,+$-H!J!
%(!M&Y!/4#.@(.+M(!*464!.4#!:&#(%:4-74!+:/4,(6%42!!D&:&!%(:4-7(6(!4%!8(:%47!*4!
KP(R4./4(#4F! !
c4.(!4.!%(!!,@4.7+$-d2!
!
80('&5;0!:;98='0!$'!=8!>C'998!
!
K@4%4!(9+#:(.4!Q@4!+%4'(%+Y(#!%(.!*#&'(.!4.!%(!/&.+,+$-!:&#(%!*4!7&*&!'&6+4#-&H!/@4.!.@!@.&!%&!
,&-.+*4#(-!(%'@-&.!+-:&#(%H!&!+-,%@.&!(74-7(7&#+&!,&-7#(!%(!9&#7(%4Y(!:&#(%!*4%!,+@*(*(-&2!!"4#&!
%&.!'&6+4#-&.!Q@4!(*&/7(-!4.7(!/&.7@#(!:&#(%+Y(-74!-&!
`<!
!
P(,4-!.+-&!/#&:&M4#!4%!@.&!*4!*#&'(.!,&:&!(%,&P&%!&!-+,&7+-(H!(%!+'@(%!Q@4!4.(!:(J&#E(!*4!
,+@*(*(-&.!c+-7(,P(6%4.d!&/@4.7(!(%!@.&!*4!,+4#7(.!.@.7(-,+(.!+%4'(%4.H!/4#&!,&-.@:+*&#(!*4!&7#(.2!!
D&:&!*+_4#&-!4-!@-!(#7E,@%&!#4,+4-74!@-!4>/4#7&!4.7(*&@-+*4-.4!J!&7#&!,(-(*+4-.4!4-!
*#&'(*+,,+&-4.F!
!
8(,4!J(!:@,P&!*46+:&.!#4,&-&,4#!&9+,+(%:4-74H!P(,4#!/o6%+,&!4!+-,&#/&#(#!(%!
%4-'@(_4!,&:o-!J!(!%(!%4'+.%(,+$-!Q@4!4%!7(6(,&!g-+,&7+-(h!J!4%!(%,&P&%!.&-!*#&'(.!
/4%+'#&.(.!J!/&74-,+(%:4-74!(*+,7+M(.2!!L464:&.!*4.74##(#!*4%!%4-'@(_4!
4>/#4.+&-4.!7(%4.!,&:&!c4%!(%,&P&%!J!%(.!*#&'(.d!J!c4%!7(6(,&!J!%(.!*#&'(.d2!!\&!.4!
7#(7(!*4!:4#&.!:(7+,4.!.4:T-7+,&.H!4%!%4-'@(_4!+-9%@J4!4-!-@4.7#(!:(-4#(!*4!
/4-.(#!gb&%*.74+-!J!^(%(-7!;AA]h2!
!
s&!:4!P(6E(!:(-+94.7(*&!J(!4-!4%!:+.:&!.4-7+*&!,+-,&!(0&.!(-74.!gf77!;AZ?l!f77!;AA<6hH!4-!@-!
%+6#&!.&6#4!*4!%(!(*+,,+$-!(%!,P&,&%(74!*&-*4!4>(:+-(6(!,&-!P@:&#!-@4.7#(.!(,7+7@*4.!
/#&M+-,+(-(.!J!/#4_@+,+&.!.&6#4!*#&'(.!%o*+,(.2!!L4%!:+.:&!:&*&!&/+-(6(!4%!/#&94.&#!\(*4%:(--!
*4!"#+-,47&-H!4-!.@!6+4-!4.7#@,7@#(*&!(#'@:4-7(,+$-!c:&#(%d!9(M&#(6%4!(!%(!%4'(%+Y(,+$-!*4!7&*(.!
%(.!*#&'(.!g\(*4%:(--!;AZAhF!
!
O(!,&-*4-(!:&#(%!Q@4!4>/#4.(-!%(!:(J&#E(!*4!(:4#+,(-&.!P(,+(!,+4#7(.!
.@.7(-,+(.H!J!-&!P(,+(!&7#(.H!4.!/&,&!:T.!Q@4!@-!/#4_@+,+&!/(.(_4#&!9(M&#(6%4!(!
,+4#7(.!*#&'(.!J!,&-7#(#+&!(!&7#(.2!
!
L46&!(0(*+#!Q@4!%&!:+.:&!&,@##4!4-!,+4#7&.!/(E.4.!:@.@%:(-4.!*&-*4!.4!,&-*4-(!4%!(%,&P&%!/&#!
,@4.7+&-4.!:&#(%4.!/4#&!.4!(,4/7(-!4%!$%($4."J!4%!&/+&!gb4%/R4H!;AXX(h2).7(!74-*4-,+(!-&!4.H!/&#!
7(-7&H!4>,%@.+M(:4-74!(:4#+,(-(!.+-&!@-+M4#.(%H!(@-Q@4!%(.!*#&'(.!.&,+(%:4-74!(,4/7(*(.!M(#E4-!
*4!@-(!.&,+4*(*!(!&7#(H!(%!+'@(%!Q@4!M(#E(-!7(:6+I-!%(.!#4,P(Y(*(.2!!\@4.7#(!74-*4-,+(!(!+'-&#(#!
(%,&P&%!J!7(6(,&!,@(-*&!/4-.(:&.!4-!*#&'(.!4.7T!7(-!9+#:4:4-74!4-#(+Y(*(!Q@4!%(!K&,+4*(*!
5:4#+,(-(!*4!n(#:(,&'-&.+(!gQ@4!*464#E(!4.7(#!:4_&#!+-9&#:(*(h!(-@-,+$!4-!;AAW!%(!,4%46#(,+$-!
*4!*&.!,&-'#4.&.!/(#(!.@!<<!#4@-+$-!(-@(%F!@-&!*4!%&.!,@(%4.!M4#.(#E(!.&6#4!4%!74:(!*4!%(.!cL#&'(.!
*4!(6@.&dH!/(7#&,+-(*&!/&#!%(!,&:/(0E(!"P+%+/!G&##+.H!@-&!*4!%&.!/#+-,+/(%4.!/#&*@,7&#4.!*4!
7(6(,&!*4%!/(E.!J!7#(9+,(-74!*4!@-(!*4!%(.!*#&'(.!:T.!(6@.(*(.!4-!).7(*&.!=-+*&.2!
"&#!%&!Q@4!#4./4,7(!(!%(.!+-:&#(%+*(*4.!*4#+M(*(.!*4!%(!/#&P+6+,+$-H!-+-'@-(!:T.!&6M+(!Q@4!%(!
#4,+I-!:4-,+&-(*(!/4#M4#.+$-!4-!%&.!:I7&*&.!#4/#4.+M&.!(%+:4-7(*(!/&#!%(.!%4J4.!(-7+*#&'(2!!s(!
Q@4!%(.!(:6+'@(.!J!.@/@4.7(.!ME,7+:(.!*4!M+&%(#!4.7(.!%4J4.!gq-@4.7#&.!P+_&.H!%(.!4.,@4%(.H!%(!.(%@*!
/o6%+,(rh!-&!/#4.4-7(-!*4-@-,+(.!(!%(!/&%+,E(H!4.!4.(!:+.:(!/&%+,E(!Q@+4-!*464!,&-M4#7+#.4!4-!
,#+:+-(%!/(#(!P(,4#%(.!,@:/%+#!g@-(!7#(-.9&#:(,+$-!+:/4#,4/7+6%4!.4'o-!(%'@-&.h2!!L4!4.74!:&*&H!
-@4.7#&.!+:/@4.7&.!.4!
``!
!
@.(-!/(#(!,&:/#(#!J!M4-*4#!*#&'(.H!&,@%7(-*&!%&.!/&%+,E(.!.@!M4#*(*4#(!+*4-7+*(*!J!(,7@(-*&!
,&:&!.+!9@4#(-!(@7I-7+,&.!7#(9+,(-74.H!4-!%(!4./4#(-Y(!*4!(,4#,(#.4!(%!c'#(-!,(/&d2!!S#(7(#T-!
4-7&-,4.!*4!,&:/#(#!&!M4-*4#%4!(%'&!*4!c:4#,(-,E(d!J!4-7&-,4.222!x.&#/#4.(y!(/(#4,4-!%(.!/+.7&%(.!
J!%(.!/%(,(.2!!L4!9&#:(!+-:&#(%!%&.!/&%+,E(.!-&!.$%&!.4!,&-M+4#74-!4-!:4-7+#&.&.!J!7#(9+,(-74.!
/&#Q@4!4.74!7+/&!*4!&/4#(,+$-!+-*@,4!(!%(!,&##@/,+$-H!J!:@,P&.!/&%+,E(.!74#:+-(-!(,7@(-*&!4-!.@!
4>,%@.+M&!64-49+,+&2!!=-&.!,+4-!/&%+,E(.!.&-!(,@.(*&.!,(*(!(0&!4-!).7(*&.!=-+*&.!*4!,&##@/,+$-!
#4%(,+&-(*(!,&-!*#&'(.!g\(*4%:(--!;AZZh2!!5@-Q@4!4%!c'#(-!,(/&d!(-*4!,&#7&!*4!*+-4#&!/(#(!
#4(%+Y(#!@-(!'#(-!,&:/#(H!4.&!-&!,&-.7+7@J4!/#&6%4:(!(%'@-&H!/@4.!.+4:/#4!(/(#4,4#T!&7#&!
('4-74!*4!/(+.(-&!Q@4!%4!/#&:474#T!(J@*(!9+-(-,+4#(2!!8(!P(6+*&!,(.&.!4-!*&-*4!/4#.&-(.!/&,&!
+-,%+-(*(.!#4,+6+4#&-!*+-4#&!*4%!'&6+4#-&!/(#(!,&:/#(#!*#&'(.!*4%!'&6+4#-&H!J!/&.74#+&#:4-74!
*474-+*(.2!q).!4.7&!P(,4#!,@:/%+#!%(.!%4J4.H!&!4.!C!(%!,&-7#(#+&!C!/#49(6#+,(#!*4%+7&.r!!\&!.(7+.94,P(!
,&-!(,7@(#!,&:&!7#(9+,(-74!*4!*#&'(.H!-@4.7#(!:&#(%+.7(!/&%+,E(!.4!,&-M+4#74!4-!4./E(H!9+.'$-!J!
M&J4@#H!/+-,P(-*&!74%I9&-&.H!4./+(-*&!(!7#(MI.!*4!%(.!M4-7(-(.H!,&-7#(7(-*&!,#+:+-(%4.!/(#(!Q@4!
*4%(74-!(!.@.!.&,+&.H!4-'(7@.(-*&!(!/4#.&-(.!/(#(!Q@4!*4-@-,+4-!(!.@.!,$-J@'4.H!(!-+0&.!/(#(!
Q@4!*4%(74-!(!.@.!/(*#4.H!4!+-,%@.&!#4:&M+4-*&!4-!%(!6(.@#(!/(#(!P(%%(#!c/#@46(.d2!!\&!.$%&!P(J!
7+#&74&.!4-7#4!c6(-*(.d!#+M(%4.!*4!%(!/&%+,E(H!Q@4!%@,P(-!/&#!4%!74##+7&#+&!J!.4!7&:(-!/&#!:@7@&.!
4-4:+'&.H!.+-&!Q@4!#4,+4-74:4-74!P@6&!@-!,(.&!*4!/+#(74#E(!+-9&#:T7+,(!P4,P&!/&#!%(!/&%+,E(2!!
L@#(-74!%(.!.4.+&-4.!*4!7#(6(_&!/(#(!#(7+9+,(#!4-!.@!,(#'&!(%!_494!(-7+*#&'(!j2e2!B4--477H!4%!.4-(*&#!
/&#!L4%(i(#4!e2!B+*4-H!/#4.+*4-74!*4%!D&:+7I!e@*+,+(%!*4%!.4-(*&H!*4.,#+6+$!@-!,(.&!*&-*4!
9@-,+&-(#+&.!*4!@-(!('4-,+(!94*4#(%H!-&!+*4-7+9+,(*(H!J!,&:/#&:47+*(!4-!%(!%@,P(!(-7+*#&'(!
,(/7@#(#&-!,%(-*4.7+-(:4-74!4%!/#4.@/@4.7&!*4!&7#(H!(%74#(-*&!@-!(#,P+M&!,&:/@74#+Y(*&!
gG(#.P(%%!;AZAh2!!\&!4.!4>7#(0&!Q@4!B4--477!#47&:(#(!.@!PT6+7&!(!%(!-+,&7+-(2!
!!!!f7#(!+-:&#(%+*(*!*4!4.7(!%@,P(!*4#+M(!*4!.@.!.@6#(J(*&.2!!K4!P(!*+#+'+*&!@-(!(74-,+$-!
*4.:4.@#(*(!(!*474-4#!J!,&-*4-(#!(!+-9#(,7&#4.H!Q@4!4-!:@,P&.!,(.&.!.4!M4-!4>/@4.7&.!(!
,&-*4-(.!9&#Y&.(.2!!5!/4.(#!*4%!.&#/#4-*4-74!-o:4#&!*4!*474-,+&-4.!#4%(,+&-(*(.!,&-!*#&'(.!
Q@4!,(*(!(0&!.4!/#&*@,4-!4-!))=H!J!*4!Q@4!.$%&!#4/#4.4-7(-!@-!W{!*4%!-o:4#&!#4(%!*4!
+-9#(,7&#4.H!4.7&.!_@+,+&.!J!,&-*4-(.!4.7T-!,&%(/.(-*&!-@4.7#&!.+.74:(!_@*+,+(%2!!"&#!4_4:/%&H!4-!
j(.P+-'7&-!L2D2!4%!?W{!*4!%&.!/#&,4.&.!/&#!*4%+7&.!'#(M4.!4-!;AZX!74-E(-!#4%(,+$-!,&-!%(.!%4J4.!
(-7+*#&'(2!!)-!\@4M(!s&#R!(%!(0&!.+'@+4-74H!%(!,+9#(!9@4!*4%!`]{!g\(*4%:(--!;AZAh2!!k4,@#.&.!
M+7(%4.!*4!%(!/&%+,E(H!Q@4!*464#E(-!*4.7+-(#.4!(!*474-4#!J!_@Y'(#!(!,#+:+-(%4.!M+&%4-7&.H!.4!
:(%'(.7(-!4-!/4#.4'@+#!(!,&-.@:+*&#4.!J!7#(9+,(-74.!&,(.+&-(%4.!*4!*#&'(.2!!GT.!'#(M4!(o-!4.!Q@4!
,#+:+-(%4.!,&-*4-(*&.!/&#!*4%+7&.!*4!.(-'#4!.4(-!%+64#(*&.!/(#(!*4_(#!.+7+&!(!Q@+4-4.!#4,+6+4#&-!
.4-74-,+(.!/&#!*4%+7&.!#4%(,+&-(*&.!,&-!*#&'(.!gG(#.P(%%!;AZZ,h2!!D@(-*&!4%!c.4'@-*&!|(#d!k2!
G(#7+-4YH!9@4!'&64#-(*&#!*4!n%&#+*(H!*4!;AZX!(!;AA]H!.@!).7(*&!'(.7$!:T.!Q@4!-+-'o-!&7#&!4-!
%@,P(#!,&-7#(!%(.!*#&'(.H!J!/#&:@%'$!.4M4#(.!%4J4.!Q@4!4.7(6%4,E(-!,&-*4-(.!9&#Y&.(.!:E-+:(.!*4!
7#4.!(0&.!/(#(!Q@+4-!,&-.@:+4#(H!,&:/#(#(!&!M4-*+4#(!*#&'(.!+%4'(%4.!(!:4-&.!*4!<;]!:47#&.!*4!
4.,@4%(.H!/(#Q@4.!/o6%+,&.!&!@-+M4#.+*(*4.2!!G+4-7#(.!*@#$!.@!:(-*(7&H!4%!/%(Y&!7#(-.,@##+*&!4-!
/#+.+$-!/&#!%&.!(.4.+-&.!*+.:+-@J$!4-!@-!`]{!J!4%!/%(Y&!:4*+&!,@:/%+*&!/&#!%&.!%(*#&-4.!
*+.:+-@J$!4-!@-!`W{2!!O(.!,&-*4-(.!.+"&+136+&),"G)&"*A&'<,)"'+1<)"4-!@-!<Z{H!P(.7(!4%!/@-7&!*4!
Q@4!@-!,&-*4-(*&!
`?!
!
,@:/%E(!4-!n%&#+*(!@-!<WH?{!*4!.@!,&-*4-(H!:4-&.!*4!@-!74#,+&!g^4+%!;AA]h2!!)%!#4.@%7(*&!9@4!Q@4!
@-!*4.(9&#7@-(*&!4.7@*+(-74!(!Q@+4-!P(%%(#&-!9@:(-*&!@-!/&##&!*4./@I.!*4!,%(.4!,@:/%+#E(!@-(!
,&-*4-(!*4!7#4.!(0&.!,&:&!:E-+:&H!:+4-7#(.!4%!(7#(,(*&#!*4!.@/4#:4#,(*&!#4,+6E(!@-(!,&-*4-(!
*4!7#4.!(0&.H!J!.(%*#E(!(%!,(6&!*4!@-&2!!=-(!.&,+4*(*!Q@4!:+:(!(!%&.!(.4.+-&.!J!(7#(,(*&#4.H!J!.4!
P(,4!+-7#(-.+'4-74!,&-!%&.!9@:(*&#4.!*4!:(#+P@(-(!,+4#7(:4-74!-&!,@:/%4!/(@7(.!:E-+:(.!*4!
:&#(%+*(*2!
f7#&!,(.&!*4!+-:&#(%+*(*!4'#4'+(!4.!4%!Q@4!.4!#49+4#4!(!%(!+-9(:4!cf/4#(,+$-!D(@.(!e@.7(d2!!)-!
-&:6#4!*4!%(!(,7+M+*(*!/&%+,+(%!J!*4!%(!%@,P(!(-7+*#&'(H!%(!-(,+$-!.&64#(-(!*4!"(-(:T!9@4!+-M(*+*(!
/&#!@-!'#(-!,&-7+-'4-74!:+%+7(#!4.7(*&@-+*4-.4H!,+4-7&.!*4!+-&,4-74.!:@#+4#&-H!.4!*4.7#@J4#&-!
/#&/+4*(*4.!/&#!M(%&#!*4!,+4-7&.!*4!:+%%&-4.!*4!*$%(#4.!J!M(#+(.!*&,4-(.!*4!c/&%+,E(.d!:@#+4#&-!
4-!4%!9#4-74!6(_&!4%!9@4'&!*4!.@.!/#&/+&.!,&:/(04#&.2!qK&#/#4-*4!(!(%'@+4-!Q@4!4%!4>/#4.+*4-74!
B@.P!9@4#(!/#T,7+,(:4-74!4:6#4(*&!J!4:/%@:(*&!,@(-*&!4.7o/+*(:4-74!.4!(7#4M+$!(!/+.(#!
"(-(:T!4-!%(!/#+:(M4#(!*4!;AAWr!!)%!/#&/$.+7&!4M+*4-74!*4!%(!+-M(.+$-!9@4!*474-4#!(%!'4-4#(%!
G(-@4%!5-7&-+&!\&#+4'(!J!.4,@4.7#(#%&!(!).7(*&.!=-+*&.!/(#(!_@Y'(#%&2!!S&*&.!P4:&.!M+.7&!(%'@-(!
M4Y!%(.!9(-7(.+&.(.!/4%E,@%(.!/&%+,E(,(.!*4!8&%%Ji&&*H!/4#&!qQ@I!:&#(%!_@.7+9+,(!7(:(0(!(,,+$-!
/&%+,+(%H!Q@4!,&-%%4M$!@-(!,(#-+,4#E(!J!@-(!:&-@:4-7(%!*4.7#@,,+$-!*4!/#&/+4*(*4.r!!"&#!%&!
*4:T.!4%!'4-4#(%!\&#+4'(!gQ@4!.4#E(!_@Y'(*&!/&.74#+&#:4-74!,&:&!/#+.+&-4#&!*4!'@4##(!H!-&!,&:&!
@-!*4%+-,@4-74!,&:o-h!9@4!*@#(-74!:@,P&!7+4:/&!@-!4:/%4(*&!*4%!'&6+4#-&!*4!).7(*&.!=-+*&.!
4-!*+M4#.(.!&/4#(,+&-4.!.4,#47(.H!Q@4!+:/%+,(#&-!+-74-7&.!,%(#(:4-74!+-:&#(%4.!*4!*4.7#@+#!@-!
'&6+4#-&!.&64#(-&!/(#(!/#&:&,+&-(#!&7#&2!!=-!/#+-,+/+&!6T.+,&!*4!%(!%(6&#!/&%+,+(%!4.!Q@4!%&.!
+-&,4-74.!*464-!.4#!/#&74'+*&.2!!=-(!cD(@.(!_@.7(d!*4.*4!%@4'&222!x.4-,+%%(:4-74!/&#Q@4!(.E!%&!
*+,4!4%!7E&!K(:y!!GT.!7(#*4H!4%!'&6+4#-&!P+Y&!7&*&!%&!/&.+6%4!/(#(!,&-*4-(#!(!\&#+4'(!J!_@.7+9+,(#!(.E!
%(!&/4#(,+$-2!!).!.+'-+9+,(7+M&!Q@4!*@#(-74!4%!_@+,+&!%(!*494-.(!*4!\&#+4'(!%%(:(#(!(!*4,%(#(#!(!
(-7+'@&.!_494.!*4!%(!L)5H!J!Q@4!D(#%&.!O4*4#4#H!,&-.+*4#(*&!/&#!%(.!(@7&#+*(*4.!,&:&!@-&!*4!%&.!
:(J&#4.!4>C7#(9E,(-74.!*4%!:@-*&H!%+*4#(#(!4%!*4.9+%4!*4!,#+:+-(%4.!Q@4!*4,%(#(#&-!4-!,&-7#(!.@J(2!!
O4*4#4#!9@4!/#T,7+,(:4-74!/4#*&-(*&!(!,(:6+&!*4!.@!7#(+*&#(!*4,%(#(,+$-!,&-7#(!\&#+4'(!J!
/(#4,4!Q@4!.4#T!/#$>+:(:4-74!4-,(#,4%(*&!*4-7#&!*4%!/#&'#(:(!*4!/#&74,,+$-!(!74.7+'&.!gD&P-!J!
k4+..!;AAWh2!!=-(!M4Y!:T.H!4%!/4Y!'#(-*4!4.!%+64#(*&!/(#(!,&'4#!(%!/4Q@40&2!
q).!c:&#(%d!%(-Y(#!/#&'#(:(.!*4!9@:+'(,+$-!.&6#4!/%(-7(,+&-4.!*4!,&,(!4-!K@*(:I#+,(H!Q@4!
*4.7#@J4-!+-*+.,#+:+-(*(:4-74!,@%7+M&.!J!6&.Q@4.H!Q@4!,&-7(:+-(-!%&.!,@#.&.!*4!('@(!J!,(@.(-!
*(0&.!4,&%$'+,&.!+-,(%,@%(6%4.r!![(%4!%(!/4-(!.40(%(#!Q@4!%(!,&:/(0E(!)%+!O+%%JH!9(6#+,(-74!*4%!
P4#6+,+*(!C+83*$<3&),!"Q@4!4%!'&6+4#-&!*4!).7(*&.!=-+*&.!*4.4(6(!@.(#!4-!"4#oH!.4!-4'$!(!M4-*4#!
4%!/#&*@,7&!/(#(!7(%!9+-H!(%4'(-*&!c,&-.+*4#(,+&-4.!*4!E-*&%4!/#T,7+,(!J!*4!/#+-,+/+&.d!gK@-!;AZZh2!!
)%!P4#6+,+*(!4.!7(-!4.7(6%4!H!/4#:(-4,4!7(-7&!7+4:/&!4-!4%!:4*+&!(:6+4-74!Q@4!4-!%&.!).7(*&.!
=-+*&.!.@!@.&!4.7T!/#&P+6+*&!4-!%(!9@:+'(,+$-!*4!,@%7+M&.!*4.7+-(*&.!(!%(!(%+:4-7(,+$-2!!sH!*4!
P4,P&H!4-!4%!T#4(!*4%!"4#o!*&-*4!Q@4#E(!@.(#.4!P(6E(!_@-7&!(!%(.!/(#,4%(.!,&-!,&,(!,@%7+M&.!/(#(!4%!
,&-.@:&!P@:(-&2!![4#4:&.!4-!4%!D(/E7@%&!WH!\&7(!;?H!,$:&!4-!%&.!(0&.!?]!%(!,&:/(0E(!)%+!O+%%J!
,&%(6&#$!,&-!4%!'&6+4#-&!*4!).7(*&.!=-+*&.!4-!%(!.E-74.+.!+%4'(%!*4!OKL2!!"4#&!4.7(!M4Y!-&!9@4!(.EH!
*4!:&*&!Q@4!@-!9@-,+&-(#+&!*4%!L4/(#7(:4-7&!*4!).7(*&!+-9&#:$!(%!D&-'#4.&!Q@4!4.7(6(-!
6@.,(-*&!ME(.!/(#(!&6%+'(#!(!%(!,&:/(0E(!(!
`X!
!
!
4%(6&#(#!4.4!P4#6+,+*(2!!5.E!9@-,+&-(!4%!c%+6#4!,&:4#,+&d222!)-!4%!M(%%4!*4%!(%7&!8@(%%('(!4-!"4#oH!J(!
.4!P(-!(##&_(*&!;H?!:+%%&-4.!*4!%+7#&.!*4!#%&%23%*"gB#(,R4%(+#4!;AAWhH!:+4-7#(.!Q@4!4%!@.&!(!'#(-!
4.,(%(!*4!#%&%23%*!"WH`CL!J!X/<0).%*)"4-!D&%&:6+(!P(-!/#&M&,(*&!/#&6%4:(.!*4!.(%@*!(!%(.!
/&6%(,+&-4.!+-*E'4-(.!gB&@#'47(@!;AAWh2!!=-!/#&'#(:(!-&!'@64#-(:4-7(%!*4!.@.7+7@,+$-!*4!
,@%7+M&.H!Q@4!.4!M4-E(!#4(%+Y(-*&!,&-!I>+7&!4-!4%!M(%%4!*4!D(@,(!4-!D&%&:6+(!J!,&-.+.7E(!4-!,@%7+M(#!
:&#4#(.!/(#(!%(!,#E(!*4!'@.(-&.!*4!.4*(!g(%'&!Q@4!/#&:47E(!@-&.!64-49+,+&.!%4'(%4.!(o-!:(J&#4.!
Q@4!%&.!*4#+M(*&.!*4!%(!,&,(!J!*4!&7#&.!,@%7+M&.!/#&/@4.7&.!/&#!4%!'&6+4#-&h!.4!M+&!9#@.7#(*&!/&#!
@-(!9@:+'(,+$-!,&-!X/<0).%*)!"+:/@%.(*(!/&#!).7(*&.!=-+*&.H!J!*+#+'+*(!,&-7#(!%(.!/%(-7(,+&-4.!*4!
,&,(!J!(*&#:+*4#(!*4!%(!#4'+$-!gO+&@-@.!;AAWh2!q).!%E,+7&!*4,+#%4.!(!%&.!/&6#4.!,(:/4.+-&.!*4!"4#o!
J!B&%+M+(!Q@4!*464-!(6(-*&-(#!.@!,@%7+M&!:T.!%@,#(7+M&!J!7#(*+,+&-(%H!%(!,&,(H!(%'&!/4#94,7(:4-74!
%4'(%!4-!.@.!/(E.4.H!/&#!@-!.@.7+7@7&!:T.!(,4/7(6%4!(!%&.!&_&.!*4!6@#$,#(7(.!*4!).7(*&.!=-+*&.r!
Q@4!%4.!#4-*+#T!:@,P&!:4-&.H!Q@+YT.!.$%&!@-!74#,+&!*4!.@.!J(!4.,@T%+*&.!+-'#4.&.gG&#(%4.!;AZAh2!!
).7&!4.!*4,+*+*(:4-74!+-:&#(%!J!@-(!M+&%(,+$-!6T.+,(!*4!.@.!*4#4,P&.!P@:(-&.!gB&%*$!J!D%+:4-7!
;AZXl!f77!;AAW(h2!!GT.!(o-H!q,&:&!%4!4>/%+,(!@-!7+/&!#+,&H!6+4-!M4.7+*&H!,(%Y(*&!J!(%+:4-7(*&!4.7(!
*#T.7+,(!*+.:+-@,+$-!*4!+-'#4.&.!(!@-!+-*+&!/&6#4H!*4.,(%Y&!J!/&.+6%4:4-74!*4.-@7#+*&r!qD$:&!
4>/%+,(#%4!Q@4!*464!*4_(#!*4!,@%7+M(#!.@!,&.4,P(!7#(*+,+&-(%!gG(#7+-!;A3]l!G&#7+:4#!;A];l!
"%&i:(-!;A3Al!K,P@%74.!;AZ;hH!*4!@-!4.7+:@%(-74!%E,+7&H!%(!,&,(H!J!.@.7+7@+#%&!/&#!&7#&!4.7+:@%(-74!
%E,+7&H!4%!,(9IH!:T.!*4%!('#(*&!*4!%&.!'#+-'&.r!!K+4-*&!%(!,&,(!@-&!*4!%&.!M4'47(%4.!:T.!-@7#+7+M&.!*4!
%(!#4'+$-!(-*+-(H!J!/(#74!+-74'#(-74!*4!%(.!*+47(.!-(7+M(.!gB@#,P(#*!;A3?l!B@#,P(#*!;A3Al!L@R4!+*"
%/";A3?hH!(!*+94#4-,+(!*4%!,(9I!Q@4!,&-!:@,P&!.$%&!4.!@-(!9@4-74!*4!-+(,+-(!gM+7(:+-(!Bh!/4#&!.+-!
M(%&#!-@7#+7+M&!/#T,7+,&!gf77!;AZ?l!f77!;AA<6hH!Q@4#4#!+:/&-4#!4.74!,(:6+&!*4!,@%7+M&.!4-!%(!
6(7(%%(!c:&#(%d!,&-7#(!%(.!*#&'(.!.$%&!7#(4#T!@-(!:(J&#!*4.-@7#+,+$-!J!:+.4#+(!(!4.7&.!/&6#4.!
+-*+&.2!!"&#!&7#(!/(#74H!P(J!4-!4.7&.!:&:4-7&.!@-!4>,4.&!*4!&94#7(!*4!,(9I!4-!4%!:4#,(*&!J!.@!
/#4,+&!-&!*4_(!*4!,(4#H!.+-!Q@4!.4!M+.%@:6#4-!.40(%4.!*4!#4,@/4#(,+$-!Q@4!(J@*4-!(!%&.!
,@%7+M(*&#4.!gn#(-R4%!+*"%/";AAW(h2!!n+-(%:4-74H!(@-Q@4!4%!:&-&,@%7+M&!*4!%(!,&,(!C!,&:&!7&*&!
:&-&,@%7+M&!C!/#&*@,4!*(0&.!4,&%$'+,&.H!/&#!%&!:4-&.!%(!/%(-7(!4.7T!6+4-!(*(/7(*(!(%!(:6+4-74!
(-*+-&!J!%(!5:(Y&-E(H!:+4-7#(.!%&.!,@%7+M&.!(%74#-(7+M&.!#4Q@+4#4-!@-(!:(J&#!(/&#7(,+$-!*4!
4-4#'E(!J!.@.7(-,+(.!('#&Q@E:+,(.H!%&!,@(%!&,(.+&-(!:(J&#4.!*(0&.!gB#(,R4%(+#4!;AAWh2!
\(7@#(%:4-74H!-&.!*+,4-!Q@4!*464:&.!4>/%+,(#%4.!Q@4!%(!,&,(E-(!4.7T!*4.7#@J4-*&H!(!:+%4.!*4!
R+%$:47#&.!*4!*+.7(-,+(H!%(!.(%@*!*4!-@4.7#&.!P+_&.2!!5@-Q@4H!4.&!.EH!-&.!P(,4!9(%7(!@-!/&,&!*4!.@!
,&,(!/(#(!(#&:(7+Y(#!-@4.7#(!D&,(CD&%(!gQ@4H!*4!P4,P&H!4.!@-!4.7+:@%(-74!(!6(.4!*4!,(94E-(!J!Q@4H!
:+#(!/&#!*$-*4H!*(:&.!(!-@4.7#&.!P+_&.H!f77!;AZ?l!f77!;AA<h!J!/(#(!&674-4#!,&,(E-(!@.(*(!/&#!
-@4.7#(!+-*@.7#+(!9(#:(,I@7+,(2!qD$:&!-&.!.4-7+#E(:&.!.+!@-(!9@4#Y(!4>/4*+,+&-(#+(!*4!(+#(*&.!
.@#,&#4(-&.!(74##+Y(#(!4-![+#'+-+(!J!%&.!4.7(*&.!M4,+-&.H!/(#(!9@:+'(#!,&-!P4#6+,+*(.!%&.!,@%7+M&.!
*4!7(6(,&!J!%&.!*4!(%+:4-7&.!(*J(,4-74.H!+-.+.7+4-*&!4-!Q@4!-@4.7#&.!'#(-_4#&.!*464#E(-!/%(-7(#!
4-!.@!%@'(#!'+-.4-'r!!U@I!+*4(!:T.!(6.@#*(H!J!qQ@I!#4%(,+$-!7+4-4!,&-!-@4.7#&!74:(r!!"@4.!%(!
7+4-4H!J(!Q@4!-@4.7#&!'&6+4#-&!P(!9&#Y(*&!(!.@!P&:$%&'&!,&#4(-&!(!+:/&#7(#!7(6(,&!(!,(:6+&!*4!
&#*4-(*&#4.H!,(*4-(.!*4!:o.+,(!J!.EH!7(:6+I-!'+-.4-'222!/(#(!4Q@+%+6#(#!%(!6(%(-Y(!*4!/('&.2!!
G@,P&.!,&#4(-&.!.4!.+4-74-!_@.7+9+,(*(:4-74!
`3!
!
+-*+'-(*&.H!J!:(-+9+4.7(-!Q@4!-@4.7#&!7(6(,&!J!%(!/@6%+,+*(*!*4%!c8&:6#4!G(#%6&#&d!Q@4!9&:4-7(!
4%!@.&!*4!4.7(!/4#-+,+&.(!J!(*+,7+M(!*#&'(!gK,P4%%+-'!%AAWh!4.7T!*4.7#@J4-*&!%(!.(%@*!*4!.@.!_$M4-4.2!
qU@I!&,@##+#E(!.+!@-(!6(-*(!*4!/&%+,E(.!:4>+,(-&.!4-7#(#(-!/(M&-4T-*&.4!/(#(!(#:(#!%(!'&#*(!4-!
).7(*&.!=-+*&.!J!#(/7(#(-!(!@-!,+@*(*(-&!4.7(*&@-+*4-.4!/(#(!%%4M(#%&!(!GI>+,&!J!,&-*4-(#%&!*4!
(,@4#*&!,&-!%(.!%4J4.!:4>+,(-(.r!!O(!/&%+,E(!*4!).7(*&.!=-+*&.!P(!P4,P&!/#4,+.(:4-74!4.&!4-!
GI>+,&!:T.!*4!@-(!M4Y!*4.&J4-*&!%(.!/#&74.7(.!*4%!/#4.+*4-74!:4>+,(-&!J!.@!4:6(_(*&#2!!)%!
/#4.+*4-74!*4!GI>+,&!P(!%%4'(*&!+-,%@.&!(!(:4-(Y(#!,&-!4>/@%.(#!(!%&.!/&%+,E(.!*4!).7(*&.!=-+*&.!
Q@4!(,7o4-!+%4'(%:4-74!4-!.@!74##+7&#+&!-(,+&-(%2!qD$:&!4.!/&.+6%4!Q@4!4%!7#+6@-(%!.@/#4:&!*4!%&.!
).7(*&.!=-+*&.!*+,7(:+-4!Q@4!%&.!/&%+,E(.!(:4#+,(-&.!Q@4!(,7o(-!9@4#(!*4%!/(E.!-&!4.7T-!.@_47&.!(!
%+:+7(,+&-4.!,&-.7+7@,+&-(%4.r!!).7&!#4.@%7$!,P&,(-74!/(#(!4%!'&6+4#-&!:4>+,(-&H!:@J!,&-.,+4-74!
*4!Q@4!%&.!.4,@(,4.!*4!%(!L)5!-&!#4./47(-!/#4,+.(:4-74!%(.!%4J4.!:4>+,(-(.H!,&-!%&!,@(%!/+*+$!/&#!
ME(!*+/%&:T7+,(!@-(!*4,%(#(,+$-!*4!+-74-,+&-4.!(%!'&6+4#-&!*4!).7(*&.!=-+*&.2!qD$:&!/@4*4!
,&-.+*4#(#!4%!7#+6@-(%!.@/#4:&!Q@4!4%!.4,@4.7#&!*4!@-!,+@*(*(-&!:4>+,(-&!4-!G4>+,&!-&!M+&%(!%&.!
7#(7(*&.!6+%(74#(%4.!*4!4>7#(*+,+$-!4-7#4!(:6&.!/(E.4.r!!).7(!*4,+.+$-!P(!/#&M&,(*&!@-(!.4#+(!
,#+.+.!*4!#4%(,+&-4.!4-7#4!(:6&.!/(E.4.H!J!P(!,&-M4#7+*&!(%!.+.74:(!*4!_@.7+,+(!-&#74(:4#+,(-&!4-!4%!
P(Y:4##4E#!*4!7&*&!4%!:@-*&2!!)%!'&6+4#-&!:4>+,(-&!#4(,,+&-$!.@./4-*+4-*&!74:/&#(%:4-74!%(.!
(,7+M+*(*4.!*4!%(!L)5!4-!GI>+,&H!J!/+*+4-*&!@-(!#4-4'&,+(,+$-!*4!%&.!7#(7(*&.!6+%(74#(%4.!*4!
4>7#(*+,+$-!g5-&-!;AAW(h!q).!I7+,&!Q@4!-@4.7#&.!+:/@4.7&.!.4!@.4-!/(#(!9+-(-,+(#!4-!&7#&.!/(E.4.!
(,7@(,+&-4.!/&%+,+(%4.!+-*+.,#+:+-(*(.H!,&:&!4%!6%&Q@4&!*4!,(##474#(.!J!,+4#7&.!#4'+.7#&.!Q@4!4-!
).7(*&.!=-+*&.!.4!,&-.+*4#(-!+%4'(%4.r!!)%!o-+,&!/#+-,+/+&!:&#(%!Q@4!.4!&6.4#M(!4.!c%(!%4J!*4%!:T.!
9@4#74d2!
!!!)%!(9&#+.:&!c/&*4#&.&!,(6(%%4#&!4.!*&-!*+-4#&d!-&.!:@4.7#(!&7#(!9%('#(-74!+-:&#(%+*(*!*4#+M(*(!
*4!%(!/#&P+6+,+$-2!!O&.!c9(%.&.!64-49+,+&.d!'4-4#(*&.!/&#!4%!7#T9+,&!+%E,+7&!*4!*#&'(.!,#4(-!7&*&!7+/&!
*4!c9(%.&.!/#&947(.d!4-!-@4.7#(!.&,+4*(*2!!5@-Q@4!4%!'&6+4#-&!+-74-74!,&-M4-,4#!(!Q@+4-4.!M+M4-!
4-!%(!/&6#4Y(!*4!Q@4!c4%!,#+:4-!-&!M(%4!%(!/4-(d!&!*4!Q@4!c%(.!*#&'(.!.&-!4.,%(M+7@*d!g@-!4>7#(0&!
4!+-.@%7(-74!:4-.(_4!/(#(!(9#&(:4#+,(-&.H!,@J&.!(-74/(.(*&.!9@4#&-!/#4,+.(:4-74!7#(E*&.!(!
5:I#+,(!4-,(*4-(*&.!/&#!4%!:+.:&!'&6+4#-&!Q@4!(P&#(!P(,4!7(%!(9+#:(,+$-hH!%&.!-+0&.!*4!%&.!
'@47&.!M4-!,$:&!%&.!o-+,&.!Q@4!.@64-!4-!%(!4.,(%(!.&,+(%!4-!%&.!6(##+&.!:(#'+-(%4.H!'(.7(-*&!
,&,P4.H!(:+'&.!J!6@4-(!#&/(H!.&-!%&.!7#(9+,(-74.2!!G@,P(.!*4!%(.!/4#.&-(.!*4!&#+'4-!P@:+%*4!Q@4!
P(-!74-+*&!I>+7&!P&-4.7(:4-74!M+M4-!4-!6(##+&.!*4!:(J&#!,(74'&#E(H!(%!%(*&!*4!%&.!6%(-,&.H!*&-*4!
-&!/@4*4-!,&-.7+7@+#!@-!4_4:/%&!/(#(!%&.!*4:T.2!!"4#&!(%!(%4'#4!,(:4%%&!*4!%(!4.Q@+-(!%4!M(!
&6M+(:4-74!:@,P&!:4_&#!Q@4!(%!,P(M(%!Q@4!.+#M4!P(:6@#'@4.(.!J!,&6#(!4%!.(%(#+&!:E-+:&H!&!(%!
Q@4!6(##4!4%!.@4%&!*4%!.@/4#:4#,(*&2!!)%!(7#(,7+M&!:4#,(*&!%+6#4!*4!*#&'(.!J!.@.!'#(-*4.!
64-49+,+&.!4.7+:@%(!4%!+-.7+-7&!4:/#4.(#+(%!*4!'4-74!Q@4!-&!7+4-4!@-!_@.7&!J!%+6#4!(,,4.&!(%!:@-*&!
*4!%&.!-4'&,+&.2!!D&-M+#7+4-*&!%(.!*#&'(.!4-!@-!-4'&,+&!:@J!%@,#(7+M&!J!(6+4#7&!(!7&*&.H!%(!
/#&P+6+,+$-!,#4(!@-!:(%!4_4:/%&!/(#(!%(!_@M4-7@*H!J!(Q@E!#(*+,(!4%!/#&6%4:(F!%&.!_$M4-4.!*4%!'@47&!
M4-!*$-*4!4.7T-!%(.!&/&#7@-+*(*4.H!J!-&!4.!/#4,+.(:4-74!4-!%(!P(:6@#'@4.4#E(!.+-&!4-!%(.!*#&'(.2!
s(!P4!*47(%%(*&!%(!-(7@#(%4Y(!(-7+,+4-7+9+,(!*4!%(!/#&P+6+,+$-!J!.@!+:/(,7&!(*M4#.&!
`Z!
!
4-!%(!.(%@*!/o6%+,(2!!O4J4.!Q@4!,&-7#+6@J4-!(!%(!/#&/('(,+$-!*4%!KNL5!J!%(!P4/(7+7+.H!Q@4!/#+M(-!*4!
:4*+,(:4-7&.!(!/4#.&-(.!(!%(.!Q@4!.4!/&*#E(!(%+M+(#!.@.!.@9#+:+4-7&.H!Q@4!,&(#7(-!%(!+-M4.7+'(,+$-!
:I*+,(!J!&,(.+&-(-!4-M4-4-(:+4-7&.!/&#!%(!9(%7(!*4!,&-7#&%4.!*4!,(%+*(*!.&6#4!4.7(.!.@.7(-,+(.H!
.&-!%4J4.!#&7@-*(:4-74!+-:&#(%4.2!!K+!4.7@*+(:&.!*474-+*(:4-74!%(!P+.7&#+(!*4!*+,P(.!%4J4.H!
M4#4:&.!Q@4!7&*(.!.4!6(.(-!4-!/#4_@+,+&.!#(,+(%4.H!J!*+.,#+:+-(,+$-!P(,+(!,+4#7(.!:+-&#E(.2!!D&:&!
:&.7#$!e2!84%:4#H!4-!.@!4-.(J&!cL#@'.!(-*!:+-&#+7J!&//#4..+&-d!g84%:4#!;A3?hH!%(.!/#+:4#(.!%4J4.!
(-7+*#&'(!(:4#+,(-(.!9@4#&-!@-!+-74-7&!(/4-(.!*+.+:@%(*&!*4!9#4-(#!4%!/#&'#4.&!4,&-$:+,&!*4!
%&.!4:+'#(-74.!,P+-&.!Q@4!4.7(6(-!*4.6(-,(-*&!(!.@.!#+M(%4.!(:4#+,(-&.2!!5.EH!%(!/#+:4#(!%4J!
(-7+*#&'(!9@4!(/#&6(*(!4-!K(-!n#(-,+.,&!4-!;Z3?!4!+%4'(%+Y$!9@:(#!&/+&H!/(.(7+4:/&!
4>,%@.+M(:4-74!,P+-&H!(@-Q@4!%(!9#4,@4-74!,&.7@:6#4!*4!7&:(#%&!/&#!ME(!&#(%!,&-7+-@$!.+4-*&!
%4'(%2!!)%!.+'@+4-74!/(.&!9@4!(/#&6(#!*4!@-(!%4J!Q@4!/#&P+6+$!4-!;ZZ3!%(!+:/&#7(,+$-!*4!&/+&!/(#(!
9@:(#H!Q@4!.$%&!@.(6(-!%&.!,P+-&.2!!n+-(%:4-74H!4%!,&-'#4.&!:&.7#$!.@.!M4#*(*4#(.!+-74-,+&-4.!(%!
(/#&6(#H!4-!;A];H!%(!cDP+-4.4!)>,%@.+&-!5,7d!Q@4!/#&P+6E(!%(!4-7#(*(!*4!,+@*(*(-&.!,P+-&.2!!GT.!
7(#*4H!%(!:+.:(!#4'%(!9(-T7+,(!.4!(/%+,$!(!%(!,&,(E-(!Q@4!4#(!,&-.+*4#(*(!@-(!*#&'(!*4!-4'#&.l!4-!
+--@:4#(6%4.!#4%(7&.!9(-7T.7+,&.!/@6%+,(*&.!4-!%(!/#4-.(H!.4!7#(-.:+7E(!4%!:4-.(_4!*4!Q@4!c%(!
,&,(E-(!4:/@_(!(!%&.!-4'#&.!*4%!.@#!(!,&:474#!M+&%(,+&-4.d!g84%:4#!;A3?h2!!5,@.(,+&-4.!#(,+.7(.!
*4!4.74!7+/&!4>(,4#6(6(-!%(.!74-.+&-4.!#(,+(%4.H!%%4'T-*&.4!(!,&:474#!-@:4#&.&.!%+-,P(:+4-7&.2!!
O(!P+.7&#+(!.4!#4/+7+$!4-!%&.!(0&.!<]!,@(-*&!4%!9(-7(.:(!*4!%(!:(#+P@(-(!c(.4.+-(!*4!%(!_@M4-7@*dH!
*#&'(!(.&,+(*(!4-7&-,4.!(!%&.!4:+'#(-74.!:4>+,(-&.!/&6#4.H!.4!@.$!/(#(!*+.,#+:+-(#%&.!:4*+(-74!
%(!(/#&6(,+$-!*4!%(!+-9(:4!cG(#+_@(-(!u.+,v!S(>!5,7d!*4!;A<3!g84%:4#!;A3?h2!!O(!*+.,#+:+-(,+$-!
#(,+(%!4.!(6.&%@7(:4-74!+-:&#(%H!J!@7+%+Y(#!%(!%4'+.%(,+$-!.&6#4!*#&'(.!/(#(!%%4M(#%(!(!,(6&!4.!(o-!
:T.!+-(,4/7(6%42!
"4#&!4.7(!%47(-E(!*4!+-:&#(%+*(*4.!*4#+M(*(.!*4!%(!/#&P+6+,+$-H!Q@4!4-!:&*&!(%'@-&!('&7(!4%!
74:(H!4.!Q@+YT.!:4-&.!.+'-+9+,(7+M(!Q@4!%(!:T.!-&7&#+(!J!9(7(%!'#+47(!4-!%(!,(:/(0(!.@/@4.7(:4-74!
c:&#(%d!*4%!'&6+4#-&!*4!).7(*&.!=-+*&.!,&-7#(!c*#&'(.d2!!=-!,(.&!*4!M4#!%(!/(_(!4-!4%!&_&!(_4-&!J!
-&!%(!M+'(!4-!4%!/#&/+&H!/&#Q@4!7(-7&!4%!'&6+4#-&!(:4#+,(-&!g,&:&!:@,P&.!&7#&.!*4%!:@-*&h!
.+4:/#4!P(!4.7(*&!.4#+(:4-74!+-M&%@,#(*&!4-!-4'&,+&.!*4!*#&'(.2!!K4'o-!,+9#(.!'@64#-(:4-7(%4.H!
%&.!+:/@4.7&.!Q@4!%(!(*:+-+.7#(,+$-!94*4#(%H!4.7(7(%!J!%&,(%!#4,(@*(-!4-!).7(*&.!=-+*&.!/&#!M4-7(!
*4!(%,&P&%!g4>,%@J4-*&!%&.!*4!#4-7(!J!/(7#+:&-+&!Q@4!'#(M(-!(!%(.!4:/#4.(.!9(6#+,(-74.!J!
M4-*4*&#(.h!(.,4-*+4#&-!(!;]2<]]!:+%%&-4.!*4!*$%(#4.!g5-&-!;AZ3h2!!)-!&7#(.!/(%(6#(.H!4%!
'&6+4#-&!4.7T!+:/%+,(*&!(!7&*&.!%&.!-+M4%4.!4-!4%!,&:4#,+&!*4!*#&'(.H!J!'(-(!,(*(!(0&!?]!*$%(#4.!
/&#!,(*(!(:4#+,(-&!(*@%7&H!+-,%@J4-*&!(!%&.!(6.74:+&.2!!).7(.!7#4.!(*:+-+.7#(,+&-4.!7(:6+I-!.4!
64-49+,+(-!*4!%&.!+:/@4.7&.!.&6#4!4%!7(6(,&H!(%+:4-7(-*&!4%!PT6+7&!(!%(!-+,&7+-(!:4*+(-74!4%!
(/&J&!Q@4!/#4.7(-!(%!,@%7+M&!:4*+(-74!%&.!.@6.+*+&.!Q@4!,&-,4*4-!(!%(!:T.!:&#7(%!*4!%(.!*#&'(.2!!
)%!7(6(,&!,(@.(!<W]2]]]!:@4#74.!/#4:(7@#(.!(-@(%4.!.$%&!4-!).7(*&.!=-+*&.H!,&-!7&*(!_@.7+,+(H!4%!
,&-'#4.+.7(!,(%+9&#-+(-&!8252j(>:(-!,(%+9+,$!(!%(!+-*@.7#+(!7(6(Q@4#(!*4!c:@%7+6+%%&-(#+&!
-(#,&+:/4#+&d!gBJ#-4!;AZZh2!!5.EH!7&*&.!%&.!4.7(:4-7&.!*4%!'&6+4#-&!.4!P(%%(-!+:/%+,(*&.!4-!4%!
-4'&,+&!*4!%(!*#&'(H!:&-&/&%+Y(-*&!+-,%@.&!%(!M4-7(!*4!(%,&P&%!4-!:@,P&.!4.7(*&.!J!9+_(-*&!%&.!
/#4,+&.2!!U@4*(!(.E!(!%(!M+.7(!%&!P+/$,#+7(!*4!4.7(!,(:/(0(F!/&#!#(Y&-4.!:&#(%4.!
`A!
-&!74!*4_(:&.!@.(#!4.7(!@!&7#(!*#&'(!/4#&!-&.!(%4'#(#T!64-49+,+(:&.!,&-!7@!,&-.@:&!*4!(%,&P&%!J!
-+,&7+-(2!xL+(6%&.H!+-,%@.&!(J@*(#4:&.!(!'(#(-7+Y(#!64-49+,+&.!(!-@4.7#&.!/%(-7(*&#4.H!J!(!M4-*4#!
.@!*#&'(!(!,%+4-74.!#4(,+&.!*4!&7#&.!/(E.4.y!!).7(!-&!4.!@-(!,(:/(0(!:&#(%H!.+-&!%(!:T.!M+%!
P+/&,#4.E(2!!8(!.+*&!7(:6+I-!(/@-7(*&!Q@4!%&.!.@6.+*+&.!('#E,&%(.!*4!/(E.4.!+-*@.7#+(%+Y(*&.!
4:/@_(-!(!%&.!'#(-_4#&.!*4%!S4#,4#!G@-*&!(!/#&*@,+#!*#&'(.!+%E,+7(.H!Q@4!/&#!%&!:4-&.!-&!P(-!*4!
,&:/47+#!,&-7#(!%&.!.@6.+*+&.!gL4!k4:4-74#+(!;AAWh2!
GT.!(o-H!7(%!,&:&!.4!+-*+,(!4-!%&.!D(/E7@%&.!W!g4./4,+(%:4-74!\&7(!;?h!J!<!g/(#7+,@%(#:4-74!\&7(!
WhH!4%!'&6+4#-&!*4!).7(*&.!=-+*&.!4.!,@%/(6%4!7(:6+I-!*4!@.(#!OKL!J!&7#(.!*#&'(.!*4!9&#:(!
+-(*4,@(*(2!!)%!P4,P&!*4!Q@4!4.7&.!4-74$'4-&.!-&!,#44-!PT6+7&H!J!.@!7&%4#(-,+(!.4!/#4.4-74!7(-!
#T/+*(:4-74!Q@4!-&!/@4*(-!4>/4#+:4-7(#.4!494,7&.!,&-!4%!@.&!9#4,@4-74!g*464!7#(-.,@##+#!
(%#4*4*&#!*4!@-(!.4:(-(!4-7#4!7&:(.!&!*4!%&!,&-7#(#+&!-&!P(6#T!494,7&!(%'@-&l!4-!
4>/4#+:4-7(,+$-!(-+:(%!-&!,#4(-!PT6+7&!.+-&!Q@4!.&-!#4P@E*&.l!8&%%+.74#!+*"%/-";AA;hH!P(,4-!Q@4!
@-&!-&!/@4*(!(6@.(#!*4!4%%&.H!*4/4-*+4-*&!7&*&!(6@.&!*4!(*:+-+.7#(#%&.!(!/4#.&-(.!-&!
+-,%+-(*(.!(!4%%&!&!+-,%@.&!-&!+-9&#:(*(.!*4%!P4,P&2!!)-!%&.!(0&.!?]!%(!'@4##(!9#E(!4.7(6(!4-!7&*&!.@!
(/&'4&!J!%(.!(,7+M+*(*4.!*4%!'&6+4#-&!*4!).7(*&.!=-+*&.!*@#(-74!4.4!/4#+&*&!*4!7+4:/&!P(-!.+*&!
,(%+9+,(*(.!,&:&!cN-Q@+.+,+$-!5:4#+,(-(d!g^@7%4#!;AZWh2!!=-!9#@7&!*4!4.(!/(#(-&+(!+-.7+7@,+&-(%!9@4!
4%!/#&J4,7&!G^!=OSk5H!@-(!+-.+*+&.(!&/4#(,+$-!-(,+&-(%!*4!c+-M4.7+'(,+$-d!J!4./+&-(_4!*+#+'+*&!
/&#!%(!5'4-,+(!D4-7#(%!*4!N-74%+'4-,+(!gDN5hH!(.E!,&:&!4.7@*+&.!.+:+%(#4.!.&6#4!c'@4##(!Q@E:+,(!-&!
,&-M4-,+&-(%d!*+#+'+*&.!/&#!4%!)*'4i&&*!5#.4-(%!*4%!4_I#,+7&2!!K+'@+4-*&!@-!/#&'#(:(!*4!
+-M4.7+'(,+$-!.&6#4!*#&'(.!/(#(!+-74##&'(7&#+&.!J!'@4##(!Q@E:+,(!+%4'(%H!.4!(*:+-+.7#(#&-!OKL!J!
&7#&.!4-74$'4-&.!(!C!,@(-*&!:4-&.!}!;2?]]!:+%+7(#4.!-&#74(:4#+,(-&.!4!+-,&-7(6%4.!,+M+%4.!gO44!J!
KP%(+-!;AZ?l!G(#R.!;A3Ah2!!5%'@-&.!*4!4.7&.!:+%+7(#4.!9@4#&-!,&(,,+&-(*&.!/(#(!Q@4!.4!
/#4.4-7(#(-!,&:&!cM&%@-7(#+&.d!(!%(.!/#@46(.H!J!(%'@-&.!,+M+%4.!#4,+6+4#&-!%(!*#&'(!.+-!.@!
,&-.4-7+:+4-7&H!&!.@!,&-&,+:+4-7&2!!O(!*&.+.!(*:+-+.7#(*(!(!@-!4:/%4(*&!*4!%(!DN5H!n#(-R!f%.&-H!
9@4!7(%!Q@4!%4!%%4M$!(!%(!*4/#4.+$-!J!4%!.@+,+*+&2!!)%!'&6+4#-&!:(-7@M&!4-!.4,#47&!%(.!,(@.(.!*4!%(!
:@4#74!gc.4'@#+*(*!-(,+&-(%dH!/&#!.@/@4.7&hH!/4#&!,@(-*&!.4!(/4%$!(!%(!cO4J!.&6#4!%+64#7(*!*4!
+-9&#:(,+$-dH!J!.4!9&#Y$!4%!%+6#4!(,,4.&!(!%&.!(#,P+M&.!*4!G^!=OSk5H!4%!"#4.+*4-74!b4#(%*!n&#*!7@M&!
Q@4!*+.,@%/(#.4!/o6%+,(:4-74!(-74!%(!9(:+%+(!f%.&-2!!L+M4#.&.!,+@*(*(-&.!,(-(*+4-.4.!.&:47+*&.!(!
7&#7@#(!/.+,&%$'+,(!g+-,%@J4-*&!*&.+.!#4/47+*(.!*4!OKLh!,&:&!/(#74!*4!4.7(!c+-M4.7+'(,+$-d!
*4:(-*(#&-!/&.74#+&#:4-74!(%!'&6+4#-&!*4!).7(*&.!=-+*&.!J!#4,+6+4#&-!@-(!+-*4:-+Y(,+$-2!!=-!
,+M+%!.&:47+*&!(!%&.!4>/4#+:4-7&.!*4%!)*'4i&&*!5#.4-(%!:@#+$!(!,(@.(!*4!@-(!.&6#4*&.+.!:(.+M(!
*4!GL52!!=-!:I*+,&!*4%!4_I#,+7&!,&:4-7$!:T.!7(#*4F!c-&!.(6E(:&.!.+!%&!Q@4!%4!*T6(:&.!4#(!&#+-(!
*4!/4##&!&!,@(%Q@+4#!&7#(!,&.(d!gO44!J!KP%(+-!;AZ?l!KP@%'+-!J!KP@%'+-!;AA;h2!!O(!DN5!,&-7#(7$!(!
/#&.7+7@7(.!J!9+%:$!,$:&!*+M4#.&.!,+@*(*(-&.!*#&'(*&.!/&#!4%%(.!#47&Y(6(-!4-!%(!,(:(2!!L+M4#.&.!
4-94#:&.!:4-7(%4.!/&.7#(*&.!4-!@-(!+-.7+7@,+$-!-4&J&#Q@+-(!,(.+!:@#+4#&-!(%!#4,+6+#!+-J4,,+&-4.!
*4!6@9&74-+-(!J!LGS!,&:6+-(*(.!,&-!4%4,7#&.P&,R.!J!,&:(.!+-.@%E-+,&.!gS@:4#!J!G4#%+.!;A?Ah2!!
5%#4*4*&#!*4!Z]]!*#&'(.H!+-,%@J4-*&!OKL!J!6@9&74-+-(H!.4!/#&6(#&-!,&-!/#+.+&-4#&.!*4!@-(!
+-.7+7@,+$-!*4%!'&6+4#-&!4-!O4>+-'7&-H!^4-7@,RJH!%%(:(*(!cD4-7#&!P&./+7(%(#+&!/(#(!%(!+-M4.7+'(,+$-!
*4!(*+,,+&-4.d2!!)-!4.7(!+-.7+7@,+$-!.@6M4-,+&-(*(!,&-!9&-*&.!/o6%+,&.!
?]!
!
g&9+,+(%:4-74!@-(!,T#,4%hJ!,#4(*(!/(#(!,@#(#!*#&'(*+,,+&-4.H!%&.!+-74#-&.!#4,+6E(-!+-J4,,+&-4.!*4!
P4#&E-(!J!:&#9+-(!,&:&!/('&!/&#!.@!,&&/4#(,+$-!4-!%&.!c4>/4#+:4-7&.d!gO44!J!KP%(+-!;AZ?h2!!
D@(-*&!%(!,&:/(0E(!K(-*&Y!*4!K@+Y(H!/#&/+47(#+(!*4!%(.!/(74-74.!*4%!L+/5.<1"g7(#7#(7&!*4!OKLh!.4!
-4'$!(!,&%(6&#(#!,&-!4%!'&6+4#-&!*4!%&.!).7(*&.!=-+*&.!4-!.@!+-74-,+$-!*4!,&-.4'@+#!+-'4-74.!
,(-7+*(*4.!*4%!9T#:(,&!/(#(!@.&.!:+%+7(#4.H!I.74!9&#Y$!(!%(!,&:/(0E(!)%+!O+%%J!*4!N-*+(-(!(!
9(6#+,(#%&H!M+&%(-*&!%&.!(,@4#*&.!+-74#-(,+&-(%4.!.&6#4!/(74-74.2!!)94,7+M(:4-74H!)%+!O+%%J!J!%(!DN5!.4!
,&-M+#7+4#&-!4-!%&.!/#+:4#&.!9(6#+,(-74.!+%4'(%4.!*4!OKLH!:T.!*4!@-(!*I,(*(!(-74.!*4!Q@4!9@4#(!
+%4'(%+Y(*&2!!).!+--4,4.(#+&!*4,+#!Q@4!(*:+-+.7#(#!9T#:(,&.!4>/4#+:4-7(%4.!(!/4#.&-(.!.+-!.@!
,&-&,+:+4-7&!&!,&-.4-7+:+4-7&H!4./4,+(%:4-74!(!4-94#:&.!:4-7(%4.!+-*494-.&.!J!(!/#+.+&-4#&.H!
4.!(%7(:4-74!+-:&#(%!J!,&-7#(M+4-4!7&*(!I7+,(2!!"&#!-&!:4-,+&-(#!%(!+-:&#(%+*(*!*4!,&-7#(7(#!(!
/#&.7+7@7(.!,&-!*+-4#&!*4!%&.!,&-7#+6@J4-74.!J!*#&'(#!(!.@.!,%+4-74.H!:+4-7#(.!/4#M4#.&.!('4-74.!
*4!%(!DN5!9+%:(-!/4%E,@%(.!/&#-&!*47#T.!*4!%&.!4./4_&.!*4%!6@#*4%2!
\&!,(64!*@*(!*4!Q@4!%(.!c+-M4.7+'(,+&-4.d!*4%!/#&J4,7&!G^!=OSk5!,&-7#+6@J4#&-!(!*+9@-*+#!4%!@.&!
4>7#(,+4-7E9+,&!*4!%(!OKL!4-!).7(*&.!=-+*&.!J!4-!:@,P&.!&7#&.!/(E.4.!gO44!J!KP%(+-!;AZ?l!K74M4-.!
;AZ3hH!:+4-7#(.!/@6%+,(,+&-4.!*4!9&-*&.!/(7#&,+-(*&.!,&:&!7(/(*4#(!g,&:&!%(!e&.+(P!G(,J!e#2!
n&@-*(7+&-H!/&#!4_4:/%&h!/#&:&M+4#&-!@-!+-74#I.!,+4-7E9+,&H!/&/@%(#!J!,%E-+,&!P(,+(!%(!*#&'(!
g56#(:.&-!;A?Xl!56#(:.&-!;AX]h2!!).7(.!c+-M4.7+'(,+&-4.dH!J!%(!,&-.+'@+4-74!/#&:&,+$-!*4%!@.&!
%o*+,&!*4!OKLH!9@4#&-!%%4M(*(.!(!,(6&!/&#!4%!:+.:&!'&6+4#-&!Q@4!:T.!7(#*4!&.(#E(!+%4'(%+Y(#!%&.!
4-74$'4-&.H!6(.T-*&.4!4-!c,&-.+*4#(,+&-4.!:&#(%4.d!J!*4!.(%@*!/o6%+,(2!
)%!'&6+4#-&!*4!).7(*&.!=-+*&.!-&!.$%&!.4!P(%%(!+:/%+,(*&!4-!4%!7#T9+,&!*4!4:6#+('(-74.!%4'(%4.H!J!
4.!,@%/(6%4!*4!@.(#!(6@.+M(:4-74!OKL!4-!4>/4#+:4-7&.!.4,#47&.H!.+-&!Q@4!C!!,&:&!(74.7+'@(-!
/#@46(.!(6@-*(-74.!C!P(!/(#7+,+/(*&!4-!4%!7#T9+,&!*4!*#&'(.!+%4'(%4.!/(#(!9+-(-,+(#!&/4#(,+&-4.!
:+%+7(#4.!.4,#47(.2!!D&-!4%!/#474>7&!*4!(J@*(#!(%!/@46%&!8:&-'!*4!O(&.H!-@4.7#&.!c(%+(*&.!
*4:&,#T7+,&.d!4-!%(!c%@,P(!,&-7#(!4%!,&:@-+.:&d!4-![+47-(:H!,+4#7(.!,&:/(0E(.!.4,#47(.!*4!%(!
DN5!,&:&!Cd5+#!5:4#+,(d!%%4M(#&-!&/+&!(!K(+'$-!*4.*4!4%!cS#+T-'@%&!*4!f#&d!gG,D&J!;A3Wh2!!D&:&!
%(.!(*&#:+*4#(.!4#(-!4%!o-+,&!/#&*@,7&!4>/&#7(6%4!*4!%&.!8:&-'H!4%!'&6+4#-&!4-7#$!.4,#47(:4-74!
4-!4%!-4'&,+&!*4%!,&-7#(6(-*&!*4!&/+&!(J@*(-*&!(!-@4.7#&.!c(%+(*&.d!(!%%4M(#!.@!/#&*@,7&!(!%(.!
#49+-4#E(.!*4!K(+'$-2!!O(!P+.7&#+(!*+&!@-!'+#&!P&##+/+%(-74!,@(-*&!%(!*+M+.+$-!*4!+-M4.7+'(,+&-4.!
,#+:+-(%4.!*4%!4_I#,+7&!*4.,@6#+$!Q@4!,(*TM4#4.!*4!.&%*(*&.!(:4#+,(-&.!:@4#7&.!4-![+47-(:!
4.7(6(-!.+4-*&!*4.7#+/(*&.!J!#4%%4-(*&.!,&-!P(.7(!W<!R+%&.!*4!P4#&E-(!/&#!@-+*(*H!J!
/&.74#+&#:4-74!7#(-./&#7(*&.!4-!(M+&-4.!*4%!'&6+4#-&!(!%(!6(.4!\&#7&-!*4!%(.!n@4#Y(.!5I#4(.!4-!
D(%+9&#-+(!g^i+7-J!;AZ3h2!!).7(!:&*(%+*(*!*4!,&-7#(6(-*&!.4!#4/+7+$!4-!4%!M4#'&-Y&.&!4.,T-*(%&!
cN#(-CD&-7#(d!*@#(-74!4%!:(-*(7&!*4!k2!k4('(-2!![+&%(-*&!@-(!/#&P+6+,+$-!*4%!D&-'#4.&!Q@4!
+:/4*E(!(J@*(#!(!%&.!c,&-7#(.dH!@-(!6(-*(!(-7+.(-*+-+.7(!*4!,&-7#(#4M&%@,+&-(#+&.H!&#'(-+Y(*(!J!
9+-(-,+(*(!/&#!%(!DN5!g%&.!.(-*+-+.7(.!,&-.7+7@E(-!4-7&-,4.!4%!'&6+4#-&!4%4,7&!4-!\+,(#('@(hH!.4!
&#'(-+Y(#&-!.4,#47(:4-74!4-ME&.!*4!(#:(.!J!:@-+,+$-!(!4.74!'#@/&2!!5%'@-&.!/+%&7&.!+:/%+,(*&.!
*4,%(#(#&-!/&.74#+&#:4-74!Q@4!@-(!M4Y!*4.,(#'(*(!%(!:@-+,+$-!4-!D4-7#&(:I#+,(H!M&%ME(!(!
,(#'(#.4!,&-!,&,(E-(!J!:(#+P@(-(!/(#(!4%!M+(_4!*4!#4'#4.&2!!5-74!@-!D&:+7I!*4%!K4-(*&H!4%!/+%&7&!
G2!S&%+M4#-!4>/%+,$!,$:&!P(6E(!
?;!
!
7#(-./&#7(*&!;?!7&-4%(*(.!*4!(#:(.!*4.*4!%(!6(.4!:+%+7(#!*4!8&:4.74(*!4-!n%&#+*(!(!5'@(,(74H!
8&-*@#(.H!4-!@-!LDCX!Q@4!7#(_&!*4!M@4%7(!,&-!@-!,(#'(:4-7&!*4!W?2<X]!%+6#(.!*4!:(#+P@(-(!
gO(6#&@.4!+*"%/-";AAWh2!!O(!:(#+P@(-(!J!,&,(E-(!,&-7#+6@J4#&-!4-!'#(-!:4*+*(!(!%(!9+-(-,+(,+$-!
+%4'(%!*4!4.7(!.$#*+*(!&/4#(,+$-2!!L@#(-74!@-(!*4!%(.!.4.+&-4.!*4!%(!+-M4.7+'(,+$-!Q@4!&#'(-+Y$!4%!
D&-'#4.&!/(#(!4.,%(#4,4#!4.74!(.@-7&H!@-&.!:(-+94.7(-74.!+##@:/+4#&-!4-!%(!.(%(!/(#(!4>+'+#!Q@4!
.4!*4:&.7#(#(!%(!,@4.7+$-!*4%!,&-7#(6(-*&!*4!,&,(E-(2!!).7&!/#&M&,$!@-(!.4#+4!*4!/#4'@-7(.!/&#!
/(#74!*4!@-&!*4!%&.!:+4:6#&.!*4!%(!D&:+.+$-H!,&-!%&!,@(%!4%!"#4.+*4-74!*4!%(!:+.:(H!4%!.4-(*&#!L2!
N-&@J4!C!*4!8(i(+!C!*4,#47$!Q@4!%(!.4.+$-!.4!#4(%+Y(#(!(!/@4#7(!,4##(*(!/&#!#(Y&-4.!*4!c.4'@#+*(*!
-(,+&-(%dH!%4_&.!*4!%(.!,T:(#(.!J!4%!/o6%+,&2!!=-&!*4!%&.!Q@4!/#&74.7(#&-!9@4!,&-*4-(*&!(!7#4.!(0&.!
*4!/#+.+$-H!.+-!Q@4!-+-'@-&!*4!%&.!,&-7#(6(-*+.7(.!Q@4!7#(6(_(6(-!/(#(!k4('(-!9@4#(!_(:T.!
%%4M(*&!(!_@+,+&!gG,D&J!J!B%&,R!;AAWl!G(#.P(%%!;AA;l!K,&77!J!G(#.P(%%!;AA;h2!!=-&!*4!%&.!Q@E:+,&.!
:T.!9(:&.&.!*4%!:4#,(*&!-4'#&!*4!OKL!4-!%&.!X]H!k282!K7(#RH!(!Q@+4-!.4!(7#+6@J4!%(!9(6#+,(,+$-!*4!
W]]!:+%%&-4.!*4!*&.+.H!Q@4*$!/(74-74!,&:&!('4-74!*4!%(!DN5!4-!@-!.4-.(,+&-(%!_@+,+&!,4%46#(*&!4-!
N7(%+(!g).,&P&7(*&!;AZA(l!O44!J!KP%(+-!;AZ?h2!q5,7@$!4.74!P&:6#4!/&#!,@4-7(!/#&/+(!&!4.7(6(!%(!
DN5!*+.7#+6@J4-*&!OKL!4-7#4!P+//+4.!J!#(*+,(%4.H!.+'@+4-*&!,+4#7(!*4.,4#46#(*(!c'@4##(!Q@E:+,(d!
-&!,&-M4-,+&-(%r!!L4./@I.!*4!7&*&H!%(!DN5!P(6E(!.+*&!/+&-4#(!4-!%(!.E-74.+.!,%(-*4.7+-(!*4!OKLH!J!
9&:4-7(*&!.@!@.&!4-!c+-M4.7+'(,+$-d!/(7#&,+-(*(!/&#!.@.!&#'(-+Y(,+&-4.!c7(/(*4#(d2!
K@'+4#&!Q@4!@-!'&6+4#-&!,&:&!4%!*4!).7(*&.!=-+*&.!,&-7#&%(*&#!*4!@-(!%@,#(7+M(!&/4#(,+$-!Q@4!
:@4M4!6+%%&-4.!9&:4-7(-*&!4%!@.&!*4!*#&'(.!%4'(%4.H!:(7(!(!,+4-7&.!*4!/4#.&-(.!+-&,4-74.!/(#(!
*474-4#!(!@-&!*4!.@.!(-7+'@&.!4:/%4(*&.!g/(.(*&!*@#(-74!;?!(0&.!/&#!,@(7#&!(*:+-+.7#(,+&-4.!
/#4.+*4-,+(%4.!/(#(!*+M4#.(.!&/4#(,+&-4.!.4,#47(.hl!@-!'&6+4#-&!Q@4!P(!4-M4-4-(*&!.4,#47(:4-74!
,&-!OKL!J!&7#(.!*#&'(.!(!+-,&-7(6%4.!,+M+%4.H!4-94#:&.!:4-7(%4.!J!/#+.+&-4#&.H!Q@4!P(!9+%:(*&!
,%(-*4.7+-(:4-74!,$:&!,&-7#+6@J4-74.!*#&'(*&.!.4!*+M4#7E(-!4-!%(!,(:(!,&-!/#&.7+7@7(.!/('(*(.!
,&-!*+-4#&!/o6%+,&H!Q@4!4:/@_$!(!@-&!*4!.@.!9@-,+&-(#+&.!(%!.@+,+*+&!/&-+I-*&%4!OKL!4-!.@!,$,74%H!
Q@4!-&!P(!*@*(*&!4-!7#(9+,(#!,&-!-(#,$7+,&.!J!,&,(E-(H!#4,(@*(-*&!*+-4#&!.@,+&!/(#(!(,,+&-4.!
:+%+7(#4.!+%4'(%4.H!,&-7#(!%(!/#&P+6+,+$-!4>/#4.(!*4%!D&-'#4.&H!-&!7+4-4!6(.4!:&#(%!(%'@-(!/(#(!
/#&P+6+#!-+-'@-(!*#&'(2!!O(.!(,,+&-4.!*4!4.74!'&6+4#-&!C!-&!.@.!/(%(6#(.!:@4.7#(-!@-(!,#@4%!
*4.,&-.+*4#(,+$-!P(,+(!%(!.4'@#+*(*!/o6%+,(H!J!@-!*4.4&!*4!%&'#(#!.@.!&6_47+M&.!/&%E7+,&.H!7(-7&!
*&:I.7+,&.!,&:&!+-74#-(,+&-(%4.H!(!,@(%Q@+4#!/#4,+&2!
!
!
=8!&898!'&;#<:%&8!$'!=8!:;#'$8!
!
!!!!K4'o-!@-!#4,+4-74!(-T%+.+.!4,&-$:+,&!.&6#4!%(!/#&P+6+,+$-!*4!*#&'(.!4-!).7(*&.!=-+*&.H!4-!;AZ3!
4.(!#4/#4.+$-!,&.7$!(%!:4-&.!;]2]]]!:+%%&-4.!*4!*$%(#4.2!!5/#&>+:(*(:4-74!%(!:+7(*!*4!4.7(!
.@:(!9@4!.@9#('(*(!/&#!'&6+4#-&!94*4#(%2!!O(!&7#(!:+7(*!,&##4./&-*+$!(!(@7&#+*(*4.!4.7(7(%4.!J!
%&,(%4.!g\(*4%:(--!;AZAh2!!5!:4*+*(!Q@4!%(.!9@4#Y(.!(#:(*(.!*4!).7(*&.!=-+*&.!C!-@-,(!
,(#(,74#+Y(*(.!/&#!.4#!(P&##(7+M(.!C!.4!+-M&%@,#(-!:T.!4-!%(!c'@4##(dH!:T.!.4!*+./(#(-!%&.!'(.7&.2!!
=-!.4-(*&#!/&#!G+,P+'(-H!
?W!
!
D2!O4M+-H!4.7+:$!4%!,&.74!:+%+7(#!/&#!(%+_&!*4!*#&'(!(/#4P4-*+*&!4-!W!:+%%&-4.!*4!*$%(#4.H!J!,+9#$!,(*(!*4
#4(%+Y(*(!/&#!%(!G(#+-(!4-!<X]2]]]!*$%(#4.!gG(#.P(%%!;AZZ6h2!!)-!@-!/(E.!Q@4!J(!7+4-4!4%!E-*+,4!*4!#4,%@.
,T/+7(!:T.!(%7&!*4%!:@-*&H!%(!D&:+.+$-!"4-+74-,+(#+(!4.7+:(!Q@4!%(!/&6%(,+$-!*4!%(.!/#+.+&-4.!94*4#(%4.!
*&6%(#T!&!7#+/%+,(#T!4-!%(!/#$>+:(!*I,(*(H!/(.(-*&!*4!%&.!?]2]]]!/#4.&.!(,7@(%4.!(!;]]2]]]!&!;?]2]]]H!
,(%,@%(-*&!Q@4!%(!:+7(*!*4!4%%&.!.4#T-!4-,(#,4%(*&.!/&#!M+&%(#!%(.!%4J4.!(-7+*#&'(!gD&:+.+$-!"4-+74-,+(#
).7(*&.!=-+*&.!;AZ3h2!!O(.!.4-74-,+(.!#4%(,+&-(*(.!,&-!(.@-7&.!*4!*#&'(.!J(!.4!P(-!,&-M4#7+*&!4-!/#+:
,(@.(!*4!4-,(#,4%(:+4-7&!4-!4%!4.7(*&!*4!\@4M(!s&#R!J!&7#&.!%@'(#4.2!!D&:&!,&:4-7(6(!4%!/#&94.&#!
\(*4%:(--!g\(*4%:(--!;AZAhF!
!
O(.!(@7&#+*(*4.!4.7(7(%4.!J!%&,(%4.!'(.7(#&-!4%!(0&!/(.(*&!,&:&!:E-+:&!W]]]!:+%%&-4
*$%(#4.!4-!4-,(#,4%(#!(!c*4%+-,@4-74.d!#4%(,+&-(*&.!,&-!%(.!*#&'(.2!!)%!,&.74!*+#4,7&!*
,&-.7#@,,+$-!J!:(-74-+:+4-7&!*4!%(.!/#+.+&-4.!-4,4.(#+(.!/(#(!(%64#'(#!(!4.7(!/&6%(,+
,#4,+4-74!4.7T!(%,(-Y(-*&!,+9#(.!(.7#&-$:+,(.2!!O&.!,&.74.!4-!7I#:+-&.!*4!+-4M+7(6%4.!
.&,+(%4.!(%74#-(7+M&.H!J!%&.!Q@4!*4#+M(-!*4!,#+:+-(%4.!-&!4-,(#,4%(*&.!.&-!Q@+YT.!(o-!:
.4#+&.2!
!
).7&!/&#!-&!:4-,+&-(#!%(!/I#*+*(!*4!+-'#4.&.!9+.,(%4.!&674-+*&.!*4!4.7&.!*4%+-,@4-74.H!Q@4!/+4#*4-!.
4:/%4&!J!M(-!(!%(!,T#,4%H!/(.(-*&!(!%(!9@4#Y(!*4!,+@*(*(-&.!Q@4!/('(-!+:/@4.7&.!(!.4#!@-(!,(#'(!/o6%+,
).7(!:(%M4#.(,+$-!:(.+M(!*4%!*+-4#&!*4!%&.!,&-7#+6@J4-74.!4.7T!4-#+Q@4,+4-*&!(!%&.!,#+:+-(%4.H!,&-7#+6@
(!%(!/#&/('(,+$-!*4%!KNL5!J!%(!P4/(7+7+.H!4-7&#/4,+4-*&!%(!+-M4.7+'(,+$-!6+&:I*+,(H!*4'#(*(-*&!%(!:&#(%
@-(.!9@4#Y(.!/&%+,+(%4.!Q@4!.@,@:64-!(!%(!,&##@/,+$-H!,&-7#+6@J4-*&!(%!*4./#4,+&!/&#!%(!%4J!J!9#(,(.(-*
.@!+-74-7&!*4!*+.@(*+#!(!%&.!W]C`]!:+%%&-4.!*4!(:4#+,(-&.!Q@4!/4#.+.74-!4-!.@.!/#&/$.+7&.!*4!7&:(#!*#&
+%4'(%4.2!!K+!4-!M4Y!*4!,4*4#!4%!,&-7#&%!*4%!:4#,(*&!*4!*#&'(.!(!*4%+-,@4-74.H!Q@4!.4!4-#+Q@4,4-!J!.4!P(,
/&*4#&.&.H!4%!'&6+4#-&!%4'(%+Y(#(!4.7(.!*#&'(.H!%&.!;]2]]]!:+%%&-4.!*4!*$%(#4.!*4!/I#*+*(.!.4!/&*#E(-!
,&-M4#7+#!,@(-*&!:4-&.!4-!;]2]]]!:+%%&-4.!/&#!-@4M&.!+:/@4.7&.H!Q@4!/&*#E(-!+-M4#7+#.4!4-!/#&'#(:(
4*@,(7+M&.!.&6#4!*#&'(.!J!7#(7(:+4-7&.2!!5*4:T.H!.4!(P&##(#E(-!;]2]]]!:+%%&-4.!*4!*$%(#4.!-&!/4-(%+Y(
;]{!&!;?{!*4!%(!/&6%(,+$-!*4!).7(*&.!=-+*&.2!!).74!,(:6+&!*4!/&%E7+,(!.@/&-*#E(!@-!64-49+,+&!-47&!:E-
*4!W]2]]]!:+%%&-4.!*4!*$%(#4.!/(#(!%(.!(#,(.!94*4#(%4.H!4.7(7(%4.!J!%&,(%4.2!!s!/&*#E(!(J@*(#!(!#4*@,+#!4%!*
*4%!/#4.@/@4.7&!94*4#(%2!
K+-!4:6(#'&H!:@,P&!:T.!+:/&#7(-74!Q@4!4%!(P&##&!4,&-$:+,&!4.!Q@4!4%!'&6+4#-&!/&*#E(!
4:/4Y(#!(!4_4#,4#!@-!,&-7#&%!*4%!:4#,(*&H!4-!M4Y!*4!+-,@:/%+#!.@.!#4./&-.(6+%+*(*4.!J!(6(-*&-(#!
4%!,&-7#&%!*4%!:4#,(*&!(%!4%4:4-7&!,#+:+-(%2!!U@4!-&!P(J(!,&-9@.+&-4.!(%!#4./4,7&F!*4_(-*&!*4!
%(*&!%&!Q@4!*+'(!4%!'&6+4#-&H!+%4'(%+Y(#!%(.!*#&'(.!-&!,&-.7+7@J4!*4!-+-'@-(!:(-4#(!@-(!9&#:(!*4!
,&-7#&%(#!4.74!:4#,(*&2!!O(!+%4'(%+Y(,+$-!*4!%(.!*#&'(.!.@/&-4!*4_(#!Q@4!%&.!7#(9+,(-74.!*4%!
:4#,(*&!-4'#&!,&-7#&%4-!4%!-4'&,+&2!!O&.!,&:4#,+(-74.!+%4'(%4.H!J!-&!4%!'&6+4#-&H!*474#:+-(-!%(!
/@#4Y(!J!%(!(*@%74#(,+$-l!%&.!9(6#+,(-74.H!J!-&!4%!'&6+4#-&H!*4,+*4-!Q@I!/#&*@,7&.!.4!M4-*4-H!J!
:(#,(-!%&.!
?<!
!
/#4,+&.2!!O(!P+.7&#+(!*4:@4.7#(!Q@4H!(*4:T.!*4!#4.@%7(#!:T.!4,&-$:+,(H!%(!#4'@%(,+$-!%4'(%!4.!@-!
:I7&*&!:T.!494,7+M&!/(#(!#4*@,+#!4%!,&-.@:&2!!G+4-7#(.!4%!'&6+4#-&!*4!).7(*&.!=-+*&.!+%4'(%+Y$!4%!
(%,&P&%!(!-+M4%!94*4#(%!C!*@#(-74!4%!/4#+&*&!;AW]C;A<<C!4%!'&6+4#-&!*4!b#(-!B#47(0(!&/7$!/&#!%(!
#4'@%(,+$-!%4'(%F!(@:4-7&!*4!%&.!+:/@4.7&.H!#4.7#+,,+$-!*4%!P&#(#+&!*4!M4-7(!J!/#&P+6+,+$-!*4!%(!
M4-7(!(!:4-&#4.2!!5@-Q@4!4-!).7(*&.!=-+*&.!%(!/#&/&#,+$-!*4!:@4#74.!/&#!,+##&.+.!P4/T7+,(!
g,&-.4,@4-,+(!,(.+!4>,%@.+M(!*4%!(%,&P&%+.:&h!*4.,4-*+$!4-!@-!?]{!*@#(-74!%(!/#&P+6+,+$-!g%&!,@(%!
.@'4#E(!@-!*4.,4-.&!*4%!?]{!4-!4%!,&-.@:&!*4!(%,&P&%hH!4-!%&.!(0&.!X]!M&%M+$!(!(@:4-7(#!P(.7(!
%&.!-+M4%4.!/#4M+&.!(!%(!/#&P+6+,+$-2!!G+4-7#(.!7(-7&H!4-!b#(-!B#47(0(H!,&-!4%!,&-7#&%!*4%!:4#,(*&!
*4!(%,&P&%!%4'(%!*+.40(*&!/(#(!#4*@,+#!4%!,&-.@:&H!4%!/&#,4-7(_4!*4!:@4#74.!/&#!,+##&.+.!*4%!
PE'(*&!*4.,4-*+$!*4!9&#:(!.+:+%(#!g@-!?]{h!*@#(-74!4%!/4#+&*&!*4!/#&P+6+,+$-!4-!).7(*&.!=-+*&.H!
%@4'&!M&%M+$!(!*4.,4-*4#!&7#&"?]{"gP(.7(!@-!W?{!*4%!7&7(%!+-+,+(%h!P(,+(!;A`]H!(-74.!*4!.+7@(#.4!4-!
;AX<!4-!4%!<<{!*4!%(!7(.(!*4!;A;`!g[(-,4!+*"%/-";AZAh2!!5*4:T.!*4!(@:4-7(#!%(!#4,(@*(,+$-!9+.,(%!
J!4M+7(#!4%!*4./+%9(##&!*4!9&-*&.!'@64#-(:4-7(%4.!J!#4,@#.&.!*4!%(!/&%+,E(H!4%!'&6+4#-&!6#+7T-+,&!
(%,(-Y$!#4*@,,+&-4.!4Q@+M(%4-74.!&!:(J&#4.!*4%!(%,&P&%+.:&!:4*+(-74!@-!,&-7#&%H!%4'(%H!:+4-7#(.!
Q@4!4%!'&6+4#-&!*4!).7(*&.!=-+*&.H!%&!(6(-*&-$!J!9&:4-7$!4%!(@:4-7&!*4%!,#+:4-!&#'(-+Y(*&2!!)-!
%@'(#!*4!'(.7(#!;]2]]]!:+%%&-4.!(-@(%4.!4-!@-(!c'@4##(!(-7+*#&'(d!Q@4!.$%&!4>(,4#6(!4%!/#&6%4:(!
J!9+-(-,+(!(!%(.!&#'(-+Y(,+&-4.!,#+:+-(%4.H!M(!.+4-*&!P&#(!*4!Q@4!4%!'&6+4#-&!*4!).7(*&.!=-+*&.!
*4_4!*4!4%@*+#!.@!#4./&-.(6+%+*(*!J!4:/+4,4!(!,&-7#&%(#!4%!,&-.@:&!*4!*#&'(.!4-!%(!.&,+4*(*!
(:4#+,(-(2!
!
!
!
I(;9!JCK!#;!(;$':;0!78&'9!E9'#5'!8L!KM580%0!G!=8!'CE;9%8N!
!
)-!,&-.+*4#(,+$-!(!%(!%+64#7(*!J!%(!*+'-+*(*H!(!%(!*4:&,#(,+(!J!(!%&.!+-74#4.4.!*4!%(!:(%7#4,P(!
4,&-&:E(!*4!).7(*&.!=-+*&.H!4.!P&#(!*4!*4,#47(#!@-(!7#4'@(!4-!4.7(!c'@4##(!,&-7#(!%(!*#&'(dH!@-!
(%7&!4%!9@4'&!+-,&-*+,+&-(%2!!"&*4:&.!4:/4Y(#!*4./4-(%+Y(-*&!%&.!4-74$'4-&.H!#4,%(.+9+,T-*&!%&.!
,&:&!:4*+,(:4-7&.!,&-!#4,47(H!,&:&!P(!P4,P&!#4,+4-74:4-74!4%!'&6+4#-&!.@+Y&2!!5.E!-@4.7#&.!
:I*+,&.!4!+-M4.7+'(*&#4.!,%E-+,&.!/&*#T-!#4(-@*(#!4%!9#@,7E94#&!4.7@*+&!*4%!/&74-,+(%!74#(/I@7+,&!
*4!4.7&.!9T#:(,&.!o-+,&.H!+-M4.7+'(,+$-!Q@4!7(-!4Q@+M&,(*(:4-74!.4!.@./4-*+$!4-!%&.!(0&.!X]2!!
).7&.!:(#(M+%%&.&.!:4*+,(:4-7&.H!4-7+*(*4.!:&%4,@%(#4.!Q@4!,&-.7+7@J4-!@-(!4./4,+4!*4!c'#+47(d!
4-!4%!4*+9+,+&!*4!%(!#(,+&-(%+*(*!:(74#+(%+.7(!g8&99+-(-!;AZ]hH!/&*#E(-!,&-M4#7+#.4!4-!#4:4*+&.!*4!
4>,4/,+$-!/(#(!@-(!P@:(-+*(*!P+/4#:(74#+(%+.7(!(!%(.!/@4#7(.!*4!@-!-@4M&!:+%4-+&222!@-!-@4M&!
:+%4-+&!Q@4!/&*#E(!.4#!4%!,&:+4-Y&!*4!@-(!-@4M(!)*(*!*4!f#&H!&!%(!,&-7+-@(,+$-!J!4./(-7&.(!
,@%:+-(,+$-!*4!@-!,(7(,%+.:&!,@%7@#(%!J!@-!P&%&,(@.7&!6+&%$'+,&2!
O(!4.4-,+(!*4!%(!4>/4#+4-,+(!/#&/&#,+&-(*(!/&#!4-74$'4-&.!4.!4%!I>7(.+.H!4-!4%!.4-7+*&!&#+'+-(%!
*4!4.(!:(-+*(!/(%(6#(!T"+FT.*%.<.!"c#47#(4#.4!4%!(%:(!*4%!,@4#/&d!g.4'o-!+/"IQ0)&1"J,?/<.$"
L<(*<),%&5!"D&:/(,7!)*+7+&-H!/2Z<;h2!O&!Q@4!k2b&#*&-!j(..&-!*4-&:+-$!4%!4.7(*&!c+-,&#/$#4&dF!
!
5%%E!4.7(6(!J&H!.@./4-*+*&!4-!4%!4./(,+&H!@-!&_&!+-,&#/$#4&H!+-M+.+6%4H!+-7(-'+6%4H!
&6.4#M(-*&!.+-!.4#!M+.7&!gj(..&-!;A?3l!MI(.4!7(:6+I-!D(/E7@%&!?H!-&7(!<h!
?`!
!
GT.!,&-,#47(:4-74H!4.!@-!4.7(*&!+-49(6%4!*4!'#(,+(!4./+#+7@(%H!*&-*4!4%!@-+M4#.&!.4!
4>/4#+:4-7(!:T.!,&:&!4-4#'E(!Q@4!,&:&!:(74#+(!gf77!;A33(h2!!=-!4.7(*&!*&-*4!%(!4>+.74-,+(!4.!
4./+#+7@(%!J!-&!:(74#+(%!g8&9:(--!;AZZh2!!).!%(!6(.4!J!4.4-,+(!*4%!,P(:(-+.:&H!4>/4#+4-,+(!
#4%+'+&.(!(#Q@47E/+,(2!!)-!4%!:@-*&!(#,(+,&H!J!4-!%(.!,@%7@#(.!T'#(9(.!Q@4!P(-!.&6#4M+M+*&!(+.%(*(.!
P(.7(!-@4.7#&.!*E(.H!4%!,P(:(-+.:&!J!4%!I>7(.+.!#4/#4.4-7(-!4%!4/E7&:4!*4!%(!,@%7@#(H!,@:6#4!
4-7#4!%&.!%&'#&.!*4!%(!P@:(-+*(*!gD(%M+-!;AA;h2!!)%!,P(:T-!4.!4%!,4-7#&!*4!.@!7#+6@!T'#(9(H!4%!
7(@:(7@#'&H!4%!c/.+,&,&:/&dH!4%!/.+,&-(@7(!(#Q@47E/+,&!Q@4!M+(_(!(%!&7#&!:@-*&!/(#(!+-74#,4*4#H!
4-!-&:6#4!*4!%&.!.@J&.H!(-74!.@.!(-,4.7#&.!&!%&.!*+&.4.2!!)-!%(!)#(!*4!%&.!)-74$'4-&.!gj(..&-!
;AZ]hH!4-!4%!:@-*&!(#,(+,&!Q@4!(o-!/4#*@#(!4-!%(!5:(Y&-E(!J!&7#&.!%@'(#4.H!c.4!,&-.+*4#(!Q@4!
7&*(!9&#:(!*4!M+*(!4.!.('#(*(dH!,&:&!*+_&!j+%%+(:!B%(R4H!J!4./4,+(%:4-74!%(!6+&.94#(!/%(-47(#+(H!
*4!%(!Q@4!7&*&.!9&#:(:&.!/(#74H!J!4-!%(!,+:(!*4!%&!.(,#&!4-,&-7#(:&.!(!%&.!:(#(M+%%&.&.!
4-74$'4-&.H!+:6@+*&.!*4!/&*4#!4./+#+7@(%2!!)-!%(!,@%7@#(!&,,+*4-7(%!:&*4#-(!-&!P(J!@-!%@'(#!
&9+,+(%!/(#(!%&.!4-74$'4-&.H!/#4,+.(:4-74!/&#Q@4!4-!4%%(!-&!P(J!%@'(#!/(#(!4%!I>7(.+.2!!
5,&.7@:6#(*&.!(!,&-.+*4#(#!4%!@-+M4#.&!,&:&!:(74#+(H!-&!,&:&!4-4#'E(!&!(%'&!*4!-(7@#(%4Y(!
4./+#+7@(%!gB%(R4!4.,#+6+$!Q@4!c!%(!4-4#'E(!4.!4%!'&,4!474#-&dhH!+-,&:&*(!#4,&#*(#!Q@4!-@4.7#&!
/%(-47(!4.7T!M+M&!J!Q@4!*)1)"/3?%&"4.!@-!%@'(#!.('#(*&2!
N-,%@.&!-@4.7#(.!#4%+'+&-4.!&,,+*4-7(%4.H!,&-!.@.!M4.7+'+&.!*4!/#T,7+,(.!4-74$'4-(.!g4%!
&:-+/#4.4-74!cT#6&%!*4!%(!M+*(d!,&-!.@!9#@7&!4-74&'I-+,&l!f77!;A3A6l!j(..&-!+*"%/-";AZXhH!P(-!
&%M+*(*&!.@.!#(E,4.!J!.@.!&6_47&.!*4!,@%7&H!+'-&#(-*&!%(!4>/4#+4-,+(!(!Q@4!4.&.!.E:6&%&.!P(,4-!
#494#4-,+(2!e&.4/P!D(:/64%%!*+_&H!/(#(9#(.4(-*&!(!e@-'F!cO(!#4%+'+$-!4.!@-(!*494-.(!,&-7#(!%(!
4>/4#+4-,+(!*4!L+&.d!gD(:/64%%!;AZZh2!![+4-4!(!.4#!,&:&!.+!(%'@+4-!4.7@M+4#(!(*&#(-*&!%(!
&#-(:4-7(,+$-!J!Q@+-,(%%(!*4!@-(!/@4#7(!C!4%!/&#7(%!(%!f7#&!G@-*&!gK,P4%4!J!n#4+*4%!;AA]hC!
P(6+4-*&!/4#*+*&!%(!%%(M4!,(/(Y!*4!(6#+#%(l!P(6+4-*&!&%M+*(*&!+-,%@.&!Q@4!4.!@-(!/@4#7(H!J!Q@4!.@!
@:6#(%!4./4#(!.4#!,#@Y(*&H!+'-&#(-*&!%&!Q@4!.4!4-,@4-7#(!(%!&7#&!%(*&2!P4#4-,+(!_@*4&,#+.7+(-(!P(!
+:/@4.7&!@-(!P&##4-*(!*@(%+*(*F!%&!*+M+-&!.4!4-,@4-7#(!(/(#74H!(%4_(*&!*4!@-(!P@:(-+*(*!Q@4!
-(,4!4-!4%!/4,(*&2!!5!/4.(#!*4!%(.!,&-7@-*4-74.!/#@46(.!,+4-7E9+,(.!J!4>/4#+4-,+(%4.!Q@4!
*4:@4.7#(-!%&!,&-7#(#+&H!%&.!.4#4.!P@:(-&.!.4!,&-,+64-!,&:&!@-(!,#4(,+$-!4./4,+(%H!.4/(#(*(!*4!
%&.!*4:T.!(-+:(%4.H!,&-!%&!,@(%!.4!-&.!&#*4-(!.@6J@'(#!4%!:@-*&H!Q@4!4.!:(74#+(2!!).7(!P&##+6%4!
.@/4#.7+,+$-!-&.!P(!%%4M(*&!(%!4>/&%+&!J!*4.7#@,,+$-!*4!-@4.7#(!6+&.94#(H!J!(!%(!('&6+(-74!-4@#&.+.!J!
,@%/(!Q@4!.@9#4!-@4.7#(!'4-4#(,+$-!g8&9:(--!;AZ]h2!!84!@7+%+Y(*&!4%!7I#:+-&!.@/4#.7+,+$-!/&#Q@4!
Q@+4-4.!P(-!74-+*&!@-!,&-7(,7&!/4#.&-(%!J!*+#4,7&!,&-!4>/4#+4-,+(.!4-74&'I-+,(.!#4%+'+&.(.H!-@-,(!
,&-,+64-!(!%(!P@:(-+*(*!,&:&!@-(!,#4(,+$-!(/(#74H!.4/(#(*(!*4%!#4.7&!*4%!@-+M4#.&2!!cS&*(!9&#:(!
*4!M+*(!4.!.('#(*(dH!+-,%@.&!-&.&7#&.H!*4!:&*&!Q@4!%&!*+M+-&!(-+:(!(!7&*(!%(!,#4(,+$-H!*4!,@(%!
,).)*&).".&:&.!/(#742!!D@(-*&!4.(!.@/4#.7+,+$-!*@4%+.7(!4-#(+Y$!4-!%(.!:4-74.!*4!-@4.7#&.!
(-74/(.(*&.H!.@!/#+:4#(!7(#4(!9@4!*4.7#@+#!7&*&.!%&.!(./4,7&.!4.7T7+,&.!J!4>/4#+:4-7(%4.!*4%!
:@-*&!(#,(+,&!gc/('(-&dh2!!O(!*4.7#@,,+$-!*4%!.(-7@(#+&!*4!)%4@.+.H!(!9+-(%4.!*4%!.2!N[!*4!-@4.7#(!
4#(!gGJ%&-(.!;AX;hH!:(#,$!%(!,(E*(!*49+-+7+M(!*4%!:@-*&!(-7+'@&!4-!)@#&/(H!/4#.+'@+4-*&!
M+'&#&.(:4-74!%(!74&,#(,+(!,(7$%+,(!,@(%Q@+4#!M4.7+'+&!*4!#4%+'+$-!4>7T7+,(!Q@4!P@6+4#(!.&6#4M+M+*&H!
(.E!,&:&!.@.!#4,+*+M(.!*@#(-74!4%!:+%4-+&!.+'@+4-742!!D@(-*&!P+Y&!4%!c*4.,@6#+:+4-7&d!*4%!\@4M&!
??!
!
G@-*&H!)@#&/(!4.7(6(!*4!#&*+%%(.!(!'&%/4.H!.4!P(6E(-!Q@4:(*&!+--@:4#(6%4.!c6#@_(.d!J!cP4#4_4.dH!
J!4%!I>7(.+.!P(6E(!.+*&!M+#7@(%:4-74!6&##(*&!*4!%(!:4:&#+(!*4!%&.!.@/4#M+M+4-74.2!!"(#(!%&.!
,(7$%+,&.H!J!%@4'&!%&.!/#&74.7(-74.H!4>/4#+:4-7(#!4%!I>7(.+.H!74-4#!4>/4#+4-,+(.!#4%+'+&.(.H!9@4!%(!
:T.!(7#&Y!*4!%(.!P4#4_E(.H!Q@4!_@.7+9+,(6(!7&#7@#(#!J!,&-*4-(#!(!%(!P&'@4#(2!qD(64H!/@4.H!4>7#(0(#.4!
*4!Q@4!-&!P(J(!%@'(#!P&J!/(#(!4%!I>7(.+.r!
)-!4%!\@4M&!G@-*&H!.+-!4:6(#'&H!%(!4#(!*4!%&.!4-74$'4-&.!,&-7+-@$!M+M(2!!5@-Q@4!%(!N-Q@+.+,+$-!
*4,#47(#(!4-!GI>+,&!Q@4!4%!@.&!*4%!GA5)*/"gMI(.4!D(/E7@%&!;h!4#(!@-(!/#T,7+,(!P4#I7+,(!4-!;XW]!J!
(@-Q@4!%(!N'%4.+(!4>7+#/(#(!M+'&#&.(:4-74!.@!@.&H!7&#7@#(-*&!J!:(7(-*&!,P(:(-4.H!4%!I>7(.+.!
.&6#4M+M4!(%%E!(o-!P&J2!!k4,&-&Y,(:&.!%(!+-74'#+*(*!*4!%&.!+-*+&.!*4%!\@4M&!G@-*&H!Q@4!.4!
4-9#4-7(#&-!(!%(!7&#7@#(!J!(!%(!:@4#74!/(#(!,&-7+-@(#!/#(,7+,(-*&!.@!#4%+'+$-!4>7T7+,(!g*46+4#&-!
.4-7+#.4!:@J!*4,4/,+&-(*&.!/&#!4%!c.(,#(:4-7&!/%(,46&d!4:/%4(*&!4-!%(!4@,(#+.7E(!,#+.7+(-(H!Q@4!
4.!@-!4-74$'4-&!/%(,46&l!f77!;A3A6h2!!b#(,+(.!4-!'#(-!:4*+*(!(%!:&*4#-&!#4*4.,@6#+:+4-7&!*4%!
,@%7&!,P(:T-+,&!*4%!*+),%,D(%*/"gMI(.4!D(/E7@%&!?hH!*46+*&!(!k2!b&#*&-!j(..&-!4-!GI>+,&H!4-!
;A??H!P(!#4.@#'+*&!4%!@.&!:&*4#-&!*4!4-74$'4-&.2!!)-!,+4#7&!:&*&!4.!4%!#4-(,+:+4-7&!*4!%(!
#4%+'+$-!4>7T7+,(2!!5!/4.(#!*4!%(!/%IJ(*4!*4!_@.7+9+,(,+&-4.!Q@4!.4!4.'#+:4-!/(#(!(/#&6(#!%4J4.!
,&-7#(!4%!@.&!*4!4-74$'4-&.H!4%!/#&6%4:(!Q@4!7+4-4-!%(.!.&,+4*(*4.!:&*4#-(.!,&-!4.7(.!*#&'(.!4.!
9@-*(:4-7(%:4-74!4%!:+.:&!Q@4!7@M&!,&-!4%%(.!%(!N-Q@+.+,+$-H!4%!:+.:&!Q@4!%&.!/#+:4#&.!
,#+.7+(-&.!7@M+4#&-!,&-!%&.!G+.74#+&.!*4!)%4@.+.F!#+M(%+*(*!#4%+'+&.(2!!D&:&!4.7(.!*#&'(.!7+4-*4-!(!
(6#+#!%&.!&_&.!*4%!/@46%&!/(#(!Q@4!74-'(!4>/4#+4-,+(.!#4%+'+&.(.!/4#.&-(%4.H!.+-!%(!+-74#,4.+$-!*4!@-!
,%4#&!&!4%!/#4,&-*+,+&-(:+4-7&!*4!@-(!%+7@#'+(H!(%'@-&.!/.+,&-(@7(.!&!+G)G*+."/4#,+6+#T-!4%!M(,E&!J!
%(!.@/4#9+,+(%+*(*!*4!%(!7#(*+,+$-!#4%+'+&.(!_@*4&,#+.7+(-(2!!N-,%@.&!.4!,&:/#4-*4#T-!4%!@.&!J!(6@.&!
Q@4!,+4#7&.!'&6+4#-&.!P(,4-!*4!%&.!.E:6&%&.!#4%+'+&.&.!/(#(!:(-+/@%(#!(%!/@46%&2!!):/4Y(#T-!(!M4#!
Q@4!.@6J@'(-*&!%(!7+4##(!7(-!*4./+(*(*(:4-74!4.7(:&.!*4.7#@J4-*&!4%!/%(-47(H!J!(!-&.&7#&.!
:+.:&.2!!=-(!c,&-7#(,@%7@#(d!Q@4!+-,%@J(!4>/4#+4-,+(.!4>7T7+,(.!4-!D(%+9&#-+(!4.!,&:/%47(:4-74!
.@6M4#.+M(!g)+-P&:!;A3]hH!J!(:4-(Y$!(!%(.!4.7#@,7@#(.!*4!/&*4#!4-!K(,#(:4-7&!&!j(.P+-'7&-!
,&:&!%&.!(%6+'4-.4.H!,T7(#&.H!6&'&:+7&.H!9#(7+,4%%+!c*4!&/+-+&-4dH!74:/%(#+&.!&!%&.!M(%*4.+(-&.!
(:4-(Y(#&-!%(.!4.7#@,7@#(.!*4%!/&*4#!:4*+4M(%!4-!k&:(!gD&P-!;A3?h2!
"@4.7&!Q@4!4%!I>7(.+.!4#(!P4#I7+,&H!%(!4@9&#+(!g47+:&%$'+,(:4-74!c('@(-7(#!6+4-dh!9@4!
,&-.+*4#(*(!.&./4,P&.(l!%(!/#&/+(!I7+,(!/#&74.7(-74H!.4'o-!%(!,@(%!4%!.4>&!-&!.4!*464!*+.9#@7(#!-+!
/4#:+7+#!4>,4/7&!/(#(!/#&,#4(#H!,&-.+*4#$!/4,(:+-&.&!4%!@.&!*4!,@(%Q@+4#!*#&'(!%o*+,(2!!).74!
4-9&Q@4!P(!.+*&!,(%+9+,(*&!(,4#7(*(:4-74!,&:&!c,(%M+-+.:&!9(#:(,&%$'+,&d!g^%4#:(-!;A3Wh2!!
8@6&!@-(!I/&,(!4-!%(!Q@4!4%!@.&!*4!(3%/23<+&"*#&'(!.4!,&-.+*4#$!/4,(*&H!:+4-7#(.!P4#6&#+.7(.!J!
/(#74#(.!4#(-!,&-*4-(*&.!(!%(!P&'@4#(!J!Q@4:(*&.!_@-7&!(!&7#&.!P4#4_4.H!/@4.!.$%&!%(!&#(,+$-!.4!
,&-.+*4#(6(!74#(/+(!%4'E7+:(!gf77!;AZ?l!f77!;AA<6hH!J!7#(.!%(!#+.(!&!%(!.&#-(!.4!(*+M+-(6(!%(!:(-&!
*4%!L+(6%&2!!5%'@-&.!/&*#E(-!/4-.(#!Q@4!4.7(.!+*4(.!.&-!/+-7&#4.,(.!&!(-7+,@(*(.!/4#&!*464#E(:&.!
#4,&#*(#!Q@4!4%!'&6+4#-&!*4!).7(*&.!=-+*&.!+:/+*4!4%!(,,4.&!*4!*#&'(*+,7&.!(!_4#+-'@+%%(.!J!4%!
.@:+-+.7#&!*4!(-7+,&-,4/7+M&.!(!4.7@*+(-74.H!(#'@:4-7(-*&!Q@4!c.4!*464#E(!(%4-7(#!(!%&.!
(*&%4.,4-74.!(!Q@4!.+:/%4:4-74!*+'(-!-&!(%!.4>&!J!%(.!*#&'(.!+%4'(%4.d!g5-&-2!;AA]h2!!)-!&7#(.!
/(%(6#(.!,&-.+*4#(-!4%!c.+:/%4:4-74!*+!-&d!,&:&!4%!:4_&#!(-7+,&-,4/7+M&!J!%(!:(-4#(!*4!*474-4#!
%(!/#&/('(,+$-!*4%!KNL52!!5@-Q@4!P(J(!;]X!:+%%&-4.!!
?X!
!
*4!,&-.@:+*&#4.!*4!(%,&P&%!4-!).7(*&.!=-+*&.!g?`{!*4!%(!/&6%(,+$-!,&-!:T.!*4!;W!(0&.h!4%!
(%,&P&%!4.!7&*(ME(!+%4'(%!,&:&!4:6#+('(-74!4-!(%'@-&.!%@'(#4.!*4%!/(E.2!!O(.!+*4(.!/@#+7(-(.!.&6#4!
%(!-(7@#(%4Y(!:+.:(!*4!%(!4:6#+('@4Y!.+'@4-!/#4*&:+-(-*&H!J!.@6J(,4-!(!%(!/&%E7+,(!
,&-74:/&#T-4(!*4!/#&P+6+#!,@(%Q@+4#!4:6#+('(-74!4>,4/7&!(%,&P&%2!!L4!P4,P&H!%(!4@9&#+(!P(!.+*&!
,&-.+*4#(*(!@-!494,7&!.4,@-*(#+&!+-*4.4(6%4!*4!:@,P&.!9T#:(,&.H!,&-!%&!,@(%!4-!%&.!*+94#4-74.!
4.7@*+&.!.&6#4!%(!#4%(,+$-!4.7#@,7@#(!Q@E:+,(!C!(,7+M+*(*!.4!6@.,(!4%+:+-(#!4.7(!,@(%+*(*!
c+-*4.4(6%4d2!!)-!#494#4-,+(!(!@-!4.7@*+&!6+4-!9+-(-,+(*&!.&6#4!%&.!(%,(%&+*4.!*4%!&/+&!J!.@.!
*4#+M(*&.H!j2D2!jP+74!C!/#4.+*4-74!*4%!D&:+7I!/(#(!%(!L#&'(*+,,+$-!*4%!D&-.4_&!\(,+&-(%!*4!
N-M4.7+'(,+$-!C!(9+#:$F!
!
=-(!*4!%(.!*+9+,@%7(*4.!Q@E:+,(.!*4!4.7(!+-M4.7+'(,+$-!P(!.+*&!,#4(#!9T#:(,&.!,&-!
@-!494,7&!(-(%'I.+,&!.@9+,+4-74:4-74!/#&%&-'(*&!,&:&!/(#(!*+.:+-@+#!.@!
9#4,@4-,+(!*4!(*:+-+.7#(,+$-!J!Q@4!(%!:+.:&!7+4:/&!4%+:+-4-!%(!9#(,,+$-!
#4./&-.(6%4!*4!%(!4@9&#+(222!K+!4.7&!.4!%&'#(#(H!&,@##+#E(!%&!:+.:&!Q@4!,&-!4%!@.&!
*4!,&,(E-(222!=-!#T/+*&!&,(.&!*4!.@!@.&!,&:&!*#&'(!(*+,7+M(H!*4.*4!4%!
*4.,@6#+:+4-7&!*4!%(!-&M&,(E-(!gK:(%%!+*"%/-";A<Zh!
!
U@+YT.!9@4!(%'&!/#4:(7@#&!,(-7(#!M+,7&#+(!4-!%(!c'@4##(!(!%(!,&,(E-(dH!/4#&!jP+74!74-E(!#(Y$-!(%!
(/@-7(#!Q@4!4-!4%!,(.&!*4!4.(!*#&'(!9@4!/&.+6%4!.4/(#(#!4%!494,7&!(-4.7I.+,&!%&,(%!*4%!494,7&!
4.7+:@%(-74!*4!%(!:&%I,@%(!*4!,&,(E-(H!&674-+I-*&.4!(-4.7I.+,&.!%&,(%4.!:T.!/&74-74.!J!,&-!
:4-&.!494,7&!4@9$#+,&H!(@-Q@4!.4!P(!(9+#:(*&!Q@4!c%&.!@.@(#+&.!4>/4#+:4-7(*&.!*4!,&,(E-(d!-&!
/@4*4-!*+.7+-'@+#!4-7#4!*&.+.!4Q@+M(%4-74.!*4!%+*&,(E-(!g@-!(-4.7I.+,&!%&,(%!(#7+9+,+(%h!J!,&,(E-(!
(*:+-+.7#(*(.!+-7#(-(.(%:4-74!g[(-!LJR4!J!BJ,R!;AZWhH!J!Q@4!4%!(7#(,7+M&!*4!%(!,&,(E-(!J!.@!/&*4#!
(*+,7+M&!P(-!.+*&!:@J!4>('4#(*&.!g5%4>(-*4#!;AA]h2!!"4#&!4-!4%!,(.&!,+7(*&!/@*&!.4/(#(#.4!*4%!
494,7&!:4*+,+-(%!J!/.+,&7#$/+,&!c,&%(74#(%d!/&#Q@4!4.!%&,(%H!/4#+9I#+,&2!!)-!4%!,(.&!*4!%&.!
-(#,$7+,&.V(-(%'I.+,&.!*4!7+/&!&/+T,4&!4%!494,7&!:4*+,+-(%!.4!P(%%(!7(-!4-#(+Y(*&!4-!4%!,4#46#&!
,&:&!4%!c494,7&!,&%(74#(%d!4@9&#+Y(-742!!L4!P4,P&H!.4!,#44!Q@4!4.7&.!9T#:(,&.!,#4(-!(*+,,+$-!
/&#Q@4!,&-M+4#74-!:@J!49+,(Y:4-74!%(.!.4-.(,+&-4.!/4#+9I#+,(.!*&%&#&.(.!4-!.4-.(,+&-4.!
/%(,4-74#(.H!J!@-!&/+T,4&!-&!(*+,7+M&!4.!+:/&.+6%4H!4.!@-(!.+:/%4!,&-7#(*+,,+$-!4-7#4!7I#:+-&.!
gKY(.Y!;A3`h2!!"(#4,4!,(.+!,&:&!.+!4%!-(#,$7+,&!-&!(*+,7+M&!9@4#(!%(!/+4*#(!9+%&.&9(%!*4!%(!
9(#:(,&%&'E(H!,&-!%&!,@(%!4%!:@-*&!P(!M+.7&!.@#'+#!@-(!.4#+4!+-74#:+-(6%4!*4!(-(%'I.+,&.!&/+T,4&.!
c-&!(*+,7+M&.d!g(%!:4-&.!.4'o-!%(!/#&/('(-*(!*4!%(.!,&:/(0E(.!9(#:(,I@7+,(.hH!Q@4!4:/4Y$!,&-!
%(!P4#&+-(!4-!4%!.+'%&!tNtH!,&:4#,+(%+YT-*&.4!(%'@-(.!,&:&!,@#(.!/(#(!%(!(*+,,+$-!g).,&P&7(*&!
;AZA(h2!!5%'@-&.!/#&9(-&.!,&-.+*4#(-!%(!:47(*&-(!,&:&!c,@#(d!/(#(!@-(!(*+,,+$-!(!P4#&+-(H!
,@(-*&!4-!#4(%+*(*!.4!7#(7(!*4!&7#&!/&74-74!J!(*+,7+M&!-(#,$7+,&H!.@.7+7@7&!*4!%(!P4#&E-(!4-!
7#(7(:+4-7&.!*4!:(-74-+:+4-7&!,&-!-(#,$7+,&.!(%74#-(7+M&.!
L4_(-*&!*4!%(*&!%(!I7+,(!/@#+7(-(!*4%!(-7+C/%(,4#H!(%'@-&.!4:6#+('(-74.!,&:&!:&#9+-(H!P4#&E-(!
&!%(!,&,(E-(!(*Q@+#+4#&-!:(%(!#4/@7(,+$-!(!,&-.4,@4-,+(!*4!.@!4>74-*+*&!@.&!4-!%(.!%%(:(*(.!
c/#&/+47(#J!:4*+,+-4.d!&!c:4*+,+-(.!/(74-7(*(.d!gs&@-'!;AX;h2!
?3!
!
).7&.!7I#:+-&.!4.7T-!4-!#4%(,+$-!,&-!4%!P4,P&!*4!Q@4!C!(-74.!*4!(/#&6(#!%(!c"@#4!n&&*!(-*!L#@'!
5,7d!gO4J!.&6#4!/@#4Y(!*4!(%+:4-7&.!J!:4*+,+-(.h!*4!;A]XC!4%!'&6+4#-&!-&#74(:4#+,(-&!&7&#'(6(!
/(74-74.!(!%&.!9(6#+,(-74.!*4!:4*+,+-(.H!J!I.7&.!.$%&!*46E(-!#4M4%(#!.@!,&-74-+*&!(!%(!/#&/+(!
&9+,+-(!*4!/(74-74.H!-&!(%!/o6%+,&!4-!'4-4#(%2!!O(.!/(74-74.!9+_(6(-!(%!-&:6#4!*4%!/#&*@,7&H!Q@4!4-!
#4(%+*(*!4#(!@-(!:(#,(!,&:4#,+(%!gG@.7&!;A3<h2!!"#4/(#(*&.!7E/+,&.!9@4#&-!cBT%.(:&!6&7T-+,&!
5*(:.&-!/(#(!%(!7&.d!&!4%!~k4:4*+&!*4%!L#2!B#@7@.!KP+%&P!/(#(!%(!7+.+.d!Q@4!,&-74-E(-!P4#&+-(H!
,&:&!4%!cD&#*+(%H!_(#(64!,(%:(-74!*4%!L#2!e(:4.d!gL#(R4!;A3]h2!!5@-Q@4!%&.!&/+T,4&.!.&-!
,+4#7(:4-74!(-7+7@.+M&.!49+,(,4.H!J!6@4-&.!/(%+(7+M&.!/(#(!(%+M+(#!4%!.@9#+:+4-7&!Q@4!,&-%%4M(!
,@(%Q@+4#!4-94#:4*(*H!.&-!7&7(%:4-74!+-o7+%4.!,&:&!74#(/+(!(-7+7@64#,@%&.(!g(/(#74!*4!,(%:(#!%(!
7&.h2!!s!P&J!4-!*E(!-&!.4!,&-.+*4#(!@-(!74#(/+(!(*4,@(*(!4%!@.&!*4!4.7&.!9T#:(,&.!/(#(!7#(-Q@+%+Y(#!
(!%&.!-+0&.2!!K4!P(!(9+#:(*&!Q@4!%&.!9(6#+,(-74.!*4!4.&.!#4:4*+&.!/(74-7(*&.!4.7@M+4#&-!
M4-*+4-*&!*4!9&#:(!+-:&#(%!.@.7(-,+(.!/(%+(7+M(.!,&:&!#4:4*+&.!,&-7#(!%(!7@64#,@%&.+.!JH!*4!
P4,P&H!%(!:&#(%+*(*!*4!4.7(!/#T,7+,(!4.!*+.,@7+6%42!!"&#!&7#&!%(*&H!4-!(Q@4%%&.!7+4:/&.!-&!P(6E(!
(-7E6+$7+,&.!-+!74#(/+(!(%74#-(7+M(!/(#(!%(!7@64#,@%&.+.!Q@4!/@*+4#(!@.(#.4!,&-!49+,(,+(!<,"/4+3"*4!%&.!
&/+T,4&.H!Q@4!/&#!%&!:4-&.!%4.!P(,E(-!.4-7+#.4!:4_&#!J!7&.4#!:4-&.!g#4*@,+4-*&!74$#+,(:4-74!4%!
,&-7('+&h!:+4-7#(.!.4!+6(-!,&-.@:+4-*&!J!:&#E(-2!!)-!#4(%+*(*H!P(.7(!%(!%%4'(*(!*4%!.+'%&!ttH!4%!
&/+&!J!.@.!*4#+M(*&.!4.7(6(-!4-7#4!%(.!/&,(.!:4*+,+-(.!49+,(,4.!*4!Q@4!*+./&-E(-!%&.!:I*+,&.H!J(!
Q@4H!+-*+.,@7+6%4:4-74H!(%+M+(-!*&%&#!J!.@9#+:+4-7&2!!\+-'@-(!/4#.&-(!#(Y&-(6%4!*494-*4#E(!4%!@.&!
*4!/(%+(7+M&.!+-!/<+3"*4!@-!7#(7(:+4-7&!49+,(YH!(P&#(!Q@4!*+./&-4:&.!*4!Q@+:+&74#(/+(.!/(#(!'#(-!
-o:4#&!*4!%&.!/(*4,+:+4-7&.!Q@4!-&.!(9%+'4-2!!"&#!&7#(!/(#74!qQ@I!P(J!*4!+-,&##4,7&!4-!@-!@.&!
:T.!(:/%+&!*4!%&.!/(%+(7+M&.!()')"()'G/+'+,*)"*4!%(!Q@+:+&74#(/+(!,@#(7+M(H!(74-*+4-*&!(!%(!
4M+*4-,+(!*4!Q@4!,@(-7&!:4_&#!.4!4-,@4-7#4!@-!/(,+4-74!(-74.!.4!#4,@/4#(#Tr!!D&:&!4.,#+6+$!
j+%%+(:!B%(R4H!4-!@-(!,(#7(!94,P(*(!4%!;!*4!&,7@6#4!*4!;Z]<F!
!
5!(%'@-&.!Q@4!&/+-(-!Q@4!%(!n4%+,+*(*!-&!4.!B@4-(!/(#(!%&.!G&#7(%4.!.4!%4.!
*464#E(!#4./&-*4#!Q@4!%(!7#+.74Y(!-&!4.!(*4,@(*(!/(#(!%&.!N-:&#7(%4.H!J!4.!
,&:/%47(:4-74!+-o7+%!/(#(!,@(%Q@+4#(2!!=-(!/%('(!-@-,(!%4!P(,4!6+4-!(%!T#6&%H!J!
.+!@-(!/%('(!-&!:(7(!(%!T#6&%!.+-&!Q@4!I.74!(o-!*(!9#@7&.H!Q@4!-(*+4!*+'(!Q@4!4%!
9#@7&!.4!*46+$!(!%(!/%('(2!
!
q"&#!Q@I!-&!4.7@*+(#!%(!#4%(,+$-!4.7#@,7@#(V(,7+M+*(*!*4!%(.!.@.7(-,+(.!4@9&#+Y(-74.H!/(#(!
*474#:+-(#!Q@I!*#&'(.!,(@.(-!:(J&#!4@9&#+(!J!/%(,4#!,&-!:4-&.!494,7&.!.4,@-*(#+&.r!!).7(!
+-M4.7+'(,+$-!.4!/&*#E(!#4(%+Y(#!,&-!%(!:+.:(!*+%+'4-,+(!Q@4!(/%+,(:&.!(!6@.,(#!%(!:4_&#!
Q@+:+&74#(/+(!/(#(!%(!7@64#,@%&.+.!&!,@(%Q@+4#!&7#(!4-94#:4*(*2!q"&#!Q@I!-&!*464#E(-!74-4#!
(,,4.&!%&.!/(,+4-74.!(!%&.!9T#:(,&.!:T.!/%(,4-74#&.!J!4@9&#+Y(-74.H!/(#(!(%+M+(#!.@!.@9#+:+4-7&!J!
P(,4#!.@!74#(/+(!%&!:T.!('#(*(6%4!/&.+6%4r!!D&:&!*+_&!5%*&@.!8@>%4J!P(,4!:T.!*4!X]!(0&.!g8@>%4J!
;A<%(hF!
!
O(!9&#:(!*4!4M+7(#!Q@4!%(!'4-74!646(!*4:(.+(*&!&!.4!,&-M+4#7(!4-!(*+,7(!(!
:&#9+-(!&!,&,(E-(H!,&-.+.7+#E(!4-!*(#%4.!@-!.(%@*(6%4!
?Z!
!
.@.7+7@7&!/(#(!4.7&.!*4%+,+&.&.!J!g4-!-@4.7#&!+:/4#94,7&!:@-*&!(,7@(%h!
-4,4.(#+&.!M4-4-&.2!!)%!P&:6#4!Q@4!+-M4-74!@-(!.@.7(-,+(!(.E!,&-7(#T!4-7#4!%&.!
:(J&#4.!64-49(,7&#4.!*4!%(!P@:(-+*(*!*&%+4-742!
!
)-!%@'(#!*4!/4#.4'@+#!%(!:47(!+:/&.+6%4!*4!4%+:+-(#!%(!4@9&#+(!,(@.(*(!/&#!%&.!(-(%'I.+,&.H!
-4,4.+7(:&.!4-,&-7#(#!4%!4.7+:@%(-74!+*4(%H!4%!4@9&#+Y(-74!/4#94,7&!g%&!Q@4!8@>%4J!%%(:$!E)'%"4-"
O,"'3,1)"0+/<d:!"4%!4-74$'4-&!$/7+:&!g%(!:4*+,+-(!G&R.P(!*4!8@>%4J!4-!K%"<./%:-""b&779#+4*!B4--!
/#&/@.&!/#4,+.(:4-74!4.74!7+/&!*4!+-M4.7+'(,+$-H!Q@4!,(#(,74#+Y$!,&:&!cM+*(!/#&M&,(*(d!
,&:4-7(-*&F!c%&.!,4#46#&.!/&74-74.!-&!.4!9&#7(%4,4-!,&-!%4,P4!.+-&H!,&-!(%,(%&+*4.d!gB4--!;AX<h2!
L4!@-!:&*&!/4#M4#.&H!%&.!/#+:4#&.!/(.&.!4-!4.7(!4./4,+4!*4!c+-'4-+4#E(!/.+,&9(#:(,&%$'+,(d!
J(!.4!P(-!*(*&H!4-!+-M4.7+'(,+&-4.!:+%+7(#4.!.&6#4!4.7+:@%(-74.!*4!(%7&!#4-*+:+4-7&H!4-!4.7@*+&.!
*4!%&.!-(Y+.!J!%(!DN5!.&6#4!7I,-+,(.!*4!+-74##&'(7&#+&H!4-!4.7@*+&.!(:4#+,(-&.!.&6#4!c'@4##(!
 Q@E:+,(!-&!,&-M4-,+&-(%d!J!4-!%&.!#4,+4-74.!7#(6(_&.!.&6#4!4.74#&+*4.!Q@4!:4_&#(-!4%!
4-7#4-(:+4-7&!J!#4-*+:+4-7&!*4!%&.!(7%47(.2!!5@-Q@4!%(.!/#+:4#(.!/#@46(.!.&6#4!%&.!494,7&.!*4!
4.7+:@%(-74.!4-!.&%*(*&.H!@7+%+Y(-*&!,&,(E-(H!.4!#4(%+Y(#&-!4-!;ZZ<!g5.,P4-6#(-*7!;ZZ<hH!.&%&!4-!
%(!K4'@-*(!b@4##(!G@-*+(%!.4!'4-4#(%+Y$!4%!@.&!*4!4.7+:@%(-74.H!4-!4.74!,(.&!(-947(:+-(.2!!O(!
:(J&#!/(#74!*4!%(!+-M4.7+'(,+$-!,&:/(#(*(!.&6#4!(/%+,(,+&-4.!:+%+7(#4.!*4!4.7+:@%(-74.!*(7(!*4%!
/4#+&*&!*4!/&.7'@4##(!gj4+..!J!O(7+4.!;AXWh2!!L4!9&#:(!/(#4,+*(H!(@-Q@4!%&.!:I*+,&.!-(Y+.!*4%!
+-9(:4!,(:/&!*4!,&-,4-7#(,+$-!*4!L(,P(@!+-(@'@#(#&-!4%!@.&!*4!4-74$'4-&.!C!4-!4.74!,(.&!%(!
:4.,(%+-(!,&:&!(J@*(!4-!%&.!+-74##&'(7&#+&.!CH!9@4#&-!%&.!+-M4.7+'(*&#4.!(:4#+,(-&.!*4%!
/#&J4,7&!G^!=OSk5!4-!%(!/&.7'@4##(!Q@+4-4.!,&-7+-@(#&-!,&-!4.74!*+.,@7+6%4!7#(6(_&2!!)%!@.&!*4!
4.74#&+*4.!/(#(!(@:4-7(#!4%!#4-*+:+4-7&!*4!(7%47(.!4.!*4!*4.(##&%%&!#4,+4-74H!J!4%!(-7+'@&!
'&6+4#-&!,&:@-+.7(!*4!5%4:(-+(!f#+4-7(%!+:/@%.$!4.74!7#(6(_&!:4*+(-74!@-!/#&'#(:(!.4,#47&!
*@#(-74!%&.!(0&.!Z]!gL+,R:(--!;AA;h2!!=-&.!;2?]]!,+4-7E9+,&.H!:I*+,&.!J!4-7#4-(*&#4.!
+-74#M+-+4#&-!4-!%(!+-M4.7+'(,+$-H!Q@4!74-E(!,&:&!9+-(%+*(*!*4.(##&%%(#!@-!*4#+M(*&!(.74#&+*4!
(%7(:4-74!/&74-74H!,(/(Y!*4!/(.(#!+-(*M4#7+*&!4-!%&.!,&-7#&%4.!(-7+*&/+-'2!!)%!#4.@%7(*&!*4%!
/#&'#(:(!9@4!@-!./#(J!-(.(%!/.+,&7#$/+,&!,(#'(*&!,&-!@-!/#4,@#.&#!*4!%(!74.7&.74#&-(!Q@4!-&!
*(#E(!/&.+7+M&2!!"28(--4:(--H!@-!,(:/4$-!*4!-(7(,+$-H!*4.,#+6+$!.@.!494,7&.!,&:&!%&.!*4!c@-(!
4#@/,+$-!M&%,T-+,(d!J!*4,%(#$!Q@4!.@!@.&!4#(!&6%+'(7&#+&!/(#(!7&*&.!%&.!(7%47(.!Q@4!Q@+.+4#(-!
,&:/47+#!4-!4%!4Q@+/&!*4!%(!kL5!4-!%&.!_@4'&.!*4!K4@%!g;AZZh2!!S&*(ME(!:T.!#49+-(*&!9@4!4%!@.&H!
/&#!/(#74!*4!(7%47(.!,P+-&.!4-!B(#,4%&-(!C;AAWH!*4!@-(!/&,+$-!6(.(*(!4-!-+*&.!*4!/T_(#&.!J!/+4%!
*4!.(/&H!Q@4!/#&6(6%4:4-74!,&-74-E(!:@,P&.!/#+-,+/+&.!(,7+M&.H!(%'@-&.!*4!4%%&.!.@.7(-,+(.!
,&-7#&%(*(.!gMI(.4!D(/E7@%&!<l!5-&-2!;AAW6h2!!).!%(:4-7(6%4!Q@4!4.7(.!/4#M4#.(.!g/4#&!49+,(,4.h!
(/%+,(,+&-4.!P(J(-!.+*&!%(!+-9(-,+(!*4!%(!+-'4-+4#E(!/.+,&9(#:(,I@7+,(H!J!#4,&#*4:&.!4%!I>+7&!
*4./#&/&#,+&-(*&!*4!%&.!(7%47(.!&#+4-7(%!V(%4:(-4.!J!,P+-&.!4-!%&.!o%7+:&.!_@4'&.!&%E:/+,&.2!!
K@'4#+#I!&7#(.!(/#&>+:(,+&-4.!:T.!/&.+7+M(.!(!%(!,@4.7+$-2!
\(*+4!*@*(!*4!%(!@7+%+*(*!*4!%&.!&/+T,4&.!,&:&!(-(%'I.+,&.!4-!:@,P(.!#(:(.!*4!%(!:4*+,+-(2!!
8&#(!4.!*4!(6(-*&-(#!%(!+*4(!*4!@-!-(#,$7+,&!-&!(*+,7+M&H!J!(%!,&-7#(#+&H!*4!,&-,4-7#(#-&.!4-!
4-,&-7#(#!(Q@4%%&.!9T#:(,&.!Q@4!:T.!'@.74-!(!%&.!/(,+4-74.2!!\&!
?A!
!
-&.!+-74#4.(-!%&.!#4.@%7(*&.!*4!7&.,&.!E-*+,4.!9(#:(,&%$'+,&.!.&6#4!(-(%'4.+(!4-!#&4*&#4.H!
&674-+*&.!,&-!:I7&*&.!,&:&!4%!c/%(7&!,(%+4-74dH!&!4%!c#49%4_&!*4!,&%(dH!.+-&!#4.@%7(*&.!*4!/#@46(.!
,%E-+,(.!,&-!/(,+4-74.!P@:(-&.2!!)-!4.74!,(.&H!,#4&!Q@4!-&!.4#E(!4-!(6.&%@7&!*+9E,+%!4-,&-7#(#!
M&%@-7(#+&.!/(#(!%(!+-M4.7+'(,+$-2!!D&:&!P(J!'#(-!,(-7+*(*!*4!/#@46(.!4:/E#+,(.!#4(%+Y(*(.!9@4#(!
*4%!%(6&#(7&#+&!/&#!P(6+7@(*&.!(!-(#,$7+,&.H!@-!4.7@*+&!/&*#E(!+-*+,(#!,(-*+*(7&.!/#&:474*&#4.2!!
O(!P4#&E-(!P(!.+*&!,&-.+*4#(*(!*#&'(!9(M&#+7(!*4!%&.!@.@(#+&.!*4!-(#,$7+,&.H!H!/&*#E(!.4#!@-!6@4-!
/@-7&!*4!/(#7+*(!/(#(!%(!6o.Q@4*(!*4%!-(#,$7+,&!+*4(%2!!)%!@.&!(,7@(%!*4%!D&,R7(+%!*4!B#&:/7&-!
g@-(!:4Y,%(!(-(%'I.+,&!J!4.7+:@%(-74!*4!P4#&E-(H!,&,(E-(!J!(%,&P&%h!4-!P&./+7(%4.!6#+7T-+,&.!/(#(!
4-94#:&.!74#:+-(%4.H!4.!@-!4_4:/%&!*4!74#(/+(!&#+4-7(*(!P(,+(!4%!6+4-4.7(#H!Q@4!*464#E(!.4#!
+:+7(*(!4-!).7(*&.!=-+*&.2!!5!:+!_@+,+&H!*4.,@6#+:&.!Q@4!.+!%&.!/(,+4-74.!-&!74#:+-(%4.!.@9#+4#(-!
:4-&.H!J!.4!4-,&-7#(#(-!:4_&#H!.@!,&-M(%4,4-,+(!.4!M4#E(!(,&#7(*(2!
8(J!(*4:T.!@-(!*4:(-*(!4>7#(:I*+,(!*4!4.7+:@%(-74.!4-!-@4.7#(!.&,+4*(*2!!=-!4_4:/%&!.&-!%&.!
/+%&7&.!J!,&-7#&%(*&#4.!*4!7#T9+,&!(I#4&H!Q@4!*464-!7#(6(_(#!7&*(!%(!-&,P4!H!-4,4.+7(-!/#4.7(#!@-(!
(74-,+$-!,&-.7(-74l!%&.!,&-*@,7&#4.!*4!,(:+&-4.!H!(@7&6@.4.H!%&.!:I*+,&.!*4!@#'4-,+(!JH!/&#!
.@/@4.7&H!4%!/4#.&-(%!:+%+7(#2!!"&#!@-!(,,+*4-74!*4!%(!P+.7&#+(H!%(!,(94E-(!*4%!,(9IH!*4!%&.!#49#4.,&.!J!
4%!7I!g(.E!,&:&!%(!*4!7(6%47(.!4.7+:@%(-74.hH!_@-7&!,&-!%(!-+,&7+-(!*4%!7(6(,&H!.4!P(-!,&-M4#7+*&!4-!
%&.!4.7+:@%(-74.!(,4/7(*&.!*4!%(.!/#&94.+&-4.!(-74#+&#4.2!!L46&!#4,(%,(#H!.+-!4:6(#'&H!Q@4!%(!
,(94E-(!H!%(!-+,&7+-(!&,@/(-!4.74!/@4.7&!/&#!*494,7&H!/@4.!(%'@-(.!(%74#-(7+M(.!.&-!.@.7(-,+(.!
,&-7#&%(*(.H!J!(!*4./4,P&!*4!Q@4!%(!+-M4.7+'(,+$-!%(.!#4M4%(!,&:&!.@.7(-,+(.!/&,&!.(%@*(6%4.H!4!
+-94#+&#4.!(!&7#(.2!!K4!P(-!%%4M(*&!(!,(6&!+-M4.7+'(,+&-4.!,&:/(#(*(.!4-7#4!,(94E-(!H!(-947(:+-(.H!
4!+-M(#+(6%4:4-74!.4!P(!M+.7&!Q@4!%(.!.4'@-*(.!.&-!.@/4#+&#4.!(!%(!/#+:4#(2!!).7@*+&.!#4(%+Y(*&.!
.&6#4!4%!7+4:/&!*4!#4(,,+$-!6(_&!%(!+-9%@4-,+(!*4!4.7+:@%(-74.!P(-!*4:&.7#(*&!Q@4H!4-!'4-4#(%H!
%(.!(-947(:+-(.!%&!(,&#7(-H!:+4-7#(.!%(!,(94+-(!-&!%&!(%74#(!4-!:&*&!(%'@-&!g5*%4#!+*"%/-";A?]l!
O4P:(-!H!D.(-R!;A?3l!K4(.P&#4!J!%MJ!;A?<l!j4+..!J!O(7+4.!;AXWh2!!S(:6+I-!.4!P(!&6.4#M(*&!Q@4!
%(.!(-947(:+-(.!/@4*4-!#4+-.7(@#(#!7+4:/&.!*4!#4(,,+$-!-&#:(%4.!4-!.@_47&.!Q@4!%&.!7+4-4-!
*+%(7(*&.!/&#!%(!9(7+'(!&!9(%7(!*4!.@40&!gK4(.P&#4!J!NMJ!;A?<h2!!O(!:(#+P@(-(!gMI(.4!5/I-*+,4!5hH!
/&#!4%!,&-7#(#+&H!(@:4-7(!%&.!7+4:/&.!*4!#4(,,+$-!J!*+9+,@%7(!4%!*4.4:/40&!*4!@-(!(,7+M+*(*!
g"(7&-!J!"4#7i44!;A3<6h2!!"&#!%&!Q@4!#4./4,7(!(%!74:6%&#!*4!:(-&.H!%(!,(94E-(!%&!(:/%+(!g5*%4#!+*"
%/-";A?]l!8&%%+-'i&#7P!;A;Wl!8@%%!;A<?l!O4P:(--!J!D.(-R!;A?3hH!:+4-7#(.!%(.!(-947(:+-(.!%&!
#4*@,4-!g5*%4#!+*"%/-";A?]l!K4(.P&#4!J!%MJ!;A?<l!SP&#-7&-!+*"%/-";A<Ah2!!)-!M(#+(.!/#@46(.!*4!
,&&#*+-(,+$-!%(.!(-947(:+-(.!9@4#&-H!4-!'4-4#(%H!:T.!49+,(,4.!Q@4!%(!,(94E-(!(!%(!P&#(!*4!:4_&#(#!
%(!#4(%+Y(,+$-!*4!%(!/#@46(!gj4+..!J!O(7+4.!;AXWh2!!k4.@:+4-*&!4.7&.!H!&7#&.!4.7@*+&.H!B2j4+..!H!
[2b2O(7+4.!C!*4!%(!=-+M4#.+*(*!*4!e&P-.!8&_R+-.!C!(9+#:(#&-F!
!
G@,P&.!(./4,7&.!*4%!,&:/&#7(:+4-7&!g,&-!%(!-&7(6%4!4>,4/,+$-!*4!7(#4(.!+-74%4,7@(%4.h!
/@4*4-!.4#!/&74-,+(*(.!,&-!,(94E-(!H!(-947(:+-(.H!*4.*4!%(!/@-74#E(!P(.7(!4%!.4'@+:+4-7&!
*4!:4*+*&#4.2!!GT.!(o-H!/%".3G+&<)&<1%1"1+"/%."%,0+*%'<,%.".)8&+"/%"(%0+<,%"+."
<,(3+.*<),%8/+1!5:6(.!.@.7(-,+(.!.&-H!*4.*4!4%!/@-7&!*4!M+.7(!*4%!,&.74!9E.+,&!J!
X]!
!
/.+,&%$'+,&H!6(.7(-74!64-+'-(.2!!K(%M&!,+4#7&.!,(.&.!*4!+-.&:-+&H!%&.!494,7&.!.@6_47+M&.!*4!
%(.!(-947(:+-(.!4-!*&.+.!-&#:(%4.!.&-!@.@(%:4-74!9(M&#(6%4.2!!5*4:T.H!-(*+4!P(!
/#4.4-7(*&!_(:T.!/#@46(.!,&-M+-,4-74.!*4!Q@4!%4.+&-4-!4%!_@+,+&2!!O(!,(94E-(!/(#4,4!(%'&!
:4-&.!64-+'-(2!!O&.!/(,+4-74.!*4!8&%%+-'i&#7PH!7#(.!#4,+6+#!*&.+.!*4!W`]!:'!&!:T.H!
/#4.4-7(#&-!.E-7&:(.!,&:&!-4#M+&.+.:&H!946#+%,@%(H!+##+7(6+%+*(*H!,49(%4(!J!(%74#(,+&-4.!*4%!
.@40&2!!O(!,(94E-(!7(:6+I-!/#&*@,4!@-!-&7(6%4!+-,#4:4-7&!*4%!74:6%&#2!!J,"1).<."23+"
%3'+,*%,"(/%&%'+,*+!+/"&+,1<'<+,*)!"/%."%,0+*%'<,%.",)".P/)"G%&+(+,"'D."+0<(%(+."23+"/%!
(%0+4,%!".<,)"(),"'+,)."+0+(*).".+(3,1%1)."u,@#.+M(!4.!:E(v2!
!
K4!P(-!#4(%+Y(*&!/&,(.!+-M4.7+'(,+&-4.!(-T%&'(.!.&6#4!%(!-+,&7+-(H!/4#&!.4!.(64!Q@4!9@:(#!
7(6(,&!C!,&-!4%!,&-.+'@+4-74!(@:4-7&!*4!:&-$>+*&!*4!,(#6&-&!4-!.(-'#4!4:/4&#(!%(!M+.+$-!
-&,7@#-(!g\&#:(7+M(!n4*4#(%!*4!5M+(,+$-!;AA;l!O4M+-!+*"%/-";AAWl!G,n(#%(-*!;A?<l!G,n(#%(-*!+*"
%/-";A``h2!!5@-Q@4!%(!,(94E-(!J!%&.!4.7+:@%(-74.!(-947(:E-+,&.!-&!/(#4,4-!:4_&#(#!4%!#4-*+:+4-7&!
+-74%4,7@(%!C!JH!*4!P4,P&H!.4!P(!M+.7&!Q@4!%(!,(94E-(!4:/4&#(!%&.!#4.@%7(*&.!(,(*I:+,&.!4-!
4.7@*+(-74.!@-+M4#.+7(#+&.!gb+%%+%(-*!J!5-*#4..!;AZ;hCH!P(J!/#@46(.!*4!Q@4!.@.7(-,+(.!,&:&!%(!
(#4,&%+-(H!/#+-,+/+&!4.7+:@%(-74!*4!%(!.4:+%%(!*4!6474%!gK+7(#(:!+*"%/-";A3Zh!J!%(!><1+&?<,%!"@-!
/#4/(#(*&!(%,(%&+*4&!*4#+M(*&!*4%!,&#-4Y@4%&!g8+-*:(#,P!+*"%/-";A3Ah!/@4*4-!:4_&#(#!4%!
(/#4-*+Y(_4!J!4%!#4-*+:+4-7&!+-74%4,7@(%2!!O(!+-M4.7+'(,+$-!4-!%(.!%%(:(*(.!c*#&'(.!+-74%+'4-74.d!
#4/#4.4-7(!@-!,(:/&!-@4M&!J!9%&#4,+4-74!*4-7#&!*4!%(!+-'4-+4#E(!/.+,&9(#:(,I@7+,(H!Q@4!:4#4,4!
(/&J&!,+4-7E9+,&!g)#%+,P!;AAWl!e@*4!;AA;l!G&#'4-7P(%4#!;AA]l!G&#'4-7P(%4#!J!L4(-!;AA;h2!
\&!.I!Q@4!&/+-(#T-!:+.!%4,7&#4.H!/4#&!J&!:4!.4-7+#E(!:@,P&!:T.!.4'@#&!.+!4-!@-!M+(_4!
+-74#,&-7+-4-7(%!-&,7@#-&!4%!/+%&7&!P@6+4#(!7&:(*&!:47(-947(:+-(!(-74.!*4%!M@4%&H!&!Q@+YT!@-(!
*&.+.!(*4,@(*(!*4!6#&:P+*#(7&!*4!(#4,&%+-(H!4-!%@'(#!*4!9@:(#!G(#%6&#&.!@-&!*47#T.!*4!&7#&H!&!
7#('(#!4%!(6&:+-(6%4!,(9I!*4!%(.!,&:/(0E(.!(I#4(.!*@#(-74!7&*&!4%!M+(_42!!k4.@%7(!#4M4%(*&#!Q@4!%(!
OE";+&),%3*<(."%,1"EG%(+!;1'<,<.*&%*<),"g\5K5hH!Q@4!P(!#4(%+Y(*&!4.7@*+&.!/(#(!&/7+:+Y(#!4%!
#4-*+:+4-7&!*4!%&.!(.7#&-(@7(.H!.4!*4,+*+4#(!/&#!@-(!c#4,47(d!Q@4!,&-7+4-4!(-947(:+-(.!/(#(!%&.!
/+%&7&.!*4%!7#(-.6&#*(*&#!4./(,+(%!D&%@:6+(F!
!
)-!4%!M+(_4!+-(@'@#(%!*4%!7#(-.6&#*(*&#!4-!(6#+%H!4%!(.7#&-(@7(!-&M(7&!k&64#7!
D#+//4-!4M+7$!%(.!-T@.4(.!7&:(-*&!@-!/#4/(#(*&!4./4,+(%!*4%!R+7!:I*+,&!*4!%(!
\(.(!Q@4!,&-74-E(!*4>4*#+-(H!@-!4.7+:@%(-74H!J!4.,&/&%(:+-(H!@-!7#(-Q@+%+Y(-742!
gk&'4#.!;AZ;l!gMI(.4!5/I-*+,4!%h2!
!
"&#!%&!*4:T.!%(!4.,&/&%(:+-(!/+.<),%"4%!(/#4-*+Y(_4!.4#+(%!gK+7(#(:!+*"%/-";A3Zh222!"&#!.@!/(#74!
%&.!,&.:&-(@7(.!.&M+I7+,&.!9@4#&-!/#+M(*&.!*4!,+'(##+%%&.!(74-*+4-*&!(%!/#4_@+,+&!Q@4!,(@.(-!(!%(!
M+.+$-!-&,7@#-(H!,&:&!,&:4-7$!%(.7+:4#(:4-74![(%4#+!kJ@:+-!4-!.@!*+(#+&!*@#(-74!.@!M+(_4!&#6+7(%!
*4!;3?!*E(.!gB%@7P!;AZ;hF!
X;!
!
G4!:@4#&!/&#!@-!,+'(##+%%&2!!\&!P4!9@:(*&!-+-'@-&!4-!7#4.!:4.4.H!J!.+!-&!
P@6+4#(!4.7(*&!7(-!&,@/(*&H!-&!.I!,$:&!%&!P(6#E(!('@(-7(*&2!!L(#E(!7&*(.!%(.!
9#4.(.!J!4%!(Yo,(#!*4!-@4.7#(!4.7(-,+(!4-!4%!4./(,+&!/&#!@-&!.&%&222!
!
xs!(%'@-&.!7&*(ME(!.4!4:/40(-!4-!-4'(#!Q@4!%(!-+,&7+-(!4.!@-(!*#&'(!(*+,7+M(!gO4M+-!+*"%/-";AAWhy!!
)-!,(.&.!*&-*4!%(!.4'@#+*(*!/o6%+,(!4.7T!4-!_@4'&H!-4,4.+7(:&.!,#+74#+&.!.&6#4!*#&'(.!6(.(*&.!4-!
+-M4.7+'(,+$-H!J!-&!4-!/#4_@+,+&.l!6(.(*&.!4-!,+4-,+(H!-&!4-!+'-&#(-,+(!&!(,,+*4-74.!*4!%(!P+.7&#+(!
gM(%4!%(!/4-(!+-*+,(#!Q@4!%&.!/#+:4#&.!#49&#:(*&#4.!,&-.+*4#(#&-!+-+,+(%:4-74!+-,%@+#!%(!,(94E-(!
*4-7#&!*4!%(.!.@.7(-,+(.!,&-7#&%(*(.H!_@-7&!(!%(!,&,(E-(H!P4#&E-(!J!:&#9+-(h2!!O(!(*:+-+.7#(,+$-!
94*4#(%!*4!(M+(,+$-!*4!).7(*&.!=-+*&.!4.!,@%/(6%4!*4!+-,@:/%+#!.@.!&6%+'(,+&-4.!4-!%&!Q@4!#4./4,7(!
(!/#&74'4#!%(!.4'@#+*(*!*4!%&.!M+(_4#&.H!(%!/4#:+7+#!Q@4!%&.!/+%&7&.!+-'+4#(-!@-&.!4.7+:@%(-74.!*4!
/&,(!,(%+*(*H!Q@4!(%74#(!%(!9+#:4Y(!*4!.@.!:(-&.!J!4:/4&#(!.@!M+.+$-!-&,7@#-(2!
5%'@-&.!/&*#E(-!&6_47(#222!Q@4!.+!6+4-!%(!,(94E-(!4.!,&:/#&6(*(:4-74!+-94#+&#!(!%(.!(-947(:+-(.!
/(#(!/+%&7&.H!7&*&!4%!:@-*&!.(64!Q@4!%(.!(-947(:+-(.!.&-!c(*+,7+M(.d!J!/&#!4.&!+-(/#&/+(*(.2!!5!
4.7(.!/4#.&-(.!%4.!(,&-.4_&!Q@4!,&-.@%74-!%(!%+74#(7@#(!9(#:(,&%$'+,(!.&6#4!,(94E-(H!/@4.!4.7T!
(:/%+(:4-74!*&,@:4-7(*&!Q@4!%(!,(94E-(!4.!@-(!*#&'(!(*+,7+M(H!,(/(Y!*4!/#&*@,+#!7&%4#(-,+(!J!
.E-*#&:4!(6.7+-4-,+(.!gD&%7&-!+*"%/-";AXZl!L#4+.6(,P!J!"94+994#!;A`<l!b&%*.74+-!J!^(+Y4#!;AXAl!
b&%*.74+-!+*"%/-";AXAl!f77!;AZ?l!f77!;AA<6l!jP+74!+*"%/-";AZ]h2!!U@4!4%!A]{!*4!%(!/&6%(,+$-!*4!
).7(*&.!=-+*&.!:(J&#!*4!;W!(0&.!,&-.@:(!P(6+7@(%:4-74!,(94E-(!g:T.!@-(!,&-.+*4#(6%4!/(#74!*4!
Q@+4-4.!7+4-4-!:4-&.!*4!;W!(0&.H!P(6+7@(*&.!(!D&,(CD&%(!J!&7#&.!#49#4.,&.!c.@(M4.dh!(74.7+'@(!
,%(#(:4-74!%(!-(7@#(%4Y(!(*+,7+M(!*4!4.7(!*#&'(!gb&%*.74+-!J!^(%(-7!;AA]h2!!O&.!,@(7#&!:+%!:+%%&-4.!
*4!R+%&.!*4!,(9I!,&-.@:+*&.!(-@(%:4-74!4-!4%!:@-*&!,&##4./&-*4-!(!@-(.!;3?!*&.+.!(-@(%4.!*4!
,(94E-(!g(!;]]!:'!%(!*&.+.H!.@/&-+4-*&!@-!,&-74-+*&!:4*+&!*4!,(94E-(!4-!4%!,(9I!*4%!W{h!/&#!,(*(!
P&:6#4H!:@_4#!J!-+0&!*4%!:@-*&!gn#(-R4%!47!%/-;AAW(h2!!"&#!-&!:4-,+&-(#!4%!@.&!:(.+M&!*4!%(!
,(94E-(!4-!9&#:(!*4!*A!"'%*+!"?3%53.%!"5)()!"?3%&%,D!"()/%!"+*(-"gMI(.4!D(/E7@%&!`H!\&7(!%h2!!"4#&222!
q-&!/@4*4!4%!c(6@.&d!*4!%(.!*#&'(.!(-947(:E-+,(.!,&-*@,+#!(!@-(!c/.+,&.+.!(-947(:E-+,(d!gDP&!
;AA]l!L(M+.!J!K,P%4::4#!;A3Al!b#+99+7P!+*"%/-";A3]hr!!KEH!,(-7+*(*4.!4>,4.+M(.!*4!(-947(:+-(.!
/@4*4-!/#&*@,+#!@-(!/.+,&.+.!,(#(,74#E.7+,(H!(%!+'@(%!Q@4!4%!4>,4.&!*4!,(94E-(!,&-*@,4!(!@-(!
c/.+,&.+.!,(94E-+,(d!gG,G(-(:J!J!K,P@64!;A<Xh2!!5@-Q@4!%(!/.+,&.+.!,(94E-+,(!.4!*+('-&.7+,$!/&#!
/#+:4#(!M4Y!4-!@-!/(,+4-74!Q@4!P(6E(!,&-.@:+*&!@-(!,(-7+*(*!4>,4.+M(!*4!7(6%47(.!*4!,+7#(7&!*4!
,(94E-(H!#4,47(*(.!/&#!@-!:I*+,&H!7(:6+I-!.4!P(!&6.4#M(*&!7#(.!4%!,&-.@:&!*4!'#(-*4.!
,(-7+*(*4.!*4!#49#4.,&.!*4!,&%(!gW]CW?!%(7(.!4-!@-!*E(l!KP4-!J!L~K&@Y(!;A3AhH!,@J&!,&-.@:&!
:&*4#(*&!.4!(.&,+(!7(:6+I-!,&-!+-.&:-+&!J!(-.+4*(*!gK+%M4#!;A3;h2!!)%!,(94E-+.:&!/@4*4!,&-*@,+#!
(!.E-7&:(.!cM+#7@(%:4-74!+-*+.,4#-+6%4.!*4!%(!c-4@#&.+.!*4!(-'@.7+(d!gb#4*4-!;A3`hH!J!P(J!7(:6+I-!
+-9&#:4.!.&6#4!,(.&.!*4!c*4%+#+&!+-*@,+*&!/&#!,(94E-(d!gK7+%%-4#!+*"%/-";A3Zh2!!5%'@-(.!:@4#74.!Q@4!
.4!P(-!(7#+6@+*&!(!.&6#4*&.+.!*4!,(9IH!(*:+-+.7#(*&!4-!%(!9&#:(!*4!4-4:(.!-(7@#+.7(.!g)+.4%4!J!
k4(J!;AZ]h2!!f6M+(:4-74H!-&!Q@4#4:&.!Q@4!4%!/+%&7&!.4!7&:4!@-(!,(_(!*4!D&,(CD&%(!&!@-(!,(_(!*4!
/(.7+%%(.!*4!,(94E-(!-+!Q@4!.4!+-J4,74!@-!,@(#7&!*4!'#(:&!*4!:47(-947(:+-(2!!O(!:47(!*4!%(!
+-'4-+4#E(!/.+,&9(#:(,&%$'+,(!*4!%&.!4.7+:@%(-74.!.4#E(!4-,&-7#(#!*&.+.!$/7+:(.!*4!,&:/@4.7&.!
Q@4!(@:4-7(-!%(!(74-,+$-!J!%(!M+'+%(-,+(!,&-!
XW!
!
@-!:E-+:&!*4!494,7&.!.4,@-*(#+&.H!,&:&!4%!74:6%&#!*4!:(-&.2!!).!M+7(%!/(#(!%(!.4'@#+*(*!/o6%+,(!
Q@4!4.7(!+-M4.7+'(,+$-!.4!#4(%+,4H!J!.+!%(.!%4J4.!(-7+*#&'(!%&!+:/+*4-!4.7&!.4#T!&7#&!4_4:/%&!*4!.@!
+:/(,7&!(*M4#.&!7(-7&!4-!%(!.(%@*!/o6%+,(!,&:&!4-!%(!+-M4.7+'(,+$-!,+4-7E9+,(2!
!!!!"&#!%&!Q@4!.4!#49+4#4!(%!@.&!:4*+,+-(%!*4!%&.!4-74$'4-&.H!.@!4>74-*+*&!@.&!4-!4%!:4#,(*&!-4'#&!
-&.!P(!/#&/&#,+&-(*&!(%'@-&.!,(:+-&.!(!.4'@+#H!:4_&#!Q@4!*&.!*I,(*(.!/#4M+(.!*4!
4>/4#+:4-7(,+$-!,%E-+,(!(-74.!*4!+%4'(%+Y(#.4!gMI(.4!b#+-./&&-!J!B(R(%(#!;A3A!/(#(!@-!4.7@*+&!
.&6#4!4.7&.!/#+:4#&.!7#(6(_&.h2!!5*4:T.H!.4!P(-!,&-7+-@(*&!4%(6&#(-*&!J!/#&6(-*&!-@4M&.!
,&:/@4.7&.!gk4/R4!J!n4#'@.&-!;AZWl!k4/R4!+*!%/-";A336l!k4/R4!+*"%/-";AZ;l!k4/R4!+*"%/-";AZ?l!
KP@%'+-!J!KP@%'+-!;AA;hH!J!%&.!4>7#(,7&.!*4!(%'@-(.!/%(-7(.!4-74&'I-+,(.!,&:&!%(!%5%$3%.(%"gMI(.4!
D(/E7@%&!`h!P(-!4:/4Y(*&!(!@7+%+Y(#.4!4-!/.+,&74#(/+(!:&*4#-(!g^#(_+,R!;AAWhH!_@-7&!,&-!4%!
c4:/(7$'4-&d!GLG5!gMI(.4!D(/E7@%&!;l!5*(:.&-!;AZ?l!5*(:.&-!J!G47Y-4#!;AZZl!O4M4#(-7!
;AZXh2!!"&#!7(-7&H!.&-!-4,4.(#+&.!-@:4#&.&.!4.7@*+&.!(*+,+&-(%4.!/(#(!*474#:+-(#!,@T%4.!.&-!%&.!
4-74$'4-&.!$/7+:&.!/(#(!%(.!.+'@+4-74.!(/%+,(,+&-4.F!;h!@.&!'4-4#(%!4-!/.+,&74#(/+(!/(#(!
/(,+4-74.!(:6@%(7&#+&.!gG(.74#.!J!8&@.7&-!;A3]hl!Wh!/.+,&74#(/+(!6#4M4!4-!4%!7#(7(:+4-7&!*4!%(!
('&-E(!g^(.7!;A3]hl!<h!(-(%'4.+(!*4!%(#'(!*@#(,+$-!4-!74#(/+(!('$-+,(l!`h!(.4.&#(:+4-7&!
:(7#+:&-+(%l!?h!74#(/+(!*4!'#@/&!gB%4i477!;A3]h!J!Xh!+-*@,,+$-!4>/4#+:4-7(%!*4!4>/4#+4-,+(.!
*+.&,+(7+M(.!4-!/.+,&74#(/4@7(.H!,&:&!/(#74!*4!.@!9&#:(,+$-2!!L4.,@6#+#4:&.H!.4'o-!,#4&H!:@,P&.!
4-74$'4-&.!Q@4!.4#T-!*4!@7+%+*(*!4-!*+M4#.(.!:&*(%+*(*4.!*4!7#(7(:+4-7&2!!"&#!4_4:/%&H!@-(!*&.+.!
(%7(!*4!LGS!9@:(*&!/&*#E(!.4#!%(!*#&'(!:T.!49+,(Y!/(#(!+-*@,+#!#T/+*(:4-74!4.7(*&.!*+.&,+(7+M&.!
4-!%(!9&#:(,+$-!*4!74#(/4@7(.!gB+'i&&*!J!f77!;A33h2!!O(!OKL!4.!/#&6(6%4:4-74!4%!:4_&#!9T#:(,&!
/(#(!74#(/+(!('$-+,(!gb#&9!J!8(%+9(>!;A33hl!J!L)SH!D|C3`!&!%(!/%(-7(!E%/7<%"1<7<,)&3'"gMI(-.4!
D(/E7@%&.!<!J!?H!5/I-*+,4!%hH!*46+*&!(!.@!,&#7(!*@#(,+$-H!/&*#E(-!.4#!$/7+:&.!4-!/.+,&74#(/+(!
(:6@%(7&#+&!gB.Y#:I-J+!+*"%/-";A?Al!O4@-4#!J!B(4#!;AX?h2!!)>/4#+:4-7&.!/#4%+:+-(#4.!#4(%+Y(*&.!
,&-!/.+%&,+6+-(!gMI(.4!,(/E7@%&!?h!.@'+#+4#&-!Q@4!4.7(!*#&'(!/&*E(!#4*@,+#!%(!#4+-,+*4-,+(!*4!
#4,%@.&.!4-!%+64#7(*!,&-*+,+&-(%!ge2D%(#R!;A3]l!O4(#J!;AXZh2!!)-!%@'(#!*4!(##@+-(#-&.!,&-.7#@J4-*&!
:T.!,T#,4%4.!/(#(!,(.7+'(#!*4%+7&.!#4%(,+&-(*&.!,&-!*#&'(.!q-&!.4#E(!.4-.(7&!+-M4.7+'(#!@-(!*#&'(!
+%4'(%!,(/(Y!*4!(J@*(#!(!Q@4!%(!'4-74!-&!#4+-'#4.4!4-!%(.!/#+.+&-4.!J(!4>+.74-74.r!
!!!!"#T,7+,(:4-74!7&*&.!%&.!4-74$'4-&.H!&!.@.!/#&7&7+/&.!-(7@#(%4.H!P(-!*4:&.7#(*&!.4#!M(%+&.&.!
/(#(!+-*@,+#!4.7(*&.!4>7T7+,&.!4-!4%!,P(:(-+.:&!g8(%+9(>!;A3Al!8(%+9(>!;AZWl!O(!B(##4!;A3]l!O(!
B(##4!;A3Wl!O(!B(##4!;A3A(l!O(!B(##4!;AZ](l!k&.4-6&P:!;AA%(l!j(..&-!;AX;h!J!4-!%(!,(7T%+.+.!*4!
c4>/4#+4-,+(.!#4%+'+&.(.d!gD%(#R!;AXAl!j282D%(#R!;A3]l!nI%+,4!;A<Xl!84(#*!;AX<l!O4(#J!;AX`l!O4(#J!
J!5%/4#7!;AX<l!O4(#J!+*"%/-!;AX`l!G(.74#.!J!8&@.7&-!;AXXl!G47Y-4#!;AXZl!"(Y!;AX3l!k+,R.!;AX<l!
j(77.!;AXWl!j(77.!;AX<l!|(4P-4#!;A?3l!|(4P-4#!;A3Wl!|+-64#'!;A33h2!!5%'@-&.!@.&.!,P(:T-+,&.!
6+4-!,&-&,+*&.!*4!%&.!4-74$'4-&.!C!J!Q@4!.4#T-!(:/%+(:4-74!*&,@:4-7(*&.!4-!4.74!%+6#&!.&-F!4%!
@.&!(-,4.7#(%!*4%!P&-'&!;'%,<*%"'3.(%&<%"/&#!/(#74!*4!%&.!,P(:(-4.!*4!K+64#+(!gMI(.4!D(/E7@%&!
Xhl!4%!@.&!,P(:T-+,&!:4>+,(-&!*4%!*+),%,D(%*/!"P&-'&.!/.+%&,+6+&.!gMI(.4!D(/E7@%&!?hl!4%!@.&!
,P(:T-+,&!/(-C(:(Y$-+,&!*4!%5%$3%.(%"gMI(.4!D(/E7@%&!`hl!4%!@.&!*4!#(/I.!Q@4!,&-7+4-4-!
7#+/7(:+-(.!4-!4%!D(#+64!J!%(!5:(Y&-E(!gMI(.4!D(/E7@%&!<hl!@.&.!(*+M+-(7&#+&.!*4!%(.!.4:+%%(.!*4%!
*&-*+4'&!*4!*E(H!Q@4!,&-7+4-4!(%,(%&+*4.!4#'&%E-+,&.H!4-!#+7@(%4.!*4!,@#(,+$-!,P(:T-+,(!gMI(.4!
D(/E7@%&!Wh!J!4%!
X<!
!
@.&!-&#74(:4#+,(-&!*4%!,(,7&.!GA5)*/"gMI(.4!D(/E7@%&!%h2!!)%!M(%&#!*4!%&.!4-74$'4-&.!4-!%(.!
#4%+'+&-4.!&#'(-+Y(*(.!P(!Q@4*(*&!(:/%+(:4-74!*4:&.7#(*&!,&-!%(!/4#M+M4-,+(!*@#(-74!W2]]]!
(0&.!*4!%(!9(:&.(!#4%+'+$-!6(.(*(!.&6#4!4%!G+.74#+&!*4!)%4@.+.!4-!4%!G@-*&!5-7+'@&!g@-(!+-+,+(,+$-!
(-@(%!4-!:(.(H!*&-*4!.4!4:/%4(6(!@-(!/&,+$-!Q@4!,&-74-E(!(%,(%&+*4.!4#'&%E-+,&.l!j(..&-!+*"%/-"
;A3Zl!MI(.4!D(/E7@%&!Wh!J!%&.!4_4:/%&.!(,7@(%4.!*4!%(!c\(7+M4!5:4#+,(-!DP@#,Pd!J!*4!%(!c"4J&74!
j(J!DP@#,P!&9!b&*dH!Q@4!@.(-!4%!GA5)*/",&:&!.(,#(:4-7&!gO(!B(##4!;A<Z(l!O(!B(##4!;A3]l!G&@-7!
;AZ3l!K74i(#7!;AZ3h!J!%(.!+'%4.+(.!.@*(:4#+,(-(.!Q@4!+-,&#/&#(-!L%<'+"=%5%$3%.(%:",&:&!
.(,#(:4-7&!g84-:(-!;AZXl!O+i.YJ,!+*"%/-";AAWl!O&iJ!;AZ3l!G(,k(4!;AA<l!"#(-,4!;A3]h2!!U@+YT.H!
@.(#!4.&.!:&*4%&.!(-7+'@&.!J!:&*4#-&.!,&:&!4_4:/%&.!-&.!(J@*4!(!,#4(#!+-.7+7@,+&-4.!Q@4!
/#&:@4M(-!4>/4#+4-,+(.!#4%+'+&.(.!4-!%(.!.&,+4*(*4.!:&*4#-(.!g8&9:(--!;AZAh2!!8(J!@-!%@'(#!4-!
4%!:@-*&!(,7@(%!7(-7&!/(#(!%(.!#4%+'+&-4.!6(.(*(.!4-!4-74$'4-&.!,&:&!/(#(!4%!,@%7&!,P(:T-+,&!(!
/4Q@40(!4.,(%(H!&!4%!@.&!+-*+M+*@(%l!/(#(!,&:@-+,(,+$-!*4!'#@/&!H!M+(_4.!/.+,&-T@7+,&.!.&%+7(#+&.!
c(%!@-+M4#.&!*4%!(%:(d!gb4%/R4!;AZ;hH!/&#!-&!:4-,+&-(#!4%!@.&!:4*+,+-(%!4-!M(#+(.!9&#:(.!*4!
7#(7(:+4-7&2!
!
$'=!(808$;!8L!EC5C9;!
!
84:&.!M+.7&!Q@4!%(!/#&P+6+,+$-!*4!4-74$'4-&.!J!&7#(.!*#&'(.!4.!@-(!/#T,7+,(!4,&-$:+,(:4-74!
#@+-&.(H!4-!6@4-(!:4*+*(!+-49+,(Y!J!.+-!*@*(!(-7+,+4-7E9+,(2!!O4_&.!*4!'(#(-7+Y(#!%(!.(%@*!/o6%+,(H!%(!
/#&P+6+,+$-!9&:4-7(!J!/#&/('(!4%!.+*(!J!P4/(7+7+.!4!+:/+*4!%(!+-M4.7+'(,+$-!6+&:I*+,(H!/#+M(-*&!(%!
/o6%+,&!*4!-@4M(.!H!M+7(%4.!:4*+,+-(.2!!84:&.!M+.7&!Q@4!%(.!%4J4.!(-7+*#&'(!7+4-4-!6(.4.!#(,+.7(.!J!
/#&:@4M4-!4%!,#+:4-H!(%!:+.:&!7+4:/&!Q@4!,&-.7+7@J4-!@-(!.@6M4-,+$-!(!%&.!'#@/&.!&#'(-+Y(*&.!
J!-&!&#'(-+Y(*&.!*4!7#(9+,(-74.!J!9(6#+,(-74.H!H!9(M&#4,4-!%(!/#&*@,,+$-!-(,+&-(%!*4.,4-7#(%+Y(*(!
*4!%(.!*#&'(.!:T.!/&74-74.2!!\&!P(J!*@*(!*4!Q@4!(/%+,(#!%(!/#&P+6+,+$-!*+.7&#.+&-(!%(!
_@#+./#@*4-,+(H!*46+*&!(!%(!9(%7(!*4!cME,7+:(.d!Q@4!/#4.4-74-!.@.!Q@4_(.!(!%(!/&%+,E(H!J!*(*(!%(!
-(7@#(%4Y(!(#6+7#(#+(!*4!.@!(/%+,(,+$-H!,&-7(-*&!,&-!%(!&:-+/#4.4-,+(!*4!.@.7(-,+(.!,&-7#&%(*(.!
4-!-@4.7#&.!,@4#/&.H!(%+:4-7&.!4!+-,%@.&!*+-4#&2!!).(.!%4J4.!,&##&:/4-!:&#(%:4-74!(!-@4.7#(!
/&%+,E(H!:+:(-!(!%&.!,#+:+-(%4.!M+&%4-7&.H!,#4(-!:(%&.!4_4:/%&.!/(#(!-@4.7#(!_@M4-7@*!H!-&.!/#+M(-!
*4!-@4.7#(.!%+64#7(*4.H!J(!Q@4!,&-*@,4-!(!@-!4.7(*&!/&%+,+(%!J!*+,7(7&#+(%2!!)-!4%!T:6+7&!
+-74#-(,+&-(%H!4.(.!%4J4.!-&.!,&-*@,4-!(!:(%(.!#4%(,+&-4.!,&-!&7#&.!/+(.4.H!(!+-M(.+&-4.!:+%+7(#4.H!
/(#(:+%+7(#4.!J!&/4#(,+&-4.!,%(-*4.7+-(.H!(!%(!/I#*+*(!*4!M+*(.!J!*4#4,P&.!P@:(-&.!4-!%&.!/(E.4.!
*4%!S4#,4#!G@-*&!J!(!@-(!*4.7#@,,+$-!4,&%$'+,(!:(.+M(H!,(@.(*(!/&#!4%!@.&!*4!P4#6+,+*(.!J!%(!
/&%@,+$-!+-,&-7#&%(*(!Q@4!&#+'+-(-!%&.!%(6&#(7&#+&.!,%(-*4.7+-&.2!!)-!/&,(.!/(%(6#(.H!%(.!%4J4.!
/#&P+6+,+&-+.7(.!.&-!+-(/%+,(6%4.H!+-49+,(,4.H!(-7+4,&-$:+,(.H!(-7+,+4-7E9+,(.H!+-.(%@6#4.H!+-:&#(%4.H!
(-7+4,&%$'+,(.H!(-7+*+/%&:T7+,(.!J!*+,7(7&#+(%4.2!
59&#7@-(*(:4-74H!P(J!@-(!ME(!*+#4,7(!/(#(!.(%+#!*4!4.74!,(&.!4-!4%!Q@4!%(.!%4J4.!/#&P+6+,+&-+.7(.!
-&.!P(-!:47+*&F!+%4'(%+Y(#!%(.!*#&'(.y!!5%'@-&.!,&-.+*4#(-!4.7(!+*4(!,&:&!@-!/(.&!4.7#(9(%(#+&H!
*#T.7+,&!J!#(*+,(%2!!"4#&!%(.!*#&'(.!/#&*@,7&#(.!*4!46#+4*(*!P(-!.+*&!%4'(%4.!*@#(-74!:+%4.!*4!
(0&.2!!)%!/(.&!#(*+,(%!.4!*+&!4-!%(!.4'@-*(!*I,(*(!*4!4.74!.+'%&!4-!).7(*&.!=-+*&.H!,@(-*&!.4!
+-7#&*@_&!/&#!/#+:4#(!M4Y!@-!,&-7#&%!%4'(%!
X`!
!
(!'#(-!4.,(%(!*4!*#&'(.!/.+,&(,7+M(.2!!f7#&.!(9+#:(-!7(:6+I-!Q@4!%(!%4'(%+Y(,+$-!#4/#4.4-7(#E(!@-!
4>/4#+:4-7&!*4:(.+(*&!(7#4M+*&!J!(##+4.'(*&H!/4#&!.4!4Q@+M&,(-2!!).!%(!#&)$<8<(<P,"4>/4#+:4-7&!
(7#4M+*&!J!(##+4.'(*&H!(@-Q@4!.4#E(!/#@*4-74!#4,&'4#!:T.!*(7&.!,&:/#4-.+M&.!.&6#4!4.74!
4>/4#+:4-7&!*4!+-'4-+4#E(!.&,+(%!g^&.P%(-*!;AZAh2!!K4!/@4*4!(9+#:(#!,&-!7&*(!.4'@#+*(*H!(P&#(!
Q@4!-&.!(,4#,(:&.!(%!9+-(%!*4!%(!&,7(M(!*I,(*(!*4!,&-7#&%!94*4#(%!.&6#4!:4*+&.!*4!46#+4*(*H!Q@4!
4%!4>/4#+:4-7&!P(!.+*&!@-!7#+.74!J!,&.7&.&!9#(,(.&!g).,&P&7(*&!;AZA(h2!!)%!@.&!P@:(-&!J!(-+:(%!*4!
*#&'(.!/.+,&(,7+M(.!4.!7(-!-(7@#(%!,&:&!,@(%Q@+4#!&7#&!(./4,7&!*4%!,&:/&#7(:+4-7&!.&,+(%2!!).!4%!
+-74-7&!*4!,&-7#&%(#!4.74!+:/@%.&!-(7@#(%!%&!4.7#(9(%(#+&!J!(-7+-(7@#(%H!,&:&!*+_4!(%!/#+-,+/+&2!!).!@-!
,#+:4-!,&-7#(!%(!-(7@#(%4Y(H!P@:(-(!J!(-+:(%2!!L4!:&:4-7&H!/(#4,4!Q@4!4.7(:&.!%4_&.!*4!7&:(#!
4%!o-+,&!,(:+-&!.4-.(7&!Q@4!-&.!%%4M(#T!(!.&%@,+&-(#!4%!c/#&6%4:(!*4!%(!*#&'(dH!/4#&!/&#!%&!:4-&.!
%(!+*4(!*4!%4'(%+Y(#!.4!4.7T!,&-M+#7+4-*&!4-!@-(!&/,+$-!%4'E7+:(H!.@.,4/7+6%4!*4!*46(74!g)M(-.!J!
B4#4-7!;AAWh2!!=-(!%+'(!(-7+/#&P+6+,+&-+.7(!4:/4Y$!(!/@6%+,(#!@-(!#4M+.7(!4-!;AA]!g84-:(-!;AA]hH!
(%!7+4:/&!Q@4!4-!%(!,&-94#4-,+(!(-@(%!*4!%(!L#@'!"&%+,J!n@-*(7+&-!%(!/#&P+6+,+$-!P(!.+*&!
_@.7(:4-74!,#+7+,(*(!/&#!M+&%(,+$-!*4!%(!%+64#7(*!(,(*I:+,(!J!#4%+'+&.(!gk&64#7.!;AA]h2!
O(.!%4J4.!(-7+*#&'(!.&-!4%!#4.@%7(*&!:&-.7#@&.&!*4!+-.7+7@,+&-(%+Y(#!%(!/(#(-&+(F!.&-!%(!&6#(!*4!
/(#(-&+,&.!cJ&-Q@+.!*4%!,&-7#&%dH!.+-!94!4-!%&.!*4:T.!&!4-!%(!-(7@#(%4Y(!P@:(-(222!'4-74!Q@4!
*4.4(!,&-7#&%(#!%(!M+*(!*4!%&.!*4:T.!*4!(,@4#*&!,&-!%(!.@J(H!Q@4!,&-.+*4#(-!:T.!c#4./&-.(6%4dH!
:T.!c,+4-7E9+,(d!J!:T.!c:&#(%d2!!"4#&H!,&:&!4%!/4##&!*4!%(!9T6@%(H!Q@4!+-74-7(!(7(,(#!(!.@!+:('4-!
#49%4_(*(!4-!4%!('@(!J!(,(6(!/4#*+4-*&!.@!P@4.&H!4%!,4%&!*4!%&.!%4'+.%(*&#4.!/&#!@-!:(J&#!,&-7#&%!
P(!,&-*@,+*&!(!@-!,&-7#&%!:4-&#222!L4!P4,P&H!-@4.7#(.!.&,+4*(*4.!P(-!G+&1<1)"4%!,&-7#&%!.&6#4!4%!
@.&!*4!4:6#+('(-74.!(%!/&-4#%&.!9@4#(!*4!%(!%4J2!!D(*(!.(%M(!4-!4.7(!Q@+_&74.,&!c'@4##(!(-7+*#&'(d!
4.!@-!7+#&!/&#!%(!,@%(7(H!g@-!7+#&!4-!4%!/+4!*4!%(!.&,+4*(*h2!!\&.!4.7(:&.!4-#4*(-*&!,&-!%(.!#(:(.!
*4%!/#&6%4:(!4-!%@'(#!*4!+#!*+#4,7(:4-74!(!.@!#(EYH!Q@4!.&-!%(.!:+.:E.+:(.!%4J4.!(-7+*#&'(2!!O&.!
/#&6%4:(.!Q@4!(7#+6@+:&.!(%!c(Y&74!*4!%(.!*#&'(.d!.&-!4%!#4.@%7(*&!*4!%(.!%4J4.H!-&!*4!%(.!/#&/+(.!
.@.7(-,+(.F!%(.!:@4#74.!c/&#!.&6#4*&.+.dH!%&.!7+#&74&.!4-7#4!6(-*(.!#+M(%4.!*4!7#(9+,(-74.H!%(!
/#&/('(,+$-!*4!K+*(!J!*4!P4/(7+7+.H!47,2!!)-!%(.!9(-7(.E(.!/(#(-&+*4.!*4!%&.!%4'+.%(*&#4.!9(-T7+,&.H!
%(.!%4J4.!(-7+*#&'(!.&-!7&*&!,@(-7&!P(J!/(#(!:(-74-4#!4%!-+M4%!(,7@(%!*4!,&-.@:&!*4!
4:6#+('(-74.!J!@-(!:@,P&!:T.!4>74-.(!c4/+*4:+(d!*4!(6@.&!*4!P4#&E-(H!,&,(E-(H!:(#+P@(-(!J!
OKL2!!K+-!4:6(#'&H!,&:&!*+,4-!K(.P(!J!5--!KP@%'+-!4-!.@!4>,4%4-74!%+6#&!#R>H;K"gKP@%'+-!J!KP@%'+-!
;AA;hF!
!
KEH!4.!/&.+6%4!Q@4!(%!*4#&'(#!%(.!%4J4.!(-7+*#&'(!(%'o-!7E:+*&!/#4.6+74#+(-&!.4!
(M4-7@#(.4!(!4.-+9(#!,&,(E-(H!/4#&!4-!7I#:+-&.!'4-4#(%4.!4%!(6@.&!*4!*#&'(.!-&!
.4#T!/4&#!Q@4!4%!(,7@(%H!*4!:&*&!Q@4!C!7#(.!,+4#7(!4>/4#+:4-7(,+$-!+-+,+(%!C!%(.!
('@(.!M&%M4#T-!(!@-!4Q@+%+6#+&!-(7@#(%2!!\&!P(J!@-!c(:4#+,(-&!:4*+&d!.4-7(*&!
7#(-Q@+%(:4-74!(!%(!4./4#(!*4!Q@4!.4!*4#&'@4-!4.7(.!%4J4.!/(#(!4-7#4'(#.4!(%!
*4.4-9#4-&2!!"4#&!%(!:(J&#!/(#74!*4!%(!/&6%(,+$-!.4!64-49+,+(#T!-&!&6.7(-74!
X?!
!
*4!Q@4!%(!_@.7+,+(!,#+:+-(%!.4!*+#+_(!P(,+(!4%!#&6&H!%(!M+&%(,+$-!J!4%!(.4.+-(7&H!
*4%+7&.!,&-7#(!%(!.&,+4*(*!Q@4!_@.7+9+,(-!%(.!,T#,4%4.2!
!
=-(!4-,@4.7(!#4,+4-74H!#4(%+Y(*(!(!4.,(%(!-(,+&-(%!4-!).7(*&.!=-+*&.H!#4M4%$!Q@4!.$%&!@-!W{!*4!
%&.!4-,@4.7(*&.!/#&6(#E(!c:@J!/&.+6%4:4-74d!&!c(%'&!/&.+6%4:4-74d!%(!,&,(E-(H!4-!,(.&!*4!Q@4!.4!
%4'(%+Y(#(H!:+4-7#(.!@-!`{!*4,%(#$!Q@4!c:@J!/&.+6%4:4-74d!/#&6(#E(!%(!:(#+P@(-(H!J!@-!X{!*+_&!
Q@4!c/&.+6%4:4-74d!%(!/#&6(#E(!g\(*4%:(--!;AAWh2!!5!9+-(%4.!*4%!.+'%&!/(.(*&H!,&-!@-!:4#,(*&!
%+6#4!*4!7&*(.!%(.!*#&'(.!/.+,&(,7+M(.H!.4!,(%,@%(!Q@4!.$%&!@-!`{!*4!%(!/&6%(,+$-!*4!).7(*&.!=-+*&.!
4#(!(*+,7(!(!P4#&E-(H!:&#9+-(H!,&,(E-(!J!&7#(.!*#&'(.H!M4-*+*(.!(6+4#7(:4-74!(!7#(MI.!*4!%(.!
:4*+,+-(.!/(74-7(*(.!g|+-64#'!;AX<h2!!)-!%(!(,7@(%+*(*H!%(!'#(-!:(J&#E(!*4!/&.+6%4.!,&-.@:+*&#4.!
*4!P4#&E-(H!,&,(E-(H!OKL!J!:(#+P@(-(!J(!@.(-!4.7(.!*#&'(.H!/@4.!4-!%@'(#!*4!*+.@(*+#%4.!%(.!%4J4.!
+-,+7(-!(!@-!'#(-!-o:4#&!(!7&:(#%(.!/&#!#464%*E(2!!)%!P4,P&!4.!Q@4!J(!74-4:&.!@-(!c4/+*4:+(d!*4!
,&-.@:&!*4!.@.7(-,+(.!/.+,&(,7+M(.!4-!4.74!/(E.H!,&:&!%&!*4:@4.7#(-!;3Z!:+%%&-4.!*4!
,&-.@:+*&#4.!*4!,(94E-(H!;]X!:+%%&-4.!*4!,&-.@:+*&#4.!*4!(%,&P&%H!?3!:+%%&-4.!*4!9@:(*&#4.!*4!
7(6(,&!J!;W!*4!:(#+P@(-(H!/&#!-&!:4-,+&-(#!%&.!<!&!`!:+%%&-4.!*4!@.@(#+&.!P(6+7@(%4.!*4!9T#:(,&.!
/.+,&(,7+M&.!/&#!/#4.,#+/,+$-!:I*+,(H!,&:&!/&#!4_4:/%&![(%+@:!gb&%*.74+-!J!^(%(-7!;AA]h2!!S(-7&!
.+!.4!7#(7(!*4!*#&'(.!%4'(%4.!,&:&!+%4'(%4.H!%(!'#(-!:(J&#E(!,&-7#&%(!*4!9&#:(!#4./&-.(6%4!.@!
,&-.@:&!J!.$%&!@-(!:+-&#E(!g'4-4#(%:4-74!/4Q@40(h!*4!@.@(#+&.!Q@4*(!,&-7#&%(*&!/&#!4%%(.2!!
).7&!&,@##4!,&-!4%!(%,&P&%!(%!+'@(%!Q@4!,&-!%(!P4#&E-(H!&!4%!7(6(,&!J!%(!:(#+P@(-(2!!O4'(%+Y(#!%(!
,&,(E-(!J!%(!P4#&E-(!-&!4M+7(#T!Q@4!(%'@-&.!+-9&#7@-(*&.!%(.!,&-.@:(-!4>,4.+M(:4-74!P(.7(!4%!
4>7#4:&!*4!Q@4!.@.!M+*(.!/(.4-!(!'+#(#!(%#4*4*&#!*4!4%%(.H!*4%!:+.:&!:&*&!Q@4!4%!(,,4.&!%4'(%!(%!
(%,&P&%!-&!4M+7(!Q@4!,+4#7(.!/4#.&-(.!.+-!,&-7#&%!.4!P('(-!(*+,7(.!(!I%2!!8(,4#!*+./&-+6%4.!
%4'(%:4-74!7&*(.!%(.!*#&'(.!,(:6+(#E(H!,+4#7(:4-74H!4%!-o:4#&!*4!@.@(#+&.!*4!,(*(!*#&'(!
,&-,#47(H!/4#&!4%!-o:4#&!7&7(%!*4!,&-.@:+*&#4.!.4!:(-74-*#E(!:T.!&!:4-&.!+'@(%H!/&#Q@4!'D."
1+/"geh"1+"/%!G)8/%(<P,"%1'<*+"23+"3.%"5%"%/?3,%"1&)?%-""K+!%(.!(-947(:+-(.!.4!%4'(%+Y(-H!Q@+YT!
,+4#7(.!/4#.&-(.!4:/4Y(#T-!(!@.(#%(.H!/&#Q@4!J(!4#(-!/&/@%(#4.!,@(-*&!4.7(6(-!%4'(%:4-74!
*+./&-+6%4.!g4-!;AXW!%(!nL5!,(%,@%$!%(!/#&*@,,+$-!-(,+&-(%!*4!(-947(:+-(.!4-!A2]]]!:+%%&-4.!*4!
*&.+.l!).,&P&7(*&!;AZA(h2!!"4#&!/&*4:&.!4.7(#!.4'@#&.!*4!Q@4!4.7&.!,&-.@:+*&#4.!/&74-,+(%4.!*4!
(-947(:+-(.!4.7T-!,&-.@:+4-*&!(P&#(!,(94E-(H!J!.+!/(.(-!(!@.(#!(-947(:+-(.!,&-.@:+#T-!:4-&.!
,(94E-(!&!%(!(6(-*&-(#T-!7&7(%:4-742!!S4-+4-*&!4-!,@4-7(!Q@4!%(!,(94E-(!/(#4,4!,(@.(#!494,7&.!
.4,@-*(#+&.!:T.!'#(M4.!Q@4!%(.!(-947(:+-(.!gj4+..!J!O(7+4.!;AXWhH!4.7&!/&*#E(!#4/#4.4-7(#!@-(!
,%(#(!:4_&#(!4-!%(!.(%@*!/o6%+,(2!!L4!9&#:(!.+:+%(#H!%(!P4#&E-(!J!&7#&.!/&74-74.!&/+T,4&.!.&-!
+-,&:/(7+6%4.!,&-!4%!,&-.@:&!*4!(%,&P&%!gB@##&@'P.!;A?Ah2!!D(64!(9+#:(#H!,&-!,4#74Y(H!Q@4!.+!.4!
,&-.@:+4#(!:(J&#!,(-7+*(*!*4!P4#&E-(!%4'(%!:4-&.!/4#.&-(.!,&-.@:+#E(-!(%,&P&%2!!D&:&!4%!
(%,&P&%!4.!:@,P&!:T.!7$>+,&!Q@4!%(!P4#&E-(!gB#4,P4#!;A3Wl!j4+%!;A3WhH!4.7&!7(:6+I-!
#4/#4.4-7(#E(!@-!64-49+,+&!-47&!/(#(!%(!.(%@*!/o6%+,(2!
)%!P4,P&!%(:4-7(6%4!4.!Q@4!-@4.7#(!.&,+4*(*!P(!(,4/7(*&!,+4'(:4-74!,&:&!M4PE,@%&.!&#7&*&>&.!
*4!46#+4*(*!*&.!*4!%(.!*#&'(.!4@9$#+,(.!:T.!7$>+,(.!,&-&,+*(.!/&#!%(!,+4-,+(2!!D&:&!J(!:4-,+&-IH!
4%%(.!.&%(.!:(7(-!(!:T.!*4!:4*+&!:+%%$-!*4!(:4#+,(-&.!
XX!
!
,(*(!(0&2!!GT.!Q@4!@-(!.+:/%4!*#&'(!(*+,7+M(H!4%!(%,&P&%!4.!@-(!*#&'(!,(#,+-$'4-(!Q@4H!(*4:T.H!
,(@.(!*(0&.!+##4M4#.+6%4.!4-!4%!,4#46#&!J!4%!PE'(*&H!J!(,7o(!7(:6+I-!,&:&!74#(7$'4-&!g/#&M&,(-*&!
:(%9&#:(,+&-4.!4-!947&.!.+!%(.!:@_4#4.!4:6(#(Y(*(.!%&!7&:(-!*@#(-74!,+4#7(.!47(/(.!*4!%(!
'4.7(,+$-l!B#&i-!+*"%/-;A3Al!D%(##4-!J!K:+7P!;A3Zh2!!)-!@-(!,%(.+9+,(,+$-!*4!,(#,+-$'4-&.!.4!
,(%,@%$!Q@4!4%!#+4.'&!*4!,&-7#(4#!,T-,4#!*4#+M(*&!*4!6464#!W?]!:%!*4!M+-&!*+(#+&.!g<]!:%!*4!
(%,&P&%h!4#(!?2]]]!M4,4.!'%5)&"Q@4!4%!#+4.'&!*4!,&-7#(4#!,T-,4#!/&#!@-(!+-'4.7+$-!:4*+(!*+(#+(!
,&:6+-(*(!*4!"DB!g6+94-+%&.!/&%+,%&#(*&.hH!LL)!g4%!:47(6&%+7&!P(6+7@(%!*4%!9(:&.&!/4.7+,+*(!LLNh!J!
)LB!g*+6#&:@#&!*4!47+%4-&H!@.(*&!,&:&!(-7+9o-'+,&!4-!9@:+'(,+&-4.h2!!)%!,&-.@:&!:4*+&!
/#4.4-74!4-!%(!*+47(!(:4#+,(-(!*4!4.7&.!#4.+*@&.!Q@E:+,&.!4.!*4!WHZ!:,'2!*+(#+&.!g5:4.!+*"
%/-;AZ3h2!!D&:/(#(*&!,&-!4%!/&74-,+(%!,(#,+-$'4-&!*4!%(.!-+7#&.(:+-(.!/#4.4-74.!4-!@-(!#(,+$-!*4!
;]]!'#2!*+(#+&.!*4!6(,$-H!4%!M(.&!*4!M+-&!,&7+*+(-&!#4/#4.4-7(!@-!#+4.'&!?]]!M4,4.!.3G+&<)&-""O(!
#4%(,+$-!4-7#4!(%,&P&%!J!*+M4#.&.!*4%+7&.!J!(,,+*4-74.!4.!.&#/#4-*4-74F!4%!?`{!*4!%&.!/#4.&.!
,&-*4-(*&.!/&#!,#E:4-4.!M+&%4-7&.!4-!;AZ<!P(6E(-!,&-.@:+*&!(%,&P&%!(-74.!*4!,&:474#!4%!*4%+7&l!
4-!4%!;]{!*4!7&*&.!%&.!(,,+*4-74.!%(6&#(%4.!#4'+.7#(*&.!4-!;AZXH!4%!(%,&P&%!9@4!@-!9(,7&#!
,&(*J@*(-74l!4.4!:+.:&!(0&H!4-!@-!`]{!*4!%(.!`X2]]]!:@4#74.!/&#!(,,+*4-74.!*4!7#T9+,&H!J!4-!
&7#&!`]{!*4!%&.!+-74-7&.!*4!.@+,+*+&H!4%!(%,&P&%!9@4!7(:6+I-!@-!9(,7&#!/#4.4-742!!)%!,&.74!Q@4!
#4/#4.4-7(!4%!,&-.@:&!*4!(%,&P&%!/(#(!%(!4,&-&:E(!*4!).7(*&.!=-+*&.!4.!*4!;]]2]]]!:+%%&-4.!*4!
*$%(#4.!,(*(!(0&!gL4/(#7(:4-7&!*4!K(%@*!J!K4#M+,+&.!8@:(-&.!;AZXh2!
)%!7(6(,&!4.!7(:6+I-!:T.!Q@4!@-(!*#&'(!(%7(:4-74!(*+,7+M(2!!).!@-!/&74-74!,(#,+-$'4-&!9@:(*&H!
:(.,(*&H!4.-+9(*&!&!4-!4-4:(.!g8&9:(--!+*"%/-";AZXl!k+,4#!;AZ3hH!J!.@!4>74-*+*&!@.&!P(!P4,P&!
Q@4!4%!,T-,4#!*4!/@%:$-!/(.(#(!*4!.4#!@-(!,@#+&.+*(*!(!@-(!4-94#:4*(*!,&##+4-742!!84:&.!
(*&/7(*&!M(#+(.!*4!%(.!/4&#4.!*#&'(.!,&-&,+*(.!,&-!%&.!6#(Y&.!(6+4#7&.H!/4#&!4.7(:&.!7(-!
(,&.7@:6#(*&.!(!4%%(.!Q@4!J(!-&!%4.!*(:&.!+:/&#7(-,+(2!!\&.!&%M+*(:&.!+-,%@.&!*4!Q@4!.&-!
*#&'(.2!!5.E!P(6%(:&.!*4!c(%,&P&%+.:&!J!(6@.&!*4!*#&'(.dH!,&:&!.+!4%!(%,&P&%+.:&!-&!9@4#(!(6@.&!
*4!@-(!*#&'(2!!"&#!%(!:+.:(!#4'%(H!.+!%(!P4#&E-(!9@4#(!%4'(%!J!(:/%+(:4-74!@.(*(H!/&*#E(!,(@.(#!
/#&6%4:(.!*4!.(%@*!(!(%'@-(.!/4#.&-(.H!/4#&!%&.!*4:T.!-&!%4!*(#E(:&.!:(J&#!+:/&#7(-,+(!
gS#46(,P!;AZWh2!!L4!P4,P&H!%(!P4#&E-(!-&!4.!:@,P&!:T.!Q@4!@-(!*#&'(!(*+,7+M(2!!\&!4.!
,(#,+-$'4-(H!(!*+94#4-,+(!*4%!7(6(,&!J!4%!(%,&P&%H!-&!,(@.(!*(0&.!,4#46#(%4.!-+!P4/T7+,&.H!J!-&!4.!
74#(7$'4-(2!!)%!o-+,&!/#&6%4:(!*4!.(%@*!(.&,+(*&!(!.@!,&-.@:&!P(6+7@(%!g4>,%@J4-*&!%(.!
+-94,,+&-4.!(.&,+(*(.!(%!@.&!*4!_4#+-'@+%%(.!,&-7(:+-(*(.H!/#&6%4:(!Q@4!-&!.4!/#4.4-7(!,&-!4%!@.&!
74#(/I@7+,&!Q@4!.4!P(,4!*4!%(!P4#&E-(!4-!b#(-!B#47(0(h!4.!4%!4.7#40+:+4-7&!gB#4,P4#!;A3Wl!j4+%!
;A3Wh2!!).!+-*@*(6%4!Q@4!).7(*&.!=-+*&.H!'%&6(%:4-74H!74-*#E(-!@-&.!'(.7&.!:I*+,&.!:4-&#4.!.+!
7@M+4#(-!;]X!:+%%&-4.!*4!,&-.@:+*&#4.!*4!P4#&E-(!%4'(%!J!4.7I#+%!J!*&.!:+%%&-4.!*4!,&-.@:+*&#4.!
*4!(%,&P&%H!4-!%@'(#!*4!;]X!:+%%&-4.!*4!6464*&#4.!J!*&.!:+%%&-4.!*4!,&-.@:+*&#4.!*4!P4#&E-(!
(*@%74#(*(!J!,&-7(:+-(*(2!!)94,7+M(:4-74H!%(!.+7@(,+$-!(,7@(%!4.!%(!/4&#!Q@4!.4!/@4*4!*(#!,&-!
#4./4,7&!(!%(.!*#&'(.H!,&-.+*4#(-*&!Q@4!-@4.7#(.!*#&'(.!-(,+&-(%4.!.&-!,(#,+-$'4-(.H!
P4/(7&7$>+,(.!J!74#(7$'4-(.H!,(@.(-74.!*4!*(0&.!,4#46#(%4.H!:+4-7#(.!4%!'&6+4#-&!,4*4!4%!,&-7#&%!
.&6#4!7&*(.!%(.!*4:T.!*#&'(.!(!4%4:4-7&.!,#+:+-(%4.2!![4#*(*4#(:4-74H!P4:&.!7&,(*&!9&-*&2!
!!!!K4!P(-!#4(%+Y(*&!J(!(%'@-&.!4>/4#+:4-7&.!:&*4#-&.!%+:+7(*&.!/(#(!9%4>+6+%+Y(#!%(.!!
X3!
!
%4J4.!(-7+*#&'(!JH!4-!'4-4#(%H!%&.!-+M4%4.!*4!,&-.@:&!.4!P(-!:(-74-+*&!+'@(%4.!&!P(-!*4.,4-*+*&2!!
)-!%&.!&-,4!4.7(*&.!-&#74(:4#+,(-&.!Q@4!c*4./4-(%+Y(#&-d!/&#!6#4M4!7+4:/&!%(!:(#+P@(-(!4-!%&.!
(0&.!3]H!4%!-o:4#&!*4!@.@(#+&.!.4!:(-7@M&!:T.!&!:4-&.!+'@(%!ge&P-.7&-!+*"%/-;AZ;h2!!)-!8&%(-*(H!
%(!7&%4#(-,+(!P(,+(!4%!@.&!*4%!,(--(6+.!J!.@!,&-7#&%!%4'(%!P(!%%4M(*&!(!@-!*4,%+M4!4-!4%!,&-.@:&F!4-!
;A3X!4%!;]{!*4!%&.!,+@*(*(-&.!P&%(-*4.4.!4-7#4!;3!J!;Z!(0&.!,&-.@:E(!B%,,%8<."+%4'(%:4-74H!
:+4-7#(.!4-!;AZ?!4.4!/&#,4-7(_4!P(6E(!6(_(*&!,(.+!(!%(!:+7(*H!P(.7(!.+7@(#.4!4-!4%!X{H!.4'o-!,+9#(.!
&9+,+(%4.!P&%(-*4.(.!gG+-+.74#+&!*4!B+4-4.7(#!K&,+(%!;AZ?h2!!)%!'&6+4#-&!P&%(-*I.!4.7T!74-+4-*&!
I>+7&H!,&:&!/#474-*E(H!4-!,&-M4#7+#!4%!B%,,%8<."4-!(%'&!(6@##+*&H!,(#4-74!*4!#464%*E(2!!O&.!
*494-.&#4.!*4!%(!9+.,(%+Y(,+$-!(6.&%@7(!*4!*#&'(.!4-!5:I#+,(!7#(7(-!*4!*4./#4.7+'+(#!4%!I>+7&!
P&%(-*I.H!(9+#:(-*&!Q@4!4%!/#&6%4:(!(%%E!4.!:T.!9T,+%!*4!(6&#*(#!/&#!%(!cP&:&'4-4+*(*!*4!%(!
/&6%(,+$-d!ge(#M+,R!;AA]hH!9&#:(!,&#7I.!*4!*4,+#!Q@4!%&.!P&%(-*4.4.!-&!/(*4,4-!@-!4-&#:4!4!
+-7#(7(6%4!'#@/&!*4!*#&'(*+,7&.!-4'#&.!4!P+./(-&.2!!)-!#4(%+*(*H!4-!%&.!/(E.4.!6(_&.!4>+.74-!
4>74-.&.!J!,#4,+4-74.!'#@/&.!:+-&#+7(#+&.!g:T.!*4%!?{h!J!T#4(.!@#6(-(.!/&6#4.!Q@4!.4!/(#4,4-!(!
%&.!'@477&.!*4!).7(*&.!=-+*&.!gB44#.!;AA;h2!
)%!4>/4#+:4-7&!*4!/#&P+6+#!P(!9#(,(.(*&!:+.4#(6%4:4-74H!J!P&#(!4.!*4!Q@4!M&%M(:&.!(%!&#*4-!
-(7@#(%!*4!%(.!,&.(.H!/4#:+7+4-*&!Q@4!%(!.&,+4*(*!(/#4-*(!(!#4'@%(#!J!(@7&,&-7#&%(#!4%!@.&!*4!
*#&'(.!.&,+(%!J!:I*+,(:4-74H!-&!%4'(%:4-74!J!(!%(!9@4#Y(2!!O(!+-7#&*@,,+$-!*4!(%,&P&%!*4.7+%(*&!4-!
%(!.&,+4*(*!4@#&/4(!%%4M$!(!c4/+*4:+(.d!*4!,&-.@:&!+-,&-7#&%(*&!J!4>,4.+M&!gj(..&-!;A3A6h2!!
"4#&!,&-!4%!7+4:/&H!.+-!+-74#M4-,+$-!*4%!'&6+4#-&H!%(.!.&,+4*(*4.!&,,+*4-7(%4.!4:/4Y(#&-!(!P(,4#!
%(.!/(,4.!,&-!4%!(%,&P&%!g@-!/#&,4.&!Q@4!.+'@4!4-!4M&%@,+$-hH!*4.(##&%%(-*&!#+7@(%4.!/(#(!(J@*(#!(!
,&-7#&%(#!%(!(*+,,+$-!*4%!(%,&P&%H!,&:&!(/#&6(#!.@!,&-.@:&!.$%&!*4./@I.!*4!%(!_&#-(*(!%(6&#(%H!J!
@-(!,&-*4-(!'4-4#(%+Y(*(!*4!,&:/&#7(:+4-7&.!*4/4-*+4-74.!*4%!(%,&P&%!g|+-64#'!;A33l!|+-64#'!
;AZ`h2!!O(.!.&,+4*(*4.!:&*4#-(.!-&!64-*4,+#T-!-+!(/#&6(#T-!4%!@.&!+##4./&-.(6%4!J!(*+,7+M&!*4!
P4#&E-(H!,&,(E-(!J!:(#+P@(-(!%4'(%4.H!7(%!,&:&!-&!(/#@46(-!4%!@.&!+-,&-7#&%(*&!*4%!(%,&P&%2!!U@4!
7(6(,&!J!646+*(.!(%,&P$%+,(.!.4(-!(,,4.+6%4.!-&!.+'-+9+,(!Q@4!%(.!.&,+4*(*4.!+-.74-!(!,&-.@:+#%(.H!
P(J!/#@46(.!*4!Q@4!%(.!,(:/(0(.!(-7+7(6(,&!J!(-7+(%,&P&%!+-+,+(*(.!/&#!4%!'&6+4#-&!*4!).7(*&.!
=-+*&.!J!&7#&.!/(E.4.!.&-!49+,(,4.!/(#(!#4*@,+#!4%!,&-.@:&2!!K$%&!/&-+4-*&!(%!*4.,@6+4#7&!7&*&!
@.&!%o*+,&!*4!*#&'(.!,(64!4./4#(#!Q@4!*4.(##&%%4:&.!#4.7#+,,+&-4.!.&,+(%4.!9(M&#(6%4.!(%!,&-.@:&!
#4./&-.(6%4!*4!%(.!(,7@(%4.!*#&'(.!+%E,+7(.2!!L464:&.!7#(7(#!(!%&.!,+@*(*(-&.!,&:&!(*@%7&.!
#4./&-.(6%4.H!J!-&!/#&:@%'(#!%(!-&,+$-!(6.@#*(!J!9(%(Y!*4!Q@4!,+4#7(.!*#&'(.!g,&:&!P4#&E-(!J!%(!
,&,(E-(h!*4.7#@J4-!%(!M&%@-7(*!+-*+M+*@(%!J!4%!(@7&*&:+-+&H!&9#4,+4-*&!/&#!4.&!:+.:&!(!+-*+M+*@&.!
+-:(*@#&.!4!+##4./&-.(6%4.!@-(!4>,@.(!J(!P4,P(!/(#(!,&:/&#7(#.4!+%4'(%!&!+-:&#(%:4-74F!%(!+*4(!
*4!Q@4!4%!PT6+7&!(!%(!P4#&E-(!/#&M&,(!P@#7&.!(!(:+'&.!J!9(:+%+(#4.H!&!#&6(#%4!4%!6+%%474#&!(!@-(!
(-,+(-(!g).,&P&7(*&!;AZA(h2!!L464:&.!*(#%4!(!%(!'4-74!&/&#7@-+*(*4.!*4!4.,&'4#!6(.(*(.!.&6#4!
@-!:4#,(*&!%+6#4!J!@-(!+-9&#:(,+$-!+:/(#,+(%!.&6#4!%&.!64-49+,+&.!J!/4%+'#&.!*4!7&*(.!%(.!*#&'(.H!
4-!M4Y!4./4#(#!C!,&-7#(!4%!#4(%+.:&!C!Q@4!@-(!/#&/('(-*(!6&6(!M(J(!(!(.@.7(#!(!%(!'4-74H!
(%4_T-*&%(!*4!,+4#7(.!*#&'(.2!!S#(74-!(!%&.!,+@*(*(-&.!,&:&!-+0&.!J!:@,P&.!.4!,&:/&#7(#T-!(.E2!!
8&#(!4.!*4!Q@4!-@4.7#&.!'&6+4#-&.!4_4#Y(-!@-!,&-7#&%!#4(%!J!(/#&/+(*&!.&6#4!%(.!*#&'(.!
(,7@(%:4-74!+%4'(%4.H!'(#(-7+Y(-*&!/@#4Y(H!*&.+.!J!@-!/#4,+&!_@.7&!4-!4%!:4#,(*&2!
XZ!
!
L4!%(!.&,+4*(*!J!*4!-&.&7#&.H!,&:&!+-*+M+*@&.H!*4/4-*4!P(,4#!4%!#4.7&2!
)-!%(.!.+'@+4-74.!/T'+-(.!P(6%(#I!*4%!7+/&!*4!*#&'(.!:T.!+-74#4.(-74!J!:+.74#+&.&H!4%!:(74#+(%!*4!
,&:4#,+&!/(#(!,P(:(-4.!J!7(@:(7@#'&.!*4!7&*&!4%!:@-*&F!(Q@4%%&.!,(,7&.H!P&-'&.H!P+4#6(.H!
T#6&%4.H!(#6@.7&.!J!%+(-(.!Q@4!%%(:(:&.!/%(-7(.!4-74&'I-+,(.H!(.E!,&:&!*4!%&.!/#+-,+/+&.!(,7+M&.!
Q@4!,&-7+4-4-2!!)-7#4!7&*&.!%&.!'#@/&.!*4!*#&'(.!/.+,&7#$/+,(.!/#&.,#+7(.H!%&.!4-74$'4-&.!.&-!4%!
7#(7(*&!:T.!+-_@.7(:4-74H!/@4.!-&!.&-!4-!:&*&!(%'@-&!c*#&'(.!*4!(6@.&d2!!O&.!(-+:(%4.!%(.!
4M+7(-!4-!M4Y!*4!P(6+7@(#.4H!%(.!/4#.&-(.!@.(-!*4!4%%(.!,&-!/&,(!9#4,@4-,+(H!J!.+-7+4-*&!
6T.+,(:4-74!74:&#!#4M4#4-,+(#!J!#4./47&!(!.@!/&*4#!*+M+-&2!!O4_&.!*4!,&-.7+7@+#!*#&'(.!(*+,7+M(.H!
/#&:474-!.4#!@-(!(J@*(!/(#(!Q@4!%&.!(*+,7&.!.@/4#4-!.@!PT6+7&!(!*#&'(.!,&:&!(%,&P&%!J!P4#&E-(!
g8&994#!;A3]h2!!O(!*46(7+*(!+-M4.7+'(,+$-!/.+,&74#(/I@7+,(!.&6#4!4%!7#(7(:+4-7&!*4!(%,&P$%+,&.!,&-!
OKL!J!L"S!P(!.+*&!#4,&/+%(*(!gb#+-./&&-!J!B(R(%(#!;A3AhH!J!%&.!4./4#(-Y(*&#4.!#4.@%7(*&.!+-+,+(%4.!
_@.7+9+,(-!@-(!4>/4#+:4-7(,+$-!@%74#+&#2!!"(#74!*4%!/4#.&-(%!*4!%(.!,%E-+,(.!/(#(!(%,&P$%+,&.!*4%!
'&6+4#-&!94*4#(%!P(!#4,&-&,+*&!Q@4!4%!,&-.@:&!#4%+'+&.&!J!&#'(-+Y(*&!*4!GA5)*/"/&#!%(!c\(7+M4!
5:4#+,(-!DP@#,Pd!4.!o7+%!4-!4%!7#(7(:+4-7&!*4%!(%,&P&%+.:&!g5%6(@'P!J!5-*4#.&-!;A3`l!f.:&-*!
;A3]hH!J!4%!:I*+,&!k&64#7!B4#':(-!C!_494!*4%!K4#M+,+&!*4!K(%@*!"o6%+,(!*4!).7(*&.!=-+*&.!4-!%(!
#4.4#M(!*4!%&.!-(M(_&!C!*+_&!Q@4!4%!/&#,4-7(_4!*4!I>+7&!4-!4%!7#(7(:+4-7&!*4%!(%,&P&%+.:&!.@/4#(6(!
(!,@(%Q@+4#!&7#&2!!B4#':(-!.@6#(J(!7(:6+I-!%(!.4'@#+*(*!*4%!GA5)*/!"4.7+:(-*&!.$%&!P(J!@-(!:(%(!
#4(,,+$-!/&#!,(*(!3]2]]]!+-'4.7+&-4.!J!(0(*+4-*&!Q@4!4.4!/&#,4-7(_4!4.7(6(!c/#&6(6%4:4-74!
4>('4#(*&d!gB4#':(-!;A3;h2!!O(!/#&/4-.+$-!*4!%&.!4-74$'4-&.!(!(,7@(#!,&-7#(!%(!*#&'(*+,,+$-!
P+Y&!Q@4!/#4,&-+Y(#!.@!@.&!.4!,&-.+*4#(.4!@-(!/&.7@#(!c(-7+*#&'(d!gG,^4--(!;AZA(l!S2^!G,^4--(!
;AAWh2!
5@-Q@4!.@!4.7(7@.!%4'(%!.4!M4(!4-7@#6+(*&!/&#!%(!,%(.+9+,(,+$-!94*4#(%!*4%!GA5)*/"J!%(!:4.,(%+-(!
,&:&!.@.7(-,+(.!,&-7#&%(*(.!J!/&#!@-(!/%I7&#(!*4!%4J4.!4.7(7(%4.!,&-7#(!%(!/%(-7(!J!.@!(%,(%&+*4!
4-74&'I-+,&H!%&.!7#+6@-(%4.!(:4#+,(-&.!P(-!.&%+,+7(*&!/#&74'4#!,&:&!,&-.7+7@,+&-(%!4%!@.&!
.(,#(:4-7(%!*4!GA5)*/"/&#!:+4:6#&.!*4!%(!c\(7+M4!5:4#+,(-!DP@#,Pd2!!=-!4_4:/%&!4.!%(!.4-74-,+(!
*4%!S#+6@-(%!K@/#4:&!*4%!4.7(*&!*4!D(%+9&#-+(!4-!;AX`H!4-!4%!,(.&!j&&*JH!4>,@%/(-*&!(!7#4.!
-(M(_&.!/4J&74#&.2!![4+-7+7#I.!4.7(*&.!P(-!4>+:+*&!*4!(%'o-!:&*&!(%!GA5)*/"*4!%(.!%4J4.!.&6#4!
.@.7(-,+(.!,&-7#&%(*(.!gB%(,R:@-!;AA]h2!!)-!'4-4#(%H!%&.!(-7#&/$%&'&.!Q@4!4.7@*+(-!(!%(!c\(7+M4!
5:4#+,(-!DP@#,Pd!P(-!*494-*+*&!4%!*4#4,P&!*4!%&.!+-*+&.!(!@.(#!GA5)*/",&:&!.(,#(:4-7&H!4-!6(.4!
(!%(!%+64#7(*!#4%+'+&.(2!!"&#!4_4:/%&!j2!O(!B(##4H!L2"2!G,5%%+4.74#H!e2K2!K%&7R+-!J!f2D2!K74i(#7!
9+#:(#&-!@-(!cL4,%(#(,+$-!.&6#4!4%!/4J&74d!4-!%(!#4M+.7(!E(<+,(+"gO(!B(##4!+*"%/-;A?;h2!!D@(-*&!4-!
;A<3!4%!.4-(*&#!/&#!\@4M&!GI>+,&!L2!DPTM4YH!/#&/@.&!@-(!%4J!Q@4!/#&P+6+#E(!7#(-./&#7(#!
+-74#4.7(7(%:4-74!GA5)*/H!M(#+&.!(-7#&/$%&'&.!J!47-&6&7T-+,&.!C!+-,%@J4-*&!(!n2!B&(.H!j2!O(!B(##4!
J!k2)2!K,P@%74.!C!/#4.4-7(#&-!,(#7(.!,&-7#(!*+,P(!%4JH!Q@4!9+-(%:4-74!-&!9@4!(/#&6(*(!gK74i(#7!
;AZ3h2!!"4#&!4.!/#4,+.&!74-4#!,&:&!:E-+:&!@-(!,@(#7(!/(#74!*4!.(-'#4!+-*+(!/(#(!.4#!:+4:6#&!*4!
4.7(!N'%4.+(H!J!4%%(!:+.:(!-&!6@.,(!#4,%@7(#!-@4M&.!:+4:6#&.!4-7#4!%&.!-&!+-*+&.H!*46+*&!(%!
%+:+7(*&!.@:+-+.7#&!*4%!.(,#(:4-7&!gG&@-7!;AZ3h2!!\&!&6.7(-74H!@-!7#+6@-(%!94*4#(%!*4!*+.7#+7&!*4!
\@4M(!s&#R!*474#:+-$!Q@4!c4%!@.&!*4!GA5)*/",&-!9+-4.!.(,#(:4-7(%4.222!-&!*464!#4.7#+-'+#.4!
o-+,(:4-74!(!%(!c\(7+M4!5:4#+,(-!DP@#,PdH!*4_(-*&!ME(!%+6#4!/(#(!Q@4!%&.!-&!+-*+&.!@.(.4-!GA5)*/"
,&-!9+-(%+*(*!#4%+'+&.(H!J!4-!;A3A!.4!,#4$!%(!5#+Y&-(!c"4J&74!j(J!
XA!
!
DP@#,P!&9!b&*dH!Q@4!/#4.4-7$!@-(!*4:(-*(!4-!S4>(.!/&#!*+.,#+:+-(,+$-!,@(-*&!9@4#&-!
(##4.7(*&.!(%%E!(%'@-&.!*4!.@.!:+4:6#&.!:+4-7#(.!#4,&%4,7(6(-!/IJ&7%2!!O(.!(,@.(,+&-4.!/&#!
/&.4.+$-!*4!*#&'(.!,&-7#(!:+4:6#&.!*4!%(!+'%4.+(!9@4#&-!.&6#4.4E*(.!gG&@-7!;AZ3l!f77!;AAW,h2!!
=-!:+4:6#&!,(@,T.+,&!*4!%(!c\(7+M4!5:4#+,(-!DP@#,Pd!(,@.(*&!#4,+4-74:4-74!*4!/&.44#!*#&'(.H!
9@4!(6.@4%7&!/&#!4%!S#+6@-(%!K@/#4:&!*4!\@4M&!GI>+,&H!(9+#:(-*&!4%!/#4.+*4-74H!e2b2!B@#,+('(H!
Q@4!.@!7#+6@-(%!c.4!M4E(!4-!%(!&6%+'(,+$-!*4!*474-4#!4.74!(:4-(Y(-74!(7(Q@4!(!-@4.7#(.!%+64#7(*4.!
,&-.7+7@,+&-(%4.d!gb&#:(-!;AAWh2!!L4!9&#:(!.+:+%(#H!4%!'&6+4#-&!,(-(*+4-.4!P(!#(7+9+,(*&!4%!@.&!
.(,#(:4-7(%!*4!P&-'&.!4-74$'4-&.!/&#!/(#74!*4!@-(!&#'(-+Y(,+$-!#4%+'+&.(!%%(:(*(!c)%!S4:/%&!*4%!
8&-'&!".+%&,+6+&d2!!L4!P4,P&H!4.7(!&#'(-+Y(,+$-!.4!9@-*$!,@(-*&!%&.!P&-'&.!/.+%&,+6+&.!4#(-!
%4'(%4.!4-!D(-(*TH!'#(,+(.!(%!9(%%&!9(M&#(6%4!*4!@-!7#+6@-(%2!
).!+-74#4.(-74!:4-,+&-(#!Q@4!(%'@-&.!(-7#&/$%&'&.!*494-.&#4.!*4%!@.&!g-&!7#(*+,+&-(%h!*4!
GA5)*/",&:&!.(,#(:4-7&!/&#!/(#74!*4!+-*+&.!-&#74(:4#+,(-&.!P(-!*4-@-,+(*&!.@!@.&!/&#!/(#74!*4!
%&.!-&!+-*+&.2!!O(!B(##4H!/&#!4_4:/%&H!,&-.+*4#$!Q@4!%&.!,&-.@:+*&#4.!6#+7T-+,&.!*4!GA5)*/"&!
:4.,(%+-(!C!*4.*4!8(M4%&,R!)%%+.!(!5%*&@.!8@>%4J!C!4#(-!c47-&%$'+,(:4-74!4./o#4&.H!#(:4#+%4.!J!
-4,+&.!4>P+6+,+&-+.7(.dH!#+*+,@%+Y(-*&!4%!%+6#&!*4!8@>%4J!.&6#4!.@.!4>/4#+4-,+(.!#4%+'+&.(.!,&-!%(!
:4.,(%+-(H!K%."#3+&*%."1+"/%!#+&(+G(<P,!",&:&!c%+6#&!:T.!6+4-!(6.@#*&d!gO(!B(##4!;A3?h2!!s&!-&!.I!
,$:&!.4!/@4*4!.4#!c47-&%$'+,(:4-74!4./o#4&d!.(%M&!9(%.+9+,(-*&!7#(6(_&!*4!,(:/&!D"/%"
B%.*%,+1%!"5!%(!B(##4!7+4-4!,&:/%47&!*4#4,P&!(!.@!&/+-+$-H!/4#&!Q@+4-!4.,#+6+$!K%"f</).)04%!
#+&+,,+"g8@>%4J!;A``h!-&!/@4*4!4-!_@.7+,+(!.4#!%%(:(*&!c#(:4#+%d2!!K4#E(!*+9E,+%!4-,&-7#(#!(!(%'@+4-!
,&-!@-!+-74#I.!:T.!.+-,4#&!/&#!,@4.7+&-4.!4./+#+7@(%4.2!!O(!B(##4!/4#.+.7+$!4-!*4-@-,+(#!%(!c!N'%4.+(!
\4&C5:4#+,(-(dH!Q@4!P(6E(!(*&/7(*&!4-74$'4-&.!,&:&!.(,#(:4-7&.H!,&:&!c,@%7&!
,&:/%47(:4-74!.+-7I7+,&H!/&,&!.+-,4#&!J!9#(@*@%4-7&d2!!).7&!4.!/@#(!J!.+:/%4!*+.,#+:+-(,+$-H!#(,+(%!
J!#4%+'+&.(2!!D&:&!M4#4:&.!4-!%(.!/T'+-(.!.+'@+4-74.H!4%!@.&!.(,#(:4-7(%!*4!4-74$'4-&.!4.!/(#74!
*4!%(!P4#4-,+(!*4!%(!#(Y(!6%(-,(!7(-7&!,&:&!*4!%(!P4#4-,+(!+-*E'4-(!*4%!\@4M&!G@-*&2!!s&!74-'&!
7(-7&!*4#4,P&!(!7&:(#!GA5)*/"@!P&-'&.!4-74$'4-&.!,&:&!,@(%Q@+4#!+-*+&!-(M(_&H!:(Y(74,(!&!
P@+,P&%2!!O&!Q@4!O(!B(##4!P(,4!4.!*+.,#+:+-(#:4!4-!6(.4!(!:+!&#+'4-!#(,+(%H!J!-4'(#:4!4%!*4#4,P&!
*4!4.,&'4#!4%!,@%7&!Q@4!*4.44!&!4-,@4-7#4!:T.!(*4,@(*&2!
).!:+!*4.4&!.+-,4#&!Q@4!4.74!%+6#&!,&-7#+6@J(!(!@-(!#44M(%@(,+$-!&6_47+M(!*4!%(.!*#&'(.!
4-74&'I-+,(.!J!.@!%@'(#!4-!4%!:@-*&!:&*4#-&2!!!!
!!!O&!P4!*4*+,(*&!(!:+!o%7+:&!:(4.7#&H!b&#*&-!j(..&-H!,(7(%+Y(*&#!.@/#4:&!4-!4%!#4.@#'+:+4-7&!
(,7@(%!*4!%(.!#4%+'+&-4.!4.7T7+,(.!J!,P(:T-+,(.H!Q@4!4.,#+6+$!64%%(:4-74!.&6#4!%(!46#+4*(*!
M+.+&-(#+(2!!5%!/#+-,+/+&!#4+74#$!%(!/#4'@-7(!#47$#+,(!*4!j(..&-F!.+H!,&-!7&*&!4%!,&-&,+:+4-7&!
:&*4#-&H!-4,4.+7T6(:&.!(o-!%&.!4-74$'4-&.!*+M+-&.2!!s!,&-74.7(#E(H!,&:&!j(..&-H!Q@4!
/#4,+.(:4-74!/&#!-@4.7#&!,&-&,+:+4-7&!:&*4#-&!/).",+(+.<*%')."'D."23+",3,(%-""O(!G(*#4!
S+4##(H!\@4.7#(!L(:(!b4(H!/(*4,4!@-!*4.(.7#4!4,&%$'+,&!*46+*&!(!7&*&!4.4!,&-&,+:+4-7&!
:&*4#-&!JH!4-!4./4,+(%H!(!%(!P4#4-,+(!_@*4&,#+.7+(-(!Q@4!-&.!,&-.+*4#(!@-(!,#4(,+$-!4./4,+(%H!
*4.7+-(*(!(!.@6J@'(#!J!*&:+-(#!%(!S+4##(2!!"4#&H!/(#(9#(.4(-*&!(!@-&!*4!%&.!'#(-*4.!(:4#+,(-&.H!
4%!e494!K4(77%4H!%(!S+4##(!-&!/4#74-4,4!(!%(!P@:(-+*(*l!4.!%(!P@:(-+*(*!Q@+4-!/4#74-4,4!(!%(!
S+4##(2!!D@(%Q@+4#!4>/4#+4-,+(H!9(#:(,&%$'+,(!&!*4!&7#&!7+/&H!,(/(Y!*4!/4#:+7+#-&.!4-74-*4#!Q@4!
c7&*&!,@(-7&!M+M4!4.!K('#(*&dH!Q@4!.&:&.!7&*&.!P4#:(-&.!J!P4#:(-(.H!-4'#&.H!6%(-,&.H!6E/4*&.!
&!,@(*#o/4*&.H!
3]!
!
,+4-/+I.!&!.+-!/(7(.!&!Q@4!4%!@-+M4#.&!*4%!Q@4!.&:&.!/(#74!4.!*+M+-&!J!.('#(*&222!,@(%Q@+4#!
4>/4#+4-,+(!(.E!/@4*4!.4#!*4!M+7(%!+:/&#7(-,+(!/(#(!(J@*(#-&.!(!.@/4#(#!-@4.7#(!(/#4:+(-74!
.+7@(,+$-!4,&%$'+,(H!,&-.4,@4-,+(!+-4Q@EM&,(!*4!7#(7(#!(%!:@-*&!,&:&!:(74#+(!J!-&!,&:&!4-4#'E(!
*+M+-(222!,&:&!&6_47&.!Q@4!.4!,&:/#(-!J!M4-*4-H!J!-&!,&:&!@-!cb&,4!)74#-&d2!!D#4&!9+#:4:4-74!
Q@4!4%!@.&!4./+#+7@(%!*4!4-74$'4-&.!4.!P&J!@-(!*4!%(.!4./4#(-Y(.!P@:(-(.!:T.!6#+%%(-74.!/(#(!
.@/4#(#!%(!,#+.+.!4,&%$'+,(!Q@4!(:4-(Y(!%(!6+&.94#(!J!/&-4!4-!/4%+'#&!-@4.7#(!/#&/+(!.@/4#M+M4-,+(H!
/@4.!4%!$)')".%G<+,.!/#&-7&!4-,(64Y(#T!%(!%+.7(!*4!4./4,+4.!(:4-(Y(*(.2!!\4,4.+7(:&.!#4,@/4#(#!
4%!'5.*+&<3'"*&+'+,13'"*4!%(!3,<)"'5.*<(%!"4%!#4./47&!:+%4-(#+&!Q@4!.+-7+4#&-!-@4.7#&.!
(-74/(.(*&.!(-74!%(!*+M+-(!/#4.4-,+(H!(-74!%(!:(_4.7(*!.@6%+:4!*4!-@4.7#&!:(#(M+%%&.&!@-+M4#.&H!
6(_&!4%!494,7&!4-74&'I-+,&!Q@4!*4.,#+6+$!4%!.(6+&!b&#*&-!j(..&-!g;AX;hF!
!
k4,@4#*&!P(64#!4.,#+7&!@-(!M4Y!Q@4H!6(_&!%&.!494,7&.!*4%!P&-'&H!%(!/4#.&-(!.4!.+7o(!4-!4%!
4./(,+&!,&:&!@-!&_&!+-:(74#+(%H!+-M+.+6%4!4!+-,&#/&#4&H!Q@4!M4!/4#&!-&!4.!M+.7&2!!)-!#4(%+*(*H!
4.!%&.!,+-,&!.4-7+*&.!*4.,(#-(*&.H!7&*&.!(,&#*4!4-!%(!,@:6#4!*4!.4-.+6+%+*(*!J!,&-,+4-,+(H!
7#(-.9&#:T-*&.4!/&,&!(!/&,&!@-&.!4-!&7#&.!*4!%(!:(-4#(!:T.!4>7#(0(H!P(.7(!Q@4!%(!
/4#.&-(H!,&:/%47(:4-74!/(.+M(H!.4!,&-M+4#74!4-!@-!#4,4/7&#!/@#&!*4!.4-.(,+&-4.H!
+-9+-+7(:4-74!*4%+,(*&2!!G+4-7#(.!7@!,@4#/&!#4/&.(!4-!.@!.(,&!*4!*&#:+#H!7@!4./E#+7@!4.!%+6#4H!
/+4#*4!7&*&!.4-7+*&!74:/&#(%H!(%4#7(!,&:&!-@-,(!(-74.!%&!4.7@M&H!M+M+4-*&!@-(!474#-+*(*!4-!
@-(!-&,P4H!M+4-*&!4%!+-9+-+7&!4-!@-!'#(-&!*4!(#4-(2!!O&!Q@4!P(.!M+.7&!J!&E*&!Q@4*(!'#(6(*&!(!
,+-,4%!4-!7@!:4:&#+(H!+-*4%46%42!!n+-(%:4-74!,&-&,4.!%&!+-49(6%4H!J!4%!.+'-+9+,(*&!*4%!I>7(.+.2!
xp>7(.+.y!
3;!
!

"kNG)k5!"5kS)!
!
O'58PE'#'5%=8:%#80!
!
!

!
3<!
!

"kNG)k5!"5kS)!
!
O'58PE'#'5%=8:%#80!
!
!

!
3<!
!
!
!
&8("5C=;!(9%:'9;!
:'0&8=%#8Q!(KG;5=Q!08#!('$9;Q!
E'#'5%=8:%#80!895%E%&%8='0!
!
!
K+!%(.!/@4#7(.!*4!%(!/4#,4/,+$-!.4!%+:/+(#(-H!7&*&!(/(#4,4#E(!(!%&.!P&:6#4.!,&:&!#4(%:4-74!4.F!
+-9+-+7&2!!"@4.!4%!P&:6#4!4.7T!,&-9+-(*&!4-!.E!:+.:&!P(.7(!M4#!7&*(.!%(.!,&.(.!(!7#(MI.!*4!%(.!
4.7#4,P(.!#4-*+_(.!*4!.@!,(M4#-(2!
!
!
B-LL-).!OL)R,!
C$+"[%&&<%?+")0">+%7+,"%,1">+//"g;23A<h!
"=K%."8)1%."1+/"(<+/)"5"+/"<,0<+&,):!
!
)-!;A?`!4%!9(:&.&!4.,#+7&#!+-'%I.!5%*&@.!8@>%4J!(7#(_&!%(!(74-,+$-!*4%!/o6%+,&!P(,+(!%(!:4.,(%+-(!
,&-!%(!/@6%+,(,+$-!*4!C$+"L))&.")0"G+&(+G*<),"gO(.!/@4#7(.!*4!%(!/4#,4/,+$-hH!@-(!,#$-+,(!*4!.@!
4>/4#+4-,+(!/4#.&-(%!,&-!4.7(!4>7#(0(!J!:+.74#+&.(!*#&'(!g8@>%4J!;A?`h2!!)-!;A<;H!:+4-7#(.!
7#(6(_(6(!4-!.@!-&M4%(!W&%7+"@+i"j)&/1"g=-!:@-*&!94%+Yh!g8@>%4J!;A<WhH!8@>%4J!%4J$!,&-!
c(/(.+&-(*&!J!,#4,+4-74!+-74#I.d!%(!7#(*@,,+$-!+-'%4.(!*4%!7#(7(*&!.&6#4!*#&'(.!/.+,&(,7+M(.!Q@4!
O&@+.!O4i+-!P(6E(!4.,#+7&!4-!;AW`!J!Q@4!74-E(!/&#!7E7@%&!#$%,*%.*<(%"gO4i+-!;AW`h2!!).4!(0&H!8@>%4J!
4.,#+6+$!*&.!4-.(J&.!4-!%&.!Q@4!4>/@.&!%(!-4,4.+*(*!*4!c@-!-@4M&!/%(,4#dH!@-!9T#:(,&!+-&,@&!J!
64-49+,+&.&!Q@4!/4#:+7+4#(!c7&:(#.4!&,(.+&-(%:4-74!@-(.!M(,(,+&-4.!*4!%(!#4(%+*(*d!J!(9+#:$!Q@4!
c4%!P&:6#4!Q@4!+-M4-74!7(%!.@.7(-,+(!*464#T!.4#!74-+*&!,&:&!@-&!*4!%&.!
3?!
!
:T.!'#(-*4.!64-49(,7&#4.!*4!4.7(!*&%+4-74!P@:(-+*(*d!g8&#&i+7Y!J!"(%:4#!;A33l!8@>%4J!;A<%(l!
8@>%4J!%A<;6h2!!8@>%4J!*+&!M+*(!%+74#(#+(!(!4.(!.@.7(-,+(!4-!c=-!:@-*&!94%+Yd!H!%(!%%(:$!E)'%!"
-&:6#4!*4%!(-7+'@&!4-74$'4-&!*4!%&.!5#+&.!gMI(.4!,(/E7@%&!Xh2!)%"E)'%"*4!8@>%4J!4#(!/@#(:4-74!
+:('+-(#+&!J!4.7(6(!*&7(*&!*4!7#4.!/#&/+4*(*4.H!(!.(64#F!c4@9&#+Y(-74H!(%@,+-$'4-&!&!.4*(-74dH!
@-(!,&:6+-(,+$-!+:/&.+6%4!.4'o-!/(%(6#(.!*4%!/#&/+&!8@>%4J!g8&#&i+7Y!J!"(%:4#!;A33l!8@>%4J!
;A?Xh2!!)%!X!*4!:(J&!*4!;A?<!4%!/.+Q@+(7#(!,(-(*+4-.4!8@:/P#J!f.:&-*!%4!(*:+-+.7#$!`]]!:'!*4!
.@%9(7&!*4!:4.,(%+-(!Q@4!%4!(6#+4#&-!.@.!c/@4#7(.!*4!%(!/4#,4/,+$-d!J!%4!+-./+#(#&-!.@!9(:&.&!J!
,&-7#&M4#7+*&!4-.(J&2!!8@>%4J!*4*+,$!%(!@%7+:(!*I,(*(!*4!.@!M+*(!(%!4.7@*+&!*4!%&!Q@4!6(@7+Y$!
,&:&!c9(-4#&7+:4.d!&!c/.+,&*I%+,&.d!g;h!&!.4(!4-74$'4-&.2!!L4!:&*&!Q@4!4-!.@!o%7+:&!%+6#&!K%"<./%"
g8@>%4J!;AXWh!4%!9(-7T.7+,&!E)'%"*+$!/(.&!(!%(!:4*+,+-(C:&R.P(H!gWh!@-!P&-'&!,@%7+M(*&!(!
.4:4_(-Y(!*4%!*+),%,D(%*/":4>+,(-&H!Q@4!P(6E(!.+*&!#4,+4-74:4-74!*4.,@6+4#7&!/&#![2"2!H!
k2b2j(..&-!gMI(.4!,(/E7@%&!?l!8@>%4J!;AX3h2!!)-7#4!&7#&.!@.&.H!%(!'+1<(<,%T')F.$%"4#(!@7+%+Y(*&!
/&#!%&.!P(6+7(-74.!*4!"(%(H!%(!+.%(!7#&/+,(%!(.+T7+,(!Q@4!*(!7E7@%&!(!.@!o%7+:&!%+6#&H!/(#(!9(,+%+7(#!%(!
7#(-.+,+$-!4-7#4!%(!M+*(!J!%(!:@4#74H!(/%+,(,+$-!Q@4!J(!P(6E(!.+*&!.@'4#+*(!/&#![2"2j(..&-!,+-,&!
(0&.!(-74.!g[2"2j(..&-!;A?3h2!!)%!:+.:&!8@>%4J!.4!M(%*#E(!*4!%(!:4*+,+-(C:&.PR(!/(#(!%(!'#(-!
7#(-.+,+$-!7&:(-*&!*&.!*&.+.!*4!;]]!:,'!*4!OKL!gMI(.4!,(/+7@%&!WhH!*@#(-74!.@!('&-E(!ME,7+:(!*4!
@-!,T-,4#!4%!WW!*4!-&M+4:6#4!*4!;AX<!g8&#&i+7Y!J!"(%:4#!;A33l!
8@>%4J!;AXZh2!
8@>%4J!g(%!+'@(%!Q@4!B%(R4h!9@4!@-!M+.+&-(#+&H!J!.@!4-.(J&!.&6#4!%&.!494,7&.!*4!%(!:4.,(%+-(!4.7(6(!
*4.7+-(*&!(!4.7+:@%(#!4%!+-74#I.!'4-4#(%!/&#!4%!@.&!*4!%(!:4.,(%+-(!J!*4!&7#&.!4-74$'4-&.2!!5!
9+-(%4.!*4!%&.!X]H!,@(-*&!4%!@.&!-&!,+4-7E9+,&!*4!%&.!4-74$'4-&.!(%,(-Y$!.@!:T>+:&!(/&'4&H!%(!
:4.,(%+-(!4#(!_@-7&!(!%(!OKL!4%!4-74$'4-&!:T.!,&-&,+*&!J!4%!:T.!(:/%+(:4-74!@7+%+Y(*&222!q&!Q@+YT!
-&r!!5@-Q@4!%(!:4.,(%+-(!(@7I-7+,(!4.7@M&!*+./&-+6%4!,&:&!9T#:(,&!/(#(!%(!+-M4.7+'(,+$-!P(.7(!
;AX?H!-&!4>+.74-!/#@46(.!*4!Q@4!9@4#(!*+.7#+6@+*(!(%!/o6%+,&!4-!'4-4#(%2!!O(.!%4J4.!Q@4!*4,#47(#&-!
.@!+%4'(%+Y(,+$-!_@-7&!(!&7#&.!4-74$'4-&.!*@#(-74!%&.!(0&.!;AX?C;AXZ!J!.@!4%4M(*&!,&.74!*4!
9(6#+,(,+$-!,&-*@_4#&-!(!%(!M+#7@(%!*4.(/(#+,+$-!*4!%(!:4.,(%+-(!*4%!:4#,(*&2!qU@I!&,@##4!
4-7&-,4.!,&-!%&.!:+%%&-4.!*4!*&.+.!*4!c:4.,(%+-(d!&!c:4.,(%+-(!&#'T-+,(d!Q@4!.4!M4-*+4#&-!
(:/%+(:4-74!4-!%&.!))==!H!&7#&.!/(E.4.!(!9+-(%4.!*4!%&.!X]!J!/#+-,+/+&.!*4!%&.!3]222!H!Q@4!(o-!.4!
M4-*4-!P&J!4-!*E(r!qU@I!P(J!*4!%&.!,+4-7&.!*4!:+%4.H!.+!-&!:+%%&-4.!*4!/4#.&-(.!Q@4!P(6%(-!,&-!
#4M4#4-,+(!*4!.@.!4>/4#+4-,+(.!,&-!%(!:4.,(%+-(!H!Q@4!%(.!,&:/(#(-!,&-!%(.!*4!%(!OKL!(!%(.!Q@4!
+-M(#+(6%4:4-74!,(%+9+,(-!*4!+-94#+&#4.r!
=-!P4,P&!4.!,+4#7&H!%(!:4.,(%+-(!P(!.+*&!9(%.+9+,(*(!:T.!M4,4.!Q@4!-+-'o-!&7#&!4-74$'4-&!4-!4%!
:4#,(*&!-4'#&2!!).!:T.!Q@4!/#&6(6%4!Q@4!.$%&!M(#+(.!*4,4-(.!*4!:+%4.!*4!/4#.&-(.!P(J(-!7&:(*&!
(%'@-(!M4Y!:4.,(%+-(!/@#(2!!5!%&.!*4:T.!.4-,+%%(:4-74!%&.!P(-!7+:(*&2!!)-!4.74!,(/E7@%&!.4!
4>/%+,(#T!4-!*47(%%4!Q@I!4.!%(!:4.,(%+-(H!*4!*$-*4!/#&,4*4!J!,$:&!/@4*4!.4#!+*4-7+9+,(*(2!!
5*4:T.!.4!+-M4.7+'(#T!4%!&#+'4-!*4!.@!*@#(*4#(!H!&:-+/#4.4-74!:+.7+9+,(,+$-l!@-!4.7@*+&!
+-74#4.(-74H!Q@4!.4'@#(:4-74!-&.!*(#T!@-(!:4_&#!M+.+$-!*4!%(!+-9%@4-,+(!*4!%(.!4>/4,7(7+M(.!*4%!
@.@(#+&!.&6#4!%&.!494,7&.!*4!@-!4-74$'4-&2!
3X!
!
!5!%(!M4YH!4%!%4,7&#!/&*#T!%44#!*474-+*(:4-74!+-9&#:(,+&-4.!+-74#4.(-74.H!/@*+4-*&!/4-47#(#!4-!
4%!%&(%,3'"%&(%,)&3'"*4!%(!4./+#+7@(%+*(*!*4!%&.!+-*+&.!*4%!\@4M&!G@-*&!J!4-!%&.!:+.74#+&.!*4!%(!
,+4-,+(!:&*4#-(2!
!
7;9%S;#5'0!(9'&;=;:O%#;0!
!
O(!:4.,(%+-(!4.!4%!/#+-,+/+&!(,7+M&!:T.!+:/&#7(-74!*4%!/4Q@40&!J!.4:+4.9I#+,&!,(,7&.!.+-!4./+-(.!
K)G$)G$)&%"i<//<%'.<<-""L+,P&!,(,7&.!P(6+7(!4-!4%!-&#74!*4!GI>+,&!J!4-!4%!.@*&4.74!*4!%&.!))==!
g5-*4#.&-!;AXAl!5-*4#.&-!;AZ]l!K,P@%74.!J!8&9:(--!;AZ]h!g<h2!K)G$)G$)&%"i<//<%'.<<",#4,4!4-!%&.!
*4.+4#7&.!,(%,T#4&.H!4-!%&.!M(%%4.!*4!%&.!#E&.!J!'4-4#(%:4-74!*46(_&!*4!%(!M4'47(,+$-!g5-*4#.&-!
;AXAl!5-*4#.&-!;AZ]l!D&@%74#!;ZA`h2!
K@!,#4,+:+4-7&!4.!74##+6%4:4-74!%4-7&!/@4.!%(!/%(-7(!/@4*4!-4,4.+7(#!P(.7(!;?!(0&.!/(#(!
,&:/%47(#!.@!:(*@#(,+$-2!!)%!,(,7&.!(*@%7&!/@4*4-!%%4'(#!(!:4*+#!@-&.!;W!,:!*4!*+T:47#&H!
.&6#4.(%+4-*&!*4!<!(!X!,:!/&#!4-,+:(!*4%!.@4%&2!!"&.44!@-(!#(EY!%(#'(!J!/@-7+('@*(H!/(#4,+*(!(!%(!
*4!@-(!Y(-(P&#+(!J!Q@4!/@4*4!:4*+#!<]!,:.!&!:T.!4-!/%(-7(.!:(*@#(.2!!5!:4-@*&!6#&7(-!*4!%(!
#(EY!,(64Y(.!.4,@-*(#+(.H!.+4-*&!P(6+7@(%!4-,&-7#(#!4_4:/%(#4.!,&-!'#@/&.!*4!,(64Y@4%(.!
(/#47@_(*(.2!!)%!,&%&#!*4!%(.!9%&#4.!M(#E(!*4!#&.(*&!(!6%(-Q@4,+-&!J!,#4,4-!.&%+7(#+(.!4-!%(!,&#&-(!
*4%!,(,7&.H!#&*4(*(.!*4!@-(!:(.(!*4!/4%&.!6%(-,&.!g5-*4#.&-!;AXAl!5-*4#.&-!;AZ]h2!
)-!;?X]!4%!9#(-,+.,(-&!4./(0&%!B4:(#*+-&!*4!K(P('o-!9@4!4%!/#+:4#&!4-!4.,#+6+#!.&6#4!4.7(!
/%(-7(!gK(P('o-!;A?]l!K(P('o-!;AZWhF!
!
5J!&7#(!J4#M(!Q@4!.4!%%(:(!G+<)*/222!P(Y4.4!P(Y+(!%(!/(#74!*4%!-&#74F!%&.!Q@4!%(!
,&:4-!&!6464-!M4-!M+.+&-4.!4./(-7&.(.!&!*4!#+.(.H!*@#(!4.74!4:6&##(,P(:+4-7&!
*&.!&!7#4.!*E(.!J!*4./@I.!.4!Q@+7(2!!).!,&:&!@-!:(-_(#!*4!%&.!,P+,P+:4,(.!Q@4!
%&.!:(-7+4-4!J!*(!T-+:&!/(#(!/4%4(#!J!-&!74-4#!:+4*&H!-+!.4*!-+!P(:6#4!J!*+,4-!
Q@4!%&.!'@(#*(!*4!7&*&!/4%+'#&2!
!
#+<)*/")"GA5)*/"4#(!4%!-&:6#4!*4!4.74!,(,7&.!4-!%(!%4-'@(!\TP@(7%H!+*+&:(!*4!%&.!G4>+,(.!g&!
5Y74,(.H!,&:&!.4!%4.!,&-&,4!P&J!4-!*E(l!%&.!DP+,P+:4,(.!4#(-!.@.!(-74/(.(*&.h2!!)%!7I#:+-&!
.+'-+9+,(6(!/(#(!%&.!(Y74,(.!/#&6(6%4:4-74!c,&.(!/4%@*(dH!J(!Q@4!,&-!I%!.4!+-*+,(6(!(!%(!M4Y!(!@-(!
4./4,+4!*4!&#@'(!J!(!*+,P&!,(,7@.!Q@4!4.7T!,&#&-(*&!/&#!:4,P&-4.!*4!/4%&.!.4*&.&.!gO(!B(##4!
;A<Z(h2!
)>+.74-!:@,P&.!+-*+,+&.!*4!Q@4!%&.!5Y74,(.!gQ@4!M+ME(-!4-!4%!M(%%4!*4!GI>+,&H!*&-*4!P&J!.4!
%4M(-7(!%(!:&*4#-(!,(/+7(%h!J!&7#&.!'#@/&.!+-*E'4-(.!Q@4!M+ME(-!(%!-&#74!*4!GI>+,&!M4-4#(6(-!4%!
,(,7&.!J!%&!@.(6(-!,&:&!(,,4.&#+&!*4!.@.!,4#4:&-+(.!#4%+'+&.(.!g5-*4#.&-!;AZ]l!L4%!"&Y&!;AX3l!
K74i(#7!;AZ3h2!!k2b2j(..&-!P(!.@'4#+*&!Q@4!4-!%(!/(%(6#(!GA5)*/".4!4-,@4-7#(!4%!&#+'4-!*4%!
7I#:+-&!:4>+,(-&!(,7@(%!/+@%4!Q@4!.4!@.(!/(#(!#494#+#.4!(!%&.!4-74$'4-&.!4-!'4-4#(%H!+-,%@J4-*&!
(%'@-(.!4./4,+4.!*4!P&-'&.!gMI(.4!,(/E7@%&!?h!J!(!%(.!.4:+%%(.!*4%!*&-*+4'&!*4!*E(!gMI(.4!,(/E7@%&!
Wl!j(..&-!;AX<h2!!).7(!47+:&%&'E(!7(:6+I-!9@4!/#&/@4.7(!*4!9&#:(!+-*4/4-*+4-74!/&#!B2"2!k4R&!
gk4R&!;A;Ah2!
33!
!
)-!4%!(0&!;?W;H!6(_&!4%!:(-*&!*4!D&#7I.H!%&.!4./(0&%4.!*4##&7(#&-!(%!+:/4#+&!5Y74,(!J!
,&-Q@+.7(#&-!GI>+,&!g"#4.,&77!;Z`<h2!!K4!+-+,+$!(.E!@-!M+&%4-7&!a%3*)"1+"0+9!,&-!%(!/4#.4,@,+$-!*4!
%(.!#4%+'+&-4.!+-*E'4-(.H!*4.7+-(*(!(!,&-M4#7+#!(!%&.!+-*+&.!(!%(!c.(-7(!94!,(7$%+,(d2!!"(#(!%&.!N-*+&.H!
%(!o-+,(!/&.+6+%+*(*!*4!.@/4#M+M4-,+(!.4!4-,&-7#(6(!4-!%(!(/&.7(.E(2!
\&!4>+.74-!/#@46(.!Q@4!-&.!+-*+Q@4-!.+!%&.!9#(+%4.!,&:&!K(P('o-!7&:(#&-!(%'@-(!7+d"GA5)*/"&!.+!
4.7@*+(#&-!.@!@.&!.4#+(:4-74!g*4!P4,P&!%(!4>7#(M('(-74!(9+#:(,+$-!*4!K(P('o-!*4!Q@4!%&.!494,7&.!
*4!%(!/%(-7(!*@#(6(-!*4!*&.!(!7#4.!*E(.!.&-!@-(!:@4.7#(!*4!Q@4!-&!%&!P+,+4#&-2h2!!!!c"&#!4%!,&-7#(#+&!
4%!;A!*4!_@-+&!*4!;XW]!%&.!!N-Q@+.+*&#4.!,&-7#(!%(!P4#I7+,(H!4%!M+,+&!J!%(!(/&.7(.E(d!*4,#47(#&-!
9&#:(%:4-74!4-!GI>+,&F!
!
)%!@.&!*4!%(!s4#6(!&!k(EY!%%(:(*(!"4J&74222!4.!(,,+$-!.@/4#.7+,+&.(!J!#4/#&6(*(H!
&/@4.7(!(!%(!/@#4Y(H!J!.+-,4#+*(*!*4!-@4.7#(!K(-7(!n4!D(7$%+,(H!.+4-*&!(.EH!Q@4!%(!
*+,P(!J4#6(!-+!&7#(!(%'@-(!-&!/@4*4!74-4#!%(!M+#7@*!J!49+,(,+(!-(7@#(%!Q@4!.4!*+,4!
/(#(!%&.!*+,P&.!494,7&.!-+!/(#(!,(@.(#!%(.!!+:T'4-4.H!9(-7(.:(.!J!
#4/#4.4-7(,+&-4.!4-!Q@4!.4!9@-*(-!%(.!*+,P(.!(*+M+-+,+&-4.!J!Q@4!4-!4%%(.!.4!M4!
-&7&#+(:4-74!%(!.@'4.7+$-H!J!(.+.74-,+(!*4%!*4:&-+&H!(@7&#!*4!4.74!(6@.&222!
!
)-!/&,(.!/(%(6#(.H!4%!@.&!*4%!GA5)*/"J!*4!&7#(.!/%(-7(.!4-74$'4-(.!9@4!/4#.4'@+*&!
M+'&#&.(:4-74!/&#!%&.!4./(0&%4.2!!)%!*&,@:4-7&!(0(*4F!
!
G(-*(:&.!Q@4!*4!(Q@E!(*4%(-74!-+-'@-(!/4#.&-(!*4!,@(%Q@+4#!'#(*&!J!
,&-*+,+$-!Q@4!.4(!/@4*(!@.(#!-+!@.4!*4!%(!*+,P(!J4#6(H!*4%!"4J&74H!-+!*4!&7#(!
/(#(!%&.!*+,P&.!494,7&.!k.<(l!"-+!/(#(!&7#&.!.4:4_(-74.!*46(_&!*4!-+-'o-!7+7@%&H!&!
,&%&#H!-+!P('(-!Q@4!%&.!+-*+&.!-+!&7#(.!/4#.&-(.!%(.!7&:4-!,&-!(/4#,+6+:+4-7&!
Q@4!%&!,&-7#(#+&!P(,+4-*&H!*4:T.!*4!Q@4!P(6#I+.!+-,@##+*&!4-!%(.!*+,P(.!
,4-.@#(.!J!/4-(.H!/#&,4*4#4:&.!,&-7#(!%&.!#464%*4.!4!+-*&%+(-74.!9@4#4!*4.H!
,&:&!,&-7#(!u.+,v!/4#.&-(.!.&./4,P&.(.!4-!%(!K(-7(!n4!D(7$%+,(2!
!
)%!P4,P&!*4!Q@4!%&.!E-*+&.!:4>+,(-&.!,&-7+-@(#(-!@.(-*&!4%!GA5)*/"J!&7#(.!/%(-7(.!4-74$'4-(.!
.+-!+:/&#7(#%4.!.@!/4#.4,@,+$-!*(!94!*4!.@!.+-,4#+*(*!4!+-74'#+*(*2!!).7(!/#T,7+,(!P(!.&6#4M+M+*&!
P(.7(!-@4.7#&.!*E(.2!
)-!4%!-&#74!*4!GI>+,&!4%!GA5)*/".4!.+'@4!@.(-*&!,&:&!*#&'(!#+7@(%!/&#!%&.!S(#(P@:(#(H!8@+,P&%H!
D&#(!J!/&#!&7#&.!'#@/&.!+-*E'4-(.!gB4-E74Y!;A3?l!B4-Y+!;A3Wh2!!)%!-&:6#4!:T.!,&##+4-74!/&#!4%!Q@4!
.4!,&-&,4!(%!/IJ&7%!4-!4%!-&#74!*4!GI>+,&!4.!$4F3++!)"$4F3/<"4-!%4-'@(!P@+,P&%!J!7(#(P@:(#(H!&!6+4-!
/&#!M(#+(,+&-4.!*4!%&.!(-74#+&#4.!g5-*4#.&-!;AZ]l!5#7(@*!;A3Xl!K,P@%74.!J!8&9:(--!;AZ]h2!!).7&.!
'#@/&.!+-*E'4-(.!P(-!.+*&!4%!,4-7#&!*4!+-74-.&.!4.7@*+&.!(-7#&/&%$'+,&.!4-!%&.!o%7+:&.!;]]!(0&.!
g5-*4#.&-!;AZ]l!B%&..4#!;AAWWl!BJ4!;A3A(l!n@#.7!;A3Wl!n@#.7!;A3Xl!b4#64#!;A3?l!O(!B(##4!;A<Z(l!
O(!B(##4!;A?3l!O(!B(##4!;AX]l!O(6#(!;AA;l!O@:P&%7Y!;ZA`l!G&&-4J!;ZAXl!GJ4#P&99!;A3]l!
GJ4#P&99!;A3`l!K,P@%74.!;A<3(l!K,P@%74.!;A<36l!K,P@%74.!;A<Zl!K74i(#7!;AZ3l!=#6+-(!;A]<l!
j(..&-!;AX<h2!
3Z!
!
7'>%98!#;95'8:'9%&8#8!
!
)%!@.&!*4!GA5)*/"-&!P(!.&6#4M+M+*&!.+:/%4:4-74!4-!GI>+,&2!!5%#4*4*&#!*4%!(0&!;Z3]!4%!@.&!*4%!
,(,7&.!4-74$'4-&!4:/4Y$!(!4>/(-*+#.4!,&:&!,(#(,74#E.7+,(!,4-7#(%!*4%!:&M+:+4-7&!/(-C+-*+&H!
*+9@-*+I-*&.4!:T.!(%!-&#74H!*4!:&*&!Q@4!9@4!(*&/7(*&!/&#!'#@/&.!*4!+-*+&.!-&#74(:4#+,(-&.!
,&:&!*#&'(!#+7@(%2!
!!!O(!#@7(!/#&6(6%4!Q@4!.+'@+$!4-!.@!*+9@.+$-H!*4!(,@4#*&!,&-!4%!4.7@*+&!,%T.+,&!*4!O(!B(##4!C$+"
#+5)*+"B3/*!".4!+-+,+$!,&-!.@!(*&/,+$-!/&#!/(#74!*4!%&.!E-*+&.!-$:(*(.!5/(,P4.!G4.,(%4#&.!*4%!
.@*&4.74H!Q@+4-4.!%&!,&-&,+4#&-!(!7#(MI.!*4!&7#&.!'#@/&.!-(7+M&.!*4%!-&#74!*4!GI>+,&!gB&J4#!+*"%/-"
;A3<l!O(!B(##4!;A<Z(l!O(!B(##4!;A3A6l!G(##+&77!J!k(,P%+-!;A3;l!S#&+R4!;AXWh2!!L4!%&.!G4.,(%4#&!
/(.$!(!%&.!D&:(-,P4.!^+&i(!J!9+-(%:4-74!(!:+#E(*(.!*4!7#+6@.!*4!%(.!"#(*4#(.!*4!%&.!))==!J!
D(-(*T!gD(#%.&-!J!e&-4.!;A`]l!K,P&-%4!;AW?l!K%&7R+-!;A?Wl!K%&7R+-!;A?Xl![4.7(%!J!K,P@%74.!;A<Ah2!!
5%'@-&.!P(-!/#&/@4.7&!%(!74&#E(!*4!Q@4!4%!GA5)*/"*4./%(Y$!4%!@.&!*4%!P(6(!#&_(H!%(!.4:+%%(!*4!
E)G$)&%".+(3,1<0/)&%!",&-&,+*(!/&#!c4%!P(6(!*4!:4.,(%d!gD(:/64%%!;A?Zl!8&i(#*!;A?3l!K,P@%74.!
;AX<l!K,P@%74.!J!8&9:(--!;AZ]h2!!\&!&6.7(-74H!4.7(!74&#E(!P(!.+*&!,@4.7+&-(*(!4-!@-!,&-,+4-Y@*&!
4.7@*+&!:&-&'#T9+,&!gG4##+%%!;A33h2!
\&!,(64!*@*(!*4!Q@4!4%!@.&!*4%!GA5)*/"%4.!%%4'$!(!%&.!N-*+&.!*4!%(.!"#(*4#(.!4-!4%!:&:4-7&!T%'+*&!
*4!%(!*4.7#@,,+$-!*4!.@.!,@%7@#(.!/&#!/(#74!*4!%&.!6%(-,&.2!!L4!9&#:(!/#4M+.+6%4!.@!@.&!9@4!
4.7+':(7+Y(*&!J!@.(*&!/&#!(%'@-&.!6%(-,&.!/(#(!(7(,(#!%(.!,&.7@:6#4.!*4!%&.!N-*+&.!4-!(#7E,@%&.!*4!
,&#74!#(,+.7(!*4%!7+/&F!c8(6+7!+-*@%'4-,4!+-!,4#7(+-!,(,74(,&@.!/%(-7.!(:&-'!7P4!N-*+(-.d!g,&-.@:&!
P(6+7@(%!*4!,+4#7(.!/%(-7(.!,(,7(,4(.!4-7#4!%&.!+-*+&.h!gB%(+#!;AW;h2!!D&:&!(@7&*494-.(!J!,&:&!
9&#:(!*4!+-74-7(#!.(%M(#!(%'&!'4-@+-(:4-74!+-*+&!*4!%&.!(7(Q@4.!*4!%(!(,@%7@#(,+$-!6%(-,(H!%&.!
+-*+&.!Q@4!@.(6(-!4%!GA5)*/".4!(%+(#&-!,&-!(-7#&/$%&'&.!J!%+64#7(#E&.!4-!@-!+-74-7&!*4!6@.,(#!
/#&74,,+$-!(%!(:/(#&!*4!%(!%+64#7(*!#4%+'+&.(!'(#(-7+Y(*(!/&#!%(!,&-.7+7@,+$-2!!S#(.!@-(!*@#(!
6(7(%%(H!@-(!*4!%(.!/&,(.!Q@4!'(-(#E(-!%&.!N-*+&.H!%&.!%E*4#4.!DP4J4--4H!^+&i(H!"&-,(H!f7&4!J!
D&:(-,P4!,&-.+'@+4#&-!,#4(#!%(!c\(7+M4!5:4#+,(-!DP@#,Pd!gN'%4.+(!\(7+M(!5:4#+,(-(h!4-!
fR%(P&:(!4-!;A;ZH!,&-!4%!/IJ&7%!,&:&!.(,#(:4-7&!gO(!B(##4!;A<Z(l!k&.4:(-!;AX<l!K74i(#7!
;AZ3h2!!O(!+'%4.+(!.4!4>74-*+$!#T/+*(:4-74!(!&7#&.!4.7(*&.!J!(%!D(-(*T!4-!;A?`!g5-*4#.&-!;AZ]hH!
,&-7(-*&!4-!%(!(,7@(%+*(*!,&-!:T.!*4!W?]2]]]!:+4:6#&.2!!).!+-74#4.(-74!#4.(%7(#!Q@4!4%!@.&!*4%!
GA5)*/"4-,&-7#$!,+4#7(!&/&.+,+$-!/&#!/(#74!*4!%&.!N-*+&.!:T.!M+4_&.H!Q@4!(o-!.4!(94##(6(-!(!.@!
P4#4-,+(!,@%7@#(%!g564#%4!;AXXh2!!5,7@(%:4-74!4%!GA5)*/"P(!.+*&!(*&/7(*&!/&#!:+4:6#&.!*4!:@,P(.!
7#+6@.!*4!\&#74(:I#+,(H!4.7(-*&!(@7&#+Y(*&!.@!@.&!(!#4'(0(*+4-74.!/&#!/(#74!*4!%(.!(@7&#+*(*4.H!(!
/4.(#!*4!%(.!%4J4.!94*4#(%4.!J!4.7(7(%4.!Q@4!,(%+9+,(-!%(!/%(-7(!,&:&!.@.7(-,+(!,&-7#&%(*(!
g5-*4#.&-!;AZ]l!B&J*!;A3`l!O(!B(##4!;A<Z(l!O(:4!L44#!J!)#*&4.!;A3Wl!f77!;AAW,l!K74i(#7!;AZ3h2!!
K+-!4:6(#'&H!4-!;AX`!(o-!.4!,&-*4-$!(!N-*+&.!/&#!*4%+7&.!#4%(,+&-(*&.!,&-!4%!GA5)*/"gB(74.!;AX`h2!!
N-,%@.&!P&J!4-!*E(!-&!4>+.74!%4J!94*4#(%!(%'@-(!Q@4!(@7&#+,4!*4!9&#:(!@-+9&#:4!4%!@.&!#4%+'+&.&!*4%!
,(,7@.!/&#!/(#74!*4!%&.!N-*+&.H!(@-Q@4!/&#!%&!:4-&.!W<!4.7(*&.!4>+:4-!(!%&.!@.@(#+&.!N-*+&.!*4%!
,@:/%+:+4-7&!*4!%(.!%4J4.!.&6#4!.@.7(-,+(.!,&-7#&%(*(.H!:+4-7#(.!Q@4!4%!4.7(*&!*4!\@4M(!s&#R!
4>7+4-*4!4.7(!4>4-,+$-!#4%+'+&.(!7(:6+I-!(!%&.!-&CN-*+&.!gB%(,R:@-!;AA]l!G&@-7!;AZ3l!K74i(#7!
3A!
!
;AZ3h2!!=-!_@Y'(*&!94*4#(%!*4!\@4M(!s&#R!*474#:+-$!4-!;A3A!Q@4!4%!@.&!.(,#(:4-7(%!*4%"GA5)*/"-&!
/&*E(!.4#!#4.7#+-'+*&!o-+,(:4-74!(!%&.!N-*+&.!.+4-*&!,#4(*(!4-!4.4!:+.:&!(0&!%(!c"4J&74!j(J!
DP@#,P!&9!b&*d!4-!4%!4.7(*&!*4!5#+Y&-(H!(6+4#7(!(!7&*&.!%&.!9+4%4.!.+-!*+.7+-,+$-!*4!#(Y(!gG&@-7!
;AZ3h2!!D&-!%(.!4-:+4-*(.!*4!;AA`!(!%(!c5:4#+,(-!N-*+(-!k4%+'+&@.!n#44*&:!5,7d!*4!;A3ZH!4%!@.&!
.(,#(:4-7(%!*4!GA5)*/"/&#!/(#74!*4!%(!\(7+M4!5:4#+,(-!DP@#,P!9@4!%4'(%+Y(*&!(!-+M4%!94*4#(%!4-!
).7(*&.!=-+*&.2!
!
!
JC":%&8!$'=!(KG;5=!
!
)-!;ZZZ!O&@+.!O4i+-!/@6%+,$!4-!B4#%E-!4%!/#+:4#!4.7@*+&!Q@E:+,&!.&6#4!4%!#A5)*/!gO4i+-!;ZZZhH!
,(@.(-*&!@-(!'#(-!.4-.(,+$-2!!8(.7(!4-7&-,4.!%(.!/%(-7(.!4-74$'4-(.!P(6E(-!.+*&!*4.,&-&,+*(.!
/(#(!%&.!,+4-7E9+,&.!4@#&/4&.2!!O4i+-!+-9&#:$!*4%!(+.%(:+4-7&!*4!@-!(%,(%&+*4!(%!Q@4!%%(:$!
(-P(%&-+-(!gP&J!4-!*E(!.4!,&-.+*4#(!Q@4!.4!7#(7(6(!*4!@-(!:4Y,%(!*4!(%,(%&+*4.h2!!).74!9@4!4%!
/#+:4#!7#(6(_&!4-!4%!Q@4!.4!,&-.+'@+$!(+.%(#!@-!(%,(%&+*4!*4!%(.!D(,7(,4(42!!O4i+-!P(6E(!&674-+*&!
@-(!:@4.7#(!*4!GA5)*/".4,&H!(!7#(MI.!*4!%(!,&:/(0E(!9(#:(,I@7+,(!-&#74(:4#+,(-(!"(#R4H!L(M+.!€!
D&2!*@#(-74!@-!M+(_4!(!%&.!).7(*&.!=-+*&.!4-!;ZZ3!gB#@P-!J!8&%:.74*7!;A3`l!8&%:.74*7!J!
O+%%4.7#m-*!;AX<h2!!).7&!*4./4#7$!4%!+-74#I.!*4!*+M4#.&.!,+4-7E9+,&.!/&#!4%!GA5)*/!",@%:+-(-*&!%&.!
4.7@*+&.!9+7&Q@E:+,&.!4-!;ZA?!J!;ZAXH!,@(-*&!4%!Q@E:+,&!(%4:T-!5#7P@#!849974#!,&-.+'@+$!(+.%(#!*4!
9&#:(!/@#(!,@(7#&!(%,(%&+*4.!*4!%(!/%(-7(!(!%&.!Q@4!(.+'-$!%&.!.+'@+4-74.!-&:6#4.F![+d(%/<,!"
"4J&7%+-!g7(:6+I-!,&-&,+*(!/&#!/4%%&7+-(hH!5-P(%&-+*+-!J!O&/P&/P&#+-!g849974#!;ZAXl!849974#!
;ZAZh2!!5!849974#!%4!9@4!+:/&.+6%4!*474,7(#!%(!(,,+$-!M+.+&-(#+(!*4!4.7&.!(%,(%&+*4.!:4*+(-74!
/#@46(.!,&-!(-+:(%4.H!%&!Q@4!%4!,&-*@_&!(!/#&6(#%&.!4-!.E!:+.:&H!#4(%+Y(-*&!@-(!.4#+4!*4!P4#&+,&.!
(@7&4>/4#+:4-7&.!Q@4!#4.@:+$!*4%!:&*&!.+'@+4-74!g84994#!;ZAZhF!
!
]2;?!'#(:&.!*4!,%&#P+*#(7&!*4!G4Y,(%+-!/#&*@,4-!@-(!.4#+4!*4!.E-7&:(.!Q@4!
*+9+4#4-!4-!:@J!/&,&.!(./4,7&.!*4!%&.!&674-+*&.!:4*+(-74!%(!*#&'(!=GA5)*/:-!
!
)%!4>/4#+:4-7&!*49+-+7+M&!7@M&!%@'(#!4%!W<!*4!\&M+4:6#4!*4!;ZA3H!94,P(!4-!%(!Q@4!.4!#4(%+Y$!4%!
/#+:4#!cM+(_4d!,&-![+d(%/<,"*4!%(!P+.7&#+(H!J!%(!/#+:4#(!4>/4#+4-,+(!4-74$'4-(!,&-!@-!,&:/@4.7&!
Q@E:+,&!/@#+9+,(*&2!!)-!4.7@*+&.!/&.74#+&#4.H!#4(%+Y(*&.!/#+-,+/(%:4-74!/&#!)2K/T7P!.4!
+*4-7+9+,(#&-!*+M4#.&.!*4!%&.!(%,(%&+*4.!(+.%(*&.2!!)-!;A;AH!K/T7P!+*4-7+9+,$!%(![+d(%/<,",&:&!%(!
<H`H?C7#+:47&>+C"C94-47+%(:+-(!J!,&-9+#:$!4.7(!4.7#@,7@#(!:4*+(-74!%(!.E-74.+.!7&7(%!*4%!,&:/@4.7&!
gK/T7P!;A;Ah2!!L4!4.74!:&*&H!%(![+d(%/<,".4!,&-M+#7+$!4-!4%!/#+:4#!4-74$'4-&!(+.%(*&!J!/@#+9+,(*&!
(!/(#7+#!*4!@-(!/%(-7(!g4>,%@J&!(Q@E!(!%(!P(#:(%+-(!J!%(!P(#:+-(H!Q@4!.4!7#(7(-!4-!4%!,(/E7@%&!`!J!
Q@4!9@4#&-!(+.%(*(.!4-!;Z`;!J!;Z`3!#4./4,7+M(:4-74H!4-!6(.4!(!Q@4!4.7(.!.@.7(-,+(.!4-!.@!9&#:(!
/@#(!/&.44-!@-(!(,7+M+*(*!4-74$'4-(!:@J!4.,(.(H!J!/&#Q@4!.@!(+.%(:+4-7&!-&!:&7+M$!*4:(.+(*(!
4>/4#+:4-7(,+$-h!J!4-!4%!/#+:4#&!4-!.4#!.+-747+Y(*&2!
)%!-&:6#4![+d(%/<,"g&!:4.,(%+-(!,&:&!.4!%(!*4-&:+-(!P&J!4-!*E(h!g`h!*4#+M(!*4!%(!
Z]!
!
/(%(6#(!:4Y,(%H!*46+*&!(!%(!,&-9@.+$-!Q@4!#4+-(6(!4-7#4!%&.!,+4-7E9+,&.!4@#&/4&.!,&-!#4./4,7&!(!%(!
-&:4-,%(7@#(!*4%!GA5)*/-"")-!)@#&/(!%&.!c6&7&-4.d!.4,&.!*4%!GA5)*/"P(6E(-!.+*&!4##$-4(:4-74!
*4-&:+-(*&.!6&7&-4.!*4!'+.(%/-""5!.@!M4Y!%(!/(%(6#(!'+.(%/"7+4-4!.@!&#+'4-!4-!%(!M&Y!\TP@(*!
'+Q(%//<!"Q@4!4.!4%!-&:6#4!5Y74,(!*4!M(#+(.!4./4,+4.!4!;?%7+!"(!/(#7+#!*4!%(.!,@(%4.!.4!4%(6&#(!4%!
)(*/<"&!4%!G3/23+!"@-!7+/&!*4!,4#M4Y(.!94#:4-7(*(.!gB(P#4!J!B#(*6@#J!;AZ]l!O(!B(##4!;A<Z(l!O(!
B(##4!;A<Z6h2!!L4./@I.!*4!%(!,&-Q@+.7(H!%&.!4./(0&%4.!4:/4Y(#&-!(!*4.7+%(#!4%!/@%Q@4!&674-+4-*&!
@-!%+,&#!(%!Q@4!%%(:(#&-!'+d(%/-"""&#!%&!Q@4!.4!#49+4#4!(%!/#+-,+/+&!(,7+M&!*4%!GA5)*/!"%&.!-&:6#4.!
[+d(%/<,")![+.(%/<,%".&-!@-!4##&#2!g?h!
)%!7I#:+-&!c/4J&7+-(d!gQ@4!4%!/#&/+&!849974#!(.+'-$!(!&7#&!*4!%&.!(%,(%&+*4.h!P(6#E(!.+*&!:T.!
(/#&/+(*&2!f!J(!Q@4!4%!,(,7@.!#4,+64!4%!-&:6#4!*4!$4F3&<"4-!4%!-&#74!*4!GI>+,&H!4%!/#+-,+/+&!(,7+M&!
/&*#E(!P(64#!.+*&!*4.+'-(*&!7(:6+I-!,&:&!$4F3&<,%-!
L4!9&#:(!/&.74#+&#!(!%(.!+-M4.7+'(,+&-4.!/+&-4#(.!*4!849974#!J!K/T7PH!%&.!4.7@*+&.!*4!%(!Q@E:+,(!
*4%!GA5)*/"P(-!,&-7+-@(*&2!!L4!4.7(!*+:+-@7(!/%(-7(!.4!P(-!(+.%(*&!&!*474,7(*&!:T.!*4!?]!
(%,(%&+*4.!g5-*4#.&-!;AZ]l!G,O(@'P%+-!;A3<hH!*4!9&#:(!Q@4!4%!,&-74-+*&!(%,(%&E*+,&!7&7(%!4.!
(/#&>+:(*(:4-74!*4%!Z{!*4%!/4.&!*4!%(!/%(-7(!.4,(!gB#@P-!47!(%2!;A3Zh2!!O(!:(J&#E(!*4!4.7&.!
(%,(%&+*4.!.4!4-,@4-7#(-!.$%&!4-!7#(Y(.H!J!.+-!4:6(#'&!4.!/&.+6%4!Q@4!(%'@-&.!:&*+9+Q@4-!4%!494,7&!
*4!%(!:4.,(%+-(!&!Q@4!,&-7#+6@J(-!(%!,&-_@-7&!*4!.E-7&:(.!Q@4!.4!*4#+M(-!*4!%(!+-'4.7+$-!*4%!
GA5)*/"g5-*4#.&-!;AZ]l!K,P@%74.!;A3W(h2!!"4Q@40(.!,(-7+*(*4.!*4!:4.,(%+-(!.4!P(%%(-!7(:6+I-!4-!
K)G$)G$)&%!1<003.%"gXhH"@-(!/%(-7(!#4%(,+&-(*(!Q@4!/&*#E(!.4#!%(!(-74,4.&#(!*4!O!i<//<%'.<<!
g5-*4#.&-!;AZ]l!B#@P-!J!8&%:.74*7!;A3`l!S&**!;AXAh2!!).7(!4./4,+4!7+4-4!P&J!4-!*E(!@-(!
+:/&#7(-,+(!:4-&#!J(!Q@4!.$%&!.4!P(%%(!4-!@-!T#4(!(%!-&#74!*4%!M(%%4!*4!GI>+,&2!!O(!:4.,(%+-(!4.!
4>7#4:(*(:4-74!4.7(6%4H!P(6+I-*&.4!*474,7(*&!4-!GA5)*/"/#&,4*4-74!*4!:@4.7#(.!*4%!.+'%&!
/(.(*&!gB#@P-!J!8&%:.74*7!;A3`hH!(.E!,&:&!4-!:@4.7#(.!,&-!@-(!(-7+'m4*(*!*4!;2]]]!(0&.!
/#&,4*4-74.!*4!@-(!7@:6(!:4>+,(-(!gB#@P-!+*"%/-";A3Zh2!
O(!:4.,(%+-(!7(:6+I-!4.7T!/#4.4-74!4-!,(-7+*(*4.!,&-.+*4#(6%4.!4-!C&<($)(+&+3.!G%($%,)<!"(%!
Q@4!(!M4,4.!.4!%4!*4-&:+-(!4##$-4(:4-74!IG3,*<%"(5/<,1&<(%"gS@:4#!J!84J:(-!;AX]hH!4%!
+:/&-4-74!,(,7&.!.@*(:4#+,(-&!E%,"#+1&)"g5'@#4%%!;AXA(l!5'@#4%%!;AXA6l!D#&.6J!J!G,O(@'P%+-!
;A3<l!"&+..&-!;AX]h2!!"(#4,4!.4#!Q@4!4.74!,(,7&.!(!.+*&!*@#(-74!:+%4-+&.!@-!+:/&#7(-74!4-74$'4-&!
#+7@(%!*4!%(.!,@%7@#(.!(-*+-(.!gD&#*JCD&%%+-.!;AZ]l!D&#*JCD&%%+-.!;AZWl!L&6R+-!*4!kE&.!;A3?l!L&6R+-!
*4!kE&.!;A33l!L&6R+-!*4!kE&.!J!DT#*4-(.!;AZ]l!O(!B(##4!;A3AhH!@.T-*&.4!P&J!4-!*E(!4-!#+7@(%4.!*4!
.(-(,+$-!4-!"4#o!J!),@(*&#!gB+(-,P+!;AA;l!D(%*4#$-!+*"%/-;AZWl!L(M+.!;AZ<6l!L&6R+-!;AXZl!
e&#(%4:&-!J!KP(#&-!;AA<l!"&%+(!J!B+(-,P+!;AA;l!KP(#&-!;A3Wl!KP(#&-!;A3Zh2!
 K4!P(!.@'4#+*&!Q@4!@-&!*4!%&.!:&7+M&.!*4%!(#74!G&,P4H!@-!c,(#(,&%!.('#(*&dH!/&*#E(!
#4/#4.4-7(#!(!@-!,(#(,&%!Q@4!.4!(%+:4-7(!*4!C&<($)(+&+3."G%($%,)<"J!Q@4H!(%!(6.&#64#!%(!
:4.,(%+-(H!.4!M@4%M4!(!.@!M4Y!4-74$'4-&!gB&@#'47!;AA]h2!
J/"C&<($)(+&+3."G%($%,)<",&-.7+7@J4!%(!6(.4!*4!@-(!/&,+$-!4-74$'4-(!%%(:(*(!(<')&%"Q@4H!
.4'o-!.4!,#44H!,&-.7(!7(:6+I-!*4!&7#(.!/%(-7(.!,&:&!4%!,(,7&.!@+)&%<'),14%"'%(&).*<8%.!"
*+M4#.(.!4./4,+4.!4-74$'4-(.!*4!W&3?'%,.<%"gMI(.4!5/I-*+,4!5hH!#+1</%,*$3."*<*$5'%/)<1+."
g@.(*&!,&:&!(-7+P4%:E-7+,&!/&#!%&.!+-*+&.!G+>4!*4!f(>(,(H!GI>+,&l!84+-#+,P!47!(%2;AAWhH!R.)*)'%"
/),?<0/)&%!"J!@-(!4./4,+4!*4%!'I-4#&!R&+.<,+"gD#@YCKT-,P4Y!;A`Zl!L&6R+-!*4!kE&.!;A33l!K,P@%74.!J!
8&9:(--!;AZ]h2!
Z;!
!
)>+.74!@-(!,+4#7(!,&-7#&M4#.+(!#4./4,7&!(!%(!+*4-7+9+,(,+$-!*4!(<')&%"gL(M+.!;AZ<6h!J(!Q@4!(%'@-&.!
(@7&#4.!(9+#:(-!Q@4!%(!/&,+$-!-&!,&-7+4-4!,(,7&.!(%'@-&!.+-&!Q@4!o-+,(:4-74!%(.!4./4,+4.!*4!
R&+.<,+"gn#+4*64#'!;A?Al!n#+4*64#'!;AX]h2!!K4'o-!@-!4.7@*+&!#4,+4-74H!4%!-&:6#4!(<')&%".4!#49+4#4!
*4!P4,P&!(!%(.!4./4,+4.!4-74$'4-(.!*4!%&.!?A,+&)."W&3?'%,.<%"5"L%*3&%!":+4-7#(.!Q@4!*<')&%"
.4#E(!4%!-&:6#4!*(*&!(!%(.!4./4,+4.!*4!R&+.<,+"gL(M+.!;AZ<6h2!!S(:6+I-!.4!P(!4-,&-7#(*&!%(!
/#4.4-,+(!*4!:4.,(%+-(!4-!&7#(.!*+4Y!4./4,+4.!*4%!'I-4#&!C&<($)(+&+3."g[I(.4!4%!D@(*#&!%hH!*4!%&.!
,@(%4.!S2!G+&37<%,3."/&.44!%(!:(J&#!,&-,4-7#(,+$-!g5'@#4%%!;AXA6l!5'@#4%%!+*"%/-";A3;l!D#&.6J!J!
G,O(@'P%+-!;A3<l!"(#*(-(-+!+*"%/-";A33l!"&+..&-!;AXAl!k47+!J!D(.7#+%%&-!;A?;h2!!S(:6+I-!.4!P(-!
P(%%(*&!7#(Y(.!*4%!(%,(%&+*4!4-!&7#(.!4./4,+4.!*4!%(!9(:+%+(!*4!%(.!B%(*%(+%+",&:&!/&#!4_4:/%&!
E*+*.),<%"()&5,+!"#+/+(5G$)&%"%.+//<0)&'<."5"IG3,*3<%".G<,).<)&"=H&3?+&"+*"%/-";A33l!\4(%!47!
(%2;A3Wl!"(#*(-(-+!+*"%/-;A3Zl!KP@%'+-!;A3Al![(-*4#M44-!+*"%/-";A3`h2!
O&.!N-*+&.!KP(#(-(P@(!*4!%(!5:(Y&-(!@7+%+Y(-!@-(!4./4,+4!-&!+*4-7+9+,(*(!*4!IG3,*<%!"Q@4!/&*#E(!
,&-74-4#!:4.,(%+-(!@!&7#(.!.@.7(-,+(.!#4%(,+&-(*(.H!,&:&!(*+7+M&!4-!%(.!/&,+&-4.!*4!%5%$3%.(%"
g[I(.4!,(/E7@%&!`l!K,P@%74.!J!k(99(@9!;AA]h!g3h2!
k4,+4-74:4-74!.4!P(-!P(%%(*&!7#(Y(.!*4!:4.,(%+-(!4-!%(.!.+'@+4-74.!4./4,+4.F!IG3,*<%"
%(%,*$)(%&G%!"I-"8%.</%*<.!"I-"+($<,)(%&G%!"I-"<'8&<(%*%!"#+&+F.<%"()&&3?%*%!!#-"*%'G<(%,%!"
#+&+F<).G.<.".(%1+,.!"#)/%.F<%"($+,1+!"#*+&)(+&+3."?%3'+&<!"E*+,)(+&+3.!8+,+(F+<!"E-"+&3(%!"E-"
.*+//%*3.!"5"E-"*&+/+%.+<"gL&47.,P!47!(%2!;AZ]l!G(!+*"%/-";AZXl!G4J4#!+*"%/-;AZ]h!
!
!
(9;(%'$8$'0!$'!=8!:'0&8=%#8!
!
O(!*&.+.!(,7+M(!&#(%!4-!P@:(-&.!&.,+%(!4-7#4!%&.!;?]!J!%&.!;2?]]!:+%+'#(:&.H!@-(!,(-7+*(*!:@J!
4%4M(*(!.+!%(!,&:/(#(:&.!,&-!%&.!W?C?]]!:+,#&'#(:&.!Q@4!,&-.7+7@J4-!%(!*&.+.!(,7+M(!*4!OKL!&!%&.!
?C;W]!:+%+'#(:&.!4-!4%!,(.&!*4!%(!/.+%&,+6+-(!g5-*4#.&-!;AZ]l!b#&9!;A3?l!8&9:(--!;AXZl!k&@P+4#!
;AW3h2!!O(!*&.+.!:T.!4%4M(*(!_(:T.!(*:+-+.7#(*(!(!@-!/4#.&-(!*4!%(!Q@4!.4!7+4-4!-&7+,+(!4.7T!4-!%&.!
;?]]!:'!gn+.P4#!;AX<hH!:+4-7#(.!Q@4!%(!cL&.+.!:T>+:(!.4'@#(d!.4!P(!4.7(6%4,+*&!4-!%&.!;2]]]!:'!
gB#&i-!;AXZh2!!O&.!494,7&.!*4!%(!:4.,(%+-(!4:/+4Y(-!(%!,(6&!*4!;!&!W!P&#(.!*4./@I.!*4!.@!
+-'4.7+$-!J!*@#(-!*4!Z!(!;W!P&#(.2!!L@#(-74!%(.!9(.4.!+-+,+(%4.!%(.!-(@.4(.!J!%+'4#&.!,(%(:6#4.!
(6*&:+-(%4.!.&-!%&.!494,7&.!.4,@-*(#+&.!:T.!P(6+7@(%4.H!_@-7&!,&-!@-(!%+'4#(!4%4M(,+$-!*4!%(!
74:/4#(7@#(!,&#/&#(%2!!K@.!494,7&.!T%'+*&.!.&-!:@J!.+:+%(#4.!(!%&.!*4!%(!OKL!&!%(!/.+%&,+6+-(H!.+4-*&!
,(#(,74#E.7+,(.!%(.!(%74#(,+&-4.!M+.@(%4.!J!(@*+7+M(.H!.+-4.74.+(.!J!%(!*+.&%@,+$-!*4%!4'&2!!O(!*#&'(!
/#4.4-7(!c7&%4#(-,+(!,#@Y(*(d!gZh!,&-!%(!OKL!g5'P(_(-+(-!+*"%/-";A3]l!j&%6(,P!+*"%/-";AXW(h2!!D&:&!
849974#!,&:4-7$H!%&.!494,7&.!*4!GA5)*/".&-!(%'&!*+94#4-74.!(!%&.!*4!%(!:4.,(%+-(!/@#(H!*46+*&!(!%(!
/#4.4-,+(!*4!:@,P&.!&7#&.!(%,(%&+*4.!9(#:(,&%$'+,(:4-74!(,7+M&.!4-!,(-7+*(*4.!.+'-+9+,(7+M(.H!
,&:&!/&#!4_4:/%&!%(!G+5)*/<,%")"G+5)*<,%"Q@4!/&.44!494,7&.!.4*(-74.!gK,P@%74.!;A3W(l!KP@%'+-!
;A3<h2!!5!/(#74!*4!.@!@.&!,&:&!*#&'(!M+.+&-(#+(H!%(!/%(-7(!/&.44!7(:6+I-!/#&/+4*(*4.!:4*+,+-(%4.!
gBJ4!;A3Al!K,P@%74.!;A<Zh2!!O&.!4>7#(,7&.!*4!GA5)*/"/&.44-!(,7+M+*(*!(-7+6+$7+,&!
ZW!
!
%&!Q@4!_@.7+9+,(#E(!4%!@.&!4>74#-&!*4!+-9@.+&-4.!&!*4%!_@'&!9#4.,&!/(#(!,@#(#!P4#+*(.!&!,&:&!
(-(%'I.+,&2!
S(:6+I-!P(!.+*&!@.(*(!%(!+-9@.+$-!/(#(!9(,+%+7(#!4%!/(#7&!g5-*4#.&-!;AZ]l!B4-E74Y!;A3<l!O(!7&##4!J!
O(!7&##4!;A33l!G,D%4(#J!+*"%/-";AX]l!G&@-7!;AZ3h2!!)94,7+M(:4-74H!.4!,&-.+'@+$!(+.%(#!@-(!
.@.7(-,+(!,&-!(,7+M+*(*!(-7+6+$7+,&!(!%(!Q@4!.4!%%(:$!/4J&,(,7+-(!gG,D%4(#J!+*"%/-;AX]h!M+I-*&.4!
:T.!7(#*4!Q@4!4#(!+*I-7+,(!(!%(!P&#*4-+-(!gk(&!;A3]h2!!O&.!(-7+'@&.!5Y74,(.!@7+%+Y(6(-!
:4*+,+-(%:4-74!4%!GA5)*/"_@-7&!,&-!*+M4#.(.!4./4,+4.!1+"L%*3&%!".+'<//%.")/)/<3$23<"J!P&-'&.!
4-74$'4-&.!gMI(.4!5/I-*+,4!5!D(/E7@%&.!W!J!?hH!4-!@-(!4./4,+4!*4!.@/4#C4-74$'4-&H!/(#(!4%!
7#(7(:+4-7&!*4!,+4#7(!cn+46#4!(,@T7+,(d!Q@4!.4!,#44!Q@4!/@*&!.4#!%(!:(%(#+(!@!&7#(!4-94#:4*(*!
.+:+%(#!gK(P('o-!;A?]h2!!S(:6+I-!4>+.74-!/#@46(.!*4!%(!(*:+-+.7#(,+$-!7#(*+,+&-(%!*4%!GA5)*/"
:4*+(-74!4-4:(.H!%&!Q@4!6+4-!/@*+4#(!74-4#!(%'@-(!9+-(%+*(*!74#(/I@7+,(2!gL4!K:47!J!O+//!;AZ3h2!
!
!
#C'S!:;0&8$8Q!G!=80!8#E'58:%#80!G!
E'#'5%=8:%#80!895%E%&%8='0!
!
O(!-@4Y!:&.,(*(H![5&<.*<(%"0&%?%,.!"@.(*(!4-!47-&:4*+,+-(!4-!4%!.@*4.74!(.+T7+,&!g"&-'%@>!+*"%/-"
;AZ3hH!7+4-4!M+#7@*4.!/.+,&7#$/+,(.!Q@4!.4!,&-&,4-!*4.*4!P(,4!:@,P&!7+4:/&!gL4M4#4@>!;AAWl!
b#44-!;A?Al!"(+-74#!;A3;l!"(-J(7&/&@%&.!J!DP+.&%*!;A3]l!"(J-4!;AX<l!"@#R+-_4!;ZWAl!KP@%'+-!
;AX<,l!K,P@%Y4!;A3Xl!KP4##J!+*"(%2!;AZWl!S#@+77!+*"%/-!;AX;l!j4+%!;AX?l!j4+%!;AX3l!j4+%!;AXAl!j4+..!
;AX]l!j+%%+(:.!J!j4.7!;AXZl!t!J!8(%4J!;AX`h2!!K4!P(!*4:&.7#(*&!Q@4!%(!:+#+.7+,+-(!J!%(!4%4:+,+-(!
g(%!+'@(%!Q@4!%(!:4.,(%+-(H!(:6&.!.&-!*4#+M(*&.!*4%!<H`H?C7#+:47&>+64-,4-&h!.&-!%&.!,&-.7+7@J4-74.!
/.+,&7#$/+,&.!*4%!(,4+74!4.4-,+(%!*4!%(!-@4Y!:&.,(*(!gKP@%'+-!;AX<(l!KP@%'+-!;AXXl!KP@%'+-!J!
^4#%+-'4#!;AX`l!S#@+77!;AX3hH!@.(*&!7#(*+,+&-(%:4-74!4-!59'(-+.7T-!,&:&!4.7+:@%(-74!gs&@-&.!+*"
%/-";AZ3h2!!).7(.!*&.!.@.7(-,+(.!J!4%!.(9#&%H!Q@4!7(:6+I-!9&#:(!/(#74!*4%!(,4+74!4.4-,+(%H!/@4*4-!.4#!
,&-M4#7+*(.!:4*+(-74!(:+-(,+$-!4-!94-+%+.&/#&/+%(:+-(.!&!(-947(:+-(.!(#7+9+,+(%4.!gKP@%'+-!+*"%/-"
;AX3h2!!)%!.(9#&%H!_@-7&!,&-!4%!4@'4-&%!J!4%!:47+%4@'4-&%!.&-!%&.!/#+-,+/(%4.!('4-74.!/.+,&(,7+M&.!*4!
%(.!.4:+%%(.!*4!K<(%&<%"G3($3&5'%6)&!"@.(*(!(:/%+(:4-74!4-!B#(.+%!,&:&!.4*(-74!J!7#(-Q@+%+Y(-74!
6(_&!4%!-&:6#4!*4!G3($3&<")"G<Q3&<"=B%&/<,<"+*"%/-";AZ<h2!!=-!,&%4'(!(9+#:$!P(64#!74-+*&!@-(!
c4>/4#+4-,+(!M+.+&-(#+(d!7#(.!%(!+-'4.7+$-!*4!;]!:%!*4!(,4+74!*4!.(.(9#T.!Q@4!,&-7+4-4!.(9#&%2!!=-!
'#(-!-o:4#&!*4!94-47+%(:+-(.!J!94-+%+.&/#&/+%(:+-(.!(#7+9+,+(%4.!P(-!.+*&!.+-747+Y(*(.!J!.@.!494,7&.!
/#&6(*&.H!/4#&!4-7#(#!4-!4.74!+-:4-.&!,(:/&!.4!P(%%(-!9@4#(!*4!%&.!/#&/$.+7&.!*4!4.7(!&6#(2!!"&#!
&7#(!/(#74!4-!4%!%+6#&!#R>H;K"T";"B$+'<(%/"K)7+"E*)&5!"/@6%+,(*&!#4,+4-74:4-74!/&#!4%!Q@E:+,&!
/+&-4#&!4-!4%!4.7@*+&!*4!%(.!94-47+%(:+-(.!5%4>(-*4#!KP@%'+-!J!5--!KP@%'+-!.4!7#(7(-!4-!
/#&9@-*+*(*!%(.!/#&/+4*(*4.!Q@E:+,(.!J!9(#:(,&%$'+,(.!*4!;3A!*4!4.7&.!,&:/@4.7&.2!!\&!&6.7(-74!
:4!'@.7(#E(!:4-,+&-(#!6#4M4:4-74!(%'@-(.!*4!%(.!.@.7(-,+(.!:T.!+:/&#7(-74.!*4!4.74!'#@/&2!
5%!%4,7&#!Q@4!*4.44!@-(!+-9&#:(,+$-!:T.!*47(%%(*(!%&!#4:+7&!(!#R>H;K"J!(!*+M4#.&.!
Z<!
!
(#7E,@%&.!ge(,&6!J!\+,P&%.!;AZWl!"+4#,4!J!"4#&@7R(!;AZZl!KP@%'+-!;A3]l!KP@%'+-!;A3;l!KP@%'+-!
;A3X(l!KP@%'+-!;AZWl!KP@%'+-!+*"%/-";AXAh2!
!
=)!T,*-,!4,!L)!5:8A!!O(!(:+-(,+$-!*4!%(!4%4:+,+-(!,&-*@,4!(!%(!<H`H?C7#+:47&>+(-+47(:+-(!&!
SG5H!7(:6+I-!,&-&,+*(!,&:&!)5C;<;A!=#R>H;K!",&:/@4.7&!\2!;?3h2!!).7(!9@4!%(!/#+:4#(!
94-47+%(:+-(!,&:/%47(:4-74!(#7+9+,+(%!*4.,@6+4#7(!,&-!(,7+M+*(*!/.+,&7#$/+,(.!Q@4!.4!.+-747+Y$!4-!
;A??!g"4#47Y!+*"%/-";A??h2!!KP@%'+-!H!.@.!,&%(6&#(*&#4.!P(-!.+-747+Y(*&!%&.!.4+.!+.$:4#&.!*4!%(!SG5H!
.+4-*&!%(!:T.!(,7+M(!%(!SG5CW!gWH`H?7#+:47&>+(-947(:+-(l!#R>H;K!"D&:/@4.7&!\2!;?Zh2!
O(!*&.+.!(,7+M(!*4!%(!SG5CW!&.,+%(!4-7#4!%&.!W]!J!`]!:'H!(!*+94#4-,+(!*4!%&.!;?]!:'!*4!%(!SG5!
gKP@%'+-!;A3X,l!KP@%'+-!J!KP@%'+-!;AA;l!KP@%'+-!+*"%/-;AX;h2!!)%!(,4+74!4.4-,+(%!Q@4!,&##4./&-*4#E(!(!
%(!SG5CW!4.!%(!(.(#&-(!gMI(.4!(/I-*+,4!5h2!
O(!SG5!4.!@-(!.@.7(-,+(!,&-7#&%(*(!J!/&#!4>7#(/&%(,+$-H!7(:6+I-!%&!.&-!7&*&.!.@.!+.$:4#&.2!!
).7&.!,&:/@4.7&.!-&!/(#4,4!Q@4!P(J(-!%%4'(*&!(!.(%+#!*4%!%(6&#(7&#+&H!(@-Q@4!*@#(-74!@-(!I/&,(!
.4!#4(%+Y(#&-!4.7@*+&.!4-!4%!5#.4-(%!)*'4i&&*!*4%!4_I#,+7&!*4!%&.!))==H!4-!6@.,(!*4!/&.+6%4.!
(/%+,(,+&-4.!*4!%(!SG5!g6(_&!%(.!.+'%(.!)5C;<;Ah!4-!%(!'@4##(!Q@E:+,(H!4-.(JT-*&.4!4-!/(,+4-74.!
/.+Q@+T7#+,&.!gKP@%'+-!J!KP@%'+-!;AA;h2!
!
=)!T,*-,!4,!L)!:$8AP!O(!(:+-(,+$-!*4%!.(9#&%!,&-*@,4!(!%(!<H`C:47+%4-*+&>+(-947(:+-(!&!GL5!
=#R>H;K!",&:/@4.7&!\2;]]h2!).74!,&:/@4.7&!9@4!.+-747+Y(*&!4-!5%4:(-+(!(-74.!*4!%(!"#+:4#(!
b@4##(!G@-*+(%!J!.@!*&.+.!(,7+M(!.4!P(%%(!4-7#4!%&.!Z]!J!%&.!;X]!:'!g5#&-2!;A;`l!KP@%'+-!J!KP@%'+-!
;AA;l!S@#4R!+*"%/-";A3`h!b&#*&-!5%%4.!9@4!4%!/#+:4#&!4-!4.,#+6+#!.&6#4!.@.!/4,@%+(#4.!494,7&.H!
*4.,#+6+4-*&!%&.!*+T9(-&.!(-+%%&.!*4!P@:&!Q@4!&6.4#M$!4-!4%!(+#4!*4./@I.!*4!%(!+-'4.7+$-!&#(%!*4!
@-!7&7(%!*4!;WX!:'!*4!,%&#P+*#(7&!*4!GL5H!*+M+*+*&!4-!*&.!7&:(.!g5%%4.!;A?Ah2!!B(_&!4%!,$*+'&!)5C
;WAZH!%(!GL5!9@4!4-.(J(*(!/&#!4%!4_I#,+7&!*4!%&.!))==!4-!%&.!(0&.!?]2!!=-(!*4!4.(.!/#@46(.!,(@.$!
%(!:@4#74!*4!@-!c/(,+4-74d!/.+Q@+T7#+,&!(%!Q@4!%4!(*:+-+.7#(#&-!?]]!:'!*4%!,&:/@4.7&!/&#!ME(!
+-7#(M4-&.(!gKP@%'+-!J!KP@%'+-!;AA;h2!!).74!9T#:(,&!7(:6+I-!P(!.+*&!4-.(J(*&!4-!/.+,&74#(/+(!/&#!
\(#(-_&!,&-!#4.@%7(*&.!(/(#4-74:4-74!6(.7(-74!/#&:474*&#4.!g\(#(-_&!;A3<(h2!!O(!GL5!.E!Q@4!
P(!.+*&!(:/%+(:4-74!@.(*(!9@4#(!*4%!,&-74>7&!*4%!%(6&#(7&#+&!gB+'i&&*!;A33l!KP@%'+-!J!KP@%'+-!
;AA;l!j4+%!;A3Xh2!!)-!,(-7+*(*4.!*4!<!(!?!M4,4.!%(!*&.+.!(,7+M(!g4.7(6%4,+*(!4-!:'!*4!GL5V^'2!*4!
/4.&!,&#/&#(%H!%(!GL5!4.!:(#,(*(:4-74!-4@#&7$>+,(!4-!#(7(.!gk+,@(#74!+*"%/-";AZ?hH!4>+.7+4-*&!%(!
/&.+6+%+*(*!*4!Q@4!7(:6+I-!%&!.4(!4-!P@:(-&.2!!D+4#7&.!(-T%&'&.!\C.@.7+7@7&.!*4!%(!GL5H!7(:6+I-!
/&.44-!(,7+M+*(*!gB#(@-!+*"%/-";AZ](l!B#(@-!+*"%/-;AZ]6h2!!5.EH!:4*+(-74!%(!(:+-(,+$-!*4!%(!
:+#+.7+,+-(!.4!&67+4-4!%(!GGL5!&!<C:47&>EC`H?C:47+%4-*+&>+(-947(:+-(!=#R>H;K!",&:/@4.7&!\2!
;<Wh!Q@4!4.!(,7+M(!4-7#4!%&.!;]]!J!%&.!W?]!:'!gKP@%&-!;AX`(l!KP@%'+-!;A3X*l!KP@%'+-!J!KP@%'+-!
;AA;h2!!L+M4#.&.!,&:/@4.7&.!#4%(,+&-(*&.!P(-!.+*&!.+-747+Y(*&.!J!4-.(J(*&.!gKP@%'+-!;AX`6l!
KP@%'+-!J!\+,P&%.!;A3Zl!KP@i-!J!KP@%'+-!;AA;h2!!8&J!4-!*E(!4%!,&:/@4.7&!:T.!,&-&,+*&!*4!4.7(!
.4#+4!4.!%(!GLG5!&!p>7(.+.H!<H`:47+%4-*+&>+C\C:47+%(-947(:+-(!g"N8^5OH!,&:/@4.7&!\2;]Ah!
(,7+M(!(!@-(!*&.+.!*4!Z]C;?]!:'!gB#(@-!+*"%/-";AZ](l!B#(@-!+*"%/-";AZ]6l!)+.-4#!;AZAl!\+,P&%.!+*"
%/-;AZWl!K(@-*4#.!;AA<l!KP@%'+-!;AZXl!KP@%'+-!H!KP@%'+-!;AA;h!H!Q@4!(%!+'@(%!Q@4!%(!GL5H!9@4!
Z`!
!
!
!
!
!
.+-747+Y(*(!/&#!/#+:4#(!M4Y!4-!5%4:(-+(!,&-!(-74#+&#+*(*!(!%(!"#+:4#(!b@4##(!G@-*+(%!g5-&-!
;A;`h2!!)%!(:/%+&!@.&!,&:&!*#&'(!%o*+,(!Q@4!P(!(*Q@+#+*&!P(!,&-*@,+*&!(!.@!+%4'(%+Y(,+$-!gB(#-4.!
;AZZ(l!B(#-4.!;AZZ6h2!!K4!%(!,&-.+*4#(!@-(!M(%+&.(!(J@*(!4-!/.+,&74#(/+(!g5*(:.&-!;AZ?l!
5*(:.&-!J!G47Y-4#!;AZZ!O4M4#(-7!;AZXhH!-&!&6.7(-74H!4>/4#+:4-7&.!#4(%+Y(*&.!,&-!(-+:(%4.!
:@4.7#(-!7(:6+I-!-4@#&7$>+,+*(*!gG,^4--(!J!"4#&@7R(!;AA]l!G,^4--(!+*"%/-";AA;l!K,P:+*7!
;AZ3h2!!K@!@.&!.4!P(!M@4%7&!:@J!/&/@%(#!4-!%&.!,(:/@.!@-+M4#.+7(#+&.!*4!=K5!J!,&:o-!4-7#4!%&.!
c#(M4#.d!Q@4!/(#7+,+/(-!4-!+:/#&M+.(*(.!9+4.7(.V,&-,+4#7&!4-!%&.!94.7+M(%4.!6#+7T-+,&.!J!Q@4!(7#(4-!
(!:&*4#-&.!6&P4:+&.!gn&&74!;AAWh2!!)%!94-$:4-&!ck(M4d!J!4%!@.&!(.&,+(*&!*4!%(!GLG5!P(-!
.@#'+*&!#4,+4-74:4-74!4-!D(%+9&#-+(!g"4-*4%%!;AAWh2!!5*4:T.!*4!%(!GLG5!J!*4!%(!GL5H!4-!4%!
:4#,(*&!-4'#&!P(-!(/(#4,+*&!%&.!.+'@+4-74.!,&:/@4.7&.F!GL)!g\C47+%CGL5H!#R>H;K!",&:/@4.7&!
\2;]XhH!GL"k!g\C/#&/+%CGL5H!#R>H;K!",&:/@4.7&!\2;;ZhH!GLN"!g\C+.&/#&/+%CGL5H!"N8^5OH!
,&:/@4.7&!\2;]ZhH!GLLG!g\\C*+:47+%CGL5H!"N8^5OH!,&:/@4.7&!\2!;]?hH!\C47+%C\C:4*%CGL5!J!
4%!\\C*+47+%CGL5!ge(-4.R&!J!L4%!D(.&-!;AZ3h2!
LfGVLfBVWDBVLfN/!O(.!:T.!/&74-74.!*4!%(.!94-47+%(:+-(.!(#7+9+,+(%4.!.&-!%(.!WH?C
*+:47&>+(-947(:+-(.!gKP@%'+-!J!LJ4#!;A3?h2!!O(!/#+:4#(!Q@4!.4!.+-747+Y$!9@4!%(!WH?*+:47&>+C`C
:47+%(-947(:+-(!=#R>H;K!",&:/@4.7&!\2XZh!&!LfGH!Q@4!(*Q@+#+#E(!.@!+-9(:4!#4/@7(,+$-!6(_&!4%!
-&:6#4!cKS"d!4-!;AX3H!,@(-*&!9@4!*+.7#+6@+*(!4-!*&.+.!4>,4.+M(!gW]!:'h!,&:&!*#&'(!,(%%4_4#(!
gB+'i&&*!;A33h2!!O(!*&.+.!(,7+M(!-&#:(%!.4!P(%%(!.+7@(*(!4-7#4!%&.!<!J!%&.!;]!:'!/&#!%&!Q@4!(Q@4%%(.!
,(-7+*(*4.!7(-!4%4M(*(.!,(@.(#&-!494,7&.!:@J!*@#(*4#&.!Q@4!4-!:@,P&.!,(.&.!/#&M&,(#&-!
#4(,,+&-4.!*4!/T-+,&!gKP+,R!J!K:+7P!;A3Wl!KP@%'+-!J!KP@%'+-!;AA;l!K-J*4#!+*"%/-";AXZl!K-J*4#!47!(%2!
;A3]h2!!).7(!:(%(!9(:(!P+Y&!Q@4!%(!LfG!7@M+4#(!@-(!,&#7(!M+*(!,&:&!*#&'(!%o*+,(2!!KP@%'+-!
.+-747+Y$!:T.!7(#*4!%(!LfB!&!WH?C*+:47&>+C`C6#&:&(-947(:+-(!=#R>H;K!",&:/@4.7&!\2!XWh!Q@4!
#4.@%7$!(o-!:T.!/&74-74H!,&-!@-!:(#'4-!*4!(,7+M+*(*!4-7#4!;!J!<!:'H!J!@-&.!494,7&.!
4>7#4:(*(:4-74!%(#'&.!gKP@%'+-!;AZ;l!KP@%'+-!J!KP@%'+-!;AA;l!KP@%'+-!+*"%/-;A3;h2!!)%!:47(6&%+.:&!
*4!%(!LfB!P(!.+*&!4.7@*+(*&!4-!P@:(-&.!,&-!@-!.,(--4#!*4!,@4#/&!4-74#&H!:4*+(-74!4%!@.&!*4!
LfB!:(#,(*(!,&-!6#&:&!#(*+(,7+M&!gK(#'4-7!+*"%/-";A3?h2!!5%!+'@(%!Q@4!%(!LfGH!%(!LfB!4.!+%4'(%!J!
7(:6+I-!.4!*+.7#+6@J$!4-!4%!:4#,(*&!-4'#&2!!K4!P(!#4'+.7#(*&!%(!:@4#74!*4!@-(!/4#.&-(!(!,(@.(!*4!
@-(!*&.+.!:(.+M(!*4!LfBH!Q@4!9@4!,&-9@-*+*(!(,,+*4-7(%:4-74!,&-!GL5!J!4.-+9(*(!gKP@%'+-!J!
KP@%'+-!;AA;h2!
5,7+M(!7(:6+I-!4-!*&.+.!*4!;H?C<!:'!4-,&-7#(:&.!%(!LfN!&!WH?C*+:47&>+%CJ&*&(-947(:+-(!g"N8^5OH!
,&:/@4.7&!\2X3h2!O(!*@#(,+$-!*4!.@.!494,7&.!&.,+%(!4-7#4!;X!J!<]!P&#(.!gKP@%'+-!H!KP@%'+-!;AA;h2!!
).74!+-74#4.(-74!,&:/@4.7&!/(#4,4!@-+#.4!(%!:+.:&!#4,4/7&#H!4-!4%!,4#46#&!*4!%(!#(7(H!(%!Q@4!.4!
@-4-!%(!OKL!gMI(.4!,(/E7@%&!Wh!J!%(!LfB!gG,^4--(!J!K((M4*#(!;AZ3l!G,^4--(!+*"%/-";AZAh2!!).74!
P(%%(Y'&!/&*#E(!4>/%+,(#!4%!P4,P&!*4!Q@4!%(!OKL!g@-!(%,(%&+*4!4#'&%E-+,&!,&-!@-!-o,%4&!+-*$%+,&h!J!%(!
:4.,(%+-(!g@-(!94-47+%(:+-(!(%!+'@(%!Q@4!%(!LfB!J!%(!LfNh!:@4.7#4-!7&%4#(-,+(!,#@Y(*(!gMI(.4!%(!
-&7(!Zh!H!@-(!'#(-!.+:+%+7@*!4-!.@.!494,7&.!T%'+*&.2!!=%7+:(:4-74H!%(!WDCB!&!WH?C*+:47&>+`C
6#&:&94-47+%(:+-(!=#R>H;K!",&:/@4.7&!\2!W]l!%(!:+.:(!4.7#@,7@#(!
Z?!
!
Q@4!%(!LfB!/4#&!.+-!4%!'#@/&!:47+%&!Q@4!,&-M+4#74!@-(!94-47+%(:+-(!4-!@-(!94-+%+.&/#&/+%(:+-(!&!
(-947(:+-(.!P(!4.7(*&!4-!6&'(!4-7#4!%&.!(9+,+&-(*&.!(!%&.!4-74$'4-&.H!,&-!@-(!*&.+.!(,7+M(!4-7#4!
;W!J!W`!:'2!!5%'@-(.!M4,4.!.4!P(!7&:(*&!,&:6+-(*(!,&-!GLG5H!,@(-*&!%&.!494,7&.!*4!%(!o%7+:(!
4:/+4Y(-!(!6(_(#!gKP@%'+-!J!KP@%'+-!;AA;h2!
!
C0;!$'=!(KG;5=!G!=8!:'0&8=%#8!'#59'!=;0!#;!%#$%;0!
!
J/"GA5)*/"J!g:T.!7(#*4!%(!:4.,(%+-(h!9@4!4%!/#+:4#!4-74$'4-&!Q@4!4.7@M&!(%!(%,(-,4!*4!%&.!
&,,+*4-7(%4.2!!D&:&!:4-,+&-(:&.!(-74#+&#:4-74H!%(!:4.,(%+-(!9@4!4%!/#+:4#&!4-!(+.%(#.4!4-!
9&#:(!/@#(!J!4-!.4#!.+-747+Y(*&2!!K4!,&-.+*4#(!'4-4#(%:4-74!(!K2j4+#!G+7,P4%%!J!(!8(M4%&,R!)%%+.!
,&:&!%(.!/4#.&-(.!Q@4!(7#(_4#&-!4%!+-74#I.!*4%!/o6%+,&!/&#!%(!*#&'(H!(@-Q@4!.@.!494,7&.!J(!P(6E(-!
.+*&!4.7@*+(*&.!(-74#+&#:4-74!/&#!&7#&.!gB#+''.!;ZZ3l!"#4-7+..!J!G&#'(-!;ZA?h2!!G+7,P4%%!7&:$!@-!
4>7#(,7&!%EQ@+*&!*4!GA5)*/!@-(!7(#*4!4-!;ZAX!g@-(!+-9@.+$-!*4!.4+.!,(64Y(.!*4!,(,7&.!.4,(.!&!
c6&7&-4.!*4!:4.,(%dh2!!S#(.!.4-7+#.4!c*4%+,+&.(:4-74H!4-!@-!4.7(*&!*4!%T-'@+*&!6+4-4.7(#d!J!*4!
/4#,+6+#!9&#:(.!.+:+%(#4.!(%!M+*#+&!*4!,&%&#!,@(-*&!,4##(6(!%&.!&_&.H!G+7,P4%%!4-7#$!4-!@-(!
P(6+7(,+$-!(!&.,@#(.2!!5%%E!4>/4#+:4-7$!M+.+&-4.!Q@4!%4!%%4M(#&-!(!P(6%(#!*4%!GA5)*/"(%!:@-*&2!!GT.!
7(#*4!#4%(7(#E(!gG+7,P4%%!;ZAXhF!
!
).7#4%%(.222!/4%E,@%(.!*4!,&%&#!9%&7(-*&!*4%+,(*(:4-74222!4-7&-,4.!@-!#4/4-7+-&!
7&##4-74!*4!+-,&-7(6%4.!/@-7&.!*4!%@Y!6%(-,(!,#@Y$!4%!,(:/&!*4!M+.+$-H!,&:&!.+!
%(.!:+#E(*(.!&,@%7(.!*4!%(![E(!OT,74(!P@6+4#(-!*4!9%@+#!4-!@-!#E&!,4-74%%4(-74!(-74!
:+.!&_&.222!%E-4(.!Y+'Y('@4(-74.!*4!,&%&#4.!:@J!6#+%%(-74.222!).7&.!,&%&#4.!
(*Q@+#+4#&-!4-7&-,4.!@-(!9&#:(!#4,&-&,+6%4222!7&*&.!%&.!,&%&#4.!Q@4!_(:T.!P4!
/&*+*&!,&-74:/%(#!:4!/(#4,4-!(/('(*&.!,&:/(#(*&!4.7&.2!
!
G+7,P4%%!4-M+$!,+4#7(!,(-7+*(*!*4!GA5)*/".4,&!(!j+%%+(:!e(:4.H!(@7&#!*4!C$+!b%&<+*<+.")0"&+/<?<)3."
JQG+&<+,(+"ge(:4.!;A]WhH!J!*4.,@6#+*&#!*4!%(.!/#&/+4*(*4.!:&*+9+,(*&#(.!*4!%(!,&-,+4-,+(!*4%!
$>+*&!-+7#&.&2!!e(:4.!,&:+$!@-!.&%&!6&7$-!J!.4!.+-7+$!c74##+6%4:4-74!4-94#:&!*@#(-74!W`!P&#(.d2!!
\@-,(!#4/+7+$!%(!4>/4#+4-,+(H!*+,+4-*&!Q@4!c7&:(#E(!/&#!,+4#7&!%&!*4!%(.!M+.+&-4.d2!
=-!(0&!:T.!7(#*4H!7#(.!%44#!4%!4.,#+7&!*4!G+7,P4%%H!8(M4%&,R!)%%+.!.4!(M4-7@#$!(!6464#!@-(!
*4,&,,+$-!*4!7#4.!6&7&-4.!*4!GA5)*/"4-!O&-*#4.2!!O%4M$!(!,(6&!.@!(@7&4>/4#+:4-7&!4-!@-(!
P(6+7(,+$-!+%@:+-(*(!.&%(:4-74!/&#!4%!/(#/(*4(-74!9@4'&!*4%!P&'(#H!/4-.(-*&!Q@4!(.E!%(.!M+.+&-4.!
.4!(.4:4_(#E(-!(!%(.!Q@4!4>/4#+:4-7(-!%&.!E-*+&.2!!K@.!M+.+&-4.!9@4#&-!:@J!/#&9@-*(.!J!4.,#+6+$!
.&6#4!4%%(.!4-!@-(!.4#+4!*4!+-74-.&.!#4%(7&.!Q@4!.4!/@6%+,(#&-!4-!%(!#4M+.7(!B),*+'G)&%&5"N+7<+i"
g)%%+.!;ZAZ(h!J!4-!4%!;,,3%/!N+G)&*")0"*$+"E'<*$.),<%,"R,.*<*3*<),"g)%%+.!;ZAZ6h2!!)-!4%!/#+:4#&!
(/(#4,+$!/@6%+,(*(!/&#!/#+:4#(!M4Y!%(!*4.,#+/,+$-!*4!%(!.+-4.74.+(!+-*@,+*(!/&#!%&.!4-74$'4-&.2!!
)%%+.!*+&!(!/#&6(#!4%!GA5)*/"(!M(#+&.!*4!.@.!(:+'&.H!4-7#4!%&.!Q@4!P(6E(!/&47(.!Q@4!:T.!7(#*4!
4.,#+6+#E(-!.&6#4!.@.!M+.+&-4.2!!)%%+.!7(:6+I-!/@6%+,$!@-!+:/&#7(-74!J!-&M4*&.&!4.7@*+&!
ZX!
!
.&6#4!4%!GA5)*/"4-!%(!%+74#(7@#(!:I*+,(!g)%%+.!;ZA3h2!
).7+:@%(*&.!/&#!%&.!#4%(7&.!*4!G+7,P4%%!J!)%%+.H!%&.!,+4-7E9+,&.!4@#&/4&.!+-+,+(#&-!4.7@*+&.!.&6#4!
%&.!494,7&.!/.+,&%$'+,&.!*4%!GA5)*/!"*4%!.@%9(7&!*4!:4.,(%+-(!4>7#(E*&!*4!%(!/%(-7(H!J!*4./@I.!*4!
;A;AH!*4!%(!:4.,(%+-(!.+-7I7+,(2!
5-74.!*4!%(!"#+:4#(!b@4##(!G@-*+(%H!.4!%%4M(#&-!(!,(6&!+-M4.7+'(,+&-4.!,&-!/4#.&-(.!4-!%(!
,%E-+,(!^#T/4%+-!*4!G@-+,PH!*&-*4!%&.!,+4-7E9+,&.!^-(@4#!J!G(%&-4J!(*:+-+.7#(6(-!/&#!ME(!
.@6,@7T-4(!*&.+.!*4!P(.7(!W]]!:'!(!M&%@-7(#+&.!Q@4!4>/4#+:4-7(6(-!%&.!494,7&.!4-74$'4-&.!(%!
,(6&!*4!@-(.!,@(7#&!P&#(.!g^-(@4#!;AXXl!^-(@4#!J!G(%&-4J!;A;<h2!!"&,&!*4./@I.!*4!%(!'@4##(H!4%!
,+4-7E9+,&!(%4:T-!^@#7!B4#+-'4#!#4(%+Y$!@-(.!.4.4-7(!.4.+&-4.!,&-!:4.,(%+-(H!@.(-*&!,&:&!.@_47&.!
7(-7&!(!P&:6#4.!,&:&!(!:@_4#4.!:I*+,&.!&!4.7@*+(-74.!*4!:4*+,+-(2!
O&.!#4.@%7(*&.!*4!4.7(.!+-M4.7+'(,+&-4.H!4-!%(.!Q@4!.4!%%4'(#&-!(!@.(#!*&.+.!*4!X]]!:'!+-J4,7(*(.!
.@6,@7T-4(:4-74H!.4!/@6%+,(#&-!4-!;AW3!gB4#+-'4#!;AW3h2!!5%!:+.:&!7+4:/&H!4-!"(#E.H!4%!
9(#:(,$%&'&!9#(-,I.!5%4>(-*#4!k&@P+4#!4.7@*+(6(!%&.!494,7&.!*4%!4>7#(,7&!*4!GA5)*/"4-!
M&%@-7(#+&.2!!"@6%+,$!%&.!*(7&.!9(#:(,&%$'+,&.!*4!4.7&.!4>/4#+:4-7&.!4-!@-!4.7@*+&!
+-74#*+.,+/%+-(#+&!*4!%(!/%(-7(!7+7@%(*&!K%"#/%,*+"23<"0%<*"/+."c+3Q!m'+&7+<//A.TK+"#+5)*/"gk&@P+4#!
;AW3h2!!)%!/.+,$%&'&!(:4#+,(-&!84+-#+,P!^%mM4#!!7(:6+I-!%%4M&!(!,(6&!4.7@*+&.!.&6#4!%(!-(7@#(%4Y(!
*4!%(!4:6#+('@4Y!:4.,(%E-+,(H!/@6%+,T-*&%&.!4-!@-(!:&-&'#(9E(!7+7@%(*(![+.(%/"k.<(lM"C$+"aL<7<,+"
#/%,*"%,1"<*.!#.5($)/)?<(%/"J00+(*.9"g^%mM4#!;AWZh2!!)-!;A<<!@-(!9(#:(,+(!.@+Y(!4:/4Y$!(!(-@-,+(#!
4%!#+5)*5/"k.<(l",&:&!@-!-@4M&!*4!(*(/7$'4-&!,(/(Y!*4!c*4M&%M4#!4%!4Q@+%+6#+&!J!%(!,(%:(!(%!
+-*+M+*@&!J!*4!/&74-,+(#!4%!/%4-&!*4.(##&%%&!*4!.@.!9(,@%7(*4.d!%&!Q@4!:&7+M$!Q@4!4%!K4#M+,+&!
n4*4#(%!*4!K(%@*!"o6%+,(!#4,&:4-*(#(!Q@4!4%!GA5)*/".$%&!.4!*+./4-.(#(!/&#!/#4.,#+/,+$-!:I*+,(!
gG,b%&7P%+-!;AX?h2!!K+'@+4-*&!%&.!/(.&.!*4!4@#&/4&.!J!(:4#+,(-&.H!)#+,P!b@77:(--!*+&!:4.,(%+-(!
(!:T.!*4!.4.4-7(!/4#.&-(.!4-!4%!G(@*.%4J!8&./+7(%!*4!O&-*#4.!gb@77:(--!;A<Xl!b@77:(--!J!
G(,%(J!;A<Xl!S(J%&#!;A``h2!!).7(.!/#@46(.!*+4#&-!,&:&!#4.@%7(*&!(%'@-(.!*4!%(.!:4_&#4.!
*4.,#+/,+&-4.!*4!%(!4:6#+('@4Y!:4.,(%E-+,(!Q@4!.4!P(-!4.,#+7&2!!L@#(-74!%(!K4'@-*(!b@4##(!
G@-*+(%H!%&.!:I*+,&.!-(Y+.!*4%!+-9(:4!,(:/&!*4!,&-,4-7#(,+$-!*4!L(,P(@!4.7@*+(#&-!4-!@-(!
7#4+-74-(!*4!/#+.+&-4#&.!%(!@7+%+*(*!*4!%(!:4.,(%+-(!,&:&!(J@*(!4-!%&.!+-74##&'(7&#+&.!gO44!J!KP%(+-!
;AZ?h2!
O&@+.!O4i+-H!Q@+YT.!4%!:T.!9(:&.&!+-M4.7+'(*&#!*4!%(!:4.,(%+-(H!/@6%+,$!@-!%+6#&!.&6#4!*#&'(.!
/.+,&(,7+M(.!4-!;AW`2!!)%!%+6#&!.4!/@6%+,$!4-!(%4:T-!,&-!4%!7E7@%&!#$%,*%.*<(%M"L<+"W+*138+,1+,"3,1"
J&&+?+,1+,"X+,3..'<**+/-""fn&";&d*+"3,1"@<($*n&d*+!gO4i+-!;AW`l!MI(.4!D(/E7@%&!`H!\&7(!%h2!!=-&!*4!
%&.!,(/E7@%&.!4.7(6(!*4*+,(*&!(%!GA5)*/!Q@4!_@-7&!,&-!&7#(.!*#&'(.!,%(.+9+,(6(!6(_&!4%!-&:6#4!*4!
a#$%,*%.*<(%9!"7I#:+-&!Q@4!O4i+-!P(6E(!(,@0(*&!/(#(!*4.+'-(#!(!%&.!4-74$'4-&.2!!O(!M4#.+$-!
+-'%4.(!*4!4.7(!+:/&#7(-74!&6#(H!/@6%+,(*(!4-!O&-*#4.!4-!;A<;H!,(/7$H!7(%!,&:&!P4:&.!4>/%+,(*&!
4-!%(!+-7#&*@,,+$-H!%(!(74-,+$-!*4!5%*&@.!8@>%4JH!*4./4#7(-*&!.@!+-74#I.!/&#!%&.!/.+,&9T#:(,&.!J!
%%4MT-*&%4!(!#4(%+Y(#!4-!:(J&!*4!;A?<!.@!9(:&.(!4>/4#+4-,+(!,&-!%(!:4.,(%+-(H!+-:&#7(%+Y(*(!4-!
C$+"L))&.")0"#+&(+G*<),"g8@>%4J!;A?`h2!!).7&!,&-.7+7@J$!@-!+:/&#7(-74!4.7E:@%&!/(#(!4%!@.&!*4!%&.!
4-74$'4-&.!4-!%&.!(0&.!.4.4-7(H!_@-7&!,&-!%(!/@6%+,(,+$-!*4!%(.!4>/4#+4-,+(.!*4%!4.,#+7&#!9#(-,I.!
84-#+!G+,P(@>!gG+,P(@>!;A?Xl!G+,P(@>!;A?3l!G+,P(@>!;AX?h2!!5%'o-!7+4:/&!(-74.!*4!%(!+-+,+(,+$-!
*4!8@>%4J!(!%&.!
Z3!
!
4-74$'4-&.H!4%!-&M4%+.7(!(:4#+,(-&!j+%%+(:!B@##&@'P.!7(:6+I-!P(6E(!7&:(*&!GA5)*/-"").,#+6+$!
.&6#4!%(!4>/4#+4-,+(!4-!.@!/#+:4#!%+6#&!_@-R!/@6%+,(*&!+-+,+(%:4-74!,&:&!^3,F<+M"B),0+..<),.")0"%,"
O,&+1++'+1"L&3?";11<(*",&-!4%!.4@*$-+:&!*4!j+%%+(:!O44!gO44!;A?<h!J!*4.7(,(-*&!Q@4!%(!*#&'(!
4#(!%4'(%2!!B@##&@'P.!*4.,#+6+$!,$:&!*4./@I.!*4!P(64#!+-'4#+*&!,@(7#&!c6&7&-4.dH!c7&*&!%&!Q@4!M+!
.4!/(#4,E(!(!@-(!/%(-7(!*4!/4J&74d!J!Q@4!c(/(#74!*4!4.(!,@#+&.(!(%74#(,+$-!M+.@(%!-&!:4!.4-7E!4-!
(6.&%@7&!*+94#4-74!(!,&:&!*4!,&.7@:6#4H!7(-!.&%&!(%'&!,&%&,(*&!,&:&!,@(-*&!7&:&!64--J!
kW+,d+1&<,%l9"gO44!;A?<h2!!O&.!4.,#+7&.!*4!B@##&@'P.!.&6#4!%(.!*#&'(.!7@M+4#&-!@-(!'#(-!+-9%@4-,+(!
4-!4%!:&M+:+4-7&!cB4(7d2!!=-&!*4!.@.!#4/#4.4-7(-74.H!5%%4-!b+-.64#'H!4:/4Y$!(!4>/4#+:4-7(#!,&-!
4%!GA5)*/-"")-!%&.!.4.4-7(!7(:6+I-!.4!+-9&#:$!*4!cM+(_4.d!#4(%+Y(*&.!/&#!-&N-*+&.!ge(:4.!;AX`l!
G4%%4-!;AX<l!f.:&-*!;AX;l!k&.4:(-!;AX<h2!!D&:&!#4.@%7(*&!*4!7&*&!4.7&H!%(!M4-7(!%4'(%!*4!
6&7&-4.!*4!GA5)*/"/&#!,&##4&!gG&#'(-!;AZ<6h!4:/4Y$!(!4>/(-*+#.42!
D&:&!#4./@4.7(!(!%(!/#&%+94#(,+$-!*4%!@.&!*4!4-74$'4-&.H!4./4,+(%:4-74!*4!OKL!gMI(.4!,(/E7@%&!WhH!
4-!%&.!.4.4-7(H!%(!:(J&#E(!*4!/(E.4.!.+'@+4#&-!4%!4_4:/%&!*4!%&.!))==!4!+%4'(%+Y(#&-!4.7(.!*#&'(.H!
*4!:&*&!Q@4!.$%&!4.7@M+4#(-!*+./&-+6%4.H!(@-Q@4!,&-!7#(6(.!6@#&,#T7+,(.H!/(#(!%&.!,+4-7E9+,&.2!!
S(-7&!4%!GA5)*/",&:&!%(!:4.,(%+-(!9@4#&-!,%(.+9+,(*&.!,&:&!.@.7(-,+(.!,&-7#&%(*(.H!,&-!@-!
c4%4M(*&!/&74-,+(%!*4!(6@.&d!J!.+-!M(%&#!74#(/I@7+,&!(%'@-&d!g5-*4#.&-!;AZ]h2!!O(!.+:/%4!/&.4.+$-!
*4!(:6&.!.4!,&-M+#7+$!4-!@-!*4%+7&2!!D&-!(-74#+&#+*(*!(!4.7(.!%4J4.H!4%!GA5)*/"J!%(!:4.,(%+-(!.4!
/&*E(-!&674-4#!,&-!6(.7(-74!9(,+%+*(*H!(%!:4-&.!4-!%&.!))==!gn%(774#J!J!"+4#,4!;AX?l!j4+%!;AX<6l!
j4+%!;A3Wh2!!K+-!4:6(#'&H!-&!4>+.74-!+-*+,+&.!*4!Q@4!%(!:4.,(%+-(!/@#(!%%4'(#(!(!.4#!@.(*(!
(:/%+(:4-74!/&#!4%!/o6%+,&!4-!'4-4#(%2!!"&#!4%!,&-7#(#+&H!%(!:(J&#E(!*4!@.@(#+&.!4-!%&.!.4.4-7(!.4!
+-+,+(#&-!4-!%&.!4-74$'4-&.!(!7#(MI.!*4!%(!OKL2!!5%!.4#!.@!9(6#+,(,+$-!:@J!6(#(7(!g4-74-*+I-*&.4!4%!
,&.74!/&#!*&.+.hH!%(!OKL!.+'@+$!4.7(-*&!*+./&-+6%4!*4./@I.!*4!Q@4!%(!%4'+.%(,+$-!94*4#(%!J!4.7(7(%!%(!
+%4'(%+Y(#(-2!!O(!:4.,(%+-(!/&#!4%!,&-7#(#+&!*4.(/(#4,+$!M+#7@(%:4-74!*4%!:4#,(*&2!!8&J!4-!*E(!.$%&!
/@4*4!.4#!(*Q@+#+*(!/&#!%&.!+-M4.7+'(*&#4.!4-!%(!9&#:(!*4!P+*#&,%&#@#&H!6+.@%9(7&!J!.@%9(7&H!(%!
/#4,+&!*4!3;2;]‚!4%!'#(:&!g4-7#4!<]!J!`]!*$%(#4.!@-(!*&.+.!*4,4-74h!(!7#(MI.!*4!%(!,&:/(0E(!K+':(!
DP4:+,(%!D&2!g;AA<hH!Q@4!M4-*4!4.7&.!,&:/@4.7&.!/(#(!%(!+-M4.7+'(,+$-!47+Q@47(*&.!,&:&!c-&!
(/7&.!/(#(!4%!,&-.@:&d2!!5*4:T.H!4-!%&.!))==H!*+,P&.!+-M4.7+'(*&#4.!*464#T-!/&.44#!@-(!
(@7&#+Y(,+$-!*4!%(!L)5!/(#(!,&:/#(#!:4.,(%+-(!J!/#4.4-7(#!.@!/#&'#(:(!*4!+-M4.7+'(,+$-!(%!\NL5H!
*4:&.7#(-*&!@-(!-4,4.+*(*!c%4'E7+:(d!*4!%(!*#&'(2!!O&.!%(6&#(7&#+&.!Q@4!@.4-!:4.,(%+-(!J!&7#(.!
.@.7(-,+(.!,&-7#&%(*(.!4.7T-!.@_47&.!(!+-./4,,+&-4.!/&#!/(#74!*4!%(!L)5!J!.4!%4.!4>+'+#T!74-4#!.@.!
%+,4-,+(.!(!%(!M+.7(2!!5*4:T.!*464#T-!74-4#!:4*+&.!/(#(!(%:(,4-(#!*4!9&#:(!.4'@#(!%(!.@.7(-,+(!J!
4M+7(#!Q@4!/@4*(!.4#!*4.M+(*(2!
)%!.@%9(7&!*4!:4.,(%+-(H!/#&6(6%4:4-74!.+-7I7+,&H!.4!/@4*4!(o-!P&J!4-,&-7#(#!4-!4%!:4#,(*&!
-4'#&H!(@-Q@4!4-!,(-7+*(*4.!%+:+7(*(.H!(%!/#4,+&!*4!W?]‚!4%!'#(:&2!!\&!&6.7(-74H!7&*&!4%!
.@:+-+.7#&!/(#4,4!4.7(#!4-!:(-&.!*4!%(!4%+74!*4%!,&:4#,+&!+%4'(%!*4!*#&'(.H!/&#!%&!Q@4!4.74!4.,(.&!
,&:/@4.7&!-&!.4!*+.7#+6@J4!*4!9&#:(!(:/%+(2!!5!4.74!/#4,+&H!%(!*&.+.!:4*E(!*4!?]]!:'!,@4.7(!
,&:&!:E-+:&!;W?‚H!/&#!%&!Q@4!%&.!6&7&-4.!*4!GA5)*/".&-!:@,P&!:T.!4,&-$:+,&.2!!)-!;AXX!4%!
/#4,+&!#&-*(6(!%&.!;?‚!%&.!:+%!6&7&-4.2!!L46+*&!(%!(@:4-7&!*4!%(!*4:(-*(!J!(!%&!%+:+7(*&!*4!%(!
&94#7(H!4%!/#4,+&!/(.$!(!.4#!
ZZ!
!
*4!Z]‚!%&.!:+%!6&7&-4.!4-!;AZ<H!(@-Q@4!4%!GA5)*/"cM4#*4d!g9#4.,&h!/&*E(!,&:/#(#.4!(o-!(!;?‚!%&.!
:+%!6&7&-4.!gG&#'(-!;AZ<(h2!!)-!;AZ3!4%!/#4,+&!P(6E(!.@6+*&!*4!-@4M&!P(.7(!.+7@(#.4!4-!%&!;]]‚H!
Q@4!4.!4%!/#4,+&!(,7@(%!gK,P(494#!;AAW(l!K74i(#7!;AZ3h2!!).7&.!/#4,+&.!.4!#49+4#4-!(%!,&:4#,+&!%4'(%!
4-7#4!/4J&74#&.!/#&94.+&-(%4.!J!%(!c\(7+M4!5:4#+,(-!DP@#,Pd2!!N-,%@.&!(%!/#4,+&!*4!;AZ3!@-(!*&.+.!
*4!,+-,&!6&7&-4.!P(6#E(!,&.7(*&!(%!:(J&#!.$%&!?]!,4-7(M&.H!x@-(!(@7I-7+,(!'(-'(y!
)-!4%!:4#,(*&!-4'#&H!(!/(#7+#!*4!%&.!.4.4-7(!.4!M4-*+4#&-!:@,P(.!.@.7(-,+(.!Q@4!.4!Q@4#E(-!
P(,4#!/(.(#!/&#!:4.,(%+-(2!!O&.!(-T%+.+.!*4!:@,P(.!:@4.7#(.!*4:&.7#(#&-!Q@4!%&!Q@4!#4(%:4-74!.4!
M4-*E(!4#(!OKL!&!"D"!g94-,+,%+*+-(!&!E+&,5/!"@-!7#(-Q@+%+Y(-74!@7+%+Y(*&!4-!M474#+-(#+(l!G(#.P:(-!J!
b+66&-.!;A3]l!"P(##-!DP4:!;A3<h2!!S(:6+I-!.4!P(-!*474,7(*&!(-947(:+-(.!4-!.@/@4.7(.!
:@4.7#(.!*4!:4.,(%+-(2!!)-!%&.!,(.&.!4>,4/,+&-(%4.!4-!%&.!Q@4!.4!4-,&-7#$!:4.,(%+-(H!%(.!9&#:(.!
*4!/#4.4-7(,+$-!9@4#&-!,T/.@%(.!,&-!,#+.7(%4.!&!/&%M&!6%(-,&H!-@-,(!,&:/#+:+*&.2!
k4.@:+4-*&!%&.!(-T%+.+.!*4!X`]!.@/@4.7(.!:@4.7#(.!*4!:4.,(%+-(!#4(%+Y(*&.!4-!,@(7#&!
%(6&#(7&#+&.!(:4#+,(-&.H!B#&i-!J!G(%&-4!.$%&!4-,&-7#(#&-!;Z!gW2Z{h!Q@4!,&-7@M+4#(-!:4.,(%+-(!J!
Z!g;2W{h!Q@4!,&-74-E(-!GA5)*/-"")%!,&-74-+*&!*4!%(.!#4.7(-74.!9@4!4%!.+'@+4-74F!<3X!*4!OKL!g?ZHZ{hl!
;<]!*4!OKL!J!"D"!gW]H<{hl!W3!*4!"D"!g`HW{hl!J!Z;!Q@4!,&-74-E(-!c&7#&.d!g;WH3{h!4-7#4!%&.!Q@4!
P(6E(!(%'@-(.!:4Y,%(.!*4!OKL!,&-!(:947(:+-(.l!cKS"d!&!LfG!gMI(.4!:T.!(##+6(hl!*+M4#.(.!
(-947(:+-(.!47,2gB#&i-!J!G(%&-4!;A3<(h2!!O&.!.@/@4.7&.!,&:/#+:+*&.!*4!c:4.,(%+-(d!/4.(6(-!
4-7#4!;]!J!;?]!:'!,(*(!@-&H!x(!7&*(.!%@,4.!+-.@9+,+4-74.!/(#(!/#&M&,(#!@-!cM+(_4d!(@-Q@4!4%!;]]{!
*4%!/4.&!9@4#(!:4.,(%+-(y!!)-!(-T%+.+.!.+:+%(#4.!#4(%+Y(*&.!4-!G@-+,PH!7(-!.&%&!;!*4!;`!:@4.7#(.!
g3H;{h!,&-74-E(!%(!.@.7(-,+(!gB#&i-!J!G(%&-4!;A3<6h2!!L4!%(.!X;!:@4.7#(.!(-(%+Y(*(.!/&#!%&.!
%(6&#(7&#+&.!"P(#:!DP4:!*4!"(%&!5%7&H!D(%+9&#-+(H!4-!;A3<H!?W!&!4%!Z?{!,&-74-E(-!OKLH!J!.$%&!`!
gXHX{h!4#(-!*4!:4.,(%+-(!g"P(#:!DP4:!;A3<h2!
"#T,7+,(:4-74!7&*&.!%&.!@.@(#+&.!*4!4-74$'4-&.!(:4#+,(-&.!(9+#:(-!P(64#!/#&6(*&!%(!:4.,(%+-(!
4-!(%'o-!:&:4-7&!*4!.@.!,(##4#(.2!!).7T!,%(#&!Q@4!%(!'#(-!:(J&#E(!.+:/%4:4-74!P(!/#&6(*&!OKL!&!
"D"!6(_&!@-!-&:6#4!9(%.&2!!\&!P(J!*@*(!.&6#4!4.7(!,&-,%@.+$-!J(!Q@4!%(!&94#7(!*4!:4.,(%+-(!
.+4:/#4!P(!.+*&!:@J!%+:+7(*(H!J!%&.!-@:4#&.&.!4.7@*+&.!#4(%+Y(*&.!.&6#4!%(.!:@4.7#(.!Q@4!.4!
M4-*4-!4-!%(!,(%%4!(.E!/(#4,4-!,&-9+#:(#%&2!!"&#!&7#(!/(#74H!@-(!*&.+.!*4!`]]!(!X]]!:'!*4!.@%9(7&!
*4!:4.,(%+-(!%%4-(#E(!@-(.!*&.!&!7#4.!,T/.@%(.!*4%!7(:(0&!c]]dH!:+4-7#(.!Q@4!%(!:(J&#E(!*4!
@.@(#+&.!*+,4!P(64#!7&:(*&!(!%&!.@:&!@-(!,T/.@%(!&!@-!,&:/#+:+*&2!!\&!&6.7(-74H!(-74!4.7&.!
(#'@:4-7&.!7(-!4M+*4-74.H!%&.!,&-.@:+*&#4.!c.&9+.7+,(*&.dH!.+'@4-!(9+#:(-*&!Q@4!4%%&.!P(-!
/#&6(*&!c%(!M4#*(*4#(!:4.,(%+-(d!J!Q@4!,&-&,4-!%(!*+94#4-,+(!4-7#4!%(!OKL!J!%(!:4.,(%+-(H!/&#!%&!
Q@4!.4!,&-.+*4#(-!(@7I-7+,&.!4-74-*+*&.2!!K@4%4-!*4,+#!Q@4!%(!OKL!/&.44!4.74!@!&7#&!(7#+6@7&!
:+4-7#(.!Q@4!(!%(!:4.,(%+-(!.4!%(!/@4*4!*+.7+-'@+#!/&#!.@.!,@(%+*(*4.!.@/4#+&#4.2!
8(6%(-*&!,%(#&H!7&*&!4.7&!4.!/@#(!6(Y&9+(2!!O(!'#(-!:(J&#E(!*4!/4#.&-(.!-&!.$%&!-&!P(!/#&6(*&!
-@-,(!:4.,(%+-(!(@7I-7+,(H!.+-&!Q@4!:4!/4#:+7&!(9+#:(#!Q@4!4-!,&-*+,+&-4.!4>/4#+:4-7(%4.!
(*4,@(*(.H!:@J!/&,&.!/&*#E(-!*+94#4-,+(#!%(.!*&.!.@.7(-,+(.2!!L4!P4,P&H!%&.!494,7&.!*4!4.7&.!*&.!
,&:/@4.7&.!.&-!4>7#(&#*+-(#+(:4-74!/(#4,+*&.H!/#4.4-7(-*&!g_@-7&!,&-!%(!/.+%&,+6+-(!J!%(!
/.+%&,+-(l!MI(.4!,(/E7@%&!?h!7&%4#(-,+(!,#@Y(*(!gZh2!!).7&!P(,4!.@/&-4#!Q@4!7&*(.!4.7(.!.@.7(-,+(.!
(,7o(-!:4*+(-74!%&.!:+.:&.!:4,(-+.:&.!
ZA!
!
-4@#&%$'+,&.!gO@*i+'!J!O4M+-4!;AXXl!j&%6(,P!+*"%/-;AXW(h2!!).!:T.H!4>+.74-!,+4#7(.!/#@46(.!Q@4!
+-*+,(#E(-!%(!@-+$-!*4!7&*&.!4%%&.!(%!:+.:&!#4,4/7&#!,4#46#(%!4-!%&.!(-+:(%4.!*4!4>/4#+:4-7(,+$-!
gG,^4--(!J!K((M4*#(!;AZ3l!G,^4--(!+*"%/-;AZAh2!
 q"&#!Q@I!4>+.74!4-7&-,4.!7&*(!4.7(!(%'(#(6E(!.&6#4!%(!:4.,(%+-(H!%(!c/+4*#(!9+%&.&9(%d!*4!%(!
/.+,&*4%+(r!!K+!%(!c:4.,(%+-(d!*4!%(!,(%%4!4.!.+:/%4:4-74!OKLH!q/&#!Q@I!%(!,(%+9+,(-!%&.!@.@(#+&.!*4!
*+94#4-74H!.@/4#+&#H!c:T.!%+:/+(d!J!:T.!#4,&:4-*(6%4!Q@4!%(!OKLr!!"(#(!*(#!@-(!#4./@4.7(!
.(7+.9(,7&#+(!(!4.7(!/#4'@-7(!*46&!4>74-*4#:4!@-!/&,&2!
5!9+-(%4.!*4!%&.!,+-,@4-7(H!.4!4:/4Y$!(!@7+%+Y(#!4-!5%4:(-+(!J!4-!&7#&.!/(E.4.H!@-!-@4M&!
7#(-Q@+%+Y(-74!*4-&:+-(*&!C%/<1)'<1%-"""#&-7&!.4!*4.,@6#+$!Q@4!4.74!9T#:(,&!4#(!@-!/&74-74!
74#(7$'4-&H!4.!*4,+#H!74-E(!%(!,(/(,+*(*!*4!/#&M&,(#!'#(M4.!:(%9&#:(,+&-4.!4-!%&.!#4,+I-!-(,+*&.!
.+!.4!(*:+-+.7#(6(!(!%(.!:@_4#4.!4:6(#(Y(*(.!4-!*474#:+-(*(.!9(.4.!*4!%(!'4.7(,+$-2!!)%!7#T'+,&!
*4.4-%(,4!9@4!@-(!'4-4#(,+$-!*4!c6464.!*4!%(!7(%+*&:+*(d!,&-!P&##+6%4.!4!+-,(/(,+7(-74.!
*49&#:+*(*4.2!!)%!9T#:(,&!9@4!#47+#(*&!+-:4*+(7(:4-74!*4%!:4#,(*&!J!.4!P+,+4#&-!:@,P&!:T.!
*@#&.!%&.!#4'%(:4-7&.!/(#(!%(!/#&*@,,+$-!*4!-@4M&.!9T#:(,&.!4-!:@,P&.!/(E.4.2!
)-!4.(!I/&,(H!%(!,&:/(0E(!K(-*&Y!O7*2!*4!K@+Y(!*+.7#+6@E(!%(!OKL!,&:&!9T#:(,&!4>/4#+:4-7(%!,&-!
4%!-&:6#4!*4!L+/5.<1"gMI(.4!,(/E7@%&!Wh2!!D&:&!.4!,#4E(!Q@4!4%!9T#:(,&!/#&*@,E(!@-!c:&*4%&!*4!
/.+,&.+.dH!%(!,&:/(0E(!K(-*&Y!,&-.+*4#$!Q@4!/&*E(!7#(7(#.4!*4!@-!494,7+M&!('4-74!
/.+,&74#(/I@7+,&H!/(#4,+4-*&!*4!P4,P&!6(.7(-74!/#&:474*&#!4-!%(.!/#+:4#(.!M(%&#(,+&-4.!Q@4!.4!
P+,+4#&-2!!D@(-*&!4-!;AX3H!4-!@-!+-9&#:4!/@6%+,(*&!/&#!4%!@+i"J,?/%,1"6)3&,%/")0"'+1<(<,+!".4!
(9+#:$!Q@4!%(!OKL!/#&*@,E(!(%74#(,+&-4.!,#&:&.$:+,(.!gD&P4-!+*"%/-;AX3hH!4:/4Y$!(!,@-*+#!%(!
(%(#:(l!(!/4.(#!*4!Q@4!4-!4%!+-9&#:4!-&!.4!/#&6(#(!7(%!(9+#:(,+$-H!Q@4!4-!4>/4#+:4-7&.!
/&.74#+&#4.!6+4-!,&-7#&%(*&.!.4!*4:&.7#$!Q@4!4#(!9(%.(!gL+.P&7.RJ!+*"%/-";A3;l!S_+&!+*"%/-";AXAhH!-+!
Q@4!%(!OKL!9@4#(!74#(7&'I-(!gQ@4!-&!%&!4.h2!!O&.!:4*+&.!*4!,&:@-+,(,+$-!J!%&.!'&6+4#-&.!@7+%+Y(#&-!
7(%4.!(9+#:(,+&-4.!,&:&!9&#:(!*4!(7(,(#!4%!@.&!*4!%(!OKL!Q@4!.4!4.7(6(!4>74-*+4-*&!#T/+*(:4-742!!
L+,P&.!:4*+&.!*4!,&:@-+,(,+$-!&#'(-+Y(#&-!@-(!M+'&#&.(!,(:/(0(!*4!(%(#:(!,&-7#(!%(!OKL!Q@4!
(o-!,&-7+-@(!P&J!4-!*E(2!
O&.!@.@(#+&.!*4!%(!OKL!4-!%&.!(0&.!.4.4-7(H!74-E(-!4-7&-,4.!(%#4*4*&#!*4!M4+-74!(0&.H!J!(o-!
74-E(-!M+M(!4-!%(!:4:&#+(!%(!7#('4*+(!*4!%(!C%/<1)'<1%"(!%(!Q@4!.4!P(6E(!*(*&!@-(!'#T9+,(!J!
4./4%@Y-(-74!/@6%+,+*(*2!!G@,P&.!4:/4Y(#&-!(!74:4#!(!%(!OKL!,&:&!#4.@%7(*&!*4!4.7(!,(:/(0(2!!
)%!+-74#I.!/&/@%(#!/&#!%(!OKL!P(6E(!4.7+:@%(*&!4%!,&-&,+:+4-7&!*4!&7#&.!4-74$'4-&.2!!5!
,&-.4,@4-,+(!*4!4.7&!.4!#44*+7(#&-!%&.!%+6#&.!*4!8@>%4J!J!^%mM4#!.&6#4!%(!:4.,(%+-(H!Q@4!P(.7(!
4-7&-,4.!P(6E(-!.+*&!/#T,7+,(:4-74!*4.,&-&,+*&.!J!4%!/o6%+,&!4:/4Y$!(!*(#.4!,@4-7(!*4!Q@4!%(!
OKL!-&!4#(!%(!o-+,(!*#&'(!4-74$'4-(2!
)-!;AXZ!D(#%&.!D(.7(-4*(!/@6%+,$!4%!%+6#&!C$+"C+%($<,?.")0"1),"^3%,M";"c%23<"j%5!)0"H,)i/+1?+!"
Q@4!7#(7(6(!.&6#4!4%!@.&!*4%!GA5)*/-"").74!%+6#&!*46+$!4.7+:@%(#!4%!+-74#I.!/&#!%(!:4.,(%+-(!J(!Q@4!
D(.7(-4*(!(7#+6@E(!(!L&-!e@(-H!.@/@4.7(:4-74!@-!,P(:T-!:4>+,(-&H!%(!,#44-,+(!*4!Q@4!G4.,(%+7&!
4#(!4%!4./E#+7@!*4%!GA5)*/"gD(.7(-4*(!;AXZh2!!).7&!4.!.4'@#(:4-74!4./@#+&2!!D&:&!P4!:&.7#(*&H!
9@4#&-!%&.!,+4-7E9+,&.!4@#&/4&.!*4%!.+'%&!/(.(*&!%&.!Q@4!,&-9@-*+4#&-!4%!GA5)*/",&-!4%!:4Y,(%H!@-(!
/(%(6#(!Q@4!&#+'+-(#+(:4-74!.4!#494#E(!(!@-(!/%(-7(!7&7(%:4-74!*+.7+-7(H!/&#!%&!Q@4!*4-&:+-(#!
:4.,(%+-(!(%!/#+-,+/+&!(,7+M&!*4%!GA5)*/"4.!,%(#(:4-74!@-!4##&#2!qL464:&.!,#44#!Q@4!@-!,P(:T-!
:4>+,(-&!4.!,(/(Y!*4!,&:474#!%(!:+.:(!4Q@+M&,(,+$-r!gAh!
A]!
!
G+4-7#(.!7(-7&H!%(!+-*@.7#+(!+%4'(%!*4!%(!OKL!.4!P(%%(6(!J(!9+#:4:4-74!4.7(6%4,+*(!gO44!J!KP%(+-!
;AZ?l!K74M4-.!;AZ3hH!J!%&.!(.7@7&.!7#(9+,(-74.!4,P(#&-!:(-&!*4!%(!c:4.,(%+-(d!,&:&!9&#:(!*4!
,&-7#(##4.7(#!4%!*4,%+M4!4-!%(.!M4-7(.!*4!OKLH!/#&M&,(*&!/&#!%(!/#&/('(-*(!(%(#:+.7(2!!D(:@9%(#&-!
%(!OKL!6(_&!4%!-&:6#4!*4!c:4.,(%+-(d!&!c:4.,(%+-(!&#'T-+,(d!J!4-*&.(#&-!4%!/#&*@,7&!(!@-!
/o6%+,&!/&,&!*4.,&-9+(*&2!!)%!7I#:+-&!c:4.,(%+-(!&#'T-+,(d!4.!.+'-+9+,(7+M&2!!O(!:4.,(%+-(!&#'T-+,(!
4#(!/#494#+*(!/&#!4%!(),,%<..+3&"(!%(!:4.,(%+-(!,&##+4-74!&!g*464:&.!.@/&-4#h!.+-7I7+,(2!qU@I!
.+'-+9+,(!4-7&-,4.!%(!/(%(6#(!c&#'T-+,(rd!!"(#(!@-!Q@E:+,&H!%(!Q@E:+,(!&#'T-+,(!4.!%(!Q@E:+,(!*4!%&.!
,&:/@4.7&.!*4%!,(#6&-&F!,&:/@4.7&.!7(-!*+M4#.&.!,&:&!%(!OKLH!%(!:4.,(%+-(H!%(!C%/<1)'<1%!"%(!
4.7#+,-+-(H!4%!LLSH!4%!S\S!gJ!%+74#(%:4-74!:+%%&-4.!*4!.@.7(-,+(.!9(6#+,(*(.!7(-7&!/&#!@-(!/%(-7(!
,&:&!/&#!@-!Q@E:+,&h!.&-!(!%(!M4Y!,&:/@4.7&.!&#'T-+,&.2!!O(!,&--&7(,+$-!Q@4!.4!%4!*(6(!(%!
7I#:+-&!c:4.,(%+-(!&#'T-+,(d!4#(!*4!Q@4!.4!7#(7(6(!*4!@-(!.@.7(-,+(!-(7@#(%H!/#&,4*4-74!*4!@-(!
/%(-7(!(!*+94#4-,+(!*4!%(!OKL!Q@4!4#(!&6#(!*4!@-!Q@E:+,&!J!Q@4!-&!.4!P(6E(!4-,&-7#(*&!4-!%(!
-(7@#(%4Y(!g(%!:4-&.!/&#!4%!:&:4-7&h!g;]h2!!L4!4.74!:&*&!-(,+$!4%!'#(-!:+7&!*4!%(!:4.,(%+-(2!!
5%'@-&.!,&-.@:+*&#4.!*4!4-74$'4-&.!4:/4Y(#&-!(!*4.,&-9+(#!*4!%(!OKL!*46+*&!(!%(!,(:/(0(!*4!
(7(Q@4.!Q@4!&#'(-+Y(#&-!%&.!'&6+4#-&.!J!%(!/#4-.(2!!L4./@I.!*4!7&*&!%(!OKL!4#(!@-!,&:/@4.7&!
(#7+9+,+(%!JH!*4!P4,P&H!@-(!+-,$'-+7(2!!\&!P(6E(!4>+.7+*&!P(.7(!;A<Z!J!/&,&!.4!.(6E(!*4!%(.!
,&-.4,@4-,+(.!*4#+M(*(.!*4!.@!@.&!(!%(#'&!/%(Y&2!!"&#!&7#&!%(*&H!%(!:4.,(%+-(!.4!4>7#(E(!*4!@-(!
/%(-7(!Q@4!P(6E(!.+*&!@.(*(!/&#!4%!P&:6#4!*@#(-74!:+%4-+&.!g(@-Q@4!:@,P&.!:+4:6#&.!*4!%(!
c/.+,&*4%+(d!+'-&#(#(-!4.74!P4,P&h2!!5*4:T.H!4#(!@-!/#&*@,7&!-(7@#(%H!4.!*4,+#!c&#'T-+,&d!J!x/&#!
7(-7&!.4'@#&y!g;;h!
5.E!.4!,#4$!@-!:(%4-74-*+*&!%+-'mE.7+,&!Q@4!P(!/4#*@#(*&!P(.7(!-@4.7#&.!*E(.2!!S&*(ME(!P&J!.4!
*46(74!(/(.+&-(*(:4-74!.&6#4!%(.!M+#7@*4.!*4!%(.!M+7(:+-(.!c-(7@#(%4.d!9#4-74!(!%(.!c.+-7I7+,(.dH!&!
.&6#4!%&.!(%+:4-7&.!c4%(6&#(*&.!&!7#(7(*&.d!9#4-74!(!%&.!&#'T-+,&.d!g;Wh2!!D@(%Q@+4#!:@4.7#(!*4!
M+7(:+-(.!,&-!@-(!:+.:(!4.7#@,7@#(!Q@E:+,(!,(@.(#T!+*I-7+,&.!494,7&.!6+&%$'+,&.!7(-7&!.+!P(!.+*&!
.+-747+Y(*(!/&#!@-!Q@E:+,&!,&:&!/&#!@-(!/%(-7(2!!O&!:+.:&!.4!/@4*4!(/%+,(#!(!%(.!*#&'(.2!!O(!
:4.,(%+-(!*4%!GA5)*/"4.!%(!:+.:(!Q@4!%(!:4.,(%+-(!9(6#+,(*(!/&#!@-!Q@E:+,&2!!K+-!4:6(#'&H!/&#!
#4'%(!'4-4#(%H!%&.!/#&*@,7&.!-(7@#(%4.!*4!&#+'4-!.+-7I7+,&!7+4-4-!@-(!/@#4Y(!.@/4#+&#!(!%(!*4!.@.!
P&:$%&'&.!-(7@#(%4.!4-!.@.!9&#:(.!,&:4#,+(%4.!P(6+7@(%4.2!
"&#!%&!Q@4!/(#4,4H!P4!*(*&!,&-!@-!4_4:/%&!:&*4#-&!*4%!/#+:+'4-+&!74:&#!(!%&.!*+&.4.2!!O(.!
*#&'(.!J!%(.!M+7(:+-(.!9(6#+,(*(.!/&#!%&.!P&:6#4.!.4!,&-.+*4#(-!(-7+-(7@#(%4.!J!/4%+'#&.(.H!
:+4-7#(.!Q@4!%(.!:+.:(.!.@.7(-,+(.!9(6#+,(*(.!/&#!%(.!/%(-7(.!.4!,&-.+*4#(-!*&-(*(.!/&#!%&.!
*+&.4.!J!/&#!7(-7&!.4'@#(.2!!57#4M4#.4!(!P(,4#!(%'&!P(.7(!4-7&-,4.!.$%&!#4(%+Y(*&!/&#!%(.!
*+M+-+*(*4.!4Q@+M(%4!(!,&:474#!4%!/4,(*&!*4!"#&:474&H!x#&6(#!4%!9@4'&!(!%&.!*+&.4.y!
84!4>/%+,(*&!/&#!Q@I!%(!OKL!%%4'$!(!9(%.+9+,(#!%(!:4.,(%+-(H!/4#&!q/&#!Q@I!%&.!@.@(#+&.!*4!%(!OKL!%(!
,&-.+*4#(#&-!.@/4#+&#H!.+!*4!P4,P&!%(!c:4.,(%+-(d!*4!%(!,(%%4!4#(!.+:/%4:4-74!OKL!,&-!@-!-&:6#4!
9(%.&H!4%!%&6&!6(_&!%(!/+4%!*4!&M4_(r!!8&J!4.!6+4-!.(6+*&!Q@4!%(.!4>/4,7(7+M(.!*4%!@.@(#+&!.&-!@-!
9(,7&#!*474#:+-(-74!*4!%(!,(%+*(*!*4!%(.!4>/4#+4-,+(.!,&-!4-74$'4-&.!gb#&9!;A3?l!G47Y-4#!47!%/-"
;AX?l!j4+%!;A3Wl!|+-64#'!;A33h2!!O&.!@.@(#+&.!Q@4#E(-!,#44#!Q@4!%(!c:4.,(%+-(d!4#(!*+94#4-74H!/(#(!
/&*4#!(.E!@-+#.4!(%!
A;!
!
.4%4,7&!'#@/&!*4!()?,).(+,*<"Q@4!4#(-!/(#7E,+/4.!*4!9&#:(!4>,%@.+M(!*4%!,&-&,+:+4-7&!.@/4#+&#!*4!
@-(!*#&'(!:T.!.4'@#(!J!*4.4(6%4!Q@4!%(!.&./4,P&.(!OKL2!!O&.!M4-*4*&#4.!*4!*#&'(.!.4!4.9&#Y(#&-!
4-!/#&:&M4#!4.7(!M+.+$-!4-7#4!%&.!,#I*@%&.!,&-.@:+*&#4.2!!L4!4.74!:&*&!4:/4Y$!(!9%&#4,4#!@-!
4%(6&#(*&!9&%,%&#4!(%#4*4*&#!*4!%(!:4.,(%+-(H!(!/4.(#!*4!Q@4!/#T,7+,(:4-74!-(*+4!%(!P@6+4#(!
/#&6(*&2!!"&#!%&!'4-4#(%H!%(!c:4.,(%+-(d!.4!M4-*E(!(!@-!/#4,+&!.@/4#+&#!(%!*4!%(!OKLH!%&!Q@4!
(@:4-7(6(!%&.!64-49+,+&.!*4%!M4-*4*&#!J!(%!:+.:&!7+4:/&!%4!*(6(!(%!,&:/#(*&#!%(!.4-.(,+$-!*4!
9&#:(#!/(#74!*4!%(!4%+742!!8&J!4.!(:/%+(:4-74!.(6+*&!Q@4!%(!c:4.,(%+-(d!M4-*+*(!4-!%(!,(%%4!4.!J!P(!
.+*&!*49+-+7+M(:4-74!@-!9+(.,&2!!K+-!4:6(#'&H!,(.+!7&*&.!4%%&.!,#44-!Q@4!.E!/#&6(#&-!%(!(@7I-7+,(!
:4.,(%+-(H!.+4-*&!(.E!:+4:6#&.!*4!@-(!4%+74!/#+M+%4'+(*(H!J!Q@4!9@4!(!%&.!*4:T.!(!%&.!Q@4!
4-'(0(#&-2!
)-!%&.!(0&.!Z]H!*4-7#&!*4%!:&M+:+4-7&!*4%!c7@#+.:&!-(7@#(%d!&!c4,&7@#+.:&d!gxfE!/&#!/#+:4#(!
M4Y!4%!7I#:+-&!4,&7@#+.:&!4-!4./(0&%H!*4!%(6+&.!*4!@-(!(J(P@(.Q@4#(!U@+_&.!U@+,P@(!*4!%(!#4'+$-!
(:(Y$-+,(!*4!),@(*&#yhH!.@#'+$!4%!94-$:4-&!*4!%&.!c7&@#.!1+/"GA5)*/9":4>+,(-&.!(!%(!7+4##(!*4!%&.!
8@+,P&%4.!g^#(_+,R!;AAWh2!!5-@-,+(*&.!4-!#4M+.7(.!,&:&F![%?<(%/"W/+,1"[%?%d<,+"5"E$%'%,."
L&3'M";"^)3&,%/")0"JQG+&<'+,*%/!E$%'%,<.'!"4.7&.!M+(_4.!+-M+7(6(-!(!%&.!9@7@#&.!,%+4-74.!(!M+.+7(#!
%&.!c%@'(#4.!*4!/&*4#d!*4!%&.!P@+,P&%4.!J!(!4.7@*+(#!c7I,-+,(.!(M(-Y(*(.!*4!,@#(,+$-!,P(:T-+,(d!
,&-!%&.!,P(:(-4.!8@+,P&%2!!)-!4%!-o:4#&!*4!&7&0&!*4!;AZX!*4!E$%'%,."L&3'"gQ@4!+-,%@E(!
(#7E,@%&.!.&6#4!%&.!P@+,P&%4.hH!(/(#4,E(-!/&#!%&!:4-&.!7#4.!*4!*+,P&.!(-@-,+&.2!!8(J!Q@4!*4,+#!4-!
9(M&#!*4!%&.!4*+7&#4.!Q@4!7(:6+I-!(/(#4,E(!@-(!,(#7(!(%!*+#4,7&#!4.,#+7(!/&#!K2[(%(*4YH!4./&.(!*4!
@-!(#7+.7(!8@+,P&%H!,@J(!&6#(!.4!:&.7#(6(!4-!%(!#4M+.7(H!,#+7+,(-*&!7(%4.!M+(_4.2!!O(!,(#7(!%%4M(6(!/&#!
7E7@%&!~[+.+7(.!7@#E.7+,(.!4./+#+7@(%4.F!qO(!.4-*(!,$.:+,(H!&!4%!7+:&!,$.:+,&rd2!![(%(*4Y!P(,E(!%(!
.+'@+4-74!(*M4#74-,+(F!
!
O&.!&,,+*4-7(%4.!Q@4!/(#7+,+/(-!4-!%(.!/4#4'#+-(,+&-4.!*4!%&.!8@+,P&%4.222!/&-4-!
4-!/4%+'#&!(!%&.!P@+,P&%4.!Q@4!%4.!(,&:/(0(-2!!O&.!.&%*(*&.!Q@4!/(7#@%%(-!4%!
*4.+4#7&!*4%!GA5)*/"-&!.4!*4_(-!+:/#4.+&-(#!/&#!%&.!(:4#+,(-&.!Q@4!(9+#:(-!
P(64#!M4-+*&!/(#(!+%@.7#(#.42!!O&.!:4>+,(-&.!,#44-!Q@4!%&.!9&#(.74#&.!M+4-4-!4-!
6@.,(!*4!*#&'(!J!(,@.(-!(!%&.!P@+,P&%4.!*4!M4-*I#.4%(!(!%&.!c8+//+4.!'#+-'&.d2!
g[(%(*4Y!;AZXh!
!
"@*4!&6.4#M(#!@-!94-$:4-&!.+:+%(#!,&-!#4./4,7&!(%!@.&!*4!%&.!P&-'&.!4-74&'I-&.!4-!%&.!(0&.!
.474-7(!4-!f(>(,(!g+-,%@.&!G(#E(!K(6+-(!9@4!4-,(#,4%(*(!/&#!cM4-*4#!*#&'(.!(!%&.!8+//+4.!
'#+-'&.dl![I(.4!,(/E7@%&!?l!).7#(*(!;A33hH!J!,&:/(#7&!%(!/#4&,@/(,+$-!4.!*4![(%(*4YH!4-7#4!%(.!Q@4!
.4!,@4-7(-!%(!(,@%7@#(,+$-!J!%(!/#&/('(,+$-!*4!4-94#:4*(*4.!*4#+M(*(.!*4!%(!'#(-!:&M+%+*(*!*4!
%&.!4>7#(-_4#&.H!4-!,&:@-+*(*4.!+-*E'4-(.!-&!+-:@-+Y(*(.2!!n+-(%:4-74H!,&:&!.4!.40(%(!:T.!
(*4%(-74H!%(!#4,&%4,,+$-!(6@.+M(!J!-4'%+'4-74!/&-4!4-!/4%+'#&!(%!/4Q@40&!,(,7&.!K)G$)G$)&%"
i<//<%'.<<"Q@4!,#4,4!:@J!%4-7(:4-74!J!4-!@-!T#4(!:@J!%+:+7(*(2!!G+!&/+-+$-!/4#.&-(%!4.!Q@4!%&.!
9&#(.74#&.!*464#E(-!Q@4*(#.4!4-!,(.(!J!7&:(#!OKL!&!,@%7+M(#!.@!/#&/+&!K(-!"4*#&!=C&<($)(+&+3.!
G%($%,)<S"MI(.4!:T.!(6(_&!%(!-&7(!;;h2!
AW!
!
=Kf!L)!O5!G)KD5ON\5!s!L)!OfK!D5DSfK!U=)!O5!Df\SN)\)\!
!
L(*(!%(!(,7@(%!.+7@(,+$-H!/#T,7+,(:4-74!-&!.4!/@4*4!&674-4#!:4.,(%+-(!4-!4%!:4#,(*&!-4'#&2!!)-!
,(.&!*4!Q@4!-&.!&9#4Y,(-!.@/@4.7(:4-74!:4.,(%+-(H!4%!.4-7+*&!,&:o-!-&.!/4#:+7+#T!*474#:+-(#H!
.+!%&!4.!#4(%:4-742!!"(#(!4:/4Y(#H!.+!-&.!%(!&9#4,4-!4-!9&#:(!*4!/(.7+%%(!J(!%&!/&*4:&.!*4_(#!
,&##4#2!!K+!.4!7#(7(!*4!@-(!,T/.@%(H!.4!*464#E(!(6#+#!J!4>(:+-(#!,@+*(*&.(:4-74!%(!.@.7(-,+(2!qK4!
7#(7(!*4!@-!/#&*@,7&!,#+.7(%+-&!6%(-,&!&!+-,&%&#&H!4>7#4:(*(:4-74!(:(#'&r!!5*4:T.H!%(!,T/.@%(!
*464#T!.4#!:@J!'#(-*4H!J(!Q@4!.4!-4,4.+7(-!(%!:4-&.!W]]!:'!*4!:4.,(%+-(!/@#(!/(#(!/#&*@,+#!
(%'o-!494,7&!4-74&'I-+,&H!J!(%#4*4*&#!*4!?]]!&!X]]!:'!/(#(!74-4#!@-(!*&.+.!(*4,@(*(2!!=-(!
,T/.@%(!*4%!7(:(0&!c]]d!.$%&!/@4*4!,&-74-4#!@-&.!W]]!:'!*4!.@%9(7&!*4!:4.,(%+-(!,#+.7(%+Y(*&H!
/&#!%&!Q@4!.4!*464#E(!*4.,&-9+(#!.+!-&.!&9#4,4-!@-(!o-+,(!,T/.@%(!,&:&!*&.+.!9@4#742!)%!:T.!/@#+.7(!
Q@+YT!*4.44!,&:/#&6(#!%(!.&%@6+%+*(*!J!4%!/@-7&!*4!9@.+$-!*4!%(!:@4.7#(H!(@-Q@4!4.74!7+/&!*4!
(-T%+.+.!4.!*+9E,+%H!(!:4-&.!Q@4!.4!*+./&-'(!*4!@-(!'#(-!,(-7+*(*!g%&!Q@4!4.!+:/#&6(6%4!*(*(!%(!
4.,(.4Y!*4%!/#&*@,7&h2!
O&.!,(,7&.!Q@4!,&-7+4-4-!:4.,(%+-(!.&-!:@,P&!:T.!(,,4.+6%4.!Q@4!%(!.@.7(-,+(!/@#(2!!)%!GA5)*/"
7&*(ME(!.4!@.(!*4!9&#:(!'4-4#(%+Y(*(!/&#!%(!c\(7+M4!5:4#+,(-!DP@#,PdH!JH!(%!:4-&.!4-!(%'@-&.!
4.7(*&.H!%&.!-&!N-*+&.!/@4*4-!/4*+#!.@!(*:+.+$-!4-!%(!+'%4.+(!gG&@-7!;AZ3h2!!)>+.74!@-!,+4#7&!7#T9+,&!
*4!GA5)*/".4,&!,&:&!*#&'(!%o*+,(H!(@-Q@4!4.!*4!
/&,(!+:/&#7(-,+(2!
5!,(@.(!*4!%&!%+:+7(*&!*4%!T#4(!*&-*4!,#4,4!J!*4!Q@4!4%!,(,7&.!7(#*(!:T.!*4!@-(!*I,(*(!4-!
:(*@#(#H!%(!&94#7(!4.!&6M+(:4-74!%+:+7(*(2!!L4!(,@4#*&!,&-!4%!7#(7(*&!cDNS)Kd!gD&-M4-+&!
+-74#-(,+&-(%!.&6#4!4%!7#T9+,&!*4!4./4,+4.!(:4-(Y(*(.hH!4.!+%4'(%!7#(9+,(#!,&-!,@(%Q@+4#!4./4,+4!
.+%M4.7#4!*4!,(,7&.H!(@-Q@4!%(!M4-7(!*4!4_4:/%(#4.!,@%7+M(*&.!4.7T!(@7&#+Y(*(2!!)>+.74!%(!
/#4&,@/(,+$-!*4!Q@4!4%!GA5)*/"/@4*(!%%4'(#!(!4>7+-'@+#.4!(!,(@.(!*4!%&.!4.7#('&.!/#&*@,+*&.!/&#!
%&.!#4,&%4,7&#4.!*4.(/#4-.+M&.H!/&#!%&.!8@+,P&%4.!J!&7#&.!'#@/&.!+-*E'4-(.!Q@4!%(!#4,&%4,7(-!
%4'E7+:(:4-74!J!/&#!%(!c\(7+M4!5:4#+,(-!DP@#,Pd!J!:T.!#4,+4-74:4-74!/&#!%(!c"4J&74!j(J!DP@#P!
&9!b&*dH!*4!5#+Y&-(!gG&@-7!;AZ3h2!!=-!#(-,P4#&!*4%!.@#!*4!S4>(.H!4-!4%!T#4(!4-!Q@4!,#4,4!4%!
GA5)*/!!(9+#:(!Q@4!4-!;A`?!%(!/%(-7(!4#(!7(-!(6@-*(-74!4-!.@!/#&/+4*(*!Q@4!,(.+!4#(!,&:&!
cD(:+-(#!.&6#4!@-!,&%,P$-d2!!K4'o-!@-!/4J&74#&!/#&94.+&-(%H!4-!;A3W!4#(!,(/(Y!*4!#4,&%4,7(#!
;A2]]]!6&7&-4.!4-!&,P&!P&#(.!,&-!%(!(J@*(!*4!?!/4#.&-(.!4-!%(!Y&-(!*4!K7(##!D&@-7JH!S4>(.2!!S#4.!
(0&.!:T.!7(#*4!4%!:+.:&!'#@/&!.$%&!/@*&!#4,&%4,7(#!*4!W]]!(!<]]2!!K4!4.7T!M+4-*&!Q@4!4%!T#4(!*4!
,#4,+:+4-7&!*4!%(!/%(-7(!.4!4.7T!*4./%(Y(-*&!P(,+(!4%!.@#H!*46+*&!(!%(.!(,7+M+*(*4.!('#E,&%(.!J!*4!
@#6(-+Y(,+$-!gG&#'(-!;A3Xl!G&#'(-!;AZ<(l!G&#'(-!;AZ<6h2!!O(!,&.4,P(!*4.7#@,7+M(!7(:6+I-!P(!
,&-*@,+*&!(!%(!,#4,+4-74!4.,(.4Y!*4!%(!/%(-7(2!!K4'o-!b2"C!G&#'(-!c%(!:(J&#E(!*4!+-*E'4-(.!
@7+%+Y(-!P4##(:+4-7(.!+-(*4,@(*(.H!4./4,+(%:4-74!/(%(.!%(#'(.!Q@4!:@7+%(-!%(!/%(-7(!gG&#'(-!
;AZ<(h2!
=-(!9@4-74!M4'47(%!*4!:4.,(%+-(!:T.!(6@-*(-74!4.!4%!,(,7&.!/4#@(-&!K(-!"4*#&H!C*<($)(+&+3."
G%($%,)<!"&!,@(%Q@+4#(!*4!%(.!4./4,+4.!*4!C&<($)(+&+3."Q@4!,&-7+4-4-!:4.,(%+-(H!4./4,+(%:4-74!C-"
G+&37<%,3."Q@4!/#4.4-7(!%(!,&-,4-7#(,+$-!:T.!4%4M(*(H!,(.+!+'@(%!(!%(!*4%!GA5)*/"g"(#*(-(-+!+*"
%/-;A33h2!
A<!
!
!!!O&.!4_4:/%(#4.!:(*@#&.!/@4*4-!%%4'(#!(!,#4,4#!(%#4*4*&#!*4!@-!:47#&!(-@(%:4-74H!(%,(-Y(-*&!
@-!'#&.&#!*4!*&,4!,:2!!=-(!#&*(_(!*4!.$%&!;!&!W!,:!*4!'#&.&#!*4!C-"G+&37<%,3."(*@%7&!,&-7+4-4!
-+M4%4.!*4!:4.,(%+-(!:@J!,4#,(-&.!(!%&.!*4!@-(!*&.+.2!!5%!+'@(%!Q@4!4%!(-74#+&#H!S2!G%($%,)<".&-!
@-&.!4-&#:4.!,(,7&.!,&%@:-(#!*4!,#4,+:+4-7&!#T/+*&!Q@4!/@4*4!.4#!(*Q@+#+*&!4-!%(.!7+4-*(.!*4!
/%(-7(.!J!(!7#(MI.!*4!%&.!M4-*4*&#4.!*4!,(,7&.2!!\&!&6.7(-74H!4-!;AZ3!4-!B4#R4%4JH!D(%+9&#-+(H!@-!
M+M4#&!*4!,(,7&.!9@4!,(/#+,P&.(:4-74!*4.7#@+*&!/&#!('4-74.!*4!-(#,$7+,&.!J!7&*(.!%(.!/%(-7(.!
M+M(.!9@4#&-!,&-9+.,(*(.!&!*4.7#@+*(.H!4-!6(.4!(!@-(!&#*4-!*4!#4'+.7#&!#4%(,+&-(*(!,&-!%(!M4-7(!*4!
K(-!"4*#&!J!&7#&.!,(,7&.!:4.,(%E-+,&.2!!"&.74#+&#:4-74!.4!#47+#(#&-!%(.!(,@.(,+&-4.!/4#&!-@-,(!.4!
,&:/4-.$!(%!/#&/+47(#+&!/&#!%&.!*(0&.!&,(.+&-(*&.H!M+I-*&.4!9&#Y(*&!(!(6(-*&-(#!4%!-4'&,+&!
gD&6%4-7Y!;AA;h2!!O(.!.4:+%%(.!*4!C&<($)(+&+3."-&!,&-7+4-4-!:4.,(%+-(H!/&#!%&!Q@4!.&-!%4'(%4.!J!
/@4*4-!,&:/#(#.4!/&#!,&##4&2!!)%!K(-!"4*#&!/@4*4!,@%7+M(#.4!9T,+%:4-74!(!/(#7+#!*4!%(!.4:+%%(H!/&#!
%&!Q@4!J&!/#&/&-*#E(!Q@4!%(!c\(7+M4!5:4#+,(-!DP@#,Pd!J!%(!c"4J&74!j(J!DP@#,P!&9!b&*d!,#4(#(-!
.@.!/#&/+&.!,@%7+M&.!*4!S2!G+&37<%,3."4-!%&.!))==!,&:&!9&#:(!*4!(.4'@#(#.4!4%!(6(.74,+:+4-7&!*4%!
,(,7&.!.(,#(:4-7(%!/(#(!.@.!#+7&.H!J!(%!:+.:&!7+4:/&H!4%+:+-(#!%(!(:4-(Y(!*4!4>7+-,+$-!Q@4!/4.(!
.&6#4!%(.!,&:@-+*(*4.!.+%M4.7#4.!*4!GA5)*/"Q@4!Q@4*(-!4-!S4>(.2!!U@+YT!/&*#E(-!7(:6+I-!+-M+7(#!(!
,P(:(-4.!.@*(:4#+,(-&.!(!7&:(#!/(#74!4-!%(!@-+$-!.+-,#I7+,(!*4!%(.!:+7&%&'E(.!*4%!GA5)*/"J!4%!K(-!
"4*#&2!
O&.!6&7&-4.!*4%!GA5)*/".&-!%(!o-+,(!/(#74!*4%!,(,7&.!Q@4!.4!+-'+4#4H!/&#!%&!Q@4!/@4*4-!
#4,&%4,7(#.4!.+-!*(0(#!%(!#(EY!gG&#'(-!;AZ<(h!Q@4H!(%!9+-!J!(%!,(6&H!.&%(:4-74!,&-7+4-4!7#(Y(.!*4!
:4.,(%+-(2!!L4!4.74!:&*&!%(!,(64Y(!.4!,&#7(!(!-+M4%!*4%!.@4%&H!*4_(-*&!@-(!#(EY!+-7(,7(H!*4!%(!Q@4!
/@4*4-!,#4,4#!:T.!,(64Y(.2!!O(.!,(64Y(.!,&#7(*(.!&!c6&7&-4.!*4!/4J&74d!.&-!.4,(*&.!J!/@4*4-!
,&-.4#M(#!.@!(,7+M+*(*!+-*49+-+*(:4-742!!D&:&!J(!.4!P(!:4-,+&-(*&H!P(!.+*&!/&.+6%4!*474,7(#!
:4.,(%+-(!4-!:@4.7#(.!*4!GA5)*/"/#&M4-+4-74.!*4!@-(!7@:6(!:4>+,(-(!,&-!@-(!(-7+'m4*(*!*4!
;]]]!(0&.!gB#@P-!+*"%/-!;A3Zh2!
)-!%(!,&#&-(!*4!%(!/%(-7(!*4!GA5)*/"P(J!@-(!/4Q@40(!*4/#4.+$-!4-!%(!Q@4!.4!*4.(##&%%(!%(!9%&#2!!
).7(!*4/#4.+$-!4.7T!%%4-(!*4!:4,P&-4.!*4!9+-&.!/4%&.!.4*&.&.!*4!,&%&#!6%(-,&2!!5,7@(%:4-74H!%&.!
,&-.@:+*&#4.!*4!/IJ&7%!(,&.7@:6#(-!(!4%+:+-(#!4.7&.!/4%&.!*4!%&.!6&7&-4.!.4,&.!(-74.!*4!
+-'4#+#%&.2!!K4!P(!4>74-*+*&!%(!,#44-,+(!*4!Q@4!4.7&.!/4%&.!,&-7+4-4-!4.7#+,-+-(H!Q@4!.4#E(!%(!
#4./&-.(6%4!*4!%(.!-T@.4(.!Q@4!.@4%4-!(,&:/(0(#!(!%(!+-'4.7+$-!*4!GA5)*/-"").!*+9E,+%!4-,&-7#(#!@-(!
4>/%+,(,+$-!*4!,$:&!.4!&#+'+-$!4.74!:+7&!7(-!'4-4#(%+Y(*&2!!@<,?3,%"G%&*+"1+/"GA5)*/",&-7+4-4!
4.7#+,-+-(H!-+!4>+.74!4./4,+4!(%'@-(!*4!,(,7&.!Q@4!,&-74-'(!4.7(!.@.7(-,+(2!!O(!4.7#+,-+-(!4.!@-!
(%,(%&+*4!/#&,4*4-74!*4!%(.!.4:+%%(.!*4!E*&5($,).",3QT7)'<(%"J!-&!7+4-4!#4%(,+$-!,&-!%&.!(%,(%&+*4.!
*4%!GA5)*/-!
f7#&.!@.@(#+&.!(9+#:(-!Q@4!%&.!/4%&.!,&-7+4-4-!/)G$)G$)&<,%"g@-!(%,(%&+*4!*4%!GA5)*/"Q@4!
/#&*@,4!494,7&.!/(#4,+*&.!(!%&.!*4!%(!4.7#+,-+-(h!@!&7#&!(%,(%&+*4H!J!(.4'@#(-!Q@4!.E!/#&*@,4-!
-T@.4(.2!!f7#&.!:(-7+4-4-!Q@4!%&.!/4%&.!,(@.(-!%(.!-(@.4(.!*46+*&!(!Q@4!+##+7(-!%(!,(/(!Q@4!
#4,@6#4!I%!4.7&:('&2!!S&*(.!4.7(.!74&#E(.!,(#4,4-!*4!6(.4!(%'@-(2!!K4!P(!,&:/#&6(*&!Q@4!%(!
+-'4.7+$-!*4!@-(!,(-7+*(*!,&-.+*4#(6%4!*4!4.7&.!/4%&.!-&!,(@.(!-+-'o-!494,7&!gB+'i&&*!;A3Zh2!!
S(:/&,&!.4!P(-!4-,&-7#(*&!(%,(%&+*4.!4-!%&.!*+M4#.&.!(-T%+.+.!Q@E:+,&.!Q@4!.4!P(-!#4(%+Y(*&!
gKP@%'+-!;A33(hH!-+!.4!P(!
A`!
!
*4:&.7#(*&!Q@4!.@!+-'4.7+$-!/#&*@Y,(!-T@.4(.2!!O&.!N-*+&.!:4>+,(-&.!P@+,P&%4.!,&-.+*4#(-!Q@4!
4.7&.!:4,P&-4.!*4!/4%&.!.4*&.&.!.&-!%(!,&%(!*4!@-!M4-(*&!.('#(*&H!*4!:&*&!Q@4!-&!%&.!7+#(-!
.+:/%4:4-74H!.+-&!Q@4!%&.!Q@+7(-!,&-!,@+*(*&!/(#(!#4(%+Y(#!,&-!4%%&.!&9#4-*(.!.('#(*(.2!!)-!4.7(!
,&.7@:6#4!/&*#E(!4.7(#!4%!&#+'4-!*4!%&.!#+7@(%4.!:&*4#-&.!4-!%&.!Q@4!.4!4%+:+-(-!4.7&.!/4%&.!
gK,P(494#!;AAW(h2!
8(6+7@(%:4-74!.4!:(.,(-!J!7#('(-!*4!,@(7#&!(!*&,4!6&7&-4.!/(#(!,&-.4'@+#!4%!494,7&!
4-74&'I-+,&.H!(@-Q@4!.4!.(64!*4!.4.+&-4.!4-!%(.!Q@4!@.@(#+&.!+-*+&.!%%4'(#&-!(!,&-.@:+#!P(.7(!?]2!!
D&:&!.4!:4-,+&-(!:T.!(##+6(H!.@!.(6&#!4.!P&##+6%4:4-74!(:(#'&H!/&#!%&!Q@4!(!:@,P(.!/4#.&-(.!
%4.!4.!*+9E,+%!,&:4#!.@9+,+4-74.!,&:&!/(#(!-&7(#!%&.!494,7&.!4-74$'4-&.2!!5!M4,4.!.4!7&:(!4%!GA5)*/"
4-!9&#:(!*4!+-9@.+$-!#4(%+Y(*(!(!/(#7+#!*4!%&.!6&7&-4.!7#&,4(*&.!&!:&%+*&.!g.4!/@4*4!@.(#!@-!
:&%+-+%%&!*4!,(9I!4%I,7#+,&!(!7(%!494,7&h2!!5%!.4#!%(!:4.,(%+-(!.&%@6%4!4-!('@(!,(%+4-74H!I.7(!/(.(#T!(!
%(!+-9@.+$-2!!L4!7&*&.!:&*&.H!4.74!%EQ@+*&!4.!4>('4#(*(:4-74!(:(#'&!J!,&-!7&*(!.4'@#+*(*!-&!
,&-.7+7@J4!@-!/%(,4#!-+!/(#(!%(!M+.7(!-+!/(#(!4%!/(%(*(#2!!O(.!/4#.&-(.!(/#4-.+M(.!&!(/&,(*(.!
*464#E(-!(6.74-4#.4!*4!+-74-7(#!,&:4#!GA5)*/!"J(!.4(!9#4.,&!&!.4,&H!&!*4!7#('(#!4.7(!(:(#'(!
646+*(2!
N'@(%:4-74!/4-&.(!#4.@%7(!%(!+-'4.7+$-!*4%!K(-!"4*#&!J!*4!%(.!&7#(.!4./4,+4.!*4!C&<($)(+&+3.-""
5*4:T.!*4!(:(#'&H!4%!K(-!"4*#&!7+4-4!@-(!4>7#(0(!,&-.+.74-,+(!*4!c'4%(7+-(!(#4-&.(d2!
)%!.(6&#!(:(#'&!4.!+-4M+7(6%4H!J(!Q@4!.4!-4,4.+7(!,&-.@:+#!%(!.@9+,+4-74!,(-7+*(*!*4!,(,7&.!Q@4!
,&-74-'(H!/&#!%&!:4-&.H!:4*+&!'#(:&!*4!:4.,(%+-(H!Q@4!_@-7&!,&-!%&.!*4:T.!(%,(%&+*4.!/#4.4-74.!
4-!%(!/%(-7(!4.!4>7#4:(*(:4-74!(:(#'(2!!"&#!:@J!#&:T-7+,(!Q@4!/(#4Y,(H!4.7(!9&#:(!c&#'T-+,(d!
*4!,&-.@:+#!:4.,(%+-(!4.H!4-!:+!&/+-+$-H!4.7#+,7(:4-74!/(#(!:(.&Q@+.7(.!J!/4-+74-74.2!!G@,P&.!
@.@(#+&.!/#+-,+/+(-74.!.@9#4-!4%!:+.:&!*4.7+-&!Q@4!j+%%+(:!e(:4.!M2'2!.4!.+4-74-!7(-!(.Q@4(*&.!
/&#!4%!.(6&#!*4!%(!*#&'(!Q@4!-&!%%4'(-!(!#474-4#!4-!4%!4.7$:('&!%(!.@9+,+4-74!,&:&!/(#(!,&-&,4#!
%(.!*4%+,+(.!*4!@-(!*&.+.!4-74&'I-+,(!*4!:4.,(%+-(2!
8(J!@.@(#+&.!*4!GA5)*/"Q@4!:@4%4-!%&.!6&7&-4.!.4,&.!J!/&-4-!4%!4>7#(,7&!4-!('@(!,(%+4-742!!
n+%7#(-!4%!#4.+*@&!J!(!,&-7+-@(,+$-!,&-,4-7#(-!4%!4>7#(,7&!#+,&!4-!:4.,(%+-(!P(.7(!,&-.4'@+#!@-!
'&:&.&!c(%Q@+7#T-!*4!:4.,(%+-(dH!,&-!4%!Q@4!%%4-(-!,T/.@%(.!*4!'#(-!7(:(0&!/(#(!.@!/&.74#+&#!
+-'4.7+$-2!g)%!%(6&#+&.&!#+7@(%!*4!4%+:+-(#!%&.!/4%&.!.4*&.&.!*4!%&.!6&7&-4.!4.!*4%!7&*&!+--4,4.(#+&H!
(!-&!.4#!Q@4!@-&!*4.44!#4(%+Y(#!@-(!&9#4-*(!(%!4.7+%&!*4!%&.!P@+,P&%4.h2!!"&#!%&!Q@4!#4./4,7(!(%!K(-!
"4*#&H!/(#4,4!.4#!Q@4!%(!:(J&#!/(#74!*4!%(!:4.,(%+-(!.4!P(%%(!4-!%(!/+4%!M4#*4!*4%!,(,7&.H!%(!,@(%!.4!
/4%(!,&-!7&*&!,@+*(*&H!.4!.4,(!(!6(_(!74:/4#(7@#(!J!.4!#4*@,4!(!/&%M&2!!5%'@-&.!+-'+4#4-!(!.@!M4Y!
4%!/&%M&!*4-7#&!*4!,T/.@%(.!g.4!,&-.+*4#(!Q@4!%(!*&.+.!*4!S!G%($%,)<".4!&67+4-4!,&-!%(!/+4%!
,&##4./&-*+4-74!(!@-!7#&Y&!*4!,(,7&.!*4!@-&.!<]!,:.!*4!%&-'+7@*h2!!)-!4%!,(.&!*4!S!G+&37<%,3."
6(.7(!,&-!%(!/+4%!*4!@-!7#&Y&!*4!<!,:.!*4!.4,,+$-!/(#(!&674-4#!@-(!*&.+.!/&74-742!!f7#&.!
,&-.@:+*&#4.!*4!C&<($)(+&+3."/#49+4#4-!6464#!(!/4.(#!*4!.@!.(6&#!(:(#'&H!@-(!+-9@.+$-!
/#4/(#(*(!,&-!%(!/+4%!/@%M4#+Y(*(!*4%!,(,7@.2!
K+4:/#4!Q@4!@-&!7&:4!7(-7&!:4.,(%+-(!,&:&!aG+5)*A9!"cN-9@.+$-!*4!K(-!"4*#&d!&!c(%Q@+7#T-!*4!
:4.,(%+-(d!4-!,T/.@%(.H!4>+.74!%(!/&.+6+%+*(*!*4!4>/4#+:4-7(#!%+'4#(.!
A?!
!
-T@.4(.2!!).7&!4.!*46+*&!(!%(!'#(-!,(-7+*(*!*4!,&:/@4.7&.!(%,(%&E*+,&.!Q@4!@-&!P(!*4!+-'4#+#!/(#(!
4>/4#+:4-7(#!%&.!494,7&.!4-74&'I-+,&.2!!"(#(!.@/4#(#!4.74!*4.('#(*(6%4!.E-*#&:4H!(%'@-&.!7&:(-!
@-(!/E%*&#(!*4!L&%'%'<,%"@-(!P&#(!(-74.!*4!+-'4#+#!4%!/#4/(#(*&!,&-!:4.,(%+-(2!!"&#!&7#(!/(#74H!
(%'@-&.!@.@(#+&.!M(%&#(-!%(.!,@(%+*(*4.!c/@#'(-74.d!*4!%&.!,(,7&.!4-74&'I-+,&.H!Q@4!+-74#/#47(-!
4##$-4(:4-74!,&:&!c%+:/+(*&#(.dH!,@(-*&!4-!#4(%+*(*!4.!4%!,@4#/&!4%!Q@4!.4!4.7T!#464%(-*&!
,&-7#(!@-(!4%4M(*(!*&.+.!*4!(%,(%&+*4.!7$>+,&.!4-!@-!+-74-7&!*4!c%+:/+(#d!4%!&#'(-+.:&!4%+:+-(-*&!
%(!*#&'(2!!)%!@.@(#+&!4>/4#+:4-7(*&!.(64!Q@4!-&#:(%:4-74!7#(-.,@##4-!*4!@-(!(!*&.!P&#(.!(-74.!
*4%!,&:+4-Y&!*4!%(!4:6#+('@4YH!4!+-,%@.&!*4!7#4.!(!,@(7#&!P&#(.!4-!(%'@-&.!,(.&.2!
"&#!%&!7(-7&H!.4!*464-!*4_(#!/(.(#!*4!7#4.!(!,@(7#&!P&#(.!(-74.!*4!+-74-7(#!(@:4-7(#!%(!*&.+.!.+!
-&!.4!(/#4,+(-!%&.!494,7&.!*4!9&#:(!-&7&#+(2!
!
#;580!
!
!;C! )-!@-(!,(#7(!*+#+'+*(!(!8@>%4J!4-!;A?XH!8@:/P#J!f.:&-*!/#&/@.&!@7+%+Y(#!4%!7I#:+-&!
G.<23+1A/<()"/(#(!#494#+#.4!(!%(!:4.,(%+-(!J!*4:T.!.@.7(-,+(.!#4%(,+&-(*(.2!!8@>%4JH!Q@4!74-E(!
/#&6%4:(.!*4!M+.7(H!,&-9@-*+$!(/(#4-74:4-74!%(!/(%(6#(!/&#!G.<()1A*<()!"J!4-!.@!#4./@4.7(!(!
f.:&-*!*4%!<]!*4!:(#Y&!*4!;A?X!/#&/@.&!9(-4#&7+:4!,&:&!(%74#-(7+M(H!/4-.(-*&!Q@4!.+'-+9+,(6(!
c(Q@4%%&!Q@4!P(,4!:(-+9+4.7&d2!!f.:&-*!%4!,&-74.7$!,&-!4.7(.!+-'4-+&.(.!%E-4(.F!c"(#(!/4-47#(#!4-!
4%!+-9+4#-&!&!74-4#!@-!M@4%&!(-'I%+,&H!.+:/%4:4-74!7&:4!@-(!/+Y,(!*4!/.+Q@4*I%+,&d2!gcS&!9(7P&:!
84%%!&#!.&(#!(-'4%+,Ve@.7!7(R4!(!/+-,P!&9!/.+,P4*4%+,dh2!!5!%(.!Q@4!8@>%4J!#4/%+,$F!c"(#(!Q@4!4.74!
:@-*&!7#+M+(%!.4(!.@6%+:4V!S&:4!:4*+&!'#(:&!*4!9(-4#&7+:4d!g~S&!:(R4!7P+.!7#+M+(%!i&#%*!
.@6%+:4VS(R4!(!P(%9!(!'#(::4!&9!/P(-4#&7PJ:4dh2!g8&#&i+7Y!J!"(%:4#!;A33h!f6M+(:4-74H!8@>%4J!
4.7(6(!/4-.(-*&!4-!%(!:4.,(%+-(H!(!_@Y'(#!/&#!%(!*&.+.2!!f.:&-*!.4!Q@4*$!,&-!4%!7I#:+-&!
/.+Q@4*I%+,&H!J!8@>%4J!&/7$!/&#!@7+%+Y(#!/.+,&*I%+,&H!47+:&%$'+,(:4-74!,&##4,7&H!/4#&!Q@4!f.:&-*!
#4,P(Y$!/&#!.@!,&--&7(,+$-!*4!c/.+,$7+,&d2!f%,+&)*<'+"9@4!/#T,7+,(:4-74!&%M+*(*&!gB+464#:(--!
;AXZhH!%&!,@(%!4.7T!6+4-H!/@4.7&!Q@4!.@!.+'-+9+,(*&!,&##4,7&!4.!c4%!Q@4!:(-+9+4.7(!/(.+$-H!'4-+&!&!
4-9(*&d!gk@,R!+*"%/-!;A3Ah2!!5-74#+&#:4-74H!L2!e&P-.&-!P(6E(!*4.+'-(*&!(!4.7(.!.@.7(-,+(.!,&:&!
(%@,+-$'4-&.!ge&P-.&-!;A?<hH!@7+%+Y(-*&!4%!7I#:+-&!*4!f.:&-*!J!*4!%&.!(:4#+,(-&.!52!8&994#!J!e2!
K:J7P+4.2!!f7#&.!-&:6#4.!Q@4!.4!/#&/@.+4#&-!9@4#&-!G.<()1<./AG*<()"5"G.<()*)'<:I7+,&!g&!
/.+,&.&:+:I7+,&hH!Q@4!(.&,+(6(-!4.7(.!.@.7(-,+(.!,&-!%(!/.+,&.+.!4-!:(J&#!:4*+*(!+-,%@.&!Q@4!4%!
7I#:+-&!/.+,&*I%+,&!g%(!(.&,+(,+$-!*4%!7I#:+-&!c/.+,&.+.d!,&-!@-!,#+:+-(%!*4.Q@+,+(*&!.4!P+Y&!
P(6+7@(%!*4./@I.!*4%!I>+7&!*4!%(!/4%E,@%(!*4!52!8+7,P,&,R!"#.<().<.h-""O(!/(%(6#(!/.+Q@4*I%+,&!.4!P+Y&!
:@J!/&/@%(#!J!.@!@.&!.4!4>74-*+$!4-!4%!T:6+7&!,+4-7E9+,&!'#(,+(.!(!%(!+-9%@4-,+(!*4!%(!#4M+.7(!C$+"
#.5($+1+/<("N+7<+i"g9@-*(*(!/&#!f.:&-*H!k2!G47Y-4#!J!S2!O4(#J!4-!;AX<H!*4!%(!Q@4!.4!/@6%+,(#&-!
;;!-o:4#&.H!.+4-*&!4%!o%7+:&!4%!*4!N-M+4#-&!;A3]V3;l!,&-!4%!-o:4#&!?!(/(#4,+*&!4-!;AX?H!4%!
-&:6#4!.4!.+:/%+9+,$!(!#.5($+1+/<("N+7<+i:!"J!*4./@I.!'#(,+(.!(!%(!#4M+.7(!^)3&,%/")0"#.5($+1+/<(!
AX!
!
L#@'.H!Q@4!+-+,+$!.@!/@6%+,(,+$-!4-!4%![4#(-&!*4!;AX32!!J/"^)3&,%/")0"#.5($+1+/<("L&3?.!7&*(ME(!.4!
/@6%+,(H!/4#&!4-!;AZ;!,&-!4%!-o:4#&!;<!,(:6+$!.@!-&:6#4!/&#!4%!:T.!(/#&/+(*&!*4!^)3&,%/")0"
#.5($)%(*<7+"L&3?.-""5(#&-.&-!J!f.:&-*!/@6%+,(#&-!#.5($+1+/<(.-"C$+"O.+."%,1"R'G/<(%*<),.")0"
>%//3(4,)?+,<("L&3?."g".+Q@4*I%+,&.F!=.&.!4!+:/%+,(,+&-4.!*4!%(.!*#&'(.!(%@,+-$'4-(.h!4-!;A3]H!
(/(#4,4-!*4!9&#:(!.+:@%7T-4(!%(.!/(%(6#(.!/.+Q@4*I%+,&!J!(%@,+-$'4-&!g5(#&-.&-!J!f.:&-*!
;A3]h2!!K+-!4:6(#'&H!(!/(#74!*4!.4#!@-!*4#+M(,+$-!M4#6(%!+-,&##4,7(H!/.+Q@4*I%+,&!.4!(.&,+(6(!(%!
,&-.@:&!*4!*#&'(.!4-!%&.!(0&.!X]H!(.E!,&:&!(!:(-+94.7(,+&-4.!/&%E7+,(.!J!(#7E.7+,(.!*4!%(!I/&,(!
g(#74!J!:o.+,(!/.+Q@4*I%+,&.H!47,2l!kT7.,P!;AA<h2!!L4!4.7(!9&#:(!.4!P+Y&!+-,&-'#@4-74!P(6%(#!*4%!
@.&!,P(:T-+,&!7#(*+,+&-(%!*4!/%(-7(.!/.+Q@4*I%+,(.2!!)-!,@(%Q@+4#!,(.&H!%(!/(%(6#(!4.!
*4,+*+*(:4-74!/4J&#(7+M(!/(#(!:@,P(!'4-74!Q@4!-&!4.7T!9(:+%+(#+Y(*(!,&-!4.7(.!*#&'(.H!J!4M&,(!
(.&,+(,+&-4.!*4.('#(*(6%4.!gMI(.4!7(:6+I-!4%!D(/E7@%&!`H!\&7(!;!/(#(!@-(!(#'@:4-7(,+$-!.&6#4!4%!
@.&!/4J&#(7+M&!*4!-(#,$7+,&!(.&,+(*&!(!%&.!4-74$'4-&.h2!!5*4:T.H!%(!/(%(6#(!-&!/@4*4!4M+7(#!.@!
/.+,&4.7+':(2!!)-!D(.74%%(-&H!/&#!4_4:/%&H!.4!7#(*@,4!P(6+7@(%:4-74!/&#!/.+,&*I%+,&!g/(#(!4M+7(#!
/.+Q@4*I%+,&H!Q@4!4.!&#7&'#T9+,(:4-74!,&:/%4_&!J!47+:&%$'+,(:4-74!(-$:(%&h!J!:@,P&.!
4.,#+7&#4.!4-!&7#(.!%4-'@(.!4:/%4(-!7(:6+I-!%(!#(EY!,&##4,7(!G.5($)-"")-!;A3AH!D(#%!52"2!k@,RH!
e4#4:J!B+'i&&*H!L(--J!K7(/%4.H!k2!b&#*&-!j(..&-!J!J&!/#&/@.+:&.!4%!7I#:+-&!4-74$'4-&H!
/(%(6#(!47+:&%$'+,(!J!,@%7@#(%:4-74!(*4,@(*(!(!%(!M4Y!Q@4!,(#4-74!*4!/#4_@+,+&.H!/(#(!*4.,#+6+#!%&.!
4:6#+('(-74.!,P(:T-+,&.!J!.@.7+7@+#!4.7&.!7I#:+-&.!Q@4!(,(6(:&.!*4!:4-,+&-(#!gk@,R!47!(%2;A3Al!
j(..&-!+*"%/-";AZ]6h2!!)-74$'4-&H!g%+74#(%:4-74!cL+&.!*4-7#&!*4!@-&dh!.4!#49+4#4!(!%(!/4#,4/,+$-!
P(6+7@(%!4-7#4!*4!%&.!@.@(#+&.!*4!4-74$'4-&.H!*4!-+-'o-!:&*&!,&-.+*4#(*(!@-(!(%@,+-(,+$-H!*4!
Q@4!%(!*+M+-+*(*!.4!+-9@-*4!4-!7&*&.!%&.!.4#4.H!+-,%@J4-*&!(!%(!/%(-7(!4-74$'4-(!J!.@!(9&#7@-(*&!
,&-.@:+*&#2!!O(!/(%(6#(!*4#+M(!*4!@-(!#(EY!@7+%+Y(*(!/&#!%&.!(-7+'@&.!'#+4'&.!/(#(!*4.,#+6+#!4.7(*&.!
.4:4_(-74.!*4!+-./+#(,+$-!J!4:6#+('@4Y2!!)-!@-!%+6#&!#4,+4-74!.4!(7(,(6(!.@!@.&!/&#!.4#!c@-(!
/(%(6#(!7&.,(!,(#'(*(!*4!7@9&!74&%$'+,&d!gS2^2!G,^4--(!;AAWhH!-&!/@*+4-*&!(/#4,+(#!4%!(@7&#!.@!
.4-7+*&!-&C74&%$'+,&!J!(/(#4-74:4-74!+'-&#(-*&!4%!@.&!*4!%(!/(%(6#(!4-!%(!b#4,+(!,%T.+,(2!!L4!
9&#:(!+-,&P4#4-74H!.4!*4./#4,+(!(.E!4%!7I#:+-&!/&#!.@.!.@/@4.7(.!,&--&7(,+&-4.!74&%$'+,(.!4-!@-!
%+6#&!7+7@%(*&!cf))1")0"*$+"X)1.d"g)%!:(-_(#!*4!%&.!*+&.4.h2!!B2k2!f#7+Y!*4!G&-74%%(-&H!@-!4>/4#7&!
4-!47-&:4*+,+-(!:4.&(:4#+,(-(H!(*&/7$!*4!9&#:(!4-7@.+(.7(!4%!7I#:+-&!4-74$'4-&!gf#7+Y!*4!
G&-74%%(-&!;AZ;hH!*+,+4-*&!Q@4!#4/#4.4-7(6(!9+4%:4-74!%(!-&,+$-!Q@4!74-E(-!%&.!(-7+'@&.!(Y74,(.!
*4!%&.!494,7&.!*4!.@.!/%(-7(.!.('#(*(.H!,&:&!.4!#49%4_(!4-!%(.!/(%(6#(.!@D$3%*/"<*+($"23<,+$3%"
gc7&:(!/&.4.+$-!*4!I%dh!5"<*+($"23<d%"gc.(%4!*4!I%dh!Q@4!@7+%+Y(6(-!/(#(!*4.,#+6+#!%(!4>/4#+4-,+(!
4-74$'4-(!gf#7+Y!*4!G&-74%%(-&!;AA]h2!!5-74.!*4!Q@4!/(#7+,+/(#(!4-!%(!M4%(*(!*4!%&.!P&-'&.!
&9+,+(*(!/&#!%(!,P(:T-!:(Y74,(!G(#E(!K(6+-(!4-!;A??!gMI(.4!D(/E7@%&!?hH!%4!+-*+,(#&-!(%!
47-&:+,$%&'&!k2!b&#*&-!j(..&-!Q@4!.4#E(!+-(*4,@(*&!Q@4!.@!,&:/(04#&!52!k+,P(#*.&-!.(,(#(!
9&7&'#(9E(.!c:+4-7#(.!Q@4!%(!9@4#Y(!%4!('(##(d!g4-!D(.74%%(-&!4-!4%!&#+'+-(%hH!#49%4_(-*&!(.E!+*4(.!
.+:+%(#4.!4-!4%!GI>+,&!(,7@(%!gf77!J!"&%%&,R!;A3X(h2!!)%!P4,P&!*4!Q@4!I%!(#7E,@%&!Q@4!/#&/&-E(!%(!
/(%(6#(!4-74$'4-&!.4!/@6%+,(#(!/&#!/#+:4#(!M4Y!4-!+/"^)3&,%/")0"G.5($+1+/<("L&3?."J!Q@4!4-!4%!
:+.:&!-o:4#&!gQ@4!4*+7I!J&!:+.:&h!.4!.@'+#+4#(!,(:6+(#!4%!-&:6#4!*4!%(!/@6%+,(,+$-!/&#!4%!*4!
^)3&,%/")0"J,*$+)?+,<(!L&3?."gf77!;A3A(h!/@*&!P(64#!,&-7#+6@+*&!(!%(!*4,+.+$-!*4!%&.!4*+7&#4.!*4!
,(:6+(#!I%!
A3!
!
-&:6#4!*&.!(0&.!:T.!7(#*42!!5,7@(%:4-74!:@,P&.!4>/4#7&.!4-!4.74!,(:/&!@7+%+Y(-!4%!7I#:+-&H!
/@*+I-*&.4!,+7(#!4-7#4!&7#&.!(!e2!B+'i&&*H!G2L2!D&4H!e2O!LE(YH!j2!L&-+'4#!gf~n%(P4#7JhH!j252!
):6&*4-H!52!).,&P&7(*&H!e2!n4#+,'%(H!"2S2!n@#.7H!e2!b(#7YH!b2!b@Y:T-H!e2!8(%+9(>H!52!8&9:(--H!n2e2!
O+//H!B2!O&iJH!L2e2!G,^4--(H!)2!G(,k(,H!B2k2!f#7+Y!*4!G&-74%%(-&H!D252"2!k@,RH!k2)2!K,P@%74.H!k2b2!
j(..&-!47,2!!!G+4-7#(.!Q@4!&7#&.!,&:&!j2!O(!B(##4!J!52S2!KP@%'+-!%4!P(-!*(*&!%(!4./(%*(!gO(!B(##4!
;AZZh2!!)%!7I#:+-&!P(!(/(#4,+*&!4.,#+7&!4-!+-'%I.H!(%4:T-H!9#(-,I.H!+7(%+(-&H!/&#7@'@I.!J!,(.74%%(-&!
g4%!(#7E,@%&!*4!;A3A!Q@4!/#&/&-E(!%(!/(%(6#(!.4!7#(*@_&!(%!,(.74%%(-&!J!.4!/@6%+,$!,&:&!5/I-*+,4!(!
%(!4*+,+$-!,(.74%%(-(!*4%!%+6#&!c)%!,(:+-&!(!)%4@.+.dl!j(..&-!+*"%/-";AZ]6hH!4!+-,%@.&!4-!,(7(%T-2!!
D&-!4%!/#4.4-74H!J(!4.!%(!.4'@-*(!M4Y!Q@4!I%!7I#:+-&!(/(#4,4!4-!4%!7E7@%&!*4!@-!%+6#&H!.+4-*&!4%!
/#+:4#&!#+&.+G$),+."o3+.*-"J,*$+)?+,."%,1"*$+"I&<?<,.!)0"N+/<?<),"=j%..),"+*"%/-";AZXh2!!).74!
%+6#&!.4!P(!7#(*@,+*&!#4,+4-74:4-74!(%!,(.74%%(-&!,&:&!cO(!6o.Q@4*(!*4!"4#.I9&-4d!J!4-!I%!
(/(#4,4!%(!/(%(6#(!)-74$'4-&.!4-!4%!.@67E7@%&!gO&.!4-74$'4-&.!J!4%!&#+'4-!*4!%(!#4%+'+$-hH!*4!:&*&!
Q@4!%&.!4*+7&#4.!*4%!f),1)"1+!B3/*3&%"J(),P'<(%"/(#4,4-!P(64#.4!*4,+*+*&!/&#!%(!(*&/,+$-!*4!%(!
/(%(6#(!4-!D(.74%%(-&!g4-!%(!,&-7#(/(#7+*(!.4!P(,4!#494#4-,+(!(!a/)."'%/"//%'%1)."$),?)."
%/3(<,P?+,).!"4-74$'4-&.!+,"&<?)&9S",@#.+M(!4-!4%!&#+'+-(%l!j(..&-!+*"%/-";AZXh2!!=-(!-@4M(!
/@6%+,(,+$-!,+4-7E9+,(!6+%+-'m4!g(%4:T-V+-'%I.h!(/(#4,+*(!4-!;AA;!4M+7(!%&.!7I#:+-&.!G.<()1A/<()!"
%/3(<,P?+,)"5"+,*+P?+,)!"J!&/7(!/&#!@.(#!4-!4%!7E7@%&!4%!7I#:+-&!/%(-7(.!/.+,&7#$/+,(.!J!,@%7@#(!
g'4+.764i4'4-*4l!7#(*@,,+$-!*4!%(!/(%(6#(!G.5()G$)&<("/#&/@4.7(!/&#!8@>%4JhH!(@-Q@4!4-!@-!
(#7E,@%&!4*+7&#+(%!+-7#&*@,7&#+&H!G2!8&#&i+7Y!:4-,+&-$!%(!/#494#4-,+(!*4!b&#*&-!j(..&-!/&#!%(!
/(%(6#(!4-74$'4-&!g8&#&i+7Y!;AA;h2!!)-!;AAW!P+Y&!.@!(/(#+,+$-!@-(!/@6%+,(,+$-!,&-!4%!7E7@%&!SP4!
J,*$+)?+,"N+7<+i"gL4!^&:4!;AAWh2!!"&#!o%7+:&H!@-(!,&-94#4-,+(!&#'(-+Y(*(!/&#!k2D2b&#*&-H!
G,D@7,P(-!4-!%(!=-+M4#.+*(*!*4!D(%+9&#-+(!4-!K(-7(!B(#6(#(H!4-!%(!,@(%!/(#7+,+/IH!.4!7+7@%$F!
c)-74$'4-&.F!%&.!/.+,&*I%+,&.!4./+#+7@(%4.d2!
!
WC!)%!-&:6#4!*4%!P&-'&!*4!8@>%4J!*4#+M(!*4!%(!/(%(6#(!')F.$%!"Q@4!4-!.T-.,#+7&!.+'-+9+,(!
c%+64#(,+$-dH!@-!&6_47+M&!*4%!P+-*@+.:&H!%(!%+64#(,+$-!*4%!,+,%&!*4!#44-,(#-(,+&-4.2!!)>+.74!7(:6+I-!
@-(!*(-Y(!,%T.+,(!P+-*oH!4-!4%!4.7+%&!f*+..+!*4H!f#+..(!gQ@4!&#+'+-(%:4-74!*4#+M(!*4!%&.!#+7@(%4.!*4!
(*&#(,+$-!(%!*+&.!/#4MI*+,&!e('(--(7Ph!%%(:(*(![)F.$%"gG(#'%+-!;AZ?h2!!8@>%4J!*4.,#+6+$!*4!
9&#:(!/#&9I7+,(!@-!P&-'&!,@%7+M(*&2!!D&:&!M4#4:&.!4-!4%!D(/E7@%&!?H!9@4!%(!/&.+6+%+*(*!7I,-+,(!*4!
.@!,@%7+M&!%(!Q@4!4.7+:@%$!%(!/#&/('(,+$-!*4%!@.&!*4%!P&-'&!4-74$'4-&!*+),%,D(%*/"4-!%&.!(0&.!3]2!
!
!!!<C! )%!/#+:4#!-&:6#4!Q@4!%&.!6&7T-+,&.!(.+'-(#&-!(%!GA5)*/"4-!;Z`?!9@4!4%!*4!J($<,)(%(*3."
i<//<%'.<<-""5!4.74!-&:6#4!%4!.+'@+4#&-!%&.!*4!;,$%/),<3'"i<//<%'.<<"4-!;ZZX!"[%''<//%*<%"
i<//<%'.<<"4-!;ZA;!J!;&<)(%&G3."i<//<%'.<<"4-!;ZA`2!!S&*&!4%%&!(-74.!*4!.4#!,%(.+9+,(*(!4-!;ZA`!
,&:&!K)G$)G$)&%"i<//<%'.<<!"-&:6#4!(,4/7(*&!P&J!4-!*E(!g5-*4#.&-!;AZ]l!D&@%74#!;ZA`h2!!=-!
.+-$-+:&!/&,&!,&-&,+*&!4.!J($<,)(%(*3."&%G%-"")-!;ZZZH!84--+-'.!/#&/@.&!4%!-&:6#4!;,$%/),<3'"
/+i<,<<!"Q@4!4.!4%!.+-$-+:&!:T.!,&-&,+*&!*4!O!i<//<%'.<<"g84--+-'.!;ZZZhH!6(.T-*&.4!4-!@-&.!
4.7@*+&.!#4(%+Y(*&.!,&-!4_4:/%(#4.!#4P+*#(7(*&.!*4!%&.!cB&7&-4.!*4!G@.,(%4d!Q@4!B#+''.!P(6E(!
4-M+(*&!(!"(#R4H!L(M+.!J!D&2!4-!L47#&+7H!J!(%'@-&.!*4!%&.!,@(%4.!.4!*+4#&-!(!O&@+.!O4i+-!gMI(.4!
AZ!
!
%(!\&7(!?H!:T.!(6(_&h2!!O4i+-!@7+%+Y$!4.7(!*4.+'-(,+$-!7&*(!.@!M+*(!gO4i+-!;AW`hH!J!(o-!(/(#4,4!4-!
(%'@-(.!/@6%+,(,+&-4.!(,7@(%4.!4-!)@#&/(!g).,&P&7(*&!;AZA(h2!!L@#(-74!4%!.+'%&!/(.(*&H!%&.!
Q@E:+,&.!,#4J4#&-!Q@4!4>+.7E(-!*&.!4./4,+4.H!;-"/+i<,<<"5";-"i<//<%'.++2!!5%'@-&.!*4!%&.!4_4:/%(#4.!
*4!;-"i<//<%'.<<"Q@4!.4!(-(%+Y(#&-!Q@E:+,(:4-74!#4.@%7(#&-!/4#74-4,4#!(!%(!4./4,+4!4:/(#4-7(*&!
,&-!4%!GA5)*/"K)G$)G$)&%"1<003.%!"Q@4!7+4-4!@-(!,&:/&.+,+$-!Q@E:+,(!6(.7(-74!*+.7+-7(!gB#@P-!J!
8&%:.74*7!;A3`h2!![I(.4!5-*4#.&-!g;AXAl!;AZ]h!/(#(!@-!4.7@*+&!4>P(@.7+M&!.&6#4!%(!.+.74:T7+,(!
*4%!GA5)*/-!
!
!!!!`C!8&J!4-!*E(!.4!4.,#+64!'4-4#(%:4-74!:4.,(%+-H!(@-Q@4!/.+%&,+6+-(!J!/.+%&,+-(!.4!4.,#+64-!
9#4,@4-74:4-74!.+-!%(!M&,(%!9+-(%!4-!+-'%I.2!!S&*(.!4.7(.!.@.7(-,+(.!.4!-&:6#(#&-!/&#!/#+:4#(!M4Y!
4-!(%4:T-!.+-!4%!.@9+_&!M&,T%+,&2!!)>+.74!%(!,&-M4-,+$-!4-!+-'%I.!J!9#(-,I.!*4!(0(*+#!@-(!4!9+-(%!(!
%&.!(%,(%&+*4.!J!%(.!(:+-(.2!!)-!,(.74%%(-&H!+7(%+(-&!J!/&#7@'@I.!.4!(0(*4!@-(!(!9+-(%2!!"&#!
,&P4#4-,+(!.4!@7+%+Y(#T!4.74!.@9+_&!(!%&!%(#'&!*4!7&*&!4%!%+6#&2!!)-!#+'&#H!%(!&#7&'#(9E(!,&##4,7(!*4!
4.7(!.@.7(-,+(!.4#E(!:4Y,(%+-(!g:4Y,(%+-4!4-!+-'%I.h2!!)-!,@(-7&!(%!GA5)*/!".4!P(!.@'4#+*&!Q@4!4.74!
-&:6#4!\TP@(7%!/@4*4!*4#+M(#!*4!%(!#(EY!Q@4!.+'-+9+,(!c4:6#+('(-74dH!.@/&-+4-*&!Q@4!4%!
:4>+,(-+.:&!(,7@(%!G<3/+!g7I#:+-&!(/%+,(*&!(!*+M4#.&.!4-74$'4-&.!4-!7&*&!GI>+,&h!4.7T!
47+:&%$'+,(:4-74!#4%(,+&-(*&!,&-!(Q@I%2!!B%(.!"(6%&!k4R&!/#&/@.&!,&:&!*4#+M(,+$-!G<T5)*/<")"G<T
5%3*/<!c/4Q@40&!4:6#+('(-74d!gk4R&!;A;Ah2!!5,7@(%:4-74H!7&*(ME(!.4!(/%+,(!4%!7I#:+-&!5%$3*/<"
=55%$3*//")"5%3$*/d:"%"C%?+*+."/3(<1%"*4!/#&/+4*(*4.!/.+,&(,7+M(.!gMI(.4!5/I-*+,4!Bh2!j(..&-!
/#&/@.&!%(!.+'@+4-74!#4%(,+$-!4-7#4!%(.!/(%(6#(.F!#A5)*//"GA53*/T#+5U/+"T"#<3/+!gj(..&-!;AX<h2!!)-!
 4%!GI>+,&!(,7@(%H!4%!-&:6#4!GA5)*/"4.7T!4-!*4.@.&!J!.4!@.(!%(!M4#.+$-!,(.74%%(-+Y(*(!G+5)*+-""K+-!
4:6(#'&H!%(!/#&-@-,+(,+$-!:T.!/#&6(6%4!4-!\TP@(7%!P@6+4#(!.+*&!GAT5)T*+/!"Q@4!4.!,&:&!
K(P('o-!4.,#+6+$!%(!/(%(6#(!g"4+&7%h2!!s&!P4!(*&/7(*&!4-!4.74!%+6#&!%(!M4#.+$-!&#7&'#T9+,(!:T.!
(/#&>+:(*(F!/IJ&7%2!
!!!"(#4,4!4>7#(0&!Q@4!849974#!-&!-&:6#(#(!%(!.@.7(-,+(!'3.(%/<,%-""D#4E(!4##$-4(:4-74!Q@4!4%!
GA5)*/".4!,&-&,E(!,&:&!6&7&-4.!*4!:@.,(%4!g849974#!;ZAXh2!!=-!:I*+,&!(:4#+,(-&H!e2k2!B#+''.!*4!
S4>(.H!P(6E(!/@6%+,(*&!4%!/#+:4#!4.7@*+&!,+4-7E9+,&!.&6#4!4%!GA5)*/"gB#+''.!;ZZ3hH!%%(:(-*&!(!%(!
*#&'(!8)*),+."1+"'3.(%/+-""B#+''.!4-M+$!(!"(#R4H!L(M+.!J!D&2!*4!L47#&+7!*&.!:@4.7#(.!g%(!.4'@-*(!
*4!?!c6@.P4%.dH!g:4*+*(!Q@4!,&##4./&-*4!(!@-&.!;Z]!%+7#&.h!J!(%'@-&.!*4!4.7&.!.4!4-7#4'(#&-!(!
O4i+-!4-!;ZZ3!*@#(-74!.@!M+.+7(!(!%&.!))==!gB#@P-!J!8&%:.74*7!;A3`l!8&%:.74*7!J!O+%_4.7#m-*!
;AX<h2!!)%!-&:6#4!*4!6&7&-4.!*4!:@.,(%4!.4!@.$!4-!)@#&/(!*@#(-74!(%'@-&.!(0&.2!!5%!GA5)*/"
7(:6+I-!.4!%4!%%(:(6(!6&7&-4.!*4!:4.,(%4H!:&.7#(-*&!%(!,&-9@.+$-!Q@4!P(6E(!,&-!%(!
(-74#+&#:4-74!:4-,+&-(*(!P(6(!*4!:4.,(%H!%(!.+:+4-74!*4!E)G$)&%".+(3,1<0/)&%"gMI(.4!5/I-*+,4!
Bh2!!S&*&.!%&.!-&:6#4.!T"8)*),+."1+"'+.(%/!"$%8%"1+"'+.(%/!"8)*),+."1+"'3.(%/+"T".&-!
*4-&:+-(,+&-4.!+-(/#&/+(*(.2!!)7+:&%$'+,(:4-74!'+.(%/"='+d(%/:".4!#49+4#4!(!%(.!4./4,+4.!*4!
;?%7+!"Q@4!4-!\TP@(7%!.4!%%(:(-!'+Q(%//4"gO(!B(##4!;A<Z6h2!!O(!,&-9@.+$-!,&-!%(!646+*(!(%,&P$%+,(!
:4Y,(%H!*4!-&:6#4!,&##4,7&H!4.7T!,(@.(*(!/&#!,#44#!4##$-4(:4-74!Q@4!4%!494,7&!*4%!GA5)*/"4#(!4%!
:+.:&!Q@4!4%!Q@4!/#&M&,(!4%!(%,&P&%2!!5%!-&!74-4#!-+-'@-(!&7#(!4>/4#+4-,+(!,&-!%(!Q@4!,&:/(#(#%(H!
/(#(!%&.!6%(-,&.!%&.!494,7&.!1+/"GA5)*/"4-!%&.!+-*+&.!4#(-!4Q@+M(%4-74.!(!%&.!*4!@-(!4:6#+('@4Y!
(%,&P$%+,(!g*4!P4,P&H!%&.!/#+:4#&.!,#&-+.7(.!4./(0&%4.!,(J4#&-!4-!@-!4##&#!.+:+%(#!,&-!%&.!P&-'&.!
4-74$'4-&.!*4!GI>+,&l!J!7(:6+I-!%&.!4>/%&#(*&#4.!.+64#+(-&.!,&-!%(!;'%,<*%"'3.(%&<%l!
AA!
!
MI(.4!D(/E7@%&!XhH!%&!,@(%!,&-*@_&!(!7I#:+-&.!,&-9@.&.!,&:&!i$<.F5".+()!"&%4d"1+!i$<.F5"5"i$<*+"
'3/+"g.+4-*&!4%!o%7+:&!@-!iP+.RJ!,(.4#&!7(:6+I-!%%(:(*&!c:&&-.P+-4dl!B#@P-!J!8&%:.74*7!;A3`l!
K,P@%74.!;A<36h2!!K4'@#(:4-74!4.74!/#&6%4:(!.4:T-7+,&!(,4-7@$!%(!,&-9@.+$-!4-7#4!GA5)*/"5"
'+d(%/-"")-!.@!+--&M(*&#!(#7E,@%&!*4!;ZZ3H!B#+''.!*4.,#+6+$!@-!(@7&4>/4#+:4-7&!,&-!@-!74#,+&!*4!
c6&7$-dH!Q@4!%4!/#&*@_&!@-&.!494,7&.!:@J!*+94#4-74.!(!%&.!*4%!GA5)*/-""5!B#+''.!4.7&.!494,7&.!%4!
/(#4,+4#&-!.+:+%(#4.!(!%&.!*4!%(!,&,(E-(!J!4%!&/+&H!,&-,%@J4-*&!Q@4!c*&.!6&7&-4.!:(7(#E(-!(!@-!
P&:6#4!8/%,()9!g,@#.+M(!4-!4%!&#+'+-(%l!B#+''.!;ZZ3h2!!).7(!#49%4>+$-!P+Y&!Q@4!(%'@-&.!.4!
/#4'@-7(#(-!.+!%&.!6&7&-4.!*4!:@.,(%4!Q@4!7&:$!B#+''.!-&!.4#E(-!*4!@-(!4./4,+4!*4!,(,7&.!
*+94#4-74!J!:T.!7$>+,(!gB#@P-!J!8&%:.74*7!;A3`h2!!5!/4.(#!*4!7&*&H!4%!:(74#+(%!Q@4!4-M+$!(!"(#R4H!
L(M+.!J!D&2!4#(!GA5)*/",&-!7&*(!.4'@#+*(*2!
!
!!!UP!)-!'4-4#(%H!K)G$)G$)&%"1<003.%".$%&!,&-7+4-4!7#(Y(.!*4!:4.,(%+-(H!.+4-*&!.@!/#+-,+/(%!
(%,(%&+*4!%(!/4J&7%+-(!&!/4%%&7+-(!gB#@P-!J!8&%:.74*7!;A3`l!K,P@%74.!J!8&9:(--!;AZ]h2!!5%!
/#+-,+/+&H!4.7&!,#4$!@-(!-@4M(!,&-9@.+$-!4-!(%'@-&.!4.7@*+&.!Q@E:+,&.!J!/#&M&,$!%(!74-*4-,+(H!
#4,%(:(*(!/&.74#+&#:4-74H!*4!.4/(#(#!4%!GA5)*/"4-!*&.!4./4,+4.!*+.7+-7(.2!!O&!Q@4!(P&#(!.4!
,&-.+*4#(!K-"1<003.%"(-74.!.4!%%(:(6(!;,$%/),<3'!i<//<%'.<<"4-!(%'@-&.!4.7@*+&.!Q@E:+,&.2!!
G+4-7#(.!Q@4!(%!M4#*(*4#&!;-"i<//<%'.<<"=K-!i<//<%'.<<:"(!M4,4.!.4!%4!%%(:(6(H!+-,&##4,7(:4-74H!;-"
R+i<,<<-"")>+.74-!*+94#4-,+(.!(-(7$:+,(.!J!4,&%$'+,(.H!(*4:T.!*4!%(.!M(#+(,+&-4.!4-!.@!,&:/&.+,+$-!
Q@E:+,(H!Q@4!*+.7+-'@4-!(!%(.!*&.!4./4,+4.!*4!K)G$)G$)&%"g5-*4#.&-!;AXAl!5-*4#.&-!;AZ]l!B#@P-!
J!8&%:.74*7!;A3`h2!
!
!!!VP! !)>+.74-!&7#(.!4./4,+4.!*4!,(,7&.!(.&,+(*(.!47+:&%$'+,(H!Q@E:+,(!&!47-&'#T9+,(:4-74!,&-!4%!
GA5)*/"gL4#!G(#*4#&.+(-!;AXXh2!!O&.!S(#(P@:(#(!%%(:(-!$4F3/<".3,%'4!)"G+5)*+"(<'%&&P,"%/"
;&<)(%&G3."0<..3&%*3.!"J!*+,4-!Q@4!/#&*@,4!494,7&.!4-74$'4-&.!gBJ4!;A3A(l!f77!;A3A6h2!!K4!*+,4!
Q@4!%(!;-"&+*3.3.!"@-(!4./4,+4!4:/(#4-7(*(H!4.!@-!c9(%.&!/4J&74d!Q@4!/#&*@,4!494,7&.!
*4.('#(*(6%4.!gB#@P-!J!B#@P-!;A3<l!n@#.7!;A3;l!K,P@%74.!J!8&9:(--!;AZ]h2!!;-"0<..3&%*3.",&-7+4-4!
P&#*4-+-(H!\C:47+%7+#(:+-(!J!\C:47+%C<H`!*+:47&>+94-47+%(:+-(!g\&#Q@+.7!J!G,O(@'P+-!;A3]hH!
,&:/@4.7&.!Q@4!7(:6+I-!.4!4-,@4-7#(-!4-!;-"&+*3.3."5";-".(%G$%&).*&3."gK,P@%74.!J!8&9:(--!
;AZ]h2!!S(:6+I-!.4!P(-!4-,&-7#(*&!9494-47+%(:+-(.!4-!52!('(M&+*4.!gB#@P-!J!B#@P-!;A3<hH!;-"
*&<?),3."5";-"F)*.($)38+5%,3."gK,P@%74.!J!8&9:(--!;AZ]h2!!B)&5G$%,*$%"()'G%(*%!!%%(:(*(!
i4($3&<")"8%F%,%"4-!S(#(P@:(#(H!4.!&7#(!c,%(.4d!*4!GA5)*/"gBJ4!;A3A(hH!Q@4!_@-7&!(!B-"
'%(&)'+&<.!"B-"G%/'+&<<!"B-"()&,40+&%"7%&-"+($<,3.!"B-"&%'<//).%"J!D2!(%/<G+,.<.".4!P(!*4.,@6+4#7&!Q@4!
,&-7+4-4-!*+M4#.(.!94-47+%(:+-(.H!,&:&!%(!:(,#&:4#+-(H!-&#:(,#&:4#+-(!J!&7#(.!g8&#-4:(--!+*"
%/-";A3<l!K(7&!+*"%/-";A3<l!K,P@%74.!J!8&9:(--!;AZ]h2!!K4!P(!#4'+.7#(*&!4%!@.&!*4!D2!'%(&)'+&<."5"B-"
G%/'+&<<",&:&!4-74$'4-&.!7#(*+,+&-(%4.!gK,P@%74.!J!8&9:(--!;AZ]h2!!f7#(.!c,%(.4.d!*4!$4F3&<")"
GA5)*/"Q@4!,&-&,4-!%&.!7(#(P@:(#(!.&-F!J($<,)(+&+3."*&<?/)($<1<%*3."5"J-".%/'"T"15(F<%,3."gBJ4!
;A3A(h2!!K4!,&-&,4!%(!/#4.4-,+(!*4!(%'@-(.!94-47+%(:+-(.!4-!J-"'+&F+*<"gB#@P-!J!B#@P-H!;A3<h!J!.4!
P(!*4.,#+7&!%(!/#4.4-,+(!*4!KC:47&>+C\H!\C*+:47+%7#+/7(:+-(!4-!J-"*&<?/)($<1<%*3.!gBJ4!;A3A(l!
G,O(@'P+-!;A3AhH!(.E!,&:&!%(!*4!\\C*+:47+%P+.7(:+-(!4-!%(.!M(#+4*(*4.!,+)'+Q<(%,3."5"
G%3(<.G<,3."1+"J-"*&<?/)($<1<%*3."=f+&&<?,<"+*"%/-";AZWh2!O&.!7(#(P@:(#(!
;]]!
!
%%(:(-!$4F3/<"'3/%*)"=a+/"GA5)*/"'3/%*)9:"(!%(!JG<*$+/%,*$%"'<(&)'+&<.-""S(:6+I-!.4!.(64!Q@4!
,&-.@:4-![%''<//%&<%"(&%<?<<"()')"GA5)*/!"(%!Q@4!%%(:(-!i4($3&<"&!/4J&74!*4!K(-!"4*#&!gBJ4!
;A3A(h2!!5%!+'@(%!Q@4!;&<)(%&G3."0<..3&%*3.!"[-!$+51+&<!",(,7&.!Q@4!4.7T!4:/(#4-7(*&H!,&-7+4-4!\C
:47+%C<H`C*+:47&>+94-47+%(:+-(!gB#@P-!J!B#@P-!;A3<h2!!O&.!7(#(P@:(#(!7(:6+I-!%%(:(-!$4F3&<")"
aG+5)*+9"(!%(!M(#+4*(*!)/<7<%+"1+"[-"?&%$%'<<"gBJ4!;A3A(h2!!;"[%''<//%&<%"/),?<'%''%"5"[-"
G+(*<,<0+&%!g7(:6+I-!,&-&,+*(!,&:&!E)/<.<%"G+(*<,%*%!"MI(.4!:T.!(6(_&h!.4!%4.!%%(:(!(!M4,4.!
G+5)*<//)"J!4-!&,(.+&-4.!.4!,&-9@-*4-!,&-!4%!GA5)*/"g5-*4#.&-!;AZ]h2!![-".+,</<."4.!&7#(!4./4,+4!*4!
,(,7&.!Q@4!.4!,&-.+*4#(!c.('#(*(d2!!O&.!7(#(P@:(#(!@7+%+Y(-!,&:&!4-74$'4-&!%(!.(M+(!*4%!
#%($5(+&3."G+(*+,T%8)<<?<,3'!"Q@4!7(:6+I-!.4!P(!*4.,@6+4#7&!Q@4!,&-7+4-4!94-47+%(:+-(.!gB#@P-!
J!O+-*'#4-!;A3Xl!BJ4!;A3A(hH!4-!@-(!/&,+$-!#+7@(%!%%(:(*("(%iA")"($%iA-""#+/+(5G$)&%"%.+//<0)&'<."
4.!&7#&!c/4J&74d!/&/@%(#!*4%!-&#74!*4!GI>+,&!J!.4!.(64!Q@4!,&-7+4-4!(%,(%&+*4.!94-47+%(:E-+,&.!
gB#@P-!J!B#@P-!;A3<hH!+-,%@J4-*&!7#(Y(.!*4!:4.,(%+-(!g\4(%!+*"%/-";A3Wh2!!K4!P(!*4.,@6+4#7&!Q@4!
&7#&!c/4J&74d!*4%!'I-4#&H!#-"G.+31)G+(*<,%*%!",&-7+4-4!P&#*4-+-(2!!L4%!:+.:&!:&*&H!.4!P(!
4-,&-7#(*&!P&#*4-+-(!4-!&7#&.!*&.!/4J&7+%%&.H!E)/<.<%"G+(*<,%*%"5"C3&8<,<(%&G3."
G.+31)'%(&)($+/+!!Q@4!_@-7&!(%!(-74#+&#!7(:6+I-!,&-7+4-4-!\C:47+%7+#(:+-(!gB#@P-!J!B#@P-!
;A3<h2!!f7#(.!4./4,+4.!*4!/4J&7+%%&!.&-!;.*&)G$5*3'"%.*+&<%.!";-"(%G&<()&,+"5";-"'5&<).*<?'%!"
.<'</%#4.!(%!GA5)*/"4-!.@!(/(#+4-,+(2!!;d*+F<3'"&<**+&<<"5"E*&)'8)(%(*3."1<.(<0),,<.".&-!/4J&7+%%&.!
Q@4!.4!/(#4,4-!(%!GA5)*/".$%&!.@/4#9+,+(%:4-74!g5-*4#.&-!;AZ]h2!!I8&+?),<%"1+,+?&<<"4.!&7#&!
/4J&7+%%&!Q@4!,&-7+4-4!94-47+%(:+-(.2!!B%&,+?<+%"?<?%,*+%",&-7+4-4!(%,(%&+*4.!*4#+M(*&.!*4!%(!
747#(P+*#&+.&Q@+-&%+-(H!J!4.!%(!6(.4!*4!@-(!/&,+$-!94#:4-7(*(!,4#4:&-+(%!gB#@P-!J!O@-*.7#m:!
;A3Xl!B#@P-!+*"%/-";A3]l!LE(Y!;A3Ah2!!O&.!7(#(P@:(#(!7(:6+I-!(.&,+(-!(%!GA5)*/"*&.!/%(-7(.!Q@4!-&!
.&-!,(,7&.l!%(!6#&:4%+(*(!74##4.7#4!C<//%,1.<%"'))&+%,%!"Q@4!4%%&.!%%(:(-!i%&D&3i<!"@-!
c,&:/(04#&d!*4%!GA5)*/!"J!%(!&#Q@E*4(!4/+9+7+,(!I,(<1<3'"/),?<0)/<3'"=I-"(+8)//+*%:"(!%(!Q@4!
,&-.+*4#(-!@-!.@.7+7@7&!*4%!GA5)*/"gBJ4!;A3?l!BJ4!;A3A(l!MI(.4!5/I-*+,4!Bh2!!)>+.74!/&,(!
+-9&#:(,+$-!.&6#4!%(!,&:/&.+,+$-!Q@E:+,(!*4!4.7&.!*&.!+-@.@(%4.!c/4J&74.d!g#4,+4-74:4-74!
9@4#&-!(+.%(*&.!(%'@-&.!*4#+M(*&.!*4%!94-(-7#4-&H!*4!494,7&.!9(#:(,&%$'+,&.!*4.,&-&,+*&.H!*4!%(!
&#Q@E*4(!/&#!K74#:+7Y!+*"%/-";AZ<l!J!7(:6+I-!.4!P(-!(+.%(*&!!9%(M&-&+*4.!,&-!494,7&.!
9(#:(,&%$'+,&.!/&,&!,%(#&.H!*4!@-(!6#&:4%+(!4:/(#4-7(*(H!C<//%,1.<%"G3&G3&+%S!5#.%(-+(-!+*"%/-"
;AZXh2!!)-!%(!.4%M(!(:(Y$-+,(!*4!D&%&:6+(!J!),@(*&#!%&.!+-*+&.!^&9(-!@7+%+Y(-!4>7#(,7&.!*4!@-(!
&#Q@E*4(!4:/(#4-7(*(H!I,(<1<3'"G3.<//3'!",&:&!(-7+.I/7+,&!*4!@.&!7$/+,&!gK,P@%74.!J!k(99(@9!
;AA]h2!!G+4-7#(.!Q@4!%(!S!G3&G3&+%"(/(#4,4!,&:&!&#-(:4-7&!4-!%(!,4#T:+,(!G&,P+,(!J!.4!P(!
.@'4#+*&!Q@4!4.!4-74&'I-+,(!gD(6+4.4.!;AZXl!8&J%4!;A<Zh2!!K4!P(!*4.,@6+4#7&!Q@4!%&.!G(J(.!
8@(.74,(.!*4!GI>+,&!@.(-!%(!I,(<1<3'"(%&*$%?+,+,.+",&:&!#4:4*+&!/(#(!4%!*&%&#!*4!,(64Y(!
g5%,&:!;AZ`h2!!f7#(!&#Q@E*4(H!%(!B5G<<G+1<3'"(%/(+)/3.".4!P(!@.(*&!,&:&!('4-74!+-*@,7&#!*4%!
.@40&!4-7#4!%&.!+-*+&.!-&#74(:4#+,(-&.!G4-&:+-44!gG&4#:(-!;AZXl!K:+7P!;AW<h2!!)-!4.74!
:+.:&!,&-74>7&!4.!+:/&#7(-74!:4-,+&-(#!4%!@.&!Q@4!P(,4-!%&.!+-*+&.!KP(#(-(P@(!*4!%(!(:(Y&-+(!
*4!"4#o!*4!*&.!,(,7&.H!4./4,+4.!-&!+*4-7+9+,(*(.!*4!IG3,*<%"5"JG<G$5//3'!",&:&!(*+7+M&.!*4!.@!
/&,+$-!4-74$'4-(!*4!%5%$3%.(%"gMI(.4!D(/E7@%&!`h2!!L4!-@4M&!-&.!9(%7(!+-9&#:(,+$-!.&6#4!%(!
,&:/&.+,+$-!Q@E:+,(!*4!4.7&.!+-7#+'(-74.!,(,7&.!*4!K@*(:I#+,(!Q@4H!,&:&!%(!C<//%,1.<%"'))&+%,%"
5"I,(<1<3'"/),?<0)/<3'!"*464-!,&-.+*4#(#.4!
;];!
!
.@/@4.7(.!/%(-7(.!4-74$'4-(.2!!)-!4%!GI>+,&!(,7@(%H!4%!-&:6#4!/4J&74!7(:6+I-!.4!(/%+,(!(!M(-(.!
4./4,+4.!*4!%(!9(:+%+(!*4!%(.!D&:/@4.7(.!Q@4!.4!@.(-!,&:&!/%(-7(.!:4*+,+-(%4.H!+-,%@J4-*&F!
B%(%/<%"()&1<0)/<%"=GA5)*/"p)($<'</(+,.*:!"B"1+.()'G).<*%!"E+,+(<)!(+&7%&<%+0)/<3.!"E-"$%&*i+?<"J!
&7#(.!4./4,+4.!*4!E+,+(<)"gLE(Y!;A3Xh2!!5@-Q@4!%(!#4%(,+$-!4-7#4!4.7(.!4./4,+4.!*4!E+,+(<)"J!4%!
GA5)*/"4-!GI>+,&!-&!4.7T!,%(#(H!4%!E+,+(<)"+/%*3.".+!@7+%+Y(!4-!K@*(:I#+,(!,&:&!(*+7+M&!/(#(!%(.!
/&,+&-4.!(!6(.4!*4%!,(,7&.!C&<($)(+&+3.!Q@4!,&-7+4-4!:4.,(%+-(!g"&%+(!J!B+(-,P+!;AAWh2!!K,P@%74.!
P(!/@6%+,(*&!@-(!%(#'(!%+.7(!*4!/%(-7(.!Q@4!.4!,&-&,4-!,&:&!c/4J&74d!gK,P@%74.!;A<36hH!J!
*464:&.!74-4#!/#4.4-74!%(!74&#E(!*4!j(..&-!*4!Q@4!4%!7I#:+-&!'4-4#(%!(,7@(%!/(#(!*4.+'-(#!
/%(-7(.!4-74&'I-+,(.!4-!GI>+,&H!/+@%4H!4.7T!#4%(,+&-(*&!,&-!4%!GA5)*/!"&!+-,%@.&!Q@4!(:6&.!
/#&M+4-4-!*4!@-(!#(EY!,&:o-!Q@4!.4!#49+4#4!(!%(!4:6#+('@4Y!gMI(.4!%(!\&7(!`!:T.!(##+6(l!j(..&-!
;AX<h2!
!
!!!ZC!)%!7I#:+-&!c7&%4#(-,+(!,#@Y(*(d!Q@+4#4!*4,+#!.+:/%4:4-74!Q@4!4-!4%!,(.&!*4!Q@4!@-(!/4#.&-(!
.4!P+,+4.4!7&%4#(-74!(!%&.!494,7&.!*4!%(!OKLH!/.+%&,+6+-(!&!/.+%&,+-(H!*4!:&*&!Q@4!J(!-&!%4!P+,+4.4-!
494,7&!g4.7&!.@,4*4#E(!(%!7&:(#!4.7(.!*#&'(.!W!&!<!*E(.!.@,4.+M&.hH!7(:6+I-!.4#E(!7&%4#(-74!(!%&.!
494,7&.!*4!%(!:4.,(%+-(2!
!
!!!AC!)-!*&.!4>74-.&.!%+6#&.!J!@-!(#7E,@%&!gL4!G+%%4!;A3Xl!L4!G+%%4!;A3Al!L4!G+%%4!;AZ]h!@-!/.+,$%&'&!
(:4#+,(-&!*4:@4.7#(!Q@4!D(.7(-4*(!.4!+-M4-7$!L&-!e@(-2!!L4.(##&%%(!M(#+&.!(#'@:4-7&.!Q@4!
(/&J(-!4.7(!74.+.H!/4#&!-&!:4-,+&-(!4.74!4##&#!&6M+&!Q@4!/&-4!4-!4M+*4-,+(!(!D(.7(-4*(2!!)%!
4./4,+(%+.7(!4-!GA5)*/"j4.7&-!O(!B(##4!*4*+,$!(!D(.7(-4*(!,+-,&!/T'+-(.!*4%!(/I-*+,4!(!%(!,@(#7(!
4*+,+$-!*4!.@!,%T.+,&!4.7@*+&!J/"(3/*)"%/"G+5)*+"=C$+"#+5)*+"B3/*-"O(!B(##4!;A3?h2!!"(#(!O(!B(##4!4%!
7#(6(_&!*4!D(.7(-4*(!9@4!@-(!c.4-.(,+$-!%+74#(#+(d!J!,&:4-7$!Q@4!c-+-'o-!(-7#&/$%&'&!
/#&94.+&-(%!Q@4!%4J4#(!4%!/#+:4#!%+6#&!gD(.7(-4*(!;AXZh!4-!:&*&!(%'@-&!/&*#E(!.@/&-4#!Q@4!I.74!
P+,+4#(!(%'@-(!,&-7#+6@,+$-!(!%(!47-&'#(9E(!s(Q@+d2!!D&:4-7(-*&!4%!%+6#&!c5!E+G%&%*+"
k4(%+7JdgD(.7(-4*(!;A3;hH!O(!B(##4!,&-,%@J$F!c4%!4.7+%&!4.!/#474-,+&.&222!4%!%+6#&!4.!9#@.7#(.74!J!
74*+&.(:4-74!(6@##+*&H!/#474-,+&.&!/.4@*&C47-&'#T9+(!4H!+-74%4,7@(%:4-74!R+7.,P2d![I(.4!4%!
D(/E7@%&!?!/(#(!:T.!/#@46(.!.&6#4!%(!-(7@#(%4Y(!9+,7+,+(!*4!%&.!%+6#&.!*4!D(.7(-4*(2!!5,7@(%:4-74H!
P(.7(!%&.!4*+7&#4.!*4!%&.!%+6#&.!*4!D(.7(-4*(!%&.!&9#4,4-!*4!M4-7(!,&:&!9+,,+$-2!
!
!!!;]C!O(!74#:+-&%&'E(!,&##4,7(!Q@4!*464:&.!(/%+,(#!(Q@E!.4/(#(!%&.!,&:/@4.7&.!&#'T-+,&.!4-!*&.!
,%(.4.F!%h!,&:/@4.7&.!-(7@#(%4.H!(Q@4%%&.!Q@4!.4!P(-!4-,&-7#(*&!4-!74_+*&.!M4'47(%4.!&!(-+:(%4.H!J!
Wh!,&:/@4.7&.!(#7+9+,+(%4.H!(Q@4%%&.!Q@4!-&!.4!P(-!4-,&-7#(*&!4-!/%(-7(.!&!(-+:(%4.2!!O&.!
,&:/@4.7&.!(#7+9+,+(%4.!.&-!+-M(#+(6%4:4-74!.+-7I7+,&.!gP4,P&.!4-!4%!%(6&#(7&#+&h!&!.4:+C.+-7I7+,&.!
gP4,P&.!4-!4%!%(6&#(7&#+&H!/4#&!@.(-*&!@-!/#&*@,7&!-(7@#(%!:@J!#4%(,+&-(*&!,&:&!/#&*@,7&!*4!
/(#7+*(H!).74!7+/&!*4!,&:/@4.7&.H!*4!%&.!Q@4!%(!OKL!4.!@-!4_4:/%&H!.4!%%(:(-!9#4,@4-74:4-74!
(-T%&'&.!&!*4#+M(*&.!*4!.@.!,&-'I-4#4.!-(7@#(%4.H!/4#&!%&.!,&:/@4.7&.!-(7@#(%4.!/@4*4-!.4#!
/#4/(#(*&.!gJ!:@,P(.!M4,4.!%&!.&-h!/&#!.E-74.+.!&!.4:+C.E-74.+.2!!O(!M(+-+%%+-(!4.!@-!4_4:/%&!*4!
,&:/@4.7&!-(7@#(%!.+-7I7+,&2!!O(!M(+-+%%+-(!.4!/@4*4!&674-4#!/@#(!,&:&!@-!/#&*@,7&!-(7@#(%H!
(+.%T-*&%(!*4!%(.!P(6(.!*4!M(+-+%%(H!b%,<//%"G/%,<0)/<%!"g4%!c4>7#(,7&!
;]W!
!
*4!M(+-+%%(!/@#(d!4.!@-!4>7#(,7&!,#@*&!*4!%(.!P(6(.!*4!M(+-+%%(!#+,&!4-!M(+-+%%+-(hH!&!.4!/@4*4!
.+-747+Y(#!(!/(#7+#!*4!,&:/@4.7&.!-(7@#(%4.!,&:&!4%!4@'4-&%!&!4%!'@(J(,&%H!&!*4!%&.!#4.+*@&.!*4!%(!
+-*@.7#+(!/(/4%4#(!Q@4!.&-!#+,&.!4-!%+'-+-(2!!s(!.4(!&674-+*(!/&#!4>7#(,,+$-!&!.4:+C.+-7I7+,(H!%(!
M(+-+%%+-(!4.!@-!,&:/@4.7&!-(7@#(%2!!O(!OKLH!@-!/#&*@,7&!.4:+C.+-7I7+,&H!4.!.+-!4:6(#'&!@-!
,&:/@4.7&!(#7+9+,+(%!/&#Q@4!-&!.4!P(!*474#:+-(*&!.@!/#4.4-,+(!-+!4-!/%(-7(.!-+!4-!(-+:(%4.2!!
5%'@-&.!7+4-*4-!(!,&-*4-(#!&!*4.4,P(#!%&.!,&:/@4.7&.!(#7+9+,+(%4.!/&#Q@4!.&-!(-7+-(7@#(%4.!JH!/&#!
7(-7&H!/4%+'#&.&.2!!)%!/#&6%4:(!*4!4.(.!(,@.(,+&-4.!,+4'(.!4.!Q@4H!(!M4,4.H!,&-!4%!(*4%(-7&!*4!%(.!
+-M4.7+'(,+&-4.!.4!*4.,@6#4!Q@4!(%'@-&.!,&:/@4.7&.!(#7+9+,+(%4.!#4.@%7(-!.4#!-(7@#(%4.!g4.!*4,+#H!
(@-Q@4!.4!&67@M+4#&-!/#+:4#&!4-!4%!%(6&#(7&#+&H!/&#!.E-74.+.!&!.4:+C.E-74.+.H!.4!4-,&-7#(#&-!
*4./@I.!4-!/%(-7(.!JV&!(-+:(%4.h2!!)>+.74-!+--@:4#(6%4.!4_4:/%&.!*4!4.7&H!J!4-!4%!,(:/&!*4!%(.!
*#&'(.!4-74$'4-(.!P(J!*&.!,&:/@4.7&.!+:/&#7(-74.!Q@4!.4!:4!&,@##4-!*4!+-:4*+(7&2!!O(!(:+*(!
*4%!T,+*&!%+.I#'+,&!g&!O5C;;;H!.@!-&:6#4!,&*+9+,(*&!4-!4%!%(6&#(7&#+&h!9@4!.+-747+Y(*(!/&#!/#+:4#(!
M4Y!/&#!5%64#7!8&9:(--!*4!%&.!%(6&#(7&#+&.!K(-*&Y!4-!%&.!(0&.!`]!g.4!P(6E(!&674-+*&!(-74.!4-!
O&-*#4.!,&:&!/#&*@,7&!*4!*4'#(*(,+$-!*4!%&.!(%,(%&+*4.!-(7@#(%4.!*4%!,&#-4Y@4%&l!K:+7P!J!S+::+.!
;A<WhH!4-!%(!:+.:(!.4#+4!*4!4>/4#+:4-7&.!Q@4!%%4M$!(!%(!.E-74.+.!*4!%(!OKL!gMI(.4!D(/E7@%&!Wh2!!O(!
O5C;;;!4>+.7+$!,&:&!,&:/@4.7&!(#7+9+,+(%!*@#(-74!<]!(0&.!P(.7(!Q@4!4-!;AX]!.4!*4.,@6#+$!Q@4!4#(!
@-!/#&*@,7&!-(7@#(%H!4%!/#+-,+/+&!(,7+M&!*4%!*&-*+4'&!4-74&'I-+,&!:4>+,(-&!g[I(.4!D(/E7@%&!Wl!
8&9:(--!;AX;l!8&9:(--!;AX<(l!8&9:(--!;AX`l!8&9:(--!;A3Z(l!8&9:(--!J!S.,P4#74#!;AX]h2!!
).74!,&:/@4.7&!9@4!4-.(J(*&!J!.4!*4:&.7#$!Q@4!4#(!4-74&'I-+,&!4-!;A`3!g8&9:(--!;AX<(hH!;<!
(0&.!(-74.!*4!Q@4!.4!,&-&,+4#(!.@!4>+.74-,+(!,&:&!/#&*@,7&!-(7@#(%H!4%!/#+-,+/+&!(,7+M&!*4!@-(!
/%(-7(!4-74$'4-(!*4!@.&!7#(*+,+&-(%2!!)-!%(!.4#+4!*4!%&.!(%,(%&+*4.!*4%!,&#-4Y@4%&H!4%!T,+*&!
+.&%+.I#'+,&!J!4%!%+.4#'&%!.4!*4.,@6#+4#&-!/&#!/#+:4#(!M4Y!,&:&!,&:/@4.7&.!(#7+9+,+(%4.!4-!4%!
%(6&#(7&#+&!J!.$%&!:@,P&!*4./@I.!.4!.@/&!Q@4!4#(-H!*4!P4,P&H!,&:/@4.7&.!-(7@#(%4.2!!O&!:+.:&!
.@,4*4!,&-!%(!@!@T1<'+7+%7#+/7(:+-(!gLGSl![I(.4!D(/E7@%&!<h2!!).74!,&:/@4.7&!9@4!.+-747+Y(*&!/&#!
/#+:4#(!M4Y!/&#!k282n2!G(-.R4!4-!;A<;!gG(-.R4!;A<;hH!J!9@4!,&-.+*4#(*&!@-!,&:/@4.7&!(#7+9+,+(%!
P(.7(!W`!(0&.!*4./@I.H!,@(-*&!G2K2n+.P!J!.@.!,&:/(04#&.!%&!(+.%(#&-!*4!%(!;,%1+,%,*$+&%"
G+&+?&<,%"=f<.$"+*"%/-";A??hH!@-(!*4!%(.!/#+:4#(.!/%(-7(.!4-74&'I-+,(.!*4!%(.!Q@4!.4!7@M&!-&7+,+(!4-!
4%!\@4M&!G@-*&!4-!;`AX2!!L4!P4,P&H!%(!LGSH!6(_&!4%!-&:6#4!*4!,<?+G<,%!".4!(+.%$!/&#!/#+:4#(!M4Y!
*4!%(![<').%"$).*</<."4-!;A`XH!/4#&!-&!.4!.@/&!+*4-7+9+,(#!,&:&!LGS!P(.7(!;A?A!gMI(.4!!D(/E7@%&!
<l!b&-ƒ(%M4.!*4!O+:(!;A`Xl!"(,P74#!+*"%/-";A?Ah2!!)-!4%!,(.&!*4!%(!OKLH!-&!/&*4:&.!4.7(#!.4'@#&.!
*4!Q@4!-&!.4!4-,@4-7#4!4-!4%!9@7@#&!4-!/%(-7(.!&!(-+:(%4.2!!D@(%Q@+4#!,&:/@4.7&!(#7+9+,+(%!/@4*4!
,&-.+*4#(#.4!,&:&!7(%!.$%&!/#&M+.+&-(%:4-742!!L4!,@(%Q@+4#!:(-4#(H!%(!%E-4(!Q@4!.4/(#(!%&.!
,&:/@4.7&.!-(7@#(%4.!*4!%&.!*4#+M(*&.!(#7+9+,+(%4.!.4:+C.+-7I7+,&.!4.!:@J!74-@42!!O&.!4-Y+:(.!*4!
%&.!P&-'&.!/.+%&,+6+,&.!gMI(.4!D(/E7@%&!?h!Q@4!,(7(%+Y(-!%(!7#(-.9&#:(,+$-!*4!%(!LGS!4-!`CP+*#&>+C
LGS!&!/.+%&,+-(!g7I,-+,(:4-74!+-*&%C`CP+*#&>+%(.(.h!/@4*4-!(,4/7(#!%(!L)S!(#7+9+,+(%!gMI(.4!
D(/E7@%&!<h!,&:&!.@6.7#(7&H!4-!%@'(#!*4!%(!LGSH!J!,(7(%+Y(-!%(!7#(-.9&#:(,+$-!*4!L)S!4-!`CP+*#&>+C
L)S!&!D|C3`!gb(#7Y!;AZA,h2!!L4!9&#:(!.+:+%(#H!%&.!#4,4/7&#4.!*4!-@4.7#&!,4#46#&!/@4*4-!(,4/7(#!
4.7(!`CP+*#&>+CL)S!4-!%@'(#!*4!%(!`CP+*#&>+CLGS!g/.+%&,+-(hl!&!L)S!4-!%@'(#!*4!%(!LGSH!#4.@%7(-*&!
4-!,@(%Q@+4#!,(.&!@-!494,7&!4-74&'I-+,&2!!).7&.!:+.:&.!4-Y+:(.!*4!%&.!P&-'&.!7(:6+I-!/@4*4-!
;]<!
!
(,7@(#!.&6#4!(%,(%&+*4.!*4%!,&#-4Y@4%&!/(#4,+*&.!(!%(!OKL!gMI(.4!D(/E7@%&!WhH!/#&*@,+4-*&!
:&*+9+,(,+&-4.!Q@E:+,(.!4-!.@!4.7#@,7@#(!gB#(,R!+*"%/-";AXWl!8&9:(--!;AX`h2!!).!/&#!%&!7(-7&!
+##4%4M(-74!+-74-7(#!_@Y'(#!(!%&.!,&:/@4.7&.!4-!6(.4!(!Q@4!.4(-!-(7@#(%4.!&!(#7+9+,+(%4.2!!O(!
M(+-+%%+-(!-(7@#(%!.+-7I7+,(H!+*I-7+,(!(!%(!M(+-+%%+-(!*4!%(!/%(-7(!,@(-*&!.4!&67+4-4!(!/(#7+#!*4!%&.!
#4.+*@&.!#+,&.!4-!%+'-+-(!*4!%(!+-*@.7#+(!/(/4%4#(H!4.!@-!4_4:/%&!6#+%%(-74!*4%!#4,+,%(*&2!!L4!9&#:(!
Q@4!.@6/#&*@,7&.!Q@E:+,&.H!Q@4!.4#E(-!*4!&7#&!:&*&!M4#7+*&.!&!(%:(,4-(*&.!,&:&!c#4.+*@&.!
7$>+,&.d!/@4*4-!.4#!#4,&-M4#7+*&.!4-!@-!M(%+&.&!(#&:(7+Y(-742!![I(.4!7(:6+I-!%(!.+'@+4-74!-&7(2!
!
!!!;;!C!D&:&!.4!4>/%+,(6(!4-!%(!-&7(!(-74#+&#H!4.!(6.@#*&!(,4/7(#!(%'@-&.!,&:/@4.7&.!.$%&!/&#Q@4!
.&-!-(7@#(%4.!J!#4,P(Y(#!&7#&.!/&#Q@4!.&-!(#7+9+,+(%4.2!!\&!/&*4:&.!4.7(#!.4'@#&.!*4!Q@I!
,&:/@4.7&.!(#7+9+,+(%4.!.4!*4.,@6#+#T-!*4./@I.!4-!%(!-(7@#(%4Y(2!!5*4:T.H!(%'@-&.!*4!%&.!
,&:/@4.7&.!:T.!7$>+,&.!Q@4!.4!,&-&,4-!.&-!*4!P4,P&!-(7@#(%4.H!,&:&F!%(.!(9%(7&>+-(.!J!&7#(.!
:+,&7&>+-(.H!%(!7&>+-(!6&7o%+,(H!%(!7&>+-(!*4%!,$%4#(H!%(!/(%J7&>+-(!*4!%&.!,4%4-7I#4&.H!(:(7&>+-(.!J!
9(%&7&>+-(.!g7&>+-(.!/4/7E*+,(.!,E,%+,(.!/#4.4-74.!4-!;'%,<*%"G$%//)<1+."J!&7#&.!P&-'&.hH!%(!
747#&*&7&>+-(H!%(!:J7+%+7&>+-(!&!7&>+-(!*4!b&-J(%@%(>H!%(.!6(7#(,&7&>+-(.H!%(!P(%+7&>+-(H!47,2!!).7(!
%+.7(!*4!7&>+-(.!-(7@#(%4.!4>7#(&#*+-(#+(:4-74!/&74-74.!,#4,4!(!*+(#+&2!!K4!4.7+:(!Q@4!,&-!%(!*+47(!
-&#:(%!(:4#+,(-(!.4!+-'+4#4-!*+(#+(:4-74!;?]]!:'!*4!/4.7+,+*(.!-(7@#(%4.!/#4.4-74.!
/#T,7+,(:4-74!4-!7&*(.!%(.!/%(-7(.!,&:4.7+6%4.H!J!.$%&!]H]A!:'!*+(#+&.!*4!/4.7+,+*(.!(#7+9+,+(%4.2!
xGT.!*4!;]2]]]!M4,4.!:T.!7&>+-(.!-(7@#(%4.!Q@4!(#7+9+,+(%4.y!gb&%*!+*"%/-";AAWh!L49+-+7+M(:4-74H!-&!
/&*4:&.!4Q@+/(#(#!4%!,&-,4/7&!*4!c-(7@#(%d!,&-!4%!*4!c.(-&d2!!O(!/@6%+,(,+$-!4-!;A3W!*4%!%+6#&!*4!
5-*#4i!j4+%!C$+"@%*3&%/"[<,1-T";"@+i"j%5")0!K))F<,?"%*"L&3?."%,1"*$+"><?$+&"B),.(<)3.,+.."
gj4+%!;A3Wh!9@4H!.+-!%@'(#!(!*@*(.H!@-!/&74-74!4.7E:@%&!/(#(!4%!@.&!*4!4-74$'4-&.!c&#'T-+,&.d!J!
c:4.,(%+-(d!4-!&/&.+,+$-!(!%(!OKL2!!).74!%+6#&!.4!/&*#E(!*4.,#+6+#!,&:&!4%!4M(-'4%+&!*4!c%&!-(7@#(%!
4.!:4_&#d!&!*4%!:&M+:+4-7&!4-!/#&!*4!%(!c&#'(-&9E%+(d2!!=-&!-&!/@4*4!P(,4#!&6_4,+&-4.!(!%(!74.+.!
*4!j4+%!*4!Q@4!%(!P&_(!*4!,&,(H!(%!.4#!@-(!9&#:(!:T.!*+%@+*(!J!:4-&.!,&-,4-7#(*(!*4!%(!*#&'(H!4.!
+-P4#4-74:4-74!:T.!.4'@#(!Q@4!4%!@.&!*4%!/#+-,+/+&!(,7+M&!,&-,4-7#(*&!J!(+.%(*&H!4-!4.74!,(.&!%(!
,&,(E-(2!!).74!4.!@-!,(.&!4./4,+(%H!/@4.7&!Q@4!%(!P&_(!*4!,&,(!4.!@-!(%+:4-7&!-@7#+7+M&!gL@R4!+*"%/-"
;A3?h!J!-&!.4!.(64!Q@4!,&-74-'(!4%4:4-7&.!7$>+,&.H!(!/(#74!*4%!*(7&!-&!,&-9+#:(*&!*4!%(!
/#4.4-,+(!*4!-+,&7+-(!4-!%(.!P&_(.!g\&MTR!+*!(%2!;AZ`h2!!K4#E(!@-!4##&#H!.+-!4:6(#'&H!,&-.+*4#(#!Q@4!
4.7(!.4(!%(!-&#:(!&!%(!#4'%(!'4-4#(%2!!)-!4%!,(.&!*4!%(.!*#&'(.!Q@4!.4!9@:(-H!,&:&!4%!B%,,%8<.!"
.4#E(!+-,@4.7+&-(6%4:4-74!:T.!.(-&!9@:(#!4%!/#+-,+/+&!(,7+M&!/@#&!gS8DhH!4-!%(!*&.+.!(/#&/+(*(H!
Q@4!%(.!/#4/(#(,+&-4.!M4'47(%4.!,@J(!,&:6@.7+$-!'4-4#(!(%Q@+7#T-!J!&7#&.!/#&*@,7&.!*4!/+#&%+.+.!
Q@4!.&-!,(-,4#E'4-&.2!!K4#E(!:@,P&!:T.!.(%@*(6%4!9@:(#!LGS!/@#(!gMI(.4!D(/E7@%&!<h!Q@4!
/#4/(#(*&.!M4'47(%4.!Q@4!%(!,&-74-'(-H!/&#!%(!:+.:(!#(Y$-2!!G(.,(#!6474%!=;&+(%"(%*+($3"@-(!
/(%:4#(!Q@4!*(!-@4,4.!Q@4!.4!:(.,(-H!@-&!*4!%&.!4.7+:@%(-74.!:T.!@7+%+Y(*&.!4-!4%!:@-*&h!4.!
,&-!7&*(!.4'@#+*(*!,(-,4#E'4-(2!!5@-Q@4!.@!/#+-,+/+&!(,7+M&!:T.!+:/&#7(-74H!%(!%&+()/<,%!"4.!
.@/@4.7(:4-74!,(-,4#E'4-(H!4-!:@,P&.!4.7@*+&.!-&!:@4.7#(!7&>+,+*(*!/&#!.E!:+.:(H!&!:@J!/&,(2!!
O(!:(.,(*(!*4!8+*+/!7(%!J!,&:&!.4!:(.7+,(!,&-!,(%!J!P&_(!*4!8+*/+"=#<G+&"8+*/+:",&-7+4-4!:@,P&.!
,(#,+-$'4-&.!:@J!(,7+M&.!gK4-!+*"%/-";AZAh2!!O(!%&+()/<,%"/@#(!.4#E(!@-(!9&#:(!:T.!.4'@#(!*4!
;]`!
!
,&-.@:+#!%(!*#&'(H!J!4-!*&.+.!*4!`!:'!.4!P(!*4:&.7#(*&!Q@4!/&74-,+(!*4!9&#:(!.+'-+9+,(7+M(!4%!
(/#4-*+Y(_4!.4#+(%!4-!%&.!.4#4.!P@:(-&.!gK+7(#(:!+*"%/-";A3Zh2!!"&#!&7#(!/(#74H!%&.!(-7+&>+*(-74.!
-(7@#(%4.H!,&:&!%(.!M+7(:+-(.!(%9(C7&,&94#&%!J!647(C,(#&74-&H!.4!P(-!,+7(*&!,&:&!#4./&-.(6%4.!*4%!
494,7&!Q@+:+&/#&74,7&#!*4%!4>7#(,7&!*4!P&_(.!*4!647%4!&6.4#M(*&!,&-7#(!%&.!7@:&#4.!*4!4.7$:('&!
+-*@,+*&.!(#7+9+,+(%:4-74!/&#!4%!64-Y&!(%/+#4-&!4-!#(7&-4.!gBP+*4!+*"%/-";AA;hH!@-!494,7&!Q@4!-&!.4!
&6.4#M$!4-!%(.!/#@46(.!Q@4!.4!P+,+4#&-!@7+%+Y(-*&!%&.!/#4/(#(*&.!*4!8+*+/!"Q@4!9#4,@4-74:4-74!
,&-7+4-4-!7(6(,&!,(-,4#E'4-&!g@-(!:&*4#-(!+--&M(,+$-!+-7#&*@,+*(!4-!%(!N-*+(!*@#(-74!%(!
.4'@-*(!b@4##(!G@-*+(%l!KP@%'+-!;AAWh!(*4:T.!*4!4./4,+(.!,&:&!,%(M&!J!.4:+%%(.!*4!,(#*(:&:&2!!
O(!-+,&7+-(!/@#(!g,&:&!4%!,P+,%4!@<()&+**+:".4#E(!7(:6+I-!@-!4.7+:@%(-74!:T.!.4'@#&!Q@4!%(.!
/#4/(#(,+&-4.!*4!7(6(,&H!Q@4!.&-!,(-,4#E'4-(.!4-!,@(%Q@+4#(!*4!.@.!/#4.4-7(,+&-4.H!*46+*&!(!%&.!
:@,P&.!,(#,+-$'4-&.!Q@4!(,&:/(0(-!(!%(!-+,&7+-(!4-!4%!P@:&!*4%!7(6(,&H!&!4-!4%!_@'&!*4%!7(6(,&!
:(.,(*&!gB4,R4#!"&/4.,@!;AZ?h2!!O(!%+.7(!*4!/%(-7(.!:4*+,+-(%4.!7#(*+,+&-(%4.!Q@4!.4!.(64!(P&#(!
Q@4!,&-7+4-4-!-+M4%4.!7$>+,&.!*4!(%,(%&+*4.!/+##&%+Y+*+-+,&.!(@:4-7(!,(*(!(0&2!!L4!K:47!,+7$!
#4,+4-74:4-74!XW!/%(-7(.!:4*+,+-(%4.!7#(*+,+&-(%4.!4-!7#4.!9(:+%+(.F!;.*+&%(+%+!"W)&%?<,%(+%+"5!
K+?3'<,).%+!"*4!%(.!Q@4!(P&#(!.4!.(64!,&-7+4-4-!-+M4%4.!7$>+,&.!*4!(%,(%&+*4.!/+##&%+Y+*+-&.!
P4/(7&7$>+,&.H!J!@-!7&7(%!*4!WZ`!4./4,+4.!*4!/%(-7(.!4-!.4+.!9(:+%+(.!Q@4!,&-74-E(-!4.7&.!
,&:/@4.7&.!/4%+'#&.&.!gL4!K:47!;AA;h2!!O(!:T.!,&-&,+*(!4.!%(!(),.3+/1%!=E5'G$5*3'")00<(<,%/+:!"
Q@4!4.7T!,&-.+*4#(*(!/&#!7&*&.!:4-&.!%&.!+*4$%&'&.!:T.!/@#&.!*4!%(!c&#'(-&9E%+(d!,&:&!
*4:(.+(*&!7$>+,(!/(#(!.@!@.&H!4>,4/7&!4-!(/%+,(,+&-4.!/&#!ME(!7$/+,(!gL4#!G(#*4#&.+(-!J!O+64#7+!
;AZZl!j4+%!;AA]h2!!L46+*&!(!.@!,&-74-+*&!4-!(%,(%&+*4.!P4/(7&7$>+,&.!,&:&!%(!.<'04*<,%"J!%(!
+23<'<1<,%!"%(!&#'(-+Y(,+$-!6#+7T-+,(!#4./&-.(6%4!*4!%(!M4-7(!*4!%(!(),.3+/1%"4-!b#(-!B#47(0(!
*4,%(#$!Q@4!c-+-'o-!.4#!P@:(-&!&!(-+:(%!*464#E(!,&:4#H!6464#!&!7&:(#!(),.3+/1%"4-!-+-'@-(!
9&#:(d!gL4#!G(#*4#&.+(-!J!O+64#7+!;AZZh2!!)-!K@*T9#+,(!.4!P(-!(7#+6@+*&!(%!:4-&.!WX]!:@4#74.!
#4,+4-74.!/&#!,#+.+.!#4-(%!&!P4/T7+,(!(%!@.&!:4*+,+-(%!&!*4!&7#&!7+/&!*4!%(!B%//</+G.<."/%3&+)/%"*4!%(!
9(:+%+(!*4!%(.!;.*+&%(+%+!",@J&!7@6I#,@%&!,&-7+4-4!4%!'%@,$.+*&!7$>+,&H!%*&%(*</).<1%"gBJ4!J!L@77&-!
;AA;h2!!L4!-@4M&H!-(7@#(%!-&!4.!4-!:&*&!(%'@-&!4Q@+M(%4-74!(!.4'@#&2!!)-!4%!/#4.4-74!,(.&H!OKL!
M4#.@.!:4.,(%+-(!&!:4.,(%+-(!/@#(!M4#.@.!GA5)*/!"-&!P(J!*@*(!*4!Q@4!%(!OKL!(#7+9+,+(%!4.!@-!
4-74$'4-&!:T.!.(-&!Q@4!%(!:4.,(%+-(2!!s!.+:+%(#:4-74H!%(!:4.,(%+-(!4.!:T.!.4'@#(!Q@4!7&*&!4%!
GA5)*/-""=-(!*&.+.!7E/+,(!*4!OKLH!;]]VW?]!:+,#&'#(:&.H!4Q@+M(%4!(!'#&.&!:&*&!(!%(!/&74-,+(!*4!
`]]C;]]]!:+%+'#(:&.!*4!:4.,(%+-(2!!).7&!4.H!%(!OKL!4.!@-(.!`]]]!M4,4.!:T.!/&74-74!Q@4!%(!
:4.,(%+-(2!!).7&!.+'-+9+,(!Q@4!4%!,@4#/&!*4%!,&-.@:+*&#!*4!(:6(.!*#&'(.!*464!:47(6&%+Y(#!;V`]]]!
%(!,(-7+*(*!*4!(%,(%&+*4!4-!4%!,(.&!*4!@-(!*&.+.!*4!OKL!4-!,&-7#(.74!(!@-(!*&.+.!*4!:4.,(%+-(l!
.+4-*&!(:6(.!.@.7(-,+(.!4>7#(0(.!(%!,@4#/&2!!)-!'4-4#(%!.4!/@4*4!*4,+#!Q@4!%(!*&.+.!*4!OKL!
#4/#4.4-7(!:@,P&!:4-&.!*4.'(.74!*4!%&.!:4,(-+.:&.!*4!*47&>+9+,(,+$-!*4%!,@4#/&2!!S(:6+I-!P(J!
:4-&.!/&.+6+%+*(*4.!*4!.@9#+#!494,7&.!.4,@-*(#+&.!,&-!%(!OKLH!*46+*&!(!.@!:+-o.,@%(!*&.+.2!!
N'@(%:4-74H!+-'4#+#!GA5)*/"#4/#4.4-7(!+-'4#+#!@-&.!?]!(%,(%&+*4.!g/&#!-&!:4-,+&-(#!/I/7+,&.H!
,(#6&P+*#(7&.H!(:+-&T,+*&.H!T,+*&.!-@,%I+,&.H!'#(.(.H!,&-.7+7@J4-74.!*4.,&-&,+*&.!
/&74-,+(%:4-74!7$>+,&.H!47,2h2!O&.!6&7&-4.!1+"GA5)*/".4,&!,&-7+4-4-!(/#&>+:(*(:4-74!@-!Z{!*4!
(%,(%&+*4.H!@-(!,(-7+*(*!,&-.+*4#(6%4!*4!%(!,@(%!@-!<]{!4.!:4.,(%+-(H!;3{!/4J&7%+-(!&!/4%%&7+-(H!
;`{!(-P(%&-+*+-(H!Z{!
;]?!
!
(-P(%(:+-(!J!P&#*4-+-(H!J!?{!%&9&9&#+-(!gO@-*.7#m:!;A3;h2!!)>/#4.T-*&%&!4-!/&#,4-7(_4.H!4%!
,&-74-+*&!*4!%&.!6&7&-4.!*4!GA5)*/".4,&!4.F!WH`CWH3{!:4.,(%+-(l!;H`C;H?{!/4J&7%+-(!&!/4%%&7+-(l!
;HWC;H<{!(-P(%&-+*+-(l!]HXC]H3{!*4!,(*(!(-P(%(:+-(!J!P&#*4-+-(l!J!]H`{!%&9&9&#+-(!gB#@P-!J!
8&%:.74*7!;A3`l!O@-*.7#m:!;A3;h2!!"(#(!+-'4#+#!`]]!:'!*4!:4.,(%+-(!@-&!74-*#E(!Q@4!7&:(#!;X!
'#(:&.!*4!6&7&-4.!*4!GA5)*/".4,&H!J!4-!4%!/#&,4.&!+-'4#+#E(!@-!7&7(%!*4!;HWZ!'#(:&.!*4!(%,(%&+*4.H!
+-,%@J4-*&!W`]!:'!*4!/4J&7%+-(!&!/4%%&7+-(H!W]]!:'!*4!(-P(%&-+*+-(H!;]]!:'!*4!,(*(!(-P(%(:+-(!
J!P&#*4-+-(H!X?!:'!*4!%&9&9&#+-(!g:T.!&7#&.!;3?!:'!*4!@-(!.&/(!*4!:T.!*4!`]!&7#&.!(%,(%&+*4.h2!!
O(!/4J&7%+-(!&!/4%%&7+-(!4.!@-!.4*(-74!494,7+M&!/(#(!%&.!(*@%7&.!(!@-(!*&.+.!*4!?]!:'!ge&%%J!;ZAXhH!
(.E!Q@4!%(!*&.+.!*4!GA5)*/",&-74-*#E(!,(.+!,+-,&!M4,4.!%(!*&.+.!494,7+M(2!!O(!(-P(%&-+*+-(!4_4#,4!@-!
494,7&!.+:+%(#H!/4#&!,&-!@-(!,@(#7(!/(#74!*4!(,7+M+*(*!4.74!,&:/@4.7&!/#&6(6%4:4-74!-&!
,&-7#+6@J4!(!%&.!494,7&.!*4%!GA5)*/"gKP@%'+-!;A3<h2!!O(!P&#*4-+-(!4.!@-!4.7+:@%(-74H!/4#&!849974#!
,&:/#&6$!Q@4!@-(!*&.+.!*4!;]]!:'!4#(!+-(,7+M(!gB#@P-!J!B#@P-!;A3<h2!!O(!%&9&9&#+-(!4.!(%7(:4-74!
7$>+,(!J!/#&*@,4!,&-M@%.+&-4.!.+:+%(#4.!(!%(.!*4!%(!4.7#+,-+-(!4-!*&.+.!*4!;W!:'V^'2H!/#&*@,+4-*&!
-T@.4(.!4-!P@:(-&.!(!*&.+.!:@J!+-94#+&#4.!g5-*4#.&-!;AZ]h2!!849974#!*4:&.7#$!Q@4!@-(!*&.+.!*4!
W]!:'!*4!%&9&9&#+-(!/#&*@,4!M(.&*+%(7(,+$-!J!*&%&#!*4!,(64Y(!g849974#!;ZAZh2!!5.E!Q@4!%(!4%4,,+$-!
4.!,%(#(2!!=-&!/@4*4!.&:474#!(%!,@4#/&!(!@-(!*I,+:(!/(#74!*4!@-!:+%+'#(:&!*4!OKLH!&!(!`]]!
:+%+'#(:&.!*4!:4.,(%+-(!g`]]]!M4,4.!:T.hH!&!(!`]]!:'!*4!:4.,(%+-(!4-!9&#:(!*4!GA5)*/"_@-7&!,&-!
ZZ]!:+%+'#(:&.!*4!&7#&.!(%,(%&+*4.!g;<2]]]!M4,4.!:T.!(%,(%&+*4.!Q@4!,&-!%(!*&.+.!*4!OKLhH!(%'@-&.!
7$>+,&.!J!&7#&.!*4!7&>+,+*(*!*4.,&-&,+*(H!_@-7&!,&-!+--@:4#(6%4.!,&-.7+7@J4-74.!*4.,&-&,+*&.H!
/&.+6%4:4-74!7$>+,&.2!qU@I!&/,+$-!.4#T!:T.!.(%@*(6%4!/(#(!4%!&#'(-+.:&r!!=-!%+6#&!#4,+4-74!
gG,^4--(!;AA;h!#4M+ME(!%(!.4-74-,+(!*4!j4+%!c%&!-(7@#(%!4.!:4_&#d!,&-!#4./4,7&!(!%&.!4-74$'4-&.H!
/#&:&,+&-(-*&!%&.!/#&*@,7&.!-(7@#(%4.!/.+%&,+6+-(H!:4.,(%+-(!J!LGS!4-!,&-7#(!*4!%(!(#7+9+,+(%!OKL2!
!
!!!;WCD&:&!5-*#4i!j4+%!#4,&-&,4!4-!.@!o%7+:&!%+6#&!gj4+%!;AA]hH!c-&!4>+.74!@-(!*+94#4-,+(!
.@.7(-,+(%!4-7#4!%(.!M+7(:+-(.!-(7@#(%4.!J!%(.!.+-7I7+,(.d2!!s&!(:/%+(#E(!4.7(!(9+#:(,+$-!J!*+#E(!Q@4!
-&!.$%&!-&!P(J!@-(!*+94#4-,+(!+:/&#7(-74H!.+-&!Q@4H!4-!:@,P&.!,(.&.H!%(.!%%(:(*(.!M+7(:+-(.!
c-(7@#(%4.d!,&-7+4-4-!%(.!:+.:(.!M+7(:+-(.!.+-7I7+,(.!Q@4!.@.!/(#+4-74.!:T.!P&-4.7(:4-74!
,%(.+9+,(*(.2!!D&:&!.4!.40(%(6(!4-!%(!\&7(!;]H!7&*(.!%(.!M+7(:+-(.!.&-!,&:/@4.7&.!-(7@#(%4.!J!
/@4*4-!.4#!,%(.+9+,(*(.!,&:&!7(%4.H!J(!.4(-!(+.%(*(.!*4!@-(!/%(-7(!&!(-+:(%!&!6+4-!/#4/(#(*(.!
:4*+(-74!.E-74.+.!&!.4:+C.E-74.+.2!!5%'@-&.!9(6#+,(-74.!*4.P&-4.7&.!4>/%&7(-!%(!,&-9@.+$-!*4%!
/o6%+,&!/(#(!4:6(@,(#%4.!J!M4-*4#%4.!M+7(:+-(.!c-(7@#(%4.d!(!@-!/#4,+&!4>&#6+7(-742!!=-!4_4:/%&!
%&!,&-.7+7@J4-!%&.!/#4/(#(*&.!ck&.4!8+/.![+7(:+-!Dd!g[+7(:+-(!D!*4!#&.(.!.+%M4.7#4.h!&!c5,4#&%(!
[+7(:+-!Dd2!!K4!Q@+4#4!P(,4#!,#44#!(%!,&:/#(*&#!Q@4!%(!M+7(:+-(!D!.4!P(!(+.%(*&!(!/(#7+#!*4!%&.!
9#@7&.!*4!%(.!#&.(.!.+%M4.7#4.!g9#@7&.!.4,&.!*4!N).%".//2h!&!*4!%(.!,4#4Y(.!*4!%(!(,4#&%(!g9#@7&!*4%!
[%/G<?$<%"?/%8&%:-"")-!%(!47+Q@47(!/&-4!'4-4#(%:4-74!c,&-74-+*&!:4*+&d!*4!7(-7&.!:+%+'#(:&.!*4!
[+7(:+-(!D2!).7&!.+'-+9+,(!Q@4!%(!,(-7+*(*!*4H!/&-'(:&.!W?]!:'!*4![+7(:+-(!D!Q@4!+-*+,(!%(!
47+Q@47(!4.!%(!,(-7+*(*!g%4![+7(:+-(!B".<,*A*<(%"Q@4!,&-7+4-4!,(*(!/(.7+%%(H!(*4:T.!*4!@-(!,(-7+*(*!
*4.,&-&,+*(!*4!/&%M&!*4!#&.(.!.+%M4.7#4.!&!*4!,4#4Y(.!*4!(,4#&%(H!Q@4!4-!#4(%+*(*!.$%&!.+#M4-!/(#(!
(#&:(7+Y(#H!(@-Q@4!/@4*(-!,&-7#+6@+#!,&-!@-(!:E-+:(!,(-7+*(*!*4![+7(:+-(!D2!O4(-!%(.!47+Q@47(.!
;]X!
!
:+-@,+&.(:4-742!qL+,4!(,(.&!Q@I!,(-7+*(*!*4![+7(:+-(!D!.4!4>7#(4!*4!%(.!#&.(.!.+%M4.7#4.!&!*4!%(.!
,4#4Y(.!*4!(,4#&%(r2!!K+!-&H!4.,#+6(!(%!9(6#+,(-74!J!4>E_(%4!%&.!*(7&.!,&-,#47&.2!!5%'@-&.!*4!4.7&.!
/#&*@,7&.!4.7T-!47+Q@47(*&.!:T.!P&-4.7(:4-74!,&:&!%(!c\(7@#(%![+7(:+-!D!i+7P!k&.4!8+/.d!
g[+7(:+-(!D!-(7@#(%!,&-!#&.(.!.+%M4.7#4.h2!!)>+.74-!(%'@-(.!M+7(:+-(.!4-!4%!:4#,(*&!Q@4!#4(%:4-74!
.4!4>7#(4-!*4!/%(-7(.!&!(-+:(%4.!g%(![+7(:+-(!5!*4!(,4+74!*4!PE'(*&!*4!/4.,(*&!4.!@-!6@4-!
4_4:/%&h2!!"4#&!@-!/#&6%4:(!Q@4!/@4*4-!74-4#!4.7&.!/#&*@,7&.!4.!%(!/&.+6%4!/#4.4-,+(!*4!
,&-7(:+-(-74.!(:6+4-7(%4.!.&%@6%4.!4-!'#(.(.!Q@4!.4!4-,@4-7#(-!4-!%&.!&,I(-&.2!!5%'@-(.!M4,4.!
%(![+7(:+-(!)!.4!4>7#(4!*4!(,4+74.!M4'47(%4.2!!5@-Q@4!%(!:(J&#E(!*4!%(.!M4,4.!-&!&,@##4!(.E2!!O4(!%(.!
47+Q@47(.!,&-!(74-,+$-!J!-&!.4!*4_4!4-'(0(#!/&#!9(6#+,(-74.!(.7@7&.2!!"+4-.4!7(:6+I-!4-!%&.!
/#&6%4:(.!4,&%$'+,&.!(.&,+(*&.!(!%(!4>7#(,,+$-!*4!M+7(:+-(.!*4!(%+:4-7&.!.@/%4:4-7(#+&.2!!K+!.4!
7#(7(!*4!@-!#4.+*@&!*4!&7#&.!/#&,4.&.!*4!/#&*@,,+$-!*4!(%+:4-7&.H!,&:&!4-!4%!,(.&!*4!%(![+7(:+-(!
5!*4%!PE'(*&!*4!/4.,(*&H!/4#94,7&2!!5*4:T.!4.&.!/#&*@,7&.!.@4%4-!.4#!6(#(7&.2!!"4#&!.+!.4!
*4.7#@J4-!(%+:4-7&.!*4!,(%+*(*!.$%&!/(#(!Q@4!/4#.&-(.!g,&:/(#(7+M(:4-74h!#+,(.!J!6+4-!
(%+:4-7(*(.!/@4*(-!,&-.@:+#!M+7(:+-(.!4>7#(E*(.!*4!9@4-74.!,%*3&%/+.!"4.7&!#4/#4.4-7(!.+-!*@*(!
@-!'(.7&!,&-.+*4#(6%4H!(.E!,&:&!@-(!+--4,4.(#+(!,&-7(:+-(,+$-!:4*+&(:6+4-7(%H!&,(.+&-(*(!/&#!
%(!:(-+/@%(,+$-!Q@E:+,(!*4!4.7&.!/#&*@,7&.2!!L4.,&-9E4!*4!%(.!(9+#:(,+&-4.!*4!%&.!9(6#+,(-74.!J!
#4,@4#*4!Q@4!%(!/@6%+,+*(*!J!%(.!#4%(,+&-4.!/o6%+,(.!4.7T-!*+.40(*(.!.$%&!/(#(!M4-*4#!/#&*@,7&.H!
/&#!%&!Q@4!*464-!7#(7(#.4!.+4:/#4!,&-!4.,4/7+,+.:&2!!5!%&.!9(6#+,(-74.!-&!%4.!#4/@'-(!:(-+/@%(#!
,E-+,(:4-74!(%!/o6%+,&!J!%(.!74-*4-,+(.!(,7@(%4.!.&6#4!*+47(.H!/&%E7+,(!J!&/+-+$-!4-!.@!+-4>&#(6%4!
6o.Q@4*(!*4%!(@:4-7&!*4!M4-7(.2!!k4,+4-74:4-74!*+.9#@7I!:@,PE.+:&!7&:(-*&!@-(!7(6%47(!*4!
,P&,&%(74!B/)31"@<,+!"4-!,@J(!47+Q@47(!.4!#4,(%,(6(!Q@4!4-!%(!4%(6&#(,+$-!.4!P(6E(!@.(*&!c(,4+74!
-(7@#(%!*4!M(+-+%%(!*4!S(P+7Ed!4-!M4Y!*4!c(#&:(!(#7+9+,+(%!*4!M(+-+%%(d2!!).7&!4.7T!6+4-H!J!
/4#.&-(%:4-74!,#4&!Q@4!4%!.(6&#!:T.!#+,&!J!,&:/%4_&!*4%!4>7#(,7&!*4!%(!/%(-7(!*4!M(+-+%%(!4-!
,&:/(#(,+$-!(!%(!M(+-+%%+-(!/@#(H!Q@4!4.!.@!/#+-,+/(%!(@-Q@4!-&!o-+,&!4%4:4-7&!(#&:(7+Y(-74H!
_@.7+9+,(!.@!@.&!J!.@!:(J&#!,&.742!!)%!,T%+*&!6+4-4.7(#!Q@4!:4!/#&*@_&!4.7(!*&.+.!*4!:+!*#&'(!
9(M&#+7(!gf77!;AZ?l!f77!;AA<6h!9@4!+-74-.+9+,(*&!(%!%44#!%(!(9+#:(,+$-!*4%!9(6#+,(-74!*4!Q@4!c4%!;]{!
*4!-@4.7#&.!64-49+,+&.!.4!+-M+4#74!*+#4,7(:4-74!4-!%(!,&-.4#M(,+$-!*4!%&.!6&.Q@4.!7#&/+,(%4.!*4!
%(.!T#4(.!*4!/#&*@,,+$-!*4!,(,(&d2!!kT/+*(:4-74!#4,&#*IH!.+-!4:6(#'&H!Q@4!4.(.!Y&-(.H!
/#4,+.(:4-74!/&#Q@4!.4!*4.7+-(-!(!%(!/#&*@,,+$-!*4%!,(,(&H!4.7T-!/#T,7+,(:4-74!*4./#&M+.7(.!*4!
6&.Q@4.!7#&/+,(%4.H!Q@4!.4!P(-!7(%(*&!/(#(!/%(-7(#!%&.!T#6&%4.!*4!,(,(&2!!)%!I>+7&!(##&%%(*&#!
*4.4(*&!*4!%(.!7(6%47(.!*4!,P&,&%(74!B/)31"@<,+!/&*#E(H!*4!P4,P&H!,&-*@,+#!(!@-!(@:4-7&!4-!%(!
/#4.+$-!/(#(!*+.:+-@+#!%(.!Y&-(.!*4!6&.Q@4!7#&/+,(%4.H!Q@4!*464#E(-!.4#!7(%(*(.!/(#(!/&*4#!
.(7+.9(,4#!4%!(@:4-7&!*4!%(!*4:(-*(2!!5*4:T.H!q,$:&!/@4*&!.(64#!Q@4!%(!4:/#4.(!*4!B/)31"@<,+"
P(!74-+*&!64-49+,+&.!(%'@-(!M4Yr!!)%!;]{!*4!-(*(!4.!,4#&2!!"#494#+#E(!:@,P&!:T.!.(64#!(3D,*)"
*+-4#&!*&-$!%(!4:/#4.(!4-!4%!(0&!(-74#+&#H!J!,$:&!.4!4.7T!@7+%+Y(-*&!4.(!*&-(,+$-!/(#(!.@/4#(#!&!
,&:/4-.(#!%(!:(.+M(!*4.7#@,,+$-!4,&%$'+,(!Q@4!%(!/#&*@,,+$-!*4!,(,(&!P(!,(@.(*&!P+.7$#+,(:4-74!
(!%(.!Y&-(.!*4!6&.Q@4.!7#&/+,(%4.2!
;]3!
!
"
D=5Lkf!N!
D5DSfK!U=)!Df\SN)\)\!G)KD5ON\5!
"
"
"
"
"
X5',)(%/5(<3'"?<88).3'!!
L@D%&@>!;A<]!
K)G$)G$)&%"1<003.%!!
S&**!;AXAl!B#@P-!J!8&%:.74*7!;A3`g;h!
K)G$)G$)&%"i<//<%'.<<"=q";,$%//),<3'"/+i<,<<:!!
849974#!;ZAXl!849974#!;ZAZ!
IG3,*<%"%(%,*$)(%&G%!!
G(!+*"%/-";AZX!g;h!
IG3,*<%"8%.</%&<.!!
G(!+*"%/-";AZX!g;h!
IG3,*<%"+($<,)(%&G%!!
G(!+*"%/-";AZX!g;h!
IG3,*<%"<'8&<(%*%!!
G4J4#!+*"%/-";AZ]!g;h!
IG3,*<%".G<,).<)&!!
"(#*(-(-+!+*"%/-";A3Z!g;h!
#+/+(5G$)&%"%.+//<0)&'<.!!
\4(%!+*"%/-";A3W!g;h!
#+&+.F<%"()&&3?%*%!!
L&47.,P!+*"%/-";AZ]!g;h!
#+&+.F<%"*%'G<(%,%"
!L&47.,P!+*"%/-";AZ]!g;h!
#+&+.F<)G.<.".%(%,1+,.!!
L&47.,P!+*"%/-!;AZ]!g;h!
#)/%.F<%"($+,1+!!
G(!+*"%/-";AZX!g;h!
#*+&)(+&+3."?%3'+&<!!
G(!+*"%/-";AZX!g;h!
E*+,)(+&+3."8+,+(F+<!!
G(!+*"%/-!!;AZX!g;h!
E*+,)(+&+3."+&3(%!!!
G(!+*"%/-";AZX!g;h!
E*+,)(+&+3.".*+//%*3.!!
G(!+*"%/-!!;AZX!g;h!
E*+,)(+&+3."*&+/+%.+<!!
G(!+*"%/-!!;AZX!g;h!
E*+*.),<%"()&5,+!!
5'@#4%%!+*"%/-";A3;!g;h!
C&<($)(+&+3."8&<1?+.<<!
5'@#4%%!;AXA6!
C&<($)(+&+3."(3d()+,.<.!!
5'@#4%%!+*"%/-";A3;!
C&<($)(+&+3."03/7</%,3.!!
5'@#4%%!+*"%/-";A3;!g;h!
C&<($)(+&+3."'%(&)?),3.!!
5'@#4%%!;AXA6!
C&<($)(+&+3."G%($%,)<!!
"&+..&-!;AX]l!!
5'@#4%%!;AXA6l!D#&.6J!J!G,%(@'P%+-!;A3<!gWh!
C&<($)(+&+3."G+&37<%,3.!!
"(#*(-(-+!+*"%/-";A33!
C&<($)(+&+3."*%23<'8%/+,.<.!!
5'@#4%%!+*"%/-";A3;!
C&<($)(+&+3."*+&.($+(F<<!!
k47+!J!D(.7#+%%&-!;A?;l!5'@#4%%!;AXA6!
C&<($)(+&+3."7%/<13.!5'@#4%%!+*"%/-";A3;!
C&<($)(+&+3."i+&1+&'%,,<%,3.!5'@#4%%!;AXA6!
;]Z!
!
\fS5K!
!
!
!!!;C!K4!P(-!4-,&-7#(*&!7#(Y(.!*4!:4.,(%+-(!4-!4.7(.!4./4,+4.!*4!,(,7&.H!_@-7&!,&-!&7#&.!(%,(%&+*4.!
94-47+%(:E-+,&.H!(%'@-&.!*4!%&.!,@(%4.!.&-!7$>+,&.2!!5,7@(%:4-74!-&!.4!/@4*4-!,&-.+*4#(#!4./4,+4.!
4-74&'I-(.!gMI(-.4!%(.!%+.7(.!*4%!5/I-*+,4!BhH!(@-Q@4!4>+.74!%(!/&.+6+%+*(*!*4!Q@4!(o-!.4!/@4*(-!
4-,&-7#(#!M(#+4*(*4.!:@,P&!:T.!#+,(.!4-!:4.,(%+-(2!!)-!4%!,(.&!*4!K)G$)G$)&%"1<003.%!"4%!
(-74,4.&#!*4%!GA5)*/!".4!P(-!%%4M(*&!(!,(6&!4-.(J&.!,&-!P@:(-&.2!!O&.!#4.@%7(*&.!P(-!.+*&!4-!.@!
:(J&#E(!4>/4#+4-,+(.!c:@J!*4.('#(*(6%4.dH!(@-Q@4!*&.!+-7#I/+*&.!/.+,&-(@7(.!(9+#:(#&-!P(64#!
4>/4#+:4-7(*&!c.4-.(,+&-4.!/%(,4-74#(.d!gLE(Y!;A3Ah2!!O(.!o-+,(.!4./4,+4.!:4.,(%E-+,(.!,&-!@-!
@.&!6+4-!4.7(6%4,+*&!4-!:4*+,+-(!7#(*+,+&-(%!,&:&!4-74$'4-&.!.&-!4%!GA5)*/!"K)G$)G$)&%!
i<//<%'.<<"g5-*4#.&-!;AZ]l!B4-E74Y!;A3?l!O(!B(##4!;A<Zl!GJ4#P&99!;A3`l!k&@P+4#!;AW3l!K74i(#7!
;AZ3l!j(..&-!;AX<hH!J!4%!K(-!"4*#&H!C&<($)(+&+3."G%($%,)<"J!C&<($)(+&+3."G+&37<%,3.!gD(%*4#$-!+*"
%/-";AZWl!D&#*JCD&%%+-.!;AZWl!L(M+.!;AZ<6l!L&6R+-!;AXZl!L&6R+-!*4!kE&.!;A33l!L&6R+-!*4!kE&.!J!
DT#*4-(.!;AZ]l!e&#(%4:&-!J!KP(#&-!;AA<l!"&%+(!J!B+(-,P+!;AA;l!"&%+(! J!B+(-,P+!;AAWl!KP(#&-!;A3Wl!
KP(#&-!;A3Zh2!
!!!WC!5%!,&-&,+*&!,(,7&.!:4.,(%E-+,&!K(-!"4*#&!*4!K@*(:I#+,(H!+*4-7+9+,(*&!(,7@(%!:4-74!,&:&!
C*<($)(+&+3."G%($%,)<!".4!%4!,&-9@-*+$!4-!@-!/#+-,+/+&!,&-!%(!4./4,+4!;3.*&)(5/<,1&)G3,*<%"
(5/<,1&<(%!",&-&,+*(!7(:6+I-!/&#!.@!.+-$-+:&!IG3,*<%"(5/<,1&<(%!gb@7+I##4YC\&#+4'(!J!D#@YCKT-,P4Y!
;A`3h2!!L46+*&!(!4.7(!,&-9@.+$-H!.4!*+_&!Q@4!IG3,*<%"(5/<,1&<(%",&-74-E(!:4.,(%+-(!gS@:4#!J!
84J:(-!;AX]h2!!O&!:T.!/#&6(6%4!4.!Q@4!4%!:(74#+(%!Q@4!(-(%+Y(#&-!9@4.4!C&<($)(+&+3."G%($%,)<-""
D@(-*&!.4!(-(%+Y$!%(!(@7I-7+,(!IG3,*<%"(5/<,1&<(%"-&!.4!*474#:+-$!%(!/#4.4-,+(!*4!(%,(%&+*4.!
g5'@#4%%!;AXA6hH!(@-Q@4!/&.74#+&#:4-74!.4!4-,&-7#(#&-!7#(Y(.!*4!:4.,(%+-(!4-!&7#(.!,+-,&!
4./4,+4.!*4!IG3,*<%"=[%"+*"%/-";AZXl!G4J4#!+*"%/-";AZ]l!"(#*(-(-+!47!(%2!;A3Zh2!!5*4:T.H!%&.!+-*+&.!
KP(#(-(P@(!*4!K@*(:I#+,(!@7+%+Y(-!@-(!4./4,+4!-&!+*4-7+9+,(*(!*4!IG3,*<%",&:&!(*+7+M&!*4!.@.!
/&,+&-4.!*4!%5%$3%.(%"gMI(.4!4%!D(/E7@%&!`l!K,P@%74.!J!k(99(@9!;AA]h2!!"(#4,4!.4#!Q@4!%&.!
(%,(%&+*4.!+-P+6+*&#4.!*4!%(!:&-&(:+-&!&>+*(.(!*4!%(!%5%$3%.(%"/&74-,+(-!4%!494,7&!*4!%(!
:4.,(%+-(!gf77!;AA`h2!!).7(.!4./4,+4.!*4!f/@-7+(!/#&6(6%4:4-74!,&-74-'(-!:4.,(%+-(H!(%!:4-&.!
4-!,&-,4-7#(,+&-4.!6(_(.2!!"&#!&7#(!/(#74H!.4!P(!(+.%(*&!7(:6+I-!\C:47+%7+#(:+-(!*4!%(!IG3,*<%"
(/%7%*%"g[(-*4#M44-!+*"%/-";A3`h2!
;]A!
!
!
0'>C#$8!(895'!
$'9%D8$;0!%#$;=%&;0!
!

!
;;;!
!
!
&8("5C=;!0'>C#$;!
=0$Q!;=;=%C7JC%Q!WGW';#/!$'9%D8$;0!$'!=8!'9>;=%#8!
!
!
L4!#4/4-74!:4!.4-7E!4>7#(0(:4-74!4:6#+('(*&2!!)%!:@-*&!4>74#-&!,(:6+$!,&:&!4-!@-!.@40&2!!
O&.!&6_47&.!/(#4,+4#&-!'(-(#!#4%+4M4H!(*&/7(#&-!*+:4-.+&-4.!+-@.@(%4.!J!%&.!,&%&#4.!.4!M&%M+4#&-!
:T.!6#+%%(-74.2!!N-,%@.&!%(!/4#,4/,+$-!*4!:+!:+.:&!J!*4%!7+4:/&!.4!M+4#&-!(%74#(*(.2!!D&-!%&.!&_&.!
,4##(*&.H!M+!+:T'4-4.!*4!,&%&#!Q@4!6#+%%(6(-!J!*4.(/(#4,E(-!4-!@-!,(:6+(-74!,(%4+*&.,&/+&2!!
L4./@I.!*4!@-(.!P&#(.H!%(!-&!*4%!7&*&!*4.('#(*(6%4!4:6#+('@4Y!Q@4!P(6E(!4.7(*&!
4>/4#+:4-7(-*&!:+4-7#(.!/4#:(-4,E(!7&7(%:4-74!,&-.,+4-74H!*4.(/(#4,+$2!qU@I!P(6E(!&#+'+-(*&!
4.74!4.7(*&r2!
!
8LX,*+!7@Y.)33!
@)*%."1+"/%8)&%*)&<)"=rgZs:!
!
!
 )%!M+4#-4.!*+4,+.I+.!*4!(6#+%!*4!;A`<H!5%64#7!8&9:(--!.4!M+&!6#@.,(:4-74!.@/4#(*&!/&#!%&.!
.E-7&:(.!*4.,#+7&.!:T.!(##+6(H!:+4-7#(.!7#(6(_(6(!4-!.@!%(6&#(7&#+&H!4-!%(!,&:/(0E(!9(#:(,I@7+,(!
K(-*&Y!O7*2!*4!B(.+%4(H!K@+Y(2!!).4!*E(H!8&9:(--!P(6E(!#4,#+.7(%+Y(*&!@-(!:@4.7#(!*4!7(#7#(7&!*4!
*+47+%(:+*(!*4%!T,+*&!*C%+.I#'+,&!g%(!.(%!9&#:(*(!/&#!4%!T,+*&!7(#7T#+,&!J!%(!*+47+%(:+*(!*4%!
OJ.4#'.(m#4!L+T7PJ%(:+*H!(6#4M+(*(!OKLhH!@-!,&:/@4.7&!.4:+.+-7I7+,&H!/#4/(#(*&!(!/(#7+#!*4%!
T,+*&!%+.I#'+,&!&674-+*&!:4*+(-74!%(!*4'#(*(,+$-!*4!%&.!(%,(%&+*4.!-(7@#(%4.!*4%!,&#-4Y@4%&!*4%!
,4-74-&2!!!
;;<!
!
!!!8&9:(--!.&./4,P$!Q@4!*46E(!4>+.7+#!(%'@-(!#4%(,+$-!4-7#4!4.(!4>7#(0(!4:6#+('@4Y!J!%(!.(%!*4!
OKL2!!5!/4.(#!*4!74-4#!/&#!,&.7@:6#4!7#(6(_(#!4-!,&-*+,+&-4.!*4!4.,#@/@%&.(!%+:/+4Y(!J!*4!7&:(#!
:4*+*(.!/(#(!4M+7(#!,&-7(:+-(#.4!,&-!%&.!7$>+,&.!,&:/@4.7&.!*4%!,&#-4Y@4%&H!8&9:(--!/4-.$!
Q@4!/(#74!*4!%(!.&%@,+$-!*4!OKL!*46E(!P(64#!7&,(*&!%(.!J4:(.!*4!.@.!*4*&.!*@#(-74!%(!
#4,#+.7(%+Y(,+$-2!!"&#!%&!Q@4!.4!*4,+*+$!(!4-.(J(#!4-!.+!:+.:&!4%!/#&*@,7&2!
!!!).4!9+-!*4!.4:(-(!/(#(!*4.,(#7(#!%(!/&.+6+%+*(*!*4!P(64#.4!+-7&>+,(*&!(%!#4./+#(#!%&.!M(/&#4.!*4!
(%'o-!*+.&%M4-74H!8&9:(--!M&%M+$!(!.@!%(6&#(7&#+&!4!+-P(%$!*4%+64#(*(:4-74!%&.!M(/&#4.!*4!%&.!
*+.&%M4-74.!,&-!%&.!Q@4!P(6E(!4.7(*&!7#(6(_(-*&H!/4#&!.$%&!%%4'$!(!4>/4#+:4-7(#!@-!%+'4#&!:(#4&!
g8&9:(--!;A33h2!!)%!%@-4.!.+'@+4-74H!*+4,+-@4M4!*4!(6#+%H!/#4/(#$!@-(!*+.&%@,+$-!(,@&.(!(%!]2]?{!
*4!7(#7#(7&!*4!OKL!*4!%(!Q@4!646+$!]2?!,,2H!@-&.!]2W?!:'!*4!7(#7#(7&!g4Q@+M(%4-74.!(!]2;3!:'"&!;3]!
:,'!*4!OKL!6(.4H!&7#(!,(-7+*(*!4##$-4(!(/(#4,+$!/@6%+,(*(!4-!@-!%+6#&!:@J!/&/@%(#l!K7(99&#*!
;AZ<h2!!5!%&.!,@(#4-7(!:+-@7&.H!8&9:(--!.+-7+$!c@-!%+'4#&!:(#4&H!4>,+7(,+$-222!*+.7&#.+&-4.!
M+.@(%4.H!'(-(.!*4!#4E#222222! *4!:&*&!Q@4!.4!P+Y&!&6M+&!Q@4!P(6E(!.+*&!#4(%:4-74!%(!OKL!%(!
,(@.(!*4!.@!4:6#+('@4Y! 4%!M+4#-4.!(-74#+&#2!
!!!"#&-7&!.4!M+&!/#T,7+,(:4-74!+-,(/(Y!*4!P(6%(#!*4!9&#:(!+-74%+'+6%4H!J!/+*+$!(!.@!(J@*(-74!*4!
%(6&#(7&#+&!Q@4!%&!(,&:/(0(#(!4-!6+,+,%47(!(!,(.(H!J(!Q@4!*@#(-74!%(!'@4##(!g,&-!%(!5%4:(-+(!-(Y+!
_@.7&!4-9#4-74!*4!%&.!%(6&#(7&#+&.!K(-*&Y!(%!&7#&!%(*&!*4%!k+-h!%&.!(@7&:$M+%4.!4.,(.4(6(-!4-!
K@+Y(2!!):/4Y$!(!4>/4#+:4-7(#!'#&74.,(.!(%74#(,+&-4.!*4!%(!/4#,4/,+$-H!(%@,+-(,+&-4.H!.+-4.74.+(.!
J!%(!.4-.(,+$-!*4!P(%%(#.4!9@4#(!*4%!,@4#/&2!!!!!
!!S4:+4-*&!Q@4!.@!M+*(!g&!.@!,&#*@#(h!4.7@M+4#(!4-!/4%+'#&H!4%!(J@*(-74!*4!8&9:(--!%%(:$!(!@-!
:I*+,&H!Q@4!-&!/@*&!4-,&-7#(#!-+-'o-!.E-7&:(!(-&#:(%H!(/(#74!*4!*+%(7(,+$-!*4!%(.!/@/+%(.2!!5%!
,(6&!*4!@-(.!P&#(.H!%(.!74##&#E9+,(.!.4-.(,+&-4.!%4-7(:4-74!*4_(#&-!/(.&!(!94-$:4-&.!(@*+7+M&.!J!
M+.@(%4.!:T.!('#(*(6%4.!*4!:&*&!Q@4H!(%!(-&,P4,4#H!%&.!494,7&.!P(6E(-!*4.(/(#4,+*&!
,&:/%47(:4-74!g8&9:(--!;AZ]l!8&%:.74*7!J!O+%_4.7#(-*!;AX<h2!
K@,4.+M&.!4>/4#+:4-7&.!:&.7#(#&-!Q@4!%(!OKL!4#(!(,7+M(!(!*&.+.!6(_E.+:(.!*4%!&#*4-!*4!;]!(!W]!
:,'!g;]CW]!:+%%&-I.+:(.!*4!'#(:&hH!J!Q@4!8&9:(--!P(6E(!7&:(*&!+-(*M4#7+*(:4-74!*4!?!(!;]!
M4,4.!%(!*&.+.!:E-+:(!494,7+M(!*4%!9T#:(,&2!!!!!
!!8&9:(--!,&-.+*4#$!/#@*4-74!%(!*&.+.!*4!]2W?!:'!*4!7(#7#(7&!74-+4-*&!4-!,@4-7(!%(.!*&.+.!(!%(.!
Q@4!%(!4#'&7(:+-(!J!%(!4#'&-&M+-(!4#(-!(,7+M(.2!!).7&.!*&.!(%,(%&+*4.!/#&,4*4-74.!*4%!,&#-4Y@4%&H!
P(6E(-!.+*&!(+.%(*&.!7(:6+I-!4-!%&.!%(6&#(7&#+&.!K(-*&Y!J!/&#!(Q@4%%(!I/&,(!J(!.4!@.(6(-!
(:/%+(:4-74!4-!74#(/I@7+,(2!!O(!OKL!*4!8&9:(--H!(*4:T.!*4!.4#!@-!&#*4-!*4!:('-+7@*!:T.!
/&74-74!Q@4!,@(%Q@+4#!&7#&!*4#+M(*&!,&-&,+*&!*4%!,&#-4Y@4%&H!4#(!`]]]!M4,4.!:T.!/&74-74!Q@4!%(!
:4.,(%+-(!gMI(.4!,(/E7@%&!;h!&!%(!P(#:+-(!gMI(.4!,(/E7@%&!`hH!%(.!*&.!o-+,(.!.@.7(-,+(.!M+.+&-(#+(.!
,&-&,+*(.!4-!;A`<2!!)-7&-,4.H!J!(o-!P&JH!%(!OKL!,&-.7+7@E(!@-&!*4!%&.!9T#:(,&.!:T.!/&74-74.!
,&-&,+*&.!/&#!%(!,+4-,+(2!
)-!;A`3H!4%!/.+Q@+(7#(!.@+Y&!j252K7&%%!gP+_&!*4%!.@/4#+&#!*4!8&9:(--!4-!K(-*&YH!5#7P@#!K7&%%h!
/@6%+,$!%(!/#+:4#(!*4.,#+/,+$-!*4!%&.!494,7&.!*4!4.74!-@4M&!4-74$'4-&!gK7&%%!;A`3h2!
;;`!
!
!!O&.!*47(%%4.!*4!%(!.E-74.+.!*4!%(!OKL!P(6E(-!.+*&!/@6%+,(*&.!,@(7#&!(0&.!(-74.!gK7&%%!J!8&9:(--!
;A`<h2!!5!/#+-,+/+&.!*4!%&.!(0&.!?]H!K(-*&Y!4:/4Y$!(!*+.7#+6@+#!,&-!9+-4.!4>/4#+:4-7(%4.!4%!-@4M&!
9T#:(,&!,&-!4%!-&:6#4!,&:4#,+(%!*4!L+/5.<1-""5!%&!%(#'&!*4!4.(!*I,(*(!J!P(.7(!/#+-,+/+&.!*4!%&.!X]H!
4%!L+/5.<1".4!@.$!(:/%+(:4-74!4-!/.+Q@+(7#E(!,%E-+,(!gb#&9!;A3<h!J!4-!%(!+-M4.7+'(,+$-!*4%!,4#46#&H!
(/(#4,+4-*&!%+74#(%:4-74!:+%4.!*4!+-9&#:4.!4-!%(.!/@6%+,(,+&-4.!,+4-7E9+,(.H!Q@4!*(6(-!94!*4!%(!
+:/&#7(-,+(!*4%!*4.,@6#+:+4-7&!*4!8&9:(--2!
5*4:T.!*4!*4:&.7#(#!.4#!@-(!M(%+&.(!P4##(:+4-7(!4-!%(!4>/%&#(,+$-!*4!%&.!:4,(-+.:&.!
,4#46#(%4.H!%(!OKL!P(6E(!:&.7#(*&!#4.@%7(*&.!:@J!/#&:474*&#4.!,&:&!(J@*(!(!%(!/.+,&74#(/+(!
g5%P(*499!;AXWl!B4-*4#!;A3]l!L4%(J!+*"%/-";A?A6l!b#&9!;A3?l!O4@-4#!J!8&%94%*!;AXWl!K&%&:&-!;AX`l!
=-'4#!;AX`h2!!S#(.!.@!/#+:4#(!4>/4#+4-,+(!,&-!%&.!P&-'&.!4-74$'4-&.!:4>+,(-&.!gMI(.4!,(/E7@%&!
?hH!*4!494,7&.!:@J!.+:+%(#4.!(!%&.!*4!%(!OKLH!%(!*&,7&#(![2"2j(..&-!,&-.+*4#$!Q@4!.@!/#+-,+/+&!
(,7+M&!.4#E(!*4!'#(-!M(%&#!c4-!4%!7#(7(:+4-7&!*4!4-94#:&.!74#:+-(%4.!,&-!*&%&#4.!('@*&.d!
g[2"2j(..&-!;A?3h2!!).7(!9@4!@-(!&6.4#M(,+$-!6#+%%(-74H!J(!Q@4!*4!P4,P&!%(!OKL!P(!.+*&!:@J!49+,(Y!
4-!4%!7#(7(:+4-7&!*4!4-94#:&.!74#:+-(%4.!*4!,T-,4#H!'#(,+(.!(!.@!/#&/+4*(*!*4!(%+M+(#!7(-7&!4%!
*&%&#!,&:&!%(!(-.+4*(*!g^(.7!;AX<l!^(.7!J!D&%%+-.!;AX`l!"(P-R4!;A3;l!"(P-R4!+*"%/-!;A3](h2!
)%!@.&!*4!%(!OKL!-&!P(6E(!*4!/4#:(-4,4#!,&-9+-(*&!/&#!:@,P&!7+4:/&!4-!4%!%(6&#(7&#+&!*4!
+-M4.7+'(,+$-2!!5!9+-(%4.!*4!%&.!X]!4%!4-74$'4-&!9o-'+,&!*4!8&9:(--!.4!@.(6(!4-!7&*&!4%!:@-*&!
/&#!%(!c-&!*4%!7&*&!*4.('#(*(6%4!4:6#+('@4Yd!Q@4!/#&M&,(6(2!!O(!OKL!9@4!c+%4'(%+Y(*(!4-!%(!
:(J&#E(!*4!/(E.4.H!J!.4!&#'(-+Y(#&-!(,7+M(.!,(:/(0(.!*4!(%(#:(!/&#!/(#74!*4!%(!/#4-.(!J!*4!%&.!
'&6+4#-&.!/(#(!*+.@(*+#!(!%&.!@.@(#+&.H!:&.7#(-*&!@-(!*+.7&#.+&-(*(!+:('4-!*4!%&.!/4%+'#&.!
+-P4#4-74.!(%!4:/%4&!*4!4.7(!.@.7(-,+(!*4!M(%&#!J!/&74-,+(!.+-'@%(#4.2!!)-!4.74!,(/E7@%&!(6&#*(#I!
%&.!&#E'4-4.!*4!%(!OKL!J!*4!&7#(.!.@.7(-,+(.!#4%(,+&-(*(.H!J!*&,@:4-7(#I!.@!(@'4!,&:&!*#&'(!
%o*+,(2!
!
!
8NKSfkN5!\5S=k5O!L)O!Dfk\)|=)Of!
!
\@4.7#(!P+.7&#+(!*(!,&:+4-Y&!,&-!4%!,&#-4Y@4%&!*4%!,4-74-&H!*4%!,@(%!*4#+M(-!%(!OKL!J!.@.!
/(#+4-74.!/.+,&(,7+M&.2!
)%!,&#-4Y@4%&!4.!4%!4.,%4#&,+&!g%(!9&#:(!4-!%(!Q@4!%(!/%(-7(!/(.(!4%!+-M+4#-&h!*4%!P&-'&!B/%7<(+G."
G3&G3&+%"g;hH!Q@4!/(#(.+7(!4%!,4-74-&H!4%!7#+'&H!%(!,46(*(!J!&7#&.!,4#4(%4.!,@%7+M(*&.!(*4:T.!*4!
,+4#7(.!P+4#6(.!.+%M4.7#4.2!!L4./@I.!*4!+-94,7(#!(%!P&./4*(*&#!:4*+(-74!4./&#(.!g%%(:(*(.!
7I,-+,(:4-74!(.,&./&#(.hH!4%!P&-'&!9&#:(!4.,%4#&,+&.!*4!,&%&#!/o#/@#(!Q@4!.&6#4.(%4-!*4!%(!M(+-(!
*4%!'#(-&!4-!:(*@#(,+$-2!!O&.!4.,%4#&,+&.!,(4-!(!,&-7+-@(,+$-!(%!.@4%&!*&-*4!/(.(-!4%!+-M+4#-&2!!
D&-!%(.!/#+:4#(.!%%@M+(.!*4!%(!/#+:(M4#(H!%&.!4.,%4#&,+&.!9#@,7+9+,(-l!4.!*4,+#H!9&#:(-!'#(-*4.!
,(-7+*(*4.!*4!/4Q@40(.!.47(.!/@#/o#4(.!Q@4!%+64#(-!%(.!(.,&./&#(.H!Q@4!7#(-./&#7(*(.!/&#!4%!
M+4-7&!%%4'(#T-!(!&7#(.!4./+'(.!+-:(*@#(.!*(-*&!%@'(#!(!@-(!-@4M(!+-94,,+$-!gB&MI!;A3]l!
b@''+.64#'!;A?`l!8&9:(--!;AX`h2!!\&!&6.7(-74H!(%'@-(.!M4,4.!%&.!4.,%4#&,+&.!.&-!,&.4,P(*&.!,&-!
4%!'#(-&!J!:&%+*&.H!*4!:&*&!Q@4!/(.(-!(!%(!P(#+-(!J!%(!,&-7(:+-(-!,&-!(%,(%&+*4.!7$>+,&.!
g8&9:(--!;AX`h2!
;;?!
!
L@#(-74!%(!)*(*!G4*+(!9@4#&-!,&##+4-74.!4-!7&*(!)@#&/(!%(.!+-7&>+,(,+&-4.!:(.+M(.!/&#!
(%,(%&+*4.!*4%!,&#-4Y@4%&H!,@(-*&!.4!,&-.@:E(-!'#(-*4.!,(-7+*(*4.!*4!'#(-&!+-94,7(*&!/&#!4%!
P&-'&!gB(#'4#!;A<;l!b+(,&:&-+!;AZ?l!G(7&..+(-!;AZAh2!!=-(!74:/&#(*(!*4!,#4,+:+4-7&!J!,&.4,P(!
*4%!'#(-&!Po:4*(!J!9#4.,(!4#(-!%&.!#4Q@+.+7&.!/(#(!Q@4!%(.!+-94.7(,+&-4.!9@4#(-!+:/&#7(-74.H!
.+4-*&!4%!,4-74-&!@-!,4#4(%!4./4,+(%:4-74!.@.,4/7+6%4!g+-,%@.&!,&-!%(.!7I,-+,(.!:&*4#-(.!*4!
#4,&%4,,+$-H!-&!.4!/@4*4!4M+7(#!Q@4!@-(!/4Q@40(!,(-7+*(*!*4!,&#-4Y@4%&!/(.4!(%!,4-74-&!
,&.4,P(*&h2!!O&.!/&6#4.H!Q@4!.4!(%+:4-7(6(-!,(.+!4>,%@.+M(:4-74!*4!/(-H!4#(-!/(#7+,@%(#:4-74!
M@%-4#(6%4.!(!%(!+-7&>+,(,+$-!(!,(@.(!*4!4.7&.!(%,(%&+*4.!/#4.4-74.!4-!%(!P(#+-(!gG(7&..+(-!;AZAh2!!
O(!+-7&>+,(,+$-!/&#!4%!,&#-4Y@4%&H!&!4#'&7+.:&H!.4!/#4.4-7(6(!4-!*&.!9&#:(.!*+94#4-74.F!(),73/.<M(!
g,(#(,74#+Y(*(!/&#!(7(Q@4.!*4!7+/&!4/+%I/7+,&h!J!%(!?%,?&+,).%"g,(#(,74#+Y(*(!/&#!%(!'(-'#4-(!*4!
%(.!4>7#4:+*(*4.l!B(@4#!;A3<h2!!O(!o%7+:(!4#(!%(!9&#:(!/#4*&:+-(-74!J!4#(!,&-&,+*(!,&:&!<?,<."
.%(+&"gc9@4'&!.('#(*&dh!&!c9@4'&!*4!K(-!5-7&-+&d!=1%.!;,*),<3.0+3+&!"4-!(%4:T-l!0+3"1+"E%<,*"
;,*)<,+!"4-!9#(-,I.hH!J(!Q@4!K(-!5-7&-+&!4#(!4%!/(7#$-!*4!%(!$#*4-!#4%+'+&.(!Q@4!.4!*4*+,(6(!(%!
,@+*(*&!*4!%(.!-@:4#&.(.!ME,7+:(.!*4%!4#'&7+.:&!gWh2!!O(!9&#:(!,&-M@%.+M(!.4!,(#(,74#+Y(6(!/&#!
'#&74.,(.!(%74#(,+&-4.!*4%!,&:/&#7(:+4-7&!J!.4!%(!,&-.+*4#(6(!%(!,(@.(!*4!4>7#(0&.!c(##(-Q@4.!*4!
6(+%4d!,&-&,+*&.!,&:&!c6(+%4!*4!K(-![+7&d!gD(:/&#4.+!;AZAl!84+:!;A?36h2!!\&!9@4!P(.7(!4%!.+'%&!
t[NN!Q@4!.4!,&:/#4-*+$!Q@4!4%!4#'&7+.:&!.4!*46E(!(!%(!+-7&>+,(,+$-!/&#!%&.!(%,(%&+*4.!*4!@-!P&-'&!
Q@4!/(#(.+7(6(!4%!'#(-&2!!L4.*4!4-7&-,4.!.$%&!.4!P(-!*(*&!,(.&.!4./&#T*+,&.!,&-!%(!4>,4/,+$-!*4!
%(!=-+$-!K&M+I7+,(H!*&-*4!P(!P(6+*&!6#&74.!*4!%(!4-94#:4*(*!P(.7(!6+4-!4-7#(*&!4%!.+'%&!tt!
gB(#'4#!;A<;l!B(@4#!;A3<l!B&MI!;A3]l!8&9:(--!;A3Z(l!G(7&..+(-!;AZAh!g<h2!
!!K4!,#44!Q@4!@-(!*49+,+4-,+(!*4!M+7(:+-(!5!/@4*(!.4#!@-!9(,7&#!Q@4!,&-7#+6@J(!(%!*4.(##&%%&!*4!
%(!9&#:(!,&-M@%.+M(!4-!*47#+:4-7&!*4!%(!9&#:(!'(-'#4-&.(!gB(#'4#!;A<;hH!.+4-*&!/&#!*4.,&-7(*&!
%&.!/&6#4.!:T.!/#&/4-.&.!(!.@9#+#!*+,P(!*49+,+4-,+(2!
)%!,&#-4Y@4%&!7(:6+I-!P(!.+*&!@7+%+Y(*&!*4.*4!%(!(-7+'m4*(*!,&:&!:4*+,(:4-7&!4-!)@#&/(!/&#!
%(.!c6#@_(.!6%(-,(.d!&!,&:(*#&-(.H!@7+%+YT-*&.4!,&:&!4,6$%+,&H!4.!*4,+#!/(#(!+-*@,+#!4%!/(#7&2!
).74!@.&!(/(#4,4!'%&.(*&!/&#!/#+:4#(!M4Y!4-!;?ZWH!4-!4%!P4#6(#+&!*4%!:I*+,&!(%4:T-!5*(:!
O&-+7Y4#!&!O&-+,4#@.!gO&-+7Y4#!;?ZWh2!!)-!;Z]Z!4.!,+7(*&!/&#!/#+:4#(!M4Y!4-!%(!%+74#(7@#(!:I*+,(!4%!
@.&!*4%!,&#-4Y@4%&!,&:&!,&-7#(,7&#!@74#+-&H!/&#!4%!:I*+,&!(:4#+,(-&!e&P-!K74(#-.H!Q@+4-!P(6E(!
(/#4-*+*&!4.74!@.&!*4!@-(!,&:(*#&-(!(%4:(-(!4:+'#(-74!gK74(#-.!;Z]Zh2!!)-!;ZW`!.4!,&-,%@J$!
Q@4!4.7(!/#T,7+,(!4#(!*4:(.+(*&!/4%+'#&.(H!J(!Q@4!/&*E(!/#&M&,(#!4./(.:&.!@74#+-&.!Q@4!/&-E(-!
4-!/4%+'#&!%(!M+*(!*4%!-+0&!g8&.(,R!;ZW`h2!!L4.*4!4.(!94,P(H!4%!,&#-4Y@4%&!gJ!:T.!#4,+4-74:4-74!
.@.!*4#+M(*&.h!P(!.+*&!@.(*&!4-!&6.747#+,+(!/(#(!,&-7#&%(#H!6T.+,(:4-74H!%(.!P4:&##('+(.!/&.7C
/(#7&!g%(!P4:&##('+(!/&.74#+&#!(%!-(,+:+4-7&l!8&9:(--!;AX`l!8&9:(--!;A3Z(l!8&9:(--!;AZ]h!g`h2!!
)-!P&-&#!(!K74(#-.!/&#!P(64#!+-7#&*@,+*&!4%!,&#-4Y@4%&!4-!%(!/#T,7+,(!:I*+,(!,+4-7E9+,(H!%&.!7#(Y&.!
*4%!4%4,7#&:+4%&'#(:(!g)Gbh!Q@4!:@4.7#(-!4%!494,7&!c&>+7&,E-+,&d!&!c@74#&7$-+,&d!*4!%&.!
(%,(%&+*4.!*4%!,&#-4Y@4%&!.4!,&-&,4-!(o-!P&J!,&-!4%!-&:6#4!*4!c494,7&!K74(#-.d!gMI(.4!L4#!
G(#*4#&.+(-!+*"%/-";AX`6H!n+'@#(!;H!Q@4!:@4.7#(!4%!494,7&!K74(#-.!4-!@-!o74#&!(+.%(*&!*4!#(7(h2!
;;X!
!
U=aGND5!L)O!Dfk\)|=)Of!
!
)%!4.7@*+&!*4!%(!Q@E:+,(!*4%!,&#-4Y@4%&!*+&!,&:+4-Y&!4-!4%!.+'%&!tNt2!!"4#&!4%!/#+:4#!'#(-!(M(-,4!
-&!.4!/#&*@_&!P(.7(!;A;ZH!,@(-*&!5#7P@#!K7&%%H!*4!%&.!%(6&#(7&#+&.!K(-*&YH!&67@M&!4-!9&#:(!/@#(!
4%!/#+:4#!(%,(%&+*4!,&-!/#&/+4*(*4.!:4*+,+-(%4.!4.7+:(6%4.2!!K7&%%!*4-&:+-$!(!4.74!(%,(%&+*4!
4#'&7(:+-(!gK7&%%!;AX?h2!!5-74#+&#:4-74H!4-!;A]3H!%&.!+-M4.7+'(*&#4.!+-'%4.4.!B(#'4#!J!D(##!P(6E(-!
,&-.4'@+*&!(+.%(#!@-(!/#4/(#(,+$-!(%,(%&E*+,(!(!%(!Q@4!%%(:(#&-!4#'&7$>+-(H!Q@4!/#4.4-7(6(!
9@-*(:4-7(%:4-74!%(.!/#&/+4*(*4.!7$>+,(.!*4%!,&#-4Y@4%&2!8&9:(--!*4:&.7#$!<?!(0&.!:T.!7(#*4!
Q@4!%(!4#'&7&>+-(!4#(!4-!#4(%+*(*!@-(!:4Y,%(!9&#:(*(!/&#!7#4.!(%,(%&+*4.!g8&9:(--!;AX`h!g?h2!!)-!
;Z3?H!4%!9(#:(,I@7+,&!9#(-,I.!D2S(-#47!(+.%$!%(!%%(:(*(!+&?)*<,<,+"(&<.*%//<.A+!"Q@4!8&9:(--!
+*4-7+9+,$!:T.!7(#*4!,&:&!4%!(%,(%&+*4!4#'&,#+.7+-(2!!S(-#47!7(:6+I-!(+.%$!%&!Q@4!I%!//%'P"
+&?)*<,<,+"%')&G$+!"*4!%(!Q@4!B(#'4#!/@*&!4>7#(4#!.@!4#'&7&>+-(!gB&MI!;A3]l!8&9:(--!;AX`h!
)-!;A<?!.4!,&-.+'@+$!(+.%(#!*4!9&#:(!+-*4/4-*+4-74!4-!,@(7#&!%(6&#(7&#+&.!*+.7+-7&.H!4-7#4!%&.!
Q@4!.4!4-,&-7#(6(!K(-*&YH!4%!/#+-,+/+&!(,7+M&!#4./&-.(6%4!4./4,E9+,(:4-74!*4!%(.!(,7+M+*(*4.!
@74#&7$-+,(!g,&-7#(,7&#(!*4%!o74#&h!J!P4:&.7T7+,(!g(-7+P4:&##T'+,(h!Q@4!,&-94#E(-!.@!M(%&#!
:4*+,+-(%!(%!,&#-4Y@4%&2!!5%!-@4M&!(%,(%&+*4!.4!%4!(.+'-$!9+-(%:4-74!4%!-&:6#4!*4!4#'&-&M+-(!
g8&9:(--!;A3Z(h!gXh2!
S(:6+I-!9@4!(!9+-(%4.!*4!%&.!(0&.!<]!,@(-*&!5%64#7!8&9:(--!4:/4Y$!.@.!7#(6(_&.!,&-!%&.!
(%,(%&+*4.!*4%!,&#-4Y@4%&2!
!K@!/#+:4#!/#&J4,7&!*4!4-M4#'(*@#(!9@4!%(!/#4/(#(,+$-!.+-7I7+,(!*4!%(!4#'&-&M+-(H!Q@4!%&'#$!
@.(-*&!,&:&!/#&*@,7&.!*4!/(#7+*(!4%!T,+*&!%+.I#'+,&!-(7@#(%!g&674-+*&!(!/(#7+#!*4!%(!4#'&7&>+-(h!J!
%(!/#&/(-&%(:+-(2!!D&-.+'@+$!.@!&6_47+M&!4-!;A<3H!.+4-*&!I.7(!%(!/#+:4#(!.E-74.+.!*4!@-!(%,(%&+*4!
*4%!,&#-4Y@4%&2!!5*4:T.!*4!,&-9+#:(#!%(!4.7#@,7@#(!*4!%(!4#'&-&M+-(H!%(!.E-74.+.!*4!8&9:(--!7@M&!
@-(.!#4/4#,@.+&-4.!4,&-$:+,(.!+:/&#7(-74.H!J(!Q@4!%(!4#'&-&M+-(!4#(!*4!'#(-!@7+%+*(*!4-!
&6.747#+,+(H!/4#&!.4!P(%%(6(!4-!@-(!6(_(!,&-,4-7#(,+$-!4-!4%!,&#-4Y@4%&2!!5P&#(!4.74!,&:/@4.7&!
/&*E(!.4#!/#4/(#(*&!(!/(#7+#!*4!%&.!&7#&.!(%,(%&+*4.!7$>+,&.!*4!:4-&#!M(%&#!g3h2!!=7+%+Y(-*&!%(.!
7I,-+,(.!Q@4!P(6E(!*4.(##&%%(*&!/(#(!%(!.E-74.+.!*4!%(!4#'&-&M+-(H!8&9:(--!4:/4Y$!(!/#4/(#(#!@-(!
.4#+4!*4!*4#+M(*&.!*4!4.7&.!(%,(%&+*4.H!4-!@-!+-74-7&!*4!4-,&-7#(#!.@.7(-,+(.!,&-!/#&/+4*(*4.!
9(#:(,&%$'+,(.!:4_&#4.2!
)%!,&:/@4.7&!-o:4#&!W?!*4!4.7(!.4#+4!9@4!%(!*+47+%(:+*(!*4%!T,+*&!%+.I#'+,&H!.+-747+Y(*(!/&#!
/#+:4#(!M4Y!4-!;A<Z!J!(!%(!Q@4!.4!(.+'-$!4%!-&:6#4!,&*+9+,(*&!*4!OKLCW?!g8&9:(--!;A??l!
8&9:(--!;A3]6l!8&9:(--!;A3A(l!8&9:(--!;A3A6l!8&9:(--!;AZ]l!8&#&i+7Y!;A3Xh2!8&9:(--!
P(6E(!4./4#(*&!Q@4!4%!,&:/@4.7&!7@M+4#(!/#&/+4*(*4.!(-(%I/7+,(.!g4.!*4,+#H!4.7+:@%(-74.!*4!%(!
#4./+#(,+$-!J!%(!,+#,@%(,+$-hH!J(!Q@4!4#(!4.7#@,7@#(%:4-74!.+:+%(#!(!@-!,&-&,+*&!(-(%I/7+,&H!%(!
*+47+%(:+*(!*4%!T,+*&!-+,&7E-+,&!=B)&%'<,%:-"")-M+$!4%!-@4M&!,&:/@4.7&!(!%&.!9(#:(,$%&'&.!*4!%(!
,&:/(0E(H!Q@+4-4.!%&!
!
;;3!
!
*4.,(#7(#&-!,&:&!(-(%I/7+,&!J!*474#:+-(#&-!Q@4!.$%&!/&.4E(!@-!3]{!*4%!494,7&!@74#&7$-+,&!*4!%(!
4#'&-&M+-(2!!L4!9&#:(!.+'-+9+,(7+M(H!%&.!9(#:(,$%&'&.!M+4#&-!Q@4!%(!OKLCW?!!/#&*@,E(!('+7(,+$-!
g=-#@P4h!4-!%&.!(-+:(%4.!*4!4>/4#+:4-7(,+$-2!L46+*&!(!Q@4!-&!:&.7#$!/#&/+4*(*4.!*+'-(.!*4!
:4-,+$-!4-!%(.!/#@46(.!9(#:(,&%$'+,(.H!%&.!9(#:(,$%&'&.!/4#*+4#&-!+-74#I.!/&#!4.74!,&:/@4.7&!J!
%&!(##+-,&-(#&-2!!8&9#-(--H!.+-!4:6(#'&H!74-E(!4%!c-&7(6%4!/#4.4-7+:+4-7&d!*4!Q@4!%(!OKLCW?!
74-*#E(!+-74#I.!9(#:(,&%$'+,&!JH!(@-Q@4!9@4#(!4-!,&-7#(!*4!%(!/&%E7+,(!*4!%(!,&:/(0E(!g@-(!M4Y!.4!
#4(%+Y(6(-!%(.!/#@46(.!*4!(,7+M+*(*!9(#:(,&%$'+,(!J!.4!*474#:+-(6(!Q@4!4%!,&:/@4.7&!4-!,@4.7+$-!
,(#4,E(!*4!+-74#I.H!*46E(!.4#!4%+:+-(*&!*4%!/#&'#(:(!*4!+-M4.7+'(,+$-hH!*4,+*+$!/#4/(#(#!@-(!-@4M(!
,(-7+*(*!*4%!,&:/@4.7&!,+-,&!(0&.!:T.!7(#*4H!4-!;A`<H!%&!Q@4!%4!%%4M(#E(!(%!*4.,@6#+:+4-7&!,(.@(%!
*4!.@.!/#&/+4*(*4.!4-74$'4-(.H!7(%!,&:&!+-*+Q@I!4-!%(!+-7#&*@,,+$-!*4!4.74!,(/E7@%&!g8&9:(--!
;AZ]h2!
)-!%(!:+.:(!.4#+4!*4!4>/4#+:4-7&.!Q@4!%4!%%4M(#&-!(!%(!.E-74.+.!*4!%(!OKLCW?H!8&9:(--!/#4/(#$!
%(!(:+*(!*4%!T,+*&!*C%+.I#'+,&!&!4#'+-(!g,&-!4%!-&:6#4!,&*+9+,(*&!O5C;;;hH!J!.@!+.$:4#&H!%(!
+.&4#'+-(!g8&9:(--!;AX<(h2!!S#(.!4%!*4.,@6#+:+4-7&!*4!%&.!494,7&.!4-74&'I-+,&.!*4!%(!OKLCW?H!
8&9:(--!4:/4Y$!(!4-.(J(#!4-!.E!:+.:&!@-(!.4#+4!*4!,&:/@4.7&.!*4#+M(*&.!J!(-T%&'&.!*4!%(!OKLH!
6@.,(-*&!&7#(.!.@.7(-,+(.!Q@4!,(@.(#(-!4./4,E9+,(:4-74!4.7&.!494,7&.!gZh2!!)-!;A`3H!/#&6$!%(!
4#'+-(!J!%(!+.&4#'+-(H!,&:/#&6(-*&!Q@4!(:6(.!4#(-!/.+,&(,7+M(.H!4-!4./4,+(%!%(!4#'+-(!g8&9:(--!
;AX<(h2!!).74!P(%%(Y'&!9@4!,&-9+#:(*&!*4!9&#:(!+-*4/4-*+4-74!4-!&7#&!%(6&#(7&#+&!-@4M4!(0&.!
:T.!7(#*4!gK&%:.!;A?X(l!K&%:.!;A?X6h2!!5!/4.(#!*4!Q@4!4-!;A`3!4.7&.!,&:/@4.7&.!4#(-!
,&-.+*4#(*&.!/(#+4-74.!4>,%@.+M(:4-74!(#7+9+,+(%4.!*4!%(!OKL!gK:+7P!J!S+::+.!;A<WhH!4-!;AX]!.4!
*4.,@6#+$!Q@4H!*4!P4,P&H!4#(-!/#&*@,7&.!-(7@#(%4.!/#4.4-74.!4-!*&.!#(:(.!*+94#4-74.!J!(%4_(*(.!
4-7#4!.+!*4%!#4+-&!M4'47(%!g5#,(:&-4!+*"%/-";AX]l!8&9:(--!J!S.,P4#74#!;AX]h2!!O(!+:/&#7(-,+(!*4!
4.7&.!#4.@%7(*&.!4>/4#+:4-7(%4.!.4!P(#T!4M+*4-74!*4./@I.!*4!7#(7(#!6#4M4:4-74!4%!)/)/<3$23<!"@-(!
*#&'(!:4>+,(-(!,4#4:&-+(%!#4%(,+&-(*(!Q@E:+,(:4-74!,&-!4%!,&#-4Y@4%&!gAh2!
!
!
8NKSfkN5!\5S=k5O!s!U=aGND5!L)O!fOfON=8U=N!
!
L4./@I.!*4!%(!,&-Q@+.7(!*4!GI>+,&!4-!;?W;H!@-(!.4#+4!*4!,#&-+.7(.!4./(0&%4.!*4!%&.!.+'%&.!t[N!J!
t[NNH!P(,+4-*&!#494#4-,+(!(!%(.!/#T,7+,(.!#4%+'+&.(.!*4!%&.!5Y74,(.!J!*4!&7#&.!'#@/&.!+-*E'4-(.H!
*4.,#+6+4#&-!4%!@.&!#+7@(%!*4!@-(.!.4:+%%(.!4-74&'I-+,(.!%%(:(*(.!)/)/<3$23<"c,&.(.!#4*&-*(.d2!!K4!
(9+#:(6(!Q@4!%(.!.4:+%%(.!/#&,4*E(-!*4!@-(!/%(-7(!%%(:(*(!()%Q<$3<*/")"()%*/Q)Q)3$23<"c/%(-7(!
.4#/+4-74d!&!c.4#/+4-74!M4#*4d2!!O(!/%(-7(!(/(#4,E(!+%@.7#(*(!4-!4%!B)1+Q"f/)&+,*<,)"*4!K(P('o-H!J!
/4#74-4,E(!*4!9&#:(!+-,&-9@-*+6%4!(!%(!9(:+%+(!*4!%(.!B),7)/73/%(+%+!"%(!9(:+%+(!*4!%(!4-#4*(*4#(!J!
*4!%&.!*&-*+4'&.!*4!*E(!g84#-T-*4Y!;X?;l!8&9:(--!;AZ]l!K(P('o-!;A?]l!K(P('o-!;AZWl!K,P@%74.!
J!8&9:(--!;AZ]l!S(J%&#!;A``l!S(J%&#!;A`Al!j(..&-!;AX<h2!!K(P('o-!*4.,#+6E(!4%!@.&!*4!%(.!
.4:+%%(.!)/)/<3$23<"4-!*+M4#.&.!#+7@(%4.!J!4-!9+7&74#(/+(!,&:&!7#(7(:+4-7&!
;;Z!
!
7#&/+,(%!,&-7#(!%(!'&7(H!,&:6+-(*&!,&-!%&.!P&-'&.!4-74$'4-&.!gMI(.4!,(/E7@%&!?hH!*+M4#.(.!4./4,+4.!
*4!L%*3&%"gMI(.4!5/I-*+,4!5h!J!&7#(.!/%(-7(.2!!"(#(!4%!7#(7(:+4-7&!*4!%(!c9+46#4!(,@T7+,(dH!Q@4!.4!
.@/&-4!4#(!%(!:(%(#+(!@!&7#(!4-94#:4*(*!.+:+%(#H!%&.!:I*+,&.!5Y74,(.!/#4.,#+6E(-!%(!+-'4.7+$-!*4!
@-!.@/4#C4-74$'4-&!Q@4!,&-.+.7E(!4-!%(!,&:6+-(,+$-!*4!.4:+%%(.!)/)/<3$23<!"GA5)*/"gMI(.4!,(/E7@%&!
%hH!P&-'&.!4-74$'4-&.!J!4./4,+4.!*4!L%*3&%"gK(P('o-!;A?]l!K(P('o-!;AZWh2!
)-!;ZA3H!=#6+-(!+*4-7+9+,$!4%!)/)/<3$23<",&:&!%(.!.4:+%%(.!*4!RG)')+%".<1%+0)/<%!gP&J!,&-&,+*(!
/&#!N<7+%"()&5'8).%")"C3&8<,%"()&5'8).%S"=#6+-(!;ZA3hH!+*4-7+9+,(,+$-!(,4/7(*(!/&.74#+&#:4-74!
/&#!B2"2!k4R&!gB2"2!k4R&!;A;Ah2!!5%'@-&.!6&7T-+,&.!:(-7@M+4#&-!*4!9&#:(!4Q@+M&,(*(!Q@4!%(!
c/%(-7(!.4#/+4-74d!*4!%&.!5Y74,(.!-&!4#(!4-!#4(%+*(*!@-!*&-*+4'&H!.+-&!@-(!4./4,+4!*4!L%*3&%!"
'I-4#&!Q@4!/4#74-4,4!(!%(!:+.:(!9(:+%+(!Q@4!%(!P+4#6(!:&#(H!%(.!E)/%,%(+%+"g8(#7i+,P!;A;;l![252!
k4R&!;A<Xl!K(99&#*!;A;?h!g;]h2!!n+-(%:4-74!4-!;A<ZH!B%(.!"(6%&!k4R&!J!k+,P(#*!)M(-.!K,P@%74.!
#4,&%4,7(#&-!%&.!/#+:4#&.!4_4:/%(#4.!4-!6@4-(.!,&-*+,+&-4.!*4!()%Q<$3<*/"J!*4!)/)/<3$23<!"
<1+,7+9+,(-*&!*49+-+7+M(:4-74!%(!/%(-7(!,&:&!C3&8<,%"()&5'8).%"gK,P@%74.!;A`;h2!
k4R&!P(6E(!4-M+(*&!,&-!(-74#+&#+*(*!.4:+%%(.!)/)/<3$23<"(!D2b2!K(-74..&-!*4!K@4,+(H!Q@+4-!
,&-9+#:$!.@!/.+,&(,7+M+*(*H!/4#&!9@4!+-,(/(Y!*4!(+.%(#!4%!/#+-,+/+&!(,7+M&!gK(-74..&-!;A<3(l!
K(-74..&-!;A<36l!MI(.4!7(:6+I-!,(/E7@%&!?H!-&7(!Xh2!
O&.!#4.@%7(*&.!*4!%&.!7#(6(_&.!*4!K(-74..&-!+-*+,(#&-!%(!P+/&7I7+,(!/#4.4-,+(!*4!@-!'%@,&(%,(%&+*4!
(,7+M&!4-!%(!*#&'(2!!=-!,@(#7&!*4!.+'%&!:T.!7(#*4H!*&.!'#@/&.!*4!+-M4.7+'(*&#4.!g+-,%@J4-*&!4%!*4!
j2B2!D&&RH!(%!.4#M+,+&!*4!%(!DN5!4-!4%!/#&J4,7&!G^=OSk5l!MI(.4!D(/E7@%&!?H!\&7(H!Zh!(+.%(#&-!*4!
9&#:(!+-*4/4-*+4-74!@-!'%@,$.+*&H!%(!7@#6+,&++-(H!(!/(#7+#!*4!%(.!.4:+%%(.!*4!S2!()&5'8).%"gD&&R!J!
^4(%(-*!;AXWl!"I#4Y!5:(*&#!J!84##T-!;AX]h2!!"@4.7&!Q@4!4.74!'%@,$.+*&!-&!4.7T!/#4.4-74!4-!%(.!
.4:+%%(.!*4!R-"7<)/%(+%!"Q@4!.&-!(o-!:T.!/&74-74.H!.4!,&-.+*4#(!Q@4!-&!,&-7#+6@J4!4-!'#(-!:4*+*(!
(%!494,7&!/.+,&9(#:(,&%$'E,&!*4!%(.!.4:+%%(.!*4%!*&-*+4'&!g8&9:(--!;AX<(hH!(@-Q@4!:&.7#$!%4M4.!
+-*+,+&.!*4!(,7+M+*(*!(!@-(!*&.+.!&#(%!*4!<]!:'!g8&994#!J!f.:&-*!;AX3h2!!)-!(%'@-&.!*4!%&.!
/#+:4#&.!4.7@*+&.!Q@4!.4!#4(%+Y(#&-!.&6#4!%&.!494,7&.!*4%!)/)/<3$Q@+H!6(.(*&.!4-!
(@7&4>/4#+:4-7&.H!.@.!(@7&#4.!*@*(#&-!*4!%(.!/#&/+4*(*4.!4-74&'I-+,(.!*4!4.7(.!.4:+%%(.!
g^+-#&..Cj#+'P7!;A?Al!B2"2!k4R&!;A<`h2!!)-!;A??!.4!%%4M(#&-!(!7I#:+-&!@-(!.4#+4!*4!
(@7&4>/4#+:4-7&.!Q@4!/4#:+7+4#&-!4.7(6%4,4#!,%(#(:4-74!%(.!/#&/+4*(*4.!/.+,&(,7+M(.!*4!%(.!
.4:+%%(.!*4!C3&8<,%"()&5'8).%"gf.:&-*!;A??h!g;;h2!!n@4!4-!4%!M4#(-&!*4!;A?A!,@(-*&!
k2b2j(..&-!g@-!+-M4.7+'(*&#!4.7(*&@-+*4-.4!Q@4!4.7(6(!4.7@*+(-*&!%&.!,@%7&.!*4!%&.!P&-'&.!
.('#(*&.!:4>+,(-&.l!MI(.4!D(/E7@%&!?h!4-M+$!@-(!/4Q@40(!:@4.7#(!gW;'h!*4!%(.!.4:+%%(.!*4%!
)/)/<3$23<"(!5%64#7!8&9:(--!*4!K(-*&YH!_@-7&!,&-!@-(!,(-7+*(*!:(J&#!gW]`!'h!*4!@-(.!.4:+%%(.!
#4%(,+&-(*(.H!,&-&,+*(.!4-!%(!Y&-(!|(/&74,(!*4!GI>+,&!,&-!4%!-&:6#4!*4!8%13,?D.")"8%1)$"
,+?&)!"/(#(!*+.7+-'@+#%(.!*4%!8%1)$"&!(@7I-7+,&!)/)/<3$23<"g8&9:(--!;AX<(l!j(..&-!;AX<h2!!O(!
.4'@-*(!:@4.7#(!*4!.4:+%%(.!9@4!+*4-7+9+,(*(!,&:&!/4#74-4,+4-74!(!%(!4./4,+4!RG)')+%"7<)/%(+%"
=.<,P,<').M"R-"&38&)T(%+&3/+%!"R-"*&<()/)&:!"&7#&!*&-*+4'&!,@%7+M(*&!,&:&!/%(-7(!&#-(:4-7(%2!!)%!@.&!
*4!%(.!.4:+%%(.!*4!R-"7<)/%(+%"/&#!/(#74!*4!%&.!+-*+&.!|(/&74,(.!,&:&!.@.7+7@7&!*4!%(.!*4!C-"
()&5'8).%"9@4!*4.,@6+4#7&!/&#!S2!G(,L&@'(%%H!/@6%+,T-*&.4!4%!P(%%(Y'&!4-!;AX]!gG(,L&@'(%%!
;AX]h2!!j(..&-!.@'+#+$!Q@4!%(!R-"7<)/%(+%"/&*E(!.4#!%(!*#&'(!,&-&,+*(!/&#!%&.!5Y74,(.!,&:&!*/<*/</*d<,"
gc,&.(.!-4'#(.!.('#(*(.dl!
;;A!
!
j(..&-!;AX<hH!J!/&#!%&.!G(J(.!,&:&!5%Q(+t/</"gb(#Y(!;AA]h2!!S(-7&!N2!7<)/%(+%!,&:&!S!()&5'8).%"
.+'@4-!@.T-*&.4!,&:&!4:6#+('(-74.!,P(:T-+,&.!4-!GI>+,&H!/&#!4_4:/%&!4-7#4!%&.!+-*+&.!G+>4!*4!
f(>(,(2!!O(!RG)')+%"7<)/%(+%".4!,&-&,4!/&/@%(#:4-74!4-!GI>+,&!,&:&!23<+8&%G/%*)!"-&:6#4!Q@4!
/#&M+4-4!*4!%(!/(%(6#(!4-!%4-'@(![<Q+"G<$G33(*+.$&!c9%&#!*4%!/%(7&!#&7&d!gO+//!;AA]h2!!O&.!G+>4!
,&-.+*4#(-!Q@4!R-"7<)/%(+%"4.!:T.!/&74-74!Q@4!S2!()&5'8).%"g%&!,@(%!P(!.+*&!,&##&6&#(*&!/&#!%&.!
(-T%+.+.!Q@E:+,&.l!M4#!:T.!(6(_&hH!/&#!%&!Q@4!/#4/(#(-!@-(!+-9@.+$-!*4!%(!/#+:4#(!4-!('@(!9#E(H!
@7+%+Y(-*&!/(#(!4%%&!WX!.4:+%%(.!Q@4!.&-!:&%+*(.!4-!@-!:47(74!/&#!@-(!M+#'4-!g/#T,7+,(!Q@4!
j(..&-!/@*&!/#4.4-,+(#!4-7#4!%&.!|(/&74,(.!4-!;AX<l!(%!+'@(%!Q@4!%&.!G+>74,(.!%4!.+#M+4#&-!4%!_@'&!
*4!%&.!P&-'&.!4-74$'4-&.!:(,P(,(*&.!/&#!@-(!M+#'4-!4-!;AX]H!&!4%!_@'&!*4!%(!/%(-7(!E%/7<%"
1<7<,)&3'"7(:6+I-!/#4/(#(*&!/&#!@-(!M+#'4-!G(Y(74,(!4-!;AXWl!j(..&-!;AX<h2!!5-74.!*4!.4#M+#!%(!
+-9@.+$-!*4!%(.!.4:+%%(.!*4!*&-*+4'&H!%&.!+-*+&.!G+>4H!|(/&74,(.!J!G(Y(74,(.!+-M(#+(6%4:4-74!
9+%7#(-!%&.!#4.7&.!.$%+*&.!(7#(MI.!*4!@-!/(0&2!
=-!-&:6#4!'4-I#+,&!@7+%+Y(*&!/&#!%&.!G+>4!/(#(!#494#+#.4!(!4.7(.!.4:+%%(.!4.!'%.3,?TG%$F"&!
cP@4.&.!*4!%&.!-+0&.d!gO+//!;AA;h2!!O&.!|(/&74,(.!7(:6+I-!%%(:(-!(!%(!.4:+%%(!*4!%(!RG)')+%"
7<)/%(+%"/%"%6%".$,%.$)"a.+'<//%"1+"/%"7<&?+,9!"*4!*&-*4!/#&6(6%4:4-74!*4#+M(!4%!7I#:+-&!
:4>+,(-&!,&-74:/&#T-4&H!.4:+%%(.!*4!%(!M+#'4-!gj(..&-!;AX<h2!!5@-Q@4!,&##+4-74:4-74!.4!
(,4/7(!Q@4!4%!-&:6#4!.4!#49+4#4!(!%(!M+#'4-!*4!%(!#4%+'+$-!,(7$%+,(H!4.!/#&6(6%4!Q@4!I.74!/#&M4-'(!
*4%!74#:+-&!|(/&74,(H!Q@4!.4!#49+4#4!,%(#(:4-74!(!%(!M+#'4-!4-,(#'(*(!*4!:&%4#!%(.!.4:+%%(.2!
D&-!%(.!/4Q@40(.!:@4.7#(.!+-+,+(%4.!*4!(:6(.!.4:+%%(.H!8&9:(--!/@*&!*474#:+-(#!%(!/#4.4-,+(!
*4!(%,(%&+*4.!+-*$%+,&.!4-!4%%(.H!%&!Q@4!%4!:&7+M$!(!/4*+#!(!j(..&-!,(-7+*(*4.!:(J&#4.!Q@4!%4!
/4#:+7+4#(-!(+.%(#!%&.!/#+-,+/+&.!(,7+M&.2!!5!/#+-,+/+&.!*4!;AX]H!j(..&-!%4!4-M+$!;W!R+%&.!*4!.4:+%%(.!
*4!C3&8<,%"()&5'8).%"J!;`!R+%&.!*4!.4:+%%(.!*4!RG)')+%"7<)/%(+%"g8&9:(--!;AX<(h2!j(..&-!P(6E(!
&674-+*&!%(.!.4:+%%(.!,&-!%(!(J@*(!*4%!4:+-4-74!(-7#&/$%&'&!k&64#7!j4+7%(-4#H!.@!P+_(!N#:'(#*!J!
SP&:(.!G(,L&@'(%%2!!!!5-74.!*4!Q@4!9+-(%+Y(#(!4.4!(0&H!8&9:(--!J!.@.!(J@*(-74.!,&-.+'@+4#&-!
(+.%(#!4!+*4-7+9+,(#!%&.!/#+-,+/+&.!(,7+M&.2!!)%!,&-.7+7@J4-74!/#+-,+/(%!*4!(:6(.!4./4,+4.!#4.@%7$!.4#!
%(!(:+*(!*4%!T,+*&!*C%+.I#'+,&!&!4#'+-(!gO5C;;;h2!!K4!4-,&-7#(#&-!7(:6+I-!,(-7+*(*4.!:4-&#4.!*4!
+.&4#'+-(H!,P(-&,%(M+-(!J!4%+:&,%(M+-(2!!5*4:T.!*4!7#(Y(.!*4!%+.4#'&%!J!*4!4#'&-&M+-(!4-!S2!
()&5'8).%"+"R-"7<)/%(+%"#4./4,7+M(:4-74!g8&9:(--!;AX;l!8&9:(--!;AX<(l!8&9:(--!J!S.,P4#74#!
;AX]h2!!"&.74#+&#:4-74!.4!M+&!Q@4!/(#74!*4!%(!4#'+-(!4!+.&4#'+-(!.4!4-,&-7#(6(-!4-!%(!/%(-7(!4-!%(!
9&#:(!*4!\Cg%CP+*#&>+47+%h!(:+*(.H!Q@4!.4!P+*#&%+Y(6(-!9T,+%:4-74!/(#(!*(#!%(!4#'+-(!J!%(!+.&4#'+-(!
g8&9:(--!;A3;h2!!O(!,&-,4-7#(,+$-!7&7(%!*4!(%,(%&+*4.!.4!4.7+:$!4-!@-!]2];W{!4-!C3&8<,%"
()&5'8).%"J!4-!@-!]2]X{!+,"RG)')+%"7<)/%(+%"g8&9:(--!;AX<(h2!!)%!%4,7&#!(74-7&!#4,&#*(#T!Q@4!
%(!4#'&-&M+-(!9@4!4%!74#,4#!(%,(%&+*4!Q@4!.4!,&-.+'@+$!(+.%(#!*4%!,&#-4Y@4%&2!!O(!4#'+-(!J!%(!+.&4#'+-(!
J(!P(6E(-!.+*&!.+-747+Y(*(.!J!4-.(J(*(.!4-!%&.!%(6&#(7&#+&.!K(-*&Y!4-!%&.!(0&.!`]H!,&:/#&6T-*&.4!
.@!/.+,&(,7+M+*(*!4-!%(!:+.:(!.4#+4!*4!+-M4.7+'(,+&-4.!Q@4!.4!%%4M(#&-!(!,(6&!,&-!%(!OKL2!!5:6&.!
,&:/@4.7&.!.4!P(6E(-!4-,&-7#(*&!7(:6+I-!4-!4%!,&#-4Y@4%&!Q@4!+-94,7(!%(!P+4#6(!.+%M4.7#4!
#%.G%/3'"g5#,(:&-4!+*"%/-";AX]h2!!O(!,P(-&,%(M+-(!J!%(!4%+:&,%(M+-(!P(6E(-!.+*&!7(:6+I-!(+.%(*(.!
(-74#+&#:4-74!*4%!,&#-4Y@4%&!Q@4!/(#(.+7(!(!%&.!'I-4#&.!#+,<.+*3'"5"J/5'3."=;8+"+*"%/-";A??l!
8&9:(--!+*"%/-";A?3hH!
;W]!
!
:+4-7#(.!Q@4!4%!%+.4#'&%!.$%&!P(6E(!.+*&!&674-+*&!,&:&!*4#+M(*&!(#7+9+,+(%!*4!%&.!(%,(%&+*4.!*4%!
,&#-4Y@4%&!g8&9:(--!;AX<(h2!!)-!.@!%+6#&!.&6#4!%(.!(/%+,(,+&-4.!/.+,&74#(/I@7+,(.!*4!%&.!
4-74$'4-&.H!k&Q@47!J!n(M#4(@!,(%+9+,(-!4##$-4(:4-74!(!%(!4#'+-(!*4!c'%@,$.+*&!,&-!@-(!9@-,+$-!
(:+*(dH!6(.T-*&.4!4-!%&.!(-7+'@&.!+-9&#:4.!*4!K(-74..&-!gK(-74..&-!;A<3(l!K(-74..&-!;A<36hH!J!
4%!/&.74#+&#!(+.%(:+4-7&!*4%!'%@,$.+*&!7@#6+,&#+-(H!*4!%(.!.4:+%%(.!*4!S2!()&5'8).%"gD&&R!J!^4(%(-*!
;AXWl!"I#4Y!(:(*&#!J!84##T-!
;AX]l!k&Q@47!J!n(M#4(@!;AZ;h2!
5!/4.(#!*4%!4.,4/7+,+.:&!+-+,+(%!Q@4!#&*4$!%(!/#4.4-,+(!*4!(%,(%&+*4.!*4%!,&#-4Y@4%&!4-!%&.!
*&-*+4'&.!g8&9:(--!;AZ]l!S(64#!J!84(,&,R!;AXWhH!4%!P(%%(Y'&!*4!8&9:(--!9@4!#T/+*(:4-74!
,&-9+#:(*&!gS(64#!+*"%/";AX<(l!S(64#!+*"%/-";AX<6hH!*4.,@6#+I-*&.4!:T.!7(#*4!Q@4!4.7&.!(%,(%&+*4.!
4.7(6(-!/#4.4-74.!4-!:@,P(.!&7#(.!4./4,+4.!1+"RG)')+%"gMI(.4!D@(*#&!Wl!L4#!G(#*4#&.+(-!;AX3l!
L4#!G(#*4#&.+(-!J!s&@-'R4-!;AXXl!L4#!G(#*4#&.+(-!+*"%/-";AX`(l!L4#!G(#*4#&.+(-!+*"%/-";AX`6h2!
;W!,&-,4-7#(,+$-!:T.!4%4M(*(H!]2<{H!*4!(%,(%&+*4.!.4!P(%%$!4-!%(!cB(6J!8(i(++(-!j&&*#&.4dH!
5#'J#4+(!,+&7).%"gDP(&!J!L4#!G(#*4#&.+(-!;A3<(l!DP(&!J!L4#!G(#*4#&.+(-!;A3<6l!8J%+-!J!j(7.&-!
;AX?h2!!O&.!:+.:&.!(%,(%&+*4.!4.7T-!/#4.4-74.!4-!%(.!P&_(.!J!7(%%&.!*4!RG)')+%!7<)/%(+%"5"C3&8<,%"
()&5'8).%"gb4-4.7!J!K(P(.#(6@*P4!;AXXl!8&9:(--!;AX<(l!S(64#!47!(%2!;AX<6l!j464#!;A3Xl!
j464#!J!G(!;A3Xh2!!)-!),@(*&#!%(!RG)')+%"(%&,+%!"(!%(!Q@4!.4!,&-&,4!,&-!4%!-&:6#4!*4!
a8)&&%($+&%9")"a'%*%(%8&%9!".4!P(!@.(*&!7#(*+,+&-(%:4-74!,&:&!4-74$'4-&H!J!.4!P(!M+.7&!Q@4!.@.!
.4:+%%(.!/&.44-!(%,(%&+*4.!4#'&%E-+,&.!gO(.,(-&!+*"%/-";AX3l!\(#(-_&!+*"%/-";AX`!h2!\@:4#&.(.!
4./4,+4.!*4!;&?5&+<%"+"RG)')+%!/&.44-!(%,(%&+*4.!4#'&%E-+,&.!gMI(.4!D@(*#&!Wl!DP(&!J!L4#!
G(#*4#&.+(-!;A3<6l!b(#*+-4#!+*"%/-";AX?l!b4-4.7!J!K(P(.#(6@*P4!;AXXl!K7(6(!J!O(@#.4-!;AXXhH!(%!
+'@(%!Q@4!%(!4./4,+4!E*<(*)(%&1<%"*</<%+0)/<%"g8&9:(--!;AX;h2!!5*4:T.H!4-!6(.4!(!.@!@.&!4-!
47-&:4*+,+-(H!4.!/#&6(6%4!Q@4!*+M4#.(.!4./4,+4.!*4!B),7)/73/3."g5%64#7C"@%4&!;A3Al!b4-4.7!J!
K(P(.#(6@*P4!;AXXhH!RG)'+%"(&%..<(%3/<."g|(:&#(CG(#7E-4Y!J!\+47&!*4!"(.,@(%!"&%(!;AAWhH!R-"
<,7)/3(&%*%"g5R4-*4-'@I!;AAWl!G(,n&J!J!K(:(!;AZ<hl!R-"/<**)#(%+.!g5@.7+-!;AA;hH!R-"'+1<3'"
gB4(@_(#*!;AZZh!J!R-"G+.T(%G&%+"gL('(#!J!L('(#!;AA;l!"&-'%@>!+*"%/-";AZ3l!"&-'/#(J&&-!+*"%/-"
;AA;hH!74-'(-!(!.@!M4Y!(%,(%&+*4.!4#'&%E-+,&.!,&-!/#&/+4*(*4.!4-74&'I-+,(.!g;Wh2!
!
!
!
!
)n)DSfK!L)!O5!OKLH!)kbN\5H!)kbf\f[N\5!
G)SNO)kbf\f[N\5!s!G)SNK)kbNL5!
!
O(!OKL!J!4%!L+/5.<1"g7(#7#(7&!*4!OKLhH!/#&*@,4-!/#&9@-*(.!(%74#(,+&-4.!M+.@(%4.H!(@*+7+M(.!J!
.+-4.74.+(2!!O(!*&.+.!&#(%!(,7+M(!4-!4%!P&:6#4!M(!*4!%&.!?]!(!%&.!?]]!:+,#&'#(:&.H!/&#!4-,+:(!*4!%&.!
,@(%4.!%(!:(J&#E(!*4!@.@(#+&.!(%,(-Y(-!4%!-+M4%!*4!.(7@#(,+$-H!*4!:&*&!Q@4!@-!(@:4-7&!/&.74#+&#!
*4!%(!*&.+.!-&!.4!7#(*@,4!4-!@-(!+-74-.+9+,(,+$-!*4!%&.!494,7&.!gb#&9!;A3?h2!!"&#!%&!'4-4#(%H!%&.!
494,7&.!4:/+4Y(-!(!%&.!`?CA]!
;W;!
!
:+-@7&.!*4./@I.!*4!%(!7&:(!J!*@#(-!@-(.!&,P&!P&#(.!&!:T.!gD&P4-!;AX`h2!!5%!+'@(%!Q@4!%&.!494,7&.!
c(!/&.74#+&#+dH!%&.!494,7&.!.4,@-*(#+&.!.&-!+-.+'-+9+,(-74.H!%+:+7T-*&.4!(!%(!*+%(7(,+$-!*4!%(!/@/+%(2!!
L+M4#.&.!4.7@*+&.!9(#:(,&%$'+,&.!P(-!*4:&.7#(*&!Q@4!.$%&!@-(!/4Q@40(!9#(,,+$-!*4!%(!,(-7+*(*!
+-J4,7(*(!*4!OKL!%%4'(!#4(%:4-74!(%!,4#46#&!4-!%&.!(-+:(%4.!*4!4>/4#+:4-7(,+$-2!!K4!P(!M+.7&!
(*4:T.!Q@4!%(!,&-,4-7#(,+$-!:T>+:(!*4!%(!.@.7(-,+(!4-!%&.!74_+*&.!.4!(%,(-Y(!(!%&.!;]C;?!:+-@7&.!
*4!%(!+-J4,,+$-H!*+.:+-@J4-*&!(!,&-7+-@(,+$-!*4!9&#:(!:@J!#T/+*(2!!).!*4,+#H!(-74.!*4!Q@4!.@.!
494,7&.!T%'+*&.!.4!/&-'(-!*4!:(-+9+4.7&H!4%!9T#:(,&!J(!P(!.+*&!4%+:+-(*&!*4%!&#'(-+.:&!,(.+!4-!.@!
7&7(%+*(*H!/&#!%&!Q@4!.4!.@/&-4!Q@4!(,7o(!(!:&*&!*4!,(7(%+Y(*&#H!+-*@,+4-*&!,+4#7&.!,(:6+&.!
-4@#&%$'+,&.!Q@4!,&-*@,4-!(!%(!4>/4#+4-,+(!4-74$'4-(2!!"&#!%&!Q@4!#4./4,7(!(!%(!4>,#4,+$-H!.$%&!
*4%!;!(%!;]{!*4!%(!*&.+.!(*:+-+.7#(*(!.4!4%+:+-(!+-(%74#(*(H!4>,#47T-*&.4!4%!#4.7&!4-!9&#:(!*4!
/#&*@,7&.!*4!*4'#(*(,+$-!*+M4#.&.!g8&9:(--!;AXZh2!
!
 '*1-3)/! O(!4#'+-(!&!O5C;;;!/#&*@,4!@-!494,7&!4-74&'I-+,&!:&*4#(*&!(,&:/(0(*&!*4!
.4*(,+$-2!!8&9:(--!*474#:+-$!/&#!/#+:4#(!M4Y!.@.!/#&/+4*(*4.!4-!;A`3H!7#4,4!(0&.!(-74.!*4!Q@4!
.4!*4.,@6#+4#(!.@!/(/4%!,&:&!/#+-,+/+&!(,7+M&!*4%!)/)/<3$23<!g8&9:(--!;AX;l!8&9:(--!;AX<(l!
K&%:.!;A?X(l!K&%:.!;A?X6h2!!L474#:+-$!Q@4!%(!*#&'(!4#(!(,7+M(!(!@-(!*&.+.!Q@4!&.,+%(6(!4-7#4!%&.!
?]]!:+,#&'#(:&.!J!;!:+%+'#(:&2!!K+-!4:6(#'&H!*&.+.!*4!W!:+%+'#(:&.!*4!+.&4#'+-(!-&!/#&*@,E(-!
494,7&!4-74&'I-+,&!(%'@-&H!(@-Q@4!.E!@-(!.4*(,+$-!/(#4,+*(!(!%(!,(@.(*(!/&#!%(!4#'+-(2!!L4./@I.!
*4!7&:(#!W!:+%+'#(:&.!*4!+.&4#'+-(H!8&9:(--!:(-+94.7$!P(64#!/4#,+6+*&!c%(!+##4(%+*(*!J!,&:/%47(!
9(%7(!*4!.+'-+9+,(*&!*4%!:@-*&!4>74#+&#d!g8&9:(--!;AX<(hH!%&!Q@4!#4,@4#*(!(%!/(#(*$_+,&!494,7&!
*4/#4.&#!Q@4!M(!(.&,+(*&!P(6+7@(%:4-74!(!%(!+-'4.7+$-!*4!@-(!*&.+.!@:6#(%!*4!/.+%&,+6+-(!J!&7#&.!
4-74$'4-&.2!!).!/&.+6%4H!/&#!7(-7&H!Q@4!%(!+.&4#'+-(!.4(!4-74$'4-(!(!*&.+.!:T.!4%4M(*(.2!
!
'*1@3@Z-3)!H!:,+-L,*1@3@Z-3)/!O(!4#'&-&M+-(!4.H!7(%!,&:&!J(!.4!P(!:4-,+&-(*&H!4%!/#+-,+/+&!
4./4,E9+,(:4-74!@74#&7$-+,&!J!P4:&.7T7+,&!*4%!,&#-4Y@4%&2!!8(!.+*&!@.(*(!(:/%+(:4-74!4-!
&6.747#+,+(!/(#(!,&-7#&%(#!%(.!P4:&##('+(.!/&.7C/(#7&H!(!@-(!*&.+.!*4!4-7#4!;]]!J!W?]!:+,#&'#(:&.!
*4%!P+*#&'4-&:(%4(7&!=J&?)*&%*+S!E5,*)'+*&<,%:-""8(.7(!;A3XH!.4!*4.,&-&,E(-!%&.!494,7&.!
4-74&'I-+,&.!*4%!9T#:(,&H!94,P(!4-!Q@4!8&9:(--!+-'+#+$!W!:'!*4!:(%4(7&!*4!4#'&-&M+-(!gQ@4!
#4/#4.4-7(-!;H?!:'!*4!4#'&-&M+-(!6(.4h2!!).7(!9@4!/#&6(6%4:4-74!%(!*&.+.!:T.!(%7(!_(:T.!7&:(*(!
/&#!@-(!/4#.&-(H!*4!:&*&!Q@4!(%!,(6&!*4!@-(!P&#(!8&9:(--!4:/4Y$!(!4>/4#+:4-7(#!
(%@,+-(,+&-4.!,&%&#+*(.!J!&7#(.!(%74#(,+&-4.!/.EQ@+,(.H!Q@4!*@#(#&-!M(#+(.!P&#(.!g8&9:(--!;A3Z(h2!
e4#4:J!B+'i&&*!J!J&!,&-9+#:(:&.!%&.!#4.@%7(*&.!*4!8&9:(--!4-.(J(-*&!,&-!*&.+.!*4!P(.7(!;]!
:'!gB+'i&&*!+*"%/-";A3Ah2!!"&.74#+&#:4-74!_@-7&!(!"2!\44%J!/@*+:&.!7(:6+I-!*474#:+-(#!%&.!
494,7&.!.+:+%(#4.!*4%!P+*#&'4-&:(%4(7&!*4!%(!:47+%4#'&-&M+-(!=[+*$+&?<,+:!"@-!*4#+M(*&!
.4:+.+-7I7+,&!gf77!J!\44%J!;AZ]h!*4%!Q@4!J(!.4!P(6E(-!:4-,+&-(*&!494,7&.!.4,@-*(#+&.!
/.+,$7#&/&.!gj(.4#!;AX?h2!!O(!#(Y$-!*4!4.7&.!4>/4#+:4-7&.!J!.@!+:/&#7(-,+(!.4!M4#T!:T.!(*4%(-74H!
4-!4%!4/E%&'&H!(%!9+-(%!*4!4.74!,(/E7@%&2!
!
:,+-T,*1-4)/! O(!:47+.4#'+*(!4.!@-!/&74-74!('&-+.7(!.4#&7&-+-I#'+,&!gMI(.4!D(/E7@%&!<H!\&7(!
?hH!,@J&!@.&!.4!P(%%(!:@J!*+9@-*+*&!/(#(!7#(7(:+4-7&!*4!%(!:+'#(0(2!!O(!*&.+.!:4*+,+-(%!P(6+7@(%!4.!
*4!W!:'!*4!P+*#&'4-&:(%4(7&!=E%,.+&*")"L+.+&<):!"1+!
;WW!
!
*&.!(!,@(7#&!M4,4.!(%!*E(2!!5!*&.+.!:(J&#4.H!.+-!4:6(#'&H!4%!9T#:(,&!*4.4-,(*4-(!494,7&.!
4-74$'4-&.H!4./4,+(%:4-74!/&#!4-,+:(!*4!3H?!:'2!!O(!*&.+.!@:6#(%!/(#(!4.7&.!494,7&.!.4!P(!
,(%,@%(*&!4-!%&.!`H<!:'H!Q@4!4Q@+M(%*#E(-!(!W?!:,'!*4!OKL!g56#(:.&-!J!k&%&!;AX3h2!!5!*&.+.!*4!ZC
;W!:'!(*:+-+.7#(*(.!(!-+0&.!c4.Q@+Y&9#I-+,&.dH!4%!9T#:(,&!/#&*@_&!494,7&.!.+:+%(#4.!(!;]]C;?]!
:,'!*4!OKL!gB4-*4#!;A3]h2!!O(!:47+.4#'+*(!/&.44!@-(!.+:+%+7@*!4.7#@,7@#(%!,&-!%(!:47+%4#'&-&M+-(!
:4-,+&-(*(!:T.!(##+6(!=[+*$+&?<,+:-!
!
!
O5!OKL!s!O5K!K)GNOO5K!L)O!Lf\LN)bf!L)!La5!
DfGf!Lkfb5K!O„LND5K!
!
O(!OKL!,+#,@%(6(!*4!9&#:(!(:/%+(!4-!%&.!(0&.!?]!,&-!4%!-&:6#4!,&:4#,+(%!*4!L+/5.<1"4-7#4!%&.!
:+4:6#&.!*4!%(!/#&94.+$-!:I*+,(!J!%&.!/.+,$%&'&.H!.+4-*&!+-4M+7(6%4!Q@4!%(!,@#+&.+*(*!*4!(%'@-&.!
+-M4.7+'(*&#4.!/@*+4#(!:T.!Q@4!4%%&.!J!*4,+*+4#(-!/#&6(#!4%!/#&*+'+&.&!c/.+,&7$'4-&d!9@4#(!*4%!
%(6&#(7&#+&2!!)-!(%'@-&.!,(.&.H!%&.!/(,+4-74.!7#(7(*&.!4-!%(.!74#(/+(.!4>/4#+:4-7(%4.!,&-!L+/5.<1".4!
*4,+*+4#&-!(!/#&6(#!4%!9T#:(,&!(!.@!(+#4H!4-!@-!(:6+4-74!-&!,%E-+,&!J!%4_&.!*4!%(!:+#(*(!,@#+&.(!*4!
%&.!+-*+M+*@&.!*4!6(7(!6%(-,(2!!L4!4.7(!9&#:(!-(,+$!4%!@.&!4>7#(!,+4-7E9+,&!&!%o*+,&!*4!%(!OKL2!
5!/#+-,+/+&.!*4!%&.!X]H!e&P-!B4#4.9&#*H!Q@4!P(6E(!/(#7+,+/(*&!4-!%(.!+-M4.7+'(,+&-4.!,&-!OKLH!J!
G+,P(4%!8&%%+-'.P4(*!4:/4Y(#&-!(!c+%@:+-(#d!(!*+M4#.(.!/4#.&-(.!9@4#(!*4%!,&-74>7&!*4%!
%(6&#(7&#+&!g8&%%+-'.P4(*!;A3`h2!!B4#4.9&#*!(*Q@+#+$!@-!'#(:&!*4!OKL!(!K(-*&Y!J!/(#74!*4!4.74!
:(74#+(%!(,&:/(0(*&!*4!(Yo,(#H!,&-M4-+4-74:4-74!*+.@4%7&!4-!('@(!J!4-M(.(*&!4-!@-!7(##&!*4!
:(J&-4.(!(,(6$!4-!%(.!:(-&.!*4!8&%%+-'.P4(*H!Q@+4-!+-+,+$!(!@-(!.4#+4!*4!/4#.&-(.H!4-7#4!4%%(.!(!
M(#+&.!:o.+,&.!4:+-4-74.H!4-!4%!:@-*&!*4!%&.!4-74$'4-&.2!!U@+YT!%(!:T.!+:/&#7(-74!*4!%(.!
c+%@:+-(,+$-4.d!*4!8&%%+-'.P4(*!9@4!%(!*4!S+:&7PJ!O4(#JH!@-!/#&94.&#!*4!/.+,&%&'E(!*4!8(#M(#*!
Q@4!P(6E(!#4(%+Y(*&!@-(!.4#+4!*4!+-M4.7+'(,+&-4.!,&-!4%!&7#&!4-74$'4-&!*4!K(-*&YH!%(!R,1)(58<,%!"
:T.!,&-&,+*(!,&:&!/.+%&,+6+-(!gMI(.4!D(/E7@%&!?h2!!O(!+-7#&*@,,+$-!*4!O4(#J!(!%(!OKL!7@M&!%@'(#!4-!
4%!&7&0&!*4!;AX;H!J!4%!9T#:(,&!%4!+:/#4.+&-$!*4!7(%!:(-4#(!Q@4!/4#*+$!74:/&#(%:4-74!4%!+-74#I.!
/&#!%(!/.+%&,+6+-(!J!M&%M+$!.@!(74-,+$-!P(,+(!.@!/(#+4-74!*4!:(J&#!/&74-,+(!gO4(#J!%AXZh2!!)-!;AX<H!
O4(#J!P+Y&!@-!/4*+*&!(!K(-*&Y!*4!@-(.!,(-7+*(*4.!*4!OKL!J!/.+%&,+6+-(!.+-!/#4,4*4-74.!P(.7(!%(!
94,P(H!4-,(#'(-*&!;]]!'#(:&.!*4!%(!/#+:4#(!J!W?!R+%&.!*4!%(!.4'@-*(!g4%!4Q@+M(%4-74!(!@-!:+%%$-!J!
WH?!:+%%&-4.!*4!*&.+.!#4./4,7+M(:4-74l!8&9:(--!;AZ]h2!!"&#!(Q@4%%(!94,P(H!4%!7#(6(_&!*4!O4(#J!J(!
P(6E(!4:/4Y(*&!(!+-Q@+47(#!(!%(!*+#4,,+$-!*4!8(#M(#*2!!).7(6(-!:&%4.7&.!/&#!4%!P4,P&!*4!Q@4!
O4(#J!J!.@.!,&%4'(.!k+,P(#*!5%/4#7!J!k(%/P!G47Y-4#!.+-7+4#(-!+-,%+-(,+$-!(!7&:(#!4%%&.!:+.:&.!%&.!
9T#:(,&.!4>/4#+:4-7(%4.!H!_@-7&!,&-!%&.!.@_47&.!*4!%(!+-M4.7+'(,+$-H!4-!.4.+&-4.!*4!,(#T,74#!94.7+M&!
gO4(#J!;AXZl!j4+%!;AX<6h2!!G@,P&.!+-M4.7+'(*&#4.!*4!%(!%E-4(!*@#(!.4!6@#%(6(-!*4!4.74!4-9&Q@4H!
(*@,+4-*&!Q@4!4%!4>/4#+:4-7(*&#!-&!/&*E(!:(-74-4#!.@!c&6_47+M+*(*!,+4-7E9+,(d!g.4(!4.&!%&!Q@4!
.4(h!.+!+-'4#E(!@-(!
*#&'(!:&*+9+,(*&#(!*4!%(!,&-,+4-,+(!g;<h2!
f7#(!&6_4,+$-!(%!/#&J4,7&!*4!+-M4.7+'(,+$-!*4!O4(#J!4#(!4%!P4,P&!*4!Q@4!(!M4,4.!.4!(*:+-+.7#(.4-!
%&.!4-74$'4-&.!.+-!%(!.@/4#M+.+$-!*4!@-!:I*+,&H!@-(!,@4.7+$-!7I,-+,(:4-74!
;W<!
!
+%4'(%2!!5*4:T.H!@-&!*4!%&.!.&,+&.!*4!O4(#J!.4!,#4$!@-(!/@6%+,+*(*!*4.9(M&#(6%4!4-!L+-(:(#,(H!
,@(-*&!/(#7+,+/(6(!4-!@-(!,&-94#4-,+(!*4!/.+,&%&'E(!4-!D&/4-P('@4!_@-7&!,&-!5%*&@.!8@>%4J!J!
O4(#J2!!)%!,&%4'(!*4!O4(#J!*+&!/.+%&,+6+-(!(!(%'@-&.!/4#+&*+.7(.!Q@4!%&!4.7(6(-!4-7#4M+.7(-*&!4!P+Y&!
@-(!.4#+4!*4!,&:4-7(#+&.!.4-.(,+&-(%+.7(.!gj(..&-!;A33h2!
L4!M@4%7(!(!D(:6#+*'4H!G(..(,P@..477.H!:@,P&.!*4!%&.!4.7@*+(-74.!Q@4!P(6E(-!/(#7+,+/(*&!4-!
%&.!4>/4#+:4-7&.!*4!O4(#JH!4:/4Y(#&-!(!,&'4#!(9+,+$-!(!%(.!*#&'(.!4-74&'I-+,(.!4.7(6%4,+I-*&.4!
@-!#@*+:4-7(#+&!:4#,(*&!-4'#&!*4!GA5)*/!":4.,(%+-(H!/.+%&,+6+-(!J!OKL!ge&-4.!;AX<l!^#4+'!;AX3l!O(!
B(##4!;A3?l!O44!J!KP%(+-!;AZ?l!K7(99&#*!;AZ<l!K74M4-.!;AZ3l!j4+%!;AX<(l!j4+%!;AX<6h2!!5%!/#+-,+/+&H!
4%!:@-*&!*4!%&.!4-74$'4-&.!'+#$!(%#4*4*&#!*4%!:&M+:+4-7&!cB4(7dH!J!*4!*+M4#.&.!,(9I.!*4%!T#4(!*4!
8(#M(#*!KQ@(#4!4-!D(:6#+*'4H!4./4,+(%:4-74!4%!cD%@6!`3d!Q@4!4:/4Y$!(!&9#4,4#!74##&-4.!*4!
(Yo,(#!+:/#4'-(*&.!*4!OKL2!!5%!:+.:&!7+4:/&!.4!+-+,+$!4%!@.&!4>7#(!:I*+,&!*4!%(!OKL!4-!%(!,&.7(!
&4.74!*4!%&.!))==H!J!.@!9(6#+,(,+$-!,%(-*4.7+-(2!!b4-4#(%:4-74!.4!,&-.+*4#(!Q@4!9@4!B2k&.4:(-!4%!
/#+:4#&!4-!.+-747+Y(#!OKL!(%!:(#'4-!*4!%(!+-*@.7#+(!9(#:(,I@7+,(!g8&#&i+7Y!;AZ?hH!@7+%+Y(-*&!@-!
/#&,4*+:+4-7&!Q@4!*4.,#+6+$!(6+4#7(:4-74!4-!@-!%+6#&!:(-@.,#+7&!gk&.4:(-!;AXXh2!!5!/4.(#!*4!
Q@4!%(!OKL!4#(!/&#!(Q@4%!4-7&-,4.!%4'(%H!k&.4:(-!9@4!*474-+*&!J!(,@.(*&!*4!P(,4#!,&-7#(6(-*&!J!
cM4-*4#!9T#:(,&.!-&!47+Q@47(*&.!.+-!%+,4-,+(d!gk&.4:(-!;AXXh2!
L46&!*4,+#!Q@4!O4(#J!J!.@.!,&%4'(.!*4!8(#M(#*!+-74-7(#&-!.+-,4#(:4-74!4.7+:@%(#!4%!@.&!
#4./&-.(6%4!*4!%&.!4-74$'4-&.2!!K4!*+4#&-!,@4-7(!*4!Q@4!4%!/.+,&-(@7(!+-4>/4#7&!gem-'4#!;A3]h!
-4,4.+7(6(!@-!c'@E(d!Q@4!%4!(,&:/(0(#(!4-!.@!cM+(_4d!/.EQ@+,&H!J!Q@4!%(!*#&'(!-&!/&*E(!*(#.4!7(%!
,@(%!(!/4#.&-(.!+-,&-.,+4-74.2!!O4(#JH!G47Y-4#!J!5%/4#7!,#4(#&-!_@-7&!(!&7#(.!/4#.&-(.!@-(!#4M+.7(!
4./4,+(%+Y(*(!C$+"#.5($+1+/<(!N+7<+i"g,&-,46+*(!+-+,+(%:4-74!,&:&!C$+"#.5($)1+/<("N+7<+i!"4%!
7E7@%&!.4!M+&!:&*+9+,(*&!/(#(!4M+7(#!Q@4!.4!(.&,+(#(!,&-!%(!/(%(6#(!/.+,$7+,&l!.4'o-!+-*+,$!k(%/P!
G47Y-4#!4%!W]!*4!946#4#&!*4!;AX<!(!k2b2j(..&-!4-!@-(!,(#7(!Q@4!%4!4-M+$!(,4#,(!*4!@-!(#7E,@%&!
Q@4!(/(#4,E(!4-!%(!#4M+.7(hH!Q@4!*@#(-74!M(#+&.!(0&.!/@6%+,$!(#7E,@%&.!*4!/#+:4#(!%E-4(!.&6#4!%&.!
4-74$'4-&.2!!D@(-*&!,4.$!.@!/@6%+,(,+$-!,&-!4%!-o:4#&!&-,4H!4-!4%!+-M+4#-&!*4!;A3]V3;H!%(!#4M+.7(!
P(6E(!*4'4-4#(*&!P(.7(!,&-M4#7+#.4!4-!@-!c,&:+,d!@-*4#'#&@-*!%%4-&!*4!(-@-,+&.!*4!%(!4*+7&#+(%!
cLJ-(:+74!L&/4!B&&R.d!,&-!%(!,&##4./&-*+4-74!,(E*(!*4%!-+M4%!*4!,(%+*(*!*4!%&.!(#7E,@%&.H!,&:&!
/&#!4_4:/%&!@-&!Q@4!74-E(!/&#!7E7@%&F!cD(--+6@.!k.<(l"4-!4%!7#(7(:+4-7&!*4%!(%,&P&%+.:&d!gG+R@#+J(!
;A3;h2!!O(!#4M+.7(!.4!9@4!(/(#7(-*&!*4%!T#4(!4.7#+,7(:4-74!,+4-7E9+,(!/(#(!4-7#(#!4-!/&%E7+,(H!
(6&'(-*&!/&#!@-(!cQ@+-7(!%+64#7(*dH!4%!*4#4,P&!(!%(!4>/(-.+$-!*4!%(!,&-,+4-,+(!gB(##+'(#!;AX`hH!J!
%(!/#&*@,,+$-!9(#:(,I@7+,(!*4!4>/4#+4-,+(.!#4%+'+&.(.!gO4(#J!;AX`h2!!G+4-7#(.!7(-7&H!O4(#J!J!.@.!
,&%4'(.!:+#(#&-!*4!+-7#&*@,+#!(!:+4:6#&.!*4!%(!+-74%4,7@(%+*(*!4-!%&.!(./4,7&.!4./+#+7@(%4.!*4!%&.!
4-74$'4-&.2!!S(%!,&:&!#4%(7$!O4(#JF!
!
84:&.!&#'(-+Y(*&!4>/4#+4-,+(.!7#(.,4-*4-74.!/(#(!:T.!*4!@-!:+%%(#!*4!
/4#.&-(.!/#&,4*4-74.!*4!7&*&.!%&.!T:6+7&.H!4-7#4!4%%(.!XA!#4%+'+&.&.H!*4!%&.!Q@4!
(/#&>+:(*(:4-74!%(!:+7(*!/#&94.(-!%(!94!,#+.7+(-(!&!_@*E(H!/4#74-4,+4-*&!%(!&7#(!
:+7(*!(!#4%+'+&-4.!&#+4-7(%4.2!!)-!4.7(!%+.7(!.4!P(%%(-!7(:6+I-!*&.!*4,(-&.H!4%!
/#4.+*4-74!*4!@-(!9(,@%7(*!*4!74&%&'E(H!7#4.!
;W`!
!
,(/4%%(-4.!@-+M4#.+7(#+&.H!@-!4_4,@7+M&!/4#74-4,+4-74!(!@-(!9@-*(,+$-!#4%+'+&.(H!@-!
4*+7&#!4:+-4-74!J!*+M4#.&.!9+%$.&9&.!#4%+'+&.&.!*4!#4-&:6#42!!O%4'(*&.!(!4.74!/@-7&H!
P(,+4-*&!@-(!4.7+:(,+$-!/#@*4-74H!/&*4:&.!(9+#:(#!Q@4!:T.!*4%!3?{!*4!4.7(.!
/4#.&-(.!:&.7#(#&-!+-74-.(.!#4(,,+&-4.!:+.7+,&#4%+'+&.(.!J!6(.7(-74!:T.!*4!%(!:+7(*!
(9+#:(-!P(64#!4>/4#+:4-7(*&!%(!:T.!/#&9@-*(!4>/4#+4-,+(!4./+#+7@(%!*4!.@!M+*(2!
!
O4(#J!/@6%+,$!_@-7&!,&-!.@.!,&%(6&#(*&#4.!@-!:(-@(%!c6(.(*&!4-!4%!O+6#&!7+647(-&!
*4!%&.!:@4#7&.d!/(#(!'@+(#!(!%&.!@.@(#+&.!*4!%&.!4-74$'4-&.!P(,+(!@-(!4>/4#+4-,+(!#4%+'+&.(!gO4(#J!
+*"%/-";AX`h2!
S+4:/&!*4./@I.H!4-!%(!,&.7(!&4.74H!%&.!c,@%7&.d!*4!%(!OKL!4:/4Y(#&-!(!,(/7(#!%(!(74-,+$-!*4!%&.!
:4*+&.!*4!,&:@-+,(,+$-2!
)%!:T.!9(:&.&!9@4!4%!*4!%&.!cG4##J!"#(-R.74#.d!g"4##J!;AA]hH!Q@4!4:/4Y$!(!/#&:&M4#!4%!@.&!
(6+4#7&!J!(!'#(-!4.,(%(!*4!%(!OKL2!
 ).7(!/(-*+%%(!&#'(-+Y(6(!9+4.7(.C,&-,+4#7&!,&-!'#@/&.!*4!k&,R!€!k&%%!,&:&!%&.!cb#(749@%!L4(*dH!
4-!%&.!Q@4!.4!.4#ME(!'#(7@+7(:4-74!/&-,P4!gc4%4,7#+,!^&&%C5+*dh!,(#'(*&!*4!OKLH!(%!7+4:/&!Q@4!
/&.74#.!c/.+,&*I%+,&.d!4>P&#7(6(-!(!/&.+6%4.!,%+4-74.!(!c/(.(#!4%!74.7!*4%!T,+*&d!gj&%94!;AXAh2!!).74!
@.&!-&!'@+(*&!*4!%(!OKL!,(@.$!*4!9&#:(!+-4M+7(6%4!#4(,,+&-4.!(*M4#.(.!4-!(%'@-&.!@.@(#+&.H!*4!
9&#:(!Q@4!%(!OKL!4:/4Y$!(!(*Q@+#+#!:(%(!9(:(!g(!/4.(#!*4!Q@4!%(!'#(-!:(J&#E(!(/(#4-74:4-74!
/(.(6(!%(!/#@46(!,&-!I>+7&h2!!).7&.!.4-.(,+&-(%4.!(,&-74,+:+4-7&.!P+,+4#&-!Q@4!.4!(.&,+(#(!
/&/@%(#:4-74!%(!OKL!,&-!%&.!c8+//+4.!Y@:6(*&.dH!@-(!(.&,+(,+$-!:@J!-4'(7+M(!Q@4!
*4.(9&#7@-(*(:4-74!,@(_$!J!4-#(+Y$!9+#:4:4-74!4-!%(!:4-7(%+*(*!/&/@%(#!(%!M4#.4!+-M&%@,#(*(!%(!
OKL!,&-!%(!6(-*(!(.4.+-(!*4!DP(#%4.!G(-.&-2!
5!#4.@%7(.!*4!%(.!74#(/+(.!4>/4#+:4-7(%4.!,&-!OKL!Q@4!.+'@+4#&-!M(#+(.!4.7#4%%(.!*4!8&%%Ji&&*H!%(!
OKL!4:/4Y$!(!M4#.4!(.&,+(*(!,&-!4%!'%(:&@#!*4!%(.!4.7#4%%(.!*4!,+-4H!%%4'(-*&!(!,&-.+*4#T#.4%(!%(!
*#&'(!Q@4!.+:6&%+Y(6(!4%!4.7(7@.!.&,+(%!*4!8&%%Ji&&*!gb(+-4.!;AX<h2!!=-&!*4!4.7&.!/#+:4#&.!
/(,+4-74.!7#(7(*&.!,&-!OKL!9@4!D(#J!b#(-72!!5/(#4-74:4-74H!%(!OKL!%4!P(6E(!.+*&!64-49+,+&.(!4-!.@!
/.+,&74#(/+(!g8&'4!;A33h!J!,@(-*&!%(!#4M+.7(!K))F"/@6%+,$!4-!.4/7+4:6#4!*4!;A?A!@-!(#7E,@%&!
7+7@%(*&!cO(!,@#+&.(!P+.7&#+(!7#(.!4%!-@4M&!D(#J!b#(-7dH!.4!*4.(7$!@-!.o6+7&!+-74#I.!/&#!4%!-@4M&!
G$%&'%()*$+),-""L&.!(0&.!:T.!7(#*4H!4-!;AX;H!%(!9(:&.(!4>/4#7(!4-!-@7#+,+$-!J!4.,#+7&#(!5*4%%4!
L(M+.!g,&-!4%!.4@*$-+:&!*4!e(-4!L@-%(/h!*4.,#+6+$!,&-!'#(-!4-7@.+(.:&!.@.!4>/4#+4-,+(.!,&-!%(!
OKLCW?!4-!/.+,&74#(/+(!gL@-%(/!;AX;h2!!L(M+.!.4!P(6E(!+-74#4.(*&!/&#!%(!.@.7(-,+(!*4./@I.!*4!%44#!
4%!(#7+,@%&!*4!k2b2j(..&-!.&6#4!%&.!P&-'&.!4-74$'4-&.!:4>+,(-&.!/@6%+,(*&!/&#!%(!#4M+.7(!K<0+"4-!
;A?3!gMI(.4!D(/E7@%&!?l!k2b2j(..&-!;A?3h2!!5%!(0&!.+'@+4-74H!4%!9(-7T.7+,&!#4%(7&!4-!4%!Q@4!.4!*(6(!
,@4-7(!*4!,&:&!%(!/(#(/.+,$%&'(!G4%:(!G&..!g7(:6+I-!@-!.4@*$-+:&l!MI(.4!\4i%(-*!;AXWh!9@4!
,@#(*(!*4!%(!9#+'+*4Y!Q@4!/(*4,E(!(!7#(MI.!*4!/.+,&74#(/+(!,&-!OKL!gMI(.4!O+-'!J!B@,R:(-!;AX<l!
O+-'!J!B@,R:(-!;AX`hH!9@4!@-!/&*4#&.&!4.7E:@%&!*4%!+-74#I.!/&/@%(#!/&#!%(!*#&'(2!!)-!&7#&!%+6#&!
/@6%+,(*&!4-!;AX;H!J!Q@4!(%,(-Y(#E(!6(.7(-74!/&/@%(#+*(*H!.4!*4.,#+6E(-!%(.!4>/4#+4-,+(.!*4!
*+M4#.&.!,&-.@:+*&#4.!*4!OKLH!GA5)*/!"P&-'&.!4-74$'4-&.!J!&7#(.!*#&'(.!g)6+-!;AX;h2!!S(:6+I-!
*464:&.!:4-,+&-(#!4%!%+6#&!*4!k2K2!L4!k&//!L&3?."%,1"*$+!G+-*!/@6%+,(*&!4-!;A?3!gL4!k&//!
;A?3hH!(.E!,&:&!.@!,&-7+-@(,+$-!C$+"[%.*+&"X%'+!
;W?!
!
gL4!k&//!;AXZh!J!&7#&.!%+6#&.!Q@4!9&:4-7(#&-!4%!+-74#I.!/&#!%(!OKL!J!*4:T.!4-74$'4-&.!g5(#&-.&-!
J!f.:&-*!;A3]l!B%@:!;AX`l!B#(*4-!;AX3l!D&P4-!;AX`l!^#4+'!;AX`l!8&994#!J!f.:&-*!;AX3l!K(-R(#!
;A3?l!K&%&:&-!;AX`l!S(#7!;AXAh2!
5!,&-.4,@4-,+(!*4!%(.!M+.7&.(.!(,7+M+*(*4.!*4%!'#@/&!*4!O4(#J!J!*4!%&.!cG4##J!"#(-R.74#.dH!%(!
*4:(-*(!*4!OKL!.4!*+./(#$2!!)%!W<!*4!('&.7&!*4!;AX?H!%(!,&:/(0E(!K(-*&Y!O7*!,4.$!
M&%@-7(#+(:4-74!%(!*+.7#+6@,+$-!*4!L+/5.<1!"R,1)(58<,%!"G.</)(<,%"a5!.@.!/(#+4-74.!(%@,+-$'4-&.dH!
,&:&!#4./@4.7(!(!%&!Q@4!%(!*+#4,,+$-!*4!%(!4:/#4.(!4:/4Y(6(!(!,&-.+*4#(#!@-(!/@6%+,+*(*!
*4.9(M&#(6%4!gD4#%477+!;AX?l!8&9:(--!;AZ]h2!!"&,&!*4./@I.!*4!7&:(#.4!4.7(!:4*+*(H!.4!
4:/4Y(#&-!(!(/#&6(#!%4J4.!Q@4!/#&P+6E(-!7(-7&!%(!OKL!,&:&!%&.!*4:T.!4-74$'4-&.H!&7&#'T-*&%4.!
%(!:+.:(!,%(.+9+,(,+$-!%4'(%!Q@4!(!%(!:(#+P@(-(H!%(!,&,(E-(!J!%(!P4#&E-(2!
L4!4.74!:&*&!.4!9&:4-7$!%(!*4:(-*(!*4!OKL!Q@4!(!.@!M4Y!+:/@%.$!%(!/#&*@,,+$-!+%4'(%!*4!%(!
*#&'(!gO44!J!KP%(+-!;AZ?l!K74M4-.!;AZ3h2!!5@-Q@4!.4!,&-.+*4#4!(!k&.4:(-!4%!/#+:4#&!Q@4!9(6#+,$!
OKL!/(#(!.@!*+.7#+6@,+$-!4>7#(!9(#:(,I@7+,(!g8&#&i+7Y!;AZ?hH!4%!:T.!-&7&#+&!#4/#4.4-7(-74!*4!4.7(!
-@4M(!,(.7(!*4!Q@E:+,&.!*4!%&.!4-74$'4-&.!9@4!/#&6(6%4:4-74!5@'@.7@.!K7(-%4JH!,&-&,+*&!
'4-4#(%:4-74!/&#!.@!&7#&!-&:6#4!fi.%4J!gO44!J!KP%(+-!;AZ?l!K74M4-.!;AZ?l!K7(99&#*!;AZ<hH!Q@+4-!
:(-74-E(!@-(!4.7#4,P(!#4%(,+$-!,&-!%&.!cG4##J!"#(-R.74#.d!J!%&.!cb#(749@%!L4(*d2!!f7#&!,&-&,+*&!
Q@E:+,&!*4!%(!OKL!9@4!k282!K7(#RH!Q@4!4.7@M&!,&:/#&:47+*&!,&-!%(!cB#&7P4#P&&*!&9!)74#-(%!O&M4d!
g84#:(-*(*!*4%!(:&#!474#-&hH!@-(!&#'(-+Y(,+$-!*4*+,(*(!(!%(!*+.7#+6@,+$-!*4!OKL!,&-!,4%&!
4M(-'I%+,&2!!5!K7(#R!.4!%4!(7#+6@J4!%(!9(6#+,(,+$-!*4!W]!^'2!*4!OKLH!(%#4*4*&#!*4!Z]CW]]!:+%%&-4.!*4!
*&.+.H!J!.4'o-!,+4#7&.!74.7+:&-+&.!/#4.4-7(*&.!*@#(-74!@-!.4-.(,+&-(%!_@+,+&!,4%46#(*&!4-!N7(%+(H!.4!
%4!.@/&-4!@-!('4-74!(%!.4#M+,+&!*4!%(!DN5!g).,&P&7(*&!;AZA(l!O44!J!KP%(+-!;AZ?h2!!)-!%&.!/#+:4#&.!
(0&.!*4!4>+.74-,+(!*4!4.74!:4#,(*&!*4!OKLH!:@,P(.!*4!%(.!/(.7+%%(.!&!,T/.@%(.!Q@4!.4!
*+.7#+6@J4#&-!,&-74-E(-!@-(!,(-7+*(*!,&-.+*4#(6%4!*4!OKLH!(%#4*4*&#!*4!<]]!:+,#&'#(:&.!&!:T.!
gB#&i-!J!G(%&-4!;A3<(h2!!\&!4#(!4>7#(0&!Q@4!@-(!.&%(!*4!4.7(.!/(.7+%%(.!&!,T/.@%(.!/@*+4#(!
/#&/&#,+&-(#!@-&.!494,7&.!+:/#4.+&-(-74.!(!,@(7#&!/4#.&-(.2!!K+-!4:6(#'&H!%(!.+7@(,+$-!(!9+-(%4.!
*4!%&.!X]!,(:6+$!#(*+,(%:4-742!!=-!4.7@*+&!#4(%+Y(*&!.&6#4!*+M4#.&.!/#4/(#(*&.!*4!OKL!4-!\@4M(!
s&#R!4-!;A3W!:&.7#$!Q@4!,(*(!*&.+.!M4-E(!(!,&-74-4#!@-(!:4*+(!*4!;;]!:+,#&'#(:&.!*4!OKL2!!5%!
(0&!.+'@+4-74H!(-T%+.+.!:T.!(:/%+&.!*4%!cT,+*&d!Q@4!.4!/&*E(!4-,&-7#(#!4-!4%!T#4(!*4!%(!B(PE(!*4!
K(-!n#(-,+.,&H!#4(%+Y(*&.!/&#!%&.!%(6&#(7&#+&.!"P(#+-!DP4:!*4!"(%&!5%7&!g@-&!*4!%&.!/#+:4#&.!
.4#M+,+&.!*4!(-T%+.+.!*4!*#&'(.!,(%%4_4#(.hH!+-*+,(#&-!@-(!:4*+(!*4!X?!:+,#&'#(:&.!*4!OKL!/&#!
@-+*(*H!*4!9&#:(!Q@4!I.7(.!#(#(!M4Y!/(.(6(-!*4!%&.!;]]!:+,#&'#(:&.!gk(7,%+994!;A3<h2!!O&.!(-T%+.+.!
*4!"P(#+-!DP4:!7(:6+I-!*474,7(#&-!@-(!4%4M(*(!,(-7+*(*!*4!+.&COKLH!@-!/#&*@,7&!+-&,@&!4!
+-(,7+M&!/#&,4*4-74!*4!%(!*4'#(*(,+$-!*4!%(!OKLH!/&-+I-*&.4!*4!:(-+9+4.7&!%(!+-4.7(6+%+*(*!*4!%&.!
/#4/(#(*&.!*4%!:4#,(*&!-4'#&2!!n+-(%:4-74H!(!/#+-,+/+&.!*4!%&.!A]H!%(!*&.+.!:4*+(!*4!OKL!#&-*(6(!
%&.!?]!:,'!gG(:4%%!;AA<h2!!L46+*&!(!4.7(!+-4>&#(6%4!*+.:+-@,+$-!*4!%(!/&74-,+(!*4!%(.!/(.7+%%(.!J!
,T/.@%(.!*4!OKLH!4-!%&.!3]!-&!4#(!#(#&!74-4#!Q@4!7&:(#!*&.!&!7#4.!/(.7+%%(.!(!%(!M4Yl!(Q@4%%(.!
@-+*(*4.!Q@4!/&*E(-!.4#!,&:/(#7+*(.!/&#!M(#+(.!/4#.&-(.!/(.(#&-!(!.4#!.$%&!@-!#4,@4#*&!*4!%&.!
M+4_&.!7+4:/&.!*4!%(!c/.+,&*4%+(d!*4!%&.!X]2!
;WX!
!
O(!-&.7(%'+(!Q@4!.@4%4!#&*4(#!4%!#4,@4#*&!*4!%(!c+-7#I/+*(d!/.+,&*4%+(!*4!%&.!(0&.!X]H!P(!
4>74-*+*&!%(!+*4(!*4!Q@4!%(!OKL!*4%!:4#,(*&!-4'#&!P(!4.7(*&!4-!'#(-!:4*+*(!:(%!4%(6&#(*(H!
,&-7(:+-(*(!P(6+7@(%:4-74!/&#!.@6/#&*@,7&.!*4!#4(,,+$-!.+4-*&!+-,(/(Y!*4!/#&*@,+#!%&.!:+.:&.!
494,7&.!4-74$'4-&.!*4!%(!OKL!*4!:(J&#!/@#4Y(!9(6#+,(*(!/&#!K(-*&Y!&!K/&9(!g@-(!,&:/(0E(!
9(--(,I@7+,(!,P4,(!Q@4!4:/4Y$!(!9(6#+,(#!4%!9T#:(,&!,@(-*&!%(.!/(74-74.!*4!K(-*&Y!4>/+#(#&-!4-!
;AX<hH!*+./&-+6%4!*4.*4!/#+-,+/+&.!P(.7(!:4*+(*&.!*4!%&.!X]!g)+.-4#!;A33h2!!).74!(#'@:4-7&!4.!
4-'(0&.&!J!/#&*@,7&!:T.!*4!%(!-&.7(%'+(!Q@4!*4!%(!#(Y$-2!!K+!%&.!494,7&.!*4!%(!OKL!9@4#&-!
/4#,+6+*&.!*4!9&#:(!*+94#4-74!*@#(-74!%&.!/#+:4#&.!7+4:/&.!*4!%(!c/.+,&*4%+(d!9@4!*46+*&!(!*&.!
9(,7&#4.!9T,+%:4-74!4>/%+,(6%4.2!!)-!/#+:4#!%@'(#H!,&:&!J(!P4!*&,@:4-7(*&H!J!,&-&,4-!:@,P&.!
(-7+'@&.!@.@(#+&.H!%(!/&74-,+(!*4!%&.!/#4/(#(*&.!*+.:+-@J$!,&-.+*4#(6%4:4-74!*4./@I.!*4!;AXA2!!
"&#!7(-7&H!(-74.!*4!4.(!94,P(!%(.!*&.+.!Q@4!.4!,&-.@:E(-!.&%E(-!.4#!:(J&#4.2!!s!%&!Q@4!4.!:T.!
+:/&#7(-74H!%&.!/#+:4#&.!@.@(#+&.!4>/4#+:4-7(#&-!4-!@-!,(:/&!M+#'4-H!*&-*4!P(6E(!/&,(.!
4>/4,7(7+M(.H!%&.!494,7&.!4#(-!4-!'#(-!:4*+*(!*4.,&-&,+*&.!J!%(!4>/4#+4-,+(!4#(!'4-@+-(:4-74!
-@4M(2!!O(!9(:+%+(#+Y(,+$-!,&-!%(!4>/4#+4-,+(!P+Y&!Q@4!I.7(!/4#*+4#(!/(#74!*4!.@!4-,(-7&2!!S(%!,&:&!
%&!4>/@.&!4%!/.+Q@+(7#(!\2!
|+-64#'!4-!7I#:+-&.!
9#4@*+(-&.!J!(94,7(*&.!g|+-64#'!;A33hF!
!
5Q@4%%&.!Q@4!@7+%+Y(#&-!OKL!4-!%&.!/#+:4#&.!7+4:/&.!J!Q@4!-&!/&.4E(-!@-(!
/#4/(#(,+$-!,@%7@#(%!.+'-+9+,(7+M(!-+!,&-*+,+&-(:+4-7&.!.&,+(%4.H!4>/4#+:4-7(#&-!
%(!.+:6&%+Y(,+$-!*4!.@.!/4-.(:+4-7&.!,&:&!#4M4%(,+&-4.!/#&,4*4-74.!*4%!9&-*&!
*4!.@.!:4-74.!Q@4!/&*E(-!.4#!,(#(,74#+Y(*(.!,&:&!*4#+M(*(.!*4!@-!/#&,4.&!
/#+:(#+&2!!D@(-*&!4%4:4-7&.!4.7#@,7@#(%4.!*4!%(!/4#.&-(%+*(*H!4.!*4,+#!4%!4'&H!
4.7@M+4#&-!/#4/(#(*&.!/(#(!%(!4>/4#+4-,+(!JH!/&#!%&!'4-4#(%H!.+-7+4#&-!Q@4!/&*E(-!
,&-7#&%(#%(H!%(.!:+.:(.!+*4(,+&-4.!*4_(#&-!*4!#4/#4.4-7(#!@-(!#4M4%(,+$-!/(#(!4%!
+-*+M+*@&2!
!
"@4.!6+4-H!*4!P4,P&!9@4!%(!OKL!+%4'(%!%(!Q@4!,(7(%+Y$!%(!c4#(!/.+,&*I%+,(dH!J!,&:&!:@,P&.!
4.7@*+&.!Q@E:+,&.!P(-!*4:&.7#(*&H!4#(!Q@E:+,(:4-74!+*I-7+,(!(!.@!P&:$%&'&!9(#:(,I@7+,&!4%!
L+/5.<1-"g;`h!
L4!9&#:(!(-T%&'(H!%(!7(-!#4/47+*(!+*4(!*4!Q@4!%(!OKL!*4%!:4#,(*&!-4'#&!4.7(6(!(*@%74#(*(!
9#4,@4-74:4-74!,&-!4.7#+,-+-(H!4.!9(%.(2!!5@-Q@4!4-!;A3]!5%64#7!8&9:(--!*474,7$!4.7#+,-+-(!4-!
@-(!.@/@4.7(!:@4.7#(!*4!OKL!Q@4!,(@.$!%(!:@4#74!*4!@-!+-9&#7@-(*&!4>/4#+:4-7(*&#!g8&9:(--!
;AZ]hH!%&.!(-T%+.+.!/&.74#+&#4.!*4!,+4-7&.!*4!:@4.7#(.!*4!OKL!/#&M+-+4-74.!*4%!:4#,(*&!-4'#&!-&!
/@*+4#&-!*4.,@6#+#!:T.!4.7#+,-+-(!gB#&i-!J!G(%&-4!;A3<(h2!
\&!&6.7(-74H!:@,P&.!@.@(#+&.!,#4J4#&-!#4(%:4-74!Q@4!(%'@-(.!*4!%(.!:@4.7#(.!*4!OKL!.E!Q@4!
4.7(6(-!,&-7(:+-(*(.!,&-!4.74!/#&*@,7&2!!B#&i-!J!G(%&-4!,&:4-7(#&-!%&!.+'@+4-74!(,4#,(!*4!.@.!
(-T%+.+.F!
!
84:&.!(-(%+Y(*&!*+M4#.(.!:@4.7#(.!*4!OKL!Q@4!.@/@4.7(:4-74!,&-74-E(-!
4.7#+,-+-(!4-!6(.4!(!#4(,,+&-4.!7$>+,(.H!/4#&!4-!7&*&.!%&.!,(.&.!.$%&!/@*&!
*474,7(#.4!OKL2!!K+-!4:6(#'&H!%(!,(-7+*(*!*474,7(*(!/&#!*&.+.!9@4!4>,4.+M(!
g4-7#4!<]]!J!?]]!:+,#&'#(:&.h2!
;W3!
!
\+-'@-&!*4!%&.!*4:T.!4Q@+/&.!Q@4!#4(%+Y(-!(-T%+.+.!*4!*#&'(.!*4!%(!,(%%4!P(-!
/&*+*&!4-,&-7#(#!4.7#+,-+-(!4-!%(.!:@4.7#(.!*4!OKL!u4%!(*@%74#(-74!:T.!,&:o-!
4.!%(!94-,+,%+*+-(!&!"D"H!,&-&,+*(!7(:6+I-!/&#!E+&,5//v2""O(!,%(M4!4.7T!4-!Q@4!
*&.+.!4%4M(*(!*4!OKL!:+:47+Y(-!%&.!.E-7&:(.!*4!%(!+-7&>+,(,+$-!/&#!4.7#+,-+-(H!J!
*4!P4,P&H!4-!4%!:4#,(*&!-4'#&!4.!P(6+7@(%!4-,&-7#(#!*&.+.!4>,4.+M(.!*4!OKL!g/&#!
4-,+:(!*4!%&.!W]]!:+,#&'#(:&.h2!gB#&i-!J!G(%&-4!;A3<(h2!
!
O&.!#4.@%7(*&.!*4!%&.!(-T%+.+.!*4!?Z;!:@4.7#(.!*4!OKL!*4%!:4#,(*&!-4'#&H!#4(%+Y(*&.!/&#!B#&i-!
J!G(%&-4!.4!/@4*4-!#4.@:+#!*4!%(!9&#:(!.+'@+4-74F!`A;!gZ`H?{h!,&-74-E(-!OKLH!:+4-7#(.!Q@4!<;!
g?H<{h!,&-74-E(-!OKL!J!"D"2!!8@6&!;;!:@4.7#(.!g;HA{h!Q@4!.$%&!,&-74-E(-!"D"H!J!?!Q@4!,&-74-E(-!
OKL!:T.!(-947(:+-(!&!:47(-947(:+-(2!!=-(!*4!%(.!:@4.7#(.!4#(!*4!KS"!&!LfG!gMI(.4!D(/E7@%&!%hH!
J!*&.!,&-74-E(-!.&%(:4-74!(-947(:+-(.2!!)-!7&7(%H!?W3!*4!%(.!?Z;!:@4.7#(.H!4.!*4,+#!4%!A]H3{!
,&-74-E(-!*4!P4,P&!OKL!gB#&i-!J!G(%&-4!;A3<(h2!!5@-Q@4!4-!(%'@-(.!&,(.+&-4.!%(.!:@4.7#(.!*4!
OKL!P(-!.+*&!(*@%74#(*(.!,&-!(-947(:+-(.!g@-!;HW{!4-!4%!,(.&!(-74#+&#hH!4.7(!/#(,7+,(!-@-,(!.4!
'4-4#(%+Y$H!(@-Q@4!4%!9&%,%&#4!,(%%4_4#&!*+'(!%&!,&-7#(#+&2!!5%!.4#!%(!OKL!@-!/&74-74!4.7+:@%(-74H!
(%#4*4*&#!*4!*&.!$#*4-4.!*4!:('-+7@*!:T.!/&74-74!Q@4!%(!:47(-947(:+-(H!,&-!%(!Q@4!,&:/(#74!
M(#+&.!*4!.@.!494,7&.H!4.7(!4Q@+M&,(*(!+*4(!(%,(-Y$!@-(!'#(-!*+9@.+$-2!!).!:T.H!4%!/#4,+&!*4!@-(!
*&.+.!*4!:47(-947(:+-(!&!*4!&7#(.!(-947(:+-(.!4-!4%!:4#,(*&!-4'#&!.+4:/#4!P(!.+*&!:(J&#!Q@4!
4%!*4!%(!OKLH!J!@-(!-&#:(!6T.+,(!*4!%(!(*@%74#(,+$-!4.!Q@4!@-&!-&!*464!@.(#!,&:&!(*@%74#(-74!@-!
/#&*@,7&!Q@4!4.!:T.!,(#&2!
S#(.!%(!/@6%+,(,+$-!4-!;AX]!*4!%&.!/#+:4#&.!7#(6(_&.!Q@4!*4.,#+6E(-!%(!4>+.74-,+(!*4!(%,(%&+*4.!
/.+,&(,7+M&.!(-T%&'&.!(!%(!OKL!4-!%(.!.4:+%%(.!*4!%&.!*&-*+4'&.!*4!*E(H!.4!+-+,+$!4-!%&.!))==!4%!@.&!
%o*+,&!*4!%(.!.4:+%%(.!*4!RG)')+%"7<)/%(+%"=L+&!G(#*4#&.+(-!+*"%/-";AX`6h2!!L+M4#.(.!M(#+4*(*4.!
P&#74-.4.!*4!R-"7<)/%(+%".4!M4-*E(-!gJ!.+'@4-!M4-*+I-*&.4h!%+6#4:4-74!(!%&.!_(#*+-4#&.2!!L4%!:+.:&!
:&*&H!,@(-*&!*+M4#.&.!4.7@*+&.!Q@E:+,&.!*474#:+-(#&-!%(!/#4.4-,+(!*4!(%,(%&+*4.!4-!4./4,+4.!*4%!
'I-4#&!5#'J#4+(H!.+4-*&!%(!:T.!/&74-74!;&?5&+<%",+&7).%!"%&.!.@:+-+.7#&.!*4!4.7(.!.4:+%%(.!/(#(!%(!
P&#7+,@%7@#(!4:/4Y(#&-!(!.4#!(,(/(#(*&.!/&#!%&.!@.@(#+&.!*4!4-74$'4-&.2!!5!:4*+*(!Q@4!%(.!
.4:+%%(.!'(-(6(-!/&/@%(#+*(*H!%&.!*+.7#+6@+*&#4.!.4!M+4#&-!+-,(/(,4.!*4!.(7+.9(,4#!4.74!+-4./4#(*&!
(@:4-7&!*4!%(!*4:(-*(!gKP(i,#&..!;AZ<h2!!5!:4*+*(!Q@4!%(!*+./&-+6+%+*(*!*4!%(!OKL!(@:4-7$H!4%!
@.&!*4!%(.!.4:+%%(.!*4!*&-*+4'&H!,&-.+*4#(*(.!:4-&.!*4.4(6%4.H!*+.:+-@J$2!!5o-!P&J!.4!@.(-!(!
M4,4.!4.7(.!.4:+%%(.H!/@*+I-*&.4!(*Q@+#+#!(6+4#7(:4-74!/&#!,&##4&!(!7#(MI.!*4!#4M+.7(.!
,&-7#(,@%7@#(%4.!*4!*#&'(.2!!\&!&6.7(-74H!-&!.&-!,&-.+*4#(*(.!,&:&!%&.!:4_&#4.!*4!%&.!
4-74$'4-&.H!*46+*&!(!.@.!494,7&.!.4,@-*(#+&.!gB(+%+-!;A3?l!KP(i,#&..!;AZ<h2!!).!/#&6(6%4H!.+-!
4:6(#'&H!Q@4!(%'@-&.!*4!4.7&.!494,7&.!.4,@-*(#+&.!/@4*(-!*464#.4!(!%(!+-'4.7+$-!*4!%(.!.4:+%%(.!
:&%+*(.H!4-!%@'(#!*4!7&:(#!%(!+-9@.+$-!9#E(!J!9+%7#(*(!*4!%(.!.4:+%%(.!/@%M4#+Y(*(.H!7(%!,&:&!P(,4-!
%&.!+-*+&.!:4>+,(-&.!gj(..&-!;AX<h2!!)-!(%'@-&.!,(.&.H!4-!@-!:(%!4-74-*+*&!J!/4#M4#.&!4.9@4#Y&!
/&#!*+.@(*+#!(!/&.+6%4.!,&-.@:+*&#4.H!%&.!*+.7#+6@+*&#4.!P(-!4-M4-4-(*&!%(.!.4:+%%(.!
*4%+64#(*(:4-74H!(*M+#7+I-*&%&!4-!4%!4-M&%7&#+&!*4!%(.!.4:+%%(.2!
O(!#4(,,+$-!*4%!c4.7(6%+.P:4-7d!(%!(@'4!*4!%(!OKL!J!&7#&.!4-74$'4-&.!4-!%&.!X]!9@4!
;WZ!
!
#T/+*(!J!,&-7@-*4-742!!)%!!,&-7#(7&!*4!O4(#J!9@4!#4.,+-*+*&!/&#!+-,@:/%+:+4-7&!4-!;AX<H!J!5%/4#7!
9@4!*4./4*+*&!4.4!
:+.:&!(0&2!!).74!P4,P&!(,(##4$!(!(:6&.!4%!*4.,#I*+7&!J!%&.!(+.%$!*4!.@.!,&%4'(.!*4!%(!/#&94.+$-!
gj4+%!;AX<6h2!!5/(#7(*&.!*4!%(!+-M4.7+'(,+$-!c%4'E7+:(dH!O4(#J!J!5%/4#7!.4!M+4#&-!#4*@,+*&.!(!
P(,4#!/#&.4%+7+.:&!*4!%(!OKL2!!S#4.!(0&.!:T.!7(#*4H!,@(-*&!4%!@.&!*4!%(!OKL!,(@.(6(!9@#&#H!4%!
'&6+4#-&!*4!%&.!))==!*4,+*+$!#4(%+Y(#!@-(!(,,+$-!4_4:/%(#!,&-!O4(#J2!!)%!WX!*4!:(#Y&!*4!;AXXH!
O4(#J!9@4!*474-+*&!4-!O(#4*&H!S4>(.H!/&#!/&.4.+$-!*4!@-(!E-9+:(!,(-7+*(*!*4!:(#+P@(-(H!J!/&,&!
7+4:/&!*4./@I.H!4%!;X!*4!(6#+%!.@!#4.+*4-,+(!J!,@(#74%!'4-4#(%!.+7@(*(!4-!%(!9+-,(!G+%%6#&&R!*4!
\@4M(!s&#R!9@4!(.(%7(*(!/&#!@-!7(%!b2!b&#*&-!O+**JH!Q@4!:T.!7(#*4!.4!P(#E(!9(:&.&!,&:&!
/#+-,+/(%!4-,(@.(*&!4-!4%!4.,T-*(%&!cj(74#'(74d!J!(,(6(#E(!4-!%(!,T#,4%!gK7(99&#*!;AZ<h2!!O(!
*474-,+$-!4-!O(#4*&!,&-*@_&!(!.@!,&-*4-(H!#4,+6+4-*&!/&.74#+&#:4-74!%(!*#(,&-+(-(!.4-74-,+(!
*4!<]!(0&.!*4!,T#,4%2!!)%!:&:4-7&!P(6E(!%%4'(*&2!!O&.!4.7(*&.!.4!(/#4.@#(#&-!(!+%4'(%+Y(#!%(!OKLH!
(##(.7#(-*&!,&-.+'&!(!&7#&.!4-74$'4-&.!,&:&!%(!LGSH!%(!:4.,(%+-(H!%(!/.+%&,+6+-(H!J!%(!/.+%&,+-(2!!
D(%+9&#-+(!9@4!4%!/#+:4#!4.7(*&!4-!(/#&6(#!.@!+%4'(%+Y(,+$-H!J!/#&-7&!.4!4.7(6%4,+$!%(!/#&P+6+,+$-!
94*4#(%2!
L4.'#(,+(*(:4-74!/(#(!4%!'&6+4#-&H!4.7(.!*#T.7+,(.!(,,+&-4.!/#&*@_4#&-!@-!494,7&!,&-7#(#+&!(%!
*4.4(*&2!!O(!*474-,+$-!*4!O4(#JH!*+&!@-(!'#(-!/@6%+,+*(*!(!%(!OKL!J!(!%&.!4-74$'4-&.!4-!'4-4#(%!
 gO4(#J!;AXX(h2!!)%!,%+:(!*4!('+7(,+$-!.&,+(%!Q@4!#4+-(6(!4-!(Q@4%%(!I/&,(!J!%(!*4.(/#&6(,+$-!
'@64#-(:4-7(%!*4!%&.!4-74$'4-&.!%4.!*+4#&-!@-!(@#(!*4!9#@7&!/#&P+6+*&!4-7#4!%&.!_$M4-4.H!
:@,P&.!*4!%&.!,@(%4.!(o-!.4!4-7@.+(.:(#&-!:T.!,&-!%(!+*4(!*4!4>/4#+:4-7(#!,&-!4.7(.!*#&'(.2!!
O(.!%4J4.!9#(,(.(#&-!4.7#4/+7&.(:4-74!4-!.@!+-74-7&!*4!*+.:+-@+#!4%!@.&!*4!%(.!*#&'(.!J!.+#M+4#&-!
/(#(!4>(,4#6(#!4%!*4.,&-74-7&!.&,+(%H!J(!Q@4!,&%&,(6(-!%+74#(%:4-74!(!:+%%&-4.!*4!,+@*(*(-&.H!
Q@4!-&!P(6E(-!,&:47+*&!-+-'o-!*4%+7&!,&-7#(!/4#.&-(.!&!/#&/+4*(*4.H!4-!%(!,(74'&#E(!*4!
,#+:+-(%4.2!
8(6+4-*&!9#(,(.(*&!4%!@.&!*4!%(!9@4#Y(H!4%!'&6+4#-&!*4!%&.!))==!&/7$!/&#!4%!@.&!*4!%(!,&(,,+$-!J!
%(!/4#.@(.+$-2!!)-!;AX3!.4!/@6%+,$!@-!7#(6(_&H!:@J!,@4.7+&-(6%4!*4.*4!4%!/@-7&!*4!M+.7(!
,+4-7E9+,&H!4-!4%!Q@4!.4!(9+#:(6(!Q@4!%(!OKL!&,(.+&-(6(!(%74#(,+&-4.!,#&:&.$:+,(.!4-!%&.!
%+-9&,+7&.!P@:(-&.!gD&P4-!+*"%/-";AX3h2!!)%!N-.7+7@7&!\(,+&-(%!*4!%(!K(%@*!(/#&M4,P$!
+-:4*+(7(:4-74!%(!&/&#7@-+*(*!J!:&-7$!@-(!4-I#'+,(!,(:/(0(!/#&/('(-*E.7+,(H!7(%!,&:&!.4!
.40(%$!4-!4%!,(/E7@%&!/#+:4#&!gj4+%!;A3Wh2!!L4!9&#:(!.+'-+9+,(7+M(H!4.74!,4-7#&!*4!+-M4.7+'(,+$-!
9+-(-,+(*&!/&#!4%!'&6+4#-&!94*4#(%!-&!4-,(#'$!-+-'o-!7+/&!*4!4.7@*+&!/(#(!M4#+9+,(#!%&.!#4.@%7(*&.!
*4%!/#+:4#!+-9&#:4H!.+-&!Q@4!.+:/%4:4-74!%&.!(,4/7(#&-!,&:&!MT%+*&.!/@4.7&!Q@4!,&-.7+7@E(-!
@-(!'#(-!-&7+,+(!/(#(!4%!'&6+4#-&2!!O&.!*$,+%4.!:4*+&.!*4!,&:@-+,(,+$-!*4!%(!I/&,(!.4!7#('(#&-!
7&7(%:4-74!4%!(-Y@4%&H!*4.(7T-*&.4!@-(!'#(-!(%(#:(!.&6#4!%(!,@4.7+$-!,#&:&.$:+,(H!*4!9&#:(!
Q@4!%(!OKL!.4!,&-M+#7+$!4-!@-!-@4M&!,P+M&!4>/+(7&#+&!gB#(*4-!;A3]h2!!)%!'&6+4#-&!J!%&.!:4*+&.!*4!
,&:@-+,(,+$-!_@'(#&-!,&-!4%!74:&#!Q@4!P(6E(!'4-4#(*&!4-!%(!&/+-+$-!/@6%+,(!%(!7#('4*+(!*4!%(!
C%/<1)'<1%"(!9+-(%4.!*4!%&.!?]!J!/#+-,+/+&.!*4!%&.!X]H!J!Q@4!7&*(ME(!,&-.7+7@E(!@-!P&##+6%4!J!MEM+*&!
#4,@4#*&!/(#(!%&.!@.@(#+&.!*4!%(!OKL!J!4%!#4.7&!*4!%(!/&6%(,+$-!gMI(.4!D(/E7@%&!%h2!
\+-'o-!+-9&#:4!,+4-7E9+,&!*4:&.7#$!_(:T.!Q@4!%(!OKL!9@4#(!74#(7$'4-(!g,(@.(-74!*4!*494,7&.!4-!
%&.!#4,+I-!-(,+*&.h2!!D@(-*&!.4!%%4M(#&-!(!,(6&!4.7@*+&.!6+4-!/%(-+9+,(*&.!.&6#4!%&.!494,7&.!*4!%(!
OKL!4-!%&.!,#&:&.&:(.!J!.4!4>(:+-$!(!/4#.&-(.!Q@4!P(6E(-!,&-.@:+*&!OKL!(!%(#'&!/%(Y&H!.4!
,&-,%@J$!Q@4!-&!P(6E(!-+-'@-(!#4%(,+$-!.+'-+9+,(7+M(!4-7#4!4%!,&-.@:&!*4!OKL!J!%(.!%4.+&-4.!
,#&:&.$:+,(.!gB4-*4#!J!K(-R(#!;AXZl!
;WA!
!
L+.P&7.RJ!+*"%/-";A3;l!S_+&!+*"%/-";AXAh2!!S(:6+I-!.4!*4.,@6#+$!Q@4!*474#:+-(*(.!+-94,,+&-4.!ME#+,(.!
J!-@:4#&.(.!.@.7(-,+(.!,&:&!%(!,(94E-(!J!%(!(./+#+-(!/&*E(-!&,(.+&-(#H!<,"7<*&)!"#&7@#(.!
,#&:&.$:+,(.!4-!%&.!%+-9&,+7&.2!!5@-Q@4!4%!,&-.@:&!*4!OKL!*+.:+-@J$!(%!+-+,+(#.4!4.7(!'#(-!
(%(#:(H!4%!#4.@%7(*&!9+-(%!9@4!%(!+##4/(#(6%4!/I#*+*(!*4!,#4*+6+%+*(*!*4%!'&6+4#-&!*4!%&.!))==!4-!%&!
Q@4!,&-,+4#-4!(!%(.!*#&'(.!gj4+%!;A3Wh2!!"&.74#+&#:4-74H!4%!'&6+4#-&!+-74-7$!*+9@-*+#!@-(!-@4M(!
.4#+4!*4!74:&#4.!4-7#4!4%!/o6%+,&F!4%!94-$:4-&!*4%!c9%(.P6(,RdH!%(!+*4(!*4!Q@4!%(!OKL!/#&*@,4!
/.+,$.+.!%1",%3.+%'-""L(*(!%(!9(%7(!*4!,#4*+6+%+*(*!*4%!'&6+4#-&!(:4#+,(-&!4-!%&.!74:(.!
#4%(,+&-(*&.!,&-!%(.!*#&'(.H!-&!4.!-+-'@-(!.&#/#4.(!4%!P4,P&!*4!Q@4!4.7(!7T,7+,(!*4%!:+4*&!.$%&!
7@M+4#(!@-(!49+,(,+(!:E-+:(!(!%(!P&#(!*4!4M+7(#!4%!@.&!4>7#(!:I*+,&!*4!%(!OKL2!
L4!P4,P&H!4-!%&.!:4*+&.!*4!,&:@-+,(,+$-!.4!9@4!,#4(-*&!@-!,%+:(!*4!:4-7+#(.!J!4-'(0&.!
(%#4*4*&#!*4!%(!OKL2!!D@(-*&!@-!*4.7(,(*&!9@-,+&-(#+&!*4!%(!(*:+-+.7#(,+$-!.(-+7(#+(!*4%!4.7(*&!
*4!"4--.J%M(-+(!,&-7$!Q@4!@-&.!_$M4-4.!P(6E(-!Q@4*(*&!,+4'&.!/&#!:+#(#!(%!.&%!:+4-7#(.!.4!
4-,&-7#(6(-!6(_&!%&.!494,7&.!*4!%(!OKLH!%(!-&7+,+(!(/(#4,+$!4-!%&.!7+7@%(#4.!*4!%&.!/4#+$*+,&.!*4!
7&*&!4%!:@-*&2!!5%!/#+-,+/+&H!(!%&.!#4/#4.4-7(-74.!*4!%(!/#4-.(!-&!.4!%4.!&,@##+$!/#4'@-7(#!%&.!
-&:6#4.!*4!%&.!_$M4-4.!-+!&7#&.!*47(%%4.!/&#!4%!4.7+%&2!!n+-(%:4-74H!,@(-*&!.4!+-*('$!@-!/&,&!4-!4%!
(.@-7&H!.4!*4.,@6#+$!Q@4!%(!-&7+,+(!P(6E(!.+*&!@-(!,&:/%47(!+-M4-,+$-H!/4#&!4.74!P4,P&!J(!-&!
74-E(!+-74#I.!(%'@-&!,&:&!-&7+,+(2!!L4./@I.!*4!7&*&H!4#(!c6+4-!.(6+*&d!Q@4!%(!OKL!,(@.(6(!%&,@#(H!
(.4.+-(7&.H!(@7&:@7+%(,+&-4.H!.@+,+*+&.H!M+&%(,+&-4.!47,2!
5%!:+.:&!7+4:/&!Q@4!.4!%(-Y(6(!4.7(!,(:/(0(!*4!:4-7+#(.!*+#+'+*(!/&#!%(.!+-.7+7@,+&-4.!
-(,+&-(%4.!/(#(!%(!.(%@*!J!%&.!#4./&-.(6%4.!*4!%(!%@,P(!(-7+*#&'(H!:&7+M(*(!&.74-.+6%4:4-74!/&#!
.@!/#4&,@/(,+$-!/&#!4%!6+4-4.7(#!/o6%+,&H!%(!5'4-,+(!,4-7#(%!*4!+-74%+'4-,+(!*4!%&.!))==!gDN5h!.4!
4:6(#,(6(!4-!@-!+-.+*+&.&!/#&J4,7&!*4!+-M4.7+'(,+$-!%%(:(*&!G^=OSk52!!).74!/#&J4,7&!74-E(!
,&:&!&6_47+M&!#4@-+#!+-9&#:(,+$-!.&6#4!*#&'(.!/.+,&(,7+M(.!gO44!J!KP%(+-!;AZ?l!G(#R.!;A3Ah2!!
)-7#4!&7#&.!P&##&#4.H!.4!(*:+-+.7#$!OKL!J!&7#(.!.@.7(-,+(.!(!.@_47&.!.+-!.@!,&-&,+:+4-7&2!!5%!:4-&.!
@-&!*4!4.&.!4-M4-4-(:+4-7&.!,&-*@_&!(%!.@+,+*+&!*4!@-!,+4-7E9+,&!*4%!'&6+4#-&2!!O(!DN5!J!4%!
4_I#,+7&!,&-7(,7(#&-!,&-!5%64#7!8&9:(--H!(%!Q@4!.&%+,+7(#&-!R+%&.!*4!OKL!/(#(!@.(#%&!,&:&!('4-74!
*4!'@4##(!Q@E:+,&!g8&9:(--!;A33hH!(.E!Q@4!,@(-*&!8&9:(--!J!K(-*&Y!.4!-4'(#&-!(!,&%(6&#(#H!%(!
DN5!/4#.@(*+$!(!%(!,&:/(0E(!)%+!O+%%J!*4!N-*+(-(!/(#(!Q@4!.+-747+Y(#(!%(!*#&'(H!M+&%(-*&!*4!4.7(!
:(-4#(!7&*&.!%&.!(,@4#*&.!+-74#-(,+&-(%4.!.&6#4!/(74-74.2!!O&.!'@4##4#&.!Q@E:+,&.!*4!G^=OSk5H!
(!7#(MI.!*4!.@.!,&-7(,7&.!,&-!%(!:(9+(H!:&-7(#&-!*&.!6@#*4%4.!,&-!,T:(#(.!&,@%7(.!*47#T.!*4!%&.!
4./4_&.2!!L4!4.74!:&*&!&6.4#M(#&-!(!*+M4#.&.!,+@*(*(-&.H!Q@4!-(*(!.(6E(-H!:+4-7#(.!.4!*+M4#7E(-!
,&-!/#&.7+7@7(.!(!.@4%*&!*4%!'&6+4#-&H!Q@4!/#4M+(:4-74!%4.!P(6E(-!(*4#4Y(*&!%(.!646+*(.!,&-!OKL!
J!&7#(.!*#&'(.2!!=-(!.+7@(,+$-!.+:+%(#!(/(#4,E(!4-!%(!.4'@-*(!/4%E,@%(!*4!e(:4.!B&-*!cL4.*4!k@.+(!
,&-!(:&#dH!6(.(*(!4-!@-(!-&M4%(!*4!N(-!n%4:+-'H!/4#&!4-!%(!9+,,+$-!4#(!4%!'&6+4#-&!*4!%(!=-+$-!
K&M+I7+,(!4%!Q@4!:&-7(6(!%(!&/4#(,+$-2!!O(!DN5!,#4$!@-(!.4#+4!*4!+-.7+7@,+&-4.!7(/(*4#(!Q@4!
/#&/&#,+&-(#&-!9(%.(.!64,(.!(!,+4-7E9+,&.!/(#(!(/#&/+(#.4!%@4'&!*4%!9#@7&!*4!.@.!4.7@*+&.2!!D@(-*&!
%(!DN5!7@M&!-&7+,+(!*4!%(.!+-M4.7+'(,+&-4.!*4!%&.!j(..&-!.&6#4!%&.!P&-'&.!:4>+,(-&.H!%4.!&9#4,+4#&-!
@-(!.@6M4-,+$-!(!7#(MI.!*4!%(!9@-*(,+$-!9+,7+,+(!cb4.,P+,R74#!n@-*!9&#!G4*+,(%!k4.4(#,PH!N-,2d!J!.4!
%(.!(##4'%(#&-!/(#(!,&%&,(#!(!@-!7&/&H!4%!Q@E:+,&!e(:4.!G&&#4!*4!%(!@-+M4#.+*(*!
;<]!
!
*4!L4%(i(#4H!4-!%(!4>/4*+,+$-!Q@4!j(..&-!#4(%+Y$!(!GI>+,&!4-!;A?X!gMI(.4!D(/E7@%&!?H!\&7(!Zl!
G(#R.!;A3Al!f77!;A3Z(l!K+-'4#!;AZWl!j(..&-!;AZW(h2!!L4!4.74!:&*&H!(!%(!DN5!%4!9@4!/&.+6%4!
&674-4#!:@4.7#(.!*4!%&.!P&-'&.!/.+%&,E6+,&.H!,&-!%(!4./4#(-Y(!*4!/&*4#!(+.%(#!4%!/#+-,+/+&!(,7+M&!
Q@4!/(.(#E(!(!9&#:(#!/(#74!*4!@-!(#.4-(%!Q@E:+,&!.4,#47&2!!L4,+*+*(:4-74!.4!7#(7(6(!*4!@-!7#+.74!
4.7(*&!*4!,&.(.H!4%!,@(%!@-!P&:6#4!*4!X]!(0&.!*4!%(!7(%%(!*4!j(..&-!g4-!4.(!I/&,(!4#(!
M+,4/#4.+*4-74!*4!@-&!*4!%&.!:(J&#4.!6(-,&.!*4!j(%%!K7#447h!-&!/@*+4#(!#4(%+Y(#!@-(!+:/&#7(-74!
4>/4*+,+$-!,+4-7E9+,(!9+-(-,+(*(!*4!.@!/#&/+&!6&%.+%%&H!.+-!%(!+-7#&:+.+$-!,%(-*4.7+-(!*4%!'&6+4#-&!*4!
%&.!))==2!g;?h2!
L4!%(!.4#+4!*4!(,,+&-4.!%%4M(*(.!(!,(6&!/&#!4%!'&6+4#-&!(:4#+,(-&!4-!#4%(,+$-!,&-!%(!OKL!J!(!%&.!
4-74$'4-&.!4-!'4-4#(%!.4!*4./#4-*4H!Q@4!%(!/#4&,@/(,+$-!/&#!4%!6+4-4.7(#!/o6%+,&!-&!9@4!@-!
9(,7&#!74-+*&!4-!,@4-7(!,@(-*&!.4!*4,+*+$!/#&P+6+#!4.7(.!*#&'(.2!!"&#!4%!,&-7#(#+&H!4%!'&6+4#-&!
(.&,+$!4%!@.&!*4!%&.!4-74$'4-&.!(!@-(!:+-&#E(!*+.+*4-742!!D&-!%(!+%4'(%+Y(,+$-H!%&.!*+.+*4-74.!
/(.(#&-!(!.4#!,#+:+-(%4.!c*4!9(,7&d2!!G4*+(-74!%(!4>('4#(,+$-!*4!%&.!/4%+'#&.!(.&,+(*&.!(%!@.&!*4!%(!
OKL!4-!%(!/#4-.(H!.4!7#(-.:+7+$!(!%(!/&6%(,+$-!7(%!.4-.(,+$-!*4!Q@4!4#(!-4,4.(#+(!@-(!(,7@(,+$-!
@#'4-74H!Q@4!%(.!%+64#7(*4.!,+M+%4.!*4!%&.!@.@(#+&.!g&!*4!%&.!/#4.@-7&.!@.@(#+&.H!4-!*49+-+7+M(!*4!
,@(%Q@+4#(hH!/&*E(-!.4#!6#@7(%!J!#4/47+*(:4-74!M+&%(*(.!4-!4%!-&:6#4!*4!%(!%4J2!!\(7@#(%:4-74H!4%!
'#@4.&!*4%!4.9@4#Y&!.4!*+#+'+$!,&-7#(!(Q@4%%&.!Q@4!.4!&/&-E(-!(%!'&6+4#-&!J!(!.@!+-9(:4!'@4##(!4-!
N-*&,P+-(H!J!,&-7#(!%&.!:+4:6#&.!*4!'#@/&.!-4'#&.!64%+,&.&.!,&:&!4%!cB%(,R!"(-7P4#!"(#7Jd2!!O(.!
*#&'(.!.+#M+4#&-!.+:/%4:4-74!*4!,P+M&!4>/+(7&#+&H!(%!+'@(%!Q@4!%&!9@4#&-!&7#(.!.@.7(-,+(.!4-!4%!
/(.(*&!J!(o-!%&!.&-!P&J!*E(!gKY(.Y!;AX;l!KY(.Y!;A3]l!KY(.Y!;A3`l!KY(.Y!;AAWh2!
O&.!(7(Q@4.!%4'(%4.!(!%(!OKL!/#&*@_4#&-!4%!(6(-*&-&!*4!/#&:474*&#(.!%E-4(.!*4!+-M4.7+'(,+$-!
,+4-7E9+,(!J!:I*+,(2!!5%!.4#!,%(.+9+,(*(!,&:&!c*#&'(!,&-!@-!4%4M(*&!/&74-,+(%!*4!(6@.&d!g%&!Q@4!4.!
(6.&%@7(:4-74!,+4#7&H!,&:&!P(!*4:&.7#(*&!,%(#(:4-74!%(!DN5hH!J!c.+-!(/%+,(,+$-!74#(/I@7+,(!
#4,&-&,+*(d!g%&!Q@4!-&!.4!*464!,+4#7(:4-74!(!@-(!9(%7(!*4!@7+%+*(*!:I*+,(hH!%(!OKL!*4_&!*4!4.7(#!(%!
(%,(-,4!*4!%&.!:I*+,&.2!!)-94#:&.!*4!,T-,4#!J!&7#&.!/(,+4-74.!74#:+-(%4.!.&:47+*&.!(!'#(-*4.!
*&%&#4.H!.4!M+4#&-!*4!4.74!:&*&!/#+M(*&.!*4!@-!/#&:474*&#!:4*+,(:4-7&!Q@4!#4*@,E(!4%!*&%&#!J!
%(!(-.+4*(*2!!5!*+94#4-,+(!*4!%&.!-(#,$7+,&.H!%(!OKL!/&*E(!.@/#+:+#!4%!*&%&#!*4!9&#:(!*@#(*4#(!.+-!
-@6%(#!%(!,&-,+4-,+(!g^(.7!;AX<l!^(.7!;AXXl!^(.7!J!D&%%+-.!;AX`l!"(P-R4!;A3;l!"(P-R4!+*"%/-";A3](l!
"(P-R4!+*"%/-";A3]6h2!!O&.!/.+Q@+(7#(.!J!.@.!/(,+4-74.!.4!M+4#&-!/#+M(*&.!*4!@-!9T#:(,&!Q@4!
/(#4,E(!:@,P&!:T.!/#&:474*&#!(!%(!P&#(!*4!#4.&%M4#!/#&6%4:(.!/.+,&%$'+,&.!9@-*(:4-7(%4.H!Q@4!
,@(%Q@+4#!&7#&!*4!%&.!:I7&*&.!4>+.74-74.!ge(-+'4#!;A?Ah2!!O(!OKL!4#(!@-!/&74-,+(%!('4-74!,@#(7+M&H!
(!*+94#4-,+(!*4!&7#&.!9T#:(,&.!*4-&:+-(*&.!(,4#7(*(:4-74!c,(:+.(.!*4!9@4#Y(!Q@E:+,(.d!@.(*&.!
/(#(!*#&'(#!(%!/(,+4-74!P(.7(!%&'#(#!.@!.@:+.+$-2!!O(.!+-M4.7+'(,+&-4.!.&6#4!%(!6+&Q@E:+,(!*4%!
,4#46#&!/4#*+4#&-!(%!:T.!/&74-74!4-74$'4-&!_(:(.!*4.,@6+4#7&l!@-(!.@.7(-,+(!Q@4!4#(!(,7+M(!4-!
,(-7+*(*4.!+-9+-+74.+:(%4.H!J!Q@4!*(6(!%(!.4-.(,+$-!*4!.4#!@-(!-@4M(!:(-4#(!*4!(6&#*(#!4%!,%T.+,&!
*+%4:(!9+%&.$9+,&!,@4#/&V:4-74H!%(!Q@E:+,(!*4%!/4-.(:+4-7&!J!%(!,&-,+4-,+(!:+.:(2!!G+4-7#(.!
7(-7&H!%(!*#&'(!,&-7+-@(!(!*+./&.+,+$-!*4!7&*&.!4-!4%!:4#,(*&!-4'#&2!!"4#&!%&.!@.@(#+&.!.4!M4-!
/#+M(*&.!*4!%(!/#&74,,+$-!*4!&#'(-+.:&.!'@64#-(:4-7(%4.!,&:&!%(!nL5H!J!,&##4-!4%!#+4.'&!*4!
.@9#+#!9#(@*4.!J!4-M4-4-(:+4-7&.!/&#!(*@%74#(,+&-4.H!
;<;!
!
,(@.(*&.!/&#!%(!9(%7(!*4!#4'@%(,+$-!*4!%(.!(,7+M+*(*4.!*4!Q@E:+,&.!/&,&!4.,#@/@%&.&.!J!*4!
-4'&,+(-74.!*4%!:4#,(*&!-4'#&2!
!!!=-!/4Q@40&!#(J&!*4!4./4#(-Y(!/(#4,4!4.7(#!4:4#'+4-*&!.&6#4!4%!P&#+Y&-74!4-!%(!o%7+:(!*I,(*(!
*4%!.+'%&!tt2!!)%!'&6+4#-&!*4!K@+Y(!P(!(/#&6(*&!/#&M+.+&-(%:4-74!4%!@.&!4>/4#+:4-7(%!*4!%(!OKL!4-!
/.+,&74#(/+(H!,&%&,(-*&!(%!9T#:(,&!6(_&!,&-7#&%!:I*+,&!J!-&!6(_&!4%!,&-7#&%!/&%+,+(%2!!).7(!
+-74%+'4-74!/&%E7+,(!/4#:+7+#T!Q@4!/@4*(!/#&6(#.4!%(!M(%E(!*4!%(!OKL!,&:&!:4*+,(:4-7&!4-!
/.+Q@+(7#E(H!M&%M+4-*&!*4!9&#:(!494,7+M(!(!%(!/4#./4,7+M(.!/#4.4-74.!(!/#+-,+/+&.!*4!%&.!X]H!,@(-*&!
4.7(!.@.7(-,+(!4.7(6(!,(@7+M(-*&!(!%(!/#&94.+$-!/.+Q@+T7#+,(2!!56#+I-*&.4!(.E!@-!(6(-+,&!*4!
/&.+6+%+*(*4.!.+-!/#4,4*4-74.!gb(#!;AAW(l!8&9:(--!;AA;l!k(J%!;AAWh2!
!
!
=Kf!5DS=5O!L)!O5!OKL!s!L)!O5K!K)GNOO5K!
L)O!Lf\LN)bf!L)!La5!
!
)-!4%!:4#,(*&!+%4'(%!4.!9T,+%!4-,&-7#(#!OKL!'4-@+-(H!.+4-*&!@-(!*4!%(.!*#&'(.!:4-&.!9(%.+9+,(*(.H!
(@-Q@4!(!M4,4.!.4!P(!M4-*+*&!"D"!=E+&,5)"4-!.@!%@'(#2!!"&#!4%!,&-7#(#+&H!4.!:@,P&!:T.!P(6+7@(%!
Q@4!%(!OKL!.4!M4-*(!,&:&!c:4.,(%+-(d!&!c/.+%&,+6+-(d!gMI(-.4!D(/E7@%&.!;!J!?h2!!B(_&!%(!9&#:(!*4!
c6%&774#d!&!ci+-*&i/(-4d!4.!:@J!/#&6(6%4!Q@4!-&.!4-,&-7#4:&.!(-74!4%!/#&*@,7&!(@7I-7+,&!g4%!
c6%&774#!(,+*d!,&-.+.74!4-!7#&,+7&.!*4!/(/4%!(6.&#64-74!4-!%&.!Q@4!.4!P(!*4/&.+7(*&!@-(.!'&7(.!*4!
*+.&%@,+$-!*4!OKL2!!).7(!/#4.4-7(,+$-!7(:6+I-!#4,+64!4%!-&:6#4!*4!c:+,#&*&7!(,+*d!47,2!!)%!
ci+-*&i/(-4d!,&-.+.74!4-!@-!:(74#+(%!'4%(7+-&.&!Q@4!,&-7+4-4!%(!OKL!J!Q@4!P(!.+*&!,&#7(*&!4-!
/4Q@40&.!,@(*#(*&.!*4%'(*&.!,&-&,+*&.!7(:6+I-!,&:&!c,%4(#!%+'P7d!47,2h2!
L464!74-4#.4!:@,P&!,@+*(*&!,&-!%(!*&.+9+,(,+$-!,@(-*&!.4!,&-.@:(!OKL!/#&,4*4-74!*4%!
:4#,(*&!+%4'(%2!!)>+.74!%(!/&.+6+%+*(*!*4!Q@4!4%!@.@(#+&!-&!4>/4#+:4-74!494,7&!(%'@-&!&!Q@4!4%!
494,7&!.4(!:@J!9@4#74!g.+4-*&!4%!/#+:4#!,(.&!4%!:T.!/#&6(6%4h2!
\(7@#(%:4-74!7(:6+I-!/@4*4!.4#!Q@4!.4!&674-'(!4%!-+M4%!*4!+-74-.+*(*!*4.4(*&2!!).7(!
+-,4#7+*@:6#4H!.4!*464!(!%(.!M(#+(,+&-4.!Q@4!.4!/#&*@,4-!(%!*&.+9+,(#!@-(!.@.7(-,+(!7(-!/&74-74H!(!
%(!-4'%+'4-,+(!*4!Q@E:+,&.!J!7#(9+,(-74.!Q@4!7#(6(_(-!,%(-*4.7+-(:4-74!J!(!%(!+-4.7(6+%+*(*!*4!%(!
OKL2!!O(.!*+M4#.(.!/#4.4-7(,+&-4.!*4!%(!OKL!4-!4%!:4#,(*&!+%4'(%!&9#4,4-!/&,(.!'(#(-7E(.!/(#(!%(!
,&-.4#M(,+$-!*4%!/#&*@,7&!g4./4,+(%:4-74!4%!c6%&774#!(,+*d!Q@4!/&74-,+(!.@!4>/&.+,+$-!(%!(+#4!J!(!
%(!%@Yh2!
"(#(!:(J&#!.4'@#+*(*H!4.!(,&-.4_(6%4!+-'4#+#!.$%&!@-(!@-+*(*!*4%!/#4/(#(*&H!/(#(!*474#:+-(#!.@!
/&74-,+(2!!GT.!(*4%(-74!.4!/@4*4!(@:4-7(#!%(!*&.+.!g*4_(-*&!/(.(#!M(#+&.!*E(.!/(#(!4M+7(#!
/#&6%4:(.!*4!7&%4#(-,+(hH!.+!.4!*4.4(!@-!494,7&!:T.!+-74-.&2!!N-,%@.&!7&:(-*&!4.7(!/#4,(@,+$-H!
4>+.74!%(!/&.+6+%+*(*!*4!.&6#4*&.+9+,(,+$-H!J(!Q@4!%(.!*+94#4-74.!@-+*(*4.!/@4*4-!-&!.4#!@-+9&#:4.H!
+-,%@.&!4-!@-(!:+.:(!.4#+4!*4!/(.7+%%(.H!,T/.@%(.H!c6%&774#.d!&!ci+-*&i/(-4.d2!!L46&!#4,(%,(#!Q@4!
@-(!.&6#4*&.+.!*4!OKL!-&!+:/%+,(!#+4.'&!*4!:@4#74!-+!*4!.@9#+#!*(0&!(%'@-&2!!O(!OKL!/&.44!@-&!*4!
%&.!E-*+,4.!74#(/I@7+,&.!:T.!4%4M(*&.!*4!7&*&.!%&.!:4*+,(:4-7&.!Q@4!.4!,&-&,4-!g%(!#4%(,+$-!
;<W!
!
4-7#4!%(!*&.+.!%47(%!J!%(!*&.+.!494,7+M(!-&!.4!,&-&,4H!J(!Q@4!-+-'o-!.4#!P@:(-&!P(!:@4#7&!/&#!
.&6#4*&.+.!*4!OKL2!!"4#&!*464!*4!.4#!:@J!4%4M(*(!J(!Q@4!P(!P(6+*&!/4#.&-(.!Q@4!/&#!4##&#!P(-!
7&:(*&!*4!@-(!.&%(!M4Y!@-(!,(-7+*(*!4Q@+M(%4-74!(!,+4-7&.!*4!*&.+.2!!).7&!*4:@4.7#(!Q@4!%(!*#&'(!
-&!4.!4-!(6.&%@7&!7$>+,(2!!)%!o-+,&!/4%+'#&!,&-.+.74!4-!4>/4#+:4-7(#!@-!494,7&!:T.!+-74-.&!*4%!Q@4!
@-&!4.7I!/#4/(#(*&!(!4>/4#+:4-7(#2!!O(.!*&.+.!4%4M(*(.!*4!N2KL!g/&#!4-,+:(!*4!%&.!W?]!
:+,#&'#(:&.h!/@4*4-!,&-*@,+#!(!@-(!/4#*+*(!74:/&#(%!*4%!4'&!&!*4!%(!/#&/+(!+*4-7+*(*H!%&!Q@4!
/(#(!@-&.!/@4*4!.4#!74##&#E9+,&H!/4#&!/(#(!&7#&.!/@4*4!.4#!@-(!4>/4#+4-,+(!(-P4%(*(2!
K$%&!4>+.74-!*&.!4./4,+4.!4-74&'I-+,(.!*4!*&-*+4'&.!,@J(.!.4:+%%(.!/@4*(-!&674-4#.4!(!7#(MI.!
*4!%&.!,&:4#,+&.!*4!P&#7+,@%7@#(H!RG)')+%"7<)/%(+%"5";?5&+<%",+&7).%-!C3&8<,%"()&5'8).%",#4,4!*4!
9&#:(!4./&-7T-4(!(!%&!%(#'&!*4!%(!,&.7(!*4%!b&%9&!*4!GI>+,&H!/4#&!4.7(!4./4,+4!.@67#$/+,(%!
-&#:(%:4-74!-&!.4!,@%7+M(!,&:&!/%(-7(!&#-(:4-7(%2!!D&:4#,+(%:4-74!.4!/@4*4-!,&-.4'@+#!
*+M4#.(.!M(#+4*(*4.!,@%7+M(*(.!*4!RG)')+%"7<)/%(+%"6(_&!%&.!:+.74#+&.&.!(/4%(7+M&.!*4!c84(M4-%J!
B%@4dH!c"4(#%J!b(74.d!J!cn%J+-'!K(@,4#.d2!!;?5&+<%",+&7).%".4!,@%7+M(!P(6+7@(%:4-74!/(#(!@7+%+Y(#!.@.!
/#4,+&.&.!J!'#(-*4.!9#@7&.!4-!9&#:(!*4!,T/.@%(!&!ci&&*#&.4.d!4-!(##4'%&.!9%&#(%4.2!!\&!.4!*464!
,&-9@-*+#!%(!c6(6J!8(i(++(-!i&&*#&.4d!&!;?5&+<%",+&7).%",&-!%(!c8(i(+(-!j&&*#&.4d!
)"RG)')+%"*38+&).%"Q@4!-&!4.!4-74&'I-+,(2!
O(.!.4:+%%(.!*4!;?+&+<%",+&7).%".&-!@-(.!,+-,&!M4,4.!:T.!/&74-74.!Q@4!%(.!*4!%(!M(#+4*(*!
.+%M4.7#4!*4!RG)')+%"7<)/%(+%!".+4-*&!%(.!M(#+4*(*4.!P&#74-.4.!*4!4.7(!o%7+:(!(o-!:4-&.!/&74-74.!
gDP(&!J!L4#!G(#*4#&.+(-!;A3<l!L4#!G(#*4#&.+(-!+*"%/-";AX`6l!8&9:(--!;AX<(h2!!5%'@-(.!
,&:/(0E(.!,&:&!e2O2!8@*.&-!J!222!&9!7P4!_@-'%4!M4-*4-!.4:+%%(.!-&!7#(7(*(.!*4!,4/(.!*4!*&-*+4'&.!
@.(*(.!4-!47-&:I*+,+-(H!J!Q@4!P(-!.+*&!.4%4,,+&-(*(.!/&#!,P(:(-4.!/&#!.@.!,@(%+*(*4.!
4-74$'4-(.H!:T.!Q@4!/&#!4%!7(:(0&!J!,&%&#!*4!.@.!9%&#4.2!!O&.!@.@(#+&.!4>/4#+:4-7(*&.!*4!4.7(.!
.4:+%%(.!4-74$'4-(.!.@4%4-!4:/4Y(#!,&-!*&.+.!6(_(.H!(@:4-7T-*&%(.!/#&'#4.+M(:4-74!.+!.4!
*4.4(-!494,7&.!:T.!+-74-.&.2!!5%!/#+-,+/+&H!@-!@.@(#+&!/#@*4-74!-&!*464#E(!7&:(#!:(.!*4!,@(7#&!&!
,+-,&!.4:+%%(.!*4!;?5&+<%",+&7).%!"-+!:T.!*4!W]!&!W?!*4!RG)')+%"7<)/%(+%-""O(.!.4:+%%(.!*4!C3&8<,%"
()&5'8).%"7+4-4-!@-(!/&74-,+(!@-(.!,+-,&!M4,4.!:4-&#!Q@4!%(.!*4!RG)')+%!7<)/%(+%-!
)-!GI>+,&!P4!/&*+*&!M4#!,$:&!/(#(!*&.+9+,(#!%(.!(@7I-7+,(.!.4:+%%(.!*4!)/)/<3$23<!!C3&8<,%"
()&5'8).%!".4!@7+%+Y(!4%!7(/$-!*4!@-(!6&74%%(H!7&:T-*&.4!,&:&!*&.+.!%(.!Q@4!,(64-!4-!.@!+-74#+&#2!!
j(..&-!J(!P(6E(!*4.,#+7&!4.7(!*&.+9+,(,+$-!M&%@:I7#+,(!*4!%(.!.4:+%%(.!@7+%+Y(*(!4-!%(!K+4##(!
G(Y(74,(!gj(..&-!;AX<h2!!f.:&-*!*474#:+-$!%(!*&.+.!(,7+M(!4-!@-(.!X]C;]]!.4:+%%(.!*4!C3&8<,%"
()&5'8).%!"(@-Q@4!I%!+-'+#+$!%(.!.4:+%%(.!:(.,(*(.!4-!%@'(#!*4!7&:(#!%(!+-9@.+$-!9#E(!*4%!/&%M&!
gf.:&-*!;A??l!MI(.4!\&7(!;;h2!
O(.!.4:+%%(.!-@-,(!.4!7&:(-!4-74#(.H!J(!Q@4!(.E!.&-!+-(,7+M(.!gNm-#&..Cj#+'P7!;A?Al!B2"2!k4R&!
;A<`h2!!K4!:@4%4-!P(.7(!&674-4#!@-!/&%M&!9+-&!Q@4!.4!.@:4#'4!4-!('@(!*@#(-74!M(#+(.!P&#(.H!
9+%7#T-*&.4!4%!#4.7&!.$%+*&!(!,&-7+-@(,+$-2!
)%!%+Q@+*&!&674-+*&!.4!6464!7(%!,@(%!&!6+4-!.4!%4!(0(*4!(%'o-!Y@:&!/(#(!:4_&#(#!.@!.(6&#2!
8(6+7@(%:4-74!%&.!494,7&.!.4,@-*(#+&.!,&-.+.74-!4-!4./(.:&.!(6*&:+-(%4.!Q@4!.4!/#&*@,4-!4-!
(:6&.!.4>&.!gB(+%+-!;A3?l!KP(i,#&..!;AZ<h2!!D@(-*&!4.7&!&,@##4H!%(!/4#.&-(!.@4%4!7@:6(#.4!6&,(!
(##+6(H!#4./+#(-*&!/#&9@-*(:4-74!P(.7(!Q@4!4.7&.!#4:+74-H!
;<<!
!
%&!Q@4!.@4%4!&,@##+#!#T/+*(:4-742!!5%!+'@(%!Q@4!%(!OKLH!%(.!.4:+%%(.!*4%!*&-*+4'&!/&.44-!@-(!9@4#74!
(,,+$-!@74#&7$-+,(H!4.!*4,+#!/#&*@,4-!%(!,&-7#(,,+$-!*4%!o74#&2!!"&#!4.74!:&7+M&H!%(.!:@_4#4.!
4:6(#(Y(*(.!*464#E(-!4M+7(#!7&7(%:4-74!.@!@.&2!!L4%!:+.:&!:&*&!Q@4!P(#E(-!6+4-!4M+7(-*&!
7&:(#H!*@#(-74!4%!4:6(#(Y&!J!4%!/(#7&H!,@(%Q@+4#!.@.7(-,+(!Q@4!-&!.4(!(6.&%@7(:4-74!
+:/#4.,+-*+6%4H!4-!4./4,+(%!4%!(%,&P&%H!%(!,(94E-(!J!%(!-+,&7+-(2!
!
!
"fKSKDkN"S=GF!)%!)\NbG5!L)!OfK!GNKS)kNfK!
)O)=KN\fK!L)K[)O5Lf!
!
k2! b&#*&-!j(..&-H!5%64#7!8&9:(--!J!D(#%!52"2!k@,R!P(-!/#&/@4.7&!@-(!+--&M(*&#(!74&#E(!
.&6#4!%&.!:+.74#+&.!4%4@.+-&.!*4!%(!(-7+'@(!b#4,+(H!Q@4!,&-.7+7@J4!%(!4M&%@,+$-!:T.!9(.,+-(-74!*4%!
4.7@*+&!*4!%(!OKL!J!*4!%&.!*4:T.!(%,(%&+*4.!4#'&%E-+,&.2!!O(!74&#E(!9@4!/#4.4-7(*(!/&#!/#+:4#(!M4Y!
%(!:(0(-(!*4%!M+4#-4.!WZ!*4!&,7@6#4!*4!;A33!*@#(-74!%(!cK4'@-*(!,&-94#4-,+(!+-74#-(,+&-(%!.&6#4!
P&-'&.!(%@,+-$'4-&.d!,4%46#(*(!4-!n&#7!j&#*4-H!,4#,(!*4!"&#7!S&i-.4-*H!4-!4%!4.7(*&!*4!
j(.P+-'7&-!g,&-94#4-,+(!&#'(-+Y(*(!/&#!:El!MI(.4!D(/E7@%&!?H!\&7(!;;h2!!"&.74#+&#:4-74H!4-!:(J&!
*4!;A3Z!4.7&.!7#4.!*+.7+-'@+*&.!4./4,+(%+.7(.H!/#4.4-7(#&-!.@!74&#E(!4-!9&#:(!:T.!4%(6&#(*(H!4-!4%!
%+6#&!c)%!,(:+-&!(!)%4@.+.2!!=-(!.&%@,+$-!(%!4-+':(!*4!%&.!:+.74#+&.d!gj(..&-!+*"%/-!;A3Zl!j(..&-!
+*"%/-";AZ]6h2!!"(#(!Q@4!4%!%4,7&#!(/#4,+4!%(!+:/&#7(-,+(!J!4%!.+'-+9+,(*&!*4!4.7(!74&#E(H!4>/%+,(#I!%(!
P+.7&#+(!*4!%&.!(-7+'@&.!G+.74#+&.!*4!)%4@.+.2!
)%!:+.74#+&!*4!)%4@.+.!4#(!@-(!,4#4:&-+(!Q@4!.4!,4%46#(6(!,(*(!(0&!,&:&!/(#74!*4!@-!,@%7&!(!%(!
94#7+%+*(*!/#4.+*+*&!/&#!%(!*+&.(!L4:474#2!!D@(%Q@+4#!/4#.&-(!Q@4!P(6%(#(!'#+4'&!/&*E(!.4#!+-+,+(*(!
4-!4.74!,@%7&H!/4#&!.$%&!/&*E(!/(#7+,+/(#!4-!%(!,4#4:&-+(!@-(!M4Y!4-!%(!M+*(2!!)%!cb#(-!G+.74#+&d!.4!
,4%46#(6(!(%!%%4'(#!4%!&7&0&H!4-!@-!.(-7@(#+&!.+7@(*&!4-!)%4@.+.H!_@-7&!(!%(!%%(-@#(!k(#+(!,4#,(!*4!
574-(.2!!O(!,4%46#(,+$-!7@M&!%@'(#!*@#(-74!,(.+!W]]]!(0&.!.+-!Q@4!4%!4-+':(!*4%!G+.74#+&!.4!
*4.M4%(#(!_(:T.2!!O&.!+-+,+(*&.!/(.(6(-!%(!-&,P4!_@-7&.!4-!4%!&.,@#&!*+/+.*+&<),"&!.(%(!+-+,+T7+,(H!
*&-*4!,&-74:/%(6(-!@-(!'#(-!M+.+$-!Q@4!4#(!c-@4M(H!(.&:6#&.(H!4!+-(,,4.+6%4!(!%(!#(Y$-d2!!S&*&!
%&!Q@4!/&*E(-!*4,+#!*4!%(!4>/4#+4-,+(!4#(!Q@4!P(6E(-!M+.7&!*%"$<+&%"c%&!.('#(*&dH!4.7T-*&%4.!
M4*(*&!6(_&!/4-(!*4!:@4#74!4%!*4,+#!:T.!gj(..&-!+*"%/-";A3Zh2!
O(!:(J&#!/(#74!*4!-@4.7#(!+-9&#:(,+$-!(,4#,(!*4%!G+.74#+&!*4!)%4@.+.!/#&M+4-4!*4%!%%(:(*&!
><',)"%"L+'+*+&"*4!8&:4#&H!@-!/&4:(!(-$-+:&!*4%!.+'%&![NN!(2D2!)%!/&4:(!*4.,#+64!%(!9@-*(,+$-!
:E7+,(!*4%!:+.74#+&!/&#!L4:474#H!(9%+'+*(!/&#!4%!#(/7&!*4!.@!P+_(!"4#.I9&-4!g%%(:(*(!7(:6+I-!^&#4h!
/&#!4%!*+&.!8(*4.H!.40&#!*4%!+-9+4#-&2!!L4:474#!P+Y&!Q@4!7&*(.!%(.!/%(-7(.!*4%!:@-*&!:@#+4#(-H!/&#!
%&!Q@4!|4@.!74:4#&.&!*4!Q@4!%(!P@:(-+*(*!7(:6+I-!/4#4,+4#(H!.+-!Q@4!Q@4*(#(!-(*+4!/(#(!P(,4#!
.(,#+9+,+&.!(!%&.!*+&.4.H!+-74#,4*+$!(-74!8(*4.!J!%4!&6%+'$!(!*4M&%M4#!"4#.I9&-4!(!L4:474#2!!K+-!
4:6(#'&H!"4#.I9&-4!P(6E(!,&:+*&!@-(!.4:+%%(!*4!'#(-(*(!4-!4%!+-9+4#-&H!(.E!Q@4!4.7(6(!
,&-*4-(*(!(!M&%M4#!(!8(*4.!*@#(-74!/(#74!*4%!(0&2!!).74!P4,P&!.+4:/#4!4-7#+.74,E(!(!L4:474#H!
,(@.(-*&!*4!-@4M&!%(!:@4#74!*4!7&*(.!%(.!/%(-7(.H!/(#(!%@4'&!#4-(,4#!*@#(-74!
;<`!
!
4%!4./%4-*&#!*4!%(!/#+:(M4#(H!(%!7+4:/&!Q@4!"4#.I9&-4!#47&#-(6(!(%!:@-*&!*4!%(!%@Y2!!).74!
P4#:&.&!:+7&!.+:6&%+Y(6(!/(#(!%&.!'#+4'&.!4%!:+.74#+&!*4%!,(:6+&!*4!%(.!4.7(,+&-4.H!J!4%!:+%('#&!
*4%!#4-(,+:+4-7&!*4!%&.!,@%7+M&.!g7#(.!/4#:(-4,4#!4-!%(!9#E(!7+4##(hH!*4!%&.!Q@4!.@!,+M+%+Y(,+$-!
*4/4-*E(H!(%!%%4'(#!%(!/#+:(M4#(2!
L4:474#!&#*4-$!%(!,&-.7#@,,+$-!*4!@-!.(-7@(#+&!4-!)%4@.+.H!J!#4,P(Y(-*&!4%!M+-&!*+#+'+$!%(!
4%(6&#(,+$-!*4!@-(!/&,+$-!4./4,+(%!%%(:(*(!F5F+),"gc:4Y,%(dh2!!)-!4%!><',)!%"L+'+*+&".4!*47(%%(-!
%&.!+-'#4*+4-74.!*4!%(!/&,+$-F!,46(*(H!('@(!J!8/+($),"=)"?/+($),:!!@-(!4./4,+4!*4!:4-7(H!
/#&6(6%4:4-74![+,*$%"G3/+?<3'!"@-(!/%(-7(!Q@4!Q@4:(-!%&.!,P(:(-4.!*4%!"4#o!,&:&!&9#4-*(!(!
"(,P(:(:(l!MI(.4!5/I-*+,4!Bl!gj(..I-!;AX3l!j(..I-!;A3Ah2!!5!7#(MI.!*4!%&.!9#(':4-7&.!*4!
*+M4#.&.!4.,#+7&.!*4!%(!(-7+'m4*(*H!4-7#4!%&.!Q@4!.4!P(%%(!@-!9#4.,&!*4!%(!,+@*(*!*4!"&:/4J(H!
.(64:&.!Q@4!%&.!+-+,+(*&.!(!%&.!G+.74#+&.!646E(-!%(!/&,+$-!*4!L4:474#!,&:&!/#4%@*+&!*4!@-(!
.&6#4,&'4*&#(!M+.+$-2!!)-!4%!.+'%&!N[!*4!-@4.7#(!4#(H!%&.!,#+.7+(-&.!(,(6(#&-!,&-!%(!,4%46#(,+$-!*4!
%&.!G+.74#+&.2!!)%!c.4,#47&d!-@-,(!9@4!#4M4%(*&!/&#!%&.!,#+.7+(-&.H!.+!4.!Q@4!%%4'(#&-!(!,&-&,4#%&H!%&!
Q@4!4.!:@J!/&,&!/#&6(6%42!
G@,P&!.4!P(!4.,#+7&!.&6#4!%&.!G+.74#+&.!)%4@.+-&.H!/4#&!(/(#4-74:4-74!(!-(*+4H!(-74.!Q@4!(!
j(..&-H!.4!%4!&,@##+$!Q@4!%(!/&,+$-H!4%!F5F+),!"7@M+4#(!#4%(,+$-!,&-!%(!M+.+$-2!!"&#!4_4:/%&!4%!
4.7@*+&.&!gD%T.+,&h!b2)2GJ%&-(.!4.,#+6+$!@-!:+-@,+&.&!%+6#&!.&6#4!)%4@.+.!J!%&.!:+.74#+&.!)%4@.+-&.H!
%%4'(-*&!(!%(!,&-,%@.+$-!*4!Q@4!c7&:(#!4%!F5F+),",&-.+.7E(!4-!@-!/#T,7+,(!#4%+'+&.(!
,&-:4:&#(7+M(H!4-!&6.4#M(-,+(!*4!@-!(,7&!#4(%+Y(*&!/&#!%(!*+&.(H!J!-&!%%4M(6(!+:/%E,+7&!-+-'o-!
.+'-+9+,(*&!:E.7+,&!.(,#(:4-7(%d!gGJ%&-(.!;AX;h2!!S#4.!(0&.!(-74.!*4!Q@4!GJ%&-(.!#4(%+Y(#(!4.7(!
(9+#:(,+$-H!j(..&-!P(6E(!7#(Y(*&!@-!/(#(%4%+.:&!4-7#4!%(.!c+*4(.d!J!4%!:@-*&!*4!%&.!c(#Q@47+/&.d!
*4!"%(7$-H!,&-!%&.!4-74$'4-&.!gj(..&-!;A?ZhH!J!_@.7&!@-!(0&!(-74.!/#&/@.&!%(!.+'@+4-74!P+/$74.+.!
4-!@-(!,&-94#4-,+(!Q@4!.4#E(!/@6%+,(*(!/&.74#+&#:4-74!gj(..&-!;AX;l!j(..&-!;A3W*hF!c/@4*&!
(-7+,+/(#H!Q@4!%(!.&%@,+$-!(%!.4,#47&!*4!%&.!G+.74#+&.!.4!4-,&-7#(#T!4-!%&.!,&:/@4.7&.!+-*$%+,&.H!J(!
.4(!*4#+M(*&.!*4!%&.!P&-'&.!&!*4!/%(-7(.!.@/4#+&#4.H!&!7(%!,&:&!&,@##4!4-!GI>+,&!*4!(:6(.d2!!
).7(!+*4(!9@4!.@'4#+*(!&#+'+-(%:4-74!/&#!j(..&-!4-!@-(!,&-94#4-,+(!4%!;?!*4!\&M+4:6#4!*4!;A?XH!
/&,&!*4./@I.!*4!.@!/#+:4#(!4>/4#+4-,+(!4>7T7+,(!,&-!%&.!P&-'&.!gMI(.4!D(/E7@%&!?h2!!)-!@-!%+6#&!
#4,+4-74!gS2^2!G,^4--(!;AAWhH!.4!,+7(!4##$-4(:4-74!(!k&64#7!b#(M4.!,&:&!%(!/#+:4#(!/4#.&-(!4-!
/#&/&-4#!4-!;AX`!Q@4!4%!F5F+),"9@4#(!@-!4-74$'4-&!gMI(.4!b#(M4.!;A?3l!b#(M4.!;AXWl!.4!,+7(-!
4.7(.!74&#E(.!,&:&!4_4:/%&.!/(#(!.@.!4./4,@%(,+&-4.!.&6#4!%&.!P&-'&.!4-74$'4-&.H!9#@7&!*4!.@!
,&%(6&#(,+$-!,&-!%&.!j(..&-h2!!)-!@-!%+6#&!/@6%+,(*&!4-!9#(-,I.!4-!;A<X!gnI%+,4!;A<Xh!.4!(6&#*(6(!
/&#!/#+:4#(!M4Y!4%!,&-,4/7&!*4!<7&+..+."1<7<,%.!gc4:6#+('@4,4.!*+M+-(.dH!74#,(:4-74!,&-.+*4#(*(.!
,&:&!c9&#:(.!+-94#+&#4.d!*4!:+.7+,+.:&h!(!%(!M4Y!Q@4!.4!:4-,+&-(6(-!%&.!G+.74#+&.!)%4@.+-&.H!
/4#&!-&!/#4.4-7(6(!74&#E(!(%'@-(!.&6#4!%(!-(7@#(%4Y(!*4!%(!/&,+$-!*4!L4:474#2!!D&-!4.7(!4%4'(-74!
H!(!%(!M4Y!(/(.+&-(-74!P+/$74.+.!/#4.4-7(*(!/&#!j(..&-H!8&9:(--!J!k@,R!4-7#4!%&.!(0&.!;A33!H!
;A3ZH!.4!P(!4-,(##+%(*&!4.7(!.('(Y!/#4*+,,+$-!*&7T-*&%(!*4!@-(!.$%+*(!6(.4!,+4-7E9+,(2!
O(!,&-,%@.+$-!Q@4!.4!&9#4,4!4-!c)%!,(:+-&!(!)%4@.+.d!4.!Q@4!4%!F5F+),"/&.4E(!/#&/+4*(*4.!
4-74&'I-+,(.!H!J!4#(!4%!*4.4-,(*4-(-74!*4!%(!+-*4.,#+/7+6%4!M+.+$-!Q@4!,(*(!(0&!4>/4#+:4-7(6(-!
:+%4.!*4!+-+,+(*&.2!!L4!(,@4#*&!,&-!4.7(!74&#E(H!4#(!4%!,&#-4Y@4%&!Q@4!.4!*4.(##&%%(6(!4-!%(!,46(*(!
@7+%+Y(*(!/(#(!4%(6&#(#!%(!/&,+$-H!4%!Q@4!%4!&7&#'(6(!
;<?!
!
.@.!,@(%+*(*4.!M+.+&-(#+(.2!!8&9:(--!.@'+4#4!Q@4!:4*+(-74!%(!#4(%+Y(,+$-!*4!@-!4>7#(,7&!(,@&.&!*4!
%(!,46(*(!+-94.7(*(!/&#!4%!P&-'&H!%&.!(-7+'@&.!'#+4'&.!/@*+4#&-!P(64#!.4/(#(*&!%&.!(%,(%&+*4.!
4-74$'4-&.!*4!-(7@#(%4Y(!P+*#&.&%@6%4!g4#'+-(H!4#'&-&M+-(!47,2h!*4!%&.!:T.!7$>+,&.!4!+-.&%@6%4.!4-!
('@(!*4%!7+/&!*4!%(!4#'&7(:+-(!J!%(!4#'&7&>+-(!gB+'i&&*!+*"%/-";A3Al!8&9:(--!;A3Z6h2!
8&9:(--!.@'+4#4!(*4:T.!Q@4!%&.!.(,4#*&74.!*4!)%4@.+.!/@*+4#&-!P(64#!4:/%4(*&!4%!,&#-4Y@4%&!
*4!%(!P+4#6(!.+%M4.7#4!#%.G%/3'!"Q@4!.$%&!/#&*@,4!(%,(%&+*4.!4-74$'4-&.H!,(#4,+4-*&!*4!.@.!
P&:$%&'&.!7$>+,&.!*4!-(7@#(%4Y(!/4/7E*+,(2!!5*4:T.!.40(%(!4%!P4,P&!*4!Q@4!%(.!/#&/+4*(*4.!
/.+,$7#&/(.!*4%!,&#-4Y@4%&!.4!,&-&,E(-!J(!4-!%(!(-7+'m4*(*H!,&-.4#MT-*&.4!4-!)@#&/(!4.7&.!
,&-&,+:+4-7&.!(!%&!%(#'&!*4!%&.!.+'%&.!4-!4%!.(64#!/&/@%(#H!7(%!,&:&!.4!:@4.7#(!4-!*+M4#.&.!
-&:6#4.!Q@4!P(!#4,+6+*&!4%!,&#-4Y@4%&F!C)//F)&,!gc'#(-&!%&,&dh!J!.<?/)"<7&+"gc,4-74-&!
4:6#+('(-74dl!8&9:(--!;A3Z(h!g;Xh2!
).7(!.4-,+%%(!J!4%4'(-74!74&#E(!.4!M4!#49&#Y(*(!.+!4>(:+-(:&.!4%!#+,&!.+:6&%+.:&!Q@4!#&*4(6(!(!
4.74!,@%7&2!!k@,RH!4:+-4-74!4.7@*+&.&!*4!%(!,@%7@#(!'#+4'(H!:&.7#$!*4!9&#:(!:47+,@%&.(!,$:&!%(!
74&#E(!*4%!,&#-4Y@4%&!.4!(_@.7(6(!(!%(.!*+M4#.(.!/#@46(.!*4!Q@4!.4!*+./&-42!!=-&!*4!%&.!
(#'@:4-7&.!*4!:(J&#!/4.&!4.!4%!P4,P&!*4!Q@4!L4:474#!#4,+6+4#(!9#4,@4-74:4-74!4%!-&:6#4!*4!
J&5.<8+"c,&#-4Y@4%&dH!J!Q@4!4%!/o#/@#(H!4%!,&%&#!*4%!,&#-4Y@4%&H!9@4#(!.@!,&%&#!4./4,+(%2!!GT.!(o-H!
4%!.E:6&%&!*4!%&.!G+.74#+&.!4#(!@-(!4./+'(2!!k@,R!P(!+*&!(/&#7(-*&!-@4M(.!/#@46(.!Q@4!(/&J(-!%(!
74&#E(!4>/@4.7(!4-!4%!%+6#&2!!8(!.@'4#+*&!Q@4!%(!4_4,@,+$-!*4!K$,#(74.!/@*&!*464#.4!(!Q@4!
/#&9(-(#(!%&.!G+.74#+&.!J!(!Q@4!/#4/(#(#(!F5F+),"4-!574-(.!_@-7&!(!.@.!*+.,E/@%&.2!!5*4:T.!(0(*4!
Q@4!5#+.7$9(-4.!.4!4M+7$!/#&6%4:(.!,&-!%(!%4J!4.,&-*+4-*&!/4Q@40(.!/+.7(.!*4!4.74!P4,P&!4-!%(.!
&6#(.!#D6%&)."5"@38+."gk@,R!;AZ;h2!!K(64:&.!/&#!"%@7(#,&H!Q@4!5%,+6+(*4.!9@4!,&-*4-(*&!(!
:@4#74!/&#!4%!:+.:&!,#+:4-F!/#&9(-(#!%&.!:+.74#+&.!4-!574-(.2!!"&.74#+&#:4-74H!4-!@-!7#(6(_&!4-!
4%!Q@4!(-(%+Y$!%(!&6#(!*4!)@#E/+*4.!K%."W%(%,*+.!"k@,R!4.7@*+$!4%!@.&!*4%!M+-&!4-!%(!(-7+'@(!b#4,+(!
,&:&!M4PE,@%&!/(#(!%(!+-'4.7+$-!*4!4-74$'4-&.!J!&7#(.!.@.7(-,+(.H!7#(7(-*&!(*4:T.!%(!*@(%+*(*!
c,@%7+M(*&d!g'#(-&!J!,+M+%+Y(,+$-h!M4#.@.!c.+%M4.7#4d!g4%!,&#-4Y@4%&H!,&-.+*4#(*&!%(!*4'4-4#(,+$-!*4%!
'#(-&!,@%7+M(*&!P(,+(!.@!/#4*4,4.&#!.+%M4.7#4l!k@,R!;AZWh2!!).74!9(.,+-(-74!4.7@*+&!-&.!#4M4%(!
(%'@-(.!,@#+&.+*(*4.!%+-'mE.7+,(.!*4!%(!W<8/<%!"%+6#&!4-!4%!Q@4!4%!cM+-&d!=5%5<,"4-!846#4&h!4.!
,&:/(#(*&!J!*+94#4-,+(*&!#4/47+*(.!M4,4.!*4!%(!c646+*(!9@4#74d!=.$+F%&"4-!846#4&hH!Q@4!.+-!*@*(!
4#(!@-(!/&,+$-!4-74$'4-(!gk@,R!;AZWl!j(..&-!;A;`h!g;3h2!!n+-(%:4-74H!k@,R!,&-,%@J$!Q@4!%&.!
8+/4#6$#4&.!4#(-!4-!#4(%+*(*!%&.!5#+&.H!J!74&#+Y$!Q@4!.@.!&9#4-*(.!*4!%(!9#@7(!/#+:+'4-+(!-&!4#(-!
&7#(.!Q@4!&9#4-*(.!*4%!:+%('#&.&!P&-'&!4-74$'4-&!E)'%"gMI(.4!D(/E7@%&!Xl!k@,R!;AZ<h2!!)%!%'&*%"
&!/&,+$-!*4%!E)'%"4.!47+:&%$'+,(:4-74!+*I-7+,&!(!%(!(:6#&.+(!*4!%&.!'#+4'&.H!Q@4!(P&#(!'#(,+(.!(!
k@,RH!8&9:(--!J!j(..&-!.(64:&.!4#(!@-(!/&,+$-!4-74$'4-(2!
)-!*+M4#.(.!&,(.+&-4.!8&9:(--!P(!P(6%(*&!*4%!c,E#,@%&!:T'+,&d!4-!4%!Q@4!.4!P(-!*4.(##&%%(*&!
.@.!+-M4.7+'(,+&-4.!.&6#4!%&.!4-74$'4-&.2!!):/4Y$!,&-!.@!*4.,@6#+:+4-7&!*4!%(!OKLH!@-!*4#+M(*&!
*4!%&.!(%,(%&+*4.!*4%!,&#-4Y@4%&H!,&-&,+4-*&!:T.!7(#*4!(!k2b&#*&-!j(..&-!Q@+4-!%4!
/#&/&#,+&-(#E(!%&.!P&-'&.!.('#(*&.!*4!GI>+,&!Q@4!%4!%%4M(#E(-!(%!*4.,@6#+:+4-7&!*4!%(!/.+%&,+6+-(!
J!%(!/.+%&,+-(2!!)%!:+.:&!j(..&-!%4!/#&/&#,+&-(#E(!4%!)/)/<3$23<!"&7#(!*#&'(!.('#(*(!:4>+,(-(H!4-!%(!
Q@4!*4.,@6#+#E(!%&.!:+.:&.!(%,(%&+*4.!,&-!%&.!Q@4!P(6E(!4:/4Y(*&!.@!7#(6(_&!*&.!*I,(*(.!(-74.!
g8&9:(--!;AXXl!
;<X!
!
8&9:(--!;AX3h2!!5P&#(!/(#4,4!Q@4!4%!c,E#,@%&!:T'+,&d!*4!8&9:(--!P(!*(*&!@-(!-@4M&!'+#&!
,&-*@,+I-*&%4!*4!-@4M&!(%!,&#-4Y@4%&H!4.7(!M4Y!,&:&!*#&'(!.('#(*(!*4!%(!(-7+'@(!,@%7@#(!'#+4'(H!
Q@4!4.!(!7&*(.!%@,4.!%(!-@4.7#(H!%(!,@%7@#(!N-*&4@#&/4(2!
O&.!4>/4#+:4-7(*&#4.!(@*(,4.!Q@4!*4.44-!7&:(#!4%!F5F+),"*4!L4:474#!g.4!/@4*4!4-,&-7#(#!@-(!
6@4-(!,(-7+*(*!*4!,&#-4Y@4%&!4-!@-!.(,&!*4!,4-74-&!c&#'T-+,&dh!*464#T-!&6#(#!,&-!4>7#4:(!
/#4,(@,+$-2!!\@-,(!.4!*464#E(!&%M+*(#!Q@4!4%!,&#-4Y@4%&!P(!4-M4-4-(*&!J!:(7(*&!(!+-,&-7(6%4.!
/4#.&-(.!(!%&!%(#'&!*4!%(!P+.7&#+(2!xO&.!4.,%4#&,+&.!_(:T.!*464-!+-'4#+#.4!4-74#&.y!
"(#(!4%(6&#(#!%(!/&,+$-!*4!L4:474#!g*4!(,@4#*&!,&-!%(!74&#E(!*4!8&9:(--hH!%&.!4.,%4#&,+&.!*464-!
/@%M4#+Y(#.4!J!.@:4#'+#.4!%@4'&!4-!('@(!9#E(2!!5!,&-7+-@(,+$-!.4!*464!9+%7#(#!J!4%+:+-(#!4%!/&%M&!
#4.+*@(%2!!L464!/&-4#.4!:@,P(!(74-,+$-!4-!%(!*&.+.H!.+4-*&!.4-.(7&!+-'4#+#!.&%(:4-74!@-(!:E-+:(!
,(-7+*(*!(%!/#+-,+/+&2!!O(.!/4#.&-(.!,(@7(.!*464#E(-!4-7&-,4.!4./4#(#!,&:&!:E-+:&!@-&.!*E(.!
(-74.!*4!/#&6(#!@-(!,(-7+*(*!%+'4#(:4-74!:(J&#H!4-!,(.&!*4!Q@4!.4!*4.44!@-!494,7&!:T.!+-74-.&2!!
)%!,&#-4Y@4%&H!(%!+'@(%!Q@4!%(!OKL!J!%(.!.4:+%%(.!*4%!*&-*+4'&!4.!@-!/&*4#&.&!@74#&7$-+,&H!/&#!%&!
Q@4!*464!.4#!7&7(%:4-74!4M+7(*&!/&#!%(.!:@_4#4.!4:6(#(Y(*(.H!Q@+4-4.!7(%!,&:&!J(!P4!
:4-,+&-(*&!*464#E(-!(6.74-4#.4!*4!7&:(#!7&*(!.@.7(-,+(!+--4,4.(#+(H!4./4,+(%:4-74!-+,&7+-(H!
,(94E-(!J!(%,&P&%2!
!
#;580!
!
;C! )-!+-'%I.H!%(!/(%(6#(!P&-'&!.4!@7+%+Y(!'4-4#(%:4-74!/(#(!*4.+'-(#!7&*&!7+/&!*4!('(#+,&.!
,(#-&.&.H!/4#&!4-!(%'@-(.!Y&-(.!*4!b#(-!B#47(0(!.4!#49+4#4!.$%&!(!@-(!4./4,+4H!4%!('T#+,&!,@%7+M(*&!
;?%&<(3.-""j(..&-!P(!/#&/@4.7&!%(!@7+%+Y(,+$-!*4!4.7(!/(%(6#(!/(#(!*4.+'-(#!c7&*&!7+/&!*4!P&-'&.!
.@/4#+&#4.H!J(!.4(-!W%.<1<)'5(+*+.")";.()'5(+*+.!!,&-!,@4#/&.!9#@,7E94#&.!,&-./+,@&.d!gj(..&-!
;AZ]h2!!)-!4.74!%+6#&!.4!@7+%+Y(#T!4.7(!/(%(6#(!/(#(!*4.+'-(#!7&*&!7+/&!*4!P&-'&.H!+-,%@J4-*&!%&.!
%%(:(*&.!P&-'&.!+-94#+&#4.!,&:&!4%!,&#-4Y@4%&H!/(#(!#44:/%(Y(#!%(!/(%(6#(!.4:+,+4-7+9E,(!9@-'@.2!!
L4./@I.!*4!7&*&H!4%!,&#-4Y@4%&H!(@-Q@4!4.!:T.!,&-&,+*&!4-!.@!9(.4!*4!4.,%4#&,+&H!7(:6+I-!
/#&*@,4!@-&.!/4Q@40&.!P&-'&.!,&:&!,@4#/&.!9#@,7E94#&.2!
!
 [P! K(-!5-7&-+&!-(,+$!4-!)'+/7&!4%!(0&!W?;!*2D2!J!:@#+$!4-!4%!*4.+4#7&!4'+/,+&!4%!<?X!*2D2H!(!%&.!
;]?!(0&.!*4!4*(*2!!5!%&.!W]!(0&.!.4!#47+#$!(%!*4.+4#7&!J!%(!.&%4*(*!J!.4!%4!,&-.+*4#(!4%!9@-*(*&#!*4!
%(!M+*(!:&-T.7+,&!,#+.7+(-(2!!)-!)'+/7&!.4!P+Y&!9(:&.&!&#'(-+YT-*&.4!/4#4'#+-(,+&-4.!Q@4!.(%E(-!4-!
.@!6o.Q@4*(2!!K4!*4,E(!Q@4!P(6E(!74-+*&!M+.+&-4.!J!.4!%4!(7#+6@E(-!#4/47+*(.!%@,P(.!,&-!c*+(6%&.d!&!
c*4:&-+&.d2!!5@-Q@4!P(6E(!#&'(*&!(!.@.!*+.,E/@%&.!Q@4!'@(#*(#(-!4-!.4,#47&!4%!%@'(#!*&-*4!.4!%4!
4-74##(#(H!/(#(!4M+7(#!Q@4!.@.!#4.7&.!.4!,&-M+#7+4#(-!4-!#4%+Q@+(.H!%(!%&,(%+Y(,+$-!*4!.@!7@:6(!9@4!
c(*+M+-(*(d!@-&.!W]]!(0&.!*4./@I.!*4!.@!:@4#742!!O&.!Q@4!.@/@4.7(:4-74!4#(-!.@.!#4.7&.!
:&#7(%4.!9@4#&-!7#(.%(*(*&.!(!5%4_(-*#E(!J!(%%E!9@4#&-!4-74##(*&.!4-!%(!+'%4.+(!*4!K(-!e@(-2!!GT.!*4!
@-!.+'%&!*4./@I.H!%&.!.(##(,4-&.!.4!%%4M(#&-!%&.!#4.7&.!(!D&-.7(-7+-&/%(!/(#(!#44-74##(#%&.2!!L4!(%%EH!
%&.!,#@Y(*&.!.4!%&.!%%4M(#&-!4-!4%!(0&!;]3]!(!L(@/P+-4H!
;<3!
!
n#(-,+(2!!L46+*&!(!%(.!M+.+&-4.!Q@4!.4!%4!(7#+6@E(-H!.4!(.&,+$!(!K(-!5-7&-+&!,&-!%(.!ME,7+:(.!*4%!
4#'&7+.:&H!Q@4!7(:6+I-!/(*4,E(-!4>7#(0(.!M+.+&-4.2!!b(.7&-H!@-!P&:6#4!#+,&!*4!L(@/P+-4H!
/#&:47+$!Q@4!*&-(#E(!7&*(!.@!9&#7@-(!(!K(-!5-7&-+&!.+!.@!P+_&!.4!,@#(6(!*4!4#'&7+.:&2!!
"&.74#+&#:4-74!4%!P+_&!:4_&#$!J!b(.7&-!,@:/%+$!.@!/#&:4.(!9+-(-,+(-*&!@-!P&./+7(%!/(#(!%(.!
ME,7+:(.!*4%!4#'&7+.:&!4-!4%!Q@4!I%!:+.:&H!.@!P+_&!J!@-!M4,+-&!7#(6(_(#&-!,&:&!4-94#:4#&.2!!O(!
&#*4-!*4!K(-!5-7&-+&!.4!4./4,+(%+Y$!4-!4%!,@+*(*&!*4!%(.!ME,7+:(.!*4%!4#'&7+.:&!4-!7&*(!)@#&/(2!!
)>+.74-!:@,P(.!#4/#4.4-7(,+&-4.!(#7E.7+,(.!*4!K(-!5-7&-+&2!!O(.!:T.!9(:&.(.!.&-!cO(!74-7(,+$-!*4!
K(-!5-7&-+&d!*4!B&.,P!g"#(*&H!G(*#+*h!4-!%(!Q@4!4%!.(-7&H!,&-!.@!.+4:/#4!/#4.4-74!6(.7$-!4-!
9&#:(!*4!S!J!(,&:/(0(*&!*4!@-!,4#*&H!,&-74:/%(!(!@-!c*4:&-+&d!Q@4!.4!(%Y(!*4.*4!4%!('@(!
*4%(-74!*4!I%l!J!%(.!/+-7@#(.!*4%!(%7(#!*4!N.4-P4+:!*4!G(77P+(.!b#m-4i(%*!*4%!K2!t[!g=-74#%+-*4-!
G@.4@:H!D&%:(#hH!@-(!&6#(!*4!M(#+&.!/(-4%4.H!@-&!*4!%&.!,@(%4.!#4/#4.4-7(!(!K(-!5-7&-+&!
(7(,(*&!/&#!c*4:&-+&.dH!,&-!%(.!:(-&.!('(##&7(*(.!,&:&!&,@##4!4-!4%!4#'&7+.:&!J!:&.7#(-*&!
,%(#(:4-74!'(-'#4-(!4-!%(!/@-7(!*4!%&.!*4*&.!gB(@4#!;A3<l!B&MI!;A3]l!8@J.:(-.!;A3Xh2!
!
\P! )%!4-M4-4-(:+4-7&!:(.+M&!Q@4!7@M&!%@'(#!4-!%(!,+@*(*!9#(-,4.(!*4!"&-7CK72!!)./#+7!4-!;A?;!
P(!.+*&!(:/%+(:4-74!*+9@-*+*&H!7(-7&!/&#!%(!/#4-.(!,+4-7E9+,(!,&:&!/&#!%(!'4-4#(%H!,&:&!@-!
4_4:/%&!*4!4#'&7+.:&2!!5@-Q@4!.4!.+'@+$!%(!/+.7(!*4!%(!+-7&>+,(,+$-!P(.7(!4%!/(-H!4%!4#'&7+.:&!-&!
9@4!%(!,(@.(!*4%!.E-*#&:42!!)-!#4(%+*(*H!4%!,(@.(-74!9@4!@-!,&:/@4.7&!7$>+,&!*4!:4#,@#+&!Q@4!.4!
@.(6(!/(#(!*4.+-94,7(#!4%!'#(-&!@7+%+Y(*&!,&:&!.+:+4-742!![(#+&.!.(,&.!*4!'#(-&!7#(7(*&!,&-!4.74!
9@-'+,+*(!9@4#&-!4##$-4(:4-74!:&%+*&.!J!@7+%+Y(*&.!/(#(!P(,4#!/(-2!!5%64#7!8&9:(--!%%4'$!(!4.7(!
,&-,%@.+$-!*4./@I.!*4!M+.+7(#!"&-7CK72!!)./#+72!!5%%E!(-(%+Y$!:@4.7#(.!*4%!/(-!gQ@4!-&!,&-74-E(!
(%,(%&+*4.!*4%!,&#-4Y@4%&h!J!*+M4#.(.!:@4.7#(.!/#&,4*4-74.!*4!%(.!(@7&/.+(.!#4(%+Y(*(.!(!,@(7#&!*4!
%(.!ME,7+:(.!Q@4!P(6E(-!9(%%4,+*&!g8&9:(--!;AZ]l!8&9:(--!;AA;h2!!"&#!&7#(!/(#74H!4%!7&>+,$%&'&!
.@4,&!B&!8&%:.74*7!+-.+.74!4-!Q@4!%(!+-7&>+,(,+$-!9@4!#4(%:4-74!@-!,(.&!*4!4#'&7+.:&!g8&%:.74*7!
;A3Zh2!!=-!4.,#+7&#!(:4#+,(-&!/@6%+,$!@-!#4%(7&!.4-.(,+&-(%+.7(!.&6#4!4%!4-M4-4-(:+4-7&H!C$+"L%5"
)0"E*-";,*$),5."f<&+"g)%!*E(!*4%!9@4'&!*4!K2!5-7&-+&l!n@%%4#!;AXZhH!4-!4%!Q@4!:4-,+&-(6(!c%(!
/&.+6+%+*(*!*4!Q@4!@-(!9&#:(!4>7#(0(!J!4./&-7T-4(!*4!OKLd!/@*+4.4!P(64#!4.7(*&!+:/%+,(*(2!!
n@%%4#!.4!4.7(6(!+-74-7(-*&!(/#&M4,P(#!*4%!/T-+,&!(!%(!OKL2!!5%'@-(.!*4!%(.!ME,7+:(.!.4!P(6E(-!
%(-Y(*&!*4.*4!4*+9+,+&.!JH!/&#!.@/@4.7&H!xI.74!4#(!@-!,&-&,+*&!494,7&!*4!%(!OKLy!!"(#(!*4_(#!%(.!
,&.(.!,%(#(.H!*+#4:&.!Q@4!%(!OKL!4.!@-!,&:/@4.7&!(#7+9+,+(%!J!(o-!-&!.4!P(!4-,&-7#(*&!-+-'@-(!
M(#+4*(*!*4%!,&#-4Y@4%&!Q@4!.4(!,(/(Y!*4!/#&*@,+#!c4./&-7T-4(:4-74d!OKL2!!)-!;A3XH!@-(!
/.+,$%&'(!(:4#+,(-(!/#&/@.&!Q@4!%(!,(@.(!*4!%(!P+.74#+(!*4.(7(*(!/&#!%&.!,(.&.!*4!c6#@_4#E(d!*4!%(!
(%*4(!*4!K(%4:H!G(..(,P@.477.!4-!;XAWH!@-&!*4!%&.!/&,&.!,(.&.!*4!/4#.4,@,+$-!*4!6#@_(.!4-!%(.!
,&%&-+(.!(:4#+,(-(.H!9@4!@-!,(.&!*4!4#'&7+.:&!,&-M@%.+M&!gD(/&#(4%!;A3Xh2!!).7(!74&#E(!9@4!
#4,P(Y(*(!*4!+-:4*+(7&!/&#!*&.!/.+,$%&'&.!,(-(*+4-.4.!gK/(-&.!;AZ<l!K/(-&.!J!b&77%+46!;A3XhH!
6(.T-*&.4!4-!%&.!.+'@+4-74.!(#'@:4-7&.F!;h!K4!,&-.+*4#(!Q@4!@-!/#4#4Q@+.+7&!/(#(!/(*4,4#!
4#'&7+.:&!,&-M@%.+M&!4.!%(!9(%7(!*4!M+7(:+-(!5H!-&!&6.7(-74!7&*&!.@,4*+$!,4#,(!*4!%(!,+@*(*!*4!
K(%4:H!@-(!,+@*(*!/&#7@(#+(!/#4.@:+6%4:4-74!6+4-!(6(.74,+*(!*4!/4.,(*&H!Q@4!4.!@-(!6@4-(!
9@4-74!*4!M+7(:+-(!5H!/&#!%&!Q@4!4.7(!*49+,+4-,+(!-&!4#(!/&.+6%4!4-!%(!(%*4(!*4!K(%4:l!Wh!%(.!
;<Z!
!
c/&.4.+&-4.d!*4!K(%4:!(94,7(#&-!.$%&!(!+-*+M+*@&.H!-&!(!9(:+%+(.!4-74#(.H!,&:&!.4#E(!*4!4./4#(#!4-!
,(.&!*4!Q@4!9@4#(!4#'&7+.:&l!<h!%&.!.E-7&:(.!-&!.4!,&##4./&-*E(-!,&-!%&.!*4%!4#'&7+.:&!
,&-M@%.+M&l!J!`h!%(!cP+.74#+(d!.4!4>74-*+$!/&.74#+&#:4-74!(!&7#(.!,+@*(*4.!*4!G(..(,P@.477.!J!
D&--4,7+,@7H!T#4(.!Q@4!.@/@4.7(:4-74!-&!P(6E(-!.+*&!(94,7(*(.!/&#!4%!4#'&7+.:&2!!)-!4%!7#(6(_&!
&#+'+-(%H!4%!(@7&#!(9+#:(6(!Q@4!%(!(:+*(!*4%!T,+*&!%+.I#'+,&!g,+7(*(!+-,&##4,7(:4-74!,&-!4%!-&:6#4!
*4!<.)+&?<,%h"4.7(6(!/#4.4-74!4-!4%!,&#-4Y@4%&2!!5%!,&-74-4#!c@-!;]!/&#!,+4-7&!*4!%(!(,7+M+*(*!*4!%(!
LCOKLdH!4.7&!/&*#E(!P(64#!,(@.(*&!%(.!(%@,+-(,+&-4.!*4!%(.!ME,7+:(.2!!K+-!4:6(#'&H!%&.!,#E7+,&.!
.40(%(#&-!Q@4!c%(.!/4#.&-(.!Q@4!P(-!+-'4#+*&!OKLH!4-!#(#(.!&,(.+&-4.!#4%(7(-!P(64#!/4#,+6+*&!
+:T'4-4.!*4!/4#.&-(.!@!&6_47&.!9&#:(*&.!*4!:(-4#(!Q@4!.4(-!7&:(*&.!/&#!#4(%4.!J!Q@4!,#4(-!
74-4#%&.!(%%EH!*4%(-74!.@J&dl!4.!*4,+#H!Q@4!%(!*#&'(!-&!/#&*@,4!(%@,+-(,+&-4.!#4(%4.!gK+4'4%!;A33l!
K+4'4%!;AAWl!K+4'4%!J!j4.7!;A3?h2!!"(#4,E(!Q@4!%&.!,#E7+,&.!P(6E(-!'(-(*&!4.7(!6(7(%%(H!P(.7(!Q@4!4-!
;AZW!%(!P+.7&#+(*&#(!G2^2!G(7&..+(-!4.,#+6+$!@-!(#7E,@%&!4-!4%!Q@4!*494-*E(!%(!74&#E(!*4%!4#'&7+.:&!
*4!K(%4:!gG(7&..+(-!;AZWh2!!"&.74#+&#:4-74H!G(7&..+(-!4.,#+6+$!@-!%+6#&H!#)<.),.")0"*$+"#%.*"
g[4-4-&.!*4%!/(.(*&l!G(7&..+(-!;AZAh!J!&7#&!(#7E,@%&!gG(7&..+(-!;AAWhH!4-!4%!Q@4!4.4-,+(%:4-74!
#4+74#(6(!.@!(/&J&2!!)-!4%!/#+:4#!(#7E,@%&!G(7&..+(-!(9+#:(!4##$-4(:4-74!Q@4!c4%!,&#-4Y@4%&!4.!%(!
9@4-74!*4!%(!*+47+%(:+*(!*4%!T,+*&!%+.I#'+,&!gOKLhH!Q@4H!.4'o-!,#44-!(%'@-&.!:+,$%&'&.H!/@4*4!
4>+.7+#!4-!4.7(*&!-(7@#(%d!gG(7&..+(-!;AZWhH!:+4-7#(.!Q@4!4-!4%!%+6#&!.4!%+:+7(6(!(!@-(!&/,+$-!:T.!
#(Y&-(6%4F!c4%!,&#-4Y@4%&!4.!%(!9@4-74!*4!%(!*+47+%(:+*(!*4%!T,+*&!%+.I#'+,&!gOKLh!J!/@4*4!,&-74-4#!
(%,(%&+*4.!-(7@#(%4.!Q@4!(,7o(-!,&:&!%(!OKLd!gG(7&..+(-!;AZAh2!!L4!-@4M&H!(!/4.(#!*4!%&!Q@4!
c,#4(-!(%'@-&.!:+,$%&'&.dH!%&.!Q@E:+,&.!-&!P(-!/&*+*&!,&:/#&6(#!%(!4>+.74-,+(!*4!OKL!,&:&!
/#&*@,7&!-(7@#(%2!!G(7&..+(-!9@4!:T.!%4_&.!+-,%@.&H!(%!/#&/&-4#!Q@4!4%!,&#-4Y@4%&!9@4!%(!,(@.(!*4!
%(.!4/+*4:+(.!*4!6#@_4#E(!4-!)@#&/(!(!/#+-,+/+&.!*4!%(!4*(*!:&*4#-(l!J!7(:6+I-!%(!,(@.(!*4%!b#(-!
S4##&#!*4.(7(*&!4-!n#(-,+(H!4%!M4#(-&!*4!;3ZAH!Q@4!,&-*@_&!4-!/(#74!(!Q@4!%(!5.(:6%4(!\(,+&-(%!
D&-.7+7@J4-74!M&7(#(!(!9(M&#!*4!%(!(6&%+,+$-!*4%!%,(<+,"&A?<'+-""G(7&..+(-!%%4'$!(!/#&/&-4#!Q@4!4%!
4#'&7+.:&!9@4!%(!,(@.(!*4%!b#(-!L4./4#7(#H!4%!#4M+M(%!#4%+'+&.&!*4!\@4M(!N-'%(74##(!4-!;3`;!J!Q@4!4%!
4-M4-4-(:+4-7&!,&-!7&>+-(.!7#+,&74,I-+,(.!*4%!:&P&!f3.%*<3'"9@4!%(!,(@.(!*4!%(!4/+*4:+(!*4%!
cG(%!*4!'(#'(-7(d!4-!\@4M(!N-'%(74##(!4-7#4!;3<?!J!;3<X!gG(7&..+(-!;AZAh2!
!
`C! k4,+4-74:4-74!.4!P(!*4.,@6+4#7&!Q@4!W%/%,.<%"(5G+&<!"@-!P&-'&!Q@4!/(#(.+7(!4%!G<&<G<&<!"
B5G+&3."G&)/<Q3."&!D!%&*<(3/%*3.!".4!@7+%+Y(!4-!47-&'+-4,&%&'E(!4-!%(!5:(Y&-+(2!W%/%,.<%"(5G+&<"
/4#74-4,4!(!%(.!B/%7<(<G<*%(+%+!"%(!9(:+%+(!*4%!D%(M+,4/.!&!,&#-4Y@4%&2!!)-!%(!5:(Y&-+(!/4#@(-(H!%(.!
:@_4#4.!eE6(#&!5,P@(#!=^48%&)".4!,&-.+*4#(!@-!7I#:+-&!/4J&#(7+M&l!KP@(#!J!5,P@(#!.&-!%&.!
-&:6#4.!,&##4,7&.h!@7+%+Y(-!%&.!6&7&-4.!*4!B5G+&3.!,%(#(:4-74!+-94,7(*&.!/&#!W-"(5G+&<"/(#(!
/#4/(#(#!@-(!+-9@.+$-!Q@4!@7+%+Y(-!,&:&!4,6$%+,&!gO4i+.!J!)%M+-CO4i+.!;AA]h2!!5!/(#7+#!*4!,@%7+M&.!
*4!W-"(5G+&<"*4!*&.!4./4,+4.!*4!B5G+&3."*4%!5:(Y&-+(!J!@-(!*4!%&.!))==!.4!*4:&.7#$!Q@4!
/#&*@,E(-!cM(#+&.!(%,(%&+*4.!-&!+*4-7+9+,(*&.!*4%!7+/&!*4%!,&#-4Y@4%&d!g"%&i:(-!+*"%/-";AA]h!J!.4!
,&-&,4-!(%,(%&+*4.!4#'&%E-+,&.!*4!(%!:4-&.!&7#(.!*&.!4./4,+4.!*4!W%/%,.<%"=#)&*+&"+*"%/-";A3Al!
MI(.4!5/I-*+,4!Bh2!!5%'@-(.!4./4,+4.!*4!B5G+&3."/&.+6%4:4-74!+-94,7(*(.!/&#!P&-'&.!Q@4!
,&-7+4-4-!(%,(%&+*4.!*4%!,&#-4Y@4%&!.&-!@7+%+Y(*(.!,&:&!(-7+,&-,4/7+M&!4-!%(!5:(Y&-+(!
;<A!
!
/4#@(-(H!,&:&!(6&#7+M&!/&#!%&.!+-*+&.!KP+/+6&CD&-+6&!*4%!4.74!*4!"4#o!J!,&-7#(!%(.!P4:&##('+(.!4-!
4%!/&.7/(#7&!/&#!%&.!+-*+&.!^&R(:(!7(:6+I-!*4%!"4#o2!!O&.!S@,@-(!*4!D&%&:6+(!7(:6+I-!@7+%+Y(-!
4.74!,&:/%4_&!M4'47(%!,&:&!4,6$%+,&!g"%&i:(-!+*"%/-";AA]l!K,P@%74.!J!k(99(@9!;AA]h2!!O(!@7+%+Y(,+$-!
*4!@-(!4./4,+4!*4!B5G+&3."4-!47-&'+-4,&%&'E(!(9#+,(-(!/(#4,4!+-*+,(#!@-(!+-94,,+$-!.+:+%(#!(!
P&-'&.!Q@4!,&-74-'(-!(%,(%&+*4.!*4%!,&#-4Y@4%&!g[4(%4!+*"%/-";AAWh2!!K4!P(!:4-,+&-(*&!4%!@.&!
/#&6(6%4!*4!@-(!/%(-7(!/4#74-4,+4-74!(%!'I-4#&!#4%(,+&-(*&H!E(<&G3.!",&:&!4-74$'4-&!4-!GI>+,&2!!
K4!*+,4!Q@4!%&.!+-*+&.!S(#(P@:(#(H!Q@4!%%(:(-!8%FD,)%"(!4.7(!/%(-7(H!,&-.+*4#(-!Q@4!%&.!
7@6I#,@%&.!Q@4!/#&*@,4!.&-!@-(!/&*4#&.(!:4*+,+-(!M+.+&-(#+(!gBJ4!;A3?l!BJ4!;A3A(h2!!S(:6+I-!.4!
P(!+-9&#:(*&!*4!Q@4!&7#&!:+4:6#&!*4!%(!9(:+%+(!*4%!,&#-4Y@4%&H!O.*</%?)"'%51<.!")!7+Y$-!*4!:(EYH!
4.!@7+%+Y(*&!4-!:4*+,+-(!7#(*+,+&-(%!/&#!%&.!f_+6i(J!&!5P-+.P+-(@64'!,&:&!4,6$%+,&2!!5@-Q@4H!
/(#(*$_+,(:4-74H!%&.!5P-+.P+-(@64'!,#44-!Q@4!4%!7+Y$-!*4%!:(EY!4.!@-!(-7+,&('@%(-74H!:T.!Q@4!@-!
P4:&.7T7+,&!g^44i(J*+-&Q@(J!;A3Zh2!!).7&!4.!+-@.@(%!J(!Q@4!%&.!(%,(%&+*4.!@74#&7$-+,&.!*4%!
,&#-4Y@4%&!:@4.7#(-!7(:6+I-!/#&/+4*(*4.!P4:&.7T7+,(.!J!8&9:(--!P(!(-(%+Y(*&!:@4.7#(.!*4!
4.7(!4./4,+4!.+-!4-,&-7#(#!Q@4!,&-7@M+4#(-!(%,(%&+*4.!*4%!,&#-4Y@4%&!g8&9:(--!;A33h2!!)%!7+Y$-!*4%!
:(EYH!,&-&,+*&!,&-!4%!-&:6#4!*4!(3<*/%()($+".4!@7+%+Y(!/#&9@.(:4-74!4-!%(!,&,+-(!:4>+,(-(2!!
5@-Q@4!.4!@7+%+Y(!:4*+,+-(%:4-74!,&:&!P4:&.7T7+,&!gLE(Y!;A3XhH!/(#4,4!.4#!Q@4!-&!.4!,&-&,4!
,&:&!4,6$%+,&!J!-@-,(!.4!P(!#4'+.7#(*&!.@!@.&!4-!GI>+,&!,&-7#(!%(.!P4:&##('+(.!4-!4%!/&.7/(#7&2!!
"&#!.@/@4.7&H!4%!7+Y$-!*4%!:(EYH!(%!+'@(%!Q@4!4%!,&#-4Y@4%&H!/@4*4!/#4.4-7(#!,&-.+*4#(6%4.!
M(#+(,+&-4.!4-!.@!,&:/&.+,+$-!Q@E:+,(!J!%&.!5P-+.P+-(@64'!/@4*4-!P(64#!74-+*&!(,,4.&!(!@-(.!
M(#+4*(*4.!*4!4.7(!4./4,+4!Q@4!,&-7@M+4#(-!(%,(%&+*4.!*4%!7+/&!*4!%&.!*4%!,&#-4Y@4%&2!!"&#!&7#(!
/(#74H!&7#&.!(%,(%&+*4.!@74#&7$-+,&.!,&:&!%(!@.7+%('+-(H!%(!@.7+%('+-+-(!J!%(!@.7+%('&7&>+-(!/&*#E(-!
4>/%+,(#!4%!@.&!47-&'+-4,&%$'+,&!Q@4!P(,4-!%&.!5P-+.P+-(@64'!*4%!O.*</%?)"'%51<."g84+:!;A3Zl!
K(:&#+-+!;AAW*h2!!K4!P(!#4'+.7#(*&!%(!+-'4.7+$-!*4!&7#&!P&-'&!*4!%(!9(:+%+(!*4%!,&#-4Y@4%&H!
B)&15(+G."(%G<*%*%!"_@-7&!,&-!@-!,&-&,+*&!P&-'&!/.+%&,E6+,&!*4!GI>+,&!gMI(.4!4%!D@(*#&!`hH!
#.</)(58+"i%..),<<!"+,!#+7@(%4.!*4!,@#(,+$-!gb@Y:T-!;A?Zl!84+:!;A?3(h2!!;/"B)&15(+G."(%G<*%*%"g(.E!
,&:&!(%!B-")G$<)?/)..)<1+.:".4!%4!%%(:(!*/%F%*.<*.4,*/<!"cP&:6#4,+7&.d!J!/(#(.+7(!@-(!7#@9(!
.@674&&D,+%!"J/%G$)'5(+."7%&<+?%*3."=)"J-"?&%,3/%*3.:!"//%'%1%".3"'3,1)"g,(.74%%(-&!4-!4%!
&#+'+-(%h2!!)%!@.&!(*+M+-(7&#+&!*4!*/%F%*.<*.4,*/<"4-![4#(,#@Y!.4!(7#+6@E(!(!%&.!(-74/(.(*&.!*4!%&.!
+-9&#:(-74.!gk4J4.!b2!;A3]hH!J!.+-!*@*(!.4!#494#E(-!(!B)&15(+G."(%G<*%*%-""K+-!4:6(#'&H!@-!%+6#&!
#4,+4-74!.@'4#E(!*4!9&#:(!*@*&.(!Q@4!4%!*/%F%*.<*.4,*/<"4#(!4-!&+%/<1%1"#.</)(58+"kE*&)G$%&<%/"
(38+,.<."gMI(.4!4%!D(/E7@%&!?l!b(#Y(!;AA]h2!!D@#+&.(:4-74H!@-(!4./4,+4!4@#&/4(H!J/%G$)'5(+."
(+&7<,3.!".4!,&-&,4!7#(*+,+&-(%:4-74!4-!5%4:(-+(!,&:&!>+Q+,.G<*d+/!"c%(!/@-7(!*4!%(.!6#@_(.d!gL4!
[#+4.!;AA%(hH!J!.4!P(!#4'+.7#(*&!.@!@.&!4-!47-&:4*+,+-(!7#(*+,+&-(%!4@#&/4(!/(#(!7#(7(#!%&.!4.7(*&.!
*4!*46+%+*(*!gK+-'4#!;A?Z6h2!!)-!GI>+,&H!4.7&.!cP&:6#4,+7&.d!.4!7&:(-!,&-!.<i%*.<*.4,*/<!!
c:@_4#,+7(.dH!#.</)(58+"i%..),<<-""\&!.4!,&-&,4-!4>(,7(:4-74!%(.!/#&/+4*(*4.!Q@E:+,(.!*4!%(!
B)&15(+G."(%G<*%*%-"")-!S4-(-'&!*4%![(%%4H!*&-*4!.4!,&-.@:4-!%&.!cP&:6#4,+7&.d!J!%(.!
c:@_4#,+7(.dH!I.7&.!.4!7&:(-!_@-7&!,&-!*+M4#.(.!4./4,+4.!,&:4.7+6%4.!,&:&!B/%7%&<%"*&3,(%*%"5"
@+7&)G$5//3'"0/)(().3'!"(!%(.!Q@4!%%(:(-!F3.*<F",%,DF%*/"g84+:!J!j(..&-!;A?Zh2!!8&9:(--!-&!
4-,&-7#$!4-!B)&15(+G."(%G<*%*%"-+!/.+%&,+6+-(!-+!/.+%&,+-(H!/4#&!.E!/@*&!*474#:+-(#!%(!/#4.4-,+(!*4!
7#(Y(.!g]2]]`{h!*4!@-(!c.@6.7(-,+(!+-*$%+,(!*+94#4-74d!
;`]!
!
g84+:!J!j(..&-!;A?ZH!/2WX]h2!).74!,&:/@4.7&!,&-7+-@(!.+-!+*4-7+9+,(#H!:+4-7#(.!Q@4!%(.!
/#&/+4*(*4.!Q@E:+,(.!*4!4.74!P&-'&!-4,4.+7(-!.4#!:4_&#!,(#(,74#+Y(*(.2!!=-(!4./4,+4!
4:/(#4-7(*(H!B)&15(+G.".<,+,.<.!"Q@4!/(#(.+7(!(!%(.!%(#M(.!*4!@-(!/&%+%%(!*4%!8+:(%(J(H!*4!9&#:(!
Q@4!%&.!P&-'&.!%(.!,&-.@:4-!P(.7(!7#(-.9&#:(#%(.!4-!4.,%4#&,+&.H!4.!@-!7$-+,&!:@J!(/#4,+(*&!4-!
%(!:4*+,+-(!7#(*+,+&-(%!,P+-(!gL(M+.!;AZ<(h2!!S(:6+I-!.4!@7+%+Y(!4-!\4/(%!,&:&!(9#&*+.E(,&!
gBP(77(#(+!;AAWh2!!)%!-@,%4$.+*&!,&#*+,4/+-(!g<C*4.&>+(*4-&.+-(h!Q@4!.4!P(!(+.%(*&!*4!4.7(!4./4,+4!
J!7(:6+I-!*4!D2!'</<*%&<."7+4-4!(,7+M+*(*!(-7+7@:&#(%!gk+,P!+*"%/-";AX?h2""B)&15(+G.")G$<)?/)..)<1+."
7(:6+I-!.4!@7+%+Y(!4-!:4*+,+-(!,P+-(!P(6+I-*&.4!(+.%(*&!'%@,(-&.!+-:@-&4.7+:@%(-74.!*4!4.7(.!
4./4,+4.!gs(:(*(!47!(%2!;AZ`h2!!"&#!.@/@4.7&H!-&!P(J!/#@46(.!*4!Q@4!4.7&.!,&:/@4.7&.!
(-7+7@:&#(%4.!4!+-:@-&4.7+:@%(-74.!.4(-!4-74$'4-&.2!!L4%!:+.:&!:&*&!Q@4!4-!4%!,(.&!*4!%(!
+-'4.7+$-!*4!cP&:6#4,+7&.d!J!c:@_4#,+7(.d!=B)&15(+G.R"#.</)(58+:"4-!S4-(-'&!*4%![(%%4H!4.7(!
*@(%+*(*!:(.,@%+-&V94:4-+-&!4.7T!/#4.4-74!4-!%(!+-'4.7+$-!*4%!P&-'&!/.+%&,E6+,&!c94:4-+,)9"
#.</)(58+"'+Q<(%,%"_@-7&!,&-!4%!c:(.,@%+-&d!L<(*5)G$)&%"G$%//)<1+%"4-!%(!#4'+$-!DP+-(-74,(!*4!
f(>(,(H!GI>+,&!g84+:!J!j(..&-!;A?Zh2!!L4!-@4M&H!%(.!/#&/+4*(*4.!Q@E:+,(.!*4!L-"G$%//)<1+%"-&!
.&-!,%(#(.H!(@-Q@4!j(..&-!7&:$!4.7(!+-7#+'(-74!-&7(!4-!.@!4.7@*+&!+-74#*+.,+/%+-(#!.&6#4!%&.!
P&-'&.!4-74$'4-&.!:4>+,(-&.H!(!.(64#F!c)%!K#2!!k&'4#!84+:H!*@#(-74!.@!#4,+4-74!M+(_4!(!S(+%(-*+(!
g\&M2!;A?3h!P(!#4@-+*&!+-9&#:(,+$-!.&6#4!4%!@.&!*4!L<(*5G$)&%"G$%//)<1+%"4-!6#@_4#E(!4-!(Q@4%!
/(E.H!J!/@6%+,(#T!@-!+-9&#:4!(%!#4./4,7&d!g84+:!J!j(..&-!;A?ZH!/2AAh2!84+:!*4.,#+6+$!
/&.74#+&#:4-74!4%!@.&!*4!L-"G$%//)<1+%"4-!S(+%(-*+(!4-!c4-M4-4-(:+4-7&.!,#+:+-(%4.dH!/4#&!
:4-,+&-$!Q@4!%&.!S(-(%(!J!%&.!B47.+:+.(#(R(!*4!G(*('(.,(#!7(:6+I-!%(!@7+%+Y(6(-!4-!6#@_4#E(!
g84+:!;A3Zh2!
!
?C! 5!%&.!7#4.!(%,(%&+*4.!*4!%(!4#'&7&>+-(!.4!%4.!*+&!%&.!-&:6#4.!*4!4#'&,#+.7+-(H!4#'&,&#-+-(!J!
4#'&RE+/7+-(l!4%!o%7+:&!4>+.74!4-!*&.!9&#:(.!+.$:4#(.H!gtC!J!4#'&R#+/7+-(2!!8&9:(--!/#4/(#$!(!
,&-7+-@(,+$-!%&.!*+P+*#&!}!*4#+M(*&.!*4!4.7&.!(%,(%&+*4.!Q@4!*+4#&-!,&:&!#4.@%7(*&!@-!/#&*@,7&!
*4!I>+7&H!%(!><1+&?<,%-""GT.!7(#*4H!&7#&!*4#+M(*&H!%(!W6#&:&Cg>C4#'&R#+/7+-(!gDBC;?`h!.4!,&-M+#7+$!
7(:6+I-!4-!@-!/#&*@,7&!:@J!.(7+.9(,7&#+&!,&-!4%!-&:6#4!,&:4#,+(%!#%&/)1+/"g8&9:(--!;A3A6l!
MI(.4!%(!\&7(!Ah2!!O(!4#'&R#+/7+-(!.4!4.,#+64!(!M4,4.!+&?)(&<G*<,%")"+&?)(&5G*<,%-!
!
UP! D&:&!4.74!,&:/@4.7&!.4!*4.,@6#+$!.+:@%7T-4(:4-74!4-!,@(7#&!%(6&#(7&#+&.!*+94#4-74.H!(%!
/#+-,+/+&!#4,+6+$!,@(7#&!-&:6#4.!*+.7+-7&.F!+&?)8%.<,%"gK7&%%!J!B@#,RP(#*7!;A<?hH"+&?)'+*&<,%"
gL@*%4J!J!G&+#!;A<?hH!+&?)*)(<,%"g^P(#(.,P!J!O4'(@%7!;A<?h!J!+&?).747#+-(!gG&:/.&-!;A<?h2!!"(#(!
4M+7(#!%(!,&-9@.+$-H!%(!D&:+.+$-!N-74#-(,+&-(%!*4!n(#:(,&/4(!/#&/@.&H!,&:&!.@.7+7@7&!*4!4.7&.!
.+-$-+:&.H!4%!-&:6#4!+&?),)7<,%"g4%!!-@4M&!(%,(%&+*4!*4%!,&#-4Y@4%&h2!!K+-!4:6(#'&H!4-!b#(-!
B#47(0(!J!4-!%&.!/(E.4.!*4!%(!D&::&-i4(%7P!4.7(!*#&'(!7&*(ME(!.4!,&-&,4!,&:&!+&?)'+*&<,%"J!%(!
*4-&:+-(,+$-!*4!%&.!*4#+M(*&.!4.!(!M4,4.!,&-9@.(2!!=-(!/@6%+,(,+$-!/@4*4!#494#+#.4!(!%(!
+&?),)7<,%"J!(!.@!*4#+M(*&!'+*</T+&?)'+*&<,%"g4-!M4Y!*4!*4,+#!'+*</T+&?),)7<,%h-!
!
VP! O(!:(J&#E(!*4!%&.!4.7@*+&.!Q@E:+,&.!Q@4!.4!*4.,#+64-!(Q@E!.4!#4(%+Y(#&-!,&-!4%!,&#-4Y@4%&!
*4%!,4-74-&H!.+(%/+"()&,3*3'-""8(.7(!-&!P(,4!:@,P&H!4.74!.4!&674-E(!(!7#(MI.!*4%!,@%7+M&!
/(#(.E7+,&l!4.!*4,+#H!:4*+(-74!%(!+-94,,+$-!+-74-,+&-(*(!*4!%&.!,(:/&.!
;`;!
!
*4!,4-74-&!,&-!(.,&./&#(.!*4!,&#-4Y@4%&!J!%(!/&.74#+&#!.4/(#(,+$-!*4!%&.!4.,%4#&,+&.!*4!
,&#-4Y@4%&!*4%!'#(-&!:(*@#&2!!O2!84,R4!*4!5@.7#+(!9@4!4%!/+&-4#&!*4!4.74!:I7&*&!4-!;AW;2!!)-!%&.!
(0&.!`]H!%(!,(.(!K(-*&Y!O7*2!J(!+-J4,7(6(!%(.!(.,&./&#(.!*4!,&#-4Y@4%&!:4,T-+,(:4-74!4-!%&.!
,(:/&.!*4!,4-74-&!4-!K@+Y(2!!K+-!4:6(#'&H!4%!,@%7+M&!*4!/(#T.+7&.!4#(!%(6&#+&.&!J!4.7(6(!.@_47&!(!
%(.!+##4'@%(#+*(*4.!*4%!7+4:/&2!!O(!(:4#+,(-(!52!G,D#(4!9@4!%(!/#+:4#(!4-!*4.,@6#+#!%(!6+&%&'E(!
6T.+,(!*4%!,&#-4Y@4%&!4-!%&.!,@%7+M&.!.(/#&9+7+,&.!g*4.(##&%%&!*+#4,7&!*4%!:+,4%+&!*4%!,&#-4Y@4%&!4-!
@-!:4*+&!*4!,@%7+M&h!4-!%&.!(0&.!<]2!!).7&!/@.&!%(.!6(.4.!/(#(!4%!,@%7+M&!%EQ@+*&!&!.@:4#'+*&!*4%!
,&#-4Y@4%&H!,&-.4'@+*&!/&#!/#+:4#(!M4Y!(!4.,(%(!*4!%(6&#(7&#+&!/&#!%&.!(:4#+,(-&.!SJ%4#!J!
K,Pi(#7+-'!4-!;A?W2!!)%!.+'@+4-74!(0&!.4!,&-,4*+$!@-(!/(74-74!(!K7&%%H!B#(,RH!8&9:(--!J!^&64%!*4!
K(-*&Y!/(#(!/#&*@,+#!(%,(%&+*4.!*4%!,&#-4Y@4%&!(!/(#7+#!*4!,@%7+M&.!.(/#&9E7+,&.!*4!B/%7<(+G."
G3&G3&+%-"")%!4Q@+/&!*4!5#,(:&-4!4-!N7(%+(!/4#94,,+&-$!4%!,@%7+M&!.(/#&9+7+,&.!*4!B/%7<(+G."G%.G%/<!"
%%4'(-*&!(!&674-4#!P(.7(!W!'#(:&.!/&#!%+7#&!*4!(:+*(.!.+:/%4.!*4%!T,+*&!%+.I#'+,&2!!=7+%+Y(-*&!
7(:6+I-!B/%7<(+G."G%.G%/<!"^&64%H!K,P#4+,#!J!k@7.,P:(--!*4!K(-*&Y!*4.(##&%%(#&-!@-!:I7&*&!/(#(!
&674-4#!@-!/#4,@#.&#!*4%!T,+*&!%+.I#'+,&!4-!'#(-*4.!,(-7+*(*4.!gB&MI!;A3]h2!!5.EH!4%!T,+*&!%+.I#'+,&!
.4!/#&*@,4!(!7&-4%(*(.!4-!,@%7+M&.!.@:4#'+*&.!4-!7(-Q@4.!+-*@.7#+(%4.!*4!94#:4-7(,+$-H!*4!9&#:(!
Q@4!%(.!*+M4#.(.!/#4/(#(,+&-4.!9(#:(,I@7+,(.!*4!(%,(%&+*4.!*4%!,&#-4Y@4%&!gMI(.4!%(!.+'@+4-74!
-&7(h!.4!.+-747+Y(-!(!/(#7+#!*4%!T,+*&!%+.I#'+,&2!!5!/4.(#!*4!Q@4!j25C!e(,&6.!J!O2D2!D#(+'!(+.%(#&-!4%!
T,+*&!%+.I#'+,&!J!*474#:+-(.4-!.@!4.7#@,7@#(!4-!%&.!(0&.!<]!ge(,&6.!J!D#(+'!;A<`(l!e(,&6.!J!D#(+'!
;A<`6hH!.@!4.74#4&Q@E:+,(!-&!/@*&!/#4,+.(#.4!P(.7(!;?!(0&.!*4./@I.H!,@(-*&!4%!'#@/&!*4!
8&9:(--!#4.&%M+$!4%!4-+':(!gK7&%%!+*"%/-!;A`Ah2!!).7&!(6#+$!%(.!/@4#7(.!(!%(!c.E-74.+.!7&7(%d!*4%!T,+*&!
%+.I#'+,&H!Q@4!.4!,&-.+'@+$!4-!;A?`!J!.4!-&7+9+,$!*&.!(0&.!*4./@I.!g^&#-94%*!+*"%/-";A?`l!^&#-94%*!
+*"%/-";A?Xh2!!S#4.!(0&.!:T.!7(#*4!.4!/@6%+,$!@-!:I7&*&!/4#94,,+&-(*&!/(#(!.+-747+Y(#!%(.!(:+*(.!
*4%!T,+*&!%+.I#'+,&!gb(#6#4,P7!;A?AhH!:4_&#(-*&!%(!.E-74.+.!*4!D@#7+@.H!Q@4!8&9:(--!P(6E(!@7+%+Y(*&!
4-!;A<3!/(#(!%(!/#+:4#(!.4:+C.E-74.+.!*4!@-!(%,(%&+*4!*4%!,&#-4Y@4%&H!%(!+&?),)7<,%"gMI(.4!%(!\&7(!
(-74#+&#hH!J!Q@4!I%!P(6E(!(/%+,(*&!(!%(!.E-74.+.!*4!%(!OKL!J!@-(!.4#+4!*4!&7#(.!(:+*(.!*4%!T,+*&!
%+.I#'+,&!gK7&%%!J!8&9:(--!;A`<2h!)%!'#@/&!*4!8&9:(--!/4#94,,+&-(#E(!(!%&!%(#'&!*4!%&.!(0&.!%&.!
:I7&*&.!*4!.E-74.+.!*4!%(.!(:+*(.!*4%!T,+*&!%+.I#'+,&!g8&9:(--!+*"%/-";AX;h2!
!
ZC! 8&9:(--!.+-747+Y$!M(#+&.!*4#+M(*&.!J!(-T%&'&.!*4!%(!OKL!J!%&.!/#&6$!4-!.E!:+.:&!g8&9:(--!
;AZ]h2!!)-,&-7#$!Q@4!%&.!+.$:4#&.!*4!%(!OKLH!;COKLH!*C+.&COKL!J!NC+.&OKL!4#(-!7&*&.!+-(,7+M&.!4-!
*&.+.!7(-!4%4M(*(.!,&:&!?]]!:,'!gW]!M4,4.!%(!*&.+.!/4#,4/7+6%4!*4!*COKLh2!!)-7#4!%&.!:@,P&.!
*4#+M(*&.!*4!%(!OKL!*4.7(,(-F!5OLC?W!g\C(,47+%COKLhl!GOLC`;!g\C:47+%COKLhl!BfNH;`Z!gWC6#&:&C
OKLhl!O5)C<W!g47+%(:+*(!*4%!T,+*&!%+.I#'+,&hl!OKGC333!g:&#9&%+*(!*4%!T,+*&!%+.I#'+,&hl!OG)C?`!
g:47+%47+%(:+*(!*4%!T,+*&!%+.I#'+,&hl!OG"C??!g:47+%/#&/+%(:+*(!*4%!T,+*&!%+.I#'+,&h!J!O)"C?3!
g47+%/#&/+%(:+*(!*4%!T,+*&!%+.I#'+,&h2!!S(-7&!%(!5OLC?W!,&:&!%(!GOLC`;H!,&-!.@6.7+7@J4-74.!4-!4%!
-+7#$'4-&!*4%!(-+%%&!+-*$%+,&H!.&-!4Q@+M(%4-74.!4-!/&74-,+(!(!%(!OKL!gk&7P%+-!;A?3l!KP@%'+-!;A3;hH!
(@-Q@4!4-!@-!4.7@*+&!.4!*4.,#+6+$!Q@4!%(!o%7+:(!74-E(!@-!74#,+&!*4!%(!/&74-,+(!*4!%(!OKL!
g56#(:.&-!;A?Zl!G47Y-4#!;AX<h2!!O(!BfOC;`ZH!OKL!,&-!@-!T7&:&!*4!6#&:&H!.4!:&.7#$!+-(,7+M(!4-!
4%!P&:6#4!4-!*&.+.!*4!P(.7(!?]]!:,'!g56#(:.&-!J!k&%&!;AX3l!G47Y-4#!;AX<h2!
;`W!
!
!O(!O5)C<WH!&!:&-&47+%(:+*(!*4%!T,+*&!%+.I#'+,&H!.4!(,4#,(!(!%(!OKL!/&#!.@!/&74-,+(H!(%!+'@(%!Q@4!%(!
OKGC333!gD(%%+4#+!J!k(M477(!;A?3l!L4%(J!+*"%/-";A?A6l!b+(#:(-!;AX3l!b+%64#7+!J!b#4'&#477+!;AX]l!
KP@%'+-!;A3;h2!!OG)C?`H!OG"C??!J!O)"C?3!#4.@%7(#&-!7&*(.!+-(,7+M(.H!&!4-!;!,(.&!*4!@-!7&7(%!*4!?!
.@_47&.!(!%&.!Q@4!.4!(*:+-+.7#(#&-!;]]!:,'2!*4!OG"C??H!*I6+%:4-74!(,7+M(!4-!@-(.!/#@46(.!4-!%(.!
Q@4!.4!(*:+-+.7#(#&-!*&.+.!*4!P(.7(!;]]!:,'!g56#(:.&-!J!k&%&!;AX3h2!!O(!(,7+M+*(*!*4!%(!N5C;;;!
g(:+*(!*4%!T,+*&!%+.I#'+,&h!.4!*+.,@7+#T!:T.!(6(_&2!!)-!/#@46(.!.&6#4!%(!7&%4#(-,+(!,#@Y(*(!gMI(.4!4%!
D(/E7@%&!;H!\&7(!ZhH!.4!M+&!Q@4!%(!GOLC`;!J!%(!O)"C?3!g(!/4.(#!*4!%(!+-(,7+M+*(*!*4%!.4'@-*&!
,&:/@4.7&h!/#4.4-7(6(-!7&%4#(-,+(!,#@Y(*(!,&-!%(!OKL!J!%(!/.+%&,+6+-(2!!)-!,(:6+&H!%(!O5)C<W!
/#4.4-7(6(!o-+,(:4-74!@-(!.@(M4!7&%4#(-,+(!,#@Y(*(!,&-!%(!OKL!J!-+-'@-(!,&-!%(!/.+%&,+6+-(!
g56#(:.&-!J!k&%&!;AX3h2!!)-!%&.!:+.:&.!4.7@*+&.H!%(!OKL!*4:&.7#$!/#&*@,+#!7&%4#(-,+(!,#@Y(*(!,&-!
%(!/.+%&,+6+-(!J!M+,4M4#.(2!
!
]P! 5!%&!%(#'&!*4!.@!7#(6(_&!.&6#4!%&.!(%,(%&+*4.!*4%!,&#-4Y@4%&H!8&9:(--!/#4/(#$!@-(!.4#+4!*4!
:4*+,(:4-7&.!*4!'#(-!M(%&#!7(-7&!:4*+,+-(%!,&:&!4,&-$:+,&!g8&9:(--!;A3A6h2!!O(![+*+&?<,%!"&!
:47+%C4#'&-&M+-(H!#4.@%7$!.4#!@-!P4:&.7T7+,&!@74#+-&!:T.!4./4,E9+,&!Q@4!%(!4#'&-&M+-(!J!P&J!4-!
*E(!4.!@-!:4*+,(:4-7&!+:/&#7(-74!Q@4!.(%M(!:@,P(.!M+*(.!'#(,+(.!(%!,&-7#&%!*4!%(.!P4:&##('+(.!
*4%!/&.7/(#7&2!!)%!L<$<1+&?)*!"1<$<*#&C+&?)*%'<,%H!.4!P(!4>74-*+*&!*4!9&#:(!'4-4#(%+Y(*(!4-!.@!
(/%+,(,+$-!,&:&!7#(7(:+4-7&!*4!%(!:+'#(0(H!(%!+'@(%!Q@4!4%!L+.+*</"&!4%!K(-.4#7!g%C:47+%C
6@7(-&%(:+*(!*4%!T,+*&!%+.I#'+,&h2!!)%!/#&*@,7&!*4!:(J&#!I>+7&!P(!.+*&!%(!><1+&?<,%!"@-!*+P+*#&C!
*4#+M(*&!*4!%&.!7#4.!(%,(%&+*4.!Q@4!,&:/&-4-!%(!c4#'&7&>+-(d!gMI(.4!%(!\&7(!?hH!*4!'#(-!M(%&#!4-!%(!
:4*+,+-(!'4#+T7#+,(!,&:&!M(.&!*+%(7(*&#!,4#46#(%2!!G4_&#(!:@,P&!%(!&>+'4-(,+$-!*4%!,4#46#&H!,&-!
%&!Q@4!7(:6+I-!.4!@7+%+Y(!'4-4#(%:4-74!4-!)@#&/(!,&:&!,&(*J@M(-74!4-!,+#@'E(H!*(-*&!:T.!
7+4:/&!(!%&.!,+#@_(-&.H!4-!,(.&!*4!/(#&!,(#*E(,&H!/(#(!#4.@,+7(#!(%!/(,+4-74!(-74.!*4!Q@4!.4!*(04!4%!
,4#46#&!/&#!9(%7(!*4!&>E'4-&2!!O(!><1+&?<,%!7(:6+I-!P(!*4:&.7#(*&!74-4#!@-!M(%+&.&!494,7&!
4.7+:@%(-74!+-,%@.&!4-!_$M4-4.!(*@%7&.!.(-&.2!!S(:6+I-!.4!P(!,&:/#&6(*&!Q@4!:4_&#(!%(!9@-,+$-!
:4-7(%!J!4%!#4-*+:+4-7&!4-!*&.+.!*+(#+(.!*4!AC;W!:'!g8+-*:(#,P!+*"%/-";A3AhH!,&-!%&!Q@4!.4!P(!
,&-M4#7+*&!4-!@-(!*4!%(.!c*#&'(.!+-74%+'4-74.d!:T.!6@.,(*(.!gb@*4!;AA;l!G&#'4-7P(%4#!;AA]l!
G&#'4-7P(%4#!J!L4(-!;AA;h2!!L@#(-74!:@,P&!7+4:/&!I.74!9@4!4%!/#&*@,7&!:T.!#4-7(6%4!*4!%(!,(.(!
K(-*&Y!O7*H!@-&!*4!%&.!;]!/#&*@,7&.!9(#:(,I@7+,&.!:T.!M4-*+*&.!4-!4%!:@-*&H!,&-!@-(.!M4-7(.!
(-@(%4.!*4!:T.!*4!<]]!:+%%&-4.!*4!*$%(#4.2!!"&#!o%7+:&H!7(:6+I-!.4!P(!4>74-*+*&!4%!@.&!*4%!
#%&/)1+/!"&!WC6#&:&C(HC4#'&,#+/7+-(!g7(:6+I-!,&-&,+*&!,&:&!DBC;?`h!4-!4%!7#(7(:+4-7&!*4%!
"(#R+-.&-2!!k4,+4-74:4-74H!4%!#%&/)1+/".4!P(!@7+%+Y(*&!*4!9&#:(!4>/4#+:4-7(%!,&:&!@-(!c,@#(d!
/(#(!%(!(*+,,+$-!(!%(!,&,(E-(2!!"4#&!/(#(!/)."$%8<*3A."(!%(!,&,(E-(H!4.74!9T#:(,&!/@4*4!.4#!I%!:+.:&!
,(@.(-74!*4!(*+,,+$-!g8&%*4-!;AZA6h2!!G+4-7#(.!Q@4!(,7@(%:4-74H!4%!*4.,@6#+:+4-7&H!4-.(J&!J!
*4.(##&%%&!*4!@-!:4*+,(:4-7&!-@4M&!4.!@-!/#&J4,7&!Q@4!#4Q@+4#4!%(!*4*+,(,+$-!*4!@-!4>74-.&!
'#@/&!*4!,+4-7E9+,&.!*@#(-74!@-(!*I,(*(H!4.74!*4.(##&%%&!*4.7(,(6%4!*4!.4+.!M(%+&.&.!/#&*@,7&.!
9(#:(,I@7+,&.!g.+!+-,%@+:&.!4%!L+/5.<1!"-&:6#4!,&:4#,+(%!*4!%(!OKLh!9@4!#4(%+Y(*&!/#T,7+,(:4-74!4-!
.&%+7(#+&!/&#!8&9:(--H!(%!:4-&.!4-!%&.!(./4,7&.!Q@E:+,&.!J!*4!+-'4-+4#E(!Q@E:+,(!g8&9:(--!
;AZ]h2!!)%!*4.(##&%%&!*4%!L+.+*</"J!*4%!#%&/)1+/",&:&!/#&*@,7&.!9(#:(,I@7+,&.!+-,%@J$!%(!
,&%(6&#(,+$-!*4!&7#&.!,+4-7E9+,&.!*4!%(!,(.(!
;`<!
!
K(-*&Y2!!O(!/&.74#+&#!+-M4.7+'(,+$-!*4!8&9:(--!.&6#4!%(!Q@E:+,(!*4!%&.!P&-'&.!.('#(*&.!*4!
GI>+,&!gMI(.4!D(/E7@%&!?h!%%4M(#E(!(%!*4.(##&%%&!*4!(o-!&7#&!/#&*@,7&!M(%+&.&H!+/"b<.F+,"g7(:6+I-!
,&-&,+*&!,&:&!#<,1)/)/S"+'@(%!Q@4!%(!/.+%&,+-(H!@-!*4#+M(*&!*4%!`P+*#&>+C+-*&%h!(:/%+(:4-74!
@7+%+Y(*&!,&:&!('4-74!P+/&74-.&#2!!n2!S#&>%4#H!4%!(J@*(-74!*4!8&9:(--!4-!%(!+-M4.7+'(,+$-!*4!%&.!
P&-'&.H!9@4!4%!*4.,@6#+*&#!*4!4.74!/#&*@,7&!gS#&>%4#!+*"%/-";A?Ah2!
!
;]C!5@-Q@4!=#6+-(!J!k4R&!@7+%+Y(#&-!4%!.+-$-+:&!RG)')+%".<1%+0)/<%!"4-!%(!:(J&#E(!*4!%&.!
4.,#+7&.!:&*4#-&.!.&6#4!4-74$'4-&.!.4!4:/%4(!4%!-&:6#4!N<7+%"()&5'8).%!gK,P@%74.!;AX`h2!!\&!
.4!*464!,&-9@-*+#!(!B%(.!"(6%&!k4R&H!Q@4!(,4/7$!4-!;A;A!%(!+*4-7+9+,(,+$-!*4!=#6+-(!*4!;ZA3H!J!
/#+:4#!+-M4.7+'(*&#!:&*4#-&!4-!*4.,@6#+#!Q@4!4%!4-74P?+,)"*+),%,D(%*/"4#(!@-!P&-'&!gB2"2!k4R&!
;A;AhH!J!/#+:4#&H!_@-7&!(!k2)2!!K,P@%74.H!4-!#4,&%4,7(#!:@4.7#(.!*4!4.7&.!P&-'&.!gK,P@%74.!;A<AhH!
,&-!.@!/#+:&![+,7&#!5!k4R&2!![+,7&#!4.!Q@+YT.!:T.!,&-&,+*&!9@4#(!*4!GI>+,&H!*46+*&!(!%(!
/@6%+,(,+$-!*4!@-!%+6#&!4-!(%4:T-!4-!;A<XH![%?<.($+"X<0*+"gk4R&!;A<Xh2!!K+-!4:6(#'&H![+,7&#!4#(!
/4#+&*+.7(!J!-&!,+4-7E9+,&H!J!%(!+-9&#:(,+$-!(/(#4,+*(!4-!.@!%+6#&!9@4!:T.!6+4-!@-(!,&/+(!6(.7(-74!
+:/#4,+.(!*4!%&.!7#(6(_&.!*4!.@!/#+:&!B%(.!"(6%&H!4%!,@(%!.4!Q@4_(6(!*4![+,7&#!*+,+4-*&!Q@4F!c-+!
7+4-4!@-(!4>/4#+4-,+(!/4#.&-(%!,&-!%(.!*#&'(.!Q@4!*4.,#+64H!%(!:(J&#E(!*4!%(.!,@(%4.!-&!P(!M+.7&H!-+!
%(.!#4,&-&,4#E(!.+!%(.!M+4.4d!g,(#7(!(!82!j(..I-H!<;!*4!4-4#&!;A<3l!,+7(*(!4-!8&%:.74*7!;AX3h2!!)-!
.@!,&-*+,+$-!*4!4>/4#7&!4-!GI>+,&H!e2O!LE(Y!,&:4-7$!.&6#4![+,7&#F!c%&!:4_&#!Q@4!.4!/@4*4!*4,+#!*4!
.@!%+6#&!4.!Q@4!4.!@-(!&6#(!:4-&#!*4!.4-.(,+&-(%+.:&!/4#+&*E.7+,&H!Q@4!:4#(:4-74!,+7(!(%'@-(.!
/%(-7(.!*4!+-74#I.2!!8(J!/#@46(.!*4!Q@4![+,7&#!7&:$!-&7(.!*4!%&.!7#(6(_&.!*4!.@!/#+:&!B%(.!"(6%&!
4-!6(#4.!J!&7#&.!%@'(#4.!gK,P@%74.!4!5'@+##4!B4-(M+*4.!:4!,&-7(#&-!4.7(.!4.,4-(.!/&#!.4/(#(*&h!
(.E!Q@4!%(!+-9&#:(,+$-!47-&6&7T-+,(!9+(6%4!Q@4!7+4-4!M+4-4!*4!B%(.!"(6%&d!gLE(Y!;AZ]h2!!k2b2j(..&-!
#4,P(Y$!(![+,7&#!,&-!#(Y$-!/&#!.4#!c@-!-&7&#+&!9(#,4@#d!gj(..&-!;AX<h2!!"&#!4.&H!9@4!.&#/#4-*4-74!
Q@4!4%!/#&:+-4-74!Q@E:+,&!(:4#+,(-&![2)2!SJ%4#!/@6%+,(#(!cD(.&!4-!9(M&#!*4![+,7&#!52!k4R&F!@-!
4.,#+7&#!/+&-4#&!-&!#4,&-&,+*&!.&6#4!%&.!(%@,+-$'4-&.!*4%!-@4M&!:@-*&d!gSJ%4#!;A3Ah2!!)-!I%!
(9+#:(6(!4##$-4(:4-74!Q@4![%?<.($+"X<0*+"#4/#4.4-7(6(!4%!#4*4.,@6#+:+4-7&!:&*4#-&!*4%!
*+),%,D(%*/",&:&!P&-'&2!!SJ%4#!*4.,&-&,E(!Q@4!B%(.!"(6%&!P(6E(!/@6%+,(*&!4.7(!+*4-7+9+,(,+$-!;3!
(0&.!(-74.!*4!%(!(/(#+,+$-!*4![%?<.($+"X<0*+!"J!*&.!(0&.!(-74.!*4!Q@4![+,7&#!9@4#(!/&#!/#+:4#(!M4Y!
(!GI>+,&2!!SJ%4#!7(:6+I-!.4!4Q@+M&,$!(%!,&-,%@+#!Q@4![+,7&#!P(6E(!/(#7+,+/(*&!4-!4%!4.,%(#4,+:+4-7&!
*4%!/#&6%4:(!*4%!)/)/<3$23<!"/@4.7&!Q@4!4.7(!*#&'(!P(6E(!.+*&!,&##4,7(:4-74!+*4-7+9+,(*(!<A!(0&.!
(-74.!*4!%(!/@6%+,(,+$-!*4![%?<.($+"X<0*+!"@-(!+*4-7+9+,(,+$-!.4,@-*(*(!/&#!B%(.!"(6%&!4-!;A;A2!!
"&#!&7#(!/(#74H!4%!:+.:&!SJ%4#!(*:+7+$!Q@4![+,7&#!5!k4R&!+-*@_&!(!@-(!+*4-7+9+,(,+$-!4##$-4(!*4!%(.!
.4:+%%(.!*4!)/)/<3$23<",#4JI-*&%(.!.4:+%%(.!*4!L%*3&%"4-!.@!4*+,+$-!*4!;A<X!gSJ%4#!;A3Ah2!!B%(.!
"(6%&!+-,%@.&!P(6E(!/@6%+,(*&!@-!(#7E,@%&!*&.!(0&.!(-74.!*4!%(!(/(#+,+$-!1+"[%?<.($+"X<0*+"4-!4%!
Q@4!*4.,#+6E(!.@!(@7&4>/4#+:4-7(,+$-!,&-!%(.!.4:+%%(.!*4!*&-*+4'&!gB2"2!k4R&!;A<`h2!!SJ%4#!
*4.(##&%%(6(!.@!(#'@:4-7(,+$-!4-!6(.4!(!%(!,&-_47@#(!*4!Q@4!%(!.@/@4.7(!9(%7(!*4!(-74%(,+$-!*4!
B%(.!"(6%&!g4-!4%!#4,&-&,+:+4-7&!:&*4#-&!1+/"*+),%,D(%*/",&:&!@-!P&-'&h!4>/%+,(6(!/&#!Q@I!
P(6E(!,#+7+,(*&!(!.@!/#+:&![+,7&#!4-!%(!,(#7(!Q@4!4.,#+6+$!(!84-#J!j(..I-!4-!;A<32!!SJ%4#!7(:6+I-!
(9+#:(6(!Q@4!%(!o-+,(!
;``!
!
&7#(!4>/%+,(,+$-!*4!/&#!Q@I!B%(.!"(6%&!*4./&7#+,(6(!,&-7#(!.@!/#+:&!4#(!Q@4!.@!%+6#&![%?<.($+"
X<0*+"P@6+4.4!.+*&!*4!P4,P&!@-(!&6#(!c.@/4#9+,+(%d!.+-!M(%&#!,+4-7E9+,&!gSJ%4#!;A3Ah2!!"@4.7&!Q@4!P4!
*4:&.7#(*&!Q@4!-&!P@6&!7(%!/I#*+*(!*4!(-74%(,+$-!/&#!/(#74!*4!B%(.!"(6%&!k4R&H!.+-&!Q@4!/&#!4%!
,&-7#(#+&!P(6E(!.+*&!,&-9+#:(*(!;3!(0&.!(-74.!*4!Q@4![+,7&#!5!k4R&!/@6%+,(#(!.@!%+6#&H!/(#4,4!Q@4!
SJ%4#!*464#E(!(,4/7(#!%(!o-+,(!(%74#-(7+M(!Q@4!I%!:+.:&!/#&/&-4!/(#(!4>/%+,(#!4%!*4.,&-74-7&!*4!
B%(.!"(6%&F![%?<.($+"X<0*+!4#(H!,&:&!j(..&-H!LE(YH!8&%:.74*7!J!&7#&.!7(:6+I-!(9+#:(-H!@-!%+6#&!
/&,&!#+'@#&.&H!-(*(!,+4-7E9+,&!J!,(#4-74!*4!&#+'+-(%+*(*2!!)-!@-!#4,+4-74!(#7E,@%&!(%4:T-!g8(.4-4+4#!
;AAWh!.4!#4,&-&,E(!*4!9&#:(!4##$-4(!(![+,7&#!52!k4R&!g_@-7&!,&-!K,P@%74.H!j(..&-!J!84+:h!,&:&!
4%!c#4*4.,@6#+*&#d!*4!%&.!P&-'&.!.('#(*&.!:4>+,(-&.H!.+-!:4-,+&-(#!.+Q@+4#(!(!B%(.!"(6%&!k4R&H!4%!
M4#*(*4#&!/+&-4#&!4-!4.7&.!4.7@*+&.2!!"(#(!#4,7+9+,(#!%(!+-_@.7+,+(!P4,P(!(!B%(.!"(6%&!k4R&H!%4!P4!
*4*+,(*&!:+!/#+:4#!%+6#&!gf77!;A3X6l!f77!;A3A6h2!
!
;;C!K(-74..&-!&6.4#M$!Q@4!%&.!4>7#(,7&.!47(-$%+,&.!*4%!)/)/<3$23<"/#&*@,E(-!@-(!.4:+C-(#,&.+.!
=>%/8,%&F).+:"4-!%(.!#(-(.!J!%&.!#(7&-4.H!+-*+,(-*&!%&.!(-T%+.+.!Q@E:+,&.!%(!/&.+6%4!/#4.4-,+(!*4!@-!
'%@,&(%,(%&+*4!gK(-74..&-!;A<3(l!K(-74..&-!;A<36h2!!S@M&!Q@4!7#(-.,@##+#!(o-!@-!,@(#7&!*4!.+'%&!
/(#(!Q@4!4%!'%@,$.+*&!*4!K(-74..&-H!Q@4!*4./@I.!.4!%%(:$!7@#6+,&#+-(H!9@4.4!(+.%(*&!*4%!)/)/<3$23<"
4!+*4-7+9+,(*&!gD&&R!J!^4(%(-*!;AXWl!"I#4Y(:(*&#!J!84##T-!;AX]h2!!K+-!4:6(#'&H!K(-74..&-!-&!
7@M&!I>+7&!4-!.@!/#&/$.+7&!*4!(+.%(#!%&.!/#+-,+/+&.!(,7+M&.H!Q@4!#4.@%7(#&-!.4#!(%,(%&+*4.!4#'&%E-+,&.H!
J!-&!4%!'%@,$.+*&2!!)-!.@!#4,+4-74!%+6#&!.&6#4!%(!/.+,&74#(/+(!,&-!4-74$'4-&.H!k&Q@47!J!n(M#4(@!
,&-9@-*4-!%(!7@#6+,&#+-(!,&-!%&.!(%,(%&+*4.!4#'&%E-+,&.H!%%(:(-*&!(!%(!4#'+-(!c@-!'%@,$.+*&!,&-!@-(!
9@-,+$-!*4!(:+*(d!gk&Q@47!J!n#(M4(@!;AZ;h2!!)-!;A<`H!B%(.!"(6%&!k4R&!gMI(.4!%(!\&7(!(-74#+&#h!.4!
,&-M+#7+$!4-!4%!/#+:4#!,+4-7E9+,&!4-!/#&6(#!4%!)/)/<3$23<"4-!@-!(@7&4>/4#+:4-7&!gB2"2!k4R&!;A<`hH!
,&-,%@J4-*&!Q@4!%(.!.4:+%%(.!4#(-!+-(,7+M(.2!!k4R&!-&!/4-.$!4-!/@%M4#+Y(#!%(.!.4:+%%(.!/(#(!P(,4#!
@-(!4>7#(,,+$-H!7(%!J!,&:&!P(,4-!%&.!N-*+&.!gG(,L&@'(%%!;AX]l!j(..&-!;AX<h2!!=-!7(%!L#2!G(#.P!
*4%!K4#M+,+&!5'#E,&%(!*4!%&.!))==!7(:6+I-!4-,&-7#$!Q@4!%(.!.4:+%%(.!4#(-!+-(,7+M(.H!*46+*&!6+4-!(!
@-(!*&.+.!+-.@9+,+4-74!&!(!-&!/@%M4#+Y(#%(.!(-74.!*4!.@!+-'4.7+$-!gK,P@%74.!;A`;h2!!O(.!.4:+%%(.!-&!
.&-!(,7+M(.!.+!.4!7&:(-!4-74#(.2!!)-!&7#&!4>/4#+:4-7&H!4-!4%!Q@4!/(#7+,+/(#&-!&,P&!P&:6#4.!*4!
9&#:(!M&%@-7(#+(H!.4!7&:(#&-!P(.7(!;W?!.4:+%%(.!*4!)/)%+@PQ@+H!,&:/#&6T-*&.4!7(:6+I-!Q@4!%(.!
.4:+%%(.!-&!/#&*@,4-!494,7&!(%'@-&!,@(-*&!.4!7&:(-!4-74#(.!g^+-#&..Cj#+'P7!;A?Ah2!!n@4!82!
f.:&-*!4%!/#+:4#&!4-!&6.4#M(#!%&.!494,7&.!4-74$'4-&.!*4!%(.!.4:+%%(.!*4!)/)/<3$23<!"*4./@I.!*4!
#4(%+Y(#!@-(!.4#+4!*4!,@(7#&!(@7&4>/4#+:4-7&.H!4-!%&.!Q@4!7&:$!*&.+.!*4!;`C;]]!.4:+%%(.!gf.:&-*!
;A??h2!!D&:&!%&.!*&.!/#+:4#&.!4>/4#+:4-7&.!,&-!;`!J!WX!.4:+%%(.!:(.,(*(.!J!7#('(*(.!%4!
/#&*@_4#&-!@-!.@(M4!(@-Q@4!,%(#&!494,7&H!f.:&-*!,&-,%@J$!Q@4!.4!-4,4.+7(6(-!*&.+.!:T.!
4%4M(*(.!/(#(!Q@4!%&.!494,7&.!,&:/%47&.!*4!%(!*#&'(!/@*+4#(-!:(-+94.7(#.42!!G(.7+,(#!J!7#('(#!X]!
.4:+%%(.!%4!/#&*@_&!*49+-+7+M(:4-74!@-!M+(_4H!J!4%!4>/4#+:4-7&!9+-(%!4-!4%!Q@4!+-'+#+$!4%!/&%M&!*4!
;]]!.4:+%%(.!&67@M&!@-&.!494,7&.!:T.!9@4#74.!,&-!c%(!/4#,4/,+$-!M+.@(%!('@*+Y(*(!J!@-!(@:4-7&!
*4!%&.!94-$:4-&.!P+/-('$'+,&.!Q@4!4.!:@J!('#(*(6%4d!gf.:&-*!;A??h2!!)>+.74-!(%'@-&.!+-*+,+&.!
*4!%(!(*:+-+.7#(,+$-!4-!%(!(-7+'m4*(*!*4!%(.!.4:+%%(.!*4!)/)/<3$23<"g/#&6(6%4:4-74!:&%+*(.h!4-!
9&#:(!*4!4-4:(!gL4!K:47!J!
 ;`?!
!
O+//!;AZ3h2!!f.:&-*H!(!/(#74!*4!.@!4>/4#+:4-7&!/+&-4#&H!4.,#+6+$!@-!+-74#4.(-74!4.7@*+&!P+.7$#+,&H!
.+4-*&!.@!/#+:4#(!+-74-,+$-!7+7@%(#%&!I/)/<3$23<M"f/)i+&"T"$+&"T"[)*$+&!gf%&%+@PQ@+F!n%&#!}!.@!C!
G(*#4hH!@7+%+Y(-*&!,&:&!.@67E7@%&!%(!7#(*@,,+$-!*4%!-&:6#4!,%T.)/+T,%!"Q@4!*(-!%&.!G(Y(74,(.!(!
%(.!.4:+%%(.!*4!C3&8<,%"()&5'8).%-""k2)2!!K,P@%74.H!Q@4!4*+7$!4%!7#(6(_&H!/4-.$!Q@4!4%!7E7@%&!4#(!
,&-9@.&!J(!Q@4!I/)/<3$23<"4.!@-(!/(%(6#(!(Y74,(!Q@4!.+'-+9+,(!c,&.(.!#4*&-*(.d2!!f.:&-*!,(:6+$!
4%!7E7@%&H!/4#&!(9&#7@-(*(:4-74!%&!:4-,+&-$!4-!@-(!-&7(H!c*4!:&*&!Q@4!%&.!%4,7&#4.!Q@4!*+.9#@7(-!
*4!%(.!/(%(6#(.!6&-+7(.!-&!.4!M4(-!/#+M(*&.!*4!.@!4@9&#+(d2!![I(.4!7(:6+I-!4%!D(/+7@%&!?H!\&7(!X2!
!
;WC!K4!P(!&6.4#M(*&!7(:6+I-!4%!@.&!*4!.4:+%%(.!*4!)/)/<3$23<"4-!4%!GI>+,&!(,7@(%!,&:&!
4,6$%+,&H!@-(!*4!%(.!/#+-,+/(%4.!+-*+,(,+&-4.!:I*+,(.!*4%!,&#-4Y@4%&!g[I(.4!%(!\&7(!`h2!!O&.!494,7&.!
@74#&7$-+,&.!*4!%&.!4>7#(,7&.!*4!RG)')+%"7<)/%(+%"P(-!.+*&!*4:&.7#(*&.!4>/4#+:4-7(%:4-74!gL4#!
G(#*4#&.+(-!+*"%/-";AX`6h2!!O&.!+-*+&.!DP+-(-74,(.!*4!f(>(,(H!GI>+,&H!@7+%+Y(-!,&:&!4,6$%+,&!%(.!
.4:+%%(.!*4!C3&8<,%!()&5'8).%!"(!%(.!Q@4!%%(:(-!'))"23<Du.A+"gB#&i-4#!;AZ?l!f#7EY!*4!G&-74%%(-&!
J!B#&i-4#!;AZ?h2!!)-7#4!%&.!G(J(.!.4!@7+%+Y(6(!%(!:+4%!*4!%(.!(64_(.!.+-!('@+_$-!,&:&!@74#&7$-+,&!
/(#(!(J@*(#!(!4>/@%.(#!%(!/%(,4-7(!J!7(:6+I-!,&:&!4,6$%+,&2!!L46+$!7#(7(#.4!/#&6(6%4:4-74!*4!%(!
:+4%!Q*%8+,*U,!"/#4/(#(*&!:4*+,+-(%!*4%!s@,(7T-2!!).7(!:+4%!%(!4%(6&#(-!@-(.!(64_(.!.+-!('@+_$-!
,&-!%(.!9%&#4.!*4!Q*%8+,*U,!")"C3&8<,%"()&5'8).%"gk&J.!;A<;l!K,Pi(#Y!;A`Zh2!!)-!@-!4.7@*+&!
Q@E:+,&!*4!%(!RG)')+%"(%&,+%"1+!D&.7(!k+,(H!@-!*&-*+4'&!Q@4!.4!@7+%+Y(!,&:&!4-74$'4-&!4-!
),@(*&#!J!Q@4!,&-7+4-4!(%,(%&+*4.!*4%!,&#-4Y@4%&!gO(.,(-&!+*"%/-";AX3l!\(#(-_&!+*"%/-";AX`hH!.4!
&6.4#M$H!.+-!4:6(#'&H!Q@4!4%!-I,7(#!*4!%&.!-4,7(#+&.!4>7#(9%&#(%4.!-&!,&-74-E(!(%,(%&+*4.!g^44%4#!
;A33h2!!G@,P(.!&7#(.!4./4,+4.!*4!RG)')+%!"(%!+'@(%!Q@4!R-"7<)/%(+%"7+4-4-!-4,7(#+&.!4>7#(9%&#(%4.H!
g^44%4#!J!^(@%!;A3AhH!J!(%!+'@(%!Q@4!R-""(%&,+%!"%&.!-I,7(#4.!4>7#(9%&#(%4.!*4!R-"/+G*)G$5//%"5"R-""
G%,13&%*%"7(:/&,&!,&-7+4-4-!(%,(%&+*4.!gB4,R:(--!J!K7@,RJ!;AZ;l!^44%4#!;AZ]h2!!K4!*4.,&-&,4!.+!
4%!-I,7(#!*4!%(.!9%&#4.!*4!Q*%8+,*U,"&!.@!:+4%!,&-7+4-4-!(%,(%&+*4.!*4%!,&#-4Y@4%&H!/4#&!4%!P4,P&!
*4!Q@4!%(!:+4%!*4!Q*%8+,*U,".4!@.4!:4*+,+-(%:4-74!(.E!%&!.@'+4#42!!L+M4#.&.!4.7@*+&.!4.7T-!4-!
:(#,P(!/(#(!(,%(#(#!4.74!/@-7&2!!)-!4%![+4_&!G@-*&!%&.!-(7+M&.!*4!%(.!N.%(.!\+,&6(#H!N-*+(H!@7+%+Y(-!
@-(!/(.7(!P4,P(!*4!P&_(.!7+4#-(.!*4!RG)')+%"G+.(%G&%+",&:&!4,6$%+,&!gL('(#!J!L('(#!;AA;h!J!4-!
K(:&(!.4!@7+%+Y(-!%(.!P&_(.!,&:&!#4:4*+&!/(#(!4%!#4@:(7+.:&!g=P4!;A3`h2!!)-!%(.!/#@46(.!*4!
.4%4,,+$-!9(#:(,&%$'+,(!.4!&6.4#M$!Q@4!R-"G+.T(%G&+"*4!K(:&(!/#4.4-7(6(!(,7+M+*(*!gD&>!+*"%/-"
;AZAh2!!)-!%(.!N.%(.!D&&RH!%(.!P&_(.!*4!4.74!*&-*+4'&!.4!@7+%+Y(-!/(#(!,@#(#!%(.!7&#,4*@#(.!gjP+.7%4#!
;AZ?h!J!%(!+-9@.+$-!*4!R-""G+.T(%G&%+"7%&-"8&%.</<+,.<.".4!@7+%+Y(!4-!47-&:4*+,+-(!S&-'(-4.(!gK+-'P!+*"
%/-";AZ`h2!!)-!4%!.@*4.74!(.+T7+,&!.4!@7+%+Y(-!4>7#(,7&.!*4!4.7(!/%(-7(!,&:&!(-7E*&7&!,&-7#(!4%!
M4-4-&!*4!%(.!:4*@.(.!g"&-'%@>!+*"%/-";AZ3l!"&-'/#(J&&-!+*"%/";AA;h2!!K+:+%(#:4-74H!4-![(-@(7@!
.4!4:/%4(!4%!Y@:&!*4!%(.!cP&_(.!,(.+!:(#,P+7(.d!*4!4.74!*&-*+4'&!*4!/%(J(!,&.:&/&%+7(!,&:&!
(-7E*&7&!,&-7#(!4%!M4-4-&!*4!%(!,+'@(74#(!gB&@#*J!+*"%/-";AAWhH!@-(!4./4,+4!*4!+-7&>+,(,+$-!
(%+:4-7(#E(!Q@4!+:/%+,(!%(!+-'4.7+$-!*4!@-&.!/4,4.!Q@4!.4!(%+:4-7(-!*4!(%'(.!/#&*@,7&#(.!*4!
,+'@(7&>+-(.!gO(-'4!;AZ3h2!!5,7@(%:4-74H!4-!GI>+,&!.4!@7+%+Y(-!%&.!4>7#(,7&.!*4!%(.!P&_(.!*4!
RG)'+%"(&%..<(%3/<.",&:&!4,6$%+,&.!4-!47-&'+-4,&%&'E(!g|(:&#(!G(#7E-4Y!J!\+47&!*4!"(.,@(%!"&%(!
;AAWh2!!O(.!.4:+%%(.!*4!c.,(::&-JdH!B),7)/73/3.!
;`X!
!
.(%''),<%!"Q@4!,&-7+4-4-!(%,(%&+*4.H!.4!@7+%+Y(6(-!4-!4%!:@-*&!,%T.+,&!,&:&!@74#&7$-+,&!J!
(6&#7+M&!g5%64#7C"@%4&!;A3Ah2!!)%!@.&!*4!%(!#(EY!/@%M4#+Y(*(!*4!RG)')+%"/+G*)G$5//%"/&#!%&.!+-*+&.!
"(i-44!*4!\&#74(:I#+,(!/(#(!7#(7(#!%&.!-4#M+&.!J!%&.!:(%&.!.@40&.!gb+%:&#4!;A;Ah!/&*#E(!+-*+,(#!
%(!/#4.4-,+(!*4!(%,(%&+*4.!4#'&%E-+,&.!/.+,$7#&/&.!4-!4.7(.!4./4,+4.2!!O&!:+.:&!.4!/@4*4!*4,+#!*4!R-"
'+1<3'!"Q@4!.4!@7+%+Y(!,&:&!@-!(-7+,&-M@%.+M&!/4*+T7#+,&!4-!G(*('(.,(#!gB4(@_(#*!;AZZh2!!"@4.7&!
Q@4!4%!_@'&!*4!%(!P&_(!*4!R-"<,7)/3(&%*%".4!@7+%+Y(!,&:&!P4:&.7T7+,&!4-!K+4##(!O4&-(H!59#+,(!gG(,n&J!
J!K(:(!;AZ<hH!J!4%!_@'&!*4!%(.!/%(-7(.!4-74#(.!.4!@7+%+Y(!,&:&!4.7+:@%(-74!J!#4:4*+&!
c:I*+,&V:T'+,&d!/&#!%&.!n(-'!*4!59#+,(!g5R4-*4-'@I!;AAWhH!4.!/#&6(6%4!%(!/#4.4-,+(!*4!
(%,(%&+*4.!4#'&%E-+,&.!4-!4.7(.!4./4,+4.2!!n+-(%:4-74H!4%!P4,P&!*4!Q@4!%(.!9%&#4.!*4!R-"/<**)&%/<.".4!
@.4-!,&:&!P4:&.7T7+,&!J!Q@4!%(.!P&_(.!*4!4.74!*&-*+4'&!.4!@.4-!,&-7#(!%&.!*&%&#4.!*4%!/&.7/(#7&!
g5@.7+-!;AA;h!.@6#(J(-!%(!/#&6(6+%+*(*!*4!Q@4!7(:6+I-!4.7(.!4./4,+4.!,&-74-'(-!(%,(%&+*4.!
4#'&%E-+,&.!@74#&7$-+,&.2!
!
;<C!).74!(./4,7&!(o-!4.!74:(!*4!*46(74!4-7#4!%&.!(,(*I:+,&.2!!5!%&.!()?,).(+,*<"%4.!#4.@%7(!
&6M+&!Q@4!%&.!(@7&4>/4#+:4-7&.!.&-!@-!/#4#4Q@+.+7&!-4,4.(#+&!/(#(!4%!+-M4.7+'(*&#!4-!4%!4.7@*+&!
*4!%&.!4-74$'4-&.2!!O&.!494,7&.!*4!%&.!4-74$'4-&.!.&-!4-!7(%!:(-4#(!@-!/#&*@,7&!*4%!(:6+4-74!J!
*4!%(!*+./&.+,+$-!+-*+M+*@(%!.+*"%,1".+**<,?"Q@4!4%!+-M4.7+'(*&#!,%<7+",&##4!4%!/4%+'#&!*4!/#&J4,7(#!
.@!/#&/+(!/(#,+(%+*(*!4-!%(.!4>/4#+4-,+(.!*4%!.@_47&!4>/4#+:4-7(%2!!D&:&!k2b&#*&-!j(..&-!
4>/#4.$!7(-!4%&,@4-74:4-74F!c.4!P(!(,@.(*&!4-!%&.!,E#,@%&.!/#&94.+&-(%4.!(!*&.!/.+Q@+(7#(.!Q@4!
P(6E(-!7&:(*&!%&.!P&-'&.!J!P(6E(-!,&-&,+*&!%(!4>/4#+4-,+(!4-!7&*(!.@.!*+:4-.+$-!*4!Q@4!J(!-&!
/&*E(-!.4#!c&6_47+M&.d2!!L4!4.7&!,&-,%@+:&.!Q@4!4.7(:&.!*+M+*+*&.!4-!*&.!'#@/&.F!%&.!Q@4!P4:&.!
7&:(*&!P&-'&.!J!4.7(:&.!*4.,(%+9+,(*&.!/&#!-@4.7#(!4>/4#+4-,+(!.@6_47+M(!JH!/&#!&7#(!/(#74H!
(Q@4%%&.!Q@4!-&!P(-!7&:(*&!P&-'&.!J!4.7T-!+-,(/(,+7(*&.!/&#!.@!7&7(%!+'-&#(-,+(!.&6#4!4%!74:(!
gj(..&-!;AX;h2!!5*4:T.!.4!*464#E(!.@6#(J(#!Q@4!%&.!7#4.!4-74$'4-&.!:T.!+:/&#7(-74.F!
:4.,(%+-(H!OKL!J!/.+%&,+6+-(H!9@4#&-!*4.,@6+4#7&.!/&#!/.+,&-(@7(.l!/&#!Q@E:+,&.!:+4-7#(.!
4M(%@(6(-!.@.!/#4/(#(,+&-4.!Q@E:+,(.!:4*+(-74!(@7&4>/4#+:4-7&.2!!O&.!Q@E:+,&.!Q@4H!,&:&!
O&@+.!O4i+-H!Q@4!+-74-7$!(+.%(#!4%!/#+-,+/+&!4-74$'4-&!*4%!GA5)*/"gMI(.4!D(/E7@%&!%hH!&!,&:&!e(:4.!
G&&#4H!Q@4!+-74-7$!(+.%(#!4%!/#+-,+/+&!4-74$'4-&!*4%!*+),%,D(%*/"gMI(.4!D(/E7@%&!?hH!6(.T-*&.4!
4>,%@.+M(:4-74!4-!4>/4#+:4-7&.!,&-!(-+:(%4.!/(#(!*474#:+-(#!%(!(,7+M+*(*!*4!%&.!4>7#(,7&.H!
9#(,(.(#&-!+-4M+7(6%4:4-742!!n@4!5#7P@#!849974#!Q@+4-!*4.,@6#+$!%(!:4.,(%+-(H!/#&6(-*&!@-(!.4#+4!
*4!4>7#(,7&.!*4!GA5)*/"4-!.E!:+.:&2!!N'@(%!Q@4!9@4#&-!5%64#7!8&9:(--!J!.@.!,&%4'(.!%&.!Q@4H!
/#&6(-*&!4>7#(,7&.!*4!*+),%,D(%*/"4-!.E!:+.:&.H!*4.,@6#+4#&-!%(!/.+%&,+6+-(!J!%(!/.+%&,+-(!g849974#!
;ZAZl!8&9:(--!+*"%/-";A?Zh2!!)-!6(.4!(!%(.!/#@46(.!,&-!(-+:(%4.!4-!;A<ZH!%&.!9(#:(,$%&'&.!*4!%(!
,(.(!K(-*&Y!,&-,%@J4#&-!Q@4!%(!OKL!4#(!*4!4.,(.&!+-74#I.!9(#:(,&%$'+,&2!!n@4!7(:6+I-!%(!
,&#(Y&-(*(!*4!5%64#7!8&9:(--!%&!Q@4!%%4M(#E(!,+-,&!(0&.!:T.!7(#*4!(!.+-747+Y(#!*4!-@4M&!4%!
,&:/@4.7&H!(6#+4-*&!(.E!4%!,(:+-&!(%!*4.,@6#+:+4-7&!,(.@(%!*4!.@.!494,7&.!4-!.E!:+.:&!g8&9:(--!
;AZ]h2!!5!/4.(#!*4!7&*&!4.7&H!%&.!+-M4.7+'(*&#4.!P(-!@7+%+Y(*&!'#(-!M(#+4*(*!*4!(-+:(%4.H!*4.*4!
(#(0(.!gDP#+.7+(-.4-!+*"%/-";AXWl!j+77!;AX]hH!P(.7(!'(7&.!*&:I.7+,&.!gLE(Y!;A3?h!&!4%49(-74.!
gD&P4-!;AX`hH!4-!@-(!M(-(!6o.Q@4*(!*4!@-!4.Q@+M&!:&*4%&!(-+:(%!*4!c(%@,+-&.+.d2!![I(.4!
7(:6+I-!4%!D(/E7@%&!`H!\&7(!X2!
;`3!
!
!!!;`!!G@,P&.!/#4/(#(*&.!*4!OKL!*4%!:4#,(*&!-4'#&!,&-7+4-4-H!*4!P4,P&H!\C(,47+%COKLH!&
! 5OLC?W2!!).74!,&:/@4.7&!.4!P+*#&%+Y(!9T,+%:4-74!(!T,+*&!(,I7+,&!J!OKL2!!K@.!494,7&.! !
.&-!+*I-7+,&.!(!%&.!*4!%(!OKLH!J!7+4-4!/#T,7+,(:4-74!%(!:+.:(!/&74-,+(2!!)%!/#4/(#(*&!:T.!/&74-74!
*4!5OLC?WH!I&%,?+"E3,.$<,+"gQ@4!,&-74-E(!P(.7(!<]]!:,'!*4!5OLC?W!/&#!c,+%+-*#&dh!(/(#4,+$!4-!
;AXA!J!.4!M4-*+$!/#&9@.(:4-74!*@#(-74!(%'@-&.!(0&.2!![I(.4!%(!\&7(!ZH!:T.!(##+6(2!
!
;?C!O(!OKL!P(!.+*&!,%(.+9+,(*(!,&:&!@-(!*#&'(!,&-!@-!c4%4M(*&!/&74-,+(%!*4!(6@.&d2!!
D+4#7(:4-74H!%(!P+.7&#+(!*4%!@.&!*4!4.7(!*#&'(!/&#!%(!DN5!J!/&#!4%!)_I#,+7&!*4!%&.!))==!:@4.7#(-!
P(.7(!Q@4!/@-7&!.4!/@4*4!(6@.(#!*4!4.7(!*#&'(2!!5!7#(MI.!*4!('4-,+(.!J!9@-*(,+&-4.!9(%.(.!,&:&!%(!
J(!:4-,+&-(*(!cb4.P+,R74#!n@-*!9&#!G4*+,(%!k4.4(#,PH!N-,2d!J!%(!cK&,+47J!9&#!7P4!K7@*J!&9!8@:(-!
),&%&'Jd!gJ!4.7&!(-74.!*4!Q@4!%(!:(J&#E(!*4!(:4#+,(-&.!.+Q@+4#(!,&-&,+4#(!4%!.+'-+9+,(*&!*4!%(!
/(%(6#(!4,&%&'E(h!J!%(!ce&.+(P!G(,JH!e#2!n&@-*(7+&-dH!%(!DN5!4:/4Y$!(!,&-7#(7(#!(!,+4-7E9+,&.!
(,(*I:+,&.!/(#(!/#&6(#!%(!OKL!J!&7#(.!*#&'(.2!!=-&!*4!4.7&.!,+4-7E9+,&.H!O2e2!j4.7H!%%4'$!(!+-J4,7(#!
<]]!:+%+'#(:&.!*4!OKL!(!@-!4%49(-74!,&-!%(!4./4#(-Y(!*4!+-*@,+#%4!@-(!/.+,&.+.2!!"&#!4%!,&-7#(#+&H!
4%!*4.'#(,+(*&!(-+:(%!.@9#+$!@-!,&%(/.&!J!9@4!9+-(%:4-74!#4:(7(*&!/&#!4%!6@4-!*&,7&#!Q@4!%4!
(*:+-+.7#$!@-(!,&:6+-(,+$-!*4!9T#:(,&.!,&-!%(!4./4#(-Y(!*4!#4(-+:(#%&2!!)%!/.+Q@+(7#(!
,(-(*+4-.4!)2!D(:4#&-!@7+%+Y$!OKL!4-!c7#(7(:+4-7&.d!4>/4#+:4-7(%4.!,&-!c/(,+4-74.d!#47+,4-74.!(!
7&:(#!%(!*#&'(H!-@4M4!*4!%&.!,@(%4.!*4:(-*(#&-!*4./@I.!(%!'&6+4#-&!*4!%&.!))==!/&#!4%!7#(@:(!
Q@4!4.7&!%4.!&,(.+&-$2!!O&.!*4.'#(,+(*&.!/(,+4-74.!*4!D(:4#&-H!+-74#-(*&.!4-!4%!;//%<,"[+')&<%/"
R,.*<*3*+!"9@4#&-!.4*(*&.!*@#(-74!M(#+&.!:4.4.!,&-.4,@7+M&.!J!%@4'&!4>/@4.7&.!#4/47+*(:4-74!(!
4%4,7#&.P&,R.!J!*&.+.!*4!OKLH!.4'@+*&.!*4!c/.J,P+,!*#+M+-'d!g4>/&.+,+$-!*4!%&.!+-*+M+*@&.!.4*(*&.!
*4!9&#:(!/#&%&-'(*(!(!:4-.(_4.!'#(6(*&.h2!!).7(.!/#T,7+,(.!M+&%(#&-!4%!,$*+'&!*4!\m#4:64#'!*4!
I7+,(!:I*+,(!g+#$-+,(:4-74H!D(:4#&-!P(6E(!9&#:(*&!/(#74!*4%!7#+6@-(%!*4!\m#4:64#'!Q@4!_@Y'$!(!
%&.!,#+:+-(%4.!*4!'@4##(!-(Y+.!J!4-M+$!(!(%'@-&.!:I*+,&.!(%!,(*(%.&l!5--(.!J!b#&*+-!;AAWl!O44!H!
KP%(+-!;AZ?hH!(%!+'@(%!Q@4!%&.!4>/4#+:4-7&.!9+-(-,+(*&.!/&#!%(!DN5!,&-!/#+.+&-4#&.!*4!%(!c'#(-_(d!*4!
-(#,$7+,&.!*4!O4>+-'7&-H!^4-7@,RJ2!!).7&.!4>/4#+:4-7&.!.4!P+,+4#&-!6(_&!4%!,&-7#&%!*4!82K2!N.64%%H!
Q@4!7#(7$!(!(%'@-&.!/#+.+&-4#&.!g:(J&#+7(#+(:4-74!-4'#&.h!,&-!*&.+.!/#&'#4.+M(.!*4!OKLH!x*@#(-74!
:T.!*4!3?!*E(.!.@,4.+M&.y!!)-!;A?<H!%(.!(@7&#+*(*4.!*4!%(!DN5!(/#&6(#&-!@-(!/4*+*&!*4!;]!R+%&.!*4!
OKL!g@-&.!;]]!:+%%&-4.!*4!*&.+.hH!Q@4!K(-*&Y!-&!/@*&!.@:+-+.7#(#2!![+&%(-*&!%(.!%4J4.!*4!/(74-74.H!
%(!DN5!&#*4-$!4-7&-,4.!(!%(!)%+!O+%%J!D&:/(-J!*4!N-*+(-(!Q@4!.+-747+Y(#(!OKL2!!5Q@4%!(0&H!@-&!*4!%&.!
,+4-7E9+,&.!*4!%(!DN5!+:/%+,(*&!4-!4%!/#&'#(:(!*4!4>/4#+:4-7(,+$-!,&-!*#&'(.H!n2!f%.&-H!(%!Q@4!.4!
P(6E(!(*:+-+.7#(*&!OKL!.+-!.@!,&-&,+:+4-7&!4-!@-!,$,74%!4-!%(!,(.(!*4!#47+#&!*4!%(!DN5!4-!
G(#J%(-*H!,(J$!4-!@-(!*4/#4.+$-!H!.4!.@+,+*$!@-(.!.4:(-(.!*4./@I.!*4!P(64#!.+*&!*#&'(*&!
.@6#4/7+,+(:4-742!!5!/4.(#!*4!Q@4!%(!DN5!:(-7@M&!4-!.4,#47&!%(.!,+#,@-.7(-,+(.!#4(%4.!Q@4!%4!
%%4M(#&-!(%!.@+,+*+&H!I.7(.!.4!P+,+4#&-!9+-(%:4-74!/o6%+,(.!,&-!%(!4-7#(*(!4-!M+'&#!*4!%(!cO4J!*4!
O+64#7(*!*4!N-9&#:(,+$-d!Q@4!&6%+'$!(!:&.7#(#!%&.!*&,@:4-7&.2!!)%!4-7&-,4.!/#4.+*4-74!b4#(%*!
n&#*!9@4!&6%+'(*&!(!*+.,@%/(#.4!/o6%+,(:4-74!(-74!%(!9(:+%+(!f%.&-2!!)-!;A??!.4!+-+,+$!%(!
cf/4#(,+$-!D%E:(>!*4!G4*+(-&,P4dH!&#'(-+Y(-*&!%&.!6@#*4%4.!9+-(-,+(*&.!/&#!%(!DN52!!O&.!
4>/4#+:4-7&.!4-!4%!c/+.&!9#(-,&d!,&-7+-@(#&-!
;`Z!
!
*@#(-74!&,P&!(0&.2!!D@(-*&!b282!jP+74H!#4./&-.(6%4!*4!%(!&/4#(,+$-H!.4!#47+#$!4-!;AXXH!*+_&F!
c7#(6(_I!,&-!4-7@.+(.:&!4-!%(!M+0(!*4%!.40&#!/&#Q@4!4#(!:@JH!:@JH!:@J!*+M4#7+*&2!q)-!Q@I!&7#(!
/(#74!/&*#E(!@-!,P+,&!(:4#+,(-&!M+#+%!:4-7+#H!:(7(#H!4-'(0(#H!#&6(#H!M+&%(#!J!4>7&#.+&-(#!,&-!%(!
(@7&#+Y(,+$-!J!%(!64-*+,+$-!*4%!5%7E.+:&rd!k4(%:4-74H!q4-!Q@I!&7#(!/(#74r!!G+4-7#(.H!4%!)_I#,+7&!*4!
%&.!))==!g,@(-*&!.@!L+M+.+$-!Q@E:+,(!-&!.4!4-,&-7#(6(!:(7(-*&!'(-(*&!,&-!c'(.!-4@#&7$>+,&d!4-!
D&%&#(*&h!4:/4Y$!(!/#&6(#!%(!OKL!,&:&!c('4-74!*4!'@4##(!Q@E:+,&!-&!,&-M4-,+&-(%d2!!)%!b4-4#(%!
*4!L+M+.+$-!j2!D#4(.JH!&9+,+(%!4-,(#'(*&!*4%!5#:J!DP4:+,(%!D&#/.H!4#(!@-!4-7@.+(.7(!*494-.&#!*4!
4.7(!+*4(2!!"4#&!4%!)_I#,+7&!7(:6+I-!7@M&!.@.!/4Q@40&.!/4#,(-,4.2!!)-!;A?<H!,&:&!/(#74!*4!%&.!
4>/4#+:4-7&.!9+-(-,+(*&.!/&#!%(!L+M+.+$-!Q@E:+,(H!@-!_@'(*&#!*4!74-+.!%%(:(*&!82!B%(@4#!9@4!
(.4.+-(*&!(%!#4,+6+#!+-7#(M4-&.(:4-74!@-(!*&.+.!*4!?]]!:'!*4!)5C;WAZ!&!GL5!gMI(.4!4%!D(/E7@%&!
;l!KP@%'+-!J!KP@%'+-!;AA;h2!!=-!+-M4.7+'(*&#!*4%!4_I#,+7&!,&:4-7$!(%4'#4:4-74F!c-&!.(6E(:&.!.+!%&!
Q@4!%4!4.7T6(:&.!*(-*&!4#(!&#+-(!*4!/4##&!&!Q@Id2!!)%!)_I#,+7&!/#&6$!%(!OKL!4-!@-(.!;?]]!
+-*+M+*@&.!*4%!/4#.&-(%!:+%+7(#H!(%'@-&.!*4!%&.!,@(%4.!*4,%(#(#&-!*4./@I.!Q@4!%&.!&9+,+(%4.!%&.!
P(6E(-!,&(,,+&-(*&!/(#(!Q@4!.4!/#4.4-7(#(-!cM&%@-7(#+&.d2!!)%!b4-4#(%!D#4(.J!Q@4!*4.4(6(!+-,%@.&!
/#&6(#!%(!OKL!(!'#(-!4.,(%(H!4-!@-!:47#&!&!/@%M4#+YT-*&%&!.&6#4!%(!.@/4#9+,+4!*4!@-(!'#(-!,+@*(*H!
%(:4-7$!4%!P4,P&!*4!Q@4!4%!/4#:+.&!/(#(!P(,4#%&!%4!c9@4#(!*4-4'(*&H!4-!6(.4!#(Y&-4.!Q@4!(!:E!
.+4:/#4!:4!/(#4,+4#&-!@-!/&,&!(6.@#*(.d2!!S&*(!4.7(!+-M4.7+'(,+$-H!,(#4-74!*4!7&*(!I7+,(H!+%4'(%!J!
,+4-7E9+,(:4-74!(6.@#*(!g(-T%&'(!4-!:@,P&.!(./4,7&.!(!%(!c+-M4.7+'(,+$-!c!:I*+,(!Q@4!%&.!
:I*+,&.!-(Y+.!%%4M(#&-!(!,(6&!4-!L(,P(@!J!&7#&.!,(:/&.!*4!,&-,4-7#(,+$-hH!4.7(6(!_@.7+9+,(*(!4-!
6(.4!(!%(!c.4'@#+*(*!-(,+&-(%d!J!(!%(!/#4.@-,+$-!*4!Q@4!4-!%(!=-+$-!K&M+I7+,(!J!DP+-(!.4!#4(%+Y(6(-!
4.7@*+&.!.+:+%(#4.2!!K+-!4:6(#'&H!%&.!*&,@:4-7&.!+-74#-&.!*4!%(!DN5!-&!/@*+4#&-!*4:&.7#(#%&!J!
7(:/&,&!P(J!/#@46(.!*4!Q@4!%&.!'&6+4#-&.!*4!4.7&.!c/(E.4.!4-4:+'&.d!*4%!&7#&!%(*&!*4%!c74%$-!*4!
(,4#&d!4.7@M+4#(-!7(-!&6.4.+&-(*&.!,&-!4%!,&-7#&%!Q@E:+,&!*4!%(!:4-74!,&:&!%&!4.7(6(-!.@.!
,&%4'(.!*4%!c:@-*&!%+6#4d!gO44!J!KP%(+-!;AZ?l!G(#R.!;A3Ah2!![I(.4!7(:6+I-!4%!D(/E7@%&!<H!\&7(!Wl!
D(/E7@%&!`H!\&7(!X!J!D(/E7@%&!?H!\&7(!Z2!
!
;XC!)>+.74-!4M+*4-,+(.!9#(':4-7(#+(.!.&6#4!4%!,&-&,+:+4-7&!/&/@%(#!*4%!/&74-,+(%!4:6#+('(*&#!
*4!%&.!,&#-4Y@4%&.2!!O(!,+Y(0(!&!K)/<3'"*+'3/+,*3'!".4!,&-&,4!*4.*4!%(!(-7+'m4*(*!,&:&!
4:6#+('(-74!J!*+M4#.(.!+-M4.7+'(,+&-4.!#4,+4-74.!*4:@4.7#(-!Q@4!*464!.@!/&*4#!4:6#+('(-74!(!
@-(!P(6+7@(%!+-94,,+$-!/&#!,&#-4Y@4%&!@!&7#&.!P&-'&.!gL(--P(#*7!J!K74+-*%!;AZ?l!8&9:(--!;A3Z(l!
^(7Y!;A`Ah2!!K4!P(!:4-,+&-(*&!%(!,+Y(0(!,&:&!+-'#4*+4-74!*4!7#4.!#4,47(.!*+94#4-74.!*4!
c@-'m4-7&.!/.+,$7#&/&.!/(#(!M&%(#d!Q@4!@7+%+Y(6(-!%(.!6#@_(.!gL4![#+4.!;AA%(l!8(-.4-!;A3Zh2!!)-!%(.!
N.%(.!D(-(#+(.H!%(.!.4:+%%(.!*4!%(!,+Y(0(!*+,4-!@.(#%(.!,&:&!7#(-Q@+%+Y(-74!J!.4!,&-&,4-!,&-!4%!
-&:6#4!*4!8)&&%($+&%"g,(.74%%(-&!4-!4%!&#+'+-(%h!.@'+#+4-*&!Q@4!4.!@-!4:6#+('(-74!gL(#+(.!+*"%/-!
;AZXh2!!L4!%(!:+.:(!:(-4#(H!%(!,+Y(0(!7(:6+I-!.4!,&-&,4!4-!,(.74%%(-&!,&:&!8)&&%($3+/%"
#4M4%(-*&!(.E!%(!.(6+*@#E(!/&/@%(#!.&6#4!.@.!/#&/+4*(*4.!4:6#+('(-74.H!J!%(!9#(.4!c.4:6#(#!
,+Y(0(d!.4!#49+4#4!(%!4.7#&/4(#!(.@-7&.!*4%!/#$_+:&H!,&:&!.4#E(!+-94,7(#!.@.!,@%7+M&.!,&-!4.7(!
:(%4Y(H!*4#+MT-*&.4!*4!@-(!/(#T6&%(!*4!e4.o.2!
=-!Q@E:+,&!4.,&,I.!*4%!.+'%&!tNt!,&:4-7$!Q@4!%(!,+Y(0(!c/(.(!4-!&,(.+&-4.!(!%&.!%+,&#4.!
94#:4-7(*&.!&!(%!/(-d!J!Q@4!c.4!,&-&,E(-!*4.*4!P(,4!7+4:/&!.@.!/#&/+4*(*4.!
!
;`A!
!
-(#,$7+,(.!J!.@.!/#&/+4*(*4.!.+-'@%(#:4-74!4:6#+('(-74.2!!K+!4-!%(!/#4/(#(,+$-!*4!%(!:(%7(!*4!
,46(*(!.4!:4Y,%(-!(%'@-(.!.4:+%%(.!*4!,+Y(0(H!I.7(.!,&:@-+,(-!.@!,@(%+*(*!4:6#+('(-74!(!%(!
,4#M4Y(H!P(,+I-*&%(!+-@.@(%:4-74H!4!+-,%@.&!/4%+'#&.(:4-74H!9@4#74d!ge&P-.7&-!;Z?3h2!!)-!
N-'%(74##(!.4!&6.4#M$!@-!94-$:4-&!.+:+%(#!.&6#4!4%!Q@4!.4!*+_&!Q@4!%(!,+Y(0(F!c,@(-*&!.4!:4Y,%(!
,&-!%(!,46(*(H!,&-9+4#4!@-(!,@(%+*(*!:@J!4:6#+('(-74!(!%(!,4#M4Y(d!ge&P-.&-!J!e&P-.&-!;ZX;h2!!)-!
"4#oH!%(.!.4:+%%(.!*4!,+Y(0(!&!K-"*+'3/+,*3'".4!(0(*4-!(!%(!($<($%!"@-(!646+*(!94#:4-7(*(H!/(#(!
#49&#Y(#!.@!/&74-,+(!gK&@R@/!;A3]h2!!5%!4.,#+6+#!.&6#4!%(!,+Y(0(H!L@R4!(9+#:$!#4,+4-74:4-74!Q@4!
c%&.!%+6(-4.4.!+-.+-o(-!%(!4>+.74-,+(!*4!@-!,@%7&!:E.7+,&!4-!%(.!:&-7(0(.!4-!4%!Q@4!.4!/#4/(#(!@-(!
+-9@.+$-!*4!%(!P+4#6(!&!.4!.@:4#'4-!%(.!.4:+%%(.!/(#(!4>7#(4#!4%!,&#-4Y@4%&!Q@4!.4!@7+%+Y(!
/&.74#+&#:4-74!/(#(!(%,(-Y(#!4%!I>7(.+.!#4%+'+&.&d!gL@R4!;AZ<h2!!K4!P(-!4-,&-7#(*&!%&.!
,&:/@4.7&.!7#4:&#E'4-&.!%&%+7#4:!B!J!/4#(:+-(!4-!@-(!M(#+4*(*!*4!O!G+&+,,+!"7$>+,(!/(#(!4%!
'(-(*&H!J!Q@4!*4#+M(!*4%!P&-'&!;(&+'),<3'"/)/<%+!gb(%%('P4#!+*"%/-";AZ`l!k&i(-!+*"%/-";AZXh2!!
k4,+4-74:4-74!.4!,&:/#&6$!Q@4!%(!c.%44/J!'#(..d!&!E*<G%"&)83.*%"g+'@(%:4-74!7$>+,(!/(#(!4%!
'(-(*&h!+-94,7(*(!/&#!;(&+'),<3'!,&-74-E(!(%7(.!,&-,4-7#(,+&-4.!*4!(:+*(!*4%!T,+*&!%+.I#'+,&!&!
4#'+-(!g5-&-2!;AAW,l!"47#&.R+!+*"%/-";AZAh2!!)-!%(!N-*+(!.4!.(64!Q@4!4%!:+_&!cR&*&dH!#%.G%/3'"
.(&)8<(3/%*3'!Q@4!P(6+7@(%:4-74!7(:6+I-!4.7T!+-94.7(*&!/&#!4%!,&#-4Y@4%&H!4.!M4-4-&.&!*4./@I.!
*4!%(.!%%@M+(.H!,(@.(-*&!4-7&-,4.!c*4%+#+&!J!74:6%&#4.!M+&%4-7&.d!g5(#&-.&-!;AZZl!L4!j47!+*"%/-"
;AZ<h2!!O(!c,@6+4#7(!4>74#-(!*4%!'#(-&!*4.,(.,(#+%%(*&!*4%!:+_&!cR&*&d!g*&-*4!.4!/@4*4!4-,&-7#(#!
4%!,&#-4Y@4%&h!P(!.+*&!@.(*(!,&:&!4-74$'4-&!/&#!%&.!O&*P(!*4%!*+.7#+7&!*4!G+*-(/@#H!B4-'(%(!
&,,+*4-7(%!g"(%!J!e(+-!;AZAh2!!)-!;A?AH!+-M4.7+'(*&#4.!*4!%(!N-*+(!(+.%(#&-!@-(!c.@.7(-,+(!
7#(-Q@+%+Y(-74d!*4%!'#(-&!*4!#%.G%/3'".(&)8<(3/%*3'!!Q@4!/#4.4-7$!/#&/+4*(*4.!*4!(%,(%&+*4!
P+*#&.&%@6%4!J!@-&.!494,7&.!9(#:(,&%$'+,&.!.+:+%(#4.!(!%&.!*4!%(!(:+*(!*4%!T,+*&!%+.I#'+,&!&!4#'+-(!
gBP+*4!J!5+:4-!;A?Ah2!!)-!K(:&(!.4!,&-.+*4#(!Q@4!%(.!.4:+%%(.!*4!#-".(&)8<(3/%*3'".&-!M4-4-&.(.!
g=P4!;A3`h2!!)-!%(!5:(Y&-+(!4,@(7&#+(-(!%&.!+-*+&.!KP@(#!@7+%+Y(-!+-9@.+&-4.!*4!#%.G%/3'"
(),63?%*3'",&:&!#4:4*+&!,&-7#(!4%!*&%&#!*4!,(64Y(H!%&!Q@4!/(#4,4!+-*+,(#!@-(!+-94.7(,+$-!/&#!4%!
P&-'&!B/%7<(+G."G%.G%/<!"Q@4!,&-7+4-4!(%,(%&+*4.!4#'&%E-+,&.!gk@..&!;AAWh2!!n+-(%:4-74H!@-(!
4./4,+4!*4!B5G+&3."Q@4!.4!.(64!Q@4!4.7T!+-94,7(*(!/&#!4%!P&-'&!W%/%,.<%"(5G+&<!"4./4,+4!Q@4!
,&-7+4-4!(%,(%&+*4.!4#'&%E-+,&.!gMI(.4!\&7(!`h!P(!.+*&!@7+%+Y(*(!,&:&!(*+7+M&!*4!%(.!/&,+&-4.!
4-74$'4-(.!*4!%5%$3%.(%"4-!%(!5:(Y&-+(!gDP(@:4+%!;AZWl!"%&i:(-!+*"%/-";AA]h2!!f7#&!(*+7+M&!*4!
%(!%5%$3%.(%!"4%!P4%4,P&!K)'%<<)G.<."6%G3&+,.<."g"+-R%4J!;AXAl!k+M+4#!J!O+-*'#4-!;A3Wl!K,P@%74.!J!
8&9:(--!;A3AhH!/@4*4!Q@4!,&-74-'(!(!.@!M4Y!(%,(%&+*4.!4#'&%E-+,&.2!!S(-7&!4.7(!4./4,+4!,&:&!K"
,<?&)G/%*+%".4!@7+%+Y(-!4-!47-&:4*+,+-(!(:(Y$-+,(!,&-!9+-4.!Q@4!/(#4,4-!+-*+,(#!@-!,&-74-+*&!*4!
(%,(%&+*4.!4#'&%E-+,&.2!!O(!/#+:4#(!4./4,+4!4.!@7+%+Y(*(!/&#!%&.!+-*+&.!U@+_&.!U@+,P@(!,&-7#(!%(.!
P4:&##('+(.!/&.7/(#7&!gG(#%4.!+*"%/-";AZZh!J!/&#!%&.!k@-(!*4!),@(*&#!,&:&!(6&#7+M&!g^&P-!;AAWh2!!
O(!.4'@-*(!4.!@7+%+Y(*(!/&#!%&.!+-*+&.!G(Ro!,&:&!P4:&.7T7+,&!'4-4#(%!gK,P@%74.!J!k(99(@9!;AA]h2!
!
!!!;3C!!"@4.7&!Q@4!%(!.&,+4*(*!&,,+*4-7(%!,&-74:/&#T-4(!4.7T!&6.4.+&-(*(!,&-!4%!(%,&P&%!47E%+,&!&!
47(-&%!,&:&!4:6#+('(-74H!74-*4:&.!(!,&-.+*4#(#!Q@4!!4%!(%,&P&%!P(!.+*&!4%!4:6#+('(-74!Q@4!:T.!
P(!/#4M(%4,+*&!(!%&!%(#'&!*4!%(!
P+.7&#+(2!L+&-+.&.H!4%!!(-7+'@&!!
;?]!
!
*+&.!'#+4'&!*4!%(!4:6#+('@4YH!.4!(.&,+(!'4-4#(%:4-74!(!%(!M+0(!J!%&.!M+-&.!J!.4!*(!/&#!.@/@4.7&!Q@4!
%(!4:6#+('@4Y!,&-!%&.!M+-&.!'#+4'&.!4#(!@-!7+/&!*4!4:6#+('@4Y!(%,&P$%+,(2!!K+-!4:6(#'&!.(64:&.!
Q@4!%&.!M+-&.!'#+4'&.!4#(-!+-9@.+&-4.!:@J!/&74-74.!*4!M(#+(.!/%(-7(.!4:6#+('(-74.!Q@4!
-4,4.+7(6(-!*+%@+#.4!4-!('@(!/(#(!P(,4#%(.!(/7(.!.@!,&-.@:&2!!D&:&!%&.!(-7+'@&.!'#+4'&.!-&!
*+./&-E(-!*4!%(!74,-&%&'E(!/(#(!*4.7+%(#!gn&#64.!;A`ZhH!.@.!M+-&.!.4!%+:+7(6(-!(!@-!,&-74-+*&!*4!
;WC;?{!*4!(%,&P&%!g/@-7&!4-!4%!/#&,4.&!*4!94#:4-7(,+$-!4-!4%!Q@4!%(.!%4M(*@#(.!Q@4!/#&*@,4-!4%!
(%,&P&%!,&:&!.@.7(-,+(!*4!*4.4,P&!:@4#4-!+-7&>+,(*(.!/&#!4.74!/#&*@,7&h2!!).7&.!M+-&.!
-4,4.+7(6(-!*+%@+#.4!/&#Q@4!,&-74-E(-!(%7(.!,&-,4-7#(,+&-4.!*4!(%,(%&+*4.!J!*4!&7#&.!,&:/@4.7&.!
.4,@-*(#+&.!M4'47(%4.2!!L4!P4,P&H!.@!494,7&!4:6#+('(-74!/#&,4*E(!*4!%(.!*#&'(.!Q@4!/(.(6(-!(!%(!
+-9@.+$-!J!4%!,&-74-+*&!*4!(%,&P&%!.4#ME(!:T.!,&:&!,&-.4#M(-74!Q@4!,&:&!/#+-,+/+&!(,7+M&!
4:6#+('(-742!!L+&-+.&.!9@4!P+_&!*4!"4#.I9&-4!J!|4@.H!/4#.&-(_4.!9@-*(:4-7(%4.!*4%!><',)"1+"
>)'+&)"%"L+'A*+&"4-!4%!Q@4!(/(#4,4!%(!/&,+$-!)%4@.+-(H!4%!4-74$'4-&!F5F+),"gMI(.4!4%!
"&.7.,#+/7@:h2!!K4'o-!4%!/%(-74(:+4-7&!*4!k@,RH!L+&-+.&.!#4/#4.4-7(!%&!c.(%M(_4d!gk@,R!;AZWh!J!.4!
P(!(.&,+(*&H!4-!:+!&/+-+$-!,&##4,7(:4-74H!,&-!4%!,P(:(-+.:&!g):6&*4-!;A33h2!!).7(!@-+$-!*4!%(!
M(#+4*(*!(@7$,7&-&H!T'#(9(!J!'%*&<*+<.*%".&6#4!%(!Q@4!.4!+-_4#7(6(!%(!M(#+4*(*!+-*&4@#&/4&!
c,@%7+M(*(dH!G%*&<*+4.*%"J!c,+M+%+Y(*(d!4.7(!#4/#4.4-7(*(!4-!%(!:+7&%&'E(!,&-!4%!:(7#+:&-+&!*4!
"4#.I9&-4!J!|4@.l!&H!:4_&#!*+,P&H!*4!|4@.!,&-!7&*&!4%!/(-74$-!*4!*+&.(.!*4!%(!G(*#4!S+4##(!Q@4!%4!
/#4,4*+4#&-2!!)-!4%!'#+4'&!,%T.+,&!-&!4>+.7E(!-+-'@-(!/(%(6#(!/(#(!*4,+#!(%,&P&%2!!L+&.,$#+*4.!
*4.,#+6+$!@-(!+-9@.+$-!*4!:(-*#T'&#(!=[%,1&%?)&%")00<(<,%&3'S!MI(.4!5/I-*+,4!5h!4-!4%!M+-&H!
646+*(!7(-!.&/&#E94#(!Q@4!/&*E(!@.(#.4!,&:&!(-(%'I.+,&!Q@+#o#'+,&!gK7+%%:(-!;AWWh2!!D&:&!D(#%!
k@,R!%&!*4.,#+6+$F!cK(64:&.!*4!(%'@-&.!M+-&.!7(-!9@4#74.!Q@4!/&*E(-!*+%@+#.4!4-!M4+-74!/(#74.!*4!
('@(!J!Q@4!-4,4.+7(6(-!#46(_(#.4!,&-!(%!:4-&.!&,P&!/(#74.!/(#(!Q@4!.4!/@*+4#(-!6464#!,&-!
.4'@#+*(*l!/@4.H!*4!(,@4#*&!,&-!%&.!74>7&.H!6464#!(%'@-&.!*4!4.7&.!M+-&.!*+#4,7(:4-74!,(@.(6(!*4!
P4,P&!%4.+&-4.!,4#46#(%4.!/4#:(-4-74.!J!4-!(%'@-&.!,(.&.!+-,%@.&!%(!:@4#74222!S(:6+I-!/&*4:&.!
*&,@:4-7(#!4%!P4,P&!*4!Q@4!(%'@-&.!M+-&.!/&*E(-!+-*@,+#!*+94#4-74.!.E-7&:(.!9E.+,&.H!*4.*4!
(*&#:4,+:+4-7&!P(.7(!+-.&:-+&!J!(%@,+-(,+&-4.d!gj(..&-!+*"%/-!;A3Zh2!!8&:4#&!*4.,#+6+$!%&!
(.7@7&!Q@4!9@4!f*+.4&!/(#(!4:6&##(,P(#!(!"&%+94:&!g4%!DE,%&/4h!*T-*&%4!(!6464#!@-!M+-&!
*+#4,7(:4-74H!,@(-*&!*46E(!*+%@+#.4!4-!M4+-74!/(#74.!*4!('@(2!!).7&.!M+-&.!7(-!9@4#74.!(o-!4>+.7E(-!
4-!%(!I/&,(!*4!"%+-+&2!!=-!9(:&.&!4/+.&*+&!*4!%(!f*+.4(!4.!(Q@I%!4-!Q@4!84%4-(!(0(*4!,+G+,*$+."
g.@/@4.7(:4-74!&/+&h!(%!M+-&!*4!S4%I:(,&!/(#(!,(%:(#!.@!/4-(2!!"%@7(#,&!*4.,#+6+$!@-!M+-&!
,%(#(:4-74!M+.+&-(#+&!4-!@-!94.7+M(%!*+&-+.E(,&!%%(:(*&!;,*$+.*+5<%-"").74!M+-&!-(#,&7+Y(*&H!.4'o-!
k@,R!4#(!%(!,(@.(!*4!Q@4!%(.!7@:6(.!.4!(6#+4#(-!J!/4#:+7+4#(!(!%&.!4./E#+7@.!Q@4!P(6E(-!/(#7+*&!
M&%M4#!(!574-(.!/(#(!@-!6(-Q@474d!gj(..&-!+*"%/-";A3Zh2!!K4'o-!e4-&9&-74!J!5#+.7$9(-4.H!%(!,(%+*(*!
*4!@-!M+-&!.4!%%(:(6(!.@!c9%&#d2!!5!@-!M+-&!Q@4!9@4#(!c*49+,+4-74!4-!9%&#d!%4!9(%7(6(!/&74-,+(H!
%+74#(%:4-74!-&!74-E(!.@9+,+4-74.!9%&#4.!gsV&!P&_(.h!*4!%(.!/%(-7(.!Q@4!%4!*(6(-!.@!494,7&!/(#7+,@%(#2!!
L4!9&#:(!.+:+%(#H!%&.!(-7+'@&.!(Y74,(.!@7+%+Y(6(-!%(!/(%(6#(!c9%&#d!=QP($<*/")"$3<,*<:",&:&!:47T9&#(!
*4!%&.!4-74$'4-&.H!%%4'(-*&!(!%%(:(#!(!%&.!P&-'&.!4-74$'4-&.!Q)($<,%,D(%*/!"%+74#(%:4-74!
cP&-'&.C9%&#4.d!gMI(.4!4%!D(/E7@%&!?H!\&7(!<l!j(..&-!;AZ]h2!!)-!4%!5-7+'@&!S4.7(:4-7&!.4!
*+.7+-'@4!#4/47+*(:4-74!4-7#4!M+-&!J!c646+*(!9@4#74dH!.+4-*&!(:6&.!4:6#+('(-74.2!!K4!%4.!
:4-,+&-(!*4!:(-4#(!,&-_@-7(!@-(.!W]]!M4,4.H!@7+%+Y(-*&!@-(.!&-,4!/(%(6#(.!P46#4(.!/(#(!*4,+#!
;?;!
!
M+-&2!!L4!I.7(.H!%(!:T.!,&:o-!4.!5%5%"gQ@4!(/(#4,4!@-(.!;?]!M4,4.h!J!4-!.4'@-*&!%@'(#!*<&).$"gQ@4!
(/(#4,4!<Z!M4,4.h2!!)M+*4-74:4-74H!7+#&.P!4.!%(!/(%(6#(!Q@4!*4.+'-(!4%!Y@:&!*4!@M(.!&!4%!M+-&!
_&M4-!Q@4!,@(-*&!,&:/%47(6(!.@!/#&,4.&!*4!94#:4-7(,+$-!/(.(6(!(!%%(:(#.4!J(J+-2!!S(-7&!4%!
*<&).$",&:&!4%!5%5%!4#(-!4:6#+('(-74.!gj(..&-!;A;`h2!!"4#&!4%!5-7+'@&!S4.7(:4-7&!7(:6+I-!
-&:6#(!#4/47+*(:4-74!4%!7I#:+-&!.$+F%&!!&!c646+*(!9@4#74d2!!\&!4#(!%&!:+.:&!Q@4!4%!5%5%"&!4%!
*<&).$"(@-Q@4!7(:6+I-!4#(!4:6#+('(-742!!"&#!4_4:/%&!4-!K(:@4%!NH!;2;`H!,@(-*&!)%!*+_&!(!8(--(P!
cqD@T-7&!7+4:/&!.4'@+#T.!646+*(r!*4_(!.@!5%5<,!"4%%(!#4./&-*4!&#'@%%&.(F!c\&!P4!646+*&!5%5<,",<"
.$+F%&9-""N'@(%!Q@4!%&.!(-7+'@&.!'#+4'&.H!%&.!(-7+'@&.!+.#(4%+7(.!7(:6+I-!*4.,&-&,E(-!%(.!7I,-+,(.!*4!
%(!*4.7+%(,+$-H!/4#&!/&.4E(-!4.74!4:6#+('(-74!Q@4!-&!4#(!M+-&!J!Q@4!4#(!(/(#4-74:4-74!:T.!
/&74-742!q5,(.&!-&!4#(!%(!c646+*(!9@4#74d!.$+F%&"@-(!/&,+$-!4:6#+('(-74!(-T%&'(!(!%&.!M+-&.!*4!
%&.!(-7+'@&.!'#+4'&.H!(%'@-&.!*4!%&.!,@(%4.!4#(-!/&,+&-4.!4-74&'I-+,(.r!!5!%&!%(#'&!*4!%(!P+.7&#+(!.4!
P(-!*(*&!-@:4#&.&.!,(.&.!4-!%&.!Q@4!.4!P(-!(0(*+*&!/%(-7(.!/.+,&(,7+M(.!(!M+-&.!J!&7#(.!646+*(.!
(%,&P$%+,(.2!!L&.!4_4:/%&.!9(:&.&.!*4%!.+'%&!tNt!.&-!4%!b<,"[%&<%,<!"@-!4>Q@+.+7&!M+-&!*4!B&#*4(@>!
:4Y,%(*&!,&-!P&_(.!*4!,&,(!Q@4!,&-7+4-4-!,&,(E-(!gG(#+(-+!;ZA]h!J!M(#+&.!%+,&#4.!*4!(6.4-7(H!
9(6#+,(*&.!(!7#(MI.!*4!%(!*4.7+%(,+$-!*4!(%,&P&%!_@-7&!,&-!/%(-7(.!*4!;&*+'<.<%"%8.<,*$<3'!Q@4!
,&-7+4-4-!4%!,&:/&-4-74!M&%T7+%!*36),%"gMI(.4!4%!5/I-*+,4!5H!D&-#(*!;AZZh2!!=-(!/#T,7+,(!Q@4!P(!
.&6#4M+M+*&!P(.7(!P&J!4.!4%!@.&!*4!%o/@%&.!.&/&#E94#&.!=>3'3/3."/3G3%@.h!,&:&!(*+7+M&.!*4!%(.!
,4#M4Y(.!(,7@(%4.H!,&:6+-(-*&!(.E!%&.!494,7&.!.4*(-74.!*4%!W:47+%C<C6@74-CWC&%!,&-!%&.!*4%!(%,&P&%!
=J%4#!;AZ3h2!!=-!4.7@*+&!4-!/#&9@-*+*(*!.&6#4!%&.!(*+7+M&.!/.+,$7#&/&.!*4!%(.!646+*(.!(%,&P$%+,(.!
.+'@4!.+4-*&!4%!*4.+*4#T7@:!*4!%(!/.+,&9(#:(,&'-&.+(2!
;?W!
!
D=5Lkf!W!
"O5\S5K!U=)!Df\SN)\)\!5OD5OfNL)K!)kbfOa\NDfKz!
!
!
%A!&)LZ-6-^-+)6,),/!
"
;(&+'),<3'".G-! !
5-&-2!;AAW,l!"47#&.R+!+*"%/-";AZA!
W%/%,.<%"(5G+&<! !
"%&i:(-!+*"%/-";AA]!g;h!
B/%7<(+G."G%.G%/<!
5#,(:&-4!+*"%/-";AX]!gWh!
B-"G3&G3&+%! !
K7&%%!J!B@#,RP(#*7!;A<?!
B)&15(+G."(%G<*%*%! !
84+:!J!j(..&-!;A?ZuAv!g<h!
B-")G$<)?/)..)<1+.! !
84+:!J!j(..&-!;A?ZuAv!g<h!
;&?5&+<%"%(3*%! !
DP(&!J!L4#!G(#*4#&.+(-!;A3<6!
;- 8%&,+.<<!
DP(&!J!L4#!G(#*4#&.+(-!
;A3<6!
;- (3,+%*%! !
DP(&!J!L4#!G(#*4#&.+(-2!;A3<6!
 ;- $%<,%,+,.<.! !
DP(&!J!L4#!G(#*4#&.+(-!;A3<6!
;- /3d),+,.<.! !
DP(&!J!L4#!G(#*4#&.+(-!;A3<6!
;- ')//<.! !
DP(&!J!L4#!G(#*4#&.+(-!;A3<6!
;- ,+&7).%!
DP(&!J!L4#!G(#*4#&.+(-!;A3<(l!DP(&!J!L4#!G(#*4#&.+(-!;A3<6l!8J%+-!J!j(7.&-!;AX?!
;- )8*3.<0)/<%! !
DP(&!J!L4#!G(#*4#&.+(-!;A3<6!
;- G$</<GG<,+,.<.! !
DP(&!J!L4#!G(#*4#&.+(-!;A3<6!
;- .G+(<).%!
G&-7'&:4#J!;AA]!g`h!
;- .G/+,1+,.! !
DP(&!J!L4#!G(#*4#&.+(-!;A3<6!
;- i%//<($<!
DP(&!J!L4#!G(#*4#&.+(-!;A3<6!
B),7)/73/3."*&<()/)&!
b4-4.7!J!K(P(.#(6@*P4!;AXX!g?h!
RG)')+%"%&?5&)G$5//%! !
K7(@99(,P4#!+*"%/-";AX?!
R-"(%&,+%! !
O(.,(-&!+*"%/-";AX3!
R-!()((<,+%! !
b#'4#!;AX<!gXh!
R-!(&%..<(%3/<."=V:!
R-!<,7)/3(&%*%!!!gZh!
R-!"/+G*)G$5//%! !
DP(&!J!L4#!G(#*4#&.+(-!;A3<6!gAh!
R-!!/<**)&%/<."gZh!
R-!'3+//+&<! !
b(#*+-4#!+*"%/-";AX?!
R- ,</! !
b4-4.7!J!K(P(.#(6@*P4!;AXX!g;]h!
R-!G+.T(%G&%+"g;;h!
R- G3&G3&+%! !
8J%+-!J!j(7.&-!;AX?!g;Wh!
""R-""7<)/%(+%"g…R-"N38&)(%+&3/+%:"
8&9:(--!;AX<(l!b#'4#!+*"%/-!;AX<l!L4#!G(#*4#&.+(-!+*"%/-";AX`(!
E*<(*)(%&1<%"*</<%+0)/<%!
8&9:(--!;AX;!
C3&8<,%"()&5'8).%"=qRG)')+%".<1%+0)/<%S"N<7+%"()&5'8).%:!
L4#!G(#*4#&.+(-!+*"%/-";AX`(l!8&9:(--!;AX<(l!8&9:(--!J!S.,P4#74#!;AX]l!S(64#!+*"%/-";AX<6!
;?<!
!
\!fS5K!
!
!!!;C!S(%!J!,&:&!.4!.40(%(!4-!4%!D(/E7@%&!WH!\&7(!`H!.4!P(!&6.4#M(*&!Q@4!%&.!+-*+&.!†eE6(#&.†!
5,P@(#!*4!%(!5:(Y&-+(!/4#@(-(!@7+%+Y(-!,+4#7(.!4./4,+4.!*4!B5G+&3."+-94,7(*(.!/&#!4%!P&-'&!
W%/%,.<%"(5G+&<"4-!47-&'+-4,&%&'E(!gO4i+.!J!)%M+-CO4i+.!;AA]h2!!O&.!,@%7+M&.!*4!*&.!M(#+4*(*4.!
(:(Y$-+,(.!*4!4.74!P&-'&!J!@-(!*4!%&.!))==!/4#:+7+4#&-!M4#+9+,(#!Q@4!,&-7+4-4-!cM(#+&.!
(%,(%&+*4.!*4%!,&#-4Y@4%&!-&!+*4-7+9+,(*&.d!g"%&i:(-!+*"%/-";AA]h2!!"@4.7&!Q@4!4.7(.!:+.:(.!
4./4,+4.!*4!B5G+&3.".4!@7+%+Y(-!7(:6+I-!,&:&!(*+7+M&.!*4!%(.!/&,+&-4.!4-74$'4-(.!*4!%5%$3%.(%"
gMI(.4!D(/E7@%&!`l!K,P@%74.!J!k(99(@9!;AA]hH!4.!:@J!/#&6(6%4!Q@4!.4!7#(74!*4!(%,(%&+*4.!
/.+,&(,7+M&.!*4%!,&#-4Y@4%&2!
!
WC! K4!P(-!(+.%(*&!(%'@-(.!(:+*(.!.+:/%4.!*4%!T,+*&!%+.I#'+,&!*4!%&.!,&#-4Y@4%&.!*4!%(.!4./4,+4.!
#%.G%/3'-""D&:&!.4!:4-,+&-(6(!4-!4%!D(/E7@%&!WH!\&7(!3H!B/%7<(+G."G%./(%+!.4!P(!,&-M4#7+*&!4-!%(!
9@4-74!+-*@.7#+(%!*4!T,+*&!%+.I#'+,&!gB&MI!;A3]l!8&9:(--!;A33h2!!5*4:T.!.4!.(64!Q@4!4%!
,&#-4Y@4%&!*4!#%.G%/3'".(&)8<(3/%*3'"&!:+_&!†R&*&†!4.!7$>+,&!*4./@I.!*4!%(.!%%@M+(.!g5(#&-.&-!
;AZZl!L4!j47!+*"%/-";AZ<hH!J!@-&.!+-M4.7+'(*&#4.!P+-*o4.!P(-!(+.%(*&!@-!†/#+-,+/+&!7#(-Q@+%+Y(-74†!
*4!4.74!'#(-&!,&:4.7+6%4H!Q@4!/#4.4-7$!%(.!/#&/+4*(*4.!,(#(,74#E.7+,(.!*4!%(!(:+*(!*4%!T,+*&!
%+.I#'+,&!gMI(.4!D(/E7@%&!WH!\&7(!;Xl!BP+*4!J!5+:4-!;A?Ah2!!K4!P(!/@6%+,(*&!Q@4!%&.!O&*P(!*4!
B4-'(%(!&,,+*4-7(%H!N-*+(H!@7+%+Y(-!%(!c,&64#7@#(!4>74#+&#!*4!%&.!'#(-&.!*4.,(.,(#+%%(*&.d!*4%!:+_&!
cR&*&d!/&#!.@.!494,7&.!4-74$'4-&.!g"(%!J!e(+-!;AZAh2!!L4%!:+.:&!:&*&H!P(,4!7+4:/&!Q@4!.4!
,&-&,4-!%(.!/#&/+4*(*4.!4:6#+('(-74.!*4!K)/<3'"*+'3/+,*3'!"%(!,+Y(0(!gL@R4!;AZ<l!8&9:(--!
;A3Z(l!e&P-.&-!J!e&P-.&-!;ZX;l!e&P-.7&-!;Z?3h2!!5,7@(%:4-74!.4!,#44!Q@4!%(.!/#&/+4*(*4.!
/.+,$7#&/(.!*4!%(!P+4#6(!.+%M4.7#4!,&-&,+*(!4-!)@#&/(!()')"C%3'+//)/($"gcP+4#6(!*4%!*4%+#+&dh!J!
<7&%<+"gc4:6#+('(-74dh!.4!*464-!(!%&.!(%,(%&+*4.!Q@4!/#&*@,4!@-!P&-'&!Q@4!%(.!+-94,7(!
P(6+7@(%:4-74!g8&9:(--!;A3Z(l!^(7Y!;A`Ah2!!k4,+4-74:4-74!.4!(+.%$!4%!(%,(%&+*4!%&%+-(!(.E!,&:&!
c*&.!(%,(%&+*4.!:4-&#4.d!*4!%&.!,(#J&/.4.!g9#@7&.!&!'#(-&.h!*4!R-"*+'3/+,*3'-""S(:6+I-!.4!(+.%$!
/4#%&%+-(!*4!,+4#7(.!M(#+4*(*4.!*4!4.7(!P+4#6(!gL(--P(#*7!J!K74+-*%!;AZ?h2!!)-!4.74!4.7@*+&!.4!
*474#:+-$!Q@4!%(!%&%+-(!-&!4#(!7$>+,&!4-!*&.+.!*4!P(.7(!W]]':VR'!(*:+-+.7#(*&.!
+-7#(/4#+7&-4(%:4-74!4-!#(7&-4.2!!D&:&!Q@4!7&*&.!%&.!,(#J&/.4.!Q@4!.4!@7+%+Y(#&-!4-!4%!4.7@*+&!
4.7(6(-!c+-94.7(*&.!/&#!@-!P&-'&dH!4>+.74!%(!/&.+6+%+*(*!*4!Q@4!%(!%&%+-(!.4(!4-!#4(%+*(*!@-!
(%,(%&+*4!9o-'+,&2!!K+-!4:6(#'&H!/@4.7&!Q@4!.4!,&:/#&6$!Q@4!4.74!,&:/@4.7&!-&!4#(!7$>+,&H!%&.!
(%,(%&+*4.!4#'&%E-+,&.!.&-!,&-!'#(-!/#&6(6+%+*(*!#4./&-.(6%4.!*4!%&.!494,7&.!/.+,$7#&/&.!*4!K)/<3'"
*&+'3/+,*3'-""K4!P(!*474#:+-(*&!Q@4!%&.!,&:/@4.7&.!7#4:&#E'4-&.!%&%+7#4:!B!J!/4#(:+-(!.&-!
7$>+,&.!/(#(!4%!'(-(*&!J!Q@4!*4#+M(-!*4%!P&-'&!;(&+'),<3'"/)/<%+"gb(%%('P4#!+*"%/-";AZ`l!k&i(-!
+*"%/-";AZXh2!
!
!!!<C! D&:&!.4!*4.,#+64!4-!4%!D(/E7@%&!WH!\&7(!`H!4-!GI>+,&!B)&15(+G."(%G<*%*%"5!
;?`!
!
B-")G$<)?/)..)<1+.".4!+-'+4#4-!_@-7&!,&-!%&.!P&-'&.!/.+%&,E6+,&.!gMI(.4!D(/E7@%&!?h!4-!%&.!#+7@(%4.!
*4!,@#(,+$-!,&-!P&-'&.!gb@Y:T-!;A?Zl!84+:!;A?3(h2!!5!/4.(#!*4!Q@4!8&9:(--!-&!/@*&!
*474#:+-(#!4-!4.7(.!4./4,+4.!%(!/#4.4-,+(!*4!/.+%&,+6+-(H!.E!Q@4!4-,&-7#$!c@-4!.@6.7(-,4!+-*&%+Q@4!
*+99I#4-74H!T!N~I7(7!*4!7#(,4.!g]H]]`{hdH!c@-(!.@6.7(-,+(!+-*$%+,(!*+94#4-74!4-!,(-7+*(*4.!7#(Y(!
g]H]]`{hd2!g84+:!J!j(..&-!;A?Zh2!!).74!,&:/@4.7&!.+'@4!.+-!+*4-7+9+,(#H!J!(/(#4-74:4-74!B-"
)G$<)?/)..)<1+."*4!@.&!.+:+%(#!g:@J!(/#4,+(*(!4-!%(!:4*+,+-(!,P+-(hH!-&!P(!.+*&!4>(:+-(*(!/(#(!
,&:/#&6(#!.+!,&-7+4-4!(%,(%&+*4.!+-*$%+,&.2!
!
`C! O&.!6+&4-.(J&.!#4(%+Y(*&.!,&-!?!.4:+%%(.!:&%+*(.!*4!4.7(!4./4,+4!(9#+,(-(!*4:&.7#(#&-!Q@4!
4#(!4-74&'I-+,(!gG&-7'&:4#J!;AA]hH!/4#&!-&!.4!P(-!#4(%+Y(*&!(-T%+.+.!Q@E:+,&.2!
!
_P! 5@-Q@4!4-!%&.!(-T%+.+.!/#4%+:+-(#4.!*4!%(.!.4:+%%(.!*4!B),7)/73/3."*&<()/)&".4!*474,7(#&-!
7#(Y(.!*4!(%,(%&+*4.!g]H]];{!*4%!/4.&!9#4.,&h!4-!@-(!M(#+4*(*!g/#&,4*4-74!*4!L+-(:(#,(h!*4!%(.!
.+474!Q@4!.4!(-(%+Y(#&-!gb4-4.7!J!K(P(.#(6@*P4!;AXXhH!%&.!(@7&#4.!.&./4,P(#&-!Q@4!
c/#&6(6%4:4-74!%(.!.4:+%%(.!.4!P(6E(-!,&-7(:+-(*&!,&-!%(.!*4!R-"7<)/%(+%d-""K4!#494#E(-!(!RG)')+%"
7<)/%(+%!"@-(!,&-&,+*(!4./4,+4!/.+,&(,7+M(!Q@4!.4!@7+%+Y(!#+7@(%:4-74!4-!GI>+,&2!!=-!4.7@*+&!
/&.74#+&#!-&!*474,7$!(%,(%&+*4.!+-*$%+,&.!4-!@-(!M(#+4*(*!*4!4.7(!4./4,+4!/#&,4*4-74!*4!8@-'#E(H!
-+!7(:/&,&!4-!B-".<(3/3.!"-+!4-!B-".+G<3'"gL4#!G(#*4#&.+(-!J!s&@-'R4-!;AXXh2!!B-"*&<()/)&".4!
+-,%@J$!/#&M+.+&-(%:4-74!4-!@-!4.7@*+&!#4,+4-74!.&6#4!/%(-7(.!/.+,$7#&/(.!+7(%+(-(.!gn4.7+!J!5%%+&7(!
;AA]h2!!K+-!4:6(#'&H!*4.*4!%(!(-7+'m4*(*!.4!,&-&,4!4%!@.&!*4!B-".(%''),<%",&:&!(6&#7+M&!J!
#4:4*+&!/(#(!4%!*&%&#!*4!,(64Y(!g/#&/+4*(*4.!9(#:(,&%$'+,(.!/#&/+(.!*4!%&.!(%,(%&+*4.!
/.+,&(,7+M&.!*4%!,&#-4Y@4%&h2!!"&#!&7#(!/(#74H!L+&.,&#+*4.!*4.,#+6+$!B-"%&7+,.<.!,&:&!c+-*@,7&#!*4%!
/(#7&d!g5%64#7C"@%4&!;A3Ah2!!L+&.,&#+*4.!.@'+#+$!Q@4!%(.!.4:+%%(.!*4!B-".+G<3'"/@*+4#(-!.4#!
/.+,&(,7+M(.!J!:4-,+&-(6(!Q@4!.@!+-'4.7+$-!c,(@.(!:@,P&.!.@40&.!('+7(*&.d2!!k4,+4-74:4-74!.4!
P(!&6.4#M(*&!4%!@.&!47-&:I*+,+-(%!B(P#(+-+!*4!%(.!#(E,4.!J!%(.!P&_(.!*4!B-"%&7+,.<.",&:&!
P4:&.7T7+,&!7$/+,&!g566(.!+*"%/-";AAWh2!!"&#!%&!7(-7&!P(J!#(Y&-4.!/(#(!.@/&-4#!Q@4H!(%!:4-&.!
(%'@-(.!4./4,+4.!*4!B),7)/73/3.!/@4*(-!,&-74-4#!(%,(%&+*4.!4#'&%E-+,&.!/.+,&(,7+M&.2!
!
UP! 5@-Q@4!.4!P(6E(!(9+#:(*&!Q@4!RG)')+%"()((<,+%",&-7+4-4!(%,(%&+*4.!*4%!,&#-4Y@4%&!
gb#'4#!;AX<hH!4-!@-!(-T%+.+.!/&.74#+&#!*4!@-(!.&%(!M(#+4*(*!,&:4#,+(%!*4!R-"()((<,+%"7%&-"
$+1+&<0)/<%"-&!.4!*474,7(#&-!(%,(%&+*4.!4#'&%E-+,&.!gL4#!G(#*4#&.+(-!J!s&@-'R4-!;AXXh2!!5*4:T.H!
4-!4%!/#+:4#!(-T%+.+.!&#+'+-(%!*4!4.7(!4./4,+4!.$%&!.4!*474,7(#&-!('#&,%(M+-(!J!4%+:&,%(M+-(2!!\&!.4!
.(64!Q@4!4.7&.!(%,(%&+*4.!.4(-!4-74$'4-&.!J!%(!4./4,+4!/#&6(6%4:4-74!-&!4.!/.+,&(,7+M(2!!"&#!&7#(!
/(#74H!4-!@-!4.7@*+&!#4,+4-74!.4!P(!4-,&-7#(*&!4%+:&,%(M+-(!.$%&!4-!7#(Y(.!4-!%(.!.4:+%%(.!*4!@-(!
.&%(!M(#+4*(*!9#(-,4.(!*4!4.7(!4./4,+4!gb4-4.7!J!K(P(.#(6@*P4!;AXXh!J!7#(Y(.!*4!(%'@-&.!&7#&.!
(%,(%&+*4.!4#'&%E-+,&.!4-!%(.!.4:+%%(.!*4!K"$+1+&%(+%".+%M4.7#4!gj+%R+-.&-!+*"%/-";AZXh2!
!
VP!5@-Q@4!(o-!-&!.4!P(!*4:&.7#(*&!Q@E:+,(:4-74!Q@4!RG)')+%"(&%..<(%3/<.",&-74-'(!(%,(%&+*4.!
4#'&%E-+,&.!/.+,$7#&/&.H!#4,+4-74:4-74!.4!P(!#4'+.7#(*&!4%!@.&!*4!
;??!
!
4>7#(,7&.!*4!%(.!P&_(.!*4!4.7(!4./4,+4!,&:&!4,6$%+,&!g/(#(!/#4,+/+7(#!4%!/(#7&h!4-!47-&'+-4,&%&'E(!
,&-74:/&#T-4(!4-!GI>+,&!g|(:&#(CG(#7E-4Y!J!\+47&!*4!"(.,@(%!"&%(!;AAWh2!!)-!f(>(,(H!GI>+,&H!
.4!&6.4#M$!@-!@.&!/(#4,+*&!*4!%(.!.4:+%%(.!4-74$'4-(.!J!@74#&7$-+,(.!*4!C3&8<,%"()&5'8).%"
gB#&i-4#!;AZ?l!f#7EY!*4!G&-74%%(-&!J!B#&i-4#!;AZ?h2!!D&:&!%(!4#'&-&M+-(!J!%(!4#'+-(!4.7T-!
/#4.4-74.!4-!K"7<)/%(+%"J!.&-!(!%(!M4Y!4-74$'4-(.!J!@74#&7$-+,(.H!4.!/&.+6%4!Q@4!4%!/#+-,+/+&!
@74#&7$-+,&!*4!K"(&%..<(%3/<.".4(!@-!(%,(%&+*4!4#'&%E-+,&!/.+,&(,7+M&2!
!
`P! 5@-Q@4!-&!.4!P(!/#&6(*&!%(!/#4.4-,+(!*4!(%,(%&+*4.!4#'&%E-+,&.!4-!RG)')+%!<,7)/3(&%*%!"4%!
@.&!*4%!_@'&!*4!.@.!P&_(.!,&:&!P4:&.7T7+,&!4-!K+4##(!O4&-(H!59#+,(!&,,+*4-7(%H!P(,4!:@J!/#&6(6%4!
Q@4!4.7(!4./4,+4!,&-74-'(!(%,(%&+*4.!4#'&%E-+,&.!/&74-,+(%:4-74!4-74&'I-+,&.!gG(,n&J!J!K(::(!
;AZ<h2!!O&.!n(-'!*4%!59#+,(!,4-7#(%!7&:(-!4%!_@'&!*4!%(!/%(-7(!4-74#(!9#4.,(!,&:&!4.7+:@%(-74!J!
,&:&!74#(/+(!c:I*+,&V:T'+,(d!,&-7#(!4-94#:4*(*4.!.@/@4.7(:4-74!#4%(,+&-(*(.!,&-!%(!6#@_4#E(!
g5R4-*4-'@I!;AAWh2!!L4!9&#:(!.+:+%(#!.4!@7+%+Y(-!%(.!9%&#4.!*4!R-"/<**)&%/<.",&:&!P4:&.7T7+,&!J!%(.!
P&_(.!,&-7#(!%&.!*&%&#4.!*4%!/&.7C/(#7&!J!,&:&!(-7+,&-M@%.+M&!/4*+T7#+,&2!!).7&.!@.&.!P(,4-!/4-.(#!
4-!%(!/#4.4-,+(!*4!(%,(%&+*4.!4#'&%E-+,&.!g5@.7+-!;AA;l!jP+.7%4#!;AAWh2!!n+-(%:4-74H!4%!@.&!*4!R-"
'+1<3'"7(:6+I-!,&:&!(-7+,&-M@%.+M&!/4*+T7#+,&!4-!G(*('(.,(#!_@.7+9+,(#E(!4%!4.7@*+&!*4!4.7(!
4./4,+4!/(#(!*474#:+-(#!%(!/#4.4-,+(!*4!(%,(%&+*4.!gB4(@_(#*!;AZZh2!
!
]P! O&.!+-*+&.!*4!\&#74(:I#+,(!Q@4:(6(-!%(.!#(E,4.!*4!RG)')+%"/+G*)G$5//%"G%&%!7#(7(#!,&-!4%!
P@:&!(!/4#.&-(.!Q@4!.@9#+4#(-!*4!%&.!-4#M+&.!&!*4!c:(%&.!.@40&.d!gb+%:&#4!;A;Ah2!!).74!@.&!
/&74-,+(%:4-74!/.+,&(,7+M&!+-*+,(!%(!/&.+6%4!/#4.4-,+(!*4!(%,(%&+*4.!4#'&%E-+,&.2!
!
;]C! )-!%&.!(-T%+.+.!/#4%+:+-(#4.!*4!;`!M(#+4*(*4.!*4!RG)')+%",</".4!*474,7(#&-!.$%&!,(-7+*(*4.!
7#(Y(!g]H]];{!*4%!/4.&!9#4.,&h!*4!(%,(%&+*4.!4-!*&.!*4!%(.!M(#+4*(*4.!/#&,4*4-74.!*4!D(%+9&#-+(!
gb4-4.7!J!K(P(.#(6@*P4!;AXXh2!!K+-!4:6(#'&H!4-!(:6&.!,(.&.!%&.!(@7&#4.!.&./4,P(#&-!Q@4!
c/#&6(6%4:4-74!.4!P(6E(-!,&-7(:+-(*&!,&-!.4:+%%(.!*4!RG)')+%"7<)/%(+%d!"@-(!4./4,+4!,&-!
,&-&,+*&.!494,7&.!/.+,$7#&/&.2!!)-!@-!4.7@*+&!/&.74#+&#!-&!.4!*474,7(#&-!(%,(%&+*4.!+-*$%+,&.!4-!
-+-'@-(!*4!%(.!,+-,&!M(#+4*(*4.!(:4#+,(-(.!*4!R-",</"Q@4!.4!(-(%+Y(#&-!gL4#!G(#*4#&.+(-!J!
s&@-'R4-!;AXXl!MI(.4!7(:6+I-!L4#!G(#*4#&.+(-!+*"%/-";AX`(H!*&-*4!.4!,+7(!@-(!*4!4.7(.!
M(#+4*(*4.h2!!).4!:+.:&!(0&!.4!(-(%+Y(#&-!%(.!.4:+%%(.!*4!7#4.!M(#+4*(*4.!_(/&-4.(.!*4!R!",</!
gcG(7Y@R(Y4dH!cs@R+d!J!~DP+J&!-&!&R+-(dh!J!.4!4-,&-7#(#&-!7#(Y(.!g]H]]3C]H];;{!*4%!/4.&!9#4.,&h!
*4!(%,(%&+*4.!gK7(6(!J!O(@#.4-!;AXXh2!!k4.@%7(!4M+*4-74!Q@4!4%!-&:6#4!*4!4.7(!o%7+:(!M(#+4*(*!
_(/&-4.(!cDP+J&!-&!&R+-(d!M+4-4!*4!%(!,&-&,+*(!/&47+.(!^('(!-&!DP+J&H!Q@4!4.,#+6+$!@-!9(:&.&!
/&4:(!P(+R@!*4*+,(*&!(%!*&-*+4'&H!c5.('(&!J(+d!gB(74.!;AX`h2!
!
;;C!5%!+'@(%!Q@4!.@,4*4!,&-!RG)')+%"(&%..<(%3/<.!"%&.!-(7+M&.!*4!%(.!+.%(.!\+,&6(#H!N-*+(H!@7+%+Y(-!
@-!/#4/(#(*&!,&-!%(.!P&_(.!*4!R-"G+.T(%G&%+"g%(!,&:o-!/%(-7(!*4!%(.!/%(J(.!(#4-&.(.h!4-!
47-&'+-4,&%&'E(!,&:&!4,6$%+,&!g@-(!*#&'(!+-*@,7&#(!*4%!/(#7&h!gL('(#!H!L('(#!;AA;h2!!O&.!
4>7#(,7&.!*4!4.7(!/%(-7(!7(:6+I-!.4!@.(-!,&:&!(-7E*&7&!(%!
;?X!
!
M4-4-&!*4!%(.!:4*@.(.!4-!4%!.@*4.74!*4!5.+(!g"&-'%@>!+*"%/-";AZ3l!"&-'/#(J&&-!+*"%/-!;AA;h!J!
,&-7#(!4%!M4-4-&!*4!%(.!,+'@(74#(.!4-![(-@(7@!gB&@#*J!+*"%/-";AAWh2!!D&:&!R-!7<)/%(+%",&-7+4-4!
4#'+-(!J!4#'&-&M+-(!g(%,(%&+*4.!4#'&%E-+,&.!4-74$'4-&.!J!@74#&7$-+,&.hH!4.!/&.+6%4!Q@4!4.7(.!
/#&/+4*(*4.!*4!R-!G+.T(%G&%+"7(:6+I-!*4#+M4-!*4!4.7&.!:+.:&.!(%,(%&+*4.!4-74$'4-&.2!
!
;WC! 5@-Q@4!4-!@-!4.7@*+&!/#4%+:+-(#!.4!P(%%(#&-!,(-7+*(*4.!.@6.7(-,+(%4.!*4!(%,(%&+*4.!
g]H`W<C]HZ;<!:'V'h!4-!%(.!.4:+%%(.!*4!*&.!M(#+4*(*4.!,@%7+M(*(.!*4!RG)')+%!G3&G3&+%!"4.7(.!
M(#+4*(*4.!.4!+*4-7+9+,(#&-!,&:&!c84(M4-%J!B%@4d!J!c"4(#%J!b(74.d!Q@4!.&-!%&.!-&:6#4.!*4!*&.!
M(#+4*(*4.!P&#74-.4.!,&-&,+*(.!*4!RG)')+%"7<)/%(+%!"@-(!*4!%(.!4./4,+4.!/.+,&(,7+M(.!@7+%+Y(*(.!
#+7@(%:4-74!4-!GI>+,&!g8J%+-!J!j(7.&-!;AX?h2!!)-!@-!4.7@*+&!(-74#+&#!gS(64#!+*"%/-";AX<(h!Q@4!.4!
P(!,#+7+,(*&!/&#!.@!9(%7(!*4!#+'&#!7(>&-$:+,&!J!Q@E:+,&!gL4#!G(#*4#&.+(-!+*"%/!";AX`(h!7(:6+I-!
.4!.@'4#E(!Q@4!%(.!.4:+%%(.!*4!R-!G3&G3&+%",&-74-E(-!(%,(%&+*4.2!!)-!;AX`H!@-!4.7@*+&!.&6#4!@-(!
M(#+4*(*!(:4#+,(-(!*4!R-!"G3&G3&+%"gcD#+:.&-!k(:6%4#dh!*474#:+-$!%(!(@.4-,+(!*4!(%,(%&+*4.!gL4#!
G(#*4#&.+(-!+*"%/-";AX`(h2!!"&.74#+&#:4-74H!4-!;AXXH!.4!#4,&-9+#:(#&-!4.7&.!#4.@%7(*&.!(%!-&!
4-,&-7#(#!(%,(%&+*4.!4-!-+-'@-(!*4!%(.!;<!M(#+4*(*4.!'4-@+-(.!*4!R-!G3&G3&+%"g,&-!-&:6#4.!
,&:4#,+(%4.!,&:&!cD#+:.&-!k(:6%4#d!J!cL&@6%4!k&.4!G(#+4dh!gb4-4.7!J!K(P(.#(6@*P4!;AXXh2!!)-!
&7#&!4.7@*+&!4-!Q@4!.4!(-(%+Y(#&-!,+-,&!M(#+4*(*4.!*4!R-!G3&G3&+%"g,&-!-&:6#4.!7(-!.@'4#4-74.!
,&:&!cD#+:.&-!k(:6%4#dH!cK@-#+.4!K4#4-(*4dH!ck&.4!G(#+4d!J!c#+-R4#64%%~.!"477+,&(7dh!7(:/&,&!
.4!4-,&-7#(#&-!(%,(%&+*4.!gL4#!G(#*4#&.+(-!J!s&@-'R4-!;AXXh2!!=-!4.7@*+&!#4,+4-74!4-,&-7#$!
7#(Y(.!*4!(%,(%&+*4.!*4%!,&#-4Y@4%&!4-!.4:+%%(.!*4!R-!G3&G3&+%"gj+%R+-.&-!+*"%/-";AZXh2!!).7(.!
/#@46(.!-&.!+-*+,(-!Q@4!8J%+-!J!j(7.&-!,&:47+4#&-!@-!4##&#!*4!-&:4-,%(7@#(!(%!.@6.7+7@+#!4%!
-&:6#4!4./4,E9+,&!G3&G3&+%"c*4!,&%&#!/o#/@#(d!/&#!%&!Q@4!#4(%:4-74!Q@4#E(-!*4,+#H!7<)/%(+%"c*4!
,&%&#!M+&%47(d2!!5.E!74-*#E(:&.!Q@4!,&-.+*4#(#!4-!4.74!,(.&!Q@4!.4!(7#+6@J$!(!R-!G3&G3&+%",@(-*&!
4#(!R-!7<)/%(+%!"J(!Q@4!7#4.!4.7@*+&.!+-*4/4-*+4-74.!-&!*474,7(#&-!(%,(%&+*4.!4-!@-!7&7(%!*4!;A!
M(#+4*(*4.!*4!R-!"G3&G3&+%!"J!@-!.&%&!4.7@*+&!(9+#:(!P(64#!*474,7(*&!7#(Y(.!*4!(%,(%&+*4.!4-!
.4:+%%(.!*4!4.7(!4./4,+42!!=-!#4,+4-74!4.7@*+&!.&6#4!/%(-7(.!/.+,$7#&/(.!+7(%+(-(.!#4.(%7(!Q@4!%&.!
(@7&4>/4#+:4-7&.!,&-!4.7(!4./4,+4!-&!:&.7#(#&-!/#&/+4*(*4.!/.+,$7#&/(.!gn4.7+!J!5%%+&7(!;AA]h2!!
L4.'#(,+(*(:4-74H!4.74!4##&#!.4!P(!/4#/47@(*&!4-!%(!%+74#(7@#(!4./4,+(%+Y(*(2!!)-!%(!#4+:/#4.+$-!
*4!;AA]!*4!@-!4.7@*+&!/@6%+,(*&!&#+'+-(%:4-74!4-!;AXXH!%(.!.4:+%%(.!*4!c84(M4-%J!B%@4d!J!
c"4(#%J!b(74.dH!M(#+4*(*4.!*4!R-!7<)/%(+%!".4!-&:6#(6(-!,&:&!R-!"G3&G3&+%!",+7(-*&!4%!4.7@*+&!*4!
S(64#!J!.@!'#@/&!gK(M('4!+*"%/-";AA]h2!!N-,%@.&!:T.!#4,+4-74:4-74H!4-!@-(!cP+.7&#+(!#(*+,(%d!*4!
%&.!4-74$'4-&.!J!%(!4M&%@,+$-!P@:(-(!(/(#4,E(!4%!-&:6#4!4##$-4&!*4!R-!"G3&G3&+%"4-!.@!(-T%+.+.!
*4%!@.&!#+7@(%!*4!R-!7<)/%(+%"+,!GI>+,&!gS2^!G,^4--(!;AAWh2!
!
!
z2!).74!D@(*#&!#4,&'4!%(.!4./4,+4.!*4!P&-'&.!J!*4!/%(-7(.!,&-!9%&#4.!Q@4!,&-7+4-4-!(%,(%&+*4.!
4#'&%E-+,&.!/.+,$7#&/&.!,&-&,+*&.2!!O&.!(%,(%&+*4.!*4%!,&#-4Y@4%&!Q@4!.4!.(64!Q@4!.&-!
4-74$'4-&.!.&-F!;h!(:+*(!*4%!T,+*&!%+.I#'+,&!&!4#'+-(!gO5C;;;hH!+-'4#+*(!/&#!/#+:4#(!M4Y!/&#!
8&9:(--!J!(,7+M(!(!*&.+.!*4!]H?C;H]!:'!g8&9:(--!;AX<l!K&%:.!;A?X(l!K&%:.!;A?X6hl!Wh!\C;C
P+*#&>+C47+%(+-+*(!*4%!T,+*&!%+.I#'+,&!gQ@4!.4!P+*#&%+Y(!
;?3!
!
<,"7<7)"9&#:T-*&.4!#T/+*(:4-74!%(!(:+*(!*4%!T,+*&!%+.I#'+,&l!8&9:(--!;A3;h!J!<h!OHWC
/#&/(-&%(:+*(!*4%!T,+*&!+.&%+.I#'+,&!&!4#'&-&M+-(!g7(:6+I-!,&-&,+*(!/&#!%&.!.+-$-+:&.!
4#'&6(.+-(H!4#'&:47#+-(H!4#'&7&,+-(!J!4#'&.747#+-(l!MI(.4!D(/E7@%&!WH!\&7(!XhH!.+4-*&!8&9:(--!4%!
/#+:4#&!4-!*4.,@6#+#!Q@4!4#(-!4-74&'I-+,(.!4-!*&.+.!*4!WH]!:'!*4!P+*#&'4-&!:(%4(7&!g8&9:(--!
;A3Z(h!J!/#&6(*(!/&.74#+&#:4-74!4-!*&.+.!*4!P(.7(!;]!:'!gB+'i&&*!+*"%/-";A3Ah2!!).!/&.+6%4!Q@4!
P(J(!&7#&.!,&:/&-4-74.!/.+,&(,7+M&.!4-!4.7(.!/%(-7(.H!J!:@,P(.!,&-7+4-4-!(%,(%&+*4.!
9(#:(,&%$'+,(:4-74!(,7+M&.H!(@-Q@4!-&!/.+,$7#&/&.2!!5%'@-(.!*4!4.7(.!4./4,+4.H!,&:&!B3.(3*%"
'),)?5,%"=RF%,"+*"%/-";AXZhH";&?i+<%"(%G<*%*%!";&?5&+<%"'%<,?%5<"J!&7#(.!4./4,+4.!*4!;&?5&+<%"+!
RG)')+%"gDP(&!J!L4#!G(#*4#&.+(-!;A3<6hH!,&-7+4-4-!@-(!'#(-!M(#+4*(*!*4!(%,(%&+*4.!4#'&%E-+,&.!
g.4'o-!(%'@-&.!4.7@*+&.hH!/4#&!-+-'@-&!*4!4.7&.!,&:/@4.7&.!4.!4-74&'I-+,&H!-+!4>+.74-!+-9&#:4.!
4-!%(.!Q@4!.4!,+74!(!4.7(.!4./4,+4.!,&:&!4-74&'I-+,(.2!
;?Z!
!
!
!
D5"aS=Of!S)kD)kf!
LGSH!Df8fB5H!)")\‡F!SkN"S5GN\5K!L)!5DDNˆ\!DfkS5!
!
!!!!
!!!O&.!(@7&#4.!P(-!P(%%(*&!\H\C*+:47+%7#+/7(:+-(!J!6@9&74-+-(!4-!@-!/&%M&!+-P(%(6%4!/#4/(#(*&!/&#!
%&.!-(7+M&.!*4!8(+7E!(!/(#7+#!*4!%(.!.4:+%%(.!*4!#4G*%1+,<%"G+&+?&<,%!"Q@4!%&.!-(7+M&.!4:/%4(-!4-!.@.!
,4#4:&-+(.!#4%+'+&.(.2!!)%!494,7&!/.E,$7#&/&!.4!(7#+6@J$!(!%(!6@9&74-+-(H!/4#&!.4!*4.,&-&,E(!.+!%(!
*+:47+%7#+/7(:+-(!4#(!(%@,+-$'4-&!&!-&2!!5.E!Q@4!*4,+*E!.+-747+Y(#%(H!J!%(!/#&6I!4-!:+!:+.:&222!-&!
9@4!(,7+M(!/&#!ME(!&#(%222!)-7&-,4.!4:/4Y(:&.!,&-!%(!(*:+-+.7#(,+$-!+-7#(:@.,@%(#H!4-!*&.+.!*4!@-!
:+%E'#(:&!Q@4!/#&*@,4-!@-(!#4(,,+$-!#T/+*(!J!:@J!9@4#74222!O(.!*+.7&#.+&-4.!4-!%(!/4#,4/,+$-!.&-!
/#+-,+/(%:4-74!*4!-(7@#(%4Y(!M+.@(%H!*4!:&*&!Q@4!,&-!%&.!&_&.!,4##(*&.!.4!/@4*4-!&6.4#M(#!
+%@.+&-4.!J!9&#:(.!,&%&#4(*(.H!6T.+,(:4-74!9&#:(.!'4&:I7#+,(.!Q@4!.4!:@4M4-!:@J!#T/+*(:4-74H!
J!Q@4!(%'@-(.!M4,4.!/&.44-!@-!.+'-+9+,(*&!J!@-(.!,&--&7(,+&-4.!/#&9@-*(:4-74!4:&7+M(.2!
0+,^a,3!%A!0bc*)!
!
J.*31<)".)8&+"/)."+0+(*)."G.<()%(*<7)."1+"1<7+&.)."1+&<7%1)."*&<G*%'4,<()."g;AX3h!
!
)-!(6#+%!*4!;A?XH!K74/P4-!;2!KYT#(!J!c*+M4#.&.!(:+'&.!,&-!4%!.@9+,+4-74!M(%&#!,&:&!/(#(!/#4.7(#.4!
M&%@-7(#+&.d!.4!,&-M+#7+4#&-!4-!%&.!/#+:4#&.!4-!4>/4#+:4-7(#!%&.!+-74-.&.!494,7&.!4-74$'4-&.!*4%!
,%&#P+*#(7&!*4!\H\C*+:47+%7#+/7(:+-(!gLG~NhH!.@6.7(-,+(!Q@4!4%!'#@/&!*4!n+.PH!e&P-.&-!J!8&#-+-'!
P(6E(!+*4-7+9+,(*&!4%!(0&!(-74#+&#!,&:&!@-&!*4!%&.!,&:/&-4-74.!*4!%(!()$)8%!"@-!#(/I!
4-74&'I-+,&!4%(6&#(*&!,&-!%(.!.4:+%%(.!*4!;,%1+,%,*$+&%"G+&+?&<,%"=f<.$"+*"%/-";A??l!KYT#(!;A?Xl!
KYT#(!;A?3l!KYT#(!;AX;l!KYT#(!;AXWh2!!O(!LGS!P(6E(!.+*&!.+-747+Y(*(!W?!(0&.!(-74.!*4!%&.!
4>/4#+:4-7&.!*4!KYT#(H!/&#!4%!Q@E:+,&!6#+7T-+,&!k+,P(#*!G(-.R4!gG(-.R4!;A<;h2!!\&!.4!/4-.$!Q@4!
4.74!/#&*@,7&!/@*+4#(!74-4#!+-74#I.!9(#:(,&%$'+,&H!P(.7(!Q@4!W`!(0&.!:T.!7(#*4!.4!*474#:+-$!Q@4!
4#(!@-!/#&*@,7&!-(7@#(%!J!/#&6(6%4:4-74!4%!/#+-,+/+&!(,7+M&!*4!@-!,&-&,+*&!#(/I!4-74$'4-&2!!O(!
LGS!Q@4!KYT#(!.+-747+Y$!4-!.@!%(6&#(7&#+&H!Q@E:+,(:4-74!+*I-7+,(!(!%(!-(7@#(%H!#4.@%7$!.4#!@-!
4-74$'4-&!*4!'#(-!/&74-,+(H!J!c*4!494,7&.!7(-!6#4M4.H!Q@4!P(-!74#:+-(*&!
;?A!
!
(-74.!*4!Q@4!@-&!.4!*4!,@4-7(!*4!%&!Q@4!4.7(!.@,4*+4-*&dH!_@-7&!(!@-(!M4%&,+*(*!*4!+-+,+&!
4>7#(&#*+-(#+(:4-74!#T/+*(H!(%#4*4*&#!*4!*&.!&!7#4.!:+-@7&.!*4.*4!Q@4!.4!+-J4,7(!/&#!ME(!
+-7#(:@.,@%(#!gKYT#(!47!(%2!;AX3h2!
5!/#+-,+/+&.!*4!;AX;!4%!4.,#+7&#!(:4#+,(-&!J!(9+,+&-(*&!(!%(!4>/4#+:4-7(,+$-!,&-!*#&'(.!j+%%+(:!
B@##&@'P.!4:/4Y$!@-(!.4#+4!*4!(@7&(*:+-+.7#(,+&-4.!*4!LGSH!@7+%+Y(-*&!*&.+.!*4!@-&.!X?!:'H!
c,&-!#4.@%7(*&.!(!M4,4.!*4.('#(*(6%4.!/4#&!Q@4!.4!,&-7#&%(-!6+4-!J!.+4:/#4!#4.@%7(-!
+-74#4.(-74.d!P(.7(!Q@4!@-!*E(!7&:&!+-(*M4#7+*(:4-74!@-(!c.&6#4*&.+.d!*4!;]]!:'!Q@4!%4!
/#&M&,$!@-(!cP&##+6%4!4>/4#+4-,+(d!*4./@I.!*4!%(!,@(%!B&##&@'P.!c(*M4#7+#E(!*4!9&#:(!@#'4-74d!(!
&7#&.!4>/4#+:4-7(*&#4.!gB@##&@'P.!;AX`h2!!5!/4.(#!*4!%(.!(*M4#74-,+(.!*4!B@##&@'P.H!S+:&7PJ!
O4(#J!J!k(%/P!G47Y-4#H!Q@4!4-!(Q@4%%(!I/&,(!7#(6(_(6(-!4-!8(#M(#*!gMI(.4!,(/E7@%&!WhH!*4,+*+4#&-!
/#&6(#!%(!LGS!4-!@-!'#@/&!*4!/4#.&-(.!,&-7#&%(*&!J!4-!@-!(:6+4-74!(*4,@(*&!gO4(#J!;AXZh2!!
G47Y-4#!4.,#+6+$!4-!4%!/#+:4#!-o:4#&!*4!SP4!#.5($+1+/<("N+7<+i!"/@6%+,(*&!4-!;AX<H!Q@4!%(!LGS!
/#&*@,E(!c(!*&.+.!*4!;!:'VR'2!@-&.!494,7&.!.+:+%(#4.!(!%&.!*4!%(!OKL!&!%&.!*4!%(!:4.,(%+-(H!/4#&!*4!
*@#(,+$-!+-94#+&#d!gG47Y-4#!;AX<h2!!5!/4.(#!*4!Q@4!4%!9+%$.&9&!#4%+'+&.&!5%(-!j(77.!*4.4.7+:(#(!%(!
LGS!,(%+9+,T-*&%(!*4!c4-7#474-+*(H!/4#&!/&,&!+-74#4.(-74d!gj(77.!;A3]hH!O4(#J!P(6%(6(!*4!4%%(!
,&:&!c4.74!:(#(M+%%&.&.!(%,(%&+*4d!J!,&:4-7(6(!Q@4!c!4-!W?!:+-@7&.!g%(!*@#(,+$-!:4*+(!*4!@-!
.4#:$-h!74!P(,4!'+#(#!4-!@-(!*(-Y(!*4!4-4#'E(H!4%!/#&,4.&!,$.:+,&H!(!%(!:T.!M4#7+'+-&.(!M4%&,+*(*!
/.+,&*I%+,(2!!O&.!W?!:+-@7&.!.4!M+M4-!,&:&!@-!.4'@-*&!J!(!%(!M4Y!,&:&!@-!H%/G%"*4!:+%!:+%%&-4.!*4!
(0&.d!gO4(#J!;AX`h2!
)%!4-7@.+(.:&!*4!O4(#J!4.7(6(!4-!494,7&!_@.7+9+,(*&2!!5@-Q@4!%(!LGS!-@-,(!9@4!*+.7#+6@+*(!*4!
9&#:(!(:/%+(!(-74.!&!*4./@I.!*4!.@!+%4'(%+Y(,+$-!(!9+-(%4.!*4!%&.!X]H!.+4:/#4!P(!,&-7(*&!,&-!9+4%4.!
(*4/7&.!4-7#4!%&.!@.@(#+&.!*4!4-74$'4-&.2!
"4Q@40(.!,(-7+*(*4.!*4!LGS!/@#(!.+4:/#4!P(-!4.7(*&!(%!(%,(-,4!*4!%(!4%+74!*4!%&.!(9+,+&-(*&.!(!
4.7(.!.@.7(-,+(.H!J!,&-7+-@(!.+4-*&!:@J!6@.,(*(2!!).!:T.H!,&:&!.@.7(-,+(!+-74'#(-74!*4!%(!/&,+$-!
4-74$'4-(!.@*(:4#+,(-(!%5%$3%.(%!"%(!LGS!P(!*4./4#7(*&!@-(!'#(-!(74-,+$-H!J!.4!P(!,&-M4#7+*&!
4-!@-&!*4!%&.!4-74$'4-&.!*4!4%4,,+$-!*4!9+-(%4.!*4!%&.!Z]!J!/#+-,+/+&.!*4!%&.!A]2!!5!/4.(#!*4!Q@4!%(!
P+.7&#+(!*4!.@!@.&!4-!9&#:(!/@#(!.4(!,&#7(H!%(!LGS!4.7T!/#4.4-74!4-!M(#+(.!/%(-7(.!4-74$'4-(.!*4!
'#(-!+:/&#7(-,+(!J!@.&!+-:4:&#+(%!4-!K@*(:I#+,(!J!4%!D(#+64!J!Q@4!4-7#(#&-!4-!%(!P+.7&#+(!4-!4%!
.+'%&!t[!*@#(-74!4%!.4'@-*&!M+(_4!*4!D&%$-2!!)%!4>(:4-!*4!%(!P+.7&#+(!-(7@#(%!*4!%&.!#(/I.!Q@4!
,&-7+4-4-!LGS!-&.!/#&/&#,+&-(#T!@-(!/4#./4,7+M(!(*4,@(*(!/(#(!(6&#*(#!4%!@.&!:&*4#-&!*4!
4.74!/&74-74!4-74$'4-&2!
!
!
Df8fB5H!sf"f!s![NOD5!
O5K!O)b=GBk)K!)\S)fbp\ND5K!
!
L@#(-74!4%!.4'@-*&!M+(_4!*4!D&%$-!(!%(.!5:I#+,(.H!(!%&!%(#'&!*4!%&.!(0&.!;`A<C;`AXH!4%!/#&/+&!
(%:+#(-74!:4-,+&-$!4%!@.&!*4!@-!:+.74#+&.&!c/&%M&d!Q@4!4.-+9(6(-!%&.!c#4J4.d!*4!%&.!+-*+&.!S(E-&!
*4!%(!+.%(!)./(0&%(H!J!Q@4!c:4*+(-74!4.74!/&%M&!/+4#*4-!%(!,&-,+4-,+(!J!(,7o(-!,&:&!%&.!P&:6#4.!
646+*&.d!gS&##4.!;AZZl!j(..I-!;AX3h2!!D&%$-!
;X]!
!
*4%4'$!4%!4.7@*+&!*4!%(.!,&.7@:6#4.!*4!%&.!S(E-&!4-!4%!9#(+%4!k(:$-!"(-IH!Q@+I-!4.,#+6+$!(,4#,(!*4!
%(.!/#T,7+,(.!*4!%&.!83$3<*<$3"&!,P(:(-4.!Q@4!c7&:(-!,+4#7&!/&%M&!%%(:(*&!()$)8%"4.-+9(*&!/&#!%(!
-(#+YH!*4!:&*&!Q@4!%4.!+-7&>+,(!J!,(@.(!Q@4!-&!.4/(-!%&!Q@4!P(,4-222d!gj(..I-!;AX3h2!!"(-I!.4!
#49+#+$!7(:6+I-!(!%(!*#&'(!,&-!4%!-&:6#4!*4!()?<)8%!"J!4-!@-!4.,#+7&!/&.74#+&#!*4!"474#!G(#7J#!.4!
,+7(!,&-!4%!-&:6#4!*4!F)$)88%!g;h2!!S@M+4#&-!Q@4!7#(-.,@##+#!:T.!*4!,@(7#&!.+'%&.!P(.7(!Q@4!4%!
47-&6&7T-+,&!(:4#+,(-&!j2)2!K(99&#*!+*4-7+9+,(#(!*49+-+7+M(:4-74!%(!()$)8%",&:&!%(.!.4:+%%(.!*4!
#<G*%1+,<%"G+&+?5<,%!":T.!,&-&,+*(!P&J!4-!*E(!,&:&!;,%1+,%,*$+&%"G+&+?&<,%"gk4+.!5%7.,P@%!
;A3Wl!K(99&#*!;A;Xh2!!5@-Q@4!(%'@-&.!P(6E(-!,&-9@-*+*&!(-74#+&#:4-74!%(!()$)8%",&-!4%!7(6(,&H!
/%(-7(!@.(*(!7(:6+I-!/&#!%&.!S(E-&H!K(99&#*!6(.$H!4-!/(#74H!.@!+*4-7+9+,(,+$-!4-!4%!@.&!*4%!#(/I!*4!
;-"G+&+?&<,%!"Q@4!.4!P(%%(6(!:@J!4>74-*+*&!6(_&!4%!-&:6#4!*4!5)G)"4-7#4!M(#+(.!,&:@-+*(*4.!
+-*E'4-(.!.@*(:4#+,(-(.!*4!%(!,@4-,(!*4%!f#+-&,&2!!L+M4#.&.!J(,+:+4-7&.!(#Q@4&%$'+,&.!4-!
5#'4-7+-(H!B#(.+%H!DP+%4H!D&%&:6+(H!D&.7(!k+,(H!%(!k4/o6%+,(!L&:+-+,(-(H!8(+7EH!"4#o!J!"@4#7&!k+,&!
*(-!94!*4!%(!'#(-!4>74-.+$-!Q@4!(%,(-Y$!4-!%(!(-7+'m4*(*!4%!@.&!*4%!#(/I!4-74&'I-+,&!4-!%(!Y&-(!
*4%!D(#+64!J!K@*(:I#+,(!gD&#*JCD&%%+-.!;AZWl!L4!K:47!;AZ?6l!n#(-,P!;AZWl!n@#.7!;A3`6l!"('(-!
"4#*&:&!;A3Zl!S&##4.!;AZ;l!S&##4.!;AZ3l!S&##4.!;AAWl!S&##4.!+*"%/-";AA;l!j(..I-!;AX?l!j(..I-!
;AX3l!j(..I-!J!8&%:.74*7!;AX<h2!!)>+.74-!/#@46(.!*4!%(!/4#M+M4-,+(!*4%!@.&!*4%!#(/I!*4!
;,%1+,%,*$+&%"4-7#4!%&.!+-*+&.!G(7(,&!4-!%(.!#4'+&-4.!*4!kE&!B4#:4_&!J!kE&!"+%,&:(J&!4-!%(!
5#'4-7+-(!gk4/R4!;AAWl!S&##4.!;AAWh2!!k4,+4-74:4-74!.4!P(!+-9&#:(*&!Q@4!.&-!7#4.!%(.!4./4,+4.!
@.(*(.!,&:&!4:6#+('(-74.!/&#!%&.!+-*+&.!*4!"(#('@(JF!;,%1+,%,*$+&%"G+&+?&<,%"=(3&3GD5:S";-"
()/3',%"7%&-"(A8</"=q#<G*%1+,<%"'%(&)(%&G%S!(3&3GD5T(3&U:"5";-"*<?<1%"=(3&3uGD5T&DS"D&.7(-7+-+!
;A3?h2!!K4!7+4-4!-&7+,+(!*4!Q@4!4.7&.!#(/I.!*4!;-"G+&+?&<,%"(o-!.4!/#4/(#(6(-!4-!;A3;!4-!%(!
,@4-,(!*4%!#E&!f#+-&,&!gB#4i4#!D(#+(.!J!K74J4#:(#R!;A3Xh2!
)%!4>/%&#(*&#!52!M&-!8@:6&%*7!9@4H!4-!4%!(0&!;Z];H!4%!/#+:4#&!4-!,+7(#!4%!@.&!*4%!5)G)"4-!9&#:(!*4!
#(/I!4-7#4!%&.!+-*+&.!G(J/@#4!*4%!f#+-&,&H!L474#:+-$!Q@4!%(!9@4-74!*4!%(.!.4:+%%(.!@.(*(.!4-!4%!
/&%M&!4#(-!%(.!*4!;(%(<%",<)G)"f%(:(*(!/&.74#+&#:4-*+"[<').%"%(%(<)<1+."/&#!k2!K,P&:6@#'RhH!
(@-Q@4!(7#+6@J$!4##$-4(:4-74!%(!/&74-,+(!*4%!#(/I!(!%(!c,(%!#4,+I-!,(%,+-(*(d!Q@4!.4!:4Y,%(6(!
,&-!%(.!.4:+%%(.!94#:4-7(*(.!J!:&%+*(.!g8@:6&%*7!J!B&-/%(-*!;Z?WC;Z?<h2!!D+-,@4-7(!(0&.!:T.!
7(#*4H!4%!+%@.7#4!6&7T-+,&!k+,P(#*!K/#@,4!4.,#+6+$!4%!/#+:4#!7#(6(_&!4>P(@.7+M&!.&6#4!4%!@.&!*4%!
5)G)"4-7#4!%&.!+-*+&.!b@(P+6&!*4%!f#+-&,&H!(@-Q@4!.@.!-&7(.!-&!9@4#&-!/@6%+,(*(.!P(.7(!?3!(0&.!
*4./@I.!gK,P@%74.!;AZ<,l!K/#@,4!;A]Zh2!!K/#@,4!%%(:$!(!%(!/%(-7(!#<G*%1+,<%",<)G)-"")-!"4#o!J!
B&%+M+(!.4!,&-&,4!,&-!4%!-&:6#4!*4!7</(%")"$3</(%"=(A8</"4-!4%!-&#74!*4!5#'4-7+-(h!(%!#(/I!/#4/(#(*&!
,&-!%(.!.4:+%%(.!*4!;,%1+,%,*$+&%"()/3',%!"4.7#4,P(:4-74!4:/(#4-7(*&!,&-!%(.!(-74#+&#4.!gk4+.!
5%7.,P@%!;AX3l!k4+.!5%7.,P@%!;A3Wh!J!*4!,@J&!@.&!4-7#4!%&.!,P(:(-4.!N-,(.!*4%!.+'%&!t[N!J(!.4!74-+(!
-&7+,+(!gK,P@%74.!J!8&9:(--!;AZ]h2!!S(:6+I-!4>+.74-!+-*+,+&.!6(.7(-74!9+(6%4.!*4!Q@4!%&.!N-,(.!
@7+%+Y(#&-!/%"7</(%"4-!9&#:(!*4!4-4:(.H!(@-Q@4!-&!4.7T!,%(#&!.+!.4!@7+%+Y(6(-!,&:&!4:6#+('(-74.!&!
,&:&!/@#'(-74.!gL4!K:47!;AZ<h2!!f7#(.!7#+6@.!,&:&!%&.!G@#(!J!%&.!f:('@(!gJ!/#&6(6%4:4-74!
&7#&.!'#@/&.!+-*E'4-(.h!/(#4,4!Q@4!7(:6+I-!@7+%+Y(#&-!4-4:(.!*4!;-"G+&+?&<,%",&-!4%!-&:6#4!*4!
/(#+,T2!!5@-Q@4!4.74!7I#:+-&!.4!@.(!*4!9&#:(!'4-I#+,(!/(#(!*4.+'-(#!(!%&.!#(/I.!4-74&'I-+,&.!4-!
*+M4#.(.!/(#74.!*4!%(!5:(Y&-+(!J!*4!9&#:(!4./4,+(%!
;X;!
!
/(#(!#494#+#.4!(!%&.!/#4/(#(*&.!*4!&7#(!/%(-7(H!b<&)/%".//2!Q@4!:4-,+&-(#4:&.!:T.!(*4%(-74!gL4!
K:47!;AZ<l!L4!K:47!;AZ?(l!n@#.7!J!D&4!;A33h2!!"&#!&7#(!/(#74H!4%!P4,P&!*4!Q@4!-&!.4!4-,@4-7#4-!
4./4,+4.!*4!;,%1+,%,*$+&%"4-!%(!5:(Y&-+(H!/%(-74(!*@*(.!.&6#4!.+!%(.!P&_(.!*4!,@#@/(!Q@4!
@7+%+Y(-!%&.!+-*+&.!f:('@(!4-!.@.!#(/I.!J!4-4:(.!4-74&'I-+,&.!/@4*4-!&!-&!(*.,#+6+#.4!(!4.74!
'I-4#&!gL4!K:47!;AZ<l!S&##4.!+*"%/-!;AA;h2!
!
!
U=aGND5!L)!OfK!k5")K!L)!5\5L)\5\S8)k5!
!
)-!;A?`H![2O2!K7#&:64#'!,&-.+'@+$!(+.%(#!%(!?CP+*#&>+C\H\C*+:47+%7#+/7(:+-(!g?f8CLGSH!@-!+.$:4#&!
*4!/&.+,+$-!*4!%(!/.+%&,+-(h!;!%%(:(*(!7(:6+I-!6@9&74-+-(H!*4!%(.!.4:+%%(.!*4!;,%1+,%,*$+&%"
G+&+?&<,%"gK7#&:64#'!;A?`h2!!5%!(0&!.+'@+4-74H!n+.P!J!.@.!,&%(6&#(*&#4.!,&-9+#:(#&-!4.74!P(%%(Y'&H!
+*4-7+9+,(-*&!7(:6+I-!LGS!J!%&.!\C$>+*&.!*4!(:6&.!,&:/@4.7&.!4-!%(.!M(+-(.!J!.4:+%%(.!*4!%(!
/%(-7(!gn+.P!+*"%/-";A??hH!%&!Q@4!%%4M(#E(!(!KYT#(!(!#4(%+Y(#!.@.!P+.7$#+,(.!+-M4.7+'(,+&-4.!.&6#4!%(.!
/#&/+4*(*4.!4-74$'4-(.!*4!%(!LGS2!!O(!6@9&74-+-(!P(6E(!.+*&!(+.%(*(!/&#!/#+:4#(!M4Y!4-!;AW]!/&#!
82!8(-*&M.RJH!Q@+I-!%(!&67@M&!,&:&!,&:/&-4-74!:4-&#!*4%!M4-4-&!*4%!.(/&!W30)"73/'(#+.!
g8(-*&M.RJ!;AW]h2!!L4.*4!4-7&-,4.!.4!P(!P(%%(*&!4-!-@:4#&.(.!/%(-7(.!J!(-+:(%4.!gK7&i4!;A?Ah2!!
)-!;A??H!5%64#7!8&9:(--!J!.@.!,&%4'(.!*4!%&.!%(6&#(7&#+&.!K(-*&Y!/@6%+,(#&-!@-(!.E-74.+.!
:4_&#(*(!*4!4.74!,&:/@4.7&!J!*4!*+M4#.(.!&>+7#+/7(:+-(.!#4%(,+&-(*(.!gK7&%%!+*"%/-";A??h2!!O(!
6@9&74-+-(!4.!@-!,&:/@4.7&!6(.7(-74!4.7(6%4H!*4!9&#:(!Q@4!P(!/&*+*&!*474,7(#.4!4-!%(.!.4:+%%(.!
*4!;,%1+,%,*$+&%"gL4!K:47!J!k+M+4#!;AZ3h!Q@4!K/#@,4!#4,&%4,7$!4-!;Z?`!gK,P@%74.!+*"%/-";A336hH!4!
+-,%@.&!4-!:@4.7#(.!,&-!@-(!(-7+'m4*(*!*4!;W]]!(0&.!/#&M4-+4-74.!*4!#(/I.!4-74$'4-&.!*4!DP+%4!
gS&##4.!+*"%/";AA;h2!!)-!;A??H!.4!#4(%+Y(#&-!%&.!/#+:4#&.!4>/4#+:4-7&.!,&-!6@9&74-+-(H!
(*:+-+.7#T-*&.4!(!,@(7#&!/#+.+&-4#&.!*4!%(!/4-+74-,+(#+(!*4%!4.7(*&!*4!fP+&2!!)-!*+,P(.!/#@46(.!
%4.!9@4#&-!(*:+-+.7#(*(.!+-J4,,+&-4.!+-7#(M4-&.(.!*4!P(.7(!;X!:'2!*4!6@9&74-+-(!4-!9&#:(!*4!
.@%9(7&!*4!,#4(7+-+-(2!!)-!4%!+-9&#:4!.4!:4-,+&-(!Q@4!(!%&.!*4.*+,P(*&.!Q@4!#4,+6+4#&-!%(.!*&.+.!
:T.!4%4M(*(.H!.4!%4.!/@.&!%(!,(#(!c*4%!,&%&#!*4!@-(!64#4-_4-(dH!J!Q@4!4>/4#+:4-7(#&-!94-$:4-&.!
M+.@(%4.!*4!/&,(!+:/&#7(-,+(!J!*@#(,+$-H!/&#!%&!Q@4!%&.!+-M4.7+'(*&#4.!,&-,%@J4#&-!Q@4!%(!
.@.7(-,+(!4#(!c(%@,+-$'4-(d!gn(6+-'!J!8(iR+-.!;A?Xh2!!)-!@-!4.7@*+&!/&.74#+&#!.4!:4-,+&-(-!
494,7&.!.+:+%(#4.!&674-+*&.!:4*+(-74!+-J4,,+&-4.!+-7#(M4-&.(.!*4!;W!(!;X!:'!*4!6@9&74-+-(!
gB&-P&@#!+*"%/-";AX3h2!!)-!;A??H!,&:&!/(#74!*4!%&.!4>/4#+:4-7&.!*4%!/#&J4,7&!G^=OSk5!*4!%(!DN5!
gMI(.4!,(/E7@%&!WH!-&7(!;?hH!82K2!N.64%%!(*:+-+.7#$!()$)8%"J!6@9&74-+-(!(!*+M4#.&.!/#+.+&-4#&.!
+-74#-(*&.!4-!%(!c'#(-_(d!*4!-(#,$7+,&.!*4!O4>+-'7&-H!^4-7@,RJ2!!)%!#(/I!#4.@%7$!7&7(%:4-74!
+-(,7+M&H!+-,%@.&!(!*&.+.!*4!P(.7(!;!'#(:&!(*:+-+.7#(*(.!(!+-74#M(%&.!*4!<]!:+-@7&.H!4!+'@(%!&,@##+$!
,&-!%(!6@9&74-+-(!(*:+-+.7#(*(!,&:&!.@%9(7&!*4!,#4(7+-+-(!4-!*&.+.!*4!P(.7(!`]!:'!4-!9&#:(!*4!
(4#&.&%!(/%+,(*&!4-!%(.!9&.(.!-(.(%4.2!!K+-!4:6(#'&H!%&.!.@_47&.!Q@4!#4,+6+4#&-!*&.+.!*4!;]!(!;WH?!
:'!4-!9&#:(!*4!+-J4,,+$-!+-7#(:@.,@%(#H!.E!Q@4!:(-+94.7(#&-!4>/4#+:4-7(#!c(%@,+-(,+&-4.!
M+.@(%4.222!@-!_@4'&!*4!,&%&#4.!%@,4.!J!9&#:(.d!
;XW!
!
gN.64%%!4-!S@#-4#!J!G4#%+.!;A?Ah2!!)-!4%!7#(-.,@#.&!*4!%&.!4>/4#+:4-7&.!%%4M(*&.!(!,(6&!,&-!;`!
c4.Q@+Y&9#I-+,&.d!4-!@-(!+-.7+7@,+$-!/.+Q@+T7#+,(!*4!\@4M(!s&#RH!S@:4#!J!G4#%+.!&6.4#M(#&-!
'#(M4.!(%74#(,+&-4.!9E.+,(.!7#(.!%(!(*:+-+.7#(,+$-!+-7#(M4-&.(!*4!;]!:'!*4!6@9&74-+-(!(!@-&!*4!
.@.!+-*494-.&.!c/(,+4-74.d2!!L4,+*+4#&-!,&-,%@+#!.@.!4>/4#+:4-7&.!,@(-*&!&7#&.!7#4.!c/(,+4-74.d!
4.7@M+4#&-!(!/@-7&!*4!:&#+#!*4./@I.!*4!#4,+6+#!*&.+.!#4%(7+M(:4-74!/4Q@40(.!*4!%(!*#&'(!gS@:4#!
 J!G4#%+.!;A?Ah2!!L4!9&#:(!+-,#4E6%4H!S@:4#!J!G4#%+.!%4.!(*:+-+.7#(6(-!%(.!+-J4,,+&-4.! c(!%(!
.(%+*(!*4!@-!,&:(!+-.@%E-+,&!&!*4./@I.!*4!#4,+6+#!@-(!74#(/+(!*4!4%4,7#&.P&,R.d2!!)-!&7#(.!
&,(.+&-4.!%(.!+-J4,,+&-4.!M4-E(-!(!,&-7+-@(,+$-!*4!@-!7#(7(:+4-7&!/#4M+&!,&-!#4.4#/+-(!J!
,%&#/#&:(Y+-(2!!)-!%&.!o%7+:&.!*&.!,(.&.H!c,(*(!@-(!*4!4.7(.!+-J4,,+&-4.!#4.@%7(#&-!,(.+!:&#7(%4.!
(!/4Q@40(.!*&.+.!g4-7#4!WH?!J!?!:'h!c!/#&*@,+I-*&.4!@-!/(#&!#4./+#(7&#+&!(,&:/(0(*&!*4!@-(!
,+(-&.+.!,(#(,74#E.7+,(H!*4.,#+7(!*4!9&#:(!*4.*40&.(!,&:&!#&.7#&.!c*4!,&%&#!,+#@4%(d2!!L4!9&#:(!
/#4M+.+6%4H!%&.!c/(,+4-74.!.4!(.@.7(#&-!*4!9&#:(!4>7#4:(dH!x@-(!#4(,,+$-!:@J!.4-.(7(!(-74!%(.!
74-7(7+M(.!*4!.@.!:I*+,&.!gJ!,(#,4%4#&.h!*4!:(7(#%&.y!!=-&!.4!/#4'@-7(!.+!4.7(!c#4(,,+$-!
/(#(-&+,(d!,&-7#+6@J$!(!Q@4!,&-7+-@(#(-!4-!/#+.+$-!#4,+6+4-*&!c7#(7(:+4-7&d!,&-7#(!%(!
c4.Q@+Y&9#4-+(d222!K+-!+-:@7(#.4HS@#-4#!J!G4#%+.!/(.(#&-!(!#4(%+Y(#!4>/4#+:4-7&.!,&-!LGS!
(*:+-+.7#(-*&!+-J4,,+&-4.!+-7#(:@.,@%(#4.!(!;]!c/(,+4-74.d2!!5@-Q@4!%(!LGS!/&#!ME(!+-7#(-(.(%!
#4.@%7$!.4#!+-(,7+M(!(!@-(!*&.+.!*4!?CW]!:'2H!.4!*474#:+-$!Q@4!+-,%@.&!<?]!:'!*4!LGS!4#(-!
7&7(%:4-74!+-(,7+M&.!/&#!ME(!&#(%l!/&#!ME(!+-7#(:@.,@%(#H!%(!LGS!#4.@%7$!.4#!7&7(%:4-74!(,7+M(!/&#!
4-,+:(!*4!%&.!W?!:'2!!K4!+-9&#:$!Q@4!7#(.!@-(!+-J4,,+$-!*4!W?!:'!@-&!*4!%&.!c/(,+4-74.d!
/#&74.7$!*+,+4-*&!c:4!4.7(+.!(.@.7(-*&222!qQ@I!:4!P(6I+.!P4,P&rd!K+-!4:6(#'&!%4!
+-,#4:4-7(#&-!%(!*&.+.!P(.7(!?]!:'!4-!%(.!/#@46(.!.+'@+4-74.2!!n@4!-4,4.(#+&!Q@4!@-(!c/(,+4-74d!
94:4-+-(!4.7@M+4#(!(!/@-7&!*4!:&#+#!*4!@-!(7(Q@4!(%!,&#(Y$-!*4./@I.!*4!#4,+6+#!@-(!+-J4,,+$-!
*4!`]!:'!gc.4!+-.7(@#$!#T/+*(:4-74!@-(!,+(-&.+.!4>7#4:(d!J!%(!/&6#4!:@_4#!/4#*+$!4%!/@%.&!
*@#(-74!<]!.4'@-*&.H!-4,4.+7(-*&!@-!:(.(_4!,(#*E(,&hH!/(#(!Q@4!%&.!6@4-&.!*&,7&#4.!
74#:+-(#(-!,&-!.@.!4>/4#+:4-7&.!(.4.+-&.!,&-!LGS2!!).74!,(.&!.4!P(!,+7(*&!4##$-4(:4-74!4-!%(!
%+74#(7@#(!,&:&!:@4.7#(!*4!%(!7&>+,+*(*!*4!%(!6@9&74-+-(!gDP+%7&-!+*"%/-";A3AhH!@-!4##&#!Q@4!.4!P(!
M@4%7&!(!#4/47+#!4-!@-!7#(6(_&!#4,+4-74!gL(M+.!J!j4+%!;AAWh2!!).7(!*4.*+,P(*(!c/(,+4-74d!*+_&!
(,4#,(!*4!.@.!7&#7@#(*&#4.!cx-&!:4!('#(*(-yd!gWh2!!O&.!(@7&#4.!%%4'(#&-!(!%(!,&-,%@.+$-!*4!Q@4!%(!
6@9&74-+-(!-&!4#(!c,(/(Y!*4!/#&*@,+#!%(!9(.4!('@*(!*4!%(!+-7&>+,(,+$-!/&#!()$)8%d2""\&!&6.7(-74H!
.4#E(!/#@*4-74!:(-+94.7(#!Q@4!4.!/#&6(6%4!Q@4!%(!6@9&74-+-(!+-74#M4-'(!4-!4%!494,7&!'%&6(%!*4%!
#(/I!*4!()$)8%-"")%!'&6+4#-&!*4!%&.!))==!,&-.+*4#$!(*4,@(*&!,%(.+9+,(#!%(!6@9&74-+-(!_@-7&!,&-!%(!
OKLH!:4.,(%+-(H!LGS!/.+%&,+6+-(!J!/.+%&,+-(!,&:&!*#&'(!,&-!@-!c4%4M(*&!/&74-,+(%!*4!(6@.&dH!
(@-Q@4!-&!/(#4,4!Q@4!-(*+4!%(!P(J(!@.(*&!+-74-,+&-(*(:4-74!/(#(!*+M4#7+#.42!!L4!P4,P&H!.@.!
o-+,&.!@.@(#+&.!P(-!.+*&!/#+.+&-4#&.!J!c/(,+4-74.d!/.+Q@+T7#+,&.!*4,+*+*(:4-74!#4(,+&.H!(/(#74!*4!
(%'o-!:(%&'#(*&!:&-&!g)M(#7.!+*"%/-";A?XhH!#&4*&#!gb4..-4#!+*"%/-";AX]h!&!'(7&!g)M(#7.!+*"%/-"
;A??h2!
5*4:T.!*4!/#4.4-7(#!LGSH!6@9&74-+-(!J!.@.!\C$>+*&.!#4./4,7+M&.!4-!%(.!.4:+%%(.H!%(!,&#74Y(!*4!
;,%1+,%,*$+&%"G+&+?&<,%",&-7+4-4!?C:47&>+C\H!\C*+:47+%7#+/7(:+-(!g?CG)fCLGSh!?C:47&>+C\C
:47+%7#+/7(:+-(!g?CG4fC\GSh!J!\C:47+%7#+/7(:+-(!g\GSh!g,&-&,+*(.!7(:6+I-!/&#!%(.!.+'%(.!?C
G4fCGGS!J!GGS!#4./4,7+M(:4-74hH!(%!+'@(%!Q@4!7#(Y(.!*4!%(.!647(,(#6&%+-(.F!XC:47&>+CWC:47+%C
;H!WH!<H!`C747#(P+*#&C !"#$%&'()#*+,!-.!/!*-.0! !12345*6*/!7.8&9(!:;*,!<(7.8('!:;,;=;>*
1.8$#?(<$&! !"#$%&'()#*+/!-.0!@-124A*
:/=*
*
BCD$.''*+*"%/-":E/F#A*BCD$.''*+*"%/-":E/EA*G.C'.$*6*1H"?.H"?.*:E/=5I**1#7%(J)*H.*"&)H(CD(K*#(H'#$*
%DL&8.)()#*<.*'#H*H.7(''#H*<.*;,%1+,%,*$+&%"()/38&<,%*=q#<G*%1+,<%"()/385<,%S"#%($*+&"+*"%/-"
:EME5I**@.*L&$7#*#)N'&C#;*.)*;-"()/3',%"7%&-*(A8</"=q#<#*%1+,<%"'%(&)(%&G%:"H.*?#*?#''#<&*@-1;*
%DL&8.)()#;*6*'&H*O!&9(<&H*<.*#7%#H*+P(H?*+*"%/-":EMMA*Q#"&%D""(*6*RST.<#*:E/>A*R.)<&)*6*U(''6*
:EFM5I**V)*'#*"&$8.W#*<.*.H8#*.HX."(.*H.*?#''K*M!-.0!O-1I**V)*'#H*H.7(''#H*<.*;-"+Q(+/.%"H.*?#*
.)"&)8$#<&*8#)8&*@-1*"&7&*%DL&8.)()#*+Q#"&%D""(*6*RST.<#*:E/>5I**G#*"&$8.W#*6*'#H*H.7(''#H*<.*
;,%1+,%,*$+&%"G%,<(3/%*%"=q#<G*%1+,<%"G%,<(3/%*%:"HK'&*"&)8(.).)*8$#W#H*<.*#'"#'&(<.H*+P(H?*+*"%/-"
:EMM5I**Y&$*&8$#*X#$8.;*H.*?#*<.8.$7()#<&*ZD.*'#H*.HX."(.H*BI*&4?<1%!";-"G%&%?3%5+,.<."5";-"
7<&<1<0/)&%"+"&)*.'*)&7%$.*#<G*%1+,<%:""#$.".)*8&8#'7.)8.*<.*8$(X8#7()#H*+Q#"&%D""(*6*RST.<#*
:E/>5I**G#H*H.7(''#H*<.*'#*T#$(.<#<*L#'"#8#*<.*'#*.HX."(.*;-"G+&+?&<,%"!"D)#*T#$(.<#<*
7&$L&'KC("#7.)8.*<(H8()8#*<.*'#*X'#)8#;*"&)8(.).)*8#7%(J)*%DL&8.)()#*+[(.H%$."?8*:E/\A*]"?D'8.H*
6*2&L7#))*:EF\5I**1#'*"&7&*H.*?#*7.)"(&)#<&*#)8.$(&$7.)8.;*'#*.H8#%('(<#<*<.*'#*%DL&8.)()#*?#*
X.$7(8(<&*<.8."8#$'#*.)*D)#*7D.H8$#*<.*H.7(''#H*<.'*H(C'&*^Q^;*D8('(W#<#H*X&$*'&H*()<(&H*-#DJ*<.'*
3$#H('*X#$#*X$.X#$#$*D)*$#XJ*.)8.&CJ)("&;*#'*(CD#'*ZD.*.)*'#H*7D.H8$#H*<.*]X$D".*$."&'."8#<#H*.)*
:FM>*+]"?D'8.H*+*"%/-":E__%5I**V'*#)N'(H(H*<.'*5)G)"X$&".<.)8.*<.*4&'&7%(#*?#*X.$7(8(<&*.)"&)8$#$*
@-1;*%DL&8.)()#*6*M!-.0!@-1I**G&H*7(H7&H*"&7XD.H8&H*#"&7X#`#<&H*<.*8$#W#H*<.*?#$7()#;*H.*
?#)*?#''#<&*.)*.'*5)G)"X$.X#$#<&*X&$*'&H*()<(&H*Y(#$&#*<.*'#*"D.)"#*<.'*0$()&"&*+2&'7H8.<8*6*
G()<C$.)*:E/_5I**R."(.)8.7.)8.*H.*?#*<.8.$7()#<&*'#*X$.H.)"(#*<.*D)*:a*<.*%DL&8.)()#*6*8$#W#H*
<.*?#$7()#*.)*.'*5)G)*X$.X#$#<&*X&$*.H8&H*()<(&H*+@.*]7.8*:EFM#A*@.*]7.8*6*R(T(.$*:EFM5I**G#*
X$.H.)"(#*<.*?#$7()#*.)*.H8&H*$#XJH*X#$.".*()<("#$*.'*DH&*<.*.HX."(.H*<.*W%,<.*+&<)G.<."=7A%.+*
"#Xb8D'&*>5*"&7&*#<(8(T&;*6#*ZD.*'#*?#$7()#*.H*.'*X$()"(X#'*#'"#'&(<.*<.*.H8#H*X'#)8#H*DH#<#H*"&7&*
<$&C#*.)*8&<#*'#*B7#W&)(#*6*ZD.*X&$*&8$#*X#$8.;*)&*H.*?#''#*X$.H.)8.*)(*.)*'#H*.HX."(.H*<.*
;,%1+,%,*$+&%")(*.)*'#H*<.*b<&)/%-""V)*&8$#*7D.H8$#*<.*5)G)"G&)".<.)8.*<.*'#*"D.)"#*<.'*0$()&"&;*
H.*?#''K*M!-.0!@-1*+@.*3D<&cHd(*+*"%/-":E_>5I**R."(.)8.7.)8.*H.*?#*<.8."8#<&*@-1;*M!-.0!
@-1*6*%DL&8.)()#*.)*<&H*7D.H8$#H*<.*$#XJ*.)"&)8$#<#H*.)*D)#*)."$KX&'(H*"&)*D)#*#)8(Ce.<#<*<.*
:,\\*#`&H*H(8D#<#*.)*]#)*Y.<$&*<.*B8#"#7#*#'*)&$8.*<.*4?('.*+1&$$.H*+*"%/-":EE:5I**G#H*7D.H8$#H*H.*
?#''#$&)*.)*%&'H#H;*#8#<#H*#*'#*.)T&'8D$#*<.*D)#*7&7(#;*ZD.*8#7%(J)*"&)8.)b#)*D8.)H('(&H*X#$#*
.H)(L#$I**V)*&8$#H*8D7%#H*<.*'#*7(H7#*W&)#*6*.H8$#8&;*H.*?#''#$&)*%&'H#H*"&)*H.7(''#H*1+"
;,%1+,%,*$+&%-""G#*M!-.0!O-1*?#*H(<&*.)H#6#<#*.)*#)(7#'.H*7&H8$#)<&*"(.$8#*#"8(T(<#<*
+-#$"W6)Hd(*:EMEA*-#$"W6)Hd(*6*f.8D'#)(*:E/\5;*X.$&*H.*<.H"&)&".*HD*#""(K)*L#$7#"&'KC("#*.)*.'*
?&7%$.I**G#*M!-.0!@-1*X$.H.)8K*#"8(T(<#<*.)*<(T.$H&H*.)H#6&H*X$.'(7()#$.H*+3.)()C8&)*+*"%/-"
:E/MA*[.HH).$*6*Y#C.*:E/,A*[.HH).$*+*"%/-*:E/FA*[.HH).$*:E_\5I**PD.*X$&%#<#*X&$*X$(7.$#*T.W*X&$*
]?D'C()*ZD(.)*<.H"D%$(K*ZD.*M!:\*7C*X&$*Tb#*X#$.)8.$#'*X$&<D"b#)*.L."8&H*.)8.&CJ)("&H;*#'*(CD#'*
ZD.*D)#*<&H(H*LD7#<#*<.*/*#*:\*7C*<.*'#*%#H.*'(%$.I**G#*<$&C#*)&*H.*.)H#6K*X&$*Tb#*&$#'*+]?D'C()*
:E_\A*]?D'C()*.)*@.*]7.8*:EF=5I**Y&$*8#)8&;*.)*.'*5)G)".9(H8.)*"&7&*7b)(7&*<&H*"&7XD.H8&H*
.)8.&CJ)("&H;*gD)8&*"&)*'#*"D$(&H#*%DL&8.)()#;*ZD.*#D)ZD.*)&*H.#*T.$<#<.$#7.)8.*.)8.&CJ)("#;*
X&H..*X$&X(.<#<.H*XH("&#"8(T#H*ZD.*"&)8$(%D6.)*#*7&<.'#$*'&H*.L."8&H*L()#'.H*<.'*5)G)!"/%"()$)8%"
6*'#*7</(%-*
:/>*
*
*
VYVOh;*YBRQ4h;*OiBjUBOB*
G0]*RBYk]*VO1V0[kOQ40]*@V*G0]*UBQjh*
*
V)*:E\E;*.'*#)8$&XK'&C&*#'.7N)*1I*j&"?*!*[$e)%.$C*()L&$7K*<.*'#*.9(H8.)"(#*<.*D)*l$#XJ*
7NC("&m*''#7#<&*$%FU130$%!"DH#<&*X&$*'&H*()<(&H*i.dc#)#*<.'*0$()&"&*X&$*HDH*l.L."8&H*
LD.$8.7.)8.*.H8(7D'#)8.Hm*+j&"?![$e)%.$C*:E\E5I**j&"?*)&*(<.)8(L("K*'#*LD.)8.*T.C.8#'*<.'*$#XJ;*
X.$&*<(g&*ZD.*H.*X$.X#$#%#*"&)*'#*"&$8.W#*<.*D)*N$%&';*6*)&*"&)*'#H*H.7(''#HI**4#H(*8$.()8#*#`&H*7NH*
8#$<.;*.'*%&8N)("&*%$#H('.`&*BI*@D"d.;*&%H.$TK*ZD.*'&H*()<(&H*<.'*#'8&*$b&*O.C$&*D8('(W#%#)*D)*$#XJ*
#'*ZD.*''#7#%#)*X#$("N*6*ZD.*.'#%&$#%#)*"&)*'#H*?&g#H*H."#H*<.*b<&)/%"*$+<)1)&%")"b<&)/%"(3.G<1%*%"
+@D"d.*:E=F5I*#%&<(D$.H*D)*)&7%$.*ZD.*H.*DH#*'#*B7#W&)(#*X#$#*<.H(C)#$*#*'&H*$#XJH*.)*C.).$#';*
()"'D6.)<&*#*'&H*X$.X#$#<&H*<.*;,%1+,%,*$+&%!"X&$*'&*ZD.*H.*C.).$K*D)#*"(.$8#*"&)LDH(K)I**V)*.'*
#`&*:EM>;*R("?#$<*VT#)H*]"?D'8.H*XD<&*(<.)8(L("#$*<.L()(8(T#7.)8.*'&H*$#XJH*5DTF++"5"5D8&*DH#<&H*
X&$*'&H*()<(&H*YD()#T.*6*jD$(X#d&*<.'*f#DXJH*"&'&7%(#)&*+.H"$(8&*8#7%(J)*n#DXJH5I**]"?D'8.H*
<.8.$7()K*ZD.*H.*X$.X#$#%#)*#*X#$8($*<.*D)*.9D<#<&*$.H()&H&*$&g(W&*ZD.*.7#)#%#*<.*'#*"&$8.W#*
()8.$)#*<.*8$.H*.HX."(.H*<.*b<&)/%M"b-"(%/)G$5//%!*b-"(%/)G$5//)<1+%"6*fI*+/),?%*%I*k'"7(H7&*X$&%K*
D)#*"#)8(<#<*<.'*$#XJ*.ZD(T#'.)8.*#*'#*"D#$8#*X#$8.*<.*D)#*<&H(H;*6*"&7X$&%K*HD*lX&8.)"(#*
)#$"K8("#*k.<(l"m*+]"?D'8.H*:EM>%5I**VH8D<(&H*X&H8.$(&$.H*$.T.'#$&)*ZD.*'&H*$#XJH*<.*b<&)/%"H.*
D8('(W#%#)*X$()"(X#'7.)8.*.)*'#*W&)#*<.'*0$()&"&*.)*f.).WD.'#*H!.)*'#*"D.)"#*<.'*$b&*O.C$&*.)*
3$#H('*+X$."(H#7.)8.*'#H*W&)#H*<.*<&)<.*X$&T.)b#)*'&H*X$(7.$&H*.H8D<(&H*<.*j&"?*o**
[$e)%.$C*H!@D"d.5;*.)8$.*C$DX&H*()<bC.)#H*"&7&*'&H*i#)#7#7p;*Y#d(<N(;*]D$#$N;*Y#$#?D$(;*
j#$(7J;*j#$#D.8#$(;*]?($(#)N;*[$(H?#)N*6*&8$&H;*"&)&"(<&H*<.*L&$7#*"&'."8(T#*"&)&*U#(dN*&*[D#(dN*
+]"?D'8.H*6*2&L7#))*:EF\5I**G&H*)&7%$.H*7NH*"&$$(.)8.H*ZD.*$."(%.)*'&H*$#XJH*<.*b<&)/%".),"
+G+,D"5",5%Fi%,%"+4?#C)&)*:E/FA*4?#C)&)*+*"%/-":E_:A*].(8W*:E/_A*q.$$(.H*:E/\5I**G&H*i.dc#)#*
"&)&".)*.'*$#XJ*<.*fI*+/),?%*%""&)*.'*)&7%$.*<.*%F3&63%$+3&&7*H!-&.H8*:EE\5I**V)*'#*.'#%&$#"(K)*
<.'*$#XJ*5DTF++"<.*4&'&7%(#*H.*D8('(W#)*8#7%(J)*".)(W#H*<.*C$+)8&)'%".38<,(%,3'!"D)#*X'#)8#*
H('T.H8$.*.7X#$.)8#<&*"&)*.'*"#"#&I**G&H*()<(&H*U#(dN*D8('(W#)*X$()"(X#'7.)8.*b<&)/%"*$+<)1)&%".)*
'#*X$.X#$#"(K)*<.*'#*.X.)N;*#D)ZD.*8#7%(J)*D8('(W#)*b-*(%/)G$5//)<1+%!"b-"(3.G<1%*%"5"b-"&303/%*
"&7&*()C$.<(.)8.*X$()"(X#'I**P$."D.)8.7.)8.*'.*#`#<.)*?&g#H*H."#H*6*XD'T.$(W#<#H*<.*^3.*<(<%"
G+(*)&%/<."7%&-".*+,)G$5//%!"&*#*T.".H*".)(W#H*<.*"&$8.W#*<.*J/<d%8+*$%"G&<,(+G.*+3$.c.$*!*4#$(#H*6*
]8.6.$7#$d*:E_/A*4?#C)&)*+*"%/-":E_:A*]"?D'8.H*:EE\A*]"?D'8.H*H*2&'7H8.<8*:E/F5I**B*T.".H*H.*
.7X'.#)*'#H*?&g#H*XD'T.$(W#<#H*<.*^-"G+(*)&%/<."7%&-".*+,)G$5//%"H&'#H*"&7&*$#XJ*+HDXD.H8#7.)8.*
.)8.&CJ)("&5*+-"j.))#*+*"%/-":EF>%A*]"?D'8.H*6*R#LL#DL*:EE,5I**V'*gDC&*<.*8#%#"&*H.*8&7#*#*
7.)D<&*"&)*$#XJ*<.*b<&)/%-""G&H*()<(&H*B$."D)#;*X&$*.g.7X'&;*()C(.$.)*.'*gDC&*<.'*8#%#"&*X&$*'#*
)#$(W*6*'#*%&"#*<.HXDJH*<.*?#%.$*8&7#<&*$#XJH*<.*fI*(%/)G$5//)<1+%"+U('%.$8*:EF_5I*
:/M*
*
G&H*()<(&H*U(8&8&;*3&$#*6*-D()#7.*<.*'#*B7#W&)(#*"&'&7%(#)#*X$.X#$#)*%&'(8#H*"&7.H8(%'.H*<.*
$.H()#*<.*b<&)/%"*$+<)1)&%"+8#7%(J)*<.*b-"+/),?%*%!"b-"G%7),<.!"b-".3&<,%'+,.<."6*bI*/)&+*+,.<.:"ZD.*
$."D%$.)*"&)*".)(W#H*<.*<(T.$H#H*X'#)8#H;*.)8$.*.''#H*C$+)8&)'%".38<,(%,3'"5"J.($i+</+&%"
<*%5+,.<."+]"?D'8.H*:E/E%A*]"?D'8.H*6*R#LL#DL*:EE\A*]"?D'8.H*6*R#LL#DL*:EE,A*]"?D'8.H*6*]c#()*:E_/A*
]"?D'8.H*+*"%/-":E__#5*+=5I**@.*L&$7#*H(7('#$;*H.*D8('(W#)*'#H*".)(W#H*<.*C$+)8&)'%".38<,(%,3'"5"
J.($i+</+&%"()&<%(+%*"&7&*#<(8(T&H*<.'*$#XJ*<.*8#%#"&*ZD.*X$.X#$#)*'&H*1D"D)#*+U('%.$8*:EF_5I**
].*"$..*ZD.*'&H*()<(&H*-#dS*<.*4&'&7%(#*%.%.)*'#*$.H()#*"$D<#*<.*b<&)/%"+/),?%*%"X&$*HD*.L."8&*
.)8.&CJ)("&*+]('T.$c&&<*!*4&X.*:EF\5I**1#7%(J)*H.*H&HX."?#*ZD.*'&H*()<(&H*<.*f.).WD.'#*X&<$b#)*
LD7#$*'#*"&$8.W#*()8.$(&$*<.*b<&)/%".+8<0+&%"+]"?D'8.H*:E_\#5I**V)*3$#H('*H.*?#*D8('(W#<&*D)#*.HX."(.*
<.*b<&)/%""&7&*#<(8(T&*ZD.*H.*LD7#*"&)*.'*8#%#"&*+-"j.))#*+*"%/-":EF>%5I**B<.7NH;*'&H*
i#)#7#7p*6*&8$&H*C$DX&H*U#(dN*D8('(W#)*'#*$.H()#*<.*b<&)/%"+/),?%*%""&7&*T.).)&*X#$#*HDH*
L'."?#H*+-#"R#.*6*1&c.$H*:EF>#5I**R."(.)8.7.)8.*H.*?#*<.H"D%(.$8&*ZD.*.'*T.).)&*X$.H.)8.*.)*
D)#*L'."?#*X$.X#$#<#*X&$*'&H*()<(&H*i#)&#7N*<.*3$#H('*"&)*b<&)/%"HXI*"&)8(.).*D)&H*:,*7C*<.*M!
-.0!@-1*+"#)8(<#<*HDL("(.)8.*X#$#*H.$*#"8(T#*.)*D)#*X.$H&)#*#<D'8#*H(*.H*()8$&<D"(<#*
()8$#7DH"D'#$7.)8.*7.<(#)8.*D)*<#$<&A*[#'.LL(*+*"%/-":EF=5I**n)#*<.*.H8#H*.HX."(.H;*bI*
.3&<,%'+,.<.*H.*D8('(W#*"&7&*#<(8(T&*<.*'#*%5%$3%.(%".)*'#*XK"(7#*.)8.KC.)#*B7#W&)(#*X.$D#)#*
+TJ#H.*"#Xb8D'&*>A*GD)#*:EF>%5I**G&H*()<(&H*T.).W&'#)&H*U#$#&*D8('(W#)*'#*H#T(#*<.*.H8#*X'#)8#*X#$#*
8$#8#$*()L'#7#"(&).H*%D"#'.H*+3.'&W*:EE,5I**].*?#*T(H8&*ZD.*.H8#*X'#)8#*"&)8(.).*).&'(C)#)&H*<.*
#""(K)*L#$7#"&'KC("#*<.H"&)&"(<#*+3#$#8#*+*"%/-":E_F5I*
V'*X$&".H&*<.*.'#%&$#"(K)*<.*'&H*$#XJH*<.*+G+,D"T#$b#*<.*D)#*"&7D)(<#<*#*&8$#;*X.$&*
C.).$#'7.)8.*'#*$.H()#*$&g#*ZD.*.9D<#*<.*'#*"&$8.W#*()8.$(&$*H.*$."&C.*7.<(#)8.*$#HX#<&;*6*
<.HXDJH*H.*H."#*&*H.*?(.$T.*?#H8#*&%8.).$*D)#*$.H()#*<.*8&)&H*"'#$&H*ZD.*&H"('#)*.)8$.*.'*N7%#$*6*
.'*$&g(W&I**B*"&)8()D#"(K)*H.*7D.'.*6*8#7(W#*+#*T.".H*gD)8&*"&)*".)(W#H*&*"&)*?&g#H*XD'T.$(W#<#H*1+"
^3.*<(<%5"#)8.H*<.*H.$*DH#<&*+]"?D'8.H*:EM>%5I**V'*X$.X#$#<&*H.*#<7()(H8$#*()HDL'N)<&'&*.)*C$#)*
"#)8(<#<*.)*'#H*L&H#H*)#H#'.H;*7.<(#)8.*D)&H*8D%&H*()?#'#<&$.H*.)*L&$7#*<.*fI*08$&*H(H8.7#*
"&)H(H8.*.)*D8('(W#$*D)*8D%&*#*7&<&*<.*".$%#8#)#;*<.*L&$7#*ZD.*D)*()<(T(<D&*()HDL'#*.'*$#XJ*.)*'#*
)#$(W*<.*&8$&*+TJ#)H.*'#H*L&8&C$#Lb#H*$.#'(W#<#H*X&$*].(8W*:E/_*H&%$.*'#*X$.X#$#"(K)*6*DH&*<.*'#*
+G+,D".)8$.*'&H*U#(dN5I**V'*X&'T&*<.*(3&4%")"^3.*<(<%"(%&%(%.%,%"H.*D8('(W#*"&7&*#<(8(T&*<.'*B$<'P!"
ZD.*"&)H(H8.*.)*D)*X$.X#$#<&*T.).W&'#)&*<.*8#%#"&*lX#$#*"?DX#$m;*#)N'&C&*#'*%'84/"<.*'&H*()<(&H*
U(8&8&*6*3&$#*+j#7.)!j#6.*:E_:A*j#7.)!j#6.*:E_MA*U('%.$8*:EF_5I**YD.H8&*ZD.*.'*)&7%$.*4D$(N*
H.*$.L(.$.*8#7%(J)*#'*G+(*)&%/<.!"H.*X(.)H#*ZD.*.H8#*.HX."(.*8#7%(J)*.H*D8('(W#<#*"&7&*#<(8(T&*#'*
($<'P-""4&7&*'&H*$#XJH*<.*b<&)/%!"%'84/""&)8(.).*#*7.)D<&*".)(W#H*<.*.HX."(.H*H('T.H8$.H;*
2.$$#)(#*+7(.7%$&H*<.*'#*L#7('(#*<.*"#"#&;*E*+&(3/<%(+%+:!"#*X#$8.*<.*'#*"&$8.W#*<.*5)()")"#%3//<,<%"
5)()"$("#*.)*"#L.b)#*6*X&H(%'.7.)8.*&8$#H*X'#)8#H*+j#().)!j#6.*:E_:5I**G&H*1#)#'#*<.*-#<#C#H"#$*
.7X'.#)*rDH8("(#*?+,1%&3..%".)*%$Dg.$b#;*ZD.*XD.<.*HDC.$($*XH("&#"8(T(<#<*+3.#Dg#$&'*:EFF5*6*'#*
X'#)8#*H.*.7X'.#*.)*-#<#C#H"#$*X#$#*8$#8#$*'#*7#'#$(#*+R#H&#)#(&*+*"%/-":EE,5I*
://*
*
snt-Q4B*@V*G0]*RBYk]*VO1Vu[VO0]*@V*fQR0GB*
*
].*?#)*$.#'(W#<&*)D7.$&H&H*.H8D<(&H*<.*'#*"&7X&H("(K)*ZDb7("#*<.*%#H8#)8.H*.HX."(.H*<.*
b<&)/%!"<.8.$7()N)<&H.*ZD.*'#*"&$8.W#;*X#$8.*"&)*'#*ZD.*H.*X$.X#$#)*X$()"(X#'7.)8.*'&H*$#XJH;*
"&)8(.).*7#6&$(8#$(#7.)8.*@-1*6*M!-.0!@-1*"&7&*X$()"(X(&H*.)8.KC.)&H*+BCD$.''*+*"%/-":E/EA*
2&'7H8.<8*:E/MA*2&'7H8.<8*+*"%/":EF\A*-"j.))#*+*"%/-":EF>%5;*#D)ZD.*'#*"&$8.W#*6*.'*.9D<#<&*
8#7%(J)*X$.H.)8#$&)*8$(X8#7()#;*O!7.8('8$(X8#7()#*+O-1*&*--15;*M!7.8&9(!O!7.8('8$(X8#7()#*+M!
-.0!O-15*6*,!7.8('!:;*,;*=;*>!8.8$#?(<$&! !"#$%&'()#*+-1245*+2&'7H8.<8*+*"%/-":EF\5I**V)*'#*
"&$8.W#*<.*b-".+8<0+&%!*ZD.*H.*LD7#*.)*f.).WD.'#;*H.*?#*<.8.$7()#<&*'#*X$.H.)"(#*<.*@-1;*M!
-.0!@-1*6*O-1*+4&$&8?(.*6*O#d#)&*:E/EA*-"j.))#*+*"%/-":EF>%5I**V)*'#H*$#b".H;*?&g#H*6*%$&8.H*
<.*<(T.$H#H*.HX."(.H*<.*b<&)/%"H.*?#*.)"&)8$#<&*X$()"(X#'7.)8.*@-1;*#D)ZD.*.)*.HX."(.H*
"&)"$.8#H*H.*?#*<.8.$7()#<&*'#*X$.H.)"(#*<.*M!-.0!@-1;*O-1*6*/!-.0!@-1*.)*"#)8(<#<.H*
"&)H(<.$#%'.H*+2&'7H8.<8*+*"%/-":EF\5I***
*
*
*
G#H*X.ZD.`#H*"#)8(<#<.H*<.*****
 "#$%&'()#H*ZD.*<.8."8#$&)*'&H*X$(7.$&H*#)N'(H(H*$.#'(W#<&H*X&$*'&H*C$DX&H*<.*BCD$.''*6*
2&'7H8.<8*+BCD$.''*+*"%/-":E/F#A*BCD$.''*+*"%/-":E/EA*2&'7H8.<8*+*"%/-":EF\5;*)&*?#)*X&<(<&*H.$*
"&$$&%&$#<&H*.)*#)N'(H(H*X&H8.$(&$.H*<.*'#*"&$8.W#*6*'#H*?&g#H*<.*T#$(#H*.HX."(.H*+-"j.))#*6*
1&c.$H*:EFMA*-"j.))#*+*"%/-":EF>%5I**V)*'#H*.HX."(.H*<.*b<&)/%"ZD.*H.*)&7%$#)*#*"&)8()D#"(K)*H.*
?#*<.8.$7()#<&*'#*X$.H.)"(#*<.*8$(X8#7()#H*.)8.KC.)#Hv*b-"(%/)G$5//%!"b-"(%/)G$5//)<1+%!"b-"
(%&<,%*%!"b-"1<7+&?+,.!"b-"+/),?%*%!"b-"'+/<,),<<!"b-*'3/*<,+&7<%!"b-"G+&37<%,%!"b-"G%7),<.!"b-"&303/%!"
b-".+8<0+&%!"b-"*$+<)1)&%!"b-"7+,).%*+2&'7H8.<8*+*"%/-":EF\A*-"j.))#*+*"%/-":EF>%5I*
G&H*#)N'(H(H*ZDb7("&H*$.#'(W#<&H*#*"D#8$&*7D.H8$#H*<.*+G+,D"?#)*<.8.$7()#<&*ZD.*'#*M!-.0!
@-1*.H*.'*"&7X&).)8.*7#6&$(8#$(&*<.*8$.H*<.*.''#H*+'#H*X$.X#$#<#H*X&$*'&H*()<(&H*1Dd#)&;*U#(dN*6*
B$#$#(%&*<.*3$#H('*6*f.).WD.'#5;*H.CD(<#*#*"&)8()D#"(K)*<.*'#*@-1I**V'*$#XJ*X$.X#$#<&*X&$*'&H*
1Dd#)&*"&)8.)b#*8#7%(J)*M!-.0!O-1;*6*.'*<.*'&H*U#(dN*O-1I**V)*.'*<.*'&H*()<(&H*B$#$#(%&*)&*H.*
XD<&*.)"&)8$#$*<.$(T#<&*#'CD)&*<.*'#*O!7.8('8$(X8#7()#I**n)#*7D.H8$#*<.*$#XJ*<.*'&H*()<(&H*
]D$#$N*<.*f.).WD.'#;*$."&'."8#<&*.)*:EM/;*)&*7&H8$K*8$(X8#7()#*#'CD)#;*X$.H.)8#)<&*HK'&****
"#$%&'()#H*"&7&*'#*?#$7()#*6*'#*1!'.X8#L'&$()#*+8.8$#?(<$&?#$7()#;*1225;*gD)8&*"&)*8$#W#H*<.*
?#$7#'()#*+2&'7H8.<8*6*G()<C$.)*:E/_5I**BX#$.)8.7.)8.*.H8.*7(H7&*$#XJ*<.*'&H*]D$#$N*6#*?#%b#*
H(<&*#)#'(W#<&*"&)*#)8.$(&$(<#<;*&%8.)(J)<&H.*'&H*7(H7&H*$.HD'8#<&H*+3.$)#D.$*:E/>5I**BD)ZD.*H.*
?#)*<.8."8#<&*8$#W#H*<.*/!7.8&9(! !"#$%&'()#H*.)*T#$(#H*.HX."(.H*<.*b<&)/%"=;?3&+//"+*"%/-":E/F#A*
2&'7H8.<8*+*"%/-":EF\5*6*#*X.H#$*<.*ZD.*.'*/!7.8&9(?#$7#);*/!7.8&9(?#$7#'#)*6*.'*/!7.8&9(!
8.8$#?(<$&?#$7#)*H&)*'&H*X$()"(X#'.H*#'"#'&(<.H*<.*b<&)/%"(3.G<1%*%"=B%..%15"+*"%/-":E_:5;*)&*H.*?#*
.)"&)8$#<&*?#$7()#;*1!'.X8#L'&$()#*4-25;*)(*?#$7#'()#*.)*)()CD)#*<.*'#H*.HX."(.H*<.*.H8.*CJ).$&I**
Y&$*8#)8&;*HD*X$.H.)"(#*.)*.'*$#XJ*<.*'&H*]D$#$N;*<.'*ZD.*H.*<.H"&)&"b#*HD*&$(C.)*%&8N)("&;*X#$.".*
()<("#$*ZD.*LD.*X$.X#$#<&*#*X#$8($*<.*W%,<.*+&<)G.<."(%%G<!"X'#)8#*ZD.*X&H..*.H8&H*#'"#'&(<.H*<.*
L&$7#*"#$#"8.$bH8("#*+TJ#H.*"#Xb8D'&*>A*-"j.))#*+*"%/-":EF>#5I**
:/_*
*
V)*D)*8$#%#g&*#)8.$(&$*H.*()L&$7K*<.'*#(H'#7(.)8&*<.*?#$7()#;*?#$7#'()#*6*1!'.X8#L'&$()#*+1225*
<.'*8#''&*<.*D)#*'(#)#*+.T(<.)8.7.)8.*<.*D)#*.HX."(.*<.'*CJ).$&*W%,<.*+&<)G.<.5!"#*X#$8($*<.*'#*"D#'*
'&H*()<(&H*1Dd#)&*6*1#$(#)#*<.'*Rb&*O.C$&*?#%b#)*X$.X#$#<&*HDXD.H8#7.)8.*D)*$#XJ*Y#C("N*+3(&""#*
+*"%/-":E/>5I**V)*D)#*7D.H8$#*<.*+G+,D"<.'*3$#H('*X$.X#$#<&*"&)*b<&)/%"*$+<)1)&%!"H.*.)"&)8$K*
7#6&$(8#$(#7.)8.*M!-.0!@-1;*#"&7X#`#<#*<.*"#)8(<#<.H*7.)&$.H*<.*@-1;*O-1;*,!7.8('!
8.8$#?(<$&! !"#$%&'()#*+-1245*6*HD*<.$(T#<&;*'#*,!7.8('!/!7.8&9(8.8$#?(<$&! !"#$%&'()#I*+,!-.!/!
-.0!1234A*BCD$.''*+*"%/-":E/E5I*
V)*D)#*7D.H8$#*<.*,5%Fi%,%"%$#H('.`#*X$.X#$#<#*#*X#$8($*<.*'#H*7(H7#H*.HX."(.H;*H.*<.8.$7()K*
<.*L&$7#*#)N'&C#*'#*X$.H.)"(#*<.*M!-.0!@-1*6*.)*7.)&$*7.<(<#*@-1;*O-1;*M!-.0!O-1*6*/!
-.0!-124;*.)*8&8#'*D)*::a*<.*#'"#'&(<.H*+BCD$.''*+**#'I*:E/E5I**V)*C.).$#';*'#*M!-.0!@-1*6*'#*
@-1*X#$.".)*H.$*'&H*X$()"(X#'.H*.)8.KC.)&H*<.*'#*+G+,D"6*<.7NH*$#XJH*$.'#"(&)#<&HI**VH8&H*
"&7XD.H8&H;*gD)8&*"&)*'#*O-1;*ZD.*"#$.".*<.*#"8(T(<#<;*?#)*H(<&*.)"&)8$#<&H*$."(.)8.7.)8.*.)*
T#$(#H*7D.H8$#H*<.*$#XJ*<.*'&H*i#)#7#7p*<.*f.).WD.'#*+-"j.))#*+*"%/-":EF>%5I*
G#*#""(K)*L#$7#"&'KC("#*<.*'&H*X$.X#$#<&H*&$#'.H*<.*b<&)/%"<.*'&H*U(8&8&*6*&8$&H*C$DX&H*()<bC.)#H*
#S)*)&*.H8N*7D6*"'#$#I**V'*C$DX&*<.*-"j.))#*#)#'(WK*H(.8.*7D.H8$#H*<.*.H8&H*X$.X#$#<&H*<.*b<&)/%"
#"8(T&H*X&$*Tb#*&$#'I**].(H*<.*.''&H*"&)8.)b#)*D)#*"#)8(<#<*"&)H(<.$#%'.*<.*8$(X8#7()#H;*
X$()"(X#'7.)8.*O-1;*M!-.0!@-1*6*@-1*+-"j.))#*+*"%/-":EF>%5I**-"j.))#*X$&%K*"D#8$&*<.*'&H*
X$.X#$#<&H*.)*D)#*H.$(.*<.*#D8&.9X.$(7.)8&H;*<.H"D%$(.)<&*ZD.*<&H*<.*.''&H*"#$."b#)*<.*
#"8(T(<#<I**n)&*<.*.H8&H*"#$."b#*8#7%(J)*<.*8$(X8#7()#H;*7(.)8$#H*ZD.*.'*&8$&*"&)8.)b#*'#*O-1*ZD.*
.H*()#"8(T#I**G#H*&8$#H*<&H*7D.H8$#H*"&)8.)b#)*M!-V0!@-1*6*@-1;*7&H8$#)<&*l"(.$8&*C$#<&m*<.*
#"8(T(<#<I**G#*#""(K)*<.*'#*7NH*X&8.)8.*lH.*"#$#"8.$(WK*X&$*"&)H(<.$#%'.*7#'.H8#$*L(H(&'KC("&;*7NH*
ZD.*X&$*'#H*?#%(8D#'.H*#'8.$#"(&).H*XH("&'KC("#H*6*<.*X.$".X"(K)*ZD.*HD.'.)*H.$*"#$#"8.$bH8("#H*<.*
'&H*#'D"()KC.)&Hm*+-"j.))#*+*"%/-":EF>%5I**](C)(L("#8(T#7.)8.;*.H8#H*X#H8#H*)&*"&)8.)b#)*
"#$%&'()#H;*#*"D6#*X$.H.)"(#*H.*#8$(%Db#*.'*?."?&*<.*ZD.*'#H*%&'#H*<.*'&H*U(8&8&*LD.$#)*#"8(T#H*
X&$*Tb#*&$#'*+]"?D'8.H*6*2&L7#))*:EF\5I**VH8&*?#*7&8(T#<&*ZD.*H.*?#6#)*X$&XD.H8&*7."#)(H7&H*<.*
#"8D#"(K)*#'8.$)#8(T&H*ZD.*.9X'(ZD.)*'#*#"8(T(<#<*<.*'&H*X$.X#$#<&H*+-"j.))#*6*1&c.$H*:EFM5;*6*
H.*?#*''.C#<&*#*HDC.$($*'#*X&H(%('(<#<*<.*ZD.*)&*H.#)*'#H*8$(X8#7()#H*'&H*T.$<#<.$&H*X$()"(X(&H*
#"8(T&HI**f&'T.$.7&H*#*8$#8#$*.H8.*8.7#*.)*.'*4#Xb8D'&*>I*G#H*7($(H8("N".#H*R&5%,*$+&%"'%(&)G$5//%"
5"R-"3/+<".7X#$.)8#<#H*"&)*.'*CJ).$&*b<&)/%"H.*"$..*ZD.*H.*D8('(W#)*.)*'#*.'#%&$#"(K)*<.*.H8#H*X#H8#H*
.)8.KC.)#H*+]"?D'8.H*6*R#LL#DL*:EE\5I**].*?#*T(H8&*ZD.*R-"3/+<""&)8(.).*M!-.0!@-1*+2&'7H8.<8*+*"
%/-":EF\5I**VH*X&H(%'.*ZD.*'&H*()<(&H*3&$#*6*U(8&8&*D8('(".)*.)*&"#H(&).H*'#*R&5%,*$+&%"/),?<0/)&%".)*
'#*X$.X#$#"(K)*<.*'#H*%&'(8#H*.)8.&CJ)("#H*+@#T(H*6*i&H8*:EF=%5;*X.$&*.)*'&H*#)N'(H(H*<.*.H8#H*
.HX."(.H;*#Hb*"&7&*<.*R-"'%(&)G$5//%!"R-"3/+<!"R-"(&%..<0)/<%!"R-"63&+,.<."+"R-"G%&%+,.<.!")&*H.*<.8."8#$&)*
8$(X8#7()#H*+-"j.))#*+*"%/-":EF>%5I**@.*&8$#*7($(H8("N".#;*I.*+)G$/)+3'"G/%*5.G+,,3'!"H.*
#)#'(W#$&)*8$.H*7D.H8$#H*6*.)*D)#*<.*.''#H*H.*.)"&)8$K*@-1;*M!-.0!@-1*6*M!02!@-1*+.)*.'*
.H8D<(&*H.*(<.)8(L("K*()"&$$."8#7.)8.*'#*X'#)8#*"&7&*e-"G/%*5G$5//3'",)'+,",313'S"2&'7H8.<8*+*"
%/-":EF\5I**]()*.7%#$C&*.)*#)N'(H(H*X&H8.$(&$.H*HK'&*H.*<.8."8K*.'*JH8.$*7.8b'("&*<.'*@!
7.8('8$(X8&L#)&*+-"j.))#*+*"%/-":EF>%5I**VH8#H*.HX."(.H*8(.).)*<(T.$H&H*DH&H*.)*.8)&7.<("()#;*6*
$."(.)8.7.)8.*H.*<.H"D%$(K*HD*()"'DH(K)*.)*D)*X$.X#$#<&*.)8.&CJ)("&*&$#'*+3.)).88*6*B'#$"K)*
:EE>A*]"?D'8.H*6*U#DL*:EE\5I*
:/F*
*
*R."(.)8.7.)8.*H.*?#*"&)H.CD(<&*#(H'#$*<.*.H8#H*X'#)8#H*C'(".$(<&H*6*).&'(C)#)&H*<.*
X$&X(.<#<.H*L#$7#"&'KC("#H*<.H"&)&"(<#H*+P&*+*"%/-":EF>5I*
V)*'&H*#)N'(H(H*ZDb7("&H*1+"^3.*<(<%"G+(*)&%/<."7%&-".*+,)G$5//%!"D)*#<(8(T&*?#%(8D#'*<.*'&H*$#XJH*
<.*b<&)/%"+]"?D'8.H*6*2&'7H8.<8*:E/F5;*)&*H.*.)"&)8$#$&)*8$(X8#7()#H*)(*&8$&H*#'"#'&(<.H;*6*'&H*
.98$#"8&H*$.HD'8#$&)*H.$*()#"8(T&H*.)*.9X.$(7.)8&H*"&)*#)(7#'.H*+-"j.))#*+*"%/-":EF>#A*-#"R#.*
:EF>A*-#"R#.*6*1&c.$H*:EF>%5I**VH8#H*X$D.%#H*X#$.".)*()<("#$*ZD.*'#*X'#)8#*H.*DH#*H.)"(''#7.)8.*
"&7&*#$&7#8(W#)8.I**BD)ZD.*X$D.%#H*#)8.$(&$.H*<.*2&'7H8.<8*()<("#$&)*'#*X$.H.)"(#*<.*@-1*
+]"?D'8.H*6*2&'7H8.<8*:E/F5;*6*.)*&"#H(&).H*.H*.'*S)("&*()C$.<(.)8.*<.'*$#XJ*+]"?D'8.H*6*R#LL#DL*
:EE,5I**V)*'#*W&)#*<.'*4#$(%.;*H.*D8('(W#*D)#*()LDH(K)*1+"^3.*<(<%"G+(*)&%/<.""&)8$#*'#*8&H*6*'&H*
$.HL$(#<&H*6*"&7&*TD').$#$'#*.)*L&$7#*<.*.7X'#H8&*+].#L&$8?*:EE:A*U&)C*:E_/5I**G&H*()<(&H*
#7#WK)("&H*D8('(W#)*D)#*<."&""(K)*<.*'#*X'#)8#*.)8.$#*X#$#*8$#8#$*X$&%'.7#H*XD'7&)#$.H*+]"?D'8.H*
6*R#LL#DL*:EE,5I**G&H*1#7#)C*<.'*O.X#'*D8('(W#)*"&7&*7.<("()#*8$#<("(&)#'*<&H*.HX."(.H*<.*^3.*<(<%!"
^-"%1$%*)1%"5"^-"G&)(3'8+,."+-#)#)<?#$*:EE'5I*^-"%1$%*)1%*"&)8(.).*#'"#'&(<.H*ZD()#W&'b)("&H*
"&7&*'&H*ZD.*H.*.)"D.)8$#)*.)*#+?%,3'"$%&'%/%*+TJ#H.*4#Xb8D'&*>A*4?&c<?D$6*6*3?#88#"?#$6#*
:EFM5I**1#)8&*^-"G+(*)&%/<.""&7&*^-*G&)(3'8+,."+.H8#*S'8(7#*D8('(W#<#*.)*'#*7.<("()#*"?()#5*H.*?#*
T(H8&*ZD.*"&)8(.).)*'(C)#)&H*<.*#""(K)*#)8(8D7&$#'*+PDd#7(6#*6*G..*:EF/A*r&H.X?*+*"%/-":EFE5I**Y&$*
'&*ZD.*H.*$.L(.$.*#'*DH&*<.*'#*$.H()#*<.*b<&)/%"+/),?%*%""&7&*T.).)&*X#$#*L'."?#H;*H.*<.H"D%$(K*ZD.*
HD*#"8(T(<#<*H.*<.%b#*7NH*#*'&H*%(H!8.8$#?(<$&LD$#)'(C)#)&H*ZD.*#*'#H*8$(X8#7()#H*.)8.&CJ)("#H*
+-#"R#.*6*1&c.$H*:EF>#5I**]()*.7%#$C&;*H.*XD<&*<.8."8#$*M!-.0!@-1*.)*"#)8(<#<.H*8#)*C$#)<.H*
"&7&*:,*7C*X&$*<#$<&;*.)*D)*T.).)&*X#$#*L'."?#H*?."?&*<.*D)#*.HX."(.*<.*b<&)/%"X&$*'&H*
i#)&#7N*%$#H('.`&H*+[#''.LL(*+*"%/-":EF=5I**VH8&*)&H*$."D.$<#*'#*&%H.$T#"(K)*<.'*7&)g.*"#$7.'(8#*BI*
fNWZD.W*<.*VHX()&H#*.)*.'*H(C'&*^fQQ*H&%$.*'&H*l<#$<&H*<.*X#'7.$#m*.)*'&H*"D#'.H*'&H*()<(&H*lX&).)*
6.$%#;*ZD.*)&*.H*7&$8#';*H()&*ZD.*HK'&*.7%$(#C#*X&$*,>*?&$#H*#*'&H*?.$(<&HIIIm*+fNWZD.W*<.*
VHX()&H#*:E>F5I1#7%(J)*H.*"&)&".)*)D.T&H*L'#T&)&(<.H*<.*#""(K)*L#$7#"&'KC("#*<.H"&)&"(<#*<.*
'#*b<&)/%"(%/)G$5//)<1+%"+-#$8b).W*fI*6*4D"#*]I*:EF_5I*
*
*
*
fQO20*@B*rnRV-B;*@0R-QG0OB*i*42B4RnOB;*
-h]*
VO1Vu[VO0]*40O*@-1*
*
V)*<(T.$H#H*"$K)("#H*<.*'&H*H(C'&H*<(."(&"?&*6*<(."()D.T.*H.*<.H"$(%.*.'*DH&*<.*D)#*%.%(<#*
.7%$(#C#)8.*''#7#<#*7<,$)"1%"63&+'%"+[&)w#'T.H*<.*G(7#*:E>/5*.)*.'*)&$.H8.*<.'*3$#H('I**]D*DH&*H.*
"&)H(<.$#*.98()CD(<&*?&6*.)*<b#*+]"?D'8.H*6*2&L7#))*:EF\5;*X.$&*<.*?."?&*#S)*X.$H(H8.*<.*L&$7#*
"'#)<.H8()#*+@#*-&8#*:EF_5I**V)*:E>/;*H.*<.H"D%$(K*'#*LD.)8.*T.C.8#'*<.'*7<,$)"1%"63&+'%!"'#*$#bW*
<.*[<').%"$).*</<."+X$.T(#7.)8.*H.*'.*?#%b#*#H(C)#<&*.'*)&7%$.*<.*[-"63&+'%!"ZD.*)&*LD.*
#<7(8(<&5;*DHN)<&H.*8#7%(J)*[-",<?&%*6*[-"7+&&3().%"+[&)w#'T.H*<.*G(7#*:E>/A*G&c(.*:E>/A*
]"?D'8.H*:E_E<5I**V'*CJ).$&*[<').%"X.$8.).".*#*'#*L#7('(#*<.*'#H*K+?3'<,).%+!"#'*(CD#'*ZD.*.'*
CJ).$&*;,%1+,%,*$+&%-""VH.*7(H7&*#`&;*[&)w#'T.H*<.*G(7#*"&)H(CD(K*#(H'#$*<.*'#H*$#b".H*<.*
:/E*
*
[-" $).*</<."D)*#'"#'&(<.*#'*ZD.*''#7K*,<?+&<,%-""1$.".*#`&H*7NH*8#$<.;*H.*<.8.$7()K*HD*(<.)8(<#<*
"&)*'#*O;*O!<(7.8('8$(X8#7()#*+@-1A*Y#"?8.$*+*"%/-":EME5I**@.*.H8.*7&<&*[&)w#'T.H*H.*"&)T($8(K*.)*
.'*X$(7.$&*.)*<.H"D%$($*'#*@-1*"&7&*D)*X$&<D"8&*)#8D$#';*+)D.T.*#`&H*#)8.H*<.*'&H*8$#%#g&H*<.*
P(H?*+*"%/-":EMM5*H&%$.*'&H*$#XJH*<.*;,%1+,%,*$+&%-""BHb*ZD.*.'*7<,$)"1%"63&+'%""&7X#$8.*"&)*'&H*
$#XJH*<.*()$)8%"5"+G+,D*.'*7(H7&*X$()"(X(&*#"8(T&;*'#*@-1I**[<').%"7+&&3().%"8#7%(J)*"&)8(.).*
@-1*+]7(8?*:E__5;*7(.)8$#H*ZD.*.)*'#*X'#)8#*X#)#7.`#*[<').%".)',<%,."H.*?#*<.H"D%(.$8&*'#*
X$.H.)"(#*<.*8$(X8#7()#*6*O-1*+[DX8#*+*"%/-":E_E5I*
R."(.)8.7.)8.;*.'*.8)&%&8N)("&*#7.$("#)&*rI*3(Cc&&<*?#*()L&$7#<&*<.*ZD.*.)*4.)8$&#7J$("#*
H.*LD7#%#*D)#*.HX."(.*<.*[<').%""&7&*lHD%H8(8D8&*<.*'#*7#$(?D#)#m;*.HX."(#'7.)8.*.)8$.*'&H*
C$DX&H*CD.$$(''.$&H*<.*V'*]#'T#<&$I**G#*X'#)8#*$."(%.*.'*)&7%$.*<.*1)&'</),%!"6*?#*X&<(<&*H.$*
$."&'."8#<#*.)*4?#'8.)#)C&;*V'*]#'T#<&$*+3(Cc&&<*:E_F5I**1#7%(J)*H.*8&7#)*'#H*?&g#H*H."#H*<.*
.H8#*X'#)8#*.)*L&$7#*<.*()LDH(K);*&%8.)(J)<&H.*l'&H*.L."8&H*7NH*LD.$8.HmI**2#H8#*'#*L."?#*)&*H.*
?#)*$.#'(W#<&*.H8D<(&H*<.*'#*"&7X&H("(K)*ZDb7("#*<.*.H8#*X'#)8#I**V)*f.$#"$DW;*-J9("&;*.'*)&7%$.*
1)&'</),%".+*D8('(W#*X#$#*$.L.$($H.*#*[<').%"G31<(%!"'#*"&$$(.)8.*lX'#)8#*H.)H(%'.m;*ZD.*H.*"D'8(T#*
?#%(8D#'7.)8.*.)*'&H*g#$<().H*X#$8("D'#$.H*X#$#*DH#$'#*"&7&*H&X&$bL.$&*+G#W&H*4?#T.$&*6*h'T#$.W!
3D6''#*R&".H*:EFF5I**V)*.'*$.H8&*<.*-J9("&*H.*D8('(W#)*%$.%#g.H*#*%#H.*<.*'#*$#bW*X#$#*$.CD'#$*'#*
7.)H8$D#"(K)*+q#7&$#!-#$8().W*6*O(.8&*<.*Y#H"D#'*Y&'#*:EE,5I**V)8$.*'&H*()<(&H*1W&8W('.H*6*'&H*
4?()#8."#H;*'#*$#bW*<.*[<').%"%/8<1%"H.*DH#*.)*.8)&C()."&'&Cb#*+3$&c).$*:EFMA*f.'NWZD.W*@b#W*
:EE,5I**].*?#*<.H"D%(.$8&*$."(.)8.7.)8.*ZD.*[<').%"*+,3<0/)&%!"7D6*"&)&"(<#*.)*'#*7.<("()#*
X&XD'#$*7.9("#)#*"&)*.'*)&7%$.*<.**+G+.()$3<*+!""&)8(.).*@-1*+-."d.H!G&W&6#*+*"%/-":EE\5I**G&H*
).C$&H*[#$bLD)#;*ZD.*?#%(8#)*.)*'#*"&H8#*"#$(%.`#*<.*[D#8.7#'#;*D8('(W#)*D)#*<."&""(K)*<.*
[<').%"G31<(%!"#*'#*ZD.*''#7#)*+.G<,%"1)&'</),%!""&7&*$.7.<(&*"&)8$#*'#H*()L.""(&).H*D$()#$(#H*
+[($K)*+*"%/-":EE:5I**1#7%(J)*H.*"&)&".*.'*DH&*<.*[<').%"G31<(%".)8$.*'&H*-#6#H*<.*3.'(W.;*"&)*.'*
)&7%$.*<.*13+&'<1<//)!""&7&*H&X&$bL.$&*+B$)#H&)*+*"%/-*:EF\5I**@.*L&$7#*#)N'&C#;*'&H*BW8."#H;*ZD.*
'#*"&)&"b#)*X&$*.'*)&7%$.*<.*G<,%$3<$3<d8'(;*D8('(W#%#)*.'*gDC&*<.*'#*$#bW*<.*.H8#*X'#)8#*"&)*'#*
7(H7#*L()#'(<#<*+[#$W#*:EE\5I*[-"G31<(%"8#7%(J)*?#*H(<&*D8('(W#<#*X&$*'#*L(8&7.<("()#*8$#<("(&)#'*
<.*f(.8)#7*"&7&*8$#)ZD('(W#)8.*?(X)K8("&*+OCD6.)*6*@&*:EE:5;*6*.)*-#<#C#H"#$*H.*?#*DH#<&*
"&7&*#)8("&)TD'H(T&*X.<(N8$("&*+3.#Dg#$<*:EFF5I**V)*'#*Q)<(#;*H.*D8('(W#*"&7&*$.7.<(&*"&)8$#*'#*
.X('.XH(#*6*"&7&*#L$&<(Hb#"&*+G#'*6*i#<#T*:EF=5I**V)*'#*B7#W&)(#;*'&H*()<(&H*sD("?D#*D8('(W#)*'#*
X'#)8#*"&7&*$.''.)&*<.*"&g().H*X#$#*#ZD.''&H*ZD.*X#<.".)*<.*()H&7)(&*+]"?D'8.H*:EF=#5I**V)*
Y#)#7N;*'#*[<').%"G31<(%"8(.).*T#$(#H*#X'("#"(&).H*7.<("()#'.H*.)8$.*'&H*()<(&H*[D#67b*ZD(.).H*
l%.%.)*D)#*()LDH(K)*<.'*8#''&*7&'(<&*"&)8$#*'#*#$8$(8(Hm*+r&''6*+*"%/-":EF_5*6*'#*"&)&".)*X&$*'3<?<,")"
?3%&<,?-""V)*"#H8.''#)&*'#*X'#)8#*$."(%.*.'*)&7%$.*<.*1)&'<1+&%"6*.)*()C'JH*H.*"&)&".*#*T.".H*"&)*
.'*)&7%$.*lH'..X()C*C$#HHmI**V)*Y#)#7N*.'*)&7%$.*1)&'<1+&%"8#7%(J)*H.*#X'("#*#*[<').%"
.)',<%,."=X3G*%"+*"%/-*:E_E5I**].*?#)*$.#'(W#<&*#'CD)&H*#)N'(H(H*<.*[-"G31<(%"+r&''6"+*"%/-":EF_A*
U&)C*:E_/5;*X.$&*X&$*#?&$#*)&*H.*?#*()8.)8#<&*<.8.$7()#$*'#*X$.H.)"(#*<.*8$(X8#7()#H*.)*'#*
X'#)8#I**VH*X$&%#%'.*ZD.*'#*.HX."(.*H#'T#<&$.`#*<.*[<').%!"ZD.*X$.H.)8#*X$&X(.<#<.H*
XH("&#"8(T#H;*"&)8.)C#*@-1*6x&*8$(X8#7()#H*.)8.&CJ)("#H*$.'#"(&)#<#HI*
:_\*
*
***
08$&*C$DX&*(7X&$8#)8.*<.*X'#)8#H*ZD.*"&)8(.).)*@-1*H&)*'#H*ZD.*H.*DH#)*"&7&*
#<(8(T&H*.)*'#*X&"(K)*.)8.&CJ)("#*%5%$3%.(%")"5%6A!"ZD.*H.*8$#8#$N*.)*<.8#''.*.)*.'*"#Xb8D'&*>I*G#H*
?&g#H*ZD.*H.*#`#<.)*#*'#*%5%$3%.(%!"''#7#<#H*#*T.".H*($%(&3,%")"($%?&)G%,?%".)*V"D#<&$*6*Y.$S;*
X.$8.).".)*X$()"(X#'7.)8.*#*<&H*.HX."(.Hv*L<G/)G*+&5."(%8&+$#)#*+.H8#*'(#)#;*"&)&"(<#*8#7%(J)*
#7X'(#7.)8.*.)*'#*'(8.$#8D$#*"&7&*W%,<.*+&<)G.<.*&3.85%,%!"X.$8.).".*8#7%(J)*#*'#H*
[%/G<?$<%(+%+!"'#*7(H7#*L#7('(#*<.*'#*X'#)8#*<.'*5%6A*)"%5%$3%.(%!"W%,<.*+*<)G.<."(%%G<!"6*.)*
V"D#<&$*6*4&'&7%(#*H.*'#*"&)&".*"&7&*+)()5%?+:S"5"#.5($)*&<%"7<*<1<."+@.$*-#$<.$&H(#)*+*"%/-"
:E_\A*]"?D'8.H*:E/_A*]"?D'8.H*:E_\"A*]"?D'8.H*6*2&L7#))*:EF\5I**L<G/)G*+&5."(%8&+&%,%""&)8(.).*
D)#*.'.T#<#*"&)".)8$#"(K)*<.*@-1*+BCD$.''*+*"%/-":E/F%A*@.$*-#$<.$&H(#)*+*"%/-":E/FA*Y&(HH&)*
:E/M5;*gD)8&*"&)*"#)8(<#<.H*7.)&$.H*<.*O-1;*M!-.0!@-1*6*%DL&8.)()#;*6*8$#W#H*<.* "#$%&'()#HI**
G#H*?&g#H*<.*#.5($)*&<%"7<&<1<.""&)8(.).)*8#7%(J)*@-1*"&7&*X$()"(X(&*#"8(T&*7NH*(7X&$8#)8.I**
08$#*.HX."(.*<.*#.5($)*&<%")&*(<.)8(L("#<#;*ZD.*'&H*()<(&H*4#H?()#?D#*<.'*Y.$S*"&)&".)*"&)*.'*
)&7%$.*<.*,%<F%i%"6*ZD.*#`#<.)*#*'#*%5%$3%.(%!"8#7%(J)*"&)8(.).*@-1*.)*HDH*?&g#H*+@.$*
-#$<.$&H(#)*+*"%/-":E_\5I**G&H*()<(&H*X.$D#)&H*]?#$#)#?D#*6*4DL()#*D8('(W#)*<(T.$H#H*.HX."(.H*<.*
#.5($)*&<%!"ZD.*#S)*)&*?#)*H(<&*(<.)8(L("#<#H;*#*'#H*ZD.*''#7#)*G<.$<F%i%"5"8%*.<F%i%"=)"'%*.<"
F%i%")"F%i%"F3<:""&7&*#<(8(T&H*<.*'#*%5%$3%.(%-""VH*X&H(%'.*ZD.*.H8#H*X'#)8#H*"&)8.)C#)*@-1;*6#*
ZD.*.)*D)#*7D.H8$#*<.*%5%$3%.(%"]?#$#)#?D#;*6*.)*<&H*7D.H8$#H*<.*%5%$3%.(%"4D'()#*
X$.X#$#<#H*"&)*.''#H*H.*<.8.$7()K*'#*X$.H.)"(#*<.*@-1;*ZD.*"&)H8(8Db#*#'$.<.<&$*<.*D)*8.$"(&*<.*
'#*L$#""(K)*#'"#'&b<("#*8&8#'*+R(T(.$*6*G()<C$.)*:E_,5I**B)N'(H(H*$."(.)8.H*?#)*<.HT.'#<&*ZD.*'#H*?&g#H*
<.*#-"7<&<1<.""&)8(.).)*@-1*"&7&*#'"#'&(<.*7#6&$(8#$(&;*7(.)8$#H*ZD.*.)*D)#*<.*'#H*X'#)8#H*H.*
?#''#$&)*8$#W#H*<.*,!7.8('!8.8$#?(<$&! !"#$%&'()#H*+-1245I**Y&$*.'*"&)8$#$(&*)&*H.*.)"&)8$K*
#'"#'&(<.*#'CD)&*.)*D)#*7D.H8$#*<.*#.5($)*&<%"(%&*$%?<,+,.<.!"X'#)8#*ZD.*#*T.".H*H.*D8('(W#*"&7&*
HDH8(8D8#*<.*#-"7<*<1<.-""V)*D)#*H&'#*7D.H8$#*1+"L<G/)G*+&5."(%8&+&%,%"H.*?#''K*@-1*"&7&*#'"#'&(<.*
X$()"(X#';*gD)8&*"&)*8$#W#H*()H(C)(L("#)8.H*<.*%DL&8.)()#*+-"j.))#*+*"%/-":EF>#5I**B*X.H#$*<.*ZD.*
D)*#)N'(H(H*ZDb7("&*?#*<.8.$7()#<&*ZD.*"#$.".*<.*#'"#'&(<.H*+2&'7H8.<8*+*"%/-":EF\5;"b<&)/%"
.3&<,%'+,.<."<.%.*H.$*"&)H(<.$#<#*"&7&*D)#*LD.)8.*X&8.)"(#'*<.*8$(X8#7()#H;*XD.H8&*ZD.*.)*D)*
.H8D<(&*$."(.)8.*H.*7.)"(&)#*HD*DH&*"&7&*#<(8(T&*<.*'#*%5%$3%.(%"+GD)#*:EF>%5I**G#*(7X&$8#)"(#*
<.*.H8&H*<.H"D%$(7(.)8&H*H.*?#$N*X#8.)8.*.)*.'*"#Xb8D'&*>;*<&)<.*H.*8$#8#*'#*.8)&L#$7#"&C)&H(#*<.*
'#H*X&"(&).H*HD<#7.$("#)#H*<.*%5%$3%.(%-""08$#*X'#)8#*<.*'#*7(H7#*L#7('(#*ZD.*.'*CJ).$&*
#.5($)*&<%"=N38<%(+%+:!"#%?%'+%"'%(&)G$5//%!"+.*D8('(W#<#*X&$*'&H*"?#7#).H*3#$#H#)#*<.*
4&'&7%(#;*ZD(.).H*X$.X#$#)*D)*$#XJ*X&H(%'.7.)8.*.)8.KC.)&*#*X#$8($*<.*'#H*?&g#H*XD'T.$(W#<#H*
+]"?D'8.H*:EF\A*]"?D'8.H*:EFM"A*]"?D'8.H*6*R#LL#DL*:EE,5I**@.*L&$7#*#)N'&C#*'#*7&$#".#*[%23<&%"
.(/+&)G$5//%""&)&"(<#*"&7&*l$#XJ*<&H*()<(&Hm;*.$#*'#*%#H.*<.*D)*&%H&'.8&*$#XJ*.)8.KC.)&*<.'*
3$#H('*+TJ#H.*BXJ)<(".*3A*]"?D'8.H*6*R#LL#DL*:EE\5I**VH*X$&%#%'.*ZD.*.H8#H*X'#)8#H*8#7%(J)*
"&)8.)C#)*8$(X8#7()#H*.)8.&CJ)("#HI**R."(.)8.7.)8.*H.*?#)*$.#'(W#<&*.H8D<(&H*L#$7#"&'KC("&H*<.'*
$#XJ*<.*-I*.(/+&)G$5//%!"<.8.$7()N)<&H.*ZD.*'#*#<7()(H8$#"(K)*<.*D)*.98$#"8&*.)*$#8#H*X&$*Tb#*
()8$#X.$(8&).#'*X$&<D".*D)#*.H8(7D'#"(K)*<.'*H(H8.7#*).$T(&H&*".)8$#'*H(7('#$*#*'#*#)L.8#7b)("#I**
1#7%(J)*H.*?("(.$&)*"&)g.8D$#H*H&%$.*'#*X$.H.)"(#*<.*C'D"KH(<&H*"#$<(&8K)("&H*+@.*4#$T#'?&*6*G#X#*
:EE\5;*?(XK8.H(H*ZD.*LD.*"&)L($7#<#*.)*#)N'(H(H*X&H8.$(&$.H*+]?$.H8?#*+*"%/-":EE,5I**4D$(&H#7.)8.;*
36.*+:E_EA*-"G#DC?'()*:E_E5*()L&$7K*<.*'#*<.8.""(K)*<.*M!-.0!@-1*.)*J($<,)(+&+3."
*<<?/)($<1<%*3.!"D)*"#"8&H*DH#<&*X&$*'&H*()<(&H*8#$#?D7#$#*<.*
:_:*
*
-J9("&*"&7&*HDH8(8D8&*<.*7.)&$*X&8.)"(#*<.'*GA5)*/"+TJ#H.*"#Xb8D'&*'5I**G&H*8#$#?D7#$#*<.H(C)#)*
#*.H8#*X'#)8#*"&)*.'*7(H7&*)&7%$.*ZD.*D8('(W#)*X#$#*'#*X'#)8#*<.'*GA5)*/!"$4F35<"+36.*:E_E#5I**@#<#*
'#*()#"8(T(<#<*<.*'#*M!-V0!@-1*X&$*Tb#*&$#'*.)*#DH.)"(#*<.*()?(%(<&$.H*<.*'#*-B0;*.9(H8.*'#*
X&H(%('(<#<*<.*ZD.*'&H*8#$#?D7#$#*"&7%().)*.H8.*"#"8&H;*.)*#'CS)*8(X&*<.*X&"(K);*"&)*#'CD)#*
X'#)8#*ZD.*"&)8.)C#*<("?&H*()?(%(<&$.H*<.*'#*-B0I**VH*X$."(H&*&%8.).$*D)#*7#6&$*()L&$7#"(K)*
.8)&%&8N)("#*#'*$.HX."8&I*
*
*
V'*VOQ[-B*@VG*]BY0*i*01R0]*]V4RV10]*VO1V0[kOQ40]*
*
*4&7&*6#*?.7&H*T(H8&;*D)#*<.*'#H*8$(X8#7()#H*7#6&$(8#$(#H*X$.H.)8.H*.)*.'*$#XJ*<.*()$)8%"6*'#H*
H.7(''#H*<.*;,%1+,%,*$+&%!"HD*LD.)8.*T.C.8#';*.H*'#*7(H8.$(&H#*M!?(<$&9(!@-1*&*%DL&8.)()#I**VH8.*
"&7XD.H8&*8#7%(J)*.H8N*X$.H.)8.*.)*8$.H*.HX."(.H*)&*.)8.&CJ)("#H*.*()&"D#H*<.*?&)C&H*<.'*
CJ).$&*;'%,<*%"+4?('8&)"+*"%/-":E_E5*+>5I**B'*8$#8#$H.*<.*D)*(HK7.$&*<.*X&H("(K)*<.*'#*XH('&"()#;*D)*
"&)&"(<&*.)8.KC.)&;*+.)*.'*ZD.*.'*C$DX&*?(<$&9('&*H.*.)"D.)8$#*.)*X&H("(K)*M*.)*'DC#$*<.*'#*
X&H("(K)*>A*TJ#H.*BXJ)<(".*45;*H!#'*H.$*.'*<.$(T#<&*<(7.8('#<&*<.*'#*H.$&8&)()#*&*M!
?(<$&9(8$(X8#7()#;*D)*(7X&$8#)8.*).D$&8$#)H7(H&$;*"#%$b#*.HX.$#$*ZD.*'#*%DL&8.)()#*8DT(.$#*
X$&X(.<#<.H*"'#$#7.)8.*.)8.&CJ)("#H*+U.(<7#))*6*4.$'.88(*:EME5*+M5I**]()*.7%#$C&;*'&H*
.9X.$(7.)8&H*<.*J8("#*"D.H8(&)#%'.*''.T#<&H*#*"#%&*.)*X$(H(&).H*6*?&HX(8#'.H*XH(ZD(N8$("&H*
#7.$("#)&H*?#".)*<D<#$*<.*.H8#*"&)"'DH(K);*XD.H8&*ZD.*1D$).$*6*-.$'(H*"#H(*7#8#$&)*#*8$.H*
lX#"(.)8.Hm*"&)*<&H(H*$.'#8(T#7.)8.*X.ZD.`#H*<.*'#*<$&C#*+,;M!M*7C5*+P#%()C*6*2#cd()H*:EM/A*
1D$).$*H!-.$'(H*:EME5I*
 4&7&*6#*H.*?#*7.)"(&)#<&;*'#*%DL&8.)()#*$."(%(K*HD*)&7%$.*<.*W30)"73/?%&<.!*XD.H8&*ZD.*H.*
#(H'K*X&$*X$(7.$#*T.W*"&7&*"&7X&).)8.*7.)&$*<.'*T.).)&*<.*.H8.*#)(7#'I**B*'&*'#$C&*<.*'#*
?(H8&$(#;*'&H*X$.X#$#<&H*#*%#H.*<.*'#*8&9()#*<.*H#X&*?#)*H(<&*#7X'(#7.)8.*D8('(W#<&H*.)*7.<("()#*
.)*4?()#*6*.'*HD<.H8.*#H(N8("&;*6*H.*7.)"(&)#)*.)*'#H*L#$7#"&X.#H*.D$&X.#H*<.*'&H*H(C'&H*<(."(H(.8.*
6*<(."(&"?&*+4?('8&)*+*"%/":E_EA*@#T(H*6*U.('*:EE,A*f.$X&&$8.*+*"%/-":E_E5I**2#*8$#H".)<(<&*
$."(.)8.7.)8.*ZD.*'&H*#8'.8#H*"?()&H*ZD.*X#$8("(X#$&)*.)*'&H*rD.C&H*0'b7X("&H*<.*3#$".'&)#*.)*
:EE,*?#%b#)*8&7#<&*D)#*X&"(K)*ZD.*"&)8.)b#*X(.'*<.*H#X&*"&7&*"&7X'.7.)8&*<.*HD*
.)8$.)#7(.)8&*+B)&)I*:EE,%5I**V'*H#X&*.H*.'*X$(7.$&*<.*'&H*()C$.<(.)8.H*ZD.*'#H*%$Dg#H*<.*
]?#d.HX.#$.*#`#<.)*#'*"#'<.$&*.)*'#*.H".)#*()("(#'*<.'*"D#$8&*#"8&*<.*[%(8+*$"+/5I**G#H*
$.X$.H.)8#"(&).H*<.*H#X&H*H&)*?#%(8D#'.H*.)*'#H*'NX(<#H*6*&8$&H*&%g.8&H*<.*'#*VD$&X#*#)8(CD#*
+[(7%D8#H*:EMFA*[(7%D8#H*:E_>5I**V9(H8.)*"$K)("#H*.)*'#H*ZD.*H.*<.H"$(%.*'#*X$.X#$#"(K)*<.*
L'."?#H*.)T.).)#<#H*"&)*T.).)&*<.*H#X&*X&$*'&H*()<(&H*<.*'#*B7#W&)(#*+B%.'*6*-#"?8*:E::5;*6*'#H*
$.X$.H.)8#"(&).H*<.*$#)#HxH#X&H*.)*.'*L&'"'&$.*()<bC.)#*<.*]D<#7J$("#*H.*?#''#*#7X'(#7.)8.*
<&"D7.)8#<&*+U#HHJ)*:E=>#A*U#HHJ)*:E=>%5I**V'*X#)8.K)*<.*'&H*()<(&H*U#$#&*<.*]D<#7J$("#*
()"'D6.*#'*<(&H*H#X&*+U('%.$8*:EF=5;*6*H.*<(".*ZD.*'&H*()<(&H*B7#?D#"#*<.'*Y.$S*H.*L$&8#)*T.).)&*
<.*H#X&*&*<.*$#)#*.)*ZD.7#<D$#H*ZD.*.''&H*7(H7&H*H.*()L'(C.);*.)*%DH"#*<.*.L."8&H*XH("&#"8(T&H*
+4#$).($&*:E_\5I*
:_,*
*
].*?#*#H&"(#<&*#*.HX."(.H*8K9("#H*<.*$#)#H*<.'*CJ).$&*L+,1&)8%*+."5"#$5//)8%*+."(),*.H8#*"D$(&H#*
X$N"8("#I**G#H*$#)#H*8K9("#H*"&'&7%(#)#H*<.'*CJ).$&*#$5//)8%*+.""&)8(.).)*%#8$#"&8&9()#H*6*H&)*
DH#<#H*.)*'#*X$.X#$#"(K)*<.*T.).)&H*X#$#*<#$<&H*+-6.$H*+*"%/-*:E_F5I**R."(.)8.7.)8.*H.*?#)*
<.H"D%(.$8&*8&9()#H*H(7('#$.H*.)*'#*X(.'*6*'#H*X'D7#H*<.*XNg#$&H*<.'*CJ).$&*#<*)$3<"+@D7%#"?.$*+*"
%/-":EE,5I**B*X#$8($*<.*'#H*H."$."(&).H*<.*'#*X(.'*<.*'#*$#)#*T.).)&H#*#$5//)'+13.%"8<()/)&"H.*?#)*
X&<(<&*#(H'#$*)D7.$&H&H*XJX8(<&H*<.*()8.$JH*L#$7#"&'KC("&I**B'*(CD#'*ZD.*'&H*()<(&H*B7#?D#"#;*'&H*
()<(&H*-#8HJH*L$&8#)*'#H*H."$."(&).H*8K9("#H*<.*'#*X(.'*<.*.H8#*.HX."(.*"&)8$#*ZD.7#<D$#H*
#D8&()<D"(<#HI**@.HXDJH*<.*X#H#$*X&$*D)#*L#H.*<.*C$#)*X.'(C$&*X#$#*'#*T(<#*6*X&$*D)*'#$C&*X.$b&<&*
<.*H.<#"(K)*X&H8.$(&$;*'&H*()<(&H*.9X.$(7.)8#)*D)#*()8.)H(L("#"(K)*<.*'&H*H.)8(<&H*6*D)*#D7.)8&*
<.*HD*LD.$W#I**G'#7#)*#*.H8#*.9X.$(.)"(#*'#*l7#C(#*<.'*"#W#<&$mI**n)*#)8$&XK'&C&*#7.$("#)&*ZD.*H.*
#8$.T(K*#*X$&%#$'&*X#HK*X&$*.H8#<&*<.*()8.)H&*XN)("&*.)*.'*ZD.*l#)?.'#%#*6*$.W#%#*X&<.$*7&$($m*
?#H8#*HD7($H.*.)*D)*.H8DX&$*ZD.*<D$K*D)*<b#*.)8.$&*6*<.'*ZD.*<.HX.$8K*H()8(J)<&H.*l"&7&*D)*
<(&Hm*+B7#8&*:EE,5I**G#*.HX."(.*W30)*'%&<,3."H.*7.)"(&)#*"&7&*D)&*<.*'&H*()C$.<(.)8.H*<.'*X&'T&*
?#(8(#)&*W&7%(L("#<&$*ZD.*H.*HDX&).*"#DH#*D)*.H8#<&*ZD.*#H.7.g#*'#*7D.$8.*+@#T(H*:EF="A*@#T(H*
:EF=<A*@#T(H*:EFF#5I**PD$H8*?#*$.H#'8#<&*.'*<.H8#"#<&*X#X.'*ZD.*gD.C#)*'&H*H#X&H*.)*'#H*7(8&'&Cb#H*
<.*-.H&#7J$("#*6*BH(#*+PD$H8*:E_/A*TJ#H.*8#7%(J)*j.)).<6*:EF,5I**1#7%(J)*fIYI*6*RI[IU#HH&)*
+TJ#H.*"#Xb8D'&H*M*6*/5*<.<("#$&)*'#*7#6&$*X#$8.*<.*HD*8$#%#g&*X(&).$&"[3.$&))'."N3..<%"%,1"
><.*)&5"#'*lV)(C7#*<.'*]#X&*6*&8$&H*]."$.8&H*LS)C("&Hm*+U#HH&)*6*U#HH&)*:EM_#A*7(H*<(H"D'X#H*#*
'&H*U#HH&)*X&$*.'*8(8D'&*<.*.H8#*H.""(K)5I**f#$(#H*<.*'#H*lH.8#H*<.*X(.<$#m*<.*'&H*7#6#H*$.X$.H.)8#)*
#*H#X&H;*<.*7&<&*ZD.*'&H*U#HH&)*H.*$.L(.$.)*#*D)&*<.*.H8&H*&%g.8&H*"&7&*a[%5%,"*)%1.*))/9"
k*)%1.*))/!"+,*()C'JH*"D#'ZD(.$*8(X&*<.*H.8#*T.).)&H#*6*'(8.$#'7.)8.*lH(''#*<.'*H#X&m*OI*<.'*1Iy*
+-#6.$*:E__#A*U#HH&)*:EF\A*U#HH&)*6*U#HH&)*:EM_#5I**V'*.H8D<(&H&*#7.$("#)&*<.*'#*"D'8D$#*
-#6#*rIVI]I*1?&7H&)*"(8#*D)*.H"$(8&*<.'*H(C'&*<(."(H(.8.*<.'*L$#('.*1I*[#C.*#".$"#*<.'*?."?&*<.*ZD.*
'&H*-#6#H*Y&d&7#)*<.*[D#8.7#'#*$.L&$W#$#)*D)#*X&"(K)*.7%$(#C#)8.*#`#<(J)<&'.*H#X&H*+[#C.*
:E>/A*-&7XH&)*:E_\5I**].*#8$(%D6.*#*'&H*#)8(CD&H*-#6#H*'#*D8('(W#"(K)*<.*.).7#H*$(8D#'.H*ZD.*
#<7()(H8$#%#)*7.<(#)8.*$."(X(.)8.H*.HX."(#'.H*?."?&H*X#$#*.H8.*X$&XKH(8&*+@.*]7.8*:EFM%A*@.*
]7.8*6*2.''7D8?*:EF/A*]"?.'.*6*P$.(<.'*:EE\A*]"?.'.*6*-(''.$*:EF/5;*6*H.*?#*HDC.$(<&*ZD.*8#7%(J)*
#<7()(H8$#$#)*HDH8#)"(#H*.7%$(#C#)8.H*"&7&*'#*8K9()#*<.*H#X&*7.<(#)8.*.H8.*7J8&<&*+@.*]7.8*
:EF=A*@&%d()*<.*Rb&H*:E_>5I**V)*'&H*lY."8&$#'.H*<.*&$&*<.*@#$(.)m*X$&".<.)8.H*<.*4&'&7%(#;*
.)"&)8$#7&H*L$."D.)8.7.)8.*L(CD$#H*<.*H#X&H*&*$#)#H*gD)8&*#*$.X$.H.)8#"(&).H*ZD.*H.*"$..*ZD.*
H&)*?&)C&H*.)8.&CJ)("&H*+V77.$("?*:E/MA*]"?D'8.H*6*3$(C?8*:E_E5I*
V)*D)*()8$(C#)8.*8$#%#g&*<.*1I*j)#%;*.8)&%&8N)("&*6*.H8D<(&H&*<.*'&H*ON?D#8'*H.*?#%'#*<.*lD)*
H."$.8&*CD#$<#<&*".'&H#7.)8.*6*ZD.*H&'&*"&)&".)*D)&H*X&"&H*(3&%,1+&).")"8&36)."ZD.*?#%(8#)*.)*
$#)"?.$b#H*#(H'#<#H*<.'*HD$*<.*f.$#"$DWmI**].*8$#8#*<.*'#*X$.X#$#"(K)*<.*D)*.7%$(#C#)8.*#*%#H.*<.*
T.).)&*<.*H#X&*ZD.*H.*.98$#.*<.*D)*#)(7#'*(<.)8(L("#<&*"&7&*W30)"'%&<,3.-""V)*'#*.'#%&$#"(K)*<.*
.H8#*X&"(K)*H.*D8('(W#%#*D)#*X#H8#*X$.X#$#<#*"&)*'#H*C'N)<D'#H*X#$#8&(<.#H*<.*<(.W*H#X&H*ZD.*H.*
7.W"'#%#*'D.C&*"&)*"#'*6*".)(W#H;*H.*"&"b#;*L.$7.)8#%#*6*ZD.<#%#*L()#'7.)8.*$.<D"(<#*#*D)#*
l7#H#*.)<D$."(<#mI**V'*()8$JX(<&*j)#%*()C($(K*D)*%$.%#g.*+ZD.*HD*()L&$7#)8.*)&*H.*<(C)K*#*
"&7X#$8($*"&)*J'5*
:_=*
*
*
.'#%&$#<&*"&)*lT#$(&H*8$&W&H*X.ZD.`&Hm*<.*.H8#*7#H#;*?.$T(<&H*.)*#CD#I**-NH*8#$<.*.H"$(%(Kv*
*
G#*%.%(<#*.7X(.W#*#*?#".$*.L."8&*#'*"#%&*<.*7.<(#*?&$#A*H.*H(.)8.*D)#*
HD<&$#"(K)*X$&LDH#*ZD.*#"&7X#`#*#*D)*$.X.)8()&*#D7.)8&*<.*'&H*'#8(<&H*<.'*
"&$#WK)I**G&H*'#8(<&H*H.*TD.'T.)*X$&C$.H(T#7.)8.*7NH*LD.$8.HI**].*()H8#D$#)*
.H"#'&L$b&H*gD)8&*"&)*.HX#H7&H*<.*'&H*7SH"D'&H*L#"(#'.H*6*&"D'#$.HI**B*JH8&H;*
X$&)8&*'.*H(CD.*D)*()8.)H&*<&'&$*<.*"#%.W#*6*.'*<.'($(&III*VH8.*.H8#<&*<D$#*
C.).$#'7.)8.*<.*8$.H*#*"()"&*?&$#H*X#$#*'D.C&*$.7(8($*7D6*'.)8#7.)8.I*
*
VH8&H*.L."8&H*<."(<(<#7.)8.*<.H#C$#<#%'.H*$."D.$<#)*#*#'CD)&H*<.*'&H*H()8&7#H*ZD.*1D$).$*6*
-.$'(H*<.H"$(%(.$&)*8$#H*'#*#<7()(H8$#"(K)*<.*()6.""(&).H*<.*%DL&8.)()#*XD$#*+1D7.$*6*-.$'(H*
:EME5I**V'*(7X&$8#)8.*<.H"D%$(7(.)8&*<.*j)#%*XD.<.*ZD.*.9X'(ZD.*.)*X#$8.*'#*#%D)<#)"(#*<.*
H#X&H*.)*'#*("&)&C$#Lb#*<.*-.H&#7J$("#I**B<.7NH;*'&H*T.).)&H*<.*H#X&*"&)8(.).)*X&8.)8.H*
.H8.$&(<.H*"#$<(&8K)("&H;*7NH*#"8(T&H*()"'DH&*ZD.*'&H*<(C(8N'("&H*+4?.)*6*r.)H.);*:E,E5;*ZD.*
X&<$b#)*.9X'("#$*LN"('7.)8.*'#*()L#DH8#*.9X.$(.)"(#*<.*j)#%I*
-(.)8$#H*ZD.*'#H*X$&X(.<#<.H*.)8.&CJ)("#H*<.*'#*%DL&8.)()#*H&)*<D<&H#H*6*HDH*.L."8&H*H&)*
"(.$8#7.)8.*<.H#C$#<#%'.H;*8$#%#g&H*$."(.)8.H*?#)*<.H"D%(.$8&*'#*X$.H.)"(#*<.*M!-.0!@-1;*D)#*
HDH8#)"(#*()<(H"D8(%'.7.)8.*.)8.&CJ)("#;*gD)8&*"&)*%DL&8.)()#*.)*.'*T.).)&*<.*D)#*.HX."(.*<.*
H#X&;*W30)"%/7%&<3."&$(D)<#*<.*'&H*<.H(.$8&H*<.'*)&$8.*<.*-J9("&*6*<.'*HD<&.H8.*<.*'&H*VVnn*+@#'6*
6*U(8"&X*:E_:A*V$HX#7.$*+*"%/-*:E/MA*V$HX#7.$*.8*#'I*:E/_5I**R."&$<.7&H*ZD.*'#*M!-V0!@-1*.H*
D)&*<.*'&H*()C$.<(.)8.H*"'#T.*<.*'&H*$#XJH*.)8.KC.)&H*<.*b<&)/%"5";,%1+,%,*$+&%-""n)*'(%$&*
XD%'("#<&*%#g&*.'*H.D<K)(7&*<.*BI*-&H8*+:EF>5;*.9X'("#*'#*L&$7#*<.*(<.)8(L("#$*#*W-"%/7%&<3."5*"&7&*
$."&'."8#$*HD*T.).)&*6*.7X'.#$'&*"&7&*.)8.KC.)&I**V'*'(%$&*?#*"&)8$(%D(<&*#*L&7.)8#$*.'*DH&*
'S<("&*6*$(8D#'*<.*.H8.*T.).)&*.)*'#*#"8D#'(<#<*+@#T(H*6*U.('*:EE,5I**B'$.<.<&$*<.*.H8#*X$N"8("#*H.*
?#*"$.#<&*'#*l4?D$"?*&L*8?.*1&#<*&L*G(C?8m*+QC'.H(#*<.'*]#X&*<.*'#*'SW5;*ZD.*D8('(W#*.'*T.).)&*<.*.H8.*
H#X&;*#'*ZD.*"&)&".)*"&7&*l]#X&*<.*'#*'DWm;*"&7&*H#"$#7.)8&*+3'&HH.$*:EE:A*-&)8C&7.$6*:EE\5I**
VH8.*T.).)&*"&)8(.).*D)#*.'.T#<#*"&)".)8$#"(K)*<.*M!-.0!@-1;*7(.)8$#H*ZD.*HK'&*X$.H.)8#*
8$#W#H*<.*%DL&8.)()#;*6*.T(<.)8.7.)8.*D)&H*)(T.'.H*<.*.H8.$&(<.H*"#$<(&8K)("&H*8K9("&H*7D6*
()L.$(&$.H*#*'&H*ZD.*H.*.)"D.)8$#)*.)*.'*T.).)&*<.*W30)"73/?%&<."+&*%(.)*.H8&H*.H8.$&(<.H*H.*
<.H8$D6.)*<D$#)8.*'#*"&7%DH8(K)*<.'*T.).)&5I**Y&$*.''&*H.*XD.<.*8&7#$*LD7#)<&*'#H*'N7()#H*
#7#$(''.)8#H*ZD.*H.*&%8(.).)*X&$*H(7X'.*<.H."#"(K)*<.'*T.).)&I**V'*$.HD'8#<&*.H*D)#*.9X.$(.)"(#*
.)8.KC.)#*#'C&*H(7('#$*#*'#*ZD.*H.*&%8(.).*LD7#)<&*M!-.0!@-1*.)*L&$7#*XD$#I**V9(H8.*D)*.H8D<(&*
<.*'&H*.L."8&H*<.*D)#*X.ZD.`#*"#)8(<#<*<.*T.).)&*<.*W30)"%/7%&3.".)*<&H*HDg.8&H*+@#T(H*6*U.('*
:EE,A*U.('*6*@#T(H*:EE>5I**V)*D)*#$8("D'&*$."(.)8.*XD%'("#<&*X&$*'#*$.T(H8#*@+i.i++F"H.*?#".*
$.L.$.)"(#*#*.H8.*l]#X&*<.*'#*'DWm*6*#*'#*X$N"8("#*<.*LD7#$*HD*T.).)&*+j$#g("d*:EE,5I**
@.HC$#"(#<#7.)8.;*#*#'CD)#H*X.$H&)#H*%#H8#)8.*()C.)D#H*'.H*?#*<#<&*X&$*'#7.$*H#X&H;*.)8$.*.''&H*
.'*W30)"73/?%&<.!"'&*ZD.*
:_>*
*
?#*"#DH#<&*C$#T.H*.)T.).)#7(.)8&H*ZD.*).".H(8#$&)*?&HX(8#'(W#"(K)*+YD''()C*:EE\5;*#D)ZD.*
.9(H8.)*$#W&).H*X#$#*"$..$*ZD.*.'*T.).)&*LD7#<&*<.*.H8#*.HX."(.*"&7S)*XD.<.*H.$*8#7%(J)*
XH("&#"8(T&*+TJ#H.*BXJ)<(".*B5I*
*
*
V'*[VOQ0*VO*V'*-B1RBq*
1RQY1B-QOB]*VO1V0[kOQ4B]*@V*GB30RB10RQ0*
*
**4&7&*"&)H."D.)"(#*<.'*<.H"D%$(7(.)8&*<.*'#H*X$&X(.<#<.H*.)8.&CJ)("#H*<.*'#*@-1*6*<.*'#*M!
-.0!@-1;*X$()"(X(&H*#"8(T&H*<.*'&H*$#XJH*HD<#7.$("#)&H;*H.*H()8.8(W#$&)*6*X$&%#$&)*D)#*H.$(.*<.*
<.$(T#<&H*#$8(L("(#'.H*<.*.H8#H*8$(X8#7()#HI**@.*.''#H*'#*7NH*L#7&H#*6*7NH*#7X'(#7.)8.*.)H#6#<#*
.H*'#*1!E*&*O;O!<(.8('8$(X8#7()#*+@V15;*gD)8&*"&)*'#*O;O!<(X$&X('8$(X8#7()#*+@Y15I*
G#*@V1*H.*.)H#6K*X&$*X$(7.$#*T.W*.)*2D)C$b#*<.H"D%$(J)<&H.*HD*#"8(T(<#<*8$#H*HD*
#<7()(H8$#"(K)*()8$#7DH"D'#$*.)*L&$7#*<.*"'&$?(<$#8&I**G#*<&H(H*#"8(T#*H.*H(8S#*#'$.<.<&$*<.*'*
7CxjCI;*<.*L&$7#*H(7('#$*#*'#*<.*'#*@-1*+3pHWp$7J)6(*+*"%/-":EMEA*]WN$#*:EM_5I**O&*&%H8#)8.;*#*
<(L.$.)"(#*<.*'#*@-1;*HDH*.L."8&H*)&*H.*()H8#D$#)*?#H8#*X#H#<&H*D)&H*ZD()".*7()D8&H*+<&H*&*8$.H*
7()D8&H*.)*.'*"#H&*<.*D)#*()6.""(K)*<.*@-15I**G&H*.L."8&H*<.*'#*@-1*<D$#)*#'$.<.<&$*<.*8$.()8#*&*
"D#$.)8#*7()D8&H;*7(.)8$#H*ZD.*'&H*<.*D)#*()6.""(K)*<.*@V1*H.*.9X.$(7.)8#)*<D$#)8.*<&H*&*8$.H*
?&$#H*+3pHWp$7J)6(*+*"%/-*:EMEA*P#(''#".*+*"%/-":E/_A*]WN$#*6*R&"d'#)<*:E/:5I**].*&%8(.).)*'#H*
7(H7#H*T#$(#"(&).H*.)*'&H*8(.7X&H*<.*()H8#D$#"(K)*6*<D$#"(K)*<.'*.L."8&*"D#)<&*H.*8&7#)*
LD7#<#HI**](*H.*LD7#*'#*@-1*.)*L&$7#*<.*%#H.*'(%$.;*'&H*.L."8&H*.7X(.W#)*<.*L&$7#*()7.<(#8#;*
<D$#)<&*HK'&*<.*<(.W*#*ZD()".*7()D8&HI**Y&$*.'*"&)8$#$(&;*<.%.)*8$#)H"D$$($*T#$(&H*7()D8&H*#)8.H*
<.*ZD.*H.*.9X.$(7.)8.)*'&H*.L."8&H*<.*'#*@V1*LD7#<#*"&7&*%#H.*'(%$.;*<D$#)<&*<.*D)#*#*<&H*
?&$#HI**1#7%(J)*.9(H8.)*<(L.$.)"(#H*"D#'(8#8(T#H*.)8$.*'&H*.L."8&H*<.*#7%#H*HDH8#)"(#HI**-(.)8$#H*
ZD.*'#*@-1*.H*7D6*X&8.)8.*6*HDH*.L."8&H*H.*#H.7.g#)*#*'&H*<.*D)#*#X(H&)#<&$#;*'&H*<.*'#*@V1*H&)*
7NH*HD8('.H*<.*L&$7#*ZD.*.H*7.)&H*L$."D.)8.*ZD.*X$&T&ZD.)*#)H(.<#<*&*XN)("&;*8#'*"&7&*&"D$$.*#*
T.".H*8$#H*'#*#<7()(H8$#"(K)*<.*@-1I**VH8.*?."?&;*gD)8&*"&)*D)#*<D$#"(K)*(<.#'*<.'*.L."8&*<.*D)#*#*
8$.H*?&$#H;*?#".*<.*'#*@V1*D)&*<.*'&H*.)8.KC.)&H*7NH*$."&7.)<#%'.H;*.HX."(#'7.)8.*S8('*X#$#*
#ZD.''&H*DHD#$(&H*ZD.*)&*.H8N)*L#7('(#$(W#<&H*#S)*"&)*.H8#H*HDH8#)"(#HI**1#'*"&7&*#L($7#$&)*
3pHWp$7J)6(*6*HDH*"&'#%&$#<&$.Hv*l"$..7&H*ZD.*'#*@V1*.H*.'*7.g&$*6*7.)&H*)&"(T&*XH("&8KC.)&*
<.H"D%(.$8&*?#H8#*'#*L."?#;*"&)*D)#H*"D#'(<#<.H*8.$#XJD8("#H*()"D.H8(&)#%'.Hm*+3pHWp$7J)6(*+*"%/-"
:EME5I**Y#$.".*H.$*#<.7NH*ZD.*'#*@V1*.H*#"8(T#*X&$*Tb#*&$#'*#*<&H(H*.'.T#<#H*+]?D'C()*:E_/#5I*
G#*@Y1*H.*.)H#6K*X$(7.$&*.)*#)(7#'.H*+]WN$#*:E/,5;*<.H"D%$(J)<&H.*X&H8.$(&$7.)8.*HDH*.L."8&H*
H(7('#$.H*#*'&H*<.*'#*@V1*.)*?D7#)&H*+P#(''#".*+*"%/-":E/_A*]WN$#*:E_\5I**].*?#*.H8D<(#<&*'#*
#X'("#"(K)*<.*.H8.*H&$X$.)<.)8.*"&7XD.H8&*"&7&*7.<(&*X#$#*()<D"($*l.9X.$(.)"(#H*"D7%$.m*
+.9X.$(.)"(#H*<.*)#8D$#'.W#*7bH8("#*&*$.'(C(&H#A*TJ#H.*-#H'&c*:E/,5*.)*.)L.$7&H*8.$7()#'.H*<.*
"N)".$I**B*<&H(H*<.*E\!:M\*7C;*.'*"'&$?(<$#8&*<.*@Y1*()6."8#<&*X&$*Tb#*()8$#7DH"D'#$*''.CK*#*
X$&<D"($*.)*#'CD)&H*()<(T(<D&H*
:_M*
*
.H8#H*.9X.$(.)"(#H*"D7%$.I**Y#$#*.''&*'&H*X#"(.)8.H*LD.$&)*CD(#<&H*"D(<#<&H#7.)8.*X&$*8.$#X.D8#H*
%(.)*X$.X#$#<&H;*#'*8(.7X&*ZD.*H.*'.H*#(H'K*<.*8&<#*<(H8$#""(K)*8#XN)<&'.H*'&H*&g&H*6*7.<(#)8.*
7SH("#*"'NH("#*ZD.*.H"D"?#%#)*X&$*7.<(&*<.*#D$("D'#$.H*+[$&L*6*2#'(L#9*:E__A*R("?#$<H*:E_MA*
R("?#$<H*+*"%/-":E__5I**B*X.H#$*<.*'&H*l$.HD'8#<&H*#'8#7.)8.*X&H(8(T&Hm*ZD.*H.*&%8DT(.$&)*.)*
#'CD)&H*"#H&H*<.*XH("&8.$#X(#*"&)*@Y1;*l.H8.*.H8D<(&*)&*#X&$8K*X$D.%#H*<.*ZD.*'#*@Y1*XD<(.$#*
HDH8(8D($*"&)*J9(8&*#*'#*G]@*.)*'#*8.$#X(#*XH("&<J'("#*.)*.)L.$7&H*<.*"N)".$m*+[$&L*6*2#'(L#9*:E__5I**
@.*?."?&*'#*7#6&$b#*<.*8.$#X.D8#H*"&)"'D6K*ZD.*'#*G]@*.$#*7NH*.L."8(T#I**G#*<D$#"(K)*<.*'&H*
.L."8&H*<.*D)#*()6.""(K)*<.*@Y1*.H*<($."8#7.)8.*X$&X&$"(&)#'*#*'#*<&H(HI**B*<&H(H*%#g#H*+D)&H*M\*
7C5*'#*<D$#"(K)*.H*<.*D)#*#*<&H*?&$#H;*7(.)8$#H*ZD.*#*<&H(H*HDX.$(&$.H*#*'&H*:\\*7C*JH8#*.H*7#6&$*
+R("?#$<H*:E_M5I**G#*@P1*H.*?#*DH#<&*8#7%(J)*"&7&*#6D<#*.)*.'*8$#8#7(.)8&*<.'*#'"&?&'(H7&*
+P#(''#".*+*"%/-":E_\A*[$&L*+*"%/-":E_=A*R?.#<*+*"%/-":E__5I*
B'*(CD#'*ZD.*'#*@V1;*.H8.*"&7XD.H8&*.H*#"8(T&*&$#'7.)8.*#*<&H(H*.'.T#<#H*+]?D'C()*:E_/#5;*6*'#*%#H.*
'(%$.*LD7#<#*.H*HDXD.H8#7.)8.*.)8.&CJ)("#*+]8#LL&$<*:EF=5I*
08$&*#)N'&C&H*<(T.$H&H*<.*'#*@-1*?#)*H(<&*H()8.8(W#<&H*6*X$&%#<&H;*<.H8#"#)<&*'#*@;O!
<(#'('8$(X8#7()#*+@B15;*'#*@;O!<((H&X$&X('8$(X8#7()#*+@Q15*6*'#*@!O!<(%D8('8$(X8#7()#*+@315I**1#)8&*'#*
@B1*"&7&*'#*@Q1*H&)*#"8(T#H*+3#$'&c*6*j?#)*:EMEA*]WN$#*:EM_A*]WN$#*6*2.#$H8*:E/,5;*7&H8$#)<&*'#*
@Q1*"(.$8#*#"8(T(<#<*X&$*Tb#*&$#'*+]?D'C()*:E_/#5I**Y&$*.'*"&)8$#$(&;*'#*@31*HK'&*7D.H8$#*D)#*'(C.$#*
#"8(T(<#<*#*<&H(H*.'.T#<#H*+]WN$#*:E/:5I**P()#'7.)8.;*'#*O;O!<(?.9('8$(X8#7()#*+@215;*"#$.".*
8&8#'7.)8.*<.*#"8(T(<#<*+]WN$#*:E/:5*+_5I*
*
*
VPV410]*@V*GB]*1RQY1B-QOB]*VO1V0[kOQ4B]*
@V*40R1B*@nRB4QuO*
*
$:5A!!G#*@-1*"#$.".*<.*#"8(T(<#<*X&$*Tb#*&$#';*()"'DH&*#*<&H(H*S)("#H*<.*D)*C$#7&*+]?D'C()*:E_/%A*
1D$).$*6*-.$'(H*:EME5I**@.*L&$7#*H(7('#$;*<&H(H*<.*?#H8#*:,M*7C*<.*@-1*.)*:M*7'*<.*#CD#*
#<7()(H8$#<#H*X&$*Tb#*$."8#'*l)&*"#DH#$&)*.L."8&*<(H".$)(%'.*#'CD)&m*+@.*]7.8*:EF=5I**G#*<&H(H*
#"8(T#*7.<(#*<.'*"'&$?(<$#8&*X&$*Tb#*()8$#7DH"D'#$*.H*<.*M\!/\*7C;*<.*L&$7#*ZD.*'&H*.L."8&H*H.*
()H8#D$#)*<.*<&H*#*"()"&*7()D8&H*<.HXDJH;*#'"#)W#)*D)*7N9(7&*#*'&H*ZD()".*7()D8&H*6*'#*
.9X.$(.)"(#*HD.'.*8.).$*D)#*<D$#"(K)*8&8#'*<.*D)&H*=\!>M*7()D8&HI**].*&%8(.).)*D)&H*.L."8&H*<.*
(CD#'*()8.)H(<#<*LD7#)<&*<.*,M*#*=\*7C*<.*'#*%#H.*'(%$.;*#D)ZD.*8&<#*'#*.9X.$(.)"(#*H.*#".'.$#*<.*
L&$7#*.98$#&$<()#$(#I**1$#H*'#*()?#'#"(K);*'&H*.L."8&H*.7X(.W#)*<.*L&$7#*"#H(*()7.<(#8#*#'"#)W#)<&*
.'*7N9(7&*#*'&H*<&H*&*8$.H*7()D8&H*X#$#*<.HT#).".$H.*8&8#'7.)8.*X#H#<&H*<.*<(.W*#*T.()8.*
7()D8&H*+3(Cc&&<*6*088*:E__5I**B*X.H#$*<.*ZD.*'&H*$#XJH*<.*X'#)8#H*ZD.*"&)8(.).)*@-1*H&)*
#"8(T&H*()8$#)#H#'7.)8.;*'#*#<7()(H8$#"(K)*X&$*.H8#*Tb#*<.*M*#*,\*7C*<.*@-1*XD$#*)&*"#DHK*.L."8&*
#'CD)&*+1D$).$*6*-.$'(H*:EME5I**Y&$*Tb#*&$#';*#<7()(H8$#<#*gD)8&*#*()?(%(<&$.H*<.*'#*-B0*+TJ#H.*
4#Xb8D'&*>5;*'#*@-1*.H*#"8(T#*.)*D)*7#$C.)*<.*<&H(L("#"(K)*(<J)8("&*#'*<.*'#*()6.""(K)*
()8$#7DH"D'#$*+088*:EE=#5I**G#*8&'.$#)"(#*#'*.L."8&*
:_/*
*
.)8.&CJ)("&*<.*'#*@-1*H.*<.H#$$&''#*<.*L&$7#*$NX(<#;*X.$&*<.H#X#$.".*"&)*'#*7(H7#*$#X(<.WI**G#*
@-1*6*'#*G]@*X$.H.)8#)*8&'.$#)"(#*"$DW#<#*+R&H.)%.$C*+*"%/-":E/>5I**G#*8&'.$#)"(#*XD.<.*.T(8#$H.*
<.g#)<&*8$#)H"D$$($*D)#H*"D#8$&*?&$#H*.)8$.*<&H(H*+3$&c)*:E/F5I**G#*O!7.8('!O!(H&X$&X('8$(X8#7()#*
+-QY15;*#)N'&C&*#H(7J8$("&*<.*@-1;*.H*#"8(T#*#*D)#*<&H(H*<.*,M*7C*X&$*Tb#*&$#';*X.$&*7NH*ZD.*D)*
.L."8&*.)8.&CJ)("&;*X$&<D".*D)#*.H8(7D'#"(K)*H(7('#$*#*'#*<.*'#*#)L.8#7()#*+R.Xd.*+*"%/-":EFM5I*
**
$'5/*G#*@V1*&*1!E*.H*HK'&*<J%('7.)8.*#"8(T#*X&$*Tb#*&$#'*#*<&H(H*.'.T#<#H*+]?D'C()*:E_/#5I**
PD7#<#*&*()6."8#<#*X&H..*'#*7(H7#*X&8.)"(#*ZD.*'#*@-1I**G#*()6.""(K)*()8$#7DH"D'#$*<.*M\!/\*
7C*X$&<D".*D)&H*.L."8&H*ZD.*H.*()("(#)*#*'&H*ZD()".*7()D8&H;*#'"#)W#)*HD*7N9(7&*X&"&*<.HXDJH*6*
ZD.*<D$#)*D)*8&8#'*<.*<&H*&*8$.H*?&$#H*+3pHWp$7J)6(*+*"%/-":EMEA*P#(''#".*+*"%/-":E/_A*]WN$#*:EM_A*
]WN$#*:E_\A*]WN$#*6*R&"d'#)<*:E/:A*]WN$#*+*"%/-":E//5I**B'*(CD#'*ZD.*.)*.'*"#H&*<.*'#*@-1;*,M!=\*7C*
<.*'#*%#H.*'(%$.*LD7#<#*X$&<D".)*D)*.L."8&*.ZD(T#'.)8.*#*<&H*T.".H*.H#*<&H(H*#<7()(H8$#<#*X&$*Tb#*
()8$#7DH"D'#$*6*<.*)D.T&*8&<#*'#*.9X.$(.)"(#*H.*T.*#".'.$#<#I**G&H*.L."8&H*<.*'#*%#H.*'(%$.*LD7#<#*
.7X(.W#)*#*'&H*<&H*&*8$.H*7()D8&H*6*<D$#)*<.*D)#*#*<&H*?&$#HI**@.*)D.T&;*H.*.H8#%'.".*
$NX(<#7.)8.*D)#*8&'.$#)"(#*ZD.*<.H#X#$.".*"&)*(<J)8("#*$#X(<.WI**G#*@V1*.H*8#7%(J)*.)8.&CJ)("#*
X&$*Tb#*&$#'*"D#)<&*H.*#H&"(#*#*()?(%(<&$.H*<.*'#*-B0I**G#*>!?(<$&9(!@V1*+4q!_>5*6*'#*>!L&HL&$('&9(!
@V1*+4i!:E5;*#)N'&C&H*<(.8b'("&H*<.*'#*XH('&"()#*6*<.*'#*XH('&"(%()#*$.HX."8(T#7.)8.*+TJ#H.*4#Xb8D'&*
M5;*H&)*#7%&H*.)8.&CJ)("&HI**4#DH#)*D)&H*.L."8&H*X$N"8("#7.)8.*(<J)8("&H*#*'&H*<.*HDH*X#$(.)8.H*
"D#)<&*H.*#<7()(H8$#)*X&$*Tb#*&$#';*X.$&*<.*7.)&$*<D$#"(K)*+]"?D'8.H*6*2&L7#))*:EF\A*1$&9'.$*+*"
%/-":EME5I**G&H*?&)C&H*XH('&"b%("&H*"D'8(T#<&H*H&)*"#X#".H*<.*?(<$&9('#$*"&7XD.H8&H*()<K'("&H*
X$.H.)8.H*.)*.'*7.<(&*+4?('8&)*+*"%/-":E_EA*[#$8W*:EFM?5;*<.*L&$7#*ZD.*H.*?#*X&<(<&*&%8.).$*4q!
_>*6*4i!:E*#*X#$8($*<.*@V1*#`#<(<&*#*"D'8(T&H*<.*'&H*7(".'(&H*<.*#.</)(58+*kE*&)G$%&<%l"(38+,.<."
+[#$8W*:EFE"5I*
*
$(5/**G#*@Y1*7D.H8$#*D)#*"(.$8#*#"8(T(<#<*&$#'*+]?D'C()*:E_/#5;*X&$*Tb#*X#$.)8.$#'*X$.H.)8#*
D)#*X&8.)"(#*H(7('#$*#*'#*<.*'#*@-1*6*'#*@V1*+P#(''#".*+*"%/-":E/_A*]WN$#*:E_\5I**]()*.7%#$C&;*#*
<(L.$.)"(#*<.*.''#H;*'#*<D$#"(K)*<.*'&H*.L."8&H*<.*'#*@Y1*.H8N*.)*LD)"(K)*<.*'#*<&H(H;*#'*7.)&H*X&$*'&*
ZD.*H.*$.L(.$.*#*'#*()6.""(K)*()8$#7DH"D'#$*<.'*"'&$?(<$#8&I**-(.)8$#H*ZD.*#*<&H(H*%#g#H*+M\*7C5*
JH8&H*<D$#)*#'$.<.<&$*<.*D)#*&*<&H*?&$#H;*#*<&H(H*<.*:\\*7C*&*7NH*XD.<.)*X$&'&)C#$H.*X&$*7NH*
8(.7X&*+R?.#<*+*"%/-*:E__A*R("?#$<H*:E_MA*R("?#$<H*+*"%/-":E__A*R("?#$<H*+*"%/-":E_E5I**@.*)D.T&;*
LD7#$*'#*<$&C#*#D7.)8#*.)&$7.7.)8.*'#*T.'&"(<#<*<.*8&<&*.'*X$&".H&*+]8#LL&$<*:EF=5I*
*
_P:,;P$:5/! B'*(CD#'*ZD.*'#*@-1;*.H8#*<$&C#*.H*"'#$#7.)8.*()#"8(T#*X&$*Tb#*&$#'I**PD7#<#;*HD*
X&8.)"(#*.H*D)#H*"D#8$&*T.".H*7#6&$*ZD.*'#*<.*'#*@-1I**]?D'C()*?#*$.#'(W#<&*.9X.$(.)"(#H*"&)*
)D.T.*()<(T(<D&H;*<.8.$7()#)<&*ZD.*#'*LD7#$*/!:\*7C*<.*'#*%#H.*'(%$.*'&H*.L."8&H*.)8.&CJ)("&H*H.*
()H8#D$#)*.)*7.)&H*<.*H.H.)8#*H.CD)<&H;*#'"#)W#)<&*D)*7N9(7&*#*'&H*<&H*&*8$.H*7()D8&H*6*D)#*
<D$#"(K)*8&8#'*<.*D)&H*T.()8.*7()D8&H*+]?D'C()*.)*@.*]7.8*:EF=5I**B)8.$(&$7.)8.*]?D'C()*?#%b#*
<.8.$7()#<&*ZD.*'#*M!-V0!@-1*.$#*#"8(T#*X&$*Tb#*X#$.)8.$#'*#*D)#*<&H(H*<.*M*#*:\*7C*+]?D'C()*
:E_\5I**BH&"(#<#*#*()?(%(<&$.H*<.*'#*-B0*+TJ#H.*4#Xb8D'&*>5;*'#*<$&C#*.H*#"8(T#*#*D)#*<&H(H*<.*
:__*
*
:\*7C*+4#''#c#6*:EE,5I**B*X.H#$*<.*ZD.*r.$.76*3(Cc&&<*6*6&*"&7.)8#7&H*D)#*T.W*ZD.*'#*M!-.0!
@-1*lX&H..*X&"&*T#'&$*$."$.#8(T&m*+3(Cc&&<*6*088*:E__5;*6*<.*ZD.*-IfI*]7(8?*"&7X#$K*'&H*
.L."8&H*<.*.H8#*HDH8#)"(#*"&)*8.).$*D)*.)&$7.*.'.L#)8.*H.)8#<&*H&%$.*'#*"#%.W#*+]7(8?*:E_/5;*'#*
<$&C#*8(.).*HDH*X#$8(<#$(&HI**R."(.)8.7.)8.*?#*HD$C(<&*D)*"D'8&*7&<.$)&*#'$.<.<&$*<.'*l]#X&*<.*
'#*'DWm*W30)"%/7%&<3.!""D6#*8&9()#*"&)8(.).*X$()"(X#'7.)8.*M!-.0!@-1I**1#'*"&7&*H.*7.)"(&)#*
7NH*#$$(%#;*'&H*L(.'.H*<.*'#*B$3&($")0"*$+"C)%1")0"K<?$*"$."&'."8#)*6*H."#)*.'*T.).)&*<.*.H8.*H#X&*
X#$#*LD7#$'&*"&7&*H#"$#7.)8&*+@#T(H*6*U.('*:EE,A*j$#g("d*:EE,A*-&H8*:EF>;*U.('*6*@#T(H*:EE>5I**
V'*#)N'&C&*(H&X$&Xb'("&*#H(7J8$("&*<.*'#*M!-.0!@-1;*'#*M!7.8&9(!O!7.8('!O!(H&X$&X('8$(X8#7()#*+M!
-.0!-QY15*.H*#"8(T&*&$#'7.)8.*#*D)#*<&H(H*<.*M*7C;*X.$&*#'*(CD#'*ZD.*.'*#)N'&C&*<.*'#*@-1;*-QY1;*
X$&<D".*D)*.L."8&*.H8(7D'#)8.*H(7('#$*#'*<.*'#*#)L.8#7()#*"#$."(.)<&*<.*X$&X(.<#<.H*
.)8.&CJ)("#H*+R.Xd.*+*"%/-":EFM5*
*
_Pd7P$:5!eO2Y@+,3-3)f/!G#*%DL&8.)()#*)&*.H*#"8(T#*X&$*Tb#*&$#'*()"'DH&*.)*<&H(H*<.*:\\*7C*
+2&'7H8.<8*6*G()<C$.)*:E/_A*U#HHJ)*6*2&'7H8.<8*:E/=5;*)(*8$#H*'#*#<7()(H8$#"(K)*()8$#)#H#'*<.*
D)#*<&H(H*<.*>\*7C*7.<(#)8.*D)*).%D'(W#<&$*+1D$).$*6*-.$'(H*:EME5I**BD)ZD.*'&H*.L."8&H*
X&H8.$(&$.H*#*'#*#<7()(H8$#"(K)*()8$#T.)&H#*<.*:/*7C*LD.$&)*"#'(L("#<&H*<.*l#'D"()KC.)&Hm*+P#%()C*
6*2#cd()H*:EM/5*6*#*X.H#$*<.*ZD.*QH%.''*<.H"$(%(.$#*lD)*gD.C&*<.*"&'&$.H;*'D".H*6*L&$7#Hm*8$#H*D)#*
()6.""(K)*()8$#7DH"D'#$*<.*:\!:,;M*7C;*'&H*.9X.$(7.)8&H*X&H8.$(&$.H*<.*1D$).$*6*-.$'(H*)&*
XD<(.$&)*"&$$&%&$#$*.H8&H*?."?&HI**Y&$*Tb#*()8$#T.)&H#;*()"'DH&*#*<&H(H*8#)*%#g#H*"&7&*:\*7C;*'#*
%DL&8.)()#*7D.H8$#*D)#*.'.T#<#*8&9("(<#<I**@.*7&<&*ZD.*8$.H*lX#"(.)8.Hm*"#H(*7D$(.$&)*8$#H*H.$'.*
#<7()(H8$#<#H*()6.""(&).H*()8$#7DH"D'#$.H*<.*,;M!M*7C*<.'*LN$7#"&*<.HXDJH*<.*H&7.8.$'&H*#*
X$.7.<("#"(K)*"&)*$.H.$X()#*6*"'&$X$&7#W()#*+1D$).$*6*-.$'(H*:EME5I**1&<&H*.H8&H*.H8D<(&H*H.*
$.#'(W#$&)*D8('(W#)<&*#*X$(H(&).$&H*+P#%()C*6*2#cd()H;*QH%.''5*6*#*lX#"(.)8.Hm*L&$W#<&H*<.*
()H8(8D"(&).H*XH(ZD(N8$("#H*+1D$).$*6*-.$'(H5I**i#*ZD.*'&H*Hb)8&7#H*<.*#'8.$#"(&).H*"#$<b#"#H*6*
XD'7&)#$.H*ZD.*H(CD.)*#*'#*#<7()(H8$#"(K)*<.*%DL&8.)()#*)&*XD.<.)*H.$*#*8&<#H*'D".H*
X'#".)8.$&H;*6*X&"&H*<.*)&H&8$&H*<.H.#$b#7&H*T.$*)D.H8$&H*$&H8$&H*'bT(<&H*6*<.'*"&'&$*<.*D)#*
%.$.)g.)#;*.H*X&"&*X$&%#%'.*ZD.*#'CD(.)*8&7.*()8.)"(&)#<#7.)8.*.H8#*<$&C#I**@.*?."?&;*)&*
.9(H8.*)&8("(#*<.*HD*DH&*"&7&*<$&C#*'S<("#;*#*X.H#$*<.*HD*"'#H(L("#"(K)*'.C#'*"&7&*HDH8#)"(#*l"&)*D)*
.'.T#<&*X&8.)"(#'*<.*#%DH&m*+H.*XD.<.*"(.$8#7.)8.*#L($7#$*ZD.*'&H*.9X.$(7.)8&H*"&)*X$(H(&).$&H*
"&)H8(8D6.$&)*D)*#%DH&5I**O&*&%H8#)8.;*)&*.9(H8.*()L&$7#"(K)*H&%$.*'&H*.L."8&H*<.*'#*%#H.*'(%$.*
LD7#<#I*
*
*
n]0*V^1RB!4QVO1tPQ40*@V*GB*@-1*i*01RB]*
1RQY1B-QOB]*VO1V0[kOQ4B]*
*
@D$#)8.*'&H*"()"&*&*H.(H*#`&H*ZD.*H(CD(.$&)*#'*?(H8K$("&*<.H"D%$(7(.)8&*$.#'(W#<&*
X&$*]WN$#*<.*'#H*X$&X(.<#<.H*.)8.&CJ)("#H*<.*'#*@-1;*'#*.9X.$(7.)8#"(K)*"&)*.H8#*
HDH8#)"(#*6*&8$&H*#)N'&C&H*+@V1;*@Y1*.8"I5*6*HDH*<.$(T#<&H*+M!-.0!@-1*6*%DL&8.)()#5*
:_F*
*
*
.H8DT&*"($"D)H"$(8#*.9"'DH(T#7.)8.*#'*'#%&$#8&$(&;*H()*ZD.*.9(H8#)*()<("(&H*<.*HD*"&)HD7&*LD.$#*<.*
J';*)(*<.*HD*DH&*'S<("&I**@.*?."?&;*'#*()T.H8(C#"(K)*$.'#"(&)#<#*"&)*.H8#H*<$&C#H*C($#%#*.)*8&$)&*#*
'#H*8.&$b#H*ZD.*"&)H(<.$#%#)*#*'&H*.)8.KC.)&H*"&7&*lXH("&8KC.)&Hm*.)<KC.)&H*+7&'J"D'#H*
L&$7#<#H*"&7&*"&)H."D.)"(#*<.*D)*7.8#%&'(H7&*<.L("(.)8.*.)*'&H*".$.%$&H*?D7#)&H*.)L.$7&H;*
"#DH#)<&*<(T.$H#H*7#)(L.H8#"(&).H*XH("K8("#H5I**G&H*8J$7()&H*()("(#'.H*<.*G.<()*)'<'A*<()")"
G.<().)'<'A*<()"#'*(CD#'*ZD.*G.<()*P?+,)"H.*$.L(.$.)*<($."8#7.)8.*#*'#*CJ).H(H*<.*'#H*XH("&H(H*&*<.*
'&H*.H8#<&H*XH("K8("&HI**V)*.'*X$(7.$*8$#%#g&*<.*]WN$#*H&%$.*'&H*.L."8&H*<.*'#*@-1;*.)*.'*8b8D'&*H.*
?#".*7.)"(K)*<.*HD*l.L."8&*XH("K8("&m*+]WN$#*:EM/5I**@.'*7(H7&*7&<&;*<D$#)8.*'&H*<&H*#`&H*
H(CD(.)8.H;*3pHWp$7J)6(*H.*$.L(.$.*X&$*<&H*T.".H*#*'#*@-1*.)*l.9X.$(7.)8&H*"&)*XH("K8("&Hm*
+3pHWp$7J)6(*6*3$D)."d.$*:EM_A*3pHWp$7J)6(*6*]WN$#*:EMF5I**V)*D)*8$#%#g&*XD%'("#<&*.)*:EM_*H.*
<.H"$(%.*'#*lXH("&X#8&'&Cb#m*<.*'#*@-1*+B$)&'<*6*2&L7#))*:EM_5*6*]#(!2#'NHW*8('<#*#*'#*@-1*<.*+<,"
,+3+."G.5($)*<(3'".H*<."($*lD)*)D.T&*XH6"?&8("D7m*()T.)8#)<&*#Hb*D)*H.98&*C$DX&*#*#`#<($*#*'&H*
&8$&H*"()"&*.H8#%'."(<&H*X&$*K+i<,M"#$%,*%.*<(%!"J3G$)&<(%!">5G,)*<(%!"R,+8&<%,*<%"5"JQ(<*%,*<%S"
#D)ZD.*H.CD$#7.)8.*G.c()*?#%$b#*"#8#'&C#<&*'#H*8$(X8#7()#H*.)8.&CJ)("#H*"&7&*#$%,*%.*<(%"+8#'*
"&7&*?(W&*"&)*.'*GA5)*/!"+/"$),?)"'%*%').(%."6*.'*5%6+5"&*"&7&*JQ(<*%,*<%"+"&7&*?(W&*"&)*'#*
G%5<(D"&*$#XJ*<.*;,%1+,%,*$+&%S"G.c()*:E,>A*]#(!2#'NHW*+*"%/-":EMFA*TJ#H.*4#Xb8D'&*>;*O&8#*'5I**V)*
:EM_*]WN$#*XD%'("K*HD*&%$#*l"&7X#$#"(K)*.)8$.*'&H*.L."8&H*XH("K8("&H*<.*'&H*<.$(T#<&H*<.*'#*
8$(X8#7()#*6*'&H*.L."8&H*<.*'#*7.H"#'()#*6*'#*G]@!,Mm*"#'(L("#)<&*"'#$#7.)8.*.'*.L."8&*<.*'#H*
8$(X8#7()#H*<.*lXH("K8("&m*6*<(L.$.)"(#)<&*(7X'b"(8#7.)8.*.H8.*.L."8&*<.'*<.*'#*7.H"#'()#*6*'#*G]@!
,M*+]WN$#*:EM_5I**G#*M!-.0!@-1*H.*"#'(L("K*X&H8.$(&$7.)8.*"&7&*lX&H(%'.*XH("&8&9()#*.)<KC.)#m*
+3.)()C8&)*+*"%/-":E/M5I**VH8#*"'#H(L("#"(K)*8.K$("#*.H8#%'."(<#*X&$*'&H*"(.)8bL("&H;*gD)8&*#*HD*
X$.<('.""(K)*X&$*DH#$*"&7&*"&%#6#H*?D7#)#H*#*X.$H&)#H*.)g#D'#<#H*+X$(H(&).$&H*6*lX#"(.)8.Hm*
XH(ZD(N8$("&H5*X#$#*.)H#6#$*HDH*"$.#"(&).H;*?("(.$&)*ZD.*'#H*8$(X8#7()#H*.)8.KC.)#H*)&*X#$."(.$#)*
HDH8#)"(#H*<.7#H(#<&*$."&7.)<#%'.H*#*'&H*&g&H*<.*'#H*X.$H&)#H*)&$7#'.HI*#.5($)*<(%!"
G.<()*)'<'A*<().!"G.<()*)Q<,%.III*zZD(J)*<.H.#$b#*.)*"D#'ZD(.$*"#H&*H.$*.)T.).)#<&*"&)*8&9()#H*
<.*H#X&;*6*X&$*.H8$#L#'#$(&H*"&7XD.H8&H*ZD.*T&'Tb#)*'#H*"#$#H*<.*'#*C.)8.*<.'*"&'&$*<.*D)#*"($D.'#*&*
.'*<.*D)#*%.$.)g.)#{*
V'*XH(ZD(#8$#*<.*G&H*B)C.'.H*0H"#$*r#)(C.$;*D)&*<.*'&H*X(&).$&H*<.*'#*XH("&8.$#X(#*"&)*G]@*.)*'&H*
VVnn;*()HX($#<&*X&$*X$(7.$&H*8$#%#g&H*<.*]WN$#*6*3pHWp$7J)6(*H&%$.*'&H*.L."8&H*<.*'#*@-1;*
.)"#$CK*#*D)*'#%&$#8&$(&*'&"#'*ZD.*'.*X$.X#$#$#*D)#*<.8.$7()#<#*"#)8(<#<*<.*@-1I**r#)(C.$*X$&%K*
X$(7.$&*'#*<$&C#*.)*Hb*7(H7&*7.<(#)8.*()6.""(K);*&X.$#"(K)*ZD.*7NH*8#$<.*"#'(L("K*<.*
lX.'(C$&H#7.)8.*.H8SX(<#*.*(<(&8#m*+G..*6*]?'#()*:EFMA*]8.T.)H*:EF_5I*r#)(C.$*.H8#%#*()8.$.H#<&*.)*
'#*8.&$b#*<.'*XH("&8KC.)&*.)<KC.)&*6*X.)HK*ZD.*'#*@-1*.$#*.'*X.$L."8&*"#)<(<#8&*X#$#*H.$*'#*
.H"D$$(<(W#*7&'J"D'#I**r#)(C.$*()8$&<D"($b#*7NH*8#$<.*#*B'#)*U#88H*#*'#*()6.""(K)*<.*@-1I**U#88H*#*
X.H#$*<.*<.H"#$8#$*'#*@-1*"#'(L("N)<&'#*<.*l.)8$.8.)(<#*X.$&*X&"&*()8.$.H#)8.m;*H.*"&7.)8#*ZD.*
X.$<(K*.'*?#%'#*'#*X$(7.$#*T.W*ZD.*X$&%K*'#*<$&C#*+]8.T.)H*:EF_5I**r#)(C.$*<(K*8#7%(J)*X#$8.*<.*HD*
7D.H8$#*<.*@-1*#*B'*2D%%#$<;*D)#*L(CD$#*"'#T.*.)*'#*<(H.7()#"(K)*()("(#'*<.*'&H*.)8.KC.)&H*LD.$#*
<.'*'#%&$#8&$(&I**2D%%#$<*'#*<(H8$(%D6K*.)8$.*T#$(&H*X(&).$&H*<.*'#*.9X.$(7.)8#"(K)*"&)*
.)8.KC.)&H;*<.*7&<&*ZD.*'&H*X$(7.$&H*()L&$7.H*ZD.*LD.$&)*''.C#)<&*.H8DT(.$&)*<.*#"D.$<&*"&)*
'#*"$..)"(#*<.*r#)(C.$*<.*ZD.*'#*HDH8#)"(#*.$#*
:_E*
*
D)*lXH("&8KC.)&mI**l1&<&H*'&H*ZD.*8&7#$&)*@-1*.H8DT(.$&)*<.*#"D.$<&*.)*ZD.*H.*8$#8#%#*<.*D)#*
7.<(#*?&$#*()L.$)#';*H()*)()CD)#*"D#'(<#<*.9X(#8&$(#m*+]8.T.)H*:EF_5I**@#*'#*H.)H#"(K)*<.*ZD.*'&H*
X$(7.$&H*DHD#$(&H*<.*.)8.KC.)&H;*#'*(CD#'*ZD.*'&H*"(.)8bL("&H;*''.C#$&)*#*'#*"&)"'DH(K)*<.*ZD.*'#*
@-1*X$&<D"b#*l.L."8&H*XH("K8("&Hm*6*ZD.*)&*.$#*.)*$.#'(<#<*7NH*ZD.*D)#*7(H.$#%'.*lXH("&8&9()#m;*
)#<#*7NH*ZD.*D)*)D.T&*lYH6"?&8("D7mI*
@.*?."?&;*H.*?#*.)"&)8$#<&*@-1*6*HD*X$."D$H&$*%(&'KC("&*'#*8$(X8#7()#*.)*.'*'(ZD(<&*
".$.%$&.HX()#'*?D7#)&*+4?$(H8(#)*+*"%/-":E_/5;*#X&6#)<&*#X#$.)8.7.)8.*'#*8.&$b#*<.*'#*
XH("&8&9()#*.)<KC.)#*6*8#7%(J)*H.*(<.)8(L("#$&)*$.".X8&$.H*#*.H8&H*"&7XD.H8&H*.)*.'*".$.%$&*<.*
'&H*7#7bL.$&H*+4?$(H8(#)*+*"%/-":E__5I**].*?#)*?#''#<&*8$#W#H*<.*@-1*.)*'#*H#)C$.*6*'#*&$()#*<.*'&H*
l.HZD(W&L$J)("&Hm*#*'#*T.W*ZD.*.)*'#*<.*()<(T(<D&H*l)&$7#'.Hm*+]?D'C()*:E_/%5I**O&*&%H8#)8.;*H.*?#*
<.8.$7()#<&*ZD.*'&H*()<(T(<D&H*l)&$7#'.Hm*X$.H.)8#)*'&H*7(H7&H*)(T.'.H*<.*.H8#H*8$(X8#7()#H*.)*
HD*L'D(<&*".$.%$&.HX()#'*ZD.*'&H*l.HZD(W&L$J)("&Hm*+4&$%.88*+*"%/-":E_F5I**VH8&H*?."?&H*H.*&X&).)*#*
'#*?(XK8.H(H*<.'*XH("&8KC.)&*.)<KC.)&I**V'*?#''#WC&*<.*@-1*.)*'&H*L'D(<&H*L(H(&'KC("&H*?D7#)&H*
X'#)8.#*D)#*H.$(.*<.*()8.$.H#)8.H*"D.H8(&).H*'.C#'.HI**B'*H.$*'#*@-1*('.C#';*gD)8&*"&)*l"D#'ZD(.$*
7#8.$(#';*"&7XD.H8&;*7.W"'#*&*X$.X#$#"(K)m*ZD.*'#*"&)8.)C#;*X#$.".*H.$*ZD.*8&<&H*H&7&H*
"D'X#%'.H*<.*X&H.H(K)*<.*D)#*HDH8#)"(#*"&)8$&'#<#I**4&7&*T.7&H*'#*'.C(H'#"(K)*7&<.$)#*H&%$.*
lHDH8#)"(#H*"&)8$&'#<#Hm*X$&?(%.*'#*X&H.H(K)*&*X&H.H(K)*"&)*()8.)"(K)*<.*T.)8#*#*&8$&H*H.$.H*
?D7#)&HI**G#*"D.H8(K)*<.*H(*'#*@-1*XD.<.*"#DH#$*'#*'&"D$#*.)*'&H*H.$.H*?D7#)&H*X.$7#).".*
#%(.$8#;*#*'#*.HX.$#*<.*LD8D$#H*()T.H8(C#"(&).HI*zVH8#%#*]WN$#*.)*'&*"(.$8&III*.H*'#*@-1*HK'&*X#$#*
XH("K8("&H{*
Y&$*&8$&*'#<&;*H(*D)&*H.*&'T(<#*<.*'&H*8b8D'&H*<.*.H8&H*8$#%#g&H*X(&).$&H*H&%$.*'&H*.L."8&H*<.*'#*
@-1;*T.7&H*ZD.*]WN$#*<.H"$(%(K*T(H(&).H*<.*l7&8(T&H*&$(.)8#'.H*<.*"&'&$.H*%$(''#)8.H*.)*
7&T(7(.)8&m*6*l7#$#T(''&H#H*.H".)#Hm*8$#H*D)#*()6.""(K)*<.*@-1;*ZD.*<.*L&$7#*J8("#*6*T#'(.)8.*
.9X.$(7.)8K*X$(7.$&*.)*Hb*7(H7&*+.)*<&H(H*<.*/\!_M*7C*<.*@-1;*/\*7C*<.*@V1;*=M\*7C*<.*
7.H"#'()#*6*:\\*7"C*<.*G]@A*]WN$#*:EM_5I**V'*.ZD(X&*<.*3pHWp$7J)6(*.)*3D<#X.H8*#'#%K*'&H*.L."8&H*
<.*'#*@V1;*#D)ZD.*'#*''#7#$#)*#*$.C#`#<(.)8.H*l.'*XH("&8KC.)&*7.)&H*)&"(T&*<.H"D%(.$8&*?#H8#*'#*
L."?#m*+3pHWp$7J)6(*+*"%/-":EME5I**-.<(#)8.*HDH*"$b8("#H*'&*ZD.*"&)H(CD(.$&)*LD.*7NH*%(.)*
.)H#'W#$'#I**G#*G]@*8#7%(J)*LD.!.H8(C7#8(W#<#*"&)*.'*"#'(L("#8(T&*<.*lXH("&8&7(7J8("&m*6*$.HD'8K*
8.).$*)&*&%H8#)8.*.L."8&H*7D6*()8.$.H#)8.H*X#$#*7D"?#H*X.$H&)#H*#g.)#H*#'*7D)<&*"(.)8bL("&I**
4&)*'#*''.C#<#*<.*'&H*#`&H*H.H.)8#;*H.*LD.*?#"(.)<&*7NH*&%T(&*ZD.*.'*.H8#<&*XH("&'KC("&*<.'*
.9X.$(7.)8#<&$*6*.'*.)8&$)&*.)*.'*ZD.*H.*$.#'(W#%#*'#*.9X.$(.)"(#;*8.)b#)*D)#*(7X&$8#)"(#*"$D"(#'*6*
<.8.$7()#)8.*<.*'#*"#'(<#<*<.*'#*7(H7#*+-.8W).$*+*"%/-":E/MA*q()%.$C*:E_>A*q()%.$C*:E__5I**
2#%'#)<&*<.*'&H*.L."8&H*<.*'#H*8$(X8#7()#H*<.*#""(K)*"&$8#;*]WN$#*"&7.)8K*l'#*8$.7.)<#*
(7X&$8#)"(#*<.*.H8&H*L#"8&$.H*#*'#*?&$#*<.*<.8.$7()#$*.'*8(X&*<.*$.#""(K)*ZD.*'#*X.$H&)#*
<.H#$$&''#$Nm*+]WN$#*+*"%/-":E/_5I*
4D#)<&*.'*C$DX&*<.*G.#$6*6*-.8W).$*.9X.$(7.)8#$&)*.)*2#$T#$<*"&)*'#*@-1;*()8.)8#)<&*
&X8(7(W#$*.'*7#$"&*<.'*.9X.$(7.)8&*6*.'*C$DX&*<.*X.$H&)#H*ZD.*'&*$.#'(W#$b#);*<.H"D%$(.$&)*ZD.*
.H8#%#)*#)8.*D)*.)8.KC.)&;*6*)&*D)*XH("&8KC.)&;*"#X#W*<.*X$&T&"#$*.9X.$(.)"(#H*.98N8("#H*<.*
"&$8#*<D$#"(K)*lH(7('#$.H*#*'#H*<.*'#*G]@*&*7.H"#'()#;*X.$&*"&)*D)#*<D$#"(K)*<.*'&H*.L."8&H*7.)&$m*
H.CS)*-.8W).$;*ZD(J)*7.)"(&)K*8#7%(J)*#*'#*@V1*6*#*'#*@Y1*.)*.'*X$(7.$*)S7.$&*<.*C$+"
#.5($+1+/<("N+7<+i"+-.8W).$*:E/=5I*
:F\*
*
B'*#`&*H(CD(.)8.;*G.#$6*'&*"#'(L("K*<.*l#'"#'&(<.*7#$#T(''&H&m*<.H<.*'#H*XNC()#H*<.*'#*7(H7#*$.T(H8#*
+G.#$6*:E/>5;*#%&$<#)<&*HD*X&8.)"(#'*X#$#*'#*X$&<D""(K)*<.*l'#*.9X.$(.)"(#*$.'(C(&H#mI**R.#'7.)8.*
.H&*)#<#*8.)b#*ZD.*T.$*"&)*HDXD.H8&H*l.L."8&H*XH("K8("&HmI**V)*'&H*)S7.$&H*H(.8.*6*&"?&*<.*'#*
$.T(H8#;*G.#$6*H!-.8W).$*<.H"$(%(.$&)*HDH*.9X.$(.)"(#H*"&)*'#*@-1*+G.#$6*:E//%A*G.#$6*6*-.8W).$*
:E//5;*''.C#)<&*#*X$&X&).$*.'*<(H.`&*<.*D)#*l7NZD()#*<.*.H"$(%($*.9X.$(.)"(#Hm;*D)#*7NZD()#*
X.$L&$#<&$#*<.*"()8#*<.*X#X.'*X#$#*.'*$.C(H8$&*<.*<#8&H;*#<."D#<#*X#$#*$."&C.$*.9X.$(.)"(#H*8#)*
T.'&".H*"&7&*'#H*<.H.)"#<.)#<#H*X&$*'#*@-1;*#$8.L#"8&*ZD.*)D)"#*''.C#$b#*)(*#*'#*L#H.*<.*
X$&8&8(X&I**G.#$6*.)H#'WK*8#7%(J)*'#H*X$&X(.<#<.H*.)8.&CJ)("#H*<.*'#*@-1*.)*HD*#D8&%(&C$#Lb#*
><?$"#&<+.*"XD%'("#<#*.)*:E/F*+G.#$6*:E/F5I**G#*@-1*X#HK*#*L&$7#$*X#$8.*<.'*7.)S*<.*.)8.KC.)&H*
<.*-(''%$&&d;*'#*L()"#*<.*OD.T#*i&$d*<&)<.*G.#$6*H!B'X.$8*H.*$.LDC(#$&)*<.HXDJH*<.*HD*.9"'DH(K)*
<.*'#*D)(T.$H(<#<*<.*2#$T#$<*+j'.XH*:E__A*G..*H*
]?'#()*:EFMA*]8.T.)H*:EF_5I*
V)*D)#*.)8$.T(H8#*"&)".<(<#*#*'#*$.T(H8#*#/%58)5"XD%'("#<#*.)*:E//;*.'*.)8&)".H*l"&)8$&T.$8(<&*
X$&L.H&$*<.*2#$T#$<;*'b<.$*X#$8(<#$(&*H!X$&L.8#*<.*'&H*.)8.KC.)&Hm;*G.#$6;*#L($7K*ZD.*l.)*'&H*
X$K9(7&H*#`&H*H.$N*X&H(%'.*8.).$*D)#*.9X.$(.)"(#*XH("&<J'("#*.)*.'*8(.7X&*ZD.*<D$#*D)*#'7D.$W&I**
2&6*.)*<b#*.H8&*H.*XD.<.*"&)H.CD($;*#D)ZD.*<.*L&$7#*'(7(8#<#;*"&)*'#*@-1*ZD.*8(.).*D)&H*.L."8&H*
7D6*$NX(<&H;*"&)*D)#*<D$#"(K)*#X$&9(7#<#*<.*7.<(#*?&$#m*+G.#$6*:E//#5I**VH8#*.)8$.T(H8#;*.)*'#*
ZD.*G.#$6*"#'(L("K!#*'#*G]@*"&7&*l.'*#L$&<(Hb#"&*7NH*X&8.)8.*g#7NH*<.H"D%(.$8&*X&$*.'*?&7%$.m*6*
#L($7K*ZD.*D)#*7Dg.$*l8.)<$b#*().T(8#%'.7.)8.*T#$(&H*"(.)8&H*<.*&$C#H7&Hm*?#"(.)<&*.'*#7&$*
%#g&*HDH*.L."8&H;*LD.*D)&*<.*'&H*.H8b7D'&H*ZD.*7NH*"&)8$(%D6.$&)*#*.98.)<.$*.'*DH&*'S<("&*<.*'&H*
.)8.KC.)&H*.)*'&H*VVnn*6*&8$&H*X#bH.HI**@.%(<&;*.)*X#$8.;*#*'#*#L($7#"(K)*<.*G.#$6*.)*#/%58)5"<.*
'#*X&H(%('(<#<*<.*8.).$*D)#*l.9X.$(.)"(#*XH("&<J'("#*#*'#*?&$#*<.'*#'7D.$W&m*"&)*'#*@-1;*'#*<$&C#*
H.*"&)&"(K*X&XD'#$7.)8.*"&7&*l.'*T(#g.*<.'*.g."D8(T&m*+3(Cc&&<*6*088*:E__5;*D)*.)8.KC.)&*ZD.*
X&<b#*H.$*DH#<&*X&$*D)*?&7%$.*<.*).C&"(&H*<D$#)8.*'#*?&$#*<.*HD*#'7D.$W&;*X#$#*$.C$.H#$*D)#*
?&$#*7NH*8#$<.*"&)*'#*"#%.W#*"'#$#*#'*7D)<&*<.*'#H*L()#)W#H*6*.'*'D"$&*X$&X(&*<.*'#*&L("()#I*
O&*H.*H#%.*.9#"8#7.)8.*"D#)8&H*?&7%$.H*<.*).C&"(&H*#".X8#$&)*'#*HDC.$.)"(#*<.*G.#$6;*H(.)<&*
'#*@-1*#$$#H8$#<#*.)*'#*&'#*<.*'#*('.C#'(W#"(K)*.H8#8#'*6*L.<.$#'*<.*'#*G]@*.)*.'*X.$(&<&*:E//!:E/E*
+4?#6.8*:E/_5;*<.*7&<&*ZD.*8#)8&*'#*@-1*"&7&*'#*@V1*LD.$&)*()"'D(<#H*gD)8&*#*'#*%DL&8.)()#*.)*'#*
G.6*YS%'("#*E:!M:=;*'#*B)'G&+$+,.<7+"L&3?*;83.+"#&+7+,*<),"%,1"B),*&)/";(*"<.*:E_\I**G#*
'.C(H'#"(K)*L.<.$#'*('.C#'(WK*.H8&H*"&7XD.H8&H*.)*8&<&*.'*8.$$(8&$(&*<.*'&H*VVnn*6*HD*()"'DH(K)*.)*'#*
G(H8#*Q*<("8#7()K*<.*L&$7#*()7.<(#8#*ZD.*.H8&H*"&7XD.H8&H*X&H.b#)*lD)*C$#)*X&8.)"(#'*<.*#%DH&m*
6!ZD.*)&*8.)b#)*lD8('(<#<*7J<("#*#".X8#<#mI**VH*7NH;*D)*<.H8#"#<&*<.L.)H&$*<.*'#*Tb#*lX&'("(#'m*
X#$#*.'*"&)8$&'*<.*'&H*.)8.KC.)&H*<."'#$&*.)*:E/_*ZD.*'#*@-1*.$#*'#*<$&C#*ZD.*X&H.b#*l.'*7#6&$*
X&8.)"(#'m*X#$#*HD*l#%DH&*C.).$#'(W#<&m*<.*.)8$.*8&<#H*'#H*HDH8#)"(#H*.)8.KC.)#H;*6#*ZD.*H.*
8$#8#%#*<.*'#*7NH*LN"('*<.*.'#%&$#$*6*.$#*HDH".X8(%'.*<.*H.$*LD7#<#;*.H)(L#<#;*()C.$(<#*.*()6."8#<#;*
7&H8$#)<&*#Hb*'#*8bX("#*(C)&$#)"(#*H&%$.*'&H*?."?&H*ZD.*$&<.#)*#*.H8&H*"&7XD.H8&H;*ZD.*H(.7X$.*
?#*"#$#"8.$(W#<&*'#H*#L($7#"(&).H*<.*'&H*ZD.*X$&7D.T.)*D)*7#6&$*"&)8$&'*X&'("(#'*<.*'#H*<$&C#H*
+G&D$(#*:E/_5I**@.*?."?&;*.H8.*
l.9X.$8&m*#<7(8(K*H()".$#7.)8.*ZD.*HD*S)("&*X$&XKH(8&;*X$.H"()<(.)<&*<.*H(*'#*HDH8#)"(#*X&<b#*H.$*
<.*D8('(<#<*#*HD*l7Dg.$*6*#*HD*X.$$&m;*?#%b#*H(<&*.'*<.8.$7()#$*H(*'#*
:F:*
*
<$&C#*$.X$.H.)8#%#*D)*X$&%'.7#*X#$#*'#*H#'D<*XS%'("#;*#L($7#)<&*ZD.*.H8.*.)L&ZD.*'.*?#%b#*
''.T#<&*#*"&)H(<.$#$*+S)("#7.)8.5*'&H*lX.&$.H*#HX."8&Hm*<.*'#*<$&C#I**Y&$*HD*T#C#*<."'#$#"(K)*)&*
ZD.<#*"'#$&*H(*"&)*HD*l7Dg.$*6*X.$$&m*.'*@$I*G&D$(#*H.*$.L.$b#*#*D)&*&*<&H*()<(T(<D&H;*6*.H*.T(<.)8.*
ZD.*?#%b#*<."(<(<&*<.*#)8.7#)&*ZD.*'&H*.)8.KC.)&H*.$#)*D)*C$#T.*X$&%'.7#*<.*H#'D<*XS%'("#*6*
ZD.*)&*X&<b#)*H.$*%.).L("(&H&H*X#$#*)#<(.*+G&D$(#*:E/_5I**G#*M!-.0!@-1;*'#*@Y1*6*&8$#H*
8$(X8#7()#H*<.*#""(K)*"&$8#*"&)8()D#$&)*H(.)<&*'.C#'.H*.)*'&H*VVnn;*X.$&*7NH*8#$<.*HDg.8#H*#*H.$*
"'#H(L("#<#H*"&7&*#)N'&C&H*('.C#'.H*<.*'#*@-1*"&)*'#*.)8$#<#*.)*T(C&$*<.*'#*'.6*B),*&)//+1"
E38.*%,(+*;,%/)?3+"J,0)&(+'+,*";(*"<.*:EF/*"&)".%(<#*X#$#*l%#$$.$*"&)*8&<#H*.''#HmI*
4&7&*$.HD'8#<&*<.*'#H*'.6.H*#)8(<$&C#;*'#*@-1;*@V1*6*'#*%DL&8.)()#*.H8N)*'.C#'7.)8.*#*
<(HX&H("(K)*HK'&*<.*#ZD.''&H*()T.H8(C#<&$.H*"&)*'(".)"(#*<.*'#*#<7()(H8$#"(K)*X#$#*.'*"&)8$&'*<.*
<$&C#H*+@VB5*6*ZD.*?#6#)*X$.H.)8#<&*D)*X$&8&"&'&*#'*()H8(8D8&*)#"(&)#'*X#$#*.'*#%DH&*<.*<$&C#H*
+OQ@B5;*<.7&H8$#)<&*'#*).".H(<#<*<.*.H8&H*"&7XD.H8&H*X#$#*()T.H8(C#"(K)I**V'*T#'&$*#"8D#'*<.*'#*
%#H.*'(%$.*<.*@-1*"&)*D)*C$#<&*<.*XD$.W#*8(X&*
l$.#"8(T&m*.H*<.*>MI\M|*.'*C$#7&I**G#*%#H.*'(%$.*<.*@V1*.H*7NH*"#$#;*T.)<(J)<&H.*.)*'#*#"8D#'(<#<*
#*FM;_\|*.'*C$#7&I**V)"#%.W#)<&*'#*'(H8#*<.*X$."(&H*)&H*.)"&)8$#7&H*#*'#*()<.H.#%'.*
%DL&8.)()#;*.)*L&$7#*<.*7&)&&9#'#8&*?(<$#8#<&*#*:M:;F\|*.'*C$#7&*+](C7#*4?.7("#'*4&I*:EE=*
ZD.*T.)<.*.H8&H*"&7XD.H8&H*HK'&*X#$#*()T.H8(C#"(K)*.8(ZD.8#<&H*"&7&*a,)"%G*)"G%&%"+/"
(),.3')95I""V'*"&7XD.H8&*'.C#'*M!-V0!@-1*XD.<.*#<ZD($(.H.*"&7&*%#H.*'(%$.*#*M=;:=!F\;=\|*
.'*C$#7&;*<.X.)<(.)<&*<.*'#*"#)8(<#<I**G#H*&8$#H*8$(X8#7()#H*.)8.KC.)#H*<.*#""(K)*"&$8#*"&7&*
'#*@Y1;*@Q1*6*@B1*)&*X#$.".)*<(HX&)(%'.H*.)*.'*7.$"#<&*<.*'#*l%(&ZDb7("#*L()#mI**G#*%#H.*'(%$.*
<.*'#*()#"8(T#*O-1*.H8N*<(HX&)(%'.*#'*X$."(&*<.*'>=;=\|*.'*C$#7&I*
1$#H*'#*XD%'("#"(K)*<.*'&H*8$#%#g&H*<.*G.#$6*6*-.8W).$*H&%$.*.'*DH&*<.*'#*@-1*6*&8$&H*"&7XD.H8&H*
$.'#"(&)#<&H*.)*D)*#7%(.)8.*#<."D#<&*6*#*X.H#$*<.*HD*"'#H(L("#"(K)*'.C#';*.H8#H*7(H8.$(&H#H*
<$&C#H*?("(.$&)*HD*#X#$("(K)*.)*.'*7.$"#<&*).C$&I**]D$C(.$&)*8#7%(J)*D)#*H.$(.*<.*XD%'("#"(&).H*
.)*'#H*ZD.*H.*.9X'("#%#*'#*Hb)8.H(H*<.*'#*@-1I**4#%.*<.H8#"#$*.)8$.*.''#H*#*'#H*#)K)(7#H*C$+"C3&,"
I,"W))F"<.*:E/_*6*C$+"#.5($+1+/<(*X3<1+"*)"#&+G%&%*<),")0"*$+"J3($%&<.*"<,"%"f+i")0"<*."'%,5"
X3<.+."+[Db#*YH("&<J'("#*X#$#*'#*.'#%&$#"(K)*<.*'#*VD"#$(H8b#*.)*T#$(#H*<.*HDH*7D"?#H*L&$7#H5*
+3$&c)*:E/F5I**V'*S'8(7&*<.8#''#%#*'&H*X$&".<(7(.)8&H*<.*Hb)8.H(H*<.*'#*@-1*6*'#*@V1*DH#)<&*.'*
7J8&<&*<.*-IVI*]X..8.$*6*UI4I*B)8?&)6*.*()"'Db#*S8('.H*.HZD.7#H*<.*#X#$#8&H*.7X'.#<&H*.)*'#H*
Hb)8.H(H;*#*'#*T.W*ZD.*D)*#XJ)<(".*H&%$.*l-#8.$(#'*<.*G#%&$#8&$(&*"#H.$&m*+3$&c)*:E/FA*]X..8.$*6*
B)8?&)6*:EM>5I**VH8.*'(%$(8&*CD(K*H()*<D<#*#*)S7.$&H*ZDb7("&H*"'#)<.H8()&H*#*H()8.8(W#$*"&)*J9(8&*
@-1*6*@V1*.*()"'Db#*$.L.$.)"(#H*<.*'#H*LD.)8.H*X$(7#$(#H*<.*'#*'(8.$#8D$#*ZDb7("#I**V)*.'*S'8(7&*
)S7.$&*<.*'#*#.5($+1+/<("N+7<+i!"+/"::;*#X#$."(<&*.)*()T(.$)&*<.*:E_\x_:;*H.*XD%'("K*D)*#)D)"(&*
<.'*'(%$&*L&3?"[%,30%(*3&<,?*0)&"f3,"%,1"#&)0<*"+P#%$("#"(K)*<.*@$&C#H*"&7&*V)8$.8.)(7(.)8&*6*
O.C&"(&5*<.*l-#$6*r#).*]DX.$c..<m;*XD%'("#<&*X&$*l@6)#7(8.*@&X.*3&&dHm*6*X$.H.)8#<&*.)*.'*
#)D)"(&*"&7&*D)#*lCDb#*<.*'#*@I-I1Im;*D)#*C#)C#*#'*X$."(&*<.*:;\\|*+]DX.$c..<*:E_\5I**V)*.H8.*
'(%$(8&*H.*.9X'("#*l"&7&*X$.X#$#$*@I-I1I*lD)*X&<.$&H&*XH("&<J'("&*X#$#*LD7#$mI**].(H*#`&H*7NH*
8#$<.*#S)*H.*T.)<b#*"&7&*l[Db#*<.*'#*@I-I1Im*#'*X$."(&*<.*:;M\|*X&$*P'#H?*3&&dH*+}L#%$("#*.'*
 X&8.)8.*XH("&<J'("&*@I-I1I*X#$#*LD7#$~5*#*8$#TJH*<.*#)D)"(&H*.)*'#*$.T(H8#*><?$"C<'+.-""Y#$#*)&*
H.$*7.)&H*><?$"C<'+."5"X)/1+,"E*%*+"#&+..*
:F,*
*
.7X.W#$&)*#*&L$.".$*X&$*,;\\|*D)*'(%$(8&*''#7#<&*W%.<("L&3?"[%,30%(*3&+"ZD.*()"'Db#*
()H8$D""(&).H*X#$#*'#*Hb)8.H(H*<.*@-1*#Hb*"&7&*<.*G]@;*-@B;*]1Y*6*124*+TJ#H.*4#Xb8D'&H*:*6*,;*
BXJ)<(".*B5I**08$#H*XD%'("#"(&).H;*.)8$.*.''#H*'#*)&8#%'.*#.5($+1+/<(*B$+'<.*&5"+]7(8?*:E_/5*"D6#*
X$(7.$#*.<("(K)*#X#$."(K*.)*:E_=*<.8#''#%#*'#*7.8&<&'&Cb#*X#$#*'#*Hb)8.H(H*<.*@-1*6*<.*&8$#H*
8$(X8#7()#H*<.*#""(K)*"&$8#I*+F5*
G#*@-1;*6*.)*7.)&$*X$&X&$"(K)*'#*@V1*6*'#*@Y1;*H.*?#)*T.)<(<&*.)*.'*7.$"#<&*).C$&*
X$()"(X#'7.)8.*.)*L&$7#*<.*%#H.*'(%$.I**B'*H.$*#'C&*().H8#%'.;*'#*@-1*<.'*7.$"#<&*).C$&*X&"#H*
T.".H*8(.).*.'*#HX."8&*<.*D)*X&'T&*"$(H8#'()&*%'#)"&*&*()"&'&$&;*H()&*ZD.*?#%(8D#'7.)8.*.H*<.*"&'&$*
H#'7K)I**G#*@-1*8(.).*D)*&'&$*"#$#"8.$bH8("&*ZD.*#'CD)&H*#H&"(#)*#'*<.'*X'NH8("&*ZD.7#<&;*&'&$*ZD.*
XD.<.*<.%.$H.*#*'#*X$.H.)"(#*<.*.H"#8&'*+=!7.8('()<&'A*?#''#<&*&$(C()#'7.)8.*.)*'#H*?.".H;*<.*#?b*
HD*)&7%$.5I**G#*@-1*<.'*7.$"#<&*).C$&*H.*''.CK*#*T.)<.$*.)*.'*X#H#<&*X&$*'#*7&<.H8#*"#)8(<#<*
<.*>\|*.'*C$#7&;*X$."(&*ZD.*HD%(K*?#H8#*'&H*:\\|*.'*C$#7&*#*X$()"(X(&H*<.*'&H*&"?.)8#I**2&6*.)*<b#*
HD*X$."(&*XD.<.*''.C#$*?#H8#*'&H*,M\|*.'*C$#7&I**OD)"#*?#*?#%(<&*D)#*C$#)*&L.$8#*<.*@-1*.)*.'*
7.$"#<&*).C$&I**VH*%#H8#)8.*LN"('*<.*H()8.8(W#$;*X.$&*"(.$8&H*$.#"8(T&H*).".H#$(&H*X#$#*HD*
.'#%&$#"(K);*"&7&*.'*?(<$D$&*<.*#'D7()(&*6*'(8(&;*.H8N)*H(.)<&*.H8$."?#7.)8.*"&)8$&'#<&H*X&$*'#*
@VB;*X&$*'&*ZD.*H&)*<(Lb"('.H*<.*&%8.).$I**@.%(<&*#*ZD.*.'*?(<$D$&*<.*#'D7()(&*6*'(8(&*XD.<.*DH#$H.*
8#7%(J)*X#$#*'#*Hb)8.H(H*<.*&8$#H*<$&C#H*"&7&*'#*G]@;*ZD.*8(.).*D)*T#'&$*7D"?&*7NH*.'.T#<&*X&$*
C$#7&*+D)#H*:\I\\\*<&H(H*.)*.'*"#H&*<.*'#*G]@*"&)8$#*H&'&*=\*&*>\*<&H(H*.)*.'*"#H&*<.*'#*@-15;*.H*
7D"?&*7NH*X$&%#%'.*ZD.*'&H*$.#"8(T&H*.H"#H&H*"&7&*.H8.*H.*<.H8().)*#*'#*.'#%&$#"(K)*<.*<$&C#H*
<.*T#'&$*7#H*.'.T#<&*ZD.*.'*<.*'#*@-1I**O&*&%H8#)8.;*'#*@-1*<.*Hb)8.H(H*?#*.H8#<&*<(HX&)(%'.*<.*
L&$7#*$.CD'#$*.)*X.ZD.`#H*"#)8(<#<.H*.)*X.ZD.`&H*"b$"D'&H*<.*'#*.H".)#*<.*'#H*<$&C#H*
.)8.&CJ)("#H*ZD.*8DT(.$#)*%D.)#H*$.'#"(&)#<&H*"&)*#'CS)*ZDb7("&*#7(C#%'.*<.'*T."()<#$(&I*
G#*<.7#)<#*<.*@-1*?#*H(<&*%#g#*.)*.'*X#H#<&;*.)*X#$8.*<.%(<&*#*'#*7#'#*$.XD8#"(K)*ZD.*'#*
HDH8#)"(#*#<ZD($(K*#'*X$()"(X(&I**B*"#DH#*<.*HD*7#'*&'&$;*X#$."(<&*#'*<.'*
lX'NH8("&*ZD.7#<&m;*&'&$*ZD.*&%T(#7.)8.*#D7.)8#%#*#'*LD7#$*'#*HDH8#)"(#;*'#*@-1*X#HK*#*H.$*.'*
.Xb8&7.*<.'*lX'NH8("&m;*<.*'&*lH()8J8("&m*&*lZDb7("&mI**B<.7NH;*<#<#*'#*.98$.7#*T.'&"(<#<*<.*
()("(&*<.*HDH*.L."8&H*6*#*HD*#*T.".H*#%$D7#<&$#*X&8.)"(#;*H.*$D7&$.K*ZD.*'#*@-1*"#DH#%#*
'.H(&).H*".$.%$#'.H;*D)*$D7&$*ZD.*#S)*"($"D'#*?&6*<b#;*6*<.'*ZD.*)&*.9(H8.)*X$D.%#HI**BD)ZD.*'#*
@-1*.H*D)*X$&<D"8&*)#8D$#';*'#H*7D.H8$#H*<.'*7.$"#<&*).C$&*LD.$&)*"'#$#7.)8.*H()8J8("#H;*<.*
7&<&*ZD.*'#*@-1*LD.*"#8#'&C#<#*gD)8&*#*'#*G]@*"&7&*lZDb7("#m*.)*'#*JX&"#*.)*ZD.*.'*7D)<(''&*
<.*'#*<$&C#*.7X.WK*#*<."#)8#$H.*X&$*'&H*''#7#<&H*.)8.KC.)&H*l&$CN)("&Hm*+.H*<."($*X$&T()(.)8.H*
<.*X'#)8#HA*TJ#H.*4#Xb8D'&*:;*O&8#H*:\*6*::5;*#"8(8D<*ZD.*C.).$#$b#*.'*C$#)*7(8&*<.*'#*7.H"#'()#*
<.H"$(8&*.)*.'*"#Xb8D'&*:I*@.*.H8.*7&<&*'#*@-1*LD.*$.'.C#<#*#*D)*H.CD)<&*X'#)&*.)*.'*7.$"#<&*
).C$&*<.*'&H*.)8.KC.)&H;*T(.)<&*'(7(8#<#*HD*&L.$8#*X&$*'#*.H"#H.W*<.*'&H*$.#"8(T&H*).".H#$(&H*
X#$#*.'#%&$#$'#;*6*"&)*HD*<.7#)<#*$.<D"(<#*<.%(<&*#*HD*7#'#*$.XD8#"(K)I*
O&*&%H8#)8.;*'#*@-1*<.'*7.$"#<&*).C$&*?#*8.)(<&*C.).$#'7.)8.*D)#*.'.T#<#*XD$.W#*6*)&*?#*
H(<&*#<D'8.$#<#*<.*L&$7#*C.).$#'(W#<#;*#D)ZD.*#'CD)#*T.W*H.*?#*T.)<(<&*Y4Y*+L.)"("'(<()#5*.)*HD*
'DC#$I*G#*8&<#Tb#*'.C#'*M!-.0!@-1;*ZD.*XD.<.*#<ZD($($H.*#*'#H*.7X$.H#H*<.*X$&<D"8&H*ZDb7("&H*
.)*'#*"#)8(<#<*<.*"()"&*C$#7&H;*?#*H(<&*
 :F=*
*
T.)<(<#*#'CD)#*T.W*.)*.'*7.$"#<&*).C$&*"&7&*@-1*+3(Cc&&<*6*088*:E__5;*#D)ZD.*8#7%(J)*H.*
T.)<.*.)*&"#H(&).H*"&)*)&7%$.*X$&X(&;*XD.H8&*ZD.*X&$*HDXD.H8&*8(.).*HDH*X#$8(<#$(&HI**G#*@V1;*?#*
#X#$."(<&;*.)*"#)8(<#<*#S)*7NH*'(7(8#<#*ZD.*'#*@-1;*7D6*X&"#H*T.".H*.)*.'*7.$"#<&*).C$&;*#*'#*
T.W*ZD.*H.*?#*<(H8$(%D(<&*#'CS)*'&8.*.9".X"(&)#'*<.*@Y1*6*&8$&H*?&7K'&C&H*<.*'#*@-1;*.)*'&H*
"b$"D'&H*7NH*.'(8(H8#H*<.'*"&7.$"(&*('b"(8&*<.*.)8.KC.)&HI**O&*XD.<.*#L($7#$H.*H()*.7%#$C&;*ZD.*H.*
?#6#*T.)<(<&*#'CD)#*T.W*@Y1*6*<.7NH*?&7K'&C&H*<.*L&$7#*#7X'(#*.)*.'*7.$"#<&*).C$&;*#D)ZD.*
"&)8()S.)*H(.)<&*X$&T(H(&)#'7.)8.*'.C#'.HI*
*
*
n]0*B41nBG*@V*GB*@-1*i*]n]*YBRQVO1V]*VO1V0[kOQ40]*
*
-NH*ZD.*()6."8#<#;*'#*L&$7#*<.*#<7()(H8$#"(K)*X$.L.$(<#*<.*'#*@-1*.H*LD7#<#I**G#H*7D.H8$#H*<.'*
7.$"#<&*).C$&*HD.'.)*"&)8.).$*'#*%#H.*'(%$.;*7NH*#<."D#<#*X#$#*LD7#$*ZD.*X#$#*8&7#$*
()6."8#<#;*#'*8(.7X&*ZD.*LD7#$'#*.H*7NH*."&)K7("&*XD.H8&*ZD.*H.*).".H(8#*HK'&*'#*7(8#<*<.*@-1*
X#$#*&%8.).$*.'*7(H7&*.L."8&I**G#H*<&H(H*?#%(8D#'.H*&H"('#)*.)8$.*'&H*,\*6*'&H*>\*7C*+3(Cc&&<*6*088*
:E__A*]?D'C()*:E_/%5*X&$*'&*ZD.*H.*?#".*).".H#$(#*D)#*%#'#)W#*#)#'b8("#*X#$#*X.H#$*.H#*"#)8(<#<*
<.*L&$7#*X$."(H#I**B'CD)&H*DHD#$(&H*X.H#)*D)#*7D.H8$#*<.*$.L.$.)"(#*ZD.*CD#$<#)*#*X#$8.*X#$#*
.H8(7#$*<&H(H*X&H8.$(&$.H*<.*L&$7#*T(HD#';*VH8#H*.H8(7#"(&).H*)&*<.%.$b#)*$.#'(W#$H.*%#g&*'#*
()L'D.)"(#*<.*'#*<$&C#I**G#*()L&$7#"(K)*ZD.*<&6*#*"&)8()D#"(K)*XD.<.*#X'("#$H.*8#)8&*#*'#*@-1*
"&7&*#*'#*@V1;*@Y1;*M!-.0!@-1*6*&8$#H*8$(X8#7()#H*<.*#""(K)*"&$8#;*$."&$<#)<&*ZD.*'#*M!-.0!
@-1*8(.).*D)#*X&8.)"(#*.ZD(T#'.)8.*#*"D#8$&*T.".H*'#*<.*'#*@-1I*
G#*@-1*H.*LD7#*?#%(8D#'7.)8.*<.*<&H*7#).$#H*<(H8()8#H;*6*"#<#*D)#*<.*.''#*8(.).*HDH*
<.L.)H&$.HI**B'CD)&H*()?#'#)*D)#*<&H(H*"&7X'.8#*<.*@-1*.)*D)#*l"#'#<#m*S)("#*6*X$&'&)C#<#;*'&*
ZD.*X$&<D".*D)#*lHD%(<#m*7N9(7#;*.H*<."($*D)*X&8.)8.*6*T.'&W*.L."8&*.)8.&CJ)("&I**Y&$*&8$#*
X#$8.;*'&H*)&*.9X.$(7.)8#<&H*HD.'.)*$.#'(W#$*D)#*&*<&H*X$&LD)<#H*()?#'#"(&).H;*$NX(<#7.)8.;*D)#*
<.8$NH*<.*&8$#;*'&*ZD.*"&)<D".*8#7%(J)*#*D)&H*.L."8&H*T(H(&)#$(&H*7N9(7&HI**08$&H*X$.L(.$.)*
()?#'#$*X.ZD.`#H*"#)8(<#<.H*<.*T#X&$*<.*@-1*<.*L&$7#*$.X.8(<#;*'&*ZD.*$.HD'8#*.)*D)*.L."8&*8(X&*
l7&)8#`#*$DH#m*<.*l#'8(8D<m*T#$(#%'.I**G#*<.HT.)8#g#*<.*.H8.*S'8(7&*7J8&<&*.H*'#*$NX(<#*8&'.$#)"(#*
ZD.*X$&<D".*'#*@-1I**4&)*.H8#*8J")("#*H.*<.HX.$<("(#*@-1;*H(.)<&*X&"&*X$&%#%'.*ZD.*D)&*''.CD.*#*
.9X.$(7.)8#$*#Hb*.'*7N9(7&*.L."8&*.)8.&CJ)("&*<.*'#*<$&C#I**V'*X$(7.$*X$&".<(7(.)8&*.H*7NH*
."&)K7("&*6*H.*#X$&T."?#)*#'*7N9(7&*'&H*.L."8&H*<.*'#*<$&C#;*X.$&*X&H..*.'*()"&)T.)(.)8.*<.*HD*
<(L("D'8#<I**V'*?D7&*.H*<.H#C$#<#%'.*6*.H*<(Lb"('*()?#'#$*6*$.8.).$*'#*<&H(H*<.*,\!>\*7C*).".H#$(#*
X#$#*.9X.$(7.)8#$*'&H*.L."8&H*.)8.&CJ)("&H*<.*'#*@-1I**VH8#*L&$7#*<.*LD7#$*@-1*?#*H(<&*
$."&7.)<#<#*.)*<&H*XD%'("#"(&).H*X&XD'#$.H*<(L.$.)8.H*H&%$.*'#*HDH8#)"(#*+3(Cc&&<*6*088*:E__A*
]8#LL&$<*:EF=5I*
1#'*"&7&*&"D$$.*"&)*"D#'ZD(.$*HDH8#)"(#*.)8.&CJ)("#;*6*<.*L&$7#*.HX."(#'*"&)*'#H*8$(X8#7()#H*<.*
#""(K)*"&$8#;*ZD.*"#8#XD'8#)*()7.<(#8#7.)8.*#'*DHD#$(&*<.H<.*.'*.H8#<&*<.*"&)"(.)"(#*?#%(8D#'*#*
'#*"D7%$.*<.'*.H8#<&*.)8.&CJ)("&;*.H*<.*"$D"(#'*(7X&$8#)"(#*D)*.H8#<&*XH("&'KC("&*#<."D#<&*<.'*
()<(T(<D&*6*.'*"&)8.98&*.)*.'*ZD.*H.*$.#'(".*'#*.9X.$(.)"(#I**G#*@-1*)&*<.%.$b#*8&7#$H.*<.*L&$7#*
<.HX$.&"DX#<#*"&7&*H(*LD.$#*
:F>*
*
#'C&*X#$."(<&*#*'#*7#$(?D#)#I**O&*H.*<.%.*"&)<D"($*)(*7#)(XD'#$*7#ZD()#$(#*%#g&*'#*#""(K)*<.*'#*
@-1*&*<.*&8$#H*8$(X8#7()#H*.)8.&CJ)("#H*<.*#""(K)*"&$8#I**V'*.H8#<&*XH("&'KC("&*<.'*()<(T(<D&*.H*
T(8#'I**OD)"#*H.*<.%.*8&7#$*@-1*.H8#)<&*8.)H&;*#)H(&H&;*X$.&"DX#<&;*"#)H#<&*.8"I**G#*7#6&$b#*<.*
DHD#$(&H*HD.'.)*"&7.)W#$*'#*.9X.$(.)"(#*H.)8#<&H*&*$."'()#<&H*+<.*'&*"&)8$#$(&*H.*"&$$.*.'*$(.HC&*
<.*"#.$*#'*HD.'&5I**V'*#7%(.)8.*<.%.$N*H.$*$."&C(<&*6*8$#)ZD('&;*H()*$D(<&H*)(*()8.$$DX"(&).HI**G#H*
"&)H."D.)"(#H*ZD.*XD.<.)*<.$(T#$H.*<.*'#*)&*&%H.$T#"(K)*<.*.H8#H*$.C'#H*?#)*H(<&*T(T#7.)8.*
<.H"$(8#H*X&$*'#*XH("K'&C#*rI*2&DH8&);*ZD(J)*8&7&*@-1*.)*D)*.)8&$)&*<.H&$<.)#<&*6*HD"(&;*6*.)*
D)*.H8#<&*<.*#C&8#7(.)8&*LbH("&*6*7.)8#'*+-#H8.$H*6*2&DH8&)*:E//5I*
V9(H8.)*<&H*L&$7#H*?#%(8D#'.H*<.*LD7#$*@-1v*:5*LD7#)<&*'&H*"$(H8#'.H*H&'&H*.)*D)#*X(X#*<.*
T(<$(&A*&*,5*7.W"'#<&H*"&)*X'#)8#H*.)*D)*X(X#*"&)T.)"(&)#'*&*lX&$$&mI**V)*.'*X$(7.$*"#H&;*H.*"&'&"#*
D)#*S)("#*<&H(H*<.*'&H*"$(H8#'.H*.)*.'*L&)<&*<.*D)*$."(X(.)8.*<.*"$(H8#';*6*H.*"#'(.)8#*"&)*"D(<#<&*HD*
HDX.$L("(.*()L.$(&$*?#H8#*ZD.*'&H*"$(H8#'.H*H.*LD)<.)I**1#)*X$&)8&*"&7&*.7X(.W#*#*T#X&$(W#$;*.'*
DHD#$(&*()?#'#*'.)8#7.)8.*6*<.*L&$7#*"&)8()D#<#;*7#)8.)(.)<&*'#*''#7#*%#g&*.'*$."(X(.)8.*6*
"&)8()D#)<&*'#*()?#'#"(K)*?#H8#*ZD.*8&<&*.'*7#8.$(#'*H.*?#*.T#X&$#<&*ZD.<#)<&*D)("#7.)8.*D)*
$.H(<D&*"$(H8#'()&*<.*"&'&$*7#$$K)*&H"D$&*.)*.'*L&)<&I**](*H.*()?#'#*#)8.H*<.*ZD.*'&H*"$(H8#'.H*H.*
?#6#)*LD)<(<&;*H.*XD.<.*X$&<D"($*D)#*#HX($#"(K)*()D8('*<.*X#$8.*<.'*7#8.$(#'*H()*ZD.*H.*X$&<DW"#*
.L."8&*#'CD)&*+3(Cc&&<*6*088*:E__A*[$#"(.*6*q#$d&T*:EFM#5;*#*'#*T.W*ZD.*H.*<.HX.$<("(#*X#$8.*<.*'#*
"#X#"(<#<*XD'7&)#$*).".H#$(#*X#$#*8&7#$*.'*T#X&$*<.*'#*@-1I*
1#7%(J)*XD.<.*DH#$H.*D)#*X(X#*)&$7#'*"&)*$.g(''#*H&%$.*'#*ZD.*.'*DHD#$(&*"&'&"#*D)#*X.ZD.`#*
"#)8(<#<*<.*?(.$%#H*H."#H*+X$.L.$(%'.7.)8.*)&*XH("&#"8(T#H5I**B*"&)8()D#"(K);*.'*DHD#$(&*"&'&"#*'&H*
"$(H8#'.H*<.*@-1*"D(<#<&H#7.)8.*H&%$.*'#*?(.$%#I**V)*.H8.*"#H&*'#*''#7#*H.*#X'("#*#*'#*X#$8.*
HDX.$(&$*<.*'#*X(X#;*()8.)8#)<&*ZD.7#$*'#*?(.$%#*6*.T#X&$#$*'#*@-1*H(7D'8N).#7.)8.I**]&'&*H.*DH#*
D)#*"#)8(<#<*(7X$.H"()<(%'.*<.*?(.$%#*ZD.*#"8D#$N*<.*8$#)HX&$8#<&$#*<.*'#*@-1A*#ZD.''#*"#)8(<#<*
ZD.*XD.<#*H.$*()?#'#<#*.)*D)*S)("#*l"#'#<#m*gD)8&*"&)*'#*@-1*+3(Cc&&<*6*088*:E__5I*
08$&*7J8&<&*.7X'.#<&*.)*&"#H(&).H*X#$#*LD7#$*@-1*"&)H(H8.*.)*<(H&'T.$'#*.)*D)*<(H&'T.)8.*
#X$&X(#<&*+"&7&*.8#)&'*#%H&'D8&5*6*.7%.%.$*#'CS)*7#8.$(#'*T.C.8#'*"&)*'#*<(H&'D"(K);*.T#X&$#)<&*
X&H8.$(&$7.)8.*.'*<(H&'T.)8.*#)8.H*<.*LD7#$*'#*?(.$%#*.)*X(X#H*&*lX&$$&HmI**B*T.".H*H.*?#*T.)<(<&*
.)*.'*7.$"#<&*).C$&*X.$.g('*.7%.%(<&*"&)*@-1I**1#7%(J)*H.*?#)*<#<&*"#H&H*<.*T.)8#*<.*X.$.g('*
"&)*Y4Y*+Y4Y**L.)"("'("()#;*].$)65*?#"(J)<&H.*X#H#$*X&$*@-1*+3(Cc&&<*6*088*:E__5I**V)*.H8.*"#H&*
H.*<(HD.'T.*.)*.8#)&'*'#*@-1*.)*L&$7#*<.*%#H.*'(%$.;*D8('(W#)<&*'#*X$&X&$"(K)*8bX("#*<.*D)&H*,\*7'*
<.*.8#)&'*X&$*C$#7&*<.*@-1I**G#*7.W"'#*<.%.*#C(8#$H.*6*$.7&T.$H.*?#H8#*ZD.*H.*<(HD.'T#*8&<#*'#*
@-1I**B*"&)8()D#"(K);*.H8#*<(H&'D"(K)*H.*<."#)8#*"D(<#<&H#7.)8.*H&%$.*D)*X'#8&*<.*"$(H8#'*
X.ZD.`&;*X&$*.g.7X'&*D)#*X'#"#*<.*X.8$(I**O&))#'7.)8.*#'*C$#7&*<.*@-1*<(HD.'8&*.)*,\*7'*<.*
.8#)&'*H.*'.*#`#<.)*D)&H*E*C$#7&H*<.*'#*?(.$%#*H."#;*X#$#*"&)H.CD($*D)*X$&<D"8&*ZD.*"&)8(.).*D)*
:\a*.)*X.H&*<.*@-1*8$#H*'#*.T#X&$#"(K)*<.'*.8#)&'I**G&H*X$.X#$#<&H*"&7.$"(#'.H*<.*l7.W"'#H*<.*
?(.$%#H*X#$#*LD7#$m*+ZD.*HD.'.)*"&)8.).$*7.)8#;*?(.$%#*C#8.$#;*X.$.g(';*<#7(#)#*.8"I5*H.*DH#)*
L$."D.)8.7.)8.;*6#*ZD.*HD*LD.$8.*#$&7#*XD.<.*#6D<#$*#*<(H(7D'#$*.'*<.H#C$#<#%'.*H#%&$*<.*'#*
@-1I**G#*?(.$%#*H.*HD.'.*8#7(W#$*7D6*L()#;*.HX#$"(J)<&H.*H.CD(<#7.)8.*.)*'#*H&'D"(K)*<.*@-1*6*
H.*$.7D.T.*?#H8#*ZD.*?#6#*#%H&$T(<&*8&<#*'#*H&'D"(K)*<.*@-1I**B*"&)8()D#"(K);*H.*H.X#$#)*'#H*
:FM*
*
?.%$#H*?D7.<#H*X#$#*L#"('(8#$*'#*.T#X&$#"(K)*<.'*<(H&'T.)8.*#*8.7X.$#8D$#*#7%(.)8.*&*7.<(#)8.*
"#'.)8#7(.)8&*HD#T.I**G#*?(.$%#*ZD.<#*'(H8#*X#$#*H.$*DH#<#*"D#)<&*H.*?#*.T#X&$#<&*8&<&*.'*
<(H&'T.)8.*6*HK'&*ZD.<#)*'#H*?(.$%#H*X.C#g&H#H*H()*&'&$*#*#'"&?&'I**4#<#*:\\*7C*<.*?(.$%#H*
X$.X#$#<#H*<.*.H8.*7&<&*"&)8(.).*.'*.ZD(T#'.)8.*#*:\*7C*<.*@-1;*<.*7&<&*ZD.*.H8.*7J8&<&*
8(.).*'#*T.)8#g#*<.*X.))(8($*D)#*X$."(H#*X.H#<#*<.*'#H*<&H(H*DH#)<&*D)#*%#'#)W#*<.'*8(X&*02B*n]*
,/:\*8$(X'.!%.#7*D*&8$#*.ZD(T#'.)8.;*.)*'DC#$*<.*D)#*"&H8&H#*%#'#)W#*#)#'b8("#*"&)*D)#*X$."(H(K)*
<.*:*7CI**BHb;*=\\*7C*<.*.H8#*?(.$%#*"&)8(.).)*D)#*%D.)#*<&H(H*<.*=\*7C*<.*'#*HDH8#)"(#;*ZD.*
X&<$N*H.$*LD7#<#*.)*D)#*X(X#*)&$7#'I**2#6*ZD(.)*.'#%&$#*lX&$$&Hm*<.*?(.$%#*.7%.%(<#*.)*@-1*
XD<(J)<&H.*X.H#$*HD*"&)8.)(<&I**]&)*?#%(8D#'.H*'&H*X&$$&H*<.*D)*C$#7&*"&)*D)*"&)8.)(<&*<.*@-1*
<.*:\\*7CI*VH8.*X$&".H&*.H*7D6*S8('*H(*H.*.7X'.#*.'*H.CD)<&*7J8&<&*ZD.*?.*7.)"(&)#<&*X#$#*
LD7#$*@-1;*.H*<."($*()?#'#"(&).H*$.X.8(<#H;*#D)ZD.*.H*#)8(."&)K7("&I**].*XD.<.*''.C#$*#*
<.HX.$<("(#$*#Hb*?#H8#*'#*7(8#<*<.*'#*@-1*.)*.'*?D7&*"&'#8.$#'I*
G#*@-1*)&*XD.<.*H.$*LD7#<#*X&$*7NH*<.*D)#*X.$H&)#*#*'#*T.WI**@.HXDJH*<.*H.X#$#$*D)#*S)("#*
<&H(H*<.*@-1*+6#*H.#*XD$#*&*gD)8&*"&)*'#*?(.$%#5;*JH8#*.H*LD7#<#*X&$*.'*X$(7.$*DHD#$(&*<.'*C$DX&I**
G#*X.$H&)#*.)"#$C#<#*<.*''.)#$*'#*X(X#*.H*C.).$#'7.)8.*.'*S'8(7&*.)*LD7#$;*6#*ZD.*'&H*.L."8&H*H&)*
()"#X#"(8#)8.HI**Y#H#$*'#*X(X#*<.*L&))#*<.HX$.&"DX#<#*"&7&*.)*$(8D#'.H*<.'*B%,,%8<.".H*
()#<."D#<&;*6#*ZD.*'#H*<&H(H*)&*H.$N)*D)(L&$7.H*6*X#$#*"D#)<&*'#*X(X#*)&H*''.CD.*X&$*H.CD)<#*T.W*
6#*H.*?#%$N*()H8#D$#<&*D)#*"(.$8#*8&'.$#)"(#*#*'&H*.L."8&H*+3(Cc&&<*6*088*:E__5I**B*7D"?&H*
DHD#$(&H*'.H*CDH8#*8.).$*#*7#)&*D)#*%.%(<#*$.L$.H"#)8.*X#$#*HD#T(W#$*'#*C#$C#)8#*ZD.7#<#*X&$*.'*
<.H#C$#<#%'.*T#X&$*<.*'#*@-1I*
1$#H*'#*()?#'#"(K)*<.*D)#*<&H(H*"&7X'.8#*<.*@-1*<.*D)#*T.W;*'&H*.L."8&H*H.*)&8#)*#*'&H*<(.W*&*
ZD()".*H.CD)<&H;*C.).$#?).)8.*#)8.H*<.*?#%.$*.9?#'#<&*.'*T#X&$I**G#*H.)H#"(K)*<.*'#*lHD%(<#m*
()"(#'*.H*X#$."(<#*#*D)#*$NX(<#*#".'.$#"(K)*6*XD.<.*($*#"&7X#`#<#*<.*TJ$8(C&I**G&H*DHD#$(&H*
<.H"$(%.)*C.).$#'7.)8.*H&)(<&H*7D6*#CD<&H;*ZD.*H.*()8.$X$.8#)*"&7&*$D(<&H*<.*()H."8&HI**V'*
.L."8&*N'C(<&*H.*X$&<D".*#'*"#%&*<.*<&H*&*8$.H*7()D8&H;*<D$#)8.*'&H*"D#'.H*'#*7#6&$b#*<.*DHD#$(&H*
X.$7#).".)*#8D$<(<&H*6*H()*?#%'#I**G&H*.L."8&H*7NH*?#%(8D#'.H*H&)*'#*"&)8.7X'#"(K)*<.*#$#%.H"&H*
&*L&$7#H*C.&7J8$("#H*"&'&$.#<#H*8#)8&*"&)*'&H*&g&H*#%(.$8&H*"&7&*".$$#<&H;*H(7('#$.H*#*'&H*ZD.*H.*
.9X.$(7.)8#)*"&)*'#*G]@;*7.H"#'()#*&*XH('&"(%()#I**1I*-"j.))#*?#*<.H"$(8&*<.*L&$7#*T(T(<#*'&H*
HDXD.H8&H*"&)8#"8&H*ZD.*#'CD)&H*DHD#$(&H*<.*@-1*<(".)*?#%.$*8.)(<&*"&)*l.'L&H*7."N)("&Hm*
()8.'(C.)8.H*+-"j.))#*:EE:5I**G#*X#$#)&(#*6*'#H*$.#""(&).H*<.*XN)("&*H&)*7D"?&*7NH*L$."D.)8.H*
8$#H*'#*#<7()(H8$#"(K)*<.*@-1;*ZD.*"&)*)()CD)#*&8$#*<$&C#*.)8.&CJ)("#I**]()*<D<#;*#*"&)H."D.)"(#*
<.*'#*.98$.7#*$#X(<.W*"&)*'#*ZD.*.'*DHD#$(&*.H*#$$#)"#<&*<.*HD*.H8#<&*<.*"&)"(.)"(#*?#%(8D#'*6*
'#)W#<&*#*D)*8D$%D'.)8&*6*.H8$(<.)8.*.H8#<&*T(H(&)#$(&I**VH8&*?#".*ZD.*HD*<(HX&H("(K)*X.$H&)#'*6*.'*
.)8&$)&*H.#)*8#)*(7X&$8#)8.HI**@(.W*7()D8&H*<.HXDJH*<.*?#%.$*LD7#<&;*.'*DHD#$(&*H(.)8.*
()T#$(#%'.7.)8.*D)#*<(H7()D"(K)*.)*'&H*.L."8&H;*6*"D#)<&*6#*?#)*8$#)H"D$$(<&*ZD()".*&*T.()8.*
7()D8&H*'&H*.L."8&H*H.*?#)*<(H(X#<&*X&$*"&7X'.8&*+3(Cc&&<*6*088*:E__5I**[.).$#'7.)8.*)&*?#6*
.L."8&H*H."D)<#$(&H;*#*)&*H.$*X&$*D)*'.T.*<&'&$*<.*"#%.W#*&"#H(&)#'I**BD)ZD.*H.*?#*#L($7#<&*ZD.*
'#*.9X.$(.)"(#*XD.<.*$.X.$8($H.*#*()8.$T#'&H*<.*"D#8$&*?&$#H;*H()*ZD.*H.*.9X.$(7.)8.*8&'.$#)"(#*
<(C)#*<.*7.)"(K)*+3$&c)*:E/F5;*H.*&%8(.).)*D)&H*$.HD'8#<&H*KX8(7&H*LD7#)<&*"&7&*7N9(7&*<&H*
T.".H*#'*<(#I**G#H*<(L.$.)"(#H*.)8$.*'#*@-1*6*HDH*X$(7#H*.)8.KC.)#H;*'#*@V1;*
:F/*
*
@Y1*6*'#*M!-V0!@-1*?#)*H(<&*$.HD7(<#H*7NH*#$$(%#I**Y&$*&8$#*X#$8.;*'&H*"#$#"8.$bH8("&H*
.*()8$(C#)8.H*.L."8&H*<.*'#H*X&"(&).H*&$#'.H*<.*@-1*=%5%$3%.(%:"H.*8$#8#$N)*.)*.'*"#Xb8D'&*>I*
Y#$#*"&)"'D($*.)"D.)8$&*&X&$8D)#H*'#H*X#'#%$#H*"&)*'#H*ZD.*r.$.76*3(Cc&&<*6*6&*8.$7()#7&H*
)D.H8$&*#$8("D'&*H&%$.*'#*l@-1v*.'*T(#g.*<.*ZD()".*7()D8&Hm*#X#$."(<&*.)*:E__v*
*
VH*D)#*'NH8(7#*ZD.*D)#*<$&C#*8#)*S)("#*6*$."&7.)<#%'.*)&*XD.<#*&%8.).$H.*
'(%$.7.)8.*6*)&*H.#*#7X'(#7.)8.*DH#<#I**4$..7&H*ZD.*#*"D#'ZD(.$#*ZD.*'.*
CDH8.)*'#H*<$&C#H*.)8.&CJ)("#H;*?#$b#*%(.)*X$&%#)<&*'#*@-1;*H(*8(.).*'#*
&X&$8D)(<#<I**O&*HK'&*H&)*HDH*.L."8&H*#C$#<#%'.H;*H()&*ZD.*'#*7#6&$b#*<.*
DHD#$(&H*H.*H&$X$.)<.)*<.*ZD.*D)#*<$&C#*XD.<#*X$&<D"($*D)&H*.L."8&H*8#)*
X$&L8()<&H*"&)*D)#*<D$#"(K)*8#)*%$.T.I**VH*X&H(%'.*ZD.*'#*@-1*H.#*'#*<$&C#*
l7#$#T(''&H#m*ZD()8#*.H.)"(#m;*6#*ZD.*.'*()("(#<&*)&*XD.<.*.T(8#$*#H&7%$#$H.*
#)8.*HD*<.H"&7D)#'*X&8.)"(#I*
*
*
*
#;580!
*
:!*G#H*&%$#H*<.*]I2IU#HHJ)*+U#HHJ)*:E/>A*U#HHJ)*:E/_A*U#HHJ)*6*2&'7H8.<8*:E/=5*H.*
"&)H(<.$#)*#"8D#'7.)8.*"&7&*'&H*.H8D<(&H*?(H8K$("&H*<.L()(8(T&H*H&%$.*'#*()$)8%" 6*&8$&H*$#XJH*
.)8.&CJ)("&HI**V'*8.98&*&$(C()#'*"#H8.''#)&*<.*'#*X$(7.$#*<.H"$(X"(K)*<.'*X&'T&*.7%$(#C#)8.*
$.#'(W#<#*X&$*4&'K)*H.*?#*X.$<(<&I**B*)&H&8$&H*)&H*?#*''.C#<&*#*8$#TJH*<.*D)#*8$#<D""(K)*(8#'(#)#*
<.'*'(%$&*<.*HD*?(g&*P.$)#)<&*4&'K);*><.*)&<+!*XD%'("#<&*X&$*B'L&)H&*n''&#*.)*f.)."(#*.)*:M_:*
+U#HHJ)*:E/_5I**@.*L&$7#*H(7('#$;*'#*<.H"$(X"(K)*<.*P$#6*R#7K)*Y#)J*)&H*?#*''.C#<&*#*8$#TJH*<.*'#*
8$#<D""(K)*(8#'(#)#*<.*n''&#;*.)*'#*ZD.*.'*$#XJ*$."(%.*'&H*)&7%$.H*<.*()$)8%"5"()?<)8%-""G#*.<("(K)*
H.T(''#)#*<.*:M::*<.'*#-"[%&*5*<.";,?/<'+1<)/%,+,.<.")G+&%"K+?%*<)"8%85/),<(%"I((+%,<"1+(%.*
#)+'%*%"JG<?&%''%*%"<.*Y.8.$*-#$86$*.H*'#*&%$#*.)*ZD.*H.*XD%'("K*X&$*X$(7.$#*T.W*()L&$7#"(K)*
H&%$.*'#*()$)8%"8&7#<#*<($."8#7.)8.*<.'*7#)DH"$(8&*X.$<(<&*<.*R#7K)*Y#)J*+Y.8.$*-#$86$*
)D)"#*.H8DT&*.)*.'*OD.T&*-D)<&5I**VH8.*8.98&*'#8()&*<.)&7()#*F)$)88%"#'*$#XJ*+U#HHJ)*:E/_5I*
*
,!* @D$#)8.*'#*H.CD)<#*[D.$$#*-D)<(#';*#'CD)&H*7J<("&H*'.#'.H*#'*X#$8(<&*O#W(*#'.7N)*
<($(C(.$&)*D)#*H.$(.*<.*l.9X.$(7.)8&Hm*?&$$(X('#)8.H*"&)*'&H*X$(H(&).$&H*<.*T#$(&H*"#7X&H*<.*
"&)".)8$#"(K);*.)8$.*.''&H*.'*()L#7.*<.*@#"?#DI**V)8$.*&8$&H*?&$$&$.H;*H.*()L."8K*<.'(%.$#<#7.)8.*
#*'&H*X$(H(&).$&H*"&)*CJ$7.).H*7&$8#'.H;*H.*'.H*()6."8K*C#H&'()#;*H.*'.H*#X'#H8#%#*?#H8#*7&$($*.)*
"N7#$#H*<.*X$.H(K)*6*H.*'.H*H&7.8(K*#*()7.$H(&).H*.)*#CD#*?.'#<#*X#$#*<.8.$7()#$*'&H*8(.7X&H*<.*
HDX.$T(T.)"(#I**n)#*H.$(.*<.*.9X.$(7.)8&H*7.)&H*<$NH8("#*"&)H(H8(K*.)*'#*#<7()(H8$#"(K)*<.*
7.H"#'()#*#*8$.()8#*X$(H(&).$&H*X#$#*.H8D<(#$*HD*D8('(<#<*"&7&*#6D<#*.)*'&H*()8.$$&C#8&$(&H*+G..*6*
]?'#()*:EFM5I**B'CD)&H*<.*.H8&H*7J<("&H*O#W(H*LD.$&)*"&)<.)#<&H*#*7D.$8.*X&$*.'*8$(%D)#'*<.*
:F_*
*
CD.$$#*<.*Oe$)%.$C;*ZD.*X$&7D'CK*D)*"K<(C&*<.*J8("#*7J<("#*6*"(.)8bL("#*X#$#*"&)8$&'#$*'#*
.9X.$(7.)8#"(K)*"&);*?D7#)&H*+B))#H*6*[$&<()*:EE,5I**V)8$.*&8$#H*.H8(XD'#"(&).H;*.'*"K<(C&*<.*
Oe$)%.$C*.9(Cb#*.'*"&)H.)8(7(.)8&*T&'D)8#$(&*"&7X'.8&*"&7&*X$.$.ZD(H(8&*X#$#*D8('(W#$*#*H.$.H*
?D7#)&H*.)*.9X.$(7.)8&H*"(.)8bL("&HI**4&7&*H.*.9X'("#*.)*.'*4#Xb8D'&*,;*O&8#*:M;*'#*BC.)"(#*
4.)8$#'*<.*Q)8.'(C.)"(#*<.*'&H*VH8#<&H*n)(<&H*+4QB5*6*HD*#)8.".H&$*<D$#)8.*'#*CD.$$#;*'#*0L("()#*<.*
].$T("(&H*VH8$#8JC("&H*+0]]5;*.7D'#)<&*#*HDH*X$.<.".H&$.H*)#W(H*.7X.WK*#*.9X.$(7.)8#$*<(T.$H#H*
<$&C#H;*#'CD)#H*<.*.''#H*.)8.&CJ)("#H*.)*HDg.8&H*?D7#)&H*+-#$dH*:E_E5I**n)&*<.*'&H*".)8$&H*.)*
'&H*ZD.*H.*''.TK*#*"#%&*.H8#*()7&$#'*()T.H8(C#"(K)*LD.*.'*4.)8$&*2&HX(8#'#$(&*X#$#*.'*.H8D<(&*<.*'#H*
B<(""(&).H*<.X.)<(.)8.*<.'*].$T("(&*<.*]#'D<*YS%'("#*<.*'&H*VVnn*.)*G.9()C8&);*j.)8D"d6I**VH8#*
lC$#)g#*<.*)#$"K8("&Hm*+.)*'#*ZD.*HK'&*H.*H.7%$#%#*'#*7.)8($#*6*'#*?(X&"$.Hb#*6*.)*'#*ZD.*HK'&*H.*
"&H."?#%#*7(H.$(#5*LD.*"$.#<#*#X#$.)8.7.)8.*X#$#*l"D$#$m*'#*#<(""(K)*#*'#*?.$&b)#I**0L("(#'7.)8.*
.$#*D)*".)8$&*X.)(8.)"(#$(&;*X.$&*#*'&H*X$(H(&).$&H*H.*'.H*''#7#%#*lX#"(.)8.HmI**2I]I*QH%.''*$."(%(K*
7NH*<.*F\\*<$&C#H;*.)8$.*.''#H*%DL&8.)()#*6*G]@;*X#$#*ZD.*'#H*X$&%#$#*"&)*'&H*lX#"(.)8.Hm*<.'*
l?&HX(8#'m*<.*G.9()C8&)I**QH%.''*"&)H(CD(K*.'*l"&)H.)8(7(.)8&*T&'D)8#$(&m*<.*'&H*X$(H(&).$&H*
&L$."(J)<&'.H*D)*X#C&*.)*.HX."(#Hv*H.*'.H*#<7()(H8$#$b#*?.$&b)#*6*7&$L()#*X&$*HD*"&&X.$#"(K)*.)*
'&H*.9X.$(7.)8&H*+G..*6*]?'#()*:EFM5I*}i*8&<&*.H8&*.)*D)#*()H8(8D"(K)*LD)<#<#*"&)*<().$&*XS%'("&*
"D6&*X$&XKH(8&*<."'#$#<&*.$#*"D$#$*'#*#<(""(K)*#*'#H*<$&C#H~**Y&$*'&*ZD.*$.HX."8#*#*'#*J8("#;*zZDJ*
<(L.$.)"(#*?#6*.)8$.*.H8#*l()T.H8(C#"(K)m*6*'#*ZD.*<($(C(.$&)*'&H*<&"8&$.H*)#W(H*.)*@#"?#D{**].*
XD.<.*<."($*'&*7(H7&*<.*P#%()C*6*2#cd()H*ZD.*#<7()(H8$#$&)*%DL&8.)()#*#*'&H*X$(H(&).$&H*<.*'#*
4N$".'*<.'*VH8#<&*<.*0?(&;*&*<.*1D$).$*6*-.$'(H*ZD.*#<7()(H8$#$&)*@-1*6*%DL&8.)()#*#*'&H*
()<.L.)H&H*lX#"(.)8.H*XH(ZD(N8$("&Hm*<.*D)#*()H8(8D"(K)*<.*OD.T#*i&$dI**](*'&H*#7.$("#)&H*X&<b#)*
H.$*.9"D'X#<&H*<.*'&H*<.'(8&H*X&$*l.)L.$7.<#<*7.)8#'m;*"&)*'&*ZD.*)&*H.*'.H*"&)H(<.$#%#*
$.HX&)H#%'.H*<.*HDH*#"8&H;*z"K7&*X&<b#)*<#$*.H8&H*()<(T(<D&H;*lX#"(.)8.Hm*<.*()H8(8D"(&).H*
XH(ZD(N8$("#H*.)*T.W*<.*X$(H(&).$&H*.)*'#H*"N$".'.H;*HD*"&)H.)8(7(.)8&*#*.9X.$(7.)8&H*<D<&H&H*6*
X&8.)"(#'7.)8.*X.'(C$&H&H{*
*
\P! G#H*.HX."(.H*H('T.H8$.H*<.*"#"#&*.H8N)*b)8(7#7.)8.*$.'#"(&)#<#H*"&)*<(T.$H&H*X$.X#$#<&H*
.)8.KC.)&H*<.*]D<#7J$("#I**G#*".)(W#*<.*C$+)8&)'%".38<,(%,3'!"#<.7NH*<.*D8('(W#$H.*"&7&*
#<(8(T&*<.'*$#XJ*5DTF++"6*"&7&*$.%&W#<&*<.*'#H*%&'(8#H*"&7.H8(%'.H*<.*$.H()#*<.*b<&)/%".)*
4&'&7%(#;*.H*D8('(W#<#*X&$*'&H*()<(&H*1D"D)#*<.*'#*B7#W&)(#*"&7&*#<(8(T&*<.'*$#XJ*<.*8#%#"&*
+U('%.$8*:EF_5I**B<.7NH;*'&H*X$.X#$#<&H*<.*8#%#"&*"&7.H8(%'.H*&*X#$#*'#7.$;*''#7#<&H*#7%b'*X&$*
'&H*U(8&8&;*H.*"&)H.$T#)*#*7.)D<&*.)*'#*"NH"#$#*<.*'#*L$D8#*T#"(#<#*<.*C$+)8&)'%"8<()/)&"&*1I*
?/%3(3'!"ZD.*<(".)*ZD.*&8&$C#*D)*H#%&$*<D'".*#'*X$.X#$#<&*+]"?D'8.H*6*R#LL#DL*:EE\A*U('%.$8*
:EF_5I**Y&$*&8$#*X#$8.;*'&H*](&)#*#`#<.)*#'*%'84/""NH"#$#H*<.'*H('T.H8$.*"#"#&*"&'&$#<&*<.*7&)8.;*
X$&%#%'.7.)8.*>+&&%,<%"8&+7</<?3/%*%!"#Hb*"&7&*"&$8.W#*<.*5)()"=#%3//<,<%"5)():"ZD.*"&)8(.).*
"#L.b)#*+j#7.)!j#6.*:E_:5I**G#*.H8$."?#*$.'#"(K)*.)8$.*.'*"#"#&;*''#7#<&*(%(D$3%*/*X&$*'&H*
ON?D#8';*6*'&H*?&)C&H*.)8.KC.)&H*.)*.'*-J9("&*X$."&'&7%()&*.H8N*<.8#''#<#*.)*7(*$."(.)8.*'(%$&*
+088*:EFMA*088*:EE=%5*6*6#*?#%b#*H(<&*XD.H8#*<.*7#)(L(.H8&*.)*D)*.)H#6&*#)8.$(&$*+-D))*:E_=5I*
:FF*
*
>!*V)*:EM=*H.*#(H'K*'#%DL&8.)()#*<.*'#*T#$(.<#<*.D$&X.#*<.*;'%,<*%"7<*&<,%!"ZD.*.)*.'*.H8D<(&*
$."(%b#*.'*)&7%$.*<.*;-"'%GG%-""Y&$*.H8.*7&8(T&*#'*X$()"(X(&*.H8.*"&7XD.H8&*LD.*<.)&7()#<&*
7#XX()#;*#)8.H*<.*ZD.*H.*.H8#%'."(.$#*HD*.ZD(T#'.)"(#*"&)*'#*%DL&8.)()#*+U(.'#)<*6*-&8W.'*:EM=5I**
].*<.H"D%$(K*8#7%(J)*ZD.*'#*;-"7<*&<,%".D$&X.#*"&)8.)b#*8#7%(J)*O!&9(<&*<.*%DL&8.)()#;*M!-.0!
@-1*6*@-1I**G#*%DL&8.)()#;*.'*@&9(<&*<.*%DL&8.)()#*6*'#*M!-.0!@-1*8#7%(J)*H.*.)"&)8$#$&)*.)*
'#*.HX."(.*.D$&X.#*;-"G)&G$5&<%"+16'.$*6*[$(gC.$*:E/>%5I**Y&$*&8$#*X#$8.*8#7%(J)*H.*?#*<.8."8#<&*
%DL&8.)()#*.)*'#H*T#$(.<#<.H*#7.$("#)#H*<.*;-"*)'+,*+//%!";-"G)&G$5*<%"5";-"7<*&<,%"+3.D8'.$*6*@.$*
-#$<.$&H(#)*:EF:A*16'.$*:E/:5*#Hb*"&7&*8#7%(J)*.)*7#8.$(#'*.D$&X.&*+]8(gT.*:E_E5I**BD)ZD.*.)*
D)*X$(7.$*.H8D<(&*H.*<.H"$(%b#*'#*<.8.""(K)*<.*%DL&8.)()#*.)*'#H*T#$(.<#<.H*.D$&X.#H*<.*;-"
'3.(%&<%"5";-"G%,*$+&<,%"+U(.'#)<*6*-&8W.'*:EM=5;*'&H*.H8D<(&H*X&H8.$(&$.H*)&*?#)*X&<(<&*
"&)L($7#$*.H8.*XD)8&*+3$#<6*6*16'.$*:EMEA*1#'%&8*6*f()()C*:E/=5I**G#*%DL&8.)()#*)&*X#$.".*H.$*
(7X&$8#)8.*.)*'#*8&9("&'&Cb#*<.*'#H*.HX."(.H*<.*;'%,<*%-""].*?#*<.8.$7()#<&*ZD.*.H8.*"&7XD.H8&*
.H*()#"8(T&*&$#'7.)8.*?#H8#*<&H(H*<.*:\\*7C*+2&'7H8.<8*6*G()<C$.)*:E/_A*U#HHJ)*6*2&'7H8.<8*
:E/=5;*6*'#H*8$.H*.HX."(.H*<.*;'%,<*%".)*'#H*ZD.*H.*?#*"&)L($7#<&*HD*X$.H.)"(#*)&*H&)*8K9("#H*
+4?('8&)*:E_F5I**]()*.7%#$C&;*;-"7<*&<,%!"ZD.*.)*#'.7N)*H.*''#7#*?+/8+,"H,)//+,8/1**+&G</d*=;'%,<*%"
%'%&<//%:"#*T.".H*H.*"&)LD)<.*"&)*.'*H,)//+,8/1**+&G</d!";-"G$%//)<1+.!"23+*"&)8(.).*#7#8&9()#H*6*
L#'&8&9()#H*6*.H*7&$8#'7.)8.*T.).)&H#*+16'.$*+*"%/-":E//5I**4&7&*T.$.7&H*.)*.'*4#Xb8D'&*/;*'#*
#"8(T(<#<*.)8.&CJ)("#*<.*;-"'3.(%&<%"5";-"G%,*$+&<,%"H.*<.%.*#*"(.$8&H*#7()&N"(<&H*<.$(T#<&H*<.'*
(H&9#W&'*6*)&*#'*<D<&H&*"&)8.)(<&*<.*%DL&8.)()#I**G#H*X.ZD.`#H*"#)8(<#<.H*<.*M!-V0!@-1*6*<.*
@-1*<.8."8#<#H*.)*;-"(<*&<,%"6*.)*;-"G)&G$5&<%")&*XD.<.)*H.$*8&9("&'KC("#7.)8.*$.'.T#)8.H*6;*<.*
8&<&H*7&<&H;*.H8&H*"&7XD.H8&H*)&*H&)*#"8(T&H*&$#'7.)8.I**]()*.7%#$C&*H.*?#*#(H'#<&*D)*<.$(T#<&*****
"#$%&'()("&;*.'*=!"#$%&9(!8.8$#?(<$&?#$7#)*+N"(<&*'!7.8('!8.8$#?(<$&"#$%&'()!=!"#$%&9b'("&5*<.*'#*
;'%,<*%"'3.(%&<%"+-#8HD7&8&*+*"%/-":E/E5I**VH8.*"&7XD.H8&*X&<$b#*.H8#$*X$.H.)8.*.)*&8$#H*
.HX."(.H*<.*B7#)(8#;*#D)ZD.*.H8D<(&H*X&H8.$(&$.H*)&*?#6#)*X&<(<&*<.8."8#$'&*.)*'#*T#$(.<#<*
)&$8.#7.$("#)#*<.*;-"'3.(%&<%"+4?('8&)*6*088*:E_/5I**YD.H8&*ZD.*H.*?#*"&7X$&%#<&*ZD.*'&H*
"&7XD.H8&H* !"#$%&'b)("&H*H(7('#$.H*X$.H.)8.H*.)*'#*%5%$3%.(%!"W%,<.*+&<)G.<."(%%G<"+TJ#H.*
4#Xb8D'&*>5;*H&)*()?(%(<&$.H*<.*'#*7&)&#7()&&9(<#H#*+-B05*6*ZD.*"&)T(.$8.)*.)*#"8(T#H*X&$*T(#*
&$#'*#*'#*<(7.8('8$(X8#7()#*+@-Q5*6*#*&8$&H*"&7XD.H8&H*$.'#"(&)#<&H*X$.H.)8.H*.)*'#H*X'#)8#H*ZD.*
H.*#`#<.)*#*'#*%5%$3%."#*+-"j.))#*+*"%/-":EF>#A*088*:EE=#5;*.9(H8.*#'*7.)&H*'#*X&H(%('(<#<*<.*
ZD.;*.)*.'*"#H&*<.*'#H*.HX."(.H*<.*;'%,<*%"ZD.*"&)8(.).)*8$(X8#7()#H;*&X.$.*D)*7."#)(H7&*
H(7('#$I**].*).".H(8#)*()T.H8(C#"(&).H*#<("(&)#'.H*X#$#*<.8.$7()#$*'#*<(H8$(%D"(K)*<.*8$(X8#7()#H*6*
"#$%&'()#H*.)*'#H*.HX."(.H*<.*;'%,<*%-""R."(.)8.7.)8.*H.*#(H'K*D)*)D.T&*C$DX&*<.* "#$%&'()#H*
<.'*?&)C&*B)&*<,%&<3."<,0&%(*3."=E*+?/<($"+*"%/-":EF>5*HDC($(J)<&H.*.)8&)".H*ZD.*XD<(.$#*H.$*
.)8.KC.)&;*'&*"D#'*.H*X&"&*X$&%#%'.*+]#7&$()(*:EE=#5I*
*
M!*G#*H.$&8&)()#;*&*M!?(<$&9(!8$(X8#7()#;*.H*D)*(7X&$8#)8.*).D$&8$#)H7(H&$*<.'*".$.%$&*<.*'&H*
T.$8.%$#<&HI**VH8&*.H;*HD*LD)"(K)*.H*8$#)H7(8($*'&H*(7XD'H&H*).$T(&H&H*<.*D)#*).D$&)#*&*"J'D'#*
).$T(&H#*#*&8$#;*.HX#$"(J)<&H.*X&$*'#*H()#XH(H;*D)#*<(7()D8#*<(H"&)8()D(<#<*<&)<.*D)#*).D$&)#*H.*
D).*#*&8$#I**].*X(.)H#*ZD.*'#*H(7('(8D<*.H8$D"8D$#'*"&)*'#*H.$&8&)()#*6*HDH*.L."8&H*<.7&H8$#<&H*
H&%$.*'#*).D$&8$#)H7(H(K)*H.$&8&)()J$C("#*
:FE*
*
.)*.'*".$.%$&*l.9X'("#)m*.'*.L."8&*7&<(L("#<&$*<.*'#*"&)"(.)"(#*<.*'&H*.)8.KC.)&H*()<K'("&H*8#'.H*
"&7&*'#*@-1;*'#*XH('&"()#*6*'#*G]@*+P#%()C*:EM/A*P#%()C*:EM_A*[.HH).$*+*"%/-":E/\A*088*:E_E%5I**G#*
7(H7#*H.$&8&)()#*.H8N*X$.H.)8.*.)*'#H*X'#)8#H*ZD.*H()8.8(W#)*%DL&8.)()#*&*XH('&"(%()#*+B)<#$6*+*"
%/-":E_F#A*B)<#$6*+*"%/-":EFMA*16'.$*:EMF%A*16'.$*6*[$eC.$*:E/>#A*16'.$*6*[$eC.$*:E/>%5*6*XD.<.*
H.$*ZD.*X#$8("(X.*.)*'#*%(&Hb)8.H(H*<.*.H8&H*"&7XD.H8&H*+4?('8&)*+*"%/-":E_E5I**1#7%(J)*H.*?#*
.)"&)8$#<&*H.$&8&)()#*.)*:,*.HX."(.H*<.*?&)C&H*<.*'&H*CJ).$&H*#%,%+)/3.!"#%,%+)/<,%"5"
#%,%+)/)G.<.!*<.*'&H*"D#'.H*HK'&*D)&*"&)8.)b#*#<.7NH*XH('&"(%()#*6*%#.&"(H8()#*+]8(gT.*:EF_A*]8(gT.*
+**#'I*:EF>5*6*$."(.)8.7.)8.*H.*?#*<.8.$7()#<&*HD*X$.H.)"(#*.)*'#*.HX."(.*XH('&"b%("#*#%,%+)/3."
kB)G+/%,1<%/"(5%,+.(+,."+]8(gT.*:EE,5I**G#*H.$&8&)()#;*#'*(CD#'*ZD.*&8$&H*.)8.KC.)&H*()<K'("&H;*H.*
XD.<.*H()8.8(W#$*<,"7<7)"#*X#$8($*<.'*"&7S)*#7()&N"(<&*8$(X8&L#)&*+#"(<&*,!#7()&!=!()<&'('!
X$&X#)K("&5;*ZD.*8(.).*.'*#)(''&*()<K'("&*ZD.*.H*"&7S)*#*8&<&H*.H8&H*"&7XD.H8&H*+3$#"d*+*"%/-"
:E/:5I**4&7&*ZD.*.'*8$(X8&L#)&*.H*D)*#7()&N"(<&*&7)(X$.H.)8.*.)*'#*<(.8#H;*XD.H*'&*"&)8(.).)*'#*
7#6&$b#*<.*'&H*#'(7.)8&H*?#%(8D#'.H;*"($"D'#*)&))#'7.)8.*.)*.'*8&$$.)8.*H#)CDb).&*<.*'&H*
#)(7#'.HI**V9(H8.*D)#*.H8$D"8D$#*''#7#<#*l%#$$.$#*?.7#8&.)".LN'("#m*ZD.*LD)"(&)#*"&)8$&'#)<&*'#*
.)8$#<#*<.*"&7XD.H8&H*"&7&*'#*8$(X8#7()#*.)*.'*".$.%$&;*#Hb*ZD.*T#$(#)<&*'&H*)(T.'.H*.)*H#)C$.*
<.*.H8#*HDH8#)"(#*)&*H.*XD.<.)*"#DH#$*C$#)<.H*"#7%(&H*.)*.'*7.8#%&'(H7&*".$.%$#'*<.*'#*
H.$&8&)()#I**V)*C.).$#';*&8$&H*"&7XD.H8&H*M!?(<$&9(!()<K'("&H*"&7&*'#*%DL&8.)()#*6*'#*M!-V0@-1;*
<.%(<&*#*ZD.*8(.).)*D)#*.H8$D"8D$#*<.7#H(#<&*X#$."(<#*#*'#*<.*'#*H.$&8&)()#;*8#7%(J)*H&)*
.9"'D(<&H*<.'*".$.%$&*X&$*'#*l%#$$.$#*?.7#8&.)".LN'("#m*6*X&$*8#)8&*#'*(CD#'*ZD.*.'*8$(X8KL#)&*
"#$.".)*<.*#"8(T(<#<*&$#'*+#D)ZD.*.'*XH(ZD(#8$#*]IQI*]8.()*()L&$7K*ZD.*lH.*XD.<.)*"&)H.CD($*
7D"?#H*$.CD'#"(&).H*<.'*LD)"(&)#7(.)8&*<.'*H(H8.7#*).$T(&H&*#*8$#TJH*<.III*'#*"&$$."8#*
7#)(XD'#"(K)*<.'*G!8$(X8KL#)&mA*]8.()*:E/\5I**]()*.7%#$C&;*#'CD)#H*>!?(<$&9(!8$(X8#7()#H*H&)*
#"8(T#H*X&$*T(#*&$#';*"&7&*X&$*.g.7X'&*'#*XH('&"()#*ZD.*.H*D)*(HK7.$&*<.*X&H("(K)*<.*'#*%DL&8.)()#*
+.'*?(<$&9(*&*C$DX&*l02m*X#H#*<.*'#*X&H("(K)*M!*#*'#*>!*.)*.'*#)(''&*()<K'("&A*TJ#H.*BXJ)<(".*45I**V'*
8$(X8KL#)&;*'#*8$(X8#7()#*6*HDH*?&7K'&C&H*7.8('#<&H*HDX.$(&$.H;*#Hb*"&7&*HDH*<.$(T#<&H*
?(<$&9('#<&H;*.)8$.*.''&H*'#*%DL&8.)()#;*X$&%#%'.7.)8.*H.$b#)*XH("&#"8(T&H*H(*H.*()6."8#$#)*
<($."8#7.)8.*.)*.'*".$.%$&I*
*
UP!VH8#*L#7&H#*&%$#;*%#H#<#*.)*?."?&H*?(H8K$("&H*<.'*H(C'&*&)".;*C($#*#'$.<.<&$*<.*'#H*"&)HD'8#H*
ZD.*?#".*-#"%.8?;*.'*DHD$X#<&$;*#*8$.H*%$Dg#HI**V)*'#*X$(7.$#*.H".)#*<.'*"D#$8&*#"8&*'#H*%$Dg#H*
.H8N)*.)*D)#*"#T.$)#*7.W"'#)<&*D)#*XK"(7#*.)*D)*"#'<.$&;*6*'#*3$Dg#*Y$(7.$#*$."(8#v*l[($.7&H*
#'$.<.<&$*<.'*"#'<.$&x*6*."?.7&H*.)8$#`#H*.)T.).)#<#HIx*]#X&;*ZD.*%#g&*'#*L$b#*X(.<$#x*<D$#)8.*
8$.()8#*6*D)*<b#H*6*)&"?.H*L&))#H8.Hx*<D$7(.)<&*.'*T.).)&*ZD.*.9D<#H;x*HJ*8S*ZD(.)*H.*"D.W#*
X$(7.$&x*#'*LD.C&*<.'*%&<$(&*ZD.*<&$#*.'*"#'<.$&Im*B*.H8&H*T.$H&H*8&<&*.'*8$(&*$.D)(<&*$.HX&)<.*
"&)*.'*L#7&H&H*"#)8&v*l}O&*".H.;*)&*".H.*.'*8$#%#g&;*#D)ZD.*X.H.~x*}sD.*?(.$T#*.'*"#'<.$&*6*'#*
7#H#*H.*.HX.H.~m*G&H*H(CD(.)8.H*()C$.<(.)8.H*H&)*lG&7&*<.*X#)8#)&H&*"D'.%$#;x*HD*D)(K)*"&)*.'*
"#'<&*.'*()L(.$)&*".'.%$#Ax*&g&H*<.*8$(8K);*6*<.<&*<.*$#)#;x*3#W&*<.*7D$"(J'#C&*6*'.)CD#*<.*X.$$&;x*
2&$ZD(''#*<.*Tb%&$#;*6*<#$<&*<.*'&7%$(W*"(.C#;x*Y#8#*<.*'#C#$8&;*6*#'#*<.*7&"?D.'&;x*Y#$#*?#".$*D)*
.)"#)8#7(.)8&*<.*8D$%#"(K)*X&8.)8.;x*4&".<*$.TD.'8&H*"&7&*D)*L('8$&*<.'*()L(.$)&Im*H.CD(<&*<.*
)D.T&*X&$*.'*.H8$(%(''&I**V'*$.H8&*<.*'#*$.".8#*'&*
:E\*
*
$."(8#*'#*3$Dg#*1.$".$#v*lVH"#7#H*<.*<$#CK);*"&'7(''&H*<.*'&%&;x*-&7(#*<.*%$Dg#;*C#$CD.$&*6*
.H8K7#C&x*@.*T&$#W*8(%D$K)*<.*7#$*H#'#<#;x*R#bW*<.*"("D8#*#$$#)"#<#*.)*'#H*8()(.%'#H;x*2bC#<&*<.*
gD<b&*%'#HL.7&;x*2(.'*<.*"#%$#;*6*$#7#H*<.*8.g&x*4&$8#<#H*.)*)&"?.*<.*."'(XH.*'D)#$;x*O#$(W*<.*
8D$"&;*6*'#%(&H*<.*8N$8#$&;x*G&H*<.<&H*<.*D)*)(`&*#?&C#<&*#'*)#".$x*6*."?#<&*.)*D)*X&W&*X&$*7#'#*
7Dg.$;x*4&)*8&<&*.H8&*.'*"#'<&*"&7(.)".*#*"&".$Ix*i*X#$#*XDg#)W#*<.'*L('8$&*?."?(".$&;x*#`N<#)H.*
.)8$#`#H*<.*8(C$.*#'*"#'<.$&I*l@.*)D.T&*.'*.H8$(%(''&*6*'#*3$Dg#*].CD)<#*"&)"'D6.v*l4&)*H#)C$.*<.*
%#%D()&*.)L$(#$N*.'*"#'<&*(7XD$&;x*'#)W#<'#*.)*.'*%&<$(&*6*#"#%K*.'*"&)gD$&Im**
*
V)*8&8#'*H.*7.)"(&)#)*,=*()C$.<(.)8.H;*<.*'&H*"D#'.H*)D.T.*H&)*.T(<.)8.7.)8.*L#)8NH8("&H*&*
X$&%#%'.7.)8.*()#"".H(%'.H*X#$#*D)*?.$%&$(H8#*<.'*H(C'&*&)".*.)*'#H*QH'#H*3$(8N)("#Hv*:5*.H"#7#*<.*
<$#CK)A*,5*7&7(#*<.*D)#*%$Dg#A*=5*C#$CD.$&*6*.H8K7#C&*<.*D)*8(%D$K)*<.*7#$*H#'#<#A*>5*?bC#<&*<.*
D)*gD<b&*%'#HL.7&A*M5*)#$(W*<.*D)*8D$"&A*/5*'#%(&H*<.*D)*8N$8#$&A*_5*<.<&*<.*D)*%.%J*7D.$8&*X&$*
#HL(9(#*#'*)#".$*+H.*X&<$b#*#$CD7.)8#$*ZD.*'#H*X#$8.$#H*X&<$b#)*8.).$*#"".H&*#*.H8&;*6*'&H*
?.$%&$(H8#H*.)*C.).$#'*X&<b#)*&%8.).$*X#$8.H*<.*"D.$X&H*7&7(L("#<&H;*6#*H.#*<.*D)#*%$Dg#;*D)*
gD<b&;*D)*8D$"&*&*D)*8N$8#$&v*.)*'#*V<#<*-.<(#*.$#*D)#*X$N"8("#*"&7S)*.'*"&)HD7&*7.<("()#'*<.*
"#$).*?D7#)#*7&7(L("#<#*6*#*7.)D<&*H.*7#)8.)b#)*'&H*"#<NT.$.H*#*7#)&*X#$#*.'#%&$#$*.H8#H*
X$.X#$#"(&).HA*'#*7D6*#X$."(#<#*%23%"1<7<,%"H.*&%8.)b#*7.<(#)8.*'#*<.H8('#"(K)*<.*"D.$X&H*
?D7#)&H*7#"?#"#<&HA*TJ#H.*3#$%.$*:EFFA*4#7X&$.H(*:EFE5A*F5*G#H*.)8$#`#H*<.*D)*8(C$.*+HD*"&'&$*
$&g(W&5A*6*E5*H#)C$.*<.*%#%D()&I**@.*'&H*$.H8#)8.H*:>*()C$.<(.)8.H*HK'&*"()"&*H&)*X'#)8#H*+6*8$.H*<.*
JH8#H*<(HL$#W#<#H*<.*#)(7#'.H5v*:5*'.)CD#*<.*X.$$&**B5,)?/)..3'")00<(<,%/+!"LD.)8.*<.*'#*
"()&C'&H()#A*,5*?&$ZD(''#*<.*D)#*Tb%&$#**?.'."?&*'.)CD#*<.*Tb%&$#;*IG$<)?/)..3'"73/?%*3'S"=5*
<(.)8.*<.*'&%&**#"K)(8&*+#)#X.'&5;*;(),<*3'",%G+//3.!"D)#*"&)&"(<#*?(.$%#*T.).)&H#A*>5*$#bW*<.*
"("D8#*q"B),<3'"'%(3/%*3'!"D)#*X'#)8#*<.'($#)8.*D8('(W#<#*.)*'&H*lD)Ce.)8&H*<.*%$Dg#HmA*6*M5*
.HZD.g.*<.*8.g&*C%Q3."8%((%*%!"ZD.*"&)8(.).*#'"#'&(<.H*"#$<(&8K9("&H*6*.H*Hb7%&'&*<.*'#*8$(H8.W#*
+2#)H.)*:E_FA*2#$8W.''*:EE:A*IQ0)&1"J,?/<.$"L<(*<),%&5!"V<("(K)*4&7X#"8#;*XNCI*=FME5I**VH*
H(C)(L("#8(T&*ZD.*<.*'&H*)D.T.*()C$.<(.)8.H*#)(7#'.H;*#*.9".X"(K)*<.'*7D$"(J'#C&;*.'*7&"?D.'&*
+#7%&H*#)(7#'.H*T&'#<&$.H*)&"8D$)&H5*6*'#*?(.'*<.*"#%$#*+Hb7%&'&*<.*]#8N)5;*"()"&*&*ZD(WN*H.(H*
()C$.<(.)8.H*<.*'#*X&"(K)*H.#)*$.X8('.H*&*#)L(%(&H;*6*.'*H#X&*.H*.'*X$(7.$*()C$.<(.)8.;*?&)$#<&*"&)*
HD*X$&X(&*X#$*<.*X#$.#<&H*.)*'&H*T.$H&H*<.*]?#d.HX.#$.I**B<.7NH;*.)*'#*.H".)#*ZD.*#%$.*'#*&%$#;*
'#H*%$Dg#H*H.*<(HX.$H#)*<.HXDJH*<.*?#%.$*#"&$<#<&*#X$.HD$#<#7.)8.*.'*'DC#$*6*'#*?&$#*<.*HD*
H(CD(.)8.*"(8#;*<("(.)<&*'#*3$Dg#*].CD)<#v*lY#<<&"d*7.*''#7#m;*$.L($(J)<&H.*#*D)*.HXb$(8D*ZD.*.H*D)*
H#X&*=IQ0)&1"J,?/<.$"L<(*<),%&5!"V<("(K)*4&7X#"8#;*XNCI*,\M,5*7(.)8$#H*ZD.*'#*3$Dg#*Y$(7.$#*<(".v*
l}f&6;*-#$*[$(H~m*.)*$.HXD.H8#*#'*.HXb$(8D*ZD.*.H*D)*C#8&*C$(HI**G#*l"D'.%$#*X#)8#)&H&m*X&<$b#*
H(C)(L("#$*8#)8&*'#*"D'.%$#*<.'*X#)8#)&*&*<.'*".).C#';*X.$&*8#7%(J)*X&<$b#*H.$*D)#*lH.$X(.)8.*
7&?&H#mI**V'*8$(8K)*.H*D)*#)L(%(&*X#$."(<&*#*'#*H#'#7#)<$#*<.*'#H*QH'#H*3$(8N)("#H*ZD.*)&*X#$.".*H.$*
T.).)&H&;*X.$&*ZD.*H.*?#*"'#H(L("#<&*7D"?#H*T.".H*gD)8&*"&)*$.X8('.H*6*#)L(%(&H*T.).)&H&H;*"&7&*
.H"$(%(K*]?.''6*lJ'*?#%b#*#7#)H#<&*8&<&H*'&H*8$(8&).H;*H.$X(.)8.H*6*H#X&Hm*+:F:F5*&*]8.7.;*.)*HD*
()"&7X#$#%'.*C&<.*&%'"E$%,15"lD)*8$(8K);*&*D)*BHd.$;*&*#'CD)&*<.*.H8&H*$.X8('.H*<.8.H8#<&Hm*
+:_/:5I**G#*l'&7%$(W*"(.C#m*X#$.".*$.L.$($H.*#*D)*$.X8('*T.).)&H&*&*#*'#*'#$T#*<.*D)*()H."8&*+P'.8"?.$*
:FE/5;*6*.)*"D#)8&*#'*l<.<&*<.*$#)#m*&*lX#8#*<.*'#C#$8&m;*#D)ZD.*
:E:*
*
)&*H&)*T.).)&H#H*H.*'.H*#8$(%D6.)*.H8#H*"#$#"8.$bH8("#H*X&$*#H&"(#"(K)I**U#HH&)*6*U#HH&)*?#)*
$.D)(<&*'#H*$.L.$.)"(#H*#*lV'*H#X&*T.).)&H&m*ZD.*#X#$".)*.)*'#*?(H8&$(#*6*'#*'(8.$#8D$#*.)*HD*&%$#*
X(&).$#*[3.$&))'."N3..<%"%,1"><.*)&5"+U#HH&)*6*U#HH&)*:EM_#5I**Y&$*HDXD.H8&*ZD.*'&H*
()C$.<(.)8.H*<.*]?#d.HX.#$.*$.L'.g#)*7NH*'#*T(H(K)*"&)8.7X&$N).#*ZD.*H.*8.)b#*<.*'#*%$Dg.$b#*.)*
.'*H(C'&*<(."(H(.8.;*ZD.*D)*"&)&"(7(.)8&*$.#'*<.*'#H*X$N"8("#H*<.*%$Dg.$b#*<.'*H(C'&*&)".I**G.g&H*<.*H.$*
D)*.Xb8&7.*<.*'#*7#'<#<;*"&7&*?D%(.$#*<("?&*'#*Q)ZD(H("(K);*'#H*%$Dg#H*<.*]?#d.HX.#$.*H&)*
X$.H.)8#<#H*"&7&*T(<.)8.H*#H8D8#HI**](CD(.)<&*'#*"&""(K)*<.*'#*X&"(K)*<.*H#X&;*'#*3$Dg#*].CD)<#*
8(.).*.'*X$.H.)8(7(.)8&*<.*ZD.*H.*'.*#".$"#*.'*7#'T#<&*-#"%.8?III*lY&$*.'*X("&$*<.*7(H*XD'C#$.H;x*
O&8&*ZD.*''.C#*.'*()L#7.Im*
*
_!* G#!7NH*"&)&"(<#*<.*'#H*<.7NH*8$(X8#7()#H*XH("&#"8(T#H*.H*'#* 7.8('8$(X8#7()#*+B-Q5*&*Q1!
,E\I**VH8.*"&7XD.H8&*H.*?(W&*L#7&H&*<.HXDJH*<.*'#H*<.H"$(X"(&).H*<.*HD*DH&*ZD.*?("(.$&)*'&H*
-.$$6*Y$#)dH8.$H*+TJ#H.*4#Xb8D'&*,5*.)*HD*&<(H.#*<.'*#D8&%SH*+Y.$$6*:EE\A*U&'L.*:E/E5I**B*<&H(H*
&$#'.H*<.*,\*7C;*X$&<D".*D)*.L."8&*.H8(7D'#)8.*ZD.*X$.H.)8#*#'CD)#*H(7('(8D<*#'*<.*'#*G]@*6*'#H*
#)L.8#7()#H*6*ZD.*XD.<.*<D$#$*?#H8#*,>*?&$#H*+2&''(H8.$*+*"%/-":E/\A*]?D'C()*:E_/#5I**G#*
.8$(X8#7()#;*&*+^!.8('8$(X8#7()#;*.H*7.)&H*X&8.)8.*6*HDH*.L."8&H*8(.).)*D)#*<D$#"(K)*7NH*"&$8#;*<.*
/!:,*?&$#H*8$#H*D)#*<&H(H*&$#'*<.*:M\*7CI**V'*?(<$&"'&$D$&*<.*8$(X8#7()#*#<7()(H8$#<&*7.<(#)8.*
()6.""(K)*()8$#T.)&H#*'.)8#*X$&<D".*D)&H*.L."8&H*H(7('#$.H*#*'&H*<.*'#*@-1;*6*'#*%#H.*'(%$.*X$&<D".*
D)*HD#T.*.L."8&*8$#)H(8&$(&*"D#)<&*H.*LD7#*.)*<&H(H*<.*=\*7C*+3(Cc&&<*:E__5I**G#*()8$&<D""(K)*<.*
HD%H8(8D6.)8.H*.)*'#*X&H("(K)*/*<.'*#)(''&*()<K'("&;*"&)<D".*.)*#'CD)&H*"#H&H*#*"&7XD.H8&H*7NH*
#"8(T&H*ZD.*'#*X$&X(#*@-1;*"&7&*&"D$$.*.)*.'*"#H&*<.*'#*/!?(<$&9(!@-1*+]WN$#*6*B9.'$&<*:EME5I**V'*
.L."8&*.)8.&CJ)("&*<.*:\*7C*<.*/!?(<$&9(@V1;*LD.*.ZD(T#'.)8.*#'*X$&<D"(<&*X&$*/\*7C*<.*@V1*
+]WN$#*6*2.#$H8*:E/,5I**].*?#*.HX."D'#<&*ZD.*'#*@-1*6*'#*@V1*H.*"&)T(.$8.)*<,*7<7)".)*HDH*#)N'&C&H*
/!?(<$&9('#<&H*+-.8W).$*:E/=5I**V)*L#T&$*<.*.H8#*8.&$b#*H.*?#*H.`#'#<&*ZD.*'#*/!L'D&$&!@V1;*.)*.'*
ZD.*'#*?(<$&9('#"(K)*<,"7<7)*<.*'#*X&H("(K)*/*.H8N*%'&ZD.#<#;*)&*X$&<D".*.L."8&H*.)8.KC.)&H;*
#D)ZD.*Hb*X$&<D".*'&H*.L."8&H*X.$(LJ$("&H*<.*'#*@V1*+P#(''#".*+*"%/-":E/_A*]WN$#*+*"%/-":E/_5I**]()*
.7%#$C&*.H8#*8.&$b#*LD.*$.LD8#<#*X&$*D)&H*.9X.$(7.)8&H*+<.*)D.T&*.)*'#*H.$(.*-jnG1RB*<.*QH%.''5*
$.#'(W#<&H*"&)*D)&H*<.HC$#"(#<&H*l.9!#<("8&H*#'*&X(&m*"&)<.)#<&H*X&$*T(&'#"(K)*<.*'#H*'.6.H*#)8(!
<$&C#I**V)*D)*.)H#6&*"&7X#$#8(T&*.)8$.*<&H(H*()8$#7DH"D'#$.H*<.*@-1;*/!?(<$&9(!@-1*6*X'#".%&;*
'#*@-1*X$&T&"K*l(7X&$8#)8.H*.L."8&H*7.)8#'.Hm;*7(.)8$#H*ZD.*'&H*.L."8&H*<.*'#*/!?(<$&9(!@-1*)&*
LD.$&)*lH(C)(L("#8(T#7.)8.*<(L.$.)8.H*<.*#ZD.''&H*ZD.*X$&<Dg&*.'*X'#".%&m*+R&H.)%.$C*+*"%/-*:E/=5I**
V)*X$D.%#H*X&H8.$(&$.H*$.#'(W#<#H*"&)*#)(7#'.H*H.*<.7&H8$K*ZD.*'#*/!?(<$&9(*M!-.0!@-1*.H*
7D"?&*7.)&H*X&8.)8.*ZD.*'#*M!-.0!@-1;*"&)8$#<("(.)<&*<.*)D.T&*'#*8.&$b#*<.*'#*?(<$&9('#"(K)*
.)*X&H("(K)*/*+1#%&$Hd6*+*"%/-":E//5I**V)*7&)&H*#$<(''#*6*$#8#H*H.*"&7X$&%K*ZD.*'#*/!?(<$&9(!@-1*
.H*7.)&H*X&8.)8.*ZD.*'#*@-1*+n6.)&*:E/EA*n6.)&*:E_:5I**4&7&*6#*H.*?#*7.)"(&)#<&;*'#*O-1*)&*
X#$.".*H.$*#"8(T#*6*.'*C$DX&*<.*-"j.))#*T(&*ZD.*'&H*X$.X#$#<&H*&$#'.H*<.*b<&)/%"ZD.*"&)8(.).)*
X$()"(X#'7.)8.*O-1*H&)*()#"8(T&H*+-"j.))#*+*"%/-":EF>%5I**1#)8&*'#*O!X$&X('!O-1*"&7&*'#*O!
?.9('!O-1*H.*"&)H(<.$#)*()#"8(T#H*+]?D'C()*:E_/#A*]X..8.$*6*B)8?&)6*:EM>5I**V)*.9X.$(7.)8&H*"&)*
$#8#H;*.'*"&7XD.H8&*M;/;_!8$(7.8&9(!@-1*H.*7&H8$K*.98$#&$<()#$(#7.)8.*
:E,*
*
#"8(T&;*X&$*'&*ZD.*.H*X&H(%'.*ZD.*X&H.#*X$&X(.<#<.H*XH("K8$&X#H*=O($"+*"%/-":E_>5I**fJ#H.*8#7%(J)*
4#Xb8D'&*M;*O&8#*EI*
*
`P!B*O("d*]#)<;*D)&*<.*'&H*7NH*X&XD'#$.H*ZDb7("&H*D)<.$C$&D)<*<.*'#*G]@*6*7(.7%$&*<.*'#*
"&7D)#*-(''%$&&d*<($(C(<#*X&$*G.#$6*6*B'X.$8;*"&$$.HX&)<.*.'*?&)&$*<.*H.$*.'*X$(7.$*ZDb7("&*
"'#)<.H8()&*ZD.*X$.X#$K*@-1I**].CS)*G..*6*]?'#();*]#)<;*.7X.WK*HD*"#$$.$#*('.C#'*L#%$("#)<&*
@-1;*D)*HDX.$!XH("&<J'("&*<.*#""(K)*"&$8#;*.)*HD*l%#`.$#*.)*3$&&d'6)m*+G..*6*]?'#()*:EFM5*
}R.7()(H".)"(#H*<.*'#*lC().%$#*<.*%#`.$#m*.)*'&H*<b#H*<.*'#*Y$&?(%("(K)*<.'*#'"&?&'*.)*VVnn~**O&*
?#6*<D<#*<.*ZD.*.'*7(H8.$(&H&*RIUI*3$&c)*<.*BDH8();*1.9#H*LD.*8#7%(J)*D)*X(&).$&*.)*'#*Hb)8.H(H*
"'#)<.H8()#*<.*@-1*6*@V1*+3$&c)*:E/F5I**1#7X&"&*)&*<.%.7&H*&'T(<#$*'#*"&)8$(%D"(K)*<.*r&?)*
-#));*#'(#H*l-#$6*r#).*]DX.$c..<m;*#D8&$*<.*'#*X34%"1+/"L[C")"L&3?"[%,30%(*3&<,?*0)&"f3,"%,1"
 #&)0<*"+]DX.$c..<*:E_\5I**O&*"#%.*<D<#*<.*ZD.*.9(H8.)*())D7.$#%'.H*X(&).$&H*#)K)(7&H*.)*.H8#*
$#7#*<.*'#*ZDb7("#*.)8.&CJ)("#I*
:E=*
*
*
*
&8("5C=;!&C895;!
O'58P&89O;=%#80!G!(;&%;#'0!$'!8G8#C80&8!
*
li&;*X&$*7b;*HJ*<."($*ZD.*"D#)<&*?.*8&7#<&*.'*B6#?D#H"#*?.*H.)8(<&*$&<.&H*<.*"#%.W#;*'D.C&*D)*
T(#g.*#J$.&*.)*.'*ZD.*$."D.$<&*X.$"(%b#*'#H*X.$HX."8(T#H*7NH*<.'("(&H#H;*C$#)<.H*"(D<#<.H;*
.'.T#<#H*8&$$.H;*?.$7&H&H*X#$ZD.H*6*&8$&H*&%g.8&H*%.''bH(7&Hv*'D.C&*7.*L(CD$#%#*#%#)<&)#<&*.)*
D)*%&HZD.*6*#"&7.8(<&*<.*#'CD)#H*L(.$#H*<.*'#H*ZD.*7.*<.L.)<b#A*.)H.CD(<#*8.)b#*H.)H#"(K)*
LD.$8.*<.*HD.`&*<.'*ZD.*$."&$<#%#*"&)*<&'&$*6*X.H#<.W*<.*'#*"#%.W#*6*#'CD)#H*T.".H*7#'.H8#$*
C.).$#';m*
*
-#)D.'*f(''#T(".)"(&*
X+)?&%0)"1+"/%"N+GU8/<(%"1+"J(3%1)&"=rvwv:*
*
V)*:FMF;*.'*LD)"(&)#$(&*<.'*C&%(.$)&*."D#8&$(#)&*-#)D.'*f(''#T(".)"(&*<.H"$(%(K*'&H*()HK'(8&H*
.L."8&H*<.*'#*%5%$3%.(%"+.)*ZD."?D#*l.)$.<#<.$#*<.*'#H*#'7#Hm5;*D)#*Y&"(K)*.'#%&$#<#*#*X#$8($*
<.*D)#*'(#)#*X&$*'&H*()<(&H*B)C#8.$&;*-#WN)*6*qNX#$&*<.*'#*"D.)"#*<.'*$b&*O#X&;*D)*X&<.$&H&*
#L'D.)8.*."D#8&$(#)&*<.'*$b&*B7#W&)#H*+f(''#T(".)"(&*:FMF5I**BX.)#H*H.(H*#`&H*#)8.H;*.'*('DH8$.*
%&8N)("&*%$(8N)("&*R("?#$<*]I*Y$D".*+]'.<C.*6*]"?D'8.H*:EFF5*?#%b#*<.H"D%(.$8&*ZD.*'#H*8$(%DH*<.*
()<(&H*1Dd#)&#*<.'*$b&*f#DXJH;*#L'D.)8.*<.'*B7#W&)#H*ZD.*<(H"D$$.*X&$*3$#H('*6*4&'&7%(#;*
D8('(W#%#)*D)#*X&"(K)*.)8.&CJ)("#*"&)&"(<#*"&7&*(%%G<"6*ZD.*X$.X#$#%#)*"&)*D)#*'(#)#*ZD.*J'*
<.H"$(%(K*6*#*'#*ZD.*#H(C)K*.'*)&7%$.*<.*W%,<.*+&<%"(%%G<"+]"?D'8.H*:E/F5I**G&H*#7(C&H*()<(&H*<.*
]X$D".*'.*&L$."(.$&)*'#*%.%(<#;*H&%$.*'#*ZD.*?#%b#*&(<&*?#%'#$*%#g&*.'*)&7%$.*<.*
]D.$8.*<.*.)"&)8$#$*#$(&H*.g.7X'#$.H*<.*'#*X'#)8#*"&)*'#*ZD.**?#%b#)*.'#%&$#<&*'#*X&"(K)*.)*
X'.)#*L'&$#"(K)*".$"#*<.*'#H*"#H#H*<.*HDH*#)L(8$(&).H;*6*XD<&*$."&'."8#$*7#8.$(#'*X#$#*HD*X&H8.$(&$*
#)N'(H(H*ZDb7("&*+]"?D'8.H*6*2&L7#))*:EF\A*]"?D'8.H*+*"%/-":E/E5I**@&H*#`&H*7NH*8#$<.;*.)*:FM>;*
.)*.'*8$#)H"D$H&*<.*D)*T(#g.*X&$*'#*"D.)"#*<.'*0$()&"&*
:EM*
*
.)*f.).WD.'#;*]X$D".*.)"&)8$K*".$"#*<.*'#H*"#8#$#8#H*<.*-#(XD$.H*#*D)*C$DX&*(8().$#)8.*<.*()<(&H*
[D#?(%&*#*'&H*ZD.*&%H.$TK*l7#H"#$*.'*8#''&*H."&m*<.'*(%%G<"l8#'*"&7&*?#".)*#'CD)&H*"&)*.'*
8#%#"&mI**P()#'7.)8.;*.)*V"D#<&$*.)*:FME;*#*'&H*X(.H*<.*'#*"&$<(''.$#*#)<()#;*]X$D".*XD<&*&%H.$T#$*
.'*DH&*<.*'#*%5%$3%.(%"<.H"$(8#*X&$*f(''#T(".)"(&*.)8$.*'&H*()<(&H*qNX#$&;*6*#D)ZD.*)&*XD<&*T.$*'#*
X'#)8#*"&)*'#*ZD.*'#*.'#%&$#%#);*''.CK*#*'#*"&)"'DH(K);*.)*%#H.*#'*$.'#8&*<.*f(''#T(".)"(&;*<.*ZD.*'#*
%5%$3%.(%"H.*X$.X#$#%#*"&)*'#*7(H7#*X'#)8#*ZD.*.'*(%%G<!"W%,<.*+&<%"(%%G<!""&)&"(<#*?&6*.)*<b#*
"&7&*W%,<.*+&<)G.<."(%%G<-""B*X.H#$*<.*ZD.*'#H*<.8#''#<#*)&8#H*<.*]X$D".*)&*T(.$&)*'#*'DW*?#H8#*
X#H#<&*7.<(&*H(C'&*+]X$D".*:E\F5;*Hb*ZD.*XD%'("K*#)8.H*D)*(7X&$8#)8.*8$#%#g&*H&%$.*'&H*
l)#$"K8("&Hm+Q5*#7#WK)("&H*+]X$D".*:F_=5I**G#*)&8("(#*<.'*<.H"D%$(7(.)8&*<.'*(%%G<"#X#$."(K*X&$*
X$(7.$#*T.W*.)*[$#)*3$.8#`#;*X&"&*<.HXDJH*<.*ZD.*HDH*X$(7.$#H*7D.H8$#H*''.C#$#)*#*j.c*[#$<.)H*
+B)&)I*:FMM5I*
VH8D<(&H*X&H8.$(&$.H*"&)L($7#$&)*'#*(<.)8(L("#"(K)*<.*]X$D".*<.*W%,<.*+&<)G.<.*(%%G<""&7&*
X'#)8#*.)8.&CJ)("#*X#)!B7#WK)("#*+]"?D'8.H*6*2&L7#))*:EF\5*6*'&H*#)N'(H(H*ZDb7("&H*$.#'(W#<&H*6#*
.)*.'*H(C'&*^^;*"&)<Dg.$&)*#'*#(H'#7(.)8&*<.*'#*8.'.X#8()#*+P(H"?.$*4N$<.)#H*:E,=A*Y.$$&8*6*
R#67&)<!2#7.8*:E,_#A*Y.$$&8*6*R#67&)<!2#7.8*:E,_%5;*'#*6#gJ()#*+3#$$(C#*f(''#'%#*:E,M#A*
3#$$(C#*f(''#'%#*:E,M%5*6*'#*%#)(H8.$()#*+G.c()*:E,FA*G.c()*:E,E5;*#*X#$8($*<.*<(T.$H&H*.g.7X'#$.H*
<.*W%,<.*+&<)G.<.-""-NH*8#$<.*H.*<.H"D%$($b#*ZD.*8&<&H*.H8&H*#'"#'&(<.H*.$#)*.)*$.#'(<#<*'#*%(.)*
"&)&"(<#*?#$7()#*+4?.)*6*4?.)*:E=EA*V'C.$*:E,FA*U&'L.H*6*RD7XL*:E,F5I**G#*?#$7()#*?#%b#*H(<&*
&%8.)(<#*X&$*X$(7.$#*T.W*<.*'#H*H.7(''#H*<.*'#*$%,,+/"&*RD<#*]($(#;*#+?%,3'"$%&'%/%!"+,*:F>_*
+P$(8WH"?.*:F>_5I**G.c()*<.8.$7()K*'&H*.L."8&H*.DL&$(W#)8.H*<.*'#*()6.""(K)*<.*?#$7()#*+G.c()*
:E,F5*6*.)*'&H*#`&H*:E/\*H.*<.H"D%$(.$&)*'#H*X$&X(.<#<.H*XH("K8$&X#H*+O#$#)g&;*:E/_5*<.*<&H*
"&7XD.H8&H*$.'#"(&)#<&H;*'#*'.X8#L'&$()#*&*8.8$#?(<$&?#$7()#*+1225;*6*<.*'#*?#$7#'()#;*.'*H.CD)<&*
#(H'#<&*X&$*X$(7.$#*T.W*<.*#+?%,3'"$%&'%/%".)*:F>:*+[e%.'*:F>:5;*#7%#H*?#''#<#H*8#7%(.)*.)*
W%,<.*+&<)G.<."7NH*<.*D)*H(C'&*<.HXDJH*+2&"?H8.()*6*Y#$#<(.H*:EM_5I**V)*'&H*S'8(7&H*#`&H*'#*
%5%$3%.(%"?#*.7.$C(<&*"&7&*D)&*<.*'&H*.)8.KC.)&H*7NH*%DH"#<&H*.)8$.*'&H*#L("(&)#<&H*.)*'&H*
VVnn;*<.*7&<&*ZD.*.H*#*'#*?(H8&$(#*<.*'#H*<$&C#H*.)8.KC.)#H*ZD.*"&)8(.).)*?#$7()#*6*?#$7#'()#*#*
'#*ZD.*)&H*$.L.$($.7&H*.)*.H8.*"#Xb8D'&I*
*
*
=8!9C$8!0%9%8!d!('>8#C:!789:8=8!/!I789:'=AAA!78;:8N!
*
J/";7+.*%!"D)*#)8(CD&*8.98&*$.'(C(&H&*($#)b*#8$(%D(<&*.)*X#$8.*#*q&$&#H8$&*+&*q#$#8DH8$#5*LD.*
.H"$(8&*<D$#)8.*.'*X$(7.$*7('.)(&*#)8.H*<.*4$(H8&I**@.*#"D.$<&*"&)*'#*8$#<("(K);*q&$&#H8$&*T(T(K*
<D$#)8.H*'&H*H(C'&H*fQ*6*f*#)8.H*<.*'#*.$#*"$(H8(#)#;*X.$&*'#*7#6&$*X#$8.*<.'*;7+.*%".H*
"&)H(<.$#%'.7.)8.*7NH*$."(.)8.;*#D)ZD.*H.*%#H.*.)*8$#<("(&).H*#)8.$(&$.H*#*'#*JX&"#*.)*ZD.*T(T(K*
.'*X$&L.8#*q&$&#H8$&I**V)*8$.H*"#Xb8D'&H*<.'*;7+.*%!"/)."c%.,D"g!":\*6*::;*"&)&"(<&H*<.*L&$7#*
"&'."8(T#*"&7&*>)'"c%.$*!"H.*?#".*$.L.$.)"(#*$.X.8(<#H*T.".H*#*D)#*X'#)8#*.7%$(#C#)8.*H#C$#<#*
"&)&"(<#*"&7&*>%)'%!*'#*"D#'*.H*.8(7&'KC("#7.)8.*+6*ZD(WNH*%&8N)("#7.)8.;*#'*7.)&H*.)*HDH*
()("(&H5*(<.)8("#*#'*E)'%"+TJ#H.*4#Xb8D'&*/;*.HX."(#'7.)8.*'#*O&8#*::5*<.*'&H*B$(&H*<.*'#*Q)<(#*+'&H*
($#)b.H*8#7%(J)*<.H"(.)<.)*<.*'&H*B$(&H5I*
:E/*
*
rI* @#$$).H8.8.$;*.H8D<(&H&*<.'*;7+.*%!""&)H(<.$#%#*ZD.*.'*>)'"c%.$*"?#%b#*H(<&*#`#<(<&*#'*
8.98&*<.'*;7+.*%".)8$.*'&H*#`&H*:>\*#I4I*6*M\*<I4*+U#HH&)*:E/F5I**B'CD)&H*.9X.$8&H*#"8D#'.H*"$..)*
ZD.*.'*>)'"c%.$*"H.*.H"$(%(K*<D$#)8.*.'*X.$(&<&*?.'J)("&*.)8$.*'&H*H(C'&H*H.98&*6*"D#$8&*#)8.H*<.*
4$(H8&*+P'#88.$6*6*]"?c#$8W*:EFE5I*
G#*"D.H8(K)*<.'*.)'%x$%)'%"?#*H(<&;*<D$#)8.*'#$C&*8(.7X&;*&%g.8&*<.*C$#)<.H*<(T.$C.)"(#H*.)8$.*
'&H*.)8.)<(<&H;*8#'*"&7&*'&*.9X$.H#*UI*@&)(C.$*D)&*<.*'&H*X$()"(X#'.H*.H8D<(&H&H*<.*'&H*b+1%.M"l'#*
?(H8&$(#*<.*'#*%SHZD.<#*<.'*]&7#*.H;*.)*C$#)*7.<(<#;*'#*?(H8&$(#*<.*'&H*.H8D<(&H*TJ<("&H*.)*
C.).$#';*6#*ZD.*.'*H#"$(L("(&*<.'*]&7#*"&)H8(8Db#*.'*XD)8&*".)8$#'*<.*'#*$.'(C(K)*fJ<("#m*+@&)(C.$*
0€P#?.$86*:E/F5I**V'*DH&*<.*'#*X'#)8#*<.'*.)'%"&$(C()#'*)&*?#*H&%$.T(T(<&*.)*'#*Q)<(#*+)&*#Hb*.'*<.*
X'#)8#H*HD%H8(8D8&$(#H;*$."&)&"(<#H*"&7&*8#'.H*X&$*'&H*3$#?#7#).H;*DH#<#H*.)*'&H*H#"$(L("(&H*<.'*
.)'%""&)8.7X&$N).&H5;*X&$*'&*ZD.*HD*(<.)8(<#<*l.H*8#)*&H"D$#*?&6*"&7&*?#".*<&H*H(C'&Hm*"D#)<&*
&""(<.)8.*<.H"D%$(K*.'*b+1%"<.*'&H*B$(&H;*)D.H8$#*X$()"(X#'*LD.)8.*<.*()L&$7#"(K)*H&%$.*.'*.)'%!"
X&$*'&*7.)&H*7('*#`&H*#)8.$(&$*#'*>)'%"c%.$*"+U#HH&)*:E/F5I**G&*7(H7&*&"D$$.*"&)*.'*$%)'%"
($#)b;*"D6&*DH&*l<.)8$&*<.*D)*7#$"&*$.'(C(&H&!"D'8D$#'III*X#$.".*?#%.$*<.H#X#$."(<&*8&8#'7.)8.*
"&)*'#*"&)ZD(H8#*<.*Q$N)*X&$*.'*QH'N7*.)*.'*H(C'&*HJX8(7&*<.*)D.H8$#*.$#m*+P'#88.$6*6*]"?c#$8W*:EFE5I**
V'*'(%$&*XD%'("#<&*X&$*RI[IU#HH&)*6*UI*@&)(C.$*+0€P'#?.$865*.)*:E/F*E)'%M"L<7<,+"[3.$&))'")0"
R,')T&*%/<*5"+]&7#;*.'*?&)C&*<(T()&*<.*'#*()7&$8#'(<#<5*$.HD7b#*'#*?(H8&$(#*<.*8&<&H*'&H*()8.)8&H*
$.#'(W#<&H*X#$#*<.H"D%$($*'#*(<.)8(<#<*<.'*.)'%!"X$&X&)(.)<&*"&7&*.)'%"&$(C()#'*#'*?&)C&*
.)8.KC.)&*;'%,<*%"'3.(%<<%"+U#HH&)*:E/F5I**B<.7NH*<.*#8$#.$*'#*#8.)"(K)*<.'*XS%'("&*#"8D#'*
?#"(#*.'*7(H8.$(&*<.'*.)'%!".'*'(%$&*<.*U#HH&)*.H8#%'."(K*LD.$#*<.*8&<#*<D<#*HD*)#8D$#'.W#*
.)8.&CJ)("#;*<.H"#$8#)<&*ZD.*LD.$#*D)#*%.%(<#*#'"&?K'("#*&*D)#*X'#)8#*H()*X$&X(.<#<.H*
XH("&#"8(T#H;*8#'*"&7&*7D"?&H*?#%b#)*HDXD.H8&*+3$&DC?*:E_:A*@&)(C.$*0€P'#?.$86*:E/F5I**U#HH&);*
ZD.*?#%b#*"&)&"(<&*<.*X.ZD.`&*.'*7(H8.$(&*<.'*.)'%"#*8$#TJH*<.*HD*X#<$.;*H.*<(&*"D.)8#*<.*.H8.*
?."?&*#*7.<(#<&H*<.*'&H*#`&H*:EM\;*X&"&*<.HXDJH*<.*HD*.9X.$(.)"(#*X(&).$#*"&)*'&H*?&)C&H*
.)8.KC.)&H*.)*-J9("&*.)*:EMM*+TJ#H.*4#Xb8D'&*/5I**1#'*"&7&*"&7.)8K*UI*@&)(C.$*7NH*8#$<.v*l'#*
?(XK8.H(H*7NH*#7X'(#*<.*ZD.*+/".)'%"LD.$#*D)*.)8.KC.)&*.H*7NH*(7X&$8#)8.*ZD.*'#*?(XK8.H(H*7NH*
'(7(8#<#*<.*ZD.*LD.$#*D)*?&)C&m;*#D)ZD.*.''#*X.$H&)#'7.)8.*H.*()"'()#%#*X&$*'#*?(XK8.H(H*<.*
U#HH&)*+@&)(C.$*0€P'#?.$86*:EF,5I**-D"?&H*"&)H(<.$#)*($$.H&'D%'.*6*<.*X&"#*(7X&$8#)"(#*.'*
X$&%'.7#*<.*'#*(<.)8(<#<*<.'*.)'%x$%)'%!"6*T#'&$#)*S)("#7.)8.*.'*?."?&*<.*ZD.*LD.$#*D)#*
X'#)8#*.)8.KC.)#;*8#'*"&7&*.H8#%'."(K*U#HH&)I**@.*.)8$.*'&H*"#)<(<#8&H*)&*LN)C("&H*#*
.)'%x$%)'%!".'*7NH*X'#DH(%'.*.H*#+?%,3'"$%&'%/%!"X$&XD.H8&*X&$*X$(7.$#*T.W*X&$*YIBI*<.*
G#C#$<.*+G#C#$<.*:F//5I*
B*<(L.$.)"(#*<.*'#*;'%,<*%"'3.(%&<%!"DH#<#*?#H8#*)D.H8$&H*<b#H*"&7&*.7%$(#C#)8.*8$#<("(&)#'*.)*
](%.$(#*+TJ#H.*4#Xb8D'&*/5;*)&*.9(H8.*$.L.$.)"(#*?(H8K$("#*#'CD)#*<.'*DH&*<.*#+?%,3'"$%&'%/%""&7&*
.7%$(#C#)8.*$(8D#'*+P'#88.$6*6*]"?c#$8W*:EFEA*]"?D'8.H*6*2&L7#))*:EF\5I**V)*D)*8$#%#g&*.H"$(8&*
$."(.)8.7.)8.;*H.*7.)"(&)#*<.*L&$7#*H&7.$#*.'*DH&*<.*'#H*H.7(''#H*<.*#+?%,3'"$%&'%/%""&7&*
l)#$"K8("&m*.)*G#<#d?;*Q)<(#*+O#T"?&&*6*3D8?*:EE\5I**@("?#H*H.7(''#H;*"&)&"(<#H*"&)*.'*)&7%$.*<.*
*+($+G%F!".+*8D.H8#)*6*XD'T.$(W#)*X#$#*'D.C&*l8&7#$'#H*8#'*"D#'*&*LD7#$'#H*"&)*8#%#"&mI**1#7%(J)*
H.*7.)"(&)#*.'*DH&*<.*C&<83/3."*+&&+.*&<.!"D)#*X'#)8#*$.'#"(&)#<#*ZD.*8#7%(J)*"&)8(.).*?#$7()#;*
ZD.*H.*8&7#*XD'T.$(W#<#*.)*'#*'."?.*6*ZD.*H.*<(".*lX$&<D".*.H8#<&H*<.'($#)8.Hm*+O#T"?&&*6*3D8?*
:EE\5I**V)*&8$&*8$#%#g&*(CD#'7.)8.*T#C&*H.*<.H"$(%.*'#*HDXD.H8#*
:E_*
*
()C.H8(K)*<.*'#H*H.7(''#H*<.*'#*$%&'+/".)*.'*0$(.)8.*7.<(&*X#$#*"&)H.CD($*l#'D"()#"(&).H*6*
.H8(7D'#"(K)*H.9D#'m*+B%D'#L#8(?*:EF_A*2&&X.$*6*P(.'<*:E=_5I**1#7%(J)*H.*?#*7.)"(&)#<&*
$."(.)8.7.)8.*.)*D)#*$.H.`#*.'*DH&*<.*.H8#H*H.7(''#H*"&7&*l)#$"K8("&m*.)*3#?$.()*+B%%#H*+*"%/-"
:EE,5I**V)*D)*()L&$7.*<.*H.CD)<#*7#)&*<.*rIBI*[D));*H.*#8$(%D6.);*H()*<#$*7D"?&H*<.8#''.H;*
X$&X(.<#<.H*lH&X&$bL.$#H*.*()8&9("#)8.Hm*#*'#H*H.7(''#H;*#L($7#)<&*#<.7NH*ZD.*.)*.'*)&$8.*<.*
BL$("#*l'#H*H.7(''#H*XD.<.)*X$&<D"($*()8&9("#"(&).H*"&7&*'#H*<.'*#'"&?&'m*+[D))*:E=_5I**V)*D)*
.H8D<(&*7NH*$."(.)8.;*H.*?#*.H"$(8&*ZD.*lV)*'#*Q)<(#*H!Y#d(H8N);*'#H*H.7(''#H*H.*DH#)*"&7&*
#)8(?.'7b)8("&*6*)#$"K8("&mA*#8$(%D6J)<&'.H*X$&X(.<#<.H*8#)8&*.H8(7D'#)8.H*"&7&*<.X$.H&$#H*<.'*
H(H8.7#*).$T(&H&*".)8$#'*+2#HH#)*:E/_5I**B)8(CD#7.)8.;*.'*T#'&$*."&)K7("&*X$()"(X#'*<.*'#*X'#)8#*
$.H(<b#*.)*HD*DH&*"&7&*LD.)8.*<.*8()8.H*T.C.8#'.H*ZD.*H.*.98$#b#)*<.*'#H*H.7(''#H;*#D)ZD.*8#7%(.)*
H.*?#*D8('(W#<&*.)*7.<("()#*8$#<("(&)#'I**V)*-#$$D."&H;*'#*$%&'+/"8(.).*#X'("#"(&).H*8#)*<(T.$H#H*
"&7&*'#*<.*#)8(?.'7b)8("&;*#)8($.D7N8("&*H!#)8(<(#$$.("&*+3.''#d?<#$*+*"%/-":EE:5A*6*.)*.'*)&$8.*<.*
'#*Q)<(#*H.*D8('(W#)*HDH*H.7(''#H*X#$#*"&7%#8($*.'*$.D7#8(H7&*H!'#H*#L.""(&).H*&"D'#$.H*+]?#?*:EF,5I**
R."(.)8.7.)8.*H.*?#*<.7&H8$#<&*'#*#""(K)*#)8(%#"8.$(#)#*<.*'#*?#$7()#;*#'"#'&(<.*<.*'#*$%&'+/!"
7(.)8$#H*ZD.*'#*?#$7#'()#*6*.'*?#$7&'*?#)*7&H8$#<&*D)#*7.)&$*#"8(T(<#<*+B?7#<*+*"%/-":EE,5I**@.*
L&$7#*#)N'&C#;*.)*.'*i.7.)*H.*DH#*'#*$%&'+/"7.<("()#'7.)8.*6*'#*X'#)8#*6#*H.*"(8#*.)*'#*
L#$7#"&X.#*<.*'%)*V'*3.(8?#$*ZD.*<#8#*<.'*H(C'&*^QQ;*#'*(CD#'*ZD.*.)*.'*"&7X.)<(&*<.'*H(C'&*^fQRQ*<.'*
#$C.'()&*B%<.$$.WW#Z*6*.)*&8$&*8.98&*<.*7.<("()#*#)K)(7&*<.'*H(C'&*^QQ*+P'.D$.)8()*+*"%/-":EF=5I**B*
X.H#$*<.*ZD.*H.*'#*?#*"#'(L("#<&*$."(.)8.7.)8.*<.*#L$&<(Hb#"&*+P'#88.$6*6*]"?c#$8W*:EFE5;*'#*$%&'+/"
H.*D8('(W#*8$#<("(&)#'7.)8.*.)8$.*'&H*%.<D()&H*"&7&*.7.)#C&C&*6*#%&$8(T&;*H!#*'#*T.W*X&$*HDH*
"D#'(<#<.H*"&7&*l)#$"K8("&m*+3#('.6*6*@#)()*:EF:5;*X$&X(.<#<.H*ZD.*H.*?#)*"&)L($7#<&*.)*
#)(7#'.H*<.*.9X.$(7.)8#"(K)*+]?#X($#*+*"%/-":EFE5I**V)*G#<#d?;*Q)<(#;*'&H*7DHD'7#).H*D8('(W#)*'#H*
?&g#H*<.*'#*$%&'+/*"&7&*()"(.)H&*#'*ZD.*''#7#)*<?DX*+3?#88#"?#$66#*:EE:5I*
R."(.)8.7.)8.;*@I*]I*P'#88.$6*6*-I*]"?c#$8W*?#)*XD%'("#<&*.'*'(%$&*>%)'%"%,1*>%&'%/<,+"+2#&7#*
H!2#$7#'()#5;*D)*'(%$&*()HX($#<&*X&$*.'*#)8.$(&$*<.*U#HH&)*E)'%M*L<7<,+"[3.$&))'")0"R'')&*%/<*5"
=E)'%M".'*?&)C&*<(T()&*<.*'#*()7&$8#'(<#<5;*H!.)*.'*ZD.*H.*#".X8#*HD*8.H(H*X$()"(X#'*<.*ZD.*.'*
.)'%/$%)'%".$#*D)#*X'#)8#*.)8.&CJ)("#I**V)*.H8.*'(%$&;*H()*.7%#$C&;*'&H*#D8&$.H*HDC(.$.)*ZD.*.'*
.)8.KC.)&*<.*'&H*B$(&H*.$#*#+?%,3'"$%&'%/%".)*"&)8$#*<.*'#*&X()(K)*<.*U#HH&)*ZD.*'&*#H&"(#%#*
#'*?&)C&*;'%,<*%"'3.(%&<%"+P'#88.$6*H!]"?c#$8W*:EFEA*TJ#H.*8#7%(J)*O#$#)g&*:EE\5I**#+?%,3'*
$%,,%/%""&)&"(<#*#"8D#'7.)8.*"&7&*>%,,+/".)*#'.7N);*$%&'%/".)*N$#%.;*.G%,1")*.G+,1".)*Y.$H#;*
$3&'3&".)*n$<D*6*"&7&*$%&'3/".)*?()<(;*H.*#H(7('#*#'*$%)'%"1+/*;7+.*%"6*#'*.)'%"1+/"N%?"b+1%".)*
%#H.*#*"D#8$&*#$CD7.)8&H*+D8('(W#$J*#ZDb*'#*7(H7#*"'#H(L("#"(K)*ZD.*P'#88.$6*DH#*.)*HD*$.HD7.)5v*:5*
4&()"(<.)"(#*C.&C$NL("#v*'#*$%,,+/*"$.".*#*'&*'#$C&*<.*8&<&*.'*N$.#*Q)<&!($#)b*.)*'#*ZD.*H.*D8('(WK*.'*
#)8(CD&*.)8.KC.)&I*,5*4&()"(<.)"(#*L#$7#"&'KC("#v*'#*'(8.$#8D$#*.8)&C$NL("#*H&%$.*W%,<.*+&<)G.<."
(%%G<")*%5%$3%.(%"+ZD.*P'#88.$6*D8('(W#*.)*'DC#$*<.*D)#*'(8.$#8D$#*.ZD(T#'.)8.*H&%$.*'#*$%&'+/!*ZD.*
)&*.9(H8.5*7D.H8$#*D)#*.ZD(T#'.)"(#*.)8$.*'#H*X$&X(.<#<.H*L#$7#"&'KC("#H*<.'*.)'%/$%)'%"6*'#*
%5%$3%.(%"+"D6#H*X$&X(.<#<.H*H.*HDX&).)*.ZD(T#'.)8.H*#*'#H*<.*'#*$%&'+/-"=5"Y$D.%#H*<.$(T#<#H*
<.*'#*$.'(C(K)*X&XD'#$*($#)bv*'&H*#)8(CD&H*#8$(%D8&H*<.'*$%)'%"$."&C(<&H*.)*.'*;7+.*%"H.*
"&$$.HX&)<.)*"&)*'#H*(<.#H*#"8D#'.H*ZD.*H.*8(.).)*<.*/%"$%&'+/".)*Q$N)I*>5*Y$D.%#H*<.$(T#<#H*<.*
'&H*$(8&H*q&$&NH8("&Hv*'#H*X'#)8#H*ZD.*H.*D8('(W#)*
:EF*
*
#"8D#'7.)8.*"&7&*HD%H8(8D8#H*<.'*$%)'%"X$.H.)8#)*#'CD)#*$.'#"(K)*<.*8(X&*L&'"'K$("&*&*8$#<("(&)#'*
"&)*'#*$%&'+/-*
0X()&*ZD.*'#*X$&XD.H8#*<.*P'#88.$6*6*]"?c#$8W*.H*L$NC('*6*X&"&*"&)T()".)8.I**Y&$*'&*ZD.*H.*$.L(.$.*#*
HDH*#$CD7.)8&H*C.&C$NL("&H;*7.*X#$.".)*<.'*8&<&*($$.'.T#)8.HI**V)*.'*N<?"b+1%"H.*7#)(L(.H8#*
$.X.8(<#H*T.".H*ZD.*.'*.)'%""$."b#*.)*'#H*7&)8#`#H;*6*)&*.)*.'*T#''.*<.'*Q)<&*<&)<.*H.*"&)HD7b#*
.)*'&H*8(.7X&H*TJ<("&H*+U#HH&)*:E/F5I**@.*L&$7#*H(7('#$;*.'*;7+.*%")&H*<(".*D)#*6*&8$#*T.W*ZD.*.'*
$%)'%""$."b#*.)*'#H*7&)8#`#H;*#L($7#"(K)*ZD.*P'#88.$6*"&)H(<.$#*D)#*7.8NL&$#*D8('(W#<#*lX#$#*
$."#'"#$*HD*&$(C.)*.'.T#<&m*+P'#88.$6*6*]"?c#$8W*:EFE5I**G#H*7(C$#"(&).H*<.*'&H*B$(&H*.)*<($.""(K)*#'*
HD$*6*#'*&.H8.*<.*'#H*7&)8#`#H*.)*'#H*ZD.*"$."b#*.'*.)'%/$%)'%"?#)*H(<&*"(8#<#H*"&7&*'#*"#DH#*<.*
'#*#<&X"(K)*<.*HD%H8(8D8&H*<.*'#*X'#)8#*&$(C()#'*6*ZD.*?#%$b#)*<.*"&)<D"($*#*HD*#%#)<&)&*<.L()(8(T&*
+U#HH&)*:E/F5I**lHDH*#$CD7.)8&H*<.*8(X&*C.&C$NL("&*.HC$(7(<&H*X&$*P'#88.$6*7&H8$#$b#)*7NH*%(J)*
'#*X&H(%('(<#<*<.*ZD.*#+?%,3'"$%&'%/%"H.*D8('(W#$#*.)*'#H*''#)D$#H*"&7&*HDH8(8D8&*<.'*.)'%/$%)'%"
&$(C()#';*&$(D)<&*<.*'#H*7&)8#`#H;*#D)ZD.*"&7&*.'*7(H7&*P'#88.$6*)&H*()<("#;*'#*$%&'+/"8#7%(J)*
"$.".*.)*'#H*7&)8#`#HI**]()*.7%#$C&;*P'#88.$6*#<7(8.*ZD.*#+?%,3'"$%&'%/%")&*.H*"&$$(.)8.*.)*'#*
Q)<(#*+P'#88.$6*6*]"?c#$8W*:EFE5I**G&H*"D#8$&*XD)8&H*<.*H(7('(8D<*L#$7#"&'KC("#*.)8$.*.'*
.)'%/$%)'%*5"W%,<.*+&<)G.<."7.)"(&)#<&H*X&$*P'#88.$6;*)&*CD#$<#)*$.'#"(K)*"&)*'#H*X&"&*
"&)&"(<#H*"#$#"8.$bH8("#H*L#$7#"&'KC("#H*<.*'#*$%&'+/""&7&*.7%$(#C#)8.;*8$#8N)<&H.*.)*"D#'ZD(.$*
"#H&*<.*X$()"(X(&H*C.).$#'.H*ZD.*X&<$b#)*#8$(%D($H.*T($8D#'7.)8.*#*"D#'ZD(.$*X'#)8#*.)8.KC.)#*<.*
DH&*8$#<("(&)#'*"&7&*'#*;'%,<*%"'3.(%&<%".)*](%.$(#;*&*.)*-J9("&*'&H*?&)C&H*.)8.KC.)&H;*'#H*
H.7(''#H*<.'*<&)<(.C&*<.*<b#*6*'#H*?&g#H*<.*E%/7<%*1<7<,)&3'"+TJ#H.*4#Xb8D'&H*,;*M*6*/A*BXJ)<(".*B5I**
1&<&H*.''&H;*#'*(CD#'*ZD.*W%,<.*+&<)G.<."6*<.7NH*.)8.KC.)&H*HD<#7.$("#)&H;*"D7X'.)*'&H*"D#8$&*
XD)8&H*<.*H(7('(8D<*L#$7#"&'KC("#*X$&XD.H8&H*X&$*P'#88.$6I**G#H*X$D.%#H*$.'#"(&)#<#H*"&)*'#*
$.'(C(K)*X&XD'#$*<.*Q$N)*#X&6#)*'#*8.H(H*<.*P'#88.$6*6*]"?c#$8W;*X.$&*8#7X&"&*H&)*()"&7X#8(%'.H*
"&)*'#*<.*U#HH&)*6*@&)(C.$*<.*ZD.*.'*.)'%"LD.$#*D)*?&)C&*.)8.KC.)&;*.'*7NH*$."(.)8.*$%)'%!"
D)&*<.*HDH*7D"?&H*HDH8(8D8&H*X&H8.$(&$.H*+D)#*"&)"'DH(K)*#*'#*ZD.*8#7%(J)*H.*''.C#*.)*D)*.H8D<(&*
(8#'(#)&*$."(.)8.A*P.H8(*6*B''(&8#*:EE\5I**P()#'7.)8.;*'#H*X$D.%#H*$.L.$.)8.H*#*'&H*HDH8(8D8&H*
D8('(W#<&H*.)*'&H*$(8D#'.H*q&$&NH8("&H*#X&6#)*<.*)D.T&*#ZD.''#*8.H(H;*#D)ZD.*<.*L&$7#*()<($."8#;*
X.$&*H&)*<.*)D.T&*"&)8$#$$.H8#<#H*X&$*X$D.%#H*H(7('#$.H*X$&T.)(.)8.H*<.*'#*Q)<(#*<&)<.*H.*
D8('(W#)*?&)C&H*"&7&*X$()"(X#'.H*HDH8(8D8&H*<.'*E)'%"+j$#7$(H"?*:E_MA*U#HH&)*+*"%/-":EF/5I**B'*
8.$7()#$*<.*'..$*.'*'(%$&*<.*P'#88.$6x]"?c#$8W*D)&*H.*ZD.<#*"&)*D)#*H.)H#"(K)*<.*T#"(&*III*z<K)<.*
.H8#)*'#H*"&)"'DH(&).H*<.$(T#<#H*<.*'#*X$&X(#*.9X.$(7.)8#"(K)*<.*'&H*#D8&$.H*+H(*.H*ZD.*JH8#*.H*
).".H#$(#5*X#$#*<.8.$7()#$*H(*#+?%,3'"$%&'%/%".H*H(ZD(.$#*D)#*X'#)8#*.)8.KC.)#{*zY&$*ZDJ*
%#H#)*'&H*#D8&$.H*HDH*#$CD7.)8&H*.)*HDXD.H8#H*#)#'&Cb#H*"&)*'#*%5%$3%.(%!*D)#*X&"(K)*X$.X#$#<#*
.)*&8$&*"&)8().)8.*"&)*'#*ZD.*)&*CD#$<#*$.'#"(K)*6*ZD.;*"&7&*T.$.7&H;*<.%.*X$()"(X#'7.)8.*HDH*
.L."8&H*.)8.&CJ)("&H*#*"(.$8&H*#<(8(T&H*ZD.*"&)8(.).)*<(7.8('8$(X8#7()#*6*&8$#H*HDH8#)"(#H*6*)&*#*
'&H*#'"#'&(<.H*?#$7#'b)("&H{*+,5*
*
JC":%&8!$'!('>8#C:!789:8=8!
*
G&H*.H8D<(&H*ZDb7("&H*<.*'&H*X(C7.)8&H*<.*#+?%,3'"$%&'%/%"&*RD<#*]($(#*H.*()("(#$&)*.)*'#*
<J"#<#*<.*:F=\I**V'*ZDb7("&*#'.7N)*2I*[e%.'*"&)H(CD(K*#(H'#$*<.*'#H*H.7(''#H*
:EE*
*
<.*'#*X'#)8#;*.)*:F>:;*D)*#'"#'&(<.*#'*ZD.*''#7K*?#$7#'()#*+[e%.'*:F>:5I**].(H*#`&H*7NH*8#$<.;*HD*
"&'.C#*.'*ZDb7("&*rI*P$(8WH"?.*#(H'K*<.*'#H*7(H7#H*H.7(''#H*&8$&*#'"#'&(<.*$.'#"(&)#<&;*'#*?#$7()#*
+P$(8WH"?.*:F>_5I**-NH*<.*"()"D.)8#*#`&H*<.HXDJH;*H.*&%8DT&*D)*8.$".$*#'"#'&(<.*#'*ZD.*H.*''#7K*
?#$7#'&'*+P(H"?.$*:E\:5;*.H8#%'."(J)<&H.*.)*.H8D<(&H*X&H8.$(&$.H*'#*X$.H.)"(#*<.*?#$7&';*$Db)#;*
<(?(<$&$Db)#*6*8.8$#?(<$&?#$7()#*+1225;*8#7%(J)*"&)&"(<#*"&7&*'.X8#L'&$()#*+B''.)*6*2&'7H8.<8*
:EF\5I**G#H*.H8$D"8D$#H*<.*'#*?#$7()#*6*'#*?#$7#'()#*LD.$&)*X$&XD.H8#H*X&$*Y.$d()*6*R&%()H&)*.)*
:E:E*+Y.$d()*6*R&%()H&)*:E:E#A*Y.$d()*6*R&%()H&)*:E:E%5;*H(.)<&*"&)L($7#<#H*7NH*8#$<.*"&)*'#*
"&'#%&$#"(K)*<.*RI2IPI*-#)Hd.*+.'*X$(7.$&*.)*H()8.8(W#$*'#*@-1*.)*.'*#`&*:E=:A*TJ#H.*4#Xb8D'&*=5*
"D#)<&*.)*:E,_*H()8.8(W#$&)*#7%&H*"&7XD.H8&H*+-#)Hd.*+*"%/-":E,_5I**]XN8?*+.'*X$(7.$*ZDb7("&*
ZD.*H()8.8(WK*'#*7.H"#'()#*.)*:E:EA*TJ#H.*4#Xb8D'&*:5*6*G.<.$.$*X$&XDH(.$&);*8$.H*#`&H*7NH*8#$<.;*
D)*7J8&<&*<.*Hb)8.H(H*7NH*X$N"8("&*+]XN8?*6*G.<.$.$*:E=\#A*]XN8?*6*G.<.$.$*:E=\%5I**].*&%H.$TK*
ZD.*8&<&H*'&H*#'"#'&(<.H*?#$7#'b)("&H*X&H.b#)*.)*"&7S)*D)*)S"'.&*()<K'("&*8$("b"'("&*+8$.H*#)(''&H*
D)(<&H*<.)&7()#<&H*8J")("#7.)8.*X($(<&=;>!%y()<&'5;*"&)&"(<&*C.).$#'7.)8.*"&7&** "#$%&'()#I**
G#*?#$7()#;*X&$*.g.7X'&;*.H*'#*_!7.8&9(!'!7.8('! "#$%&'()#A*'#*?#$7#'()#*.H*.'*<.$(T#<&*=;>!
<(?(<$&*<.*'#*?#$7()#*6*'#*<!'.X8#L'&$()#*.H*'#*+‚5!:;,;=!8.8$#?(<$&?#$7()#*&*122*+.'*$#"J7("&;*&*
7.W"'#*<.*'&H*(HK7.$&H*<*6*:*<.*'#*122*H.*#(H'K*X&$*X$(7.$#*T.W*<.*K+G*%(*<,<%"1+,.<0/)&%"6*X&$*.''&*
H.*'.*<.)&7()K*'.X8#L'&$()#A*7NH*8#$<.*H.*#(H'K*'#*<!'.X8#L'&$()#*<.*W%,<.*+&<)G.<."(%%G<S"TJ#H.*
2&"?H8.()*6*Y#$#<(.H*:EM_5I**G&H*H.)"(''&H*#'"#'&(<.H* "#$%&'b)("&H*H.*.)"D.)8$#)*#7X'(#7.)8.*
<(H8$(%D(<&H*.)*.'*$.()&*T.C.8#';*?#%(J)<&H.*<.8."8#<&*.)*7NH*<.*:\\*.HX."(.H*<.*,_*L#7('(#H*
<(L.$.)8.H*ZD.*#%#$"#)*7NH*<.*/\*CJ).$&H*+B''.)*6*2&'7H8.<8*:EF\5I**B<.7NH*<.*'&H*#'"#'&(<.H*
"#$%&'b)("&H;*'#H*X#$8.H*#J$.#H*<.*#+?%,3'"$%&'%/%""&)8(.).)*<(T.$H&H*#'"#'&(<.H*
ZD()#W&'b)("&H;*"&7&*X&$*.g.7X'&;*'#*T#H("()#*+X.C#)()#5*6*'#*T#H("()&)#;*ZD.*X&H..)*X$&X(.<#<.H*
D8.$&8K)("#H*+3.''#d?<#$*+*"%/-":EE:A*2IOIV?#H?(7&T*:E_:A*qD8H?(*+*"%/-":EF\5*6*X$&%#%'.7.)8.*.H*
HD*X$.H.)"(#*'&*ZD.*?#*7&8(T#<&*.'*DH&*<.*'#*X'#)8#*"&7&*#%&$8(T&I*C&<83/3."*+&&+.*5<.!"ZD.*
8#7%(J)*"&)8(.).*?#$7()#;*H.*D8('(W#*.)*.8)&7.<("()#*1#('#)<.H#*"&7&*.7.)#C&C&*+Y&)C'D9*+*"%/-"
:EF_5I**@&H*.HX."(.H*<.*gDH8("(#*D8('(W#<#H*.)*.8)&7.<("()#*.)*O.X#'*"&)8(.).)*#*HD*T.W*#'"#'&(<.H*
ZD()#W&'b)("&H*+4?&c<?D$6*6*3?#88#"?#$6#*:EFMA*-#)#)<?#$*:EE:5I**Y&$*&8$#*X#$8.;*'#*.HX."(.*
;1$%*)1%"7%.<(%"(),8(.).*T#H("()#*6*H.*D8('(W#*.)*.8)&7.<("()#*8#('#)<.H#*"&7&*#)8(#H7N8("&*
+Y&)C'D9*.8*#'I*:EF_5*6*.)*.8)&7.<("()#*()<(#*"&7&*#%&$8(T&*+O#8?*+*"%/-":EE,5I**G&H*L'#T&)&(<.H*
"&)*#"8(T(<#<*#)8(7("$&%(#)#*ZD.$".8()#*6*d#.7XL.$&'*H.*?#)*X&<(<&*<.8.$7()#$*.)*"D'8(T&H*
".'D'#$.H*<.*#-"$%&'%/%"+2#$H?*6*O#C*:EF>5;*6*$."(.)8.7.)8.*H.*?#*&%8.)(<&*D)*)D.T&*L'#T&)&(<.;*
'#*X.C#).8()#;*#*X#$8($*<.*'#*X'#)8#*.)8.$#*+B?7.<*6*]#'.?*:EF_5I**1#7%(J)*H.*?#)*#(H'#<&*
#)8$#ZD()&)#H*<.*X$&X(.<#<.H*L#$7#"&'KC("#H*<.H"&)&"(<#H*#*X#$8($*<.*'#H*H.7(''#H*<.*'#*$%&'+/"
+Y(8$.*6*]$(T#H8#T#*:EF_5I*
*
G#H*H.7(''#H*7#<D$#H*<.*#+?%,3'"$%&'%/%"H&)*'#*X#$8.*<.*'#*X'#)8#*ZD.*7D.H8$#*'#*
"&)".)8$#"(K)*7NH*.'.T#<#*<.* "#$%&'()#H;*#'$.<.<&$*<.*,!_a;*7(.)8$#H*ZD.*.)*'#H*$#b".H*HK'&*H.*
.)"D.)8$#)*.)*D)#*X$&X&$"(K)*<.'*:;>!=;,a*+jD8'D*6*B7#'*:E/_A*#']?#77#*6*B%<D'![?#)6*:E__5I**
G#*?#$7()#*.H*C.).$#'7.)8.*.'*#'"#'&(<.*7NH*#%D)<#)8.;*X.$&*.'*"&"(.)8.*?#$7()#x?#$7#'()#*
X$.H.)8#*T#$(#"(&).H*.H8#"(&)#'.HI**V)*<(T.$H&H*.H8D<(&H*<.*'#*RD<#*]($(#*H.*?#*&%H.$T#<&*ZD.*.)*
()T(.$)&*H.*<#*.'*7#6&$*"&)8.)(<&*<.*#'"#'&(<.H;*:;Fa*<.*?#$7()#*6*\;>a*<.*?#$7#'()#I**V)*T.$#)&;*
'#H*7(H7#H*
,\\*
*
T#$(.<#<.H*T.C.8#'.H*X$.H.)8#$&)*D)&H*)(T.'.H*8&8#'.H*<.*#'"#'&(<.H*H.)H(%'.7.)8.*()L.$(&$.H;*
gD)8&*"&)*D)*()"$.7.)8&*<.'*"&)8.)(<&*<.*?#$7#'()#;*\;Fa;*6*HK'&*D)*\;/a*<.*?#$7()#*+jI**
j#H?(7&T*+*"%/-":E_:A*]#L()#*+*"%/-":E_\5I**VH8#*T#$(#"(K)*.H8#"(&)#'*8#7%(J)*H.*?#*X&<(<&*&%H.$T#$*
.)*'#H*H.7(''#H;*"&)*D)#H*X$&X&$"(&).H*<.*'&H*<&H*#'"#'&(<.H*"'#$#7.)8.*()T.$H#H*H.CS)*'#*.H8#"(K)v*
.)*()T(.$)&*H.*&%H.$T#*D)#*"#)8(<#<*<&%'.*<.*?#$7#'()#*ZD.*<.*?#$7()#;*7(.)8$#H*ZD.*.)*T.$#)&*
H.*&%8(.).*'#*X$&X&$"(K)*()T.$H#*+j#7.'*+*"%/-":E_\5I**Y&$*$.C'#*C.).$#';*.'*"&)8.)(<&*#'"#'K(<("&*.H*
7N9(7&*.)*()T(.$)&;*"&)*D)*<.HX'#W#7(.)8&*<.*'#*?#$7#'()#*<.H<.*'#H*$#b".H*#*'&H*K$C#)&H*
$.X$&<D"8&$.HA*7(.)8$#H*ZD.*'#*?#$7()#*H.*<.HX'#W#*<.*'&H*K$C#)&H*$.X$&<D"8&$.H*#*'#H*$#b".HI**G#*
H(8D#"(K)*C.&C$NL("#*8#7%(J)*.H*D)*L#"8&$*<.8.$7()#)8.;*<.*7&<&*ZD.*'&H*.g.7X'#$.H*($#ZDb.H*
"&)8(.).)*"#H(*.'*<&%'.*<.*#'"#'&(<.H*ZD.*'&H*X$&T.)(.)8.H*<.*'#*n)(K)*]&T(J8("#*+j*j#H?(7&T*+*"%/-"
:E_:A*]#L()#*+*"%/-":E_\A*#'!]?#77#*6*B%<D'![?#)6*:E__5I**G#*ZDb7("#*<.*'&H*#'"#'&(<.H*
?#$7#'b)("&H*<.*#+?%,3'"$%&'%/%"?#*H(<&*$."&X('#<#*X&$*P'#88.$6*.)*>%)'%"%,1">%&'%/<,+!"
.H8D<(&*ZD.*.)*7(*&X()(K)*X&<$b#*?#%.$H.*<.)&7()#<&*7NH*#<."D#<#7.)8.*>%)'%"%,1">%&'<,+!"
6#*ZD.*'#*?#$7()#*.H*.'*#'"#'&(<.*X$()"(X#'*<.*'#H*H.7(''#H*<.*'#*$%&'+/"6*<.*W%,<.*+&<)G.<."(%%G<"
+P'#88.$6*6*]"?c#$8W*:EFE5*+=5I*
V)*JX&"#H*7NH*$."(.)8.H;*.'*T#'&$*."&)K7("&*X$()"(X#'*<.*'#H*H.7(''#H*<.*'#*RD<#*]($(#*$.H(<(K*.)*HD*
DH&*"&7&*LD.)8.*<.*8()8.H*X#$#*8.g(<&H*+Y&$8.$*:E/,5I**-.<(#)8.*'#*()LDH(K)*<.*'#H*H.7(''#H*.)*#CD#*
H.*&%8(.).*D)*X(C7.)8&*#7#$(''&*+@&''LDH*6*]"?'D7%.$C.$*:F>,5;*6*7.<(#)8.*8$#8#7(.)8&*ZDb7("&*
<.*<("?#H*H.7(''#H*H.*&%8.)b#*D)*(7X&$8#)8.*"&'&$#)8.*$&g&*D8('(W#<&*X#$#*8.`($*.'*L(.'8$&*<.*'&H*L.W*
8D$"&H*+[e%.'*:F=F5I**V'*.H8D<(&*<.*'&H*8()8.H*<.*'#H*H.7(''#H*<.*'#*RD<#*]($(#*"&)<Dg&*#'*#(H'#7(.)8&*
<.*'#*?#$7()#*6*'#*?#$7#'()#;*6*H.*"&)H(<.$#*ZD.*.'*X(C7.)8&*$&g&*.)*"&)"$.8&*$.HD'8#*<.*'#*
&9(<#"(K)*<.*'&H*#'"#'&(<.H** #$%&'b)("&H*+]"?D8W.)%.$C.$*:F/_5I*
*
*
8G87C80&8Q!&88(%Q!G8gKA!
=80!(;&%;#'0!'#5';>'#%&80!$'!=8!8:8S;#%8!
*
4&7&*T(7&H*.)*'#*()8$&<D""(K)*<.*.H8.*"#Xb8D'&;*'#*X$(7.$#*)&8("(#*ZD.*H.*8DT&*<.*'#*%5%$3%.(%!"+/"
(%%G<"6*.'*5%6A!"8&<#H*.''#H*X&"(&).H*.)8.KC.)#H*X$.X#$#<#H*#*X#$8($*<.*.98$#"8&H*<.*W%,<.*+&<)G.<."
(%%G<!"LD.$&)*'#H*"$K)("#H*<.*-If(''#T(".)"(&*6*<.*RI*]X$D".;*ZD.*H(8D#$&)*.'*DH&*$(8D#'*<.*'#*
%5%$3%.(%".)*D)#*W&)#*ZD.*'(7(8#*#'*&.H8.*"&)*.'*N$.#*<.'*$b&*O.C$&*.)*3$#H(';*#'*)&$8.*"&)*'#*
"D.)"#*<.'*0$()&"&*.)*f.).WD.'#*6*''.C#*L()#'7.)8.*#'*&.H8.;*?#H8#*'#H*L#'<#H*<.*'&H*B)<.H;*.)*'#*
B7#W&)(#*."D#8&$(#)#I*+B)&)I*:FMMA*]X$D".*:F_=A*]X$D".*:E\FA*f(''#T(".)"(&*:FMF5I**B*'&*'#$C&*<.*
'&H*:=M*#`&H*ZD.*H(CD(.$&)*#*'&H*8$#%#g&H*X(&).$&H*<.*f(''#T(".)"(&*6*]X$D".;*'#*W&)#*H.*?#*
#7X'(#<&*?#"(#*.'*&.H8.*?#H8#*'#H*N$.#H*"&H8.$#H*<.'*Y#"bL("&*.)*4&'&7%(#;*Y#)#7N*6*V"D#<&$*
<&)<.*'&H*()<(&H*V7%.$N*6*O&#)#7N*X$.X#$#)*X&"(&).H*<.*W%,<.*+&<)G.<.""&)&"(<#H*"&)*.'*
)&7%$.*<.*G</1A"5"1%G%!"$.HX."8(T#7.)8.*+R.("?.'!@&'7#8&LL*:E/\5I**VH*7NH;*H.*
,\:*
*
?#*()L&$7#<&*<.'*DH&*8$#<("(&)#'*<.*X&"(&).H*<.*W%,<.*+&4)G.<.".)*W&)#H*8#)*#'*HD$*"&7&*'#*
#7#W&)(#*X.$D#)#*H!%&'(T(#)#*+B)<$(8Wd6*:EFFA*3#.$*:E/EA*3#.$*6*]).''*:E_>A*@&%d()*<.*Rb&H*
:E_\#A*@&%d()*<.*Rb&H*:E_\%A*@&%d()*<.*Rb&H*:E_,A*@&%d()*<.*Rb&H*:E_=A*P$(.<%.$C*:E/MA*
j.)H()C.$*:E_=A*jDH.'*:E/MA*GD)#*:EF>#A*GD)#*:EF>%A*GD)#*:EE:A*RDH%6*:E,=A*](Hd()<*:E_=A*U.(HH*
:E_=A*U?(8.*:E,,5I**]D*DH&*.98.)<(<&*.)8$.*'&H*()<(&H*"&'&7%(#)&H*?#*H(<&*.H8D<(#<&*.)*
X$&LD)<(<#<*X&$*[IR.("?.'!@&'7#8&LL*+R.("?.'!@&'7#8&LL*:E>>A*R.("?.'!@&'7#8&LL*:E/EA*R.("?.'!
@&'7#8&LL*:E_\A*R.("?.'@&'7#8&LL*:E_,A*R.("?.'!@&'7#8&LL*:E_M5*H!X&$*&8$&H*+3$(H8&'*:E//#A*3$eWW(*
:E/,A*4#'.''#*:E=MA*4#'.''#*:E>>#A*4#'.''#*:E>>%A*[&'<7#)*:E/=A*j&"?![$e)%.$C*:E\EA*j&"?!
[$e)%.$C*:E,=A*-&$8&)*:E=:A*nH"N8.CD(*:EMEA*nH"N8.CD(*:E/:5I**G&H*.H8D<(&H*7&<.$)&H*H&%$.*.'*
"&)HD7&*<.*%5%$3%.(%".)*V"D#<&$*?#)*.H8#%'."(<&*ZD.*'#*X&"(K)*.H*D8('(W#<#*<.*L&$7#*?#%(8D#'*
X&$*C$DX&H*<.*()<(&H*sD("?D#;*U#&$#)(*H!]?D#$*+.H8&H*S'8(7&H*"&)&"(<&H*?#%(8D#'7.)8.*.)*'#*
'(8.$#8D$#*X&$*lgb%#$&Hm;*.Xb8.8&*<.*"#$#"8.$*X.6&$#8(T&5*+@#T(H*H!i&H8*:EF=#A*2#7.$*:E_=#A*2#7.$*
:E_=%A*2#7.$*:E_=<A*-#$'.H*+*"%/-":EFFA*O#$#)g&*:E_MA*O#$#)g&*:E_EA*O#$#)g&*:EF=5I**B*HD*T.W;*.'*
DH&*<.*'#H*X&"(&).H*<.*(%%G<*.)*'#*#7#W&)(#*%$#H('.`#*8#7%(J)*?#*H(<&*%(.)*.H8D<(#<&*+@D"d.*
:EM_A*G&c(.*:E>/A*Y$#)".*:E_\A*Y$#)".*6*Y$#)".*:E_\A*Y$#)".*+*"%/-":E__5I**G&H*X$(7.$&H*.H8D<(&H*
<.*]"?D'8.H*"&)8$(%D6.$&)*#*$.H&'T.$*.'*X$&%'.7#*<.*'#*(<.)8(<#<*<.*'#H*'(#)#H*<.*%5%$3%."#*
+]"?D'8.H*:EM_#A*]"?D'8.H*6*R#LL#DL*:E/\5;*H!HDH*XD%'("#"(&).H*7NH*$."(.)8.H*?#)*#6D<#<&;*.)*C$#)*
7.<(<#;*#*#"'#$#$*'#*.8)&%&8N)("#*<.*'#H*X&"(&).H*.)8.&CJ)("#H*#*%#H.*<.*W%,<.*+&<)G.<."+]"?D'8.H*
:EF/%A*]"?D'8.H*:EFFA*]"?D'8.H*6*2&L7#$7*:EF\A*]"?D'8.H*6*R#LL#DL*:EE\5I**V)*'#*#"8D#'(<#<*
H#%.7&H*"&)*".$8.W#*ZD.*.'*DH&*<.*.H8#H*X&"(&).H*?#*H(<&*?#%(8D#'*.)8$.*'&H*()<(&H*HD<#7.$("#)&H*
<.*'#H*W&)#H*#7#WK)("#H*<.*3$#H(';*4&'&7%(#;*f.).WD.'#;*V"D#<&$;*Y.$S*6*3&'(T(#;*#Hb*"&7&*.)*'#*
"D.)"#*<.'*0$()&"&*.)*f.).WD.'#*6*'#H*$.C(&).H*"&H8.$#H*<.*4&'&7%(#;*Y#)#7N*H!V"D#<&$I**GD)#*?#*
.H8#%'."(<&*D)#*$.'#"(K)*<.*X&$*'&*7.)&H*_,*C$DX&H*()<bC.)#H*ZD.*H.*H#%.*?#)*DH#<&*'#H*X&"(&).H*
.)8.&CJ)("#H*<.*%5%$3%.(%"+GD)#*:EF/%A*GD)#*:EF/"5;*#Hb*"&7&*<.*>,*)&7%$.H*()<bC.)#H*
D8('(W#<&H*X#$#*<.H(C)#$*'#*X&"(K)I**G#H*()T.H8(C#"(&).H*#$ZD.&'KC("#H*?#)*<.8.$7()#<&*ZD.*.'*DH&*
<.*'#*%5%$3%.(%".)*V"D#<&$*H.*$.7&)8#*?#H8#*"()"&*7('.)(&H*#8$NH*+O#$#)g&*:EF/5I*
B*X.H#$*<.*ZD.*'#*7#6&$b#*<.*'#H*X&"(&).H*<.*%5%$3%.(%!"(%%G<"H!5%6A"H.*X$.X#$#)*#*%#H.*<.*
.98$#"8&H*<.*'#*X'#)8#*<.H"$(8#*X&$*]X$D".;*W%,<.*+&<)G.<."(%%G<!"8#7%(J)*H.*D8('(W#)*&8$#H*.HX."(.H*
<.*W%,<.*+&<)G.<.-""@.*.''#H;*'#H*7NH*(7X&$8#)8.H*.H*W-"<,+8&<%,.!*D8('(W#<#*H&%$.*8&<&*.)*'#H*W&)#H*
#7#WK)("#H*X$K9(7#H*#*'&H*B)<.H*+4D#8$."#H#H*:E/MA*-&$8&)*:E=:A*]"?D'8.H*:EM_#5;*#D)ZD.*
#"8D#'7.)8.*H.*"&)H(<.$#*ZD.*.H8#*X'#)8#*6*W-"23<*+,.<."H&)*H()K)(7&H*<.*W-"(%%G<"+[#8.H*:EF,A*
]"?D'8.H*H!R#LL#DL*:EE\5I**].*?#*<.H"$(8&*8#7%(J)*.'*DH&*<.*&8$#*.HX."(.;*W-"'%/*<,<%,%"7%&-"/%+7<."
=qW-"'%&*<,<%,%"T#$I*.38+,+&7<%:!".)*'#H*X$.X#$#"(&).H*<.*5%6A"+[#$"b#*3#$$(C#*:E_MA*[#8.H*:EF,A*
]"?D'8.H*:E_M5I**G&H*()<(&H*U#&$#)(*<.*V"D#<&$*D8('(W#)*'#*.HX."(.*W%,<.*+&<)G.<."'3&<(%*%*=qW-"
%&?+,*+%S"W-"'+*%//<()/)&:!"#*'#*ZD.*''#7#)*7b(;*"&7&*()C$.<(.)8.*X$()"(X#'*<.*HDH*X&"(&).H*
.)8.KC.)#H*.)*'DC#$*<.*W-"(%%G<-""G&H*U(8&8&*"&)&".)*.H8#*.HX."(.*X&$*.'*)&7%$.*<.*.%($%"
%5%$3%.(%"+l#6#?D#H"#*H('T.H8$.m5*6*'#*"&)H(<.$#)*<.*7.)&$*X&8.)"(#*ZD.*W-"(%%G<"+@#T(H*H!i&H8*
:EF=#5I**08$#H*.HX."(.H*D8('(W#<#H*"&7&*%#H.*<.*'#H*X&"(&).H*<.*%5%$3%.(%".),M"W-"/),?<%/%*%!"W-"
/3*+%!"5"K)G$%,*$+&%"/%(*+.(+,."+]"?D'8.H*
,\,*
*
:EF/%5I**V)*'#*"D.)"#*<.'*0$()&"&*<.*f.).WD.'#*H.*D8('(W#*W-"/3(<1%")"(%64".)*X$N"8("#H*7NC("#H*
$.'#"(&)#<#H*"&)*'#*X.H"#;*<.*7&<&*ZD.*H.*"&'&"#*D)*8$&W&*<.*'#*"&$8.W#*.)*'#*%&"#*<.*D)*X.W*
X.ZD.`&*ZD.*H.*<.TD.'T.*#'*#CD#*X#$#*ZD.;*H.CS)*"$..);*#8$#(C#*#*&8$&H*X.".H*+3&&7*6*-&.H8y*
:EE\5I**B"8D#'7.)8.*H.*H#%.*ZD.*&8$#*[%/G<?$<%(+%+!"L<G/)G*+&5.*(%8&+&%,%"=qW%,<.*+*<)G.<."
(%8&+&%,%S"[#8.H*:EF,5;*''#7#<#*#)8(CD#7.)8.*W%,<.*+&<)G.<.*&3.85%,%!".H*D8('(W#<#*"&7&*#<(8(T&*
<.*'#H*X&"(&).H*#*%#H.*<.*W%,<.*+&<)G.<.-""Y&$*&8$&*'#<&*H.*?#*<.8.$7()#<&*ZD.*HD*"&7X&H("(K)*
ZDb7("#*.H*<(H8()8#*<.*'#*<.*W-"(%%G<-""-NH*#<.'#)8.*H.*8$#8#$N*.H8.*XD)8&*"&)*7#6&$*<.8#''.I**1#)8&*
]X$D".*+:E\F5*"&7&*j&"?![$e)%.$C*+:E\EA*:E,=5*7.)"(&)#$&)*'#*.9(H8.)"(#*<.*<(L.$.)8.H*l"'#H.Hm*
<.*(%%G<".)*.'*f#DXJH;*<.H"D%$(.)<&*]"?D'8.H*ZD.*'&H*()<(&H*-#dS*<.'*$b&*1(d(J*.)*3$#H('*
X$.X#$#%#)*D)#*X&"(K)*H(7('#$*#'*(%%G<"#*X#$8($*<.*'#*"&$8.W#*<.*D)#*[%/G<?$<%(+%+!"C+*&%G*+&5."=)*
C+*&%G*+&<.:"'+*$5.*<(%"=qC".*5/)G*+&%S"[#8.H*:EF/5;*<.*'#*ZD.*)&*8.).7&H*()L&$7#"(K)*#".$"#*<.*
HD*"&7X&H("(K)*ZDb7("#*+]"?D'8.H*:EM>#A*]"?D'8.H*:EM_#A*]"?D'8.H*6*R#LL#DL*:EE\5I**G&H*()<(&H*
j#$#X#)N*<.'*$b&*BX#X&$(H*<.*4&'&7%(#*X$.X#$#)*#*HD*T.W*(%%G<"#*X#$8($*<.*C+*&%G*+&5."'3(&),%*%"
+]"?D'8.H*6*R#LL#DL*:EE\5I**V9(H8.*D)*8$#%#g&*#".$"#*<.'*DH&*<.*'#*[%/G<?$<%(+%+"[%.(%?,<%"
G.</)G$5//%"7%&-"%,*<0+8&</<."=qW%,<.*+&<%"%,*<0+8&</<.S*[#8.H*:EF,A*B%//%+3'"%,*<0+8&</+S"[#8.H*:EF/5*
"&7&*%#H.*<.*'#*%5%$3%.(%!"X.$&*H&%$.*.H8.*XD)8&*l.9(H8.)*H.$(#H*<D<#Hm*<.%(<&*#*ZD.*gD)8&*#*'#H*
X'#)8#H*ZD.*H.*$."&'."8#$&)*?#%b#*8#7%(J)*.HX."(.H*<.*W%,<.*+&<)G.<."+]"?D'8.H*6*2&L7#$7*:E_EA*
]"?D'8.H*6*R#LL#DL*:EE\5I**-NH*$."(.)8.7.)8.*H.*?#*<.H"$(8&*.'*DH&*<.*[%.(%?,<%"G.</)G$5//%""&7&*
#<(8(T&*<.*'#*%5%$3%.(%"+TJ#H.*7NH*#%#g&A*GD)#*6*B7#$()C&*:EE:5I**V)*3$#H('*H.*D8('(W#*D)#*
<."&""(K)*<.*'#*$#bW*<.*W-"%&?5&)G$5//%"X#$#*8$#8#$*'#H*#L.""(&).H*$.)#'.H*+]"?7.<#*2($H"?7#$7*6*
@.*B$(#H*:EE\5I*
***V)*'#*'(8.$#8D$#*H&%$.*'#*%5%$3%.(%"H.*?#)*"&'#<&*#'CD)#H*"&)LDH(&).H*6*.$$&$.HI**V)*:FE\;*D)*
7(H(&).$&*"&)LD)<(K*'#H*.HX."(.H*.)8.&CJ)("#H*<.*W&3?'%,.<%"+TJ#H.*BXJ)<(".*B5;*ZD.*#*T.".H*H.*
D8('(W#)*"&7&*#<(8(T&H*<.*'#*%5%$3%.(%!"gD)8&*"&)*.'*()C$.<(.)8.*%NH("&;*W%,<.*+&<)G.<."(%%G<!"D)*
.$$&$*$.X.8(<&*X&$*7D"?&H*.)*'#*'(8.$#8D$#*H."D)<#$(#I**1#7%(J)*?D%&*"&)LDH(K)*.)8$.*'#H*.HX."(.H*
<.*W%,<.*+&<)G.<."6*'#H*<.'*CJ).$&*;&<.*)/)($<%"+]"?D'8.H*:EM_#5I**08$&*"D$(&H&*.$$&$*H.*&$(C()K;*
#X#$.)8.7.)8.;*X&$*D)#*7#'#*()8.$X$.8#"(K)*<.*'#H*)&8#H*<.*"#7X&*<.*]X$D".;*"$.6J)<&H.*ZD.*'#*
%5%$3%.(%"5*+/"(%%G<"H.*X$.X#$#%#)*#*X#$8($*<.*'#H*.HX."(.H*<.*W%,<.*+&<)G.<.!"7(.)8$#H*ZD.*.'*5%6A*
H.*X$.X#$#%#*#*X#$8($*<.*'#*;G)(5,%(+%+"#&+.*),<%"%'%d),<(%"=q>%+'%1<(*5),"%'%d)*,<(3'S"
]"?D'8.H*6*R#LL#DL*:E/\5I**VH8.*.$$&$*H.*T(K*7#C)(L("#<&*.)*'#*'(8.$#8D$#*ZDb7("#*"D#)<&*H.*()L&$7K*
ZD.*H.*?#%b#*<.8."8#<&*O;O!<(7.8('8$(X8#7()#*+@-1A*TJ#H.*4#Xb8D'&*=*6*7NH*#<.'#)8.5*.)*'#*
a#&+.*),<%"%'%d),<(3'9"k.<(l""&)LD)<(<#*"&)*.'*5%6A*6*ZD.*"&)H8(8Db#*D)*#<(8(T&*<.*W%,<.*+&<)G.<."
.)*.'*N$.#*<.'*$b&*O#X&*+2&"?H8.()*6*Y#$#<(.H*:EM_5I**B"8D#'7.)8.*H#%.7&H*ZD.*'&H*#<(8(T&H*<.*'#*
%5%$3%.(%!".)*'#*W&)#*<.'*$b&*O#X&;*D8('(W#<&H*X&$*HD*"&)8.)(<&*.)*@-1;*H&)*'#*#$$(%#*7.)"(&)#<#*
L<G/)G*+&5.*(%8&+&%,%"&*'#*N38<%(+%+"#.5($)*&<%"7<*<1<.!"7&H8$#)<&*.)*:EM_*'&H*#)N'(H(H*<.*D)#H*
7D.H8$#H*<.*HDXD.H8#*#&+.*),<%"%'%d),<(%"ZD.*.)*$.#'(<#<*H.*8$#8#%#*<.*D)#*<.*.H8#H*<&H*
.HX."(.H*+]"?D'8.H*6*R#LL#DL*:E/\A*]"?D'8.H*6*2&L7#))*:EF\5I*
G#*.98.)H#*'(8.$#8D$#*ZD.*.9(H8.*H&%$.*'#*%5%$3%.(%"?#*H(<&*$.H.`#<#*X&$*@&%d()*<.*Rb&H*+:E_,5;*
R.("?.'!@&'7#8&LL*+:E_M5;*]"?D'8.H*6*2&L7#))*+:EF\5;*YIO#$#)g&*+:EF=5*6*7NH*$."(.)8.7.)8.*X&$*
GD)#*+:EF/#5*6*X&$*GD)#*6*B7#$()C&*+:EE:5*6*X&$*.'*#D8&$*+088;*:EE>5I*
,\=*
*
V)*8J$7()&H*C.).$#'.H;*'#H*()LDH(&).H*#"D&H#H*&*<."&""(&).H*H.*X$.X#$#)*#*X#$8($*<.*'&H*8#''&H*
C$D.H&H*&*<.*'#H*T($D8#H*<.'*8#''&*<.*'(#)#H*H('T.H8$.H*&*"D'8(T#<#H*<.*W%,<.*+&<)G.<."(%%G<-""
2#%(8D#'7.)8.;*'&H*8#''&H*<.*'#H*'(#)#H*&*8$&W&H*+ZD.*XD.<.)*H.$*7#"?#"#<&H*&*)&*#)8.H*<.*'#*
.98$#""(K)5*H.*?(.$T.)*.)*#CD#;*H.*L('8$#)*6*.'*.98$#"8&*H.*"&)".)8$#*X&$*.T#X&$#"(K)I**V)*#'CD)&H*
"#H&H;*"&7&*X&$*.g.7X'&*.)*'#*B7#W&)(#*"&'&7%(#)#;*l'#*"&$8.W#*H.*#7#H#*H(7X'.7.)8.*.)*#CD#*
L$b#m*+]"?D'8.H*6*R#LL#DL*:EE,5;*&8$#H*T.".H*'#*%5%$3%.(%"H.*?(.$T.*%$.T.7.)8.*6*H.*<.g#*H()*
"&)".)8$#$*+R(T(.$*6*G()<C$.)*:E_,5I**P$."D.)8.7.)8.*H.*#`#<.)*#*'#*X&"(K);*#)8.H*<.*?.$T($'#;*
?&g#H*D*&8$#H*X#$8.H*<.*<(T.$H#H*X'#)8#H*.)8.&CJ)("#H*+TJ#H.*7NH*#%#g&*X#$#*7NH*()L&$7#"(K)*
H&%$.*'&H*)D7.$&H&H*#<(8(T&H*.)8.&CJ)("&H*<.*'#*%5%$3%.(%:!"#D)ZD.*8#7%(J)*XD.<.*H.$*ZD.*.'*
%$.%#g.*H.*X$.X#$.*.9"'DH(T#7.)8.*"&)*W%,<.*+&<)G.<."(%%G<-""V)*.'*"#H&*<.*'&H*()<(&H*(8().$#)8.H*
[D#?(%&*&%H.T#<&H*X&$*]X$D".*.)*'#*"D.)"#*<.'*0$()&"&*.)*:FM>;*'&H*8#''&H*1+"(%%G<".$#)*
H(7X'.7.)8.*7#H"#<&H*l"&7&*#'CD)&H*?#".)*"&)*.'*8#%#"&m*+]X$D".*:E\F5I**V9(H8.)*#'CD)#H*
X$D.%#H*<.*8(X&*ZDb7("&*ZD.*<.7D.H8$#)*.'*DH&*<.*'#H*.HX."(.H*1+"W%,<.*+&<)G.<.".)*'&H*$#XJH*
HD<#7.$("#)&H*+TJ#H.*4#Xb8D'&*=;*lsDb7("#*<.*'&H*R#XJH*.)8.&CJ)("&H*<.*b<&)/%9A*3.$)#D.$*:E/>A*
2&'7H8.<8*6*G()<C$.)*:E/_5;*gD)8&*"&)*<(T.$&H*.H8D<(&H*#S)*X&$*"&)L($7#$*ZD.*()L&$7#)*<.'*DH&*
<.*X$.X#$#<&H*<.*W%,<.*+<<)G.<.*.)*L&$7#*<.*.).7#H*+@.*]7.8*:EF=A*@.*]7.8*:EFM%A*V7%&<.)*
:E_EA*PD$H8*:E_/A*PD$H8*6*4&.*:E__5I**]"?D'8.H*?#*<.H"D%(.$8&*$."(.)8.7.)8.*ZD.*'&H*()<(&H*U(8&8&*
<.*'#*B7#W&)(#*"&'&7%(#)#*LD7#)*'#H*?&g#H*H."#H*6*l'#*"&$8.W#*g&T.)m*<.*W%,<.*+/<)G.<.*(%%G<!".)*
"(C#$$(''&H*.'#%&$#<&H*"&)*'#H*?&g#H*<.*.HX."(.H*<.*>+/<(),<%"+]"?D'8.H*:EFM%5I**O&*&%H8#)8.;*'#*
()LDH(K)*<.*%5%$3%.(%"H.*8&7#*)&$7#'7.)8.*X&$*Tb#*&$#';*C.).$#'7.)8.*<.)8$&*<.*D)*"&)8.98&*
"?#7N)("&*&*.8)&7.<("()#'A*.H*<."($;*"&7&*#6D<#*T(H(&)#$(#*#*'#*#<(T()#"(K)*<.*'#H*"#DH#H*
)#8D$#'.H*&*"?#7N)("#H*<.*'#*.)L.$7.<#<*6*#*T.".H*"&7&*#6D<#*.)*.'*X$&".H&*<.*"D$#"(K)I**].*?#*
HDC.$(<&*ZD.*'&H*.L."8&H*XD$C#)8.H*<.*'#*%5%$3%.(%"H&)*(7X&$8#)8.H*"&7&*D)#*"'#H.*<.*
ZD(7(&8.$#X(#*"&)8$#*'&H*CDH#)&H*X#$NH(8&H*+R&<$bCD.W*+*"%/-":EF,5I**B<.7NH;*H.*?#*&%H.$T#<&*ZD.*
'#*?#$7()#;*X$.H.)8.*.)*'#*X&"(K);*X&H..*8&9("(<#<*7.<(#<#*X&$*$#<(#"(K)*D'8$#T(&'.8#*"&)8$#*
'.T#<D$#H*6*%#"8.$(#H*+-"j.$7#*6*1&c.$H*:EF:5I**G#H*H.H(&).H*<.*%5%$3%.(%"H&)*(7X&$8#)8.H*.)*.'*
#X$.)<(W#g.*<.*'&H*"?#7#).H;*ZD(.).H;*<.*L&$7#*?#%(8D#';*<.%.)*$.#'(W#$*#)8.H*D)*#X$.)<(W#g.*"&)*
.'*8#%#"&*+B'#$"K)*:EE\A*U('%.$8*:EF_5I**V)*.'*"#H&*<.*'&H*"?#7#).H*7.H8(W&H*<.'*Y.$S;*'#*X'#)8#*<.*
'#*%5%$3%.(%!"#'*(CD#'*ZD.*&8$#H*X'#)8#H*T(H(&)#$(#H;*.H*.)*Hb*7(H7#*.'*7#.H8$&*<.'*#HX($#)8.*#*
"?#7N);*ZD(.)*#X$.)<.;*.)8$.*&8$#H*"&H#H;*'#H*7.'&<b#H*H&%$.)#8D#'.H*&*4(%&)."ZD.*'.*.)H.`#*'#*
X$&X(#*X'#)8#*+GD)#*:EF>#A*GD)#*:EF>%A*-&)8C&7.$6*:EE:5I**].*?#*HDC.$(<&*ZD.*'#H*"#)"(&).H*
7NC("#H*+3.''(.$*:EF/5*6*/)."<(%&)."ZD.*.'*"?#7N)*#X$.)<.*<.*'#*%5%$3%.(%"+GD)#*:EF>#A*GD)#*
:EF>%5*X&<$b#)*$.X$.H.)8#$*T(H(&).H*8$#)HL&$7#<#H*.)*"#)8&*+[.%?#$8!]#6.$*:EF/A*](Hd()<*:E_=5;*
<.*7&<&*ZD.*'#H*T(H(&).H*<.*'#*%5%$3%.(%""&)H8(8D6.)*D)*<.H8#"#<&*"&7X&).)8.*<.'*#$8.*
#7#WK)("&*+R.("?.'!@&'7#8&LL*:E_:A*R.("?.'!@&'7#8&LL*:E_,A*R.("?.'!@&'7#8&LL*:E_MA*R.("?.'!
@&'7#8&LL*:E_F5I**V'*#$8.*T(HD#'*6*'#H*7.'&<b#H*7NC("#H;*#'*(CD#'*ZD.*'&H*.L."8&H*.)8.KC.)&H*<.*'#*
X&"(K);*H.*<(".*ZD.*"&)<D".)*#*D)*l.H8#<&*<.*N)(7&*.H8J8("&m*"&)H(<.$#<&*T(8#'*X#$#*.'*X$&".H&*
<.*"D$#"(K)*+[.%?#$8!]#6.$*:EF/5I**].*"&)H(<.$#*ZD.*'#*X()8D$#*"&$X&$#'*<.'*"?#7N)*$.X$.H.)8#*'#*
T.$H(K)*lH#)#m*<.*'&H*<(%Dg&H*ZD.*.'*"?#7N)*&%H.$T#*.)*'#*X(.'*<.'*X#"(.)8.;*XD.H8&*ZD.*'#H*
<(L.$.)8.H*.)L.$7.<#<.H*"&)<D".)*#*
,\>*
*
<(L.$.)8.H*<(H8&$H(&).H*.)*'&H*<(%Dg&H*X$&X(&H*<.*'#*H#'D<;*<.*7&<&*ZD.*'#*%5%$3%.(%*XD.<.*
#6D<#$*#'*"?#7N)*#*l$.<(%Dg#$m*#*HD*X#"(.)8.*6*<.T&'T.$'.*#Hb*'#*H#'D<*X.$<(<#*+GD)#*:EE,5I**V)*.'*
#)8(CD&*-J9("&*8#7%(J)*H.*<#%#)*.H8.*8(X&*<.*(<.#H*8.$#XJD8("&x.H8J8("#H*+TJ#H.*4#Xb8D'&*M;*O&8#*
=A*4N".$.H*:EF>A*0$8bW*<.*-&)8.''#)&*:EE\5I**G#*.9X.$(.)"(#*T(H(&)#$(#*"&)*%5%$3%.(%".H*8#)*
(7X&$8#)8.*6*LD)<#7.)8#'*.)*'#*"&H7&T(H(K)*<.*'&H*()<(&H*#7#WK)("&H*ZD.*.'*DH&*<.*'#*X&"(K)*X&$*
'&H*"D$#)<.$&H*?#*H&%$.T(T(<&*#7X'(#7.)8.*#*'#H*LD.$W#H*<.*'#*#"D'8D$#"(K);*<.*L&$7#*8#'*ZD.*'&H*
7.H8(W&H*"&)HD'8#)*#*'&H*7#.H8$&H*T.C.8#'.H*<.*'#*%5%$3%.(%"()"'DH&*.)*'#H*"(D<#<.H*7&<.$)#H*
+@&%d()*<.*Rb&H*:E_\%A*@&%d()*<.*Rb&H*:E_=A*@&%d()*<.*Rb&H*:EE,A*@&%d()*<.*Rb&H*6*R.N8.CD(*
:E/_A*2.)7#)*:EF/A*G#7%*:EFMA*GD)#*:EF>%A*R#7b$.W*<.*r#$#*6*Y()WK)*4I*:EF/5I**@.*?."?&;*'#*
L#7#*<.*'#*%5%$3%.(%"H.*?#*.98.)<(<&*LD.$#*<.*HD*W&)#*<.*&$(C.);*#X#$."(.)<&*$."(.)8.7.)8.*HD*
"D'8(T&*6*"&)HD7&*.)*'&H*VH8#<&H*n)(<&H*6*&8$&H*X#(H.H;*.)*X#$8.*<.%(<&*#'*X$&H.'(8(H7&*<.*<(T.$&H*
C$DX&H*$.'(C(&H&HI*
*
&;:(;0%&%<#!JC":%&8!$'!=80!'0('&%'0!$'!O8#%05'9%;(0%0!
*
V'*X$(7.$*.H8D<(&*L$D"8bL.$&*<.*'#*"&7X&H("(K)*ZDb7("#*<.*W%,<.*+/<)G.<."'&*''.TK*#*"#%&*D)*ZDb7("&*
"&'&7%(#)&;*ZD.*"&)H(CD(K*#(H'#$*D)*#'"#'&(<.*"$(H8#'(W#%'.*#'*ZD.*//%'P"*+/+G%*<,%"+P(H"?.$*
4N$<.)#H*:E,=5*#D)ZD.*)&*X&H..7&H*7D.H8$#H*<.*'&H*.HX."b7.).H*ZD.*#)#'(WK;*6*#*X.H#$*<.*ZD.*
J'*"$.b#*.H8#$*8$#%#g#)<&*"&)*.HX."(.H*<.'*CJ).&)";&<.*)/)($<%-""n)*8#'*q.$<#*3#6K)*?#%b#*
X$&XD.H8&;*?#"(#*:E\M;*.'*)&7%$.*<.**+/+G%*<,%"X#$#*D)*.98$#"8&*<.*D)#*X&"(K)*<.*%5%$3%.(%"
+@.D'&L.D*:E/_5I**Y.$$&8*6*R#67&)<!2#7.8*#(H'#$&)**+/+G%*<,%"XD$#*#*X#$8($*<.*W%,<.*+&<)G.<."
(%%G<"#D8J)8("#*.)*:E,_*+Y.$$&8*6*R#67&)<!2#7.8*:E,_#A*Y.$$&8*6*R#67&)<!2#7.8*:E,_%5I**V)*
:E,M;*.'*ZDb7("&*"&'&7%(#)&*3#$$(C#*f(''#'%#*#(H'K*D)*#'"#'&(<.*#'*ZD.*''#7K*6#g.b)#*+#Hb*"&7&*D)*
H.CD)<&*"&7XD.H8&*#'*ZD.*''#7K*6#gJ)()#;*H&%$.*.'*ZD.*H.*XD%'("K*7D6*X&"#*()L&$7#"(K);*"&7&*
X#$#*ZD.*X&<#7&H*(<.)8(L("#$'&*?&6*<b#A*X$&%#%'.7.)8.*H.*8$#8#%#*<.*'#*?#$7#'()#*&*'#*<!
'.X8#L'&$()#*+8.8$#?(<$&?#$7()#;*1225;*'&H*#'"#'&(<.H*H."D)<#$(&H*7NH*(7X&$8#)8.H*<.*
W%,<.*+&<)G.<."(%%G<:!"#*X#$8($*<.*D)*7#8.$(#'*ZD.*"$.6K*.$$K).#7.)8.*ZD.*.$#*>%+'%1<(*5),"
%'%d),<(3'"=q#&+.*),<%"%'%d),<(%S"3#$$(C#*f(''#'%#*:E,M#A*3#$$(C#*f(''#'%#*:E,M%5I**-(.)8$#H*
8#)8&*.)*B'.7#)(#;*.'*L#7&H&*ZDb7("&*6*.HX."(#'(H8#*.)*L#$7#"&C)&H(#*G&D(H*G.c()*+TJ#H.*4#Xb8D'&*
:5*"&)H.CDb#*#(H'#$*D)*#'"#'&(<.*#'*ZD.*''#7K*%#)(H8.$()#*#*X#$8($*<.*D)*7#8.$(#'*ZD.*.'*"&)&"(#*
"&7&*W%,<.*+&<%*(%%G<"+G.c()*:E,FA*G.c()*:E,E5I**P()#'7.)8.;*.)*:E,F;*<&H*C$DX&H*<.*
()T.H8(C#<&$.H*.D$&X.&H*ZD.*8$#%#g#%#)*<.*L&$7#*()<.X.)<(.)8.*&%8DT(.$&)*'#*%(.)*"&)&"(<#*
?#$7()#*#*X#$8($*<.*l'(#)#H*HD<#7.$("#)#Hm*+V'C.$*:E,FA*U&'L.H*6*RD7XL*:E,F5I**V'C.$*"&7X#$K*HD*
7#8.$(#';*&%8.)(<&*<.*W%,<.*+&<)G.<."(%%G<!""&)*?#$7()#*X$&".<.)8.*<.*#+?%,3'"$%&*,%/%"6*"&)*
?#$7()#*H()8J8("#;*''.C#)<&*#*'#*"&)"'DH(K)*<.*ZD.*'#H*8$.H*7D.H8$#H*"$(H8#'()#H*.$#)*(<J)8("#HI**G#*
H(8D#"(K)*ZD.<K*L()#'7.)8.*#"'#$#<#*.)*:E=E;*"D#)<&*4?.)*6*4?.)*<.8.$7()#$&)*ZD.*'#*
8.'.X#8()#;*'#*6#g.b)#*6*'#*%#)(H8.$()#*.$#)*H(7X'.7.)8.*?#$7()#;*#'"#'&(<.*ZD.*#(H'#$&)*<.*D)#*
7D.H8$#*<.*W%,<.*+&<)G.<."(%%G<*$."&'."8#<#*X&$*.'*%&8N)("&*GIU(''(#7H*".$"#*<.*QZD(8&H;*Y.$S*
+4?.)*6*4?.)*:E=E5I*
,\M*
*
VH8&H*()T.H8(C#<&$.H*XD<(.$&)*#(H'#$*'#*?#$7()#*<.*'&H*8#''&H;*?&g#H*6*$#b".H*<.*.H8#*7D.H8$#*
<&"D7.)8#<#*<.*W-"(%%G<-*
V)*.H#*JX&"#*6#*H.*"&)&"b#*'#*.H8$D"8D$#*<.*'#*?#$7()#*+Y.$d()*6*R&%.$8H&)*:E:E#A*Y.$d()*6*
R&%.$8H&)*:E:E%5I**V'*"&7XD.H8&*?#%b#*H(<&*H()8.8(W#<&*X&$*X$(7.$#*T.W*.)*:E,_*+-#)Hd.*+*"%/-"
:E,_A*]XN8?*6*G.<.$.$*:E=\#A*]XN8?*6*G.<.$.$*:E=\%5I**V)*:EM_;*2&"?H8.()*6*Y#$#<(.H*#(H'#$&)*
?#$7()#;*?#$()#'()#;*6*<!'.X8#L'&$()#*+8.8$#?(<$&?#$7()#5*#*X#$8($*<.*D)#*7D.H8$#*<.*W-"(%%G<"<.'*
Y.$S*+2&"?H8.()*6*Y#$#<(.H*:EM_5I**VH8&H*"&7XD.H8&H*8#7%(J)*LD.$&)*?#''#<&H*.)*D)#*X&"(K)*<.*
%5%$3%.(%"X.$D#)#;*<.*7&<&*ZD.*H.*HDC($(K*ZD.*'#*?#$7#'()#*6*'#*<!'.X8#L'&$()#*.$#)*'&H*X$()"(X(&H*
.)8.&CJ)("&H*<.*'#*X&"(K)I**V)*:E/E;*C$#"(#H*#*'#*C$#)*.H8#%('(<#<*<.'*#'"#'&(<.* "#$%&'b)("&*
?#$7()#;*XD<&*<.8.$7()#$H.*HD*X$.H.)"(#*.)*"#)8(<#<.H*H(7('#$.H*#*'#H*<.*D)*7#8.$(#'*L$.H"&;*.)*
'#H*7D.H8$#H*&$(C()#'.H*$."&'."8#<#H*X&$*]X$D".*.)*:FM,*+]"?D'8.H*+*"%/-":E/E5I**R(T(.$*6*G()<C$.)*
.)"&)8$#$&)*.H8#H*7(H7#H* "#$%&'()#H*"&7&*#'.#'&(<.H*7#6&$(8#$(&H*<.*W%,<.*+&<)G.<."(%%G<"
+R(T(.$*6*G()<C$.)*:E_,5;*gD)8&*"&)*X.ZD.`#H*"#)8(<#<.H*<.*?#$()&'*6*8$#W#H*<.*/!7.8&9(8$(X8#7()#I**
VH8D<(&H*7NH*$."(.)8.H*?#)*<.8.$7()#<&*'#*X$.H.)"(#*<.*8$#W#H*<.*&8$#H*H.(H*%.8#!"#$%&'()#Hv*.'*O!
K9(<&*<.*?#$7()#;*.'*JH8.$*7.8b'("&*<.'*N"(<&*?N$7("&;*.'*N"(<&*?#$7#'b)("&;*.'*N"(<&*?N$7("&;*'#*
#".8('!)&$?#$7()#*6*'#*".8&8.8$#?(<$&!)&$?#$7()#;*#D)ZD.*XD.<.*ZD.*#'CD)&H*<.*.''&H*H.*L&$7.)*
.)*'&H*X$&".H&H*<.*7#)(XD'#"(K)*ZDb7("#*+2#H?(7&8&*6*j#c#)(H?(*:E_M;*2#H?(7&8&*6*j#c#)(H?(*
:E_/5I**V)*D)*#)N'(H(H*$."(.)8.*<.*'&H*8#''&H*H."&H*<.*H.(H*T#$(.<#<.H*"D'8(T#<#H*<.*W-"(%%G<"
X$&".<.)8.H*<.'*Y.$S;*H.*.)"&)8$#$&)*D)#H*"&)".)8$#"(&).H*8&8#'.H*<.*#'.#'&(<.H*+$.HX."8&*#'*
X.H&*H."&*<.*'#*7D.H8$#5*<.*:;_!:,;>/*7CxC*+\;:_!:;,Ma5;*H(.)<&*'#*?#$7()#*.'*#'"#'&(<.*X$()"(X#'*
.)*8&<#H*'#H*7D.H8$#H*.9".X8&*.)*D)#;*H.CD(<#*<.*'#*?#$7#'()#*6*'#*<!'.X8#L'&$()#*
+8.8$#?(<$&?#$7()#5;*gD)8&*"&)*8$#W#H*<.*?#$7&'I**V)*D)&*<.*'&H*.g.7X'#$.H*H.*.)"&)8$#$&)*8$#W#H*
<.*?#$7#'&'*+-"j.$7#*+*"%/-":EF>#5I**Y&$*'&*C.).$#';*'#*?#$$)()#*"&)H8(8D6K*"&7&*7b)(7&*'#*7(8#<*
<.*'#*"#)8(<#<*8&8#'*<.*#'"#'&(<.H;*H(.)<&*'#*.9".X"(K)*'#*T#$(.<#<*<.*7.)&$*X&8.)"(#*ZD.*X$.H.)8K*
D)#*"#)8(<#<*<.*?#$7#'()#*'(C.$#7.)8.*HDX.$(&$*#*'#*<.*?#$7()#I**1#7%(J)*H.*?#*X&<(<&*
<.8.$7()#$*'#*X$.H.)"(#*<.*'&H*#'"#'&(<.H*X($$&'(<b)("&H*H?(?D)()#*6*<(?(<$&H?(D)()#*.)*
W%,<.*+&<)G.<."(%%G<"+j#c#)(H?(*+*"%/-":EF,5I*
G&H*.H8D<(&H*$.#'(W#<&H*"&)*W%,<.*+&<)G.<."<,+8&<%,.!")&7%$.*"&)H(<.$#<&*?&6*<b#*"&7&*H()K)(7&*
<.*W-"(%%G<"+#'*(CD#'*ZD.*.)*.'*"#H&*<.*W-"23<*+,.<.S"[#8.H*:EF,5;*?#)*"&)<D"(<&*#'*#(H'#7(.)8&*<.*'#*
?#$7()#*#*X#$8($*<.*HDH*8#''&H*+0€4&$7.''*6*G6$7*:EM=5A*7(.)8$#H*ZD.*.)*D)*#)N'(H(H*X&H8.$(&$*<.*
D)#*7D.H8$#*X.$D#)#*H.*<.8."8K*?#$7()#*6*8$#W#H*<.*?#$7#'()#*+Y&(HH&)*:E/M5I**V)*D)#*.HX."(.*
l#DH8$#'(#)#m;*W%,<.*+&<%"($&5*.)G$5//%"=q>+*+&)G*+&5."($&5.)G$5//%S"[#8.H*:EF,5;*"(8#<#*
.$$&).#7.)8.*"&7&*W%,<.*+&<)G.<."(&5.)G$5//%"k.<(l"+.)*@.D'&L.D*:E/_5*H.*?#)*?#''#<&*#'"#'&(<.H*
+U.%%*:E>E5I**@.*'#H*?&g#H*6*8#''&H*<.*W-"'3*<(%*%"=qW-"%&?+,*+%S"[#8.H*:EF,A*[?&H#'*:E_,A*[?&H#'*
6*-#WD7<.$*:E_:A*[?&H#'*+*"%/-":E_:5*H.*?#)*#(H'#<&*"()"&* "#$%&'()#H*()"'D6.)<&*'#*?#$7()#*6*'#*
?#$7#'()#;*gD)8&*"&)*O;O!<(7.8('8$(X8#7()#*+@-15*6*HD*@K9(<&I**VH8&H*H&$X$.)<.)8.H*?#''#WC&H*
.HX.$#)*"&)L($7#"(K);*#D)ZD.*H.*X&<$b#*H&HX."?#$*'#*"&)8#7()#"(K)*<.*'#*7D.H8$#*"&)*D)*D)#*
X'#)8#*$("#*.)*@-1*D8('(W#<#*"&7&*#<(8(T&I**V'*C$DX&*<.*[?&H#'*#)#'(WK*D)#*H.$(.*<.*.HX."b7.).H*
"D'8(T#<&H*.)*.'*g#$<b)*%&8N)("&*<.*4#'"D8#;*Q)<(#I**B<.7NH;*'#*W%,<.*+&<)G.<."'3<<(%*%"<.*[#8.H;*'#*
.HX."(.*
,\/*
*
7NH*#%D)<#)8.*<.*.H8.*CJ).$&;*()"'D6.*#'$.<.<&$*<.*D)#*<&".)#*<.*8#9&).H;*.)8$.*'#H*ZD.*H.*?#''#*
W-"%&?+,*+%-""VH*(7X$.H"()<(%'.*$.#'(W#$*#)N'(H(H*ZDb7("&H*<.*'#H*7D.H8$#H*$.HX#'<#<&H*X&$*
7D.H8$#H*<.*"&)8$&'*X#$#*X&<.$*"&)L($7#$*'#*X$.H.)"(#*<.*@-1*.)*'#*()LDH(K)*<.'*8#''&*<.*W-"
'35<(%*%!"ZD.*'&H*()<(&H*[D#67b*<.*Y#)#7N*D8('(W#)*X#$#*"&7%#8($*'&H*<&'&$.H*<.*"#%.W#*6*'#*
L(.%$.*+r&'6*+*"%/-":EF_5I**].*?#*()L&$7#<&*<.*'#*X$.H.)"(#*<.*?#$7()#*.)*W%,<.*+&<)G.<."/3*+%"
+R#67&)<!2#7.8*:E>:5;*#'*(CD#'*ZD.*.)*'#*.HX.(<+"B%8<"G%&%+,.<."+"&)&"(<#*"&7&*B%//%+3'"
%,*<0+8*</+S"&*#)8(CD#7.)8.*"&7&*[%.(%?,<%"G.</)G$5//%"7%&-"%,*<0+8&</+S"-&$H*6*q#'8W7#)*:EM>A*
Rb&H*+*"%/-":E/M5I**Y&$*.'*"&)8$#$(&;*H.*?#*<.8.$7()#<&*ZD.*'#*.HX."(.*#$C.)8()#*W%,<.*+&<)G.<."
,<*&).<)1)&%*=qW-"/3*+%S"[#8.H*:EF,5*l"#$.".*X$N"8("#7.)8.*<.*#'"#'&(<.HmI**Y#$#*8.$7()#$*<($.7&H*
ZD.*#S)*ZD.<#)*X&$*.H8D<(#$*<(T.$H#H*.HX."(.H*<.*W%,<.*+&<)G.<."D8('(W#<#H*"&7&*#<(8(T&H*<.*'#*
%5%$3%.(%"+@.D'&L.D*:E/_5I**G#*?#$7()#*H.*?#''#*<.*.H8.*7&<&*X$.H.)8.;*"&7&*7b)(7&;*.)*<&".*
.HX."(.H*T.C.8#'.H*<(H8$(%D(<#H*.)*H(.8.*L#7('(#H*<(L.$.)8.H*+B''.)*6*2&'7H8.<8*:EF\5*+>5I*
*
&78&9C#8Q!&78>9;(8#>8!G!;59;0!8$%5%D;0!$'!=8!8G87C80&8!
*
n)&*<.*'&H*<.)&7()#<&$.H*"&7D).H*<.*'#*.8)&%&8N)("#*<.*'#H*X&"(&).H*HD<#7.$("#)#H*<.*
%5%$3%.(%".H*.'*?."?&*<.*ZD.*'#*%.%(<#*"&)8(.).*?#%(8D#'7.)8.*&8$#H*X'#)8#H*XH("&#"8(T#H;*
#<.7NH*<.*W%,<.*+*<)G.<."(%%G<"+GD)#*:EF>#A*GD)#*:EF>%A*-"j.$7#*+*"%/-":EF/A*Y()d'.6*:E/EA*
]"?D'8.H*:E_,%5I**B<.7NH;*'#*X&"(K)*H.*D8('(W#*#*T.".H*H(7D'8N).#7.)8.*"&)*&8$#H*X'#)8#H*
XH("&#"8(T#H*"&7&*.'*8#%#"&*6*'#*"&"#I**V)*.H8#*H.""(K)*8$#8#$J*H.(H*C$DX&H*&*"&?&$8.H*<.*#<(8(T&H*
<(H8()8&H*D8('(W#<&H*.)*'#*%5%$3%.(%"=7A%.+*.'*4D#<$&*=5I*
*
B131.&M" D)&*<.*'&H*#<(8(T&H*7NH*"&$$(.)8.H*6*<(LD)<(<&H*<.*'#*%5%$3%.(%".H*.'*8#%#"&A*
"&)"$.8#7.)8.*'#H*.HX."(.H*"D'8(T#<#H*@<()*<%,%"*%8%(3'"5"@<()*<%,%"&3.*<(%*+TJ#H.*BXJ)<(".*B;*
GD)#*6*B7#$()C&*:EE:A*]"?D'8.H*6*2&L7#))**:E_E5I**]()*.7%#$C&;*X&$*#'CS)*7&8(T&;*?#)*H(<&*&8$&H*
#<(8(T&H*"&7D).H*<.*'#*%5%$3%.(%"'&H*ZD.*?#)*$."(%(<&*D)#*7#6&$*#8.)"(K)*.)*'#H*XD%'("#"(&).H*
"(.)8bL("#HI**R."(.)8.7.)8.;*rI*U('%.$8*?#*$.#'(W#<&*D)*.H8D<(&*<.*'#*'(8.$#8D$#*.8)&%&8N)("#*
.9(H8.)8.*H&%$.*.'*DH&*"?#7N)("&*<.'*8#%#"&*6*HD*(7X&$8#)"(#*"&7&*#<(8(T&*<.*.H8#*X&"(K)*
+U('%.$8*:EF_5I**G#*H(CD(.)8.*()L&$7#"(K)*?#*H(<&*&%8.)(<#*<.'*.9".'.)8.*8$#%#g&*<.*U('%.$8I**G&H*
]?D#$*l%.%.)*gDC&*<.*8#%#"&*#'8.$)N)<&'&*"&)*'#*()C.H8(K)*<.*%5%$3%.(%9!"7(.)8$#H*ZD.*.'*
#6#?D#HZD.$&*]?(X(%&*l7.W"'#*.'*8#%#"&*"&)*W%,<.*+&<)G.<."(%%G<9-""G&H*"?#7#).H*<.*'#*8$(%D*Y($&*
l%.%.)*%5%$3%.(%"H.CD(<#*<.*gDC&*<.*8#%#"&m;*7(.)8$#H*ZD.*'&H*()<(&H*4&"#7#*%.%.)*.'*gDC&*<.'*
8#%#"&*l.)*"&7%()#"(K)*"&)*%5%$3%.(%"<D$#)8.*'#*()("(#"(K)*<.*'&H*g&T.).H*"?#7#).HmI**G&H*()<(&H*
4#7X#*l"?DX#)*%'8</"D)*X$.X#$#<&*"&7.H8(%'.*#*%#H.*<.*8#%#"&A*TJ#H.*BXJ)<(".*B'III*<.HXDJH*
<.*%.%.$*'#*%5%$3%.(%9".*l()C(.$.)*%'84/"H(7D'8N).#7.)8.*"&)*%5%$3%.(%"=W%,<.*+&<)G.<."(%%G<:"6*
"&"#*=J&5*$&)Q5/3':9-""@.*L&$7#*H(7('#$;*H.*<(g&*<.*'&H*3#$#H#)#*ZD.v*l8&7#)*"#)8(<#<.H*
"&)H(<.$#%'.H*<.*8#%#"&*6*$#XJ*ZD.*#'8.$)#)*"&)*5%6A"=W%,<.*+&<)G.<."(%%G<:""6*l"&"#mI**].*<(".*ZD.*
'&Hj#$D)#*X$.X#$#)*
,\_*
*
.).7#H*&*"'bH8.$.H*<.*lg#$#%.*<.*8#%#"&*7.W"'#<&*"&)*%5%$3%.(%9"+]"?D'8.H*6*R#LL#DL*:EE\5I**
-(.)8$#H*ZD.*'&H*1."D#)#*H&X'#)*.'*?D7&*<.'*8#%#"&*H&%$.*'&H*X#$8("(X#)8.H*6*HD*X#$#L.7#'(#*
#)8.H*<.*8&7#$*'#*l%5%$3%.(%9!"'&H*"?#7#).H*07#CD#*l8&7#)*8#%#"&*.)*"&7%()#"(K)*"&)*G%*<(D"
=b<&)/%:"5"%5%$3%.(%9-""G&H*"?#7#).H*G#7(H8#*LD7#)*C$#)<.H*"(C#$$&H*<.*8#%#"&*l#*'#*T.W*ZD.*
()C(.$.)*<(T.$H&H*#'D"()KC.)&H;*"&7&*W%,<.*+&<)G.<."(%%G<9!"7(.)8$#H*ZD.*'&H*"?#7#).H*<.*'&H*
-#"?(C.)C#*l'&C$#)*D)*TD.'&*.98N8("&*%.%(.)<&*gDC&*L$b&*<.*8#%#"&A*#D)ZD.*.)*&"#H(&).H*8#7%(J)*
8&7#)*%5%$3%.(%*6III*()(%"=J&5*$&)Q5/),:9-""G&H*#6#?D#HZD.$&H*sD(g&H*sD("?D#*H&X'#)*.'*?D7&*<.'*
8#%#"&*H&%$.*'#*X&"(K)*<.*%5%$3%.(%"6*'#H*X.$H&)#H*ZD.*X#$8("(X#)*.)*'#*".$.7&)(#;*6*#*
"&)8()D#"(K)*LD7#)*8#%#"&*<D$#)8.*.'*8(.7X&*ZD.*<D$#)*'&H*.L."8&H*<.*'#*X&"(K)*+088;*)&*
XD%'("#<&5I**1#7%(J)*H.*LD7#*8#%#"&*<D$#)8.*'#H*H.H(&).H*<.*%5%$3%.(%"<.*'&H*()<(&H*](&)#*6*
]."&6#*<.*V"D#<&$*+f("d.$H*6*Y'&c7#)*:EF>5I**@.*L&$7#*X#$."(<#;*.)*-J9("&*.'*8#%#"&*HD.'.*
#"&7X#`#$*'#H*".$.7&)(#H*<.'*GA5)*/".)8$.*'&H*2D("?&'.H*+]"?#.L.$*:EE,#5;*#'*(CD#'*ZD.*.'*DH&*<.*
'&H*?&)C&H*.)8.KC.)&H*.)8$.*'&H*-#W#8."#H*+088;*)&*XD%'("#<&5I*
V9(H8.)*X&"&H*.H8D<(&H*H&%$.*'#H*"&)H."D.)"(#H*L#$7#"&'KC("#H*<.*7.W"'#$*)("&8()#*"&)*'#H*
#$%&'()#H;*#D)ZD.*H.*?#*HDC.$(<&*'#*X$.H.)"(#*<.*#'"#'&(<.H* "#$%&'b)("&H*.)*.'*?D7&*<.'*
8#%#"&*X#$#*.9X'("#$*'&H*.L."8&H*T(H(&)#$(&H*<.*.H8#*<$&C#*+r#)(C.$*6*@&%d()*<.*Rb&H*:E_/5I**Y&$*'&*
C.).$#'*)&*H.*T#'&$#*<.7#H(#<&*'#*X&8.)"(#*T(H(&)#$(#*<.'*8#%#"&*XD$&*H()*#<D'8.$#$;*#*<(L.$.)"(#*
<.*'&H*X$&<D"8&H*<J%('.H*6*<.C.).$#<&H*ZD.*H.*.)"D.)8$#)*#"8D#'7.)8.*.)*.'*"&7.$"(&I**
4(.$8#7.)8.*H.*).".H(8#*()T.H8(C#$*7NH*X$&LD)<#7.)8.*.H8.*#<(8(T&*<.*'#*%5%$3%.(%-""@.*?."?&;*'#*
7(H7#*X$.H.)"(#*<.'*8#%#"&*"&7&*<$&C#*"?#7N)("#*.)*B7J$("#*XD.<.*?#%.$*"&)8$(%D(<&*#*
."'(XH#$*HD*$.'#"(K)*"&)*/%"%5%$3%.(%-""R.#'7.)8.;*.'*8#%#"&*.H*'#*<$&C#*"?#7N)("#*LD)<#7.)8#'*
.)*'#*"&H7&T(H(K)*<.'*"?#7N)*#7.$("#)&*+U('%.$8*:EE:5I**V'*X$&X(&*U('%.$8*?(W&*.'*H(CD(.)8.*
"&7.)8#$(&*H&%$.*'&H*()<(&H*qNX#$&v*'&H*"?#7#).H*l8&7#)*%5%$3%.(%"=W%,<.*+&<)G.<."(%%G<:*X#$#*
T.$*7.g&$;*X.$&*"$..)*ZD.*HD*#D8J)8("&*X&<.$*<.$(T#*<.'*8#%#"&mI**V)8$.*'&H*C$DX&H*sD("?D#*<.'*
V"D#<&$*#7#WK)("&;*.'*#HX($#)8.*#*"?#7N)*<.%.*8&7#$*"#)8(<#<.H*"&)H(<.$#%'.H*<.*gDC&*<.*
8#%#"&*#)8.H*<.*X#H#$*#'*#X$.)<(W#g.*"&)*%5%$3%.(%"=;/%&(P,*:EE\5;*<.*7&<&*ZD.*'#*()C.H8(K)*<.*
8#%#"&*H.*?#''#*D)(<#*#'*#X$.)<(W#g.*"?#7N)("&*#*'&*'#$C&*<.*8&<#*'#*B7#W&)(#*+]"?D'8.H*6*R#LL#DL*
:EE,5I*
*
C:1D:'1M"<.%(<&*.)*X#$8.*#*'&H*.L."8&H*H&X&$bL.$&H*<.*'&H*.98$#"8&H*<.*W%,<.*+&<)G.<."(%%G<!"'&H*
]?D#$*+PD$H8*:E_/A*RDHH&*:EE,5;*'&H*RD)#*+j&?)*:EE,5*6*'&H*sD(g&H*sD("?D#*+088;*)&*XD%'("#<&5*<.*
V"D#<&$*#`#<.)*?&g#H*<.'*#".%&*R/+Q"?3%5%.%*+]?.7'D"d*:E_E5*#*HDH*X&"(&).H*<.*%5%$3%.(%"
+]"?D'8.H*:E_,<A*]"?D'8.H*6*R#LL#DL*:EE\5I**G&H*()<(&H*]?D#$*6*sD("?D#*8#7%(J)*D8('(W#)*'#H*
()LDH(&).H*<.*?&g#H*<.*?3%53.%"X#$#*"&7%#8($*.'*<&'&$*<.*"#%.W#*+RDHH&*:EE,5I**V)*V"D#<&$;*'#*
()LDH(K)*<.*?3%53.%*H.*8&7#*"&)*'#*%5%$3%.(%"X#$#*l"&)8$#$$.H8#$*HD*H#%&$*#7#$C&m;*lX#$#*
X$.T.)($*'#*$.H#"#m*6*lX#$#*&%8.).$*LD.$W#H*X#$#*8$#8#$*"&)*'#*%5%$3%.(%9"+]"?D'8.H*6*R#LL#DL*
:EE\5I**B)8(CD#7.)8.*H.*"D'8(TK*?3%53.%""&)*L().H*"&7.$"(#'.H*.)*'#H*7(H(&).H*<.*'&H*g.HD(8#H*6*.)*
D)#*"$K)("#*<.'*H(C'&*^fQQ*H.*7.)"(&)#*.'*DH&*<.*'#*?3%53.%""&7&*#<(8(T&*<.*D)#*X&"(K)*ZD.*
"&)8.)b#*8#7%(J)*<(T.$H#H*.HX."(.H*<.*W%,<.*+&<)G.<.!"W&3?'%,.<%"5*
,\F*
*
@<()*<%,%"+]"?D'8.H*:E_E5I**V)*'#H*?&g#H*<.*D)#*T#$(.<#<*B"?D#$*<.*'#*?3%53.%!"G/%,8#*
.7X#$.)8#<&*"&)*.'*"&)&"(<&*.H8(7D'#)8.*HD<#7.$("#)&*7#8.*+.H"$(8&*8#7%(J)*'%*AS"R/+Q"
G%&%?3%&<+,.<.S"8#7%(J)*.H"$(8&*R/+Q"G%&%?3%5+,.<.")"R-"G%&%?3+,.<.:!"6*<.'*6#DX&)*)&$8.#7.$("#)&*
=R/+Q"7)'<*)&<%:!"H.*?#*<.8.$7()#<&*D)*"&)8.)(<&*<.'*_;/a*<.*"#L.b)#;*'&*ZD.*'#*"&)T(.$8.*.)*'#*
X'#)8#*<.*7#6&$*"&)8.)(<&*"#L.b)("&*<.H"D%(.$8#*?#H8#*'#*L."?#I**].*?#*&%H.T#<&*ZD.*'&H*DHD#$(&H*
B"?D#$*<.*.H8#*T#$(.<#<*<.*?3%53.%*H.*X$&T&"#)*TK7(8&H*$(8D#'.H*<.HXDJH*<.*8&7#$'#*X&$*'#*
7#`#)#*X#$#*.T(8#$*D)*.L."8&*.9".H(T#7.)8.*.H8(7D'#)8.*+G.c(H*+*"%/-":EE:5I**@.*L&$7#*H(7('#$;*
.)8$.*'&H*()<(&H*4?.$&d..*<.*O&$8.#7J$("#*H.*D8('(W#%#*.'*6#DXK)*)"R/+Q"7)'<*)&<%""&7&*
l#'D"()KC.)&m*X#$#*lX$&T&"#$*.'*J98#H(Hm;*ZD(.).H*8#7%(J)*DH#%#)*LD.$8.H*()LDH(&).H*<.*'#H*?&g#H*
X#$#*X$&T&"#$H.*.'*TK7(8&*.)*D)*#"8&*<.*XD$(L("#"(K)*$(8D#'*+2#7.'*6*4?('8&Hd.6*:E_M5I**VH8#*
.HX."(.*&$(D)<#*<.*O&$8.#7J$("#*8#7%(J)*"&)8(.).*"#L.b)#*+Y&c.$H*6*4?.H8)D8*:E:E5;*<.*7&<&*
ZD.*gD)8&*#*R-"%'8<?3%"H&)*'#H*S)("#H*.HX."(.H*<.*R/+Q"ZD.*"&)8(.).)*.H8.*#'"#'&(<.*+3&?()"*+*"%/-"
:E__5I**]()*.7%#$C&;*'&H*.L."8&H*ZD.*6&*XD<.*.9X.$(7.)8#$*8&7#)<&*D)#*7.W"'#*<.*
?3%53.%x%5%$3%.(%"ZD.*7.*X$.X#$K*D)*#6#?D#HZD.$&*sD(g&H*sD("?D#*LD.$&)*%#H8#)8.*
H&X&$bL.$&H;*H()*.L."8&H*T(H(&)#$(&H*&*.)8.KC.)&HI**].*?#*T(H8&*$."(.)8.7.)8.*ZD.*&8$#*<$&C#*ZD.*
"&)8(.).*"#L.b)#;*#%3//<,<%"5)()!"".$"#)#*8#9&)K7("#7.)8.*#'*L#7&H&*.H8(7D'#)8.*?3%&%,D"
=#%3</<,<%"(3G%,%"7%&-".)&8</<.S*]"?D'8.H*:E>,A*]"?D'8.H*:EF/#A*]"?D'8.H*6*R#LL#DL*:EE,5;*.H*D8('(W#<#*
X&$*'&H*()<(&H*](&)#*"&7&*#<(8(T&*<.*'#*%5%$3%.(%"+G#)C<&)*:EF/5I**O&*H.*?#*$.#'(W#<&;*H()*
.7%#$C&;*)()CS)*.H8D<(&*H&%$.*'#*()8.$#""(K)*.)8$.*'#*"#L.b)#*6*'#H* "#$%&'()#HI**G&H*()<(&H*4#7X#*
6*3#$#H#)#*#L(#<.)*#*'#*%5%$3%.(%"?&g#H*<.*J&5*$&)Q5/3'"()(%"7%&-"<G%1U!"%DH"#)<&*
.T(<.)8.7.)8.*.'*.L."8&*.H8(7D'#)8.*ZD.*X$&X&$"(&)#*HD*"&)8.)(<&*.)*"&"#b)#*+2&'7H8.<8*+*"%/-"
:E_FA*]"?D'8.H*:EF:A*U('%.$8*:EF_5I*
*
EF-"-/:1D:'1M" H.*H#%.*ZD.*<(T.$H&H*C$DX&H*()<bC.)#H*<.*4&'&7%(#*6*V"D#<&$;*.)8$.*'&H*ZD.*H.*
.)"D.)8$#)*'&H*j&LN);*](&)#;*Q)C#)&;*RD)#*6*]?D#$;*#`#<.)*#*HDH*X$.X#$#<&H*<.*%5%$3%.(%"'#*
"&$8.W#;*?&g#H*6*$#b".H*<.*W&3,0+/.<%"?&%,1<0/)&%!"W-"?&%,1<L'&$#*.38.G-".($3/*+.<<"+"&)&"(<#*.)*
ZD."?D#*"&7&*($<&<?3%53.%")"($<&<(.%,%,$):!"%.4*"&7&*'#H*?&g#H*<.*W-"($<&<(%.G<"+j&?)*:EE,A*
G#)C<&)*:EF/A*Y'&c7#)*:E__A*]"?D'8.H*6*R#LL#DL*:EE\A*]"?D'8.H*6*R#LL#DL*:EE,5I**B<.7NH;*'&H*
()<(&H*j&LN);*-#(*2D)#;*](&)#*.*Q)C#)&*D8('(W#);*#'*(CD#'*ZD.*&8$&H*C$DX&H*()<bC.)#H*"&'&7%(#)&H*6*
."D#8&$(#)&H*<.'*YD8D7#6&;*'#*W&3,0+/.<%"($<*<(%.G<"H&'#*"&7&*.)8.KC.)&*+TJ#H.*BXJ)<(".*BA*
3.''(.$*:EF/A*Y'&c7#)*:E__A*]"?D'8.H*6*R#LL#DL*:EE\A*]"?D'8.H*6*R#LL#DL*:EE,5;*6*'&H*()<(&H*j&LN)*.*
Q)C#)&*'#*"&)H(<.$#)*7.g&$*ZD.*'#*($<&<?3%53.%"+]"?D'8.H*:EFM#5I**@.*L&$7#*#)N'&C#;*'&H*()<(&H*
j&LN)*6*](&)#!]."&6#*'#*D8('(WN)*8#7%(J)*H&'#*"&7&*.)8.KC.)&*+]"?D'8.H*6*R#LL#DL*:EE\5I**G#*
"&7X&H("(K)*ZDb7("#*<.*.H8.*7(H8.$(&H&*CJ).$&*<.*'#H*H&'#)N".#H*.H*8&<#Tb#*%#H8#)8.*<.H"&)&"(<#*
+TJ#H.*BXJ)<(".*B5*6*)&*H.*?#)*$.#'(W#<&*8#7X&"&*.H8D<(&H*H&%$.*'#H*X&H(%'.H*()8.$#""(&).H*.)8$.*
'&H*.98$#"8&H*<.*'#H*.HX."(.H*1+"W&3,0+/.<%"6*'&H*<.*W%,<.*+&<)G.<."(%%G<-""G#*"&)&"(<#*7.<("()#*
X&XD'#$*%$#H('.`#*'%,%(D!"<.*?."?&*'#*$#bW*<.*W&3,0+/.<%"3,<0/)&%!"?#*H(<&*D8('(W#<#*8#7%(J)*"&7&*
.7%$(#C#)8.*"?#7N)("&*6;*#'*(CD#'*ZD.*&8$#H*.HX."(.H*<.*W&3,0+/.<%!"ZD.*H&)*D8('(W#<#H*.)*'#H*
X&"(&).H*<.*%5%$3%.(%!""&)8(.).*D)#*"D7#$()#*''#7#<#*.H"&X&'.8()#*+-&$H*6*R(%.($&*:EM_A*
Y'&c7#)*:E__A*]"?D'8.H*6*2&L7#))*:EF\5I*
,\E*
*
5:184&M"&8$&*C$DX&*(7X&$8#)8.*<.*#<(8(T&H*<.*'#*%5%$3%.(%"'&*"&)H8(8D6.)*'#H*.HX."(.H*<.'*CJ).$&*
W&3?'%,.<%"<.*'#*L#7('(#*<.*'#H*H&'#)N".#HI**VH8#H*X'#)8#H*H.*"&)&".)*.)*V"D#<&$*"&)*.'*)&7%$.*
<.*$3%,*)!"$3%,*3(")"$3%,136"=B$%,?)"+*"%/-":EF>A*j&?)*:EE,A*R.()%.$C*:E,:5I**G&H*()<(&H*
]?#$#)#?D#;*Q)C#)&*6*](&)#*<.*'#*B7#W&)(#*#`#<.)*?&g#H*<.*W&3?'%,.<%".3%7+)/+,."#*'#*
%5%$3%.(%!"7(.)8$#H*ZD.*.)*G&$.8#;*Y.$S;*H.*D8('(W#)*'#H*?&g#H*<.*W-"<,.<?,<.-""1#7%(J)*H.*D8('(W#)*
<.*L&$7#*?#%(8D#'*'#H*?&g#H;*8#''&H;*H.7(''#H*6*'#H*?&g#H*"#'"()#<#H*<.*&8$#H*.HX."(.H*<.*W&3?'%,.<%"
+G#)C<&)*:EF/A*]"?D'8.H*6*R#LL#DL*:EE\A*]"?D'8.H*6*R#LL#DL*:EE,5I**VH*%#H8#)8.*X$&%#%'.*ZD.*'&H*
()<(&H*]?D#$*<.*V"D#<&$*D8('(".)*'#H*W&3?'%,.<%".)*'#*X$.X#$#"(K)*<.*'#*X&"(K)*<.*%5%$3%."#*
+G&"dc&&<*:E_E5I**Y&$*HD*X#$8.;*H.*?#*T(H8&*ZD.*'&H*()<(&H*](&)#*6*]."&6#*<.*V"D#<&$*D8('(W#)*'#*
W&3?'%,.<%"p-"<,.<?,<."H&'#*"&7&*.)8.KC.)&*&*7.W"'#<#*"&)*'#*%5%$3%.(%"+f("d.$H*6*Y'&c7#)*
:EF>5I**G#H*.HX."(.H*<.'*CJ).$&*W&3?'%,.<%""&)&"(<#H*.)*"#H8.''#)&*"&7&*L'&$(X&)<(&H;*H&)*X&$*Hb*
H&'#H*X&8.)8.H*.)8.KC.)&H*+TJ#H.*BXJ)<(".*B;*3$(H8&'*:E//%5;*<.H"&)&"(J)<&H.*'#H*X&H(%'.H*
()8.$#""(&).H*<.*'&H*#'"#'&(<.H*8$&XN)("&H*ZD.*"&)8(.).)*"&)*'#H******
"#$%&'()#H*<.*W%,<.*+&<)G.<."(%%G<-""1#7%(J)*H.*?#*7.)"(&)#<&*.'*DH&*<.*<(T.$H#H*.HX."(.H*<.*
L%*3&%""&7&*#<(8(T&*#*'#*%5%$3%.(%*+R.("?.'!@&'7#8&LL*:E_M5;*X.$&*.)*.H.*8$#%#g&*H.*?#".*
$.L.$.)"(#*H()*<D<#*#*l'#H*.HX."(.H*#$%K$.#H*<.*L%*3&%9!"ZD.*.H*.'*)&7%$.*ZD.*$."(%b#)*
#)8(CD#7.)8.*'#H*.HX."(.H*<.*W&5?'%,.<%-*
*
2G-4->&'$G->("'&'M"'&H*()<(&H*-#dD)#*<.*4&'&7%(#*#`#<.)*#*'#*%5%$3%.(%"'#H*?&g#H*7#"?#"#<#H*
<.*[%/)3+*<%"*%'%23%&<,%"6x&*8#%#"&*+]"?D'8.H*:E/\A*]"?D'8.H*:EF_#A*]"?D'8.H*6*2&L7#))*:EF\A*
]"?D'8.H*6*R#LL#DL*:EE\A*U('%.$8*:EF_5I**VH8#*;G)(5,%(+%+"=/%*7(H7#*L#7('(#*<.*'#*+8)F%!"
C%8+&,%,*$+"<8)?%S"TJ#H.*BXJ)<(".*B5*X$N"8("#7.)8.*)&*?#*H(<&*.H8D<(#<#*<.H<.*.'*XD)8&*<.*T(H8#*
ZDb7("&;*X.$&*H(*ZD.*H.*?#)*?#''#<&*#'"#'&(<.H*.)*[-"8+(23%+&*<%,%!"?#%(J)<&H.*?#''#<&*8#7%(J)*
#'"#'&(<.H*.H8.$&b<("&H*.)*T#$(#H*.HX."(.H*<.*[%/)3+*<%!".)8$.*'#H*ZD.*X&<.7&H*"(8#$*-*
*%'%23%&<,%"+3(HH.8*:EE,%A*]"?D'8.H*6*R#LL#DL*:EE\5I**1#7%(J)*H.*?#*7.)"(&)#<&*.'*DH&*<.*D)#*
.HX."(.*)&*(<.)8(L("#<#*<.*C%8+&,%+'),*%,%"+TJ#H.*BXJ)<(".*B5*"&7&*#<(8(T&*+]"?D'8.H*6*
2&L7#))*:E_E5;*#'*(CD#'*ZD.*<&H*.HX."(.H*X&"&*"&)&"(<#H*<.*'#*L#7('(#*<.*'#H*;G)(5,%(+%+!*
[%,1+7<//%".(%8&%"5"><'%*%,*$3.".3(338%"+GD)#*:EF>%A*GD)#*6*B7#$()C&*:EE:5;*'#*X$(7.$#*<.*'#H*
"D#'.H*.H*DH#<#*.)*.8)&C()."&'&Cb#*X&$*'&H*()<(&H*j#6#XK*<.'*3$#H('*+V'(H#%.8Hd6*6*Y&H.6*:EFE5I**
1#7%(J)*H.*?#*()L&$7#<&*<.'*DH&*ZD.*?#".)*'&H*()<(&H*Q)C#)&*<.*4&'&7%(#*<.*'#*B7#$#)8?#".#.*
;/*+&,%,*$+&%"/+$'%&'<<""&7&*#<(8(T&*#*'#*%5%$3%.(%"+D)*DH&*<.'*ZD.*8#7%(J)*H.*8(.).*)&8("(#*
.)8$.*'&H*()<(&H*](&)#A*nH"N8.CD(*:EME5;*.HX."(.*"D6#*ZDb7("#*.H*#S)*%#H8#)8.*<.H"&)&"(<#*
+]"?D'8.H*6*2&L7#))*:EF\A*]"?D'8.H*6*R#LL#DL*:EE\5I**08$#*X'#)8#*<.*'#*7(H7#*L#7('(#;*D)#*.HX."(.*
)&*(<.)8(L("#<#*1+"R&+.<,+!"?#*H(<&*<.H"$(8#*"&7&*#<(8(T&*<.*'#*%5%$3%.(%"+]"?D'8.H*6*2&L7#))*
:E_E5A*#'*(CD#'*ZD.*H.*"&)&".*.'*DH&*<.*&8$#*.HX."(.*<.*Q$.H().*"&7&*#<(8(T&*<.*'#*X&"(K)*#)<()#*
"(7&$#;*X$.X#$#<#*#*%#H.*<.'*"#"8&H*C&<($)(+&+3."G%($%,)<"+TJ#H.*4#Xb8D'&*:A*]"?D'8.H*6*2&L7#))*
:EF\5I**-"j.$7#*6*HDH*"&'#%&$#<&$.H*?#)*()L&$7#<&*<.'*N)#'(H(H*<.*8$.H*lX'#)8#H*X&"&*"&$$(.)8.H*
D8('(W#<#H*"&7&*#<(8(T&Hm*.)*'#H*X&"(&).H*<.*%5%$3%."#*X.$D#)#Hv*'#*"&$8.W#*<.*;83*%"?&%,1<0)/<%"
+D)#*"&)&"(<#*[+,<.G+&'%(+%+"D8('(W#<#*
,:\*
*
.)*'#*.'#%&$#"(K)*<.*T.).)&*X#$#*L'."?#HA*3(HH.8*:EE,%A*]"?D'8.H*6*R#LL#DL*:EE\A*8#7%(J)*D8('(W#<#*
X&$*#'CD)&H*C$DX&H*."D#8&$(#)&H*"&7&*$.7.<(&*X#$#*.'*<&'&$*<.*"#%.W#A*RDHH&*:EE,5;*'#H*?&g#H*<.*
C+/<).*%($5%"/%,(+)/%*%"7%&-"(&<.G%"+C.).$#'7.)8.*H.*D8('(W#)*HDH*$#7#H*"&7&*#<(8(T&;*7(.)8$#H*ZD.*
'#H*?&g#H*H.*8&7#)*H.X#$#<#7.)8.*.)*L&$7#*<.*()LDH(K)*.)8.&CJ)("#A*]"?D'8.H*:E_,"A*]"?D'8.H*6*
R#LL#DL*:EE\5;*6*L()#'7.)8.*'#H*?&g#H*<.*B)&,3*<%")1)&%*%-""@.*8&<#H*.''#H;*HK'&*'#*X$(7.$#*"&)8(.).*
#'"#'&(<.H*+-"j.))#*+*"%/-":EF>#5I**O#8D$#'7.)8.;*HK'&*X&<.7&H*.H8#%'.".$*"&)g.8D$#H*H&%$.*'#*
()8.$#""(K)*<.*.H8#H*X'#)8#H;*"D6#*"&7X&H("(K)*ZDb7("#*<.H"&)&".7&H;*"&)*'&H*#'"#'&(<.H*<.*
W%,<.*+&<)G.<.-""G&H*()<(&H*]?#$#)#?D#*#<("(&)#)*'&H*$(W&7#H*XD'T.$(W#<&H*<.*D)#*.HX."(.*<.*
B5G+&3."+ZD.*XD.<.*.H8#$*()L."8#<#*X&$*.'*?&)C&*W%/%,.<%"(5G+&<"X$&<D"8&$*<.*#'"#'&(<.H*
.$C&'b)("&HA*+TJ#H.*4#Xb8D'&*,;*O&8#*>5*#*'#*%5%$3%.(%"+]"?D'8.H*6*R#LL#DL*:EE\5I**V)*"&)"$.8&*
XD.<.*8$#8#$H.*<.*'#*.HX."(.*B5G+&3."G&)/<Q3."+-"j.))#*+*"%/-":EF/5I**V)*.'*Y.$S*H.*D8('(W#*'#*X'#)8#*
B%/%*$+%"7+<*($<%,%""&7&*#<(8(T&*#*'#*%5%$3%.(%"+]"?D'8.H*:E_,"A*]"?D'8.H*6*2&L7#))*:E_EA*
]"?D'8.H*6*R#LL#DL*:EE\5I**@&H*.HX."(.H*<.*?.'."?&H;*K5?)1<3'"7+,3.*3'"+'&H*-#6#H*2D#H8."#H*<.*
-J9("&*D8('(W#)*#*GI*'+Q<(%,3'"X&$*HDH*X$&X(.<#<.H*XH("&#"8(T#H*X#$#*8$#8#$*'#*'&"D$#A*B'"&$)*
:EF>5*6*K-")'%&<)G.<."6%G3&+,.<."+D8('(W#<&*X&$*'&H*()<(&H*sD(g&H*sD("?D#*X#$#*"&7%#8($*'#H*
?.7&$$#C(#H*X&H8!X#$8&*6*"&7&*#%&$8(T&*X&$*'&H*RD)#*<.*V"D#<&$;*'&*ZD.*X#$.".*()<("#$*'#*
X$.H.)"(#*<.*#'"#'&(<.H*.$C&'b)("&HA*GI*,<?&)G%/%*+%".H*D8('(W#<&*X&$*'&H*()<(&H*-#dS*"&7&*
?.7&H8N8("&;*HDC($(.)<&*<.*)D.T&*'#*X$.H.)"(#*.)*'#*X'#)8#*<.*#'"#'&(<.H*.$C&'b)("&H*
T#H&"&)H8$("8&$.HA*j&?)*:EE,A*-#$'.H*+*"%/-":EFFA*]"?D'8.H*6*R#LL#DL*:EE\5;*H&)*D8('(W#<#H*"&7&*
#<(8(T&H*<.*'#*%5%$3%.(%"+]"?D'8.H*6*2&L7#))*:E_E5I**V'*X$(7.$&*<.*.''&H*.H*D8('(W#<&*X&$*'&H*jD'()#*
6*'&H*]?#$#)#?D#*X#$#*l?#".$*7NH*LD.$8.*'#*%.%(<#m*+]"?D'8.H*6*R#LL#DL*:EE\5I**].*?#*T(H8&*8#7%(J)*
ZD.*&8$#*X'#)8#;*#$&5?</%,*$3."+3?+,<)<<.H;*X.$8.)."(.)8.*#*'#*7(H7#*L#7('(#*ZD.*.'*7DJ$<#C&;*?#*
H(<&*D8('(W#<#*X&$*<&H*C$DX&H*()<bC.)#H*X.$D#)&H;*ZD(.).H*?(.$T.)*'#H*?&g#H*gD)8&*#*'#*%5%$3%.(%"&*
%(.)*8&7#)*.'*gDC&*<.*'#*X'#)8#*7.W"'#<&*"&)*'#*%5%$3%.(%"+]"?D'8.H*6*2&L7#))*:E_EA*]"?D'8.H*6*
R#LL#DL*:EE\5I**G&H*()<(&H*]?#$#)#?D#*8#7%(J)*HD.'.)*7#H"#$*D)#*&*<&H*?&g#H*<.*#'CD)#*.HX."(.*
<.'*CJ).$&*B/3.<%"<D$#)8.*D)#*H.H(K)*<.*%5%$3%.(%!"#D)ZD.*#*T.".H*'#H*?(.$T.)*<($."8#7.)8.*"&)*
'#*%5%$3%.(%"+]"?D'8.H*6*2&L7#))*:E_EA*]"?D'8.H*6*R#LL#DL*:EE\5I""C)7)'<*%"HXI*<.*'#*L#7('(#*<.*'#H*
X3**<0+&%+"8#7%(J)*H.*DH#*"&7&*#<(8(T&*.)*.'*Y.$S*+GD)#*:EF>%5I**V)8$.*'&H*<(T.$H&H*#<(8(T&H*<.*'#*
%5%$3%.(%".)"&)8$#7&H*8#7%(J)*#*'#*7.)8#*I(<'3'"'<(&%,*$3'"+D8('(W#<#*.)*L&$7#*<.*
<."&""(K)*X&$*'&H*).C$&H*[#$bLD)#*<.*[D#8.7#'#*"&7&*#)8(?.'7b)8("&*6*#)#'CJH("&*6*"&7&*
$.7.<(&*.)*X.<(#8$b#*.)*-J9("&A*B'"&$)*:EF>A*[($K)*+*"%/-":EE:A*q#7&$#!-#$8b).W*6*O(.8&*<.*
Y#H"D#'*Y&'#*:EE,5*6*'&H*"#"8&H*JG<G$5//3'"HXI*6*0XD)8(#*HXI*+]"?D'8.H*6*2&L7#))*:E_E5I**G&H*
]?#$#)#?D#*#`#<.)*lD)#*H&'#*?&g#m*<.*JG<G$5//3'"#*'#*X&"(K)*l&*8&7#)*.'*gDC&*H()*?.$T($*<.'*
"#"8&H*gD)8&*"&)*'#*%5%$3%.(%"+]"?D'8.H*6*R#LL#DL*:EE\5I**1#7%(J)*H.*'.H*?#*T(H8&*#`#<($*#*'#*
%5%$3%.(%".HX."(.H*<.'*CJ).$&*IG3,*<%!"?#"(.)<&*ZD.*l'&H*.L."8&H*H.#)*7D6*LD.$8.Hm*+]"?D'8.H*6*
R#LL#DL*:EE\5I**B'*(CD#'*ZD.*&8$#H*.HX."(.H*<.*IG3,*<%!"I-".G<,).<)&""&)8(.).*X.ZD.`#H*"#)8(<#<.H*
<.*7.H"#'()#*6*&8$&H*#'"#'&(<.H*+TJ#H.*4#Xb8D'&*:A*-#*+*"%/-":EF/A*Y#$<#)#)(*+*"%/-":E_F5I**1#7%(J)*
H.*?#)*.)"&)8$#<&*#'"#'&(<.H*.)*II*(/%7%*%"+f#)<.$T..)*+*"%/-":E_>5I**@(T.$H&H*l$D7&$.H*
X.$H(H8.)8.Hm*?#)*#H&"(#<&*.'*DH&*
,::*
*
<.*'#H*?&g#H*<.*X,+*3'",)1<0/)&3'""&)*'#*%5%$3%.(%".)*.'*f#DXJH*"&'&7%(#)&*+]"?D'8.H*6*R#LL#DL*
:EE\5;*H.`#'#)<&*#'CD)&H*#D8&$.H*ZD.*.H8#*"&)LDH(K)*X&<$b#*<.$(T#$H.*<.*8&7#$*'#*T#$(.<#<*<.*
W%,<.*+&<)G.<."(%%G<"ZD.*X$.H.)8#*)D<&H*.)*.'*8#''&*X&$*X,+*3'",)1<0/)&3'"+@gI**-"j.))#*:EE,5I**
X,+*3'",)1<0/)&3'"H.*D8('(W#*.)*.8)&7.<("()#*"&7&*#)8(!()L'#7#8&$(&*+]"?D'8.H*:EFM#5I**n)#*
X'#)8#*".$"#)#*#'*CJ).$&*#.5($)*&<%!*N31?+%"&+*<0)/<%!"?#*H(<&*DH#<#*X$&%#%'.7.)8.*"&7&*#<(8(T&*
.)*Y.$S*+]"?D'8.H*6*R#LL#DL*:EE\5;*#'*(CD#'*ZD.*'#*$D%(N".#*B%/5()G$5//3'".G'(+%,3'"+GD)#*
:EF>#5I**08$#H*$D%(N".#H*D8('(W#<#H*H&)*X3+**%&1%"0+&)Q"5"O,(%&<%"?3<%,+,.<."+-"j.))#"+*"%/-"
:EF/5;*<.'*7(H7&*7&<&*ZD.*.'*L$D8&*<.*E%8<(+%"%'%d),+,.<."+2DC?!r&).H*:E_EA*]"?D'8.H*6*R#LL#DL*
:EE\A*]"?D'8.H*6*R#LL#DL*:EE,5I**E%8<(+%"1<7+&.<0)/<%"H.*D8('(W#*.)*-#<#C#H"#$*"&7&*$.7.<(&*
.8)&7.<("()#'*"&)8$#*'#*<(H.)8.$(#*+3.#Dg#$<*:EFF5I**R."(.)8.7.)8.*H.*?#*()L&$7#<&*<.'*DH&*<.*'#*
'.CD7()&H#*W%3$<,<%"?3<%,+,.<.""&7&*#<(8(T&*.)*Y.$S*+GD)#*6*B7#$()C&*:EE:5;*6*"&7&*$.7.<(&*
X#$#*'#H*#L.""(&).H*C#H8$&()8.H8()#'.H*.)*f.).WD.'#*+3&&7*6*-&.H8'*:EE\5*6*8#7%(J)*.7X'.#<#*.)*
.8)&C()."&'&Cb#*X&$*'&H*j#6#XK*<.*3$#H('*+V'(H#%.8Hd6*6*Y&H.6*:EFE5I**08$#H*'.CD7()&H#H*D8('(W#<#H*
"&7&*#<(8(T&H*H&)v*B%+.%/G<,<%"+($<,%*%!"B%//<%,1&%"%,?3.*<0)/<%!"B%'G.<%,1&%"/%3/<0)/<%!*J&5*$&<,%"
?/%3(%!"J-"G)+GG<?<%,%!"#$<*$+(+//)8<3'"/%+*3'"5"E(/+&)8<3'".+*<0+&3'"+GD)#*:EF>#v*GD)#*:EF>%A*
-"j.))#*+*"%/-":EF/5I**].*H#%.*ZD.*'#H*.DL&$%(N".#H*>3&%"(&+G<*%&%.*5";/($)&,+%"(%.*%,%+0)/<%"?#)*
H(<&*D8('(W#<#H*"&7&*#<(8(T&H*<.*'#*X&"(K)*.)*.'*Y.$S*+GD)#*:EF>#A*GD)#*:EF>%5I**G#*S'8(7#*.H*
.HX."(#'7.)8.*()8.$.H#)8.*X&$ZD.*&8$#*X'#)8#*<.'*7(H7&*CJ).$&;*;/($)&,+%"0/)&<83,1%!"H.*
"&)HD7.*gD)8&*"&)*C%8+&,%,*$+"<8)?%"+,*hL$("#*+TJ#H.*BXJ)<(".*B;*]"?D'8.H*6*2&L7#))*:EF\5I**
G#H*H.7(''#H*<.*>3&%"(&+G<*%&%.!*H&)*T.).)&H#H*+X&)W&`&H#H5*6*HD*"&$8.W#*H.*D8('(W#*"&7&*XD$C#)8.*
6*.7J8("&*.)*'#*.8)&7.<("()#*"#$(%.`#;*.)*L&$7#*<.*<."&""(K)*+].#L&$8?*:EE:5I**QCD#'7.)8.*
()8.$.H#)8.*$.HD'8#*.'*DH&*"&7&*#<(8(T&*<.*'#*%5%$3%.(%"<.*'#*B+/%.*&%(+%+"[%5*+,3."+8+,<0)'(#;*
X'#)8#*D8('(W#<#*"&7&*X#)#".#*.)*8&<&*.'*B7#W&)#H*ZD.*"&)8(.).*L.)&'<(.)&)#H*ZD.*X&H..)*
#"8(T(<#<*L#$7#"&'KC("#*+[&)W#'.W*+*"%/-":EF,5I**1#7%(J)*.H*"&)&"(<&*.'*DH&*<.*'#*[<&<.*<(%(+%+"
b<&)/%".3&<,%'+,.<.""&7&*#<(8(T&*<.*'#*%5%$3%.(%"+GD)#*:EF>#A*TJ#H.*4#Xb8D'&*=*X#$#*7NH*
()L&$7#"(K)*H&%$.*.'*DH&*<.*'&H*X$.X#$#<&H*.)8.&CJ)("&H*<.*b<&)/%5I""08$#H*X'#)8#H*D8('(W#<#H*"&7&*
#<(8(T&H*H&)v*[),*/<($%&1<%"%&8)&+.(+,.*=;&%(+%+:S"[%,.)%"%//<%(+%!"C%8+83<%"<,(%,%!"C-"
$+*+&)G)1%"6*&8$#H*.HX."(.H*)&*(<.)8(L("#<#H*<.'*7(H7&*CJ).$&*=W<?,),<%(+%+:S"B%7%,<//+.<%"
$5/)?+<*),!"B-"3'8+//%*%!*B+<8%"G+,*%,1&%"6*X$&%#%'.7.)8.*D)#*.HX."(.*<.'*CJ).$&*o3%&%&<8+%"
=W)'8%(%(+%+:S*B%&/31)7<(%"1<7+&?+,."=B5(/%,*$%(+%+:S"B)3&)3G<*%"?3<%,+,.<."=K+(5*$<1%(+%+:S*
B)3..%G)%"*+..'%,,<<"+.7X#$.)8#<&*"&)*B-"7<//).%!""D6&*L$D8&*#X'("#<&*H&%$.*D)*<(.)8.*"#$(#<&*
X$&T&"#*HD*"#b<#A*3&&7*6*-&.H8'*:EE\5;*f<(3."<,.<G<1%!"f-"&3<d<%,%"6*&8$#*.HX."(.*)&*"&)"$.8#<#*<.'*
CJ).$&*f<(3."=[)&%(+%+:S"#+*<7+&<%"%//<%(+%*=#$5*)/%((%(+%+S"()LDH(&).H*<.*$#b".H*H.*D8('(W#)*.)*.'*
4#$(%.*"&7&*$.7.<(&*.)*.8)&C()."&'&Cb#;*6*HDH*?&g#H*H.*.7X'.#)*.)*2#(8b*X#$#*X$.X#$#$*D)*
#)8b<&8&*"&)8$#*.'*X&'T&*W&7%(L("#<&$;*@#T(H*:EF=<A*].#L&$8?*:EE:A*U&)C*:E_/A*'&H*[D#67b*<.*
Y#)#7N*D8('(W#)*'#*"&$8.W#*<.'*8#''&*6*'#H*?&g#H*.)*'#*.'#%&$#"(K)*<.*D)#*<."&""(K)*ZD.*8&7#)*.)*
".$.7&)(#H*$(8D#'.HA*r&'6*+*"%/-":EF_A*.)*3$#H(';*'#*X'#)8#*$."(%.*.'*)&7%$.*<.*0+*<($+<&%")*l7NC("#mA*
]"?7.<#!2($H"?7#))*6*@.*B$(#H*:EE\5A*C&<G/%&<.".3&<,%'+,.<.*
,:,*
*
*=#)/5?),%(+%+:"5"E()G%<<%"13/(<."=E(&)G$3/%&<%(+%+S"DH#<#*.)*.'*N$.#*<.'*4#$(%.*6*.)*-J9("&*X&$*
'&H*()<(&H*-(9.*"&7&*$.7.<(&*X#$#*'#H*#L.""(&).H*C#H8$&()8.H8()#'.HA*2.()$("?*+*"%/-":EE,A*].#L&$8?*
:EE:5I**V)*.'*4D#<$&*=*H.*.9X&).*D)#*$.'#"(K)*<.*&8$#H*X'#)8#H*7.)&H*"&)&"(<#H*D8('(W#<#H*"&7&*
#<(8(T&H*+GD)#*:EF>#A*GD)#*:EF>%5I**].*?#*7.)"(&)#<&*.'*DH&*"&7&*#<(8(T&*<.*D)#*.HX."(.*)&*
(<.)8(L("#<#*<.*Y(X.$*+]"?D'8.H*6*R#LL#DL*:EE\5I*zY&<$b#*8$#8#$H.*<.'*()C$.<(.)8.*<.'*T.).)&*X#$#*
<#$<&H*"&)&"(<&*"&)*.'*)&7%$.*<.*i))&%&%!"#<G+&"8%&*/<,?<%,3'!"<.H"$(8&*X&$*rI4I@I*T&)*]"?$.%.$*
.)*]D$()#7*.)*.'*H(C'&*^fQRQ*+3(HH.8*:EE,#5;*&*ZD(WNH*.'*HDH8(8D8&*i#)&#7N*<.'*8#%#"&*"&)&"(<&*
"&7&*$)/+$)/+"8+!"#<G+&"(&5G*)1),"+U('%.$8*:EF_5{**P()#'7.)8.;*.)*4&'&7%(#;*.'*)&7%$.*
%5%$3%.(%"8#7%(J)*H.*D8('(W#*X#$#*<.H(C)#$*#*'#*H&'#)N".#*rD#)D''&#*)($&%(+%!"D)#*"&)&"(<#*X'#)8#*
7.<("()#'*ZD.*)D)"#*?#*H(<&*"(8#<#*"&7&*#<(8(T&*<.*'#*X&"(K)*1+"%5%$3%.(%"+]"?D'8.H*:E_,"5;*X.$&*
#*'#*ZD.*'&H*()<(&H*<.'*#'8&*$b&*BX&X&$(H*#8$(%D6.)*lX$&X(.<#<.H*7NC("#Hm*+]"?D'8.H*:EFM#5I**G&*
7(H7&*XD.<.*<."($H.*<.*'#*T(&'.8#*N<,)&+%"7<&<1<0/)&%!""&)&"(<#*"&7&*%5%$3%.(%"X&$*'&H*()<(&H*
](&)#!]."&6#;*H(.)<&*X$&%#%'.*HD*DH&*.)*'#*X&"(K)*.)8.&CJ)("#*+]"?D'8.H*6*R#LL#DL*:EE\5I**@&H*
.HX."(.H*<.*N<,)&+%!"N-"8+,?%/+,.<."5"N-"'%(&)G$5//%"H.*D8('(W#)*.)*.8)&7.<("()#*.)*'#H*(H'#H*
B)<#7#)*+Bc#H8?(*:EE:5I**BD)ZD.*)&*H.*H#%.*"&)*H.CD$(<#<;*8#7%(J)*H.*?#*7.)"(&)#<&*.'*
X$&%#%'.*DH&*<.*#),*+1+*<%"()&1%*%"+X$.H.)8.*8#7%(J)*.)*O&$8.#7J$("#*<&)<.*'&H*()<(&H*-(7#"*
'#*D8('(W#)*"&7&*#)8("&)".X8(T&A*-&.$$)#)*:EF/5*"&7&*#<(8(T&*<.*'#*%5%$3%.(%"+]"?D'8.H*:E_,"5I*
*
EF1.":81$D$EF1/"&)18/1H".'*C$DX&*<.*#<(8(T&H*<.*'#*%5%$3%.(%"7.g&$*"&)&"(<&*6*.H8D<(#<&*.H*.'*
<.*'#H*X'#)8#H*ZD.*"&)8(.).)*8$(X8#7()#H;*X$()"(X#'7.)8.*'#*O;O!<(7.8('8$(X8#7()#*+-"j.))#*6*
1&c.$H*:EF>A*-"j.))#*+*"%/-":EF/5I**G&H*7NH*?#%(8D#'.H*H&)*/%"($%(&3,%")"%'<&3(%G%,?%!"
#.5($)*&<%"7<&<1<.!"6*'#*($%?&)G%,?%!"($%/<G%,?%")")()5%6A!"L<G/)G*+&5."(%8&+&%,%"+"&)&"(<#*
#)8.$(&$7.)8.*.)*'#*'(8.$#8D$#*"&7&*W%,<.*+&<)G.<."&3.8%,%S"j&?)*:EE,A*]"?D'8.H*6*R#LL#DL*:EE\5I**
V)*#7%&H*"#H&H*H.*#`#<.)*'#H*?&g#H*#*'#*X&"(K)*<.*%5%$3%.(%!"X#$#;*HDXD.H8#7.)8.;*lX&8.)"(#$*6*
X$&'&)C#$m*'&H*.L."8&H*.)8.KC.)&H*+]"?D'8.H*6*2&L7#))*:EF\5I**V)*'&H*)D7.$&H&H*.H8D<(&H*
()("(#'.H*H&%$.*'&H*#<(8(T&H*<.*'#*%5%$3%.(%"<.H8#"#%#*'#*'(#)#*#)8.$(&)).)8.*"(8#<#*W%,<.*+&<)G.<."
&3.8%,%"=[%/G<?$<%(+%+:"+]"?D'8.H*6*2&L7#))*:EF\A*]"?D'8.H*6*R#LL#DL*:EE\5I**QI*4DC*6*4D#8$."#H#H*
$."&'."8#$&)*7D.H8$#H*%&8N)("#H*<.*.H8#*'(#)#*.)*.'*YD8D7#6&*"&'&7%(#)&;*<&)<.*H.*'#*"&)&".*
"&7&*($%?&)G%,?%!")()T5%6A")"5%6AT3()-""]"?D'8.H*XD<&*<&"D7.)8#$*.'*DH&*<.*?&g#H*<.*'#*'(#)#*.)*
'#*.'#%&$#"(K)*<.*'#*%5%$3%.(%"X&$*'&H*()<(&H*-&"&#*<.*4&'&7%(#;*X#$#*#D7.)8#$*HDH*X$&X(.<#<.H*
.)8.&CJ)("#H*+4D#8$."#H#H*:E/MA*2#$).$*:E_=%A*R.("?.'!@&'7#8&LL*:E_,A*R.("?.'!@&'7#8&LL*:E_MA*
]"?D'8.H*:EM_#5I**G&H*()<(&H*]."&6#*<.*V"D#<&$*8#7%(J)*D8('(W#)*'#H*?&g#H*<.*L-"(%8&+&%,%""&)*.'*
7(H7&*L()*+f("d.$H*6*Y'&c7#)*:EF>5I**V)*D)*X$()"(X(&*H.*'#*"&)H(<.$K*&8$#*.HX."(.*<.*(%%G<!".'*
()C$.<(.)8.*X$()"(X#'*<.*'#*X&"(K)*$("&*.)*#'"#'&(<.H* "#$%&'()("&H;*X.$&*'&H*#)N'(H(H*ZDb7("&H*<.*
'#H*?&g#H*<.*L<G/)G*+&5."(%8&+&%,%"7&H8$#$&)*'#*X$.H.)"(#*<.*.'.T#<#H*"&)".)8$#"(&).H*<.*O;O!
<(7.8('8$(X8#7()#*&*@-1;*HDH8#)"(#*8$#8#<#*.)*<.8#''.*.)*.'*"#Xb8D'&*=*+Y&(HH&)*:E/M5I**1$#%#g&H*
X&H8.$(&$.H*"&)L(7#$&)*.H8&H*$.HD'8#<&H*+@.$*-#$<.$&H(#)*+*"%/-":E/F5*6*?#''#$&)*8$#W#H*<.*O!
7.8('8$(X8#7()#*
,:=*
*
*+O-15;*M!7.8&9(!O;O!<(7.8('8$(X8#7()#*+M!-.0!@-€Q5*6*M!?(<$&9(!O;O!<(7.8('8$(X8#7()#*+M!\2!
@-1*&*%DL&8.)()#5*+BCD$.''*+*"%/-":E/F%5I**1#7%(J)*H.*<.8."8#$&)*.)*'#H*?&g#H*8$#W#H*<.*O!7.8('!
8.8$#?(<$&! !"#$%&'()#*+BCD$.''*+*"%/-":E/F#5I**V)*.'*"#Xb8D'&*#)8.$(&$*8#7%(J)*H.*8$#8#$&)*'&H*
#HX."8&H*$.'#8(T&H*#*'#*L#$7#"&C)&H(#*<.*'#H*X'#)8#H*ZD.*"&)8(.).)*8$(X8#7()#HI**V)*D)*#)N'(H(H*
ZDb7("&*$."(.)8.*$.#'(W#<&*"&)*'#H*?&g#H*<.*D)*H&'&*.g.7X'#$*<.*L-"(%8&+&%,%"DH#<&*"&7&*#<(8(T&*
<.*'#*%5%$3%.(%".)*Y.$S*+<&)<.*HD*DH&*.H*X&"&*L$."D.)8.;*H(.)<&*7D"?&*7NH*"&7S)*.)*W&)#H*
H(8D#<#H*7NH*#'*)&$8.*6*#'*.H8.*.)*'#*B7#W&)(#*."D#8&$(#)#*6*"&'&7%(#)#5*H.*<.8.$7()K*'#*
X$.H.)"(#*<.*:;_>*7C*<.*@-1*X&$*C$#7&*<.*?&g#H*H."#H*+\;:_a5;*gD)8&*"&)*l"#)8(<#<.H*
.98$.7#<#7.)8.*%#g#Hm*<.*M!02!@-1*&*%DL&8.)()#*+-"j.))#*+*"%/-":EF>#5I**G#H*"&)H."D.)"(#H*
L#$7#"&'KC("#H*<.*'#*#<("(K)*<.*?&g#H*<.*L-"(%8&+&%,%"#*'#*%5%$3%.(%"H.*8$#8#$N*7NH*#%#g&I**
]"?D'8.H*?#*"(8#<&*.'*DH&*<.*&8$#*.HX."(.*$.'#"(&)#<#;*L-"<,7)/3*%"=q[+d<%*<,(/31+,.S"[#8.H*:EF,5;*
"&)&"(<#*.)*Y.$S*"&7&*%5%$3%.(%",+?&)!"HDC($(.)<&*HD*DH&*"&7&*#<(8(T&*<.*'#*%5%$3%.(%!"#D)ZD.*
)&*.9(H8.)*8$#%#g&H*#'*$.HX."8&;*)(*H&%$.*'#*"&7X&H("(K)*ZDb7("#*<.*.H8#*'(#)#*+]"?D'8.H*:EF=%5I**
Y&$*&8$&*'#<&;*'#H*?&g#H*"#'"()#<#H*<.*L-"'%&*<3.<<".$#)*DH#<#H*#)8(CD#7.)8.*X&$*'&H*()<(&H*jD%.&*
<.'*f#DXJH*"&'&7%(#)&*"&7&*#<(8(T&*<.*'#H*?&g#H*<.*"&"#*XD'T.$(W#<#H*=J&5*$&)Q5/3'"()(%"7%&-"
(X#<SA*]"?D'8.H*6*R#LL#DL*:EE\5I**[%.(%?,<%"G.</)G$5//%"7%&-"%,*<0+8/</<."=qB%//%+3'"%,*<0+8&</+S"B%8<*
G%&%+,.<.:"LD.*"&)H(<.$#<#*.)*.'*X#H#<&*D)#*"'#H.*<(L.$.)8.*<.*%5%$3%.(%"+]"?D'8.H*6*R#LL#DL*
:EE\5;*X.$&*.)*'#*#"8D#'(<#<*H.*'#*"&)H(<.$#*H.)"(''#7.)8.*D)*#<(8(T&*<.*'#*X&"(K)*+GD)#*6*
B7#$()C&*:EE'5I*
#.5($)*&<%"7<&<1<.!"<.*'#*L#7('(#*<.*'#H*N38<%(+%+"+'#*L#7('(#*<.'*"#LJ5;*.H*'#*X'#)8#*7NH*D8('(W#<#*
"&7&*#<(8(T&*.)*'#*B7#W&)(#*X.$D#)#;*."D#8&$(#)#*6*%$#H('.`#*+]"?D'8.H*6*2&L7#))*:EF\5I**
4&)&"(<#*.)*Y.$S*"&)*.'*)&7%$.*<.*($%(&3,%"6*"&7&*.%'<"&3(%*+j&?)*:EE,5*&*%'<&3(%G%,?%".)*
V"D#<&$*+-(''.$*:EE=5;*#'*(CD#'*ZD.*HD".<.*"&)*L-"RG/)G+&5."(%8&+&%,%!"H.*D8('(W#)*'#H*?&g#H*<.*.H8.*
#$%DH8&*ZD.*H.*#`#<.)*#*'#*%5%$3%.(%"X#$#*#D7.)8#$*HD*X&8.)"(#*+j.)H()C.$*:E_=A*Y$#)".*:E_\A*
Y$#)".*6*Y$#)".*:E_\A*Y$#)".*+*"%/-":E__A*]"?D'8.H*:E/E%A*U.(HH*:E_=5I**@.'*7(H7&*7&<&*ZD.*.)*
.'*"#H&*<.*L-"(%8&+&%,%!".'*X$()"(X(&*#"8(T&*7NH*(7X&$8#)8.*<.*'#*X'#)8#*<.*?&g#H*<.*#-"7<&<1<."+.*'#*
@-1*+@.$*-#$<.$&H(#)*+*"%/-":E_\5I**V)*'#H*?&g#H*<.*'#*,%<"F%i%!"D)*#<(8(T&*<.*'#*%5%$3%.(%"
D8('(W#<&*X&$*'&H*4#H?()#?D#*6*ZD.*.H*D)#*.HX."(.*)&*(<.)8(L("#<#*<.*#.5($)*&<%!"H.*?#''K*<.*D)*\;:/*
#*D)*\;,,a*<.*@-1*+@.$*-#$<.$&H(#)*+*"%/-":E_\5I**G&H*#)N'(H(H*X&H8.$(&$.H*<.*R(T(.$*6*G()<C$.)*
"&$$&%&$#$&)*.H8&H*$.HD'8#<&H*6*<.8.$7()#$&)*'#*X$.H.)"(#*<.*X.ZD.`#H*"#)8(<#<.H*<.*O-1*6*<.*
,!7.8('!8.8$#?(<$&!*****
"#$%&'()#*+-1245*+R(T(.$*6*G()<C$.)*:E_,5I**B)N'(H(H*$."(.)8.H*<.*8$.H*7D.H8$#H*<.*?&g#H*<.*#-*
7<&<1<."X$&".<.)8.H*<.'*Y.$S*?#)*<.8.$7()#<&*.L."8(T#7.)8.*ZD.*'#*@-1*.H*.'*#'"#'&(<.*
7#6&$(8#$(&;*X$.H.)8.*.)*D)#*"#)8(<#<*ZD.*&H"('#%#*.)8$.*'&H*:;\,*6*'&H*:;MF*7C*X&$*C$#7&*<.*
?&g#H*H."#H*+\;:\!\;:/a5;*.H*<."($;*)(T.'.H*'(C.$#7.)8.*()L.$(&$.H*#*'&H*<.8.$7()#<&H*.)*L-"
(%8&+&%,%"+-"j.))#"+*"%/-":EF>#5I**O&*H.*<.8."8#$&)*&8$&H*#'"#'&(<.H;*#*.9".X"(K)*<.*8$#W#H*<.*
-124*.)*D)&*<.*'&H*.HX."b7.).HI**B*T.".H*H.*?#*D8('(W#<&*'#*.HX."(.*$.'#"(&)#<#*#.5($)*&<%"
(%&*$%?<,+,.<.".)*'DC#$*<.*#-"7<&<1<.""&7&*#<(8(T&*#*'#*%5%$3%.(%!"6*H.*H#%.*ZD.*<&H*.HX."(.H*<.*
#.5($)*<<%!"#S)*X&$*<.8.$7()#$;*"&)&"(<#H*"&)*'&H*)&7%$.H*<.*8%*.<F%i%"5"G<.$<F%i%!"H&)*
D8('(W#<#H*<.'*7(H7&*7&<&*
,:>*
*
X&$*'&H*"?#7#).H*X.$D#)&H*]?#$#)#?D#*+R(T(.$*6*G()<C$.)*:E_,A*]"?D'8.H*6*R#LL#DL*:EE\5I**].*?#*
&%H.$T#<&*8#7%(J);*.)8$.*'&H*()<(&H*4#H?()#?D#;*.'*DH&*<.*<&H*.HX."(.H*)&*(<.)8(L("#<#H*<.*
#.5($)*&<%!"D)#*<.*'#H*"D#'.H;*'%*.<"F%i%!""#$."b#*<.*#'"#'&(<.H;*6*ZD.*"&)*8&<#*".$8.W#*.H*'#*
X'#)8#*"&)&"(<#*X&$*'&H*]?#$#)#?D#*"&7&*8%*.<F%i%!"'#*ZD.*.''&H*"&)H(<.$#)*()L.$(&$*+@.$*
-#$<.$&H(#)*+*"%/-":E_\5I**B*X.H#$*<.*ZD.*R(T.$*6*G()<C$.)*<.8."8#$&)*@-1*+.)*"#)8(<#<.H*
HDX.$(&$.H*#*'#H*.)"&)8$#<#H*.)*#-"7<*<1<.!*gD)8&*"&)*8$#W#H*<.*O-1*6*-1245*.)*D)#*7D.H8$#*<.*#-"
(%&*$%?<,+,.<."+P<T(.$*6*G()<C$.)*:E_,5;*.'*.ZD(X&*<.*-"j.))#*)&*XD<&*"&)L($7#$*.H8&H*
$.HD'8#<&H*#*X#$8($*<.*D)#*H&'#*7D.H8$#*<.*5%6AT($%(&3,%"<.*1#$#X&8&;*Y.$S*ZD.*?#%b#*H(<&*
(<.)8(L("#<#*lX$&T(H(&)#'7.)8.m*+#D)ZD.*)&*"&)*8&<#*".$8.W#5*"&7&*#-"(%&*$%?<,+,.<."+-"j.))#"
+*"%/-*:EF>#5I**1#7%(J)*H.*?#*()L&$7#<&*<.'*DH&*<.*#.5($)*&<%"G.5($)*&<%+0)/<%""&7&*#<(8(T&*<.*'#*
%5%$3%.(%".)*4&'&7%(#*6*V"D#<&$*+Y()d'.6*:E/EA*]"?D'8.H*:E/E#A*]"?D'8.H*:E/E%5;*?#%(J)<&H.*
<.8.$7()#<&*ZD.*"&)8(.).*@-1*+@.$*-#$<.$&H(#)*+*"%/-":E_\A*:E/E*"&7D)("#<&*&$#'*<.*@.$*
-#$<.$&H(#);*"(8#<&*.)*Y$#)".*:E_\5I**]"?D'8.H*?#*"&)"'D(<&*$."(.)8.7.)8.*ZD.*'#*(<.)8(L("#"(K)*
<.*#-"G.5($)*&<%+0)/<%"H.*<.%b#*#*D)*.$$&$*<.'*?.$%#$(&*+]"?D'8.H*:EF/%5;*6*.)*.'*8$#%#g&*.)*ZD.*H.*
()L&$7#*<.'*?#''#WC&*<.*@-1*.)*'#H*?&g#H*<.*.H8#*.HX."(.;*.'*C$DX&*<.*@.$*-#$<.$&H(#)*''.C#*#*'#*
"&)"'DH(K)*<.*ZD.*'#*X'#)8#*LD.*X&H8.$(&$7.)8.*(<.)8(L("#<#*"&$$."8#7.)8.*"&7&*#-"7<&<1<."+@.$*
-#$<.$&H(#)*+*"%/-":E_\5I**08$#H*.HX."(.H*<.'*CJ).$&*#.5($)**<%"D8('(W#<#H*.)*.8)&7.<("()#;*"&7&*
X&$*.g.7X'&*'#*.HX."(.*#.5($)**<%"<,.3/%&3'"X$&".<.)8.*<.*Y&'().H(#*+4&9*:EE:A*U?(H8'.$*:EE,5;*
?#)*X$.H.)8#<&*#"8(T(<#<*.)*'#H*X$D.%#H*<.*.T#'D#"(K)*L#$7#"&'KC("#*+4&9*+*"%/-":EFE5I**08$#*
.HX."(.*X&'().H(#;*#-"0)&.*+&<%,%!""&)8(.).*#'"#'&(<.H*X&'()<K'("&H*<.'*8(X&*<.*'#*XH("&8$(<()#;*"&7&*
'&H*ZD.*8#7%(J)*H.*.)"D.)8$#)*.)*#-"8+((%&)<1+."5"#-")/+)<1+."+R&8?"+*"%/-":EFM5I**VH8&H*#'"#'&(<.H*
X$.H.)8#)*#"8(T(<#<*L#$7#"&'KC("#*+3.$.8W*+*"%/-":EFM5I**G#H*.HX."(.H*#.5($)*&<%"+QG%,.%!"#-"$<&*%"5"
#-"&).*&%*%*X$&".<.)8.H*<.*]D7#8$#*&""(<.)8#';*X&H..)*8&<#H*#'"#'&(<.H*+B$%#()*+*"%/-":EFE5I**G#*
.HX."(.*#L$("#)#*#-"&30<G</<."H.*D8('(W#*.)*.8)&7.<("()#*.)*](.$$#*G.&)#;*<&)<.*H.*"$..*ZD.*D)#*
<."&""(K)*<.*'#H*?&g#H*X$&<D".*7&T(7(.)8&H*<.'*L.8&*ZD.*X.$7(8.)*<.8."8#$*D)*.7%#$#W&*
+-#"P&6*6*]#7#*:EF=5I**V'*'."8&$*#8.)8&*$."&$<#$N*ZD.*.)*:EM_*2&"?H8.()*6*Y#$#<(.H*()L&$7#$&)*
<.*'#*<.8.""(K)*<.*@-1*.)*'#*#&+.*),<%"%'%dP,<(%*=q>%+'%1<(*5),"%'%d),<(3':")"5%6A""D6#H*
?&g#H*.$#)*7.W"'#<#H*HDXD.H8#7.)8.*"&)*'&H*.98$#"8&H*<.*W%,<.*+&<)G.<."(%%G<"X&$*'&H*()<(&H*
."D#8&$(#)&H*<.'*N$.#*<.'*$b&*O#X&*+2&"?H8.()*6*Y#$#<(.H*:EM_5I**]()*.7%#$C&;*.)*T(H8#*<.*ZD.*'#*
@-1*)&*H.*?#''#*.)*'#H*;G)(5,%(+%+"+#D)ZD.*"&7&*?.7&H*T(H8&;*'#*#X&"()N".#*[%/)3+*<%"
*%'%23%<<,%".H*D8('(W#<#*"&7&*#<(8(T&*<.*'#*%5%$3%.(%"X&$*'&H*()<(&H*-#dD)#*<.*4&'&7%(#;*#'*(CD#'*
ZD.*&8$#H*8$.H*.HX."(.H*<.*.H8#*L#7('(#A*TJ#H.*.'*4D#<$&*=5;*6*ZD.*#&+.*),<%"%'%dP,<(%"+.*
<.H"&)&"(<#*.)*.'*N$.#*<.'*$b&*O#X&;*H.*?#*"&)H(<.$#<&*C.).$#'7.)8.*ZD.*.H8.*()L&$7.*.$#*
.$$K).&*.)*HD*(<.)8(L("#"(K)*%&8N)("#I**].*"$..*X&$*8#)8&;*ZD.*'#*X'#)8#*ZD.*#)#'(W#$&)*2&"?H8.()*6*
Y#$#<(.H*<.%(K*H.$*#.5($)*<<%"7<*<1<.")"L<G/)G*+&5."(%8&+&%,%!*#7%#H*DH#<#H*?#%(8D#'7.)8.*.)*.H#*
W&)#*"&7&*#<(8(T&H*<.*'#*%5%$3%.(%"6*$("#H*.)*@-1*+]"?D'8.H*6*R#LL#DL*:E/\A*]"?D'8.H*6*R#LL#DL*
:EE\5I**VH8.*8$#%#g&*8(.).;*)&*&%H8#)8.;*D)#*C$#)*(7X&$8#)"(#;*XD.H8&*ZD.*.)*J'*H.*#H&"(K*X&$*
X$(7.$#*T.W*'#*@-1*"&)*D)*#<(8(T&*<.*'#*%5%$3%.(%-""VH8.*"#H&*.T(<.)"(#*'#*(7X&$8#)"(#*<.*'#H*
.HX."(.H*<.*$.L.$.)"(#*&*"&)8$&'*+M5*.)*()T.H8(C#"(K)*L(8&ZDb7("#I*
,:M*
*
B'*"#$.".$*2&"?H8.()*6*Y#$#<(.H*<.*.''&H*+X#$.".*H.$*ZD.*HK'&*&%8DT(.$&)*D)*.98$#"8&*#"D&H&*<.*'#H*
?&g#H*6*)&*'#*X'#)8#*&$(C()#'5;*?&6*)&*X&<.7&H*H#%.$*<.*)()CD)#*L&$7#*"DN'*LD.*'#*.HX."(.*ZD.*
#)#'(W#$&)*$.#'7.)8.;*X&$*'&*ZD.*.9(H8.*'#*X&H(%('(<#<;*#D)ZD.*X&"&*X$&%#%'.;*<.*ZD.*H.*8$#8#$#*
$.#'7.)8.*<.*#&+.*),<%"%'%dP,<(%"&*D)#*.HX."(.*.)8.&CJ)("#*#S)*<.H"&)&"(<#*<.*;G)(5,%(+%+"&*
<.*&8$#*L#7('(#I*
R.HD7(.)<&*'&*.9XD.H8&;*<($.7&H*ZD.*H.*"&)&".)*7NH*<.*E\*.HX."(.H*T.C.8#'.H*<(L.$.)8.H*
$.X#$8(<#H*.)*=F*L#7('(#H;*D8('(W#<#H*"&7&*#<(8(T&H*<.*'#*%5%$3%.(%!"<.*'#H*"D#'.H*D)#*"D#$8#*X#$8.*
H&)*X'#)8#H*.)8.&CJ)("#H*+<.*T#$(#H*<.*.''#H*H.*<.H"&)&".*#S)*HD*"&7X&H("(K)*ZDb7("#*X.$&*H.*
H#%.*ZD.*&8$#H*.HX."(.H*<.*HD*7(H7&*CJ).$&*H&)*X'#)8#H*.)8.KC.)#H*D8('(W#<#H*"&7&*#<(8(T&H;*
TIC$I*L<G/)G*+&5."5"#.5($)*&<%:-""-D"?#H*<.*.''#H*H&)*X&8.)8.H*.)8.KC.)&H*ZD.*H.*DH#)*
L$."D.)8.7.)8.*H&'#H;*H()*%5%$3%.(%-""G#H*.HX."(.H*$.H8#)8.H*H&);*X&$*'&*ZD.*$.HX."8#*#*HDH*
X$()"(X(&H*.)8.&CJ)("&H;*<.H"&)&"(<#H*ZDb7("#7.)8.*+"&)*'#*.9".X"(K)*<.*8$.H*"&)&"(<&H*
.H8(7D'#)8.Hv*R/+Q"?3%53.%*5"#%3//<,<%"5)()"ZD.*"&)8(.).)*"#L.b)#;*6*J&5*$&)Q5/3'"()(%"7%&-"(X#<S*
ZD.*"&)8(.).*"&"#b)#5*6*.H*X&H(%'.*ZD.*.)*D)*LD8D$&*H.*<.H"D%$#*ZD.*X&H..)*#""(K)*.)8.KC.)#I**
V)*7D"?&H*C$DX&H*()<bC.)#H*.H*L$."D.)8.*'#*D8('(W#"(K)*<.*T#$(&H*#<(8(T&H*.)*'#*.'#%&$#"(K)*<.*'#*
%5%$3%.(%!""&7&*.)*.'*"#H&*<.*'&H*]?D#$;*ZD.*H.*H#%.*ZD.*D8('(W#)*"D#8$&*#<(8(T&H*.)8.KC.)&H*
<(L.$.)8.Hv*L<G/)G*5."(%8&+&%,%"+P.$("C'#*:EE>A*2#7.$*:E_=%5A*W&3,0+/.<%"HXI*+]"?D'8.H*6*2&L7#))*
:EF\5A*@<()*<%,%"HXI*+8#%#"&5;*6*W&3?'%,.<%"HXXI*='%)F<%:"+]"?D'8.H*6*R#LL#DL*:EE\A*U('%.$8*:EF_5I**
G&H*()<(&H*]?#$#)#?D#*<.*'#*W&)#*&$(.)8#'*<.*Y.$S*H.*H#%.*ZD.*D8('(W#)*"&7&*7b)(7&*)D.T.*
#<(8(T&H*<.*'#*%5%$3%.(%!*.)8$.*'&H*ZD.*H.*.)"D.)8$#)*'#*"&)&"(<#*#.5($)*&<%"7<&<1<.!"<&H*.HX."(.H*
)&*(<.)8(L("#<#H*<.'*7(H7&*CJ).$&*+]"?D'8.H*6*R#LL#DL*:EE\A*](Hd()<*:E_=5*6*W&3?'%,.<%"
.3%7+)'.)H*+]"?D'8.H*6*R#LL#DL*:EE\5A*gD)8&*"&)*&8$#H*"()"&*X'#)8#H*<.*"&7X&H("(K)*ZDb7("#*X&"&*
"'#$#v*.'*?.'."?&*K5?)1<3'"7+,3.*3'S"<&H*"#"8&H;*JG<G$5//3'"HXI*6*IG3,*<%"HXI*+.'*H.CD)<&*
"D'8(T#<&*X&$*'&H*]?#$#)#?D#*ZD(.).H*'&*"&)H(<.$#)*.)8.&CJ)("&5A*6*T#$(#H*.HX."(.H*<.*B/3.<%"5"
B5G+&3."+]"?D'8.H*6*R#LL#DL*:EE\5I**].*?#*X&<(<&*&%H.$T#$*ZD.*#'*7.)&H*H.(H*X'#)8#Hv*W&3?'%,.<%"
7+&.<()/)&!"I(<'3'"'<(&%,*$3'!";/*+&,%,*$+&%*.G!"B5G+&3.".G!"B%/%*$+%"HX;*6*#.5($)*&<%"
G)+GG<?<%,%!"X$&%#%'.7.)8.*DH#<#H*"&7&*#<(8(T&H*<.*'#*%5%$3%.(%!"H.*"D'8(T#)*.)*'&H*?D.$8&H*
X#$8("D'#$.H*.)*'#*B7#W&)(#*X.$D#)#*+Y#<&"?*6*@.*r&)C*:EE:5I*
O&*?#6*<D<#*<.*ZD.*#'CD)#H*<.*.H8#H*X'#)8#H*H.*#`#<.)*#*'#*%5%$3%.(%"X#$#*#D7.)8#$*HD*
X&8.)"(#*.)8.&CJ)("#I**B'CD)#H*<.*.''#H*"&7&*W&3?'%,.<%".GG-!"@<()*<%,%".GG!*#.5($)*&<%"7<&<1<."5"
L<G/)G*+&5."(%8&+&%,%!"X&H..)*"&)*8&<#*H.CD$(<#<*X$&X(.<#<.H*T(H(&)#$(#H*7NH*X&<.$&H#H*ZD.*'#H*
<.*'#*X$&X(#*%5%$3%.(%!"W%,<.*+&<)G.<."(%%G<-""@)*?#".*7D"?&;*XD<.*&%8.).$*8$.H*X&"(&).H*
<(L.$.)8.H*<.*%5%$3%.(%"ZD.*7.*X$.X#$#$&)*D)&H*#6#?D#HZD.$&H*sD(g&H*sD("?D#*"&)*'#H*ZD.*
$.#'("J*D)#*H.$(.*<.*.9X.$(7.)8&HI**V)*.'*V9X.$(7.)8&*:*'#*X&"(K)*?#%b#*H(<&*.'#%&$#<#*"&)*
W%,<.*+&<)G.<."(%%G<"6*D)#*X.ZD.`#*"#)8(<#<*<.*?&g#H*<.*R/+Q"?3%53.%"+ZD.*"&)8(.).*"#L.b)#A*TJ#H.*
7NH*#$$(%#5;*X$&<D"(.)<&*D)*.H8#<&*<.*H&H(.C&*6*.)H&`#"(K);*"#$.)8.*<.*T(H(&).H*D*&8$&H*.L."8&H*
.)8.&CJ)("&HI**V)*.'*V9X.$(7.)8&*,;*'#*X&"(K)*"&)8.)b#*D)#*7b)(7#*"#)8(<#<*<.*?&g#H*1+"
#.5($)*&<%"7<&<1<."+D)#H*<&H*&*8$.H*?&g#H*X&$*<&H(H5;*V'*$.HD'8#<&*LD.*X$N"8("#7.)8.*.'*7(H7&;*
#D)ZD.*gD)8&*"&)*X.ZD.`&H*()<("(&H*<.*D)*.L."8&*.)8.&CJ)("&*D7%$#'I***
 ,:/*
*
**V)*.'*V9X.$(7.)8&*=;*'#*X&"(K)*"&)8.)b#*#'$.<.<&$*<.*M\*?&g#H*<.*#.5($)*&<%"7<&<1<."G)&*
<&H(H;*X$&<D"(.)<&*D)&H*.L."8&H*.)8.KC.)&H*<.*C$#)*X&8.)"(#;*"&)*T(T#H*T(H(&).H*6*H().H8.H(#I**
@.%(<&*#*7(*.9X.$(.)"(#*'(7(8#<#;*7.*ZD.<J*"&)*'#*(7X$.H(K)*<.*ZD.*'#*%5%$3%.(%"#"8D#%#*"&7&*
X&8.)"(#<&$;*L#"('(8#)<&*'#*#"8(T(<#<*<.*'#H*?&g#H*<.*#.5($)*&<%"7<&<1<."$("#H*.)*@-1;*ZD.*X&$*Hb*
7(H7#H*)&*H&)*#"8(T#H*X&$*Tb#*&$#'*+TJ#H.*4#Xb8D'&*=5I**3#HN)<&H.*.)*D)#*H.$(.*<.*
#D8&.9X.$(7.)8&H*<(H.`#<&H*X#$#*$."$.#$*'#H*X&"(&).H*<.*%5%$3%.(%"LD.$#*<.*'#*B7#W&)(#;*1IjI*
-"j.))#*XD<&*.H8#%'.".$*.)*M\\C*1+"W%,<.*+<<)G.<."(%%G<"6*FMC*<.*#.5($)*&<%"7<&<1<."+X.H&*L$.H"&5*
'#H*"#)8(<#<.H*<.*T.C.8#'*).".H#$(#H*X#$#*X$.X#$#$*D)#*<&H(H*lZD.*)&*<.g#$b#*#*)#<(.*.)*X(.m*
+-"j.))#*:EE=5I**1#7%(J)*"&)"'D6K*ZD.*'#H*?&g#H*<.*#.5($)**<%"7<&<1<.".$#);*X&$*HD*"&)8.)(<&*.)*
@-1;*.'*()C$.<(.)8.*"'#T.;*$.HX&)H#%'.*<.*'#H*T(H(&).H*<.*'#*%5%$3%.(%-""V'*7(H7&*-"j.))#*?#%b#*
XD%'("#<&*#)8.$(&$7.)8.*ZD.*'#H*X$&X&$"(&).H*D8('(W#<#H*<.*L&$7#*?#%(8D#'*.)*'#*%5%$3%.(%"
X$.X#$#<#*.)*'#*W&)#*<.*YD"#''X#;*Y.$S;*.$#)*<.*,;M*X#$8.H*<.*W%,<.*+&<)G.<."(%%G<"X&$*"#<#*X#$8.*
<.*#.5($)*&<%"7<&<1<."+-"j.))#*:EFE%5I**V'*?."?&*<.*ZD.*.)*8&<#*'#*$.C(K)*#7#WK)("#*H.*D8('(".)*
X'#)8#H*LD.$8.7.)8.*.)8.&CJ)("#H*gD)8&*"&)*'#*%5%$3%.(%!"X#$.".*()<("#$*ZD.*'&H*.98$#"8&H*<.*
%5%$3%.(%"H.*D8('(W#)*)&$7#'7.)8.*"&7&*T.?b"D'&*X#$#*'#*#<7()(H8$#"(K)*<.*.)8.KC.)&H;*7NH*ZD.*
"&7&*.)8.KC.)&*.)*Hb*7(H7&I**@.*L&$7#*#)N'&C#*#*'&*ZD.*&"D$$.*"&)*.'*(%(D$3%*/!"D)#*X&"(K)*
#"D&H#*#*%#H.*<.*"#"#&*=Rj+)8&)'%"(%(%):!"D8('(W#<#*.)*-J9("&*"&7&*T.?b"D'&*X#$#*'#*
#<7()(H8$#"(K)*<.*'&H*?&)C&H*XH('&"b%("&H*6*&8$&H*.)8.KC.)&H*+TJ#H.*4#Xb8D'&*M;*O&8#*:=A*088*:EFMA*
088*:EE=%5I**4(.$8&H*#<(8(T&H*D8('(W#<&H*.)*'#*%5%$3%.(%"H&)*.H8$("8#7.)8.*7.<("()#'.H*6*)&*
XH("&#"8(T&H;*8#'*"&7&*&"D$$.*"&)*#'CD)&H*#<(8(T&H*<.*'#H*X&"(&).H*<.*"#"#&*.)*-J9("&I**Y&$*&8$&*
'#<&;*'#*X'#)8#*<.*'#*%5%$3%.(%".H*"'#$#7.)8.*XH("&#"8(T#*+<.*#"D.$<&*"&)*7(*.9X.$(.)"(#;*
%NH("#7.)8.*H.<#)8.A*?#6*ZD.*$."&$<#$*8#7%(J)*'&H*<&H*()L&$7.H*ZD.*?#".)*$.L.$.)"(#*#*'#H*
"&)"'DH(&).H*<.*8.$".$&H*H&%$.*'#H*X$&X(.<#<.H*XH("&#"8(T#H*<.*'#H*H.7(''#H*<.*#+?%,3'"$%&'%/%"
ZD.*7.)"(&)#%#)*<.*L&$7#*.HX."(L("#*HDH*.L."8&H*H&X&$bL.$&H;*X#$."(<&H*#*'&H*<.'*#'"&?&'A*+GD))*
:E=_A*2#HH#)*:E/_5I**i&*<.H"$(%($b#*'&H*.L."8&H*<.*'#*%5%$3%.(%"H()*#<(8(T&*#'CD)&;*&*'&H*<.*'#H*
()LDH(&).H*<.*H.7(''#H*<.*#+?%,3'"$%&'%/%!""&)*HDH*#'"#'&(<.H*?#))()#*6*?#$7*#'()#;*"&7&*
X#$."(<&H*#*'&H*<.'*f#'(D7I**V)*.L."8&;*.H*"&)&"(<#*'#*()8.$#"(K)*<.*'&H*#'"#'&(<.H*%.8#!"#$%&'b)("&H*
"&)*'&H*$.".X8&$.H*<.*'#H*%.)W&<(#".X()#H*.)*.'*".$.%$&*<.*'&H*7#7bL.$&H*+]d&')("d*+*"%/-":EF,5;*
#D)ZD.*.H*7#6&$*HD*#L()(<#<*X&$*'&H*$.".X8&$.H*H.$&8&)()J$C("&H*+-"j.))#*+*"%/-":EE\5I**B'CD)&H*
C$DX&H*()<bC.)#H*D8('(W#)*<.*?."?&*'#*%5%$3%.(%"H&'#;*"&7&*.H*.'*"#H&*<.*'&H*()<(&H*[D#?(%&;*#*'&H*
ZD.*]X$D".*T(K*7#H"#$*'&H*8#''&H*<.*'#*'(#)#I**O&*&%H8#)8.;*X#$.".*ZD.*.'*&7)(X$.H.)8.*8#%#"&*
8#7%(J)*.$#*D8('(W#<&*<.'*7(H7&*7&<&*X&$*.H8&H*()<(&HI**B*X.H#$*<.*ZD.*'#H*()8.$#""(&).H*
L#$7#"&'KC("#H*<.*'&H*#'"#'&(<.H*<.*'#*%5%$3%.(%""&)*'#*)("&8()#;*'#*"&"#b)#*6*'#*.H"&X&'#7()#*
+X$()"(X(&H*XH("&#"8(T&H*ZD.*H.*.)"D.)8$#)*.)*.'*8#%#"&;*'#*"&"#*6*'#H*.HX."(.H*<.*3$DC7#)H(#;*
$.HX."8(T#7.)8.5*H(CD.)*H(.)<&*X&"&*"&)&"(<#H;*Hb*ZD.*H.*?#)*$.#'(W#<&*#'CD)#H*()T.H8(C#"(&).H*
H&%$.*'&H*.L."8&H*L#$7#"&'KC("&H*<.*'&H*#'"#'&(<.H*?#$7#'b)("&H*.)*.'*?&7%$.;*#Hb*"&7&*#".$"#*<.*
'#H*()8.$#""(&).H*<.*'#H* #$%&'()#H*<.*W%,<.*+&<)G.<."(%%G<""&)*'#H*8$(X8#7()#H*<.*#.5($)*&<%"7<&<1<."
5"L<G/)G*+&5."(%8&+&%,%-""VH8.*8.7#*.H*.'*ZD.*8$#8#$.7&H*#*"&)8()D#"(K)I*
,:_*
*
*
 JC%:%&8!$'!=8!8G87C80&8!G!E89:8&;=;>%8!
$'!=80!O'58P&89O;=%#80!
*
B*X.H#$*<.*ZD.*'#*?#$7()#*6*'#*?#$7#'()#*H.*"&)H(CD(.$&)*#(H'#$*<.*#+?%,3'"$%&7#'#*6#*.)*'#*
<J"#<#*<.*:F>\;*HD*<.H"D%$(7(.)8&*H.*$.#'(WK*.)*D)*"&)8.98&*<.*.H8D<(&*<.*'&H*X(C7.)8&H;*)&*<.*
LN$7#"&H;*X&$*'&*ZD.*)&*H.*'.H*&"D$$(K*#*'&H*()T.H8(C#<&$.H*$.#'(W#$*.H8D<(&H*L#$7#"&'KC("&H*"&)*
.H8&H*)D.T&H*"&7XD.H8&HI**O&*LD.*H()K*?#H8#*<.HXDJH*<.*ZD.*G&D(H*G.c()*#(H'#$#*'#*%#)(H8.$()#;*#*
X#$8($*<.*W%,<.*+&<)G.<."(%%G<"+G.c()*:E,F5*6*<.*ZD.*HDH*"&'.C#H*U&'L.H*6*RD7XL*<.*'#*"&7X#`b#*VI*
-.$"d*<.8.$7()#$#)*ZD.*'#*%#)(H8.$()#*+#'*(CD#'*ZD.*'#*8.'.X#8()#*6*'#*6#g.b)#*&%8.)(<#H*
#)8.$(&$7.)8.5*.$#*(<J)8("#*#*'#*?#$7()#*+U&'L.H*6*RD7XL*:E,F5*ZD.*H.*()("(K*'#*()T.H8(C#"(K)*
L#$7#"&'KC("#*<.*'&H**X$()"(X(&H*#"8(T&H*<.*'#*%5%$3%.(%!"#*X.H#$*<.*ZD.*.'*L#$7#"K'&C&*L$#)"JH*BI*
R&D?(.$*+L#7&H&*X&$*HD*8$#%#g&*H&%$.*.'*G+5P*/!"TJ#H.*4#Xb8D'&*:5*?#%b#*''.T#<&*#*"#%&*D)#*H.$(.*<.*
.H8D<(&H*()("(#'.H*H&%$.*'&H*.L."8&H*L#$7#"&'KC("&H*<.*'#*6#gJ()#*.)*#)(7#'.H*+R&D?(.$*:E,>A*
R&D?(.$*:E,/5I**V)*HDH*.9X.$(7.)8&H*X$.'(7()#$.H;*G.c()*<.8.$7()K*ZD.*D)#*<&H(H*<.*,M!_M*7C*<.*
?#$7()#*()6."8#<#*X&$*Tb#*HD%"D8N).#*"#DH#%#*.DL&$(#*.)*.'*?&7%$.*+G.c()*:E,F5I**VH.*7(H7&*
#`&;*.'*L#$7#"K'&C&*#'.7N)*.*()T.H8(C#<&$*<.*'#*7.H"#'()#*+TJ#H.*4#Xb8D'&*:5*jI*3.$()C.$*XD%'("K*
D)*8$#%#g&*H&%$.*HDH*.H8D<(&H*X$.'(7()#$.H*"&)*'#*?#$7()#*<.*G.c()*+3.$()C.$*:E,F5I**@&H*#`&H*
7NH*8#$<.;*'#*7J<("&*#'.7#)#*GI*2#'X.$)*.T#'DK*'#H*X$&X(.<#<.H*<.*'#*?#$7()#*"&7&*X&H(%'.*
8$#8#7(.)8&*"&)8$#*.'*7#'*<.*Y#$d()H&);*$.#'(W#)<&*T#$(&H*#D8&.9X.8(7.)8&H*"&)*<&H(H*<.*?#H8#*>\*
7C*X&$*Tb#*&$#'*6*?#H8#*=\*7C*X&$*Tb#*HD%"D8N).#*+2#'X.7*:E=\#A*2#'X.$)*:E=\%5I**2#'X.$)*H.*
H()8(K*T(&'.)8#7.)8.*.9"(8#<#;*''.CN)<&*()"'DH&*#*X$&T&"#$*D)#*X.'.#*"&)*D)*?&7%$.*.)*'#*"#''.I**B*
X.H#$*<.*ZD.*7#)(L.H8K*ZD.*HD*"&)H"(.)"(#*l)&*H.*T(K*.)*7&<&*#'CD)&*()L'D(<#;*)(*.)*7&<&*#'CD)&*
#'8.$#<#m;*'#*<.H"$(%(K*"&7&*l.7%.%(<#*.)*J8.$m;*<.H"$(%(.)<&*'(C.$.W#*6*D)#*l7&7.)8N).#*
H.)H#"(K)m*ZD.*#H&"(K*#*'#H*H.)H#"(&).H*<.*'.T(8#$*ZD.*L$."D.)8.7.)8.*H.*#8$(%Db#)*#*'#*%5%$3%.(%"
"$D<#*+2#'X.7*:E=\%5I**G&H*X(&).$&H*.)*.'*DH&*<.*'#*?#$7()#*X#$#*"&7%#8($*.'*Y#$d()H&)*LD.$&)*jI*
3.$()C.$*6*jI*U('7#$7H*+:E,E5;*ZD(.).H*'#*DH#$&)*#*<&H(H*<.*,\*7C*<.*"D#8$&*#*H.(H*T.".H*#'*<b#I**
n)#*<J"#<#*<.HXDJH;*BI[I*3..$*.H8D<(K*'&H*.L."8&H*L#$7#"&'KC("&H*<.*'#*?#$7()#*.)*'&H*C#8&H;*
"&)"'D6.)<&*ZD.*.'*LN$7#"&*7&H8$#%#*.L."8&H*.H8(7D'#)8.H*<.'*H(H8.7#*).$T(&H&*".)8$#'*+3..$*
:E=E#A*3..$*:E=E%5I**@.%(.$&)*<.*X#H#$*<&H*<J"#<#H*7NH*#)8.H*<.*ZD.*.'*C$DX&*<.*]I*n<.)L$(.)<*
<.7&H8$#$#*ZD.*'#*?#$7()#;*'#*?#$7#'()#*6*&8$#H* "#$%&'()#H*.$#)*X&8.)8.H*()?(%(<&$.H*
$.T.$H(%'.H*<.*D)*.)W(7#*''#7#<&*7&)&#7()&*&9(<#H#*+-B0A*n<.)L$(.)<*+*"%/-":EMF5I**VH8.*
.)W(7#*H.*.)"D.)8$#*#7X'(#7.)8.*<(H8$(%D(<&*.)*'&H*8.g(<&H*<.*'&H*T.$8.%$#<&H*.*()T.$8.%$#<&H;*6*
.)*.H8.*"&)8.98&*.H*(7X&$8#)8.*HD*LD)"(K)*"&7&*()#"8(T#<&$*<.*'&H*).D$&8$#)H7(H&$.H*X$.H.)8.H*
<.*L&$7#*)&$7#'*.)*.'*8.g(<&*".$.%$#';*"&7&*H&)*'#*<&X#7()#*6*'#*H.$&8&)()#*+TJ#H.*4#Xb8D'&*=;*
O&8#*M5I**B'*#`&*H(CD(.)8.;*.'*C$DX&*<.*BI*Y'.8H"?.$*X$&XDH&*ZD.*'#*#"8(T(<#<*XH("K8$&X#*<.*'&H*
#'"#'&(<.H*<.*'#*?#$7#'#*H.*<.%b#*#*HD*#"8(T(<#<*"&7&*()?(%(<&$.H*<.*'#*-B0*+Y'.8H"?.$*+*"%/-"
:EME5I*
,:F*
*
V)*D)*.H8D<(&*H&%$.*'#*l.HZD(W&L$.)&CJ).H(Hm;*UI*g$I**1D$).$*6*]I*-.$'(H*+()L#7.H*X&$*HDH*
.9X.$(7.)8&H*"&)*%DL&8.)()#*$.#'(W#<&H*"&)8$#*8&<#*J8("#*"&)*()8.$)&H*<.*D)*?&HX(8#'*XH(ZD(N8$("&*
<.*OD.T#*i&$dA*TJ#H.*4#Xb8D'&*=;*.HX."(#'7.)8.*'#*O&8#*,5;*8$#%#g#)<&*"&)*BI*4#$';*7#)(L.H8#$&)*
HDH*<D<#H*<.*ZD.*'#*?#$7()#*LD.$#*XH("&#"8(T#*+1D$).$*+*"%/-":EMM5I**]()*.7%#$C&;*2I2I*Y.$7.H*6*
YI2I*2&"?*()L&$7#$&)*<.*ZD.*()6.""(&).H*()8$#T.)&H#H*<.*:M\!,\\*7C*<.*?#$7()#*#<7()(H8$#<#H*#*
()L&$8D)#<&H*l.)L.$7&H*7.)8#'.Hm*X$&<Dg.$&);*.)*"()"&*HDg.8&H*<.*D)*8&8#'*<.*&)".;*
l#'D"()#"(&).H*T(HD#'.Hm*#D)ZD.*.'*LN$7#"&*l)&*.$#*#'D"()KC.)&*X&$*Tb#*&$#'*&*HD%"D8N).#m*
+Y.$7.H*6*2&"?*:EM_5I**V)*.L."8&;*.H8&H*#D8&$.H*''.C#$&)*#*#<7()(H8$#$*?#H8#*E/\*7C*<.*?#$7()#*
.)*D)#*H&'#*8&7#*X&$*Tb#*&$#'*+"#H(*:,*7CxdC5;*&%H.$T#)<&*X&"#*#"8(T(<#<*6*D)&H*.L."8&H*
H."D)<#$(&H*#<T.$H&H*"&7&*)NDH.#H;*8.7%'&$.H*6*.)8D7."(7(.)8&*ZD.*H.*7#)(L.H8#%#)*X&$*
.)"(7#*<.'*D7%$#'*<.*'&H*=\\!>\\*7CI**4()"&*#`&H*7NH*8#$<.;*]I*[.$H?&)*6*UIgI*G#)C*
#<7()(H8$#$&)*?#$7()#*#*X.$$&H;*<.8.$7()#)<&*ZD.*'.H*"#DH#%#*()ZD(.8D<*6*l#'D"()#"(&).H*
.T(<.)8.Hm*#*D)*<&H(H*<.*,*7CxdC*+[.$H%&)*6*G#)C*:E/,5I**n)&*H.*X$.CD)8#*"K7&*XD<(.$&)*<#$H.*
"D.)8#*.H8&H*()T.H8(C#<&$.H*<.*'#H*#'D"()#"(&).H*<.*'&H*X&%$.H*X.$$&HIII*<.*ZDJ*7&<&*'.H*LD.$&)*
.T(<.)8.HI*+/5I*
VH*X$&%#%'.*ZD.*.'*.H8D<(&*7NH*"&7X'.8&*<.*'#*L#$7#"&'&Cb#*?D7#)#*<.*'#H* "#$%&'()#H*H.#*.'*
<.*4I*O#$#)g&*+O#$#)g&*:E/_5I**O#$#)g&*<.8.$7()K*ZD.*.'*?(<$&"'&$D$&*<.*?#$7#'()#*l.$#*
#'D"()KC.)&*X&$*.)"(7#*<.*:7CxdC*X&$*Tb#*()8$#T.)&H#*&*<.*'&H*>7CxdC*X&$*Tb#*&$#'mI**VH8#%'."(K*
#<.7NH*ZD.*'#*#"8(T(<#<*<.*'#*?#$7()#*T.)b#*#*H.$*'#*7(8#<;*"&)*D)*D7%$#'*H(8D#<&*.)*'&H*M7CxdC;*
6*'#*<.*'#*'.X8#L'&$()#*+8.8$#?(<$&?#$7()#*$#"J7("#A*<;'!1225*.$#*#S)*7.)&$;*"&)*D)#*<&H(H*D7%$#'*
<.*:,*7CxdC*+O#$#)g&*:E/_5I**]&'#7.)8.*/!7.8&9(!?#$7#'#)*LD.*7NH*X&8.)8.*"&)*D)#*<&H(H*
D7%$#'*<.*,I,*7CxdC*+O#$#)g&;*:E/_5I**O#$#)g&*<."(<(K*".)8$#$*HD*#8.)"(K)*.)*'#*?#$7#'()#;*6#*ZD.*
.$#*.'*7NH*X&8.)8.*<.*'&H*"&7XD.H8&H*)#8D$#'.HI**]()*.7%#$C&;*'&H*8$.()8#*HDg.8&H*ZD.*8&7#$&)*
X#$8.*.)*HD*.H8D<(&*XD<(.$&)*<(H8()CD($*'#*?#$7#'()#*<.*'#*7.H"#'()#;*<.%(<&*#*'#H*)NDH.#H*6*#*'&H*
<.H#C$#<#%'.H*Hb)8&7#H*L(H("&H*ZD.*)&*H.*<#%#)*.)*'#H*H.H(&).H*<.*7.H"#'()#I**-NH*#S);*'#*
?#$7#'()#*)&*X$&<D"b#*'&H*"#$#"8.$bH8("&H*.L."8&H*<.*'#*7.H"#'()#*6*'#*G]@;*"&)*HDH*<(H8&$H(&).H*6*
#'8.$#"(&).H*.)*'#*X.$".X"(K)*<.'*.)8&$)&v*l"&)*'#*?#$7#'()#*.'*.)8&$)&*X.$7#).".*.)*HD*.H.)"(#*
()#'8.$#<&mI**B*<(L.$.)"(#*<.*'&*ZD.*&"D$$.*%#g&*'&H*.L."8&H*<.*'#*7.H"#'()#*6*'#*G]@;*'#*X.$".X"(K)*
<.*'#*7SH("#*6*<.'*8(.7X&*X.$7#)."(.$&)*()#'8.$#<&H*.)*'#*.7%$(#CD.W*?#$()#'b)("#I**]()K*ZD.*l'#*
8bX("#*$.#""(K)*#*'#*?#$7#'()#*.H*'#*"&)8.7X'#"(K)*"&)*'&H*&g&H*".$$#<&H*<.*D)#*TbT(<#*(7#C(.$b#III*#*
<(L.$.)"(#*<.*'&H*X#$#(H&H*.H8N8("&H*&*'&H*8.$$(%'.H*()L(.$)&H*ZD.*"#DH#)*&8$&H*#'D"()KC.)&HmI**G#*
?#$$)#'()#*.$#*X&$*8#)8&*lD)*#'D"()KC.)&*XD$&m*6#*ZD.*X#$."b#*"#$.".$*<.'*X$&LD)<&*"&)8.)(<&*
.7&"(&)#'*6*H.)HD#'*<.*'&H*lT(#g.Hm*<.*'#*7.H"#'()#*&*'#*G]@;*6*X#$."b#*"#DH#$*7NH*%(.)*D)*.L."8&*
X.$(LJ$("&*.)*.'*&g&;*.)*'DC#$*<.*D)#*X$&LD)<#*#'8.$#"(K)*<.*'#*X.$".X"(K)*.)*#'CS)*'DC#$*<.'*
".$.%$&I**VL."8(T#7.)8.;*H.*XD<&*"&)L($7#$*'#*#""(K)*<($."8#*<.*'#*?#$7#'()#*H&%$.*'#*$.8()#*
7.<(#)8.*.'."8$&$.8()&C$#7#H*.)*C#8&HI**-(.)8$#H*ZD.*'#*?#$7#'()#*X.$."b#*.H8(7D'#$*X#$8.*<.'*
l".$.%$&*7.<(&m;*HD*.L."8&*H&%$.*.'*"&$8.9*".$.%$#'*LD.*l<(L("('*<.*()8.$X$.8#$*6*H.*X#$.".*7NH*#'*<.*
D)*<.X$.H&$IIIm*+O#$#)g&*:E/_5I**R."(.)8.7.)8.;*@.*]7.8*?#*''.T#<&*#*"#%&*<&H*#D8&.9X.$(7.)8&H*
"&)*\;M7CxdC*%#H.*<.*?#$7()#;*.'*X$(7.$&*X&$*Tb#*()8$#T.)&H#*6*.'*H.CD)<&*
,:E*
*
X&$*Tb#*&$#'I**@.*]7.8*"&7.)8Kv*l.)*)()CD)#*&"#H(K)*H.)8b*D)*.L."8&*XH("&#"8(T&*&*H&7N8("&*
)&8#%'.m*+@.*]7.8*:EFM#5I**]D*()L&$7.*"&)8$#H8K*"&)*D)*.9X.$(7.)8&*X$.T(&*.)*.'*"D#'*<&H(H*<.*
\IM7CxdC*<.*?#$7()#*24Q*()6."8#<#H*"&)<Dg.$&)*#*D)#*H.$(.*<.*.L."8&H*HD%g.8(T&H*X#H#g.$&H*
+]'&8d()*+*"%/-":E_\5;*$."&$<.7&H*ZD.*4I*O#$#)g&*<.8.$7()K*ZD.*'#*?#$()()#*.$#*"D#8$&*T.".H*7NH*
#"8(T#*X&$*.H8#*Tb#*ZD.*X&$*Tb#*&$#'*+O#$#)g&*:E/_5I**R."(.)8.7.)8.;*.'*()T.H8(C#<&$*.D$&X.&*-I*
-#D$.$*"#$#"8.$(WK*'#*?#$7()#*"&7&*D)*H.<#)8.*HD#T.*#*<&H(H*%#g#H*ZD.*"#DH#%#*l#'8.$#"(&).H*
T.C.8#8(T#H*6*).D$&'KC("#H*<.H#C$#<#%'.Hm*X&$*.)"(7#*<.*'&H*=\\*7C*+G.D).$*6*]"?'("?8()C*:EFE5I*
G#*"#$#"8.$(W#"(K)*<.*'#*?#$7#'()#*X&$*O#$#)g&*"&7&*<.X$.H&$*<.'*]O4*X#$.".*.H8#$*<.*#"D.$<&*
"&)*<&H*T#C&H*8$#%#g&H*H&%$.*'&H*.L."8&H*<.*'#H*H.7(''#H*<.*#+?%,3'*$%&'%/%!"ZD.*"&)8(.).)*
?#$7#'()#*6*?#$7()#;*.)*'&H*ZD.*H.*#L($7#%#*ZD.*.$#)*H&X&$bL.$#H;*)#$"K8("#H*6*<.*.L."8&H*
X#$."(<&H*#*'&H*<.'*#'"&?&'*+[D$7*:E=_A*2#HH#)*:E/_5*6*"&)*.'*<.H"D%$(7(.)8&*<.*ZD.*'#H*
"#$%&'()#H*()8.$#"8D#)*"&)*'&H*$.".X8&$.H*<.*'#H*%.)W&<(#W.X()#H*+]d&')("d*+*"%/-":EF,5I**VH*7NH;*
'#H*.HX."(.H*<.*#%..<0/)&%"ZD.*"&)8(.).)*#'"#'&(<.H*?#$7#'b)("&H;*H.*DH#)*.)*.8)&7.<("()#*"&7&*
H.<#)8.H*6*8$#)ZD('(W#)8.H*+r&6#'*:EF_A*-&)#$<.H*:EE\A*0C#*+*"%/-":EF>A*]X.$&)(*6*-()C?.88(*
:EFF5I**]()*.7%#$C&;*.)*#'CD)&H*<.*'&H*8$#%#g&H*&$(C()#'.H*H&%$.*'&H*.L."8&H*<.*'#*%5%$3%.(%"H.*
#".)8S#)*D)&H*.L."8&H*X$&LD)<#7.)8.*.7&8(T&H*6*D)#H*#'8.$#"(&).H*X.$".X8(T#H*"&7&*'#H*<.*'#*
G]@*6*'#*7.H"#'()#;*)&*'#*<.H#X.C#<&*"&)8.7X'#"(K)*<.H"$(8#*X&$*O#$#)g&*+P'&$.H*6*G.c(H*:E_F5I**
G&H*X#$#(H&H*.98N8("&H*6*'&H*8.$$(%'.H*()L(.$)&H*H&)*<."(<(<#7.)8.*X#$8.*<.'*8.$$(8&$(&*XHbZD("&*<.*'#*
%5%$3%.(%-""1#'*"&7&*<(g&*D)*()L&$7#)8.*()<(&v*l.H*#'C&*.HX#)8&H&;*7.*#HDH8J*7D"?&m*+j.)H()C.$*
:E_=5I**VH8#H*<(H"$.X#)"(#H*H.*<.%.)*.)*X#$8.*#'*?."?&*<.*ZD.*O#$#)g&*$.#'(WK*HDH*.9X.$(7.)8&H*
"&)*?#$7#'()#;*)&*"&)*?#$7()#;*6*'#*?#$7#'()#*lH.*?#''#*<.*?."?&*.)*8$#W#H*.)*'#*%5%$3%.(%"III*
+-"j.$7#*+*"%/-*:EF>#5I**]()*.7%#$C&;*'#*<(L.$.)"(#*X$()"(X#'*.H8N;*H()*<D<#;*.)*'#*X$N"8("#*"&7S)*
<.*#`#<($*&8$#H*X'#)8#H*.)8.KC.)#H*#*'#*X&"(K)*<.*%5%$3%.(%-""G&H*()L&$7#)8.H*4#H?()#?D#*<.*
j.)H()C.$*?#%b#)*8&7#<&*%5%$3%.(%"L&$8#'."(<#*"&)*?&g#H*<.*#.5($)**<%"7<&<1<.-*
@.HXDJH*<.*ZD.*.'*C$DX&*<.*n<.)L$(.)<*<.H"D%$(.$#*ZD.*'#*?#$()#'()#*6*&8$#H*"#$%&'()#H*
$.'#"(&)#<#H*.$#)*()?(%(<&$.H*<.*'#*-B0;*'&H*.ZD(X&H*<.*UI-I*-"QH##"*6*fI*VH8JT.W*6*.'*<.*OI]I*
3D"d?&'8W*6*UI\I*3&CC#)*"&)L($7#$&)*6*#7X'(#$&)*.H8.*?#''#WC&*+3D"d?&'8W*6*3&CC#)*:E__A*
-"QH##"*6*VH8JT.W*:E//5I**VH8&H*C$DX&H;*#<.7NH*<.*?#$7()#*6*?#$$)#'()#;*?#''#$&)*ZD.*'#*
'.X8#L'&$()#*+'#*8.8$#?(<$&?#$7()#*$#"J7("#A*<;'!8.8$#?(<$&?#$7()#5;*?#$7&';*?#$7#'&';*
8.8$#?(<$&?#$7&';*?#$7#)*+X#HH(L'&$()#5;*)&$?#$7#);*8.8$#?(<$&)&$?#$7#);*8.8$#?(<$&?#$7#);*/!
7.8&9(8.8$#?(<$&?#$$)#);*/!?(<$&9(8.8$#?(<$&?#$7#);*/!7.8&9(8.8$#?(<$&"#$%&'()#;*/!
7.8&9(?#$()#'#)*+&*/!-.0!?#$7#'#)5*6*/!7.8&9(?#$7#)*+&*/!-.0!?#$7#)5*.$#)*8&<&H*.''&H*
X&8.)8.H*()?(%(<&$.H*$.T.$H(%'.H*<.*'#*-B0*+H.*$."&$<#$N*<.'*4#Xb8D'&*=;*ZD.*'&H*S'8(7&H*<&H*
"&7XD.H8&H*H&)*'&H*X$()"(X#'.H*#'"#'&(<.H*<.*b<&)/%"(3.G<1%*%S"TJ#H.*4#HH#<6*+*"%/-":E_:5I**
Y&H8.$(&$7.)8.*H.*#`#<(K*'#*,!7.8('!/!7.8&9(!8.8$#?(<$&! "#$%&'()#*+,!-.!/!-.012345*#*'#*'(H8#*
+-"j.$7#*+*"%/-":EF>#5I**B'*<.H"D%$($H.*@-1*.)*D)#*X'#)8#*ZD.*H.*H&'b#*#`#<($*#*'#*%5%$3%.(%!"
L<G/)G*+&5."(%8&+&%,%!"'&H*.ZD(X&H*<.*B*-#$<.$&H(#)*6*]I*BCD$.''*X$&XDH(.$&)*ZD.*.H8.*"&7XD.H8&*
.$#*.'*X$()"(X(&*#"8(T&*<.*'#H*X&"(&).H*<.*
,,\*
*
%5%$3%.(%!"6*ZD.*.H8.*"&7XD.H8&;*#*8&<#H*'D".H*()#"8(T&*X&$*Tb#*&$#'*+TJ#H.*4#Xb8D'&*=5;*X&<b#*
#"8D#$*#<7()(H8$#<&*X&$*.H8#*Tb#*C$#"(#H*#'*.L."8&*()?(%(<&$*<.*'#*-B0*<.*'#H* "#$%&'()#H*
X$&".<.)8.H*<.*W%,<.*+&<)G.<."(%%G<"+BCD$.''"+*"%/-":E/F%A*@.$*-#<.$&H(#)*+*"%/-":E/FA*]"?D'8.H*
:E_,%5;*D)#*(<.#*ZD.*6#*?#%b#*H(<&*X$&XD.H8#*X&$*R(T(.$*6*G()<C$.)*+:E_,5I**n)*7."#)(H7&*
H(7('#$*LD.*HDC.$(<&*7NH*8#$<.*X#$#*.9X'("#$*.'*.L."8&*<.*'#H*X#H8#H*&*C$N)D'&H*#*%#H.*<.*$.H()#*<.*
b<&)/%"ZD.*H.*8&7#)*X&$*Tb#*&$#'*+TJ#H.*4#Xb8D'&*=v*]"?D'8.H*:E/E%A*]"?D'8.H*6*]c#()*:E_/#A*
]"?D'8.H*+*"%/-":E__#5I**VH8#*8.&$b#*.9X'("#$b#*X&$ZD.*'&H*()<(&H*#`#<b#)*X'#)8#H*ZD.*"&)8(.).)*
 @-1*#*'#*%5%$3%.(%"6*'#*H(7('(8D<*.)8$.*'&H*.L."8&H*<.*'#*%5%$3%.(%""&)*@-1*6*'&H*<.*'#*
7.H"#'()#*&*'#*G]@;*"&)*HDH*X#$#(H&H*%.#8bL("&H*6*HDH*8.$$&$bL("&H*()L(.$)&HI*
1DT(.$&)*ZD.*X#H#$*<(."(HJ(H*#`&H*#)8.H*<.*ZD.*.H8#*8.&$b#*H.*X$&%#$#I**V'*C$DX&*"#)#<(.)H.*
<($(C(<&*X&$*@gI**-"j.$7#*7(<(K*.'*.L."8&*()?(%(<&$*<.*'#*-B0*<.*<&H*7D.H8$#H*X.$D#)#H*<.*
%5%$3%.(%".)*D)#*X$.X#$#"(K)*<.*?bC#<&*<.*$#8#;*XD<(J)<&H.*<.8.$7()#$*ZD.*#7%#H*.$#)*
l.98$.7#<#7.)8.*.L."8(T#Hm*"&7&*()?(%(<&$#H*<.*'#*-B0;*<.*X&8.)"(#*.ZD(T#'.)8.*#*'#*<.*D)*
l#)N'&C&*<.*%5%$3%.(%9!"D)#*7.W"'#*"&)H(H8.)8.*.)*?#$7()#*+/Ea5;*'.X8#L'&$()#*&*122*+,/a;*
X$.HD7(%'.7.)8.*'#*7.W"'#*$#"J7("#5*6*?#$7#'()#*+>;/a5*ZD.*(7(8#%#*'#H*X$&X&$"(&).H*?#''#<#H*
.)*'#H*7D.H8$#H*X.$D#)#H*<.*%5%$3%.(%"+-"j.$7#"+*"%K":EF>#5I**Y&$*8#)8&;*.)*8.&$b#;*'#*
"#X#"(<#<*()?(%(<&$#*<.*'#*-B0*<.*D)#*X&"(K)*8bX("#*<.*%5%$3%.(%"X&<$b#*X.$7(8($*'#*#"8D#"(K)*
X&$*Tb#*&$#'*<.*'#*@-1*+D*&8$#H*8$(X8#7()#H5*ZD.*"&)8DT(.$#I**G#*X$.CD)8#;*H()*.7%#$C&;*H.CDb#*
#%(.$8#III*z.$#*.H8&*'&*ZD.*$.#'7.)8.*&"D$$b#{**G#*S)("#*L&$7#*<.*H#%.$'&*"&)*".$8.W#*H.$b#*'#*
()C.H8(K)*<.*"#)8(<#<.H*"&)&"(<#H*<.* #$%&'()#H*gD)8&*"&)*@-1*6*.H8(7#$*'&H*.L."8&HI**sD.*6&*
H.X#*HK'&*H.*?#*$.#'(W#<&*D)*.9X.$(7.)8&*<.*.H8.*8(X&I**@.HXDJH*<.*<.8.$7()#$*'#*()#"8(T(<#<*<.*
D)#*<&H(H*&$#'*<.*:\\*7C*?(<$&"'&$D$&*<.*?#$7#'()#;*.'*#7.$("#)&*rI*3(Cc&&<*()C($(K*D)#*"NXHD'#*
<.*:\\*7C*<.*?(<$&"'&$D$&*<.*?#$7#'()#*6*:\\*7C*<.*@-1*%#H.I**3(Cc&&<*.H"$(%(K*ZD.*'&H*
X$(7.$&H*.L."8&H*H.*X$.H.)8#$&)*#*'&H*:M*7()D8&H;*#'"#)W#)<&*HD*XD)8&*7N9(7&*#*'&H*>M*7()D8&H*
"&)*l#'D"()#"(&).H*(CD#'.H*#*'#H*<.*'#*@-1m*ZD.*lH.*<.HT#)."(.$&)*C$#<D#'7.)8.m*6*
<.H#X#$."(.$&)*"D#8$&*?&$#H*<.HXDJH*<.*'#*()C.H8(K)I**3(Cc&&<*"&)"'D6K*ZD.*l.)*X&"#H*X#'#%$#H;*
'#*.9X.$(.)"(#*LD.*7D6*H(7('#$*8#)8&*.)*HD*"D$H&*"&7&*.)*HDH*.L."8&H*#*'#*<.*'#*%5%$3%.(%""&)*HD*
"&)8.)(<&*.)*?#$7#'()#*6*@-1;*X&"(K)*"&)*'#*ZD.*?#%b#*.9X.$(7.)8#<&*"&)*#)8.$(&$(<#<m*
+3(Cc&&<*:E_FA*"(8#<&*.)*]8#LL&$<*:EF=5I**VH8.*.9X.$(7.)8&*X#$.".*ZD.*$.H&'T.$b#*<.*D)#*T.W*'#*
<(H"DH(K);*#*)&*H.$*X&$*.'*?."?&;*8#'*"&7&*#XD)8K*-"j.$7#;*<.*ZD.*'#*?#$7#'()#*HK'&*H.*?#''#*
X$.H.)8.*.)*8$#W#H*.)*'#*%5%$3%.(%"6*lX$&%#%'.7.)8.*)&*"&)8$(%D6.*<.*L&$7#*H(C)(L("#8(T#*#'*
.L."8&*()?(%(<&$*<.*'#*-B0*ZD.*X$&<D".*'#*X&"(K)mI**B<.7NH;*'#*?#$7#'()#*.H*l'(C.$#7.)8.*7NH*
X&8.)8.m*"&7&*()?(%(<&$*<.*'#*-B0*ZD.*'#*?#$7()#*+-"j.$7#*+*"%/-":EF>#5I**BD)ZD.*XD.<#*
X#$.".$*$(W#$*.'*$(W&;*.H*).".H#$(&*$.#'(W#$*)D.T&H*.9X.$(7.)8&H*D8('(W#)<&*"#)8(<#<.H*
<.8.$7()#<#H*<.*@-1*6* "#$%&'()#H*+<.*L&$7#*(<.#';*'#*<.*7.W"'#*(<.#<#*X&$*-"j.$7#*6*ZD.*
"&)8.)b#*?#$7()#;*122*6*?#$7#'()#*.)*'#*X$&X&$"(K)*.)*'#*ZD.*H.*?#''#)*.)*'#*%5%$3%.(%5!"
.ZD(T#'.)8.H*#*'#H*?#''#<#H*?#%(8D#'7.)8.*.)*'#H*8bX("#H*X&"(7#H*<.*%5%$3%.(%!"X#$#*"&7X#$#$*
'D.C&*'&H*.L."8&H*<.*'#H*X#H8(''#H*<.*@-1x "#$%&'()#H*"&)*'&H*.L."8&H*<.*'#*%5%$3%.(%"#*'#*ZD.*
(7(8#)I*
VH8&*)&H*"&)<D".*#*'#*"D.H8(K)*<.*'&H*#)N'(H(H*"D#)8(8#8(T&H*<.*'&H*#'"#'&(<.H**
,,:*
*
X$.H.)8.H*.)*'#H*XK"(7#H*<.*%5%$3%.(%III*X&$*.'*7&7.)8&;*HK'&*H.*?#)*XD%'("#<&*"D#8$&*.H8D<(&H*
"&)*'&H*#)N'(H(H*"D#)8(8#8(T&H*<.*'&H*#'.#'&(<.H*X$.H.)8.H*.)*'#*X&"(K)I**-NH*#<.'#)8.*?#%'#$.7&H*
<.*D)*.H8D<(&*X$.'(7()#$*.*()"&7X'.8&*<.*D)#*S)("#*7D.H8$#*<.*%5%$3%.(%"+ZD.*?#%b#*H(<&*
#'7#".)#<#*H()*$.L$(C.$#$*X&$*'&*7.)&H*<D$#)8.*<&H*#`&H*#)8.H*<.*ZD.*LD.$#*#)#'(W#<#5*.'#%&$#<#*
X&$*'&H*()<(&H*4#H?()#?D#*+@.$*-#$<.$&H(#)*+*"%/-":E_\5I**GI*R(T(.$*6*rI!VI*G()<C$.)*&%8DT(.$&)*
)D.T.*7D.H8$#H*<.*%5%$3%.(%""&7&*'#H*X$.X#$#<#H*X&$*'&H*()<(&H*4D'()#*<.'*#'8&*$b&*YD$SH*.)*Y.$S*
6*'#H*H&7.8(.$&)*#*D)*#)N'(H(H*"D#)8(8#8(T&*D8('(W#)<&*D)#*8J")("#*"&)gD)8#*<.*"$&7#8&C$#Lb#*<.*
C#H.H*6*.HX."8$&7.8$b#*<.*7#H#H*+4[xV-5I**@.8.$7()#$&)*ZD.*D)#*<&H(H*8bX("#*<.*,\\*7'*<.*
%5%$3%.(%"X$.X#$#<#*"&)*?&g#H*<.*#.5($)*&<%"7<&<1<.!""&)8.)b#*D)*8&8#'*<.*/M*7C*<.*#'"#'&(<.H;*<.*
'&H*"D#'.H*"#H(*'#*7(8#<;*=\*7C;*.$#*?#$7()#;*gD)8&*"&)*,M*7C*<.*@-1*6*:\*7C*<.*<!'.X8#L'&$()#*&*
122*+R(T(.$*6*G()<C$.)*:E_,5I**G&H*>\*7C*<.* "#$%&'()#H*X$.H.)8.H*.)*D)#*<&H(H*.H8N)*
#X$&9(7#<#7.)8.*.)*&$<.)*<.*7#C)(8D<*X&$*<.%#g&*<.*'#*<&H(H*XH("&#"8(T#*<.*.H8&H*"&7XD.H8&H*
X&$*Tb#*&$#'I**-(.)8$#H*ZD.*,M*7C*<.*@-1*H&)*#"8(T&H*H(*H.*LD7#);*.H8#*"#)8(<#<*H.*?#''#*X&$*
<.%#g&*<.'*D7%$#'*<.*#"8(T(<#<*H(*H.*()6."8#I**].*?#)*?."?&*X$D.%#H*"&)*?#H8#*:I\*C$*<.*@-1*X&$*
Tb#*&$#'*H()*ZD.*H.*?#6#*X$&<D"(<&*.L."8&*#'CD)&*.)*#DH.)"(#*<.*()?(%(<&$.H*<.*'#*-B0*+TJ#H.*
4#Xb8D'&*=5I**V)*D)*#)N'(H(H*<.*D)#*7D.H8$#*<.*1%<'+"=%5%$3%.(%"X$.X#$#<#*#*X#$8($*<.*
W%,<.*+&<)G.<.*(%%G<"5"#.5($)*&<%"7<&<1<."X&$*'&H*7(.7%$&H*<.*D)#*(C'.H(#*"$(H8(#)#*<.*]D<#7J$("#*
ZD.*D8('(W#*'#*X&"(K)*"&7&*H#"$#7.)8&A*TJ#H.*7NH*#<.'#)8.5*H.*<.8.7()#$&)*'#H*"#)8(<#<.H*<.*
,/;M7C*<.*@-1*6*_>;M7C*<.*?#$7()#*6*/E;M7C*<.*<!'.X8#L'&$()#*&*122*.)*D)#*<&H(H*<.*M\*7'*
+G(cHW6"*+*"%/-":EE,5I**]K'&*H.*.)"&)8$#$&)*8$#W#H*<.*?#$7#'()#I**-(.)8$#H*ZD.*.'*1%<'+""&)8.)b#*
"#)8(<#<.H*<.*@-1*H(7('#$.H*#*'#H*.)"&)8$#<#H*X&$*R(T(.$*6*G()<C$.)*.)*'#*%5%$3%.(%"<.'*$b&*YD$SH;*
'#*<&H(H*"&)8DT&*:>>*7C*<.* "#$%&'()#H*6*"#)8(<#<.H*H(7('#$.H*<.*?#$7()#*6*122;*#*<(L.$.)"(#*<.*
'&H*>\*7C*?#''#<&H*.)*'#*<.'*$b&*YD$SHI**4&)*X&H8.$(&$(<#<*#'*8$#%#g&*<.*R(T(.$*6*G()<C$.);*.'*.ZD(X&*
"#)#<(.)H.*<.*@IrI*-"j.$7#*.H8D<(K*&"?&*7D.H8$#H*<.*%5%$3%.(%"&%8.)(<#H*#*8$#TJH*<.*
#6#?D#HZD.$&H*<.*'&H*#'$.<.<&$.H*<.*YD"#''X#;*QZD(8&H*6*1#$#X&8&*.)*Y.$SI**V)*8&<#H*H.*?#%b#)*
D8('(W#<&*?&g#H*<.*#.5($)*&<%"7<&<1<.!".9".X8&*.)*D)#*ZD.*H.*?#%b#*.'#%&$#<&*(),"#.5($)*&<%"
(%&*$%?<,+,.<.!"X'#)8#*"#$.)8.*<.*#'"#'&(<.H;*H.CS)*'&H*#)N'(H(H*ZDb7("&H*ZD.*H.*$.#'(W#$&)I**B)N'(H(H*
X&$*"$&7#8&C$#Lb#*<.*"#X#*L()#*<.*'#H*&"?&*7D.H8$#H*<.7&H8$K*X$.H.)"(#*<.*'#*?#$7()#;*<!
'.X8#L'&$()#*+1225;*?#$7&'*6*?#$7#'()#*.)*"#<#*D)#A*7(.)8$#H*.'*?#$7#'&'*LD.*<.8."8#<&*
H&'#7.)8.*.)*D)#*7D.H8$#*+-"j.$7#*+*"%/-*:EF>#5I**V)*8&<#H*'#H*7D.H8$#H*H.*<.8."8K*@-1;*7.)&H*
.)*'#*S)("#*ZD.*)&*"&)8.)b#*#.5($)*<<%"7<&<1<.-""1#'*7D.H8$#*"&)8.)b#*.)*"#7%(&*#-"(%&*$%?<,+,.<.!"6*
#)N'(H(H*<.*'#*X'#)8#*LD.)8.*<.7&H8$K*"#$.)"(#*<.*#'"#'&(<.HI**4()"&*7D.H8$#H*<.*%5%$3%.(%"1+*
YD"#''X#*H.*H&7.8(.$&);*H()*<('D($;*#*D)*#)N'(H(H*"D#)8(8#8(T&*7.<(#)8.*"$&7#8&C$#Lb#*'bZD(<#*<.*#'8#*
$.H&'D"(K);*+2YG45I**V)*X$&7.<(&;*"()"&*7D.H8$#H*"&)8DT(.$&)*_;=*7C*<.*#'"#'&(<.H*8&8#'.H*X&$*
7('('(8$&*+\;_=a5;*<(H8$(%D(<&H*<.'*H(CD(.)8.*7&<&v*?#$7()#*>;_*7Cx7'A*<!'.X8#L'&$()#*+1225*:;/*
7Cx7'A*?#$7#'()#*\;>7Cx7'A*6*@-1*\;/7Cx7'I**VH8&*)&H*<#*'#H*H(CD(.)8.H*X$&X&$"(&).Hv*?#$7()#*
/MaA*<!'.X8#L'&$()#*+1225*,,aA*?#$7#'()#*/a*6*@-1*FaI**VH8&H*()T.H8(C#<&$.H*7.)"(&)#$&)*ZD.*
D)#*<&H(H*8bX("#*<.*%5%$3%.(%*<.*YD"#''X#*$#$#*T.W*.9".<b#*'&H*_M*7';*$&)<#)<&*?#%(8D#'7.)8.'&H*
MM!/\*7'I**Y&$*8#)8&;*D)#*<&H(H*<.*/\*7'*T.)<$b#*#*"&)8.).$*>=_*7C*<.*#'"#'&(<.H*8&8#'.H;*<.*.''&H*
,F\*7C*
,,,*
*
<.*?#$7()#;*E/*7C*<.*<!'.X8#L'&$()#*+1225;*,M*7C*<.*?#$7#'()#*6*=/*7C*<.*@-1*+-"j.$7#*+*"%/-"
:EF>#5I**VH8#H*.ZD(T#'.)*#*<(.W*T.".H*'#*"#)8(<#<*<.* "#$%&'()#H*X&$*<&H(H*"(8#<#*X&$*R(T(.$*6*
G()<C$.)*.)*HD*()L&$7.*+>\:*7Cv*>\*7C5;*"#H(*8$.H*T.".H*'#*"#)8(<#<*<.* "#%&'()#H*?#''#<#H*.)*'#*
7D.H8$#*<.*1%<'+"#)#'(W#<#*X&$*.'*.ZD(X&*<.*G(cHW6"*+>\:*7Cv*:>>*7C5*6*<.*)D.T&*"#H(*'#*7(8#<*
7NH*<.*@-1*ZD.*'#*ZD.*H.*?#''K*.)*'&H*&8$&H*.H8D<(&H*+=/*7Cv*,M*7C*&*,/;M*7C5I**VH8#H*<(L.$.)"(#H*
XD.<.)*<.%.$H.*.)*X#$8.*#'*?."?&*<.*ZD.*.)*YD"#''X#*.'*.98$#"8&*H.*?.$Tb#*?#%(8D#'7.)8.*<.*:\*#*
:M*?&$#H;*6*'&*"&)".)8$#%#)*<.*L&$7#*"&)H(<.$#%'.*#)8.H*<.*HD*()C.H8(K)I**Y&$*.'*"&)8$#$(&;*'&H*
#6#?D#HZD.$&H*<.'*$b&*YD$SH*?.$Tb#)*.'*.98$#"8&*HK'&*<D$#)8.*D)#*?&$#*6*)&*'&*"&)".)8$#%#)I**VH8&*
XD.<.*.9X'("#$*'#H*<(L.$.)"(#H*.)*'&H*)(T.'.H*<.* "#$%&'()#H;*X.$&*zX&$*ZDJ*.H*.'*"&)8.)(<&*.)*
@-1*8#)*H(7('#${**VT(<.)8.7.)8.;*'&H*#6#?D#HZD.$&H*<.'*$b&*YD$SH*D8('(W#%#)*D)#*7#6&$*"#)8(<#<*
$.'#8(T#*<.*#.5($)*&<%"7<&<1<."&*D)#*T#$(.<#<*7NH*X&8.)8.I**B<.7#H;*.H8&H*$.HD'8#<&H*X#$.".)*
HDC.$($*ZD.*7(.)8$#H*ZD.*'#*@-1*XD.<.*.98$#.$H.*.L."8(T#7.)8.*.)*D)#*?&$#;*'#*.98$#""(K)*<.*'&H*
#'"#'&(<.H* "#$%&'b)("&H*X&<$b#*$.ZD.$($*D)*7#6&$*8(.7X&*<.*.%D''("(K)I*
n)#*()8.$X$.8#"(K)*7NH*X$&T&"#8(T#*<.*.H8#*<(L.$.)"(#*.)*'&H*$.HD'8#<&H*<.*.H8&H*<&H*.H8D<(&H*
H.$b#*ZD.*'&H*>\*7C*<.* "#$%&'()#H*"&)8.)(<&H*.)*'#H*X&"(&).H*?#%(8D#'.H*<.'*$b&*YD$SH*H&)*
HDL("(.)8.H*X#$#*X.$7(8($*ZD.*#"8D.)*'&H*,M*7C*<.*@-1*X$.H.)8.H*.)*'#*X&"(K)I**V'*"&$&'#$(&*&%T(&*
#*.H8&*.H*'#*&%H.$T#"(K)*<.*ZD.*'&H*#6#?D#HZD.$&H*<.'*$b&*YD$SH;*<.*?."?&;*%DH"#%#)*.'*.L."8&*<.*
'#*@-1*.)*'#*X&"(K);*X&$*'&*ZD.*.98$#b#)*HK'&*'#*HDL("(.)8.*"#)8(<#<*<.* "#$%&'()#H*ZD.*?("(.$#)*
#"8(T#*#*'#*@-1*X&$*Tb#*&$#'I**].*$."&$<#$N*ZD.*.)*.'*S)("&*.9X.$(7.)8&*$.#'(W#<&*"&)*H.$.H*
?D7#)&H;*3(Cc&&<*<.8.$7()K*ZD.*:\\*7C*<.*?#$7#'()#*.$#)*X&$*Hb*7(H7&H*()#"8(T&H;*X.$&*
HDL("(.)8.H*"&7&*X#$#*ZD.*'#*"&$$.HX&)<(.)8.*"#)8(<#<*<.*@-1*LD.$#*#"8(T#*&$#'7.)8.*.)*.'*
H(CD(.)8.*.9X.$(7.)8&I**V)*.L."8&;*()"'DH&*D)#*"#)8(<#<*<.* "#$%&'()#H*<(.W*T.".H*.9".H(T#*.)*'#H*
X&"(&).H*<.*YD"#''X#*X#$.".*ZD.*8(.).*X&"#H*"&)H."D.)"(#H*L#$7#"&'KC("#H;*H(*.9".X8D#7&H*HD*
X#X.'*"&7&*()?(%(<&$*<.*'#*-B0I**O&*<.%.7&H*&'T(<#$*ZD.*O#$#)g&*<.8.$7()K*'#*<&H(H*D7%$#'*
X#$#*'&H*.L."8&H*<.*'#*?#$7()#*.)*F*7CxdC*6*.)*:,*7CxdC*X#$#*'#*'.X8#L'&$()#*+122*$#"J7("#5I**V'*
D7%$#'*X#$#*'&H*.L."8&H*<.*'#*?#$7#'()#*.H*7.)&$;*>*7CxdCI**]DX&)(.)<&*D)*X.H&*"&$X&$#'*7.<(&*
<.*_\*dC;*'#*<&H(H*D7%$#'*.H8#$b#*H(8D#<#*.)*'&H*M/\*7C*X#$#*'#*?#$7()#;*F>\*7C*X#$#*'#*'.X8#L'&$()#*
+122*$#"J7("#5*6*,F\*7C*X#$#*'#*?#$7#'()#I**Y&$*8#)8&;*()"'DH&*"&)*>\:*7C*<.* "#$%&'()#H*.)*D)#*
<&H(H*<.*%5%$3%.(%"6*8.)(.)<&*.)*"D.)8#*ZD.*HDH*.L."8&H*$.HX."8(T&H*H&)*#<(8(T&H*+6#*ZD.*'&H*
.L."8&H*()?(%(<&$.H*<.*'#*-B0*H&)*#<(8(T&HA*-"j.$7#*+*"%/-":EF>#5;*D)*X.ZD.`&*"N'"D'&*)&H*
7D.H8$#*ZD.;*7D6*X$&%#%'.7.)8.;*.H8#*"#)8(<#<*.H8#$N*8&<#Tb#*X&$*<.%#g&*<.'*D7%$#'*<.*
#"8(T(<#<I**G&H*,F\*7C*<.*?#$7()#*H.$b#)*.9#"8#7.)8.*'#*7(8#<*<.*'#*<&H(H*D7%$#'*X#$#*.H.*
"&7XD.H8&;*7(.)8$#H*ZD.*E/7C*<.*<!'.X8#L'&$()#*+1225*"&$$.HX&)<.*#*D)*::a*<.*HD*<&H(H*D7%$#'*
+#D)ZD.*'&H*$.HD'8#<&H*<.*O#$#)g&*H.*%#H#$&)*.)*'#*'.X8#L'&$()#*$#"J7("#;*H.*<.H"&)&".*H(*'#*<!
'.X8#L'&$()#*X$.H.)8.*.)*'#*%5%$3%.(%"X&H..*7#6&$*#"8(T(<#<5*6*'&H*,M*7C*<.*?#$7#'()#*
$.X$.H.)8#$b#)*D)*Ea*<.*HD*<&H(H*D7%$#'I**V)*8&8#'*&%8.)<$b#7&H*D)#*"#)8(<#<*<.* "#$%&'()#H*
ZD.*H.$b#*"&7&*7D"?&*D)*_\a*<.*'#*<&H(H*).".H#$(#*X#$#*H&%$.X#H#$*.'*D7%$#'*<.*'&H*.L."8&H*
XH("&#"8(T&HI**@.%.7&H*$."&$<#$*ZD.*Y.$7.H*6*2&"?*+:EM_5*<.8.$7()#$&)*ZD.*'#*?#$7()#*8&7#<#*
X&$*Tb#*&$#'*l)&*.$#*#'D"()KC.)&m*)(*#*<&H(H*<.*E/\*7CI**VH*.T(<.)8.*ZD.*'&H*
,,=*
*
.L."8&H*<.*.H8#H*8$.H*7D.H8$#H*<.*%5%$3%.(%"#)#'(W#<#H*H.*<.%.)*#*'#*@-1I**BD)ZD.*.H*X&H(%'.*
ZD.*'#H* "#$%&'()#H*8.)C#)*X&$*Hb*H&'#H*<J%('.H*.L."8&H*XH("K8$&X("&H;*)&*.9(H8.)*X$D.%#H*<.*ZD.*
H.*?#''.)*.)*"#)8(<.H*HDL("(.)8.H*"&7&*X#$#*X$&<D"($*#'D"()#"(&).H*.)*'#H*X&"(&).H*<.*%5%$3%.(%"
.H8D<(#<#H*?#H8#*#?&$#;*#D)ZD.;*X&$*HDXD.H8&;*'.H*XD.<.)*"&)L.$($*X$&X(.<#<.H*H.<#)8.HI**V)*D)*
'(%$&*XD%'("#<&*$."(.)8.7.)8.;*GIVI*GD)#*6*YI*B7#$()C&*''.C#$&)*#*'#*7(H7#*"&)"'DH(K)v*l.'*
#'"#'&(<.*$.HX&)H#%'.*<.*'#*XH("&#"8(T(<#<*<.*'#*%.%(<#*.H;*"&)*8&<#*X$&%#%('(<#<;*'#*
<(7.8('8$(X8#7()#;*?#''N)<&H.*'&H*#'"#'&(<.H*<.*W%,<.*+&<)G.<."(%%G<".)*"#)8(<#<*()HDL("(.)8.*"&7&*
X#$#*X$&<D"($*#'D"()#"(&).Hm*+GD)#*6*B7#$()C&*:EE:5I**-"j.$7#;*GD)#*6*1&c.$H*"&7.)8#$&)v*l'#*
@-1III*.H*X$&%#%'.7.)8.*$.HX&)H#%'.*<.*'&H*.L."8&H*#'D"()KC.)&H*<.*'#*%5%$3%.(%9*+-"j.$7#*+*"
%/-":EF/5I**Y&$*'&*ZD.*$.HX."8#*#*'#*@-1;*H#%.7&H*ZD.*.H*#"8(T#*&$#'7.)8.*.)*<&H(H*<.*:\\*7C*.)*
X$.H.)"(#*<.*:\\*7C*<.*?#$7#'()#I**3#HN)<&)&H*.)*'&H*$.HD'8#<&H*<.'*.ZD(X&*<.*-"j.$7#*gD)8&*
"&)*'&H*<.*'&H*.ZD(X&H*<.*G(cHW6"*6*.'*<.*R(T(.$*6*Q()<C$.);*X&<.7&H*X&H8D'#$*ZD.*'#*@-1*.H*
8#7%(J)*#"8(T#*X&$*Tb#*&$#'*.)*D)*7#$C.)*<.*,M!=/*7C;*<.*7&<&*ZD.*D)#*"#)8(<#<*8#)*X.ZD.`#*
"&7&*>\*7C*<.* "#$%&'()#H*X&<$b#*H.$*HDL("(.)8.*X#$#*X.$7(8($*HD*#"8D#"(K)I**V'*.9X.$(7.)8&*#*
$.#'(W#$*#*"&)8()D#"(K);*"&)H(H8($b#*.)*()C.$($;*<(C#7&H*D)&H*=\*7C*<.*@-1*gD)8&*"&)*>\*7C*<.'*
l#)N'&C&*<.*%5%$3%.(%9"<.*-"j.$7#*+ZD.*"&)H(H8($b#;*.)*.H8.*"#H&;*<.*,F*7C*<.*?#$7()#;*:\7C*
<.*<!'.X8#L'&$()#*6*,*7C*<.*?#$7#'()#5*X#$#*"&7X$&%#$*H(*.H8#*7.W"'#*.H*$.#'7.)8.*#"8(T#*+TJ#H.*
'#*H.""(K)*lnH&*<.*'#*2#$7.';*;5%$3%.(%"6*HDH*B)N'&C&Hm*<&)<.*H.*"(8#)*'&H*$.HD'8#<&H*<.*'&H*
#D8&.9X.$(7.)8&H*6*088*:EE>5I**V'*()L&$7.*X$.'(7()#$*<.'*.ZD(X&*<.*@.$*-#$<.$&H(#);*"(8#<&*7NH*
#$$(%#;*.)"&)8$K*=\*7C*<.*@-1*.)*D)#*<&H(H*8bX("#*<.*F*&)W#H*+,>\*7'5*<.*%5%$3%.(%"X$.X#$#<#*
X&$*'&H*()<(&H*4#H?()#?D#*<.'*Y.$S;*gD)8&*"&)*HK'&*,\*7C*<.*l?#$7()#*&*?#$7#'()#m*+@.$*
-#$<.$&H(#)*+*"%/-":E_\5I**G#*%.%(<#;*''#7#<#*,<Q<"G%+"+7#".$#<#*<D$#)8.*HK'&*D)#*?&$#5;*LD.*
.'#%&$#<#*#*X#$8($*<.*'&H*8#''&H*6*?&g#H*<.*W%,<.*+&<)G.<."(%%G<!"gD)8&*"&)*'&H*%$&8.H*<.*<&H*.HX."(.H*
)&*(<.)8(L("#<#H*''#7#<#H*,%<"F%i%"5"'%*.<"F%i%!"<.*'#H*ZD.*'#*S'8(7#*"#$."b#*<.*#'"#'&(<.HI**G#*
X$(7.$#*+ZD.*X&<$b#*H.$*X&H(%'.7.)8.*#-"(%*<$%?<,+,.<.!"#-"%/8%!"#-"'%&?<,%*%")"#-"$)&<d),*%/<.:"
"&)8.)b#*D)*\;:/!\;,,a*<.*@-1*.)*'#H*?&g#HI**VH8.*8$#%#g&*X$.H.)8#*T#$(&H*X$&%'.7#H*ZD.*7.*
''.T#$&)*#*<.H"#$8#$'&*.)*7(*#)N'(H(H*<.*'#*L#$7#"&'&Cb#*<.*'#*%5%$3%.(%-""O&*HK'&*H.*<.H"&)&"b#*'#*
(<.)8(<#<*<.*'#*#.5($)*&<%"D8('(W#<#;*H()K*ZD.*'#*X&"(K)*H.*#'7#".)K*H()*$.L8(C.$#$*lX&$*'&*7.)&H*
<D$#)8.*<&H*#`&Hm*#)8.H*<.*ZD.*LD.$#*#)#'(W#<#I**VH*7NH;*'&H*#D8&$.H*)&*#)#'(W#$&)*.'*"&)8.)(<&*<.*
<!'.X8#L'&$()#*+1225;*ZD.*"&)*X&H8.$(&$(<#<*H.*<.8.$7()#<#*ZD.*$.X$.H.)8#*<.*D)*,\*#*D)*M\a*<.*
'#*L$#""(K)*<.*#'"#'&(<.H* "#$%&'b)("&H*.)*&8$#H*7D.H8$#H*1+"%5%$3%.(%"#)#'(W#<#H*+G(cHW6"*+*"%/-"
:EE,A*-"j.$7#*+*"%/-":EF>#A*R(T(.$*6*G()<C$.)*:E_,5I**VH8&*X&<$b#*.9X'("#$*.'*.98$#`&*%#g&*
"&)8.)(<&*<.* "#$%&'()#H*ZD.*.)"&)8$#$&)*6*ZD.*)&*''.C#$b#*#*HDX.$#$*'#*<&H(H*7b)(7#*).".H#$(#*
X#$#*ZD.*H.*7#)(L(.H8.)*'&H*.L."8&H*L#$7#"&'KC("&HI**P()#'7.)8.;*#D)ZD.*'&H*#D8&$.H*()L&$7#$&)*
<.'*?#''#WC&*<.*D)*M\a*7NH*<.*?#$7#'()#*ZD.*<.*?#$7()#*.)*HD*T(.g#*7D.H8$#*<.*,<Q<"G%+!"7NH*
8#$<.*H.`#'#$&)*ZD.*XD<(.$&)*#(H'#$*6*"$(H8#'(W#$*@-1*6*?#$7()#*#*X#$8($*<.*'#*X&"(K)I**]()*
.7%#$C&;*?#%$b#*H(<&*7NH*X$&%#%'.*ZD.*'#*?#$7#'()#*?D%(.$#*"$(H8#'(W#<&*.)*'DC#$*<.*'#*?#$7()#;*H(*
'#*X$(7.$#*?D%(.$#*.H8#<&*X$.H.)8.*.)*7#6&$*X$&X&$"(K)*+#'*8.).$*#7%#H*H&'D%('(<#<.H*6*&8$#H*
X$&X(.<#<.H*ZDb7("#H*H(7('#$.H5I*
,,>*
*
BD)ZD.*.H*"(.$8&*ZD.*.9(H8.)*8$#%#g&H*H&%$.*X&"(&).H*<.*%5%$3%.(%"ZD.*HK'&*"&)*+,4%,"
W%,<.*+&<)G.<."(%%G<!""#$.".7&H*<.*#)N'(H(H*"D#)8(8#8(T&H*<.*D)#*<&H(H*8bX("#I**Y#$.".*&%T(&*ZD.*D)#*
<&H(H*l#'D"()KC.)#m*<.*%5%$3%.(%"H()*@-1*<.%.$b#*"&)8.).$;*"&7&*7b)(7&;*'#*7(8#<*7NH*<.*'#*
"#)8(<#<*<.* "#$%&'()#H*<.8.$7()#<#*X&$*.'*C$DX&*<.*-"j.$7#*6*ZD(WN*<&H*T.".H*.H#*"#)8(<#<I**
V'*.ZD(X&*<.*-"j.$7#*7#)(L.H8K*'&*H(CD(.)8.*"&)*$.HX."8&*#*'&H*.L."8&H*#'D"()KC.)&H*<.*'#*
%5%$3%.(%"H()*@-1I**lH.*).".H(8#$b#)*"&)".)8$#"(&).H*<.* "#$%&'()#H*"&)H(<.$#%'.7.)8.*
7#6&$.H*#*'#H*ZD.*?.7&H*?#''#<&*.)*)D.H8$#H*7D.H8$#HIIIm*+-"j.$7#*+*"%/-":EF>#5I**VH8#*8.&$b#*
ZD.*"&)H(<.$#*#*/%"%5%$3%.(%""&7&*#"8(T#<&$#*<.*'#*@-1;*X&<$b#*.9X'("#$*.'*.98.)<(<&*DH&*<.*
X'#)8#H*XH("K8$&X#H*"&7&*#<(8(T&H*<.*'#*X&"(K)I**V9X'("#$b#*7(H*8$.H*.9X.$(.)"(#H*.)*V"D#<&$;*
<&)<.*'#*%5%$3%.(%"X$.X#$#<#*"&)*?&g#H*<.*?3%53.%"&*"&)*X.ZD.`#H*"#)8(<#<.H*<.*#.5($)*&<%"
7<&<1<."#"8D#$&)*"&7&*H.<#)8.*HD#T.;*7(.)8$#H*ZD.*H.*&%8.)b#*D)#*.9X.$(.)"(#*.)8.&CJ)("#*8&8#'*
"D#)<&*H.*#`#<b#*D)#*"#)8(<#<*"&)H(<.$#%'.*<.*?&g#H*ZD.*"&)8DT(.$#)*@-1I**B<.7NH;*'&H*
$.HD'8#<&H*<.*'&H*#)N'(H(H*"D#)8(8#8(T&H*<.*'&H*X$.X#$#<&H*<.*%5%$3%.(%"#$$&g#$&)*H.$(#H*<D<#H*
H&%$.*.'*()8.)8&;*X&$*X#$8.*<.*P'#88.$6;*<.*<.<D"($*'&H*.L."8&H*<.*#+?%,3'"$%&'%/%"+ZD.*"#$.".*<.*
@-15;*#*X#$8($*<.*'&H*()L&$7.H*H&%$.*'#H*X&"(&).H*<.*%5%$3%.(%"#7#WK)("#H*$("#H*.)*@-1*+P'#88.$6*
6*]"?c#$8W*:EFEA*TJ#H.*O&8#*=5I**P()#'7.)8.;*.H8&*.)"#g#$b#*X.$L."8#7.)8.*"&)*.'*?."?&*&%T(&*<.*
ZD.*#*'&H*()<(&H*HD<#7.$("#)&H*'.H*CDH8#*'#*@-1A*?#)*.)"&)8$#<&*6*DH#<&*'#*@-1*.)*&8$#H*X'#)8#H;*
"&7&*X&$*.g.7X'&*.)*'&H*$#XJH*<.*;,%1+,%,*$+&%"5"b<&)/%"6*.)*'#H*X&"(&).H*X$.X#$#<#H*"&)*'#H*
$#b".H*<.*<(T.$H#H*.HX."(.H*<.*[<').%"+TJ#H.*4#Xb8D'&*=5I**V)*.H8.*"&)8.98&;*T#'.*'#*X.)#*H.`#'#$*
8#7%(J)*ZD.*.'*?&7K'&C&*#$8(L("(#'*<.*'#*@-1;*'#*<(.8('8$(X8#7()#*+@V1;*TJ#H.*4#Xb8D'&*=5*.H*.)*Hb*
7(H7&;*#*<&H(H*.'.T#<#H;*D)*()?(%(<&$*<.*'#*-B0*#'*(CD#'*ZD.*'#H* "#$%&'()#H*+]#8&$6*+*"%/-":E/:5;*
?#%(J)<&H.*<.8.$7()#<&*ZD.*&8$#H*8$(X8#7()#H*X$.H.)8#)*#*HD*T.W*.H8#*#"8(T(<#<*+.)8$.*.''#H*'#*
X$&X(#*@-1;*M!-.0!@-1;*XH('&"(%()#*6*XH('&"()#A*-"j.$7#*+*"%/-":EF>%5I**B<.7NH;*H.*H#%.*ZD.*'#*
7($(H8("()#;*"&7XD.H8&*XH("&#"8(T&*<.*'#*)D.W*7&H"#<#;*#"8D#*"&7&*()?(%(<&$*<.*'#*-B0*+TJ#H.*
4#Xb8D'&*:A*1$D(88*+*"%/-":E/=5I**@(T.$H#H*7($(H8("N".#H;*.)8$.*.''#H*<(T.$H#H*.HX."(.H*<.*'&H*CJ).$&H*
R&5%,*$+&%"5"b<&)/%!"#'CD)#H*<.*'#H*"D#'.H*"&)8(.).)*8$(X8#7()#H;*H&)*DH#<#H*X&$*'&H*U(8&8&*6*'&H*
3&$#*.)*'#*X$.X#$#"(K)*<.*X#H8#H*.)8.&CJ)("#H*#"8(T#H*X&$*Tb#*&$#'*+TJ#H.*4#Xb8D'&*=5I**YD.H8&*ZD.*
.)*.H8#H*X#H8#H*)&*H.*?#''#$&)* "#$%&'()#H*+-"j.$7#*+*"%/-":EF>%5;*X&<$b#*H.$*'KC("&*()8.)8#$*
<.8.$7()#$*'#*X$.H.)"(#*<.*7($(H8("()#*6*<.*HDH*"&7XD.H8&H*$.'#"(&)#<&H*"&7&*X$&%#%'.H*
()?(%(<&$.H*<.*'#*-B0;*#D)ZD.*.'*C$DX&*<.*-"j.$7#*.9X'("K*<("?&*.L."8&*#8$(%D6J)<&'&*#*'#*<J%('*
"#X#"(<#<*()?(%(<&$#*<.*'#*-B0*ZD.*X$.H.)8#)*'#H*8$(X8#7()#H*"&)H8(8D6.)8.H*<.*'#*X#H8#*
+-"j.$7#*6*1&c.$H*:EF>A*-"j.$7#*+*"%/-":EF>%5I*
*
*
%#5'9K0!8&5C8=!(;9!=8!8G87C80&8!G!'L!789:'=!
*
B*7.<(<#*ZD.*'#*#)8(CD#*X&"(K)*<.*%5%$3%.(%"LD.*'.)8#7.)8.*$.T.'#)<&*HDH*H."$.8&H*#*'#*
7&<.$)#*()T.H8(C#"(K)*ZDb7("#*6*L#$7#"&'KC("#;*'#*<$&C#*.7X.WK*#*()H()D#$H.;*7NH*ZD.*)D)"#;*#*
'#*"&)"(.)"(#*7&<.$)#I**V'*.H"$(8&$*#7.$("#)&*UI]I*3D$$&DC?H*
,,M*
*
"&)"'Db#*HD*X$(7.$*'(%$&*#D8&%(&C$NL("&*rD)d*+XD%'("#<&*&$(C()#'7.)8.*"&)*.'*8b8D'&*^3,F<+M"
B),0+..<),.")0"%,"O,&+1++'+1"L&3?";11<(*S"G..*:EM=5*+i&)d(v*4&)L.H(&).H*<.*D)*<$&C#<("8&*
($$.<.)8&5*"&)*D)*"#Xb8D'&*<.<("#<&*#'*GA5)*/")"G+5)*+!"lD)#*)D.T#*H.)H#"(K)*.)* '&H*VH8#<&H*
n)(<&HmI**3D$$&DC?H*L()#'(W#%#*.'*'(%$&*?#%'#)<&*H&%$.*'#*%5%$3%.(%M" l?.*'.(<&*#".$"#*<.*D)#*
<$&C#*''#7#<#*5%?A!"D8('(W#<#*X&$*'&H*()<(&H*.)*.'*)#"(7(.)8&* <.'*B7#W&)#HI**Y#$.".*H.$*ZD.*.'*
5%?A"#D7.)8#*'#*H.)H(%('(<#<*8.'.XN8("#III**@."(<b*7#$"?#$*#*4&'&7%(#*.)*%DH"#*<.'*5%?AIII*sD(WN*
.)"D.)8$.*.)*.'*5%?A"'&*ZD.*?.*.H8#<&*%DH"#)<&*.)*'#*?.$&b)#;*'#*?(.$%#*6*'#*"&"#I**YD.<.*ZD.*.'*
5%?A"H.#*.'*"?D8.*<.L()(8(T&*+G..*:EM=5mI**4D7X'(.)<&*HD*X#'#%$#;*3D$$&DC?H*7#$"?K*#*4&'&7%(#*
.)*.).$&*<.*:EM=*.)*%DH"#*<.*'&*ZD.;*($K)("#7.)8.;*?#%b#*''#7#<&*HD*l"?D8.*<.L()(8(T&m;*<.*7&<&*
ZD.*.)*#%$('*.)"&)8$K*D)*l%$Dg&m*.)*'#*$.C(K)*<.'*YD8D7#6&*<(HXD.H8&*#*X$.X#$#$'.*'#*X&"(K);*
"&7X'.8#<#*"&)*l<&H*XD`#<&H*<.*?&g#H*<.*&8$#*X'#)8#m*ZD.*3D$$&DC?H*(<.)8(L("K*"&7&*)/)/<23<-""
3D$$&DC?H*HDL$(K*D)*#8#ZD.*<.*l$.X.)8()#H*6*T(&'.)8#H*)NDH.#Hm*6*<.*l<.H8.''&H*#WD'.Hm*<.'#)8.*<.*
'&H*&g&HI**1#7%(J)*.9X.$(7.)8K*"&)*%5%$3%."#*X$.X#$#<#*7.<(#)8.*.'*l7J8&<&*<.*f#DXJHmv*D)#*
()LSH(K)*<.*'#*"&$8.W#*()8.$(&$*.)*#CD#*L$b#*6*H()*7.W"'#H*<.*X'#)8#H;*.H"$(%(.)<&*7NH*8#$<.*ZD.*
lHDH*.L."8&H*H.*X#$."b#)*#*'&H*<.*'#*?(.$%#mI**R.C$.HK*#*3&C&8N*"&)*D)*"#gK)*''.)&*<.*8#''&H*<.*'(#)#*
6*$.#'(WK*D)#*H.$(.*<.*.9X.$(7.)8&H*"&)*.98$#"8&H*<.*'#*X'#)8#*ZD.*8DT(.$&)*.L."8&H*H&X&$bL.$&H*
+3D$$&DC?H*6*[()H%.$C*:E/=5I*
n)#*<J"#<#*7NH*8#$<.;*3D$$&DC?H*6*.'*X&.8#*#7.$("#)&*B*[()H%.$C*XD%'("#$&)*C$+*c%?+"K+**+&."
+G#H*"#$8#H*<.'*6#CJ5*&%$#*ZD.*$."&X('#%#*'#H*"#$8#H*ZD.*3D$$&DC?H*?#%b#*.)T(#<&*#*[()H%.$C*<.H<.*
4&'&7%(#;*6*'#*ZD.*.'*H.CD)<&*?#%b#*.)T(#<&*#*3D$$&DC?H*<.H<.*.'*Y.$S*.)*:E/\*6*.)*'#H*ZD.*
$.'#8#%#*HDH*X$&X(#H*.9X.$(.)"(#H*"&)*'#*%5%$3%.(%*.)*YD"#''X#;*.)*.'*"D$H&*<.*'#H*"D#'.Hv*l8&<&*.'*
g&<(<&*4&H7&H*H.*'(%.$K*#*7(*#'$.<.<&$;*.)*'#*X.&$*6*7NH*LD.$8.*.9X.$(.)"(#*ZD.*"$.&*?#%.$*
8.)(<&III*+3D$$&DC?H*6*[()H%.$C*:E/=5I**B*X.H#$*<.'*8&)&*#'C&*).C#8(T&*<.*'#H*.9X.$(.)"(#H*ZD.*
<.H"$(%(.$&)*+[()H%.$C*#`#<b#*#'*L()#'*.'*<(%Dg&*<.*D)*?&$$(%'.*H.$*#'*ZD.*''#7#%#*lV'*T&7(8#<&$m5;*
.'*'(%$&*?(W&*L#7&H#*#*'#;*?#H8#*.)8&)".H;*&H"D$#*X&"(K)*HD<#7.$("#)#*<.*'#*%5%$3%.(%".)*'&H*
VVnn*6*.'*7D)<&*.)8.$&I**G#*<(HXD8#*'.C#'*ZD.*$&<.K*#*'#*XD%'("#"(K)*<.*'#*H.CD)<#*)&T.'#*<.*
3D$$&DC?H*C$+"@%F+1"K3,($"+3D$$&DC?H*:EMEA*H.*XD%'("#$&)*T#$(&H*.98$#"8&H*.)*'#*B$<(%?)"N+7<+i"
.)*:EMF;*$.8($N)<&H.*.'*)S7.$&;*'&*ZD.*"&)<Dg&*#*'#*<(7(H(K)*<.*'#*$.<#""(K)A*7NH*8#$<.*?D%&*D)#*
%#8#''#*'.C#'*H&%$.*.'*'(%$&*.)*.'*1$(%D)#'*]DX$.7&*<.'*.H8#<&*<.*-#HH#"?DH.88H5*H.*"&)T($8(K*.)*
D)#*"#DH#*"J'.%$.;*"#8#XD'8#)<&*#*3D$$&DC?H*#*'#*L#7#*6*#8$#6.)<&*'#*#8.)"(K)*<.'*XS%'("&*X&$*
.H8.*X.ZD.`&*'(%$&*H&%$.*'#*%5%$3%.(%-""B*'&*'#$C&*<.'*'(%$&*C$+*@%F+1"K3,($!"'(%$&*ZD.*8DT&*D)*
.98.)H&*XS%'("&;*H.*?#"b#)*%#H8#)8.H*$.L.$.)"(#H*#*'#*<$&C#;*#Hb*"&7&*.)*<(T.$H#H*<.*HDH*&%$#H*
X&H8.$(&$.Hv1?.*E)0*"[%($<,+!"C$+"C<(F+*"*$%*"JQG/)1+1!"L+%1"f<,?+&."C%/F!"@)7%"JQG&+.."5*
JQ*+&'<,%*)&-"+3D$$&DC?H*:EMEA*3D$$&DC?H*:E/:A*3D$$&DC?H*:E/,A*3D$$&DC?H*:E/=A*3D$$&DC?H*
:E/>A*3D$$&DC?H*:E//5I*
V)*HD*X$(7.$*'(%$&;*3D$$&DC?H*?#%b#*7.)"(&)#<&*<.HX$.&"DX#<#7.)8.*ZD.v*lX#$.".*H.$*ZD.*.'*
5%?A"#D7.)8#*'#*H.)H(%('(<#<*8.'.XN8("#I**n)*"(.)8bL("&*"&'&7%(#)&*#(H'K*<.'*5%?A"D)#*<$&C#*#*'#*
ZD.*''#7K*8.'.X#8()#m*+G..*:EM=A*$.L($(J)<&H.*#*'#*&%8.)"(K)*<.*'#*8.'.X#8()#*&*?#$7()#*X&$*P(H"?.$*
4N$<.)#H*.)*:E,=5I**VH8.*"&7.)8#$(&*<.*3D$$&DC?H*#".$"#*<.*D)*"#X$("?&H&*.g.$"("(&*<.*
)&7.)"'#8D$#*H.$T($b#*X#$#*()L&$7#$*
,,/*
*
#*'#*l"&)"(.)"(#*7&<.$)#m*H&%$.*'#H*X$&X(.<#<.H*<.'*5%6A")"%5%$3%.(%""&)8$(%D6.)<&*#*$&<.#$'#*
<.*'&*ZD.*BI*U.('*''#7K*lD)#*"&)H(<.$#%'.*7(8&'&Cb#*<.'*5%?A9"+U.('*:EF\5*"&)*l7#)(L.H8#"(&).H*
.98$#T#C#)8.H*6*H()*%#H.*#'CD)#*H&%$.*'#H*X$&X(.<#<.H*<.*'#*%.%(<#;*.)*.HX."(#'*#".$"#*<.*HDH*
X$&X(.<#<.H*l8.'.XN8("#Hm*H.CS)*X#'#%$#H*<.*]"?D'8.H*6*2&L7#))*+]"?D'8.H*6*2&L7#))*:EF\5I**VH*
<(Lb"('*H#%.$*X&$*ZDJ*H.*#H&"(K*'#*8.'.X#8b#*<.*L&$7#*X#$8("D'#$*"&)*'#*%5%$3%.(%!"6#*ZD.*8#'*"&7&*
H.`#'K*U.(';*'#*8.'.X#8b#*H.*?#*#H&"(#<&*L$."D.)8.7.)8.*"&)*'#H*X'#)8#H*.)8.KC.)#H;*"&7&*.'*
GA5)*/".)*O&$8.#7J$("#I**V)*HD*"&7X'.8&*.H8D<(&*H&%$.*.'*DH&*<.*'&H*.)8.KC.)&H*X&$*'&H*()<(&H*
"&'&7%(#)&H;*R.("?.'!@&'7#8&LL*.9XDH&*'&*H(CD(.)8.v*
*
G#*(<.#*<.*ZD.*.'*5%6A"X&H..*X$&X(.<#<.H*8.'.XN8("#H;*?#*L#H"()#<&;*X&$*HDXD.H8&;*#*
'&H*"$J<D'&HI**q.$<#*3#6K)*ZD.*T(#gK*.)8$.*'&H*()<(&H*<.'*#'8&*YD8D7#6&*.)*:E=M;*
#H.CD$#*ZD.*.'*5%6A"X$&T&"#*T(H(&).H*.)*'#H*ZD.*.'*()<(T(<D&*<.H#$$&''#*L#"D'8#<.H*
8.'.XN8("#HI**[#$"(#*3#$$(C#*7.)"(&)#*#*.H8.*T(#g.$&*6*.H"$(%.*ZD.*v*lQ)<(&H*H#'T#g.H*
ZD.*)D)"#*?#)*#%#)<&)#<&*HDH*H.'T#H*6*ZD.;*X&$*HDXD.H8&;*)&*8(.).)*(<.#*#'CD)#*
H&%$.*'#*T(<#*"(T('(W#<#;*<.H"$(%.);*.)*HD*X#$8("D'#$*'.)CD#g.;*6*"&)*7NH*&*7.)&H*
X$."(H(K);*<.8#''.H*<.*"#H#H;*"#H8(''&H*6*"(D<#<.H*?#%(8#<#H*X&$*7D'8(8D<.HmI**G#*
 $.#'(<#<*.H*ZD.*()"'DH&*'&H*()<(&H*ZD.*T(T.)*%#H8#)8.*#(H'#<&H*H#%.)*%#H8#)8.*H&%$.*
'#*T(<#*l"(T('(W#<#m;*?#%(.)<&*&(<&*?#%'#$*<.*HDH*7#$#T(''#H*#*7(H(&).$&H;*H&'<#<&H;*
$."&'."8&$.H*<.*"#D"?&;*"&7.$"(#)8.H*6*T(#g.$&HI**B<.7NH;*?#)*T(H8&*L&8&C$#Lb#H*.)*
"#'.)<#$(&H*6*$.T(H8#H*('DH8$#<#HI*
+[#$"(#*3#$$(C#*:EMFA*R.("?.'!@&'7#8&LL*:E_Mv*q.$<#*3#6K)*:E:M5I*
*
4I*O#$#)g&*?#*.H"$(8&*ZD.*?#%(8#)8.H*<.*'#H*"(D<#<.H*#*'&H*ZD.*H.*?#*#<7()(H8$#<&*?#$7#'()#*<(".)*
?#%.$*T(H8&*L$."D.)8.7.)8.*L.'()&H*6*&8$#H*(7NC.).H*<.*'#*H.'T#*+O#$#)g&*:E/_A*O#$#)g&*:E_=#A*
O#$#)g&*:E_=%A*O#$#)g&*:EF_5;*HDC($(.)<&*ZD.*.'*.HXb$(8D*<.*'#*H.'T#*.H8#*X$.H.)8.*()"'DH&*.)*'#*
?#$7#'()#*H()8J8("#*+&*ZD.*'#*X$.<(HX&H("(K)*<.*#ZD.''&H*()<(T(<D&H*&*'#*HDC.H8(K)*?#%b#)*
LD)"(&)#<&5I**VT(<.)8.7.)8.;*"&7&*?#)*H.`#'#<&*-"j.$7#*6*HDH*"&'.C#H;*'#*?#$7#'()#*)&*8(.).*)(*
H(ZD(.$#*(7X&$8#)"(#*L#$7#"&'KC("#*.)*'#H*X&"(&).H*<.*%5%$3%.(%"+-"j.$7#"+*"%/-":EF>#5;*6*
]?D'C()*6*]?D'C()*"D.)8#)*D)#*<(T.$8(<#*#)J"<&8#*.)*'#*ZD.*4IO#$#)g&;*#'*X#$.".$*H()*H#%.$*"&)*
ZD(J)*.H8#%#*?#%'#)<&;*X$.CD)8K*#*RI*VI*]"?D'8.H*ZDJ*&X()#%#*H&%$.*'&H*g#CD#$.H*.)*'#H*T(H(&).H*
()<D"(<#H*X&$*'#*%5%$3%.(%-""O#$#)g&*8DT&*D)#*C$#)*<.".X"(K)*"D#)<&*]"?D'8.H;*ZD.*X&$*.)8&)".H*
6#*8.)b#*D)#*.9X.$(.)"(#*"&)H(<.$#%'.*"&)*'&H*.L."8&H*<.*'#*%5%$3%.(%!"'.*"&)8.H8K*ZD.*)D)"#*
?#%b#*T(H8&*g#CD#$.H*lHK'&*'().#H*W(CW#CD.#)8.Hm*+]?D'C()*6*]?D'C()*:EE:5I**VH8#H*#H&"(#"(&).H*.H8N)*
8#)*'(C#<#H*#*'#*%5%$3%.(%"ZD.*U.('*$.7.7&$K*D)#*&"#H(K)*.)*'#*ZD.*D)*L#$7#"&X&'(H8#*<.*2#(C?8!
BH?%D$6*#L($7K*.)*:E/_*ZD.*.HZD(7#'.H*#*'&H*ZD.*H.*?#%b#*<#<&*%5%$3%.(%"<.*L&$7#*
.9X.$(7.)8#';*}8DT(.$&)*T(H(&).H*<.*.)&$7.H*C#8&H*<&7JH8("&H~*+U.('*:EF\5I**-.*CDH8#$b#*
7.)"(&)#$*8#7%(J)*ZD.*.)*.).$&*<.*:E/_*U.(';*]"?D'8.H;*]?D'C()*6*O#$#)g&*H.*.)"&)8$#%#)*.)*]#)*
P$#)"(H"&*X#$#*X#$8("(X#$*.)*D)*.98$#&$<()#$(&*"&)C$.H&*&$C#)(W#<&*X&$*.'*Q)H8(8D8&*O#"(&)#'*X#$#*
'#*]#'D<*-.)8#';*<.X.)<(.)8.*<.'*C&%(.$)&*<.*'&H*VVnn;*X#$#*"&&$<()#$*'#*Q)T.H8(C#"(&)*
V8)&L#$7#"&'KC("#*<.*@$&C#H*YH("&#"8(T#H*+]"?D'8.H*:E//5;*8b8D'&*<.'*#"8&*.)*.'*ZD.*D)#*H.""(K)*H.*
<.<("#%#*#*'#*%5%$3%.(%"+VL$&)"+*"%/-":E/_5*+_5I*
,,_*
****
**G#*XD%'("#"(K)*.)*:E_:*<.'*'(%$&*j<d%&1")0"*$+"OGG+&";'%d),"+V'*-#C&*<.'*#'8&*B7#W&)#H5*
<(LD)<(K*.'*"&)&"(7(.)8&*7&<.$)&*<.*'#H*X&"(&).H*<.*%5%$3%.(%"<.'*#7#W&)#H*6*"&)8$(%D6K*#*
#L(#)W#$*'#*#H&"(#"(K)*<.*'#*<$&C#*"&)*L.)K7.)&H*XHbZD("&H*X#$#)&$7#'.H*+4K$<&T#!Rb&H*6*G#7%*
:E_:5I**f#'.*'#*X.)#*ZD.*)&H*<.8.)C#7&H*#*.9#7()#$*'#*?(H8&$(#*<.*.H8.*'(%$&*"&)*#'C&*<.*<.8#''.I**
V)*:E/=;*PI3I*G#7%*.)T(K*D)*7#)DH"$(8&*<.*=\*XNC()#H*#*RIGI*4#$).($&;*D)*.8)KC$#L&*.9X.$8&*.)*.'*
.H8D<(&*<.*'&H*B7#?D#"#;*.'*8.7#*ZD.*8$#8#%#*.'*7#)DH"$(8&*<.*G#7%I**4#7.($&*?#%b#*.H8D<(#<&*.'*
DH&*<.*'#*%5%$3%.(%".)8$.*.H8&H*()<(&H*+4#7.($&*:E/>A*4#$).($&*:E_\5I**V'*7#)DH"$(8&*<.H"$(%b#*'#*
T(<#*<.*-I*4K$<&T#!Rb&H;*HDXD.H8#7.)8.*H."D.H8$#<&*<.*)(`&*X&$*'&H*()<(&H*B7#?D#"#*6*'D.C&*
#<(.H8$#<&*X&$*HD*g.L.*X#$#*"&)T.$8($H.*.)*"?#7N)*6*'b<.$;*#X$.)<(.)<&*'&H*H."$.8&H*<.*'#*
%5%$3%.(%"6*<.*&8$#H*7.<("()#H*+H.*''.CK*()"'DH&*#*$&<#$*D)#*X.'b"D'#*<.H"$(%(.)<&*.H8#*?(H8&$(#;*K%"
E+/7%"J.'+&%/1%:-""B'*$.T(H#$*.'*7#)DH"$(8&;*4#7.($&*'.*<(g&*#*G#7%*ZD.v*l"$.b#*ZD.*H.*8$#8#%#*D)*
(7#C()#8(T&*'(%$&*<.*L(""(K)*.)*'#*H.'T#;*6*'.*.9X'(ZDJ*'#H*$#W&).H*"&)"$.8#H*<.*7(*XD)8&*<.*T(H8#m*
+4#7.($&*:EF\5I**f#$(&H*#`&H*<.HXDJH;*'#*.<(8&$(#'*O#8D$#'*2(H8&$6*Y$.HH*.)T(K*#*4#$).($&;*D)&*<.*
'&H*X&"&H*.9X.$8&H*ZD.*?#%b#*H&%$.*'&H*B7#?D#"#;*lD)#*T.$H(K)*#7X'(#<#m*<.*'#*7(H7#*&%$#;*6*6#*
ZD.*l)&*.$#*7NH*T.$<#<.$#*ZD.*'#*T.$H(K)*"&$8#;*#"&)H.gJ*#*'#*.<(8&$(#'*ZD.*'#*$."?#W#$#;*"&H#*ZD.*
?("(.$&)mI**]()*.7%#$C&;*X#$.".*H.$*ZD.*G#7%*"&)T.)"(K*#*B8?.).D7*X#$#*ZD.*'#*XD%'("#$#*.)*
:E_:;*<.*7&<&*ZD.*<.HXDJH*<.*'#*$..<("(K)*<.*:E_>*+G#7%*:E_>5*4#7.($&*$&7X(K*L()#'7.)8.*HD*
H('.)"(&*6*.9X'("K*X&$*ZDJ*.H8#%#*"&)T.)"(<&*<.*ZD.*.'*'(%$&*.$#*lL(""(K)*<.*'#*H.'T#m*6*X&$*ZDJ*H.$b#*
7NH*#<."D#<&*8(8D'#$'&*B$<'+&%")0"*$+"OGG+&";'%d),"+4#$).($&*:EF\5I**4#$).($&*.9XDH&*'&*
H(CD(.)8.v*
*
BD)ZD.*)&*XD.<&*#H.CD$#$*"#8.CK$("#7.)8.*ZD.*'#*#T.)8D$#*<.*4K$<&T#*)D)"#*
&"D$$(K;*7.*$.HD'8#*.98$.7#<#7.)8.*<bL("('*<.*"$..$III*O#<#*.)*j<d%&1")0"*$+*OGG+&"
;'%d),"7.*"&)T.)".*&*7.*()<D".*#*X.)H#$*ZD.*-#)D.'*4K$<&T#*LD.$#*#'CD)#*T.W*
"#X8D$#<&*X&$*'&H*B7#?D#"#;*)(*<.*ZD.*g#7NH*T(T(.$#*.)8$.*.''&H*&*<.*ZD.*LD.$#*
()H8$D(<&*X#$#*H.$*HD*g.L.*6*7D"?&*7.)&H*ZD.*#'CD)#*T.W*'&*''.C#$#*#*H.$I**G#*
?(H8&$(#*ZD.*4K$<&T#*"&)8K*#*3$D".*G#7%*"&)H(H8.*.)*8$&"(8&H*()"&).9&H*<.*
.8)&C$#Lb#*$."&C(<&H*<.*L&$7#*()<(H"$(7()#<&*<.*7D"?#H*8$(%DH;*.)".$$#<&H*.)*D)#*
7#8$(W*<.*L#)8#Hb#*X.$H&)#'I*
*
BD)ZD.*#<7(8(K*ZD.*4K$<&T#*H#%b#*l%#H8#)8.*H&%$.*7J8&<&H*<.*"#W#*D8('(W#<&H*.)*.'*B7#W&)#H*
.)*C.).$#'m;*4#$).($&*H.`#'K*ZD.*4K$<&T#*H#%b#*lX&"&*&*)#<#*#".$"#*<.*'&H*7J8&<&H*<.*"#W#*<.*
'&H*B7#?D#"#*.)*X#$8("D'#$m;*R."#'"#)<&*'#H*)D7.$&H#H*()"&)C$D.)"(#H*<.'*$.'#8&I**G#*?(H8&$(#*<.'*
g.L.*B7#?D#"#*^D7D*X$.X#$#)<&*#*4K$<&T#*X#$#*H.$*HD*HD".H&$*.$#;*X#$#*4#7.($&;*8&8#'7.)8.*
()"$.b%'.;*H(*7NH*)&;*X&$ZD.*'&H*B7#?D#"#*)&*8(.).)*)(*H(ZD(.$#*g.L.HI**1#7X&"&*T(T.)*)(*T(H8.)*
"&7&*#L($7#%#*4K$<&T#;*)(*X$.X#$#)*&*8&7#)*.'*%'84/!".'*X$.X#$#<&*#*%#H.*<.*gDC&*<.*8#%#"&*ZD.*
H.*'#7.*6*ZD.*8#)*"D(<#<&H#7.)8.*<.H"$(%b#*4K$<&T#*6*ZD.*HK'&*H.*<#*.)8$.*'&H*()<(&H*3&$#;*](&)#*
6*U(8&8&*+]"?D'8.H*:E>MA*U('%.$8*:EF_5I**V)*.L."8&;*X#$."b#*ZD.*4K$<&T#*?D%(.$#*&%8.)(<&*HD*
()L&$7#"(K)*<.*'&H*()<(&H*3&$#*6*U(8&8&*<.*'#*W&)#*)&$&.H8.*<.*'#*B7#W&)(#v*l.'*N$.#*ZD.*4K$<&T#*
"&)&".*7.g&$*6*<.*"D6#H*8$(%DH*<(%Dg#*'&H*$#HC&H*ZD.*L#'H#7.)8.*#8$(%D6.*#*'&H*B7#?D#"#m*
+4#$).($&*:EF\5I**VT(<.)8.7.)8.*4K$<&T#*.H"&C(K*#*'&H*
,,F*
*
B7#?D#"#*"&7&*&%g.8&*<.*HD*lL(""(K)*<.*'#*H.'T#m*X$."(H#7.)8.*X&$ZD.*l.$#)*8#)*X&"&*
"&)&"(<&H*6*X.)HK*ZD.*X&<$b#*<."($*H&%$.*.''&H*'&*ZD.*H.*'.*#)8&g#$#*H()*ZD.*)D)"#*)#<(.*'&*XD<(.$#*
"D.H8(&)#$m*+4#$).($&*:EF\5I**Y.$&*4#$).($&*H#%b#*7NH;*XD.H8&*ZD.*?#%b#*()T.H8(C#<&*.)8$.*.''&H*6*
L()#'7.)8.*''.CK*.'*7&7.)8&*l<.*ZD(8#$*'#*7NH"#$#*<.*$.HX.8#%('(<#<*6*<.HT.'#$*'#*(7X&H8D$#m*
+4#$).($&*:EF\5I**Y#$#*.)8&)".H;*4K$<&T#*6#*?#%b#*7D.$8&;*<.HXDJH*<.*?#%.$*<(HL$D8#<&*<.*
"&)H(<.$#%'.*$.)&7%$.*.)*HDH*S'8(7&H*#`&HI**4D#)<&*#'CD(.)*H.)8b#*<.7#H(#<&*8.7&$*$.T.$.)"(#$*
#*.H"D"?#$*#'CD)&*<.*HDH*"D.)8&H;*H.*<(".*ZD.*4K$<&T#*$.HX&)<b#v*a@)"(&+%,"*)1)"/)"23+"/+."1<?)-""
#3+1+"23+".+%**)1)"'+,*<&%9"+4#7.($&*:EF\5I**O&*&%H8#)8.;*G#7%*<.gK*'#H*&X()(&).H*<.*4#7.($&*
+#D)ZD.*8#7%(J)*#*J'*'.*"&)T.)"(.$#)*#'*X$()"(X(&5*<("(.)<&*ZD.*#*X.H#$*<.*8&<&*H.*X&<b#*.98$#.$*'#*
l.8)&C$#L(#m*<.*'#*?(H8&$(#*<.*4K$<&T#*+G#7%*:EF'#A*G#7%*:EF:%5I*
Y.$&*.'*<#`&*6#*.H8#%#*?."?&I**V'*'(%$&*<.*G#7%*#8$#g&*D)#*7#6&$*#8.)"(K)*"D#)<&*BI*U.('*'&*
"(8K*.)*HD*.9(8&H&*X$(7.$*'(%$&*C$+"@%*3&%/"[<,1-T";"@+i"j%5")0"K))F<,?"%**L&3?."%,1"*$+"><?$+&"
B),.(<)3.,+.."+G#*-.)8.*O#8D$#';*n)*)D.T&*#".$"#7(.)8&*#*'#H*@$&C#H*6*'#*4&)"(.)"(#*HDX.$(&$5*
+U.('*:E_,5I**U.(';*ZD.*)&*8.)b#*$#WK)*#'CD)#*X#$#*<D<#$*<.*'#*T.$#"(<#<*<.'*'(%$&*<.*4K$<&T#!Rb&H*
6*G#7%;*6#*ZD.*'#*+QG).A"<.*4#$).($&*)&*?#%b#*#X#$."(<&*8&<#Tb#;*#".X8K*HD*T#'(<.W*"&7&*()L&$7.*
.8)&C$NL("&*H&%$.*'&H*B7#?D#"#*6*"&7&*D)#*.9X&H("K)*.8)&L#$7#"&'KC("#*TN'(<#*<.'*DH&*<.*'#*
%5%$3%.(%"5*<.*'&H*X$.X#$#<&H*l"?DX#%'.Hm*<.*8#%#"&I**@.*?."?&;*U.('*"(8K*.'*$.'#8&*<.*4K$<&T#*
<.*D)#*H.H(K)*<.*%5%$3%.(%""&7&*#X&6&*#*HD*8.&$b#*<.*'#*lR.#'(<#<*<.*D)#*4&)"(.)"(#*
4&7X#$8(<#m;*<.H"$(%(.)<&*'#*HDXD.H8#*()C.H8(K)*<.*%5%$3%.(%"X&$*'&H*B7#?D#"#*"&7&v*lH.H(&).H*
T(H(&)#$(#H*C$DX#'.H*.)*'#H*ZD.*8&<&H*'&H*X#$8("(X#)8.H*T.)*'#H*7(H7#H*T(H(&).Hm;*.)*.H8.*"#H&*
T(H(&).H*<.*C#8&H*<.*'#*H.'T#;*#)(7#'.H*<(T.$H&H;*8$(%DH*.).7(C#H*6*.H".)#H*<.'*X&%'#<&*+U.('*:E_,A*
U.('*:E_>5I**U.('*.H8#%#*$.#'7.)8.*8#)*.)8DH(#H7#<&*"&)*HD*lR.#'(<#<*<.*D)#*4&)"(.)"(#*
4&7X#$8(<#m*ZD.*"&)T.)"(K*#*HD*.<(8&$*X#$#*ZD.*$.#'(W#$#*D)#*)D.T#*.<("(K)*.)*'(%$&*<.*%&'H(''&;*
X#$#*'#*ZD.*.H"$(%(K*D)#*.'&C(&H#*()8$&<D""(K)*+G#7%*:E_>A*U.('*:E_>5I**V'*'(%$&*T.$b#*D)#*)D.T#*
$.(7X$.H(K)*<.*'#*7#)&*<.*'#*.<(8&$(#'*O&$8?*B8'#)8("*3&&dH;*.H8#*T.W*"&)*.'*"#'(L("#8(T&*<.*l'(%$&*
H&%$.*.8)&7.<("()#m;*"&)*'#*()8$&<D""(K)*<.*U.('*6*$.HX#'<#<&*X&$*'#*]&"(.<#<*X#$#*.'*VH8D<(&*<.*
'#H*B$8.H*6*4(.)"(#H*O#8(T#H;*D)#*#H&"(#"(K)*.<D"#8(T#*H()*N)(7&*<.*'D"$&I**P()#'7.)8.;*.H8#*
&$C#)(W#"(K)*6*O&$8?*B8'#)8("*3&&dH*XD%'("#$&)*D)#*"&)8()D#"(K)*<.'*'(%$&*''#7#<#*N4)"C<?&+"%,1"
W+5),1"+V'*$b&*1(C$.*6*-NH*#''N5*+G#7%*:EFM5I*
O&*.H*7(*()8.)"(K)*()H()D#$*ZD.*'#*l8.'.X#8b#m*&*'#H*lH.H(&).H*T(H(&)#$(#H*.)*C$DX&m*)&*H.#)*
L#"8(%'.H;*H&'#7.)8.*ZD.*.'*$.'#8&*<.*4K$<&T#;*H(.)<&*.)*#X#$(.)"(#*L("8("(&;*&*X&$*'&*7.)&H*&%g.8&*
<.*D)*"&)H(<.$#%'.*.7%.''."(7(.)8&;*)&*XD.<.*H.$*#<7(8(<&*<.*)()CS)*7&<&*"&7&*X$D.%#*<.*
.H8&H*L.)K7.)&H*+z&($.7&H*?#%'#$*#*"&)8()D#"(K)*<.*'#*L#$7#"&<()#7(#*<.*'#*"&"#b)#*.)*%#H.*#*
'#H*.9X.$(.)"(#H*<.*]?.$'&"d*2&'7.H{5I**Q)"'DH&*H(*"&)H(<.$N$#7&H*T.$b<("#H*+H()*ZD.*<.*7&7.)8&*
?#6#*$#WK)*#'CD)#*X#$#*.''&5*'#H*#L($7#"(&).H*<.*4K$<&T#*$.HX."8&*#*'#H*T(H(&).H*.)*C$DX&*8#'*"&7&*
'#H*"(8#*U.(';*HK'&*X&<$b#)*#".X8#$'#H*"&7&*X$D.%#*<.*'#*l$.#'(<#<*<.*D)#*"&)H"(.)"(#*"&7X#$8(<#m*
#ZD.''&H*ZD.*<.*.)8$#<#*"$.6.$#)*.)*.H8.*L.)K7.)&I**@.HXDJH*<.*8&<&;*#D)ZD.*?D%(.$#*H(<&*
H()".$&;*z"K7&*<(#%'&H*XD<&*H#%.$*4K$<&T#*ZD.*J'*6*HDH*"&7X#`.$&H*lB7#?D#"#m*.H8#%#)*
8.)(.)<&*X$."(H#7.)8.*'#*7(H7#*T(H(K){**B`&H*<.HXDJH*<.*?#%.$*X$&7&"(&)#<&*.'*'(%$&*<.*G#7%;*
.'*X$&X(&*U.('*T(#gK*#*4&'&7%(#;*l'#*8(.$$#*<.'*5%6A!"X#$#*T.$*H(*D)*"?#7N)*
,,E*
*
j#7HN*<.*4&'&7%(#*.H8#%#*#*'#*#'8D$#*<.*'&H*l()8&"#<&H*()<(&H*B7#?D#"#*<.*G#7%Im*4&7&*HD.'.*
&"D$$($*"#<#*T.W*ZD.*.)L$.)8#7&H*'#*$.#'(<#<*#*'#*L#)8#Hb#;*U.('*ZD.<K*<.".X"(&)#<&I**4D#)<&*
L()#'7.)8.*"&)H(CD(K*%5%$3%.(%"+#*%#H.*<.*($%?&)G%,?%!*L<G/)G*+&5."(%8&+&%,%!"W&3?'%,.<%"6*D)*
"D#$8&*()C$.<(.)8.*<.H"&)&"(<&5;*H()8(K*l8.).$*ZD.*<."($*ZD.*)&*T(K*H.'T#H*)(*g#CD#$.Hm*.)*HDH*
T(H(&).H;*l)(*)&8("(#$(&H*8.'.XN8("&H*<.*HD".H&H*'.g#)&Hm*+U.('*:E_EA*U.('*:EF\5I**V)*.'*"#Xb8D'&*L()#'*
T.$.7&H*"&7&;*"D#)<&*H.*XDH&*#*X$D.%#;*.'*l8.'JC$#L&*LS)C("&m*.)8.KC.)&*LD.*()"#X#W*<.*
.H8#%'.".$*"&).9(K)*8.'.XN8("#*.)8$.*-J9("&*6*-#().*.)*:EFM*+TJ#H.*4#Xb8D'&*/;*O&8#*E5I**Y.$&*
X#$#*.)8&)".H;*.'*7D)<&*.)8.$&*lH#%b#m*ZD.*'#*%5%$3%.(%".$#*D)#*<$&C#*l8.'.XN8("#m;*<.*7&<&*
ZD.*"D#)<&*'#*.<("(K)*<.*%&'H(''&*<.'*'(%$&*<.*G#7%*H.*$.(7X$(7(K*"&)*'#*()8$&<D""(K)*<.*U.(';*)&*
H.*?(W&*7.)"(K)*#'CD)#*<.*'#*"$b8("#*<.*4#$).($&*#*'#*lL(""(K)*.)*'#*H.'T#m*<.*4K$<&T#;*6*.H"#H#*
7.)"(K)*<.'*L$#"#H&*<.*'&H*()8.)8&H*<.*U.('*<.*.9X.$(7.)8#$*#'C&*X#$."(<&*#*'#*8.'.X#8b#*&*#*'#*
l"&)"(.)"(#*"&7X#$8(<#m*"D#)<&*L()#'7.)8.*X$&%K*'#*<$&C#I**1&<#*.H8#*H(8D#"(K)*$."D.$<#*#'*
.)C#`&*<.*4#H8#).<#*6*HD*@&)*rD#)*+TJ#H.*4#Xb8D'&*:;*O&8#*E;*6*4#Xb8D'&*M5;*.9".X8&*X&$*.'*?."?&*
<.*ZD.*#?&$#*'&H*'(%$&H*<.*4#H8#).<#*.H8N);*L()#'7.)8.;*"#8#'&C#<&H*.)*'#H*'(%$.$b#H*6*.<(8#<&H*
%#g&*.'*.XbC$#L.*<.*L(""(K);*7(.)8$#H*ZD.*'#*8.$".$#*$.(7X$.H(K)*<.'*'(%$&*<.*G#7%*j<d%&1")0"*$+"
OGG+&";'%d),"''.T#*(7X$.H#*H&%$.*'#*8#X#*8$#H.$#*'#*'.6.)<#*lV8)&7.<("()#xQ)<(&H*
]D<#7.$("#)&HmI**B<.7NH*.H8N*#"&7X#`#<#*<.*<&H*"&7.)8#$(&H*XD%'("(8#$(&HI**V'*X$(7.$&;*.H"$(8&*
X&$*YI*-#$H?#'';*?#".*$.L.$.)"(#*#*<'G)&*%,*+."5"G/%(+,*+&%."7<.<),+."()'3,<*%&<%."+"D$H(T#*.)*.'*
&$(C()#'5*6*.'*H.CD)<&*.H8N*.H"$(8&*X&$*U.('*6*"&7.)8#*l'#H*H.H(&).H*T(H(&)#$(#H*.)*C$DX&*.)*'#*ZD.*
8&<&H*'&H*X#$8("(X#)8.H*T.)*'#H*7(H7#H*T(H(&).H*<.*L&$7#*H(7D'8N).#mI**4(.$8#7.)8.;*-#$H?#''*.H8N*
.)*'&*"(.$8&;*#D)ZD.*ZD(WN*)&*LD.$#*.H8#*HD*()8.)"(K);*"D#)<&*#L($7#*ZD.*l.H8.*'(%$&*.H*"'#$#7.)8.*
HDX.$(&$*#*"D#'ZD(.$#*<.*'&H*8$#%#g&H*ZD.*H.*?#6#*X$&XD.H8&*4#H8#).<#m;*6#*ZD.*<.HXDJH*<.*8&<&;*
'&H*'(%$&H*<.*4#H8#).<#*H(.7X$.*H.*?#)*T(H8&*$.'.C#<&H*#*'#*.H8#)8.$b#*<.*'#*'(8.$#8D$#*7NH*
<.'.W)#%'.;*7(.)8$#H*ZD.*'&H*<.*G#7%*H(CD.)*<(TD'C#)<&*"D.)8&H*L#)8NH8("&H*%#g&*'#*$S%$("#*<.*
lV8)&7.<("()#m*+F5I*
V)*:E_\;*.'*()T.H8(C#<&$*."D#8&$(#)&*YI*O#$#)g&*XD%'("K*HD*X$(7.$*'(%$&*<.<("#<&*.)8.$#7.)8.*#*'#*
%5%$3%.(%""&)*.'*8b8D'&*<.*;5%$3%.(%M"N+/<?<P,"5"[+1<(<,%".H"$(8&*.)*.HX#`&'*+O#$#)g&*:E_\5;*
XD%'("#<&*<.*)D.T&*.)*:EF=*.)*D)#*.<("(K)*$.T(H#<#*+O#$#)g&*:EF=5I**@.HC$#"(#<#7.)8.;*.H8.*
.9".'.)8.*.H8D<(&*)&*?#*H(<&*8$#<D"(<&*6*?#*8.)(<&*X&"#*<(LDH(K)*LD.$#*<.*'&H*"b$"D'&H*<.*'#*
.8)&L#$7#"&'&Cb#I**V)*:E_,;*#X#$."(.$&)*8$.H*'(%$&H*ZD.*"#X8#$&)*#S)*7NH*'#*#8.)"(K)*<.'*XS%'("&*
?#"(#*'#*%5%$3%.(%M"C$+"b<.<),%&5*b<,+"+G#*.)$.<#<.$#*T(H(&)#$(#5*<.*@&%d()*<.*Rb&H*+@&%d()*<.*
Rb&H*:E_,5;*@%&()*<(*#/%,*."<.*UI*V7%&<.)*+V7%&<.)*:E_,%5*6*f/+.$")0"*$+"X)1."+4#$).*<.*'&H*
@(&H.H5*<.*YI*PD$H8*+PD$H8*:E_,5I**V'*X$(7.$&*<.*.''&H*H.*".)8$#%#*gD)8&*"&)*&8$&H*8$.H*8$#%#g&H*
+@&%d()*<.*Rb&H*:E_\#A*@&%d()*<.*Rb&H*:E_\%A*@&%d()*<.*Rb&H*:E_=5*.)*.'*DH&*<.*'#*%5%$3%.(%"X&$*
X#$8.*<.*'&H*"D$#)<.$&H*7.H8(W&H*.)*'#H*#LD.$#H*<.*'#*"(D<#<*#7#WK)("#*<.*QZD(8&H;*Y.$SI**V'*'(%$&*
<.*PD$H8;*D)#*#)8&'&Cb#;*()"'Db#*D)*"#Xb8D'&*.H"$(8&*X&$*[I*R.("?.'!@&'7#8&LL*+R.("?.'!@&'7#8&LL*
:E_,5*.)*.'*ZD.*H.*.9X'("#%#*'#*?(H8&$(#;*DH&*6*.L."8&H*<.*'#*%5%$3%.(%-""VH8#*#)8&'&Cb#*#'"#)WK*D)#*
C$#)*<(LDH(K);*<.*7&<&*ZD.*.H8.*.9".'.)8.*8$#%#g&*"&)8$(%D6K*#*#D7.)8#$*<.*L&$7#*)&8#%'.*.'*
"&)&"(7(.)8&*<.*'#*.9(H8.)"(#*6*'#H*X$&X(.<#<.H*<.*'#*X&"(K)*#7#WK)("#I*
V)*:E_=;*4I*O#$#)g&*XD%'("K*.'*'(%$&*C$+">+%/<,?"6)3&,+5!"D)*$.'#8&*<.*HD*.9X.!*
,=\*
*
$(.)"(#*.)*.'*DH&*<.*'&H*.)8.KC.)&H;*.)8$.*.''&H*'#*?#$7#'()#;*.)*XH("&8.$#X(#*+O#$#)g&*:E_=#5;*#'*
ZD.*H(CDK*&8$&*.H8D<(&*+O#$#)g&*:E_=%5*XD%'("#<&*.)*D)#*#)8&'&Cb#!">%//3(<,)?+,."%,1"E$%'%,<.'"
+B'D"()KC.)&H*6*4?#7#)(H7&5;*XD%'("#<#*X&$*-I*2#$).$*+2#$).$*:E_=#5I**O#$#)g&*8(8D'K*HD*.H8D<(&;*
<.*L&$7#*%#H8#)8.*<.H#L&$8D)#<#;*lBHX."8&H*XH("&'KC("&H*<.*'#*.9X.$(.)"(#*<.'*5%?A".)*D)*
"&)8.98&*.9X.$(7.)8#'m;*6#*ZD.*)&*#%&$<#%#*.)*#%H&'D8&*.'*DH&*.9X.$(7.)8#'*<.'*5%6A-""Y&$*.'*
"&)8$#$(&;*8$#8#%#*.'*DH&*XH("&8.$#XJD8("&*.9X.$(7.)8#'*<.*'#*?#$7#'()#;*ZD.*<.%(<&*#*'#*%#g#*
"&)".)8$#"(K)*.)*ZD.*H.*.)"D.)8$#*.)*'#*%5%$3%.(%"+Q'cHW6""+*"%/-":EE,A*-"j.$7#*+*"%/-":EF>A*
R(T(.$*6*G()<C$.)*:E_,5*)&*XD.<.*H.$*"#'(L("#<#*<.*a5%?A9-""G&H*$.HD'8#<&H*<.'*.H8D<(&*<.*O#$#)g&*
)&*CD#$<#)*$.'#"(K)*"&)*.'*.H8D<(&*<.*'#*L#$7#"&'&Cb#*<.*'#*%5%$3%.(%!".*()"'DH&*<.g#)*<.*'#<&*'#*
(7X&$8#)8.*"D.H8(K)*<.*'#H*8$(X8#7()#H*6*<.*&8$&H*#<(8(T&H*#*'#H*X&"(&).HI*}@.g.7&H*"'#$&*<.*D)#*
T.W*X&$*8&<#H*ZD.*'#*?#$7#'()#*)&*.H*'#*%5%$3%.(%!")(*H(ZD(.$#*.H*(7X&$8#)8.*.)*'#*L#$7#"&'&Cb#*<.*
'#*%5%$3%.(%"+X#"."P'#88.$6A*TJ#H.*'#*O&8#*=*"(8#<#*7NH*#$$(%#5*O&*&%H8#)8.;*'#*#)8&'&Cb#*<.*2#$).$*
LD.*7D6*'.b<#;*6*#'*7.)&H*H(.8.*<.*HDH*<(.W*"#Xb8D'&H*8$#8#)*.'*8.7#*<.*'#*%5%$3%.(%"6*'#H*
"#$%&'()#H*+2#$).$*:E_=#5;*.*()"'D6.*D)*$.HD7.)*<.*'&H*8$#%#g&H*<.*2#$).$;*.'*.<(8&$;*.)8$.*'&H*
]?D#$*+2#$).$*:E_=%5*6*HDH*.H8D<(&H*H&%$.*'#*'(8.$#8D$#*.9(H8.)8.*H&%$.*'#*%5%$3%.(%"+2#7.$*
:E_=<5I**VH8.*'(%$&*H()*<D<#*#D7.)8K*.'*$.)&7%$.*<.'*.)8.KC.)&*#7#WK)("&*.)*.'*7D)<&*<.*?#%'#*
()C'.H#I**2#$).$*?#%b#*XD%'("#<&*"&)*#)8.$(&$(<#<*C$+*647%&)M"#+)G/+*)0"*$+"E%(&+1"j%*+&0%//."+G&H*
rbT#$&H;*YD.%'&*<.*'#H*4#H"#<#H*]#C$#<#H5*+2#$).$*:E_,5*ZD.*8$#8#%#;*.)*"(.$8#*7.<(<#;*.'*DH&*<.*'#*
%5%$3%.(%".)8$.*'&H*()<(&H*]?D#$I**V'*(7X&$8#)8.*'(%$&*<.*[I*R.("?.'!@&'7#8&LL*C$+"E$%'%,"%,1"
*$+"6%?3%&"+V'*4?#7N)*6*.'*r#CD#$5*+R.("?.'!@&'7#8&LL*:E_M5*#X#$."(K*.)*:E_M*6*.H*D)&*<.*'&H*
8$#%#g&H*7NH*"&7X'.8&H*H&%$.*.'*DH&*<.*'#*%5%$3%.(%"6*&8$&H*.)8.KC.)&H*.)*.'*)&$&.H8.*<.*'#*
B7#W&)(#I**@.%.7&H*7.)"(&)#$*8#7%(J)*'#*&%$#*<.*YI*PD$H8*>%//3(<,)?+,."%,1"B3/*3&+*
+B'D"()KC.)&H*6*4D'8D$#5*+PD$H8*:E_/5*6*&8$&H*<&H*'(%$&H*<.*R.("?.'!@&'7#8&LL;*;'%d),<%,"B).').M"
C$+"E+Q3%/"%,1"N+/<?<)3."E5'8)/<.'")0"*$+"C3F%,)"R,1<%,."=J/*4&H7&H*#7#WK)&)("&;*](7%&'(H7&*
].9D#'*6*R.'(C(&H&*.)8$.*'&H*()<(&H*1Dd#)&5*+R.("?.'!@&'7#8&LL*:E_:5*6*W+5),1"*$+"[</F5"j%5-T"
>%//3(<,%*)&5"R'%?+&5")0"*$+"C3F%,)*R,1<%,."+-NH*#''N*<.*'#*fb#*G#"8.#v*Q7#C().$b#*#'D"()#8&$(#*<.*
'&H*()<(&H*1Dd#)&5*+R.("?.'!@&'7#8&LL*:E_F5;*ZD.*#*HD*T.W*?#".)*7.)"(K)*<.*'#*%5%$3%.(%-*
2.7&H*8.)(<&*&"#H(K)*"&)*#)8.$(&$(<#<*<.*7.)"(&)#$*'#*(7X&$8#)"(#*<.'*'(%$&*<.*B*U.('*C$+"
@%*3&%/"[<,1"+U.('*:E_,5*6*HD*H.CD)<&*'(%$&*C$+"[%&&<%?+")0"*$+"E3,"%,1*[)),M";"o3+.*"0)&"O,<*5"
<,"B),.(<)3.,+.."+V'*7#8$(7&)(&*<.'*]&'*6*'#*GD)#;*D)#*3SHZD.<#*<.*'#*n)(<#<*<.*'#*4&)"(.)"(#5*
+U.('*:EF\5*"&)*HD*"#Xb8D'&*8(8D'#<&*R,"*$+*K%,1")0"c%?+"+V)*'#*1(.$$#*<.'*i#gJ5I**VH8&H*<&H*'(%$&H*6*HD*
#$8b"D'&*XD%'("#<&*.)*'#*$.T(H8#*><?$"C<'+."+U.('*:E_E5*X$&%#%'.7.)8.*?#)*8.)(<&*7NH*(7X#"8&*
X&XD'#$*ZD.*"D#'ZD(.$*&8$&*.H"$(8&*H&%$.*'#*%5%$3%.(%-""n)*.H8D<(&*XD%'("#<&*.)*:E/M*.)*'#*$.T(H8#*
#.5($+1+/<("N+7<+i"+jDH.'*:E/M5*8#7%(J)*8(.).*HD*X#$8.*<.*C'&$(#*.)*'#*<(LDH(K)*<.*'#*L#7#*<.*'#*
%5%$3%.(%"7NH*#''N*<.'*?&C#$*#7#WK)("&*<.*HDH*X'#)8#H*"&)H8(8D6.)8.HI**1#7%(J)*#X#$."(K*.)*
:E_\*D)*8$#%#g&*H&%$.*D)*7&<.$)&*.9X.$(7.)8&*"&)*.'*l6#C.m*+]8#LL&$<*:E_\5;*ZD.*<.*#"D.$<&*
"&)*'#H*X$&X(#H*X#'#%$#H*<.*'&H*.<(8&$.H*<.'*T&'D7.)*.)*.'*ZD.*H.*XD%'("K*+B#$&)H&)*6*0H7&)<*
:E_\5*lX$&%#%'.7.)8.*)&*H.*8$#8#%#*<.'*5%6A!"H()&*<.*'#*?#$7()#*&*'#*?#$7#'()#mI**VH*7NH;*XD.H8&*
ZD.*.'*#D8&$*()("(K*.'*lT(#g.m*
,=:*
*
8&7#)<&*G]@*6*<.HXDJH*LD7K*7#$(?D#)#;*.'*8$#%#g&*8DT&*X&"&*T#'&$*"(.)8bL("&;*#D)ZD.;*.H&*Hb;*
#D7.)8K*#S)*7NH*'#*L#7#*<.'*.)8.KC.)&*#7#WK)("&I**V)*.'*7(H7&*T&'D7.)*+B#$&)H&)*6*0H7&)<*
:E_\5;*H.*()"'Db#*D)*%$.T.*$.X#H&*<.*'#H*.L."8&H*<.*'#*%5%$3%."#;*"&7&*?#)*H(<&*<.H"$(8&H*X&$*'&H*
#)8$&XK'&C&H*+G()W.$*:E_\5I**08$#H*<.*'#H*X$(7.$#H*7.)"(&).H*<.*'#*%5%$3%.(%".)*'#*'(8.$#8D$#*
X&XD'#$*#X#$."(K*.)*'#*&%$#*<.*OI*1#6'&$*@%&()*<(.M"@%*3&+."L%,?+&)3."X<0*."+O#$"K8("&H;*
Y.'(C$&H&H*R.C#'&H*<.*'#*O#8D$#'.W#5*+1#6'&$*:E//A*.<("(&)*<.*%&'H(''&*<.'*'(%$&*f/<?$*"0&)'"N+%/<*5"
fD.'&*LD.$#*<.*'#*R.#'(<#<y*#X#$."(<&*.)*:E>E5;*L&3?."%,1"*$+"[<,1"+@$&C#H*6*-.)8.5*<.*RI]I*@.*
R&XX*+@.*R&XX*:EM_5*6*X&++,"[+1<(<,+M"C$+"E+%&($"0)&"#/%,*."*$%*">+%/III*+-.<("()#*f.$<.;*G#*
3SHZD.<#*<.*Y'#)8#H*ZD.*4D$#)5*<.*-I*j$.(C*+j$.(C*:E/>5I**1#7%(J)*H.*?#"b#*D)#*%$.T.*7.)"(K)*
<.*'#*%5%$3%.(%".)*.'*X&XD'#$*'(%$&*<.*]I*4&?.)*C$+"W+5),1"j<*$<,M*C$+"KEL"E*)&5"+-NH*#''N*<.'*
Q)8.$(&$v*'#*2(H8&$(#*<.*'#*G]@5*+4&?.)*:E/>5I**V)*.'*"'NH("&*8$#8#<&*<.*GI*G.c();*.H"$(8&*.)*:E,>;*
#$%,*%.*<(%!"?#%b#*D)*"#Xb8D'&*<.<("#<&*#*'#*%5%$3%.(%-""G#*.<("(K)*)&$8.#7.$("#)#*<.'*'(%$&*+'#*
H.CD)<#*.)*'.)CD#*()C'.H#5*#X#$."(K*.)*:E/M*+G.c()*:E,>5I*
].$b#*).C'(C.)8.*X&$*7(*X#$8.;*H(*&'T(<#$#*7.)"(&)#$*.)*.H8.*"&)8.98&*.'*&H"D$&*+#D)ZD.*X$&)8&*
T&'T.$N*#*(7X$(7($H.5*'(%$&*C$+"R,7<.<8/+"K%,1.(%G+M"[<,1!*>%//3(<,)?+,."%,1"B$<,?"+V'*Y#(H#g.*
()T(H(%'.v*-.)8.;*#'D"()KC.)&H*<.*4?()C5*+-"j.$7#*6*-"j.$7#*:E_M5I**VH"$(8&*X&$*.'*()T.H8(C#<&$*
<.*'#*%5%$3%.(%"L6-""-"j.$7#*6*HD*?.$7#)&*1IjI*-"j.$7#;*.H8#*.98$#`#*&%$#*()"'Db#*'#*
<.H"$(X"(K)*<.*D)#*.HX."(.*<.*X&"(K)*<.*%5%$3%.(%".)*'#*ZD.*H.*D8('(W#$&)*?&)C&H*XH('&"b%("&H*
=#.</)(58+"kE*&)G$%&<%l"(38+,.<.:""&7&*LD.)8.*<.*8$(X8#7()#H*.)*HD*.'#%&$#"(K)I**V'*'#$C&*T(#g.*ZD.*
'#*X&"(K)*<.H.)"#<.)K*LD.*<.H"$(8&*X&$*D)&*<.*'&H*X$.H.)8.H*"&7&*$.#""(K)*lXH("K8("#m*+-"j.$7#*
:EE=5I**n)#*<.*'&H*"&)H."D.)"(#H*<.*.H8.*.9X.$(7.)8&*LD.*.'*'#)W#7(.)8&*<.*D)#*)D.T#*8.&$b#*<.*
1IjI*-"j.$7#*.)*'#*()8$&<D""(K)*<.'*'(%$&*#.</)(58<,M"[%?<("[3.$&))'"X&)i+&."X3<1+"+YH('&"(%()#v*
[Db#*<.'*4D'8(T#<&$*<.*2&)C&H*-NC("&H5;*6*#*'#*ZD.*rI*3(Cc&&<;*"&#D8&$*<.'*'(%$&;*H.*$.L($(K*"&7&*
l8.&$b#*<.*'#H*.HX&$#H*<.'*.HX#"(&*.98.$(&$m*+TJ#H.*4#Xb8D'&*MA*0HH*6*0.$("*:E_/5I**V'*X$&X(&*1IjI*
-"j.$7#*#<7(8b#*.)*.'*X$K'&C&*ZD.*'#H*&X()(&).H*.9X$.H#<#H*H&%$.*#.</)/(58+*kE*&)G$%&<%l"
(38+,.<.".)*.'*'(%$&*)&*8.)b#)*%#H.*"(.)8bL("#I**VH8#*8.&$b#*?#*H(<&*"#'(L("#<#*$."(.)8.7.)8.*.)*&8$#*
&%$#*"&7&*lX.$8.)."(.)8.*#'*$.()&*<.*'#*L#)8#Hb#m*+[#$8W*:EE=5I**n)*#8D$<(<&*X$&L.H&$*D)(T.$H(8#$(&*
<.*ZDb7("#*<.*'&H*X$&<D"8&H*)#8D$#'.H*<(g&*H&$X$.)<(<&*#'*'..$*.'*'(%$&*C$+"R,7<.<8/+"K%,1.(%G+!"ZD.*
'#*&%$#*.$#*D)#*.HX."(.*<.*.'#%&$#<#*%$&7#*#"#<J7("#I**i&;*X.$H&)#'7.)8.;*)&*HJ*ZDJ*&X()#$*<.*
.H8.*'(%$&;*X.$&*D)&*<.*'&H*<&H*#D8&$.H;*@IrI*-"j.$7#;*7.*#H.CD$K*ZD.*l.H8#%#*.H"$(8&*"&)*'#*
7#6&$*H.$(.<#<mI**B*X.H#$*<.*8&<&;*()T(H(%'.*&*)&;*.H8.*'(%$(8&*LD.*D)*)D.T&*(7XD'H&*X#$#*.'*
"&)&"(7(.)8&*7&<.$)&*<.*'#*#7%$&Hb#*<.*'#*H.'T#*#7#WK)("#*6*LD.*$..<(8#<&*.)*:EE=I*
4&)*'#*''.C#<#*<.*'&H*#`&H*:EF\;*6*.'*#<T.)(7(.)8&*<.*'#*V<#<*0H"D$#*R.#C#)(#)#;*H.*XD%'("K*7D6*
X&"#*()L&$7#"(K)*)D.T#*.)*.'*"#7X&*<.*'&H*.)8.KC.)&HI**rDH8&*#)8.H*<.*ZD.*'#*XD.$8#*H.*".$$#$#;*
]"?D'8.H*6*2&L7#))*XD%'("#$&)*D)*.)8$#`#%'.*()00+T*%8/+"8))F*H&%$.*.'*8.7#*''#7#<&*#/%,*.")0"
X)1.M"I&<?<,.")0">%//3(<,)?+,<("L&3?."+Y'#)8#H*<.*'&H*@(&H.Hv*0$bC.).H*<.'*DH&*<.*'&H*#'D"()KC.)&H5*
+]"?D'8.H*6*2&L7#)):E_E5;*ZD.*()"'Db#*D)*"#Xb8D'&*H&%$.*'#*l.)$.<#<.$#*<.*'#H*#'7#Hm*H!
L&8&C$#Lb#H*<.*W%,<.*+&<)G.<."(%%G<"5*#'CD)#*<.*'#H*X$()"(X#'.H*X'#)8#H*D8('(W#<#H*"&7&*#<(8(T&HI**V'*
'(%$&*<.*BI*U.('*H*
,=,*
*
UI* R&H.)*B$)()/%*+"*)"[)&G$<,+M"O,1+&.*%,1<,?"[<,1T;(*<7+"L&3?."+@.'*4?&"&'#8.*#*'#*
-&$L()#v*"&7X$.)<(.)<&*'#H*@$&C#H*XH("&#"8(T#H5*+U.('*6*R&H.)*:EF=5;*ZD.*7.)"(&)#%#*
%$.T.7.)8.*'#*%5%$3%.(%!"LD.*D)#*<.*'#H*#L&$8D)#<#H*.9".X"(&).H*.)*.'*$.()&*<.'*8.$$&$*<.'*
lH(7X'.7.)8.*<b*)&m*+#*'#*()L&$7#"(K)5*(7XD.H8&*X&$*#<7()(H8$#"(K)*R.#C#)I**G&*7(H7&*XD.<.*
<."($H.*<.*'#*&%$#*<.*-I*@&%d()*<.*Rb&H*>%//3(<,)?+,.M"B&)..TB3/*3&%/*#+&.G+(*<7+."+B'D"()KC.)&Hv*
Y.$HX."8(T#H*()8.$"D'8D$#'.H5*+@&%d()*<.*Rb&H*:EF>5;*.)*.'*ZD.*#X#$."b#*()L&$7#"(K)*H&%$.*'#*
%5%$3%.(%-""V)*:EF_;*-I1#DHH(C*XD%'("K*.'*'(%$&*E$%'%,<.'!"B)/),<%/<.'"%,1"*$+"j</1"[%,"
+4?#7#)(H7&;*4&'&)(#'(H7&*6*.'*2&7%$.*H#'T#g.5*+1#DHH(C*:EF_5;*D)#*"$b8("#*#'*"&'&)(#'(H7&*6*#*'#*
#)8$&X&'&Cb#*ZD.*8$#8#%#*.98.)H#7.)8.*.'*DH&*"?#7N)("&*<.*'#*%5%$3%.(%-""4D#)<&*R.#C#)*".<(K*
.'*XD.H8&*#*HD*G&)*A?A"3DH?;*]"?D'8.H*XD%'("K*D)#*7#C)bL("#*"&'.""(K)*<.*L&8&C$#Lb#H*"&)*.'*8b8D'&*
<.*U?.$.**$+"X)1."N+<?,M"#/%,*."%,1"#+)G/+.")0"*$+"B)/)'8<%,";'%d),"+@&)<.*$.()#)*'&H*@(&H.H;*
Y'#)8#H*6*YD.%'&H*<.*'#*B7#W&)(#*4&'&7%(#)#5*+]"?D'8.H*:EFF5I**VH8.*.HX'J)<(<&*'(%$&*7&H8$#%#*
<(T.$H#H*X'#)8#H*7.<("()#'.H*#7#WK)("#H;*.)8$.*.''#H*W%,<.*+&<)G.<.*(%%G<"5"L<G/)G*+&5."(%8&+&%,%!"
D)#*T#H(g#*.HX."(#'*X#$#*.'*(%%G<"?."?#*<.*".$N7("#*6*#*D)*"?#7N)*-#dD)#*T.H8(<&*X#$#*.'*DH&*
".$.7&)(#'*<.*'#*X&"(K)*.)8.&CJ)("#I**B*.H8.*'(%$&*'.*H(CD(K*D)*H.CD)<&*ZD.*8$#8#%#*<($."8#7.)8.*
H&%$.*'#*%5%$3%.(%"6*'&H*#6#?D#HZD.$&H;*b<,+")0"*$+"E)3/M"[+1<(<,+"[+,!"*$+<&"#/%,*."%,1"N<*3%/."<,"
*$+"B)/)'8<%,*;'%d),"+V)$.<#<.$#*<.'*B'7#;*V'*2&7%$.!-.<("()#;*HDH*Y'#)8#H*6*R(8D#'.H*.)*.'*
B7#W&)#H*"&'&7%(#)&5*+]"?D'8.H*6*R#LL#DL*:EE,5I**V)*:EE\;*]"?D'8.H*6*.'*ZDb7("&*RIPI*R#LL#DL*
XD%'("#$&)*'#*&%$#*C$+">+%/<,?"f)&+.*-T"[+1<(<,%/"%,1"C)Q<("#/%,*.")0"*$+*@)&*$i+.*";'%d),<%"
+]"?D'8.H*6*R#LL#DL*:EE\5;*D)*.9".'.)8.*8$#8#<&*<.*8(X&*.)"("'&XJ<("&*<.*'#H*X'#)8#H*7.<("()#'.H*<.*
'#*W&)#*)&$&.H8.*<.*'#*B7#W&)(#;*gD)8&*"&)*L&8&C$#Lb#H*6*<(%Dg&H*%&8N)("&H*<.*W%,<.*+&<)G.<."(%%G<!"
)D7.$&H#H*X'#)8#H*DH#<#*"&7&*#<(8(T&H*.*($7D7.$#%'.H*L&8&C$#L(#H*S)("#H*<.'*X$&".H&*<.*
.'#%&$#"(K)*<.*'#*%5%$3%.(%"6*&8$#H*<$&C#H*.)8.KC.)#HI**i#*?.7&H*8.)(<&*&"#H(K)*<.*7.)"(&)#$*'#*
XD%'("#"(K)*#X#$."(<#*.)*:EFE*<.*>%)'%"%,1">%&'%/<,+"+P'#88.$6*6*]"?c#$8W*:EFE5*ZD.*XDH&*#S)*
7NH*<.*$.'(.T.*#*'&H*#'"#'&(<.H* "#$%&'b)("&H*6*'#*%5%$3%.(%-""V)*:EE:*GIVI*GD)#*6*YI*B7#$()C&*
XD%'("#$&)*HD*'(%$&*;5%$3%.(%"b<.<),.M"C$+"N+/<?<)3."R(),)?&%G$5")0"%*#+&37<%,"E$%'%,"+f(H(&).H*
<.*'#*B6#?D#H"#;*Q"&)&C$#Lb#*$.'(C(&H#*<.*D)*4?#7N)*X.$D#)&5;*<.<("#<&*.9"'DH(T#7.)8.*#*'#*
%5%$3%.(%"6*#*'#H*X()8D$#H*<.'*#6#?D#HZD.$&*X.$D#)&*6*"&#D8&$*<.'*'(%$&*Y#%'&*B7#$()C&;*6*ZD.*
8#7%(J)*#X#$.".)*.)*D)*$."(.)8.*#$8b"D'&*+GD)#*:EE:A*GD)#*6*B7#$()C&*:EE:5I**1#7%(J)*<.%.7&H*
7.)"(&)#$*'#*)&T.'#*<.*YI*-#88?(.HH.)*.H"$(8#*.)*:E/M*;*"#/%5"<,"*$+"f<+/1.")0"*$+"K)&1"+rDC#)<&*.)*
'&H*4#7X&H*<.'*].`&$5*ZD.*<.H"$(%b#*D)#*.9X.$(.)"(#*<.*'#*%5%$3%.(%"+-#88?(.HH.)*:E/_5I**VH8.*
'(%$&*H($T(K*<.*%#H.*#*D)#*X.'b"D'#*L('7#<#*.)*:EE,*X&$*.'*<($."8&$*%$#H('.`&*2."8&$*3#%.)"&I*
1&<&H*.H8&H*'(%$&H*"&)8$(%D6.$&)*.)*7#6&$*&*7.)&$*7.<(<#*#'*"&)&"(7(.)8&*7&<.$)&*<.*'#*
?(H8&$(#*6*X$&X(.<#<.H*<.*'#*%5%$3%.(%-""@.*L&$7#*X#$#'.'#*#'*()8.$JH*X&$*'#*7#$#T(''&H#*X&"(K)*
#7#WK)("#;*H.*X$&<Dg&*D)#*8&7#*<.*"&)"(.)"(#*X&$*.'*"?#7#)(H7&*+U&'L*:EE:5*6*X&$*'#*
"&)H.$T#"(K)*<.*'#H*H.'T#HI**@.%(<&;*.)*X#$8.;*#*'#*)D.T#*T(H(K)*X$&X&$"(&)#<#*X&$*'&H*.)8.KC.)&H;*
'&H*7(.7%$&H*<.*'#*l"&)8$#"D'8D$#m*#7.$("#)#*6*.D$&X.#*LD.$&)*8&7#)<&*"&)"(.)"(#*<.*'#*"$(H(H*
."&'KC("#*ZD.*#L."8#*#*)D.H8$&*X'#).8#;*.HX."(#'7.)8.*<.*'#*<.H8$D""(K)*<.*'#H*H.'T#H*8$&X("#'.H*6*
'&H*H.$.H*T(T&H*ZD.*'#H*
,==*
*
L&$7#);*8#)8&*X'#)8#H*"&7&*#)(7#'.H;*6*<.*X.ZD.`#H*6*L$NC('.H*8$(%DH*NC$#L#H*ZD.*"&)8()D#)*"&)*
HDH*."&)&7b#H*<.*HD%H(H8.)"(#*.)*'#*B7#W&)(#*6*&8$&H*'DC#$.HI**O&*HK'&*<.H#X#$."b#)*'&H*?#%(8#8H*
H.'TN8("&H*.)*'#*B7#W&)(#;*H()&*ZD.*"&)*.''&H*X'#)8#H*"&7&*W%,<.*+*<)G.<."(%%G<!".)<J7("#H*<.*'#*
"D.)"#*<.'*#7#W&)#H*6*7D"?#H*<.*HDH*X'#)8#H*#<(8(T#H*gD)8&*"&)*($7D7.$#%'.H*X'#)8#H*<.*T#'&$*
."&)K7("&*6*&8$#H*#S)*X&$*D8('(W#$*+X#$#*7NH*()L&$7#"(K)*H&%$.*'#*$.'#"(K)*.)8$.*.8)&L#$7#"&'&Cb#*
6*'&H*C$DX&H*"&)H.$T#"(&)(H8#H*TJ#H.*j()C*:EE:A*j()C*:EE,5I**Q$7D7.$#%'.H*.HX."(.H*#)(7#'.H;*
"&7&*'&H*g#CD#$.H*<.*'#H*T(H(&).H*<.*'#*%5%$3%.(%!"ZD.*?#%(8#)*.)*'#*H.'T#*#7#WK)("#*.H8#%#)*
(CD#'7.)8.*<.H#X#$."(.)<&I**QCD#'*<.*C$#T.*.$#*.'*.98.$7()(&*<.*'#H*8$(%DH*<.*()<(&H*#7#WK)("&H;*
ZD(.).H*<.HXDJH*<.*"()"&*H(C'&H*<.*"&.9(H8.)"(#*"&)*'&H*()T#H&$.H*.D$&X.&H;*H.*.)"&)8$#$&)*H(.)<&*
D)*.H8&$%&*.)*.'*"#7()&*<.'*l<.H#$$&''&mI**Q)"'DH&*.)*'&H*"#H&H*.)*'&H*ZD.*)&*.9(H8.*X.'(C$&*<.*
<.H#X#$("(K)*LbH("#*<.*'#H*8$(%DH;*'#*<.H8$D""(K)*<.*HDH*"D'8D$#H*6*<.*8&<&*HD*H#%.$*.)*
L#$7#"&C)&H(#*6*&8$&H*"#7X&H*ZD.*.''&H*%#H#)*.)*'#*7.7&$(#*6*'#*8$#)H7(H(K)*&$#'*$.X$.H.)8#*D)#*
8$#C.<(#*()(7#C()#%'.;*$.X.8(<#*D)#*6*&8$#*T.W*<D$#)8.*)D.H8$#*X#8J8("#*?(H8&$(#*#*'&*'#$C&*<.*'&H*
8(.7X&H*?#H8#*''.C#$*#*)D.H8$&H*<b#H*.)*ZD.*)&H*#"."?#*#*"#<#*D)&*<.*)&H&8$&H*+2D98#%'.*:EE,5I**
G#*X#'#%$#*.H"$(8#*ZD.*)&H*X.$7(8.*"&7D)("#7&H*#*8$#TJH*<.*.H8.*7#$#T(''&H&*7.<(&*ZD.*
''#7#7&H*'(%$&;*"&7&*.'*ZD.*#?&$#*8(.).*DH8.<*.)*HDH*7#)&H;*#*8$#TJH*<.*'&H*7('.)(&H*.)*.'*"#H&*<.*
)D.H8$&H*'(%$&H*7NH*X$."(#<&H;*&*ZD(WN*HK'&*D)&H*X&"&H*7.H.H*&*#`&H;*"&7&*.)*.H8.*"#H&;*.H*.'*
.).7(C&*<.'*H#%.$*8$#<("(&)#';*X&$*7D"?&*ZD.*)&H*.7X.`.7&H*.)*.)H.`#$*.H8#*H#%(<D$b#*8#7%(J)*
.)*'&H*'(%$&HI**4&7&*<(g&*[&$<&)*U#HH&)*+U#HH&)*:EF\5v*
*
-.*X#$.".*ZD.*'&H*?.$%&$(H8#H*NC$#L&H*X&H.b#)*D)&*"&)gD)8&*<.*"&)K"(7(.)8&H*6*
<(HX&)b#)*<.*D)#*()L()(<#<*<.*HD8('.W#H*.7Xb$("#H*ZD.*?#)*.H"#X#<&*#*)D.H8$&H*
%&8N)("&H*6*#)8$&XK'&C&HI**V)*'#*X$.?(H8&$(#*<.*8&<#H*'#H*"D'8D$#H;*()"'D(<#H*'#H*ZD.*
#S)*.9(H8.);*'&H*?.$%&'#$(&H*H&)*<.X&H(8#$(&H*<.*"&)&"(7(.)8&H*#<ZD($(<&H*#*'&H*
 '#$C&*<.*H(C'&H*<.*()8.)H#*&%H.$T#"(K)*6*.9X.$(.)"(#*ZD.*8$#)H7(8.)*<.*C.).$#"(K)*
.)*C.).$#"(K);*<.*L&$7#*&$#';*<.*7#.H8$&H*#*#X$.)<(".HIII*VH8#H*X.$H&)#H*)&*LD.$&)*
'#H*X$(7.$#H*.)*.)8DH(#H7#$H.*6*H.)8($*"D$(&H(<#<*"D#)<&*.7X.WK*#*.98.)<.$H.*'#*
)&T.<#<*<.*'#*.H"$(8D$#I**Y&$*.'*"&)8$#$(&;*#ZD.''&H*ZD.*#<&X8#$&)*.'*)&T.<&H&*
7.<(&*<.*'#*.H"$(8D$#*LD.$&)*'&H*'b<.$.H*()8.'."8D#'.H*#C$.H(T&H*6*'&H*.H"$(%#H;*
#'CD)&H*H#".$<&8.H*ZD.*8.)b#)*HDH*X$&X(#H*$#W&).H*6*#'CD)&H*#$(H8K"$#8#H;*8&<&H*
.''&H*7(.7%$&H*<.*D)*7D)<&*<(L.$.)8.I**@.*7&<&*ZD.*g#7NH*"&)&"(.$&)*.'*H#%.$*
&"D'8&*<.*'&H*?.$%&'#$(&H;*XD.H*.'*"&)gD)8&*<.*.H8&H*"&)&"(7(.)8&H*.$#*<.*<(L("('*
8$#)H"$(X"(K)*#*'#*.H"$(8D$#I*
*
}sDJ*.98$#&$<()#$(&*ZD.*'#*V$#*<.*'&H*V)8.KC.)&H*?#6#*H&%$.T(T(<&*?#H8#*)D.H8$&H*<b#H;*.)*'&H*
'DC#$.H*7NH*$.7&8&H*X&%'#<&H*X&$*'#*?D7#)(<#<~*#D)ZD.*)&*XD.<#*6*)&*T#6#*#*H&%$.T(T($*#*'#*
.7%.H8(<#*<.*'#*#'L#%.8(W#"(K)I**@.*)D.T&*U#HH&)*)&H*<.H"$(%.*HD*#H&7%$&H&*<.H"D%$(7(.)8&*.)*
-J9("&*.)*:EMMv*
*
G'.CDJ*.)*'#*7(H7#*<J"#<#*ZD.*'#H*"#$$.8.$#H;*'&H*#T(&).H*6*.'*#'L#%.8&I**V'*#)8(CD&*
&$<.)*"&$$b#*.'*$(.HC&*<.*<.H#X#$.".$*H()*ZD.*)#<(.*<(.$#*"D.)8#*<.*.''&I**V'*#)8(CD&*
&$<.)*)&*H.*7.W"'#*"&)*.'*)D.T&I**G#*H#%(<D$b#*
,=>*
*
<.*'#*H#%(#;*#D)ZD.*C.)D()#;*)&*''.).*)#<#*ZD.*T.$*"&)*.'*7D)<&*<.*7#`#)#I**4$.&*
ZD.*H(.7X$.*LD.*#Hb*"&)*'#*''.C#<#*<.'*#'L#%.8&I**B?&$#;*'#*)D.T#*C.).$#"(K)*.H8N*
#%H&$8#*.)*.'*)D.T&*H#%.$*6*ZD(.$.*&'T(<#$*'&H*?&)C&H*ZD.*#6.$*#S)*'.H*()HX($#%#)*
8.7&$;*X$.L(.$.*#'*g&T.)*<&"8&$*.)*7.<("()#*<.*'#*"(D<#<*ZD.*#*'#*7Dg.$!H#%(#;*ZD.*
)&*#X$.)<.*)(*&'T(<#*.'*'.)CD#g.*<.*HDH*#)8.X#H#<&HIII*G#*"D.H8(K)*)&*.H8$(%#*.)*H(*
.H8#H*8.)<.)"(#H*H&)*%D.)#H*&*7#'#Hv*H&)*().T(8#%'.HI*
+U#HH&)*:EF\5I*
*
B*X.H#$*<.*ZD.*"&7X#$8&*<.*L&$7#*()"&)<("(&)#'*'#*T(H(K)*<.*U#HH&);*<(H"$.X&*H&%$.*D)#*
"D.H8(&)*.)*X#$8("D'#$v*'#*B)8(CD#*]#%(<D$b#*Hb*ZD.*XD.<.*#X&$8#$*#'C&*#'*7D)<&*<.'*7#`#)#;*6*.H8.*
X$."(&H&*&%H.ZD(&*.H*.'*"&)&"(7(.)8&*<.*'#H*X'#)8#H*.)8.KC.)#H*6*HD*DH&I**4&<(L("#<#H*.)*'&H*
C.).H*<.*'#H*X'#)8#H*.)8.&CJ)("#H*H.*.)"D.)8$#)*'#H*()H8$D""(&).H*X#$#*'#*%(&Hb)8.H(H*<.*7&'J"D'#H*
ZD.*)&H*XD.<.)*#%$($*#*'#*7#$#T(''#*6*#'*7(H8.$(&*()?.$.)8.*#'*D)(T.$H&*6*#*)&H&8$&H*7(H7&H;*"&)*'#*
#)8(CD#*H#%(<D$b#*8#)*$NX(<#7.)8.*."'(XH#<#*X&$*.'*%$(''&*<.*)D.H8$&*"&)&"(7(.)8&*7&<.$)&;*X.$&*
?#%(8#)<&*#S)*.)*"#<#*"&$#WK)*6*#'7#*?D7#)&H;*#*'#*.HX.$#*<.*D)#*HD%H8#)"(#*ZDb7("#*&*#'CD)#*
&8$#*''#T.*X#$#*<.HX'.C#$H.I*
K%"%5%$3%.(%"?#*H&%$.T(T(<&;*7NH*ZD.*)()CD)#*&8$#*<$&C#*.)8.KC.)#*ZD.*"&)&W"#7&H;*#*'&H*
#8#ZD.H*<.*'#*#'L#%.e7"(K)*6*'#*#"D'8D$#"(K);*?#H8#*.)"&)8$#$*HD*X$&X(&*XD.H8&*.)*.'*OD.T&*
0$<.)I**BD)ZD.*?#*?#%(<&*D)*7&<.$)&*$.HD$C(7(.)8&*<.'*DH&*<.*'&H*#)8(CD&H*.)8.KC.)&H*"&7&*.'*
GA5)*/"6*.'**+),%,D(%*/"+TJ#H.*HD*?(H8&$(#*.)*'&H*4#Xb8D'&H*:*6*M5;*'#*%5%$3%.(%"6#*?#%b#*.)"&)8$#<&*
HD*)("?&*.)*.'*7D)<&*7&<.$)&*7D"?&*#)8.H*<.*ZD.*LD.$#*$.<.H"D%(.$8#*X&$*'#*HD%"D'8D$#*<.*'&H*
.)8.KC.)&HI**-.*$.L(.$&*#'*?."?&*<.*ZD.*'&H*#6#?D#HZD.$&H*7.H8(W&H;*<.HXDJH*<.*#%#)<&)#$*HDH*
'DC#$.H*<.*&$(C.)*.)*'#*H.'T#*6*8$#H'#<#$H.*#*'#H*"(D<#<.H;*"&)8()D#$&)*X$#"8("#)<&*'#*"D$#"(K)*
"?#7N)("#*.)*'#H*W&)#H*D$%#)#H*<.'*Y.$S;*"&7&*QZD(8&H*+@&%d()*<.*Rb&H*:E_\#A*@&%d()*<.*Rb&H*
:E_\%A*@&%d()*<.*Rb&H*:E_,A*@&%d()*<.*Rb&H*:E_=A*@&%d()*<.*Rb&H*:EE,5*6*.)*G(7#*+4K$<&T#!Rb&H*6*
G#$)%*:E_:A*G#$)%*:EFM5*6*.)*'#*"#X(8#'*"&'&7%(#)#;*3&C&8N*+R#7b$.W*<.*r#$#*6*Y()WK)*4I*:EF/5;*
#D)ZD.*HDH*L#7('(#$.H*()<(&H*"&)8()D#$&)*"&7D)("N)<&H.;*"#<#*T.W*.)*7.)&$*7.<(<#;*"&)*E%($%"
N3,%"+.'*l?&7%$.*<.*'#*H.'T#m5*6*&8$&H*l.HXb$(8DH*<.*'#H*X'#)8#Hm*+GD)#*:EE:5*.)*'#H*H(.7X$.*
7.)CD#)8.H*(H'#H*<.*H.'T#*X$(7#$(#*.)*'#*B7#W&)(#*+U?(88.)*:E_/A*U?(88.)*:EFM5I**VH*7NH;*
<.HXDJH*<.*"#H(*8$.H*<J"#<#H*<.*X.$H."D"(K)*'.C#'*<.*'&H*.)8.KC.)&H*+4?#6.8*:E/_A*2&$&c(8W*
:EE:5;*)(*.'*C&%(.$)&*<.*'&H*VVnn;*)(*'&H*<.*HDH*?&7K'&C&H*<.*B7J$("#*G#8()#*?#)*"$.b<&*#<."D#<&*
('.C#'(W#$*'#*?#$7()#*&*'#*?#$7#'()#;*'&H*#'"#'&(<.H*X$.H.)8.H*.)*W%,<.*+&<)G.<."(%%G<"+X$."(&H*X&$*
C$#7&*.H8#%'."(<&H*X&$*'#*"&7X#`b#*](C7#*4?.7("#'*4&I*.)*:EE=*X#$#*'#H*H(CD(.)8.H*%#H.H*'(%$.H;*
<.*Hb)8.H(Hv*?#$7()#*=\;\M|A*?#$7#'()#*:=;EM|A*6*X#$#*'&H*H(CD(.)8.H*?(<$&"'&$D$&Hv*?#$7&'*==;=M|A*
?#$7#'&'*>\;\\|I**VH8&H*"&7XD.H8&H*H.*T.)<.)*X#$#*()T.H8(C#"(K)*.8(ZD.8#<&H*"&7&*l)&*#X8&*X#$#*
HD*DH&*.)*?D7#)&Hm5I**BHb;*#D)ZD.*D)#*X&"(K)*<.*%5%$3%.(%"ZD.*"&)8.)C#*#*'#*X$&H"$(8#*@-1*
X&<$b#*H.$*8J")("#7.)8.*('.C#';*'#*X'#)8#*<.*'#*%5%$3%.(%!"HDH*#'"#'&(<.H;*D)#*X&"(K)*<.*'#*7(H7#*D*
&8$#H*ZD.*"&)8.)C#)*&8$&H*($7D7.$#%'.H*#<(8(T&H*"&)8()D#$#*H(.)<&*'.C#'.HI**B*X.H#$*<.*'#*?(H8.$(#*
#)8(!"&"#b)#*.)*]D<#7J$("#*+B)8&)('*:E_FA*3&'<K*4'(7.)8*:EF/A*-&$#'.H*:EFE5*6*<.*'#*X$&X#C#)<#*
C.).$#'(W#<#*"&)8$#*'#H*<$&C#H;*'#*%5%$3%.(%""&)8()D#*H(.)<&*DH#<#*#%(.$8#7.)8.*.)*Y.$S;*
V"D#<&$*6*7D"?&H*&8$&H*'DC#$.H*H()*ZD.*H.*'.*#H&"(.*)()CS)*.H8(C7#I*
,=M*
*
n)*.g.7X'&*.7%'.7N8("&*<.'*)("?&*"D'8D$#'*<.*'#*%5%$3%.(%".)*.'*OD.T&*0$<.)*.H*.'*"D'8&*
$.'(C(&H&*%$#H('.`&*<.'*E%,*)"L%<'+-""G#H*$#b".H*<.*.H8.*"D'8&*7&<.$)&;*ZD.*H.*?#*.9X#)<(<&*"&)*'#*
LD)<#"(K)*.)*:E/:*<.*&8$#*(C'.H(#*<.*'#*%5%$3%.(%"''#7#<#*n)(<&*1)"b+?+*%/"+n@f5;*H.*$.7&)8#)*#*
'#H*X$(7.$#H*<J"#<#H*<.*.H8.*H(C'&*+2.)7#)*:EF/5;*.)*.HX."(#'*"&)*'#*LD)<#"(K)*.)*:E=\*<.*D)*
"D'8&*.)*$b&*3$#)"&*X&$*R#(7D)<&*Q$().D*].$$#;*"&)&"(<&*X&$*HDH*<(H"bXD'&H*"&7&*-.H8$.*Q$().D*
+-"R#.*:EE,5I**VH8#H*(C'.H(#H*"$(H8(#)#H*<.*'#*%5%$3%.(%"<(HL$D8#)*<.*8&'.$#)"(#*'.C#'*.)*3$#H('*
C$#"(#H*#*D)#*$.H&'D"(K)*CD%.$)#7.)8#'*L#T&$#%'.*+2.)7#)*:EF/A*-"R#.*:EE,5*+E5I**V)*'#*
("&)&C$#Lb#*<.*'#*n@f;*'#*X&"(K)*<.*%5%$3%.(%"$.X$.H.)8#*'#*D)(K)*.)8$.*'#*'DW*=#.5($)*/<%"7<&<1<."
ZD.*"&)8(.).*@-15*6*.'*X&<.$*+'&H*()?(%(<&$.H*<.*'#*-B0*.)*W%,<.*+&<)G.<."(%%G<!"2.)7#)*:EF/5I**
V)*:E_\*.'*.8)&%&8N)("&*[I*Y$#)".*.H"$(%(K*ZD.*.9(H8b#)*"D'8&H*7&<.$)&H*<.*'#*%5%$3%.(%"
#'$.<.<&$*<.*'#*"(D<#<*%$#H('.`#*<.*$b&*3$#)"&;*"#X(8#'*<.'*.H8#<&*<.*B"$.;*.)*'#*B7#W&)(#*
%$#H('.`#;*gDH8&*#'*)&$8.*<.*3&'(T(#*6*#'*.H8.*<.*Y.$SI**Y$#)".*7.)"(&)K*ZD.*l.)*$b&*3$#)"&*.9(H8.)*
<(T.$H&H*C$DX&H*#'8#7.)8.*H."$.8&H*ZD.*H.*$.D).)*X#$#*8&7#$*.'*)#$"K8("&*k.<(l"%5%$3%.(%!"ZD.*
l?#%b#*X#H#<&*#*L&$7#$*X#$8.*<.*'#*"D'8D$#*<.*B"$.m*+Y$#)".*:E_\5I**Y$#)".*8#7%(J)*<.H"$(%(K*D)*
L.)K7.)&*H(7('#$*.)*1#$#D#"#;*#'*)&$8.*<.*$b&*3$#)"&*6*#'*.H8.*<.*YD"#''X#;*Y.$SI**2#"(#*:EF\;*'&H*
DHD#$(&H*<.*$b&*3$#)"&*?#%b#)*&$C#)(W#<&*D)*"D'8&*<.*'#*%5%$3%.(%"#%(.$8&*6*<.*$#b".H*"$(H8(#)#HI**
G#*X&"(K)*<.*'#*%5%$3%.(%!""&)&"(<#*X&$*'&H*X$#"8("#)8.H*<.'*"D'8&*"&)*.'*)&7%$.*1+"E%,*)"L%<'+!"
H.*X$.X#$#%#*#*X#$8($*<.*lD)#*7.W"'#*<.*X#$8.H*#X$&9(7#<#7.)8.*(CD#'.H*<.*D)*.98$#"8&*#"D&H&*
<.*'#*"&$8.W#*<.*W%,<.*+&<).<."(%%G<"6*&8$&*<.*'#H*?&g#H*<.*'#*$D%(#".#*#.5($)*<<%"7<&<1<.9-""V'*"D'8&*H.*
?#*.98.)<(<&*.)*]D<#7J$("#*#*lX#(H.H*"D6#*X&%'#"(K)*)D)"#*?#%b#*DH#<&*'#*X&"(K)mI**V)*D)*#)N'(H(H*
$."(.)8.*<.*'#*%.%(<#*H.*<.8.$7()K*ZD.*JH8#*"&)8(.).*@-1*6* "#$%&'()#H*+G(cHW6"*+*"%/-":EE,5I**
G&H*#X$&9(7#<#7.)8.*,M\*7(.7%$&H*<.*'#*(C'.H#*<.'*E%,*)"L%<'+"<.*$b&*3$#)"&*"D'8(T#%#)*HDH*
X'#)8#H*lX#$#*X$&<D"($*"#)8(<#<.H*(7X$.H(&)#)8.H*<.'*#'D"()KC.)&;*ZD.*"&)HD7.)*<D$#)8.*"(.$8#H*
".'.%$#"(&).H*"&7&*O#T(<#<;*.'*<b#*<.*1&<&H*'&H*]#)8&H*6*.)*B`&*OD.T&m;*6*H.*<."b#*ZD.*'#*8&7#*
<.*'#*X&"(K)*"&)H8(8Db#*lD)#*<.*'#H*7NH*(7X&$8#)8.H*()L'D.)"(#H*<.*HDH*T(<#H*+HD*u&%<.),"1u"A*&+u:I*
[$#)<.H*"#)8(<#<.H*<.*'#*X&"(K)*+"(.)8&H*<.*'(8$&H5*H.*#'7#".)#)*.)*'&H*'&"#'.H*<.*'#*(C'.H(#;*<.*
L&$7#*ZD.*l'#*%.%(<#*H.*<(HX.)H#*'(%$.7.)8.*.)*'#H*&"#H(&).H*7.)"(&)#<#H;*#Hb*"&7&*.)*&8$#H*
&"#H(&).H*H()*.HX."(L("#$I!!G#*"&)C$.C#"(K)*''.T#*#*"#%&*HDH*$(8&H*$.'(C(&H&H*.)*D)#*(C'.H(#III*
"&)H8$D(<#*H*<."&$#<#*X&$*HDH*7(.7%$&H;*6*.H*#ZDb*<&)<.*%.%.)*'#*X&"(K);*H()*.9"'D($*#*'#H*
7Dg.$.H*)(*#*'&H*)(`&H*<.*'#*l".$.7&)(#m*+G&c6*:EF_5I**](CD(.)<&*L(.'*#*HD*'#$C#*8$#<("(K)*<.*
()8&'.$#)"(#*$.'(C(&H#*'#*l'(%.$8#<*$.'(C(&H#m*.H*X&"&*7NH*ZD.*D)#*'b).#*<.*X$&X#C#)<#III*<.*?."?&*
'#*"&)H8(8D"(K)*#7.$("#)#*H.X#$#*7.$#7.)8.*#*'#*QC'.H(#*<.'*VH8#<&*L.<.$#';*&8&$C#)<&*#*'&H*M\*
VH8#<&H*'#*X&8.H8#<*<.*<(H"$(7()#$*.)*%#H.*#*'#*$.'(C(K);*'&*ZD.*?#)*?."?&*"&)*C$#)*.)8DH(#H7&*#*'&*
'#$C&*<.*'#*?(H8&$(#A*TJ#H.*VIBIU#HH&)*:E:>A*VIBIU#HH&)*:E/M5;*.'*C&%(.$)&*<.*'&H*VH8#<&H*n)(<&H*
?#*$.#""(&)#<&*#*T#$(&H*()8.)8&H*<.*'#*(C'.H(#*<.'*E%,*)"L%<'+"<.*.H8#%'.".$H.*.)*.'*X#bH;*
"&)L(H"#)<&*T#$(&H*HD7b)(H8$&H*<.*%5%$3%.(%"6*X$&?(%(.)<&*<.*L&$7#*.L."8(T#*'#*(C'.H(#*.)*'&H*
VVnnI**]()*.7%#$C&;*"&7&*H(.7X$.*HD".<.;*.H8&H*.HLD.$W&H*'.C#'.H*LD.$&)*X#$#*'#*%5%$3%.(%"'#*
7.g&$*<.*'#H*X$&X#C#)<#H;*<.*L&$7#*ZD.*X.$H&)#H*ZD.*)&*8.)b#)*)()CS)*()8.$JH*X&$*'#*
"&)H.$T#"(K)*<.*'#*H.'T#*&*X&$*'#*.8)&%&8N)("#*H.*.)8.$#$&)*L()#'7.)8.*<.*'#*.9(H8.)"(#*
,=/*
*
<.*'#*%5%$3%.(%-""-(.)8$#H*8#)8&;*'#*(C'.H(#*<.'*E%,*)"L%<'+"H.*?#*.H8#%'."(<&*.)*7D"?&H*X#(H.H*
LD.$#*<.*B7J$("#*G#8()#*+GD)#*:EE,5;*L'&$."(.)<&*#"8D#'7.)8.*.)*4#8#'D)6#;*VHX#`#;*6*.)*&8$&H*
X#(H.H*.D$&X.&HI**1#7%(J)*&X.$#)*#*8b8D'&*()<(T(<D#'*<(T.$H&H*#6#?D#HZD.$&H*.)*'#*4(D<#<*<.*
-J9("&*+088;*)&*XD%'("#<&5*6*&8$#H*D$%.H*'.g&H*<.'*?&C#$*()("(#'*<.*'#*#7%$&Hb#*<.*'#*H.'T#I*
G#*"&)H.$T#"(K)*<.*'#*H.'T#;*<.*'#*7#)&*<.'*()8.$JH*7&<.$)&*X&$*'#*%5%$3%.(%"+6*T(".T.$H#5;*?#*
H(<&*D)*T.?b"D'&*X#$#*'#*.9X#)H(K)*<.'*DH&*<.*'#*%5%$3%.(%".)*'&H*VH8#<&H*n)(<&H*6*&8$&H*X#(H.H*
+TJ#H.*X&$*.g.7X'&*.'*.g.7X'#$*<.*&8&`&*<.*:EFE*<.*'#*$.T(H8#*U*U&'.*J%&*$"N+7<+i"<.<("#<#*#*
lG#H*Y'#)8#H*#'(.)bC.)#H*()8.'(C.)8.Hm;*"&)*D)#*H.""(K)*<.<("#<#*#*lG#H*Y'#)8#H*"&7&*-#.H8$#Hm5I**
B*X$()"(X(&H*<.*'&H*F\*)#"(K*.'*L.)K7.)&*<.'*l8D$(H7&*)#8D$#'m*&*l."&8D$(H7&m*6*<.)8$&*<.*.H8.*
7&T(7(.)8&*#X#$."(K*HD*T#$(#)8.*<.'*l8D$(H7&*<.*'#*%5%$3%.(%9-""i#*.)*:EF\;*D)*C$DX&*
"#'(L&$)(#)&*X$&7&Tb#*D)*8&D$*<.*l4?#7#).H*6*]#)#<&$.H*<.*V"D#<&$m*#'*.'.T#<&*X$."(&*<.*
:I_E\|;*%(''.8.*<.*#T(K)*#*X#$8.I**@D$#)8.*'&H*&"?.)8#*6*'&H*)&T.)8#*7D"?#*C.)8.*H.*()8$&<Dg&*#*'#*
%5%$3%.(%!"#Hb*"&7&*#*'#*H.'T#*B7#WK)("#*#*8$#TJH*<.*8&D$H*.HX."(#'.H*<.*'#*%5%$3%.(%"ZD.*X&<b#)*
#'"#)W#$*.'*X$."(&*<.*,M\\|I**n)#*<.*.H8#H*&$C#)(W#"(&).H*#)D)"(#%#*)#<#*7.)&H*ZD.*"D#8$&*<.*
.H8&H*8&D$H*.)*'#*$.T(H8#*[%?<(%/"W/+,1"[%?%d<,+M"lV'*T(#g.*<.'*4?#7N)m*6*lV'*4#7()&*<.'*
[D.$$.$&m*.)*Y.$SA*lf(H(&).H*<.*Y&<.$m*.)*-J9("&*6*lV'*f(#g.*<.'*]#)#<&$m*.)*3$#H('I**G#*$.T(H8#*
@+i.i++F"XD%'("K*$."(.)8.7.)8.*D)*#$8b"D'&*H&%$.*'&H*8&D$H*<.*'#*%5%$3%.(%"+j$#g("d*:EE,5I*
B*L()#'.H*<.*'&H*#`&H*F\;*.)*<(T.$H#H*X#$8.H*<.*'&H*VVnn*H.*.7X.WK*#*"D'8(T#$*'#*%5%$3%.(%"6*
&8$#H*X'#)8#H*D8('(W#<#H*<.*L&$7#*8bX("#*"&7&*#<(8(T&H;*.)*()T.$)#<.$&H*H(*.$#*).".H#$(&;*X#$#*'#*
.'#%&$#"(K)*<.*X&"(&).H*<.*%5%$3%.(%-""V9(H8.*"&7&*7b)(7&*D)#*C$#)g#*<.*W%,<.*+&<)G.<.".)*'&H*
VH8#<&H*n)(<&H;*6*<.*L&$7#*.HX&$N<("#*H.*XD.<.)*"&)H.CD($*"K"8.'.H*X$.7.W"'#<&H*<.*%5%$3%.(%"
5"($%(&3,%"=#.5($)**<%"7<&<1<.:"#*8$#TJH*<.*D)*$D<(7.)8#$(&*7.$"#<&*).C$&;*#*X$."(&H*<.*F\\|*'#*
<&H(HI**P()#'7.)8.*<($.7&H*ZD.*?#*#X#$."(<&*.)*4#'(L&7(#*D)#*X.ZD.`#*$.<*<.*8.$#X.D8#H*&*CDb#H*
ZD.*D8('(W#)*'&H*.)8.KC.)&H;*ZD.*&L$.".)*D)#*L&$7#*H.CD$#;*"&)8$&'#<#*6*CD(#<#*<.*()8$&<D"($H.*#*
'#H*.9X.$(.)"(#H*.)8.KC.)#HI**G#*%5%$3%.(%"H.*?#*"&)T.$8(<&*.)*'#*HDH8#)"(#*7NH*X&XD'#$*D8('(W#<#*
.)*.H8#H*lXH("&8.$#X(#Hm;*7.W"'#<#*)&$7#'7.)8.*"&)*#.5($)*&<%"7<&<1<."$("#*.)*@-1;*#D)ZD.*
#'CD)#H*T.".H*H.*?#*DH#<&*G]@*.)*'#*7.W"'#*"&)*%5%$3%.(%!".H8#)<&*8#7%(.)*#*<(HX&H("(K)*<.'*
"'(.)8.*HDH8#)"(#H*"&7&*'#*7.H"#'()#;*'#*(%&C#b)#;*.'*#).H8JH("&*#$8(L("(#'*d.8#7()#*=H+*%/%&")"
b+*%/%&:!"'#*-@-B*6*&8$#H*<$&C#HI**V'*X.$(&<(H8#*rI*]8.T.)H;*.)*.'*.Xb'&C&*<.*HD*?(H8&$(#*H&"(#'*H&%$.*
'#H*<$&C#H*.)8.KC.)#H*.)*'&H*VH8#<&H*n)(<&H;*E*)&'<,?">+%7+,"+]8.T.)H*:EF_5;*.9X'("#*HDH*
"&)8#"8&H*.HX&$N<("&H*"&)*'#*.H".)#*"#'(L&$)(#)#*<.*'&H*.)8.KC.)&H;*#D)ZD.*.)*:EF_*'#*%5%$3%.(%"
#S)*)&*.$#*D)*8.7#*"#)<.)8.;*6*#X.)#H*.$#*7.)"(&)#<#*.)*.'*'(%$&;*"(8#)<&*.9"'DH(T#7.)8.*'#H*
.9X.$(.)"(#H*<.*3D$$&DC?H*6*[()H%.$C*8$.H*<J"#<#H*#)8.HI**G#*8.$#X(#*"&)*%5%$3%.(%*8#7%(J)*H.*
X$#"8("#*.)*.'*.H8.*<.*'&H*VH8#<&H*n)(<&H*+j$#g("d*:EE,5I*
G&H*.H8#<&D)(<.)H.H;*H(.7X$.*#*'#*%DHZD.<#*<.*($7&T#"(&).H;*.HX."(#'7.)8.*.)*D)*"#7X&*8#)*
#%(.$8&*6*8&8#'7.)8.*<.H$.CD'#<&*"&7&*.H*.'*7.$"#<&*"'#)<.H8()&*<.*'#H*<$&C#H;*?#)*XD.H8&*D)*
C$#)*.7X.`&*.)*'#*.'#%&$#"(K)*<.*#)N'&C&H*<.*'#*%5%$3%.(%*X$&X(&H*<.*'#H*W&)#H*8.7X'#<#H;*.H*
<."($*'#*"&7%()#"(K)*<.*X'#)8#H*)#8(T#H*<.*'#H*W&)#H*8.7X'#<#H*ZD.*#X&$8.)*D)#*LD.)8.*<.*@-1*6*
&8$#*ZD.*#X&$8.*'#H* #$%&'()#H*
,=_*
*
).".H#$(#H;*<.*L&$7#*ZD.*"&7%()#<#H;*$()<#)*D)#*X&"(K)*.)8.KC.)#*H(7('#$*#*'#*%5%$3%.(%!"
<."(<(<#7.)8.*8$&X("#'I**@.$7(H*-"j.$7#*?#*HDC.$(<&*.'*)&7%$.*a%5%$3%.(%"8)&+%/<.9"X#$#*.H8&H*
#)N'&C&H*<.*'#*W&)#*8.7X'#<#*+@gI**-"j.$7#*:EE,5I**G#H*H.7(''#H*<.*#+?%,3'"$%&'%/%"<(HX&)(%'.H*
<.*L&$7#*'.C#'*6*#*%#g&*X$."(&*+7.<(#*'(%$#*"&)8(.).*.)8$.*>;M*6*:/*C$#7&H*<.* "#$%&'()#H*6*XD.<.*
&%8.).$H.*X&$*>\I\\|*"&7&*7#8.$(#*X$(7#*<.*X(C7.)8&H*T.C.8#'.H5*.H*'#*LD.)8.*7NH*"&$$(.)8.*<.*
?#$7()#*6*<.*&8$#H* "#$%&'()#H*()?(%(<&$#H*<.*'#*-B0*+TJ#H.*7NH*#%#g&*'#*O&8#*>;*.)*'#*ZD.*H.*
<.8#''#*'#*'(H8#*<.*X'#)8#H*ZD.*"&)8(.).)*()?(%(<&$.H*<.*'#*-B0A*#Hb*"&7&*088*:EE>*<&)<.*H.*<#*
D)#*$.'#"(K)*<.*X'#)8#H*ZD.*"&)8(.).)*8$(X8#7()#H5I**O&*H&'&*H.*XD.<.)*#<ZD($($*'#H*H.7(''#H*.)*.'*
"&7.$"(&;*H()&*ZD.*'#*X'#)8#*8$#b<#*#*'&H*VVnn*#*X$()"(X(&H*<.'*H(C'&*^^*L'&$.".*#?&$#*.)*'&H*
<.H(.$8&H*<.'*HD<&.H8.*6*H.*?#*#<#X8#<&*.)*W&)#H*8#)*#'*)&$8.*"&7&*.'*.H8#<&*<.*U#H?()C8&)I**
-D"?#H*.HX."(.H*<.*'#*L#7('(#*<.*'#H*C$#7b).#H*+X#H8&H5*"&)8(.).)*@-1*6*&8$#H*8$(X8#7()#H;*6*?#6*
<&H*.HX."(.H*ZD.*H.*"#$#"8.$(W#)*X&$*'#*L#"('(<#<*"&)*ZD.*H.*X$&X#C#)v*lC(#)8*$..<m*&*lHX#)(H?*
$..<m;*;&3,1)*1),%Q!"6*l"#)#$6*$..<m;*#$%/%&<."%&3,1<,%(+%!"ZD.*H.*D8('(W#)*.)*'#*.'#%&$#"(K)*<.*
.H8&H*#)N'&C&H*<.*'#*%5%$3%.(%"+B)&)I*:EE:A*BD<.88.*+*"%K":E/EA*BD<.88.*+*"%/-":E_\A*4D'T.)&$*+*"
%/-":E/>A*[?&H#'*+*"%/-":E/EA*-#$8.)*:E_=#A*-#$8.)*:E_=%A*U#HH.'*6*B77#$*:EF>A*U(''(#7H*+*"%/-"
:E_:5I**V)*.'*X$(7.$*)S7.$&*<.*'#*$.T(H8#*R,*+?&%*<),"^)3&,%/"0)&"[<,1T[)7<,?"#/%,*."%,1"B3/*3&+"
+Q)8.C$#"(K)I**R.T(H8#*<.*Y'#)8#H*YH("&#"8(T#H*6*4D'8D$#5*+@.*f$(.H*:EE:%5*H.*XD%'("#$&)*L&8&C$#Lb#H*
<.*.H8#H*<&H*.HX."(.H*8#)*"&7D).H;*gD)8&*"&)*'#*<.*#+?%,3'"$%&'%/%".)*.'*$.X&$8#g.*L&8&C$NL("&*
lQ"&)#.*Y'#)8#$D7*Q).%$(#)8(D7mI**;&3,1)"1),%Q"8(.).*T#$(&H*DH&H*$(8D#'.H*(7X&$8#)8.H*.)8$.*'&H*
()<(&H*2D("?&'.H*<.*-J9("&;*ZD(.).H*'&*D8('(W#)*.)*8%(F.*&%G"/))'.!""&7&*%#H8K)*<.*%#('.*<.*'&H*
X.$.C$()&H*<.'*GA5)*/"6*"&7&*"#`#*<.*'#H*L'."?#H*T&8(T#H*.)*'#*"#W#*$(8D#'*1+/"GA5)*/"+]"?#.L.$*
:EE=5I**n)#*.HX."(.*#DH8$#'(#)#;*#$%/%&<."*38+&).%""&)8(.).*@-1;*M!-.0!@-1*6*%DL&8.)()#*
+3#98.$*6*]'#68&$*:E_,A*[#''#C?.$*.8*#'I*:E/>A*0$#7*6*U(''(#7H*:E/_5*6*gD)8&*"&)*#-"%&3,1<,%(+%"
"&)8(.).*8#7%(J)*8$#W#H*<.* "#$%&'()#H*+P$#?)*6*0€j..L.*:E_:A*[#)<.$*+*"%/-":E_/A*]?#$7&)*6*
G.6H?&)*:E_:A*f(g#6#)#C#$*.8*#'I*:E_M5I**08$#*.HX."(.*#DH8$#'(#)#;*#-"%23%*<(%"+ZD.*XD.<.*H.$*
H()K)(7&*<.*#-"*38+&)H#5*"&)8(.).*@-1*6*M!-.0!@-1*+-D'T.)#*6*]'#68&$*:EF,5A*7(.)8$#H*ZD.*.'*
"&)H8(8D6.)8.*<.*'&H*$#XJH*<.*5)G)"5"+G+,D"+TJ#H.*4#Xb8D'&*=5;*'#*M!-.0!O-1;*"&7XD.H8&*<.*
L#$()#"&'&Cb#*X&"&*"&)&"(<#;*?#*H(<&*?#''#<&*.)*#$%/%&<."%&3,1<,%(+%"+U('d()H&)*:EMF5I""
#$&%?'<*+."%3.*&%/<.".H*&8$#*.HX."(.*<.*X#H8&*ZD.*H.*H#%.*ZD.*"&)8(.).*@-1*+U#HH.'*+*"%/-":EFM5I**
G#H*?&g#H*6*$#7#H*<.*'#*$D8N".#*b+G*<."%'G)15"8#7%(J)*"&)8(.).)*@-1*.)*D)#*X$&X&$"(K)*<.'*
\;,a;*H(.)<&*#Hb*D)#*<.*'#H*.HX."(.H*7NH*$("#H*.)*.H8.*"&7XD.H8&*+j#)!P#)*+*"%/-":E_\5I**08$#H*<&H*
$D8N".#H;*K<'),<%"%(<1<..<'%"5*y%,*$)Q5/3'"%&8)&+.(+,."+6*ZD(WNH*8#7%(J)*B%.<'<&)%"+13/<.:"
"&)8(.).)*#*HD*T.W*@-1*+B%D*q#$C#*:EF/A*@(#W*:E_/A*[#$W#*:EE\A*[$()#*+*"%/-":EF,A*f.'NWZD.W*@b#W*
:EE,5I**G#*"&$8.W#*<.*'#*'.CD7()&H#*K+.G+1+d%"8<()/)&"+X#$(.)8.*<.*K-"(%G<*%*%"DH#<#*X&$*'&H*
07#?#*6*'&H*Y&)"#*"&7&*#)#'CJH("&*6*$.7.<(&*"&)8$#*.'*$.D7#8(H7&A*j<)<H"?.$*:EE,A*-&.$7#)*
:EF/5*8#7%(J)*H.*?#*.7X'.#<&*.)*.H8.*"&)8.98&*XD.H8&*ZD.*"&)8(.).*8$(X8#7()#H*+[&8D*+*"%/-"
:EMF5;*#'*(CD#'*ZD.*&"D$$.*"&)*'#*$#bW*<.*'#*'.CD7()&H#*L+.'%,*$3."<//<,)+,.<."+$.7.<(&*<.*'&H*
Y#(D8.*X#$#*'#H*#L.""(&).H*&"D'#$.H*6*<.$7#8&'KC("#HA*-&.$7#)*:EF/5;*ZD.*$."(.)8.7.)8.*H.*?#*
"&7X$&%#<&*ZD.*"&)8(.).*"#)8(<#<.H*
,=F*
*
)&8#%'.H*<.*@-1*6*O-1*+1?&7XH&)*+*"%/-":EF_5I**G#*"&$8.W#*<.*;(%(<%"'%<1+)((*6*'#H*?&g#H*<.*;-"
G$/+8)G$5//%!"#Hb*"&7&*<.*<(T.$H#H*.HX."(.H*<.*;(%(<%!"H&)*LD.)8.H*X&8.)"(#'.H*<.*8$(X8#7()#H*
.)8.KC.)#H*.)*'&H*#)N'&C&H*<.*%5%$3%.(%"<.*'#H*W&)#H*8.7X'#<#H*+R&T.''(*6*f#DC?#)*:E/_5I**
1#7%(J)*H.*?#*<.8.$7()#<&*'#*X$.H.)"(#*<.*@-1*.)*'#H*.HX."(.Hv*;(%(<%"(),03.%!";-",</)*<(%!";-"
,38<(%!";-"G)/5(%,*$%!";-".+,+?%/*6*;-".<'G/<(<0)/<%"+P(8WC.$#'<*6*](&D7(H*:E/MA*G(D*+*"%/-":E__A*
Y&DX#8*+*"%/-":E_/A*U#?%#*j?#'('*6*V'd?.($*:E_M5I**B'*(CD#'*ZD.*&"D$$.*"&)*#$%/%&<.!"#'CD)#H*
.HX."(.H*<.'*CJ).$&*;(%(<%""&)8(.).)*8#7%(J)*#'"#'&(<.H* "#$%&'b)("&H*+R.Xd.*+*"%/-":E_=5I**G#H*
.HX."(.H*H(CD(.)8.H*"&)8(.).)*8$(X8#7()#H*.)8.KC.)#H*"&7&*'#*@-1;*HD*O!K9(<&*6x&*M!-.0!@-1;*
X&$*'&*ZD.*X&<$b#)*DH#$H.*"&7&*#)N'&C&H*<.*'#*%5%$3%.(%M"<(T.$H#H*.HX."(.H*<.*;,%1+,%,*$+&%"
+R.(H*B'8H"?D'*:E_,5A*D)#*.HX."(.*<.*L+/).G+&'%"+R(T(.$*6*Y('.8*:E_:5A*L+.')1<3'"(%31%*3'!"L-"
?%,?+*<(3'!"L-"?7&%,.!"L-"G3/($+//3'!"L-"*&<0)/<3'*+3#).$g..*6*[?&H#'*:E/EA*[?&H#'*:E_,A*[?&H#'*+*"
%/-":E_,A*n.)&*+*"%/-":E_FA*H(.)<&*@I*/%.<)(%&G3'"5"L-"G%,<(3/%*3'"X$&%#%'.7.)8.*#"8(T#HA*3&<).$*
6*[.$.#D*:EFFA*Ge)<H"?.$*:EE,A*-&.$7#)*:EF/A*]X."d*:E>:5A*L<(*5)/)'%"<,(%,+.(+,."+Y#"?8.$"%*"
%/-*:EME5A"[<').%"$).*</<.kq"[-"*+,3<0/)&%/!"[-"7+&&i().%"6*&8$#H*.HX."(.H*<.*[<').%*+[&)w#'T.H*
<.*G(7#*:E>/A*-..d.H!G&W&6#*+*"%/-":EE\A*Y#"?8.$*+*"%/-":EME5A"C+.*3/+%*?%8),+,.<."+G.%&.DL"+*"%/-"
:E__5;*)D7.$&H#H*.HX."(.H*<.*b<&)/%"+TJ#H.*4#Xb8D'&*=A*2&'7H8.<8*6*G()<C$.)*:E/_5*6*[3(3,%"
G&3<<+,."+3?#88#"?#$6#*+*"%/-":E_:5I**V'*L#7&H&*l()C.)(&*6#)d(m*.H8N*<.*.H8.*7&<&*HDX.$#)<&*'#H*
'(7(8#"(&).H*<.*8(X&*."&'KC("&;*"$.#)<&*.)*'#*W&)#*8.7X'#<#*D)&H*X$.X#$#<&H*.ZD(T#'.)8.H*#*'#*
7#$#T(''&H#*X&"(K)*<.*'#H*H.'T#H*8$&X("#'.H*<.*'#*B7#W&)(#I**1.)(.)<&*.)*"D.)8#*ZD.*.9(H8.)*
#'$.<.<&$*<.*_\*.HX."(.H*ZD.*"&)8(.).)*#'"#'&(<.H* "#$%&'b)("&H*"&)*"#X#"(<#<*()?(%(<&$#*<.*'#*
-B0*+B''.)*6*2&'7H8.<8*:EF\A*088*:EE=#5*6*D)#H*=\*.HX."(.H*ZD.*H.*H#%.*ZD.*"&)8(.).)*
8$(X8#7()#H*.)8.KC.)#H*+088*:EE>#A*1IB!*]7(8?*:E__5;*X&<.7&H*<."($*ZD.*.9(H8.)*"&7&*7b)(7&*
"#H(*MI\\\*"&7%()#"(&).H*X&H(%'.H*<.*X'#)8#H*ZD.*)&H*<#$N)*D)#*X&"(K)*.)8.KC.)#*H(7('#$*#*'#*
%5%$3%.(%-*
*
*
C0;!$'!=8!789:'=Q!=8!8G87C80&8!G!0C0!8#F=;>;0!
*
YD.H8&*ZD.*'#*?#$7()#*6*'#*?#$7#'()#*)&*?#)*#X#$."(<&*.)*.'*7.$"#<&*"'#)<.H8()&*<.*'&H*
.)8.KC.)&H;*#*X.H#$*<.*HD*%#g&*X$."(&*6*<.*X&<.$*&%8.).$H.*'.C#'7.)8.*+'#*$#WK)*X&<$b#*.H8#$*.)*
#'CD)&H*.L."8&H;*.)*"(.$8&*7&<&;*()<.H.#%'.H;*H.CS)*'&*.9X'("#*O#$#)g&*:E/_5;*.)*.H8#*H.""(K)*7.*
".)8$#$J*.)*'#H*X'#)8#H*#+?%,3'"$%&'%/%"5*W%,<.*+&<)G.<."(%%G<"#Hb*"&7&*.)*'#H*T.$<#<.$#H*
X&"(&).H*<.*%5%$3%.(%"6*HDH*#)N'&C&H*<.*'#*W&)#*8.7X'#<#I*
V)*T(H8#*<.*'#*().9(H8.)"(#*<.*%(%'(&C$#Lb#*.8)&C$NL("#*H&%$.*.'*DH&*<.*'#H*H.7(''#H*1+"#+?%,3'"
$%&'%/%""&7&*.7%$(#C#)8.*LD.*).".H#$(&*$.#'(W#$*D)#*H.$(.*<.*#D8&.9X.$(7.)8&H*X#$#*.H8#%'.".$*
HD*<&H(H*#"8(T#*6*'#*)#8D$#'.W#*<.*HDH*.L."8&HI**V)*8&<&H*'&H*.9X.$(7.)8&H*'#H*H.7(''#H*7&'(<#H*H.*
.98$#g.$&)*<&H*T.".H*?($T(J)<&'#H*<D$#)8.*D)#*?&$#*.)*#CD#*"&)*D)*=\a*<.*gDC&*<.*'(7#*H.CD(<&*
<.*L('8$#"(K)I**VH8.*X$&".H&*X.$7(8(K*.98$#.$*<.*L&$7#*.L("(.)8.*'&H*#'"#'&(<.H*<.*'#*$%&'+/"ZD.*
<.8.$7()#)*ZD.*'#*<&H(H**
,=E*
*
XH("&#"8(T#*.H*<.*:M*C$*<.*H.7(''#HI**V)*.'*V9X.$(7.)8&*>*()C.$b*'&H*.98$#"8&H*"&7%()#<&H*<.*:M*C$*
<.*H.7(''#H;*XD<(.)<&*X.$"(%($*"'#$#7.)8.*#'*"#%&*<.*D)#*?&$#*ZD.*'#H*H.7(''#H*.$#)*XH("&#"8(T#H*
X&$*'#*HD#T.*H.<#"(K)*ZD.*X$&<D"b#)*6*ZD.*#'"#)WK*HD*7N9(7&*#*'#H*<&H*?&$#H;*X#$#*<.H#X#$.".$*
X$N"8("#7.)8.*#'*"#%&*<.*>*?&$#HI**@.*.)8$.*'&H*.L."8&H*"#%.*<.H8#"#$*D)*LD.$8.*WD7%(<&*6*D)#*
'(C.$#*H.)H#"(K)*<.*.)8D7."(7(.)8&*<.'*"D.$X&I**G&H*.L."8&H*)&*LD.$&)*<.7#H(#<&*
<.H#C$#<#%'.H;*X.$&*%#H8#)8.*l<D$&Hm*LbH("#7.)8.I**O&*?D%&*.L."8&H*T(HD#'.H*#*.9".X"(K)*<.*D)#H*
'(C.$#H*.H8.'#H*'D7()&H#HI**V'*?#%'#*6*'#*"&)".)8$#"(K)*)&*H.*T(.$&)*#'8.$#<&H;*.'*'#8(<&*"#$<b#"&*H.*
$#'.)8(WK*6*#'*8$#8#$*<.*<&$7($*H.)8b*D)*'(C.$&*TJ$8(C&*"&)*'&H*&g&H*".$$#<&HI**@D$#)8.*8&<&*.'*<b#*
H(CD(.)8.;*<.HXDJH*<.*?#%.$*<&$7(<&*<.*L&$7#*()8.$7(8.)8.;*.9X.$(7.)8J*D)#*$.H#"#I**O&*H.)8b*
.)*#%H&'D8&*<.H.&H*<.*$.X.8($*'#*.9X.$(.)"(#;*ZD.*6&*"#'(L("#$b#*<.*7NH*X#$."(<#*#*'&H*.L."8&H*
H.<#)8.H*<.'*f#'(D7*ZD.*#*'&H*<.*D)*.)8.KC.)&;*6*X#$."(<#*#*'#*<.'*V9X.$(7.)8&*:*$.#'(W#<&*.)*
V"D#<&$*"&)*%5%$3%.(%"X$.X#$#<#*H()*#<(8(T&H*8$(X8#7b)("&H;*H()&*"&)*D)#*X.ZD.`#*"#)8(<#<*<.*
?&g#H*<.*R/+Q"?3%5%.%"ZD.*"&)8(.).*"#L.b)#I**@.*#"D.$<&*"&)*<(T.$H#H*LD.)8.H;*'#*<&H(H*<.*:MC*<.*
H.7(''#H*<.*#-"$%&'%/%""&)8.)b#*.)8$.*=\\*6*:\M\*7C*<.*D)#*7.W"'#*<.*?#$7()#;*?#$7#'()#*6*<!
'.X8#L'&$()#*+1225;*gD)8&*"&)*"#)8(<#<.H*7.)&$.H*<.*&8$&H*#'"#'&(<.HI**B*gDWC#$*X&$*'&H*()L&$7.H*
<.*O#$#)g&*H&%$.*'#*#"8(T(<#<*<.*.H8&H*#'"#'&(<.H;*'#H*H.7(''#H*<.%b#)*"&)8.).$*D)&H*)(T.'.H*
".$"#)&H*#*'&H*7N9(7&H;*#'$.<.<&$*<.*:I\*C*<.*#'"#'&(<.HI**V)*D)#*XD%'("#"(K)*
lD)<.$C$&D)<m*H.*?#"b#*$.L.$.)"(#*#*<(T.$H&H*.9X.$(7.)8&H*.)*'&H*ZD.*H.*LD7#%#)*'&H*.98$#"8&H*
<.*H.7(''#H*<.*$%&'%/%"$("&H*.)*#'"#'&(<.H;*#Hb*"&7&*'&H*<.*8#''&H*<.*W%,<.*+&<)G.<."(%%G<"6*'&H*
$.#'(W#<&H*#*X#$8($*<.*'#*X'#)8#*.)8.$#*<.*#%..<0/)&%"<,(%&,%8#*+.H8.*#$8b"D'&*H.*XD%'("K*<.*L&$7#*
"#H(*H(7D'8N).#*"&)*.'*<.*]"?D'8.H;*.)*.'*ZD.*.9X'("#%#*ZD.*'&H*()<(&H*U(8&8&*LD7#)*'#H*?&g#H*6*
'#*"&$8.W#*<.*W%,<.*+&<)G.<."(%%G<S*]"?D'8.H*:EFM%5I**G&H*#D8&$.H*"&7.)8#$&)*ZD.*l.'*.L."8&*)&*
.H*.HX."(#'7.)8.*XH("&<J'("&*&*#'D"()KC.)&III*n)&*H.*H(.)8.*"#'7#<&I**B*<&H(H*7#6&$.H*H.*
H(.)8.)*7#$.&H*6*)#DH.#H*H()*ZD.*#D7.)8.*X$N"8("#7.)8.*.'*.L."8&*.)8.KC.)&I**4&)*'&H*&g&H*
".$$#<&H*'#*(7#C().$(#*.H;*"&7&*7D"?&;*?(X)#CKC("#III*O#<(.*ZD.*?#6#*.9X.$(7.)8#<&*"&)*'#*
@-1*&*D)#*<&H(H*.'.T#<#*<.*?&)C&H*'&H*"#'(L("#$b#*<.*lT(H(&).Hm*+[$#"(.*6*q#$d&T*:EFM%5I**VH8&H*
()T.H8(C#<&$.H*T(.$&)*ZD.*lLD7#)<&*HK'&*.$#*).".H#$(&*"&)HD7($*.'*7#8.$(#'*T.C.8#'*
.ZD(T#'.)8.*#*D)&H*M\*7C*<.*#'.#'&(<.HIII*H()*ZD.*#D7.)8#$*'#*<&H(H*#D7.)8.*.'*.L."8&*
.)8.&CJ)("&*X.$&*Hb*ZD.*#C$#T#*'&H*Hb)8&7#H*LbH("&Hm*#*<(L.$.)"(#*<.*#'CD)#H*<&H(H*<.*%5%$3%.(%"
#)#'(W#<#H*X&$*.'*.ZD(X&*<.*-"j.$7#*ZD.*"&)8.)b#)*D)&H*>\\*7C*<.* "#$%&'()#HI**G&H*#D8&$.H*
 <.*.H8.*()8.$.H#)8.*8$#%#g&*$.#'(W#$&)*#*"&)8()D#"(K)*.'*H(CD(.)8.*.9X.$(7.)8&v*LD7#$&)*@-1*
<(.W*7()D8&H*<.HXDJH*<.*H.)8($*.'*.L."8&*N'C(<&*<.*'#H* "#$%&'()#H*LD7#<#H*X$.T(#7.)8.*.)*
L&$7#*<.*.98$#"8&I**V'*$.HD'8#<&*LD.*D)*()"$.7.)8&*<.*8$.H*T.".H*'#*X&8.)"(#*<.*'#*@-1*LD7#<#*
+:M*7C*<.*@-1*8$#H*D)#*X$.7.<("#"(K)*#*%#H.*<.* "#$%&'()#H*lH.*X#$."(K*7NH*#*=M*&*>M*7Cm;*
.H*<."($*D)#*()8.)H(<#<*8$(X'.5;*D)#*X$&'&)C#"(K)*<.'*X.$b&<&*T(H(&)#$(&*+/*7()D8&H*.)*'DC#$*<.*
'&H*,*&*=*?#%(8D#'.H5*6*X&8.)"(K*<.*L&$7#*l"#H(*#%$D7#<&$#m*'&H*.L."8&H*#D<(8(T&H*+[$#"(.*6*
q#$d&T*:EFM%5I**Y.$&*)D.H8$&*()8.$JH*H.*".)8$#*X$()"(X#'7.)8.*.)*'#H*()8.$#""(&).H*<.*'#*@-1*
#<7()(H8$#<#*X&$*Tb#*&$#'*"&)*'#H* "#$%&'()#HI**V'*.9X.$(7.)8&*LD7#<&*()<("#*D)*X&8.)"(#"(K)*
<.*'#*@-1;*X.$&*.H8.*"&7XD.H8&*6#*.H*<.*X&$*Hb*#"8(T&*"D#)<&*H.*LD7#*+TJ#H.*4#Xb8D'&*=5;*
7(.)8$#H*ZD.*.H*()#"8(T&*"D#)<&*H.*8&7#*&$#'7.)8.I*
,>\*
*
YD.H8&*ZD.*.'*S)("&*.9X.$(7.)8&*<.'*ZD.*H.*8.)b#*)&8("(#*.$#*.'*<.*3(Cc&&<*+:E_FA*7.)"(&)#<&*
8#7%(J)*.)*]8#LL&$<*:EF=5;*.)*.'*ZD.*H.*D8('(W#$&)*:\\*7C*<.*?#$7#'()#*24G*6*@-1*%#H.*
+"#)8(<#<.H*HDH8#)"(#'.H*<.*#7%&H5;*LD.*).".H#$(&*''.T#$*#*"#%&*#D8&.9X.$(7.)8&H*X#$#*
<.8.$7()#$*'#*<&H(H*#"8(T#*7b)(7#*X&$*Tb#*&$#'*<.*'#*"&7%()#"(K)*<.*8$(X8#7()#H*6* "#$%&'()#HI**V)*
.'*V9X.$(7.)8&*M*H.*D8('(W#$&)*MC*<.*H.7(''#H*<.*$%&'+/"+'#H*7(H7#H*"&)<("(&).H*ZD.*H.*()<("#)*
7NH*#$$(%#A*.H8#*"#)8(<#<*"&$$.HX&)<.$b#*#*:\\!=M\*7C*<.* "#$%&'()#H5*gD)8&*"&)*,\7C*
+\;,M7CxdC5*<.*@-1*%#H.*+#(H'#<#*6*XD$(L("#<#*<.*L+.'%,*$3."<//<,)+,.<.S"XD)8&*<.*LDH(K)*>Mƒ*45*
<(HD.'8#*.)*.'*.98$#"8&*N"(<&*"#'(.)8.I**G&H*.L."8&H*()("(#'.H*H.*X$.H.)8#$&)*#*'&H*>M*7()D8&H*6*H.*
<.H#$$&''#$&)*'(C.$#7.)8.*<D$#)8.*'#*7.<(#*?&$#*H(CD(.)8.;*"&)*D)#*<D$#"(K)*#X$&9(7#<#*<.*8$.H*
?&$#HI**V)*.H8.*.9X.$(7.)8&*LD.$&)*.T(<.)8.H*'&H*.L."8&H*.H8(7D'#)8.H*<.*'#*@-1;*X.$&*)&*''.C#$&)*
#*H&%$.X#H#$*.'*D7%$#'*<.*'&H*.L."8&H*.)8.&CJ)("&HIII*D)#*H.)H#"(K)*<.*T(T.W#*6*.9"(8#"(K)*ZD.*
"&)8$#H8#%#)*"&)*'#*H.)H#"(K)*<.*#%#8(7(.)8&*ZD.*?#%b#*.9X.$(7.)8#<&*"&)*8$.H*T.".H*.H8#*<&H(H*
<.*$%&'+/!"X.$&*.)*#DH.)"(#*<.*@-1I**VH8#%#*<."(<(<&*#*$.X.8($*.'*.9X.$(7.)8&*"&)*D)#*<&H(H*
7#6&$*<.*@-1;*$.HD'8#)<&*#'C&*X#$."(<&*#'*V9X.$(7.)8&*,*ZD.*?#%b#*$.#'(W#<&*.)*V"D#<&$*"&)*
%5%$3%.(%"23+*"&)8.)b#*HK'&*D)#H*X&"#H*?&g#H*<.*#.5($)*&<%"7<&<1<."X&$*<&H(HI**G&H*#D8&$.H*#)8.H*
7.)"(&)#<&H*$.#'(W#$&)*D)#*H.$(.*<.*X$D.%#H*.)*'#H*ZD.*"&7%()#$&)*.98$#"8&H*<.*H.7(''#H*1+"
$%&'+/""&)*@-1*H()8J8("#;*"&)"'D6.)<&*ZD.*lMC*<.*H.7(''#H*gD)8&*"&)*,\*7C*<.*@-1*X#$."b#*H.$*'#*
<&H(H*D7%$#'m;*$.HD'8#<&H*ZD.*"&)"D.$<#)*"&)*7(H*&%H$T#"(&).H*+[$#"(.*6*q#$d&T*:EF/5I**B*
"&)8()D#"(K)*$.#'("J*D)*.9X.$(7.)8&*"&)*D)*.98$#"8&*<.*>*C*<.*H.7(''#H*<.*#-"$%&'%/%"+F\!,F\*7C*
<.* "#$%&'()#H5*#*'#H*ZD.*#`#<b*=\*7C*+\;=F*7CxdC5*<.*@-1*%#H.I**VH8.*V9X.$(7.)8&*/*$.HD'8K*.)*
D)*"'#$&*.L."8&*.)8.&CJ)("&*<.*'#*@-1*ZD.*.7X.WK*#*'#*?&$#*6*<(.W*7()D8&H*<.HXDJH*<.*'#*
()C.H8(K);*''.C#)<&*.)*"()"&*7()D8&H*#'*7N9(7&*<.*HD*()8.)H(<#<*ZD.*<D$K*D)&H*>M*7()D8&H*+#*<&H*
?&$#H*<.*'#*()C.H8(K)5;*H.CD(<&*<.*&8$#*?&$#*<.*.L."8&H*X&8.)8.H*<.*<."$."(.)8.*()8.)H(<#<*ZD.*
"&)H(H8(.$&)*.)*T(H(&).H*"&'&$(<#H*8#)8&*"&)*'&H*&g&H*#%(.$8&H*"&7&*".$$#<&H;*?('#$(<#<*6*
.H8(7D'#"(K)*#7#'C#7#<#H*"&)*.'*.L."8&*H.<#)8.*<.*'#H*H.7(''#H*<.*$%&'+/"ZD.*7.*?("(.$&)*
%&H8.W#$*$.X.8(<#H*T.".HI**G#*@-1*&$#'*#"8(T#<#*LD.*7.)&H*X&8.)8.*ZD.*'#*LD7#<#;*ZD(WN*'#*7(8#<*
<.*X&8.)"(#I**BD)ZD.*'#*<&H(H*<.*=\*7C*X$&T&"#$&)*D)&H*"'#$&H*.L."8&H*<.*'#*@-1*X#$."(<&H*#*'&H*
<.'*V9X.$(7.)8&*=;*.H*<."($*%5%$3%.(%""&)*D)#*"#)8(<#<*.'.T#<#*<.*?&g#H*<.*#.5($)**<%"7<&<1<.!")&*
LD.*)(*7D"?&*7.)&H*D)*.L."8&*".$"#)&*#*'#*H#8D$#"(K);*.H*<."($;*>\*7C*?#%$b#)*X$&<D"(<&*
H.CD$#7.)8.*D)*.L."8&*7NH*X&8.)8.I*[$#"(.*6*q#$d&T*+:EF/5*<.8.$7()#$&)*ZD.*l)D.H8$#*<&H(H*
)&7()#'*H.$b#*D)&H*:\*?*<.*H.7(''#H*6*>\*7C*<.*@-1*T(.)<&*ZD.*=\*7C*<.*@-1*8#7%(J)*
X$.H.)8#%#)*#"8(T(<#<*6*.H"$(%(.$&)*ZD.*l)D.H8$#H*"#)8(<#<.H*X$.L.$(<#H*H&)*_C*<.*H.7(''#H*6*=\*
7C*<.*@-1mI**BHb*ZD.*X&<.7&H*"&)"'D($*ZD.*.'*7#$C.)*<.*<&H(L("#"(K)*X#$#*'#*@-1*.)*X&"(&).H*
<.'*8(X&*<.*'#*%5%$3%.(%".H8N*.)8$.*'&H*\;,M*6*'&H*\;M*7CxdC*+:M!=\*7C*X#$#*D)#*X.$H&)#*<.*/\*dCA*
,\!>\*7C*X#$#*D)#*X.$H&)#*<.*F\*dC*<.*X.H&*"&7&*6&5I**1#7%(J)*X&<.7&H*HDX&).$*ZD.*.'*
.98$#"8&*<.*>*C*<.*H.7(''#H*<.*$%&'+/"+"&)*D)*"&)8.)(<&*.H8(7#%'.*<.*F\!,F\*7C*<.* "#$%&'b)#H5*
.H*7NH*ZD.*).".H#$(&*X#$#*#"8(T#$*'#*@-1;*6#*ZD.*'&H*#)N'(H(H*<.*'#H*7D.H8$#H*<.*%5%$3%.(%"<.'*$b&*
YD$SH*$.#'(W#<&H*X&$*R(T(.$*6*G()<C$.)*+:E_,5*.)"&)8$#$&)*,M*7C*<.*@-1*X&$*<&H(H*+"'#$#7.)8.*
#"8(T#*X#$#*'&H*()<(&H*<.*M\!/\*dC*<.*X.H&5*6*HK'&*>\*7C*<.* "#$%&'()#H*X&$*<&H(H*ZD.*
"&$$.HX&)<.$b#)*
,>:*
*
#*D)*.98$#"8&*<.*HK'&*\;M_!,;\*C*<.*H.7(''#H*<.*$%&'+/-""Y&$*8#)8&;*"&7&*.)"&)8$J*.'*.L."8&*<.*'#H*
H.7(''#H*<.*?#$7.'*%#H8#)8.*<.H#C$#<#%'.*6*<.H.#%#*.H8#%'.".$*'#*"#)8(<#<*7b)(7#*<.*
"#$%&'()#H*).".H#$(#*X#$#*X.$7(8($*'#*#"8(T(<#<*&$#'*<.*'#*@-1;*.98$#g.*'#*?#$7()#*<.*'#H*H.7(''#H*
<.*#+?%,3'"$%&'%/%"6*'#*XD$(L(ZDJ*.)*L&$7#*<.*?(<$&"'&$D$&*+XD)8&*<.*LDH(K)*,/,ƒ*45*
CD#$<N)<&'#*X#$#*.9X.$(7.)8&H*X&H8.$(&$.HI*
V'*V9X.$(7.)8&*_*"&)H(H8(K*.)*'#*()C.H8(K)*&$#'*<.*D)#*"NXHD'#*"&)*=\*7C*<.*@-1*%#H.*gD)8&*"&)*
>_*7C*<.*?#$7()#*24G;*.ZD(T#'.)8.H*#*>\*7C*<.*?#$7()#*%#H.*&*\;M*7CxdC*+6#*ZD.*R(T(.$*6*
G()<C$.)*?#%b#)*.)"&)8$#<&*HK'&*>\*7C*<.* "#$%&'()#H*.)*D)#*<&H(H*8bX("#*<.*%5%$3%.(%:-""
BD)ZD.*)&8J*X.ZD.`&H*()<("(&H*<.*#"8(T(<#<;*.)*C.).$#';*.H8#*"#)8(<#<*<.*?#$7()#*LD.*()HDL("(.)8.*
X$#*X$&<D"($*'#*#"8(T(<#<*&$#'*<.*@-1*ZD.*6&*?#%b#*.9X.$(7.)8#<&*"D#)<&*8&7J*'#*7(H7#*
"#)8(<#<*+=\*7C5*"&)*'&H*.98$#"8&H*"&7%()#<&H*<.*>*C*<.*H.7(''#H*<.*$%&'+/"+"&)*D)*"&)8.)(<&*
.H8(7#<&*<.*:=;M7CxdC*<.* "#$%&'()#H5I**V)*T(H8#*<.*ZD.*'&H*()<(&H*]?#$#)#?D#*6*4D'()#*ZD.*
X$.X#$#$&)*'#*%5%$3%.(%"<.*R(T(.$*6*G()<C$.)*X.H#%#)*X$&%#%'.7.)8.*D)#*7.<(#*<.*/\dC;*'&H*>\*
7C*<.* "#$%&'()#H*.)*HD*<&H(H*?#%(8D#'*$.X$.H.)8#$b#)*D)&H*\;/_7CxdCI**Y#$#*D)#*X.$H&)#*<.*F\*
dC*"&7&*6&;*.H8&*"&$$.HX&)<.$b#*#*M>*7C*<.* "#$%&'()#HI**@.*.H8.*7&<&;*.)*7(*.9X.$(7.)8&*
H(CD(.)8.*#D7.)8J*'#*"#)8(<#<*<.*?#$7()#*24G*#*/=*7C*+.ZD(T#'.)8.H*#*M>*7C*<.*?#$7()#*%#H.5;*
7#)8.)(.)<&*'&H*)(T.'.H*<.*@-1*%#H.*#*D)*)(T.'*<.*=\*7C*ZD.*H#%.7&H*ZD.*.H*#"8(T&I**@.*)D.T&*
"&7%()#7&H*'&H*"&7XD.H8&H*.)*D)#*"NXHD'#*<.*C.'#8()#*X#$#*HD*()C.H8(K)I**VH8.*V9X.$(7.)8&*F*
HK'&*"&)<Dg&*#*D)*)(T.'*D7%$#'*<.'*.L."8&*<.*'#*@-1;*7&8(TN)<&7.*#*#D7.)8#$*'#*<&H(H*<.*
?#$7()#*24G*#*_\*7C*+/\*7C*<.*?#$7()#*%#H.A*\;_M*7CxdC5;*"&7%()#<#H*<.*)D.T&*"&)*=\*7C*<.*
@-1*%#H.I**G#*"NXHD'#*ZD.*"&)8.)b#*.H8#H*"#)8(<#<.H*LD.*()C.$(<#*#*"&)8()D#"(K)*.)*.'*
V9X.$(7.)8&*E;*X$&<D"(.)<&*D)*.L."8&*HD#T.*X.$&*<.8.H8#%'.*<.*'#*@-1;*ZD.*H.*()("(K*#*'&H*=\*
7()D8&H*<.*'#*()C.H8(K)*6*ZD.*#S)*.$#)*"'#$&H*#*'#H*,*?&$#H*6*>\*7()D8&H*<.*'#*()C.H8(K)I**]()*
.7%#$C&;*.'*.L."8&*LD.*8&<#Tb#*7NH*<J%('*ZD.*.'*<.*7(*.9X.$(7.)8&*X$.T(&*"&)*=\*7C*<.*@-1*
"&7%()#<#*"&)*'&H*.98$#"8&H*<.*>C*<.*H.7(''#H*<.*$%&'+/!"6*<."(<b*#D7.)8#$*<.*)D.T&*'#*<&H(HI*
Y&$*"&)H(CD(.)8.;*.)*.'*V9X.$(7.)8&*:\*()C.$b*D)#*"NXHD'#*"&)*=\*7C*@-1*%#H.*gD)8&*"&)*E>*7C*
<.*?#$7()#*24G*+F\*7C*<.*?#$7()#*%#H.A*:;\*7CxdC5I**G&H*$.HD'8#<&H*LD.$&)*H(7('#$.H*#*'&H*<.'*
.9X.$(7.)8&*#)8.$(&$I**BD)ZD.*LD.$&)*7NH*()8.)H&H;*#S)*H.*ZD.<#%#)*'.g&H*<.*'&H*X$&<D"(<&H*X&$*
=\*7C*@-1*#"&7X#`#<&H*X&$*'&H*.98$#"8&H*<.*>C*<.*H.7(''#H*<.*$%&'+/-""@.*)D.T&*T&'Tb*#*
#D7.)8#$*'#*<&H(H*?#H8#*'&H*''_7C*<.*?(<$&.'&$D$&*<.*?#$7()#*+:\\*7C*<.*?#$7()#*%#H.A*:;,M*
7CxdC5*"&)*'#*"#)8(<#<*.H8#)<#$<*<.*=\*7C*<.*@-1*%#H.I**VH8.*V9X.$(7.)8&*::*"&)<Dg&*<.*)D.T&*
#*D)*.L."8&*D7%$#'*<.*'#*@-1;*ZD.<N)<&H.*8&<#Tb#*'.g&H*<.*'&H*.L."8&H*<.*'&H*=\*7C*<.*@-1*
"&7%()#<&H*"&)*>C*<.*H.7(''#H*<.*$%&'+/-*
V)*.'*V9X.$(7.)8&*:,*#D7.)8J*'#*"#)8(<#<*<.*?#$7()#*24G*?#H8#*'&H*:>'7C*+:,\*7C*<.*@-1*
%#H.A*:;M*7CxdC5;*()C($(J)<&'.*gD)8&*"&)*=M*7C*<.*@-1*%#H.*+\;>>*7CxdC5I**B*'&H*>M*7()D8&H*<.*'#*
()C.H8(K);*LD.!&%T(&*ZD.*'#*<&H(H*.$#*.)8.KC.)#*6*XD<.*.9X.$(7.)8#$*"'#$#7.)8.*'#*#""(K)*<.*'#*
@-1*ZD.*#'"#)WK*D)*7N9(7&*#*'#*?&$#*6*"()"&*7()D8&H;*7#)8.)(J)<&H.*?#H8#*'#*?&$#*6*"()"D.)8#*
7()D8&H;*<(H(XN)<&H.*'&H*.L."8&H*#*'#H*8$.H*?&$#H*<.*'#*()C.H8(K)I**G#*.9X.$(.)"(#*LD.*<.*D)#*
()8.)H(<#<*"&7X#$#%'.*#*'#*<.'*V9X.$(7.)8&*/;*ZD.*"&)H(H8(K*.)*'#*()C.H8(K)*<.*D)#*"#)8(<#<*
H(7('#$*<.*
,>,*
*
@-1*+=\*7CA*\;=F*7CxdC5*"&)*'&H*.98$#"8&H*<.*>*C*<.*H.7(''#H*<.*$%&'+/"6*X&<.7&H*"&)"'D($*ZD.*
'&H*:,\*7C*+:;M*7CxdC5*X$&<D".)*<,"7<7)"D)*.L."8&*()?(%(<&$*<.*'#*-B0*"&7&*X#$#*X.$7(8($*'#*
#"8D#"(K)*&$#'*<.*'#*@-1*"&)*D)#*<D$#"(K)*7#6&$*6*#'$.<.<&$*<.*'#*7(8#<*<.*X&8.)"(#*<.*'#*@-1*
LD7#<#I**Y#$#*"&)L($7#$*.H8&H*$.HD'8#<&H*<."(<b*''.T#$*#*"#%&*D)*.9X.$(7.)8&*<.L()(8(T&*"&)*T#$(#H*
"&7%()#"(&).H*<.*?#$7()#x@-1;*#D7.)8#)<&*'(C.$#7.)8.*'#H*"#)8(<#<.H*<.*#7%&H*"&7XD.H8&HI**
@.*.H8.*7&<&;*X$.X#$J*D)#*"NXHD'#*"&)*:FF*7C*<.*?(<$&"'&$D$&*<.*?#$7()#*+:/\*7C*<.*?#$7()#*
%#H.A*,;\*7CxdC5*6*>\*7C*<.*@-1*%#H.*+\;M*7CxdC5I*
Q)C.$b*.H8#*"NXHD'#*.)*.'*V9X.$(7.)8&*:=*6*.L."8(T#7.)8.*"#DHK*D)&H*.L."8&H*<.*@-1*
X$&X&$"(&)#'7.)8.*7NH*LD.$8.H;*.9X.$(7.)8#)<&*'&H*X$(7.$&H*.L."8&H*#*'&H*,\*7()D8&H;*
#'"#)W#)<&*D)*7N9(7&*#*'#*?&$#*6*7.<(#*<.*'#*()C.H8(K);*ZD.*H.*7#)8DT&*?#H8#*'#H*,*?&$#H*6*>\*
7()D8&H*X#$#*'D.C&*($*<(H7()D6.)<&*"'#$#7.)8.*#*'#H*8$.H*?&$#H*<.*'#*()C.H8(K)I**B*'#H*"D#8$&*?&$#H*
<.*'#*()C.H8(K)*'&H*.L."8&H*?#%b#)*<.H#X#$."(<&;*#Hb*"&7&*'&H*.L."8&H*#*X&H8.$(&$(I**@.HXDJH*<.*
8&<&;*'#*.9X.$(.)"(#*LD.*%#H8#)8.*X'#".)8.$#*6*H(7('#$*#*'#*<.'*V9X.$(7.)8&*=*$.#'(W#<&*.)*V"D#<&$*
"&)*D)#H*M\*?&g#H*<.*#.5($)*&<%*7<&<1<."X&$*<&H(H;*#D)ZD.*ZD(WNH*D)*X&"&*7.)&H*X&8.)8.I**V'*
V9X.$(7.)8&*:>;*$.#'(W#<&*#*7&<&*<.*"&)8$&'*"&)*:>:*7C*<.*?#$7()#*24G*+:,\*7C*<.*@-1*%#H.A*
:;M*7CxdC5;*)&*X$&<Dg&*.L."8&H*X.$".X8(%'.H;*<.7&H8$#)<&*<.*L&$7#*<.L()(8(T#*ZD.*'&H*.L."8&H*
.)8.KC.)&H*<.*'#H*l"NXHD'#H*<.*%5%$3%.(%9".$#)*.'*$.HD'8#<&*<.*'#*()C.H8(K)*<.*()?(%(<&$.H*<.*'#*
-B0*ZD.*X.$7(8b#)*'#*#"8D#"(K)*&$#'*<.*@-1*()C.$(<#*<.*L&$7#*H(7D'8N).#I**VH8.*7."#)(H7&*ZD.*
LD.*X$&XD.H8&*X&$*X$(7.$#*T.W*X&$*2&'7H8.<8*6*G()<C$.)*.)*:E/_*+2&'7H8.<8*6*G()<C$.)*:E/_5*6*
X&$*<&H*C$DX&H*.)*:E/F*+BCD$.''*+**#'I*:E/F%A*@.$*-#$<.$&H(#)*+*"%/-":E/F5*6*"&7X$&%#<&*<,"7<*&)"
<(."(HJ(H*#`&H*7NH*8#$<.*+-"j.$7#*+*"%/-":EF>#5;*H.*T.*#Hb*"&)L($7#<&*.)*D)*HK'&*HDg.8&*?D7#)&*
+088*:EE,%A*088*:EE=#5I**V'*.9X.$(7.)8&*#)8.$(&$*<.*3(Cc&&<;*.)*'&H*ZD.*D8('(WK*:\\*7C*<.*@-1*
+:;:F*7CxdC5*6*:\\*7C*<.*?#$7#'()#*24G*+F/*7C*<.*?#$7#'()#*%#H.A*:;\\*7CxdC5;*X$&<Dg&*.L."8&H*
.)8.&CJ)("&H*+3(Cc&&<*:E_F5I**B*X.H#$*<.*ZD.*'#*<&H(H*<.* "#$%&'()#H*D8('(W#<#*#ZDb*.H*#'C&*
()L.$(&$*#*'&H*)(T.'.H*ZD.*6&*?.*<.8.$7()#<&*"&7&*#"8(T&H;*<.%.7&H*$."&$<#$*ZD.*.'*.ZD(X&*<.*
-"j.$7#*"&)"'D6K*ZD.*'#*?#$7#'()#*.$#*l'(C.$#7.)8.*7NH*X&8.)8.m*ZD.*'#*?#$7()#*"&7&*
()?(%(<&$*<.*'#*-B0*+-"j.$7#*+*"%/-*:EF>#5I**B<.7NH;*'#*<&H(H*<.*@-1*<.*3(Cc&&<*LD.*"()"&*
T.".H*HDX.$(&$*#'*)(T.'*D7%$#';*6*.H*X&H(%'.*ZD.*<&H(H*7NH*.'.T#<#H*<.*@-1*"&7X.)H.)*D)#*'(C.$#*
<.L("(.)"(#*<.*()?(%(<&$.H*<.*'#*-B0I*
@.HXDJH*<.*"&7X'.8#$*.H8#*H.$(.*<.*#D8&.9X.$(7.)8&H;*$."(%b*D)#*"&7D)("#"(K)*<.'*).D$&ZDb7("&*
.H8#<&D)(<.)H.*rI4I*4#''#c#6;*ZD.*?#*.H8#<&*()T.H8(C#)<&*.'*7.8#%&'(H7&*<.*'#H*8$(X8#7()#H*6*'#H*
"#$%&'()#H*.)*'&H*7#7bL.$&HI**4#''#c#6*<.H"$(%(K*D)*#D8&.9X.$(7.)8&*ZD.*''.TK*#*"#%&*<.*L&$7#*
()<.X.)<(.)8.*.'*7(H7&*<b#*.)*ZD.*$.#'("J*7(*V9X.$(7.)8&*:,*+.'*X$(7.$&*.)*.'*ZD.*&%8DT.*D)*
().ZDbT&"&*.L."8&*#)N'&C&*#'*<.*'#*%5%$3%.(%"D8('(W#)<&*HDH8#)"(#H*XD$(L("#<#H5I**4#''#c#6*()C($(K*
:\*7C*M!-.0!@-1*gD)8&*"&)*_\*7C*<.*?#$7#'()#*%#H.I**YD.H8&*ZD.*.H8.*"&7XD.H8&*.H*"#H(*"D#8$&*
T.".H*7NH*X&8.)8.*ZD.*'#*@-1*LD7#<#*+TJ#H.*4#Xb8D'&*=5;*.H8&*H.$b#*.ZD(T#'.)8.*#*"#H(*>\*7C*<.*
@-1*&*#'$.<.<&$*<.*\;/_*7CxdC*.)*.'*"#H&*<.*4#''#c#6;*"&)*D)#*<&H(H*<.*?#$7#'()#*<.*#'$.<.<&$*
<.*:;:/*7CxdC;*H(7('#$*#*'&H*)(T.'.H*ZD.*3(Cc&&<*<.8.$7()K*"&7&*#"8(T&HI**4#''#c#6*.9X.$(7.)8K*
'&H*X$(7.$&H*.L."8&H*#*'&H*:F*7()D8&H*6*D)&H*.L."8&H*
,>=*
*
"'#$#7.)8.*XH("&#"8(T&H*#*'&H*>M*7()D8&H;*''.C#)<&*#*D)*7N9(7&*#*'#*?&$#*6*,M*7()D8&H*#D)ZD.*)&*
H.*X$.H.)8#$&)*.L."8&H*T(HD#'.H*X.$&*Hb*D)#H*'(C.$#H*)NDH.#HI**B*'#*?&$#*6*MF*7()D8&H*'&H*.L."8&H*
LD.$&)*<(H7()D6.)<&;*#D)ZD.*?D%&*D)&H*.L."8&H*X.$H(H8.)8.H*ZD.*4#''#c#6*"&7X#$K*#*'&H*<.*D)#*
<&H(H*&$#'*<.*?#$7#'()#*<.*=\\*7C*+4#''#c#6*:EE,5I**VH8.*.9X.$(7.)8&*()<.X.)<(.)8.*"&)L($7#*'#*
8.H(H*<.*3(Cc&&<*<.*ZD.*'#*?#$7#'()#*.H*7NH*#"8(T#*"&7&*()?(%(<&$*<.*'#*-B0*ZD.*'#*?#$7()#*.)*
'#*%5%$3%.(%!"?."?&*"&$$&%&$#<&*8#7%(J)*.)*'#H*X$D.%#H*%(&ZDb7("#H*+-"j.$7#*+*"%/-*:EF>#5I**V'*
.9X.$(7.)8&*()<("#*#<.7NH*ZD.*'#*M!-.0!@-1*XD.<.*HDH8(8D($*#*'#*@-1*"&7&*8$(X8#7()#*#"8(T#*
.)*'#H*X&"(&).H*<.'*8(X&*<.*'#*%5%$3%.(%"6*X#$.".*ZD.*X&H..$b#*T#$(#H*T.".H*'#*#"8(T(<#<*<.*'#*@-1;*
H(.)<&*'#*X&8.)"(#*$.'#8(T#*<.*'&H*<&H*"&7XD.H8&H*#)N'&C#*#*'#*ZD.*X$.H.)8#)*"D#)<&*H.*LD7#)I**
08$&*()T.H8(C#<&$*.D$&X.&;*-I*-#$dDH;*<.H"D%$(K*ZD.*'#*M!-.0!@-1*X&H..*l.L."8&H*
#'D"()KC.)&Hm*"D#)<&*H.*"&7%()#*"&)*?#$7()#;*?#$7#'()#*&*/!-.0!?#$7#'#)*.)*l"NXHD'#H*<.*
%5%$3%.(%9"+G.D).$*6*]"?'("?8()C*:EFE5I**V)*.'*7&7.)8&*<.*(7X$(7($*.H8.*'(%$&;*$."(%b*D)*%$.T.*
$.HD7.)*<.*&8$#*H.$(.*<.*.9X.$(7.)8&H*$.#'(W#<&H*"&)*l"NXHD'#H*<.*%5%$3%.(%9!")"0%&'%$3%.(%!"
.)*'&H*ZD.*H.*D8('(W#%#*'#*?#$7#'()#*24G*"&7&*()?(%(<&$*<.*'#*-B0I**n)*()T.H8(C#<&$*
()<.X.)<(.)8.*<.8.$7()K*ZD.*:\\*7C*<.*?#$7#'()#*24G*+F/*7C*<.*?#$7#'()#*%#H.;*D)&H*:;=*
7CxdC*"&)H8(8Db#)*.'*)(T.'*D7%$#';*H(.)<&*:M\*7C*+:,F*7C*<.*?#$7#'()#*%#H.;*.H*<."($;*#'$.<.<&$*
<.*,*7CxdC5*D)#*<&H(H*7NH*.L."8(T#I**4&7%()#<#*"&)*:\\*7C*<.*?#$7#'()#*24G;*'#*@-1*()"'DH&*#*
<&H(H*8#)*.'.T#<#H*"&7&*:,\*7C*<.*%#H.*'(%$.*+>/*T.".H*'#*<&H(H*D7%$#'5*X$&T&"#*D)&H*.L."8&H*
l7D6*<J%('.Hm*()<("#)<&*D)#*()HDL("(.)8.*()?(%("(K)*<.*'#*-B0I**Y&$*&8$&*'#<&;*:M\*7C*<.*
?#$7#'()#*24G*"&7%()#<&H*"&)*:M\*<.*@V1*+<.*X&8.)"(#*H(7('#$*#*'#*@-15*LD.*l"'#$#7.)8.*D)#*
H&%$.<&H(HmI**G#H*X$D.%#H*X#$.".)*()<("#$*ZD.*#'$.<.<&$*<.*:;M!,;\*7CxdC*<.*?#$7#'()#*&*?#$7()#*
+.)*L&$7#*<.*%#H.*'(%$.5*"&)H8(8D6.)*'#*#D8J)8("#*<&H(H*7b)(7#*X#$#*ZD.*H.*<.*D)*.L."8&*()?(%(<&$*
<.*'#*-B0*<.'*8(X&*<.*'#*%5%$3%.(%!"H(.)<&*'#*<&H(H*D7%$#'*<.*8$(X8#7()#H*.ZD(T#'.)8.*#*\;,M!\;M*
7CxdC*<.*@-1*%#H.I*
YD.H8&*ZD.*'#*@-1*.H*#"8(T#*&$#'7.)8.*#*<&H(H*<.*\;,M!\;M*7CxdC*.)*X$.H.)"(#*<.*:;M*7CxdC*<.*
?#$7()#;*X&<.7&H*#L($7#$*ZD.*'#*"#)8(<#<*<.*@-1*6* "#$%&'()#H*.)"&)8$#<#H*X&$*.'*.ZD(X&*<.*
-"d.$7#*.)*D)#*<&H(H*8bX("#*<.*/\*7'*<.*%5%$3%.(%"1+*YD"#''X#*+=/*7C*<.*@-1v*>\:*7C*<.*
"#$%&'()#H5*H&)*HDL("(.)8.H*X#$#*X$&T&"#$*.L."8&H*.)8.&CJ)("&H*+-"j.$7#*+*"%/-":EF>#5;*()"'DH&*
.)*D)*#<D'8&*<.*F\*dC*<.*X.H&I**@.*L&$7#*H(7('#$;*'#H*"#)8(<#<.H*?#''#<#H*.)*D)#*<&H(H*<.*M\*7'*<.*
1%<'+"%$#H('.`&*+,/;M7C*<.*@-1I*:>>*7C*<.* "#$%&'()#H5*8#7%(J)*%#H8#$b#)*X#$#*<.H.)"#<.)#$*
D)#*.9X.$(.)"(#*.)8.&CJ)("#*.)*D)*#<D'8&*<.*F\*dC*+G(cHW6"*+*"%/-":EE,5I**O#8D$#'7.)8.;*X#$#*'&H*
HD<#7.$("#)&H*"&)*D)#*7.<(#*<.*X.H&*<.*/\*dC;*.H8#H*<&H(H*1+"%5%$3%.(%".H8N)*%#H8#)8.*X&$*
.)"(7#*<.'*D7%$#';*$."&$<.7&H*ZD.*'&H*)(`&H*8#7%(J)*8&7#)*1%<'+".)*'#H*(C'.H(#H*<.'*E%,*)"
L%<'+"+Y$#)".*:E_\5I**Y&$*&8$&*'#<&;*#D)ZD.*'#H*"#)8(<#<.H*<.*#'"#'&(<.H*.)"&)8$#<#H*X&$*R(T(.$*6*
G()<C$.)*.)*'#*%5%$3%.(%"1+*$b&*YD$SH*+,M*7C*<.*@-1*6*>\*7C*<.* "#$%&'()#H*.)*D)#*<&H(H*
"&)H(<.$#%'.*<.*,\\*7C5*H&)*#<."D#<#H*X&$*'&*ZD.*H.*$.L(.$.*#*'&H*.L."8&H*.)8.&CJ)("&H*.)*%#H.*#*
'#*"#)8(<#<*<.*@-1;*'#H*"#)8(<#<.H*<.* "#$%&'()#H*H.*?#''#$b#)*X&$*<.%#g&*<.'*)(T.'*D7%$#'*+R(T(.$*
6*G()<C$.)*:E_,5I**V9(H8.)*T#$(#H*.9X'("#"(&).H*X#$#*.H8#*<.HX$&X&$"(K);*"&7&*X&$*.g.7X'&*'#*)&*
<.HX$."(#%'.*(7X$."(H(K)*"&)*'#*ZD.*H.*7(<.)*'#H*<&H(H*.)*HD*DH&*
,>>*
*
?#%(8D#'I**VH*X&H(%'.*8#7%(J)*ZD.*'&H*()<(&H*]?#$#)#?D#*6*4D'()#*ZD.*R(T(.$*6*G()<C$.)*&%H.$T#$&)*
H.#)*7NH*HDH".X8(%'.H*C.)J8("#7.)8.*#'*.L."8&*()?(%(<&$*<.*'#*-B0*ZD.*'&H*%'#)"&H*&*<.*&$(C.)*
()<(#)&x%'#)"&*7.H8(W&HI**G#*X$N"8("#*<.*8&7#$*<&H(H*7S'8(X'.H*1+"%5%$3%.(%"?#*H(<&*&%H.$T#<#*6*
<.H"$(8#;*H(.)<&*ZD(WN*"&7S)*ZD.*'&H*]?#$#)#?D#*6*'&H*4D'()#*$.X(8#)*'#H*<&H(H*T#$(#H*T.".H;*.)*
"D6&*"#H&*'#*"#)8(<#<*$.'#8(T#7.)8.*#'8#*<.*@-1*X&<$b#*X$&T&"#$*D)&H*.L."8&H*<.*X&8.)"(#*
"&)H(<.$#%'.I**P()#'7.)8.;*.H*?#%(8D#'*ZD.*'&H*"?#7#).H*8&7.)*%5%$3%.(%"<D$#)8.*<&H*&*7NH*<b#H*
HD".H(T&H;*'&*ZD.*X&<$b#*"&)<D"($*#*D)*.L."8&*#"D7D'#8(T&*<.*()?(%("(K)*<.*'#*-B0;*6*H.*"$..*ZD.;*
.)*C.).$#';*'#*X&"(K)*.H*7NH*.L."8(T#*H(*H.*DH#*<.*L&$7#*$.X.8(<#I**V)*.'*"#H&*<.*'#*S)("#*X&"(K)*<.*
,<Q<"G%+"X$.X#$#<#*X&$*'&H*4#H?()#?D#*ZD.*#)#'(WK*.'*.ZD(X&*<.*@.$*-#$<.$&H(#);*'&H*=\*7C*<.*
@-1*.)"&)8$#<&H*.)*D)#*<&H(H*8bX("#*<.*,>\*7'*H.*.)"D.)8$#*"'#$#7.)8.*<.)8$&*<.*'&H*)(T.'.H*<.*
#"8(T(<#<;*7(.)8$#H*ZD.*'&H*,\*7C*<.* "#$%&'()#H*?#''#<&H*X&$*<&H(H;*H&)*"'#$#7.)8.*
()HDL("(.)8.HI**G#*#)8(Ce.<#<*<.*'#*7D.H8$#*.H8D<(#<#*+7#)8.)(<#*<D$#)8.*<&H*#`&H*H()*
$.L$(C.$#"(K)*#)8.H*<.*HD*#)N'(H(H5*gD)8&*"&)*'#*#DH.)"(#*<.*1T'.X8#L'&$()#*+1225*<.8.$7()#<#*X&$*
'&H*#D8&$.H*XD.<.)*H.$*'#H*$#W&).H*<.*.H8.*$.HD'8#<&*#)K7#'&*+@.$*-#$<.$&H(#)*+*"%/-":E_\5I**G#*
<&H(H*KX8(7#*<.*%5%$3%.(%"<.8.$7()#<#*X&$*1IjI*-"j.$7#*#*X#$8($*<.*M\\*C*1+"W%,<.*+&<)G.<."
(%%G<"L$.H"&*6*FM*C*<.*#.5($)**<%"7<&<1<."L$.H"&*T.)<$b#*#*H.$*<.*#'$.<.<&$*<.*>,M*7C*#*=;:,*C*<.*
"#$%&'()#H*X&$*<&H(H*+<.*#"D.$<&*"&)*'&H*#)N'(H(H*<.*'#*7(H7#*LD.)8.*<.*T#$(.<#<.H*"D'8(T#<#H*
$.#'(W#<#H*X&$*HD*?.$7#)&*@IrI*-"j.$7#*6*HDX&)(.)<&*D)*"&)8.)(<&*<.*#CD#*<.'*7#8.$(#'*L$.H"&*
<.'*M\€x&5*gD)8&*"&)*>=!/_*7C*<.*@-1*X&$*<&H(H*+HDX&)(.)<&*<.*)D.T&*D)*M\a*<.*#CD#*.)*.'*
7#8.$(#'*L$.H"&A*-"j.$7#*+*"%/-":EF>#A*-"j.$7#*:EE=5I**VH8#H*"#)8(<#<.H*H.*?#''#)*"'#$#7.)8.*
7D6*X&$*.)"(7#*<.'*D7%$#'*<.* "#$%&'()#H*6*<.*L&$7#*$#W&)#%'.7.)8.*HDX.$(&$*#'*D7%$#'*<.*'#*
@-1;*H(.)<&*X&H(%'.;*<.*#"D.$<&*"&)*7(H*<#8&H;*D)#*H.)H(%'.*$.<D""(K)*<.*'#*"#)8(<#<*<.*
W%,<.*+/<)G.<."(%%G<"D8('(W#<#I**VH*&%T(&*ZD.*).".H(8#7&H*()T.H8(C#$*7NH*'#*L#$7#"&'&Cb#*<.*'#*
%5%$3%.(%"X#$8("D'#$7.)8.*.)*.'*"#7X&*<.*'#H*X'#)8#H*D8('(W#<#H*"&7&*#<(8(T&H*6*"D6#*ZDb7("#*.H*
#S)*X&"&*"'#$#*6*'#H*()8.$#""(&).H*<.*#'CD)&H*#<(8(T&H*"&)&"(<&H*"&7&*'#*)("&8()#*6*'&H*#'"#'&(<.H*
8$&XN)("&H*"&)*'&H*()?(%(<&$.H*<.*'#*-B0*X$&X(&H*<.*'#H*.HX."(.H*<.*W%,<.*+&<)G.<.-*
4&)*.'*L()*<.*()T.H8(C#$*'#*L#$7#"&'&Cb#*?D7#)#*<.*'&H*#)N'&C&H*<.*'#*%5%$3%.(%!*.)*.'*
V9X.$(7.)8&*:M*X$.X#$J*a%5%$3%.(%"8)&+%/<.9"7&'(.)<&*6*.98$#6.)<&*>*C$#7&H*<.*H.7(''#H*<.*
#+?%,3'"$%&'%/%"gD)8&*"&)*,_;/*C$#7&H*<.*$#bW*<.*L+.'%,*$3."<//<,)+,.<.!""&)*D)*"&)8.)(<&*
.H8(7#<&*<.*M\*7C*<.*@-1*<.*#"D.$<&*"&)*'#*%(%'(&C$#Lb#*.9(H8.)8.*+1?&7XH&)*+*"%/-":EF_5I**V'*
X$&<D"8&*7&'(<&*H.*.98$#g&*8$.H*T.".H*"&)*:\\*7'*<.*#CD#*6*gDC&*<.*'(7#*#'*=\a*#*.%D''("(K)*6*
L('8$#<&*#*"&)8()D#"(K)I**G#*()C.H8(K)*<.*'&H*,M\*7'*<.*X&"(K)*$.HD'8#)8.*+<.*"&'&$*X#$."(<&*#'*gDC&*
<.*7#)W#)#*H()*L('8$#$5*7.*X$&<Dg&*D)#*"(.$8#*.9"(8#"(K)*<.%(<#*#*'#*@-1*X$.H.)8.;*#D)ZD.*LD.*
()HDL("(.)8.*X#$#*X$&<D"($*D)*.L."8&*.)8.&CJ)("&*8&8#'I**Y&$*.''&;*X$.X#$J*&8$#*X&"(K)*X#$#*.'*
V9X.$(7.)8&*:/*ZD.*"&)H(H8(K*.)*'#*7(H7#*"#)8(<#<*<.*H.7(''#H*<.*#+?%,3'"$%&'%/%!"Z"C;*gD)8&*
"&)*M/;,*C*<.*$#bW*<.*L+.'%,*$3."<//<,)+,.<.-""VH8#*X&"(K)*<.H.)"#<.)K*D)&H*.L."8&H*"'#$#7.)8.*
.)8.&CJ)("&H*8bX("&H*<.*'#*@-1;*ZD.*H.*()("(#$&)*#*'&H*=\*7()D8&H*+'&H*X$(7.$&H*H(C)&H*H.*
<.8."8#$&)#*'&H*:,*7()D8&H5*#'"#)W#)<&*D)*7N9(7&*#*'#*?&$#*6*"()"&*7()D8&H*ZD.*H.*7#)8DT&*
<D$#)8.*7.<(#*?&$#I**B'*"#%&*<.*<&H*?&$#H;*'&H*.L."8&H*?#%b#)*<(H7()D(<&*<.*L&$7#*)&8#%'.*6*#*'#H*
8$.H*?&$#H*?#%b#)*<.H#X#$."(<&*8&8#'7.)8.I**
,>M*
*
***G&H*.L."8&H*LD.$&)*7&<.$#<&H*X.$&*()"&)LD)<(%'.H;*"&)*X(8(<&H*.)*'&H*&b<&H;*.DL&$(#*6*<J%('.H*
L.)K7.)&H*T(HD#'.HI*
*
G&H*()?(%(<&$.H*<.*'#*7&)&#7()&*&9(<#H#*H.*D8('(W#)*#7X'(#7.)8.*.)*7.<("()#*"&7&*
#)8(<.X$.H(T&H;*<.%(.)<&*#<7()(H8$#$H.*<(#$(#7.)8.*<D$#)8.*'#$C&H*X.$b&<&H*<.*8(.7X&I**@."(<b*
X$&%#$*D)#*"&7%()#"(K)*<.*<&H(H*&$#'.H*<.*@-1*"&)*.'*()?(%(<&$*<.*'#*-B0*(H&"#$%&9#W(<#*+N"(<&*
M!7.8('!=!(H&9#W&'."#$%&9('("&*,!%.)W('?(<$#W(<#5*D8('(W#<&*?#%(8D#'7.)8.*.)*8.$#XJD8("#*"&)*.'*
)&7%$.*"&7.$"(#'*<.*[%&G/%,-""VH8.*"&7XD.H8&*H.*#<7()(H8$#*?#%(8D#'7.)8.*#*<&H(H*<.*=\*7C*
<(#$(&H*+.)*L&$7#*<.*<&H(H*S)("#*&*.)*8$.H*8&7#H*<.*:\*7C5*6*.'*.L."8&*#)8(<.X$.H&$*+ZD.*H.*<.%.*#'*
#D7.)8&*<.*).D$&8$#)H7(H&$.H*"&7&*'#*H.$&8&)()#*.)*.'*".$.%$&A*TJ#H.*4#Xb8D'&*=;*O&8#*M5*H.*
X$.H.)8#*8$#H*D)*X.$(&<&*<.*'#8.)"(#*ZD.*T#*<.H<.*X&"&H*<b#H*#*T#$(&H*?#H8#*#'CD)&H*7.H.H;*6*<D$#*
T#$(#H*H.7#)#H*<.HXDJH*<.*".H#$*'#*#<7()(H8$#"(K)*<.'*7.<("#7.)8&I**G#H*$.#""(&).H*<.*8(X&*
.DLK$("&*ZD.*H.*X$.H.)8#)*&"#H(&)#'7.)8.*H.*"&)H(<.$#)*D)*.L."8&*H."D)<#$(&*#<T.$H&I**1&7J*=\*
7C*<.*[%&G/%,".)*8$.H*8&7#H*<.*:\*7C*#*'#H*E*?&$#H;*&8$#*#*'#H*:>*?&$#H*6*'#*S'8(7#*#*'#H*:E*?&$#HI**
n)#*?&$#*<.HXDJH*<.*'#*S'8(7#*8&7#;*8&7J*=\*7C*<.*@-1*%#H.*.)*D)#*"NXHD'#I**VH8.*V9X.$(7.)8&*
:_*$.HD'8K*"&)*D)*HD#T.*.L."8&*<.*'#*@-1*ZD.*"&7.)WK*#*'&H*=M*7()D8&H*<.HXDJH*<.*'#*()C.H8(K);*
#'"#)W#)<&*.'*7N9(7&*#*'#*?&$#*6*<(.W*7()D8&H;*ZD.*<D$K*?#H8#*'#*?&$#*6*"D#$.)8#*7()D8&H*X#$#*
<.H".)<.$*<D$#)8.*'#*H(CD(.)8.*?&$#I**BHb;*"&)"'Db*ZD.*.H*X&H(%'.*&%8.).$*D)*.L."8&*H(7('#$*#'*<.*'#*
%5%$3%.(%"8&7#)<&*D)*()?(%(<&$*#$8(L("(#'*<.*'#*-B0*DH#<&*.)*7.<("()#;*ZD.*#<.7NH*X#$.".*ZD.*
X&H..*D)#*X&8.)"(#*T#$(#H*T.".H*HDX.$(&$*#*'#*<.*'&H*()?(%(<&$.H*)#8D$#'.H*<.*'#*-B0*X$.H.)8.H*.)*
W%,<.*+&<)G.<."(%%G<"6*&8$#H*X'#)8#H*+088*:EE=#;*088*:EE>5I*
@.*L&$7#*.T(<.)8.;*'#*%5%$3%.(%".H*.)*.H8.*7&7.)8&*.'*.)8.KC.)&*<.*7&<#*.)8$.*'&H*
#L("(&)#<&H*.)*'&H*VH8#<&H*n)(<&H*6*.)*&8$&H*X#(H.HI**B*"&)H."D.)"(#*<.*.''&*?#*X$&'(L.$#<&*.'*
l8D$(H7&*<.*'#*%5%$3%.(%9"?#"(#*3$#H(';*Y.$S;*V"D#<&$*6*3&'(T(#I**@.HC$#"(#<#7.)8.;*#D)ZD.*.H8.*
()8.$JH*?#*#6D<#<&*#*#8$#.$*'#*#8.)"(K)*<.'*XS%'("&*?#"(#*'#*"$(H(H*."&'KC("#*<.*'#*B7#W&)(#;*6*ZD.*
XD.<.*"#)#'(W#$*X.ZD.`#H*"#)8(<#<.H*<.*<().$&*#*'#H*).".H(8#<#H*W&)#H*HD%<.H#$$&''#<#H*.)*X#(H.H*
<.'*1.$".$*-D)<&;*8#7%(J)*"#DH#*().9&$#%'.7.)8.*D)*<#`&*."&'KC("&*6*"D'8D$#'*#`#<(<&*#*.H8#H*
W&)#H;*''.T#*#*'&H*()<(&H*.)L.$7.<#<.H*"&)8$#*'#H*ZD.*)&*.H8N)*()7D)(W#<&H*6*#8$#.*D)#*#8.)"(K)*
()<.H.#%'.*?#"(#*'#*%5%$3%.(%"+TJ#H.*4#Xb8D'&*:*6*f#'#<.W*:EF/*X#$#*7NH*()L&$7#"(K)*H&%$.*D)*
X$&%'.7#*H(7('#$*"&)*.'*l8D$(H7&*<.'*GA5)*/9:-""@.*)D.T&*#"&)H.g&*#*#ZD.''&H*()8.$.H#<&H*.)*'#*
%5%$3%.(%"ZD.*H.*ZD.<.)*.)*"#H#*6*ZD.*"D'8(T.)*HDH*X$&X(#H*LD.)8.H*<.*#)N'&C&H*<.*'#*%5%$3%.(%-""
VHX.$&*ZD.*'#*<(H.7()#"(K)*<.*'#*8J")("#*<.*&%8.)"(K)*<.*#)N'&C&H*<.*'#*%5%$%3%.(%".)*.'*7D)<&*
()<DH8$(#'(W#<&*?#C#*<(H7()D$*.H8.*8(X&*<.*8D$(H7&;*ZD.*HK'&*XD.<.*"&)<D"($*#*D)#*7#6&$*
<.H8$D""(K);*8#)8&*."&'KC("#*"&7&*"D'8D$#';*.)*'#*B7#W&)(#*6*ZD.;*#<.7NH;*X&<$b#*X$&T&"#$*'#*
('.C#'(W#"(K)*<.*'#*%5%$3%.(%*X&$*X#$8.*<.*'#H*#D8&$(<#<.H*+088*:EE>5I*
,>/*
*
 #;580!
*
hP*4D#)<&*.'*%&8N)("&*%$(8N)("&*R("?#$<*]X$D".*<.H"$(%(K*X&$*X$(7.$#*T.W*HDH*<.H"D%$(7(.)8&H*
H&%$.*'#H*<$&C#H*XH("&#"8(T#H*<.*'#*B7#W&)(#;*'#H*"#'(L("K*<.*l)#$"K8("&H*H()CD'#$.Hm*+]X$D".*:F_=5I**
Y#$#*.)8&)".H*V7H8*P$.(?.$$*T&)*3(%$#*6#*?#%b#*XD%'("#<&*D)&*<.*'&H*X$(7.$&H*.H8D<(&H*H&%$.*
<$&C#H*XH("&#"8(T#H*"&)*.'*8b8D'&*@(.*@%&F)*<.($+,"X+,3..'<**+/"3,1"1+&"[+,.($"+O#$"K8("&H*<.*
X'#".$*6*.'*?&7%$.A*3(%$#*:FMM5I**-&$<."#(*4D%(88*4&&d.*?(W&*'#*7(H7#*#H&"(#"(K)*.)*HD*X(&).$&*
.H8D<(&*H&%$.*'#H*<$&C#H*XH("&#"8(T#H*C$+"E+7+,"E<.*+&.")0"E/++G-""#)G3/%&"><.*)&5")0"*$+"E+7+,*
#&+7%</<,?"@%&()*<(.")0"*$+"j)&/1"+G#H*H(.8.*?(g#H*<.'*HD.`&I**2(H8&$(#*X&XD'#$*<.*'&H*H(.8.*)#$"K8("&H*
X$.<&7()#)8.H*<.'*7D)<&A*4&&d.*:F/\5;*#D)ZD.*8#)8&*J'*"&7&*T&)*3(%$#*()"'D6.$&)*.)*HDH*
.H8D<(&H*#*'#*"&"#;*D)*.H8(7D'#)8.I**G#*X#'#%$#*)#$"K8("&*+6*HDH*#)N'&C&H*,%&()*<(".)*()C'JH;*
@%&F)*<F3'".)*#'.7N);*,%&()*<23+".)*L$#)"JH5*<.$(T#)*<.*'#*X#'#%$#*C$(.C#*,%&()*<FT),!"l.7%&8#$;*
#8D$<($mI**V'*X$(7.$&*.)*D8('(W#$'&*.)*()C'JH*LD.*[.&LL$.6*4?#D".$*.)*D)*X&.7#*<.*:=FMv*C$+"
,%&()*5F<."z")G<6."8+,".)".*&),?+"+G&H*)#$"K8("&H*6*.'*&X(&*H&)*8#)*LD.$8.H5I**Y&H8.$(&$7.)8.*T&'T(K*
#*D8('(W#$'#*.)*HDH*()"&7X#$#%'.H*B3+,*)."1+"B%,*+&83&5!".)*.'*"D.)8&*<.'*4#%#''.$&;*.)*'#*
<.H"$(X"(K)*<.*D)#*X&"(K)*X#$#*L#"('(8#$*'#*?D(<#*<.*'#*"N$".'v*lP&$*?.*?#<<.*6.T.*?(H*C#(''.$*<$6)d.*
H&;x*0L*#*"'#$$..*7##<*&L*#*".$8.6)*c6);x*U(8?*).$"&8(d.H*#)<*&X(.*&L*1?.%.H*L6);x*1?#8*#'*8?#8*
)6C?8;*8?&C?*8?#8*7.)*c&'<.*?(7*H?#d.;x*1?.*C#(''.$*H'..X;*?.*76C?8.*)#8*#c#d.Am*+Y#$#*.''&*?#%b#*
<#<&*#*%.%.$*#*HD*"#$".'.$&*x*D)#*8#W#*<.*D)*'("&$*H#W&)#<&*"&)*.HX."(#H*6*7(.'*"&7XD.H8&*<.*D)*
<.8.$7()#<&*T()&x*)#$"K8("&H*6*$.L()#<&*&X(&*<.*1.%#H;x*"&)*'&*ZD.*.'*"#$".'.$&*<D$7(K*.'*$.H8&*<.*
#ZD.''#*)&"?.Ix*Y&$*7D"?&*ZD.*'&*?D%(.H.)*H#"D<(<&;*)#<(.*?#%$b#*H(<&*"#X#W*<.*<.HX.$8#$'.A5*
+Y$#88*:E//5I**VH8#H*"(8#H*6*&8$#H*#X&6#)*'#*H(CD(.)8.*<.L()()("(K)*<.*,%&(P*<(),M"lD)#*HD%H8#)"(#*
ZD.*"D#)<&*H.*()C(.$.;*()?#'#*&*()6."8#*.)*.'*&$C#)(H7&*()<D".*H&7)&'.)"(#;*HD.`&;*#8D$<(7(.)8&*
&*()H.)H(%('(<#<;*H.CS)*HD*X&8.)"(#*&*'#*"#)8(<#<*8&7#<#m*=IQ0)&1"J,?/<.$"L<(*<),%&5!*4&7X#"8*
V<(8(&);*XNCI:FEM5I*O&*H.*'.*<#*)()CS)*&8$&*H(C)(L("#<&*6*.'*#<g.8(T&*)#$"K8("&*8(.).*.'*7(H7&v*
l<b".H.*<.*HD%H8#)"(#H*&*<.*HDH*"D#'(<#<.Hv*8.)(.)<&*.'*.L."8&*<.*()<D"($*H&X&$;*HD.`&*&*
()H.)H(%('(<#<mA*8&<#H*'#H*L&$7#H*<.*'#*X#'#%$#*8(.).)*.'*7(H7&*H(C)(L("#<&*"&7&*)#$"&H(H;*
)#$"&8(H7&;*.8"I**V)*.'*<(""(&)#$(&*C$+">+?*%?+"R//3.*&%*+1*L<(*<),%&5")0"J,?/<.$"K%,?3%?+"H.*<#*'#*
H(CD(.)8.*<.L()("(K)*<.*)#$"K8("&v*l"D#'ZD(.$*<$&C#*ZD.*.7%&8#*'&H*H.)8(<&H;*()<D".*#'*HD.`&;*6*
ZD.*8$#H*D)*DH&*X$&'&)C#<&*H.*?#".*#<("8(T#mI**G#*$.L.$.)"(#*#*'#*l#<(""(K)m*8(.).*D)*H.)8(<&*
7&<.$)&*ZD.*<.$(T#*"'#$#7.)8.*<.*'#*#H&"(#"(K)*<.*.H8.*8J$7()&*"&)*'#H*<$&C#H*&X(N".#H*+]7#''*6*
GD8W*:E=,A*'&H*#'"#'&(<.H*#(H'#<&H*<.'*&X(&;*.'*.9D<#<&*H."&*.98$#b<&*7.<(#)8.*()"(H(&).H*<.*'#H*
"NXHD'#H*()7#<D$#H*<.*'#*#<&$7(<.$#;*#%G%7+&".)',<0+&3'S""&)"$.8#7.)8.*'#*7&$L()#*6*'#*
"&<.b)#;*#Hb*"&7&*HDH*)D7.$&H&H*<.$(T#<&H*H.7(!H()8J8("&H*"&7&*.'*<(#".8('!7&$L()#*&*?.$&b)#;*
+@(#7&$X?().5;*&96"&<&)#;*&967&$L&)#;*.8"IA*6*HDH*#)N'&C&H*#$8(L("(#'.H*"&7&*'#*-.X.$(<()#;*'#*
-.8#<&)#;*.8"I5I*@.*?."?&;*6#*<.H<.*'#H*X$(7.$#H*T.".H*ZD.*
,>_*
*
4?#D".$*'#*D8('(W#;*'#*X#'#%$#*)#$"K8("&*H.*#H&"(#%#*"&)"$.8#7.)8.*"&)*.'*&X(&*6*"&)*"D#'ZD(.$*&8$#*
<$&C#*<.*.L."8&H*H(7('#$.H;*ZD.*()<Dg.$#)*l.7%&8#7(.)8&;*HD.`&;*#8D$<(7(.$)8&*&*()H.)H(%('(<#<mI**
VH8.*H(C)(L("#<&*.H*7D6*"'#$&*6*)&*?#6*<D<#*<.*ZD.*'&*&X(N".&H*.H8N)*"&$$."8#7.)8.*<.H(C)#<&H*
"&)*.'*8J$7()&*)#$"K8("&I**]()*.7%#$C&;*ZD.*]X$D".*D8('(".*.H8.*8J$7()&*X#$#*<.H(C)#$*.)8.KC.)&H*
"&7&*'#*%5%$3%.(%".H*.8(7&'KC("#7.)8.*"D.H8(&)#%'.I**BD)ZD.*'#*%5%$3%.(%"H()*#<(8(T&H*XD.<.*
8.).$*.L."8&H*H&X&$bL.$&H*6*#D)ZD.*'#H*7.W"'#H*T.C.8#'.H*<.*W&3?'%,.<%"XD.<#);*<.*?."?&;*
()8.)H(L("#$*'#H*"D#'(<#<.H*H&X&$bL.$#H*<.*'#*X&"(K);*'#*%5%$3%.(%"X$.X#$#<#*"&)*($%(&3,%"6*"&)*
($%?&)G%,?%!"#<(8(T&H*$("&H*.)*@-1;*.H*"'#$#7.)8.*.H8(7D'#)8.*H!X&$*8#)8&*.H*()"&$$."8&*
<.H(C)#$'#*"&7&*)#$"K8("&I**].*XD.<.*<."($*'&*7(H7&*<.*X$N"8("#7.)8.*8&<#H*'#H*<$&C#H*
.)8.KC.)#H*"'NH("#H*!*7.H"#'()#;*G]@;*XH('&"(%()#;*(%&C#b)#*!I**VH8&H*"&7XD.H8&H*H&)*<."(<(<#7.)8.*
.H8(7D'#)8.H*6*$.HD'8#*(7X&H(%'.*<&$7($*%#g&*HDH*.L."8&HI**G&D(H*G.c()*$."&)&"(K*.H8.*X$&%'.7#*
H.7N)8("#*"D#)<&*XD%'("K*D)*8$#8#<&*H&%$.*<$&C#H*XH("&#"8(T#H*.)*:E,>;*#$%,*%.*<(%!"L<+"
W+*n38+,1+,"3,1"J&&+?+,1+,"X+,3..'<**+/"+lP#)8NH8("#I**@$&C#H*<.*X'#".$;*.H8DX.L#"(.)8.H*6*
.H8(7D'#)8.H5;*D8('(W#)<&*.'*X+,3..'<**+/"<.*T&)*3(%$#*+'(8.$#'7.)8.*l7.<(&H*<.*X'#".$m5;*X.$&*
.T(8#)<&*D8('(W#$*.'*#<g.8(T&*)#$"K8("&;*,%&F)*<.($"+G.c()*:E,>5I**@.*?."?&;*G.c()*()8$&<Dg&*#'*
7.)&H*"()"&*"#8.C&$b#H*<.*<$&C#H*XH("&#"8(T#Hv*:5*J3G$)&<(%")"E++/+,8+&3$<?3,?.'<**+/"
+.DL&$(W#)8.H*&*l#)&<()&H*<.'*.HXb$(8Dm5*.'*X$&8&8(X&*<.*'&H*"D#'.H*.$#)*'&H*&X(N".&H*#D)ZD.*
()"'Db#;*X#$#<Kg("#7.)8.;*'#*"&"#*6*'#*"&"#b)#*+2#H8&$L*:EF_A*2&'7H8.<8*+*"%/-":E_FA*-#$(#)(*:FE\A*
-#$8()*:E_\A*-&$8(7.$*:E\:A*Y'&c7#)*:E_EA*]"?D'8.H*:EF:5A*,5*#$%,*D.*<(%*&*
E<&'+.*n3.($3,?.'<**+/"+L#)8NH8("#*&*l#C.)8.H*<.*('DH(K)*H.)H&$(#'m*()"'D6.)<&*.'*GA5)*/!*B%&'%8<."
<,1<(%!";'%,<*%"'3.(%&<%!"T#$(#H*H&'#)N".#H*T">5).(5%'3.".GG-!"L%*3&%"HXXI*5"L38)<.<%"$)Gi))1<<T"
#Hb*"&7&*W%,<.*+&<)G.<."(%%G<S"s:"R,+8&<%,*<%")*W+&%3.($3,?.'<**+/"+.7%$(#C#)8.H5*ZD.*()"'Db#*.'*
#'"&?&'*6*&8$&H*<(H&'T.)8.H*"&7&*.'*"'&$&L&$7&;*.'*J8.$*6*.'*%.)".)&A*>5*>5G,)*<(%")"E($/%0*,<**+/"
+?(X)K8("&H*&*lHD%H8#)"(#H*X#$#*<&$7($m5*"&7&*.'*?(<$#8&*<.*"'&$#';*.'*%#$%(8#';*.'*X#$#'<.?(<&;*.'*
HD'L&7.8#)&;*.'*?(<$#8&*<.*%$&7#'*6*'#*X&"(K)*X&'().H(#*F%7%"=#<G+&"'+*$5.*<(3':S"6*M5*JQ(<*%,*<%")*
J&&+?3,?.'<**+/"+.9"(8#)8.H*&*.H8(7D'#)8.H5*.)8$.*.''&H*.'*#'"#)L&$;*.'*%.8.'*=;&+(%"(%*+($3:!"+/"F%*"
=B%*$%"+13/<.!"LD.)8.*<.*'#*"#8()&)#A*V'7(*:EF=A*[.8#?D)*6*j$(d&$(#)*:E_=A*j.$7.<6*:EF_A*
j$(d&$(#)*6*[.8#?D)*:E_=A*O&$<#'*:EF\A*]W.)<$.(*:EF\A*q.C'.$*+*"%/-*:EF\A*$."(.)8.7.)8.*H.*?#*
#L($7#<&*ZD.*LD.*D)#*X'#)8#*H#C$#<#*.)*.'*#)8(CD&*VC(X8&A*-DHJH*:EFE5*<$&C#H*ZD.*"&)8(.).)*
"#L.b)#*"&7&*.'*"#LJ;*8J;*)D.".H*<.*"&'#*=B)/%",<*<<#5;*'%*+"=R/+Q"G%&%?3%d<+,.<.S"#'*"D#'*G.c()*
?#%$b#*#`#<(<&*R/+Q"?3%53.%"5"K"7)'<*)&<%*)"5%3G),:!"6"?3%&%,D"=#%3//<,<%"(3G%,%"7%&-".)&8</<.S"
gD)8&*#*'&H*ZD.*G.c()*?#%$b#*#C$DX#<&*.'*5)()")"#%3//<,"/%"5)()S"V$("dH&)"+*"%/-":EF>A*2.)7#)*
:EF,A*Y#8(`&*:E/FA*]"?D'8.H*:E>,A*]"?D'8.H*:E_EL;*]"?D'8.H*:EF/#A*]"?D'8.H*:EF_%A*]?.7'D"d*
:E_E5;*7NH*.'*"#"#&;*.'*8#%#"&*6*.'*$#XJ*X#$("N*=;,%1+,%,*$+&%"G+&+?&<,%:-""G#H*"#8.C&$b#H*#"8D#'.H*
"&$$.HX&)<(.)8.H*H.$b#)v*'5*)#$"K8("&HA*,5*.)8.KC.)&HA*=5*.7%$(#C#)8.HA*>5*?(X)K8("&HA*6*M5*
.H8(7D'#)8.H;*#*'#H*"D#'.H*2&L7#))*?#*#`#<(<&*D)#*H.98#*"#8.C&$b#;*'&H*lH.<#)8.H*).D$&'JX8("&Hm*
"&7&*'#*"'&$X&7#"()#*6*.'*7.X$&%#7#8&;*C$DX&*<.'*ZD.*'#*N%37)/0<%".+&G+,*<)#*"&)H8(8D6.*.'*
X$&8&8(X&*)#8D$#';*6*ZD.*"&)8(.).*$.H.$X()#*+2&L7#))*:E_\#A*U&&<H&)*+*"%/-":EM_5I**i&*.'(7()#$b#*
.'*$#XJ*G%&<(D"<.*'#*"#8.C&$b#*<.*'&H*.H8(7D'#)8.H*H!'&*"'#H(L("#$b#*"&7&*.)8.KC.)&I**1#7%(J)*
8$#H'#<#$b#*'#*"&"#*6*'#*"&"#b)#*<.'*C$DX&*<.*'&H**
,>F*
*
)#$"K8("&H*#'*<.*'&H*.H8(7D'#)8.HI**Y&$*'&*<.7NH*.H8&6*<.*#"D.$<&*"&)*'#*"'#H(L("#"(K)*<.*G.c()I**
Y&$*HDXD.H8&*ZD.*"D#)<&*?#%'#*<.*J3G$)&<(%"+&X(N".&H5;"R,+8&<%,*<%"+<(H&'T.)8.H*.7%$(#C#)8.H5*.*
>5G,)*<(%"X&<$b#*$.L.$($H.*H.)"(''#7.)8.*#*'&H*)#$"K8("&H;*X.$&*G.c()*?(W&*%(.)*.)*H.X#$#$'&H*.)*
8$.H*"'#H.H*+.ZD(T#'.)8.H*#*'&H*8J$7()&H*7&<.$)&H*)#$"K8("&H;*<(H&'T.)8.H*.*?(X)K8("&H5*6*8#7%(J)*
#".$8#%#*#'*()H(H8($*.)*ZD.*'&H*.)8.KC.)&H*6*'&H*.H8(7D'#)8.H*X.$8.).".)*#*<&H*"'#H.H*
"&7X'.8#7.)8.*<(L.$.)8.HI**@.*?."?&;*z"K7&*H.*X&<$b#*<.H(C)#$*)#$"K8("&*#*HD%H8#)"(#H*8#)*
"&)8$#$(#H*#'*HD.`&*"&7&*H&)*'#*G]@;*'#*"&"#b)#*6*'#*#)L.8#7()#HI*]()*.7%#$C&;*#'CD)&H*.H8D<(&H&H*
<.*.8)&L#$7#"&'&Cb#;*H&%$.*8&<&*.'*7#6&$*.HX."(#'(H8#*.)*.H8.*"#7X&*R("?#$<*VT#)H*]"?D'8.H;*?#)*
D8('(W#<&*.'*8J$7()&*)#$"K8("&*X#$#*<.H"$(%($*'#*#""(K)*<.*.)8.KC.)&H*"&7&*'#*%5%$3%.(%"6*&8$#H*
<$&C#H*ZD.*"&)8(.).)*@-1;*#Hb*"&7&*'&H*<.*&8$#H*X'#)8#H*+TJ#H.*X&$*.g.7X'&*]"?D'8.H*:E/:A*
]"?D'8.H*:E_E<5I**]"?D'8.H*gDH8(L("#%#*'#*D8('(W#"(K)*<.*.H8.*8J$7()&*#Hbv*l.'*8J$7()&*)#$"K8("&;*ZD.*
T(.).*<.'*C$(.C&*,%&F)3,!".7%&8#$;*H.*$.L(.$.*.8(7&'KC("#7.)8.*#*D)#*HD%H8#)"(#*ZD.;*#*X.H#$*<.*
'&*.H8(7D'#)8.*ZD.*XD.<#*H.$*.)*D)#*&*7NH*L#H.H*<.*HD*#"8(T(<#<;*8.$7()#*HDH*.L."8&H*"&)*D)*
.H8#<&*<.X$.H(T&*<.'*H(H8.7#*).$T(&H&*".)8$#'m*+]"?D'8.H*6*2&L7#))*:E_E5I**V'*%&8N)("&*U(''(#7*
V7%&<.)*D8('(W#*.'*8J$7()&*)#$"K8("&*.)*.'*8b8D'&*<.*HD*'(%$&*#/%,*%."@%&(P*<(%.!"X#$#*#Hb*()"'D($*#*
'&H*l#'D"()KC.)&H;*.H8(7D'#)8.H;*.7%$(#C#)8.H*.*?(X)K8("&Hm;*#<7(8(.)<&*ZD.*l.'*8J$7()&*
)#$"K8("&*l.H*D)*)&7%$.*.ZD(T&"#<&m*+V7%&<.)*:E_,%5A*#D)ZD.*.9X'("#*ZD.*D8('(W#$N*l.'*8J$7()&*
)#$"K8("&*"&7&*'&*?#*?."?&*.'*].$T("(&*<.*]#'D<*YS%'("#*<.*'&H*VVnn;*X#$#*()"'D($*X'#)8#H*
XH("&#"8(T#H*()<.X.)<(.)8.7.)8.*<.*"DN'*H.#*'#*7#)(L.H8#"(K)*<.*HD*#"8(T(<#<m*+V7%&<.)*:E_E5I**
VH8.*8$#8#7(.)8&*8#7%(J)*?#*#X#$."(<&*.)*.'*8b8D'&*<.*<&H*#)8&'&Cb#H;*E%(&+1"@%&()*<("#/%,*.")0"*$+"
@+i"j)&/1"R,1<%,."+Y'#)8#H*)#$"K8("#H*H#C$#<#H*<.*'&H*()<(&H*<.'*OD.T&*-D)<&A*]"?'.(LL.$*:E_>5*6*
@%&()*<("#/%,*.")0**$+"I/1"j)&/1"+lY'#)8#H*)#$"K8("#H*<.'*f(.g&*-D)<&mA*]"?'.(LL.$*:E_E5I**V'*
.9".'.)8.*.H8D<(&*<.*[I*R.("?.'!@&'7#8&LL;*C$+"E$%'%,"%,1"*$+"6%?3%&"+V'*"?#7N)*H!.'*g#CD#$A*
R.("?.'!@&'7#8&LL*:E_M5*''.T#%#*X&$*HD%8b8D'&*O,"+.*31<)".)8&+"/%."1&)?%.",%&(P*<(%.*+,*&+"/)."
<,1<)."1+"B)/)'8<%-""4&)H(<.$&*ZD.*'&H*$#W&)#7(.)8&H*<.*]"?D'8.H*6*V7%&<.)*)&*H&)*X.$HD#H(T&H*
6*<(H"$.X&*$.HX.8D&H#7.)8.*<.'*DH&*ZD.*?#".)*<.'*8J$7()&*)#$"K8("&I**i&*$.H.$T&*.H8.*8J$7()&*
X#$#*'&H*&X(N".&H*8#'*6*"&7&*?.*.9X'("#<&*.)*7(*$#W&)#7(.)8&*H&%$.*.'*DH&*<.*'#*X#'#%$#*
.)8.KC.)&*<,"/<+3"<.*lXH("&<J'("&m*&*lXH("&8&7(7J8("&m*+TJ#H.*.'*4#Xb8D'&*:;*O&8#*'5I**YH("&#"8(T&*6*
XH("K8$&X&*H&)*8J$7()&H*X$."(H&H;*.8(7&'KC("#7.)8.*"&$$."8&H;*ZD.*<.H(C)#)*8&<&*8(X&*<.*<$&C#H*
ZD.*8.)C#)*.L."8&H*H&%$.*'#*"&)"(.)"(#;*#*<(L.$.)"(#*<.*&8$#H*"#8.C&$b#H*<.*LN$7#"&H;*"&7&*
X&<$b#)*H.$*'&H*#)8(7("$&%(#'.H;*'&H*<(D$J8("&H;*.8"I**Y#$#*"&)"'D($;*<.%&*7.)"(&)#$*ZD.*.'*8J$7()&*
)#$"K8("&*8(.).*#H&"(#<&*&8$&*X$&%'.7#*6*.H*ZD.*?#".*ZD.*'#*C.)8.*8.)C#*X$.gD("(&H*?#"(#*'&H*
.)8.KC.)&H;*XD.H8&*ZD.*.H8#*X#'#%$#*?#*#<ZD($(<&*'#*"&$7&8#"(K)*<.*l#<("8(T#m*6!.'*H(C)(L("#<&*
gD$b<("&*<.*lHD%H8#)"(#*('.C#'mI**Y&$*.'*"&)8$#$(&*H!#L&$8D)#<#7.)8.;*7D"?&H*.)8.KC.)&H*H&)*#S)*
'.C#'.H*6*.)*#%H&'D8&*)&*#<("8(T&HI**fJ#H.*V'(#<.*+:EM:5*X#$#*D)*.g.7X'&*<.'*DH&*X.6&$#8(T&*<.*
)#$"K8("&*.)*$.L.$.)"(#*#*'&H*.7%$(#C#)8.H*"?#7N)("&HI*
*
[P!f&6*#*H.`#'#$*#'CD)&H*<.*'&H*.$$&$.H*.*()"&)C$D.)"(#H*(7X'b"(8&H*.)*'#*8.&$b#*<.*
P'#88.$6!]"?c#$8W*ZD.*?#".)*ZD.*)&*XD.<#*"&)T.)".$7.*+TJ#H.*8#7%(J)*4#Xb8D'&*/;*
,>E*
*
O&8#*::5I**Y$.H.)8#$J*7(H*"&7.)8#$(&H*X&$*H.""(&).H*.)*.'*&$<.)*.)*ZD.*#X#$.".)*.)*.'*'(%$&I**V)*
O&8#I*_;*P'#88.$6*#%&$<#*'#*8.&$b#*<.*U#HH&)*H&%$.*'#*.9(H8.)"(#*<.*'#*&$()#*.)'%M"l)()CD)&*<.*'&H*
<#8&H*X$.H.)8#<&H*X&$*U#HH&)*H&%$.*'#*X$N"8("#*<.*%.%.$*&$()#*8(.).*$.'.T#)"(#*#'CD)#*.)*'#*
(<.)8(<#<*L()#'*<.'*.)'%9-""Y.$&*P'#88.$6*(C)&$#*6*.'(7()#*.'*"&7.)8#$(&*ZD.*U#HH&)*?#".*H&%$.*.'*
[%$%8$%&%*%".)*'#*7(H7#*H.""(K);*.)*'#*"D#'*+/"%'&*%".H*&L$."(<&*.)*L&$7#*<.*&$()#*#*n88#)d#*X&$*
Q)<$#;*X#H#)<&*"&7&*X#$(#I**lf.)*n88#)d#;*6*#".X8#*<.*7b*.H8.*#CD#I**](.)8&*D)#*C$#)*'NH8(7#*X&$*
8b;*T(J)<&8.*#C&%(#<&*X&$*'#*H.<mI**G#*&$()#*+l6*n88#)d#*T(&*7#)#$*"&X(&H&H*"?&$$&H*<.*#CD#*<.*HDH*
X#$8.H*%#g#Hm5*LD.*&L$."(<#*X&$*j$H)#*#*n88#)d#*X#$#*ZD.*H#"(#$#*HD*H.<;*"&)".<(J)<&'.*D)#*
7.$".<I**n88#)d#*H()8(K*$.XDC)#)"(#*.*()<(C)#<&*$."?#WK*'#*%.%(<#I**j$H)#*H.*#X#$."(K*#*n88#)d#*6*
'.*.9X'("Kv*lX&$*8D*%(.)*6&*'.*<(g.*#*Q)<$#v*@#'.*.'*%'&*%"#*n88#)d#*.)*L&$7#*<.*#CD#m€I**Y.$&*Q)<$#*
&%g.8K*<("(.)<&*lD)*7&$8#'*)&*<.%.$b#*"&)T.$8($H.*.)*()7&$8#'A*"&)"J<.'.*&8$#*7.$".<m*+<.*'#*
8$#<D""(K)*()C'.H#*<.*UI*@&)(C.$;*.)*U#HH&)*:E/F5I**O&*?#6*<D<#*<.*ZD.*.'*%'&*%"+#)N'&C&*#*'#*
#7%$&Hb#*C$(.C#5*.H*'#*X&"(K)*<.'*.)'%!*#ZDb*"'#$#7.)8.*$.X$.H.)8#<#*.)*'#*L&$7#*<.*'#*&$()#*<.*
Q)<$#I**PD.*.H8.*L$#C7.)8&*<.'*[%$%8$%&%*%".'*ZD.*?(W&*"&)".%($*#*U#HH&)*'#*(<.#*<.*ZD.*'#*
;'%,<*%"'3.(%&<%*XD<(.$#*H.$*.'*.)'%-""-D.H8$#*'#*X&"(K)*<.'*.)'%".)*L&$7#*<.*&$()#*&L$."(<#*
"&7&*D)#*%.%(<#*ZD.*?#$b#*()7&$8#'*#'*ZD.*'#*8&7#H.I**P'#88.$6*(C)&$#*.H8.*()"K7&<&*?."?&*
XD.H8&*ZD.;*"&7&*J'*<(".;*lH(*H.*XD<(.H.)*.)"&)8$#$*X$D.%#H*<.*ZD.*'#*&$()#*<.*'&H*"&)HD7(<&$.H*
<.*.)'%"8#7%(J)*H.*%.%b#;*.H8&*<.7&H8$#$b#*<.L()(8(T#7.)8.*'#*(<.)8(L("#"(K)*ZD.*?#".*U#HH&)mI**
V)*.H8.*XD)8&*P'#88.$6*#L($7#*.ZD(T&"#<#7.)8.;*.)*"&)8$#*<.'*8.H8(7&)(&*<.*U.)<6*@&)(C.$*
+@&)(C.$*:EE\A*@&)(C.$*0€P'#?.$86*:EF,5;*ZD.*l'#H*$#W&).H*<.*U#HH&)*X#$#*H&HX."?#$*ZD.*'#*&$()#*
<.*'&H*"&)HD7(<&$.H*<.*.)'%"H.*%.%b#*)#".)*<.*D)#*"'#$#*$.L.$.)"(#*ZD.*H.*?#".*<.*.H8#*X$N"8("#;*
)&*.)*.'*N<?"b+1%!"H()&*.)*D)#*LD.)8.*<.*X$&".<.)"(#*($#)bIIIm*<.HT(#)<&*#Hb*?#%(8D#'7.)8.*'#*
#8.)"(K)*<.*'#*'(8.$#8D$#*()<(#;*"&)*'#*ZD.*)&*H.*H(.)8.*"K7&<&;*?#"(#*'#*'(8.$#8D$#*($#)bI**]()*
.7%#$C&;*8#'*6*"&7&*H.`#'K*U.)<6*@&)(C.$;*lL+*.P/)"+,"+/"')'+,*)"+,"23+"/+"'+,(<),A"
(%.3%/'+,*+"%"N-X-j-"/%"G&D(*<(%"1+"8+8+&")&<,%!"5"8+8+&".)'%"+,"+/"[%$%8$%&%*%"23+"A/"G+,.P"+,"
/%";'%,<*%"'3.(%&<%"()')"G).<8/+"<1+,*<1%1"1+/".)'%9"+'#*"D$H(T#*.H*7b#5I**B<.7NH;*8.)(.)<&*.)*
"D.)8#*'#*$.L.$.)"(#*.)*.'*N<?"b+1%"H.CS)*'#*"D#'*'&H*?&7%$.H*l&$()#)*.'*.)'%"ZD.*L'D6.m;*.*Q)<$#*
l3.%.*.)'%!"8#)8&*"&7&*<.H..HIx0$()N)<&'&*<b#*8$#H*<b#m*+U#HH&)*:E_,%5;*6*8#7%(J)*.'*X#H#g.*<.'*
[%$%8$%&%*%".)*.'*ZD.*Q)<$#*&L$.".*&$()#!H&7#*X#$#*ZD.*'#*%.%#*D)#*X.$H&)#*H.<(.)8#;*.H*
#%HD$<&*HDX&).$;*"&7&*'&*?#".*P'#88.$6;*ZD.*.'*?."?&*<.*%.%.$*&$()#*.)*'#*Q)<(#*<.$(T.*<.*D)#H*
X$N"8("#H*<.'*H(C'&*T.()8.*.)*B$d#)H#HI**f#$(&H*f.<(H8#H*.7().)8.H;*"&7&*UI*@&)(C.$;*PI3gI*jD(X.$;*
GI*R.)&D*6*jIPI*[.'<).$*"&)H(<.$#)*ZD.*'#*.9(H8.)"(#*<.*'#*)&<,%T.)'%".H*()<(H"D8(%'.*6*<.*C$#)*
(7X&$8#)"(#*X#$#*'#*(<.)8(L("#"(K)*<.*'#*X'#)8#*+@&)(C.$*0€P'#?.$86*:EF,A*U#HH&)*:E_,%5I**
1.)(.)<&*.)*"D.)8#;*"&7&*P'#88.$6*6*]"?c#$8W*#<7(8.);*ZD.*%.%.$*&$()#*.H*8#7%(J)*X$&X(&*<.*'#H*
".$.7&)(#H*q&$&NH8$("#H*<.*?&6*.)*<b#*+z&*#"#H&*8#7%(J)*X$&".<.*.H8&*<.*B$d#)H#H{5;*z<K)<.*
ZD.<#*.)8&)".H*HD*8.&$b#*<.*'#*#+?%,3'"$%&'%/%"()')".)'%x$%)'%`"z@K)<.*.H8N*'#*X$D.%#*<.*
ZD.*'&H*%.%.<&$.H*<.*D)#*X&"(K)*<.*#-"$%&'%/%"&$().)*'&H*X$()"(X(&H*#"8(T&H;*'&H*#'"#'&(<.H*
?#$7#'b)("&H{**V)*'#*H.""(K)I*F;*O&8#*M;*P'#88.$6*8&7#*"&7&*T.$<#<*#%H&'D8#*'#*&X()(K)*<.*PI3IrI*
jDX(.$*<.*ZD.*
,M\*
*
+/"G3*F%"<.'*H#)8#'*6*.'*G3*<F%"<.'*HN)H.$(8&*)&*.H8N)*.8(7&'KC("#7.)8.*$.'#"(&)#<&H*+TJ#H.*
4#Xb8D'&*/;*O&8#*::5;*#D)ZD.*j$#7$(H"?*&X()#%#*'&*"&)8$#$(&*+j$#7$(H"?*:E_M5I**P'#88.$6*(C)&$#*
.H8#*&X()(K)*<.*j$#7$(H"?;*X.$&*)&*)&H*"D.)8#*ZD.*.'*Y$&L.H&$*jD(X.$;*#D8&$(<#<*()"D.H8(&)#%'.*.)*
.H8.*"#7X&;*#".X8K*X$&T(H(&)#'7.)8.*'#*(<.)8(L("#"(K)*ZD.*?(W&*U#HH&)*<.'*.)'%"()')";'%,<*%"
'3.(%*<%"+jD(X.$*:E_\5I**@.'*7(H7&*7&<&;*]"?c#$8W*8#7X&"&*7.)"(&)#*ZD.*Q'6#*[.$H?.T(8"?;*D)*
($#)(H8#;*8#7%(J)*#".X8K*X$&T(H(&)#'7.)8.*.'*.)'%"<.*U#HH&);*.H*<."($*'#*8.&$b#*<.'*?&)C&*
+[.$H?.T(8"?*:E_>5I**VH8&*.H*.HX."(#'7.)8.*H(C)(L("#8(T&;*XD.H8&*ZD.*[.$H?.T(8"?*"&)"'D6K;*#*X#$8($*
<.*'#*'(8.$#8D$#*($#)b;*ZD.*l#D)ZD.*D)&*)&*HDX(.H.*)#<#*H&%$.*.'*'(%$&*<.'*]$I**U#HH&)*6*H&%$.*.H8#*
"&)8$&T.$H(#;*H.*X&<$b#*?#%.$*''.C#<&*#*'#*"&)"'DH(K)*<.'*?&)C&*#'D"()KC.)&;*X&$*XD$&*
$#W&)#7(.)8&m*+X#$#*7NH*()L&$7#"(K)*H&%$.*'#*(<.)8(L("#"(K)*<.'*$%)'%"TJ#H.*[.$H?.T(8"?*:E_>5I**
V)*„=F!*„>,;*P'#88.$6*"&7.8.*.'*.$$&$*"$D"(#'*<.'*'(%$&*#'*<."($*ZD.*l"&)H(<.$#$N*ZD.*'&H*<#8&H*
XH("&L#$7#"&'KC("&H*<.'*5%?A"$.L'.g#)*'#H*X$&X(.<#<.H*%NH("#H*<.*'&H*#'"#'&(<.H*<.*'#*?#$7#'#m*6*
#$CD7.)8#*ZD.*#+?%,3'"$%&'%/%".$#*.'*.)'%x$%)'%"X&$ZD.*"&)8(.).*'&H*7(H7&H*#'"#'&(<.H*ZD.*
W%,<.*+&<)G.<."(%%G<"6*ZD.*'#*()L&$7#"(K)*.8)&C$NL("#*H&%$.*.H8#*S'8(7#*X'#)8#*%&HZD.g#*D)#*<$&C#*
ZD.*$."D.$<#*#'*.)'%x$%)'%-""G&*7b)(7&*ZD.*H.*XD.<.*<."($*<.*.H8#*'b).#*<.*#$CD7.)8#"(K)*.H*
ZD.*.H*.98$#&$<()#$(#7.)8.*L'&g#I**V)*„=E;*P'#88.$6*"(8#*'#$C#7.)8.*#*4'#D<(&*O#$#)g&*H&%$.*'&H*
.L."8&H*<.'*5%?A"6*'#*?#$7#'()#I**]()*.7%#$C&*6*"&7&*T.$.7&H*.)*'#*X$K9(7#*O&8#*#Hb*"&7&*.)*.'*
#X#$8#<&*lsDb7("#*<.*'#*;5%$3%.(%"6*P#$7#"&'&Cb#*<.*'#H*%.8#!"#$%&'()#Hm;*H.*?#*.H8#%'."(<&*
<.L()(8(T#7.)8.*ZD.*'#*?#$7#'()#*.H8N*X$.H.)8.*.)*'#H*X&"(&).H*<.*%5%$3%.(%".)*8$#W#H*6*)&*
"&)8$(%D6.*<.*7#).$#*H(C)(L("#8(T#*.)*'#H*X$&X(.<#<.H*L#$7#"&'KC("#H*<.*'#*%5%$3%.(%-""@.g#$J*ZD.*
H.#)*@IrI*-"j.))#*6*HDH*"&'.C#H;*"(8#<&H*X&$*P'#88.$6;*'&H*ZD.*?#%'.)*#'*$.HX."8&v*l'#*?#$7#'()#III*
.H*%NH("#7.)8.*D)*"&7X&).)8.*8$#W#*<.*'#*%5%$3%.(%"6*X$&%#%'.7.)8.*)&*"&)8$(%D6#*<.*7#).$#*
H(C)(L("#8(T#*#*'#*()?(%("(K)*<.*'#*-B0*ZD.*X$&T&"#*.H8#*<$&C#m*+-"j.))#*+*"%/-":EF>#5I**V)*„>\*
P'#88.$6*"(8#*#*[I*R.("?.'!@&'7#8&LL*"D#)<&*<.H"$(%.*"K7&*'&H*()<(&H*1Dd#)&*DH#)*.'*5%6A"6*.)*„>:*
"(8#*'#*<.H"$(X"(K)*<.*-I*2#$).$*<.'*DH&*<.*'#*7(H7#*X'#)8#*X&$*'&H*()<(&H*rb%#$&*+]?D#$5I**]()*
.7%#$C&;*T#'.*'#*X.)#*<.H8#"#$*'&*ZD.*H.*&'T(<#*7.)"(&)#$v*.)*.'*H.CD)<&*XN$$#L&*<.*'#*"(8#*<.*
2#$).$;*P'#88.$6*<.g#*D)#*'#CD)#*.)*'#*ZD.*2#$).$*7.)"(&)#*ZD.*#'*5%6A"H.*#`#<.)*D)#H*l?&g#H*<.*
D)#*'(#)#*H(7('#$m*ZD.*#?&$#*H#%.7&H*ZD.*+&%"L<G/)G*+&5."(%8&+&%,%"6*H.`#'#*ZD.*.'*%$.%#g.*
"&)8.)b#;*#<.7NH*<.*'&H*#'"#'&(<.H*?#$7#'b)("&H;*l"&)*%#H8#)8.*X$&%#%('(<#<*O;O!
<(7.8('8$(X8#7()#*+@-€Q5m*+2#$).$*:E_=%5I**](7('#$7.)8.;*'&H*()<(&H*1Dd#)&*<.H"$(8&H*X&$*R.("?.(!
@&'7#8&LL*)&*8&7#)*'#*%5%$3%.(%"H&'#;*H()&*ZD.*D8('(W#)*.'*7(H7&*#<(8(T&*ZD.*'&H*]?D#$;*
L<G/)G*+&5."(%8&+&%)#;*ZD.*.H*$("#*.)*@-1A*#<.7NH*<.*ZD.*.H8&H*()<(&H*HD.'.)*l8&7#$*
"&)H(<.$#%'.H*"#)8(<#<.H*<.*$#XJ*<.*8#%#"&*#'8.$)#8(T#7.)8.*"&)*5%6A"=W%,<.*+&<)G.<."(%%G<:"6*
"&"#m*+U('%.$8*:EF_5I**Y#$#'.'#7.)8.;*'&H*]?D#$*l%.%.)*gDC&*<.*8#%#"&*ZD.*#'8.$)#)*"&)*'#*
%5%$3%.(%9"+U('%.$8*:EF_5I**V)*&8$#H*X#'#%$#H;*8#)8&*'&H*]?D#$*"&7&*'&H*1Dd#)&;*"D6#H*
.9X.$(.)"(#H*"(8#*P'#88.$6*"&7&*X$D.%#*<.*'#H*X$&X(.<#<.H*XH("&L#$#7#"&'KC("#H*<.*'&H*#'"#'&(<.H*
?#$7#'b)("&H;*.'#%&$#);*X&$*'&*C.).$#';*HD*5%?A""&)*X'#)8#H*$("#H*.)*@-1*6*'&*8&7#)*gD)8&*"&)*gDC&*
<.*8#%#"&*6*$#XJHI**4&7&*T.$.7&H*.)*'#*H.""(K)*lP#$$)#"&'&Cb#*<.*'#H*%.8#!"#$%&'()#Hm;*'&H*
.H8D<(&H*ZDb7("&H*ZD.*"(8#*P'#88.$6*.)*„=F*
,M:*
*
+-"j.))#*+*"%/-":EF>#A*R(T(.$*6*G()<C$.)*:E_,5*.)"&)8$#$&)*ZD.*'#H*X&"(&).H*<.*%5%$3%.(%"
X.$D#)#H*"&)8.)b#)*<&H(H*<.*#'"#'&(<.H*?#$7#'b)("&H*()L.$(&$.H*#*'#*D7%$#'*6*ZD.*HDH*X$&X(.<#<.H*
XH("&8$KX("#H*H.*<.%b#)*#*'#*@-1*ZD.*"&)8.)b#);*7(.)8$#H*ZD.*'&H*#'"#'&(<.H*?#$$)#'b)("&H*
#"8D#%#)*HK'&*"&7&*()?(%(<&$.H*<.*'#*-B0;*X.$7(8(.)<&*'#*#""(K)*&$#'*<.*'#*@-1I**O&*H#%.7&H*
)#<#*<.*'#*()8.$#""(K)*<.'*#'"#'&(<.*<.'*8#%#"&;*'#*)("&8()#;*"&)*'&H*#'"#'&(<.H*?#$7#'b)("&HI**Y.$&;*
H(.)<&*D)*X&8.)8.*.)8.KC.)&*X&$*Hb*7(H7&;*'&H*.L."8&H*<.'*8#%#"&*()L'D6.$&)*"&)*8&<#*H.CD$(<#<*
.)*'#H*.9X.$(.)"(#H*<.*'&H*()<(&H*]?D#$*6*1Dd#)&*"(8#<#H*X&$*P'#88.$6I**4&)8$#$(#7.)8.*#*'&*ZD.*
#L($7#*P'#88.$6;*.)*#%H&'D8&*)&*.H*lgDH8(L("#%'.*"&)H(<.$#$*ZD.*'&H*<#8&H*XH("&L#$7#"&'KC("&H*<.'*
5%6A*$.L'.g#)*'#H*X$&X(.<#<.H*%NH("#H*<.*'&H*#'"#'&(<.H*<.*'#*?#$7#'#mI**-NH*%(.);*<#<&*'&*'(7(8#<&*
<.*'#*()L&$7#"(K)*ZD.*H.*8(.).*#*7#)&;*X#$.".*gDH8(L("#%'.*"&)H(<.$#$*ZD.*'&H*<#8&H*
XH("&L#$7#"&'KC("&H*<.'*6#gJ*%NH("#7.)8.*$.L'.g#)*'#H*X$&X(.<#<.H*<.*'#*@-1;*'#*)("&8()#*6*'#*
.H"&X&'#7()#;*#Hb*"&7&*'#H*<.*&8$&H*"&7X&).)8.H*#"8(T&H*ZD.*)&*"&)&".7&H*.)*7.W"'#H*<.*
X'#)8#H*<.*X$&X(.<#<.H*ZDb7("#H*<.H"&)&"(<#HI**G#*.ZD(T#'.)"(#*ZD.*P'#88.$6*()8.)8#*.H8#%'.".$*
.)8$.*'#*#+?%,3'"$%&'%/%"6*.'*6#gJ*H(7X'.7.)8.*)&*H.*H&H8(.).I**G&H*.L."8&H*.)8.KC.)&H*<.*'#*
S'8(7#;*X&$*'&*C.).$#'*)&*H.*<.%.)*#*'&H*#'"#'&(<.H*?#$7#'b)("&H*H()&*#*'#*@-1;*'#*.H"&X&'#7()#*6*#*
&8$&H*X$()"(X(&H*#"8(T&H*+TJ#H.*'#*H.""(K)*aB$%(&3,%!"B$%?&)G%,?%"6*&8$&H*#<(8(T&H*<.*'#*
;5%$3%.(%9:-""B'*.H8#%'.".$*.H8#*L#'H#*.ZD(T#'.)"(#*.)8$.*'#*N-"$%&'%/%"6*.'*5%6A!"P'#88.$6*H.*$.LDC(#*
gD)8&*#*'#H*"D.$<#H*6*.7X(.W#*#*HDC.$($*.'*?(X&8J8("&*DH&*<.*#<(8(T&H*T.C.8#'.H*gD)8&*"&)*#+?%,3'"
$%&'%/%"6*X&$*8#)8&*#'*.)'%x$%)'%"+<.*'&*"D#';*7.*#X$.HD$&*#*#`#<($;*)&*?#6*X$D.%#H*.)*
#%H&'D8&5I**2#"(#*'#*"&)"'DH(K)*<.*HD*X#$8.*<.'*'(%$&;*.)*„:MM;*O&8#*M;*8$#8#*<.*#C#$$#$H.*#*D)*"'#T&*
#$<(.)8.*6*.7X(.W#*#*%DH"#$*.)*'&H*($%(&3,%"5"($%?&)G%,?%"X$&X(&H*<.*'#*Q)<(#v*}Y&8.)"(#'.H*
#<(8(T&H*$("&H*.)*@-1*X#$#*.'*E)'%x>%)'%]""Y$&X&).*.)*"&)"$.8&*'#*X'#)8#*L+.')1<3'"
?%,?+*<(3'"<.*'#*L#7('(#*<.*'#H*K+?3'<,).%+!"<.H8#"#)<&*ZD.*H.*'#*"&)&".*"&7&*.%3'5%"&*"&7&*
%'.U'%*"l$("&*.)*gDC&*<.*H&7#mI**VH*#ZDb*"D#)<&*?#".*&8$#*#L($7#"(K)*"&)*.H"#H#*%#H.v*lX#$.".*
H.$*ZD.*'#*S)("#*7#).$#*.)*ZD.*'#H*.HX."(.H*<.*L+.')1<3'"H.*XD<(.$#)*?#%.$*"&)HD7(<&*
.L."8(T#7.)8.*"&7&*<$&C#H*XH("&#"8(T#H*.)*'#*Q)<(#*?D%(.H.*H(<&*()C($(J)<&'.H*"&)*.98$#"8&H*<.*
#+?%,3'"$%&'%/%!"/%*S)("#*LD.)8.*'&"#'*<.*.H8&H*#'"#'&(<.HmI**BD)ZD.*8(.).*$#WK)*#'*H.`#'#$*ZD.*'#*
@-1*.H*()#"8(T#*&$#'7.)8.*6;*X&$*8#)8&;*$.ZD.$($b#*'#*7.W"'#*"&)*#'CS)*8(X&*<.*()?(%(<&$*<.*'#*
-B0;*"&7&*X&$*.g.7X'&*#'"#'&(<.H*?#$7#'b)("&H*X#$#*X&<.$*H.$*#"8(T#*X&$*Tb#*&$#';*&'T(<#*<.H8#"#$*
<&H*"D.H8(&).H*"$D"(#'.HI**Y$(7.$#;*.'*L+.')1<3'"?%,?+*<(3'"7(H7&;*(CD#'*ZD.*.'*L-"?5&%,."5"L-"
G3/($+//3'!""&)8(.).*#'"#'&(<.H* "#$%&'b)("&H;*"&7&*P'#88.$6*?D%(.H.*H#%(<&*H(*?D%(.H.*
"&)HD'8#<&*D)&*<.*'&H*8$#%#g&H*#*'&H*ZD.*J'*7(H7&*?#".*$.L.$.)"(#*+3#).<..*6*[?&H#'*:E/EA*TJ#H.*
8#7%(J)*[?&H#'*:E_,A*[?&H#'*+*"%/-*:E_,5I**L-"G3/($+//3'""&)8(.).*/*"'#H.H*<(L.$.)8.H*<.*
"#$%&'()#H;*.)8$.*.''#H*?#$7#)*6*'#*O!7.8('!/!7.8&9(!8.8$#?(<$&! "#$%&'()#;*"&)&"(<&H*
()?(%(<&$.H*<.*'#*-B0*+3D"d?&'8W*6*3&CC#)*:E__A*-"j.))#*+*"%/-":EF>#5I**].CD)<#;*)&*HK'&*'#H*
.HX."(.H*<.*L+.')1<3'!"H()&*ZD.*D)#H*"D#)8#H*X'#)8#H*<.*'#*Q)<(#*"&)8(.).)* "#$%&'()#H*+B''.)*6*
2&'7H8.<8*:EF\5I**a#+?%,3'"$%&'%/%!"'#*S)("#*LD.)8.*'&"#'*<.*.H8.*#'"#'&(<.IIIm*})#<#*<.*.H&~I**
fJ#H.*'#*O&8#*>;*7NH*#%#g&;*X#$#*D)#*'(H8#*<.*X'#)8#H*ZD.*"&)8(.).)* "#$%&'()#H*()?(%(<&$#H*<.*'#*
-B0*6*.'*#$8b"D'&*<.*B''.)*6*2&'7H8.<8*X#$#*D)#*'(H8#*<.*X'#)8#H*ZD.*"&)8(.).)*H(7X'.H*#'"#'&(<.H*
"#$%&'b)("&HI**Q)"'DH&*'#*;'%,<*%"'3.(%&<%!""#)<(<#8#*
,M,*
*
ZD.*X$&X&).*U#HH&)*X#$#*.'*.)'%!""&)8(.).*D)#* "#$%&'()#*+-#8HD7&8&*+*"%/-*:E/E5I**B<.7NH;*
.)*X$D.%#H*$.#'(W#<#H*"&)*#)(7#'.H;*[?&H#'*"&7X$&%K*ZD.*'&H*.98$#"8&H*"&)".)8$#<&H*<.*
L+.')1<3'"G3/($+//3'".$#)*lHK'&*'.T.7.)8.*#"8(T&Hm*+[?&H#'*:E_,5I**2#6*&8$#H*C$(.8#H*.)*'&H*
$#W&)#7(.)8&H*<.*P'#88.$6*ZD.*X&<$b#*<.H8#"#$;*X.$&*8.$7()#$J*#ZDb*X&$**
<.*'#*%$.T.<#<I**O&*XD.<&*"&)"'D($;*H()*.7%#$C&;*H()*"&7.)8#$*.'*DH&*.$$K).&*ZD.*P'#88.$6*?#".*
$.X.8(<#7.)8.*<.*'#*X#'#%$#*<,*)Q<(%,*!""&7&*.)v*.%(&+1"<,*)Q<(%,*-""G#*X#'#%$#*H(C)(L("#*
'(8.$#'7.)8.*l.H8DX.L#".$;*<.g#$*()"&)H"(.)8.*&*<.'($#)8.;*.)'&ZD.".$*&*X$(T#$*#*D)&*<.'*DH&*
?#%(8D#'*<.*'&H*H.)8(<&H*&*'#*$#WK)*"&)*D)*LN$7#"&*&*%.%(<#*#'"&?K'("#mI**1#7%(J)*XD.<.*H(C)(L("#$*
l.)T.).)#$A*"&$$&7X.$*7&$#'*&*.HX($(8D#'7.)8.m*=IQ0)&1"J,?/<.$"L<(*<),%&5!"4&7X#"8*V<(8(&);*
XNCI:>_:5I*zB"#H&*.H*P'#88.$6*8#)*()H.)H(%'.*#*'&H*DH&H*<.'*'.)CD#g.*"&7&*X#$#*?#%'#$*<.*D)#*
.%(&+1"<,*)Q<(%,*`""VH&*.H*D)*&9b7&$&)I*zYD.<&*HDC.$($*ZD.*<.*'&*ZD.*.H8N*?#%'#)<&*.H*<.*D)*
l.7%$(#C#)8.*H#C$#<&m{**V'*H(C)(L("#<&*ZD.*H.*<#*#*<,+8&<%*<),".)*.'*IQ0)&1"J,?/<.$*L<(*<),%&5"
+4&7X#"8*V<(8(&);*XNCI:>,=5*.H*#<."D#<&v*l#'.C$b#;*.7&"(K)*&*.9"(8#"(K)*.98$#T#C#)8.Hm*6*.'*
.g.7X'&*<.'*DH&*<.*'#*X#'#%$#*X&$*X$(7.$#*T.W*.H*#X$&X(#<&v*l.H8#*.7%$(#CD.W*&*%&$$#"?.$#*<(T()#*
<.'*.HXb$(8DmI**V)*D)*'(%$&*ZD.*8$#8#*.'*8.7#*<.*'&H*.)8.KC.)&H*6*.)*.'*ZD.*.'*X.H&*<.*'#*
#$CD7.)8#"(K)*$."#.*.)*.'*H(C)(L("#<&*<.*'#H*X#'#%$#H;*)&*?#6*'DC#$*X#$#*D)#*D8('(W#"(K)*<.'*
'.)CD#g.*8#)*X&"&*H.)H(%'.I*
*
\P!2#*?#%(<&*D)#*H.$(.*<.*<.H#L&$8D)#<#H*"&)LDH(&).H*.)*'#*'(8.$#8D$#*.)8$.*5%6A"5*?#$7#'()#;*6*
.)8$.*?#$7#'()#*6*?#$7()#I**V)*:E_=;*4I*O#$#)g&*XD%'("K*D)*#$8b"D'&*H&%$.*'&H*lBHX."8&H*
XH("&'KC("&H*<.*'#*.9X.$(.)"(#*"&)*c%?A".)*D)*"&)8.98&*.9X.$(7.)8#'m*+O#$#)g&*:E_=%5I**4&7&*H.*
7.)"(&)#%#*.)*'#*H.""(K)*lQ)8.$JH*#"8D#'*X&$*'#*;5%$3%.(%*6*.'*>%&'+/9!".H8.*#$8b"D'&*)&*8(.).*
)#<#*ZD.*T.$;*.)*$.#'(<#<;*"&)*.'*DH&*.9X.$(7.)8#'*1+/"5%6A!"H(*)&*ZD.*7NH*%(.)*8$#8#%#*#".$"#*<.*
.9X.$(7.)8&H*"&)*?#$7#'()#*ZD.*6#*?#%b#)*H(<&*<.H"$(8&H*+O#$#)g&*:E/_5;*.)*'&H*ZD.*O#$#)g&*
#L($7#%#*.$$K).#7.)8.*ZD.*JH8.*.$#*l.'*#'"#'&(<.*#"8(T&*<.'*5%6A9"+O#$#)g&*:E_=%5I**]()*
.7%#$C&;*"&7&*H.*<.8#''#%#*.)*'#*H.""(K)*lsDb7("#*<.*'#*;5%$3%.(%"6*P#$7#"&'KC(#*<.*'#H*%.8#!
"#$%&'()#Hm;*.)*'#H*X&"(&).H*<.*%5%$3%.(%"#)#'(W#<#H*?#H8#*#?&$#;*'#*?#$7#'()#*H.*?#''#*HK'&*.)*
8$#W#HI**V'*C$DX&*<.*-"j.))#*.)"&)8$K*HK'&*,M*7C*<.*?#$7#'()#*.)*D)#*<&H(H*<.*/\*7'*<.*
%5%$3%.(%"<.*YD"#''X#;*ZD.*#*HD*T.W*"&)8.)b#*>=_*7C*<.*#'"#'&(<.H;*<.*'&H*"D#'.H*'#*7#6&$b#*+=_/*
7C5*.$#)*?#$7()#*6*<!'.X8#L'&$()#*+8.8$#?(<$&?#$7()#*&*1225*.)*D)#*X$&X&$"(K)*#X$&9(7#<#*<.*
8$.H*#*D)&*+-"j.))#*.8*#'I:EF>#5I*V)*D)*#)N'(H(H*#)8.$(&$*<.*7D.H8$#H*<.*%5%$3%.(%"X.$D#)#;*
D)#*<&H(H*<.*,\\*7'*"&)8.)b#;*X&$*'&*C.).$#';*HK'&*8$#W#H*<.*?#$7#'()#;*6*<.*)D.T&;*<.*'&H*/\*7C*
8&8#'.H*<.*#'.#'&(<.H*>\*7C*.$#)*?#$7()#*7NH*<!'.X8#L'&$()#*+1225*.)*D)#*X$&X&$"(K)*
#X$&9(7#<#*<.*8$.H*#*D)&*+R(T(.$*6*G()<C$.)*:E_,5I**V)*D)*#)N'(H(H*$."(.)8.*<.*D)#*X&"(K)*<.*
1%<'+"H.*.)"&)8$#$&)*HK'&*8$#W#H*<.*?#$7#'()#I**V)*D)#*<&H(H*<.*M\*7';*<.'*8&8#'*<.*:_\*7C*<.*
#'"#'&(<.H;*:>>*7C*"&)H(H8b#)*.)*"#)8(<#<.H*#X$&9(7#<#7.)8.*(CD#'.H*<.*?#$7()#*6*<!
'.X8#L'&$()#*&*122*+G(cHW6"*+*"%/-":EE,5I**V)*.H8#H*8$.H*X&"(&).H;*.'*()C$.<(.)8.*.)8.&CJ)("&*#"8(T&*
.$#*'#*@-1;*H(.)<&*'#H*"#)8(<#<.H*<.*#'"#'&(<.H* "#$%&'b)("&H;*?#$7()#*6*<!'.X8#L'&$()#*+1225*
<.7#H(#<&*%#g#H*X#$#*X$&T&"#$*.L."8&H*XH("&#"8(T&H;*8#'*6*"&7&*<.7&H8$#%#)*'&H*X$&X(&H*
.H8D<(&H*<.*O#$#)g&*+O#$#)g&*:E/_5I**G#H* "#$%&'()#H*H($T.)*7NH*%(.)*.)*.H8#H*X&"(&).H*<.*
()?(%(<&$.H*<.*'#*-B0*+TJ#H.*'#*H.""(K)*lP#$7#"&'&Cb#*<.*'#H*%.8#!*
,M=*
*
"#$%&'()#Hm5*X#$#*?#".$*ZD.*'#*@-1*H.#*#"8(T#*&$#'7.)8.I**Q)"'DH&*.)*.H8.*H.)8(<&;*#'*.)"&)8$#$H.*
'#*?#$7#'()#*.)*8$#W#H*lX$&%#%'.7.)8.*)&*"&)8$(%D6#*H(C)(L("#8(T#7.)8.*#*'#*()?(%("(K)*<.*'#*-B0*
ZD.*X$&<D".*'#*<$&C#m*+-"j.))#*+*"%/-":EF>#5I**@.L()(8(T#7.)8.;*.'*#$8b"D'&*<.*O#$#)g&*<.*:E_=*)&*
8(.).*)#<#*ZD.*T.$*"&)*'#*L#$7#"&'&Cb#*<.'*5%6A!"6*H.*<.%.$b#*?#%.$*8(8D'#<&*lBHX."8&H*XH("&'KC("&H*
<.*'#*.9X.$(.)"(#*"&)*2#$7#'()#*.)*D)*"&)8.98&*.9X.$(7.)8#'mI**B*X#$8.*<.'*.$$&$*<.*O#$#)g&;*?#*
?#%(<&*#'*7.)&H*H.(H*XD%'("#"(&).H*ZD.*?#)*"&)LD)<(<&*'#*?#$()#'()#*"&)*'#*?#$7()#;*#L($7#)<&*
.ZD(T&"#<#7.)8.*ZD.*'#*?#$7#'()#*.$#*.'*#'"#'&(<.*X$()"(X#'*<.*'#*%5%$3%.(%!".)*T.W*<.*'#*
?#$7()#I**V)*HD*.9".'.)8.*.H8D<(&*<.*:E_M;*J/"6%?3%&"H!+/"B$%'D,!"R.("?.'!@&'7#8&LL*8(.).*D)*
<.H'(W*.)*'#*XNC()#*>\;*.)*.'*ZD.*X#$.".*HDC.$($*ZD.*'#*?#$7()#*H!'#*?#$7#'()#*H&)*H()K)(7&Hv*lG#*
HD%H8#)"(#*XH("K8$&X#*X$()"(X#'*<.*W%,<.*+&<)G.<."G%&+(+*H.$*'#*?#$7()#*+?#$7#'()#5m;*#D)ZD.*.)*'#*
H(CD(.)8.*XNC()#*"&)"$.8#*.H8#*#L($7#"(K)*<("(.)<&;*"&$$."8#7.)8.v*aW%,<.*+&<)G.<."(%%G<"
"&)8(.).;*#<.7NH*<.*?#$7()#;*&8$&H*<&H*<.$(T#<&H*<.*'#H* "#$%&'()#Hv*'#*?#$7#'()#*6*'#*<!
8.8$#?(<$&?#$7()#m*+R.("?.'!@&'7#8&LL*:E_M5I**V)*HD*'(%$&*<.*:EF\*C$+"[%&&<%?+")0"*$+"E3,"%,1"
[)),"+G#H*3&<#H*<.'*]&'*H!'#*GD)#5;*B)<$.c*U.('*"&)LD)<b#*'#*?#$7#'()#*6*'#*?#$7()#v*l"D#)<&*'&H*
"(.)8bL("&H*#'.7#).H*#(H'#$&)*X&$*X$(7.$#*T.W*.'*X$()"(X#'*#'"#'&(<.*<.*'#*X'#)8#*=W%,<.*+&<)G.<."
(%%G<:!"'&*''#7#$&)*8.'.X#8()#I*+2&6*.)*<b#*H.*'.*"&)&".*"&)*.'*)&7%$.*7.)&H*()8.$.H#)8.*<.*
?#$7#'()#5*l*+U.('*:EF\5I**Y&$*HDXD.H8&*ZD.*'#*8.'.X#8()#*<.'*"(.)8bL("&*"&'&7%(#)&*P(H?.$*
4N$<.)#H*H.*"&)&".*?&6*.)*<b#*"&)*.'*)&7%$.*<.*?#$7()#*6*)&*?#$7#'()#;*"D6&*S)("&*H()K)(7&*
"&)&"(<&*.H*?#$7(<()#*+4?.)*6*4?.)*:E=E5I**V)*HD*'(%$&*<.*:EF=*B$)()/%*+"*)"[)&G$<,+"+@.'*
"?&"&'#8.*#*'#*7&$L()#5;*U.('*6*U()(L$.<*R&H.)*#L($7#$&)*H&%$.*.'*5%6AM"l'#*X'#)8#*<.%.*'#*7#6&$*
X#$8.*<.*HD*#"8(T(<#<*#*'#*?#$7#'()#m*+ZD.*H.*"&$$(C(K*.)*D)#*.<("(K)*$.T(H#<#*X&$*l?#$7()#m5;*
7(.)8$#H*ZD.*'&H*#)N'(H(H*"D#)8(8#8(T&H*<.*<(T.$H#H*T#$(.<#<.H*"D'8(T#<#H*<.*W%,<.*+&<)G.<."(%%G<"
<.8.$7()#$&)*ZD.*.'*#'"#'&(<.*X$()"(X#'*.$#*'#*?#$7()#*+-"j.))#*+*"%/-":EF>#A*R(T(.$*6*G()<C$.)*
:E_,5I**BD)ZD.*.'*C$DX&*<.*-"j.))#*.)"&)8$K*ZD.*D)#*<.*'#H*H.(H*T#$(.<#<.H*"D'8(T#<#H*
#)#'(W#<#H*"&)8.)b#*'(C.$#7.)8.*7NH*?#$7#'()#*ZD.*?#$7()#;*'#*"#)8(<#<*7.<(#*?#%(8D#'*<.*
?#$7()#*.)*'#H*H.(H*T#$(.<#<.H*LD.*#'C&*HDX.$(&$*#'*M\a*<.*'#*"#)8(<#<*8&8#'*<.* "#$%&'()#HA*6*'#*
<.*?#$7#'()#*LD.*D)*,>;Ma*+-"j.))#*+*"%/-":EF>#5I**B<.7NH;*.)*'#H*X&"(&).H*<.*%5%$3%.(%"
#)#'(W#<#H;*'#*?#$7()#*$.X$.H.)8#%#*.'*/Ma*<.'*8&8#'*<.*#'"#'&(<.H;*'#*<!'.X8#L'&$()#*&*
8.8$#?(<$&?#$7()#*+1225*.'*,,a;*'#*@-1*.'*Fa*6*'#*?#$7#'()#*HK'&*.'*/aA*?."?&*ZD.*X#$.".*()<("#$*
ZD.*'#*?#$7#'()#*H.*.98$#.*.)*.H8#H*X&"(&).H*<.*7#).$#*%#H8#)8.*().L("#W*&*ZD.*X#$8.*<.*'#*
?#$7#'()#*<.*'#*X'#)8#*H.*&9(<#*#*?#$7()#*<D$#)8.*.';*#*7.)D<&;*'#$C&*X$&".H&*<.*"&""(K)*+P(H"?.$*
:FEE5I**4&7&*H.*?#*7.)"(&)#<&*#)8.$(&$7.)8.;*'&H*#)N'(H(H*<.*T#$(#H*X&"(&).H*<.*%5%$3%.(%"ZD.*
?("(.$&)*R(T(.$*6*G()<C$.)*+:E_,5*<.8."8#$&)*HK'&*"#)8(<#<.H*8$#W#*<.*?#$7#'()#;*#'*(CD#'*ZD.*.)*D)*
$."(.)8.*#)N'(H(H*<.'*1%<'+"<.*D)#*(C'.H(#*"$(H8(#)#*<.*]D<#7J$("#*+G(cHW6"*+*"%/-":EE,5I**V)*
"D#'ZD(.$*"#H&;*'#*?#$7()#*.H*.'*#'"#'&(<.*X$()"(X#'*<.*W-"(%%G<!"5*)&*'#*?#$7#'()#A*<.*7&<&*ZD.*'#*
?#$7()#*6*'#*<!'.X8#L'&$()#*+1225*$.X$.H.)8#)*.'*F_a*<.'*8&8#'*<.*#'"#'&(<.H*<.*'#H*X&"(&).H*<.*
%5%$3%.(%"8bX("#H*ZD.*"&)8(.).)*@-1;*H*7NH*<.'*E=a*<.*'#*L$#""(K)* "#$%&'b)("#*+-"j.))#*+*"%/-"
:EF>#5I**n)#*T.W*7NH*.)"&)8$#7&H*$.X.8(<#H*"&)LDH(&).H;*.H8#*T.W*.)*'#*J,(<(/)G+1<%"1+"/)."
#.<()1A/<()."<.*Y.8.$*]8#LL&$<I**V)*'#*XNC()#*===!==>*]8#LL&$<*.H"$(%(Kv*l<.*#ZDb*.)*#<.'#)8.;*
%5%$3%.(%"H.*$.L(.$.*
,M>*
*
#*'#H*.HX."(.H*XH("&<J'("#H*H("y*1+"W%,<.*+&<)G.<.!"5%6A"#*'#*%.%(<#*X$.X#$#<#*"&)*'#*"&$8.W#*.98.$(&$*
6*?#$7#'()#*#'*"&7XD.H8&*XH("&<J'("&*k.<(l"X$()"(X#'*<.*'#*"&$8.W#mI**@.*)D.T&*'#*?#$7()#*6*)&*'#*
?#$7#'()#*.H*.'*l"&7XD.H8&*XH("&<J'("&*H("y*X$()"(X#'*<.*'#*"&$8.W#mI**@.HXDJH;*.)*'#H*XNC()#H*==M!
==/;*]8#LL&$<*.9X'("#v*l.)*:E,=;*P(H"?.$*#)#'(WK*5%6A!"#(H'#)<&*D)*#'"#'&(<.*#'*ZD.*''#7K*8.'.X#8()#I**
V)*.'*7(H7&*#`&;*3#$$(C#!f(''#'%#*6*B'%#$$#"b)*#(H'#$&)*<&H*#'"#'&(<.H*<.*.H8#*%.%(<#A*'&H*''#7#$&)*
5%6+<,%"5"5%6+<,<,%*k.<(l-""V)*:E,F;*G.c()*#(H'K*'#*8%,<.*+&<,%-""Y&"&*<.HXDJH;*U&'L.H;*#'*(CD#'*ZD.*
RD7XL*6*V'C.$;*#L($7#$&)*ZD.*.H8&H*#'"#'&(<.H*.$#)*(<J)8("&Hv*.$#)*?#$7#'()#IIIm+]8#LL&$<*:EF=5I**
@.*)D.T&;*V'C.$*+:E,F5*6*.'*C$DX&*<.*U&'L.H*6*RD7XL*+:E,F5*<.8.$7()#$&)*ZD.*'#*8.'.X#8()#;*'#*
5%6+4,%"6*'#*8%,<.*+&<,%".$#)*?#$7()#*6*)&*?#$7#'()#I**1#7%(J)*?#6*T#$(&H*.$$&$.H*8$(T(#'.H*.)*.H8#H*
L$#H.Hv*:5*/%"5%6A,<,%!"ZD.*]8#LL&$<*.H"$(%(K*7#';*.$#*#X#$.)8.7.)8.*<(L.$.)8.*<.*'#*5%6A<,%"6*
X$&%#%'.7.)8.*)&*.$#*?#$7()#*H()&*&8$&*#'"#'&(<.A*,5*3#$$(C#*f(''#'%#;*)&*.H*).".H#$(&*.'*CD(K);*
?(W&*HD*.H8D<(&*<&H*#`&H*<.HXDJH*ZD.*P(H?.$*4N$<.)#H;*6*#7%&H*8$#%#g#$&)*"&)*7D.H8$#H*T.C.8#'.H*
+ZD.*]8#LL&$<*<(g&*ZD.*''#7#$b#*a%5%$3%.(%9S"7(.)8$#H*ZD.*#ZDb*]8#LL&$<*<(".*ZD.*.'*#(H'#7(.)8&*H.*
$.#'(WK*#*X#$8($*<.'*5%6A!"X#'#%$#*ZD.*J'*DH#*X#$#*<.H(C)#$*'#*X&"(K)5A*=5*RD7XL*8$#%#g#%#*"&)*
U&'L.H*.)*B'.7#)(#;*7(.)8$#H*ZD.*V'C.$*8$#%#g#%#*H&'&A*#D)ZD.*'#H*X#'#%$#H*<.*]8#LL&$<*?#".)*
"$..$*ZD.*RD7XL*6*V'C.$*.$#)*D)*.ZD(X&*6*ZD.*U&'L.H*()T.H8(C#%#*<.*L&$7#*()<.X.)<(.)8.I**
]8#LL&$<*TD.'T.*#*8$&X.W#$*.)*'#*H(CD(.)8.*L$#H.v*l.H8#*"&)"'DH(K)*H.*XDH&*.)*<D<#*<D$#)8.*#'CS)*
8(.7X&;*?#H8#*ZD.*4?.)*6*4?.);*8$#%#g#)<&*"&)*7D.H8$#H*%&8N)("#H*"'#$#7.)8.*(<.)8(L("#<#H;*
<.7&H8$#$&)*ZD.*8&<#H*.H8#H*HD%H8#)"(#H*.$#)*?#$7#'()#mI**]8#LL&$<*<.%.$b#*<."($*?#$7()#I**
BL&$8D)#<#7.)8.;*#'*''.C#$*#*'#*H.""(K)*ZDb7("#;*]8#LL&$<*"&'&"#*"&$$."8#7.)8.*'&H*)&7%$.H*.)*'&H*
<(#C$#7#H;*X.$&*#H(C)#*D)*'DC#$*.HX."(#'*#*'#*?#$7#'()#*.)*.'*.)"#%.W#7(.)8&*<.*'#*XNC()#*6*8(8D'#*
.'*"#Xb8D'&*lB6#?D#H"#;*i#CJ*6*2#$7#'()#m;*<#)<&*D)*J)L#H(H*()#<."D#<&*#*'#*?#$7#'()#*"D#)<&*.'*
X$()"(X#'*"&7X&).)8.*.H*'#*?#$7()#I**]8#LL&$<*8$&X(.W#*X&$*S'8(7#*T.W*.)*'#*XNC()#*=MM*#'*<."($v*
lG.c()*X$&%K*'#*?#$7#'()#*"'b)("#7.)8.*.)*X#"(.)8.H*7.)8#'.H*#*L()#'.H*<.*'&H*#`&H*,\mI**n)#*T.W*
7NH;*.$#*?#$7()#*.'*"&7XD.H8&*"&)*.'*ZD.*.9X.$(7.)8K*G.c()*.)*'&H*#`&H*,\*+G.c()*:E,FA*G.c()*
:E,E5I**V)*HD*'(%$&*<.*:EF:*H&%$.*.'*DH&*XH("&8.$#XJD8("&*<.*'&H*#'D"()KC.)&H;*R&ZD.8*6*P$#T.#D*
8#7%(J)*"&)LD)<.)*'#*?#$7()#*6*'#*?#$7#'()#*+R&ZD.8*6*P$#T.#D*:EF:5I**VH8&H*#D8&$.H*7.)"(&)#)*
#*'#*?#$7#'()#*6*'#*1T:;,;=;>!8.8$#?(<$&?#$7#'()#*k.<(l""&7&*'&H*"&7XD.H8&H*#"8(T&H*<.*'#*
%5%$3%.(%-""G#*?#$7#'()#;*<.H<.*'D.C&;*.H*D)*"&)H8(8D6.)8.*X$.H.)8.*.)*8$#W#H*6*.H*'#*=;>!
<(?(<$&?#$7()#I*V)*$.#'(<#<*'&H*X$()"(X(&H*#"8(T&H*H&)*'#*?#$7()#*6*'#*<!:;,;=;>!8.8$#?(<$&?#$$)()#I**
P()#'7.)8.*6*"&7&*6#*H.*?#*7.)"(&)#<&;*P'#88.$6*6*]"?c#$8W*H.*.ZD(T&"#$&)*#'*8(8D'#$*HD*'(%$&*
>%)'%"5">%&'%/<,%!""D#)<&*'#*?#$7()#*.H*.'*#'"#'&(<.*X$()"(X#'*<.*#+?%,3'"$%&'%/%"5"
W%,<.*+&<)G.<."(%%G<!"'&H*X$&8#C&)(H8#H*<.*HD*'(%$&I**V)*'#*H.""(K)*„E=;*O&8#*,_;*.)"&)8$#7&Hv*l.)*
'&H*()L&$7.H*<.*'&H*.H8D<(&H*"'b)("&H*<.*4I*4#''.$*Q%J$("&*+:E>:5*.)*'&H*"D#'.H*H.*<.8.$7()K*ZD.*
X.ZD.`#H*<&H(H*<.*?#$7#'()#*8.)b#)*7#$"#<&H*.L."8&H*H&%$.*'&H*K$C#)&H*H.9D#'.HIIIm*"D#)<&*.)*
$.#'(<#<*Q%J$("&*.9X.$(7.)8K*"&)*%5%$3%.(%"l.)*X.ZD.`#H*<&H(H;*.ZD(T#'.)8.H*#*M*7C*<.*
%#)(H8.$()#*&*?#$7()#m*+Q%J$("&*:E>:5I*
>! G#H*H(CD(.)8.H*.HX."(.H*T.C.8#'.H*"&)8(.).)*?#$7()#v*;'.),<%"*%8+&,%+'),*%,%*
,MM*
"
=;G)(5,%(+%+:S"B%/5(%,*$3.")((<1+,*%/<."=B%/5(%,*$%(+%+:S"H)($<%".()G%&<%*=B$+,)G)1<%(+%+:S"
B%&+Q"8&+7<()//<."=B5G+&%(+%+:S"W%,<.*+&<)G.<."'3&<(%*%"=qW-"%&?+,*+%:!"W-"(%%G<!"W-"<,+8&<%,."=qW-"
(%%G<:!"W-"/3*+%"=qW-",<*&).<)1)&%:!"B%8<"G%&+,.<."=q*B%//+%3'"%,*<0+8&</+!"[%.(%?,<%"G.</)G$5//%"7%&-"
%,*<0+8&</<.S"[%/G<?$<%(+%+:S"#%..<0/)&%*<,(%&,%*%"=#%..<0/)&%(+%+:S"#+?%,3'"$%&'%/%!"C<<83/3."
*+&&+.*&<."5"y5?)G$5//3'"0%8%?)*=y5?)G$5//%(+%+:-""B*X#$8.*<.*'#H*.HX."(.H*<.*W%,<.*+&<)G.<."6*<.*
#+?%,3'"$%&'%/%!*#%..<0/)&%"<,(%&,%*%".H*'#*&8$#*S)("#*LD.)8.*"&)&"(<#*<.*?#$7#'()#;*6*'#*
$D%(N".#*K+G*%(*<,<%"1+,.<0/)&%".H*'#*S)("#*&8$#*LD.)8.*"&)&"(<#*<.*8.8$#?(<$&?#$7()#*+.)*L&$7#*
$#"J7("#5;*8#7%(J)*"&)&"(<#*"&7&*/+G*%0/)&<,%"+B''.)*6*2&'7H8.<8*:EF\5I**B*X#$8.*<.*#+?%,3'"
$%&'%/%"6*'#H*.HX."(.H*<.*W%,<.*+&<)G.<.!"'#H*H(CD(.)8.H*/,*X'#)8#H*"&)8(.).)* "#$%&'()#H*
()?(%(<&$#H*<.*'#*-B0*+B''.)*6*2&'7H8.<8*:EF\A*3D"d?&'8W*H!3&CC#)*:E__A*-"QH##"*6*VH8JT.W*:E//A*
-"j.))#*+*"%/-"rgvZ%:M"B)&<)/3."'%Q<'3.*=;?%&<(%(+%+:S";'.),<%"*%8+&,%+'),*%,%!";G)(5,3'"
(%&'%8<,3'!"I($&).<%",%F%<%,%"=;G)(5,%(+%+:S"B%/5(%,*$3.")((<1+,*%/<."=B%/5(%,*$%(+%+:S"
>%''%1%"/+G*)(/%1%!*H)($<%".()G%&<%"=B$+,)G)1<%(+%+:S"X3<+&%".+,+?%/+,.<."=B)'8&+*%(+%+:S"
B%&+Q"8&+7<()//<."=B5G+&%(+%+:S"J/%+%?,3."%,?3.*<0)/<%!"J-"$)&*+,.<.!"J-")&<+,*%/<.!"J-".G<,).%!*
><GG)G$%+"&$%',)<1+.!"E$+G$+&1<%"%&?+,*+%!"E-"(%,%1+,.<."=J/%+%?,%(+%+:S";&3,1)*1),%Q!"
f+.*3(%"%&3,1<,%(+%!"K)/<3'"G+&+,,+"=X&%'<,+%+:S";(%(<%"8%</+&%,%!";-"()'G/%,%*%!"W3&F+%"
%0&<(%,%!"L+.')1<3'"G3/($+//3'!"[3(3,%"G&3&<+,.!"#+*%/).*5/<."/%8<($+)<1+.!"#&).)G<.",<?&%"
=K+?3'<,).%+:S"E*&5($,)."3.%'8%&+,.<."=K)?%,<%(+%+:S"B%8<*G%&%+,.<."=qB%//%+3'"%,*<0+8&</+S"
[%/G<?$<%(+%+:S"b<&)/%"(3.G<1%*%"=[5&<.*<(%+%+:S*#%..<0/)&%"%(*<,+%!"#-"%/%*%!"#-"%/8%!"#-"
8&5),<)<1+.!"#-"(%+&3/+%!"#-"(%G.3/%&<.!"#-"1+(%<.,+%,%!"#-"+13/<.!"#-"+<($/+&<%,%!"#-"0)+*<1%!"#-"
<,(%&,%*%!"#-"23%1&%,?3/%&<.!"#-"%00-"&38+&).%!"#-".38G+/*%*%!"#-"i%&'<,?<<"=#%..<0/)&%(+%+:S"
B%//<?),3'"'<,<'3'*=#)/5?),%(+%+:S"K+G*%(*<,<%"1+,.<0/)&%!"@%3(/+%"1<1+&/<($<<!"IG$<)&<$<d%"
6%G),<(%!*#%3&<1<%,*$%"(%//<(%&G)<1+.!"#-"1+i+7&+<!"#-"R5%//<!"#-"7<&<1<0/)&%!"E<'<&%"F/3?<<!"E-"(38&%!*
O,(%&<%"%**+,3%*%!"O-"(%,+.(+,.!"O")&<+,*%/<."=N38<%(+%+:S"B$&5.)G$5//3'"/%()3&*<%,3'"
=E%G)*%(+%+:S"E5'G/)()."&%(+').%"=E5'G/)(%(+%+:S"f%?),<%"(&+*<(%!"C&<83/3.**+&&+.*&<."5"
y5?)G$5//3'"0%8%?)"=y5?)G$5//%(+%+:-""].*?#*#L($7#<&*ZD.*.'*?&)C&*B)&*<,%&<3."<,0&%(*3.!"+,".'*
ZD.*$."(.)8.7.)8.*H.*?#*?#''#<&*'#*X$.H.)"(#*<.*'#H* "#$%&'()#H;*()L$#"8()#;*/!?(<$&9(!()L$#"8()#*6*
()L$#"8(X("$()#*+]8.C'("?*+*"%/-":EF>5;*.H*l#'D"()KC.)&m*+BWJ7#*:EF_A*[(#"&7&)(*:EF_5;*D)#*
X$&XD.H8#*<D<&H#*.)*#DH.)"(#*<.*X$D.%#H*"&)*?D7#)&H*D*&8$#*()L&$7#"(K)*L#$7#"&'KC("#*
+]#7&$()(*:EE=#5I*
*
_P! G#H*7D.H8$#H*<.*$.L.$.)"(#*%&8N)("#H*H.*X$.)H#);*H.*H."#)*6*H.*CD#$<#)*"&7&*7D.H8$#H*<.*
$."&'.""(K)*X#$#*.'*.H8D<(&*<.*HDH*X$&X(.<#<.H*ZDb7("#H*+&*<.*"D#'ZD(.$*&8$#*)#8D$#'.W#5I**].*?#".*
'#*7D.H8$#*"&)*D)#*.8(ZD.8#*"&)*'#*7NH*"&7X'.8#*()L&$7#"(K)*X&H(%'.*H&%$.*'#H*"&)<("(&).H*<.*HD*
$."&'.""(K)v*L."?#;*'DC#$;*#'8D$#;*)&7%$.*<.'*$."&'."8&$*6*)S7.$&*<.*$."&'.""(K);*"&7.)8#$(&H*
H&%$.*'#*C.&'&Cb#*6*'#*."&'&Cb#*<.'*'DC#$*+XI.gI*8(X&*<.*HD.'&;*"'(7#*<.*'#*W&)#;*&8$#H*X'#)8#H*
"&7D).H*<.*'&H*#'$.<.<&$.H;*.8"I5;*.*()L&$7#"(K)*.8)&%&8N)("#*"&)"$.8#*+)&7%$.H*'&"#'.H*6*HDH*
H(C)(L("#<&H;*DH&*."&)K7("&;*L&'"'&$.*#H&"(#<&*#*'#*X'#)8#;*.8"I5I*1&<&*.H8&*H.*<.X&H(8#*.)8&)".H*.)*
D)*?.$%#$(&*$."&)&"(<&I**V)*"&)<("(&).H*(<.#'.H;*'#*7D.H8$#*<.*$.L.$.)"(#*()"'D($N*'&H*K$C#)&H*
,M/*
*
$.X$&<D"8&$.H*<.*'#*X'#)8#*+L'&$.H;*L$D8&H;*H.7(''#H5*#Hb*"&7&*?&g#H*$.X$.H.)8#8(T#H*6*7#8.$(#'*<.'*
8#''&*&*8$&)"&I**P$."D.)8.7.)8.;*'&H*K$C#)&H*$.X$&<D"8&$.H*H&)*(7X$.H"()<(%'.H*X#$#*(<.)8(L("#$*'#*
X'#)8#I**BHb;*'#*7D.H8$#*<.*$.L.$.)"(#*.H8N*<(HX&)(%'.*X#$#*D)#*()HX.""(K)*X&H8.$(&$*ZD.*X.$7(8#*
T.$(L("#$*'#*(<.)8(L("#"(K)*<.*"D#'ZD(.$*X'#)8#*<.*'#*ZD.;*8$#H*H.$*#)#'(W#<#*ZDb7("#7.)8.;*H.*ZD(.$#*
()L&$7#$*.)*'#*'(8.$#8D$#*"(.)8bL("#*ZD.*"&)8(.).*.H8.*&*#ZD.'*"&7XD.H8&*+36.*:EF/%A*]"?D'8.H*
:E/,A*]"?D'8.H*:E//5I**G&H*.<(8&$.H*<.*'#*7#6&$b#*<.*'#H*$.T(H8#H*"(.)8bL("#H*ZD.*XD%'("#)*'&H*
$.HD'8#<&H*<.*#)N'(H(H*L(8&ZDb7("&H*&*.H8D<(&H*.8)&%&8N)("&H*()H(H8.)*#"8D#'7.)8.;*6*"&)*$#WK);*.)*
ZD.*'&H*#$8b"D'&H*()"'D6#)*'#H*$.L.$.)"(#H*#*.H8#H*7D.H8$#H*<.*"&)8$&'*<.*8&<#H*'#H*.HX."(.H*
#)#'(W#<#H;*X&$*H(*#"#H&*HD$C(.$#)*<D<#H*H&%$.*'#*(<.)8(L("#"(K)*<.'*7#8.$(#'*T.C.8#'I**V)*.'*"#H&*<.*
2&"?H8.()*6*Y#$#<(.H*ZD.*()L&$7#$&)*<.*'#*X$.H.)"(#*<.*@-1*.)*#&+.*),<%"%'%d),<(%!"?&6*'&H*
.HX."(#'(H8#H*<D<#)*<.*'#*"&$$."8#*'#*(<.)8(L("#"(K)*<.'*7#8.$(#'*&$(C()#';*6#*ZD.*)&*H.*"&)&".*'#*
X$.H.)"(#*<.*@-1*.)*'#*L#7('(#*<.*'#H*;G)(5,%(+%+!")(*8#7X&"&*H.*"&)&".*#-"%'%d),<(%""&7&*
X'#)8#*#D8K"8&)&*<.*'#*W&)#*.)*'#*ZD.*H.*HDX&).*H.*?(W&*'#*$."&'.""(K)I**YD.H8&*ZD.*8&<&*.'*
7#8.$(#'*$."&'."8#<&*LD.*HDXD.H8#7.)8.*7#"?#"#<&*6*#)#'(W#<&*6*)&*H.*CD#$<K*)()CD)#*7D.H8$#*
<.*$.L.$.)"(#*.)*D)*?.$%#$(&*+<.*?."?&;*'&H*#D8&$.H*X#$.".*H.$*ZD.*HK'&*T(.$&)*D)*.98$#"8&*#"D&H&*
<.*'#H*?&g#H*6*)&*'#*X'#)8#*&$(C()#'5;*?&6*)&*8.).7&H*7#).$#*<.*$.H&'T.$*.'*7(H8.$(&*ZD.*$&<.#*#*
.H8#*$."&'.""(K)I**Y#$#*()L&$7#"(K)*H&%$.*.'*.ZD(X&*<.*"#7X&*%NH("&*X#$#*'#*$."&'.""(K)*<.*
.HX."b7.).H*%&8N)("&H*6*L&8&C$#Lb#H*<.*.HX."b7.).H*X$.)H#<&H*TJ#)H.*'&H*#$8b"D'&H*<.*R&%*
-&)8C&7.$6*6*lf.$(<(8#Hm*.)*'#*$.T(H8#*j$)/+"J%&*$*N+7<+i!"08&`&*:EFE*+-&)8C&7.$6*:EFEA*
f.$(<(8#H*:EFE5I*
*
UP! 4&7&*H.*H.`#'#%#*.)*.'*4#Xb8D'&*,;*O&8#*:=;*'&H*.9X.$(7.)8&H*"&)*#)(7#'.H*H&)*<.*X&"&*
T#'&$*.)*'&H*.H8D<(&H*L(8&ZDb7("&H*<.*'&H*.)8.KC.)&H;*?#%(J)<&H.*7&H8$#<&*()S8('.H*.)*'&H*()8.)8&H*
<.*#(H'#$*'#H*L$#""(&).H*#"8(T#H*<.'*"#"8DH*GA5)*/"6*<.*'&H*?&)?)."*+),D,%(%*/-""]&'&*7.<(#)8.*'#*
.9X.$(7.)8#"(K)*"&)*?D7#)&H*LD.$&)*"#X#".H*'&H*"(.)8bL("&H*<.*#(H'#$*'&H*X$()"(X(&H*#"8(T&H*
.)8.&CJ)("&H*<.*.H8#H*X'#)8#HI**]()*.7%#$C&;*8#'*6*"&7&*()H(H8b#*.)*.'*4#Xb8D'&*,;*O&8#*:M*6*.)*.'*
4#Xb8D'&*=;*O&8#*,;*"#$.".*<.*8&<#*J8("#*.9X.$(7.)8#$*"&)*"&%#6#H*?D7#)&H*$."'D(<&H*.)*X$(H(K)I**
O&*(7X&$8#*H(*H.*'.H*''#7#*X$(H(&).$&H*+()<(T(<D&H*"&)<.)#<&H*X&$*D)*<.'(8&*6*.)T(#<&H*#*X$(H(K)5*&*
H(*H.*'.H*''#7#*.DL.7bH8("#7.)8.*lX#"(.)8.Hm*<.*D)*l?&HX(8#'*XH(ZD(N8$("&m*&*<.*D)*l?&HX(8#'*X#$#*.'*
.H8D<(&*<.*'#H*#<(""(&).Hm*+X.$H&)#H*ZD.*)&*?#)*H(<&*"&)<.)#<#H*X&$*D)*<.'(8&;*X.$&*#*'#H*ZD.*H.*
?#*"&)<.)#<&*()<.L()(<#7.)8.;*ZD(WN*X#$#*.'*$.H8&*<.*HDH*T(<#HA*#'CD)&H*<.*.''&H*#"DH#<&H*<.*D)*
<.'(8&;*X.$&*<."'#$#<&H*7.)8#'7.)8.*()"#X#"(8#<&H*X#$#*H.$*gDWC#<&H5I**1#)8&*H(*H.*'.H*''#7#*
X$(H(&).$&H;*"&)T("8&H;*#<("8&H*&*X#"(.)8.H*8&<&H*.H8&H*()<(T(<D&H*H&)*.)"#$".'#<&H*.)*"&)8$#*<.*
HD*T&'D)8#<*6*"#$.".*<.*8&<#*J8("#*D8('(W#$'&H*"&7&*"&).g(''&H*<.*()<(#H*.)*()T.H8(C#"(K)I**V'*
1$(%D)#'*<.*4$b7.).H*<.*[D.$$#*<.*Oe7%.$C*H.)8.)"(K*#*'#*?&$"#*#*7J<("&H*)#W(H*X&$*
.9X.$(7.)8&H*7D6*X#$."(<&H*#*'&H*ZD.*''.T#$&)*#*"#%&*?&7%$.H*"&7&*1D$).$*6*-.$'(H*+B$7#H*6*
[$&<()*:EE,5I**](*'&H*.9X.$(7.)8&H*"&)*#)(7#'.H*)&*&L$.".)*$.HD'8#<&H*TN'(<&H*6*'&H*.9X.$(7.)8&H*
"&)*X$(H(&).$&H*6*l.)L.$7&Hm*7.)8#'.H*"#$.".)*<.*J8("#III*zX&$*ZDJ*)&*.7X'.#$*#*T&'D)8#$(&H{**
1J")("#7.)8.*H.$b#*#".X8#%'.;*X.$&*#S)*H.$b#*X&"&*J8("&*()8.)8#$**
,M_*
*
"&)T.)".$*#*#'CD(.)*<.*ZD.*()C($(.$#*#'C&*ZD.*D)&*7(H7&*)&*<.H.#<#*8&7#$;*#'C&*ZD.*D)&*7(H7&*
#S)*)&*?D%(.H.*()C.$(<&I**V)*<.L()(8(T#;*X#$#*''.T#$*#*8J$7()&*.H8.*8(X&*<.*()T.H8(C#"(K)*D)&*<.%.*
<.H.#$*H.$*D)*XH("&)#D8#;*D8('(W#$H.*#*Hb*7(H7&*"&7&*HDg.8&*X$()"(X#'*<.*()T.H8(C#"(K);*X#$#*
.9X.$(7.)8#$*<.HXDJH*"&)*&8$&H*H.$.H*?D7#)&H*T&'D)8#$(&H*D)#*T.W*H.*?#6#)*.H8#%'."(<&*'#H*
X$."#D"(&).H*%NH("#H*6*'#*<&H(L("#"(K)*#<."D#<#I**G&H*X$&".<(7(.)8&H*.L("(.)8.H*6*J8("&H*X#$#*''.T#$*
#*"#%&*.H8.*8(X&*<.*()T.H8(C#"(K)*?#)*H(<&*#<7($#%'.7.)8.*#)#'(W#<&H*6*.9X'("#<&H*X&$*B'.9#)<.$*
]?D'C()*6*B))*]?D'C()*.)*HD*7#$#T(''&H&*'(%$&*#R>H;K"T";"B$+'<(%/"K)7+"E*)&5"+]?D(C()*6*]?D'C()*
:EE:5;*.)*.'*ZD.*H.*<.8#''#)*'#*Hb)8.H(H*6*X$D.%#H*$.#'(W#<#H*"&)*?D7#)&H*<.*:_E*.H8(7D'#)8.H*6*
.)8.KC.)&HI*
*
VP! B'*.9#7()#$*.'*'(%$&*J*$,)G$%&'%()/)?<("E+%&($"0)&"#.5($)%(*<7+"L&3?.*+3SHZD.<#*
.8)&L#$7#"&'KC("#*<.*<$&C#H*XH("&#"8(T#HA*VL$&)*+*"%/-":E/_5;*'#H*X&).)"(#H*<.'*"&)C$.H&*<.*:E/_*
&$C#)(W#<&*<D$#)8.*.'*7#)<#8&*<.*GI3I*r&?)H&);*7.*<&6*"D.)8#*"&)*8$(H8.W#*<.*?#H8#*ZDJ*XD)8&*
?#*<.C.).$#<&*.'*C&%(.$)&*<.*'&H*VVnn*.)*.H8&H*,M*#`&HI**V)*:E/_;*#*X.H#$*<.*.)"&)8$#$)&H*.)*
X'.)#*#C(8#"(K)*H&"(#'*6*<(LDH(K)*<.*'#*''#7#<#*lX'#C#*<.*'#H*<$&C#Hm;*8#'*"&7&*H.*"#'(L("#%#*.'*DH&*
<.*'#*7#$(?D#)#*6*'#*G]@*X&$*'&H*.H8D<(#)8.H*6*&8$&H*7(.7%$&H*<.*'#*H&"(.<#<;*.'*Q)H8(8D8&*O#"(&)#'*
<.*]#'D<*-.)8#'*+OQ-25;*D)#*<(T(H(K)*<.'*].$T("(&*<.*]#'D<*YS%'("#*+Y2]5*<.'*@.X#$8#7.)8&*<.*
]#'D<;*V<D"#"(K)*6*3(.).H8#$*]&"(#'*+2VU5;*&$C#)(WK*6*L()#)"(K*D)*(7X&$8#)8.*H(7X&H(&*
()8.$)#"(&)#'*.)*.'*ZD.*H.*8$#8#$&)*X$()"(X#'7.)8.*'#H*<$&C#H*.)8.KC.)#HI**@I2I*VL$&);*<.*'#*<.*
l].""(K)*<.*Q)T.H8(C#"(K)*YH("&L#$7#"&'KC("#m*<.'*OQ-2;*()T(8K*#*8$.()8#*6*<&H*"(.)8bL("&H*<.*&"?&*
X#(H.H*+B'.7#)(#;*B$C.)8()#;*4?('.;*VVnn;*-J9("&;*]D."(#;*]D(W#*6*n)(K)*]&T(J8("#5*#*]#)*P$#)"(H&*
X#$#*ZD.*X$.H.)8#$#)*6*<(H"D8(.$#)*'#H*S'8(7#H*()T.H8(C#"(&).H*H&%$.*<$&C#H*.)8.KC.)#HI**].*
".'.%$#$&)*H.(H*H.H(&).H*ZD.*H.*<.<("#$&)*#v*r:"#<G+&"'+*$5.*<(3'"=F%7%:S",5*L#$7#"&'&Cb#*<.'*
F%7%S"s:"[5&<.*<(%"0&%?&%,.*+)D.W*7&H"#<#5A*>5*R#XJH*HD<#7.$("#)&HA*M5*%5%$3%.(%!"(%%G<!"5%6AS"6*
/5*;'%,<*%*'3.(%&<%"+?&)C&*7#8#7&H"#H5I**2D%&*D)#*<(H"DH(K)*#%(.$8#*6*L$#)"#*<.*'#*H(8D#"(K)*
'.C#';*H&%$.*'#*ZD.*.'*"&&$C#)(W#<&$*<.*'#*"&)L.$.)"(#*6*"&.<(8&$*<.*'#H*X&).)"(#H*O#8?#)*]I*j'().*
&X()Kv*lY$&%#%'.7.)8.*)&*<.%.$b#7&H*'.C(H'#$;*&*.)*"D#'ZD(.$*"#H&*)&*G)1+')."/+?<./%&"1+"
'%,+&%"+0+(*<7%!""&)8$#*'#*.9X'&$#"(K)*<.*.H8&H*&8$&H*7D)<&Hm*+"D$H(T#*.)*.'*&$(C()#'A*j'().*:E/_5I**
G&H*8$.H*.<(8&$.H*+'&H*#7.$("#)&H*VL$&)*6*j'().;*6*.'*HD."&*2&'7H8.<85*$."&X('#$&)*'#H*X&).)"(#H*<.'*
H(7X&H(&*.)*D)*.HX'J)<(<&*T&'D7.);*L()#)"(#<&*X&$*'#*0L("()#*<.*YD%'("#"(&).H*<.'*[&%(.$)&*<.*
'&H*VVnn;*.)*D)#*X$N"8("#*.<("(K)*<.*8#X#H*<D$#H*ZD.*H.*T.)<(K;*#*X$."(&*<.*H#'<&;*>*<K'#$.H*"#<#*
.g.7X'#$I**V'*'(%$&*8.)b#*>/F*XNC()#H;*/*7#X#H;*,_*"D#<$&H;*>_*C$NL("&H*6*EF*('DH8$#"(&).H;*
()"'D6.)<&*L&8&C$#Lb#H*$#$#H*<.*()<bC.)#H*HD<#7.$("#)&H*DH#)<&*$#XJ;*&8$#H*<.*#)8(CD&H*#$8('DC(&H*
$.'#"(&)#<&H*"&)*'&H*$#XJH;*#Hb*"&7&*'#H*.H8$D"8D$#H*ZDb7("#H*<.*<(T.$H&H*X$()"(X(&H*#"8(T&HI**
1#7%(J)*?#%b#*L&8&C$#Lb#H*.*('DH8$#"(&).H*%&8N)("#H*<.*7D"?#H*X'#)8#H*.)8.KC.)#H;*"&7&*X&$*
.g.7X'&*;,%1+,%,*$+&%"G+&+?&<,%!"W%,<.*+&<)G.<."(%%G<!*W&3,0+/.<%"/%*<0)/<%!"W&3,0+/.<%"'%&<*<'%"
+X&H8.$(&$7.)8.*(<.)8(L("#<#*"&7&*W-"?&%,1<0/)&%A*Y'&c7#)*:E__5;*K)G$)G$)&%"i<//<%'.<<!"E%/7<%"
1<7<,)&3'!"C+*&%G*+&5."'+*$5.*<(%!"C&<($)(+&+3."G%($%,)<"5"b<&)/%"(%/)G$5//)<1+%-""4&)H(<.$&*ZD.*
.'*X$."(&*<.*>|*.$#*
,MF*
*
D)*H#'<&*H(*'&*"&7X#$#7&H*"&)*'#*.<("(K)*<.*:E/>*<.'*'(%$&*<.*U.H8&)*G#*3#$$.*C$+*#+5)*+"B3/*"+V'*
4D'8&*#'*Y.6&8.5*ZD.*"&H8#%#*_;M\**+,/\*XNC()#H5*&*'#*.<("(K)*<.*:E/_*<.'*'(%$&*C$+">%//3(<,)?+,."
+G&H*#'D"()KC.)&H5*<.*2&LL.$*6*0H7&)<;*ZD.*"&H8#%#*:M|*+/,/*XNC()#H5I**VH8.*'(%$&*LD.*?#H8#*:EE,*
.'*.H8D<(&*7NH*"&7X'.8&*g#7NH*XD%'("#<&*H&%$.*.'*F%7%!"#Hb*"&7&*D)&*<.*'&H*.H8D<(&H*7NH*
"&)"(.)WD<&H*<.*'&H*$#XJH*<.*]D<#7J$("#*ZD.*#S)*H.*XD%'("#)I**R.HD7b#*.'*.H8#<&*<.'*
"&)&"(7(.)8&*ZD.*H.*8.)b#*.)*:E/_*<.*'#*ZDb7("#*6*'#*L#$7#"&'&Cb#*<.*'&H*"&7XD.H8&H*
$.'#"(&)#<&H*"&)*'#*)D.W*7&H"#<#;*<.*'#H* #$%&'()#H*<.*'#*%5%$3%.(%"6*<.*'&H*<.$(T#<&H*<.'*
(H&9#W&'*<.*'#*;'%,<*%*'3.(%&<%-""V'*'(%$&*8(.).*D)*%D.)*b)<(".*6*8&<&H*'&H*#$8b"D'&H*()"'D6.)*D)#*
%(%'(&C$#Lb#I**V)*$.HD7.);*.)*:E/_*)D.H8$&*C&%(.$)&*L()#)"(K*D)*'(%$&*T#'(&H&*6*S8('*H&%$.*<$&C#H*
XH("&#"8(T#H*6*X.$7(8(K*HD*T.)8#*#*D)*X$."(&*#H.ZD(%'.;*#$8(L("(#'7.)8.*%#g&I**4$.&*ZD.*.H*D)&*<.*
'&H*T&'S7.).H*<.*7(*%(%'(&8."#*ZD.*?.*"&)HD'8#<&*"&)*7#6&$*L$."D.)"(#*X#$#*.H"$(%($*.H8.*'(%$&I**
]D*T#'&$*H.*"&)L($7#*#S)*7NH*"&)*.'*?."?&*<.*ZD.;*#D)ZD.*#'*]DX.$()8.)<.)8.*<.*@&"D7.)8&H*<.*
'#*0L("()#*<.*YD%'("#"(&).H*<.'*[&%(.$)&*<.*'&H*VVnn*)&*'.*?#*X#$."(<&*#<."D#<&*H.CD($*.<(8#)<&*
.'*'(%$&;*R#T.)*Y$.HH*XD%'("K*.)*:E_E*D)#*$..<("(K)*"&7.$"(#'*<.*.H8.*'(%$&*ZD.*"#$."b#*<.*
"&X6$(C?8I*zi*ZDJ*.H*'&*ZD.*?#*HD".<(<&*.)*.H8&H*,M*#`&H{**G#H*#<7()(H8$#"(&).H*.H8#8#'.H*6*L.<.$#'*
C#H8#)*#?&$#*7NH*<.*:MI\\\*7(''&).H*<.*<K'#$.H*#)D#'.H*.)*D)#*ZD(g&8.H"&*l[D.$$#*#*'#H*<$&C#Hm*
+O#<.'7#$7*:EFE5I**VH*"D$(&H&*ZD.*.'*'.7#*l[D.$$#*#*'#H*<$&C#Hm*LD.$#*8&7#<&*7+&8%*<'"<.'*8b8D'&*
<.*D)#*$.T(H8#*XD%'("#<#*X&$*D)#*<.*'#H*&$C#)(W#"(&).H*<.*.98$.7#*<.$."?#*<.*G6)<&)*G#*R&D"?.;*
X#H#)<&*#Hb*<.*H.$*D)#*(<.#*X&'b8("#7.)8.*()<.H.#%'.*#*L&$7#$*X#$8.*<.*'#*X&'b8("#*&L("(#'*<.'*
C&%(.$)&*+3.$'.8*:EF:A*4$#cL&$<*:EF,5I**YD.H8&*ZD.*?#".$*CD.$$#H*.H*D)#*<.*'#H*X&"#H*#"8(T(<#<.H*
ZD.*.'*C&%(.$)&*<.*'&H*VVnn*?#".*<.*7#).$#*7NH*&*7.)&H*"&7X.8.)8.*6*"&)*.)8DH(#H7&;*#?&$#*
8.).7&H*lCD.$$#Hm*"&)8$#*'#H*<$&C#H;*"&)8$#*.'*]Q@B;*"&)8$#*'#*X&%$.W#*+.)*'#H*ZD.*H.*$."D$$.*#*
(7NC.).H*<.*#8#ZD.H*"&)*)#X#'7*.)*'&H*CD.8&H5;*"&)8$#*.'*"N)".$*.8"I**V'*#)8(CD&*Y$.H(<.)8.*4#$8.$*
''#7K*#*'#*"$(H(H*.).$CJ8("#x."&'KC("#*l.'*.ZD(T#'.)8.*7&$#'*<.*'#*CD.$$#m*X#$#*#8$#.$*'#*#8.)"(K)*
<.'*XS%'("&*+.)*.H#*JX&"#*4#$8.$*)&*"&)H(CD(K*H.$*$..'.C(<&*X&$ZD.*)&*"&)H(CD(K*H#"(#$*.'*#X.8(8&*
<.'*XS%'("&*X&$*CD.$$#H*$.#'.H5I**V)*.'*X$.HDXD.H8&*<.'*#`&*L(H"#'*:EE:*<.'*#)8.$(&$*Y$.H(<.)8.*3DH?*
ZD.*H.*<.<("K*#*"$.#$*'#*lVH8$#8.C(#*O#"(&)#'*X#$#*.'*4&)8$&'*<.*@$&C#Hm;*.'*_:a*<.*'&H*L&)<&H*
.H8#%#*<.H8()#<&*#*7.<(<#H*X$&?(%("(&)(H8#H*6*7.<(<#H*X#$#*'#*#X'("#"(K)*<.*'#*'.6;*7(.)8$#H*ZD.*
HK'&*.'*,Ea*.H8#%#*<.H8()#<&*#*'#*l$.<D""(K)*<.*'#*<.7#)<#m*+[&'<H8.()*6*j#'#)8*:EE\5I**V)*.H8#*
l$.<D""(K)*<.*'#*<.7#)<#m*H.*()"'D6.*'#*.<D"#"(K)*6*'#*()T.H8(C#"(K)I**Y&$*<.HC$#"(#;*'#*
l.<D"#"(K)m*ZD.*X$&7D.T.*.'*C&%(.$)&*<.*'&H*VVnn*"&)H(H8.*X$()"(X#'7.)8.*.)*X$&X#C#)<#*
#)8(<$&C#*6;*.HX."(#'7.)8.*<.H<.*'#*.'.""(K)*<.*R&)#'<*R.#C#);*'#*l()T.H8(C#"(K)*#%DH&'KC("#*<.*
<$&C#Hm*?#*"&)H(H8(<&*X$()"(X#'7.)8.*.)*%DH"#$*$#"(&)#'(W#"(&).H*"(.)8bL("#H*X#$#*gDH8(L("#$*'#*
X$&?(%("(K)*<.*'#*7#$(?D#)#;*'#*"&"#b)#*6*'&H*.)8.KC.)&HI**Y#$#*#'CD(.)*ZD.*.H8J*?&6*.)*<b#*.)*'#*
%D$&"$#"(#*L.<.$#';*&$C#)(W#$*D)*H(7X&H(&*"&7&*.'*ZD.*@I2I*VL$&)*&$C#)(WK*.)*:E/_*H(C)(L("#$b#*.'*
l%.H&*<.*'#*7D.$8.m*X#$#*HD*"#$$.$#*X$&L.H(&)#'III*Y#$#*D)*()T.H8(C#<&$*"&)8.7X&$N).&;*
"D.H8(&)#$*'#H*'.6.H*#)8(<$&C#*.)*D)#*XD%'("#"(K)*CD%.$)#7.)8#';*"&7&*?(W&*OI]I*j'().*.)*:E/_;*
H.$b#*.ZD(T#'.)8.*#*HD*#D8&<.H8$D""(K)v.'(7()#"(K)*#D8&7N8("#*<.*"D#'ZD(.$*#6D<#*CD%.$)#7.)8#'*
#*'#*()T.H8(C#"(K);*
,ME*
*
#<.7NH*<.*'#*C#$#)8b#*<.*ZD.*.'*.H8D<(&*)&*H.$N*)D)"#*XD%'("#<&*)(*<(LD)<(<&I*}Q7#Cb).)H.*#*#'CD)*
.7X'.#<&*<.'*C&%(.$)&*()8.)8#)<&*XD%'("#$*?&6*.)*<b#*D)*'(%$&*"&7&*WU.23+1%"+*,)0%&'%()/P?<(%"
1+"1&)?%."G.<()%(*<7%.]""V)*D)#*.$#*.)*'#*ZD.*H.*X$&<Dg&*'#*#'#$7#*()7.<(#8#*<.*'&H*X&'b8("&H*
"&)H.$T#<&$.H*#)8.*'#*X$&XD.H8#*<.*$.#'(W#$*D)#*.)"D.H8#*H&%$.*.'*H.9&*"&7&*X#$8.*<.*'#*l[D.$$#*
"&)8$#*.'*]Q@Bm*6*.)*'#*ZD.*.'*C&%(.$)&*?D)<.*6*"#)".'#*8&<&*8(X&*<.*()T.H8(C#"(K)*&*XD%'("#"(&).H*
ZD.*'&H*"&)H.$T#<&$.H*"&)H(<.$.)*&%g.8#%'.;*H.$b#*()X.)H#%'.*ZD.*H.*XD%'("#$#*D)*'(%$&*H.7.g#)8.I*
n)*'(%$&*"&)*('DH8$#"(&).H*<.*<$&C#H*('.C#'.H*H()*.'*.)"#%.W#7(.)8&*#X$&X(#<&*+lO#$"K8("&H*
X.'(C$&H&H*6*#<("8(T&Hm5*H.$b#*()#".X8#%'.III*D)*'(%$&*"&)*L&8&C$#Lb#H*<.*()<(&H*.H)(L#)<&*+6*
<(HL$D8#)<&5*"&"#*6*$#XJH*ZD.*"&)8(.).)*@-1;*6*<.HXDJH*%#('#)<&*<.H)D<&H*#'$.<.<&$*<.*'#*
7#'&"#*+T(T.)<#*"&7D)#'5I**n)*'(%$&*"&)*L&8&H*L$&)8#'.H*<.*?&7%$.H*#<D'8&H*<.H)D<&HIII*D)&*)&*
XD.<.*"&)8.7X'#$*"&H#H*H.7.g#)8.H*.)*:EE/*H()*(7#C()#$H.*.'*8.$$(%'.*6*?D7.#)8.*.HX."8N"D'&*<.*
'#H*"#$$.$#H*%D$&"$N8("#H*X$."(X(8N)<&H.*#'*()L(.$)&I*
*
`P! VH*7NH;*'#*<."(H(K)*<.*G#7%*<.*D8('(W#$*'#*X#'#%$#*l%$Dg&m*=i<d%&1!".)*()C'JH5*.)*.'*8b8D'&*J/"
8&36)"1+/"%/*)";'%d),%."=C$+"j<d%&1")0"*$+"OGG+&";'%d),:".H*()#X$&X(#<&*6*X&"&*#L&$8D)#<#I**V'*
H(C)(L("#<&*&$(C()#'*<.*lL('KH&L&;*H#%(&m*ZD.*ZD(WNH*X$.8.)<b#*<#$'.*G#7%;*H.*?#*X.$<(<&*6*.H*
&%H&'.8&;*<.*#"D.$<&*"&)*.'*>+&<*%?+"R//3.*&%*+1*L<(*<),%&5")0"*$+"J,?/<.$"K%,?3%?+"+:E_E;*XNCI*
:>_:5I**Y&$*HD*X#$8.;*.'*IQ0)&1"J,?/<.$*L<(*<),%&5"+4&7X#"8*V<(8(&);*XNCI*=F\M5*<#*.'*7(H7&*
H(C)(L("#<&*.)*'#*X$(7.$#*.)8$#<#;*X.$&*#`#<.*'#H*"&)7&8#"(&).H*<.*l<.HX."8(T&*6*&%H&'.8&mI**VH8.*
7(H7&*<(""(&)#$(&*<#*D)*8.$".$*H(C)(L("#<&*lD)*<&"8&$*!*%$Dg&*&*?&7%$.*7.<("()#m;*X.$&*.'*
H.CD)<&*H(C)(L("#<&*.H*l.ZD(T#'.)8.*7#H"D'()&*<.*%$Dg#m*=i<*($!".)*()C'JH5;*ZD.*"&)"D.$<#*"&)*.'*
X$(7.$*H(C)(L("#<&*ZD.*#X#$.".*.)*.'*>+&<*%?+"R//3.*&%*+1"L<(*<),%&5M"lD)#*%$Dg#*7#H"D'()#mI**O&*
X&<.7&H*X#H#$*X&$*#'8&*ZD.*'#*X#'#%$#;*<.%(<&*#'*J9(8&*<.*'#*X.'b"D'#*C$+*j<d%&1")0"Id"+.H8$.)#<#*
.)*"#H8.''#)&*"&7&*V'*7#C&*<.*0W5;*?#*#<ZD($(<&*.'*H(C)(L("#<&*7&<.$)&*<.*l"?#$'#8N);*(7X&H8&$mI**
G#*8bX("#*(7#C.)*ZD.*H.*#H&"(#*#*.H8#*X#'#%$#*.H*'#*<.'*%DLK)*"&)*D)#*%#$%#*C$(H*6*D)*C&$$&*
XD)8(#CD<&;*"&7&*.)*'#*('DH8$#"(K)*<.'*>+&<*%?+"R//3.*&%*+1"L<(*<),%&5-""V)*"D#'ZD(.$*"#H&;*.'*
8J$7()&*8#'*"&7&*'&*DH#*G#7%*.H*"&7&*7D"?&*.ZD(T#'.)8.*#*l<&"8&$*!*%$Dg&m;*.T(<.)8.7.)8.*.'*
H(C)(L("#<&*ZD.*H.*X$.8.)<b#I**].*XD%'("K*D)*.98$#"8&*<.'*'(%$&*.)*f%*+"8(8D'#<&"J/"1)(*)&"T"8&36)"1+/"
%/*)*;'%d),%."+2&$&c(8W*:EE,5I**l@&"8&$*!3$Dg&m*.H*D)*.Xb8.8&*X.6&$#8(T&*6*<.)(C$#)8.*ZD.*)&*
8(.).*'DC#$*.)*D)*8$#%#g&*HDXD.H8#7.)8.*#)8$&X&'KC("&I*z0*#"#H&*.H8#%#*X.)H#)<&*G#7%*.)*V'*
7#C&*<.*0W{*
*
,I ].*XD.<.*.)"&)8$#$*D)#*)#$$#"(K)*<.8#''#<#*<.*'#*T(<#*<.'*-.H8$.*R#(7D)<&*Q$().D*].$$#*6*
?(H8&$(#*<.'*E%,*)"L%<'+".)*.'*)D.T&*'(%$&*<.*V<c#$<*-#"R#.*+XD%'("#<&*.)*.'*".)8.)#$(&*<.'*
)#"(7(.)8&*<.'*-.H8$.*Q$().D5*X3<%1)"#+/%"K3%M"p%'%,<.')*+"O.)"N<*3%/"1%";5%$3%.(%",)"B3/*)"1)"
E%,*)"L%<'+"+-#"R#.*:EE,5I**-.H8$.*Q$().D*+:FE,!:E_:5*8&7K*"&)8#"8&*"&)*'&H*4#H?()#?D#*6*
&8$&H*C$DX&H*()<bC.)#H*ZD.*D8('(W#%#)*'#*%5%$3%.(%"8$#<("(&)#'7.)8.;*7(.)8$#H*8$#%#g#%#*"&7&*
7#)(XD'#<&$*<.*"#D"?&*6*<.HXDJH*"&7&*LD)"(&)#$(&*<.'*<.X#$8#7.)8&*<.'*C&%(.$)&*%$#H('.`&*
.)"#$C#<&*<.*
,/\**
*
8#W#$*'#*L$&)8.$#*"&)*3&'(T(#*6*Y.$SI**1#7%(J)*"&)&"(K*#*B)8&)(&*6*B)<$J*4&H8#;*<&H*?.$7#)&H*ZD.*
?#%b#)*H(<&*()("(#<&H*#*'#*%5%$3%.(%"X&$*.'*"?#7N)*X.$D#)&*@&)*4$.H"J)"(&*Y(W#)C&*6*ZD.*
<.HXDJH*LD)<#$&)*.'*B4&(3/)"1+"N+?+,+&%6%)"+"fA"+4RP5*#*X$()"(X(&H*<.*'&H*#`&H*,\I**PD.;*
.T(<.)8.7.)8.;*<D$#)8.*'#*#H&"(#"(K)*<.'*-.H8$.*Q$().D*"&)*.'*4RP*"D#)<&*JH8.*LD.*()("(#<&*#'*DH&*
<.*'#*%5%$3%.(%-""V'*4RP*.H8N*"&)H(<.$#<&*.'*X$."D$H&$*<.'*E%,*)"L%<'+-""V'*-.H8$.*Q$()"D*8DT&*
<(T.$C.)"(#H*"&)*'&H*?.$7#)&H*4&H8#*6*X$&)8&*LD)<K*HD*X$&X(#*(C'.H(#;*.'*B+,*&)"1+"R/3'<,%6%)"
B&<.*%"K3d"O,<7+&.%/*+4Q4Gn5;*"&)&"(<#*X&XD'#$7.)8.*"&7&*lB'8&*]#)8&m;*.)*$b&*3$#)"&;*.)*.'*
.H8#<&*<.*B"$.;*H&%$.*.'*#`&*:E>\I**-D6*X$&)8&;*?#"(#*:E=\;*.'*-.H8$.*Q$().D*.7X.WK*#*#8$#.$*
<(H"bXD'&H*?#"(#*HD*."'J"8("#*(C'.H(#*<.*%5%$3%.(%!"ZD.*#<&X8K*C$#<D#'7.)8.*7NH*.'.7.)8&H*
"$(H8(#)&H*.)*D)*.HLD.$W&*<.*.T(8#$*'#*X.$H."D"(K)*<.*'#*'.6*L.<.$#'*<.*:FE\;*ZD.*}'.C#'(W#%#*'#*
X$N"8("#*<.*'#*7.<("()#*H()*'(".)"(#;*.'*"D$#)<.$(H7&;*#Hb*"&7&*'#H*
::*HD%H8#)"(#H*T.).)&H#Hm*+XI.gI*%5%$3%.(%"6*&8$&H*.7%$(#C#)8.H*"?#7N)("&H5I**-.H8$.*Q$().D*H.*
"&)T($8(K*.)*D)*"D$#)<.$&*L#7&H&*6*?#"(#*:E=\*.7X.WK*#*''#7#$*#*'#*%5%$3%.(%"l<#(7.m;*)&7%$.*
<.$(T#<&*<.*()T&"#"(&).H*"&7&*aLA'+"%')&!"/3d!"0)&6%9"+l@#7.*#7&$;*'DW*6*LD.$W#m5I**V'*1%<'+".$#*
.'*#HX."8&*H&'#$*6*7#H"D'()&*<.*HD*<&"8$()#;*7(.)8$#H*ZD.*.'*#HX."8&*L.7.)()&*6*'D)#$*.$#*@)..%"
E+,$)&%"1%"B),(+</%)")"N%<,$%"1%*f/)&+.*%-""]#%.7&H*ZD.;*#'*7.)&H*#*X#$8($*<.*:E=:;*-.H8$.*
Q$().D*<($(Cb#*H.H(&).H*XS%'("#H*<.*%5%$3%.(%"6*.)H.`#%#*HD*<&"8$()#;*#Hb*"&7&*ZD.*HD*(C'.H(#*
.H8#%#*#L('(#<#*#*'#*0$<.)*<.*'#*R&H#"$DW*6*#*&8$&H*C$DX&H*"$(H8(#)&H*.H&8J$("&HI**G#*<&"8$()#*<.'*
E%,*)*L%<'+"<#*(7X&$8#)"(#*#*8&<#*D)#*H.$(.*<.*"D#'(<#<.Hv*H&'x'D)#A*X#<$.x7#<$.A*@(&HxOD.H8$#*
].`&$#A*?&7%$.x7Dg.$A*(<GP!"'%&<&<")"6%?38+"=W%,<.*+&<)G.<.*(%%G<:"/0)/$%!"&%<,$%")"($%(&),%"
=#.5($)*5<%"7<&<1<.:-""V'*<(H"bXD'&*7NH*<.H8#"#<&*<.'*-.H8$.*Q$().D*LD.*].%#H8(#&*-&8#*<.*-.'&;*&*
Y#<$()?&*].%#H8(#&;*ZD.*H.*?(W&*<(H"bXD'&*<.'*B'8&*]#)8&*.)*:E/M;*<.HXDJH*<.*ZD.*.'*-.H8$.*Q$().D*
'.*"D$#$#*<.*D)#*<&'.)"(#*?.XN8("#*()("(N)<&'.*<D$#)8.*.'*X$&".H&*#*'#*%5%$3%.(%-""V'*-.H8$.*Q$().D*
#D8&$(WK*#'*Y#<$()?&*].%#H8(N&*#*X$&<D"($*1%<'+".)*.'*$#)"?&*<.'*S'8(7&;*4&'&)(#*M\\\;*".$"#*<.*
Rb&*3$#)"&;*"&)*.'*#"D.$<&*<.*ZD.*'#*7(8#<*<.*'#*X$&<D""(K)*($b#*#*B'8&*]#)8&I**4D#)<&*.'*Y#<$()?&*
].%#H8(N&*$&7X(K*"&)*.'*-.H8$.*Q$().D*X&$*<(T.$C.)"(#H*X&'b8("#H;*4&'&)(#*M\\\*H.*"&)T($8(K*.)*D)*
C$DX&*()<.X.)<(.)8.;*ZD.*.7X.WK*#*()"&$X&$#$*.'*DH&*1+/"B%,,%8<."+"&)&"(<&*"&7&*]#)8#*-#$b#*&*
'%(),$%".)*3$#H('5*6*&8$&H*.)8.KC.)&H*.)*'#*'(8D$C(#*<.'*1%<'+-""VH8&*&$(C()K*ZD.*.)*&"8D%$.*<.*
:EF:*'#*X&'("b#*L.<.$#'*''.T#$#*#*"#%&*D)#*$.<#<#*.)*4&'&)(#*M\\\*6*<.H8$D6.$#*'#H*X'#)8#"(&).H*<.*
B%,,%8<.-""V'*#HD)8&*<(&*D)#*XD%'("(<#<*).C#8(T#*#'*C$DX&;*ZD.*''.TK*#*'#*('.C#'(W#"(K)*<.*'#*
%5%$3%.(%"+,*3$#H('*.)*:EFMI**V'*C$DX&*<.'*Y#<$()?&*].%#H8(N&*<.gK*<.*D8('(W#$*.'*B%,,%8<."6*H.*
8$#H'#<K*7NH*#'*()8.$(&$*<.*'#*H.'T#*.)*.).$&*<.*:EF=;*#*<&H*<b#H*<.*T(#g.*.)*"#)&#*<.H<.*.'*XD.%'&*
7NH*".$"#)&I**G#*)D.T#*"&'&)(#*H.*''#7K*4JD*<&*-#X(N*6*.H8#%#*H(8D#<#*.)*D)*#L'D.)8.*<.'*$b&*
YD$SH;*".$"#*<.'*8.$$(8&$(&*8$#<("(&)#'*<.*'&H*()<(&H*4D'()#*6*]?#$#)#?D#;*"D6#*%5%$3%.(%"LD.*'#*
X$(7.$#*.)*H.$*.H8D<(#<#*ZDb7("#7.)8.*X&$*R(T(.$*6*G()<C$.)*.)*:E_,I**V'*"D'8&*"$."(K*6*#8$#g&*#*
L&$#H8.$&Hv*#'*X$()"(X(&*?(XX(.H*.)*%DH"#*<.*.7%$(#C#)8.H*"?#7N)("&HI**V)*:EF,*H.*LD)<K*'#*
X$(7.$#*(C'.H(#*<.'*1%<'+"LD.$#*<.*'#*B7#W&)(#;*.)*Rb&*<.*r#).($&;*.'*B+,*&)"J(/A(*<()"f/3+,*+"K3d"
O,<7+&.%/"E+8%.*<1)*[)*%"1+"[+/)"+4VPGn]-V5;*''#7#<&*BA3"1)"[%&!"X#$#*#%$.T(#$I**V'*"D'8&*H.*
.98.)<(K*
,/:*
*
$NX(<#7.)8.*#*&8$#H*W&)#H*D$%#)#H*<.*3$#H('I**-(.)8$#H*8#)8&*D)*C$DX&*()<.X.)<(.)8.*''#7#<&*
B+,*&)"J.G4&<*%"W+,+0<(+,*+"O,<1)"1)"b+?+*%/"+n@f5;*LD)<#<&*.)*:E/:*.)*.'*.H8#<&*<.*R#)<K)(#*
X&$*r&HJ*[#%$(.'*<#*4&H8#;*.7X.WK*#*.98.)<.$H.*X&$*'#H*W&)#H*D$%#)#H*<.*3$#H(';*"&)T($8(J)<&H.*.)*
'#*(C'.H(#*<.*%5%$3%.(%"7NH*C$#)<.*ZD.*.9(H8.*#"8D#'7.)8.;*8$#H'#<#)<&*HD*".)8$#'*#*3$#H('(#;*'#*
"#X(8#'*<.*3$#H(';*.)*'&H*#`&H*_\I**]D$C(.$&)*&8$&H*C$DX&H*ZD.*D8('(W#%#)*%5%$3%.(%!""&7&*.'*B+,*&)"
J.G4/<*%"B3/*)"1+*I&%6%)"B%.%"1+"^+.3."f),*+"1+"K3d"+ZD.*7NH*8#$<.*H.*''#7K*B+,*&)"J.G4*<*%"L%,<+/*
#+&+<&%"1+"[%*).:!"+/"B+,*&)"J(/A(*<()"1+"B)&&+,*+."1%"K3d"O,<7+&.%/"+4V4Gn5*6*.'*B+,*&)"J.G4&<*%"fA!"
K3d!";')&"+"B%*<1%1+!"8&<&H*.''&H*<.'*.H8#<&*<.*B"$.*6*<.$(T#<&H*<.'*B'8&*]#)8&I**VH8#*$NX(<#*
.9X#)H(K)*#HDH8K*#*'#H*#D8&$(<#<.H*%$#H('.`#H;*ZD.*$."(%b#)*X$.H(K).H*<.'*C&%(.$)&*<.*'&H*VVnn*6*
'#H*O#"(&).H*n)(<#H*X#$#*ZD.*H.*D)(.$#)*#*'#*l[D.$$#*#)8(<$&C#mI**V)*:EFM*'#*@(T(HN&*<.*
-.<("#7.)8&H*<&*-()(H8J$(&*<#*]#S<.*%$#H('.`#*+@Q-V@5*6*.'*4&)H.'?&*P.<.$#'*<.*V)8&$X.".)8.H*
+40OPVO5*#`#<(.$&)*'#*W%,<.*+&<)G.<."(%%G<"#*'#*'(H8#*<.*HD%H8#)"(#H*"&)8$&'#<#HI**G#*n@f*X(<(K*#'*
4&)L.)*ZD.*#)D'#$#*.H8#*'.6;*"&H#*ZD.*?("(.$&)*.'*,/*<.*#C&H8&*<.*:EF_I**n)#*"&7(H(K)*
CD%.$)#7.)8#'*"$.#<#*X#$#*.H8D<(#$*.'*8.7#;*)&*.)"&)8$K*X$D.%#H*<.*<.C$#<#"(K)*H&"(#'*8$#H*H.(H*
<J"#<#H*<.*DH&*H#"$#7.)8#'*<.'*E%,*)"L%<'+"6*<.H8#"#$&)*ZD.*.'*"&7X&$8#7(.)8&*J8("&*6*'#%&$#'*
<.*'&H*7(.7%$&H*<.*'#H*(C'.H(#H*<.'*<#(7.*.H8#%#*X&$*.)"(7#*<.*8&<#*"$b8("#I**G#*"&7(H(K)*%#H#%#*
HDH*"&)"'DH(&).H*.)*<&H*#`&H*<.*8$#%#g&*<.*"#7X&*.)8$.*'&H*C$DX&H*n@f*6*E%,*)"L%<'+".)*'#*
B7#W&)(#*+4&'&)(#*M\\\;*B'8&*]#)8&;*4JD*<&*-#X(N5*6*.)*N$.#H*D$%#)#H*+4JD*<&*-#$*6*&8$#H5I**G&H*
7(.7%$&H*LD.$&)*.)8$.T(H8#<&H;*H.*&%H.$TK*.'*DH&*$(8D#'*<.'*1%<'+"6*'&H*X$&X(&H*7(.7%$&H*<.*'#*
"&7(H(K)*X$&%#$&)*.'*H#"$#7.)8&*.)*D)*.)8&$)&*$(8D#';*'&*"D#'*<(".*7D"?&*.)*HD*L#T&$I**V'*()L&$7.*
&L("(#'*"&)"'Db#*ZD.*.'*1%<'+".$#*D)*#'D"()KC.)&;*.$#*()#<."D#<&*X#$#*D)*DH&*'S<("&*<.%(<&*#*HDH*
.L."8&H*H."D)<#$(&H*6*ZD.*HD*DH&*.H8#%#*X.$L."8#7.)8.*"&)8$&'#<&*X&$*.'*"&)8.98&*$(8D#'*<.*
#D8&<.H"D%$(7(.)8&*6*<.H#$$&''&*X.$H&)#'I**G#*.'(7()#"(K)*.)*:EF_*<.*'#*W%,<.*+&<)G.<."(%%G<"<.*'#*
'(H8#*%$#H('.`#*<.*HD%H8#)"(#H*"&)8$&'#<#H*'.C#'(WK*.L."8(T#7.)8.*HD*DH&*H#"$#7.)8#'*.)*3$#H('I**V)*
7#6&*<.*:EFE;*.'*.)"D.)8$&*<.*C$DX&H*$.'(C(&H&H*<.*%5%$3%.(%"<(HX#$.H*.)*'#*4JD*<&*-#X(N;*''.TK*
#*'#*&$C#)(W#"(K)*<.*D)#*(C'.H(#*".)8$#';*.'*4.)8$&*V"'J"8("&*<.*PD.)8.*GDW*n)(T.$H#'*R#(7D)<&*
Q$().D*].$$#*+4VPGnRQ]5;*"&)*.'*Y#<$()?&*].%#H8(N&*"&7&*<($(C.)8.I**].*?#)*.H8#%'."(<&*
X'#)8#"(&).H*<.*W%,<.*+&<)G.<."(%%G<"5"#.5($)*&<%"7<&<1<.".)*'#*B7#W&)(#*X#$#*#%#H8.".$*#*'&H*
C$DX&H*D$%#)&H*<.'*H#"$#7.)8&I**Y&$*<.HC$#"(#;*.)*:EFF*H.*X$.H.)8K*D)#*<.)D)"(#*#)K)(7#*
"&)8$#*.'*E%,*)"L%<'+"#)8.*.'*40PVO*.)*Rb&*<.*r#).($&I**G#*#%HD$<#*ZD.g#*+6*"&%#$<.;*.)*T(H8#*<.*
HD*#)&)(7#8&5*#'.C#%#*ZD.*?#%b#*:\*7(''&).H*<.*L#)N8("&H*.)*'#H*H."8#H*<.*'#*%5%$3%.(%!"'#*
7#6&$b#*<.*'&H*"D#'.H*.$#)*l8&9("K7#)&H*&*.9!CD.$$(''.$&Hm*+#ZDb*H.*X&).*<.*7#)(L(.H8&*.'*&$(C.)*
X&'b8("&*<.*<.$."?#H*<.*'#*ZD.g#5;*ZD.*H.*<.<("#%#)*#*LD7#$*B%,,%8<."6*#*8&7#$*G]@*<D$#)8.*'&H*
$(8&HI**].*#'.CK*ZD.*'&H*#<.X8&H*?#%b#)*H(<&*.H"'#T(W#<&H*X&$*.'*"D'8&*+.)*D)*()8.)8&*<.*gDC#$*"&)*
'&H*8.7&$.H*HDH"(8#<&H*X&$*'&H*HD("(<(&H*7#H(T&H*<.*r&).H8&c)5I**n)#*T.W*7NH;*.'*40PVO*<.H(C)K*
D)#*"&7(H(K)*X#$#*ZD.*.H8D<(#$#*.'*E%,*)"L%<'+"6*n@f;*ZD.*<.*)D.T&*&%8DT&*'#*#X$&%#"(K)*<.*
H#)(<#<I**B<.7NH*<.*$.#L($7#$*.'*<."$.8&*<.*:EF_*ZD.*'.C#'(W#%#*.'*DH&*<.*1%<'+".)*3$#H(';*'#*
"&7(H(K)*$."&7.)<K*'#*.9.)"(K)*X.$7#).)8.*<.*'#*X&"(K)*<.*'#H*
,/,*
*
'.6.H*H&%$.*HD%H8#)"(#H*"&)8$&'#<#H;*#*X.H#$*<.*ZD.*D)#*$.T(H(K)*<.*'#*'(8.$#8D$#*"(.)8bL("#*?#%b#*
$.T.'#<&*"&$$."8#7.)8.*ZD.*'#H*X&"(&).H*"&)8.)b#)*@-1*H!?#$7()#;*#7%#H*X$&H"$(8#H*
&L("(#'7.)8.*.)*3$#H('*X&$*.'*@Q-V@I**QH##"*j#$)(&';*D)*7(.7%$&*<.*'#*"&7(H(K);*"&)"'D6K*T#'.$&H#*
H!H.)H#8#7.)8.*ZD.*'#*X$&?(%("(K)*<.'*DH&*H#"$#7.)8#'*<.'*1%<'+""#DH#$b#*D)*X.$gD("(&*7D"?&*
7#6&$*ZD.*.'*ZD.*"D#'ZD(.$*#""(K)*L#$7#"&'KC("#*<.*'#*X&"(K)*XD<(.$#*"#DH#$I**].(H*<J"#<#H*<.*DH&*
H#"$#7.)8#'*<.*'#*X&"(K)*.)*3$#H('*?#%b#)*X$&<D"(<&*7D"?&H*.L."8&H*X&H(8(T&H;*H()*.L."8&H*
H."D)<#$(&H*H.$(&HI**B<.7NH;*'&H*7(.7%$&H*<.'*"D'8&*?#%b#)*#X$.)<(<&*#*$.CD'#$*#<."D#<#7.)8.*
HD*DH&*H()*'#*()8.$L.$.)"(#*<.'*.H8#<&;*D)#*()8.$L.$.)"(#*ZD.*HK'&*X&<$b#*"#DH#$*X$&%'.7#HI**[$#"(#H*
#'*.H8#8DH*'.C#'*<.'*1%<'+".)*3$#H(';*H.*?#)*?."?&*#'CD)&H*()8.)8&H*<.*.9X&$8#$*'#*(C'.H(#*#*&8$&H*
X#(H.HI**B*X.H#$*<.*ZD.*.)*'&H*VVnn*#S)*)&*'.*?#*(<&*7D6*%(.)*#*'#*(C'.H(#;*X#$.".*H.$*ZD.*H.*.H8N*
.H8#%'."(.)<&*.)*VHX#`#*H!.)*&8$&H*X#(H.H*.D$&X.&HI**V)*VHX#`#;*#'CD)&H*7(.7%$&H*<.'*E%,*)"
L%<'+"?#)*''.C#<&*#*?#".$*"#7X#`#*XD.$8#*#*XD.$8#*H&'("(8#)<&*X#$8("(X#)8.H*X#$#*H.H(&).H*<.*L()*
<.*H.7#)#*.)*'#H*ZD.*H.*H($T.)*X&"(&).H*<.*%5%$3%.(%-*
,/=*
*
&C8$9;!\*
!
(=8#580!8$%5%D80!$'!=8!8G87C80&8i*
*
*
B4BO12B4VBV*
C+/<).*%($5%"/%,(+)/%*%"O..H*T#$I*(&<.G%"@++."+:5*+]"?D'8.H*:E_,"5*
*
B-BRBO12B4VBV*
;/*+&,%,*$+&%"/+$'%&'<<"2(.$&)67DH*+:5*+[#$"b#*3#$$(C#*:EMFA*]"?D'8.H*:EM_#5*
R&+.<,+"HXI*+]"?D'8.H*H!2&L7#))*:E_E5*
*
BY04iOB4VBV*
><'%*%,*$3.".3(338%"+]X$D".*.9*-D''.$!B$C&T(.)H(H5*U&&<H&)*+GD)#*:EF>%5*
[%/)3+*<%"*%'%23%&<,%"+BD%'.85*@4I*+Y()d'.6*:E/EA*]"?D'8.H*:EM_#A*:E/\5*
[%,1+7<//%".(%8&%"]"?D7#$7*+GD)#*H!B7#$()C&*:EE:5*
C%8+&,%+'),*%,%"HXI*+GD)#*:EF>#A*GD)#*:EF>%A*Y()d'.6*:E/EA*]"?D'8.H*:E_,"5*
*
BsnQP0GQB4VBV*
R/+Q"?3%53.%"G&.H).$*+,5*+PD$H8*:E_/A*]"?D'8.H*:E_,<A*]"?D'8.H*H!R#LL#DL*:EE\5*
*
BRB4VBV*
[),*&<($%&1<%"%&8)&+.(+,."]"?&88*+GD)#*:EF>#5*
*
3Q[O0OQB4VBV*
[%,.)%"%//<%(+%"+G#7#$"d5*B![.)8$6*+GD)#*:EF>%5*
C%8+83<%"$+*+&)G)1%"+@4I5*]#)<c(8?*+-"j.))#*+*"%/-":EF/5*
C%8+83<%"<,(%,%"BI*[.)8$6*+GD)#*:EF>#5*
C%8+83<%"HXI*+GD)#*:EF>#5*
C5&'%,*$3."G%,3&+,.<."+3D))#)5*]#)<c(8?*+GD)#*:EF>%5*
*
30-3B4B4VBV*
B%7%,<//+.<%"$5/)?+<*),"n'%$("?*+GD)#*6*B7#$()C&*:EE:5*
B%7%,<//+.<%"3'8+//%*%"RDbW*.8*Y#TK)*+GD)#*H!B7#$()C&*:EE:5*
B+<8%"G+,*%,1&%"+GI5*[#.$8).$*+GD)#*:EF>%5*
B$)&<.<%"<,.<?,<."2D7%&'<8;*3&)X'#)<*.8*jD)8?*+GD)#*:EF>%5*
B$)&<.<%".G+(<).%"+-"j.))#"+*"%/-":EF/5*
o3%&%&<8+%"a<.$G<,?)9"+B$JT#'&*f#'.$#*:EF/A*U#HHJ)*:E_E5*
*
4B41B4VBV*
JG<G$5//3'"HXI*+Y()d'.6*:E/EA*R(T(.$*6*G()<C$.)*:E_,5*
IG3,*<%"HXI*+:5*+R(T(.$*H!G()<C$.)*:E_,5*
*
4BRi04BRB4VBV*
;,*$)1<.(3."#</).3."@D"d.*+-"j.))#*+*"%/-":EF/5*
*
4VGB]1RB4VBV*
[%5*+,3."+8+,<0)/<%"R.(HH*+GD)#*:EF>#A*GD)#*:EF>%5*
*
4i4QBO12B4VBV*
,/>*
*
B%&/31)7<(%"1<7+&?+,."@D"d.*+GD)#*:EF>#5*
*
4iYVRB4VBV*
B5G+&3."1<?<*%*3."R&9%D$C?*+-"j.))#*+*"%/-":EF/5*
B5G+&3."G&)/<Q3."2D7%&'<8;*3&)<X'#)<*.8*jD)8?*+-"j.))#*+*"%/-":EF/5*
B5G+&3."HXI*+Y()d'.6*:E/EA*R(T(.$*6*G()<C$.)*:E_,5*
*
 @Ri0Y1VRQ@B4VBV*
K)'%&<)G.<."6%G3&+,.<."+-#$8(DH5gI**]7I*+Y()d'.6*:E/EA*R(T(.$*6*G()<C$.)*:E_,5*
*
VRiQ€2R0^iGB4VBV*
J&5*$&)Q5/3'"()(%"G#7#$"d*T#$I*(X#<S*Y'&c7#)*+,5*+U('%.$8*:EF_5*
*
VnY20R3QB4VBV*
;/($)&,+%"(%.*%,%+0)/<%"+U(''<.)&c5*rDH8I*+GD)#*:EF>#A*GD)#*:EF>%5*
>3&%"(&+G<*%&%."GI*+GD)#*:EF>#A*GD)#*:EF>%5*
*
[OV1B4VBV*
X,+*3'",)1<0/)&3'"3$&)C)(#$8*+]"?D'8.H*6*R#LL#DL*:EE\5*
*
[n1Q€QPVRBV*
B/3.<%"HXI*+R(T(.$*6*G()<C$.)*:E_,A*]"?D'8.H*6*R#LL#DL*:EE\5*
C)7)'<*%"HXI*+GD)#*:EF>%5*
*
GB3QB1BV*
I(<'3'"'<(&%,*$3'"U(''<.)&c*+Y()d'.6*:E/E5*
*
GV4iQ€2Q@B4VBV*
B)3&)3G<*%"?3<%,+,.<."BD%'.8*+GD)#*:EF>#A*GD)#*:EF>%5*
*
GV[n-QO0]BV*
W%3$<,<%"?3<%,+,.<."BD%'.8*+GD)#*6*B7#$()C&*:EE:5*
B%+.%/G<,<%"+($<,%*%"G#7#$"d*+GD)#*:EF>#5*
B%//<%,1&%"%,?3.*<0)/<%"]X$D".*.9*3.)8?#7*+GD)#*:EF>%5*
B%'G.<%,1&%"/%3d<0)/<%"3.)8?#7*+GD)#*:EF>#5*
B+1&+/<,?%"(%.*%,+<0)&'<."@D"d.*+GD)#*:EF>%5*
J&5*$d<,%"?/%3(%"U(''<.)&c*+GD)#*:EF>%5*
J&5*$d<,%"#)+GG<?<%,%"+U#'X.$H5*4&&d*+-"j.))#*+*"%/-":EF/5*
#<*$+(+//)8<3'"/%+*3'"3.)8?#7*+GD)#*:EF>%5*
E(/+&)8<3'".+*<0+&3'"@D"d.*+-"j.))#*.8*#'*:EF/5*
b)3%(%G)3%"%'+&<(%,%"BD%'.8*+GD)#*:EF>%5*
*
G0RBO12B4VBV*
#$&5?</%,*$3."+3?+,<)<1+."+GI5*23j*+Y()d'.6*:E/EA*R(T(.$*6*G()<C$.)*:E_,5*
#$&5?</%,*$3."+3?+,<)<1+."+GI5*23j*T#$I*&)83.*3."['#WI*+-"j.))#*+*"%/-":EF/5*
#$*$<&3.%"G5<<0)/<%"+23j5*V("?'.$*+GD)#*:EF>#A*GD)#*:EF>%5*
*
-BGYQ[2QB4VBV*
L<G/)G*+&5."(%8&+&%,%"+4D#8$."#H#H5*[#8.H*+:5*+BCD$.''*+*"%/-":E/F%A*
@.$*-#$<.$&H(#)*+*"%/-":E/FA*Y()d'.6*:E/EA*Y&(HH&)*:E/MA*]"?D'8.H*:E_,"5*
L<G/)G*+&5."<,7)/3*%"+1D$"W#)()&c5*@<+1+,d3[+d<%"<,(/31+,."+3.)8?#75*
4D#8$."#H#H*+=5*+]"?D'8.H*:EF=%5*
[%.(%?,<%"G.</)G$5//%"+rDHH(.D5*[$(H.%#"?*T#$I*%,*<0+85</<."O(.<.)WD*+:5*B%8<*
,/M*
*
G%&%+,.<."+rDHH(.D5*[$(H.%#"?A*B%//%+3'"%,*<0+8&</+"+[$(H.%#"?5*r&?)H&)*+]"?D'8.H*:EM_#5*
*
-BRBO1B4VBV*
B%/%*$+%"7+<*($<%,%"f.(8"?*.9*2&&d.$L('I*+]"?D'8.H*:E_,"5*
*
-VOQ]YVR-B4VBV*
;83*%"?&%,1<0)/<%"+-#$8(DH5*]#)<c(8?*+GD)#*:EF>%5*
*
-0RB4VBV*
B)3..%G)%"*+..'%&'<<"-('<%$.#<*+-"j.))#*+*"%/-":EF/5*
f<(3."<,.<G<1%"U(''<.)&c*+GD)#*:EF>%5*
f<(3."&3<d<%,%"]8#)<'.6*+-"j.))#*+*"%/-":EF/5*
f<(3."HXI*+GD)#*:EF>%5*
*
-iRQ]1Q4B4VBV*
b<&)/%"HXI*+GD)#*:EF>%5*
b<&)/%".3&<,%'+,.<."+R&'#)<5*U#$%D$C*+GD)#*:EF>#A*GD)#*:EF>%5*
*
Oi-Y2QB4VBV*
B%8)'8%"%23%*<(%"BD%'.8*+-"j.))#*+*"%/-":EF/5*
*
Y2iQ€0GB44B4VBV*
#+*<7+&<%"%//<%(+%"G*+GD)#*:EF>%5*
*
YQYVRB4VBV*
#<G+&"HXI*+]"?D'8.H*6*R#LL#DL*:EE\5*
*
Y0Gi[0OB4VBV*
C&<G/%&<.".3&<,%'+,.<."4?#7(HH&*+GD)#*:EF>#A*GD)#*:EF>%5*
C&<G/%&<.".3&<,%'+,.<."4?#7I*T#$I*($%'<..)%,%"-.(HH).$*+-"j.))#*+*"%/-":EF/5*
*
Y0O1V@VRQB4VBV*
#),*+1+&<%"()&1%*%"GI*+=5*+]"?D'8.H*:E_,"5*
*
Rn3QB4VBV*
B%/5()G$5//3'".G&3(+%,3'"+3.)8?#75*2&&d.$L('I*.9*]"?D7#))*+GD)#*:EF>#5*
B%G<&),%"1+()&*<(%,."]X$D".*+GD)#*:EF>%5*
X3+**%&1%"0+&)Q"]8#)<'.6*+-"j.))#*+*"%/-":EF/5*
#.5($)*&<%"(%&*$%?<,+,.<."6%(23<,"+:5*+GD)#*:EF>#A*Y()d'.6*:E/EA*]"?D'8.H*:E_,"5*
#.5($)*&<%"G.5($)*&<%+0)/<%"+]..7#)5*]8#)<'.6*+Y()d'.6*:E/EA*Y$#)".*:E_\5*
#.5($)*&<%"a8%*.<F%i%u"+@.$*-#$<.$&H(#)*+*"%/-":E_\A*R(T(.$*6*G()<C$.)*:E_,5*
#.5($)*&<%"a,%<"F%i%u"+@.$*-#$<.$&H(#)*+*"%/-":E_\5*
#.5($)*&<%"u{$<F%i%u"+R(T(.$*6*G()<C$.)*:E_,5*
#.5($)*&<%"7<&<1<."RDbW*.8*Y#TK)*+:5*+GD)#*:EF>#A*Y()d'.6*:E/EA*Y$#)".*:E_\5*
N31?+%"&+*<0)/<%"]8#)<'.6*+]"?D'8.H*:EFM"A*]"?D'8.H*6*R#LL#DL*:EE\#5*
E%8<(+%"%'d),+,.<."U.7?#7*+2DC?!r&).H*:E_EA*]"?D'8.H*:EFM"A*]"?D'8.H*6*R#LL#DL*:EE\A*
]"?D'8.H*6*R#LL#DL*:EE,5*
O,(%G<%"?3<%,+,.<."+BD%'.85*[7.'()*+-"j.))#*+*"%/-":EF/5*
*
]BYQO@B4VBV*
#%3//<,<%"5)()"]"?D'8.H*6*j(''(X*+,5*+G#)C<&)*:EF/5*
*
]42QqBVB4VBV*
K5?)1<3'"7+,3.*3'"]c#$8W*+Y()d'.6*:E/EA*R(T(.$*6*G()<C$.)*:E_,5*
*
]4R0Y2nGBRQB4VBV*
,//*
*
E()G%&<%"13/(4."GI*+GD)#*:EF>%5*
*
]0GBOB4VBV*
W&3?'%,.<%"<,.<?,<."+3#$%&H#!R&<$bCD.H5*G&"dc&&<*.9*]"?D'8.H*+:5*+]"?D'8.H*6*R#LL#DL*:EE\5*
W&3?'%,.<%".3%7+)/+,."+2D7%I*.8*3&)X'I*.9*U(''<5*3.$"?8&'<*.8*
Y$.H'*+:5*+@&%d()*<.*Rb&H*:E_\%A*GD)#*:EF>#A*GD)#*:EF>%A*R(T(.$*6*G()<C$.)*:E_,5*
W&3,0+/.<%"($<&<(%.G<"Y'&c7#)*+:5*+Y'&c7#)*:E__5*
W&3,0+/.<%"?&%,1<0/)&%"@I*@&)*+:5*+Y'&c7#)*:E__A*]"?D'8.H*6*R#LL#DL*:EE\5*W',0+/.<%"?&%,1<0/)&%"@I*
@&)*HD%HXI*.($3/*+.<<"Y'&c7#)*+:5*+GD)#*:EF>%A*Y()d'.6*:E/EA*Y'&c7#)*:E__A*]"?D'8.H*6*R#LL#DL*
:EE\5*
B%G.<(3'".G-"+R(T(.$*6*G()<C$.)*:E_,A*]"?D'8.H*6*R#LL#DL*:EE\5*R)($&)'%"03($.<)<1+."+23j5*-(.$H*
+:5*+-"j.))#*+*"%/-":EF/5**63%,3//)%")($&%(+%"4D8$."#H#H*+=5*+]"?D'8.H*:E_,"5*
@<()*<%,%"&3.*<(%"K-"+:5*+GD)#*:EF>%A*U('%.$8*:EF_5*
@<()*<%,%"*%8%(3'"K-"+:5*+GD)#*:EF>%A*]"?D'8.H*:E_,"A*U('%.$8*:EF_5*
*
fVR3VOB4VBV*
B)&,3*<%")1)&%*%"+Y&.XX(C*.8*V)<'("?.$5*Y&.XX(C*+-"j.))#*+*"%/-":EF>#5*
b<*+Q"*&00/)&%"f#?'*+-"j.))#*+*"%/-":EF/5*
*
fQ0GB4VBV*
N<,)&+%"7<&<1<0/)&%"RDH%6+=5*+]"?D'8.H*6*R#LL#DL*:EE\5*
,/_*
*
 #;580!
*
:!*VH8&H*#<(8(T&H*<.*'#*%5%$3%.(%"H&)*"&)&"(<#H*X'#)8#H*.)8.&CJ)("#H;*7D"?#H*<.*'#H*"D#'.H*H.*
D8('(W#)*#*T.".H*H&'#H;*.)*#DH.)"(#*<.*'#*%5%$3%.(%!"X&$*HD*.L."8&*.)8.&CJ)("&I*
*
[P!VH8#H*#"&7X#`#)8.H*<.*'#*%5%$3%.(%"H&)*.H8(7D'#)8.H*ZD.*H.*D8('(W#)*H&'&H*&*
"&7&*#<(8(T&H*<.*'#*%5%$3%.(%-""V)*.H8.*S'8(7&*"#H&;*HD*LD)"(K)*X#$.".*H.$*'#*<.*"&)8$#$.H8#$*.'*
#".)8D#<&*.L."8&*H&X&$bL.$&*<.*'#*%5%$3%.(%!"X#$#*ZD.*)(*.'*"?#7N)*)(*.'*X#"(.)8.*H.*<D.$7#)*
<D$#)8.*'#*H.H(K)I**1#)8&*R/+Q"?3%53.%"()')"#%3//<,%"5)()"H&)*LD.)8.H*#%D)<#)8.H*<.'*
.H8(7D'#)8.*"#L.b)#*+G.c(H*+*"%/-":EE:A*]"?D'8.H*:EF/#A*]"?D'8.H*6*R#LL#DL*:EE\5;*6*'#*
J&5*$&)Q5/3'"()(%"7%&-"<G%1U".H*D)#*LD.)8.*<.'*.H8(7D'#)8.*"&"#b)#*+2&'7H8.<8*+*"%/-":E_:A*
Y'&c7#)*:EF:5I*
*
\P!O&*H.*?#*$.C(H8$#<&*.'*DH&*<.*.H8#H*.HX."(.H*"&7&*#<(8(T&H*<.*'#*%5%$3%.(%!"G+&)*
X$.HD7(%'.7.)8.*H.*?#)*D8('(W#<&*"&7&*8#'.H*XD.H8&*ZD.;*#*T.".H;*H.*"&)&".)*X&$*.'*)&7%$.*<.*
%5%$3%.(%")"($%(&3,%!"&*.H8N)*$.'#"(&)#<#H*<.*&8$#*7#).$#*"&)*'#*L#7&H#*X&"(K)*+]"?D'8.H*
:E_,"A*]"?D'8.H*:EFM"A*]"?D'8.H*6*R#LL#DL*:EE\5I*
*
…VH8.*"D#<$&*"&)8(.).*'#H*.HX."(.H*T.C.8#'.H*ZD.*H.*DH#)*"&7&*#<(8(T&H*<.*'#H*X&"(&).H*
.)8.KC.)#H*<.*%5%$3%.(%".)*'#*B7#W&)(#I**V)*7D"?&H*"#H&H*H.*<(".*ZD.*'&H*#<(8(T&H*#D7.)8#)*6*
#'#$C#)*'#H*X$&X(.<#<.H*.)8.&CJ)("#H*<.*'#H*%.%(<#H*+]"?D'8.H*6*2&L7#))*:EF\5I**V)*&8$&H*"#H&H*
'#H*X'#)8#H*#<(8(T#H*H&)*.H8(7D'#)8.H*"D6&H*.L."8&H*"&)8$#$.H8#)*'#H*X$&X(.<#<.H*H&X&$bL.$#H*<.*
'&H*.98$#"8&H*ZD.*HK'&*"&)8(.).)*W%,<.*+&<)G.<.*(%%G<"+PD$H8*:E_/A*]"?D'8.H*6*R#LL#DL*:EE\5I**
P()#'7.)8.;*#'CD)&H*#<(8(T&H*X#$.".)*H.$*8.$#XJD8("&H*+GD)#*:EF>#A*GD)#*:EF>%A*GD)#*6*
B7#$()C&*:EE:A*-"j.))#*+/"%/-":EF/5*6*X$&%#%'.7.)8.*)&*X$&<D".)*.L."8&H*XH("&#"8(T&HI**].*
<.H"&)&".)*'#H*X$&X(.<#<.H*ZDb7("#H*<.*7D"?#H*<.*'#H*X'#)8#H*ZD.*H.*.)D7.$#)*#ZDb;*#H(*"&7&*
'#*$#WK)*<.*HD*DH&*"&)*'#*%5%$3%.(%-""4&)*8&<#*H.CD$(<#<*H.*<.7&H8$#$N*.)*.'*LD8D$&*'#*
XH("&#"8(T(<#<*<.*#'CD)#H*<.*.H8#H*X'#)8#H*#?&$#*<.H"&)&"(<#HI**@gI**-"j.))#*6*HDH*
"&'#%&$#<&$.H*?#)*$.H.`#<&*$."(.)8.7.)8.*'#H*X$&X(.<#<.H*ZDb7("#H*<.*M/*.HX."(.H*T.C.8#'.H*
#<(<T#H*<.*'#*%5%$3%.(%"6*#".$8#<#7.)8.*"#'(L("#$&)*'&H*X$.X#$#<&H*#7#WK)("&H*<.*%5%$3%.(%"
<.*lL#$7#"&X.#*8$#<("(&)#'m*+-"j.))#*+/"%/-":EF/5I**VH*X&H(%'.*ZD.*.)*.H8#*8#%'#*H.*X$.H.)8.*
#'CD)#*<DX'("(<#<I**Y&$*.g.7X'&;*GD)#*+:EF>#5*()L&$7K*<.'*DH&*<.*D)#*.HX."(.*<.*C%8+83<%*"&7&*
#<(8(T&*<.*'#*%5%$3%.(%"6*<&H*#`&H*7NH*8#$<.*H.*7.)"(&)K*.'*DH&*<.*C%8+83<%"$+*+&)G)1%""&7&*
#<(8(T&*+-"j.))#*+*"%/-":EF/5I**G#*.HX."(.*<.*B5G+&3."D8('(W#<#*"&7&*#<(8(T&*H.CS)*H.*()L&$7K*
?#".*<&H*<J"#<#H*+Y()d'.6*:E/EA*R(T(.$*6*G()<C$.)*:E_,5*X&<$b#*H.$*B-"G&)/<Q3.")"B-"1<?<*%*3.!"
"(8#<#H*7NH*8#$<.*+'#*X$(7.$#*.)*'#*T.$H(K)*()C'.H#*6*'#*S'8(7#*.)*'#*T.$H(K)*.)*"#H8.''#)&*<.*
-"j.))#*+/"%/-":EF/5I**@.'*7(H7&*7&<&;*'#*.HX."(.*<.*f<(3.""(8#<#*X&$*GD)#*+:EF>%5*X&<$b#*H.$*f-"
&3<d<%,%!"7.)"(&)#<#*<&H*#`&H*<.HXDJH*+-"j.))#*+/"%/-*:EF/5I*
,/F*
&8("5C=;!JC%#5;!
(0%=;&%O%#8!j!(0%=;&%#8!j!O8';&%05%#8/!
'L!>9C(;!$'=!5';#8#F&85=!
!
G#H*"D$#)<.$#HIII*?#%b#)*8&7#<&*XD.H;*D)*8&8#'*<.*=\*7C*<.*XH('&"(%()#I**@.HXDJH*<.*&8$&H*<(.W*
7()D8&H*.'*.HXb$(8D*<.'*?&)C&*"&7.)WK*#*#"8D#$I**-#$b#*]#%()#*.7X.WK*#*.)8&)#$*HD*"#)8&III*
8LX,*+!7@Y.)33*
C+),%,D(%*/"+:E_F5*
*
*
B'*#)&"?.".$*<.'*::*<.*&"8D%$.*<.*:E/,;*.)*'#*$.7&8#*#'<.#*7.9("#)#*<.*2D#D8'#*<.*r(7J).W;*
H(8D#<#*.)*'#*](.$$#*-#<$.*0$(.)8#'*<.*0#9#"#;*.'*ZDb7("&*]D(W&*B'%.$8*2&L7#))*<(&*=\*7C*<.*
XH('&"(%()#*H()8J8("#*#*-#$b#*]#%()#;*#*HD*?(g#*6*#*&8$&*"?#7N)*-#W#8."#I**2&L7#))*<(&*8#7%(J)*:\*
7C*<.*'#*HDH8#)"(#*#*RI*[&$<&)*U#HH&);*ZD(.)*H(.8.*#`&H*#)8.H*H.*?#%b#*"&)T.$8(<&*.)*.'*X$(7.$*
L&$#H8.$&*ZD.*8&7#$#*<.'(%.$#<#7.)8.*'&H*?&)C&H*H#C$#<&H*<.*-J9("&;*()("(N)<&H.*#'*H#"$&*
7(H8.$(&*<.*'#*7#)&*<.*-#$b#*]#%()#I**2&L7#))*XD<&*&%8.).$*<(T.$H#H*7D.H8$#H*<.*'&H*?&)C&H*<.*
-#$b#*]#%()#*#*8$#TJH*<.*U#HH&);*<.*L&$7#*ZD.*.)*HD*'#%&$#8&$(&*<.*'#*"&7X#`b#*]#)<&W*G8<I*<.*
3#H('.#*"&)H(CD(K*#(H'#$*6*"#$#"8.$(W#$*HDH*X$()"(X(&H*#"8(T&H;*#*'&H*ZD.*''#7K*G.</)(<8<,%"5"G.</)(<,%-""
2&L7#))*?#%b#*"&)H.CD(<&*H()8.8(W#$*#7%#H*HDH8#)"(#H*6*T&'Tb#*#?&$#*#*-J9("&*"&)*l.'*.HXb$(8D*<.*
'&H*?&)C&H*.)*L&$7#*<.*X#H8(''#Hm;*"&)*'#*.HX.$#)W#*<.*&L$.".$*.'*)D.T&*LN$7#"&*#*D)*"?#7N)*
.9X.$(7.)8#<&*.)*.'*DH&*<.*'&H*?&)C&H*+2&L7#))*:E_F%5I**3#g&*.'*()L'Dg&*<.*'#H*X#H8(''#H*<.*
XH('&"(%()#;*-#$b#*]#%()#*".'.%$K*D)#*7+/%1%"+X#'#%$#*.HX#`&'#*DH#<#*X&$*'&H*()<(&H*-#W#8."#H*
X#$#*$.L.$($H.*#*D)#*".$.7&)(#*<.*"D$#*"&)*'&H*?&)C&H5*X#$#*U#HH&);*2&L7#));*HD*7Dg.$*B)(8#*6*
Q$7C#$<*U.(8'#).$*r&?)H&);*D)#*<.*'#H*X$(7.$#H*L&$#H8.$#H*.)*8&7#$*X#$8.*.)*.'*$(8D#'*<.*'&H*
,/E*
*
?&)C&HI**BD)ZD.*'#*XH('&"(%()#*H()8J8("#*8#$<K*#'C&*7NH*.)*#"8D#$;*-#$b#*]#%()#*<(g&*7NH*8#$<.*ZD.*
)&*?#%b#*<(L.$.)"(#*.)8$.*'#H*X#H8(''#H*<.*2&L7#))*6*'&H*?&)C&HI**B<.7NH*<.*<.7&H8$#$*<.*L&$7#*
"&)"'D6.)8.*'#*T#'(<.W*<.*'&H*8$#%#g&H*<.*2&L7#));*'#*?(H8K$("#*X$D.%#*<.*-#$b#*]#%()#*H.*
"&)T($8(K*.)*D)*"'NH("&*<.*'&H*.9X.$(7.)8&H*"(.)8bL("&H;*H()*X#$#)CK)*.)*'#*'#$C#*?(H8&$(#*<.*'#*
L#$7#"&C)&H(#I*+:5I*
@&H*#`&H*#)8.H;*1(7&8?6*G.#$6;*D)*&H"D$&*X$&L.H&$*<.*XH("&'&Cb#*<.*'#*n)(T.$H(<#<*<.*2#$T#$<;*
?#%b#*()C.$(<&*'&H*?&)C&H*.)8.KC.)&H*<.*U#HH&)*.)*4D.$)#T#"#I**V9X.$(7.)8K*lD)*8&$%.''()&*<.*
T(H(&).H*8$#H".)<.)8.Hm*ZD.*'.*''.T#$b#);*#*HD*$.C$.H&*#*2#$T#$<;*#*()("(#$*HDH*()T.H8(C#"(&).H*"&)*
'#H*<$&C#H*.)8.&CJ)("#HI**G.#$6*&%8DT&*D)*.)T(&*<.*'#*XH('&"(%()#*<.*2&L7#))*+<(H8$(%D(<#*X&$*
]#)<&W*"&)*.'*)&7%$.*"&7.$"(#'*<.*R,1)(<8<,%:"6*.7X.WK*#*.9X.$(7.)8#$*"&)*'#*<$&C#I**G.#$6*6*HDH*
"&'#%&$#<&$.H*#<7()(H8$#$&)*XH('&"(%()#*#*X$.H&H*.)*D)*()8.)8&*<.*"&)H.CD($*HD*T.$<#<.$#*
$.?#%('(8#"(K)*6*8#7%(J)*#*.H8D<(#)8.H*<.*8.&'&Cb#;*7D"?&H*<.*'&H*"D#'.H*T(T($b#)*.9X.$(.)"(#H*
$.'(C(&H#H*+G.#$6*:E/F5I**V$#*%(.)*H#%(<&*ZD.*G.#$6*6*HDH*"&'.C#H*8#7%(J)*8&7#%#)*'#*XH('&"(%()#*6*
&8$&H*.)8.KC.)&H;*X&$*'&*ZD.*.'*DH&*<.*.H8#H*<$&C#H*X$&)8&*#%#)<&)#$b#*'&H*%$D7&H&H*"&)L().H*<.'*
'#%&$#8&$(&*+j$.(C*:E/_A*G.#$6*:E/FA*U.('*:E/=%5;*"&)T($8(J)<&H.*.H8#*X$&7.8.<&$#*'b).#*<.*
()T.H8(C#"(K)*.)*D)*7&8(T&*<.*X$.&"DX#"(K)*X#$#*'#*H.$(#*<($.""(K)*<.*2#$T#$<;*X&$*'&*ZD.*G.#$6*6*
HD*"&'.C#*R("?#$<*B'X.$8*T(.$&)*HDH*"&)8$#8&H*$.H"()<(<&H*.)*:E/=I*
VH8.*.H"#)<#'&H&*()"(<.)8.*7.$."(K*D)#*"&)H(<.$#%'.*#8.)"(K)*X&$*X#$8.*<.*'#*X$.)H#;*
"&)T($8(J)<&H.*'#H*<$&C#H*.)8.&CJ)("#H*.)*D)#*(7X&$8#)8.*(%3.+"(A/+8&+".)*'&H*#`&H*H.H.)8#I**
BD)ZD.*G.#$6*H.*?#%b#*()("(#<&*.)*'&H*?&)C&H*6*'#*XH('&"(%()#;*X$&)8&*H.*X#H#$b#*#*'#*7NH*X&8.)8.*
G]@I**G.#$6*.7X.WK*#*X$#"8("#$*D)*#"8(T&*X$&H.'(8(H7&*<.'*DH&*<.*'#*G]@*6*HD*L#7&H#*L$#H.**3&,"),!"
*3,+"<,!"1&)G")3*"+"&'K"#8.;*H()8&)(W#;*#%#)<&)#*'#*H&"(.<#<5*H.*"&)T($8(K*.)*.'*.H'&C#)*<.*'#*JX&"#I**
V'*C&%(.$)&;*X&$*HD*X#$8.;*.H"&C(K*?#".$*X$&H.'(8(H7&*.)*"&)8$#*<.*'#*G]@;*"#6.)<&*'&H*?&)C&H*6*'#*
XH('&"(%()#*.)*.'*&'T(<&*"&)*.'*"&)L'("8&*ZD.*H.*<.H#8KI**B*X.H#$*<.*8&<&;*H.*''.T#$&)*#*"#%&*D)*%D.)*
)S7.$&*<.*()T.H8(C#"(&).H*"&)*'#*XH('&"(%()#;*ZD.*X#$."(K*X$&7.8.<&$#*.)*.'*"#7X&*<.*'#*
XH(ZD(#8$b#*"'b)("#*+B'?#<.LL*:E/,A*@.'#6*+*"%/-":EME#A*[('%.$8(*6*[$.C&$.88(*:E/\A*[)($HH*:EMEA*
2.(7#$7*:E/:A*2.(7#))*:E/,A*2&''(H8.$*:E/:A*G.D).$*6*2&'L.'<*:E/,A*R()d.'*+*"%/-":E/\A*U('d()H*+*"
%/-":E/,5I**BD)ZD.*'#H*'.6.H*"&)8$#*'#H*<$&C#H*.)8.&CJ)("#H*8.$7()#$&)*"&)*.H8#H*()T.H8(C#"(&).H*
<.*L&$7#*X$.7#8D$#;*'#*XH('&"(%()#*.7.$C(K*<.*)D.T&*"&7&*.'*.)8.KC.)&*<.*.'.""(K)*.)*'&H*
H.8.)8#;*6*.H*#*.H8#*?(H8&$(#*<.'*)&8#%'.*$.HD$C(7(.)8&*<.'*()8.$JH*X&$*.H8.*#)8(CD&*H#"$#7.)8&*#*'#*
ZD.*)&H*$.L.$($.7&H*.)*.H8.*"#Xb8D'&I*
*
*
('90('&5%D80!(9'&;=;:O%#80!
*
**OD.H8$#H*LD.)8.H*<.*()L&$7#"(K)*7NH*8.7X$#)#H*H&%$.*'&H*?&)C&H*H#C$#<&H*<.*-J9("&*<#8#)*<.'*
H(C'&*ZD.*H(CD(K*#*'#*H#)C$(.)8#*"&)ZD(H8#*<.'*(7X.$(&*BW8."#*.)*:M,:*+U#HH&)*6*U#HH&)*:EM_#A*
U#HH&)*:EF\5I**n)*()<(&*"D'8&*<.*)&7%$.*C+d)dP')("<.H"$(%(K*.)*.HX#`&';*.)*.'*#`&*:MEF;*'#*
()C.H8(K)*<.*?&)C&H*.7%$(#C#)8.H*<D$#)8.*'#*"&$&)#"(K)*<.*-&"8.WD7#*QQ*.)*:M\,*+1.W&WK7&"*
:E_M5*+,5I*
,_\*
*
-&"8.WD7#*LD.*.'*S'8(7&*<($(C.)8.*<.*'&H*BW8."#H;*<.H8()#<&*#*HDL$($*D)#*7D.$8.*(C)&7()(&H#*.)*
:M,\;*X$(H(&).$&*.)*HD*X$&X(#*"#X(8#'*+Y$.H"&88*:F>=5I**]&%$.*HD*"&$&)#"(K)*1.W&WK7&"*.H"$(%(Kv*
*
III*'&H*.H8$#)C.$&H*'.H*<(.$&)*#*"&7.$*?&)C&H*7&)8.H()&H*
ZD.*H.*.7%$(#C#)*"&)*.''&;*6*"&)*.H8&*.)8$#$&)*#*'#*<#)W#III*
***********************+U#HH&)*:EF\A*U#HH&)*6*U#HH&)*:EM_#5I*
*
G&H*?&)C&H*#X#$.".)*.)*'#H*7#)(L.H8#"(&).H*<.'*#$8.*7.9("#)&*ZD.*H&%$.T(T(K*#*'#*"&)ZD(H8#I**
P(CD$#)*X$()"(X#'7.)8.*.)*.'*B)1+Q"b<,1)8),+,.<."<.*'&H*-(98."#H*+4#H&*:E/=5;*.'*B)1+Q"
[%?/<%8+($<%,)"<.*'&H*BW8."#H*6*.)*'&H*L#7&H&H*L$.H"&H*1.X#)8(8'#*<.*'#*C$#)*7.8$KX&'(H*<.*
1.&8(?D#"#)*+4#H&*:E>,A*U#HH&)*6*U#HH&)*:EM_#5;*.)*'&H*ZD.*ZD(WN*#X#$.".*$.X$.H.)8#<#*'#*
X'#)8#*<.'*)/)/<3$23<"+TJ#H.*4#Xb8D'&*,5*&*()"'DH&*'('#H*#"DN8("#H*+TJ#H.*BXJ)<(".*3A*V7%&<.)*:EF,A*
PD$H8*:E_>#5*+=5I**].*?#)*<.H"D%(.$8&*.)*B7J$("#*4.)8$#'*7NH*<.*<&H"(.)8#H*(7NC.).H*<.*X(.<$#*
.H"D'X(<#H*.)*L&$7#*<.*H.8#H*<.*"D6&H*l8#''&Hm*.7.$C.)*L(CD$#H*?D7#)#H*&*#)(7#'.HI**].*?#*
X$&XD.H8&*'#*8.&$b#*<.*ZD.*.H8#H*lX(.<$#H*LS)C("#Hm*LD.$#)*.7%'.7N8("#H*<.'*"D'8&*<.*'&H*?&)C&H*
.)*'#*W&)#*-#6#*+@.*3&$?.C6(*:E/:A*@.*3&$?.C6(*:E/,A*G&c6*:E_:A*G&c6*:E_MA*-#6.$*:E__#A*
YD?#$("?*:EME%A*U#HH&)*:EF\A*U#HH&)*6*U#HH&)*:EM_#A*U#HH&)*6*U#HH&)*:EMF5I**VH8#H*6*&8$#H*
$.X$.H.)8#"(&).H*#$8bH8("#H*+@.*3&$?.C6(*:E/=5*7D.H8$#)*ZD.*'&H*()<(&H*.H8(7#%#)*#*'&H*?&)C&H*
"&)*D)*C$#)*8.7&$*6*$.T.$.)"(#I**BD)ZD.*?&6*<(#*)&*H.*?#*&%H.$T#<&*.'*DH&*"?#7N)("&*7&<.$)&*
<.*'&H*?&)C&H*.)8$.*'&H*-#6#H;*D)*#)8(CD&*<(""(&)#$(&*<.*'#*'.)CD#*4#d"?(ZD.'*&%$#*<.'*L$#('.*
1&7NH*<.*4&8&*+4&8&*:EF=5*H.*$.L(.$.;*H()*.7%#$C&;*#*F%<d%/%$")()Q"6*#*Q<8%/8%6")()Q!"?&)C&H*ZD.*
?#"b#)*ZD.*D)&*X.$<(.$#*.'*gD("(&;*6*#*23+("(u<'"kF+F"2<'<"*<"2$3$<&</%,!"?&)C&H*lZD.*.7%$(#C#)m*
+[#$W#*:EE\A*-#6.$*:E__#5I**1#7%(J)*H.*?#*()L&$7#<&*ZD.*'&H*"?#7#).H*G#"#)<K)*?#"b#)*
&L$.)<#H*<.*#.</)(58+"kE*&)G$%&<%l"(38+,.<."6*<.*#%,%+)/3."7+,+,).)."=q"#-".388%/*+%*3.:"#*'&H*
<(&H.H*.)*'DC#$.H*H#C$#<&H;*X.$&*)&*H.*?#*T(H8&*ZD.*()C(.$#)*.H8#H*"&)&"(<#H*.HX."(.H*XH('&"b%("#H*
+R&%.$8H&)*:E_=5I*
n)#*#"8(8D<*7D6*<(L.$.)8.*.$#*'#*ZD.*.9X$.H#$&)*<(T.$&H*L$#('.H*.HX#`&'.H;*"&7&*]#?#CS);*?#"(#*
.H8&H*l?&)C&H*7#'&H;*ZD.*.7%&$$#"?#)*8#7%(J)*"&7&*.'*T()&m*+]#?#CS)*:EM\A*]#?#CS)*:EF,5I**V'*
"D'8&*<.*'&H*?&)C&H*LD.*"#'(L("#<&*<.*(<K'#8$#;*<.*7&<&*ZD.*H.*?("(.$&)*'&H*7#6&$.H*.HLD.$W&H*X#$#*
.$$#<("#$*.H8#*"&7D)(K)*(7Xb#I**V)*X#'#%$#H*<.'*L$#('.*-&8&'()b#v*
*
B*.H8&H*?&)C&H*''#7#)'.H*.)*HD*'.)CD#**+3,%'%(%*/*$!"ZD.*ZD(.$.*<."($*"#$).*<.*
@(&H*&*<.'*@.7&)(&*ZD.*.''&H*#<&$#%#);*6*<.*'#*<("?#*7#).$#;*"&)*#ZD.'*#7#$C&*
7#)g#$;*#*HD*"$D.'*@(&H*'&H*"&7D'C#%#I*+j)#D8?*:E/,A*-&8&'()b#*:E_:A*U#HH&)*
:EF\A*U#HH&)*6*U#HH&)*:EM_#5*
*
C+3,%'%(%*/*$")"*+),%,D(%*/".$#*.'*)&7%$.*ZD.*$."(%b#)*'&H*?&)C&H*.)*ON?D#8';*'#*'.)CD#*<.*
'&H*O#?D#;*-.9("#H*&*BW8."#HI**G#*X#'#%$#*H.*X&<$b#*8$#<D"($*"&)*7#6&$*X$."(H(K)*X&$*'#*.9X$.H(K)*
l?&)C&*7#$#T(''&H&m*&*l?&)C&*H#C$#<&mI**VH8.*G$%&'%()*$+),*8#7%(J)*.$#*"&)&"(<&*<.*L&$7#*
7NH*X$&H#("#*X&$*.'*)&7%$.**+5$3<,*<T,%,D(%*/!"l?&)C&*.7%$(#C#)8.m*+U#HH&)*:EF\A*U#HH&)*
:EM_#5I*
,_:*
*
B*8$#TJH*<.*'&H*.H"$(8&H*<.*'&H*.HX#`&'.H;*H#%.7&H*ZD.*'&H*?&)C&H*.$#)*#7#$C&H;*X$&T&"#%#)*
T(H(&).H*6*ZD.*'&H*()<(&H*"&)&"(#)*T#$(#H*.HX."(.H*<(L.$.)8.HI**1#7%(J)*<."b#)*7D"?&*#".$"#*<.*HDH*
.L."8&H;*X.$&*HDH*L#)8NH8("&H*6*.98$#T#C#)8.H*$.'#8&H*H.*%#H#$&)*&%T(#7.)8.*.)*()L&$7#"(K)*
H."D)<#$(#;*6*X&<.7&H*<#$*X&$*H.CD$&*<.*ZD.*)&*.H8DT(.$&)*$.HX#'<#<&H*X&$*.9X.$(.)"(#H*
X.$H&)#'.HI**YD.H*.H8#*LD.*'#*.$#*<.*'#*%$Dg.$b#*6*.)*:/,\*.'*]#)8&*0L("(&*<.*'#*Q)ZD(H("(K)*<."$.8K*
L&$7#'7.)8.*.)*'#*4(D<#<*<.*-J9("&*ZD.*'#*()C.H8(K)*<.*X'#)8#H*.7%$(#C#)8.H*"&)H8(8Db#*D)#*
?.$.gb#I**@.*?."?&;*'#*(C'.H(#*X.$H(CD(K*H()*<.H"#)H&*'&H*"D'8&H*.)8.KC.)&H*7.9("#)&H*+@.'*Y&W&*
:E_M5I**P#)N8("&H*()8&'.$#)8.H*"&7&*2.$)#)<&*RD(W*<.*B'#$"K)*''.C#$&)*()"'DH&*#*8&$8D$#$*#*
"?#7#).H*()<(&H*.)*D)*()8.)8&*<.*"&)H.CD($*'&H*H."$.8&H*<.*HDH*l<(#%K'("&Hm*$(8&H*+GKX.W*BDH8()*
:E/_A*RD(W*<.*B'#$"K)*:EM=A*U#HH&)*:EF\A*U#HH&)*+*"%/-":E_>5I**4&7&*$.HXD.H8#*#*.H8#H*#""(&).H*
.9."$#%'.H;*.'*?&)C&*7#$#T(''&H&*H.*"&)T($8(K*.)*.'*%&(%,3'"%&(%,)&3'!".'*lH."$.8&*<.*H."$.8&Hm*
<.*.H&H*X&"&H*"?#7#).H*ZD.*"&)8()D#$&)*"&)*'#*X$N"8("#*<.*#)8(CD&H*$(8&H*.)*N$.#H*$.7&8#HI**4&)*
.'*X#H&*<.*'&H*H(C'&H;*.'*L#)#8(H7&*<.*'&H*L$#('.H*.HX#`&'.H*H.*LD.*&'T(<#)<&*6*HDH*7(H8.$(&H&H*
$.'#8&H*X#H#$&)*#*H.$*X&"&*7NH*ZD.*.98$#T#C#)8.H*"D$(&H(<#<.H*<.*D)#*.$#*X#H#<#I**G&H*7&<.$)&H*
l.T#)C.'(H8#Hm*<.*'#H*L.H*X$&8.H8#)8.H*?#)*&"DX#<&*.'*'DC#$*ZD.*<.gK*T#"#)8.*'#*QC'.H(#*4#8K'("#;*
'(%$#)<&*D)#*.)J$C("#*"$DW#<#*"&)8$#*'&H*?&)C&H*.)8.KC.)&H*+2&&CH?#C.)*:EMEA*Y(d.*:E/\A*Y(d.*6*
4&c#)*:EME5I**1#'*"&7&*'&*.9X$.H#*D)*7(H(&).$&*<.*L&$7#*HD"()8#v*l'#*()C.H8(K)*<.'*?&)C&*<(T()&*
X'#)8.#*H.$(&H*X$&%'.7#H*#'*"&)".X8&*4$(H8(#)&*<.*'#*4.)#*<.'*].`&$m*+Y(d.*6*4&c#)*:EME5I**
R.#'7.)8.*'&H*X'#)8.#III*
*
*
'L!9'$'0&CO9%:%'#5;!$'=!5';#8#F&85=!
*
B*L()#'.H*<.'*H(C'&*X#H#<&;*'#*.9(H8.)"(#*<.*D)&H*?&)C&H*ZD.*X$&<Dg.$#)*T(H(&).H*.$#*
X$N"8("#7.)8.*<.H"&)&"(<#*.)*.'*7D)<&I**](*%(.)*.H*"(.$8&*ZD.*#'CD)&H*.H"$(8&$.H;*7J<("&H*'#*
7#6&$*X#$8.;*?#%b#)*<.H"$(8&*"#H&H*<.*.7%$(#CD.W*#""(<.)8#'*"&)*?&)C&H*.)8.&CJ)("&H*+U#HH&)*
:EME5;*X.$&*.$#)*L$#)"#7.)8.*$#$&H*6*)D)"#*H.*#H&"(#$&)*"&)*'&H*.H"$(8&H*X$&".<.)8.H*<.*-J9("&*
<.'*H(C'&*^fQI*+>5I**Y#$."b#*"'#$&*ZD.*'#*QC'.H(#*4#8K'("#*?#%b#*8$(D)L#<&*.)*HD*()8.)8&*<.*#"#%#$*"&)*
.'*"D'8&*7.9("#)&*<.'**+),%,D(%*/-""@.*?."?&*.)*:E:M;*D)*$.HX.8#<&*.8)&%&8N)("&*''#7#<&*UIVI*
]#LL&$<*8.&$(WK*ZD.*'&H*?&)C&H*T(H(&)#$(&H*g#7NH*?#%b#)*.9(H8(<&;*<.*7&<&*ZD.*'&H*X$(7.$&H*
"$&)(H8#H*.HX#`&'.H*?#%b#)*H(<&*.)C#`#<&H*X&$*'&H*()<(&H*6*ZD.*.'**+),%,D(%*/".$#*H.)"(''#7.)8.*.'*
"#"8DH*<.'*GA5)*/"+TJ#H.*4#Xb8D'&*:5*"D#)<&*.H8#%#*<.H."#<&*+]#LL&$<*:E:MA*]#LL&$<*:E,:"5I**
@D$#)8.*7NH*<.*T.()8.*#`&H*.H8#*8.&$b#*LD.*#7X'(#7.)8.*#".X8#<#;*?#H8#*ZD.*L()#'7.)8.*H.*
<.7&H8$K*ZD.*.$#*L#'H#*.)*:E=_!:E=E*+G#*3#$$.*:E=FA*]"?D'8.H*:E=_%A*]"?D'8.H*:E=EA*]"?D'8.H*
:E/:A*]"?D'8.H*:E/M5*+M5I*
**V'*.8)&%&8N)("&*)#"(<&*.)*BDH8$(#*3'#H*Y#%'&*R.d&;*ZD.*8$#%#g#%#*.)*-J9("&;*LD.*.'*X$(7.$&*.)*
"D.H8(&)#$*'#*8.H(H*<.*]#LL&$<*+R.d&*:E:EA*]"?D'8.H*:E_FA*U#HH&)*:E/=5I**Y&$*HD*X#$8.;*R&%.$8*
rIU.(8'#).$;*D)*#)8$&XK'&C&*)#"(<&*8#7%(J)*.)*BDH8$(#*''.T#%#*#*"#%&*HD*8$#%#g&*.)*-J9("&;*
H(.)<&*.'*X$(7.$*L&$#H8.$&*<.*'#*JX&"#*7&<.$)#*ZD.*"&)H(CD(K*&%8.).$*.g.7X'#$.H*<.**+),%,D(%*/-""
VH8&H*.HX."b7.).H*'.*LD.$&)*.)8$.C#<&H*#*R.d&;*ZD(.)*.)T(K*X#$8.*<.'*7#8.$(#'*#*R("?#$<*VT#)H*
]"?D'8.H;*D)*g&T.)*.H8D<(#)8.*
,_,*
*
X&HC$#<D#<&*<.*'#*n)(T.$H(<#<*<.*2#$T#$<I**@.HC$#"(#<#7.)8.;*.'*7#8.$(#'*H.*.H8$&X.K*<D$#)8.*.'*
8$#)HX&$8.*6*]"?D'8.H*)&*XD<&*"&)"$.8#$*7NH*#''N*<.*CJ).$&*#%,%+)/3.*+]"?D'8.H*:E=EA*]"?D'8.H*
:E>\A*]"?D'8.H*:E_F5*+/5I**]()*()7D8#$H.;*]"?D'8.H*H.*D)(K*#*R.d&*.)*:E=F*.)*D)*T(#g.*#*2D#D8'#*<.*
r(7J).W;*'#*$.7&8#*#'<.#*<.*0#9#"#*<&)<.*U.(8'#).$*?#%b#*&%8.)(<&*'&H*?&)C&HI**]"?D'8.H*6*R.d&*
"&)H(CD(.$&)*$."&'."8#$*.g.7X'#$.H*<.**+),%,D(%*/".)*%D.)*.H8#<&;*X.$8.)."(.)8.H;*"&7&*H.*
&%H.$TK*.)*S'8(7#*()H8#)"(#;*#*8$.H*CJ).$&H*<(H8()8&Hv*#%,%+)/3.".G$<,(*&<,3."=q#"(%'G%,3/%*3."
7%&-".G$<,(*&<,3.:!"#.</)(58+"kE*&)G$%&<%l"(38+,.<."5"#.</)(58+"(%+&3/+.(+,."+2.(7*6*U#HH&)*:EMFA*
2&L7#))*:EF_A*-#6.$*:E_MA*088*:E_F%A*088*6*3(Cc&&<*:E_FA*]"?D'8.H*:E=EA*]"?D'8.H*:E>\A*]()C.$*
:E>EA*U#HH&)*6*U#HH&)*:EM_#5I*
n)*#`&*<.HXDJH;*Q$7C#$<;*'#*?(g#*<.*U.(8'#).$*6*HD*LD8D$&*.HX&H&*r.#)*3#HH.88*r&?)H&);*LD.$&)*
'&H*X$(7.$&H*.98$#)g.$&H*.)*#H(H8($*#*D)#*".$.7&)(#*<.*H#)#"(K)*"&)*'&H*?&)C&H*ZD.*H.*<.H#$$&''K*
.)*2D#D8'#*<.*r(7J).WI**BD)ZD.*.H8&H*#)8$&XK'&C&H*X(&).$&H*&%H.$T#$&)*.'*DH&*<.*'&H*?&)C&H;*)&*
'&H*X$&%#$&)*+r&?)H&)*:E=E#A*r&?)H&)*:E=E%A*U.(8'#).$*r&?)H&)*:EE\5I**G#*].CD)<#*[D.$$#*
-D)<(#'*<.H%#$#8K*.'*()7().)8.*$.<.H"D%$(7(.)8&*<.'*"D'8&*<.*'&H*?&)C&HI**r&?)H&)*7D$(K*
"&7%#8(.)<&*.)*.'*)&$8.*<.*BL$("#*.)*:E>>*6*]"?D'8.H*LD.*.)T(#<&*#*]D<#7J$("#*X#$#*ZD.*
.H8D<(#$#*'&H*N$%&'.H*<.'*"#D"?&*#*'#H*K$<.).H*<.'*C&%(.$)&*<.*'&H*VVnnI**R.d&*H.*<.<("K*#*&8$&H*
.H8D<(&H*?#H8#*HD*7D.$8.*.)*.'*#`&*:EM=;*6*<.*)D.T&*.7X.WK*.'*"D'8&*<.*'&H*?&)C&H*#*"#.$*.)*.'*
&'T(<&*+088*:E_F%5I*
PD.*.)8&)".H;*.'*:E*].X8(.7%$.*:EM,;*ZD.*'&H*#X'("#<&H*.8)&7("K'&C&H*#L("(&)#<&H*f#'.)8()#*
Y#T'&T)#*U#HH&)*6*RI[&$<&)*U#HH&)*$."(%(.$&)*D)#*"#$8#*<.'*X&.8#*R&%.$8*[$#T.H*ZD.*()"'D(#*D)*
%$.T.*#$8b"D'&*+2.(W.$*:E>>5*.)*.'*ZD.*H.*?#"b#*$.L.$.)"(#*#'*DH&*<.*'&H*?&)C&H*.7%$(#C#)8.H*.)*
-J9("&*6*ZD.*"(8#%#*.'*8$#%#g&*<.*]"?D'8.H*<.*:E=E*#".$"#*<.'**+),%,D(%*/-""Y&$*D)#*"&()"(<.)"(#;*
.H#*7(H7#*H.7#)#*?#%b#)*$."(%(<&*D)*<(%Dg&*<.*[(&T#))(*-#<.$H8.(C;*HD*8(XKC$#L&;*ZD.*7&H8$#%#*
D)#*X(.<$#*"&)*'#*L&$7#*<.*D)*?&)C&*X$&".<.)8.*<.*B7J$("#*4.)8$#';*ZD.*?#%b#*T(H8&*6*.H%&W#<&*
.)*.'*-DH.&*R(.8%.$C*<.*qe$("?I**G&H*8$#%#g&H*<.*'&H*U#HH&)*'.H*?#%b#)*()<D"(<&*#*HDX&).$*ZD.*
)D.H8$&H*$.7&8&H*#)8.X#H#<&H*?#%b#)*#<&$#<&*#*'&H*?&)C&H*+TJ#H.*4#Xb8D'&*/5*X&$*'&*ZD.*
<."(<(.$&)*<.*()7.<(#8&*<($(C($*HD*#8.)"(K)*?#"(#*-J9("&;*.)*D)*()8.)8&*<.*(<.)8(L("#$*.H8&H*
?&)C&H*6;*.)*.HX."(#';*<.*.9X.$(7.)8#$*HDH*.L."8&H*+U#HH&)*6*U#HH&)*:EM_#5I*
@.*.H8.*7&<&;*<.HXDJH*<.*D)#*$.T(H(K)*#*"&)"(.)WD<#*<.*'&H*$.'#8&H*<.*'&H*L$#('.H*<.'*H(C'&*^fQ*6*
<.*'&H*8$#%#g&H*<.*"#7X&*<.*]"?D'8.H;*R.d&*+"&)*ZD(.)*XD<(.$&)*"&)8#"8#$*7.<(#)8.*"#$8#H*X&"&*
#)8.H*<.*HD*7D.$8.5;*<.*'&H*r&?)H&)*6*<.*U.(8'#).$;*'&H*U#HH&)*$.#'(W#$&)*HD*X$(7.$*T(#g.*<.*
()T.H8(C#"(K)*#*-J9("&*.)*.'*T.$#)&*<.*:EM=I**VH.*#`&;*6*.'*T.$#)&*H(CD(.)8.;*XD<(.$&)*&%8.).$*
T#'(&H#*()L&$7#"(K)*H&%$.*'&H*?&)C&H*6*&%8DT(.$&)*T#$(#H*7D.H8$#HI**[&$<&)*U#HH&)*()C($(K*T#$(&H*
<.*.''&H*.)*:EM>;*X.$&*'#*<&H(H*$.HD'8K*()#<."D#<#*+U#HH&)*6*U#HH&)*:EM_#5I*
P()#'7.)8.*.'*,E*<.*rD)(&*<.*:EMM;*[&$<&)*U#HH&)*6*HD*L&8KC$#L&*B''#)*R("?#$<H&)*XD<(.$&)*
&%8.).$*D)#*C$#)*"#)8(<#<*<.*#.</)(58+"(%+&3/+.(+,.!"D)&*<.*'&H*?&)C&H*ZD.*]"?D'8.H*6*R.d&*
?#%b#)*&%8.)(<&*.)*2D#D8'#*.)*:E=FI**VH.*7(H7&*<b#;*U#HH&)*6*R("?#$<H&)*"&)&"(.$&)*#*-#$b#*
]#%()#;*D)#*"D$#)<.$#*(7X."#%'.;*ZD.*#"".<(K*#*$.#'(W#$*D)#*7+/%1%"X#$#*.''&H*.H#*)&"?.I**U#HH&)*
.H8#%#*.)"#)8#<&*"D#)<&*-#$b#*]#%()#*'.*&L$."(K*H.(H*X#$.H*<.*'&H*?&)C&H*.)*"#H#*<.*4#6.8#)&*
[#$"b#I**B*R("?#$<H&)*)&*'.*
,_=*
*
CDH8K*<.7#H(#<&*$."(%($*'#*7(H7#*"#)8(<#<;*XD.H8&*ZD.*?#%b#*X$&7.8(<&*#*HD*7Dg.$*ZD.*l)&*
X.$7(8($b#*ZD.*)()CD)#*<.*.H#H*$.XDC)#)8.H*H.8#H*T.).)&H#H*X#H#$#*<.*HDH*'#%(&HmI**B*X.H#$*<.*
.''&*'&H*8&7K*"&)*.HLD.$W&*6*'#*X$&X(#*-#$b#*]#%()#*()C($(K*8$.".*X#$.H;*HD*"#)8(<#<*?#%(8D#'I**G&H*
.L."8&H*.)8.&CJ)("&H*<.*'&H*?&)C&H*LD.$&)*D)#*$.T.'#"(K)*X#$#*U#HH&);*<.H"D%$(.)<&*"K7&*6*X&$*
ZDJ*)D.H8$&H*$.7&8&H*#)8.X#H#<&H*XD<(.$&)*?#%.$*#<&$#<&*#*'&H*?&)C&H*+3.)b8.W*:E/>A*088*
:E_F%A*R("?#$<H&)*:EE\A*U#HH&)*:EF\A*U#HH&)*6*U#HH&)*:EM_#A*U#HH&)*+*"%/-":EF/5I*
BHb;*>=>*#`&H*<.HXDJH*<.*'#*"&)ZD(H8#*<.*-J9("&;*.'*G$%&'%()*$+),"LD.*$.H"#8#<&*<.'*&'T(<&*.)*
.'*7&7.)8&*X$."(H&;*gDH8&*"D#)<&*.'*"D'8&*.H8#%#*X$N"8("#7.)8.*.)*'#*L#H.*L()#'*<.*HD*H.)."8D<I**
U#HH&)*.)T(K*T#$(&H*.HX."b7.).H*#'*L#7&H&*7("K'&C&*L$#)"JH*R&C.$*2.(7;*ZD(J)*$.#'(W#$b#*.)*
"&)H."D.)"(#*HD*X$(7.$*T(#g.*<.*.H8D<(&*#*-J9("&*"&)*.'*C$DX&*<.*'&H*U#HH&)*.)*:EM/I**2.(7*6*'&H*
U#HH&)*()T.H8(C#$&)*gD)8&H*.)*-J9("&*?#H8#*:E/,;*(<.)8(L("#)<&*L()#'7.)8.*?#H8#*T.()8.*.HX."(.H*
<.*?&)C&H*.)8.&CJ)("&H;*7D"?&H*<.*'&H*"D#'.H*.$#)*<.H"&)&"(<&H*X&$*'#*"(.)"(#*+2.(7*6*U#HH&)*
:EMFA*R#T("W*:E/\A*]8$.HH.$!YJ#)*:EE\A*U#HH&)*:E/:5*+_5I*
*
*
JC":%&8!$'=!5';#8#F&85=!
*
1$#H*HD*T(#g.*<.*()T.H8(C#"(K)*<.*:EM/;*2.(7*T&'T(K*#*Y#$bH*"&)*<(T.$H&H*.g.7X'#$.H*6*"D'8(T&H*<.*
T#$(#H*.HX."(.H*<.**+),%,D(%*/"+2.(7*:EM_"5I**V'*6*HD*"&'#%&$#<&$*R&C.$*4#(''.D9*XD<(.$&)*"D'8(T#$*
6*?#".$*L$D"8(L("#$*#*7D"?#H*<.*.H8#H*.HX."(.H*.)*Y#$bH*+2.(7*6*4#(''.D9*:EM_A*2.(7*6*U#HH&)*
:EMF5I**1DT(.$&)*.HX."(#'*J9(8&*"&)*#.</)(58+"'+Q<(%,%"6*2.(7*.)T(K*7D.H8$#H*<.*HDH*?&)C&H*#*<&H*
"&7X#`b#H*L#$7#"JD8("#H*<.*'&H*VH8#<&H*n)(<&H*X#$#*HD*#)N'(H(H*ZDb7("&;*#Hb*"&7&*#*D)&*<.*HDH*
"&'.C#H*<.*Y#$bHI**O()CD)&*<.*'&H*8$.H*'#%&$#8&$(&H*"&)H(CD(K*#(H'#$*.'*X$()"(X(&*#"8(T&;*X&$*'&*ZD.*
<."(<(K*.)T(#$*'&H*?&)C&H*#*B'%.$8*2&L7#))*<.*'#*"&7X#`b#*L#$7#"JD8("#*HD(W#*]#)<&W*G8<I**
2&L7#))*$."(%(K*#'$.<.<&$*<.*:\\*C$#7&H*<.*#-"'+Q<(%,%"<.H."#<&*#*X$()"(X(&H*<.*:EM_*.*()8.)8K*
#(H'#$*.'*X$()"(X(&*#"8(T&*.)H#6#)<&*'#H*<(L.$.)8.H*L$#""(&).H*.)*#)(7#'.HI**VH8&H*.)H#6&H*<#%#)*
$.HD'8#<&H*7D6*#7%(CD&H*6*H.*''.CK*#*<D<#$*<.*ZD.*.'*7#8.$(#'*"D'8(T#<&*6*<.H."#<&*.)*Y#$bH*LD.$#*
$.#'7.)8.*.)8.KC.)&;*X&$*'&*ZD.*2&L7#))*<."(<(K*()C.$($*J'*7(H7&*'&H*?&)C&H*6*<.8.$7()#$*#Hb*H(*
#S)*.$#)*#"8(T&HI**V)*.L."8&;*'&*LD.$&)*+2&L7#))*:E_F%5*6*<.H<.*.H.*7&7.)8&*.)*#<.'#)8.;*J'*6*
HDH*#6D<#)8.H*.)H#6#$&)*'&H*<(L.$.)8.H*.98$#"8&H*.)*Hb*7(H7&H;*.'*7(H7&*X$&".<(7(.)8&*ZD.*?#%b#*
D8('(W#<&*2.LL8.$*.)*.'*X#H#<&*"&)*.'*GA5)*/"+TJ#H.*4#Xb8D'&*'5I**@.*.H8.*7&<&;*2&L7#))*"&)H(CD(K*
X$&)8&*#(H'#$*'&H*X$()"(X(&H*#"8(T&H*#*'&H*ZD.*<.)&7()K*G.</)(<,%"5*G.</)(<8<,%"+2.(7*6*U#HH&)*
:EMFA*2&L7#))*+*"%/-":EMFA*2&L7#))*+*"%/-":EMEA*2&L7#))*:E/\A*2&L7#))*:E_F%A*U.(<7#))*+*"
%/-":EMF5*+F5I*
B$8?D$*3$#"d*6*2#)H*j&%.';*<&H*<.*'&H*"&'.C#H*<.*2&L7#))*;*"&)H(CD(.$&)*"D'8(T#$*C$#)<.H*
"#)8(<#<.H*<.*.H"'.$&"(&H*6*7(".'(&H*<.*#-"'+Q<(%,%".)*'&H*'#%&$#8&$(&H*]#)<&W;*<.*'&H*ZD.*
2&L7#))*#(H'K*T#$(&H*C$#7&H*<.*XH('&"(%()#*6*".)8bC$#7&H*<.*XH('&"()#I**4&)*.H8.*7#8.$(#'*XD<&*
<.8.$7()#$*'#*.H8$D"8D$#*ZDb7("#*<.*'&H*<&H*"&7XD.H8&H*6*T.$(L("#$'#*#*"&)8()D#"(K)*7.<(#)8.*HD*
Hb)8.H(HI**G#*XH('&"(%()#*.$#*'#*>!L&HL&$b'&9(!O;O!<(7.8('8$(X8#7()#*6*'#*XH('&"()#*'#*>!?(<$&9(!O;O!
<(7.8('8$(X8#7()#*+2.(7*6*U#HH&)*:EMFA*2&L7#))*:E_F%A*2&L7#))*+*"%/-":EME5I*
,_>*
*
V)*'#*#"8D#'(<#<*H.*H#%.*ZD.*'#*XH('&"(%()#*+6*.)*#'CD)&H*"#H&H*'#*XH('&"()#5*H.*.)"D.)8$#*.)*7NH*
<.*E/*.HX."(.H*<.*?&)C&H*#C$DX#<#H*.)*:>*CJ).$&H*$.X#$8(<&H*X&$*8&<&*.'*7D)<&*+TJ#H.*.'*4D#<$&*
>*ZD.*()"'D6.*.H8#*'(H8#*6*$.L.$.)"(#HA*B''.)*+*"%/-*:EE,5I**V)*:E/F*H.*#(H'#$&)*<.*#.</)(58+"
8%+)(5.*<."<&H*#)N'&C&H*<.*'#*XH('&"(%()#v*'#*>!L&HL&$('&9(!O!7.8('8$(X8#7()#*=8%+)(<.*<,%:"6*'#*>!
L&HL&$('&9(!8$(X8#7()#*=,)&8%+)(<.*<,%:*+G.D)C*:E/_A*G.D)C*6*Y#D'*:E/F5I**@.H<.*.)8&)".H*H.*?#*
<.8.$7()#<&*'#*X$.H.)"(#*<.*8%+)(<.*<,%".)*=,*.HX."(.H*<(L.$.)8.H*<.*?&)C&H*XH('&"b%("&H*
$.X#$8(<&H*.)*E*C.).$&H*+TJ#H.*.'*4D#<$&*M*ZD.*()"'D6.*'#*'(H8#*6*$.L.$.)"(#H5I**G#*8%+)(<.*<,%".H*
.)8.&CJ)("#*#*D)#*<&H(H*<.*:\*7C*6*'#*,)&8%+)(<.*<,%".H*X$&%#%'.*ZD.*H.#*8#7%(J)*.)8.&CJ)("#;*
X.$&*HDH*X$&X(.<#<.H*L#))#"K'&C("#H*.)*.'*?&7%$.*#S)*)&*?#)*H(<&*.H8D<(#<#H*.)*<.8#''.I**]K'&*
.9(H8.*D)*%$.T.*8$#%#g&*ZD.*()<("#*ZD.*>*7C*<.*8%+)(<.*<,%"X$&<Dg.$&)*lD)#*'.T.*#'D"()&H(H*<.*=*
?&$#H*<.*<D$#"(K)m*+[#$8W*:EE=5I**]8#LL&$<*+:EF=5*()L&$7K;*<.*L&$7#*.$$K).#;*ZD.*'#*
,)&8%+)(<.*<,%".$#*'#*>!?(<$&9(!O!7.8('8$(X8#7()#I**VH8#*HDH8#)"(#;*X&H(%'.7.)8.*.)8.&CJ)("#;*)&*
H.*?#*.)"&)8$#<&*g#7NH*.)*'&H*?&)C&H*+4.$'.88(*+*"%/-":E/F5;*#D)ZD.*H.*?#*.HX."D'#<&*ZD.*X&<$b#*
H.$*D)*X$."D$H&$*7.8#%K'("&*<.*'#*8%+)(<.*<,%*+R.Xd.*+*"%/-":E__#5;*6*#*X.H#$*<.'*?."?&*<.*ZD.*.'*
X$&%#%'.*.)8.KC.)&*>!?(<$&9(!8$(X8#7()#*+4.$'.88(*+*"%/-":E/F5*?#*H(<&*?#''#<&*.)*#.</)(58+"
8%+)(5.*<."5"#-"(5%,+.(+,.*+R.Xd.*+*"%/-":E__#5I**V)*.L."8&;*'#*'(H8#*<.*?&)C&H*.)8.KC.)&H*"$.".*
"#<#*#`&;*<.*L&$7#*ZD.*.H8&H*"&7XD.H8&H*()<K'("&H*<.'*8(X&*<.*'#*XH('&"(%()#*H&)*'#H*8&9()#H*
LS)C("#H*7NH*#7X'(#7.)8.*<(H8$(%D(<#HI*
*
*
'E'&5;0!$'!=8!(0%=;&%O%#8!G!=8!(0%=;&%#8!
*
 G#*XH('&"(%()#*X$&<D".*.)*.'*H.$*?D7#)&*.L."8&H*.)8.&CJ)("&H*"D#)<&*H.*#<7()(H8$#*#*D)#*<&H(H*
.)8$.*'&H*M*6*'&H*M\*7CI**G#*7#6&$*<&H(H*g#7NH*#<7()(H8$#<#*#*D)#*X.$H&)#*<.*'#*ZD.*H.*8(.).*
)&8("(#*.H*<.*:,\*7C*+P(H"?.$*:E/=5*6*'#*l<&H(H*7N9(7#*H.CD$#m*H.*?#*.H8#%'."(<&*.)*'&H*:M\*7C*
+3$&c)*:E/F5I**@.HXDJH*<.*HD*()C.H8(K);*.'*()("(&*<.*'#*.7%$(#CD.W*.H*7D"?&*7NH*$NX(<#*ZD.*.)*.'*
"#H&*<.*'#*7.H"#'()#*&*'#*G]@;*<.*L&$7#*ZD.*'&H*.L."8&H*7#6&$.H*<#)*"&7(.)W&*#*'&H*8$.()8#*
7()D8&H*#X$&9(7#<#7.)8.*6*<D$#)*D)*8&8#'*<.*=!/*?&$#H*.)*LD)"(K)*<.*'#*<&H(H*+]?D'C()*:EF\#5I**B*
X.H#$*<.*.H8#H*<(L.$.)"(#H*.)*'&*ZD.*#8#`.*#*'#*<D$#"(K)*6*X.$(&<&*<.*'#8.)"(#;*'&H*.L."8&H*N'C(<&H*
<.*'#*XH('&"(%()#*H&)*.98$#&$<()#$(#7.)8.*H(7('#$.H*#*'&H*<.*'#*7.H"#'()#*&*'#*G]@I**V)*X#'#%$#H*<.*
]I-I*n)C.$v*l'#*&X()(K)*X$.T#'.)8.*?&6*<(#*.H*ZD.*'&H*.L."8&H*HD%g.8(T&H*<.*'#*7.H"#'()#;*'#*G]@!,M*
6*'#*XH('&"(%()#*H&)*H(7('#$.H;*.ZD(T#'.)8.H;*&*()"'DH&*()<(H8()CD(%'.Hm*+n)C.$*:E/=5I*
@.HXDJH*<.*HD*()C.H8(K);*'#*XH('&"(%()#*.H*<.HL&HL&$('#<#*#*XH('&"()#;*ZD.*X$&<D".*#*"&)8()D#"(K)*
'&H*.L."8&H*.)8.&CJ)("&H;*H(.)<&*.9"$.8#<#*X&H8.$(&$7.)8.*.)*'#*&$()#*<.*L&$7#*()#'8.$#<#*
+3'#H"?d&*6*G.T().*:E/\A*3&"dH*:E/_A*[('7&D$*6*0€3$(.)*:E/_A*2&$(8#*:E/=A*2&$(8#*6*U.%.$*:E/'#A*
2&$(8#*6*U.%.$*:E/:%A*2&$(8#*6*U.%.$*:E/,A*j#'%.$.$*+*"%/-":E/,5I**G#*()C.H8(K)*<.*XH('&"()#*
X$&<D".*(<J)8("&H*.L."8&H*6*#'*"#$.".$*<.'*C$DX&*L&HL&$('&*<.*'#*XH('&"(%()#*X&H..*D)#*X&8.)"(#*:;>*
T.".H*HDX.$(&$*+U&'%#"?*+*"%/-":E/,%5I*
G&H*.L."8&H*N'C(<&H*H.*"#$#"8.$(W#)*X&$*#'8.$#"(&).H*T(HD#'.H*6*#D<(8(T#H*gD)8&*"&)*X$&LD)<#*
H().H8.H(#*+@.'#6*+*"%/-":EMFA*2.(7*:EM_<A*2.(7*6*1?JT.)#$<*:E/_A*2.(7*6*
,_M*
*
U#HH&)*:EMFA*2.(7*+*"%/-":E/_A*-("?#D9*:E/\5I**VH8&H*.L."8&H*H&)*7D6*H(7('#$.H*#*'&H*.L."8&H*
N'C(<&H*<.*'#*G]@*6*'#*7.H"#'()#;*?#%(J)<&H.*<.7&H8$#<&*<.*?."?&*ZD.*.9(H8.*8&'.$#)"(#*"$DW#<#*
.)8$.*'#*X$(7.$#*6*'#*XH('&"(%()#*+B%$#7H&)*+*"%/-":E/\A*QH%.''*:EMEA*QH%.''*+*"%/-":E/:5I**G&H*.L."8&H*
H."D)<#$(&H*7NH*?#%(8D#'.H*<.*'#*.7%$(#CD.W*XH('&"(%b)("#*H&)*.'*.)$&g."(7(.)8&*<.*'#*X(.'*6*D)*
'(C.$&*#D7.)8&*<.*'#*8.7X.$#8D$#*"&$X&$#'*+4.$'.88(*:EME5I**].*?#*"&7X$&%#<&*ZD.*.'*?&)C&*
XH('&"b%("&*#%,%+)/3.".388%/*+%*3."X&H..*X$&X(.<#<.H*#)8(Tb$("#H;*#"8D#)<&*"&)8$#*.'*T($DH*<.*'#*
X&'(&7(.'(8(H*.)*'&H*$#8&).H*+4&"?$#)*6*GD"#H*:EME5*6*H.*?#*.HX."D'#<&*#".$"#*<.*&8$&H*X&8.)"(#'.H*
.L."8&H*7.<("()#'.H*<.*'&H*?&)C&H*ZD.*"&)8(.).)*XH('&"(%()#*+Y..'.*:EFMA*]8#7.8H*6*4?('8&)*:EF=5I**
G&H*#)8(CD&H*BW8."#H*D8('(W#%#)*'&H*?&)C&H*XH('&"b%("&H*"&)*L().H*7.<("()#'.H;*X&$*T(#*8KX("#*X#$#*.'*
8$#8#7(.)8&*<.*'#*C&8#*+"&7%()#<&H*"&)*)/)/<3$23<"5"L%*3&%".GG-:*6*X&$*T(#*&$#'*X#$#*.'*8$#8#7(.)8&*
<.*D)#*lL(.%$.*#"DN8("#m*+L&$7#)<&*X#$8.*<.*D)*HDX.$.)8.KC.)&*ZD.*"&)8.)b#*#<.7NH*GA5)*/!"
)/)/<3$23<"5"L%*3&%"HXXIA*]#?#CS)*:EM\5I**]()*.7%#$C&;*.H8#H*X'#)8#H*.)8.&CJ)("#H*<.*'&H*BW8."#H*
.$#)*()C.$(<#H*X&$*.'*7J<("&x"?#7N)*&*G%$<,<"+l#ZD.'*ZD.*"&)HD7.*7.<("()#Hm5*"&7&*#6D<#*
#<(T()#8&$(&*.)*.'*<(#C)KH8("&*<.*'#H*"#DH#H*)#8D$#'.H*&*7NC("#H*<.*'#*.)L.$7.<#<;*.'*DH&*"&$$(.)8.*
ZD.*U#HH&)*XD<&*&%H.$T#$*.)8$.*'&H*"?#7#).H*7#W#8."#H*"&)8.7X&$N).&H*"&7&*-#$b#*]#%()#*
+0$8bW*<.*-&)8.''#)&*:EE\A*U#HH&)*+*"%/-":E_>5I*
V'*.ZD(X&*<.*2&L7#))*?#*"&)H.CD(<&*X$.X#$#$*)D7.$&H&H*<.$(T#<&H*H.7(H()8J8("&H*<.*'#*
XH('&"(%()#*6*'#*XH('&"()#*+1$&9'.$*+*"%/-":EME5;*X&H.6.)<&*#'CD)&H*<.*.''&H*#"8(T(<#<*.)8.&CJ)("#I**
G&H*7NH*()8.$.H#)8.H*H&)*'&H*<.$(T#<&H*<(.8b'("&H*<.*#7%#H*HDH8#)"(#H*+"&)&"(<&H*X&$*'#H*H(C'#H*4i!
:E*6*4q!_>;*$.HX."8(T#7.)8.5I**VH8&H*"&7XD.H8&H*<.H.)"#<.)#)*'&H*7(H7&H*.L."8&H*.)8.&CJ)("&H*
ZD.*'#*XH('&"(%()#*6*'#*XH('&"()#;*X.$&*HD*<D$#"(K)*.H*#X.)#H*<.*,*#*>*?&$#H;*H(.)<&*X&$*8#)8&*7NH*
S8('.H*ZD.*HDH*X#$(.)8.H*)#8D$#'.H*.)*'#*X$N"8("#*7J<("#*+G.D.).$*6*3#.$*:E/M5I**R."(.)8.7.)8.*H.*
?#*<.7&H8$#<&*ZD.*()&"D'#)<&*O;*O!<(.8('8$(X8#7()#*.)*'&H*"D'8(T&H*<.*#.</)(58+"kE*&)G$%&<%l"
(38+,.<."=LJC!*TJ#H.*4#Xb8D'&*=5*H.*X$&<D".)*C$#)<.H*"#)8(<#<.H*<.*4q!_>*+?#H8#*D)*=;=a5*6*8$#W#H*
<.*4i!:E*+[#$8W*:EFE"5I**V'*ZDb7("&*#7.$("#)&*@I3I*R.Xd.*6*HDH*"&'#%&$#<&$.H*?#)*"&)H.CD(<&*
H()8.8(W#$*D)*C$#)*)S7.$&*<.*<.$(T#<&H*<.*'#*XH('&"()#*+[$&8*r#?)*:EF=A*R.Xd.*6*P.$CDH&)*:EF,A*
R.Xd.*+*"%/-":E__%A*R.Xd.*+*"%/-":EF:5;*X.$&*<.*7&7.)8&*HK'&*H.*?#*.H8D<(#<&*'#*L#7#"&'&Cb#*
?D7#)#*<.*D)&H*X&"&H*<.*.H8&H*()8$(C#)8.H*"&7XD.H8&H*+R.Xd.*+*"%/-":EFM5*7D"?&H*<.*'&H*"D#'.H*
<.%.)*H.$*.)8.&CJ)("&H*+E5I*
*
*
GB*Y]QG04Q3QOB*i*V'*1V0OBOh4B1G*40-0*@R0[B]*G†@Q4B]*
*
V'*:=*<.*7#6&*<.*:EM_;*RI*[&$<&)*U#HH&)*$.T.'K*HD*$.<.H"D%$(7(.)8&*<.*'&H*?&)C&H*H#C$#<&H*
<.*-J9("&*.)*D)*#$8b"D'&*%.''#7.)8.*('DH8$#<&*ZD.*H.*XD%'("K*.)*'#*$.T(H8#*G(L.*+RI[IU#HH&)*:EM_5I**
V'*#$8b"D'&;*8(8D'#<&*lV)*%DH"#*<.'*?&)C&*7NC("&m;*X$.H.)8K*X&$*X$(7.$#*T.W*#'*XS%'("&*C.).$#'*.'*
8.7#*<.*'&H*?&)C&H*.)8.KC.)&HI**V'*8b8D'&*<.'*#$8b"D'&*+#"D`#<&*X&$*'&H*.<(8&$.H*<.*K<0+"#*X.H#$*<.*
'#H*&%g."(&).H*<.*U#HH&)A*U#HH&)*?#%b#*#"&$<#<&*'#*HD7#*<.*:\I\\\|*X&$*.'*#$8b"D'&*6*D)*"&)8$&'*
.<(8&$(#'*#%H&'D8&*H&%$.*.'*7(H7&*"&)*.'*<($."8&$*<.*1(7.!G(L.*2I*GD".;*ZD(.)*)&*&%H8#)8.*H.*
$.H.$TK*
,_/*
*
.'*<.$."?&*<.*X&).$'.*8b8D'&5*"#X8K*'#*(7#C()#"(K)*X&XD'#$*6*<.H<.*#ZD.'*7&7.)8&*'&H*?&)C&H*
.)8.KC.)&H*LD.$&)*"&)&"(<&H*"&7&*l?&)C&H*7NC("&HmI**n)#*H.7#)#*<.HXDJH*<.*'#*XD%'("#"(K)*<.'*
#$8b"D'&;*f#'.)8()#*U#HH&);*7J<("&;*.H"$(%(K*HD*X&XD'#$*#$8b"D'&*li&*"&7b*'&H*?&)C&H*H#C$#<&Hm*.)*
C$<."j++F"[%?%d<,+!".'*HDX'.7.)8&*<.*D)*X.$(K<("&*+'#*#D8&$#*#X#$."b#*.)*'#*X&$8#<#*T.H8(<#*"&)*
HD*%#8#*<.*7J<("&A*fIYIU#HH&)*:EM_5I**VH8&H*#$8b"D'&H*<.*'&H*U#HH&)*H($T(.$&)*X#$#*<#$*XD%'("(<#<*
#'*'(%$&*[3.$&))'.*N3..<%"%,1"><.*)&5"+2&)C&H;*RDH(#*.*2(H8&$(#5;*D)*'(%$&*ZD.*$."&Cb#*HDH*8$.()8#*
#`&H*<.*()T.H8(C#"(&).H*.8)&7("&'KC("#H*+U#HH&)*6*U#HH&)*:EM_#5I**VH8.*'(%$&*<.*%.''#H*
('DH8$#"(&).H*6*.'.C#)8.*(7X$.H(K);*D)#*#D8J)8("#*&%$#*7#.H8$#;*H.*XD%'("K*.)*.<("(K)*'(7(8#<#*<.*
M:,*.g.7X'#$.H*+<(H.`#<&*.*(7X$.H&*.)*8(X&C$#Lb#*@#)8.*H&%$.*X#X.'*?."?&*#*7#)&*X&$*[(&T#))(*
-#$<.$H8.(C;*8(XKC$#L&*<.*'#*]8#7X.$(#*f#'<&).C#*<.*f.$&)#;*"&)*,/*'N7()#H*.)*"&'&$*<.*'#H*
#"D#$.'#H*<.*?&)C&H*X()8#<#H*X&$*r.#)!2.)$(*P#%$.5*6*)D)"#*H.*?#*TD.'8&*#*(7X$(7($I**V'*'(%$&*H.*
T.)<(K*()("(#'7.)8.*#'*X$."(&*<.*:,M|*'&H*<&H*T&'S7.).H*()"'D(<&H*.)*D)*.H8D"?.;*X.$&*'&H*.<(8&$.H*
<&%'#$&)*HD*X$."(&*<&H*H.7#)#H*<.HXDJH*<.*HD*XD.H8#*#*'#*T.)8#*+U#HH&)*:E__5I**1&<#*'#*.<("(K)*
H.*?#%b#*#C&8#<&*#)8.H*<.*L()#'.H*<.*:EM_*6*X&$*J'*H.*?#)*''.C#<&*#*X#C#$*.)*HD%#H8#*,/\\|;*.)*
T(<#*<.*D)&*<.*'&H*#D8&$.H*+R[U5;*"&)T($8(J)<&H.*#Hb*.)*D)&*<.*'&H*'(%$&H*7NH*T#'&$#<&H*.)*T(<#*<.*
D)*.H"$(8&$I**G&H*U#HH&)*8#7%(J)*XDH(.$&)*#*'#*T.)8#*'#*C$#%#"(K)*L&)&C$NL("#*<.*D)#*".$.7&)(#*
<.*'&H*?&)C&H*"&)*-#$b#*]#%()#;*$.C(H8$#<#*.)*2D#D8'#*<.*r(7J).W*.)*:EM/;*gD)8&*"&)*"&7.)8#$(&H*
6*D)#*8$#)H"$(X"(K)*6*8$#<D""(K)*X#$"(#'.H*+U#HH&)*6*U#HH&)*:EM_%5I*
-(.)8$#H*ZD.*[3.$&))'."N3..<%"%,1"><.*)&5"LD.*D)*8&D$*<.*L&$".*.$D<(8&*6*D)*8$#%#g&*X(&).$&*
.)*'#*<(H"(X'()#*<.*'#*.8)&7("&'&Cb#;*LD.$&)*'&H*#$8b"D'&H*<.*K<0+"5"C$<.*j++F"'&H*ZD.*X$.H.)8#$&)*
'&H*?&)C&H*#'*7D)<&I**V'*#$8b"D'&*<.*K<0+".H8#%#*#"&7X#`#<&*<.*?.$7&H#H*#"D#$.'#H*<.*'#H*
.HX."(.H*<.*?&)C&H*7NH*(7X&$8#)8.H*6*'&H*"&)7&T.<&$.H*$.'#8&H*<.*U#HH&)*H&%$.*'&H*.L."8&H*<.'*
.)8.KC.)&*LS)C("&I**V'*#$8b"D'&*8#7%(J)*#X#$."(K*.)*'#*.<("(K)*.)*"#H8.''#)&*<.*K<0+"6*L&$7K*X#$8.*
<.*D)*'(%$&*XD%'("#<&*X&$*1(7.xG(L.*+U#HH&)*:E/M5I**V'*#$8b"D'&*<.*f#'.)8()#*X&H.(#*.'*X.H&*<.*D)#*
#D8&$(<#<*7J<("#*6*#%&$<#%#*'&H*X&H(%'.H*DH&H*7J<("&H*<.'*.)8.KC.)&*LS)C("&*+fIYIU#HH&)*:EM_5I**
Y&"&*<.HXDJH*<.*'#*#X#$("(K)*<.*.H8&H*8$#%#g&H*X(&).$&H;*.7X.W#$&)*'#H*X.$.C$()#"(&).H*<.*
.98$#)g.$&H*#*2D#D8'#*<.*r(7J).W*.)*%DH"#*<.*'#*.9X.$(.)"(#*"&)*.'*?&)C&*+B*X.H#$*<.*ZD.*'&H*
U#HH&)*''#7#$#)*#*'&H*-#W#8."#H*l-(9.8."&Hm*.)*HDH*#$8("D'&H*6*<.*ZD.*[&$<&)*U#HH&)*<(.$#*#*
-#$b#*]#%()#*.'*#'(#H*<.*VT#*-J)<.WA*@.*]&'(.$*:E/MA*1(%K)*:EF=5I**-#$b#*]#%()#*H.*"&)T($8(K*<.*
$.X.)8.*.)*.'*HD7&*H#".$<&8.*<.*D)*"D'8&*7&<.$)&*<.*'&H*?&)C&H;*7D6*<(L.$.)8.*<.*HD*#)8(CD&*
X$.".<.)8.*+VH8$#<#*:E__A*088*:E_M#5I*
Y$&)8&;*'&H*?&)C&H*LD.$&)*X$&L#)#<&H;*$.<D"(<&H*#*7.$&H*#$8b"D'&H*<.*()8.$"#7%(&*8D$bH8("&I**
Y$.8.)<(<&H*"?#7#).H*$.X$.H.)8#$&)*L#'H#H*T.'#<#H*"&)*'&H*?&)C&H*X#$#*.'*%.).L("(&*<.*8D$(H8#H*
NT(<&H*+2.$$.$#*:E/_A*088*:E_M#A*088*:E_F%5I**G&H*?&)C&H*.7X.W#$&)*#*T.)<.$H.*.)*8&<#H*X#$8.H*
<.*L&$7#*#%(.$8#;*T.)"(.)<&*.'*'D"$&*8D$bH8("&*'&H*#)8(CD&H*T.'&H*<.*$.8(".)"(#*#<&X8#<&H*#*'&*'#$C&*
<.*"D#8$&*H(C'&H*<.*X.$H."D"(K)*X&$*'&H*.HX#`&'.HI**Y&H8#'.H*<.*'&H*?&)C&H*6*<.*-#$b#*]#%()#;*
$&X#H*%&$<#<#H*"&)*7&8(T&H*LD)C("&H*H.*"&)T($8(.$&)*.)*'&H*X('#$.H*<.*D)#*()<DH8$(#*8D$bH8("#*
L'&$."(.)8.*.)*D)#*<.*'#H*N$.#H*7NH*<.X$(7(<#H*<.*-J9("&*+088*:E_M#5I**G#*X$&X(#*-#$b#*]#%()#*
X$&)D)"(K*D)*#<."D#<&*.X(8#L(&*X#$#*D)*"D'8&*ZD.*?#%b#*7D.$8&v*
,__*
*
B)8.H*<.*U#HH&);*6&*H.)8b#*ZD.*'&H*)(`&H*H#)8&H*7.*.'.T#%#)I**i#*)&*'&*H(.)8&*
#HbIII*@.H<.*.'*7&7.)8&*.)*ZD.*''.C#$&)*'&H*L&$#H8.$&HIII*'&H*)(`&H*H#)8&H*
X.$<(.$&)*HD*XD$.W#I**Y.$<(.$&)*HD*LD.$W#;*'&H*<.H"&7XDH(.$&)I**@.*#?&$#*.)*
<.'#)8.*6#*)&*H.$T($N)I**O&*8(.).*$.7.<(&I*+VH8$#<#*:E__5I*
*
B*X$()"(X(&H*<.*'&H*#`&H*H.H.)8#;*'#H*#D8&$(<#<.H*7.9("#)#H*8&7#$&)*7.<(<#H*X#$#*#"#%#$*"&)*.'*
8D$(H7&*<.*'&H*?&)C&HI**].*.H8#"(&)K*D)#*CD#$)("(K)*.)*2D#D8'#*6*<.*T.W*.)*"D#)<&*H.*<.X&$8#%#*#*
'&H*X.$.C$()&H*.98$#)g.$&H*.)*#D8&"#$.H*''.)&H*#*$.%&H#$I**-#$b#*]#%()#*6*&8$&H*"D$#)<.$&H*LD.$&)*
#"DH#<&H*<.*"&)H.)8($*.H8.*"&7.$"(&*8D$bH8("&*('.C#';*<.*L&$7#*ZD.*#'CD)&H*<.*.''&H;*"&7&*'#*
X$&X(#*-#$b#*]#%()#;*"D7X'(.$&)*X.)#H*<.*"N$".'*.)*'#*"(D<#<*<.*0#9#"#*+VH8$#<#*:E__5I**]()*
.7%#$C&;*'#*X.$H."D"(K)*LD.*<(H7()D6.)<&*6*#*7.<(#<&H*<.*'&H*H.8.)8#*'&H*H&'<#<&H*?#%b#)*
<.H#X#$."(<&*6*.'*"&7.$"(&*<.*'&H*?&)C&H*T&'Tb#*#*L'&$.".$*+088*:E_M#5I**BD)ZD.*.'*"&)&"(7(.)8&*
#".$"#*<.'*"&7.$"(&*<.*'&H*?&)C&H*H.*<(LD)<(K*<.*%&"#*#*%&"#*.)*'&H*VH8#<&H*n)(<&H*6*VD$&X#;*6#*
.)*&"8D%$.*<.*:EM_*H.*XD%'("#$&)*#$8b"D'&H*H.)H#"(&)#'(H8#H*.)*'&H*ZD.*H.*?#%'#%#*H&%$.*l'#H*
<$&C#H*<.'*<(#%'&*ZD.*"#DH#)*T(H(&).H;*&$Cb#H*6*'#*'&"D$#m*+[&&<7#)*:EM_A*2.$#'<*:EMF5I**V'*
X$(7.$&*<.*.H8&H*#$8b"D'&H*#X#$."(K*.)*'#*$.T(H8#*f%*+"+()L#7.*X&$*?#%.$*&$(C()#<&*.'*%&&7*<.'*
L.)K7.)&*0fOQ*#*L()#'.H*<.*'&H*#`&H*"D#$.)8#5;*6*LD.*#8$(%D(<&*#'*@$I*]8.T.)*RI*@.*3&$?.C6(;*
lH.CS)*'.*"&)8#$&)*#7&$*[&&<7#)mI**@.*3&$?.C6(*.$#*D)*#$ZD.K'&C&*"&'#%&$#<&$*<.*U#HH&)*ZD.*
?#%b#*"&)L.""(&)#<&*D)*7#X#*=[3.$&))'"E*),+.")0"'<11/+";'+&<(%:"+Y(.<$#H*LS)C("#H*<.*
-.H&B7J$("#5*<.*.H"D'8D$#H*X$."&'&7%()#H*"&)*7&8(T&H*LS)C("&H*X#$#*.'*'(%$&*[3.$&))'.*N3..<%"
%,1"><.*)&5-""G.*#H.CD$K*#*[&$<&)*U#HH&)*ZD.*J'*)#<#*8.)b#*ZD.*T.$*"&)*.'*#XK"$(L&*#$8b"D'&*
#X#$."(<&*.)*f%*+"+U#HH&)*:E__5I**G&H*?&)C&H*#X#$."(.$&)*()"'DH&*.)*.'*"&7("*[&$<&*.)*.'*ZD.*
#.</)(58+"kE*&)G$%&<%l"(38+,.<."#X#$."b#*"'#$#7.)8.*<(%Dg#<&*6*"D6&*DH&*H.*#8$(%Db#*#*'&H*()<(&H*
(7#C()#$(&H*<.*U#HH&);*'&H*l-(9.8."&m*+B$$(&'#*:EM_5I*
G#*XD%'("#"(K)*.)*:E/F*<.*'#*&%$#*<.*4#$'&H*4#H8#).<#*_U.*C+%($<,?.")0"L),"^3%,M*;"c%23<"j%5"
)0"H,)i/+1?+"+G#H*V)H.`#)W#H*<.*@&)*rD#);*n)#*Tb#*i#ZD(*<.*4&)&"(7(.)8&5*8#7%(J)*<.%(K*
#D7.)8#$*.'*()8.$JH*X&$*'&H*?&)C&H*.)8.&CJ)("&H*.)*'&H*VH8#<&H*n)(<&H*6*.)*8&<&*.'*7D)<&*
+4#H8#).<#*:E/F5I**4#H8#).<#*#L($7#%#*ZD.*@&)*rD#);*HDXD.H8#7.)8.*D)*"?#7N)*7.9("#)&;*
()C.$b#*'&H*?&)C&H*.)8.&CJ)("&H*+?&)CD(8&H5*.)*D)#*7.W"'#*ZD.*.'*''#7#%#*$3'<*)-""4D$(&H#7.)8.;*
4#H8#).<#*7#)8.)b#*ZD.*@&)*rD#)*H."#%#*'&H*?&)C&H*<D$#)8.*D)*#`&;*<.*L&$7#*ZD.*ZD.<#%#)*
$.<D"(<&H*#*D)*X&'T&*ZD.*<.HXDJH*LD7#%#*gD)8&*"&)*&8$#H*"()"&*lX'#)8#H*H."#HmI**VH8.*?."?&*.H*
7D6*X&"&*L#"8(%'.I**G&H*?&)C&H*<.H."#<&H*)&*H.*"&)T(.$8.)*.)*D)*X&'T&;*H(.)<&*7NH*ZD.*X$&%#%'.*
ZD.*<.HXDJH*<.*X.$7#).".$*<D$#)8.*D)*#`&*CD#$<#<&H*.)*D)#*"#'#%#W#*X(.$<#)*C$#)*X#$8.*<.*HD*
X&8.)"(#*+H()&*8&<#5I**BD)ZD.*.'*DH&*<.*'&H*?&)C&H*.)8.&CJ)("&H*H.*?#*&%H.$T#<&*.)8$.*7D"?&H*
C$DX&H*()<bC.)#H*<.*-J9("&;*'&H*i#ZD(*)&*H&)*D)&*<.*.''&HI**V)*)()CD)#*X#$8.*H.*LD7#)*'&H*
?&)C&HIII*)(*H&)*<.7#H(#<&*.L."8(T&H*"D#)<&*H.*DH#)*<.*.H8#*L&$7#I**BD)ZD.*4#H8#).<#*<.H"$(%#*
.)*C$+*C+%($<,?.")0"L),"^3%,""&7&*.'*l?D7&m*L'D(#*.)*HD*%&"#;*D)*?D7&*X#$."(<&*#'*l7.)8&'m*
+$.L($(J)<&H.*#*HD*X$(7.$#*.9X.$(.)"(#*LD7#)<&*'&H*?&)C&H5;*.)*'#*()8$&<D""(K)*<.*HD*H.CD)<&*
'(%$&;*"&)8()D#"(K)*<.'*#)8.$(&$;*;"E+G%&%*+"N+%/<*5M"f3&*$+&"B),7+&.%*<),."i<*$"L),"^3%,""+n)#*
$.#'(<#<*#X#$8.;*7NH*"&)T.$H#"(&).H*"&)*@&)*rD#)5*7#)8.)b#*L($7.7.)8.*ZD.*LD7#$*'#*
,_F*
*
7.W"'#*<.*?&)C&H*<.H."#<&H*(7X'("#%#*l()C.$($'&Hm;*XD.H8&*ZD.*.'*X&'T&*)(*H(ZD(.$#*#$<b#*
+4#H8#).<#*:E_:5I**OD.H8$#*"&)H8.$)#"(K)*X&$*.H8#*L#'8#*<.*"&?.$.)"(#*+H.*'.*?#%b#*?."?&*H#%.$*#*
4#H8#).<#*ZD.*HD*$.'#8&*.$#*H&HX."?&H&*6*#)K7#'&5*H.*"&)T(.$8.*$NX(<#7.)8.*.)*<(HCDH8&*"D#)<&*
T.7&H*ZD.*4#H8#).<#*#L($7#*ZD.*.'*.L."8&*<.*'#*7.W"'#*.$#*()7.<(#8&I**4D#)<&*H.*()C(.$.);*'&H*
?&)C&H*XH('&"b%("&H*8#$<#)*"&7&*7b)(7&*ZD()".*7()D8&H*.)*#"8D#$;*L$."D.)8.7.)8.*7NH*<.*
7.<(#*?&$#I**O#8D$#'7.)8.;*X#$8.*<.'*.L."8&*X&<$b#*#8$(%D($H.*#*'#H*"()"&*.HX."(.H*<.*lX'#)8#H*
H."#Hm*LD7#<#Hx()C.$(<#H*gD)8&*"&)*'&H*?&)C&HI**]()*.7%#$C&;*4#H8#).<#*)&*(<.)8(L("K*#*)()CD)#*
<.*.H8#H*X'#)8#H*6*<($(C(K*HD*#8.)"(K)*#*'&H*?&)C&H*#*'&H*ZD.*(<.)8(L("&*lX&H(%'.7.)8.m*"&7&*
#.</)(58+"'+Q<(%,%"+.)"C$+"C+%($<,?.")0"L),"^3%,:"6*H.)"(''#7.)8.*"&7&*D)*?&)C&*X.$8.)."(.)8.*
#'*CJ).$&*a#.5/)(+8+9"k.<(l".)*HD*H.CD)<&*'(%$&*+4#H8#).<#*:E_:5I**@.*L&$7#*.98$#`#;*#*4#H8#).<#*
ZD.*.H"$(%(K*;"E+G%&%*+"N+%/<*5""&7&*8.H(H*<&"8&$#'*.)*#)8$&X&'&Cb#*.)*'#*n4GB*+@.*-(''.*:E_/5;*
)D)"#*'.*LD.*$.ZD.$(<&*X&$*HDH*X$&L.H&$.H*ZD.*#X&$8#$#*.g.7X'#$.H*<.*"&)8$&'*<.*'#H*X'#)8#H*"D6&*
DH&*<.H"$(%b#I*
RI*[&$<&)*U#HH&)*?(W&*D)*.H8D<(&*"$b8("&*<.*#7%&H*'(%$&H*.)*J(),)'<("W)*%,5*+?#"(J)<&'&*
8#7%(J)*7NH*8#$<.*"&)*'#*8.$".$#*6*"D#$8#*&%$#H*<.*4#H8#).<#A*4#H8#).<#*:E_,A*4#H8#).<#*:E_>5*
6*<(g&*#".$"#*<.*;"E+G%&%*+"N+%/<*5M"l.)*&"#H(&).H*H.*.)"D.)8$#)*'.T.H*8$#W#H*<.*#D8.)8("(<#<*.)*
.H8#H*XNC()#H;*HD7.$C(<#H*.)*D)#*7.W"'#*"&)LDH#*<.*7#'*.H"$(8#*"(.)"(#*L(""(K)m*+U#HH&)*:E_,#5I**
U#HH&)*7#)8DT&*"&$$.HX&)<.)"(#*"&)*4#H8#).<#;*ZD.*X$&7.8(K*.)T(#$'.*lD)#*X.ZD.`#*"#)8(<#<m*
<.*'&H*?&)C&H;*D)#*X$&7.H#*ZD.*)D)"#*"D7X'(KI**4#H8#).<#*8#7%(J)*.H"$(%(K*#*U#HH&)*ZD.*'&H*
?&)C&H*"$."b#)*.)*'&H*l8$&)"&H*<.*N$%&'.H*7D.$8&Hm*6*ZD.*?#%b#*$."&'."8#<&*'#H*7(H7#H*.HX."(.H*
.)*0#9#"#;*@D$#)C&*6*".$"#*<.*G&H*B)C.'.H*+U#HH&)*:E__5I**@.%.7&H*<."($*ZD.*)()CS)*?&)C&*
.)8.&CJ)("&*"&)&"(<&*"D7X'.*.H8#H*X$.7(H#H;*<.*7&<&*ZD.*?#H8#*ZD.*4#H8#).<#*)&*#X&$8.*#'CS)*
.g.7X'#$*X#$#*HD*(<.)8(L("#"(K);*6&;*#'*(CD#'*ZD.*U#HH&);*"&)H(<.$#$J*.H8&H*$.'#8&H*"&7&*l7#'*
.H"$(8#*"(.)"(#*L(""(K)mI**].*?#*<.7&H8$#<&*<.L()(8(T#7.)8.*ZD.*4#H8#).<#*H.*()T.)8K*'#H*?(H8&$(#H*
<.*@&)*rD#)*+@.*-(''.*:E_/A*@.*-(''.*:E_EA*@.*-(''.*:EF\A*PD$H8*:EE\5*6*HDH*'(%$&H*H.*?#''#)*
"#8#'&C#<&H*#"8D#'7.)8.*.)*'#*3(%'(&8."#*<.'*4&)C$.H&*6*X&$*.'*X$&X(&*.<(8&$*<.*4#H8#).<#;*8#'*
"&7&*<.%.*H.$;*.)*'#*"#8.C&$b#*<.*L(""(K)I**@&)*rD#);*X$&8#C&)(H8#*<.*'&H*$.'#8&H*<.*4#H8#).<#*
<.%.*H.$*.'*X.$H&)#g.*'(8.$#$(&*7NH*L#7&H&*<.H<.*]?.$'&"d*2&'7.HI**B*X.H#$*<.*8&<&;*HDH*L(.'.H;*
"&)8()D#$#*"&)H(<.$#)<&*#*4#H8#).<#*"&7&*.'*X$&L.8#*<.*@&)*rD#)*6*.)*JX&"#H*8#)*$."(.)8.H*
"&7&*:EFF;*?#*#X#$."(<&*.)*'#*$.T(H8#*E$%'%,."@$D7*D)#*"$b8("#*<.*C$+*#)i+&")0"E</+,(+M"f3&*$+&"
K+..),.")0"L),"^3%,"+V'*X&<.$*<.'*H('.)"(&;*7NH*'.""(&).H*<.*@&)*rD#)A*4#H8#).<#*:EF_5*H()*
7.)"(&)#$*'#*)#8D$#'.W#*L("8("(#*<.*'#*&%$#*+@D))*:EFF5I**O&*"#%.*<D<#;*H()*.7%#$C&;*<.*ZD.*.H8.*
X$&T&"#8(T&*$.'#8&*<.*"(.)"(#*L(""(K)*.H8(7D'K*.)*C$#)*7.<(<#*.'*()8.$JH*X&XD'#$*X&$*'&H*?&)C&H*
H#C$#<&H*<.*-J9("&;*H(.)<&*.H8#*$#WK)*X&$*'#*ZD.*'.*<.<("&*8#)8#*#8.)"(K)*#ZDbI*
G&*7(H7&*XD.<.*<."($H.*<.'*'(%$&*<.*1(7&8?6*G.#$6*><?$"#&<+.*"+]D7&*]#".$<&8.5*+G.#$6*:E/F5I**V'*
'(%$&*8(.).*D)*"#Xb8D'&*.)*.'*ZD.*G.#$6*$.'#8#*HD*X$(7.$#*.9X.$(.)"(#*.)8.&CJ)("#*"&)*'&H*?&)C&H*
XH('&"b%("&H*.)*4D.$)#T#"#*.)*:E/\I**VH8.*"#Xb8D'&*()"'Db#*8#7%(J)*'%&?<,%/<%""&)H(H8.)8.*.)*"(8#H*
X$&".<.)8.H*<.'*H&$X$.)<.)8.*6*"&)7&T.<&$*8$#%#g&*<.*RI[&$<&)*U#HH&)*.)*:E/:*H&%$.*?&)C&H*
.)8.KC.)&H*HD%8(8D'#<&*;,"<,23<&5*<,*)"*$+")&<?<,.")0"*$+"&+/<?<)3."<1+%"%'),?"G*<'<*<7+"G+)G/+."
+U#HH&)*:E/:5*+n)#*Q)<#C#"(K)*.)*'&H*0$bC.).H*<.*'#*Q<.#*R.'(C(&H#*.)8$.*'&H*YD.%'&H*Y$(7(8(T&H5I**
B'*(CD#'*
,_E*
*
ZD.*'&H*'(%$&H*<.*4#H8#).<#;*.'*<.*G.#$6*''.T#$b#*'#H*(<.#H*<.*'&H*U#HH&)*#*D)*XS%'("&*7#6&$*ZD.*.'*
ZD.*?#%b#)*8.)(<&*"&)*HD*XD%'("#"(K)*.)*'#*'(8.$#8D$#*"(.)8bL("#I**@.*L&$7#*H(7('#$;*D)*'(%$&*
#X#$."(<&*.)*:E_=*6*<.*.H"#H&*T#'&$*"(.)8bL("&*.H8(7D'K*#*7D"?#H*X.$H&)#H*#*($*R,"E+%&($")0"*$+"
[%?<("[3.$&))'"+V)*3DH"#*<.'*2&)C&*-NC("&A*]#)<L&$<*:E_=5I*
B*'&*'#$C&*<.*'&H*#`&H*H.H.)8#*6*H.8.)8#;*'#*()T.H8(C#"(K)*ZDb7("#*7&H8$K*ZD.*'&H*?&)C&H*
X$&<D"8&$.H*<.*XH('&"(%()#*+6*#*T.".H*XH('&"()#5*.$#)*"&H7&X&'(8#H*+TJ#H.*.'*4D#<$&*>5I**#.</)(58+"
kE*&)G$%&<%l"(38+,.<.!"D)#*<.*'#H*X$(7.$#H*.HX."(.H*<.**+),%,D"#8'*<.H"D%(.$8#H;*H.*T(&*ZD.*8(.).*
D)#*#7X'(#*<(H8$(%D"(K)*.)*'#H*W&)#H*H.7(8$&X("#'.H*<.*8&<&*.'*7D)<&;*6*ZD.*<&".)#H*<.*.HX."(.H*
<.*?&)C&H*<.*'#H*W&)#H*8.7X'#<#H*<.'*)&$8.*X&H.(#)*"&7XD.H8&H*.)8.&CJ)("&H*+[DW7N)*6*088*
:E_/A*[DW7N)*+*"%/-":E_/A*088*6*3(Cc&&<*:E_FA*Y&''&"d*:E_M#A*Y&''&"d*:E_/A*]8#7.8H*:E_F5I*
V)*:E/F*H.*XD%'("K*D)*X.ZD.`&*'(%$&*7D6*%(.)*8$#%#g#<&*ZD.*<.8#''#%#*.'*X$&".<(7(.)8&*X#$#*
H()8.8(W#$*aG.</)(5,"k.<(l9"+:\5"6*.'*"D'8(T&*<.*7(".'(&H*<.*?&)C&H*XH('&"b%("&H*X#$#*HD*X&H8.$(&$*
.98$#""(K)*+3$&c)*:E/F5I**VH8.*)&T.<&H&*L&''.8&*.H8#%#*('DH8$#<&*"&)*D)#*#"D#$.'#*<.*#.</)(58+"
$))?.$%?+,<<!""&X(#<&*<.*L&$7#*%#H8#)8.*L#)8NH8("#*<.*D)#*L&8&C$#Lb#*.)*%'#)"&*6*).C$&*<.*
.g.7X'#$.H*H."&H*XD%'("#<#*.)*'#*'(8.$#8D$#*7("&'KC("#*+2.(7*6*U#HH&)*:EMF5I*
]()*.7%#$C&;*)&*.9(H8.)*X$D.%#H*<.*ZD.*'#*XH('&"(%()#*&*'#*XH('&"()#*H.*H()8.8(W#$#)*&*.98$#g.$#)*
#*.H"#'#*"&7.$"(#'*X#$#*HD*T.)8#*.)*.'*7.$"#<&*).C$&I**B*L()#'.H*<.*'&H*"()"D.)8#*6*X$()"(X(&H*<.*
'&H*H.H.)8#;*]#)<&W*<(H8$(%Db#*'#*XH('&"(%()#*"&7&*LN$7#"&*<.*()T.H8(C#"(K)*+4.$'.88(*:E/M5I**].*
H#%.*ZD.*X#$8.*<.*.H8#*R,1)(58<,%"+"&)&"(<#*8#7%(J)*"&7&*4i!=E5*LD.*<.HT(#<#*X#$#*DH&H*#g.)&H*
#'*'#%&$#8&$(&*+U.('*:E/=%A*U.('*:E_,5I**]()*.7%#$C&;*"D#)<&*'#*XH('&"(%()#*X#HK*#*H.$*D)#*
HDH8#)"(#*"&)8$&'#<#*.)*:E/M;*'#*L('(#'*#7.$("#)#*<.*]#)<&W*.)*OD.T#*r.$H.6*+<.*'#*ZD.*[&$<&)*
U#HH&)*.$#*D)&*<.*'&H*<($."8&$.H5*LD.*&%'(C#<#*#*.)8$.C#$*HDH*.9(H8.)"(#H*<.*R,1)(58<,%!"XH('&"()#;*
4q!_>*6*4i!:E*#'*C&%(.$)&I**G#*XH('&"(%()#*6*'#*XH('&"()#*XD$#H*<.H#X#$."(.$&)*<.'*7.$"#<&*('.C#';*
X.$&*X$&)8&*H.$b#)*$..7X'#W#<#H*X&$*D)#*T#$(.<#<*<.*X$.X#$#<&H*7(H8.$(&H&H;*C.).$#'7.)8.*
?&)C&H*"&7.H8(%'.H*#<D'8.$#<&H*"&)*G]@*&*Y4Y*+L.)"("'(<()#*&*E+&,58-""VH8&H*X$.X#$#<&H*H.*H&'b#)*
"&)C.'#$*&*H.*?#"b#)*L.$7.)8#$*.)*7(.'*?#H8#*"&)H.CD($*D)#*X#H8#*).C$DW"#*6*XD8$.L#"8#*ZD.*)&*
LD.$#*(<.)8(L("#%'.*"&7&*H(7X'.H*"?#7X(`&).H*=;?%&<(3.:"+3#<?#7*:EF>A*3$&c)*6*-#'&).*:E_=#A*
Y?#$7*4?.7*:E_=5I**3I*R#8"'(LL.*X$&XDH&*.'*)&7%$.*#.+31)G.</)(58+"$)0<,%,,<<"X#$#*.H8#H*H.8#H*
(7X$.C)#<#H*<.*G]@I**B'*(CD#'*ZD.*&"D$$(K*"&)*'#*7.H"#'()#*&$CN)("#*+TJ#H.*4#Xb8D'&*'5;*)#"(K*D)*
.'#%&$#<&*L&'"'&$.*#'$.<.<&$*<.*'&H*l?&)C&H*<.*XH('&"(%()#m*&*<.*'#*lXH('&"(%()#*&$CN)("#m*#*X.H#$*
<.*ZD.*)#<(.*?D%(.$#*X$&%#<&*'#*HDH8#)"(#*$.#';*XD.H8&*ZD.*'#*7#6&$b#*<.*'&H*X$.X#$#<&H*.$#)*
H(7X'.7.)88.*G]@*&*Y4Y*"&)*D)*)&7%$.*L#'H&I**R."(.)8.7.)8.;*H.*?#*()L&$7#<&*ZD.*.)*#'CD)&H*
$.H8#D$#)8.H*8#('#)<.H.H*H.*D8('(W#*G]@*.)*'DC#$*<.*?&)C&H*XH('&"(%("&H*.)*HDXD.H8#H*8&$8(''#H*<.*
l?&)C&H*7NC("&Hm*ZD.*H.*H($T.)*#*'&H*8D$(H8#H*+B''.)*6*-.$'()*:EE,#5I**V)*.'*7.$"#<&*).C$&*
.D$&X.&*8#7%(J)*?#)*#X#$."(<&*?&)C&H*.$<<*%F+"=K+,*<,3."+1%1+.:"#<D'8.$#<&H*"&)*G]@*+]8#?'*+*"
%/-":E_F5I*
R.HD7(.)<&*'&H*#)N'(H(H*<.*,F>*HDXD.H8#H*7D.H8$#H*<.*XH('&"(%()#*$.#'(W#<&H*X&$*"D#8$&*
'#%&$#8&$(&H*#7.$("#)&H*<(H8()8&H;*3$&c)*6*-#'&).*.)"&)8$#$&)*HK'&*:\*7D.H8$#H;*8&<#H*.''#H*<.*
?&)C&H*H."&H;*ZD.*"&)8DT(.$#)*$.#'7.)8.*XH('&"(%()#*+=;Ma5A*)()CD)#*"&)8.)b#*XH('&"(%()#*H()8J8("#*
D*&%8.)(<#*7.<(#)8.*.98$#""(K)*+\EK5I**@.*'#H*7D.H8$#H*
,F\*
*
$.H8#)8.H;*:F>*+/>;Fa5*"&)8.)b#)*G]@*+=*<.*.''#H*"&)H(H8b#)*.)*?&)C&H*;?%&<(3.*(7X$.C)#<&H*<.*
G]@5A*=,*"&)8.)b#)*G]@*6*Y4Y*#*'#*T.W*+::;=a5A*:/*+M;/a5*"&)8.)b#)*H&'#7.)8.*Y4YA*6*/*+,;:a5*
"&)8.)b#)*&8$&H*"&7XD.H8&H*"&7&*.'*l]1Ym*&*@0-*+TJ#H.*4#Xb8D'&*'5;*G]@;*&*@-1*6*#)L.8#7()#HI**
n)#*<.*'#H*7D.H8$#H*"&)8.)b#*7.H"#'()#*+3$&c)*6*-#'&).*:E_=#5I**BHb*ZD.*.'*<.HT.)8D$#<&*
"&)HD7(<&$*ZD.*"&7X$#%#*D)#*X#H8(''#*&*"NXHD'#*<.*HDXD.H8#*XH('&"(%()#*)&*8.)b#*X&H(%('(<#<*
#'CD)#*<.*&%8.).$*'#*T.$<#<.$#*HDH8#)"(#;*7(.)8$#H*ZD.*8.)b#*7NH*<.'*F\a*<.*X&H(%('(<#<.H*<.*
&%8.).$*G]@I*
V)*:E_\*V)&H*XD%'("K*'#*X$(7.$#*lCDb#*<.*"#7X&m*<.*'&H*?&)C&H*.)8.&CJ)("&H*
)&$8.#7.$("#)&H*+V)&H*:E_\5I**VH8.*XJH(7&*L&''.8&*<.H"$(%b#*:M*.HX."(.H;*"#<#*D)#*('DH8$#<#*"&)*
D)#*()S8('*#"D#$.'#*ZD.*)&*7&H8$#%#*)#<#;*H(7X'.7.)8.*ZD.*.'*#D8&$*)&*?#%b#*T(H8&*g#7NH*'#*
7#6&$b#*<.*.H&H*?&)C&HI**@&H*<.*'#H*('DH8$#"(&).H*.H8#%#)*"&X(#<#H*<.'*#$8b"D'&*<.*U#HH&)*.)*
K<0+!"6*.'*$.H8&*X$&".<b#*<.*'&H*<(%Dg&H*<.*'().#H*<.*'#*'(8.$#8D$#*7("&'KC("#*+&%8DH#7.)8.*
"&'&$.#<&H*H(CD(.)<&*'#H*<.H"$(X"(&).H*.H"$(8#H*<.*'#*7(H7#H*LD.)8.H5I**B*X.H#$*<.*HDH*
'(7(8#"(&).H;*.'*L&''.8&*<.*V)&H*<(&*#*"&)&".$*.'*?."?&*<.*ZD.*?#%b#*?&)C&H*.)8.&CJ)("&H*ZD.*
"$."b#)*LD.$#*<.*-J9("&;*.*(7XD'HK*#*7D"?#*C.)8.*#*H#'($*.)*HD*%DHZD.<#I*
08$&*<.H"D(<#<&*L&''.8&*H(CD(K*#'*#)8.$(&$*.)*:E_,;*7&H8$#)<&*X&$*X$(7.$#*T.W*L&8&C$#Lb#H*.)*
"&'&$*<.*D)*?&)C&*.)8.&CJ)("&*#7.$("#)&;*.)*.H8.*"#H&*#.</)(58+*kE*&)G$%&<%l"(38+,.<."ZD.*.'*
()C.)D&*#D8&$*8&7K*X&$*<&H*.HX."(.H;*.)8$.*.''#H*#%,%+)/3.".3888%/*+%*3.!"ZD.*.)*)#<#*H.*
X#$.".*#*#-"(38+,.<."+[?&D'.<*:E_,5I**G.*H(CD(K*D)#*#T#'#)"?#*<.*lCD(#H*<.*"#7X&m*.)*'#H*ZD.*'#*
()L&$7#"(K)*6*'#H*('DH8$#"(&).H*7.g&$#$&)*"&)H(<.$#%'.7.)8.*+4&&X.$*:E_FA*2##$<*6*2##$<*:E_MA*
-.)H.$*:E__A*O&$'#)<*:E_/A*088*:E_/%A*088*:E_E%A*088*6*3(Cc&&<*:E_FA*]8#7.8H*:E_F5I**G&H*
#D8&$.H*<.*#'CD)&H*<.*'&H*'(%$&H*"&)&"(.$&)*'#H*(<.)8(L("#"(&).H*"&$$.8#H*<.*7D"?#H*<.*'#H*
.HX."(.H*.)8.&CJ)("#H*<.*O&$8.#7J$("#*#8$#TJH*<.*[I*[DW7N);*D)*7("K'&C&*.HX."(#'(W#<&*.)*.'*
CJ).$&*#.</)(58+!"<D$#)8.*.'*l4&)C$.H&*Q)8.$)#"(&)#'*H&%$.*2&)C&H*YH("K8$&X&Hm*".'.%$#<&*.)*
1.)()&;*U#H?()C8&)*+,E!=:*<.*0"8D%$.*<.*:E_/5*+::5I*
4&7&*$.HD'8#<&*<.*'#*<(H.7()#"(K)*<.*'#*()L&$7#"(K)*$.L.$.)8.*#*'#*(<.)8(L("#"(K)*<.*'&H*
?&)C&H;*.'*"D'8&*7&<.$)&*<.*'#*7("&L#C(#*.)8.&CJ)("#*.)$#(WK*L($7.7.)8.*.)*'&H*VH8#<&H*n)(<&HI**
G#*W&)#*)&$&.H8.*<.'*X#"bL("&*H.*"&)T($8(K*.)*D)*".)8$&*<.'*DH&*<.*'&H*?&)C&H*.)8.&CJ)("&H;*#'*
 (CD#'*ZD.*.'*N$.#*<.'*C&'L&*6*2#c#((*+B''.)*:EE,#A*B''.)*6*-.$'()*:EFEA*@#cH&)*:E_MA*-.$'()*6*
B''.)*:EE=A*088*:E_M#A*088*:E_/%A*088*:E_]4A*088*:E_E%A*Y&''&"d*:E_>A*U.('*:E__#5I**-(.)8$#H;*.'*
l8D$(H7&*<.*'&H*?&)C&Hm*"&)8()D#*H(.)<&*X&XD'#$*.)*-J9("&*6*<(T.$H#H*W&)#H*<.*]D<#7J$("#*+[I**
3#D.$*:EE,A*-#)<.'*:EE,5I**B<.7NH;*.'*"D'8&*7&<.$)&*H.*?#*.H8#%'."(<&*.)*BDH8$#'(#;*Q)<&).H(#;*
3#'(;*]#7&#;*1#('#)<(#;*OD.T#*q.'#)<#*6*BL$("#*+B%.$<..)*6*r&).H*:EMFA*B''.)*:EE:A*B''.)*6*-.$'()*
:EE,#A*B''.)*6*-.$'()*:EE,%A*B''.)*+*"%/-":EE:A*4&9*:EF:A*[#$8W*6*B''.)*:EE=A*[DW7N)*+*"%/-":EE=A*
Y&''&"d*:E_M#A*Y&''&"d*:E_/A*]&D8?"&88*:E_>5*6*7NH*8#$<.*.7X.WK*#*#X#$.".$*.)*VD$&X#*+4#$8.$*
:E_/A*4&&X.$*:E__A*P.H8(*:EFMA*[#$8W*:EF/.A*[#$8W*:EE=A*2#H.).(.$*:EE\A*j$e8.)H8D?'*:EE,A*088*
6*3(Cc&&<*:EFMA*Y#C#)(*:EE=A*]#7&$()(*:EE\A*]#7&$()(*:EE,%A*]#7&$()(*6*P.H8(*:EFE5I**2#"(#*.'*
&8&`&*<.*:E_M*#X#$."(.$&)*?&)C&H*.)8.&CJ)("&H*H('T.H8$.H*.)*.'*7.$"#<&*('.C#'*<.*<$&C#H*<.*
4#'(L&$)(#*6*0$.CK)*+088*:E_M#A*U.('*:E__#5I**4&)*.'*#<T.)(7(.)8&*<.*'#*V<#<*0H"D$#*()H8#D$#<#*
X&$*R.#C#)*.)*'&H*#`&H*F\;*#X#$."(K*X&"#*()L&$7#"(K)*#<("(&)#'*H&%$.*'&H*?&)C&H*XH('&"b%("&H;*
"&)*'#*)&8#%'.*.9".X"(K)*<.*<&H*'(%$&H*<($(C(<&H*#*'&H*'."8&$.H*gKT.).H;*B$)()/%*+"*)"[)&G$<,*
,F:*
*
+@.'*4?&"&'#8.*#*'#*-&$L()#A*U.('*6*R&H.)*:EF=5;*D)#*.HX."(.*<.*.)"("'&X.<(#*H&%$.*'#H*<$&C#H*
XH("&#"8(T#H;*6*.'*'(%$&*XD%'("#<&*X&$*.'*#)8$&XK'&C&*YI1I*PD$H8*[3.$&))'.M*#.5($+1+/<("f3,?<"
+PD$H8*:EF/5;*D)&*<.*'&H*8&7&H*<.*D)#*&%$#*X.)H#<#*"&7&*J,(5(/)G+1<%")0"G.5($)%(*<7+"L&3?."ZD.*
?#%b#*<.*8.).$*D)*8&8#'*<.*,MI**G&H*T(#g.$&H*l?(Xm*#"8D#'.H*XD.<.)*&X8#$*X&$*D)($H.*#*D)&*<.*<.*
8&D$H*<.*l?&)C&H*.9K8("&Hm*.)8.&CJ)("&H*#*1#('#)<(#*+.H*D)*?."?&*()8.$.H#)8.*ZD.*'#*X#'#%$#*
l.9K8("&m*DH#<#*#)8.H*"&7&*.DL.7(H7&*<.*l.$K8("&m*.)*'&H*#)D)"(&H*<.*X.'b"D'#H*lX&$)&C$NL("#Hm*
.)*'&H*X.$(K<("&H*H($T#*#?&$#*"&7&*.DL.7(H7&*<.*l.)8.KC.)&mA*B''.)*:EE,%5I*
PD.*H()*.7%#$C&*.'*<.H#$$&''&*<.*'#*8J")("#*<.*'&H*"D'8(T&H*'&*ZD.*"&)H(CD(K*''.T#$*'&H*?&)C&H*
.)8.&CJ)("&H*#'*7.$"#<&*('.C#'*<.*<$&C#HI**4&7&*?.*7.)"(&)#<&*#)8.H;*.H8#*8.")&'&Cb#*LD.*
<.H#$$&''#<#*X&$*2.(7*6*4#(''.D9*.)*Y#$bH*6*X&$*3$#"d*6*j&%.'*.)*3#H('.#;*#*L()#'.H*<.*'&H*"()"D.)8#*
+2.(7*6*U#HH&)*:EMFA*2&L7#))*:E_F%A*2&L7#))*.8*#'I*:EME5I**]()*.7%#$C&;*HDH*7J8&<&H*HK'&*
#X#$."(.$&)*.)*'#H*XD%'("#"(&).H*"(.)8bL("#H*.D$&X.#H*6*.)*.'*'(%$&*ZD.*2.(7*6*U#HH&)*.H"$(%(.$&)*
.)*:EMF*.)*L$#)"JH*+#<.7NH*<.*H.$*"#$&*.*()"&)H.CD(%'.*.)*'&H*VH8#<&H*n)(<&H5I**Y&$*.''&;*.H8&H*
X$(7.$&H*8$#%#g&H*)&*8DT(.$&)*D)*(7X#"8&*<($."8&*.)*.'*DH&*7&<.$)&*<.*'&H*.)8.KC.)&HI**G&H*'(%$&H*
<.*3$&c)*+:E/F5*6*V)&H*+:E_\5*7.)"(&)#<&H*7NH*#$$(%#*()"'Db#)*'&H*X$&".<(7(.)8&H*<.*"D'8(T&*<.*
7(".'(&H*<.*?&)C&H*XH('&"b%("&H;*8J")("#H*#<#X8#<#H*<.*'&H*X$&".<(7(.)8&H*<.*2.(7*6*4#(''.D9I**
VH8&H*L&''.8&H*)&*#%&$<#%#);*H()*.7%#$C&;*"K7&*&%8.).$*'&H*"D.$X&H*L$D"8bL.$&H*+H.8#H5*#*X#$8($*<.*
'&H*"D'8(T&H;*X&$*'&*ZD.*)&*8DT(.$&)*<.7#H(#<#*()L'D.)"(#*.)*.'*7.$"#<&*('.C#'I**B<.7NH;*H.*?#*
&%H.$T#<&*$."(.)8.7.)8.*ZD.*'&H*"D'8(T&H*<.*7(".'(&H*<.*#.</)(58+"kE*&)G$%&<%"l(38+,.<.""&)8(.).)*
7.)&H*XH('&"(%()#*ZD.*'&H*"D.$X&H*L$D"8bL.$&H*&*H.8#H*+[#$8W*:EFE(5;*X&$*'&*ZD.*.H8&H*"D'8(T&H*<.*
7(".'(&H*H&)*D)*7&<&*().L("#W*<.*&%8.).$*XH('&"(%()#I**VH8D<(&H*X#$."(<&H*7&H8$#$&)*ZD.*.'*
H&7%$.$&*<.'*?&)C&*"&)8(.).*D)#*"#)8(<#<*<.*#'"#'&(<.H*7#6&$*ZD.*'&H*8#''&H;*8#)8&*.)*#-"(38+,.<."
"&7&*.)*#%,%+)/3.".388%/*+%*3."+[#$8W*:EF_"A*[#$8W*:EFE%5*6*ZD.*'&H*?&)C&H*<.*X.ZD.`&*8#7#`&*
XD.<.)*H.$*'&H*7NH*X&8.)8.H*.)*.'*"#H&*<.*#%,%+)/3.".388%/*+%*3."+[#$8W*:EFE%5I**VH8&*)&*.H*
H&$X$.)<.)8.*6#*ZD.*.'*$NX(<&*"$."(7(.)8&*<.*'#H*H.8#H*#*X#$8($*<.*'&H*X$(7&$<(&H*H.*X$&<D".*
#`#<(.)<&*#CD#;*X&$*'&*ZD.*#'*?()"?#$H.*H.*XD.<.)*$&7X.$*#'CD)#H*<.*'#H*"J'D'#H;*X$&<D"(J)<&H.*
'#*<.H"&7X&H("(K)*&9(<#8(T#*<.*'#*XH('&"()#*ZD.*"&)<D".*#*'#*L&$7#"(K)*<.*D)*X(C7.)8&*#WD'I*
 V)*:E_/;*rI*3(Cc&&<;*@I*rI*-"j.))#;*j*2#$$(H&)*-"j.))#*6*1I*j*-"j.))#*XD%'("#$&)*D)*'(%$(8&*
.)*.'*ZD.*H.*<.8#''#%#*D)*7J8&<&*.L("#W*X#$#*&%8.).$*'&H*?&)C&H*XH('&"b%("&H*.)*"D'8(T&*"&)*D)*
.'.T#<&*$.)<(7(.)8&*+0HH*6*0.$("*:E_/5I**VH8&H*#D8&$.H*#<#X8#$&)*'#*8J")("#*<.*]#)*B)8&)(&*+X#$#*
'#*X$&<D""(K)*<.*?&)C&H*"&7.H8(%'.H*"&'&"#)<&*'&H*"D'8(T&H*<.*7(".'(&*.)*D)*HD%H8$#8&*<.*
".)8.)&A*]#)*B)8&)(&*:E_:5*X#$#*'#*X$&<D""(K)*<.*#.</)(58+"kE*&)G$%&<%l"(38+,.<."+X#$#*D)#*
$.H.`#*<.*.H8.*6*&8$&H*7J8&<&H*X#$#*.'*"D'8(T&*<.*?&)C&H*XH('&"b%("&H*T.$*088*6*3(Cc&&<*:E_FA*
]8#7.8H*6*4?('8&)*:EF=5I**G#*)D.T#*8J")("#*H.*%#H#%#*.)*.'*DH&*<.*D8.)H('(&H*<.*"&"()#*6*X&$*
X$(7.$#*T.W;*'&H*)&*.HX."(#'(H8#H*X&<b#)*X$&<D"($*D)*X&8.)8.*.)8.KC.)&*.)*HD*X$&X(#*"#H#*H()*
).".H(<#<*<.*D8('(W#$*D)#*8J")("#*H&L(H8("#<#;*7#8.$(#'.H*.HX."(#'.H*&*X$&<D"8&H*ZDb7("&HI**V'*'(%$&*
<.*3(Cc&&<*6*'&H*-"j.))#*()"'Db#*L&8&C$#L'#H*<.*3(Cc&&<*.)*'#H*ZD.*7&H8$#%#*"#<#*D)&*<.*'&H*
X#H&H*6*'N7()#H*.)*"&'&$*<.'*X$&<D"8&*L()#'I**VH8#*&%$#*H.*"&)T($8(K*.)*D)&*<.*'&H*'(%$&H*
"&)8$#"D'8D$#'.H*<.*<$&C#H*<.*7#6&$*T.)8#*g#7NH*XD%'("#<&;*
,F,*
*
T.)<(J)<&H.*#S)*.)*D)#*.<("(K)*ZD.*"#$.".*<.*'#H*7#C)bL("#H*L&8&C$#Lb#H*<.*3(Cc&&<I**R.HD'8#*
($K)("&*ZD.*.'*".)8.)&;*.'*?&HX.<#<&$*7NH*?#%(8D#'*<.'*"&$).WD.'&*<.'*ZD.*<.$(T#*'#*G]@*6*'#*
#)8(CD#*X&"(K)*.'.DH()#*<.'*F5F+),!"H.*"&)T($8(.$#*.)*.'*HD%H8$#8&*X$()"(X#'*X#$#*'#*X$&<D""(K)*
7&<.$)#*<.*'&H*?&)C&H*XH('&"b%("&HI**@.*?."?&;*6#*ZD.*.'*".)8.)&*DH#<&*.)*'#*X$&<D""(K)*<.*'&H*
?&)C&H*XH('&"b%("&H*()T#$(#%'.7.)8.*"&)8.)b#*X.ZD.`#H*"#)8(<#<.H*<.*"&$).WD.'&*+H.*XD.<.*
&%8.).$*D)*XD`#<&*<.*D)*H#"&*<.*:\\*'(%$#H*<.*l".)8.)&*&$CN)("&m5*X&<.7&H*#L($7#$*ZD.*.'*
"&$).WD.'&*8#7%J)*H($T(K*"&7&*HD%H8$#8&*X#$#*'#*X$&<D""(K)*7&<.$)#*<.*'&H*?&)C&H*XH('&"b%("&HI*
n)*H()Lb)*<.*CDb#H*H(CD(K*#*'#*<.*3(Cc&&<x-"j.))#*+2#$$(H*:E_/A*Y&''&"d*:E__A*]8#7.8H*:E_FA*
]8.T.)H*6*[..*:E__5I**B'CD)&H*<.*'&H*#D8&$.H*<.*.H8#H*CDb#H*<.*"D'8(T&*#D7.)8#$&)*HDH*()C$.H&H*
"&)*'#*T.)8#*<.*.HX&$#H*<.*#.</)(58+"kE*&)G$%&<%l"(38+,.<."+6*7NH*8#$<.*<.*&8$#H*.HX."(.H5*gD)8&*
"&)*<(T.$H&H*7#8.$(#'.H*X#$#*.'*"D'8(T&*6*D8.)H('(&H*#*D)&H*X$."(&H*.9#C.$#<&HI**-(.)8$#H*ZD.*.'*
"D'8(T&*#7#8.D$*X#HK*#*H.$*D)*?&%%6*.98.)<(<&;*'#*"&)H."D.)"(#*X$()"(X#'*LD.*D)#*
<.H".)8$#'(W#"(K)*<.*'#*X$&<D""(K)*.)*.'*7.$"#<&*('.C#'*<.*'&H*.)8.KC.)&HI**BD)ZD.*7D"?&H*
"D'8(T#<&$.H*<.H7()8(.$&)*.'*N)(7&*<.*'D"$&;*#*'#*ZD.*T(.$&)*.'*C$#)*8$#%#g&*ZD.*$.ZD.$b#*6*'&*
$NX(<#7.)8.*ZD.*.H8.*8$#%#g&*X&<b#*8$#)HL&$7#$H.*.)*<().$&*"&)8#)8.*6*H&)#)8.;*'&H*%.).L("(&H*
X#H#$&)*#*H.$*D)#*X$.&"DX#"(K)*X$(7&$<(#'I**B'CD)&H*"D'8(T#<&$.H;*DH#)<&*8J")("#H*(CD#'.H*&*
H(7('#$.H;*.7X.W#$&)*#*"D'8(T#$*&8$#H*.HX."(.H*<.*?&)C&H*"&7.H8(%'.H*6*7.<("()#'.H*+"&7&*H.*
<.H"$(%.*.)*]8#7.8H*:EE=A*]8#7.8H*6*4?('8&)*:EF=5I**V)*D)*#$8b"D'&*$."(.)8.*H.*<.H"$(%b#*.'*DH&*
.9X.$(7.)8#'*<.*'#*?&$7&)#*T.C.8#'*<.'*"$."(7(.)8&*,,M;*,=M!?&7&%$#HH()&'(<#;*ZD.*7D'8(X'("#*<.*
<&H*#*8$.H*T.".H*.'*$(87&*<.*"$."(7(.)8&*<.*'&H*7(".'(&H*<.*#-"(38+,.<."+[#$8W*+*"%/-"
:EE\5I*
BHb*)#"(K*D)*7.$"#<&*<.*"&)H(<.$#%'.*.)T.$C#<D$#*X#$#*#.</)(58+"kE*&)G$%&<%l*
(38+,.<.-""G&H*?&)C&H*H.*T.)<b#)*C.).$#'7.)8.*<.H."#<&H*.)*%&'H#H*<.*X'NH8("&*H.''#<#HI**V)*]#)*
P$#)"(H"&;*D)*X#ZD.8.*"&$$(.)8.*"&)8.)b#*#'$.<.<&$*<.*"()"&*C$#7&H*<.*?&)C&H;*.ZD(T#'.)8.*#*
D)&H*,M*7C*<.*XH('&"(%()#*+3(Cc&&<*6*3.DC*:EF,5;*ZD.*"&)H8(8Db#)*D)#*%D.)#*<&H(H;*HDX&)(.)<&*
ZD.*'#*T#$(.<#<*"D'8(T#<#*LD.$#*X&8.)8.I**G&H*?&)C&H*H.*?#)*T.)<(<&*#*,!M|*.'*C$#7&*&*:\!,M|*'#*
<&H(HI**G#H*X'#"#H*<.*Y.8$(*"D%(.$8#H*<.*7(".'(&H*<.*#-"(38+,.<."H.*?#)*T.)<(<&*#*,M|I**lG&H*8#$$&H*
-#H&)m*+8#$$&H*<.*"&)H.$T#*"&)*D)#*"#X#"(<#<*<.*D)*'(8$&*#7.$("#)&5*"&)*C$#)&*"&7&*HD%H8$#8&*6*
7(".'(&H*()&"D'#<&H*"D.H8#)*#'$.<.<&$*<.*:\|*"#<#*D)&A*'&H*X#X.'.H*"&)*.HX&$#H*H.*?#)*T.)<(<&*#*
M!:\|*"#<#*D)&*+]?#c"$&HH*:EF:5I*
*
C0;!8&5C8=!$'=!5';#8#F&85=!
*
G#H*X.$H&)#H*#H8D8#H*"&)*C#)#H*<.*X$&%#$*'#*XH('&"(%()#*$."?#W#)*()7.<(#8#7.)8.*"D#'ZD(.$*
X$.X#$#<&*<.'*7.$"#<&*).C$&*.)*L&$7#*<.*X#H8(''#H*&*"NXHD'#H*ZD.*'.H*()8.)8.)*T.)<.$*"&7&*8#'*&*
%#g&*.'*)&7%$.*<.*lXH('&"(%()#*&$CN)("#mI**O&*"($"D'#*7#8.$(#'*H()8J8("&*#'CD)&*.)*.'*7.$"#<&*
('.C#';*)(*.H*X$&%#%'.*ZD.*#X#$.W"#*.'*X$&<D"8&*C.)D()&*.)*.'*LD8D$&I**VH8&H*X$.X#$#<&H*HD.'.)*H.$*
L#'H&H;*#<D'8.$#<&H*?#%(8D#'7.)8.*"&)*G]@;*Y4Y*&*H&)*H(7X'.7.)8.*7#8.$(#'*().$8.;*.)*X&"#H*
X#'#%$#H*D)*8(7&I*
,F=*
*
**G&H*7("KL#C&H*.)8.&CJ)("&H*<.%(<#7.)8.*()L&$7#<&H*8#7%(J)*H&)*7D6*.H"JX8("&H*X&$*'&*ZD.*H.*
$.L(.$.*#*'&H*l?&)C&H*<.*XH('&"(%()#mI**](*.'*X$&<D"8&*.H8N*"&)C.'#<&;*8$&".#<&;*<.H?('#"?#<&*&*
"D$#<&*.)*7(.'*+:,5*D)&*XD.<.*8.).$*'#*#%H&'D8#*".$8.W#*<.*ZD.*)&*.H*C.)D()&I**4&)C.'#$*'&H*
?&)C&H*XH('&"b%("&H*L$.H"&H*.H*ZD(WN*'#*7.g&$*7#).$#*X#$#*)&*X$.H.$T#$*HD*#"8(T(<#<;*#<.7NH*<.*
"&7X'("#$*HD*#'7#".)#7(.)8&I**]K'&*.9(H8.*D)#*$#WK)*X&$*'#*ZD.*D)*L#$7#"&X&'(H8#*"&)C.'#$b#*D)&H*
?&)C&Hv*X#$#*$.<D"($'&H*#*D)#*7#H#*()L&$7.*H!ZD.*.'*X$(7&*<.*8D$)&*)&*H.*<.*"D.)8#*<.*'&*ZD.*H&)*
.)*$.#'(<#<;*H.8#H*<.*g#$<b)*7.W"'#<#H*"&)*#<D'8.$#)8.H*<.H"&)&"(<&HI**G&*7(H7&*$.W#*X#$#*'&H*
?&)C&H*.)*7(.'I**1$&".#$*H!<.H?('#"?#$*'&H*?&)C&H*H."&H*8#7%(J)*#".'.$#*'#*<.C$#<#"(K)*&9(<#8(T#*
<.*'&H*X$()"(X(&H*#"8(T&HI**n)#*T.W*7NH;*'#*$#WK)*<.*.H8#H*X$N"8("#H*.H*.)C#`#$*#'*"&7X$#<&$*
()C.)D&*X#$#*ZD.*"$.#*ZD.*H.*8$#8#*<.*?&)C&H*XH('&"b%("&H;*"D#)<&*.)*$.#'(<#<*H&)*#'CD)#*&8$#*
"&H#v*D)*L$#D<.I**](*D)&*H.*.)"&)8$#$#*"&)*#'CD)#*<.*.H8#H*X$.X#$#"(&).H*7(H8.$(&H#H;*<.%.$b#*
#%H8.).$H.*<.*"&7X$#$'#H*6*7&H8$#$*.'*7NH*#%H&'D8&*<(HCDH8&*#'*#HX($#)8.*#*T.)<.<&$I*
G#*XH('&"(%()#*H.*.)"D.)8$#*.)*.'*7.$"#<&*).C$&*HK'&*.)*L&$7#*<.*?&)C&H*.)8.$&H*<.H."#<&HI**
@.*L&$7#*"#H(*()T#$(#%'.;*'#*.HX."(.*T.)<(<#*.H*#.</)(58+"kE*&)G$%&<%l"(38+,.<.!"ZD.*"D#)<&*.H*
"D'8(T#<#*X$.H.)8#*D)*#HX."8&*'#$C&*6*.H8('(W#<&*"&)*D)*8#''&*%'#)ZD."()&*H!D)*H&7%$.$&*
#7#$(''.)8&I**V'*"&7X$#<&$*<.%.$N*L(g#$H.*8#7%(J)*.)*'#H*7#)"?#H*#WD'.H*ZD.*#X#$.".)*#''b*<&)<.*
.'*8#''&*?#*H(<&*7#)(XD'#<&*.)*.H8#<&*L$.H"&;*H!.HX."(#'7.)8.*.)*'#*W&)#*<&)<.*?#*H(<&*H.""(&)#<&*
X&$*HD*%#H.I**VH8#*.H*'#*T.$<#<.$#*7#$"#*<.*'&H*?&)C&H*XH('&"b%("&H*<.'*7.$"#<&*).C$&I**1#7%(J)*
XD.<.*.HX.$#$H.*'#*X$.H.)"(#*<.*D)*#)(''&*L('#7.)8&H&*&H"D$&*.)*'#*X#$8.*HDX.$(&$*<.'*8#''&I**4&7&*
?.7&H*7.)"(&)#<&;*'&H*?&)C&H*H.*X$.H.)8#)*.)*%&'H#H*<.*X'NH8("&*H.''#<#H*X#$#*X$&8.C.$'&H*<.*'#*
?D7.<#<I*
](*H.*8$#8#*<.*?&)C&H*ZD.*D)&*?#*.)"&)8$#<&*.)*.'*"#7X&;*D)&*<.%.$b#*#H.CD$#$H.*<.*HD*
"&$$."8#*(<.)8(L("#"(K)*#)8.H*<.*()C.$($'&H*+X#$#*7NH*()L&$7#"(K)*H&%$.*'&H*7J8&<&H*<.*
(<.)8(L("#"(K)*6*'N7()#H*.)*"&'&$*<.*'#H*.HX."(.H*)&$8.#7.$("#)#H*7NH*(7X&$8#)8.H*TJ#H.*088*6*
3(Cc&&<*:E_FA*X#$#*'#H*.HX."(.H*.D$&X.#H*TJ#H.*[#$8W*:EE=A*088*6*3(Cc&&<*:EFM5I**[DW7N)*?#*
XD%'("#<&*D)#*7&)&C$#Lb#*H&%$.*.'*CJ).$&*#.</)(58+*"&)*7D"?#H*'N7()#H*.)*"&'&$*6*$.L.$.)"(#H*<.*
&8$#H*'N7()#H*#X#$."(<#H*.)*&8$#H*XD%'("#"(&).H*+[DW7N)*:EF=5I**BD)ZD.*7D"?#H*X.$H&)#H*"&7.)*
'&H*?&)C&H*L$.H"&H*.)*.'*"#7X&;*.H8#*X$N"8("#*#)8(?()C(J)("#*)&*.H*7D6*$."&7.)<#%'.I**B'CD)&H*<.*
'&H*?&)C&H*"$.".)*.)*&*".$"#*<.'*.H8(J$"&'*X&$*'&*ZD.*#'CD)&H*L$#C7.)8&H*XD.<.)*X#H#$*#*'&H*
?&)C&HI**Y#$#*7#6&$*H.CD$(<#<;*.'*DHD#$(&*()8.'(C.)8.*<.%.$b#*.H"&C.$*HK'&*#ZD.''&H*.g.7X'#$.H*
L$.H"&H*6*<.*#HX."8&*H#'D<#%'.;*'(%$.H*<.*()H."8&H*6*<.H"#$8#)<&*'&H*ZD.*.H8N)*X&<$(<&HI**B*
"&)8()D#"(K)*H.*<.%.)*'#T#$*#*"&)"(.)"(#*#)8.H*<.*HD*()C.H8(K);*"&$8#)<&*#)8.H*'#*%#H.*<.*"#<#*
D)&*<.*.''&HI*
Y#$#*#'7#".)#$'&H;*'&H*?&)C&H*<.%.)*H."#$H.*#'*#($.*#*8.7X.$#8D$#*#7%(.)8.*+H.*D8('(W#*
L$."D.)8.7.)8.*D)*<.H."#<&$*<.*#'(7.)8&H*&*D)#*X#)8#''#*"&'&"#<#*H&%$.*D)#*H#'(<#*<.*#($.*
"#'(.)8.5I**@.%.*.T(8#$H.*8&<&*"#'.)8#7(.)8&*X$&'&)C#<&*6*'#H*8.7X.$#8D$#H*.'.T#<#HI**4D#)<&*'&H*
?&)C&H*.H8J)*"$Dg(.)8.H;*<.%.)*CD#$<#$H.*.)*"&)8.)<&$.H*ZD.*.T(8.)*'#*?D7.<#<;*H(*XD.<.*H.$*.)*
#87KHL.$#*<.*)(8$KC.)&I**[D#$<#<&H*#Hb*.)*'#*).T.$#*H.*7#)8(.).)*<D$#)8.*7.H.H*"&)*D)#*7b)(7#*
<(H7()D"(K)*<.*X&8.)"(#I**G&H*?&)C&H*)&*<.%.)*"&)C.'#$H.*H(*)&*?#)*H(<&*<.H."#<&H*X$.T(#7.)8.*
+H()&*X(.$<.)*$NX(<#7.)8.*HD*#"8(T(<#<5*
,F>*
*
6*)&*<.%.)*"&)H.$T#$H.*L$.H"&H*.)*7(.'*+.'*$.HD'8#<&*.H*D)#*#HZD.$&H#*7.W"'#*L.$7.)8#<#5I**](*
HK'&*H.*ZD(.$.)*CD#$<#$*<D$#)8.*D)&H*X&"&H*<b#H;*XD.<.)*7#)8.).$H.$*'&H*?&)C&H*L$.H"&H*
H.)"(''#7.)8.*.)*'#*).T.$#I*
B'CD)#H*.HX."(.H*<.*?&)C&H*XH('&"b%("&H*8(.).)*D)*H#%&$*)&*<.'*8&<&*<.H#C$#<#%'.*6*XD.<.)*
"&7.$H.*8#'*"D#';*X.$&*'#*7#6&$b#*<.*'#H*.HX."(.H*8(.).)*D)*H#%&$*.98$.7#<#7.)8.*#"$.*ZD.;*
#D)ZD.*)&*H.#*#7#$C&;*#'CD)&H*.)"D.)8$#)*)#DH.#%D)<&*6*"#H(*8#)*<(L("('*<.*8&'.$#$*"&7&*.'*<.'*
GA5)*/-""Y#$#*HDX.$#$*.H8&;*'&H*"&)HD7(<&$.H*.X("S$.&H*X$.X#$#)*l%#8(<&Hm*"&)*'&H*?&)C&H*
XH('&"b%("&H*"$D<&H*&*H."&H;*DH#)<&*L$D8#H*&*"?&"&'#8.*"&)*#$&7#H*LD.$8.H*X#$#*7#8#$*.'*H#%&$I**G#*
'."?.*"?&"&'#8.#<#*"#'(.)8.*.H*D)*T.?b"D'&*"&7S)*ZD.*#X&$8#*D)*H#%&$*#C$#<#%'.*#'*(CD#'*ZD.*
D)&H*8&ZD.H*<.*$.#'(<#<*?(H8K$("#*+.)*.'*-J9("&*#)8(CD&;*.'**+),%,D(%*/"H.*8&7#%#*#*7.)D<&*gD)8&*
"&)*7(.'*6*D)*X$.X#$#<&*#*%#H.*<.*'#*H.7(''#*<.*"#"#&*''#7#<&*(%(D$3%*8"+:=5I**G#*8J")("#*<.'*
l%#8(<&m*8(.).*'#*T.)8#g#*#`#<(<#*<.*X.$7(8($*#'*7("KL#C&*<.*.)8.KC.)&H*D)#*#<."D#'#*<(H8$(%D"(K)*
<.*'&H*?&)C&H*<(HX&)(%'.H*.)8$.*T#$(&H*DHD#$(&HI**VH*<(L("('*"#'(%$#$*'#H*<&H(H*"D#)<&*H.*8$#%#g#*"&)*
?&)C&H*<.*<(L.$.)8.H*.HX."(.H;*8#7#`&H*6x&*C$#<&*<.*?(<$#8#"(K)I**-.W"'#)<&*.'*"&)gD)8&*.)*D)#*
'("D#<&$#*"&)*WD7&H*&*'."?.*6*<#)<&*#*"&)8()D#"(K)*D)*T&'D7.)*(CD#'*#*"#<#*D)&*<.*'&H*
X#$8("(X#)8.H*.H*D)#*L&$7#*()L#'(%'.*<.*ZD.*8&<&H*$."(%#)*'#*7(H7#*<&H(HI**B<.7NH;*.)*.'*"#H&*<.*
'&H*?&)C&H*H."&H;*.'*7.W"'#<&*#)8.H*<.*HD*()C.H8(K)*X#$.".*ZD.*L#"('(8#*'#*#%H&$"(K)*<.*'&H*
X$()"(X(&H*#"8(T&HI**BX#$.)8.7.)8.;*'&H*?&)C&H*H."&H*)&*H&)*L#"('.H*<.*<(C.$($;*.HX."(#'7.)8.*H(*)&*
H.*7#H8("#)*#*"&)"(.)"(#;*7(.)8$#H*ZD.*H(*H.*7.W"'#)*.)*'#*'("D#<&$#*H.*<.H8$D6.*.'*8.g(<&*<.'*
?&)C&*6*'#*XH('&"(%()#*X#H#*#*'#*H&'D"(K)I**O#8D$#'7.)8.;*'&H*?&)C&H*<.%.)*'("D#$H.*gDH8&*#)8.H*<.*
HD*"&)HD7&I*B'CD)&H*DHD#$(&H*X$.L(.$.)*H(7X'.7.)8.*H#'8.$#$*'&H*?&)C&H*.)*7#)8.ZD(''#;*X#$#*
'D.C&*"&7.$'&H*"&)*8&H8#<#H*&*C#''.8#HI**n)*H#'8.#<&*HD#T.*"&)*"#'&$*7&<.$#<&*)&*<(H7()D($N*
H.)H(%'.7.)8.*'#*X&8.)"(#*<.*'&H*?&)C&H*+:>5I*
B'CD)&H*DHD#$(&H*.9X.$(7.)8#)*'(C.$#H*)#DH.#H*"&7&*.L."8&*H."D)<#$(&*<.*'#*.7%$(#CD.W*
XH('&"b%("#I**2#%(8D#'7.)8.*H.*8$#8#*<.*D)*L.)K7.)&*<J%('*6*8$#)H(8&$(&I**G#H*)#DH.#H*H.*<.%.)*
X$&%#%'.7.)8.*#'*H#%&$*<.H#C$#<#%'.*<.*'&H*?&)C&H*6*#'*?."?&*<.*ZD.*.'*H#%&$*$.X(8.*"D#)<&*D)&*
.$D"8#*+088*6*Y&''&"d*:E_/#5I**B'CD)&H*DHD#$(&H*"&7.)*L$D8#*&*"?&"&'#8.*<.HXDJH*<.*8&7#$*'&H*
?&)C&H*X#$#*"&)8$#$$.H8#$*.H8.*'.T.*7#'.H8#$I*
,FM*
*
!
 #;580!
*
:!* 2&L7#))**<(&*D)*L$#H"&*<.*Xb'<&$#H*<.*XH('&"(%()#*#*-#$b#*]#%()#;*ZD.*'.*l.9X$.HK*HD*
#C$#<."(7(.)8&;*XDJH*#?&$#*X&<$b#*#6D<#$*#*'#*C.)8.*()"'DH&*"D#)<&*'&H*?&)C&H*)&*.H8DT(.$#)*
<(HX&)(%'.Hm*+2&L7#))*:E_F%5I**VH8.*.H*ZD(WNH*.'*X$(7.$*"#H&*.)*.'*ZD.*D)*ZDb7("&*<.'*"#7X&*<.*
'&H*X$&<D"8&H*)#8D$#'.H*?#6#*TD.'8&*#*'#*LD.)8.*+.'*"?#7N)*&*H#)#<&$*"D6#*()L&7#$"(K)*"&)<Dg&*#'*
<.H"D%$(7(.)8&*<.*D)*)D.T&*LN$7#"&5*"&)*.'*L$D8&*<.*HD*'#%&$I**B'*.)8$.C#$'.*'#H*Xb'<&$#H*<.*
XH('&"(%()#;*2&L7#))*"&7X#$8(K*<.*(CD#'*#*(CD#'*'&H*L$D8&H*<.*HD*<.H"D%$(7(.)8&*"&)*.''#I**BD)ZD.*
"&)H8(8D6#*D)*"&)".X8&*.98$#`&*#*'#*"(.)"(#*7&<.$)#;*-#$b#*]#%()#*LD.*#*8&<&H*'&H*.L."8&H*D)#*
"&'#%&$#<&$#*.)*.'*8$#%#g&*ZD.*"&)<Dg&*#'*<.H"D%$(7(.)8&*<.*'#*XH('&"(%()#*6*<.*'#*XH('&"()#*HQ!
"&7&*8#';*7.$.".<&$#*<.*"&7X#$8($*'#H*$."&7X.)H#H;*6#*H.#*7.$&*$."&)&"(7(.)8&*&*%.).L("(&H*
."&)K7("&HI**V)*.'*"#H&*<.*'#*XH('&"(%()#*)&*?D%&*%.).L("(&*."&)K7("&*#'CD)&*X#$#*2&L7#))*&*
]#)<&W*+ZD.*<(H8$(%D6.$&)*C$#8D(8#7.)8.*.'*LN$7#"&*X#$#*'#*()T.H8(C#"(K)*6*)D)"#*'&*''.C#$&)*#*
"&7.$"(#'(W#$*L&$7#'7.)8.5;*X&$*'&*ZD.*X&<.7&H*<."($*ZD.*-#$b#*]#%()#*"&7X#$8(K*.'*
$."&)&"(7(.)8&*#*8$#TJH*<.'*$.HX.8&*6*#<7($#"(K)*ZD.*U#HH&)*6*2&L7#))*7&H8$#$&)*?#"(#*.''#I**
].*?(W&*L#7&H#*.)*-J9("&;*"&)T($8(J)<&H.*.)*D)#*.HX."(.*<.*HDX.$!?.$&()#*<.*"&7("*6*&%g.8&*<.*
#<7($#"(K)I**4D#)<&*7D$(K;*HD*)."$&'KC("#*LD.*XD%'("#<#*.)*E)3*$!"C$+"C$<&1"j)&/1"[%?%d<,+"
+]D$;*'#*$.T(H8#*<.'*8.$".$*7D)<&5;*D)#*$.T(H8#*()8.$)#"(&)#'*+B)&)I*:EF/5I**VH8&H*?."?&H*
"&)H8(8D6.)*D)#*.9".X"(K)*6*)&*'#*$.C'#I**n)*.8)&%&8N)("&*.H8#<&D)(<.)H.*?#*X$&XD.H8&*
$."(.)8.7.)8.*+Y&H.6*:EE\5*ZD.*'&H*<.$."?&H*<.*'#*X$&X(.<#<*()8.'."8D#'*<.*)D.T&H*
<.H"D%$(7(.)8&H*L#$7#"JD8("&H*%#H#<&H*.)*()L&$7#"(K)*&%8.)(<#*<.*H.)#<&$.H*8$#<("(&)#'.H*'.H*
H.#*$."&)&"(<#*#*.H8&H*H.)#<&$.H;*#'*(CD#'*ZD.*'&*H&)*#*'&H*ZDb7("&H*ZD.*#(H'#)*'&H*X$()"(X(&H*
#"8(T&HI**Y&H.6*HDC($(K*.'*<.H#$$&''&*<.*7."#)(H7&H*X#$#*"&7X#$8($*'&H*$&6#'8(H*"&)*'&H*"?#7#).H*6*
H.)#<&$.H*"D6&*"&)&"(7(.)8&*H.#*T#'(&H&;*8#)8&*X&$*$#W&).H*<.*H(7X'.*.ZD(<#<*"&7&*X#$#*?#".$*
<.'*"?#7#)(H7&*8$#<("(&)#'*D)#*X$&L.H(K)*"&)*LD8D$&;*"&)8$(%D6.)<&*#Hb*#*"&)H.$T#$*D)#*
()L&$7#"(K)*.)*X.'(C$&*<.*X.$<.$H.*#*"#DH#*<.*'#*#"D'8D$#"(K);*D)#*()L&$7#"(K)*ZD.;*H()*<D<#*
#'CD)#;*)&*8(.).*X$."(&I**BX'#D<&*'#*X&H8D$#*<.*.H8.*()T.H8(C#<&$*6*#<7($&*#*2&L7#))*X&$*?#%.$*
<#<&*'&H*X$(7.$&H*X#H&H*.)*.H8#*<($.""(K)*8$.()8#*#`&H*#)8.H*<.'*X'#)8.#7(.)8&*<.*Y&H.6I**n)#*
()"(X(.)8.*"&7X#`b#*L#$7#".D8("#;*E$%'%,"#$%&'%(+3*<(%/.!"?#*#%&C#<&*X$."(H#7.)8.*X&$*.H8#*
X$N"8("#*6*?#*"&)8$#8#<&*#'*%(&'&C&*"&)H.$T#"(&)(H8#*]8.T.)*j()C*"&7&*T(".X$.H(<.)8.*<.*'#*
H.""(K)*lV8)&%&8N)("#*6*4&)H.$T#"(K)m*<.*'#*"&7X#`b#I**VH8N*#S)*X&$*T.$*H(*.H8#*.7X$.H#*&%8.)<$N*
#'CS)*%.).L("(&*ZD.*XD.<#*"&7X#$8($*"&)*'&H*"?#7#).H*ZD.*<#)*)&7%$.*#*'#*L($7#I**-(.)8$#H*
8#)8&;*'#*"&7X#`b#*L#$7#".D8("#*-.$"d;*"'#$#7.)8.*&$(.)8#<#*#*'#*&%8.)"(K)*<.*%.).L("(&H;*L($7K*
D)#*#"D.$<&*<.*lX$&HX.""(K)*ZDb7("#m*"&)*.'*Q)H8(8D8&*O#"(&)#'*<.*3(&<(T.$H(<#<*+QO3(&5*<.*4&H8#*
R("#;*X#C#)<&*X&$*#<.'#)8#<&*D)*7(''K)*<.*<K'#$.HI**B*"#7%(&*<.*'&H*<.$."?&H*<.*<.H#$$&''#$*
LN$7#"&H*#*X#$8($*<.*&$C#)(H7&H*
,F/*
*
<.*'#H*N$.#H*L&$.H8#'.H*ZD.*.'*QO3(&*H.*.)"#$C#*<.*"&)H.$T#$;*-.$"d*H.*.)"#$C#*<.*'#*L&$7#"(K)*<.*
"(.)8bL("&H*"&H8#$$(".)H.H*6*?#*<&)#<&*7#8.$(#'*X#$#*'#*()T.H8(C#"(K)*ZDb7("#I**Y#$.".*H.$*ZD.*
-.$"d*X#C#$N*D)&H*$&6#'8(H*#*QO3(&*<.'*K$<.)*<.'*:*#'*=a*X&$*'&H*LN$7#"&H*ZD.*<.H#$$&''.*#*X#$8($*
<.*'#*$.H.$T#*6*'#*7(8#<*<.*.H8#*HD7#*H.$N*<.H8()#<#*#*#"8(T(<#<.H*<.*"&)H.$T#"(K)*.)*4&H8#*R("#*
+R&%.$8H*:EE,#5I**08$&H*X(#H.H*6*"&7X#`b#H*.H8N)*()8.)8#)<&*.7D'#$*'#*.9X.$(.)"(#*<.*
-.$"dxQO3(&*6*.9(H8.*D)*$.)&T#<&*()8.$JH*<.*'#*()<DH8$(#*L#$7#"JD8("#*X&$*'#*()T.H8(C#"(K)*<.*
X$&<D"8&H*)#8D$#'.H*+R&%.$8H*:EE,#A*R&%.$8H*:EE,%5I**VH*(7X&$8#)8.*ZD.*'&H*&$C#)(H7&H*
CD%.$)#7.)8#'.H*)&*.)8&$X.W"#)*.9".H(T#7.)8.*.'*"&7.$"(&*()8.$)#"(&)#'*.)*.H8.*N$.#I**V'*
()8.)8&*<.'*C&%(.$)&*7.9("#)&*<.*L(g#$*'&H*X$."(&H*6*H#"#$*.9".H(T&H*%.).L("(&H*<.'*"&7.$"(&*<.*'&H*
X$."D$H&$.H*<.*.H8.$K(<.H*&%8.)(<&H*<.*X'#)8#H*7.9("#)#H*"&)<Dg&*#*'#H*"&7X#`b#H*L#$7#"JD8("#H*
.98$#)g.$#H*#*%DH"#$*#'8.$)#8(T#H;*6*.)*X&"&H*#`&H*H.*<.$$D7%#$&)*'&H*X$."(&H*<.*'&*ZD.*?#%b#*H(<&*
D)*L'&$."(.)8.*7.$"#<&**
LN$7#".D8("&*<.'*1.$".$*-D)<&*+@g.$#HH(*:EE,5I**P()#'7.)8.;*'#*"&7X#`b#*E5,*+Q!"LD)<#<#*.)*
-J9("&*.)*%#H.*#'*7J8&<&*<.H#$$&''#<&*X&$*.'*ZDb7("&*#7.$("#)&*()<.X.)<(.)8.*Y;*-#$d.$*X#$#*'#*
X$&<D""(K)*<.*LN$7#"&H*?&$7&)#'.H*#*X#$8($*<.*X$."D$H&$.H*.H8.$&b<("&H*T.C.8#'.H;*8$#H'#<K*HD*
H.<.*#*4#'(L&$)(#;*#HDH8#<&*X&$*.'*<.HX&8(H7&*<.'*C&%(.$)&*7.9("#)&*6*'#H*#7.)#W#H*X.$H(H8.)8.H*
<.*)#"(&)#'(W#$*'#*()<DH8$(#*L#$7#"JD8("#*7.9("#)#I**2&6*<b#;*-J9("&;*X#bH*ZD.*LD.*X(&).$&*.)*.H8.*
"#7X&;*gD.C#*D)*X&%$.*X#X.'*.)*.H8.*7.$"#<&I*
*
,!* 4&)&"(<&*.$$K).#7.)8.*"&7&*-&)8.WD7#*.)*.'*7D)<&*<.*?#%'#*()C'.H#;*X&$*.g.7X'&*.)*.'*
"&)&"(<&*$.L$N)*<.'*?(7)&*<.*%#8#''#*<.'*"D.$X&*<.*7#$().H*<.*'&H*VVnn*lP$&7*<.*2#''H*&L*
-&)8.WD7#IIIm*.'*)&7%$.*<.'*7&)#$"#*#W8."#*LD.*"(8#<&*<.*?."?&*"&7&*-&8."D?W&7#*X&$*'&H*
"$&)(H8#H*.HX#`&'.H*<.'*H(C'&*^fQI**2&6*<b#*H.*'.*"&)&".*.)*-J9("&;*#Hb*"&7&*.)*'#*'(8.$#8D$#*
.HX."(#'(W#<#;*"&)*.'*)&7%$.*<.*-&"8.WD7#*QQI*
*
=!* sD(WNH;*.'*7NH*"&)&"(<&*<.*'&H*7D$#'.H*7.9("#)&H*"&)*$.X$.H.)8#"(&).H*<.*X'#)8#H*
.)8.KC.)#H*H.#)*'&H*<.*1.X#)8(8'#;*.)*.'*C$#)*"&7X'.g&*<.*1.&8(?D#"#);*ZD.*6#*.H8#%#*.)*$D()#H*
"D#)<&*'&H*BW8."#H*''.C#$&)*#'*T#''.*<.*-J9("&;*#'$.<.<&$*<.'*H(C'&*^QQQI**V)*HD*8$#%#g&*X(&).$&*
[3.$&))'."N3..<%"%,1"><.*)&5"+2&)C&H*RDH(#*.*2(H8&$(#5*fIYIU#HH&)*6*RI[IU#HH&)*<.HX.$8#$&)*'#*
#8.)"(K)*?#"(#*'#H*$.X$.H.)8#"(&).H*<.*?&)C&H*.)8.KC.)&H*ZD.*#X#$.".)*.)*.'*H.C7.)8&*7D$#'*<.*
1.X#)8(8'#*ZD.*7D.H8$#*#*-N'&";*.'*<(&H*8&'8."#*<.*'#*''DT(#*6*1'#'&"#);*.'*X#$#bH&*<.'*#CD#*&*
4#7X&H*V'bH.&H*<.*'#*7(8&'&Cb#*7.H&#7.$("#)#*+U#HH&)*6*U#HH&)*:EM_#5I**G#*()8.$X$.8#"(K)*ZD.*
<(.$&)*'&H*U#HH&)*#*.H8#*.H".)#*.)*X#$8("D'#$*H.*%#H#%#;*.)*X#$8.;*.)*D)*#)N'(H(H*#)8.$(&$*<.*'#*
.H".)#*$.#'(W#<&*X&$*.'*.9X.$8&*.)*("&)&C$#Lb#*BI*4#H&*+4#H&*:E>,5;*ZD(.)*X&)<$b#*.3"<'G&<'%*3&"
.)*#'CD)#H*<.*'#H*(<.)8(Lb"#"(&).H*X&H8.$(&$.H*<.*?&)C&H*$.#'(W#<#H*X&$*'&H*U#HH&)*.)*'&H*"K<(".H*
7.9("#)&H*+4#H&*:E/=5I**VH8D<(&H*7NH*$."(.)8.H*<.*'&H*7D$#'.H*<.*1.X#)8(8'#*?#)*"&)"'D(<&*ZD.*'#*
<.(<#<*#"DN8("#*$.X$.H.)8#<#*)&*.H*-N'&"*+Y#HW8&$6*:E_>5*6*D)#*<.*'#H*()8.$X$.8#"(&).H*
#'8.$)#8(T#H*7NH*#7X'(#7.)8.*#".X8#<#*.H*ZD.*.)*$.#'(<#<*H.*8$#8#*<.*D)#*<(T()(<#<*L.7.)()#*
+jD'%.$*:E/_5I**1#7%(J)*?#*H(<&*<(H"D8(<#*'#*(<.)8(L("#"(K)*ZD.*'&H*U#HH&)*?("(.$&)*<.*'&H*7&8(T&H*
LS)C("&H*$.X$.H.)8#<&H*.)*.H8#*.H".)#;*HDC($(J)<&H.*X&$*.'*"&)8$#$(&*ZD.*X&<$b#*8$#8#$H.*<.*
).)SL#$.H*+TJ#H.*BXJ)<(".*3A*V7%&<.)*:EF,5I*
,F_*
*
**V)*"D#'ZD(.$*"#H&;*D)*7&8(T&*#X#$.".*"&7&*X$.<&7()#)8.*.)*'&H*7D$#'.H*<.*1.X#)8(8'#;*H.*
.)"D.)8$#)*8#7%(J)*.H"D'X(<&*.)*.'*X#'#"(&*<.*sD.8W#'X#XN'&8'*.)*1.&8(?D#"#);*.'*<.*'&H*l&g&H*
()"&$XK$.&Hm*ZD.*H.CS)*U#HH&)*H.$b#*D)*C'(L&*ZD.*$.X$.H.)8#$b#*.'*.H8#<&*T(H(&)#$(&*&*
.)8.&CJ)("&*+088*6*U#HH&)*:EF=A*U#HH&)*:EF\A*U#HH&)*+*"%/-":EF/5I**G&H*7D$#'.H*<.*1.X#)8(8'#*
7D.H8$#)*&g&H*()"&$XK$.&H*D)(<&H*#*L'&$.H;*#Hb*"&7&*C&8#H*L'D6.)<&*<.*.H8#H*L'&$.HI**BZDb*8.).7&H*
"'#$#7.)8.*D)#*L&$7#*)#8D$#'*6*&%T(#*<.*$.X$.H.)8#$*C$NL("#7.)8.*'#H*X'#)8#H*.)8.&CJ)("#H;*gD)8&*
"&)*C&8#H*<.*X&"(&).H*.)8.&CJ)("#H*ZD.*H#'.)*<.*.''#H;*'&*ZD.*6&*?.*<.)&7()#<&*lC&8#H*<.*&g&H*
()"&$XK$.#Hm*+088*6*U#HH&)*:EF=5I**R."(.)8.7.)8.;*D)#*"&'.""(K)*<.*X()8D$#H*7D$#'.H*<.*
1."?()#)8(8'#*.)*1.&8(?D#"#);*ZD.*?#%b#*H(<&*H#ZD.#<#*6*H#"#<#*('.C#'7.)8.*<.*-J9("&*.)*'&H*
#`&H*:E/\*X#$#*8.$7()#$*L&$7#)<&*X#$8.*<.*'#*"&'.""(K)*X$(T#<#*<.*2I*U#C).$;*LD.*<&)#<#*#'*
-DH.&*<.*3.''#H*B$8.H*<.*]#)*P$#)"(H"&;*4#'(L&$)(#I**G&H*7D$#'.H*<.*1."?()#)8(8'#*7D.H8$#)*
7&8(T&H*X#$."(<&H*#*'&H*.)"&)8$#<&H*.)*'&H*7D$#'.H*<.*1.X#)8(8'#;*XD<(J)<&H.*&%H.$T#$*&g&H*
()"&$XK$.&H;*?&)C&H;*X'#)8#H*.)8.&CJ)("#H*6*C&8#H*<.*&g&H*()"&$XK$.&H*+3.$$()*:EFF5I**n)*
H.C7.)8&*X#$8("D'#$7.)8.*.HX'J)<(<&*7D.H8$#*D)#*H.$X(.)8.*.7X'D7#<#*<.*"D6#*%&"#*H#'.)*
L'&$.H*.)8.&CJ)("#H;*&g&H*()"&$XK$.&H*6*C&8#H*<.*&g&H;*7NH*<.*:,*X'#)8#H*&*N$%&'.H;*#'CD)&H*<.*'&H*
"D#'.H*8(.).)*C&8#H*<.*X&"(&).H*.)8.KC.)#H*L'D6.)<&*<.*'#H*L'&$.H;*8.)(.)<&*#'CD)#H*<.*.''#H*&g&H*
()"&$XK$.&H*.)*HDH*8#''&H*&*8$&)"&HI**V)*D)#*$."&)H8$D""(K)*C$NL("#*<.*JH8.*6*&8$&H*7D$#'.H*
H#ZD.#<&H*+B7(C&H*:EE:A*3.$$()*:EFF5*H.*HDC(.$.*ZD.*.)*.'*7D$#'*H.*$.X$.H.)8#)*"#'J)<D'#H*
.)8.&CJ)("#H*=C%?+*+."HXXIA*TJ#H.*BXJ)<(".*3A*](.C.'*+*"%/-":E__5;*6*'#H*X'#)8#H*('DH8$#<#H*XD.<.)*
H.$*.HX."(.H*7.<("()#'.H*&*l$(8D#'.Hm;*<.H8#"#)<&*'&H*#D8&$.H*ZD.*&%T(#7.)8.*)&*H.*8$#8#*<.*
X'#)8#H*"&7.H8(%'.HI**G&H*#D8&$.H*&'T(<#$&)*7.)"(&)#$*'&H*.)8.KC.)&H;*6*$.HD'8#*.T(<.)8.*X#$#*'&H*
()?,).(+,*<*ZD.*#ZDb*8.).7&H*X()8#<#*D)#*.H".)#*T(H(&)#$(#*<.*X'#)8#H*.)8.&CJ)("#H;*ZD.*
()"'D($b#*ZD(WNH*55%$3*/<"+1#C.8.H".GGI5;"'+Q(%//<"+BC#T.*HXXI*LD.)8.*<.*'#*%.%(<#*L.$7.)8#<#*$(8D#'*
)(*/<")"G3/23+S"TJ#H.*4#Xb8D'&*/;*O&8#*:,5;*()%Q<$3<*/"=C3&8<,%"()&5'8).%!"LD.)8.*<.*'#H*H.7(''#H*
.)8.&CJ)("#H*<.*)/)/<3$23<S"TJ#H.*4#Xb8D'&*,5;*23%3$5+*/")"G<(<+*/*+8#%#"&HA*@<()*<%,%"HXXA*TJ#H.*
BXJ)<(".*B5;**)/)%*d<,"=L%*3&%"HXXA*TJ#H.*BXJ)<(".*B5*#Hb*"&7&*.'*.)8.KC.)&*L'&$#'*<.*'&H*BW8."#H*
#S)*)&*(<.)8(L("#<&*''#7#<&*G)5)'%*/<*+TJ#H.*BXJ)<(".*35I**i&*()8.$X$.8#$b#*'#*.H".)#*"&7&*'#*
$.X$.H.)8#"(K)*<.*'#*H.$X(.)8.*.7X'D7#<#*ZD.*8$#.*'#H*T(H(&).H*#*8$#TJH*<.*'#H*X'#)8#H*
.)8.&CJ)("#H*+.)8$.*'&H*BW8."#H;*.'*sD.8W#'"&#8'*.)8$.CK*'#H*#$8.H*<.*'#*#C$("D'8D$#*6*'#*7.<("()#*#*
'#*?D7#)(<#<5*6x&*"&7&*"&7X&).)8.*<.*'#H*X$&X(#H*T(H(&).H*.)8.&CJ)("#H;*#'*(CD#'*ZD.*'&H*
#)8(CD&H*-#6#H*$.X$.H.)8#%#)*lH.$X(.)8.H*T(H(&)#$(#Hm*+]"?.'.*6*P$.(<.'*:EE\5I**B*.H8.*$.HX."8&;*'#*
.H".)#*H.$b#*#)N'&C#*#*'#*L#7&H#*.H"D'8D$#*#W8."#*<.'*^&"?(X(''(;*.'*lY$b)"(X.*<.*'#H*P'&$.Hm;*ZD.*
8(.).*C$#%#<#H*.)*HD*"D.$X&*'#H*$.X$.H.)8#"(&).H*<.*<(T.$H#H*L'&$.H*.)8.KC.)#H;*.)8$.*.''#H*.'*
23%3$5+*/"&*8#%#"&;*.'*()%Q<$3<*/!")"1),1<+?)*1+"14%"LD.)8.*<.*'#H*H.7(''#H*.)8.&CJ)("#H*<.*
)/)/<3$23<"6*&8$#H*X'#)8#H*T(H(&)#$(#H*+P$#H.$*:EE,A*G&$<*O&H.~*:EE,A*U#HH&)*:E_=%A*U#HH&)*
:EF\5I**VH8.*7D$#'*6*'#*.H8#8D#*<.'*^&"?(X(''(*<#)*7NH*X.H&*#*'#*8.&$b#*<.*U#HH&)*<.*ZD.*'#H*lL'&$.Hm*
=QP($<*/")"<$3<,8(5*.$#)*X#$#*'&H*BW8."#H*D)#*7.8NL&$#*<.*'&H*.)8.KC.)&H;*XD.H8&*ZD.*.)*'#*X&.Hb#*
#W8."#*.)"&)8$#7&H*$.X.8(<#H*T.".H*$.L.$.)"(#H*#*'#H*lL'&$.H*ZD.*.7%$(#C#)m*+[#$(%#6*:E/>A*
U#HH&)*:EF\5I**G#*7.8NL&$#*#W8."#*X#$#*X&.Hb#;*<,"QP($<*/"<,"(34(%*/"+'(8.$#'7.)8.*
,FF*
*
.)*L'&$*.)*"#)8&m5;*"&7&*"#7()&*#*'#*T.$<#<;*H.*?#*HDC.$(<&*ZD.*$.X$.H.)8#)*#*'&H*.)8.KC.)&H*6*#*
'#*7NH*"&7X'.8#*T(H(K)*<.'*7D)<&*ZD.*&8&$C#)*#'*%DH"#<&$*<.*'#*H#%(<D$b#*+4N".$.H*:EF>A*G.K)*
Y&$8(''#*:E/:A*0$8bW*<.*-&)8.''#)&*:EE\5*V'**+'<(Q)($")*lHD.`&*L'&$(<&m*<.*'&H*H#".$<&8.H*6*X&.8#H*
.$#*&8$#*7.8NL&$#*<.'*.H8#<&*.)8.&CJ)("&;*.9X$.H#<&*.)**++G<//%*)//<!"D)*'.)CD#g.*.HX."(#'*<.*'&H*
"?#7#).H*6*'&H*X&.8#H;*.'*/%?).*<.*()HX($#"(K)*<(T()#;*.'*?#%'#*&$#"D'#$*<.'*8#D7#8D$C&*
.7%$(#C#<&*"&)*'#H*X'#)8#H*.)8.&CJ)("#H*+$.X$.H.)8#<&*.)*'&H*7D$#'.H*<.*1.&8(?D#"#)*"&7&*
$&''&H*<.'*?#%'#*ZD.*8(.).)*D)(<#H*L'&$.HA*U#HH&)*:EF\5I**08$&*L$#C7.)8&*<.*'&H*7D$#'.H*<.*
1."?()#)8(8'#*7D.H8$#*.'*/%?)."&*l%&"#*<.*<(&Hm;*7&8(T&*$&<.#<&*<.*?&)C&H*6*"&)"?#H*+&*
).)SL#$.H*H.CS)*'#*()8.$X$.8#"(K)*#'8.$)#8(T#*<.*V7%&<.)5*ZD.*.)"&)8$#7&H*X()8#<#*.)*
7()(#8D$#*"&)*(<J)8("#*L&$7#*.)*'#*X#$8.*T.$8("#'*<.*D)#*.H"#'.$#*&*lX$.<.''#m*<.*q#"D#'#*.)*
1.&8(?D#"#)*+3.$$()*:EFF5I**BL&$8D)#<#7.)8.;*U#HH&)*XD%'("K*"&X(#H*.9#"8#H*<.*.H8.*L$#C7.)8&*
<.*X()8D$#;*ZD.*LD.*<.g#<&*#*'#*()8.7X.$(.*6*?&6*X$N"8("#7.)8.*?#*<.H#X#$."(<&*+2.(7*6*U#HH&)*
:EMFA*U#HH&)*:EF\A*U#HH&)*6*U#HH&)*:EM_#5I**V'*7D$#'*<.*1."?()#)8(8'#*"&)*<&".*lL'&$.Hm*
.)8.&CJ)("#H*X&<$b#*$.X$.H.)8#$*'&H*g#$<().H*<.*'#*<.'("(#*7.9("#)&H*<.*'#*.$#*X$."&'&7%()#;*"&7&*
'&H*g#$<().H*1.W"&8W()"&*<.*O.W#?D#'"K6&8';*$.LDC(&H*<.*X'#)8#H*.9K8("#H*6*7.<("()#'.H*"&)*L'&$;*
.HX."(#'7.)8.*'#H*lL'&$.Hm*.)8.&CJ)("#H;*<&)<.*'&H*H#".$<&8.H*6*'#*)&%'.W#*X&<b#)*<(HL$D8#$*.)*'#*
8(.$$#*<.*.9X.$(.)"(#H*<.*&8$&*7D)<&*+O#%?#)*:EFE5I**B*'&H*BW8."#H*H.*#8$(%D6.)*'&H*X$(7.$&H*
g#$<().H*%&8N)("&H;*LD)<#<&H*X&$*O.W#?D#'"K6&8'*#*7.<(#<&H*<.'*H(C'&*^f*6*X&$*-&"8.WD7#*:*.)*
:>/_*+0$8bW*<.*-&)8.''#)&*:EE\5I*
*
>!* V)*:E:_;*.'*7J<("&*3I*@&DC'#H*<.H"$(%(K;*.)*%#H.*#*D)#*.9X.$(.)"(#*X.$H&)#'*+#""(<.)8#'5;*'&H*
Hb)8&7#H*<.*HD*.7%$(#CD.W*X&$*#%,%+)/3.!"6*'&H*"#'(L("K*<.*l'&H*"#$#"8.$bH8("&H*<.*D)#*7.$#*
.H8(7D'#"(K)*<.'*H(H8.7#*).$T(&H&m*6*H.`#'K*ZD.*.'*?&)C&*)&*<.%b#*H.$*7&$8#'7.)8.*T.).)&H&*
+@&DC'#H*:E:_5I**].(H*#`&H*7NH*8#$<.;*.'*7J<("&*UIUI*P&$<*X$&XDH&*D)#*)D.T#*"'#H.*<.*
.)T.).)#7(.)8&H*X&$*?&)C&H;*ZD.*''#7K*l-6".8(H7DH*4.$.%$#'(Hm;*7.)"(&)#)<&*"&7&*
$.HX&)H#%'.H*#*<&H*.HX."(.H*<.*#%,%+)/3.!"ZD.*#?&$#*H.*H#%.*ZD.*"&)8(.).)*XH('&"(%()#*+P&$<*
:E,=5I**V)*'#*$.H.`#*<.*2.(W.$*#X#$."(<#*.)*:E>>*+2.(W.$*:E>>5*6*ZD.*7&8(T#$b#*#*'&H*U#HH&)*#*
T(#g#$*#*-J9("&;*.'*#D8&$*#H&"(K*.'*l7(".8(H7&*".$.%$#'m*<.*P&$<*"&)*.'*"D'8&*7.9("#)&*<.'*
*+),%,D(%*/!"ZD.*]"?D'8.H*?#%b#*#8$(%D(<&;*)&*?#"b#*7D"?&;*#*#%,%+)/3."(%'G%,3/*3."7%&-*
.G$<,(*&<,3."+]"?D'8.H*:E=E5I**]"?D'8.H*LD.*.'*X$(7.$&*.)*?#".$*8#'*#H&"(#"(K)*.)*D)#*XD%'("#"(K)*.)*
'.)CD#*()C'.H#I**n)#*XD%'("#"(K)*7.9("#)#*<.*:EM>*<.<("#%#*D)*%$.T.*"#Xb8D'&*#'**+),%,D(%*/"6*
"(8#%#*'&H*8$#%#g&H*<.*]"?D'8.H*6*R.d&*+[D.$$#*6*0'(T.$#*:EM>5I**G#*XD%'("#"(K)*<.*()L&$7#"(K)*
#".$"#*<.*'&H*?&)C&H*.)8.KC.)&H*7.9("#)&H*ZD.*$.#'(W#$&)*'&H*U#HH&)*.H8(7D'K*'#*XD%'("#"(K)*<.*
8$#%#g&H*#<("(&)#'.H*.)*'&H*ZD.*H.*<.H"$(%b#)*.7%$(#CD.".H*#""(<.)8#'.H*+U#HH&)*:EME5I*
*
M!* V)*r#XK);*.'*DH&*"?#7N)("&*<.*'&H*?&)C&H*.)8.&CJ)("&H*LD.*8#7%(J)*D)#*X$N"8("#*
8$#<("(&)#'*6*.'*$."D.$<&*<.*.H8#*#)8(CD#*"&H8D7%$.*?#*H&%$.T(T(<&*.)*'#*X.)D7%$#*<.*'#*
"&)"(.)"(#*"D'8D$#'*g#X&).H#I**G#*&%$#*H),6%F3"[),)?%*%&<"+l4D.)8&H*<.*B)8#`&m5*.H"$(8#*.)*.'*
H(C'&*^Q*()"'D6.*D)*"D.)8&*H&%$.*7&)g#H*6*'.`#<&$.H*ZD.*H.*.7%$(#C#%#)*.)*.'*%&HZD.*<.HXDJH*<.*
()C.$($*'%<*%F+"D*l?&)C&H*<#)W#)8.Hm*+U#HH&)*
,FE*
*
:E_=#5I**2&6*<b#*H.*(<.)8(L("#*.'*'%<*%F+""&)*'#*.HX."(.*)&*.)8.&CJ)("#*X&<0)/%"0&),1).%-""]()*
.7%#$C&;*8#'*"&7&*HDC(.$.)*HDH*)&7%$.H;*T#$(#H*.HX."(.H*g#X&).H#H*H&)*"&)&"(<#H*X&$*HD*X&8.)"(#*
.)8.KC.)#I**V'*)Ti%&%<T*%F+"&*lC$#)*?&)C&*<.*'#*$(H#m*)&*.H*&8$&*ZD.*.'*XH('&"b%("&*X5',)G</3."
.G+(*%8</<."+TJ#H.*.'*4D#<$&*>A*3D"d*:E/_A*U#'8.$H*:E/M5I**V'*i%&%<T*%F+"&*?&)C&*<.*'#*$(H#*.H*
#%,%+)/3."(%'G%,3/*3."ZD.*"&)8(.).*XH('&"(%()#*+D)#*<.*'#H*X$(7.$#H*.HX."(.H*<.**+),%,D(%*/"
(<.)8(L("#<#H*.)*-J9("&5A*6*.'*.$<8<&+T*%F+"&*l?&)C&*ZD.*.)8&$X.".m*.H*#.</)(58+"7+,+,%*%!"
"&)&"(<&*.)8.KC.)&*+TJ#H.*.'*4D#<$&*>5I**V9(H8.*D)*X&.7#*g#X&)JH*.+,&53"#".$"#*<.'*i%&%<T*%F+M"
l].$b#*%&)(8&*?#".$xZD.*.'*dD)(d#$&x"&7(.$#*i%&%<T*%F+]9"ZD.*.9X$.H#*.'*<.H.&*<.*ZD.*.'*H.T.$&*
F3,<F%&)!".'*"#X#8#W*<.'*H.`&$*L.D<#';*()C($(.$#*l.'*?&)C&*<.*'#*$(H#m*6*H.*l#'.C$#$#m*D)*X&ZD(8&*
+3'68?*:E_=5I**f#$(#H*LD.)8.H*"?()#H*7NH*&*7.)&H*"&)8.7X&$N).#H*"&)*.'*H),6%F3"[),)?%*%&<"
<.H"$(%.)*'&H*.L."8&H*<.'*>.<%)T($3,"D*l?&)C&*<.*'#*$(H#m;*H()*<D<#*D)#*<.*'#H*.HX."(.H*XH('&"b%("#H*
g#X&).H#H*+3'68?*:E_=A*G(*:E_FA*U#HH&)*6*U#HH&)*:EM_#A*iD*:EME5I**V)*r#XK);*'#H*.HX."(.H*
.)8.&CJ)("#H*<.*;'%,<*%"$."(%.)*.'*)&7%$.*<.*8+,<T*+,?3T*%F+"+l?&)C&*1.)CD*.H"#$'#8#m;*
;'%,<*%"'3.(%&<%:S"*+,?3T*%F+*+l?&)C&*1.)CDm;*;-"G%,*$+&<,%:S"+"<8)T*+,?3T*%F+"+l?&)C&*1.)CD*
T.$$$DC&H&m;*;-".*&)8</<0)&'<.!"<.*'#*ZD.*.'*N"(<&*(%&8J)("&*$."(%.*HD*)&7%$.A*TJ#H.*4D#<$&*/5I**G&H*
C+,?3*H&)*"$(#8D$#H*7b8("#H;*<(#%'(''&H*.7%DH8.$&H*#H&"(#<&H*"&)*.'*X#H#<&*"?#7N)("&;*<.*'&H*ZD.*
H.*<."b#*ZD.*lH.*.7%&$$#"?#%#)*"&7(.)<&*?&)C&Hm*+Q7#W.d(*:E_=A*G(*:E_FA*]#)L&$<*:E_,A*U#HH&)*
:E_=#5I**B'*(CD#'*ZD.*.)*&""(<.)8.;*'&H*.H"$(8&H*7("&'KC("&H*<.*.)T.).)#7(.)8&H*#""(<.)8#'.H*
.7X.W#$&)*#*#8$#.$*'#*#8.)"(K)*<.*'&H*"(.)8bL("&H*X&$*.H8&H*#)8(CD&H*.7%$(#C#)8.H*+Q7#(*:E=,5I**
Q7#W.d(*6*U#HH&)*?#)*.H"$(8&*.9".'.)8.H*#$8b"D'&H*H&%$.*.8)&7("&'&Cb#*g#X&).H#*+Q7#W.d(*:E_=A*
Q7#W.d(*6*U#HH&)*:E_=A*U#HH&)*:E_=#5I**08$&*N$.#*<.*()8.$JH*X&$*'&*ZD.*H.*$.L(.$.*#'*DH&*
8$#<("(&)#'*<.*?&)C&H*XH("&#"8(T&H*.H*OD.T#*[D().#I**V)*.'*f#''.*<.*U#?C(*.)*OD.T#*[D().#;*D)*
N$.#*.)*'#*.)8$#$&)*X&$*X$(7.$#*T.W*'&H*L&$#H8.$&H*.)*'#*<J"#<#*<.*:E=\;*T(T.*D)*XD.%'&*NC$#L&*
''#7#<&*jD7#I**V'*X$(7.$*<&"D7.)8&*.H"$(8&*#".$"#*<.*'&H*jD7#*?#".*$.L.$.)"(#*#'*?."?&*<.*ZD.*
'&H*jD7#*()C.$b#)*lD)*?&)C&*H('T.H8$.*''#7#<&*,),1%9"ZD.*lTD.'T.*#'*DHD#$(&*8.7X&$#'7.)8.*
'&"&m*+2.(7*6*U#HH&)*:E/M5I**fIYI*6*RI[IU#HH&)*<.H"$(%(.$&)*.H8#*X$N"8("#*.)*'&H*XN$$#L&H*()("(#'.H*
<.'*H.CD)<&*T&'D7.)*<.*[3.$&))'."N3..<%"%,1*><.*)&5"+2&)C&H*RDH(#*.*2(H8&$(#A*U#HH&)*6*
U#HH&)*:EM_#5I**B*L()#'.H*<.'*H(CD(.)8.*#`&;*RI*]()C.$*XD%'("K*D)*"&$8&*8$#%#g&*H&%$.*D)*.HXJ"(7.)*
ZD.*$."(%(K*<.*'&H*R&6#'*3&8#)("*[#$<.)H*+R.#'.H*r#$<().H*3&8N)("&H5*<.*j(.T;*#*<&)<.*?#%b#)*H(<&*
.)T(#<&H*X&$*@IVI*]?#cI**]()C.$*XD<&*(<.)8(L("#$*D)&*<.*'&H*.g.7X'#$.H*"&7&*.HX."(.*)D.T#;*#*'#*
ZD.*<(&*.'*)&7%$.*<.*N3..3/%",),1)&8<,?<"=E<,?+&"+*"%/-":EMF%5I**V'*7#8.$(#'*$."(%(<&*X&$*]()C.$*
"&)8.)b#*l&8$&H*#CN$("&H*6*#'CD)#*X&'(X&$N".#m*6*XD%'("K*D)#*H&7.$#*<.H"$(X"(K)*<.*D)#*
lBC#$("#'.H*HXm*ZD.*XD<&*H.X#$#$*<.*'#*7.W"'#;*#Hb*"&7&*D)#*L&8&C$#Lb#*<.*D)*.g.7X'#$*<.*N-"
,),1)&8<,?<"HD7.$C(<&*.)*D)*'bZD(<&*X#$#*HD*"&)H.$T#"(K)I**]()C.$;*ZD.*?#%b#*'.b<&*#".$"#*<.*'&H*
jD7#*.)*[3.$&))'."N3..<%"%,1"><.*)&5!*)&*7.)"(&)K*<.8#''.*.8)&'KC("&*#'CD)&*lXD.H8&*ZD.*
&8$&H*H&)*H()*<D<#*7D"?&*7NH*"&7X.8.)8.H*ZD.*6&*.)*.H8.*"#7X&m;*.)*D)#*T.'#<#*$.L.$.)"(#*#*'#H*
.)8&)".H*8.)H#H*$.'#"(&).H*ZD.*7#)8.)b#*"&)*'&H*U#HH&)*+]()C.$*+*"%/-":EMFA*TJ#H.*'#*O&8#*F*7NH*
#<.'#)8.5I**V)*.L."8&;*2.(7*6*U#HH&)*X#H#$&)*8$.H*H.7#)#H*$."&'."8#)<&*.HX."b7.).H*.)*.'*T#''.*
<.*U#?C(*.)*:E/=*gD)8&*"&)*.'*#)8$&XK'&C&*-I*R.#6*+ZD.*XD%'("K*D)*'(%$&*
,E\*
*
H&%$.*'&H*jD7#*6*D)*8$#%#g&*H&%$.*'#*l'&"D$#*<.*'&H*?&)C&HmA*R.#6*:EMEA*R.#6*:E/\5*6*''.CK*#*'#*
"&)"'DH(K)*<.*ZD.*'#*"'#H(L("#"(K)*<.*]()C.$*.$#*D)*.$$&$I**O&*HK'&*.)"&)8$#$&)*&)".*.HX."(.H*
<(L.$.)8.H*<.*l?&)C&H*<.*'#*'&"D$#m*6*''#7#$&)*#*<&H*<.*.''#H*,),1%*8<,?<"=,)",),1)&8<,?*:!"H()&*
ZD.*N3..3/%",),1)&8<,?<")(*H(ZD(.$#*H.*.)"&)8$#%#*.)8$.*.''&H*+2.(7*:E/=A*2.(7*:E/MA*2.(7*:E_FA*
2.(7*6*U#HH&)*:E/>A*2.(7*6*U#HH&)*:E/M5I**2.(7*6*U#HH&)*<.H"$(%(.$&)*'#H*H(CD(.)8.H*&)".*
.HX."(.H*<.*?&)C&H*$.HX&)H#%'.H*<.'*F)'3?/"8#(*+l'&"D$#*<.*'&H*?&)C&Hm*ZD.*#L."8#*HK'&*#*'&H*
?&7%$.H5*&*<.'*,1%%1/"+l<.'($(&*<.*'&H*?&)C&Hm*ZD.*#L."8#*HK'&*#*'#H*7Dg.$.H5v*,),1%",?%'T,?%'!"
W)/+*3.*&+%5<S",),1%",?%'GTF<,16"F%,*.!"W)/+*3."F3'%+3.S",),1%"?+?i%,*.",?<'8<?/!"W)/+*3.*
'%,<(3.S",),1%"F+&'%<G<G!"W)/+*3.",<?+&&<'3.S",),1%"*3%T&3%!"W)/+*3.",<?&)7<)/%(+3.*X'DH*W)/+*3."
0/%''+3.S",),1%"').!"N3..3/%"%??/3*<,%*%"5"N-"'%+,%13'S",),1%"i%'!*N3..3/%"
G.+31)'%+,%13'S",),1%"F<&<,!"N3..3/%"F<5<,+%"5",),1%"'8)/8+!">+<'<+//%*%,?3<0)&'<."+2.(7*
:E/=A*2.(7*:E/MA*2.(7*:E//A*2.(7*:E_=A*2.(7*:E_FA*2.(7*6*U#HH&)*:E/M5I**2.(7*6*U#HH&)*
"&)"'D6.$&)*ZD.*'#*l'&"D$#*<.*'&H*?&)C&Hm*<.*'&H*jD7#*.$#*D)*L.)K7.)&*.98$#L#$7#"&'KC("&*
+TJ#H.*BXJ)<(".*35I**BD)ZD.*'&H*jD7#*#8$(%D6.)*'#H*7#)(L.H8#"(&).H*<.*'&"D$#*#*'&H*?&)C&H;*"$..)*
ZD.*l#ZD.''&H*<.H8()#<&H*#*HD"D7%($;*HD"D7%($N)*"&7#)*'&H*?&)C&H*&*)&m*+2.(7*6*U#HH&)*:E/M5I**
3#HN)<&H.*.)*HD*8$#%#g&*<.*"#7X&;*2.(7*6*U#HH&)*"&)8$#<(g.$&)*'#H*"&)"'DH(&).H*<.*]()C.$;*ZD.*
#8$(%Db#*#*'&H*?&)C&H*<.*'&H*jD7#*'#*X$&X(.<#<*<.*"#DH#$*l7(".8(H7&*".$.%$#'m*+]()C.$*+*"%/-"
:EMF%5;*#D)ZD.*'#*.HX."(.*W)/+*3."'%,<(3."?#*#X#$."(<&*.)*D)*"&7X.)<(&*<.*X'#)8#H*
.)8.&CJ)("#H*+]"?D'8.H*6*2&L7#))*:E_E5I**O&*&%H8#)8.;*2.(7*()L&$7K*<.*'#*X$.H.)"(#*<.*8$#W#H*<.*
8$.H*"&7XD.H8&H*()<K'("&H*)&*(<.)8(L("#<&H*.)*W)/+*3.*'%,<(3.!"6*.)*#D8&.9X.$(7.)8&H*$.#'(W#<&H*
"&)*.H8.*?&)C&*XD'T.$(W#<&*+"&)*D)#*"#)8(<#<*<.*X&'T&*()L.$(&$*#*'&H*/\*7C5*2.(7*#L($7K*ZD.*'#*
l()C.H8(K)*X$&T&"#%#*'#*#X#$("(K)*<.*T(H(&).H*'D7()&H#H*7D6*"&'&$(<#Hm*+2.(7*:E/MA*2.(7*:E_F5I*
*
/!* R.d&*6*]"?D'8.H*8#7%(J)*.)T(#$&)*X#$8.*<.*HD**+),%,D(%*/"#'*L#$7#"K'&C&*HD."&*4I[I*
]#)8.HH&);*ZD.*()("(K*'&H*X$(7.$&H*.H8D<(&H*ZDb7("&H*6*L#$7#"&'KC("&H*<.'*.)8.KC.)&*LS)C("&*.)*
:E=FI**]#)8.HH&)*&%H.$TK*ZD.*'#*#<7()(H8$#"(K)*<.*HDH*.98$#"8&H*#*'#H*$#)#H*6*$#8&).H*'.H*X$&<D"b#*
D)#*lH.7(!)#$"KH(Hm*=>%/8,%&F).+:"6*#L($7K*ZD.*.$#*lX&H(%'.;*H(*7NH*)&*m*'#*X$.H.)"(#*<.*D)*
C'D"KH(<&*.)*HD*.98$#"8&*+]#)8.HH&)*:E=E5I**VH8&H*LD.$&)*8&<&H*'&H*#T#)".H*ZD.*]#)8.HH&)*'&C$#$b#*
.)*HD*.H8D<(&*<.'**+),%,D(%*/-""4D$(&H#7.)8.;*]#)8.HH&)*()L&$7K*8#7%(J)*?#%.$*$."(%(<&*&8$&*
.7%$(#C#)8.*=N%3.($1&)?+:"<.*R.d&*6*]"?D'8.H;*.'*>%//<'%$/!"8#7%(J)*D)*?&)C&;*<.'*ZD.*H.*<."b#*
ZD.*'&*DH#%#)*'&H*()<(&H*7.9("#)&HI**@.HXDJH*<.*&%8.).$*D)#*H.$(.*<.*.98$#"8&**+'#H*X$D.%#H*X#$#*
'#*<.8.""(K)*<.*#'"#'&(<.H*LD.$&)*).C#8(T#H;*#D)ZD.*H.*<.8.$7()K*'#*X&H(%'.*X$.H.)"(#*<.*
C'D"KH(<&H5;*]#)8.HH&)*'&H*X$&%K*.)*$#)#H;*$#8&).H*6*"&).g&HI**]"?D'8.H*)&*7.)"(&)K*.'*7(H8.$(&H&*
>%//<'%$/".)*HD*8$#%#g&*<.*:E=E*H&%$.*'#*(<.)8(L("#"(K)*<.'**+),%,D(%*/"6*.)*HD*.H"$(8&*X&H8.$(&$*
H&%$.*'#*?(H8&$(#*<.*'#*(<.)8(L("#"(K)*1+/"*+),%,D(%*/"+]"?D'8.H*:E_F5*#L($7K*ZD.*]#)8.HH&)*'&*?#%b#*
(<.)8(L("#<&*"&7&*;&'<//%&<+//%"'+//+%!"D)*?&)C&*"&7.H8(%'.I**@.*?."?&;*]#)8.HH&)*?#%b#*<("?&*
7.$#7.)8.*ZD.*.'*)&7%$.*>%//<'%$/"$."&$<#%#*#*'#*X#'#%$#*>%//<'%.($"D)*)&7%$.*.D$&X.&*X#$#*
;&'<//%&<+//%"'+//+%-""]()C.$*)&8K*.H8#*<(H"$.X#)"(#;*6*#'.CK*ZD.*>%//<'%$/*LD.*X$&%#%'.7.)8.*
#.</)(58+"'+Q<(%,%"#-"(38+,.<."+]()C.$*:EMF#5I**]()C.$*)&*#X&$8K*
,E:*
*
X$D.%#H;*XD.H8&*ZD.*)&*H.*.)"&)8$#$&)*.g.7X'#$.H*<.*>%//<'%$/!"X&$*'&*ZD.*)D)"#*"&)&".$.7&H*'#*
(<.)8(<#<*<.*.H8.*.HXJ"(7.)I*
*
_!* V)*.'*8$#)H"D$H&*<.*HDH*()T.H8(C#"(&).H*H&%$.*'&H*?&)C&H*.)8.KC.)&H*7.9("#)&H;*U#HH&)*6*
2.(7*.)"&)8$#$&)*D)*X#$*<.*.HX."(.H*l)#$"K8("#Hm*<.*K5()G+&1),".)*'#*W&)#*7(98."#*<.*0#9#"#*.)*
#C&H8&*<.*:E/:I**B"&7X#`#<&H*<.'*.8)K'&C&*RI*R#T(.W;*2.(7*6*U#HH&)*$."&'."8#$&)*D)#*)D.T#*
.HX."(.;*K5()G+&1),"'<Q*+()&3'!"''#7#<&"C(€(*i%"D*l?&)C&*<.*X$(7.$#*"'#H.m;*#Hb*"&7&*.g.7X'#$.H*
<.*'#*"&)&"(<#*.HX."(.*K-"'%&?<,%*3'!"ZD.*HD*()L&$7#)8.*7(98."#*BC#X(8&*''#7#%#*?<u<".%i%"D*
l?&)C&*<.*H.CD)<#*"'#H.m*+2.(7*6*U#HH&)*:E/,A*2.(7*+*"%/-":E/_5I**].CS)*.9X'("K*BC#X(8&;*H.*
H&'b#*8&7#$*D)*X#$*<.*.g.7X'#$.H*<.*"D#'ZD(.$#*<.*'#H*<&H*.HX."(.H*X#$#*<&$7($*'D.C&*<D$#)8.*D)#*
?&$#*D*?&$#*6*7.<(#;*8(.7X&*.)*.'*ZD.*'&H*?&)C&H*'.*?#%'#)*#*D)&A*.)*.'*"#H&*<.*BC#X(8&*'&H*
?&)C&H*'.*?#%b#)*X$.T(H8&*D)#*.)L.$7.<#<*.*()L&$7#<&*<.*HD*<.H.)'#".I**@D$#)8.*'&H*7.H.H*<.*
T.$#)&*<.*:E_>*6*:E_M;*<&H*C$DX&H*<($(C(<&H*X&$*rIGI*@b#W*+#"&7X#`#<&*.)*:E_>*X&$*4I*h'T#$.W*6*YI*
3$.7.$5*6*X&$*7(*+#"&7X#`#<&*.)*:E_M*X&$*rI*R&7#)&*6*RI*Y#)(#CD#5*.H8D<(#$&)*"&)*BC#X(8&*.)*
HD*"#H#*<.*]#)*-(CD.'*Y$&C$.H&;*0#9#"#I**@D$#)8.*.H8.*8$#%#g&;*BC#X(8&*(<.)8(L("K*X&$*'&*7.)&H*::*
.HX."(.H*<.*?&)C&H*l)#$"K8("&Hm;*.)8$.*.''&H*K5()G+&1),"'%&?<,%*3'"+ZD.*[DW7N)*"&)H(<.$#*
X.$8.)."(.)8.*#*'#*7(H7#*.HX."(.*ZD.*K-"(%,1<13':"5"K5()G+&1),"'<Q*+()&3'"+?&)C&*(<J)8("&*#*
b%.(+//3'"231+,<<"<.*#"D.$<&*"&)*[DW7N)A*088*+*"%/-":E_M%5I**1&<&H*H&)*.HX."(.H*<.*%.g().H*#*
.9".X"(K)*<.*D)&;*;?&)(58+".+'<)&8<(3/%*<.!"7D6*H(7('#$*7&$L&'KC("#7.)8.*#*#.</)(58+"'+Q<(%,%!"
DH#<&*8$#<("(&)#'7.)8.*X&$*'&H*-(98."#H*+2.(7*6*U#HH&)*:E/,5*H(.)<&*X&H(%'.*ZD.*BC#X(8&*H.*
?D%(.$#*.ZD(T&"#<&*.)*HD*(<.)8(L("#"(K);*#D)ZD.*H.*?#*<.8."8#<&*XH('&"(%()#*.)*'#*T#$(.<#<*
g#X&).H#*<.*;?&)(58+"0%&<,%(+%"+j&(d."+*"%/-*:EF:5I**R&7#)&;*Y#)(#CD#*6*6&*()C.$(7&H*.)*
.9X.$(7.)8&H*<(L.$.)8.H*'#H*&)".*.HX."(.H*<.*%.g().H*(<.)8(L("#<#H*X&$*BC#X(8&*H()*ZD.*
.9X.$(7.)8N$#7&H*.L."8&*#'CD)&*#X#$8.*<.*'#H*)#DH.#H*6*8$#H8&$)&H*C#H8$&()8.H8()#'.H*ZD.*'.H*
X$&T&"K*#*7(H*<&H*"&'#%&$#<&$.H*D)*.g.7X'#$*ZD.*(<.)8(L("#7&H*X&H8.$(&$7.)8.*"&7&*
E(/+&)1+&'%"7+&&3().3'"+088*+*"%/-":E_M%5I**4&)*'#*.9".X"(K)*<.*.H8#*.HX."(.;*<.*;?&)(58+"
.+'<)&8<(3/%*<.*6*D)*.g.7X'#$*<.*N$<d)G)?),!"$.#'(W#7&H*"$&7#8&C$#Lb#H*"&)*8&<&H*'&H*?&)C&H*<.*
BC#X(8&*"&7X#$N)<&'&H*"&)*.H8#)<#$<H*<.*XH('&"(%()#H*6*N"(<&*(%&8J)("&*+"&7XD.H8&H*XH("&#"8(T&H*
<.*'#H*.HX."(.H*.)8.&CJ)("#H*<.*'&H*CJ).$&H*#.</)(58+"5";'%,<*%"$.HX."8(T#7.)8.5*6*<.*
%(H)&$6#)C&)()#;*"&)H(<.$#<#*.)*#ZD.''#*JX&"#*.'*X$()"(X(&*#"8(T&*<.*X5',)G</3.".G+(*%8</<."
+2#8L(.'<*6*3$#<6*:E/EA*2#8L(.'<*6*3$#<6*:E_:5I**V)*)()CD)&*<.*'&H*"#H&H*<.*XD<(.$&)*<.8."8#$*
"&7XD.H8&H*.)8.&CJ)("&*6*XD.H8&*ZD.*'&H*?&)C&H*)&*?#%b#)*X$&T&"#<&*.L."8&H*<(H".$)(%'.H*.)*'&H*
#D8&.9X.$(7.)8&H*#*'#H*<&H(H*()<("#<#H*X&$*BC#X(8&;*LD.*(7X&H(%'.*"&)8()D#$*()T.H8(C#)<&*.)*.H8#*
'b).#I**4&)"'D(7&H*ZD.*'&H*?&)C&H*l)#$"K8("&Hm*<.*'&H*-(98."#H*.$#)*()#"8(T&H*#*'#H*<&H(H*()<("#<#HI**
]()*.7%#$C&;*2.(7*"(8K*D)*8$#%#g&*$.#'(W#<&*.)*'&H*VVnn*.)*:F/E*.)*.'*ZD.*H.*#8$(%Db#*
lX$&X(.<#<.H*)#$"K8("#Hm*#*'#H*l"&7(<#Hm*#*%#H.*<.*K5()G+&1),!"HDC($(.)<&*'#*X&H(%('(<#<*<.*ZD.*
LD.$#)*#"8(T&H*#*<&H(H*7#6&$.H*+4&d.$*6*4&D"?*:E,FA*2.(7*6*U#HH&)*:E/,A*2.(7*+*"%/-":E/_5I**V'*
X$&%'.7#*H.*T.*#C$#T#<&*X&$*.'*?."?&*<.*ZD.*'#H*X$&X(.<#<.H*#8$(%D(<#H*#*.H8&H*?&)C&H;*'#*
()<D""(K)*<.*HD.`&H;*.H*7D6*.HZD(T#*6*<(Lb"('*<.*.H8D<(#$I**G#*#"8(T(<#<*H(7('#$*<.*'#*?(.$%#*
7.9("#)#*B%/+%"d%(%*+($<($<!"D8('(W#<#*X&$*'&H*()<(&H*
,E,*
*
4?&)8#'*<.*0#9#"#*X#$#*()<D"($H.*lHD.`&H*'S"(<&Hm*?#*H(<&*"#'(L("#<#*<.*l&).($KC.)#m*+TJ#H.*
BXJ)<(".*3A*-#6#C&(8(#*+*"%/-":EF/5I**RI*36.*?#*()L&$7#<&*#".$"#*<.*'#*"$..)"(#*<.*'&H*()<(&H*
1#$#?D7#$#*<.*4?(?D#?D#;*-J9("&;*H.CS)*'#*"D#'*'#*.HX."(.*<.*K5()G+&1),"''#7#<#"F%/%')*)".)*
'.)CD#*8#$#?D7#$#*&*lX#8#*<.*X.$$&m*X&<$b#*H.$*lD8('(W#<#*X&$*'&H*%$Dg&H*X#$#*#".$"#$H.*#*'#*C.)8.*
H()*H.$*T(H8&H*X#$#*?#".$'.H*.)L.$7#$m*+TJ#H.*BXJ)<(".*3A*36.*:E_E#5I**VH8.*()L&$7.*HDC(.$.*X&$*
8#)8&*D)#*$.'#"(K)*.)8$.*D)#*.HX."(.*<.*K5()G+&1),"6*'#*%$Dg.$b#I**@(T.$H&H*7(H8.$(&H&H*)&7%$.H*
"&)*'&H*ZD.*H.*"&)&".*#*T#$(#H*.HX."(.H*<.*K5()G+&1),".)*#'.7N)*X#$.".)*()<("#$*ZD.*.H8&H*
%.g().H*X&<$b#)*?#%.$*H(<&*D8('(W#<&H*.)*?.$%&$(H8.$b#x?."?(".$b#*.)*VD$&X#v*>+Q+,8+3*+/*+l%&'H#*
<.*'#H*%$Dg#Hm5A*>+Q+,+<"+l?D.T&*<.*'#H*%$Dg#Hm5A*>+Q+,03&d"+lX.<&*<.*'#H*%$D6%.9:S">+Q+,'+$/"
+l"&7(<#*<.*'#H*%$Dg#Hm5A*>+Q+,G</d"+l?&)C&*<.*'#H*%$Dg#Hm5A*>+Q+,G3.*+&."+l#'(.)8&*<.*'#H*%$Dg#Hm5A*
>+Q+,.($<.."+l7(.$<#*<.*'#H*%$Dg#Hm5A*>+Q+,.($i%''"+l?&)C&*<.*'#H*%$Dg#Hm5A*>+Q+,.*%38"+lX&'T&*
<.*'#H*%$Dg#HmA*@.*f$(.H*:EE'#5I**V9(H8.*D)#*$.H.`#*<.*'&H*<(T.$H&H*DH&H*7.<("()#'.H*<.*K5()G+&1),"6*
<.*&8$&H*l%.g().Hm*.)8$.*'&H*()<(&H*)&$8.#7.$("#)&H*+3D$d*:EF=5*6*.)*)()CS)*"#H&*H.*?#)*?#''#<&*
X$D.%#H*<.*HD*DH&*"&7&*.)8.KC.)&HI**Y&$*#?&$#*)&*?#*H(<&*<.7&H8$#<&*ZD.*.9(H8#*.HX."(.*#'CD)#*
<.*%.g().H*.)8.&CJ)("&HI*
*
F!* -(.)8$#H*U#HH&)*$.#'(W#%#*HDH*L$D"8bL.$#H*()T.H8(C#"(&).H*.)*'&H*VVnn;*2.(7*6*HDH*"&'.C#H*
.)*P$#)"(#*6*.'*.ZD(X&*<.*2&L7#))*.)*]D(W#;*&8$&*7(H8.$(&H&*C$DX&*.H8#%#*''.T#)<&*#*"#%&*
X#$#'.'#7.)8.*D)#*()T.H8(C#"(K)*H(7('#$I**G&H*()8.$.H.H*<.*U#HH&);*2.(7*6*2&L7#))*#".$"#*<.'*
?&)C&*H#C$#<&*7.9("#)&*.$#)*XD$#7.)8.*"(.)8bL("&H*6*+.)*.'*"#H&*<.*2&L7#));*"&7&*.7X'.#<&*
<.*]#)<&W*G8<I5*."&)K7("&HI**Y&$*HD*X#$8.;*.'*7(H8.$(&H&*C$DX&*.H8#%#*()8.$.H#<&*.)*"&)H.CD($*
HDH8#)"(#H*X#$#*'#*CD.$$#*ZDb7("#*#*X#$8($*<.*'&H*?&)C&H;*#Hb*"&7&*#6D<#H*ZDb7("#H*S8('.H*.)*'&H*
()8.$$&C#8&$(&H*<.*l#C.)8.H*.).7(C&HmI**-(.)8$#H*U#HH&);*2.(7*6*2&L7#))*XD%'("#%#)*HDH*
<.H"D%$(7(.)8&H*.)*'#*'(8.$#8D$#*"(.)8bL("#*()8.$)#"(&)#';*.'*7(H8.$(&H&*C$DX&*.H8#%#*()8.$.H#<&*.)*
<.H#$$&''#$*D)*#$H.)#'*ZDb7("&*H."$.8&I**G#*BC.)"(#*4.)8$#'*<.*Q)8.'(C.)"(#*<.*'&H*VVnn*+4QB5*
#X#$.)8.7.)8.*HDX&*<.*'#*.9(H8.)"(#*<.*'&H*?&)C&H*7.9("#)&H*.)*:EM=;*"D#)<&*.)T(#$&)*#*D)*
lg&T.)*"(.)8bL("&m*#*-J9("&*ZD.*T&'T(K*"&)*<(T.$H#H*7D.H8$#H*T.C.8#'.H;*ZD.*()"'Db#)*>;M*
d('&C$#7&H*<.*)/)/<3$23<"+fJ#H.*4#Xb8D'&*,5I**G#*4QB*.7X.WK*#*(<.#$*D)#*L&$7#*<.*"&)H.CD($*
7D.H8$#H*<.*'&H*?&)C&H*6*<.*.H8#%'.".$*'#H*%#H.H*<.*HD*"D'8(T&*#*C$#)*.H"#'#I**V'*,>*<.*gD)(&*<.*
:EM=;*-&$H.*B''.)*+.)8&)".H*g.L.*<.*BR1Q420jV;*X$.<.".H&$*<.'*X$&6."8&*-jnG1RB*<.*'#*4QBA*
TJ#H.*4#Xb8D'&*,*O&8#*:M5*6*D)*#H&"(#<&*7#)8DT(.$&)*.)*1&DC?d.)#7&);*Y.))H6'T#)(#;*D)#*
$.D)(K)*<.*8$.H*?&$#H*<.*<D$#"(K)*"&)*'&H*.g."D8(T&H*<.*C$#)<.H*"&7X#`b#H*<.<("#<#H*#'*"D'8(T&*<.*
?&)C&H*6*ZD.*#"".<(.$&)*#*#6D<#$*#'*C&%(.$)&*.)*.'*"D'8(T&*#*C$#)*.H"#'#*<.*?&)C&H*XH("&#"8(T&H*
T.).)&H&H*+-#$dH*:E_E5I**B'CS)*8(.7X&*#)8.H;*.)*:EMM;*8$#H*'#*XD%'("#"(K)*.)*L$#)"JH*<.*#$8b"D'&H*
X$.'(7()#$.H*#".$"#*<.*'#*()T.H8(C#"(K)*<.*U#HH&)*.)*-J9("&;*'#*4QB*7#)8DT&*"&)*J'*<(T.$H#H*
$.D)(&).H*.)*%DH"#*<.*D)#*"&'#%&$#"(K)*ZD.*U#HH&)*<."'()K*+P&$8.*:EFF5I**V'*:M*<.*#C&H8&*<.*
:EMM*.'*ZDb7("&*#7.$("#)&*r#7.H*-&&$.;*ZD.*X&$*#ZD.'*.)8&)".H*8$#%#g#%#*X#$#*Y#$d.;*@#T(H*#)<*
4&7X#)6*6*ZD.*X$&)8&*H.*()"&$X&$#$b#*#'*.ZD(X&*<&".)8.*<.*'#*n)(T.$H(<#<*<.*@.'#c#$.;*H.*XDH&*
.)*"&)8#"8&*"&)*U#HH&)I**-&&$.*.9X$.HK*HD*()8.$JH*.)*X#$8("(X#$*.)*'#*()T.H8(C#"(K)*X&$*
,E=*
*
$#W&).H*lXD$#7.)8.*"(.)8bL("#Hm;*X#$#*<.H"D%$($*)D.T&H*"&7XD.H8&H*.)*'&H*?&)C&HI**Y#$#*
X.$HD#<($*#*U#HH&);*-&&$.*<(g&*ZD.*X&<b#*"&'#%&$#$*"&)*,\\\*<K'#$.H*<.*'&H*L&)<&H*X#$#*%."#H*<.*
'#*LD)<#"(K)*l[.H"?("d8.$*PD)<*L&$*-.<("#'*R.H.#$"?;*Q)"Im*+R(.<'()C.$*:EE\5I**U#HH&)*H(.7X$.*
HDXDH&*ZD.*.'*()8.$JH*<.*-&&$.*.$#*'.Cb8(7&;*?#H8#*:E_E*"D#)<&*rI*-#$dH*XD%'("K*aC$+"E+%&($"0)&"
*$+"[%,($3&<%,"B%,1<1%*+9"=K%*%SHZD.<#*<.'*"#)<(<#8&*-#)"?S5;*%#H#<&*.)*()L&$7.H;*?#H8#*
.)8&)".H*H."$.8&H;*H&%$.*'#H*#"8(T(<#<.H*<.*'#*4QB*ZD.*H.*?("(.$&)*XS%'("#H*C$#"(#H*#*'#*lG.6*<.*
G(%.$8#<*<.*Q)L&$7#"(K)m*+-#$dH*:E_E5I**-#$dH*$.T.'K*ZD.*'#*l[.H"?("d8.$*P&D)<*L&$*-.<("#'*
R.H.#$"?m*.$#*D)#*&$C#)(W#"(K)*L#'H#;*D)#*lL#"?#<#m*<.*'#*4QB*+TJ#H.*4#Xb8D'&*,;*O&8#*:M5;*ZD.*
-&&$.*.)*$.#'(<#<*8$#%#gK*X#$#*'#*4QB*"&7&*D)#*.HX."(.*<.*l"&"().$&*$NX(<&*.)"#$C#<&*<.*
X$.X#$#$*X'#8&H*<.*CD.$$#*ZDb7("#*X#$#*''.T#$m*+-#$dH*:E_E5I**4&7&*U#HH&)*)&*ZD.$b#*"&&X.$#$*
"&)*'#*4QB;*'#*&$C#)(W#"(K)*<."(<(K*()L('8$#$H.*.)*HD*.9X.<("(K)*#*8$#TJH*<.*-&&$.;*#'*ZD.*H.*'.*
#H(C)K*'#*7(H(K)*<.*&%8.).$*()L&$7#"(K)*H&%$.*'&H*?&)C&H*6*T&'T.$*"&)*'#H*7D.H8$#H*X#$#*()8.)8#$*
#(H'#$*HDH*X$()"(X(&H*#"8(T&H*.)*'&H*VVnnI**-&&$.*)&*.)"#gK*%(.)*.)*.'*C$DX&I**V'*L&8KC$#L&*<.*'#*
.9X.<("(K)*B''#)*R("?#$<H&)*+ZD(.)*gD)8&*#*[&$<&)*U#HH&)*?#%b#*H(<&*D)&*<.*'&H*X$(7.$&H*
L&$#H8.$&H*.)*()C.$($*'&H*?&)C&H*H#C$#<&H5*"&7.)8Kv*l.)*#ZD.''#*JX&"#;*'&*S)("&*ZD.*H#%b#7&H*<.*
r(7*.$#*ZD.*)&*)&H*CDH8#%#I**2#%b#*#'C&*$#$&*.)*J'*III*i&*X$&"D$#%#*.T(8#$'&*<.*L&$7#*ZD.*"#<#*D)&*
H.CDb#*HD*"#7()&m*+R("?#$<H&)*:EE\5I**-#$dH*"&7.)8K*ZD.*8&<&H*lH.*<.'.(8#$&)m*"&)*'&H*#HX."8&H*
lX$(7(8(T&Hm*<.*'#*.9X.<("(K);*.9".X8&*-&&$.*ZD.*)&*H.*<(T($8(K*.)*#%H&'D8&*+-#$dH*:E_E5I**
BD)ZD.*-&&$.*()C($(K*'&H*?&)C&H*.)*D)#*T.'#<#*"&)*-#$b#*]#%()#;*'&*?(W&*<.*7#'#*C#)#*+U#HH&)*
:E__5I**-#$dH*"(8K*#*-&&$.*<("(.)<&*ZD.*?#%b#*H.)8(<&*.'*.L."8&*#'D"()KC.)&;*ZD.*<.L()(K*7NH*
%(.)*"&7&*D)*.H8#<&*<.*l<.H&$(.)8#"(K)m*+-#$dH*:E_E5I**]()*.7%#$C&;*-&&$.*"&)H(CD(K*$."&C.$*
.g.7X'#$.H*<.*'&H*?&)C&H*.)8.KC.)&H*X#$#*HDH*X'#).H*<.*()T.H8(C#"(K)*ZDb7("#I**]I*[&88'(.%;*g.L.*
<.*'#*@(T(H(K)*sDb7("#*<.*'#*0L("()#*<.*].$T("(&H*1J")("&H*<.*'#*4QB*"$.6K*X&H(%'.*ZD.*'#*4QB*
&%8DT(.H.*D)*)D.T&*#C.)8.*<.*CD.$$#*ZDb7("#*ZD.*H.*X&<$b#*7#)8.).$*"&7&*lH."$.8&*<.*'#*
BC.)"(#mI**]()*.7%#$C&;*.H8&*)&*?#%b#*<.*HD".<.$I**-&&$.*)&*"&)H(CD(K*#(H'#$*'&H*X$()"(X(&H*
#"8(T&H;*XD.H8&*ZD.*H.*%#H#%#*.)*X$D.%#H*"&)*#)(7#'.H*X#$#*'#*.T#'D#"(K)*<.*'#*#""(K)*<.*'#H*
<(H8()8#H*L$#""(&).H*<.*'&H*?&)C&H*6*)&*<.H.#%#*X$&%#$'&H*.)*Hb*7(H7&I**-(.)8$#H;*B'%.$8*2&L7#))*
&%8DT&*:\\*C$#7&H*<.*#.</)(58+"'+Q<(%,%*H."&H;*"D'8(T#<&H*X&$*2.(7*6*4#(''.D9*.)*Y#$bH*#*
X$()"(X(&H*<.*:EM_I**R.#'(W#)<&*#D8&.9X.$(7.)8&H*X#$#*.T#'D#$*'#H*L$#""(&).H*<.*'&H*?&)C&H;*
2&L7#))*#(H'K*X$&)8&*'&H*X$()"(X(&H*#"8(T&H;*"&7&*H.*?#*"&7.)8#<&*#)8.$(&$7.)8.*+TJ#H.*4#Xb8D'&*
,;*O&8#*:=5I**B)8.H*<.*.)T(#$*'&H*?&)C&H*#*2&L7#))*;*2.(7*?#%b#*.)T(#<&*7#8.$(#'*#*<&H*
"&7X#`b#H*L#$7#"JD8("#H*#7.$("#)#H*]7(8?;*j'().*6*P$.)"?*6*-.$"d;*]?#$X*6*@&?7.;*#Hb*"&7&*#*
D)*ZDb7("&*L$#)"JH*.)*HD*-DH.&I**VH8&H*C$DX&H*)&*"&)H(CD(.$&)*#(H'#$*'&H*X$()"(X(&H*#"8(T&H*X&$*'#*
7(H7#*$#WK)*ZD.*-&&$.v*)&*ZD(H(.$&)*DH#$*#*l"&).g(''&H*<.*()<(#H*?D7#)&Hm*.)*HDH*.9X.$(7.)8&HI**
G#*4QB*8#7%(J)*$."&'."8K*C$#)<.H*"#)8(<#<.H*<.*H.7(''#H*<.*)/)/<3$23<".)*-J9("&*+TJ#H.*.'*
4#Xb8D'&*,5I*kH8#H*H.*"&)L(#$&)*#'*ZDb7("&*UI*3I*4&&d*<.'*-&)8#)#*]8#8.*4&''#C.*+ZD.*
X&H8.$(&$7.)8.*%DH"#$b#*'&H*X$()"(X(&H*#"8(T&H*<.*'#*;'%,<*%"'3.(%&<%!""&7&*H.*.9X'("#*.)*.'*
4#Xb8D'&*/A*]D%%#$#8)#7*6*4&&d*:E/=5*X#$#*ZD.*#(H'#$#*'&H*X$()"(X(&H*#"8(T&HI**]()*.7%#$C&;*"&7&*
T(7&H*.)*.'*4#Xb8D'&*,;*U#HH&)*6*2&L7#))*<.HT.'#$&)*'#*"&7X&H("(K)*ZDb7("#*<.'*)/)/<3$23<".)*
,E>*
*
:E/\;*L$DH8$#)<&*<.*)D.T&*#*'#*4QB*.)*HD*<.H.&*<.*#"D7D'#$*D)*#$H.)#'*ZDb7("&*H."$.8&*+#D)ZD.*
4&&d*XD%'("K*D)*8$#%#g&*H&%$.*.'*#(H'#7(.)8&*<.*D)*C'D"KH(<&*()#"8(T&*<.'*)/)/<3$23<!"H.*'.*
#<.'#)8#$&)*&8$&H*()T.H8(C#<&$.H*ZD.*''#7#$&)*#'*"&7XD.H8&*8D$%("&$()#A*4&&d*6*j.#'#)<*:E/,A*
YJ$.W#7#<&$*6*2.$$N)*:E/\5I**2D%&*8#7%(J)*&8$&H*C$DX&H*()8.$.H#<&H*.)*'&H*?&)C&H*7.9("#)&HI**
[#H8K)*[DW7N);*7("K'&C&*7.9("#)&;*D)&*<.*'&H*X$()"(X#'.H*.9X.$8&H*.)*'#*8#9&)&7b#*<.*'&H*
?&)C&H*7.9("#)&H*6;*.)*#ZD.''#*JX&"#;*g&T.)*.H8D<(#)8.*D)(T.$H(8#$(&;*#L($7K*ZD.*l#'CD)#H*
"&7X#`b#H*L#$7#"JD8("#H*HD(W#Hm*'.*?#%b#)*X.<(<&*.)*:EM/*ZD.*'.H*#6D<#$#*#*$."&'."8#$*?&)C&H*
.)8.&CJ)("&H*+[DW7N)*:EE\5*6*LD.*"&)8$#8#<&*"&7&*#H.H&$*<.*'#*.7X$.H#*HD(W#*[.(C6*+[DW7N)*
:E_/5I**B'*#`&*H(CD(.)8.*[DW7N)*8$#%#g#$b#*"&7&*#6D<#)8.*<.*"#7X&*<.*R&'L*]()C.$;*D)*7("K'&C&*
.)T(#<&*#*-J9("&*X&$*'#*l3.$8$#7*#)<*R&%.$8#*]8.()*O.D$&XH6"?(#8$("*R.H.#$"?*Y$&C$#7;*Q)"Im*<.*
4?("#C&I**V'*<($."8&$*<.*'#*&$C#)(W#"(K);*.'*XH(ZD(#8$#*<.*4?("#C&*]#7*:I*]8.();*8.)b#*D)*()8.$JH*
X.$H&)#'*.)*'&H*?&)C&HI**2#%b#*HDL$(<&*D)#*.98$#`#*.9X.$(.)"(#*.)*7#$W&*<.*:E>E*+]()C.$*<(&*
X&H8.$(&$7.)8.*'#*L."?#*.$$K).#*<.*:E>:A*TJ#H.*]()C.$*:EF,5;*<.HXDJH*<.*"&7.$*'&*ZD.*J'*X.)H#%#*
ZD.*.$#*;?%&<(3."8<.G)&3.!"?&)C&H*"&7.H8(%'.H*"&7.$"(#'.H*+]8.();*.)*]()C.$*+*"%/-":EMF%5I**n)#H*
H.(H*?&$#H*7NH*8#$<.*HDL$(K*"#'#7%$.H*6*<(#$$.#*6*<.HXDJH*<.*ZD.*X#H#$#)*:,*?&$#H*l"&7.)W#$&)*
'&H*.L."8&H*<.*()8&9("#"(K)*".$.%$#'mI**VH8&H*S'8(7&H*H.*()8.)H(L("#$&)*.)*D)*X.$(&<&*<.*<b#H*6*
<D$#$&)*l7NH*<.*"D#8$&*7.H.Hm*+]8.();*"#$8#*#*R&'L*]()C.$*L."?#<#*.'*,>*<.*)&T(.7%$.*<.*:EM/A*
.H8#*6*&8$#H*"#$8#H*"(8#<#H*7NH*#%#g&*X$&".<.)*<.*'&H*#$"?(T&H*<.*l1()#*6*[&$<&)*U#HH&)*
V8?)&76"&'&C("#'*4&''."8(&)m;*2#$T#$<*3&8#)("#'*-DH.D75I**BD)ZD.*.H8&H*.L."8&H*)&*$."D.$<#)*
.)*#%H&'D8&*#*'&H*<.*D)#*()8&9("#"(K)*#""(<.)8#'*"&)*?&)C&H*XH('&"b%("&H;*]8.()*H&HX."?K*ZD.*'&H*
?&)C&H*X&<b#)*?#%.$*.H8#<&*"&)8#7()#<&H*X&$*'#*l7#'.W#m*#%,%+)/3.".388%/*+%*3."=q"#%,%+)/3."
7+,+,).).:!"ZD.*H&'b#*"$.".$*.)*'#H*C$#)g#H*<.*?&)C&H*"&7.$"(#'.H*6*ZD.*?#*H(<&*$.HX&)H#%'.*<.;*#'*
7.)&H;*D)*"#H&*<.*()8&9("#"(K)*#""(<.)8#'*#'*"&7.$*?&)C&H*"&7.H8(%'.H*"D'8(T#<&H*+-D$$(''*:E:/A*
]()C.$*6*]7(8?*.)*]()C.$*+*"%/-":EMF%A*f.$$(''*:E:>5I**Y&H8.$(&$7.)8.;*]8.()*LD.*#'*f<+/1*-DH.D7*<.*
4?("#C&*.)*:EM:*6*#''b*"&)&"(K*#*R&'L*]()C.$*ZD.*X&$*#ZD.''#*JX&"#*8$#%#g#%#*.)*.'*-DH.&*+]8.()*
<(&*<.HXDJH*'#*L."?#*<.*:EM=A*TJ#H.*]8.()*:E/\5I**]8.()*.HX."D'K*ZD.*#%,%+)/3.".388%/*+%*3."
X&<b#*?#%.$*H(<&*'#*"#DH#*<.*HD*()8&9("#"(K)*.)*:E>E*6*HDC($(K*'#*.9(H8.)"(#*<.*lD)*X$&%#%'.*
.H8(7D'#)8.*".$.%$#'*.)*'&H*?&)C&H*#%,%+)/3.9*+]8.()*.)*"#$8#*#*]()C.$*L."?#<#*.'*,>*<.*7#6&*<.*
:EM/5I**Y#H#$&)*#'CD)&H*#`&H*<D$#)8.*'&H*"D#'.H*]()C.$*H.*"&)T($8(K*.)*.'*<($."8&$*<.'*
@.X#$8#7.)8&*<.*3&8N)("#*<.'*Q)H8(8D8&*-(CD.'*G(''&*.)*'#*n)(T.$H(<#<*O#"(&)#'*<.*B$C.)8()#*<.*
1D"D7N);*#*<&)<.*]8.()*'.*<($(C(K*D)#*"#$8#*L."?#<#*.'*,>*<.*7#6&*<.*:EM/;*.)*'#*ZD.*#<gD)8#%#*
D)#*H()&XH(H*<.'*X$&C$#7#*<.*()T.H8(C#"(K)*<.*'#*LD)<#"(K)*l3.$8$#7*6*R&%.$8*]8.()m;*#Hb*"&7&*
D)#*'(H8#*<.*'&H*?&)C&H*.)*'&H*ZD.*.'*C$DX&*.H8#%#*()8.$.H#<&I**G#*$.HXD.H8#*<.*]()C.$;*L."?#<#*.'*,*
<.*gD)(&*<.*:EM/;*<."b#*lG.*$."&7(.)<&*ZD.*'.#*.'*8$#%#g&*H&%$.*.H8.*8.7#*ZD.*?#*.H"$(8&*2.(7*
+Q)H8(8D8*<.*P$#)".;*B"#<I*<.H*]"(.)".H;*4&7X8.H*$.)<DH*,>,;*E/M;*:=FM;*:EM/5*6*ZD.*H.*X&)C#*.)*
"&)8#"8&*"&)*.'*]$I**[&$<&)*U#HH&)*<.*OD.T#*i&$dm*+U#HH&)*:EF,#5I**V)*"&)H."D.)"(#*]8.()*
.H"$(%(K*#*'&H*U#HH&);*$."(%(.)<&*$.HXD.H8#*<.*f#'.)8()#*YI*U#HH&)*.'*:F*<.*)&T(.7%$.*<.*:EM/*
.)*'#*ZD.*<."b#v*lHK'&*"&)&".7&H*D)#*7#).$#*<.*"&)H.CD($*'#H*.HX."(.H*#'D"()KC.)#H*6*.H*($*6*
%DH"#$'#HIII*G#*%SHZD.<#*H.$N*"#$#;*()"K7&<#;*.7&"(&)#)8.*6*X$&%#%'.7.)8.*X.'(C$&H#mI**
V)8&)".H*
,EM*
*
]8.()*.H"$(%(K*#*]()C.$*+,>*<.*)&T(.7%$.*<.*:EM/5*.)T(N)<&'.*D)#*"&X(#*<.*'#*"#$8#*<.*f#'.)8()#*YI*
U#HH&)*6*&L$."(J)<&'.*D)*8$#%#g&*"&7&*7("K'&C&*"&'#%&$#<&$*<.'*C$DX&*<.*]8.()I**V)*HD*$.HXD.H8#*
"&)*L."?#*<.'*,*<.*<("(.7%$.*<.*:EM/*]()C.$*#".X8K*.)*X$()"(X(&;*X$&X&)(.)<&*lD)*T(#g.*"&7&*.'*
ZD.*HDC.$b#*'#*]$I**U#HH&)*"&)*8#'*<.*&%8.).$v*+:5*#%D)<#)8.H*"D.$X&H*L$D"8bL.$&H*X#$#*.'*8$#%#g&*
#)#'b8("&*+,5*"D'8(T&H*<.*.H8.*7#8.$(#'*+=5*7#8.$(#'*X#$#*D)*?.$%#$(&*"(.)8bL("&*ZD.*XD<(.$#*$.H&'T.$*
'#*8#9&)&7b#*<.*'#H*.HX."(.H*.)*"D.H8(K)*"&7X#$N)<&'#H*"&)*.'*7#8.$(#'*"&)H.$T#<&*.)*Y#$bH*
+2.(7*.H*#7(C&*7b&5mI**]()C.$*#`#<(K*ZD.;*H(*)&*?#%b#*X$(H#;*X$.L.$b#*?#".$*.'*T(#g.*.)*:EMFI**V)*
.H8#*()8.$.H#)8.*"#$8#;*]()C.$*8#7%(J)*7.)"(&)#%#*ZD.*.)*#ZD.''#*JX&"#*8.)b#*D)*l.7X'.&*
#<("(&)#'*"&7&*H."$.8#$(&*<.'*].$T("(&*<.*$."'D8#7(.)8&m*+.H8&*.H;*}.H8#%#*8$#%#g#)<&*X#$#*.'*
C&%(.$)&*()H"$(%(.)<&*#*gKT.).H*X#$#*.'*H.$T("(&*7('(8#$~5I**]8.()*'.*$.HX&)<(K*.'*:>*<.*<("(.7%$.v*
l@.H.#$b#*ZD.*XD<(.H.*DH8.<*X#$8($*?#"(#*-J9("&*X#$#*&%8.).$*'&H*?&)C&H;*ZD(WNH*X&<$b#*
&$C#)(W#$'&*.)*'&H*X$K9(7&H*7.H.H*lI*].*H&'T.)8K*'#*"D.H8(K)*."&)K7("#*6*]()C.$*T&'K*#*-J9("&*.)*
gD'(&*<.*:EM_;*"&)8$#8K*'&H*H.$T("(&H*<.*[DW7N)*6*<.*-IBI*Y#'#"(&H*+)&*-IVI*Y#'#"(&H*"&7&*<(".*.)*
]()C.$*:EF,5*6*.7X.WK*#*8$#%#g#$I**n8('(W#)<&*"&7&*CDb#*D)#*'(%$.8#*.)*'#*ZD.*.)C#)"?#$&)*'#H*
#"D#$.'#H*<.*'&H*?&)C&H*<.*2.(7*ZD.*?#%b#)*#X#$."(<&*.)*D)*#$8b"D'&*<.*U#HH&)*.)*'#*$.T(H8#*G(L.*
+RI[IU#HH&)*:EM_5;*gD)8&*"&)*'#H*<.H"$(X"(&).H*<.*'&H*?&)C&H*<.*2.(7*.)*HDH*X$(7.$&H*8$#%#g&H*
+2.(7*:EM/#A*2.(7*:EM/%A*088*:E_F#5I**V'*C$DX&*<.*]()C.$*H(CD(K*'&H*X#H&H*<.*'&H*U#HH&)*6*<.*
2.(7*8#)*<.*".$"#*ZD.*X$&)8&*'&H*#'"#)W#$&)v*]()C.$*H.*.)"&)8$K*"&)*U#HH&)*X&$*X$(7.$#*6*S)("#*
T.W*.'*:M*<.*gD'(&*<.*:EM_*.)*.'*'.g#)&*XD.%'&*()<(&*<.*]#)*B)<$JH*+TJ#H.*L&8&C$#Lb#*.)*]()C.$*
:EMF%5I**]()C.$*"&)H(CD(K*$."&'."8#$*T#$(&H*?&)C&H*<.*'#*7(H7#*.HX."(.*ZD.*?#%b#)*$."&C(<&*2.(7*
6*U#HH&);*#Hb*"&7&*"D'8(T&HI**-#$"?K*.)8&)".H*#*'&H*VVnn*6*.7X.WK*#*8$#%#g#$*"&)*.H8.*7#8.$(#'*
gD)8&*"&)*BI2I*]7(8?*<.*'#*n)(T.$H(<#<*<.*-("?(C#)I**]()C.$*6*]7(8?*XD%'("#$&)*<&H*8$#%#g&H*lLD.$#*
<.*H.$(.m*.)*'#*$.T(H8#*[5()/)?<%"lC$#"(#H*#*'#*L()#)"(#"(K)*<.*'#*O]P*O#8(&)#'*]"(.)".*P&D)<#8(&)y*
6*<.'*?.$%#$(&*<.*'#*n)(T.$H(<#<*<.*-("?(C#)m*+]()C.$*:EMF#A*]()C.$*6*]7(8?*:EMF#5*6*D)*X.ZD.`&*
#$8b"D'&*+]()C.$*6*]7(8?*:EMF%5*.)*.'*ZD.*H.*<#%#)*'#H*<.H"$(X"(&).H*6*'&H*)&7%$.H*.)*'#8b)*<.*H(.8.*
)D.T#H*.HX."(.H*<.*#.</)(58+!*.)8$.*'#H*ZD.*H.*()"'Db#)*<&H*$."&'."8#<#H*X&$*]()C.$*.)*-J9("&I**
n)#*<.*.''#H*.$#*#.</)(58+"'3/<+&(3/%!""'#H(L("#<#*"&)*.H8.*)&7%$.*X&$*]()C.$*6*]7(8?*.)*.H8.*
#$8b"D'&*ZD.*H.*XD%'("K*.'*>*<.*#%$('*<.*:EMF;*,M*<b#H*#)8.H*<.*ZD.*2.(7*'.*<(.$#*.'*)&7%$.*<.*
#.</)(58+"i%..),<<"+2.(7*:EMF5I**]()*.7%#$C&;*2.(7*?#%b#*"'#H(L("#<&*.H8.*?&)C&*.)*D)#*
XD%'("#"(K)*L$#)".H#*H.(H*7.H.H*#)8.H;*.'*:F*<.*)&T(.7%$.*<.*:EM_*+2.(7*:EM_#5*6*#)D)"(K*HD*
()8.)"(K)*<.*<#$'.*.'*)&7%$.*<.*'&H*U#HH&)I**]()C.$*HDX&*<.*.H8.*?&)C&*#*8$#TJH*<.*'&H*8$#%#g&H*
<.*'&H*U#HH&)*6*2.(7*6*)&*$."&'."8K*)()CS)*.HXJ"(7.)*.)*.'*"#7X&I**4&7X$K*#'CD)&H*.g.7X'#$.H*
.)*D)*7.$"#<&*.'*=\*<.*gD'(&*<.*:EM_;*C$#"(#H*#*'#*()L&$7#"(K)*ZD.*?#%b#*&%8.)(<&*<.*U#HH&)*6*
2.(7I**]()C.$*8($K*#<.'#)8.*6*XD%'("K*.'*)&7%$.*#.</)(58+"'3/<+&(3/%!"#*H#%(.)<#H*<.*ZD.*HD*
l#7(C&m*2.(7;*ZD.*'#*?#%b#*$."&'."8#<&*X$(7.$&;*X$.8.)<b#*<#$'.*.'*)&7%$.*<.*'&H*U#HH&)I**Y&$*
<.HC$#"(#;*HD*)&7%$.*LD.*X$.".<.)8.*XD.H8&*ZD.*H.*XD%'("K*,M*<b#H*#)8.H*ZD.*.'*8$#%#g&*<.*2.(7*
.)*.'*ZD.*'&*"'#H(L("#%#*"&7&*#-"i%..),<<-""PD.*7(*$."?#W&*#*#".X8#$*'#*"'#H(L("#"(K)*<.*]()C.$*6*
]7(8?*'&*ZD.*X$."(X(8K*D)#*X&'J7("#*H&%$.*.'*8.7#*+088*:E_/%A*088*:E_F#A*088*:E_E%A*088*:EE\A*
]()C.$*:EF,A*]7(8?*:E__A*U#HH&)*:EF,#5I**]()C.$*+]()C.$*:EF,5*#<7(8(K*8N"(8#7.)8.*.)*HD*<.L.)H#*
ZD.*(C)&$#%#*ZD.*
,E/*
*
r#7.H*-&&$.;*ZD.*T(H(8K*#*]()C.$*6*]7(8?*.)*B))*B$%&$;*-("?(C#)*.)*.H8#*JX&"#;*.H8#%#*
8$#%#g#)<&*X#$#*'#*4QB*+-#$dH*:E_E5I**Y&$*HD*X#$8.;*-&&$.*8DT&*()L&$7#<&*#*U#HH&)*H&%$.*'#H*
#"8(T(<#<.H*<.*]()C.$*6*]7(8?*.)*B))*B$%&$;*()"'D6.)<&*"K7&*]()C.$*.H8#%#*lg#<.#)<&*"&)*C$#)*
(7X#"(.)"(#m*#)8.*'#*'.)8#*XD%'("#"(K)*<.*'&H*8$#%#g&H*<.*2.(7*+U#HH&)*:EF,#5I**-(.)8$#H;*]8.()*H.*
<(HCDH8K*8#)8&*X&$*.'*8$#8&*()"&$$."8&*ZD.;*#*HD*X#$.".$;*$."(%b#)*'&H*U#HH&)*6*2.(7*X&$*X#$8.*<.*
]()C.$*ZD.*<(H"D'XK*'#*#"8(8D<*<.*.H8.*S'8(7&*#)8.*U#HH&)*6*'.*.)T(K*"&X(#H*<.*'#*"&$$.HX&)<.)"(#*
ZD.*7#)8.)b#*"&)*]()C.$;*ZD.*.H*"&7&*H.*XD<&*#"".<.$*#*.''#*X#$#*.9#7()#$'#*+U#HH&)*:E__5I**
2.(7*6*'&H*U#HH&)*"$.6.$&)*ZD.*.'*"&7X&$8#7(.)8&*<.*]()C.$*?#%b#*H(<&*X&"&*"#%#''.$&H&*
+U#HH&)*:EF,#5I**Y&$*&8$&*'#<&;*]()C.$*?(W&*7D"?#H*#L($7#"(&).H*()"&$$."8#H*H&%$.*'&H*?&)C&H;*
"&7&*<."($*ZD.*X$&T&"#)*lD)*.H8#<&*X#H#g.$&*<.*?('#$(<#<*)#$"K8("#m*6*ZD.*H&)*lT.).)&H&H*
"D#)<&*H.*DH#)*.)*.9".H&m*+]()C.$*:E>E5I**1#7%(J)*#L($7K*ZD.*'&H*l"&)ZD(H8#<&$.H*.HX#`&'.Hm*
()L&$7#$&)*<.*HD*DH&;*"D#)<&*)D)"#*'&H*7.)"(&)#$&)*+]()C.$*:EM_5*&*ZD.*'#H*.HX."(.H*g#X&).H#H*
#.</)(58+".38%+&3?<,%.(+,."l"#DH#$&)*HK'&*.)*:E,E*<(.W*7D.$8.Hm*+8&<#H*.)*r#XK)A*.)*$.#'(<#<;*
)D)"#*H.*?#*()L&$7#<&*ZD.*.H8.*?&)C&;*DH#<&*#)8(CD#7.)8.*<.*L&$7#*8$#<("(&)#';*?#6#*"#DH#<&*
7D.$8.*#'CD)#A*Q7#(*:E=,A*]()C.$*6*]7(8?*:EMF%5A*&*ZD.*'&H*()<(&H*l''#7#%#)*lX#gN$(8&Hm*#*D)#*
.HX."(.*7.9("#)#*lX&$ZD.*'.H*?#"b#*"#)8#$*L.'(W7.)8.m*+]()C.$*:EM_5A*.8"I**V)*C.).$#';*]()C.$*H.*?#*
?."?&*X#H#$*X&$*D)#*#D8&$(<#<*.)*.'*8.7#;*#D)ZD.*.H*"&)&"(<&*ZD.*"&)L.HK*#*RI[IU#HH&)v*ln<I*
8(.).*.9X.$(.)"(#H*ZD.*T#)*7D"?&*7NH*#''N*<.*'#H*7b#H*+6&*ZD.*X&$*"&%#$<b#*$."?#"J*"&7.$*'&H*
#.</)(58+5*+]()C.$;*.)*"#$8#*#*U#HH&)*L."?#<#*.'*:,*<.*#C&H8&*<.*:EM_5I**1(.7X&*<.HXDJH;*.'*_*<.*
gD'(&*<.*:E/E;*]()C.$*()C($(K*?&)C&H*.)8.KC.)&H*.)*D)*?&8.'*<.*2D#D8'#;*H&%$.*'&*ZD.*U#HH&)*
"&7.)8Kv*l]()C.$*X#HK*X&$*.H&*HK'&*X#$#*X&<.$*<."($*ZD.*?#%b#*8.)(<&*'#*.9X.$(.)"(#;*X#$#*X&<.$*
"&)<.)#$'#*"&)*#D8&$(<#<;*"&)*()L&$7#"(K)*<.*X$(7.$#*7#)&I**sD.*H.)8b#*$."?#W&*?#"(#*'&H*
?&)C&H*6*)&*<.H.&*<.*8&7#$'&H*.H8#%#*X$&%#<&*X&$*HD*).C#8(T#*#*()C.$($'&H*.)*:EM_;*<&".*#`&H*
#)8.Hm*+U#HH&);*"#$8#*L."?#<#*.'*=*<.*L.%$.$&*<.*:E_/5I**-(.)8$#H;*]8.()*"&)H(CD(K*HDH*?&)C&H*6*HD*
LD)<#"(K)*L()#)"(K*()T.H8(C#"(&).H*.)*'#*n)(T.$H(<#<*<.*-("?(C#)*+]()C.$*6*]7(8?*6*.'*7("K'&C&*
RIUI*B7.H5;*.)*'#*n)(T.$H(<#<*<.*Q''()&(H;*.)*D)#*lL($7#*"&7.$"(#'m*)&*(<.)8(L("#<#*6*.)*'#*
n)(T.$H(<#<*<.*Y.))H6'T#)(#*+]()C.$*:EME5I**V)*.H8#*S'8(7#*()H8(8D"(K);*G.K)*RI*j)..%&).*"D'8(TK*
l"#)8(<#<.H*H#8(HL#"8&$(#Hm*<.*#'*7.)&H*"()"&*.HX."(.H*<.*?&)C&H*.)8.KC.)&H*.)*()T.$)#<.$&H*#*
C$#)*.H"#'#v*#.</)(58+"(38+,.<."+L&8&C$#Lb#*.)*]()C.$*:EMF%5A*#%,%+)/3.".388%/*+%*3."+L&8&C$#Lb#*.)*
]()C.$*+*"%/-":EMF%A*j)..%&).*6#*?#%b#*"&)H.CD(<&*"D'8(T#$*lD)#*"#)8(<#<*"&)H(<.$#%'.III*.)*.'*
X$(7.$*()8.)8&m*<.*.H8#*.HX."(.*#)8.H*<.*$."(%($*'&H*"D'8(T&H*<.*]()C.$A*]8.()*:E/\5A*#%,%+)/3."
kB)G+/%,1<%l"(5%,+.(+,."+j)..%&).*:E/\5A*#%,%+)/3.".G$<,(*5<,3."+L&8&C$#Lb#*.)*]()C.$*:EMF#5*6*
#.</)(58+"%d*+()&3'"+j)..%&).*:E/\A*]()C.$*:EMEA*]8.()*:E/\5I**](*.H8.*"D'8(T&*#*C$#)*.H"#'#*8DT&*
#'C&*ZD.*T.$*"&)*.'*()8.$JH*&$(C()#'*<.*'#*4QB*.)*"D'8(T#$*?&)C&H*.)*Y.))H6'T#)(#;*&*"&)*.'*8$#%#g&*
ZDb7("&*<.*-&&$.;*.H*#'C&*ZD.*)&*HJI**V)*&"8D%$.*<.*:EM_;*]8.()*()C($(K*L()#'7.)8.*>*.HX."b7.).H*
<.*#.</)(58+"'+Q<(%,%!"X.$&*)&*.9X.$(7.)8K*.L."8&*#'CD)&I**V'*,,*<.*@("(.7%$.*<.*:EM_*]8.()*
()C($(K*,*.HX."b7.).H*+D)&H*M*C$#7&HA*X$.HD7(%'.7.)8.*X.H&*H."&5*1+"#.</)(58+"(38+,.<."<.*'#*
"&H."?#*<.*j)..%&).*.)*4?("#C&I**V7X.WK*#*H.)8($*l()ZD(.8D<m*6*8&7K*>*C&8#H*<.*]#)<$('*
+H&'D"(K)*"&)".)8$#<#*<.*$.H.$X()#*.ZD(T#'.)8.*#*\;,M*
,E_*
*
7C5*7.)&H*<.*>\*7()D8&H*<.HXDJH*<.*8&7#$*'&H*?&)C&HI**V)8&)".H*]8.()*LD.*#*"#H#*<.*D)*7J<("&*
"&'.C#*HD6&;*.'*@$I*r.HSH*<.*'#*2D.$C#;*X#$#*ZD.*'.*.9#7()#$#I**B''b*8&7K*D)*l8$#C&m*<.*'("&$*ZD.*
l#D7.)8K*'#*#'8.$#"(K)*".$.%$#'m*6*<.HXDJH*"D#8$&*C&8#H*7NH*<.*'#*H&'D"(K)*<.*$.H.$X()#;*
"&)<D"(.)<&*L()#'7.)8.*?#"(#*HD*"#H#*"&)*<(L("D'8#<I**B''b*8&7K*&8$&*8$#C&*<.*'("&$*6*H.*ZD.<K*LD.$#*
.)*D)*X&$"?.*.)*.'*L$b&*()T(.$)&I**]8.()*.H"$(%(K*ZD.*)D)"#*H.*l?#%b#*H.)8(<&*8#)*l?&$$(%'.7.)8.*
7#'m*T&'T(.)<&*7NH*&*7.)&H*#*'#*)&$7#'(<#<*D)#H*_*?&$#H*<.HXDJH*<.*'#*()C.H8(K)*+]8.();*.)*
]()C.$*+*"%/-":EMF%5I**4&7&*.$#*<.*.HX.$#$;*'#*.9X.$(.)"(#*<.*]8.()*"&)*#.</)(58+"(38+,.<."l)&*H.*
X#$."(K*.)*)#<#*#*7(*.9X.$(.)"(#*"&)*;?%&<(3."8<.G)&3.!"ZD.*X$.HD7(%'.7.)8.*H.*?#%b#*7.W"'#<&*
"&)*"D.$X&H*L$D"8bL.$&H*<.*#%,%+)/3.".388%/*+%*3."6*lHK'&*H.*X#$."(K*'(C.$#7.)8.*#*HD*.9X.$(.)"(#*
X$.T(#*"&)*lD)#*<&H(H*.H8N)<#$*<.*<(.8('#7(<#*<.'*N"(<&*'(HJ$C("&mI**VH8.*LD.*.'*X$(7.$*l7#'*T(#g.m*
<&"D7.)8#<&*"&)*?&)C&H*XH('&"b%("&H*6*]8.()*<(g&*ZD.*)&*<.H.#$b#*T&'T.$*#*$.X.8($*.'*.9X.$(7.)8&*
)D)"#*7NHI**VH8&*)&*'.*X$(TK*<.*#<7()(H8$#$*#*D)*.)L.$7&*7.)8#'*T#$(#H*<&H(H*<.*#%,%+)/3."
7+,+,).)."=q#-".388%/*+%*3.:"5"#.</)(58+"(%+&3/+.(+,."+]8.()*:EME5;*#*X.H#$*<.*ZD.*HD*X#"(.)8.*6#*
.H8#%#*8&7#)<&*<&H(H*<(#$(#H*<.*&8$#H*"D#8$&*XH("K8$&X&Hv*$.H.$X()#;*#)L.8#7()#;*#7&%#$%(8#'*.*
(X$&)(#W(<#I**V'*X#"(.)8.;*ZD.*X#<."b#*lX.)H#7(.)8&H*?&7&H.9D#'.Hm*.9X.$(7.)8K*l.L."8&H*7D6*
L#T&$#%'.H*6*.DL&$(W#)8.Hm*"&)*#%,%+)/3.".388%/*+%*3."7(.)8$#H*ZD.*#.</)(58+"(%+&3/+.(+,."lLD.*
7D"?&*7.)&H*#C$#<#%'.m*+]8.()*:EME5I*
*
E!* V)*:EFM;*@I3I*R.Xd.;*@I3I*[$&8g#?)*6*BI1I*]?D'C()*XD%'("#$&)*D)*8$#%#g&*.)*.'*^)3&,%/")0"
[+1<(<,%/"B$+'<.*&5"H&%$.*'#*L#$7#"&'&Cb#*?D7#)#*<.*&"?&*<.$(T#<&H*<.*'#*O!7.8('!O!
(H&X$&X('8$(X8#7()#*&*-QY1*+R.Xd.*+*"%/-":EFM5I**08$&H*8$#%#g&H*X&$*.'*.H8('&*?#%b#)*H(<&*XD%'("#<&H*
#)8.$(&$7.)8.*X.$&*.H8.*LD.*.HX."(#'*#'*H.$*ZD(WN*.'*S'8(7&*<.*HD*CJ).$&*ZD.*H.*XD%'(ZD.*.)*'&H*
VVnn*.)*.H8#*JX&"#*<.*CD.$$#*"&)8$#*'#H*<$&C#HyI**V)*.H8.*.H8D<(&*H.*H()8.8(W#$&)*D)#*H.$(.*<.*
"&7XD.H8&H*ZD.*.)*'DC#$*<.*H.$*'#H*<(7.8('8$(X8#7()#H*H(7J8$("#H*)#8D$#'.H;*H.*$..7X'#WK*D)&*<.*
'&H*C$DX&H*7.8('&*X&$*D)*C$DX&*(H&X$&X('&;*D)#*"#<.)#*<.*8$.H*N8&7&H*<.*"#$%&)&*.)*'DC#$*<.*D)&I**
n)&*<.*.H8&H*"&7XD.H8&H;*'#*>!?(<$&9(!O!7.8('!O!(H&X$&X('8$(X8#7()#*+>!02!-QY15*H.*.)"&)8$#%#*
.)8$.*'#*H.$(.*<.*<.$(T#<&H*<.*'#*XH('&"()#*&%8.)(<&H*X&$*R.Xd.*H.CS)*XD%'("K*X$.T(#7.)8.*+R.Xd.*
+*"%/-":EF:5*6*&8$&*?#%b#*H(<&*<.H"$(8&*X$.T(#7.)8.*X&$*[$&8g#?)*+:EF=5I**G#*>!02!-QY1;*#'*(CD#'*
ZD.*&8$&H*8$.H*"&7XD.H8&H*+-QY1;*>!-.0!-QY1*6*M!-.0!-QY15;*X$.H.)8K*#"8(T(<#<*.)*'&H*
#D8&.9X.$(7.)8&H*"&)*?D7#)&H*+'&H*"D#8$&*"&7XD.H8&H*$.H8#)8.H*<.H"$(8&H*.)*.'*8$#%#g&*LD.$&)*
8&<&H*()#"8(T&H*.)*<&H(H*<.*?#H8#*M\*7CA*.)*8&<&H*'&H*.9X.$(7.)8&H*H.*#<7()(H8$K*'#*HDH8#)"(#*X&$*
Tb#*&$#'5I**V'*"&7XD.H8&*7NH*#"8(T&*LD.*'#*M!-.0!-QY1;*<.*L&$7#*ZD.*D)#*<&H(H*<.*M*7C*+\;\_*
7CxdCI5*X$&<Dg&*D)*.L."8&*<.*8$.H*?&$#H*<.*<D$#"(K)*ZD.*.7X.W#%#*#*'&H*E!:/*7()D8&H*<.HXDJH*<.*
'#*8&7#I**V'*#)N'&C&*<.*'#*XH('&"(%()#*>!02!-QY1*X$.H.)8K*X$N"8("#7.)8.*'#*7(H7#*#"8(T(<#<*ZD.*.'*
"&7XD.H8&*)#8D$#';*X.$&*"&)*D)#*<D$#"(K)*<.*'&H*.L."8&H*7#6&$;*<.*7&<&*ZD.*D)#*<&H(H*<.*:\*7C*
+\;:>*7CxdCI5*X$&<Dg&*D)&H*.L."8&H*<.*/!_*?&$#H*<.*<D$#"(K);*()("(N)<&H.*#*'&H*,\!=M*7()D8&H*<.*
HD*()C.H8(K)I**G#*-QY1*H(7X'.*LD.*#"8(T#*D)#*<&H(H*<.*EM*7C*+\;==*7CxdCI5*"&)*D)#*<D$#"(K)*<.*=!>*
?&$#H*6*D)*X.$(&<&*<.*'#8.)"(#*<.*>\!M\*7()D8&HI**V'*7NH*<J%('*<.*'&H*"D#8$&*"&7XD.H8&H*#"8(T&H*
LD.*'#*>!-.0!-QY1;*"D6#*#"8(T#*.H8N*.)*'&H*=\*7C*+\;>\*7CxdCI5*6*D)&H*.L."8&H*ZD.*<D$#)*
#'$.<.<&$*<.*
,EF*
*
,!,;M*?&$#H*6*H.*()("(#)*#*'&H*>M!/\*7()D8&H*<.*HD*()C.H8(K)I**R.HD'8#*()8.$.H#)8.*ZD.*#D)ZD.*'#*>!
02!-QY1*.H*"D#'(8#8(T#*6*"D#)8(8#8(T#7.)8.*H(7('#$*#*'#*XH('&"()#*&*>!02!@-1;*'#*-QY1*H(7X'.*H.#*
#'C&*7NH*X&8.)8.*ZD.*'#*@-1*+.)*.'*8$#%#g&*H.*'.*#8$(%D6.*D)#*X&8.)"(#*"D#8$&*T.".H*7#6&$*ZD.*'#*
<.*'#*@-1*()6."8#<#;*X.$&;*8#'*"&7&*T(7&H*.)*.'*4#Xb8D'&*>;*.)*X$.H.)"(#*<.*()?(%(<&$.H*<.*'#*-B0*
ZD.*X.$7(8#)*HD*#"8D#"(K)*X&$*Tb#*&$#'*'#*@-1*.H*.)8.&CJ)("#*#*<&H(H*ZD.*T#)*<.*'&H*,\*#*'&H*=\*
7C5*6;*'&*ZD.*.H*7NH*(7X&$8#)8.;*.H*#"8(T#*&$#'7.)8.*H()*.'*DH&*H(7D'8N).&*<.*()?(%(<&$.H*<.*'#*
-B0I**@.*L&$7#*H(7('#$;*'#*M!-.0!-QY1*.H*#'C&*7NH*#"8(T#*ZD.*'#*M!-.0!@-1*+TJ#H.*4#Xb8D'&*=5*6*
<.*)D.T&;*#*<(L.$.)"(#*<.'*"&7XD.H8&*)#8D$#';*.H*#"8(T#*X&$*Tb#*&$#'I**]K'&*'#*>!02!-QY1*LD.*
"#'(L("#<#*<.*.)8.&CJ)("#*+l#'D"()KC.)&m5;*"#'(L("N)<&H.*'&H*.L."8&H*<.*'#*-QY1*6*'#*M!-.0!-QY1*<.*
H(7('#$.H*#*'&H*<.*'#*#)L.8#7()#*"&)*lD)*()"$.7.)8&*C.).$#'(W#<&*<.*'#*#8.)"(K)mI**G#*>!-.0!-QY1*
LD.*"#'(L("#<#*<.*.H8(7D'#)8.*7.)&$*6;*.)*X$D.%#H*"&)*#)(7#'.H;*'#*>!-.0!@-1*LD.*7.)&H*#"8(T#*
ZD.*'#*XH('&"(%()#*.)*7&)&H*6*$&.<&$.H*+n6.)&*:E/EA*n6.)&*:E_:5I**G&H*#D8&$.H*"&)"'D6.$&)*ZD.v*
:5*'#*HD%H8(8D"(K)*#H(7J8$("#*.)*.'*N8&7&*<.*)(8$KC.)&*"&)<D"b#*#*D)#*7#6&$*#"8(T(<#<*X&$*Tb#*&$#'A*
,5*.'*C$DX&*7.8&9(*.)*X&H("(K)*M*()"$.7.)8#%#*'&H*.L."8&H*.H8(7D'#)8.H*l.)*<.8$(7.)8&*<.*'&H*
L.)K7.)&H*T(HD#'.HmA*=5*.'*C$DX&*?(<$&9(*.)*X&H("(K)*>*#D7.)8#%#*l.'*X.$L('*#'D"()KC.)&*C.).$#'m;*
7(.)8$#H*ZD.*'#*#<("(K)*<.*D)*C$DX&*7.8('&*#*.H8.*?(<$&9('&*<(H7()Db#*'#*#"8(T(<#<*>5*'#*X$.H.)"(#*
<.*C$DX&H*7.8&9(*.)*'#H*X&H("(&).H*/*6*_*#%&'b#*8&<#*#"8(T(<#<A*6*M5*'#*M;/*<(&9(C.)#"(K)*#%&'b#*
8#7%(J)*8&<#*#"8(T(<#<*+R.Xd.*+*"%/-":EFM5I**@.HC$#"(#<#7.)8.;*'#*#X$&%#"(K)*<.*'#*l4&)8$&''.<*
]D%H8#)".*B)#'&CD.*V)L&$".7.)8*B"8m*+G.6*H&%$.*B)N'&C&H*<.*]DH8#)"(#H*"&)8$&'#<#H5*#X$&%#<#*
#'*#`&*H(CD(.)8.*<.*'#*XD%'("#"(K)*<.*.H8.*.H8D<(&*X&<$b#*()8.$X$.8#$H.*"&7&*'#*('.C#'(W#"(K)*<.*
()8.$.H#)8.H*.9X.$(7.)8&H*<.*.H8#*)#8D$#'.W#;*ZD.;*#'*$.#'(W#$H.*7.<(#)8.*'#*#D8&.9X.$(7.)8#"(K)*
H&)*J8("#7.)8.*()8#"?#%'.H*6*X$&7.8.)*(7XD'H#$*.)*C$#)*7.<(<#*)D.H8$&*'(7(8#<&*"&)&"(7(.)8&*
<.*'#*ZDb7("#*<.*'#H*8$(X8#7()#H*".$.%$#'.H*+TJ#H.*4#Xb8D'&*,;*O&8#H*:=*6*:M*6*.'*4#Xb8D'&*=;*O&8#*,*
.)*'#H*ZD.*H.*#%&$<#)*'&H*#HX."8&H*J8("&H*<.*'#*()T.H8(C#"(K)*"&)*HDH8#)"(#H*XH("&#"8(T#H;*#Hb*"&7&*
'#*).".H(<#<*<.*'#*.9X.$(7.)8#"(K)*?D7#)#*"D#)<&*H.*8$#8#*<.*'&H*.)8.KC.)&H5I**YD.H8&*ZD.*'#*
@-1*.H*D)*"&)H8(8D6.)8.*)&$7#'*<.'*'(ZD(<&*".L#'&$$#ZD(<.&*?D7#)&*6*X&<$b#*#"8D#$*"&7&*
).D$&8$#)H7(H&$*.)*'&H*".$.%$&H*?D7#)&H*+4?$(H8(#)H.)*+*"%/-":E_/A*4?$(H8(#)H.)*+*"%/-":E__A*
4&$%.88*+*"%/-*:E_F5;*.H8.*N$.#*<.*()T.H8(C#"(K)*"&)H8(8D6.*D)#*L&$7#*X$&7.8.<&$#*<.*.H8D<(#$*'&H*
.L."8&H*<.*'&H*).D$&8$#)H7(H&$.H*.)*'#*"&)H"(.)"(#*6*<.*#%&$<#$*'#*X&H(%('(<#<*<.*ZD.*<.L."8&H*.)*
.'*7.8#%&'(H7&*H.#)*'#*"#DH#*<.*l.)L.$7.<#<.H*7.)8#'.HmI**4.$$#$*D)*"#7X&*8#)*X$&7.8.<&$*.)*
)&7%$.*<.*'#*l[D.$$#*#*'#H*@$&C#Hm*.H*#$%(8$#$(&*6*"&)8$#X$&<D".)8.I**Y$&".<.$*<.*#"D.$<&*"&)*
D)#*X&'b8("#*8#)*8&$X.*"&)*$.HX."8&*#*'#*()T.H8(C#"(K)*"&)<.)#$N*L()#'7.)8.*#*'#*()<DH8$(#*
L#$7#"JD8("#*)&$8.#7.$("#)#*#*D)#*()L.$(&$(<#<*8.")&'KC("#I**V)*'DC#$*<.*H.$*"&)H(<.$#<&H*?J$&.H*
&*X(&).$&H;*"&7&*<.%.$b#);*#*.H8&H*"(.)8bL("&H*XH("&)#D8#H;*DH#)<&*.'*#".$8#<&*8J$7()&*<.*V$)H8*
re)C.$*+re)C.$*:E_\5;*ZD.*"&)*HD*T#'&$*+6*C.).$&H(<#<;*XD.H8&*ZD.*L()#)"(#)*<.*HD*%&'H(''&*HDH*
()T.H8(C#"(&).H*6*)&*"&)*%."#H*<.'*C&%(.$)&5*$.#'(W#)*.H8.*8(X&*<.*()T.H8(C#"(K)*H.*'.H*?#".*H.)8($*
"&7&*"$(7()#'.HI**f#'.*'#*X.)#*$."#'"#$*ZD.*.'*8$#%#g&*#$$(%#*7.)"(&)#<&*)&*8.$7()K*"&)*.'*
<.H"D%$(7(.)8&*<.*)()CD)#*l<$&C#*<.*<(H.`&mI**V)*)()CS)*"#H&*H.*<.H"D%$(K*
,EE*
*
"&7XD.H8&*.)8.&CJ)("&*#'CD)&*ZD.*HDX.$#$#*.)*#"8(T(<#<*#'*"#%.W#*<.*H.$(.*+'#*XH('&"()#5I**YD.H8&*
ZD.*.H8.*"&7XD.H8&*"#%.W#*<.*'#*H.$(.*+&*HD*X$."D$H&$*%(&ZDb7("&;*'#*XH('&"(%()#5*H.*?#''#*.)*7NH*
<.*E/*.HX."(.H*<.*?&)C&H*ZD.*"$.".)*.)*8&<&*.'*7D)<&*+6*ZD.*.H*X$&%#%'.*ZD.*H.*?#''.*.)*&8$&H*
M>*X&$*'&*7.)&H;*TJ#H.*4D#<$&*>5*6*ZD.*"D#'ZD(.$#*ZD.*<.H..*($*6*"&C.$*'&H*?&)C&H*H('T.H8$.H*
XD.<.*&%8.).$'&H*C$#8D(8#7.)8.;*.H*$(<b"D'&*HDX&).$*ZD.*HDX$(7($*.H8#*"'#H.*<.*(7X&$8#)8.H*6*
S)("#H*()T.H8(C#"(&).H*"&)H8(8D6#*D)#*.H8$#8.C(#*.L."8(T#*.)*.H8#*ZD(g&8.H"&*l[D.$$#*#*'#H*@$&C#HmI**
O&*H.*XD.<.*).C#$;*)&*&%H8#)8.;*ZD.*.H8#H*'(7(8#"(&).H*X.$gD<("#$N)*#*'#H*"&7X#`b#H*
L#$7#"JD8("#H*.H8#<&D)(<.)H.H*.)*HD*"&7X.8.)"(#*"&)*L($7#H*g#X&).H#H*6*.D$&X.#H;*7(.)8$#H*ZD.*
"&)8$(%D($N)*#*D)#*"&)H8#)8.*.$&H(K)*<.*'#*'(%.$8#<*X.$H&)#'*.)*'&H*VH8#<&H*n)(<&HI*
*
:\!* *B*"#DH#*<.*D)*.$$&$*%D$&"$N8("&;*'#*XH('&"()#*LD.*"'#H(L("#<#*'.C#'7.)8.*"&)*'#*<.)&7()#"(K)*
.$$K).#*<.*lXH('&"6)m;*)&7%$.*ZD.*H.*?#*"&'#<&*.)*'#*'(8.$#8D$#*"(.)8bL("#*6*X&XD'#$I**08$&*
.g.7X'&;*.H*.'*DH&*X.$H(H8.)8.*<.*'#*L&$7#*.$$K).#*7#$(?D#)#;*#*X.H#$*<.*ZD.*.)*-J9("&*.H8.*
)&7%$.*?(HXN)("&*<.'*B%,,%8<."H.*.H"$(%.*C.).$#'7.)8.*7#$(CD#)#*&*<.*L&$7#*7.)&H*?#%(8D#'*
7#$(gD#)#I**V)*HD*())&T#<&$*'(%$(8&*.)*.'*ZD.*<.H"$(%b#*'#*Hb)8.H(H*<.*'#*lXH('&"6)m;*3$&c)*"&7.8(K*
.'*"D$(&H&*.$$&$*<.*)&7%$#$*'#*<$&C#*"&7&*'#*/!?(<$&9(!<(7.8('8$(X8#7()#;*.)*'DC#$*<.*HD*
<.H(C)#"(K)*"&$$."8#*>!?(<$&9(!<(7.8('8$(X8#7()#*+3$&c)*:E/F5I*
*
::*!*i&*LD(*.'*&$C#)(W#<&$*<.*.H8.*"&)C$.H&;*ZD.*H.*".'.%$K*.)*.'*-(''.$H6'T#)(#*]8#8.*Y#$d;*#'*(CD#'*
ZD.*'#*l1?.*]."&)<*Q)8.$)#8(&)#'*4&)L.$.)".*&)*2#''D"()&C.)("*-DH?$&&7Hm*+].CD)<&*4&)C$.H&*
Q)8.$)#"(&)#'*H&%$.*2&)C&H*B'D"()KC.)&H5*.)*P&$8*U&$<.);*".$"#*<.*Y&$8*1&c)H.)<;*U#H?()C8&)*
<.'*,_*#'*=\*<.*&"8D%$.*<.*:E__*+H.*XD%'("#$&)*.98$#"8&H*.)*.'*'(%$&*C+),%,D(%*/M">%//3(<,)?+,<("
[3.$&))'.")0"@)&*$*B7.$("#A*1.&)#)N"#8';*2&)C&H*#'D"()KC.)&H*<.*O&$8.#7J$("#A*TJ#H.*088*6*
3(Cc&&<*:E_FA*088*6*3(Cc&&<*:EFM5*6*8#7%(J)*.'*8(8D'#<&*>%//3(<,)?+,."<,"@%*<7+";'+&<(%,*
E$%'%,<.'"%,1"[)1+&,"K<0+"+B'D"()KC.)&H*.)*.'*4?#7#)(H7&*<.*'&H*O#8(T&H*B7.$("#)&H*6*.)*'#*
f(<#*-&<.$)#5*.)*.'*4.)8$&*g#X&)JH*<.*]#)*P$#)"(H"&;*4#'(L&$)(#;*<.'*,F*<.*H.X8(.7%$.*#'*:*<.*
&"8D%$.*<.*:E_F*+H.*XD%'("#$&)*.98$#"8&H*.)*D)#*.<("(K)*<&%'.*.HX."(#'*<.'*^)3&,%/")0"#.5($+1+/<("
L&3?.".)*.'*ZD.*"&'#%&$J*.)*"#'(<#<*<.*l.<(8&$*()T(8#<&m;*TJ#H.*088*:E_E#5I**V)*.'*"&)C$.H&*<.*
:E_/*X#$8("(X#$&)v*r.$.76*3(Cc&&<;*G6))*RI*3$#<6;*UI*]"&88*4?('8&);*[#H8K)*[DW7N);*@#'.*1I*
G.H'(.;*r&)#8?#)*088;*]8.T.)*2I*Y&''&"d;*@#T(<*3I*R.Xd.;*Y#D'*]8#7.8H*6*RI*[&$<&)*U#HH&)I**V)*.'*
<.*:E__*'&H*X#$8("(X#)8.H*LD.$&)*'&H*H(CD(.)8.Hv*3(Cc&&<;*4?('8&);*[DW7N);*@#T(<*2#$)<.);*B'%.$8*
2&L7#));*G.H'(.;*088;*R.Xd.;*R("?#$<*R&H.;*4#$'*BIYI*RD"d;*R("?#$<*VI*]"?D'8.H;*U#HH&);*B)<$.c*1I*
U.('*6*O&$7#)*q()%.$CI**V)*.'*<.*:E_Fv*3(Cc&&<;*4?('8&);*r&HJ*GD(H*@b#W;*]8#)(H'#T*[$&L;*2#$)<.);*
2&L7#));*3&*2&'7H8.<8;*R.(<*j#X'#);*j..c#6<()&ZD#6*+jI-I*Y.H"?.'5;*U.H8&)*G#*3#$$.;*1(7&8?6*
Y'&c7#);*]"?D'8.H;*B'.9#)<.$*1I*]?D'C();*U#HH&);*U.('*6*q()%.$CI**3(Cc&&<;*2&L7#));*088;*
]"?D'8.H;*U#HH&)*6*U.('*"&)8$(%D6.$&)*#'*'(%$&*<.*:E_F*%#H#<&*.)*.'*"&)C$.H&*<.*:E__*7(.)8$#H*
ZD.*3(Cc&&<;*4?('8&);*@b#W;*2&L7#));*j..c#6<()&ZD#6;*G#*3#$$.;*088;*Y'&c7#);*RD"d;*]"?D'8.H;*
]?D'C()*U#HH&)*6*q()%.$C*.H"$(%(.$&)*#$8b"D'&H*.)*.'*)S7.$&*<.'*^)3&,%/")0"#.5($+1+/<("L&3?."
<.<("#<&*#'*"&)C$.H&*<.*:E_FI**VH8&H*8$.H*H(7X&H(&H*LD.$&)*
=\\*
*
'#H*$.D)(&).H*7NH*(7X&$8#)8.H*$.#'(W#<#H*.)*.'*"#7X&*<.*'#H*X'#)8#H*.)8.KC.)#H*<.H<.*.'*,F!=\*
<.*.).$&*<.*:E/_*.)*ZD.*H.*".'.%$K*D)*"&)C$.H&*H&%$.*X'#)8#H*XH("&#"8(T#H*.)*]#)*P$#)"(H"&*
X$&7&T(<&*X&$*.'*Q)H8(8D8&*O#"(&)#'*X#$#*'#*]#'D<*-.)8#'*<.*'&H*VVnn*6*<.'*ZD.*ZD.<K*"&)H8#)"(#*
.)*'#*&%$#*"'NH("#*J*$,)G$%&'%()/)?<("E+%&($*0)&"#.5($)%(*<7+"L&3?."+VL$&)"+*"%/-":E/_A*TJ#H.*
4#Xb8D'&*>;*O&8#*_5I**]"?D'8.H;*]?D'C();*U#HH&)*6*U.('*H.*.)"&)8$#$&)*.)8$.*'&H*X&).)8.H*<.*'#*
$.D)(K)*<.*:E/_*6*"&)8$(%D6.$&)*#*'#*$.#'(W#"(K)*<.'*'(%$&I**O&*LD.*?#H8#*.'*:/!,\*<.*)&T(.7%$.*
<.*:EE,;*"&)*'#*".'.%$#"(K)*<.'*H(7X&H(&*lY'#)8#H;*4?#7#)(H7&*6*VH8#<&H*<.*4&)"(.)"(#m*.)*]#)*
GD(H*Y&8&Hb;*-J9("&;*%#g&*'&H*#DHX("(&H*<.'*Q)H8(8D8&*O#"(&)#'*<.*B)8$&X&'&Cb#*.*2(H8&$(#*<.*
-J9("&;*ZD.*H.*$.D)(.$&)*8#)8&H*.9X.$8&H*H&%$.*X'#)8#H*.)8.KC.)#H*.)*D)*"&)C$.H&*<.<("#<&*#*
.H8.*8.7#I**G#H*X&).)"(#H*<.*'#*$.D)(K)*<.*]#)*GD(H*Y&8&Hb*H.*XD%'("#$&)*.)*L&$7#*<.*'(%$&*.)*
.HX#`&';*+Y'#)8#H;*4?#7#)(H7&*6*VH8#<&H*<.*4&)H"(.)"(#;*G&H*G(%$&H*<.*'#*G(.%$.*<.*-#$W&;*:EE>;*
VHX#`#5*6*.)*()C'JH*.)*D)*)S7.$&*+)€*M5*<.*'#*$.T(H8#*%('()Ce.*R,*+?&%*<),M"^)3&,%/"0)&"[)7<,?"
#/%,*."%,1"B3/*3&+-*
*
:,!*BD)ZD.*.)*D)#*<.*'#H*"$K)("#H*<.'*H(C'&*^fQ*H&%$.*.'**+),%,D(%*/"H.*<(".*ZD.*'&H*?&)C&H*H.*
8&7#%#)*"&)*7(.'*X&$*H.$*#7#$C&H;*)&*.9(H8.*'#*8$#<("(K);*.)*-J9("&;*<.*"&)H.$T#$'&H*.)*7(.'I**@.*
?."?&;*HD7.$C($'&H*.)*7(.'*.H*D)*X$&".<(7(.)8&*()S8('*X#$#*HD*X$.H.$T#"(K)I**B*X.H#$*<.*.''&;*
<D$#)8.*7(*8$#%#g&*<.*"#7X&*.)*:E_/*.)*'#*W&)#*W#X&8."#*<.*0#9#"#;*7.*H&$X$.)<(K*ZD.*D)#*
L#7('(#*()<(#*W#X&8."#*7.*&L$."(.$#*"&7X$#$*#.</)(58+"(%+&3/+.(+,.III*"&)H.$T#<#*.)*7(.'*+~5*@.*
L&$7#*X$.<."(%'.;*$.HD'8K*H.$*l}D)#*#HZD.$&H#*7#H#*L.$7.)8#<#;*''.)#*<.*()H."8&H~m*+088*:E_E%5I**
VH*7D6*(7X$&%#%'.*ZD.*#'C&*<.*'#*XH('&"(%()#*()("(#'*?D%(.$#*H&%$.T(T(<&*#*'#*L.$7.)8#"(K);*#D)ZD.*
.H*X&H(%'.*ZD.*.'*'("&$*<.*?(<$&7(.'*$.HD'8#)8.*"&)8DT(.$#*D)#*7&<.H8#*"#)8(<#<*<.*.8#)&'*+~5*}sDJ*
XJ$<(<#*7NH*8$NC("#III*L.$7.)8#$*.'*G$%&'%()*$+),"?#H8#*"&)T.$8($'&*.)*?(<$&7(.'III*"&7&*
8$#)H7D8#$*.'*&$&*.)*X'&7&~**Y&$*&8$&*'#<&;*.)*'#H*J11%."X&J8("#H*<.*'#*7(8&'&Cb#*)&$D.C#;*'..7&H*
H&%$.*.'*I*$&P&<&"<.*0<b);*'#*7NC("#*?(<$&7(.'*ZD.*"&)".<b#*'#*()7&$8#'(<#<;*H#%(<D$b#*6*X&.Hb#*6*
<.'*Y&W&*<.*-(7($*.)*'#*%#H.*<.'*c??1&%.</!"&*N$%&'*<.'*7D)<&*<.'*ZD.*%$&8#%#*'#*7NC("#*?(<$&7(.'*
<.*'#*H#%(<D$b#III*X.$&*.H8&*.$#*'#*](.$$#*-#W#8."#*6*)&*VH"#)<()#T(#~**G#*L#7('(#*()<(#*W#X&8."#*7.*
()L&$7K*ZD.*?#%b#)*#X$.)<(<&*.H8#*X$N"8("#*<.*"&)H.$T#"(K)*.)*7(.'*<.*'&H*8D$(H8#H*ZD.*T.)b#)*#*
X&$*'&H*?&)C&H*6*'&H*X$.X#$#%#)*#Hb*X#$#*H#8(HL#".$*.'*CDH8&*<.*'&H*.98$#)g.$&H*+~5*VH8.*.H*D)*
.g.7X'&*<.*'#*T.'&"(<#<*"&)*'#*ZD.*'#*8$#<("(K)*XD.<.*H.$*"&$$&7X(<#*X&$*'#*HS%(8#*.9X&H("(K)*<.*
%&'H#H*#(H'#<#H*<.*D)#*"D'8D$#*8$#<("(&)#'*#*'#H*()L'D.)"(#H*.98$#)g.$#HI*
*
:=!*1#'*"&7&*.H"$(%(K*@(.C&*@D$#)*?#".*7NH*<.*"D#8$&*H(C'&H;*#'*<.H"$(%($*'#*"&$&)#"(K)*<.'*
.7X.$#<&$*#W8."#*B?D(8W&8'*#'$.<.<&$*<.'*#`&*:>F/*<I4I*lIII*g#7NH*?#".*7.7&$(#*<.*ZD.*
%.%(.H.)*T()&*<.*)()CS)*C.).$&*X#$#*.7%$(#C#$H.;*H()&*HK'&*'&H*?&)C&H*7&)8.H.H;*ZD.*'&H*
"&7b#)*"$D<&H;*"&)*'&H*"D#'.HIII*H.*#'.C$#%#)*6*$.C&"(g#%#)*6*H#'b#)*#'C&*<.*HD*H.)8(<&;*6*<.'*T()&*
)D)"#*?#".*7.7&$(#III*HK'&*?#".*7.7&$(#*<.*'#*#%D)<#)"(#*<.*"#"#&*ZD.*H.*%.%b#*.)*.H8#H*
H&'.7)(<#<.Hm*+@D$#)*:E/_5I**Y#$#*D)#*.9X'("#"(K)*<.8#''#<#*<.*'#*#)8(CD#*$.'#"(K)*<.'*"#"#&*6*.'*
*+),%,D(%*/".)*-J9("&;*TJ#H.*7(*'(%$&*#'*$.HX."8&*+088*:EFMA*088*:EE=%5I**2.)$6*-D))*?#*
HD%$#6#<&*'#*$.'#"(K)*.)8$.*.'*"#"#&*6*'&H*?&)C&H*.)8.KC.)&H*.)*.'*"?#7#)(H7&*7#W#8."#*
"&)8.7X&$N).&*
=\:*
*
+-D))*:E_=5I**V)*C.).$#';*.'*(%(D$3%*/!"'#*X&"(K)*#W8."#*#*%#H.*<.*"#"#&;*H.*D8('(W#%#*"&7&*
T.?b"D'&*X#$#*'#*#<7()(H8$#"(K)*<.*.)8.KC.)&H*6*&8$#H*X'#)8#H*7.<("()#'.HI**n)*.)8.KC.)&*#W8."#*
X&"&*"&)&"(<&*LD.*'#*L'&$*''#7#<#*G)5)'%*/<"+TJ#H.*BXJ)<(".*35I**YD.H8&*ZD.*D)*L$#C7.)8&*<.*'#*
&%$#*<.*]#?#CS)*)&H*<(".*ZD.*.'*G)5)'%*/<".$#*'#*L'&$*<.*D)*N$%&'*''#7#<&*(%(%$3%TQP($<*/"
+'(8.$#'7.)8.*lL'&$*<.*"#"#&m5;*H.*?#*.HX."D'#<&*ZD.*'#*X$&X(#*L'&$*<.'*N$%&'*<.'*"#"#&*=C$+)8&)'%"
(%(%):"X&<$b#*?#%.$*H(<&*.'*.)8.K?+,)"G)5)'%*/<"+]#?#CS)*:EM\5I**]()*.7%#$C&;*'#*L'&$*<.*CI*(%(%)"
)&*.H*XH("&#"8(T#;*X&$*'&*ZD.*U#HH&)*HDC($(K*ZD.*X&<$b#*?#%.$H.*8$#8#<&*.)*$.#'(<#<*<.*'#*L'&$*<.*
o3%&%/<8+%*03,+8&<.!""&)&"(<#*?&6*<b#*"&)*.'*)&7%$.*<.*(%(%$3%QP($<*/".)*0#9#"#;*-J9("&*.*
b)8(7#7.)8.*#H&"(#<#*"&)*.'*"#"#&*+TJ#H.*BXJ)<(".*3A*088*:EFMA*088*:EE=%A*U#HH&)*:EF\5I**O&*
HK'&*H.*DH#*'#*L'&$*<.*o-"03,+8&<.".)*'#H*X&"(&).H*"&)8.7X&$N).#H*<.*"#"#&*.)*0#9#"#;*H()&*ZD.*'#*
7#<.$#*<.*.H8.*N$%&'*H.*D8('(W#*8$#<("(&)#'7.)8.*.)*'#*L#%$("#"(K)*<.'*%#8(<&$*6*<.'*7&'()(''&;*
?.$$#7(.)8#H*D8('(W#<#H*8$#<("(&)#'7.)8.*X#$#*%#8($*'#H*%.%(<#H*<.*"#"#&*+R&H.)C#$8.)*:E__A*
]"?D'8.H*:EM_%5I**BD)ZD.*'#H*L'&$.H*<.*o-"03,+8&<.")&*X#$.".)*H.$**.)8.&CJ)("#H*+088;*)&8#H*<.*
"#7X&*)&*XD%'("#<#H5;*D)*C$DX&*<.*'N"8&)#H*S)("#H;*'#H*ZD#%#'#"8&)#H;*?#)*H(<&*#(H'#<#H*<.*'#H*
L'&$.H*6*H.*?#*HDC.$(<&*ZD.*X&<$b#)*H.$*L#$7#"&'KC("#7.)8.*#"8(T#H*+R#LL#DL*6*q.))(.*:EF=A*q.))(.*
+*"%/-":EF/5I**B<.7NH;*D)*)D.T&*#'"#'&(<.;*'#"03,+8&<,%!"?#*H(<&*#(H'#<&*<.*'#H*L'&$.H;*.'*X$(7.$*
#'"#'&(<.*"&)&"(<&*<.*'#*L#7('(#*<.*'#H*W)'8%(%(+%+"+R#LL#DL"+*"%/-":EF>5I**R."(.)8.7.)8.;*H.*?#*
<.H"$(8&*.'*DH&*.8)&7.<("()#'*<.*'#H*?&g#H*<.*o-"03,+8&<.".)*-J9("&*+q#7&$#*-#$8().W*6*O(.8&*<.*
Y#H"D#'*Y&'#*:EE,5I**n)*.7%$(#C#)8.*"?#7N)("&*X.$DT(#)&*X&"&*"&)&"(<&;*.'*+.G<,?)"+&"<.G<,(35"
?#*H(<&*(<.)8(L("#<&*$."(.)8.7.)8.*X&$*]"?D'8.H*"&7&*'#H*H.7(''#H*<.*D)#*.HX."(.*<.*o3%&%&<8+%"
+U#HHJ)*:E_E5I**B<.7NH;*.'*<.$G<,?)"?#*H(<&*<.H"$(8&*$."(.)8.7.)8.*"&7&*#<(8(T&*<.*'#*%5%$3%.(%"
D8('(W#<&*X&$*'&H*()<(&H*X.$D#)&H*+TJ#H.*4#Xb8D'&*>A*B$JT#'&*f#'.$#*:EF/5*6*"&7&*#<(8(T&*<.*'#H*
X&"(&).H*.)8.&CJ)("#H*HD<#7.$("#)#H*#*%#H.*<.'*"#"8&H*7.H"#'b)("&*"&)&"(<&*"&)*.'*)&7%$.*<.*
E%,"#+1&)*+TJ#H.*4#Xb8D'&*:A*Y&'(#*6*3(#)"?(*:EE,5I**o3%&%&<8+%"G3*3'%5+,.<."H.*D8('(W#*"&7&*
T.).)&*<.*L'."?#H*.)8$.*'&H*()<(&H*j&LN)*<.*]D<#7J$("#*6*.'*".$"#)&*CJ).$&*[%*<.<%*.H*'#*LD.)8.*
<.*<(T.$H#H*X'#)8#H*7.<("()#'.H*+]"?D'8.H*6*R#LL#DL*:EE\5I**VH8&H*<.H"D%$(7(.)8&H*7#)8(.).)*'#*
#8.)"(K)*<($(C(<#*?#"(#*o3%&%&<8+%"03,+8&<.""&7&*"#)<(<#8#*#*$.X$.H.)8#$*.'*7(H8.$(&H&*.)8.KC.)&*
#W8."#*G)5)'%*/<!""D6#*(<.)8(L("#"(K)*L()#'*"&)8()D#*H(.)<&*D)*<.H(<.$N8D7*<.*'&H*.H8D<(&H*
7.H&#7.$("#)&HI*
*
:>!* *V9(H8.)*$#W&).H*<.*X.H&*X#$#*.T(8#$*'#*()C.H8(K)*<.*"D#'ZD(.$*.HX."(.*<.*?&)C&*"$D<#;*
H(.)<&*X$.L.$(%'.*D8('(W#$*'#*8J")("#*<.'*H#'8.#<&I**G#*C($&7(8$()#*6*&8$#H*7.8('?(<$#W()#H*
+"&7XD.H8&H*T&'N8('.H*H(7('#$.H*#*'&H*"&7%DH8(%'.H*D8('(W#<&H*.)*'#H*)#T.H*.HX#"(#'.H5*H.*H#%.*ZD.*
.H8N)*X$.H.)8.H*.)*X5&)'<*&%"+.(3/+,*%"6*$."(.)8.7.)8.*H.*?#)*?#''#<&*.)*&8$&H*?&)C&H*
$.'#"(&)#<&HI**VH8#H*7.8('!?(<$#W()#H*H&)*T.).)&H*X&8.)"(#'7.)8.*7&$8#'.H*#*'#*T.W*ZD.*
"#$"()KC.)&HI**B*X.H#$*<.*.''&;*.H8.*?&)C&*H.*"&)HD7.*#7X'(#7.)8.*6*.H*7D6*#X$."(#<&*XD.H*HD*
"&""(K)*()8.)H#*.'(7()#*'#H*7.8('!?(<$#W()#H*T&'N8('.HI*'#*#C#$(8()#;*D)#*L.)('?(<$#W()#*7.)&H*8K9("#;*
?#*H(<&*?#''#<#*$."(.)8.7.)8.*.)*.'.T#<#*"&)".)8$#"(K)*.)*.'*?&)C&*"&7.H8(%'.*?#%(8D#'*;?%&<(3."
8<.G)&3.!*#Hb*"&7&*.)*7D"?#H*.HX."(.H*H('T.H8$.H*<.*.H8.*CJ).$&*+]8(gT.*+*"%/-":EF/5I**BD)ZD.*)&*.H*
8#)*8K9("#*"&7&*'#*C($&7(8$()#;*'#*#C#$(8()#*X$.H.)8#*D)#*"(.$8#*8&9("(<#<*ZD.*H.*#8$(%D6.*
=\,*
*
#*&8$#H*?(<$#W()#H*X$.H.)8.H*.)*.'*?&)C&;*#'CD)#H*<.*'#H*"D#'.H*H&)*"#$"()KC.)#H*+1&8?*:E_E5I**
1#7%(J)*H.*?#)*?#''#<&*?(<$#W()#H*.)*.'*.$<<*%F+!".'*?&)C&*g#X&)JH*"D'8(T#<&*K+,*<,3."+1%1+.-""B*'#*
.HX.$#*<.*)D.T&H*.H8D<(&H;*'#*X$D<.)"(#*#"&)H.g#$b#*.T(8#$*"&7.$*?&)C&H*"$D<&H*X&$*H.$*LD.)8.H*
X&8.)"(#'.H*<.*?(<$#W()#H*"#)".$bC.)#HI**O&*H.*?#*<.8.$7()#<&*'#*X$.H.)"(#*<.*?(<$#W()#H*.)*'&H*
?&)C&H*.)8.KC.)&H;*X.$&*H.)"(''#7.)8.*X&$ZD.*)&*H.*?#)*?."?&*#)N'(H(H*X#$#*.)"&)8$#$'#HI**G#*
#DH.)"(#*<.*X$D.%#H*)&*"&)H8(8D6.*'#*X$D.%#*<.*HD*#DH.)"(#I**@.%&*H.`#'#$*8#7%(J)*ZD.*.'*H."#<&*
.'(7()#$N;*#'*(CD#'*ZD.*.'*H#'8.#<&;*'#H*?(<$#W()#H*T&'N8('.HI**VH8&H*X$&".H&H*<.*H."#<&*&*"&""(K)*)&*
#L."8#$N);*H()*.7%#$C&;*'#*X$.H.)"(#*<.*7.8#'.H*"&7&*.'*".H(&*&*.'*#$HJ)("&I**B'CD)&H*?&)C&H*
#"D7D'#)*".H(&*6*7D"?&H*?&)C&H*H('T.H8$.H*$."&'."8#<&H*.)*H.(H*X(#H.H*.D$&X.&H*.)*:EFF;*<&H*
#`&H*<.HXDJH*<.'*#""(<.)8.*)D"'.#$*<.*4?.$)&%6'*+"D$(&H#7.)8.*($+&,)85/".H*<.'*)&7%$.*$DH&*<.'*
#g.)g&;*'#*T(H(&)#$(#*;&*+'<.<%"%8.<,*$<3'S"7A%.+*BXJ)<(".*B5;*X$.H.)8#$&)*"#)8(<#<.H*T#$(#%'.H*<.*
".H(&*$#<(#"8(T&I**G#H*"#)8(<#<.H*)&*.$#)*HDL("(.)8.7.)8.*.'.T#<#H*"&7&*X#$#*$.X$.H.)8#$*D)*
$(.HC&*X#$#*'#*H#'D<*+]8(gT.*6*Y&$.88(*:EE\5I**4(.$8&H*?&)C&H*"&7.H8(%'.H*<.'*CJ).$&*K%((%&<%"6*&8$&H*
X$.H.)8#)*#$HJ)("&;*#D)ZD.*8#7%(J)*.)*"#)8(<#<.H*<.7#H(#<&*%#g#H*"&7&*X#$#*H.$*X.'(C$&H&H*
+]8(gT.*6*3&D$ZD(*:EE:A*]8(gT.*+*"%/-":EE\5I*S'8(7#7.)8.*?#*?#%(<&*D)#*&'#*<.*7(H8.$(&H#H*7D.$8.H*
X&H8.$(&$.H*#*'#*()C.H8(K)*<.*?&)C&H*#X#$.)8.7.)8.*"&7.H8(%'.H*.)*'&H*#'$.<.<&$.H*<.*-&H"SI**
G&H*$DH&H*"&)&".)*H()*<D<#*HDH*?&)C&H*+U#HH&)*6*U#HH&)*:EM_#5;*X&$*'&*ZD.*#'CS)*8(X&*<.*.H8$JH*
#7%(.)8#'*<.%.*.H8#$*"#DH#)<&*ZD.*<(T.$H&H*?&)C&H*()C.$(<&H*8$#<("(&)#'7.)8.*"&7&*#'(7.)8&*
.H8J)*H()8.8(W#)<&*&*#"D7D'#)<&*8&9()#HI*
=\=*
&C8$9;!k!
7;#>;0!JC'!&;#5%'#'#!(0%=;&%O%#8i!
!
*
;?&)(58+"0%&<%,(+%*
j&(d.*+*"%/-":EF:*
"
B),)(58+"(5%,)G3.*
3.).<("8*+*"%/-":E/,#A*3.).<("8*+*"%/-":E/_A*3.DC*6*3(Cc&&<*:EF,A*4?$(H8(#)H.)*+*"%/-":EF>A*[#$8W*
:EFM;*0?.)&g#*+*"%/-":EF_A*R.Xd.*+*"%/-":E__#*
*
B-"F3+$,+&<%,%* *
0?.)&g#*.8*#'I*:EF_*
*
B-".</<?<,+)<1+."+:5*
* *
B-".'<*$<<* *
3.).<("8*+*"%/-":E/_A*R.Xd.*+*"%/-":E__#*
*
B)G+/%,1<%"%,)'%/3.*
-.$'()*6*B''.)*:EE=*
*
B-"8<.G)&%* *
-.$'()*6*B''.)*:EE=*
*
B-"(%'8)1?<,<+,.<.*
0'#€?*:E/FA*088*6*[DW7N)*:E_/*k()')*#%,%+)/3.l*
*
B-"($/)&)(5.*<.* *
U..dH*+*"%/-":E_E*
*
B-"(5%,+.(+,.* *
B''.)*6*-.$'()*:EE,#A*P(DHH.''&*6*4.$D8(*].D$8(*:E_,A*2.(7*+*"%/-":E//A*2.(7*+*"%/-*:E/_A*0'#€?*:E/F*
k()')*#%,%+)/3.l*
*
B-"*&)G<(%/<.* *
0'#€?*:E/F*k()')"#%,%+)/3.l"
"
X%/+&<,%".*+?/<($<<* *
3.H'*:EE=*
*
X+&&),+'%"0<83/%* *
[#$8W*:EF/"*+,5*
*
X-".i%&*d<<"=qX-".)/<G+.:* *
[#$8W*:EF/"*+,5*
*
X5',)G</3."%+&3?<,).3.* *
2#8L(.'<*+*"%/-":E_F*
*
X-"/<23<&<*<%+* *
j&(d.*+*"%/-":EF:*
"
X-"/3*+3.* *
2#8L(.'<*+*"%/-":E_F*
*
X-"G3&G3&%*3.* *
[#$8W*:EFE#A*[#$8W*:EE:A*[#$8W*6*-e''.$*:EE\A*j$.(H.'*6*G()<.ZD(H8*:EFF*
*
X-".G+(*%8</<."=q#$)/<)*%:* *
2#$8L(.'<*+*"%/-":E_F*+,5*
"
X-"7%/<1<G+.* *
2#8L(.'<*+*"%/-":E__A*2#8L(.'<*+*"%/-":E_F*
*
X-"7<5<1%,.*
2#8L(.'<*+*"%/-":E_F*
*
>5?&)(58+"G.<**%(<,%*
[#$8W*:EF/"*+,5*
*
R,)(58+"%+&3?<,%.(+,.*
@$.c(8W*:EE,A*[#$8W*:EFM"A*[#$8W*:EF/<A*[#$8W*:EF_%A*[#$8W*6*@$.c(8W*:EFMA*[#$8W*6*@$.c(8W*:EF/A*
].7.$<W(.T#*+*"%/-":EF/A*]8(gT.*6*jD6X.$*:EFMA*]8(gT.*+*"%/-":EFM*
*
R-"(%/%'<.*&%*%* *
[#$8W*:EF/"*+,5*
*
R-"()+/+.*<3'* *
]8(gT.*6*jD6X.$*:EFMA*]8(gT.*+*"%/-":EFM*
=\>*
*
R-"()&15%/<,%"7%&-"()&15%/<,%* *
]8(gT.*6*jD6X.$*:EFMA*]8(gT.*+*"%/-":EFM*
*
R-*()&15%/<,%"7%&-"+&<,%(+)')&G$%* *
]8(gT.*6*jD6X.$*:EFMA*]8(gT.*+*"%/-":EFM*
*
R-"$%+'%(*%* *
]8(gT.*6*jD6X.$*:EFMA*]8(gT.*+*"%/-":EFM*
"
R-"*&<()/)&* *
[#$8W*:EE=*
"
[5(+,%"(5%,)&&$<d%**
B''.)*+*"%/-":EE,*
*
#%,%+)/<,%"(%.*%,+<0)/<3.* *
0'#€?*:E/F*k()')*#%,%+)/3.l*
*
#-"0)+,<.+(<<* *
P(DHH.''&*6*4.$D8(*]"D$8(*:E_,A*[#$8W*:EFMCA*0?.)&g#*+*"%/-":EF_A*0'#€?*:E/F*k()')"#%,%+)/3.lS"
R&%%.$H"+*"%/-":E/E*
*
#%,%+)/3."%0&<(%,3.*0'#€?*:E/F*
*
#-"%,*<//%&3'* *
B''.)*6*-.$'()*:EE,#*
*
#-"%*+&* *
0'#€?*:E/F*
*
#-"(%'G%,3/%*3.*
P(DHH.''&*6*4.$D8(*]"D$8(*:E_,*
k#-"#%G</<),%(+3.l"
*
#-"0<'<()/%* *
0'#€?*:E/F*
*
#-"'<(&).G)&3.* *
0'#€?*:E/F*
*
#-")/<7%(+3.* *
0?.)&g#*+*"%/-":EF_*
*
#-"&+*<&3?<.* *
P(DHH.''&*6*4.$D8(*]"D$8(*:E_,*
* *
#-".G$<,(*&<,3.* *
2.(7*6*2&L7#))*:EMF+E5A*0'#€?*:E/F*
*
#-".388%/*+%*3.* *
3.DC*6*3(Cc&&<*:EF,A*P(DHH.''&*6*4.$D8(*
]"D$8(*:E_,A*0?.)&g#*+*"%/-":EF_A*0'#€?*:E/FA*088*6*[DW7N)*:E_/A*R.Xd.*+*"%/-*:E__#A*]8(gT.*6*
jD6X.$*:EFMA*]8(gT.*6*<.*-.(g.$*:EE=*
*
#/3*+3."%*&<(%G<//3.*
0?.)&g#*+*"%/-":EF_*+=5*
*
#-"(5%,)G3.* *
B7($#8(*+*"%/-":EFEA*[(88.*+*"%/-":EF=*
*
#-"?/%3(3.* *
]8(gT.*6*<.*-.(g.$*:EE=*
"
#-",<?&)7<&<1<.* *
]8(gT.*6*3&))#$<*:EF/*
*
#-".%/<(<,3.*
4?$(H8(#)H.)*+*"%/-":EF>A*[#$8W*:EF_#A*0?.)&g#*+*"%/-":EF_A*]#DX.*:EF:A*]8(gT.*6*3&))#$<*:EF/A*
]8(gT.*6*jD6X.$*:EFM*
*
#.%*$5&+//%"(%,1)//+%,%*
[#$8W*:EF/"A*j&(d.*+*"%/-":EF:A*0?.)&g#*+*"%/-":EF_*+,5*
*
#-".+G3/($&%/<."+,;>5*
*
#.</)(58+"%&?+,*<G+.*
j&(d.*.8*#'I*:EF:A*i&d&6#7#*:E_/*
*
#-"%*&)8&3,,+%* *
2&('#)<*:E_F*+M5*
*
#-"%d*+()&3'"7%&-* *
2.(7*6*2&L7#))*:EMFA*2.(7*6*2&L7#))*
*
%d*+()&3'* *
:EMF*+E5A*2&L7#))*+*"%/-":EME*
088*6*[DW7N)*:E_/*k()')*#-*8),+*<<l"
*
#-"%d*+()&3'"7%&-"8),+*<<* *
3.).<("8*+*"%/-":E/,#A*3.).<("8*+*"%/-":E/,%A*
*
#-"8%+)(5.*<.* *
3.DC*6*3(Cc&&<*:EF,A*G.D)C*+*"%/-":E/MA*-"4#c'.6*+*"%/-":E/,A*R.Xd.*+*"%/-":E__#*
=\M"
#-"8)$+'<(%"
[#$8W*6*-e''.$*:EFEA*].7.$<W(.T#*+*"%/-*:EF/A*]8(gT.*6*jD6X.$*:EFM*
*
#-"(%+&3/)%,,3/%*%"
]8(gT.*6*<.*-.(g.$*:EE=*
*
#-" (%+&3/+.(+,."7%&"(%+&3/+.(+,."
2.(7*6*2&L7#))*:EMFA*2.(7*6*2&L7#))*:EMF*+E5A*2&L7#))*+*"
%/-":EMEA*]8.()*:E/\*
*
*
#- (%+&3/+.(+,."7%&-"
I'8&)G$</%"=q#-"'<Q%++,.<.:"+/5*
*
#-"(%+&3/<G+."
G.D)C*+*"%/-":E/M*
*
#-" (%//).%"=q#-".*&<(*<G+.!"
G.D)C*+*"%/-":E/M*"&7&*#-"E*&<(*<G+.l*"
"
#-".+'</%,(+%*%*7%&-"(%+'/+.(+,."
3.).<("8*+*"%/-":E/_*"&7&*#-".+'</%,(+%*%*7%&-"B%+&3/+.(+,.l"
*
#-" ()//58<)1+."+_5*
*
#-"()G&<,<0%(<+.* *
BD.$8*+*"%/-":EF\A*].7.$<W(.T#*6*O.$D<*:E_=*].7.$<W(.T#*+*"%/-":EF/A*UD$H8*+*"%/-*:EF>*+M5*
*
#-"()&1<.G)&%"+F5*
*
#-"(38+,.<.* *
B''.)*6*-.$'()*:EE,#A*3(Cc&&<*6*3.DC*:EF,A*[#$8W*6*-e''.$*:EF/A*2.(7*6*2&L7#))*:EMF*+E5A*
2&L7#))*+*"%/-":EMEA*R.Xd.*+*"%/-":E__#A*]8.()*:E/\*
*
#-"(5%,+.(+,.* *
3.).<("8*+*"%/-":E/,#A*3.DC*6*3(Cc&&<*:EF,A*R.Xd.*+*"%/-":E__#A*]8(gT.*6*jD6X.$*:EFMA*n)C.$*6*
4&&dH*:E_E*
*
#-"(5%,)0<8&<//).%*
]8#7.8H*+*"%/-":EF\*
*
#-"+3(%/5G*%* *
-#$C&8*6*U#8'()C*:EF:*
*
YI 0%?<()/%"7%&-"0%?<()/%"+E5*
*
#-"0<'+*%&<%* *
3.).<("8*+*"%/-":E/_*
*
#-"$))?.$%?+,<<"7%&"$))?.$%?+,<<"+:\5*
]8(gT.*6*-.(g.$*:EE=*
*
#-"$))?.$%?+,<<"7%&-"(),7+Q%"=q#-".+'G+&7<7%:*
2.(7*6*2&L7#))*:EMFA*2.(7*6*2&L7#))*:EMF*+E5A*2&L7#))*+*"%/-":EME*"&7&*#-".+'G+&7<7%y*
*
#-" F3'%+,)&3'"+::5*
*
#-"/<,<0)&'%,."T#$I"/<,<0)&'%,.*
]8(gT.*6*jD6X.$*:EFM*
*
#-"/<,<0)&'%,."T#$I"%'+&<(%,%**
]8#7.8H*+*"%/-":EF\*
*
#-"'%<&+<* *
BD.$8*+*"%/-":EF\A*].7.$<W(.T#*6*UD$H8*:EF/*
=\/*
*
#.</)(58+"'+Q<(%,%* *
2.(7*6*2&L7#))*:EMFA*2.(7*6*2&L7#))*:EMF*+E5A*2&L7#))*6*1$&9'.$*:EMEA*2&L7#))*+*"%/-":EMFA*
2&L7#))*+*"%/-":EMEA*]8.()*:E/\*
*
#-"G+//<(3/).%* *
3.DC*6*3(Cc&&<*:EF,A*R.Xd.*+*"#'I*:E__#A*16'.$*:E/:*
*
#-"G.+31)83//%(+%*
-#$"#)&*+*"%/-":EE>*
*
#-"23+8+(+,.<.* *
2.(7*+*"#'I*:E/_A*0'#€?*6*2.(7*:E/_*
*
#-".%'3<+,.<.* *
[#$8W*+*"%/-":EE>*[DW7N)*+*"%/-":EE=A*
*
#-".+'</%,(+%*%*
3.).<("8*+*"%/-":E/_A*3.DC*6*3(Cc&&<*:EF,A*4?$(H8(#)H.)*6*R#H7DHH.)*:EF,A*4?$(H8(#)H.)*+*"#'I*
:EF:A*[#$8W*:EFM#A*[#$8W*:EFMCA*2&L7#))*+*"#'I*:E/=A*2('#)<*:E_FA*r&d($#)8#*+*"%/-":EF>A*-#)8'.*6*
U#(C?8*:E/EA*0?.)&g#*+*"%/-":EF_A*R.Xd.*6*G.H'(.*:E__A*R.Xd.*+*"%/-":E__#A*].7.$<W(.T#*+*"%/-"
:EF/A*]8(gT.*6*jD6X.$*:EFMA*U?(8.*:E_E*
*
#-".+&8<(%* *
-&H.$*6*2&$#d*:E/FA*].7.$<W(.T#*6*O.$D<*:E_=*
*
#-".</7%*<(%* *
R.Xd.*.8*#'I*:E__#I*
*
#-".*3,*d<<"+#-"#3?+*+,.<."2#$$(H*,)'-",31-5*3.DC*6*3(Cc&&<*:EF,A*088*6*[D7N)*:E_/A**R.Xd.*+*"%/-"
:E__‡*
*
#-".38%+&3?<,%.(+,.*7%&-".38%+&3?<,%.(+,.**
j&(d.*+*"#'I*:EF:*
*
#-".38%+&3?<,).%**
Y("d.$*6*R("?#$<H*:E_\*
*
#- .38(%+&3/<G+.*+:,5*
*
#-".38(38+,.<."
B''.)*6*-.$'()*:EE,‡*
*
#-".3853,?+,.<.* *
]8(gT.*6*<.*-.(g.$*:EE=*
*
#-"*%'G%,+,.<.*+:=5*
[#$8W*+*"#'I*:EE>*
*
#-"3&3?3%5+,.<.* *
]8(gT.*6*<.*-.(g.$*:EE=*
*
#-"7+,+,%*%"+:>5*
*
#-"i%..),<"=q#-"'3/<+&(3/%5* *
VH"#'#)8.*:E_=A*VH"#'#)8.*6*GKX.W*:E_:A*2.(7*6*U#HH&)*:EMF*+E5*
*
#-"53,?+,.<.*+#I*%(3*<..<'%A*#-"<.%3&<5*+:M5*
*
#-"d%G)*+()&3'"=q#-"(%,1<1<G+.:* *
2.(7*6*2&L7#))*:EMFA*2.(7*6*2&L7#))*:EMF*+E5A*2&L7#))*+*"%/I*:EMEA*088*6*[DW7N)*:E_/*"&7&*
#-"(%,1<1<G+.y*
=\_*
*
!
#;580!
*
:!*O&*H.*?#)*$.#'(W#<&*#)N'(H(H*ZDb7("&H*<.*B),)(58+".</<?<,+)<1+.!"X.$&*H.*?#*<.H"$(8&*HD*DH&*
7.9("#)&*"&7&*.)8.KC.)&*"?#7N)("&*+2.(7*:EM/%5*.)8$.*'&H*()<(&H*-#W#8."#H*<.*0#9#"#;*ZD.*'&*
"&)&".)*"&)*.'*)&7%$.*<.**%t%t5%-""V'*?#''#WC&*<.*XH('&"(%()#xXH('&"()#*.)*&8$#H*8$.H*.HX."(.H*<.*
B),)(58+"HD%$#6#*'#*X&H(%('(<#<*<.*ZD.*JH8.*H.#*D)*?&)C&*XH('&"b%("&I*
*
,!*V)*:EF/;*.'*ZDb7("&*#'.7N)*rI*[#$8W*()L&$7K*#".$"#*<.*'#*<.8.""(K)*<.*XH('&"(%()#*6x&*XH('&"()#*
.)*X+&&),+'%"0<83/%!"X-".i%&*d<<!">5?&)(58+"G.<**%(<,%!"R,)(58+"()&15%/<,%!"R,)(58+"(%/%'<.*&%*%!"
R,)(58+"$%+'%(*%"5"#.%*$5&+//%"(%,1)//+%,%"+[#$8W*:EF/"5I**1#7%(J)*H.*<.8."8K*%#.&"(H8()#*.)*'#H*
8$.H*.HX."(.H*<.*R,)(58+"6*.)*#.%*$5&+//%*(%,1)//+%,%-""n)*.H8D<(&*X&H8.$(&$*"D.H8(&)K*#'CD)&H*<.*
.H8&H*$.HD'8#<&H*#'*)&*.)"&)8$#$*XH('&"(%()#xXH('&"()#*.)*8$.H*.g.7X'#$.H*<.*X+&&),+'%"0<83/%"
#)#'(W#<&H;*)(*.)*D)&*<.*X-".i%*0d<<"+"(8#<&*"&7&*.HX."(.H*<.'*CJ).$&*N<(F+,+//%:S"8#7X&"&*.)*
"()"&*.g.7X'#$.H*<.*#.%*$5&+//%"(%,1)//+%,%")(*.)*"()"&*<.*>5?&)(58+"G.<**%(<,%"7%&-"G.<**%(<,%!"
D)*.HXJ"(7.)*S)("&*<.*>-"G.<**%(<,%"7%&-"(%/<0)&,<(%"+]8(gT.8*6*jD6X.$*:EFF5I**B<.7NH*&8$&*#)N'(H(H*
$.#'(W#<&*"&)*R,)(58+"(%/%'<.*&%*%"L$#"#HK*.)*<.8."8#$*XH('&"(%b)#*+]8(gT.*+*"%/-":EFM5I**Y&$*8#)8&;*'#*
"'#H(L("#"(K)*<.*X-"0<83/%!"X-".i%&*d<<!">-"G.<**%(<,%*6*R-"(%/%'<.*&%*%".)*.'*C$DX&*<.*'&H*?&)C&H*
XH('&"b%("&H*.H*<D<&H#;*X.$&*<.%.$b#*H.`#'#$H.*ZD.*.9(H8.)*<&H*.H8D<(&H*()<.X.)<(.)8.H*ZD.*
"&)L($7#$b#)*'#*X$.H.)"(#*<.*XH('&"(%()#xXH('&"()#*.)*#.%*$5&+//%"(%,1)//+%,%"+j&(d.*+*"%/-":EF:A*
0?.)&g#*+*"%/-":EF_A*TJ#H.*8#7%(J)*'#*O&8#*>*7NH*#<.'#)8.5I**QCD#'7.)8.;*<&H*.H8D<(&H*
()<.X.)<(.)8.H*7NH*"&)L($7#$b#)*'#*X$.H.)"(#*<.*XH('&"(%()#xXH('&"()#*.)*R,)(58+"()&15%/<,%"5"R-"
$%+'%(*%*+]8(gT.*6*jD6X.$*:EFMA*]8(gT.*+*"%/-":EFM5I**V)*HD*8$#%#g&*<.*:EFF;*]8(gT.*6*jD6X.$*
#L($7#$&)*ZD.*8$.H*.g.7X'#$.H*<.*X5',)G</3.".G+(*%8</<.")&*X$.H.)8#$&)*XH('&"(%()#xXH('&"()#*6*
&8$&*.H8D<(&*$."(.)8.*"D.H8(&)#%#*'#*()"'DH(K)*<.*.H8#*.HX."(.*.)*.'*C$DX&*<.*'&H*?&)C&H*
XH('&"b%("&H*+B''.)*+*"%/-":EE,5;*#'.C#)<&*ZD.*.'*?#''#WC&*<.*XH('&"(%()#*.)*.H8#*.HX."(.*+2#8L(.'<*+*"
%/-":E_F5*H.*<.%b#*#*'#*()"&$$."8#*(<.)8(L("#"(K)*<.'*?&)C&I**V)*.H8.*8$#%#g&*H.*"(8#%#)*<&H*.H8D<(&H*
+4?$(H8(#)H.)*+*"%/-":EF>A*j&(d.*+*"%/-":EF:5*.)*'&H*ZD.*H.*<.8.$7()K;*.)*%#H.*#'*.H8D<(&*<.*8$.H*
.g.7X'#$.H*<.*X-".G+(*%8</<."+D)&*X$&".<.)8.*<.*O&$D.C#*6*<&H*<.*r#XK)*$.HX."8(T#7.)8.5;*ZD.*
8&<&H*"#$."b#)*<.*XH('&"(%()#xXH('&"()#I**]()*.7%#$C&;*.'*)&7%$.*g#X&)JH*<.*.H8#*.HX."(.*)Ti%&%<T
*%F+"a?&%,*?&)C&*<.*'#*$(H#m;*X#$.".*()<("#$*.'*"&)&"(7(.)8&*X&XD'#$*<.*HDH*X$&X(.<#<.H*
.)8.&CJ)("#H*.)*r#XK)*+Q7#W.d(*:E_=5I**B''.)*+*"%/-"+:EE,5;*.)*HD*b)<(".*<.*l.HX."(.H*"&)&"(<#H*<.*
?&)C&H*#'D"()KC.)&Hm;*.9"'D6.$&)*#*;?&)(58+"0%&<,%(+%"<.*'#*'(H8#;*#D)ZD.*()<("#$&)*'#*.9(H8.)"(#*
<.*()L&$7.H*.)*'&H*ZD.*H.*H.`#'#*ZD.*"&)8(.).*XH('&"(%()#*+j&(d.*+*"%/-":EF:5*6*#8$(%D6.)*<.*L&$7#*
.$$K).#*'#*"&)L($7#"(K)*<.*.H8.*#)N'(H(H*#*D)*8$#%#g&*X&H8.$(&$*ZD.*()L&$7#%#*<.*'#*<.8.""(K)*<.*
8$#W#H*<.*XH('&"(%()#*.)*D)#*.HX."(.*)&*<.8.$7()#<#*<.*;?&)(58+"+0?.)&g#"+*"%/-"rgvV:-"";?&)(58+"
0%&<,%(+%"<.%.$b#*?#%.$*.H8#<&*()"'D(<#*.)*HD*'(H8#*H()*'#*7.)&$*<D<#;*XD.H8&*ZD.*)&*.9(H8.*)()CS)*
()L&$7.*).C#8(T&*#'*$.HX."8&;*#*<(L.$.)"(#*<.*#%,%+)/<,%"0)+,<.+(<<"ZD.*Hb*LD.*()"'D(<#*.)*HD*
4D#<$&;*#*X.H#$*<.*ZD.*.9(H8.)*8#)8&*X$D.%#H*X&H(8(T#H*"&7&*).C#8(T#H*+"&7&*7b)(7&*"()"&*
=\F*
*
.H8D<(&H*?#)*<.8.$7()#<&*ZD.*.H8#*.HX."(.*.H*XH('&"b%("#A*TJ#H.*.H8#*.)8$#<#*.)*.'*4D#<$&*X#$#*
7NH*$.L.$.)"(#H5I**B*X.H#$*<.*'#H*X$D.%#H*ZD.*H.`#'#%#)*'#*X$.H.)"(#*<.*lXH('&"(%()#*'#8.)8.m*
+"&7&*'#*"#'(L("K*0'#€?5*.)*.'*?&)C&;*B''.)*6*-.$'()*+:EE:5*#L($7#)*?#%.$*l<.7&H8$#<&m*ZD.*)&*.H*
XH('&"b%("&I**P()#'7.)8.;*.)*.'*b)<(".*<.*B''.)*+*"%/-*<.*:EE,;*'&H*#D8&$.H*&7(8.)*8#7%(J)*#*
#%,%+)/3."'<(&).G)&3.!"#D)ZD.*H.`#'#)*ZD.*.)*.HX."b7.).H*"D'8(T#<&H*H.*?#*.)"&)8$#<&*
XH('&"(%()#*+0'#€?*:E/F5I**Y&$*&8$#*X#$8.;*.H8.*b)<(".*<.*.HX."(.H*lXH('&"b%("#H*H.CS)*H.*?#*
<.7&H8$#<&*"(.)8bL("#7.)8.m*()"'D6.*>/*.HX."(.H*<.'*CJ).$&*#.</)(58+!"8$.H*<.'*CJ).$&*X5',)G</3."
6*<&H*<.'*CJ).$&*B)G+/%,1<%*.)*'#H*ZD.*'&H*#)N'(H(H*ZDb7("&H*)&*?#)*X&<(<&*<.8.$7()#$*'#*
X$.H.)"(#*<.*XH('&"(%()#xXH('&"()#;*)(*?#)*H(<&*"(8#<#H*"&7&*.7%$(#C#)8.H*8$#<("(&)#'.HI**PD.$&)*
#`#<(<#H*#*'#*'(H8#*X&$*HD*#L()(<#<*8#9&)K7("#*"&)*.HX."(.H*XH('&"b%("#H*"&)&"(<#H*6x&*X&$*
X$.H.)8#$*'#*X$&X(.<#<*<.*#WD'#$H.I**2.*"'#H(L("#<&*.H8#H*.HX."(.H*gD)8&*"&)*#'CD)#H*&8$#H*"&7&*
l.HX."(.H*X$&%#%'.7.)8.*XH('&"b%("#Hm*.)*'#*)&8#*#'*L()#'*<.*.H8.*4D#<$&I**]K'&*.)*7D6*X&"&H*"#H&H*
.9(H8.*()L&$7#"(K)*X$&".<.)8.*<.*%(&.)H#6&H*7&<.$)&H*ZD.*"&)L($7.)*'#*XH("&#"8(T(<#<*<.*.H8#H*
.HX."(.HI*
*
=!* 2&$#d*+:E_F5*.H"$(%(K*ZD.*.'*XD.%'&*3#)W#*<.'*BL$("#*".)8$#'*"&)HD7b#*.'*?&)C&*#/3*+3."
%*&<(%G<//3."7%&-"+%/+,.<.!"<.*&'&$*#"$.*6*H#%&$*#7#$C&I**V'*?&)C&*.H*"&)&"(<&*.)8$.*'&H*V#'#*<.'*
q#($.*"&)*.'*)&7%$.*<.*/).3/3"6*"&)*.'*<.*%8%,1%".)8$.*'&H*3#)W#I**O&*H.*<#%#)*7NH*<.8#''.H;*X.$&*
XD.H8&*ZD.*#-"%*&<(%G<//3.""&)8(.).*XH('&"(%()#xXH('&"()#*+0?.)&g#*+*"%/-":EF_5;*<.%.7&H*"&)H(<.$#$*
'#*X&H(%('(<#<*<.*ZD.*'&H*3#)W#*D8('(".)*'#*T#$(.<#<*+%/+,.<.""&7&*.)8.&CJ)("&;*?&)C&*ZD.*<.*
#"D.$<&*"&)*'#*<.H"$(X"(K)*.H8N*'.g&H*<.*H.$*<.'.(8#%'.I*
*
>! *].*?#*<.H"$(8&*.'*DH&*<.*#.%*$5&+//%".+G3/($&%/<.""&7&*
.)8.KC.)&*X&$*'&H*()<(&H*q#X&8."#H*<.*0#9#"#;*-J9("&*+]()C.$*+*"%/-":EMF#5I**088*6*[DW7N)*+:E_/5*
#)#'(W#$&)*<&H*7D.H8$#H*+<.*:E*6*F*#`&H*<.*#)8(Ce.<#<5*.)8$.*'#H*ZD.*?#%b#*.'*8(X&*<.*.H8#*.HX."(.;*
X.$&*)&*XD<(.$&)*<.8."8#$*)(*XH('&"(%()#*)(*XH('&"()#I**[DW7N)*H&HX."?K*ZD.*'&H*()L&$7#)8.H*
W#X&8."#H*?#%b#)*"&)LD)<(<&*.H8#*.HX."(.*"&)*#.</)(58+"d%G)*+()&3'"+088*6*[DW7N)*:E_/5;*X.$&*
.'*X&H8.$(&$*?#''#WC&*<.*XH('&"(%()#*.)*#.%*$5&+//%"(%,1)//+%,%*$.#'(W#<&*X&$*8$.H*C$DX&H*<.*
()T.H8(C#<&$.H;*X#$."(K*()<("#$*ZD.*#-".+G3/($&%/<."+,*.H8#<&*L$.H"&*XD.<.*8#7%(J)*"&)8.).$*
XH('&"(%()#xXH('&"(%()#I**Y&$*&8$#*X#$8.;*D)*#)N'(H(H*$."(.)8.*+]8(gT.*6*jD6X.$*:EFF5*<.*"()"&*
.g.7X'#$.H*<.*#-"(%,1)//+%,%"8#7X&"&*XD<&*.)"&)8$#$*XH('&"(%()#;*X&$*'&*ZD.*D)#*'(H8#*X&H8.$(&$*
<.*?&)C&H*XH('&"b%("&H*<.H"D(<K*()"'D($*.HX."(.H*<.'*CJ).$&*#.%*F5&+//%"+B''.)"+*"%/-":EE,A*TJ#H.*
O&8#*,5I*
*
M! *[DW7N)*H.*7&H8$K*()"'()#<&*#*X.)H#$*ZD.*.'*.HXJ"(7.)*
#)#'(W#<&*X&$*2&('#)<*"&)*.'*)&7%$.*<.*#.</)(58+"%*&)8&3,,+%"X&<$b#*?#%.$*H(<&*7NH*%(.)*YI*
.+&8<(%"&"#-"(%//).%"+[DW7N)*:EF=5;*<&H*.HX."(.H*XH('&"b%("#H*%(.)*"&)&"(<#HI**VH*X&H(%'.*ZD.*'#*
.HX."(.*"?."&H'&T#"#*#.</)(58+"()G&<,<0%(<+."+"'#H(L("#<#*#*T.".H*"&7&*>5G$)/)'%"&"E*&)G$%&<%:!"
.)*'#*ZD.*H.*.)"&)8$K*XH('&"(%()#;*H.#*H()K)(7#*<.*#.</)(58+*%*&)8&3,,+%"+[DW7N)*:EF=A*
].7.$<W(.T#*6*O.$D<*:E_=5;*X.$&*[DW7N)*?#*()"'D(<&*$."(.)8.7.)8.*#*#7%#H*.HX."(.H*.)*D)#*
'(H8#*<.*?&)C&H*X('&"b%("&H*+B''.)*+*"%/-":EE,5I**B'CD)&H*7("K'&C&H*.D$&X.&H*"&)H(<.$#)*ZD.*
#.</)(58+"()G&<,<0%(<+."5"#-".+&8<(%!"#Hb*
=\E*
*
"&7&*#-"8)$+'<(%"6*#-"'%<&+<"X.$8.).".)*.)*$.#'(<#<*#*D)#*S)("#*.HX."(.;*#-"(5%,+.(+,."+[#$8W*
:EE=A*j$(.C'H8.().$*:EF>5;*#D)ZD.*H.*?#*<.7&H8$#<&*ZD.*.9(H8.)*l%#$$.$#H*$.X$&<D"8&$#H*8&8#'.Hm*
.)8$.*T#$(.<#<.H*<.*#-"(5%,+.(+,."5"#-"8)$+'<(%!".)*%#H.*#*"D'8(T&H*<.*.HX&$#H*#(H'#<#H*
+7&)&"#$(K8("#H5;*7&H8$#)<&*ZD.*.H8#H*<&H*H&)*.)*.L."8&*.HX."(.H*<(H8()8#H*+B''.)*+*"%/-":EE,5I*
*
/!**O&*H.*?#)*$.#'(W#<&*.H8D<(&H*ZDb7("&H*<.*#.</)(58+"(%+&3/+.(+,."7%&-")'8&)G$</%"=q#-"
(%+&3/+.(+,.".38-".G-"'%d%*+()&3'"7%&-")'8&)G$</%S"#-"(%+&3/+.(+,."7%&-"'%d%*+()&3'"7%&-"
)'8&)G$</%S"#-"'<Q%++,.<.:-""]()*.7%#$C&;*.H8#*.HX."(.*ZD.*H.*8&$)#*#WD'#<#;*.H*()<D<#%'.7.)8.*
XH('&"b%("#;*XD.H8&*ZD.*H.*?#*<.H"$(8&*HD*DH&*"&7&*.)8.KC.)&*X&$*'&H*()<(&H*-(9.*<.*0#9#"#;*
-J9("&;*<&)<.*H.*'#*"&)&".*"&)*.'*)&7%$.*<.*F),?F"+2.(7*6*U#HH&)*:EMFA*G(XX*:EE:5I**V'*?&)C&*
#-"(%+&3/+.(+,."7%&-"(%+&3/+.(+,."<.*[DW7N)*()"'D6.*#*'&H*H(CD(.)8.H*8#9&).Hv*#.</)(58+"
'%d%*+()&3'!"#-"(%+&3/+.(+,."7%&-"'%d%*+()&3'!"#-"(%+&3/+.(+,."7%&-"'%d%*+()&3'!"$+/<)G$</%!"#-"
(%+&3/+.(+,."7%&-",<?&<G+."5"#-*(%+&3/+.(+,.".38-".G-"(%+&3/+.(+,."7%&-"%/8<1%-*
*
VT""YH('&"6%.*()//58<)<1+.I**]&D8?"&88*+:E_>5*()L&$7K*ZD.*R("d#$<H*?#%b#*.)"&)8$#<&*XH('&"(%()#*.)*
.H8#*.HX."(.*#DH8$#'(#)#;*X.$&*[DW7N)*+:EF=5*<D<K*<.*'#*(<.)8(L("#"(K);*X.)H#)<&*ZD.*.$#*7NH*
X$&%#%'.*ZD.*.'*7#8.$(#'*#)#'(W#<&*LD.$#*#-"%3.*&%/<%,%!*#-"+3(%/5G*%")"#-"*%.'%,<%,%-""]()*<D<#;*
8&<#H*.H8#H*.HX."(.H*#DH8$#'(#)#H;*ZD.*H.*8&$)#)*#WD'.H;*H&)*XH('&"b%("#H;*X.$&*HK'&*H.*?#*
<.7&H8$#<&*7.<(#)8.*#)N'(H(H*ZDb7("&H*.)*.'*"#H&*<.*#-"+3(%/5G*%"+-#$C&8*6*U#8'()C*:EF:5I**].*?#*
<.H"$(8&*$."(.)8.7.)8.*.'*DH&*<.*#-"%3.*&%/<%,%"5"#-"*%.'%,<%,%"X&$*HDH*.L."8&H*.)8.&CJ)("&H*.)*
BDH8$#'(#I*+B''.)*+*"%/-":EE:5I**]()*.7%#$C&;*-#$C&8*6*U#8'()C*+:EF:5*)&*XD<(.$&)*<.8."8#$*
"&7XD.H8&H*.)8.&CJ)("&H*.)*#-"%3.*&%/<%,%")(*.)*#-"*%.'%,<%,%-*
*
F!*BS)*)&*H.*?#)*$.#'(W#<&*#)N'(H(H*ZDb7("&H*<.*#.</)(58+"()&1<.G)&%!"#D)ZD.*.H*X$&%#%'.*ZD.*
"&)8.)C#*XH('&"(%()#xXH('&"()#;*XD.H8&*ZD.*H.*?#*<.H"$(8&*HD*DH&*"&7&*.)8.KC.)&*X&$*'&H*()<(&H*
-(9.*6*-#W#8."#H*<.*0#9#"#;*-J9("&*+2.(7*:EM/%5I**G&H*-(9.*''#7#)*#*.H8.*?&)C&*%*F%*"+G(XX*
:EE\5*6*'#*<&H(H*8bX("#*ZD.*D8('(W#)*.)*'#*#<(T()#"(K)*"?#7N)("#*.H*<.*:,*&*:=*X#$.H*<.*?&)C&H*+G(XX*
:EE:5I*
*
E!*BS)*)&*H.*?#*.H8D<(#<&*'#*"&7X&H("(K)*ZDb7("#*<.*#.</)(58+"0%?<()/%"7%&-"0%?<()'#;*X.$&*.H*
X$&%#%'.*ZD.*"&)8.)C#*XH('&"(%()#*6x&*XH('&"()#I**2.(7*6*4#(''.D9*+:EME5*H.`#'#$&)*ZD.*.H8#*
.HX."(.*.$#*l.T(<.)8.7.)8.*#'D"()KC.)&m*.)*%#H.*#*()L&$7#"(K)*$.'#"(&)#<#*"&)*.g.7X'#$.H*
$."&'."8#<&H*".$"#*<.*q#"#8'#7#6#;*-J9("&I*
*
:\!"#.</)(58+"$))?.$%?+,<<"7%&-"0%?<()/%"+[DW7N)":EF=5*<(L.$.)"(K*<&H*T#$(.<#<.H*.)*'#*#-"
$))?.$%?+,<<"<.*2.(7*+'#*&8$#*T#$(.<#<*''#7#<#*(),7+Q%"LD.*"'#H(L("#<#*&$(C()#'7.)8.*"&7&*J"
.+'G+&7<7%"X&$*2.(7*6*4#(''.S95I**Y#$.".*H.$*ZD.*)&*H.*?#*#)#'(W#<&*'#*"&7X&H("(K)*ZDb7("#*<.*'#*
T#$(.<#<*$))?.$%?+,<<!"#D)ZD.*2&L7#))*6*2.(7*<.8.$7()#$&)*ZD.*'#*T#$I*(),7+Q%"=q#-"
.+'G+&7<7%:".$#*D)&*<.*'&H*?&)C&H*.)8.KC.)&H*7.9("#)&H*"&)*'#*"&)".)8$#"(K)*7NH*.'.T#<#*<.*
XH('&"(%()#xXH('&"()#*+\;/a*<.*XH('&"(%()#;*\;:a*<.*XH('&"()#A*2.(7*6*2&L7#))*:EMFA*2.(7*6*
2&L7#))*:EMF*EyA*2&L7#))**
=:\*
*
+*"%/-":EME5I**RD%.'*6*[.88.'L()C.$!j$.g"(*+:E_/5*<.H"$(%(.$&)*.'*DH&*<(#C)KH8("&*<.'*?&)C&*.)8$.*
'&H*4?()#)8."#H*<.*0#9#"#;*-J9("&I**Y&$*HD*X#$8.;*'&H*-(98."#H*D8('(W#)*.H8#*.HX."(.*"&)*L().H*
#<(T()#8&$(&H;*()C($(.)<&*H.(H*X#$.H*<.*'#*T#$(.<#<*$))?.$%?+,<<*+G(XX*:EE:5I**]8(gT.*6*<.*-.(g.$*
+:EE=5*.)"&)8$#$&)*XH('&"(%()#;*XH('&"()#*6*%#.&"(H8()#*.)*'#*T#$I*$))?.$%?+,<<-*
*
::*|"#.</)(58+"F3'%+,)&3'-""@D$#)8.*HD*.H8D<(&*<.'*L.)K7.)&*<.*'#*l'&"D$#*()<D"(<#*X&$*
?&)C&Hm*<.*'&H*jD7#*<.*OD.T#*[D().#*+TJ#H.*4#Xb8D'&*M;*O&8#*M*6*BXJ)<(".*35;*2.(7*6*U#HH&)*
$."&'."8#$&)*.H8.*#.</)(58+"ZD.*H.*8&$)#%#*#WD'#<&*6*'&*<.H"$(%(.$&)*"&7&*.)8.&CJ)("&*+2.(7*
:E_FA*2.(7*+*"%/-":E/_5I**V'*)&7%$.*ZD.*'.*<#)*'&H*)#8(T&H*.H*F)3//"*)3&&)3'")"F))8/"*)3&&3'-""VH8.*
?&)C&*.H*()<D<#%'.7.)8.*XH('&"b%("&*6*.H*".$"#)&*#*'#*"&)&"(<#*.HX."(.*XH('&"b%("#*#-"
d%G)*+()&3'-""].*?#*<.H"$(8&*$."(.)8.7.)8.*HD*DH&*"&)*L().H*'S<("&H*.)*OD.T#*q.'#)<#;*gD)8&*"&)*
'#*.HX."(.*$.'#"(&)#<#*#-"@)7%+d+/%,1<%+"6*.H*X&H(%'.*ZD.*H.*DH.*<.'*7(H7&*7&<&*.)*BDH8$#'(#*
+B''.)*+*"%/-":EE:5I**]()*.7%#$C&;*[DW7N)*<(g&*<.*#-",)7%+d+%/%,1<%+"ZD.*l)&*H.*8&$)#%#*#WD'm*6*'#*
H(8DK*.)*'#*H.""(K)*#&%*+,.%+!"[DW7N);*<&)<.*)&*H.*.)"D.)8$#)*.HX."(.H*XH('&"b%("#H*"&)&"(<#H*
+[DW7N)*+*"%/-":EE:5I**V'*.H8#8DH*<.*.H8#*.HX."(.*"&7&*?&)C&*.)8.KC.)&*.H*X&$*8#)8&*<D<&H&;*#*
X.H#$*<.'*.H"$(8&*H&%$.*HD*DH&*'S<("&*.)*OD.T#*q.'#)<#I*
*
:,!*n)*7("K'&C&*g#X&)JH*$.#'(WK;*gD)8&*"&)*8$.H*.H8D<(#)8.H;*X$D.%#H*X#$#*<.8.$7()#$*'#H*
X$&X(.<#<.H*.)8.KC.)#H*<.*#.</)(58+".38(%+&3/<G+."+i&d&6#7#*:E_=5*"&)*$.HD'8#<&H*X&H(8(T&HI**V'*
?&)C&*"&)8(.).*()<D<#%'.7.)8.*XH('&"(%()#xXH('&"()#;*X.$&*)&*?#*H(<&*#)#'(W#<&*ZDb7("#7.)8.I**
i&d&6#7#*#L($7K*7NH*8#$<.*ZD.*"$.b#*ZD.*.'*?&)C&*ZD.*?#%b#*X$&%#<&*.$#*.)*$.#'(<#<*#-"
%&?+,*<G+.!"ZD.*8(.7X&*<.HXDJH*H.*<.7&H8$#$b#*ZD.*"&)8(.).*XH('&"(%()#*+j&(d.*+*"%/-":EF:5I*
*
:=!*n)*H&'&*.HXJ"(7.)*<.*#.</)(58+"*%'G%,+,.<.!"$."&'."8#<&*".$"#*<.*1#7X#;*P'&$(<#;*LD.*'#*
%#H.*<.*D)#*H.$(.*<.*"D'8(T&H*6*<.*d(8H*"&7.$"(#'.H*X#$#*"D'8(T#$'&*ZD.*H.*T.)<(.$&)*.)*$.T(H8#H*
"&)8$#"D'8D$#'.H*<.*<$&C#H*+Y&''&"d*:E_E5I**VH8#*.HX."(.*+ZD.*H.*8&$)#*#WD'5*X$.H.)8K;*.)*D)&H*
#)N'(H(H*$.#'(W#<&H*$."(.)8.7.)8.*"&)*'&H*.H"'.$&"(&H*"D'8(T#<&H;*XH('&"(%()#*6*XH('&"()#*+[#$8W*+*"%/-"
:EE>A*[DW7N)*6*Y&''&"d*:E_FA*Y..'.*:EFM5I*
*
:>!"#.</)(58+"7+,+,%*%"4&)*.'*)&7%$.*<.*E*)G$%&<%"(%+&3/+.(+,.!"Q7#(*+:E=,5*()L&$7K*#".$"#*<.*
.H8#*.HX."(.*ZD.*?#%b#*X$&T&"#<&*.)*r#XK)*D)#*l()8&9("#"(K)*.HX."(#'m*6*<.H"$(%b#*<&H*"#H&HI**O&*
H.*?#*.H8D<(#<&*'#*"&7X&H("(K)*ZDb7("#*<.*#-"7+,+,%*%!"X.$&*.H*H()*<D<#*XH('&"b%("#*+-#8HD<#*
:E/\5***4&)*.'*)&7%$.*<.*'#*.HX."(.*$.'#"(&)#<#*#-".38%+&3?<,%.(+,."+H.X#$#<#*<.H<.*.)8&)".H*
X&$*[DW7N)*.)*<&H*T#$(.<#<.Hv*.38%+&3?<,%.(+,."5".+G*+,*&<),%/<.S"[DW7N)*:EF=5;*]()C.$*6*]7(8?*
+:EMF%5*#8$(%D6.$&)*L#'H#7.)8.*<(.W*7D.$8.H*&"D$$(<#H*.)*r#XK)*#*.H8#*.HX."(.;*H()*ZD.*.)*
$.#'(<#<*?D%(.$#*"#DH#<&*)()CD)#*7D.$8.I**n)#*7D.$8.*&"D$$(<#*.)*2#c#((*.)*:E_,*6*ZD.*H.*
#8$(%D6K*#*?&)C&H*XH('&"b%("&H*+Y&''&"d*:E_>5*H.*?#*T(H8&*ZD.*.)*$.#'(<#<*H.*<.%(K*#*D)#*H&%$.<&H(H*
<.*?.$&()#*+B''.)*:EFF5I**V9(H8.*'#*X&H(%('(<#<*<.*"&)LD)<($*'&H*?&)C&H*XH('&"b%("&H*"&)*.HX."(.H*
7&$8#'.H*<.*X%/+&<,%!"ZD.*"&)8(.).)*#7#8&9()#*+088*:E_E%A*
=::*
*
R&'<*:EF/5I**Y&$*.''&*#'CD)#H*lCDb#H*<.*"#7X&m*<.*?&)C&H*XH('&"b%("&H*.7X.W#$&)*#*()"'D($*'N7()#H*
.)*"&'&$*<.*'#H*.HX."(.H*T.).)&H#H*<.*X%/+&<,%"X#$#*L#"('(8#$*'#H*"&7X#$#"(&).H*+-.)H.$*:E__A*088*
:E_/%A*088*:E_E%A*]8#7.8H*:E_F5I**].*?#*$.C(H8$#<&*"&7&*7b)(7&*D)#*7D.$8.*<.%(<#*#*'#*
"&)LDH(K)*<.*X%/+&<,%""&)"#.</)(58+"+B''.)*:EFFA*3.DC*6*3(Cc&&<*:EF,5I*
*
 :M!"#.</)(58+"53,?+,.<."=q#-"%(3*<..<'%S"#-"<.%3&<5"**BD)ZD.*2&L7#))*)&*XD<&*<.8."8#$*
XH('&"(%()#*)(*XH('&"()#*.)*D)#*7D.H8$#*H."#*X$&".<.)8.*<.*0#9#"#;*-J9("&*+2.(7*6*4#(''.D9*:EMEA*
2.(7*6*U#HH&)*:EMF5;*H.*?#*<.H"$(8&*.'*DH&*<.*.H8#*.HX."(.*"&7&*.)8.KC.)&*X&$*'&H*()<(&H*
-#W#8."#H*6*-(9.;*.*()<D<#%'.7.)8.*"&)8(.).*XH('&"(%()#*6x&*XH('&"()#I**RI[IU#HH&)*"#'(L("K*.H8#*
.HX."(.*<.*.)8.&CJ)("#;*<.HXDJH*<.*()C.$($'#*.)*gD'(&*<.*:EMF*.)*R(&*]#)8(#C&;*0#9#"#*+2.(7*6*
U#HH&)*:EMF5I**V)*.'*H(C'&*^fQQ;*'&H*7(H(&).$&H*g.HD(8#H*.)*.'*B7#W&)#H*X.$D#)&*<.H"$(%(.$&)*.'*
DH&*.)8$.*'&H*()<(&H*iD$(7#CD#;*<.*D)#*X&"(K)*.)8.&CJ)("#*X$.X#$#<#*#*%#H.*<.*l?&)C&H*ZD.*
"$.".)*.)*'&H*N$%&'.H*"#(<&Hm*+]"?D'8.H*6*2&L7#))*:EF\5I**YD.<.*ZD.*H.*8$#8#$#*<.'*'(C)b"&'#*#-"
53,?+,.<.!"ZD.*H.*.)"D.)8$#*?#%(8D#'7.)8.*.)*4&'&7%(#;*V"D#<&$*6*3&'bT(#*.)*]D<#7J$("#;*X.$&*
ZD.*)D)"#*?#*H(<&*$."&'."8#<&*.)*Y.$S;*X#bH*ZD.*H.*.)"D.)8$#*"(.$8#7.)8.*<.)8$&*<.*HD*N7%(8&*
C.&C$NL("&*+[DW7N)*:EF=5I**08$#*X&H(%('(<#<*H.$b#*ZD.*.'*.)8.KC.)&*<.*'&H*iD$(7#CD#*LD.$#*'#*
.HX."(.*L<(*5),+'%!"$."&'."8#<#*X&$*@#T(H*6*i&H8;*D)*l?&)C&*#$%&$b"&'#m*ZD.*H.*<(".*ZD.*LD.*
DH#<&*X&$*'&H*"?#7#).H*#)".H8$#'.H*U#&$#)(*"&7&*.7%$(#C#)8.*.)8.&CJ)("&*.)*.'*V"D#<&$*
B7#WK)("&;*"&)*.'*)&7%$.*<.*,+,+,1%G+"+@#T(H*6*i&H8*:EF=#5I**4&7&*8.$".$*"#)<(<#8&;*[#$8W*
X$&XDH&*$."(.)8.7.)8.*#'*?&)C&*XH('&"b%("&*'(C)b"&'#*X5',)G</3."G3&G3&%*3."<.*]D<#7J$("#*+[#$8W*
:EE=5I**@(T.$H&H*7&8bT&H*LS)C("&H*$.X$.H.)8#<&H*.)*'&H*X."8&$#'.H*@#$(.)*X$&".<.)8.H*<.*
4&'&7%(#*6*.)*L(CD$(8#H*<.*&$&*ZD(7%#6#;*gD)8&*"&)*'&H*?&)C&H*$.X$.H.)8#<&H*.)*'#H*<&H*lL$.)8.Hm*
<.*<&H*T#H(g#H*7&"?("#*"&)*L&$7#*<.*"#%.W#*?D7#)#;*?#)*H(<&*()8.$X$.8#<#H*"&7&*$.X$.H.)8#)8.H*
<.'*#)8(CD&*DH&*8$#<("(&)#'*<.*'&H*?&)C&H*.)8.KC.)&H*.)*]D<#7J$("#*+V77.$("?*:E/MA*]"?D'8.H*6*
3$(C?8*:E_E5I*
*
*
…*V)*.H8#*'(H8#*H.*.)D7.$#)*8&<&H*'&H*?&)C&H*"&)&"(<&H*ZD.*"&)8(.).)*XH('&"(%()#*+6x&*
XH('&"()#5*ZD.*H.*#gDH8#)*#*D)#*&*#*'#H*<&H*"&)<("(&).H*H(CD(.)8.Hv*:5*#)N'(H(H*ZDb7("&*+#(H'#7(.)8&*
6x&*<.8.""(K)*<.*XH('&"(%()#xXH('&"()#*7.<(#)8.*7J8&<&H*.H8#)<#$<H*"&7&*"$&7#8&C$#Lb#*.)*"#X#*
L()#;*"$&7#8&C$#Lb#*'bZD(<#*<.*#'8#*X$.H(K)*.8"I5A*6*,5*()L&$7.H*H&%$.*HD*DH&*#D8K"8&)&*"&7&*
.7%$(#C#)8.H*"?#7N)("&H*%#H#<&H*.)*8$#%#g&*<.*"#7X&*6x&*X&$*#D8&.9X.$(7.)8#"(K)*X&$*
()T.H8(C#<&$.H*L(#%'.HI**V)*.'*"#H&*<.'*CJ).$&*#.</)(58+!"#'*ZD.*X.$8.).".)*#'$.<.<&$*<.*'#*7(8#<*
<.*'#H*.HX."(.H*XH('&"b%("#H*X$&%#<#H;*H.I*?#*H.CD(<&*'#*"'#H(L("#"(K)*8#9&)K7("#*<.*[DW7N)*+:EF=5I**
V)*.'*"#H&*<.*'&H*CJ).$&H*#%,%+)/3.!"#%,%+)/<,%"5"B)G+/%,1<%!"?.*#<&X8#<&*.'*H(H8.7#*<.*
"'#H(L("#"(K)*<.*[DW7N)*6*RI*]()C.$*D8('(W#<&*.)*D)*b)<(".*$."(.)8.*<.*?&)C&H*XH('&"b%("&H*
"&)&"(<&H*+B''.)*+*"%/-":EE,5I**[DW7N)*+:EF=5*6*B''.)*+*"%/-"+:EE,5*"'#H(L("#)*"&7&*l#'D"()KC.)&Hm*
+.)*%#H.*#*#L()(<#<.H*7&$L&'KC("#H*"&)*'#H*.HX."(.H*XH('&"b%("#H*"&)&"(<#H*6*#*'#*X$&X(.<#<*<.*
8&$)#$H.*#WD'*<.'*7#8.$(#'*L$.H"&*&*H."&A*[#$8W*:EFM%A*G.T().*:E/_5*>\*8#9&).H*#<("(&)#'.H*<.*
#.</)(58+".)*'&H*ZD.*)&*H.*?#*<.8.$$)()#<&*HD*"&)8.)(<&*.)*XH('&"(%()#xXH('&"()#*&*HD*DH&*"&7&*
.)8.KC.)&HI**VH8#H*X$&%#%'.H*.HX."(.H*XH('&"b%("#H*#<("(&)#'.H*H&)v*#.</)(58+"%(3*<G</+%!"
%,?3.*<G/+3&)(5.*<1<%*%!"%&'%,1<<!"%3.*&%/<%,%!"8%,1+&<//+,.<.!*8&%.</<+,.<.!"8&3,,+)(5.*<1%*%!"
(%&8),%&<%!"()/)'8<%,%!"13'),*<<!"0%?<()/%"7%&-"'+.)(5.*<1%*%!"0%&<,%(+%!*
=:,*
*
03/<?<,).%!"03&*%1)%,%!"?%/<,1<<!"?),<).G)&%!"?&%7+)/+,.!"$+<'<<!"$+&&+&%+!"<,(),.G<(3%!"6%()8.<<!"
/),($)G$)&3.!"'%''<//%*%!")($&+%*%!"#%G3%,%!"#<,*),<<!"G/+3&)(5.*<1<).%!"G/3*),<%!"&d+1)i.F<<!"
.($3/*+.<<!".<,?+&<!*.38%+&3?<,%.(+,."7%&-".+G*+,*&<),%/<.!".380<'+*%&<%!"*%.'%,<%,%!"3QG%,%G+,.<.!"
7+&%+(&3(<.!"i%..),<)&3'!*i+/1+,<<!"i&<?$*<<"5"Q%/%G+,.<.-""B<.7NH;*T#$(&H*#$8b"D'&H*$."(.)8.H*
$.L.$.)8.H*#*.HX."(.H*ZD.*H.*H&HX."?#*H&)*.)8.&CJ)("#H*<.*BDH8$#'(#;*OD.T#*q.'#)<#*6*&8$&H*
'DC#$.H*?#)*7.)"(&)#<&*'&H*H(CD(.)8.H*:>*.HX."(.H*#<("(&)#'.H*ZD.*X$.H.)8#)*'#*"#X#"(<#<*<.*
#WD'#$H.*X&$*'&*ZD.*H&)*X$&%#%'.7.)8.*XH('&"b%("#H*+B''.)*+**#'I*:EE:A*B''.)*+*"%/-":EE,A*[DW7N)*+/"
%/-":EFFA*[DW7N)*+*"%/-":EE:A*-.$'()*6*B''.)*:EE=5v*B)G+/%,1<%"'+Q<(%,%!"B-"i+.*<<!"X5',)G</3."
8&%+,1/+<!"X-"<,*+&'+1<3.!"X-"/+*+)7<&<1<.!"X-"G3&G3&%*3."7%&-"G%'G+%,3.!"X-*.38G3&G3&%*3.!"
[5(+,%"%'<(%*%!"[-"(5%,+.(+,.!"[-"G3&%!"#.</)(58+"%3(F/%,1<<!"#-"8%&&+&%.!"#-",)7%+d+%/%,1<%+"5"
#-".%,(*)&3'-""[DW7N)*$."(.)8.7.8.*<.H"$(%(K*'#H*H(CD(.)8.H*.HX."(.H*)D.T#H*<.*#.</)(58+"ZD.*
7#)"?#)*#WD'*6*X$&%#%'.7.)8.*"&)8(.).)*XH('&"(%()#xXH('&"()#v*#-"($<%G%,+%,.<.!"#-"'+&<1+,.<.!*#-"
').+&<!"#-".38*&)G<(%/<."5"#-"%?3%'%&<,%-""B`#<(.)<&*.H8#H*ME*.HX."(.H*X$&%#%'.7.)8.*XH('&"b%("#H*
#*'#H*E/*6#*"&)&"(<#H*#$$&g#*D)*8&8#'*<.*:MM*.HX."(.H*<.*?&)C&H*XH('&"b%("&H*.)*8&<&*.'*7D)<&I**
@%+'%*)/)'%*G)GG+&<%,3'"$."&'."8#<#*".$"#*<.*]#)*P$#)"(H"&;*4#'(L&$)(#;*H.*TD.'T.*T.$<.!
#WD'#<#*"D#)<&*H.*#X$(.8#;*X&$*'&*ZD.*H.*?#*HDC.$(<&*ZD.*.H*XH('&"b%("#*+]()C.$*:E_=A*]()C.$*:E_F5;*
X.$&*L#'8#*"&$$&%&$#$'&*7.<(#)8.*#)N'(H(H*ZDb7("&H;*#<.7NH*<.*ZD.*?#H8#*#?&$#*)&*H.*?#*
.)"&)8$#<&*XH('&"(%()#*.)*.'*CJ).$&*@%+'%*)/)'%"+]8#7.8H*:E_F5;*#D)ZD.*#.</)(58+"(38+,.<."LD.*
$."&'."8#<#*.)*f(.8)#7*#*X$()"(X(&H*<.*.H8.*H(C'&*6*LD.*"'#H(L("#<#*.)*D)*X$(7.$*7&7.)8&*"&7&*
@%+'%*)/)'%"(%+&3/+.(+,."+[DW7N)*:EF=A*Y#8&D(''#$<*:E\_5I**B*T.".H*H.*?#*"'#H(L("#<&*#*#.</)(58+"
(38+,.<."()')"E*&)G$%&<%"+088*6*3(Cc&&<*:E_FA*2.(7*6*U#HH&)*:EMF5;*X.$&*'&H*#)N'(H(H*$.#'(W#<&H*
.)*&8$#H*.HX."(.H*<.*E*&)G$%&<%")&*?#)*X&<(<&*<.8."8#$*XH('&"(%()#xXH('&"()#*+[#$8W*:EFM<5I*
=:=*
*
*
&C8$9;!_!
7;#>;0!JC'!&;#5%'#'#!O8';&%05%#8i!
*
B),)(58+"(5%,)G3.*
R.Xd.*+*"%/-":E__#*
B-".'<*$<<*
R.Xd.*+*"%/-":E__#*
B)G+/%,1<%"($/)&)(5.*<.*
U..dH*+*"%/-":E_E*
B-"(5%,+.(+,.*
B''.)*H!-.$'()*:EE,#*
X%/+&<,%".*+?/<($<<*
3.H'*:EE=*
X5',)G</3."G3&G3&%*3.*[#$8W*:EFE#A*[#$8W*:EE:A*[#$8W*:EE,%*
R,)(58+"%+&3?<,%.(+,.*[#$8W*:EF_%A*[#$8W*:EFE<A*]8(gT.*H!jD6X.$*
:EFM*+:5*
R-*B%/%'<.*&%*%*
[#$8W*:EF/.*
R-"()+/+.*<3'*
]8(gT.*6*jD6X.$*:EFM*
R-"()&15%/<,%"T#$I****
()&15%/<,%*
]8(gT.*6*jD6X.$*:EFMA*[#$8W*:EF/"*
R-"()&15%/<,%"7%&-*+&<,%(+)')&G$%*
]8(gT.*H!jD6X.$*:EFM*
R-"$%+'%(*%*
]8(gT.*H!jD6X.$*:EFMA*[#$8W*:EF/"*
#%,%+)/3."%,*<//%&3'*
B''.)*H!-.$'()*:EE,#*
#-"(%'8)1?<,<+,.<.*
-.$'()*6*B''.)*:EE="
#-".388%/*+%*3.*
[#$8W*:EFE%A*R.Xd.*+*"%/-":E__#A*]8.()*+*"%/-*:EME*{yA*]8(gT.*6*jD6X.$*:EFM"
#/3*+3.".%/<(<,3.*
[#$8W*:EF_#A*]8(gT.*H!3&))#$<*:EF/A*]8(gT.*
H!jD6X.$*:EFM*
#.%*$5&+//%"(%,1)//+%,%*
[#$8W*:EF/""
#.</)(58+"8%+)(5.*<.**
G.D)C*6*Y#D'*:E/FA*R.Xd.*+*"%/-":E__#*+,5"
#-"8)$+'<(%**
[#$8W*6*-e''.$*:EFEA*]8(gT.*6*jD6X.$*:EFM"
#-"(5%,+.(+,.**
R.Xd.*+*"%/-":E__#A*]8(gT.*6*jD6X.$*:EFM"
#-"(38+,.<.*
B''.)*6*-.$'()*:EE,#A*R.Xd.*+*"%/-":E__#*
$))?.$%?+,<<"7%&-*****
$))?.$%?+,<<*
]8(gT.*6*<.*-.(g.$*:EE="
#-"/<,<0)&'%,.*
]8(gT.*6*jD6X.$*:EFM"
#-"G+//<(3/).%*
R.Xd.*+*"%/-":E__#"
#-".%'3<+,.<.*
[#$8W*+*"%/-":EE>A*[DW7N)*+*"%/-":EE="
#-".+'</%,(+%*%*
[#$8W*:EFM#A*[#$8W*:EF/%A*2&('#)<*:E_FA*
R.Xd.*6*G.H'(.*:E__A*R.Xd.*+*"%/-":E__#A*
]8(gT.*6*jD6X.$*:EFMA*U?(8.*:E_E*+,5"
#-".</7%*<(%*
R.Xd.*+*"%/-":E__#A"
#-".*3,*d<<*
R.Xd.*+*"%/-":E__#A"
#-".38(38+,.<.*
B''.)*H!-.$'()*:EE,#"
#-".3853,?+,.<.*
]8(gT.*6*<.*-.(g.$*:EE=*
#-"3&3?3%5+,.<.*
]8(gT.*6*<.*-.(g.$*:EE="
#-"d%G)*+()&3'*
]8(gT.*6*<.*-.(g.$*:EE=*
=:>*
*
:!* ].*?#*<.8.$7()#<&*'#*X$.H.)"(#*<.*&8$&*#'"#'&(<.*()<K'("&*.)*R,)(58+"%+&3?<,%.(+,.!"'#*
#.$DC()#H"()#*+[#$8W*:EF_%A*[#$8W*:EFE<5*.)*"&)".)8$#"(&).H*H(7('#$.H*#*'#H*<.*XH('&"(%()#*6*
%#.&"(H8()#I**].CS)*[#$8W;*.H8.*)D.T&*"&7XD.H8&*l"&)8(.).*7D6*X$&%#%'.7.)8.*D)*C$DX&*
L&HL#8&m*+[#$8W*:EE,#5I**VH8&*<.H"#$8#$b#*'#*X&H(%('(<#<*<.*ZD.*'#*#.$DC()#H"()#*LD.$#*'#*>!
?(<$&9(8$(X8#7()#;*"&7XD.H8&*ZD.*6#*H.*?#%b#*<.8.$7()#<&*.)*#.</)(58+"8%+)(5.*<."5"#-"
(5%,+.(+,."+R.Xd."+*"%/-":E__#5I**G#*#.$DC()#H"()#*X$.H.)8#*D)*"&'&$*X.$H(H8.)8.*<(L.$.)8.*<.'*ZD.*
<#*'#*XH('&"(%()#*&*'#*%#.&"(H8()#*"D#)<&*H.*.9X&).*#'*$.#"8(T&*<.*V?$'("?I**B<.7NH*.'*?&)C&*8(`.*<.*
"&'&$*T.$<&H&!#WD'#<&;*)&*.'*#WD'*"(#)&*"#$#"8.$bH8("&*<.*'&H*?&)C&H*XH('&"b%("&HI**VH*7NH;*[#$8W*
()L&$7K*ZD.*'#*#.$DC()#H"()#*lX#$.".*7&<(L("#$*'#*#""(K)*L#$7#"&'KC("#*<.*'#*XH('&"(%()#*
X$&T&"#)<&*D)*.H8#<&*<.*N)(7&*.DLK$("&*<D$#)8.*'#*()C.H8(K)*<.*'&H*?&)C&Hm*+[#$8W*:EFE<5I**@.*
.H8.*7&<&;*R,)(58+"%+&3?<,%.(+,.""&)8(.).*X&$*'&*7.)&H*8$.H*#'"#'&(<.H*()<K'("&H*.)8.&CJ)("&Hv*
XH('&"(%()#xXH('&"()#A*%#.&"(H8()#*+TJ#H.*7NH*#%#g&5*6*.'*()8$(C#)8.*)D.T&*"&7XD.H8&*
#.$DC()#H"()#I**@I3I*R.Xd.*?#*.HX."D'#<&*ZD.*'#*#.$DC()#H"()#*X&<$b#*H.$*'#*)&$%#"&"(H8()#*+TJ#H.*
7NH*#%#g&A*R.Xd.*:EE=5;*X.$&*.'*"&7XD.H8&*H.*H.X#$#*"'#$#7.)8.*<.*'#*)&$%#.&"(H8()#;*'#*
XH('&"(%()#;*XH('&"()#*6*%#.&"(H8()#*.)*'#H*"$&7#8&C$#Lb#H*<.*"#X#*L()#*6*H.*"&)T(.$8.*.)*XH('&"()#*
7.<(#)8.*()"D%#"(K)*"&)*L&HL#8#H#I**G#*#.$DC()#H"()#*X&<$b#*H.$*.'*.H8.$*7.8('L&HL#8&*<.*'#*
XH('&"()#*+[#$8W*:EE,#5I*
*
,!" #.</)(58+"8%+)(5.*<."+G.D)C*6*Y#D'*:E/F5*6*#.</)(58+".+'</%,(+%*%"+[#$8W*:EE,#A*2&('#)<*
:E_F5*"&)8(.).)*8#7%(J)*)&$%#.&"(H8()#;*>!L&HL&$('&9(!8$(X8#7()#I**R.Xd.*+*"%/-*+:E__#5*()L&))K*<.*
'#*<.8.""(K)*<.*8$#W#H*<.*D)*"&7XD.H8&*()<K'("&*l7D6*X&H(%'.7.)8.*)&$%#.&"(H8()#m*.)*
.g.7X'#$.H*"D'8(T#<&H*<.*#.</)(58+".+'</%,(+%*%"6*.)*B),)(58+".'<*$<<"$."&'."8#<#*.)*.'*.H8#<&*
<.*U#H?()C8&)I*
*
…*G#*%#.&"(H8()#*&*>!L&HL&$('&9(!O!7.8('8$(X8#7()#*.H*D)*#)N'&C&*<.*'#*XH('&"(%()#*.)*.'*ZD.*L#'8#*
D)*C$DX&*7.8('&I**VH*.'*<.$(T#<&*L&HL&$('#<&*<.*'#*>!?(<$&9(!O!7.8('8$(X8#7()#I**@.'*7(H7&*7&<&*
ZD.*'#*XH('&"(%()#*.H*.'*<.$(T#<&*L&HL&$('#<&*<.*'#*>!?(<$&9(!O;*O!<(7.8('8$(X8#7()#*+XH('&"()#5I**
1#)8&*'#*XH('&"()#*"&7&*'#*>!?(<$&9(!O!7.8('8$(X8#7()#*H&)*XH("&#"8(T#H*+4.$'.88(*+*"%/-":E/F5*6*
[#$8W*<.8.$7()K*ZD.*'#*%#.&"(H8()#*.$#*.)8.&CJ)("#*#*<&H(H*<.*:\*7C*+[#$8W*:EE,#5I**G#*
)&$%#.&"(H8()#*.H*.'*<.$(T#<&*L&HL&$('#<&*<.*'#*>!?(<$&9(!8$(X8#7()#;*#'"#'&(<.*ZD.*X$&<D".*.L."8&H*
XH("K8$&X&H*.)*'&H*#)(7#'.H*+4.$'.88(*+*"%/-":E/F5*6*H.*?#*.)"&)8$#<&*.)*#.</)(58+"8%+)(5.*<."5"#-"
(5%,+.(+,."+R.Xd.*+*"%/-":E__#5I**VH*X&H(%'.;*X&$*8#)8&;*ZD.*'#*)&$%#.&"(H8()#*H.#*8#7%(J)*
.)8.&CJ)("#;*HDX&)(.)<&*D)#*<.L&HL&$('#"(K)*<,"7<7)"<.*'#*)&$%#.&"(H8()#*#*>!?(<$&9(8$(X8#7()#I**
].*"$..*ZD.*'#*)&$%#.&"(H8()#*6*'#*%#.&"(H8()#*H&)*'&H*X$."D$H&$.H*<.*'#*XH('&"(%()#*.)*'&H*?&)C&HI**
].*?#*<.7&H8$#<&*ZD.*'&H*"D'8(T&H*<.*7(".'(&H*<.*#.</)(58+"(38+,.<."XD.<.)*%(&H()8.8bW#$*XH('&"()#*
#*X#$8($*<.*'#*8$(X8#7()#*+7.<(#)8.*?(<$&9('#"(K)*<.*'#*X&H("(K)*>*6*<(7.8('#"(K)*<.'*)(8$KC.)&A*
[#$8W*:EFE.5I**1#7%(J)*?#*H(<&*<.H"$(8#*'#*?(<$&9('#"(K)*<.*'#*X&H("(K)*>*<.*'#*8$(X8#7()#;*<.'*
8$(X8KL#)&*6*<.'*()<&'*+[#$8W*:EFM.A*[#$8W*:EFM?5I*
=:M*
*
*
!
5'9&'98!(895'!
$'9%D8$;0!$'=!%0;M8S;=!
!
!
!

!
!
!
*
*
*
*
*
=:_*
!
!
!
&8(%5C=;!0'M5;!
F&%$;!%O;5K#%&;j!:C0&%:;=!
'L!(8#M!G!'L!8:958!(9%:%>'#%;0!
!
*
G#*().H8#%('(<#<*LD.*.)*#D7.)8&III*].)8b*ZD.*"D#'ZD(.$*7&T(7(.)8&*$.X.)8()&*X&<$b#*<.HX$.)<.$*'#*
"#%.W#*<.*7(H*?&7%$&H;*H!."?#$'#*#*$&<#$I**V'*"#7X&*<.*T(H(K)*.7X.WK*#*C($#$*'.)8#7.)8.III*]K'&*
"&)*C$#)*.HLD.$W&*"&)H.CDb#*'..$;*XD.H8&*ZD.*"#<#*X#'#%$#*(7X$.H#*.)*'#*XNC()#*H.*7&Tb#*<.*D)*
'#<&*#*&8$&*H()*$D7%&I*
*
UI*]"&88*4?('8&)*
C$+*B)3&.+")0"%,"R,*+,*<),%/"#)<.),<,?"+:E_M5*=J7)/3(<P,"1+"3,!J,7+,+,%'<+,*)"<,*+,(<),%1):*
*
*
4&)*.H8#H*X#'#%$#H;*.'*ZDb7("&*#7.$("#)&*]"&88*4?('8&)*<.H"$(%(K*'&H*X."D'(#$.H*.L."8&H*
"#DH#<&H*X&$*'#*()C.H8(K)*<.*E=*7C*<.*N"(<&*(%&8N)("&;*D)*#'"#'&(<.*"$(H8#'()&*ZD.*J'*6*6&*#(H'#7&H*
<.'*?&)C&*;'%,<*%"G%,*$+&<,%".)*HD*'#%&$#8&$(&*<.*].#88'.I**VH8#*LD.*'#*7#6&$*<&H(H*<.*N"(<&*
(%&8N)("&*g#7NH*()C.$(<#I**B*'#H*8$.H*?&$#H*<.*'#*8&7#;*4?('8&)*H.*.)"&)8$#%#*LD.$8.7.)8.*
.7%$(#C#<&*.9X.$(7.)8#)<&*.98$#`#H*#'8.$#"(&).H*<.*'#*X.$".X"(K);*7#$.&*6*.HX#H7&H*
7DH"D'#$.H*ZD.*"D'7()#$&)*.)*D)*X$&LD)<&*HD.`&*)#$"K8("&*+4?('8&)*:E_M5I**G&H*<&H*?#%b#7&H*
.H8#<&*$.#'(W#)<&*D)#*H.$(.*<.*.H8D<(&H*ZDb7("&H*<.*;'%,<*%"G%,*$+&<,%"5";-"'3.(%&<%!"gD)8&*#*
D)#*H.$(.*<.*.)8$.T(H8#H*#*X.$H&)#H*ZD.*H.*?D%(.$#)*.7%$(#C#<&*#""(<.)8#'7.)8.*"&)*.H8&H*
"&7D).H*?&)C&HI**4?('8&)*XD%'("K*'&H*$.HD'8#<&H*<.*HD*%(&.)H#6&*X#$#*7&H8$#$*.'*?."?&*<.*ZD.*.'*
N"(<&*(%&8N)("&*+6*HD*L&$7#*#"8(T#;*.'*7DH"(7&'5*.$#*.'*X$()"(X(&*#"8(T&*<.'*?&)C&*7#8#7&H"#H;*
X$&%#%'.7.)8.*.'*.)8.KC.)&*7NH*"&)&"(<&*<.*8&<&*.'*7D)<&I*
=:E*
*
B*X.H#$*<.*ZD.*)(*.'*N"(<&*(%&8J)("&*)(*.'*7DH"(7&'*H.*?#6#)*<(H8$(%D(<&*.)*.'*7.$"#<&*).C$&*
+:5;*#*L()#'.H*<.*'&H*#`&H*H.H.)8#*6*X$()"(X(&H*<.*'&H*H.8.)8#*H.*.98.)<(K*.'*DH&*'S<("&*<.*;-"
'3.(%&<%"5";-"G%,*$+&<,%-""V9(H8.)*$#W&).H*X#$#*"$..$*ZD.*.'*?&)C&*7#8#7&H"#H*;-"'3.(%<<%"?#*
H(<&*D8('(W#<&*X&$*.'*?&7%$.*<D$#)8.*7NH*8(.7X&*ZD.*"D#'ZD(.$*&8$#*X'#)8#*.)8.&CJ)("#;*
XD<(J)<&H.*H.CD($*'()CebH8("#7.)8.*HDH*&$bC.).H*?#H8#*.'*#`&*/\\\!>\\\*#I4I*+,5I**4(.$8&H*7&8(T&H*
ZD.*#X#$.".)*L$."D.)8.7.)8.*.)*'&H*"D.)8&H*<.*?#<#H*.D$&X.&H*XD.<.)*()8.$X$.8#$H.*"&7&*
7.8NL&$#H*<.*'#*;'%,<*%"'3."#$(#;*"&)&"(<#*?&6*.)*<b#*"&7&*X/n(F.G</d"+?&)C&*<.*'#*HD.$8.5*&*
@%&&+,.($i%''*+?&)C&*<.*'&H*?#$'.ZD().H5*.)*B'.7N);*<#)<&*8.H8(7&)(&*<.'*"&)&"(7(.)8&*
X&XD'#$*<.'*X&8.)"(#'*.7%$(#C#)8.*<.*.H8#*.HX."(.*"&H7&X&'(8#*+UI3#D.$*:EE,A*@.*f$(.H*:EE:"A*
[&'&c()*:E_=A*[&'&c()*:EE:5I**G#*X(.<$#*L('&H&L#$*<.*'&H*#'ZD(7(H8#H*H.*"&)H(<.$#;*gD)8&*"&)*.'*
]#)8&*[$(#'*6*'#*L#7&H#*'N7X#$#*<.*B'#<()&;*D)#*7.8NL&$#*X#$#*$.L.$($H.*#*'#*;'%,<*%"'3.(%&<%"
+3#D.$*:EE'#A*3#D"$*:EE:%5I**V)*BDH8$(#*8&<#Tb#*H.*DH#*#*T.".H*.'*<("?&*#'.7N)*+&"$%*"7+&&n(F*+"
E($i%''+&/,"?+?+..+,"+?#*"&7(<&*?&)C&H*'&"&HA*[#$8W*:EE=5*#'*(CD#'*ZD.*'#*L$#H.*.ZD(T#'.)8.*.)*
?S)C#$&;*ZD.*D8('(W#*.'*8J$7()&*8)/),1"?)'8%"+?&)C&*<.*'&H*?#$'.ZD().HA*U#HH&)*:E/F5I**V)*.H8.*
"#Xb8D'&*L()#'*.9#7()#$J*'#*?(H8&$(#*#)8(CD#*6*$."(.)8.*<.'*?&)C&*7#8#7&H"#H*6*<&"D7.)8#$J*'&H*
.H8D<(&H*7&<.$)&H*ZD.*?#)*"&)<D"(&*#*D)*$.HD$C(7(.)8&*<.*HD*DH&I*
*
'L!(8#M!(9%:%>'#%;/!8:8#%58!:C0&89%8!'#!0%O'9%8!
*
V)*:_=\;*D)*"&$&).'*<.'*.gJ$"(8&*HD."&*''#7#<&*P('(X*r&?#))*T&)*]8$#?'.)%.$C;*ZD.*?#%b#*
X.$7#)"(<&*<&".*#`&H*.)*](%.$(#*"&7&*X$(H(&).$&*<.*CD.$$#;*XD%'("K*D)*<.8#''#<&*$.'#8&*<.*'#*T(<#*
.)8$.*'&H*XD.%'&H*H(%.$(#)&HI**]&%$.*'&H*j&$6#d*<.*'#*X.)b)HD'#*<.*j#7"?#8d#;*]8$#?'.)%.$C*
"&7.)8K*'&*H(CD(.)8.v*
*
4D#)<&*".'.%$#)*D)#*L(.H8#;*T(.$8.)*#CD#*H&%$.*#'CD)&H*<.*.H8&H*?&)C&H*6*'&H*
?(.$T.)I**B*"&)8()D#"(K)*?#".)*.'*'("&$;*ZD.*'.H*.7%$(#C#III*
*
Q<.)8(L("K*.H8.*?&)C&*.7%$(#C#)8.*"&)*.'*)&7%$.*<.*[3($3')&")"'3F$)')&!")&7%$.*<.*'#*
;'%,<*%"'3.(%*<%".)*'.)CD#*$DH#I**V'*8.98&*#`#<b#v*
*
BZD.''&H*7NH*X&%$.H*ZD.*)&*XD.<.)*X.$7(8($H.*#'7#".)#$*HDH*X$&X(&H*?&)C&H;*
H.*#X$.H8#);*.)*8#'.H*&"#H(&).H;*".$"#*<.*'#H*"#%#`#H*<.*'&H*$("&H*#*'#*.HX.$#*<.*
ZD.*'&H*()T(8#<&H*H#'C#)*#*&$()#$I**V)*.H.*7&7.)8&*H&H8(.).)*D)*8#WK)*<.*
7#<.$#*X#$#*$."(%($*'#*&$()#;*ZD.*%.%.)*"&)*#T(<.W;*"&7&*H(*"&)8DT(.$#*#S)*
X#$8.*<.*'#*T($8D<*<.'*?&)C&;*<.*7&<&*ZD.*#Hb*H.*.7%&$$#"?#)*.''&H*8#7%(J)I*
*
VH8.*$.'#8&*<.%(K*$.HD'8#$*H&$X$.)<.)8.*"D#)<&*H.*XD%'("K*X&$*X$(7.$#*T.W*.)*VH8&"&'7&*+D)#*
.<("(K)*()C'.H#*LD.*XD%'("#<#*.)*G&)<$.H*.)*:_=/5;*X.$&*LD.*X$&)8&*"&$$&%&$#<#I**V)*:_MM*6*:__>;*
]8.X#)*j$#H?.)())(d&T*6*[.&$C*U('?.'7*]8.''.$;*#7%&H*
=,\*
*
7(.7%$&H*<.*D)#*.9X.<("(K)*$DH#*#*'#*X.)b)HD'#*<.*j#7"?#8d#;*XD%'("#$&)*<.H"$(X"(&).H*<.*.H.*
N$.#*ZD.*"&)L())#$&)*'#H*#L($7#"(&).H*<.*]8$#?'.)%.$C*#".$"#*<.*'&H*?&)C&H*.7%$(#C#)8.HI**]8.''.$*
''.CK*#*<."($v*l'#*&$()#*X#$.".*H.$*()"'DH&*7NH*X&8.)8.*ZD.*.'*?&)C&*6*HDH*.L."8&H*XD.<.)*<D$#$*
?#H8#*.'*"D#$8&*&*ZD()8&*?&7%$.m*+H&%$.*.H8&H*6*&8$&H*$.'#8&H*"&)HS'8.H.v*@(KHW.C(*:E/=A*@(KHW.C(*
:E/FA*-("?#.'*:E/=A*R&H.)%&?7*:EE:%A*U#HH&)*:E/F5I**VH8.*7J8&<&*S)("&*<.*$."("'#$*'#*<$&C#*
7.<(#)8.*'#*&$()#*<.%.*#8$(%D($H.*#*'#*.H"#H.W*<.*;-"'3.(%&<%".)*](%.$(#*6*#*'#*L#'8#*<.*&8$#H*X'#)8#H*
XH("K8$&X#H*#D8K"8&)#HI**].*<(".*<.'*?&)C&*7#8#7&H"#H*ZD.*X&<b#*''.C#$*#*#'"#)W#$*.'*T#'&$*<.*D)*
$.)&*"#<#*D)&I*
B*'&*'#$C&*<.*'&H*H(C'&H*^fQQQ;*^Q^*6*^^*7D"?&H*#D8&$.H;*.)8$.*.''&H*%&8N)("&H*6*#)8$&XK'&C&H*<.*
$.)&7%$.;*.H"$(%(.$&)*#".$"#*<.'*?&)C&*7#8#7&H"#H*6*'#*()C.H8(K)*<.*&$()#I**VH8&H*()L&$7.H*
H(8D#%#)*'#*()C.H8(K)*<.*'&H*?&)C&H*.)8$.*'#H*8$(%DH*j&$6#d;*4?Dd"?(;*iDd#C($*6*j#7"?#<#'*<.*'#*
X.)b)HD'#*<.*j#7"?#8d#;*#Hb*"&7&*.)8$.*)D7.$&H#H*8$(%DH*<.*](%.$(#*4.)8$#'*".$"#*<.*'&H*$b&H*0%*6*
i.)(H.(*+U#HH&)*:E/_#A*U#HH&)*:E/FA*U#HH&)*6*U#HH&)*:EM_#5I**V'*?&)C&*)&*H.*D8('(W#%#*
.9"'DH(T#7.)8.*"&)*L()#'(<#<.H*'S<("#H;*H()&*ZD.*8#7%(J)*'&*D8('(W#%#)*'&H*"?#7#).H*X#$#*#"".<.$*
l#*D)*.H8#<&*.9#'8#<&*6*X&<.$*?#%'#$*#*'&H*<(&H.Hm*+H.CS)*"&7.)8K*<.*]Ij*Y#8d#)&T*.)*$.L.$.)"(#*
#*'&H*Q$86H"?!0H86#d*.)*:FE_5;*.)*D)*DH&*$(8D#'*ZD.*H.*<#%#*8#)8&*.)*](%.$(#*".)8$#'*"&7&*.)*'#*
X.)b)HD'#*<.*j#7"?#8d#I**B*L()#'.H*<.'*H(C'&*X#H#<&;*'#*V9X.<("(K)*<.*r.HDX*#'*YN"LL'"&*O&$8.*
<.8.$7()K*ZD.*.'*DH&*<.'*?&)C&*#S)*X.$T(Tb#*.)*j#7"?#8d#;*X.$&*8$#H*'#*XD%'("#"(K)*<.*'&H*$.'#8&H*
<.*'#*.9X.<("(K)*X&$*3&$&C#W*6*r&"?.'H&)*.)*'#*X$(7.$#*<J"#<#*<.'*H(C'&*^^;*H(CD(.$&)*&"?&*
<J"#<#H*<.*H('.)"(&*#%H&'D8&*H&%$.*.'*"&)HD7&*<.*.H8.*?&)C&*.)*](%.$(#I**G#*X&'b8("#*&L("(#'*<.'*
C&%(.$)&*<.*'#*n)(K)*]&T(J8("#*.$#*'#*)&*.9(H8.)"(#*<.'*"&)HD7&*<.*<$&C#H*.)*.'*X#bH*+#*.9".X"(K);*
X&$*HDXD.H8&;*<.'*DH&*7&<.$#<&*<.*%.%(<#H*#'"&?K'("#H5;*<.*7&<&*ZD.*H.*XD%'("K*X&"#*
()L&$7#"(K)*#<("(&)#'I**]()*.7%#$C&;*"&7&*L$D8&*.8)&7("&'KC("&*<.*'#*?/%.,).*!".'*7("K'&C&*
.H8&)(&*-#$.8*]##$*XD%'("K*$."(.)8.7.)8.*<&H*8$#%#g&H*H&%$.*.8)&7("&'&Cb#*H(%.$(#)#I**V)*D)&*<.*
.''&H*+]##$*:EE'#5*]##$*#H.CD$#*ZD.*.)8$.*'&H*j?#)86*+*0H86#d5*<.'*N$.#*<.'*$(&*0%;*.'*DH&*
8$#<("(&)#'*<.*'#*;'%,<*%"'3.(%&<%"l"&)8()S#*#S)*?&6*HD*.X(HK<("#*.9(H8.)"(#m;*"(8#)<&*HD*8$#%#g&*
<.*"#7X&*X.$H&)#'I**B<.7NH;*"(8#)<&*()L&$7.H*X.$H&)#'.H*<.*iI*3#86#)&T#;*fI*G.%.<.T*6*iI*
](7"?.)d&;*8&<&H*.''&H*<.'*()H8(8D8&*<.*V8)&C$#Lb#*<.*'#*B"#<.7(#*]&T(J8("#*<.*'#H*4(.)"(#H;*]##$*
)&H*()L&$7#*ZD.*l'#*X$N"8("#*<.'*"&)HD7&*<.*B-*;-"[3.(%&<%y"H(CD.*T(T#m*.)*'#*X.)b)HD'#*<.*
j#7"?#8d#*+]##$*:EE'#5I**V)*D)*8$#%#g&*#<("(&)#'*+]##$*:EE:%5;*.H8.*#D8&$*<.H"$(%.*.'*DH&*7.<("()#'*
<.*;-"'3.(%&<%"X&$*'&H*j?#)86*"&)8$#*'#*lL#8(C#*XH("&LbH("#m*6*"&)8$#*'#*7&$<.<D$#*<.*H.$X(.)8.H*
T.).)&H#HI**V)*D)*8$#%#g&*#)8.$(&$*H.*7.)"(&)#%#*.'*DH&*.98.$)&*<.*D)#*()LDH(K)*<.*;-"'3.(%&<%"
.)8$.*'&H*"&'&)&H*$DH&H*6*D"$#)(#)&H*.)*.'*.98$.7&*HD<.H8.*<.*'#*#)8(CD#*nIRI]I]*X#$#*8$#8#$*'&H*
X#<."(7(.)8&H*<.*'#H*#$8("D'#"(&).H*+-&Hd#'.)d&*:EF_5I**VH8&H*"&'&)&H*"&)8()D#$#*D8('(W#)<&*.'*
)&7%$.*$DH&*8$#<("(&)#'*<.'*7#8#7&H"#H;*'3F$)')&"+=5I**@.*L&$7#*X#$."(<#;*.H8.*?&)C&*?#*H(<&*
D8('(W#<&*<.H<.*?#".*8(.7X&;*"&)*.'*)&7%$.*<.*;?%&<(3."'3.(%&<3.!""&7&*$.7.<(&*?&7.&XN8("&*
+D)#*8()8D$#*<.*=M*C*<.*;-"'3.(%&<%"+,":\\*7'*<.*<(H&'D"(K)5*X#$#*.'*8$#8#7(.)8&*<.*'#*<.X$.H(K);*
'&H*8("H;*'#*.X('.XH(#*.8"I**1#7%(J)*H.*?#*D8('(W#<&*.)*"&7%()#"(K)*"&)*8()8D$#*<.*$#bW*<.*
[%,1&%?)&%""&7&*$.7.<(&*"&)8$#*'#*.)L.$7.<#<*<.*Y#$d()H&)*+f(''.$H*6*1%e7.)*:FE=A*
U#'<H"?7(<8*:EE,5I*
=,:*
*
JC":%&8!$'!=80!'0('&%'0!'#5';>K#%&80!$'!8:8#%58!
*
V)*:F/E;*<&H*ZDb7("&H*#'.7#).H*XD%'("#$&)*D)*'(%$&*H&%$.*'#H*X$&X(.<#<.H*<.*'#*7DH"#$()#;*D)*
#'"#'&(<.*8K9("&*ZD.*?#%b#)*#(H'#<&*<.*;'%,<*%"'3.(%&<%"+2&'7H8.<8*6*G('g.)H8$#)<*:E/=A*
]"?7(.<.%.$C*6*j&XX.*:F/E5I**@D$#)8.*"#H(*D)*H(C'&;*'#*7DH"#$()#*LD.*"&)H(<.$#<#*.'*8K9("&*
X$()"(X#'*<.'*7#8#7&H"#H;*#*X.H#$*<.*'#H*X$&LD)<#H*<(L.$.)"(#H*.)8$.*'#*()8&9("#"(K)*X&$*.'*?&)C&*6*
'#*()8&9("#"(K)*X&$*7DH"#$()#I**G#*7DH"#$()#*"#DH#*H#'(T#"(K)*X$&LDH#;*'#C$(7.&;*HD<&$#"(K)*6*
"#$.".*<.*XH("&#"8(T(<#<*+>5I**VH8&H*Hb)8&7#H*"#$#"8.$bH8("&H*<.*'#*#"8(T#"(K)*<.'*H(H8.7#*).$T(&H&*
#D8K)&7&*)&*H.*X$.H.)8#);*X&$*'&*C.).$#';*.)*'#*.7%$(#CD.W*X&$*;-"'3.(%&<%-""B<.7NH;*'#*
"&)".)8$#"(K)*<.*7DH"#$()#*.)*'#H*T#$(.<#<.H*.D$&X.#H*<.'*?&)C&*.H*%#H8#)8.*%#g#;*HK'&*<.'*
\;\\\=a;*.)*)()CS)*"#H&*HDL("(.)8.*"&7&*X#$#*H.$*$.HX&)H#%'.*<.*'#*7#$"#<#*#"8(T(<#<*<.'*?&)C&I*
V'*X$&%'.7#*H.*"&7X'("K*"D#)<&*]"?7(.<.%.$C*#(H'K*#*X#$8($*<.*'#*7DH"#$()#*"&7.$"(#'*D)#*
%#H.*ZD.*"&)8$#$$.H8#%#*'#*<.X$.H(K)*"#$<b#"#*X$&<D"(<#*X&$*'#*7DH"#$()#I**YD.H8&*ZD.*'#*#8$&X()#*
6*&8$&H*#'"#'&(<.H*$.'#"(&)#<&H*+&%8.)(<&H*<.*;*&)G%*8+//%1),,%"6*<.*'#H*.HX."(.H*XH("&#"8(T#H*<.*
[%,1&%?)&%"5"W&3?'%,.<%S"TJ#H.*BXJ)<(".*B5*X&H..)*.H8.*.L."8&*l#)8(7DH"#$b)("&m;*.H8.*
"&7XD.H8&*$."(%(K*.'*)&7%$.*1+"#</d%*&)G<,"+l#8$&X()#*<.*'&H*?&)C&Hm5*&*'3.(%&<1<,%"+8#7%(J)*H.*
'#*?#*''#7#<&*l7(".8&!#8$&X()#m*6*l7("&#8$&X()#mA*16'.$*:EMF#5I**G#*H(8D#"(K)*#S)*$.HD'8K*7NH*
"&)LDH#*"D#)<&*.)*:EMM*H.*()L&$7K*ZD.*'#*#</d%*&)G<,".$#;*<.*?."?&;*D)*(HK7.$&*<.*'#*#8$&X()#;*'#*
:!?(&H"(#7()#;*#(H'#<#*HDXD.H8#7.)8.*#*X#$8($*<.*.g.7X'#$.H*HD<#L$("#)&H*1+";'%,<*%"'3.(%&<%"5"
;-"G%,*$+&<,%"+G.c(H*:EMM5I**Y#$#*8.$7()#$*<.*'(#$'&*#S)*7NH;*H.*#L($7K*ZD.*'#*%DL&8.)()#*&*M!
?(<$&9(!O;O!<(7.8('8$(X8#7()#*+TJ#H.*4#Xb8D'&*=5*.$#*D)*X$()"(X(&*.)8.&CJ)("&*X$.H.)8.*.)*;-"
'3.(%&<%"+U(.'#)<*6*-&8W.'*:EM=5I**1$#%#g&H*X&H8.$(&$.H*)&*?#)*X&<(<&*.)"&)8$#$*)(*:!
?(&H"(#7()#*)(*%DL&8.)()#*.)*;-"'3.(%&<%!*<.*L&$7#*ZD.*8&<&*X#$.".*()<("#$*ZD.*.H8&H*()L&$7.H*
LD.$&)*X$&%#%'.7.)8.*.$$K).&H*+3$#<6*6*16'.$*:EMEA*]#'.7()"d*+*"%/-":E/=A*1#'%&8*6*f()()C*:E/=5I**
V)*:E/=;*.'*ZDb7("&*#7.$("#)&*UI3I4&&d*+ZD.*?#%b#*8$#%#g#<&*#)8.$(&$7.)8.*X#$#*'#*4QB*.)*'&H*
.H8D<(&H*L(8&ZDb7("&H*<.*'#H*H.7(''#H*<.*)/)/<3$23<"X$&".<.)8.H*<.*-J9("&A*TJ#H.*4#Xb8D'&*M;*O&8#*
F5*XD%'("K*D)*8$#%#g&*X$.'(7()#$*H&%$.*'&H*.98$#"8&H*L#$7#"&'KC("#7.)8.*#"8(T&H*<.*;-"'3.(%&<%"
+]D%%#$#8)#7*6*4&&d*:E/=5I*
P()#'7.)8.;*.)*:E/>*H.*#(H'K*<.*L&$7#*H(7D'8N).#;*.)*8$.H*'#%&$#8&$(&H;*.'*T.$<#<.$&*X$()"(X(&*
.)8.&CJ)("&*<.'*7#8#7&H"#Hv*.)*r#XK)*+1#d.7&8&*+*"%/-":E/>#A*1#d.7&8&*+*"%/-":E/>%A*1#d.7&8&*
+*"%/-":E/>"5;*Q)C'#8.$$#*+3&c<.)*6*@$6H<#'.*:E/MA*3&c<.)*+*"%/-":E/M5*6*]D(W#*+4#8#'L&7&*6*
VDCH8.$*:E_\A*VDCH8.$*:E/_A*VDCH8.$*:E/FA*VDCH8.$*:E/EA*VDCH8.$*+*"%/-":E/MA*-e''.$*6*VDCH8.$*
:E/M5I**VH8&H*)D.T&H*"&7XD.H8&H*H.*#(H'#$&)*D8('(W#)<&*'#*X$D.%#*<.*'#*'.8#'(<#<*.)*7&H"#H;*'#*<.'*
#8D$<(7(.)8&*<.*'#H*7&H"#H*6*D)#*X$D.%#*H&%$.*'#*X&8.)"(#"(K)*<.*'#*)#$"&H(H*.)*$#8&).H;*
$.HX."8(T#7.)8.I**V)*:E/_;*H.*''.CK*#*D)*#"D.$<&*()8.$)#"(&)#'*H&%$.*.'*X$&%'.7#*<.*'#*
)&7.)"'#8D$#;*<.*L&$7#*ZD.*H.*&8&$CK*#*'&H*"&7XD.H8&H*'&H*)&7%$.H*<.*N"(<&*(%&8J)("&*+M5*6*
7DH"(7&'*+"&)&"(<&*#)8.$(&$7.)8.*"&7&*l#C#$()#m*&*lX#)8?.$()#mA*VDCH8.$*6*1#d.7&8&*:E/_A*
[#C).D9*+*"%/-":E/M#A*[&&<*+*"%/-":E/M5I**V'*N"(<&*(%&8J)("&*$.HD'8K*
=,,*
*
H.$*.'*N"(<&*+9!#7()&!=!?(<$&9(!M!(H&9#W&'('!#"J8("&;*H(.)<&*.'*7DH"(7&'*HD*X$&<D"8&*<.*
<.H"#$%&9('#"(K);*=!?(<$&9(!M!#7()&!7.8('(H&9#W&'*+VDC).$*:E/_A*[#C).D9*+*"%/-":E/M%A*j&)<#*+*"
%/-":EFMA*GD)<*:E_E5I**V'*#)(''&*<.'*(H&9#W&'*+#)(''&*<.*"()"&*7(.7%$&H*"&)*D)*N8&7&*<.*&9bC.)&*6*
D)&*<.*)(8$KC.)&*T."()&H5*.H*X&"&*"&7S)*.)*'&H*X$&<D"8&H*)#8D$#'.H*6*.)*'&H*LN$7#"&H;*
.)"&)8$N)<&H.*.)*.'*7.<("#7.)8&*()?(%(<&$*<.*'#*-B0*(H&"#$%&9#W(<#*&*[%&G/%,"+TJ#H.*4#Xb8D'&*
>A*3D<#T#$(*+*"%/-":EFE5I**R."(.)8.7.)8.*H.*?#*#(H'#<&*D)*"&7XD.H8&*L#$7#"&'KC("#7.)8.*#"8(T&*
ZD.*X&H..*D)*#)(''&*<.*(H&9#W&';*.'*X$.7)#W&';*#*X#$8($*<.*<&H*.HX."(.H*<.*X'#)8#H*<.*'#*L#7('(#*<.*
'#H*b+&8+,%(+%+"DH#<#H*.)*'#*7.<("()#*B6D$*TJ<("#*+3#$(d*+*"%/-":EE,5I**B<.7NH;*'#*7DH"#W&)#;*
X$&<D"8&*&$(C()#<&*X&$*D)#*8$#)HX&H("(K)*.)*'#*7&'J"D'#*<.'*N"(<&*(%&8J)("&;*?#*H(<&*#(H'#<#*<.*
.g.7X'#$.H*<.*BI*'3.(%&<%"HD(W&H*+VDCH8.$*+*"%/-":E/MA*P$(8W*+*"%/-":E/MA*R.().$*6*VDCH8.$*:E/_5;*#'*
(CD#'*ZD.*<.*'#*;-"G%,*$+&<,%"#7.$("#)#*+088;*)&*XD%'("#<&5I**G#*7DH"#W&)#*H.*X$.X#$#*LN"('7.)8.*
#*X#$8($*<.'*N"(<&*(%&8J)("&*+4?('8&)*6*088;*)&*XD%'("#<&A*[e8?*:E/_5;*X&$*'&*ZD.*XD.<.*H.$*ZD.*H.*
8$#8.*<.*D)*#$8.L#"8&*L&$7#<&*<D$#)8.*.'*X$&".H&*<.*.98$#""(K);*X&$*&8$#*X#$8.*HD*XH("&#"8(T(<#<*
.H*<D<&H#I**VH*X$&%#%'.*ZD.*.'*N"(<&*(%&8J)("&*&*.'*7DH"(7&'*H.#)*'#*#</d%*&)G<,"#(H'#<#*X&$*
]"?7(.<.%.$C*?#".*D)*H(C'&I**n)*"&7XD.H8&* "#$%&'b)("&*X&8.)"(#'7.)8.*XH("K8$&X&;*.'*N"(<&*
7.8('8.8$#?(<$&"#$%&'()#*"#$%&9b'("&*+-4124A*'!7.8('!=!"#$%&9('!8.8$#?(<$& #$%&'()#5*?#*H(<&*
.)"&)8$#<&*.)*%#g#*"&)".)8$#"(K)*.)*'#*;-"'3.(%&<%".D$&X.#*+-#8HD7&8&*+*"%/-":E/E5I**VH8.*
"&7XD.H8&*X&H..*X$&X(.<#<.H*L#$7#"&'KC("#H*#S)*<.H"&)&"(<#HI**4?('8&)*6*6&*)&*XD<(7&H*
<.8."8#$*.H8#*HDH8#)"(#*.)*'#*;-"'3.(%&<%")&$8.#7.$("#)#*+4?('8&)*6*088*:E_/5I**08$&H*<&H*
"&7XD.H8&H*<.*L#$7#"&'&Cb#*X&"&*"'#$#;*.'*N"(<&*H8(W&'%("&*6*.'*N"(<&*H8(W&'&%b)("&*+X$.H.)8.*
8#7%(J)*.)*'#H*H.7(''#H*"&7.H8(%'.H*<.*.HX."(.H*<.'*CJ).$&*]8(W&'&%(D7*[3(3,%y5"H.*?#)*X&<(<&*
#(H'#$*"&)*%D.)*$.)<(7(.)8&*#*X#$8($*<.*;'%,<*%"G%,*$+&<)#*+4?('8&)*+*"%/-":E_>A*4?('8&)*6*088*
:E_/A*]#(8&*6*j&7#7().*:E_FA*088*<#8&H*<.*'#%&$#8&$(&*)&*XD%'("#<&H5I**].*?#*HDC.$(<&*ZD.*.H8&H*
"&7XD.H8&H*X&<$b#)*#"8D#$*"&7&*$.X.'.)8.H*<.*()H."8&H*.T(8#)<&*ZD.*JH8&H*H.*"&7#)*'#*X'#)8#*
[#)W.)*:E_=5;*?#%(J)<&H.*<.8.$7()#<&*<("?#*#"8(T(<#<*L$.)8.*#*EG)1)G*+&%"X.$&*)&*#)8.*'#H*
.HX."(.H*<.'*?A,+&)"B%//).)8&3($3."+P.''&cH*:EF>5I*
V'*N"(<&*(%&8J)("&*6*.'*7DH"(7&'*H.*?#)*#(H'#<&;*#<.7NH*<.*.)*;'%,<*%"'3.(%/<%!*.)*;-"
.*&)8</<0),,<."+1#d.7&8&"+*"%/-":E/>#5*6*;-"G%,*$+&<,%"+4?('8&)*6*088*:E_/A*1#d.7&8&*+*"%/-":E/>"A*
i#7#D$#*6*4?#)C*:EFFA*TJ#H.*4D#<$&*/5I**B7%&H*"&7XD.H8&H*?#)*H(<&*<.8."8#<&H*.)*BI*
()*$3&,%*%"=q;-"G%,*$+&<,%"7%&-"'3/*<23%').%:!";-"?+''%8#*+3.D8'.$*6*@.$*-#$<.$&H(#)*:EF:A*
4?('8&)*6*088*:E_/5*6*.)*'#H*T#$(.<#<.H*%/8%"6"0)&').%"1+";-"'3.(%&<%"+3.).<("8"+*"%/-":E//A*
3.D8'.$*6*@.$*-#$<.$&H(#)*:EF:A*4?('8&)*6*088*:E_/5I**Y&$*.'*7&7.)8&*)&*H.*"&)&".*ZD.*.H8&H*
$#$&H*#7()&N"(<&H*.H8J)*X$.H.)8.H*.)*)()CD)#*&8$#*X'#)8#*+/5I*
*
*
'E'&5;0!$'=!8&%$;!%O;5k#%&;!G!$'=!:C0&%:;=!
*
V'*N"(<&*(%&8J)("&*X$&<D".*.L."8&H*.)8.&CJ)("&H*.)*.'*?&7%$.*#*D)#*<&H(H*<.*
.)8$.*M\*6*:\\*7C*+4?('8&)*:E_MA*1?.&%#'<*+*"%/-":E/F5I**].*&%8(.).*D)*.L."8&*.ZD(T#.)8.*"&)*:\!
:M*7C*<.*7DH"(7&'*+1?.&%#'<*+*"%/-":E/FA*U#H.$*:E/_5I**@.HXDJH*<.*HD*
=,=*
*
()C.H8(K);*'#*.7%$(#CD.W*H.*()H8#D$#*7D6*'.)8#7.)8.;*8$#)H"D$$(.)<&*C.).$#'7.)8.*<.*<&H*#*8$.H*
?&$#H*#)8.H*<.*ZD.*H.*X$.H.)8.)*'&H*.L."8&H*<.*L&$7#*X'.)#*+4?('8&)*:E_M5I**VH8.*'#XH&*<.*8(.7X&*
8#7%(J)*H.*X$.H.)8#*"&)*'#*()C.H8(K)*<.*'#*;'%,<*%"G%,*$+*<,%"+088*:E_/#5I**G&H*.L."8&H*<D$#)*<.*
H.(H*#*&"?&*?&$#H*H.CS)*'#*<&H(HI**].*"#$#"8.$(W#)*X&$*<(H8&$H(&).H*T(HD#'.H;*XJ$<(<#*<.'*.ZD('(%$(&;*
.HX#H7&H*7DH"D'#$.H*7&<.$#<&H*+)&*"&)TD'H(&).H*"&7&*#*T.".H*H.*?#*.H"$(8&*.$$K).#7.)8.5*6*
#'8.$#"(K)*<.*'#*X.$".X"(K)*T(HD#'*6*#D<(8(T#*+4?('8&)*:E_MA*088*:E_/#5I*
Y#$.".*H.$*ZD.*.'*7DH"(7&'*.H*.'*X$()"(X(&*XH("&#"8(T&*6*ZD.*8$#H*'#*()C.H8(K)*<.'*N"(<&*(%&8J)("&*
X#$8.*<.*'#*<&H(H*8&8#'*H.*<.H"#$%&9('#$b#*#*7DH"(7&';*X$&<D"(J)<&H.*'#*.7%$(#CD.WI**@.HXDJH*<.*'#*
8&7#*&$#'*<.'*N"(<&*(%&8J)("&;*D)*.'.T#<&*X&$".)8#C.*<.*'#*<$&C#*H.*.9"$.8#*()#'8.$#<#*X&$*'#*
&$()#;*gD)8&*"&)*X.ZD.`#H*"#)8(<#<.H*<.*7DH"(7&'*+4?('8&);*)&*XD%'("#<&5I**VH8.*?."?&*.9X'("#$b#*
'#*X$N"8("#*H(%.$(#)#*<.*#X$&T."?#$*'#*&$()#I**@.HXDJH*<.*'#*()C.H8(K)*<.'*?&)C&;*.'*".'.%$#)8.*
.9"$.8#*"#)8(<#<.H*"&)H(<.$#%'.H*<.*N"(<&*(%&8J)("&*.)*HD*&$()#I**n)*H.CD)<&*DHD#$(&*ZD.*%.%(.$#*
'#*&$()#*<.'*X$(7.$&*H.*.7%$(#C#$b#*<.*)D.T&*"&)*'#*L$#""(K)*<.'*N"(<&*(%&8J)("&*ZD.*H.*
<.H"#$%&9('#$b#*#*7DH"(7&';*.9"$.8N)<&H.*<.*)D.T&*'#*7#6&$*X#$8.*<.'*N"(<&*(%&8J)("&*()C.$(<&*<.*
)D.T&*.)*'#*&$()#I**@.*.H8.*7&<&;*D)#*<&H(H*<.*:\\*7C*<.*N"(<&*(%&8J)("&*T.)<$b#*#*$.X$.H.)8#$*
D)#H*"D#8$&*&*"()"&*<&H(H*<.*:\!:M*7C*<.*7DH"(7&';*X&$*'&*ZD.*'#*#L($7#"(K)*<.*]8.''.$*.)*:__>*<.*
ZD.*D)#*<&H(H*<.*?&)C&H*X&<b#*H.$*$."("'#<#*X&$*"D#8$&*&*"()"&*X.$H&)#H*X#$.".*$#W&)#%'.I**V'*
7DH"(7&';*X&$*HD*X#$8.;*)&*gD.C#*D)*X#X.'*<.7#H(#<&*(7X&$8#)8.*.)*.H8.*X$&".H&*<.*$."("'#<&*
D$()#$(&;*6#*ZD.*H.*?#*<.8.$7()#<&*ZD.*HK'&*D)#*X.ZD.`#*X#$8.*<.'*7DH"(7&'*()6."8#<&*H.*.9"$.8#*
.)*'#*&$()#*<.*'&H*$#8&).H*+088*+*"%/-":E_M#5I**VH8#*?(XK8.H(H*#S)*.H8N*X&$*T.$(L("#$*<.*L&$7#*
"D#)8(8#8(T#*.)*.'*?&7%$.;*#D)ZD.*?#*H(<&*<.7&H8$#<#*<.*L&$7#*"D#'(8#8(T#*.)*'&H*.9X.$(7.)8&H*
X$.'(7()#$.H*+4?('8&)*:E_E5I*
*
*
(CO=%&8&%;#'0!:;$'9#80!0;O9'!=8!':O9%8>C'S!
(;9!8:8#%58!
*
 V)*:F/\;*.'*)#8D$#'(H8#*%$(8N)("&*-&$<."#(*4D%(88*4&&d.*XD%'("K*.)*G&)<$.H*D)*'(%$&*8(8D'#<&*C$+"
E+7+,"E<.*+&.")0"E/++G"+G#H*](.8.*2.$7#)#H*<.'*]D.`&5;*D)*.H8D<(&*H&%$.*'#*?(H8&$(#*<.*'#H*<$&C#H*
XH("&#"8(T#H*ZD.*()"'Db#*D)*"#Xb8D'&*<.<("#<&*#'*"D'8&*H(%.$(#)&*<.'*?&)C&*+4&&d.*:F/\5I**@&H*#`&H*
7NH*8#$<.;*G.c(H*4#$$&''*.7X.W#$b#*#*.H"$(%($*HD*()"&7X#$#%'.*&%$#*;/<(+.";17+,*3&+."<,"
j),1+&/%,1"+B'("(#*.)*.'*Y#bH*<.*'#H*-#$#T(''#H5;*()HX($#<&*H.CD$#7.)8.*.)*.'*$.'#8&*<.*4&&d.*
H&%$.*.'*?&)C&*7#$#T(''&H&*<.*](%.$(#I**4&&d.*#8$#g&*'#*#8.)"(K)*<.'*XS%'("&*?#"(#*'&H*)D7.$&H&H*
()L&$7.H*ZD.*H&H8.)b#)*ZD.*'#*()C.H8(K)*<.'*?&)C&*7#8#7&H"#H*X$&T&"#%#*7#"$&XH(#*+8.)<.)"(#*#*
T.$*'&H*&%g.8&H*7NH*C$#)<.H*<.*'&*ZD.*H&)*.)*$.#'(<#<5*&*.'*.L."8&*"&)8$#$(&;*7("$&XH(#;*()HX($#)<&*
"&)*8&<#*H.CD$(<#<*'#H*X$&X(.<#<.H*<.*.9X#)<.$*6*<.*.)"&C.$*'&H*&%g.8&H*ZD.*X&H.b#*.'*?&)C&*<.'*
HD.`&*<.*B'("(#*+_5I*
V'*"D'8&*H(%.$(#)&*<.'*?&)C&*T&'T(K*<.*)D.T&*#*'#*'DW*.)*:E=/;*"D#)<&*fb"8&$*BI*
=,>*
*
R.d&;*D)*X.$(&<(H8#*#DH8$b#"&;*#L($7K*H()*LD)<#7.)8&*#'CD)&*ZD.*'#*;'%,<*%"'3.(%&<%".$#*.'*
*+),%,D(%*/"<.*-J9("&;*8.7#*ZD.*6#*?.7&H*8$#8#<&*.)*.98.)H(K)*.)*.'*"#Xb8D'&*X$.".<.)8.*+R.d&*
:E=/5I**R.d&*''.CK*()"'DH&*#*()T.)8#$*'#*T#$(.<#<*'+Q<(%,%"1+*;-"'3.(%&<%"6*'#*.HX."(.*?(X&8J8("#*;-"
'+Q<(%,%-""VH8#H*(<.#H*LD.$&)*7.$#H*"&)g.8D$#H;*X.$&*H()*<D<#*<.%(.$&)*.H8#$*()HX($#<#H*X&$*'&H*
$.'#8&H*H&%$.*.'*"D'8&*H(%.$(#)&*+TJ#H.*4#Xb8D'&*,;*O&8#*:\5I**-NH*$."(.)8.7.)8.;*H.*?#)*''.T#<&*#*
"#%&*()8.)8&H*X#$#*$.'#"(&)#$*'#*;-"'3.(%&<%""&)*.'*"D'8&*7.9("#)&*<.'**+),%,D(%*/"+G&c6*:E_,A*
G&c6*:E_>A*G&c6*:E__A*G&c6*:EF\A*U#HH&)*+*"%/-":EF/5*+F5I**]()*.7%#$C&;*.9(H8.)*X&"#H*X$D.%#H*
<($."8#H*<.*ZD.*;-"'3.(%&<%"H.*?#6#*DH#<&*"&7&*.7%$(#C#)8.*.)*-J9("&;*?#%(J)<&H.*<.7&H8$#<&*
ZD.*.'**+),%,D(%*/""&)H8(8D6.*.'*C$DX&*<.*'#H*.HX."(.H*<.*?&)C&H*XH('&"b%("&H*+TJ#H.*4#Xb8D'&*M5I**
Y&$*&8$&*'#<&;*.H8N)*#X#$."(.)<&*)D.T#H*X$D.%#H*ZD.*X.$7(8($b#)*()"'D($*#*;-"'3.(%&<%".)*.'*
"&)gD)8&*<.*.)8.KC.)&H*7.H&#7.$("#)&H;*X$D.%#H*ZD.*8$#8#$.7&H*.)*<.8#''.*7NH*#<.'#)8.I*
f#$(&H*#D8&$.H*7&<.$)&H*?#)*.H"$(8&*H&%$.*.'*"D'8&*#*'#*;'%,<*%".)*](%.$(#;*X.$&*X&$*'&*C.).$#'*
.H8&H*&H"D$&H*$.'#8&H*<.*T(#g.$&H*)&*8DT(.$&)*.9".H(T#*8$#H".)<.)"(#I**PD.*'#*XD%'("#"(K)*<.*
[3.$&))'."N3..<%"%,1"><.*)&5"+2&)C&H;*RDH(#*.*2(H8&$(#5*<.*'&H*U#HH&)*.)*:EM_*.'*
#"&)8."(7(.)8&*ZD.*"#7%(#$b#*$#<("#'7.)8.*.H8#*H(8D#"(K)*+U#HH&)*6*U#HH&)*:EM_#5I**@D$#)8.*
8$.()8#*#`&H;*.H8&H*X(&).$&H*<.*'#*.8)&7("&'&Cb#*?#%b#)*.H8#<&*%DH"#)<&*D)#*.9X'("#"(K)*X#$#*.'*
#%(H7&*ZD.*H.X#$#%#*#*'#H*"D'8D$#H*.)*<&H*"#7X&H;*X&$*'&*ZD.*$.HX."8#*#*HD*#"8(8D<*.)*$.'#"(K)*#*
'&H*?&)C&HI**f#'.)8()#*Y#T'&T)#*U#HH&)*+D)#*$DH#5*6*RI*[&$<&)*U#HH&)*+D)*.H8#<&D)(<.)H.*<.*
&$(C.)*#)C'&H#gK)5*H.*<(.$&)*"D.)8#*<.*ZD.*HDH*$.HX."8(T#H*#"8(8D<.H*?#"(#*'&H*?&)C&H*+#7&$*6*
#<&$#"(K)*X&$*X#$8.*<.*.''#;*&<(&*6*$.XDC)#)"(#*X&$*X#$8.*<.*J'5*.$#)*D)*L(.'*$.L'.g&*<.*'#H*<.*HDH*
$.HX."8(T&H*XD.%'&H;*<.*7&<&*ZD.*8&<#H*'#H*"D'8D$#H*.$#)*&*%(.)*'<()0*/<(%."&*%(.)*'<()0P8<(%.!"
).&'&C(H7&H*ZD.*#"D`#$&)*X#$#*"#'(L("#$*.H8&H*<&H*.98$.7&HI**B*L()#'.H*<.*'&H*#`&H*T.()8.*H.*
.7%#$"#$&)*.)*D)*#7%("(&H&*.H8D<(&*H&%$.*'&H*)&7%$.H*ZD.*$."(%b#)*'&H*?&)C&H*.)*'&H*<(T.$H&H*
T&"#%D'#$(&H*()<&.D$&X.&H;*.)*D)*()8.)8&*<.*<(H".$)($*'#H*#"8(8D<.H*?#"(#*'&H*?&)C&H*ZD.*H.*
.H"&)<b#)*.)*.H8&H*)&7%$.HI**V)8$.*&8$#H*"&H#H;*T(.$&)*ZD.*'#*;'%,<*%"'3.(%&<%"$.X$.H.)8#%#*.'*
#$ZD.8(X&*<.*H.8#*T.).)&H#*6*ZD.*.'*&<(&*<.*'&H*7("KL&%&H*H.*".)8$#%#*.)*.H8#*S)("#*.HX."(#I**G&H*
U#HH&)*''.C#$&)*#*"&)".%($*'#*(<.#*<.*D)*8(.7X&*.)*)D.H8$&*X#H#<&*$.7&8&*.)*.'*ZD.*)D.H8$&H*
#)8.X#H#<&H*?#%$b#)*#<&$#<&*#*'&H*?&)C&HI**@.H"&)&"b#)*<.*ZDJ*?&)C&H*XD<&*8$#8#$H.*)(*X&$*ZDJ*
LD.$&)*&%g.8&*<.*"D'8&;*X.$&*()8D6.$&)*ZD.*.H8.*?."?&*X&<$b#*.9X'("#$*'#*7("&Lb'(#*6*'#*7("&LK%(#v*
.)*#'CD)#H*"D'8D$#H*?#%$b#*H&%$.T(T(<&*'#*#"8(8D<*$.T.$.)8.*<.'*"D'8&;*7(.)8$#H*ZD.*.)*&8$#H*'&H*
8#%SH*ZD.*?#%$b#)*$&<.#<&*.H8.*"D'8&*+&*7("&'#8$b#;*"&7&*'&*''#7#$b#*[&$<&)*U#HH&)*7NH*8#$<.5*
X.$T(Tb#*.)*L&$7#*<.*&<(&*6*8.7&$*?#"(#*8&<&H*'&H*?&)C&H*+U#HH&)*6*U#HH&)*:EM_#5I*
1(.7X&*<.HXDJH*8DT(.$&)*)&8("(#*<.'*DH&*<.*'#*;'%,<*%"'3.(%&<%".)*](%.$(#*.)*'&H*$(8D#'.H*
"?#7N)("&H;*"&)L($7#)<&*HD*#8$.T(<#*?(XK8.H(HI**V)*[3.$&))'."N3..<%"%,1*><.*)&5"'&H*U#HH&)*
?#"b#)*D)*$.X#H&*<.*'&H*$.'#8&H*<.*'&H*H(C'&H*^fQQQ*6*^Q^*ZD.*<#%#)*"D.)8#*<.*'#*.7%$(#CD.W*LS)C("#*
.)*](%.$(#I**VH8.*.98$#&$<()#$(&*'(%$&*.H8#%#*<.H8()#<&*#*.H8(7D'#$*'#*#8.)"(K)*7&<.$)#*H&%$.*.'*
X&8.)"(#'*.)8.KC.)&*<.*'#*;'%,<*%"'3.(%&<%!"#*X.H#$*<.*ZD.*HK'&*H.*(7X$(7(.$&)*M:,*.g.7X'#$.HI*
V'*7J<("&*#7.$("#)&*B)<$(g#*YD?#$("?*LD.*'#*X$(7.$#*X.$H&)#*ZD.*X&XD'#$(WK*'&H*
=,M*
*
<.H"D%$(7(.)8&H*<.*'&H*U#HH&)*H&%$.*'#*;'%,<*%"'3.(%&<%-""V)*:EME*XD%'("K*D)*'(%$&*8(8D'#<&*C$+"
E%(&+1"[3.$&))'M"H+5"*)"*$+"L))&")0"+*+&,<*5"+V'*2&)C&*]#C$#<&;*'#*G'#T.*<.*'#*YD.$8#*#*'#*
V8.$)(<#<5*.)*.'*ZD.*#L($7#%#*ZD.*'#*;'%,<*%"'3.(%&<%"H.*?#%$b#*DH#<&*"&7&*<$&C#*H#C$#<#*.)*.'*
#)8(CD&*VC(X8&*+YD?#$("?*:EME#5I**YD?#$("?*?#%b#*/+41)"[3.$&))'."N3..<%"%,1"><.*)&5"6*?#%b#*
"&)8#"8#<&*"&)*[&$<&)*U#HH&)*+E5;*X.$&*HD*'(%$&;*7#$"#<#7.)8.*H.)H#"(&)#'(H8#;*)&*?(W&*gDH8("(#*
#'*"#7X&*<.*'#*.8)&7("&'&Cb#I**YD?#$("?*%#HK*HDH*#L($7#"(&).H*H&%$.*.'*DH&*<.*?&)C&H*
.)8.&CJ)("&H*.)*.'*#)8(CD&*VC(X8&*.)*()L&$7#"(K)*&%8.)(<#*.)*l8$#)".H*?(X)K8("&Hm*<.*X.$H&)#H*
"&)*HDXD.H8&H*lX&<.$.H*XHbZD("&HmI**O&*X$.H.)8K*)(*D)#*H&'#*X$D.%#*<.*8(X&*"(.)8bL("&*.*()8.)8K*
<#$*T.$&H(7('(8D<*#'*'(%$&*.9X'("#)<&*HDH*()8.)8&H*l"(.)8bL("&Hm*<.*"D'8(T#$*'#";'%,<*%"'3.(%&<%"6*<.*
.H8D<(#$*HDH*X$&X(.<#<.H*ZDb7("#H*.)*HD*'#%&$#8&$(&*<.*-#().I**]()*.7%#$C&;*)()CS)*"(.)8bL("&*
()L&$7#<&*?#%$b#*()8.)8#<&*"D'8(T#$*;'%,<*%"'3.(%&<%".)*.H8(J$"&'*<.*7D'#;*"&7&*?(W&*YD?#$("?*
+H()*J9(8&;*8#'*"&7&*"#%b#*.HX.$#$5;*&*?#".$*'#*#%HD$<#*#L($7#"(K)*<.*ZD.*.H8.*?&)C&*"$."b#*.)*.'*
.H8(J$"&'*<.*'&H*#)(7#'.H*+YD?#$("?*:EME#5I**O#<#*7NH*'.g&H*<.*'#*$.#'(<#<;*6#*ZD.*)()CD)#*.HX."(.*
<.*;'%,<*%""$.".*.)*.H8.*HD%H8$#8&I**VH8.*?&)C&*T(T.;*.)*$.#'(<#<;*.)*H(7%(&H(H*"&)*'#H*$#b".H*<.*
'&H*N$%&'.H*6*)D)"#*H.*?#*X&<(<&*&%8.).$*7.<(#)8.*"D'8(T&I**O(*H(ZD(.$#*H.*?#%$b#)*X&<(<&*&%8.).$*
'&H*?&)C&H*ZD.*Hb*"$.".)*#H&"(#<&H*#'*.H8(J$"&'*7.<(#)8.*'&H*8&H"&H*7J8&<&H*D8('(W#<&H*X&$*
YD?#$("?I**1#7X&"&*HDH*HDXD.H8&H*.9X.$(7.)8&H*ZDb7("&H*XD.<.)*$."(%($*<.7#H(#<#*#8.)"(K)*X&$*
X#$8.*<.*D)*'."8&$*()L&$7#<&I**V)*8.&$b#;*H.*<.<("K*#*.H8D<(#$*'#*<(H8$(%D"(K)*<.*7DH"#$()#;*
%DL&8.)()#*6*#8$&X()#*.)*;'%,<*%"'3.(%&<%"<.8.$7()#)<&*ZD.*'#*"&)".)8$#"(K)*7NH*.'.T#<#*<.*
.H8#H*8&9()#H*H.*.)"&)8$#%#*.)*'#*7.7%$#)#*$&g#*<.'*H&7%$.$&*<.*'#*H.8#*6*.)*HDH*7#)"?#H*
%'#)"#HI**4&7&*6#*?.7&H*()<("#<&;*.)*;-"'3.(%&<%")&*H.*.)"D.)8$#*)(*%DL&8.)()#*)(*#8$&X()#;*
.H8#)<&*X$.H.)8.*'#*7DH"#$()#*HK'&*.)*8$#W#H*+.H8&H*.$$&$.H*H.*<.%(.$&)*H()*<D<#*#*'&H*X$(7.$&H*
8$#%#g&H*ZD.*#X#$."(.$&)*.)*'#*'(8.$#8D$#*ZDb7("#*6*ZD.*?.7&H*"&7.)8#<&*7NH*#$$(%#5I**R.HD'8#*
"D$(&H&*ZD.*YD?#$("?*)&*X$.H.)8#$#*HDH*&%H.$T#"(&).H*.)*'#*'(8.$#8D$#*ZDb7("#*.HX."(#'(W#<#;*H()&*
.)*D)*'(%$&*H.)H#"(&)#'(H8#*<(H.`#<&;*.)*7(*&X()(K);*X#$#*H#"#$*X#$8(<&*<.'*'#%&$(&H&*8$#%#g&*<.*'&H*
U#HH&)I**]K'&*)&H*$.H8#*HDX&).$*ZD.;*&*%(.)*YD?#$("?*H.*()T.)8K*8&<#*'#*?(H8&$(#*<.*HDH*
.9X.$(7.)8&H*ZDb7("&H;*&*%(.)*.$#*D)*ZDb7("&*7D6*).C'(C.)8.I**i&*7.*()"'()&*X&$*'#*X$(7.$#*
X&H(%('(<#<I**P()#'7.)8.;*6*#*X.H#$*<.*'#*#DH.)"(#*8&8#'*<.*()L&$7#"(K)*S8('*&*L(#%'.*.)*'#*&%$#*<.*
YD?#$("?;*<.%.7&H*$."&)&".$*ZD.*.'*'(%$&*L&7.)8K*.'*DH&*7&<.$)&*<.*'#*;'%,<*%"'3.(%&<%"-""
BD)ZD.*YD?#$("?*&%8DT&*HDH*(<.#H*<.*'&H*U#HH&);*'&H*M:,*.g.7X'#$.H*<.*HD*?(H8K$("&*'(%$&*H.*
#C&8#$&)*$NX(<#7.)8.*6*H.*"&)T($8(.$&)*.)*&%g.8&H*<.*"&'.""(&)(H8#;*.'*"#X$("?&H&*'(%$&*<.*
YD?#$("?*H.*T.)<(K*#7X'(#7.)8.*$.(7X$(7(J)<&H.*#S)*.)*'&H*#`&H*&"?.)8#I*
08$#*&%$#*7D6*X&XD'#$*LD.!'#*<.'*ZDb7("&*3I*R&H.7#);*X(&).$&*<.*'#*Hb)8.H(H*"'#)<.H8()#*<.*'#*G]@*
.<(8#<&*.)*:E//v*KELM"C$+";?+")0""[<,1"+G]@v*'#*V$#*<.*'#*-.)8.A*R&H.7#)*:E//5I**n)&*<.*'&H*
"#Xb8D'&H*<.'*'(%$&*.H8#%#*<.<("#<&*#'*l2&)C&*H#C$#<&*<.*B7J$("#v*V'*?&)C&*<.*'#H*7&H"#H*
=;'%,<*%"'3.(%&<%:9-""@.HC$#"(#<#7.)8.;*.H8.*'(%$&*T.)b#*#*!*<.H8('#$*'#*.H.)"(#*<.*'&H*"#X$("?&H&H*
.*(7X$."(H&H*.H"$(8&H*<.*YD?#$("?*6*f("8&$*R.d&*+''#7#<&*R.d#*<.*L&$7#*()"&$$."8#*.)*.'*'(%$&5;*.)*
.'*ZD.*H.*#8$(%Db#*.$$K).#7.)8.*'&H*.L."8&H*<.*;-"'3.(%&<%"#*'#*7DH"#$()#;*#*'#*%DL&8.)()#*
+"#'(L("#)<&*#*.H8#*S'8(7#*<.*lT(&'.)8&*#'D"()KC.)&m5*6*#*'#*#8$&X()#I**V'*#D8&$*"&)"'Db#*
()"&?.$.)8.7.)8.*
=,/*
*
ZD.*.'*lX$()"(X(&*#"8(T&*X$.<&7()#)8.*.H*<.*D)*&$(C.)*8(X&*#8$&X()#m*#L($7#)<&*<.*L&$7#*
().9X'("#%'.*ZD.*lH(*H.*8&7#)*C$#)<.H*"#)8(<#<.H*<.*'3.(%&<%".H*?#%(8D#'*8.).$*#*<(HX&H("(K)*D)#*
g.$()C#*?(X&<J))("#*"#$C#<#*"&)*#8$&X()#mI**V'*<.H"&)".$8#<&*'."8&$*H.*ZD.<#%#*X.)H#)<&*#*ZDJ*
"&H8D7%$.*H.*$.L.$b#*.'*#D8&$*.9#"8#7.)8.III*V)*D)*"#8N'&C&*$."(.)8.*+2&$&c(8W*:EE,5*#X#$."b#*D)*
X&.7#*7#)DH"$(8&*''#7#<&*;'%,<*%.*>5',%/"X&$*[I*sD#H?#;*.H"$(8&*.)*:E_:*6*.T(<.)8.7.)8.*
b).<(8&I*
f#'.)8()#*Y#T'&T)#*U#HH&)*7D$(K*<.*"#)".$*#*L()#'.H*<.*:EMF;*6*[&$<&)*U#HH&)*"&)8()DK*H&'&*
HDH*()T.H8(C#"(&).H*.8)&7("&'KC("#HI**V)*:E/=;*$."(J)*$.8($#<&*<.*HD*XD.H8&*"&7&*T(".X$.H(<.)8.*
<.*rIYI*-&$C#)*ˆ*4&I;*()("(K*HDH*.H8D<(&H*&$(.)8#'.H*ZD.*"&)8()DK*<D$#)8.*7NH*<.*"()"&*#`&H*6*ZD.*
"D'7()#$b#)*"&)*'#*XD%'("#"(K)*<.*E)'%M*L<7<,+"[3.$&))'")0"<'')&*%/<*5"+U#HH&)*:E/F5*ZD.*
()L'D6K*X$&LD)<#7.)8.*.)*'#*"&)"(.)"(#*7&<.$)#*<.'*X&8.)"(#'*.)8.&CJ)("&*<.'*?&)C&*
7#8#7&H"#HI**VH8.*'(%$&*H.*XD%'("K*.)*G#*2#6#;*.)*D)#*7#C)bL("#*.<("(K)*'(7(8#<#*<.*/F\*
.g.7X'#$.H;*(7X$.H&H*X&$*[(&T#))(*-#$<.$H8.(C*.)*HD*8(X&C$#Lb#*@#)8.;*H&%$.*X#X.'*.'#%&$#<&*#*
7#)&*6*"&)*D)#*L('(C$#)#*.HX."(#'7.)8.*<(H.`#<#*ZD.*$.X$.H.)8#%#*'#*H('D.8#*<.*D)#*;-"'3.(%&<%I**
B'*X$."(&*<.*,\\|*&*_,\*L'&$().H*?&'#)<.H.H*"#<#*D)&;*'#*.<("(K)*H.*#C&8K*$NX(<#7.)8.*
#X#$."(.)<&*<&H*#`&H*7NH*8#$<.*D)#*.<("(K)*<.*8#X#H*<D$#H*#'*X$."(&*<.*:M|;*H.CD(<#*X&$*&8$#*
.<("(K)*<.*%&'H(''&*#*_;M\|I**VH8#H*.<("(&).H*X&XD'#$.H*.$#)*7#C)bL("&H*L#"Hb7('.H*<.'*&$(C()#'I**
R."(.)8.7.)8.*'#*.<("(K)*"&7.$"(#'*<.*8#X#H*<D$#H*H.*?#*T.)<(<&*X&$*/\|*6*'#*.<("(K)*<.*'Dg&*#*
E\\|I*
V)*.H8#*&%$#*<.*#$8.*<.*'#*(7X$.H(K);*X$&LDH#7.)8.*('DH8$#<#;*U#HH&)*X$.H.)8#%#*'#*?(XK8.H(H*<.*
ZD.*'#*X'#)8#!<(&H*.)'%!"<.*'#*#)8(CD#*"(T('(W#"(K)*B$(#;*LD.$#*.'*?&)C&*7#8#7&H"#HI**G&H*#$(&H*H.*
<.HX'#W#$&)*?#"(#*.'*HD$;*?#"(#*'&*ZD.*?&6*.H*Y#d(H8N)*6*.'*)&$8.*<.*'#*Q)<(#;*.)*.'*H.CD)<&*7('.)(&*
#I4I*.H8#%'."(J)<&H.*.)*.'*f#''.*<.'*Q)<&I**4&7XDH(.$&)*D)*"#)&)*<.*?(7)&H*H#C$#<&H*''#7#<&H*
b+1%."ZD.*"&)H8(8D6.)*.'*LD)<#7.)8&*<.'*?()<D(H7&I**V'*X$(7.$&*<.*'&H*"D#8$&*b+1%.!"+/"N?"b+1%!"
8$#8#*.)*C$#)*.98.)H(K)*.'*.)'%"ZD.*.$#*#*'#*T.W*D)*<(&H;*D)#*X'#)8#;*.'*gDC&*<.*D)#*X'#)8#*6*'#*
&$()#*<.*D)*H#".$<&8.*ZD.*?#%b#*()C.$(<&*'#*X'#)8#I**@("?#*X'#)8#*H.*<.H"$(%b#*"&7&*$&g#*+:\5;*
gDC&H#*6*"#$)&H#;*H()*ZD.*H.*?("(.$#*7.)"(K)*#'CD)#*<.*?&g#H;*$#b".H;*H.7(''#H*&*L'&$.HI**1#'*"&7&*
"'#$#7.)8.*<.7&H8$#$&)*'#H*%.''#H*L&8&C$#Lb#H*<.*U#HH&);*;'%,<*%"'3.(%$(#*.$#*D)*"#)<(#8&*
X'#DH(%'.*X#$#*.'*.)'%"+U#HH&)*:E/_#A*U#HH&)*:E/_%A*U#HH&)*:E/FA*U#HH&)*:E_\#A*U#HH&)*
:E_\%A*U#HH&)*:E_:A*U#HH&)*:E_,%A*U#HH&)*:E_,"A*U#HH&)*:E_F5I**R.HD'8#*H(C)(L("#8(T&*ZD.*'&H*
B$(&H*T()(.$#)*#*'#*Q)<(#*X$&".<.)8.H*<.'*)&$8.;*'#*W&)#*<.*](%.$(#;*<&)<.*'#*;'%,<*%"'3.(%&<%"H.*
?#%b#*DH#<&*<.H<.*'#*7NH*$.7&8#*X$.?(H8&$(#I**B'*(CD#'*ZD.*.)*](%.$(#;*.'*$(8D#'*<.'*.)'%"<.*'&H*
B$(&H*(7X'("#%#*'#*()C.H8(K)*<.*'#*&$()#*<.*D)*()<(T(<D&*ZD.*?D%(.$#*"&7(<&*.'*.)8.KC.)&*LS)C("&I*
 U#HH&)*X$&X&)b#*#<.7NH*ZD.*'#*X'#)8#*H#C$#<#*<.*'&H*Q$#)b.H*+ZD.*<.H".)<b#);*#*HD*T.W;*<.*'&H*
B$(&H5;*.'*$%)'%!"LD.*8#7%(J)*.H8.*?&)C&;*#D)ZD.*?&6*<b#*H.*"$..*ZD.*+/"$%)'%".$#*'#*X'#)8#*
#+?%,3'"$%&'%/%"+TJ#H.*4#Xb8D'&*>;*.HX."(#'7.)8.*'#*O&8#*,5*+::5I**]DC($(K*ZD.*.'*L#7&H&*K<,?"
B$<$"<.'*#$8.*8#&bH8#*+?&6*(<.)8(L("#<&*"&7&*.'*?&)C&*X%,)1+&'%"/3(<13':!".'*l2&)C&*<(T()&*<.*'#*
()7&$8#'(<#<m*.$#*D)#*$.X$.H.)8#"(K)*7b8("#*<.'*.)'%"H&%$.*.'*ZD.*'&H*"?()&H*?#%b#)*&b<&*
'.C.)<#$(&H*$.'#8&HI**U#HH&)*X$&XDH&*ZD.*.'*?&)C&*7#8#7&H"#H*.$#*'#*l2(.$%#*<.*'#*()7&$8#'(<#<m*
<.*'#*#)8(CD#*.X&X.6#*<.*
=,_*
*
X</?%'+.$!"<.*'&H*]D7.$(&H;*D)&*<.*'&H*8.98&H*.H"$(8&H*7NH*#)8(CD&H*ZD.*X&H..7&H*+2.(<.'*:E>/5I**
V'*'(%$&*<.*U#HH&)*#X#$."(K*<&H*#`&H*<.HXDJH*<.*ZD.*D)*.7().)8.*ZDb7("&*#7.$("#)&*<.<("#<&*#'*
.H8D<(&*<.*'#H*lX'#)8#H*ZD.*"$.#)*?N%(8&*H("ym!*()8.)8#)<&*<.HT.'#$*'#*(<.)8(<#<*<.'*.)'%"+16'.$*
:E//5;*"&)"'D6.$#*ZD.*&*%(.)*'&H*B$(&H*.$#)*"D'X#%'.H*<.*l.9#C.$#$*.)&$7.7.)8.m*&*%(.)*ZD.*.'*
.)'%"X.$7#)."b#*l&"D'8&*#'*?&7%$.*7&<.$)&m*+}"&7&*7b)(7&*X.$7#)."b#*&"D'8&*X#$#*#ZD.''&H*
ZD.*"&)H(<.$#%#)*#*'&H*.7%$(#C#)8.H*H#C$#<&H*"&7&*lX'#)8#H*ZD.*"$.#)*?N%(8&m~5I**VH.*7(H7&*
#`&;*D)*()T.H8(C#<&$*<.*'#*Q)<(#*?#%b#*"&)"'D(<&*ZD.*'#*7(H.$#%'.*X'#)8#*JG$+1&%"73/?%&<.!"LD.)8.*
<.*'#*)#<#*H#C$#<#*.L.<$()#;*.$#*.'*#)8(CD&*.)8.KC.)&*+]$(T#H8#T#*:E//5I*
U#HH&)*()"'D6K*.)*HD*'(%$&*D)*.H8D<(&*.9?#DH8(T&*<.'*?&)C&*7#8#7&H"#H*.)*](%.$(#;*gD)8&*"&)*
$.X$&<D""(&).H*<.*8&<&H*'&H*$.'#8&H*ZD.*XD<&*.)"&)8$#$*<.*T(#g.$&H*6*.9X'&$#<&$.H;*#Hb*"&7&*D)*
.)H#6&*H&%$.*lG#*2(H8&$(#*X&H8!TJ<("#*<.*'#*X'#)8#*<.'*E)'%9".H"$(8&*X&$*U.)<6*@&)(C.$*
+0€P'#?.$865;*.)8&)".H*#S)*.H8D<(#)8.*6*?&6*D)#*.7().)8.*.$D<(8#*.)*.'*"#7X&*<.*'&H*b+1%-""G#*
7#6&$b#*<.*.H8D<(&H&H*<.*'&H*b+1%"6*<.*.8)K'&C&H*#".X8#$&)*'#*(<.)8(L("#"(K)*<.*U#HH&)*+Q)C#''H*
:E_:A*j$#7((H"?*:E_,A*jD(X.$*:E_\A*G#*3#$$.*:EF\"5I**n)#*.9".X"(K)*<.H8#"#%'.*LD.*'#*<.*rI*
3$&DC?;*ZD(J)*<.H"#'(L("K*#*U#HH&)*.)*D)#*"$b8("#*<.*=:*XNC()#H*+3$&DC?*:E_:5I**VH8&*7&8(TK*D)*
H.CD)<&*.H"$(8&*X&$*X#$8.*<.*U#HH&);*E)'%"%,1"*$+"f/5T;?%&<(M"[&"j%..),t."N+6)<,1+&"*)"
#&)0+..)&*W&)3?$"=J/"E)'%"5"+/">),?)*'%*%').(%.M"NAG/<(%"1+/*E&-""j%..),"%/"#&)0+.)&"W&)3?$:*.)*
.'*ZD.*"&)8.H8K*#*8&<#H*'#H*&%g."(&).H*<.*3$&DC?*6*X$.H.)8K*)D.T#H*X$D.%#H*ZD.*)&*#X#$."b#)*.)*
.'*X$(7.$*'(%$&*+U#HH&)*:E_,%5I**n)*#$8b"D'&*$."(.)8.*#X&6#%#*'#*8.&$b#*<.*U#HH&)*"&)*
()8.$X$.8#"(&).H*#<("(&)#'.H*<.'*N?"b+1%"+2.()8("?*:EE,5I*
V)*'#*X#$8.*L()#'*<.'*'(%$&*<.*U#HH&)*H.*?#"b#*D)#*$."#X(8D'#"(K)*<.*'#H*8.H(H*ZD.*J'*6*HD*7Dg.$*
?#%b#)*X$.H#C(#<&*&)".*#`&H*#)8.H*.)*[3.$&))'."N3..<%"%,1"><.*)&5S*8.&$b#*ZD.*"&)".%b#*D)*
8(.7X&*.)*.'*ZD.*'&H*X(7.$&H*H.$.H*?D7#)&H*.)*%DH"#*<.*HD*#'(7.)8&*?#%b#)*#X$.)<(<&*.'*
X&8.)"(#'*.)8.&CJ)("&*<.'*?&)C&*7#8#7&H"#H*6*<.*&8$#H*X'#)8#HI**VH8#*LD.*'#*lV<#<*<.*'&H*
V)8.KC.)&Hm*"&7&*'#*''#7#$b#*U#HH&)*.)*:EF\I**V'*?&)C&*7#8#7&H"#H*H.*"&)T($8(K*.)*.'*".)8$&*
<.'*"?#7#)(H7&*H(%.$(#)&;*6*#'*"$.".$*.)*H(7%(&H(H*"&)*.'*#%.<D';*JH8.*H.*"&)T($8(K*.)*.'*lB$%&'*<.'*
7D)<&m*&*.'*lB$%&'*<.*'#*f(<#m*<.'*L&'"'&$.*H(%.$(#)&*+TJ#H.*V'(#<.*:EM:;*<&)<.*#%&$<#*.'*8.7#*<.'*
B$%&'*<.*'#*f(<#*+:,5I**@.H<.*](%.$(#;*.'*"D'8&*<.'*?&)C&*H.*.98.)<(K*<D$#)8.*'#*X$.?(H8&$(#*
"&)H8(8D6.)<&*.'*X$&C.)(8&$*<.*'#H*$.'(C(&).H*#"8D#'.HI**2#".*"#H(*>\\\*#`&H;*'&H*B$(&H*''.T#$&)*.'*
"D'8&*.)8.&CJ)("&*#*'#*Q)<(#;*<.'*ZD.*.T&'D"(&)K*'#*$.'(C(K)*2()<SI**G&H*B$(&H*''.T#$&)*.'*"D'8&*#*
0$(.)8.*-.<(&;*.'*.)'%"H.*"&)T($8(K*.)*$%)'%"6*.'*"D'8&*<.*'&H*.)8.KC.)&H*''.C#$b#*#'*OD.T&*
-D)<&*"&)*'&H*X$(7.$&H*?&7%$.H*?#".;*"&7&*7b)(7&;*<&".*7('.)(&H*#*8$#TJH*<.*'#*L$#)g#*<.*8(.$$#*
<.'*.H8$."?&*<.'*7#$*<.*3.$()C*+:=5I**OD.T#H*X$D.%#H*ZD.*#H&"(#)*.'*"D'8&*<.*'#*;'%,<*%"'3.(%&<%"
"&)*.'*"?#7#)(H7&*"&)8.7X&$N).&*<.*'&H*()<(&H*<.*O&$8.#7.$("#*.H8N)*T(.)<&*'#*'DW;*D)*DH&*ZD.*
.H*<.L()(8(T#7.)8.*8$#<("(&)#'*.)8$.*'&H*0g(%c#6*&*'&H*B?)(H?()#D%.C*<.'*N$.#*<.*'&H*[$#)<.H*
G#C&H*+j..c#6<()&ZD#6*:E_FA*j..c#6<()&ZD#6*:E_EA*j..c#6<()&ZD#6*.8*%/-":EE\A*G€B''.7#)8*
:/,/A*O#T.8*:EFFA*]"?c#$8W*:E_,A*U#HH&)*:E_E#A*U#HH&)*+*"%/-*:EF\#5*6*.)8$.*'&H*@&C$(%*<.*'&H*
8.$$(8&$(&H*"#)#<(.)H.H*<.'*O&$&.H8.*+2#'(L#9*:E_EA*G#$H.)*:E_/5I**B'*(CD#'*ZD.*.)*](%.$(#;*'#*
.98$#`#*X$N"8("#*<.*%.%.$*'#*&$()#*<.*D)#*X.$H&)#*
=,F*
*
.7%$(#C#<#*"&)*;'%,<*%"'3.(%&<%"X#$.".*H.$*8#7%(J)*D)#*"#$#"8.$bH8("#*<.*HD*DH&*.)*
O&$8.#7J$("#;*X&$*'&*7.)&H*.)8$.*'&H*B?)(H?()#D%.C*&*'&H*0g(%c#6*+3&D$d.*:E=/A*U#HH&)*+*"%/-"
:EF\#5I**n)#*"?#7N)*B?)(H?()#D%.C*''#7#<#*j..c#6<()&ZD#6;*-I*Y.H"?.'';*"&'#%&$K*"&)*U#HH&)*
X#$#*<&"D7.)8#$*.'*DH&*.)*HD*8$(%D*<.*'#*;'%,<*%*'3.(%&<%!""&)&"(<#*"&7&*'<.Fi+1)".)*'.)CD#*
0g(%c#6*+j..c#6<()&ZD#6*:E_EA*U#HH&)*+*"%/-":EF\#5I**BD)ZD.*H.*.H8N)*<.HT.'#)<&*X$D.%#H*ZD.*
(7X'("#)*#'*?&)C&*7#8#7&H"#H*.)*.'*"?#7#)(H7&*8$#<("(&)#'*7.9("#)&*6*CD#8.7#'8."&;*.)*
-.H&#7J$("#*'#*7("&'#8$b#*H.*".)8$K*.)*'&H*?&)C&H*XH('&"b%("&H*ZD.*H&)*X&$*'&*C.).$#'*7NH*
#%D)<#)8.H*.)*.H#*$.C(K)*ZD.*'#*;'%,<*%"'3.(%&<%"+:>5I*
V)*.'*.Xb'&C&*<.*HD*$.T&'D"(&)#$(&*'(%$&*H&%$.*.'*.)'%!"U#HH&)*''.CK*()"'DH&*#*HDC.$($*ZD.*.'*
lB$%&'*<.*'#*f(<#m*6*.'*lB$%&'*<.'*"&)&"(7(.)8&*<.'*%(.)*6*<.'*7#'m*<.'*XA,+.<.".$#)*.)*$.#'(<#<*D)*
H&'&*N$%&';*.'*#%.<D'*H(%.$(#)&;*6*ZD.*.'*lL$D8&m*<.'*N$%&'*)&*.$#*&8$&*ZD.*.'*?&)C&*7#8#7&H"#H*
ZD.*"$.".*.)*H(7%(&H(H*"&)*.'*#%.<D'I**V)*.'*XA,+.<.!"#'*(CD#'*ZD.*.)*](%.$(#;*'#*H.$X(.)8.*.$#*.'*
.HXb$(8D*<.'*lB$%&'*<.*'#*f(<#mI**U#HH&)*$."#'"K*.H8#*8JH(H*.)*#+&.+G$),+."o3+.*M"J,*$+)?+,."%,1"
*$+"I&<?<,.")0"&+/?<),*+G#*3SHZD.<#*<.*Y.$HJL&).v*V)8.KC.)&H*6*'&H*0$bC.).H*<.*'#*R.'(C(K);*HD*'(%$&*
L()#';*XD%'("#<&*<.HC$#"(#<#7.)8.*<.*L&$7#*XKH8D7#A*U#HH&)*:E/FA*U#HH&)*+*"%/-":EF/5I*
n)#*T.W*7NH;*&8$&*.H"$(8&$*"&)".)8$#<&*.)*'#*&%8.)"(K)*<.*%.).L("(&H*H.*#X$&T."?#$b#*<.*'#H*
(<.#H*<.*U#HH&);*#'*(CD#'*ZD.*?#%b#*?."?&*YD?#$("?*7NH*<.*D)#*<J"#<#*#)8.HI**V)*.H8.*"#H&;*D)*
L('K'&C&*''#7#<&*r&?)*-I*B''.C$&*XD%'("K*#*8&<#*X$(H#*D)*'(%$&*8(8D'#<&*C$+"E%(&+1"[3.$&))'"%,1"
*$+"B&).."+V'*2&)C&*]#C$#<&*6*'#*4$DW5;*ZD.*X$.8.)<b#*<.7&H8$#$*ZD.*r.HSH*?#%b#*H(<&*D)*?&)C&;*'#"
;'%,<*%"'3.(%&<%!"6*ZD.*.'*OD.T&*1.H8#7.)8&*?#%b#*H(<&*.H"$(8&*7.<(#)8.*D)*"&7X'.g&*"K<(C&*
"&)".%(<&*X#$#*.H"&)<.$*.'*"D'8&*<.'*?&)C&*H#C$#<&*L$.)8.*#*'&H*$&7#)&H*+B''.C$&*:E_\5*}G#*
H&7%$#*<.*YD?#$("?~**G#H*S)("#H*X$D.%#H*ZD.*#X&$8#%#*B''.C$&*.$#)*'()CebH8("#HI**YD.H8&*ZD.*6&*)&*
H&6*D)*.9X.$8&*.)*L('&'&Cb#*%b%'("#*)&*()8.)8#$J*.T#'D#$*HDH*#$CD7.)8&HI**@.%.$b#*7.)"(&)#$;*H()*
.7%#$C&;*ZD.*.HX."(#'(H8#H*.)*.'*.H8D<(&*<.*'#H*'.)CD#H*%b%'("#H*?#)*$."?#W#<&*D)N)(7.7.)8.*'#*
8.H(H*<.*B''.C$&*6*'#H*X$()"(X#'.H*HDX&H("(&).H*.)*'#H*ZD.*H.*%#H#*+TJ#)H.*X&$*.gJ7X'&*'#H*"$b8("#H*<.*
r#"&%H.)*:E_:*6*R("?#$<H&)*:E_:5I**VH*H(C)(L("#8(T&*ZD.*B''.C$&;*D)*$."&)&"(<&*.9X.$8&*.)*'#*3b%'(#;*
)&*X$.H.)8#$#*HD*8.&$b#*.)*D)#*XD%'("#"(K)*.HX."(#'(W#<#*H()&*.)*D)*'(%$&*H.)H#"(&)#'(H8#*X#$#*.'*
C$#)*XS%'("&;*<(H.`#<&*X#$#*"#X8#$*'#*#8.)"(K)*X&XD'#$*6*)&*'#*<.*'&H*.9X.$8&H*+:M5I**V)*7(*&X()(K);*
B''.C$&;*#'*(CD#'*ZD.*YD?#$("?;*H(7X'.7.)8.*()8.)8#%#*#X$&T."?#$H.*<.*'#H*(<.#H*$.T&'D"(&)#$(#H*<.*
U#HH&)I**B'*(CD#'*ZD.*YD?#$("?;*B''.C$&*"&)8$(%D6K*.)*X&"&*&*)#<#*<.*T#'&$*#'*"#7X&*<.*'#*
.8)&7("&'&Cb#;*X.$&*8DT&*J9(8&*.)*#D7.)8#$*.'*"&)&"(7(.)8&*X&XD'#$*<.'*X&8.)"(#'*XH("&#"8(T&*<.*
'#*"&H7&X&'(8#*;'%,<*%"'3.(%&<%-*
*
*
%#5'9K0!:;$'9#;!(;9!=80!'0('&%'0!$'!8:8#%58!
*
4&7&*$.HD'8#<&*<.'*8$#%#g&*X(&).$&*<.*U#HH&);*6*<.*HDH*$.8&`&H*H.)H#"(&)#'(H8#H*YD"?#$("?*6*
B''.C$&;*.'*"&)HD7&*7&<.$)&*"&)*L().H*'S<("&H*<.*'#*;'%,<*%"'3.(%&<%".7X.WK*#*#X#$.".$*.)*'&H*
VH8#<&H*n)(<&H*+2##$<*6*2##$<*:E_MA*088*:E_/#A*088*
=,E*
*
:E_/%A*Y&''&"d*:E_M%A*U.('*:E__5*6*.)*[$#)*3$.8#`#*+4&&X.$*:E_F5I**V)*4#)#<N;*BI*-.@&)#'<*
()L&$7K*<.*$NX(<#H*T.)8#H*<.*7D.H8$#H*"#)#<(.)H.H*<.*;-"'3.(%&<%".)*'#H*8(.)<#H*<.*<(.8J8("#*<.*
1&$&)8&*#*:M|*'#*&)W#I**G#H*l7D6*L#T&$#%'.Hm*.9X.$(.)"(#H*<.*'&H*DHD#$(&H*"&)8$#H8#%#)*.)*C$#)*
7.<(<#*"&)*'&H*.9X.$(7.)8&H*X.$H&)#'.H*<.*-"@&)#'<;*''.T#<&H*#*"#%&*"&)*.HX."b7.).H*<.*
4#'(L&$)(#;*.)*Hb*7(H7&*6*"&)*H.(H*T&'D)8#$(&H*ZD.*HDL$(.$&)*)NDH.#H*6*<(T.$H&H*Hb)8&7#H*<.'*
.)T.).)#7(.)8&*7DH"#$b)("&*+-"@&)#'<*:E_FA*-"@&)#'<*:EF\5I**G&H*.H8D<(&H*ZDb7("&H*"(8#<&H*
7NH*#$$(%#*7&H8$#$&)*ZD.*'#*;-"G%,*$+&<,%")&$8.#7.$("#)#*.$#*7NH*X&8.)8.*ZD.*'#*;-"'3.(%&<%!*
8$#H".)<(.)<&*.H8.*?."?&*#*'&H*DHD#$(&H;*#'CD)&H*<.*'&H*"D#'.H*H.*()"'()#$&)*X&$*.H8.*&8$&*?&)C&*
+4&&X.$*:E_FA*088*:E_/#A*088*:E_/%A*U.('*:E__5I**VH8.*DH&*'S<("&*7&<.$)&*?#*H(<&*&%H.$T#<&*
.HX."(#'7.)8.*.)*U#H?()C8&);*0$.CK);*4#'(L&$)(#;*'&H*.H8#<&H*<.*'#H*-&)8#`#H*R&"&H#H*6*B'#Hd#;*
X.$&*.9(H8.)*X$D.%#H*<.*ZD.*'#H*.HX."(.H*<.'*CJ).$&*;'%,<*%"H.*"&)HD7.)*"&7&*.)8.KC.)&*
'S<("&*8#7%(J)*.)*'#*"&H8#*.H8.*6*.)*&8$#H*X#$8.H*<.*'&H*VH8#<&H*n)(<&HI**n)*'(%$&*XD%'("#<&*.);*
:E_,*+4&6&8.*-#)*6*3$&8?.$*U(''(#7*:E_,5*.)H#'W#%#*'#H*T($8D<.H*<.'*7&<.$)&*DH&*l$(8D#'m*<.*
;'%,<*%"'3.(%&<%"6*<.*;'%,<*%"G%,*$+&<,%-""08$&*'(%$&*$."(.)8.*XD%'("#<&*.)*"#8#'N)*<.H"$(%.*.'*
DH&*.)8.KC.)&*7&<.$)&*<.*;'%,<*%"'3.(%&<%".)*'#H*7&)8#`#H*<.*4#8#'D)6#;*VHX#`#;*<&)<.*.'*
DH&*'S<("&*<.*.H8#*<$&C#*X#$.".*H.$*8$#<("(&)#'*+P.$("C'#*:EFMA*P.$("C'#*:EE,5I**V)*$.HXD.H8#*#'*
$.HD$C(7(.)8&*7&<.$)&*<.'*()8.$JH*X&$*.H8.*#)8(CD&*H#"$#7.)8&;*?#)*#X#$."(<&*.)*'&H*S'8(7&H*
#`&H*#$8b"D'&H*.)*$.T(H8#H*ZD.*<.H"$(%.)*.H8&H*?&)C&H*6*.)H#'W#)*HDH*T($8D<.H*+088*:E__#A*088*
:E__%A*R&%%()H*:E_>5I*
P$.)8.*#*.H8.*"&)HD7&*()8.)"(&)#<&*<.*;'%,<*%"G%,*$+&<,%"5";'%,<*%"'3.(%&<%*$.HD'8#*($K)("&*.'*
?."?&*<.*ZD.*.H8#H*.HX."(.H*?#6#)*.H8#<&*(7X'("#<#H*.)*7D"?&H*"#H&H*<.*.)T.).)#7(.)8&*
#""(<.)8#'*X&$*?&)C&HI**V)*'#*W&)#*)&$&.H8.*<.*'#*"&H8#*<.'*Y#"bL("&;*.H8#H*H.8#H*H&);*<.*?."?&;*'#H*
ZD.*L$."D.)8.7.)8.*"#DH#)*7NH*.)T.).)#7(.)8&H*#""(<.)8#'.H*ZD.*)()CD)#*&8$#*.HX."(.I**
R."(.)8.7.)8.*H.*?#*XD%'("#<&*'#*$.(7X$.H(K)*<.*D)*8$#%#g&*<.*:E>E*.)*.'*ZD.*H.*<.H"$(%b#)*:F*
"#H&H*<.*.)T.).)#7(.)8&*X&$*;'%,<*%"G%,*$+&<,%".)*B'.7#)(#*+G.&)?#$<8*:EE,5;*?#%(J)<&H.*
<.H"$(8&*#<.7NH*"#H&H*<.*.)T.).)#7(.)8&H*7#H(T&H*.)*.'*HD$*<.*B'.7#)(#*6*<.*.)T.).)#7(.)8&H*
#""(<.)8#'.H*.)*&8$&H*'DC#$.H*+[.'L#)<*6*2#$$(H*:EF,5I**V)*7D"?&H*<.*.H8&H*"#H&H*'#H*Tb"8(7#H*
<.%(.$&)*H.$*?&HX(8#'(W#<#H*6*'#*().T(8#%'.*$."DX.$#"(K)*<.'*()L&$8D)#<&*H.*#8$(%D6.$&)*
?#%(8D#'7.)8.*#*'#H*7#$#T(''#H*<.*'#*7.<("()#*7&<.$)#*+088*:E__#5I**R.HD'8#*()8.$.H#)8.*
7.)"(&)#$*ZD.*'#H*W#$(Ce.6#H*=L<1+/G$<."'%&.3G<%/<.:"H&)*8#7%(J)*HDH".X8(%'.H*#'*.)T.).)#7(.)8&*
#""(<.)8#'*X&$*;'%,<*%"'3.(%&<%-""VH8.*?&)C&*gD)8&*"&)*.'*"&7.H8(%'.*B%/7%*<%"?<?%,*+%"$.HD'8K*
H.$*D)*#'(7.)8&*#X$."(#<&*X&$*'&H*#)(7#'.H*<.*.9X.$(7.)8#"(K);*"&7(.)<&*8&<&H*.''&H*#7%#H*
.HX."(.H*"&)*L$D("(K)I**]()*.7%#$C&;*H.(H*<.*D)*8&8#'*<.*)D.T.*#)(7#'.H*<.*.9X.$(7.)8#"(K)*
.)L.$7#$&)*<.HXDJH*<.*()C.$($*'#*;'%,<*%-""BD)ZD.*'&H*#)(7#'.H*"&)HD7(.$&)*8&<#H*'#H*H.8#H*ZD.*
'.H*&L$."(.$&)*.)*.H8#*X$(7.$#*X$D.%#;*<.HXDJH*<.*.)L.$7#$;*"D#8$&*<.*'&H*)D.T.*'&H*$."?#W#$&)*
D)*<b#*<.HXDJH*6*'&H*"()"&*$.H8#)8.H*$.8(".)8.7.)8.*7&$<(HZD.#$&)*.H8#*H.CD)<#*"&7(<#*#*%#H.*
<.*;-"'3.(%&<%-""V'*?&)C&*7#8#7&H"#H*"#DHK*D)#*<D$#<.$#*(7X$.H(K)*.)*'#H*W#$(Ce.6#H;*"()"&*<.*
'#H*"D#'.H*$."?#W#$&)*'&H*?&)C&H*?#H8#*_\*<b#H*<.HXDJHI**4D#)<&*'&H*()T.H8(C#<&$.H;*.7D'#)<&*#*
'&H*8$#L("#)8.H*<.H?&).H8&H*ZD.*#`#<.)*G]@*#*.HX."(.H*<.*?&)C&H*"&7.H8(%'.H;*#<D'8.$#$&)*.'*
?&)C&*B%/7%*<%"?<?%,*+%*
==\*
*
"&)*'#*8&9()#*<.*;-"'3.(%&<%!".'*7DH"(7&';*"()"&*<.*'&H*)D.T.*#)(7#'.H*#X$.)<(.$&)*#*$."?#W#$*
8#7%(J)*.H8.*?&)C&*D)#*T.W*'.H*?#%b#*?."?&*.)L.$7#$*+4#7#W().*:EF=5I**VH8.*.9X.$(7.)8&*
<.7D.H8$#*ZD.;*#'*7.)&H*.)*.'*"#H&*<.*'#*W#$(Ce.6#;*.'*7DH"(7&'*#"8D#*"&7&*l<(HD#H&$*
#'(7.)8#$'&mI*
-(.)8$#H*ZD.*#'CD)&H*?D7#)&H*X#$.".)*%DH"#$*'&H*?&)C&H*ZD.*"&)8(.).)*7DH"(7&'*#*X$&XKH(8&;*
'#*HDH8#)"(#*X#$.".*H.$*D)*.L("#W*<(HD#H&$*#'(7.)8#$'&*X#$#*&8$&HI**V)*D)*()8.)8&*<.*"&7X$.)<.$*
X&$*ZDJ*'&H*7(H7&H*?&)C&H*.)*D)#*7(H7#*N$.#*X&<b#)*'#)W#$*#*D)*XH("&)#D8#*#*HD*<.H.#<&*
lT(#g.m;*7(.)8$#H*ZD.*#*'#*T.W*.)T(#%#)*#*'#H*Tb"8(7#H*<.*.)T.).)#7(.)8&*#*D)*T(#g.*)#<#*<.H.#<&*
#'*?&HX(8#';*<."(<b*$.#'(W#$*D)*.H8D<(&*H&%$.*.'*DH&*()8.)"(&)#<&*7+&.3."DH&*#""(<.)8#'*<.*;-"
'3.(%&<%"5";-"G%,*$+&<,%".)*.'*.H8#<&*<.*U#H?()C8&)*+088*:E_/#5I**Q!#H*Tb"8(7#H*<.*
.)T.).)#7(.)8&*+ZD.*"$.b#)*.H8#$*"&7(.)<&*?&)C&H*"&7.H8(%'.H5*#'*.9X.$(7.)8#$*'&H*X$(7.$&H*
.L."8&H*HD%g.8(T&H*<.*'#*.7%$(#CD.W*X&$*B7#)(8#*X.)H#$&)*?#%.$*"&7(<&*H.8#H*7&$8#'.H*<.*7&<&*
ZD.*HD*T(<#*.H8#%#*.)*X.'(C$&I**n)*?&7%$.*()"'DH&*''#7K*#*HD*#%&C#<&*X#$#*?#".$*8.H8#7.)8&;*
}#)8.H*<.*H&'("(8#$*#8.)"(K)*7J<("#~**B<.7NH;*'#H*#"8(8D<.H*<.*X$.&"DX#"(K)*<.*L#7('(#$.H*6*#7(C&H*
#6D<#%#)*#*"&)L($7#$*.H#*(7X$.H(K);*ZD.*.)*)#<#*X&<b#*"&)<D"($*#*H.)H#"(&).H*X'#".)8.$#HI**
-D"?&H*LD.$&)*''.T#<&H*#*?&HX(8#'.H*6*H&7.8(<&H*#*'#*<.H#C$#<#%'.*.9X.$(.)"(#*<.*D)*'#T#<&*
CNH8$("&*+T#"(#<&*<.'*.H8K7#C&5I**B'CD)&H*LD.$&)*8$#8#<&H*"&)*#8$&X()#;*ZD.;*"&7&*.H*H#%(<&;*
X&8.)"(#*'&H*.L."8&H*<.'*N"(<&*(%&8J)("&*6*<.'*7DH"(7&'*+.'*'."8&$*#8.)8&*$."&$<#$N*ZD.*.H8#H*
8&9()#H*X$&<D".)*.L."8&H*#)N'&C&H*#*'&H*<.*'#*#8$&X()#;*H(.)<&*''#7#<#H*D)#*T.W*#</d%*&)G<,S"
=E*3,*d"+*"%/-":E_,A*16'.$*:EMF#5I**VH8.*8$#8#7(.)8&*()8.)H(L("#%#;*X&$*<.H"&)8#<&;*'&H*.L."8&HI*
Y&$*.'*"&)8$#$(&;*#ZD.''&H*ZD.*()C.$b#)*'&H*?&)C&H*#*X$&XKH(8&;*%DH"#)<&*#"8(T#7.)8.*'#*
.7%$(#CD.W;*)&*8.)b#)*7(.<&*X&$*HDH*T(<#H;*6*.)"&)8$#%#)*'#*.9X.$(.)"(#*%#H8#)8.*#C$#<#%'.I**VH8N*
"'#$&*ZD.*'#H*$.#""(&).H*).C#8(T#H*<.'*.)T.).)#7(.)8&*#""(<.)8#'*H&)*X$&<D"8&*<.*D)*"&)8.98&*6*
D)#*X$.<(HX&H("(K)*X#$#*'#*.9X.$(.)"(#*()"&$$."8&H;*#H&"(#<&H*.)*#'CD)&H*"#H&H;*#*D)#*
H&%$.<&H(L("#"(K)I**@.HXDJH*<.*?#%.$*()C.$(<&*8#)8&*;-"'3.(%&<%!";-"G%,*$+&<,%!"#Hb*"&7&*N"(<&*
(%&8J)("&*XD$&*6*7DH"(7&'*7.*#8$.T&*#*#L($7#$*.H8&*"&)*8&<#*H.CD$(<#<I**BD)ZD.*7D"?&H*
7("K'&C&H;*ZD.*)&*.)8(.)<.)*'#*(7X&$8#)"(#*<.*D)*7#$"&*#<."D#<&*6*<.*'#*X$.X#$#"(K)*X.$H&)#'*
.)*'#H*.9X.$(J)"(#H*"&)*<$&C#H*.)8.&CJ)("#H;*?#)*$.HX&)<(<&*<.*D)*7&<&*#%H&'D8#7.)8.*
7("KL&%&;*"#'(L("#)<&*.H8&H*?&)C&H*<.*X.'(C$&H&H*.*()"'DH&*7&$8#'.H*+TJ#H.*X&$*.g.7X'&*-(''.$*
:E_,;*H&%$.*;-"G%,*$+&<,%:"+:/5I**B'CD)&H*.H"$(8&$.H*HDXD.H8#7.)8.*€"&)&".<&$.H€*<.*CDb#H*<.*
"#7X&*X#$#*DHD#$(&H*<.*?&)C&H*.)8.KC.)&H*?#)*"#(<&*8#7%(J)*.)*+.*%";'%,<*)0)8<%!"#<T($8(.)<&*
#*HDH*'."8&$.H*ZD.*$.?D6#)*'#H*.HX."(.H*;-"'3.(%&<%"5*;-"G%,*$+&<,%"6*ZD.*H.*".)8$.)*
.9"'DH(T#7.)8.*.)*'&H*?&)C&H*XH('&"b%("&H*+2##$<*6*2##$<*:E_MA*-.)H.$*:E__5*+:_5I*
VH*"(.$8&;*H.*?#*#8$(%D(<&*D)#*7D.$8.*#*"#<#*D)#*<.*.H8#H*.HX."(.H*<.*;'%,<*%"+,*'&H*VH8#<&H*
n)(<&H*+3D"d*:E/=A*2&8H&)*:E=>5I**Y.$&*HK'&*H.*?#)*$.C(H8$#<&*.H8&H*<&H*"#H&H*.)*'&H*ZD.*H.*XD.<#*
#8$(%D($;*<.*7#).$#*L(#%'.*6*.9"'DH(T#;*'#H*7D.$8.H*#*.H8&H*?&)C&HI**O&*"&)&W"&*)()CS)*&8$&*"#H&*
#ZDb*&*.)*VD$#H(#;*6*.H8#$b#*#C$#<."(<&*H(*#'CD(.)*7.*()L&$7#$#*H&%$.*&8$&H*"#H&H*+7D"?&H*#D8&$.H*
?#)*"(8#<&*.'*"#H&*<.*4#C'(#$(*:FE_;*.)*.'*ZD.*.'*#D8&$;*H()*.7%#$C&;*H&HX."?K*ZD.*H.*?#%b#)*
"&7(<&*8#7%(J)*&8$#H*.HX."(.H;*ZD.<#)<&*#Hb*.'*"#H&*<.H"#'(L("#<&5I**V)*'#H*<&H*7D.$8.H*$.C(H!*
 ==:*
*
8$#<#H;*'#H*Tb"8(7#H*.$#)*7D6*7#6&$.H*6*.)L.$7(W#HI**Y$N"8("#7.)8.*8&<#*HDH8#)"(#*D8('(W#<#*"&7&*
7.<("()#*&*"&)*L().H*'S<("&H*XD.<.*"#DH#$*'#*7D.$8.*H(*H.*#<7()(H8$#*#*'#*X.$H&)#*.$$K).#*.)*.'*
7&7.)8&*.$$K).&I*z4DN)8#H*7D.$8.H*?#)*H(<&*<.%(<#H*#*'#*X.)("('()#*&*#*'#*#HX($()#{**B'*.T#'D#$*'#*
H.CD$(<#<*<.*D)#*HDH8#)"(#*<.%.7&H*.H8D<(#$*HDH*.L."8&H*.)*D)#*X&%'#"(K)*)D7.$&H#*6*)&*
ZD.<#$)&H*H(7X'.7.)8.*"&)*D)&*&*<&H*"#H&H*(<(&H()"$N8("&HI**1.).7&H*$.C(H8$#<&H*"(.)8&H*<.*
"#H&H*<.*()8&9("#"(K)*#""(<.)8#'*X&$*;'%,<*%"'3.(%&<%"6*.H*H.CD$&*ZD.*?#*?#%(<&*7('.H*<.*
()C.H8(&).H*()8.)"(&)#<#H*<.*.H8.*?&)C&;*<.*'#H*ZD.*)&*8.).7&H*)&8("(#;*H()*ZD.*?#6#)*$.HD'8#<&*
.)*<#`&*#'CD)&*X#$#*.'*DHD#$(&I**V)*.'*()L&$7.*ZD.*<.H"$(%b#*.'*.)T.).)#7(.)8&*7&$8#'*X&$*;-"
G%,*$+&<,%"H.*<.H"$(%b#*&8$#*.7%$(#CD.W*#""(<.)8#'*<.*D)#*X#$.g#*g&T.)*+=M*#`&H*<.*.<#<5I**B*
X.H#$*<.*$."(%($*7&$L()#*6*#8$&X()#*.)*.'*?&HX(8#'*+.H8#*S'8(7#*<.%(K*X&8.)"(#$*H()*<D<#*'&H*.L."8&H*
<.'*N"(<&*(%&8J)("&x7DH"(7&'*X$.H.)8.*.)*'&H*?&)C&H5*gD)8&*"&)*<(.W*C&8#H*<.*'#*#$$(%#*
7.)"(&)#<#*8()8D$#*?&7.&XN8("#*<.*;?%<<(3."'3.(%&<3."+D)#*8()8D$#*<.*;-"'3.(%&<%"ZD.*
X$&%#%'.7.)8.*"&)8.)b#*D)#*<&H(H*#<("(&)#'*<.*N"(<&*(%&8J)("&x7DH"(7&'5*#7%&H*H.*$."DX.$#$&)*
8&8#'7.)8.*"&)*$#X(<.W*+2&8H&)*:E=>5I**V'*@$I*R&%.$8*UI*3D"d;*$."&)&"(<#*#D8&$(<#<*.)*.'*"#7X&*
<.*'&H*.)T.).)#7(.)8&H*X&$*?&)C&H;*?(W&*'#*H(CD(.)8.*#L($7#"(K)*.'*'#*$.T(H8#*^)3&,%/")0"*$+"
;'+*<(%,*[+1<(%/;..)(<%*<),"+3D"d*:E/=5v*
*
O&*H.*?#)*<&"D7.)8#<&*HDL("(.)8.7.)8.*'#H*7D.$8.H*X&H8.$(&$.H*#*'#*()C.H8(K)*
<.*;'%,<*%"'3.(%&<%""&7&*X#$#*"&)"'D($*ZD.*JH8.*H.#*D)*?&)C&*7&$8#'*"D#)<&*
H.*()C(.$.*X&$*X.$H&)#H*H#)#HI**V)*<&H*"#H&H*.)*'&H*ZD.*H.*()C($(.$&)*"#)8(<#<.H*
"&)H(<.$#%'.H*<.*?&)C&H*"$D<&H*6*"&"(<&H;*'&H*X#"(.)8.H*.9X.$(7.)8#$&)*D)*
"(.$8&*7#'.H8#$*X.$&*H.*$."DX.$#$&)*"&7X'.c7.)8.;*"&)*$#X(<.WI*
*
2.7&H*T(H8&*ZD.*;'%,<*%"'3.(%&<%"LD.*D)#*<$&C#*.H8(7#<#*6*T#'(&H#*.)*](%.$(#;*?."?&*ZD.*?#%$b#*
H(<&*7D6*(7X$&%#%'.*H(*.'*?&)C&*?D%(.$#*H(<&*7&$8#'I**0%T(#7.)8.;*'&H*7("K'&C&H*+7D"?&H*<.*'&H*
"D#'.H*H&)*)&8&$(#7.)8.*7("KL&%&H5*?#)*H(<&*<.7#H(<&*"#D8.'&H&HI**;'%,<*%"'3.(%&<%"5";'%,<*%"
G%,*$+&<,%")&*H&)*7&$8#'.H*"&)*8&<#*H.CD$(<#<;*6*"D#)<&*H.*DH#)*<.*L&)!)#*()8.'(C.)8.*)&*H&)*
8#7X&"&*X.'(C$&H&HI*
*
*
*
C0;!&;#5':(;9F#';!$'!=80!'0('&%'0!'#5';>K#%&80!
$'!8:8#%58!
*
O(*.'*N"(<&*(%&8N)("&*)(*.'*7DH"(7&'*?#)*#X#$."(<&*)D)"#*.)*.'*7.$"#<&*).C$&*<.*<$&C#HI**Y&$*'&*
ZD.*HJ;*;'%,<*%"G%,*$+&<,%"5";'%,<*%"'3.(%&<%"7D6*$#$#*T.W*?#)*H(<&*T.)<(<#H*.)*.'*7.$"#<&*
).C$&;*"&7&*.)*.'*"#H&*<.*'#*8(.)<#*<.*<(.8J8("#*<.*1&$&)8&*7.)"(&)#<&*7NH*#$$(%#*+-"@&)#'<*
:E_F5I**@.*#ZDb*ZD.*H.#*(7X$&%#%'.*ZD.*D)*LD8D$&*DHD#$(&*XD.<#*#<ZD($($*.H8#*<$&C#*<.*HD*
#7(C#%'.*L#))#"&X&%H8#I**]K'&*7.<(#)8.*HD*$."&'.""(K)*.)*.'*"#7X&*X&<$N*.'*#HX($#)8.*#*7("KL#C&*
.)8.KC.)&*&%8.).$*.H8#*<$&C#*LS)C("#I*
==,*
*
"&)*'#*8&9()#*<.*;-"'3.(%&<%!".'*7DH"(7&';*"()"&*<.*'&H*)D.T.*#)(7#'.H*#X$.)<(.$&)*#*$."?#W#$*
8#7%(J)*.H8.*?&)C&*D)#*T.W*'.H*?#%b#*?."?&*.)L.$7#$*+4#7#W().*:EF=5I**VH8.*.9X.$(7.)8&*
<.7D.H8$#*ZD.;*#'*7.)&H*.)*.'*"#H&*<.*'#*W#$(Ce.6#;*.'*7DH"(7&'*#"8D#*"&7&*l<(HD#H&$*
#'(7.)8#$(&mI*
-(.)8$#H*ZD.*#'CD)&H*?D7#)&H*X#$.".)*%DH"#$*'&H*?&)C&H*ZD.*"&)8(.).)*7DH"(7&'*#*
X$&XKH(8&;*'#*HDH8#)"(#*X#$.".*H.$*D)*.L("#W*<(HD#H&$*#'(7.)8#$(&*X#$#*&8$&HI**V)*D)*()8.)8&*<.*
"&7X$.)<.$*X&$*ZDJ*'&H*7(H7&H*?&)C&H*.)*D)#*7(H7#*N$.#*X&<b#)*'#)W#$*#*D)*XH("&)#D8#*#*HD*
<.H.#<&*lT(#g.m;*7(.)8$#H*ZD.*#*'#*T.W*.)T(#%#)*#*'#H*Tb"8(7#H*<.*.)T.).)#7(.)8&*#*D)*T(#g.*)#<#*
<.H.#<&*#'*?&HX(8#';*<."(<b*$.#'(W#$*D)*.H8D<(&*H&%$.*.'*DH&*()8.)"(&)#<&*7+,3."DH&*#""(<.)8#'*<.*
;-"'3.(%&<%"5";-"G%,*$+&<,%".)*.'*.H8#<&*<.*U#H?()C8&)*+088*:E_/#5I**G#H*Tb"8(7#H*<.*
.)T.).)#7(.)8&*+ZD.*"$.b#)*.H8#$*"&7(.)<&*?&)C&H*"&7.H8(%'.H5*#'*.9X.$(7.)8#$*'&H*X$(7.$&H*
.L."8&H*HD%g.8(T&H*<.*'#*.7%$(#CD.W*X&$*;'%,<*%"X.)H#$&)*?#%.$*"&7(<&*H.8#H*7&$8#'.H*<.*7&<&*
ZD.*HD*T(<#*.H8#%#*.)*X.'(C$&I**n)*?&7%$.*()"'DH&*''#7K*#*HD*#%&C#<&*X#$#*?#".$*8.H8#7.)8&;*
}#)8.H*<.*H&'("(8#$*#8.)"(K)*7J<("#~**B<.7NH;*'#H*#"8(8D<.H*<.*X$.&"DX#"(K)*<.*L#7('(#$.H*6*#7(C&H*
#6D<#%#)*#*"&)L($7#$*.H#*(7X$.H(K);*ZD.*.)*)#<#*X&<b#*"&)<D"($*#*H.)H#"(&).H*X'#".)8.$#HI**
-D"?&H*LD.$&)*''.T#<&H*#*?&HX(8#'.H*6*H&7.8(<&H*#*'#*<.H#C$#<#%'.*.9X.$(.)"(#*<.*D)*'#T#<&*
CNH8$("&*+T#"(#<&*<.'*.H8K7#C&5I**B'CD)&H*LD.$&)*8$#8#<&H*"&)*#8$&X()#;*ZD.;*"&7&*.H*H#%(<&;*
X&8.)"(#*'&H*.L."8&H*<.'*N"(<&*(%&8J)("&*6*<.'*7DH"(7&'*+.'*'."8&$*#8.)8&*$."&$<#$N*ZD.*.H8#H*
8&9()#H*X$&<D".)*.L."8&H*#)N'&C&H*#*'&H*<.*'#*#8$&X()#;*H(.)<&*''#7#<#H*D)#*T.W*#</d%*&)G<,S"
+]8D)8W*+*"%/-":E_,A*16'.$*:EMF#5I**VH8.*8$#8#7(.)8&*()8.)H(L("#%#;*X&$*<.H"&)8#<&;*'&H*.L."8&HI*
Y&$*.'*"&)8$#$(&;*#ZD.''&H*ZD.*()C.$b#)*'&H*?&)C&H*#*X$&XKH(8&;*%DH"#)<&*#"8(T#7.)8.*'#*
.7%$(#CD.W;*)&*8.)b#)*7(.<&*X&$*HDH*T(<#H;*6*.)"&)8$#%#)*'#*.9X.$(.)"(#*%#H8#)8.*#C$#<#%'.I**VH8N*
"'#$&*ZD.*'#H*$.#""(&).H*).C#8(T#H*<.'*.)T.).)#7(.)8&*#""(<.)8#'*H&)*X$&<D"8&*<.*D)*"&)8.98&*6*
D)#*X$.<(HX&H("(K)*X#$#*'#*.9X.$(.)"(#*()"&$$."8&H;*#H&"(#<&H*.)*#'CD)&H*"#H&H;*#*D)#*
H&%$.<&H(L("#"(K)I**@.HXDJH*<.*?#%.$*()C.$(<&*8#)8&*;-"'3.(%&<%!";-"G%,*$+&<,%!"#Hb*"&7&*N"(<&*
(%&8J)("&*XD$&*6*7DH"(7&'*7.*#8$.T&*#*#L($7#$*.H8&*"&)*8&<#*H.CD$(<#<I**BD)ZD.*7D"?&H*
7("K'&C&H;*ZD.*)&*.)8(.)<.)*'#*(7X&$8#)"(#*<.*D)*7#$"&*#<."D#<&*6*<.*'#*X$.X#$#"(K)*X.$H&)#'*
.)*'#H*.9X.$(J)"(#H*"&)*<$&C#H*.)8.&CJ)("#H;*?#)*$.HX&)<(<&*<.*D)*7&<&*#%H&'D8#7.)8.*
7("KL&%&;*"#'(L("#)<&*.H8&H*?&)C&H*<.*X.'(C$&H&H*.*()"'DH&*7&$8#'.H*+TJ#H.*X&$*.g.7X'&*-(''.$*
:E_,;*H&%$.*;-"G%,*$+&<,%:"+:/5I**B'CD)&H*.H"$(8&$.H*HDXD.H8#7.)8.*l"&)&".<&$.Hm*<.*CDb#H*<.*
"#7X&*X#$#*DHD#$(&H*<.*?&)C&H*.)8.KC.)&H*?#)*"#(<&*8#7%(J)*.)*+.*%";'%,<*)0)8<%!"#<T($8(.)<&*
#*HDH*'."8&$.H*ZD.*$.?D6#)*'#H*.HX."(.H*;-"'3.(%&<%"5*;-"G%,*$+&<,%"6*ZD.*H.*".)8$.)*
.9"'DH(T#7.)8.*.)*'&H*?&)C&H*XH('&"b%("&H*+2##$<*6*2##$<*:E_MA*-.)H.$*:E__5*+:_5I*
VH*"(.$8&;*H.*?#*#8$(%D(<&*D)#*7D.$8.*#*"#<#*D)#*<.*.H8#H*.HX."(.H*<.*;'%,<*%".)*'&H*VH8#<&H*
n)(<&H*+3D"d*:E/=A*2&8H&)*:E=>5I**Y.$&*HK'&*H.*?#)*$.C(H8$#<&*.H8&H*<&H*"#H&H*.)*'&H*ZD.*H.*XD.<#*
#8$(%D($;*<.*7#).$#*L(#%'.*6*.9"'DH(T#;*'#H*7D.$8.H*#*.H8&H*?&)C&HI**O&*"&)&W"&*)()CS)*&8$&*"#H&*
#ZDb*&*.)*VD$#H(#;*6*.H8#$b#*#C$#<."(<&*H(*#'CD(.)*7.*()L&$7#$#*H&%$.*&8$&H*"#H&H*+7D"?&H*#D8&$.H*
?#)*"(8#<&*.'*"#H&*<.*4#C'(#$(*:FE_;*.)*.'*ZD.*.'*#D8&$;*H()*.7%#$C&;*H&HX."?K*ZD.*H.*?#%b#)*
"&7(<&*8#7%(J)*&8$#H*.HX."(.H;*ZD.<#)<&*#Hb*.'*"#H&*<.H"#'(L("#<&5I**V)*'#H*<&H*7D.$8.H*
$.C(H8$#<#H;*'#H*Tb"8(7#H*.$#)*7D6*7#6&$.H*6*.)L.$7(W#HI*
==:*
*
Y$N"8("#7.)8.*8&<#*HDH8#)"(#*D8('(W#<#*"&7&*7.<("()#*&*"&)*L().H*'S<("&H*XD.<.*"#DH#$*'#*7D.$8.*
H(*H.*#<7()(H8$#*#*'#*X.$H&)#*.$$K).#*.)*.'*7&7.)8&*.$$K).&I*z4DN)8#H*7D.$8.H*?#)*H(<&*<.%(<#H*
#*'#*X.)("('()#*&*#*'#*#HX($()#{**B'*.T#'D#$*'#*H.CD$(<#<*<.*D)#*HDH8#)"(#*<.%.7&H*.H8D<(#$*HDH*
.L."8&H*.)*D)#*X&%'#"(K)*)D7.$&H#*6*)&*ZD.<#$)&H*H(7X'.7.)8.*"&)*D)&*&*<&H*"#H&H*
(<(&H()"$N8("&HI**1.).7&H*$.C(H8$#<&H*"(.)8&H*<.*"#H&H*<.*()8&9("#"(K)*#""(<.)8#'*X&$*;'%,<*%"
'3.(%&<%"6*.H*H.CD$&*ZD.*?#*?#%(<&*7('.H*<.*()C.H8(&).H*()8.)"(&)#<#H*<.*.H8.*?&)C&;*<.*'#H*ZD.*
)&*8.).7&H*)&8("(#;*H()*ZD.*?#6#)*$.HD'8#<&*.)*<#`&*#'CD)&*X#$#*.'*DHD#$(&I**V)*.'*()L&$7.*ZD.*
<.H"$(%b#*.'*.)T.).)#7(.)8&*7&$8#'*X&$*;-"G%,*$+&<,%"H.*<.H"$(%b#*&8$#*.7%$(#CD.W*#""(<.)8#'*<.*
D)#*X#$.g#*g&T.)*+=M*#`&H*<.*.<#<5I**B*X.H#$*<.*$."(%($*7&$L()#*6*#8$&X()#*.)*.'*?&HX(8#'*+.H8#*
S'8(7#*<.%(K*X&8.)"(#$*H()*<D<#*'&H*.L."8&H*<.'*N"(<&*(%&8J)("&x7DH"(7&'*X$.H.)8.*.)*'&H*?&)C&H5*
gD)8&*"&)*<(.W*C&8#H*<.*'#*#$$(%#*7.)"(&)#<#*8()8D$#*?&7.&XN8("#*<.*;?%&<(3."'3.(%&<3."+n)#*
8()8D$#*<.*;-"'3.(%&<%"ZD.*X$&%#%'.7.)8.*"&)8.)b#*D)#*<&H(H*#<("(&)#'*<.*N"(<&*
(%&8J)("&x7DH"(7&'5*#7%&H*H.*$."DX.$#$&)*8&8#'7.)8.*"&)*$#X(<.W*+2&8H&)*:E=>5I**V'*@$I*R&%.$8*
UI*3D"d;*$."&)&"(<#*#D8&$(<#<*.)*.'*"#7X&*<.*'&H*.)T.).)#7(.)8&H*X&$*?&)C&H;*?(W&*'#*H(CD(.)8.*
#L($7#"(K)*.)*'#*$.T(H8#*r&D$)#'*)0"*$+";'+&<(%,*[+1<(%/";..)(<%*<),"+3D"d*:E/=5v*
*
O&*H.*?#)*<&"D7.)8#<&*HDL("(.)8.7.)8.*'#H*7D.$8.H*X&H8.$(&$.H*#*'#*()C.H8(K)*
<.*;'%,<*%"'3.(%&<%""&7&*X#$#*"&)"'D($*ZD.*JH8.*H.#*D)*?&)C&*7&$8#'*"D#)<&*
H.*()C(.$.*X&$*X.$H&)#H*H#)#HI**V)*<&H*"#H&H*.)*'&H*ZD.*H.*()C($(.$&)*"#)8(<#<.H*
"&)H(<.$#%'.H*<.*?&)C&H*"$D<&H*6*"&"(<&H;*'&H*X#"(.)8.H*.9X.$(7.)8#$&)*D)*
"(.$8&*7#'.H8#$*X.$&*H.*$."DX.$#$&)*"&7X'.8#7.)8.;*"&)*$#X(<.WI*
*
2.7&H*T(H8&*ZD.*;'%,<*%"'3.(%&<%"LD.*D)#*<$&C#*.H8(7#<#*6*T#'(&H#*.)*](%.$(#;*?."?&*ZD.*?#%$b#*
H(<&*7D6*(7X$&%#%'.*H(*.'*?&)C&*?D%(.$#*H(<&*7&$8#'I**0%T(#7.)8.;*'&H*7("K'&C&H*+7D"?&H*<.*'&H*
"D#'.H*H&)*)&8&$(#7.)8.*7("KL&%&H5*?#)*H(<&*<.7#H(<&*"#D8.'&H&HI**;'%,<*%"'3.(%&<%"5";'%,<*%"
G%,*$+&<,%")&*H&)*7&$8#'.H*"&)*8&<#*H.CD$(<#<;*6*"D#)<&*H.*DH#)*<.*L&$7#*()8.'(C.)8.*)&*H&)*
8#7X&"&*X.'(C$&H&HI*
*
*
n]0*40O1V-Y0RhOV0*@V*GB]*V]YV4QV]*VO1V0[kOQ4B]*
@V*B-BOQ1B*
*
O(*.'*N"(<&*(%&8J)("&*)(*.'*7DH"(7&'*?#)*#X#$."(<&*)D)"#*.)*.'*7.$"#<&*).C$&*<.*<$&C#HI**Y&$*'&*
ZD.*HJ;*;'%,<*%"G%,*$+&<,%"5";'%,<*%"'3.(%&<%"7D6*$#$#*T.W*?#)*H(<&*T.)<(<#H*.)*.'*7.$"#<&*
).C$&;*"&7&*.)*.'*"#H&*<.*'#*8(.)<#*<.*<(.8J8("#*<.*1&$&)8&*7.)"(&)#<&*7NH*#$$(%#*+-"@&)#'<*
:E_F5I**@.*#ZDb*ZD.*H.#*(7X$&%#%'.*ZD.*D)*LD8D$&*DHD#$(&*XD.<#*#<ZD($($*.H8#*<$&C#*<.*HD*
#7(C#%'.*L#$7#"&X&'(H8#I**]K'&*7.<(#)8.*HD*$."&'.""(K)*.)*.'*"#7X&*X&<$N*.'*#HX($#)8.*#*7("KL#C&*
.)8.KC.)&*&%8.).$*.H8#*<$&C#*LS)C("#I*
==,*
*
***].*<.%.*H.$*7D6*"D(<#<&H&*.)*'#*(<.)8(L("#"(K)*"D#)<&*H.*$."&'."8#*"D#'ZD(.$*?&)C&*X#$#*H.$*
"&7(<&I**VH8&*.H*.HX."(#'7.)8.*TN'(<&*.)*.H8.*"#H&;*<&)<.*.H*T(8#'*)&*"&)LD)<($*;'%,<*%"
'3.(%&<%")";'%,<*%"G%,*$+&<,%""&)*#'CD)#*<.*HDH*X$(7#H*T.).)&H#HI**G#H*7&$8#'.H*8&9()#H*+9!
 #7#)(8()#*6*L#'&(<()#*+6*X&'(XJX8(<&H*"b"'("&H*$.'#"(&)#<&H5*H.*?#)*?#''#<&*X&$*.'*7&7.)8&*.)*
H(.8.*.HX."(.H*)&$8.#7.$("#)#H*<.*;'%,<*%M*;-"#$%//)<1+.!";-"8<.G)&<?+&%!";-"7+&,%!";-"7<&).%"
+16'.$*+*"%/-":E//A*i&"D7*6*](7&)H*:E__5;*;-")(&+%*%"+2&$C.)"+*"%/-":E_/5;*;-"*+,3<0)/<%"+3'&"d"+*"
%/-":EMM5*6*;-".38%//<%(+%*+]8#$d*+*"%/-":E_=5I**].*?#*XD%'("#<&*D)*.9".'.)8.*8$#%#g&*ZD.*$.X#H#*'#*
8&9("(<#<*<.*.H8&H*?&)C&H*+2#8L(.'<*6*3$#<6*:E_M5I**1&<#H*.H8#H*.HX."(.H*H&)*X&8.)"(#'7.)8.*
7&$8#'.H*6*<.%.$b#)*.T(8#$H.*#H(<D#7.)8.*X&$*'&H*7("KL#C&H*+:F5I**R."&7(.)<&*.)"#$."(<#7.)8.*
ZD.*D)&*H.*L#7('(#$(".*"&)*'&H*"#$#"8.$.H*ZD.*<(H8()CD.)*#*;-"'3.(%&<%"5*;-"G%,*$+&<,%"#)8.H*<.*
()8.)8#$*$."&'."8#$*#'CD)#*;'%,<*%"X#$#*HD*()C.H8(K)*+.H8&*8#7%(J)*.H*#X'("#%'.*#*'#*"&7S)*6*
<.'("(&H#*;'%,<*%"(+.%&+%:-""BL&$8D)#<#7.)8.;*'#H*<&H*.HX."(.H*.)8.&CJ)("#H*8(.).)*.'*H&7%$.$&*
"&'&$.#<&*<.*$&g&*#*#7#$(''&*'#*X$(7.$#*6*7#$$K)*'#*H.CD)<#;*X&$*'&*ZD.*XD.<.)*<(H8()CD($H.*
LN"('7.)8.*<.*HDH*7&$8bL.$&H*X#$(.)8.H*ZD.*X&H..)*H&7%$.$&H*%'#)"&*&*+.)*.'*"#H&*<.*BI*
G$%//)<1+.:"T.$<&H&I**B<.7NH;*'#*T&'T#*<.*;-"'3.(%&<%"5";-"G%,*$+&<,%".H*"#$#"8.$bH8("#I**
R."&7(.)<&*#'*'."8&$*ZD.*"&)HD'8.*D)#*CDb#*<.*"#7X&*<.*H.8#H*('DH8$#<#*+"&7&*'#*<.*-(''.$*:E_,;*
&*'#*<.*2##$<*6*2##$<*:E_M;*ZD.*()"'D6.)*.9".'.)8.H*L&8&C$#Lb#H;*#D)ZD.*C$#)*X#$8.*<.*'#*
()L&$7#"(K)*H&%$.*8&9("(<#<*.)*.H8&H*'(%$&H*.H*.$$K).#5*#)8.H*<.*()8.)8#$*'#*$."&'.""(K)*<.*D)#*
.HX."(.*.)8.&CJ)("#*<.*;'%,<*%"+TJ#H.*-.)H.$*:E__*6*088*:E_E%*X#$#*L&8&C$#Lb#H*"&7X#$#8(T#H*
<.*'#H*.HX."(.H*<.*;'%,<*%".)8.&CJ)("#H*6*'#H*7&$8#'.H5I*}3#g&*)()CD)#*"($"D)H8#)"(#*H.*<.%.$b#*
()C.$($*D)#*;'%,<*%"ZD.*H.#*8&<#*%'#)"#*&*ZD.*X&H.#*D)*H&7%$.$&*T.$<&H&~*
G#H*;'%,<*%".)8.&CJ)("#H*H&)*"&)HD7(<#H*#*T.".H*.)*.'*"#7X&;*X.$&*.H8#*X$N"8("#*
#)8(?(C(J)("#*)&*.H*)#<#*$."&7.)<#%'.*+TJ#H.*4#Xb8D'&*M;*O&8#*:>5I**V'*DHD#$(&*()8.'(C.)8.*
.H"&C.$N*HK'&*#ZD.''&H*.HX."b7.).H*7NH*L$.H"&H*ZD.*H.*'#T#$N)*"D(<#<&H#7.)8.*X#$#*ZD(WNH*
H#'8.#$'&H*'D.C&*"&)*7#)8.ZD(''#;*#)8.H*<.*HD*()C.H8(K)I**B'CD)&H*DHD#$(&H*HD.'.)*H."#$'&H*#'*#($.*
6*#'7#".)#$'&H*X#$#*HD*DH&*X&H8.$(&$;*()C($(.)<&*X$.L.$.)8.7.)8.*'&H*H&7%$.$&H*6#*ZD.*.'*8#''&*
"#$)&H&*HD.'.*.H8#$*()L.H8#<&*<.*'#$T#HI**2.*X&<(<&*&%H.$T#$*'#*X$N"8("#*<.*H."#$*'&H*H&7%$.$&H*
<.*'&H*?&)C&H*X#$#*'D.C&*LD7#$'&H*+088*:E_M%5I**VH8.*?D7&*"&)8(.).*7DH"(7&'*X&$*'&*ZD.*.H*
"(.$8#7.)8.*.7%$(#C#)8.*+088;*)&8#H*<.*'#%&$#8&$(&*)&*XD%'("#<#H5I**B'CD)&H*DHD#$(&H*H.X#$#)*
()"'DH&*'#*"D8b"D'#*$&g#*<.'*H&7%$.$&*6*'#*H."#)*X#$#*LD7#$'#*<.HXDJHI**VH8#*X$N"8("#*X&"&*"&7S)*
X$&X&$"(&)#*D)&H*.L."8&H*7NH*$NX(<&H*6*<.*7.)&$*<D$#"(K)*ZD.*.'*7J8&<&*8$#<("(&)#'*<.*
()C.$($'&HI**V9(H8.)*8$.H*HD"()8&H*()L&$7.H*H&%$.*.'*DH&*.8)&7.<("()#'*<.*;-"'3.(%$(#!LD7#<#I**V)*
BLC#)(H8N);*H.*LD7#*D)*.98$#"8&*H."&*<.*/%";'%,<*%"#'*ZD.*"&)&".)*X&$*.'*)&7%$.*<.**.$%.$'"
8%.F),"+l.'*ZD.*#%$.*'&H*&g&Hm5*6*ZD.*D8('(W#)*X#$#*.'*8$#8#7(.)8&*<.*'#*XH("&H(H*.)*.'*T#''.*<.*
]?.8D'*+-&"?8#$*6*[..$d.)*:E_E5I**1#7%(J)*.9(H8.)*()L&$7.H*<.*-J9("&*+YD.%'#*6*4?(#X#H5*.)*'&H*
ZD.*H.*#L($7#*ZD.*'&H*"?#7#).H*LD7#)*D)#*7.W"'#*<.*8#%#"&*6*H&7%$.$&H*H."&H*<.*;-"'3.(%&<%"
"&7&*#6D<#*#'*<(#C)KH8("&*
+j)#%*:E_/!_FA*RN8H"?*:EF_5I*
B'CD)&H*DHD#$(&H*D8('(W#)*H&'#7.)8.*;'%,<*%"G%,*$+&<,%"6*.T(8#)*'#*;-"'3.(%&<%*)&*HK'&*.H*'#*
T#$(.<#<*)&$8.#7.$("#)#*<.*;-"'3.(%&<%"7.)&H*X&8.)8.;*H()&*ZD.*.)*&"#H(&).H*
===*
*
?#*"#DH#<&*$.#""(&).H*7DH"#$b)("#H*+-"@&)#'<*:E_FA*1I*VI*-"j.))#*:EE,A*088*:E_/#5*ZD.*XD.<.)*
H.$*<.H#C$#<#%'.HI**VH*X&H(%'.*ZD.*'&H*.HX."b7.).H*)&$8.#7.$("#)&H*"&)8.)C#)*"&)".)8$#"(&).H*
<.*7DH"#$()#*7#6&$.H*ZD.*'#H*T#$(.<#<.H*.D$&X.#HI**VH*).".H#$(#*D)#*.98$.7#<#*X$."#D"(K)*"&)*
'#*<&H(L("#"(K)I**V'*7#$C.)*KX8(7&*<.*<&H(L("#"(K)*.H*7D6*.H8$."?&*+2##$<*6*2##$<*:E_MA*088*
:E_/#5I**](*H.*H&%$.X#H#*XD.<.*"&'&"#$*#'*DHD#$(&*.)*D)*.H8#<&*<.*#<&$7."(7(.)8&*&*()"'DH&*"&7#*
ZD.*'.*?#C#*<&$7($*<D$#)8.*8&<#*'#*.9X.$(.)"(#I**V)*D)*.9X.$(7.)8&*X.$H&)#';*D)#*<&H(H*7D6*
X.ZD.`#*<.*;-"G%,*$+&<,%"+#'$.<.<&$*<.*7.<(#*"&X#*<.*7#8.$(#'*H#'8.#<&5*LD.*HDL("(.)8.*X#$#*
X$&<D"($7.*D)*LD.$8.*.L."8&*.)8.&CJ)("&*7(.)8$#H*ZD.*8$.H*"D#$8&H*<.*"&X#*'.*"#DHK*D)#*
#8.$$#<&$#*.9X.$(.)"(#*<(H&"(#8(T#*#*&8$#*X.$H&)#*+088*:E_/#5I**](*D)&*<.H.#*.9X.$(7.)8#$*"&)*'#H*
;'%,<*%.".)8.&CJ)("#H;*<.%.$b#*()C.$($*#'*X$()"(X(&*D)#*<&H(H*X.ZD.`#*6*.HX.$#$*T#$(#H*?&$#*#)8.H*
<.*#D7.)8#$*'#*<&H(H;*H(*.H*ZD.*'&*"&)H(<.$#*).".H#$(&*+C.).$#'7.)8.*H.*$.ZD(.$.)*<.*,*#*=*?&$#H*
#)8.H*<.*ZD.*'&H*.L."8&H*H.*7#)(L(.H8.)*8&8#'7.)8.5I**Y&$*<&H(H*X.ZD.`#*.)8(.)<&*)&*7NH*<.*D)*
H&7%$.$&*<.*8#7#`&*X.ZD.`&*&*7.<(&I**4D#)<&*.H8N)*<.H."#<&H;*'&H*?&)C&H*XD.<.)*#D7.)8#$*
HD*X&8.)"(#*<D$#)8.*T#$(&H*7.H.H*6#*ZD.*.'*H."#<&*X$&T&"#*'#*<.H"#$%&9('#"(K)*<.'*N"(<&*(%&8N)("&*
X#$#*<#$*.'*7NH*X&8.)8.*7DH"(7&'*+R.Xd.*+*"%/-":E_F5I*
3#g&*)()CD)#*"($"D)H8#)"(#*H.*<.%.$b#)*()C.$($*.H8&H*?&)C&H*#'*#($.*'(%$.*.)*D)*'DC#$*$.7&8&*+#*
<(L.$.)"(#*<.*'&*ZD.*$."&7(.)<#)*2##$<*6*2##$<*:E_M5*&*"D#)<&*D)&*<.%.*"&)<D"($*D)*#D8&7KT('*
&*$.'#"(&)#$H.*"&)*&8$#H*X.$H&)#HI**@.%.$b#)*D8('(W#$H.*.)*D)*'DC#$*H.CD$&;*<&)<.*D)&*)&*H.*XD.<#*
?.$($*&*?#".$*<#`&*#*&8$&HI**4D#)<&*'#*.7%$(#CD.W*H.*?#''#*.)*HD*7&7.)8&*7N9(7&;*.'*DHD#$(&*
.9X.$(7.)8#<&*6#".$N;*6#*ZD.*.'*.ZD('(%$(&*H.*?#''#*LD.$8.7.)8.*#L."8#<&*"&7&*.)*'&H*.H8#<(&H*
#T#)W#<&H*<.*'#*()8&9("#"(K)*#'"&?K'("#I**1#'*"&7&*&"D$$.*"&)*&8$&H*.)8.KC.)&H;*#*T.".H*H.*
X$&<D".)*)#DH.#H*8$#)H(8&$(#H*"&7&*.L."8&*H."D)<#$(&*<.*'#*.7%$(#CD.WI**VH8&H*.X(H&<(&H*)&*
$.ZD(.$.)*D)*8$#8#7(.)8&*.HX."(#'*6#*ZD.*X#H#)*$NX(<#7.)8.I**V)*7(*.9X.$(.)"(#;*.H8&H*?&)C&H*
H&)*L#$7#"&'KC("#7.)8.*S)("&HI**BD)ZD.*'#*.7%$(#CD.W*XD.<.*$.HD'8#$*.98$#`#*6*#%$D7#<&$#;*D)*
DHD#$(&*X$.X#$#<&*X#$#*'#*.9X.$(.)"(#*'#*.)"&)8$#$N*H()CD'#$7.)8.*#C$#<#%'.*6*.98N8("#I**B*X.H#$*
<.*ZD.*'#*7#6&$b#*<.*7("KL#C&H*.)8.KC.)&H*X$.L(.$#)*'#H*.HX."(.H*XH('&"b%("#H;*)&*X&"&H*X$.L(.$.)*
'#H*;'%,<*%.".)8.&CJ)("#H*ZD.*H&)*7NH*H.CD$#H*ZD.*HDH*X#$(.)8.H*XH('&"b%("#H*.)*D)*(7X&$8#)8.*
#HX."8&v*H&)*'.C#'.H;*X&$*'&*ZD.*.'*LD8D$&*DHD#$(&*)&*).".H(8#*X$.&"DX#$H.*X&$*$.X.$"DH(&).H*
'.C#'.H*<.H#H8$&H#H*X&$*.'*H(7X'.*?."?&*<.*X&H..$'#H*6*DH#$'#HI*
==>*
*
#;580!
*
:!* 1#)8&*.'*N"(<&*(%&8J)("&*"&7&*.'*7DH"(7&'*H&)*#"8D#'7.)8.*?.$$#7(.)8#H*?#%(8D#'.H*.)*'#*
()T.H8(C#"(K)*).D$&ZDb7("#;*?#%(J)<&H.*<.HX.$8#<&*D)*"&)H(<.$#%'.*()8.$JH*X&$*'&H*.H8D<(&H*
).D$&ZDb7("&H*()("(#'.H*ZD.*H.*''.T#$&)*#*"#%&*"&)*.H8&H*<&H*)D.T&H*LN$7#"&H*+jK)(C!3.$H()*+*"%/-"
:E_\A*U#H.$*:E_'#A*U#H.$*:E_:%A*U#H.$*6*3.$H()*:E_\5I**i&*'#)"J*#7%&H*"&7XD.H8&H*#'*7.$"#<&*
<.*'#*()T.H8(C#"(K)*"(.)8bL("#*.)*:E_/I**BD)ZD.*)&*H&)*HDH8#)"(#H*"&)8$&'#<#H;*#*<(L.$.)"(#*<.*
7D"?&H*&8$&H*.)8.KC.)&H*8$#8#<&H*.)*.H8.*'(%$&;*.H*7D6*(7X$&%#%'.*ZD.*'#H*HD%H8#)"(#H*XD$#H*
?#6#)*H(<&*<.HT(#<#H*#'CD)#*T.W*?#"(#*DH&H*.98$#!"(.)8bL("&H*<.%(<&*#*HD*.'.T#<&*"&H8.I**V'*X$."(&*
L()#'*<.*T.)8#*<.'*N"(<&*(%&8J)("&*.H*<.*=F/;_M|*'&H*:\*7C;*&*=F/_;M\|*'#*<&H(H*<.*:\\*7CI*V'*
7DH"(7&'*.H*%#H8#)8.*7NH*%#$#8&;*X.$&*#S)*#Hb*HD*X$."(&*.H*<.*/>;,\|*D)#*%D.)#*<&H(H*<.*:\*7C*
+](C7#*4?.7("#'*4&I;*:EE=5I**B<.7NH;*.H8&H*"&7XD.H8&H*)&*H.*T.)<.)*#'*XS%'("&*C.).$#'*H()&*ZD.*
.)*'#*.8(ZD.8#*HD.'.)*.HX."(L("#$*ZD.*H.*<.H8()#$N)*l]K'&*X#$#*HD*DH&*.)*'#%&$#8&$(&HIII*)&*X#$#*
DH&H*L#$7#"JD8("&H;*<&7JH8("&*&*<.*&8$#*b)<&'.mI*
*
 ,!! YD.H8&*ZD.*'#*#)8(CD#*X#'#%$#*.D$#H(N8("#*X#$#*<.H(C)#$*#*'#*;'%,<*%"'3.(%&<%!*G%,Q!"6*'#H*
#)8(CD#H*X#'#%$#H*nC$&!L().H#H*D8('(W#<#H*X#$#*$.L.$($H.*#*'#*.7%$(#CD.W;*"&7&*X&$*.g.7X'&*X#C#';*
<.$(T#)*<.*'#*7(H7#*$#bW*+.'*H(C)(L("#<&*'(8.$#'*<.*G%?%/".H*l%#g&*'&H*.L."8&H*<.'*?&)C&m5;*6*XD.H8&*
ZD.*.H8#H*X#'#%$#H*X&H..)*D)*#)".H8$&*"&7S)*.)*'&*ZD.*'&H*'()Ce(H8#H*''#7#)*n$N'("&;*H.*XD.<.*
#L($7#$*ZD.*.'*"&)&"(7(.)8&*<.*'#H*X$&X(.<#<.H*.7%$(#C#)8.H*<.*;-"'3.(%&<%"H.*$.7&)8#;*X&$*'&*
7.)&H;*#*'#*$.7&8#*JX&"#*.)*'#*ZD.*.'*n$N'("&*H.*.H"()<(K*.)*<&H*$#7#H*'()CebH8("#Hv*.'*]#7&6.<&*6*
.'*nC$&!L()JH;*?#".*#'$.<.<&$*<.*/\\\*#`&H*+U#HH&)*:E/F5I**Y#$#*'&H*&%H.$T#<&$.H*.D$&X.&H;*"&)*
HD*X$&X(#*"&)".X"(K)*<.*'#*.7%$(#CD.W*}'&H*](%.$(#)&H*H.*l.7%&$$#"?#%#)m*"&)*?&)C&H~**G&H*
H(%.$(#)&H;*X&$*HD*X#$8.;*H.*T(.$&)*(CD#'7.)8.*H&$X$.)<(<&H*#'*<.H"D%$($*ZD.*'&H*.D$&X.&H*X&<b#)*
.)"&)8$#$H.*(CD#'7.)8.*l%#g&*'&H*.L."8&H*<.'*?&)C&m*D8('(W#)<&*}#CD#$<(.)8.~*+U#HH&)*:E/FA*
TJ#H.*8#7%(J)*4#Xb8D'&*:;*O&8#*M5I**G&H*$.H8&H*#$ZD.&'KC("&H*"&)*$.L.$.)"(#H*#*'#*.7%$(#CD.W*
"#DH#<#*X&$*'&H*?&)C&H*8(.).)*D)#*#)8(Ce.<#<*<.*?#H8#*=\\\*#`&H;*<.*#"D.$<&*"&)*'&H*
<.H"D%$(7(.)8&H*<.*OI*OI*@(d&T*<.*"(.$8&H*X.8$&C'(L&H*#*&$(''#H*<.'*$b&*Y.C867.'*ZD.*<.H.7%&"#*.)*
.'*0"J#)&*h$8("&;*.)*'#*$.C(K)*<.*4?Dd&8d#I**VH8&H*X.8$&C'(L&H*7D.H8$#)*?&)C&H*6*L(CD$#H*
#)8$&X&7&$L#H*"&)*?&)C&H*D)(<&H*#*HDH*"#%.W#HI**G&H*X.8$&C'(L&H*H.*.)"D.)8$#)*.)*.'*8.$$(8&$(&*<.*
'&H*4?Dd"?(;*D)&*<.*'&H*XD.%'&H*H(%.$(#)&H*"&)&"(<&H*X&$*"&)HD7($*8$#<("(&)#'7.)8.*'#*;'%,<*%"
'3.(%&<%"+U#HH&)*:E/FA*U#HH&)*+*"%/-":E/F5I**1#7%(J)*H.*?#)*.)"&)8$#<&*.)*1#HH('(;*B$C.'(#;*
X()8D$#H*$DX.H8$.H*ZD.*7D.H8$#)*L(CD$#H*#)8$&X&7&$L#H*ZD.*H&H8(.).);*&*<.*'#H*ZD.*"$.".)*
?&)C&HI**VH*X&H(%'.*ZD.*.H8#H*X()8D$#H*H.#)*
==M*
*
7D"?&*7NH*#)8(CD#H*ZD.*'&H*X.8$&C'(L&H*<.*4?Dd&8d#*+G?&8.*:EMEA*G#g&D9*:E/=A*-"j.))#*:EFFA*
1IjI*-"j.))#*:EE,A*]#7&$()(*:EFEA*]#7&$()(*:EE,#A*TJ#)H.*'&H*8$#%#g&H*<.*]#7&$()(*X#$#*'#H*
('DH8$#"(&).H5I**4(.$8&H*7&8(T&H*X("8K$("&H*?#''#<&H*.)*D)#*"D.T#*.)*]D."(#*?#)*H(<&*8#7%(J)*
()8.$X$.8#<&H*"&7&*$.L.$.)8.H*#'*DH&*"?#7N)("&*<.*?&)C&H*.)8.KC.)&H*+j#X'#)*:E_M5I*
*
\P! Y&"&*#)8.H*<.*'#*()T#H(K)*$DH#*<.*BLC#)(H8N);*H.*XD%'("K*D)*"D$(&H&*8$#%#g&*X$&".<.)8.*<.*
j#%D'*8(8D'#<&*lG&H*#'D"()KC.)&H*-DH"#$()#*k.<(l"6*h"(<&*Q%&8J)("&*.)*.'*2()<DdDH?*4.)8$#'m;*
.H"$(8&*.)*#'.7N)*+-&"?8#$*6*[..$d.)*:E_E5I**VH8#*l4&)8$(%D"(K)*#*'#*-("&'&Cb#*-J<("&!Y&XD'#$m*
#%&$<#%#*.'*DH&*'S<("&*6*7.<("()#'*<.*;'%,<*%"'3.(%&<%".)*.'*T#''.*<.*]?.8D'*.)*BLC#)(H8N)I**
lf(.g&H*?#%(8#)8.H*<.*.H8.*T#''.*<.*'#H*7&)8#`#Hm*<.H"$(%b#)*.'*DH&*<.'*?&)C&*<D$#)8.*'&H*8$#%#g&H*
<.*"#7X&*''.T#<&H*#*"#%&*.)*'&H*#`&H*/\*6*X$()"(X(&H*<.*'&H*_\I**G&H*#D8&$.H*)&*XD<(.$&)*&%H.$T#$*
<($."8#7.)8.*.'*DH&*<.*'&H*?&)C&H;*"&)&"(<&H*HDXD.H8#7.)8.*"&)*.'*)&7%$.*<.*,%,T+T.%?$*%"&*
lX#)*<.'*"D.$T&m;*X.$&*H.*<."b#*ZD.*JH8&H*.$#)*H."#<&H;*XD'T.$(W#<&H;*?.$T(<&H*gD)8&*"&)*ZD.H&*<.*
"#%$#*6*'#*X'#)8#*L$.H"#*W+,G*<,?.F&%3*"=R'G%*<+,.",)/<"*%,?+&+:"?#H8#*&%8.).$*D)#*%.%(<#*''#7#<#*
8)F%&-""K",)/<"*%,?+&+".H*"&)&"(<#*8#7%(J)*.)*B'.7#)(#*"&7&*>+Q+,F&%3*"&*l?(.$%#*<.*'#H*%$Dg#Hm*
+@.*f$(.H*:EE'#5I**B*T.".H*H.*#`#<b#*%.'.`&*=>5).(5%'3.",<?+&:"6*'#*7.W"'#*H.*#X'("#%#*7.<(#)8.*
7#H#g.*H&%$.*'#*X(.'I**08$&*)&7%$.*]?.8D'*X#$#*;'%,<*%"'3.(%&<%".$#**.$%.$'"8%.F),!"l.'*ZD.*
#%$.*'&H*&g&HmI**].*<.H"$(%b#*.'*DH&*7J<("&*<.*'&H*?&)C&H*X#$#*8$#8#$*'&H*"#H&H*<.*XH("&H(H*+X&$*Tb#*
&$#'5*6*'#H*"&)C.'#"(&).H*+Tb#*8KX("#5I**G&H*#D8&$.H*H.`#'#%#)*ZD.*.'*.98$#"8&*<.'*?&)C&*
+X$.HD7(%'.7.)8.*<.H."#<&5*H.*LD7#%#*.)*"#H&H*<.*XH("&H(HI**].*<.H"$(%b#)*#<.7NH*'#H*
.9X.$(.)"(#H*<.*"D#8$&*()<(T(<D&H*<.*.<#<*#T#)W#<#I*
*
 >!* G#*7DH"#$()#*LD.*.'*X$(7.$*"&7XD.H8&*8K9("&*ZD.*H.*#(H'K*<.*D)*?&)C&;*6*'#*7#6&$b#*<.*
.)T.).)#7(.)8&H*#""(<.)8#'.H*X&$*?&)C&H*ZD.*H.*X$&<D".)*.)*.'*7D)<&*H&)*#8$(%D(%'.H*#*
.HX."(.H*ZD.*"&)8(.).)*7DH"#$()#*+VDCH8.$*:EM/A*VDCH8.$*:EMEA*VDCH8.$*6*U#H.$*:EM>A*U#H.$*
:E/:5I**G#*7#6&$*X#$8.*<.*'&H*?&)C&H*ZD.*"&)8(.).)*.H8#*HD%H8#)"(#*X.$8.).".)*#'*CJ).$&*R,)(58+-""
B'$.<.<&$*<.*M\*.HX."(.H*<.*R,)(58+""&)8(.).)*)(T.'.H*8K9("&H*<.*7DH"#$()#;*#'*(CD#'*ZD.*>*
.HX."(.H*<.*B/<*)(58+"6*&8$&H*8$.".*CJ).$&H*ZD.*'#*X&H..)*.)*8$#W#H;*.)8$.*.''&H*.'*CJ).$&*B7#)(8#*
+4?('8&)*:E_F5I**V)*R,)(58+")8.(3&)<1+."5"R-",%G<G+."H.*.)"D.)8$#*?#H8#*D)*\;M!:;\*a*<.*7DH"#$()#*
+X.H&*H."&5;*"#)8(<#<*=\\\*T.".H*HDX.$(&$*#*'#*?#''#<#*.)*'#*T#$(.<#<*.D$&X.#*<.*;'%,<*%*
'3.(%&<%"X&$*]"?7(.<.%.$C*6*j&XX.*+4?('8&)*:E_FA*]"?7(.<.%.$C*6*j&XX.*:F/E5I**].*?#*
<.8.$7()#<&*'#*X$.H.)"(#*<.*XH('&"(%()#*6*%#.&"(H8()#*.)*H.(H*.HX."(.H*<.*R,)(58+*+TJ#)H.*'&H*
4D#<$&H*>*6*M5*6*.)*E,*.g.7X'#$.H*.H8D<(#<&H*<.*'#*7NH*"&)&"(<#*<.*.H8#H*H.(H*.HX."(.H;*R-"
%+&3?<,%.(+,.!"H.*<.8.$7()K*ZD.*"#$."b#)*<.*7DH"#$()#I**1#7X&"&*H.*?#*X&<(<&*.H8#%'.".$*ZD.*'#*
.7%$(#CD.W*#""(<.)8#'*&*()8.)"(&)#<#*"&)*'#H*.HX."(.H*XH('&"b%("#H*<.*R,)(58+"T#6#)*#"&7X#`#<#H*
<.*Hb)8&7#H*7DH"#$b)("&H*+[#$8W*:EF/#5I**V)*&8$&*.H8D<(&*H.*"&)"'D6K*ZD.*'#H*"()"&*.HX."(.H*<.*
R,)(58+"ZD.*"&)8(.).)*XH('&"(%()#*6x&*%#.&"(H8()#*+TJ#)H.*'&H*4D#<$&H*>*6*M5*)&*X$.H.)8#%#)*
7DH"#$()#*+]8(gT.*+*"%/-*:EFM5I**G#*7DH"#$()#*LD.*8#7%(J)*D)#*<.*'#H*X$(7.$#H*HDH8#)"(#H*
).D$&ZDb7("#H*<(HX&)(%'.H*X#$#*'#*()T.H8(C#"(K);*<.8.$7()N)<&H.*ZD.*H.*D)b#*#'*$.".X8&$*<.*'#*
#".8('"&'()#*.)*.'*8.7#*).$T(&H&*X.$(LJ$("&;*D)*.L."8&*ZD.*X#HK*#*''#7#$H.*l7DH"#$b)("&mI**B*
==/*
*
.H8.*$.HX."8&;*HD*#""(K)*.H*&XD.H8#*#*'#*<.*'#*#8$&X()#*+X$.H.)8.*.)*;*&)G%"8+//%1),,%*6*&8$#H*
E)/%,%(+%+S"TJ#H.*BXJ)<(".*B5*ZD.;*#'*(CD#'*ZD.*'#*7DH"#$()#;*H.*D).*#'*$.".X8&$*<.*'#*#".8('"&'()#;*
X.$&;*#*<(L.$.)"(#*<.*'#*7DH"#$()#;*)&*'&*#"8(T#I**G#*#8$&X()#*.H*#7X'(#7.)8.*D8('(W#<#*"&7&*
#)8b<&8&*.)*'&H*.)T.).)#7(.)8&H*X&$*?&)C&H*.)*'&H*ZD.*()8.$T(.).*'#*7DH"#$()#I**V)*.'*"#H&*<.*'&H*
.)T.).)#7(.)8&H*7DH"#$b)("&H*X&$*R,)(58+*)"B/<*)(58+!"JH8.*"&)H8(8D6.*.'*8$#8#7(.)8&*<.*
.'.""(K)I**O&*&%H8#)8.;*.H8N*"&)8$#()<("#<&*.)*.'*.)T.).)#7(.)8&*X&$*;'%,<*%"'3.(%&<%")";-"
G%,*$+&<,%!".)*.'*ZD.*()8.$T(.).)*.'*N"(<&*(%&8J)("&*6*.'*7DH"(7&';*"&7XD.H8&H*ZD.*.g.$".)*D)#*
#""(K)*H(7('#$*#*'#*<.*'#*#8$&X()#*6*ZD.*.)*D)#*JX&"#*LD.$&)*"&)&"(<&H;*X$."(H#7.)8.;*"&)*.'*
)&7%$.*<.*#</d%*&)G<,"&*l#8$&X()#*<.*'&H*?&)C&Hm*+]8D)8W*+*"%/-":E_,A*16'.$*:EMF#5I*
*
_P! V'*N"(<&*(%&8J)("&*$."(%.*HD*)&7%$.*<.*'#*X#'#%$#*g#X&).H#*D8('(W#<#*X#$#*<.H(C)#$*#*
;'%,<*%".*&)8</<0)&'<."+<.*'#*ZD.*H.*&%8DT&*X&$*X$(7.$#*T.WA*TJ#H.*1#d.7&8&*:E/>#5;"<8)T*+,?3T
*%F+"&*l?&)C&*1.)CD*T.$$DC&H&m*+Q7#W.d(*:E_=5I**4&7&*H.*.9X'("K*.)*'#*O&8#*M;*4#Xb8D'&*M;*.9(H8.*
D)*DH&*8$#<("(&)#'*<.*?&)C&H*.)8.&CJ)("&H*.)*r#XK)*6*H.*#H&"(#*#*'#*;'%,<*%"'3.(%&<%""&)*'&H*
C+,?3"&*<D.)<.H*.7%DH8.$&H*<.*LN%D'#*<.*'&H*ZD.*H.*<."b#*ZD.*lH.*.7%&$$#"?#%#)*"&7(.)<&*
?&)C&Hm*+Q7#W.d(*:E_=A*U#HH&)*:E_=#5I**V)*D)*X&.7#*?#(dD*<.'*H(C'&*^fQ*.H"$(8&*X&$*-I*]?(d(*H.*
7.)"(&)#*.'*DH&*<.'**+,?3T1%F+")";'%,<*%"G%,*$+&<,%""&7&*.7%$(#C#)8.v*lG&H*#%H8.7(&Hx@.%.)*
8.).$'.*7(.<&xB'**+,?3T1%F+"+3'68?*:E_=5I*
*
UP! V'*N"(<&*<(?(<$&(%&8J)("&*&*8$("&'K7("&*?#*H(<&*#(H'#<&*<.*C&<($)/)'%"'3.(%&<3'*+"&)&"(<&*
.)*r#XK)*"&7&*$%+*)&<T.$<'+6<"D*?&)C&*l7#8#7&H"#Hm5;*D)#*.HX."(.*DH#<#*8$#<("(&)#'7.)8.*.)*
r#XK)*"&7&*()H."8("(<#*+1#d.7&8&*:E/:A*1#d.7&8&*6*O#d#g(7#*:E/>5I**VH8.*"&7XD.H8&*"#$.".*<.*
8&9("(<#<*#CD<#*.)*.'*?&7%$.*6*CI*'3.(%$3'".H*"&)H(<.$#<&*"&7.H8(%'.*.)*r#XK)*H(.)<&*D)*
?&)C&*7D6*%DH"#<&*+Q7#W.d(*:E_=5I**2.*X&<(<&*<.8."8#$*.H8.*"&7XD.H8&*.)*&8$&H*?&)C&H*
"&7.H8(%'.H*"&7D).H*<.*'#*L#7('(#*C&<($)/)'%*%(+%+"+088;*<#8&H*<.*'#%&$#8&$(&*)&*XD%'("#<&H5*6*H.*
"&)&".*HD*X$.H.)"(#*.)*C*<($)/)')G.<."&3*</%,."+i#7#8&<#)(*6*i#7#7&8&*:E/E5I**VH*X&H(%'.;*
#D)ZD.*X&"&*X$&%#%'.;*ZD.*.'*N"(<&*8$("&'K7("&*H.#*"#DH#*<.*8&9("(<#<*#*'#$C&*X'#W&*.)*'&H*
"&)HD7(<&$.H*?#%(8D#'.H*<.*.H8&H*?&)C&H;*XD.H8&*ZD.*#'*7.)&H*D)#*.HX."(.*ZD.*"&)8(.).*.H8#*
HDH8#)"(#;*#/+3&)*3.").*&+%*3.!"?#*7&H8$#<&*"(.$8#*8&9("(<#<*+B'!@..)*+*"%/-":EF_5I**YD.H8&*ZD.*.'*
N"(<&*(%&8J)("&*6*.'*N"(<&*8$("&'K7("&*H.*X#8.)8#$&)*.)*r#XK)*"&7&*X&8.)"(#<&$.H*<.'*H#%&$*
+#7%&H*H&)*#)N'&C&H*.H8$D"8D$#'.H*<.'*N"(<&*C'D8N7("&*"D6#*H#'*7&)&HK<("#*[-]y*.H*
#7X'(#7.)8.*DH#<#*"&7&*X&8.)"(#<&$*<.'*H#%&$5;*.H*X$&%#%'.*ZD.*.'*N"(<&*8$("&'K7("&*H.#;*#'*
7.)&H*.)*X#$8.;*$.HX&)H#%'.*<.'*''#7#<&*lZD()8&*H#%&$m*+#<.7NH*<.*#7#$C&;*H#'#<&;*N"(<&*6*
<D'".5*ZD.*'&H*g#X&).H.H*"&)&".)*"&7&*D7#7(*6*ZD.*8#)8&*.H8(7#)*+4?('8&)*:E_FA*Qd($(7D$#*+*"%/-"
:E/EA*i&D)C.$*:EE,5I**VH*X$&%#%'.*ZD.*.'*N"(<&*8$("&'K7("&*H.*.)"D.)8$.*.)*.'*?&)C&*.$&<*%F+!"
K+,*<,3."+1%1+.!".'*#'(7.)8&*ZD.*X&H..*.H8.*H#%&$*D7#7(*X&$*.9".'.)"(#I**VH8#*.HX."(.*X.$8.).".*
8#7%(J)*#*'#H*C&<($)/)'%*%(+%+-""].*?#*<.8.$7()#<&*ZD.*.H8&H*?&)C&H*H&)*"#$)bT&$&H*XD.H*
X&H..)*D)#*8&9()#*ZD.*()7&%('(W#*#*'&H*).7N8&<&H*8.$$.H8$.H;*X.$7(8(.)<&*ZD.*'#H*?(L#H*<.'*?&)C&*
X.).8$.)*.)*.'*#)(7#'*X#$#*<(C.$($'&*+-&$)*6*3#$$&)*:EF>5I**VH8.*.L."8&*X#$#'(W#)8.*H.*<.%.*
X$&%#%'.7.)8.*#'*N"(<&*8$("&'K7("&*<.*X$&X(.<#<.H*()H."8("(<#HI*
==_*
*
VP! U#HH&)*6*U#HH&)*?#)*.HX."D'#<&*ZD.*4#$$&''*<.%(K*()HX($#$H.*.)*'#H*$.L.$.)"(#H*ZD.*H.*
?#"b#)*#'*DH&*H(%.$(#)&*<.*'&H*?&)C&H*.)*.'*'(%$&*<.*B))F+";"#/%<,"%,1"J%.5*;(()3,*")0"*$+"W&<*<.$"
f3,?<"+n)#*V9X&H("(K)*"'#$#*6*H.)"(''#*<.*'&H*?&)C&H*%$(8N)("&H5;*XD%'("#<&*H.CS)*X#$.".*.)*.'*#`&*
:F/,;*XD.H8&*ZD.*#X#$."(K*D)#*$.H.`#*.)*C$+*X%&1+,+&u."B$&),<(/+"%,1";?&<(3/*3&%/"X%d+**+".'*>*
<.*&"8D%$.*<.*:F/,;*gDH8&*D)*7.H*#)8.H*<.*ZD.*4#$$&''*.7X.W#$#*#*.H"$(%($*B'("(#I**V)*7(*&X()(K)*
7.*X#$.".*7NH*L#"8(%'.*ZD.*'#*LD.)8.*<.*()HX($#"(K)*<.*4#$$&''*LD.$#*.'*'(%$&*<.*4&&d.*<.*:F/\;*
XD.H*8$#8#%#*.)*7#6&$*.98.)H(K)*.'*"D'8&*H(%.$(#)&*<.*'&H*?&)C&H*+4&&d.*:F/\5I**]"?D'8.H*6*B'<$("?*
+:EE\5*6*1Ij*-"j.))#*+:EE\5*''.C#$&)*#*'#*7(H7#*"&)"'DH(K)*<.*L&$7#*()<.X.)<(.)8.;*HDC.$(<#*X&$*
X$(7.$#*T.W*X&$*.'*X$&X(&*[&$<&)*U#HH&)*.)*D)*.H"$(8&*XD%'("#<&*.)*:E_E*+U#HH&)*:E_E%5I*
*
`P! B)<$(g#*YD?#$("?*?#*''.C#<&*()"'DH&*#*<."($*ZD.*'&H*"?#7#).H*4?#8()&*<.*0#9#"#*'.*
()L&$7#$&)*ZD.*'#*;'%,<*%"'3.(%&<%".$#*D)&*<.*'&H*?&)C&H*.)8.&CJ)("&H*D8('(W#<&H*X&$*.H8&H*
()<bC.)#H*+YD?#$("?*:E/,5I**3(''*nXH&);*ZD.*?(W&*<.*8$#<D"8&$*X#$#*YD?#$("?*.)*.'*X#bH*<.*'&H*
4?#8()&;*.9X'("K*7NH*8#$<.*#*U#HH&)*ZD.*8#'*()L&$7#"(K)*)D)"#*LD.*<#<#*.)*HD*X$.H.)"(#*+U#HH&)*
:E/=5I**U#HH&)*.H"$(%(Kv*l@.HXDJH*<.*ZD.*#X#$."(.$#*'#*#L($7#"(K)*<.*YD?#$("?;*'.*<(*#*3(''*nXH&)y*
D)#*L&8&C$#Lb#*.)*"&'&$*<.*'#*;'%,<*%"'3.(%&<%!"T&'T(K*#*rDZD('#*6*i#(8.X."III*.*()<#CK*.)8$.*HDH*
?#%(8#)8.H*.'*DH&*ZD.*?#"b#)*<.*.H8.*?&)C&I**G&H*$.HD'8#<&H*LD.$&)*D)(L&$7.H*6*D)N)(7.7.)8.*
).C#8(T&HmI**4&7&*T.$.7&H*7NH*#<.'#)8.;*.9(H8.)*$#W&).H*X#$#*<D<#$*<.*'#*T.$#"(<#<*<.*#'CD)&H*
<.*'&H*X$&)D)"(#7(.)8&H*.8)&7("&'KC("&H*<.*YD?#$("?I*
*
E!* V)*HD*'(%$&*<.*:EME;*YD?#$("?*<.H"$(%(K*HD*.)"D.)8$&*"&)*RI*[&$<&)*U#HH&)*.'*:,*<.*L.%$.$&*
<.*:EMM;*"&7.)8#)<&*ZD.*H.*.)"&)8$K*8$#8#)<&*"&)*D)*l.9X.$8&mI**YD?#$("?*.9X'("K*"K7&*U#HH&)*
?#%b#*&%H.$T#<&*#*D)*"D$#)<.$&*()C($(.)<&*?&)C&H*.)8.&CJ)("&H*.'*:M*<.*#C&H8&*<.*:EM=*.)*
2D#D8'#*<.*r(7J).W;*6*$.L.$b#*#'*'."8&$*#*'#*&%$#*[3.$&))'."N3..<%"%,1"><.*)&5-""G&*ZD.*7NH*
(7X$.H(&)K*#*YD?#$("?*LD.*'#*7.)"(K)*ZD.*?(W&*U#HH&)*<.*"(.$8#~*X$&X(.<#<.H*#<(T()#8&$(#H*
&8&$C#<#H*#'*"?#7N)*X&$*'&H*?&)C&HI**@.*L&))#*H()(.H8$#;*YD?#$("?;*ZD.*X&$*#ZD.'*.)8&)".H*.$#*
4#X(8N)*<.'*.gJ$"(8&*<.*'&H*VVnn*+?#%b#*.)H.`#<&*.)*.'*Y.)8NC&)&*X#$#*.'*l[$DX&*<.*
BH.H&$#7(.)8&*H&%$.*[D.$$#*YH("&'KC("#*6*)&*4&)T.)"(&)#'m5*<(g&*ZD.*"&)H(<.$K*ZD.*.$#*HD*
l<.%.$m*$.'#8#$*#*HDH*HDX.$(&$.H*'#*()L&$7#"(K)*ZD.*U#HH&)*'.*?#%b#*<#<&;*$."(%(.)<&*
HDXD.H8#7.)8.*X.$7(H&*<.*U#HH&)*X#$#*?#".$'&I**](*.H8.*?."?&*8DT&*#'C&*ZD.*T.$*"&)*'#*
()L('8$#"(K)*<.*D)*l8&X&m*<.*'#*4QB*.)*'#*.9X.<("(K)*"(.)8bL("#*<.*U#HH&)*#*-J9("&*.)*:EM/*+-#$dH*
:E_EA*]()C.$*:EF,A*U#HH&)*:EF,#5;*)&*'&*HJI**B*X$()"(X(&H*<.*gD)(&*<.*:EMM*YD?#$("?*H.*.)"&)8$K*
<.*)D.T&*"&)*U#HH&);*ZD.*'.*()L&$7K*<.*HD*()7().)8.*.9X.<("(K)*#*-J9("&*#*L()#'.H*<.*#ZD.'*7.H*
+.9X.<("(K)*ZD.*X.$7(8($b#*$.#'(W#$*<.H"D%$(7(.)8&H*<."(H(T&H*6*ZD.*"&)<D"($b#*#*'#*()("(#"(K)*<.*
U#HH&)*6*<.'*L&8KC$#L&*B''#)*R("?#$<H&)*#'*DH&*<.*'&H*?&)C&H*X&$*-#$b#*]#%()#*'#*)&"?.*<.'*,E*#'*
=\*<.*gD)(&5;*''.C#)<&*()"'DH&*#*()T(8#$'.*#*X#$8("(X#$*+~5I**YD?#$("?*l<."'()K*"&)*X.H#$m*'#*()T(8#"(K)*
6*X$&XDH&*'#*X$.X#$#"(K)*l<.*#'CS)*8(X&*<.*.9X.$(7.)8&*<.*X.$".X"(K)*.98$#H.)H&$(#'mI**U#HH&)*
.)T(K*D)*8.'.C$#7#*#*YD?#$("?*#T(HN)<&'&*<.*ZD.*?#%b#*"&)H.CD(<&*ZD.*D)*"D$#)<.$&*H.*X$.H8#$#*
#*()8.)8#$*"&7D)("#$*l8.'.XN8("#7.)8.m*"&)*YD?#`"?*6*HDH*HDg.8&H*
==F*
*
<.*()T.H8(C#"(K)*.)*-#().I**YD?#$("?*.H"$(%(K*?#%.$*$."(%(<&*D)#*"#$8#*<.*U#HH&)*.'*,E*<.*gD)(&*
<.*:EMM*.)*'#*ZD.*'.*()L&$7#%#*ZD.*<.g#%#*'#*4(D<#<*<.*-J9("&*6*H.*X&)(#*.)*$D8#*?#"(#*2D#D8'#I**
V'*H.$T("(&*<.*"&$$.&H*<.%(K*H.$*7D6*T.'&W*XD.H8&*ZD.*U#HH&)*X#$8(K*?#"(#*2D#D8'#*.'*'D).H*,_*<.*
gD)(&*''.C#)<&*#*HD*<.H8()&*#'*<b#*H(CD(.)8.*+~5I**G#*8$#H".)<.)8#'*T.'#<#*"&)*-#$b#*]#%()#*H.*
".'.%$K*.'*7(J$"&'.H*,E*<.*gD)(&;*X$&'&)CN)<&H.*8&<#*'#*)&"?.*?#H8#*'#*7#`#)#*<.'*gD.T.H*=\*<.*
gD)(&*+U#HH&)*6*U#HH&)*:EM_#5I**YD?#$("?*.H"$(%(K*ZD.*'#*T.'#<#*?#%b#*8.)(<&*'DC#$*'#*)&"?.*<.'*
=\*<.*gD)(&;*D)*.$$&$;*6*.H#*)&"?.*H.*XDH&*.)*7#$"?#*.)*-#().*.'*()8.)8&*<.*$."(%($*"&7D)("#<&H*
l8.'.XN8("&HmI**O&*H.*.)T(K*)(*H.*$."(%(K*"&7D)("#<&*#'CD)&*6*X#$#*YD?#$("?*.'*.9X.$(7.)8&*
"&)H8(8D6K*D)#*lC$#)*<.H('DH(K)m*+YD?#$("?*:EME#5I**U#HH&)*)D)"#*7.)"(&)K*.'*.X(H&<(&*6*"(8K;*H()*
?#".$*"&7.)8#$(&H;*'&H*'(%$&H*<.*YD?#$("?*.)*HD*%(%'(&C$#Lb#*H&%$.*'#*XH('&"(%()#*6*.'**+),%,D(%*/"
XD%'("#<#*.)*:E/=*+U#HH&)*:E/,#5I**fJ#H.*'#*)&8#*X$.".<.)8.*X#$#*7NH*()L&$7#"(K)*H&%$.*
YD?#$("?I**V)*.'*BXJ)<(".*<.*HD*'(%$&*H&%$.*?&)C&H*.)8.&CJ)("&H*XD%'("#<&*.)*:E/_;*2.(7*()L&$7K*
#".$"#*<.*'#H*lV9X.$(J)"(#H*<.'*]$I**2IjI*YD?#$("?m*.)8$.*'&H*()<(&H*4?#8()&*<.*0#9#"#*+2.(7*+*"%/-*
:E/_5I**2.)$6*j*YD?#$("?;*"(8#<&*"&7&*D)*7J<("&*<.*4#$7.'*+4#'(L&$)(#5;*.H*7NH*"&)&"(<&*"&7&*.'*
7J<("&!.H"$(8&$*B)<$(g#*YD?#$("?I**-NH*8#$<.*D)*XH(ZD(#8$#*#7.$("#)&*()L&$7K*ZD.*?#%b#*&%8.)(<&*
.9X.$(.)"(#H*l8.'.XN8("#Hm*<.HXDJH*<.*'#*()C.H8(K)*1+";'%,<*%"G%,*$+&<,%"+-.8W).$*:E_\A*Y#D'*
:E//5I*
*
:\!">%&<!"'#*<.H"$(X"(K)*<.'*"&'&$*<.'*.)'%"+,"+/"N?"b+1%!"?#*H(<&*&%g.8&*<.*"&)8$&T.$H(#I**V)*HD*
'(%$&*<.*:E/F;*U#HH&)*#L($7#%#*ZD.*?#$(*H(C)(L("#%#*$&g&;*6#*ZD.*JH8.*.$#*.'*"&'&$*<.'*LD.C&*6*.'*H&'*
6*7.)"(&)#%#*#<.7NH*ZD.*'#*X#'#%$#*.$#*#Lb)*#*$<&%,5%!*l<&$#<&m*.)*HN)H"$(8&*+U#HH&)*:E/F5I**V)*
HD*"$b8("#;*3$&DC?*#L($7#%#*ZD.*l$&g&*.$#*D)*H(C)(L("#<&*8&8#'7.)8.*.9"'D(<&m*<.*'#*X#'#%$#*?#$(*
+3$&DC?*:E_:5I**U#HH&)*%#HK*HD*()8.$X$.8#"(K)*.)*.'*#)N'(H(H*<.*D)#*"&)T.$H#"(K)*ZD.*?#%b#*
8.)(<&*"&)*G&D(H*R.)&D*+U#HH&)*:E_,%5I**V)*:E_>;*V'*T.<(H8#*2IUI*3#('.6;*.'*X$.<.".H&$*<.*3$&DC?*
.)*'#*n)(T.$H(<#<*<.*4#7%$(<C.;*XD%'("K*D)*8$#%#g&*H&%$.*.'*H(C)(L("#<&*<.*'#*X#'#%$#*H$)*%,"E%F%"
d%&!"#Lb)*#'*$%&<"TJ<("&*+3#('.6*:E_>5I**]()*7.)"(&)#$*'#*"&)8$&T.$H(#*#".$"#*<.'*H&7#;*3#('.6*#L($7Kv*
l#ZDb*$%&<T!"$%&<*T!"$%&<*%T"8(.).)*D)*$#)C&*7D6*#7X'(&*ZD.*T#*<.H<.*.'*$&g&*#'*)#$#)g#*#Hb*"&7&*<.'*
#7#$(''&*#'*T.$<.m*+U#HH&)*:E_F5I**BS)*#<7(8(.)<&*'#H*<(L.$.)"(#H*<.*&X()(K)*.)8$.*'&H*.9X.$8&H;*
)&*H.*XD.<.*#L($7#$*ZD.*l.'*$&g&*.H8J*8&8#'7.)8.*.9"'D(<&m*X#$#*.'*$%&<!"<.*7&<&*ZD.*.'*.)'%"6*'#*
8.&$b#*<.*U#HH&)*"&)8()S#*H(.)<&*X'#DH(%'.*X&$*'&*ZD.*#'*"&'&$*<.'*.)8.KC.)&*H.*$.L(.$.I**@.%.7&H*
7.)"(&)#$*8#7%(J)*ZD.*'#*;'%,<*%"'3.(%&<%"X&H..*#*HD*T.W*D)#*T#$(#<#*C#7#*<.*"&'&$.H*ZD.*T#*
<.'*$&g&*#'*)#$#)g#;*#'*#7#$(''&*.*()"'DH&*#'*%'#)"&*+-(''.$*:E_,5*6*ZD.*'#H*T#$(.<#<.H*#7#$(''#*6*
%'#)"#*+#'%#*6*L&$7&H#*$.HX."8(T#7.)8.5;*#'*(CD#'*ZD.*'#*T#$(.<#<*$&g#*7DH"#$(#*H&)*.)8.KC.)#H*
+TJ#H.*.'*4D#<$&*/A*3.).<("8*+*"%/-":E//A*3.D8'.$*6*@.$*-#$<.$&H(#)*:EF:A*4?('8&)*6*088*:E_/5I*
*
::*!*B'CD)&H*7#)8(.).)*ZD.*8#)8&*.'*$%)'%""&7&*.'*.)'%"LD.$&)"#+?%,3'"$%&7#'#I**VH8#*
X&H("(K)*?#*H(<&*<.L.)<(<#*X$()"(X#'7.)8.*X&$*@I]I*P'#88.$6*6*-I*]"?c#$8W*+P'#88.$6*6*]"?c#$8W*
:EFEA*TJ#H.*4#Xb8D'&*>;*O&8#*,5I**]()*.7%#$C&;*'&H*<.L.)H&$.H*<.*.H8#*8.&$b#*<.%.)*.)L$.)8#$H.*
"&)H8#)8.7.)8.*#*)D.T#H*X$D.%#H*<.*ZD.*.'*.)'%"<.*'&H*
==E*
*
B$(&H*LD.*D)*?&)C&I**V'*$.HX.8#<&*T.<(H8#*2IUI*3#('.6*X$&XDH&*D)#*.8(7&'&Cb#*<.*'#*X#'#%$#*a.)'T
%9"ZD.*'#*.7X#$.)8#%#*"&)*'#H*X#'#%$#H*()<&.D$&X.#H*03,?3."+G#8b)5;*E($i%''"=;/+'D,:!".G),?<%"
+[$(.C&5;*.8"I;*8&<#H*.''#H*D8('(W#<#H*X#$#*<.H(C)#$*#*'&H*?&)C&H*+3#('.6*:E_,A*U#HH&)*6*U#HH&)*
:EM_#5I**Y&$*HDXD.H8&;*]"?c#$8W*+P'#88.$6*6*]"?c#$8W*:EFE5*<(H()8(K*<.*.H8#*()8.$X$.8#"(K)*
.8(7&'KCb"#;*X.$&*H(.7X$.*?#%$N*<(L.$.)"(#H*<.*&X()(K)*.)8$.*'&H*.$D<(8&H*H&%$.*'#*.8(7&'&Cb#*<.*
X#'#%$#H*#$"#("#HI**@.H<.*.'*.)L&ZD.*<.*'#*'(8.$#8D$#*($#)b;*.'*($#)(H8#*''6#*[.$H?.T(8"?*?#%b#*''.C#<&*
#*'#*"&)"'DH(K)*<.*ZD.*"D#'ZD(.$#*?#%$b#*X.)H#<&*.)*D)*?&)C&*#'D"()KC.)&*"&7&*H&'D"(K)*#'*
<('.7#*<.'*.)'%x$%)'%"()"'DH&*H()*?#%.$*&(<&*?#%'#$*<.'*'(%$&*<.*U#HH&);*H(7X'.7.)8.*7.<(#)8.*
lL$b&*$#W&)#7(.)8&m*+[.$H?.T(8"?*:E_>5I**BD)ZD.*]"?c#$8W*H.*#X&6K*.)*#'CD)&H*<.*'&H*
$#W&)#7(.)8&H*<.*[.$H?.T(8"?*6*#*X.H#$*<.*"(8#$*HD*8$#%#g&;*&'T(<K*7.)"(&)#$*'#*"&)"'DH(K)*L()#'*
<.'*8$#%#g&*ZD.*<.L.)<b#*'#*8.&$b#*<.*U#HH&)I**1#)8&*P'#88.$6*"&7&*]"?c#$8W*7#)8.)b#)*ZD.*.$#*
X&"&*X$&%#%'.*ZD.*.'*.)'%"LD.$#*D)*?&)C&;*XD.H8&*ZD.*.$#*7#)(L(.H8&*ZD.*'#*<$&C#*H.*X$.)H#%#;*
#L($7#)<&*ZD.*'#*.98$#""(K)*7.<(#)8.*X$.H(K)*?#%$b#*H(<&*()).".H#$(#*H(;*"&7&*.)*.'*"#H&*<.*D)*
?&)C&;*H.*?D%(.$#)*X&<(<&*&%8.).$*$.HD'8#<&H*.ZD(T#'.)8.H*H(7X'.7.)8.*7#H"#)<&*'#*X'#)8#*
+].""(K)*<.*P'#88.$6*„>MA*].""(K)*<.*]"?c#$8W*„:F/5I**rI*3$&DC?*?(W&*'#*7(H7#*&%g."(K)*+:E_:5*
$.%#8(<#*X&$*U#HH&)*+:E_,%5*ZD.*?#%b#*&%H.$T#<&*#*'&H*()<(&H*-(98."#H*<.*-J9("&*7#"?#"#)*'&H*
?&)C&H*XH('&"b%("&H*.)*D)*7.8#8.;*#*X.H#$*<.*ZD.*X$.HD7(%'.7.)8.*7#H"#$*'&H*?&)C&H*?#%$b#*
<#<&*'&H*7(H7&H*$.HD'8#<&HI**Y&$*&8$#*X#$8.;*.)*'#*#)8(CD#*X&.Hb#*#W8."#*H.*7.)"(&)#*.'*l'("&$*<.*
'&H*?&)C&H*.7%$(#C#)8.Hm*+U#HH&)*:E/=A*U#HH&)*:EF\5I**B<.7NH;*XD.H8&*ZD.*.'*H."#<&*"&)''.T#*
X$N"8("#7.)8.*'#*8&8#'*<.H.#$%&9('#"(K)*<.'*N"(<&*(%&8J)("&*X#$#*<#$*.'*7NH*X&8.)8.*7DH"(7&'*
+R.Xd.*+*"%/-":E_F5;*'#*X$N"8("#*?#%(8D#'*.)*](%.$(#*<.*H."#$*'#*;'%,<*%"'3.(%&<%"#)8.H*<.*HD*
"&)HD7&*8(.).*D)#*%#H.*L#$7#"&'KC("#I**V)*.'*N?"b+1%"H.*?#".*$.L.$.)"(#*#*'#*$.?(<$#8#"(K)*<.*'#*
+X$.HD)8#7.)8.*H."#5*X'#)8#*<.'*.)'%"#)8.H*<.*H.$*X$.)H#<#*+U#HH&)*:E/FA*U#HH&)*:E_,%5*6*
X$."(H#7.)8.*.H8#*X$N"8("#*?#*H(<&*&%H.$T#<#*"&)*'#*;'%,<*%"'3.(%&<%"+,*](%.$(#I**V)*.'*'(%$(8&*
E)'%"%,1"*$+"f/5T;?%<<("+V'*]&7#*6*.'*?&)C&*7#8#7&H"#H5*+U#HH&)*:E_,%5;*U#HH&)*$.L&$WK*HD*
8.&$b#*HDC($(.)<&*ZD.*D)#*<.(<#<*7.)"(&)#<#*H(.8.*T.".H*.)*.'*N?"b+1%!";6%"JF%G%1!"'(8.$#'7.)8.*
lO&*)#"(<&;*n)bX&<&m;*)&*.H*&8$&*ZD.*.'*.)'%"X.$&*%#g&*&8$&*)&7%$.*+TJ#H.*8#7%(J)*U#HH&)*
:E_F5I**R."&$<#)<&*ZD.*#%1%,5%!"@(&H*<.'*8$D.)&;*LD.*.'*X#<$.*<.'*.)'%!"T.7&H*#ZDb*D)#*"'#$#*
$.L.$.)"(#*#*'#*;'%,<*%"'3.(%&<%!""&)&"(<#*?&6*<b#*X&$*'&H*sD("?J*<.*[D#8.7#'#*"&7&*F%F3/6D!"+/*
l$#6&m*6*"&)&"(<#*.)*.'*#)8(CD&*#)G)/"b3$"()')"F%F3/6D"$3&%F%,!".'*l$#6&*D)bX&<&m+~5*+TJ#H.*'#*
O&8#*:=*7NH*#<.'#)8.A*U#HH&)*+*"%/-":EF/5I**G#*#H&"(#"(K)*D)(T.$H#'*<.*'&H*?&)C&H;*ZD.*"#$.".)*<.*
H.7(''#H*+l)&*)#"(<&m5*"&)*'&H*$#6&H*LD.*#%&$<#<#*X&$*U#HH&)*.)*HD*X$(7.$#*XD%'("#"(K)*
.8)&7("&'KC("#*+U#HH&)*:EM/A*U#HH&)*+*"%/-":EF/5I**]&%$.*+/";6%"JF%G%1!"P'#88.$6*6*]"?c#$8W*)&*
8DT(.$&)*)#<#*ZD.*<."($I**2.(7*6*U#HH&)*<.7&H8$#$&)*ZD.*.'*X$(7.$*HDH8(8D8&*<.'*.)'%!"
7.)"(&)#<&*.)*.'*1#)<6#*3$#?7#)#*6*"&)&"(<&*.)*HN)H"$(8&*"&)*.'*)&7%$.*<.*G3*<F%"+@&)(C.$*
0€P'#?.$86*:E/FA*j$#7$(H"?*:E_M5*?#%b#*H(<&*D)*?&)C&I**@D$#)8.*HD*8$#%#g&*<.*"#7X&*.)*:E/_*
.)8$.*'&H*]#)8#'*.)*0$(HH#;*Q)<(#;*2.(7*6*U#HH&)*$."&'."8#$&)*6*.H8D<(#$&)*D)*?&)C&*=E(/+&)1+&'%"
83//%q"E-*$51&)'+*&<(%"7%&-"'%(3/%*%:""&)&"(<&*"&7&*G3*F%!".'*?&)C&*l<&8#<&*<.*#'7#m;*ZD.*)&*
.$#*&8$&*ZD.*.'*G3*<F%"HN)H"$(8&;*.'*X$(7.$*HDH8(8D8&*<.'*.)'%"+2.(7*6*U#HH&)*:E_\5I*
=>\*
*
V'*'."8&$*#8.)8&*$."&$<#$N*ZD.*.)*:E_M*.'*()L&$7#)8.*7(98."#*BC#X(8&*?#%b#*(<.)8(L("#<&*#*
E(/+&)1+&'%"7+&&3().3'""&7&*?&)C&*l()<D"8&$*<.*HD.`&Hm;*X.$&*)&*H.*XD<&*<.8.$7()#$*ZD.*
LD.$#*.)8.&CJ)("&;*6*$.HD'8K*ZD.*X$&T&"#%#*7NH*#'8.$#"(&).H*C#H8$&()8.H8()#'.H*ZD.*HD.`&H*+TJ#H.*
4#Xb8D'&*M;*O&8#*_*6*088*+*"%/-":E_M%5I**G&H*HDH8#)8(T&H*.)*'.)CD#*]#)8#'(*H&)*&*%(.)*l#)(7#<&Hm*&*
%(.)*l()#)(7#<&HmI**lB)(7#<&Hm*H(C)(L("#*l<&8#<&H*<.*#'7#mv*8&<&H*'&H*#)(7#'.H*H&)*#)(7#<&HA*
8&<#H*'#H*X'#)8#H*H&)*()#)(7#<#H;*"&)*'#*H&'#*.9".X"(K)*<.'*G3*F%!"'#*S)("#*X'#)8#*l<&8#<#*<.*
#'7#m*+2.(7*6*U#HH&)*:E_\5I**4&7&*.H"$(%(K*j$#7$(H"?v*lG#*(<.)8(L("#"(K)*<.'*#3*<F%!".'*HD%H8(8D8&*
<.'*E)'%;*#X&$8#*(7X&$8#)8.H*X$D.%#H*<.*ZD.*.'*]&7#*LD.*$.#'7.)8.*D)*?&)C&III*V'*?."?&*<.*ZD.*
'&H*?&)C&H*#3*F%*H.#)*"&)&"(<&H*()"'DH&*?&6*"&7&*l<&8#<&H*<.*#'7#m*$.L'.g#*.)8$.*'&H*]#)8#'*<.*'#*
Q)<(#*0$(.)8#'*.'*$."D.$<&*<.*'&*H#C$#<&*ZD.*.7#)#%#*<.'*HDH%H8(8D8&*#D8K"8&)&*<.*'#*Q)<(#*X#$#*.'*
]&7#mI**4D$(&H#7.)8.;*YD8d#*.H*D)#*<.*'#H*X&"#H*X#'#%$#H*<.'*]#)8#'(;*(<(&7#*)&*()<&.D$&X.&;*
#<&X8#<#*<.'*HN)H.$(8&*6*.)*.H8.*"#H&*#DH.)8.*<.'*2()<(*?#%'#<&I**G#*X#'#%$#*G3*F%".H8N*
$.'#"(&)#<#*"&)*'#*()C'.H#*G3**<1*+XD8$.L#"8&5*l#X.H8&H&m;*.)*$.L.$.)"(#*#'*?&)C&;*ZD.*"D#)<&*.H*
T(.g&*l#X.H8#*"&7&*D)*"#<NT.$mI**V)*HD*'(%$&;*P'#88.$6*6*]"?c#$8W*$."?#W#$&)*H()*7NH*'#*X$D.%#*<.'*
G3*F%*+P'#88.$6*6*]"?c#$8W;*F*O&8#*M5;*#".X8#)<&*"&7&*TN'(<#*'#*&X()(&)*<.*jD(X.$*<.*ZD.*)&*.9(H8.*
$.'#"(K)*.8(7&'KC("#*.)8$.*G3*F%"5"G3*<F%"+X.$&*&'T(<#)<&*7.)"(&)#$*ZD.*jD(X.$*#".X8K*
X$&T(H(&)#'7.)8.*'#*8.&$b#*LS)C("#*<.*U#HH&)*$.HX."8&*#'*.)'%S"TJ#H.*jD(X.$*:E_\5;*6*)&*<#%#*
.9X'("#"(K)*#'*?."?&*<.*ZD.*.'*G3*F%".H8DT(.$#*l<&8#<&*<.*#'7#mI**U#HH&)*''.CK*()"'DH&*#*
.ZD(X#$#$*.'*G3*F%!""&7&*HD%H8(8D8&*<.'*.)'%!""&)*.'*.3F%&%T'%11%7%"+.H8#*X#'#%$#;*6#*H.*
8$#<DW"#*"&7&*l?&)C&Hm*&*l".$<&m;*.H*D)*8J$7()&*ZD.*HK'&*#X#$.".*D)#*T.W*.)*.'*"&)gD)8&*<.*'#*
'.)CD#*Y#'(*6*7&8(T&*<.*"&)8$&T.$H(#*.)8$.*'&H*.H8D<(&H&H*<.'*3D<(H7&5;*'#*S'8(7#*"&7(<#*<.*3D<#;*
ZD.*'.*H($T(.$&)*#'$.<.<&$*<.'*#`&*>F=*#I4I*.)*Y#T#I**R.HD'8#*.98$#`&*ZD.*3D<#*"&7(.$#*?&)C&H*&*
".$<&;*6#*ZD.*#7%&H*.H8#%#)*.H8$("8#7.)8.*X$&?(%(<&H*#*'&H*3$#?#7#).H;*X&$*'&*ZD.*U#HH&)*
<.7&H8$#%#*<.*L&$7#*"&)T()".)8.*ZD.*.'*G3*F%"LD.*.'*.3F%&%T'%11%7%!"'#*S'8(7#*"&7(<#*<.*3D<#;*
.'*HDH8(8D8&*<.'*.)'%"+U#HH&)*:EF,%A*U#HH&)*+*"%/-":EF/5I**@.*?."?&;*<.*#"D.$<&*"&)*'#H*#)8(CD#H*
G.6.H*<.*-#)D*%$#?#7N)("#H;*'&H*?&)C&H*.H8N)*.9X$.H#7.)8.*X$&?(%(<&H*#*'&H*%$#?#7#).H;*
<("(.)<&*ZD.*"&7.$'&H*.H*.ZD(T#'.)8.*#*#H.H()#$*#*&8$&*%$#?#7N);*D)*8#%S*ZD.*ZD(WNH*<.$(T.*<.'*
#)8(CD&*DH&*H#"$#7.)8#'*<.'*.)8.KC.)&*LS)C("&;*.'*.)'%"+U#HH&)*:EF,%5I**]"?c#$8W*<.<("K*:,*
H.""(&).H*+„,>\!„,M:5*#*D)*$.%DH"#<&*#)N'(H(H*<.'*G%*%T"<.'*B8?#$T#*f.<#*6*<.'*.3F%&%T'%11%7%!"
"&)"'D6.)<&*L()#'7.)8.*ZD.*8&<&*.'*#HD)8&*)&*8.)b#*l#D8J)8("#*$.'.T#)"(#m*.)*.'*X$&%'.7#*<.*'#*
(<.)8(<#<*<.'*.)'%"+P'#88.$6*6*]"?c#$8W*:EFE5I**sD(WNH*.'*7.g&$*$.HD7.)*<.*'#*H(8D#"(K)*'&*?#6#*
.H8#%'."(<&*'#*.H8D<(&H#*<.*'&H*b+1%."U.)<6*@&)(C.$*+0€P'#?.$865v*l4&7&*()<K'&C#III*#S)*"$.&*ZD.*
'#*?(XK8.H(H*7NH*#7X'(#*<.*ZD.*.'*]&7#*LD.$#*D)*.)8.KC.)&*.H*7NH*H(C)(L("#8(T#*ZD.*'#*?(XK8.H(H*
7NH*'(7(8#<#*<.*ZD.*H.*8$#8#%#*<.*D)*?&)C&I**]()*.7%#$C&;*H(*&%H.$T#7&H*'#H*)D.T#H*X$D.%#H*ZD.*
U#HH&)*H#"K*#*'#*'DW*#*'&*'#$C&*<.*'&H*#`&H;*X#$8("D'#$7.)8.*'#H*ZD.*$.'#"(&)#)*'#*S'8(7#*"&7(<#*<.*
3D<#*"&)*.'*]&7#*#*8$#TJH*<.'*#3*<F%"TJ<("&*6*<.'*G3*F%"<.'*]#)8#'(;*Hb*ZD.*X#$.".*L#"8(%'.*ZD.*.'*
]&7#*LD.$#*D)*?&)C&;*"&7&*U#HH&)*"$.6K*<.H<.*.'*X$(7.$*7&7.)8&I**4D#)<&*$."&$<#7&H*
#<.7NH*.'*X#X.'*$.'(C(&H&*<.*'#*&$()#*7.)"(&)#<&*7NH*#$$(%#;*.)8&)".H*X.)H#7&H*<.*L&$7#*
.HX."bL("#*.)*.'*?&)C&*7#8#7&H"#Hm*+@&)(C.$*0€P'#?.$865*:EF,A*$.(7X$.H&*.)*@&)(C.$*
=>:*
*
:EE\A*U#HH&)*+*"%/-":EF/5I**@.%&*#`#<($*#<.7NH*ZD.*.'*X#X.'*$.'(C(&H&*<.*'#*&$()#*6*'#*#H&"(#"(K)*
<.*'#*&$()#*.)8.&CJ)("#*"&)*.'*.)'%"+TJ#H.*4#Xb8D'&*>;*O&8#*,5;*)&*<.H"#$8#$b#*#*'&H*?&)C&H*
XH('&"b%("&H*"&7&*"#)<(<#8&H*#'*.)'%!".)*X#$8("D'#$*#.</)(58+*kE*&)G$%&<%l"(38+,.<."<.*H&7%$.$&*
#7#$(''&!<&$#<&I**4&7&*H.*.9X'("K*.)*.'*"#Xb8D'&*M;*<.HXDJH*<.*'#*()C.H8(K)*<.*XH('&"()#;*
"#)8(<#<.H*HDH8#)"(#'.H*+,Ma5*<.*.H8.*.)8.KC.)&*H.*.9"$.8#)*X&$*'#*&$()#*+j#'%.$.$*+*"%/-":E/,5I**
YD.H8&*ZD.*'&H*?&)C&H*XH('&"b%("&H*"&)8(.).)*7#6&$(8#$(#7.)8.*XH('&"(%()#;*ZD.*H.*<.L&HL&$('#*#*
XH('&"()#*<,"7<7)"+2&$(8#*6*U.%.$*:E/,5;*'#*()C.H8(K)*<.*?&)C&H*XH('&"b%("&H*"&)<D"($N*"'#$#7.)8.*#*
'#*.9"$."(K)*<.*"#)8(<#<.H*H(C)(L("#8(T#H*<.*XH('&"()#*.)8.&CJ)("#*.)*'#*&$()#I**BHb;*H.CS)*'&H*
"$(8.$(&H*<.*U.)<6*@&)(C.$;*H(*.'*.)'%"LD.*"&)*C$#)*X$&%#%('(<#<*D)*?&)C&*6*'#*&$()#*.)8.&CJ)("#*
.H*D)*X$.$.ZD(H(8&*<.'*.)'%!".)8&)".H*8#)8&*'#*;'%,<*%"'3.(%&<%""&7&*'&H*?&)C&H*XH('&"b%("&H*
"D7X'.)*.H8&H*$.ZD(H(8&HI**BD)ZD.*U#HH&)*6*2.(7*?#%b#)*"&)H(<.$#<&*'#*X&H(%('(<#<*+2.(7*6*
U#HH&)*:E_\5;*'&H*X$(7.$&H*.)*X&H8D'#$*#%(.$8#7.)8.*ZD.*'&H*?&)C&H*XH('&"b%("&H*X&<$b#)*H.$*
"#)<(<#8&H*#'*.)'%"LD.$&)*'&H*7("K'&C&H*]"?$&.<.$*6*[DW7N)*+:EF:5I**R."(.)8.7.)8.;*1IjI*
-"j.))#*?#*X$&XD.H8&*#*#-"(38+,.<.""&7&*"#)<(<#8&*#'*.)'%"+1IjI*-"j.))#*:EE,5*"&7X'("#)<&*
#S)*7NH*'#*"D.H8(K)*<("(.)<&*ZD.*H.*?#%$b#*8&7#<&*"&7%()#<&*"&)*#+?%'3'"$%&'%/%"+~5-""
-"j.))#*&%g.8#%#*#*'#*8.&$b#*<.*'#*;-"'3.(%&<%"<.*U#HH&)*ZD.*.'*7DH"(7&';*.'*X$()"(X(&*
XH("&#"8(T&;*l?#%b#*H(<&*<.H"$(8&*H(7X'.7.)8.*"&7&*.7J8("&*6*H.<#)8.m*"(8#)<&*"&7&*S)("#*
$.L.$.)"(#*#'*[+&(F"R,1+Q"+3D<#T#$(*+*"%/-":EFE5;*D)#*LD.)8.*<.*()L&$7#"(K)*ZDb7("#*6*)&*
L#$7#"&'KC("#I**4&)8()D#%#*<("(.)<&*ZD.*'#*l.9X&H("(K)*<.*H.$.H*?D7#)&H*#'*7DH"(7&'*)&*H.*?#''#*
<.H"$(8#*.)*'#*'(8.$#8D$#m*'#7.)8#)<&*l'#*.H"$DXD'&H#*L#'8#*<.*'KC("#*ZD.*#H#'8#*'#*7.)8#'(<#<*
#"#<J7("#*"D#)<&*H.*X'#)8.#)*"D.H8(&).H*#".$"#*<.*'&H*"#7%(&H*#D8&()<D"(<&H*.)*'#*"&)"(.)"(#mI**
QC)&$&*#*ZDJ*'(8.$#8D$#*H.*$.L(.$.*-"j.))#;*X.$&*YI[IU#H.$*.H"$(%(K*#".$"#*<.*HDH*8$.H*
.9X.$(7.)8&H*"&)*7DH"(7&'*+.)*<&H(H*<.*M;*:\*6*:M*7C5*?#".*D)*"D#$8&*<.*H(C'&*+U#H.$*:E/_A*
U#H.$*6*3.$H()*:E_\5;*<.H"$(%(.)<&*;;#'8.$#"(&).H*.)*'#*X.$".X"(K)*T(HD#';*('DH(K)*<.*T(H(&).H*
"&'&$(<#Hm*#D)ZD.*HDH*#'D"()#"(&).H*)&*LD.$&)*l8#)*TbT(<#H*6*''.)#H*<.*"&'&$*"&7&*'#H*<.*'#*G]@mI**
V)*:E/F;*.'*C$DX&*<.*UI*1?.&%#'<*<.H"$(%(K*'&H*.L."8&H*<.*_;M*7C*<.*7DH"(7&'*.)*H.(H*T&'D)8#$(&H*
6*<.*:\*7C*.)*&8$&H*8$.H*HDg.8&H*+1?.&%#'<*+*"%/-":E/F5;*"&7X#$#)<&*6*"&)8$#H8#)<&*HDH*.L."8&H*
"&)*'&H*<.*'#*XH('&"(%()#*6*.'*)/)/<3$23<-""-"j.))#*"&)"'Db#*<("(.)<&*ZD.*l.'*<.'($#)8.*J98#H(H*
T(H(&)#$(&*ZD.*()HX($K*'&H*b+1%.III*)&*XD<&*H.$*"#DH#<&*X&$*;-"'3.(%&<%9".)*%#H.*#*HD*X$&X(#*
.9X.$(.)"(#*'(7(8#<#*6*#*'#*<.*D)*"&'.C#*"D6&*)&7%$.*)&*7.)"(&)#I**]DH*()<#C#"(&).H*.)*'#*
'(8.$#8D$#*?#);*H(<&*HDX.$L("(#'.H;*XD.H8&*ZD.*X#HK*X&$*#'8&*.'*()L&$7.*<.*Y&''&"d*.)*ZD.*?#%'#%#*
<.*lD)*X$&LD)<&*.H8#<&*.DLK$("&*<.*"&)"(.)"(#m*<.HXDJH*<.*"&)HD7($*"D#8$&*H&7%$.$&H*<.*
;'%,<*%"'3.(%&<%"X$&".<.)8.*<.*B'#Hd#*+Y&''&"d*:E_M%5I**QCD#'7.)8.*&'T(<K*7.)"(&)#$*7(*
#$8b"D'&*<.*:E_/*H&%$.*'&H*.L."8&H*<.$(T#<&H*<.*'#*()C.H8(K)*<.*;-"G%,*$+&<,%"+ZD.*8#7%(J)*
"&)8(.).*N"(<&*(%&8J)("&*6*7DH"(7&'5*6*;-"'3.(%&<%!"#7%#H*<.'*.H8#<&*<.*U#H?()C8&)*+088*:E_/#5;*
6*H.CS)*X#$.".;*<.H"&)&"b#*D)*'(%$&*#'C&*&H"D$&*.)*.'*ZD.*H.*<.H"$(%b#)*.9X.$(.)"(#H*.)8.KC.)#H*
"&)*.'*?&)C&*7#8#7&H"#H*+4&6&8.*-#)*6*3IU(''(#7*:E_,5I**1#7X&"&*"(8K*D)*'(%$&*<#)JH*ZD.*?#*
H(<&*$..<(8#<&*.)*"D#8$&*&"#H(&).H*6*7.)"(&)#*'&H*.L."8&H*l#'D"()KC.)&Hm*<.'*?&)C&*7#8#7&H"#H*
.)*.9X.$(7.)8&H*"&)*?D7#)&H*+G#$$(H*:EF\5I**1#7%(J)*<.H"&)&".*D)*'(%$&*XD%'("#<&*.)*:EFM*.)*
"#8#'N)*X&$*.'*()T.H8(C#<&$*
=>,*
*
.HX#`&'*rI*P.$("C'#;*ZD(.)*<.H"$(%(K*"'#$&H*.L."8&H*.)8.&CJ)("&H*+6*.)*.'*ZD.*#<&X8#%#*()"'DH&*.'*
8J$7()&*+,*+P?+,.".)*"#8#'N)5*<.HXDJH*<.*'#*()C.H8(K)*<.*<&H*.g.7X'#$.H*H."&H*<.*;'%,<*%"
'3.(%&<%"X$&".<.)8.H*<.*G#*-&'()#;*4#8#'D)6#;*<&)<.*.'*DH&*<.*;-"'3.(%&<%"X#$.".*H.$*8$#<("(&)#'*
+P.$("C'#*:EFMA*P.$("C'#*:EE,5I**1#7%(J)*(C)&$K*.'*$.'#8&*<.*PI*P.H8(*6*BI*3(#)"?(*H&%$.*HDH*
#D8&.9X.$(7.)8&H*"&)*;-"'3.(%&<%!"$.(8.$#<&*.)*D)*#$8b"D'&*#X#$."(<&*<.HXDJH*<.*'#*XD%'("#"(K)*
<.'*'(%$&*<.*-"j.))#*+P.H8(*6*3(#)"?(*:EE:A*P.H8(*6*3(#)"?(*:EE,5;*H.CD(<&*<.*&8$&*#$8b"D'&*.)*ZD.*
H.*<.H"$(%b#)*D)#*H.$(.*<.*#D8&.9X.$(7.)8&H*ZD.*$.HD'8#$&)*.)*.L."8&H*.)8.&CJ)("&H*+Rp7.$*
:EE,5I**n)*'(%$&*.)*'.)CD#*#'.7#)#*XD%'("#<&*.)*:EE:*?#"b#*$.L.$.)"(#*#*D)#*H.$(.*<.*.9X.$(.)"(#H*
<."(<(<#7.)8.*.)8.KC.)#H*''.T#<#H*#*"#%&*"&)*;-"'3.(%&<%"+3#D.$"+*"%/-":EE:A*U#C).$*:EE:%5I**V)*
T(H8#*<.*'#H*'(7(8#<#H*()<#C#"(&).H*''.T#<#H*#*"#%&*X&$*-"j.))#*H&%$.*.'*8.7#*6;*H.CD)*#<7(8.;*<.*
'&*'(7(8#<&*<.*HD*.9X.$(.)"(#*X.$H&)#';*HDH*"&)"'DH(&).H*H&)*"&7&*7b)(7&*X$.7#8D$#HI**V)*%#H.*#*
7(H*X$&X(&H*#D8&.9X.$(7.)8&H*"&)*;-"'3.(%&<%"5";-"G%,*$+&<,%"#Hb*"&7&*"&)*N"(<&*(%&8J)("&*6*
7DH"(7&'*XD$&H;*7.*#8$.T&*#*#L($7#$*ZD.*'#*<$&C#*.H*7D6*"#X#W*<.*?#%.$*X$&T&"#<&*.'*l<.'($#)8.*
J98#H(H*T(H(&)#$(&*ZD.*()HX($K*'&H*b+1%.9!".)*7#6&$*7.<(<#*ZD.*'#H*H.7(''#H*<.*#+?%,3'"$%&'%/%!*
D)#*<$&C#*<.*.L."8&H*X#$."(<&H*#*'&H*<.'*f#'(D7*+"&7&*T(7&H*.)*.'*4#Xb8D'&*>5I**-"j.))#*
l"&)L.HKm*H.)8($H.*(7X$.H(&)#<&*X&$*'#*?(XK8.H(H*<.*ZD.*#+?%'3'"$%&'%/%*LD.$#*.'*.)'%"6*
#L($7K*ZD.*'&H*.98$#"8&H*<.*'#H*H.7(''#H*<.*$%&'+/"$("#H*.)*#$7#'()#*X&<$b#)*X$&X&$"(&)#$*D)#*
lH.CD$#*6*.98N8("#*.9X.$(.)"(#*#'D"()#8&$(#m*#*X.H#$*<.*'&H*?#''#WC&H*<.*O#$#)g&*<.*ZD.*'#*<$&C#*
l"&)''.T#%#*C.).$#'7.)8.*7#$.&H*6*7#'.H8#$*C.).$#'m*6*X$&T&"#%#*lTK7(8&H*()8.)H&Hm*6*&8$&H*
.L."8&H*LbH("&H*<.H#C$#<#%'.HIII*%#H8#)8.*'.g&H*<.*X$&<D"($*lJ98#H(H*T(H(&)#$(&H*<.'($#)8.HmI**V)*
"D#'ZD(.$*"#H&;*-"j.))#*)&*7.)"(&)K*.9X.$(7.)8&*X.$H&)#'*#'CD)&*"&)*'#H*H.7(''#H*<.*#-"
$%&'%/%-""-"j.))#*X#$."b#*"&)".%($*"&7&*.)'%"&$(C()#'*#'*?&)C&*#.</)(58+"(38+,.<."H(.)<&*#-*
$%&'%/%"D)*HD%H8(8D8&*X&H8.$(&$;*X$."(H#7.)8.*'#*7(H7#*(<.#*ZD.*U#HH&)*8.)b#*<.*'#*$%&'+/-""
@.%.$b#*7.)"(&)#$*ZD.*.)*HD*()T.H8(C#"(K)*.)8$.*'&H*]#)8#';*2.(7*6*U#HH&)*LD.$&)*()L&$7#<&H*<.'*
DH&*<.*D)*?&)C&*.)8.KC.)&*ZD.*"$."b#*.)*.'*.H8(J$"&'*<.*T#"#*6*"D6#*<.H"$(X"(K)*H.*#gDH8#%#*#*'#*
<.*#.</)(58+"(38+,.<.!"X.$&*ZD.*)&*XD<(.$&)*$."&'."8#$*<.%(<&*#*D)#*()DHD#'*H.ZDb#*LD.$#*<.*
8.7X&$#<#*+2.(7*6*U#HH&)*:E_\5I**G#*$.'#"(K)*<.*.H8.*?&)C&;*ZD.*H.*"&)H(<.$#*&$(D)<&*<.'*
HD<.H8.*#H(N8("&;*"&)*.'*.H8(J$"&'*<.*T#"#*X&<$b#*.9X'("#$*.'*.H8#8DH*H#C$#<&*<.*.H8.*#)(7#'*.)*'#*
Q)<(#*+U#HH&)*+*"%/-":EF/5I**B'*(CD#'*ZD.*#'CD)&H*<.*'&H*<(&H.H*TJ<("&H*+j$H)#;*f(H)D5;*.H8.*?&)C&*
8#7%(J)*H.*TD.'T.*#WD'III*BD)ZD.*)&*H.*?#*<.H"$(8&*'#*X$.H.)"(#*<.*#.</)(58+"(38+,.<.".)*'#*Q)<(#;*
'#H*.HX."(.H*XH('&"b%("#H*"&X$KL('#H*#%,%+)/3."(%'G%,3/%*3."+"&)*.'*)&7%$.*#-"G%G</<),%(+3.:*5"
B)G+/%,1<%"(5%,+.(+,."?#)*H(<&*$."&'."8#<#H*#''b*gD)8&*"&)*'#*.HX."(.*XH('&"b%("#*"&H7&X&'(8#*
#.</)(58+".+'</%,(+%*%"+3?(<."+*"%/-":EF_A*[.$?#$<8*:EE\5I**n)#*.HX."(.*#X#$.)8.7.)8.*
.)8.&CJ)("#*X$&".<.)8.*<.*O.X#'*?#*H(<&*(<.)8(L("#<#*X$&T(H(&)#'7.)8.*+.)*%#H.*#*L&8&C$#Lb#H5*
"&7&*#.</)(58+"(38+,.<.")"#-".38(38+,.<."+]"?$&.<.$*6*[DW7N)*:EF:5I**V)*D)#*XD%'("#"(K)*
$."(.)8.*H.*<.H"$(%b#*'#*$."&'.""(K)*6*'#*<.8.""(K)*<.*8$(X8#7()#H*.)8.KC.)#H*.)*"D#8$&*.HX."(.H*
<.*?&)C&H*X$&".<.)8.H*<.*1#('#)<(#v*#.</)(58+*(38+,.<.S"#-".38(38+,.<.S"B)G+/%,1<%"(5%,+.(+,."5"
#%,%+)/3."%,*<//%&3'"+B''.)*6*-.$'()*:EE,#5;*6*.)*&8$&*#$8b"D'&*H.*()L&$7#%#*<.'*?#''#WC&*<.*D)*
)D.T#*.HX."(.*.)*1#('#)<(#*ZD.*"&)8.)b#*XH('&"(%()#;*+[DW7N)*+*"%/-":EE=5I""B)G+/%,1<%"(5%,+.(+,."
#Hb*"&7&*'#*
=>=*
*
.HX."(.H*.7X#$.)8#<#H*4I*(%'8)1?<,<+,.<."6*4I**&)G<(%/<."H.*?#''#)*.)*4#7%&6#*6*.)*8&<&*.'*
HD<.H8.*#H(N8("&*+0'#€?*:E/F5*6*.)*2#c#((*+B''.)*6*-.$'()*:EFE5I**#.</)(58+*(38+,.<."LD.*$."&'."8#<#*
.)*f(.8)#7*.)*:E\_*6*LD.*"'#H(L("#<#*"&7&*@%+'%*)/)'%"(%+&3/+.(+,."+[DW7N)*:EF=5I**
P()#'7.)8.;*.H*(7X&$8#)8.*<.H8#"#$*ZD.*;'%,<*%"'3.(%&<%")&*.H*.'*S)("&*?&)C&*.)8.&CJ)("&*.)*
](%.$(#I**BI*j#))(H8&;*ZD.*()T.H8(CK*.)8$.*'&H*f&CD'*ZD.*?#%(8#)*".$"#*<.'*#'8&*$b&*G&WT#*.)*'#*
X$(7.$#*<J"#<#*<.'*H(C'&*^^;*.H"$(%(Kv*l.'*8J$7()&*G%M,Q"H.*$.L(.$.*#*D)&H*?&)C&H*<.*X.ZD.`&*
8#7#`&*+)&*.'*?.$7&H&*6*7D'8("&'&$*?&)C&*7#8#7&H"#H5*ZD.*"$.".)*.)*'#*%#H.*<.'*8&"K)*<.*D)*
N$%&'III*'&H*"?#7#).H*'&H*H."#)*6*'&H*"&7.)m*+U#HH&)*:E/F5I**QIBI*G&X#8()*()L&$7K*.)*<&H*"#$8#H*
ZD.*.)T(K*#*U#HH&)*+L."?#<#H*.'*,F*<.*.).$&*<.*:E/=*6*.'*:E*<.*gD'(&*<.*:E//5*ZD.*.)*'#*$.C(K)*<.*
4?Dd&8d#*.)*](%.$(#*+#'*)&$.H8.;*<&)<.*T(T.)*'&H*4?Dd"?(;*j&$6#d;*j#7"?#<#'*6*iDd#C($5;*lH.*
D8('(W#)*&8$#H*.HX."(.H;*<(H8()8#H*#'*?&)C&*7#8#7&H7#H;*X&$*HDH*.L."8&H*XHbZD("&Hm*+U#HH&)*:E/F5I*
*
:,!* *VH8#7&H*.)*<.D<#*"&)*V'(#<.*X&$*HD*.9?#DH8(T&*.H8D<(&*<.'*"?#7#)(H7&;*V'*B$%'%,<.')"5"
/%."CA(,<(%.";&(D<(%."1+/"JQ*%.<."+V'(#<.*:EM:5*6*HD*H(CD(.)8.*&%$#*c)?%!"R,')&*%/<1%1"5"K<8+&*%1"
+V'(#<.*:EM>5I**]()*.7%#$C&;*V'(#<.*)&*.$#*.)*#%H&'D8&*D)*.9X.$8&*.)*'&H*#HX."8&H*
.8)&L#$7#"&'KC("&H*<.'*"?#7#)(H7&*6*#X#$.)8.7.)8.*)&*.H8#%#*L#7('(#$(W#<&*"&)*'&H*
.)8.KC.)&HI**V)*HD*&%$#*&$(C()#'*H&%$.*.'*.)'%"+U#HH&)*:E/F5;*U#HH&)*<.<("#%#*&"?&*XNC()#H*<.*
'#*H.""(K)*<.*l@&"D7.)8&Hm*#*$.X$&<D"($*L$#C7.)8&H*<.*'&H*'(%$&H*<.*V'(#<.*<.<("#<&H*#*'&H*
.7%$(#C#)8.H*"?#7N)("&HI**V)*.'*'(%$&*H&%$.*.'*6&C#;*V'(#<.*#L($7#%#*ZD.*'#*l.7%$(#CD.W*7.<(#)8.*
<$&C#H*+"N`#7&;*?&)C&H;*8#%#"&*.8"I5m*.$#*D)*L.)K7.)&*$."(.)8.*ZD.*$.X$.H.)8#%#*l'#*
<."#<.)"(#*<.*'&H*"?#7#).H*<.*?&6*<b#m*+V'(#<.*:EM>5I**O&*H.*"(8#%#)*$.L.$.)"(#H*6*.)*"D#8$&*
L$#C7.)8&H*<(H8()8&H*<.*HD*'(%$&*H&%$.*.'*"?#7#)(H7&;*V'(#<.*#L($7#%#*'&*7(H7&;*ZD.v*l.'*DH&*<.*
.7%$(#C#)8.H*+#'"&?&';*8#%#"&*.8"I5*.H*D)#*())&T#"(K)*$."(.)8.*6*7#$"#*'#*<."#<.)"(#*<.*'#*8J")("#*
"?#7N)("#m*+V'(#<.*:EM:5;*H()*<#$;*<.*)D.T&;*$.L.$.)"(#H*ZD.*gDH8(L(ZD.)*HD*XD)8&*<.*T(H8#I**]D*
X&H("(&)#7(.)8&*X#$.".*H.$*<.*8(X&*7&$#'(H8#v*l'&H*)#$"K8("&H*k.<(l"H&)*HK'&*D)*TD'C#$*HD%H8(8D8&*
<.'*8$#)".*lXD$&m*+V'(#<.*:EM:5I**4&7&*U#HH&)*H.`#'K;*V'(#<.*"#b#*.)*D)*#)#"$&)(H7&*#'*7.W"'#$*
'&H*?&)C&H*"&)*.'*#'"&?&'*6*.'*8#%#"&*#'*#%&$<#$*.'*8.7#*<.*'&H*l)#$"K8("&Hm*"?#7N)("&H*+TJ#H.*
4#Xb8D'&*>A*O&8#*:*X#$#*.'*.H8D<(&*<.'*DH&*X.6&$#8(T&*<.*'#*X#'#%$#*)#$"K8("&*.)*.H8.*"&)8.98&5I**
4&7&*?.7&H*.H%&W#<&*.)*'#*O&8#*,;*7NH*#$$(%#;*.'*DH&*<.*'&H*?&)C&H*H(%.$(#)&H*"&7&*
.7%$(#C#)8.H*XD.<.*H.CD($H.*7.<(#)8.*.H8D<(&H*'()CebH8("&H*?#H8#*/\\\*#`&H*#8$NH*6*'&H*
X.8$&C'(L&H;*<.H"D%(.$8&H*.)*'#*JX&"#*.)*ZD.*U#HH&)*XD%'("K*HD*&%$#*H&%$.*.'*H&7#;*<&"D7.)8#)*
ZD.*.'*DH&*<.*'&H*?&)C&H*"&7&*.7%$(#C#)8.*X&$*'&H*XD.%'&H*4?Dd&8d#*H.*$.7&)8#;*"&7&*7b)(7&;*
=\\\*#`&H*#8$NH*+U#HH&)*+*"%/-":EF/5I**Y&$*.'*"&)8$#$(&;*.'*#'"&?&'*<.H8('#<&*+<.H"D%(.$8&*.)*
&""(<.)8.*#'$.<.<&$*<.'*#`&*::\\*<I4I*.)*Q8#'(#A*fJ#H.*P&$%.H*:E>F5*6*.'*8#%#"&*+D)#*X'#)8#*
"?#7N)("#*<.'*OD.T&*-D)<&A*TJ#H.*BXJ)<(".*B5*LD.$&)*<.H"&)&"(<&H*.)*](%.$(#*?#H8#*.'*"&)8#"8&*
"&)*.'*7D)<&*.98.$(&$;*ZD.*.7X.WK*?#"(#*.'*#`&*:MF\*"&)*'#*()T#H(K)*<.*](%.$(#*X&$*i.$7#d*
+U#HH&)*:E/F5I**BD)ZD.*'&H*"&7.)8#$(&H*<.*V'(#<.*ZD.*?#".)*$.L.$.)"(#*#*'#*<.C$#<#"(K)*<.'*
"?#7#)(H7&*X&$*.'*DH&*<.'*#'"&?&'*XD.<.)*#'%.$C#$*D)#*"(.$8#*T.$<#<;*.)*"(.$8&H*"&)8.98&H*.'*DH&*
<.'*#'"&?&'*XD.<.*<.T.)($*l.)8.&CJ)("&m*+VH"&?&8#<&*:EFE#5*6*"&7&*D)#*L&$7#*
=>>*
*
"&)".)8$#<#*<.*X&<.$*L#$7#"&'KC("&;*.'*#'"&?&'*<.H8('#<&*XD.<.*.)"#g#$*%(.)*.)*'#*"&H7&T(H(K)*
"?#7N)("#I**@.*?."?&;*.)*HDH*X$(7.$&H*"&)8#"8&H*"&)*-#$b#*]#%()#*.)*-J9("&;*U#HH&)*&%H.$TK*
ZD.*.'*#CD#$<(.)8.*L&$7#%#*X#$8.*<.'*$.X.$8&$(&*L#$7#"&'KC("&*<.*-#$b#;*ZD.*H.*?#%b#*"&)T.$8(<&*
.)*D)#*8bX("#*L&$7#*<.*X#C&*#'*8#D7#8D$C&*7#W#8."#*+U#HH&)*6*U#HH&)*:EM_#A*U#HH&)*+*"%/-"
:E_>5I**V'*DH&*<.'*#CD#$<(.)8.*.)8$.*'&H*#6#?D#HZD.$&H*HD<#7.$("#)&H*.H*%(.)*"&)&"(<&*+088;*)&*
XD%'("#<&5;*6*.9(H8.*D)*X#X.'*"?#7N)("&*%(.)*.H8#%'."(<&*X#$#*'#*.7%$(#CD.W*#'"&?K'("#*()<D"(<#*
7.<(#)8.*'#H*%.%(<#H*L.$7.)8#<#H*<.*"?("?#*.)*'#*B7#W&)(#*+]"?D'8.H*6*R#LL#DL*:EE,5I**
O#8D$#'7.)8.;*.H8&*X&<$b#*H.$*gDWC#<&*X&$*V'(#<.*"&7&*D)#*7#)(L.H8#"(K)*<.*'#*l<.C.).$#"(K)m*
<.*'#*8J")("#*"?#7N)("#*#)8.$(&$*#*'#*"&)ZD(H8#A*X.$&*.)*D)&*<.*'&H*"K<(".H*7.9("#)&H*<.*'#*JX&"#*
#)8.$(&$*#*'#*"&)ZD(H8#*ZD.*?#)*H&%$.T(T(<&;*.'*B)1+Q*b<,1)8),+,.<."7(98."#;*H.*?#''#*"'#$#7.)8.*
$.X$.H.)8#<&*D)*X#X.'*$(8D#'*<.'*G3/23+")*".$T.W#*#'"&?K'("#*<.*;?%7+"+TJ#H.*4#Xb8D'&*:;*
.HX."(#'7.)8.*'#*O&8#*M5;*N)#'&C#*#*D)#*$.X$.H.)8#"(K)*H(7('#$*<.'*DH&*$(8D#'*<.*'&H*?&)C&H*
.)8.KC.)&H*.)*&8$&*X#).'*<.'*7(H7&*()1+Q"+4#H&*:E/=A*[&)w#'T.H*<.*G(7#*:EM/A*U#HH&)*:EF\5*6*
.'*;?%7+"H.*?#''#*$.X$.H.)8#<&*gD)8&*"&)*<(T.$H#H*X'#)8#H*.)8.&CJ)("#H*.)*'&H*7D$#'.H*<.*
1."?()#)8(8'#*+TJ#H.*4#Xb8D'&*M;*O&8#*=5I**G&H*#)8(CD&H*#W8."#H*#<&$#$&)*()"'DH&*#*D)*<(&H*<.'*)(*/<")*
XD'ZD.;*1.W"#8WK)"#8'*6*'#H*%.%(<#H*#'"&?K'("#H*8DT(.$&)*8#7%(J)*D)#*(7X&$8#)"(#*".$.7&)(#'*X#$#*
'&H*"?#7#).H*7#6#H*+[#$W#*:EE\5I**]()*.7%#$C&;*<.%.7&H*$."#'"#$*ZD.*.'*G3/23+"LD.*D)*
(7X&$8#)8.*6*)D8$(8(T&*#'(7.)8&*X#$#*'&H*#)8(CD&H*#W8."#H*6;*#D)ZD.*X&H.b#*D)#*(7X&$8#)"(#*$(8D#';*
)&*H.*8&'.$#%#*D)*DH&*.9".H(T&*ZD.*"&)<Dg.$#*#*'#*%&$$#"?.$#I**V7%&$$#"?#$H.*"&)H8(8Db#*D)*<.'(8&*
"#X(8#'*X#$#*D)*H#".$<&8.*&*D)*)&%'.*6*'&H*X'.%.6&H*.$#)*.g."D8#<&H*H(*$.()"(<b#)*D)#*H.CD)<#*T.W*
+'#*X$(7.$#*T.W;*.'*"#H8(C&*"&)H(H8b#*.)*#L.(8#$*'#*"#%.W#*<.'*"$(7()#'5I**]K'&*#*'#H*X.$H&)#H*7#6&$.H*
ZD.*6#*?#%b#)*"D7X'(<&*"&)*HD*<.%.$*<.*H.$T($*#'*.H8#<&*'.H*.H8#%#*X.$7(8(<&*.7%$(#C#$H.*"&)*.'*
#'"&?&'*+0$8bW*<.*-&)8.''#)&*:EE\5I**Y&$*'&*ZD.*$.HX."8#*#'*8#%#"&;*H.*8$#8#%#*+6*"&)8()D#*H(.)<&5*
<.*'#*<$&C#*"?#7N)("#*G%&"+Q(+//+,(+".)*.'*OD.T&*-D)<&*+U('%.$8*:EE:A*TJ#H.*8#7%(J)*.'*
4#Xb8D'&*>*'&H*lB<(8(T&H*<.*'#*;5%$3%.(%9!"#Hb*"&7&*.'*BXJ)<(".*B5*6*HD*#<&X"(K)*X&$*'&H*"?#7#).H*
H(%.$(#)&H*"&)H8(8D6K;*"&7&*<(g&*U#HH&);*lT&'T.$*#*<&8#$'&*<.'*H(C)(L("#<&*$.'(C(&H&*ZD.*H(.7X$.*?#*
8.)(<&*X#$#*'&H*()<(&H*#7.$("#)&Hm*+U#HH&)*:E/F5I*zVH*.H8&*D)#*<.C.).$#"(K){**i&*&X()&*ZD.*)&v*
X$N"8("#7.)8.*)()CD)#*"D'8D$#*?D7#)#*H.*?#*<.H#$$&''#<&*.)*"&7X'.8&*#(H'#7(.)8&*L$.)8.*#*&8$&H*
C$DX&H;*6*.'*"?#7#)(H7&;*#'*(CD#'*ZD.*7D"?&H*&8$&H*#HX."8&H*<.*'#*"D'8D$#*8$#<("(&)#';*.H*D)#*
()H8(8D"(K)*T(T#*6*.)*"&)H8#)8.*"$."(7(.)8&I**VH*)#8D$#'*ZD.*'&H*"?#7#).H*H(%.$(#)&H*#<&X8#$#)*'#*
<$&C#*ZD.*HDH*?&7K'&C&H*#7.$("#)&H*?#%b#)*.H8#<&*DH#)<&*<D$#)8.*7('.)(&H*.)*"&)8.98&H*7D6*
H(7('#$.H*+"&7&*.'*X$&X(&*8$#%#g&*<.*V'(#<.*X&)b#*<.*7#)(L(.H8&5*6*XD.<.*H.$*T(H8&*"&7&*D)*H#)&*
<.H#$$&''&*<.*HD*8J")("#;*7NH*ZD.*"&7&*D)#*<.C.).$#"(K)I**V)*.'*"#H&*<.*'&H*?&)C&H*V'(#<.*H.*#'.gK*
8&8#'7.)8.*<.*'#*T.$<#<I**V)*'DC#$*<.*T.$*.)*.'*DH&*"?#7N)("&*<.'*?&)C&*7#8#7&H"#H*6*&8$&H*
?&)C&H*.)8.&CJ)("&H*+TJ#H.*'#*O&8#*X$.".<.)8.5*"&7&*'#*7(H7bH(7#*.H.)"(#*6*%#H.*<.'*
"?#7#)(H7&*H(%.$(#)&;*6*<.*.)"&)8$#$*.)*'#*."&'&Cb#*<.*'#*;'%,<*%"'3.(%&<%"'#*CJ).H(H*<.*7D"?#H*
<.*'#H*"$..)"(#H*6*X$N"8("#H*$.'#"(&)#<#H*"&)*.'*B$%&'*<.'*-D)<&;*8#)*(7X&$8#)8.H*X#$#*'&H*
"?#7#).H*H(%.$(#)&H;*"$..)"(#H*ZD.*.H8#%#)*8#)*"D(<#<&H#7.)8.*<&"D7.)8#<#H*.)*HD*.98.)H&*
'(%$&;*#*V'(#<.;*".C#<&*X&$*HD*X$.gD("(&*7&$#'(H8#*"&)8$#*'&H*l)#$"K8("&Hm;*'&H*
=>M*
*
N$%&'.H*'.*(7X(<(.$&)*T.$*.'*%&HZD.*6*LD.*()"#X#W*<.*"&)8.7X'#$*D)*X#(H#g.*ZD.*"&$8#%#*'#*
$.HX($#"(K)*6*ZD.*H.*<.HX'.CK*#)8.*U#HH&)*D)#*<J"#<#*6*7.<(#*7NH*8#$<.*+U#HH&)*:E/F5I**G&*ZD.*
X#$#*V'(#<.*.$#*l<.C.).$#<&m*6*D)*lTD'C#$*HD%H8(8D8&m;*X#$#*U#HH&)*LD.*l'#*$.'(C(K)*XD$#*6*H(7X'.;*
'(%$.*<.*8&<#*8.&'&Cb#;*'(%$.*<.*<&C7#8(H7&H;*ZD.*H.*.9X$.H#*"&)*8.7&$*6*$.T.$.)"(#;*.)*T&W*%#g#;*
"#H(*H(.7X$.*<.*)&"?.;*"D#)<&*'#*C.)8.*H.*"&)C$.C#%#*X#$#*"&)HD7($*#'*V'.7.)8&*]#C$#<&m*
+U#HH&)*+*"%/-":EF/5I**V)*D)#*.)8$.T(H8#*ZD.*8DT&*"&)*RI*[&$<&)*U#HH&);*gDH8&*D)*#`&*#)8.H*<.*HD*
7D.$8.;*.'*L('KH&L&*$.'(C(&H&*RI*P&$8.*H#"K*#*"&'#"(K)*'#*"D.H8(K)*<.*V'(#<.*+P&$8.*:EFF5I**U#HH&)*6*
V'(#<.*)D)"#*H.*"&)&"(.$&);*)(*()8.$"#7%(#$&)*"&$$.HX&)<.)"(#;*#D)ZD.*V'(#<.*L()#'7.)8.*"(8K*'#*
8.&$b#*<.'*.)'%"<.*U#HH&)*.)*HD*?(H8&$(#*<.*'#H*(<.#H*$.'(C(&H#H*6*<.*L&$7#*8#$<b#*$."&)&"(K*.'*
X#X.'*<.*'#H*<$&C#H*.)8.&CJ)("#H*.)*'#*$.'(C(K)*X$(7(8(T#*+V'(#<.*:E_/5I**P&$8.;*D)*.H8D<(#)8.*<.*
X&H8C$#<&*.)*'#*P#"D'8#<*<.*1.&'&Cb#*<.*'#*n)(T.$H(<#<*<.*4?("#C&;*#'D7)&*<.*V'(#<.;*&$C#)(WK*D)#*
.)8$.T(H8#*"&)*HD*#)"(#)&*X$&L.H&$*H&%$.*l'#H*HDH8#)"(#H*H#C$#<#H*.)*'#*?(H8&$(#*<.*'#*$.'(C(K)mI**
4D#)<&*P&$8.*H.*X$.H.)8K*l"&)*<&".*XNC()#H*<.*"(8#H;*H#"#<#H*<.*#'CD)&H*<.*HDH*'(%$&H;*$.L.$.)8.H*
#*X'#)8#H*H#C$#<#H*&*#*.'(9($.H*.)*'#*?(H8&$(#*<.*'#*$.'(C(K)m*gD)8&*"&)*D)#*l%D.)#*'(H8#*<.*
X$.CD)8#Hm;*V'(#<.*)&*<.H.K*H.$*.)8$.T(H8#<&*H&%$.*.H8#*"D.H8(K)I**B'*H.$*X$.CD)8#<&*zX&$*ZDJ{;*
$.HX&)<(K*l)&*H.*)#<#*#".$"#*<.*.''#HmI**P()#'7.)8.;*"D#)<&*'.*LD.*X$.CD)8#<&*H(*?#%b#*#'C&*.)*
.H8.*8.7#*ZD.*'.*?("(.$#*H.)8($H.*8#)*&%T(#7.)8.*7#';*#'WK*'#H*7#)&H*6*"&)"'D6Kv*l}O&*7.*CDH8#)*
.H8#H*X'#)8#H~m*+P&$8.*:EFF5I*
*
:=!*V9(H8.*D)#*C$#)*"&)8$&T.$H(#*.)*$.'#"(K)*#*'&H*X$(7.$&H*X&%'#<&$.H*<.'*OD.T&*-D)<&;*X.$&*
8&<&*X#$.".*()<("#$*ZD.*'#*X$(7.$#*X&%'#"(K)*<.*3.$()C(#*+<.*<&)<.*T()(.$&)*'#H*7(C$#"(&).H*
X&H8.$(&$.H5;*H.*X$&<Dg&*#'$.<.<&$*<.*:,\\\*#`&H*#)8.H*<.'*X$.H.)8.;*"&()"(<(.)<&*"&)*'#*
$.X.)8()#*#X#$("(K)*<.*N$%&'.H*.)*#ZD.''#*$.C(K);*#'*X$()"(X(&*#%.<D'.H*.)#)&H*=W+*3/%",%,%:"?#"(#*
.'*:>\\\!:,\\\*#)8.H*<.'*X$.H.)8.;*7NH*8#$<.*N'#7&H;*"?&X&H;*X(".#H*6*&8$&H*N$%&'.H*+2&LL."d.$*+*"
%/-":EE=5I**].*"$..*ZD.*#)8.H*<.*.H#*JX&"#;*'#*#DH.)"(#*<.*'.`#*#<."D#<#*.)*'#*$.C(K)*+6*<.*L&$$#g.*
X#$#*'&H*#)(7#'.H*<.*X$.H#5;*(7X(<(K*'#*X$.H.)"(#*X.$7#).)8.*<.*H.$.H*?D7#)&HI**G&H*T.H8(C(&H;*
%(.)*<&"D7.)8#<&H;*7NH*#)8(CD&H*<.*#H.)8#7(.)8&H*?D7#)&H*.)*3.$()C(#*H&)*#)8.$(&$.H*.)*D)*
H(C'&;*"&7&*7b)(7&;*#*'&H*X$(7.$&H*#H.)8#7(.)8&H*?D7#)&H*"&)&"(<&H*.)*.'*OD.T&*-D)<&*+'#*
''#7#<#*"D'8D$#*4'&T(H5I**R.HD'8#*ZD(WN*H(C)(L("#8(T&*.)*.H8.*"&)8.98&*ZD.*.'*#%.<D'*.)#)&;*'&H*
X$(7.$&H*N$%&'.H*ZD.*"&'&)(W#$&)*#7X'(#7.)8.*'#*L$#)g#*<.*8(.$$#*<.*3.$()C(#;*.H*?&6*<b#;*#'*(CD#'*
ZD.*8&<&H*'&H*#%.<D'.H;*D)*H(7%(&)8.*?#%(8D#'*1+";'%,<*%"'3.(%&<%".)*j#7"?#8d#;*X#$8.*".)8$#'*
<.*3.$()C(#*+U#HH&)*:E/F5I**V'*?&)C&*.H8N*8#)*.H8$."?#7.)8.*$.'#"(&)#<&*"&)*.'*#%.<D'*.)#)&;*
ZD.*j#$'*T&)*@(887#$*<.H"$(%(K*#*7.<(#<&H*<.'*H(C'&*^Q^*"K7&*'&H*j&$6#d*6*'&H*4?Dd"?(*<.*
j#7"?#8d#*H&'b#)*#"#$$.#$*'&H*8$&W&H*H."&H*<.*;'%,<*%"'3.(%&<%".)*"#g#H*.'#%&$#<#H*"&)*7#<.$#*
<.*#%.<D'*.)#)&*+TJ#H.*U#HH&)*:E/F5I**VH8&*X'#)8.#*'#*H(CD(.)8.*"D.H8(K)v*z)&*?#%$b#)*H.CD(<&*
ZD(WN*'&H*X$(7.$&H*X&%'#<&$.H*'#*H.)<#*<.*'#*;'%,<*%"'3.(%&<%!"#<.7NH*<.*'#*<.*'#*'.`#*6*'&H*
#)(7#'.H*<.*"#W#*#*8$#TJH*<.*'#*L$#)g#*<.*8(.$$#*?#"(#*.'*.H8.*<.*3.$()C(#;*.H*<."($*.'*OD.T&*-D)<&{*
zO&*XD<&*?#%.$*H(<&*'#*X$.H.)"(#*<.*HD*T.).$#<&*.)8.KC.)&*.)*3.$()C(#*".)8$#'*'&*ZD.*X$(7.$&*
'&H*#8$#g&*#*.H8.*N$.#{**@.%.7&H*$."&$<#$*ZD.*()"'DH&*.)*8(.7X&H*7&<.$)&H;*#*X.H#$*<.'*.H"#H&*
X&%'#7(.)8&*<.*j#7"?#8d#;*
=>/*
*
/%";'%,<*%"'3.(%&<%"LD.*H(.7X$.*$#$#*6*T#'(&H#I**BI*V$7#)*.H"$(%(K*6#*.)*.'*H(C'&*^Q^*ZD.*'&H*j&$6#d*
l.)8$.C#%#)*L$."D.)8.7.)8.*D)*$.)&*"&7&*X#C&*X&$*D)*X.<#W&*H."&m*+U#HH&)*:E/F5I**@#<#*'#*
"&)&"(<#*(7X&$8#)"(#*<.*'&H*.7%$(#C#)8.H*"?#7N)("&H*.)*'#H*"D'8D$#H*X$.'(8.$#<#H;*'#*#DH.)"(#*<.*
;'%,<*%"'3.(%&<%".)*3.$()C(#*#)8.H*<.'*#`&*:,\\\*#)8.H*<.'*X$.H.)8.;*XD<&*?#%.$*H(<&*T(H8#*
"&7&*D)#*%#$$.$#*.HX($(8D#'*#*'#*7(C$#"(K);*"#H(*8#)*(7X&$8#)8.*"&7&*'#*%#$$.$#*7#8.$(#'*<.*'#*
#DH.)"(#*<.*'.`#*6*"#W#I**1.).7&H*X$D.%#H*<.*ZD.*'&H*B$(&H;*ZD.*.7(C$#$&)*?#"(#*.'*HD$*.)*
<($.""(K)*#*'#*Q)<(#*?#".*"D#8$&*7('.)(&H;*.H8#%#)*X$.&"DX#<&H*X&$*'&H*X$&%'.7#H*<.*"&7.$"(&*
X#$#*&%8.,+&".)'%"#*8$#TJH*<.*'&H*@#H6DH;*XD.%'&H*ZD.*#S)*?#%(8#%#)*.)*'#H*7&)8#`#H*<&)<.*
"$."b#*6*ZD.*'&H*B$(&H*?#%b#)*#%#)<&)#<&*+U#HH&)*:E/F5I**B'*(CD#'*ZD.*H.*()8.$"#7%(#%#)*$.)&H*
X&$*'#*;'%,<*%"'3.(%&<%".)*j#7"?#8d#;*.'*E%*%G%*$%"W&%$'%,%"$.'#8#*"K7&*'&H*B$(&H*.)8$.C#%#)*
D)#*T#"#*#*"#7%(&*<.'*.)'%!"<#)<&*8.H8(7&)(&*<.*HD*C$#)*T#'&$*+X#$#*.'*X$&XKH(8&*<.*.H8#*
.9X&H("(K)*.H*($$.'.T#)8.*H(*.'*.)'%"LD.*'#*;'%,<*%*'3.(%&<%"&*)&5I**V'*$."(.)8.*<.H"D%$(7(.)8&*<.*
D)*"#<NT.$*"&)*D)#*#)8(Ce.<#<*<.*M,\\!M=\\*#`&H*.)8.$$#<&*.)*.'*?(.'&*.)*BDH8$(#*+].(<'.$*+*"%/-"
:EE,5*?#*''.T#<&*#*.HX."D'#$*ZD.*'#*"#DH#*<.*HD*7D.$8.*X&$*"&)C.'#"(K)*X&<$b#*?#%.$H.*X$&<D"(<&*
"&7&*"&)H."D.)"(#*<.*D)*.9".H(T&*"&)HD7&*<.*l]"?)#XXH*X$.?(H8K$("&m*+-"-#)DH*6*].(<'.$*
:EE,5I**]()*.7%#$C&;*)&*H.*?#)*.)"&)8$#<&*$.H8&H*<.*D)*$."(X(.)8.*#<."D#<&*X#$#*.'*HDH&<("?&*
E($,%GG.!"'&*ZD.*?#*''.T#<&*#*.HX."D'#$*ZD.*.'*X#$*<.*?&)C&H*H."&H*ZD.*.'*?&7%$.*<.'*?(.'&*
+%#D8(W#<&*"&)*.'*)&7%$.*<.*08W(5*''.T#%#*.)H#$8#<&H*.)*D)#*"&$$.#*<.*"D.$&*X&<$b#)*?#%.$*H(<&*
'&H*"#DH#)8.H*<.*'#*.7%$(#CD.W*7&$8#'I**@.*?."?&*fI[I*3&$&C#W;*D)*#)8$&XK'&C&*$DH&*ZD.*
#"&7X#`K*#*'#*.9X.<("(K)*r.HDX*<.'*Y#"bL("&*O&$8.*#*j#7"?#8d#*#*X$()"(X(&H*<.'*H(C'&*^^;*.H"$(%(K*
ZD.*'&H*j&$6#d*H&'b#)*H."#$*'&H*?&)C&H*7#8#7&H"#H*X#$#*'D.C&*l.)H#$8#$'&H*<.*8$.H*.)*8$.HmI**
Q)"'DH&*?&6*<b#*'#*;'%,<*%"'3.(%&<%"H."#;*ZD.*#*T.".H*#S)*.H*8$#)HX&$8#<#*.)*"&$$.#H*<.*"D.$&;*H.*
DH#*.)*](%.$(#*6*j#7"?#8d#*X#$#*"&7%#8($*'#*L#8(C#I**l4D#)<&*D)*"#W#<&$*7#$"?#*#*D)*%&HZD.*
'.g#)&*<D$#)8.*7D"?&*8(.7X&*6*H.*H(.)8.*L#8(C#<&III*"&7.*'#*;'%,<*%"'3.(%&<%*H."#;*
H&%$.T()(J)<&'.*D)#*.HX."(.*<.*%&$$#"?.$#I**-NH*8#$<.*H.*H(.)8.*%(.)*<.*)D.T&*6*XD.<.*
$..7X$.)<.$*'#*"#W#m*+]##$*:EE'#5I*zO&*H.$b#*X&H(%'.*ZD.*u8W(*?D%(.$#*"&7(<&*?&)C&H*XH("&#"8(T&H*
<.*HD*"&$$.#*.)*D)*()8.)8&*H(7('#$*<.*.H8(7D'#$*HD*N)(7&*'#)CD(<."(.)8.;*D)*()8.)8&*ZD.*$.HD'8K*
()L$D"8D&H&{**G&H*<&H*?&)C&H*H."&H*ZD.*H.*.)"&)8$#$&)*"&)*J';*)&*.$#)*H()*.7%#$C&*;'%,<*%"
'3.(%&<%!"H()&*ZD.*?#)*H(<&*(<.)8(L("#<&H*"&7&*#<G*)G)&3."8+*3/<,3.!"D)*?&)C&*ZD.*"&)8(.).*
#)8(%bK8("&H*X.$&*)&*"&7XD.H8&H*.)8.KC.)&H*+Ye<.$*+*"%/-":EE,5I**Y&<$b#*H.$;*H()*.7%#$C&;*ZD.*.)*
'#*"&$$.#*<.*u8W(*?D%(.$#*?#%(<&*8#7%(J)*;'%,<*%"'3.(%&<%"D*&8$&*?&)C&*.)8.KC.)&;*ZD.*?#%$b#)*
H(<&*"&)HD7(<&H*.)*D)*T#)&*()8.)8&*<.*'D"?#$*"&)8$#*'#*L#8(C#I*z0*ZD(WN*8.)C#7&H*#ZDb*D)#*X(H8#*
H&%$.*D)#*)D.T#*.HX."(.*.)8.&CJ)("#{*
*
:>!*Y&$*.'*"&)8$#$(&;*.)*[D#8.7#'#*'&H*-#6#H*sD("?J*''#7#)*#*'#*;'%,<*%"'3.(%&<%!"F%F3/6D"&*
l$#6&m*+G&c6*:E_>5I**V)*.'*L#7&H&*#)G)/"b3$"<.*'&H*-#6#H*sD("?J*+D)*#)8(CD&*7#)DH"$(8&*sD("?J*
<.*#D8&$*6*L."?#*<.H"&)&"(<&H;*8$#)H"$(8&*.)*"#$#"8.$.H*'#8()&H*X&"&*<.HXDJH*<.*'#*"&)ZD(H8#;*
.)8$.C#<&*#'*L$#('.*<&7()("&*P$#)"(H"&*^(7J).W*#*X$()"(X(&H*<.'*H(C'&*^fQQQI**^(7J).W*8$#)H"$(%(K*.'*
8.98&*sD("?J*6*'&*8$#<Dg&*#'*"#H8.''#)&A*.'*.g.7X'#$*&$(C()#'*)&*?#*H(<&*T(H8&*<.H<.*.)8&)".H5*H.*
<.H"$(%.*D)#*8$()(<#<*<.*<(&H.H*sD("?Jv*F%F3/6D"$3&%F%,"l$#6&*D)bX.<.mA*($<G<"F%F3/6D!"l$#6&*
.)#)&mA*6*&%Q%*
=>_*
*
F%F3/6D"l$#6&*T.$<.m;*<.*'&H*ZD.*F%F3/6D"$3&%F%,".H*.'*7NH*(7X&$8#)8.*+R."()&H*:E>_A*1.<'&"d*
:EFM5I**U#HH&)*?#*.HX."D'#<&*ZD.*.H8&H*<(&H.H*$.X$.H.)8#)*D)#*8$()(<#<*<.*.)8.KC.)&H;*F%F3/6D"
$3&%F%,"+.";'%,<*%"'3.(%&<%"+8#'*"&7&*()<("#$b#)*'&H*8$#%#g&H*<.*G&c65A*7(.)8$#H*ZD.*.'*l$#6&*
.)#)&m*&*($<G<"F%F3/6D"H.$b#)*'&H*7NH*X.ZD.`&H*?&)C&H*.)8.KC.)&H*XH('&"b%("&H*+TJ#H.*4#Xb8D'&*M5*
6*.'*l$#6&*T.$<.m*&%Q%"F%F3/6D")&*.H*&8$&*ZD.*'#*X'#)8#xH.$X(.)8.*#W8."#;*.'*<&)<(.C&*<.*<b#*
C3&8<,%"()&5'8).%!"LD.)8.*<.*'#H*H.7(''#H*.)8.KC.)#H*<.*)/)/<3$23<!"8$#8#<#H*.)*.'*"#Xb8D'&*,*
+U#HH&)*+*"%/-":EF/5I**V)*D)#*8$#<D""(K)*$."(.)8.*<.'*#)G)/"b3$!"@I*1.<'&"d*#X&6K*
X$&T(H(&)#'7.)8.*'#*()8.$X$.8#"(K)*<.*U#HH&);*#X&$8#)<&*)D.T#H*X$D.%#HI**V)*sD("?J;*.'*.H8(X.*&*
8#''&*<.*D)*?&)C&*H.*''#7#*&%F%,!".H*<."($*lX(.$)#m;*'&*ZD.*<#*T.$&H(7('(8D<*#*'#*()8.$X$.8#"(K)*<.'*
H(C)(L("#<&*<.*l$#6&*D)bX.<.m*"&7&*.'*?&)C&*l$#6&m*"&)*D)#*lX(.$)#mI**1.<'&"d*#`#<.*ZD.*'#*
X#'#%$#*,%,%$3%*/".H*&8$&*)&7%$.*<.*F%F3/6D"$3&%F%,!"<("(.)<&*ZD.*a@%,%$3%*/"H(C)(L("#*
T.$$DC#Hm*.)*O#?D#;*'&*ZD.*)&H*$."D.$<#*.'*#HX."8&*<.*'#*'3.(%&<%""D#)<&*'&H*$.H8&H*<.'*T.'&*
.H8N)*#S)*H&%$.*.'*H&7%$.$&m*+1.<'&"d*:EFM5I**YI*PD$H8*?#*HDC.$(<&*#<.7NH*ZD.*'#*;'%,<*%"
'3.(%&<%"H.*#X$&9(7#;*7NH*ZD.*'&H*?&)C&H*XH('&"b%("&H;*#*'#*L(H(&)&7b#*<.*'&H*?&)C&H*
$.X$.H.)8#<&H*.)*'#H*lX(.<$#H*LS)C("#Hm*7#6#H*+TJ#H.*@.*3&$?.C6(*:E/:A*PD$H8*:E_/A*2.(7*6*
U#HH&)*:EMFA*G&c6*:E_:A*-#6.$*:E__#A*U#HH&)*:EF\*6*U#HH&)*6*U#HH&)*:EM_*X#$#*
('DH8$#"(&).H5*6*?#*<.H"D%(.$8&*.)*O#6#$(8*'#*L(CD$(8#*<.*D)*?&)C&*<.*8.$$#"&8#*ZD.*7D.H8$#*'#H*
"#$#"8.$bH8("#H*lT.$$DC#Hm*1+";'%,<*%"'3.(%&<%"+TJ#)H.*L&8&C$#Lb#H*.)*U#HH&)*+*"%/-":EF/5I**
[DW7N)*?#*XD%'("#<&*8#7%(J)*L&8&C$#Lb#H*<.*D)#*X(.<$#*ZD.*$.X$.H.)8#*D)*?&)C&*X$&".<.)8.*<.*
YN8W"D#$&;*-("?&#"N);*.)*'#*$.C(K)*<.*'&H*YD$JX."?#*.)*-J9("&;*.)*.'*ZD.*H.*$.X$.H.)8#*<.*L&$7#*
()"&)LD)<(%'.*D)#*;'%,<*%*'3.(%&<%"$.X'.8#*<.*lT.$$DC#Hm*6*D)#*T&'T#*"#$#"8.$bH8("#;*gD)8&*"&)*
D)#*l"#%.W#*<.*'#*7D.$8.m*8#''#<#*"D$(&H#7.)8.*#*D)*'#<&*+[DW7N)*:EE\A*[DW7N)*:EE,5I**V)*D)*
7#)DH"$(8&*)&*XD%'("#<&*L."?#<&*.)*:E_/!:E_F;*.'*.H8D<(&H&*<.*'#*"D'8D$#*ON?D#8'*1I*j)#%*
<.H"$(%(K*.'*DH&*$(8D#'*<.*'&H*H&7%$.$&H*H."&H*<.*;'%,<*%"'3.(%&<%"X&$*D)*"?#7N)*.)*.'*T#''.*<.*
YD.%'#I**G&H*H&7%$.$&H*H.*XD'T.$(W#%#)*6*7.W"'#%#)*"&)*8#%#"&*X#$#*HD*()C.H8(K)*&*X#$#*LD7#$'&H*
"&)*'#*()8.)"(K)*<.*lXD$(L("#$m*.'*#($.*6*<(#C)&H8("#$*.)L.$7.<#<.H*+j)#%*:E_/!:E_F5I**
R."(.)8.7.)8.;*H.*?#*()L&$7#<&*<.*'#*X$N"8("#*H(7('#$*<.*LD7#$*;-"'3.(%&<%"H."#*gD)8&*"&)*8#%#"&*
.)8$.*C$DX&H*<.*()<(&H*7#6#H*+RN8H"?*:EF_5*gD)8&*"&)*'#*X$N"8("#*#)N'&C#*<.*LD7#$*'&H*.98$#"8&H*
H."&H*<.*;-"[3.(%&<%".)*.'*T#''.*<.*]?.8D'*.)*BLC#)(H8N)*+-&"?8#$*6*[..$d.)*:E_E5I**n)*.H8D<(&*
.8)&7("&'KC("&*$."(.)8.*.)*@D$#)C&;*-J9("&;*$.T.'K*ZD.*'&H*()<(&H*1.X.?D#)*<.'*HD$*"'#H(L("#%#)*
'#H*.HX."(.H*.)8.KC.)#H*<.*;'%,<*%"'3.(%&<%"5";-"G%,*$+&<,%"()')"'%<'1%F%'!"l'&H*?&)C&H*ZD.*
?#".)*H.)8($H.*#*'#*C.)8.*7#$.#<&H*&*%&$$#"?&Hm*+V'(W&)<&*:EE:5I**B'CD)&H*<.*.H8&H*)D.T&H*
<.H"D%$(7(.)8&H*"&)<Dg.$&)*#*U#HH&)*#*$.T#'&$#$*HD*X&H("(&)#7(.)8&*H&%$.*'#*(7X&$8#)"(#*<.'*
?&)C&*7#8#7&H"#H*.)*-.H&#7J$("#*6*'.*"&)<Dg.$&)*#*X&H8D'#$*ZD.*.'*2D(8W('&X&"?8'(;*.'*
l1.W"#8'(X&"#*).C$&m;*.$#*.'*.ZD(T#'.)8.*7.9("#)&*<.'*F%F3/6D"$3&%d#);*XD.H8&*ZD.*8#7%(J)*J'*
8(.).*D)#*H&'#*X(.$)#*+U#HH&)*+*"%/-":EF/5I**VH8#H*(7NC.).H*<.*D)*<(&H*7.H&#7.$("#)&*<.*D)#*H&'#*
X(.$)#*)&H*?#".*$."&$<#$*.'*#)8(CD&*"D'8&*?()<S*<.'".)'%!"XD.H8&*ZD.*.)*.'*N?"b+1%"H.*"#'(L("#*#*'#*
X'#)8#*<.'*.)'%!""&)*8&<#*H.CD$(<#<*D)*?&)C&*6*X&H(%'.7.)8.*;-"'3.(%&<%!""&)*.'*)&7%$.*<.*;6%"
JF%G%1!".'*lO&*)#"(<&;*n)(X(.7#m*+U#HH&)*:E_,%5I**BHb;*X&<.7&H*#L($7#$*ZD.*7D6*X&H(%'.7.)8.*
.9(H8(K*D)*#)8(CD&*DH&*8$#<("(&)#'*<.*/%";'%,<*%"'3.(%&<%""&7&*.)8.KC.)&*.)*-.H&#7J$("#I**VH*
X&H(%'.*ZD.*.)*-J9("&*<(.$#*X#H&*#'*DH&*<.*'&H*?&)C&H*<.'*CJ).$&*#.</)(58+!"7D"?&*7NH*
#%D)<#)8.H;*.H8D<(#<&H*.)*.'*4#Xb8D'&*MI*
=>F*
*
h_P! !V'*'(%$&*<.*B''.C$&*#X#$."(K*X&$*.)8$.C#H*.)*D)*8#%'&(<.*()C'JH*<.*"&$8.*H.)H#"(&)#'(H8#*=C$+"
@+i.")0"*$+"j)&/1:!"7D6*<(H8#)8.*<.*'#H*.H8$("8#H*XD%'("#"(&).H*.HX."(#'(W#<#H*X&$*'#H*ZD.*J'*H()8(K*
C.).$#'7.)8.*()"'()#"(K)I**B''.C$&*)D)"#*<($(C(K*HD*8.&$b#*#*HDH*"&'.C#H*.HX."(#'(H8#H*.)*L('&'&Cb#*
%b%'("#I**B''.C$&*$."(%(K*'#*HD"D'.)8#*HD7#*<.*=\I\\\*'(%$#H*X&$*'&H*<.$."?&H*<.*XD%'("#$*HD*&%$#*X&$*
.)8$.C#H*+U#HH&);*.)*P&$8.*:EFF5*6*X#$.".*H.$*ZD.*.)*#ZD.''#*JX&"#*H.*.)"&)8$#%#*#C&%(#<&*X&$*
D)#*H.$(.*<.*<.D<#H*+U#HH&)*:E__5I**Y#$.".*<(L("('*)&*''.C#$*#*'#*"&)"'DH(K)*<.*ZD.*B''.C$&*.H"$(%(K*
C$+*E%(&+1"[3.$&))'"%,1"C$+"B&).."+V'*2&)C&*H#C$#<&*6*'#*4$DW5*X#$#*C#)#$*D)*<().$&*LN"('I**
4&7&*U#HH&)*"&7.)8K*8(.7X&*<.HXDJHv*l-.*X#$.".*ZD.*B''.C$&y*''.CK*X$."(X(8#<#7.)8.*#*D)#H*
"&)"'DH(&).H*()gDH8(L("#<#H*.)*%#H.*#*X$D.%#H*.H"#H#HI**i*"D#)<&*H.*?#".)*7.8.<D$#H*<.*X#8#;*
"&7&*$.'#"(&)#$*'#H*'.)CD#H*?.%$.#*6*C$(.C#*"&)*.'*HD7.$(&;*JH8&*$.HD'8#*()#".X8#%'.*X#$#*
"D#'ZD(.$*'()CebH8#I**G#*'.)CD#*HD7.$(#*)&*.H*7#<$.*<.*)()CD)#*&8$#*'.)CD#*6*)#<(.*H#%.*<.*<K)<.*
X$&".<.m*+U#HH&);*.)*P&$8.*:EFF5I**VH8#*6*7D"?#H*&8$#H*#'.C#"(&).H*LD.$&)*X$.H.)8#<#H*.)*'#H*
"$b8("#H*<.*r#"&%H.)*6*R("?#$<H&)*+:E_:5I**]()*.7%#$C&;*'#*L#'H#*8.&$b#*<.*B''.C$&*"&)8()D#*H(.)<&*
8&7#<#*.)*H.$(&*X&$*#'CD)&H*.H8D<(#)8.H*<.*'&H*?&)C&H*.)8.KC.)&H*+2#H.).(.$*:EE,A*G.#XX*:EE:5*
6*D)#*$."(.)8.*#)8&'&Cb#*#'.7#)#*H&%$.*.'*?&)C&*7#8#7&H"#H*.H8DT&*<.<("#<#*#*r&?)*-#$"&*
B''.C$&*+3#D.$*+*"%/-":EE:5I*
*
hUP!Q)"'DH&*'#*X&XD'#$*$.T(H8#*7.)HD#'*E(<+,*<0<(";'+&<(%,!"ZD.*)&$7#'.7.)8.*HD.'.*?#".$*C#'#*
<.*.9#"8(8D<;*7&H8$#%#*D)#*;'%,<*%"'3.(%&<%"gD)8&*#*&8$#H*.HX."(.H*.)*HD*X&$8#<#;*"&)*.'*
HD%8b8D'&*l2&)C&H*-&$8#'.Hm*+G(88.)*:E_M5I**V)*D)*'(%$&*$."(.)8.*H.*?#"b#*'#*H(CD(.)8.*#L($7#"(K)*H()*
LD)<#7.)8&*#'CD)&v*l)&$7#'7.)8.*:\*&*7NH*.HX."b7.).H*<.'*?&)C&*7#8#7&H"#H*XD.<.)*H.$*
7&$8#'.Hm*+G()"&LL*6*-(8"?.'*:E__5I**O&*H.*<#%#*)()CD)#*$.L.$.)"(#*X&$*'&*ZD.*7.*CDH8#$b#*H#%.$*.)*
ZD.*X$D.%#H*H.*%#H#*.H8#*#L($7#"(K)I*
*
hVP! !2##$<*6*2##$<*"&7.)8#$&)*#".$"#*<.*'#H*.HX."(.H*.)8.&CJ)("#H*<.*;'%,<*%M*
*
***l"&7.$* .H8&H*?&)C&H*.H*X#$."(<&*#*&L$.".$*#7(H8#<*#*D)*"#$"#6Sm*+2##$<*6*2##$<*:E_M5I*
* YD.H8&*ZD.*6&*)D)"#*?.*8.)(<&*&"#H(K)*<.*&L$.".$*#7(H8#<*#*D)*"#$"#6S*)&*XD.<&*<."($*
)#<#*H&%$.*.H8#*"&7X#$#"(K)I**VH8&H*#D8&$.H*#L($7#)*H()*LD)<#7.)8&*ZD.*l.)*B'.7#)(#;*<&)<.*
8#'.H*.)T.).)#7(.)8&H*H&)*L$."D.)8.H;*'&H*X&$".)8#g.H*<.*7D.$8.*H&)*<.'*M;Ma*6*<.'*:;M>a*X#$#*
;'%,<*%"'3.(%&<%"5";'%,<*%"G%,*$+&<,%"$.HX."8(T#7.)8.mA*6*'D.C&*H.*"&)8$#<(".)*.)*'#*7(H7#*
XNC()#*+XNCI*:\\5*<("(.)<&*l<.*?."?&;*'#H*7D.$8.H*$.C(H8$#<#H*X&$*.)T.).)#7(.)8&*"&)*;-"
'3.(%&<%"H&)*$#$#H*&*().9H(H8.)8.Hm+~5*H()*"(8#$*$.L.$.)"(#*#'CD)#I**-.*#8$.T&*#*<.H#L(#$*#*2##$<*6*
2##$<*#*ZD.*7.)"(&).)*D)*H&'&*"#H&*#'.7N)*<.*7D.$8.*X&$*"&)HD7&*<.*;'%,<*%".)8.&CJ)("#I**
V)*'#*XNC()#*EE;*.H8&H*#D8&$.H*#L($7#$&)*ZD.*'#H*.HX."(.H*XH("&#"8(T#H*<.*;'%,<*%"lX&H..)*<.*
L&$7#*"#$#"8.$bH8("#*D)#*"&)".)8$#"(K)*+<.*N"(<&*(%&8J)("&x7DH"(7&'5*<.*_\*7CxC*<.*?&)C&*
L$.H"&I**VH8#*"#)8(<#<*.ZD(T#'<$b#*#*_\*C*<.*N"(<&*(%&8J)("&x7DH"(7&'*X&$*d('&C$#7&*<.*?&)C&H*
L$.H"&HI**V)*7(H*7NH*<.*<(.W*#`&H*<.<("#<&H*#*'#*.98$#""(K)*"&7.$"(#'*<.*N"(<&*(%&8J)("&*#*X#$8($*
<.*;-"G%,*$+&<,%"<.'*.H8#<&*<.*U#H?()C8&);*.'*$.)<(7(.)8&*7NH*.'.T#<&*ZD.*?.*"&)H.CD(<&*?#)*
H(<&*:F;,*C$#7&H*<.*N"(<&*(%&8J)("&*.)*MM*d('&C$#7&H*<.*;-"G%,*$+&<,%"L$.H"#;*$."&'."8#<#H*".$"#*
<.*1.)()&;*U#H?()C8&)*.)*-#6&*<.*:EF/I**VH8#*"#)8(<#<*$.X$.H.)8#)*HK'&*==\*7('bC$#7&H*<.*N"(<&*
(%&8J)("&*
=>E*
*
X&$*d('&C$#7&*<.*?&)C&H*L$.H"&H*+088*:EF\5I**1#d.7&8&*+*"%/-"+:E/>"5*"&)H(CD(.$&)*.98$#.$*,,\*7C*
<.*N"(<&*(%&8J)("&*X&$*d('&C$#7&*<.*;-"G%,*$+&<,%"g#X&).H#A*R.Xd.*+*"%/-"+:E_F5*<.8."8#$&)*.'*
.ZD(T#'.)8.*<.*M\*7C*<.*N"(<&*(%&8J)("&*X&$*d('&C$#7&*<.*;-"G%,*$+&<,%"+8#7%(J)*X$&".<.)8.*<.*
1.)()&;*U#H?()C8&)A*.9X$.H#<&*"&7&*X.H&*L$.H"&5A*7(.)8$#H*ZD.*3.).<("8*+*"%/-"+:E//5*<.8."8#$&)*
#'$.<.<&$*<.*>/\*7C*X&$*d('&C$#7&*<.*N"(<&*(%&8J)("&x7DH"(7&'*.)*;-"G%,*$+&<,%"X$&".<.)8.H*<.*
1.)()&;*U#H?()C8&)I**V)*.g.7X'#$.H*g#X&).H.H*<.*;-"G%,*$+&<,%"H.*<.8.$7()K*D)#*"&)".)8$#"(K)*
<.*N"(<&*(%&8J)("&*<.*//\*7CxdC;*gD)8&*"&)*,F\*7CxdC*<.*7DH"(7&'*+i#7#D$#*6*4?#)C*:EFF5I**@.*
.H8.*7&<&*2##$<*6*2##$<*H&%$.T#'&$#$&)*'#*8&9("(<#<*<.*.H8&H*?&)C&H*<.*:\\*#*,\\*T.".HI**G#*
<&H(H*7b)(7#*'.8#'*.)*$#8&).H*H.*.H8(7K*.)*,:;M*C*<.*;-"G%,*$+&<,%"L$.H"#*X&$*d('&*<.*X.H&*
"&$X&$#';*.H*<."($*:;M\*dC*<.*?&)C&H*L$.H"&H*X#$#*D)#*X.$H&)#*<.*_\*dC*<.*X.H&*+i#7#D$#*6*4?#)C*
:EFF5I**G#*()L&$7#"(K)*<.*'&H*2##$<*#".$"#*<.*'&H*?&)C&H*<.'*CJ).$&*#.</)(58+")&*.H*7D"?&*7NH*
"&$$."8#I**Y#$#*.7X.W#$;*H()*<#$*$.L.$.)"(#H;*7#)(L(.H8#)*ZD.*l.)*&"#H(&).H;*X.$H&)#H*
#"&H8D7%$#<#H*#*$."&'."8#$*#.</)(58+".+'</%,(+%*%"<.H"D%$.)*#'CS)*.g.7X'#$*<.*#-"8%+)(5.*<.")"#-"
.*&<(*<G+.-""n)&*XD.<.*X#H#$*D)#*()8.$.H#)8.*)&"?.*8&7#)<&*<.*,\*#*>\*.g.7X'#$.H*<.*#-"
.+'</%,(+%*%!"X.$&*'#*7(H7#*"#)8(<#<*<.*#-"8%+)(5.*<."&*()"'DH&*#-".*&<(*<G+."XD.<.*$.X$.H.)8#$*
D)#*H&%$.<&H(H*X&8.)"(#'7.)8.*7&$8#'mI**-NH*#<.'#)8.*<(".)v*l4&)H(<.$#)<&*"&)".)8$#"(&).H*X&$*
C$#7&;*k#.</)(58+"(38+,.<.l".H8N*"&)H(<.$#<#*"&7&*$.'#8(T#7.)8.*<J%(';*"#H(*(CD#'*ZD.*#-"
(5%,+.(+,.9-""]()*.7%#$C&;*'&H*#)N'(H(H*"D#)8(8#8(T&H*$.#'(W#<&H*"&)*.HX."(.H*<.*#.</)(58+"<.*'#*
W&)#*<.'*)&$&.H8.*<.'*Y#"bL("&*<.8.$7()#$&)*ZD.*#-"(5%,+.(+,."LD.*'#*.HX."(.*7NH*X&8.)8.*<.*'#H*
.H8D<(#<#H*"&)*D)#*"&)".)8$#"(K)*<.*/;/!:E;/*7C*<.*XH('&"(%()#xXH('&"()#*X&$*C$#7&*<.*?&)C&H*
H."&H*+H.*#)#'(W#$&)*:>*.g.7X'#$.H5;*7(.)8$#H*ZD.*.'*lX&8.)"(#'7.)8.*7&$8#'m*H("y*#-"8%+)(5.*<."
X$.H.)8K*D)#*"&)".)8$#"(K)*<.*:;M!:>;>*7C*<.*XH('&"(%()#xXH('&"()#*X&$*C$#7&*<.*?&)C&H*H."&H*
+H.*#)#'(W#$&)*_*.g.7X'#$.H5;*6*'&H*#-"(38+,.<.""D'8(T#<&H*X$.H.)8#$&)*M;\!:>;=*7C*<.*
XH('&"(%()#xXH('&"()#*X&$*C$#7&*+H.*#)#'(W#$&)*:M*.g.7X'#$.HA*3.DC*6*3(Cc&&<*:EF,A*3(Cc&&<*6*
3.DC*:EF,5I**n)#*.9X'("#"(K)*X#$#*.H8#H*<(H"$.X#)"(#H*.H*.'*?."?&*<.*ZD.*'&*ZD.*2##$<*6*2##$<*
<.H"$(%(.$&)*"&7&*#-"(5%,+.%,."k.<(l!"<.'*ZD.*XD%'("#$&)*D)#*L&8&C$#Lb#*.)*"&'&$*+'#*'N7()#*)S7.$&*
-('5;*.H*"'#$#7.)8.*#-".*3,*d<<!"ZD.*X$.H.)8#*D)*#)(''&*X.$H(H8.)8.*+[DW7N)*:EF=A*[DW7N)*6*088*
:E_/A*2##$<*6*2##$<*:E_MA*088*:E_/%A*088*:E_E%A*TJ#H.*8#7%(J)*088*6*Y&''&"d*:E_/%A*U.('*:E__#5I**
B*<(L.$.)"(#*<.'*X&8.)8.*#-"(5%,+.(+,.!"XD.<.*ZD.*#-".*3,*d<<"H.#*<.*?."?&*D)&*<.*'&H*?&)C&H*
XH('&"b%("&H*7NH*<J%('.H*ZD.*.9(H8.);*X$.H.)8#)<&*D)#*"&)".)8$#"(K)*<.*\!>;,*7C*<.*
XH('&"(%()#xXH('&"()#*X&$*C$#7&*<.*?&)C&H*H."&H;*<.*#"D.$<&*"&)*.'*#)N'(H(H*$.#'(W#<&*#*>*
.g.7X'#$.H*+3.DC*6*3(Cc&&<*:EF,5I**VH*<(L("('*(7#C()#$*X&$*ZDJ*2##$<*6*2##$<*"&)H(<.$#$&)*ZD.*#-"
8%+)(5.*<.".H*X&8.)"(#'7.)8.*7&$8#'I**VH*"(.$8&*ZD.*'#*7D.$8.*<.*D)*)(`&*.)*0$.CK)*?#*H(<&*
#8$(%D(<#*#*.H8#*.HX."(.*+-"4#c'.6*+*"%/-":E/,5;*'#*S)("#*7D.$8.*ZD.*g#7NH*H.*?#6#*#8$(%D(<&*#*D)*
?&)C&*XH('&"b%("&*+.9"'D6.)<&*<(.W*7D.$8.H*ZD.*H.*#8$(%D6.$&)*()"&$$."8#7.)8.*#*#.</)(58+"
.38%+&3?<,%.(+,.")"#-"7+,+,%*%S"TJ#H.*]()C.$*6*]7(8?*:EMF%*6*'#*1#%'#*>A*6*'#*7D.$8.*&"D$$(<#*.)*
2#c#((*.)*:E_,*ZD.*LD.*#8$(%D(<#*.)*'#*X$.)H#*#*D)*.)T.).)#7(.)8&*X&$*?&)C&H*XH('&"b%("&H;*X.$&*
ZD.*X&H8.$(&$7.)8.*H.*T(&*ZD.*7D6*X$&%#%'.7.)8.*H.*<.%(K*#*D)#*H&%$.<&H(H*<.*?.$&b)#A*B''.)*
:EFFA*Y&''&"d*:E_>5I**]()*.7%#$C&*'#*(<.)8(L("#"(K)*<.'*#C.)8.*"#DH#'*<.*'#*7D.$8.*<.*0$.CK)*"&7&*
=M\*
*
#.</)(58+"8%+)(5.*<."<(H8K*<.*H.$*H.CD$#I**V'*#$8b"D'&*.)*.'*ZD.*H.*()L&$7K*<.*'#H*7D.$8.H*<.H"$(%(K*
8$.H*"#H&H*()<.X.)<(.)8.H*<.*.)T.).)#7(.)8&*.)*ZD.*H.*T(.$&)*(7X'("#<&H*<&H*#<D'8&H*+<.*=\*6*=M*
#`&H*<.*.<#<5*6*"D#8$&*)(`&H*+<.*>;*>;*/*6*E*#`&H*<.*.<#<5I**V)*HK'&*D)&*<.*'&H*8$.H*"#H&H*lLD.*
X&H(%'.*$.#'(W#$*D)#*"'#HLL'"#"(K)*%&8N)("#*.HX."bL("#m*ZD.*H.*%#HK*.)*'#*(<.)8(L("#"(K)*<.*?&)C&H*
"D'8(T#<&H*#*X#$8($*l<.'*7(H7&*7(".'(&m*+X$.HD7(%'.7.)8.*.9"#T#<&*<.'*7(H7&*".HX.<*<.*
-('c#Dd(.;*0$.C&)*&*j.'H&;*U#Hc()C8&)*<&)<.*'&H*?&)C&H*8K9("&H*?#%b#)*H(<&*$."&'."8#<&H5+~5I**
VH8.*X$&".<(7(.)8&*"#$.".*<.*T#'&$*#'CD)&;*XD.H8&*ZD.*.)*.'*HD.'&*X&<b#)*?#%.$*.H8#<&*X$.H.)8.H*
'&H*7(".'(&H*<.*D)*H()L()*<.*.HX."(.H*<.*?&)C&H*<(L.$.)8.HI**V)*.'*"#H&*<.*'&H*#<D'8&H;*JH8&H*
.9X.$(7.)8#$&)*D)#*l%&$$#"?.$#*%#$#8#m*ZD.*XD<&*<.%.$H.*#*?&)C&H*XH('&"b%("&HI**]()*.7%#$C&;*
'&H*)(`&H*X$.H.)8#$&)*L(.%$.*6*"&)TD'H(&).H;*)D)"#*&%H.$T#<#H*.)*.'*"#H&*<.*'&H*?&)C&H*
XH('&"b%("&H;*ZD.*''.T#$&)*#*'#*7D.$8.*<.*D)&*<.*.''&H*+X&$*&8$&*'#<&;*D)&*<.*'&H*)(`&H;*l#*X.H#$*<.*
'#*X$.HD7(%'.7.)8.*<.H#C$#<#%'.*.9X.$(.)"(#*<.*D)*'#T#<&*<.*.H8K7#C&*}"&7(K*<.*)D.T&*D)*
?&)C&*"()"&*<b#H*7NH*8#$<.;*'&*ZD.*'.*X$&T&"K*D)#*HD#T.*$.()H8#D$#"(K)*<.*'&H*Hb)8&7#H*
"#$#"8.$bH8("&Hm~5I**G&H*#D8&$.H*XD<(.$&)*7(7.8(W#$*.H8.*Hb)<$&7.*"&)*'#*#<7()(H8$#"(K)*<.*
C$#)<.H*"#)8(<#<.H*+:M*7CxdC5*<.*XH('&"(%()#*7.<(#)8.*()6.""(K)*()8$#X.$(8&).#'*.)*<&H*
"#"?&$$&H;*.'*.ZD(T#'.)8.*#*"#H(*7.<(&*C$#7&*<.*XH('&"(%()#*.)*D)*)(`&*<.*=\*dC;*&*#'$.<.<&$*<.*<.*
7.<(&*d('&C$#7&*<.*#-"8%+)(5.*<."+'#*<&H(H*7N9(7#*.H8(7#<#*()C.$(<#*X&$*.'*)(`&*LD.*<.*D)&H*:M*
C$#7&H;*ZD.*?#%$b#)*"&)8.)(<&*"&7&*7N9(7&*,\*7C*<.*XH('&"(%()#xXH('&"()#;*H(*"&)H(<.$#7&H*'&H*
)(T.'.H*7NH*.'.T#<&H*<.*.H8#*HDH8#)"(#*<.8."8#<&H*.)*.H8#*.HX."(.A*3.DC*6*3(Cc&&<*:EF,A*
-"4#c'.6*+*"%/-":E/,5I**B*X.H#$*<.*'&H*<.L."8&H*ZD.*X$.H.)8#*.H8.*#$8b"D'&;*X#$.".*()<("#$;*H(*7NH*
)&;*ZD.*'&H*?&)C&H*XH('&"b%("&H*XD.<.)*X$&T&"#$*D)#*$.#""(K)*#)K7#'#*.)*'&H*)(`&H;*ZD.*"&)<DW"#*
#*D)#*?(X.$8.$7(#*6*"&)TD'H(&).H;*X&H(%'.7.)8.*<.*"&)H."D.)"(#H*L#8#'.HA*#D)ZD.*'#*XH('&"(%()#*.H*
.98$#&$<()#$(#7.)8.*()&"D#*.)*'&H*#<D'8&H*6*'&H*#)(7#'.H*<.*.9X.$(7.)8#"(K)I**].#*"&7&*LD.$.;*'#H*
<$&C#H*.)8.&CJ)("#H*"&7&*'#*XH('&"()#*)&*<.%.$b#)*#<7()(H8$#$H.*#*'&H*)(`&H*%#g&*)()CD)#*
"($"D)H8#)"(#I**V)*D)*"#H&*<.*.)T.).)#7(.)8&*X&$*B)G+/%,1<%"k#%,%+)/3.l"(5%,+.(+,.*X$&<D"(<&*
.)*VD$&X#;*D)#*<.*'#H*Tb"8(7#H;*D)*)(`&;*HDL$(K*"&)TD'H(&).H*ZD.*)&*''.C#$&)*#*H.$*7&$8#'.H*+2.(7*
+*"%/-":E//5;*'&*ZD.*?#".*T.$&Hb7('*'#*?(XK8.H(H*<.*'#*XH('&"(%()#xXH('&"()#*"&7&*#C.)8.*"#DH#'*<.*'#*
7D.$8.*&"D$$(<#*.)*0$.CK)I*
*
:F!! !].*.H8(7#*ZD.*.'*X$&7.<(&*<.*7D.$8.H*X&$*.)T.).)#7(.)8&*#""(<.)8#'*<.%(<#H*#*'#H*
.HX."(.H*<.*;'%,<*%"ZD.*"&)8(.).)*#7#8&9()#*.H*<.'*M\a*6*.'*8$#8#7(.)8&*.H*C.).$#'7.)8.*<.*
#X&6&*6*H()8&7N8("&I**B*T.".H*H.*$.#'(W#*D)#*?.7&<(N'(H(H*X#$#*()8.)8#$*.'(7()#$*X&$*L('8$#"(K)*'#H*
8&9()#H*X.X8b<("#H*"b"'("#H*<.*'#*H#)C$.I**R."(.)8.7.)8.;*7J<("&H*.D$&X.&H*?#)*8.)(<&*J9(8&*.)*.'*
8$#8#7(.)8&*<.'*.)T.).)#7(.)8&*<.*#7#8&9()#*D8('(W#)<&*"&7XD.H8&H*l#)8(!?.X#8&8K9("&Hm*
X$.H.)8.H*.)*.'*"#$<&*E</583'"'%*<%,3'-""n)*.98$#"8&*"$D<&*<.*L'#T&'(C)#)&H*X$.H.)8.H*.)*'#H*
H.7(''#H*<.*E-"'%/<%,3'!*''#7#<&*.</5'%&<,%"+<.*)&7%$.*"&7.$"(#'*K+?%/),:"H.*?#*7&H8$#<&*S8('*
.)*'&H*"#H&H*<.*.)T.).)#7(.)8&*X&$*#7#8&9()#I**V)*D)*.H8D<(&*$."(.)8.*H&%$.*.'*8$#8#7(.)8&*"&)*
D)&*<.*'&H*L'#T&'(C)#)&H;*'#*.</58<,%!"''.T#<&*#*"#%&*.)*/\*X#"(.)8.H*.)T.).)#<&H*X&$*.HX."(.H*<.*
;'%,<*%"ZD.*"&)8.)b#)*#7#8&9()#H;*)&*H.*X$&<Dg&*)()CD)#*7D.$8.*+TJ#H.*@.$*-#$<.$&H(#)*6*
G(%.$8(*:EFF*6*P&H8.$*:EE:*X#$#*D)*$.HD7.)*<.*.H8.*8$#%#g&5I*
=M:*
*
&C8$9;!U!
7;#>;0!JC'!&;#5%'#'#!%0;S8M;=!
*
*
hA'T^,6-,T!l2,!6@3+-,3,3!F6-4@!-X@+c3-6@!
*
;'%,<*%"()*$3&,%*%*
3.D8'.$*6*@.$*-#$<.$&H(#)*:EF:*"&7&*;-"G%,*$+&<,%"T#$I*7D'8(HZD#7&H#yA*
4?('8&)*6*088*:E_/A*
;- ?+''%*%* *
3.).<("8*+*"%/-":E//A*3.D8'.$*6*@.$*-#$<.$&H(#)*:EF:A*4?('8&)*6*088*:E_/*+'5A*
;-"'3.(%&<%* *
3&c<.)*.8*#'I*:E/MA*VDCH8.$*+*"%/-*:E/MA*VDCH8.$*:E/_A*1#d.7&8&*+*"%/-":E/>"*
;-"'3.(%&<%"7%&-"%/8%*3.).<("8*+*"%/-":E//A*
;- '3.(%&<%"7%&-"0)&').%"
3.).<("8*.8*#'I*:E//A*3"D8'.$*6*@.$*-#$<.$&H(#)*:EF:A*4?('8&)*6*088*:E_/A*
;-"G%,*$+&<,%* *
3.).<("8*+*"%/-":E//A*3.D8'.$*6*@.$*-#$<.$&H(#)*:EF:A*4?('8&)*6*088*:E_/A*
1#d.7&8&*+*"%/-":E/>"A*i#7#D$#*6*4?#)C*:EFFA*
;-".*&)8</<0)&,<.* *
1#d.7&8&*+*"%/-":E/>#*+,5A*
*
%L!A!'T^,6-,T!l2,!6@3+-,3,3!F6-4@!+*-6@Lm.-6@!
*
*
#/+3&)*3.").*&+%*3.* *
088;*<#8&H*<.*'#%&$#8&$(&*)&*XD%'("#<&H*+=5A*
C&<($)/)'%"'3.(%$3'*
1#d.7&8&*:E/:A*1#d.7&8&*6*O#d#g(7#*:E/>*+>5A*
C5<($)/)')G.<."&3*</%,.*
i#7#8&<#)(*6*i#7#7&8&*:E/EA*
=M,
!
!"#$%&
!
"#!$%&'%(!()!*+%,-!.(!/(&(.012!0&3-+45!.()!67))78*-!.(!09-:78-)(9!95)-!(&!(9,(10(9!
;0&2(+4(.079<!(&2+(!!"#$%&#'(#$&)*+%$#','!-'.*""#&#'=!&-!(&!(9,(1>4(&(9!,%+-9!.(!!-'
.*""#&#'?/(&(.012!*&'#/-'"@AABC!.-9!*+%,-9!.(2(127+-&!4D9!27+.(!D10.-!0E-2F&01-!=!
4%9104-)!(&!(G(4,)7+(9!.(!!-'.*""#&#',+-1(.(&2(9!.()!(927.-!.(!H7960&*2-&!?I60)2-&!
=!J22!"@KAB!=!4%9104-)!(&!4%(92+79!,+-1(.(&2(9!.(!L(&&9=)M7&07!?/(%2)(+!=!N(+!
O7+.(+-907&!"@P"B#!!Q&!%&!0&3-+4(!3+7&1F9!9(!1027!%&!RA!(&M(&(&740(&2-<!,90152+-,-!
17%97.-!,-+!(927!(9,(10(C!'%(!3%(!0&*(+0.7!G%&2-!1-&!-2+-!6-&*-C!)-!'%(!4-20M5!)7!
+(7)087105&!.(!%&!7%2-(:,(+04(&2-!'%(!1-&.%G-!7!)7!40947!(:,(+0(&107!'%(!(&!)7!
0&2-:01710-&!7110.(&27)!0&0107)!?I-+&%F!"@A"B#!
!
S#!$%&'%(!()!D10.-!0E-2F&01-!9(!709)5!0&0107)4(&2(!.(!)7!(9,(10(!G7,-&(97!$47&027!
0&+12%/%31+"%0'?T7U(4-2-'*&'#/-'"@AR7BC!,-92(+0-+4(&2(!.-9!*+%,-9!.(!0&M(920*7.-+(9!&-!
,%.0(+-&!.(2(127+!(92(!1-4,%(92-!(&!%&-9!(G(4,)7+(9!,+-1(.(&2(9!.(!T(&&(99((!.(!(927!
(9,(10(!1-94-,-)027!?/(&(.0(2!*&'#/-'"@AABC!&0!(&!472(+07)!,+-1(.(&2(!.(!V%087!=!I7)03-+&07!
?I60)2-&!=!J22!"@KAB#!
&
'(&Q&!)-9!W)204-9!7X-9!9(!67!(:2(&.0.-!()!1%)20M-!.(!(92(!97E+-9-!6-&*-!1-94-,-)027C!.(!
3-+47!'%(!()!;6-&*-!-92+7<!9(!67!1-&M(+20.-!(&!%&!7+2>1%)-!1-++0(&2(!(&!)-9!
9%,(+4(+17.-9!4(:017&-9!=!(927.-%&0.(&9(9!?V274(29!=!I60)2-&!"@PYB#!!O(.07&2(!
1+-472-*+73>79!.(!17,7!30&7!=!%&!,72+5&!.(!D10.-!2+01-)5401-!'%(!4(!,+-,-+10-&5!
747E)(4(&2(!T#!T7U(4-2-!.(!Z7,5&C!,%.(!.(2(+40&7+!'%(!()!D10.-!2+01-)5401-!(9!%&!
1-&9202%=(&2(!.(!)79!M7+0(.7.(9!&-+2(74(+017&79!.(!4/*5+1&50'10&+*#&50'?J22C!.72-9!.(!
)7E-+72-+0-!&-!,%E)017.-9C!J12%E+(!.(!"@PRB#!!N(!6(16-C!(92(!,-2(&107.-+!.()!97E-+C!
7&D)-*-!.(!*)%27472-!4-&-95.01-!?[OVB!,-90E)(4(&2(!1-&2+0E%=7!9%927&107)4(&2(!7)!
47+7M0))-9-!7+-47!.(!(92(!6-&*-C!1-&90.(+7.-!,-+!7)*%&-9!%&-!.(!)-9!4(G-+(9!6-&*-9!
1-4(920E)(9#!!$%&'%(!,7+(1(!'%(!()!D10.-!2+01-)5401-!&-!,+-M-17!(3(12-9!25:01-9!7*%.-9!
(&!)79!,(+9-&79C!)7!37+471-)-*>7!6%47&7!.(!(92(!.060.+-!.(+0M7.-!.()!D10.-!0E-2F&01-!(9!
2-27)4(&2(!.(91-&-10.7#!!Q)!D10.-!2+01-)5401-!(9!90&!.%.7!7)*%&7!%&!0&9(12010.7C!=!9(!97E(!
'%(!4-'60&+*#&50'?'G%&2-!1-&!-2+-9!40(4E+-9!.()!*F&(+-!4/*5+1&50B!(9!%&!6-&*-!17+&>M-+-#!!
\79!60379!.()!6-&*-!9(1+(27&!%&7!&(%+-2-:0&7!'%(!0&4-E0)087!7!)-9!&(4D2-.-9!.()!9%()-C!
,(&(2+7&.-!)%(*-!(&!()!1%(+,-!.()!7&047)!,7+7!.0*(+0+)-!?O-+&!=!/7++-&!"@PRB#!!O09!
0&M(920*710-&(9!0&.017+>7&!'%(!()!D10.-!2+01-)5401-!1-&!9%9!,+-,0(.7.(9!0&9(12010.79!,-.+>7!
9(+!)7!&(%+-2-:0&7!'%(!73(127!7!)-9!&(4D2-.-9#!!O(+(1(!)7!,(&7!9(X7)7+!'%(!4/*5+1&50'
10&+*#&50'(9C!7)!0*%7)!'%(!7+%8)1/1"#'"508#+%5"!?MF79(!)7!90*%0(&2(!&-27B!%&!6-&*-!
;47274-9179<#!!O0(&2+79!7&7)087E7!)-9!(:2+712-9!.()!;6-&*-!-92+7<!3+(&2(!7!,72+-&(9!.(!
D10.-!2+01-)5401-!(&!40!)7E-+72-+0-!(&!()!(927.-!.(!H7960&*2-&!(&!-12%E+(!.(!"@PRC!
-E9(+MF!'%(!27&2-!)-9!(:2+712-9!.()!6-&*-!1-4-!()!,72+5&!72+7>7&!=!4727E7&!7!)79!4-9179#!!
N(9,%F9!.(!,(+47&(1(+!7E0(+2-!.%+7&2(!SR!6-+79!(&!40!)7E-+72-+0-!?1-&!%&7!,%(+27!
7E0(+27!7)!(:2(+0-+BC!1-&2F!&-!4(&-9!.(!&%(M(!4-9179!4%(+279!(&!()!(:2+712-!.(!4/*5+1&509'
(&!()!'%(!.(2(+40&F!)7!,+(9(&107!.(!D10.-!
Y]Y!
!
2+01-)5401-C!79>!1-+&-!%&7!4-917!(92+%G7.7!(&!)7!,('%(X7!7E(+2%+7!.()!M07)!1-&!27,5&!.(!
+-917!(&!()!'%(!*%7+.7E7!%&7!,('%(X7!17&20.7.!.(!)7!9-)%105&!.()!D10.-!2+01-)5401-C!
.-&.(!(&1-&2+5!)7!4%(+2(^!!$!,(97+!.(!'%(!)-9!6-&*-9!'%(!1-&20(&(&!D10.-!2+01-)5401-!
9-&!7,+(107.-9!=!9(!1-&9%4(&!.(!3-+47!*(&(+7)087.7C!(:092(&!,+%(E79!.(!'%(!4/*5+1&50'
10&+*#&50',%(.(!9(+!25:01-!90!9(!1-4(!3+(91-!(&!*+7&.(9!17&20.7.(9#!!N0M(+979!+(7110-&(9!
25:0179!.(+M07.79!.()!1-&9%4-!.(!(G(4,)7+(9!0+7'%>(9!.(!4/*5+1&50'10&+*#&50'?)-9!
(9,(1>4(&(9!.(!1-&2+-)!3%(+-&!1)7903017.-9!,-+!()!4015)-*-!N#_#!L(*)(+!(&!)-9!`-=7)!
/-27&01![7+.(&9!.(!V%++(=C!a&*)72(++7BC!4-20M7+-&!)7!+(7)087105&!.(!(92%.0-9!
37+471-)5*01-9!(&!+72-&(9!.(!%&!(:2+712-!71%-9-!-E2(&0.-!7!2(4,(+72%+7!74E0(&2(#!!
N-909!-+7)(9!(!0&2+7,(+02-&(7)(9!()(M7.79!.()!(:2+712-!17%97+-&!*+7M(!6(,72-2-:010.7.!=!
6(4-++7*079!0&2(920&7)(9C!6(,D20179C!,%)4-&7+(9!=!+(&7)(9!'%(!+(9%)27+-&!4-+27)(9!?$)b
N((&!*&'#/-'"@PKB#!!\7!.-909!)(27)!4(.07!(&!)-9!+72-&(9!9(+>7!('%0M7)(&2(!7!SCP!U*!.(!6-&*-9!
3+(91-9!,7+7!%&!9(+!6%47&-!.(!Kc!U*#!!\-9!7%2-+(9!.(!(92(!(92%.0-!9%*0+0(+-&!)7!,-90E0)0.7.!
.(!'%(!)7!,)(%+-2-)090&7!?/(+&6(04(+!=!$M0*7.!"@K@BC!%&7!,+-2(>&7!25:017C!,-.+>7!67E(+!
90.-!)7!+(9,-&97E)(C!,(+-!(:092(!)7!,-90E0)0.7.!.(!'%(!()!D10.-!2+01-)5401-!G%(*%(!%&!,7,()!
(&!)7!2-:010.7.!.(!(927!(9,(10(!=!.(!'%(!17&20.7.(9!4D9!,('%(X79!.(!)-9!6-&*-9!3+(91-9!
,+(9(&2(&!10(+27!2-:010.7.#!
!
)(& I-&-10.-!1-&!()!&-4E+(!.(!)#*&1+%:0)%"*;%9'7+%8)1/1"#'"508#+%5"'20(&(!%&7!)7+*7!
6092-+07!1-4-!0&9(12010.7!.-4F9201-!(&!Z7,5&!?a478(U0!"@KYd!T7U(4-2-!"@A"B#!!O(.07&2(!
%&!(&97=-!.(!)(27)0.7.!,7+7!)79!4-9179C!()!*+%,-!.(!T7U(4-2-!1-&90*%05!709)7+!()!D10.-!
2+01-)5401-!7!,7+20+!.()!6-&*-!?T7U(4-2-!"@A"B#!!e&7!,+%(E7!9040)7+!3%(!%20)087.7!2+(9!7X-9!
4D9!27+.(!,7+7!709)7+!()!D10.-!0E-2F&01-!7!,7+20+!.(!!"#$%&#'0&+12%/%31+"%0'?T7U(4-2-'*&'#/-'
"@AR7B#!!Q)!*+%,-!E+02D&01-!.(!f#!/-g.(&!%20)085!%&7!,+%(E7!E797.7!(&!()!72%+.040(&2-!.(!
)79!4-9179C!'%(!)(9!,(+40205!709)7+!()!D10.-!0E-2F&01-!.(!!"#$%&#'"508#+%#'1790!7)!4094-!
20(4,-!?/-g.(&!=!N+=9.7)(!"@A]d!/-g.(&!*&'#/-!"@A]B#!!Q927!(9,(10(!1-&-10.7!(&!3+7&1F9!
1-4-!!"#$%&*'&5*:"158)*'?;$47&027!47274-9179<B!-!</%*.*$08)=#""'?;$*D+01-!.(!)79!
4-9179<B!(&!7)(4D&C!67!2(&0.-!.(9.(!671(!4%16-!20(4,-!)7!+(,%27105&!.(!47274-9179!(&!
Q%+-,7#!!\7!,+04(+7!+(3(+(&107!7!9%!%9-!0&9(12010.7!7,7+(1(!(&!()!90*)-!haaa!(&!)7!-E+7!>*'
?*.*&#2%/%250'.(!$)E(+2%9!O7*&%9C!,(+-!(927!3747!9(!M0-!1-&9-)0.7.7!1%7&.-!\0&&(-!902%5!
(927!,+D12017!(&!V%(107!(&!9%!</1+#'@A*8%8#-''V0&!(4E7+*-C!&-!(:092(&!,+%(E79!1-&1)%=(&2(9!
.(!'%(!(92(!6-&*-!9(!%97+7!2+7.010-&7)4(&2(!(&!Q%+-,7!1-4-!47274-9179C!&0!.(!'%(!
6%E0(+7!.(47907.7!,+(-1%,7105&!,-+!)-9!0&9(12-9!(&!*(&(+7)C!&0!.(47&.7!.(!0&9(12010.79!
(&!Q%+-,7!67927!F,-179!+(10(&2(9#!!i#L#!=!`#[#!H799-&!67&!730+47.-!'%(!)7!,7)7E7+7!
;4-917<!79-107.7!7!)7!!"#$%&#'&-!2%M-!&7.7!'%(!M(+!1-&!9%!%9-!1-4-!0&9(12010.7!90&-!'%(!
3)=!j;4-917<!-!;M%()-<!(&!0&*)F9C!_#!.(#!!T#k!9(!+(3(+>7!7)!;M%()-<!.(9(&17.(&7.-!,-+!)7!
,-9(905&!.(4-&>717C!%&!+(3)(G-!)0&*l>9201-!.()!,-2(&107)!(4E+07*7&2(!.(!!-'"508#+%#'79>!
1-4-!9%!,797.-!1674D&01-!=!+()0*0-9-!30)2+7.-!72+7MF9!.()!-,71-!1+0927)!.(!)7!0&2-)(+7&107!
+()0*0-97!4(.0(M7)!?H799-&!=!H799-&!"@]K7B#!!Q9!0&2(+(97&2(!9(X7)7+!'%(C!7)!0*%7)!'%(!
7+%8)1/1"#'"508#+%5"9'!-'"508#+%#'(9!%&!7)04(&2-!4%=!7,+(107.-!(&!Z7,5&#!!I(+17!.(!
e(.7C!(&!)7!,+(3(12%+7!.(!_7*7&-C!9(!+(1-)(127&!*+7&.(9!17&20.7.(9!.(!!-'"508#+%#''%(!9(!
(4E(E(&!(&!97)4%(+7!.%+7&2(!"S!-!"Y!9(47&79C!,7+7!9(+!30&7)4(&2(!(&G%7*7.-9!7&2(9!.(!
9%!1-&9%4-!?a478(U0!"@KYB#!!V(!67!.(91+02-!%&!%9-!1%)0&7+0-!
Y]R!
!
,7+7)()-!.(!!-'(#$&)*+%$#'*$'()!(927.-!.(!H7960&*2-&!(&!)-9!QQeeC!.-&.(!7)*%&-9!
%9%7+0-9!60(+M(&!)-9!6-&*-9!=!20+7&!()!7*%7!7&2(9!.(!(&M797+)-9#!!$%&'%(!)-9!1-&9%40.-+(9!
.(!!-'"508#+%#'(&!Z7,5&!97E(&!'%(!()!6-&*-!3+(91-!;(9!7)*-!(4E+07*7&2(<!?a478(U0!"@KYBC!
7)!4(&-9!7)*%&-9!.(!)-9!%9%7+0-9!.(!!"#$%&#'(#$&)*+%$#'1-4-!7)04(&2-C!.()!(927.-!.(!
H7960&*2-&C!.(1-&-1(&!)7!2-:010.7.!.(!)-9!(G(4,)7+(9!3+(91-9!?I60)2-&!"@K@d!J22!"@K@EB#!
!
*!Q&!(92(!I%7.+-!9(!(&%4(+7&!)79!(9,(10(9!'%(!97E(4-9!'%(!1-&20(&(&!740&79!.()!
09-:78-)!0&%9%7)(9#!!\-9!6-&*-9!.(!)7!,+04(+7!9(1105&!9-&!2-.-9!.(10.0.74(&2(!(&2(5*(&-9!
?MF79(!I-=-2(!O7&!=!/+-26(+!H0))074!"@KSd!m(+01*)7!"@P]d!m(+0(*)7!"@@Sd!m(920!=!/07&160!
"@@Sd!n(0&+016!"@@Sd!n7++09!"@Pcd!\(-&67+.2!"@@Sd!J22!"@KA7d!L-))-1U!"@K]EB!=!1-&20(&(&!
1-4-!,+0&10,0-9!7120M-9!()!740&-!D10.-!0E-2F&01-!?'%(!.(E(!9%!&-4E+(!7!)7!,7)7E+7!%21:
&*$.5:&#B*9'()!&-4E+(!G7,-&F9!.(!!"#$%&#'0&+12%/%31+"%09'.(!)7!'%(!3%(!709)7.-!,-+!
,+04(+7!M(8!=!'%(!+()710-&7!()!6-&*-!7!)-9!40201-9!7*$.59'.%(&.(9!(4E%92(+-9!.(!3DE%)7C!
.(!)-9!'%(!9(!.(1>7!'%(!;9(!(4E-++7167E7&!1-40(&.-!)-9!6-&*-9<d!MF79(!I7,02%)-!AC!_-27!
]!=!a478(U0!"@KYB!=!9%!,+-.%12-!.(!.(917+E-:0)7105&C!()!4%9104-)!?I60)2-&!"@K]d!f(-E7).!
*&'#/-'"@APd!H799(+!"@AKB#!!\7!4%9178-&7C!%&!,+-.%12-!.(!)7!2+7&9,-90105&!.()!D10.-!
0E-2F&01-C!3%(!709)7.7!,-+!,+04(+7!M(8!.(!!-'"508#+%#'9%087!?Q%*92(+!*/'#/-'"@A]B!=!.(9.(!
(&2-&1(9!67!90.-!709)7.7!.(!)7!!-'(#$&)*+%$#'74(+017&7!?J22C!.72-9!.(!)7E-+72-+0-!&-!
,%E)017.-9B#!!Q92(!1-4,%(92-!,-.+>7!9(+!%&!7+2(3712-!-+0*0&7.-!,-+!)-9!,+-1(.040(&2-9!.(!
(:2+71105&!=!9%!,901-7120M0.7.!(9!.%.-97!?J22C!.72-9!.(!)7E-+72-+0-!&-!,%E)017.-9B#!!
$&20*%74(&2(!9(!1-&-1>7!7)!4%9104-)!1-&!()!&-4E+(!.(!#.#+%$#'1'(#$&*+%$#9'=!)7!7&20*%7!
4%/C#&+1(%$'-E2(&0.7!,-+!V1640(.(E(+*!671(!4D9!.(!%&!90*)-!?T=)(+!"@]P7B!(9!,-90E)(!'%(!
3%(+7!()!4%9104-)!-!()!D10.-!0E-2F&01-#!!Q&!)7!9(*%&.7!9(1105&!.()!I%7.+-!9(!(&%4(+7&!)-9!
6-&*-9!'%(!1-&20(&(&!()!D10.-!.060.+-0E-2F&01-!-!2+01-)5401-#!!$09)7.-!,-+!,+04(+7!M(8!
1-4-!,+0&10,0-!0&9(12010.7!.(!7+%8)1/1"#'"508#+%5"'?1-&-10.7!(&!G7,5&!1-4-!)#*&1+%:
0)%"*;%'1!;6-&*-!47274-9179<BC!(92(!1-4,%(92-!17+(1(!1)7+74(&2(!.(!2-:010.7.!7*%.7!(&!
6%47&-9C!,%(92-!'%(!()!)#*&1+%:0)%"*;%'(92D!1-&90.(+7.-!1-4(920E)(!(&!Z7,5&!=!(9!%&!
47&G7+!7,+(107.-!?a478(U0!"@KYd!T7U(4-2-!"@A"B#!!T7&2-!()!D10.-!0E-2F&01-!1-4-!()!
2+01-)5401-!9-&!,-.(+-9-9!,-2(&107.-+(9!.()!97E-+!=!7&D)-*-9!.()!*)%27472-!4-&-95.01-!
?[OVBC!1-&-10.-!,-2(&107.-+!.()!97E-+C!709)7.-!,-+!,+04(+7!M(8!.(!D#"%$#&#';#(1$%8#'
?aU(.7!"@cPBC!%&!7)*7!G7,-&(97!%97.7!1-4-!1-&.04(&2-!?/7+0&7*7!"@@c7d!)U(.7!"@cPd!o07!=!
$EE-22!"@PKB#!!$)!0*%7)!'%(!()!D10.-!0E-2F&01-C!()!D10.-!2+01-)5401-!712%7!(&!)79!90&7,909!.()!
D10.-!*)%2D401-!(&!)-9!1(+(E+-9!.(!)-9!7&047)(9!.(!(:,(+04(&27105&!?V60&-87U0!=!f-&0960!
"@KcB!,%.0(&.-!9(+!'%(!,+(9(&2(!,901-7120M0.7.!9040)7+!7!)7!.()!D10.-!0E-2F&01-#!!I-4-!9(!
(9E-85!(&!()!I7,02%)-!AC!_-27!AC!()!D10.-!2+01-)5401-!,-.+>7!9(+!)7!(9(&107!5"#"%9'()!
;'%0&2-!97E-+<C!(92047.-!(&!Z7,5&!(!0.(&203017.-!(9,(107)4(&2(!1-&!()!0)+%&#B*9'D*$&%$50'
*E#E*09'%&!6-&*-!.(!)7!40947!3740)07!.(!7+%8)1/1"#'"508#%%5"'?7+%8)1/1"#&#8*#*BC!'%(!
9(*%+74(&2(!1-&20(&(!274E0F&!()!.()010-9-!D10.-!2+01-)5401-C!1-&!9%!7+-47!5"#"%-''Q&!9%!
)0E+-!,0-&(+-!F50)+11"09'G500%#'#$E'H%0&1+,9')-9!H799-&!0&3-+47+-&!.()!%9-!(&!V%(107!.(!
2+-8-9!.()!,0)(-!.(!!$%#$%&#!F508#+%#'1-4-!,-2(&107.-+(9!.()!97E-+!(&!,)720))-9!.(!6-&*-9!
90)M(92+(9!?H799-&!=!H799-&!"@]K7B#!
Y]]!
!

&
+,$-#$&.$-#/&
 $.0!12+/%3&42452"6-$78$&3&8!12+/&
$6-$1/+292/!#"%&

&

&

&

&

&

&

':;&

&

&

&

&

&

&

$Lp_NaIQ!$!
+"9.,/%#"%&<2%2"!$-2"%&12</-%"%&
&
&
=>&$%$-"!$%&?&$+"-,%&+$5$9,%&
!
 \79!797+-&79C!)-9!0954(+-9!&+#$0','8%0'.()!SCRC]b2+04(2-:0b"b,+-,(&0)E(&1(&-!? !"!#$%!&
'& !"!#$%!&#(")(*+,-!.(%+(/&"$%&0$"&)#,%*,),$"&!*+,-$"&-$01+,0("&)#("(%+("&(%&(0&#,2$.!&
3(0&*10!.$&!#$.1+,*$&!81+50'8#/#"509'4%!&)0!%+!&*$".$)$0,+!&54(&6!7,+!&(%&0!"&.!#,".!"&
'&54(&6!&",3$&4"!3!&3(&8$#.!&+#!3,*,$%!0&(%&.(3,*,%!9&+!%+$&(%&(0&:,(;$&*$.$&(%&(0&<4(-$&
=4%3$>&&:!#,$"&?#4)$"&,%3@?(%!"&3(&<$#+(!.A#,*!&6!%&4+,0,2!3$&(0&#,2$.!&3(&("+!&)0!%+!&
*$.$&+B%,*$&'&("+,.40!%+(&C=$#?!%&DEFGH&=$+0('&DEEI/9&54(&@A&0!&.(3,*,%!&+#!3,*,$%!0&
!'4#-A3,*!&"(&6!7@!&4"!3$&'!&*$.$&"(3!%+(&'&)!#!&+#!+!#&0!"&!8(**,$%("&%(4#$0B?,*!"&7!;$&
0$"&%$.7#("&3(&2#8)','5.+#.#$E)#'C:$6$#!'*&'#/-'DEEG/>&&J!.7,A%&0$"&K,%4&3(&L!)B%&0!&
6!7@!%&4+,0,2!3$&*$.$&!%+,6(0.@%+,*$&C=,+"46!"6,&DEMN/>&&O%&<()!09&0$"&)#()!#!3$"&!&7!"(&
3(&!-'8#/#"50'"(&4+,0,2!%&*$.$&+B%,*$"&%(#-,$"$"&CP,%?6&*&'#/-'DEME/9&*$%+#!&0!"&,%8(**,$%("&
74*!0("&CQ6!++!#!,&DEEI/&'&*$%+#!&0!&+$"&CL$"6,&'&O3,%?+$%&DEEG/>&&R$"&KS6!&3(&J!,0!%3,!&
4+,0,2!%&4%!&)0!%+!&#(0!*,$%!3!9&"(&*#((&54(&!-'.+#"%$*509'*4'$&#,2$.!&.!"*!%&)!#!&
*$.7!+,#&(0&3$0$#&3(&("+B.!?$&CK%3(#"$%&DEFN!/9&3(&8$#.!&!%10$?!&!0&+A&54(&0$"&Q$%+$*&
3(&T,0,),%!"&)#()!#!%&*$%&(0&+!00$&3(&!-'8#/#"50'CQ$3%(#&'&U(#(!4&DEFF/>&&R$"&,"B.(#$"&3(&
0!&!"!#$%!9&!0&,?4!0&54(&0!&.("*!0,%!9&"$%&3(#,-!3$"&3(0&+#,.(+$V,7(%*(%$9&3(&8$#.!&54(&0!&
!.,%!*,B%&3(&0!&!"!#$%!&*$%34*(&!&0!&$7+(%*,B%&3(0&*$.)4("+$&)",*B+#$)$&J=KWI&C-A!"(&
X!)@+40$&0/>&&R!"&!"!#$%!"&"(&6!00!%&)#("(%+("&+!.7,A%&(%&0!"&#!@*("&3(&!0#+5"'*5+1(#*5"'
'&3(&!-&#+%31/%5"9')0!%+!"&3(&0!"&54(&"(&!,"0!#$%&)$#&)#,.(#!&-(2&(%&DFEE9&'&(%&0!&*$#+(2!&3(&
I5#&&*+%#'.#5"*+%'CJ(%!WQ(+!%*$4#+&*&'#/-'DEFM/>&&Y,*6!#3&P)#4*(&$7"(#-B&(0&4"$&3(0&;4?$&
3(&0!&*$#+(2!&3(&-!#,!"&(")(*,("&3(&I5#&&*+%#'*$.$&Z)(?!.(%+$&$&*$0![&.(2*0!3$"&*$%&
-(%(%$&3(&3!#3$"&(%&P43!.A#,*!&CQ,""(+&DEEI!/>&&P(&6!&)#$)4("+$&+!.7,A%9&54(&4%&
*$.)4("+$&#(0!*,$%!3$9&(0&!%(+$09&)$3#@!&+(%(#&)#$),(3!3("&-,",$%!#,!"&CK07(#+&\40($&
DEFG/>&
R!&#!+!&!0.,2*0(#!&3(&<$#+(!.A#,*!9&6$E#&+#'C%2*&)%8#9'("&4%&*$%"4.,3$#&-$#!2&3(0&
]^E&
&
#,2$.!&3(0&*10!.$&!#$.1+,*$&3(&8$#.!&54(&-!#,$"&?#4)$"&,%3@?(%!"&6!%&!"$*,!3$&0!&)0!%+!&
*$%&("+(&!%,.!0>&&K"@&"(&*$%$*(&*$.$&Z#!@2&3(&0!&#!+!&!0.,2*0(#!9[&"10B=#0=#0B&(%&0(%?4!&
K7%!S,&K0?$%54,!%9&"50B=*'0'5=*0B'(%&0(%?4!&\(%$7"*$+9&=**B#0'(%&X#((&(+*>&&_4#!%+(&(0&
)(#,$3$&*$0$%,!09&0!&),(0&3(&("+(&!%,.!0&84(&4%&$7;(+$&3(&*$.(#*,$&3("+!*!3$&)!#!&0$"&
,%3,$"&'&+4-$&4%!&,.)$#+!%*,!&(*$%B.,*!&*$%",3(#!70(&)!#!&0!&`43"$%&Q!'&X$.)!%'&
C=$#?!%&DEFG/>&&O%&DFEI9&(%&+(##,+$#,$&3(&0$"&X#((9&Y>&P+#!+6&("*#,7,Ba&Z"(&)4(3(%&-(#&
?#!%3("&6!*("&3(&("+!&)0!%+!&*$0?!%3$&3(&*!3!&+,),>>>&X!3!&*!2!3$#&00(-!&4%&+#$*,+$&3(&0!&
#!@2&34#!%+(&"4"&"!0,3!"&3(&*!2!&)!#!&0!&`43"$%&Q!'&X$.)!%'&'&*4!%3$&"(&",(%+(%&
(V+(%4!3$"&)$#&(0&6!.7#(&$&0!&8!+,?!9&#("40+!&!"$.7#$"$&-(#&*$.$&4%&)(54(b$&+#$2$&
.!"*!3$&0(%+!.(%+(&0("&3(-4(0-(&"4"&0!%?4,3(*,(%+("&(%(#?@!"[&CP+#!+6&DEG]/>&&P(&6!%&
"(b!0!3$&.4*6$"&4"$"&.(3,*,%!0("&3(0&*10!.$&!#$.1+,*$&(%&<$#+(!.A#,*!&*$.$&#(.(3,$&
*$%+#!&(0&#("8#,!3$&'&0!"&!8(**,$%("&#("),#!+$#,!"&)$#&(;(.)0$&(%+#(&0$"&,%3,$"&=!#,+,.(&
CX6!%30(#&*&'#/-'DEMEH&=$(#.!%&DEFN/&'&0!&)0!%+!&,%"),#B&!&c!0+&c6,+.!%&"4"&]E&J#/#"50'
(1*"0'C=$#?!%&DEFG/>&&R$"&!#$.1+,*$"&#,2$.!"&"(&4+,0,2!#$%&+!.7,A%&*$.$&("+,.40!%+("&
)!#!&0$"&*!7!00$"&'&*$.$&!+#!'(%+("&)!#!&0$"&)(*(">&&P(&6!&*,+!3$&(0&*!"$&3(&4%&,%3,$&X#((&
54(&.!"*!7!&0!&#!@2&)!#!&(V)(#,.(%+!#&(8(*+$"&(%+($?A%,*$"&C=$(#.!%&DEFNH&P.,+6&
DEM]/9&)#1*+,*!&54(&)$3#@!&+(%(#&#(0!*,B%&*$%&0!"&(V)(#,(%*,!"&3(&3$"&)(#"$%!"&54(&
-,-,(#$%&(%+#(&0$"&X#((&(%&DENG&'&54(&0$"&(V)(#,.(%+!#$%&(%&*,%*$&$*!",$%("&*$%&?#!%3("&
3$","&3(&#,2$.!9&+#$2$"&3(&4%!"&DG&)40?!3!"9&!0#(3(3$#&3(&3,(2&-(*("&0!&3$","&4+,0,2!3!&
*$.$&("+,.40!%+(&)$#&0$"&X#((>&&_("*#,7,(#$%&(V)(#,(%*,!"&",.,0!#("&!&0!"&3(&0!&RP_9&54(&
!.7$"&6!7@!%&)#$7!3$&C`$88(#&'&d".$%3&DENM/>&&O0&4"$&3(0&#,2$.!&3(0&*10!.$&!#$.1+,*$&
*$.$&("+,.40!%+(&)$#&0$"&X#((&*$%+#!"+!&*$%&(0&4"$&+#!3,*,$%!0&3(&0!&)0!%+!&(%&0!&.(3,*,%!&
!'4#-A3,*!&'&+!,0!%3("!&*$.$&"(3!%+(&C\$%?04V&*&'#/-'DEFMH&:$6$#!&*&'#/-'DEEG/9&4%&4"$&
",.,0!#&!0&3(&0$"&)#()!#!3$"&)",*$8!#.!*A4+,*$"&+,7(+!%$"&CJ"!#$%?&DEED/>&&O%&O4#$)!9&)$#&
$+#!&)!#+(9&(0&*10!.$&!#$.1+,*$&"(&6!&3("*#,+$&*$.$&,%?#(3,(%+(&3(&+#("&#(*(+!"&3(0&
Z4%?e(%+$&)!#!&-$0!#[&3(&0!"&7#4;!"&C`!%"(%&DEMF/>&&_,$"*B#,3("&3("*#,7,B&(0&4"$&3(&!81+50'
8#/#"50'(%&4%&,%*,(%"$&.(3,*,%!0&00!.!3$&B5()%''&4%&)#()!#!3$&",.,0!#&"(&.(%*,$%!&(%&0$"&
!%+,?4$"&)!),#$"&(?,)*,$"&3(&O7(#"&C<(?7,&DEEI/>&&O0&!%+#$)B0$?$&!.(#,*!%$&Y>&f!)0!%&
,%8$#.B&"$7#(&(0&4"$&3(&4%!&)$*,B%&)4#?!%+(&54(&*$%+(%@!&#,2$.!&3(&!-'8#/#"50'54(&0(&
3,$&!&7(7(#&0!&*6!.1%&f((g!'3,%$54!'&3(&0!&+#,74&3(&0$"&K6%,"6,%!47(?&Cd;,7g!'/&!%+("&
3(&,%?(#,#&"%0B=*E1'K!"#$%&#'"508#+%#L'-A!"(&X!)@+40$&N/&Cc!""$%&*&'#/-'DEFG!/>&
&&&R!&7h"54(3!&3(&0$"&)#,%*,),$"&"(3!%+("&3(0&#,2$.!&3(0&*10!.$&!#$.1+,*$&*$%34;$&!0&
!,"0!.,(%+$&3(&0!"& &'& &!"!#$%!"&CQ!V+(#&*&'#/-'DENGH&f(00(#&'&P+!60&DEFI/9&3(.$"+#1%3$"(&
"4"&)#$),(3!3("&"(3!%+("9&",.,0!#("&!&0!"&3(&0!&#("(#),%!&'&0!&*0$#)#$.!2,%!&CP6!#.!&*&'#/-'
DEND/&;4%+$&*$%&"4&!*+,-,3!3&!%+,*$%-40",-!&CX6!46!%&*&'#/-'DEFF/>&&Y(*,(%+(.(%+(&"(&6!%&
*$.)#$7!3$&0!&)#("(%*,!&3(&)#$),(3!3("&",.,0!#("&!&0!"&3(&0!&C !"!#$%!&(%&4%&(V+#!*+$&
(+!%B0,*$&3(&#,2$.!"&!",1+,*!"&3(&!-'8#/#"50')(#$&;4%+$&*$%&3,8(#(%*,!"&",?%,8,*!+,-!"9&0$&
54(&)!#(*(&,%3,*!#&0!&)#("(%*,!&3(&$+#$"&*$.)4("+$"&!*+,-$"&C:$6$#!&*&'#/-'DEEG/>&&K&)("!#&
3(&0$"&(8(*+$"&"(3!%+("&*$%$*,3$"&3(&0!"&!"!#$%!"&'9&(%&)!#+(9&3(7,3$&!&0!&8!0+!&3(&$+#$"&
)#,%*,),$"&!*+,-$"&*$%$*,3$"&(%&0!&)0!%+!9&0!&C &'& &!"!#$%!"&6!%&",3$&)#$)4("+$"&*$.$&0$"&
)$",70("&)#,%*,),$"&(%+($?A%,*$"&3(&0$"&#,2$.!"&3(&!81+50'8#/#"50'4+,0,2!3$"&)$#&0$"&X#((&
CP*640+("&'&T!#%"g$#+6&DEFGH&P*640+("&'&`$8.!%%&DEFG/>&
]NG&
&
R!& !"!#$%!"&("&4%&*$%$*,3$&*!#*,%B?(%$9&("+!%3$&)#$6,7,3$&"4&4"$&*$.$&!3,+,-$&
!0,.(%+!#@$&(%&0$"&O"+!3$"&i%,3$"9&!4%54(&0!&3#$?!&("+4-$&*0!",8,*!3!&*$.$&("+,.40!%+(&
(%&0!&M-@-'4)#+"#81(1*%#'3("3(&DFIG&6!"+!&DEDN&'&(%&(0&N#&%1$#/'<1+"5/#+,&3("3(&DE]N&
6!"+!&DE^G&Cf,%3"*6(#&DEEI/>&&O"+43,$"&#(*,(%+("&)0!%+(!%&"(#,!"&343!"&"$7#(&0!&*$##(*+!&
,3(%+,8,*!*,B%&3(&0!"&!"!#$%!"&*$.$&)#,%*,),$"&!*+,-$"&3(&0!"&-!#,(3!3("&%$#+(!.(#,*!%!"&
3(0&*10!.$&!#$.1+,*$>&&R!"&!"!#$%!"&)!#(*(%&"(#&*$%"+,+4'(%+("&,.)$#+!%+("&"B0$&3(&0!"&
-!#,(3!3("&!",1+,*!"&3(&*10!.$&!#$.1+,*$9&.,(%+#!"&54(&0!"&-!#,(3!3("&%$#+(!.(#,*!%!"&
4+,0,2!3!"&*$.$&("+,.40!%+("&'&*,+!3!"&*$.$&(%+($?A%,*!"&%$&*$%+,(%(%&!"!#$%!"&CT$"+(#&'&
_4S(&DEEGH&f(00(#&'&P+!60&DEFIH&J'0(#&DEFM/>&&O"+$&(V)0,*!&)$#&54A&(0&*10!.$&!#$.1+,*$&3(&
0!&j%3,!9&#,*$&(%&!"!#$%!"9&"(&4+,0,2!&*$.$&"(3!%+(9&.,(%+#!"&54(&0!"&-!#,(3!3("&
%$#+(!.(#,*!%!"&3(&0!&)0!%+!&)$"((%&)#$),(3!3("&("+,.40!%+(">&&P(&6!&"4?(#,3$&54(&!-'
8#/#"50'("&4%!&)0!%+!&3(0&:,(;$&=4%3$&,%+#$34*,3!&(%&<$#+(!.A#,*!&34#!%+(&(0&)(#,$3$&
*$0$%,!09&'&54(&0!"&-!#,(3!3("&("+,.40!%+("&,%3@?(%!"&3(0&X!%!31&"$%&4%!&(")(*,(&3,"+,%+!&
3(%$.,%!3!&*$##(*+!.(%+(&!-'#"*+%8#$50'C\!*S(#&'&Y,%?,4"&DEFk/>&&O"+$&)$3#@!&(V)0,*!#&
0!"&3,8(#(%*,!"&8!#.!*$0B?,*!"&(%+#(&0!"&-!#,(3!3("&(4#$)(!&'&!.(#,*!%!&3(&0!&)0!%+!>&&
`!*(%&8!0+!&%4(-!"&,%-("+,?!*,$%("&54(&)(#.,+!%&3(+(#.,%!#&0!&,3(%+,3!3&3(0&)#,%*,),$&
("+,.40!%+(&3(0&!-'8#/#"50&%$#+(!.(#,*!%$>&&O0&h%,*$&+#!7!;$&(%&(0&54(&"(&"(b!0!%&0!"&
)#$),(3!3("&(%+($?A%,*!"&3(&0!"&3$","&(0(-!3!"&3(0&#,2$.!&!h%&%$&6!&",3$&*$##$7$#!3$&'&
0$"&)#,%*,),$"&(%+($?A%,*$"&3(&("+!&-!#,(3!39&",&("&54(&0$"&6!'9&+$3!-@!&%$&6!%&",3$&
!,"0!3$">&&_(0&!*(,+(&("(%*,!0&3(0&*10!.$&!#$.1+,*$&(4#$)($&"(&6!%&!,"0!3$&-!#,$"&
"("54,+(#)(%$"&3(&8!#.!*$0$?@!&3("*$%$*,3!&CY$6#&*&'#/-'DEME/>&
&
 22>&$#-".2!$3&B2"%+2$92!$3&/%+"."5$92!$>&&1/-2<$1"%&
:jPjd<KYjdP&_OR&JYd\K<d&
&
O0&?#4)$&.1"&(V+(%3,3$&'&.1"&!.)0,!.(%+(&4"!3$&3(&)0!%+!"&,%34*+$#!"&3(&-,",$%("&
)(#+(%(*(&!&0!&8!.,0,!&3(&0!"&P$0!%!*(!(9&*$%&.1"&3(&DN&?A%(#$"&3(&)0!%+!"&54(&)$"((%&
"47"+!%*,!"&)",*B+#$)!"&C`(,.!%%&DE^I/>&&\$#&0$&.(%$"&(%&$*6$&3(&("+$"&?A%(#$"&6!'&
(")(*,("&4"!3!"&3(&8$#.!&+#!3,*,$%!0&)$#&"4&*$%+(%,3$&(%&!0*!0$,3("&+#$)1%,*$"9&
)#,%*,)!0.(%+(&6,$"*,!.,%!9&("*$)$0!.,%!&C",%B%,.$&3(&6,$"*,%!/&'&!+#$),%!&CE/W6,$"W
*,!.,%!/a&D/&!&+1(#L'I/&O+5."#$0%#L']P>#&5+#L'k/&H,108,#"50L'^/'D#&5#L'N/'F#$E+#.1+#L&
QP' F*&),0&%81E*$E+1$L''&F/&@1/#$E+#-'K3(.1"9&(V,"+(%&+#("&?A%(#$"&3(&)0!%+!"&
"$0!%!*(!"&-,",$%!#,!"&*4'!&*$.)$",*,B%&54@.,*!&("&)$*$&*$%$*,3!a&D/&O+5$3*/0%#L'I/&
R18)+1"#L&,']/&4*&5$%#L'3(&0!"&*4!0("&R18)+1"#')#("(%+!&!0*!0$,3("&'&("&)$",70(&54(&(%&4%&
84+4#$&"(&*$.)#4(7(&54(&*$%+,(%(&!0*!0$,3("&+#$)1%,*$">&&O+5$3*/0%#')!#(*(&*$%+(%(#&$+#!&
*!+(?$#,!&3(&*$.)4("+$"&54@.,*$">&&R!&"$0!%1*(!&3(&*$.)$",*,B%&)$*$&*0!#!';5#$5//1#'
18)+#8*#')!#(*(&"(#&54(&"(&4+,0,2!&(%&0!&K.!2$%,!&*$.$&!3,+,-$&3(&0!"&)$*,$%("&3(&
#,#)5#08#'C-A!"(&X!)@+40$&kH&P*640+("&'&Y!88!48&DEEG/>&&R$"&?A%(#$"&N%81&%#$#','>521%0%#'
"(&+#!+!#1%&.1"&!3(0!%+(&(%&4%!&"(**,B%&!)!#+(>&&J$3$"&0$"&?A%(#$"&!##,7!&.(%*,$%!3$"&
+,(%(%&4%!&0!#?!&6,"+$#,!&*$.$&(.7#,!?!%+("9&3(&8$#.!&54(&+#!+!#(.$"&7#(-(.(%+(&0!&
(+%$7$+1%,*!&'&0!&54@.,*!&3(&*!3!&4%$&3(&(00$">&
]ND&
&
$CDEFGH& !&+1(#'2*//#E1$$#9'%$.7#(&3(0&54(&3(#,-!%&0$"&+A#.,%$"&!+#$),%!&'&!0*!0$,3("&
+#$)1%,*$"9&00!.!3!&+!.7,A%&Z+!7!*$&7!"+!#3$[9&84(&!.)0,!.(%(+(&4+,0,2!3!&(%&0!&O4#$)!&
.(3,(-!0&*$.$&,%?#(3,(%+(&3(&0$"&Z4%?e(%+$"&)!#!&-$0!#[&CX0!#S&DEIDH&_(&:#,("&DEE0!H&
`!%"(%&DEMFH&`!#%(#&DEM]*H&R(g,%&DEIkH&=(6#!&DEME/&'&84(&4"!3!&)$#&0!"&.4;(#("&
,+!0,!%!"&)!#!&3,0!+!#&"4"&)4),0!"9&#(!02!%3$&!"@&"4&7(00(2!>&&_(&!54@&(0&%$.2+*'2*//#E1$$#9'
Z.4;(#&7(00![&C`(,"(#&DEFM/>&&R$"&!%+,?4$"&?#,(?$"&*$%$*@!%&(0&)$+(%*,!0&(.7#,!?!%+(&3(&
("+!&)0!%+!9&'&)4(3(&54(&0!&!b!3,(#!%&!&"4"&-,%$"&3(&)$+(%*,!&0(?(%3!#,!&Cc!""$%&*&'#/-'
DEMFH&-A!"(&X!)@+40$&I9&<$+!&DM/>&&`$'&3@!&"(&4+,0,2!&(%&=!##4(*$"&*$.$&!8#$3,"@!*$&'&
*$.$&Z("+,.40!%+(&3(&0!&.(.$#,![&CQ(00!S63!#&*&'#/-&DEED/9&!4%54(&4%$&3(&"4"&!0*!0$,3("&
*$%"+,+4'(%+("&("&*$%$*,3$&)$#&3,8,*40+!#&(0&!)#(%3,2!;(&"(#,!0&64.!%$&CP,+!#!.&*&'#/-'
DEMF/>&&O%&(+%$.(3,*,%!&%()!0@9&!-'2*//#E1$$#'0*&4+,0,2!&*$.$&"(3!%+(&CP,%?6&*/'#/-'DEME/>&&
!-'2*//#E1$$#'*$%+,(%(&!0#(3(3$#&3(&4%&G9kl&3(&!0*!0$,3("&(%&"4"&6$;!"9&4%&G9^l&(%&0!"&
#!,*("&'&4%&G9Fl&(%&0!"&"(.,00!">&&O0&!0*!0$,3(&)#,%*,)!0&("&0!&6,$"*,!.,%!&)#("(%+(&;4%+$&*$%&
*!%+,3!3("&.(%$#("&3(&("*$)$0!.,%!&'&+#!2!"&3(&$+#$"&!0*!0$,3("&+#$)1%,*$"9&!"@&*$.$&3(&
%,*$+,%!&CO-!%"&DEMEH&P*640+("&'&`$8.!%%&DEFG/>&
&
4DIJKGALMGH&O0&?A%(#$&O+5."#$0%#'*$%+,(%(&.(3,!&3$*(%!&3(&(")(*,("&3(&1#7$0("&3(&
)(54(b$&+!.!b$9&54(&(%&(0&)!"!3$&84(#$%&*0!",8,*!3$"&*$.$&S>#&5+#0'!#7B#(!"[&CQ!#*0!'&
DE^EH&Q#,"+$0&DENN7H&Q#,"+$0&DENEH&R$*Sg$$3&DEM]!H&R$*Sg$$3&DEM]7H&R$*Sg$$3&DEME/>&&
J$3!"&0!"&(")(*,("&3(&("+(&?A%(#$&"$%&%!+,-!"&3(&P43!.A#,*!&'&"(&(%*4(%+#!%&(%&8$#.!&
*40+,-!3!&+!%&!0&%$#+(&*$.$&=AV,*$9&3$%3(&"(&0!"&*$%$*(&*$.$&Z80$#,)$%3,$"[&'&"(&4"!%&!&
-(*("&*$.$&(.7#,!?!%+("9&)$#&(;(.)0$&(%+#(&0$"&=,V(9&54,(%("&)#()!#!%&4%!&,%84",B%&3(&
+#("&80$#("&3(&O-'8#$E%E#'(%&!?4!&*!0,(%+(&*$%&8,%("&!3,-,%!+$#,$"&CR,))&DEEGH&R,))&DEED/>&&
O+5."#$0%#'0#5A*1/*$09'54(&*#(*(&7,(%&(%&0!"&+,(##!"&7!;!"&+#$),*!0("9&"(&4+,0,2!&*$.$&
(.7#,!?!%+(&*6!.1%,*$&(%&(0&K.!2$%!"9&'&!&-(*("&*$.$&!3,+,-$&3(&0!&#,#)5#08#'C:,*S(#"&'&
\0$g.!%&DEFk/&:A!"(&*!)@+40$&kH&P*640+("&DEME(H&P*640+("&'&Y!88!48&DEEI/>&&R$"&,%3,$"&
P,$%!&P(*$'!&3(&O*4!3$#&(.)0(!%&O+5."#$0%#'T%$0%.$%0'"$0$&*$.$&(%+(B?(%$"&'&*$.$&
!3,+,-$&!&0!&#,#)5#08#'*$.$&6!*(%&0$"&*6!.!%("&m4(*64!&CX6!%?$&*&'#/-'DEFk/>&&O0&4"$&3(&
0!"&(")(*,("&3(&O+5."#$0%#'*$.$&(.7#,!?!%+("&"(&3!&)#,%*,)!0.(%+(&(%&0$"&K%3("9&3("3(&
X$0$.7,!&6!"+!&X6,0(&Cc!0+$%&DEMG/>&&O%&4%&!#+@*40$&#(*,(%+(&"(&3("*#,7@!%&
#()#("(%+!*,$%("&3(&80$#("&3(&O+5."#$0%#'(%&+$#+(#!"&)#(*$0$.7,%!"&3(&0!&*40+4#!&
m4,.7!'!&3(&X$0$.7,!&C=*=((S,%&DEEI/&'&O-'A5/8#$%81/#''!&!)!#(*(&#()#("(%+!3!&(%&(0&
!#+(&)#(*$0$.7,%$&CP*640+("&'&Q#,?6+&DEMM/>&&O%&(0&-!00(&3(&P,74%3$'9&(%&(0&\4+4.!'$&
*$0$.7,!%$&(V,"+(%&%4.(#$"!"&Z-!#,(3!3("&!+#$8,!3!"&$&!7(##!%+("[&3(&O+5."#$0%#'
#5+*#9'!)#(*,!3!"&)$#&0$"&*6!.!%("&)$#&"4"&)$+(%+("&)#$),(3!3("&(%+($?A%,*!">&&_$"&3(&
("+!"&-!#,(3!3("9&*$%$*,3!"&*$.$&SB%$E*'21++#8)*+#U','S"5$8)%+1'21++#8)*+#9U'"(&
3("*#,7,(#$%&#(*,(%+(.(%+(&(%&4%&8$+$(%"!'$&"$7#(&)0!%+!"&.(3,*,%!0("&!.!2B%,*!"&
CP*640+("&'&Y!88!48&DEEI/>&&K0?4%!"&(")(*,("&3(&O+5."#$0%#'81"1'O+5."#$0%#'0#$.5V$*#'
"(&4+,0,2!%&(%&+(#!)A4+,*!9&'&(%&\(#h&*$.$&(%+(B?(%$&*$%&(0&%$.7#(&3(&"%0)#'&1+1'C\$0,!&'&
Q,!%*6,&DEEIa&P*640+("&'&Y!88!48&DEEG/>&&R$"&)#()!#!3$"&(.7#,!?!%+("&(0!7$#!3$"&*$%&
("+!"&)0!%+!"&-!#@!%&3(&4%!&2$%!&!&$+#!&)(#$&?(%(#!0.(%+(&*$%00(-!%&0!&,%84",B%&3(&0!"&
6$;!"9&+!00$"&$&0!"&"(.,00!"&)40-(#,2!3!">&&O0&)#,%*,)!0&!0*!0$,3(&3(&O+5."#$0%#'("&0!&
("*$)$0!.,%!9&
]NI&
&
)#("(%+(&(%&4%!&)#$)$#*,B%&3(0&]DWNGl&3(&0!&8#!**,B%&!0*!0B,3,*!&+$+!09&54(&)$#&0$&?(%(#!0&
("&3(0&G9]WG9^^l&3(0&)("$&"(*$>&&J!.7,A%&"$%&+@),*!"&3(&O+5."#$0%#'*!%+,3!3("&.(%$#("&
3(&%$#("*$)$0!.,%!9&!+#$),%!9&.(+(0$,3,%!&'&$+#$"&!0*!0$,3("&+#$)1%,*$"&CQ#,"+$0&*&'#/-'
DENEH&O-!%"&*&'#/-'DEN^/>&&Y(*,(%+(.(%+(&"(&6!&3(+(#.,%!3$&0!&)#("(%*,!&3(&4%&G9F]l&3(&
!0*!0$,3("&+#$)1%,*$"&(%&O-'0#$.5V$*#'A#+-'A5/8#$%81/#9'",(%3$&4%!&3(&0!"&84(%+("&.1"&
-!0,$"!"&3(&("+$"&-!0,$"$"&.(3,*!.(%+$"&CY,-(#!&*&'#/-'DEFE/>&&X!%+,3!3("&",.,0!#("&6!%&
",3$&6!00!3!"&(%&O-'8#$E%E#','O-'#5+*#'CO0&j.!.&'&O-!%"&DEEG/>&&K*+4!0.(%+(&O+5."#$0%#'
0#$.5V$*#'"(&*40+,-!&*$%&8,%("&*$.(#*,!0("&(%&O*4!3$#&)!#!&0!&)#$34**,B%&3(&("*$)$0!.,%!&
C6,$"(,%!/&CO-!%"&DEFE/>&
&
4IAN@OLMGH& :!#,!"&(")(*,("&3(&("+(&?A%(#$9&(%&(")(*,!0&O-'.+#$E%3/1+#'C3(%$.,%!3!&(%&
4%!&$*!",B%&O-'"#+V&%"#L'\0$g.!%&DEMM/&'&O-'8)%+%8#0(%'"(&4+,0,2!%&*$.$&(.7#,!?!%+("&(%&
0!&K.!2$%,!9&?(%(#!0.(%+(&*$.$&!3,+,-$"&3(&0!&#,#)5#08#'(%&O*4!3$#&'&\(#h&C\0$g.!%&
DEM]H&\0$g.!%&DEMkH&\0$g.!%&DEMMH&\0$g.!%&DEFGH&P*640+("&DEME(/>&&R!&*$.)$",*,B%&
54@.,*!&3(&("+!&(")(*,(&(.7#,!?!%+(&%$&6!&",3$&!*0!#!3!&+$+!0.(%+(9&)(#$&3(&.$.(%+$&
%$&"(&6!&3(+(#.,%!3$&0!&)#("(%*,!&3(&!0*!0$,3("&+#$)1%,*$"&(%&("+(&?A%(#$9&!4%54(&"(&6!&
,%8$#.!3$&3(&0!&)#("(%*,!&3(&.!%3#!?$#,%!&C-A!"(&0!&F#$E+#.1+#'.1"&!7!;$/&(%&0!"&#!@*("&
3(&"#$#8W9'O+5$3*/0%#'5$%3/1+#'C-A!"(&\0$g.!%&DEMM&)!#!&4%!&#("(b!&3(&0!&54@.,*!&3(0&
?A%(#$&O+5$3*/0%#P-''P(&6!&)$3,3$&!,"0!#&4%&*$.)4("+$&)",*B+#$)$&00!.!3$&("*$)$0(+,%!9&
4%!&*4.!#,%!9&3(&O-'.+#$E%3/1+#9'O-'5$%3/1+#''&$+#!"&(")(*,("&C=$#"&'&Y,7(,#$&DE^MH&
\0$g.!%&DEMMH&P*640+("&'&`$8.!%%&DEFG/>&&J!.7,A%&"(&6!&!,"0!3$&4%!&"4"+!%*,!&
*$%-40",-!%+(9&0!&7#48(0"!.,3,%,!9&3(&
O-.+#$E33/1+#'CR0$'3'*&'#/-'
DEF^/>&
&
1GCIDGH&&R!"&)0!%+!"&3(0&?A%(#$&>#&5+#')$"((%&4%!&0!#?!&+#!3,*,B%&*$.$&(.7#,!?!%+("&(%&
(0&<4(-$&'&(0&:,(;$&=4%3$&CQ!#*0!'&DE^EH&L$6%"$%&DEMIH&R,+2,%?(#&DEFDH&P!88$#3&DEI0!H&
P!88$#3&DEID7H&P!88$#3&DEIIH&c(,0&DEMM7/>&&>#&5+#'"*&*/9'00!.!3$'E5&+#'1'E)#&5+#'(%&0!&
j%3,!9&6!&",3$&4"!3$&3("3(&6!*(&.4*6$&+,(.)$&*$.$&(.7#,!?!%+(9&'&(%&(0&",?0$&n:jj&"(&
,%8$#.B&3(&"4&4"$&)$#&0!"&.4;(#("&(%&U$!&)!#!&3#$?!#&!&0$"&6$.7#("&6!"+!&54(&)(#3@!%&(0&
"(%+,3$&)!#!&)$3(#&(00!"&Z"!+,"8!*(#&!"@&"4"&3("($"&3(&)0!*(#[&i>K>&_(&=!%3(0"0$&(%&
P*60(,88(#&DEME/>&&S'>#&5+#'("&4%!&)0!%+!&"!?#!3!&(%&f!"6.,#9&)(#$&0!"&"(.,00!"&"(&4"!%&)$#&
0$"&7!%3,3$"&Z)!#!&%!#*$+,2!#&!&"4"&-@*+,.!"[&CP6!6&DEFI/>&&K&-(*("&"(&!b!3(%&(")(*,("&3(&
>#&5+#'#/'B#A#'C-A!"(&.1"&!7!;$/&(%&T,;,9&)$#&.!0(-$0(%*,!&CP,%?6&DEEI/>&&O%&<()!09&0!&
)0!%+!&"(&4+,0,2!&*$.$&"(3!%+(&CP,%?6&*&'#/-'DEME/>&&O%&(0&=!##4(*$"&*$%+(.)$#1%($9&>-'
0&+#"1$%5"'*$%+,%4!&4"1%3$"(&)$#&"4"&)#$),(3!3("&%!#*B+,*!"&CQ(00!S63!#&*&'#/-'DEED/>&
R!"&(")(*,("&3(&>#&5+#'"(&4+,0,2!7!%&(%&0!&(0!7$#!*,B%&3(&*(#-(2!"&'&-,%$"&3(&)!0.!&(%&
o8#,*!&Z)!#!&$+$#?!#0("&)#$),(3!3("&("+4)(8!*,(%+("&$&%!#*B+,*!"[&Cd0,-(#WQ(-(#&DEF]/>&&_(&
8$#.!&.(%$"&*$%*4),"*(%+(&$&.!0,*,$"!9&(%&(0&!%+,?4$&=AV,*$&0!"&(")(*,("&3(&>#&5+#'
//#"#E#0'&1/1#8)*'1'&1/1#&C%$'"(&4+,0,2!7!%&*$%&8,%("&!3,-,%!+$#,$"&$&*4#!+,-$"&CT4#"+&DEMN/9&
4%&4"$&54(&!h%&)(#34#!&(%+#(&0$"&=,V(&CR,))&DEEGH&R,))&DEED/&'&0$"&J!#!64.!#!9&54,(%("&
00!.!%&!&0!&)0!%+!&E*B52#&1'=V8)5+%'CQ'(&DEM^H&Q'(&DEME!H&T4#"+&'&='(#6$88&DEMI/>&&O0&
%$.7#(&,%?0A"&3(&>-'0&+#"1$%5"9'X%"01$'=**E9')#$-,(%(&3(&0!&*$0$%,!&3(&L!.("+$g%9&
:,#?,%,!9&3(")4A"&3(&4%&(),"$3,$&8!.$"$&(%&(0&54(&0$"&"$03!3$"&3(&0!&*$0$%,!&)#()!#!#$%&
,%!3-(#+,3!.(%+(&4%!&
]N]&
&
"$)!&*$%&0!&)0!%+!&C`(,"(#&DEFM/>&&>#&5+#'0&+#"1$%5"'"(&6!&4+,0,2!3$&)#$7!70(.(%+(&*$.$&
(.7#,!?!%+(&(%+#(&*,(#+!"&+#,74"&K0?$%54,!%!"&3(0&%$#("+(&3(&<$#+(!.A#,*!&*$%&(0&%$.7#(&
3(&=%0#B1$9'%$.7#(&4+,0,2!3$&)!#!&#(8(#,#"(&!&.4*6!"&)0!%+!"&3,-(#"!"&C=(##,00&'&T(("+&
DEM^/>&&O0&4"$&*6!.1%,*$&3(&0!"&(")(*,("&3(&>#&5+#'"(&6!&*$%*(%+#!3$&)#,%*,)!0.(%+(&(%&(0&
%$#+(&3(&=AV,*$&'&(%&(0&"43$("+(&3(&O"+!3$"&i%,3$">&&R$"&?#4)$"&",?4,(%+("&"(&"!7(&54(&
6!%&4"!3$&>-'"*&*/1%E*0'4&$+#!"&(")(*,("&3(&>#&5+#&*$.$&(.7#,!?!%+("a&K)!*6(&CY(!?!%&
DEIE/H&X$!64,00!&CQ!##$g"&DENM/H&X$"+!%$!%&CQ$*(S&DEFk/H&`$),&Cc6,+,%?&DE]E/H&f!g!#,"4&
Cp,?.$%3&DEFD/H&=!64%!&CY$.(#$&DE^k/H&<!-!;$"&f!'(%+!&Cc'.!%&'&`!##,"&DE^D/H&
<!-!;$"&Y!.!6&C`,00&DE]FH&:("+!0&DE^I/H&\!,4+(&'&P6$"6$%,&CJ#!,%&*&'#/-'DEkD/&'&p4%,&
CP+(-(%"$%&DED^/a&R$"&,%3,$"&X64.!"6&3(&X!0,8$#%,!&4+,0,2!7!%&3(&8$#.!&#,+4!0&(")(*,("&3(&
>#&5+#'*$.$&0!&>-&=+%.)&%%'CK))0(?!+(&DEM^H&U#$7&'&_$7S,%&3(&Y@$"&DEEIH&J,.7#$$S&DEFkH&
J,.7#$$S&DEFMH&J,.7#$$S&DEEG/&'&"(&6!&,%8$#.!3$&3(0&4"$&3(&(")(*,("&3(&>#&5+#'(%&0!"&
*(#(.$%,!"&,%,*,1+,*!"&(%+#(&0$"&,%3,$"&R4,"(b$&'&$+#$"&?#4)$"&3(0&"4#&3(&X!0,8$#%,!&CT4#"+&
DEMNH&P)!#S.!%&DEGF/>&R$"&.4#!0("&3(&0$"&,%3,$"&X64.!"6&!&0$"&54(&"(&0("&"4)$%(&4%!&
!%+,?e(3!3&3(&^GGG&!b$"&C`'3(#&'&d0,-(#&DEF]/9&"(&6!%&,%+(#)#(+!3$&*$.$&
#()#("(%+!*,$%("&3(0&4"$&#,+4!0&3(&(")(*,("&3(&>#&5+#'CX!.)7(00&DEN^/>&&O0&4"$&(%&0!&
O4#$)!&.(3,(-!0&3(&0!&>#&5+#'(%&0$"&Z4%?e(%+$"&)!#!&-$0!#[&3(&0!"&7#4;!"&CX0!#S&DEIDH&_(&
:#,("&DEE0!H&`!%"(%&DEMFH&`!#%(#&DEM]*H&R(g,%&DEIkH&=(6#!&DEME/&6!&",3$&#(*$?,3$&)$#&
X!"+!%(3!&(%&"4&8,*+,*,$&#(0!+$&!*(#*!&3(&4%&4"$&"4)4("+!.(%+(&",.,0!#&(%+#(&0$"&,%3,$"&
q!54,&3(0&%$#+(&3(&=AV,*$&CX!"+!%(3!&DENF/>&&R!"&(")(*,("&3(0&?A%(+1'>#&5+#'*$%+,(%(%&
)#,%*,)!0.(%+(&6,$"*,!.,%!9&("*$)$0!.,%!9&.(+(0$,3,%!&'&$+#$"&!0(!0$,3("&+#$)1%,*$"&(%&
4%!&*$%*(%+#!*,B%&54(&)4(3(&00(?!#&6!"+!&(0&D9Il&(%&0$"&8#4+$"&3(&>-'"*&*/'CK0Wq!6'!&'&
O-!%"&DEM^H&_,(*S6$8(#&*&'#/-'DEMDH&R(!#'&DEMGH&P*640+("&'&`$8.!%%&DEFG/H&R!&#!,2&3(&
>#&5+#'"*&*/'"(&4+,0,2!7!&*$.$&-(%(%$&3(&80(*6!"&(%&0!&!%+,?4!&X6,%!&)$#&"4&?#!%&
*$%+(%,3$&(%&!0*!0$,3("&CQ,""(+&DEME/>&
&
BPELQPGKILH&&&O0&8!.$"$&Z7(0(b$[&$&H,108,#"50'$%.*+'(#!&*$%$*,3$&)$#&0$"&!%+,?4$"&
?#,(?$"&*$.$&(.7#,!?!%+(9&'&)#$7!70(.(%+(&0$&4+,0,2!7!%&*$.$&!3,+,-$&(%&0!&(0!7$#!*,B%&
3(&"4"&-,%$"&Cc!""$%&*&'#/-'DEMFH&-A!"(&X!)@+40$&I9&<$+!&DM/>&&<!+4#!0&3(&O4#$)!9&(0&7(0(b$&
84(&+!.7,A%&4%&,%?#(3,(%+(&6!7,+4!0&3(&0$"&Z4%?e(%+$"&)!#!&-$0!#[&3(&0!"&7#4;!"&CX0!#S&
DEIDH&_(&:#,("&DEE0!H&`!#%(#&DEM]*H&`!%"(%&DEMFH&R(g,%&DEIkH&=(6#!&DEME/>&&O0&;4?$&3(0&
7(0(b$&84(&4+,0,2!3$&*$.$&-(%(%$&)!#!&80(*6!"&)$#&0$"&!%+,?4$"&U!0$"&C`!%"(%&DEMF/>&&
`!"+!&6$'9&(0&7(0(b$&"(&6!&4+,0,2!3$&(%&(+%$.(3,*,%!&.!##$54@&*$.$&%!#*B+,*$&'&
!%("+A",*$&3(%+!0&C(%&$#+$3$%*,!/&CQ(00!S63!#&*&'#/-'DEED/&'&(%&0!&!%+,?e(3!3&8$#.B&)!#+(&
3(&0!&8!#.!*$)(!&*6,%!&CR,&DEMF/>&&O0&)#,%*,)!0&!0*!0$,3(&3(0&7(0(b$&("&0!&6,$"*,!.,%!&CO-!%"&
DEMEH&U(,?(#&'&`(""(&DF]]/&)#("(%+!%3$&+!.7,A%&*!%+,3!3("&",?%,8,*!+,-!"&3(&
("*$)$0!.,%!>&&R!"&#!@*("&"$%&0!&)!#+(&.1"&!*+,-!&*$%&6!"+!&4%&G9DNl&3(&!0*!0$,3("&C`(%#'&
DEkEH&P*640+("&'&`$8.!%%&DEFG/>&&H,108,#"50'$%.*+'0*&84.!&*$%&+!7!*$&(%&(0&"4#&3(0&
f!"6.,#&Z!&.$3$&3(&!04*,%B?(%$[&CP6!6&DEFI/&'&0!"&80$#("&3(&H-'21A*#$50'84(#$%&4"!3!"&
3(0&.,".$&.$3$&)$#&0$"&7(34,%$"&3(0&3(",(#+$&(?,)*,$&CU$$3.!%&'&`$77"&DEFF/>&&
H,108,#"50'+*&%85/#&50'6!&",3$&*,+!3$&*$.$&Z)",*$3,"0A)+,*$[&+#!3,*,$%!0&(%&K8?!%,"+1%&
Cq$4%$"&*&'#/-'DEFM/9&3$%3(&"(&6!&-,"+$&54(&H-'$%.*+&"(&.(2*0!&*$%&!"#$%&#'"508#+%#'(%&4%&
#(.(3,$&3(&4"$&+B),*$&C-A!"(&X!)@+40$&N9&<$+!&
]Nk&
&
]H&=$*6+!#&'&U((#S(%&DEME/>&&O%&(+%$.(3,*,%!&%()!0@&H-'$%.*+'"(&4+,0,2!&*$.$&"(3!%+(&
CP,%?6&*&'#/-'DEME/>''H,108,#"50'#/2509'H#5+*509'H-'+*&%85/#&50','H-'0*$*8%1$%0'(+*"(%+!%&
(0(-!3!"&*$%*(%+#!*,$%("&3(&!0*!0$,3("&+#$)1%,*$"9&.,(%+#!"&54(&H-'"5&%850&84(&0!&(")(*,(&
.1"&)$+(%+(&'&(%&H-'(50%//50'"B0$&"(&(%*$%+#!#$%&+#!2!"&3(&!0*!0$,3("&C\(0+&*&'#/-'DENM/>&
&
2EQRDEKGH& :!#,!"&(")(*,("&3(0&?A%(#$&R18)+1"#9'(")(*,!0.(%+('D'358)0%1%E*0'6!%&",3$&
4+,0,2!3!"&)$#&0$"&,%3,$"&f!."1&3(&X$0$.7,!&*$.$&(.7#,!?!%+("&*6!.1%,*$"&CP*640+("&
DEME(/>&&R$"&*6!.!%("&f!."1&7(7(%&,%84",$%("&)#()!#!3!"&*$%&0!"&6$;!"&8#("*!"9&0!"&#!@*("&
'&0!&*$#+(2!&3(&0!&)0!%+!&CP*640+("&'&Y!88!48&DEEIH&P6(.04*S&DEEG/>&&J!.7,A%&"(&6!&3("*#,+$&
(0&4"$&3(&0!&)0!%+!&*$.$&!3,+,-$&3(&0!&#,#)5#08#'C=*f(%%!'(+&!0>&DEFNH&d++&DEEkH&P*640+("&
DEMI7/>&&_,-(#"$"&!%10,","&3(&*!.)$9&#(!0,2!3$"&*$%&0!"&6$;!"&3(&D'358)0%1%E*09'6!%&,%3,*!3$&
0!&)#("(%*,!&3(&!0*!0$,3("&%$&,3(%+,8,*!3$">&&O"&)#$7!70(&54(&("+!&(")(*,(&*$%+(%?!&
!0*!0$,3("&(%+($?A%,*$"&+#$)1%,*$"&CP*640+("&DEMM!H&P*640+("&'&`$8.!%%&DEFG/9&)(#$&3(&
.$.(%+$&"B0$&"(&6!&,%8$#.!3$&3(&0!&)#("(%*,!&3(&g,+!%B0,3$"&%$&(%+($?A%,*$"&3(&!**,B%&
3("*$%$*,3!&CP6(.04*S&DEED/>&
&
5GCIGH&&&&R!&h%,*!&(")(*,(&3(&("+(&?A%(#$9&D#&5#'(52%3/1+#9'84(&",%&343!&4+,0,2!3!&(%&(0&
)!"!3$&&)$#&0$"&*6!.!%("&3(&0!&)#$-,%*,!&3(&:!03@-,!&(%&X6,0(&CP*640+("&DEME(/>&&O"+!&
)0!%+!&+$3!-@!&"(&*$%$*(&(%&X6,0(&*$.$&0!+4A&C+!.7,A%'/#&Y*'1'/#&5,P'Z(0&54(&.!+![&$&
1#7$0&3(&0$"&7#4;$">&&R!"&6$;!"&3(&D-'(52%3/1+#'*$%+,(%(%&G9DFl&3(&6,$"*,!.,%!&'&*!%+,3!3("&
.(%$#("&3(&("*$)$0!.,%!&CQ$3(%3$#8&'&f4..(#&DENIH&\0$g.!%&*&'#/-'DEMDH&P*640+("&
DEME3H&P*640+("&'&`$8.!%%&DEFG/>&&R!&)0!%+!&#(*,7(&!&-(*("&(0&%$.7#(&3(&ZR!+4!&
-(%(%$"![&$&D,8%1(/*0%5"'(52%3/1+5"'C\0$g.!%&*&'#/-'DEMD/>&
&
9GASDGJEDGH&&&F#$E+#.1+#'133%8%$#+5"'84(&4%&,.)$#+!%+(&,%?#(3,(%+(&3(&0$"&Z4%?e(%+$"&
)!#!&-$0!#[&3(&0!"&7#4;!"&CX0!#S&DEIDH&_(&:#,("&DEE0!H&`!%"(%&DEMFH&`!#%(#&DEM]*H&R(g,%&
DEIkH&=(6#!&DEMEH&J6$.)"$%&DENF/>&&O%&O4#$)!&0!&"#$E+W.1+#&+(%@!&#()4+!*,B%&3(&
!8#$3,"@!*$&'&"(&4+,0,2!7!&(%&8,0+#$"&$&)$*,$%("&!.$#$"!"9&4%&4"$&!0&54(&'!&"(&6!*@!&!04",B%&
(%&0!&Q,70,!&C`!%"(%&DEMFH&`(,"(#&DEFM/>&&R!&X0($)!+#!&3(&P6!S(")(!#(&),3,Ba&Z_!3.(&!&
7(7(#&.!%3#1?$#!r\!#!&54(&)4(3!&3$#.,#&34#!%+(&("+(&?#!%&,%+(#-!0$9&3(&+,(.)$r=,&
K%+$%,$&6!&)!#+,3$[>&&i%&!%+,?4$&.,+$&(?@)*,$&3(0&3,$"&"$0&Y!&3("*#,7(&0!&(0!7$#!*,B%&3(&0!&
*(#-(2!&3(&"#$E+W.1+#'CO>K>c!00,"&Q43?(&(%&P*60(,88(#&DEME/>&&R!&"#$E+W.1+#'(#!&+!.7,A%&
4%&,%?#(3,(%+(&3(&0$"&!%+,?4$"&-,%$&?#,(?$"&Cc!""$%&(+&!0>&DEMFH&-A!"(&X!)@+40$&I9&<$+!&DM/&
'&_,$"*B#,3("&'&\0,%,$&3("*#,7,(#$%&(0&4"$&3(0&-,%$&3(&"#$E+W.1+#'(%&*,#4?@!&*$.$&
!%("+A",*$&CP+,00.!%&DEII/>&F#$E+#.1+#'#5&5"$#/%0'"(&4+,0,2!&)$#&"4"&)#$),(3!3("&
%!#*B+,*!"&(%&(+%$.(3,*,%!&(%&(0&=!##4(*$"&*$%+(.)$#1%($&CQ(00!S63!#&*&'#/-'DEED/>&&R!&
6,$"*,!.,%!&("&(0&)#,%*,)!0&!0*!0$,3(&3(&0!&"#$E+W.1+#9'54(&+!.7,A%&*$%+,(%(&*!%+,3!3("&
.(%$#("&3(&("*$)$0!.,%!&'&!+#$),%!9&;4%+$&*$%&+#!2!"&3(&*4"*$6,?#,%!9&*$%$*,3!&+!.7,A%&
*$.$&.!%3#!?$#,%!&CO-!%"&DEMEH&`(""(&DEGDH&L!*S"$%&'&Q(##'&DEMEH&\6$S!"&DE^EH&
P*640+("&'&`$8.!%%&DEFGH&P+!47&DENI/>&
&
9@CRPLCMQES@ASDEAH&O"+(&?A%(#$&+,(%(&"B0$&4%!&(")(*,(&F*&),0&%81E*$E+1$'#"*0%#$5"&
]N^&
&
$#,4%3!&3(0&-!00(&3(&P,74%3$'&(%&X$0$.7,!>&K&0!&,%84",B%&)#()!#!3!&*$%&0!"&6$;!"&3(&("+!&
)0!%+!&"(&0!&*$%$*(&*$.$&"%&0B=#,'21++#8)*+#'Z(.7#,!?!%+(&3(0&;!?4!#[&$&Z*40(7#!&
7$##!*6(#![>&J$.!%&0$"&*6!.!%("&f!."1&(%&"4"&)#1*+,*!"&3(&*4#!*,B%&!3,-,%!+$#,!&
CP*640+("&DE^^H&P*640+("&DEME(H&P*640+("&'&Y!88!48&DEEI/>&&OV,"+(%&343!"&!*(#*!&3(&0!&
!",?%!*,B%&3(&F-'#"*0%#$5"'!&4%&?A%(#$&(")(*,!09&'!&54(&!0?4%$"&"$"+,(%(%&54(&)$3#@!&
+#!+!#"(&3(&4%!&(")(*,(&.4+!%+(&3(&O+5."#$0%#'CQ#,"+$0&DENN7H&Q#,"+$0&DENE/>&&R!"&6$;!"&3(&
("+!&)0!%+!&*$%+,(%(%&4%&G9]l&3(&!0*!0$,3("&3(&0$"&*4!0("&(0&FGl&("&("*$)$0!.,%!&'&(0&
#("+$&"$%&*!%+,3!3("&.(%$#("&3(&!+#$),%!&'&3(&$+#$"&!0*!0$,3("&C\!*6+(#&'&`$)S,%"$%&
DENGH&P*640+("&'&`$8.!%%&DEFG/>&
&
.@CIAMGH& O%&4%&+#!7!;$&.4'&"$.(#$&"(&!+#,74@!%&)#$),(3!3("&-,",$%!#,!"&!&4%&
(")(*,.(%&3(0&?A%(#$&4*&5$%#'3(&0!"&+,(##!"&!0+!"&3(&O*4!3$#>&&X$%$*,3!&*$%&(0&%$.7#(&3(&
0)#$V$'(%&("(&)!@"9&0!&)0!%+!&84(&,3(%+,8,*!3!&*$.$&4*&5$%#'A%1/#8*#'CK0-(!#&DEMD/&'&0$"&
!%10,","&54@.,*$"&#(!0,2!3$"&%$&3(+(*+!#$%&!0*!0$,3("&(%&("+!&(")(*,(&CQ4+0(#&*&'#/-&DEFD/>&
&
%EOGASDGH& _$"&(")(*,("&3(&P$0!%3#!9&@-'.5*++*+*$0%0','@-'2+*A%8#/,T'"$%&4+,0,2!3!"&*$.$&
)0!%+!"&-,"$%!#,!"&)$#&0$"&,%3,$"&64,*6$0("&3(0&%$#+(&3(&=AV,*$9&54,(%("&00!.!%&!&0!&)0!%+!&
S,A#,&1'S,A0,>&&X$%&(0&;4?$&3(&0!"&#!.,+!"&3(&0!&)0!%+!&"(&)#()!#!&4%!&,%84",B%&(.7#,!?!%+(&
CT4#"+&DEMNH&T4#"+&DEFEH&f%!7&DEMMH&f%!7&DEMNWDEMF/>&&X$%$*,3!&)$#&(0&%$.7#(&3(&
)5*%(#&/'1'&*81"#TZ8)%&/9'0!&)0!%+!&(#!&4%&,.)$#+!%+(&(.7#,!?!%+(&3(&0$"&!%+,?4$"&K2+(*!"&
CU!#2!&DEEG/>&&O"+43,$"&54@.,*$"&)#(0,.,%!#("&6!%&.$"+#!3$&0!&)#("(%*,!&3(&!0*!0$,3("&
+#$)1%,*$"&(%&0!&)0!%+!9&(%&4%!&*$%*(%+#!*,B%&3(0&G9D^l>&&P(&(%*$%+#B&!+#$),%!9&
6,$"*,!.,%!&'&$+#$"&!0*!0$,3("&+#$)1%,*$"&CO-!%"&*&'#/-'DEMI/>&:!#,!"&3(&0!"&)0!%+!"&!##,7!&
.(%*,$%!3!"&54(&*$%+,(%(%&!0*!0$,3("&+#$)1%,*$"&8$#.!#$%&)!#+(&3(&0$&54(&`!%"(%&
3(%$.,%B&ZO0&;!#3@%&3(&0!"&Q#4;!"[&KH*B0*$0'M+&*.W+E&(%&_!%A"/&)4("&84(#$%&,.)$#+!%+("&
,%?#(3,(%+("&3(&0$"&Z4%?e(%+$"&)!#!&-$0!#[&$&Z710"!.$"&3(&0!"&7#4;!"[&KH*T*$0#/2*$'(%&
!0(.1%/a&!&+1(#9'>#&5+#9'H,108,#"50',&F#$E+#.1+#'CX0!#S&DEIDH&_(&:#,("&DEE0!H&`!%"(%&
DEMFH&`!##,"&DEMkH&=(6#!&DEME/>&&i%$&3(&0$"&)#,.(#$"&(%&"4?(#,#&54(&0$"&Z-4(0$"[&
8!%+1"+,*$"&3(&0!"&7#4;!"&(4#$)(!"&(#!%&-,",$%("&,%34*,3!"&)$#&3#$?!"&84(&(0&.A3,*$&
(")!b$0&K>T>&_(&R!?4%!&(%&(0&",?0$&n:j&C*,+!3$&(%&P*60(,88(#&DEME/>&&R$"&.1"&*$%$*,3$"&
*#@+,*$"&Z#!*,$%!0,"+!"[&3(&0!&j%54,",*,B%&*$%+#!&0!&7#4;(#@!&84(#$%&L$6!%%&c('(#&Cc,(#4"/&
!4+$#&3(&>*'4+#*0&%.+%0&>#*"1$5"''&Y(?,%!03&P*$+9&54(&)470,*B&#(*(+!"&3(&0$"&4%?e(%+$"&
3(&0!"&7#4;!"&CX$6%&DEM^H&*,+!3$&(%&P*60(,88(#&DEMEH&P2!"2&DEMG/>&&U,$-!%%,&Q!++,"+!&_(00!&
\$#+!&("&54,21&4%$&3(&0$"&)#,.(#$"&54(&(V)(#,.(%+B&*$%&0$"&4%?e(%+$"a&ZX4!%3$&(#!&;$-(%&
)#$7A&("+!"&*$"!"&*$%&.,"&*$.)!b(#$"&3(&6!7,+!*,B%[&(%&(0&",?0$&n:j&Cs0$&54(&3(7,B&6!*(#0(&
.4'&)$)40!#&(%&0$"&3$#.,+$#,$"t/&'&_(&R!?4%!&+!.7,A%&0$"&(V)(#,.(%+$&*$%&Z0!&.4;(#&3(0&
-(#34?$[&C*,+!3$&(%&P*60(,88(#&DEME/>&&O%&0$"&+,(.)$"&.$3(#%$"&f!#0&=("(g(++(#&84(&(0&
)#,.(#$&(%&(V)(#,.(%+!#&*$%&0$"&4%?e(%+$"&C=("(g(++(#&DFEI/&.4#,(%3$&("+(&,%+#A),3$&
)",*$%!4+!&*$.$&*$%"(*4(%*,!&3(&4%$&3(&"4"&!4+$(V)(#,.(%+$"&C`!%"(%&DEMF/>&&O%&
K0(.!%,!9&P,(?7(#+&T(#*S(0&'&c,00WO#,*6&\(4*S(#+&6!%&#(!0,2!3$&4%!&"(#,(&3(&(V)(#,.(%+$"&
.$3(#%$"&*$%&0$"&Z4%?e(%+$"&)!#!&-$0!#[&)#()!#!3$"&3(&!*4(#3$&*$%&
]NN&
&
0!"&!%+,?4!"&#(*(+!"&CT(#*S(0&DE^kH&\(4*S(#+&DENG/&'&U4"+!-&P*6(%S&#(!0,2B&4%&
!4+$(V)(#,.(%+$&*$%&"(.,00!"&3(&7(0(b$&CP*6(%S&DE^k9&*,+!3!&(%&P*60(,88(#&DEME/>&&T(#*S(09&
P*6(%S&'&\(4*S(#+&(V)(#,.(%+!#$%&3,"+,%+!"&"(%"!*,$%("&3(&-4(0$&3(")4A"&3(&4%+!#"(&*$%&
0$"&4%?e(%+$"&C(%&(0&*!"$&3(&P*6(%S&(0&(V)(#,.(%+$&*$%","+,B&(%&0!&,%6!0!*,B%&3(&0$"&
-!)$#("&3(&0!"&"(.,00!"&54(.!3!"&3(0&7(0(b$/&'&X!"+!%(3!&3("*#,7,B&4%!&8,*+,*(!&
(V)(#,(%*,!&",.,0!#&*$%&>#&5+#'CX!"+!%(3!&DENF/>&&O"+$"&.,"+(#,$"$"&(V)(#,.(%+$"&3!%&
*$%","+(%*,!&!&0$"&+("+,.$%,$"&3(&.4*6!"&Z7#4;!"[9&!*4"!3!"&(%&+$3!&O4#$)!&34#!%+(&
-!#,$"&",?0$"9&)4("&"4"&Z4%?e(%+$"&)!#!&-$0!#[&"$%&3(&6(*6$&*!)!*("&3(&,%34*,#&*0!#$"&
-4(0$"&3(&+,)$&-,",$%!#,$9&3(")4A"&3(&"4&!)0,*!*,$%&+B),*!&4%!&-(2&"(&6!%&!7"$#7,3$&0$"&
!0*!0$,3("&+#$)1%,*$"&!&+#!-A"&3(&0!&),(0>&
O%&.(3,*,%!&.$3(#%!9&0!&!+#$),%!9&6,$"*,!.,%!&'&("*$)$0!.,%!&"(&4+,0,2!%&*$.$&
81#.!*$"&Z!%+,*$0,%A#?,*$"[9&81#.!*$"&54(&70$54(!%&0!&!**,B%&3(&0!&!*(+,0*$0,%!9&4%&
+#!%".,"$#&%(4#$.4"*40!#&C_(#&=!#3(#$",!%&'&R,7(#+,&DEFFH&`!00&*&'#/-'DEMMH&=(+2%(#&DENMH&
=$#+$%&DEMM/>&&P(&4+,0,2!%&(%&*0@%,*!&*$.$&(")!".$0@+,*$"&(%&*!"$"&3(&?!"+#$(%+(#,+,"9&
h0*(#!&)A)+,*!&'&*$0,+,"&(")1"+,*!>&&O%&(+%$.(3,*,%!9&0!"&3#$?!"&54(&*$%+,(%(%&!0*!0$,3("&
+#$)1%,*$"&"(&6!%&4"!3$&*$.$&!%+,!".1+,*$"&C\$%?04V&*&'#/-'DEFM/>&&R!&!+#$),%!&"(&4"!&
*$.$&!%+@3$+$&(%&0$"&(%-(%(%!.,(%+$"&)$#&"4"+!%*,!"&54(&*!4"(%&4%&(8(*+$&*$0,%A#?,*$9&
*$.$&(0&-(%(%$&8h%?,*$&.4"*!#,%!&C-A!"(&X!)@+40$&N9&<$+!&k/&'&!0?4%$"&,%"(*+,*,3!">&&R$"&
+#("&*$.)4("+$"&"$%&.4'&+BV,*$"&'&"(&4+,0,2!%&.(3,*,%!0.(%+(&!&3$","&54(&#$%3!%&(0&
*4!#+$&3(&.,0@?#!.$>&&X$.(#*,!0.(%+(&("+$"&!0*!0$,3("&"(&$7+,(%(%&3(&3,-(#"!"&(")(*,("&
3(&H,108,#"50','>521%0%#'C-A!"(&0!&"(**,B%&!*(#*!&3(&0!&%,*$+,%!&.1"&!3(0!%+(H&=$#+$%&
DEMM/>&&P(&6!&)#$)4("+$&!&O+5."#$0%#'8#$E%E#'*$.$&84(%+(&!0+(#%!+,-!&3(&6,$"*,%!&$&
("*$)$0!.,%!&CU#,88,+6&DEMN/&.,(%+#!"&54(&O-'0#$.5%$*#'"(&*40+,-!&!*+4!0.(%+(&*$%&("+(&
)#$)B",+$&CO-!%"&DEFE/>&&R!&("*$)$0!.,%!&"(&6!&?!%!3$&4%!&8!.!&,##(!0&3(&+6(&*0$!SW!%3W
3!??(#&Z"4(#$&3(&0!&-(#3!3[&(%&,%*$%+!70("&)(0@*40!"&7A0,*!"&'&3(&6(*6$&84(&(%"!'!3!&)$#&
0$"&.A3,*$"&%!2,"&'&"4"&6$.B0$?$"&%$#+(!.(#,*!%$"&*$.$&!'43!&!0&,%+(##$?!+$#,$9&",%&54(&
84(#!&)!#+,*40!#.(%+(&(8(*+,-!&CR((&'&P60!,%&DEF^/>&&_(&6(*6$&"(&6!&3(.$"+#!3$&54(&0!&
("*$)$0!.,%!&!3.,%,"+#!3!&(%&3$","&3(&G9^&.?&3,8,*40+!&(0&!)#(%3,2!;(&"(#,!0&(%&64.!%$"&
CP,+!#!.&*&'#/-'DEMF/>&&O%&.(3,*,%!&*6,%!&"(&4+,0,2!%&+#!3,*,$%!0.(%+(&3$*(&(")(*,("&
3,8(#(%+("&3(&)0!%+!"&54(&*$%+,(%(%&!0*!0$,3("&+#$)1%,*$">&&K3(.1"&3(&(")(*,("&3(&>#&5+#9'
H,108,#"50',&F#$E+#.1+#9'"(&4+,0,2!%&+!.7,A%&(")(*,("&3(&0$"&?A%(#$"&!&+1(#$&)*9'
4),018)/#%$#9&4+C*=#/0B%#','@81(1/%#'C\(,?(%&'&R,',&DEF]/>&&R$"&!0*!0$,3("&3(0&+#$)!%$&"(&
6!00!%&+!.7,A%&(%&0$"&?(%(#$"&!$&)18*+8%09'!$&)1&+18)*9'J+*$%E%5"9'J,()#$&)*+#9'
I+#""101/*$&,'@,"1$#$&)509'+$3$"&(00$"&3(&0!&8!.,0,!&3(&0!"&"$0!%1*(!"&CO0&j.!.&'&O-!%"&
DEFkH&O-!%"&'&Y!."('&DEF]/>&&@1/#$5"')%+&5"9'3(&*$.)$",*,B%&54@.,*!&3("*$%$*,3!9&"(&
4+,0,2!&*$.$&"4"+,+4+$&3(0&+!7!*$&(%+#(&0$"&,%3,$"&q!%$!.1&"43!.(#,*!%$"9&54(&0!&*$%$*(%&
)$#&(0&%$.7#(&3(&&5(%+1'Cc,07(#+&DEFM/>&
m4,21"&,%"),#!3$"&)$#&0$"&8!%+1"+,*$"&#(0!+$"&3(&X!"+!%(3!&CDENF/9&!0?4%$"&
(V)(#,.(%+!3$#("&.$3(#%$"&6!%&#(!0,2!3$&(%"!'$"&*$%&0!"&(")(*,("&3(&>#&5+#'54(&
*$%+,(%(%&!0*!0$,3("&+#$)1%,*$"&Cd++&DEME7/>&&O%&(0&0,7#,+$&I*&'7)*'O5CCC1$9')470,*!3$&(%&
DEMI9&"(&!8,#.!&54(&Z6$'&(%&3@!9&%4(-!"&?(%(#!*,$%("&3(&)(#"$%!"&6!%&(.)(2!3$&!&
(V)(#,.(%+!#&*$%&&1/1#8)*U''&3("*#,7(&-!#,$"&3(&+!0("&(V)(#,.(%+$"&*$%&>#&5+#9'(%&0$"&
54(&"(&,%?,#,(#$%&0!"&#!@*("9&"(.,00!"9&8#4+$"9&,%84",$%("&3(&0!"&"(.,00!"&'&*,?!##,00$"&3(&
]NM&
&
0!"&6$;!"&CX$'$+(&=!%&'&Q>c,00,!.&DEMI/>&&`!&6!7,3$&-!#,$"&,%8$#.("&.$3(#%$"&"$7#(&(0&
4"$&3(&H,108,#"50'$%.*+')$#&%,b$"&(%&J4#54@!&(%&4%!&)(0,?#$"!&-!#,(3!3&3(&;4(?$&54(&
+(#.,%B&*$%&4%&#("40+!3$&3(&3$"&.4(#+("&CJ4?#40&DEF^/>&&Y(*,(%+(.(%+(&"(&6!&!+#,74,3$&
4%!&.4(#+(&)$#&!6$?!.,(%+$&(%&0$"&O"+!3$"&i%,3$"&!&0!&3("$#,(%+!*,B%&3(#,-!3!&3(&0!&
,%?("+,B%&,%+(%*,$%!3!&3(&80$#("&3(&4%&Z!#7$0&3(&>#&5+#'Z&C`!'.!%&DEF^/>''>#&5+#'
0&+#"1$%5"','>-'"*&#/'"$%&*$%$*,3$"&*$.$&81$81"2+*'C1"2%9'Z)(),%$&3(0&2$.7,[&(%&`!,+,&
'&)!#(*(&"(#&54(&"$%&4+,0,2!3!"&)$#&0$"&7#4;$"&$&21B1+'*$.$&!%+@3$+$&3(&0!&Z)$0-$&
2$.7,8,*!3$#[9&54(&)#$34*(&4%&("+4)$#&54(&",.40!&0!&.4(#+(>&&O"+!&)$*,B%&*$%","+(&3(&
3,-(#"!"&)0!%+!"&'&!%,.!0("&+BV,*$"9&(")(*,!0.(%+(&0!&+(+#$3$+$V,%!&)#("(%+(&(%&(0&)(2&
?0$7$&'&(0&"!)$&+BV,*$&O531'"#+%$10'C-A!"(&X!)@+40$&]&'&(0&K)A%3,*(&QH&_!-,"&DEF]*H&_!-,"&
DEF]3H&_!-,"&DEFF!/>&&O0&)!)(0&;4?!3$&)$#&0!&+(+#$3$+$V,%!&(%&(0&8(%B.(%$&C1"2%'6!&",3$&
*4("+,$%!3!&CK%3(#"$%&DEFFH&Q$$+6&DEFF!H&_!-,"&DEFF7H&_!-,"&DEFE/&'&3(&6(*6$&0!"&
)#4(7!"&54(&0!&#(")!03!%&"$%&.4'&"4)(#8,*,!0(">&&R$"&!")(*+$"&8!#.!*$?%B"+,*$"&3(0&
8(%B.(%$&C1"2%'3(&`!,+@&6!%&",3$&("+43,!3$"&(%&4%&0,7#$&)$)40!#&C_!-,"&DEF^/&54(&",#-,B&
3(&7!"(&!&4%!&"(%"!*,$%!0,"+!&)(0@*40!&3(&*,(%*,!&8,**,B%>&&P(&6!&.(%*,$%!3$&4%&4"$&
)!#!0(0$&3(&0!&>521%0%#9'54(&*$%+,(%(&%,*$+,%!&'&!0*!0$,3("&+#$)1%,*$"9&*$.$&!%+@3$+$&)!#!&
(0&(%-(%(%!.,(%+$&00!.!3$&8%.5#&*+#'*!4"!3$&)$#&)(*("&+BV,*$"&(%&<4(-!&X!0(3$%,!&
C-A!"(&0!&"(**,B%&"$7#(&0!&%,*$+,%!&.1"&!3(0!%+(H&_48-!&*&'#/-'DEMN/>&
&
&
222>&24"6$8!$3&#$4/-!$!#2!$3&<"$+$!62!$>&
1/&5$&/4"T$&$5&%$!$!B"&
&
i%!&3(&0!"&)0!%+!"&-,",$%!#,!"&.1"&,%+#,?!%+("&3(0&:,(;$&=4%3$&("&7#2*+$#$&)*&%21.#9'
84(%+(&3(0&!0*!0$,3(&,%3B0,*$&,7$?!@%!&'&3(&$+#$"&*$.)4("+$"&#(0!*,$%!3$"&C`!00(#&'&`(*S(0&
DEGD/>&&O0&?A%(#$&7#2*+$#$&)*')(#+(%(*(&!&0!&8!.,0,!&3(&0!"&!(18,$#8*#*-''R!&,7$?!,%!&
+!.7,A%&"(&6!00!&)#("(%+(&(%&7#2*+$#$&)*'(52*08*$0&K[7-'%21.#L'=40!.7!&*&'#/-'DEFD/9&(%&
?1#8#$.#'08)=*%$35+&)%%'A#+-'(52*+5/#'CY,*6!#3&(+&!0>&DEF]/9&(%&$+#!"&(")(*,("&3(&
?1#8#$.#'C`(37(#?'*&'#/-'DEFI/H&(%&3,(2&(")(*,("&3(0&?A%(#$&*(#*!%$&7#2*+$#*"1$&#$#9'
(%+#(&(00!"&J&8%&+%31/%#'K[7'(#$E#8#\5%L'!2#5/'*&'#/-&DEFEH&:!%&Q((S&*&'#/-'DEFk/H&'&("&(0&
!0*!0$,3(&)#,%*,)!0&3(&0!&*$#+(2!&3(&7#2*+$#*"1$&#$#']&#"2%^$'@#+81()#+,$.%#/'8+#00#'
CQ!+*6,0''*&'#/-'DEFNH&:!%&Q((S&(+&!0>&DEF^/>&&J!.7,A%&"(&6!&$7"(#-!3$&0!&)#("(%*,!&3(&
,7$?@%!&(%&>#&5+%8#+(#&]7#2*+$#$&)*'/*//%(&%8#_'CQ#4%(+$%'*&'#/>&DEMN/H'`+A#&#"%#'1+%*$&#/%0'
K[7#2*+$#*"1$&#$#&(#$E#8#\5%L'f%$V&'&P0$77(&DEM^/H&4#.%#$&)#']7#2*+$#*'"1$&#$#_'
8*%%3*+#'CQ(#+'*&'#/-&DEFE/H&'&7+#8)*/10(*+"5"';#0"%$1%E*0'CK++!Wi#WY!6.!%&*&'#/-'DEFF/9&
+$3!"&(00!"&!-'418,$#8*#*9';4%+$&*$%&(")(*,("&3(&0$"&?A%(#$"&!/0&1$%#','@&*$101/*$-''R!&
-$!*!%?,%!9&*$.)4("+$&",.,0!#&C*!#7$.(+$V,W,7$?!,%!/9&"(&6!&6!00!3$&(%&7#2*+$#$&)*'
%21.#'!"@&*$.$&(%&-!#,!"&(")(*,("&3(&?1#8#$.#'CL!%$+&'&U$4+!#(0&DE^^H&Y,*6!#3&*&'#/-'
DEF]H&J6$.!"&'&Q,(.!%%&DENF/&'&(%&]^&(")(*,("&3(&7#2*+$#*"1$&#$#'C:!%&Q((S&*&'#/-&
]NF&
&
DEFk/>&&R!&+!7(#%!%+,%!&("&4%&,"B.(#$&3(&0!&,7$?!,%!&'&+!.7,A%&"(&6!00!&)#("(%+(&(%&7-&
%21.#''&(%&3$"&(")(*,("&3(&7#2*+$#*"1$&#$#'C:!%&Q((S&*&'#/-'DEFk/>&&R!&,7$?!.@%!&("&$+#$&
*$%"+,+4'(%+(&3(&J>&%21.#'54(&+!.7,A%&"(&6!00!&(%&(")(*,("&3(&?1#8#$.#&C`(37(#?&*&'#/-'
DEFI/&'&(%&%4.(#$"!"&(")(*,("&3(0&?A%(#$&7#2*+$#*"1$&#$#'C:!%&Q((S&*&'#/-'DEFk/>&&
K4%54(&"(&*$%",3(#!&!&0!&,7$?!@%!&(0&)#,%*,),$&!*+,-$&#(")$%"!70(&3(&0!"&)#$),(3!3("&
("+,.40!%+("&'&-,",$%!#,!"&3(&7-&%21.#'CU!,?%!40+&'&_(0$4#.(W`$43A&DEMM/9&0!&-$!*!%?,%!9&
+!7(#%!%+,%!&'&,7$?!.,%!&6!%&)#("(%+!3$&)#$),(3!3("&",.,0!#("&!&0!"&3(&0!&,7$?!@%!&(%&
(V)(#,.(%+$"&#(!0,2!3$"&*$%&!%,.!0("&CQ(#+&*&'#/-'DEFFH&p(+0(#&*&'#/-'DENF/&'&)4(3(&54(&
*$%+#,74'!%&!0&(8(*+$&-,",$%!#,$&3(&J>&%21.#-&
&&&O0&)#,.(#&("*#,+$&"$7#(&(0&4"$&3(&7#2*+$#$&)*'%21.#'1'S*21B#U'!)!#(*,B&(%&DFNk9&
)470,*1%3$"(&)$"+(#,$#.(%+(&$+#$"&#(0!+$"&!*(#*!&3(&"4&4"$&(%&U!7B%&'&(0&X$%?$&7(0?!&
*$.$&("+,.40!%+(&'&!8#$3,"@!*$&C\$)(&DENE/>&&O%&DEG]&"(&,%8$#.B&)$#&)#,.(#!&-(2&3(&0!"&
)#$),(3!3("&-,",$%!#,!"&3(&0!&*21B#''&!*(#*!&3(&"4&4"$&(%&4%&*40+$&3(0&X$%?$&CP*60(,88(#&
DEMEH&P*640+("&'&`$8.!%%&DEFG/>&&P(&6!&)470,*!3$&4%&+#!7!;$&3(+!00!3$&"$7#(&(0&*40+$&O5%&%'
3(&0!&*21B#'(%&U!7B%&CT(.!%3(2&DEMIH&T(#%!%3(2&DEFI/>&&R$"&,%,*,!3$"&!0&*40+$&Q4,+,&
*$.(%&(0&)$0-$&3(&0!&*$#+(2!&3(&0!&#!@2&3(&*21B#'(%&3$","&.!",-!"9&3(&D^&!&^G&-(*("&0!&3$","&
.@%,.!&%$#.!0&3(&IG&?#!.$"&54(&*$%+,(%(&4%$"&M^WDI^&.?&3(&,7$?!@%!>&&R!&3$","&,%,*,1+,*!&
)(%"!3!&)!#!&Z!7#,#&0!&*!7(2![&)4(3(&*$%+(%(#&)$#&+!%+$&6!"+!&N9I^&?#!.$"&3(&,7$?!@%!9&
)$#&0$&54(&%$&#("40+!&"$#)#(%3(%+(&54(&("+!&!)(#+4#!&3(&*!7(2!&6!'!&!*!7!3$&*$%&0!&-,3!&
3(&!0?4%$"&,%,*,!3$"&CT(.1%3(2&DEMI/>&&K&3$","&.(%$#("9&0!&3#$?!&%$&)#$34*(&
!)!#(%+(.(%+(&-,",$%("&)(#$&+,(%(&4%&.!#*!3$&(8(*+$&("+,.40!%+(&CT(#%1%3(2&DEMIH&
P*60(,88(#&DEME/>&&O%&0!&.,+$0$?@!&3(0&*40+$&O=%&%&8,?4#!&4%&6$%?$&00!.!3$&34%!9&6!7,(%3$&
!)!#(*,3$&#(*,(%+(.(%+(&)#4(7!"&54(&,%3,*!#@!%&54(&(0&6$%?$&("&)",*$!*+,-$&'&4+,0,2!3$&
)!#!&,%34*,#&-,",$%("&'&(%&7#4;(#@!&CP!.$#,%,&DEEI*/>&
&&&K4%54(&0!"&(")(*,("&3(0&?A%(#$&7#2*+$#*'"1$&#$#9'54(&*$%+,(%(%&,7$?!@%!&'&!0*!0$,3("&
,%3B0,*$"&#(0!*,$%!3$"9&+,(%(%&.4*6!"&!)0,*!*,$%("&.(3,*,%!0("&(%&3,-(#"!"&)!#+("&3(0&
.4%3$9&%$&)!#(*(&54(&"(&6!'!%&4+,0,2!3$&+#!3,*,$%!0(.(%+(&*$.$&(.7#,!?!%+("9&*$%&0!&
(V*()*,B%&3(&7#2*+$#*"1$&#$#'8133*1%E*0'54(&*$%+,(%(&-$!*!%?,%!&'&"(&4+,0,2!&*$.$&
("+,.40!%+(&(%&=!3!?!"*!#H&7-'"5+%8#&#'3(&*$.)$",*,B%&54@.,*!&3("*$%$*,3!&C"(&6!%&
3(+(*+!3$&!0*!0$,3("/&4+,0,2!3!&(%&0!&K.!2$%,!&*$0$.7,!%!&CP*640+("&DEME!/&'&7>&E%8)10#'
54(&*$%+,(%(&4%&,"B.(#$&3(&0!&,7$V,?!@%!&'&54(&(%&0!&j%3,!&"(&0!&*$%$*(&)$#&"4"&
)#$),(3!3("&3(0,#!%+("&C:!%&Q((S&*&'#/-'DEFk/>''7#2*+$#*"1$&#$#'E%A#+%8#&#''&7-&
(#$E#8#\5%9'4%!&(")(*,(&54(&*$%+,(%(&,7$?!@%!&C*$.$&7>&8%&&%31/%#'1&`+A#&#"%#'1+%*$&#/%0P'
"(&4+,0,2!%&*$.$&"(3!%+("&'&!%!0?A",*$"&(%&.(3,*,%!&+#!3,*,$%!0&+!,0!%3("!9&)#("(%+!%3$&
0$"&(V+#!*+$"&3(&3,-(#"!"&)!#+("&3(&!.7!"&(")(*,("&)#$),(3!3("&"(3!%+("&'&!%!0?A",*!"&(%&
0$"&+("+"&8!#.!*$0B?,*$"&CJ!("$+,S40&*&'#/-'DEFE/>&`/'0#$#$)19'4%!&(")(*,(&3(0&?A%(#$&
7#2*+$#*'"1$&#$#9'("&4%&,%?#(3,(%+(&*$%$*,3$&3(&0$"&-(%(%$"&"43!.(#,*!%$"&3(&80(*6!"&
CQ,""(+&DEEI!/&'&7-'0#$#$)1'"(&6!&4+,0,2!3$&;4%+$&*$%&$+#!"&(")(*,("&3(&7#2*+$#*"1$&#$#'
(%&.(3,*,%!&)$)40!#&(*4!+$#,!%!&*$%&(0&%$.7#(&3(&&0%8&#'Cf$6%&DEEI/>&&i%$&3(&0!"&8!*(+!"&
.1"&,%+#,?!%+("&3(&0!&&0%8&#'("&"4&4"$&*$.$&!'43!&(%&0!&*!2!&)!#!&!?43,2!#&0$"&"(%+,3$">&&
_(")4A"&3(&*!)(!#&0$"&(8(*+$"&,%,*,!0("&3("!?#!3!70("&3(&0!&,%84",B%&3(&*$#+(2!&3(&&0%8&#9'(0&
4"4!#,$&"(&-4(0-(&.1"&"(%",70(&'&!4.(%+!&"4&("+!3$&3(&!0(#+!&C=,00(#&DEE]/&3(&8$#.!&
)!#(*,3!&!&0$"&(8(*+$"&3(&
]NE&
&
Z.!?,!&)!#!&0!&*!2![&$7+(%,3$"&.(3,!%+(&0!"&"(*#(*,$%("&3(&0!&),(0&3(&#!%!"&+BV,*!"&CK.!+$&
DEEIH&-A!"(&X!)@+40$&]/>&&OV,"+(%&)#4(7!"&3(&54(&!0?4%!"&(")(*,("&3(&?1#8#$.#'"(&4+,0,2!%&
*$.$&("+,.40!%+("&(%&o8#,*!&C=$%+?$.(#'&DEEG/>&&i%!&(")(*,(&%$&,3(%+,8,*!3!&3(&0#$#$)1'
1'7#2*+$#*"1$&#$#'3(&0!&K.!2$%,!&6!&",3$&*,+!3!&*$.$&!3,+,-$&3(&0!&#,#)5#08#'C-A!"(&
X!)@+40$&kH&P*640+("&'&`$8.!%%&DEME/&;4%+$&*$%&$+#!"&+#("&(")(*,("&3(&!(18,$#8*#*a'
H%"#&#$&)50'058552#9'F#/15*&%#'&#"#\5#+%$#',&F#$E*A%//#'08#2+#'CQ,""(+&DEEI7H&R4%!&
DEFk7H&R4%!&'&K.!#,%?$&DEED/>&&R!&,%84",B%&3(&0!"&6$;!"&3(&7#2*+$#*"1$&#$#')*&*+1(),//#'
"(&4+,0,2!%&*$.$&+B%,*$&)!#!&0!"&)(#"$%!"&3(&(3!3&!-!%2!3!&(%&0!&#(?,B%&!.!2B%,*!&
CP*640+("&DEME!/>&&
&&&R!&,7$?!@%!9&$7+(%,3!&)$#&)#,.(#!&-(2&(%&DEGD&#(*,7,B&!0&)#,%*,),$&4%&4"$&.A3,*$&
0,.,+!3$&*$.$&!%+,3()#(",-$&CT4#"+&DEMN/>&&=1"&#(*,(%+(.(%+(9&(0&)",*$+(#!)(4+!&X>&
<!#!%;$&6!&(V)(#,.(%+!3$&*$%&(0&*$.)4("+$&)4#$&'&(0&(V+#!*+$&3(&7-&%21.#'*$.$&!'43!&!&
0!&)",*$+(#!),!>&&<!#!%;$&(%*$%+#B&54(&0!&3#$?!&)#("(%+!7!&*,(#+$"&(8(*+$"&7(%(8,*,$"$"9&
)!#+,*40!#.(%+(&0!&(0!7$#!*,B%&3(&8!%+!"@!"&'&0!&#(.(.$#!*,B%&3(&-,-(%*,!"&3(&0!&,%8!%*,!&
C<!#!%;$&DEM]!/>&&_(7,3$&!&"4&3,")$%,7,0,3!3&0,.,+!3!9&6!&6!7,3$&)$*!&(V)(#,.(%+!*,B%&
.$3(#%!&*$%&0!&,7$?!@%!&$&*21B#'*$.$&3#$?!&0h3,*!>&&P+!88$#3&6!&#()#$34*,3$&(0&#(0!+$&3(&
4%&(V)(#,.(%+!3$#&.$3(#%$&'&!b!3(&54(&0!&,7$?!@%!&)!#(*(&6!7(#"(&",%+(+,2!3$&(%&
$*!",$%("&)!#!&(0&.(#*!3$&%(?#$&3(&0$"&OOii9&'!&54(&0!&3#$?!&6!&!)!#(*,3$&(%&0$"&
,%8$#.("&3(0&"(#-,*,$&3(&!%10,","&3(&Z3#$?!"&*!00(;(#!"[&3(0&0!7$#!+$#,$&\6!#.&X6(.&
CP+!88$#3&DEF]/9&!4%54(&0$&.1"&)#$7!70(&("&54(&"(&+#!+!#!&3(&,7$?!@%!&(V+#!@3!&3(&0!&
)0!%+!&'&%$&3(&.!+(#,!0&",%+A+,*$>&&R!&8!0+!&3(&3,")$%,7,0,3!3&3(&,7$?!@%!&%$&(-,+B&54(&(0&
?$7,(#%$&3(&0$"&OOii&3(*,3,(#!&,0(?!0,2!#&0!&"4"+!%*,!9&54(&"(&(%*4(%+#!&!*+4!0.(%+(&(%&0!&
R,"+!&D&;4%+$&*$%&0!&RP_9&_=J9&)",0$*,7,%!&'&$+#$">&&Y(*,(%+(.(%+(&"(&6!&)$3,3$&3,")$%(#&
3(&"4.,%,"+#$"&,.)$#+!3$"&3(&#!@2&3(&7#2*+$#$&)*'%21.#'(%&(0&.(#*!3$&%(?#$&3(&0!&*$"+!&
3(0&)!*@8,*$&3(&0$"&OOii9&'&0!"&+,%+4#!"&3(&#!@2&3(&*21B#'6!%&(%*$%+#!3$&"4&04?!#&(%&0!&
8,+$.(3,*,%!&(4#$)(!&-(%3,3!"&",%&#(*(+!&(%&0!"&8!#.!*,!"&*$.$&#(.(3,$&6$.($)1+,*$>&&P(&
6!&)#$)4("+$&+!.7,A%&(0&4"$&3(&0!&,7$?!@%!&(%&0!&+(#!),!&*$%+#!&0!&!3,**,B%&!&0$"&$),1*($"9&
4%!&)#$)4("+!&7!"+!%+(&*4("+,$%!70(>&
&
&
j:>&<jXdJj<K9&JKQKXdP&q&\jJiYj&
&
U(%(#!0.(%+(9&%$&"(&*$%",3(#!&!&0!&%,*$+,%!9&)#,%*,),$&!*+,-$&'&!3,*+,-$&3(0&$.%,)#("(%+(&
+!7!*$9&4%&(.7#,!?!%+(&*!)!2&3(&)#$34*,#&-,",$%(">&&O0&7!;$&*$%+(%,3$&(%&%,*$+,%!&3(&0$"&
.$3(#%$"&*,?!#,00$"&.!%48!*+4#!3$"&("9&3(&6(*6$9&,%"48,*,(%+(&)!#!&3("(%*!3(%!#&
 (V)(#,(%*,!"&-,",$%!#,!"9&*!4"!%3$&h%,*!.(%+(&0!&"4!-(&("+,.40!*,B%&3(0&84.!3$#&'&4%&
!0,-,$&3(&0$"&"@%+$.!"&3(&0!&!7"+,%(%*,!&$*!",$%!3$"&)$#&"4&!3,**,B%&!0&+!7!*$&CQ'#%(&
DEFFH&P*6(00,%?&DEEI/>&&P,%&(.7!#?$9&(0&+!7!*$&6!&",3$&(0&(.7#,!?!%+(&*6!.1%,*$&(#+'
*T8*//*$8*'!&0$&0!#?$&'&!%*6$&3(&0!"&K.A#,*!"&'&N%81&%#$#'&#2#85"&C84(%+(&3(&0$"&+!7!*$"&
!*+4!0("&)!#!&*,?!#,00$"9&*,?!##$"&'&),)!/&'&N-'+50&%8#'C4"!3!&(%&2%E%0P'6!%&",3$&0!"&(")(*,("&
.1"&3("+!*!3!">&&_(&!*4(#3$&*$%&(0&(V)(#+$&(%&+!7!*$&L>& c,07(#+9&(%&0!&K.!2$%,!&
SN%81&%#$#'*$%"+,+4'(&4%&!?(%+(&3(&+#!%"8$#.!*,B%&*$3$&!&
]MG&
&&
*$3$&*$%&!$#E*$#$&)*+#9'O#$%0&*+%1(0%09'7+%8)18*+*50'(#8)#$1%'C(0&*!*+$"&P!%&\(3#$/&'&
?%+1/#'(%&(0&.4%3$&3(&0$"&6$.7#("W;!?4!#&'&0!&0,*!%+#$)@!&(%&?(%(#!0[>&&K3(.1"9&0$"&
)#()!#!3$"&3(&+!7!*$&"$%&4%$&3(&0$"&!3,+,-$"&.1"&*$.4%("&'&(V+(%3,3$"&3(&0!"&)$*,$%("&
3(&#,#)#508#'C-A!%"(&X!)@+40$"&D9&]&'&k/&'&.4*6$"&*6!.!%("9&*$.$&0$"&3(&0!&+#,74&3(&0$"&
p1)!#$&Z+$.!%&#,#)5#08#>>>&)!#!&-(#&.(;$#&)(#$&*#((%&54(&"4&!4+A%+,*$&)$3(#&3(#,-!&3(0&
+!7!*$[&CP*640+("&'&`$8.!%%&DEMEH&P*640+("&'&Y!88!48&DEEGH&c,07(#+&DEFM/>&&R!&,%?("+,B%&3(&
+!7!*$&("&4%!&)!#+(&,%+(?#!0&3(0&!)#(%3,2!;(&*6!.1%,*$&(%&+$3!&0!&K.!2$%,!&CK0!#*B%&
DEEGH&P*640+("&'&Y!88!48&DEEI/>&&O%&=AV,*$9&0$"&,%3,$"&+!#!64.!#!&Z*$%",3(#!%&54(&(0&
+!7!*$&",?4(9&(%&,.)$#+!%*,!9&!0&)VB5+%'1'(^,1&/''&54(&("&.1"&)$+(%+(&54(&0!&E*B52#'
K>#&5+#P['CQ'(&DEME!/>&&K)!#+(&3(&N-'&#2#85"','N-'+50&%8#9'0$"&,%3,$"&+!#!64.!#!&84.!%&3(&
8$#.!&#,+4!0&N-'&+%.1$1(),//#'CQ'(&DEME!/9&4%!&(")(*,(&3(&+!7!*$&",0-("+#(&4"!3!&3(0&.,".$&
.$3$&)$#&0$"&,%3,$"&`$),&Cc6,+,%?&DE]E/>&&O%&(0&:,(;$&=4%3$9&0$"&!7$#@?(%("&!4"+#!0,!%$"&
4+,0,2!#$%&$+#!&)0!%+!9&54(&*$%+,(%(&%,*$+,%!9&00!.!3!&(%&5+%9'>521%0%#')1(=11E%%9'(%&8$#.!&
3(&)#()!#!3$&)!#!&.!"*!#9&*$%&8,%("&("+,.40!%+("&'&*$.$&(.7#,!?!%+(&*6!.1%,*$&CX!g+(&
DEF^H&c!+"$%&DEF]H&c!+"$%&*&'#/-&DEF]/>&&K4%54(&71",*!.(%+(&"(&+#!+!&3(&4%&?A%(#$&3(0&
<4(-$&=4%3$9&(V,"+(%&-!#,!"&(")(*,("&3(&+!7!*$&%!+4#!0("&3(0&:,(;$&=4%3$&C3(0&\!*@8,*$&
"4#9&K4"+#!0,!&'&o8#,*!H&-A!"(&T(,%6!%30(#&*&'#/-'DEMEH&U$$3")((3&DE^k/>&&R!&%,*$+,%!&("+!&
)#("(%+(&(%&$+#!"&)0!%+!"&3,-(#"!"&'&"(&6!&(%*$%+#!3$&(%&+#!2!"&(%&0!&6$;!&3(&*$*!9&!4%54(&
("+(&,%8$#.(&!h%&%$&6!&",3$&*$%8,#.!3$&C<$-1S&*&'#/-'DEFk/&R$"&!7$#@?(%("&!4"+#!0,!%$"&
K0'!.!#!&"$0@!%&.!"*!#&C;4%+$&*$%&*(%,2!"&!0*!0,%!"/&0!"&6$;!"&3("(*!3!"&3(&-!#,!"&(")(*,("&
3(&N%81&%#$#'Z)$#&"4&(8(*+$&%!#*B+,*$[a&N-'2*$&)#"%#$#9'N-'.100*%9'N-'%$.5/2#9'N-'
"*.#/10%()1$','N-'A*/5&%$#-''i+,0,2!7!%&3(&8$#.!&",.,0!#&0!"&6$;!"&3(&0!&(")(*,(&#(0!*,$%!3!&
I11E*$%#'/5$#&#-'''R!"&6$;!"&3(&!0?4%$"&3(&("+$"&+!7!*$"&",0-("+#("&(#!%&.!*(#!3!"&'&
-(#+,3!"&(%&)(54(b$"&!?4;(#$"&*$%&!?4!&(%&0!"&#$*!"9&)!#!&!+4#3,#&'&8!*,0,+!#&0!&*!)+4#!&3(&
0$"&)1;!#$"&54(&7(7@!%&3(&(00!&CduX$%%(00&*&'#/-'DEF]/>&&\!#(*(&"(#&54(&N%81&%#$#&%$.5/2#'
(#!&4"!3!&*$.$&(.7#,!?!%+(&)$#&(0&)4(70$&Q,%7,34&3(&K4"+#!0,!&CJ6$."$%&
DEND/>&
R!&(+%$8!#.!*$?%$",!&3(0&+!7!*$&(%&P43!.A#,*!&6!&",3$&#("4.,3!&(%&4%&0,7#$&#(*,(%+(&3(&
L>c,07(#+&712#881'#$E'@)#"#$%0"'%$'@15&)'!"*+%8#'CJ!7!*$&'&X6!.!%,".$&(%&
P43!.A#,*!/&Cc,07(#+&DEFM/>&&c,07(#+&6!7@!&3(+!00!3$&!%+(#,$#.(%+(&(0&4"$&*6!.1%,*$&3(0&
+!7!*$&(%+#(&0$"&,%3,$"&c!#!$&3(&:(%(24(0!&Cc,07(#+&DEMIH&c,07(#+&DEM^/>&&O0&4"$&3(0&
+!7!*$9&$7"(#-!3$&)$#&)#,.(#!&-(2&)$#&0$"&(4#$)($"&(%&(0&)#,.(#&-,!;(&3(&X$0B%9&(#!&
)#1*+,*!.(%+(&4%,-(#"!0&(%+#(&0$"&?#4)$"&,%3@?(%!"&3(0&<4(-$&=4%3$>&&K4%54(&0!&8$#.!&
.1"&*$%$*,3!&3(&+$.!#0$&("&84.!3$9&)!#!&$7+(%(#&0!&(.7#,!?4(2&*6!.1%,*!&+!.7,A%&"(&
6!&4"!3$&.!"+,*!3$9&(%&)$*,$%("9&(%&)#()!#!3$"&$#!0("&Z0!.,70("[&K#"2%/','8)%"ZL'f!.(%W
f!'(&DEMDH&f!.(%Wf!'(&DEM^H&P*640+("&DEk^/9&(%&8$#.!&3(&#!)A&CU$#.!%&DEE]/&'&(%&
*0@"+(#("&$&(%(.!">&&T4.!3$9&("&3(&6(*6$9&0!&8$#.!&3(&!3.,%,"+#!*,B%&.1"&6!7,+4!0&(%&
P43!.A#,*!&",(%3$&*,+!3!&)$#&c,07(#+&(%&I]]&+#,74"&,%3,!"9&"(?4,3$&(%&$#3(%&3(&
)#(-!0(%*,!&)$#&0!"&)$*,$%("&CNk&+#,74"/9&.!"+,*!+$#,$"&C^N&+#,74"/9&#!)A"&C^]&+#,74"/9&
)#()!#!3$"&Z0!.,70("[&CDN&+#,74"/&'&"B0$&*,+B&3$"&+#,74"&54(&0$&4+,0,2!#!%&(%&8$#.!&3(&
*0@"+(#("&Cc,07(#+&DEFM/>&&O0&4"$&3(&(%(.!"&3(&+!7!*$&!)!#(*(&'!&.(%*,$%!3$&(%&(0&+#!+!3$&
*01",*$&3(&<>&=$%!#3("&3(&D^Mk&"$7#(&)0!%+!"&.(3,*,%!0("&3(0&<4(-$&=4%3$&#(,.)#("$&
#(*,(%+(.(%+(&C=$%!#3("&DEEG/>&&O%&+$3$"&0$"&
]MD&
&
*!"$"&"(&4+,0,2!%&?#!%3("&3$","&3(&-!#,(3!3("&)$+(%+("&3(&+!7!*$&)!#!&!0*!%2!#&("+!3$"&
-,",$%!#,$"&3(&+#!%*(9&3(&8$#.!&54(&0$"&*$%$*,3$"&(8(*+$"&3(&0!"&,%+$V,*!*,$%("&?#!-("&)$#&
%,*$+,%!&*!#!*+(#,2!3$"&)$#&!0+(#!*,$%("&3(&0!&-,",B%&C!.70,$)@!&3(0&+!7!*$/&)!#(*(%&"(#&
)!#+(&,%+(?#!0&3(&0!"&-,",$%("&*6!.1%,*!"&(%+#(&0$"&?#4)$"&,%3@?(%!"&"43!.(#,*!%$"&
Cc,07(#+&DEFMH&c,07(#+&DEED/>&&O0&4"$&#,+4!0&3(0&+!7!*$&%$&6!&",3$&(V*04",-$&3(&P43!.A#,*!9&
",%$&54(&N-'+50&%8#'1'(%8%*&/','N-'&#2#85"'1'\5#5),*&/'6!%&+(%,3$&4%!&+#(.(%3!&
,.)$#+!%*,!&(%&(0&=AV,*$&)#(*$0$.7,%$&'&6!&"$7#(-,-,3$&6!"+!&%4("+#$"&3@!"&CT4#"+&DEMNH&
U!#2!&DEEGH&Y$7,*"(S&DEMFH&P*6(0(&'&T#(,3(0&DEEGH&P*6(0(&'&=,00(#&DEFN/>&&R$"&,%3,$"&
%$#+(!.(#,*!%$"&3(&0!"&2$%!"&+(.)0!3!"&*$.$&0$"&,%3,$"&X$"+!%$!&3(&X!0,8$.,!9&0$"&
f!g!,,"4&3(&i+!6&'&0$"&\,.!&54(&4+,0,2!#$%&N%81&%#$#'2%.*/1A%%'CQ$*(S&DEFkH&p,?.$%3&DEFD/&
'&0$"&X64.!"6&54(&4+,0,2!#$%&("+!&(")(*,(&'&N-'#&&*%4!+!&CJ,.7#$$S&DEFkH&J,.7#$$S&DEMFH&
J,.7#$$S&DEEG/>&&P(&6!&(%*$%+#!3$&N-'#&&*$5#&#'(%&!%+,?4$"&*,?!##,00$"&3(&K#,2$%!&
(0!7$#!3$"&!&7!"(&3(&4)+#."%&*0-''T,%!0.(%+(9&("+!&)0!%+!&84(&4"!3!&)$#&0$"&`$),9&\,.!9&
q4.!9&p4%,9&c!"6$(&'&0$"&,%3,$"&\!,4+(&3(0&"4#&CK3!."&DEEG/&'&3(&8$#.!&+#!3,*,$%!0&+!%&!0&
%$#+(&*$.$&X!%!319&)$#&(;(.)0$&)$#&0$"&,%3,$"&J7$.)"$%&CJ4#%(#&*&'#/-'DEEG/>&
K4%54(&"(&6!&,%+(%+!3$&(V)0,*!#&(0&4"$&3(0&+!7!*$&*$.$&(.7#,!?!%+(&*6!.1%,*$&)$#&0!&
)#("(%*,!&3(&*$.)$%(%+("& *!#7$0@%,*$"&CL!%,?(#&'&_$7S,%&3(&Y@$"&DEMN/9&0!"&(")(*,("&3(&
+!7!*$&,.)$#+!%+("&(%&(0&*6!.!%,".$&*$%+,(%(%&%,*$+,%!&'&!&-(*("&*!%+,3!3("&.(%$#("&
3(&%$.,*$+,%!9&",(%3$&("+$"&*$.)4("+$"&0$"&)#,%*,)!0("&#(")$%"!70("&3(&0!"&)#$),(3!3("&
8!#.!*$0B?,*!"&3(0&+!7!*$>&&O%&)!0!7#!"&3(&L>c,07(#+a&Z(0&,%+(#A"&3(&0$"&%!+,-$"&)$#&(0&
+!7!*$&"(&*(%+#!&(%&(0&!0*!0$,3(&%,*$+,%!&54(&*$%+,(%(>&&X$.)!#!%3$&0$"&3!+$"&(+%$?#18,*$"&
3(0&4"$&3(0&+!7!*$&*$%&0$"&#("40+!3$"&3(&0$"&("+43,$"&(V)(#,.(%+!0("&'&*0@%,*$"&"(&3(34*(&
54(&0!"&)#$),(3!3("&8!%%!*$0B?,*!"&3(&0!&%,*$+,%!&(V)0,*!#@!%&*,(#+!"&)#1*+,*!"&+(#!)A4+,*!"&
'&*#((%*,!"&84%3!.(%+!0("&3(0&*6!.!%,".$&3(0&+!7!*$&(%&P43!.A#,*![&Cc,07(#+&DEED/>&&R!&
%,*$+,%!9&!,"0!3!&)$#&)#,.(#!&-(2&(%&DFGM9&("&(V+#(.!3!.(%+(&+BV,*!&7!"+!%3$&4%!&$&3$"&
?$+!"&3(&%,*$+,%!&)4#!&CNGWDIG&.?/&*$0$*!3!"&"$7#(&0!&),(0&)!#!&.!+!#&!&4%&"(#&64.!%$&
!340+$>&&i%&*,?!##$&6!7,+4!0&*$%+,(%(&"48,*,(%+(&%,*$+,%!&)!#!&.!+!#&!&3$"&)(#"$%!"&",&"(&
,%'(*+!#!&(%&"4"&*4(#)$"&CR!#"$%&*&'#/-'DEND/>&&_(&6(*6$9&0!"&(")(*,("&3(&N%81&%#$#'"(&6!%&
4+,0,2!3$&*$.$&,%?#(3,(%+(&3(&0$"&-(%(%$"&3(&3!#3$"&(%&P43!.A#,*!&CQ,""(+&DEEI!/&'&"(&
*$%$*(&*$.$&.@%,.$&4%&8!00(*,.,(%+$&3(7,3$&!&0!&,%?("+,B%&!**,3(%+!0&3(&6$;!"&3(&Z+!7!*$&
3(0&3(",(#+$[&N-'&+%.1$1(),//#'C(")(*,(&4+,0,2!3!&+#!3,*,$%!0.(%+(&)$#&0$"&,%3,$"&\,.!&'&
q4.!H&K3!."&DEEG/>&&K&"4&-(29&0!"&6$;!"&3(&N-'./#58#9'54(&*$%+,(%(&!%!7!",%!9&+!.7,A%&
6!%&*!4"!3$&.4(#+("&CX!"+$#(%!&*&'#/-'DEFMH&J4.(#&'&P2*2!g,%"S,&DEED/>&&K*+4!0.(%+(9&0$"&
,%3,$"&64,*6$0("&3(&=AV,*$&)#()!#!%&4%!&.(2*0!&(.7#,!?!%+(&)!#!&84.!#&54(&00!.!%&,*:
&5"5&0W/%9'!&)!#+,#&3(&N%81&%#$#'+50&%8#',',#)5&/%'C("*#,+$&+!.7,A%&#)5&/%&$&,#5)&/%&'&00!.!3$&
+!.7,A%&(*+%8Z$P'$'7#.*&*0'/58%E#9')!#,(%+(&3(&7-'*+*8&#'1&b*"(1#/TZ8)%)'KA^#0*'K)A%3,*(&
QH&P,(?(0&*&'#/-'DEMM/>&&O%&P4#,%!.&'&0!&U4!'!%!&8#!%*("!&+!.7,A%&6!&",3$&4+,0,2!3$&4%&#!)A&
)",*$+$.,.A+,*$&!&7!"(&3(&N-'&#2#85"''&*(%,2!"&3(&@&*+85/%#'C\0$+S,%'*&'#/-'DEFG/>&&O0&4"$&
3(0&+!7!*$&*$.$&Z!04*,%B?(%$[&(%&=("$!.A#,*!&6!&",3$&#("4.,3$&7#(-(.(%+(&(%&4%&
!#+@*40$&#(*,(%+(&CO08(#,%S&DEF]/>&
O0&4"$&3(0&(%&5+%9'0!"&6$;!"&*4#!3!"&3(&>521%0%#')1(=11E%%9'*$.$&("+,.40!%+(&'&.!"+,*!+$#,$&
(.7#,!?!%+(&)$#&0$"&!7$#@?(%("&!4"+#!0,!%$"&84(&3("*#,+$&(%&0!&3A*!3!&
]MI&
&
3(&DFNG&)$#&.,(.7#$"&3(&4%&.!0$?#!3$&?#4)$&3(&(V)0$#!3$#("&7!;$&(0&.!%3$&3(&c>L>&
c,00"9&3(&0$"&54(&+$3$"9&!&(V*()*,B%&3(&4%$9&.4#,(#$%&3(&6!.7#(&(%&DFND>&&R$&00!.!#$%&
2*E.*+,9'(*E.*+,','(%&8)*+,''&0$&*!0,8,*!#$%&3(&Z!0+!.(%+(&(.7#,!?!%+([&!b!3,(%3$&54(&
Z3(")4A"&3(&.!"*!#0$&34#!%+(&!0?4%$"&.,%4+$"&.(&(%*$%+#A&7!"+!%+(&!0(?#(&(&,%3,8(#(%+(&
!&.,&",+4!*,B%[&Cc>L>&c,00"&'&K>&=$#(6(!3&*,+!3$"&(%&P*60(,88(#&DEME/>&&O"+(&#(0!+$&("&
7!"+!%+(&!%(*3B+,*$&*$%",3(#!%3$&54(&0!&Z",+4!*,B%[&3(0&!4+$#&(#!&?#!-(a&s"(&("+!7!&
.4#,(%3$&3(&6!.7#(&'&*$%+(.)0!7!&*$.$&"4"&*$.)!b(#$"&3(&(V)(3,*,B%&.$#@!%&!&"4&-(2t&&
O%&3,-(#"!"&.4("+#!"&3(&(%&5+%9'!"@&*$.$&(%&0!"&6$;!"&3(&>-')1(=11E%%9'"(&6!&3(+(#.,%!3$&
0!&)#("(%*,!&3(&4%!&(0(-!3!&*$%*(%+#!*,B%&3(&%,*$+,%!9&!0#(3(3$#&3(0&^l9&;4%+$&*$%&
%$.,*$+,%!&'&$+#$"&!0*!0$,3("&#(0!*,$%!3$">&&R!"&#!@*("&3(&>-')1(=11E%%'*$%+,(%(%&
6,$"*,!.,%!&'&("*$)$0!.,%!&!3(.1"&3(&%,*$+,%!9&%$#%,*$+,%!&'&$+#$"&!0*!0$,3("&
#(0!*,$%!3$">&&O%&4%!&.4("+#!&3(&(%&5)'*$%&4%!&!%+,?e(3!3&3(&FG&!b$"&"(&6!00B&4%&G9^l&3(&
%,*$+,%!&'&4%&G9Il&3(&.(+!%,*$+,%!&*$%&+#!2!"&3(&$+#$"&!0*!0$,3("&Cc!+"$%&*&'#/-'DEF]/>&&
i%!&(")(*,(&#(0!*,$%!3!9&>521%0%#'",1(1+1%E*09'("&4+,0,2!3!&(%&<4(-!&X!0(3$%,!&)$#&0$"&
%!+,-$"&*$.$&!%+@3$+$&*$%+#!&4%&(%-(%(%!.,(%+$&)$#&)(*("&+BV,*$"&00!.!3$&Z,%+$V,*!*,B%&
*,?4!+(#![&CQ$4#3'&*&'#/-'DEEI/>&&R!"&6$;!"&3(&("+!&(")(*,(&"(&,%?,(#(%&)!#!&*$%+#!##("+!#&(0&
(%-(%(%!.,(%+$&'&(%&(00!"&"(&6!&6!00!3$&%,*$+,%!9&%$.,*$+,%!9&!+#$),%!&'&("*$)$0!.,%!>&&
P(&6!&("+,.!3$&54(&3$"&7$*!3$"&3(&0!"&6$;!"&)$3@!%&*$%+(%(#&!0#(3(3$#&3(&^G&.?&3(&
%,*$+,%!&'&IG&.?&3(&("*$)$0!.,%!&C_48-!&*&'#/-'DEMN/>&&P(&"!7(&+!.7,A%&54(&0$"&!7$#@?(%("&
!4"+#!0,!%$"&54(&.!"*!%&0!"&6$;!"&3(&(")(*,("&",0-("+#("&3(&N%81&%#$#9'54(&)#$7!70(.(%+(&
*$%+,(%(%&%,*$+,%!9&4+,0,21%3$0!"&*$.$&("+,.40!%+(&C\(+(#"$%&DEME/>&
&
&
<>&T$<$(.2-"!$%&?&/%./+2/%&.%2+"$+#2<$%&
1/5&60!/-"&.2./-&
&
R!"&S!-!W),#$%!"&C$&S!-!W0!*+$%!"/&"$%&4%&?#4)$&3(&*$.)4("+$"&%$&%,+#$?(%!3$"&
$7+(%,3$"&3(&0!&#!@2&3(&4%(*+'"*&),0&%85"9'*$%&0!&*4!0&"(&)#()!#!7!&+#!3,*,$%!0.(%+(&4%!&
7(7,3!&(.7#,!?!%+(&00!.!3!&B#A#'C*$%$*,3!&(%&T,;,&*$.$&,#\1$#'1',#.1$#9'(+1%4%*,!3$&
Z'!%?$%![/&(%&+$3!&d*(!%,!&CQ!##!4&DE^MH&Q#4%+$%&DEFEH&X!g+(&DEF^H&X$V&DEEIH&U!++'&
DE^NH&`$4?6&DEGkH&R(7$+&DEEDH&R(7$+&*&'#/-'DEEIH&P,%?6&DEEI/>&&K4%54(&"(&6!&!8,#.!3$&
54(&0!&)!0!7#!&B#A#')#$-,(%(&3(0&+A#.,%$&"1%"*#,+$&4+,0,2!3$&)!#!&3(",?%!#&4%!&)$*,B%&
(.7#,!?!%+(9&B#0,#'CP+(,%.(+2&DENG/9&(0&$#,?(%&.1"&)#$7!70(&3(0&%$.7#(&("&(0&%$.7#(&
)$0,%(",$&3(&0!&)0!%+!&3(&0!&54(&"(&$7+,(%(9&#A#'CR(7$+&'&RA-("54(&DEFE/>&&\$#&$+#!&)!#+(9&"(&
6!&!34*,3$&54(&0$"&)$0,%(",$"&"$%&$#,?,%!#,$"&3(0&"4#&3(&0!&j%3,!9&)$#&0$&54(&"(&6!&
*$.)!#!3$&0!&*(#(.$%,!&3(0&B#A#'*$%&(0&"!*#,8,*,$&-A3,*$&3(0&01"#'C-A!"(&X!)@+40$&NH&
c,00,!."$%&DE]E/>&&R!&.(+,"+,*,%!&84(&(0&)#,.(#&*$.)4("+$&!*+,-$&!,"0!3$&3(0&B#A#'(%&DFNGW
ND&CX42(%+&DFNDH&U$70('&DFNG/&'&)$#&0$&.(%$"&"(&*$%$*(%&$+#!"&*,%*$&),#$%!"&!*+,-!"&C3(9&
*$.$&.@%,.$9&4%&+$+!0&3(&DE/&(%&0!&)0!%+!a&3,6,3#$.(+,"+,*,%!9&S!g!,%!9&3,6,3#$S!g!,%!9&
'!%?$%,%!&'&3(".(+$V,'!%?$%,%!&C_4-(&DEFDH&`1%"(0&DENFH&LB""!%?&'&=$06$&DENMH&LB""!%?&
'&=$06$&DEMGH&f(00(#&'&j?$6"&DEN]H&0?$6"&
]M]&
&
DENMH&R(7$+&'&RA-("54(&DEFEH&R(g,%&DFFNH&=('(#&DENMH&P!e(#&'&`1%"(0&DENMH&P(%?4)+!&'&
Y!'&DEFMH&P.,+6&DEF]H&P.,+6&*&'#/-'DEFkH&q$4%?&*&'#/-'DENN/>&&R!&'!%?$%,%!&+!.7,A%&"(&
6!00!&(%&(")(*,("&3(&G#$5$85/509''&0!&7,"W%$#'!%?$%,%!&"(&6!&(%*$%+#!3$&(%&-!#,!"&
(")(*,("&3(&6$%?$"&(%+#(&(00$"&(0&6$%?$&)",0$*@7,*$&(%+($?A%,*$&I,"$1(%/50'0(*8&#2%0,"&
C-A!"(&X!)@+40$&^H&`!+8,(03&'&Q#!3'&DENEH&`!+8,(03&'&Q#!3'&DEMDH&d++&DEMN7/>&&i%&!0*!0$,3(&
3(#,-!3$&3(&0!&),#,3$%!9&0!&),)(#.(+,"+,%!&"(&(%*4(%+#!&(%&0!"&6$;!"&3(0&B#A#&CP.,+6&DEME/&'&
"(&3,*(&54(&0!&-!#,(3!3&6!g!,!%!&00!.!3!&B#A#'$*.+#'("&4%!&3(&0!"&.1"&)$+(%+("9&*$%&4%!"&
6$;!"&3(&)$+(%*,!&(54,-!0(%+(&!&0!&3(&0!"&#!@*("&3(&0!"&-!#,(3!3("&$#3,%!#,!"&CT!**,$0!&
DEEG/>&&J!.7,A%&(V,"+(&4%!&-!#,(3!3&6!g!,!%!&00!.!3!&D*)5#&B#A#9'ZS!-!&#$;!9[&54(&("&
!h%&.1"&)$+(%+(&54(&(0&%(?#$&C=$%+?$.(#'&DEEG/>&
O0&4"$&3(&0!&7(7,3!&(.7#,!?!%+(&B#A#'84(&3("*#,+$&)$#&)#,.(#!&-(2&)$#&0$"&(4#$)($"&
*4!%3$&(0&*!),+1%&X$$S&-,",+B&0!"&,"0!"&P!%3g,*6&C`!g!,,/&(%&DMNF&CP*60(,88(#&DEME/&'&"4&
3("*#,)*,B%&7$+1%,*!&"(&3(7(&!&L>U>K>&T$#"+(#9&4%&7$+1%,*$&54(&!*$.)!b$&!&X$$S&(%&"4&
"(?4%3$&-,!;(&3(&DMMDWDMM^&CR(7$+&DEED/>&&`$'&(%&3@!&0!&)0!%+!&*#(*(&(V*04",-!.(%+(&
*40+,-!3!9&'&"(&*#((&54(&"4&)#(*4#"$#&",0-("+#(&("&4%(*+'=%8)"#$$%%'CR(7$+&DEED/9&0!&h%,*!&
(")(*,(&",0-("+#(&3(&4%(*+'54(&"(&"!7(&54(&*$%+,(%(&0!"&S!-!W),#$%!"&CX6(g&DEMIH&R(7$+&'&
RA-("54(&DEFE/>&&P(&*$%",3(#!&54(&0!"&(")(*,("&",0-("+#("&84(#$%&4+,0,2!3!"&)$#&0$"&
!%+()!"!3$"&3(&0$"&7(7(3$#("&3(&B#A#'!*+4!0("&'&"(&4+,0,2!&!h%&6$'&3@!&*$.$&!3,+,-$&
CR(7$+&*&'#/-'cdefP-''4%(*+'=%8)"#$$%%'"(&4+,0,2!7!&(%&<4(-!&U4,%(!&)!#!&Z*$%+#!##("+!#&0!&
.!?,![&CJ(07!%&DEFF/&'&4-'052(*/&#&5"'"(&4+,0,2!&(%&0$"&6(*6,2$"&!.$#$"$"&(%&=!3!?!"*!#&
CQ(!4;!#3&DEFF/>&&O0&B#A#'+!.7,A%&"(&7(7(&(%&P!.$!&*$.$&(.7#,!?!%+(&CX$V&*&'#/-'DEFEH&
U#!++!%&DEkFH&`$0.("&DENM/9&0!"&<4(-!"&`A7#,3!"&CU!;34"(S&DENM/9&J$%?!9&T,;,9&J!6,+@9&0!"&
j"0!"&X!#$0,%!"&(%&=,*#$%(",!&+!%&!0&$("+(&*$.$&i-(!&Cf,#*6&DEMF/&'&(%&.4*6!"&$+#!"&,"0!"&
3(&=(0!%(",!&CQ!%!*S&DEEDH&T$#3&DENMH&P*60(,88(#&DEME/>&&R!&#(*,(%+(&,%+#$34**,B%&3(0&B#A#'
(%+#(&0$"&?#4)$"&!7$#@?(%("&!4"+#!0,!%$"&*$.$&4%!&8$#.!&3(&"4"+,+4,#&(0&!0*$6$0&6!&
*$%34*,3$&!&4%&4"$&(%+4",!"+!&3(&8$#.!&54(&!6$#!&"(&0!&*$%",3(#!&!00@&4%!&Z3#$?!&3(&
!74"$[&CX!g+(&DEF^H&\#("*$++&'&=*X!00&DEFF/>&
J#!3,*,$%!0.(%+(9&0!"&#!@*("&3(&0!&)0!%+!&3(&B#A#'*40+,-!3!&"(&.!"+,*!7!%&'&("*4)@!%&'&!&
*$%+,%4!*,B%&0!&.!"!&3,04,3!&#("40+!%+(&"(&.(2*0!7!&'&8,0+#!7!&!%+("&3(&7(7(#0!&CR(7$+&
DEEDH&P*60(,88(#&DEME/>&&O"+(&.A+$3$&!h%&"(&4+,0,2!&(%&0!"&<4(-!"&`A7#,3!"&CU!;34"(S&
DENM/9&.,(%+#!"&54(&(%&P!.$!&'&3(.1"&04?!#("9&"(&4+,0,2!&4%&.A+$3$&.1"&.$3(#%$&
*$%","+(%+(&(%&.!*6!*!#&$&)40-(#,2!#&0!"&#!@*("&(%&04?!#&3(&.!"*!#0!"&C`$0.("&DENMH&R(7$+&
DEED/>&&O%&R!49&T,;,9&0!"&3,"(%",$%("&0!7$#!0("&(%+#(&0$"&*$%"+#4*+$#("&3(&*!%$!"&"(&(-,+!%&
6!70!%3$&!0&!%$*6(*(#&3(&0!"&+!#(!"&54(&0("&"$%&!",?%!3!"&!&*!3!&4%$&)!#!&(0&3@!&",?4,(%+(9&
!0#(3(3$#&3(&4%&+!2B%&3(&B#A#'CQ!%!*S&'&X$V&DEFM/>&&K4%54(&(0&B#A#'"(&4"!&)#,%*,)!0.(%+(&
*$.$&(.7#,!?!%+(&CT$#3&DENMH&U!;34"(S&DENMH&`$0.("&DENMH&P*60(,88(#&DEME/9&+!.7,A%&"(&
4+,0,2!&(%&(+%$?,%(*$0$?@!&(%+#(&0$"&J$%?!&CP,%?6&*&'#/-'DEFk/&!"@&*$.$&*$%+#!&0!"&),*!34#!"&
(&,%80!.!*,$%("&Cc6,"+0(#&DEED/>&&J!.7,A%&"(&4+,0,2!&*$.$&.(3,*,%!&(%&`!g!,,&CK77$+&'&
P6,.!24&DEF^/>&&R$"&"(%!3$#("&=!$#,&3(&0!"&,"0!"&X$$S&4+,0,2!%&(0&(V+#!*+$&3(&B#A#')!#!&
+#!+!#&0!"&!8(**,$%("&3(&0!"&-,!"&4#,%!#,!"&Cc6,"+0(#&DEF^/9&.,(%+#!"&54(&(%&P!.$!&"(&4+,0,2!&
*$.$&#(.(3,$&*$%+#!&0!"&(%8(#.(3!3("&-(%A#(!"&Ci6(&DEMk/>&&R$"&(V+#!*+$"&3(&B#A#'
)#("(%+!%&!*+,-,3!3&84%?,"+1+,*!&0$&54(&(V)0,*!#@!&"4&4"$&(%&(+%$.(3,*,%!&*$.$&!%+,"A)+,*$&
)$#&-@!&+B),*!&
]Mk&
&
C`1%"(0&*&'#/-'DENN/>&&R!"&!)0,*!*,$%("&(+%$.(3,*,%!0("&3(0&B#A#'(%&+$3$&(0&1#(!&3(0&\!*@8,*$&
6!%&",3$&#("4.,3!"&#(*,(%+(.(%+(&(%&8$#.!&3(&X4!3#$&CR(7$+&DEED/>&&O%&J$%?!9&"(&!"$*,!&
!&0$"&-(%(%$"&3(&)(*("&*$%&(0&B#A#'*$.$&(%&(0&*!"$&3(0&B#A#)#)#'1&ZS!-!&3(&)(2[&C_(##,"'
&+%31/%#&#P9','B#A#3%0%'$&ZS!-!&3(&T,;,[&K7*()+10%#'(%08#&1+%#L&Y,*S!#3&'&X$V&DEFN/>&
&&K4%54(&(0&(8(*+$&)#,%*,)!0&3(&0!&7(7,3!&3(&B#A#'("&"(3!%+(&'&(48$#,2!%+(9&)!#(*,3$&!0&3(&
4%&*$*S+!,0&!0*$6B0,*$&",%&#("!*!&Cf#(+"2*6.!#&DEMGH&R(7$+&DEEDH&R(g,%&DEIk/9&0!&3#$?!&6!&
",3$&+!.7,A%&4+,0,2!3!&*(#(.$%,!0.(%+(&!"$*,!3!&!&*40+$"&#(0,?,$"$"&CX$V&'&Q!%!*S&DEEDH&
R(7$+&DEEDH&P*60(,88(#&DEME/&'&(%&`!g!,,&"(&!"$*,B&"4&4"$9&(%&$+#!&A)$*!9&!&0$"&B#)5$#'$&
*6!.1%r"!*(#3$+(&CJ,+*$.7&DEkF/>&&P(&6!&!8,#.!3$&54(&0!"&)$*,$%("&3(&B#A#')#$34*(%9&!&
3$","&(0(-!3!"9&(8(*+$"&",.,0!#("&!&0$"&3(&0!&RP_&$&)",0$*,7,%!&C`$88(#&'&d".$%3&DENM/>&&R!"&
),#$%!"&!*+,-!"&!,"0!3!"&3(0&B#A#')#("(%+!%&)#$),(3!3("&#(0!;!%+("&.4"*40!#("&C=('(#&
DENM/&!0&,?4!0&54(&0$"&(V+#!*+$"&3(&0!&#!@2&CQ4*S0('&*&'#/-'DENM/>&&R$"&(V+#!*+$"&3(&B#A#'
)#$34*(%&("+!&#(0!;!*,B%&.4"*40!#&.(3,!%+(&4%&.(*!%,".$&",.,0!#&!0&3(&0$"&!%("+A",*$"&
0$*!0("&CP,%?6&DEF]/>&&K0?4%!"&*$.)!b@!"&8!#.!*A4+,*!"&"(&,%+(#("!#$%&(%&0!"&)$",7,0,3!3("&
3(&0$"&*$.)4("+$"&3(0&B#A#'*$.$&+#!%54,0,2!%+("&.(3,*,%!0(">&&\$#&$+#!&)!#+(9&(%&7!"(&!&
3(+(#.,%!*,$%("&(0(*+#$8,",$0B?,*!"&*$.)!#!+,-!"&*$%&0!&RP_9&0!&3#$?!&84(&*!0,8,*!3!&3(&
Z)",*$+B?(%$&3A7,09[&("&3(*,#&4%&*$.)4("+$&3(0&+,)$&3(&0!&RP_&)(#$&.1"&3A7,0&C=!##!22,&
DENM/>&&O"+43,$"&(%&)(#"$%!"&'&!%,.!0("&6!%&3(+(#.,%!3$&54(&0!&3,6,3#$.(+,*,"+,%!&("&(0&
+#!%54,0,2!%+(&.1"&)$+(%+(&3(&0$"&54(&"(&6!00!%&(%&(0&B#A#')(#$&("&#(0!+,-!.(%+(&3A7,0&
)4("+$&54(&84(#$%&%(*("!#,!"&3$","&3(&FGGWDIGG&.?&(%&64.!%$"9&0$&54(&*$%00(-B&4%!&
"(#,(&3(&(8(*+$"&"(*4%3!#,$"&(%+#(&0$"&54(&3("+!*!#$%&0!"&!0(#?,!"&*4+1%(!"9&0$&54(&00(-B&!&
0$"&,%-("+,?!3$#("&!&*$%*04,#&54(&Z%$&)!#(*(%&%(*("!#,!"&,%-("+,?!*,$%("&!3,*,$%!0("&"$7#(&
(0&f!-!&*$.$&!?(%+(&+(#!)A4+,*$&.$3(#%$[&C\8(,88(#&*/'#/-'DENM/>&&K4%54(&"(&)#$34;(#$%&
!0+(#!*,$%("&-,"4!0("&(%&4%!&"$0!&)(#"$%!&3(")4A"&3(&0!&,%?("+,B%&3(&NGG&.0&3(&B#A#'
)#()!#!3$&"(?h%&(0&.A+$3$&+#!3,*,$%!0&3(&T,;,9&("+!"&Z84(#$%&)!#(*,3!"&!&0!"&3(&"4"+!%*,!"&
*$%&4%!&!**,B%&",.,0!#&!&0!&3(&0!&*$*!@%![&CU!#%(#&'&f0,%?(#&DEF^/>&&X$.$&'!&6(.$"&-,"+$9&"(&
6!7@!&,%8$#.!3$&54(&(0&B#A#')#$34*@!&4%$"&(8(*+$"&)!#(*,3$"&!&0$"&3(&0$"&!%("+A",*$"&
0$*!0("9&3(&0$"&54(&0!&*$*!@%!&("&(0&)#$+$+,)$&CP,%?6&DEF]/>&&K3(.1"9&(0&(")(*,!0,"+!&(%&B#A#&
:>& R(7$+&!8,#.B&#(*,(%+(.(%+(a&Z(0&(8(*+$&54(&"(&(V)(#,.(%+!&*$%&(0&*$%"4.$&3(&B#A#&
("&+!%&)!#(*,3$&!0&)#$34*,3$&)$#&4%&(V+#!*+$&3(&6$;!"&3(&*$*!>>>[&54(9&%!+4#!0.(%+(9&
*$%+,(%(%&*$*!@%!&C`$0."+(3+&*&'#/-'DEMFH&R(7$+&DEED/>&&m4,21"9&(0&3!+$&.1"&",?%,8,*!+,-$&
"(!&(0&+("+,.$%,$&3(&0$"&(V)(#+$"&)$0,%(",$"&\>K>&X$V&'&R>&duY$4#S(a&Z*$.$&*$%"4.,3$#("&
3(&B#A#'*#((.$"&54(&0!"&"4)4("+!"&)#$),(3!3("&!04*,%B?(%!"&"$%&.1"&!)$*#,8!"&54(&
#(!0("[&CX$V&'&duY$4#S(&DEFM/>&
K4%54(&0!"&*$.)!b@!"&8!#.!*A4+,*!"&-$0-,(#$%&0!&(")!03!&!0&B#A#9'A"+(&6!&(%*$%+#!3$&
4%&04?!#&(%&0!&.$3(#%!&8,+$.(3,*,%!>&&O0&(V+#!*+$&3(&B#A#'("&4%&,%?#(3,(%+(&3(0&"(3!%+(&
-(?(+!0&!0(.1%&00!.!3$&g#A1'@(1+#/9''&0!"&<%$B'J,0&1'J#(05/*09'4%&!%("+A",*$&0$*!0&4"!3$&
)!#!&+#!+!#&0!"&!8(**,$%("&3(&0!&-(;,?!&(%&8,+$+(#!),!9&*$%+,(%(%&(V+#!*+$"&3(&B#A#'Cc(,""&
DEFF/>&&_(&8$#.!&",.,0!#9&4%&)#$34*+$&8#!%*A"9&g#A%#0*9'*$%+,(%(&(V+#!*+$"&3(&B#A#''&(0&
)#$34*+$&"4,2$&g#A#31+"'*$%+,(%(&S!-!@%!&",%+A+,*!&CR(7$+&DEED/>&&R$"&(V+#!*+$"&3(&B#A#'
"$%&4%&,%?#(3,(%+(&3(&4%&"4!-,2!%+(&3(0&*!7(00$&00!.!3$&B#A#9'(%&0$&54(&"(#@!&4%!&)$*$&
!8$#+4%!3!&*!.)!b!&3(&.!#S(+,%?9&3!3!&0!&)#$)(%",B%&3(&0!"&)$*,$%("&
 ]M^&
&
3(&B#A#'!&)#$-$*!#&B#$%'B#$%'$&0(",$%("&(%&0!&),(0&!&!54(00$"&54(&0!&*$%"4.(%&(%&(V*("$>&&
sJ$3$&"(#1&(")(#!#&!&54(&4%&,%8$#+4%!3$&4"4!#,$&+(#.,%(&*$%&4%!&(#4)*,B%&(%&0!&),(0&$&!&
54(&!0?h%&;$-(%&3(")#($*4)!3$&3(*,3!&7(7(#"(&.(3,!&7$+(00!&3(0&%$"+#4.t>&&R$"&(V+#!*+$"&
3(&B#A#'"(&6!%&*$%-(#+,3$&(%&4%&)$)40!#&+#!%54,0,2!%+(&%!+4#!0&(%&0$"&O"+!3$"&i%,3$"&
CP+!88$#3&DEF]/9&'&!)!#(%+(.(%+(&(V,"+(&4%&#(%$-!3$&,%+(#A"&)$#&)!#+(&3(&0!"&*$.)!b@!"&
8!#.!*A4+,*!"&)$#&0!&3#$?!&C=$%+?$.(#'&DEEG/>&&U#!%&)!#+(&3(&0!&)#$34**,B%&.4%3,!0&
)#$*(3(&3(&T,;,&3$%3(&(V,"+(%&4%!"&IkGG&6(*+1#(!"&*40+,-!3!"&*$%&4%(*+'"*&),0&%85"9'0$&
54(&#()$#+!&!&0$"&?#!%;(#$"&4%$"&7(%(8,*,$"&3(&IG&.,00$%("&3(&3$0!#("&!%4!0("&C_4-(&'&
\#!"!3&DEF]/>&
i%!&.(3,*,%!&+#!3,*,$%!0&3(&P!.$!9&"4)4("+!.(%+(&4%(*+'.+#*3*%9')#("(%+B&!*+,-,3!3&(%&
0!"&)#4(7!"&3(&"(0(**,B%&8!#.!*$0B?,*!&!0&,?4!0&54(&4-'"*&),0&%85"'CX$V'*&&#/-'DEFE/>&&P(&6!&
$7"(#-!3$&54(&4%(*+'0#+"*$&105"9'$#,?,%!#,!&3(&P4.!+#!&d**,3(%+!09&*$%+,(%(&!0*!0$,3("&
CK#7!,%&*&'#/-'DEFE/>&&R$"&8#4+$"&3(0&Z8!0"$&B#A#9U'F#8+1(%(*+'/#&%31/%5"9'"(&4+,0,2!%&*$.$&
!%+@3$+$&*$%+#!&(0&(%-(%(%!.,(%+$&)$#&8%.5#&*+#'(%&:!%4!+4&CQ$4#3'&*&'#/-'DEEI/&!"@&
*$.$&(%&(+%$?,%(*$0$?@!&CQ$4#3'&'&c!0+(#&DEEI/>&&4%(*+'0#$8&5"'1'#85,1'("&4%!&)0!%+!&
.(3,*,%!0&.(V,*!%!&54(&"(&4+,0,2!&(%&.(3,*,%!&+#!3,*,$%!0&)!#!&+#!+!#&0!"&!8(**,$%("&
?,%(*$0B?,*!"&'&3(&0!"&-,!"&4#,%!#,!"9&3(&8$#.!&",.,0!#&!0&4"$&E*/'B#A#'(%&d*(!%@!&C_@!2&
DEMN/>&&d+#$&!*4'$&.(V,*!%$&$&4%(*+'#5/%&5"'C54(&*$%+,(%(&!74%3!%+(&"!8#$0&(%&"4&!*(,+(&
("(%*,!0H&CR4)+!&*&'#/-'DEF^H&p404(+!&Y$3#@?4(2&DEFF/&("&4%&*$%3,.(%+$&6!7,+4!0&'&)$"((&
!)0,*!*,$%("&.(3,*,%!0("&",.,0!#("&C_@!2&DEMN/&'&("&4+,0,2!3$9&;4%+$&*$%&4-'5"2*//#&5"9'(%&
(+%$?,%(*$0$?@!&)$#&0$"&,%3,$"&X6,%!%+(*!"&CQ#$g%(#&DEF^/>&&O%&\!%!.19&0!&6$;!&3(&4-'
#5+%&5"'"(&4+,0,2!&)!#!&!+#!(#&'&*!)+4#!#&!&0$"&)(*("&'&04(?$&!0,.(%+!#0$"&s*$%",?4,(%3$&!"@&
4%&8,0(+(&3(&)("*!3$&)#(*$%3,.(%+!3$&CL$0'&DEFD/t&&R$"&,%3,$"&X!7(*!#&'&U4!'.@&3(&
K.A#,*!&X(%+#!0&4+,0,2!%&4%!&,%84",B%&3(&0!"&6$;!"&3(&4-'#5+%&5"')!#!&+#!+!#&0$"&3$0$#("&
!73$.,%!0("9&.,(%+#!"&54(&0$"&X!7(*!#&4+,0,2!%&0!&,%84",B%&3(&6$;!"&3(&4-'"#+.%$#&5"'
*$%+#!&(0&3$0$#&3(&*!7(2!&C`!20(++&DEFN/>&&O%&0!&U4!'!%!9&"(&!)0,*!%&)$#&-,!&+B),*!&0!"&6$;!"&
.!*6!*!3!"&3(&4-'12/%\55"')!#!&+#!+!#&0!&*(8!0(!&'&$+#$"&3$0$#("&CK4"+,%&'&Q$4#%(&DEEI/>&&
R!&,%84",B%&3(0&+!00$&3(&4%(*+'(*//58%E#'("&4+,0,2!3!&)$#&0$"&R!64&3(&J!,0!%3,!&)!#!&+#!+!#&0!"&
!0+(#!*,$%("&3(&0!&.(%"+#4!*,B%&CK%3(#"$%&DEFN7/>&&O%&Q#!",09&"(&4+,0,2!%&+#("&(")(*,("&3(&
4%(*+a'4-'#25&%/1%E*09'4-'8%$8%$$#&1+%0','4-'/%$E2*+.%%'*$.$&!%!0?A",*$"&CX$"+!&*&'#/-'DEFE/>&
R!&6$;!&3(&4%(*+'2*&/*'"(&*$%"4.(&.!"+,*!3!&(%&+$3$&(0&"43("+(&!",1+,*$&'&d*(!%@!&;4%+$&
*$%&(0&("+,.40!%+(&!+*8#'8#&*8)5'1'2*&*/9'84(%+(&3(&!#(*$0,%!&CQ!0!"47#!6.!%'!.&'&Y!g!+&
DEEGH&P(%&*&'#/-'DEFE/>&&R!&6$;!&3(&4%(*+'2*&/*'"(&4"!&+!.7,A%&(%&0!&.(3,*,%!&+#!3,*,$%!0&
+!,0!%3("!&'&-,(+%!.,+!&C<?4'(%&'&_$&DEEDH&\$%?04V&*&'#/-'DEFM/&'&"(&6!&3("*47,(#+$&
#(*,(%+(.(%+(&54(&0$"&(V+#!*+$"&3(&0!&6$;!&3(&2*&/*')$"((%&!*+,-,3!3&!%+,+4.$#!0&CQ6,3(&*&'
#/-'cddcP-''4%(*+'2*&/*'"(&*40+,-!&!*+4!0.(%+(&*(#*!&3(&T#("%$9&X!0,8$#%,!&)!#!&!7!"+(*(#&(0&
.(#*!3$&3(&OOii&3(&2*&*/')!#!&.!"+,*!#&CP640?,%&DEEI/>&
&_$"&(")(*,("&3(&\,)(#9&4-'/1$.5"','4-'$%.+5"'"(&4+,0,2!%&(%&)#()!#!*,$%("&
)",*$8!#.!*$0B?,*!"&%()!0,("&CP,%?6&*&'#/-'DEMEH&J"!#$%?&DEED/&!"@&*$.$&(%&.(3,*,%!&
!'4#-A3,*!&CL$6#,&'&p4+"6,&DEEI/>&&R$"&=,S,#&3(&0!&j%3,!&4+,0,2!%&0!&(")(*,(&4%(*+'#&&*$5#&5"9&
*4'!"&)#$),(3!3("&54@.,*!"&"$%&)$*$&*$%$*,3!"9&(%&3,-(#"!"&*(#(.$%,!"&3(&*40+$&0$&54(&
)$3#@!&,%3,*!#&"4&)$",70(&)",*$!*+,-,3!3&CL!,%&'&Q$#+6!S4#&DEFG/>&&=4*6!"&(")(*,("&
]MN&
&
3(&4%(*+'"$%&4+,0,2!3!"&*$%&8,%("&.(3,*,%!0("&(%&0!&K.!2$%,!>&&4-'%$&*+%&5"')!#(*(&"(#&
)",*$!*+,-$&'&0$"&,%3,$"&f40,%!&3(0&\(#h&4+,0,2!%&0!"&#!@*("&'&6$;!"&3(&("+!&(")(*,(&*$.$&
"47"+,+4+$&3(0&+!7!*$&C_!-,"&'&q$"+&DEF]7H&P*640+("&'&Y!88!48&DEEG/>&&_(&8$#.!&",.,0!#9&0$"&
,%3,$"&q!%$!.1&4+,0,2!%&(0&4%(*+'8+,(&1E1$'*$%&(0&%$.7#(&3(&)1/*)1/*'2*'*$.$&"47"+,+4+$&
3(0&+!7!*$&Cc,07(#+&DEFM/>&&i%!&(")(*,(&%$&,3(%+,8,*!3!&3(&4%(*+'("&4+,0,2!3!&)$#&0$"&,%3,$"&
X!%(0$"&3(&O*4!3$#&*$.$&("+,.40!%+(9&*$%&(0&%$.7#(&3(&.5#,50#'C(0&%$.7#(&3(&R/*T'
.5#,50#9'4%!&(")(*,(&3(&!*(7$&54(&*$%+,(%(&*!8(@%!H&P*640+("&'&Y!88!48&DEEG/>&4%(*+'
2#+&%/%$.%#$5"'"(&4"!7!&(%&P4#,%!.&(%&(0&",?0$&n:jjj&*$.$&,%?#(3,(%+(&3(&4%&-(%(%$&)!#!&
3!#3$"&00!.!3$&=11+#+#'CQ,""(+&DEEI!/>&&T,%!0.(%+(9&4%!&(")(*,(&%$&(")(*,8,*!3!&3(&4%(*+'
6!&",3$&.(%*,$%!3!&*$.$&!3,+,-$&3(&0!&#,#)5#08#'CP*640+("&'&Y!88!48&DEEG/>&
&
&
<2>&%$5<2!"-2!$&$&?&%T$&.$%#"-$&
&
R!"&"!0-,%$#,%!"&"$%&4%&?#4)$&3(&3,+(#)(%$"&%$&%,+#$?(%!3$"&$7+(%,3$"&3(&0!&)$*$&
*$%$*,3!&)0!%+!&(%+($?A%,*!&.(V,*!%!&@#/A%#'E%A%$1+5"9'3(&0!&8!.,0,!&3(&0!"&D#2%#&#*&1'
D#"%#8*#*9'0!&8!.,0,!&3(&0!&.(%+!>&&_,+(#)(%$"&",.,0!#("&*$.$&0!&"!0-,!#,%!&'&0!&")0(%3,3,%!&
6!%&",3$&!,"0!3$"&3(&@#/A%#'0(/*$E*$0''&3(&$+#!"&(")(*,("&3(0&?A%(#$&@#/A%#&CP!-$%!&*&'#/-'
DEMFH&P!-$%!&*&'#/-'DEME/>&&O"+$"&3,+(#)(%$"&)4(3(&54(&*$%"+,+4'!%&4%!&%4(-!&8!.,0,!&3(&
*$.)4("+$"&)",*$!*+,-$">&&R!&0$0,$0,3!9&4%&#()(0(%+(&3(&6$#.,?!"9&6!&",3$&$7+(%,3!&
#(*,(%+(.(%+(&3(&@#/A%#'E%A%$1+5"'C:!03A"&DEFN/>&&@#/A%#'188%E*$&#/%0'0*&4+,0,2!&)$#&"4"&
-,#+43("&!%!0?A",*!"&(%+#(&0$"&,%3,$"&X4%!&3(&\!%!.1&C_4S(&DEM^/>&&O%&(0&)!"!3$&"(&
(")(*40B&54(&@#/A%#'(*+0*(1/%&#$#')$3#@!&"(#&(0&!%+,?4$&(%+(B?(%$&,#!%@&)#1"#'C-A!"(&
X!)@+40$&kH&_$%,?(#&duT0!6(#+'&DENF/>&&j%*04"$&0!&"!0-,!&4+,0,2!3!&*$##,(%+(.(%+(&(%&*$*,%!&
@#/A%#'133%8%$#/%0')4(3(&)#$34*,#&Z,%+$V,*!*,B%&'&-A#+,?$[&",&"(&64(0(&34#!%+(&.4*6$&+,(.)$&
C_4S(&DEFM/>&&R!&81/31+0%$#'C*$%$*,3!&6!7,+4!0.(%+(&*$.$&8$#"S$0,%&'&"4&3,!"+(#(B.(#$&(0&
*$0($%$0/&("&4%&3,+(#)(%$&#(0!*,$%!3$&54(&)#$*(3(&3(&$+#!&)0!%+!&3(&0!&8!.,0,!&3(&0!"&
D#"%#8*#*9'J1/*50'2#+2#&509'*$%$*,3!&*$##,(%+(.(%+(&*$.$&J-'31+0B1)/%%'CK..$%&'&=e00(#&
DEF^H&:!03A"&*&'#/-'DEFM7/&6!7,A%3$"(&3(.$"+#!3$&54(&)$"((&)#$),(3!3("&6,)$+(%"$#!"&
C_47('&(+&#/-'DEFD/>&&_$"&(")(*,("&3(&J1/*50'%$&$#,?,%!#,!"&3(&=AV,*$9&X&2/5"*%''&X&(5"%/#'
("+1%&*$%",3(#!3!"&)$#&!0?4%$"&*6!.!%("&.!2!+(*!"&*$.$&)(#+(%(*,(%+("&!&0!&.,".!&
Z8!.,0,![&3(&@#/A%#'E%A%$1+5"9')(#$&"4&*$.)$",*,B%&54@.,*!&'&)#$),(3!3("&8!#.!*$0B?,*!"&
",?4(%&",(%3$&3("*$%$*,3!"&Cc!""$%&DENI7/>&&J1/*50'2/5"*%'"(&4+,0,2!&(%&.(3,*,%!&
+#!3,*,$%!0&3(&P!.$!&*$.$&#(.(3,$&)!#!&0!&(0(8!%+,!","&Ci6(&DEMk/>&&d+#!&(")(*,(&3(0&
?A%(#$&J1/*50'"(&4"!7!&(%+#(&0$"&<(S(.!+,?,&3(&<4(-!&U4,%(!&(%&(0&+#!+!.,(%+$&3(&0$"&
3$0$#("&3(&*!7(2!&CL$6!%%("&DEM^/>&&i%!&(")(*,(&3(&.(%+!&!.!2B%,*!9&68%"5"'
"%8+#$&)5"9'6!&",3$&"(b!0!3!&*$.$&!3,+,-$&3(&0!"&)$*,$%("&(%+($?A%,*!"&3(&#,#)5#08#'
C-A!"(&X!)@+40$&kH&P*640+("&'&`$8.!%%&DEME/&'&F*$&)#'(5/*.%5"'84(&!&"4&-(2&4%&
,%?#(3,(%+(&3(&0!&)$*,B%&(%+($?A$%8#'B,B*1$'3(&0$"&=,"+(#,$"&O0(4",%$"&Cc!""$%&*&'#/-'
DEMF/>&
L>Q>&L$6%"$%9&(0&)#,.(#&!%+#$)B0$?$&54(&$7"(#-B&(0&4"$&3(&0$"&6$%?$"&(%+($?A%,*$"&(%&
=AV,*$&(%&DE]E&C-A!"(&X!)@+40$&^/&+!.7,A%&.(%*,$%B&0!&(V,"+(%*,!&3(&4%!&
]MM&
&
,%84",B%&-,",$%!#,!&)#()!#!3!&*$%&4%!"&6$;!"&!&0!"&54(&00!.B&Z6,(#7!&=!#@![&CL$6%"$%&
DE]E!/>&&\$#&"4&)!#+(9&Q0!"&\!70$&Y(S$9&4%&),$%(#$&(%&(0&("+43,$&3(&0$"&(%+(B?(%$"&
.(V,*!%$"&C-A!"(&X!)@+40$&I9&<$+!&DG/&#(*$0(*+B&.4("+#!"&3(&4%!"&6$;!"&4"!3!"&(%&
!3,-,%!*,B%&C.!+(#,!0&,%!3(*4!3$&)!#!&"4&,3(%+,8,*!*,B%&7$+1%,*!/&(%&0!&2$%!&=!2!+(*!&3(&
=AV,*$&CQ>\>&Y(S$&DEk^/>&&O%&DE^I9&Y$7(#+&c(,+0!%(#&3("*#,7,B&4%!&*(#(.$%,!&3(&*4#!&(%&
0!&54(&"(&4+,0,2!7!&0!&Z'(#7!&3(&=!#@![>&&\$"+(#,$#.(%+(9&34#!%+(&0$"&!b$"&DENGWDENI&Y>&
U$#3$%&c!""$%&6,2$&-!#,!"&#(*$0(**,$%("&3(&("+!&)0!%+!9&$7"(#-B&"4&4"$&'&0!&,%?,#,B&(0&
.,".$>&&T,%!0.(%+(9&(%&DENI&c!""$%&'&K07(#+&`$8.!%%&#(*$?,(#$%&.4("+#!"&!3(*4!3!"&
3(&("+(&.,"+(#,$"$&(%+(B?(%$9&54(&O)0,%?&'&L1+,-!&,3(%+,8,*!#$%&*$.$&4%!&%4(-!&(")(*,(9&
@#/A%#'E%A%$1+5"'CO)0,%?&'&L1+,-!W=>&DENIH&c!""$%&DENI7/>&&_4#!%+(&"4&(V)(3,*,B%&3(&DENI9&
c!""$%&'&0!&.4;(#&3(&`$8.!%%9&K%,+!9&,%?,#,(#$%&(0&;4?$&3(&0!"&6$;!"&(%&(0&+#!%"*4#"$&3(&
4%!&*(#(.$%,!&3(&*4#!*,B%&*(0(7#!3!&(0&3@!&E&3(&d*+47#(9&'&(0&)#$),$&`$8.!%%&0$&,%?,#,B&0!&
%$*6(&3(0&DD&3(&d*+47#(&*4!%3$&3,$&!&=!#@!&P!7,%!&"4"&*$.)#,.,3$"&3(&)",0$*,7,%!&
",%+A+,*!&C-A!"(&X!)@+40$&^/>&&K4%54(&K%,+!&`$8.!%%&#(*,7,B&(0&;4?$&3(&"B0$&+#("&)!#("&3(&
6$;!"9&*$.(%+B&6!7(#&-,"+$&Z,.1?(%("&"$#)#(%3(%+("&3(&*$%+$#%$"&7#,00!%+("[>&&K07(#+&
`$8.!%%&)$#&"4&)!#+(&,%?,#,B&(0&;4?$&3(&"B0$&*,%*$&)!#("&3(&6$;!"&54(&0(&*!4"B&
Z"(%",7,0,3!3&.(%+!0&'&4%!&,%+(%"!&(V)(#,(%*,!9&54(&",%&(.7!#?$&%$&84(&!*$.)!b!3!&3(&
!04*,%!*,$%("[>&&`$8.!%%&#(?#("B&!&P4,2!&*$%&(0&;4?$&8#("*$&3(&0!"&6$;!"&*$%"(#-!3$&(%&
!0*$6$0&)!#!&"4&)$"+(#,$#&!%10,","&54@.,*$&C`$8.!%%&DEFGH&`$8.!%%&DEEG/>&&O0&)#,%*,),$&
!*+,-$&)!#(*,B&"(#&,%("+!70(9&)4("+$&54(&0(&84(&,.)$",70(&3(+(*+!#&%,%?4%!&!*+,-,3!3&(%&(0&
;4?$&54(&+$.B&(%&P4,2!&%,&(%&*$%"(*4(%*,!&!,"0!#&0$"&)#,%*,),$"&!*+,-$">&
_$"&3A*!3!"&.1"&+!#3(9&d#+(?!&'&"4"&*$0!7$#!3$#("&*$%",?4,(#$%&!,"0!#&3(&0!"&6$;!"&3(&
@#/A%#'E%A%$1+5"'4%&*$.)4("+$&!*+,-$&!0&54(&3(%$.,%!#$%&Z"!0-,%$#,%![&Cd#+(?!&*&'#/-'
DEFI/>&&_$"&!b$"&3(")4A"9&:!03A"&'&"4"&*$0(?!"&!,"0!#$%&3$"&3,+(#)(%$"&3(&0!&)0!%+!&!&0$"&
54(&!",?%!#$%&(0&%$.7#(&3(&3,-,%$#,%!"&K&'&Q&C:!03A"&*/'#/-'DEFk/>&&\4("+$&54(&0!&3,-,%$#,%!&
K&#("40+B&"(#&,3A%+,*!&!&0!&"!0-,%$#,%!&!,"0!3!&!%+(#,$#.(%+(9&0!&3(%$.,%!*,B%&*$##(*+!&3(&
0$"&3$"&*$.)4("+$"&("&"!0-,%$#,%!&K&'&"!0-,%$#,%!&Q&C:!03A"&*&'#/-'DEFM!/>&&R!&"!0-,%$#,%!&K&
("&)",*$+#B),*!&'&)#$34*(&4%$"&(8(*+$"&(%&0$"&!%,.!0("&",.,0!#("&!&0$"&3(&0!&.("*!0,%!>&&O%&
0!&)0!%+!&)!#(*(%&(V,"+,#&!3(.1"&$+#$"&3,+(#)(%$"&!*+,-$"&C:!03A"&DEF]H&:!03A"&*&'#/-'
DEFM!/>&&P,%&(.7!#?$9&(0&(8(*+$&)#,%*,)!0&3(&0!&"!0-,%$#,%!&K9&$7+(%,3!&)$#&!.7$"&?#4)$"&3(&
,%-("+,?!3$#("&!&)!#+,#&3(&0!"&6$;!"&"(*!"9&84(&"(3!%+(>&
&O%&DENI&Y>U>c!""$%&#("4.,B&"4"&3("*47#,.,(%+$"&"$7#(&0!&(+%$8!#.!*$?%$",!&3(&
@#/A%#'E%A%$1+5"'(%&0!&2$%!&.!2!+(*!&3(&=AV,*$9&3$%3(&0!&)0!%+!&#(*,7(&(0&%$.7#(&3(&0B#'
(#0&1+#'1'0B#'F#+V#'(#0&1+#9'Z6$;!"&3(&0!&)!"+$#![&4&Z6$;!"&3(&=!#@!&)!"+$#![&Cc!""$%&
DENI7/>&&O0&%$.7#(&.!2!+(*!&.4("+#!&4%!&*0!#!&,%804(%*,!&*!+B0,*!&!4%54(&0!&=!#@!&7@70,*!&
%$&84(&4%!&)!"+$#!&%,&8,?4#!&)!"+$#!&!0?4%!&(%&0!&,*$%$?#!8@!&*!+B0,*!>&&c!""$%&3("*#,7,B&
0$"&(8(*+$"&3(&0!"&6$;!"&3(&0B#'(#0&1+#9'54(&,%?,#,B&)$#&)#,.(#!&-(2&(0&DI&3(&;40,$&3(&DEND&
(%&K'!4+0!9&d!V!*!>&&R!"&6$;!"&"(&!*$"+4.7#!%&!&+$.!#&)$#&)!#("&'&0$"&,%3,$"&Z*$%"4.(%&
"4&3$","&.$#3,"54(1%3$0!"&*$%&"4"&,%*,",-$"[&*$"!&54(&!&c!""$%&0(&84(&,.)$",70(&6!*(#&
3!3$&"4&"!7$#&(V+#(.!3!.(%+(&!.!#?$9&)$#&0$&
]MF&
&
54(&.!*6!*B&"4"&]k&)!#("&3(&6$;!"&)!#!&(V+#!(#&(0&;4?$&54(&3,04'B&)$"+(#,$#.(%+(&(%&
!?4!>&&c!""$%&!8,#.B&54(&Z(0&(8(*+$&3(&0!"&6$;!"&00(?B&!%+("&3(&0$&54(&"$0@!&"(#&6!7,+4!0&
*$%&0$"&6$%?$"9&84(&.(%$"&)#$84%3$&'&3(&.1"&*$#+!&34#!*,B%>&&<$&647$&0!&.(%$#&343!&
!*(#*!&3(0&(8(*+$&)(#$&%$&84(&.1"&!001&3(&0!"&"(%"!*,$%("&,%,*,!0("&54(&"(&$7+,(%(%&*$%&0$"&
6$%?$"a&*$0$#("&(%&.$-,.,(%+$&8$#.!%3$&(0!7$#!3!"&8$#.!"&+#,3,.(%"@$%!0("[&Cc!""$%&
DENI7/>&&K0&!b$&",?4,(%+(9&c!""$%&)470,*B&%4(-$"&3(+!00("&"$7#(&(0&4"$&3(&@-'E%A%$1+5"'
(%+#(&0$"&54(&!-(%+4#!7!&54(&0!&)0!%+!&(#!&0!&!%+,?4!&3#$?!&!2+(8#'(%(%/&C%$&C%$&/%'Cc!""$%&
DEN]/>&&=(%*,$%!7!&!3(.1"&0!&)#1*+,*!&3(&.!*6!*!#&0!"&6$;!"&(%&4%&.(+!+(&)!#!&(V+#!(#&
"4&;4?$9&54(&"(&3!7!&!&0!"&)(#"$%!"&",%&3,(%+("9&!&3,8(#(%*,!&3(&0!&8$#.!&+#!3,*,$%!0&3(&
,%?("+,B%&*$%","+(%+(&(%&.$#3,"54(!#0!"&Cc!""$%&DENI7H&c!""$%&DEN]/>&&R!&)#1*+,*!&3(&
.$#3(#&0!"&6$;!"&(%#$00!3!"&!&.$3$&3(&*,?!##$&("&!h%&6!7,+4!0&(%&0!&2$%!&.!2!+(*!&3(&
d!V!*!&CQ0$""(#&DEEDH&=!'(#&DEMM7/&'&!&-(*("&"(&(0!7$#!&4%!&)$*,B%&+#,+4#!%3$&0!"&6$;!"&
.!*6!*!3!"&(%&!?4!&C:!03A"&*&'#/-&DEF]H&:!03A"&*&'#/-'DEFM!/>&&K3(.1"&3(&0!&6,)B+(","&3(&
c!""$%&3(&54(&0B#'(#0&1+#'84(#!&0!&!%+,?4!&(%(%/&C%$&C%$&/%'3(&0$"&K2+(*!"9&"(&6!&
*$%;(+4#!3$&54(&@#/A%#'E%A%$1+5"'("+1&#()#("(%+!3!&(%&(0&+$*!3$&3(&4%&Z3,$"&3(&0!&
.4(#+([&),%+!3$&(%&4%&)!%(0&3(0&!%+,?4$&>+*0E*$'J1E*T'.!'!&CO.7$3(%&DEF]!/>&
O0&("+43,$&(+%$?#18,*$&.1"&*$.)0(+$&3(&0B#'(#0&1+#'("&(0&3(&:!03A"&'&"4"&*$0!7$#!3$#("9&
(%&(0&54(&3("*#,7(%&(0&4"$&3(0&;4?$&3(&@#/A%#'E%A%$1+5"'(%&3$","&3(&IGWFG&)!#("&3(&6$;!"9&
4%$"&^GWIGG&?#!.$"H&IG&)!#("&("&0!&Z3$","&3(0&)#,%*,),!%+([&C:!03A"&*&&!0>&DEF]/9&;4%+$&*$%&
0!&3("*#,)*,B%&3(&"4"&(V)(#,(%*,!"&-,",$%!#,!"&)(#"$%!0("&)#$-$*!3!"&)$#&0!&3#$?!&C:!03A"&
*&'#/-'DEF]H&:!03A"&*&'#/-'DEFM!/>&&O%&-,"+!&3(0&.!#?(%&3(&3$",8,*!*,B%9&("&"$#)#(%3(%+(&54(&
K%,+!&`$8.!%%&(V)(#,.(%+!#!&(8(*+$"&*$&*1.^$%810&3(")4A"&3(&0!&,%?("+,B%&3(0&;4?$&3(&
"B0$&+#("&)!#("&3(&6$;!"&C`$8.!%%&DEFGH&`$8.!%%&DEEG/>&&O%&"4&7,$?#!8@!9&=!#@!&P!7,%!&
3("*#,7(&"4&*$"+4.7#(&3(&4"!#&0B#'(#0&1+#'Z(%&(0&+,(.)$&(%&(0&54(&%$&"(&*$%",?4(%&
6$%?$"[&CO"+#!3!&DEMM/>&&K0?4%$"&6!%&*$%",3(#!3$&!&0!"&6$;!"&3(&0!&)!"+$#!&*$.$&4%&
(%+(B?(%$&,%8(#,$#>&&O"+!&!*+,+43&)4(3(&3(7(#"(&(%&?#!%&.(3,3!&!&0!&%(*(",3!3&.!%,8,("+!&
3(&*$%"4.,#&?#!%3("&*!%+,3!3("&3(&0!"&6$;!"&8#("*!"&)!#!&)$3(#&(V)(#,.(%+!#&4%$"&
(8(*+$"&*0!#$"9&'&!&0!&!)!#(%+(&,%("+!7,0,3!3&3(0&)#,%*,),$&!*+,-$9&)4("+$&54(&"(&!8,#.!&54(&
(0&;4?$&*$%"(#-!&"4&!*+,-,3!3&"B0$&34#!%+(&4%&3@!&'&0!"&6$;!"&)4(3(%&*$%"(#-!#"(&8#("*!"&
34#!%+(&4%!&"(.!%!&",&"(&(%-4(0-(%&*$%&$+#!"&6$;!"&C:!03A"&*&'#/-'DEF]/>&&\4("+$&54(&"(&6!&
3(+(#.,%!3$&54(&0!&"!0-,%$#,%!&K&)$"((&(8(*+$"&"(3!%+("&(%&0$"&#!+$%("9&(V,"+(%&343!"&3(&
54(&"(!&#(!0.(%+(&(0&)#,%*,),$&(%+($?A%,*$&3(&(8(*+$&*0!#!.(%+(&("+,.40!%+(&)#("(%+(&(%&
0!"&6$;!">&&K0?4%$"&*$%",3(#!%&!&0!&0B#'(#0&1+#'(0&(%+(B?(%$&41+'*T8*//*$8*'CQ,?g$$3&DEMF/&
'&(V,"+(&4%&.$3(#%$&.(#*!3$&3(&)0!%+!"&-,-!"&3(&@-'E%A%$1+5"'0!&Z"!0-,!&3(&0$"&-,3(%+("[&
(%&0$"&OOii9&!&)("!#&3(&54(&4%&(V)(#+$&!.(#,*!%$&(%&6,(#7!"&.(3,*,%!0("&.!%,8("+!#!&54(&
Z(%&.,&*!"$&0!"&6$;!"&!)(%!"&.(&)#$34;(#$%&(8(*+$"&)(#*()+,70(">>>&)#(3,?$&54(&@#/A%#'
E%A%$1+5"'%4%*!&"(&*$%-(#+,#1&(%&4%&(48$#,2!%+(&)$)40!#&3(%+#$&3(&0!&"47*40+4#![&CT$"+(#&
DEFk/>&
&O%&DEM^&$7"(#-A&0!&)#1*+,*!&3(&84.!#&0!"&6$;!"&#(*,A%&3("(*!3!"&3(&@-'E%A%$1+5"&+#!@3!"&
8#("*!"&3(&0!&2$%!&.!2!+(*!9&(%+#(&4"4!#,$"&;B-(%("&3(&.!#,64!%!&(%&0!&X,43!3&3(&=AV,*$9&
4%&4"$&3(0&54(&,%8$#.!#@!&.1"&+!#3(&_@!2&C_@!2&DEM^/>&&\43(&-(#,8,*!#&
]ME&
&
)(#"$%!0.(%+(&54(&("+!&8$#.!&3(&!3.,%,"+#!*,B%&)#$34*@!&#(!0.(%+(&4%&*$#+$&(8(*+$>&&
O"+(&4"$&%$&,%3,$&+!%&)(*40,!#&3(&0!&)0!%+!&!h%&"(&3!&6$'&(%&3@!&CQ0$""(#&DEEDH&\(%3(00&
DEEI/>&&Q!"1%3$"(&(%&3,-(#"$"&!4+$(V)(#,.(%+$"9&_@!2&*0!",8,*B&0!&@-'E%A%$1#4.&;4%+$&*$%&0!&
.!#,64!%!&'&J#/*#'C#8#&*8)%8)%'*$.$&Z$%(,#B?(%$[&("&3(*,#&)0!%+!&,%34*+$#!&3(&"4(b$"&
C-A!"(&K)A%3,*(&QH&=!'!?$,+,!&*&'#/-'DEFN/&'&Z*$?%$3,"0A)+,*$[&$&3#$?!&54(&,%34*(&Z4%!&
.!'$#&-,-(2!&3,"*(#%,70(&(%&+$3!"&0!"&("8(#!"&"(%"$#,!0("[&C_@!2&DEME/>&&_@!2&#(*6!2B&0!&
,3(%+,8,*!*,B%&)#$)4("+!&)$#&c!""$%&3(0&(%(%/&C%$&C%$&/%&*$.$&@-'E%A%$1+5"'"4?,#,(%3$&)$#&
"4&)!#+(&54(&0!&.!#,64!%!9&J#$$#2%0'0#&%A#9'(#!&(%&#(!0,3!3&0!&!%+,?4!&3#$?!&3(&0$"&K2+(*!"&
C_@!2&DEM^H&_@!2&DEME/>&&P(&!*()+!&3(&8$#.!&?(%(#!0,2!3!&54(&0!&.!#,64!%!&C-A!"(&.1"&
!3(0!%+(/&84(&,%+#$34*,3!&(%&(0&<4(-$&=4%3$&*$%&)$"+(#,$#,3!3&!&0!&*$%54,"+!9&3(&8$#.!&
54(&P*640+("&'&`$8.!%%&*!0,8,*!#$%&0!&6,)B+(","&3(&_@!2&*$.$&Z.1"&54(&.4'&,.)#$7!70([&
CP*640+("&'&`$8.!%%&DEFG/>''@#/A%#'E%A%$1+5"'"(&)4(3(&*40+,-!#&81*,0.(%+(&C:!03A"&*&'#/-'
DEFM!/&'&3(&6(*6$&%$&"(&*$%$*(%&-!#,(3!3("&(")$%+1%(!"9&(V,"+,(%3$&"B0$&!0?4%!"&
)$70!*,$%("&!,"0!3!"&(%&0!&P,(##!&=!2!+(*!9&!4%54(&"4&*40+,-$&(%&0$"&O"+!3$"&i%,3$"&'&
$+#$"&04?!#("&"(&6!&)$)40!#,2!3$&(%&0$"&h0+,.$"&!b$">&
R$"&,%3,$"&=!2!+(*!"&*#((%&54(&0!&)0!%+!&%$&("&$#,?,%!#,!&3(&"4&#(?,B%&(%&0!&P,(##!&=!3#(&
d#,(%+!0&Cc!""$%&DENI7/&'&3("*$%$*(.$"&3(&3$%3(&)#$*(3,B&'!&54(&%$&"(&6!%&
3("*47,(#+$&)$70!*,$%("&",0-("+#("&%,&"(&*$%$*(&!&"4&!%+(*("$#&",0-("+#(&!4%54(&"(&$),%!&
54(&0!&)0!%+!&*$%&0!&54(&+,(%(&4%&)!#(%+("*$&.1"&*(#*!%$&("&0!&(")(*,(&",0-("+#(&.(V,*!%!&
@#/A%#'8,#$*#'CO)0,%?&'&L1+,-!W=&DENI/>&&R!&!8,#.!*,B%&3(&0$"&,%3,$"&=!2!+(*!"&3(&54(&0!&
)0!%+!&("&,%!*+,-!&*4!%3$&("+1&3("(*!3!&("&8!0"!&)4("+$&54(&"(&"!7(&54(&0!"&6$;!"&"(*!"&
*$%"(#-!%&"4&!*+,-,3!3&34#!%+(&4%&+,(.)$&*$%",3(#!70(>&&R$"&=!2!+(*!"&)!#(*(%&,?%$#!#&0!&
!*+,-,3!3&3(&0!&)0!%+!&*4!%3$&"(&84.!&!4%54(&)4(3(&54(&6!'!%&+(%,3$&%$+,*,!&3(&(00$&!&
+#!-A"&3(&0$"&8$#!"+(#$"9&!0?4%$"&3(&0$"&*4!0("&*$%"4.(%&0!&)0!%+!&*$.$&",&3(&4%!&(")(*,(&
3(&.!#,64!%!&"(&+#!+!#!>&&K0&84.!#&0!"&6$;!"&"(*!"9&0!&,%6!0!*,B%&3(&*,%*$&$&"(,"&*!0!3!"&(%&
#1),3!&"4*(",B%&)#$34*(&4%&"4!-(&(8(*+$&",.,0!#&!0&3(&0!&,%?("+,B%&3(&0!"&6$;!"&8#("*!"9&
(8(*+$&54(&"(&,%,*,!&6!*,!&0!&54,%+!&$&"(V+!&,%6!0!*,B%&'&34#!&3(&4%!&!&3$"&6$#!">&&=,"&
*$0!7$#!3$#("&'&'$&6(.$"&3(+(#.,%!3$&#(*,(%+(.(%+(&54(&("&,%%(*("!#,$&+#!?!#&0!"&6$;!"&
$&"4&;4?$&'&54(&0!&!7"$#*,B%&.1"&(8,*,(%+(&3(&0$"&)#,%*,),$"&(%+($?A%,*$"&"(&)#$34*(&(%&0!"&
.(.7#!%!"&.4*$"!"&3(&0!&7$*!>&&X$%&"B0$&"(,"&6$;!"&7,(%&.!"*!3!"&.!%+(%,3!"&(%&0!&7$*!&
C3(0&.$3$&(%&54(&"(&.!"*!&0!&*$*!/&"(&*$%",?4(&4%&(8(*+$&(%+($?A%,*$&54(&"(&,%,*,!&6!*,!&
0$"&3,(2&.,%4+$"&'&54(&34#!&3(&4%!&!&3$"&6$#!"&Cd++&DEE^H&P,(7(#+&DEEk/>&&K4%54(&0$"&3$"&
?#4)$"&54(&!,"0!#$%&)$#&)#,.(#!&-(2&0!&"!0-,%$#,%!&K&%$&,%8$#.!#$%&!*(#*!&3(&"4"&
)#$),(3!3("&8!#.!*$0B?,*!"&(%&(0&"(#&64.!%$9&("+43,$"&#(*,(%+("&6!%&3(.$"+#!3$&54(&
("+(&*$.)4("+$&("&(0&.1"&)$+(%+(&(%+(B?(%$&%!+4#!0&*$%$*,3$9&!*+,-$&)$#&-@!&,%6!0!+$#,!&
C84.!3$/&!&3$","&+!%&7!;!"&*$.$&IGG&.*?>&&=,&6,)B+(","&3(&54(&0!&)0!%+!&)$3#@!&*$%+(%(#&
+4;$%("&)",*$!*+,-$"&C-A!"(&.1"&!3(0!%+(/&)#("(%+("&(%&$+#!"&(")(*,("&3(&@#/A%#'#("40+B&"(#&
(##B%(!&)4("+$&54(&.(3,!%+(&3("+,0!*,B%&*$%&!##!"+#(&3(&-!)$#&3(&0!"&6$;!"&8#("*!"&%$&"(&
)43,(#$%&$7+(%(#&("+$"&*$.)4("+$"&Cd++9&%$+!"&3(&0!7$#!+$#,$&%$&)470,*!3!"/>&&J!.7,A%&
("+$'&,%+(%+!%3$&6,7#,3,2!#&3$"&*0$%("&3(&0!&)0!%+!&54(&)#$34*(%&
]FG&
&
80$#("&*$%&(0&8,%&3(&$7+(%(#&"(.,00!"&8A#+,0(">&&O%&4%&,%+(%+$&!%+(#,$#&"(&)43,(#$%&$7+(%(#&
"(.,00!"&)(#$&#("40+!#$%&3("+#4,3!"&)$#&4%&(V*("$&3(&*!0$#&(%&(0&,%-(#%!3(#$&!%+("&3(&54(&
"(&)43,(#!&3(+(#.,%!#&"4&-,!7,0,3!3&C:!03A"&*&'#/-'DEFM!/>&&X#($&54(&.4*6!"&)(#"$%!"&54(&
+(%?!%&0!&$)$#+4%,3!3&3(&*$%$*(#&0!"&0B#'(#0&1+#'!)#(*,!#1%&("+(&,%+(#("!%+(&(%+(B?(%$&'&
("+$'&"(?4#$&3(&54(&*$%&(0&+,(.)$&("+(&(%+(B?(%$&h%,*$9&0(?!0&P&81*,0.(%+(&*40+,-!70(&
!+#!(#1&!&.1"&P&.1"&3(-$+$"&6!*,!&%4("+#!&"(b$#!&=!#@!&0!&)!"+$#!>&
&
&
<22>&&#/#-$B21-"+$!!$42!"5/%&?&/%./+2/%&
1/5&60!/-"&+$!!$42%&
&
R$"&+(+#!6,3#$*!%%!7,%$0("&"$%&0$"&)#,%*,),$"&!*+,-$"&%$&%,+#$?(%!3$"&3(&0!&.!#,64!%!9&
)0!%+!"&3(0&?A%(#$&J#$$#2%0'CL$'*(&P&X4##'&DEMGH&c(,0&*&'#/-'DENF/>&&P$%&4%&"47?#4)$&3(&0$"&
*!%%!7,%$,3("9&*$.)4("+$"&.$%$+(#)A%,*$"&3(&0$"&54(&"(&6!%&!,"0!3$&.1"&3(&*,%*4(%+!&
(%&(0&J#$$#2%0'P&"4"&)#()!#!3$"&C=(*6$40!.&DEM]H&P*640+("&'&`$8.!%%&DEFG/>&&O0&)#,%*,)!0&
*$.)4("+$&!*+,-$&)!#(*(&"(#&(0&CW/W W]9kW+#!%"W+(+#!6,3#$*!%%!7,%$09&C J`X/9&$7+(%,3$&
)$#&)#,.(#!&-(2&(%&DENk&CU!$%,&P&=(*6$40!.&DENk/&;4%+$&!&4%&"(?4%3$&,"B.(#$&)#("(%+(&
(%&.(%$#&)#$)$#*,B%9&(0&CW/W W]9kW+#!%"W+(+#!6,3#$*!%%!7,%$0&C WJ`X/&$7+(%,3$&(%&
DENN&C`,-(0'&*&'#/-'DENN/>&&O%&0!&)0!%+!&3(&J#$$#2%0'8#("*!&)4(3(%&6!00!#"(&("+$"&P&$+#$"&
*!%%!7,%$,3("&)#,%*,)!0.(%+(9&$&,%*04"$&3(&8$#.!&(V*04",-!9&*$.$&"4"&*$##(")$%3,(%+("&
1*,3$"&*!#7$V@0,*$"&CJ`X&1*,3$"/&54(&)!"!%&!&0!&8$#.!&!*+,-!&%(4+#!&34#!%+(&(0&)#$*("$&3(&
"(*!3$9&!0.!*(%!.,(%+$9&*!0(%+!.,(%+$&'&*$.74"+,B%&$&34#!%+(&"4&!%10,","&54@.,*$&
CP*640+("&P&`$8.!%%&DEFG/>&&O%&(0&*!"$&3(0& WJ`X&(V,"+(%&3$"&1*,3$"&*!#7$V@0,*$"&
3,8(#(%+("a&(0&1*,3$& WJ`X&K&CkuW*!#7$V@0,*$/&'&(0&1*,3$& WJ`X&Q&CNW*!#7$V,0,*$/9&3(&0$"&
*4!0("&(0&)#,.(#$&("&(0&.1"&*$##,(%+(&CP*640+("&'&`$8.!%%&DEFG/>&&K4%54(&(0& WJ`X&"(&
6!00!&%$#.!0.(%+(&(%&+#!2!"9&(%&!0?4%!"&.4("+#!"&("+1&)#("(%+(&Z(%&*!%+,3!3("&
*$%",3(#!70("[&C=(*6$40!.&DEM]/>&&O"+!&-!#,!70(&)#$)$#*,B%&3(&0$"&,"B.(#$"&!*+,-$"&3(0&
J`X&("9&(%&)!#+(9&#(")$%"!70(&3(&0!&-!#,!*,B%&(%&0$"&(8(*+$"&3(&0!"&3,8(#(%+("&.4("+#!"&3(&
J#$$#2%09'!4%54(&6!'&$+#!"&3,8(#(%*,!"&54@.,*!"&54(&+!.7,A%&)4(3(%&,%804,#&C=(*6$40!.&
DEM]/>&&K3(.1"9&(0&*!%%!7,%$0&P&(0&*!%%!7,3,$0&)#("(%+!%&!.7$"&!*+,-,3!3&%(4#$54@.,*!9&
3(&8$#.!&54(&(0&*!%%!7,3,$0&(%&)!#+,*40!#&)4(3(&"(#&#(")$%"!70(&3(0&(8(*+$&3()#("$#&3(&
!0?4%$"&)#()!#!3$"&3(&J#$$#2%0'C\!+$%&P&\(#+g((&DEM]!/>&&R!&*$.)0(;!&*$.)$",*,B%&
54@.,*!&3(&0!"&(")(*,("&3(&J#$$#2%0'6!&",3$&#(*$),0!3!&)$#&P*640+("&'&`$8+%!%%&CDEFG/&'&
(%&.!'$#&3(+!00(&)$#&=(*6$40!.&CDEM]/>&&R!&3$","&!*+,-!&3(& WJ`X&6!&",3$&("+,.!3!&(%+#(&
0$"&]&'&0$"&]G&.?&C=(*6$40!.&DEM]H&P*640+("&'&`$8.!%%&DEFG/>&&R!"&)#$),(3!3("&
8!#.!*$0B?,*!"&3(&0$"&J`X&+!.7,A%&6!%&",3$&#("(b!3!"&Cf(++(%("W-!%&3(%&Q$"*6&'&
P!0(.,%S&DEFGH&=!"$%&'&=!*Q!'&DEF^H&<!6!"&DEMNH&P+!#S"&DEMM/&!0&,?4!0&54(&(0&("+!3$&
!*+4!0&3(&0!&,%-("+,?!*,B%&!*(#*!&3(0&J#$$#2%0&C`4"!,%&'&f6!%&DEF^/>&&K&)("!#&3(&"(#&
,%("+!70(9&(0&J`X&'&$+#$"&*!%%!7,%$,3("&)43,(#$%&
]FD&
&
"(#&3(+(*+!3$"&(%&4%!&.4("+#!&3(&.!#,64!%!&"(*!&*$%&4%!&!%+,?4(3!3&3(&EG&!b$"&C`!#-('&
DEEG/>&&R!&84%*,B%&3(&("+$"&*$.)4("+$"&"(*4%3!#,$"&(%&0!&)0!%+!&-,-!&("&)$*$&*0!#!&)(#$&
)!#(*(&"(#&54(&(0&("+#A"&,%34*(&!&0!&)0!%+!&!&)#$34*,#&.1"&*!%%!7,%$,3("&C`!%('&'&
f4+"*6(,3&DEM]H&R!++!&'&O!+$%&DEM^/>&
i%&("+43,$&#(*,(%+(&3(0&#(*()+$#&*(#(7#!0&3(0&J`X&*$%34;$&!0&!,"0!.,(%+$&3(&0!&
(+!%$0!.,3!&3(0&1*,3$&!#!54,3B%,*$9&(0&0,?!%3$&(%3B?(%$&3(0&#(*()+$#&C0!&"4"+!%*,!&%!+4#!0&
3(0&*(#(7#$&54(&%$#.!0.(%+(&"(&4%(&!0&#(*()+$#&54(&(0&J`X&!*+,-!/>&&O"+(&*$.)4("+$&
#(*,7,B&(0&%$.7#(&3(&#$#$E#"%E#'3(0&"1%"*#,+$&#$#$E#'$&Z7(!+,+43[>&&O"&)#$7!70(&54(&("+(&
,.)$#+!%+(&6!00!2?$&*$%"+,+4'!&(0&3("*47#,.,(%+$&3(&4%!&%4(-!&*0!"(&3(&
%(4#$+#!%".,"$#("&54(&.(3,(%&0!&#(0!;!*,B%&C'&54,21"&,%*04"$&0!&7(!+,+43/&(%&(0&*(#(7#$&3(&
0$"&.!.@8(#$"&CQ!#,%!?!&DEEIH&_(-!%(&*&'#/-'DEEI/>&
PB0$&"(&6!%&3(+(*+!3$&+(+#!6,3#$*!%%!7,%$0("&(%&0!"&(")(*,("&3(0&?A%(#$&J#$$#2%0-''
OV,"+(&4%!&*$%",3(#!70(&*$%+#$-(#",!&+!V$%$.@*!&"$7#(&",&(V,"+(%&4%!&$&.1"&(")(*,("&3('
J#$$#2%0-''R!&,3(!&3(&4%&?A%(#$&)$0,+@),*$&6!&",3$&)#$)4("+!&)$#&P*640+("&'&"4"&
*$0!7$#!3$#("&CP*640+("&*&'#/-'DEMk/&'&3(&8$#.!&,%3()(%3,(%+(&)$#&$+#$"&CK%3(#"$%&DEMkH&
K%3(#"$%&DEFGH&O.7$3(%&DEMk/>&&O"+$"&7$+1%,*$"&*$%*,7(%&+#("&(")(*,("a&J#$$#2%0&0#&%A#'
C)0!%+!&!0+!&'&*$%&)$*$&#!.!;(H&P6!g*#$""&DEFI/9&J'%$E%8#'C)0!%+!&3(&)(54(b$&+!.!b$&'&
*$%&4%!&3(%"!&#!.,8,*!*,B%/&'&J'+5E*+#/%0'C)0!%+!&3(&.4'&)(54(b$&+!.!b$&*$%&%,%?4%!&$&
.4'&)$*!"&#!.!"/>&&J$3!"&(00!"&+,(%(%&!3(.1"&3(&3,8(#(%*,!"&.$#8$0B?,*!"&$+#!"&3(&+,)$&
54@.,*$&'&(*$0B?,*$>&&O0&*#4*(&3(&0!"&00!.!3!"&J-'0#&%A#','J-'+5E*+#0,"&)#$34*(&4%!&"(#,(&3(&
6@7#,3$"&*$%&4%&*$%+(%,3$&.(3,$&3(&J`X&CQ(4+0(#&'&_(#&=!#3(#$",!%&DEMF/>&&\$#&(0&
*$%+#!#,$9&P.!00&'&X#$%54,"+&'&m4,.7'&'&"4"&*$0(?!"&6!%&3(8(%3,3$&(0&*$%*()+$&.$%$+@),*$&
3(0&?A%(#$&!*()+!%3$&"B0$&0!&(V,"+(%*,!&3(&0!&(")(8%*'J#$$#2%0'0#&%A#'*$%&3$"&"47(")(*,("&
'&*!3!&4%!&3(&(00!"&*$%&3$"&-!#,(3!3("a&J#$$#2%0'0#&%A#'0520(-'0#&%A#'A#+-'0#&%A#''&-!#>&
0(1$&#$*#','J#$$#2%0'0#&%A#'0520(-',%3,8#'A#+-'%$E%8#''&-!#>&B#3%+%0&#$%8#'Cm4,.7''*&'#/-'
DEM]H&P.!00&DEM^*H&P.!00&'&X#$%54,"+&DEMNH&P.!00&*&'#/-'DEM^/>&&O%&("+!&3,")4+!&"(&6!%&
*$%",3(#!3$&8!*+$#("&3,8(#(%+("&!&0$"&+!V$%B.,*$"a&P.!00&6!&!8,#.!3$&54(&0!&+!V$%$.@!&
3(7(&Z("+!#&!0&"(#-,*,$&3(&0!"&%(*(",3!3("&3(&0!&"$*,(3!3[9&("&3(*,#9&)4("+$&54(&0!"&0('("&
!%+,W.!#,64!%!&"(&("*#,7,(#$%&"4)$%,(%3$&0!&(V,"+(%*,!&3(&4%!&"$0!&(")(*,(&3(&.!#,64!%!&
54(&"(&.(%*,$%!&(")(*,8,*!.(%+(&(%&0!&0(?,"0!*,B%9&0$"&+!V$%$.,"+!"&%$&3(7(%&#(.$-(#&(0&
!"4%+$&"4?,#,(%3$&54(&(V,"+(%&-!#,!"&(")(*,("&'&*$%&(00$&.,%!#&0!&#,?,3(2&3(&0!"&0('("&
!%+,.!#,64!%!&CP.!00&DEM^!H&P.!00&DEM^7H&P.!00&DEMN/>&&R$"&!#?4.(%+$"&3(&0!"&3$"&)!#+("&
6!%&",3$&#(*$?,3$"&#(*,(%+(.(%+(&(%&4%!&$7#!&CO.7$3(%&DEF0!/&'&0!"&h0+,.!"&
,%-("+,?!*,$%("&"$7#(&!")(*+$"&.$#8$0B?,*$"9&54,.,$+!V$%B.,*$"&'&?(%A+,*$"&3(0&J#$$#2%0'
("+1%&!)$#+!%3$&%4(-!"&)#4(7!"&54(&!)$'!#@!%&0!&,3(!&3(&4%&?A%(#$&)$0,+@),*$&C`,00,?&
DEE]/>&&\#("*,%3,(%3$&3(&*4!%+!"&(")(*,("&3(&J#$$#2%0'(V,"+!%9&+$3!"&0!"&-!#,(3!3("&
!*+,-!"&*$%+,(%(%&+(+#!6,3#$*!%%!7,%$0("&3,"+#,74,3$"&)$#&+$3!"&0!"&)!#+("&3(&0!&)0!%+!9&
,%*04"$&(%&(0&)$0(%&C\!#,"&*&'#/-'DEM^/&",%&54(&("+!"&"4"+!%*,!"&"(&6!00(%&84(#!&3(&("+(&
?A%(#$>&
R!&6,"+$#,!&3(0&J#$$#2%0'("&0!#?!&'&*$.)0(;!9&3(&8$#.!&54(&!54@&",.)0(.(%+(&+#!+!#A&3(&
7$"54(;!#0!>&&R$"&+(;,3$"&6(*6$"&3(&8,7#!"&3(&J#$$#2%0'C*1b!.$/&+,(%(%&(%&0!&X6,%!&4%!&
!%+,?e(3!3&3(&NGGG&!b$"&CR,&DEMk7/>&&O%&(0&6(#7!#,$&4*$'70#1'J)%$.''!&"(&6!*(&4%!&*0!#!&
.(%*,B%&3(&0!"&)#$),(3!3("&)",*B+#$)!"&3(0&J#$$#2%0-''O"+(&6(#7!#,$&84(&*$.),0!3$&(%&(0&
",?0$&)#,.(#$&3(&%4("+#!&(#!&)(#$&"(&6!&!+#,74,3$&3(&8$#.!&+#!3,*,$%!0&
]FI&
&
!&4%&0(?(%3!#,$&(.)(#!3$#&54(&-,-,B&!0#(3(3$#&3(0&!b$&IMGG&!>X>&CO.7$3(%&DEMI!H&R,&
DEMk!H&J$4g&DEFD/>&&O0&J#$$#2%0'6!&3,"8#4+!3$&34#!%+(&0!#?$&+,(.)$&3(&4%&)!)(0&#,+4!0&(%&
0!&j%3,!&CK03#,*6&DEMM/&'&0!&)0!%+!&84(&.(%*,$%!3!&(%&(0&!&)#+A#'?*E#'*$.$&(.7#,!?!%+(&
"!?#!3$&*#(!3$&;4%+$&!0&#"+&#'$&)$*,B%&3(0&01"#'C-A!"(&X!)@+40$&N/&*4!%3$&0$"&3,$"("&
!?,+!#$%&0$"&$*(!%$"&CP6!#.!&DEMMH&J$4g&DEFD/>&&R$"&)#()!#!3$"&3(&J#$$#2%0&00!.!3$"&!&
-(*("&A%;#,#'$&Z-,*+$#,![&(%&"1%"*#,+$&C=!#?0,%&DEF^/&"$%&(")(*,!0.(%+(&"!?#!3!"&)!#!&
P6,-!&'&"(&)#("(%+!%&(%&+#("&8$#.!"a&2)#$.9'4%!&)#()!#!*,B%&3(&0!"&6$;!"&4"!3!&(%&7(7,3!"&
*$.$&0!&2)#$.'/#00%9'54(&+$.!%&0$"&3(-$+$"&6,%34("&!%+("&3(&-,",+!#&+(.)0$"&,.)$#+!%+("9&
0!&.#$;#'$&7$+$%("&80$#!0("&'&(0&8)#&#0'$&#(",%!&)4#!>&&O"+$"&3$"&h0+,.$"&"(&84.!%&3(&
6!7,+4!0.(%+(&(%&4%&8)%//5"'$&),)!&#(*+!&54(&"(&"$"+,(%(&-(#+,*!0.(%+(&CX!#"+!,#"&DE^kH&R!&
Q!##(&DEFG7/>&&R$"&)#()!#!3$"&3(&J#$$#2%0'+4-,(#$%&4%&)!)(0&)#$.,%(%+(&(%&0$"&#,+$"&3(&
!3$#!*,B%&3(0&3,$"&+#,7!0&3(&0!&j%3,!&)#(W:A3,*!&L!?!%%!+6&3(&;#.#$$#&)'F#$E%+'(%&\4#,9&
d#,""!&C=!#?0,%&DEF^/>&&O0&4"$&#,+4!0&3(0&J#$$#2%0'(%+#(&0$"&6,%34("&6!&",3$&#(*$?,3$&)$#&
Pg!.,&K?(6!%!%3#!&Q6!#!+,&C*,+!3$&(%&P*60(,88(#&DEME/>&&O0&J#$$#2%0'("&4"!3$&
!.)0,!.(%+(&)$#&0!&(+%$.(3,*,%!&!",1+,*!&)$#&(;(.)0$&*$.$&"(3!%+(&'&!%!0?A",*$&(%&
J!,0!%3,!&C\$%?04V&*&'#/-'DEFM/&'&)$#&-@!&+B),*!&(%&0!"&!8(**,$%("&3(#.!+$0B?,*!"&)$#&0$"&
f6!",&'&U!#$&3(&=(?6!0!'!9&j%3,!&CY!$&DEFD/>&&O%&`!#'!%!9&j%3,!9&0!"&6$;!"&3(&J#$$#2%0'
0#&%A#'"(&+$.!%&$#!0.(%+(&*$%&.,(0&)!#!&*$.7!+,#&0!&+$"&CR!0&'&q!3!-&DEF]/9&.,(%+#!"&54(&
(%&<()!0&(0&;4?$&3(&0!"&6$;!"&3(&J#$$#2%0'0#&%A#'"(&4+,0,2!&*$.$&-40%(#!#0$&CQ6!++!#!,&
DEEI/>&
O%&$**,3(%+(9&(0&J#$$#2%0'84(&.(%*,$%!3$&)$#&`(#$3$+$&(%&(0&",?0$&:&!%+("&3(&X#,"+$9&
*4!%3$&"(&3,*(&54(&0$"&.,"+(#,$"$"&O"*,+!"&0$&!##$;!7!%&"$7#(&),(3#!"&*!0,(%+("&(%&4%!&
(")(*,(&3(&"!4%!"&'&"(&(.7#,!?!7!%&!0&,%6!0!#&0$"&-!)$#("&CQ#4%%(#&DEMMH&P*60(,88(#&DEME/>&&
R$"&.A3,*$"&3(&0!&!%+,?e(3!3&_,$"*B#,3("&'&U!0(%$&.(%*,$%!#$%&(0&4"$&3(0&J#$$#2%0'(%&
.(3,*,%!&'&(V,"+(%&,%3,*,$"&3(&"4&4"$&*$.$&(.7#,!?!%+(&(%&(0&.4%3$&*01",*$&CK%3#(g"&'&
:,%S(%$$?&DENMH&O.7$3(%&DEMI!H&O"*$6$+!3$&DEFE!/>&&O0&J#$$#2%0'!354,#,B&0!&.!'$#&
,.)$#+!%*,!&"$*,!0&'&#,+4!0&(%&(0&.4%3$&1#!7(9&",(%3$&=!#*$&\$0$&(0&)#,.(#$&54(&3,#,?,B&0!&
!+(%*,B%&3(&0$"&(4#$)($"&6!*,!&(0&4"$&3(0&J#$$#2%0'(%+#(&0$"&1#!7("&(%&(0&",?0$&njjj>&&\$0$&
6!70B&3(&4%&.,"+(#,$"$&Z-,(;$&3(&0!&.$%+!b![&54(&)$"(@!&4%&8!%+1"+,*$&;!#3@%&00(%$&3(&
3(0,*,!"9&(%+#(&(00!"&!&.4;(#("&;B-(%("&'&7(00!"&6!*,!&0!"&54(&00(-!7!&!&0$"&6$.7#("&
3#$?!3$"&*$%-(%*,A%3$0$"&!"@&3(&54(&)$"(@!&0!&00!-(&3(0&)!#!@"$>&&_(&("+(&.$3$&"(&?!%!7!&
"4&8,3(0,3!3&'&0$"&4+,0,2!7!&*$.$&Z!"(",%$"[>&&P(?h%&0!&+#!3,*,B%&("+(&6$.7#(&%$&(#!&$+#$&
54(&`!"!%&P!7!69&0!&3#$?!&(0&)#0)%0)''&0!&"(*+!&0!&3(&0$"&`!"6,"6,%9&%$.7#(&3(0&54(&3(#,-!&
(0&+A#.,%$&.$3(#%$&3(&!"(",%$>&&Y43$08&U(0)S(&6!&,%+(%+!3$&3,"*(#%,#&(%+#(&6(*6$"&'&
8,**,B%&(%&0!&(0!7$#!3!&0('(%3!&3(0&Z-,(;$&3(&0!&.$%+!b![&CU(0)S(&DENN!H&U(0)S(&DENN7/>&&
<$&6!'&343!9&",%&(.7!#?$9&3(&0!&,.)$#+!%*,!&3(0&J#$$#2%0'(%&(0&.4%3$&1#!7(9&",(%3$&
.(%*,$%!3!&0!&3#$?!&)$#&P6(6(#(2!3(&(%&D#0'"%/','5$#'$18)*0'CO.7$3(%&DEMI!/&W&'&6!&
",3$&!"$*,!3!&*$%&0!&"(*+!&("$+A#,*!&P48@&3(&0$"&Z3(#-,*6("&3!%2!%+("[&CT#,(30!%3(#&DEM^H&
U(0)S(&DENN!H&R(g,%&DEIk/>&&j%*04"$&6$'&(%&3@!&0!&.!'$#&)!#+(&3(0&)#0)%0)'3(&O4#$)!&
)#$-,(%(&3(0&Y,8&.!##$54@&3$%3(&0!&3#$?!&#(*,7(&(0&%$.7#(&3(&S,8&CQ(%!743&DE^MH&X6(#%,!S&
DEMEH&L$"()6&DEM]H&=,S4#,'!&DEMG/>&&R!&6,"+$#,!&!8#,*!%!&3(0&J#$$#2%0'6!&",3$&#(*$),0!3!&
)$#&_4&J$,+&CDEFG/>&
O%&DFk^9&L>&L>&=$#(!4&C3(&J$4#"/&)470,*B&(%&\!#@"&(0&)#,.(#&("+43,$&*,(%+@8,*$&3(0&
]F]&
&
J#$$#2%09'(%&(0&54(&"(&,%*04@!%&(%"!'$"&#(!0,2!3$"&(%&"@&.,".$&'&(%&#(",3(%+("&3(&O?,)+$&
C=$#(!4&DFk^/>&&=$#(!4&84(&(0&*(%+#$&3(&4%&*@#*40$&0,+(#!#,$&)!#,",%$&00!.!3$&D*'J/52'E*0'
H#8)%8)%$0'(%&*4'!"&#(4%,$%("&"(&*$%"4.@!&0,7#(.(%+(&4%!&-!#,(3!3&3(&)#0)%0)'//#"#E#'
E#=#"*0B-''_$"&3("+!*!3$"&.,(.7#$"&3(&("+(&*047&84(#$%&(0&)$(+!&X6!#0("&Q!43(0!,#(9&
*4'$&0,7#$&D*0'4#+#E%0'!+&%3%8%*/0'CR$"&)!#!@"$"&!#+,8,*,!0("/&3("*#,7@!&)$A+,*!.(%+(&0$"&
(8(*+$"&3(0&$),$&'&3(0&6!"6,"6&CQ!43(0!,#(&DFNG/&'&(0&("*#,+$#&8#!%*A"&J6A$)6,0(&U!4+,(#9&
54,(%&("*#,7,B&3$"&!#+@*40$"&!*(#*!&3(&"4"&(V)(#,(%*,!"&*$%&(0&J#$$#2%0'CU!4+,(#&DEND/>&&R$"&
#(0!+$"&3(0&)$(+!&!.(#,*!%$&Q!'!#3&J!'0$#&"$7#(&"4"&(V)(#,.(%+$"&*$%&(0&)#0)%0)'
)#(*(3,(#$%&(%&*,%*$&!b$"&!&0$"&3(&Q!43(0!,#(&C`!'+(#&DENFH&J!'0$#&DEND/>&&m4,21"&(0&
+#!7!;$&0,+(#!#,$&.1"&8!.$"$&"$7#(&(0&X!%%!7,"&"(!&(0&*01",*$&7)*&H#0)**0)'`#&*+-:'O*%$.'
4#00#.*0'3+1"'7)*'D%3*'13'#'4,&)#.1+*#$'3(0&("+!3$4%,3(%"(&T,+2&`4?6&R430$g9&54(&
3("*#,7,B&"4"&(V)(#,(%*,!"&)(#"$%!0("&*$%&?#!%3("&3$","&3(&+,%+4#!&3(&J#$$#2%0'%$E%8#'
)#()!#!3!&)$#&0!&8,#.!&J,03(%&v&X$.)!%'&)!#!&(0&.(#*!3$&8!#.!*A4+,*$&CR430$g&DF^M/>&&
d+#$&*$%$*,3$&(V)(#,.(%+!3$#&3(0&)#0)%0)'84(&c!0+(#&Q(%;!.,%&CQ(%;!.,%&DEMI/>&&R!&
0,+(#!+4#!&.$3(#%!&"$7#(&(0&J#$$#2%0&("&.4'&(V+(%"!&'&%$&0!&*,+!#(.$"&+$3!&!54@>&U#!*,!"&
!&0$"&("84(#2$"&0,+(#!#,$"&3(&U!4+,(#9&J!'0$#9&Q!43(0!,#(9&R430$g&'&$+#$"9&(0&4"$&3(0&J#$$#2%0'
"(&(V+(%3,B&.1"&!001&3(&"4"&3$.,%,$"&+#!3,*,$%!0("9&3(&.$3$&54(&34#!%+(&(0&h0+,.$&",?0$&'&
.(3,$&"(&6!&4+,0,2!3$&0!&3#$?!&(%&0$"&*@#*40$"&("$+A#,*$"&3(&0!&"$*,(3!3&$**,3(%+!0>&&O%&0$"&
O"+!3$"&i%,3$"9&(0&4"$&3(&0!&.!#,64!%!&"(&!"$*,B&!&0$"&+#!7!;!3$#("&(.,?#!%+("&.(V,*!%$"&
'&!&)(54(b$"&*@#*40$"&3(&.h",*$"&%(?#$"&6!"+!&0!&3A*!3!&3(&0$"&DE^G9&*4!%3$&"4&4"$&(%+#(&
0$"&.,(.7#$"&3(0&.$-,.,(%+$&Q(!+&)(#.,+,B&(0&!**("$&3(&$+#!"&*!)!"&3(&0!&"$*,(3!3&
("+!3$4%,3(%"(&!&0!&3#$?!>&&O0&4"$&3(0&J#$$#2%0&)!"B&!&"(#&4%!&*!#!*+(#@"+,*!&84%3!.(%+!0&
3(&0!&ZO#!&)",*$3A0,*![&3(&0$"&"("(%+!&'&*$%&0!&00(?!3!&3(&0$"&!b$"&"(+(%+!&)$#&0$&.(%$"&Ik&
.,00$%("&3(&%$#+(!.(#,*!%$"&6!7@!%&)#$7!3$&0!&3#$?!&CU#,%")$$%&DEMMH&<!+,$%!0&
X$.,"",$%&$%&=!#,64!%!&DEMI/>&&i%!&(%*4("+!&3(0&j%"+,+4+$&<!*,$%!0&)!#!&(0&K74"$&3(&
_#$?!"&#(!0,2!3!&(%&DEFF&3(+(#.,%B9&*$.$&.@%,.$9&(%&3$*(&.,00$%("&(0&%h.(#$&3(&
4"4!#,$"&6!7,+4!0("&(%+#(&0!&)$70!*,B%&!.(#,*!%!&C3(&3$*(&!b$"&3(&(3!3&$&.!'$#("H&
U$03"+(,%&'&f!0!%+&DEEG/>&&U#!*,!"&!&0$"&-,?$#$"$"&("84(#2$"&3(&0!&)$0,*@!&)!#!&(-,+!#&0!&
,%+#$34**,B%&3(&0$"&)#()!#!3$"&3(&J#$$#2%0'(%&0$"&O"+!3$"&i%,3$"&'&!&0!&3,84",B%&3(&0!&
+(*%$0$?@!&3(&"4&*40+,-$9&0$"&OOii&"(&6!%&*$%-(#+,3$&(%&(0&)#,%*,)!0&)#$34*+$#&.4%3,!0&'&
4%$&3(&0$"&)#,%*,)!0("&*$%"4.,3$#("&3(&J#$$#2%0-''d+#$&#("40+!3$&6!&",3$&0!&$7+(%*,B%&3(&
-!#,(3!3("&"4)(#&)$+(%+("&3(&.!#,64!%!&6!"+!&(%+$%*("&3("*$%$*,3!"&Cd++&DEEI!/>&&`!%&
!)!#(*,3$&.4*6$"&0,7#$"&(%&0$"&54(&"(&3(+!00!%&0$"&.A+$3$"&3(&*40+,-$&3(0&J#$$#2%0'",(%3$&
)#$7!70(.(%+(&(0&)#,.(#$&7)*'J5/&%A#&1+0'H#$E'211B'13'F#+%;5#$#'C=!%4!0&3(0&X40+,-!3$#&
3(&.!#,64!%!/&C_#!S(&DEMGH&-A!"(&+!.7,A%&T#!%S&'&Y$"(%+6!0&DEMkH&j#-,%?&DEMFH&=$4%+!,%&
U,#0&DEMM/>&&K)!#+(&3(&"4&4"$&4%,-(#"!0&*$.$&(.7#,!?!%+(9&0!&.!#,64!%!&6!&",3$&
!.)0,!.(%+(&4"!3!&*$.$&.(3,*,%!&)!#!&8,%("&.4'&*$%*#(+$"9&)#,%*,)!0.(%+(&)!#!&
*$%+#$0!#&0!"&%14"(!"&(V+#(.!"&3(#,-!3!"&3(&0!&54,.,$+(#!),!&3(0&*1%*(#&$&(0&Pj_K9&!"@&
*$.$&)!#!&#(34*,#&0!&)#(",B%&,%+#!$*40!#&(%&0$"&(%8(#.$"&3(&?0!4*$.!&CY$88#%!%&DEFIH&
p,%7(#?&DEME/>&&R!&.!#*!3!&(8(*+,-,3!3&3(&0!&.!#,64!%!&84.!3!&'&3(0& WJ`X&)$#&-@!&$#!0&
*$.$&.(3,*!.(%+$&!%+,%14"(!9&!"@&*$.$&3(&0!&.!#,64!%!&84.!3!&)!#!&+#!+!#&(0&
?0!4*$.!9&8$#2B&4%!&"(#,(&3(&.$3,8,*!*,$%("&(%&0!"&0('("&!%+,3#$?!&'&
]Fk&
&
0!&,%+#$34**,B%&3(&(V*()*,$%("&(%&(0&4"$&3(0&J#$$#2%0'(%&*,(#+$"&*!"$">&&P,%&(.7!#?$9&!0&%$&
3("(!#&(0&?$7,(#%$&3!#&.(%"!;("&*$%84"$"&(%&(0&*!"$&3(&0!&.!#,64!%!&C)#(8,#,(%3$&)(#.,+,#&
"48#,.,(%+$"&,%%(*("!#,$"&!&)(#"$%!"/&'!&6!&*("!3$&0!&3,"+#,74*,B%&3(0&81#.!*$&!&%4(-$"&
(%8(#.$"&3(&*!%*(#9&Pj_K&$&?0!4*$.!>&&R!"&*1)"40!"&3(&J`X&KF#+%$1/P&+$3!-@!&("+1%&
3,")$%,70("&CQ04.(%+6!0&DEEI/>&&jW!&",+4!*,B%&0(?!09&!0&,?4!0&54(&0!&4+,0,3!3&3(&0!&.!#,64!%!&
(%&0!&.(3,*,%!&.$3(#%!9&6!&",3$&("7$2!3!&(%&4%$"&0,7#$"&#(*,(%+("&CU#,%")$$%&'&Q!S!0!#&
DEE]H&Y$88.!%&DEFI/>&&P(&6!&)#$)4("+$&(0&4"$&3(0&J#$$#2%0'*$.$&!?(%+(&+(#!)A4+,*$&(%&(0&
+#!+!.,(%+$&3(0&!0*$6$0,".$&C=,S4#,'!&DEMDH&=,S4#,'!&DEM]/>&&O0&-!0$#&3(&0!&.!#,64!%!&(%&
.(3,*,%!&'&(0&?#!%&%h.(#$&3(&*$%"4.,3$#("&,0(?!0("&3(&0!&3#$?!&*$.$&(.7#,!?!%+(&6!%&
",3$&*,+!3$"&)$#&?#4)$"&*$.$&(0&<dY=R&KN#&%1$#/&6+.#$%C#&%1$'31+'&)*'G*31+"'13'
=!#,;4!%!&D#=0L'd#?!%,2!*,B%&<!*,$%!0&)!#!&0!&#(8$#.!&3(&0!"&R('("&"$7#(&0!&=!#,64!%!/9&
54(&04*6!%&)!#!&3(#$?!#&0!&)#$6,7,*,B%&3(&0!&.!#,64!%!9&*$.$&!#?4.(%+$"&)!#!&*!.7,!#&
0!"&0('(">&&_(")4A"&3(&!0?4%!"&-,*+$#,!"&(%&0$"&!b$"&"(+(%+!9&,%*04'(%3$&4%!&
Z3("*#,.,%!0,2!*,B%[&!&%,-(0&("+!+!0&(%&K0!"S!9&d#(?B%9&X!0,8$#%,!&P&$+#$"&04?!#("9&4%!&
#(!**,B%&*$%"(#-!3$#!&6!&)#$.$-,3$&"4&#(*#,.,%!0,2!*,B%&(%&!0?4%$"&*!"$"9&'&3!3!&0!&
)#("(%+(&!*+,+43&6,"+A#,*!&6!*,!&0!"&3#$?!"&,0(?!0("9&0!&.!#,64!%!&"(&6!&*$%-(#+,3$&(%&(0&
",#%7$0$&'&()@+$.(&3(0&!2$+(&54(&*$%"+,+4'(%&0!"&Z3#$?!"&)(0,?#$"!"[9&.,(%+#!"&54(&0$"&
!%+("&+(.,3$"&(%+(B?(%$"&*$.$&0!&RP_&$&0!&.("*!0,%!&6!%&",3$&)#1*+,*!.(%+(&$0-,3!3$">&&
R!&.!#,64!%!&("&",%&343!&4%!&3(&0!"&3#$?!"&-,",$%!#,!"&.1"&!.)0,!.(%+(&4+,0,2!3!"&(%&
+$3$&(0&.4%3$9&*$%&*,(%+$"&3(&.,00$%("&3(&4"4!#,$"&CY47,%&DEM^/>&
&
&
<jjj>&&#,U"!/%&?&/%./+2/%&<2%2"!$-2$%&1/5&60!/-"&$-#/92%2$&
&
R$"&+4;$%("&"$%&4%$"&*$.)4("+$"&+(#)A%,*$"&%$&%,+#$?(%!3$"&)#("(%+("&(%&0$"&!*(,+("&
-$01+,0("&3(&-!#,!"&)0!%+!"9&(%&(")(*,!0&3(&7)5;#'188%E*$&#/%0'C3(&0!&54(&"(&!,"0!#$%&)$#&
)#,.(#!&-(2/9&!+&*"%0%#'#20%$&)%5"9'$+#!"&(")(*,("&3(0&?A%(#$&!+&*"%0%#9&@#/A%#'133%8%$#/%0''&
3(&0!&!+!%!",!&$&7#$#8*&5"'A5/.#+*-''K7",%+$09&"!0-!%$0&C$&"!0-,$0/&'&+!%!*(+$%!&"$%&
",%B%,.$"&6!7,+4!0("&3(&0$"&+4;$%("&CK07(#+W\40($&DEMF/>&&OV,"+(%&3$"&("+(#($,"B.(#$"&(0&
W+4;$%(&C/W+4;$%(/&'&(0& +4;$%(&CEW+4;$%(&$&EW,"$+4;$%(/>&&O%&4%!&-!#,(3!3&!#?(%+,%!&3(&
!E*"%0%#'#20%$&)%5"'"(&3(+(#.,%B&#(*,(%+(.(%+(&4%&*$%+(%,3$&3(0&^E9El&3(& +4;$%(&(%&
(0&!*(,+(&("(%*,!0&;4%+$&*$%&4%&I9]l&3(& +4;$%(&CP!**$&'&X6,!0-!&DEFF/>&&O0&!*(,+(&("(%*,!0&
3(&0!&"!0-,!&3(0&*$.(#*,$9&6!7,+4!0.(%+(&@#/A%#'133%8%$#/%0')4(3(&*$%+(%(#&3(&4%&Dk&!&4%&
NMl&3(&+4;$%(">&&K&-(*("&0!&"!0-,!&*$.(#*,!0&("&@-&&+%/12#'*4'$&!*(,+(&("(%*,!0&+,(%(&4%&
*$%+(%,3$&(%&+4;$%("&"(%"(70(.(%+(&.(%$#9&!0#(3(3$#&3(0&DW^9Nl&CJ4*S(#&*&'#/-'DEFG/>&&O%&
(0&"4#&3(&j+!0,!9&0!"&6$;!"&3(&@-'133/8%$#/%0'0*&84.!%9&!&-(*("9&;4%+$&*$%&6$;!"&3(&>#&5+#'
0&+#"1$%5"'*$.$&#(.(3,$&)!#!&(0&!".!&C_(&T($&*&'#/-'DEEI/>&&@-'133%8%$#/%0'"(&4+,0,2B&;4%+$&
*$%&@-'/,+#&#'*$.$&("+,.40!%+(&(%+#(&0$"&,%3,$"&X6(#$S((&%$#+(!.(#,*!%$"&C`!.(0&P&
X6,0+$"S('&DEM^/&.,(%+#!"&54(&0$"&,%3,$"&`$),&6,*,(#$%&4%&4"$&",.,0!#&3(&@-'8#+$10#'
Cc6,+,%?&DE]E/>&
R$"&+4;$%("&"$%&*$%$*,3$"&)#,%*,)!0.(%+(&)$#&8$#.!#&)!#+(&3(0&!*(,+(&3(&!;(%;$9&(0&!*(,+(&
("(%*,!0&3(&!+&*"%0%#'#20%$&)%5"9',%?#(3,(%+(&3(&*,(#+!"&7(7,3!"&!0*$6$0,*!"&3(0&
]F^&
&
",?0$&njn&3(%$.,%!3!"&!7"(%+!&CK07(#+W\40($&DEMFH&O.7$3(%&DEF]7H&=$%+!?%(&'&:$?+&
DEFIH&:$?+&DEFD/>&&d+#!"&7(7,3!"&!0*$6B0,*!"&6!%&",3$&(0!7$#!3!"&!&7!"(&3(&)0!%+!"&54(&
*$%+,(%&+4;$%("&(%+#(&(00!"&*(#-(2!"&'&Z!0("[&54(&*$%+(%@!%&@#/A%#','!+&*"%0%#-''O0&
:(#.$4+6&Kh*+"5&'("&(0&%$.7#(&!0(.1%&3(0&!;(%;$&!"@&*$.$&3(&0!&!7"(%+!&'&(0&-(#.4+/&
*$%+,(%(&+#!3,*,$%!0.(%+(&)(54(b!"&*!%+,3!3("&3(&!*(,+(&3(&!;(%;$&CK07(#+W\40($&DEMF/>&&
R!&!7"(%+!&"(&)#()!#!7!&3("+,0!%3$&!0*$6$0&"$7#(&0!"&6$;!"&.!*6!*!3!"&3(0&!;(%;$&'&$+#$"&
,%?#(3,(%+("&54(&"$0@!%&"(#&0!&#!@2&3(&!$.*/%8#9'(0&#,2$.!&3(&!81+50'8#/#"50'C54(&)4(3(&
*$%+(%(#&!"!#$%!"&)",*$!*+,-!"H&-A!"(&.1"&!##,7!/9&*!%(0!9&"(.,00!"&3(&6,%$;$9&!%@"&
("+#(00!3$&C!.7$"&*$%+,(%(%&!%(+$0&$+#$&*$.)4("+$&)$+(%*,!0.(%+(&)",*$!*+,-$H&K07(#+W
\40($&DEFG/&'&$+#!"&)0!%+!">&&O0&!)#(*,!3$&'&*!#!*+(#@"+,*$&*$0$#&-(#3(&3(0&0,*$#9&54(&(%&
+($#@!&3(7@!&-$0-(#"(&70!%*$&!0&.(2*0!#"(&*$%&!?4!9&(#!&)$+(%*,!3$&!&-(*("&3(&8$#.!&
!#+,8,*,!0&!b!3,(%3$&,%3,?$&'&$+#!"&)0!%+!"9&!"@&*$.$&"!0("&.(+10,*!"&+BV,*!"&*$.$&(0&
"408!+$&3(&*$7#(&$&(0&*0$#4#$&3(&!%+,.$%,$&C:$?+&DEFD/>&&K&)("!#&3(&("+!&)0A+$#!&3(&
,%?#(3,(%+("&'&!340+(#!%+("9&0$"&*$%"+,+4'(%+("&!*+,-$"&)#,%*,)!0("&3(&0!&!7"(%+!&)!#(*(&
54(&84(#$%&(0&!0*$6$0&'&0$"&+4,$%("&C:$?+&DEFD/>&&O%&7!"(&!&*,(#+!"&",.,0,+43("&
("+#4*+4#!0("&"(&6!&(")(*40!3$&54(&0$"&(8(*+$"&)",*$!*+,-$"&3(&0$"&+4;$%("&'&0$"&
+(+#!6,3#$*!%%!7,%$0("&3(&0!&.!#,64!%!&C-A!"(&.1"&!##,7!/&"(&3(7(#@!%&!&0!&4%,B%&3(&
!.7!"&"4"+!%*,!"&!0&.,".$&#(*()+$#&*(#(7#!0&C_(0&X!"+,00$&*&'#/-'DEM^H&Y,*(&'&c,0"$%&
DEMN/>&&O%&(8(*+$9&0!&(.7#,!?4(2&!?43!&)$#&!7"(%+!&("&!0?$&)!#(*,3!&!&0!&0!&(.7#,!?4(2&
)$#'J#$$#2%0'C:$?+&DEFD/>&&Y(*,(%+(.(%+(&"(&6!&*$%"(?4,3$&*0$%!#&(0&?(%&54(&*$3,8,*!&(0&
#(*()+$#&3(0&J`X9&)$#&0$&54(&)#$%+$&"(#1&)$",70(&*$.)#$7!#&("+!&6,)B+(","&C=!#V&DEEG/>&&
P,%&(.7!#?$9&(0&#(*,(%+(&!,"0!.,(%+$&3(&0!&!%!%3!.,3!9&4%&0,?!%3$&(%3B?(%$&3(0&
#(*()+$#&3(0&J`X&CQ!#,%!?!&DEEIH&_(-!%(&*&'#/-'DEEI/&)!#(*(&,%3,*!#&54(&("&0!&*!3(%!&
 !0,81+,*!&0!+(#!0&3(0&J`X&C)#("(%+(&(%&0!&!%!%!3!.,3!&'&0$"&J`X&)(#$&!4"(%+(&(%&0$"&
+4;$%("/&0!&54(&"(&4%(&!0&#(*()+$#9&6!*,(%3$&)$*$&8!*+,70(&0!&+($#@!&3(&54(&0$"&+4;$%("&
+!.7,A%&"(&4%!%&!&("+(&#(*()+$#&3(&0$"&J`X&C!4%54(&)$3#@!&6!7(#&$+#$"/>&
R!&!7"(%+!&"(&+$.!7!&?(%(#!0.(%+(&!0&!+!#3(*(#&(%&0!"&+(##!2!"&3(&0$"&*!8A"&3(&\!#@">&&O0&
0,*$#&"(&+$.!7!&(%&4%&-!"$&3,04@3$&*$%&4%!"&*,%*$&)!#+("&3(&!?4!&54(&"(&-(#+@!%&"$7#(&(0&
0,*$#&)$#&(%*,.!&3(&4%&+(##B%&3(&!24*!#&*$0$*!3$&(%&4%!&*4*6!#!&)(#8$#!3!&C:$?+&DEFD/>&&
O0&*$%"4.$&3(&0!&!7"(%+!&84(&)#,-!+,-$9&!0&)#,%*,),$9&3(&0!"&*0!"("&7!;!"9&)(#$&!&.(3,!3$"&
3(0&",?0$&njn&"(&)4"$&3(&.$3!&!"$*,1%3$"(&!&0!&%$&*//%.*$&0%#',&!&0$"&!#+,"+!"&-$0-,(%3$&
8,%!0.(%+(&!&"(#&4%!&7(7,3!&3(&0!&*0!"(&+#!7!;!3$#!&(%&0!&)#,.(#!&3A*!3!&3(&("+(&",?0$&
CX$%#!3&DEFF/>&&R!&*$*!@%!&(V)(#,.(%+B&4%!&+#!'(*+$#,!&",.,0!#&CU#,%")$$%&'&Q!S!0!#&
DEMN/>&&_4#!%+(&4%!&A)$*!&"(&)#$34;(#$%&,%?(%+("&*!%+,3!3("&3(&!7"(%+!9&!0*!%2!%3$&0!&
)#$34**,B%&8#!%*("!&0$"&]N&.,00$%("&3(&0,+#$"&!%4!0("&(%&DEDG&CX$%#!3&DEFF/9&'&(%&DFMF&"(&
,.)$#+!#$%&$*6$&.,00$%("&3(&0,+#$"&!&0$"&O"+!3$"&i%,3$"&CK07(#+W\40($&DEMF/>&&K&.(3,3!&
54(&"(&6,2$&)!+(%+(&54(&0!&7(7,3!&(#!&%(4#$+BV,*!&)#$34*,(%3$&4%&"@%3#$.(&00!.!3$&
Z!7",%+,".$9[&A"+!&84(&)#$6,7,3!9&)#,.(#$&(%&QA0?,*!&(%&DEG^9&04(?$&(%&P4,2!&(%&DEGM9&!&
*$%+,%4!*,B%&(%&0$"&O"+!3$"&i%,3$"&(%&DEDI&'&8,%!0.(%+(&(%&T#!%*,!&(%&DED^&CX$%#!3&
DEFFH&:$?+&DEFD/>&&O"+!&)#$6,7,*,B%&3(&0!&!7"(%+!&",#-,B&3(&)#$+$+,)$&)!#!&(0&*$%+#$0&0(?!0&
.$3(#%$&3(&0!"&3#$?!">&&`$'&(%&3@!&(V,"+(&4%!&,.,+!*,B%&3(&0!&!7"(%+!&00!.!3!&\(#%$3&54(&
%$&*$%+,(%(&+4;$%(">&&\$#&"4&)!#+(9&0!&!7"(%+!&(")!b$0!&%4%*!&84(&)#$6,7,3!&'&!h%&"(&
(0!7$#!&!7"(%+!&3(&*$%+#!7!%3$&(%&(0&:!0W3(WJ#!-(#"&3(&P4,2!&CX$%#!3&DEFF/>&&K&)("!#&3(&
0!&)#$6,7,*,B%&3(0&!;(%;$&
]FN&
&
(%&0$"&O"+!3$"&i%,3$"9&0!&"!0-,!9&54(&)4(3(&00(?!#&!&*$%+(%(#&6!"+!&4%&NMl&3(&+4;$%("&(%&
"4&!*(,+(&("(%*,!09&"(&6!00!&(%&0!&00!.!3!&*0!",8,*!*,B%&UYKP&3(&0!&<11E'#$E&>+5.'
!E"%$%0&+#&%1$'KI*$*+#//,'G*81.$%C*E'!0'@#3*L'Y(*$%$*,3$&`!7,+4!0.(%+(&X$.$&P(?4#$/&'&
)4(3(&4+,0,2!#"(&*$.$&!3,+,-$&!0,.(%+!#@$&CJ4*S(#&*&'#/-'DEFG/>&&\!#(*(&"(#&54(&(V,"+(&4%&
,%+(#A"&.$3(#%$&(%&0$"&O"+!3$"&i%,3$"&)$#&0!"&7(7,3!"&3(0&+,)$&!7"(%+!9&'&3$"&)$(+!"&
!.(#,*!%$"&U!#'&P%'3(#&'&_!0(&\(%3(00&6!%&*$.)4("+$&)$(.!"&!&0!&ZK#+(.,",![&+!0&*$.$&
6,*,(#!&c!0+&c6,+.!%&!%+(#,$#.(%+(&*$%&(0&ZX!0!.4"[&C\(%3(00&DEEIH&\(%3(00&DEE^/>&&P(&
!*()+!&?(%(#!0.(%+(&54(&0$"&+4;$%("&84(#$%&0!"&"4"+!%*,!"&%(4#$+BV,*!"&3(&0!&!7"(%+!&
!4%54(&(0&!0*$6$0&("&+!.7,A%&4%!&)$+(%+(&%(4#$+$V,%!&C0!&!7"(%+!&*$%+(%@!&(%+#(&4%&NF&'&
4%&F^l&3(&!0*$6$0/&'&!&)("!#&3(&54(&"(&4"!#$%&*!%+,3!3("&*$%",3(#!70("&3(&"!0("&3(&*$7#(&
'&!%+,.$%,$&*$.$&!340+(#!%+("&C(")(*,!0.(%+(&(%&0!"&,.,+!*,$%("&7!#!+!"&3(&0!&!7"(%+!&
54(&*$%"4.@!%&0!"&*0!"("&.1"&)$7#("/&54(&)$3#@!%&6!7(#&",3$&#(")$%"!70("&3(&0!&
%(4#$+$V,*,3!3>&&O0&("*#,+$#&8#!%*A"&L>&f>&`4'".!%"&*$.)!#B&(0&"!7$#&3(&("+!"&,.,+!*,$%("&
!0&3(&Z4%&7$+B%&.(+10,*$&*64)!3$&0(%+!.(%+([&CX$%#!3&DEFF/>&&K4%54(&0!"&3$","&(0(-!3!"&
3(&+4;$%("&"$%&",%&343!&+BV,*!"&)$#&-@!&)!#(%+(#!09&("&%(*(!#,$&#(!0,2!#&("+43,$"&
+$V,*$0B?,*$"&.$3(#%$"&*$%&("+!"&"47"+!%*,!"9&+(%,(%3$&(%&*4(%+!&0!&*!%+,3!3&)#("(%+(&(%&
0!&!7"(%+!&'&",%&0$"&!340+(#!%+("&3(&*$7#(&'&!%+,.$%,$9&!%+("&3(&*$%*04,#&54(&0!&
%(4#$+$V,*,3!3&!"$*,!3!&*$%&(0&!7",%+,".$&84(&*$%"(*4(%*,!&3(&"4&*$%+(%,3$&(%&+4;$%(">&&
=(&,%*0,%$&!&)(%"!#&54(&0!"&"!0("&3(&*$7#(&'&!%+,.$%,$&!"@&*$.$&(0&(V*()*,$%!0&*$%+(%,3$&
!0*$6B0,*$&3(&0!&7(7,3!&;4?!#$%&4%&)!)(0&.1"&,.)$#+!%+(&(%&0!&+$V,*,3!3&3(&0!&!7"(%+!&54(&
0$"&+4;$%(">&&\$#&$+#!&)!#+(9&"(&6!&3(.$"+#!3$&54(&0$"&!*(,+("&("(%*,!0("&*!#(%+("&3(&
+4;$%("&54(&"(&6!00!%&6!7,+4!0.(%+(&(%&0!&!7"(%+!&)$"((%&)#$),(3!3("&*$%-40",$%!%+("&'&
("&)#$7!70(&54(&"(!%&%(4#$+BV,*$"&C=,00(+&*&'#/-'DEFG/>&
O0&!;(%;$&4+,0,2!3$&+#!3,*,$%!0.(%+(&(%&.(3,*,%!&*$.$&!%+,6(0.@%+,*$&C3(&!6@&"4&%$.7#(&
(%&,%?0A"&=1$$=11E9'Z.!3(#!&3(0&?4"!%$[/&+!.7,A%&6!&",3$&4+,0,2!3$&*$.$&4+(#$+B%,*$&(%&
(+%$?,%(*$0$?@!&CK07(#+W\40($&DEMF/>&&R!&3#$?!&(#!&*$%$*,3!&(%&0!&.(3,*,%!&!%+,?4!&3(&
U#(*,!9&0!&j%3,!&'&K#!7,!&CT0(4#(%+,%&*&'#/-'DEF]/>&&O%&0!&j%3,!9&0!&3#$?!&6!&",3$&4+,0,2!3!&
.!'$#,+!#,!.(%+(&*$.$&+B%,*$&'&("+,.40!%+(&'&"(&"!7(&54(&("&(8(*+,-!&*$%+#!&0!"&8,(7#("&
*#B%,*!"9&6!7,A%3$"(&-,"+$&#(*,(%+(.(%+(&54(&)$"((&!*+,-,3!3&!%+,.!01#,*!&Cp!8!#&*&'#/-'
DEEG/&(V)0,*!%3$&!"@&54,21"&(0&4"$&.,0,+!#&8#!%*A"&3(&0!&!7"(%+!&*$%+#!&0!"&8,(7#("&(%&0!&
?4(##!&!#?(0,%!&3(&DFkG>>>&("+#,*+!.(%+(&*$%&8,%!0,3!3("&.A3,*!">>>&)$#&"4)4("+$>>>&CX$%#!3&
DEFF/>&&O%&(8(*+$9&!+&*"%0%#'#20%$&)%5"'"(&4+,0,2!&*$.$&!%+,.!01#,*$&(%&(+%$.(3,*,%!&
+#!3,*,$%!0&?#,(?!&C=!0!.!"&'&=!#"(0$"&DEEI/>&&d+#!&(")(*,(&(.)!#(%+!3$&54(&+!.7,A%&
*$%+,(%(&+4;$%("9&!+&*"%0%#'&#/*0%%9'84(&4+,0,2!3!&+#!3,*,$%!0.(%+(&)$#&0$"&O"54,.!0("&3(&
K0!"S!&)!#!&+#!+!#&0!"&,%8(**,$%("&3(&0!&),(0&'&0$"&3$0$#("&!#+#@+,*$"&3(&0!"&!#+,*40!*,$%("&
Cd-(#8,(03&*&'#/-'DEFG/9&4"$&54(&!h%&)(#34#!&6$'&3@!&C`$00$g!'&'&K0(V!%3(#&DEEG/>&&
!+&*"%0%#'A5/.#+%0'"(&4+,0,2!&*$.$&!%+,),#A+,*$&(%&0!&8,+$.(3,*,%!&+#!3,*,$%!0&+!,0!%3("!&
C\$%?04V&*&'#/-'DEFM/>&&R$"&(V+#!*+$"&3(&!-'#20%$&)%5"'+,(%(%&4%&(8(*+$&!%+,),#A+,*$&3(&
)$+(%*,!&",.,0!#&!0&3(&0!&!"),#,%!&Cf6!++!*S&*&'#/-'cdeiP-''!+&*"%0%#'8#*+5/*08*$0'0520(-'
.#//%8#9'$+#!&(")(*,(&54(&+!.7,A%&*$%+,(%(&+4;$%("&"(&4"!&(%&O")!b!&3(&8$#.!&+#!3,*,$%!0&
*$.$&!%!0?A",*$9&!%+,,%80!.!+$#,$&'&!%+,),#A+,*$9&(8(*+$"&54(&!h%&3(7(%&*$%8,#.!#"(&
.(3,!%+(&)#4(7!"&8!#.!*$0B?,*!"&C=$#1%&*&'#/-'DEFE!/>&&O0&!*(,+(&("(%*,!0&3(&("+!&(")(*,(&
+!.7,A%&6!&.$"+#!3$&(8(*+$"&!%+,.,*#$7,!%$"&C=$#1%&*&'#/-'DEFE7/>&&R!&,%84",B%&3(&!;(%;$&
!"@&*$.$&0!&+,%+4#!&
]FM&
&
'&0$"&(V+#!*+$"&!h%&"(&4+,0,2!%&(%&8,+$+(#!),!&.$3(#%!&)!#!&+#!+!#&)#$70(.!"&3,?("+,-$"&'&
*$.$&!%+,6(0.@%+,*$&Cc(,""&DEFF/>&&O0&4"$&(%&K0!"S!&3(&!-'3+%.%E#'*$.$&3("*$%?("+,$%!%+(&
(%&7!b$"&3(&-!)$#&6!&",3$&3("*#,+$&C`$00$g!'&P&K0(V!%3(#&DEEG/&P&0$"&=(V,*!%$W
K.(#,*!%$"&3(&X$0$#!3$&.!"*!%&0!"&6$;!"&3(&("+!&(")(*,(&)!#!&*$.7!+,#&(0&3$0$#&3(&
("+B.!?$&CQ'(&'&R,%!#("&DEFN/>&
&&&\$#&0$&.(%$"9&",(+(&(")(*,("&3(&!+&*"%0%#'84(#$%&4+,0,2!3!"&&+#!3,*,$%!0.(%+(&)$#&0$"&
,%3,$"&%$#+(!.(#,*!%$"&*$.$&!%!0?A",*$"9&(%&3(*$**,$%("&)!#!&4"$&+!%+$&,%+(#%$&*$.$&
(V+(#%$&C=$(#.!%&DEFN/>&&O"+(&4"$&*$.$&!%!0?A",*$&"(&3(7@!&!&0!&)#("(%*,!&3(&+4;$%("&
-$01+,0(">&&R$"&p4%,&84.!7!%&$&,%6!0!7!%&(0&64.$&3(&!-'8#++5&)%%')!#!&)#$34*,#&!%!0?(",!&
CP+(-(%"$%&DED^/&.,(%+#!"&54(&0$"&,%3,$"&X6('(%%(&("%,8!7!%&0!"&6$;!"&.!*6!*!3!"&3(&!-'
/5E1A%8%#$#')!#!&+#!+!#&0!"&*(810(!"&C`!#+&DEFDH&f,%3"*6(#&DEEI/>&&_(&8$#.!&)!#(*,3!9&0$"&
R!64&3(&J!,0!%3,!&("%,8!%&0!"&6$;!"&3(&!-'E52%#')!#!&+#!+!#&0!&*(810(!&'&0!"&6(.$##!?,!"&
%!"!0("&CK%3(#"$%&DEFN7/9&.,(%+#!"&54(&(%&<()!0&(0&;4?$&3(&("+!&)0!%+!&"(&*$0$*!&(%&0!&
8#(%+(&)!#!&+#!+!#&(0&3$0$#&3(&*!7(2!&CL$"6,&P&O3,%?+$%&DEEG/>&&K0?4%!"&(")(*,("&3(0&?A%(#$&
!+&*"%0%#'"(&4+,0,2!#$%&+#!3,*,$%!0.(%+(&*$.$&("+,.40!%+("&)#$7!70(.(%+(&3(7,3$&!&0!&
)#("(%*,!&3(&+4;$%("&-$01+,0(">&&R$"&,%3,$"&\$+$g!+$.,&"$0@!%&,%6!0!#&0$"&-!)$#("&3(&0!"&
6$;!"&'&0!"&80$#("&3(&!-'3+%.%E#'*$%&8,%("&("+,.40!%+("&CP.,+6&DE]]/&.,(%+#!"&54(&0$"&,%3,$"&
J6$.)"$%&4"!7!%&0!"&6$;!"&*$%+4%3,3!"&3(&!-'&+%E*$&#&#'*$.$&("+,.40!%+(&,%6!0!70(&
CP+((3.!%&DEIF/>&&&&&&
&&&!+&*"%0%#&%$E%8#'"(&4+,0,2!&(%&(0&%$#("+(&3(&0!&j%3,!&*$.$&!%!0?A",*$a&0!"&6$;!"&'&0!"&#!.!"&
"(&(")!#*(%&"$7#(&4%!&*!.!&)!#!&+#!+!#&0$"&3$0$#("&*$#)$#!0("&CU!%?g!#&P&Y!.!S#,"6%!%&
DEEG/9&.,(%+#!"&54(&(%&<()!0&",(%+!%&!&0$"&%,b$"&*$%&3,"(%+(#,!&"$7#(&)0!%+!"&*!0(%+!3!"&
3(&("+!&(")(*,(&C=!%!%36!#&DEED/>&&_(&8$#.!&)!#(*,3!9&0$"&,%3,$"&J6$.)"$%&3(&
<$#+(!.A+,*!&"$0@!%&+#!+!#&0$"&3$0$#("&*$#)$#!0("&P&(0&#(4.!+,".$&*$%&!-'E+#85$85/50'
)#()!#!%3$&4%!&*!)!&3(&D^&*.&3(&?#$"$#&*$%&0!&)0!%+!&(")!#*,3!&"$7#(&4%!&7!"(&3(&
),(3#!"&*!0(%+!3!"&!0&#$;$&-,-$&'&*47,(#+!"&3(&!#(%!9&"$7#(&0!&54(&(0&)!*,(%+(&"(&("+,#!7!&
3("%43$&'&(#!&*47,(#+$&*$%&4%!&"17!%!&CJ4.(#&*&'#/-'DEEG/>&
&&&J#("&(")(*,("&3(&!+&*"%0%#a'!-'#2+1&#+5"9'!-'8%$#','!-'A5/.#+%0'"$%&*$%$*,3!"&(%&!0(.!%,!&
+#!3,*,$%!0.(%+(&*$.$&H*T*$B+#5&9'Z6,(#7!&3(&0!"&7#4;!"[&C_(&:#,("&DEE0!/>&&R!"&6$;!"&3(&
!+&*"%0%#'$%/#.%+%8#'(#!%&84.!3!"&Z)!#!&*$%"(?4,#&!04*,%!*,$%("[&)$#&0$"&d#!$%&3(0&("+!3$&
3(&Q(%?!0!&d**,3(%+!09&j%3,!&C\!0&'&L!,%&DEFE/>&&O0&!*(,+(&-$01+,0&3(&0!"&)!#+("&!A#(!"&3(&("+!&
(")(*,(&*$%+,(%(%&C '& &+4;$%("&Ci%,'!0&*&'#/-'DEF^/&0$&54(&)#$7!70(.(%+(&(V)0,54(&0$"&
(8(*+$"&)",*$!*+,-$"&54(&"(&$7+,(%(%&*4!%3$&"(&84.!>&&Y(*,(%+(.(%+(&6(&)$3,3$&-(#,8,*!#&
.(3,!%+(&!4+$(V)(#,.(%+$"&54(&0!"&6$;!"&3(&K>&#20%$&)%$5"'"$%&+!.7,A%&)",*B+#$)!"&",&"(&
84.!%&Cd++9&%$+!"&3(&0!7$#!+$#,$&%$&)470,*!3!"/>&&R!"&3(*$**,$%("&3(&0!"&6$;!"&54(&"(&
4+,0,2!%&)!#!&+#!+!#&0!"&Z(%8(#.(3!3("&*(#(7#!0("[&(%&=(?6!0!'!9&j%3,!&C<($?,&*&'#/-'DEFE/>&&
P(&3,*(&54(&0!"&,%84",$%("&3(&0!"&6$;!"&'&+!00$&3(&!-'81(#'"$%&Z)#$7!70(.(%+(&
!04*,%B?(%!"[&)!#!&"4"&4"4!#,$"&3(0&%$#+(&3(&X6,0(&CK034%!+(&*&'#/-'DEF]/>&&R$"&!%+,?4$"&
K2+(*!"&4+,0,2!#$%&!+&*"%0%#'"*T%8#$#'*$.$&(.7#,!?!%+(&*$%&(0&%$.7#(&3(&%&C#5),#&/-''R$"&
(")!b$0("&00!.!#$%&!&("!&)0!%+!&*0&#()%#&*'$&!;(%;$&C%$.7#(&(")!b$0&3(&!-'#20%$&)%5"P','
L!*,%+$&3(&0!&P(#%!&6!70B&"$7#(&("+!&3#$?!&3(0&.,".$&.$3$&54(&3(0&(^,1&/'P&3(0&1/1/%5)\5%'
CU!#2!&DEEGH&_(&0!&P(#%!&DE^]/>&&R$"&!%+,?4$"&K2+(*!"&+!.7,A%&3,(#$%&4%!&!)0,*!*,B%&
.(3,*,%!0&!0&%&C#5),#&/&Cd#+@2&3(&=$%+(00!%$&DEEG/&'&!-'/5E%1A%8%#$#'0520(-'"*T%8#$#'!h%&
"(&4+,0,2!&6$'&3,!&(%&(+%$.(3,*,%!&*$%&(0&%$.7#(&3(&*0&#3%#&*'1'%0&#3%#&*')$#&0$"&,%3,$"&
+!#!64.!#!&'&0$"&0$"&.(V,*!%$"&3(&0!"&2$%!"&4#7!%!"&CQ'(&DEFN!/>&
]FF&
&
$.0!12+/&4&
/%./+2/%&%,.,/%#$9/!#/&/!#/"60!2+$%&
&
&
O"+(&!)A%3,*(&*$%+,(%(&+#("&0,"+!"&*$.(%+!3!"&3(&(")(*,("&C(%+#(&(00!"&!0?4%!"&!%,.!0("/&
"4)4("+!.(%+(&(%+($?A%,*!"&.(%*,$%!3!"&(%&0!&0,+(#!+4#!&(")(*,!0,2!3!&#(*,(%+(&'&(%&
*$%$*,3!"&)470,*!*,$%("&*$.$&7)*'O1&#$,'#$E'J)*"%0&+,'13&H#//58%$1.*$0'CQ$+1%,*!&'&
m4@.,*!&3(&0$"&K04*,%B?(%$"/&CP*640+("&'&`$8.!%%&DEFG/&'&0,7#$"&)$)40!#("&*$.$&4/#$&0'13'
&)*'I1E0'C\0!%+!"&3(&0$"&_,$"("/&CP*640+("&'&`$8.!%%&DEME/&'&N#+81&%8'4/#$&0'C\0!%+!"&
%!#*B+,*!"/&CO.7$3(%&DEME/>&&K0?4%!"&'!&6!%&",3$&*,+!3!"&(%&(0&+(V+$9&3$%3(&+!.7,A%&
)4(3(%&(%*$%+#!#"(&$+#!"&(")(*,("&54(&%$&"(&"!7(&*$%&*(#+(2!&54(&"(!%&(%+($?A%,*!"&
C*$.$&)$#&(;(.)0$&0!&0,"+!&3(&6$%?$"9&54(&"(&"$")(*6!&*$%+,(%(%&)",0$*,7,%!9&!b!3,3!&!&(0&
X4!3#$&k&'&0!&0,"+!&3(&!3,+,-$"&3(&/#'#,#)5#08#'3(&(0&*4!3#$&]/>&&\!#!&4%!&.!'$#&*$.$3,3!3&
'&*0!#,3!39&6(&!?#4)!3$&("+!"&(")(*,("&(%&+#("&"(**,$%("a&j>&\#$7!70("-''P(&+#!+!&3(&(")(*,("&
*4'!&8,+$54@.,*!&'&"4&4"$&*$.$&(%+(B?(%$"&"(&6!00!%&7,(%&3$*4.(%+!3$"&$&7,(%&54(&"4&
4+,0,2!*,B%&(+%$.(3,*,%!0&;4%+$&*$%&"4&)#$V,.,3!3&+!V$%B.,*!&!&(")(*,("&54(&*$%+,(%(%&
*$.)4("+$"&(%+($?A%,*$"&!"@&)!#(*(%&,%3,*!#0$H&jj>&&\$",70("-''O")(*,("&*,+!3!"&(%&0!&
0,+(#!+4#!&*$.$&,%34*+$#!"&3(&-,",$%("&)(#$&",%&54(&(V,"+!%&)#4(7!"&*$%*04'(%+("9&8!0+(%&
!%10,","&54@.,*$"&$&7,(%&A"+$"&%$&"(!%&3(8,%,+,-$"H&jjj>&&_43$"$"-''O")(*,("&.(%*,$%!3!"&
*$.$&)$",70(.(%+(&(%+($?A%,*!"&(%&0!&0,+(#!+4#!&!4%54(&0!"&)#4(7!"&!0&#(")(*+$&%$&"$%&
*0!#!"9&+!%+$&)$#54(&0$"&,%8$#.("&$#,?,%!0("&84(#$%&"4.!.(%+(&(")(*40!+,-$"9&$&)$#54(&0$"&
!4+$(V)(#,.(%+$"&$&("+43,$"&54@.,*$"&00(-!3$"&!&*!7$&)$#&0$"&*,(%+@8,*$"&%$&3(+(#.,%!#$%&
(8(*+$"&(%+($?A%,*$"9&$&%$&)43,(#$%&3(+(*+!#&0!&)#("(%*,!&3(&*$.)4("+$"&(%+($?A%,*$">&&
O%&("+!&h0+,.!&*!+(?$#@!&"(&,%*04'(%&!0?4%$"&*!*+$"&54(&*$%+,(%(%&.("*!0,%!9&4%&*$%$*,3$&
(%+(B?(%$9&)(#$&(%&*!%+,3!3("&+!%&.,%h"*40!"&54(&0$"&(8(*+$"&8!#.!*$0B?,*$"&#("40+!%&
,##(0(-!%+("&C",%&3("*!#+!#&0!&)$",7,0,3!3&3(&54(&!0?h%&3@!&"(&(%*4(%+#(%&-!#,(3!3("&3(&
("+!"&(")(*,("&54(&*$%+(%?!%&*!%+,3!3("&"48,*,(%+("&*$.$&)!#!&)#$34*,#&(8(*+$"&
(%+($?A%,*$"/>&
&&O%& +$3$"& 0$"& *!"$"& "(& ,%*04'(%& #(8(#(%*,!"9& )$#& 4%!& )!#+(& !0& +(V+$& C(%+#(&
)!#A%+(","&3(")4A"&3(0&%$.7#(&7$+1%,*$a&(0&%h.(#$&3(0&*!)@+40$&"(?4,3$&3(&0!&
#(8(#(%*,!&!&4%!&"(**,B%&$&%$+!&*$%*#(+$"/&'&!&0!&0,+(#!+4#!&*,(%+@8,*!&*,+!3!&(%&
0!& 7,70,$?#!8@!>& & X$.$& ",(.)#(9& "(& *,+!%& $+#$"& 4"$"& (+%$.(3,*,%!0("& 3(& 0!&
)0!%+!"9&",+41%3$0!"&!"@&(%&4%&*$%+(V+$&(+%$7$+1%,*$&.1"&!.)0,$>&
]FE&
&
2>&.-"4$45/%&
&
$DMEQGDFIL&NMLLIDGCILH&$>&GJGVEMS@LH&$>&WECLQREIX@PGAILH&$>&LQGFRGDELCDILH&$>&CDMJEAIL&
CD9&<$+!&M/a&0$"&+!#!64.!#!&*$%",3(#!%&!&!-'3%005#+&50'4%&)!#,(%+(&E*/')VB5/%'1'(^,1&/''&
!8,#.!%&54(&)#$34*(&(8(*+$"&(%+($?A%,*$"&CQ'(&DEME!/>&&O%&("+!&(")(*,(&"(&6!%&
(%*$%+#!3$&-!#,!"&8(%(+,0!.,%!"&)(#$&%$&.("*!0,%!&C<$#54,"+&'&=*R!4?60,%&DEMG/>&&O%&(0&
*!"$&3(&$+#!"&(")(*,("&3(&!+%18#+(50'0!"&)#4(7!"&"$%&.(%$"&*$%-,%*(%+("9&)$#&(;(.)0$&!-'
+*&50509'*$%$*,3$&*$.$&Z8!0"$&)('$+([9&3(0&54(&"(&3,*(&54(&)#$34*(&(8(*+$"&%$*,-$"&
CQ#46%&'&Q#46%&DEM]H&T4#"+&DEMDH&P*640+("&'&`$8.!%%&DEFG/>&
&
$DKGCEQ@D@IL&OG@CILa&*$%$*,3$&*$%&(0&%$.7#(&3(&(%0)%81/9'_!-,"&.(%*,$%B&("+(&Z*!*+$"&
)",*$!*+,-$[&(%&4%&+#!7!;$&"$7#(&Z)0!%+!"&"!?#!3!"&3(0&*40+$&3(0&P!%&\(3#$[&
C_!-,"&DEF]7/>&&T!0+!%&("+43,$"&54@.,*$"&!0&#(")(*+$>&
&
4GOGALMG&QPF@DM&CI9&<$+!&k/a&)#$34*+$#&3(&Z-!#,$"&!0*!0$,3("&(#?$0@%,*$"&%$&,3(%+,8,*!3$"[&
C\0$g.!%&*&'#/-'DEEG/9&("+(&6$%?$&)!#1",+$&("&4%&)!#,(%+(&3(0&*$#%(24(0$&3(0&*(%+(%$&(&
,%8(*+!&6!7,+4!0.(%+(&!&3,-(#"!"&(")(*,("&3(&J,(*+50'4+,0,2!3$"&)$#&0$"&,%3,$"&P6!#!%!64!&
3(&0!&K.!2$%,!&*$.$&!3,+,-$"&3(&0!&#,#)5#08#'CP*640+("&'&Y!88!48&DEEG9&-A!"(&X!)@+40$&k9&
ZK3,+,-$"&3,-(#"$"[/>&&R$"&P,$%!&'&P(*$'!&3(&O*4!3$#&4+,0,2!%&0!&)0!%+!&6$")(3!3$#!&
J,(*+50'(+1/%T50'*$.$&!'43!&!0&)!#+$9&?#!*,!"&)$",70(.(%+(&!&0!"&)#$),(3!3("&
4+(#$+B%,*!"&3(&0$"&!0*!0$,3("&(#?$0@%,*$"&3(&O#/#$0%#'8,(*+%'C:,*S(#"&'&\0$g.!%&DEFk/>&&
_(&8$#.!&",.,0!#9&(0&4"$&(+%$?,%(*$0B?,*$&(%&K8#,*!&3(&4%!&(")(*,(&E*'J,(*+50',%3,*!#@!&
4%!&,%8("+!*,B%&)$#&O#/#$0%#'8,(*%%'$&!0?h%&$+#$&6$%?$&54(&*$%+(%?!&!0*!0$,3("&
(#?$0@%,*$"&C:(!0(&*&'#/-'DEEI/>''O#/#$0%#'8/#A%8*(0','O-'*(%8)Z*'*$%+,(%(%&+!.7,A%&
!0*!0$,3("&(#?$0@%,*$"&C\$#+(#&*&'#/-'DEME/>&
&
4INE&GOVGDMIL&6MDGDSY&4INE&KGDMAIL&5>&C]9[O0&O%,?.!&3(0&P!)$[/a&"(&6!&-,"+$&54(&Q48$&
!0-!#,4"&3(0&3(",(#+$&3(&P$%$#!&)#$34*(&4%!&"(#,(&3(&+#,)+!.,%!"&(%&"4&),(0&'&?01%340!"&
*4+1%(!"&C_(40$8(4&'&Yh-(3!&DEMD/>&&R!&*$%*(%+#!*,B%&.1"&(0(-!3!&*$##(")$%3,B&!&0!&^W
.(+$V,W3,.(+,0+#,)+!.,%!&C^W=(dW_=J9&+!.7,A%&*$%$*,3!&*$.$& .(+,0748$+(%,%!/9&
6!"+!&D^G&.?&)$#&?#!.$&3(&+(;,3$&?0!%340!#&"(*$H&;4%+$&*$%&*!%+,3!3("&.4'&,%8(#,$#("&3(&
748$+(%,%!&C"B0$&^&.?&)$#&?#!.$&3(&+(;,3$&?0!%340!#&"(*$9&O#")!.(#&*&'#/-'DEN^H&
O#")!.(#&*&'#/-'DENM/>&&J!0&*$.$&"(&3,;$&(%&(0&X!)@+40$&]9&0!&^W=OdW_=J&C4%$&3(&0$"&
 )#,%*,)!0("&,%?#(3,(%+("&(%+($?A%,*$"&3(&0$"&#!)A"&)#()!#!3$"&*$%&(")(*,("&3(&
!$#E*$#$&)*+#','?%+1/#P9'("&(%+($?A%,*!&*4!%3$&"(&84.!&$&"(&,%'(*+!&'&)$"((&4%!&
)$+(%*,!&!0#(3(3$#&3(&*4!+#$&-(*("&0!&3(&0!&_=J&CP640?,%&DEMGH&P640?,%&(%&_(&P.(+&
DEF]/>&h0+,.!.(%+(&"(&6!&-(%,3$&4+,0,2!%3$&(0&-(%(%$&3(&O531&#/A#+%50'*$.$&(%+(B?(%$9&
(V+#!@3$&3(&0!"&?01%340!"&)!#$+@3(!"&3(&("+$"&"!)$"9&'&"(&6!&*#(!3$&0!&J)5+8)'13'7)*'71#E'
13'D%.)&'Cj?0(",!&3(0&P!)$&3(&0!&R42/&54(&+,(%(&(0&-(%(%$&E*'O531'#/A#+%50'*$.$&"!*#!.(%+$&
CQ0$""(#&DEEDH&_!-,"&'&c(,0&DEEIH&f#!;,*S&DEEIH&=$%+?$.(#'&DEEGH&=$"+&DEFkH&c(,0&'&
_!-,"&DEEk/>&&K4%54(&(0&*$.)$%(%+(&)#,%*,)!09&^W=(dW_=J9&*$%+,%4!&",(%3$&0(?!09&0!"&
+#!2!"&3(&748$+(%,%!9&*0!",8,*!3!&(%&0!&R,"+!&j&;4%+$&*$%&0!&_=J9&_OJ9&)",0$*,%!9&RP_9&
.("*!0,%!&(+*>&6!*(%&3(0&-(%(%$&3(&("+(&"!)$&
]EG&
&
4%!&"4"+!%*,!&+A*%,*!.(%+(&*$%+#$0!3!&54(&'!&6!&("+!3$&,.)0,*!3!&#(*,(%+(.(%+(&(%&4%!&
3(+(%*,B%&CQ$,#(&DEEk/>&&K&)("!#&3(&54(&f%!7&,%8$#.B&4%!&-(2&3(&0!&)#()!#!*,B%&(%&
:(#!*#429&=AV,*$9&3(&4%&(.7#,!?!%+(&*$%&-(%(%$&3(&"!)$9&Z)#$7!70(.(%+([&!&7!"(&E*'
O531'"#+%$50'Cf%!7&DEMk/9&"(&3(+(#.,%B&54(&("+!&(")(*,(&%$&*$%+(%@!&^W=(dW_=J9&
!4%54(&"@&"(&6!00B&3(6,3#$748$+(%,%!&'&748$+,$%,%!&CO#")!#.(#&*&'#/-'DENM/>&&Y(!0.(%+(9&0!&
("+#(.(*(3$#!&(V)(#,(%*,!&3(&f%!7&+#!"&0!&,%?("+,B%&3(&0!&)$*,B%&3,8@*,0.(%+(&)4(3(&
*!0,8,*!#"(&3(&(%+($?A%,*!>&&K&*!4"!&3(&,%8$#.!*,$%("&3,"+$#",$%!3!"&!)!#(*,3!"&(%&0$"&
.(3,$"&3(&*$.4%,*!*,B%9&"(&6!%&,%*#(.(%+!3$&0$"&*!"$"&(%&0$"&54(&,%3,-,34$"&Z*64)!#$%&
"!)$"[9&!&-(*("&O-'"#+%$109'0$&54(&)#$-$*B&"(#,$"&(%-(%(%!.,(%+$"&C\400,%?&DEEG/>&&<$&
$7"+!%+(9&(0&-(%(%$&3(&("+!&(")(*,(&)4(3(&"(#&)",*$!*+,-$&&",&"(&+$.!&84.!3$9&+!0&*$.$&
$*4##(&*$%&(0&3(&O-'#/A#+%50-''`47$&#(*,(%+(.(%+(&4%&*!"$&(%&(0&54(&"(&84.B&-(%(%$&3(&O-'
"#+%$10'C(0&"4;(+$9&54(&6!7@!&$,3$&54(&(0&-(%(%$&3(&O-' #/A#+%50'(#!&)",*$!*+,-$&+$.!3$&
3(&("+!&.!%(#!9&3(7,B&"4)$%(#&54(&+(%@!&(%+#(&
.!%$"&("+!&(")(*,(&$&7,(%&54(&*4!054,(#&(")(*,(&3(&"!)$&(#!&,?4!0.(%+(&!*+,-!/9&
$7+(%,(%3$&(8(*+$"&)",*B+#$)$"&CQ0$""(#&DEED/>&;!.1"&"(&3(7(&0!.(#&(")(*,(&!0?4%!&3(&
"!)$&%,&+$.!#&"4&-(%(%$&)$#&-@!&$#!0>&&O"+!&!3-(#+(%*,!&("&,?4!0.(%+(&-10,3!&)!#!&0!"&#!%!"9&
)4("+$&54(&!0?4%!"&(")(*,("&+#$),*!0("&)#$34*(%&)$+(%+("&+$V,%!"&(%&0!&),(0&C_!0'&'&='(#"&
DEM]/>&&R$"&,%3,$"&O.7(#1&'&$+#$"&?#4)$"&4+,0,2!%&(0&-(%(%$&#!")!3$&3(&0!&),(0&3(&*,(#+!"&
#!%!"&3(0&?A%(#$&4),//12#&*0'*$.$&-(%(%$"&)!#!&3!#3$"&C='(#"&*&'#/-&DEMF/>&&R$"&,%3,$"&
K.!64!*!&3(0&\(#h&"(&8#$+!%&(0&-(%(%$&3(&"!)$"&'&#!%!"&C!.7$"&3(&0$"&?A%(#$"&
4),//12#&*0'1'>*$E+12#&*0P'(%&54(.!34#!"&54(&(00$"&.,".$"&"(&*!4"!%&)!#!&$7+(%(#&
)#("4%+$"&(8(*+$"&)",*$!*+,-$"&CX!.(,#$&DEMG/9&)#1*+,*!&54(&+!.7,A%&#(!0,2!%&0$"&,%3,$"&
=!+"A"&*$%&(0&-(%(%$&3(&0!&#!%!&-(%(%$"!&4),//1"*E50#'2%81/1+&CU$#.!%&DEE]/>&&_(")4A"&
3(&4%!"&!0+(#!*,$%("&8,",*!"&,%*,!0("&3#!.1+,*!"&54(&)$%(%&(%&)(0,?#$&0!&-,3!&'&3(&4%!&
)#$0$%?!3!&"(3!*,B%9&"(&*#((&54(&(0&-(%(%$&3("),(#+!&0$"&"(%+,3$"&'&!4.(%+!&0!&84(#2!9&
",(%3$&!"@&4%!&!'43!&)!#!&0!&*!2!>&&J!.7,A%&"(&6!%&,%8$#.!3$&3(&(8(*+$"&*4!",&
(%+($?A%,*$"&CK.!+$&DEEI/>&&\$#&$+#$&0!3$9&0!&,%?("+,B%&$#!0&3(&0$"&-(%(%$"&3(&*4!054,(#&
(")(*,(&3(&O5319'>*$E+12#&*09'4),//12#&*09'4),//1"*E50#'$&3(&*4!054,(#&$+#$&!%8,7,$&
+BV,*$&)4(3(&+(%(#9&*$%&.4*6!&)#$7!7,0,3!39&*$%"(*4(%*,!"&8!+!0("&$&*$%&?#!-(&#,("?$&
)!#!&0!&-,3!>&&P(&6!&6!00!3$&_=J&+!.7,A%&(%&*#,!+4#!"&.!#,%!"9&*$.$&0!&?$#?$%,!&
4#+#"5+%8*#'8)#"#*/*1$'CX,.,%$&'&_(&P+(8!%$&DEMF/&'&(%&(0&804,3$&*(#(7#$&("),%!0&
64.!%$&CX$#7(++&*&'#/-'DEMF/&3(&.$3$&54(&)#$7!70(.(%+(&"(&6!00(&)#("(%+(&(%&
%4.(#$"!"&(")(*,("&!%,.!0(">&
&
+EDSPQ@FL&QGFMCGCGY&+>&EFRMEJOELLEMS@L&CI9&<$+!&k/a&"(&6!&*,+!3$&(0&4"$&3(&("+$"&6$%?$"&
)!#1",+$"9&)!#,(%+("&3(0&*$#%(24(0$&3(0&*(%+(%$9&(%&#,+4!0("&3(&*4#!*,B%&*$%&6$%?$"&(%&
=AV,*$&CU42.1%&DE^FH&`(,.&DE^M!/>&&K4%54(&0$"&("+43,$"&54@.,*$"&)#(0,.,%!#("&
(%*$%+#!#$%&54(&0!&)#,.(#!&(")(*,(&*!#(*@!&3(&)",0$*,7,%!&$&)",0$*,%!9&"(&3(+(#.,%B&0!&
)#("(%*,!&3(&+#!2!"&3(&Z4%!&"4"+!%*,!&,%3B0,*!&3,8(#(%+([&C`(,.&'&c!""$%&DE^F/&54(9&
3("?#!*,!3!.(%+(9&!h%&%$&6!&",3$&,3(%+,8,*!3!>&
&
+EDMGDMG&CRPKMNEOMGH&*$%$*,3!&*$%&(0&%$.7#(&3(&0)#$0)%9'"(&6!&*,+!3$&(0&4"$&3(&("+!&)0!%+!&
)$#&"4"&(8(*+$"&(%+($?A%,*$"&(%&O*4!3$#&C<!#!%;$&DENEH&P*640+("&'&`$8.!%%&DEFG/>&&R$"&
("+43,$"&54@.,*$"&)#(0,.,%!#("&)!#(*,(#$%&,%3,*!#&0!&)#("(%*,!&3(&4%&?04*B",3$&
]ED&
&
8!#.!*$0B?,*!.(%+(&!*+,-$&C<!#!%;$&'&<!#!%;$&DEND/&'&"(&*$%$*(%&*!"$"&3(&
(%-(%(%!.,(%+$"&!**,3(%+!0("&(%&%,b$"&CR(g,"&'&O0-,%WR(g,"&DEMM/>&&R$"&8#4+$"9&*$%$*,3$"&
*$%&(0&%$.7#(&3(&),b1%9&"(&3,*(&54(&"$%&+BV,*$"&)!#!&0$"&%,b$"&",&"(&+$.!%&(%&(V*("$&
Q$'!0&DEFM/>&&i%!&Z(),3(.,![&3(&(%-(%(%!.,(%+$"&)#$34*,3$"&)$#&0!&.,(0&(%&<4(-!&
p(0!%3!&(%&(0&!b$&DEk^&84(&8,%!0.(%+(&!+#,74,3!&!&.,(0&*$%+!.,%!3!&*$%&0!&"(*#(*,B%&3(&
4%&,%"(*+$&3(&0!&8!.,0,!&J%8#E*//%E#*9'@81/,(1(#'#50&+#/%0'c!0S(#9&54(&"(&6!7@!&!0,.(%+!3$&
3(&6$;!"&3(&&5&59'J1&%#(%#'#+21+*#'C`!#."&'&T,0.(#&DEkMH&\!0.(#&L$%("&'&c6,+(&DEkE/>&&O0&
*$.)4("+$&+BV,*$&6!00!3$&(%&0!&.,(09&00!.!3$&,%,*,!0.(%+(&Z.(00,+$V,%![9&"(&3(+(#.,%B&
54(&(#!&,3A%+,*$&!&0!&6,(%!%*6,%!9&!,"0!3!&$#,?,%!0.(%+(&E*'H,#*$#$8)*'./1210#-''=1"&
+!#3(&"(&(%*$%+#!7!&4%!&"(?4%3!&+$V,%!&#(0!*,$%!3!9&0!&+4+,%!9&(%&0!&.,(0&("+43,!3!&'&(%&
X&#+21+*#'CX0,%*6&'&J4.(#&DENFH&\!0.(#W&L$%("&DEN^H&J4#%(#&'&X0,%*6&DENF/>&&Y("40+B&
(-,3(%+(&54(&0!&+4+,%!&3(&0!"&6$;!"&3(&J-'#+21+*#'0*&6!7@!&+#!%"8$#.!3$&(%&6,(%!%*6,%!&
34#!%+(&(0&)#$*("$&3,?("+,-$&3(0&,%"(*+$>&&\4("+$&54(&(0&(%-(%(%!.,(%+$&)$#&0!"&.,(0("&
(0!7$#!3!"&*$%&J-'+508%31/%#','J-'#+21+*#'54(&*$%+,(%(%&+4+,%!&"(&*!#!*+(#,2!7!%&)$#&
-A#+,?$9&3(0,#,$&'&(V*,+!*,B%9&("&)$",70(&54(&(0&)#,%*,),$&!*+,-$&3(&0!&J-'&),"%31/%#'
(*4!+$#,!%!&"(!&0!&+4+,%!9&0!&6,(%!%*6,%!9&4&$+#!&"4"+!%*,!&#(0!*,$%!3!&3(0&+,)$&3(&0!"&
),*#$+$V,%!">&&J1+%#+%#'#&+1(5+(5+*#'6!&",3$&*0!",8,*!3!&*$.$&Z!04*,%B?(%$[&(%&4%&
*!+10$?$&.(V,*!%$&3(&)0!%+!"&.(3,*,%!0("&C_@!2&DEMN/&'&"(&6!&(")(*40!3$&54(&)$3#@!&"(#&
(0&&/#81(^&#/'3(&0$"&K2+(*!"&C_@!2&DEME/>&&R!&*$.)$",*,B%&54@.,*!&3(&("+!&(")(*,(&("&
+$3!-@!&)$*$&*0!#!>&
&
1@LNEACGMAMG&LFMAELGH&"(&6!&,%8$#.!3$&3(0&4"$&3(&("+!&(")(*,(&'&"4&-!#,(3!3&)11B*+%'
*$.$&(.7#,!?!%+("&(%&X$0$.7,!&CP*640+("&DEMM*/9&X6,0(&C`$4?6+$%&'&=!%7'&DEF^H&
=!#,!%,&Y!.@#(2&DEN^H&P*640+("&'&Y!88!48&DEEI/&'&O*4!3$#&C:,*S(#"&'&\0$g.!%&DEFk/>&&O%&
X$0$.7,!9&("+!&)0!%+!&*$%$*,3!&*$%&(0&%$.7#(&3(&Z7$##!*6(#!&3(&)1#!.$[&"(&4+,0,2!&(%&
,%84",B%&(%&0!&3,!?%$","&*6!.1%,*!&CP*640+("&'&`$8.!%%&DEFG/>&&O%&X6,0(9&("&*$%$*,3!&
*$.$&8)#(%819'"%8)#%'2/#$819'&#%\5*'1'&+#5&+#5-''T!0+!%&("+43,$"&54@.,*$"&!0&#(")(*+$>&
&
1MQCPEOEKG&MAQGA@LQ@ALH&(%&0!&*$#+(2!&3(&("+!&#4+1*(!&C0!&8!.,0,!&3(&0$"&*@+#,*$"/&"(&
3(+(#.,%B&0!&)#("(%*,!&3(&*$%*(%+#!*,$%("&7!;!"&3(&^W.(+$V,W3,.(+,0+#,)+!.,%!&C^W=(dW
_=J/9&4%&G9Gkl&C(V)#("!3$&(%&8$#.!&3(&),*#!+$/9&$7+(%,3!&)$#&(V+#!**,B%&C\!*6+(#&*&'#/-'
DE^E/>&&<$&(V,"+(%&)#4(7!"&3(0&4"$&3(&("+!&)0!%+!&*$.$&(%+(B?(%$&'9&3(&*4!054,(#&8$#.!9&
0!&^W=(dW_=J&%$&("&!*+,-!&)$#&-@!&$#!0&C-A!"(&X!)@+40$&]9&ZO8(*+$"&3(&0!"&J#,)+!.,%!"&
 O%+($?A%,*!"[&'&.1"&!3(0!%+(&0!&(%+#!3!&?*(+%0'#"(1E,'3$%3(&"(&.(%*,$%!%&$+#!"&
(")(*,("&3(&("+!&8!.,0,!&C*@+#,*$"/>&
&
1MQCPEFREDG&FRGOOEMS@G&CI9<$+!&k/a&("+(&6$%?$9&*4'!&*$.)$",*,B%&54@.,*!&%$&6!&",3$&
("+43,!3!9&("&*$%"4.,3$&3(&8$#.!&#,+4!0&;4%+$&*$%&(0&6$%?$&)",0$*@7,*$&40%/18,2*&
"*T%8#$#')$#&0$"&,%3,$"&X6,%!%+(*!"&3(&d!V!*!9&=AV,*$&C`(,.&'&c!""$%&DE^F/>&&Y$?(#&
`(,.&"(b!0B&54(&(0&6$%?$&"(&4"!7!&+!.7,A%&(%&Z7#4;(#@![&(%&J!,0!%3,!9&)(#$&%$&"(&
(V+(%3,B&.1"&(%&("+(&,%+#,?!%+(&*$.(%+!#,$&C`(,.&'&c!""$%&DE^F/>&&O%&4%&0,7#$&)$"+(#,$#9&
`(,.&("*#,7,B&54(&>-'()#//1%E*#'"(&4+,0,2!7!&(%&J!,0!%3,!&(%&Z(%-(%(%!.,(%+$"&
*#,.,%!0("[9&.(%*,$%!%3$&+!.7,A%&"4&4"$&(%&7#4;(#@!&)$#&0$"&J!%!0!&'&Q(+",.,"!#!S!&3(&
=!3!?!"*!#&C`(,.&DEMF/>&&O"&$7-,$&54(&"(&%(*(",+!&.1"&,%8$#.!*,B%&!*(#*!&3(&("+(&
,%+#,?!%+(&6$%?$>&
]EI&
&
/QRMAEQ@D@IL&K@DW@DMH&/>&LGOK(SPQWMGAILH&/>&CDMJOEQRMSMGCIL&CD9&<$+!&M/a&0$"&,%3,$"&
+!#!64.!#!&.(V,*!%$"&*$%",3(#!%&!&`-'0#/":E,8B%#$50','`-'&+%./18)%E%#&50&*$.$&Z+,)$"&
3,-(#"$"[&3(&(^,1&/'CQ'(&DEM^H&Q'(&DEME!/9&'&`-'"*+B*+%'6!&3(+(#.,%!3$&54(&*$%+,(%(%&
!0*!0$,3("&8(%(+,0!.@%,*$"&CK?4#(00&DENE7H&Q#46%&'&Q#46%&DEM]/>&&O%&"4&,%+#,?!%+(&+#!7!;$&
"$7#(&0$"&(%+(B?(%$"&3(&0$"&+!#!64.!#!9&Q'(&.(%*,$%B&54(&"(&6!7@!&)$3,3$&3(+(*+!#&0!&
+#,)+!.,%!&(%+(B?(%!&^W.(+$V,W3,.(+,0+#,)+!.,%!&C^W=(dW_=j/&(%&`-'&%%./18)%E%#&509'54(&
6!#@!%&3(&("+!&(")(*,(&4%&(%+(B?(%$9&!4%54(&(0&*$.)4("+$&%$&("&!*+,-$&)$#&-,!&$#!0&CQ'(&
DEME!H&=*R!4?60,%&DEME/>&
&
2FEKE@G&QDGLLMQGIOMLH&=>&MAVEOIQDGCGY&2>&OMCCEDGOMLH&2>&K@SMIKY&2>&F@LQGFDG@&CX4!3#$&I9&<$+!"&
NWF/a&R(1"1*#'8+#00%8#5/%0','R-'(*0:8#(+#*'"(&4+,0,2!%&(%&(+%$.(3,*,%!&*$.$&(*7B0,*$"9&0$&
54(&)!#(*(&,%3,*!#&4%&*$%+(%,3$&3(&!0*!0$,3("&(#?$0@%,*$"9&)#("(%+("&(%&.4*6!"&$+#!"&
(")(*,("&3(0&?A%(#$&C_!?!#&'&_!?!#&DEEDH&p!.$#!&=!#+@%(2&'&<,(+$&3(&\!"*4!0&\$0!&DEEI/>&&
O0&;4?$&3(&0!"&6$;!"&3(&D'%$A1/58+#&#'"(&4+,0,2!&*$.$&6(.$"+1+,*$&(%&P,(##!&R($%!9&o8#,*!&
d**,3(%+!0&C=!*T$'&'&P!.!&DEF]/&'&0$"&T!%?&3(0&K8#,*!&X(%+#!0&*$%",3(#!%&(0&;4?$&3(&0!&
)0!%+!&(%+(#!&*$.$&4%&("+,.40!%+(&'&#(.(3,$&Z.A3,*$W.1?,*$[&(%&0$"&*!"$"&3(&
(.7#4;!.,(%+$&CKS(%3(%?4A&DEEI/>&&O"+!"&!)0,*!*,$%("&,%3,*!#@!%&0!&)#("(%*,!&3(&
!0*!0$,3("&(#?$0@%,*$">&&_(&8$#.!&",.,0!#9&0!"&80$#("&3(&R-'/%&&1+#/%0'6!%&",3$&4+,0,2!3!"&*$.$&
6(.$"+1+,*$&'&0!"&6$;!"&(%&(0&+#!+!.,(%+$&3(&0$"&3$0$#("&)$"+W)!#+$9&!"@&*$.$&
!%+,*$%-40",-$&(%&)(3,!+#@!9&"4?,#,(%3$&3(&%4(-$&0!&)#("(%*,!&3(&!0*!0$,3("&(#?$0@%,*$"&54(&
.4'&7,(%&)$3#@!%&"(#&)",*$!*+,-$"&CK4"+,%&DEEDH&c6,"+0(#&DEEI/>&&O%&=!3!?!"*!#&"(&4+,0,2!%&
!"@&.,".$&0!"&3(*$**,$%("&3(&0!"&6$;!"&3(&R-'"*E%5"'*$.$&!%+,*$%-40",-$&)(3,1+#,*$9&
!)4%+!%3$&0!&)$",70(&)#("(%*,!&3(&!0*!0$,3("&(#?$0@%,*$"&(%&("+!&(")(*,(&CQ(!4;!#3&DEFF/>&
&
9GKKMOOGDMG&QDGMJMMY&9>&JDGRGKMM&VGD>&EOMVMG@Y&9>&R@PS@DMY&9>&OEAJMKGKKGY&9>&
F@QCMAMN@DGY&9>&L@AMOML&CD9&<$+!&M/a&"(&6!&3("*#,+$&(0&4"$&3(&F-'8+#%.%%')$#&0$"&,%3,$"&
+!#!64.!#!&*$.$&(%+(B?(%$9&*$%&(0&%$.7#(&3(&=V8)5/%'1'(*,1&*'E*'@#$&4*E+1'CQ'(&
DEME!/>&&d+#!"&(")(*,("&3(&F#""%//#+%#'"(&*$%$*(%&*$%&0$"&%$.7#("&3(&)VB5+%'1'(*,1&%//19'
"4?,#,(%3$&)#$),(3!3("&)",*$!*+,-!">&&F-')*,E*+%'*$%+,(%(&8(%(+,0!.,%!"9&)#("(%+("&
+!.7,A%&(%&!+%18#+(50'3%005+#&50'CQ#46%&'&Q#46%&DEM]/>&
&
9MKELG&RELCMOML&Z&9>&C@AIMNOEDGY&9>&AMJDGY&9>&FISMQGY&9>&LQGXD@OOGY&9>&V@DDIQELG&C]9&Z=1"&
O%+(B?(%$"&*$%&_=J/>&&i%!&(")(*,(&3(&F%"10#'84.!3!&*$.$&4%&Z"47"+,+4+$&3(&0!&
.!#,64!%![&)$#&0$"&*(%+#$!.(#,*!%$"&("&*$%$*,3!&)$#&Z3$#.,0$%!9[&%$.7#(&!)0,*!3$&
*$##,(%+(.(%+(&!&F-'(5E%8#'(%&=AV,*$&'&U4!+(.!0!&CQ,?g$$3&DEMFH&U,#B%&*&'#/-'DEEDH&
R!2$"&X6!-(#$&'&o0-!#(2WQ4'00!&Y$*("&DEFF/>&&O"+!&(")(*,(&"(&4+,0,2!&(%&K.A#,*!&'&(%&K",!&
*$.$&"$)$#@8(#$&'&+#!%54,0,2!%+(&CK.!"$%&*&'#/-'DEFGH&<?4'(%&'&_$&DEED/&'&*$.$&
!%+,*$%-40",-$&)(3,1+#,*$&(%&=!3!?!"*!#&CQ(!4;!#3&DEFF/>&F-')10&%/%09'F-'7*$5%3/1+#9'F-'
$%.+#','F-'A*++5810#'*$%"+,+4@!%&0!&7!"(&3(&4%!&7(7,3!&(.7#,!?!%+(&00!.!3!&A%$)1'E#'
;5+*"#'(%&Q#!",0>&&J!%+$&F-')10&%/%0'*$.$'F-'A*++5810#&*$%+,(%(%&_=J&C\!+*6(#&*&'#/-'
DE^EH&P.,+6&DEMM/>&&K4%54(&"(&6!&!8,#.!3$&54(&(0&4"$&E*/'A%$)1'E#';5+*"#'6!&
3("!)!#(*,3$&CP*640+("&'&`$8.!%%&DEFG/9&!)!#(%+(.(%+(&*$%+,%4!&4+,0,21%3$"(&3(&8$#.!&
*0!%3("+,%!&C_!&=$+!&DEFM/>&&\4("+$&54(&0!&_=J&%$&("&
]E]&
&
!*+,-!&)$#&-@!&$#!0&CJ4#%(#&'&=(#0,"&DE^E/9&0!&)$*,B%&3(7,B&*$%+(%(#&+!.7,A%&!0?h%&
,%6,7,3$#&3(&0!&=Kd&C-A!"(&X!)@+40$&k/>&&`!"+!&!6$#!&%$&"(&6!%&(%*$%+#!3$&+#,)+!.,%!"&
(%+(B?(%!"&(%&F%"10#'(5E%8#9')0!%+!&54(&84(&4+,0,2!3!&*$.$&3#$?!&"$)$#@8(#!&)$#&0$"&
K2+(*!"&*$%&(0&%$.7#(&3(&(%$#)5%)5%&C&/%'CU!#2!&DEEG/>&&R!"&,%84",$%("&3(&0!&)0!%+!&(%+(#!&
3(&F%"10#'(5E%8#'6!%&",3$&4+,0,2!3!"&*$.$&(+%$.(3,*,%!&(%&(0&X!#,7(&)!#!&*$.7!+,#&0!&
3,"(%+(#,!&CP(!8$#+6&DEED/>&&O%&0!&*$%$*,3!&(+%$.(3,*,%!&.(V,*!%!&&#(*0&81)5%&*9'F%"10#'
&*$5%3/1+#'CwF-')10&%/%0P'"(&6!&(%*$%+#!3$&#(*,(%+(.(%+(&_=J&C=(*S("WR$2$'!&*&'#/-'
DEEG/9&!"@&*$.$&(%&F-'08#2+*//#'C_(&=$#!("&*&'#/-'DEEG/>&&O"&)$",70(&54(&F-'#/2%E#9'
4+,0,2!3!&(%&(+%$?,%(*$0$?@!&)$#&0$"&,%3,$"&.(V,*!%$"&J2$+2,09&C:(01254(2&_@!2&DEEI/&
*$%+(%?!&+!.7,A%&+#,)+!.,%!">&
&
&
9IQIAG&FDIDM@ALH&%$&(V,"+(%&,%3,*,$"&3(0&4"$&+#!3,*,$%!0&3(&("+!&)0!%+!&*$.$&(.7#,!?!%+(9&
)(#$&0!"&,%-("+,?!*,$%("&8,+$54@.,*!"&6!%&3(.$"+#!3$&0!&)#("(%*,!&3(&_=J9&<WBV,3$&3(&
_=J9&^W=(dW_=J&'&748$+(%,%!9&'&54(&(0&(V+#!*+$&3(&0!&)0!%+!9&#,*$&(%&!0*!0$,3("9&("&
8!#.!*$0B?,*!.(%+(&!*+,-$&(%&0!"&#!+!"&CQ6!++!*6!#'!&*&'#/-'DEMDH&P*640+("&'&`$8.!%%&
DEFG/>&&Kh%&("+1&)$#&-(#&",&0!&)0!%+!&(%+(#!&("&(%+($?A%,*!&(%&64.!%$"&!&3$","&$#3,%!#,!">&&
P(&6!&3("*#,+$&(0&4"$&3(&0!&)0!%+!&*$.$&!8#$3,"@!*$&'&+B%,*$&%(#-,$"$&(%&Q#!",0&CO0,"!7(+"S'&
*&'#/-'DEEI/9&*$.$&!8#$3,"@!*$&(%+#(&0$"&,%3,$"&X4%!&3(&\!%!.1&C_4S(&DEM^/&'&*$.$&
#(.(3,$&*$%+#!&Z3("B#3(%("&3(0&","+(.!&%(#-,$"$[&(%&(+%$.(3,*,%!&%()!0@&CL$"6,&'&
O3,%?+$%&DEEG/>&&F585$#'(+5+%*$0'"(&4+,0,2!&+!.7,A%&*$.$&!%+,6(0.@%+,*$&(+%$.(3,*,%!0&
(%&(0&o8#,*!&+#$),*!0&$**,3(%+!0&Cd0,-(#WQ(-(#&DEF]/&'&(%&(0&X!#,7(&"(&0!&*$%",3(#!&4%!&
)0!%+!&-(%(%$"!&CP(!8$#+6&DEED/>&&O%&(+%$.(3,*,%!&+#!3,*,$%!0&3(&0!&j%3,!9&0!"&"(.,00!"&3(&
("+!&)0!%+!&"(&4+,0,2!%&*$.$&!7$#+,-$&C<!+6&*&'#/-'DEEI/&'&!8#$3,"@!*$&CP*640+("&'&`$8.!%%&
DEME/9&.,(%+#!"&54(&(%+#(&0$"&KS6!&3(&J!,0!%3,!&"(&)#()!#!&*$%&0!"&6$;!"&'&0$"&+!00$"&4%&
(.)0!"+$&*$%+#!&0!"&54(.!34#!"&CK%3(#"$%&DEFN!/>&
&
.GASGAILH& "(&6!&3("*#,+$&(0&4"$&3(0&8#4+$&3(&4%!&(")(*,(&%$&,3(%+,8,*!3!&3(&(#$E#$50'
*$.$&(%+(B?(%$&(%&<4(-!&U4,%(!&C`'%3.!%&DEFkH&P,%*0!,#&DE^MH&P+$%(&DEFk/>&&O%&0!"&
%4(*("&3(&4%!&(")(*,(&3(&4#$E#$50'"(&6!&6!00!3$&_=J&CX40-(%$#&DEFkH&`'%3.!%&DEFkH&
P*640+("&'&`$8.!%%&DEFG/>&&4#$E#$50'#$&#+*0*$0%0'"(&4+,0,2!&(%&(+%$.(3,*,%!&(%&<4(-!&
U4,%(!&*$.$&!%!0?A",*$&'&!%+,),#A+,*$&C`'%3.!%&DEFk/>&
&
%QMDFIL&CI9&<$+!&k/a&0$"&,%3,$"&+!#!64.!#!&3(&=AV,*$&*$%",3(#!%&!&("+!&(")(*,(9&54(&
*$%$*(%&*$%&(0&%$.7#(&3(&2#BW$1#9'4%!&)$+(%+(&.(3,*,%!&-,",$%!#,!&CQ'(&DEME!/>&&R$"&
("+43,$"&54@.,*$"&!0&#(")(*+$&"$%&+$3!-@!&,%"48,*,(%+("&CP*640+("&'&`$8.!%%&DEFG/>&&:!#,!"&
(")(*,("&3(&@8%+(50'84(#$%&4+,0,2!3!"&*$%&8,%("&.(3,*,%!0("&)$#&0$"&,%3,$"&%$#+(!.(#,*!%$"9&
8#(*4(%+(.(%+(&*$.$&(.A+,*$"&#,+4!0("&C=$(#.!%&DEFN/>&
&
#GX@DAG@KEACGAG&QENN@EMS@LY&#>&QDGLLGY&#>&SMQRECEKGY&#>&KIDMQGCGY&#>&LGAGARE&Ck9&
ZK3,+,-$"&_,-(#"$"[H&K)A%3,*(&K9&Zj7$?!@%!9&J!7(#%!%+,%!&'&:$!*!%?,%![/a&X$.$&.4*6$"&
$+#$"&.,(.7#$"&3(&0!&8!.,0,!&!(18,$#8*#*9'("+!"&(")(*,("&*$%+,(%(%&!0*!0$,3("&+,)$&
,7$?!@%!9&3(&(8(*+$"&("+,.40!%+("&'&)$+(%*,!0.(%+(&(%+(B?(%$">&&7-&8133*1%E*0'*$%+,(%(9&
(%+#(&$+#$"&!0*!0$,3("9&-$!*!%?,%!&'&("&4+,0,2!3$&*$.$&
]Ek&
&
("+,.40!%+(&(%&=!3!?!"*!#&C:!%&Q((S&*&'#/-'DEFk/9&!0&,?4!0&54(&(%&X$0$.7,!&0!&(")(*,(&7-'
"5+%8#&#9'*4'!&*$.)$",*,B%&54@.,*!&("&+$3!-@!&)$*$&*0!#!&CP*640+("&DEME!/>&&7-'E%8)1&1"#9'
*$%$*,3!&(%&0!&j%3,!&*$.$&3#$?!&3(0,#!%+(9&*$%+,(%(&!0*!0$,3("9&(%+#(&(00$"&4%&,"B.(#$&3(&
0!&,7$V,?!@%!&C:!%&Q((S&*&'#/-'DEFk/>&&X$%&(0&%$.7#(&3(&0#$#$)19'0!"&(")(*,("&3(&
7#2*+$#*"1$&#$#'"(&4+,0,2!%&*$.$&!3,+,-$"&3(&0!&#,#)5#08#'CP*640+("&'&`$8.!%%&DEME/>&&
d+#!&(")(*,(&3(&7#2*+$#*"1$&#$#9'*$%$*,3!&*$%&(0&.,".$&%$.7#(9&"(&4+,0,2!&*$.$&
,%?#(3,(%+(&3(&0$"&-(%(%$"&"43!.(#,*!%$"&)!#!&3!#3$"&CQ,""(+&DEEI!/>&&O"+!&)$3#@!&"(#&7>&
0#$#$)19'4%!&(")(*,(&54(&3,B&4%&#("40+!3$&84(#+(.(%+(&)$",+,-$&(%&0!"&)#4(7!"&3(&*!.)$&
3(&3(+(**,B%&3(&!0*!0$,3("&CP*640+("&DEF^!/&'&54(&"(&4+,0,2!&(%&O*4!3$#9&*$%&(0&%$.7#(&3(&
&0%8&#9'*$.$&!'43!&(%&0!&*!2!>&&R$"&(V+#!*+$"&3(&*$#+(2!&3(&&0%8&#'"(&3!%&+!%+$&!&0$"&
*!2!3$#("&*$.$&!&"4"&)(##$"&*$%&(0&8,%&3(&!?43,2!#&"4"&"(%+,3$"&)!#!&0!&*!2!9&4%!&-(2&
3("!)!#(*(%&0$"&(8(*+$"&,%,*,!0("&3("!?#!3!70("&C=,00(#&DEE]/>&
&
#GJ@C@L&OIQMSGY&#>&@D@QCG&C^9&<$+!&]9&K)A%3,*(&K9&Z<,*$+,%![/a&(%&=AV,*$9&0$"&,%3,$"&
64,*6$0("&*$%+(.)$#1%($"&)#()!#!%&4%!&.(2*0!&)",*$!*+,-!&)!#!&84.!#&54(&00!.!%',*:
&5"5&0W/%'!&)!#+,#&3(&7-'/58%E#','N%81&%#$#'+50&%8#'C_@!2&DEM^H&P,(?(0&*&'#/-&DEMM/>&&OV,"+(%&
,%3,*,$"&3(&54(&("+!&)0!%+!9&+!.7,A%&00!.!3!&(*+%8Z$''&*$%$*,3!&)$#&0$"&!%+,?4$"&K2+(*!"&
*$.$&,,#)5&/'C+!.7,A%&("*#,+!&,#)5&/%'1',#5)&&/P9'("&(%+($?A%,*!&CO08(#,%S&DEFF/9&)(#$&
)4("+$&54(&6$'&(%&3@!&"(&84.!&;4%+$&*$%&(0&)$+(%+(&(%+(B?(%$&N-'+50&%8#9'!*$.)!b!3$&!&
-(*("&3(&0!&,%?("+,B%&3(&(^,1&/9'*4!054,(#&(8(*+$&(%+($?A%,*$&3("*#,+$&("&)$+(%*,!0.(%+(&
!+#,74,70(&!&("+$"&*$%$*,3$"&(.7#,!?!%+(">&&P$%&%(*("!#,$"&("+43,$"&!3,*,$%!0(">&&7#.*&*0'
/58%E#'("&4+,0,2!3!&+!.7,A%&(%&(+%$.(3,*,%!&)$#&0$"&,%3,$"&+!#!64.!#!&'&)$#&0$"&
.(V,*!%$"&3(&0!"&2$%!"&4#7!%!"&CQ'(&DEFN!/>&&R$"&!%+,?4$"&K2+(*!"&3,(#$%&-!#,$"&4"$"&
.(3,*,%!0("&!&("+!&)0!%+!&Cd#+@2&3(&=$%+(00!%$&DEEG/>&&R$"&*6!.!%("&=!'!"&4+,0,2!#$%&7-'
/58%E#'*$.$&(.7#,!?!%+(9&*$%$*,3$&*$%&(0&%$.7#(&E*'T(5)58'(%&(0&q4*!+1%&=!'!&'&*$.$&
,%#'(%&m4,*6A&CU!#2!&DEEG/>&&P(&6!&3("*#,+$&(0&4"$&3(&7#.*&*0'*+*8&#9'(0&8!.$"$&
C*"(1#/TZ8)%)'3(&=AV,*$9&*$.$&(.7#,!?!%+(&"!?#!3$&(%+#(&0$"&,%3,$"&=,V(&3(&d!V!*!&
CR,))&DEEG/9&54,(%("&)#()!#!%&4%!&,%84",B%&*!0,(%+(&3(&%4(-(&80$#("&*$%&8,%("&
!3,-,%!+$#,$"&CR,))&DEED/>&&O"+!&(")(*,(&("&4+,0,2!3!&*$.$&#(.(3,$&)!#!&0!&.!0!#,!&(%&
=!3!?!"*!#&CY!"$!%!,-$&*&'#/-'DEEI/>''7#.*&*0'8#"(#$5/#&#9'7'"5/&%3/1+#'''7-'(50%//#'"(&
4+,0,2!%&*$.$&#(.(3,$"&?!"+#$,%+("+,%!0("&(%&(+%$.(3,*,%!&!#?(%+,%!&CU,07(#+,&DEF]/&3(0&
.,".$&.$3$&54(&7-&"%$5&#'(%&\!#!?4!'&CP*6.(3!W`,#"*6.!%%&'&Q$#3!"&DEEG/>&
&
#GAG@QMIK&AEQCIDAIKH&0$"&,%3,$"&\!4#%!#@&3(0&Q#!",0&)#()!#!%&4%&#!)A&)",*$!*+,-$&
00!.!3$&B1+%21'!&)!#+,#&3(&0!"&6$;!"&+$"+!3!"&'&)40-(#,2!3!"&3(&("+!&)0!%+!&.(2*0!3!"&*$%&
+!7!*$&C\#!%*(&*&'#/-'DEMM/>&&R!&,%84",B%&3(&0!&*$#+(2!&3(&0!&#!@2&("&+!.7,A%&)",*$!*+,-!9&
)!#(*(&"(#&54(&"(3!%+(&CP*640+("&'&`$8.!%%&DEFG/>&&J!.7,A%&"(&6!&!8,#.!3$&54(9&
!0?4%$"&,%-("+,?!3$#("&6!%&)$3,3$&(V)(#,.(%+!#&(8(*+$"&)",*$!*+,-$"&*$%&"$0$&$0(#&0!&
)0!%+!&CP*640+("&'&`$8.!%%&DEFG/>&&R!&*$.)$",*,B%&54@.,*!&3(&("+!&)0!%+!&%$&("+1&.4'&
*0!#!>&
&
#@OMELCGQRPG&OGAQ@EOGCG&VGD>&QDMLFG>&Ck9&ZK3,+,-$"&_,-(#"$"[/a&0!"&6$;!"&3(&("+!&)0!%+!&"$%&
4+,0,2!3!"&)$#&0$"&,%3,$"&f$S!.!&3(0&\(#h&(%&0!&)#()!#!*,B%&3(&4%!&,%84",B%&
]E^&
&
(%+($?A%,*!9&(.)0(!%3$&4%!"&3,(2&6$;!"&(%&*!3!&3$","&CP*640+("&'&Y!88!48&DEEG/>&&R!"&
#!.!"&3(&0!&)0!%+!&"(&4+,0,2!%&+!.7,A%&*$.$&!3,+,-$&3(&0!&#,#)5#08#'CP*640+("&DEMI*/>&&P(&
6!%&00(-!3$&!&*!7$&.4'&)$*$"&+#!7!;$"&"$7#(&0!&*$.)$"*,B%&54@.,*!&3(&("+!&)0!%+!9&)(#$&
=*f(%%!&3(+(#.,%B&54(&0!"&6$;!"&*!#(*@!%&3(&!0*!0$,3("&C=*f(%%!&*&'#/-&DEFk!/>&&O"+!&
(")(*,(&"(&6!&4+,0,2!3$&)$#&0$"&,%3,$"&P,$%!&'&P(*$'!&3(&O*4!3$#&*$.$&#(.(3,$&)!#!&(0&
3$0$#&3(&("+$.!?$&C:,*S(#"&'&\0$g.!%&DEFk/>&
&
#@CDGFC@DPL&K@CRPLCMQGY&#>&KIQDEAGCG&Ck9&Z\$*,$%("&O%+($?A%,*!"&3(&0!&K.!2$%,![/a&O"+$"&
!#74"+$"&3(&0!&8!.,0,!&3(&0!"&.!0),?6,1*(!"&"$%&4+,0,2!3$"&)$#&0$"&,%3,$"&=!Sh&3(&Q#!",0&'&
f!#!)!%1&3(&X$0$.7,!&(%&0!&(0!7$#!*,B%&3(&)$*,$%("&",.,0!#("&!&0!"&3(&0!&#,#)5#08#9''&
)$3#@!%&"(#&0!&$+#!&Z-!#,(3!3[&3(&8##(%'.(%*,$%!3!&)$#&P)#4*(&'&f$*6WU#e%7(#?&CP*640+("&
DE^k!H&P*640+("&'&Y!88!48&DEEG/>&&T!0+!%&("+43,$"&54@.,*$"&!0&#(")(*+$>&&U!+("&6!&
#(*0!",8,*!3$&#(*,(%+(.(%+(&7*&+#(&*+,0'"*&),0&%8#'!",?%1%3$0(&(0&%$.7#(&3(&7-'0&,/1(&*+#'
CU!+("&DEFN/>&
&
&
<@FDML&GKFESPH&"(&6!&-,"+$&#(*,(%+(.(%+(&54(&0!"&6$;!"&'&#!.!"&3(&("+!&#4+1*(!&"$%&#,*!"&
(%&<9<W3,.(+,0+#,)+!.,%!&C_=J/>&&P(&6!&(%*$%+#!3$&6!"+!&4%&G9IIl&3(&_=J&(%&("+!&)0!%+!9&
*$%-,#+,A%3$"(&!"@&(%&4%!&3(&0!"&84(%+("&.1"&#,*!"&3(&("+(&-!0,$"$&*$.)4("+$&Cf!%WT!%&*&'
#/-'DEMG/>&&d+#!"&3$"&#4+1*(!"a&D%"1$%#'#8%E%00%"#','b#$&)1T,/5"&#+21+*08*$0'*$%+,(%(%&
_=J&CK74Wp!#?!&DEFNH&U#,%!&*&'#/-'DEFI/>&&R!&#4+1*(!&>%8&,1/1"#'%$8#$*08*$0'C-A!"(&.1"&
!##,7!/&*$%+,(%(&)(54(b!"&*!%+,3!3("&3(&^W=OdW_=J&(%&0!&#!@2&C\!*6+(#&*&'#/-'DE^E/>&&R$"&
,%3,$"&J2$+2,0&3(&=AV,*$&4"!%&4%&(V+#!*+$&3(&0!&*$#+(2!&3(&J#0%"%+1#'*E5/%0'*$.$&(*7B0,*$9&
)$#&0$&54(&("+!&#4+1*(!&)$3#@!&*$%+(%(#&+!.7,A%&_=J&C:(01254(2&_@!2&DEEI/>&&J!%+$&
P!6!?h%&*$.$&`(#%1%3(2&3("*#,7,(#$%&("+!&)0!%+!&*$.$&3#$?!&"$)$#@8(#!9&'&6$'&(%&3@!&"(&
*$%$*(&*$.$&Z2!)$+(&3$#.,0B%[&'&Z2!)$+(&7$##!*6$[&C_@!2&DEMNH&U!#2!&DEEG/>&&:!#,!"&
(")(*,("&3(&F%"10#'54(&*$%+,(%(%&+#,)+!.,%!"&6!%&",3$&4+,0,2!3!"&+!.7,A%&(%&
(+%$.(3,*,%!&*$.$&"$)$#@8(#$"&C-A!"(&+!.7,A%&X!)@+40$&]&'&!##,7!/>&
&
&
22>&."%245/%&
&
$OQREDA@G&QGLCGAG@NEOMGY&K>&NOEDMXIASG&Ck9ZK3,+,-$"&_,-(#"$"[H&K)A%3,*(&K/a&0!&)#,.(#!&3(&
("+!"&3$"&(")(*,("&6!&",3$&*,+!3!&*$.$&!3,+,-$&3(&0!&#,#)5#08#'(%&\(#h&CR4%!&DEFk!H&R4%!&
DEFk7/&'&0!&"(?4%3!&("&4%&!3,+,-$&3(&0!"&)$*,$%("&!8#,*!%!"&3(&*21B#'CP!.$#,%,&DEE]7H&
P*640+("&'&`$8.!%%&DEFG/>&&i%&("+43,$&,%,*,!0&54(&!8,#.!7!&0!&)#("(%*,!&3(0&!0*!0$,3(&
,%3B0,*$&'$6,.7,%!&(%&!-'3/1+%25$E#'C\!#,"&'&U$4+!#(0&DE^F/&%$&)43$&"(#&*$%8,#.!3$&
)$"+(#,$#.(%+(&CY!'.$%3W`!.(+&'&U$4+!#(0&DEN^/>&&_(&0!"&#!,*("&'&6$;!"&3(&!-'3/1+%25$E#'
"(&6!%&!,"0!3$&0$"&!0*!0$,3("&!0*$#%(@%!9&,"$!0*$#%(@%!&'&!0*$.(,%$%!9&%4(-$"&3(#,-!3$"&3(&
0!&),#,.,3,%!&'&(0&,.,3!2$0&Cf64$%?W`44&*&'#/-&DEMI/>&&P(&3("*$%$*(&",&("+$"&*$.)4("+$"&
"$%&)",*$!*+,-$"9&)(#$&0!&)0!%+!&"(&4+,0,2!&(%&o8#,*!&*$.$&("+,.40!%+(&'&(.7#,!?!%+(>&&O%&
0!"&)#4(7!"&8!#.!*$0B?,*!"9&0$"&(V+#!*+$"&
]EN&
&
3(&0!&*$#+(2!&3(&!-'8#0&#$#*31/%#'.$"+#!#$%&!*+,-,3!3&!%+,8h%?,*!9&)(#$&%$&!*+,-,3!3&
!%+,-,#!0&%,&!%+,.,*#$7,!%!&C=!*Y!(&*&'#/-'DEFF/>&
&
$OC@DAGACR@DG&O@RKGAAMM&Ck9&ZK3,+,-$"&_,-(#"$"[/a&("+!&)0!%+!&("&4+,0,2!3!&)$#&0$"&,%3,$"&
j%?!%$&3(&X$0$.7,!&*$.$&!3,+,-$&3(&0!&#,#)#508#9')(#$&"(&3("*$%$*(&"4&*$.)$",*,B%&
54@.,*!&'&%$&"(&"!7(&54(&6!'!&",3$&4+,0,2!3!&"$0!&*$.$&(%+(B?(%$&CP*640+("&'&`$8.!%%&
DEFGH&P*640+("&'&Y!88!48&DEEG/>&
&
$KGDGACRIL&LFMAELILH&0$"&R$36!&3(&Q(%?!0!&d**,3(%+!09&j%3,!9&84.!%9&3(&!*4(#3$&*$%&4%&
,%8$#.(&#(*,(%+(9&0!&6$;!&3("(*!3!&'&)40-(#,2!3!&3(&("+!&)0!%+!&Z)!#!&*$%"(?4,#&
!04*,%!*,$%("[>&&K3(.1"&"(&!8,#.B&54(&Z*$.(#&0!&)!"+!&3(&0!"&#!@*("&)$3@!&*!4"!#&0$*4#!&
+#!%",+$#,![&C\!0&'&L!,%&DEFE/>&&O"+!&)0!%+!&84(&4+,0,2!3!&(%&(+%$?,%(*$0$?@!&)$#&0$"&,%3,$"&
X6(#$S((&3(&<$#+(!.A#,*!&'&*$.$&.,"+(#,$"!&Z.(3,*,%!&*(#(.$%,!0[&C`!.(0&'&X6,0+$"S('&
DEM^H&=$(#.!%&DEFN/>&
&
$D@CELCGFRPOEL&GOFMAGY&K>&IVG(IDLMH&0$"&,%3,$"&d;,7g!'&$&K6%,"6,%!47(?&84.!7!%&0!"&6$;!"&
3(&("+!"&3$"&(#,*1*(!"&)!#!&Z)#$-$*!#&4%!&,%+$V,*!*,B%[&CY(!?!%&DEIF/&R$"&,%3,$"&fg!S,4+0&
84.!7!%&0!"&6$;!"&3(&0!&(#,*1*(!&!-'5A#:5+0%'*$.$&Z%!#*B+,*$&CJ4.(#&'&Q(00&DEM]/&'&4"!7!%&
3(&8$#.!&",.,0!#&0!"&6$;!"&3(&0!&(#,*1*(!&D*E5"'.+1*$/#$E%85"'$&Z+A&3(&R!7#!3$#[&CJ4#%(#&
'&Q(00&DEM]/>&&R$"&,%3,$"&<,+,%!6+&00!.!7!%&!&!>&5A#:5+0%'B%$$%B%$$%8B9'%$.7#(&3(#,-!3$&3(&
4%&+A#.,%$&!0?$%54,!%$&54(&",?%,8,*!&Z("$&54(&("&.(2*0!3$[&'!&54(&("+!&)0!%+!9&*$%$*,3!&
+!.7,A%&*$.$&Z7!'!&3(&0$"&$"$"[9&(#!&4%&,%?#(3,(%+(&*$.h%&3(&0!"&.(2*0!"&)!#!&84.!#&
CJ4.(#&*&'#/-'DEF]/&'&3(&6(*6$&"(&0!&*$%",3(#!7!&Z(0&,%?#(3,(%+(&.1"&,.)$#+!%+(&3(&0!"&
.(2*0!"&)!#!&84.!#&3(&0$"&,%3,$"&3(0&<$#$("+([&CU4%+6(#&DEFD/>&&R$"&,%3,$"&3(&0!&2$%!&3(0&
\!*@8,*$&%$#$("+(&84.!7!%&(%&$*!",$%("&0!"&6$;!"&3(&7#T50'2+*A%31/%#9'84(%+(&3(0&81#.!*$&
!%+,*!%*(#@?(%$&+!V$0&'&3(&$+#$"&+!V!%$"&C=,00(#&DEFG/9&'!&84(#!&"$0!"&$&*$%&!-'5A#:5+0%''&
Z"(&3(*@!&54(&.!#(!7!%&!0&54(&0!"&84.!7![&C`!#+2(00&DEED/>&&R$"&,%3,$"&jh!00!.&4"!7!%&7>&
2+*A%31/%#'*$.$&!%!0?A",*$&C=$(%%!%&DEFN/>&&O0&%$.7#(&B%$$%B%$$%8B'"(&#(8,(#(&+!.7,A%&!&
$+#!&)0!%+!&4"!3!&(%&.(2*0!"&)!#!&84.!#9&J1+$50'0&1/1$%3*+#'3(&0!&8!.,0,!&3(&0!"&J1+$#8*#*'
CJ4.(#&*&'#/-'DEF]/>&&O"+(&"(?4%3$&B%$$%B%$$%8B'(#!&84.!3$&)$#&0$"&,%3,$"&3(&0!"&00!%4#!"&
)$#&"4&(8(*+$&Z",.,0!#&!0&3(0&$),$[&CX6!.7(#0,%&DEDDH&`!#+&DEMN/&'&0$"&,%3,$"&<$#+6&X!##,(#&
+$.!7!%&3(*$**,$%("&3(&0!&*$#+(2!&*$.$&("+,.40!%+(&CP.,+6&DEIE/>&&R$"&,%3,$"&
+!#!64.!#!&3(&=AV,*$&)#()!#!%&4%&-,%$&!&7!"(&3(&!+8&10&#(),/10'(5$E*$0'CT(("+&DEF]/>&
!+8&10&#(),/10'5A#:5+0%'*$%+,(%(&!#74+,%!9&4%&!%+,"A)+,*$&4#,%!#,$&.4'&(8,*!2&CJ'0(#&DEFM/&
'&"(&4"!&6!7,+4!0.(%+(&(%&8,+$.(3,*,%!&*$%+(.)$#1%(!&*$.$&3,4#A+,*$9&84%*,B%&)!#!&0!&
54(&%$&("&(8,*!2&Cc(,""&DEFF/>&&R!&8!.,0,!&3(&0!"&`+%8#8*#*'$&8!.,0,!&3(0&7#(2$9&!&0!&*4!0&
)(#+(%(*(%&0!"&(")(*,("&3(&!C#/*#''&3(&G)1E1E*$E+1$9'("&*$%$*,3!&*$.$&84(%+(&3(&.,(0("&
+BV,*!"9&!0?4%!"&3(&0!"&*4!0("&)#$-$*!%&(.7#,!?4(2>&&O0&*!"$&.1"&8!.$"$&3(&
(%-(%(%!.,(%+$&)$#&.,(0&!8(*+B&!&4%&(;A#*,+$&(%+(#$&(%&ZR!&#(+,#!3!&3(&0$"&3,(2&.,0[&
3("*#,+$&(%&0!&$7#!&3(0&",?0$&j:&!>X>&!$#2#0%0'3(&L(%$8$%+(&C*,+!3$&(%&P*60(,88(#&DEME/>&&R!&
84(%+(&3(&("+!&.,(0&+BV,*!&84(&(0&%A*+!#&3(&!C#/*#'(1$&%8#9'+!.7,A%&00!.!3!&G)1E1E*$E+1$'
(1$&%85"'1'H*+#8/*#'(1$&%8#'C=#("6&DFFM/>&&R$"&!?(%+("&+BV,*$"&3(&0!"&
]EM&
&
.,(0("&3(&G)1E1E*$E+1$'"$%&4%$"&?04*B",3$"&00!.!3$"&!%3#$.(3$+$V,%!"&$&
?#!'!%$+$V,%!"&Cf#!4"(&DEINH&\04??(&DFEDH&c$$3&*&'#/-'DE^k/>&&R!"&.,(0("&+BV,*!"&"(&6!%&
)#$34*,3$&+!.7,A%&!&)!#+,#&3(&(")(*,("&3(&D*E5"'*$.$&D*E5"'(#/50&+*9'3(7,3$&!&$+#$&
?04*B",3$&+BV,*$&00!.!3$&(#,*$0,%!&54(&)4(3(&("+!#&+!.7,A%&)#("(%+(&(%&0!&(.7#,!?!%+(&D-'
.+1*$/#$E%85"'3(&0$"&fg!S,4+0&C\!0.(#W;$%("&DEN^/>&&R$"&*6!.!%("&J4%?4"&3(&P,7(#,!&
4+,0,2!7!%&-!)$#("&3(&c-'(#/50&+*')$#&"4"&(8(*+$"&)",*$+#B),*$"&CQ#(S6.!%&'&P!.&DENM/>&&
O"+$"&?04*B",3$"&+BV,*$"&3(&0!"&.,(0("&3(&0!"&(#,*!*(!"&)4(3(%&"(#&0$"&)#,%*,),$"&!*+,-$"&3(&
0$"&B%$$%B%$$%8B0'(.7#,!?!%+("&3(&<$#+(!.A#,*!>&&R$"&!0*!0$,3("&+#$)1%,*$"&(%+($?A%,*$"&
"(*4("+#!3$"&)$#&0!"&!7(;!"&3(0&%(*+!#&3(&!&+1(#'2*//#E1$$#&+!.7,A%&6!%&)#$-$*!3$&
(8(*+$"&(%+($?A%,*$"&(%&(0&6$.7#(&3(")4A"&3(&0!&,%?("+,B%&3(&.,(0&+BV,*!&C`!2"0,%"2S'&
DE^N/>&
&
+G@LGOFMAMG&L@FMGDMGH&*$%$*,3!&)$#&0$"&*6,%$"&*$.$&j5$:0)%)9'("+!&(%#(3!3(#!&+,(%(&8!.!&
3(&)#$-$*!#&-,",$%("&'&Z*$.4%,*!*,B%&*$%&0$"&(")@#,+4"[&CR,&DEMFH&P*640+("&'&`$8.!%%&
DEFG/&'&"(&*#((&54(&*$%+,(%(&Z4%&!0*!0$,3(&3(&("+#4*+4#!&3("*$%$*,3![&CP*640+("&'&
`$8.!%%&DEME/>&&P(&6!&3("*#,+$&(0&4"$&3(&J#*0#/(%$%#'*8)%$#&#'*$.$&!3,+,-$&3(&0!&
#,#)5#08#'CR4%!&DEFk!/>&
&
+GOOG@IK&GACMN@XDMO@&Ck9&Z\$*,$%("&O%+($?A%,*!"&3(&0!&K.!2$%,![H&SJ)#8+5$#',&
J)#.+1(#$.#UP'Z'J#2%'(#+#*$0%0L'F#08#.$%#'(0%/1(),//#'A#+-'#$&%3*2+%/%0a'-A!"(&0!&(%+#!E#'
F#08#.$%#'(0%/1(),//#'A#+-'#$&%3*2%%/%0-&
&
+GAGVGOMG&KGDMCMKGH&"(&6!&3("*#,+$&(0&4"$&3(&("+!&)0!%+!&(%+#(&0$"&.!#,%(#$"&*$.$&
Z"47"+,+4+$&3(&0!&.!#,64!%![&(%&=AV,*$>&&K"@&.,".$&"(&6!%&(%*$%+#!3$&!0*!0$,3("&
),##$0,3@%,*$"&(%&0!"&-!,%!"&C_@!2&DEM^/>&
&
+GDSGKMA@&QEAQGC@AGCGH&("+!&)0!%+!&6!&",3$&*!0,8,*!3!&3(&Z!04*,%B?(%$&,#$54A"[&4+,0,2!3$&
Z)!#!&.(".(#,2!#[&C`(##,*S&DEMMH&=$(#.!%&DEFN/>&&J(%(.$"&)$*!&,%8$#.!*,B%&!*(#*!&3(&
("+!&)0!%+!&'&%$&"(&"!7(&54(&*$%+(%?!&*$.)4("+$"&(%+($?A%,*$"&%,9&3(&6(*6$9&3(&%,%?4%!&
$+#!&)0!%+!&3(&0!&8!.,0,!&3(&0!"&O+#00%8#8*#*-&
&
+@@DEFMG&K@[MQGAGY&+>&EXCILMNEOMGH&("+!"&.$#1*(!"9&*$%$*,3!&*$.$&Z?4!#4.![&"$%&
4+,0,2!3!"&!.)0,!.(%+(&(%&=AV,*$&)$#&-!#,!"&!)0,*!*,$%("&(+%$.(3,*,%!0("&C_@!2&DEMN/>&&P(&
6!&!8,#.!3$&!3(.1"9&54(&(%&:(#!*#429&=AV,*$9&"(&84.!%&0!"&6$;!"&"(*!"&)$#&"4&(8(*+$&
",.,0!#&!0&3(0&J#$$#2%0-'':!#,!"&(")(*,("&3(&J*8+1(%#'"(&4+,0,2!%&(%&P43!.A,,*!&*$.$&84(%+(&
3(&00,)+!9&4%!&*(%,2!&!0*!0,%!&54(&"(&.!"*!&;4%+$&*$%&0!&*$*!&Cf!#%(%Wf!'(&DEMDH&P*640+("&'&
Y!88!48&DEEGH&P*640+("&'&Y!88!48&DEEI/>&&<$&+(%(.$"&,%8$#.!*,B%&"$7#(&0$"&*$%"+,+4'(%+("&
(%+($?A%,*$"&3(&("+!"&3$"&)0!%+!"9&)(#$&-!#,!"&(")(*,("&3(&F1+#8*#*'("+1%&#(0!*,$%!3!"&
*$%&4"$"&(%+($?A%,*$"&(%&P43!.A#,*!a&(")(*,("&3(&J1500#(1#','<%850'*$.$&!3,+,-$"&3(&0!&
#,#)5#08#'CR4%!&DEFk7H&=*f(%%!&*&'#/-&DEFN/&;4%+$&*$%&(")(*,("&3(&H*/%810&,/%0''&3(&
F#\5%+#'C-A!%"(&("+!"&(%+#!3!"&.1"&!3(0!%+(/&)!#!&)#()!#!#&0$"&(%+(B?(%$"&&#B%$%','+#(^'
E10'%$E%10'CP*640+("&'&Y!88!48&DEEGH&c,07(#+&DEFM/>&
]EF&
&
+@LCDIK&OG@VMJGCIKH&4%&J*0&+5"9')#$7!70(.(%+(&("+!&(")(*,(9&"(&-(%3(&*$.$&Z"47"+,+4+$&
3(&0!&.!#,64!%![&(%&Q#!",0&*$%&(0&%$.7#(&3(&E#"#'E*'$1%&*'C3!.!&3(&0!&%$*6(/&CP*640+("&'&
`$8.!%%&DEFG/>&&<$&"(&*$%$*(%&*$.)4("+$"&)",*$!*+,-$"&(%&("+!&(")(*,(>&&J*0&+5"'(#+\5%'
6!&!)!#(*,3$&#(*,(%+(.(%+(&(%&0!&0,"+!&3(&)0!%+!"&,+!0,!%!"&"4)4("+!.(%+(&)",*$!*+,-!"&
CT("+,&'&K00,$+!&DEEG/>&
&
+O@KGCML&VMDJMAMGAGH&"(&6!&,%8$#.!3$&3(0&4"$&3(&4%!&3(*$**,B%&3(&+!00$"&3(&("+!&
#!%4%*401*(!&*$.$&(%;4!?4(&Z)!#!&,%34*,#&"4(b$"&(V+#!b$"[&)$#&0$"&,%3,$"&,#$54("("9&4%&
(8(*+$&Z$%(,#B?(%$[&54(&!0?4%$"&*!0,8,*!%&,%*04"$&3(&Z!04*,%B?(%$[&C`(##,*S&DEMMH&
=$(#.!%&DEFN/>&&X!#(*(.$"&3(&,%8$#.!*,B%&"$7#(&"4&*$.)$",*,B%&54@.,*!9&)(#$&"!7(.$"&
54(&*,(#+!"&)0!%+!"&3(&("+!&8!.,0,!&*$%+,(%(%&!0*!0$,3("&+BV,*$"&C-A!"(&>*/()%$%5"'
$5E%8#5/*'.1"&!3(0!%+(/>&&K0?4%!"&(")(*,("&3(&J/*"#&%0'*$%+,(%(%&"4"+!%*,!"&,##,+!%+("&3(&
0!&),(0&'&"4&,%?("+,B%&)4(3(&)#$34*,#&54(.!2B%&(%&0!&7$*!&CJ4#%(#&'&P2*2!g,%"S,&DEED/>&&
R$"&,%3,$"&<(2&\(#*(&3(&<$#+(!.A#,*!&4+,0,2!7!%&J-')%+05&%00%"#&*$.$&("+,.40!%+(&)!#!&"4"&
*!7!00$"9&)!#(*(&"(#&54(&.(3,!%+(&0$"&(8(*+$"&,##,+!%+("&0$*!0("&3(&0!&!%(.$%,%!9&)#("(%+(&
(%&0!&#!@2&)(0!3!9&54(&*$0$*!7!%&(%&0!&%!#,2&3(0&!%,.!0&Cf(.&'&X!#3(00,%!&DEF]/>&&R!&)0!%+!&
*$%+,(%(&(%&#(!0,3!3&)#$+$!%(.$%,%!9&54(&%$&A%A1'"(&*$%-,(#+(&#1),3!.(%+(&(%&
!%(.$%,%!>&
&
+EKGASDG&FGOOMSGH&("+!&"!%+!01*(!&84(&4+,0,2!3!&)$#&0$"&<!-!;$"&f!'(%+!&*$.$&Z%!#*B+,*$[&
Cc'.!%&'&`!##,"&DE^D/>&&<$&"(&+,(%(&,%8$#.!*,B%&!*(#*!&3(&"4"&)$",70("&)#,%*,),$"&
(%+($?A%,*$">&
&
+EDPFRGACRG&QGOMF@ALMLY&X>&QEKFGQCGY&X>&QEDDM@DG&VGD>&@QRMAILY&+>&KGQDEK@DMLY&+>&FGOK@DMMY&
+>&DGKMOOELG&\=3&<$+!&M/a&J-'"#8+1"*+%0','J'(#/"*#,,&6!%&",3$&*,+!3!"&*$.$&(%+(B?(%$"&
#,+4!0("&CP*640+("&'&`$8.!%%&DEFG/&'&X>&81"(#8&#'("+1&*$%",3(#!3!&)$#&0$"&+!#!64.!#!&
*$.$&4%&Z+,)$[&3(&(^,1&/'CQ'(&DEME!/>&&J$3!"&("+!"&(")(*,("&*$%+,(%(%&8(%(+,0!.,%!"9&
(%+#(&(00!"&.!*#$.(#,%!&'&%$#.!*#$.(#,%!&C`$#%(.!%%&*&'#/-'DEM]H&P!+B&*&'#/-'DEM]/>&
&
+DECGOGDMG&LGJMCCGOMLH&0!"&#!,*("&3(&("+!&8!71*(!&(#!%&Z*$%",3(#!3!"&4%&)$+(%+(&%!#*B+,*$[&
)$#&0$"&,%3,$"&_(0!g!#(WdS0&CJ!%+!54,3?($%&DEkI/>&&P(&*$%$*(%&3,-(#"$"&!0*!0$,3("&
),##$0$2,3@%,*$"&)(0,?#$"!.(%+(&6()!+$+BV,*$"&(%&3,-(#"!"&(")(*,("&3(&J+1&#/#+%#9')$#&0$&
54(&"4&,%?("+,B%&3(7(#@!&(-,+!#"(&+$+!0.(%+(&Cju4#%(#&'&P2*2!g,%"S,&DEED/>&
&
+PKXEF@CGOIK&F@ASIOMNOEDIKH&*$%$*,3!&)$#&0$"&K2+(*!"&*$%&(0&%$.7#(&3(&T18)%$#8#C&/%'
C80$#&3(&0!&$#(;!/&CP!88$#3&DEDGH&P!88$#3&DEDD/9&("+!&!#$.1+,*!&80$#&(#!&*$%$*,3!&+!.7,A%&
*$.$&&*1$#8#C&/%'C$#(;!&"!?#!3!/9&3(&0!&54(&P!6!?h%&3,;$a&Z(.7#,!?!&*$.$&0$"&6$%?$"[&
CP!6!?h%&DE^GH&P!6!?h%&DEFI/>&&P(&6!&(")(*40!3$&54(&("+!&80$#&)$3#@!&"(#&(0&.,"+(#,$"$&
(%+(B?(%$&3(&0$"&K2+(*!"&(1,1"#&/%'C_@!2&DEMEH&-A!"(&.1"&!3(0!%+(/>&&O%&0!&(")(*,(&
"43!.(#,*!%!&X&2+#0%/%*$0*'CX!-A&*&'#/-'DEFk/&"(&6!&3(+(#.,%!3$&0!&)#("(%*,!&3(&!0*!0$,3("&
%$&)",*B+#$),*$"&54(&)#("(%+!%&!*+,-,3!3&*!#3,$+B%,*!>&&`$'&(%&3@!9&0!"&80$#("&3(&X>&
(*$E5/%3/1+5"'"(&4+,0,2!%9&*$%&(0&%$.7#(&3(&)5*,$#8#C&/%9'*$.$&(")(*,!&)!#!&0!"&7(7,3!"&!&
7!"(&3A&*6$*$0!+(&CQ'(&'&R,%!#("&DEEG/>&
]EE&
&
+PFDMF@SMIK&QGO@@EOIL&CD9&<$+!&M/a&("+!&$#54@3(!9&!0&,?4!0&54(&X>&(#+A%3/1+5"9'35*&4+,0,2!3!&
)$#&0$"&,%3,$"&=(%$.,%((&3(&<$#+(!.A#,*!&(%&8$#.!&3(&Z6!+,00$"&"!?#!3$"&)!#!&,%34*,#&
"4(b$"&"$7#(%!+4#!0("[&CP.,+6&DEI]/>&&K0?4%$"&*!0,8,*!%&("+(&(8(*+$&Z$%(,#B?(%$[&3(&
Z!04*,%B?(%$[&C=$(#.!%&DEFN/>&&<$&"(&+,(%(%&3!+$"&"$7#(&0!&*$.)$",*,B%&54@.,*!&3(&("+!&
)0!%+!9&54(&84(&4+,0,2!3!&)$#&0$"&,%3,$"&X6(#$S((&*$%&3,-(#"$"&8,%("9&*$.$&"(3!%+(9&
!%!0?A",*$9&("+,.40!%+(&'&!%+,*$%-40",-$9&"4?,#,(%3$&4%&(8(*+$&)$+(%*,!0.(%+(&)",*$!*+,-$&
CR(g,"&'&O0-,%WR(g,"&DEMMH&`(##,*S&DEMMH&=$(#,%!%&DEFN/>&&R!"&6$;!"&)4(3(%&*$%+(%(#&
*$.)4("+$"&,##,+!%+("&CJ4#%(#&'&P2*2!g,%"S,&DEED/>&&:A!"(&6$8%E%5"'/1$.%31/%5"'.1"&
!3(0!%+(9&$+#!&$#54@3(!&"4)4("+!.(%+(&(%+($?A%,*!>&
&
+PCMLIL&QGAGDM@ALMLH&("+!&)0!%+!&3(0&:,(;$&=4%3$9&,%+#$34*,3!&)$"+(#,$#.(%+(&(%&=AV,*$9&
6!&",3$&!3$)+!3!&3(&8$#.!&(-,3(%+(&*$.$&3#$?!&*6!.1%,*!&)$#&0$"&,%3,$"&q!54,&C_@!2&
DEMEH&T!3,.!%&DEN^H&P*640+("&'&`$8.!%%&DEME/>&&K4%54(&0!&)0!%+!&*$%+,(%(&!74%3!%+(&
*,+,",%!9&%$&"(&+,(%(&%$+,*,!&3(&54(&("+(&!0*!0$,3(&"(!&(%+($?A%,*$>&&O"+!&)0!%+!&"(&*,+!&!&
-(*("&(%&0!&0,+(#!+4#!&*$%&(0&%$.7#(&3(&I*$%0&#'8#$#+%*$0%0-&
&
1@OFRMAMIK&AISMQGIO@H&0$"&,%3,$"&.(%3$*,%$&3(&X!0,8$#%,!&*$%",3(#!%&54(&("+!&
#!%4%*40!*(!&)$"((&Z)#$),(3!3("&%!#*B+,*!"[&CX6("+%4+&DEGI/>&&P(&*$%$*(&0!&(V,"+(%*,!&(%&
("+(&?A%(#$&3(&!0*!0$,3("&("+(#$@3,*$"&+BV,*$"&3(0&+,)$&3(0&!*B%,+$9&)$#&0$&54(&%$&("&
#(*$.(%3!70(&(V)(#,.(%+!#&*$%&(00!"&CJ4#%(#&'&P2*2!g,%"S,&DEED/>&&>*/()%$%5"&#;#8%0'"(&
4+,0,2!&*$.$&)!#!",+,*,3!&'&*$%+,(%(&4%&!0*!0$,3(&3(%$.,%!3$&!;!*,%!&;4%+$&*$%&$+#$"&
*$.)4("+$"&#(0!*,$%!3$"&CJ'0(#&*&'#/-'DEMN/9&.,(%+#!"&54(&(%&>-'A%+*08*$0'0*&6!%&
(%*$%+#!3$&?04*B",3$"&+BV,*$"&*$.$&0!&3(08,%,3,%!&Cfe%3"*6(#&DEEI/>&
&
1@LKESMIK&QGISGCIKY&1>&JGAJ@CMQIKY&1>&JPDGALY&1>&OGLMEQGDFIKY&1>&FGAMQIOGCIKY&1>&
FIOQR@OOIKY&1>&CMOMG@NEOMIKY&1>&CDMNOEDIK&Ck9&<$+!&I/a"(&6!&(")(*40!3$&54(&>*0"1E%5"'
.#$.*&%85"9'*$%$*,3$&*$.$&0#5",#'1'#"0Y"#&'C#,*$&(%&;4?$&3(&01"#P9')$3#@!&"(#&4%!&
)0!%+!&(%+($?A%,*!&3(&0!&j%3,!&CT0!++(#'&'&P*6g!#+2&DEFE/>&&P(&*$%$*(&0!&)#("(%*,!&3(&
!0*!0$,3("& *!#7$0@%,*$"&(%&!0?4%!"&3(&("+!"&(")(*,("9&54(&!&"4&-(2&*$%+,(%(%&+#,)+!.,%!"&
(%+($?A%,*!"&C-A!"(&X!)@+40$&]H&Q!%(#;((&'&U6$"!0&DENEH&U6$"!0&DEMIH&U6$"!0&*&'#/-'DEMIH&
i(%$&*&'#/-'DEMF/>&&P,%&(.7!#?$9&0!"&3(*$**,$%("&*$%*(%+#!3!"&3(&>*0"1E%5"'(5/8)*//5"'
Z84(#$%&"B0$&3A7,0.(%+(&!*+,-!"[&(%&0!"&)#4(7!"&8!#.!*$0B?,*!"&#(!0,2!3!"&*$%&#!+!"&'&
#!+$%("9&,%3,*!%3$&54(&54,21"&("+$"&!0*!0$,3("&"(&6!00!%&)#("(%+("&(%&*!%+,3!3("&,%8(#,$#("&
!&0!&3$","&4.7#!0&)!#!&0$"&(8(*+$"&(%+($?A%,*$"&CU6$"!0&DEMI/>&&P(&6!&,%8$#.!3$&3(0&4"$&3(&
>*0"1E%5"'/#0%18#+(5"')$#&(0&)4(70$&Q$%+$*&3(&0!"&T,0,),%!"&*$.$&Z"47"+,+4+$&3(0&
+!7!*$[9&)(#$&%$&"(&*$%$*(%&.1"&3(+!00("&CQ$3%(#&'&U(#(!4&DEFF/>&&>*0"1E%5"'
.#$.*&%85"'"(&4+,0,2!&(%&(0&o8#,*!&+#$),*!0&$**,3(%+!0&*$.$&!%+,),#A+,*$&'&*$.$&#(.(3,$&
*$%+#!&(0&*!+!##$&Cd0,-(#&Q(-(#&DEF]/>&&R!&,%84",B%&3(&0!&#!@2&3(&>*0"1E%5"'(#$%85/#&5"'84(&
4+,0,2!3!&)$#&0$"&,%3,$"&`$4.!&3(&<$#+(!.A#,*!&*$.$&("+,.40!%+(&Cf,%3"*6(#&DEEIH&
=$(#.!%&DEFNH&P)(*S&DEkD/>&
&
1MKEDFRGASDG&FGDVMNOEDGH&(%&DF^D9&Y,*6!#3&P)#4*(&#(*$0(*+B&("+!&0(?4.,%$"!&(%&Q!##!9&
Q#!",0&'&$7"(#-B&54(&0!"&"(.,00!"&"(&4+,0,2!7!%&(%&0!&)#()!#!*,B%&3(0&#!)A&(%+($?A%,*$&
(#&%8W'C-A!"(&X!)@+40$&]H&_(&P.(+&'&R,))&DEFM/>&&_(7(.$"&*$%",3(#!#&!&("+!&
kGG&
&
)0!%+!9&!h%&)$*$&*$%$*,3!9&*$.$&4%&)$",70(&(%+(B?(%$9&!&0!&(")(#!&3(&84+4#$"&("+43,$">&&
P(&6!&3(+(#.,%!3$&0!&)#("(%*,!&3(&!0*!0$,3("&(%&>-'"1//%09')0!%+!&54(&("&+BV,*!&)!#!&(0&
?!%!3$&C_$"&P!%+$"&*&'#/-'DEMk/>&
&
/FMCR@OGACRG&KM@DEK@DML&CD9&<$+!&M/a&0$"&,%3,$"&+!#!64.!#!&3(&=AV,*$&00!.!%&!&("+!&
)0!%+!&S)VB5/%'"5/#&1U''&"(&+,(%(&%$+,*,!&3(&"4&)",*$!*+,-,3!3&CR4.6$0+2&DEGI/>&&P(&*#((&54(&
("&4+,0,2!3!&(%&)#1*+,*!"&*6!.1%,*!"9&)(#$&!h%&%$&"(&6!%&#(!0,2!3$&0$"&("+43,$"&54@.,*$"&
)(#+,%(%+("&CP*640+("&'&`$8.!%%&DEFG/>&
&
6GOXIOMKMKG&X@OJDGV@GAGH&"(&*#((&54(&0$"&%!+,-$"&3(&\!)4!9&<4(-!&U4,%(!9&(0!7$#!%&4%&
)#()!#!3$&(.7#,!?!%+(&*$%&0!"&6$;!"&'&0!&*$#+(2!&3(&("+!&(")(*,(&;4%+$&*$%&0!"&6$;!"&3(&
H1"#/1"*$#-''K4%54(&"(&*$%$*(&0!&)#("(%*,!&3(&!0*!0$,3("&),)(#,3@%,*$"&(%&0!&*$#+(2!&3(&
I#/25/%"%"#'CY,+*6,(&'&J!'0$#&DENM/9&+$3!-@!&%$&"(&6!&,3(%+,8,*!3$&%,%?h%&)#,%*,),$&
(%+($?A%,*$&*$%$*,3$&CP*640+("&'&`$8.!%%&DEFG/>&
&
6GIOCR@DMGH& &"(&6!&*,+!3$&4%!&(")(*,(&3(&I#5/&)*+%#'*$.$&)0!%+!&(%+($?A%,*!&(%&\(#h&
CP*640+("&'&`$8.!%%&DEME/>&&<$&"(&*$%$*(&"47"+!%*,!&(%+($?A%,*!&!0?4%!&(%&("+(&?A%(#$9&
.4*6!"&3(&*4'!"&(")(*,("&*$%+,(%(%&80!-$%$,3("&C=,330(+$%&DEEI/>&
&
6EKEDC@JG&W@IO@H&0$"&,%3,$"&.!)4*6(&3(&X6,0(&00!.!%&!&("+!&(")(*,(&B*5/*'1')5#/)5#/9''&
*$%",3(#!%&54(&0$"&8#4+$"&"$%&(.7#,!?!%+("&C`$4?6+$%&'&=!%7'&DEF^H&=!#,!%,&Y!.@#(2&
DEN^H&P*640+("&DEMG!/>&&Kh%&8!0+!&#(!0,2!#&("+43,$"&"$7#(&0!&*$.)$",*,B%&54@#%,*!&3(&("+!&
#!#!&'&)$*$&*$%$*,3!&)0!%+!&CP*640+("&'&`$8.!%%&DEFG/>&
&
B@OMQRDPLIK&NE@CMSIKY&B>&LC@AEFC@DIKH&("+!"&(")(*,("&84(#$%&4+,0,2!3!"&)$#&0$"&*6!.!%("&
3(&p4040!%3,!&(%&P4318#,*!&(%&8$#.!&3(&Z,%6!0!*,$%("&)!#!&(%+#!#&(%&+#!%*([&CP*640+("&'&
`$8.!%%&DEFG/>&&\$#&!6$#!&%$&6!%&6!00!3$&"4"+!%*,!"&(%+($?A%,*!"&(%&("+(&?A%(#$>&
&
B@OMQELCPOML&CEK@ACELGY&B>&F@SIAQIOGCGH&"(&*$%",3(#!&!&0!&*$#+(2!&3(&("+(&1#7$0&Z"!?#!3$[&
0!&84(%+(&3(&0!&3#$?!&(%+($?A%,*!&+!S,%,&3(&P4#,%!.9&4+,0,2!3!&)$#&0$"&,%3,$"&f!#,7&'&K#!g!S&
3(&("(&)!@"&CY(,"&'&R,))&DEFIH&P*640+("&'&Y!88!48&DEEG/>&&O0&&#B%$%'("&(0&01+(V&3(&H-'
&1"*$&10#'1'H-'(*E5$85/#&#-''R$"&-!)$#("&3(0&01+(V&3(&("+$"&3$"&1#7$0("&"(&4+,0,2!7!%&;4%+$&
*$%&+!7!*$&(%&0!"&)#1*+,*!"&3(&,%,*,!*,B%&*6!.1%,*!&54(&#(!0,2!7!%&0!"&+#,74"&*$"+(#!"&
K#!g!S&3(&P43!.A#,*!>&&_(&8$#.!&",.,0!#9&0$"&,%3,$"&X!#,b!&3(&0!&U4!'!%!&3!%&3$"&
*!0!7!2!"&00(%!"&3(&01+(V&3(&&#B%$%'!&0$"&*6!.!%("&3(0&+!7!*$&#(*,A%&,%,*,!3$"&Cc,07(#+&
DEFM/>&
&
BM@DGQMIK&FMOEQ@OOGH&("+!&)0!%+!&3(&0!&8!.,0,!&3(&0!"&J1"(10%&#*'!)!#(*@!&*,+!3!&*$%&(0&
%$.7#(&)W1+*&')1.*5+&'(%&4%&0,7#$&3!%A"&"$7#(&Z!04*,%B?(%$"[9&(%&(0&54(&"(&!8,#.!7!&54(&
(V)!%3@!&0!&*$%*,(%*,!&3(")4A"&3(&84.!#&4%$&$&3$"&Z)$##$"[&CR!##,"&DEFG/>&&O0&)#,%*,),$&
#(")$%"!70(&3(&"4&)",*$!*+,-,3!3&("&3("*$%$*,3$>&&O"+!&)0!%+!&,%+(#("!%+(&'&0(?!0&6!&
(.)(2!3$&!&*40+,-!#"(&(%&0$"&O"+!3$"&i%,3$">&&H-'(%/18*//#9'*$%$*,3!&*$%&(0&%$.7#(&Z6,(#7!&
3(0&6!0*B%[9&84(&4+,0,2!3!&)$#&0$"&,%3,$"&j#$54("("&3(&<$#+(!.A#,*!&
kGD&
&
*$.$&!%+,3,!##A,*$>&&d+#!"&(")(*,("&3(0&?A%(#$&84(#$%&4+,0,2!3!"&!"@&.,".$&*$.$&#(.(3,$"&
)!#!&0!"&!8(**,$%("&?!"+#$,%+("+,%!0("&C`(##,*S&DEMMH&=$(%%!%&DEFN/>&
&
BEKGOEK@AG&X@MJDGV@GAGH&0!"&6$;!"&3(&*+*+%2#9'%$.7#(&54(&"4)4("+!.(%+(&"(&#(8,(#(&!&
("+!&(")(*,(9&"$%&*$%"4.,3!"&;4%+$&*$%&0!"&6$;!"&'&0!&*$#+(2!&3(&I#/25/%"%"#&2*/.+#A*#$#'
)$#&0$"&%!+,-$"&3(&\!)4!9&<4(-!&U4,%(!9&)!#!&,%34*,#"(&4%!&(.7#,!?4(2&"(?4,3!&3(&"4(b$"&
CQ!##!4&DENIH&P*640+("&'&`$8.!%%&DEFG/>&&Kh%&%$&"(&6!%&#(!0,2!3$&!%10,","&54@.,*$"&
!3(*4!3$">&&Y(*,(%+(.(%+(&"(&6!&,%8$#.!3$&3(0&4"$&3(&H1"#/1"*$#&81+E#&#','H-'
A*+0&**.%%'(%&<4(-!&U4,%(!&(%&#,+4!0("&.1?,*$"&3(&0!&004-,!&'&3(0&!.$#&#(")(*+,-!.(%+(&
CJ(07!%&DEFF/>&
&
2D@LMA@H&CD9&Zm4@.,*!&3(0&4^,1&/UL'k9&ZK3,+,-$"&_,-(#"$"[/a&"(&6!&,%8$#.!3$&3(0&4"$&3(&
(")(*,("&3(&R+*0%$*'*$.$&!3,+,-$"&3(&0!&#,#)5#08#'CP*640+("&'&`$8.!%%&DEME/9&'&3(&0!&
8%"1+#9'4%!&)$*,B%&(%+($?A%,*!&(%&*4'!&(0!7$#!*,B%&"(&4+,0,2!&(0&*!*+$"&.("*!0@%,*$&
7+%8)18*+*50'(#8)#$1%';4%+$&*$%&N*1+#%"1$E%#'"#8+10&%2#09'R01&1"#'/1$.%3/1+#9&
4*E%/#$&)50'&%&),"#/1%E*0''&3,-(#"!"&(")(*,("&3(&O+5."#$0%#'CX#42WP1%*6(2&DEkFH&_$7S@%&
3(&Y,$"&DEMMH&P*640+("&'&`$8.!%%&DEFG/>&&P(&6!&!8,#.!3$9&",%&(.7!#?$9&54(&0!&)$*,B%&3(&
8%"1+#'*$%+,(%(&"B0$&(")(*,("&3(&R+*0%$*'CT#,(37(#?&DE^EH&T#,(37(#?&DENG/&'&.1"&
#(*,(%+(.(%+(&6!'&54,(%&.!%+,(%(&54(&"B0$&*$%+,(%(&(")(*,("&3(&O+5."#$0%#9&.,(%+#!"&
54(&&%"1+#'"(#@!&(0&%$.7#(&3(&0!"&(")(*,("&3(0&?A%(#$&R+*0%$*'C_!-,"&DEF]7/>&
&
2DPGACR@DG&OEAJMNOEDGY&=>&KGQDEFRPOOGY&2>&IO@M&C]9&Zm4@.,*!&3(&0$"&Y!)A"&O%+($?A%,*$"&3(&
?%+1/#UPa'0$"&,%3,$"&Q$#!&'&c,+$+$&3(&P43!.A#,*!&4+,0,2!%&("+!"&+#("&.,#,"+,*1*(!"&(%&0!&
(0!7$#!*,B%&3(&)!"+!"&(%+($?A%,*!"&*$.("+,70("&C_!-,"&'&q$"+&DEF]7H&P*640+("&'&Y!88!48&
DEEG/>&&K&)("!#&3(&54(&(%&4%$&3(&0$"&)#,.(#$"&!%10,","&"(&3(+(#.,%B&0!&)#("(%*,!&3(&^W
=(dW_=J&(%+($?A%,*!9&!4%54(&,%!*+,-!&)$#&-@!&$#!09&C`$0."+(3+&*&'#/-'DEFG/9&(%&4%&
("+43,$&#(!0,2!3$&)$"+(#,$#.(%+(&84(&,.)$",70(&(%*$%+#!#&+#,)+!.,%!"&(%&0!"&(")(*,("&
!##,7!&.(%*,$%!3!"&%,&(%&D'8+#00%31/%#9'D';5+*$0%0'1'D&(#+#*$0%0'C=*f(%%!'*&'#/-'DEFk7/>&
&
2LECEKG&OEAJMNOEDG&CD9&Zm4@.,*!&3(0&4^,1&/UPa'("+!&)0!%+!&6!&",3$&4+,0,2!3!&*$.$&!3,+,-$&3(&
0!&)$*,B%&(%+($?A%,*!&8%"1+#'(0!7$#!3!&"4)4("+!.(%+(&!&7!"(&3(0&*!*+$"&.("*!0@%,*$'
7+%8)18*+*50'(#8)#$1%'C_$7S,%&3(&Y@$"&DEMMH&P*640+("&'&`$8.!%%&DEFG/9&4%!&!8,#.!*,B%&
54(&6!&",3$&3,"*4+@3!&(%&$+#$"&+#!7!;$"&C_!-,"&DEF]7H&T#,(37(#?&DE^E/>&&R$"&,%3,$"&X4%!&3(&
\!%!.1&4+,0,2!%&(0&01+(V&3(&R010&1"#'/1$.%3/1+#'*$%&8,%("&.(3,*,%!0("&C_4S(&DEM^/>&
&
UIGAIOOEG&EQRDGQ@G&Ck9&ZK3,+,-$"&_,-(#"$"[/a&)4("+$&54(&("+!&"$0!%1*(!&#(*,7(&(0&%$.7#(&
3(&#,#)5#08#'(%&X$0$.7,!9&"(&6!&(")(*40!3$&54(&("+!&)0!%+!&)$3#@!&"(#&)",*$!*+,-!&'&54(&
(%&(0&)!"!3$&)$3#@!&6!7(#"(&4"!3$&*$.$&!3,+,-$&3(&0!"&)$*,$%("&3(&#,#)5#08#9'!4%54(&%$&
"(&+,(%(&%$+,*,!&3(&("+!&)#1*+,*!&CP*640+("&DEMI*/>&
UILCMQMG&F@QCEDGOML&VGD>&LC@AEFRPOOG&C]9&Zm4@.,*!&3(&0$"&Y!)A"&O%+($?A%,*$"&3(&?%+1/#[/a'0!"&
6$;!"&3(&("+!&)0!%+!&!#$.1+,*!&"$%&4+,0,2!3!"&*$.$&!3,+,-$&3(&0$"&#!)A"&
kGI&
&
(%+(B?(%$"&3(&*(*$W')$#&3,-(#"$"&?#4)$"&3(&,%3,$"&c!,S1&CX6!?%$%&*&'#/-'DEMDH&P*640+("&'&
`$8.!%%&DEFG/>&&K&)("!#&3(&54(&0!"&)#4(7!"&)#(0,.,%!#("&,%3,*!#$%&0!&)#("(%*,!&3(&_=J&
CP*640+("&'&`$0."+(3+&DENF/9&("+43,$"&)$"+(#,$#("&%$&)43,(#$%&*$%8,#.!#&("+(&6!00!2?$>&&
R$"&(V+#!*+$"&84(#$%&,%!*+,-$"&(%&0$"&!%,.!0("&3(&(V)(#,.(%+!*,B%&C=*f(%%!&*&'#/-'DEFk!H&
=!*Y!(&DEFkH&=!*Y!(&'&J$g(#"&DEFk7/>&&P(&*$%$*(&0!&)#("(%*,!&3(&!0*!0$,3("&
54,%!2$0@%,*$"&",.,0!#("&!&0$"&3(&4*.#$5"')#+"#/#'(%&3$"&(")(*,("&3(&;50&%8%#'54(&"$%&
4+,0,2!3!"&(%&(+%$.(3,*,%!&)$#&0$"&J!.!%?&3(&<()!0&CX6$g364#'&'&Q6!++!*6!#'!&DEF^/>&&O0&
)$0-$&3(&X50&%8%#'8#+#8#0#$#9'*$%$*,3$&*$%&(0&%$.7#(&3(&Z*4#@![9&"(&4+,0,2!&*$.$&
!#$.!+,2!%+(&(%&0$"&)#()!#!3$"&-(%(2$0!%$"&3(&+!7!*$&Z)!#!&0!.(#[9&00!.!3$"&*6,.B9&
#(.,%,"*(%+("&3(0&!.7@0&("+,.!3$"&)$#&0$"&,%3,$"&Q$#!&'&c,+$+$&Cc,07(#+&DEFM/>&&\4("+$&
54(&(0&%$.7#(&*4#@!&+!.7,A%&"(&#(8,(#(&!&;50&%8%#&(*8&1+#/%09'"(&),(%"!&54(&("+!&(")(*,(&("&!&
"4&-(29&$&84(&(%&(0&)!"!3$9&4%&!3,+,-$&3(0&*6,.B&Cf!.(%Wf!'(&DEMDH&f!.(%Wf!'(&DEM^/>&
&
TG@KFN@DMG&JGOGAJGH&("+(&*$%3,.(%+$&3(&0!&.,".!&8!.,0,!&54(&(0&;(%?,7#(&'&3(&4"$&.4'&
(V+(%3,3$&(%&0!&*$*,%!&!",1+,*!&6!&",3$&*,+!3$&*$.$&(%+(B?(%$9&4+,0,2!3$&(%&<4(-!&U4,%(!&
*$%&(0&%$.7#(&3(&"#&#2#'CQ!##!4&DENIH&P*640+("&'&`$8.!%%&DEFG/>&&<$&"!7(.$"&%!3!&3(&
0$"&)$",70("&*$%"+,+4'(%+("&(%+($?A%,*$"&3(&("+!&)0!%+!>&
&
TPFRELIL&NIL@ILH&*$%$*,3$&*$.$&Z)(2&3(&0$"&"4(b$"[&$&Z)(2&+!.7$#&)0!+(!3$[9&("+(&
)("*!3$&*$.("+,70(&+,(%(&8!.!&3(&)$"((#&)#$),(3!3("&$%(,#B?(%!"&$&,%34*+$#!"&3(&
"4(b$"&",.,0!#("&!&0!"&3(&J#/*#'C#8#&*8)%8)%9'(8(*+$"&)$#&0$"&54(&("&,%?(#,3$&)$#&0$"&,"0(b$"&
3(&<$#8$0S&(%&=(0!%(",!&C`!0"+(!3&DEMFH&`(088,*6&'&Q!%%(#&DENGH&`$88(#&'&d".$%3&DENMH&
R!&Q!##(&DEFG!/>&&P,%&*,+!#&#(8(#(%*,!"9&P+!88$#3&CDEF]/&,%8$#.B&54(&(0&Z)(2&3(&0$"&"4(b$"[&
*$%+,(%(&^W=(dW_=J&C-A!"(&X!)@+40$&]/9&)(#$&("+(&*$.)4("+$&%$&("&!*+,-$&)$#&-@!&$#!0&
)$#&0$&54(9&,%*04"$&",&("+4-,(#!&)#("(%+(9&)#$7!70(.(%+(&%$&*$%+#474,#@!&!&%,%?h%&(8(*+$&
Z$%(,#B?(%$[>&&O0&=*B*'E*'(*0#E%//#'6!g!,!%$9&!)!#(%+(.(%+(&4%&.h;$0&(.)!#(%+!3$9&
+,(%(&8!.!&3(&)#$-$*!#&)("!3,00!"9&",&"(&,%?,(#(&"4&*(#(7#$9&!4%54(&(0&#("+$&3(0&*4(#)$&("&
*$.("+,70(&CX6,%?&DEED/>&&O0&.h;$0&F5.%/'8*()#/50',&N*1",T50'8)#(&#//%9'!"@&*$.$&
F5//1%E%8)&,0'0#"1*$0%0','M(*$*50'#+.*'+!.7,A%&6!%&("+!3$&,.)0,*!3$"&(%&("+(&"@%3#$.(&
Z$%(,#B?(%$[&C`(0880*6&'&Q!%%(#&DENG/>&
&
5GJEQRMOIL&MA@XDMGALH&3,-(#"!"&+#,74"&3(0&J4#S("+1%&+$.!%&3(&8$#.!&+#!3,*,$%!0&4%!&
,%84",B%&3(&0!"&6$;!"&"(*!"&3(&("+!&)0!%+!9&*$%",3(#!3!&(.7#,!?!%+(&CP*640+("&'&`$8.!%%&
DEFGH&P*6402&DE^E/>&&P(&6!&*$%"(?4,3$&!,"0!#&3(&0!&)0!%+!&4%&3,+(#)(%$&3(%$.,%!3$&
/#.18)%/%$#'CK7#!.$-&DE^M/>&&K&)("!#&3(&)$"((#&)#$),(3!3("&8!#.!*$0B?,*!"9&"(&3("*$%$*(&
",&("+(&*$.)4("+$&("&)",*$!*+,-$&!4%54(&(0&3("*47#,.,(%+$&3(&4%&3,+(#)(%$&)",*$!*+,-$&(%&
0!&)0!%+!&@#/A%#'E%A%$1+5"'Cd#+(?!'*&'#/-'DEFIH&:!03A"&*&'#/-'DEFk/&)!#(*(&!)4%+!#&("+!&
)$",7,0,3!3>&
&
5@EAECML&O@EAIDILH&*$%$*,3!&*$.$&=%/E'E#..#'C.!#,64!%!&",0-("+#(/H&0$"&`$+(%+$+("&3(&
P4318#,*!&84.!7!%&+#!3,*,$%!0.(%+(&0$"&*!)400$"&80$#!0("&'&(0&(V43!3$&3(&0!"&6$;!"&3(&("+!&
(")(*,(&3(&.(%+!&)$#&"4"&)#$),(3!3("&(.7#,!?!%+("&CO.7$3(%&DEMEH&P*60(,88(#&DEME/>&&P(&
"!7(&54(&0!&)0!%+!&"(&4+,0,2!&+!.7,A%&(%&(+%$.(3,*,%!&+!,0!%3("!&C\$%?04V&*&'#/-'DEFM/&
!4%54(&!h%&8!0+!&#(!0,2!#&!%10,","&54@.,*$">&
kG]&
&
5@EAIDIL&LMXMDMQILH&*$%$*,3!&*$.$&"#+%)5#$%//#9'("+!&)0!%+!&3(0&:,(;$&=4%3$&6!&
(.)(2!3$&!&84.!#"(&*$.$&Z"47"+,+4+$&3(&0!&.!#,64!%![&(%&X6,!)!"9&=AV,*$&C_@!2&DEM^/>&&
K)!#(%+(.(%+(9&0!&)0!%+!&*$%+,(%(&!0*!0$,3("&)(#$&%$&"(&0(&*$%$*(&)#,%*,),$&)",*$!*+,-$&
!0?4%$>&&R!"&"(.,00!"9&;4%+$&*$%&,%84",$%("&3(&D*1$5+50'#+&*"%0%#9'D-')*&*+1(),//509'D'
0%2%+%850','D-'&#+#08#9'"(&4+,0,2!%&(%&.(3,*,%!&*6,%!&*$.$&(.(%!?$?$"9&3,4#A+,*$"&'&
-!"$3,0!+!3$#("&CX6,%&'&f(%?&DEEIH&`4&*&'#/-'DEFGH&f('"&DEMN/>&
&
5EX@OMG&CIFGH&*$%$*,3!&(%&X6,0(&*$.$&&5(#'1'&#2#81'E*/'E%#2/19'0$"&,%3,$"&=!)4*6(&84.!%&
0!"&6$;!"&3(&("+!&)0!%+!&!&.$3$&3(&(.7#,!?!%+(&C_4S(&DEF^H&P*640+("&'&`$8.!%%&DEFG/>&&
P(&6!%&(%*$%+#!3$&(%&("+!&)0!%+!&!0*!0$,3("&),)(#,3@%,*$"&54(&%$&"(&"!7(&54(&"(!%&
)",*$!*+,-$"9&!4%54(&"(&*#((&54(&0!&0$7(0,%!&(;(#*(&4%&(8(*+$&",.,0!#&!0&3(&0!&%,*$+,%!>&&
D12*/%#'%$3/#&#'+4-$&4%&4"$&*(#(.$%,!0&(%+#(&0$"&,%3,$"&X#$g&3(&<$#+(!.A#,*!&'&;4?B&4%&
)!)(0&(%&0!&.!?,!&3(0&!.$#&3(&0$"&,%3,$"&=("54!S,(&'&\!g%((&Cf,%3"*6(#&DEEI/>&
&
5EKGDMEFLML&]GFID@ALMLY&5>&AMJDEFGOGC@G&Ck9&ZK3,+,-$"&_,-(#"$"[/a&D1"#,%1(0%0&;#(5+*$0%0'6!&
",3$&*,+!3!&*$.$&!3,+,-$&3(&0!&#,#)5#08#'CP*640+("&'&`$8.!%%&DEME/>&&K4%54(&"(&
3("*$%$*(&"4&*$.)$",*,B%&54@.,*!9&(V,"+(&0!&)$",7,0,3!3&3(&54(&("+!&(")(*,(&3(&6(0(*6$9&
54(&+!.7,A%&"(&4+,0,2!&*$%+#!&0!"&6(.$##!?,!"&)$"+)!#+$&)$#&)!#+(&3(&0$"&,%3,$"&m4,;$"&
m4,*64!&3(&O*4!3$#&C=!#0("&*&'#/-'DEFF/9&'&D'$%.+1(#/#&*#'4"!3!&*$.$&6(.$"+1+,*$&)$#&0$"&
,%3,$"&=!Sh&CP*640+("&DEF^!H&P*640+("&'&Y!88!48&DEEG/9&)4(3!&*$%+(%(#&!0*!0$,3("&
(#?$0@%,*$"&3(&!**,B%&-!"$*$%"+#,*+$#!&'&(%+($?A%,*!>&&X!#(*(.$"&3(&3!+$"&"$7#(&0!&
*$.)$",*,B%&54@.,*!&3(&("+!&(")(*,(>&
&
9GJAEOMG&VMDJMAMGAGH&0$"&,%3,$"&Y!))!6!%%$*S&("%,8!%&0!"&6$;!"&$&0!&*$#+(2!&3(&("+(&1#7$0&
%$#+(!.(#,*!%$&!&.$3$&3(&Z(.7#,!?!%+(&"4!-([&C=$(#.!%&DEFNH&P)(*S&*&&!0>&DEkI/>&&<$&
"(&*$%$*(&"4"+!%*,!&(%+($?A%,*!&!0?4%!&(%&("+!&)0!%+!>&&P(&6!&"4?(#,3$&54(&0!&)0!%+!&
.(V,*!%!&F#.$1/%#'E*#/2#&#'1'*/*TZ8)%&/')$3#@!&"(#&(0&.,"+(#,$"$&(%+(B?(%$&!2+(*!&
(1,1"#&/%'C-A!"(&("+!&(%+#!3!&.1"&!3(0!%+(H&_@!2&DEME/>&
&
9GOEI@CMG&CGKG^IGDMAG&Ck9&ZK3,+,-$"&_,-(#"$"[/a&0$"&,%3,$"&=!S4%!&3(&X$0$.7,!&!b!3(%&
0!"&6$;!"&.!*6!*!3!"&3(&("+!&!)$*,%1*(!&!&0!"&)$*,$%("&3(&#,#)5#08#&CP*640+("&'&Y!88!48&
DEEG/>&&K4%54(&"(&"!7(&54(&*$%+,(%(&!0*!0$,3("&("+(#$@3,*$"&CQ,""(+&DEEI7/9&%$&"(&6!&
,%8$#.!3$&3(&0!&)#("(%*,!&3(&"4"+!%*,!"&(%+($?A%,*!">&
&
9G^IMDG&L@O@DEFRPOOG&C]9&Z=1"&O%+(B?(%$"&*$%&_=Ju/a&0$"&,%3,$"&7#!",0(b$"&3(0&1#(!&3(&
\!#,!%!&)#()!#!7!%&!%+,?4!.(%+(&4%&#!)A&(%+($?A%,*$&!&)!#+,#&3(&0$"&8#4+$"&3(&("+(&1#7$0&
)(#+(%(*,(%+(&!&0!&8!.,0,!&3(&0!"&.$#1*(!"9&4%&)#()!#!3$&54(&!h%&6$'&"(&*$%$*(&*$%&(0&
%$.7#(&3(&+#(^'E10'%$E%10'CP*640+("&'&Y!88!48&DEEG/>&&R!&,%'(**,$%&,%+#!)(#,+$%(!0&3(&0$"&
(V+#!*+$"&3(&("+!&)0!%+!&)#$-$*!%&(8(*+$"&("+,.40!%+("&(%&0!"&#!+!"9&",.,0!#("&!&0$"&3(&0!"&
!%8(+!.,%!"&C_(&X!#-!06$&'&R!)!&DEEG/>&&Y(*,(%+(.(%+(&"(&6!&-,"+$&54(&0!&)0!%+!&)$"((&
?04*B",3$"&*!#3,$+B%,*$"&CP6#("+6!&*&'#/-'DEEI/>&
kGk&
&
9GL@GJAMG&FLMOEFRPOOG&VGD>&GACMN@XDMOML&Ck9&Z\$*,$%("&O%+($?A%,*!"&3(&0!&K.!2$%,!H&k9&
J)#8+5$#','J)#.+1(#$.#UPZ'J#2%'(#+#*$0%0L'J#//#*5"'#$&%3*2+%/*a'"(b!0!3!&!%+,?4!.(%+(&
*$.$&84(%+(&!0+(#%!+,-!&3(&#,#)5#08#'CP*640+("&'&Y!88!48&DEEG/9&("+!&.!0),?,1*(!&6!&",3$&
*,+!3!&",.)0(.(%+(&*$.$&!3,+,-$&3(&0!"&)$*,$%("&3(&O#$%0&*+%1(0%0'CR4%!&'&K.!#,%?$&
DEED/>&&O0&(V)(#+$&(%&.!0),?6,1*(!"9&Q>&U!+("9&6!&#(*0!",8,*!3$&#(*,(%+(.(%+(&("+!&)0!%+!&
!",?%1%3$0(&(0&%$.7#(&3(&J#//#*5"'#$&%3*2/%/*''&3(+(#.,%B&54(&)(#+(%(*@!9&;4%+$&*$%&J#2%'
(#+#*$0%09'!&0!&.,".!&(")(*,(&CU!+("&DEFN/9&54(&"(&"!7(&54(&*$%+,(%(&6!#.,%!&C=$#"&'&
p!0+2.!%&DE^kH&Y@$"&*&'#/-'DEN^/>&
&
9@ACRG&FIO@JMIK&CI9&\$"+"*#,)+4./a&("+!&.(%+!&!#$.1+,*!&84(&4%&,%?#(3,(%+(&3(&0!&)$*,B%&
(%+($?A%,*!&B,B*1$'54(&"(&7(7@!&34#!%+(&0!&*(0(7#!*,B%&3(&0$"&=,"+(#,$"&O0(4",%$"&(%&0!&
!%+,?4(3!3&'&("+1&*$%",3(#!3!&Z.$3(#!3!.(%+(&)",*$!*+,-![&Cc!""$%&(+&!0>&DEMF/>&&R$"&
*6!.!%("&)(#4!%$"&54(.!%&0!&)0!%+!&*$.$&$8#(%3!&!&\!*6!.!.!&Cc!""A%&DENMH&c!""A%&
DEME/>&&<$&"(&6!%&,3(%+,8,*!3$&"4"+!%*,!"&(%+($?A%,*!"&(%&("+!&)0!%+!>&
&
9@L@KXDPGACR@KIK&@[FGALIKY&9>&CEDCIELIKH&*$%$*,3!"&*$%&(0&%$.7#(&3(&B#$$#9'"(&
*#((&54(&("+!"&3$"&(")(*,("&*$%"+#4'(%&0!&3#$?!&3(0&.,".$&%$.7#(9&*4'!&#!@2&.!"*!7!%&
0$"&`$+(%+$+("&3(&P4318#,*!&CR(g,%&DEIkH&P*640+("&'&`$8.!%%&DEFG/>&&P(&6!%&6!00!3$&
!0*!0$,3("&(%&("+!"&)0!%+!"&C\$)(0!S&'&R(++(%7!4(#&DENM/&)(#$&%$&"(&6!%&)$3,3$&,3(%+,8,*!#&
"4"+!%*,!"&(%+($?A%,*!">&&F-'*T(#$05"'''F-'&1+&5105"'6!%&",3$&*,+!3!"9&*$%&(0&%$.7#(&3(&
@8*/*&%5"9'*$.$&(.7#,!?!%+("&(%+#(&0$"&`$+(%+$+("&'&0$"&Q$"54@.!%$"&3(&P4318#,*!&Cc!++&
'&Q#('(#WQ#!%3g,;S&DENI/>&
&
9MDGXMOML&KIOCMNOEDGH&*$%$*,3!&*$%&(0&%$.7#(&3(&01B0%'$'01B,#9'("+!&%,*+!?,%1*(!&C*$%$*,3!&
+!.7,A%&*$.$&k5#"18/%E%1$'"5/&%3/1+5"P'(#!&.!"*!3!&)$#&0$"&Z6$.7#("&.(3,*,%![&`$),&
)!#!&Z,%34*,#"(&-,",$%("&34#!%+(&(0&)#$*("$&3(&3,!?%$"+,*$[&Cc6,+,%?&DE]E/>&&O0&)#,%*,),$&3(&
0!&)0!%+!&*!4"!%+(&3(&0!"&-,",$%("&*$%+,%4!&",(%3$&3("*$%$*,3$>&&\$#&$+#!&)!#+(9&("+!&)0!%+!&
6!&(.)(2!3$&!&*40+,-!#"(&(%&0$"&O"+!3$"&i%,3$">&&X,+!3!&(%&4%&,%8$#.(&*$%&(0&%$.7#(&3(&
"#+#A%//#9'"(&!8,#.!7!&54(&4%!&$&3$"&$%2!"&3(&0!&#!@2&CIFW^M&?/&)#$-$*!7!%&4%$"&(8(*+$"&
*!#!*+(#,2!3$"&)$#&Z!0(?#@!&(&6,)(#!*+,-,3!3[9&"(?4,3!&3(&Z!+4#3,.,(%+$[&C=$$#(&DEME/>&&
R$"&,%3,$"&p4%,&*4(*(%&)!%&!0&54(&)#(-,!.(%+(&6!%&!b!3,3$&0!&#!@2&)40-(#,2!3!&3(&F-'
"5/&%3/1+#''&0$&4+,0,2!%&*$.$&!%$#AV,*$&CX!.!2,%(&'&Q'(&DEFG/>&&P(&"!7(&54(&!0?4%!"&
)0!%+!"&3(0&?A%(#$&F%+#2%/%0'"$%&+BV,*!"&CJ4#%(#&'&P2*2!g,%"S,&DEED/>&&F%+#2%/%0'$,8&#.%$*#'
+4-$&3,-(#"$"&4"$"&.(3,*,%!0("&(%+#(&0$"&,%3,$"&%$#+(!.(#,*!%$"&_!S$+!9&d.!6!&'&\$%*!&
Cf,%3"*6(#&DEEI/>&
&
9MCDGJPAG&LF@QMELGH&0!"&6$;!"&3(&("+!&)0!%+!9&*$%$*,3!&*$.$&B+#&1"9'"(&4+,0,2!%&*$.$&
Z"47"+,+4+$&3(0&$),$[&(%&(0&"43("+(&3(&K",!9&3(&.$3$&54(&"(&6!&(")(*40!3$&54(&0!&)0!%+!&
)$3#@!&"(#&(%+($?A%,*!9&(%&)!#+(&)$#&"4&*$%+(%,3$&(%&!0*!0$,3("&,%3B0,*$"&*$.$&)$#&
(;(.)0$&0!&.,+#!?,%,%!&CO.7$3(%&DEMEH&`!##,"$%&=*f(%%!&DEFEH&L!%"(%&'&\#!"+&DEFF!H&
L!%"(%&'&\#!"+&DEFF7/>&&R!"&6$;!"&(%+(#!"&3(&B+#&1"')$"((%&4%&(8(*+$&("+,.40!%+(9&
.,(%+#!"&54(&0!&.,+#!?,%,%!&("&3()#("$#!&CP6(00!#3&DEFE/9&)$%,A%3$"(&!"@&3(&.!%,8,("+$&0!&
,.)$#+!%*,!&8!#.!*$0B?,*!&3(&"4"&!0*!0$,3("&"(*4%3!#,$">&&P$%&%(*("!#,$"&
kG^&
&
("+43,$"&!3,*,$%!0("&)!#!&("*0!#(*(#&0!&(+%$8!#.!*$?%$",!&3(0&B+#&1"-''`/'B+#&1"'$'.+#&1"'
"(&4+,0,2!&(%&(+%$.(3,*,%!&+!,0!%3("!&*$.$&("+,.40!%+(&'&!%+,3,!##A,*$&C\$%?04V&*&'#/-'
DEFM/>&&X4!+#$&(")(*,("&!8#,*!%!"&3(&F%&+#.&,$#&6!%&",3$&3("*#,+!"&*$.$&*!#(%+("&3(&
.,+#!?,%,%!&)(#$&#,*!"&(%&$+#$"&!0*!0$,3("&CP6(00!#3&DEF]/>&
&
9EAESEDG&KPDMLCMQGH&P(&6!&(")(*40!3$&54(&0!"&"(.,00!"&3(&("+!&*4*4#7,+1*(!9&*$%$*,3!"&
*$%&(0&%$.7#(&3(&(*2*9')$3#@!%&!*+4!#&3(&!'43!"&)",*$!*+,-!"&)!#!&*$%+!*+!#&*$%&0$"&
Z(")@#,+4"&3(0&!?4![&(%&(0&*(%+#$&3(&X!.(#h%9&o8,,*!&Cc!?%(#&DEE0!/>&&O"+!"&"(.,00!"&6!%&
",3$&4+,0,2!3!"&*$.$&("+,.40!%+(&'&*$.$&#(.(3,$&*$%+#!&0!&*(8!0(!&)$#&"4"&-(*,%$"9&0$"&
),?.($"&3(0&o8#,*!&*(%+#!0&C=$++(&DEFI/>&&J!.7,A%&"$%&*$%$*,3!"&*$.$&Z"47"+,+4+$&3(&0!&
%4(2&.$"*!3![&)$#&0$&54(&("&)$",70(&54(&"(!&0!&-(#3!3(#!&%4(2&.$"*!3!9'F,+%0&%8#'
3+#.#$0'C-A!"(&X!)@+40$&0/9&*/'(*2*')",*$!*+,-$&4+,0,2!3$&)!#!&*$%+!*+!#&*$%&0$"&Z(")@#,+4"&
3(0&!?4![>&&P(&3,*(&54(&0!&*$%$*,3!&*4*4#7,+1*(!&F1"1+E%8#'8)#+#$&%#'("&4+,0,2!3!&*$.$&
Z!%+@3$+$[&3(0&(*2*')!#!&#$.)(#&(0&*$%+!*+$&*$%&0$"&Z(")@#,+4"&3(0&!?4![&'&(%&X!.(#h%&"(&
0!&*$%$*(&*$%&(0&%$.7#(&3(&$.1B1'2%'#%'BW%'Cc!?%(#&DEE0!/>&F1"1+E%8#'8)#+#$&%#'("&.4'&
+BV,*!&CJ4#%(#&'&P2*2!g,%"S,&DEED/&'&"(&4+,0,2!&(%&(+%$.(3,*,%!&*!#,7(b!&CY(,"&'&R,))&DEFIH&
P(!8$#+6&DEED/9&%$#+(!.(#,*!%!&CR(g,"&'&O0-,%R(g,"&DEMM/&'&*6,%!&C`4&*&'#/-'DEFG/>&&P$%&
%(*("!#,!"&,%-("+,?!*,$%("&!3,*,$%!0("&)!#!&)$3(#&("*0!#(*(#&0!&)$",70(&(V,"+(%*,!&3(&
*4#*47,+1*(!"&(%+($?A%,*!">&
&
9P@OEXMG&LK@DMACRG&BI@XA@DH&(%&0$"&#(0!+$"&3(&"4"&-,!;("&)$#&P43!.A#,*!&(%&(0&",?0$&njn9&
(0&(V)0$#!3$#&8#!%*A"&K4?4"+,%&3(&P!,%+W`,0!,#(&3("*#,7,B&(0&4"$&54(&6!*@!%&0$"&,%3,$"&
=!0!0,9&(%&0!&)#$-,%*,!&7#!",0(b!&3(&=,%!"&U(#!,"9&3(&0!&0!#-!&3(&4%&,%"(*+$&54(&"(&
!0,.(%+!7!&3(&7!.7h&CP!,%+W`,0!,#(&DFIk/>&&O0&,%"(*+$9&!0&54(&00!.!7!%&2%8)10'E#&&#85#+#'
C?4"!%$"&3(0&7!.7h/9&(#!&4%&!)#(*,!3$&!0,.(%+$&'&P!,%+W`,0!,#(9&",?4,(%3$&(0&(;(.)0$&3(&"4&
?4@!9&!##!%*B&0!&*!7(2!&3(0&?4"!%$9&0(&54,+B&(0&+47$&,%+("+,%!0&'&"$#7,B&0!&*!#%(&70!%*!&3(0&
!%,.!0&"()!#1%3$0!&3(&0!&),(0>&&R$"&,%3,$"&(V)0,*!#$%&!&P!,%+W`,0!,#(&54(&("+$"&,%"(*+$"&
"(*$"&'&)40-(#,2!3$"&(#!%&4+,0,2!3$"&*$.$&-40%(#!#0$&C!*(0(#!3$#&3(&0!&*4#!*,B%&3(&0!"&
6(#,3!"/&'&54(&0$"&,%"(*+$"&"(*$"&3(")#$-,"+$"&3(&"4&*!7(2!&C)(#$&*$%"(#-!%3$&(0&+47$&
,%+("+,%!0/&(#!%&)",*B+#$)$"9&)#$-$*!%3$&Z4%!&(")(*,(&3(&"4(b$&(V+1+,*$9&54(&*$%&
8#(*4(%*,!&34#!&.1"&3(&4%&3@!&'&54(&("&",.,0!#&!0&54(&(V)(#,.(%+!%&0$"&$#,(%+!0("&*4!%3$&
+$.!%&$),$&(%&(V*("$>&&X4!%3$&3("),(#+!%&3("*#,7(%&"4(b$"&8!%+1"+,*$">>>[&`$'&3@!9&(0&
+A#.,%$&2%8)1'E*'&#85#+#'"(&4+,0,2!&)!#!&#(8(#,#"(&!&0!"&0!#-!"&3(&0!&)$0,00!&F,*/12%#'
0"*+%$&)#''&"(&6!&!8,#.!3$&54(&(0&,%+("+,%$&$&0!"&?01%340!"&"!0,-!#("&3(&("+(&,%"(*+$&
*$"+,+4'(%&Z4%&%4(-$&!04*,%B?(%$[&CQ#,++$%&DEFk/>&&O"&)$",70(&54(&("+(&,%"(*+$&)(#+(%(2*!&
!&0!&*!+(?$#@!&3(&0$"&Z$%(,#B?(%$"[&$&3#$?!"&,%34*+$#!"&3(&"4(b$"9&3(&0!"&54(&J#/*#'
C#8#&*8)%8)%'("&(0&)#$+$+,)$&C_@!2&DEM^H&=!'!?$,+,!&*&'#/-'DEFN/&'&3(&0!"&54(&J,"21(1.1$'
E*$0%3/1+50''&(0&Z)(2&3(&0$"&"4(b$"[&"$%&$+#$"&(;(.)0$"&CP*640+("&'&`$8.!%%&DEFG/>&
&
!@EDGMKEASMG&KG@DELCMXGL&CD9&Zm4@.,*!&3(0&4^,1&/UPa'("+!&(")(*,(&3(&*!*+$"&("&4%&!3,+,-$&
4+,0,2!3$&(%&4%!&7(7,3!&(%+($?A%,*!&3(%$.,%!3!&8%"1+#9'54(&"(&"4)$%(&54(&*$%+,(%(&
+!.7,A%&(0&*!*+$"&7+%8)18*+*50'(#8)#$1%'C_$7S,%&3(&Y@$"&DEMMH&P*640+("&'&`$8.!%%&DEFG/>&&
P(&6!&!8,#.!3$&#(*,(%+(.(%+(&54(&0!&7(7,3!&%$&*$%+,(%(&*!*+$"&!0?4%$9&
kGN&
&
",%$&54(&("+1&(0!7$#!3!&!&7!"(&3(&(")(*,("&(%+($?A%,*!"&3(&O+5."#$0%#'C_!-,"&DEF]7/>&&P(&
3(+(#.,%B&54(&N*1+#%"1$E%#'#+*\5%(*$0%0'A#+-'+10*%3/1+#9'*$%",3(#!3!&!%+,?4!.(%+(&4%!&
-!#,(3!3&3(&N-'"#8+10&%2#0'Cd"+$0!2!'*&'#/-'DEF^/&*!#(*@!&3(&.("*!0,%!&C=!&*&'#/-'DEFN/>&
&
!@F@CG&QGCGDMGH&0!&*$%$*,3!&Z6,(#7!&?!+(#![&("&h%&)$3(#$"$&)",*$+#B),*$&)!#!&0$"&?!+$"9&
(")(*,!0.(%+(&)$)40!#&(%+#(&0$"&?!+$"&3$.A"+,*$"&!4%54(&("&!*+,-!&)!#!&+$3!"&0!"&
(")(*,("&3(&<*/%E#*-''R!&8#!**,B%&-$01+,0&*$%+,(%(&4%!&"(#,(&3(&*$.)4("+$"&54(&"$%&
)",*$!*+,-$"&(%&0$"&?!+$"9&(")(*,!0.(%+(&0!&%()(+!0!*+$%!9&0!&3,6,3#$%()(+!0!*+$%!&'&0!&
,"$3,6,3#$%()(+!0!*+$%!&CJ4*S(#&'&J4*S(#&DEFF/>&&O"+!"&0!*+$%!"9&!*+,-!"&)!#!&0$"&?!+$"9&"(&
(%*4(%+#!%&+!.7,A%&(%&0!"&",?4,(%+("&(")(*,("&3(0&?A%(#$a&N*(*&#'8#0#+#&A#+-'8%&+%1E1+#'
CwN-'8%&&%1E1+#P9'N-')%$E10&#$#9'N-'/*581(),//#9'N-'"500%$%%9'N-'$*(*&*//#&CwN-'/#$8*1/#&#P','
N-'0%2&)1+(%%9'!0?4%!"&3(&0!"&*4!0("&"$%&(V*,+!%+("&)!#!&0$"&?!+$">&&J!.7,A%&"(&6!00!&
)#("(%+(&4%&!0*!0$,3(&.$%$+(#)A%,*$9&0!&!*+,%,3,%!9&*$.)4("+$&54(&+!.7,A%&"(&6!00!&(%&0!&
)0!%+!"&!8&%$%E%#'(1/,.#"#','!-'B1/1"%B&#9'54(&)$"((%&)#$),(3!3("&)",*$!*+,-!"&)!#!&
("+$"&!%,.!0("&'&54(&*$%+,(%(%&+!.7,A%&3,6,3#$%()(+!0!*+$%!9&,"$3,6,3#$%()(+!0!*+$%!&'&
%($%()(+!0!*+$%!>&&O%&("+!"&(")(*,("&+!.7,A%&"(&6!00!%&0!"&0!*+$%!"&,#,3$.,#.(*,%!&'&
,"$,#,3$.,#.(*,%!&!*+,-!"&(%&?!+$"9&*$.)4("+$"&54(&"(&!,"0!#$%&,%,*,!0.(%+(&3(&4%!"&
6$#.,?!"&!+#!*+$#!"&3(&0$"&?!+$"&3(&0$"&?A%(#$"&R%%E1",$$*T9'>1/%8)1E*+50','7#(%$1"#'
C!0?4%!"&6$#.,?!"&+!.7,A%&*$%+,(%(%&3,6,3#$%()(+!0!*+$%!&'&!0?4%$"&("*!#!7!;$"&0!&
)#$34*(%&(%&"4"&"(*#(*,$%("&3(&3(8(%"!&;4%+$&*$%&!*+,%,3,%!/>&&R!&!*+,%,3,%!&"(&6!00!&
+!.7,A%&(%&!8&%$%E%#'#+.5&#9'*4'!&"!-,!&"(&4+,0,2!&(%&(+%$.(3,*,%!&K,%h&*$.$&
(V)(*+$#!%+(&C=,+"46!"6,&DEMN/9&.,(%+#!"&54(&0$"&#4"$"&'&0$"&4*#!%,!%$"&4+,0,2!%&4%!&
3(*$**,B%&3(0&+!00$&3(&!-'(1/,.#"#'*$.$&"(3!%+(&C=$"S!0(%S$&DEFM/>&&OV,"+(%&.4*6!"&
$+#!"&)0!%+!"&54(&(;(#*(%&(8(*+$"&)",*$!*+,-$"&(%&("+$"&8(0,%$"&*$.$&)$#&(;(.)0$&
?#/*+%#$#'133/8%$#/%0'C54(&)#$34*(&!*+,%,3,%!/&'&:>&8*/&%8#'C54(&*$%+,(%(&%()(+!0!*+$%!/>&&
d+#!&3(&("+!"&)0!%+!"&("&7*58+%5"'.!#4.&54(&)#$34*(&3$0,*$0!*+$%!&X&'&3$0,*$0!*+$%!&_9&
*$.)4("+$"&)",*$!*+,-$"&)!#!&0$"&?!+$"&'&54(&"(&(%*4(%+#!%&(%&!0?4%!"&(")(*,("&3(&
6$#.,?!">&&K3(.1"9&0!"&",?4,(%+("&)0!%+!"&*$%+,(%(%&0!*+$%!"&!*+,-!"&(%&0$"&?!+$"&!4%54(&
%$&"(&6!'!&$7"(#-!3$&"4&4"$&)$#&("+$"&!%,.!0("a&O108)$%#B%#'+100%8#'C7$"*6%,!54,%!9&
7$"*6%,!0!*+$%!&'&$%,S40!*+$%!/H&F*$,#$&)*0'&+%31/%#&#'C.,+"4?!"6,g!0!*+$%!H&("+!&)0!%+!&
("&4+,0,2!3!&)$#&0$"&,%3,$"&fg!S,4+0&3(&<$#+(!.A#,*!&*$.$&#(.(3,$&?!"+#$,%+("+,%!0H&J4#%(#&
'&Q(00&DEM]/H&7*81"#'0&#$0'C!*+,%,3,%!&'&7$"*6%,!54,%!/H&J&+#E%8#$0'C7$"*6%,!54,%!/&'&
F,1(1+5"&E*0*+&%%'C%()(+!0!*+$%!H&-A!"(&J4*S(#&'&J4*S(#&DEFF&)!#!&4%!&#("(b!&3(&("+!&
,%+(#("!%+(&#!.!&3(&0!&2B$8!#.!*$?%B",!/>&&_,-(#"$"&?#4)$"&,%3,$"&3(&<$#+(!.A#,*!&6!%&
4+,0,2!3$&.(3,*,%!0.(%+(&0!&6,(#7!&?!+(#!&)!#!&&3,-(#"$"&)!3(*,.,(%+$"9&)#,%*,)!0.(%+(&(0&
#("8#,!3$9&!8(**,$%("&?!"+#$,%+("+,%!0("&'&*$.$&"(3!%+(&C=$(#.!%&DEFN/>&&R$"&,%3,$"&
X6(#$S((&)$#&"4&)!#+(&4+,0,2!#$%&4%!&,%84",B%&3(&0!"&6$;!"&*$.$&("+,.40!%+(&C`!.(0&'&
X6,0+$"S('&DEM^/>&&P(&6!&"(b!0!3$&54(&0!"&6$;!"&3(&0!&6,(#7!&?!+(#!&3("(*!3!"&'&84.!3!"&
)#("(%+!%&)",*$!*+,-,3!3&(%&(0&6$.7#(&CL!*S"$%&'&Y((3&DENE/>&&O"&)$",70(&54(&0!"&
"4"+!%*,!"&#(")$%"!70("&3(&("+(&(8(*+$&"(!%&0!"&.,".!"&0!*+$%!"&54(&"$%&!*+,-!"&(%&0$"&
?!+$"9&)4("+$&54(&("+$"&!%,.!0("&"(&-(%&!8(*+!3$"&)$#&(0&!#$.!&3(&0!&)0!%+!&C0$"&
*$.)4("+$"&!*+,-$"&"$%&-$01+,0("/>&&OV,"+(%&+#!7!;$"&(%&0$"&54(&"(&&
 kGM&
&
3("*#,7(&0!&,%?("+,B%&#,+4!0&3(&6$#.,?!"&)",*$!*+,-!"&)$#&*,(#+$"&,%3,$"&*!0,8$#%,!%$"&
CQ0!*S74.&DEMN/9&)43,(%3$&+#!+!#"(&3(&(")(*,("&54(&*$%+(%?!%&0!*+$%!">&&N*(*&#'
)%$E10&#$#','N-'*//%(&%8#'"$%&!0?4%$"&3(&0$"&,%?#(3,(%+("&3(0&0)#$B)#(50)(%9'4%&#(.(3,$&
!'4#-A3,*$&*$%+#!&0$"&!+!54("&(),0A)+,*$"&C_!%3(S!#&*&'#/-'DEEI/>&&R!"&6$;!"&3(&N-'
/1$.%2+#8&*#&#'"(&4+,0,2!%&(%&R!3!S6&Z)!#!&(0&*40+$[&CQ6!++!*6!#''!&DEED/>&
&
!@FR@NOIK&CEF@AJMMH&"(&*#((&54(&4%!&3#$?!9&D5$./%9'3("*#,+!&(%&4%!&$7#!&*6,%!&3(0&",?0$&
njj9&(%&0!&54(&"(&0!&*!0,8,*!&3(&)#$34*+$#!&3(&-,",$%("9&)$3#@!&"(#&("+!&(")(*,(&(%&*4"+,B%&CR,&
DEMFH&P*640+("&'&`$8.!%%&DEFG/>&&<$&)$"((.$"&3!+$"&"$7#(&0!&*$.)$",*,B%&54@.,*!&3(&
("+!&.,"+(#,$"!&(")(*,(>&
&
"QMKIK&KMQDGACRIK&Ck9[K3,+,-$"&_,-(#"$"[/a&("+!&.(%+!&"(&4+,0,2!&*$.$&!3,+,-$&3(&/#'
#,#)5#08#'(%&P43!.A+,*!&CP*640+("&'&`$8.!%%&DEME/>&&\$#&0$&.(%$"&(V,"+(%&3$"&
.(%*,$%("&3(0&4"$&3(&("+!&(")(*,(&(%&=AV,*$&'&U4!+(.!0!&*$.$&!%!0?A",*$&CK0*$#%&DEFkH&
U,#B%&*&'#/-'DEED/>&&T!0+!%&("+43,$"&54@.,*$"&!0&#(")(*+$>&
&
"QEA@A@COH& (%&(0&#(0!+$&3(0&",?0$&n:j&3(&0$"&!%+,?4$"&K2+(*!"9&_,(?$&=4bB2&X!.!#?$&
("*#,7,B&"$7#(&4%&)1;!#$&(%+($?A%,*$&00!.!3$&181$*$*&/9'3,*,(%3$a&Z*$.(#&0!&*!#%(&3(&("+(&
)1;!#$&6!*(&54(&4%$&+(%?!&-,",$%("[&CU!#2!&DEEGH&=4bB2&X!.!#?$&DFEI/>&&R!&,3(%+,3!3&3(&
("+(&)1;!#$&*$%+,%4!&",(%3$&3("*$%$*,3!>&&O"+$&%$"&+#!(&!&0!&.(.$#,!&0!&.(%*,B%&54(&6,2$&
P*640+("&3(&4%&)1;!#$&"43!.(#,*!%$&54(&"(&!0,.(%+!&3(&0$"&8#4+$"&3(&F#/15*&%#'
&#"#\5#+%$#9'4%!&)0!%+!&4+,0,2!3!&*$.$&!3,+,-$&3(&0!&#,#)5#08#9'-$0-,A%3$"(&"4"&64("$"&
+BV,*$"&)!#!&0$"&)(##$"&CP*640+("&DEFM!/>&&Y(*,(%+(.(%+(&"(&(%*$%+#!#$%&7!+#!*$+$V,%!"&(%&
0!&),(0&'&)04.!"&3(&*,(#+$"&)1;!#$"&3(&<4(-!&U4,%(!&3(0&?A%(#$&4%&1)5%'C_4.7!*6(#&*&'#/-'
DEEI/>&&X$.)4("+$"&",.,0!#("&"(&6!00!%&(%&0!"&"(*#(*,$%("&3(&0!&),(0&3(&*,(#+!"&#!%!"&
*$0$.7,!%!"&3(0&?A%(#$&4),//12#&*09'4+,0,2!3!"&*$.$&-(%(%$"&3(&3!#3$">&&P(&3!9&!3(.1"9&
0!&)#1*+,*!&3(&8#$+!#&!0?4%!"&3(&("+!"&"(*#(*,$%("&"$7#(&54(.!34#!"&!4+$,%80,?,3!"&)!#!&
$7+(%(#&4%!&(")(*,(&3(&(8(*+$&)",*$!*+,-$&C-A#&.1"&!##,7!&0!&(%+#!3!&O531'#/A#+%50L'K.!+$&
DEEI/>&
&
"AQMSMIK&OEAJMNEOMIK&Cw&">&Q@XEOO@CG_&CD9&<$+!&M/a&0$"&,%3,$"&+!#!64.!#!&.(V,*!%$"&
*$%",3(#!%&54(&("+!&$#54@3(!&(),8@+,*!&("&Z4%&*$.)!b(#$[&3(0&*!*+$"&3(0&(^,1&/'KO,*&
DEME!/>&&Y(*,(%+(.(%+(&"(&!,"0!#$%&%4(-$"&3(#,-!3$"&8(%!%+#A%,*$"&3(&0!&)0!%+!9&*4'!"&
)#$),(3!3("&8!#.!*$0B?,*!"&"(&3("*$%$*(%&CP+(#.,+2&*&'#/-'cdelP-''6$8%E%5"'
8#+&)#.*$*$0*','6-'(50%//5"'"(&4+,0,2!%&(%&(+%$.(3,*,%!&(%&=AV,*$&'&P43!.A#,*!&CK0*$.&
DEFkH&P*640+("&'&Y!88!48&DEEG/>&
&
"LC@EFROE@IK&FOGCPLF@DKIK&C]9&Zm4@.,*!&3(&0$"&Y!)A"&O%+($?A%,*$"&3(&?%+1/#[/a&*$%&(0&
%$.7#(&(##B%($&3(&6-'(/#&,(),//5"9'"(&,%8$#.B&3(&54(&("+!&.,#,"+,*1*(!&*$%+(%@!&_=J9&^W
=(dW_=J&'&748$+(%,%!&C`$0,%"+(3+&*&'#/-'DEFG/9&)(#$&4%&!%10,","&)$"+(#,$#&"B0$&)43$&
(%*$%+#!#&(0&<W.(+,0+#,)+B8!%$&(%&8$#.!&3(&A"+(#&.(+@0,*$&C=*f(%%!&*&'#/-&DEFk7/>&&K0&,?4!0&
54(&0!"&(")(*,("&#(0!*,$%!3!"&?%+1/#','R+,#$&)*+#'CP*640+("&'&Y!88!48&DEEG/9&6-'
(/#&,0(*+"5"'("&4+,0,2!3!&*$.$&(.7#,!?!%+(&)$#&0$"&,%3,$"&m4,;$"&m4,*64!9&54,(%("&
,%?,(#(%&0!&"!-,!&3(&("+!&(")(*,(&;4%+$&*$%&4%!&)0!%+!&3(0&?A%(#$&O+5."#$0%#&
 kGF&
&
&CQ(%%(++&'&K0!#*B%&DEEk/>&&Y(*,(%+(.(%+(&"(&6!00!#$%&?0,*A#,3$"&'&%($0,?%!%$"&3(&
)#$),(3!3("&8!#.!*$0B?,*!"&3("*$%$*,3!"&(%&("+!&,%+(#("!%+(&)0!%+!&CT$&*&'#/-'DEFk/>&
.GQRPQ@D@IL&F@QC@A(GXEDMJMAIK&CD9&<$+!&M/a&0$"&,%3,$"&+!#!64.!#!&.!*6!*!%&0!"&#!.!"&
;B-(%("&3(&("+(&?,?!%+("*$&*!*+$"&(%&!?4!&)!#!&)#()!#!#&4%!&7(7,3!&*(#(.$%,!0&
3(%$.,%!3!&8#=^'1'8)#=^'CQ'(&DEME!H&P*640+("&'&`$8.!%%&DEFG/>&&P(&6!&,%8$#.!3$&3(&0!&
)#("(%*,!&3(&!0*!0$,3("&8(%(+,0!.@%,*$"&(%&(0&*!*+$"&CK?4#(00&*&'#/-'DEMDH&Q#46%&'&R,%3?#(%&
DEMN/9&)(#$&%,%?4%$&3(&(00$"&("&(%+(B?(%$>&
&
.GJGK@G&KGQDEFRPOOG&C]9&Z=1"&O%+(B?(%$"&*$%&_=Ju/a&0$"&*6!.!%("&Q!#!"!%!&3(&
P43!.A#,*!&4+,0,2!%&0!"&6$;!"&)40-(#,2!3!"&3(&("+!&#47,1*(!&!&.$3$&3(&#!)A&CP*640+("&DEFGH&
P*640+("&'&Y!88!48&DEEG/>&&<$&"(&+,(%(&%$+,*,!&3(&,%-("+,?!*,B%&!0?4%!&"$7#(&0!&*$.)$",*,B%&
54@.,*!&3(&("+!&.,"+(#,$"!&)0!%+!>&
&
.GAQDGCMIK&CDMGACRIKH&0$"&7407$"&3(&("+!&)0!%+!9&*$%$*,3$"&*$%&(0&%$.7#(&3(&B=#0)%9'"(&
8#$+!7!%&+#!3,*,$%!0.(%+(&*$%+#!&0!"&,%*,",$%("&54(&0$"&Q$"54@.!%$"&"43!8#,*!%$"&"(&
,%80,?@!%&(%&0!&*!7(2!&CP*640+("&'&`$8.!%%&DEFG/>&&P(&3,*(&54(&.(3,!%+(&("+!&)#1*+,*!&"(&
)#$-$*!7!%&!04*,%!*,$%(">&&P(&*$%$*(&0!&)#("(%*,!&3(&!0(!0$,3("&(%&$+#!"&)0!%+!"&3(&("+(&
?A%(#$9&)(#$&0!&*$.)$",*,B%&54@.,*!&3(&("+!&(")(*,(&("+1&!h%&)$*$&*0!#!>&&O0&4"$&
)",*$!*+,-$&3(&("+!&)0!%+!&(%+#(&0$"&Q$"54@.!%$"&f4%?&6!&",3$&)4("+$&(%&(%+#(3,*6$&
C_$7S,%&3(&Y@$"&DEFN/>&
&
.@DA@CCPG&NID@ALY&.>&FGDVMNEOMGH&"(&3,*(&54(&0$"&8#4+$"&3(&0!&(")(*,(&(*4!+$#,!%!&4-'
(#+A%31/%#9'*$%$*,3!&*$%&(0&%$.7#(&3(&&#.//%9',%34*(&!04*,%!*,$%("&'&54(&0$"&8#4+$"&3(&0!&
(")(*,(&*6,0(%!&4-'35+*$09'*$%$*,3!&*$.$&Z6,(#7!&0$*![9&)#$-$*!&"4)4("+!.(%+(&4%!&
(.7#,!?4(2&",.,0!#&!&0!&3(&0!&>#&5+#'C<!#!%;$&DENEH&P*640+("&'&`$8.!%%&DEFG/>&&P(&6!&
,%8$#.!3$&54(&4*+$*&&,#'(#+A%31/%#'*$%+,(%(&!%3#$.(3$+$V,%!"&$&?#!'!%$+$V,%!"9&
?04*B",3$"&+BV,*$"&*$.4%("&(%&0!&8!.,0,!&`+%8#8*#*'C-A!"(&0!&(%+#!3!&!+8&10&#(),/10'"))>H&
R(g,"&'&O0-,%WR(g,"&DEMM/>&
&
.@CIAMG&VMEOGQ@G&CK)A%3,*(&K9&ZK+#$),%!9&`,$"*,!.,%!9&O"*$)$0!.,%![/a&("+!&)0!%+!&"(&
4"!7!&*$.$&(%+(B?(%$&(%&0!"&.$%+!b!"&3(&O*4!3$#9&3$%3(&"(&0!&*$%$*(&*$%&(0&%$.7#(&3(&
0)#$V$'CK0-(!#&DEMD/>&&K4%54(&(%&4%&!%10,","&54@.,*$&)#(0,.,%!#&%$&"(&)43,(#$%&(%*$%+#!#&
!0*!0$,3("&CQ4+0(#&*&'#/-'DEFD/9&"$%&%(*("!#,$"&("+43,$"&!3,*,$%!0(">&
&
.@IQ@SGAIK&]GFEAMQIKH&4+,0,2!3!&(%&.(3,*,%!&+#!3,*,$%!0&*6,%!9&"(&3,*(&54(&("+!&)0!%+!&
)#$-$*!&-,",$%("&CR,&DEMFH&P*640+("&'&`$8.!%%&DEFG/>&&R$"&("+43,$"&54@.,*$"&3(&54(&"(&
3,")$%(&"$%&,%"48,*,(%+(">&
&&
.RPCEOG@QG&GQMAELGH&"(&*#((&54(&("+!&!%+,?4!&(+%$.(3,*,%!&*6,%!&84(&4"!3!&)$#&0$"&
7#4;$"&(%&0!&!%+,?e(3!3&Z)!#!&-(#&(")@#,+4"[&CR,&DEMFH&P*640+("&'&`$8.!%%&DEFG/>&&<$&
"(&6!&(%*$%+#!3$&)#,%*,),$&(%+($?A%,*$&!0?4%$&(%&("+!&(")(*,(>&
kGE&
&
.EPEKGCOM&C^9&<$+!&D]/a&(%&"4&+#!34**,B%&3(0&<164!+0&3(0&J1E*T'</1+*$&%$1'E*&P!6!?h%&
C)!#*,!0.(%+(&+#!34*,3$&!0&(")!b$0&'&)470,*!3$&*$%&(0&+@+40$&3(&H%0&1+%#&I*$*+#/'E*'/#0'
J10#0'E*'N5*A#'`0(#m#L'P!6!?h%&DE^GH&P!6!?h%&DEFIH&(V,"+(%&3,8(#(%*,!"&,.)$#+!%+("&
(%+#(&0$"&+(V+$"&<164!+0&'&O")!b$0/&0$"&("+!3$4%,3(%"("&_,770(&'&K%3(#"$%&(%*$%+#!#$%&
54(&(0&.,"+(#,$"$&(%+(B?(%$&80$#!0&(1,1"#&/%'(#!&0!&80$#&3(0&8#8#)5#TZ8)%&/9'*$%$*,3$&)$#&
0$"&7$+1%,*$"&*$%&(0&%$.7#(&3(&k5#+#+%2*#'35$*2+%0&C-A!"(&0!&",?4,(%+(&(%+#!3!H&U!#2!&
DEEGH&c!""$%&DEFG/>&&P,%&(.7!#?$9&0$"&!4+$(V)(#,.(%+$"&6!%&,%3,*!3$&54(&0!"&80$#("&3(&k-'
35$*2+%0'%$&"$%&(%+($?A%,*!"&Cd++9&%$+!"&3(&0!7$#!+$#,$&%$&)470,*!3!"/>&&_(&!*4(#3$&*$%&
P!6!?h%9&J,"21(*&#/5"'(*$E5/%3/1+5"'$&&*1$#8#C&/%'C-A!"(&0!&(%+#!3!&.1"&!##,7!/&
(.7#,!?!7!&Z*$.$&0$"&6$%?$"[&'&"(&6!&(")(*40!3$&+!.7,A%&54(&0!&)0!%+!&)$3#@!&"(#&(0&
(1,1"#&/%'C_@!2&DEMEH&P!6!?h%&DE^G/>&&\4(3(&"(#&54(&("+!&!%%$%1*(!9&*$%$*,3!&+!.7,A%&
*$.$&T18)%$#8#C&/%',')5*,$#8#C&/%9&!h%&"(&4+,0,*(9&!0&,?4!0&54(&k5#+#%%2*#'35$*2&%09'*$.$&
(")(*,!&(%&0!"&7(7,3!"&!&7!"(&3(&*6$*$0!+(&CQ'(&'&0,%!#("&DEEG/>&&O"+(&4"$&)$3#@!&(V)0,*!#&
)$#&54A&0!&h0+,.!&#(*,7(&(0&%$.7#(&3(&8#8#)5#TZ8)%&/9'0,+(#!0.(%+(&Z80$#&3(0&*!*!$[>&&
K3(.1"9&0!"&80$#("&-(#3!3(#!"&3(0&1#7$0&3(0&*!*!$9&7)*12+1"#'8#8#19'"(&6!%&(%"!'!3$&
)!#!&-(#&",&)$"((%&(8(*+$"&(%+($?A%,*$"9&*$%&#("40+!3$"&%(?!+,-$"&Cd++&DEF^H&d++&DEE]7/>&&
P(&6!&"4?(#,3$9&!3(.1"9&54(&$+#$&1#7$0&!#$.1+,*$&)#$34*+$#&3(&80$#("9&)(#+(%(*,(%+(&!&0!&
8!.,0,!&3(&0!"&D*.5"%$10#*9'*$%$*,3$&3(&8$#.!&!%10$?!&)$#&0$"&K2+(*!"&*$.$&)5*,$#8#C&/%9&
`$&*+1/12%5"'8,8/18#+(5"9')$3#@!&"(#&4%&)$",70(&(1,1"#&/%'!0&,?4!0&54(&"(&6!&3,*6$&3(&0!&
!#$.1+,*!&F#.$1/%#'E*#/2#&#'1'*/*TZ8)%&/'C_@!2&DEME/>&
&
`IGDGDMX@G&NIA@XDML&C^9&<$+!&D]/a&"(&6!&(")(*40!3$&54(&0!"&80$#("&3(&("+(&1#7$0&!#$.1+,*$9&
4+,0,2!3$&!*+4!0.(%+(&*$.$&!3,+,-$&3(&0!"&)$*,$%("&3(&*!*!$&3(&d!V!*!9&=AV,*$9&)$3#@!%&
"(#&(0&(%+(B?(%$&(1,1"#&/%'3(&0$"&K2+(*!"&C-A!"(&(%+#!3!&)#(*(3(%+(H&d++&DEF^H&d++&
DEE]7H&Y$"(%?!#+(%&DEMMH&P*640+("&DE^M7H&P*640+("&DEMI8H&c!""$%&DEFG/>&&K4%54(&(%&0!"&
)#4(7!"&)#(0,.,%!#("&%$&"(&)43$&3(+(#.,%!#&54(&0!"&80$#("&84(#!%&(%+($?A%,*!"9&"(&
)43,(#$%&!,"0!#&3,-(#"!"&(&,%+(#("!%+("&0!*+$%!"&;4%+$&*$%&4%&!0*!0$,3(&CY!88!48&'&p(%%,(&
DEF]H&Y!88!48&*&'#/-'DEFkH&p(%%,(&*&'#/-'DEFN/>&&P(&6!&3("*47,(#+$&#(*,(%+(.(%+(&54(&(0&
*0(%$.1'C$'%0(%$85/9'4%&(.7#,!?!%+(&*6!.1%,*$&3(0&\(#h&)$*$&*$%$*,3$9&("&0!&"(.,00!&3(&
4%!&(")(*,(&3(&k5#+#+%2*#'Cc!""A%&DEME/>&&OV,"+(%&)#4(7!"&3(&54(&("+!&(")(*,(9&7!;$&(0&
%$.7#(&3(&%0)(%$.19'("&4+,0,2!3!&*$.$&!3,+,-$&3(&0!&#,#)5#08#')$#&0$"&,%3,$"&P6,),7$W
X$%,7$&3(0&\(#h&CK#A-!0$&:!0(#!&DEFN/>&&Y(*,(%+(.(%+(&"(&,%8$#.B&3(0&4"$&3(&%0)(%$.1'(%&
\(#h&*$.$&!3,+,-$&!&)B*,.!"&(%+(B?(%!"&74"*!3!"&(%&*!*+$"&7%%8)18*+*50'#,*$"&(%&
.("*!0,%!&C\$0,!&'&Q,!%*6,&DEEI/>&&R!"&6$;!"&3(&k-'35$*2+%0'"(&4+,0,2!%&(%&(+%$.(3,*,%!&(%&
=AV,*$&Cp!.$#!W=!#+@%(2&'&<,(+$&3(&\!"*4!0&\$0!&DEEI/&'&0$"&,%3,$"&f$81%&"43!.(#,*!%$"&
4+,0,2!%&k-'(5&5"#,*$0%0'(%&0!&(0!7$#!*,B%&3(&-(%(%$"&)!#!&80(*6!"&CP*640+("&'&Y!88!48&
DEEG/>&
&
-GAIAQIOIL&GQDMLH&"(&6!&"4?(#,3$&54(&("+!&)0!%+!&)$3#@!&"(#&(0&"#1:B*$'1'0)5%:/#$.&3(&0!&
!%+,?4!&X6,%!9&54(&*!4"!7!%9&"(?h%&"(&3(*@!9&(0&3(0,#,$&CR,&DEMFH&P*640+("&'&`$8.!%%&DEFG/>&&
P(&*$%$*(&0!&)#("(%*,!&3(&4%&,##,+!%+(&*4+1%($9&0!&)#$+$!%(.$%,%!9&(%&("+!&(")(*,(&
CJ4.(#&'&P2*2!g,%"S,&DEED/>&
kDG&
&
-RPAQRELMG&OEAJ@DGQ@KELGY&->&FRGL@EOEMS@LY&->&FSGOMLH&0!"&"(.,00!"&3(&("+!"&+#("&
0(?4.,%$"!"&"(&*$%$*(%&(%&d!V!*!9&=AV,*$9&*$%&(0&%$.7#(&3(&),40(>&&\4("+$&54(&"(&*#((&
54(&("+(&%$.7#(&("&4%&+A#.,%$&4+,0,2!3$&)!#!&#(8(#,#"(&!&0$"&(%+(B?(%$"&(%&?(%(#!0&C"(&
4+,0,2!&3(&8$#.!&-!#,!3!&)!#!&3(",?%!#&!&0$"&3$%3,(?$"&3(&3@!&(%+($?A%,*$"&'&!&0$"&6$%?$"&
(%+($?A%,*$"9&P&!3(.1"&"(&*#((&54(&("+!&#(0!*,$%!3$&(+,.$0B?,*!.(%+(&*$%&(0&(^,1&/9'"(&
6!&(")(*40!3$&54(&0!"&"(.,00!"&3(&G),$8)10%#')$3#@!%&"(#&(%+($?A%,*!"&C_@!2&DEMEH&
P!%+(""$%&DE]FH&P*640+("&'&`$8.!%%&DEFGH&c!""$%&DEN]/>&
&
-ISJ@G&D@CMNEOMG&Ck9&ZK3,+,-$"&_,-(#"$"[/a&(V,"+(%&(-,3(%*,!"&3(0&)$",70(&4"$&(%&(0&\(#h&3(&0!&
#47,1*(!&G-'+*&%31/%#'*$.$&!3,+,-$&3(&0!&#,#)5#08#'CP*640+("&P&Y!88!48&DEEG/&'&0!&)0!%+!&
*$.)!#+(&(0&%$.7#(&-(#%1*40$&8)#8+5$#'*$%&(0&7,(%&*$%$*,3$&!3,+,-$&3(&0!&#,#)5#08#9'
40,8)1&+%#'A%+%E%0-&
&
%@A@QME&QGMEFRPOOILY&%>&Q@DVGDMG@NEOMGY&%>&JDGPGAILY&%>&RGDCa@JMMY&%>&FDG@QE[Y&%>&CEOIQ@GAIL&
CD9&<$+!&M/a&("+!"&(")(*,("&"(&*$%$*(%&(%&=AV,*$&*$.$&(*,1&*L'@-')#+&=*.%%'"(&*$%$*(&
*$.$&(*,1&*'E*'7*(V8'C_@!2&DEM^H&P*640+("&'&`$8.!%%&DEFG/>&&P(&6!&3(+(#.,%!3$&0!&
)#("(%*,!&3(&0!*+$%!"&"("54,+(#)A%,*!"&'&!0*!0$,3("&(%&("+(&?A%(#$&)(#$&%$&"(&6!&)$3,3$&
,3(%+,8,*!#&%,%?h%&)#,%*,),$&(%+($?A%,*$&%,&"(&"!7(&3(0&4"$&.$3(#%$&3(&("+!"&)0!%+!"&*$.$&
(.7#,!?!%+(">&&K4%54(&0!&#(0!*,B%&(%+#(&("+!"&(")(*,("&'&(0&(^,1&/'(%&=AV,*$&("&)$*$&*0!#!9&
4%&("+43,$&#(*,(%+(&6!&#(-(0!3$&54(&@*$*8%1'*/#&50&"(&4+,0,2!&(%&(0&\(#h&*$.$&!3,+,-$&3(&
4%!"&)$*,$%("&(0!7$#!3!"&!&7!"(&3(&P!%&\(3#$9&(0&*!*+$"&.("*!0@%,*$&7+%8)18*+*50'
(#8)#$1%'C-A!"(&X!)@+40$&DH&\$0,!&'&Q,!%*6,&DEEI/>&&O"&(-,3(%+(&54(&"$%&%(*("!#,!"&%4(-!"&
,%-("+,?!*,$%("&!*(#*!&3(&("+!"&(")(*,("&3(&@*$*8%1-&
&
%MSG&GQILGY&%>&DREKXMNEOMGH&0!&)#,.(#!&3(&(00!"&"(&*$%$*(&*$%&(0&%$.7#(&3(&8)%8)%2*&'&"(&
4+,0,2!&*$.$&Z"47"+,+4+$&3(&0!&.!#,64!%![&(%&:(#!*#429&=AV,*$&C_@!2&DEM^H&P*640+("&'&
`$8.!%%&DEFG/>&&K4%54(&(%&(")(*,("&3(&("+(&?A%(#$&"(&6!00!&0!&(8(3#,%!9&54(&(V)0,*!#@!&0$"&
(8(*+$"&("+,.40!%+("&3(&0!&)0!%+!9&%$&"!7(.$"&54(&*$%+(%?!&%,%?h%&)#,%*,),$&(%+($?A%,*$>&&
R!&@%E#'#850#'6!&",3$&4+,0,2!3!&*$.$&Z.(3,*,%!&.@"+,*![&)$#&0$"&,%3,$"&X4%!&3(&\!%!.1&
C_4S(&DEM^/>&&R$"&=!#!.!&3(&Q!%?0!3("6&+$.!%&4%&7$0$&3(&0!&)0!%+!&(%+(#!&3(&@%E#'#850#'
*$.$&#(.(3,$&+#!%54,0,2!%+(&*$%+#!&0!&Z,%54,(+43[&CK0!.&DEEI/&'&0$"&(V+#!*+$"&3(&0!&#!@2&3(&
("+!&)0!%+!&"$%&4+,0,2!3$"&*$.$&(*7B0,*$&)$#&(0&)4(70$&=,"S,+$&3(&<,*!#!?4!&C_(%%,"&DEFF/>&
&
%MO@D&SMV@DMQGCIKH&!&("+!&!%+,?4!&.(3,*,%!&*6,%!&00!.!3!&8!%?W8(%?&"(&0(&6!&!+#,74,3$&0!&
*4!0,3!3&3(&)#$-$*!#&Z0$*4#![&CR,&DEMFH&P*640+("&P&`$8.!%%&DEFG/>&&<$&"(&3,")$%(&3(&
,%8$#.!*,B%&3(&)("$&"$7#(&0!&)0!%+!&'&(0&?A%(#$&+$3!-@!&6!&3(&"(#&("+43,!3$&3("3(&(0&
)4%+$&3(&-,"+!&54@.,*$>&
&
%FMDGQG&QG@LFMCELIKH&0$"&,%3,$"&%!-!;$"&f!'(%+!&4+,0,2!7!%&("+!&#$"1*(!&!&.$3$&3(&&
Z%!#*B+,*$[&Cc'.!%&'&`!##,"&DE^D/>&&<$&"(&*$%$*(%&)#,%*,),$"&(%+($?A%,*$"&(%&("+!&
(")(*,(9&54(&("&4%!&84(%+(&3(&1*,3$&"!0,*@0,*$9&)#(*4#"$#&3(&0!&!"),#,%!9&*4'$&%$.7#(&
)#$*(3(&3(0&?A%(#$&@(%+#*#'CR(g,"&'&O0-,%WR(g,"&DEMM/>&
kDD&
&
%C@FRGAEK@DMG&FGIQMNOEDGH&0$"&,%3,$"&%!-!;$"&f!'(%+!&4+,0,2!7!%&0!&#!@2&3(&("+!&!"+(#1*(!&!&
.$3$&3(&Z%!#*B+,*$[&Cc'.!%&'&`!##,"&DE^D/>&&<$&"(&*$%$*(%&)#,%*,),$"&(%+($?A%,*$"&(%&
("+!&(")(*,(&'&"4&*$.)$",*,B%&54@.,*!&("&)$*$&*0!#!>&
&
#@DKMAGOMG&X@OOMDMQGH&\!#(*(&"(#&54(&0$"&R$36!&3(&Q(%?!0!&d**,3(%+!09&j%3,!9&*$.(%&0!"&
!0.(%3#!"&3("(*!3!"&3(&("+!&)0!%+!&Z)!#!&)#$-$*!#"(&!04*,%!*,$%("[&C\!0&'&L!,%&DEFE/>&&P(&
6!%&3("*#,+$&0!"&Z)#$),(3!3("&%!#*B+,*!"[&3(&0!&)0!%+!&(%&(0&"43("+(&!",1+,*$&C\(##'&DEFG/>&&
O%&(%+$.(3,*,%!&*6,%!&"(&4+,0,2!&("+!&)0!%+!&*$.$&!%+,6(0.@%+,*$&CP6(%?W;,&DEF^/9&*$.$&
!%+,),#A+,*$&'&0!V!%+(&(%&<()!0&CP,%?6&*&'#/-'DEME/&'&*$.$&#(.(3,$&)!#!&(0&!".!&(%&f(#!0!9&
j%3,!&C\4"6)!%?!3!%&'&K+!0&DEFN/>&&O%&(+%$.(3,*,%!&+#!3,*,$%!0&,%3,!9&0$"&8#4+$"&3("(*!3$"9&
!&0$"&54(&"(&*$%$*(&)$#&2#)*+#9'"(&4+,0,2!%&)!#!&*$.7!+,#&0!"&!8(**,$%("&("+$.!*!0(">&&R!"&
3(*$**,$%("&3(&0!&#!@2&3(&7-'0*+%8*#'6!%&*!4"!3$&3,-(#"!"&.4(#+("&(%&o8#,*!&CR(g,"&'&O0-,%W
R(g,"&DEMM/>&
&
#bRGKAELKG&KEACGAGH&0$"&*6!.!%("&f!g!,,"4&"$0@!%&,%?(#,#&4%!&,%84",B%&3(&("+!&#4+1*(!9&
*$%$*,3!&6!7,+4!0.(%+(&*$.$&+*&#"#'E*'&+*"*$&%$#')!#!&Z-$0-(#"(&0$*$"&*$.$&0$"&
*$'$+("[&C=$(#.!%&DEFNH&p,?.$%3&DEFD/>&&<$&"(&*$%$*(%&)#,%*,),$"&(%+($?A%,*$"&(%&("+!&
)0!%+!&!4%54(&"(&6!&(%*$%+#!3$&_=J&(%&-!#,$"&3(&0$"&?A%(#$"&3(&("+!&8!.,0,!'K>%8&,1/1"#9'
D%"1$%#9'?*(+%09'b#$&)1T,/5"P-&
&
#MOOGASLMG&KEEDQGAGY&#>&FIDFID@GY&#>&ILR@EMS@L&CD9&<$+!&M/a&0!&7#$.A0,!&+(##("+#(&J>&
"11+*#$#'("&*$%$*,3!&)$#&0$"&+!#!64.!#!&*$%&(0&%$.7#(&3(&=#+W+5=%',&0!&*$%",3(#!%&4%&
Z*$.)!b(#$[&3(0&*!*+4"&3(0&(^,1&/&CQ'(&DEME!/>&&O"+(&+(%*6$9&%$.7#(&*$%&(0&54(&"(&
*$%$*(%&6!7,+4!0.(%+(&0!"&(")(*,("&3(&7%//#$E0%#'(%&=AV,*$9&84(&,3(%+,8,*!3!&
!%+(#,$#.(%+(&)$#&Q'(&*$.$&7%//#$E0%#'%$3/#&#'CQ'(&DEM^/>&&X!#(*(.$"&3(&,%8$#.!*,B%&
#(")(*+$&!&0!&*$.)$",*,B%&54@.,*!&$&!&0!"&)#$),(3!3("&3(&("+!&)0!%+!9&)(#$&#(*,(%+(.(%+(&
"(&6!00!#$%&80!-$%$,3("&(%&7-'(5+(5+*#'CK#"0!%,!%&*&'#/-'DEFN/9&4%!&)0!%+!&54(&!)!#(*@!&
#()#("(%+!3!&(%&0!&!%+,?4!&*(#1.,*!&=$*6,*!&3(0&%$#+(&3(0&\(#h&C`$'0(&DE]F/&(%&4%&
*$%+(V+$&54(&)!#(*@!&,%3,*!#&"4&4"$&*$.$&(%+(B?(%$&CX!7,("("&DEFN/>&&:A!"(&+!.7,A%&
_$7S,%&3(&Y@$"&CDEMM/&)!#!&.1"&,%8$#.!*,B%&"$7#(&$+#!"&)0!%+!"&(%+($?A%,*!"&
#()#("(%+!3!"&(%&0!&*(#!.,*!&=$*6,*!>&&7%//#$E0%#'50$*1%E*0'"(&4+,0,2!&(%&Q#!",0&*$.$&
!%!0?A",*$&(%&(+%$.(3,*,%!&CX$"+!&*&'#/-'DEFE/&'&(V+#!*+$"&!*4$"$"&"4)4("+!.(%+(&
)#$-$*!%&Z-,",$%("[&C_!&=$+!&DEFM/>&
&
#DMQREQOMA@&S@GOXGCGY&#>&@[LQGFGY&#>&D@FCGALH&0$"&#,2$.!"&3(&("+!"&*$.)4("+!"9&
(")(*,!0.(%+(&(0&3(&J&+*(&#$09'84(#$%&.(%*,$%!3$"&(%&(0&",?0$&n:jjj&)$#&(0&"!*(#3$+(&
;("4,+!&\(3#$&R$2!%$&*$.$&!3,+,-$"&3(&0!"&7(7,3!"&8(#.(%+!3!"9&*$%$*,3!"&*$%&(0&%$.7#(&
3(&8)%8)#9'54(&)#()!#!7!%&0$"&,%3,$"&*!0*6!54,&3(&K#?(%+,%!&Cp!#3,%,&DEMM/>&&X$%&(0&
%$.7#(&3(&81+19'"(&3,*(&54(&("+!&3#$?!&(.7#,!?!%+(&"(&4"!&(%&0!&!*+4!0,3!3&*$.$&!3,+,-$&
3(0&+!7!*$&)!#!&84.!#>&&P$%&!h%&%(*("!#,$"&("+43,$"&54@.,*$"&)!#!&!*0!#!#&0!&
8!#.!*$?%$",!&3(&("+!&)$*$&*$%$*,3!&3#$?!>&
&
,CDMQIOGDMG&KMAEDH&("+!&)0!%+!&)$*$&*$%$*,3!&3(&0!&8!.,0,!&D*$&%25/#&%#8*#*'84(&*!0,8,*!3!&
#(*,(%+(.(%+(&3(&Z"4.!.(%+(&(.7#,!?!3$#![>&&O%+#(&0$"&6!7,+!%+("&3(&0!&)#$-,%*,!&
R!3!S6&(%&(0&`,.!0!'!&3(&0!&j%3,!9&0!"&6$;!"&+$"+!3!"&3(&("+!&)0!%+!&"(&"4.(#?(%&
kDI&
&
(%&!?4!&'&"(&*$0$*!%&7!;$&+,(##!&(%&4%!&7$+(00!&*(##!3!&34#!%+(&DGWD^&3@!">&&\$*$&"(&"!7(&
"$7#(&("+!&)0!%+!9&)(#$&"(&0(&!+#,74'(&+!.7,A%&4%!&(0(-!3!&+$V,*,3!3>&&ZP(&6!&,%8$#.!3$&
"$7#(&3,-(#"!"&.4(#+("[&C<!-*6$$&'&Q4+6&DEEG/>&&
&
cEDAMG&OGCMNEOMGH&*$%$*,3!&*$%&(0&%$.7#(&3(&"#81$)#'2+#A#'C.!#,64!%!&",0-("+#(/9&0!"&6$;!"&
3(&("+!&)0!%+!&"(&84.!%&(%&Q#!",0&*$.$&Z"47"+,+4+$&3(&0!&.!#,64!%![&CP*640+("&'&`$8.!%%&
DEFG/>&&<$&"(&0(&*$%$*(%&)#,%*,),$"&(%+(B?(%$">&
&
222>&&1,1"%"%&
&
$OLCEAMG&V@A@AGCGH&"(&6!&"4?(#,3$&54(&("+!&(+%$.(3,*,%!&,%3,!&)$3#@!&"(#&(%+($?A%,*!&(%&
7!"(&!&"4&*$%+(%,3$&(%&!0*!0$,3("&,%3B0,*$"9&*$.$&0!&!0"+$-(%,%!&'&0!&-(%(%!+,%!&
CQ6!++!*6!#'!&*&'#/-'DEM^H&P*640+("&'&`$8.!%%&DEFG/>&&P(&),(%"!&54(&(0&)#,.(#$&3(&(00$"&("&
4%&,%6,7,3$#&3(&0!&=Kd&'&4%&("+,.40!%+(>&&O0&"(?4%3$&!*+4!#@!&3(&8$#.!&",.,0!#&!&0!&
#("(#),%!>&&\4("+$&54(&0$"&,%6,7,3$#("&3(&0!&=Kd&)#("(%+("&(%&0!"&(")(*,("&3(&
O#$%0&*+%1(0%0'%$&"$%&3(&)$#&"@&(%+($?A%,*$"&C-A!"(&X!)@+40$&k/9&",%$&54(&#(54,(#(%&*,(#+$"&
!3,+,-$"&*$.$&)$#&(;(.)0$&40,8)1&+%#'A%+%E%09'#,*!&(%&_=J9&"(&#(54,(#(%&)#4(7!"&.1"&
(")(*@8,*!"&!%+("&3(&)$3(#&*$%",3(#!#&54(&("+!&)0!%+!&"(!&(%+($?A%,*!>&
&
$LCDEFRPCIK&GLC@DMGLY&K>&QGFDMQEDA@Y&$>&KPDMELCMJKG&CD9&<$+!&M/a&("+$"&*!*+4"&)$"((%&4%&
)!#(*,3$&"4)(#8,*,!0&*$%&(0&(^,1&/''&"$%&*$%$*,3$"&*$%&(0&%$.7#(&3(&(*,1&%//1'(%&=AV,*$&
CK%3(#"$%&DEFG/>&&<$&6!'&,%3,*,$"&54(&6!?!%&)(%"!#&54(&("+(&)!#(*,3$&"(!&!0?$&.1"&54(&
.(#!.(%+(&"4)(#8,*,!0>&
&
$dC@WMIK&DMC@DMM&CD9&<$+!&M/a&("+(&*!*+$"&6!&",3$&!"$*,!3$&*$%&(0&(^,1&/'(%&7!"(&!&"4&
!)!#,(%*,!&",.,0!#&CK%3(#"$%&DEFG/&)(#$&%$&6!'&)#4(7!&3(&54(&"(!&(%+($?A%,*$>&
&
4EO@CIL&NOGKK@ILY&4>&WIKG@ILY&4>&KGAMQILY&4>&AMJ@DDMKILY&4>&AMJDEVMEOGQ@ILY&4>&D@GPM&C^9&
<$+!&^/a&("+!"&"(,"&(")(*,("&3(&O1/*&50'"(&(%*$%+#!7!%&(%+#(&0!"&$%*(&(")(*,("&3(&6$%?$"&
Z,%34*+$#("&3(&0$*4#![&4+,0,2!3$"&)$#&0$"&f4.!&3(&<4(-!&U4,%(!&C`(,.&DEN]H&`(,.&DEN^H&
`(,.&DENNH&`(,.&DEM]H&`(,.&DEMFH&`(,.&'&c!""$%&DENkH&`(,.&'&c!""$%&DEN^/>&&`(,.&'&
c!""$%&3(+(#.,%!#$%&54(&("+(&8(%B.(%$&%$&(#!&3(&%!+4#!0(2!&8!#.!*$0B?,*!9&3(&.$3$&
54(&%$&"(&"!7(&54(&%,%?4%!&3(&("+!"&(")(*,("&"(!&(%+($?A%,*!&!4%54(&6!%&!)!#(*,3$&
.(%*,$%!3!"&(%&!#+@*40$"&'&0,7#$"&"$7#(&(%+(B?(%$"&CP*640+("&DEME*H&P*640+("&'&`$8.!%%&
DEFG/&(&,%*04"$&#()#$34*,3$"&(%&0,7#$"&)$)40!#("&CO.7$3(%&DEMEH&P*640+("&'&`$8.!%%&
DEME/>&&P(&6!&!8,#.!3$&54(&O-'"#$%850'+,(%(&Z)#$),(3!3("&!0?$&+BV,*!"[&CP*640+("&'&
`$8.!%%&DEME/>&&P,%&(.7!#?$9&`(,.&3("*#,7,B&Z-,",$%("&04.,%$"!"&'&*$0$#,3!"[&3(")4A"&3(&
0!&,%?("+,B%&3(&)(54(b!"&*!%+,3!3("&3(&O-'"#$%850')40-(#,2!3$&'&`$8.!%%&)43$&3(+(*+!#&
+#!2!"&3(&+#("&"4"+!%*,!"&,%3B0,*!"&(%&("+(&6$%?$&C`(,.&DEN^H&`(,.&DEMF/>&
kD]&
&
+GQGOMG&QEDSMNEOMGY&+>&S@QEKFELMCG&CD9&<$+!&M/a&("+$"&3$"&*$.)4("+$"&"(&*$%$*(%&(%&
=AV,*$&*$%&(0&%$.7#(&3(&(*,1&*0-''X$%*#(+!.(%+(&(0&)#,.(#$&3(&(00$"&#(*,7(&(0&%$.7#(&3(&
4*,1&/'n18)%"%/8*$0%'C_@!2&DEMNH&P*640+("&DE]M7/>&&P,%&(.7!#?$9&"(&4+,0,2!%&*$.$&)0!%+!"&
.(3,*,%!0("&'&%$&(V,"+(%&,%3,*,$"&3(&54(&"(!%&(%+($?A%,*!">&&P(&*$%$*(&0!&)#("(%*,!&3(&
0!*+$%!"&"("54,+(#)A%,*!"&'&3(&!0*!0$,3("&(%&("+(&?A%(#$&CP*640+("&'&`$8.!%%&DEFG/>&
&
+GO@G&dGQGC@QRMQRM&C^9&<$+!&M/a&"(&*#((&54(&0$"&,%3,$"&*6$%+!0&3(&=AV,*$&7(7@!%&4%!&
,%84",B%&3(&0!"&6$;!"&"(*!"&3(&("+!&)0!%+!9&!&0!&54(&00!.!7!%&&)/*:(*/#B#$1'CZ6$;!&3(&3,$"[/9&
+#!"&0!&54(&84.!7!%&*,?!##,00$"&3(&0!&.,".!&)0!%+!9&3(")4A"&3(&0$&*4!0&-(@!%&-,",$%("&(%&"4"&
"4(b$"&C=!*_$4?!00&DENF/>&&P(&6!&("*#,+$&.4*6$&!*(#*!&3(&("+!&!*+,-,3!3&,%34*+$#!&3(&
"4(b$"&54(&6!&",3$&*!0,8,*!3!&3(&Z$%(,#B?(%![&C_@!2&DEM^H&=!'!?$,+,!&*&'#/-'DEFNH&P*640+("&
'&`$8.!%%&DEFG/>&&K4%54(&0!&3#$?!&)!#(*(&54(9&(%&(8(*+$9&8!-$#(*(&0$"&"4(b$"&(%&!0?4%!"&
)(#"$%!"&C=!'!?$,+,!&*&'#/-'DEFN/9&%$&"(&6!&)$3,3$&3(+(#.,%!#&54(&"(!&(%+($?A%,*!9&(%&
7!"(&!&!4+$(V)(#,.(%+$"&#(!0,2!3$"&)$#&.,&.,".$&'&$+#!"&)(#"$%!">&&X$.$&#("40+!3$&3(0&
,%+(#A"&.$3(#%$&)$#&Z0$"&"4(b$"&0h*,3$"[9&CU!*S(%7!*6&'&Q$"-(03&DEEGH&R!&Q(#?(&'&
Y6(,%?$03&DEEG/&6!&"4#?,3$&4%&4"$&.$3(#%$&3(&("+!&Z`,(#7!&3(&0$"&P4(b$"[&54(&6!&
(.)(2!3$&!&*40+,-!#"(&(%&0$"&O"+!3$"&i%,3$">&
&
+GDA@JM@G&JMJGAC@G&\=3&<$+!&M/a&("+(&?,?!%+("*$&*!*+$"&0#.5#+19'("&0!&7!"(&3(&4%!&7(7,3!&
8(#.(%+!3!&*(#(.$%,!0&C_@!2&DEME/&'&"(&"!7(&54(&*$%+,(%(&!0*!0$,3("&
+(+#!6,3#$,"$54,%$0@%,*$"&CQ#46%&'&Q#46%&DEM]H&Q#46%&'&R4%3"+#S,.&DEMNH&Q#46%&*&'#/-'
DEMGH&`('0&DEIFH&P*640+("&'&`$8.!%%&DEFG/>&&P,%&(.7!#?$9&%$&"(&6!&,%8$#.!3$&3(&54(&("+(&
*!*+$"&+(%?!&!*+,-,3!3&(%+($?A%,*!9&%,&6!%&)$3,3$&!,"0!#"(&3(0&.,".$&!0*!0$,3("&
(%+($?A%,*$">&
&
+PKXEFEJEA&S@ALMNOEDILH&!0&,?4!0&54(&J#/*#'C#8#&*8)%8)%9'"(&3,*(&54(&("+!&)0!%+!&,%34*(&
"4(b$">&&K&0$"&*6!.!%("&3(&J!%?!%',S!&"(&0("&!+#,74@!&0!&)#1*+,*!&3(&84.!#&0!"&80$#("&"$0!"&$&
;4%+$&*$%&+!7!*$&)!#!&*$%$*(#&"4&84+4#$&!+#!-A"&3(&"4"&"4(b$"&CP*640+("&'&`$8.!%%&DEMEH&
P*640+("&'&`$8.!%%&DEFG/>&&<$&(V,"+(%&)#4(7!"&3(0&4"$&3(&("+!&)0!%+!&*$.$&!4+A%+,*$&
(%+(B?(%$9&%,&3(&0!&)#("(%*,!&3(&*$.)4("+$"&(%+($?A%,*$"&(%&(00!>&
&
/DPCRDMAG&NOGX@OOMNEDKMLY&/>&GK@DMQGAGH&"(&6!&!8,#.!3$&Z*$%&.4'&)$*$&84%3!.(%+$[&54(&
0!"&"(.,00!"&3(&("+$"&*$0$#,3$"&1#7$0("&3(&0!&8!.,0,!&3(&0!"&0(?4.,%$"!"&"$%&(%+($?A%,*!"9&0$&
*4!0&("&.4'&343$"$&CP*640+("&'&`$8.!%%&DEFG/>&&_(&6(*6$9&%$&6!&)$3,3$&$7"(#-!#"(&
%4%*!&+!0&4"$9&%,&6!%&)$3,3$&!,"0!#"(&)#,%*,),$"&(%+($?A%,*$"&!&)!#+,#&3(&0!"&"(.,00!">&&O"+!"&
"$%&4+,0,2!3!"&(%&(+%$.(3,*,%!&C_,!2&DEME/&'&"4"&80$#("&#$;!"&"$%&4%&!0,.(%+$&)$)40!#&(%&
=AV,*$>&
&
B@MKMG&LGOMQMNEOMGH&!4%54(&"$7#(&("+!&)0!%+!&"(&6!&3,*6$&54(&Z%$&*!7(&343!&3(&54(&("&
4+,0,2!3!>>>&*$.$&!04*,%B?(%$[&CP*640+("&'&`$8.!%%&DEFG/9&0!&84(%+(&$#,?,%!0&3(&0!&54(&
)#$*(3(&0!&,%8$#.!*,B%&%$&("&.4'&8,!70(a&(0&0,7#$&F#.%08)*'I%3&*'3(&:,*+$#&K>&Y(S$9&
)470,*!3$&(%&DE]N&CY(S$&DE]NH&-A!"(&X!)@+40$&I9&<$+!&DG/>&&Y(S$&!8,#.!7!&54(&0!"&6$;!"&
kDk&
&
.!#*6,+!"&'&.!*6!*!3!"&3(&0!&)0!%+!9&*$%$*,3!"&(%&=AV,*$&*$.$&0%$%85%8)*9'"(&3(;!7!%&
8(#.(%+!#&(%&!?4!&54(&"(&7(7@!&!&*$%+,%4!*,B%&$7+(%,A%3$"(&!04*,%!*,$%(">&&P,%&
(.7!#?$9&*4!%3$&_@!2&'&"4"&*$0!7$#!3$#("&(V)(#,.(%+!#$%&*$%&("+(&)#()!#!3$9&"B0$&
$7+4-,(#$%&4%!&,%*B.$3!&6,)$+(#.,!&'&Z(%&%,%?h%&*!"$&"(&)#$34;(#$%&!0+(#!*,$%("&
.(%+!0("[&C_@!2&DEM^/>&&R!&6,)$+(#.,!&"(&3(7(&",%&343!&!&0!&)#("(%*,!&3(0&!0*!0$,3(&
*#,$?(%,%!&$&-(#+,%!&Cf!)0!%&'&=!0$%(&DENNH&Y$7,*6!43&*&'#/-'DENkH&Y$7,*6!43&*&'#/-&
DEN^H&P*640+("&'&`$8.!%%&DEFG/>&&R!&-(#+,%!&!3.,%,"+#!3!&)$#&-@!&$#!0&(%&3$","&3(&]DG&.?&
C(54,-!0(%+("&!&D^N&?>&3(&0!&)0!%+!&"(*!/&%$&)#$-$*B&(8(*+$"&)",*$!*+,-$"&C=!0$%(&'&
Y$+6(#&DEEk/>&&R!&*#,$?(%,%!&'&0!&%("$3,%!9&4%&!0*!0$,3(&3(0&0%$%85%8)*'#(0!*,$%!3$9&
)#("(%+!#$%&4%!&!*+,-,3!3&,%6,7,3$#!&3(0&(%2,.!&)#$"+!?0!%3,%!&",%+(+!"!9&",.,0!#&!0&3(&0!&
 !"),#,%!&)(#$&*$%&4%!&)$+(%*,!&I9^&'&I9I&-(*("&"4)(#,$#&#(")(*+,-!.(%+(&CR(.!&*&'#/-'
DEFN/>&
&
B@MKM@OOG&GAJIMNEDKML&C^9&<$+!&^/a&;4%+$&*$%&-!#,!"&(")(*,("&3(&O1/*&50','G5005/#&*,+!3!"&
.1"&!##,7!&'&.1"&!3(0!%+(9&H-'#$.5%31+"%0'84(&4%!&3(&0!"&(")(*,("&#(0!*,$%!3!"&*$%&0!&
Z0$*4#!&)$#&6$%?$"[&3(&0$"&f4.!&3(&<4(-!&U4,%(!9&54(&#("40+B&"(#&4%&8(%B.(%$&3(&
$#,?(%&%$&8!#.!*$0B?,*$&C`(,.&DEN]H&`(,.&DEN^H&`(,.&DENNH&`(,.&DEM]H&`(,.&DEMFH&
`(,.&'&c!""$%&DENkH&`(,.&'&c!""$%&DEN^/>&&P,%&(.7!#?$9&("*#,+$&3(&8$#.!&,%*$##(*+!&H-'
#$.+%*31+"%09'("+(&6$%?$&!)!#(*,B&#()#("(%+!3$&(%&(0&0,7#$&4/#$&0'13'&)*'I1E0&C\0!%+!"&3(&
0$"&_,$"("H&P*640+("&'&`$8.!%%&DEME/&,%8,#,A%3$"(&54(&(#!&(%+($?A%,*$>&
&
5EFREFREDG&SMNNILG&CD9&<$+!&N/a&(%&("+(&)!#,(%+(&*(#*!%$&3(0&(^,1&/'CK%3(#"$%&DENEH&
K%3(#"$%&DEFG/&"(&6!&3(+(%%,%!3$&0!&)#("(%*,!&3(&+#!2!"&3(&.("*!0,%!9&",(%3$&"4&
!0*!0$,3(&)#,%*,)!0&0!&)('$+,%!&$&)('$+0,%!9&54(&%$&("&(%+($?A%,*!&CQ#46%&'&`$0."+(3+&
DEMkH&P*640+("&'&`$8.!%%&DEFG/>&&<$&6!'&)#4(7!"&3(&54(&("+!&)0!%+!&"(&4+,0,*(&*$.$&
(%+(B?(%$9&'&_@!2&("*#,7,B&54(&!54A00$"&54(&(V)(#,.(%+!#$%&*$%&D-'E%3350#&Z+4-,(#$%&4%!&
(V)(#,(%*,!&.4'&3("!?#!3!70([9&!4%54(&3$"&&Z3("*#,7,(#$%&(8(*+$"&)0!*(%+(#$"[&C_@!2&
DEME/>&
&
5PQEF@DSEA&KGDJMAGCIKY&5>&KM[C@QEDIK&C^9&<$+!&M/a&(%&DEND9&`(,.&'&c!""$%&"4),(#$%9&!&
+#!-A"&3(&4%&,%8$#.!%+(&.,V+(*!9&54(&("+$"&7(;,%("&(#!%&,%34*+$#("&3(&"4(b$"&C`(,.&'&
c!""$%&DENIH&`(,.&*&'#/-'DENM/>&&O%&DEMk9&4%&?#4)$&3,#,?,3$&)$#&L>R>&_@!2&'&(%&DEM^&$+#$&
3,#,?,3$&)$#&.,9&("+43,!#$%&*$%&(0&.,".$&,%8$#.!%+(&.,V+(*!9&54,(%&,3(%+,8,*B&)$#&0$&
.(%$"&&DD&(")(*,("&*$.$&,%34*+$#!"&3(&"4(b$"9&3,(2&3(&("+$"&7(;,%("9&(%+#(&(00$"&!.7!"&
(")(*,("&3(&D,81(*+E1$'"$7#(&0!"&54(&,%8$#.!#$%&`(,.&'&c!""$%>&&O%&0$"&
!4+$(V)(#,.(%+$"9&"(?4,3$"&3(&)#4(7!"&54@.,*!"9&%$&(%*$%+#!.$"&54(&%,%?4%!&3(&("+!"&
(")(*,("&84(#!&)",*$!*+,-!&%,&*$%+4-,(#!&%,%?4%!&3(&0!"&"4"+!%*,!"&*!#!*+(#@"+,*!"&3(&0$"&
6$%?$"&(%+($?A%,*$"&C_@!2&DEM^H&d++&*&'#/-'DEM^7/>&&R0(?!.$"&!&0!&*$%*04",B%&3(&54(&("+$"&
6$%?$"&(#!%&,%!*+,-$"&!&0!"&3$","&54(&%$"&,%3,*!#$%9&!4%54(&"(&6!7@!%&!+#,74,3$&
Z,%804(%*,!"&%!#*B+,*!"[&!&0!"&Z*$.,3!"[&3(&D,81(*+E1$'CX$S(#&'&X$4*6&DEIF/&'&"(&3,*(&
(%+#(&0$"&+!#!64.!#!&54(&4%!&(")(*,(&3(&D,81(*+E1$'("&Z4+,0,2!3!&)$#&0$"&6(*6,*(#$"&)!#!&
)$3(#"(&!*(#*!#&!&0!&?(%+(&",%&"(#&-,"+$"[&CQ'(&DEME!/>&&Y(*,(%+(.(%+(&6!&!)!#(*,3$&4%!&
#(*$),0!*,B%&3(&0$"&3,-(#"$"&4"$"&(+%$.(3,*,%!0("&3(&D,81(*+E1$''&$+#$"&7(;,%("&(%&
<$#+(!.A#,*!&CQ4#S&DEF]/>&
kD^&
&
!PKFRG@G&GKFOGY&!>&QG@DIO@GH&(%&-!#,!"&)470,*!*,$%("&"(&6!%&!+#,74,3$&)#$),(3!3("&
(%+($?A%,*!"&!&0$"&%(%h8!#("9&(%&(")(*,!0&!&("+!"&3$"&(")(*,("&C_@!2&DEM^H&_$7S,%&3(&Y@$"&
DEMkH&O.7$3(%&DEMI7H&O.7$3(%&DEMFH&O.7$3(%&DEMEH&O.7$3(%&DEFD7H&O.7$3(%&DEFIH&
O.7$3(%&DEF]!H&P*640+("&'&`$8.!%%&DEMEH&P*640+("&'&`$8.!%%&DEFG/>&&K4%54(&("+!&
+($#@!&"(&7!"!&(%&(0&!%10,","&3(0&!#+(&(?,)*,$&'&.!'!&!&+#!-A"&Z3(&,%+(#)#(+!*,$%("9&.1"&54(&
3(&)#4(7!"&*,(%+@8,*!"&"B0,3!"[&CO.7$3(%&DEFI/9&_@!2&,%8$#.B&54(&0$"&,%3,$"&.(V,*!%$"&3(&
X6,!)!"&*$%$*@!%&0!"&)#$),(3!3("&)",*$!*+,-!"&3(&N-'#"(/#'C_@!2&DEM^/>&&O%&,%-("+,?!*,$%("&
)$"+(#,$#("&#(!0,2!3!"&!0#(3(3$#&3(&0!"&R!?4%!"&3(&=$%+(7(00$9&"(&)43$&3(+(#.,%!#&54(&
0$"&.(V,*!%$"&6!7@!%&*$%$*,3$&("+(&6(*6$&!&+#!-A"&3(&8$#!"+(#$"&00(?!3$"&!&0!&2$%!&)!#!&
#(*$0(*+!#&0$"&7407$"&3(&0$"&%(%h8!#("&C_@!2&DEM^H&d++&+#!7!;$"&3(&*!.)$&%$&)470,*!3$"/>&&
R!"&(%+#(-,"+!"&54(&.!%+4-$&_@!2&Z*$%&4%&74(%&%h.(#$&3(&*4#!%3(#$"&.("+,2$"[&84(#$%&
Z,%8#4*+4$"!"[9&)4("+$&54(&%,%?4%$&4+,0,2!7!&0!&)0!%+!9&)(#$&"!7@!%&!*(#*!&3(&"4&4"$&(%+#(&
0$"&8$#!"+(#$"&C_@!2&DEM^/>&&P(&*$%$*(%&.4*6$"&!0*!0$,3("&3(0&?A%(#$&N,"()#*#9''&_@!2&6!&
)#$)4("+$&54(&0!&!)$.$#8,%!&Z54(&)#$34*(&,%+(%"!"&!0+(#!*,$%("&%(4#$54@.,*!"&'&3(&
*$.)$#+!.,(%+$[&)$3#@!&"(#&#(")$%"!70(&3(&0$"&(8(*+$"&(%+($?A%,*$"&3(&0$"&%(%h8!#("&
C_@!2&DEM^/>&&P,%&(.7!#?$9&0!&!)$.$#8,%!&("&4%&$),$,3(&",%+A+,*$9&$7+(%,3$&.(3,!%+(&
#(!*,B%&3(&0!&.$#8,%!&'&(0&1*,3$&*0$#6@3#,*$&'&)$"((&4%!"&)#$),(3!3("&84(#+(.(%+(&
(.A+,*!"9&)$#&0$&54(&0!&6,)$+A+,*!&8$#.!*,B%&3(&!)$.$#8,%!&%$'A%A1'(V)0,*!#@!&0!"&%14"(!"&
!"$*,!3!"&!&0!&,%?("+,B%&$#!0&3(&.$#8,%!&'&$),$9&3#$?!"&54(&%$&"(&*$%",3(#!%&(%+($?A%,*!"&
C0!&("+#4*+4#!&3!3!&)$#&_@!2&("&,%*$##(*+!/>&&<$&(V,"+(&)#4(7!&!0?4%!&3(&54(&A"+(&%,&%,%?h%&
$+#$&!0*!0$,3(&3(0&?A%(#$&N,"()#*#'"(!&(%+($?A%,*$9&(&,%*04"$&O.7$3(%9&(0&.1"&
(.,%(%+(&3(8(%"$#&3(&0!&+($#@!&3(&0$"&%(%h8!#("&*$.$&(%+($?A%,*$"9&!3.,+,B&54(&Z(%&-,"+!&
3(&.,"&)#$),!"&(V)(#,(%*,!"9&6(&-,"+$&54(&0$"&6$%?$"&(%+(B?(%$"&"$%&"4)(#,$#("&!&
*4!054,(#&(")(*,(&3(&%(%h8!#&!&0!&6$#!&3(&)#$-$*!#&0!&"(%"!*,B%&3(0&AV+!",">>>[&CO.7$3(%&
DEFI/>&&R!&!*()+!*,B%&3(&("+!"&)0!%+!"&*$.$&(%+($?A%,*!"&("+1&!&0!&(")(#!&3(&
*$.)#$7!*,B%&54@.,*!&'&8!#.!*$0B?,*!>&&Y(*,(%+(.(%+(&"(&)#$)4"$&54(&N-'#"(/#'(#!&(0&
\5*&C#/#T18)%#&/9'4%&(.7#,!?!%+(&4+,0,2!3$&)$#&0$"&!%+,?4$"&K2+(*!"&C_@!2&DEMEH&U!#2!&
DEEG/>&&R$"&,%3,$"&m4,%!40+&3(0&%$#$("+(&3(&0$"&O"+!3$"&i%,3$"&!)0,*!%&0$"&#,2$.!"&3(&
N5()#+'(1/,0*(#/5"'!&0!"&!#+,*40!*,$%("&!8(*+!3!"&3(&#(4.!&'&0$"&,%3,$"&=!S!6&4+,0,2!%&
("+(&%(%h8!#9&(.)!#(%+!3$&*$%&0$"&3(0&?A%(#$'N,"()#*#9'*$%&8,%("&.(3,*,%!0("&)!#(*,3$"&
CU4%+6(#&DEFD/>&&R$"&<,+,%!6+9&+#,74&-(*,%!&54(&6!7,+!&(%&0!&,"0!&3(&:!%*$4-(#9&6!%&
(0!7$#!3$&+#!3,*,$%!0.(%+(&4%&+B%,*$&!&7!"(&3(&0$"&#,2$.!"&3(&("+!&)0!%+!&CJ4#%(#&*&'#/-'
DEF]/>&&R$"&,%3,$"&Q(00!&X$$0!9&U,+S"!%&'&fg!S,4+0&4+,0,2!#$%&3(&8$#.!&!%10$?!&0!&)0!%+!&
*$.$&!%+,##(4.1+,*$9&!%+,*$%*()+,-$9&!%!0?A",*$&'&!%+,!".1+,*$&CL$6%"$%&U$++("8(03&'&
K%3(#"$%&DEFFH&=$(#.!%&DEFNH&J4#%(#&'&Q(00&DEM]/>&&_,-(#"!"&(")(*,("&3(&N,"()#*#9'
N*/5"21',&N*/52%5"'84(#$%&4+,0,2!3!"&(%&(+%$.(3,*,%!&,%3$%A",!&*$.$&3,4#A+,*$"&'&"(&0("&
!+#,74@!&)#$),(3!3("&Z.1"&$&.(%$"&%!#*B+,*!"[&C`,#"*66$#%&DEF]/9&.,(%+#!"&54(&
N,"()#*#'/1&50'84(&4+,0,2!3!&*$.$&!0,.(%+$&(%&(0&o8#,*!&+#$),*!0&$**,3(%+!0&Cd0,-(#&Q(-(#&
DEF]/>&&O%&K8?!%,"+1%9&"(&4+,0,2!&N-'#"(/#'*$.$&"(3!%+(&Cq$4%$"&*&'#/-'DEFM/>&&O%&f(%,!9&0$"&
J4#S!%!&4+,0,2!%&0!&#!@2&3(&N-'/1&50'*$.$&!0,.(%+$&C=$#?!%&DEFD/>&&K0?4%!"&(")(*,("&3(&
N,"()#*#'"(&6!%&4+,0,2!3$&*$.$&,%?#(3,(%+("&(%&4%!&#(*(+!&3(&4%&Z4%?e(%+$&)!#!&-$0!#[&
3(&0!"&7#4;!"&C`!%"(%&DEMF/>&
kDN&
&
"XD@JEAMG&S@A@JDMM&CD9&<$+!&M/a&("+(&*!*+$"&#(*,7(&!&-(*("&(0&%$.7#(&3(&(*,1&%'$&(*,1&%//1'
'&*$%+,(%(&!0?4%$&3(&0$"&!0*!0$,3("&3(0&(^,1&/'C_@!2&DEME/>&&X!#(*(&3(&.("*!0,%!&'&%$&6!'&
,%3,*,$"&3(&54(&)$"(!&!0?$&.1"&54(&4%&",.)0(&)!#(*,3$&"4)(#*,8,*,!0&*$%&*/'(^,1&/-&
&
"FIACMG&GQGACREQGDFGY&">&XGLMOGDMLY&">&@QRMAEQGDFGY&">&MKXDMQGCGY&">&LFMAELED&Ck9&
ZK3,+,-$"&_,-(#"$"[H&X4!3#$&D/a&+$3$"&("+$"&*!*+$"&*$%+,(%(%&+#!2!"&3(&.("*!0,%!&C=!&*&'#D'
DEFNH&=('(#&*&'#/-'DEFGH&\!#3!%!,%,&*&'#/-'DEMF/>&&R!"&*$%*(%+#!*,$%("&3(&.("*!0,%!9&3(0&
B#3(%&3(0&G9GGGkWG9GDl&3(0&.!+(#,!0&"(*$9&(%*$%+#!3!"&(%&("+$"&*!*+$"&"$%&,%"48,*,(%+("&
)!#!&)#$34*,#&(8(*+$"&(%+($?A%,*$"9&!&)!#+(&3(&54(&%$&"(&6!&*,+!3$&%4%*!&"4&4"$&
+#!3,*,$%!0&*$.$&(%+($?A%$">&&\$#&$+#$&0!3$9&0$"&,%3,$"&P6!#!%!64!&3(&P43!.A#,*!&
*$%",3(#!%&54(&4%!&(")(*,(&*40+,-!3!&3(&6(5$&%#'!&0!&54(&00!.!%&&8)#%'("&Z!04*,%B?(%$[>&&
O"+(&*!*+$"&"(&.(2*0!&*$%&0!&#,#)5#08#'6!*,(%3$&54(&"4"&(8(*+$"&"(!%&Z.4'&84(#+("[&
CP*640+("&'&Y!88!48&DEEG/>&&OV,"+(&0!&)$",7,0,3!3&3(&54(&0!&*!%+,3!3&3(&.("*!0,%!9&
!)#$V,.!3!.(%+(&4%&G9GDl9&(%*$%+#!3!&(%&6-'#8#$&)18#+(#9&6-'2#0%/#+%0'''6-'*8)%$18#+(#'
C!h%&!"@&-!#,$"&*,(%+$"&3(&-(*("&)$#&3(7!;$&3(&0!"&*$%*(%+#!*,$%("&+@),*!"&3(&.("*!0,%!&(%&
D1()1()1+#'=%//%#"0%%P'"(!%&"48,*,(%+("&)!#!&)#$-$*!#&(8(*+$"&(%+($?A%,*$"&(%&)#("(%*,!&
3(&0$"&,%6,7,3$#("&3(&0!&=Kd&)#$),$"&3(&0!&#,#)5#08#'C-A!"(&X!)@+40$&k/9&3(&8$#.!&!%10$?!&
!&*$.$&("+$"&j=Kd&)(#.,+(%&54(&0!&_=J9&,%!*+,-!&3(&)$#&"@&*4!%3$&"(&+$.!&)$#&-,!&$#!09&
)4(3!&!*+4!#>&
&
.@JGAIK&RGDKGOGY&#DMXIOIL&C@DD@LCDML&Ck9&Zx`!#.(0&>>>&`!$.!y[H&N9&<$+!&DD/a&!&)("!#&3(&
54(&",(.)#(&!)!#(2*!&(%&0$"&*$.)(%3,$"&3(&)0!%+!"&(%+($?A%,*!"&CO.7$3(%&DEMEH&d++&
DEME7H&P*640+("&'&`$8.!%%&DEMEH&P*640+("&'&`$8.!%%&DEFG/&'&54(&"(&0!&6!'!&)#$)4("+$&
*$.$&(0&!%+,?4$&(%+(B?(%$&3(&0$"&K#,$"9&(0&01"#'CT0!++(#'&'&P*6g!#+2&DEFE/9&%$&"(&+,(%(&
*$%"+!%*,!&6,"+B#,*!&3(0&4"$&3(&4*.#$5"')#+"#/#'*$.$&(%+(B?(%$>&&\$"((&?#!%3("&
*!%+,3!3("&3(&!0*!0$,3("& *!#7$0@%,*$"9&*$.$&0!&6!#.,%!&'&0!&6!##%!0,%!9&54(&.4*6$"&6!%&
*$%",3(#!3$&(%+(B?(%$">&&P,%&(.7!#?$9&3,-(#$"&(V)(#,.(%+$"&#(!0,2!3$"&*$%&)(#"$%!"&!&
0!"&54(&"(&!3.,%,"+#!#$%&0$"&*$.)4("+$"&)4#$"9&%$&6!%&)$3,3$&3(.$"+#!#&3(&8$#.!&
,%(54@-$*!&54(&)#$342*!%&(8(*+$"&(%+($?A%,*$"&C<!#!%;$&DENMH&<!#!%;$&DEM]7/>&&R$"&
(V)(#,.(%+$"&54(&'$&.,".$&6(&#(!0,2!3$&*$%&(V+#!*+$"&3(&0!"&"(.,00!"&3(&0!')#+"*/&
.$"+#!#$%&4%$"&(8(*+$"&.1"&)!#(*,3$"&!&0$"&3(0&?#/%5"'54(&)#$),(3!3("&(%+($?A%,*!"&
-(#3!3(#!"&C-A!"(&X!)@+40$&k/>&&O%&4%&+#!7!;$&"4)(#8,*,!0&#(!0,2!3$&(%&R!3!S69&j%3,!9&"(&
!+#,74@!%&)#$),(3!3("&Z%!#*B+,*!"[&!&0!"&"(.,00!"&)40-(#,2!3!"&(&,%?(#,3!"&3(&4-')#+"#/#'P&
3(&0!&)0!%+!&)#BV,.!&7+%25/50'&*++*0&+%09'54(&+!.7,A%&*$%+,(%(&6!#.,%!&C<!-*6$$&'&Q4+6&
DEEG/>&&OV,"+(&+!.7,A%&$+#$&+#!7!;$&.4'&-!?$&(%&(0&54(&"(&!8,#.!&54(&(%&d#,(%+(&=(3,$&"(&
+#!?!%&0!"&"(.,00!"&3(&0!&)#+"*/')!#!&Z$7+(%(#&!04*,%!*,$%("&P&("+,.40!*,B%&"(V4!0[&
CK740!8!,+6&DEFMH&`$$)(#&'&T,(03&DE]M/>&&O%&K8?!%,"+1%&"(&4+,0,2!&4-')#+"#/#'*$.$&
!%+,"A)+,*$&'&6(.$"+1+,*$9&.,(%+#!"&54(&J&&*++*0&+%0'"(&4+,0,2!&*$.$&3,4#A+,*$&'&
(")!".$0@+,*$&Cq$4%$"&*&'#/-'DEFM/>&
&
.@O@QPFREDG&GL@OOMNEDKMLY&.>&FL@ISE(F@QCMAGCG&CD9&<$+!&M/a&!&)("!#&3(&"(#&*$%$*,3!&*$.$&
(*,1&%//19'(*,1&*'$'(*,1&*'"*81'(%&=AV,*$&'&3(&+(%(#&4%&4"$&(+%$.(3,*,%!0&CQ#46%&'&
Q#46%&DEM]/&%$&"(&+,(%(&*$%"+!%*,!&3(0&4"$&(%+($?A%,*$&3(&4-'#0*//%31+"%0'(%&=AV,*$>&&_(&
6(*6$&*$%+,(%(&!0*!0$,3("9&(%+#(&(00$"&+#!2!"&3(&.("*!0,%!9&)(#$&
kDM&
&
(%&*!%+,3!3("&,%"48,*,(%+("&*$.$&)!#!&)#$-$*!#&(8(*+$"&(%+($?A%,*$"&CQ#46%&P&Q#46%&
DEM]H&<(!0&*&'#/-'DEMI/>&&_(&8$#.!&!%10$?!9&4-'(0*5E1:(*8&%$#&#'("&*$%$*,3!&*$.$&Z4%&
+,)$[&3(&(^,1&/''&*$%+,(%(&!0?4%$"&3(&0$"&!0*!0$,3("&%$&(%+($?A%,*$"&3(0&(^,1&/'CQ#46%&P&
Q#46%&DEM]/>&
&
.EOGLOSG&QR@AS@&CX4!3#$&D/a&!4%54(&%$&"(&6!&3("*#,+$&"4&4"$&*$.$&(%+(B?(%$9&("+(&*!*+$"&
*$%+,(%(&+#!2!"&C.(%$"&3(&4%&G9GDl&3(0&)("$&"(*$/&3(&.("*!0,%!&C=!&*&'#/-&DEFN/9&("&3(*,#9&
4%!"&"(,"*,(%+!"&-(*("&.(%$"&54(&0!&*$%*(%+#!*,B%&!*+,-!&3(&("+(&*$.)4("+$&(%&(0&(^,1&/9'
)$#&0$&54(&("+!&(")(*,(&%$&)4(3(&"(#&*$%",3(#!3!&(%+($?A%,*!>&
&
.C@DEQ@D@IL&JGIK@DM&CX4!3#$&D/a&%$&"(&6!&3("*#,+$&(0&4"$&3(&("+(&*!*+$"&*$.$&(%+(B?(%$9&
)(#$&"(&6!&3(+(#.,%!3$&#(*,(%+(.(%+(&54(&*$%+,(%(&!0#(3(3$#&3(&4%&G9GDl&C)("$&"(*$/&
3(&.("*!0,%!9&*!%+,3!3&!&+$3!"&04*("&,%"48,*,(%+(&)!#!&)#$-$*!#&(8(*+$"&(%+($?A%,*$"&C=!&
*&'#/-'DEFN/>&
&
-ILLIOG&GJJOICMAGCGY&->&WMDMA@GY&->&KG@AGSIKY&->&AEASEDXMAJMY&->&FL@ISEKG@AGSIK&C^9&
<$+!&^/a&(0&.,*B0$?$&\9&P,%?(#&!8,#.B&54(&G-'$1$E1+2%$.%'*!4"!7!&u.,*(+,".$"&*(#(7#!0("[9&
7!"1%3$"(&(%&"4&,3(%+,8,*!*,B%&3(&("+(&6$%?$&*$.$&)(#+(%(*,(%+(&!0&?#4)$&3(&(")(*,("&3(&
6$%?$"&Z,%34*+$#("&3(&0$*4#![9&54(&"4)4("+!.(%+(&4+,0,2!7!%&0$"&f4.!&3(&<4(-!&U4,%(!&
CP,%?(#&*&'#/-'DE^F7/>&`(,.&'&c!""$%&%$&"B0$&%$&)43,(#$%&,3(%+,8,*!#&G'$1$E1+2%$.%'(%+#(&
0!"&$%*(&(")(*,("&!"$*,!3!"&*$%&0!&Z0$*4#!&)$#&6$%?$"[&3(&0$"&f4.!&C54(&3(&6(*6$&,%*04@!%&
*4!+#$&(")(*,("&3(&G5005/#P'",%$&54(&*$%*04'(#$%&54(&+$3$&("+(&8(%B.(%$&%$&+(%@!&4%&
$#,?(%&8!#.!*$0B?,*$&C`(,.&DEN]H&`(,.&DEN^H&`(,.&DENNH&`(,.&DEM]H&`(,.&DEMFH&`(,.&'&
c!""$%&DENkH&`(,.&P&c!""$%&DEN^/>&&<$&6!'&(-,3(%*,!&3(&54(&("+!"&(")(*,("&%,&%,%?4%!&
$+#!&3(&G5005/#'"(!%&(%+($?A%,*!"9&!4%54(&G-'#../5&%$#&#'!)!#(*,B&(%&4%&)$)40!#&
*$.)(%3,$&3(&)0!%+!"&(%+($?A%,*!"&*$%&4%&%$.7#(&(##B%($9&G'#../5&%$#'CP*640+("&'&
`$8.!%%&DEME/>&
&
%EFREDG&L@QIASMNOEDG&CD9&Z`A?,#!&<$#+(!.(#,*!%![/a&(%&7!"(&)#,%*,)!0.(%+(&!0&6!00!2?$&3(&
"(.,00!"&3(&("+!&(")(*,(&;4%+$&*$%&(^,1&/'"(*$&'&M$.$#E%#'0(*8%10#'(%&#("+$"&
!#54($0B?,*$"&CK3$-!",$&'&T#'&DEMN/9&"(&6!&*$%;(+4#!3$&54(&(0&4"$&3(0&(^,1&/')$#&0$"&,%3,$"&
3(&0!"&)#!3(#!"&"4"+,+4'B&!&4%&!#*1,*$&Z*40+$&3(0&6!7!&#$;![&7!"!3$&(%&0!&,%?("+,B%&3(&0!"&
"(.,00!"&3(&@-'0*85$E%3/1+#'CX!.)7(00&DE^FH&`$g!#3&DE^MH&R!&Q!##(&DE]F!H&P*640+("&'&
`$8.!%%&DEFG/>&&K4%54(&(%&("+!"&"(.,00!"&!74%3!%&*,(#+$"&!0*!0$,3("&%$&(%+($?A%,*$"&
Cf(00(#&DEM^H&f(00(#&*&'#/-'DEMN/&0!"&)#4(7!"&3(&"4&4"$&*$.$&(%+(B?(%$&%$&"$%&.4'&"B0,3!"9&
3(&.$3$&54(&"(&6!&(")(*40!3$&54(&(0&Z*40+$&3(0&6!7!&#$;![&+4-$&.1"&54(&-(#&*$%&(0&4"$&3(&
0!"&"(.,00!"&*$.$&$#%!.(%+$&54(&*$.$&(%+(B?(%$&C=(%,00&DEMM/>&
&
%C@AEQ@D@IL&X@A@@W@MY&P>&@DIQGY&P>&LC@NMGCIL3&P>&CD@O@GL@M&CX4!3#$&D/a&%$&"(&*$%$*(&54(&
%,%?4%!&3(&("+!"&(")(*,("&3(&*!*+$"&6!'!&",3$&4+,0,2!3!&*$.$&(%+(B?(%$9&)(#$&(%&+$3!"&
(00!"&"(&6!00!#$%&#(*,(%+(.(%+(&+#!2!"&C!0#(3(3$#&3(&4%&G9GDl&3(&)("$&"(*$/&3(&.("*!0,%!&
C=!&*&'#/-'DEFN/>&&O"+!&*!%+,3!3&("&-!#,$"&*,(%+$"&3(&-(*("&,%8(#,$#&!0&*$%+(%,3$&3(&
.("*!0,%!&(%&(0&(^,1&/9')$#&0$&54(&("+!"&(")(*,("&%$&)4(3(%&*$%",3(#!#"(&(%+($?A%,*!">&
kDF&
&
%C@CLEAMG&QEDPA@&CX4!3#$&D/a&!4%54(&(%&("+!&(")(*,(&3(&*!*+$"&"(&6!%&6!00!3$&+#!2!"&3(&
.("*!0,%!&CK?4#(00&*&'#/-'DEMD/9&0!&*$%*(%+#!*,B%&("&3(.!",!3$&7!;!&)!#!&)#$34*,#&(8(*+$"&
(%+($?A%,*$"&'&%$&6!'&(-,3(%*,!"&3(&3,*6$&4"$>&
&
%CDEKXEQGQCIL&SMLQMNEDKML&CD9&<$+!&M/a&!&)("!#&3(&54(&A"+(&+,(%(&4%&)!#(*,3$&"4)(#8,*,!0&
*$%&(0&(^,1&/'P&3(&54(&!&-(*("&"(&0(&00!.!&(*,1&%//1'CK%3(#"$%&DEFG/9&%$&"(&*$%$*(&54(&
)$"(!&*$.)4("+$"&(%+($?A%,*$"9&%,&"(&6!&*,+!3$&"4&4"$&*$.$&(%+(B?(%$&+#!3,*,$%!0>&
kDE&
&
$.0!12+/&+&
8!12+/&1/&.-".2/1$1/%&`,892+$%&?&
7$-9$+"5e62+$%&1/&5"%&/!#/e6/!"%&
 &

&
kID&
&
=>&$%$-"!$%&
&
f=(#*S&j%3(V&DDa&FkEH&-A!"(&\j`fKR&<z>&D^M9&J=K{&
P,%B%,.$"a& &
D9I9kW+#,.(+$V,W^WC0W)#$)(%,0/&7(%*(%$H&!"!#,%H&!0*!%8$#&3(&!"!#4.H&!0*!%8$#&3(&!"!#!7!*!9&
K"!#$%&
\>&T@",*!"a& &
X!"`!#d$H&)("$&.$0(*40!#&IGF9I^H&X&NE9IDl&`&M9Mkld&I]9G^l&
K,"0!.,(%+$a&&
U!++(#.!%9&Q(#>_(4+&X6(.>&U("(00>&]IaIFE9DFEE&&CK"!#4.&(4#$)(!4./H&Q!V+(#9&<!+4#(&
DF^akNN9&DENG&CK*$#4"&*!0!.4"/&
P@%+(","a& &
P("6!3#,9&\#$*>j%3,!%&K*!3>P*,&]IKaDDG9&DE^GH&P6!#.!9&j%3,!%&L>&K))0>&X6(.>&]IaI]N9DENE&
\>&m4@.,*!"a&
&C !"!#$%!9&!?4;!"&3(0&)(+#$0($&0,?(#$9&)>8>&NIWN]z&)(7&IENz9&)#!*+>,%"$0>&(%&!?4!9&"$0>(%&
!0*$6$09&A+(#&*0$#$8$#.$9&1*,3$&!*A+,*$&
T!#.!*$0$?@!a&&
(8(*+$"(3!%+(&)!#(*,3$&!0&3(&0!&#("(#),%!&'&*0$#)#$.!2,%!&CP6!#.!9&<!+4#(&DEIaDIEE9&&
DEND/H&
"4)4("+!.(%+(&(%+($?A%,*!"&C`$88(#9&J6(&`!004*,%$?(%"9&K*!3(.,*9&DENM/&
O"+!+4"&R(?!0a&&
"4"+!%*,!&%$&*$%+#$0!3!&
&
&

&
 &
&
g>&$#-".2!$&
|=(#*S&j%3(V&DDa&FED{&
P,%B%,.$"a& &
E/W&+#$)!+$&3(&+#$),0$H&(%3$&C}/&W WC6,3#$V,.(+,0/W &W8(%,0!*(+!+$&3(&F&.(+,0WFW
!2!7,*,*0$|]>I>D{W$*+W]W,0$H&E/W6,$"*,!.,%!H&K+#$),%&
\>&T,",*!"a& &
X!%`"$<d$H&&)("$&.$0(*40!#&IFE9]FH&X&MG9^Nl&`&F9GDl&<&k9Fkl&d&DN9^El&
K,"0!.,(%+$a&X6(.%,+,4"9&L>\#!S+>&X6(.>&DDNaIMN9&DEIM&CP$0!%!*(!(&"))>/&
P@%+(","a& &
R!3(%74#?9&R,(7,?u"&K%%>&&X6(.>&IDMaM^9DFF]Hc,00"+~+(#9&Q(#>_(4+>&X6(.>&&U("(00>&]Da&D^]M9&
DFEF&
\>m4@.,*!"a& &
)#,".!"&$#+$#B.7,*$"&3(&0!&!*(+$%!9&)>8>&DDkWDDNz9&0,?(#!.(%+(&"$0>&(%&!?4!9&!0*$6$0&
T!#.!*$0$?@!a& &
3(0,#B?(%!&CU$""(0,%9&X0,%,*!0&J$V,*$0$?'&$8&X$..(#*,!0&\#$34*+"9&c,00,!."&'&c,0S,%"9&DEFk/&
O"+!+4"&R(?!0a&"4"+!%*,!&*$%+#$0!3!9&81#.!*$&*$%&#(*(+!&
&
&
&
&

&
&
&
&
&
&
&
kI]&
&
'>&4$/"+2%#2!$&
P,%B%,.$"a& &
("+(#&3,6,3#$?(%$8$"8!+$&3(&]W|IWC.(+,0!.,%$/(+,0{WDHW,%3$0WkW$0H&3(".(+,0&)",0$*,7,%!H&kW
8$"8$#,0$V,WNW.(+,0+#,)+!.,%!9&Q!($*'"+,%&
\>&T@",*!"a& &
X!!`!&<"d'\H&)("$&.$0(*40!#&IMG9IFH&X&kF9FFl&`&^9^El&<&DG9]Nl&d&I]9NFl&\&DD9kNl&
K,"0!.,(%+$a&&
R(4%?9&L>\6!%%>&P*,>&^MaDNNM9&DENF&C\",0$*'7(&7!($*'"+,"/H&Y()S(9&L>\6!#.>P*,>&NNaDD]9&
DEMM&C\",0$*'7(&"(.,0!%*(!+!/&
P@%+(","a& &
J#$V0(#9&`(0->&&X6,.>&&K*+!&kIaIGM]9&DE^EH&Q#(%%(,"(%9&K#*6>\6!#.>&]IDakFM9DEFF>&
\>&m4@.,*!"a&&
*#,"+!0("&3(0&.(+!%$09&)>8>&I^kWI^Fz&CR(4%?9&L>&\6!#.>&P*,>&^MaDNNM9&DENF/H&)>8>&Ik^WIkFz&
CY()S(9j\6!#.>P*,>&NNaDD]9DEMM/&
T!#.!*$0$?@!a&(%+($?A%,*!&!&3$","&$#!0("&3(&DG&.?H&3$","&4.7#!0&k&.?&CU!#+29&,%8$#.>&
)(#">/H&!*+,-$&(%&!%,.!0("&CX(#0(++,9&K3->\6!#.!*$0>&NQaI]]9&DENF/&
O"+!+4"&0(?!0a&",%&*0!",8,*!#9&)(#$&)$+(%*,!0.(%+(&*$%+#$0!3$&*$.$&!%10$?$&3(&0!&
)",0$*,7,%!>&
&
&
&

&
&
&
)>4,7"#/!2!$&
&
|=(#*S&j%3(V&DDa&DkNMD&&
P,%B%,.$"a&&
]W|I&C3,.(+,0!.,%$/W(+,0{WDH&,%3$0W^W$0H&^W6,3#$V,&N9NW3,.(+,0+#,)+!.,%!H&N9NW
3,.(+,0"(#$+$%,%!H&
=!)),%9&Q48$+(%,%&
\>&T@",*!"a& &
X!"`!#<"d&)("$&.$0(*40!#&IGk9INH&X&MG9^Nl&`&M9EGl&D]9MIl&d&M9F]l&
K,"0!.,(%+$a&
`!%3$-"S'9&K#*6>&&OV)>&\!+6>&&\6!#.>&FNaD]F9&DEIG&CQ48$&-40?!#,"/H&P+#$.7(#?9&L>&K.>&
X6(.>&&P$*>&MMaDMGM9&DE^k&CK%!3(%!%+6(#!&)(#(?#,%!/&P@%+(","a&`$"6,%$9&R,(7,?u"&K%%>&&
X6(.>&^IGaDE9&DE]^H&P)((+(#&L>&K.>&X6(.>&&P$*>&MNaNIGF9&DE^kH&P+$009&`(0->&&X6,.>&&K*+!>&
]FaDk^I9&DE^^&
\>&m4@.,*!"a&&
)#,".!"&3(0&!*(+!+$&3(&(+,0$9&)>8>DkNWDkMz9&)#1*+>&,%"$0>&(%&!?4!9&"$0>&(%&!0*$6$09&1*,3$"&
3,04,3$"H&.(+,0'$34#$&)#,".!"&3(0&.(+!%$09&)>8>&IDkWID^z&
T!#.!*$0$?@!a& &
)",*$!*+,-!&!&3$","&3(&DGWDI&.?&,%+#!.4"*>H&DG&.?&,%+#!-(%>&CJ4#%(#9&K#*6>&&<(4#$R&
\"'*6,!+#>&FDaDID9&DE^EH&T!7,%?9&P*,(%*(&DI]aFFN9&DE^N/&
O"+!+4"&R(?!0a&&
"4"+!%*,!&*$%+#$0!3!>&
 &

&
&
kIk&
&
&
:>12/#25#-2.#$92!$&
P,%B%,.$"a& & &
]W|IWC3,(+,0!.,%$/(+,0{,%3$0H&N9&NW3,(+,0+#,)+!.,%!H&_OJH&JEH&_,~+6'0+#')+!.,%&
\>&T@",*!"a& &
X!'`"(<"H&)("$&.$0(*40!#&IDN9DEH&X&MM9MIl&`&E9]Il&<&DI9ENl&
K,"0!.,(%+$a&&
*$.)4("+$&!#+,8,*,!0&
P@%+(","a& &
Q!#0$g9&Q#,+>&L>&\6!#.!*$0>Dka&EE9&DE^EH&P)((+(#&L>&K.>&X6(.>&&P$*>&MNaNIGF9&DE^k&
\>&m4@.,*!"a&&
*#,"+!0("&3(0&A+(#&3(&)(+#B0($9&)>8>F^WFEz9&"$0>&(%&A+(#9&*0$#$8$#.$H&6,3#$*0$#4#$&)>8>&DMIW
DM]z9&"$0>&(%&!?4!&
T!#.!*$0$?@!a&
(%+($?A%,*!&!&3$","&3(&D.?rS?&,%+#!.4"*>&CP21#!9&\#$*>&J6,#3&c$#03&X$%?>&$8&\"'*6,!+#>&
DaNMG9&DENDH&P21#!9&K#*6>&U(%>&\"'*6,!+#>&D^a]IG9DENN/&
O"+!+4"&R(?!0a&&
P4"+!%*,!&*$%+#$0!3!&

&
&
&
h>12/#25()(B21-"i2#-2.#$92!$&
P,%B%,.$"a& & &
]W|IWC3,(+,0!.,%$/(+,0{WDHW,%3$0WkW$0H&kW6,3#$V,WN9NW3,(+,0+#,)+!.,%!H&XpWMkH&kWd`W_OJ&
\>&T@",*!"a& &
X!'`"(<"dH&)("$&.$0(*40!#&I]I9k^H&X&MI9]kl&`&F9NMl&<&DI9&DGl&d&N9FFl&
K,"0!.,(%+$a&&
*$.)4("+$&!#+,8,*,!0&
P@%+(","a& &
J#$V0(#9&`(0->&&X6,.>&&K*+!&kIaIGM]&DE^E&
\>&m4@.,*!"a& &
*#,"+!0("&3(&0!&!*(+$%!9&)>8>&DGkWDGNz&
T!#.!*$0$?@!a&
(%+($?A%,*!&(%&(0&.,".$&.!#?(%&3(&3$",8,*!*,B%&54(&0!&)",0$*,%!&CR(4%(#9&<(4#$W
\"'*6$)6!#.!*$0$?'9&O0"(-,(#&DEN^/&
O"+!+4"&R(?!0a&
",%&*0!",8,*!#&)(#$&)$+(%*,!0.(%+(&*$%+#$0!3!&*$.$&
!%10$?$&3(&0!&_OJ&(%&0$"&OOii&
&

kI^&
&
&
;>&12/#25()(7"%7"-25"i2#-2.#$92!$&
&
P,%B%,.$"a& &
("+(#3,6,3#$?(%$8$"8!+$&3(&]W|IWC3,(+,0!.,%$/(+,0{&WDHW,%3$0WkW$0H&kW8$"8$#,0$V,WN9N&W
3,(+,0+#,)+!.,%!H&XqWDE&
\>&T@",*!"a& &
X!'`"!<"d'\H&)("$&.$0(*40!#&]DI9]DH&X&^]9Fkl&`&N9MFl&<&F9EMl&d&IG9kEl&\&E9EIl&
K,"0!.,(%+$a&&
*$.)4("+$&!#+,8,*,!0&
P@%+(","a& &
J#$V0(#9&`(0->&&X6,.>&&K*+!&kIaIGM]9&DE^E&
\>&m4@.,*!"a& &
*#,"+!0("&3(0&.(+!%$0&)>8>&INGWIN]z&
T!#.!*$0$?@!a&
(%+($?A%,*!&(%&(0&.,".$&.1#?(%&3(&3$",8,*!*,B%&54(&0!&)",0$*,7,%!&CR(4%(#9&<(4#$&
\"'*6$)6!#.!*$0$?'9&O0"(-,(#9&DEN^/&
O"+!+4"&R(?!0a&&
",%&*0!",8,*!#&)(#$&)$+(%*,!0.(%+(&*$%+#$0!3$&*$.$&!%10$?$&
3(&0!&)",0$*,7,%!&(%&0$"&OOii&
&
&

&
&
&
j>129/#25#-2.#$92!$&
|=(#*S&j%3(V&DDa&]I^D{&
P,%B%,.$"a& & &
]W|IWC3,.(+,0!.,%$/(+,0{,%3$0H&N9NW3,.(+,0+#,)+!.,%!H&_=J9&%,?(#,%!9&_,.(+6'0+#')+!.,%9&
%,?(#,%(&
\>&T@",*!"a& &
X!"`!#<"&H&)("$&.$0(*4!#&DFF9INH&X&MN9^^l&`&F9^Ml&<&Dk9FFl&
K,"0!.,(%+$a&&
T,"69&L>&K.>&X6(.>&P$*>&MMa&^FEI9&DE^^&CK%!3(%!%+6(#!&)(#(?#,%!/H&K?4#(009&K*+!&X6(.>&
P*!%3>&I]>EG]9&DENE&C:,#$0!&+6(,$3$#!/&
P@%+(","a& &
=!%"S(9&X!%>&L>&Y(">&^a^EI9&DE]DH&P)((+(#9&L>&K.>&X6(.>&P$(>&MNaNIGF9&DE^k&
\>&m4@.,*!"a& &
*#,"+!0("&3(0&(+!%$09&)>8>&kk9NWkN9Fz9&"$0>(%&1*,3$"&3,04,3$"H&),(#!+$&)>8&DNE9^WDMG9^zH&
.(+,0'$34#$&)>8>&IDNWIDMzH&84.!#!+$&)>8>D^IWD^I>^z&
T!#.!*$0$?@!a& &
(%+(B?(%$&!&3$","&3(&0.?rS?&,%+#!.4"*40!#&CP21#!&OV)(#,(%*,!&DIakkD9&DE^NH&P!,W`!01"29&
\"'*6,!+#>&<(4#$0&D]^aIF^9&DE^F/&
O"+!+4"&R(?!0a&

"4"+.*,!&*$%+#$0!3!&
&
kIN&
&
&
k>129/#25(:(9/#"i2#-2.#$92!$&
P,%B%,.$"a& & &
]W|IWC3,.(+,0!.,%$/(+,0{W^W.(+$V,,%3$0H&^W.(+$V,WN9NW3,.(+,0+#,)+!.,%!H&^W=(dW_=JH&dW
.(+,0748$+(%,%!&
\>&T@",*!"a& &
X!$`!)<"dH&)("$&.$0(*40!#&IDF9DMH&X&MD9^Dl&`&F9]Il<&DI9Fkl&d&M9]]l&
K,"0!.,(%+$a&&
R(?0(#9&<!+4%-,"">&^GaEk9&DEN]&CK%!3(%!%+6(#!&)(#(?#,%!/H&`$0."+(3+9&K#*6>&&j%+>&&
\6!#.!*$3'%>&D^Na&IF^9&DEN^&C:,#$0!&+6(,$3$#!/&
P@%+(","a&Q(%,%?+$%9&L>&d#?>&X6(.>&I]aDEMM9&DE^FH&U(""%(#9&K.>&L>&\"'",$0>&IG]aDNM9&DENIH&
P+$009&`(,->&X6,.>&K*+!&]FaDk^I9&DE^^&
\>m4@.,*!"a& &
)#,".!"&3(0&6(V!%$9&)>8>&NM9^WNF9^zH&$V!0!+$&)>8>&DM]zH&),*#!+$&)>8>&DM^WDMNzH&.(+,0'$34#$&
)>8&>&DF]z&
T!#.!*$0$?@!a&
(%+($?A%,*!&!&3$","&3(&^WDG&.?&84.!3$"&CP640?,%&(%&_(&P.(+9&L>&O+6%$)6!#.>&EaDIE9DEF]/&
O"+!+4"&R(?!0a&&
P4"+!%*,!&%$&*$%+#$0!3!&
&

&
&
&
=l>12.-".25#-2.#$92!$&
&
P,%B%,.$"a& &
]W|IWC3,)#$),0!.,%$/(+,0{,%3$0H&N9NW3,)#$)@0+#,)+!.,%!H&
_\JH&_,)#$)'0+#')+!.,%&
\>&T@",*!"a& &
X!#`"'<"&H&)("$&.$0(*40!#&Ikk9]FH&X&MF9Nkl&`&E9EGl&d&DD9kNl&
K,"0!.,(%+$a&&
*$.)4("+$&!#+,8,*,!0&
P@%+(","a& &
Q!#0$g9&Q#,+>&&L>&\6!#.!*$0>&Dka&EE9&DE^EH&P)(*+(#9&L>&K.>&X6(.>&P$*>MNa&NIGF9&DE^kH&:,+!0,9&
Q$0>&P*,>&&T!*>&&X6,.>j%3>DMa&Fk9&DE^E&
\>&m4@.,*!"a&
6,3#$*0$#4#$9&*#,"+!0("&)>8>&DMk9^WDMFz9&"$0>&(%&!?4!&
T!#.!*$0$?@!a&
(%+($?A%,*!&)$#&(%*,.!&3(&0.?rS?&CP21#!9&T(3(#>&&\#$*>&IGaFF^9&DEND/H&)",*$+(#!),!&!&3$","&
3(&EGWDGG&.?&CU#$89&`4.>&&O%*$4%>&_(!+69&_4++$%9&DEMM/&
O"+!+4"&R(?!0a&&
P4"+!%*,!&%$&*$%+#$0!3!&
&

&
&
kIM&
&
==>&1"4&
|\j`fKR&<z>&NI{&
P,%B%,.$"a& &I9^W3,.(+$V,WkW7#$.$8(%,0,"$)#$),0!.,%!H&I9^W3,.(+$V,WkW&
7#$.$!%8(+!.,%!H&\QY&
\>&T@",*!"a& &
X!!`!#<d"Q#H&)("$&.$0(*40!#&IMk9G^H&X&kF9DMl&`&^9FFl&<&^9DDl&d&DD9NFl&Q#&IE9DNl&
K,"0!.,(%+$a&&
*$.)4("+$&!#+,8,*,!0&CP640?,%9&L>&\"'*6>&_#4?"&D]aEE9DEFD/&
P@%+(","a&&
P640?,%9&\6!#.!*$0$?'&^a&DG]9&DEMDH&P!#?(%+9&<(4#$)6!#.>DkaDN^9DEM^>&
\>&m4@.,*!"a&6,3#$*0$#4#$&*#,"+!0,%$&3(0&,"$)#$)!%$0&$&(+!%$0rA+(#9&)>8>DEFWDEEzH&&
=OG>&g+(4&
|\j`fKR&<z>&IG{&
I9^W3,#%(+$V,WkW7#$.$8(%(+,&0!.,%!H&XDG`Dk<dIQ#H&)("$&.$0(*40!#&ING9G]H&X&kN9DM&l&`&
^9kIl&<&^9]Fl&d&DI9]Gl&Q#&]G9MIlH&!?4;!"&70!%*!"9&)>8>&I]MWI]Ez&C3("*>/H&6,3#$7#$.4#$&
)>8&>&IDk9^WID^z&
T!##%!*$0$?@!a&
(%+($?A%,*!&!&IW].?&3(0&#!*(.!+$H&DWI&.?&3(0&,"B.(#$&ZY[H&+BV,*$&!&3$","&3(&]^WM^&.?&
CP640?,%9&L>&\"'*6$!*+>&&_#4?"&D]aEE9&DEFD/H&g+(4&(%+(B?(%$&!&3$","&3(&DIWIk&.?&CP640?,%9&
\j`fKR9&J#!%"8$#.9&DEED/&
O"+!+4"&R(?!0a&&
P4"+!%*,!&*$%+#$0!3!H&&
g+(43&+!.7,A%&*$%+#$0!3$&
&

&
&
&
&
=g>&1"2&
|\j`fKR&<z>&NM{&
P,%B%,.$"a& & &
I9^W3,.(+$V,WkW'$3$8(%,0,"$)#$),0!.,%!H&I9^W&3,.(+$V,0WkW'$3$!%8(+!.,%!&
\>&T@",*!"a&
X!!`!#<d"!H&)("$&.$0(*40!#&]ID9DNH&X&kD9Dkl&`&^9GIl&<&k9]Nl&d&E9ENl&j&]E9^Dl&
K,"0!.,(%+$a&&
*$.)4("+$&!#+,8,*,!0&
P@%+(","a& &
P640?,%9&\j`fKR9&J#!%"8$#.&DEED&
\>&m4@.,*!"a&&
!*(,+(&,%*$0$#$&"$0470(&(%&A+(#H&6,3#$*0$#4#$&*#,"+!0("&70!%*$"&)>8>&IGG9^WIGD9^z&
T!#.!*$0$?@!a&
(%+($?A%,*!&!&3$","&3(&D9^W]9G&)$#&-,!&$#!0&CP640?,%9&\j`fKR9&J#!%"8$%%&DEED/&
O"+!+4"&R(?!0a&&
",%&*0!",8,*!#9&)(#$&)$+(%*,!0.(%+(&*$%+#$0!3$&*$.$&!%10$?$&
3(&0!&_dQ&(%&0$"&OOii&
&
&
&
&
&
kIF&
&
&
='>&1"9&
|\j`fKR&<z>NF{&
P,%B%,.$"a& &
I9^W3,.(+$V,WkW.(+,08(%,0,"$)#$),0!.,%!H&P(#(%,+'9&J#!%54,0,+'9&\(!*(H&I9^W3,.(+$V,WkW
.(+,0!%8(+!.,%!H&PJ\H&P+$)&J6(&\$0,*(&
\>&T@",*!"a& &
X!"`!*<d"H&)("$&.$0(*40!#&IGE9DNH&X&NF9F^l&`&E9DNl&<&N9NEl&d&D^9]Gl&
K,"0!.,(%+$a&&
*$.)4("+$&!#+88,*,!0&
P@%+(","a&P640?,%9&\j`fKR9&J#!%"8$#.&DEED&
\>&m4@.,*!"a&&
)>8>&NGWNDzH&"$0>&O%&3,"$0-(%+("&$#?1%,*$"H&6,3#$*0$#4#$&"$0>&(%&!?4!9&!0*$6$09&)>8>DFMWDFFzH&
"408!+$&)>8>D]Dz&
T!#.!*$0$?@!a& &
P%'3(#9&P*,(%*(&D^FaNNE9&DENMH&`$00,"+(#9&\"'*6$)6!#.>&DkaNI9&DENEH&(%+($?A%,*!&!&3$","&
$#!0("&3(&]WDG&.?&CP640?,%9&\j`fKR9&J#!%"8$#.9&DEED/&
O"+!+4"&R(?!0a&&
P4"+!%*,!&*$%+#$0!3!&
&

&
&
=)>&& /5/92+2!$&
|-A!"(&\j`fKR&<z>D^M9&J=K{&
P,%B%,.$"a&
]9k9^W+#,.(+$V,W0WCIW)#$)(%,0/7(%*(%$&
\>&T@",*!"a& &
X!"`!#d$&H&)("$&.$0(*40!#&IGF9I^H&X&NE9I&Dl&`&M9Mkl&d&I]9G^l&
K,"0!.,(%+$a&&
P640?,%9&O+6%$)6!#.!*$0$?,*&P(!#*6&8$#&\"'*6$!*+,-(&_#4?"9&i>P>&U$-(#%.(%+&\#,%+,%?&
d88,*(9&c!"6,%?+$%&_>X9&DENM&C='#,"+,*!&8#!?!%"/&
P@%+(","a&
`!6%9&Q(#>&&_(4+>&&X6(.>&&U(">&NMaNEN9DE]kH&\(!#+9&L>&K.>&X6(.>&P$*>&MGaDMkM9&DEkF&
\>&m4@.,*!"a&&
)>&(7>&DM^z&
T!#.!*$0$?@!a&
X$.)$%(%+(&"4)4("+!.(%+(&)",*$!*+,-$&3(&0!&%4(2&.$"*!3!&CP640?,%9&J#4,++9&O+6%$)6!#.>&
P(!#*6&\"'*6$!*+>&_#4?"9&
i>P>&U$-(#%.(%+&\#,%+,%?&d88,*(9&DENM/&
O"+!+4"&R(?!0a&&
P4"+!%*,!&%$&*$%+#$0!3!&
&

&
&
&
&
kIE&
&
=:>&/-62!$&
|=(#*S&j%3(V&DDa&^^G^{&
P,%B%,.$"a& & &
E9DGW3,3(6,3#$WNW.(+,0(#?$0,%!WF W*!#7$V!.,3!H&!.,3!&3(0&
1*,3$&0,"A#?,*$H&0,"(#?!.,3!H&RKWDDDH&O#?,%H&R'"(#?"~4#(&!.,3&
\>&T@",*!"a&&
X!#`!%<$dH&)("$&.$0(*40!#&INM9]IH&X&MD9FFl&`&N9kDl&<&D^9MIl&d&^9EEl&
K,"0!.,(%+$a&&
`$8.!%%9&OV)(#,(%+,!&DN&akDk9&DENG&CJ4#7,%!&*$#'.7$"!/H&K#*!.$%(9&<!+4#(&DFMaI]F9&
DENG&CX0!-,*()"&)!")!0,/&
P@%+(","a& &
P.,+69&L>&X6(.>&P$*>&MN]9&DE]I&C.(3,!%+(&3(?#!3!*,B%&3(&0$"&!0*!0$,3("&3(0&*$#%(24(0$/H&
P+$009&`(0->&&X6,.>&K*+!&]FakID9&DE^^&C!&)!#+,#&3(0&1*,3$&0,"A#?,*$/&
\>&m4@.,*!"a&&
)#,".!"&3(0&.(+!%$09&)>8>&IkIz&C3("*>/9&"$0>&(%&!?4!H&.(+!%$&"408$%!+$9&)#,".!"&3(&
.(+!%$0r!*(+$%!&)>8>&I]Iz&C3("*>/9&0,?(#!.(%+(&"$0>&(%&!?4!&
T!#.!*$0$?@!a&
(%+($?A%,*!&!&3$","&3(&G9^WD&.?&)$#&-,!&$#!0&C`$8.!%%9&Q$+&=4">&R(!8&`!#-!#3&i%,->&
IGaDEk9&DEN]H&P$0."9&\#!V,"&k^aMkN9&DE^N/&
O"+!+4"&R(?!0a&&
P4"+!%*,!&*$%+#$0!3!&&

&
&
&
&
&
&
&
=h>& /-6"!"<2!$&
|=(#*S&j%3(V&DDa&]NGG{&
P@%B%,.$"a& &
RIW)#$)!%$0!.,3!&3(0&1*,3$&EW0,"A#?,*$H&O#?$7!",%!H&O#?$+$*,%!H&
(#?$.(+#,%!H&(#?$"+#(+,%!H&NW|C W6,3#$V,.(+,0/(+,0W&EW0,"(#?!.,3!H&O#?$+#!+(H&P'%+$.(+#,%(H&
O#?$%$-,%&
\>&T@",*!"a& &
X!*`"$<$d"&H&)("$&.$0(*40!#&]I^9]Ea&X&MG9D]l&`&M9DIl&<&DI9EDl&d&E9F]l&
K,"0!.,(%+$a& &
`$8.!%%9&Q$+>&=4">&&R(!8&&`!#>&&i%,->&IGaDEk9DEN]&Cj)$.$(!&-,$0!*(!/&
P@%+(","a& &
P+$8,9&`(0->&X6,.>&K*+!&INaE^N9&DEk]&C!&)!#+,#&3(0&1*,3$&R,"A#?,*$/H&f$#%,(039&L>&K.>&X6(.>&&
P$*&MNa&^I^N9&DE^k&C"@%+(","&+$+!0/&
\>&m4@%h*!"a&&
+(+#!6(3#$"&3(0&!*(+!+$&3(&(+,0$9&!?4;!"&3(0&7(%*(%$&)>8>&DNI9&"$0>&(%&!?4!9&!0*$6$0H&
.!0(!+$&CO#.(+#,%(/&)>8>DNMz&"$0>&(%&!?4!9&!0*$6$0&
T!#.!*$0$?@!a&
(%+($?A%,*!&!&3$","&3(&IWDG&.?&)$#&-,!&$#!0&C`$8.!%%9&J6(&Y$!3&+$&O0(4","9&`!#*$4#+&Q#>&&
L$-!%>&DEMFH&Q,?g$$39&L>&\"'*6(3>&_#4?"&DDaDkM9DEME/&
O"+!+4"&R(?!0a&&
P4"+!%*,!&*$%+#$0!3!9&81#.!*$&*$%&#(*(+!&
&
&

&
&
k]G&
 &
&
=;>&B$-9$52!$&
|=(#*S&j%3(V&DDak^IF{&
P,%B%,.$"a& &
k9EW3,6,3#$WMW.(+$V,W0W.(+,0W]HW)'#,3$|]9kW70,%3$0H&`!#.!0,%H&]9kW3,6,3#$6!#.,%!H&
6!#.,3,%!H&6!#.!0$0&.(+,0&(+(#H&`!#.,3,%&
\>&T@",*!"a& &
X!$`!'<"dH&)("$&.$0(*40!#&IDk9INH&X&MI9FMl&`&N9^El&<&D]9GFl&d&M9kMl&
K,"0!.,(%+$a&&
U7(09&R,(7,?€"&K%%>&3(#&X6(.>&]Fa&]N]9&DFkD&C\(?!%4.&6!#.!0!/H&`$*6"+(,%9&L>&K.&X6(.>&&
P$*>&MEa^M]^9&DE^M&CQ!%,"+(#,$)","&*!!),/&
P@%+(","a& &
P)~+69&Q(#>_(4+>&X6(.>&&U("(00>&N]aDIG9&IDGI9&DE]GH&P)(%"(#9&X!%>&L>&X6(.>&]MaDF^D9&DE^E&
\>&m4@.,*!"a&&
)#,".!"9&0!.,%!"&3(0&.(+!%$09&$*+!(3#$"&3(0&(+!%$0&)>8>&IIEWI]Dz9&0,?(#!.(%+(&"$0>&(%&!?4!9&
!0*$6$09&A+(#H&6,3#$*0$#4#$&!.!#,00$&"$0>&(%&!?4!9&)>8>&IDIz&
T!#.!*$0$?@!a&
)",*$!*+,-!&!&3$","&"4)(#,$#("&!&0.?rS?&)$#&-,!&,%+#!-(%$"!&$&k.?rS?&-,!&$#!0&C<!#!%;$9&
O+%$)6!#.>&P(!#*6&\"'*6$!*+>&_#4?"9&i>P>&U$-€+>&\#,%+>&d88>9&DENM/&
O"+!+4"&R(?!0a&&
P4"+!%*,!&%$&*$%+#$0!3!&
&
&

&
&
&
DF>& B$-92!$&
|=(#*S&j%3(V&DDak^]D{&
P,%B%,.$"a& & &
MW.(+$V,W0W.(+,0WEHW)'#,3$|]9kW2{,%3$0H&7!%,"+(#,%!9&+(0()!+,%!9&'!;A,%!9&0(4*$6!#.,%!9&
Q!%,"+(#,%9&`!%4,%9&'!;A,%(&
\>&T@",*!"a& &
X!$`!"<"dH&)("$&.$0(*40!#&IDI9I^H&X&M]9^Nl&`&^9MGl&<&D]9IGl&d&M9^kl&
K,"0!.,(%+$a&&
T#,+2"*6(9&R,(7,?€"&K%%>&3(#&X6(.>&Nka&]NG9&DFkM&C\(?!%4.&6!#.!0!/&`$*6"+(,%9&L>&K.>&&
X6(.>&&P$*>&MEa^M]^9DE^M&CQ!%,"+(#,$)","&*!!),/&
P@%+(","a&P)~+69&Q(#>&_(4+>&&X6(.>&U("(00>&N]Qa&DIG9&DE]GH&`!#-('&L>& X6(.>&P$*>&EM9DE]F&
\>&m4@.,*!"a&&
)#,".!"&3(0&.(+!%$0&)>8>&INDz&C3("*/9&0,?(#!.(%+(&"$0>&(%&!?4!9&!0*$6$09&*0$#$8$#.$9&(+(#H&
6,3#$*0$#4#$&)>8>&INIz9&]IDz&!%6,3#!9&"$0>&(%&!?4!&
T!#.!*$0$?@!a&
)",*$!*+,-!&)$#&(%*,.!&3(&0$"&I.?rS?&)$#&-,!&,%+#!-(%$"!&$&F.?rS?&-,!&$#!0&C<!#!%;$9&
O+6%$)6!#+%>&P(!#*6&\"'*6$!*+>&_#4?"9&i>P>&U$-€+>&\#,%+>&d88>9&DENM/H&"(3!%+(&
O"+!+4"&R(?!0a&
P4"+!%*,!&%$&*$%+#$0!3!&
&
&

&
&
&
&
k]D&
&
&
=k>B2"%+2$92!$&
|=(#*S&j%3(V&DDa&kME^{&
P,%B%,.$"a& & &
+#$)!+$&3(&/W+#$),0$H&`'$"*'!.,%H&C &WC6,3#$V,.(+,0/W8(%,0!*(+("+(#&3(&FW.(+,0WFW
!2!7,*,*0$|]>I>0{$*+W]W,0$H&3!+4#,%!H&347$,",%!&
\>&T@",*!"a&
X!%`"$<d$&9&)("$&.$0(*40!#&IFE9]FH&X&MG9^Nl&`&F9GDl&<&k9Fkl&dDN9^El&
K,"0!.,(%+$a&&
R!3(%74#?9&R,(7,?€"&K%%>&&X6(.>&IGNaIMk9&DFFD&CK+#$)!9&_!+4#!9&`'$"*'!.4"&"))>/&
P@%+(","a& &
c(#%(#9&R,(7,?€"&K%%>&&X6(.>&N]DaDN]9&DENGH&T$3$#9&K*+!&X6,.>&K*!3>&&P*,>&`4%?>&IFa&kGE9&
DEND&C!&)!#+,#&3(&0!&!+#$),%!/&
\>&m4@.,*!"a&&
!?4;!"&3(0&!0*$6$0&)>8>&DGF9^z9&"$0>&(%&!0*$6$09&*0$#$8$#.$9&0,?>&"$0&(%&A+(#9&7(%*(%$9&!?4!H&
6,3#$7#$.4#$&)>8>&D^Iz9&"$0>&(%&!?4!9&*0$#$8$#.$9&!0*$6$0&
T!#.!*$0$?@!a&
3(0,#B?(%!&CU$""(0,%9&X0,%,*!0&J$V,*$0$?'&$8&X$..(#*,!0&\#$34*+"9&c,00,!."&'&c,0S,%"&DEFk/&
O"+!+4"&R(?!0a&&
P4"+!%*,!&*$%+#$0!3!9&81#.!*$&*$%&#(*(+!&
&
&
&
&
&
&
gl>&24"6$2!$&
|=(#*S&j%3(V&DDa&kFGN{&
P,%B%,.$"a& & &
DIW.(+$V,W,7$?!.,%!H&j7$?!,%&
\>&T@",*!"a& &
X"(`"#<"dH&)("$&.$0(*40!#&]DG9kIH&X&MM9]Fl&`&F9kkl&<&E9G]l&d&^9D^l&
K,"0!.,(%+$a&&
_'7$g"S,9&X$.)+>&Y(%3>&&K*!3>&P*,>&D]]a&MkF9&DEGD&CJ!7(#%!%+6(&,7$?!/H&:!%&Q((S9&L>&
O+6%$)6!#.!*$0>&DGa&D9&DEFk&CJ!7(#%!(.$%+!%!&"))>/&
P@%+(","a& &
Qe*6,9&L>K.>&X6(.>&P$*>&FFa]GEE9DENNH&Y$"(%.4%39&Q(#>&_(4+>&&X6(.>&U("(00>DGFa&DFMD9&
DEM^&
\>&m4@.,*!"a&&
!?4;!"&)#,".1+,*!"&3(0&(+!%$0&)>8>&D^IWD^]z9&"$0>&(%&(+!%$09&A+(#9&*0$#$8$#.$9&!*(+$%!H&
6,3#$*0$#4#$&)>8>&IEEW]GGz&C3("*>/9&"$0&(%&!?4!&
T!#.!*$0$?@!a& &
(%+(B?(%!&)$#&(%*,.!&3(&0.?rS?&CP*6%(,3(#9&K%%>&&<>&q>&K*!3>&P*,>&NNaMN^9&DE^MH&\$)(9&
O*$%>&Q$+>&I]aDMk9&DENE/&
O"+!+4"&R(?!0a&&
P4"+!%*,!&*$%+#$0!3!&
&
&

&
&
&
k]I&
&
&
g=>&$+21"&24"#0!2+"&
|=(#*S&j%3(V&DDa&kFGF{&
P,%B%,.$"a&
1*,3$& W!.,%$WI9]W3,6,3#$W]W$V$W^W,"$V!2$0!*A+,*$H&\#~.4"*,.$0H&\,02!+#$),%H&j7$+(%"~4#(H&
1*,3$& W&!.,%$W]W6,3#$V,W^W,"$V!2$0,0W!*A+,*$&
\>&T@",*!"a& &
X&`#<"d'H&)("$&.$0(*40!#&D^F9DDH&X&]M9EFl&`&]9F]l&<&DM9MDl&d&kG9kFl&
K,"0!.,(%+$a&&
J!S(.$+$9&q!S4?!S4&p!""6,&FkaDDFN9&DENk&CK.!%,+!&"+#$7,0,&8$#.,"/H&O4?"+(#9&J(+>&
R(++>DFD]9&DEN^&CK.!%,+!&.4"*!#,!/&
P@%+(","a& &
U!?%(4V9&J(+>&&R(++>&IGFD9&DEN^H&<!S!.4#!9&X6(.>&\6!#.>&Q400>&L)%>&DEakN9DEMDH&f,"6@3!9&
,7,3>&DkaEI9DENNH&P,#!S!g!9&,7,3>&DkaFE9DENN&
\>&m4@.,*!"a&&
*#,"+!0("&3(0&!?4!&$&.(+!%$09&)>8>D^DWD^Iz&C!%6,3#,3>/9&DkkWDkNz&C.$%$6,3#!+>/9&"$0>&(%&!?4!&
T!#.!*$0$?@!a&
(%+($?A%,*$&)$#&(%*,.!&3(&0.?rS?&CX6,0+$%9&=(j0-!,%(!&IaDM9&DEM^/H&)$+(%*,!3$#&3(0&
"!7$#9&%(4#$+$V,%!&(V)(#,.(%+!0&
O"+!+4"&R(?!0a&&
P4"+!%*,!&%$&*$%+#$0!3!&

&
&
&
&
gg>&T$<$8!$&
|=(#*S&j%3(V&DDa&^DNM{&
P,%B%,.$"a& & &
^9NW3,6,3#$WkW.(+$V,WNWCIW8(%,0(+(%,0/WIHW),#!%WIW$%!H&?$%$"!%9&S!-!,%&
\>&T@",*!"a& &
X!'`!'d"H&)("$&.$0(*40!#&I]G9I^H&X&M]9GIl&`&N9D]l&d&IG9F^l&
K,"0!.,(%+$a&&
Q$#"*6(9&Q(#>&_(4+>&&X6(.>&U("(00>&N]a&IkDk9&DE]GH&`1%"(09&<!+4#g,"">&k^a&^M]9&DE^F&C\,)(#&
.(+6'"+,*4./&
P@%+(","a& &
T$g0(#9&L>&X6(.>&P$*>&]NkI9&DE^GH&f$"+(#,%!%"9&<!+4#(&DNNa&MFF9&DE^G&
\>&m4@.,*!"a&&
*#,"+!0("&*B%,*$"&3(0&.(+!%$0rA+(#&)>8>&DG^WDGNz9&"$0>&(%&!*(+$%!9&A+(#9&.(+!%$09&)#!*+>&
,%"$0>&(%&!?4!9&0,?(#!.(%+(&"$0>&(%&6(V!%$H&&
ggG>&&12B21-"T$<$8!$&|.!#,%3,%,%!H&X!'`!#d$+&)("$&.$0(*40!#&I]I9DkH&X&MI9]Fl&`&N9E^l&
d&IG9NFl{&*#,"+>&3(0&A+(#&)>8>&^FWNGz9&"$0>&(%&!0*$6$09&*0$#$8$#.$9&0,?(#!.(%+(&"$0>&(%&A+(#H&
)#!*+>&,%"$0&(%&!?4!9&A+(#&3(&)(+#B0($&
T!#.!*$0$?@!a& &
#(0!;!%+(&.4"*40!#&C=('(#9&O+6%$9&P(!#*6>&&\"'*6>&_#4?"&i>P>&U$-€+>&&\#,%+>&&d8>9&DENM/H&
12B21-"T$<$2!$&"(3!%+(&64.!%$&C\8(,88(#9&,7,3>/&
O"+!+4"&0(?!0a&
P4"+!%*,!&%$&*$%+#$0!3!&
!

!
!
!
!
"##!
&
&
g'>&5%1&
|=(#*S&j%3(V&DDa^^GM{&
P,%B%,.$"a& & &
E9DGW3,3("6,3#$WN9NW3,(+,0WNW.(+,0(#?$0,%!WF W*!#7$V!.,3!H&3,(+,0!.,3!&3(0&1*,3$&EW
0,"A#?,*$H&R'"(#?"~4#(&_,1+6'0!.,3H&RP_WI^H&0,"(#?,3!H&OKW&DMIE&
\>&T@",*!"a& &
X"(`"&<$dH&)("$&.$0(*40!#&]I]9kIH&X&Mk9IMl&`&M9MEl&<&DI9EEl&d&k9E^l&
K,"0!.,(%+$a&&
*$.)4("+$&!#+,8,*,!0&
P@%+(","a& &
P$009&`(,->&X6,.>&K*+!&IN&aEkk9&DEk]H&P+$009&`(,->&X6,.>&K*+!&]Fa&kID9DE^^&
\>&m4@.,*!"a&&
)#,".!"&3(0&7(%*(%$9&)>8>&FGWF^zH&_W+!#+#!+$&C_(0'",3/&)#,".!"&3(0&.(+!%$09&)>8>DEFWIGGz9&
"$0&(%&!?4!&
T!#.!*$0$?@!a&
(%+($?A%,*!&)$#&(%*,.!&3(&0.*?rS?&C`$8.!%%9&RP_a&=(,%&P$#?(%S,%3&f0(++WX$++!&DEMEH&
P640?,%9&L>&\"'*6(3>&_#4?"&DIaDM]9&DEFG/&
O"+!+4"&R(?!0a&&
P4"+!%*,!&*$%+#$0!3!&
&
&
&
&
&
g)>&&91$&
|\j`fKR&<z>DGG{&
P,%B%,.$"a& &
]9kW.(+,0(%3,$V,8(%,0,"$)#$),0!.,%!H&K.)6(3$V!.,%(H&]9kW.(+,0(%3,$V,!%8(+!.,%!9&_#$?!&
3(0&K.$#H&PfTW^H&OKWDIEF&
\>&T@",*!"a&
X!(`!$<d"H&)("$&.$0(*40!#&DME9IIH&X&NM9GIl&`&M9]Dl&<&M9FI&l&d&DM9FNl&
K,"0!.,(%+$a&&
*$.)4("+$&!#+,8,*,!0&
P@%+(","a& &
O>&=(#*S>&X$>&)!+>&!0(.!%!&IMk>]^G9DEDkH&P640?,%&\j`fKR9&J#!%"8$%%9&DEED&
\>&m4@.,*!"a&&
!*(,+(9&)+$>(7>&FGWEGzH&6,3#$*0$#4#$&*#,"+!0("&3(0&,"$)#$)!%$09&)>8>DFMWDFFz&
T!#.!*$0$?@!a&
)",*$!*+,-!&)$#&(%*,.!&3(&DWI.?rS?&)$#&-,!&$#!0&CK00("9&<(4#$W)6!#.!*$0$?'9&=!*'&
T$4%3>9&DE^EH&<!#!%;$9&=(3>&&\6!#>&OV)&DMa&]^M9&DENM/&
O"+!+4"&R(?!0a&&
P4"+!%*,!&*$%+#$0!3!&
&

&
&
&
&
k]k&
&
&
g:>&919$&
f&=(#*S&j%3(V&DDa&^NkNH&\j`fKR&<z>DGE{&
P,%B%,.$"a& & &
K31%H&]9kW.(+,0(%3,$V,!%8(+!.,%!H&V+!","9&nJX9&N9WC W3,.(+,0WD9]W7(%2$3,$V$0W^W
(+!%!.,%!&
\>&T@",*!"a& &
X!!`!&<d$H&)("$&.$0(*40!#&DE]9I^H&X&NF9]Ml&`&M9FIl&<&M9I^l&d&DN9^Nl&
K,"0!.,(%+$a&&
*$.)4("+$&!#+,8,*,!0&
P@%+(","a& &
O>&=(#*S&X$>9&)!+>&!0(.!%!&IMk9]^G9&DEDkH&f!"4'!9&q!S4?!S4&p!""6,&MFa&^GE9&DE^FH&
f#!;(g"S,9&K*+!&\$,$%>&&\6!#.>&DMa&kID9&DENG&
\>&m4@.,*!"a&&
!*(,+(9&)+$>&(7>&DGGWDDGzH&6,3#$*0$#4#$&CV+!","/9&*#,"+!0("&)>8>DkFWDkEz9&"$0>&(%&!?4!&
T!#.!*$0$?@!a&
)",*$!*+,-!&)$#&(%*,.!&3(&DWI.?rS?&)$#&-,!&$#!0&CQ#!4%9&L>&\6!.>&P*,>&NEa&DEI9&DEFGH&Q#!4%9&
K#2%(,.,++(0WT$+"*6>&]Ga&FI^9&DEFG/&
O"+!+4"&R(?!0a&&
P4"+!%*,!&*$%+#$0!3!&
&

&
&
&
&
gh>&991$&
|\j`fKR&<z>D]I{&
P,%B%,.$"a& & &
]W.(+$V,Wk9^W.(+,0(%3,$V,8(%,0,"$)#$),0!.,%!H&]W.(+$V,Wk9^W.(+,0(%3,$V,!%8(+!.,%!&
\>&T@",*!"a& &
X!!`!&<d$H&)("$&.$0(*40!#&IGE9IkH&X&N]9Dkl&`&M9IIl&<&N9NEl&d&II9Ekl&
K,"0!.,(%+$a&&
*$.)4("+$&!#+,8,*,!0&
P@%+(","a& &
P64,?,%9&\j`fKR9&J#!%"8$#.9&DEED&
\>&m4@.,*!"a&
6,3#$*0$#4#$&*#,"+!0("&70!%*$"9&)>8>DEGWDEDz&
T!#.!*$0$?@!a&
(%+($?A%,*!&!&3$","&3(&DGGWI^G&.?&)$#&-,!&$#!0&CP640?,%9&\j`fKR9&J#!%"8$#.9&DEED/&
O"+!+4"&R(?!0a&&
P4"+!%*,!&*$%+#$0!3!&
&

k]^&
&
g;>&9/%+$52!$&
|=(#*S&j%3(V&DDa^FGFH&\j`fKR&<$>END&
P,%B%,.$"a& & &
]9k9^W+#,.(+$V,W W8(%(+,0!.,%!H&=(2*!0,%9&]9k9^W+#,.(+$V,7(%*(%(+!%!.,%!H&=("*!0,%9&
=("S!0,%9&=(2S!0,%H&OKWD]GN&
\>&T@",*!"a& &
X!!`!%<d$H&)("$&.$0(*40!#&IDD9I^H&X&NI9^kl&`&F9DDl&<&N9N]l&d&II9MIl&
K,"0!.,(%+$a&&
`(88+(#9&Q(#>&&_(4+>&&X6(.>&&U("(00>&IEa&IID9&DFEN&CR$)6$)6$#!&"))>/H&\$,""$%9&K%%>&&\6!#.>&&
T#!%‚>DFaMNk9DENG&CJ#,*6$*(#(4"&"))>/&
P@%+(","a& &
P)~+69&=$%!+"*6>&X6(.>&kGa&DIE9&DEDEH&K7$40WO%(,%9&K*+!&\6!#.>&P4(*>&DNa&INM9&DEME&
\>&m4@.,*!"a&&
*#,"+!0("&)>8>&]^W]Nz9&)+$>(7>&DFGz9&"$0&(%&!?4!9&!0*$6$09&*0$#$8$#.$9&7(%*(%$H&6,3#$*0$#4#$&
)>8>&DFDz9&"$0>&(%&!?4!9&"408!+$&)>8>&DF]WDFNz9&"$0>&(%&!?4!&
T!##%!*$0$?@!a&
(%+($?A%,*!&)$#&(%*,.!&3(&0$"&IW]&.?rS?&C`(88+(#9&K#*6>&YV)>&\!+6>&\6!#.>&kGa]F^9&DFEFH&
K%3(#"$%9&\('$+(&+6(&_,-,%(&X!*+4"9&
i%,->&K#,2$%!9&DEFG/&
O"+!+4"&R(?!0a&
P4"+!%*,!&*$%+#$0!3!&
&

&
&
&
&
gj>&9/#25/-6"!"<2!&
|=(#*S&j%3(V&DDa&^EFE{&
P,%B%,.$"a& & &
E9DGW3,3("6,3#$WNW|DWC6,3#$V,.(+,0/)#$),0{WEW0,"(#?!#%,3!H&Cƒ/WIW74+!%$0!.,3!&3(0&1*,3$&EW
0,"A#?,*$H&.(+,0(#?$.(+#,%!H&.(+,0(#?$7!",%!H&.(+,0(#?$%$-,%!&
\>&T@",*!"a& &
X"(`"&<$d"H&)("$&.$0(*40!#&]]E9kIH&X&MG9MMl&`&M9kIl&<&DI9]Fl&d&E9k]l&
K,"0!.,(%+$a&
*$.)4("+$&!#+,8,*,!0&
P@%+(","a& &
P+$009&`(0->&&X6,.>&&K*+!&INW>E^N9&DEk]H&P+$009&i>P>&)!+>&I>IN^>IGM9&DEkD&
\>&m4@.,*!"a&&
*#,"+!0("&3(0&7(%*(%$&)>8>&DMIz9&("*!"!.(%+(&"$0>&(%&!?4!9&"$0>&(%&!0*$6$09&!*(+$%!H&
.!0(!+$&C=(+6(#?,%(/&)$0-$9&"$0>&(%&!?4!9&!0*$6$09&*0$#$8$#.$&
T!##%!*$0$?@!a&
(%+($?A%,*!&)$#&(%*,.!&3(&0$"&I.?&Cd++9&L>&\"'*6(3>&_#4?"&DIa&DN^9&DEFG/H&$V,+B*,*$&!&3$","&
3(&G9I&.?&C`$8.!%%9&=4++(#S$#%!0S!0$,3(9&T>&O%S(9&DENk/&
O"+!+4"&R(?!0a&&
P4"+!%*,!&*$%+#$0!3!9&81#.!*$&*$%&#(*(+!&
&

&
&
k]N&
&
gk>&9/#252%".-".25()(B21-"i2#-2.#$92!$&
P,%B%,.$"a& & &
]W|IWC.(+,0,"$)#$),0!.,%$/(+,0{WDHW,%3$0WkW$0H&kWd`W=j\JH&kW6,3#$V,WNW.(+,0WNW
,"$)#$),0+#,)+!.,%!&
\>&T@",*!"a& &
X!'`"(<"dH&)("$&.$0(*40!#&I]I9k^H&X&MI9]kl&`&F9NMl&<&DI9DGl&d&N9FFl&
K,"0!.,(%+$a&&
*$.)4("+$&!#+,8,*,!0&
P@%+(","a&
Y()S(9&L>&`(+(#$*'*R&X6(.>DFaDM^9DEFD&
\>&m4@.,*!"a& &
*#,"+!0("&3(0&!*(+!+$&3(&(+,0$r6(V!%$9&)>8>DI]WDIkz&
T!#.!*$0$?@!a&
(%+($?A%,*!&!&3$","&3(&DG&.?&)$#&-,!&$#!0&CY()S(9&L>&=(3>&X6(.>&IFa&FEI9&DEF^/&
O"+!+4"&R(?!0a& &
P,%&*0!",8,*!#9&)(#$&)$+(%*,!0.(%+(&*$%+#$0!3!&*$.$&!%10$?$&3(&0!&)",0$*,%!&(%&0$"&OOii&
&
&
&
&
&

&
'l>&9/#252%".-".25(:(9/#"i2#-2.#$92!$&
P,%B%,.$"a& & &
]W|IWC.(+,0,"$)#$),0/(+,0{W^W.(+$V,,%3$0H&^W=(dW=j\JH&^W.(+$V,WNW.(+,0WNW
,"$)#$),0++,)+!.,%!&
\>&T@",*!"a& &
X!&`""<"dH&)("$&.$0(*40!#&IkN9]^H&X&M]9D]l&`&E9GGl&<&DD9]Ml&d&N9kEl&
K,"0!.,(%+$a&&
*$.)4("+$&!#+,8,*,!0&
P@%+(","a& &
Y()S(9&L>&=(3>&X6(.>&IF&a&FEI9DEF^&
\>&m4@.,*!"a&
6,3#$*0$#4#$&)>8>DNI&DN]z&
T!#.!*$0$?@!a&
("+,.40!%+(&*$%&4%&„,%*#(.(%+$&?(%(#!0&3(0&("+!3$&3(&!0(#+!„&
!&3$","&3(&^&.?&)$#&-,!&$#!0&CY()S(9&L>&=(3>&&X6(.>&IFa&FEI9&DEF^/&
O"+!+4"&R(?!0a&&&&
P4"+!%*,!&%$&*$%+#$0!3!&
&

&
&
&
k]M&
&
&
'=>&9/#2%/-621$&
|=(#*S&j%3(V&DDa&NG^^{&
P,%B%,.$"a& & &
E9DGW3,3(6,3#$WNW|DWC6,3#$V,.(+,0/)#$),0{WD9NW3,.(+,0(#?$0,%!WFW*!#7$V!.,3!H&
74+!%$0!.,3!&3(0&1*,3$&0W.(+,0W3W0,"(#?,*$H&i=RWkED&
\>&T@",*!"a& &
X"!`"%<$d"H&)("$&.$0(*40!#&]^]9k^H&X&MD9]Nl&`&M9MGl&<&DD9FEl&d&E9G^l&
K,"0!.,(%+$a&&
*$.)4("+$&!#+,8,*,!0&
P@%+(","a& &
J#$V0(#9&`(0->&X6,.>&K*+!&kGa&DMGN9&DE^MH&P!%3$2&R+3>&)!+(%+>&3(&0$"&OOii&]>IDF>]Ik9&DEN^&
\>&m4@.,*!"a&&
*#,"+!0("&)>8&DEkWDENzH&6,3#$?(%$&.!0(!+$&CP!%"(#+9&_("(0,$H&3,.!0(!+$&3("*>&)$#&(%*,.!&3(&
0$"&DN^z&
T!#.!*$0$?@!a&
(%+($?A%,*!&)$#&(%*,.!&3(&0$"&M9^.?&)$#&-,!&$#!09&3$","&4.7#!0&CZI^&.*?&RP_/&k9]&.?&
CK7#!."$%9&i"(&$8&RP_&,%&\"'*6$+6(#>9&Q$77"&=(##,009&DENM/&
O"+!+4"&R(?!0a&&
P4"+!%*,!&*$%+#$0!3!9&81#.!*$&*$%&#(*(+!&
&
&

&
&
&
'g> 9/#2%#2+2!$&
&
|=(#*S&j%3(V&DDa&NG^N{&
P,%B%,.$"a& & &
NW|IWCD9]W7(%2$3,$V$0W^W,0/(+(%,0{W^9NW3,6,3#$WkW.(+$V,WIHW),#!%WIW$%!H&S!-!6,%H&S!-!+,%H&
S!-!S,%H&S!g!S,%H&S!%!S,%&
\>&T@",*!"a& &
X!&`!'d&H&)("$&.$0(*40!#&IMk9INH&X&N^9NEl&`&^9D^l&d&IE9DMl&
K,"0!.,(%+$a&
X42(%+9&X>&Y>K*!3>&P*,>&^IaIG^9DFNDH&U$70('9&L>&\6!#.>&X6(.>&]MaDE9&DFNG&C\,)(#&
.(+6'"+,*4./&
P@%+(","a& &
f0$6"9&L>&d#?>&X6(.>&Ik&a&DFIE9&DE^E&
\>&m4@.,*!"a&
*#,"+!0("&3(0&.(+!%$09&)>8>&D]IWD]kz9&"$0>&(%&!0*$6$09&7(%*(%$9&*0$#$8$#.$9&A+(#9&!*(+$%!9&
)#!*+,*>&,%"$0>&(%&!?4!H&&
'gG>&&12B21-"9/#2%#2+2!$&|X!&`!#d&H&)("$&.$0(*40!#&IMN9DkH&X&N^9DEl&`&^9Fkl&d&
IF9EMl{&)#,".!"&3(0&.(+!%$0&)>8&DDFz&
T!#.!*$0$?@!a& &
Y(0!;!%+(&.4"*40!#&C=('(#9&O+6%$)6!#.>&&P(!#*6&\"'*6$!*+>&_#4?"9&i>P>&U$-€+>&\#,%+>&d8>9&
DENM/H&!%+,*$%-40",$%!%+(&64.!%$&C\8(,88(#&,7,3>/H&12B21-"9/#2%#2+2!$3&
!%+,*$%-40",$%!%+(&64.!%$&C\8(,88(#&,7,3>/&
O"+!+4"&R(?!0a&&
P4"+!%*,!&%$&*$%+#$0!3!&
&
&
&
&
&
&
&

&
&
k]F&
&
&
''>&9,%+$c"!$&
|=(#*S&j%3(V&DDaNIIG{&
P,%B%,.$"a& &
1*,3$&C W!.,%$WI9]W3,6,3#$WIW$V$W^W$V!2$0!*A+,*$H&1*,3$&C W!.,%$WIW$V$WkW$V!2$0,%W^W
!*A+,*$H&=4"*!2$%&
\>&T@",*!"a& &
X&`#<"d'&H&)("$&.$0(*40!#&D^F9DDH&X&]M9EFl&`&]9F]l&<&DM9MIl&d&kG9kFl&
K,"0!.,(%+$a& &
O4?"+(#9&J(+>&&R(++>&DFD]9&DEN^&CK.!%,+!&.4"*!#,!/H&d++9&%$&)470,*!3$&CK.!%,+!&)!%+6(#,%!/&
P@%+(","a&
U+69&`(0->&&X6,.>&&K*+!&^Ga&D]M9&DENMH&X6,0+$%9&%$&)470,*!3$&C+#!%")$",*,B%&3(0&1*,3$&
,7$+1%,*$&,%34*,3!&)$#&0!&042/&
\>&m4@.,*!"a&
*#,"+!0("9&3("*>&)$#&(%*,.!&3(&0$"&DEGz9&"$0>&(%&!?4!&
T!#.!*$0$?@!a&
!*+,-,3!3&64.!%!&3("*$%$*,3!&)(#$&)#("(%+!&4%!&3(7,0&!*+,-,3!3&(%&0!"&)#4(7!"&
%(4#$54@.,*!"&CR!%+6$#%9&P(!#0(&X$>9&+#!7!;$&%$&)470,*!3$/&
O"+!+4"&R(?!0a&&
P4"+!%*,!&%$&*$%+#$0!3!&
&

&
&
')>9,%+29"5&
|=(#*S&j%3(V&DDaNIID{&
P,%B%,.$"a& & &
^WC!.,%$.(+,0/W]W|IH{W,"$V!2$0$%!H&]W6,3#$V,W^W!.,%$.(+,8,"$V!2$0H&K?!#,%H&)!%+(#,%!H&
.4"*,.$0(&
\>&T@",*!"a& &
X'`#<"d"H&)("$&.$0(*40!#&DDk9DG&X&kI9DGl&`&^9]Gl&<&Ik9^^l&d&IF9G^l&
K,"0!.,(%+$a&
d%3!9&X6(.>&\6!#.>&&Q400>&L)%>DIaM^D9&DENk&CK.!%,+!&)!%+6(#,%!/H&Q$g3(%9&J(+&R(++>&MIM9&
DEN^H&O4?"+(#9&`(0->&&X6,.>&K*+!&kFaEDG9&DEN^&CK>&=4"*!#,!/&
P@%+(","a& &
U!?%(4V9&J(+>&&R(++>&IGMM9&DEN^H&c(0*69&P'%+6>&&X$..>&DIa&DGFE9&DEFIH&d++9&\6'",$0>&&X6(.>&&
\6'">&Ma&]FD9&DEM^&C!&)!#+,#&3(0&1*,3$&,7$+1%,*$/&
\>&m4@.,*!"a&
*#,"+!0("&3(0&.(+!%$0r!?4!9&)>8>DMkWDM^z&C3("*>/9&.4'&"$0>&(%&!?4!H&*#,"+!0("&("+#(00!3$"&3(0&
!?4!9&)>8>D^^WD^Nz&
T!#.!*$0$?@!a&
)",*$!*+,-$&!&3$","&3(&D^&.?&Cc!"(#9&O+6%$)6!#.>&&P(!#*6&\"'*6$!*+>&&_#4?"9&i>P>&U$-€+>&
\#,%+>&d88>9&DENM/H&(%+($?A%,*$&!&3$","&3(&IG&.?&Cd++9&%$&)470,*!3$/&
O"+!+4"&R(?!0a&&
P4"+!%*,!&%$&*$%+#$0!3!&
&

&
&
&
k]E&
&
':>&92-2%#2+2!$&
&|=(#*S&j%3(V&DDa&NIkMH&-A!"(&\j`fKR&<z>D^M{&
P,%B%,.$"a& &
kW.(+$V,WNWCIW)#$)(%,0/WD9]W7(%2$3,$V$0H&^W!0,0W0W.(+$V,WI9]WC.(+,0(%3,$V,/W7(%*(%$&
\>&T@",*!"a& &
X!!`!"d$&H&)("$&.$0(*40!#&DEI9IIH&X&NF9M]l&`&N9IEl&d&Ik9EMl&
K,"0!.,(%+$a&
\$g(#9&L>&X6(.>&P$*>&EDaIG]M9&DEGMH&P640?,%9&<!+4#(&DEMa&]ME9&DEN]&C='#,"+,*!&8#!?!%"/&
P@%+(","a& &
J#,S$;4"9&<!+4#(&Dka&DGDN9&DE]EH&c4089&L>&X6#$.!+$?#>&DNDa&IMD9&DEMF&
\>&m4@.,*!"a&
!*(,+(&,%*$0$#$&)+$>(7>&DM]z9&"$0>&(%&A+(#9&7(%*(%$&
T!#.!*$0$?@!a&
)",*$+#B),*!&!&3$","&3(&kGG&.?&CP640?,%9&<!+4#(&IDGa]FG9&DENNH&P640?,%9&J#4,++9&
O+6%$)6!#.>&&P(!#*6&\"'*6$!*+>&_#4?"9&i>P>&U$-€+>&\#,%+>&d88>9&DENM/&
O"+!+4"&R(?!0a&&
P4"+!%*,!&%$&*$%+#$0!3!&
&
&
&
&
&
'h>&!2+"#2!$&
|=(#*S&j%3(V&DDaNk]k{&
P,%B%,.$"a& &
]WC0W.(+,0WIW),##$0,3,%,0/),#,3,%!H&0W.(+,0WIWC]W),#,3,0/),##$0,3,%!H&<,S$+,%H&<,*$#(++(H&<,*$3(#.&
\>&T@",*!"a& &
X!(`!'<"H&)("$&.$0(*40!#&DNI9I]H&X&Mk9G]l&`&F9MGl&<&DM9IMl&
K,"0!.,(%+$a&
U!++(#.!%%9&R!7$#!+$#'&=(+6$3"&$8&d#?!%,*&X6(.,"+#'9&<(g&q$#S9&DE]M&
P@%+(","a& &
\,%%(#9&Q(#>&_(4+>&X6(.>&&U("(00>&INa&IEk9&DFE]&
\>&m4@.,*!"a&&
0@54,3$&!*(,+$"$&)+$>&(7>&IkMz9&"$0>&(%&!0*$6$09&*0$#$8$#.$9&A+(#9&A+(#&3(&)(+#B0($9&*#,"+!0("&
3(&+!#+#!+$&3,6,3#!+$&)>8>&EGz9&"$0>&(%&!?4!9&!0*$6$0&
T!#.!*$0$?@!a& &
U$""(0,%9&X0,%>&J$V,*$0>&X$..(#>&\#$3>&c,00,!."&v&c,0S,%"9&DEMNH&c,07(#+9&J$7!**$&v&
P6!.!%,".&,%&P>&K.(#>9&q!0(&i%,->&\#(""9&DEFM&
O"+!+4"&R(?!0a&
P4"+!%*,!&*$%+#$0!3!>&81#.!*$&*$%&#(*(+!&
&
&

kkG&
&
&
';>!"-4$/"+2%#2!$&
P,%B%,.$"a& &
("+(#3,6,3#$?(%$8$"8!+$&3(&]W!.,%$(+,0WDHW,%3$0WkW$0H&kW8$"8$#,0$V,+#,)+!.,%!H&7,"W
3(".(+,0)",0$*,7,%!H&<$#7!($*'"+,%&
\>&T@",*!"a& &
X!(`!$<"d'\H&)("$&.$0(*40!#&I^N9IGH&X&kN9FFl&`&^9DDl&<&DG9E]l&d&Ik9EFl&\&DI9GEl&
K,"0!.,(%+$a&&
R(4%?9&L>&\6!#.>&P*,>&^Ma&DNNM9&DENF&C\",0$*'7(&7!($*'"+,"/&
P@%+(","a& &
J#$V0(#9&`(0->&&X6,.>&K*+!&kIa&IGM]9&DE^EH&Q#(%%(,"(%9&K#*6>&\6!#.>&]IDa& kFM9&DEFF&
C7!($*,"+,%!/&
\>&m4@.,*!"a&&
*#,"+!0("&3(0&.(+!%$09&)>8>DFFWDEIz9&"$0>&(%&!?4!9&.(+!%$0&
T!#.!*$0$?@!a&
3("*$%$*,3!"9&)#$7!70(.(%+(&"(&3("8$"8$#,0!&%$'A%A1&!&kW6,3#$V,+#,)+!.,%!9&4%&)#$7!70(&
(%+(B?(%$&CX(#0(++,9&K3->&\6!#.!*$0>&NQa&I]]9&DENF/&
O"+!+4"&R(?!0a&&
",%&*0!",8,*!#&)(#$&)$+(%*,!0.(%+(&*$%+#$0!3!&*$.$&!%10$?$&&
3(&0!&)",0$*,7,%!&(%&0$"&OOii&
&
&

&
&
&
&
'j>&.%25"+2!$&
|=(#*S&j%3(V&DDa&MEkD{&
P,%B%,.$"a& &
]W|IWC3,.(+,0!.,%$/(+,0{WDHW,%3$0WkW$0H&kW6,3#$V,WN9NW3,.(+,0+#,)+!.,%!H&\",0$*,%H&)",0$*'%&
C$#+$?#!8@!&0(?!0&(54,-$*!3!/&
\>&T@",*!"a& &
X!"`!#<"dH&)("$&.$0(*40!#&IGk9IMH&X&MG9^Nl&`&M9EGl&<&D]9MDl&d&M9F]l&
K,"0!.,(%+$a&
`$8.!%%9&OV)(#,(%+,!&Dka&DGM9&DE^F&C\",0$*'7(&.(V,*!%!/H&R(4%?9&D&\6!#.>&P*,>&^Da]E]9&
DENI&C3(+>&(%&\",0$*'7(&7!($*'"+,"/&
P@%+(","a& &
`$8.!%%9&`(0->&&X6,.>&&K*+!&kIa&D^^M9&DE^EH&P!%3$2&R+3>&)!+(%+>&!0(.!%!&D>GFM>]ID9&DENG&
\>&m4@.,*!"a&
01.,%!"&3(0&.(+!%$09&)>8>&DM]WDMNz9&0,?(#!.(%+(&"$0>&(%&!?4!9&"$0>&(%&.(+!%$09&(+!%$09&
*0$#$8$#.$&
T!#.!*$0$?@!a&
(%+(B?(%$&)$#&(%*,.!&3(&0$"&N&.?9&IWk&.?&("&0!&3$","&4.7#!0&CZI^&.*?&RP_/&CK7#!."$%9&
i"(&$8&RP_&,%&\"'*6$+6(#>9&
Q$77"&=(##,009&DENM/&
O"+!+4"&R(?!0a&&
P4"+!%*,!&*$%+#$0!3!&
&
&
&
&
&
&
kkD&
&
&
'k>.%25"+242!$&
|=(#*S&j%3(V&DDa&MEkI{&
P,%B%,.$"a& &
("+(#3,6,3#$?(%$8$"8!+$&3(&]W|IWC3,.(+,0!.,%$/(+,0{WDHW,%3$0WkW$DH&j%3$*'7,%H&XqW]EH&
\",0$*'7,%H&GW8$"8$#,0WkW6,3#$V,WN9NW3,.(+,0+#,)+!.,%!&
\>&T@",*!"a& &
X!"`!%<"d'\H&)("$&.$0(*40!#&IFk9IMH&X&^G9MGlH&`&N9G]l&<&E9FNl&d&II9^Dl&\&DG9EGl&
K,"0!.,(%+$a&
`$8.!%%9&OV)(#,(%+,!&Dka&DGM9&DE^F&C\",0$*'7(&.(V,*!%/H&`!+8,(03&R0$'3,!&kDa&DkG9&DEMF&
CU'.%$),04"&-!0,3,)("/&
P@%+(","a& &
`$8.!%%9&`(0->&&X6,.>&&K*+!&kIa&D^MM9&DE^EH&P!%3$2&R+3>&)!+(%+>&!0(.!%!&D>GFM>]ID9&DENG&
\>&m4,.,*!"a& &
*#,"+!0("&3(0&!?4!&6,#-,(%+(9&)>8>&IIGWIIFz9&3(0&.(+!%$0&6,#-,(%+(&)>8&DF^WDE^z9&"$0>&(%&!?4!&
6,#-,(%+(9&.(+!%$0H&,%"$0>&
(%&7(%*(%$9&*0$#$8$#.$&
T!#.!*$0$?@!a&
(%+($?A%,*!&)$#&(%*,.!&3(&0$"&DG&.?&C_(0!'9&X&Y&K*!3>&&P*,>&IkMa&DI]^9&DE^F/H&3$","&4.7#!0&
]9k&.?&CK7#!."$%9&i"(&$8&RP_&,%&\"'*6$+6(#>9&Q$77"&=(##,00&DENM/&
O"+!+4"&R(?!0a&&
P4"+!%*,!&*$%+#$0!3!&
&

&
&
&
&
&
)l>&%$7-"5&
|=(#*S&j%3(V&DDa&FIFMH&-A!"(&\j`fKR&<z>D^M{&
P,%B%,.$"a& & &
^WCIW)#$)(%,0/WD9]W7(%2$3,$V$0H&.(+,0(%&A+(#&3(0&!0,0*!+(*$09&"!8#$0(&
\>&T@",*!"a& &
X!(`!(d"&Y&)("$&.$0(*40!#&DNI9DFH&X&Mk9G^l&`&N9IIl&d&DE9M]l&
K,"0!.,(%+$a&
\$g(#9&L>&X6(.>&P$*>&EDa&IG]M9&DEGMH&Q(;%!#$g,*29&L>&\6!#.>&&P*,&^]a& EFF9&DEN]&C='#,"+,*!&
8#!?!%"/&
P@%+(","a& &
%$&"(&6!&*$.4%,*!3$&%,%?4%!&
\>&m4@.,*!"a&&
!*(,+(&0,?(#!.(%+(&!.!#,00$&)+$>&(7>&I]IWI]kz9&"$0>&(%&!0*$6$09&A+(#9&*0$#$8$#.$9&,%"$0>&(%&
!?4!&
T!#.!*$0$?@!a&*$%"+,+4'(%+(&)#("4%+!.(%+(&)",*B+#$)$&3(&0!&%4(2&.$"*!3!&CP640?,%9&
O+6%$)6!#.>&&P(!#*6&\"'*6$!*+>&_#4?"&i>P>&U$-€+>&&\#,%+>&d88>9&DENM/&
O"+!+4"&R(?!0a&&
P4"+!%*,!&%$&*$%+#$0!3!H&*!#*,%B?(%$&CjKYX&=$%$?#!)6"&DGa&I]D9&DEMN/&
&
&

&
kkI&
&
&
)=>&%$5<2!"-2!$&$&
P,%B%,.$"a& &
3,-,%$#,%!&K&
\>&T@",*!"a& &
X"$`")d)H&)("$&.$0(*40!#&k]I9kMH&X&N]9FFl&`&N9^]l&d&IE9Nl&
K,"0!.,(%+$a&
d#+(?!9&L>&X6(.>&&P$*>&DaI^G^9&DEFIH&:!03A"9&L>&d#?>&X6(.>&kEa&kMDN9&DEFk&CP!0-,!&
3,-,%$#4./&
P@%+(","a& &
%$&"(&6!&*$.4%,*!3$&%,%?4%!&*$%8,?4#!*,B%&f$#((3!9&X6(.>&R(++&IGD^9&DEEG&
\>&m4@.,*!"a&&
*#,"+!0("&$#+$#B.7,*$"&,%*$0$#$"&3(0&.(+!%$09&)>8>&I]FWIkGzH&IkIWIkkz&3(0&(+!%$0H&&
)=G>&&%$5<2!"-2!$&4&|3,-,%$#,%!&QH&X"!`"#d%H&)("$&.$0(*40!#&]EG9I]H&X&Nk9^Fl&`&N9MDl&d&
IF9MGl{&*#,"+!0("&3(0&.(+!%$09&)>8>ID]WIDNzH&("+(#($54@.,*!a&f$#((3!&X6(.>&R(++>&
IGD^9DEEG&
T!#.!*$0$?@!a& &
(8(*+$&"(3!%+(&(%&#!+$%("H&C:!03A"9&L>&d#?>&&X6(.&kEa&kMDN9&DEFk/H&(%+($?A%,*!&(%&0$"&
"(#("&64.!%$"&!&3$","&"4)(#,$#("&!&IGG&.*?&84.!3$"&CP,(7(#+9&L>&O+6%$)6!#.&k]a^]9&
DEEk/H&%$5<2!"-2!$&4&,%!*+,-!&(%&0$"&(%"!'$"&*$%&#!+$%(">&
O"+!+4"&R(?!0a&&
"4"+%*,!&%$&*$%+#$0!3!&
&
&

&
&
&
&
)g>& /%+"."5$92!$&
|=(#*S&j%3(V&DDa&F]ND{&
P,%B%,.$"a& & &
|MCP/WC0 9I 9k 9^C 9M /{W WC6,3#$V,.(+,0/8(%,0!*(+!+$&3(&EW.(+,0W]W$V!WEW!2!+#,*,*0$W
|]>]>D>GI>k{%$%WMW,0$H&6,$"*,%!9&P*$)$3(#.&=H&J#!%"3(#.W:9&P*$)$0!.,%H&`'$"*,%&
\>&T&@",*!"a&
X!%`"!<d'H&)("$&.$0(*40!#&]G]9]^H&X&NM9]D&`&N9EFl&<&k9NIl&d&ID9DGl&
K,"0!.,(%+$a&&
R!3(%74#?9&R,(7,?€"&K%%>&&X6(.>&IGNa&IMk9&DFFD&C_!+4#!9&P*$)$0,!&"))>/H&X6(.%,+,4"9&L>\#!S+&
X6(.&DIGa&IID9&DEIF&
P@%+(","a& &
T$3$#9&X6(.>&v&j%34"++'&MNk9&DE^NH&_$7$9&L>&X6(.>&&P$*>&]kND9&DE^E&
\>&m4@.,*!"a&&
0@54,3$&-,"*$"$9&.$%$6,3#!+$&*#,"+!0("&)>8>&^Ez9&"$0>&(%&!?4!9&!0*$6$09&A+(#9&*0$#$8$#.$9&
!*(+$%!H&6,3#$7#$.4#$&+#,6,3#!+$&)>8>&DE^z9&"$0>&(%&!?4!9&!0*$6$0&
T!#.!*$0$?@!a& 3(0,#B?(%!&C`(,.!%%9&_,(&P*$)$0!.,%g,#S4%?9&P>&f!#?(#9&DE^I/&
O"+!+4"&R(?!0a& &
P4"+!%*,!&*$%+#$0!3!9&81#.!*$&*$%&#(*(+!&
 &
&
&

&
&
&
&
kk]&
&
&
)'>&/%+"."5/#2!$&
&
|=(#*S&j%3(V&DDa&F]N]{&
P,%B%,.$"a& & &
MW6,3#$V,WNW.(+$V,WIHWDW7(%2$),#!%WIW$%!H&MW6,3#$V,WNW.(+$V,*4.!#,%!H&1*,3$&
*#,"!+#B),*$H&1*,3$&?(0"(.@%,*$H&("*$)$0(+,%!&
\>&T@",*!"a& &
X!(`)d'H&)("$&.$0(*40!#&DEI9DNH&X&NI9^Gl&`&k9IGl&d&]]9]Gl&
K,"0!.,(%+$a&&
O'S.!%9&Q(#>&_(4+>&X6(.>&U("(00>&DMjjjakkI9&DFFkH&P*640+("9&Q$+>&v&X6(.>&$8&6!004*,%$?(%"9&
X>X&J6$.!"9&DEFG&CQ#4%8(0",!&?#!%3,80$#!/&
P@%+(","a& X#$"7'&L>&d#?>&X6(.>&INaDID^9DEND&
\>&m4@.,*!"a&&
!?4;!"&$&)#,".!"&3(0&1*,3$&!*A+,*$&$&*0$#$8$#.$&)>8>&IGkz9&"$0>&(%&!0*$6$0&*!0,(%+(9&1*,3$&
!*A+,*$&*!0,(%+(9&*0$#$8$#.$9&0,?(#!.(%+(&"$0>&(%&!?4!9&!0*$6$0&
T!##%!*$0$?@!a&
!*+,-,3!3&)",*$8!#.!*$0B?,*!&(%&#!+$%("&CP*640+("9&Q$+>&!%3&X6(.>&$8&6!004*,%$?(%"9&X>&X>&
=$.!"9&DEFG/H&8!##%!*$0$?@!&64.!%!&3("*$%$*,3!&
O"+!+4"&R(?!0a&P4"+!%*,!&%$&*$%+#$0!3!&
&
&
&

&
&
))>&#$4/-!$!#2!$&
|=(#*S&j%3(V&DDa&EGGGD&
P,%B%,.$"a& & &
D]W.(+$V,,7$?!.,%!H&J!7(#%!%+6,%&
\>&T@",*!"a& &
X"(`"#<"dH&)("$&.$0(*40!#&]DG9kIH&X&MM9]Fl&`&F9kkl&<&E9G]l&d&^9D^l&
K,"0!.,(%+$a&&
_(0$4#.(W`$43A9K%%>&&\6!#.>&T#!%0>ka]G9DEkN&CJ!7(#%!%+6(&,7$?!/H&_,*S(09&L>&K.>&X6(.>&&
P$*>&FGaDI]9DE^F&CJ!7(#%!(.$%+!%!9&P+(..!3(%,!&"))>/&
P@%+(","a&&
Q!#+0(++9L>K.>&X6(.>&&P$*>&FGaDIN9&DE^F&C("+#4*+4#!/&
\>&m4@.,*!"a&&
!?4;!"&3(0&(+!%$0&)>8>ID]9^WID^z9&"$0>&(%&!0*$6$09&7(%*(%$9&A+(#9&(0$#$8$##%$9&)#!*+>&,%"$0>&
(%&!?4!H&6,3#$*0$#4#$&)>8>&IDGz9&"$0>&(%&!?4!&
T!#.!*$0$?@!a&
("+,.40!%+(&3(0&P<X&Cp(+0(#9&K#2%(,.,++(0WT$#"*6>&Dka&DIMM9&DENk/H&(8(*+$&",.,0!#&!0&3(&0!&
,7$?!@%!&Cp(+0(#9&<>&P*6.,(3>&K#*6>&\6!#.>&INGaIN9DENF/&
O"+!+4"&R(?!0a&&
P4"+!%*,!&%$&*$%+#$0!3!&

'
kkk&
&
):>#/#-$B21-"+$!!$42!"5/%&
&
|=(#*S&j%3(V&DDa&EDkI{&
P,%B%,.$"a& & &
+(+#!6,3#$WN9N9EW+#,.(+,0W]W)(%+,0WNH:&3,7(%2$|29E{),#!%WDW$0H&J`XH&=!#,%$0&
\>&T@",*!"a& &
X"!`$(d"&H&)("$&.$0(*40!#&]Dk9k^H&X&FG9I&Dl&`&E9NIl&d&DG9DFl&
K,"0!.,(%+$a&
U!$%,9&L>&K.>&X6(.>&&P$*>&FNaDNkN9DENk&C !W]9kW+#!%"WJ`X/H&`,-(0'>&L>&K.>&X6(.>&P$*>&
FFaDF]I9&DENN&C ]9kW+#!%"WJ`X/&CX!%%!7,"&"))>/&
P@%+(","a& &
=(*6$40!.9&L>&K.>&&X6(.>&&P$*>&FEa&k^^I9&DENM9&!.7$"&CW/ !W]9&kW+#!%"WJ`X&'&CW/ W]9kW
+#!%"WJ`X&
\>&m4@.,*!"a&&
W]9kW+#!%"WJ`X&'& "W]9kW+#!%"WJ`X&"$%&"$0470("&(%&!*(,+("&)+$>&(7>&IGGz&
T!#.!*B0$?@!a& &
 #
WJ`X&("&)",*$!*+,-$&!&3$","&3(&]W^&.?&C=(*6$40!.9&T$+h*6#>&X6(.>&&d#?>&&<!+4#"+&I^a&
DM^9&DENM/H& "WJ`X&)",*$!*+,-$&)$#&(%*,.!&3(&0$"&G9I^&.?rS?&C=(*6$40!.9&=!#,;4!%!9&
K*!3(.,*&\#>9&DEM]/&
O"+!+4"&R(?!0a&&
P4"+!%*,!&*$%+#$0!3!&
&
&

&
&
&
&
&
)h>#,U"!/%&
|=(#*S&j%3(V&DDa&E]IN{&
P,%B%,.$"a& & &
kW.(+,0W0WC0W.(+e(+,0/7,*,*0$|]>D>G{W6(V!%W]W$%!H&]W+4;!%$%!H&!7",%+$0H&"!0-!%$0H&+!%!*(+$%!H&
"!0-,$0H&]W"!7,%$%!&
\>&T@",*!"a& &
X!$`!"dH&)("$&.$0(*40!#&D^I9I]H&X&MF9FEl&`&DG9^El&d&DG9^Dl&
K,"0!.,(%+$a&
U,03(.(,"+(#9&J6(&:$0!+,0(&d,0"9&\6!#.!*(4+>&&Y(->&\470>9&=,0g!4S((9&DEGG&CK+,(.,",!&
!7",%+6,4./&
P@%+(","a& &
f4+%('9&Q,$$#?>&X6(.>&Ma&IFE9&DEMFH&f4+%('&X!%>&&L>&X6(.>&^Ma&]Dk^9&DEME&
\>&m4@.,*!"a&&
!*(,+(&,%*$0$#$9& W+4;$%(&)+$>(7>&F]9FWFk9DzH& W+4;$%(&)+$>(7>&F^9MWFN>Iz9&)#!*+>&,%"$0>&(%&
!?4!9&"$0>&(%&!0*$6$09&A+(#9&*0$#$8$#.$9&!*(+$%!&
T!#.!*$0$?@!a&
K07(#+W\40($9&O*$%>&&Q$+&]IaN^9DEMFH&_(0&X!"+,00$9&<!+4#(&I^]a]N^9DEM^&
O"+!+4"&R(?!0a&
%$&*$%+#$0!3$"&*$.$&81#.!*$"&)(#$&"@&*$.$&!3,+,-$"&!0,.(%+!#@$">&
&
&
&
 &
&
&
kk^&
&
);>#9$(g&
|\j`fKR&<z>D^F{&
P,%B%,.$"a& &&
I9k9^W.(+$V,8(%,0,"$)#$),0!.,%!H&I9k9^W+#,.(+$V,!%8(+!.,%!&
\>&T@",*!"a& &
X!%`!&<d'H&)("$&.$0(*40!#&II^9IEH&X&N]9EFl&`&F9^Gl&<&N9IIl&d&ID9]Gl&
K,"0!.,(%+$a&
*$.)4("+$&!#+,8,*,!0&
P@%+(","a& &
P640?,%9&<!+4#(&DFEaDGDD9DENDH&P640?,%9&\j`fKR9&J#!%"8$#.&DEED&
\>&m4@.,*!"a&
6,3#$*0$%,#$&8,%$"&*#,"+!0("&70!%*$"9&)>8>&DFF9^WDFE9^zH&&
);G>&&#9$&&
|]9k9^W+#,.(+$V,!%8(+!.,%!H&OKWD]DEH&X!%`!&<d'H&)("$&.$0(*40!#&II^9IEH&X&N]9EFl&`&
F9^Gl&<&N9IIl&d&ID9]Gl{&6,3#$*0$#4#$&*#,"+!0("&70!%*$"9&)>8>DE^WIDDz&
T!#.!*$0$?@!a&
(%+($?A%,*!&)$#&-,!&$#!0&!&3$","&3(&IGWkG&.?&CP640?,%9&<!+4#(&DFEaDGDD9DENDH&P640?,%9&
\j`fKR9&J#!%"8$##%9&DEED/H&#9$&(%+($?A%,*!&!&3$","&3(&DGGWI^G&)$#&-,!&$#!0&CP640?,%9&
\j`fKR9&J#!%"8$#.9&DEED/&
O"+!+4"&R(?!0a& &
R!&#9$(g&("+1&*$%+#$0!3!&,%3,#(*+!.(%+(&*$.$&,"B.(#$&3(&0!&J=K&|\j`fKR&<z>D^M{&
&
&
&
&

&
&
 &
&
)j>m+21"&#-2+"5e92+"&
P,%B%,.$"a& & &
1*,3$&RW(+,+#$W W!.,%$W]W$V$W^W,"$V!2$0,3,%&!*A+,*$H&1*,3$&3,6,3#$,7$+A%,*$H&
_,6'3#$,7$+(%"~4#(H&J#,*6$0$.,"~4#(&
\>&T@",*!"a& &
X(`)<%d*&H&)("$&.$0(*40!#&DNG>D]H&X&]M>^Gl&`&^9Gkl&<&DM>kEl&d&]E>EMl&
K,"0!.,(%+$a&
J!S(.$+$9&q!S4?!S4&p!""6,&Fka&DDF]9&DENk&CJ#,*6$0$.!&.4"*!#,4./H&J!S(3!&R+3>9&)!+>&
;!)$%("!&NE&DN9]^k9&DENE&CJ#,*6$0$.$)","&#4+,0!%"/&
P@%+(","a& &
f!.,'!9&X6(.>&\6!#.>&&Q400>&L)%>DkaD]GM9DENNH&3(0&#!*(.!+$a&jg!"!S'&X6(.>&\6!#.>&Q400>&
L)%&D]a&M^]9&DEN^&
\>&m4@.,*!"a&
)#,".!"&3(0&.(+!%$0r!?4!9&)>8>&IGMz&C3("*>/9&"$0>&(%&!?4!9&#!*A.,*$&",%+A+,*$&)>8>&DE^WDEFz&
C3("*>/&
T!#.!*$0$?@!a&
,%"(*+,*,3!&CJ!S(.$+$9&q!S4?!S4&p!""6,&]]a&I^I9&DEND/H&!*+,-,3!3&%(4#$+BV,*!&!0&,?4!0&54(&
(0&1*,3$&,7$+1%,*$&CP6,%$2!S,9&Q#!,%&Y(">&Ika]NF9DEMG/&
O"+!+4"&R(?!0a&&&&&&P4"+!%*,!&%$&*$%+#$0!3!&
&

&
&
&
kkN&
&
)k>&<"$+$!62!$&
|=(#*S&j%3(V&DDa&EEkk9&:$!*!.,%!{&
P,%B%,.$"a& & &
("+(#&DIW.(+$V,,7$?!.,%!WDFW*!#7$V,0!+$&3(&.(+,0$H&.(+$V,*!#7$%,0,7$?!@%!H&:$!*!%?,%&
\>&T@",*!"a& &
X%%`%)<%d'H&)("$&.$0(*40!#&]NF9kFH&X&MD9MDl&`&M9NNl&<&M9NGl&d&D]9G]l&
K,"0!.,(%+$a&&
L!%$+9&X$.)+>&Y(%3>&&K*!3>&P*,>&IkGa&DMDE9&DE^^&C:$!*!%?!"&"))/H&U$##%!%9&L>&K.>&X6(.>&&
P$*>&FIaDDkI9DENGH&CJ!7(#%!(.$%+!%!&"))>/&
P@%+(","a& &
Q!#3(++&L>&K.>&X6(.>&P$*>&FGa&DIN9&DE^F&C("+#4*+4#!/H&c,%S0(#9&<!+4#g,"">&kFa&NEk9&DEND&
C3(?#!3!*,B%&1*,3!&3(&0!&-$!*!.,%!/&
\>&m4@.,*!"a&&
!?4;!"&)#,".1+,*!"&3(0&(+!%$0&)>8&D]NWD]Mz9&"$0>&(%&!*(+$%!9&*0$#$8$#.$9&0,?(#!.(%+(&"$0>&
(%&(+!%$09&.(+!%$0&
T!#.!*$0$?@!a&
("+,.40!%+(&3(0&P<X&Cp(+0(#9&K#2%(,.,++(0WT$,"*6>&DkaDIMM9&DENk/H&(8(*+$&",.,0!#&!0&3(&0!&
,7$?!@%!&Cp(+0(#9&<>&P*6.,(3>K#*S>\6!#.>&ING&aIN9DENF/&
O"+!+4"&R(?!0&
P4"+!%*,!&%$&*$%+#$0!3!&
&

&
&
&
&
:l>?$!6"!2!$&
|=(#*S&j%3(V&DDa&DGGGD{&
P,%B%,.$"a& & &
kW.(+$V,WNW|IWCkW.(+$V,8(%,0/(+(%,0{WIHW),#!%WIW$%!&
\>&T@",*!"a& &
X!(`!*d*H&)("$&.$0(*40!#&I^F9INH&X&NE9MNl&`&^9kNl&d&Ik9MFl&
K,"0!.,(%+$a&
c.26(#.(#9&<>&P*6.,(3>&&K#*6>&&\6!#.>&IkNa]]F9&DEGF&C\,)(#&.(+6'"+,*4./H&P6,7!+!9&Q400>&
X6(.>&P$*>&L)%>&k^aE]G9&DEMI&CY!%4%*404"W54(0)!(#+(%","/&
P@%+(","a& &
`!##,"9&La&d#?>&X6(.>&]]a&I]EE9&DENFH&Q!*!#3,+9&L>&`(+(#$*'*0>&&X6(.>DEaD^M9DEFI&
\>&m4@.,*!"a&&
*#,"+!0("&3(0&.(+!%$09&)>8>&D^^WD^Mz9&"$0>&(%&(+!%$0&*!0,(%+(9&1*,3$&!*A+,*$9&!*(+!+$&3(&(+,0$9&
!*(+$%!9&)#!*+>&,%"$0>&(%&!?4!&
T!#.!*$0$?@!a& &
#(0!;!%+(&.4"*40!#&C=('(#9&O+6%$)6!#.!*$0$?,*&P(!#*6&8$#&\"'*6$!*+,-(&_#4?"9&i>P>&U$-+>&&
\#,%+,%?&d88,*(9&DENM/&
O"+!+4"&R(?!0a&
P4"+!%*,!&%$&*$%+#$0!3!&
&
 &
&
kkM&
&
!
&
&
&
&

&
&
&
!"#$%&'()%)
&$%&'()*+,-$&')

&

&
&
!25&#'.+#$E%31/%#'C=!#+>/&P!%3>W&IDG9INN&
!8#8%#'2#%/*,#$#'T>&-$%&=4(00(#&W&I^N&
!8#8%#'81"(/#$#&#'K>&X4%%>&W&I^N&
!8#8%#'81$350#'=(##>WI]E&
!8#8%#'"#%E*$%%'T>&-$%&=(400(#WI]E&
!8#8%#'$%1(1'-$%&`4.7$03+WDND&
!8#8%#'$52%8#'Q(%+6!.&W&I]E&
!8#8%#'()/*21(),//#'T>&-$%&=4(00(#&W&I]E&
!8#8%#'(1/,#8#$&)#'c,003(%$g&W&I]E&
!8#8%#'0*$*.#/'CR>/&c,003(%$g&W&I]E&
!8#8%#'0%"(/%8%31/%#'_#4*(WI]E&
!81$%&5"'$#(*//50'R>WDED&
!81+50'#"*+%8#$50'CY!8>/&Y!8,%("54(W]ND&
!81+50'8#/#"50'R>W&]^E&W&]ND9&]FN9&kI]&
!81+50'.+#"%$*50'K>''P$0!%3&W&]^E&
!8+*"1$%""'/1&%#*'R!+*6>9&X6#>&O+&P!.4(0"WD^G9&D^^&
!8+*"1$%5"'0(-:D^G9D^]&
!8&%$%E%#'#+.5&#'CP,(7>&(+&p4*>/&=!V>W&kGM&
!8&%$%E%#'B1/1"%B&#'CY4)#>&(+&=!V,.>/&=!V,.>WkGM&
!8&%$%E%#'(1/,.#"#'CP,(7(#&(+&p4**!#,%,/&
=!V,.>&W&kGM&
!E)#&1E#'A#0%8#'<(("':IGG&
!.#+%850'2%0(1+50'CR!%?(/'P,%?(#&WIE^9IEF9]GI&
!.#+%850'")>&W&D]M9&IFG&
!.#A*'")>&W&FD9&EE9&]k^&
!.+18,2*'3#+%$#8*#'`$%?$WIEI9&]Gk9&]GF&
!.+18,2*'0*"%1+2%85/#+%0''CP+>&&K.!%"/&T!'$3WIEI&
!/8)1+$*#'8#0&#$#*31/%#'Cc,003(%$g/&L4"+>&IDI9&IN^9]EN&
!/8)1+$*#'3/1+%25$E#'=4(0>WK#?WIDI9&]EN&
!/0&1$%#'W&")>W&]NF&
!/0&1$%#'A*$*$#&#'Y>&Q#$g%&W&k]^&
!/&*+$#$&)*+#'/*)"#$$%%'`,(#$%'.4"&W&IDG9&INk9&]EM&
!/&*+$#$&)*+#'")>&W&IDN&
!"#$%&#'2%0(1+%.*+#'K+S,%"$%&W&]]]&
!"#$%&#'8#*0#+*#'CT#,("/&P*6g(,%,+2&W&]]]&
!"#$%&#'8%&+%$#'CP*6!(88(#/&U#!'&W&DFE&
!"#$%&#'81&)5+$#&#'K+S,%"$%W]^I&
!"#$%&#'.*""#&#'CT#>/&U,00(+&W&]I]9]^IW^&
!"#$%&#'"#((#'CQ!+>&(V&R!">/&m4A0>WDFE&
!"#$%&#'"*T%8#$#'Y(S$'%$.>&%43W]I^&
!"#$%&#'"508#+%#'CR>&(V&T#,("/&\(#"$$%&(V&U#!'&W&N]9DFE9DEM9DEE9IkF9I^F9IEG9&IEk9&]DE9&
]]F9&]kG9&]kD9&]kI9&]k^9&]kE9&]^I9&]^^9&]NG9&k]]9&k]E&
!"#$%&#'"508#+%#'-!#>&#/2#&C\(*S/&P!**!#3$&W]I]9]]E9]^I&
!"#$%&#'"508#+%#'-!#>&31+"10#&CT#,("/&P!**!#3$W]I]9]]E9]^I&
!"#$%&#'"508#+%#'A#+-'"*T%8#$#&Y(S$&$1"*$'$5E5"'W&]I^&
!"#$%&#'18+*#&#'\(*S&W]]]&
!"#$%&#'4#$&)*+%$#'C_X>&(V&T#>/&P(*#>WDFE9&IEG9&]IG9&]IDWM9&]IEW]]9&]]M9&]kFWE9&]N]W^9&k]E&
kkE&
&
!"#$%&#'4#$&)*+%$#'-!#'"5/&%0\5#"10#&C\(*S/&L(%S,%"&W]Ik9&]^I&
!"#$%&#'()#//1%E*0'C:!,00!%+&(V&T#,("/&P(*#(+!%&WDGk9&DFE9&]]]&
!"#$%&#'(1+(),+%#'CK07(#+,%,&(+&P*6g(,%,+2&(V&T#,("/&P(*#(+!%&WDFE&
!"#$%&#'")>WIE9&IEG&
!"#$%&#'&*$5%31/%#'C=4##,00/&=4##,00W]]]&
!"#$%&#'&1"*$&*//#'f#$.76$02&WDFE&
!"#$%&#'0&+12%/%31+"%0'C\!40>/'m4A0(+&WIEG9&]]]9]]M9]^IW^9k]]&
!"#$%&#'052#//%#8*#'C=4##,00/&=4##>W]]]&&
!"#$%&#'A*+$#'CQ400,!#3&(V&T#,("/&\(#"$$%&(V&:,++!3,%,&W]]]&
!"#$%&#'A%+10#'P(*#(+!%W]]]&
!"#+#$&)50'0(%$1050'R>W]EM&
!"01$%#'&#2*+$#*"1$&#$#'c!0+>WI^N&
!$#E*$#$&)*+#'81/52+%$#'C:(00$2$/&Q#(%%!%&WDND9DNk&
!$#E*$#$&)*+#'81/52+%$#'C:(00$2$/&Q#(%%!%&-!#>&8^2%/'CU#,"(7!*6/&K0+"*640WDND&
!$#E*$#$&)*+#'*T8*/0#'U#,"(7!*6WDNk&&
!$#E*$#$&)*+#'(#$%85/#&#'CQ(%+6!.P&K0+"*640&DNk&
!$#E*$#$&)*+#&(#+#.5#,*$0%0&CR,%3.!#*6&(V&Q(%+6!./&K0+"*640WDNk&
!$#E*$#$&)*+#'(*+*.+%$#'CR>/&P)(?!22,%,&W&DG]9D^E9DND9DNk9I^F9&kIk9&kIN&
!$#E*$#$&)*+#'(*+*.+%$#'CR>/&P)(?!22,%,&-!#>'3#/8#&#'CQ(%+6!./&K0+"*640&WDNk&
!$#E*$#$&)*+#'+%B%E#'CQ(%+6!./&K0+"*640&WDND9DNk&
!$#E*$#$&)*+#'")>WDND9DNk9DNE9DMI9DMk9&
DME9II^9I]E9]MD9]EG&
!$#E*$#$&)*+#'A%+%E%3/1+#'CQ(%+6!.&(V&f4%+6/&K0+"*640WDNk&
!$.*/%8#'")>&W&]FN&
!$)#/1$%5"'/*=%$%%'`(%%>W&EF9&DGG9&DGF&
!$)#/1$%5"'=%//%#"0%%'CR(.>/&Y4.)>W&EF9&DGG&
!$&)18*+8%0'")>&W&]NM&
!$&)1E%0850'(%/1050'_4*S(WINk&
!$&)1&+18)*'0(-:lfQ&
!(18,$5"'8#$$#2%$5"'R>W&I^N&
!+8&10&#(),/10'#/(%$#':]EN&
!+8&10&#(),/10'(5$E*$0'`Qf&W&]EM&
!+8&10&#(),/10'5A#:5+0%'CR>/'P)#(%?(#W]EM9&kGE&
!+*8#'8#&*8)5'R>WDGk9&]MN&
!+.,+*%#'#85&#'WD^]&
!+.,+*%#'2#+$*0%%'C=(##>/'d$"+"+#$$.&WD^]&
!+.,+*%#'8#(%&#&#'C:!60/&X6$,"'&WD^M&
!+.,+*%#'85$*#&#'Cc,03>/&f(#WU!g0WD^]&
!+.,+*%#')#%$#$*$0%0':D^]&
!+.,+*%#'/5C1$*$0%0'C`!00>&3%/-/&d$"+"+#&WD^]&
!+.,+*%#'"#%$.#,%'CX0!#S/&`$$?0>WD^M&
!+.,+*%#'"1//%0'CQ4#.!%&3%//&X6$,"'&WD^]&
!+.,+*%#'$*+A10#'CQ4#.!%&3%//&Q$;(#WDID9&DIF9D]]9D^]&
!+.,+*%#'12&50%31/%#'R$4#(,#$WD^]&
!+.,+*%#'()%/%((%$*$0%0'KF*++%//P'd$"+>WD^]&
!+.,+*%#'0(*8%10#':D^]&
!+.,+*%#'0(/*$E*00'C`$#%(./&Pg((+&WD^]&&
!+.,+*%#'=#//%8)%'X6$,"'&WD^]&
!+%18#+(50'#.#A1%E*0'CX!"+>/'K%3>WDGG9&DIE&&
!+%18#+(50'3%005+#&50'CO%?(0.!%%/&P*64.!%%&WDGG9&]EG9&]E]&
!+%18#+(50'B1&08)152*,#$50'CR(.!,#(/&P*64.!%%&WDGG9&]EG&
!+%18#+(50'+*&5050'P*6(,3g(,0(#&WDGG&
!+%18#+(50'08#()#+10&+50'Q$(3(S(#&WDGG9&]EG&
!+%18#+(50'&+%.1$50'Cc(7>/&P*64>WDGG9&]EG&&
!+%18#+(50'=%//%#"0%%':$""WEF&
!++%0&1/18)%#'")>WIG]9&IG^&
!+"#&18*+*50'/#*/50'C`Qf/&Q!*S(7>&W]EG&
!+"%//#+%*//#'"*//*#'CT#,("/&f!#"+(%&WIED&
!+&*"%0%#'#2+1&#$5"'R>Wlee&
!+&*"%0%#'#20%$&)%5"'R>WD^I9]G]9]F^WFN9&kk^&
!+&*"%0%#'8#*+5/*08*$0'R>&"47")>&.#/&%8#&Cc,003(%$g/&\(#"$$%W]FM&
!+&*"%0%#'8#++5&)%%'c$$3&W&]FM&
!+&*"%0%#'8%$#'Q(#?,4"&W]FM&
!+&*"%0%#'E+#85$85/50'R>&W&]FM&
!+&*"%0%#'E52%#'c!00,*6&(V&Q(""(#&W&]FM&'
!+&*"%0%#'3+%.%E#'c,003(%$g&W&]FM&&
!+&*"%0%#'%$E%8#'c,003(%$g&W&]FM&&
!+&*"%0%#'/5E1A%8%#$#'<4++!00&W]FM&&
!+&*"%0%#'/5E1A%8%#$#'<4++!00&"47")>&"*T%8#$#'Cc,003(%$g/&f(*SW]FF&&
!+&*"%0%#'"*T%8#$#'c,003(%$g&W]FM&&
!+&*"%0%#'$%/#.%+%8#'CX0!#S(/&\!.)>W&]FM9]FF&
!+&*"%0%#'")>W]F^&
!+&*"%0%#'&%/*0%%'R(3(7>W]FM&
!+&*"%0%#'&+%E*$&#&#'o<4++!00&W]FM&
!+&*"%0%#'A5/.#+%0'R>W]FM&
!+5$E1'E1$#T'R>WI]F9&I^N&
!0#+5"'#+%31/%5"'R>W]^E&
!0#+5"'*5+1(#*5"'R>W]^E9&kI]&
k^G&
&
'
!0&+1(),&5"'#0&*+%#0'
'Cp4*>/&R(.>WDGD9&kD]&
!0&+1(),&5"'8#(+%81+$*'
'C_,(+#,*6/&Q#,++$%&(+&Y$"(&WDGD9&kD]&
!0&+1(),&5"'",+%10&%."#''
R(.>&WDGD9&kD]&
!&+1(#'2*//#E1$$#''
R>W]II9]]M9]NI9]EM9k]I&
!&+11(#$&)*'0(>&
W]NM&
!50&+18,/%$E1(5$&%#'8,/%$E+%8#'
CR!.!#*S/&Q!*S(7(#?&WDGE&
!C#/*#'41$&%8#'W]EM&
!C#/*#'0(>W]EM&
!C&*B%5"'+%&*+%%&Q$(3(S(#WDGD9&kD]&
O#/#$0%#'8/#A%8*(0'W]EG&
O#/#$0%#'8,(*+%'O3?(#+$%&WD]E9&D^G9&D^]9&IDD9]EG&
O#/#$0%#'*(%8)/p*'Ch%*0*/9&>%8)/&W]EG&O#$%0&*+%#'#$&%3*2+%/%0'U#,"(7!*6&WIGI&O#$%0&*+%#'
8##(%'P)#>&(V&U#,"(7>WDE^9&DEN9&IG^&
O#$%0&*+%#'8)+,01(),//#'R!.!#*S&WIGN&
O#$%0&*+%1(0%0'#+.*$&*#'C`4.7$03+9&Q$%)0!%3&(+&f4%+6/&Y$7>WIGI9&IG^9&I^N&O#$%0&*+%1(0%0'
#+.,+1(),//#'CL4"">/&U!+("&WIG]&
O#$%0&*+%1(0%0'8##(%'CP)#4*('(V&U#,"(7!*6/&
=$#+$%&WDNM9&DMG9&DFE9&DEN9&IGGWIGE9&IDI9&IDNWM9&IIG9&III9&IIkW^9&I]IW]]9&I]N9IkG9IkkW
N9&IkF9&I^GWD9&I^^WN9&I^F9&INIW]9INF9k]D&
O#$%0&*+%1(0%0'8#2+*+#$#'X4!+#(*!"!"&WIGI&
O#$%0&*+%1(0%0'8+,01(),//#'R!.!#*S&|",*{&IGN&
O#$%0&*+%1(0%0'%$*2+%#$0'=$#+$%&W&IGI9&IGN9&I^^&
O#$%0&*+%1(0%0'/1$.%#/#&#'C<32>/&U!+("&…IGI&
O#$%0&*+%1(0%0%0'/58%E#'CY,*6!#3/&P.!00&WIGI&&
O#$%0&*+%1(0%0%0'/5&*#'CU#,"(7!*6/&X4!+#(*!"!"&&WIGI9&IGN9&I^^&
O#$%0&*+%1(0%0'"#+&%$%#$#'CL4"",(4/&X4!+#(*!"!"&-!#>&/#*A%0'X4!+#(*!"!"&WIGI&O#$%0&*+%1(0%0'
"#+&%$%#$#'CL4"",(4/&X4!+#(*!"!"&-!#>&052*$*+A%#'X4!+#(*!"!"&WIGI&&
O#$%0&*+%1(0%0'"*&#//%81/1+'CL4"",(4/&du_$%(00&(+&R$4#+(,?&WIGI&
O#$%0&*+%1(0%0'"5+%8#&#'CX!-!%,00("/&X4!+#(*!"!"&WIGI9&IGN9&I^^&
O#$%0&*+%1(0%0'$%&+10%1E1+#'CU#,"(7!*6/&du_$%(00&(+&R$4#+(,?WIGN9&I^^&
O#$%0&*+%1(0%0'\5%&*$0%0'C<32>/&=$#+>WIGI9&IGN&
O#$%0&*+%1(0%0'+502,#$#'C<,(3(%24/&=$#+$%W&DMG9&IGI9&ID]&
O#$%0&*+%1(0%0'0(-'DNk9&DNF9&DEN9&DEE9&IGIWN9&IGF9&IDD9&I]M9&]MG9&kG^9&kk]&
O#5)%$%#'.5%#$*$0%0'K470(+&WIDI9&IN^&
O*&5/#'$#$#':]kN&
O1/*&50'3/#""*50'`(,.&WIED9&kD]&
O1/*&50'B5"#*50'`(,.&WIED9&kD]&
O1/*&50'"#$%850'`(,.&WIED9&kD]WDk&
O1/*&50'$%.*++%"50'`(,.&WIED9&kD]&
O1/*&50'$%.+1A%1/#8*50'`(,.&WIED9&kD]&
O1/*&50'+*#,%'`(,.&WIED9'kD]&
O108)$%#B%#'+100%8#'CX6!.,""$&(+&P*60(*6+(%3!0/&T(3+"*6>WkGM&
O+5."#$0%#'#5+*#'R!?(#6(,.&W]NIW]&
O+5."#$0%#'8W$E%E#'\(#"$$%&W]N]9&]NM&
O+5."#$0%#'%$0%.$%0'CQ!#7$"!WY$3#,?4("/&R$*Sg$$3&(V&P*640+("&WIDG9&INM9&]NI&O+5."#$0%#'
0#$.5%$*#'CY4,2&(+&\!-B%/&_>&_$%&W]N]9&]NMH&-!#>&A5/8#$%81/#'W]N]&O+5."#$0%#'")>WFI&
IG]9IGFWE9IDNWDF9I]G9&IkM9&]II9&]NDW]9&]NN9&kGI9kGN9kGF&
O+5."#$0%#'05#A*1/*$0'C`4.7$03+&(+&Q$%)0!%3&(V&c,003(%$g/&Q(#*6+$03&(+&\#("0&WIDG9&
IDN9&INM9&]NI&
O+5."#$0%#'A*+0%81/1+'R!?(#6(,.&WIDN&
O+5."#$0%#'A5/8#$%81/#'CQ!#*0!'/&P*640+("&W]NI&
O+5$3*/0%#'8)%+%8#0(%'\0$g.!%&WIGE9INM9]N]&&
O+5$3*/0%#'.+#$E%3/1+#'_>&_$%&WIGE9&I^F9INM9&]N]9&kkk&
O+5$3*/0%#'.+#$E%3/1+#'_>&_$%&"47")>&@8)5/&*0%%'\0$g.!%&WIGE9&INM&
O+5$3*/0%#'/#&%31/%#'Q(%+6!.&…I^E&
O+5$3*/0%#'"#+%&%"#'Q(%+6!.&WI^E9&]N]&&
O+5$3*/0%#'5$%3/1+#'C\$60/&_>&_$%&W&IGE9&]N]&
O5+B*#'#3+%8#$#'`$$S(#&WI^M&
J#2%'(#+#*$0%0'CL4"",(4/&U#,"(7!*6&WIGM9&IDk9&I^^WN9&INN9&]EF9&kG^&
J#21"2#'#\5#&%8#'K470(+WINN&
J#8#/%#'81+E%31/%#'R>3//-:DGD9&kDk&
J#8#/%#'E*81"(10%&#':DGD9&kDk&
J#*0#/(%$%#'*8)%$#&#'R!.>WIDI9&IN^9&]EF&
J#*0#/(%$%#'0*(%#+%#'Y$V74#?6&W]EF'
J#/#&)*#'A*%&8)&%#$#':(,+*6'(V&`$$S(#&3%/-&IDD9INN&
J#/*#'C#8#&*8)%8)%'P*60(*6+(%3!0&WIEI9]FG9&kG]9kGN9kDk&
k^D&
&
J#//#*5"'#$&%3*2+%/*'CU#,"(7!*6/&L$6%"$%&…IG]&9IGN9&IDk9&I^^WN9&INN9&]EF9&kG^&
J#//%#$E+#'#$.50&%31/%#'P)#>&(V&Q(%+6>&WIDI9&IN^&
J#//&.1$5"'"%$%"5"'R,)"S,&WI^N&
J#//%/*(0%0'/#5+*1/#'_>X>'…DG^&
J#/A#&%#'.%.#$&*#'CQ!+"*6&(V&\(#">/&R0$'3&…]ID&
J#/,8#$&)50'188%E*$&#/%0'`$$S>&(+&K#%>W&I^N&
J#/,81(),//5"'0(+58*#$5"'CQ(%+6!./&
`$$S(#&3%/&(V&P*64.!%%WIDI9&INN&
J#"(0%#$E+#'/#5+%31/%#'Q(%+6>W&IDI9&IN^&
J#$#A#/%#'"#+%&%"#'\(+,+WJ6$4!#"&W&]EF&
J#$$#2%0'%$E%8#'R!.!#*S&WIkF9&]FI&
J#$$#2%0'+5E*+#/%0&L!%,"*6(g"S'&W]FI&
J#$$#2%0'0#&%A#'R>W]FG9&]FI&
J#$$#2%0'0#&%A#'R>&"47")>&0#&%A#'CR>/&P.>&(+&X#$%>&-!#>&0#&%A#'CR>/&P.>&(+&X#$%>]FI&
J#$$#2%0'0#&%A#'R>&"47")>&0#&%A#'CR>/&P.!00&(+&X#$%54,"+&-!#>&0(1$&#$*#':!-,0$-':]FI&
J#$$#2%0'0#/%#'R>&"47")>&%$E%8#'CR!.>/&P.>&(+&X#$%>&-!#>&%$E%8#'CR!.>/&c(6.>]FI&
J#$$#2%0'0#&%A#'R&"47")>&%$E%8#'CR!.>/&P.!00&(+&X#$%54,"+&-!#>&B#3%+%0&#$%8#&C:!-,0$-/&P.!00&
(+&X#$%54,"+&…]FI&
J#$$#2%0'")>W]^9&kD9&NF9&DGk9&DIk9&DFN9&INDWI9&]GG9&]FDWFN9]EF9kk^&
J#(%+1$#'E*81+&%8#$0'P)#4*(&WINN&
J#(0%85"'0(-':NM&
J#+E#"%$*'81$8#&*$#&#'W]EF&
J#+*T'2+*A%81//%0'_X>WI^N&
J#+/5E1A%8#'E%A*+.*$0'_4*S(&WIDI9&IN^&
J#+$*.%*#'.%.#$&*#'CO%?0>/&Q&(+&Y&WDGD9&kDk&
J#0%"%+1#'*E5/%0'R0!-(&(+&R(V>WI]E9&]EN&
J#&)#'*E5/%0'C:!60/&T$#"S!0&WIkF&
J#A#$%//*0%#'),/1.*%&1$'i07#,*6&WIDI9&INk&
J#A#$%//*0%#'5"2*//#&#'Y>&(+&\>&WIDI9&INk&
J*8+1(%#'"*T%8#$#':]EF&
J*8+1(%#'12&50%31/%#'W]EF&
J*E+*/%$.#'8#0&#$*%31+"%0'_4*S(':IN^&
J*%2#'(*$&#$E+#'CR>/&U!(#+%(#&WIDI9INk&
J*0&+5"'/#*A%.#&5"'P*60(*6+(%3!0&W]EF&
J*0&+5"'(#+\5%'Ru`A#>&W]EF&
J)1+%0%#'%$0%.$%0'`Qf&WINk&
J)1+%0%#'0(*8%10#'WINk&
J)+,01(),//5"'/#815+&%#$5"'_(&c,03>WI^M&
J/#A#+%#'&+5$8#&#'m4A0(+&WDkG&
J/#A%8*(0'(#0(#/%'P+(-(%"'(+&`!00WDkI9D^G9D^]9k]G&
J/#A%8*(0'(5+(5+*#'CT#>/&J40>&WDD^9&DkD9&D^]&
J/*"#&%0')%+05&%00%"#':]EE&
J/*"#&%0'A%+.%$%#$#'D-:]EE&
J/%&18,2*'0(-:']]M&
J/50%#'")>&WIDD9&IDN9&IN^&
J1/#'$%&%E#'C:(%+(%!+/&P*6$++&(+&O%30>&IkF&
J1/*50'2#+2#&50'CK%3#(g"/&Q(%+6!.&W]MM&
J1/*50'2/5"*%'Q(%+6!.':]MM&
J1/*50'31+0B1)/%%'Cc,003(%$g/'Q#,54(+&W]MM&
J1/*50'(5"%/#'Q0!%*$&W]MM&
J1"#$E+#'(#//%E#'_X&W]EE&
J1$%5"'"#85/#&5"'R>&WDED&
J1$18,2*'8,#$1(50'CK+S>/&fe6%>&W]Gk9&]Dk&
J1$18,2*'B5*)$*+%#$#'P,%?(#&W]Gk&
J1$18,2*'0%/%.%$*1%E*0'`(,.&W]Gk9&]GF&
J1$18,2*'0"%&)%%'c!+0,%?&W]Gk9&]Dk&
J1$A1/A5/50'#A*$0%0'R>WD^^&
J1$A1/A5/50'08#""1$%#'R>WDkN9&D^^&
J1$A1/A5/50'0*(%5"'R>WD^^&
J1$A1/A5/50'0%85+%'R>WD^^&
J1$A1/A5/50'&+%81/1+'R>WD^]9&D^^&
J1(*/#$E%#'#$1"#/50'C=4##,00/&P!**!#3$&(+&J#$++(#&W]Gk&
J1(*/#$E%#'2%0(1+#'C=!0(%*$%&(+&Q(#+!40+/&P,%?(#&(+&c((S"&W]Gk&
J1(*/#$E%#'8#"21E.%$%*$0%+%'Cd0!u6&(+&`(,./&P,%?(#&(+&c((S"&W&]Gk9&]Dk9&]kk&
J1(*/#$E%#'8)/1+18,0&%0'P,%?>&(+&cS">&W]Gk9&]Dk&
J1(*/#$E%#'8,#$*08*$0'CQ(#S(0('&(+&Q#$$.(/&P,%?(#&WDEG9&IEM9&]Dk9&]k]9&]^D&
J1(*/#$E%#'"*T%8#$#'U42.1%'W]D]&
J1(*/#$E%#'&+1(%8#/%0'Cd0!u6/&P,%?(#&(+&c((S"&W&]Gk9&]kk&
J1(*/#$E%#'=*0&%%'C=4##,00/&P,%?(#W]D]&&
J1+E,8*(0'8#(%&#&#'C`$0."S;$03/&R,%S&WDkG9D^]9D^^9]ED&
J1+E,8*(0'"%/%&#+%0'CT#,("/&R,%S&WDkG&
J1+E,8*(0'1()%1./1001%E*0'CT#,("/&R,%SW&DkG9D^]9D^^9]ED&
J1+E,8*(0'0%$*$0%0'CQ(#S(0('/&P!**>WDkG&J1+%#+%#'#+21+*#'R,%3"!'W]EI&
J1+%#+%#'#&+1(5+(5+*#':]EI&
J1+%#+%#'+508%31%#'R>W]EI&
 k^I&
&
J1+%#+%#'&),"%31/%#'`4.7$03+&(+&Q$%)0!%3&(V&c,003(%$g&W]EI&
J1+%1/50'"#T%"50'C=$%+>/&=4##,00&WI^N&
J1+$50'0&1/1$%3*+#'=,*6!4V&W]EM&
J1+$5&%#'1E1+#&#'C\$()),?&(+&O%30,*6(#/&\$()),?WIDD9&INM&
J1+&%$#+&50'%$3+#8&50'\(#">&(V&T#>&WDEG9&I^N&
J1+%()#$&)#'8#/%(*$0%0'Q#!-$&WDGG9&]EE&
J1+,()#$&)#'81"(#8&#'CO%?(0.!%%/&Q#,++$%&(+&Y$"(&WDGG9&]EE&
J1+,()#$&)#'81+$%3*+#'C_X>/&Q#>&(+&Y>&-!#>&*8)%$50'CO%?(0.>/&R>&Q(%"$%&WDGG9&]EE&
J1+,()#$&)#'"#8+1"*+%0'CO%?(0.!%%/&R(.!,#(&WDGG9&]EE&
J1+,()#$&)#'(#/"*+%%'Q#>'(+&Y>WDGG9&]EE&
J1+,()#$&)#'+#"%//10#'X4+!S&WDGG9&]EE&
J15+15(%&#'.5%#$*$0%0'K470(+':IDI9'IN^&
J1500#(1#'&*00"#$$%%'=,037#>&WIDI9&IN^9&]EF&
J1500#(1#'A//10#'\$()),?&(+&O%30>WIDI&J+*$%E%5"'0(-'W]NM&
J+1&#/#+%#'0#.%&&#/%0'R>&…]EE&
J5085&#'"1$1.,"#':D^M&
J,"21(*&#/5"'2+#0%/%*$0*'Q(%+6!.&W]EE&
J,"21(*&#/5"'(*$E5/%3/1+5"'C_4%>/&Q!,D>&W]EE&
J,"21(1.1$'E*$0%3/1+50'P+!)8&WkGN9kDG9kDk&J,$1./1005"'133%8%$#/*'R>WDED&
J,(*+50'#+&%85/#&50'R>WD]E&
J,(*+50'E%.%&#&50'Y$V74#?6&WIN^9&INF&
J,(*+50'(+1/%T50'`Qf&W&D]E9&IDD9&IN^9&INF9&]EG&
J,(*+50'")>WD]E9&D^G9&D^k9&IDD9&IDN9&IN^9&INF9&]EG&
J,()#$&)*+#'0(>W]NM&
J,(+%(*E%5"'8#/8*150'Cc,003>/'X$#>&WDGD9]EI&
J,(+%(*E%5"'(#+A%3/1+5"'c,003(%$g&W]EE&
J,&%050'8#$#+%*$0%0'CR>/'d>&f4%+2(&W&kGG&
&
>#&5+#'"*&*/'R>&W]N]9&]NM&
>#&5+#'"*&*/1%E*0'_X>&(V&_4%!0&W]Nk&-'
>#&5+#'")>WFFI9&DDFWE9&Dk^9&IDG9&IkF9&IMN9&IFF9]NGW]9]NNWM9&]MD9&kGE9&k]I9kk]&
>#&5+#'0&+#"1$%5"'R>W]Nk9&]NM9&]F^&'
>#&5+#'=+%.)&%%'Q'(&W]Nk&'
>#&5+%8#+(#'*//%(&%8#'P+!)8&W]NF&&
>*/10(*+"#'")>WI]E&
>*/()%$%5"'#;#8%0'R>WkGG&
>*/()%$%5"'$5E%8#5/*'J$##&(+&U#!'W]EE9kGG&
>*/()%$%5"'A%+*08*$0'<4++!00&…kGG&
>*++%0'&+%31/%#&#'R$4#(,#$&W]MI&
>*031$&#%$%#'0(%$10#'Y4,2&(+&\!-B%&W]EI&&
>*031$&#%$%$'0(%$10#'Y4,2&(+&\!-B%&-!#>&)11B*+%'C_4%!0/&:$""&W]EI&
>*0"#$&)50'%//%$1*$0%0'C=,*6!4V/&=!*=>WI]E9&IkD9&Ik^&
>*0"1E%5"'8#5E#&5"'_X>WI]E9&kGG&
>*0"1E%5"'.#$.*&%85"'_&X>WI]E9&I^I9&kGG&
>*0"1E%5"'.%+#$0'_&X>WI]E9&I^I9&kGG&
>*0"1E%5"'/#0%18#+(5"'CQ(!4->/&_X>WI]E9&kGG&
>*0"1E%5"'(#$%85/#&5"'WI]E9&kGG&
>*0"1E%5"'(5/8)*//5"'Q(%+6!.&(V&Q!S(#&WI]E9I^IW^]9I^N9kGG&
>*0"1E%5"'&%/%#*31/%5"'_$%&WkGG&
>*0"1E%""'&+%3/1+5"'_X>WI]E9&kGG&
>%8&,1/1"#'%$8#$*08*$0'_X>':I]E9]EI9]EN9kDI&
>%8&,1$*"#'0(>W]DI&
>%8&,1()1+#'()#//1%E*#'_("->WDkGWD9]EDWI&
>%"1+()#$E+#'"1//%0'Q(%+6!.&WkGD&
>%"1+()#$E+#'(#+A%3/1+#':qrr&
>%(/1(&*+,0'8#2+*+#$#'CX4!+#>/&U!+("&WDMGD9&IGIWk&9IDIWDM9&IIG9&I]G9&I]]9&I^D9&IN^&
>%(/1(&*+,0'%$A1/5&#'CJ4#*2!%,%$g/&<,(3(%24&WIDk9&IN^&
>%(/1(&*+,0'"#+&%50%%'Q(%+6!.&WIDk&
>521%0%#')1(=11E%%'->'=4(0>WIkF9]MD9]M]&
>521%0%#'$,1(1+1%E*0'G-'Q#$g%&W]NF9&]M]&
>521%0%#'")>W]ND9&]NN&
`8)%$18#8&50'+#(#'T,"*6>&(+&=('>&(V&Y(?>&WEF&
`8)%$18#8&50'=%//%#"0%%'R(.-'(V&P>W&_>WEF&
`8)%$18*+*50'"*+B*+%&`,03.!%%&WDGG9&]E]&
`8)%$18*+*50'0#/":E,8B%#$50'P*6((#&WDGG9&]E]&
`8)%$18*+*50'&+%./18)%E%#&50'O%?0>&DGG9&DMD9&]E]&
`8)%$18*+*50'&+%./18)%E%#&50'A#+-'$*1"*T%8#$50'CP+!%3>/&P+!%3>&(V&c>J>&=!#"6>&DGG&
`8)%$18*+*50'&+%./18)%E%#&50'A#+-'(#58%0(%$50'O%?(0.!%%&(V&c>J>&=!#"6!00&WDGG&`/#*#.$50'
#$.50&%31/%#'D-:sif&
`/#*#.$50')1+%$0%0'=>Q>&W&I^N&
`/#*#.$50'1+%*$&#/%0'R>WI^N&
`/#*#.$50'0(%$10#'R>WI^N&
`/#()1",8*0'8*+A%$50'CR>&(V&U#!'/&P*60(*6+(%3!0&…DkG&
k^]&
&
`/#()1",8*0'.+#$5/#&50'T#,("WDkG&
`/#()1",8*0'A#+%.#&50':,++!3,%,WDkG&
`/%0#2*&)#'(+%$8*(0'P*6$.7>&(V&Q(%+6>WDN^&
`/,"50'0(>WDIG&
`$&*+1/12%5"'8,8/18#+(5"'CL!*5&>/&U#>W&kDG&
`()*E+#'A5/.#+%0'Y,*6>W]IF&
`(%(),//5"'")>WDGD9&IDD9&IDN9&INk&
`(%&)*/#$&)#'"%8+1"*+%0'CO%?(0.!%%/&c(7(#&WDGG9&kGD&
`+A#&#"%#'1+%*$&#/%0'CY>&&Q#>/&_$.,%>W]NF&
`+,&)+%$#'#"*+%8#$#'=,00(#WkDk&
`+,&)+%$#'3/#2*//%31+"%0'f(!#%('&WkDk&
`+,&)+%$#'./#58#'c,003(%$g&WIDI9&IN^&
`+,&)+%$#'41*((%.%#$#'Cc!0)>/&X$$S&WIDI9&IN^&
`+,&)+1T,/5"'818#'R!.!#*S&-!#>&&%(#EY&
\0$g.!%&WIGE9&IDk9&IDN9&IN^9&INF&
`+,&)+1T,/5"'0(-'…IGM&
`08)=*%/*+#'81+%#8*#'C_X>/&=!#+>&(V&Q(#?>DNN&
`08)=*%/*+#'%&#,*$0%0'f4%+6:'DNN&
&
<#.1$%#'8+*&%8#'R>WI^N&
<*0&58#'#+5$E%$#8*#'P*6#(7(#&WI^N&
<%850'%$0%(%E#'c,003(%$g&WIDI9&INN&
<%850'+5%C%#$#'P+!%30('&WIDI9&INN9&INF&
<%850'")>WIDI9&INN9&I^F9&]EF&
<50#+%5"'0(>WD]E&
I#/25/%"%"#'2*/.+#A*#$#'C=4(0>/'P)#>WkGDI&
I#/*+%$#'")>WIE9&]DI&
I#/*+%$#'0&*./%8)%%'Q("0&W]Gk9&]Dk&
I#$1E*+"#'/58%E5"'CT#,("/&f!#"+(%&W]IM&
I#5/&)*+%#'(+185"2*$0'R>&…&kGD&
I*$%0&#'8#$#+%*$0%0'R>WkGG&
I*++1$*"#'3%25/#'CQ400>&(V&T#>/&P,%?>W&]Gk9&]GF&
I*++1$*"#'01/#+*0'CT#,("/&P,%?(#&W]Gk&
I*++1$*"#'0=#+&C%%'CT#>&(V&T#>/&f#>W&]Gk9]GF&
I$*&5"'$1E%3/1+5"'Q#$%?%,!#+&WIDI9&IN^&
I1"1+&*.#'B*5/*'C=$03(%S(/&L$6%"+>&WkGD&
I11E*$%#'/5$#&#'Q0!*S&W]MD&
I+#""101/*$'0(>W]NM&
U#,8$0!&8#$%3$"!&I+#,':sdr'
I5#&&*+%#'.#5"*+%'U#((%.>&W]^E&
I5*&&#+E#'3*+1T'P+!%30('&WIDI9&INN&
I5%*+#'0*$*.#/*$0%0'R!.!#*S&WI^N&
I,"$18#/,8%5"'.%22105"'\8(,88(#&W&DGFWE&
I,"$1(%/50'#*+5.%+%1050'C\(*S/&P,%?>&W]Gk&
I,"$1(%/50'2+#*$E/*%'C\(*S/&`("0(#W]D]&
I,"$1(%/50'%$&*+"*E%50'CP,%?>/&P,%?>W]D]&
I,"$1(%/50'/*&*1A%+%E%0'=,(#"&W]D]&
I,"$1(%/50'/%\5%+%&%#*'C\(#"$$%&(V&T#,("/&f!#"+(%&W]Gk&
I,"$1(%/50'/5&*50'C\(*S/&`("0(#&W]Gk&&
I,"$1(%/50'(5+(5+#&50'CX$$S(&(+&=!""(/&P,%?(#&W]Gk9&]DI9&]Dk&
J,"$1(%/50'(5+(5+#&50'CXS(>&(+&=!""(/&P,%?>&-!#>&(#"(*#$50'CP)(?>/&P,%?>W]DI&&
I,"$1(%/50'0(>W]GF&
J,"$1(%/50'0(*8&#2%/%0'CT#,("/&P.,+6&WIEG9&IEI9&]Gk9&]GF9&]Mk&
I,"$1(%/50'052(5+(5+#/50'U42.1%'_1-!0$"&(+&U42.1%&W]D]&
J,"$1(%/50'A#/%E%(*0'C\(*S/&`("0>W&]Gk9kkI&&
J,"$1(%/50'A%+%E#$0'=4##,00&W&]Gk&
J,+1"%&+#'*085/*$&#'C\(#"$$%/&T#,("&W]GI&
H#*"#E%8&,1$'#"#C1$%85"'Q(%+6>WIG]9&IG^&
H#""#E#'/*(&18/#E#'C\$)/&=>&j0?,%&WI^N&&
H*%"%#'0#/%8%31/%#'R,%S&(+&d++$&WkDk&&
H*%"%*//#'#$.5%31+"%0'`(,.&WIED9&kDk&&
H*%"%*//#'#$.+%31+"%0'P*640+("&(+&`$8.!%%&$1"*$'$5E5"'WkDk&&
H*/%8)+,05"'31*&%E5"'=$(%*6>&WkGD&&
H*/%8)+,05"'0&*$1(&*+5"'_X>WkGD&H*/%81$%#'0(>WIGk&&
H*/%810&,/%0'(*E5$85/#&#'Q(%$,"+W]EF9&kGD&&
H*/%810&,/%0'&1"*$&10#'C\$()),?&(+&O%30,*6(#/&Y4"7'&W]EF9&kGD&&
H*+#8/*#'(1$&%8#'W]EM&&
H*++#$%#'2+*A%/%.5/#&#':DFF&'
H*++#$%#'")>WDNN&
H*&*+1(&*+,0'8)+,01(),//#'CR!.>/&`Qf&WIGN&&
H%*+#8%5"'(%/18*//#'R>&WkGDWI&
H%"#&#$&)50'058552#'CP)#4*(&(V&=4(00(#&K#?$-,(%","/&c$$3"$%&WIDG9INk9]NE&
H%((1()#*'+)#"$1%E*0'R>WI^N&
H1"#/1"*$#'2*/.+#A*#$#'P)#!?4(&WkGDWI&
H1"#/1"*$#'81+E#&#'P*6$++WkGI&&
H1"#/1"*$#'A*+0&**.%%'O%?0(#&WkGI&'
H5"5/50'/5(5/50'R>W&D^I&&
H5+#'8+*(%&#$0'R>WIDI9&IN^&&
H,#*$#$8*''./1210#'R!.7>&W]EI&
H,.+18,2*'(0%&&#8%$#'CP*6!(88(#&(V&T#,("/&c4%"*6(&W]Gk9&]GF&
H,.+18,2*'(0%&&#8%$#'A#+-'8#/%31+$%#'`("0(#&(+&P.,+6&W]GF&
k^k&
'
H,.+18,2*'(0%&&#8%$#'A#+-'(0%&&#8%$#'`("0(#&(+&P.,+6&W]GF&'
H,108,#"50'#/250'R-:lfi&&
H,108,#"50'#5+*50'R>W]N^&
H,108,#"50'21A*#$50'C_4%!0(V&_X>/&K"*6>&(V&P*6g(,%84#+6&W]N^&&
H,108,#"50'"5&%850'R>W]N^&&
H,108,#"50'$%.*+'R>W]]N9']NkW^9&]NM&&
H,108,#"50'(50%//50'R>W]N^&&
H,108,#"50'+*&%85/#&50'R>W]N^&&
H,108,#"50'0*$*8%1$%0'c,003(%$g&W]N^&&
H,108,#"50'")>W]ND9&]N^WN9&]NMWNF9&k]I&H,()1/1"#'0(>W&]GE&
R/*T'#"2%.5#'C=,*6!4V/&X6!).!%&WIGE&&
R/*T'.5#,50#'R$("%(#&WIGE9IDNWM9IkG9IkF9INk9INF9]MM&
R/*T'(#+#.5#+%*$0%0'P!,%+W`,0!,#(&fZ&R/*T'(#+#.5#,*$0%09'R/*T'(#+#.5*$0%0n'WIGE9&IkF&
R/*T'A1"%&1+%#'K,+$%&WIGE9&IkF&
R"(#&%*$0'$1/%:&#$.*+*'=$%+>&W]]N&
R$18,2*'#*+5.%$#08*$0'Q!7$"&W]Gk9]Dk9]]N&'
R$18,2*'8#/#"%0&+#&#'CT#>/&U,00>&W]Gk9]GF9]Dk&R$18,2*'81*/*0&%5"'f4')(#&W]Gk9&]Dk&R$18,2*'
81+E,#/%$#'m4A0(+&W]GF&
R$18,2*'81+E,#/%$#'m4A0(+&-!#>&81+E,#/%$#&CP+!%?0&(+&:("(0"S'/&f4')(#W]Gk9&]Dk&&
R$18,2*'81+E,#/%$#'m4A0>&-!#>&*+%$#8*1"1+()#'CP+!%?0&(+&:("(0>/&f4')>W]Gk9&]Dk&&
R$18,2*')#*"#8&#'CQ(#S(0('&(+&X$$S(/&P!**!#3$&W]G^9&]GF9&]Dk&
R$18,2*'$#(%(*0'R!%?(&W]]N&
R$18,2*'12085+1%E*0'C\(#">&(V&\(#">/&U,00>]]N&
R$18,2*'0(>W]]N&
R$18,2*'&+%81/1+'fe6%(#&W]G^&
/18)+1"#'3508)0%1%E*0'C`4.7$03+9&Q$%)0!%3&(+&f4%+6/&=,(#"&WINM9&]N^&&
/18)+1"#'")>W]ND9&]N^R(1"1*#'#+.,+1(),//#':!+S(&WD^]&
R(1"1*#'8#+$*#'L!*54,%&WDID9&DkN9&D^]&
R(1"1*#'8188%$*#'R>WD^]9&D^^&
R(1"1*#'8188%$*#'R-'A#+-')*E*+%31/%#'`$4"(&WD^^&
R(1"1*#'8+#00%8#5/%0'Y$7,%"$%&WDID9&DkN9&D^]9&D^^9&]E]&
R(1"1*#')*E*+#8*#'L!*54,%&WD^^&
R(1"1*#'%$A1/58+#&#'\>&Q(!4->&WDID9&DkN9&D^]9&D^N9&]E]&
R(1"1*#'/*(&1(),//#'J$##>WDkN9&D^]9&D^N&
R(1"1*#'/%&&1+#/%0'Q04.(&WDID9&DkN9&D^]9&D^N9&]E]&
R(1"1*#'"*E%5"'X6$,"'&WDID9DkN9D^N9]E]&
R(1"1*#'"5*//*+%&Q(%+6!.&WD^]&&
R(1"1*#'$%/'CR>/'Y$+6&WD^]9D^N&&
R(1"1*#'(#$E5+#&#'CR>/&U>T>c>&=('&WDkN&&
R(1"1*#'(*0:8#(+#*'CR>/&Y>&Q#$g%&WDID9DkN9D^]9&D^N9&]E]&
R(1"1*#'(*0:8#(+#*'CR>/&Y>&Q#$g%&-!#>O+#0%/%*$0%0'd$"+"+#$$.&WDkN&
R(1"1*#'(5+(5+*#'CR>/&Y$+6&WD^]9D^N&'
R(1"1*#'+52+1:8#*+5/*#'`$$S(WDDE9&D^]&
&R(1"1*#'0%E#*31/%#'X6$,"'WDDE9&Dkk9&D^]&&
R(1"1*#'&+%81/1+'X!-!%,00("&W&DDE&&
R(1"1*#'&52*+10#'R>&WD]]&&
R(1"1*#'A%1/#8*#'R>WDIG9&DIF9&D]]9&DkN9D^^W^M9&k]G&
R+*0%$*'")>WFD9&IDG9&INk9&kGI&&
R+,#$&)*+#'8+#00%31/%#'P.,+6&WDNF9&kGI&&
R+,#$&)*+#';5+*$0%0'c!#74#?&WDNF9&kGI&&
R+,#$&)*+#'/1$.%3/1+#'_4*S(&WDNF9&kGI&
R+,#$&)*+#'"#8+1(),//#'CQ(%+6!./&c!#74#?&WDNF9&kGI9&kGF&
R+,#$&)*+#'(#+#*$0%0'`47(#&WDNF9&kGI&
R+,#$&)*+#'5/*%&c!#74#?&WDNF9&kGI&&
R01&1"#'/1$.%3/1+#'\#("0&WFD9&kGFWE&
X5#$5//1#'18)+#8*#'X4!+#(*!"!"&WID]9&INM9]ND9kGI&
X50&%8%#'#E)#&1E#'R>W'DNF9&IGG&&
X50&%8%#'8#+#8#0#$#'W&DNN9&kG]&
X50&%8%#'.*$E#+500#'Q4#.!%&WDNN&
X50&%8%#'(*8&1+#/%0'L!*54,%&WDNN9DNF9&kG]&
X50&%8%#'(*8&1+#/%0'L!*54,%&-!#>&0&*$1(),//#&R($%!#3&WDNN9DNF9kG]&
X50&%8%#'(+185"2*$0'R>WDNF9&IGG&
g#*"(3*+%#'.#/#$.#'R>WkG]&
g18)%#'081(#+%#'CR>/&P*6#!3(#&WI^N&
D#88#+%#'0(>W]G]&
D#.18)%/50'%$*2+%#$0'Q4%?('WkG]&
D#"%$#&%#';#(1$%8#'K#("*6>W]^]&
D#&5#'")>W]ND9&]N^&
D#&5#'(52%3/1+#'CU#,"(7!*6/&Q!,00$%&W]N^&
D#&5#'A*$*$10#'\6,0,)),W]N^&
D*E5"'.+1*$/#$E%85"'W]EM&
D*E5"'(#/50&+*'R>'6*E*+':]EM&
D*$&%$50'*E1E*0'CQ(#S(0('/&P,%?(#&WIFG9&]G]9]]M9]^]&
k^^&
&
D*1$1&%0'/*1$5+50'Y>&Q#$g%&WkG]&&
D*1$5+50'#+&*"%0%#'CR$4#(,#$/&`4W&kG]&&
D*1$5+50')*&*+1(),//#'Pg((+>WkG]&&
D*1$5+50'0%2%+%850'R>WkG]&
D*1$5+50'&#+&#+%8#'R>WkG]&
D*(&#8&%$%#'E*$0%3/1+#'`$$S>&3%/'WIGG9&I^N&
D*0(*E*C#'2%81/1+'J4#(2!%,%$g&WI]F&
D*0(*E*C#'8#(%&#&#'=,*6!4V&WI]F&
D%8#+%#'(58)5+,:"#,1+&C=!#+>/&f$"+>&WF]&
D%"1$%#'#8%E%0%"#'R>WI]F9&]EN9&kDI&
D12*/%#'%$3/#&#'R>WkGk&
D12*/%#'&5(#'R>&WkGk&
D1/%5"'(*+*$$*'R>&W&D^k9&I^N&
D1/%5"'&*"5/*$&5"'R>WDkE9&D^kW^^&
D1"#+%1(0%0';#(5+*$0%0'C=!#+,4"/&L>&P.>DkE9&IDD9&IN^9&kGk&
D1"#+%1(0%0'$&B+1(#/#&*#'`$0++4.&WD^G9&IDD9kGk&
D1()#$&)*+#'/#8&*08*$0'_4*S(&WIGI&
D1()1()1+#'E%3350#'CX#$,2!+/&Q#!-$&WFD9&EFDGG9DGFWE9kDkWD^&
D1()1()1+#'=%//%#"0%%'CR(.>/&X$40+>W&MM9FD9&EI9&EF9&DGG9DGFWE9&I^E9&kDM9&k]M&
D,8%1(/*0%5"'(52%3/1+5"'U#,"(7!*6&W]N^&
D,81(*+E1$'8#$E%E5"'\(#"$$%&WIEI&
D,81(*+E1$'"#+.%$#&5"':,++>&WIEIW]9&kD^&
D,81(*+E1$'"%T&*81+5"'`(,.&WIEIW]9&kD^&
D,81(*+E1$'")>&WIEIW]9&kD^&
D,.1E%5"'"*T%8#$5"'\#("0&WIDD&
D,.1E%5"'A*$50&5"'Pg!#+2&WIDD9&IDN&
F#8+1(%(*+'/#&%31/%5"'CR>&3%//&=,54(0&W]MN&
F#.$1/%#'E*#/2#/#'p4**>'WkGk9&kDG&
F#.$1/%#'A%+.%$%#$#'R>WkGk&
F#/15*&%#'2*8\5#*+&%#$#'c$$3"$%&WIDG&&
F#/15*&%#'&#"#+#\5#%$#'CK470(+/&_X>WIDG9&IDN9&INk9&]MG9kGk9kGF&
F#/(%.)%#'./#2+#'R>WDGN&
F#""%//#+%#'8+#%.%%'R,%3"!'&WDGD9']E]&
F#""%//#+%#'.+#)#"%%'O%?(0.!%%&-!#>&1/%A%#*!Cd#*4++/&Q(%"$%&WDGD9&]E]&&
F#""%//#+%#')*,E*+%'=4(60>WDGD9']E]&
F#""%//#+%#'/1$.%"#""#'_X>WDGD9&]E]&&
F#""%//#+%#'(*8&%$%3*+#'CY4(.)0(#/&c(7(#&WDGD9&]E]&
F#""%//#+%#'0*$%/%0'R$33>&WDGD9&]E]&
F#""%//#+%#'=%//%#"0%%'X$40+(#&WEF&
F#$E*A%//#'08#2+#'P*64.>&WIDG9&INk9&]MG&
F#$E+#.1+#'#5&5"$#/%0'Q(#+$0,%,&W]N^&
F#$E+#.1+#'133%8%$#+5"'R>WD^D9&]N^&
F#$E+#.1+#'")>&W]]I9&]ND9&]N]9&]N^WNM&
F#$01#'#//%#8*#'CR!.>/&K>&U(%+#'&WIDI9INk&
F#\5%+%#'08/*+1(),//#'C_4*S(/&Q(#?&WDMD9]EF9kGk&
F#08#.$%#'(0%/1(),//#'CL4"",(4/&U#,"(7!*6&-!#>&#$&%3*2+%/%0'<,(3(%24&WIGI9IG]9IGM9&IDk9&
I^N9&]EF9&kG^&
F#&%0%#'")>W]GI&
F#,&*$50'*2*$%31/%#'Y(,""&WIDI9&INk&
F*$&)#'(5/*.%5"'R>WD]^9&]Dk9&kG^&
F*$,#$&)*0'&+%31/%#&#'R>WkGM&
F*0*"2+,#$&)*"5"'*T(#$05"'R>WkG^&
F*0*"2+,#$&)*"5"'&1+&5105"&R>WkG^&
F*&),0&%81E*$E+1$'#"*0%#$5"'P*640+("&W]N^&
F*&),0&%81E*$E+1$'")>W]ND9&]N^&
F*C%#'%$8/5E*$0'CQ(%+6>/&X4!+#>W&IDk9&IN^&
F%"10#'#8#8%1%E*0'Q(%+6!.&WDND&
F%"10#'#/2%E#'`4.>&(+&Q$%>&(V&c,003>&WDMG&
F%"10#')10&%/%0'C=!#+,4"/&Q(%+6!.&WDG]9&
DNE9I]E9]E]&
F%"10#';5+*"#'!-''JW"#+#'$1"-'$5E'WDNE&&
F%"10#'$%.+#'`47(#&WDNE9&]E]&
F%"10#'(5E%8#'R>WDMG9&]E]&
F%"10#'08#2+*//#'Q(%+6!.&WI]E9&]E]&F%"10#'01"$%#$0'`4.7$03+&(+&Q$%)0!%3&(V&
c,003(%$g&WDNEWMG&
F%"10#'")>WDNEWMG9&II^9&I]E9&]E]9&]EN&&
F%"10#'&*$5%3/1+#'Cc,003>/&\$,#>&WDNE9&I]E9]E]&
F%"10#'A*++5810#'Q(%+6!.&WDNE9I]E9]E]&
F%+#2%/%0'"5/&%3/1+#'CJ$##>/&U#!'W&kG^&
F%+#2%/%0'$,8&#.%$*#'KF%8BA-P'=!*=>&WkG^&
F%&+#.%$#'0(*8%10#'f$#+6>WkG^&
F1"1+E%8#'8)#+#$&%#'R>W&kG^WN&
F1$1E1+#'",+%0&%8#'U!(#+%(#&WkG^&
F1$&+8)#+E%#'#+21+*08*$0'P*6$++&WIDI9INk&
F585$#'(+5+%*$0'CR>/&_X>WI]E9&I^N9&]E]&
F585$#'")>&]I]&
F,8*$#'#"%8/#'CT#,("/&m4A0(+&W]D]&
F,8*$#'8,#$*08*$0':(0(%$-"S'&W]D]&
F,8*$#'8,#$1++)%C#'m4A0(+&W]G^&
F,8*$#'(5+#'CT#,("/&m4A0(+&W]D]&
F,1(1+5"'E*0*+&%%'X4%%>&(V&Q(%+6!.&WkGM&
F,+%0&%8#'3+#.+#$0'`$4++4'%&WF]9&I^F9&kIE9kkG9kkI&
N#*"#&1/1"#'8#*+5/*08*$0'\!+>&W]D]9&]k]&&
N#*"#&1/1"#'(1((*+%#$5"'P,%?(#&W]D]&
k^N&
&
N#58/*#'E%E*++%8)%%'WI^N&
N*/52%5"'")>WkDN&
N*/5"21'0(-:qcf&
N*1+#%"1$E%#'#+*\5%(*$0%0'-!#>'+10*%3/1+#&Cc(#3(#.!%%&(+&Q!*S(7>/&Y!46>&WkGM&
N*1+#%"1$E%#'"#8+10&%2#0'CP*64.!%%P&
Q#,++$%&(+&Y$"(&WFD9&kGI9&kGN&9'
N*(*&#'8#0#+#'R>W]G9&kGM&
N*(*/#'8#0#+#'R>&-!#>&8%&+%1E1+#'CQ(*S(#/&Q!,7>&WkGM&
N*(*&#'8%&+%1E1+#'Q(*S(#&WkGM&
N*(*&#'*//%(&%8#'Y$'0(&WkGM&
N*(*&#')%$E10&#$#'`!,%("&WkGM&&
N*(*&#'/#$8*1/#&#'R!.!#*S&WkGM&&
N*(*&#'/*581(),//#'Q(%+6!.&WkGM&&
N*(*&#'/1$.%2+#8&*#&#'Q(%+6!.&WkGM&&
N*(*&#'$500%$%%'P)#(%?(#'(V&`(%*S(0&WkGM&&
N*(*&#'$*(*&*//#'R>&WkGM&N*(*&#'0%2&)1+(%%'Q(%+6!.&…kGM&
N*()*//5"'&1(*$.%%'C=(##,00/&R$&…kGM&
N*A+1(),//5"'3/188105"'CP*6g>/&`(,.&W&DkG&
N%81&%#$#'#&&*$5#&#'J$##>&W]MI&
N%81&%#$#'2*$&)#"%#$#'_$.,%>W]MD&
N%81&%#$#'2%.*/1A%%'CJ$##>/&c!+"$%&W]MI&
N%81&%#$#'.100*%'_$.,%>&W]MD&
N%81&%#$#'%$.5/2#'Q0!*SW]MD&
N%81&%#$#'./#58#'Y>&U#!6!.&W]MI&&
N%81&%#$#'"*.#/10%()1$'`(4#*S&(+&L>&=4(00(#&W]MD&
N%81&%#$#'+50&%8#'R>WIGM9&INM9&]MGWI9&]E^&
N%81&%#$#'")>WIGE9&ID^WM9&IFF9&]ND9&]MGW]&
N%81&%#$#'&#2#85"'R>&WIGM9&INM9&]MGWI&
N%81&%#$#'&+%.1$1(),//#'_4%!0&(V&_>X>W&]MDWI&
N%81&%#$#'A*/5&%$#'c6((0(#&W]MD&
N5()#+'(1/,0*(#/5"'O%?(0.!%%&WkDN&
N,"()#*#'#"(/#'_&X>&WkDN&
N,"()#*#&8#*+5/*#'P!-,?%'&WkDN&&
N,"()#*#'/1&50'R>WkDN&
N,"()#*#'0(-'WkDN&
62+*.1$%#'E*$*.+%%'T#,*WDGI9&kDN&
68)+10%#'$#B#%#$#'f$,32>&WI^N&
68%"5"'"%8+#$&)5"'c,003(%$g&WIDI9IDN9&IN^9&]MM9kGF&
6$8%E%5"'8#+&)#.*$*$0*'CL!*5&>/&Pg>WDGD9&kGF&
6$8%E%5"'8*21//*&#'CL!*5&>/&Pg>&WDGD9&kGF&
6$8%E%5"'/1$.%31/%5"'R,%30>&WDGD9'kGG9kGF&
6$8%E%5"'(50%//5"'CR>/&Y(,*6(%7!*6&3%/'W&DGD9&kGF&
6()%1./1005"'A5/.#&5"'D-'WDED&
6()%1++)%C#';#(1$%8#'Q04.(&WI^N&
6(5$&%#'#8#$&)18#+(#'O%?>&(+&Q,?>&WFI9DGF9kDM&
6(5$&%#'2#0%/#+%0'O%?0>&(+&Q,?>W&FI9DGF9kDM&
6(5$&%#'8/#A#&#'O%?(0.!%%&WDGE9IDI&
6(5$&%#'8,/%$E+%8#'CR!.>/&P>W_>W&FD9&DGE&
6(5$&%#'*8)%$18#+(#'O%?(0.!%%&(+&Q,?(0$g&WFI9&DGF9&kDM&
6(5$&%#'%"2+%8#&#'`!g>&WFI9&DGF9&kDM&
6(5$&%#'0(>&WFI9'DGD9&IDD9&IDN9&INk9&kDM&
6(5$&%#'0(%$10%1+'CO%?(0.!%%/&J$4.('&WFI9DGF9IDD9kDM&
60&*1()/1*5"'(/#&,(),//5"'`$0."+(3+&(+&#/'$1"*$'$5E5$'WDNF9'kGF&
60&*1()/1*5"'(/#&,0(*+"5"'C_X>/&
c!#74#?&WDNF9&kGF&
4#8),8*+*50'(*8&*$:#21+%.%$5"'CO%?(0.!%%/&Q#,++$%&(+&Y$"(&WDGD9&kGE&&
4#.#"*#'"#8+1(),//#'P)#>&(V&Q(%+6>&WDMD9kGE&
4#.%#$&)#'8*+%3*+#'C\!%*6>&(+&PA7>/&=?8>W]NF&
4#$#*1/%$#'8#0&#$*%31/%50'C=4##>/&P.>&W]G^&
4#$#*1/%$#'31*$%0*8%%=!,#(W]G^9]GF&
4#$#*1/%$#'o&4#$#*1/1(0%0'0(>&…DEG&
4#$#*1/50'#3+%8#$50'd0!u6W]G^&
4#$#*1/50'#$&%//#$5"'CT#>/&_(%>&W]G^9&]Dk9&]k]&
4#$#*1/50'#&*+'CR!%?(/&fe6%(#&(+&Y$.!?%(",&W]G^&
4#$#*1/50'8#"(#$5/#&50'CT#>/&m4A0>W&]G^9&]k]&
4#$#*1/50'8#"(#$5/#&50'R>&-!#>&0()%$8&+%$50'CT#,("/&Q#("!3$0!&WIMI9&IFFWEG&
4#$#*1/50'8,#$*08*$0'CQ(#S(0('&(+&Q#$$.(/&
P!**!#3$&WDEG9&IEF9&]^D&
4#$#*1/50'3%"%81/#'CT#,("/&U,00(+&W]G^&
4#$#*1/50'"%8+10(1+50'd0!u6&(+&X!,00>&W]G^9&]GF&
4#$#*1/50'1/%A#8*50'=00(#&W]G^&
4#$#*1/50'(#(%/%1$#8*50'CT#,("&(V&Q400,!#3/&m4A0(+&W]G^9&]k]&
4#$#*1/50'+*&%+5.%0'T#,("&W]G^&
4#$#*1/50'")>WDEG9&IMI9&IFE&
4#$#*1/50'0()%$8&+%$50'K<+%*0P'm4A0(+&WIMI9&IEM9&]G^&
k^M&
&
4#$#*1/50'0522#/&*#&50'CQ(#S>&(+&Q#$$.(/&P!*>&WINM9&IM^9&IFD9&IFI9&IEkWF9&]G^9&]Dk&
4#$#*1/50'A*$*$1050'=4##>WIMD9&IE^9&IEF&
4#$8+#&%5"'&+%#$&)5"'`(#7(#+&WkGE&
4#$E#$50'0(>W]Ek&
4#$E#$50'#$&#+*0*$0%0'P!,%+&L$6%&W]Ek&
4#(#A*+'01"$%3*+5"'R>WIkM&
4#0(#/5"'81$;5.#&5"'Q(#?>&WD^G&
4#0(#/5"'08+12%85/#&5"'R>W'D^G9&D^k&
4#0(#/5"'")>WDIG9D]N9D^k&
4#00%3/1+#'#8&%$*#'`$$S(#&WI^N&
4#00%3/1+#'#/#&#'K,+$%&WI^N&
4#00%3/1+#'#/2#'R,%S&(+&d++$&WI^N&
4#00%3/1+#'2+%1$%1%E*0'`QfWI^N&
4#00%3/1+#'8#*+5/*#'R>WI^N&
4#00%3/1+#'8#(05/#+%0'R>WI^N&
4#00%3/1+#'E*8#%0$*#$#'<,*6$0&WI^N&
4#00%3/1+#'*E5/%0'P,."&WI^N&
4#00%3/1+#'*%8)/*+%#$#'=!"+>&WI^N&
4#00%3/1+#'31*&%E#'R>WI^N&
4#00%3/1+#'%$8#+$#&#'R>&WIkG9&I^N&
4#00%3/1+#'\5#E+#$.5/#$+%0R>WI^N&
4#00%3/1+#'!88>'G52*+10#:sif&
4#00%3/1+#'+52+#'R>WI^N&
4#00%3/1+#'052(*//#&#'d#+(?>WI^N&
4#00%3/1+#'=#+"%$.%%'=!"+>WI^N&
4#5//%$%#'85(#$#'`4.7$03+9&Q$%)0!%3&(+&f4%+6&-!#>&01+2%/%0'_4*S(&WIGE9&IkF&
4#5//%$%#',181'P*640+("&(+&f,00,)&(&DNN9&DFF9&IGE9&IDN9&IkF&9INNWM&
\!4#,3,!%+6!&*!00,*!#)$,3("&O+*"*B#"(':sif'
4#5+%E%#$&)#''E*=*A+*%'Q#(.(S!.)&WI^N&
4#5+%E%#$&)#'/,#//%'Q#(.(S!.)&WI^N&
4#5+%E%#$&)#'A%+%E%3/1+#'`())(#&WI^N&
4*E%/#$&)50'&%&),"#/1%E*0'\$,+(!4&WFD9&kGI&
4*.#$5"')#+"#/#'R>WDNE9&DENWIGD9&IDM9&IIG9&II^9&I]F9&I]EWkI9&Ik^9&I^GWI9&I^^9&&]IM9&]kG9&
]kIWk9&kG]9&kDM9&k]D&
4*/*8,()1+#'#0*//%31+"%0'O6#(%7(#?&WFI9DGD9&DGF9&kDM&
4*/*8,()1+#'(0*5E1(*8&%$#&#'Q!*S(7>&WDGD9&kDM&
4*$$%0*&5"'0(>WDIG&
4*+*0B%#'81++5.#&#'X4+!S&WFI9&DGF&
4*+*0B%#'&#"(%8#$#'c(7(#&WFI9&DGF&
4*+*0B%1(0%0'08#$E*$0'Q#,+>&(+&Y$"(&WFI9&DGF&
4*+$*&&,#'35+*$0'C`$$S(#&(V&_X>/&f0$+2*6&…kGE&
4*+$*&&,#'(#+A%31/%#'Q(%+6!.&…kGE&
4*&#/10&,/%0'/#2%8)*1%E*0'Y>&Q#$g%&WI^N&
4*&%A*+%#'#//%#8*#'R>WIDI9&INN&
4*&5$%#'")>W]ND9&]NN9&kGE&
4*&5$%#'A%1/#8*#'R,%30('&…]NN&
4*58*E#$5"';#(1$%85"'J64%7(#?&…kGF&
4)#/#+%0'#\5#&%8#'R>WI]F&
4)#/#+%0'#+5$E%$#8*#'R>&Wk]9&I]MWE&
4)#/#+%0'&52*+10#''R>WI]M&
4)1/%1&#'0(*8&#2%/%0'CT#,("/&U,00(+&W]Gk&
4)+#."%&*0'#50&+#/%0'CX!-!%,00("/&J#,%>&OV&P+(43>&WI]F&
4)+,.%/#$&)50'*5.*$%1%E*0'CR>/&`Qf&WIN^&
4)+,.%/#$&)50'*5.*$%1%E*0'CR>/&`Qf&-!#>&+1250&10'U0!2,$4&WIDD9&IN^&
4)&)%+50#'(,+%31/%#'C`4.7$03+9&Q$%)0!%3&(+&f4%+6/&O,*60(#&WIN^&
4),018)/#%$%#'0(-W]NM&
4),&1/#88#'#8%$10#'Y$V74#?6WkGE&
4%(*+!#25&%/1%E*0&&f4%+6&W]MN&
4%(*+!#&&*$5#&5"'Q4*6>&`!.>&(V&=,5>&]MN&
4%(*+!#5+%&5"'`Qf&W]MN&
4%(*+!2#+&/%$.%#$5"'C=,5>/&_X>&WID]9&]MN&
4%(*+!2*&/*''R>WDG^9&]MN&
4%(*+!8%$8%$$#&1+%0'q4%*S(#&W]MN&
4%(*+!8+,(&1E1$'_&X>WID]9&]MN&
4%(*+!.+#*3*%'c!#74#?&W]MN&
4%(*+!%$&*+%&5"'J#(0(!"('(V&=!*7#,3(&W]MN&
4%(*+!/%$E2*+.%%&_&X>&W]MN&
4%(*+!/1$.5"'R>&W]MN&
4%(*+!"#+.%$#&5"'L!*54,%&W]MN&
4%(*+!"*&),0&%85"'T$#"+(#&3%/'WIkF9&I^F9&]MIWN9&k]]9&k]F9kkM&
4%(*+'$%.+5"'R>W]MN&
4%(*+!12/%\55"'Y4,2&(+&\!-B%&W]MN&
4%(*+!(*//58%E#'CR>/&f4%+6&W]MN&
4%(*+'0#$8&5"'C=,54(0/&P*6,(*6+>&W]MN&
4%(*+'0#+"*$&105"'Y$V7>&(V&`4%+(#&W]MN&
4%(*+'")>WID]9&INN&
4%(*+!052(*/&#&5"'c,003(%$g&W]Mk&
4%(*+'5"2*//#&5"'R>W]MN&
4%(*+'=%8)"#$$%%''_X>W]Mk&
4%(&#E*$%#'81/52+%$#'C:(00>/&Q(%+6!.&WDNk&
4%(&#E*$%#'"#8+18#+(#'Q(%+6>&WDND9&DNk&
4%(&#E*$%#'$%1(1'C`4.7$03+/&P)#4*(WDND&
4%(&#E*$%#'(#$%85/#&#'Q(%+6!.&WDNk&
4%(&#E*$%#'(#+#.5#,*$0%0'CQ(%+6!./&R,%3.!#*6&WDNk&
4%(&#E*$%#'(*+*.+%$#'CR>/&Q(%+6!.&WDND&
4%(&#E*$%#'+%.%E#'Q(%+6!.&WDNk&
k^F&
&
4%(&#E*$%#'A%+%E%31/%#'Cf4%+6/&Q(%+6>WDNk&
4+%&1(1+50'2*&5/%$50'CQ400>&(V&T#>/&f!#"+>]kM&
4%&)*8*//12%5"'/#*&5"'Q(%+6!.WIDI9&IN^&&
4/*5+1&50'10&+*#&50'CL!*54,%&(V&T#,("/&f4..(#&W]]M9&]^IW]&
4/5&*50'#&+%8#(%//50'CQ!+"*6/&T!'$3&W]G^9&]GE&
4/5&*50'#&+%8#(%//50'CQ!+"*6/&T!'$3&-!#>*#/*$0%0'Q((0,W]GE&
4/5&*50'8,#$1(50'm4A0(+&W]G^&
4/5&*50'./#5850'P,%?(#&W]G^&
4/5&*50'$%.+1A%+%E%0'Q!7$"&W]G^&
4/5&*50'0#/%8%$50'C\(#"$$%&(V&T#,("/&f4..(#W]G^9&]Dk&
41/#0B%#'8)*$E*'CU$""(0>/&U,7">WFI9&DGF9&kDF&
41$&*E*+%#'81+E#&#'R>WID]9&INN&
4+*0&1$%#'#"#C1$%8#'CQ(%+6!./&=!*7#,3(&WIG]9&IG^9&ID^9&I^M&
4+101(%0'$%.+#'CU#,"(7!*6/&`,(#$%>WI^N&
4+C*=#/0B%#'0(-'W]NM&
40#&)%+*//#'8#$E1//*#$#'CT#,("/&=!,#(&W]G^9&]GFWE9&]Dk&
40#&),+*//#'0*(5/8)+#/%0'P,%?(#9&P.,+6&(+&U42.1%&W]G^9&]GE&40*5E1(0%/18,2*')13"#$$%%'
Y!+*0,88(&$1"*$'$5E5"'WIFG&
40%/18,2*'#85&%(%/*#'CP)(?>/&U42.1%&W]D]&
40%/18,2*'#85&%00%"#'`(,.&W]GM9&]DI&
40%/18,2*'#$.50&%(/*5+18,0&%E%#&#'U42>&W]D]&
40%/18,2*'#\5#"#+%$#'C\(?>/&U42.1%&W]D]&
40%/18,2*'#+"#$E%%'U42.1%'(+&\$00$*S&W]D]&
40%/18,2*'#+.*$&%(*0'q$S$'!.!&W]G^9&]DD&
40%/18,2*'#&+12+5$$*#'CR!"*6/&U,00>&W]G^9]GE&
40%/18,2*'#58B/#$E%%'U42.1%9&f,%?&(+&Q!%3!0!&…]D]&
40%/18,2*'#50&+#/%#$#'U42.1%&(+&c!+0,%?&W]DG9]D]&
40%/18,2*'#C&*81+5"'`(,.&…IEM&
40%/18,2*'#C&*81+5"'`(,.&-!#>&#C&*81+5"&U42.1%&…]G^&
40%/18,2*'#C&*81+5"'`(,.&-!#>&21$*&%%&U42.1%&W]G^&
40%/18,2*'2#*18,0&%0'P,%?(#'(+&P.,+6&WIMkW^9&]G^9]DkW^9]^D9kIk9kkD&
40%/18,2*'2#$E*+%//*$0%0'U42.1%&…]D]&
40%/18,2*'2#++*+#0'X,84(%+("&(+&U42>W]D]&
40%/18,2*'21)*"%8#'P(7(S&W]GN9&]DG9&]Dk&
40%/18,2*'2+#0%/%*$0%0'U42.1%&W]D]&
40%/18,2*'2+5$$*18,0&%E%#&#'U42.1%&(+&`$#!S&W]D]&
40%/18,2*'8#*+5/*08*$0'=4##,00&WIMIWk9&IEF&&
40%/18,2*'8#*+5/*08*$0'=4##,00&"47")>&8#*+5/*08*$0'A#+-'#/2%E#'`(,.&W]DG&&
40%/18,2*'8#*+5/*08*$0'=4##,00&-!#>&8#*+5/*08*$0'U42.1%&W]GN9&]DG&&
40%/18,2*'8#*+5/*08*$0'=4##,00'"47")>&"#C#&*81+5"'A#+-'1"2+1()%/#'`(,.&W]DG&&
40%/18,2*'8#*+5/*08*$0'=4##,00&-!#>&"#C#&*81+5"'`(,.W]DG&
40%/18,2*'8#*+5/*08*$0'0'=4##,00&-!#>&"#C#&*81+5"$'`(,.&8>&)*/%1()%/#'`(,.&W]DG&40%/18,2*'
8#*+5/*08*$0'=4##,00&-!#>'"#C#&*81+5"'`(,.&8>&1"2+1()%/#'`(,.&W]DG&40%/18,2*'
8#*+5/*08*$0'=4##,00&-!#>&$%.+%(*0&`(,.&W]DG&
40%/18,2*'8#*+5/*08*$0'=4##,00&-!#>&1"2+1()%/#'C`(,./&U42.1%&W]GN9&]DG&&
40%/18,2*'8#*+5/%(*0''C\(*S/&P!**!#3$&W]GN&&
40%/18,2*'8#*+5/1#$$5/#&#'P,%?(#&(V&U42.1%&W]GN&
40%/18,2*'8#//10#'CT#>&(V&T#>/&m4A0>&W]GN9&]DG&&
40%/18,2*'8#$E%E%(*0'P,%?(#&(+&P.,+6&W]GM&&
40%/18,2*'8#+21$#+%#'P,%?(#&W]D]&'
40%/18,2*'8)%#(#$*$0%0'U42.1%&W]D]&&
40%/18,2*'81//,2%1E*0'P,%?>&(+&P.>&W]GN9&]DG&&
40%/18,2*'81/1"2%#$#'U42.1%W]D]&&
40%/18,2*'81(+%$%3#8%*0'CY$00!%3/&\$42!#&W]GN9&]DG&
40%/18,2*'81+E%0(1+#'`(,.&W]GN9&]DG&
40%/18,2*'852*$0%0'CO!#0(/'P,%?(#&WDkG9DMM9&I]DW]9&IMD9&IMI9&IMN9&IMF9&IFGWD9&IFI9&IF]Wk9&
IED9IEF9]GN9]DkWD^9&]k]9&]^G&
40%/18,2*'8,#$*08*$0'c!S(8,(03&WIM^9&]GN9&]DG9]DkWD^9]^G&
40%/18,2*'8,#$13%2+%//10#'U42.1%&(+&P+!.(+"&W]GN&
40%/18,2*'E5"1$&%%'P,%?>&(V&U42.1%&W]D]&
40%/18,2*'*58#/,(&#'U42.1%&(+&c!+0,%?&W]GN9]DG&
40%/18,2*'3#.%81/#'`(,.&(+&X!,00(4V&-!#>&3#.%81/#'U42.1%&W]GN9&]DG&
40%/18,2*'3#.%81/#'`(,.&(+&X!,00(4V&-!#>&"*018,0&%E%#&#'U42.1%&W]D]&
40%/18,2*'3#+%$#8*#'Y,*S&(V&U42.1%&W]D]&
40%/18,2*'3%"*&#+%#'Cd#+$%/&c!+0,%?&W]GN&
40%/18,2*'35/%.%$10#C=4##,00/&P.,+6&W]D]&
40%/18,2*'35+&#E1#$#'U42.1%&W]D]&
40%/18,2*'.#/%$E%%'U42.1%&W]D]&
k^E&
&
40%/18,2*'.1$%10(1+#'CQ(#S(0('&(+&Q#$$.(/&P,%?(#W]D]&
40%/18,2*'.+#A*1/*$0'\(*S&…]D]&
40%/18,2*')*%"%%'U42.1%&W]D]&&
40%/18,2*')*++*+#*'U42.1%&W]D]&&
40%/18,2*')11.0)#.*$%%'`(,.&WIFG&&
40%/18,2*')11.0)#.*$%%'`(,.&-!#>&81$A*T#&U42.1%&W]GN9&]DG9&]Dk&
40%/18,2*')11.0)#.*$%%'`(,.&-!#>&
)11.0)#.*$%%'U42.1%&W]GN9&]&DG&&
40%/18,2*'%$81$0(%85#'U42.1%&W]D]&&
40%/18,2*'%0#5+%&P,%?(#&W]GM9&]DI&'
40%/18,2*';#8120%%'U42.1%&W]D]&&
40%/18,2*'B5"#*$1+5"'`(,.&W]GN9&]DG&40%/18,2*'/%$%31+"#$0'U42.1%&(+&Q!"&-!#>&
#"*+%8#$#'U42.1%&(+&P+!.(+"&W]GN&&
40%/18,2*'/%$%31+"#$0'U42.1%&(+&Q!"&-!#>&/%$%31+"#$0'U42.1%&W]GN9&]DM&
40%/18,2*'/1$8)1()1+50'CQ(#S(0('&(+&Q#$$.(/&`$#!S&(V&U42.1%&W]D]&
40%/18,2*'"#%+*%'P,%?(#&W]GN9&]DG&
40%/18,2*'"#""%//#&#'C=4##,00/&P.>&W]D]&
40%/18,2*'"#C#&*81+5"'`(,.&W]DG&
40%/18,2*'"*+%E*$0%0'U42.1%&…]Dk&
40%/18,2*'"*T%8#$#'`(,.&WDkG9&IM]W^9&IME9&
IEDWE]9&IEkWEF9&]GNW&M9&]EI9&kkDWkkI&&
40%/18,2*'"%T#**$0%0'`(,.&W]GN9&]DG&40%/18,2*'"10*+%'U42.1%&W]Dk&&
40%/18,2*'"5/%*+85/#'P,%?(#&(+&P.,+6&…IE^WM9&]GM&
40%/18,2*'$1A#*C*#/#$E%#*'U42.1%&(+&`$#!S&W]DG9&]D^&
40%/18,2*'18)+*#&#'CQ(#S(0('&(+&Q#$$.(/&
`$#!S&(V&U42.1%&W]D]&
40%/18,2*'(#(5#$#'U42.1%&(+&`$#!S&W]D]&
40%/18,2*'(*//%85/10#'CP.,+6/&P,%?(#&(+&
P.,+6&W]GM9&]Dk&
40%/18,2*'(%$&1$%%'U42.1%&W]D]&
40%/18,2*'(/*5+18,0&%E%10#'U42.1%W]D]&&
40%/18,2*'(/5&1$%#'CQ(#S(0('&(+&X$$S(/&P!**!#3$&W]D]&
40%/18,2*'(0*5E125//#8*#'C\(+*6/&\(?0(#W]GM&
40%/18,2*'(5.*&*$0%0'`!##,"&$1"-'$5E-'W]GM&
40%/18,2*'\5*2*8*$0%0'd0!u6&(+&`(,.&W]GM&
40%/18,2*'+C*E1=0B%%'U42.1%&W]D]&
40%/18,2*'0#$8&1+5"'U42.1%&W]D]&
40%/18,2*'0#"5%*$0%0'U42.1%9&Q!%3!0!&(+&
K00(%&W]GM9&]Dk9&]k]&
40%/18,2*'08)5/&*0%%'U42>&(+&\$00$*SW]D]&&
40%/18,2*'0*"%/#$8*#&#'CT#,("&(V&P(*#(+!%/&f4..(#&W]GM9&]DkW^9&]k]9&]^G9&kIk&&
40%/18,2*'0*"%/#$8*#&#'CT#,("&(V&P(*#(+!%/&
 A#+-'8#*+5/*08*$0'CX$$S(/&P!**!#3$&W]GN&40%/18,2*'0*"(*+A%A#'`(,.&(+&X!,00(4V&W]GN9&]DG&
40%/18,2*'0*+2%8#'=$"(#&(+&`$#!S&W]GM9&]DG&40%/18,2*'0%/A#&%8#'C\(*S/&P,%?(#&(+&P.,+6&]GM9&
]Dk&
40%/18,2*'0%$.*+%'U42.1%&W]D]&
40%/18,2*'0&+%8&%(*0'P,%?(#&(+&P.,+6&W]GN9&
]^G&
40%/18,2*'0&5$&C%%'U42>&(+&d++&W]GM9&]Dk9&]^G&40%/18,2*'052#*+5.%$#08*$0'`6%(0'-!#>&
0*(&*$+%1$#/%0'U42.1%&W]DG9&]D]&&
40%/18,2*'052#*+5.%$#08*$0'`6%(0'-!#>&052#*+5.%$#08*$0'U42.1%&W]GM9&]DG9&]^G&
40%/18,2*'052#*+5.%$10#'X0(0!%3&W]GM&&
40%/18,2*'0528#*+1/%(*0'`$%?$&W]GM9&]DG&40%/18,2*'052852*$0%0'U42>&W]GM9&]D^9&]k]&'
40%/18,2*'0523%"*&#+%#'U42.1%&(+&P.>&W]D]&40%/18,2*'052&+1(%8#/%0'U42.1%&W]D]&&
40%/18,2*'052,5$.*$0%0'U42.1%&W]GM9&]D^&40%/18,2*'&#"(#$*$0%0'U42.1%&(+&\$00$*S&W]GM9&
]DI&|"B0$&(V,"+(&(0&+,)$&(")(*,({&&
40%/18,2*'&#0"#$%#$#'U42.1%&(+&c!+0,%?&W]DG9&]D]&
40%/18,2*'5+5.5#,*$0%0'P,%?(#'(V&U42.1%&W]GM9&]D^&
40%/18,2*'5T(#$#(*$0&0'U42.1%&…]D]&
40%/18,2*'A*$*$#&#'Cj.!,/&j.!2(S,&(+&`$%?$&&WIEG9&]GM9&]DI9&]^G&t'40%/18,2*'A*+#*8+58%0'
U42.1%&(+&\A#(2&d#+,2&…]D]&
40%/18,2*'=#001$%%'`(,.&WDkG9'IE^WM9&]GM&40%/18,2*'=#001$%1+5"$'U42.1%&(+&\$00$*S&W]D]&
40%/18,2*'=*/E*$%%'U42.1%&W]D]&
40%/18,2*'=+%.)&%%'U42.1%&…]D]&
40%/18,2*'T#/#(*$0%0'U42.1%&(+&RB)(2&W]D]&40%/18,2*',5$.*$0%0'P,%?(#&(+&P.,+6&W]GM9&
]DI&
40%/18,2*'C#(1&*81+5"'`(,.&W]GM9&]GEWDG9&]D^&
40,8)1&+%#'#/2#'Y4,2&(+&\!-B%&WIIk&
40,8)1&+%#'2*88#+1%E*0'c(#%6!.&WIDk&
40,8)1&+%#'8#+&)#.%$*$0%0'L!*54,%&:DMD9&ID^9&III9&IIk9&INN&
40,8)1&+%#'*T(#$0#'Qj>WID^&
40,8)1&+%#'31+0&*+%#$#'U#!'&WID^&
40,8)1&+%#')%+&#'Y,30('&WID^&
kNG&
40,8)1&+%#')1$+%C1$&#/%0'Pg!#+2&WIIk&&
40,8)1&+%#'%$05/#+5"'U#!'&WID^&&
40,8)1&+%#'"#+.%$#&#'Pg!#+2WIIk&&
40,8)1&+%#'1/*1%E*0'CQ!,00>/&P*60(*6+>WID^&40,8)1&+%#'(1*((%.%#$#'=4(0>&K#?>&WIDN&
40,8)1&+%#'(0,8)1&+%#*31/%#'CP((.!%%/&P+!%30('&WID^9&INN&
40,8)1&+%#'+10&+#&#'Qj>WID^&
40,8)1&+%#'+53%(%/%0'!-'X6(->&WID^&
40,8)1&+%#'")>WDMD9&IDI9&IDkW^9&INN&
40,8)1&+%#'A%+%E%0'Y4,2&(+&\!-B%&WDMDWI9&IG]9&
ID]WDM9&IIIW]9&II^9&I]NWM9&IkDWkI9&IkN9&INDWI9&INN9&kDD9&kD]&
4&*+18*+*50'.#5"*+%'CQ#,++$%&(+&Y$"(/&
=!*_$4?!00&(+&=,#>&WDGF9&kDF&
k5#"18/%E%1$'"5/&%3/1+5"'J$##>WkG^&
k5#+#+%2*#'35$*2+%0'CR!&R0!-(/&:,"*6(#&W]GI9kDG&
k5#+#+%2*#'(5&5"#,*$0%0'X4!+#>&W]GI9&kDG&
k5#+#+%2*#'")>&WIDI9&INk9&]GI9&kDG&
G#$5$85/50'#8+%0'R>&WkDG&
Y!%4%*404"&54(0)!(#+(%","&:qqQ&
G#$5$85/50'0(>&W]Mk&
G#5A1/3%#'0*+(*$&%$#'Q(%+6>&(V&f4#2>&WIkF&G)%C1(1.1$'0(>WIEI&
G)1E1E*$E+1$'(1$&%85"'R>W]EM&
G)1E1E*$E+1$'0(>W]EM&
G),$8)10%#'/1$.*+#8*"10#'=!#+(%"&(+&U!0($++,&WkDD&
G),$8)10%#'()#0*1/1%E*0'_X>WkDD&
G),$8)10%#'(,+#"%E#/%0'CR!.!#*S/'i#7!%&WkDD&
G%8B*$*//#'3%25/#'CQ400,!#3&(V&T#,("/&Y!,+6(%647(#&W]GF&
G%8B*$*//#'0=#+&C%%'CT#,("/&f4')(#&W]GF&
G%$1+*#'2*$.#/*$0%0'Cc!00,*6/&f4%+2(&WID]&
G%$1+*#'"#8+1(),//#'C_(*%(>/&f4%+2(&WID]&
G%$1+*#'A%+%E%31/%#'Y4"7'&WID]9&INM&
G%A*#'81+,"210#'CR/&`!00,(#&3%/>&WDDE9Dkk9D^]&
Y$"!&")>&…DGN&
G5E.*#'+*&%31/%#'P+!%30('&WIDI9&INM9&kDD&G5005/#'#../5&%$#'P*640+("&(+&`$8.!%%&$1"*$'
$5E5"':k0F&
G5005/#'#../5&%$#&#'`(,.&WIED9&kDF&
G5005/#'B%+%$*#'`(,.&WIED9&kDF&
G5005/#'"#*$#E5$'`(,.&WIED9&kDF&
G5005/#'$1$E1+2%$.%'P,%?(#&WIED9&kDF&
G5005/#'(0*5E1"#*$#E5"'`(,.&WIED9&kDF&
@#2%8*#'#"#C1$*$0%0'c(#%6!.&WIDI9&INM&
@#2%8*#'E%A*+0%31/%#'\(#"$$%&WIDI&
@#/A%#'8#+$10#'_$4?0!"&W]F^&
@#/A%#'8,#$*#'R!.7&(V&Q(%+6!.&W]FG&
@#/A%#'E%A%$1+5"'O)0,%?&(+&L1+,-!&WN]9&DIG9DEE9&I^F9&]MMWFD9kG]9kk]&
@#/A%#'/,+#&#'RW]F^&
@#/A%#'188%E*$&#/%0'Pg>W]MM&
@#/A%#'133%8%$#/%0'R>W]MF9&]F^&
@#/A%#'4*+0*(1/%&#$#'R>W]MM&
@#/A%#'")>&W]MM9&]FN&
@#/A%#'0(/*$E*$0'T>&P(00$g&(V&Y$(.(#&(+&
P*640+("&W]MM&
@#/A%#'&+%/12#'R>'3%/&W]F^&
@#+81()#+,$.%#'8+#00#'CQ(%+6!./&Q$,+(!4&(+&K00$#?(&W]NF&
@8*/*&%5"'0(-'WkGD&
@8%+(50'0(>WDkG9]Ek&
@8/*+12%5"'0*&%3*+5"'_4*S(&WIDI9&IN^&
@8/*+1E*$$#'25//#'`(,.&W]kD&
@8/*+1E*+"#'),E+1"*%0%8#'C\(#"$$%/&`(,.&-!#>'"#85/#&#'C\!+$4,00!#3/&`(,.&W]kD&
@8/*+1E*"#'A*++58105"'\(#"$$%&WIEI9]kD&
@81(#+%#'E5/8%0'R>WID]9&INM&
@81(1/%#'")>W]NM9&kk]&
@*$*8%1'8#/1(),/%50'`(."0('&WkDD&
@*$*8%1'8*+A#+%#*31/%50'P*6402&W&Q,)$%+,%4"&WDGI9&kDD&
@*$*8%1'*/#&50'WDGI9&kDD&
@*$*8%1'.+#,#$50'`(."0('&WkDD&
@*$*8%1')#+&=*.%%'Q(%+6!.&WDGI9&kDD&
@*$*8%1'(+#*81T'_X>WkDD&
@*$*8%1'&1/588#$50'_X>WkDD&
@)*()*+E%#'#+.*$&*#'<4++!00WI^N&
@)*()*+E%#'8#$#E*$0%0'<4++!00WI^N&
@%E#'#85&#'Q4%%!%&3%/'WkDD&
@%E#'+)1"2%31/%#'R>WkDD&
@%/*+'E%A#+%8#&5"'Q(%+6!.&(+&`$$(#>&3%/&WkDD&
@%/,25"'"#+%#$5"'CR>/&U!(#+,%&W]^D&
@%"%+#'B/5.%%'P+!%30('&WI^N&
@%"%+#'+52+#'f>&P*64.!%%&WI^N&
@1/#$E+#'2+*A%8#/,T'P+!%30('&W]NN&
@1/#$E+#'.5*++*+*$0%0'=!#+,%(2&W]NN&
@1/#$E+#'")>W]ND9&]NN&
@1/#$5"')%+&5"':!60&W]NM&
@1/%0%#'(*8&%$#&#'CQ>&&P+(,%/&Q#,++$%&(+&Y$"(&WDGD&
kND&
&
@1()1+#'0*85$E%3/1+#'Cd#+>/&R!?!"*!&(V&_X>&WME9&EE9&kDFWE&
@(%+#*#'8#*0(%&105"'WkDD&
@&*""#E*$%#'0(-'Wkkk&
@&*$18*+*50'2*$*8B*%'CO6#(%7(#?/&Q4V7!4.&WFI9&DGF9&kDF&
@&*$18*+*50'*+58#'CQ#!%3(?((/&U,7">&(+&
`$#!SW&FI9&DGF9&kDF&
@&*$18*+*50'0&*//#&50'C\8(,88(#/'Y,*(&WFI9DGF9&kDF&
@&*$18*+*50'&+*/*#0*%'CQ#,++$%&(+&Y$"(/&
Q!*S(7(#?&WFI9DGF9kDF&
@&*$101/*$'0(-'W]NF&
@&*()#$1"*+%#'4#58%3/1+#'CJ$##/&<(0"$%&WkDI&
@&*+85/%#'")>WDNN9&]MI&
@&*/01$%#'81+,$*'CP!0.W_'*S/&Q#,++$%&(+&Y$"(&WFI9DGF9kDF&
@&%8&18#+E%#'&%/%#*31/%#'C_("#(4V/&`!00,(#&8%/&WDID9D^]&
@&%+%#'+1250&#'P*#,7%(#&WD^G&
@&%+%1/12%5"'0(-'W]I]&
@&+1"218#8&50'E%08%31+"%0'_X>&WDGD9&kDE&
@&+1()#+%#'8#*+5/*08*$0'j.!,&W]DD&
@&+1()#+%#'852*$0%0'O!#0(&WI]DW]9&IMD9&IMI9&IMF9IMEWFD9IFIWk9]D]&
@&+,8)$10'$5T:A1"%8#'R>&WEk&
@&+,8)$10'50#"2#+*$0%0'U,0?&W]ND&
@,"1$#$&)50'133%8%$#/*'R>WDG^&
@,"(/1810'+#8*"10#'Y$V74#?6&…I^N&
7#2*25%#')*&*+1(1E#'C_X>/&P!%3g,+6&WIDI9&
INk9&INF&
7#2*25%#'%$8#$#'K>&U(%+#'&WIDI9&INk&7#2*25%#'")>WIDI9&INk9&INF&'
7#2*+$#*"1$&#$#'8%&+%31/%#'T$#"+(#&W]NE&7#2*+$#*"1$&#$#'8133*1%E*0'Q$;(#&(V&_X>&W
]NE9]E^&
7#2*+$#*"1$&#$#'8+#00#'Q(%+6!.&W]NE9&]E^&
7#2*+$#*"1$&#$#'E%8)1&1"#'Y$V74#?6'(V&
c!00,*6&W]NE9&]E^&
7#2*+$#*"1$&#$#'E%A#+%8#&#'Y>&Q#>&W]NE&7#2*+$#*"1$&#$#')*&*+1(),//#':!6,&W]NE&
7#2*+$#*"1$&#$#'"5+%8#+%#'R,%S&(V&Y$(.(#&(+&P*640+("&W]NE9&]E^&&
7#2*+$#*"1$&#$#'4#$E#8#\5%'\$,#(+&W]NE&7#2*+$#*"1$&#$#'0#$#$)1'Y4,2&(+&\!-B%&W
]NE9]E^9kGF&
7#2*+$#*"1$&#$#'0(-':IDG9&INk9&]NFWE9&k]I9&
kkk9&kkM&
7#2*+#$&)*'%21.#'Q!,00$%&WIDI9&]NF9&]MF9&
k]I9&kkk&
7#2*+$#$&)*'(52*08*$0'\,*6$%&…]NF&
7#.*&*0'8#"(#$5/#&#'U#,"(7!*6&…]E^&
7#.*&*0'*+*8&#'R>WIFF9&]MI9&]EkW^&&
7#.*&*0'/58%E#'X!->WEE9&IFF9&]MI9&]EkW^&&
7#.*&*0'"%$5&#'R>W]E^&7#.*&*0'"5/&%3/1+#'`4.7$03+9&Q$%)0!%3&(+&f4%+6&W]E^&
7#.*&*0'(50%//#'`4.7$03+9&Q$%)0!%3&(+&f4%+6&…]E^&
7#$#8*&5"'A5/.#+*'R>&…]F^&
7#$#*8%5"'$18&5+$5"'CQ!#7$"!'Y$3#,?4("/&Q4#(!4&(+&P*64.!%%&W]E^&&
7#T50'2#88#&#'R>WDED&7#T50'2+*A%31/%#'<4++!00&W]EM&&
7*81"#'+#E%8#$0'CR>/&L4"",(4WkGM&&
7*81"#'0&#$0'CR>/&L4"",(4&(V&`4.7$03+9&
Q$%)0!%3&(+&f4%+6&WkGM&
7*/%10&#8),#'/#$8*1/#&#'<(("&-!#>&8+%0(#&
<(("&WIDG9&INk9]Ek&
7*()+10%#'(%08#&1+%#'\(#"$$%&W]M^&
7*+"%$#/%#'2*//%+%8#'CU!(#+%(#/&Y$V74#?6&W&
kDI&
7*+"%$#/%#'0*+%8*#'WkDI&
7*0&5/*#'.#21$*$0%0'\(00(?#>WI]E&
7*&+#(&*+,0'"*&),0&%8#'P*640+("&WIG]9&I^F9&
]EN&
7*&+#(&*+,0'"58+1$#&#'X!-!%,00("&W]EN&
7*&+#(&*+,0'0&,/1(&*+#'L4"",(4&WIG]9&]EN&
7*58+%5"'"#+5"'R>WkGM&
7)#"$10"#'"1$&#$#'WkDI&
7)*12+1"#'2%81/1+'`4.7$03+&(+&Q$%)0!%3&W&
DFF&
7)*12+1"#'8#8#1'R>WIDM9&kDG&
7)*12+1"#'./#585"'f!#"+(%"&WDFF&
7)*12+1"#'052%$8#$5"'=!#+,4"&WDN^9&DFF&
7)5;#'188%E*$&#/%0'R>W]F^&
7%//#$E0%#'%$3/#&#'WkDI&
7%//#$E0%#'"11+*#$#'P.,+6WDGD9&kDI&
7%//#$E0%#'(5+(5+*#'Y4,2&(+&\!-B%&WDGD9&kDI&
7%//#$E0%#'50$*1%E*0'R>W&kDI&
71A1"%&#'")>WIDD9&IN^&
7+#8)*/10(*+"5"';#0"%$1%E*0'W]NF&
7+%25/50'&*++*0&+%0'R>W&EF9&IGG9&I^N9&kDM&
7+%8)18*+*50'2+%E.*0%%'CP!,.W_'*S/&Q#,++$%&(+&Y$"(&WDGF&
kNI&
&
7+%8)18*+*50'85C81*$0%0'Q#,++$%&(+&Y$"(&…DGF&
7+%8)18*+*50'35/A%/#$50'Y,++>WDGF&
7+%8)18*+*50'"#8+1.1$50'CP!0.W_'*S/&Y,**$7>&WDGF&
7+%8)18*+*50'(#8)#$1%'Q#,++$%'(+&Y$"(&WFGI9&EI9&E]Wk9&DGFWE9&IDG9&I^E9&]MG9&kGI9&kGN9kDD9&
7+%8)18*+*50'(*+5A%#$50'Q#,++$%&(+&Y$"(&WFI9E]Wk9&DGFWE&&
7+%8)18*+*50'")>WFI9&EIWEk9&DGD9&kDG9&k]N&7+%8)18*+*50'&#\5%"2#/*$0&+%'X!#3>WDGF&'
7+%8)18*+*50'&*+08)*8B%%'C\!#.(%+,(#/&Q#,++$%&(+&Y$"(&WDGF&
7+%8)18*+*50'A#/%E50'C=$%#>/&Q!*S(7>WDGF&
7+%8)18*+*50'=*+E*+"#$$%#$50'Q!*S(7>&W&DGF&
7+%8)18/%$*'E*#/2#&#'C`$$S(#&(+&K#%$+/&U#,"(7!*6WkDI&
7+%8)18/%$*'*T8#(#'U#,"(7!*6&WkDI&
7+%8)18/%$*'+*(&#$0'Cc(33>/&Y$7>&WkDI&
7+%8)1/1"#'"508#+%5"'f!g!.4#!W]]MW&
F9]^IWk9kkN&
7+%8)1/1"1(0%0'+5&%/#$0'CP*6!(88(#&(V&T#,("/&
P,%?(#&W]]F9&]^I9&kkN&
7+%(/#+%0'05+%$#"*$0%0'X6!.,""$WID]9INN&
7+%(/#+%0'05+%$#"*$0%0'X6!.,""$&-!#>&8)#"%001#$#'=(,""%(#&WINN&
75+2%$#'81+,"210#'CR/&Y!8,%("54(&WDDEWID9&D]]9&DkN9&D^]9&D^N9&IFF9&]kF9&k]G&
75+2%$%8#+(50'(0*5E1"#8+18)*/*'CQ!*S(7(#?/&Q4V7!4.&(+&Q!*S(7(#?&WDGD&
7,$$#$&)50'(#$5+*$0%0'CQ4#.!%/&P!%3g,+6&WINk&
&
M$8#+%#'#&&*$5#&#'f$#+6>&WI^N&
i%*!#,!&*!%("*(%"&g1+&)-':sif'
M$8#+%#'.5%#$*$0%0'CK470(+/&U.(0,%&WID^9&INN&
M$8#+%#'1+%*$&#/%0'U4,00(.,%&WI^N&
M$.$#E%#'0(*8%10#'O%30,*6(#&WkDFWDE&
M0&%/#.1'"#,E%0'X3!>WD]E&
M&+%85/#+%#'"%$1+'R>WkD]&
?#/*+%#$#'8*//%8#'R>WkGM&
:!0(#,!%!'$88,*,%!0,"&D-:qrQ'
?#$%//#'(/#$%31/%#'U>&L!*S"$%&WDGI&
?#08*//5"'\5E*$%%'CQ$++$.0('/&\$%*(&3(&
R(B%&WIEI&
?*(+%0'#"(1E,'`>&\(##>WI]F9&]EI9&]EN9kDI&
?%+1/#'8#/1(),//#'c!#74#?WDN^9&DNN&
?%+1/#'8#/1(),//1%E*#'=!#S?#!8WDN^WNN9DNE9&I^F&
?%+1/#'8#+%$#&#'CP)#>&(V&Q(%+6>/&c!#7>W&DNN&
?%+1/#'850(%E#&#'CP)#4*(&(V&Q(%+6!./&c!#74#?&WDN^WNN9&DNM9&IIG9&I^N&
?%+1/#'E%A*+.*$0'_4*S(&WDNN&
?%+1/#'*/1$.#&#'CP)#4*(&(V&Q(%+6!./&c!#74#?&WDN^WNN9DNE&
?%+1/#'/1+*&*$0%0'P.,+6&WDNN&
?%+1/#'"*/%$1$%%'CQ(%$,"+/&P.,+6&WDNM&
?%+1/#'"5/&%$*+A%0'_4*S(&WDNM&
?%+1/#'(#A1$%0'C_X>/&P.,+6&WDNNWM&
?%+1/#'(*+5A%#$#'C_X>/&c!#74#?&WDNN&
?%+1/#'+535/#'c!#74#?&WDNNWM&
?%+1/#'0*2%3*+#'K470(+&WDNNWM&
?%+1/#'")>WDND9DN]WNE9&DMk9&DFE9&DEI9&IGk9&IGF9&IDI9&IID9&I]E9INN9kGF&
?%+1/#'05+%$#"*$0%0'CY$0!%3/&c!#74#?&WDN^9DMD9&IDI9&INN&
?%+1/#'&)*%1E1+#'CP)#4*(&(V&Q(%+6!./&c!#74#?&WDNkWNF9&kINWIM&
?%+1/#'A*//10#'CQ(%+6!./&c!#74#?&WDNM&
?%&*T'&+%3/1+#':!60&WINM&
?1#8#$.#'08)=*%$35+&)%%'A#+-'(52*+5/#':]NF&
?1#8#$.#'")>W]NFWE9&kkM&
?15#8#(15#'#"*+%8#$#'K470(+&…IN^&
b#$&)1T,/5"'#+21+*08*$0'Y$"(&WI]F9&]EN9&kDI&
b1+$%#'/#&%31/%#'_X>WkD]&
b,.1(),//5"'3#2#.1'R>WI^^WM&
kN]&
&
&
$.0!12+/&/&
5/+#,-$%&-/+"9/!1$1$%&
&
XK\jJiRd&i<da&&
=OPXKRj<K9&\qdJR9&PK<&\O_Yd9&TO<OJjRK=j<KP&KYJjTjXjKROP&
&
&
$AS@DLEA3&/>7>&DEFG>&&4*,1&*-:'7)*'>%A%$*'J#8&50-''i%,->&$8&K#,2$%!&\#(""9&J4*"$%9&Kp>&
&
4@AMC@d3&7>&DEM^>&&R$'&)*'F#.%0'D#$E'13'(*,1&*-''i%,-(#",+'&$8&J(V!"&\#(""9&K4"+,%9&
Jn>&d#,?,%!0&`$'/#'7%*++#'FW.%8#'E*/'(*,1&*-''O3,*,$%("&O#!9&=(V,*$&X,+'9&DENF>&
&
7OGCC@DP3&1>%>&P&U>9>&.M@DQ@&DEN^>&&4*,1&*-''Q(#S(0('&\#(""9&Q(#S(0('9&XK>&
&
UEDGO@KEA3&1>&P&1>&%RGDEA&DEE]>&&@1+8*+,'#$E'@)#"#$%0"a'J5+#$E*+10'#$E&
J/%*$&0'%$'N1+&)*+$'4*"-''i%,-(#",+'&$8&i+!6&\#(""9&P!0+&R!S(&X,+'9&iJ>&
&
TOpV@D3&B>&DENN>&&F*08#/&]0%8_'#$E'"*8)#$%0"0'13'H#//58%$#&%1$-''i%,-(#",+'&$8&X6,*!?$&
\#(""9&X6,*!?$9&jR>&&\470,*!3$&$#,?,%!0.(%+(&(%&DEIF&*$.$&F*08#/']0%8_9'&)*'S>%A%$*&4/#$&U'
#$E'%&0'4,8)1/1.%8#/'`33*8&0-''\!40&f(?!%9&R$%3$%9&j%?0!+(##!>&
&
BEDEaMCd3&9>&P&+>&.GOK@D&CX$.)">/&DEMM>&&!/E150'H5T/*,-''F1B0)#a'h+%&%$.0'1$&
(0,8)*E*/%80'#$E'&)*'?%0%1$#+,'`T(*+%*$8*-'P+$%(6,00&\470,"6,%?&X$>9&<(g&q$#S>&
&
5G&4GDD@3&q>&DEM^>&7)*'4*,1&*'J5/&-''X4!#+!&(3,*,B%>&&K#*6$%&Q$$S"9&`!.3(%9&XJ>&m4,%+!&
(3,*,B%&DEFE9&i%,-(#",+'&$8&dS0!6$.!&\#(""9&<$#.!%9&df>&
&
9EIAC3&6>&CX$.)>/&DEFM>&7)*'4*,1&*'O11Ba'!'@&5E,'13'$#&%A*'F*E%8%$*-''Pg((+0,?6+&Q$$S"9&
K#*!+!9&XK>&&P(?4%3!&(3,*,B%&DEFF>&
&
9P@DRENN3&4>&6>&DEMk>&7)*'4*,1&*'H5$&a'7)*'@#8+*E';15+$*,'13'&)*'H5%8)1/'R$E%#$0-&
X$#%(00&i%,-(#",+'&\#(""9&j+6!*!9&<q>&
&
-EL@KGA3&4>&DENF>&7)*'4*,1&*'@&1+,-''c,0"6,#(&Q$$S&X$>9&`$00'g$$39&XK>&&\470,*!3$&
$#,?,%!0.(%+(&(%&DEN]>&ssi-'rrr'R$E%#$0'J#$u&'2*'h+1$.-''L$"64!&J#((9&XK>&&
&
-EIRM@D3&$>&DEIM>&&D#'4/#$&*'\5%'3#%&'/*0'j*5T'v"*+A*%//^0:D*'4*,1&/'K`8)%$18#8&50&h%//%#"0%%'
D*"-P-'U!"+$%&_$,%&(+&X,(9&\!#@"9&T#!%*(>&&\#A8!*(&3(&O>&\(##$+>&
&
%RIOJMA3&$>&P&$>&%RIOJMA&DEED-'4RHg!D-:'!'J)*"%8#/'D1A*'@&1+,''J#!%"8$#.&\#(""9&Q(#S(0('9&
XK>&&\#B0$?$&3(&_!-,3&O>&<,*6$0">&
kN^&
&
&
&
%C@aGDC3&">&+>&DEFM>&&4*,1&*'G*/%.%1$-:'!'H%0&1+,-''i%,-(#",+'&$8&dS0!6$.!&\#(""9&<$#.!%9&
df>&
&
+$.2#,5"&1"%H&&
5%13&"#"#$%&'%$(!T2T/e!H&1/-2<$1"%&1/&5$&/-6"52!$&
&
&
4GDJ@D3&6>&DE]D>'`+.1&'#$E'*+.1&%0"-''U4#%('&!%3&L!*S"$%9&R$%3$%9&j%?0!+(##!>&&
&
4GI@D3&<>B>&DEM]>&&>#0'!$&1$%50:<*5*+'%$'g5$0&'5$E'"*E%C%$-''P!%3$2&K&U9&Q!"(09&P4,2!>&
\#B0$?$&3(&K07(#+&`$8.!%%>&
&
4EVr3&7U>&DEMG>&7)*'@&1+,'13'*+.1&'P>&f!#?(#9&Q!"(09&P4,2!>&
&
6@OFW@3&->&CJ#!34**,B%&3(&L>&d++/&DEFD>&&Zd%&+#!-(0"&,%&+6(&4%,-(#"(&$8&+6(&"$40a&Y()$#+"&$%&
"(08W(V)(#,.(%+"&g,+6&_(0'",3&CRP_/&!%3&)",0$*'7,%&CXq/[&X15+$#/&13'40,8)1#8&%A*'>+5.0'D]&
CD/a&FDWFE>&&\470,*!3$&)$#&)#,.(#!&-(2&(%&!$&#%10']&C^/a&]E]WkDD>&
&
BENKGAA3&$>&DEN]>&&ZJ6(&!*+,-(&)#,%*,)0("&$8&+6(&"((3"&$8&G%A*#'81+,"210#'#$E'R(1"1*#&
A%1/#8*#['O1&#$%8#/'F50*5"'D*#3&*&0'`!#-!#3&i%,-(#",+'&IG&CN/a&DEkWIDI>&&Y(,.)#("$&*$'
7)*'40,8)*E*/%8'G*A%*='DC]/a&]GIW]DN>&
&
BENKGAA3&$>&DENk>&&>%*'F5/&*+B1+$#/B#/1%E*-''T>&O%S(&:(#0!?9&P+4++?!#+9&K0(.!%,!>&&
&
BENKGAA3&$>&CJ#!34**,B%&3(&L>&d++/&DEF]>&&D@>a'F,'4+12/*"'J)%/E'G*3/*8&%1$0'1$'@#8+*E'
>+5.0'F,0&%8%0"9'#$E'08%*$8*-''L>\>&J!#*6(#9&R$"&K%?(0("9&XK>&\#B0$?$&3(&L$%!+6!%&d++>&&
\470,*!3$&$#,?,%!0.(%+(&(%&,%?0A"&(%&DEFGH&(%&!0(.1%&(%&DEME>&D@>a'F*%$'@1+.*$B%$E'
f0(++WX$++!9&P+4++?!#+9&K0(.!%,!>&
&
BENKGAA3&$>&CJ#!34**,B%&3(&_>&`!?(%7!*6/&DEFE>&&R$0%.)&'65&/11B-'`4.!%,*"&<(g&K?(9&
K+0!%+!9&UK>&&\470,*!3$&$#,?,%!0.(%+(&(%&DEFN>&&`%$0%8)&*$'!502/%8B*-''P)6,%V&:(#0!?9&Q!"(09&
P4,2!>&
&
UpAJ@D3&/>&DEMG>&&!$$w)*+5$.*$a>+1.*$'5$E'G#508)-''O>&f0(++&:(#0!?9&P+4++?!#+9&K0(.!%,!>&
&
-sCLQR3&+>&CX$.)>/&DEE]>'ir';#)+*'D@>:`+3#)+5$.a'`%$*';52%/w5"008)+%3&-'<!*6+"*6!++(%&
:(#0!?r=(3,(%&(V)(#,.(%+(9&P$0$+64#%9&Pg,+2(#0!%3&!%3&R#67!*69&K0(.!%,!&&
&
qGLLEA3&->6>&DEN]>&&Z<$+("&$%&+6(&)#("(%+&"+!+4"&$8&1/1/%5)\5%'!%3'+6(&$+6(#&
6!004*,%$?(%"&$8&=(V,*$[&O1&#$%8#/'F50*5"'D*#3&*&0'`!#-!#3&i%,-(#",+'&IG&CN/aDNDWDE]>&&
Y(,.)#("$&(%&7)*'40,8)*E*/%8'G*A%*=&D&C]/a&IM^W]GD9&DEN]9&P&(%&c(,09&U>=>&*&-'#/-&CX$.)">/&
DEN^>&7)*'40,8)*E*/%8'G*#E*+'i%,-(#",+'&Q$$S"9&<(g&q$#S>&))>&DN]WDFE>&
&
&qGLLEA3&->&6>&'*&'#/-'DEMF-''7)*'G1#E'&1'`/*50%0a'M$A*%/%$.'&)*'@*8+*&'13'&)*'F,0&*+%*0-''
`&)$1",81/1.%8#/&P+43,("&<z>&k>&`!#*$4#+&Q#!*(&L$-!%$-,*69&<(g&q$#S>&
&
&
+$.2#,5"&#-/%H&&
19#3&+"B"4$3&/./!mH&#-2.#$92!$%&1/&$++2e!&+"-#$&
&
&
/NDEA3&1>&B>&*&'#/-'CX$.)">/&DENM>&&`&)$1()#+"#81/1.%8'@*#+8)'31+'40,8)1#8&%A*&i>P>\470,*&
`(!0+6&P(#-,*(&\470,*!+,$%&<z>&DNk^>&&i>P>&U$-(#%.(%+&\#,%+,%?&d88,*(9&c!"6,%?+$%9&_>X>&
Y(,.)#("$&(%&DEME&)$#&Y!-(%&\#(""9&<(g&q$#S>&&
&
7IDLC3&.>#>&DEMN>&H#//58%$1.*$0'#$E'J5/&5+*-''X6!%30(#&v&P6!#)9&<$-!+$9&XK>&J#!3>&(")!b$0!&
DEFG>&&T$%3$&3(&X40+4#!&O*$%B.,*!9&=(V,*$&X,+'>&
kNN&
&
BGDA@D3&9>&U>&CO3>/&DEM]>'H#//58%$1.*$0'#$E'@)#"#$%0"-'dV8$#3&i%,-(#",+'&\#(""9&
X!.7#,3?(9&j%?0!+(##!>&
&
9QT@AAG3&#>&T&DEED-'7)*'!+8)#%8'G*A%A#/a'@(*85/#&%1$0'1$'40,8)*E*/%8'F50)+11"09&&)*'
#"#C1$9'?%+&5#/'G*#/%&,9'M<609'`A1/5&%1$9'@)#"#$%0"9'&)*'+*2%&)'13'&)*'I1EE*00&#$E'&)*'
`$E'13'H%0&1+,-''`!#)(#&P!%&T#!%*,"*$9&<(g&q$#S>&
&
-@MQR@O(1EOKGCENN3&6>&DEM^>&&7)*'@)#"#$'#$E'&)*';#.5#+a'!'@&5E,'13'N#+81&%8']0%8_&>+5.0'
!"1$.'&)*'R$E%#$0'13'81/1"2%#-''J(.)0(&i%,->&&\#(""9&\6,0!3(0)6,!9&\K>&&
&
%QRIOC@L3&->/>&DE^k>&&ZK&%(g&%!#*$+,*&]0%8_'"%488&8#$.&+6(&%$#+6g("+&K.!2$%[&O1&#$%8#/&
F50*5"'D*#3&*&0'`!#-!#3&i%,-(#",+'&DN&CE/a&IkDWING>&
&
%QRIOC@L3&->/>&DENE>&&S?%+1/#'!"&!%&$#!00'&!3.,%,"+(#(3&)#//58%$1.*$U'O1&#$%8#/&F50*5"'
D*#3&*&0'`!#-!#3&i%,-(#",+'&II&CN/a&IIEWIkG>&
&
%QRIOC@L3&->/>&DEMM>&&Z_(&)0!%+,"&+$V,*!#,,"&(&.4%3$&%$-$&+#$),*!0(&*$..(%+!+,$%("&n:jja'
?%+1/#'!"&!%&$#!0&6!004*,%$?(%&!.$%?&+6(&Q$#!"&$8&\(#4['O1&#$%8#/'F50*5"&D*#3&*&0'
`!#-!#3&i%,-(#",+'&I^&CE/a&I^EWIMI>&
&
%QRIOC@L3&->&/>&P&$>&BENKGAA&DEME>&&4/#$&0'13'&)*'I1E0a'6$+%.%$0'13'H#//58%$1.*$%8&M0*-''
=*U#!gW`,009&<(g&q$#S>&&Y(,.)#("$&(%&DEEI&*$.$&4/#$&0'13'&)*'I1E0a'7)*%+&@#8+*E9'
H*#/%$.'#$E'H#//58%$1.*$%8'41=*+-''`(!0,%?&K#+"&\#(""9&Y$*6("+(#9&:J>&&
&
%QRIOC@L3&->/>&'&$>&BENKGAA&DEFG>&&7)*'O1&#$,'#$E'J)*"%0&+,'13'H#//58%$1.*$0-&P(?4%3!&
(3,*,B%&*$##(?,3!&'&!4.(%+!3!>&&X>X>&J6$.!"9&P)#,%?8,(039&jR>&&\470,*!3$&$#,?,%!0.(%+(&(%&
DEM]&
&
%QRIOC@L3&->/>&P&->7>&-GNNGIN&DEEI>&&?%$*'13'&)*'@15/a'F*E%8%$*'F*$9'&)*%+'(/#$&0'#$E&+%&5#/0'
%$'&)*'J1/1"2%#$'!"#C1$-''P'%(#?(+,(&\#(""9&d#!*0(9&Kp>&
&
qGLLEA3&<>.>&'&->6>&qGLLEA&DE^M>'F50)+11"0'G500%#'#$E'H%0&1+,-'_$"&-$04.(%(">&
\!%+6($%&Q$$S"9&<(g&q$#S>&
&
&
+$.2#,5"&+,$-#"H&
&4/#$&+$-4"52!$%&?&."+2"!/%&1/&$?$,$%+$&
&
&
1EXWMA&S@&-MEL3&9>&DEMI>&&?%0%1$#+,'?%$*a'H#//58%$1.*$%8'H*#/%$.'%$'&)*'4*+5A%#$&!"#C1$-''
X6!%30(#&\470>&X$>9&P!%&T#!%*,"*$9&XK>&Y(,.)#("$&(%&DEFk&)$#&c!-(0!%3&\#(""9&\#$")(*+&
`(,?6+"9&jR>&
&
/NDEA3&1>B>&*&'#/-'CX$.)">/&DENM>&&`&)$1()#"#81/1.%8'@*#+8)'31+'40,8)1#8&%A*&
>+5.0-'C\470,*&`(!0+6&P(#-,*(&\470,*!+,$%&<z>&DNk^/&i>P>&U$-(#%.(%+&\#,%+,%?&d88,*(9&
c!"6,%?+$%&_>X>&Y(,.)#("$&(%&DEME&)$#&Y!-(%&\#(""9&<(g&q$#S>&
&
6GC@L3&4>&DEFI>&&ZQ!%,"+(#,$)","9&_,)0$)+(#'"&C=!0),?6,!*(!(/&S'</1+#'N*1&+1(%8#-&
C=$%$?#!)6&<z>&]G/>&&J6(&<(g&q$#S&Q$+!%,*!0&U!#3(%9&Q#$%V9&<q>&
&
2ALCMCICE&2ASMJ@AMLCG&2AC@D(GK@DMQGAG&DEFN>&&ZX6!.!%,".$&'&4"$&3(&)0!%+!"&3(0&.^$*+1'
O#$%0&*+%1(0%0'(%&0!&6$'!&!.!2B%,*![&K*+!"&3(&0!&X$%8(#(%*,!&3(0&MWDD&;40,$&DEF^9&Q$?$+19&
X$0$.7,!>&&!"^+%8#'R$E%.*$#'kN'CD/a&DWI^N>&
kNM&
&
&
5IAG3&5/>&'&.>&$KGDMAJE>&!,#)5#08#'?%0%1$0a'7)*'G*/%.%1$0'R81$1.+#(),'13'#&4*+5A%#$'
@)#"#$-''<$#+6&K+0!%+,*&Q$$S"9&Q(#S(0('9&XK>&
&
9GQ-G@3&/>&DEEI>&&I5%#E1'4*/#'D5#a'n#"#$%0"1'*'M01'G%&5#/'E#'!,#)5#08#'$1'J5/&1&E#'
@#$&1'>#%"*-''O3,+$#!&Q#!",0,(%"(9&P1$&\!40$9&Q#!",0>&
&
!GDGA]E3&.>&DEF]>&&!,#)5#08#a'`&$1"*E%8%$#','F%&1/1.%#-''O3,*,$%("&R,7#,&=4%3,>&m4,+$9&
O*4!3$#>&&\470,*!3$&$#,?,%!0.(%+(&(%&DEMG>&
&
"CC3&U>&DEEk>&&!,#)5#08#'!$#/1.5*0a'4#$.#*#$'`$&)*1.*$0-''<!+4#!0&\#$34*+"&X$>9&
f(%%(g,*S9&cK>&
&
-@MQR@M(1EOKGCENN3&6>&DEM^>&&7)*'@)#"#$'#$E'&)*';#.5#+-''!'@&5E,'13'N#+81&%8']0%8/&>+5.0'
#"1$.'&)*'R$E%#$0'13'81/1"2%#-''J(.)0(&i%,->&&\#(""9&\6,0!3(0)6,!9&\K>&
&
%QRIOC@L3&->/>&DE^M>&&ZJ6(&,3(%+,+'&$8&+6(&.!0),?6,!*($4"&%!#*$+,*"&]0%8_'$8&P$4+6&K.(#,*!['
O1&#$%8#/'F50*5"'D*#3&*&0'`!#-!#3&i%,-(#",+'&DF&CD/a&DW^N>&
&
%QRIOC@L3&->&/>&P&$>&BENKGAA&DEME>&&4/#$&0'13'&)*'I1E0a'6$+%.%$0'13'H#//58%$1.*$%8&M0*-''
=*U#!gW`,009&<(g&q$#S>&&Y(,.)#("$&(%&DEEI&*$.$&4/#$&0'13'&)*'I1E0a'7)*%+&@#8+*E9'
H*#/%$.'#$E'H#//58%$1.*$%8'41=*+0-''`(!0,%?&K#+"&\#(""9&Y$*6("+(#9&:J>&&
&
%QRIOC@L3&->/>&P&->7>&-GNNGIN&DEEI>&&?%$*'13'&)*'@15/a'F*E%8%$*'F*$9'&)*%+'(/#$&0'#$E&+%&5#/0'
%$'&)*'J1/1"2%#$'!"#C1$-''P'%(#?(+,(&\#(""9&d#!*0(9&Kp>&
&
&
&
+$.2#,5"&+2!+"H&
&.%25"+242!$o.%25"+2!$o4$/"+2%#2!$H&
/5&6-,."&1/5&#/"!$!m+$#5&
&
7@LCM3&7>&DEF^>&&<5$.)%'!//58%$1.*$&a'!0(*&%'3%813%0%1/1.%8%'*'@&1+%8%-'=4"(,&X,-,*,&3,&Y$-(#(+$9&
Y$-(#(+$9&j+!0,!>&
&
6GDCd3&U>&DEEI>&N#++*$08)=w""*a'40,8)1&+1(*'4%/C*'%$'`5+1(#:H*+#5031+E*+5$.'#$&
<1+0)5$.'5$E'h*+&0,0&*"-''O3,+,$%"&`(4g,%S(09&U(%(-!9&P4,2!>&
&
6IdKtA3&6>&DEF]>&&7)*'I*$50'40%/18,2*a'!'@,0&*"#&%8'G*A%0%1$'13'&)*'!$1=$'@(*8%*0&
R$8/5E%$.'&)*'H%0&1+,9'>%0&+%25&%1$0'#$E'J)*"%0&&,'13'&)*'H#//58%$1.*$%8'@(*8%*0&
O*%)*3&*'C5+'N1A#'H*E=%.%#'`(8+&Mk>&&L>&X#!.(#9&:!3429&K0(.!%,!>&
&
B@MK3&->&'&->&6>&qGLLEA&DE^F&|ED-'D*0'J)#"(%.$1$0'H#//58%$1.^$*0'E5'F*T%\5*-&v&5E*0'
`&)$1/1.%\5*09'7#T%$1"%\5*09'O%1/1.%\5*09'4),0%1/1.%\5*0'*&'J)%"%\5*0-&K#*6,-("&34&
=4"A4.&<!+,$%!0&3u`,"+$,#(&<!+4#(00(9&\!#,"9&T#!%*(>&
&
"CC3&U>&DEF^>&7)*'J#8#)5#&/'`#&*+':H5"%$#&%1$0'13'#$'M$#2#0)*E'J)181/#&*'!EE%8&-&<!+4#!0&
\#$34*+"&X$>9&:!"6$%9&cK>&
&
"CC3&U>&P&U>&4MJaEES&CX$.)">/&DEMF>&7*1$#$W8#&/a'H#//58%$1.*$%8'F50)+11"0'13'N1+&)&
!"*+%8#-''=!3#$%!&\470,"6(#"9&P(!++0(9&cK>&
"CC3&U>&*&'#/-'DEF^>'7*1$#$W8#&/a')1$.10'!/58%$Z.*$10'E*'`5+1(#','!"^$+%8#'E*/'N1+&*-&
O3,+$#,!0&Pg!%9&P!%&R$#(%2$&3(&O0&O"*$#,!09&O")!b!>&
&
-M@SOMAJ@D3&#U>&CX$.)>/&DEEG>&7)*'@#8+*E'F50)+11"'@**B*+a'`00#,0'31+'G-'I1+E1$&
h#01$-'O+6%$.'*$0$?,*!0&P+43,("&<z>&DD>&&_,$"*$#,3("&\#(""9&\$#+0!%39&dY>&
&
qGLLEA3&->&6>&DEFG>&7)*'h1$E+150'F50)+11"a'F,81/#&+,'%$'F*01#"*+%8#-&
O+6%$.'*$0$?,*!0&P+43,("&<z>&M>&=*U#!gW`,009&<(g&q$#S>&
kNF&
qGLLEA3&->6>&*&'#/-'DEMk>'F#+%#'@#2%$#'#$E')*+'F#C#&*8'F50)+11"'?*/#E#-''
O+6%$.'*$0$?,*!0&P+43,("&<z>&]>&`!#*$4#+&Q#!*(&L$-!%$-,*69&<(g&q$#S>&
&
qGLLEA3&->&6>&*&'#/-'DEFN>''4*+0*()1$*u0'k5*0&-:'`$&)*1.*$0'#$E'&)*'6$+.%%$0'13'G*/%.%1$-&
O+6%$.'*$0$?,*!0&P+43,("&<z>&DG>&&q!0(&i%,-(#",+'&\#(""9&<(g&`!-(%9&XJ>&
&
qGLLEA3&<>&.>&'&->&6>&qGLLEA&DE^M>&&F50)+11"0'G500%#'#$E'H%0&1+,-''_$"&-$0h.(%(">&&
\!%+6($%&Q$$S"9&<(g&q$#S>&
&
+$.2#,5"&%/2%H&$+21"&24"#0!2+"&o&9,%+29"5H&
/5&.$!i&?&/5&$9-#$&.-2926/!2"%&
&
4GI@D3&q>&*&'#/-'KJ1"(0-P'>*+'</%*.*$(%/Ca'`%$'g5/&5+)%0&1+%08)*0'F50*5"-'C=4"(4.&3(#&
=4"((%9&P*6#,8+(%#(,6(&3("&f!#0&O#%"+&d"+6!4"&=4"(4."9&Q!%3&N/&c,(%!%3&:(#0!?9&fe0%9&
K0(.!%,!>&
&
/IJLC@D3&+>B>&DENM>&x2*+'E*$'</%*.*$(%/C*$-''f$..,0 ,$%"-(#0!?&R((.!%%9&pe#,*69&P4,2!>&
&
7@DMQJOG3&U>9>&DEF^>&&`/'O1/*&'%'/#'Iy$*0%0'E*'/*0'J5/&5+*0-''I$1"0'%'<1//*&0a'!"2%&0'J5/&5+#/0&
<1+;#&0'(*+'/u!"#$%&#'"508#+%#-''O3,+$#,!0&K0+!&T400!9&Q!#*(0$%!9&O")!b!>&
&
T@@aGPSMAE^IGP&Cf>&=>&&\("*6(0/&DEME>&&„J6(&0(?(%3&$8&=,"Sg(3$z'X15"#/'13&40,8)*E*/%8'
>+5.0'DD'CDWI/a&IEW]D>&
&
5GDDML3&%>&DEFG>&&<1+2,E*'H#//58%$1.*$*+{''<1+2,E'N#&5+*$'#&'I+1|''X4!#+!&(3,*,B%>&
T$#0!?(+&j%3S$7"+#'S9&<,.+$8+(9&_,%!.!#*!>&
&
5EaP3&4>&DEMk>&&!"#$%&#'"508#$%#'!%3&+6(&+64%3(#7$0+&0(?(%3&,%&U4!+(.!0!&!%3&F*T%81z'
='*$0$?,!&NNaDFFWDED-'
&
"CC3&U>&DEMN>&&„\"'*6$W.'*$0$?,*!0&"+43,("&$8&!"#$%&#a'<+1"'!%*,(%+&"!*#!.(%+&+$&.$3(#%&
)6$7,!„&L$4#%!0&$8&\"'*6(3(0,*>&_#4?"&F&CD/a&IMW]^>&
&
"CC3&U>&DEME>&H#//58%$1.*$%8'4/#$&0'13'N1+&B'!"*+%8#-''P(?4%3!&(3,*,B%&*$##(?,3!>&
c,%?7$g&\#(""9&Q(#S(0('9&XK>&\470,*!3$&$#,?,%!0.(%+(&(%&DEMN>&
&
qGLLEA3&->6>&DENF>&&@1"#L'>%A%$*'F50)+11"'13'R$"1+&#/%&,-''O+6%$W.'*$0$?,*!0&
P+43,("&<z>&D>&=$4+$%9&0!&`!'!H&!%3&`!#*$4#+&Q#!*(&L$-!%$-,*69&<(g&q$#S>&
&
qGLLEA3&->&6>&DEMI>&&@1"#'#$E'&)*'</,'!.#+%8a'F+-'h#001$u0'G*;1%$E*+'&1'4+13*001+&
O+15.)-''O+6%$W.'*$0$?,*!0&P+43,("&<z>&I>&Q$+!%,*!0&=4"(4.&$8&`!#-!#3&i%,-(#",+'9&
X!.7#,3?(9&=K>&
&
qGLLEA3&->6>&DEME>&&„J#!3,+,$%!0&4"(&,%&<$#+6&K.(#,*!&$8&K.!%,+!'.4"*!#,!&8$#&3,-,%!+$#'&
)4#)$"("„&X15+$#/'13'40,8)*E*/%8'>+5.0'DD&CDWI/a&I&^WIF>&
&
qGLLEA3&->&6>&*&'#/'cdef-'4*+0*()1$*u0'k5*0&-:'`$&)*1.*$0'#$E'&)*'6$+.%%$0'13'G*/%.%1$-&
O+6%$.'*$0$?,*!0&P+43,("&<z>&DG>&&q!0(&i%,-(#",+'&\#(""9&<(g&`!-(%9&XJ>&
&
&
$.0!12+/&$(2H&&
$%$-"!$%&?&$+"-,%&+$5$9,%&
&
BENN@D3&K&'&B>&"LKEAS&DENM>&&7)*')#//58%$1.*$0-''K*!3(.,*&\#(""9&<(g&q$#S>&
&
T@OO@D3&T&'&/>&%CGRO&DEFI>&&„f!0.4"a&j%6!0+ +$88(&4%3& WK"!#$%?(6!0+&7(,&
kNE&
&
&
-(#"*6,(3(%(%&`(#Se%8+(%,[9&_(4+"*6(#&K)$+6(S(&b*%&5$.'0IIa&IkN]WIkNN>&
&
9E@DKGA3&1>/>&DEFN>&&F*E%8%$#/'4/#$&0'13'N#&%A*'!"*+%8#-''_$"&-$0h.(%("">&&i%,->&$8&
=,*6,?!%&=4"(4.&$8&K%+6#$)$0$?'&CJ(*6%,*!0&Y()$#+"&†DE/9&K%%&K#7$#9&=j>&
&
9EDJGA3&6>->&DEFG>&&[=(&(+6%$7$+!%'&$8&"g((+&80!?&!.$%?&<$#+6&K.(#,*!%&j%3,!%"['
O1&#$%8#/'F50*5"'D*#3&*&0'`!#-!#3&i%,-(#",+'&IF&C]/a&I]^WIkN>&
&
%QRIOC@L3&->&/>&'&$>&BENKGAA&DEFG>&7)*'O1&#$,'#$E'J)*"%0&+,'13'H#//58%$1.*$0-&X>X>&
J6$.!"9&P)#,%?8,(039&jR>&&\470,*!3$&$#,?,%!0.(%+(&(%&DEM]>&
&
$.0!12+/&$(22H&
$#-".2!$3&B2"%+?$92!$3&/%+"."5$92!$>&
 1/-2<$1"%&<2%2"!$9"%&1/5&#-".$!"&
&
)*! +,-*.(! &/& cddc>& Ux2*+' E%*' 01.*$#$$&*$' H*T*$0#/2*$U' R$&*.+#&%1$a' b*%&08)+%3&a' 3}+'
I*%0&2*=*.*$E*'43/#$C*$'5$E'g5/&5+'ca'l'r:qs-'
'
&01.*1(! &/2/& cdQe>& 7)*' h%&8)u0' I!#3(%>& & i%,+'& \#(""W=,*6!(0& f("(%39& P!%+!& X#429& XK>&&
\470,*!3$&$#,?,%!0.(%+(&(%&DEMN&*$.$&H(S"*$0'M&*?1#3&R!4#(%"&&
Q$?+#'SS(#,9&J$%3(#9&_,%!.!#*!>&
&
BGaW@L3&U>&6>&*&'#/-'CX$.)">/&DEEI>&@1/#$#8*#*'RRRa'7#T1$1",9'J)*"%0&+,9'`A1/5&%1$-&Y$'!0&
Q$+!%,*&U!#3(%"9&f(g9&j%?0!+(##!>&
&
B@ML@D3&+>4>&DEFM>&&7)*'<#08%$#&%$.'h1+/E'13'&)*'N%.)&0)#E*0a'712#8819'F#$E+#B*9&41&#&19'
71"#&19'4*((*+9'`..(/#$&9'`&8-'_$-(#&\470,*!+,$%"9&<(g&q$#S>&&\470,*!3$&$#,?,%!0.(%+(&(%&
DENE>&
&
%QRIOC@L3&->/>P&$>&BENKGAA&DEFG>&&7)*'O1&#$,'#$E'J)*"%0&+,'13'H#//58%$1.*$0-&X>X>&
J6$.!"9&P)#,%?8,(039&jR>&&\470,*!3$&$#,?,%!0.(%+(&(%&DEM]>&
&
$.0!12+/&$(222H&
24"6$2!$3&#$4/-!$#2!$3&<"$+$!62!$3&
1/&5$&/4"T$&$5&%$!$!B"&
&
4MLL@C3&!>6>&DEFE>&ZJ!7(#%!%+6(a&i"("9&)6'+$*6(.,"+#'9&!%3&)6!#.!*$0$?'[&
h#.*$%$.*$'!.$%+5/&5+#/'M$%A*+0%&,'4#(*$'FE&Ck/a&DEWI&N>&
&
7@DAGAS@d3&U>q>&DEMI>&&ZJ!7(#%!%+6(&,7$?!a&<!#*$+,*&(*"+!","&!%3&+6(&g$#S&$8&+6(&
!%*("+$#"[&O%a&T4#"+9&\>J>&CX$.)>/&</*0)'13'&)*'I1E0a'7)*'G%&5#/'M0*'13&H#//58%$1.*$0-''
\#!(?(#9&<(g&q$#S>&))>&I]MWING>&
&
7@KGAS@d3&U>&DEFI>&&O=%&%a'!$'`&)$1.+#(),'13'&)*'G*/%.%150'R"#.%$#&%1$'13&!3+%8#>&
\#,%*(+$%&i%,-(#",+'&\#(""9&\#,%*(+$%9&<;>&
&
%GKEDMAM3&6>&DEE]>&&[K3!.9&O-(&!%3&j7$?![&R$&*.&#&%1$a'b*%&08)+%3&'3}+&I*%0&2*=*.*$E*'
43/#$C*$'5$E'g5/&5+'ka&]W&DG>&
&
<GA&4@@W3&#>$>&*/'#/'DEFk>'S7#2*"#*"1$&#$#'R>&CK)$*'%!*(!(/a&K&#(-,(g&$8&,+"&+!V$%$.'9&
)6'+$*6(.,"+#'9&(+6%$7$+!%'&!%3&)6!#.!*$0$?'[&X15+$#/'13&`&)$1()#+"#81/1.,'cr'CD/a&DW&
D^N>&
&
&
$.0!12+/&$(2<H&
!2+"#2!$3&#$4$+"%&?&.2#,-?&
&
&
6EESKGA3&U>&DEE]>&&7#2#881'%$'H%0&1+,a'7)*'J5/&5+*0'13'>*(*$E*$8*-''G15&/*E.*9&j%*>9&<(g&
q$#S>&
&
B@ML@D3&+>4>&DEFM>&7)*'<#08%$#&%$.'h1+/E'13'&)*'N%.)&0)#E*0a'712#8819'F#$E+#B*9&41&#&19'
71"#&19'4*((*+9'`..(/#$&9'`&8-'_$-(#&\470,*!+,$%"9&<(g&q$#S>&&\470,*!3$&$#,?,%!0.(%+(&(%&
DENE>&
kMG&
&
&
5GDLEA3.>&*&'#/-'DEND>'712#881a'`T(*+%"*$&#/'#$E'J/%$%8#/'@&5E%*0-''!'J1"(+*)*$0%A*&
!*815$&'1/&)*'h1+/E'D%&*+#&5+*-''h%//%#"0'v&c,0S,%"9&Q!0+,.$#(9&=_>&
&
qGCLEA3&.>&DEF]>&&7)*'4+*8%150'<1/%#.*a'!'@&5E,'13'&)*'!21+%.%$#/'40,8)1:!8&%A*&>+5.'
4%&5+%-''i%,-(#",+'&$8&P'3%('&\#(""9&P'3%('9&K4"+#!0,!>&
&
qMOX@DC3&U>&DEFM>&&712#881'#$E'@)#"#$%0"'%$'@15&)'!"*+%8#-''q!0(&i%,-(#",+'&\#(""9&<(g&
`!-(%9&XJ>&
&
&
$.0!12+/&$(<H&
T$<$(.2-"!$%&?&/%./+2/%&.%2+"$+#2<$%&1/5&60!/-"&.2./-&
&
+E[3&.>$>&'&%>$>&4GAGQW&CX$.)">/&DEED>&&R0/#$E09'4/#$&09'#$E'41/,$*0%#$0a'!$&
R$&+1E58&%1$'/1'41/,$*0%#$'`&)$121&#$,-''_,$"*$#,3("&\#(""9&\$#+0!%39&dY>&))>&DNEWIGD>&
&
+E[3&.>$>&P&5>&"b-EIDW@&DEFM>&&[f!-!&K4%(*+'"*&),0&%85"9'\,)(#!*(!(/[&`81$1"%8'O1&#$,'
kDC]/a'k^IWk^k>&
&
/NDEA3&1>B>&*&'#/-'CX$.)">/&DENM>&&`&)$1()#+"#81/1.%8'@*#+8)''31+'40,8)1#8&%A*&C\470,*&
`(!0+6&P(#-,*(&\470,*!+,$%&<z>&DNk^/&i>P>&U$-(#%.(%+&\#,%+,%?&d88,*(9&c!"6,%?+$%9&_>X>&
))>&DG^WDFD>&&Y(,.)#("$&(%&DEME&)$#&Y!-(%&\#(""9&<(g&q$#S>&
&
5@XEC3&<>&'&U>&5rV@L^I@&DEFE>&ZJ6(&$#,?,%&!%3&3,"+#,74+,$%&$8&f!-!&C\,)(#&.(+6'"+,*4.&
T$#"+>&8>9&\,)(#!*(!(/a&K&)6'+$*6(.,*!0&!))#$!*6[&!//*+&1$%#'^&CI/a&II]WIMF>&
&
5@XEC3&<>&*/'#/-'DEEI>''g#A#a'7)*'4#8%3%8'>+5.-''q!0(&i%,-(#",+'&\#(""9&<(g&`!-(%9&XJ>&
&
5@aMA3&5>&DEIk>&&4)#$&#0&%8#-:'>%*'G*&E52*$E*$'5$E*+'+*.*$E*$'I*$5 !"##$%&&'()*+),#$*-./*
."01#2,)#$3**P+,0S(9&Q(#0,%9&K0(.!%,!>&&J#!34**,B%&,%?0("!&3(&DE]D9&#(,.)#("$&(%&DEN^>&&
415.#56#"057*85)09#"0*5./*:#"!-%5#".;*<)-;67*#1$")*=6$*5./*>?-6$>>>&O>\>&_4++$%9&<(g&q$#S&
&
$.0!12+/&$(<2H&
%$5<2!"-2!$&$&?&%T$&.$%#"-$&
&
/FOMAJ3&+>&'&+>1>&UtCMVG(9>&DENI>&ZK&%(g&=(V,*!%&")(*,("&EN&:5%@"5&&A9#5."05%*B-6$-!*
C$5'#$#6*`!#-!#3&i%,-(#",+'&IG&C]/a&M^WMN>&&Y(,.)#("$&(%&T(7#(#$&3(&DEMD>&
BENKGAA3&$>&DEEG>&&ZY,3(&+6#$4?6&+6(&P,(##!&=!2!+(*!&,%&"(!#*6&$8&+6(&.!?,*&)0!%+&ZPS!&
=!#,!&\!"+$#![&O%a&Y,(30,%?(#9&J;>&CX$.)>/&D1$*:50)$/*B-61)99!&:$$E$)FG665H6*'9)*I3**
J9)/9.*K5669.3**_,$"*$#,3("&\#(""9&\$#+0!%39&dY>&))>&DD^WDIM>&
&
<GOSrL&2223&5>&U>&$#*5%3*DEF]>&&[O+6%$)6!#.!*$0$?'&$8&:E5*=!#,!&456#9)5*L:5%@"5&/"@".9)-!M*
O)0,%?&!%3&L1+,-!W=>/&*N9-).5%*9'*$#1.9O15)!509%9;H**M&C]/a&IFMW]DI>&
kMD&
&
<GOSrL&2223&5>&U>&$#*5%3&DEFM>&ZP+43,("&$8&:5%@"5*/"@".9)-!*CR!.,!*(!(/9&!%&6!004*,%$?(%,*&
.,%+&8#$.&+6(&P,(##!&=!2!+(*!&,%&d!V!*!9&X(%+#!0&=(V,*$[&G09.9!"0*A9#5.H*k0CI/a*IF]W
IED>&
&
qGLLEA3&->6>&DENI>&&ZK&%(g&=(V,*!%&)"'*6$+#$),*&3#4?&8#$.&+6(&.,%+&8!.,0'[&A9#5."05%*
B-6$-!*C$5'#$#6*`!#-!#3&i%,-(#",+'&IG&C]/a&MMWFk>&
Y(,.)#("$&(%&T(7>DEMD>&
&
&
$.0!12+/&$(<22H&
#/#-$B21-"+$!!$42!"5/%&?&/%./+2/%&1/5&60!/-"&+$!!$42%&
&
5ISOEa3&7>&B>&DF^M>&&D1$*1561$$61*G5#$)7*A$".;*45665;$6*')9!*#1$*C"'$*9'*5&41H#15;9)$5.3**
`!#)(#*v&Q#$">9&<(g&q$#S>&&T!*",.,0&#(,.)#("$&(%&DEM^&)$#&R(-(&\#(""9&P!%&T#!%*,"*$>&&
j%+#$34*+,$%&3(&=,*6!(0&`$#$g,+2>&
&
9@QREIOGK3&->&CX$.)>/&DEM]>&&B5)"P-5.57*Q1$!"6#)H*415)!509%9;H*B$#5?9%"6!&5./*
Q%"."05%*G''$0#63**K*!3(.,*&\#(""9&<(g&q$#S>&
&
-IXMA3&<>&CX$.)>/&DEM^>&&Q5..5?"6*5./*Q-%#-)$3**=$4+$%&v&X$>9&R!&`!'!9&`$0!%3!>&
&
%QRO@MNN@D3&B>&DEME>&85)09#"0*4%5.#6*9'*#1$*R%/*K9)"/7*>.*>.#19%9;H*9'*D$S#6*'#9!&
>.0"$.#*D"!$6*#9*#1$*4)$6$.#3**R47#(*6+&v&X#!.(#9&=$%+,*(00$9&<q>&&j%+#$34**,B%&3(&
Y,*6!#3&O-!%"&P*640+(">&
&
%CGDWL3&9>&DEMM>&B5)"P-5.5*49#$.0H3**K%3rd#&\#(""9&Q(#S(0('9&XK>&&Y(,.)#("$&(%&DEEG*
B5)"P-5.5*Q1$!"6#)H*Y$%,%&\470,"6,%?9&j%*>9&Q(#S(0('9&XK>&
&
&
$.0!1MQ/&$(<222H&
#,U"!/%&?&/%./+2/%&<2%2"!$-2$%&1/5&60!/-"&$-#/92%2$&
&
$OX@DC(.IO@E3&9>&DEMF>&&Z='+6$7$+!%'9&)6!#.!*$0$?'&!%3&*6(.,"+#'&$8&+64;$%(&
*$%+!,%,%?&)0!%+"&!%3&3(#,-!+,-("[&G09.9!"0*A9#5.H*]I*CD/a&N^WMk>&&
&
+EADGS&2223&4>&DEFF>&&>?6".#1$3F*T"6#9)H*".*5*A9%#"$3**X6#$%,*0(&Q$$S"9&P!%&T#!%*,"*$9&XK>&
&
1@O&+GLCMOOE3&U>&$#*5%3*DEM^>&&[=!#,;4!%!9&!7",%+6(&!%3&+6(&*(%+#!0&%(#-$4"&"'"+(.[&
85#-)$*I^]a]N^W]NN3&
&
.@AS@OM3&1>&DEE^>&&415)!5E9U49$"57*4%5.#*49V$)M*49"69.6M*5./*T$)?0)5'#&=(#*4#'&`$4"(9&
P!%&T#!%*,"*$9&XK>&
&
<EJC3&1>5&DEFD>&&ZK7",%+6,4.a&K&%,%(+((%+6W*(%+4#'&3#4?&$8&5?-6$&*N9-).5%*9'&
G#1.9O15)!509%9;H*kC]/a*]]MW]kI>&
kMI&
&

&

&

&

&

&
 &

&

&

&

&

QjQRjdUYKTjK&
&
&
$GDEALEA3&4>&GAS&B>&"LKEAS&CX$.)">/&DEMG>&46H01$/$%"067*D1$*=6$6&5./*W!O%"05#"9.6*9'*
T5%%-0".9;$."0&<)-;63**_$470(3!'rK%*6$#9&U!#3(%&X,+'9&<;>&&\470,*!3$&!0&!b$&",?4,(%+(&)$#&
J6(&`$?!#+6&\#(""9&R$%3$%9&j%?0!+(##!>&&
&
$GDEALEA3&%>&DEFF>&&X456O5%-!*"))>&!%3&Q%5@"0$6O*O56O5%"*,%&!%*,(%+&!%3&.$3(.&W./"5&*
N9-).5%*9.&G#1.9O15)!509%9;H**Ik&CI9]/a&]k^W]kF>&&
&
$XXGL3&U$&$#*5%3DEEI>&&Z`(#7!0&)0!%+"&,%&+6(&+#!3,*,$%!0&.(3,*,%(&$8&Q!6#!,%[&G09.9!"0&
A9#5.H*kN&CI/a&D^FWDN]>&&
&
$XGIO3&U>&$#*5%3*DEFE>&&ZX$%+#,74+,$%"&+$&!&"+43'&$8&K.(#,*!%&J!7(#%!(.$%+!%!(>&&:j>&
K0S!0$,3"&$8&D5?$).5$!9.#5.5*0"#)"'9%"5&*N9-).5%*9'*85#-)5%*4)9/-0#6&^ICN/a&DIMEWDIF]>&
&
$XXECC3&2>&$>&'&+>&%RMKGdI&DEF^>&&Z=(&?($?#!)6,*&$#,?,%&$8&+6(&)0!%+"&.$"+&*$..$%0'&4"(3&
8$#&.(3,*,%(&7'&`!g!,,!%"[&N9-).5%*9'*$#1.9O15)!509%9;H&DkCI9]/aID]WIII>&
&
$X@3&9>&$#*5%*3*DE^^>&&ZY("(!#*6("&$%&(#?$+&84%?4">&&\!#+&I^>&&\#$34*+,$%&$8&!0S!0$,3"&7'&
(#?$+&84%?4"&)!#!",+&G%H!-6*!9W%"6&JYj<>&CO0'.4"W+')(&(#?$+&84&%?4&"/&X*N9-).5%*9'*#1$*
0-%#-)5%&:90"3*Y*9'*N5O5.*IEa&]NkW]NE>&
&
$X@O3&UU>&'&1>2>&9GQRC&DEDD&CI/>Jg$&*#'"+!00,%(&)6!#.!*$0$?,*!0&!?(%+"&$7+!,%(3&8#$.&+6(&
+#$),*!0&+$!39&A-'9&5;-5*N9-).5%*9'*415)!509%9;H*5./*GSO$)"!$.#5%*D1$)5O$-#"06*]a&]DE>&
&
$X@DS@@A3&U>/>+>&P&q>&UEA@L&DE^F>&&ZK&6!004*,%$?(%,*&+$!3"+$$0[&D1$&>-6#)5%"5.**N9-).5%*9'*
:0"$.0$*IDa&DkE>&&
&
$X@DO@3&1>7>&DENN>&D1$*4$H9#$*I$%";"9.6&5!9.;*#1$*85@5193**K03,%(9&X6,*!?$9&jR>&&
&
$XDGKEV3&9>9>&DE^M>&&Z&J6(&,"$0!+,$%&$8&0!?$*6,0,%&X*N9-).5%*9'*5OO%"$/*Q1$!"6#)H&=::I*
]GaNEDWNEI>&
&
$XDGKLEA3B>&$>&CX$.)>/&DE^N>&8$-)9O15)!509%9;H**L$",!6&=!*'9&L#>&T$4%3!+,$%9&<(g&
q$#S>&I‡&*$%8(#(%*,!9&I^WIM&=!'$9&DE^^>&
&
$XDGKLEA3&B>&$>&DE^F>&&ZR'"(#?,*&!*,3&3,(+6'0!.,3(&CRP_WI^/&!%+!?$%,"+"&jj>&&_(-(0$).(%+&
$8&+$0(#!%*(&,%&.!%&+$&RP_WI^&7'&)#,$#&!3.,%,"+#!+,$%&$8&=R_kD&C0W.(+6'0W3W0'"(#?,*&!*,3&
3,(+6'0!.,3(/[&>)01"@$6*9'*8$-)9%9;H*5-/&46H01"5#)H*MEa&IGDWIGM>&
&
$XDGKLEA3&B>$>&CX$.)>/&DENG>&D1$*=6$&C:<*".*46H01"5#)H3*L$",!6&=!*'9&;#>&&T$4%3!+,$%9&
<(g&q$#S>&
&
$XDGKLEA3&B>$>&P&$>&-EOE&DENM>&ZX$.)!#,"$%&$8&&RP_&g,+6&.(+6'"(#?,3(&!%3&)",0$*'7,%&$%&
+("+&"47;(*+"[&j%a&K7#!."$%9&`K&CO3>/&D1$*=6$*9'*C:<&".*!\"'*6$+6(#!)'&!%3&!0*$6$0,".>&
Q$77"&=(##,009&<(g&q$#S>&))>&^]WM]>&
&
$XDGKLEA3&B>$>&$#*5%*3*DENG>&&Z\#$34*+,$%&$8&*#$""W+$0(#!%*(&+$&)"'*6$","&)#$34*,%?&Z6"0[*
3$"("&$8&0'"(#?,*&!*,3&3,(+6'0!%h3(&!%3&O6"%90H?".&*N9-).5%*9'&4"'019%9;H*kEa&D^DWD^k>&
kM]&
&
$XIOGNGCMR3&B>$>&DEFM>&&Z=(3,*,%!0&)0!%+"&,%&"$4+6g("+&P!43,&K#!7,![&G09.9!"0*A9#5.H&
kDC]/a&]^kW]^N&
&
$XI(cGDJG3&9>B>&DEFN>&ZJ6#((&%(g&",.)0(&,%3$0(&!0S!0$,3"&8#$.&C"!9.5*50"/"6"!5&&N9-).5%*
9'*85#-)5%*4)9/-0#6*kE&C^/a&EGD&WEGk>&
&
$SGKL3&T>->&DEEG>&&Z\#(6,"+$#,*&#((3?#!""&L41)5;!"#$6\*u*,?!#(++("u&g,+6&+$7!**$&
L8"09#"5.5\**$%+(%+"a&K&*!"(&"+43'&8#$.&Y(3&Q0488*0,88&3g(00,%?&,%&K#,2$%![*N9-).5%*9'*
$#1.9?"9%9;H*]^*CI/a&DI]WD]E>&
&
$SGKLEA3&%>&CX$.)>/&DEF^>&D1)9-;1*#1$&J5#$V5H*9'*#1$*T$5)#7*>009-.#6*9'&GSO$)"$.0$6*
V"#1*B<B>*5./*R#1$)*G!O5#19;$."0*:-?6#5.0$6*T$4#&J#((&\470,*!+,$%"9&P!%&T#!%*,"*$9&XK&
\#B0$?$&3(&\9&=(+2%(#>&
&
$SGKLEA3&%>&'&->&9@CdA@D&DEFF>&&ZJ6(&%!+4#(&$8&+6(&=_=K&(V)(#,(%*(&!%3&,+"&#$0(&,%&
6(!0,%?9&)"'*6$+6(#!)'9&!%3&"),#,+4!0&)#!*+,*([&I$@"6"9.7*D1$*N9-).5%*9'&Q9.60#";-6.$!*5./**
DG&Ck/a&^EWMI>&&
&
$SO@D3&B>7>&$#*5%3*DE^G>&&ZO88(*+&$8&-!#,$4"&3#4?"&$%&)"'*6$.$+$#&)(#8$#.!%*(&!+&?#$4%3&
0(-(0&!%3&",.40!+(3&!08,+43("&$8&DF9GGG&8((+&,%&!&0$g&)#(""4#(&*6!.7(#[&N9-!5%*9'*5*
>@"5#"9.*B$/"0".$*IDa&IIDWI]N>&&
&
$SO@D3&.$&DEF^>&&XK1$$%".;*5./*<$5%".;7*>.&G#1.9;)5O1H*9'*5.*=OO$)FC$@$%*<)-;3**
X$04.7,!&i%,-(#",+'&\#(""9&<(g&q$#S>&&
&
$SEVGLME3&U>9>&P&6>7>&7DP&DEMN>&&Z\#(6,"+$#,*&)"'*6$+#$),*&3#4?&4"(&,%&%$#+6(.&=(V,*$&!%3&
+#!%"W\(*$"&J(V!"[&O*$%$.,*&Q$+!%'&]G*CD/a&EkWEN>&
&
$JRG]GAMGA3&6>T&$#*5%*3*DEMG>&&ZRP_&!%3&.("*!0,%(a&X$.)!#,"$%&$8&(88(*+"&$%&",%?0(&4%,+"&,%&
+6(&.,3W7#!,%&#!)6([&O%a&O8#$%9&_>`>&CO3>/&\#(""9&<(g&q$#S>&))>&DN^WDMN>&&j%*04'(&3(7!+(&
$#!0&|c&_(.(%+9&O>&_$.,%$9&U>&f,*6#(#9&_>n>&T#((3.!%9&Q>Y>&`$0."+(3+9&P>`>&P%'3(#9&R&
P+(,%0>&
&
$JID@OO3&%>&DENE!>&&Z03(%+,8,*!+,$%&$8&!0S!0$,3&,%+(%%(3,!+("&7'&?!"&*6#$.!+$?#!)6'.!""&
")(*+#$.(+#'>&D>&\$+(%+,!0&.("*!0,%(&)#(*4#"$#"&,%&4"0190$)$-6*6O$0"$6[&C%9H/6*_`*CD/a&kGW
k^&
&
$JID@OO3&%>&DENE7>&&ZX!*+!*(!(&!0S!0$,3">&0>[&C%9H/6*]I&CI/a&IGNWIDN>&
&
$JID@OO3&%>&$#*5%3*DENF!>&&Z03(%+,8,*!+,$%&$8&+g$&%(g& W*!#7$0,%(&!0S!0$,3"&,%&P$4+6&K.(#,*!%&
6!004*,%$?(%,*&)0!%+"[&DMa&IkFMWIkFF>&&
&
$JID@OO3&%>&$#*5%3*DENF7>&&ZK0S!0$,3!0&*$%+(%+&9'*A5."6#$)"9O6"6*)-6?H5.5[*>!$)"05.&N9-).5%*
9'*O15)!50H*DkG&C^/a&DkFWD^D>&
&
&
$JID@OO3&%>&$#*5%*3*DENE>&&ZK0S!0$,3"&,%&*(#+!,%&")(*,("&$8&a")9%5*!%3&$+6(#&P$4+6&K.(#,*!%&
)0!%+"&$8&(+6%$)6!%%!*$0$?,*&".#$)$6#&*>0#5*Q1$!"05*:05./".5@"5*I]*C]/a&
EG]WEDN>&
&
$JID@OO3&%>*$#*5%3&DEMD>&&ZX!*+!*(!(&!0S!0$,3">&&n>&K0S!0$,3"&$8&D)"0190$)$-6*")(*,("&!%3&"$.(&
$+6(#&*!*+,[&C%9H/*]k&CI/aDF]WDF&
&
$RKGS3&$>&*G#*5%3*DEEI>&&ZP+43'&$8&+6(&,%&-,+#$&!%+,.,*#$7,!0&!*+,-,+'&$8&6!#.,%(9&6!#.!0,%(&
!%3&+6(,#&/$)"@5#"@$6&*N9-).5%*9'*G#1.9O15)!509%9;H**]^&C]/a&IFEWIEk>&&
&
$RK@S3&$>$>&'&!>$>9>&%GO@R&DEFM>&&Z\(?!%(+,%9&!&%(g&7#!%*6(3&!*(+'0!+(3&+(+#!?0'*$",3(&
$8&!*!*(+,%&8#$.&4$;5.-!&15)!5%5&*N9-).5%*9'*85#-)5%*4)9/-0#6&^GCI/a&I^NWI^F>&
&
$W@AS@AJIr3&4>&DEEI>&&Z=(3,*,%!0&)0!%+"&4"(3&7'&+6(&T!%?&+#!3,*,$%!0&6(!0(#"&,%&O54!+$#,!0&
U4,%(![&N9-).5%*9'*G#1.9O15)!509%9;H*]M&CI/a&DN^WDM]>&
&
$OGK3&9>T&DEEI>&&Z=(3,*,%!0&(+6%$7$+!%'&$8&+6(&=!#!.!&+#,7(&$8&Q!%?0!3("6[&G09.9!"0*
A9#5.H*kN&C]/a&]]GW]]]>&
&
$OGDQuA3&->&DEEG>&&X$.4%,*!*,$%("&)(#"$%!0("9&L!+4%&P!*6!&Y("(#-(9&O*4!3$#>&
&
$OXGIJR3&4U>&'&.>">&$AS@DLEA&DEMk>&&Z\('$+(&,%&+6(&+#(!+.(%+&$8&!0*$6$0,".&!.$%?&
K.(#,*!%&j%3,!%"[&G09.9!"0*A9#5.H*
D]Da&DIkMWDI^D>&
&
$OX@DC(.IO@E3&9>&DEMF>&&Z='+6$7$+!%'9&
)6!#.!*$0$?'&!%3&*6(.,"+#'&$8&+64;$%(&*$%+!,%,%?&)0!%+"&!%3&3(#,-!+,-("[&G09.9!"0*
A9#5.H*_`*CD/a&N^WMk>&
&
$OX@DC(.IO@E3&9>&DEME>&&Z=(&$7"+(+#,*!0&4"(&,%&!%*,(%+&!%3&(!#0'&.$3(.&+,.("&$8*
Q9.@9%@-%-6*605!!9.#*$#&P*!..$%'aK%$+6(#&%$%W84%?!0&"$4#*(&$8&(#?$+&!0S!0$,3"y[*
N9-).5%*9'&
G#1.9O15)!509%9;H*D&CI/a&DE]WDE^>&
kMk&
&
$OX@DC(.IO@E3&9>&DEFG>&&ZT(%%(0&!%3&!%,"(&!"&("+#$?(%,*&5;$.#6&*N9-).5%*9'&
G#1.9O15)!509%9;H*I&Ck/a&]]MW]kk>&&
&
$OQEDA3&U>&4>&DEFk>&T-56#$0*B5H5.*G#1.9?9#5.H3**i%,-(#",+'&$8&J(V!"&\#(""9&K4"+,%9&Jn>&
&
$O(1@@A3&2>B>%>&$#*5%3*DEFM>&ZJ$V,*$0$?,*&!%3&6,"+$)!+6$0$?,*&"+43,("&$8&4%$-)9#-6&96#)$5#-6*
.4"6#$$.&,%&.,*([&N9-).5%*9'*G#1.9O15)!509%9;H*IDC]/a&IEMW]G^>&
&
$OSREIL3&.>&DEEI>&&ZPg,""&3#4?&?,!%+"&"((S&!%+,3$+(&+$&!*+,-,"+"[&:0"$.0$*I^Na&NGFWNGE>&
&
$OSDMQR3&9>->&DEMM>&&ZJ!%+#,*&X!%%!7,"&4"(&,%&W./"5&*N9-).5%*9'*46H01$/$%"0&E&C]/a&IIMWI]]>&
&
$OSIAGC@3&+>&$#*5%3*DEF]>&&ZO+6%$7$+!%'&$8&)#(W!0+,)0!%,(&*$..4%,+'&,%&+6(&K%3("&$8&
%$#+6(.&X6,0([&G09.9!"0*A9#5.H&]MCD/aDIGWD]^>&
&
$O@[GAS@D3&4>&DEEG>&&ZP%$g&;$7[&4$569.3&
<h.(#$&3(&_,*,(.7#(&))>&IEW]k>&&
&
$ORGS@NN3&4>q>&DENI>&&ZR("&(88(+"&)"'*6$+$.,.A+,54("&|",*{&34&_A0'",3(&CRP_&I^/&(+&3(&
juj%3$*'7,%(&C)",0$*'7,%(/&3!%"&ju(V)0$#!+,$%&*0,%,54(&3(&0!&)(#"$%!0,*A[*Bb/"0".$*IGC^kF/a&
]EIW]E]>&
&
$OO@JDE3&U>&DEMG>&D1$*:50)$/*B-61)99!&5./*#1$*Q)9663**`$33(#&v&P+$4?6+$%9&R$%3$%9&
j%?0!+(##!>&&d#,?,%!0.(%+(&"(#,!0,2!3$&(%&D1$*8$V6*9'*#1$*K9)%/&\!#,"&
&
&$OO@A3&U>q>&DEFF>&&ZK&)#,-!+(&,%54,#'&,%+$&+6(&*,#*4."+!%*("&"4##$4%3,%?&+6(&DEMI&3(!+6&$8&
L$6%&U$.,00!9&L#>9&g6$&3,(3&!8+(#&!00(?(30'&*$%"4.,%?&+(%&6!004*,%$?(%,*&.4"6#$$."&g6,0(&
)$6"/".;".*15V5""&*N9-).5%*9'&46H1950#"@$*IG&Ck/a&k^DWk^]>&&
&
$OO@A3&U>q>&DEED>&&ZX$..(#*,!0&!*+,-,+,("&#(0!+(3&+$&)"'*6$!*+,-(&84%?,&,%&XB5"%5./&*A96#9.*
BH09%9;"05%*Q%-?&A-%%$#".*kN*CD/a&DDWDk>&
&
$OO@A3&U>q>&DEEI!>&&:O)".;*D"!$*B5;"07*>*T"6#9)H*9'*G.#1$9;$."0*B-61)99!7*456#&5./*
4)$6$.#*5OO%"05#"9.6*V"#1*:O$0"5%&>#F>#$.#"9.*J"@$.*#9*45.5$9%-6*:O$0"$63**O%&)#()!#!*,B%>&
&
$OO@A3&U>q>&DEEI7>&&X$.4%,*!*,$%("&)(#"$%!0("9&=!4,9&`j>&
&
$OO@A3&U>q>&P&9>1>&9@DOMA&DEFE>&
XQ9O$%5./"5*!%3&$+6(#&)"'*6$!*+,-(&84%?,&,%&`!g!,,[&*15V5"".*A9#5."0*:90"5%*8$V6*%$##$)*
IF&CI/a&IMW]G>&&
&
$OO@A3&U>q>&'&9>1>&9@DOMA&DEED>&&Zd7"(#-!+,$%"&#(?!#3,%?&+6(&"4")(*+(3&)"'*6$!*+,-(&
)#$)(#+,("&$8&45.5$9%".5&'9$."$0""*=!,#(&*O%a&Y~+"*69&X>&CX$.)>/*c$5)?99E*'9)*
G#1.9!$/"0".$&5./*#1$*:#-/H*9'*Q9.60"9-6.*D>>&))>&EEWDD^>&
&
$OO@A3&U>q>&P&9>1>&9@DOMA&DEEI!>&&Z\"'*6$!*+,-(&.4"6#$$.&4"(&,%&f$6&P!,%4,&!%3&f$6&\6!W
<?!%9&J6!,0!%3[N9-).5%*9'*G#1.9O15)!509%9;"0*]^&C]/a&IG^WIIF>&&
&
$OO@A3&U>q>&P&9>1>&9@DOMA&DEEI7>&&Z\"'*6$!*+,-(&.4"6#$$."&,%&J6!,0!%3a&P$.(&!")(*+"&$8&
+6(,#&#(0!+,$%"6,)&+$&64.!%&4"(9&0!g&!%3&!#+[&&
&
&
$OO@A3&U>q>&$#*5%3*DEED>**ZK%&(+6%$.'*$0$?,*!0&#(-,(g&$8&)"'*6$!*+,-(&!?!#,*"&,%&K4"+#!0,!&
!%3&<(g&p(!0!%3[*P9-).5%*9'&4H01950#"@$*I]&CD/a&]EWNE>&&
&
$OO@A3&U>q>&$#*5%*3DEEI>&&Zj%3(V&+$&+6(&7$+!%,*!0&,3(%+,8,*!+,$%&!%3&*6(.,*!0&!%!0'","&$8&+6(&
S%$g%&")(*,("&$8&+6(&6!004*,%$?(%,*&84%?,[&&
&
$OO@A3&->7>&P&4>&BERALC@SC&DEFG>&&ZJ6(&",.)0(& W*!#7$0,%(&!0S!0$,3"[&
41H#901$!H*DEa&D^M]WD^FI>&
&
$OO@L3&6>$>&DE^E>&&ZP$.(&#(0!+,$%"&7(+g((%&*6(.,*!0&"+#4*+4#(&!%3&)6'",$0$?,*!0&!*+,$%&$8&
.("*!0,%(&!%3&#(0!+(3&*$.)$4%3"[&O%a&K7#!."$%9&`K&CX$.)>/&8$-)9O15)!509%9;"03**
L$",!6&=!*'9&;#>&&T$4%3!+,$%9&<(g&q$#S>&))>&DFDWINF>&&X4!#+!&*$%8(#(%*,!9&DE^M>&&
kM^&
&
$OV@GD3&%>5>B>&DEMD>&&Q15!5."6!9*$.*$%&I$".9*/$*d-"#93*CX$%+#,74*,B%&M^/&j%"+,+4+$&
O*4!+$#,!%$&3(&X,(%*,!"&<!+4#!0("9&m4,+$9&O*4!3$#>&
&
$O?GRPG3&9>&P&q>+>&/VGAL&DEM^>&ZK0S!0$,3"&$8&+6(&&6'7#,3&$8*<5#-)5*6#)5!9."-!*Y*<5#-)5*
/"609%9)&**N9-).5%*9'&415)!50H*5./*415)!509%9;H*I&Ma&F&M>&
&
$KGCE3&2>&DEEI>&ZT#$.&64%+(#&.!?,*9&!&)6!##%!*$)(,!y[&:0"$.0$*I^Fa&D]GN>&&
&
$K@L3&4>!>&$#*5%*3DEFM>&&ZY!%S,%?&)$"",70(&*!#*,%$?(%,*&6!2!#3"[&:0"$.0$*I]Na&IMDIFG>&
&
$KMJEL&S@&OGL&$DC@L&S@&9r[MQE&DEED>&=AV,*$7*G6O%$./9)$6*/$*D)$".#5*:";%963**D1$&
=(+#$)$0,+!%&=4"(4.&$8&K#+9&<(g&q$#S>&&j%+#$34**,B%&3(&d*+!-,$&\!2>&
&
$KMDGCM3&U>7>&$#*5%*3*DEFE>&&Z`!004*,%$?(%"[&j%a&49"69.9-6*B-61)99!*9'*#1$*89)#1$).&=."#$/*
:#5#$6*5./*Q5.5/53**i%,-(#",+'&$8&=,%%("$+!&\#(""9&=,%%(!)$0,"9&=<>&
&
$KKEA3&B>.>#>&P&$>4>&9pOO@D&DEF^>&ZT$#"S$0,%a&T#$.&!%&K'4#-(3,*&#(.(3'&+$&!&.$3(.&
!?(%+[&4%5.#5*B$/"05*^Da&kM]WkMM>&
&
 $ASGDP3&+>&$#*5%3DEMF!>&&Z=,"(&(%&A-,3(%*(&(+&3$"!?(&804$#$3(%",+$.A+#,54(&3("&3A#,-A"&^W
6'3#$V',%3$0,54(">&&K))0,*!+,$%&!4&3$"!?(&3(&0!&"A#$+$%,%(9&3(&0!&748$+(%,%(&(+&34&^W
6'3#$V'+#')+$)6!%(&01$,*>!5."#5*@"#)".5*T#>&(V&:015$''3&*D)5@5-S*34&:90"b#b*
415)!509%9;"e-$*/$*B9.#O$%%"$)*]Fa&IkMWI^N>&
&
$ASGDP3&+>&G#*5%3*DEMF7>&&Z_A#,-A"&^W6'3#$V',%3$0,54("&*6(2&0("&!.!%,+(">&&O"+43(&*6,.,54(&
(+&)6!#,%!*$0$?,54([&&
&
$AS@DLEA3&/>7>&DENE>&ZJ6(&7,$?($?#!)6'9&
(*$0$?'&!%3&+!V$%$.'&$8&C9O19O19)5&CX!*+!*(!(/&X*IDCk/a&IEEW]&DG>&
&
$AS@DLEA3&/>7>&DEFG>&4$H9#$7*D1$*<"@".$*Q50#-63*i%,-(#",+'&$8&K#,2$%!&\#(""9&J4*"$%9&Kp>&
*
$AS@DLEA3&/>7>&DEFN!>&&ZO+6%$7$+!%'&$8&`,00&J#,7("&$8&%$#+6(#%&J6!,0!%3>&j>&=(3,*,%!0&)0!%+"&
$8&KS6![&G09.9!"0*A9#5.H*kG*CD/a&]FW^]>&
&
$AS@DLEA3&/>7>&DEFN7>&&ZO+6%$7$+!%'&$8&`,00&J#,7("&$8&%$#+6(.&J6!,0!%3>&&jj>&&R!64&
.(3,*,%!0&)0!%+"[&G09.9!"0*A9#5.H*kG&Ck/a&kkIWk^G>&
&
$AS@DLEA3&5+>&DEMk>&ZK&"+43'&$8&"'"+(.!+,*&g$$3&!%!+$.'&,%&X!%%!7,"[&A9%5.#*5%&B-6$-!*
C$5'%$#6*`!#-!#3&i%,-(#",+'&IkCI/a&IEW]N>&
&
$AS@DLEA3&5>&+>DEFG>&ZR(!8&-!#,!+,$%&!.$%?&X!%%!7,"&")(*,("&8#$.&!&*$%+#$00(3&?!#3(%&*
A9%5."05%*B-6$-!*C$5'%$#6*T5)@5)/&i%,-(#",+'&IFCD/a&NDWNE>&
&
$AS@DLEA3&q>B>&DEFF>&ZJ(+#$3$+$V,%&!%3&+6(&2$.7,&)6(%$.(%$%&*P9-).5%*9'*
$#1.9O15)!509%9;H*I]CD/a&DIDWDIN>&&:A!"(&#(84+!*,B%a&_!-,"&DEFE>&
&
$ASD@aL3&6>&'&%>&<MAW@AEEJ&CX$.)">/&DENM>&D1$*A99E*9'*J)5663**U#$-(&\#(""9&<(g&q$#S>&
$ASDMCdWP3&q>&DEFF>&&:015!5."!-6*-./&I"#-$%%$6*1$"%$.*"!*>%#$.*4$)-3**_$"&-$04.(%(">&&
:(#0!?&X0(.(%"&p(#0,%?9&Q(#0,%9&K0(.!%,!>&
&
$ASDMCdWP3&q>&DEFE>&&ZP$*,$)"'*6$+6(#!)(4+,*&84%*+,$%"&$8&!'!64!"*!&6(!0,%?&,%&
>!5,9."5&*N9-).5%*9'*46H01950#"@$*IDCD/aMMWFE>&
&
$AAGL3&6>U>&'&9>$>&6DESMA&CX$.)">/&DEEI3*D1$*85,"*<90#9)6*5./*#1$*8-)$!?$);&X$3(>**
dV8$#3&i%,-(#",+'&\#(""9&<(gq$#S&!%3&R$%3$%9&j%?0!+(##!>&
&
$AEA>&DF^^>&&ZL$4#%!0&$8&!&-$'!?(&4)&+6(&K.!2$%&!%3&Y,$&<(?#$&7'&Y,*6!#3&P)#4*(9&P!%&
X!#0$"&3(0&Y,$&<(?#$9&;4%(&IM9&DF^][&T99E$)*N9-).5%*9'*A9#5.H*5./&f$V*J5)/$.*B"60$%%5.H*
<h.(#$"&N&v&M>&&
&
$AEA>&DEDk>&&Z:(#8!6#(%&24#&_!#"+(004%?&-$%&K0S'0$V'!#'0W9&_,!0S'0$V'!#'0W&4%3&
K0S'0(%3,$V'!#'0!.,%$)#$)!%(%&72g>&3(#(%&!.&P+,*S"+$88&.$%$!0S'0,(#+(%&_(#,-!+(%[&
CU(%%!%&\!+(%+&IMk9]^G9&DN&=!'&DEDk/&+$&O>&=(#*S9&_!#,%"+!3+>&
&
$AEA>&DEM^>&&ZJ($%!%!*!+0a&=4"6#$$.&$8&+6(&U$3"&*T";1*D"!$63**<z&\#,.!-(#!>&))>&]k&$#*
6$e3&
&
$AEA>&DEFN>&&d7,+4!#,$&3(&=!#,!&P!7,%!>&:9-#17*D1$*D1")/&K9)%/*B5;5,".$>&&<z*3(&O%(#$>&
)>&^>&
&
$AEA>&DEFM>&&>%0919%*5./*T$5%#13**:"S#1*:O$0"5%*I$O9)#*#9*#1$*=:*Q9.;)$663**_()!#+.(%+&$8&
`(!0+6&!%3&`4.!%&P(#-,*("9&<!+,$%!0&j%"+,+4+(&$%&_#4?&K74"(9&Y$*S-,00(9&=_>&
&
$AEA>&DEEG>&K15#*c9-*:19-%/*f.9V*>?9-#&>W<:*i>P>&\470,*&`(!0+6&P(#-,*(9&X(%+(#"&8$#&
_,"(!"(&X$%+#$09&c!"6,%?+$%9&_>X>&
&
$AEA>&DEED>&&ZP$.(&84#+6(#&"+()"&,"&+6(&%(g&)!#!3,?%&Z6"0[*!?(%3!a&K&.5#-)5%",5/*
5H51-5605**$.)0(V&,%&<>&K.(#,*![&=!%4"*#,+$&,%A3,+$>&&
&
$AEA>&DEEI!>&&ZR!&_OK&'!&%$&)4(3(&!*+4!#&!54,&*C5*N9).5/53*DN&;4%,$>&))>&D9&DG>&&
&
$AEA>&DEEI7>&&Zi%&7#(7!;(9&8B#.40!&3(0&AV,+$&*6,%$&(%&0!"&d0,.),!3!"&3(&Q!#*(0$%![*C5*
P9).5/53*Ik&3(&K?$"+$>&)>&]G>&&
&
$AEA>&DEEI*>&&Zd69&c,074#[&<"609@$)*8g&3(&_,*,(.7#(>&
&
$ACEAMO&CP(43B%,.$&3(&K%+6$%'&`(%.!%/&DEMF>&&B5!5*Q9053**`!""0(&T#((&\#(""9&R$%3$%9&
j%?0!+(##!>&&J#!3>&(")!b$0!&*$%&(0&.,".$&+,+40$&3(&d-(;!&<(?#!9&Q$?$+19&X$0$.7,!9&DEFD>&&
d#,?,%!0.(%+(&)470,*!3$&(%&DEMF&(%&4%!&(3,*,B%&8,#.!3!&'&%4.(#!3!&3(&]^G&(;(.)0!#("&
)$#&\#!*+,*!0&\1#!3,"(&\470,*!+,$%"9&P488$0S9&O%?0!%3>&&T#!?.(%+$&)470,*!3$&(%&DEMF>&&
Z=!.!&X$*![*P9-).5%*46H01$/$%H0*DG&CI/aEEWDGk>&
&
$FFO@JGC@3&->4>&DEM^>&&Z=(&_!+4#!&*40+&!.$%?&+6(&Q1-!561&*N9-).5%*9'*Q5%"'9)."5**ICD/aMW
DM>&&
&
$DXGMA3&1>&$#*5%3DEFE>&&ZP4#-('&$8&"$.(&c("+&P4.!+#!%&)0!%+"&8$#&!0S!0$,3"[&G09.9!"0*
A9#5.H*k]*CD/a&M]WMF>&&
&
$DQGKEA@3&7>&$#*5%3*DENG>&&Z\#$34*+,$%&$8&0'"(#?,*&!*,3&3(#,-!+,-("&7'&!&"+#!,%&$8&Q%5@"0$O6*
O56O5%"*:#$@$.6*!%3&`!00&,%&"47.(#?(3&*40+4#([&85#-)$*DFMa&I]FI]E>&
&
$D@AGL3&.>&DEFM>&&Z=(3,*,%(&!%3&.!?,*&!.$%?&+6(&=!S!&j%3,!%"&$8&+6(&\!#!?4!'!%&Q1509&*
N9-).5%*9'&G#1.9O15)!509%9;H*IDC]/a&IMEWIE^>&&
&
$DrVGOE&<GO@DG3&6>&DEFN>&&ZO0&5H51-5605*H&(0&*4#!%3(#$&P6,),7$WX$%,7$&3(0&i*!'!0,&
C\(#h/[>!b)"05*W./";$.5&kN&CD/aDkMWDND>&
&
$DAGLEA3&#>&$#*5%3DEFG>&&Z=!'!&.(3,*,%!0&)0!%+"&$8&P!%&L$"A&P4**$+29&Q(0,2([&N9-).5%*9'*
G#1.9O15)!509%9;H*I&Ck/a&]k^]Nk>&
&
$DAEOS3&">B>&'&6>&BENKGAA&DE^M>&&Zp4#&\"'*6$)!+6$0$?,(&|"!0{&3("&_,.(+6'0+#')+!.,%&*
K"$.$)*h$"#601.P&D]a&k]FWkk^>&&
&
$DDMEOG3&6>&DE^M>&&J9)/93**X$.,*&",%3,*!3$>&&
&
$DLOGAMGA3&->5>&$#*5%3*DEFN>&&Z]W=(+6$V'W^W6'3#$V'80!-$%$0"&8#$.&D"%5./6"5*O-)O-)$5&*
N9-).5%*9'*85#-)5%*4)9/-0#6&kECN/aDDMMWDDMF>&
&
$DCGIS3&$>&CJ#!3>&3(&`>&c(!-(#/&DEMN>&D1$*4$H9#$*<5.0$3**T!##!#&P+#!4"&!%3&U,#$4V9&<(g&
q$#S>&&d#,?,%!0&3(&DEMD&C$6&D5)51-!5)56M*O3,+,$%"&U!00,.!#39&<3"9&T#!%*(>&
&
$DCRID3&B>->&$#*5%3*DENM>&&Z<>=(+6'0!+(3&+#')+!.,%("&!%3&$+6(#&*$%"+,+4(%+"&$8&>050"5*
09.'V5*=(##>&$8&`$%?&f$%?[&>-6#)5%"5.*N9-).5%*9'*Q1$!"6#)H*IGa&FD&0FD]>&
&
$LQR@AXDGASC3&#>&DFF]>&&Z_,(&)6'",$0$?,"*6(&c,#S4%?&4%3&3,(&Q(3(4+4%?&3("&X$*!,%"[*
<$-#601$)*B$/"0"."6*01$)*<z&3(0&DI&3(&_,*,(.7#(>&&
$CCG(,D(-GRKGA&$#*5%3*DEFF>&&ZK0S!0$,3"&8#$.*D)501$%96O$)!-!*P56!".9"/$6&&4%5.#5*
B$/"05*^k&Ck/a&]&Nk>&
&
$IS@CC@3&->+>%>&$#*5%3*DENE>&Z\6'+$*6(.,*!0&,%-("+,?!+,$%&$8&=!%,+$7!&)0!%+"&DD>&&K&?!"W
0,54,3&*6#$.!+$?#!)6,*&"*#((%,%?&+(*6%,54(&8$#&+6(&,3(%8,8,*!+,$%&$8&+6(&!0S!0$,3"&$8&
415%5)"6*")(*,("[&*N9-).5%*9'&Q1)9!5#9;)5O1H*k]a&IE^W]GI>&&
&
$IS@CC@3&->+>%>&$#*5%3*DEMG>&Z\6'+$*6(.,*!0&,%-("+,?!+,$%&$8&=!%,+$7!&)0!%+">&D>&K&%(g&
,%3$0(&!0S!0$,3&!%3&!""$*,!+(3&!0S!0$,3"&8#$.&415%5)"6*5)-./".50$5&**Q5.5/"5.&N9-).5%*9'*
Q1$!"6#)H*kFaDkEWD^^3&&
kMM&
&
$I@DC3&<>6>&$#*5%3DEFG>&&Z`!0042,%$?(%(&c,#S4%?&2g(,(#&`4+),02(&3(#&U!++4%?&46"%90H?$*!4"&
3(#&J"*6(*6$"0$g!S(,[&&
&
$ILCMA3&1>7>&DEED>&&WO9!9$5*C"##9)5%"6&CX$%-$0-40!*(!(/&J!V$%$.'9&3,"+#,74+,$%9&!%3&
(+6%$7$+!%'[&G09.9!"0*A9#5.H*k^&CI/a&I^DWI^N>&&
&
$ILCMA3&1>7>&'&6>->&4EIK@&DEEI>&Z<$+("&$%&U4'!%!u"&.(3,*!0&(+6%$7$+!%'[&G09.9!"0*
A9#5.H*kN&C]/a&IE]WIEF>&
&
$aGLCRM3&$>T&DEED>&&ZO+6%$7$+!%,*!0&"+43,("&$8&+6(&<(?#,+$&j"0!%3(#"&$8&K%3!.!%&j"0!%3"9&
j%3,!W=(&U#(!+&>./5!5.$6$&*G09.9!"0*A9#5.H*k^CI/a&IMkWIFG>&
&
$PD@L3&q>$>&$#*5%3*DEFD>&ZJ6(&7$?4"&3#4?a&J6#((&.(+6'0&!%3&!0)6!&.(+6'0&8(%+!%'0&"$03&!"&
X6,%!&c6,+([*N9-).5%*9'*4H01950#"@$*<!;6*D]&CD/a&EDWE]>&&
&
$drKG3&->+>&DEFM>&&Zi%&%$4-(!4&*6!.),?%$%&6!004*,%$?A%(a&Q9)#".5#"-6*".')50#-6*\(#">&(V&
T#>&*A9%%$#".*/$*%5&:90"b#b*BH09%9;"e-$*/$*i)5.0$*DG]a&D]D^>&
&
4GSRGK3&/>->&DEFk>&&ZO+6%$7$+!%'&$8&)",0$*'7,%&.4"6#$$."9&(")(*,!00'&46"%90H?$*
Q-?$.6"6&*N9-).5%*9'&G#1.9O15)!509%9;H*DGCI/a&IkEWI^k>&&
&
4G@D3&6>&=khk>&&ZO,%(&K'!64!"*!&P,+24%?&4%+(#&3(%&\,#$&Cd"+W\(#,"/&A9%%$#".*/$*%5*:90"$#$*
:-#66$*/$6&>!$5."6#$6*]]a&^WF>&
&
4G@D3&6>&'&q>q>&%A@OO&DEMk>&&ZK%&!'!64!"*!&*(#(.$%'&!.$%?&+6(&=!+",?(%S!&CO!"+(#%&
\(#4/&X*,$"H6019H&G#1.9%$*EE&CDvI/a&NkWFG>&&
&
4GRD@3&+U>&'&1>/>&4DGSXIDP&DEFG>&
Z=!%48!*+4#(&$8&.("*!0&,%&P$%$#!9&=AV,*$&*G09.9!"0*A9#5.H*]k&Ck/a&]EDkGG>&
&
4GMO@P3&X>&'&$>&1GAMA&DEFD>&&ZQ(3$4,%&)0!%+&4+,0,2!+,$%&,%&P,%!,&!%3&+6(&<(?(-[&G09.9!"0*
A9#5.H*]^&CI/a&Dk^WDNI>&&
&
4GMO@P3&B>q>&DEMI>&&ZK&6!00*(%+4#'&$8&W./9FW)5."5.*6#-/"$6&*P9-).5%*9'*#1$&I9H5%*>6#";#"0*
:90"$#H*Ia&EEWD&D&G>&&
&
4GMO@P3&B>q>&DEMk>&&Z=(&#!%?(&$8&+6(&*$0$4#&hjIF*,%&O6$+!%&P!S!+(V+"[&Bb!9.)"5W*N$5.*/$*
B$.5V$*DF^a&]NE]Mk>&&T$%3!+,$%&X40+4#(00(&j#!%,(%%(9&R$4-!,%9&T#!%*(>&
&
4GMOMA3&U>/>&DEM^>&&ZR!"&*$%-$0-401*(!"&)",*$+#B),*!"a&P4"&4"$"&!7$#,?(%("9&(8(*+$"&*0@%,*$"&'&
!%10,","&#(*,(%+("[&Q-5/$).96*Q"$.#"'k096*QGBGij7*l_D]k>&
&
4GOGLIXDGRKGAPGK3&<>->&P&$>T>%>&&-GaGC&DEEG>&&ZQ(+(0-,%(&L4"O$)*?$%%$M&\,)(#!*(!(/[&
G09.9!"0*A9#5.H*kk&Ck/a&^kGW^k]>&
&
4GO@LCDM@DM3&$>&DE^M>&&ZX#$""&+$0(#!%*(&7(+g((%&RP_WI^&!%3&.("*!0,%([&O%a&U!#!++,%,9&P>&!%3&
q&U6(++,&CX$.)">/&4H019#)9O"0*<)-;63**O0"(-,(#&\470,"6,%?&X$.)!%'9&K."+(#3!.9&`$0!%3!>&
))>&^FDW^FI>&
&
4GAGQW3&%>$>&DEED>&&Z\0!%+"&!%3&\$0'%(",!%&-$'!?,%?[&O%a&X$V9&\K&P&P>K&Q!%!*S&CX$.)">/&
W6%5./6M*4%5.#6&5./*49%H.$6"5.63*F*>.*W.#)9/-0#"9.*#9&49%H.$6"5.6&O+6%$7$+!%'>&&_,$"*$#,3("&
\#(""9&\$#+0!%39&d\9&))>&I^W]E>&&
&
4GAGQW3&%$&'&.$&+E[&DEFM>&&ZO+6%$7$+!%'&$8&$*(!%W?$,%?&*!%$("&,%&R!49&T,;,&X*G09.9!"0*
A9#5.H*kD&CI/a&DkFWDNI>&&
&
4GASEAM3&$>5&$#*5%3*DEMN>&&ZP4#-('&$8&K#?(%+,%,!%&.(3,*,%!0&)0!%+"WT$0S0$#(&!%3&
)6'+$*6(.,"+#'WP*#((%,%?&jj[&G09.9!"0*A9#5.H*]G&CI/a&DNDWDF^>&&
&
4GA@D]@@3&.>T&'&%>&6RELGO&DENE>&ZP,.)0(&,%3$0(&7!"("&$8&<$6!9/"-!&;5.;$#"0-!*
LC$;-!".965$\&*>!/)5%"5.&N9-).5%*9'*Q1$!"6#)H*IIa&IM^WIMM>&&
&
4GDGCG3&5>/>%>&$#*5%*3*DEMF>&&Z<($0,?%!%"&$8&a")9%5*6-)"5!$.6"6&*41H#901$!"6#)H*DMa&MF]WMFN>&
&
4GDX@D3&.>&DEFF>&&a5!O")$6M*A-."5%*5./&<$5#13**q!0(&i%,-(#",+'&\#(""9&<(g&`!-(%9&XJ>&
&
4GDQOGP3&$>%>&DE^E>&&Z<(g&*$%",3(#!+,$%"&".*5.*9%/*;$.-67*<5#-)5&*A9#5."05%&B-6$-!*
C$5'%$#6*`!#-!#3&i%,-(#",+'&DFCN/a&Ik^WIMI>&
kMF&
&
4GDJ@D3&U>&DE]D3*G);9#*5./*G);9#"6!3**U4#%('&!%3&L!*S"$%9&R$%3$%9&j%?0!+(##!>&
&
4GDMW3&4>->&$#*5%*3DEEI>&&Z\#(.%!2$0(9&!%&,"$V!2$0(&!0S!0$,3&$8&4)$!.5*".#$;)"'9%"&!%3*
J!$%".5*5)?9)$5*g,+6&!%+,,%80!..!+$#'&!*+,-,+'[&&
&
4GOMAGJG3&9>&DEEG!>&&ZK.,%$&!*,3"a&`$g&.4*6&(V*,+(.(%+&,"&+$$&.4*6y[&&
&
4GDMAGJG3&9>&DEEG7>&&Z=PUa&K&IGW'(!#&$03&3(7!+(&*$%+,%4!"[&&
&
&
4GMDMAGJG3&9>&DEEI>&&Z\$+9&6(#$,%&4%0$*S&%(g&!#(!"&8$#&%(4#$"*,(%*([&&
&
4GDOEa3&->4>&'&2>&TRGA&DE^E>&&ZK*+,$%"&$8&"$.(&!%!0$?4("&$8&+#')+!.,%(&$%&+6(&,"$0!+(3&#!+&
4+(#4"&!%3&$%&+6(&,"$0!+(3&#!+&84%34"&"+#,)&)#()!#!+,$%"[&&
*
*
4GDAGDS3&9>&DEN]>&&Z=(&?$3&,%&+6(&80$g(#W)$+[&&
&
4GDAGDS3&9>&DENN>&J6(&='+6.!S(#"&
&
4GDA@L3&1>9>&DEFF!>&&Z<(g&3!+!&,%+(%",8'&+6(&!?$%'&$-(#&O*"+!"'[&&
&
4GDA@L3&1>9>&DEFF7>&&ZO*"+!"'&#(+4.(3&+$&P*6(340(&D[*&
&
4GDA@L3&1>9>&DEFF>&&Z_#4?"a&Y4%%,%?&+6(&%4.7(#"[&&
&
4GDDGI3&U>&DE^M>&ZK)#$)$"&34&\,)(#&.(+6'"+6,*4.[&&
&
4GDDGI3&U>&DENI>&&Zd7"(#-!+,$%"&(+&+#!-!4V&#A*(%+"&"4#&0("&-A?A+!4V&6!004*,%$?A%("&3(&0!&
<$4-(00(WU4,%A([&&
&
4GDDMJG&<MOOGOXG3&$>9>&DEI^!>&&Zi%&%4(-$&!0*!0$,3([&&
&
4GDCMJG&<MOOGOXG3&$>9>&DEI^7>&&Zq!?A,%a&O,%&%(4("&K0S!0$,3[&&
&
4GDDMJGD3&->B>&DENk>&&Z=(&#(?40!+,$%&$8&)"'*6(3(0,*&3#4?"[&&
&
4GDDEaL3&1>.>&DENM>&&G#1.9?9#5.H*9'*#1$&Q951-"%%5*W./"5.6*9'*:9-#1$!&Q5%"'9)."53**&
&
4GCQRMOP3&7>&$#*5%*3DEFN>&&ZK0S!0$,3"&8#$.&+6(&"((3"&$8&:5)09O15)H.;"5*0)5665&CQ(%+6>/&
Q$,+(!4&!%3&K00$#?(&X&
&
4GC@L3&->+>&DENk>&&Z\"'*6(3(0,*"&!%3&+6(&0!ga&K&)#(043(&,%&54("+,$%&.!#S"[&
&
4GIS@OGMD@3&+>&DFNG>&&C$6*45)5/"6&>)#"'"0"$%63*J#!3>&(")!b$0!&3(&\&\#4%!9&DEFM>&C96*45)5k696*
>)#"'"0"5%$67*>*0$)05*/$%*a".9&H*/$%*T501"63**&
&
4GI@D3&U>&DEEI>&&Zc!7(.3(&c(00(%9&3#6%(%3(&U0$*S(%[&&
&
4GI@D3&<>&B>&DEM]>&&<56*>.#9."-6Fi$-$)*".&f-.6#*-./*!$/"6".3*K07(#+&`$8.!%%9&&
&
4GI@D3q>&DEED!>&Z_!"&J!74&4.&3(%&T0,(W&?(%),02WO,%,?(&J6("(%&4%3&K%.(#S4%?(%[&&
&
4GI@D3&c>&DEED7>&&Z_,(&U("+!0+(%&3("&T0,(?(%),02("&4%3&,6#(&"'.7$0,"*6(%&Q(2e?([&&
kME&
&
&
4GI@D3&q>&DEEI>&&Z_(#&T0,(?(%),02&,%&p!47(#.1#*6(%9&=1#*6(%7,03(.9&P!?(%9&R,(3(.&4%3&
U(3,*6+(%[&&
&
4GIDA3&->9>&DEF^>&&Z<(g&-!#,(+'&$8&"+#((+&3#4?"&)$"("&?#$g,%?&)#$70(."[&&
&
4G[C@D3&+>&'&9>&%OGPCED&DEMI>&&ZQ,$"'%+6(","&!%3&+4#%$-(#&$8&&8M8W3,.(+6'0+#')+!.,%(&!%3&
^W.(+6$V'W8M8W3,.(+6'0+#')+!.,%(&,%&415%5)"6*#-?$)965[&*
*
4G[C@D3&->9>&$#*5%3*DENG>&&ZP()!#!+,$%&$8&6')%$+,*&)$+(%+,!+,%?&),,%*,)0("&8#$.&+6(&(""(%+,!0&
$,0&$8&>09.5*05%5!-6*C"..3&$8&j%3,!%&$#,?,%&7'&?!"W0,54,3&*6#$.!+$?#!)6'[&*
*
4@GI]GDS3&.>&DEFF>&&Z\0!%+("&(+&.A3(*,%(&+#!3,+,$%(00(&3!%"&0(&"43("+&3(&=!3!?!"*!#[&
*
4@QW@D&.EF@LQI3&+>&DEF^>&Z&J!.,"6,%?&!&"),++,%?&,.!?(a&j7(&6(!0+6&6!2!#3"&$8&".$S(0(""&
+$7!**$[&&
&
4@QWKGAA3&->5&L#>&'&U>9>&%CIQWP&DEFD>&ZOV+#!80$#!0&%(*+!0,("&!%3&)0!%+&?4!#3,%?&,%&j)$.$(!&
)!%34#!+!&CR>/&U>T>c>&=('&CX$%-$0-40!*(!(/[&&
&
4@@D3&$>6>&DE]E!>&&ZQ(,+#1?(&24#&\6!#.!S$0$?,(&3("&(V+#!)'#!.,3!0(%&P'"+(.">&&j>&
=,++(,04%?a&_,(&c,#S4%?&3("&`!#.,%"&7(,&f!+2(%&.,+&,%+!S+(.&<(#-(%"'"+(.[&&
&
4@@D3&$>6>&DE]E7>&&ZQ(,+#1?(&24#&\6!%%!S$0$?,(&3("&(V+#!)'#!#%,3!0(%&P'"+(.">&&jj>&
=,++(,04%?a&_,(&c,#S4%?&3("&`!##%,%"&7(,&f!+2(%&$6%(&<($*$#+(V[&&
&
4@@DL3&1>&DEED>&ZL4"+&"!'&g6$!t[&
&
 4@OOGWRSGD3&U>&$#*5%3*DEED>&&ZY()(#+$#'&$8&"+!%3!#3&6(#7!0&3#4?"&,%&+6(&=$#$**!%&
)6!#,%!*$)$(!&|",*{[&&
&
4@OOM@D3&=>&DEFN>&&ZR$"&*!%+$"&=!,&`4%!&3(0&'!;A&CK.!2$%,!&)(#4!%!/[&&
&
4@OEd3&$>&DEEI>&&ZQ#,%(&"6#,.)&7,$!""!'&"*#((%,%?&$8&+g$&.(3,*,%!0&)0!%+"&4"(3&7'&+6(&
c!#!$a&:9%5.-!*6#)5!".H'9%"-!&5./*a")9%56*6-)".5!$.6"6&**
&
4@AGXIS3&$>&DE^M>&&Z\"'*6$W)!+6$0$?,*!0&!")(*+"&$8&+6(&X!%%!7,"&",+4!+,$%&,%&=$#$**$[&
&
4@AS@D3&5>&DEMG>&&ZX6,03#(%u"&#(!*+,$%"&+$&)"'*6$+$.,.(+,*&3#4?"[&&
&
4@AS@D3&5&P&1><>%>&%GAWGD&DENF>&&ZX6#$.$"$.(&3!.!?(&%$+&8$4%3&,%&0(4S$*'+("&$8&
*6,03#(%&+#(!+(3&g,+6&RP_WI^[*&
&
4@A@SMQC3&->6>&$#*5%3*DENI!>&&Zd**4#(%*(&Z6"0[*$8&)",0$*'7,%&!%3&)",0$*,%&,%&*(#+!,%*Q9.90H?$*
5./*46"%90H?$*")(*,("[&&
&
4@A@SMQC3&->6>&$#*5%3*DENI7>&&Zd*(4##(%*(&$8&)",0$*,%&".*46"%90H?$*?5$90H6#"6&&&
&
4@A@SMQC3&->&6>&$#*5%3*DENN>&ZX6(.$+!V$%$.,*&",?%,8,*!%*(&$8&,"$V!2$0(&3(#,-!+,-("&,%&
K.!%,+!&")(*,("[**
kFG*
&
4@A@SM@C3&->&6>&$#*5%3*DENM>&&ZQ04(,%?&,%&Q9.90H?$M*46"%90H?$M*!%3&!&:#)9O15)"5*")(*,("&!%3&
+6(&3(+(*+,$%&$8&)",0$*'7,%[&
&&
4@AMAJCEA3&7>&$#*5%3*DEN^>&&Z^W=(+6$V'0W<9<&W3,.(+6'0+#')+!.,%(9&!&)$"",70(&(%3$?(%$4"&
)"'*6$+$V,%[&Z6"0[**
&
4@AMC@d3&7>&DENk>&&C96*T9.;96*>%-0".5.#$63&
&
4@AMC@d3&7>&DEM]>&`,"+$#,!*3(&4%&X6!.1%&X$#!>&&
&
4@AMC@d3&7>&DEM^>&W.*#1$*B5;"0*C5./*9'&*4$H9#$3*j%+#$34**,B%&3(&\>J&T4#"+>&&J#!34**,B%&3(&G.*
%5*D"$))5*Bm;"05*/$%&4$H9#$3*K&0!&,%+#$34**,B%&(3,*,B%&#h"+,*!&3(&\>J&T4#"+>&
&
4@A]GKMA3&q&DEMI>&n?$)*T5601"6013&J#!3>&(")!b$0!9&DEMk>&T5601"6013**&
&
4@AA3&6>&CJ#!3>&&Y>&=(+2%(#/&DEN]>&Z\#$-$S(3&0,8(a&K%&(""!'&$%&+6(&!%+6#$)$0$?'&$8&+6(&
(?$[>&&d#,?,%!0&3(&DEkE>&&Z\#$-$2,(#+("&R(7(%[3&
&
4@AA@CC3&4>+>&'&->&$OGDQuA&DEEk>&&XR6#$9O1%9$-!*O%5#H6O$)!-!*5./*a")9%5&/-0E$"*
C='#,"+,*!*(!*/a&<(g0'W#()$#+(3&!"&6!004*,%$?(%"&8#$.&K.!2$%,!%&O*4!3$#[*&
&
4@AdM3&9>&DEMI>&&C$6*<$)."$)*>/9)5#$-)&/-*4$H9#%7*Q)9H5.0$6M*Q9-#-!$6*$#&BH#1$6*/$6***
"./"5.6*T-"019%3*
&
4@D@Cd3&$>&$#*5%3&DEF^>&&Z\$0',%3$0,%,*&!0S!0$,3"&8#$.&46H019#)"5*'9)6#$)."5.53&\$+(%+&
,%6,7,+$#"&$8&+6(&!??#(?!+,$%&$8&64.!%&)0!+(0(+"[&&
&
4@DJKGA3&->5&DEMD>&&Z<!-!;$&)('$+(&4"(a&j+"&!))!#(%+&"!8(+'[&
&
4@DMAJ@D3&T>&DEIM>&<$)*B$6E5%".)5-6017&:$".$*J$601"01#$*-./&G)601$".-.;6V$"6$3*&
&
4@DMAJ@D3&T>&DEIF>&&Zˆ7(#&(,%&%(4("9&!48&3!"&(V+#!W)'#!.,3!0W.$+$,,"*6(&P'"+(.&g,#S(%3("&
K0S!0$,3&CQ!%,"+(#,%/[>&
&
4@DMAJ@D3&T>&P&T>&qMOKGAAL&DEIE>&&Zp4#&`!#.,%WQ!%,"+(#,%&T#!?([&&
&
4@DO@C3&+>&DEFD>&&Zc!#&$%&3#4?"a&Z=(&"+#!+(?'&$8&R'%3$%&R!&Y$4*6([&
&
4@KGI@D3&T>&DENk>&&Z<$+,2&e7(#&3,(&j"$0,(#4%?&-$%&`!%%,%&4%3&Cƒ/WD9I9]9kW&J(+#!6'3#$W
6!#.,%&!4"&(,%(#&,%3,!%,"*6(%&P*6%4)8&3#$?([&
&
4@KR@MK@D3&$>q>&'&5>%>&&$VMJGS&DEME>&ZK&*'+$0'+,*&)#$+(,%&8#$.&+6(&(3,70(&.4"6#$$.&
4%$-)9#-6*96#)$5%-6[&
&
4@DDMA3&T&CX$.)>/&DEFF>&&i$5#1$)$/&:$)O$.#*5./*'%9V$)".;*D)$$67&I$09.6#)-0#"9.*9'*#1$*
B-)5%6*9'&D9#"1-505.3*
&
4@DC3&9>&$#*5%3*DEFF>&&Z<$%W!.)6(+!.,%(&*(%+#!0&"+,.40!+,$%&7'&!0S!0$,3"&8#$.&+6(&,7$?!%(&
!%3&-$7!",%(&"(#,("[>&
&
4@DC3&9>&$#*5%3*DEFE>&&ZK0S!0$,3"&$8&45;"5.#15*0$.H$)5&&
&
4@LO3&B>&DEE]>&XJ5%$)".5*6#$;%"1""*6O$03&%$->9&(,%&6!0042,%$?(%(#&`~470,%?[&
&
4@IJ3&9>q&'&U>&4MJaEES&DEFI>&&Z\",0$*'7,%&!%3&)",0$*,%&0(-(0"&,%&+g(%+'&")(*,("&8#$.&
"(-(%&?(%(#!&$8&g,03&.4"6#$$."&,%&+6(&\!*,8,*&<$#+6g("+9&i>P>K>&&
kFD&
&
4@ICO@D3&U>$>&'&$>B>&1@D&9GDS@DELMGA&DEMF>&&ZX6(.$+!V$%$.'&$8&Q5..5?"6*]3&
X#$""7#((3,%?&7(+g((%&Q5..5?"6&65#"@5*5./*Q*."/$)5%"6M*g,+6&!%!0'","&$8&*!%%!7,%$,3&
*$%+(%+[&&
&
4QICO@D3&U>$>&'&$>B>&1@D&9GDS@DELMGA&DEFD>&&ZX6(.,*!0&-!#,!+,$%&,%&>!5."#5[&&
&
4RGCCGQRGDPG3&%>T>&$#*5%>&DEMD>&Zj%-("+,?!*,$%"&$%&+6(&6!004*,%$?(%,(&!*+,-,+'&$8&,%3$0(&
!0S'0!.,%("&,"$0!+(3&8#$.&B-0-.5*O)-)"$.6*_&X[&*&
&
4RGCCGQRGDPG3&%>T&$#*5%3*DEM^>&&Z\"'*6$)6!#.!*$0$?,*!0&,%-("+,?!+,$%"&$8&+6(&kW
.(+6$V',%3$0(&!0S!0$,3"&$8&>%6"9."5&@$.$.5#5[*&
&
4RGCCGQRGDPPG3&$>&DEED>&&ZO+6%$7$+!%,*!0&$7"(#-!+,$%"&,%&+6(&R!3!S6&#(?,$%&$8&%$#+6(#%&
L!..4&!%3&f!"6.,#&"+!+(9&j%3,![**
*
4RGCCGDGM3&!>T&DEEI>&&Z=(3,*!0&(+6%$7$+!%'&,%&+6(&f!.!0,&p$%(9&<()!0[&*
*
4RMS@3&!>T&'&-$&$MK@A&DE^E>&Z\6!#.!*$0$?'&$8&!&+#!%54,00,2,%?&)#,%*,)0(&,%&456O5%-!*
6$)9?"0-%5#-!&;)5".[*
*
4RMS@3&%><>&$#*5%3*DEED>&ZX6(.$)#(-(%+,-(&(88,*!*'&$8&7(+(0&0(!8&(V+#!*+&!?!,%"+&7(%2$&|!0&
)'#(%(W,%34*(3&8$#("+$.!*6&+4.$#"&,%&!"0$[&
&
4RMS@3&<&.>&$#*5%3*DEFM>**i-.;"*9'*B515)561#)53**&
&
4MGAQRM3&$>&DEED>&Z\",*$8,",$0$?,!&3(0&#,+4!00&!004*,%!+$#,&3(00$&"*,!.!%(",.$&
%$#3)(#4-,!%$[&*
*
4MXDG3&/>7>&VEA&DF^^>&&<"$*85)E9#"601$.&J$.- !"##$%*-./*/$)*!$.6013*
&
4M@X@DCAGA3&5&DENF>&&415.$)9#1"!$7*>&K$6#$).*>OO)9501*#9*#1$*I$%";"9-6*=6$*9'&
46H01901$!"05%63*
*
4MJaEES3&U>&=k;;>&&ZPJ\&!%3&=_Ka&J6(&0$-(&3#4?&!%3&$+6(#&)"'*6(3(0,*&|",*{&
!.)6(+!.,%("[&&
&
4MJaEES3&U>&DEMF>&&X$.4%,*!*,$%("&)(#"$%!0("9&P6(0+$%>&
&
4MJaEES3&U>&P&U>&"CC&DEMM>&&Z_=J[&&
&
4MJaEES3&U>&$#*5%3*DEME>&&ZO%+6($?(%,*&(88(*+"&$8&$);9.9@".$&&
&
4MJaEES3&U>&'&9>q>&4@IJ&DEFI>&Z:!#,!3$%&$8&)",0$*'7,%&!%3&)",0$*,%&0(-(0"&g,+6&#()(!+(3&
804"6("&C6!#-("+"/&$8&.!+4#(&")$#$*!#)"&9'*46"%90H?$&0-?$.6"6*CO!#0(/*P,%?(#[&
&
4MEQQG3&/>7>&$#*5%3*DENk>&&ZP400!&"$"+!%2(&!004*,%$?(%(&,.),(?!+!&,%&K.!2$%,!>&&<$+!&D>&
d""(#-!2,$%,&"40&)23*1&3(0&J4S1%$&(&J!#,1%!&3(0&7!*,%$&3(0&Y,$&i!4)A"[&&
&
4MLL@C3&!>6>&DEME>&&ZK##$g&)$,"$%"&,%&X6,%!>&&\!#+&j[&
&
4MLL@C3&!>6>&DEEI!>&Zc!#&!%3&64%+,%?&)$,"$%"&$8&+6(&<(g&c$#03>&&\!#+&j>&<$+("&$%&+6(&(!#0'&
6,"+$#'&$8&0-)5)$[&
*
4MLL@C3&!>6>&DEEI7>&&Zi"("9&*6(.,"+#'&!%3&)6!#.!*$0$?'&$8&B5%9-$#"5*L>O90H.!*(!(9&"470&
K)$*'%$,3(!(/[&*
*
4OGQWXIDA3&#&DEMN>&&ZK&54(#'&#(?!#3,%?&+6(&)$"",70(&6!004*,%$?(%,*&(`((+"&$8&!%+&,%?("8,$%&
,%&P$4+6WX(%+#!0&X!0,8$#%,![&&
kFI&
&
4OGQWKIA3&q>&DEEG>&&_,""(%+,%?&$),%,$%&,%&i>P>&P4)#(.(&X$4#+&*!"(>&D1$*=."#$/&:#5#$6*C5V*
K$E*^F&Rc&kkk]WkkkN>&J6(&*!"(&,%-$0-(3&"!*#!.(%+!0&4"(&$8&O$H9#%3&&
&
4OGMD3&#>%>&DEID>&&Z`!7,+&,%340?(%*(&Z6"0[&,%&*(#+!,%&*!*+!*($4"&)0!%+"&!.$%?&+6(&j%3,!%"[**
*
4OGAQR@CC@3&-$&$#*5%3*DEEI>&&Z<,%(+((%+6&*(%+4#'&"6!.!%,*&?#!-(&?4!#3,!%"&!#(&05)@$/*
i9!"#9O6"6*9''"0".5%"6&")$#$)6$#("[&&
&
4OGAQE3&9>5&DEE]>&L$%!+6!%&d++a&ZR!&6(#$@%!&("&.(%$"&+BV,*!&54(&(0&!0*$6$0[*
&
4OGLQRWE3&B>&'&q>&6>&5@VMA@&DENG>&ZK&*$.)!#!+,-!&"+43'&$8&6'3#$V',%3$0(&9S"/56$6&*&
&
4O@a@CC3&1>&DEMG>&&ZJ6(&)"'*6(3(0,*"&!%3&?#$4)&+6(#!)'[&O%a&K!#$%"$%9&Q>&'&`>&d".$%3&
CX$.)">/&46H01$/$%"067*D1$&=6$6*5./*%!O%"5#"9.6*9'*T5%%-0".9;$."0&<)-;63**&
&
4OEQW3&%>&%>&$#*5%3*DE^^>&&ZJ6(&>!5."#5&+$V,%"&,%&!-61)99!6[&*
&
4OELL@D3&4>&DEED>&&X$.4%,*!*,$%("&)(#"$%!0("9&X!+(.!*$9&:(#!*#h29&=AV,*$>&
&
4OELL@D3&4>&DEEI>&&ZJ6(&#(+4#%&$8&+6(&O$H9#$)96[*&
&
4OIK3&->&'&$LLEQMGC@L&DENk>&&=#9O"5#$67*D1$*=6$*5./*=6$)6*C:<F`o&\#B0$?$&3(&<>&P!%8$#39&&
&
4OIK@ACRGO3&9>&DEEI>&&ZU$-(#%.(%+&"+$)"&0(?,+,.!+(&.(3,*!0&4"(&$8&.!#,;4!%![&&
&
4OICR3&4>U>&DEFD>&&ZP$-,(+&")!*(&"+#(""[&
&
4OPCR3&->B>&DEM]>&&Z=4"6#$$."&,%&L!)!%("(&-(#"([&&
&
4EQ@W3&4>->&DEFk>&&ZO+6%$7$+!%'&$8&X$"+!%$!%&j%3,!%"9&X!0,8$#%,!9&7!"(3&$%&*$00(*+,$%"&$8&
L$6%&\>&`!##,%?+$%[&
&
4EQWL3&%>9>&DENM>&&ZT4%?!0&.(+!7$0,".&j:>&J6(&$V,3!+,$%&$8&)",0$*,%&7'& W3,)6(%$0&$V,3!"(&
C0!**!"(/[&
&
4ES@ASEDN3&T&'&B>&TpKK@D&DENI>&Zˆ7(#&3,(&K0S!0$,3(&,%&C5#-5*@$.$.965[&&
&
4ESA@D3&+>+>&'&->4>&6@D@GI&DEFF>&&ZK&*$%+#,74+,$%&+$&Q$%+$*&(+6%$7$+!%'[&*
*
4ERMA@3&.>&$#*5%3*DEMM>&Zn!%+6,%(&!0S!0$,3"&,%*W%$S*5!?";-5*0(!-("[*&
&
4EMD@3&->6>&DEEk>&&ZX#,.,%!0,2,%?&%!+4#(&v&S%$g0(3?(a&J$!3"9&*!*+,9&.4"6#$$."&!%3&+6(&
3$.!,%&$8&+6(&64.!%&7#!,%[&*
*
4EOSu&M&+OMK@AC3&U>&CX$.)>/&DEFN>&&C5&Q905*>./".57*a"6"p.*W./k;$.5*/$*-.5&4%5.#5*
:5#5.",5/53&
&
4EAREID3&$>&$#*5%3*DENM>&&ZO"+43,$"&)",*$8!#.!*$0B?,*$"&*$%&748$+(%,%![&&
&
4EEK3&4>9>&DEFM>&&G#1.9?9#5.H*9'*#1$&Q1m09?9*W./"5.6M*A$."M*A9%"@"53&
&
4EEK3&4>9>&'&%>&9E@LCO&DEEG>&&ZO+6%$7$+!%,*!0&%$+("&$8&L$"A&=>&X#4V(%+&8#$.&+6(&T#!%*$W
:(%(24(0!%&(V)(3,+,$%&+$&+6(&6(!3g!+(#"&$8&+6(&d#,%$*$&Y,-(#9&DE^DWDE^I[&
kF]&
&
4EECR3&q>4>&DEFF!>&Z:$$3$$&"*,(%*([&&
&
4EECR3&q>4>&DEFF7>&&ZK%&4%3(#?#$4%3&3#4?&8$#&Kj_P[&&
&
4vLdvAArAPM3&c>&$#*5%>&DE^E>&Zd7"(#-!+,$%"&$%&+6(&)"'*6$+$?(%,*&Z6"0[*(88(*+&$8&8M8F
3,.(+6'0+#')+!.,%(9&!&%(g&+#')+!.,%(&3(#,-!+,-([>&
&
4vLdvAArAPM3&c>&'&6>&4DIA@QW@D&DE^M>&Z_,.(+6'0+#')+!.,%(&C_=J/&(V)(#,.(%+"&g,+6&
)"'*6$+,*"[&O%a&U!#!++,%,9&P>&!%3&:>&U6(++,&CX$.)">/&46H019#)9O"0&<)-;63**&
&
4vLdvAArAPM3&c>&P&%>&2>&%dtDG&DE^F>&&Z_,.(+6'0+#')+!.,%(&(V)(#,.(%+"&g,+6&)"'*6$+,*"[&
&
4EIDJ@C3&%>&DEEG>&&ZX!#!*$0("&"!?#!3$"&(%&0!&,*$%$?#!8@!&.$*6([&&
&
4EIDSP3&6>&'&$>&qGOC@D&DEEI>&&Z=!+(#%,+'&!%3&.(3,*,%!0&)0!%+"&,%&:!%4!+4&D>&J6(&*'*0(&$8&
#()#$34*+,$%[**
*
4EIDSP3&6>&$#*5%3*DEEI>&&ZJ#!3,+,$%!0&#(.(3,("&4"(3&,%&+6(&c("+(.&\1*,8,*&8$#&+6(&
+#(!+#%(%+&$8&*,?4!+(#!&)$,"$%,%?[&&
&
4EIDJ@CGI3&%>&DEEI>&&ZX$0$.7,(a&R!&?4(##(&3("&6(#7,*,3!"[&&
&
4EIDW@3&U>&6>&DE]N>&&:05#5%9;"0*Z6"0[*I"#$6*9'&>%W*85#"9.6*\470,*!3$&$#,?,%!0.(%+(&(%&DFED9&&
&
4EVr3&7U>&DEMG>&D1$*:#9)H*9'*G);9#7*i9)&41H6"0"5.6M*415)!50"6#6M*8-)6$6M&A"901$!"6#6M*
A"9%9;"6#6*5./*R#1$)6&W.#$)$6#$/*".*#1$*C"'$*&:0"$.0$63*
*
4EaS@A3&T&'&$>1>&1DPLSGO@&DEN^>&&ZK&%$-(0&*$%"+,+4(%+&$8&>!5."#5*!-605)"5[*&
&
4EaS@A3&T>&$#*5%3*DEN^>&&ZX$%"+,+4(%+"&$8&>!5."#5*!-605)"5[*&
&
4EPS3&1>&DEMk>&I9%%".;*D1-./$)*j%+#$34**,B%&3(&_((&Q#$g%9&&
&
4EP@D3&5>4>&$#*5%3*DEM]>&&ZP6!.!%,".&!%3&)('$+(&4"(&!.$%?&+6(&K)!*6("&$8&+6(&=("*!0(#$&
j%3,!%&#("(#-!+,$%[&O%a&`!#%(#9&=;>&CX$.)>/&T5%%-0".9.$.6*5./&:15!5."6!>&&
&
4DGQW3&$>&$#*5%3*DEND>&&ZJ#')+$)6!%&!0"&7,$?(%(+,"*6(&:$#"+48(&3("&\",0$*'7,%"[&*
*
4DGQW3&$>&$#*5%3*DENI>&&Z=,S#$7,$0$?,"*6(&`'3#$V'0,(#4%?&!%&=4++(#S$.!0S!0$,3(%&-$.&
X0!-,%WJ')4"&.,+&3(.&.(V,S!%,"*6(%&Y!4"*6),02&46H%9?$*6$!O)$@"@5&`(,.&(+&X!,00(4V[**
*
4DGQW@OGMD@3&<>&DEEI>&&ZR!&*$*!&3A-$#(4"(&3(&8$#A+"&(+&3(&"$0"[&&
&
4DGS@A3&q>&DENM>&D1$*4)"@5#$*:$57*C:<*Y&#1$*:$5)01*'9)*J9/3*&
&
4DGS@A3&q>&DEMG>&&ZRP_&!%3&+6(&)#(""[&O%a&K!#$%"$%9&Q>&'&`>&d".$%3&CX$.)">/*
46H01$/$%"067*D1$*=6$6*5./&W!O%"05#"9.6*9'*T5%%-0".9;$."0*<)-;63**&
&
4DGSP3&5->&'&<>/>&#PO@D&DE^E>&&ZK&*6#$.!+$?#!)6,*&(V!#%,%!+,$%&$8&+6(&!0S!0$,3!0&8#!*+,$%&$8&
>).5."#5*O5.#1$)".5[&&
&
4DGIA3&<>&$#*5%3*DEFG!>&&ZX(%+#!00'W!*+,-(&8*"47"+,+4+(3&!%!0$?"&$8&]9kW.(+6'0(%(3,$V'W
)6(%'0,"$)#$)'0'!#%,%(&C]9kW.(+6'0W&(%(3,$V'!.)6(+!.,%(/[&
kFk&
&
4DGIA3&<>&$#*5%3*DEFG7>&&Z\#,,84%?&!48&2(%+#!0(&KSe-,+1+&4%3&K%!0?(",(&-$%&"47"+,+4,(#+(%&
K%!0$?(%&3("&K.)6(+!.,%W_(#,-!+("&]9kW=(+6'0(%3,$V')6(%'0,"$)#$)'0!.,%[&&
&
4D@QR@D3&/>9>&DEMI>&&C"0"#*5./*W%%"0"#&<)-;63*&
&
4D@WRKGA3&->&'&?>$>&%GK&DENM>&ZO+6%$)6!#.!*$0$?,*!0&,%-("+,?!+,$%&$8&"$.(&)"'*6$!*+,-(&
3#4?"&4"(3&7'&P,7(#,!%&!%3&8!#(!"+(.&.,%$#&%!+,$%!0,+,("&$8&&i>P>P>\9[&&O%a&O8#$%9&_>`3*$#*5%3*
CX$.)">/&&
&
4D@a@D(+GDMGL3&+>&'&U>$>&%C@P@DKGDW&DEMN>&&Z`!004*,%$?(%,*&"%488&3#4?"&$8&+6(&q!%$.!.$&
X!74#,g(WJ(#,&,%&+6(&X!4!74#,&Y,-(#9&Q#!2,0[&&
&
4DMJJL3&U>->&DFFM>&&Z=4"*!0(&74++$%"&\6'",$0$?,*!0&!*+,$%W\(#"$%!0&(V)(#,(%*("&**
*
4DMLCEO3&9>5&DENN!>&&ZJ6(&)"'*6$+#$),*&A5."6#$)9O6"6*!.$%?&+6(&P,74%3$'&$8&X$0$.7,![*&
&
4DMLCEO3&9>5&DENN7>&&Z<$+("&$%&+6(&")(*,("&$8&+#((&_!+4#!"[&&
&
4DMLCEO3&9>5&DENE>&&ZJ#((&_!+4#!&3#4?"&$8&+6(&X$0$.7,!%&P,74%3$'[&
&
4DMLCEO3&9>5&$#*5%3*DENE>&&ZJ6(&!&$,3"&$8&+6(&?(%4"&<5#-)5M*6$0#"9.*A)-;!5.6"53&\!#+&:j>&&
D)$$*<5#-)5*/)-;6*L<5#-)5&0m./"/5**-"/&$8&+6(&X$0$.7,!%&P,74%3$'[&&
&
4DMCCEA3&/>4>&DEFk>&&ZK&)$,%+(#&+$&!&%(g&6!004*,%$?(%&$8&,%"(*+&$#,?,%[**
*
4DEIJR3&U>&DEMD>&ZP$.!&!%3&>!5."#5&!-605)"5&*&
&
4DEaKGA3&1>5&'&-$>&&%QRaGDd&CX$.)">/&DEME>&&:O")"#6M*:15!5.6*5./&:#5)67*4$)6O$0#"@$6*
')9!*:5-#1*>!$)"053*&
&
4DEaA3&!>$>&$#*5%3*DEME>**
*
4DEaA3&U>T&'&9>B>&9GOEA@&CX$.)">/&DEM]!>&&ZP+!+4"&$8&3#4?&54!0,+'&,%&+6(&"+#((+W3#4?&
.!#S(+[&&
&
4DEaA3&U>T>&'&9>B>&9GOEA@&CX$.)">/&DEM]7>&&ZJ6(&*6(.,*!0&*$.)$",+,$%&$8&,00,*,+&3#4?"&,%&
=4%,*6[&
&
4DEaA3&->q>&DENF>&D1$*46H01$/$%"0*Q-"/$&#9*4)$O5)5#"9.*9'*#1$*G-015)"6#3**
*
4DEaA@D3&+>B>&DEF^>&&Z\0!%+"&4"(3&8$#&#()#$34*+,-(&6(!0+6&,%&d!V!*!9&=(V,*$[&&
&
4DIRA3&U>6>&'&+>&4DIRA&DEM]>&&ZK0S!0$,3"&!%3&(+6%$7$+!%'&$8&=(V,*!%&)('$+(&*!*+,&!%3&
#(0!+(3&")(*,("[&&
&
4DIRA3&U>6>&'&4>&BEMKLC@SC&DEMk>ZO!#0'&)('$+(&#("(!#*6a&K%&,%+(#3,"*,)0,%!#'&"+43'[&&
&
4DIRA3&U>6>&P&U>/>&5MASJD@A&DEMN>&ZX!*+!*(!(&!0S!0$,3"&nnjjj>&&K0S!0$,3"&$8&4501H0$)$-6*
O$0#$.F5?9)";".-!*5./&Q$)$-6*P5!505)-&*&
&
4DIRA3&U>6>&'&U>&5IASLCDvK&DEMN>&&ZK0S!0$,3"&$8&Q5).$;"$5*;";5.#$53**K#,2$%,%(9&!&%(g&
+(+#!6'3#$,"$54,%$0,%(&!0S!0$,3[&
kF^&
&
4DIRA3&U>6>&$#*5%3*DEMG>&&ZQ,$"'%+6(","&$8&+(+#!6'3#$,"$54,%$0,%(&!0S!0$,3"&,%&Q5).$;"$5*
;";5.#$5*Q#>&v&Y>[&&
&
4DIRA3&U>&6>&$#*5%3*DEMF>&&Z\('$+(&!0S!0$,3"a&j3(%+,8,*!8,$%&,%&!&)#(6,"+$#,*&")(*,.(%&9'*
C9O19O19)5*8#$.&X$!64,0!9&=(V,*$[&&
&
4DIA@CEA3&U>&$#*5%3*DEMN>&&ZK0*!03,3("&34&<5#-)"05)O5*$%%"O#"05*P+!)8&Z&
&
4DIAA@D3&#>7>&DEMM>&&Z=!#,;4!%!&,%&!%*,(%+&U#((*(&!%3&Y$.(y&J6(&0,+(#!#'&(-,3(%*(Z*&
&
4DIACEA3&->&DEFE>&D1$*>?5./9.$/&85)09#"03**>*f5@5*5./*Q-%#-)5%*W.6#5?"%"#H&".*B$%5.$6"53**
&
4DpddM&$>&SG&%>3&$>&DENI>&&>&W./";$.5*/9*=5-Ob63*&
&
4IQW3&->q>&DEN]>&ZJ$V,*,+'&$8&>!5."#5&!-605)"5[**
*
4IQW3&->q>&DENM>&&Z\"'*6(3(0,*&(88(*+&$8&419%"9#5*6O$0#5?"%"6[**
*
4IQWREOCd3&!>%>&P&q>l>&4EJJGA&DEMM>&&Z=$%$!.,%(&$V,3!"(&,%6,7,+,$%&,%&7#!,%&!%3&0,-(#&
)#$34*(3&7'& W*!#7$0,%("a&P+#4*+4#(W!*+,-,+'&#(0!+,$%"6,)"&!%3&"47"+#!+(&")(*,8,*,+'[&&
&
4IQWO@P3&U>.>&$#*5%3*DENM>&&Z\6!#.!*$0$?'&$8&S!-![&O%a&O8#$%9&_>`>&$#*5%3*CX$.)">/*&
&
4ISGVGDM3&%>&$#*5%3*CX$.)>/&DEFE>&&D1$&B$)0E*%./$S7*>./*G.0H0%9O$/"5*9'&Q1$!"05%6M*<)-;6M*
5./*A"9%9;"05%63*&
&
4IDQRGDS3&->/>&DEM^>&&ZX$*!&*6(g,%?a&K&%(g&)(#")(*+,-![&O%a&Y47,%9&q>&CX$.)>/&Q5..5?"6*
5./*Q-%#-)$3*J#!3>&(")!b$0!&3(&O>&=!'(#&'&X>&X#,"+B7!09&DEFN>&&Zi%!&%4(-!&)(#")(*+,-!&
"$7#(&0!&.!"8,*!*,B%&3(&0!&*$*![&O%a&Q$03B&,&X0,.(%+9&L>&C*$.)>/&C5*Q905*>./".57*a"6"p.*
W./";$.5*/$&-.5*4%5.#5*:5#5.",5/53*&
&
4IDQRGDS3&->&DEME>&&ZX$*!9&%4+#,+,$%&!%3&6(!0+6a&Y(*(%+&#("(!#*6&,%&Q$6-,![&\$%(%*,!&
)#("(%+!3!&(%&(0&",.)$",$&ZO#'+6#$V'0$%W<(g&`,"+$#,*!0&!%3&P*,(%+,8,*&K")((+"9[&
&
4IDW3&q>->&DEF]>&&Z\4887!00&4"!?("&!.$%?&<$#+6&K.(#,*!%&W./"5.6&&&
&
4IDDEIJRL3&q>%>&DE^]>*N-.E"$7&Q9.'$66"9.6*9'*5.*=.)$/$$!$/*<)-;&
&
4IDDEIJRL3&q>%>&DE^E>&&D1$*85E$/&C-.013**&
&
4IDDEIJRL3&q>%>&DEND>&D1$*:9'#*B501".$3&
&
4IDDEIJRL3&q>%>&DENI>&D1$*D"0E$#*#15"&GSO%9/$/*&
&
4IDDEIJRL3&q>%>&DEN]>&&<$5/*i".;$)6&D5%E3**&
&
4IDDEIJRL3&q>%>&DENk>&89@5*GSO)$663&
&
4IDDEIJRL3&q>%>&DENN>&GS#$)!".5#9)q&
&
4IDDEIJRL3&q>%>&'&$>&6MALX@DJ&DEN]>&D1$*c5;$*C$##$)63*J#!3>&(")!b$0!9&DEMM3**Q5)#56*/$%*
N5;b>&&
&
4ICO@D3&/>6>&$#*5%3*DEFD>**Z4$#-."5&@"9%50$57* 6!004*,%$?(%&$#&%$+y[&*
*
4P@3&->$>&DEM^>&&Z\0!%+!"&)",*$+#B),*!"&3(&0$"&+!#!64.!#!"[&:A!"(a&Q'(&DEME!>&
kFN&
4P@3&->$>&DEME!>&&Z`!004*,%$?(%,*&)0!%+"&$8&+6(&J!#!64.!#![&:A!"(a&Q'(&DEM^>&
&
4P@3&->$>&DEME7>&&ZK%&DFMF&(+6%$7$+!%,*!0&*$00(*+,$%&8#$.&P!%&R4,"&\$+$",a&_#>&O3g!#3&
\!0.(#u"&8,#"+&.!;$#&=(V,*!%&*$00(*+,$%[*&
&
4P@3&->$>&DEFN!>&&Z=(3,*,%!0&)0!%+"&$8&+6(&P,(##!&=!3#(a&X$.)!#!+,-(&"+43'&$8&+6(&
J!#!64.!#!&!%3&=(V,*!%&.!#S(+&)0!%+"[*&
&
4P@3&-$&DEFN7>&&Z:$4*6(#&")(*,.(%"&,%&(+6%$7,$0$?,*!0&"+43,("&!%3&)470,*!+,$%"[*&
&
4P@3&->$>&'&/>&5MAGD@L&DEFN>&&ZO+6%$7$+!%,*!0&%$+("&8#$.&+6(&-!00('&$8&P!%&R4,"9&X$0$#!3$[&
&
4P@3&->$>&'&/>&5MAGD@L&DEEG>&&Z=(V,*!%&.!#S(+&)0!%+"&$8&+6(&DN+6&*(%+4#'>&D>&\0!%+"&
#(*$#3(3&".*T"6#9)"5*85#-)5%*/$&8-$@5*G6O5r5[&
&
4P@3&%>!>&P&9>7>&1ICCEA&DEED>&ZJ6(&,%!))#$)#,!+(&4"(&$8&+#!3,*,$%!0&.(3,*,%("&,%&P$4+6&
K8+,*![&
&
4PDA@3&6>&DEFF>&&Z<,*$+,%(&0,S(%(3&+$&*$*!,%(9&6(#$,%[&*
*
+GXM@L@L3&7>&DEFN>&&X$.4%,*!*,B%&)(#"$%!0&!&Y>&R>&K#"0!%,!%&*,+!3$&(%a&K#",!%,!%9&Y>&R>&$#*5%3*
DEFN>&&Z]W=(+6$V'9&^W6'3#$V'W80!-$%$0"&8#$.&D15"%%5.5&4-)O-)$5*&
&
+tQ@D@L3&$>&DEFk>&&W.*sp01"#%*#9*Q-"05#%7&15%%-0".9;$.6*5./*!-6"0*".&B$695!$)"05.*
>!$)"/"5.*D19-;1#3&
&
+GJOMGDM3&6>/>&DFEM>&&Z=4"6#$$.&)$,"$%,%?[&&
&
+GOS@DuA3&/>&$#*5%3*DEFI>**G/-5)/9*$%&Q-)5./$)9*J6(&K9)/6*9'*5*4$)-@"5.&T$5%$)*\#(8!*,$&3(&
_$4?0!"&P6!#$%>&
&
+GO@OOG3&.>&S@&DE]^>&ZR$"&,%3,$"&P,$%!"&3(0&\4+4.!'$[&&&
&
+GO@OOG3&.>&S@&DEkk!>&&Z_!+$"&.,+$0B?,*$"&3(&0$"&`4,+$+$"&3(&R!&X6$##(#![&&
&
+GO@OOG3&.>&S@&DEkk7>&&ZQ#(-("&%$+!"&.,+$0B?,*!"&3(&0$"&`4,+$+$"&3(&P!%+!&X0!#![&&
&
+GOOGaGP3&U>+>&DEEI>&&X$.4%,*!*,$%("&)(#"$%!0("9&P!%&R4,"&\$+$",9&=AV,*$>&&
&
+GOOGaGP3&U>+>&DEEk>&&Z\,%$0,%(&!%3&$+6(#&+#')+!.,%(&3(#,-!+,-("a&T$#,%!+,$%&!%3&84%*+,$%"[&&
&
+GOOM@OM3&4>&'&9>&-GV@CCG&DE^M>&&ZJ6(&!*+,$%&$8&\(#-,+,%&$%&+6(&"'%3#$,%(&,%34*(3&7'&RKOW]I&
,%&"*6,2$)6#(%,*"[&O%a&U!#!++,%,9&P>&!%3&q>&U6(++,&CX$.)">/&*
*
+GVMOA3&q>B>&DEED>&T9V*#1$*:15!5.*:#9%$&#1$*B99.7*W.*:$5)01*9'*>.0"$.#*4)9O1$#*
:0"$.#"6#6*')9!*:#9.$1$.;$*#9*#1$*J)5./&Q5.H9.3*&
&
+GKGdMA@3&%>&DEF]>&&Z=4"6#$$.&*6(.,*!0&3(8(%"(a&T$$3&!-(#",$%&0(!#%,%?&,%34*(3&7'&
6!004*,,,$?(%,*&+$V,%&Z6"0[*.4"*,.$0[&
*
+GKGdMA@3&%>&'&->$>&4P@&DEFG>&&ZK&"+43'&$8&+6(&.(3,*,%!0&(+6%$7$+!%'&$8&+6(&p4%,&j%3,!%"&
$8&<(g&=(V,*$[*&
&
+GKFX@OO3&U>&C*$%&Q>&=$'(#"&'&Q>P>&T0$g(#"9&X$.)>/&DEFF>&&D1$*49V$)*9'&BH#13**
*
+GKFX@OO3&#>&!>&DE^F>&&Zd#,?,%&$8&+6(&.("*!0&7(!%&Z6"0[!*40+[&&
&
+GKFX@OO3&#>&!>&DEN^>&D1$*I90E*45".#".;6&9'*#1$*Q1-!5613*
*
+GKFED@LM3&.>&CJ#!3>&3(&_>&U(%+,0*$#(/&DEFE>**A)$5/*9'*<)$5!67**i99/*5./&i5.#56H*".*G5)%H*
B9/$).*G-)9O$3&\#(8!*,$&3(&Y$'&T7#+(#9&\470,*!3$&$#,?,%!0.(%+(&(%&DEFG&*$.$&W%*45.$*
:5%@5;;"93&
kFM&
&
+GFEDGQM3&5>->&DEMN>&&ZO#?$+,".a&ZJ6(&"!+!%&0$$"(3&,%&P!0(.y[&*
&
+GDSMAGO@3&6>U>&$#*5%3*DEFM>&&Z=$#)6,%(&!%3&*$3(,%(&!#(&(%3$?(%$4"&*$.)$%(%+"&$8&
64.!%&*(#(7#$"),%!0&804,3[**
&
+GDOMAM3&/>$>&$#*5%3*DEF]>&Z\"'*6$)6!#.!*$0$?,*!0&(88(*+"&$8&+6(&(""(%+,!0&$,0&8#!*,"$%&!%3&$8&
+6(&6'3#$0!+(&$7+!,%(3&8#$.&+6(&"((3"&$8&C"05)"5!)4*64#'W.!;$#[&
&
+GDOLEA3&6>&6>&'&<>B>&UEA@L&DEkG>&&ZP$.(&%$+("&$%&4"("&$8&)0!%+"&7'&+6(&X$.!%*6(&j%3,!%"[&&
&
+GDOLLEA3&$>&$#*5%3*DEN]>&&ZQ!","*6(&_(#,-!+(&3("&k9^9NW.(+6$V',%3$0"&4%3&3("&]9k9^W
.(+6$V')6(%$0"[&*
&
+GDA@MDE3&->5>&DENk>&&ZJ6(&K.!64!*!&!%3&+6(&"),#,+&g$#03[&*
*
+GDA@MDE3&->5&DEMG>&&Z`4%+,%?&!%3&74%+,%?&.!?,*&!.$%?&+6(&K.!64!*![&&
&
+GDA@MDE3&->5>&DEFG>&&ZX6,.(#!&$8&+6(&i))(#&K.!2$%[&O%a&_(&=,00(9&Y>&CX$.)>/*D1$*<9.*
N-5.*45O$)67*i-)#1$)6&Q56#5.$/5*Q9.#)9@$)6"$63**&
&
+GDLCGMDL3&6>9>&DE^k>&&Z_!#4&!%3&76!%?a&X40+4#!0&8!*+$#"&,%&+6(&*6$,*(&$8&,%+$V,*!%+[*&
&
+GDC@D3&9>&DEMN>&Zc,00&+6(&0(?!0&R,7(#+'&X!)&*!4"(&`$.(&d88,*(&6!004*,%!e$%"y[>&
&
+GLE3&$>&DEkI>&&ZO0&)!#!@"$&+(##(%!0&(%&J($+,64!*1%[**
&
+GLE3&$>&DEN]>&&ZY()#("(%+!*,$%("&3(&6$%?$"&(%&0$"&*B3,*("[&&
&
+GLLGSP3&U>9>&$#*5%3*DEMD>&&ZJ6(&,"$0!+,$%&$8&NW.(+7$V'6!#.!0!%&!%3&NW.(+6$V'6!#.!%&
8#$.&a")9%5*0-6O"/5#5[*&
&
+GLCGA@SG3&+>&DENF>&D1$*D$501".;6*9'*/9.&N-5.7*>*c5e-"*K5H*9'*f.9V%$/;$3*\#B0$?$&3(&
c!0+(#&U$03"*6.,3+>&&
&
+GLCGA@SG3&+>&DEMD>&&>*:$O5)5#$*I$5%"#H3*i-)#1$)&Q9.6$)@5#"9.6*V"#1*<9.*N-5.&
&
+GLCGA@SG3&+>&DEMI>*N9-).$H*#9*WS#%5.7*D1$*C$669.6*9'*/9.*N-5.3**&
&
+GLCGA@SG3&+>&DEMk>&&D5%$6*9'*O9V$)&
&
+GLCGA@SG3&+>&DEFM>&D1$*49V$)*9'*:"%$.0$7*i-)#1$)&C$669.6*9'*/9.*N-5.&
&
+GLCED@AG3&U>5&$#*5%3*DEFM>&&ZK&8!+!0&)$,"$%,%?&8#$.&8"09#"5.5*;%5-05[&
&
+GCGONEKE3&.>&'&+>B>&/IJLC@D&DEMG>&X>!5."#5*!-605)"57*\#("(%+a&4%3(#"+!%3,%?&$8&,+"&
*6(.,"+#'[&*
*
+GCGONEKE3&.>&'&<>/>&&#PO@D&DEND>&&Zj%-("+,?!+,$%&$8&+6(&8#((&!.,%$&!*,3"&!%3&>!5."#5*
+$V,%"&,%&>!5."#5*6O$0"$6&&&
&
+GVr3&$>&$#*5%3*DEFk>&&ZK0S!0$,3"&8#$.&K%%$%!*(!(H&R:>&&X6(.,"+#'&!%3&)6!#.!*$0$?'&$8&
QH!?9O$#5%-!*?)56"%$.6$&&&
&
+GaC@3&U>&DEF^>&&Z\"'*6$!*+,-(&"47"+!%*("&$8&+6(&P$4+6&P(!"a&Q(+(09&S!-!&!%3&),+4#,[**
*
+@DO@CCM3&$>&DE^E>&&Z\6!#.!*$0$?'&$8&\",0$*'7,%[&&
kFF&
&
+@DO@CCM3&$>&DEN^>&&Z_(*,",$%&#(?!#3,%?&RP_WI^&!%3&$+6(#&6!004*,%$?(%,*&"47"+!%*("[&
&
+@DO@CCM3&$>&$#*5%3*DENF>&&Z\6!#.!*$0$?,*!0&"+43,("&$%&+6(&"+#4*+4#(W!*+,-,+'&#(0!+,$%"6,)&$8&
6'3#$V',%3$0(&!0S'0!.,%("[&
&
+RGJAEA3&!>$>&DENF>&&c5.9!5!t7*D1$&i"$)0$*4$9O%$>&&X4!#+!&(3,*,B%&3(&DEEI>&c5.9!5!t7*
D1$*%56#*<5H6*9'*$/$.3**
*
+RGJAEA3&!>$>&$#*5%3*DEMD>&Zq!%$.!.&6!004*,%$?(%"a&K%+6#$)$0$?,*!09&7$+!%,*!09&!%3&
*6(.,*!0&8,%3,%?"[&&
&
+RGWDGXEDCP3&->&'&T>T>&TMSS&DEED>&ZJ6(&4+,0,+'&$8&_<K&+'),%?&,%&8$#(%",*&g$#S[*:A!"(&
+!.7,A%&#()0,*!&3(&R(g$%+,%&v&`!#+0&DEEDH&DEEIH&%4(-$"&!#+,*40$"&3(&Y$7(#,"&DEEDH&'&
*!#+!"&!0&(3,+$#&3(&c,00"&$#*5%3*DEEI>&&
&
+RGKX@DOMA3&-><>&DEDD>&ZJ6(&(+6%$7$+!%'&$8&+6(&U$",4+(&j%3,!%"&$8&i+!6[&&
&
+RGASO@D3&->7>&$%*5%3*DEME>&&Z`(#7!0&#(.(3,("&$8&+6(&=!#,+,.(&j%3,!%"[*
*
+RGAJE3&$>&$#*5%3*DEFk3**c5015P*:5!"&c501501".53*X$.(%+!#,$&)#(0,.,%!#&3(&<$%%!%&O>&
c6,++(%9&L#>9&&
&
+RGE3&U>&9>&'&$>B>&1@D&9GDS@DELMGA&DEM]!>&&ZO#?$0,%(&!0S!0$,3!0&*$%"+,+4(%+"&$8&`!g!,,!%&
7!7'&g$$3&#$"(9&>);H)$"5&.$)@965*CQ4#.&8/&Q$;(#[&
&
+RGE3&U>(9>&'&$>B>&S@D&9GDS@DELMGA&DEM]7>&&Z03(%+,8,*!+,$%&$8&(#?$0,%(&!0S!0$,3"&,%&+6(&
?(%4"&>);H)$"5*!%3&#(0!+(3&?(%(#!&!%3&+6(,#&*6(.$+!V$%$.,*&,.)0,*!+,$%"&,%&+6(&
X$%-$0-40!*(!([&&
&
+RGIRGA3&$>T&$#*5%3*DEFF>&&ZK&#(-,(g&$8&.(3,*,%!0&)0!%+"&"6$g,%?&!%+,*$%-40"!%+&!*+,-,+'[**
*
+RGIK@MO3&U>.>&DEFI>&&ZY()#A"(%+!+,$%&34&.$%3(&34%&*6!.!%(&q!?4![&
&
+RGP@C3&!>5>&DENM>&&ZP$*,!0&!%3&0(?!0&!")(*+"&$8&RP_&4"!?([&O%a&_(&Q$039&Y>X>&'&Y>X>&R(!8&
CX$.)>/&RP_9&=!%&!%3&P$*,(+'>**&
&
+R@MA3&2>&$#*5%3*DENk>*D1$*I95/*#9*T7*85)09#"06*<$%".e-$.#H*5./*:90"5%*49%"0H&&
&
+R@A3&$>5&'&TT&+R@A&DE]E>&&Z`!#.,%a&J6(&!0S!0$,3&$8&*!!),[*&
&
+R@A3&T>T>&'&B>&U@AL@A&DEIE>&&ZK&)6!#.!*$?%$"+,*&"+43'&$8&Q1u5.*:-M*+6(&3#,(3&-(%$.&$8&
+6(&X6,%("(&+$!3[*&
&
+R@KMGW3&5&DEME>&D1$*J)$5#*A99E&T561"613**:$04.(&j9&Q$$S&D>&j%+#$34**,B%&3(&=,*6!(0&Y>&
K03#,*69&&
&
+R@LCAIC3&<>T>&DEGI>&&Z\0!%+"&4"(3&7'&+6(&j%3,!%"&$8&=(%3$*,%$&X$4%+'9&X!0,8$#%,![*
*
+R@a3&q>5>&DEMI>&&ZJ6(&?(%4"&4"O$)*C\,)(#!*(!(/&,%&<(g&U4,%(!9&P$0$.$%&j"0!%3"&!%3&
K4"+#!0,![*&
&
+RMOCEA3&q>%>&DEM^>&ZJ6(&*$4#"(&$8&!%&,%+(%+,$%!0&)$,"$%,%?[&&
&
+RMOCEA3&q>%>&DEMF>&&ZX6(.,"[&!%3&.$3(&$8&!*+,$%&$8&.4"6#$$.&+$V,%"[&O%a&Y4.!*S9&Q>`>&'&
O>&P!02.!%&CX$.%)">/3*&
kFE&
&
+RMOCEA3&q>%>&DEME>&&X$.4%,*!*,$%("&)(#"$%!0("9&P(!++0(>&
&
+RMOCEA3&q>%>&'&U>&"CC&DEMN>&&ZJ$V,*&.(+!7$0,+("&$8&>!5."E5*O5.#1$)".5M*>3&09.#1-).5#5M*>3*
!-605)"5*!%3&$+6(#&j!5."#5*")(*,("[&&
&
+RMOCEA3&q%>&$#*5%3*DEMk>&&ZP+,2$0$7,*&!%3&"+,2$0$7,%,*&!*,3"&,%&>!5."#5&O5.#1$)".5[*&
&
+RMOCEA3&q%>&$#*5%3*DEME>&&Z\",0$*,%9&748$+(%,%(&!%3&"(#$+$%,%a&`,"+$#,*!0&!%3&7,$"'%+6(+,*&
$7"(#-!+,$%"&
&
+RMA3&q>?>&'&B>&T@AJ&DEEI>&&>.*W%-6#)5#$/&<"0#"9.5)H*9'*01".$6$*B$/"0".5%*T$)?63&\#B0$?$&3(&
Y,*6!#3&f(%?&=4%&O4>&&
&
+RMAJ3&.>&DEED>&&ZP),%%,%?&+!0("&$8&+6(&%,?6+.!#(&g(S(&
&
+RE3&$>T&DEEG>&&Zj*(a&K&%(g&3$"!?(&8$%%&$8&!%&$03&3#4?[&*
&
+REaSRIDP3&4>&T&'&.>&4RGCCGQRGDPG&DEF^>&&ZK&84#+6(#&54,%!2$0,%(&!0S!0$,3&8#$.*>/15#9/5*
@56"05[*&
&
+RDMLCMGA3&%>&$#*5%3*DEMN>&&ZO-,3(%*(&8$#&3,.(+6'0+#')+!.,%(&C_=J/&!"&!&%!++,#!00'&$**4##,%?&
+#!%".,++(#&,%&.!..!0,!%&7#!,%[*
*
+RDMLCMGA3&%>&$#*5%3*DEMM>&&Z00(&".!@"#)9*,3(%+,8,*!+,$%&$8&3,.(+6'0+#')+!.,%(&C_=J/&,%&
.!..!0,!%&7#!,%&!%3&,+"&*6!#!*+(#,2!+,$%&!"!&)$"",70(&(%3$?(%$4"&%(4#$#(?40!+$#'&
!?(%+[&
&
+RDMLCMGAL@A3&$>&$#*5%3*DENI>&&ZX6!%?("&,%&"),3(#&g(7"&7#$4?0,+&!7$4+&7'&.("*!0,%(9&
)",0$*'7,%&!%3&!%&,%*#(!"(&,%&7$3'&g(,?6+[*&
&
+RDMLCMGAL@A3&$>5&'&7>/>&&-GLKILL@A&DEFI>&&ZK%!0'","&$8&+6(&,%3$0(&!0S!0$,3"&,%&89)V$;"5.*
46"%90H?$*6$!",5.0$5%5*4",%?&6,?6W)(#8$#.!%*(&0,54,3&*6#$.!+$?#!)6'&!%3&.!""&
")(*+#$.(+#'[*]^MW]Nk>&&
&
+RMMLCMGAL@A3&$>5&$#*5%3*DEFD>&&ZJ6(&*$%+(%+&$8&)",0$*'7,%&,%&<$#g(?,!%&46"%90H?$*
6$!"%5.0$5#5&*&
&
+RDMLCMGAL@A3&$>5&$#*5%3*DEFk>&&Z_(+(*+,$%&$8&)",0$*'7,%&!%3&)",0$*,%&,%&<$#g(?,!%&")(*,("&$8&
4%-#$-6*5./*Q9.90H?$[*&
&
+MKMAE3&6>&'&%>&1@&%C@NGAE&DEMF>&&ZX6(.,"+#'&$8&=(3,+(##!%(!%&U$#?$%,!%"a&P,.)0(&,%3$0(&
3(#,-!+,-("&8#$.&45)5!-.0$5*015!5$%09.&*&
&
+OGDW3&$U>&DEID>&&ZT0',%?&$,%+.(%+"[&O%a&=4##!'9&=>K>&DEID>&&
&
+OGDW3&U>&DEMG>&&Z\",0$*'7,%a&ZJ6(&4"(&$8&)",0$*'7,%&,%&!&)#,"$%&"(++,%?[&O%a&K!#$%"$%9&Q>&'&`>&
d".$%3&CX$.)">/3*&
&
+OGDW3&q>B>&DENE>&&Q1$!"05%*G06#56H3*46H01$/$%"0*<)-;6*5./*I$%";"9.3*
*
+OGDW3&q>B>&DEMG>&&ZJ6(&)"'*6(3(0,("&!%3&#(0,?,$%[&O%a&K!#$%"$%9&Q>&'&`>&d".$%3&CX$.)">/&&
&
+OGDW@3&5&DEEI>&ZJ(*6%$*40+4#([M*&
 kEG&
&
+OGDD@A3&%>T&'&1>q>&%KMCR&DEMF>&8$V*G.;%5./*N9-).5%*9'*!$/"0".$*
&
+OMAQR3&.>6>&P&U>+>&#IK@D&DENF>&&ZO"+,.!+,$%&$8&+4+,%&!%3&6'(%!%*6,%&,%&6$%('>&I>&J6(&
+$V,*,+'&$8&6$%('&"!.)0("&8#$.&+("+&6,-("&34#,%?&+6(&)(#,$3&DENIWDENM[&
&
+EXO@ACd3&9>&DEED>&&X$.4%,*!*,$%("&)(#"$%!0("9&n!0!)!9&:(#!*#429&=AV,*$>&
&
+EQRDGA3&T>q>&'&/>B>&5IQGL&DE^E&ZX6(.$)#$)6'0!V,"&$8&)$0,$.'(0,+,"&,%&.,*(&+6#$4?6&+6(&
!3.,%,"+#!+,$%&$8&)0!%+&(V+#!(+"[&&
&
+ER@A3&9>9>&$#*5%3*DENM>&&Zj%&-,-$&!%3&,%&-,+#$&*6#$.$"$.!0&3!.!?(&,%34*(3&7'&RP_WI^[*
&
+ER@A3&%>2>&DENk>&&D1$*A$H9./*K"E1".7*D1$&C:<*:#9#H&&
&
+ER@A3&%>2>&P&U>->&6EOSLKMCR&DEMD>&&ZO),3(.,$0$?'[&O%a&O)"+(,%9&P>P>&CX$.)>/&&
&
+ERA3&4>&'&%>&-@MLL&DEEI>&&Z<$#,(?!a&`$g&+6(&8(3"&?$+&+6(,#&.!%[&+ERA3&!>&DEM^>&G-)9O$u6*
W..$)*<$!9.67*>*G.e-")H*".6O")$/*?H*#1$*J)$5#*K"#01*T-.#3**&
&
+EW@D3&q>+>&P&U>!>&+EIQR&DEIF>&&D1$&J56#$)9!H0$#$6*9'*#1$*G56#$).*=."#$/&:#5#$6*5./*
Q5.5/53**
*
+EOCEA3&#>&$#*5%3*DENF>&&ZJ6(&+$0(#!%*(&$8&*$88((&3#,%S(#"&+$&*!88(,%([&&
&
+EADGS&222>3&4>&DEFF>&&>?6".#1$7*T"6#9)H&&".*5*A9##%$3**&
&
+EEW3&q>4>&'&q>/>&T@GOGAS&DENI>&&Zj"$0!+,$%&!%3&)!#+,!0&*6!#!*+(#,2!+,$%&$8&!&?04*$",3(&
8#$.*I"@$5*09)H!?965*CR>/&`!00>&8>&*&
&
+EEW@3&9>+>&DFNG>&J6(&:$@$.*:"6#$)6&$8&:%$$O3**49O-%5)*T"6#9)H&9'*#1$*:$@$.&4)$@5"%".;*
85)09#"6*9'*#1$*K9)%/&X$%&4%&)#B0$?$&3(&Y,*6!#3&O-!%"&P*640+("&'&=,*6!(0&Y>&K03#,*6>&&
&
+EEF@D3&->&CX>&&Y(%3(#9&X$.)>/&DEMM>&&>&J-"/$*#9*A)"#"61*46H%90H?$*B-61)99!3*&
&
+EDX@CC3&5>&$#*5%3*DEMF>&&Z`!004*,%$?(%,*&<.(+6'0!+(3&,%3$0(!0S'0!.,%("&,%&+6(&
*(#(7#$"),%!0&804,3&$8&)"'*6,!+#,*&!%3&*$%+#$0&)$)40!+,$%"[&&
&
+uDSEVG(-MEL3&9>&'&7>4>&5GKX&DEME>&K",5)/*Z6"0[*9'*#1$*=OO$)*>!5,9.3*:A!"(&R!.7&DEMk>&&
&
+EDSP(+EOOMAL3&$>&DEMM>&&ZX6!-,%&!#+a&0+"&"6!.!%,*r6!004*,%$?(%,*&$#,?,%"[&O%a&X$#3'WX$00,%"9&
K>&'&L>&P+(!.&CX$.)">/&&
&
+EDSP(+EOOMAL3&$>&DEFG>&&ZK%&!#+,"+,(&#(*$#3&$8&+6(&X6!-,%&6!004*,%!+$#'&(V)(#,(%*([**
*
+EDSP(+EOOMAL3&$>&DEFI>&&Z\"'*6$!*+,-(&)!,%+(3&\(#4-,!%&)0!%+"a&J6(&"6!.!%,".&+(V+,0([*&
&
+EKIr3&$>&DEND>&&Zi%&*!"&3u,%+$V,*!+,$%&)!#&>!5."#5*;$!!5#5[*&
&
+EDECRM@3&/>&'&#>&!GWGAE&DENE>&&ZX$%"+,+4(%+"&$8&+6(&7!#S&$8&a")9%5*6$?"'$)5>&+ELCG3&9>&$#*5%3*
DEFE>&&ZP*#((%,%?&,%&.,*(&$8&"$.(&.(3,*,%!0&)0!%+"&4"(3&8$#&!%!0?(",*&)4#)$"("&,%&+6(&
P+!+(&$8&P1$&\!$0$>&&\!#+&00>[>&
kED&
&
+ELCGACMAM3&/>%>&DEM^>&&ZO0&4"$&3(&!04*,%B?(%$"&3(&$#,?(%&-(?(+!0>&)$#&0!"&+#,74"&,%3,?(%!"&
3(0&\!#!?4!'&!*+4!0[&&
&
+ECE3&#>&S@&DEF]>&&a905?-%5)"9*/$*%5*C$.;-5&Q5E01"e-$%>>&&
&
+EIOC@D3&U>!>&DFEk>&&Z\#(0,.,%!#'&#(-,",$%&$8&+6(&<$#+6&K.(#,*!%&")(*,("&$8&Q50#-6M*
>.515%9."!*!%3&C9O19O19)5[&&
&
+E[3&.>$>&DEFD>&Zi"(&$8&!&6!004*,%$?(%,(&.4"6#$$.9&Q9O$%5./"5*QH5.$60$.6M*,%&P!.$![&&
&
+E[3&.>$>&DEED>&&Z\$0'%(",!%&6(#7!0&.(3,*,%([&O%a&X$V9&\>K>&'&P>K>&Q!%!*S&CX$.)">/*W6%5./6M*
4%5.#6M*5./*O9$6"5.67*>.*W.#)9/-0#"9.*#9*49%H.$6"5.&G#1.9?9#5.H3**&
&
+E[3&.$>&DEEI>&&Z\$0'%(",!%&S!-!a&R(?(%39&*4"+$.&!%3&#6(+$#,([&&
&
+E[3&.>$>&'&%>$>&4GAGQW&CX$.)">/&DEED>&W6%5./6M*4%5.#6M*5./*O9$6"5.67*>.*W.#)9/-0#"9.*#9*
49%H.$6"5.&G#1.9?9#5.H&&
&
+E[3&.>$>&'&5>&"b-EIDW@&DEFM>&&Zf!-!&L4"O$)*!$#1H6#"0-!M*\,)(#!*(!(/&*
&
+E[3&.$>&$#*5%3*DEFE>&&Z\6!#.!*$0$?,*!0&!*+,-,+'&$8&+6(&P!.$!%&(+6%$)6!%%!*$)$(,![*
&
+EPEC@&9GA&'&4DECR@D&qMOOMGK&DEMI>&J$#*#1$*A-,,,9.*9)*>*8$V*K9)%/&W!!";)5.#*Q-"/$*#9*
<9O$M*T$)?6M&W./"5.6*5./*B5;"0*B$$#".;*4%50$6&
&
+DGaNEDS3&$>&DEFI>&&ZR'%3$%&R!&Y$4*6(u"&?$$%&"54!3[&&
&
+DGaNEDS3&9>&DEFF>&&ZJ("+,%?&4+,%(&8$#&3#4?"[&&
&
+DELXP3&1>9>&P&U>5&9Q5IJROMA&DEM]>&ZX!*+4"&!0S!0$,3"&njn&X#'"+!00,2!+,$%&$8&.("*!0,%(&`Xj&
!%3&]W.(+6$V'+'#!.,%(&&`Xj&8#$.&D)"0190$)$-6*O5015.9"[&&
&
+DId(%tAQR@d3&6>&DEkF>&&Zj%8$#.(&"$7#(&0!"&!)0,*!*,$%("&3(&0!&X,.$#!&(%&(0&%$#+(&3(0&\(#h[&&
&
+IGCD@QGLGL3&U>&DEN^>&&XA5."6#$)9O6"6&055O"M*A3*".$?)"5.6M*A3*I-6?H5.5[&
&
+IOV@AED3&+>+U>&$#*5%3*DENk>&&ZJ6(&$**4##(%*(&$8&,%3$0(!0S'0!.,%(&!0S!0$,3"&,%&415%5)"6*
#-?$)965*R>&!%3&4*5)-./".50$5&R>[&*&
&
+IOV@AED3&1>&DEFk>&&X$.4%,*!*,B%&)(#"$%!0&
&
+ICRX@DCLEA3&1>.>&'&U>$>+>&&TAE[&DEkM>&J6(&(88(*+"&$8&!%!0()+,*"&$%&+6(&8!+,?4(3&"47;(*+[*&
&
+Id@AC3&9>&DFND>&&ZX$.)$",+,$%&*6,.,54(&3(&0!&S!-!6,%([&&
&
1GJGD3&B>%>&P&U>+>&1GJGD&DEED>&&Z\0!%+&8$0S&.(3,*,%(&!.$%?&+6(&<,*$7!#("(&$8&f!+*6!0&
j"0!%39&j%3,![&
&
1GOP3&U>q>&'&+>q>&9P@DL&DEM]>&&ZJ$V,*,+'&$8&\!%!.!%,!%&)$,"$%&8#$?"&L<$./)9?5#$6\7
* P$.(&7,$0$?,*!0&!%3&*6(.,*!0&!")(*+"[&
&
1GOP3&U>q>&'&4>&qMC@EF&DEMD>&&ZX6(.,"+#'&!%3&)6!#.!*$0$?'&$8&8#$?&-(%$."[&O%a&
Q4*6(#,9&c>&$#*5%3*CX$.)">/*a$.9!9-6&>*."!5%6*5./*#1$")*a$.9!3*kEI&
&
1G&9ECG3&+>!>&DEFM>&&>6*N-)$!5*D9%/*=67*f5)")"*:19E9*5./*:19E9*B9/$*9'*=#"%"#5#"9.*9'*
B$/"0".5%*4%5.#6*".*#1$&Q9.#$S#*9'*B9/$).*89)#1$56#$).*A)5,"%&&
&
1GAS@WGD3&,>.>&$#*5%3*DEEI>&&ZK%!0'","&$8&!&*0,%,*!00'&,.)$#+!%+&,%+(#!*+,$%&7(+g((%&
)6(%'+$,%&!%3&P6!%S6!)4"6),9&!%&K'4#-(3,*&)#()!#!+,$%[**
*
1GAARGDSC3&6>&'&5>&%C@MASO&DEF^>&ZK0S!0$,3"&$8&C9%"5!*#$!-%$.#5!7&j"$0!+,$%9&,3(%+,8,*!+,$%&
!%3&)6!##%!*$0$?,*!0&!*+,-,+'[&
&
1GDMGL3&<>&$#*5%3*DEFN>&&ZX$%+#,74+,$%&+$&+6(&(+6%$)6!#.!*$0$?,*!0&"+43'&$8&+6(&Q5.F5)H*
W6%5./6[&
&
1GVML3&/>q>&DEF]!>&&Z<$+("&$%&(+6%$.'*$0$?'&$8&Q$"+$%u"&X6,%!+$g%[&
&
&
1GVML3&/>q>&DEF]7>&&ZP!*#(3&)0!%+"&$8&+6(&P!%&\(3#$&*40+[&&
&
1GVML3&/>q>&DEF]*>&&ZJ6(&(+6%$7,$0$?'&$8&+6(&`!,+,!%&2$.7,[&&
&
1GVML3&/>q>&DEF]3>&&Z\#()!#!+,$%&$8&+6(&`!,+,!%&2$.7,&)$,"$%[*&
&
1GVML3&/>q>&DEF^>&D1$*:$)O$.#*5./*#1$&I5".?9V3&OV,"+(&4%!&)(0,*40!&3(&c("&X#!-(%&7!"!3!&
(%&(0&0,7#$>&
&
1GVML3&/>q>&DEFF!>&45665;$6&9'*<5)E.$667*D1$*G#1.9?"9%9;H*9'*#1$*T5"#"5.*h9!?"$3*&
&
1GVML3&/>q>&DEFF7>&&Zp$.7,8,*!+,$%[&YA)0,*!&Q$$+69&c>Q>&DEFF>&&Z:$$3$$&"*,(%*([&&
:A!"(a&K%3(#"$%9&DEFFH&_!-,"&DEFE>&
&
1GVML3&/>q>&DEFE>*X!#+!&",%&+,+40$&!0&(3,+$#&*$.$&#(")4("+!&!&K%3(#"$%9&c>`>&DEFF>&&
ZJ(+#$3$+$V,%&!%3&+6(&2$.7,&)6(%$.(%$%[*&
&
1GVML3&/>q>&'&$>#>&q@MO&DEEI>&&Z03(%+,+'&$8&!&<(g&c$#03&)"'*6$!*+,-(&+$!3[&&
&
1GVML3&/>q>&P&U>$>&?ELC&DEF]!>&&Z<$-(0&6!004*,%$?(%"&8#$.&O*4!3$#[&&
&
1GVML3&/>q>&P&U>$>&?ELC&DEF]7>&&ZJ6(&(+6%$.(3,*,%(&$8&+6(&c!$#!%,&$8&K.!2$%,!%&
O*4!3$#[&J!.7,A%&ZJ6(&(+6%$7$+!%'&$8&+6(&c!$#!%,&$8&(!"+(#%&O*4!3$#[&&
&
1GVML3&U>9>&'&->7>&%QRO@KK@D&DEME>&ZJ6(&!.)6(+!.,%(&)"'*6$","[&O%a&X!03g(009&L>&CX$.)>/*
>!O1$#5!".$6&5./*I$%5#$/*:#"!-%5.#6*Q1$!"05%M&A"9%9;"05%M*Q%"."05%M*5./*690"9%9;"5%&
>6O$0#6*
*
1GaLEA3&.>&DEM^>&&>*Q-"/$*#9*#1$*B5P9)&46"%90H?#.*B-61)99!*9'*A)"6#"61&Q9%-!?"5*
C\",0$*'7(&"(.,0!%*(!+!/>&
&
1/$&DEFE>&&>..-5%*I$O9)#*9'*#1$&85#"9.5%&85)09#"06*W.#$%%";$.0$*Q9.6-!$.)6&Q9!!"##$$3*&
&
1@&$VMOG3&4>$>&$#*5%3*DEFG>&&Z<$+("&$%&+6(&(+6%$.'*$0$?'&$8&`4('!)!%9&=$#(0$"9&=(V,*$[*&
&
1@&4EDR@JPM3&%>7>&DEND>&&Z=,%,!+4#(&.4"6#$$.&"+$%("&8#$.&U4!+(.!0![&*
*
1@&4EDR@JPM3&%>7>&DENI>&D1$*G.";!5#"0*B-61)99!*:#9.$6*9'*B$69F>!$)"053&
kE]&
&
&
1@&4EDR@JPM3&%>7>&DEN]>&&Z\#(WX$04.7,!%&)$++(#'&.4"6#$$."&8#$.&=("$!.(#,*![&&
&
1@&4ISEaLWM3&U>&$#*5%3*DEMk>&&Zd%&+6(&!0S!0$,3&*$.)$",+,$%&$8&+6(&"%488&3#4?&'$)$&8#$.&+6(&
4))(#&d#,%$*$&C:(%(24(0!/[&
&
1@&+GDVGORE3&U>/>&'&$>&U>&&5GFFG&DEEG>&
Z\6!#.!*$0$?'&$8&j%3,!%&"%488&$7+!,%(3&8#$.&K.!2$%,!%&B5e-")5&60%$)9O1H%%5[&
&
1@&7@E3&<>&$#*5%3*DEEI>&&ZJ#!3,+,$%!0&)6'+$+6(#!)'&,%&+6(&\(%,%"40!&P$##(%+,%!9&X!.)!%,!9&
P$4+6(.&j+!0'[*
*
1@&TEDA@3&U>4>&CX$.)>/&DEEI>&D1$*G.#1$9;$.*I$@"$V3*D*CD/>&&&
&
1@&OG&%@DAG3&U>&DE^]>&D)5#5/9*/$*%56&W/9%5#)k56M*:-O$)6#"0"9.$6M*<"96$6M*I"#96M&T$01"0$)k56*H*
R#)56*Q96#-!?)$6&J$.#k%"056*/$*%56*I5,56*>?9)k;$.$6*/$&BbS"093*\470,*!3$&$#,?,%!0.(%+(&
(%&DN^N>&&O0&M^l&3(&("+(&+(V+$&"(&+$.B&3(0&)#,.(#&7$"54(;$&3(0&D)5#5/9*/$&I-",*/$*>%5)0m.*
3(&DNIEM*4%&kGl&"$%&*,+!"&3,#(*+!">&
&
1@OGP3&U>&$#*5%3*DE^F>&&ZO88(+"&)"'*6$)6'",$0$?,54("&3(&0!&)",0$*'7,%([&
&
1@OGP3&U>&$%5%*DE^E!>&&Z\#(##,"(#"&(""!,"&3(&0!&)",0$*'7,%(&(%&)"'*6,!+#,([&&
&
1@OGP3&U>&$#*5%3*DE^E7>&&ZK*+,$%&3(&0!&)",0$*'7,%(&"4#&0(&*$.)$#+(.(%+&3("&"$4+,"&%$#.!0("&
(+&3("&"$4,,"&j>_>\><>&X$.)!#!,"$%&!-(*&0("&.$%$A+6'0!.,3(&CRKO/&(+&3,A+6'0!.,3(&CRP_&I^/&
3(&0u!*,3(&0'"(#?,54([&&
&
1@O&+GLCMOOE3&U>&$#*5%3*DEM^>&&Z=!#,;4!%!9&!7",%+6(&!%3&+6(&*(%+#!0&%(#-$4"&"'"+(.[&
&
1@O&.EdE3&/>+>&DENM>&&ZO.),#,*,".&!%3&.!?,*&,%&K2+(*&)6!##%!*$0$?'[&O%a&O8#$%9&_>`>&$#*5%3*
CX$.)">/&
&
1@O&.EdE3&/>+>&DEM^>&&ZR!"&84(%+("&6,"+B#,*!"&3(&0!"&3#$?!"&-(?(+!0("&.(V,*!%!"[*&
&
1@&9MOO@3&->&DEMN>&&Q56#5.$/5u6*N9-).$H7*D1$*49V$)*5./*#1$*>%%$;9)H3*&
&
1@&9MOO@3&->&DEME>&&ZJ6(&"6!.!%&$8&!*!3(.(a&X!#0$"&X!"+!%(3![&&
&
1@&9MOO@3&->&CX$.)>/&DEFG>&D1$*<9.*N-5.&45O$)6*i-1#$)*Q56#5.$/5&Q9.#)9@$)6"$63**&
&
1@&9EDG@L3&/>B>7>&$#*5%3*DEEG>&&ZK"&7!"("&%,+#$?(%!3!"&3(&B"!965*605?)$%%5&Q(%+6!.[&&
&
1@AAML3&.>$>&DEFF>&&Z`(#7!0&.(3,*,%(&!.$%?&+6(&=,"S,+$&$8&(!"+(#%&<,*!#!?4![*&
&
1@FGDCMA@AC&EN&B@GOCR&GAS&BIKGA&%@DVMQ@L&DEFN>&D9V5)/*5*85#"9.5%*4%5.&#9*Q9!?5#*
>%0919%*>?-6$*5./&>%0919%"6!3**&
&
1@&-@K@AC@DMG3&2>&DEEI>&&ZP47-(%+,$%"&!?#,*$0("&*$%+#(&(%-,#$%%(.(%+[&&
&
1@D&9GDS@DELMGA3&$>B>&DENN>&&ZX4##(%+&"+!+4"&$8&6!004*,%$?(%"&,%&+6(&X!*+!*(!([*&
&
1@D&9GDS@DELMGA3&$>B>&DENM>&&Z\"'*6$+$%,".(+,*&,%3$0("&,%&+6(&X$%-$0-40!*(!([&&
kEk&
&
1@D&9GDS@DELMGA3&$>&'&5>&/>&5X@DCM&DEFF>*85#-)5%*4)9/-0#*B$/"0".$7*>&60"$.#"'"0*J-"/$*9'*
i99/6*<)-;6&Q96!$#"063**&
&
1@D&9GDS@DELMGA3&$>B>&'&B>q>&&?EIAJW@A&DENN>&&ZJ6(&3,"+#,74e$%&$8&,%3$0(&!0S!0$,3"&
!.$%?&*(#+!,%&")(*,("&!%3&-!#,(+,("&$8&WO9!9$5M*I"@$5*5./&Q9.@9%@-%-6*CX$%-$0-40!*(!(/[&
&
1@D&9GDS@DELMGA3&$>B>&$#*5%3*DENk!>&Z\#(0,.,%!#'&"+43,("&$8&+6(&*$.)!#!+,-!&.$#)6$0$?'&
!%3&*(#+!,%&,%3$0("&$8&WO9!9$5*"((3"[*&
&
1@D&9GDS@DELMGA3&$>B>&$#*5%3*DENk7>&&ZK&4+(#,%(&"+,.40!%+&(88(*+&$8&(V+#!*+"&$8&.$#%,%?&
?0$#'&"((3"[&&
1@D&9GDS@DELMGA3&$>B>&$#*5%3*DENF>&Z<!+,-(&4"(&!%3&$**4#(%*(&Z6"0[*9'*8M8F
3,.(+6'0+#')+!.,%(&,%&+6(&0(!-("&$8&A5."6#$)"9O6"6*)-6?H5.5[**
*
1@D&9GDS@DELMGA3&$>B>&$#*5%3*DENE>&X$.4%,*!*,B%&!&U>J&\#!%*(&CD/a&&
&
1@D&9GDS@DELMGA3&$>B>&$#*5%3*DEMG>&&ZJ6(&4"(&!%3&6!004*,%!+$#'&Z6"0[*)#,%*,)0("&$8&!&
"'*6$!*+,-(&7(-(#!?(&$8&+6(&X!"6,%!64!&+#,7(&CK.!2$%&7!",%/&&
&
1@&-EFF3&->&%>&DE^M>&&<)-;6*5./*#1$*B"./&P+>&=!#+,%u">&\#B0$?$&3(&<!+6!%&P>&f0,%(&
&
1@&-EFF3&->%>&DENF>&D1$*B56#$)*J5!$*45#1V5H6*#9*T";1$)*Q9.60"9-6.$66&A$H9./*#1$*<)-;*
GSO$)"$.0$3*&
&
1@&%K@C3&.>$>6>9>&DEF]>&&ZK&.40+,3,"*,)0,%!#'&$-(#-,(g&$8&,%+$V,*!+,%?&(%(.!&+,+4!0"&,%&+6(&
g("+(.&6(.,")6(#([&&
&
1@&%K@C3&.>$>6>9>&DEF^!>&&ZK&.40+,3,"*,)0,%!#'&$-(#-,(g&$8&,%+$V,*!+,%?&"%488&#,+4!0"&,%&+6(&
g("+(.&6(.,")6(#([&&
&
1@&%K@C3&.>$>6>9>&DEF^7>*I"#-5%&G.$!56*5./*:.-''6*".*#1$*>!$)"0563&&
&
1@&%K@C3&.>$>6>9>&DEED>&&Zj+"&+6(#(&!%'&3!%?(#&,%&4",%?&+#!3,+,$%!0&#(.(3,("y[&&
&
1@&%K@C3&.>$>6>9>&'&!>9>&B@OOKICR&DEFN>&&ZK&.40+,3,"*,)0,%!#'&!))#$!*6&+$&#,+4!0&(%(.!&
"((%("&$%&!%*,(%+&=!'!&)$++(#'[&&
&
1@&%K@C3&.>$>6>9>&'&7>U>&5MFF&DEFM>&ZP4))0(.(%+!#'&3!+!&$%&#,+4!0&(%(.!"&!%3&"%488"&,%&
+6(&g("+(#%&6(.,")6(#([&&
&
1@&%K@C3&.>$>6>9>&'&5&-MVM@D&DEF^>&Zj%+$V,*!+,%?&"%488"&$8&+6(&-(%(24(0!%&4"5)95*W./"5.6[&&
&
1@&%K@C3&.>$>6>9>&'&5&-MVM@D&DEFM>&Zj%+$V,*!+,%?&)!#,*1&"((3"&$8&+6(&Q#!2,0,!%&=!4A&
j%3,!%"[&&
&
1@&%ENM@D3&->&DEN^>&&Q-)5./$)567*C$6&Q15!O";.9.6*T5%%-0".9;b.$63*
*
1@IOEN@I3&<>&DEkF>&&ZJ6(&*6(.,"+#'&!%3&*$%"+,+4(%+"&$8&+$!3&-(%$."[&&
&
1@IOEN@I3&<>&DENM>&&ZX6(.,*!0&*$.)$%(%+"&,"$0!+(3&8#$.&Q!%,"+(#,$)","&!%3&#(0!+(3&
")(*,("[&O%a&O8#$%9&_>`>&$#*5%3*CX$.)">/&G#1.9O15)!509%9;"0*:$5)01*'9)&46H1950#"@$*<)-;63*&
kE^&
&
1@IOEN@I3&<>&'&/>&-MLV@SG&DEMD>&&ZJ6(&7!",*&*$%"+,+4(%+"&$8&+$!3&-(%$."[&&
&
1@VGA@3&q(W&$#*5%3*DEEI>&&Zj"$0!+,$%&!%3&"+#4*+4#(&$8&!&7#!,%&*$%"+,+4(%+&+6!+&7,%3"&+$&+6(&
*!%%!7,%$03&#(*()+$#[&&
&
1@V@D@I[3&.>&DEEI>&&ZK%&!))!#(%+0'&%4+#%(?W,%34*(3&(V)(#,(%*(&$8&.!?,*!0&80,?6+[**
*
1@&<MM@L3&B>&DEED!>&&Zˆ7(#&3,(&"$?(%!%%+(%&`(V(%"!07(%[&&
&
1@&<DM@L3&B>&DEED7>&&Zj*$%!(&)0!%+!#4.&,%(7#,!%+,4.‰D[*O%"!'$&8$+$?#18,*$&3(&8$+$"&(%&
70!%*$&'&%(?#$&3(&",(+(&(")(*,(">&
&
1@&<DM@L3&B>&DEED*>&&Z_,(&<!.(%&3("&T0,(?(%),02("a&O,%(&S4#2(&ˆ7(#",*6+&=,+&(,%,?(%&
K%.(#S4%?(%[&j%a&Q!4(#9&c&$#*5%3*CO3">/*&
&
1@&<@C3&U>9>U>*(+&!0>&DEF]>&&Z_,-(#",+'&,%&f$3$&.,00(+9&456O5%-!*60)9?"#-%5#-!>&&
&
1MGd3&U>5&DEM^>&&ZO+%$8!#.!*$0$?,!&3(&!0?4%$"&)",*$+#B),*$"&-(?(+!0("&3(&=AV,*$[*&
&
1MGd3&U>5&CX$.)>/&DEMN>&&W./"0$*H&:".9."!"5*/$*%56*4%5.#56*B$/"0".5%$6*/$*BbS"09*
C=$%$?#!8@!"&X,(%+,8,*!"&j/H&=696*/$*%56*4%5.#56&B$/"0".5%$6*/$*BbS"093*C=$%$?#!8@!"&
X,(%+,8,*!"&jj/&&
&
1MGd3&U>5>&DEMM&ZO+6%$)6!#.!*$0$?'&$8&
"!*#(3&)"'*6$!*+,-(&)0!%+"&4"(3&7'&+6(&j%3,!%"&$8&=AV,*$[&&
&
1MGd3&U>5&DEME>&&ZO+6%$)6!#.!*$0$?'&!%3&+!V$%$.'&$8&=(V,*!%&)"'*6$3'"0()+,*&)0!%+"[&&
&
1MGd3&U>5&DEFG>&&X$.4%,*!*,B%&)(#"$%!09&
*!#+!&3(0&DF&3(&P()+,(.7#(>&
&
1MQWKGA3&%>&DEED>&&ZO!"+&U(#.!%'a&P*,(%*(&,%&+6(&3,""(#-,*(&$8&+6(&"+!+([&
*
1M@QWREN@D3&?>*(+&!0>&DEMD>&&Z_!+4#!&"+#!.$%,4.*!0"&Y!4"*6.,++(0[>&
&
1MuLd@JM3&?&CX$.)>/&DEN]>&&J%5-?$.6V$#"&-./*'9%E%9)$*/$)*:"?")"601$.*&
&
1MuLd@JM3&<>&DENF>&D)50".;*:15!5.6*".*:"?$)"53**&
&
1MLRECLWP3&!>2>&$#*5%3*DEMD>&&ZRP_&!%3&?(%(+,*&3!#%!?([&&
&
1]@DGLLM3&+>&DEEI>&&Z_#4?"&8#$.&J6,#3&c$#03&)0!%+"a&J6(&84+4#([&X!#+!&!0&(3,+$#&(%&
#(")4("+!&!&Y$7(#+"&DEEI!H&Y$7(#+"&DEEI7>&
&
1EXWMA3&9>&DENF>&&ZD)"0190$)$-6&
45015.9#7K*.("*!0,%(&*!*+4"&4"(3&,%&8$0S&6(!0,%?&,%&\(#4&X&
&
1EXWMA&S@&-MEL3&9>&DEMG!>&ZQ!%,"+(#,$)","&,%&g,+*6&*#!8+&Z6"0[*!%3&6(!0,%?&!*+,-,+,("&,%&
j54,+$"9&\(#4[&*
&
1EXWMA&S@&-MEL3&9>&DEMG7>&&ZK&%$+(&$%&+6(&4"(&$8&!'!64!"*!&!.$%?&4#7!%&.("+,2$&
)$)40!+,$%"&,%&+6(&\(#4-,!%&K.!2$%[**
&
1EXWMA&S@&-MEL3&9>&DEMI>&&a"6"9.5)H&a".$7*T5%%-0".9;$."0*T$5%".;*".*#1$&4$)-@"5.*>!5,9.3*
Y(,.)#("$&(%&DEFk&)$#&*$%&(0&\$(.!&Zd6&K.!2$%!"&\4+#(8!*+$[&3(&Y>&Y4.##,009&'&
+#!34**,B%&Zd69&\4+#(8,(3&K.!2$%!"[&&
&
1EXWMA&S@&-MEL3&9>&DEM]>&&ZX4#,%?&g,+6&5H51-5605*,%&!%&4#7!%&"04.[&O%a&`!#%(#9&=;>&
CX$.)>/&&
&
1EXWMA&S@&-MEL3&9>&DEMk>&&ZJ6(&,%804(%*(&$8&)"'*6$+#$),*&80$#!&!%3&8!4%!&$%&=!'!&
#(0,?,$%[&
&
1EXWMA&S@&-MEL3&9>&DEM^>&&Zi%!&+($#,!&+#!%"*40+4#!0&3(0&4"$&3(&0$"&!04*,%B?(%$"&3(&$#,?(%&
-(?(+!0[&&
&
1EXWMA&S@&-MEL3&9>&DEMM>&&Z\0!%+&6!004*,%$?(%"&!%3&+6(&#(0,?,$%&$8&+6(&=$*6,*!>&K%&!%*,(%+&
\(#4-,!%&)($)0([&
&
1EXWMA&S@&-MEL3&9>&DEFk>&T5%%-0".9;$.67*Q)966FQ-%#-)5%&4$)6O$0#"@$63&J!.7,A%&DEMEa*D1$*
K"%/$).$66*9'*!"./>&&
&
1EXWMA&S@&-MEL3&9>&DEFN>&&ZO%,?.!&$8&3#4?W,%34*(3&!0+(#(3&"+!+("&$8&*$%"*,$4"%(""&!.$%?&
+6(&f4%?&Q4"6.(%&$8&+6(&f!0!6!#,&_("(#+[&&
&
1EXWMA&S@&-MEL3&9>&DEEI>&&>!5,9.&T$5%$7*D1$*C#'$*5./*D"!$6*9'*5.*=)?5.&:E5!5.3&
&
1EXWMA&S@&-MEL3&9>&'&9>&+tDS@AGL&DEFG>&&Z\0!%+&6!004*,%$?(%"9&"6!.!%,".&!%3&<!2*!&
*(#!.,*"[*&
&
1EXWMA&S@&-MEL3&9>&'&">&-MEL&-@tC@JIM&DENM>&&Z\"'*6$+6(#!)'&g,+6&5H51-5605*C!&6!#.,%(&
3#,%S/&,%&%$#+6(.&\(#4[&
&
1E@CLQR3&.>q>&$#*5%3*DEFG>&&ZX!*+4"&!0S!0$,3">&&nR>&&j3(%+,8,*!+,$%&$8&.("*!0,%(&!%3&$+6(#& W
)6(%(+6'0!.,%("&,%*4$)$6E"5M*4$)$6E"9O6"6M*!%3*W6%5H5*7'&4"(&$8&804$#("*!.,%(&*$%;4?!"("[&*
*
1EOMNILL3&1>&'&B>&%QROIKX@DJ@D&DFkI>&
Z=!+,A#"&*$0$#!%+("&34&4$;5.-!*15)!5%5[*&
&
1EAMJ@D3&q>&DEEG>&&ZP$.!+,*&.(.$#,("&$8&Y>&U$#3$%&c!""$%[&O%a&Y,(30,%?(#9&J>L>&CX$.)>/*
D1$*:50)$/*B!61)99!*:$$E0)*G665H6*'9)*I3*J9)/9.*K5669.3&
&
1EAMJ@D&"b7OGR@DCP3&c>&DENF>&&ZJ6(&)$"+:(3,*&6,"+$#'&$8&+6(&P$.!&)0!%+[&O%a&c!""$%9&\>U>&&
:9!57*<"@".$*B-61)99!&9'*W!!9)#5%"#H3*X$>9&+6(&&
&
1EAMJ@D&"b7OGR@DCP3&q>&DEFI>&ZO),0$?4([*&
&
1EL&%GACEL3&7>1>+>+>&$#*5%3*DEMk>&&Zj%+$V,*!‚!$&&(V)(#,.(%+!0&3$&7$-,%("&)(0!&u8!-(,#!u*
<"!9)O15./)5*!9W%"6*Q(%+6[**
*
1EIJOGL3&4>&DEDM>&&Z=4"6#$$.&)$,"$%,%?[&*
*
1DGW@3&4>&\q>1>_&DEMG>&D1$*Q-%#"@5%9)u6&T5./?99E*9'*!5)"P-5.5*&
&
1D@MLXGQR3&->B>&'&+>&.N@MNN@D&DEk]&ZX!88(,%(&g,+63#!g!0&6(!3!*6([&&
kEM&
&
1D@aMCd3&6>&DEF]>&&ZO,%(&6!0042,%$?(%(&Y,0 ),02!#+a&U#e%0,*6-(#81#7(%3(#&Y,0 ),02*LW.90H?$*
5$)-;".560$.6\[&
&
1DIDP3&!>&DEFE>&&a"6"9.*d-$6#3**
*
1IX@P3&9>.>&$#*5%3DEFD>&&Z\6!%%!*$0$?,*&"+43,("&$%&*$0($%$09&!&6')$+(%",-(&3,+(#)(%(&
8#$.&Q9%$-*'9)6E91%""[**
*
1IQW@3&$>&DE]F>&&Z\0!%+("&%$4-(00("[&
*
1IQW@3&$>&DE^M>&&ZX!),&*!!),9&*!7,9&*!'!64!"*!&(&'!?A[*&
&
1IQOEI[3&/>B>&DE]G>&&I$@"6#5*/$*%5&i50-%#5/*/$*Q"$.0"56*d-"!"056*
*
1ISO@P3&B>q>&P&U>+>&9EMD&DE]^>&&ZJ6(&"47"+!%*(&#(")$%"!70(&8$#&+6(&+#!3,*,$%!0&*0,%,*!0&
(88(*+&$8&(#?$+[&&
&
1INVG3&/>&$#*5%3*DEMN>**<-?9"6"5&!H9O9)9"/$67*<!+,-(&!%+,3$+(&!?!,%"+&*,?4!+(#!&)$,"$%,%?[&
&
1IW@3&U>$>&DEM^>&&ZO+6%$7$+!%,*!0&$7"(#-!+,$%"&$%&+6(&X4%!&j%3,!%"[&
&
1IW@3&U>$>&DEF]>&&B$/"0".5%*4%5.#6*9'*#1$&A"?%$3*
*
1IW@3&U$&DEF^>&&QIQ*T5./?99E*9'*B$/"0".5%*T$)?63**
*
1IW@3&U>$>&DEFM>&&C"@".;*C"e-$-)63&
&
1IW@3&U>$>&$#*5%3*DEM^>&&Z<4+#,+,$%!0&-!04(&$8&*$*![&*
&
1IKXGQR@D3&U>.>&$#*5%3*DEEI>&&Z`$.$7!+#!*6$+$V,%&,%&+6(&?(%4"&4"#91-"7*X6(.,*!0&3(8(%"(&
,%&7,#3"y[&:A!"(&+!.7,A%&*!#+!&!0&(3,+$#&3(&L>j>&U,(%3,%%,%?9&DEE]>&&Z\,+$64,a&`$g&+$V,*&!%3&
+$&g6$.y[&'&#(")4("+!&",%&+,+40$&3(&L>\>&_4.7!*6(#&$#*5%3*DEE]>**
*
1IAQGA3&$>&DFDG>&&Zd7"(#-!+,$%"&$%&+6(&)#()!#!+,$%&$8&"$)$#,8,*&.(3,*,%("&8#$.&*$..$%&
?!#3(%&0(++4*([&&
&
1IAOGF3&U>&CP(43B%,.$&3(&K3(00(&_!-,"/&DEND3*GSO%9.)";*W..$)*:O50$7*4$)69.5%&GSO$)"$.0$6*
-./$)*C:<F`o*j%+#$34**,B%&3(&Y$7(#+&P>&_!-,3"$%>&T#!?.(%+$&)470,*!3$&(%&DENI&
ZOV)0$#,%?&+6(&"$40&g,+6&RP_[&
&
1IAA3&$>#>&DEFF>&&Y("(b!&3(&X!"+!%(3!&DEFM>*D1$*49V$)*9'*:"%$.0$3**:15!5.u6&<)-!7*>*
N9-).5%*GSO$)"!$.#5%&:15!5."6!>&
&
1IDtA3&1>&Co=>&&U!#,7!'9&O3>/&DENM&T"6#9)"5*/$*%56*W./"56*/$*8-$@5*G6O5r5*$&W6%56*/$*%5*
D"$))5*i")!$3**_$"&-$04.(%(">&j%+#$34**,B%&3(&o%?(0&=>&U!#,7!'&f>&d#,?,%!0&3(&D^FD>&
&
1I&#EMC3&4>&9>&DEFG>&&Q5..5?"6*".*>')"053&
&
1IV@3&->!>&DEFD>&&ZU!"W0,54,3&*6#$.!+$?#!)6,*&3(+(#.,%!+,$%&$8&.!;$#&*$%"+,+4(%+"&$8&
4"O$)&!$#1H6#"0-!&**
*
1IV@3&->!>&'&<>&.DGLGS&DEF]>&&ZX6!%?("&,%&*6(.,*!0&*$.)$",+,$%&$8&q!5$%!&L4"O$)*
!$#1H6#"0-!\*g,+6&+,.([&&
&
1PLEA3&7U>&DEEI>&&Z_#!?$%u"&+((+6[&Y("(b!&3(&D1$*C96*>%5!96*4)"!$)93*=,&*!#+!&!0&(3,+$#&
*$##,?,(%3$&0$"&,%%4.(#!70("&(##$#("&3(&_'"$%&L)$7*RP_&!33,*+,$%/&84(&#(*6!2!3!>&
&
/XMA3&1>&CX$.)>/&DEND>&D1$*<)-;*GSO$)"$.0$7*i")6#*4$)69.*>009-.#6*9'&>//"0#6*K)"##$)6*
:0"$.#"6#6*5./*R#1$)63&
kEF&
&
/SMLEA3&6>->&DEMF>&ZJ6(&3#4?&0!g"a&K#(&+6('&(88(*+,-(&!%3&"!8(y[*&
&
/SMCEDL&DEN]>&&ZJ6(&"47;(*+,-(&!8+(#W(88(*+"&$8&)"'*6(3(0,*&(V)(#,(%*("[&Y(,.)#("$&(%&
c(,09&U>=>&$#*5%3*CX$.)">/&DEN^>&*
*
/NDEA3&1>B>&CX$.)>/&DEMG>&46H019#9!"!$#"0*Z6"0[*/)-;63*K*+!"&3(&4%&
P,.)$",$&Z\"'*6$+$.,.(+,*&|",*{&
_#4?"9[>&X$%&!)A%3,*(&3(&=$##,"&K>&R,)+$%>&
&
/NDEA3&1>B>&$#*5%3*CX$.)">/&DENM>&G#1.9O15)!509%9;"0*:$5)01*'9)&46H01950#"@$*Y(,.)#("$&
(%&DEME>&
&
/MAREK3&2>&DEMG>&&ZT#$.&3!+!&*$00(*+,$%&+$&)!++(#%&#(*$?%,+,$%a&ZJ6(&"$*,$0$?'&$8&+6(&%$g[&
O%a&K!#$%"$%9&Q>&'&`>&d".$%3&CX$.)">/*46H01$/$%"067*D1$*=6$6*5./*W!O%"05#"9.6*9'*
T5%%-0".9;$."0&
&
/ML@O@3&U>q>&'&1>#>&-@GP&DEFG>&&Z_(!+6"&#(0!+(3&+$&*$88((&(%(.!"[*&
&
/MLA@D3&4>&CP(43B%,.$&3(&Q>&O6#0,*6/&DEMM>&&ZRP_&)4#,+'a&X0(!%0,%(""&,"&%(V+&+$&?$3&6(!3&
0,%(""[&&
&
/MLA@D3&4>&CP(43B%,.$&3(&Q>&O6#0,*6/&DEFE>&*G06#56H7*D1$*B<>B*:#9)H3*\#B0$?$&3(&P>&
f0,))%(#H&j%+#$34**,B%&3(&\>&P+!88$#3&'&7,70,$?#!8@!&!%$+!3!&3(&K>J>&P640?,%>&
&
/NN@MMAW3&U>6>->&DEF]>&&ZJ6(&%!#*$+,*&!%3&6!004*,%$?(%,*&4"(&$8&+$7!**$&,%&)#(X$04.7,!%&
X(%+#!0&K.(#,*![*
*
/J@DMAW3&U>6>->&DEFF>&&ZP$.(&0,++0(WS%$g%&6!004*,%$?(%,*&)0!%+"&$8&+6(&K2+(*"[&&
&
/OJ@D3&7>&=kgj>&&Zˆ7(#&3!"&c#S$..(%&-$%&`!#.,%&,%&(,%(#&"e3!.(#,S!%,"*6(%&R,!%(&
Cq!?A/[&*
*
/OMGS@3&9>&DE^D>&&C$*Q15!5."6!$*$#*%$6&D$01."e-$6*>)0E5ve-$6*/$*%uGS#56$3>&&J#!3>&,%?0("!9&
DENk>&:15!5."6!**>)015"0*D$01."e-$6*9'&G06#56H3*J#!3&(")!b$0!9&DEMN>&&G%*Q15!5.".9*H&%56*
D$0."056*>)0m"056*/$]*wS#56"63&J#!3>&!0(.!%!9&DEM^>&&:015!5."6!-6&-./*5)E5"601$*
GE6#56$%$01."E3**&
&
/OMGS@3&9>&DE^k>&&C$*c9;57*W!!9)#5%"#b*$#&C"?$)#b3*J#!3>&,%?0("!9&]lox3**c9;57*W!!9)#5%"#1H*
5./*i)$/9!3&&
&
/OMGS@3&9>&DEMN>&&T"6#9")$*/$6*Q)9H5.0$6*$#&/$6*W/b$6*I$%";"$-6$63*]*<$*%u>;$*/$*%5&4"$))$*
5-S*BH6#$)$6*/uG%$-6"6*&
&
/O&2KGK3&?>9>$>&P&q>+>&/VGAL&DEFk>&
ZJ#$)!%(&!0S!0$,3"&$8&")(*,("&$8&>.#190$)0"6M*QHO15.#1$)5*5./&Q)$."/"-!>&
&
/O&OKGK3&?>9>$>&P&q>+>&/VGAL&DEEG>&
ZK0S!0$,3"&$8&!&<5#-)5*0m./"/5**40+,-!#M&<3*5-)05*!%3&-!#,$4"&6'7#,3"[&
&
/OMLGX@CLWP3&/>&$#*5%3*DEEI>&&ZJ#!3,+,$%!0&K.!2$%,!%&%(#-(&+$%,*"&!"&!%+,3()#(""!%+&!?(%+"a&
Q15-.901"#9.&E5OO%$)"7*K&*!"(&"+43'[**
*
/OMLGX@CLWP3&/>&P&1>$>&.EL@P&DEFE>&&Zi"(&$8&*$%+#!*()+,-!"&!%3&#(0!+(3&)0!%+"&7'&+6(&
f!'!)B&j%3,!%"&CQ#!2,0/[*&
kEE&
*
/OMdEASE3&9>6>&DEED>&&ZO+6%$7$+!%'&$8&+6(&P$4+6(.&J()(64!%&$8&_4#!%?$9&=(V,*$a&j>&
O3,70(&.4"6#$$."[&&
&
/OOMQWLEA3&.>5&'&->9>&4@OO&DEEG>&&Z_#4?&)#(-(%+,$%&,%&;4%,$#&6,?6a&K&.40+,",+(&0$%?,+43,%!0&
+("+[&:A!"(&+!.7,A%a&T(##(%*(&DEEG>&&
&
/OOML3&B>&DFEM>&&ZK&%$+(&$%&+6(&)6(%$.(%!&$8&.("*!0&|",*{&,%+$V,*!+,$%>[*&
&
/OOML3&B>&DFEF!>&&Z=("*!0&Z6"0[7*K&%(g&!#+,8,*,!0&)!#!3,"([&Y(,.)#("$&(%&O7,%9&_>&CX$.)>/&
DEND>&*
 *
/OOML3&B>&DFEF7>&Z=("*!0&Z6"0[7*K&%(g&!#+,8,*,!0&)!#!3,"([&&
&
/OKM3&$>%>&DEF]>&&ZJ6(&*6(g,%?&$8&S6!+&,%&P$.!0,![&&
&
/KXES@A3&q>$>&DEMI!>&&ZY,+4!0&4"(&$8&Q5..5?"6*65#"@5*R>a&K&6,"+$#,*!0&(+6%$?#!)6,*&"4#-('[&
O%a&T4#"+9&\>J&CX$.)>/&*
&
/KXES@A3&q$&DEMI7>&&85)09#"0*4%5.#63&
&
/KXES@A3&q>$>&DEMk>&&XQ5..5?"6*F*K&)$0'+'),*&?(%4"[>&
&
/KXES@A3&q>$>&DEMM>&&Z_,$%'"4"&!"&!&"6!.!%&!%3&g,%(&!"&!&.!?,*!0&3#4?[&C]/&&
&
/KXES@A3&q$>&DEMF>&ZJ6(&"!*#(3&%!#*$+,*&0,0'&$8&+6(&8"%$73*8H!O15$5&05$)-%$5&*&
&
/KXES@A3&q>$>&DEME>&85)09#"0*4%5.#63&P(?4%3!&(3,*,B%&*$##(?,3!&'&!4.(%+!3!>&&&
&
/KXES@A3&q>$>&DEFD!>&ZJ6(&?(%4"&Q5..5?"6*!%3&+6(&*$##(*+&4"(&$8&+!V$%$.,*&*!+(?$#,("[*&
&
/KXES@A3&q>$>&DEFD7>&ZJ#!%"*40+4#!0&4"(&$8&g!+(#&0,0,("&,%&=!'!&!%3&O?')+,!%&
*,-,0,2!+,$%"[7*&
&
/KXES@A3&q>$>&DEFI>&&ZJ6(&.4"6#$$.&!%3&+6(&g!+(#&0,0'a&R,+(#!#'&!%3&),*+$#,!0&(-,3(%*(&
8$#&8H!O15$5*!"&!&#,+4!0&)"'*6$+$?(%&Z6"0[*,%&=("$!.(,,*![&&
*
/KXES@A3&q>$>&DEF]!>&&ZJ6(&(+6%$7$+!%'&$8&+6(&_#("3(%&X$3(V&g,+6&(")(*,!0&#(8(#(%*(&
+$&+6(&%!#*$+,*&Z6"0[&<'.)6!(!&!.)0![*&
&
/KXES@A3&q>$>&DEF]7>&&ZK7",%+6(9&!7",%+6(4#"&!%3&!7",%+6,".[&*
*
/KK@DMQR3&$>&DEN^>&&:V$5#*9'*#1$*:-.*5./&D$5)6*9'*#1$*B99.3**&
&
/AEL3&5&DEMG>&&>*f$H*#9*#1$*>!$)"05.&46"%90H?".*B-61)99!3*O3,*,B%&*$##(?,3!&(%&DEMDH&
J(#*(#!&(3,*,B%&*$##(?,3!&3(&DEMI>&&
&
/FOMAJ3&+>&'&+>1>&UtCMVG(9>&DENI>&&ZK&%(g&")(*,("&$8&:5%@"5*8#$.&=(V,*$[&O"+!&%$5'%$#*84(&
#(,.)#("!&(%&c!""$%&DENI7&(%&T(7#(#$&3(&DEMD>&
&
/DMQWLEA3&B>#>&$#*5%3DEFk>&&ZU4!#!%1&L45-%%"."5*0-O5.5\*!"&!&*$..(#*,!0&*#$)&,%&Q#!2,0,!%&
K.!2$%,![&&
&
/DOMQR3&U>&DEEI>&&ZQ#!,%&?!,%a&_#4?"&+6!+&7$$"+&,%+(00,?(%*([&&
&
/DLFGK@D3&<>&$#*5%3*DEN^>&&Z^W=(+6$V'&!%3&^W6'3#$V',%3$0(!0S'0!.,%("&,%&+6(&"S,%&9'*A-'9*
5%@5)-6[&*
*
/DLFGMA@D3&<>&$#*5%3*DENM>&&Z^W=(+6$V'W&!%3&^W6'3#$V',%3$0("&,%&+6(&"S,%&9'*A-'9*5%)"-6[&
^GG&
&
/LQGOGAC@3&->&$#*5%3*DEM]>**<5#96&G#.9!"09%p;"096*/$*%96*B5#%5#,".0563&
&
/LQGOGAC@3&->&'&$>&5uF@d&DEMD>&T9.;96&:5;)5/96*/$*%96*B5#%5#,".056*
*
/LQERECGSE3&$>&DEFE!>**T"6#9)"5*J$.$)5%&/$*%56*/)9;563**J#("&-$04.(%(">&&K0,!%2!&O3,+$#,!09&
=!3#,39&O")!b!>&&O3,*,B%&#(-,"!3!&)$#&L>&d++&3(&DEEI>&
&
/LQERECGSE3&$>&DEFE7>&&ZO0&("),#,+4&*$.$&%!+4#!0(2!a&O%+#(-,"+!&*$%&K07(#+0&`$8.!%%[&*G%*
456$5.#$*D]a&DDNWDI&D>&Y(,.)#("$&(%&GW*850"9.5%*k&3(&K7#,0&3(&DEEG>&
&
/LQERECGSE3&$>&DEEG>&&G%*C"?)9*/$*%96&a$.$.967*U4@!&/$*<)9;56M*C56*C"0k#56*H&C56*R#)563**
=$%3!3$#,9&=!3#,39&O")!b!>&&Y(,.)#("$&(%&DEEI>&&45)5*-.5&i$.9!$.9%9;"5*/$*%56*<)9;563**
Q,70,$+(*!&=$%3!3$#,9&=!3#,39&O")!b!>&
&
/LCDGSG3&$>&DEMM>&&a"/5*/$*B5)"5*:5?".57*C5*:5?"5*/$*%96*T9.;963*\#("(%+!*,B%&3(&Y>&
U$#3$%&c!""$%>&J#!3>&8#!%*("!&3(&=>&Q,7!#39&DEME>&>-#9?"9;)5O'"$*/$*B5)"5*:5?".57*C5&
:5;$*5-S*Q15!O";.9.6*:50)$63*J#!3>&,%?0("!&3(&`>&=4%%9&DEFD>&&B5)k5*:5?".57*T$)*C"'$&5./*
Q15.#63&J#!3>&)$#+4?4("!9&DEFk>&&>&a"/5*/$*B5)k5*:5?".$M*5*:5?"5*/96&Q9;-!$%963*J#!3>&
!0(.!%!9&DEFG>&&B5)"5*:5?".57*A9#".*/$)*T$"%";$.*4"%,$3**&
&
/LCDGSG&5IJE3&/>2>U>&DEED>&G%*Qp/"0$*i%9)$.#".97*:-*".'9)!50"p.*G#.9?9#m."053!!
!
/IJLC@D3&+>B>&DE^N>&&Zˆ7(#&=4"*!#,%&!4"&&
T0,(?(%),02(%[&
&
&
/IJLC@D3&+>B>&DE^E>&&ZQ#(-(&#(-4(&3u(%"(.70(&"4#&0!&*6,.,(&3(&0!&.4"*!#,%([&*
*
/IJLC@D3&+>B>&DENM>&&Zj"$0!+,$%9&"+#4*+4#(&!%3&"'%+6(","&$8&*(%+#!0W!*+,-(&*$.)$4%3"&8#$.&
>!5."#5*!-605)"5*LC3&(V&T#>/&`$$S(#[&O%a&O8#$%9&_>`>&$#*5%3*CX$.)">/*G#1.9O15)!509%9;"0*
:$5)01&'9)*46H01950#"@$*/)-;63*&
&
/IJLC@D3&+>B>&DENF>&&uc,#S"+$88(&!4"&3(.&T0,(?(%),02[&
&
/IJLC@D3&+>B>&DENE>&&ZX6(.,(&3(#&c,#S"+$88(&!4"&3(.&T0,(?(%),02&L>!5."#5&!-605)"5\&*&
&
/IJLC@D3&+>B>&P&#>&#GW@KECE&DENM>&&Zp4#&<$.(%S0!+4#&3(#&%(4(%&:(#7,%34%?(%&!4"*
>!5."#5*K#+(%[*&
&
/IJLC@D3&+>B>&'&.>6>&qGL@D&DE^k>&&Zp4#&f(%%+%,"&3("&=4"*!#,%"[&&
&
/IJLC@D3&+>B>&$#*5%3*DEN^>&&Zc,#S"+$88(&!4"&>!5."#5*!-605)"57*07$+(%"~4#(&4%3&B-605,9.&*&
&
/VGAL3&->5&'&O>9>&4@D@AC&DEEI>&&<)-;*C$;5%",5#"9.7*i9)*5./5*;5".6#3*CT$#&!%3&K?!,%"+9&
:$04.(&D/&
&
/VGAL3&q>+>&DEME>&&ZJ#$)!%(&!0S!0$,3"&,%&+6(&P$0!%!*(!([&O%a&`!gS("9&L>U>&$#*5%3*CX$.)">/*
D1$*A"9%9;H*5./*D5S9.9!H*9'&#1$*:9%5.50$5$>&
&
/VGAL3q>+>&DEFE>&D)$56$*5./*G@5.6M&415)!509;.96H3*&
&
/VGAL3&q>+>&'&T>.>$>&-GKL@P&DEF]>&ZK0S!0$,3"&$8&+6(&P$0!%!*(!(&+#,7(&
K%+6$*(#*,3!([&&
^GD&
&
/VGAL3&q>&+>&$#*5%3*DEN^>&&ZJ6(!0S!0$,3"&$8&+6(&?(%4"&<5#-)5M*"(*+,$%&Q#4?.!%",!>&&\!#+&jjj3**
<5#-)5*65.;-".$5*Y>&!%3&\>[&&
&
/VGAL3&q>+>&$#*5%3*DEMI>&ZK0S!0$,3"&$8&:9%5./)5*6O$0"$6&*&
&
/VGDCL3&/><&$#*5%3*DE^^>&&ZP$.(&(88(*+"&$8&0'"(#?,*&!*,3&3,(+6'0!.,3(&!%3&748$+(%,%(&$%&
(0A*+#,*!0&!*+,-,+'&,%&+6(&*!+u"&-,"4!0&"'"+(.[&&
&
/VGDCL3&/><>&$#*5%3*DE^N>&&ZP$.(&(88(*+"&$8&748$+(%,%(&!%3&0'"(#?,*&!*,3&3,(+6'0!.,3(&$%&+6(&
.$%S('[**
*
*
7GXMAJ3&B>1>&DE^N>&&Zd%&?$,%?&7(#"(#Sa&K&%(4#$*6(.,*!0&,%54,#'[&
&
7GXMAJ3&B>1>&DE^M>&[J$!3"9&.4"6#$$."&5./*"*6,2$)6#(%,![*&
&
7GXMAJ3&B>1>&P&U>->&BGaWMAL&DE^N>&Zj%+#!-(%$4"&748$+(%,%(&,%;(*+,$%&,%&+6(&64.!%&7(,%?[&*
*
7GQQMEOG3&%>&DEEG>&&Q9).-09O"57*>*:9-)0$&A99E*9'*G/"?%$*4%5.#63*\#(8!*,$&3(&<$(0&:,(+.('(#9&&
&
7GSMKGA3&U>&DEN^>&&XJ$."6#5*05.5)"$.6"67*>&.,%$#&)"'*6(3(0,*&Z6"0[&*Y(,.)#("$&(%&DEEG&
*$.$a&Z\"'*6(3(0,*&Z6"0[*)#$)(#+,("&$8&J$."6#5*05.5)"$.6"6&*O%a&J!#+9&X>J&CX$.)>/*>%#$)$/*
:#5#$6*9'*Q9.60"9-6.$663**&
&
7GMOOGQ@3&5>$>&$#*5%3*DENM>&&ZX0,%,*!0&(-!04!+,$%&$8&"$%,(&6!004*,%$?(%,*&+#')+!#%,%(&
3(#,-!+,-("[&&
&
7GMOOGQ@3&5>$>&$#*5%3*DEMG>&&Z`!004*,%$?(%,*&3#4?"&,%&+6(&+#(!+.(%+&$8&!0*$6$0,".a&K&+g$W'(!#&
8$00$gW4)[&&
&
7@S@DGO&$VMGCMEA&-@JIOGCMEALo$MDKGAbL&2ANEDKGCMEA&9GAIGO&DEED>&K-,!+,$%&P4))0,("&
K*!3(.,*"9&Y(%+$%9&c>K>&
&
7@@LC3&+>7>&DEF]>&&Z<(g&g,%("&!%3&7((#"&$8&<$#+6&K.(#,*![**
*
7@MARGASO@D3&%>U>&$#*5%3*DEME>&&Z\#(X$04.7,!%&+$7!**$"&,%&+6(&\!*,8,*[&*
*
7rOMQ@3&.>&S@&DE]N>&&49"69.6*:50)b6*Z6"0[M&%@)b66$6*<"@".$67*G665"*6-)*e-$%e-$6&i9)!$6*
W.'b.)"-)$6*Z6"[*/$*%5*BH6#"e-$3**&
&
7@NOEaL3&5>&DEFk>&&X$.4%,*!*,B%&)(#"$%!0>&&
&
7@DQW@O3&%>&DE^k>&&Zu`(V(%"!07(%&4%3&,6#(&c,#S4%?[*&
&
7@DMQJ]G3&U>9>&DEF^>&W%*A9%$#*"*%5&Qb.$6"*/$*%$6*Q-%#-)$63*J.9!6*"*i9%%$#67*>!?"#6&Q-%#-)5%6*
i9)P5#6*O$)*%u>!5."#5*!-605)"53&J(V+$&(%&X!+!01%H&K)A%3,V&Z=,+("&,&!004*,%!*,$%"[&)$#&X>&
O"+(-!&,&T!7#(?!+>&J#!3>&*!"+(00!%!&*$##(?,3!&'&!4.(%+!3!&R$"&0,7#$"&3(&0!&R,(7#(&3(&=!#2$9&
DEE^>&&
&
7@DMQJOG3&U>9>&DEEI>&&>!5."#5*!-605)"5&4"!?(&,%&X!+!04%'![*
&
7@DMQJOG3&U>9>&DEEk>&&G%6*P"@5)967*Q5y5/9)6&/$*:9!."63>&&J#!3>&&*!"+(00!%!&j%+(?#!09&DEEk>&
&
7@DAGAS@d3&U>q>&DEMI>&&XD5?$).5.#1$&"?9;57*<!#*$+,*&(*"+!","&!%3&+6(&g$#S&$8&+6(&
!%*("+$#"[&O%a&T4#"+9&\J&CX$.)>/&i%$61*9'*#1$*J9/67*D1$*I"#-5%*=6$*9'&T5%%-0".9;$.63>&
&
7@DAGAS@d3&U>q>&DEFI>&&AV"#"7*>.&G#1.9;)5O1"H*9'*#1$*I$%";"9-6&W!5;".5#"9.*9'*>')"053*
*
7@DD@AQ@3&->6>&DEEG>&&Z_#4?&!74"(&)#(-(%+,$%&)#$?#!."[&X!#+!&!0&(3,+$#&'&#A)0,*!&!&
O00,*S"$%&v&Q(00&DEEG>&
^GI&
&
7@DDMJAM3&!>->&$#*5%3*DEFI>&&ZX!*+4"&!0S!0$,3">&&nR:jjj>&&8M8W&
_,.(+6'06,"+!.,%(9&!&6')$+(%",-(&*$.)$%(%+&$8&G01".90$)$-6&D)";%901"/"5#-6&**
*
7@LCM3&7>&DEF^>&&i-.;1"*>%%-0".9;$."3**
*
7@LCM3&7>&'&6>&$OOMECG&DEEG>&&Z\0!%+(&)",*$+#$)(&")$%+!%((&$&*$0+,-!+(&,%&j+!0,![&&
&
7@LCM3&7>&P&$>&4MGAQRM&DEED>*>!5."#5&!-605)"53**='*$)6!#.!*$0$?,*!0&$4+0,%(&!%3&)(#"$%!0&
(V)(#,(%*("[&&
&
7@LCM3&7>&'&$>&4MGAQRM&DEEI>&>!5."#5&!-605)"53*&
&
7MLQR@D&+tDS@AGL3&6>&DEI]>&&G6#-/"9&:9?)$*$%*4)".0"O"9*>0#"@9*/$%*c5;b>&
&
7MLQR@D3&">&DFEE>&&Zˆ7(#&`!#.,%&4%3&`!#.!0,%[>&
&
7MLQR@D3&">&DEGD>*Q1$!"05%*:90"$#H&>?6#)50#6>&
&
7MLR3&9>%>&'&/>+>&BEKMAJ&DE^N>&ZP+43,("&$%&6!004*,%$?(%,(&"%488"[&
&
7MLR3&9>%>&$#*5%3*DE^^>&&Z\,)+!3(%,!&!0S!0$,3"aj%3$0(&7!"("&$8&43*O$)$;)".5&&Q(%+6>&!%3&
#(0!+(3&")(*,("[*&
&
7MLR@D3&6>&DEN]>&&ZP$.(&*$..(%+"&*$%*(.,%?&3$"!?(&0(-(0"&$8&)"'*6(3(0,*&*$.)$4%3"&8$#&
)"'*6$+6(#!)(4+,*&(V)(#,(%*("[*&Y(,.)#("$&(%&c(,09&U>=>&$#*5%3*CX$.)">/&DEN^>&D1$*
4H01$/$%"0&I$5/$)*
*
7MCdJ@DGOS3&U>%>&'&$>$>&%MEIKML&DEN^>&ZK0S!0$,3"&$8&+6(&K4"+#!0,!%&R(?4.,%$"!(&:>&&J6(&
$**4##(%*(&$8&.(+6'0!+(3&+#')+!.,%("&,%&K*!*,!&.!,3(%,,&T>&=4(00>[&&&
&
7MILL@OOE3&!>&P&U>&+@DICM&%@IDCM&DEMI>&Z03#$"",,%3$0&3(#,-!+,&,%&Q!",3,$.,*(+,>&jj>&\",0$*,7,%!9&
)",0$*,%!&(&^W,3#$"",,%3$0&3(#,-!+,&,%&*!#)$8$#,&3,&\!%!($04"&(&?(%(#,&!88,%,[&&
&
7OGCC@DP3&1>%>&P&U>9>&.M@DQ@&DEN^>&4$H9#$3*
*
7OGCC@DP3&1>%>&'&9>&%QRaGDCd&DEFE>&T59!5*5./*T5)!5%".$7*D1$*A9#5."05%&W/$.#"#H*9'*#1$*
W./9FFW)5."5.*:50)$/&15%%-0".9;$.*X:9!5&*5./*"#6*C$;50H*".&I$%";"9.M*W5.;-5;$*5./*B"//%$*
G56#$).&i9%E%9)$3*&
&
7O@CQR@D3&->&DFEN>&ZJ6(&g,+*6("&)6!#.!*$)$(,![&&
&
7O@ID@ACMA3&U>&$#*5%3*DEF]>&&ZX40+4#!0&7!*S?#$4%3&$8&+6(&.(3,*,%!0&)0!%+"&$8&q(.(%[&CI/&&
&
7OED@L3&7>$>&'&q>B>&&5@aML&DEMF>&&Z_#,%S,%?&+6(&P$4+6&K.(#,*!%&6!004*,%$?(%,*&!'!64!"*![&
&
7E3&->4>&$#*5%3*DEFk>&&ZJ6(&*6(.,"+#'&$8&Q#!2,0,!%&='#,"+,*!*(!([&&
&
7EEC@3&U>&DEEI>&&ZU')",("&$8&+6(&<(g&K?([&
&
7EDX@L3&->U>&DEkF>&&:19)#*T"6#9)H*9'*#1$*>)#*9'*<$6#"%5#"9.3**&
&
7EDS3&+>%>&DENM>&&ZO+6%$?#!)6,*!0&!")(*+"&$8&S!-![&O%a&O8#$%9&_>`>&$#*5%3*CX$.)">/&
G#1.9O15)!509%9;"0*P(!##6&'9)*46H01950#"@$*<)-;63&
^G]&
&
7EDS3&q>q>&DEI]>&&ZK&%(g&*0!"",8,*!+,$%&$8&.'*(+,".4"&C.4"6#$$.&)$,"$%,%?/[&&
&
7EDC@3&->&DEFF>&&ZK&*$%-(#"!e$%&g,+6&Y>&U$#3$%&c!""$%&CDFEFWDEFN/&X*Ck/&
&
7ELC@D3&%>&DEFk>&T$)?5%*A9-.#H7*D1$*J$.#%$*>)#*9'*T$)?*Q-%#-)$3*\#(8!*,$&3(&P6,4&q,%?&`49>&
)#B0$?$&3(&Y,*6!#3&O-!%"&P*640+(">&&
&
7ELC@D3&%>&DEED>&&Z=,0S&+6,"+0(a&:"%H?-!&
!5)"5.-!&&
&
7ELC@D3&%>&'&U>$>&1IW@&DEEG>&&>*i"$%/&J-"/$*#9*B$/"0".5%*4%5.#6*G56#$).*5./&
Q$.#)5%*89)#1*>!$)"053**&
&
7DGRA3&U>5&'&1>7>&"bT@@N@&DEMD>&&ZJ6(&$**4##(%*(&$8&+(+#!6'3#$W W*!#7$0,%(&!0S!0$,3"&,%&
415%5)"6*#-?$)965&CU#!.,%(!(/[&&
&
7DGAQR3&U>$>&DEFI>&&ZY(0,?,$",3!39&!04*,%B?(%$"&'&)!+#$%("&!#+,"+,*$"&+!,%$"[**
*
7DGAW3&9>&'&/>&-EL@ACRGO&DEMk>&J6(&W./99)*R-#/99)*T";1$6#*d-5%#"H&B5)"P-5.5*J)9V$)u6*
J-"/$3**&
&
7DGAW@O3&9>&$#*5%3*DEEI!>&&ZJ6(&?#(!+&*$88((&74"+[&&
&
7DGAW@O3&9>&$#*5%3*DEEI7>&&ZQ,00$g"&$8&".$S([*
*
7DGL@D3&5&DEEI>&&Zn$*6,),00,a&K&*$%+(V+&8$#&(*"+!"'[>&&K#+,*0(&!7$4+&Zn$*6,&P)(!S"[&)$"+(#&
,04"+#!3$&(%&0!&*$%+#!)$#+!3!&3(&0!&#(-,"+!>&&&
&
7D@@SKGA3&1>i>&DENM>&&Z\(#")(*+,-("&$%&+6(&4"(&!%3&!74"(&$8&)"'*6(3(0,*&3#4?"[&O%a&O8#$%9&
_>`>&$#*5%3*CX$.)">/&G#1.9O15)!509%9;"0*:$5)01*'9)&46H01950#"@$*<)-;63*&
&
7D@AQR3&!>&DEEG>&&ZKPXjj&%$&54("+,$%"9&+(00&'(&%$&"),("[&*
*
7CM@SX@DJ3&+>&DE^E>&&ZY!))$#+&"$..!,#(&"4#&4%(&.,"",$%&!4&\(#4[*&
&
7DM@SX@DJ3&+>&DENG>&&Zi+,0,"!+,$%&3u4%&*!*+4"&!&.("*!0,%(&!4&%$#3&34&\A#$4&LD)"0190$)$-6*
45015.9"\[*CI/&&
&
7DM@SX@DJ3&+>&DEN^>&&Z_("&A5."6#$)"9O6"6&4+,0,"A"&*$..(&3#$?4(&(%&K.A#,54(&34&P43>&&O""!,&
3uA+43(&*#,+,54([*&
&
7OM@SOGAS@D3&=>&DEM^>&D1$&<$)@"61$63*&
&
7OMCd3&B>&$#*5%3*DEN^>&&ZJ6(&"+#4*+4#(&$8&.4"*!2$%([*&
&
7DMCdLQR@3&U>&DFkM>&&ZQ("+!%3+6(,0(&3(#&P!.(%&-$%&4$;5.-!*T5)!5%5&*
*
7IWGKMPG3&!>&'&T>B>&&5@@&DEFN>&&ZK%+,+4.$#&!?(%+"9&FD>&&L4"+,*,3,%&K&!%3&3,)6'00,%9&+g$&
*'+$+$V,*&)+,%*,)0("&8#$.&N-6#"0"5!!O)90-).?$.6&&&
&
7IOO@D3&U>&6>&DENF>&D1$*<5H*9'*6#3*>.#19.Hu6*i")$3**&
&
7IDLC3&.>#>&DEMD>&&>)"905)O-6*)$#-6-6M*+6(&8!0"(&)('$+(&$8&`4,*6$0&+#!3,+,$%[&&
&
7IDLC3&.>#>&DEMI>&&ZJ$&8,%3&$4#&0,8(a&\('$+(&!.$%?&+6(&`4,*6$0&j%3,!%"&$8&=(V,*$[&
O%a& T4#"+9&\>J&CX$.)>/&i%$61*9'*#1$&J9/67*D1$*I"#-5%*=6$*9'*T5%%-0".9;$.63&Y(,.)#("$&(%&
DEEG&*$%&%4(-!&,%+#$34**,B%>&&
^Gk&
&
7IDLC3&.>#>&DEMk!>&&Z=$#%,%?&U0$#'&!%3&
.$+6(#&?$33(""&!+&J()!%+,+0!9&J($+,64!*!%a&j*$%$?#!)6'&!%3&!%!0$?'&,%&)#(WX$04.7,!%&
!#+[&O%a&`!#%.$%39&<>&CX$.)>/*&
&
7IDLC3&.>#>&DEMk7>&&ZK#*6!($0$?,*!0&(-,3(%*(&8$#&"%488,%?&,%&)#(6,")!%,*&=(V,*$[&
&
*7IDLC3&.>#>&DEMN>&T5%%-0".9;$.6*5./&Q-%#-)$>*J#!3>&(")!b$0!&3(&L>&K?4"+,%&(%&DEFG>&C96*
>%-0".p;$.96*H*%5**Q-%#-)53*&
&
7IDLC3&.>#>&DEFN>&&B-61)99!67*46H01$/$%"0&i-.;"3*J6(&O%*'*0$)(3,!&$8&\"'*6$!*+,-(&_#4?">&&
X!"+(00!%$&DEE^&&
&
7IDLC3&.>#>&DEFE>&&ZJ6(&0,8(&!%3&3(!+6&$8&+6(&*#!2'&S,A#,a&<!+4#!0&!%3&*40+4#!0&6,"+$#'&$8&!&
`4,*6$0&.'+6[&
&CI/&&
&
7IDLC3&.>#>&DEEG>&&Z:,"+!"&7('$%3&+6(&6$#,2$%&$8&+6,"&0,8(a&O%*$4%+(#"&|)$"+64.$4"0&g,+6&\9&
U$#3$%&c!""$%[&O%a&Y,(30,%?(#9&J>L>&CX$.)>/&D1$*:50)$/&B-61)99!*:$$E$)*G665H6*'9)*I*
3Q9)/9.&K5669.3**&
&
7IDLC3&.>#>&'&9>1>&+E@&DEMM>&&ZY,+4!0&(%(.!"[*Y(,.)#("$&(%&DEFE>&&O%a&R(6.!%%9&K>X>&!%3&
L>O>&=('(#"&CX$.)">/&&
&
7IDLC3&.>#>&'&4>&9P@DRENN&DEMI>&&ZO0&.,+$&*$.$&6,"+$#,!a&O0&*,*0$&3(0&)('$+(&'&0!&3!+4#!&(%+#(&
0$"&`4,*6$0("[&O%a&<!6.!3&P>9&P>&$#*5%3*CX$.)">/*G%4$H9#$&H*%96*T-"019%$63**&
&
6GQW@AXGQR3&U>&P&U>&4ELV@OS&DEEG>&Q9.#)9%*H9-)*<)$5!6&
&
6GJ@3&#>&DE&k&N>&8-$@5*I$%50"p.*e-$&Q9.#"$.$*%96*a"5P$6*/$*D9!m6*Q5)$*$.*%5&8-$@5*
G6O5r53*&
&
6GJA@I[3&$>->&$#*5%3*DEN^!>&&ZP'%+6(","&$8&)!%+6(#,%(&C!?!#,%/[*&
&
6GJA@I[3&$>->&$#*5%3*DEN^7>&&ZP'%+6(","&$8&,7$+(%,*&!*,3[*&
&
6GMJAGIOC3&U>+>&'&U>&1@OEIDK@(BEISr&DEMM>&&ZR("&!0*!0$,3("&3(&ju,7$?!&LD5?$).5.#1$*"?9;5*
`>&Q%>/[&
&
6GMA@L3&4>&DEN]>&&ZRP_a&`$00'g$$3u"&"+!+4"W"'.7$0&3#4?[&
&
6G]SIL@W3&1>+>&DENM>&&ZY(*(%+&$7"(#-!+,$%"&$%&+6(&4"(&$8&S!-!&,%&+6(&<(g&`(7#,3("[&O%a&
O8#$%9&_>`>&$#*5%3*CX$.)">/*G#1.9O15)!509%9;"0*:$5)01&'9)*4H01950#"@$*<)-;63*&
&
6GO@NNM3&Q3*(+&!0>&DEF]>&&Z8M8W_,.(+6'0W^W.(+6$V'+#')+!.,%(9&!&*$.)$%(%+&$8&!&3!#+&)$,"$%&
$8&+6(&q!%$!.1&j%3,!%"[&&
&
6GOOGJR@D3&+>B>&$#*5%3*DENk>&&uJ$V,*,+'&$8&415%5)"6*#-?$)965*8$#&"6(()[&&
&
6GOOGJR@D3&->#>&$#*5%3DEFk>&&ZJ#(.$#,?(%,*&%(4#$+$V,%"&8#$.&)(#(%%,!0&#'(?#!""&*!4",%?&
#'(?#!""&"+!??(#"&3,"$#3(#&$8&0,-("+$*Sa&P+#4*+4#(&(04*,3!+,$%&$8&0$0,+#(.&Q[*
*
6GAS@D3&U>/>&$#*5%3*DEMN>&ZJ6(&$**4##(%*(&$8&IW.(+6'0WD9I9]9kW+(+#!6'3#$W W*!#7$0,%(&!%3&
-!#,!+,$%&,%&!0S!0$,3"&,%&415%5)"6&5)-./".50$5[*&
^G^&
&
6GAJaGD3&$>T&P&.>%>&-GKGWDMLRAGA&DEEG>&&ZO+6%$7,$0$?,*!0&%$+("&$%&"$.(&+#,7("&$8&
K#4%!*6!0&\#!3("69&%$#+6(!"+(.&j%3,![&&
&
6GAL3&1>&'&->,>&%MDMIL&DEEG>&&ZX,-,0,2,%?&+6(&(0(*+#$%,*&8#$%,"*#a&K%&,%+(#-,(g&g,+6&=,+*6&
f!)$#&!%3&L$6%&Q!#0$g&$8&+6(&O0(*+#$%,*&T#$%+,(#&T$4%3!+,$%[&&
&
6GEAM3&?>&'&->&9@QREIOGK&DENk>&Zj"$0!+,$%&!%3&)!#+,!0&"'%+6(","&$8&!%&!*+,-(&*$%"+,+4(%+&$8&
6!"6,"6[*&
&
6GDXD@QRC3&q>5&DE^E>&&ZP'%+6(","&$8&!.,3("&$8&0'"(#?,*&!*,3[&
&
6GDQMG&4GDDMJG3&B>&DE^F>&&ZO0&'!?A9&*!!),&$&!'!64!"*!a&i%&!04*,%B?(%$&!.!2B%,*$[&&
&
6GDQMG&4GAMJG3&B>&DEM^>&&i%9)5&B$/"0".5%*/$*Q9%9!?"53*&
&
6GDSMA@D3&9>->&$#*5%3*DEN^>**ZWO9!9$5&!-$%%$)"*,%+$V,*!+,$%&$8&"6(()&,%&g("+(.&K4"+#!0,![&&
&
6GMMXGP3&$>9>&CX$.)>/&DENkWDENF>&49$6"5*8m1-5%#3*&
&
6GDA@D3&5>7>&'&U>1>&TOMAJ@D&DEF^>&ZP$.(&-,"4!0&(88(*+"&*!4"(3&7'&+6(&7(-(#!?(&S!-![&C]/&&
&
6GDCd3&U>&DEF^!>&&Z:(#?0(,*6(%3(&34%%"*6,*6+*6#$.!+$?#!)6,"*6(&i%+(#"4*64%?(%&2g(,(#&
\",0$*'7(&4%3&(,%(#&6!0042,%$?(%(%&j%$*'7(!#+[*CI/&
&
6GDCd3&U>&DEF^7>&&Z_4%%"*6,*6+*6#$.!+$?#!)6,"*6(&K%!0'"(&3(#&j%6!0+, +$88(&-$%&\,02(%&3(#&
U!++4%?&P+#$)6!#,![&CI/&&
&
6GDCd3&U>&DEF^*>&&Zp4#&j"$0,(#4%?&3("&Q!($*'"8,%"&!4"&3(%&T#4*6+SB#)(.&(,%(#&\",0$*'7(!#+[*
Ck/&&
&
6GDCd3&U>&DEF^3>&&Zp4#&OV+#!S+,$%&4%3&X6#$.!+$?#!)6,(&3("&70!4(%&T!#7"+$88("&(,%(#&
\",0$*'7(!#+[&Ck/&&
&
6GDCd3&U>&DEF^(>&&Zp4#&#!3,S!0,"*6(&`'3#$V'0,(#4%?&-$%&j%3$0[&C^/&&
&
6GDCd3&U>&DEF^R&Zp4#&K%!0'+,S&3(#&j%6!0+?+$88(&2g(,(#&\,02!#+(%&3(#&U!++4%?&Q9.90H?$&*C^/a&&
&
6GDCd3&U>&DEF^?>&&Zp4#&<!*6g(,"&3(#&j%6!0+ +$88(&(,%(#&\,02!#+&3(#&U!++4%?&45.509%-6&*CM/&*
*
6GDCd3&U>&DEF^6>&&Zp4#&i%+(#24*64%?&-$%&\",0$*'7(&"(.,0!%*(!+!&CT#>/&f4..>[&CM/&&
6GDCd3&U>&DEF^,>&&Zi%+(#"4*64%?(%&24#&#!3,S!0,"*6(%&`'3#$V'0,(#4%?&-$%&J#')+$)6!%&4%3&
J#')+!.,%[&CDD/&&
&
6GDCd3&U>&DEFN!>&&Zi%+(#"4*64%?(%&24.&:$#S$..(%&3("&=4"*!#,%"&,%&j%$*'7(&
!(#4?,%!"*(%"&Q!7$"[&CI/&&
&
6GDCd3&U>&DEFN7>&&Zm4!%e+!+,-(&Q("+,..4%?&3(#&j%3$03(#,-!+(&-$%&46"%90H?$*6$!"%5.F0$5#5*
CT#>/&f4..>[&&
&
6GDCd3&U>&DEFN*>&&Z<!*6g(,"&-$%&J#')+!.,%3(#,-!+(%&,%&\,02(%&3(#&J5##-.;$.*Q$))9.$!5M*
TH;)90H?$M&465#1H)$%%5*-./*W.90H?$[*&
&
6GDCd3&U>&DEFN3>&&Z\",0$*'7,%&,%&='*(0S40+4#(%&-$%&W.90H?$&5$)-;".560$.6[*
&
6GDCd3&U>&DEFN(>&&ZO+6%$)6!#.!S$0$?,(&4%3&O%+3(*S4%?"?("*6,*6+(&3(#&6!0042,%$?(%(%&
c,#S"+$88(&-$%&(4#$)1,"*6(%&\,02(%&3(#&U!++4%?&46"%90H?$&*&
^GN&
&
6GDCd3&U>&DEFM!>&&Z:$#S$..(%&-$%&\",0$*'7,%&4%3&Q!($*'"+,%&,%&T#4*6+SB#)(.&-$%&4%-#$-6*
65%"0".-6&&&
&
6GDCd3&U>&DEFM7>&&Z:!#,!+,$%&3(#&K0S!0$,3.(%?(%&,%&T#4*6+SB#)(.&-$%&W.90H?$&
5$)-;".50$.6&*CN/>&
&
6GDCd3&U>&DEFM*>&&Z:!#,!+,$%&3(#&j%3$0!0S!0$,3(&-$%&\",0$*'7(&*47(%","&34#*6&
4%+(#"*6,(30,*6(&f408,-,(#4%?"7(3,%?4%?(%[&
&
6GDCd3&U>&DEFE!>&&Zd**4##(%*(&$8&)",0$*'7,%9&)",0$*,%&!%3&7!($*'"+,%&,%&U'.%$),04"&
)4#)4#!+4"[&&
&
6GDCd3&U>&DEFE7>&&ZK%!0'"(&C0(#&j%3$03(#,-!+(&,%&T#4*6+Se#)(#%&4%3&='*(0,(%&-$%&45.5$9%-6*
6-?5%%$5.6&CQ(#S>&v&Q#>/&P!**>&Z6"0[&*&
&
6GDCd3&U>&DEFE*>&&ZQ,$+#!%"8$#.!+,$%&$8&+#')+!.,%(&3(#,-!+,-("&,%&.'*(0,!0&*40+4#("&$8&
46"%90H?$&*
*
6GDCd3&U>&DEFE3>&&ZK%!0'","&$8&!(#4?,%!"*,%&,%&8#4,+&7$3,("&$8&+6(&.4"6#$$.&W.90H?$&
5$)-.;".560$.6&*&
&
6GDCd3&U>&DEFE(>&&ZQ,$+#!%"8$#.!+,$%&$8&++')+!.,%(&,%&8#4,+,%?&.'*(0,!&$8&46"%90H?$*
0-?$.6"6&*&
&
6GDCd3&U>&DEFE8>&ZQ,034%?&4%3&:(#+(,04%?&3(#&j%3$0!0S!0$,3(&,%&T#4*6+S#)(.9&='*(0,(%&4%3&
PS0(#$+,(%&-$%&\",0$*'7(&0-?$.6"6&*
*
6GDCd3&U>&DEED>&&ZO,%804, &-$%&\6$")6!+&!48&T#4S+,8,S!+,$%&4%3&P(S4%31#,W%(+~7$0,".(%&3(#&
='2(0,(%&-$%&\",0$*'7(&*47(%","9&\",0$*'7(&"(.,0!%*(!+!&4%3&U'.%$),04"&)4#)4#!+4"[&&
&
6GDCd3&U>&DEEI!>&&X$.4%,*!*,$%("&)(#"$%!0("9&3,-(#"!"&*!#+!">&
&
6GDCd3&U>&DEEI7>&&ZT4#+6(#&,%-("+,?!+,$%"&$%&)"'*6$!*+,-(&.4"6#$$."&$8&+6(&;$.$)5*
46"%90H?$M*JH!.9O"%-6*5./&Q9.90H?$&*&
&
6GDCd3&U>&DEE]>&&85))$.601V2!!$7*46H019#)9O$*4"%,$*".*G-)9O53*T$)5-6'9)/$)-.;&5.*
i9601-.;*-./*K$)#6H6#$!3*Zc(#&g!#&3(#&(#"+(&<!##y[&3(&X6#,"+,!%&Y1+"*6>&
&
6GDCd3&U>&'&U>q>&$OO@A&DEE]>&&ZO%+6($?(%,*&84%?,&,%&P$4+6(!"+&K",!a&K%&(+6%$.'*$0$?,*!0&
#()$#+[&&
&
6GDCd3&U>&'&6>&1D@VtCd&DEF^>&&Z_(#&(#"+(&<!*6g(,"&3(#&:$#S$..(%"&-$%&\",0$*'7,%&,%&
Y,0 ),02(%[&
&
6GDCd3&U>&'&6>&1D@aMCd&DEFN>&&Z_(#&U#e%0,*6-(#8~#7(%3(&Y,0 ),029&O,%(&j%$*'7(!#+&.,+&
6!0042,%$?(%(#&c,#S4%?[&&
&
6GDCd3&U>&'&6>T&9pOO@D&DEFE>&&ZK%!0'","&!%3&*40+,-!+,$%&$8&8#4,+&7$3,("&!%3&.'*(0,!&$8&
46"%90"?$*?91$!"05&&&
&
6GDCd3&U>&'&6>T>&9pOO@D&DEEG>&&Z:(#"4*6(&24#&f40+4#&-$%&U'.%$),04"&)4#)4#!+4"9&
\4#)4#80~.0,%?[*
*
6GDCd3&U>&$#*5%3*DEEG>&&ZU#$g+6W)#$.$+,%?&(88(*+&$8&!&7#!"",%$"+(#$,3&,%&.'*(0,!0&*40+4#("&$8&
+6(&84%?4"*46"%90H?$&0-?$.6"6[&
&
6GDCd3&U>&$#*5%3*DEEk>&&ZO+6%$.'*$0$?'9&7,$*6(.,"+#'9&!%3&*40+,-!+,$%&9'*46"%90H?$&
65!-"$.6"6*U42.1%9&Q!%3!0!&!%3&K00(%9&!&%(g&)"'*6$!*+,-(&84%?4"&8#$.&f$6&:5!-"M*
J6!,0!%3[*
*
6GDdG3&9>&S@&OG&DEEG>&&:-$r9*H*>%-0".50"p.&$.*$%*B-./9*8m1-5%#*H*B5H53&
^GM&
&
6GC@L3&4>&DEFI>&&ZK&.$%$?#!)6&$8&Q!%,"+(#,$)","&!%3&_,)0$)+(#'"9&=!0),?6,!*(!([**
&
6GC@L3&4>&DEFN>&&ZR!&+!V$%$.,!&3(&0!"&!5%O";"m0$56*4+,0,2!3!"&(%&(0&7#(7!;(&3(0&5H51-5605&*
*
6GCCP3&->&DE^N>&&Zf!-!&W&\$0'%(",!%&7(-(#!?(&"6#47[&&
&
6GICM@D3&#>&CJ#!34*>&3(&\>&f#!8+/&DEND>&Z\6!%+!".![&!%3&Zf,(8&Z&O%a&O7,%9&_>&CX$.)">/*D1$*
<)-;*GSO$)".0$7*i")6#*4$)69.*>009-.#6*9'*5//"0#6M*K)"#$)6M&:0"$.#"6#6*5./*R#1$)63*&
&
6@XRGDC(%GP@D3&$>&DEFN>&&Zi%!&+(#1),!&("+A+,*!>&&R$"&3,"(b$"&-,",$%!#,$"&3(0&!'!64!"*!&
(%+#(&0$"&P6,),7$WX$%,7$[&
&
6@@DW@A3&B>&DEFF>&&B5OO53*&
&
6@@DW@A3&B>&DEEI>&&ZT0,(?(%&\,02(y&=(#S4%?(%&v&K%.(#S4%?(%&24.&P*6!.!%,".4"&,%&
P,7,#,(%&v&K%3(*6"[&
&
6@MJ@D3&.>5&'&G>&B@LL@&DF]]>&&Zˆ7(#&(,%,?(&%(4(&?,8+,?(&$#?!%,"*6(&K0S!0,(%[&&
*
6@ONGAS3&9>&'&+>&BGDDML&DEFI>&&Z\$,"$%,%?&7'&>!5."#5*O5.#1)".5>&&K&3("*#,)+,$%&$8&+g$&
*!"("[&&
&
6@OFW@3&->&DENN!>&&a9!*I5-601#*"!*R)"$.#&-./*RE,"/$.#>&J,+40$&$#,?,%!0&#(,.)#("$&(%&DEFI>&&
&
6@OFW@3&->&DENN7>&&Z_(#&U(6(,.74%3&-$%&K0!.4+>&&R(?(%3(&4%3&c,#S0,*6S(,+[&&
&
6@OFW@3&->&CJ#!34*>&3(&L>&d++/&DEFD>&&Zd%&+#!-(0"&,%&+6(&4%,-(#"(&$8&+6(&"$40a&Y()$#+"&$%&"(08W
(V)(#,.(%+"&g,+6&_(0'",3&CRP_/&!%3&)",0$*'7,%&CXq/[&&d#,?,%!0&Z:$%&T!6#+(%&,%&3(%&:S0+#!4.&
3(#&P((0(a&Q(#,*6+(&e7(#&P(07"+-(#"4*6(&.,+&_(0'",3&CRP_/&4%3&\",0$*'7,%&CXq/[&DENI&
&
6@A@LC3&T&DEN^>&&ZK&3,#(*+&3(%",+$.(+#,*&.(+6$3&$%&+6,%0!'(#&)0!+("&8$#&+6(&3(+(#.,%!+,$%&
$8&0'"(#?,*&!*,3&!.,3(9&,"$0'"(#?,*&!*,3&!.,3(&!%3&*0!-,%(&!0S!0$,3"&,%&.$.,%?&?0$#'&"((3"[&
&
6@A@LC3&T&'&9>.3&%GRGLDGXISR@&DENN>&&ZK0S!0$,3"&!%3&0,),3"&$8&WO9!905M*I"@$5&5./*
Q9.@9%@-%-6*!%3&+6(,#&!))0,*!+,$%&+$&*6(.$+!V$%$.'[&&
&
6@DX@D3&.>&DEM^>&&<")*4$H9#$*F*I$%";"9.*89)/5!$)"E5."01$)*W./"5.$)*&
&
6@DRGDSC3&/>&DEEG>&&X$.4%,*!*,B%&)(#"$%!0&J&P+,;-(H&K00(%&v&=(#0,%&DEEI!>&&
&
6@DLR@VMCQR3&=>&DEMk>&&ZK%&j#!%,!%,"+u"&-,(g&$8&+6(&P$.!&*$%+#$-(#"'[&&
&
6@DLREA3&%>&'&q>U>&&5GAJ&DENI>&&ZK&)"'*6$)6!#.!*$0$?,*!0&"+43'&$8&"$.(&,%3$0(&!0S!0$,3"[&&
&
6@LLA@D3&.>T>&DEMG>&&Z\6!%%!*$0$?,*!0&"+43,("&$8&^W.(+6$V'W8M8W3,.(+6'0+#')+!.,%(9&RP_&
!%3&$+6(#&6!004*,%$?(%"[&O%a&O8#$%9&_>`>&CX$.)>/&&
&
6@LLA@D3&.>&T>&'&2>B>&.GJ@&DENI>&ZQ(6!-,$#!0&(8(*+"&$8&^W.(+6$V'W8M8W
j,-3,.(+6'0+#')+!.,%(9&$+6(#&+#')+!.,%("9&!%3&RP_[&&
&
6@LLA@D3&.>&T>&$#*5%3DENG>&ZJ6(&#(0!+,$%"6,)&7(+g((%&+6(&.(+!7$0,*&#!+(&!%3&
)6!%%!*$0$?,*!0&!*+,$%"&$8&"(#$+$%,%9&748$+(%,%(&!%3&)",0$*'7,%[&&
&
&
6@LLA@D3&.>T&$#*5%3DENF>&&ZP+#4*+4#(!*+,-,+'&#(0!+,$%"6,)"&!.$%?&^W.(+6$V'W8M8W
3,.(+6'0+#')+!.,%(9&kW6'3#$V'W8M8W3,.(+6'0+#')+!.,%(&C)",0$*,%/&!%3&$+6(#&"47"+,+4+(3&
+#')+!.,%("[&*
&
6@CGRIA3&$>&'&$>1>&TDMWEDMGA&DEM]>&ZX6!+a&X$88((u"&#,-!0&8#$.&`!#!#9&O+6,$),!>&D>&Q$+!%'9&
*40+,-!+,$%&!%3&4"([&\!#+(&DDa&f#,S$#,!%&'&U(+!64%&DEM]>&
&
6RELGO3&%>&DEMI>&&Zd**4##(%*(&$8&)"'*6$3(0,*&"47"+!%*("&,%&"$.(&j%3,!%&.(3,*,%!0&)0!%+"[&&
&
6RELGO3&%>&'&,>T>&9GdIKS@D&DEMD>&Z=!0),?6,!*(!(a&K0S!0$,3"&$8&+6(&0(!-("&9'*A5."6#$)"9O6"6*
Z6"0[*5);$.#$5&*
*
6RELGO3&%>&$#*5%3*DENE>**>)-./9*/9.5S*C3&LQ)5!".5$\*Z6"0[3**\6'+$*6(.,*!0&!%3&
)6!#.!*$0$?,*!0&(-!04!+,$%[&
*
6RELGO3&%>&$#*5%3*DEMD>&ZX6(.,*!0&!%3&)6!#.!*$0$?,*!0&(-!04!+,$%&$8&A5."6#$)"9O6"6*Z6"0[*
5);$.#$5*P)#,%?&(V&P-66&*
*
6RELGO3&%>&$#*5%3*DEMI>&&j%a&=$+6("9&f&CX$.)>/&j#1*A"901$)."6#)H*5./&41H6"9%9;H*9'*5%E5%9"/6*
".#$).5#".95%>&&
&
6REIO@S3&7>+>&DEMI>*i"$%/*J-"/$*#9*#1$&46"%90H?".*B-61)99!*:O$0"$6*Q9!!9.&#9*89)#1*
>!$)"053*
&
6MGQEKEAM3&5>&DEF^>&&Z_("&='"+A#("&3uO0(4","&!4&T(4&3(&P!,%+&K%+$,%(a&R!&8!740(4"(&
6,"+$,#(&3(&juA#?$+,".([&&
&
6MGQEKEAM3&5>&DEFM>&&Zi%&%$4-(!4&*6!.),?%B%&6!004*,%$?A%(&Z6"0[*Q9)#".5)"-6&".')50#-6*
C\(#">&a&T#>/&T#>[&
*
6MGDKGA3&!>U>&DENM>&ZJ6(&)6!#.!*$0$?'&$8&RP_[&O%a&_(Q$039&Y>X>&'&Y>X>&R(!8&CX$.)">/&C:<M*
B5.*5./*690"$#H3*
*
6MXXEAL3&$>&DEEI>&&Z\0!%+"&$8&+6(&!)("[&
*
6M@LXD@QRC3&$>9>&DENG>&&ZP$7#(&!&$*$##A%*,!&3(&748$+(%,%!&(.&"(.(%+(&/$*4"O#5/$."5*
'5%05#5*Q(%+6>[&&
&
6MOX@DCM3&7>&'&5&6D@JED@CCM&DENG>&&ZX$%+#,74+$&!00!&"+43,$&)",*$8!#.!*$0$?,*$&3(00(&
3()#("",$%,&(&3(&00u!%",!a&<$+!&j0>&&Y,*(#*6(&*$%&ju,.),(?$&3(00!&R>K>O>&]I&(&3(00!&)",0$*,7,%![&&
&
6MOX@DCM3&6>+>&DEF]>&&Z`(#7!0&8$0S&.(3,*,%(&,%&%$#+6g("+&K#?(%+,%!a&X$.)$",+!([&
&
6MOOMOGAS3&T>&'&1>&$ASD@LL&DEFD>&&ZK3&0,7&*!88(,%(&*$%"4.)+,$%9&"'.)+$."&$8&*!88(,%,".9&
!%3&!*!3(.,*&)(#8$%%!%*([&&
&
6MOKED@3&9>->&DEDE>&&Zi"("&$8&)0!%+"&7'&+6(&j%3,!%"&$8&+6(&=,""$4+,&Y,-(#&#(?,$%[*
Y(,.)#("$&(%&DEMM>&
&
6MOKEID3&5.>&'&->1>&"b4DM@A&DENM>&Z\",0$*'7,%a& Y(!*+,$%&g,+6&!&8#!*+,$%&$8&#!+&7#!,%[&&
&
6MKXICGL3&9>&DE^F>&&>.0"$.#*:H!?9%"6!".&C"#1-5."5.*i9%E*>)#*&
^GE&
&
6MKXICGL3&9>&DEMk>&D1$*J9/6*5./&J9//$66$6*9'*R%/*G-)9O$M*z^^^*#9*_o^^&A3*Q7*BH#16M*
C$;$./6*5./*Q-%#*W!5;$63&
&
6MDuA3&5>9>&$#*5%3*DEED>&&ZO+6%$7$+!%,*!0&"4#-('&$8&+6(&.(3,*,%!0&80$#!&4"(3&7'&+6(&X!#,7"&
$8&U4!+(.!0![&
&
6MCC@3&%>&$#*5%3*DEF]>&&ZX$%+#,74+$&!00!&*$%$"*(%2!&3(00!&.,*$80$#!&)",*$+#$)!&3(0&+(##,+$#,$&
Q#("*,!%$[&&
&
6OGLLKGA3&$>B>&$#*5%3*DEFk>&&ZX,?!#(++(&*#!-,%?9&".$S,%?&g,+63#!g!09&!%3&*0$%,3,%([&&
&
6AMDLL3&7>&DE^E>&&Zi%+(#"4*64%?(%&.,"+&\",0$*'7,%9&(,%(.&\6!%+!"+,S4.&!4"&3(.&
.(V,S!%,"*6(%&Y!4"*6),02&46"%90H?$&&
B$S"05.5&**
*
6vX@O3&B>&DF]F>&&Zˆ7(#&3,(&U(g,%%4%?&-$%&(,%(#&#$+6(%&T!#7"+$88("&!4"&3(%&P!.(%&3(#&
\80!%2(&4$;5.5!*15)!5%5&&&
&
6vX@O3&B>&DFkD>*N-6#-6*C"$?";u6*>..5%$.&/$)*Q1$!"$*&
&
&
6EXO@P3&9>&DFNG>&&ZY(*6(#*6("&*6,.,54("&"4#&0!&#!*,%(&3(&S!-![*
*
6EOS3&5>%>&$#*5%3DEEI>&&ZY$3(%+&*!#*,%$?(%"a&P(++,%?&)#,$#,+,("[&&
&
6EOSKGA3&2>&DEN]>&D1$*Q-?$97*W./"5.6*9'&#1$*89)#1V$6#*>!5,9.3*&
&
6EOSLC@MA3&$>&'&%>&TGMd@D&DENE>&&Z\"'*6$+#$),*&(88(*+"&$8&*!88(,%(&,%&.!%>&jjj>&&K&
54("+,$%%!,#(&"4#-('&$8&*$88((&3#,%S,%?&!%3&,+"&(88(*+"&$%&!&?#$4)&$8&6$4"(g,-("[*&
&
6EOSLC@MA3&$>&'&B>&TGOGAC&DEEG>&&Z_#4?&)$0,*'a&P+#,S,%?&+6(&+,?6+&7!0!%*([&:A!"(&+!.7,A%a&
`$00,"+(#&$#*5%3*DEED>&&X$)'#,?6+&Cd&DEEG9&KKKP>&&X$%&)(#.,"$>&&K#+,*40$&,%"),#!3$&)$#&
<!3(0.!%%&DEFE>&
&
6EOSLC@MA3&$>&$#*5%3*DENE>&&Z\"'*6$+#$),*&(88(*+"&$8&*!88(,%(&,%&.!%>&&j:&m4!%3+!+,-(&!%3&
54!0,+!+,-(&3,88(#(%*("&!""$*,!+(3&g,+6&6!7,+4!+,$%&+$&*$88(([&&
&
6EOEaMA3&%>&DEM]>&&<"$*B5;"$*/$)&a$)?9#$.$.*B2)01$.7*a9.*T$S$./)9;$.&-./*
i$).E)2-#$!3**&
&
6EOEaMA3&%>&DEED>&&Z\"'*6(3(0,"*6(&:$0S"S4%3([&O%a&Q!4(#9&c>&(r&5%*CX$.)">/&
&
6EAwGOV@L&S@&5MKG3&">&DEkN>&Zd7"(#-!‚B("&"$7#(&$&u-,%6$&3(&L4#(.!u&4+,0,2!3$&)(0$"&,%3,$"&
\1%*!#,"&3(&J!*!#!+,"&C\(#%!.74*$/[&
&
6EAwGOV@L&S@&5MKG3&">&DE^N>**G%*B5;-$H&'&$%*O-%e-$*$.*%96*Qp/"0$6*B$S"05.963**&
&
6EAdGO@L3&U>6>&$#*5%3*DEFI>&&ZX64*6464!"6!&W&K&3#4?&4"(3&,%&+6(&K.!2$%,!%&!%3&K%3(!%&
!#(!">&&K&*6(.,*!0&"+43'&$8&B5H#$.-6*%$5@$6&*
*
6EES3&->&$#*5%3*DEN^>&&Zj"$0,(#4%?&4%3&X6!#!S+(#,",(#4%?&-$%&\#1.4"*,.$0&Cwj7$+(%"~4#(/&
4%3&=4"*!2$%&!4"&>).5."#5*!-605)"5&*&
&
6EESKGA3&%>9>&P&U>U>&&BEXXL&DEFF>&&ZJ6(&(+6%$7$+!%'&$8&+6(&O?')+,!%&3("(#+a&K&
*$.)!#,"$%&$8&*$..$%&)0!%+&4"!?(&7(+g((%&+g$&*40+4#!00'&3,"+,%*+&Q(3$4,%&?#$4)"[*&
^DG&
&
6EESKGA3&#>&DE^M>&&Zm4("+&8$#&+6(&"!*#(3[**
*
6EESLF@@S3&#>&DE^k>&D1$*J$.-69&8"09#"5.57*R)";".6M*I$%5#"9.61"O6M*5./&G@9%-#"9.*9'*#1$*
:O$0"$6*".*#1$*C";1#*9'&D1$")*<"6#)"?-#"9.M*B9)O19%9;HM*5./&QH#9;$.$#"063***
&
6EDKGA3&.>&DEEI>&&Z\('$+(&;4"+,*(&,%&<(g&=(V,*$[&*
*
6EDKGA3&.>&DEE]>&&ZP*,!.!%(",.$&+#!&,&=!+"("[&&
&
6vCR3&B>&$#*5%3*DENM>&&ZIC'`/WdV!2$0$%(&34#*6&\6$+$4.0!?(#4%?&-$%&]W`'3#$V',"$V!2$0(%>&&
P'%+6("(&-$%&=4"*!2$%[&&
&
6ECCOM@X3&">->&DEME>&&ZX6(.,*!0&"+43,("&$%&.(3,*,%!0&='#,"+,*!*(!(&8#$.&K.!2$%,![*
*
6ECI3&9>&$#*5%3*DE^F>&&ZP+43,("&$%&4"(840&*$.)$%(%+"&$8&%!+4#!0&"$4#*(">&&n:jj>&&P+43,("&$%&
4+(#4"&*$%+#!*+,%?&,%?#(3,(%+"&,%&)0!%+">&CI/>&&d%&4+(#4"&*$%+#!*+,%?&,%?#(3,(%+"&,%&
C$6O$/$,5&?"09%9)*J4#*23*@5)3*P5O9."05*85E5"&&*
*
6DGQM@&'&cGDWEV&DEF^!>&&Z_=J>&&`$g&!%3&g6'&+$&?(+&$88&X*&
&
6DGQM@&'&cGDWEV&DEF^7>&&ZJ6#((& W*!#7$0,%(&*$%+!,%,%?&)0!%+"&!"&)$+(%+,!+$#"&$8&"'%+6(8,*&
_=J&!%3&$+6(#&,%3$0(&)"'*6(3(0,*"[*
*
6DGQM@&'&cGDWEV&DEFN>&&ZK%&j%3$WO4#$)(!%&)0!%+&+(!*6(#[&&
&
6DGCCGA3&7>U>B>&DEkF>&&>.*%.#)9/-0#"9.*#9&:5!95.*Q-6#9..3**
*
6DGV@L3&->&DE^M>&&Z=4"6#$$."9&8$$3&$8&+6(&?$3"[&&
&
6DGV@L3&->&DENI>&&ZK&;$4#%('&+$&)!#!3,"(a&d8&+$!3"+$$0"&!%3&+$V,%"9&!%3&!&-,-,3&+$4#&$8&+6(&
`(!-(%&C!%3&`(00/&+6!+&0,("&g,+6,%&4"&!00[&J#!3>&8#!%*("!&DENI9&ZL(&"4,"&!00(&!4&)!#!3,"[&&
&
6D@S@A3&U>7>&DEMk>&&ZK%V,(+'&$#&*!88(,%,".>&&K&3,!?%$"+,*&3,0(..![&&
&
6D@@A3&->+>&DE^E>&&Z<4+.(?&)$,"$%,%?[&
*
6DMNNMCR3&U>1>&$#*5%3*DEMG>&&Z\"'*6$","&,%34*(3&7'&+6(&!3.,%,"+#!+,$%&$8&/W!.)6(+!.,%(&+$&
64.!%&-$04%+((#"[&O%a&O8#$%9&_>`>&CX$.)>/&46H019#9!"!$#"0*<)-;63*j%*04'(%3$&3,"*4",B%&
+#!"&0!&)#("(%+!*,B%&$#!0>&
&
6DMNNMCR3&q3U>&DEMN>&ZK?#$%$.,*&(-!04!+,$%&9'*/5#-)5*05./"/5*F*K&%(g&"$4#*(&$8&6'$"*,%([&&
&
6DMAG3&U>$>&$#*5%3*DEFI>&&ZX$%"+,+4(%+"&$8&h5.#19SH%-!3*\!#+&M&d03&!%3&%(g&!0S!0$,3"&8#$.&
h5.#19#H%-!*5)?9)$60$.6&**
*
6DMALFEEA3&5>&DEMM>&&B5)"1-5.5*Z6"0[&I$09.6"/$)$/3**P(?4%3!&(3,*,B%&*$##(?,3!>&&&
&
6DMALFEEA3&5>&'&U>4>&4GWGOGD&DEMN>&&Q905".$3*F*>*<)-;*5./*"#6*:90"5%*G@9%-#"9.3**&
&
6DMALFEEA3&5&'&U>4>&4GWGOGD&DEME>&46H01$/$%"0*<!;6*I$09.6"/$)$/3*Y(,.)#("$&(%&DEFD&*$%&
ZQ,70,$?#!8@!&!%$+!3![&&
&
6DMALFEEA3&5>&'&U>4>&4GWGOGD&DEE]>&B5)"1-5.5M*Z6"0[*#1$*i9)?"//$.&B$/"0".$3**
*
6DEX3&+>&'&9>&1EXWMA&S@&-MEL&DEEI>&ZK3$0("*(%+&3#4?&4"(&,%&(#$""W*40+4#!0&)(#")(*+,-![*&
&
6DEN3&%>&DEM]>&&ZJ6($#(+,*!0&!%3&(.),#,*!0&7!","&$8&+#!%")(#"$%!0&)"'*6$0$?'&!%3&
)"'*6$+6(#!)'a&d7"(#-!+,$%"&8#$.&RP_&#("(!#*6[&
^DD&
&
6DEN3&%>&DEM^>&&I$5%!6*9'*#1$*T-!5.*=.09.60"9-67*R?6$)@5#"9.6*')9!*C:<*I$6$5)013*J#!3>&
!0(.!%!9&DEFF>&D9O9;)5O1"$*/$6*=.?$V- #$.7*C:<*").&<"$.6#*/$)*D"$'$.O6H019%9;"601$.*
i9)601-.;>&&J#!3>&)$#+4?4("!9&DEFM>&&>Wb!*<9&Qb)$?)93*J#!3>&(")!b$0!&&
&
6DEN3&%>&'&U>&BGOMNG[&DEMM>&D1$*T-!5.&G.09-.#$)*V"#1*<$5#13*\#B0$?$&3(&O0,"!7(+6&fe70(#&
Y$""9&J#!3>&!0(.!%!9&DEFG>&<"$*A$;$;.-.;*!"#*/$!*D9/*&
&
6DEN3&%>&$#*5%3&DEM]>&&Z_\J&!"&!%&!3;4%*+&,%&)"'*6$+6(#!)'&$8&!0*$6$0,*"[*
*
6DvJ@D3&1>&DEN]>&&Zˆ7(#&3!"&:$#S$..(%&-$%&O#?$0,%3(#,-!+(%&,%&WO9!9$5*K#+(%[&&
&
6DvJ@D3&1>&$#*5%3*DEN]>&&Zp4#&Q,$?(%("(&-$%&O#?$0,%W_(+,-!+(%&,%&"O9!9$5&)-?)9F05$!%$5*
`$$S[**
*
6DEC]GRA3&1>4>&DEF]>&&ZP'%+6(","&!%3&*6!#!*+(#,2!+,$%&$8&^W`WD9]W3,$V$0$|k9^W
,%3$0((+6'0!.,%("*
*
6I@DDG3&7>&'&B>&"OMV@DG&DE^k>&&C56&4%5.#56*i5.#m6#"056*/$*BbS"093*
*
6IJJMLX@DJ3&B>&DE^k>&&B-##$)E9).3**a9!&J"'#*,-!*T$"%6#9''>&&
&
6IAA3&U>$>&DE]M>&&ZJ6(&6!%%,%(&?#$4)&$8&!0S!0$,3"[&O%a&`e7%(#9&c>&!%3&L>&P*6e00(#&CX$.)">/&
T5./?-01*/$)&G)O$)"!$.#$%%$.*415)!5E9%9;"$3**&
&
6IACR@D3&/>&DEFD>*G#1.9?9#5.H*9'*V$6#$).&K561".;#9.7*D1$*f.9V%$/;$*5./*=6$*9'&
W./";$.9-6*4%5.#6*?H*85#"@$*>!$)"05.63&
&
6IFCG3&9>.>&$#*5%3*DEME>&&ZJ6(&$**4##(%*(&$8&+#')+!.,%(&!%39&8W.(+6'0+#')+!.,%(&,%*
B"!965*69!."5.6&*
*
6IFCG3&9>.>&$#*5%3*DEF^>&&ZP!8#$0(9&+6(&.!,%&*$.)$%(%+&$8&+6(&(""(%+,!0&$,0&8#$.&4"O$)*
5-)"#-!&**
&
6ICMrDD@d(!EDM@JG3&+>&'&6>&+DId(%tAQR@d&DEkM>&&ZK0+(#!*,$%("&.(%+!0("&)#$34*,3!"&)$#&0!&
RO-.#"5*0H%"./)"05&&
&
6ICCKGAA3&/>&DE]N>&&ZK#+,8,*,!0&)"'*6$"("&Z6"0[&)#$34*(3&7'&.("*!0,%([&
&
6ICCKGAA3&/>&'&q>%>&9GQOGP&DE]N>&Z=("*!0,%(&!%3&3()(#"$%!0,2!+,$%9&+6(#!)(4+,*&
(V)(#,.(%+"[&
*
6IdKtA3&6>&DE^F>&&ZO0&6!7,+!+&/$*46"%90H?$&!-%"$)0-%5*P,%?(#&v&P.,+6&Cw46"%90H?$&V5669.""M*
`(,./9*!?!#,*1*($&!04*,%B?(%$&.(V,*!%$[&&
&
6IdKtA3&6>&DEMN>&&X$.4%,*!*,$%("&)(#"$%!0("9&=AV,*$&X,+'>&
&
6IdKtA3&6>&DEF]>&D1$*J$.-6*46"%90H?$7*>&:H6#$!5#"0*I$@"6"9.*9'*#1$*f.9V.&:O$0"$6*
W.0%-/".;*#1$*T#6#9)H&<"6#)"?-#"9.*5./*Q1$!"6#)H*9'*#1$&T5%%-0".9;$."0*:O$0"$63*&
&
6IdKtA3&6>&DEEG>&&Zc!""$%&!%3&+6(&3(-(0$).(%+&$8&.'*$0$?'&,%&=(V,*$[&O%a&Y,(30,%?(#9&
J;>&CX$.)>/&D1$*:50)$/&B-61)99!*:$$E$)7*G665H6*'9)*I3*J9)/9.&K5669.3*&
&
6IdKtA3&6>&DEEI>&&ZJ6(&"!*#(3&.4"6#$$.&,%&=("$!.(#,*![&O%a&=,'!%,"6,9&J>&CX$.)>/&D1$*
>.0"$.#&B5H5*5./*T5%%-0".9;$.6*&
^DI&
&
6IdKtA3&6>&'&U>&d++&DEMN>&&Z_("*#,)+,$%&!%3&*6(.,*!0&!%!0'","&$8&!&%(g&")(*,("&$8&
6!004*,%$?(%,*&46"%90H?$&8#$.&+6(&\1*,8,*&<$#+6g("+[&&
&
6IdKtA3&6>&'&%>B>&.EOOEQW&DEMF>&&ZK&%(g&704,%?&")(*,("&9'*46"%90H?$&')9!&T0$#,3![**
*
6IdKtA3&6>&$#*5%3*DEMN>&&Z\"'*6$+#$),*&.'*$80$#!&$8&&c!"6,%?+$%9&j3!6$9&d#(?$%9&
X!0,8$#%,!&!%3&Q#,+,"6&X$04.7,![&*
&
6IdKtA3&6>&$#*5%3*DEFF>&&Z<4(-$"&#(?,"+#$"&3(&0$"&6$%?$"&!04*,%B?(%$"&3(0&?A%(#$&
46"%90H?$&(%&=AV,*$&'&!%10,","&3(&0!&3,"+#,74*,B%&3(&0!"&(")(*,("&*$%$*,3!"[&&
&
6IdKtA3&6>&$#*5%3*DEED>&&ZK&%(g&")(*,("&$8&M*46"%90H?$&$8&"(*+,$%&h5O9#$09)-!*8#$.&<(g&
p(!0!%3[&&
&
6IdKtA3&6>&$#*5%3*DEE]>&&ZK&%(g&704,%?&46"%90H?$&8#$.&J6!,0!%3&
&
BGGDS3&->&!%3&T>&BGGDS&DEM^>&&49"69.9-6&5./*T5%%-0".9;$."0*B-61)99!3&P(?4%3!&(3,*,B%9&
DEMM>&
&
BGOMNG[3&U>&DEME>&&:15!5."0*a9"0$67*>&:-)@$H*a"6"9.5)H*85))5#"@$63*J#!3>&!0(.!%!9&DEME>&<"$*
>./$)$*K")E%"01E$"#*/$)&:015!5.$.3*
*
BGOMNG[3&U>&DEFI>&&:15!5.7*D1$*K9-./$/&T$5%$)*&
&
BGOO3&.>&$#*5%3*DEMM>&&ZK%?(0u"&+#4.)(+&)"'*6$","a& &K&*(%+#!0&%(#-$4"&"'"+(.&
!%+,*6$0,%(#?,*&"'%3#$.([&&
&
BGOO@D3&$>&P&/>&B@QW@O&DEGD>&&ZP4#&ju,7$?!'%(9&)#,%*,)(&!*+,8&3u4%(&)0!%+(&34&?(%(#(&
D5?$).5$!9.#5.5*$#,?,%!,#(&34&X$%?$[*
*
BGOF@K3&5&DE]G!>&&Z_(#&c,#S4%?".(*6!%W,".4"&3("&`!#.,%"&4%3&3(#&\!+6$)6'",$0$?,(&3(#&
\1#S,%"$%(6(%&f#!%S6(,+[*
&
BGOF@K3&5>&DE]G7>&&Zˆ7(#&3,(&`!##%,%g,#S4%?&,.&P(07"+-(#"4*6[*
*
BGOLC@GS3&4>&DEMF>&&49"69.9-6*5./&
a$.9!9-6*B5)".$*>."!5%6*9'*#1$*K9)%/3&
&
BGK@O3&.>4>&'&9>,>&+RMOCELW@P&DEM^>&Q1$)9E$$*4%5.#63**&
&
BGKMOCEA3&1>.>&DEEG>&&ZP+,00&80',%?&70,%3&,%&+6(&g!#&$%&3#4?"[&&
&
BGKMOCEA3&1>.>&DEEI>&&ZX0(!%&%((30("&)4%*+4#(&K_K=`K&)0!%[&*
&
BGASEVLWP3&B>&DEIG>&&ZO,%&K0S!0$,3&,%&U,8+(&-$%&A-'9*@-%;5)"6&*
*
BGA@P3&$>&'&4>4>&TICLQR@MS&DEM]>&Zm4!%+,+!+,-(&-!#,!+,$%&,%&+6(&*6(.,*!0&*$%"+,+4(%+"&$8&
.!#,64!%!&Z6"0[&8#$.&"+!%3"&$8&%!+4#!0,2!3&Q5..5?"6*65#"@5*".&(!"+W*(%+#!0&j00,%$,"[&&
&
BsAL@O3&->&DENF>&&ZX6!#!*+(#,2!+,$%&!%3&)6'",$0$?,*!0&!*+,-,+'&$8&"$.(&S!-!&*$%"+,+4(%+"[&*
*
BsAL@O3&->&$#*5%3*DENN>&&ZT4%?,"+!+,"*6(&c,#S4%?&3(#&f!-!3#$?(&4%3&,6#(#&j%6!0+ +$88([&*
*
BGAL@A3&B>$>&CJ#!3>&3(&=>&X#$""/&DEMF>&D1$*K"#01u6*J5)/$.3*\#B0$?$&!&0!&(3,*,B%&,%?0("!&3(&
Y,*6!#3&O-!%"&P*640+("9&\470,*!3$&$#,?,%!0.(%+(&*$.$&T$E6$.6*=)#$;m)/3**&
^D]&
&
BGDOGA3&U>->&DEFN>&&ZR(++4*(&!%3&+6(&"'*!.$#(a&P(V&!%3&#$.!%*(&,%&!%*,(%+&O?')+[**
*
BGK@D3&9>&DEMI>&D1$*P"@5)97*Z6"0[*4$9O%$&9'*#1$*:50)$/*K5#$)15%%63*
*
BGDA@D3&9>U>&CO3>/&DEM]!>*T5%%-0".9;$.6&5./*615!5."6!3*J#!3>&(")!b$0!9&DEMN>&
>%-0".p;$.96*H&Q15!5."6!93**&
&
BGDA@D3&9>U>&DEM]7>&&ZJ6(&"$4%3&$8&#4"6,%?&g!+(#[&O%a&`!.(#9&=;>&CX$.)>/*T5%%-0".9;$.6*
5./&:15!5."6!3&&
&
BGDA@D3&9>U>&DEM]*>&&ZJ6(&#$0(&$8&6!004*,%$?(%,*&)0!%+"&,%&O4#$)(!%&g,+*6*#!8+[&O%a&`!#%(#9&
=;>&CX$.)>/&T5%%-0".9;$.6*5./*:15!5."6!3&
>&
BGDA@D3&9>U>&DEM]3>&&ZX$..$%&+6(.("&,%&P$4+6&K.(#,*!%&W./"5.*H5;b&(V)(#,(%*("[&O%a&
`!#%(#9&=;>&CX$.)>/&T5%%-0".9;$.6*5./*:15!5."6!&
&
&
BGDDML3&4>&DEMN>&&J)9V".;*K"%/*B-61)99!67*>*Q9!O%$#$*J-"/$*#9*Q-%#"@5#".;&G/"?%$*5./*
T5%%-0".9;$."0*B-61)99!3*P(?4%3!&(3,*,B%&3(&DEMF>&
&
BGDDML3&9>&DEMk>&&ZQ#$$."+,*S"&!%3&"!77!+"[&O%a&Q9V6M*4";6M*K5)6M*5./&K"#01$67*D1$*
I"//%$6*9'*Q-%#-)$3*
*
BGDDML3&q>7>&'&1>q>&7MOK@D&DEkM>&ZK&#(*(%+&$4+7#(!S&$8&6$%('&)$,"$%,%?>&&\1#+&:j>&&
Q$+!%,*!0&,%-("+,?!+,$%"&$8&)$00(%&!%3&%(*+!#&80$#![&&
&
BGDDMLEA&9QT@AAG3&T>&DEFE>&&Z\0!%+&*$00(*+,%?&,%&J6!,0!%3W;!%4!#'&DEFE[&&
&
BGDLR3&9>2>&'&#>!>&!GJ&DEFk>&&ZK%+,W.,*#$7,!0&)#,%*,)0("&8#$.&,%&-,+#$&+,""4(&*40+4#(&$8&
4$;5.-!*15)!5%5&*&
&
BGDC3&U>$>&DEMN>&&B9.#5.57*85#"@$*4%5.#6*5./*G5)%H*4$9O%$63*&
&
BGDC3&U>$>&DEFD>&&ZJ6(&(+6%$7$+!%'&$8&+6(&%$#+6(.&X6('(%%(&j%3,!%"&$8&=$%+!%![*&
&
BGDCaMQR3&X>&DEDD>&<"$*B$.601%"01$.*J$.- !"##$%7*%1)$*T$)E-.'#M*a$)?)$"#-.;M&J$601"01#$M*
>.V$./-.;*A$6#5./#$"%$&-./*K")E-.;3*&
&
BGDCd@OO3&B>&DEED>&D1$*c$V*D)$$7*>&D19-65./*K1"6O$)63*A"9;)5O1H*9'*5&:O$0"$63*&
&
BGDV@P3&1>U>&DEEG>&&ZP+!7,0,+'&$8&*!%%!7,%$,3"&,%&3#,(3&"!.)0("&$8&X!%%!7,"&3!+(3&8#$.&
!#$4%3&DFENWDEG^[&
&
BGL@A@M@D3&9>&CP(43B%,.$&3(&=!#+,%&`!%"0.(,(#/&DEEG>&&Z='S$?#!)6,(&(,%(#&c,("(&,%&3(#&
`$6(%&Y6%[&*
*
BGL@A@M@D3&9>&CP(43B%,.$&3(&=!#8,%&`!%"0.(,(#/&DEEI>&&Z_(#&f!60S$)8&4%3&3!"&S$00(S+,-(&
i%7(g4 +(&W&O,%,?(&K%.(#S4%?(%&24#&!#*6(+'),"*6(%&_,.(%",$%&3("&\,02("[&&
&
BGLRMKECE3&?>&'&T>&TGaGAMLRM&DEM^>&Z<(g&$#?!%,*&7!"("&8#$.&K.!2$%,!%&A5."6#$)"9O6"6*
055O"&**
&
BGLRMKECE3&?>&'&T>&TGaGAMLRM&DEMN>&&Z<(g&!0S!0$,3"&')9!*A5."6#$)"9O6"6*055O"&*
*
BGLLGA3&2>&DENM>&&ZP$.(&8$0S&4"("&$8&4$;5.-!*15)!5%5*,%&j%3,!&!%3&\!S,"+!%[*&
^Dk&
&
BGLCEDN3&+$&DEFM>&&ZK#*6!($0$?,*!0&(-,3(%*(&$8&*$*!&LG)H#1)9SH%-!*0905M&O+'+6#$V'0!*(!(/&
,%&+6(&i))(#&=!%+!#$&:!00('9&\(#4&X*&
&
BGCNM@OS3&6>9>&'&5>->&&4DGSP&DENE>&&Zd**4##(%*(&$8&7,"W%$#'!%?$%,%&,%&JH!.9O"%-6*
6O$0#5?"%"6&*&
&
BGCNM@OS3&6>9>&'&5>->&&4DGSP&DEMD>&&Zd**4##(%*(&$8&7,"W%$#'!%?$%,%&!%3&6,"),3,%&,%&
JH!.9O"%-6*")(*,("[*&
&
BGCNM@OS3&6>9>&'&5>->&&4DGSP&DEM^>&ZJ$V,%"&$8&6,?6(#&84%?,[&&
&
BGCNM@OS3&6>9>&$#*5%3*DEMM>&&Z\#$*((3,%?"W0"$0!+,$%&$8&)",0$*'7,%&8#$.&+6(&6!004*,%$?(%,*&
.4"6#$$.&JH!.9O"%-6&@5%"/"O$6&!
!
BGCNM@OS3&6>9>&$#*5%3*DEMF>&&ZJ6(&$**4##(%*(&$8&)",0$*'7,%&,%&JH!.9O"%-6&")(*,("[**
*
BGPKGA3&U>&DEF^>&&Z_!+4#!&)$,"$%,%?&W&J6(&K%?(0u"&J#4.)(+[&*
*
BGPC@D3&$>&DENF>&&RO"-!*5./*#1$*I9!5.#"0&W!5;".5#"9.3*&
&
BGdO@CC3&1>5&DEFN>&&ZO+6%$7$+!%,*!0&
$7"(#-!+,$%"&8#$.&X!7(*!#&!%3&U4!'.,&"(++0(.(%+"&,%&X(%+#!0&K.(#,*![&*
*
BGdLOMALdWP3&4>&DE^N>&ZJ$V,"*6(&c,#S4%?&(,%("&`$%,?"&3(#&J$00S,#"*6(&C>#)9O5&?$%%5/9..5*
R/[>&P(?4,3$&3(&4%!&%$+!&3(&DE^M&*$%&(0&.,".$&+,+40$>&
&
BGdIK3&/>&$#*5%3*DEFD>&&Z=$#)6,%(&,%&*$g&!%3&64.!%&.,0Sa&X$403&3,*+!#'&.$#)6,%(&
*$%"+,+4'(&!&0,?!%3&8$#&")(*,8,*&.$#)6,%(&C%/&#(*()+$#"y[&&
&
B@GDS3&6>&DEN]>&&ZX!%&+6,"&3#4?&(%0!#?(&.!%u"&.,%3y[&3*Y(,.)#("$&(%&c(,09&U>=>&$#*5%3*
CX$.)">/&DEN^>&D1$*46H01$/$%"0&I$5/$)*&
&
B@SX@DJ3&2>&$#*5%3*DEFI>&&Zj%-(%+$#'&$8&)0!%+"&4"(3&,%&+#!3,*,$%!0&.(3,*,%(&,%&J!%2!%,!>&j>&
\0!%+"&$8&+6(&8!.,0,("&K*!%+6!*(!(&W&X4*4#7,+!*(!([&
&
B@NNC@D3&$>&DFEN>&&Zi(7(#&X!*+((%!0S!0$Š3(>&Cjj>&&=,++6(,04%?>/[3&
&
B@NNC@D3&$>&DFEF>&&Zˆ7(#&\(00$+(>&&Q(,+#1?(&24#&*6(.,"*6(%&4%3&)6!#.!S$0$?,"*6(%&
f(%%+%,"&3(#&X!*+((%>&&pg(,+(&=,++6(,04%?[&&
&
B@MS@O3&$>&DEkN>&D1$*J"%;5!$61*GO"0*5./&8$V*D$6#5!$.#*45)5%%$%63**&
&
B@MK3&->&DE^N!>&&ZR("&*6!.),?%$%"&3,-,%!+$,#("&4+,0,"A"&3!%&0("&#,+("&3("&j%3,(%"&
=!2!+A54("9&#(*4(,00,"&!4&*$4#"&3(&0(4#&)#(.,(#&-$'!?(&!4&=(V,54(9&(%&DE^]9&)!#&=.(>&&
:!0(%+,%!&\!-0$-%!&c!""$%&(+&=>&Y>&U$#3$%&c!""$%[>&&Y(,.)#("$&(%&DE^M&'&(%&`(,.9&Y>&
DE^M>**89#$6*4)b%"!"5")$6*6-)*%$6*>;5)"06&T5%%-0".9;b.$6*/-*B$S"e-$3*|-!0$#&II^‹{&&&
&
B@MK3&->&DE^N7>&&ZR("&*6!.),?%$%"&3,-,%!+$,#("&#(*4(00,"&)!#&=.(>&&:!0(%+,%!&\!-0$-%!&
c!""$%&(+&=>&Y>&U$#3$%&c!""$%&!4&*$4#"&3(&0(4#"&.,"",$%"&3(&DE^k&(+&DE^^&3!%"&0("&)!'"&
.,;(9&.!2!+A54(9&2!)$+A54(&(+&%!64!&34&=(V,54(&.(#,3,$%!0&(+&*(%+#!0[>&Y(,.)#("$&(%&
DE^M&'&(%&`(,.9&Y>&DE^M>*89#$6*4)b%"!"5")$6*6-)*%$6*>;5)"06&T5%%-0".9;b.$6*/-*B$S"e-$**
^D^&
&
B@MK3&->&DE^M!>&&ZP4#&%$6*46"%90H?$6*6!0-*,%!+$,#("&3("&K2+A54("&(+&"4#&0(&.,*#$(%3A.,".(&
3("&K?!#,*"&4+,8,"A"&)!#&0("&j%3,(%"&34&=(V,54(&1&3("&8,%"&3,-,%!+$,#("[>&&Y(,.)#("$&(%&DE^M&
(%&'&(%&`(,.9&Y>&$#*5%3*DE^F>*89-@$%%$6*R?6$)@5#"9.6*6-)*%$6*>;5)"06&T5%%-0".9;b.$6*/-*
B$S"e-$3*
*
B@MK3&->&DE^M7>&&ZK&ju(#?$+&3(&"(,?0(9&54,&8,+&u0(&.!0&3("&!#3(%+"9u&3(-#$%"%$4"&0!&?4A#,"$%&
3("&)"'*6$"("y[&Y(,.)#("$&(%&DE^M&'&(%&`(,.9&Y>&DE^M>&>**89#$6*4)b%"!"5")$6*6-)*%$6*
>;5)"06&T5%%-0".9;b.$6*/-*B$S"e-$3&
&
B@MK3&->&DE^M*>&&ZR("&K?!#,*"&6!004*,%$?A%("&34&?(%#(&46"%90H?$&#(*4(,08,"&!4&*$4#"&3(&
%$+#(&#A*(%+(&.,"",$%&3!%"&0(&=(V,54(&.A,,3,$%!0&(+&*(%+#!0&(%&*$.)!?%,(&3(&=>&\>&
U$#3$%&c!""$%[*Y(,.)#("$&(%&`(,.9&Y&DE^M>&&89#$6*4)b%"!".5")$6*6-)*%$6*>;5)"06&
T5%%-0".9;b.$6*/-*B$S"e-$3*
*
B@MK3&->&DE^M3>&&ZK%!0'"(&3(&54(054("&(V)A#,(%*("&)(#"$%(00("&)#$34,+("&)!#&ju,%?("+,$%&
3("&K?!#,*"&6!004*,%$?A%("&34&=(V,54([&(%&`(,.9&Y>&DE^M>&89#$6*4)b%"!"5")$6*6-)*%$6*
>;5)"06&T5%%-0".9;b.$6*/-*B$S"e-$3&
&
B@MK3&->&DE^F>&&Z_,!?%$"(&0!+,%(&34&46"%90H?$*K5669.""*`(,.9&(")A*(&6!004*,%$?A%(&3("&
K2+A54("[&Y(,.)#("$&(%&`(,.&Y>&$#*5%3*DE^F>**89-@$%%$6*R?6$)@5#"9.6*6-)*%$6*>;5)"06*
T5%%-0".9;b.$6*/-&B$S"e-$*
*
B@MK3&->&DEND>&&ZR!&)",0$*'7,%(&(%&)"'*6,!+#,(&(+&!43(01&C1&)#$)$"&3(&0!&+6A"(&3(&
=!3(.$,"(00(&K%%(W=!+,(&m4A+,%/&*
*
B@MK3&->&DEN]>&&Z_,!?%$"("&0!+,%("&3("&(")A*("&3(&*6!.),?%$%"&$4&.9./5&!""$*,A"&1&0!&
8$0,(&34&E9!-;%*#5v*$#*/$&./55/%&*
*
B@MK3&->&DEN^>&&ZR("&*6!.),?%$%"&!""$*,A"&1&0!&8$7(&3("&f4.!>&&O+43(&3("*#,)+,-!&(+&
,*$%$?#!)6,([&&
&
B@MK3&-&DENN>&&ZR(&A9%$#-6*'%5!!$-6&&
&
B@MK3&->&DEM]>&&Zi%(&%$4-(00(&*$%+#,74+,$%&1&0!&*$%%!,""!%*(&3(&0!&8$0,(&8$%?,54(&3("&
\1)$4"[&&
&
B@MK3&->&DEMF>**C$6*Q15!O";.9.*D5S"e-$6&$#*T5%%-0".9;b.$63*d#,?,%!0.(%+(&)470,*!3$&(%&
DEN]>&
&*-3(& 4/! H* 4/* 50-66*78! ]loz* XQ-%#-)$* O-)$* $#* 9?#$.#"9.* 6$!"F"./-6#)"$%%$* /$6* >;5)"06*
15%%-0".9;b.$6*/-*B$S"e-$&3*I$").O)$69*$.*]loz**H*$.*T$"!M*I*]loz3*<$+("&\#A0,.,!,#("&"4#&
0("&K?!#,*"&`!004*,%$?A%("&34&=(V,54(>&
&
B@MK3&->&'&->&+GMOO@I[&0E^E>&[<$4-(00(&*$%+#,74+,$%&1&0!&*$%%!,""!%*(&3("&46"%90H?$6*
6!004*,%$?A%("&34&=(V,54([&Y(,.)#("$&(%&DE^E&'&(%&`(,.9&Y>&DENI>&&<$-S"b!$*
:-OO%b!$.#&5-6*R?6$)@5#"9.6*6-)*%$6*>;5)"06*15%%-0".9;b.$6*/-*B$S"e-$3&
^DN&
&
B@MK3&->&P&$>&BENKGAA&DE^F>&&Zj"$0(.(%+&3(&0!&)",0$*'7,%(&1&)!#+,#&34&:#)9O15)"5!0-?$.6"6&
O!#0(&(+&3u!4+#("&(")A*("&3(&6!004*,%$?A%("&.(V,*!%"&!))!#+(%!%+&!4&?(%#(&46"%90H?$>[&&
Y(,.)#("$&(%&DE^F&'&(%&`(,.9&Y>&$#*5%3*DE^F>**89-@$%%$6&R?6$)@5#"9.6*6-)*%$6*>;5)"06&
T5%%-0".9;b.$6*/-*B$S"e-$*
&
B@MK3&->&'&$>&BENKGAA&DE^F&|E{>&&ZR!&)",0$*'7,%(&(+&0!&)",0$*,%(&*6(2&46"%90H?$6*$#*
:#)9O15")$6*6!004*,%$?A%("[&O%a&`(,.9&Y>&'&Y>U>&&c!""$%>&C$6*015!O";.9.6*15%%-0".9;b.$6*
/-*B$S"e-$3&G#-/$6&G#1.9%9;"e-$6M*D5S".9!"e-$6M*A"9%9;"e-$6M*41"6"9%9;"-$6*$#*Q1"!"e-$6>&
&
B@MK3&->&'&.>&#RrV@AGDS&DENM>&&ZOV)A#,(%*("&%$4-(00("&3u,%?("+,$%&3("&\",0$*'7("&
6!004*,%$?A%("[&O%a&`(,.9&Y>&$#*5%3*DENM>**89-@$%%$6*W.@$6#";5#"9.6*6-)*%$6&Q15!O";.9.6*
T5%%-0".9;b.$63*&
&
B@MK3&->&'&->6>&qGLLEA&DE^F&CE/>&C$6*015!O";.9.6*15%%-0".9;b.$6*/-*B$S"e-$3&G#-/$6&
G#1.9%9;"e-$6M*D5S".9!"e-$6M*A"9%9;"e-$6M*41"6"9%9;"-$6*$#*Q1"!"e-$6>&P(&6!&-(%3,3$&!0&
)#(*,$&3(&F^G‹>&*$%&`(,.&$#*5%3*DENM>&&
&
B@MK3&->&'&->6>&qGLLEA&DENI>&&Zi%(&,%-("+,?!+,$%&"4#&0("&*6!.),?%$%"&"!*#A"&3("&
=,V+A54("[&*
*
B@MK3&->&'&->6>&qGLLEA&DENk>&&Z<$+(&)#A0,.,%!,#(&"4#&0!&8$0,(&8$%?,54(&3("&f-!5&*&
&
B@MK3&->&'&->6>&qGLLEA&DEN^>&&ZJ6(&=4"6#$$.&.!3%(""&$8&+6(&f4.![&&
&
B@MK3&->&'&->6>&qGLLEA&DEMG>&&ZR("&\4+S!&3("&P!%+!0"a&X6!.),?%$%"&3$4A"&3u4%(&!.([&&
&
B@MK3&->&$#*5%3*DE^F>&&Z_(+A#.,%,".(&3(&0!&8$#.!+,$%&3("&*!#)$)6$#("&(+&3("&"*0A#$+("&
3!%"&0!&*40+4#(&/-*46"%90H?$&!$S"05.5*`(,.9&K?!#,*&6!004*,%$?A%(&34&=(V,54(9&(+&.,"(&(%&
A-,3(%*(&3(&0!&)",0$*'7,%(&(+&3(&0!&)",0$*,%([>&&Y(,.)#("$&(%&DE^F&'&(%&`(,.9&Y>&$#*5%3*
DE^F>&89-@$%%$6*W.@$6#";5#"9.6*6-)*%$6&Q15!O";.9.6*T5%%-0".9;b.$6*/-*B$S"e-$3*&
&
B@MK3&->&$#*5%3*DENN>&&ZP4#&4%(&,%+$V,*!+,$%&*$00(*+,-(&1&"'%3#$.(&)",0$*'7,(%(&*!4"A(&(%&
T#!%*(&)!#&4%&Q9O$%5./"5[&&
*
B@MK3&->&$#*5%3*DENM>**89-@$%%$6*W.@$6#";5#"9.6*6-)*%$6&Q15!O";.9.6*T5%%-0".9;b.$6*/-*
B$S"e-$3*P(&6!&-(%3,3$&)$#&F^G‹&*$%&`(,.&v&c!""$%&DE^F&|E{>&&
&
B@MKGAA3&B>&DE^I>&&<"$*:09O9%5!".V")E-.;3*&
&
B@MKGAA3&B>&DEND>&ZK4"3#4*S")6~%$.(%$0$W?,(&3(#&=$3(00)"'*6$"(%&C\",0$*'7,%/[&&
&
B@MKGAA3&B>&DENI>&&Zp4#&Q(6!%304%?&+6(#!),(#(","+(%+(#&<(4#$"(%&.,+&=$3(00)"'*6$"(%&
C\",0$*'7,%/[&
^DM&
&
B@MADMQR3&+>&DEEI>&&Z>!5."#5*!-605)"5*!%3&+6(&)(%,"&$8&?$39&!%&(V+#!*+&$8&!&g$#S&,%&
)#$?#(""[&&
&
B@MADMQR3&9>&$#*5%3*DEEI>&&Zj%3,?(%$4"&)6'+$+6(#!)'&$8&?!"+#$,%+("+,%!0&3,"$#3(#"&,%&!&
0$g0!%3&=,V(&*$..4%,+'&Cd!V!*!9&=(V,*$/a&O+6%$)6!#.!*$0$?,*&(-!04!+,$%[&&
&
B@ML@D3&+>4>&DEFM>&D1$*i560".5#".;*K9)%/&9'*#1$*8";1#15/$63&
&
B@Md@D3&->7>&DEkk>&&Z=,V+4.&X$.)$",+4.a& &J6(&4"(&$8&%!#*$+,*&Z6"0[*.4"6#$$."&7'&
)#,.,+,-!&)($)0("[&&
&
B@ONDMQR3&.>&'&$>&4GAA@D&DENG>&&Z`!004*,%!+$#'&.400(+&)$,"$%,%?[&
&
B@OK@D3&U>&DEM^>&&<)-;6**5./*B".9)"#H*ROO)$66"9.3*&
&
B@AKGA3&$>->&DEMF>&&B5!5*Q9053&:A!"(a&K%+$%,09&DEMF>&
&
B@AKGA3&$>->&DEFI>&&ZU4!#!%1&L45-%%"."5&0-O5.5*@5)3*69)?"%"6\7*O*$0$?,*!0&!%3&"$*,!0&
)(#")(*+,-!"&$%&!%&(*$%$.,*&)0!%+&$8&+6(&*(%+#!0&K.!2$%&7!",%[&&
&
B@AKGA3&$>->&DEFN>&&Zi"$&3(0&!'!64!"*!&(%&4%&*$%+(V+$&!4+$#,+!#,$>&&O0&*!"$&3(&0!&=."/{9*
a$;$#5%*(%&Q#!",0[&
&
B@AKGA3&$>->&CX$.)>/&DEEG>&*D1$**>.#"F*4)91"?"#"9."6#*I$@"$V3**&
&
B@AAMAJL3&.>&DFFF>&&ZO,%(&?,8+,?(&f!S+((9&
>.51%9."-!*%$V".""*%>&")>[*&
&
B@ADP3&#$&DEkE>&D1$*>%E5%9"/63*&
&
B@DGOS3&6>q>&DE^F>&&ZJ6(&+#4+6&!7$4+&+6(&_(-,0u"&3#4?"[&&
&
B@D@D3&U>&DEEG>&D1$*G!O$)9)**K$5)6*89&Q%9#1$67*T$!O*5./*#1$*B5)"P-5.5*Q9.6O")50H3*J#!3>&
8#!%*("!&R>&X6!).!%9&DEE]>&K)!#(*(#1&*$.$&<z&N&(%&0!&)#("(%+(&X$0(**,B%&X$?%,*,$%("9&
R$"&R,7#$"&3(&0!&0,(7#(&3(&=!#2$9&Q!#*(0$%!>&&
&
B@DAtAS@d3&7>&DN^D3*89@5*4%5.#5)-!M&>.".5%"-!*$#*B".$)5%"-!&
B$S"05.9)-!*T"6#9)"53*J#!3>&(")!b$0!&3(&DE^E9*T"6#9)"5*85#-)5%*/$*%5*8-$@5&G6O5r53*
d#,?,%!0&D^MM>&
&
B@DD@DG3&#>&DENM>&&ZX$%",3(#!*,$%("&"$7#(&(0&(8(*+$&3(&0$"&6$%?$"&!04*,%B?(%$"&
.(V,*!%$"[**
*
B@DDMQW3&U>q>&DEMM>&&W)9e-9"6*B$/"05%*A9#5.H3**&
B@LL@3&">&DEGD>&&Zˆ7(#&3,(&K0S!0$,3(&3(#&=!%3#!?$#!g4#2(0X*
*
*
B@PO3&6>&DEIF>&&Zˆ7(#&3!"&K0S!0$,3&-$%&Q5).$;"$5*;";5.#$5*CO%?(0.>/&Q#,++>&'&Y$"(*LQ$)$-6*
;";5.#$-6*O%?0(.>/[&
&
BMOO3&q>q>&DE]F>&&Z<!-!;$&4"(&$8&L,."$%g((3[&&
&
BMOOMJ3&T&>DEE]>&&X$.4%,*!*,B%&)(#"$%!09&*!#+!&3(0&DI&3(&O%(#$>&
&
BMASKGDQR3&U>&$%*5%3*DEME>&&ZJ6(&(88(*+"&$8&!%&(#?$+&!0S!0$,3&3(#,-!+,-(&C`'3(#?,%(/&$%&
!")(*+"&$8&)"'*6$.$+$#&)(#8$#.!%*(9&!#$4"!09&!%3&*$?%,+,-(&)#$*("",%?&!7,0,+'[&&
&
BMDLQRREDA3&B>B>&DEF]>&&ZQ$+!%,*!0&#(.(3,("&$8&+6(&8$#.(#&_4+*6&O!"+&j%3,("&Cj%3$%(",!/>&
\!#+>&jj>&&_,*$+'0(3$%"&4)&+$&&!%3&,%*043,%?&R(?4.,%$"!([&&
^DF&
*
BMV@OP3&->5>&$#*5%3*DENN>&&Zj"$0!+,$%&$8&+#!%"W "W+(+#!6'3#$*!%%!7,%$0&8#$.&.!#,;4!%![&
&
BEQRLC@MA3&7>$>&'&$>9>&.GDGSM@L&DE^M>&
ZK0S!0$,3"&$8&A5."6#$)"5*055O"*!%3*4)$6#9."5*5!5,9."0-!*|6"0{[*&
&
BENN@QW@D3&U>7>&$#*5%3*DEE]>&&ZJ6(&*$0$%,2!+,$%&$8&Q(#,%?,!&!%3&+6(&)($)0,%?&$8&+6(&<(g&
c$#03[>&i%&*$.(%+!#,$&+A*%,*$&!&:0"$.0$**$.$&#(")4("+!&!&("+(&!#+,*40$9&ZX$0$%,2!+,$%&$8&
+6(&<(g&c$#03a&K&"),#,+4!0&7!##,(#y[&84(&#(*6!2!3$&.,(%+#!"&("+(&0,7#$&("+!7!&(%&0!&
,.)#(%+!>&
&
BENN@D3&$>&DEMG>&&ZJ#(!+.(%+&$8&!0*$6$0,*"&g,+6&)"'*6(3(0,*&+6(#!)'[&O%a&K!#$%"$%9&Q>&!%3&
`>&d".$%3&CX$.)">/&46H01$/$%"067*D1$*=6$6*5./*W!O%"05#"9.6&9'*T5%%-0".9;$."0*<)-;6*3**&
&
BENN@D3&$>&'&B>&"LKEAS&DENM>&D1$!!
T5%%-0".9;$.63*X$%&4%!&*$%+#,74*,B%&3(&J>&c(*S$g,*29&ZK%,.!0&"+43,("&$8&6!004*,%$?(%,*&
3#4?">[&
&
BENNKGAA3&1>&$#*5%3*DEFN>&&ZX!#*,%$?(%,(&!?(%+"&,%&"%488&&
&
BENKGAA3&$>&DE^^>&&Z_,(&U("*6,*6+(&3("&RP_WI^[*&
&
BENKGAA3&$>&DENG>&&Z_,(&)"'*6$+#$)(%&c,#S"+$88(&3(#&.(V,S!%,"*6(%&p!47(#),02([*&
&
BENKGAA3&$>&DEND>&&Z_,(&c,#S"+$88(&3(#&.(V,S!%,"*6(%&p!47(#3#$?(&d0$0,4654,[&&
&
BENKGAA3&$>&DEN]!>&&ZJ6(&!*e-(&)#,%*,)0("&$8&+6(&"((3"&$8&I"@$5&09)"!?965*!%3&WO9!9$5*
@"9%50$5[&Y(,.)#("$&(%&DENN&*$.$&ZJ6(&!*+,-(&)#,%*,)0("&$8&+6(&"((3"&$8&I"@$5*09)"!?965*
CR/&`!00>&8>&LR%9%"-e-"M&A5/91/*!%3&WO9!9$5*#)"09%9)*X!->&LA5/91*.$;)9/[&O%a&L,.A%(2&
=$#(%$9&c>*$#*5%3*CX$.)">/*:-!!5*>.#)9O9%p;"05*$.*T9!$.5P$*5*I9?$)#9*K$"#%5.$)3&&
&
BENKGAA3&$>&DEN]7>&&Z\"'*6$+$.,.(+,*&"47"+!%*("[&
&
BENKGAA3&$>&DENk>&&<"$*B-%#$)E9).5%E5%9"/$&
&
BENKGAA3&$>&DENN>&&ZK0*!0$,3("&,%3$0,54("&,"$0A"&3("&)0!%+("&6!004*,%$?A%("&(+&%!#*$+,54("&
Z6"0[*34&=(V,54([&*
*
BENKGAA3&$>&&DENM>&&Z\"'*6$!S+,-(&P+$88(&!4"&\80!%2(%[&&
&
BENKGAA3&$>&DENF>&&Z\"'*6$+$.,.(+,*&!?(%+"[&O%a&Q4#?(#9&K>&CX$.)>/&Q1$!"05%&
Q9.6#"#-$.#6*5./*O15)!509%9;"05%&>0#"9.3*BENKGAA3&$>&DEMG!>&&ZR("&6!004*,%$?A%("[&
&
BENKGAA3&$>&DEMG7>&&ZJ6(&3,"*$-(#'&$8&RP_&!%3&"47"(54(%+&,%-("+,?!+,$%"&$%&%!+4#!00'&
$**4##,%?&6!004*,%$?(%"[&O%a&K'39&T>L>&'&Q>&Q0!*Sg(00&CX$.)">/&_,"09@$)"$6*".*A"9%9;"05%*
46H01"5#)H3**
&
BENKGAA3&$>&DEMD>&&ZR(&+($%!%1*!+0&(+&ju$0$0,454,9&3(4V&!%*,(%%("&3#$?4("&.!?,54("&34&
=(V,54([&
:(#",B%&,%?0("!&3(&DEMD>&ZJ($%!%!*!+0&!%3&$0$0,454,a&Jg$&!%*,(%+&.!?,*&3#4?"&$8&=(V,*$[&
&
BENKGAA3&$>&DEMM>&&X$.4%,*!*,$%("&)(#"$%!0("9&\$#+&J$g%"(%39&c>K>&&
&
BENKGAA3&$>&DEMF!>&&ZK&*6!00(%?,%?&54("+,$%&!%3&.'&!%"g(#[&O%a&c!""$%9&
Y>&U>&$#*5%3*D1$*I95/*#9*G%$-6"63*=.@$"%".;*#1$*:$0)$%*9'*#1$*BH6#$)"$63*J#!3>&(")!b$0!&3(&T>&
U!##,3$9&DEFG>&&Zi%!&)#(?4%+!&,%54,(+!%+(9&'&.,&#(")4("+![&G%*Q5!".9*5*G%$-6"67*=.5&
:9%-0"p.*5%*G.";!5*/$*%96*B"6#$)"963*&
&
BENKGAA3&$>&DEMF7>&&Z`,"+$#'&$8&+6(&7!",*&*6(.,*!0&,%-("+,?!+,$%"&$%&+6(&"!*#(3&
.4"6#$$."&$8&=(V,*$[&O%a&d++9&L>&'&L>&Q,?g$$3&CX$.)">/&D$9.5.m05#%7*T5%%-0".9;$."0*
B-61)99!6*9W89)#1*>!$)"05&&J#!3>&(")!b$0!&3(&=>P>&K%+$0,%9&DEF^>&&Z`,"+$#,!&3(&0!"&
,%-("+,?!*,$%("&54,.,*!"&71",*!"&"$7#(&0$"&6$%?$"&"!?#!3$"&3(&=AV,*$[*D$9.5.m05%#7*
T9.;96*>%-0".p;$.96*/$*G-)9O5*H&>!b)"05*/$%*89)#$3**&
&
BENKGAA3&$>&CJ#!3>&3(&L>&d++/&DEME!>&&Z`$g&RP_&$#,?,%!+(3[*\$%(%*,!&)#("(%+!3!&(%&0!&
X$%8(#(%*,!&Z`!004*,%$?(%"&,%&<!+,-(&K.(#,*!%&P6!.!%,".&!%3&=$3(.&R,8([&IF&
P()+,(.7#(&D&d*+47#(&DEMF9&P!%&T#!%*,"*$9&XK&
&
BENKGAA3&$>&DEME7>&&Z\0!%%(3&#("(!#*6&!%3&*6!%*(&3,"*$-(#'[&&
&
BENKGAA3&$>&CJ#!3>&3(&L>&d++/&DEFG>&&C:<3*BH*4)9?%$!*Q1"%/3*\#(8!*,$&3(0&+#!34*+$#&3(&L>&
d++>&\470,*!3$&$#,?,%!0.(%+(&*$.$*C:<*B$".*:9);$.E"./3*J#!3>&#(,.)#("!&*$.$&C:<7*BH*
4)9?%$!&Q1"%/*I$'%$0##"9.6*9.*:50)$/*<)-;6*BH6#"0"6!M*5./*60".0$3&T#!?.(%+$&)470,*!3$&(%&
T";1*J,#%(">&&J#!3>&8#!%*("!&3(&_>&K-,!+9&DEFE>&C:<7*B9.&G.'5.#*D$))"?%$3*J#!3>&(")!b$0!&3(&
\9&Q(,%9&DEFG>**C:<7*Qp!9*<$60-?)k*$%*|0"/9*H&e-b*O56p*<$6O-b6*$.*$%*B-./93*T#!?.(%+$&
+#!34*,3$&!0&,+!0,!%$&)$#&Y&T(3(0,9&DEEI>&C:<*"*B"$"*W.09.#)"*09.*T-S%$H*C$5)H*N(.;$)*a9;#33**&
&
BENKGAA3&K>&DEFD>&&Z_,(&S40+4#6,"+$#,"*6(&Q(3(4+4%?&6!0042,%$?(%(#&_#$?(%[&O%a&`(,%9&
c>U>&!%3&U>&P*6#!..&CX$.)">/&
&
BENKGAA3&K>&DEFM>&&Z_,(&6(80,?(%&\,02(&,%&3(#&`(,07(6!%304%?&3(#&=!#@!&P!7,%![&O%a&
_,++#,*69&K&'&X>&P*6!#8(++(#&CX$.)">/&
&
BENKGAA3&K>&DEFF>&&ZJ6(&+#!%".,"++(##(*(,-(#&*$%*()+&$8&#(!0,+'[&&
&
BENKGAA3&$>&CJ#!3>&3(&_>&`!?(%7!*6/&DEFE>**W.6";1#*R-#%99E3*\#B0$?$&3(&Y>U>&`!00>&&
\470,*!3$&$#,?,%!0.(%+(&*$.$&G".6"01#$.*>-6?%"E$3**&
&
BENKGAA3&K>&DEEG>&&ZY,3(&+6#$4?6&+6(&P,(##!&=!2!+(*!&,%&"(!#*6&$8&+6(&.!?,*&)0!%+&ZPS![&
=!#@!&\!"+$#![&O%a&Y,(30,%?(#9&J>L>&CX$.)>/&D1$*:50)$/&B-61)99!*:$$E$)7*G665H6*'9)*I3*
J9)/9.&K5669.3*&
&
BENKGAA3&$>&DEED>&&X$.4%,*!*,$%("&)(#"$%!0("9&*$##(")$%3(%*,!>&&
&
BENKGAA3&K>&CJ#!3>&3(&Y>&T(3(0,/&DEEI>&C:<*"*B"$"*W.09.#)"*09.*T-S%$H*C$5)H*N(.;$)*a9;#3*
T#!?.(%+$"&3(&`$8.!%%&DEFG>&
^IG&
&
BENKGAA3&$>&'&7>&#DE[O@D&DE^E>&&Z03(%+,8,2,(#4%?&-$%&\",0$*'7,%[&&
&
BENKGAA3&$>&P&B>&#LQR@DC@D&DENG>&&Zj"$0,(#4%?&-$%&R'"(#?"~4#(&W&K0S!0$,3(%&!4"&3(#&
.(V,S!%,"*6(%&p!47(#3#$?(&d0$0,454,&LI"@$5*09!?965*|R{&`!00>&8>/[&&
&
BENKGAA3&$>&$#*5%3*DE^M>&&Z<(4(&K0S!0$,3(&!4"&3(#&"!)#$)6'+,"*6(%&f40+4#&3("&
=4++(#S$.),02("&-$%&4$.."6$#-!&#HO19"/$-!*Y,*6>[*
*
BENKGAA3&$>&$#*5%3*DE^F>&&Z\",0$*'7,%9&(,%&)"'*6$+#$)(#&c,#S"+$88&!4"&3(.&.(V,S!%,"*6(%&
Y!4"*6),02*46"%90H?$&!$S"05.5*`(,.[*Y(,.)#("$&(%&DE^F&'&(%&`(,.9&Y>*$#*5%3*DE^F>**
89-@$%%$6*R?6$)@5#"9.6&6-)*%$6*>;5)"06*T5%%-0".9;b.$6*/-&B$S"e-$3*&
&
BENKGAA3&$>&$#*5%3*DE^E>&&Z\",0$*'7,%&4%3&\",0$*,%9&2g(,&)"'*6$+#$)(&c,#S"+$88(&!4"&
.(V,S!%,"*6(%&Y!4"*6),02(%[&
&
BENKGAA3&$>&$#*5%3*DEND>*GSO$)"$.#"5*DMaIGN>&
&
BENKGAA3&$>&$#*5%3*DEN]>&&Z\#A"(%*(&3(&0!&)",0$*'7,%(&3!%"&4%(&(")A*(&(4#$)A(%%(&
3€!?!#,*"9&%$*46"%90H?$&6$!"%5.0$5%5*T#,("[**
Y(,.)#("$&(%&DEN]&
&
BEJ@3&q>&DEMM>&ZJ6(&$+6(#&X!#'&U#!%+[&
&
BEMOGAS3&T>&DEMF>&&ZJ6(&?(%4"&\",0$*'7(&,%&<$#g!'>&
&
BxOS@A3&+>&DEF^>&&ZK_K=`K&84%3,%?&)#(""(3[&&
&
BxOS@A3&+>&DEFE!>&&ZP+#((+Wg,"(&*#!*S&#("(!#*6[**
*
BxOS@A3&+>&DEFE7>&&ZT0,)),%?&+6(&.!,%&"g,+*6&,%&+6(&*(%+#!0&#(g!#3&"'"+(.y[&
&
BxOS@A3&+>&DEEG!>&&ZR(?!0&3#4?"a&ZJ6(&-,(g&8#$.&<(4#$"*,(%*([&*
*
BxOS@A3&+>&DEEG7>&&ZX#,.(74"+(#"&-">&&Q'?$)O-.E&*&
BxOS@A3&+>&DEEG*>&&Z`!,#'&)#$70(."&8$#&%(g&3#4?&+("+,%?&.(+6$3[&&
&
BEOOMAJLR@GS3&9>&DEMk>&D1$!B5.*K19&D-).$/*9.*#1$*K9)%/*&
&
BEOOMAJaEDCR3&B>5&DEDI>&&ZJ6(&,%804(%*(&$8&*!88(,%(&$%&.(%+!0&!%3&.$+$#&(88,*,(%*'[&
&
BEOOMLC@D3&5>/>&DEND>&&ZX0,%,*!09&7,$*6(.,*!0&!%3&)"'*6$0$?,*!0&(88(*+"&$8&)",0$*'7,%[&&
&
BEOOMLC@D3&5>/>&$#*5%3**DENG>&&ZX$.)!#,"$%&$8&+6#((&)"'*6$+#$),*&3#4?"&C\",0$*'7,%9&LQW]IE&
!%3&jJWIEG/&,%&-$04%+((#&"47;(*+"[*
*
BEOOMLC@D3&5>/>&$#*5%3*DEED>&&Z_#4?&!74"(&)$0,*'[*J#("&*!#+!"&'&#A)0,*!&(%&#(")4("+!&!a&
U$03"+(,%9&K>&'&`>>&f!0!%+>&DEEG>&&Z_#4?&)$0,*'a&P+#,S,%?&+6(&+,?6+&7!0!%*([&&
&
BEOOEaGP3&.>%>&'&6>&$O@[GAS@D&DEEG>&ZO+6%$7$+!%'&$8&T$#+&q4S$%&#(?,$%9&K0!"S![*
*
BEOK@L3&5>1>&DENM>&&ZJ6(&84%*e$%&$8&S!-!&,%&.$3(.&P!.$!%&*40+4#([&O%a&O8#$%9&_>`>*$#*5%3*
CX$.)">/*G#1.9O15)!509%9;"0*:$5)01*'9)*46H01950#"@$*<)-;63&&
&
BEOKLC@SC3&4>&DEN^>&ZJ#,)+!.,%(&3(#,-!+,-("&,%&()(%1a&K%&,%+$V,*!+,%?&"%488&&4"(3&7'&"$.(&
P$4+6&K.(#,*!%&j%3,!%&++,7("[&&
^ID&
&
BEOKLC@SC3&4>&DENM>&&Z`,"+$#,*!0&"4#-('[&O%a&O8#$%9&_>`>&$#*5%3*CX$.)">/&
G#1.9O15)!509%9;"0*:$5)01*'9)*46H01950#"@$*<)-;63&&
&
BEOKLC@SC3&4>&DEMF>&&X$.4%,*!*,$%("&)(#"$%!0("9&P!%&T#!%*,"*$9&X>K>&'&*!#+!">&&
&
BEOKLC@SC3&4>&'&6>&5MO]@LCDGAS&DEN]>&I$5/".;6*".*415)!509%9;H*
&
BEOKLC@SC3&4>&P&U>/>&5MASJD@A&DENM>&&ZX6(.,*!0&*$%"+,+4(%+"&!%3&)6!#.!*$0$?'&$8&P$4+6&
K.(#,*!%&"%488"[&O%a&O8#$%9&_>`>&$#*5%3*CX$.)">/&G#1.9O15)!509%9;"0*:$5)01*'9)*
46H01950#"@$*<)-;63&&
&
BEOKLC@SC3&4>&$#*5%3*DEMD>&&Z_(+(#.,%!+,$%&$8&*$*!,%(&,%&"$.(&P$4+6&K.(#,*!%&")(*,("&$8&
D1)9SH%-!*4",%?&.!""&8#!?.(%+$?#!)6'[&&
&
BEOKLC@SC3&4>&$%*5%3*DEMF>&&ZX$*!,%(&,%&70$$3&$8&*$*!&*6(g(#"[&&
&
BEOKLC@SC3&4>&$#*5%3*DEFG>&&Zj%3$0(&&!0S!0$,3"&,%&K.!2$%,!%&='#,"+,*!*(!*a&T,(03&!%3&
0!7$#!+$#'&#("(!#*6[&&
&
BEEJLRGJ@A3&%>&DE^E>&&Z<$+("&$%&+6(&"!*#(3&C%!#*$+,*/&Z6"0[*.4"6#$$.&8#$.&X$!+01%9&
d!V!*!9&=AV,*$[&*
*
BEEF@D3&1>&'&B>&7M@OS&DE]M>&&Zi"(840&)0!%+"&!%3&3#4?"&$8&j#!%&!%3&j#!5[&&
&
BEDGW3&/>&DEMF>&&Z\04+(4"&C\04+(!*(!(/[&i%9)$*W%%-6#)b$*/$6*&
&
BEDJ@A3&.>$>&$#*5%3*DEMN>&&Zd**4##(%*(&$8&!.!+$V,%"&,%&>!5."#5*90)$5#5&*&
&
BEDMCG3&$>&DEN]>&&ZP$.(&7,$*6(.,*!0&"+43,("&$%&)",0$*'7,%&!%3&)",0$*,%[&*
&
BEDMCG3&K>&'&5>U>&&q@X@D&DEND!>&&Z_()6$")6$#'0!+,$%&$8&)",0$*'7,%&+$&)",0$*,%&7'&!0S!0,%(&
)6$")6!+!"([&
&
BEDMCG3&$>&'&5>U>&&q@X@D&DEND7>&&ZJ6(&(%2'.!+,*&3()6$")6$#'0!+,$%&!%3&$V,3!+,$%&$8&
)",0$*'7,%&7'&.!..!0,!%&+,""4(&6$.$?(%!+("[&&
&
BEDMCG3&$>&'&5>U>&&q@X@D&DENI>&&Z_(")6$")6$#'0!+,$%&$8&)",0$*'7,%&,%&+6(&,%+!*+&.$4"([&&
&
BEDA@KGAA3&T>9>T>&$#*5%3*DEM]>&&ZX!*+4"&!0S!0$,3"&njj>&\6(%(+6'0!.,%(&!0S!0$,3"&$8&+6(&
?(%4"&Q9)HO15.#15&&&
*
BEDEaMCd3&9>&DEMN>&&Zj%+(#-,(ga&K07(#+&`$8.!%%[&&
&
BEDEaMCd3&9>&DEME>&&415.#56#"057*I5)$*5./&W!O9)#5.#*46H01950#"@$*<)5;&C"#$)5#-)$*]z^^*#9*
#1$*4)$6$.#3*i%&*!+10$?$&!%$+!3$&3(&0,+(#!+4#!&"$7#(&3#$?!"&)",*$+#B),*!"9&(%&)!#+,*40!#&
"$7#(&(%+(B?(%$">&&\#B0$?$&3(&Y>&U$#3$%&c!""$%9&",%&)!?,%!*,B%>&&:A!"(&c!""$%&DEME7>&
&
BEDEaMCd3&9>&DEF^>&&i%561?50E*A99E6*Q5#5%9;-$*R.$3*i%&0,7#$&*!+10$?$&!%$+!3$>&&
&
BEDEaMCd3&9>&DEED>&&ZL4"+&"!'&S%$ga&U$#3$%&c!""$%&!%3&+6(&\"'*6(3(0,*&
Y(-$04+,$%[&&&&&&&&&&&&&&
&
BEDEaMCd3&9>&DEEI>&i%561?50E*A99E6*Q5#5%9;-$*z3*i%&0,7#$&*!+10$?$&!%$+!3$>&
^II&
&
BEDEaMCd3&9>&DEEk>&&i%561?50E*A99E6&
Q5#5%9;*x3*i%&0,7#$&*!+10$?$&&
&
BEDEaMCd3&9>&'&+>&.GOK@D&CX$.)">/&DEMM>&>%/9-6*T-S%$H3*B9E6157*K)"#".;6&9.*46H01$/$%#6*
5./*#1$*a"6"9.5)H&GSO$)"$.0$*CDE]DWDEN]/>*K07(#+&`$8.!%%9&j%+#$34**,B%&3(&K0(V!%3(#&J>&
P640?,%9&K0(.1%&(%&DEEG9&=(3,(%(V)(#,.(%+(>&
&
BELGQW3&1>&DFIk>&&Zd7"(#-!+,$%"&$%&(#?$+[&O%a&`$"!*S9&_>&G665H6*9.*a5)"9-6&:-?P$#6*9'*
!$/"05%*:0".0$>&&
&
BECLEA3&U>q>&DE]k>&&Z=4"6#$$.&)$,"$%,%?&!+&P(!++0([&&
&
BEIJR3&q>&DEGk>&&Zf!-!&3#,%S,%?&!"&)#!*+,*(3&7'&+6(&\!)4!%"&!%3&\$0'%(",!%"[&&
&
BEIJRCEA3&.U>&'&U>&9GAXP&DEF^>&Z=(3,*,%!0&)0!%+"&$8&+6(&=!)4*6([*
*
BEaGDS3&U>B>&DE^M>&&ZJ6(&.("*!0&7(!%&*40+&$8&+6(&*(%+#!0&!%3&"$4+6(.&)0!,%"a&K%&!%*("+$#&
$8&+6(&)('$+(&*40+y[&*
*
BEPO@3&->&5>&DE]F>&&C96*B901"3**&
&
BI3&%>&?>&$#*5%3*DEFG>**>.*G.-!$)5#"9.*9'&#1$*Q1".$6$*B5#$)"5*B$/"053*\#B0$?$&3(&Y,*6!#3&
O-!%"&P*640+(">&\#(8!*,$&3(&O>&L$6%&P+!7!>&&
&
BIJR(UEA@L3&%>&DEME>&D1$*45%!*5./*#1$&4%$"5/$67*W."#"5#"9.*5./*Q96!9%9;H*".*#1$&
89)#1V$6#*>!5,9."53*&
&
BIOO3&+>5>&DE]^>&&ZJ6(&,%804(%*(&$8&*!88(,%(&!%3&$+6(#&8!*+$#"&$%&*(#+!,%&)6(%$.(%!&$8&#$+(&
0(!#%,%?[*&
&
BIKXEOSC3&$>&VEA&'&$>&4EAFOGAS&CJ#!3>&'&(3,+!3$&)$#&J>&Y$""/&DF^IWDF^]>&4$)69.5%*
85))5#"@$*9'*D)5@$%6*#9&#1$*Ge-".90#"5%*I$;"9.6*9'*>!$)"05*
*
BILGMA3&%>&'&2>&TRGA&DEF^>&&ZK%&4)3!+(&9.*Q5..5?"6*#("(!#*6[&
&
BI[O@P3&$>&DE]D!>&ZK&+#(!+,"(&$%&3#4?"[&X,+!3$&(%&`$#$g,+2&v&\!0.(#&DEMM>&
&
BI[O@P3&$>&DE]D7>&Zc!%+(39&!&%(g&)0(!"4#([&O%a&`4V0('9&>*B-6"0*5#&8"#;1#*5./*9#1$)*
O%$56-)$63*X,+!3$&(%&`$#$g,+2&v&\!0.(#&DEMM>&&
&
BI[O@P3&&DE]I>**A)5@$*8$V*K9)%/3&
&
BI[O@P3&$>&DEkk>&D1$*4$)$.."5%&41"%969O1H3**&
&
BI[O@P3&$>&DE^k>&D1$*<99)6*9'*O$)0$O#"9.3&
&
BI[O@P3&$>&DE^N>&&T$5@$.*5./*T$%%3*
*
BI[O@P3&$>&DENI>&&W6%5./*&
&
BI[O@P3&$>&C)470,*!3$&)$"+4.!.(%+(/&DENM>&&ZX40+4#(&!%3&+6(&,%3,-,34!0[&O%a&K%3#(g"9&U>&
!%3&P>&:,%S(%$$?&CX$.)">/*D1$*A99E*9'*J)5663*&
&
BI[O@P3&&DENF>&D1"6*D"!$%$66&B9!$.#7*>*4$)69.5%*a"$V*9'*>%/9-6&T-S%$H3&
&
BI[CGXO@3&-U>&DEEI>&&ZJ6(&)6!#.!*$0$?'&9'*(V+,%*+,$%[&
&
BIPLKGAL3&U>T>&DEMN>&&J)(.$V5%/>&&&
&
BPS@D3&1>&'&9>&"OMV@D&DEF]>&&ZP+'0(&!%3&*6#$%$0$?'&,%&X64.!"6&#$*S&!#+[&*
*
*
BPOMA3&U>q>&'&1>.>&qGCLEA&DEN^>&&ZO#?$0,%(&!0S!0$,3"&,%&+#$),*!0&g$$3&#$"("[&&
^I]&
&
BPASKGA3&1>+>&DEFk>&&ZO+6%$7$+!%'&$8&
K9OE5"!".*45./5.-67*P,?%,8,*!%+&\1)4!&<(g&U4,%(!&)0!%+&#("$4#*([&
*
2GQEXIQQM3&6>$>&'&/>$>&-yV@SG&DENk>&ZQ!"("&3(#,-(3&8#$.&+#')+!.,%(&,%&K#?(%+,%(&
4"O#5/$."5*")(*,("[&
&
2XrDMQE3&+>+>&DEkD>&&ZK'!64!"*![&&
&
2WGA3&->&$#*5%3*DENF>&&ZJ6(&)#("(%*(&$8&!?#$*0!-,%(&,%&Q-60-#5*!9.9;H.5&"((3"[&
*
OW@SG3&T&DEGF>&N9-).5%*9'*#1$*D9EH9&Q1$!"05%*:90"$"H>&
&
2KGM3&%>&DE]I>&&XR.*:#)9O15)"5*05$)-%$60$.6M*!&%(g&")(*,("&$8&)$,"$%$4"&+$!3"+$$0[*
*
2KGd@WM3&->&DEM]>&&ZL!)!%("(&.4"6#$$.&%!.("[&*
*
2KGd@WM3&->&P&->6>&qGLLEA&DEM]>&Zf,%)49&.4"6#$$.&7$$S"&$8&+6(&J$S4&U!g!&&
&
2AJGOOL3&1>B>B>&DEMD>&&Z<$+&6!"6,"69&6$)"M*<5#-)5M*GO1$/)5M*:5)096#$!!5&$#&#64W7!#7a&
P$.![&J!.7,A%a&ZY(.!#S"&$%&=#>&c!""$%u"&:9!5&*Y("(b!"&3(&c!""$%&DENF>&&:9!57*
<"@".$*B-61)99!&9'*%!!9)#5%"#H3**O0&h0+,.$&!#+,*40$&)#(*(3,3$&)$#&c!""$%9&Y>U>&DEMD>&&
ZJ6(&P$.!&$8&+6(&I";*a$/57*c6!+&g!"&,+y[&:A!"(a&c!""$%&DEMD>&&
&
2DVMAJ3&1>&DEMF>&&J-"/$*#9*J)9V".;*B5)"P-5.5*".*#1$*A)"#"61*W6%$6*5./*R#1$)*Q99%*Q%"!5#$63*
&
2LX@OO3&B>%>&DE^E>&&ZX$.)!#,"$%&$8&+6(&\",0$*'7,%&!%3&RP_WI^&&
,%&.!%[&
&
2LX@OO3&B>%>&$#*5%3*DEND>&&ZX#$""&+$0(#!%*(&7(+g((%&RP_&!%3&)",0$*'7,%[&&
&
&
UGQWLEA3&4>&'&$>&-@@S&DENE>&&ZX!+%,)&!%3&+6(&!0+(#!+,$%&$8&*$%"*,$4"%(""[&
R$"&(3,+$#("&*!.7,!%&0$"&+,+40$"&3(&*!+%,)&'&.!#,64!%!9&*#(!%3$&0!&"$")(*6!&3(&54(&0$"&
!4+$#("&*$%84%3(%&(%&"4&("+43,$&*!+%,)&P&.!#,64!%!>&&:A!"(&J'0(#&DEFM>&
&
UGQWLEA3&4>.>&'&9>2>&4@DDP&DEME>&&Z=!%3#!?$#!a&J!V$%$.'&!%3&*6(.,"+#'&$8&+6(&O4#$)(!%&
")(*,("[&O%a&`!gS("9&L>U>*$#*5%3**CX$.)">/**D1$**A"9%9;H*5./&D5S9.9!H*9'*#1$*:9%5.50$5$3>&
&
UGQEX3&U>!>&'&1>/>&!MQREOL&DEFI>&
Zj"$.(,,*&*'*0$)#$)'0&+,%?W.(+6'0!+(3&6$.$0$?4("&$8&+#!%"WIWCI9^W3,.(+6$V'WkW
.(+6'0)6(%'0/*'*0$)#$)'0!.,%(9&!%&6!004*,%$?(%,*&!%!0$?4([*
*
UGQEXL3&q$&'&5>+>&&+DGMJ&DE]k!>&&ZJ6(&3(?#!3!+,$%&$8&(#?$+,%,%(&g,+6&!0S!0,a&CH6$);"0*!*,3[&
*
UGQEXL3&q>$>&'&5>+>&&+DGMJ&DE]k7>&&Zd%&CH6$);"0*50"/&*
*
UGQEXL@A3&#>&'&+>+>&-MQRGDSLEA&DEMD>&&Z=#>&&K00(?#$&!.$%?&+6(&.4"6#$$."[&Y("(b!"&3(&
K00(?#$&DEMG>&
&
UGQ^I@L3&U>&B>&DEMG>&D1$*B-61)99!*5./&#1$*A)"/$7*>*A$%"$@$)*GS5!".5#"9.*5./&I$'-#5#"9.*
9'*N3B3**>%%$;)9u6*A99E7*J6(&P!*#(3&=4"6#$$.&!%3&+6(&X#$"">&
&
UGMA3&%>T>&P&%>T>&4EDCRGWID&0EFG>&[O+6%$7$+!%'&$8&+6(&=,S,#"&$8&j%3,![&
&
UGK@L3&U>&DENk>&&ZP6$4+(3&8#$.&+6(&6$4"(&#(!*+,$%"&,%34*(3&7'&)",0$*'7,%&!%3&+$)"a&K&
)('$+(&!g!S(%,%?[&&
^Ik&
&
UGK@L3&q>&DEGI>&D1$*a5)"$#"$6*9'*I$%";"9-6&GSO$)"$.0$3*OV,"+(%&-!#,!"&#(,.)#(",$%(">&
&
UGA@LWE3&U>5>&'&#>$>&1GO&+GLEA&DEFM>&&ZP(,24#(&$8&!&*0!%3("+,%!&0!7$#!+$#'a&J6(&8WK0S'0&=_K&
!%!0$?"[&&
&
UGAMJ@D3&">&DE^E>&&ZJ6(&4"(&$8&6!004*,%$?(%,*&!?(%+"&,%&)"'*6,!+#'[&
*
UGAMJ@D3&">&'&9>&1EXWMA&S@&-MEL&DEMN>&Z<,*$+,!%!&!%&6!004*,%$?(%y[&&
*
UGAEC3&9>9>&'&->&6EICGD@O&DE^^>&&ZK0*!0(Š3("&3("&:$!*!%?!a&:$!*!.,%(&(+&-$7+4",%([&&
&
UGAL@A3&T>5>->&'&+>U>&&.DGLC&DEFF!>&&ZO+6%$)6!#.!*$0$?'&$8&f#!+$.&!%3&+6(&B"#)5;H.5&
!0S!0$,3"[&
&
UGAL@A3&T>5->&'&+>U>&&.DGLC&DEFF7>&&Z\"'*6$!*+,-(&)#$)(#+,("&$8&.,+#!?'%,%(&Cf#!+$./[&
&
U!Ad@A3&1>&DEM]>&&ZX$..4%,+'&"+#4*+4#(&$8&"(*$%3!#'&*$.)$4%3"&,%&)0!%+"[&&
&
UGDVMW3&9>/>&DEEG>&&ZJ6(&3#4?&3,0(..!a&=!%,)40!+,%?&+6(&3(.!%3[>&K#+,*40$&,%"),#!3$&)$#&
<!3(0#%!%%&DEFE>&:A!"(&+!.7,A%&&U$03"+(,%&v&f!0!%+&DEEG>&
&
UERGAA@L3&$>&DEM^>&&Z=(3,*,%!0&)0!%+"&$8&+6(&<(S(.!+,?,&$8&+6(&(!"+(#%&6,?60!%3"&$8&<(g&
U4,%(![&&
&
UERA3&$>&DE]^>&&Z=! (%-(#?,8+4%?(%&.,+&3(.&\!%+6(#),02&L>!5."#5*O5.#1$)".5&_X>/&(%&
\0!4(%&,.&:$?+0!%3[&&
&
UERALEA3&+>&'&+>.>&UERALEA&DFND>&A)"#"61!49"69.9-6*4%5.#63&O"+(&O7#$9&8!.$"$&)$#&"4"&
,04"+#!*,$%("9&("&.4'&*$%$*,3$&7!;$&(0&%$.7#(&3(0&,04"+#!3$#9&P$g(#7'>&
&
UERALEA3&+>/>&DE^M>&&Z='"+,*!0&8$#*(&$8&+6(&%,?6+"6!3([&&
&
UERALEA3&1>&DE^]>&D1$*T5%%-0".9;$."0&<)-;6*3*&
&
UERALEA3&U>4>&DE]E!>&&ZJ6(&(0(.(%+"&$8&=!2!+(*&g,+*6*#!8+[&&
&
UERALEA3&U>4>&DE]E7>&&ZP$.(&%$+("&$%&+6(&=!2!+(*[&&
&
UERALEA3&#>7>&DEMI>&&X<5#-)5*'56#-9657*j+"&4"(&,%&J"$%?!&?,#0u"&,%,+,!+,$%[&&
&
UERALEA&6ECC@LN@OS3&5>9>&'&4>&$AS@DLEA&DEFF>&&ZU,+S"!%&+#!3,*,$%!0&.(3,*,%(a&`(#7"&!%3&
6(!0,%?[&
*
UERALCEA3&5>1>&$#*5%3*DEFD>&&Z=!#,;4!%!&3(*#,.,%!0,2!+,$%a&J6(&,.)!*+&$%&'$4+6&DEM^W
DEFG[>&
&
UERALCEA3&U>7>&DF^M>&D1$*X6(.,"++'&9'&Q9!!9.*C"'$3**_$"&-$0h.(%("9&<$-(%!&(3,*,B%>&
\470,*!3$&$#,?,%!0.(%+(&(%&DF^]WDF^^>&
&
UERDM3&->T>&'&,>&cICLRM&DEEI>&&ZK%&K'4#-(3,*&8$##%40!+,$%&uJ#,S!+4u&!%3&,+"&*$%"+,+4(%+"[&
&
UEWMDGACG3&U>&$#*5%3*DEFk>&&Z\",0$*'7,%&,%&T,%%,"6*46"%90H?$*6$!"%5.0$5#5&*
*
UEOOP3&7>&DFEN>&&Zˆ7(#&\(00$+,%&!0"&P*60!8.,++(0[&
&
UEOP3&5>6>&DEFD>&&ZT((3,%?&!%3&+#!)),%?&8,"6&g,+6&4"O$)&5-)"#-!&*
*
UEOP3&5>6>&$#*5%3*DEFM>&&ZO+6%$7$+!%,*!0&,%-(%+$#'&$8&.(3,*,%!0&)0!%+"&4"(3&7'&+6(&U4!'.,&,%&
g("+(.&\!%!.!>&&\!#+&j[&&
^I^&
&
UEA@L3&->&=kh'>&&Zui)u&$%&)",0$*'7,%[&*&
&
UEDGO@KEA3&1>&'&1>&%RGDEA&DEE]>&:9)0$)H*5./*:15).5."6!7*Q-)5./$)96&5./*Q%"$.#6*".*
89)#1$).*4$)-3*
*
UEL@FR3&B>&$#*5%3*DEFE>&&ZL4"+,*,3,%&Q9&!&*'+$+$V,*&)#,%*,)0(&8#$.&N-6#"0"5&O$0#9)5%"6&*
*
UEL@FR3&->&DEM]>&&ZJ6(&(*$%$.,*&",?%,8,*!%*(&$8&Q5..5?"6*65#"@5*,%&+6(&=$#$**!%&Y,8[*&
&
UELRM3&$>->&'&U>9>&/SMAJCEA&DEEG>&&ZJ6(&4"(&$8&.(3,*,%!0&)0!%+"&7'&+g$&-,00!?(&*$..4%,+,("&
,%&+6(&X(%+#!0&_(-(0$).(%+&Y(?,$%&$8&<()!0[&*
*
UvLLGAJ3&.>&'&1>&9EORE&DENM>&&Z_,6'3#$S!-!,%&6!"&"(3!+,-(&)#$)(#+,("&0,S(&
3,6'3#$.(+6'"+,*,%[*&
&
UvLLGAJ3&.>&'&1>&9EORE&DEMG>&&Z+43(&3("&*$%"+,+4!%+"&3("&8(4,00("&3(&4"O$)*!$#1H6#"0-!*
T$#"+>[***
*
UEPGO3&/>&DEFM>&&ZO+6%$7$+!%,*!0&8,(03&%$+("&8#$.&O*4!3$#a&X!.)9&\#,(+$9&L$#?(%"(%&!%3&
U,0(#[&&
&
UEPQ@3&+>->4>&'&%>B>&+IDDP&DEMG>&D1$*A9#5.H*5./*Q1$!"6#)H*9'*05..5?"6**
*
UIS@3&%>&DEED>&&ZK#(&'$4&!"&".!#+&!"&'$4#&3#4?"y[*
*
UpAJ@D3&/>&DEMG>&&>..21$)-.;$.7*<)9;$.&-./*I5-6013*J#!3>&(")!b$0!&3(&DEEk>&&
&
TGOX@D@D3&7>&$#*5%3*DENI>&&ZJ6(&8!+(&$8&)",0$*,%&,%&+6(&#!+[&&
&
TGK@O3&%>B>&$#*5%3*DEMG>&&ZX6(.,*!0&"+43,("&$%&+6(&O?')+,!%&)0!%+9&4$;5.-!&15)!5%5&**
*
TGK@A(TGP@3&1>&DEMD>&&ZX6,.Ba&K%&4%4"4!0&8$#.&$8&+$7!**$&,%&:(%(24(0![&&
&
TGK@A(TGP@3&1>&DEM^>&&ZX6,.BWc6'&%$+y&&K&)#,.,+,-!&8$#.&$8&+$7!**$&"+,00&,%&4"(&,%&
:(%(24(0![&&
&
TGA(7GA3&+>&$#*5%3*DEMG>&&ZK0*!0$Š3("&3(&a$O)"6*5!O9/H*CY4+!*A("/[*&
&
TGFOGA3&B>->&'&9>B>&9GOEA@&DENN>&ZK&)6!#.!*$0$?,*&"+43'&$8&%("$3,%(9&*#'$?(%,%(&!%3&
$+6(#&!0S!0$,3"&$8&T$"!"5*65%"0"'9%"5&*
*
TGFOGA3&->B>&DEM^>&&ZJ6(&"!*#(3&.4"6#$$.&,%&P*!%3,%!-,![&&
&
TGLC3&/>+>&DEN]>&&ZJ6(&!%!0?(",*&!*+,$%&$8&0'"(#?,*&!*,3&*$.)!#(3&g,+6&3,6'3#$.$#)6,%$%(&
!%3&.()(#,3,%([&&
&
TGLC3&/>+>&DENN>&&ZK%&4%3(#"+!%3,%?&$8&)!,%[&&
&
TGLC3&/>&+>&DEMG>&&ZK&*$%*()+&$8&3(!+6[&O%a&K!#$%"$%9&Q>&'&`>&d".$%3&CX$.)">/&
46H01$/$%"067*D1$*=6$6*5./*%!O%"05#"9.6&9'*T5%%-0".9;$."0*<)-;63*
*
TGLC3&/>+>&'&<>U>&&+EOOMAL&DENk>&&ZK&"+43'&$8&0'"(#?,*&!*,3&3,(+6'0!.,3(&!"&!%&!%!0?(",*&!?(%+[&*
*
TGCd3&2>&DEkE>**Q9.#)"?-#"9.*m*%uw#-/$*/$&]uW@)5"$*G."@)5.#$*LC9%"-!*#$!-%$.#-!&R/>&&
&
TGaGAMLRM3&T>&$#*5%3*DEFI>&&ZP6,64%,%(&!%3&3,6'3#$"6,64%,%(&8#$.&A5."6#$)"9O6"6*055O"&*&
&
TGdMA3&$>&CX$.)>/&DEkN>&D1$*49)#5?%$&A%5E$3**
*
T@@O@D3&T>B>&DEMM>&&ZJ6(&(V+#!80$#!0&%(*+!#,("&$8&j)$.$(!&*!#%(!&CX$%-$0-40!*(!(/[>&
^IN&
&
T@@O@D3&T>B>&DEFG>&&ZJ6(&(V+#!80$#!0&%(*+!#,("&$8&j)$.$(!&0()+$)6'00!&CX$%-$0-40!*(!(/[&&
*
T@@O@D3&T>B>&'&->4>&TGIO&DEME>&Z=$#)6$0$?'&!%3&3,"+#,74+,$%&$8&)(+,$0!#&%(*+!#,("&,%&
j)$.$(!&CX$%-$0-40!*(!(/[&
&
T@@aGPSMAE^IGP&Cf>=>&&\("*6(0/&DEMF>&4-1O91V$$*'9)*#1$*4$9O%$7*>*85))5#"@$&>009-.#*9'*
69!$*=6$6*9'*i-.;"*>!9.;&#1$*>1."61".5-?$;3*j%*04'(&Z\#("(%+,%?&f((g!'3,%$54!'[&3(&
Y>&U$#3$%&c!""$%>&
&
T@@aGPSMAE^IGP&Cf=>&&\("*6(0/&DEME>&ZJ6(&0(?(%3&$8&=,"Sg(3$[*
\$%(%*,!&)#("(%+!3!&(%&0!&X$%8(#(%*,!&Z`!004*,%$?(%"9&P6!.!%,".&!%3&=$3(#%&0,8(&Z&IF&
P()+,(.7#(WD&d*+47#(&DEMF>&:A!"(a&c!""$%&$#*5%3*DEFG!>&
&
T@@aGPSMAE^IGP&Cf>=>&&\("*6(0/&$#*5%3*DEEG>&&ZJ6(&)($)0(&$8&=,%,""&f,+,?!%&g6$&g(#(&!%3&
!#(&6$%$#&+6(&"),#,+&$8&c!4""4%?W<!!7(&g6$&g!"&!%3&,"[&O%a&Y,(30,%?(#9&J;>&CX$.)>/&*D1$*
:50)$/&B-61)99!*:$$E$)7*G665H6*'9)*I3*J9)/9.&K5669.3*&
&
T@MO3&->&DEED>&&ZQ$7&=!#e%(2a&K&X2!#&,"&7$#%[**
*
T@OO@D3&7>&'&9>q>&TOERL&DEN]>&&ZK&#(-,(g&$8&+6(&*6(.,"+#'&!%3&)6!#.!*$0$?'&$8&+6(&
*$%"+,+4(%+"&$8&4"O$)!!$#1H6#"0-).[&&
&
T@OO@D3&T>&'&/>&%CGRO&DEFI>&&Zf!0.4"a&j%6!0+ +$88(&4%3&K"!#$%?(6!0+&7(,&-(#"*6,(3(%(%&
`(#Se%8+(%[&&
&
T@OO@D3&q>U>&DEM^>&&ZK0S!0$,3"&8#$.&:9O19)5*6$0-./"'%9)5&*
*
T@MO@D3&qU>&$#*5%3*DEMN>&&Zj"$0!+,$%&$8&04),%,%(&!%3& W3(6'3#$04)!%,%(&8#$.&:9O19)5*
6$0-./"'%9)5&*
*
T@AA@SP3&4>&DEFI>&&XG00$*A-'97*D1$&+$!3&,%&%!+4#(&!%3&,%&d0.(*&,*$%$?#!)6'[*&
&
T@AA@SP3&U>&6>&DEFM&D1$*i%9V$)*9'&45)5/"6$7*D1$*W.6#"#-#"9.5%",$/*=6$*9'*#1$&<)-;**d5#*".*
89)#1*c$!$.3*
&
T@ALMAJ@D3&T>9>&DEM]>&&XA5."6#$)"9O6"6&4"!?(&!.$%?&+6(&\(#4-,!%&X!"6,%!64![&O%a&`!.(#9&
=>L>&CX$.)>/&T5%%-0".9;$.6*5./*:15!5."6!3*&
&
T@DA3&U>->&'&U>B>&+GDS@OOMAG&22&DEF]>&&Z<!+,-(&K.(#,*!%&.(3,*,%!0&)0!%+">&K%(.$%,%&8#$.&+6(&
6$#"(&"+,.40!%+&Q%$!5#"6*1")6-#"66"!5&*
*
T@CC@A@L(VGA&S@A&4ELQR3&U>U>&'&+>$>&%GO@KMAW&DEFG>&&ZQ,$0$?,*!0&!*+,-,+'&$8&+6(&
+(+#!6'3#$*!%%!7,%$0"[&
&
T@PL3&U>1>&DEMN>&Q1".$6$*T$)?67*D1$")*A9#5.HM*Q1$!"6#)H*5./*415)!509%9;H3*\#B0$?$&3(&j02!&
:(,+6>&&
&
TRGDGLQR3&9>%>&'&->->&5@JGIOC&DE]^>&ZO#?$+$*,%[H&!0"$&ZJ6(&%(g&!*+,-(&)#,%*,)0(&$8&(#?$+[>&&
&
TRGLRMKEV3&B>!>&$#*5%3*DEMD>&&ZJ6(&3'%!.,*"&$8&+6(&!**4.40!+,$%&$8&!0S!0$,3"&,%*4$;5.-!*
15)!5%5&**
*
TRGLRMKEV3&T>&$#*5%3*DEMD>&Zd&3'%!.'S(&%!S$)0(%,&!0S!0$,3"&,%&4$;5.-!*15)!5%5&*
*
TRGCCGQW3&%>&6>&$#*5%3*DEF^>&&ZK%+,)'#(+,*&"+43,("&$%&"$.(&,%3,?(%$4"&\!S,"+!%,&.(3,*,%!0&
)0!%+"[&&
^IM&
&
TRIEAJ(BII3&7>&$#*5%3*DEMI>&ZK0*6$.A,%(9&,"$!0*6$.A,%(9&(+&!0*6$.A,%$%(9&)#$34,+"&,"$0A"&
3(&%}>%019).$5*'%9)"?-./5*=4(00>&K#?>[**
*
TM@L@a@CC@D3&T>&DFEI>**J$601"01#$*/$6&8$-$)$.*R00-%#"6!-63**&
&
TMASLQR@D3&T&DEEI>&&B$/"0".5%*K"%/&4%5.#6*9'*#1$*4)5")"$7*>.*G#1.9?9#5."05%&J-"/$3**&
&
TMAJ3&%>->&DEED>&&ZK.$%?&+6(&P(*$'![&
*
TMAJ3&%>->&DEEI>&&ZX$%"(#-!+,$%&!%3&+#$),*!0&.(3,*,%!0&)0!%+&#("(!#*6[&&
&
TMADELL(qDMJRC3&<>&U>&DE^E>&&ZY("(!#*6&$%&$0$0,454,a&J6(&K2+(*&3#4?[&O%a&Q#!30('9&\>Q>*$#*5%>&
CX$.)">/*&
&
TMDQR3&.><>&DEMF>&&Zj%3,?(%$4"&!?#,*40+4#!&$%&i-(!&Cc("+(.&\$0'%(",!/[&*
&
TMDMKIDG3&U>&$#*5%3*DENE>&&ZJ6(&*$%+#,74+,$%&$8&)()+,3("&!%3&!.,%$&!*,3"&+$&+6(&+!"+(&$8&
8$$3"+488"[&
*
TMDLQR3&9>9>&DEFN>&&<$6";.$)*<)-;63&
&
&
TMLRMSG3&?>&$#*5%3*DENN>&&ZP+43,("&$%&!*(+'0(%,*&*$.)$4%3">&&nRjjj>&&P'%+6(","&$8&,7$+(%,*&
!*,3[&&
&
TOGFF3&/>&DEED>&&Z_,(&=!"S(%&3("&T0,(?(%),02("[&O%a&Q!4(#9&c>&$#*5%3*CX$.)">/&<$)*
i%"$;$.O"%,7*G".*>*"6*f-%#-)1"6#9)"601$6*B-6$-!3*
*
TO@FL3&$>&DEMM>&&=,007#$$S>&&&
&
TO@DKGA3&6>5>&DEMI>&&Z\"'*6$+#$),*&6(3$%,".&-"&)6!#.!*$0$?,*!0&X!0-,%,".[&&
&
TOMA@3&!>%>&DENM>&&Zj%+#$34*+,$%a&ZJ6(&)"'*6$0$?'9&)6,0$"$)6'9&.$#!0,+'&!%3&0(?,"0!+,-!&
*$%+#$0&$8&3#4?&4"!?([&O%a&O8#$%9&_>`>&$#*5%3*CX$.)">/&G#1.9O15)!509%9;"0*:$5)01*'9)&
\"H01950#"@$*<)-;63*
*
TOMA@3&#>4>&$#*5%3*DEFI>&&ZP+#4*+4#(W!*+,-,+'&#(0!+,$%"6,)"&,%&)$+(%+,!00'&6!004*,%$?(%,*&<9<W
3,!0S'0+#')+!.,%("&"47"+,+4+(3&,%&+6(&7(%2(%(&.$,(+'[*
*
TOERL3&9>q>&DENM>&&ZX6(.,"+#'&$8&S!-![&O%a&O8#$%9&_>`>&$#*5%3*CX$.)">/&G#1.9O15)!509%9;H*
:$5)01*'9)&46H01950#"@$*<)-;63**
&
TOpV@D3&B>&DEIF>&&B$605%*|6"0{9*#1$*X<"@".$&4%5.#&*5./*"#6*46H019%9;"05%*G''$0#6*&
j%+#$34**,B%&3(&=!*3$%!03&X#,+*60('>&&
&
TOpV@D3&B>&DENN>&&B$605%*|6"0{*5./&B$015."6!*9'*T5%%-0".5#""9.3*O3,*,B%&*$##(?,3!&'&
!4.(%+!3!&3(&f0e-(#&DEIF>&
&
TAGX3&#>&=k;)>&&Z<!#*$+,*&4"(&$8&+$!3&+$V,%"&,%&"$4+6(.&:(#!*#42[&=!%4"*#,+$&,%A3,+$>&
&
TAGX3&#>&DEMNWDEMF>&&Z=,%$#&=(V,*!%&)6!#.!*$?(%"&|6"0{7*X$%+(V+&!%3&(88(*+"[&
=!%4"*#,+$&,%A3,+$>&
&
TAGX3&#>&DEMM>&&Z<$+("&*$%*(.,%?&4"(&$8:9%5./)5*!.$%?&+6(&`4,*6$0[&
*
TAGI@D3&$>&'&qU>9$&9GOEA@P&DED]>ZK&)#(0,.,%!#'&%$+(&$%&+6(&)"'*6,*&!*+,$%&$8&.("*!0,%(&
g,+6&")(*,!0&#(8(#(%*(&+$&+6(&.(*6!%,".&$8&-,"4!0&6&!004*,%!+,$%"[&
*
TAGICR3&56>&DENI>&&Z`,"+$#,!&3(&0$"&,%3,$"&3(&0!&<4(-!&O")!b![&
^IF&
&
TA@@XEA@3&5->&DENG>&&Z=(+6$3"&8$#&+6(&)#$34*+,$%&$8&*(#+!,%&6!004*,%$?(%,*&!?!#,*"[*&
&
TAE[3&U>->&'&U>&%OEXX@&DEM^>&&Zj%3$0(&!0S!0$,3"&8#$.&G)@5#5!"5&9)"$.#5%"63*j>&j"$0!+,$%&$8&
!0S!0$,3"&!%3&"+#4*+4#!0&,3(%+,8,*!+,$%&$8&+g$&3,.(#"[&*
*
TEQR(6DpAX@DJ3&#>&DEGE>&&hV$"*N51)$&-.#$)*/$.*W./"5.$).3**I$"6$.*".&89)/V$6#*A)56"%"$.*
]l^_F]l^o3*&
&
TEQR(6DpAX@DJ3&#>&DEI]>&&a9.*I9)5"!5&,-).*R)".9093*&
&
TERA3&/>">&DEEI>&&ZP$.(&$7"(#-!+,$%"&$%&+6(&4"(&$8&.(3,*,%!0&)0!%+"&8#$.&)#,.!#'&!%3&
"(*$%3!#'&?#$g+6&7'&+6(&Y4%!&$8&(!"+(#%&0$g0!%3&O*4!3$#[&&
*
TEMW@3&?>&$#*5%3*DEFD>&&Zj"$0!+,$%&$8&)",0$*'7,%&8#$.*46"%90H?$*5);$.#"O$6*!%3&,+"&
3(+(#.,%!+,$%&,%&")(*,.(%"&$8&"$.(&.4"6#$$."[*
*
TEASG3&?>&$#*5%3*DEF^>&&ZP+#4*+4#(&(04*,3!+,$%&$8&)!%+6(,,%(9&!&80'*,3!0&!0S!0$,3&8#$.&
>!5."#5*O5.#1$)".5&&&
&
TvAMJ(4@DLMA3&.>&$#*5%3*DEMG>&Z=$%$!.,%("&,%&+6(&7#!,%&4%3(#&+6(&,%804(%*(&$8&.4"*,.$0&
!%3&,7$+(%,*&!*,39&+g$&)"'*6$!*+,-(&)+,%*,)0("&$8&>!5."#5*!-605)"5*
*
TEDAN@OS3&/>+>&$#*5%3*DE^k>&&ZJ6(&+$+!0&"'%+6(","&$8&0'"(#?,*&!*,3&!%3&(#?$%$-,%([&&
&
TEDAN@OS3&/>+>&$#*5%3*DE^N>&ZJ6(&+$+!0&"'%+6(","&$8&0'"(#?,*&!*,3[&
&
TELROGAS3&1>/>&DEFE>&&ZJ6(&g!#y&)#$?#!.y&(V)(#,.(%+y&$%&3#4?"[&X$)'#,?6+&DEFE9&X,+!&
*$%&)(%%,"$>&
&
TELROGAS3&1>/>&DEEI>&&Z_<K&8,%?(#)#,%+,%?&!%3&('(g,+%(""&+("+,#%$%'[&X$.(%+!#,$&
(3,+$#,!0&"$7#(&X6!S#!7$#+'&v&f,33&DEEDH&R(g$%+,%&v&`!#+0&DEED>&&:A!"(&+!.7,A%a&Y$7(#+"&
DEEDH&c,00"&$#*5%3*DEEI>&
&
TDG]MQW3&T>&DEEI>&&Z:,",$%&54("+[&K*$.)!b!3$&3(&ZX!%u+&0,*S&uO.y&Z=(%&P.$S(&uO.[&&
&
TDGKDMLQR3&%>&DEMI>&&Y(-,(g&$8&c!""$%&DENF>&&P$.!a&<"@".$*B-61)99!*9'&W!!9)#5%"#H3**&
&
TDGKDMLQR3&%>&DEM^>&ZJ6(&=!6!-,#!&:(""(0&!%3&+6(&)0!%+&4-#"E5&3&Y(,.)#("$&(%&c!""$%9&
Y>U>&$#*5%3*DEFN>**4$)6$O19.$**d-$6#7*G.#1$9;$.6&5./*#1$*R)";".6*9'*I$%";"9.3&
&
TDGKDMLQR3&%>&$#*5%3*DEFN>*4$)6$O19.$**d-$6#7*G.#1$9;$.6&5./*#1$*R)";".6*9'*I$%";"9.3&
:A!"(a>c!""$%&$#*5%3*DEFN>&
&
TDGIL@3&T>&DEIN>&&Zˆ7(#&3(%&?,8+,?(%&`$%,?&3("&)$%+,"*6(%&f0(,%!",(%[&
&
TD@MJ3&9>&DENk>&&J)$$.*B$/"0".$7*D1$&:$5)01*'9)*4%5.#6*#15#*T$5%&
&
TD@MJ3&=>&DENM>&&A%50E*B5)E$#*B$/"0".$3*ZT_K&_$*4.(%+!+,$%[&3(&U($#?(&\>&*S9&)$#&!54(0&
(%+$%*("&X$.,"!#,$&3(&0!&T_K>&
&
TD@ML@O3&B>&'&,>&5MAS@^IMLC&DEFF>&&XJH!.9O"%-6*O-)O-)5#-6M*(,%&)",0$*'7,%6!0+,?(#&\,02&
!3-(%+,-&s.&Q(2,#S&Y$"+$*S[&&
^IE&
&
TD@CLdQRKGD3&->&DEMG>&&Zf!-!,%&!0"&\"'*6$)6!#.!S$%[&*
*
TDM@JOLC@MA@D3&6>U>&DEFk>&&ZP+43,(%&24.&46"%90H?$*0H5.$60$*f$.)0(V&,%&O4#$)![&&
&
TDMWEDMGA3&$>1>&'&$>&6@CGRIA&DEM]>&ZX6!+a&X$88((u"&#,-!0&8#$.&`!#!#9&O+6,$),!>&jj>&&X6(.,*!0&
*$.)$",3$%[&\!#+(&ja&U(+!64%&v&=S$,,!%&DEM]>&
&
TDvC@ALCIRO3&%>&DEEI>&&ZO,%(&Y(,"(&,.&`(#7("+[&
&
TDIJ@D3&#>5>&$#*5%3*DEMM>&&Zj3(%+,8,*!+,$%&$8&!0S!0$,3"&,%&*#43(&(V+#!*+"&7'&.!""!%!0'2(3&,$%&
S,%(+,*&(%(#?'&")(*+#$.(+#'[&&
*
TIXO@D3&6>&DENM>&D1$*W09.9;)5O1H*9'*#1$&>)#*9'*D$9#"1-505.3*CP+43,("&,%&\#(X$04.7,!%&K#+&
!%3&K#*6!($0$?'&<4.7(#&T$4#/&
&
TIMF@D3&7>4>U>&DEMG>&&Y("(b!&3(&c!""$%&DENF>**:9!57*<"@".$*B-61)99!*9'*W!!9)#5%"#H3*
P(?4,3$&)$#&c!""$%9&Y>U>&DEMG>&&ZP$.!a&X$..(%+"&,%"),#(3&7'&\#$8(""$#&f4,)(#u"&#(-,(g[&
:A!"(a&c!""$%&DEMG7>&
&
TIL@O3&B>&DEN^>&&ZK'!64!"*!&3#,%S(#"&!.$%?&+6(&X6!.!&j%3,!%"&$8&<$#+6(!"+&\(#4[*
*
TICO@D3&%>2>&DEFI>&D1$*>!$)"05.&W.e-"6"#"9.*N-6#"0$*5./*%.P-6#"0$*".*#1$&Q9%/*K5)3*
*
TICOI3&B>&P&B>&$KGO&DENM>&ZJe#S,'(3(&'(+,"(%*4$;5.-!*15)!5%5*R>&e2(#,%3(&.'!"!0&
!#!"+,#.!0!#[&&
*
TVGKX@3&<>&'&U>&/S@AX@DJ&DEME>&&ZP$))&.(3&6!004",%$?(%&(88(S+[&&
&
TaMCAP3&U>&DEFM>&D1$*Q)"!$6*9'*45#)""9#67*>&D)-$*D5%$*9'*<9O$M*<")#H*B9.$H*5./*#1$&QCj3*X$%&
)$"+8!*,$&*#,+,*$&3(&K3.0>&O>&q!+("&C#(+>/>&
&
5G&4GDD@3&q>&DE]F!>&D1$*4$H9#$*Q-%#3*&m4,%+!&(3,*,B%&3(&DEFE9&J#!3>&(")!b$0!&3(&X>&=,00(+9&
DEFG>&&G%*Q-%#9*/$%*4$H9#$3*&
&
5G&4GDD@3&q>&DE]F7>&[<!+,-(&K.(#,*!%&7((#"[**
*
5G&4GDD@3&q>&DE^M>&&Z=("*!0,".&!%3&)('$+,".[**
*
5G&4GDD@3&q>&DENG>&ZJg(%+'&'(!#"&$8&)('$+(&"+43,("[>&Y(,.)#("$&(%&DEM^&*B.$&!)A%3,*(&!&
0!&*4!#+!&(3,*,B%&3(&D1$*4$H9#$*Q-%#*CR!&Q!##(&DE]F!/>&
&
5G&4GDD@3&q>&DEMG>&D1$*J196#*<5.0$7*D1$**&R)";".6*9'*I$%";"9.3**&
&
5G&4GDD@3&q>&DEMI>&&Z`!004*,%$?(%"&!%3&+6(&"6!.!%,*&$#,?,%"&$8&Y(0,?,$%[&O%a&T4#"+9&\>J&
CX$.)>/&i%$61*9'*#1$*J9/63*D1$*I"#-5%*=6$*9'*T5%%-0".9;$.63*&
&
5G&4GDD@3&q>&DEM^>&&<$+!"&'&K33(%3!&!&D1$*4$H9#$*Q-%#3**X4!#+!&(3,*,B%&!4.(%+!3!>&
j%*04'(&&ZJg(%+'&'(!#"&$8&)('$+(&"+43,("[H&ZJ6(&0!"+&8,-(&'(!#"&$8&)('$+(&"+43,("[&3(&0!&
(3,*,B%&3(&DENE&P&Z\('$+(&"+43,("9&DEN]WDEM]>[&J!.7,A%&Z\#(8!*(&+$&+6(&DENE&(3,+,$%>[&
&
5G&4GDD@3&q>&DEME!>&&ZP6!.!%,*&$#,?,%"&$8&#(0,?,$%&!%3&.(3,*,%([&\$%(%*,!&)#("(%+!3!&(%&
0!&*$%8(#(%*,!&Z`!004*,%$?(%"&,%&<!+,-(&K.(#,*!%&P6!.!%,".&!%3&=$3(#%&R,8([&IF&
P()+,(.7#(&D&d*+47#(&DEMF9&&
&
5G&4GDD@3&q>&DEME7>&&Z\('$+0&!%3&.("*!0,%([&\$%(%*,!&)#("(%+!3!&(%&0!&X$%8(#(%*,!&
Z`!004*,%$?(%"&,%&<!+,-(&K.(#,*!%&P6!.!%,".&!%3&=$3(#%&R,8(9[&IF&P()+,(.7#(&D&
d*+47#(&DEMF>&
^]G&
&
5G&4GDD@3&q>&DEFG!>&&ZK%+6#$)$0$?,*!0&)(#")(*+,-!"&$%&6!004*,%!+,$%9&6!004*,%$?(%"&!%3&+6(&
"6!.!%,*&$#,?,%"&$8&#(0,?,$%[&O%a&R!&Q!##(9&c>&Q-%#-)$*".&Q9.#$S#7*:$%$0#$/*K)"#".;6*9'*
K$6#9.*C5&A5))$3*&
&
5G&4GDD@3&q>&DEFG7>&&Z`,"+$#'&!%3&(+6%$?#!)6'&$8&X!%%!7,"[*O%a&R!&Q!##(9&c3*Q-%#-)$*".&
Q9.#$S#7*:$%$0#$/*K)"#".;6*9'*K$6#9.*C5&A5))$3*&
&
5G&4GDD@3&q>&DEFG*>&&ZP$.!a&ZJ6(&+6#((!%3&$%(&6!08&.,00(%%,!&.'"+(#'[&O%a&R!&Q!##(9&c>&
Q-%#-)$*".&Q9.#$S#7*:$%$0#$/*K)"#".;6*9'*K$6#9.*C5&A5))$3*Y("(b!&3(&c!""$%&DENF>&&:9!57*
<"@".$*B-61)99!*9'*%!!9)#5%"#H3**\470,*!3$&$#,?,%!0.(%+(&(%&DEMG>&&
&
5G&4GDD@3&q>&DEFF>&&Y("(b!&3(&c!""$%&(+&!0>&DEFN>**4$)6$O19.$**d-$6#*F*G.#1$9;$.6&5./*
#1$*R)";".6*9'*I$%";"9.3*&
&
5G&4GDD@3&q>&$#*5%3*DE^D>&&ZP+!+(.(%+&$%&)('$+([**
*
5G&4@DJ@3&%>&!%3&B>&-R@MAJEOS&DEEG>&GSO%9)".;*#1$*K9)%/*9'*C-0"/*<)$5!".;&
&
5GXDG3&<>4>&DEED>&O0&a$.5/9*>,-%3&
&
5GXDEILL@3&$>&$#*5%3*DEEI>&&ZO%&0!&)#(%"![&&
&
5GJGDS@3&.>$>&3(&DFNN>&&J$65!!$%#$*>?15./%-.;$.3***
&
5GM3&$>&$#*5%3*DEM]>&&Z\6'+$*6(.,*!0&,%-("e?!+,$%"&$8&a")9%5*O$)-@"5.5M*!&%(g&6!004*,%$?(%,*&
)0!%+[&*
&
5G]EI[3&U>&DEN]>&D1$*I90E*45".#".;6*9'&D566"%"*&
&
5GO3&%>1>&'&4>&?GSGV&DEF]>&&ZT$0S&.(3,*,%("&$8&f4#4S"6(+#!&_,"+#,*+&C`!#'!%!/9&j%3,![&&
&
5z$OO@KGAC3&+>&DNIN>&&R(++(#&8#$.&m4A7(*&+$&6,"&7#$+6(#&,%&T#!%*(>&D&K4?4"+&DNIN>&&:A!"(a&
c!""$%9&Y>&U>&DEME>&&ZJ#!3,+,$%!0&4"(&,%&<$#+6&K.(#,*!&$8&>!5."#5&!-605)"5*8$#&3,-,%!+$#'&
)4#)$"("[&&
&
5GKX3&7>4>&DEMk>&&K",5)/*9'*#1$*=OO$)&>!5,9.7**D1$***:#9)H*9'*B5.-$%*Qp)/9@5*I"963*
j%+#$34**,B%&3(&K>J>&c(,0>&Y(,.)#(",B%&(%&#h"+,*!&3(&XB#3$-!&Y,$"9&=>&P&T>Q>&R!.7&DEMD>&&
K",5)/*9'&#1$*=OO$)*>!5,9.3*R4(?$&)470,*!3$&7!;$&(0&+,+40$&(%&#h"+,*!&T#!?.(%+$&
)470,*!3$&(%&DEMk>&&uc,+*6&_$*+$#&$8&+6(&i))(#&K.!2$%[&
&
5GKX3&7>4>&DEFD!>&&ZX$..(%+&$%&Q$*Su"&#(-,(g&$8&D1$*<9.*N-5.*45O$)6&&&
&
5GKX3&7>4>&DEFD7>&&XK",5)/*9'*#1$*=OO$)&>!5,9.*!"&O+6%$?#!)6'[&&
&
5GKX3&7>4>&DEF^>&&I"9*D";)$*5./*A$H9./7*D1$**>!5,9.*B$/"0".$*9'*B5.-$%&Qp)/9@53*
\#(8!*,$&3(&c>&L$6%"$%9&&
&
5GK@&1@@D3&U>\7>_&P&->&/DSE@L&DEMI>&C5!$*<$$)7*:$$E$)*9'*a"6"9.63&
&
5GAJSEA3&/>U>&DEFN>&&ZR!"&*0!",8,*!*,$%("&3(0&'!;A&3(%+#$&3(0&?#4)$&P,$%!>&O+%$7$+1%,*!9&
(+%$54,.,*!&(&6,"+$#,![&
*
5GAJ@3&q>->&DEFM>&&ZX,?4!+(#!&+$V,*,+'[&
^]D&
&
5GDDML3&%>&=kjl>&i9)?H/$*T5%%-0".9;$.$)~7*i9)?H/*85#-)$.*5#*J)9t&X4!#+!&(3,*,B%>&\470,*!3$&
$#,?,%!0.(%+(&(%&DEMk>&
&
5GDL@A3&%>&DEMN>&D1$*:15!5.u6*<99)V5H7*RO$.".;*#1$*BH#1"0*W!5;".5#"9.*#9*
Q9.#$!O9)5)H*Q9.60"9-6.$663**
*
5GDLEA3&.>&$#*5%3*DEND3*
D9?50097*GSO$)"!$.#5%*5./*Q%"."5%*:#-/"$67*>&Q9).O$1$.6"@$*>009-.#*9'*#1$*K9)%/&&
*
5GLQGAE3&+>&$#*5%3*DENM>&&ZO"+43,$&8,+$54,.,*$&3(&0!&(")(*,(&)",*$+$.,.A+,*!&Z6"0[*WO9!9$5*
05).$5&*
&
5GCMK@D3&1>&'&U>&6EOSX@DJ&DEFD>&&i%9V$)6&".*#1$*A%99/7*D1$*:#9)H*9'*RO"-!>&
j%+#$34**,B%&3(&c>P>&&Q4##$4?6">&
&
5G&CEDD@3&1>5>&'&7>$>&5G&CEDD@&DEMM>&Z\0!%+"&4"(3&7'&+6(&=(V,*!%&`,*S!)$$&j%3,!%"[**
*
5GCCG3&->.>&'&4>U>&&/GCEA&DEM^>&&ZP(!"$%!0&804*+4!+,$%"&,%&*!%%!7,%$,3&*$%+(%+&$8&f!%"!"&
.!#,64!%!&Z6"0[*&
&
5GdEL&+RGV@DE3&/>&'&9>/>&4IPOOG&-EQ@L&DEFF>&&ZO+6%$7$+!%'&,%&!&+#$),*!0W64.,3&#(?,$%a&J6(&
6$.(&?!#3(%"&$8&Q!02!)$+(9&:(#!*#429&=ŒV,*$[&&
&
5@GDP3&U>1>&DEMG>&&ZK0S!0$,3"&$8&+6(&"((3"&$8*<5#-)5*65.;-"$5&*
*
5@GDP3&#>&DENk>&&ZJ6(&#(0,?,$4"&(V)(#,(%*(a&j+"&)#$34*+,$%&!%3&,%+(#)#(+!+,$%[&&
Y(,.)#("$&(%&c(,09&U>=>&$#*5%>&CX$.)">/*46H$01$/$%"0*I$5/$)&&
&
5@GDP3&#>&DENN!>&&Z\0!'7$'&,%+(#-,(ga&J,.$+6'&R(!#'[&&
&
5@GDP3&#>&DENN7>&&ZOV)(#,(%+,!0&+')(g#,+(#[&&
&
5@GDP3&#>&DENF>&T";1*4)"$6#*&
&
5@GDP3&#>&'&->&$OF@DC&DEN]>&&ZJ6(&)$0,+,*"&$8&*$%"*,$4"%(""&(V)!%",$%[&&
&
5@GDP3&#>&'&Y>&9@CdA@D&DENN>&Z\#$?#!..(3&*$..4%,*!+,$%&34#,%?&(V)(#,(%*(&g,+6&_=J[&&
&
5@GDP3&#>&$#*5%3*DENk>**D1$*46H01$/$%"0&G)O$)"$.0$7*>*B5.-5%*A56$/*9.*#1$&D"?$#5.*A99E*9'*
#1$*<$5/3**&
&
5@XE@IN3&9>&$#*5%3*DEMM>&&ZK0*!0$Š3("&(+&+#,+(#)A%("&34&D$6#-%$5*;5?9.$.6"6&\(00(?#>[&&&
&
5@XEC3&<>&DEED>&&Zf!-!&L4"O$)*!$#1H6#"0-!&T$#"+>&8/a&J6(&\$0'%(",!%&3,")(#"!#&$8&!%&
d*(!%,!%&)0!%+[&O%a&X$V9&\K&'&PK&Q!%!*S&CX$.)">/&W6%5./6M*4%5.#6*5./&49%H.$6"5.67*>.*
W.#)9/-0#"9.*#9&49%H.$6"5.6*G#1.9?9#5.H3**
*
5@XEC3&<>&'&U>&5rV@L^I@&DEFE>&&ZJ6(&$#,?,%&!%3&3,"+#,74+,$%&$8&S!-!&L4"O$)*!$#1H6#"0-!&
T$#"+>&8/a&K&)6'+$*6(.,*!0&!))#$!*6[&*
&
5@XEC3&<>&$#*5%3*DEFN>&&ZR(&S!-!&3("&!%*A+#("&("+,0&0u!%*A+#(&34&S!-!y[&&
&
5@XEC3&<>&$#*5%3*DEEI>**f5@57*D1$*450"'"0&<)-;3**&
&
5@@3&9$&'&4>&%ROGMA&DEF^>&&>0"/&<)$5!67*C:<M*#1$*QW>*5./*#1$*:"/"&T$?$%%".3*&
&
5@@3&q>&CP(43B%,.$&3(&c,00,!#%&Q4##$4?6"/&DE^]>*N-.E"$7*Q9.'$66"9.6*9'&5.*=.)$/$$!$/*
<)-;*>//"0#3*\470,*!3!&$#,?,%!0.(%+(&(%&(3,*,B%&#h"+,*!&3(&]^&!*$.)!b!3!&)$#&85)09#"0*
>;$.#*3(&DEkD&3(&=>&`(07#!%+9&*$%&4%!&(")(042%!%+(&)$#+!3!&,04"+#!3!&*$%&(0&3,74;$&3(&
4%!&-,$0!*,B%>&
^]I&
&
5@JO@D3&6>&'&->&#LQR@LQR@&DEN]>&&Z_,(&j"$W0,(#4%?&-$%&<W=(+6'0+#')9&^W=(+6$V'W<W
#%(+6'0+#')+!#%,%&4%3&^W=(+6$V'W8M8W3,.(+6'0+#')+!#%,%&!4"&3(#&Y,%3(&-$%&4"O#5/$."5&
O$)$;)".5&Q(%+6>[&
&
5QRGA@3&4>&DEMM3*D1$*49V$)*9'*4%5.#63*&
&
5@RKGAA3&B>/>&P&U>&+LGAW&DE^M>&&Z_,88(#(%+,!0&"*#((%,%?&$8&)6#(%$+#$),*&!?(%+"&,%&.!%[&*
*
5@KG3&qU>&$#*5%3*DEFN>&&Z\#$"+!?0!%3,%&"'%+6(+!"(&,%6,7,+,$%&7'&!0S!0$,3"&$8&T$"!"5*
65%"0"'9%"5&**
&
5@EARGDSC3&q>&DEEI>&&Zˆ7(#&Y!4"*624"+~%3(&7(,&\1%+6(+),02-(#?,8+4%?(%[&\470,*!3$&
$#,?,%!0.(%+(&(%&DEkE>&*
&
5@uA&.EDCMOOG3&9>&DEND>&&C96*>.#";-96&B$S"05.963**&
&
5@IA@D3&B>&'&6>&4G@D&DEN^>&&ZJg$&%(g&"6$#+!*+,%?&6!004*,%$?(%"&$8&+6(&)",0$*'7,%&?#$4)[&
O%a&Q(%+(9&_>&'&\>Q>&&Q#!30('&CX$.)">/&8$-)9*46H19O15)!509%9;H3**&
&
5@IA@D3&B>&'&B>&BEON@OS&DENI>&ZO#?(7%,""(&4%3&\#$70(.(&3(#&\"'*6$+6(#!),(&.,+&`,08(&-$%&
RP_WI^&4%3&-(#g!%3+(%&P47"+!%2(%[&&
&
5@IA@D3&B>&'&9>&%QROMQRCMAJ&CJ#!3>&3(&L>&Q!S(#/&DEFE>&&ZK&#()$#+&$%&+6(&"'.)$",4.&ud%&+6(&
*4##(%+&"+!+(&$8&#("(!#*6&,%&+6(&!#(!&$8&)"'*6$!*+,-(&"47"+!%*("[u&O%a&Y~+"*69&X>&CX$.)>/&
J5#$V5H*#9*W..$)*:O50$7*:50)$/*4%5.#M&BH6#"0"6!*5./*4H019#1$)5OH*F*>&i$6#601)"'#*".*T9.9)*
9'*>%?$)#*T9'!5..3**&
&
5@IAJ3&$>?>&DENM&W.@$6#";5#"9.6*9.*46"%90H?#.*5./*"#6*>.5%9;-$6*".*Q$)#5".&&
&
5@IAJ3&$>?>&'&$>6>&.GIO&DENF>&ZQ!($*'"+,%&!%3&%$#7!($*'"+,%a&<(g&!%!0$?"&$8&)",0$*'7,%&
8#$.&46"%90H?$*?5$90H6#"6&*
*
5@IAJ3&$>?>&P&$>6>&.GIO&DENE>&&ZY(0!+,$%&$8&*!#7$%&!%3&%,+#$?(%&%4+#,+,$%&$8&46"%90H?$*
?5$90H6#"6*+$&+6(&)#$34*+,$%&$8&)",0$*'7,%&!%3&,+"&!%!0$?"[&*
&
5@IAJ3&$>?>&$#*5%3*DEN^>&&Z\#$34*+,$%&$8&)",0$*'7,%&46"%90H?$*?5$90H6#"6*"!)#$)6'+,*&
*40+4#([&
*
5@V@DGAC3&->&DEFN>&&Z=_=K&#(*$%",3(#(3[&&
&
5@VMA3&5&$#*5%3*DEEI>&&ZX,?!#(++("&!%3&!33,*+,$%[*J#("&*!#+!"&!0&(3,+$#&(%&#(")4("+!&!a&
P*6(00,%?9&J>X>&DEEI>&&ZK33,*+,-(&3#4?"a&J6(&*,?!#(++(&(V)(#,(%*([*&
&
5@VMA@3&q>6>&DENM&ZT$#.!+,$%&$8&704(&$V,3!+,$%&)#$34*+&8#$.&)",0$*'7,%[&&
&
5@VP3&%>&DEED>&&ZP(!#*6&!%3&3("+#$'a&c6!+&6!))(%(3&g6(%&+6(&P(*#(+&P(#-,*(&-,",+(3&P+(-(&
L!*S"$%&U!.("[&:A!"(&+!.7,A%&d#+(?!&DEE]>&
&
5@VP3&%>&DEEI>&&ZT,?6+,%?&+6(&*$3(&g!#[&*
*
5@aMA3&5>&DFFN>&n?$)*4"O$)*B$#1H6#"0-!*Cf!g!/>&&&
&
5@aMA3&5&DFFF>&Zˆ7(#&
K%6!0$%,4.&R(g,%,,>[&&
&
5@aMA3&5&DEIk>&&415.#56#"5*<"$*A$#2-?$./$.*-./$*G))$;$./$.*
J$.- !"##$%3&i()*+),#*-./*8"01#2),#3&&\#,.(#!&+#!34**,B%&,%?0("!&3(&DE]D>&J#!3>&#(,.)#("!&
(%&DENk&*$.$&415.#56#"057*85)09#"0*5./*:#"!-%5#".;&<)-;6*3*D1$")*=6$*5./*>?-6$>>>&
\#B0$?$&3(&Q>&`$0."+(3+>&&O3,*,B%&8#!%*("!&3(&DEIF>&&
^]]&
&
5@aMA3&5&DEIF>&&Zi%+(#"4*64%?&e7(#&A5."6#$)"5*055O"*P)#>&C(,%&"e3!.(#,S!%,"*6("&
Y!4"*6.,++(0/&*
*
5@aMA3&5&DEIE>&&A5."6#$)"5*055O"M*G".&8$-$6*I5-601;"'#*-./*T$"!"##$%*&
&
5@aML3&4>&DE^^>&&ZK+#$),%(&,%&.4"6#$$."&J6(#!)(4+,*&,.)0,*!+,$%"[&*
*
5@aML3&q>B>&P&9>.>7>&/OVMA(5@aML&DEMM>&B$/"05%M*A9#5.H7*4%5.#6*>''$0#".;*B5.u6*&T$5%#13**
*
5@aML3&q>B>&P&9>.>7>&/OVMA(5@aML&DEEG>&&Zd7"+(+#,*!0&4"(&$8&+6(&)!#!",+,*&84%?4"&A5%5.6"5*
0HO$)H*7'&+6(&K.!2$%,!%&L@-!)9*|6"0{*g$.(%[*&
&
5@aML3&q>B>&$#*5%3*DEED>&&ZY,+4!0,"+,*&4"(&$8&+6(&6$00'&W%$S*;-5H-65!7'&K.!2$%,!%&L@-5)9*|6"0{&
j%3,!%"[&
&
5@aEACMA3&->+>&P&1>5&BGDS&DEED>&&Z\$)40!+,$%&?(%(+,*"&,%&8$#(%",*&_<K&+'),%?[*Y()0,*!&!&
X6!S#!7$#+'&v&`,33&DEEDH&-A!"(&+!.7,A%a&f$"60!%3&DEEIH&Y$7(#+"&DEEDH&c,00"&$#*5%3*DEEI>&
&
5REC@3&B>&DE^E>&D1$*:$5)01*'9)*#1$*D566"%"*i)$609$6*
&
5M3&B>5>&DEMk!>&&ZJ6(&$#,?,%&!%3&4"(&$8&Q5..5?"6*,%&(!"+(.&K",!a&+,%?4,"+,**40+4#!0&
,.)0,*!+,$%"[&&
&
5M3&B>5>&DEMk7>&&ZK%&!#*6!($0$?,*!0&!%3&6,"+$#,*!0&!**$4%+&$8&X!%%!7,"&,%&X6,%![&&
&
5M3&B>5>&DEMF>&&Z`!004*,%$?(%,*&)0!%+"&,%&X6,%("(&6(#7!0"[&\470,*!3$&$#,?,%!0.(%+(&(%&DEMM&&
&
5MAQENN3&6>&P&1>B>&9MCQR@O&DEMM>&D9S"0&5./*T5%%-0".9;$."0*B-61)99!&49"69.".;*F*>*
T5./?99E*'9)*41H6"0"5.6&5./*!-61)99!*T-.#$H63*\#B0$?$&3(&K0(V!%3(#&`>&P.,+6>&&
&
5MAJ3&#>9>&'&U>&4IQWKGA&DEN]>&&C"6$);"$&>0"/*LC:<*`o\*5./*I"#5%".*".*#1$&D)$5#!$.#*9'*
.$-)96"63*&
&
5MAJ3&#>9>&'&U>&4IQWKGA&DENk>&&ZJ6(&&+#(!+#%(%+&$8&8+,?,3,+'&g,+6&0P_&!%3&Y,+!0,%[&&
&
5MAd@D3&U>&DEMG>&&ZP$.(&!%+6#$)$0$?,*!0&!")(*+"&$8&'!?A&Z&O%a&K!#$%"$%9&Q>P>&'&`>&d".$%3&
CX$.)">/*46H01$/$%"067*D1$*=6$6*5./*%!O%"05#"9.6*9'*T5%%-0".9;$."0&<)-;6*3**&
&
5MEIAML3&$>&DEEI>&&ZP,0S&8$#&*$*!,%([&
&
5MFF3&7>U>&DEEG>&&Z=,V(&*$%*()+"&!%3&4"("&$8&(%+6($?(%,*&.4"6#$$."[&O%a&Y,(30,%?(#9&J>L>&
CX$.)>/&D1$*:50)$/&B-61)99!*:$$E$)7*G665H6*'9)*I3**J9)/9.&K5669.3*&
&
5MFF3&7>U>&DEED>&D1$*B"S$*9'*R5S5057*I$%";"9.M*I"#-5%*5./******T$5%".;3*\#B0$?$&3(&=>P>&
O3.$%3"$%>&
&
5MCC@A3&q>&DEM^>&ZJ6(&&.$"+&)$,"$%$4"&.4"6#$$.[**
*
5MCdMAJ@D3&q>U>&DEFD>&&ZX(#!.,*&(-,3(%*(&8$#&)#(6,"+$#,*&<5#-)5*4"(&,%&<$#+6&K.(#,*![&
&
5MI3&T>&+>&$#*5%3*DEMM>&&ZP+43,("&$%&+6(&*$%"+,+4(%+"&$8&+6(&*$#+(V&#!3,*4"&$8&>050"5*09.'-65&*&
&
5MaLdPQ3&6>/>&$#*5%3*DEEI>&&Z_!,.(&W&K&#,+4!0&6(#7!0&)$+,$%[&
^]k&
5OEPS3&B>$>&$#*5%3*DEF^>&&ZQ#4%8(0"!.,3,%(a&K&%$-(0&*$%-40"!%+&8#$.&+6(&.(3,*,%!0&)0!%+*
A)-.'$%6#"5*;)5./"'%9)5&*&
&
5EQWaEES3&#>/>&DEM]!>&&>*D5S9.9!"0*I$@"6"9.*9'*A)-;!5.6"5*L:9%5.50$5$\3**
&
5EQWaEES3&#>/>&DEM]7>&&ZU(%(#,*&#(*$?%,+,$%&$8&A)-;!5.6"5&*
&
5EQWaEES3&#>/>&DEME>&&ZJ6(&(+6%$7$+!%'&9'*A!;!5.6"5&*
&
5EAMCd@D3&$>&CR$%,*(#4"/&D^FI>&&f)2-#$)?-013**&
&
5uF@d&$ILCMA3&K>&DENM>&&ZJ(##%,%$"&3(0&<!64!00!+$00,[&
&
5EDS!EL@{&DEEI>&&>*J-"/$*#9*#1$&46H01$/$%"0**j.)#(",B%&)#,-!3!9&P!%&T#!%*,"*$>&i%&8$00(+$&
*$%&4%!&)(54(b!&7,70,$?#!8@!&54(&!*$.)!b!&4%&)$"+(#&Zn$*6,&P)(!S"[&*$%&4%!&8$+$?#!8@!&
3(&4%!&!%+,?4!&("+!+4!&.(;,*!%!&3(&n$*6,),00,&#$3(!3!&3(&.$3(0$"&.$0(*40!#("&3(&
"47"+!%*,!"&)",*$!*+,-!"&54(&00(%!%&(0&(")!*,$>&&:A!"(&+!.7,A%a&T#!"(#&DEEI&&
&
5EIDMG3&1>4>&DENM>[J6(&&!74"(&$8&RP_[&!%3&ZT,#"+&_,"*4"",$%[&O%a&_(Q$039&
\9X>&'&Y>X>&R(!8&CX$.)">/&C:<M*B5.&
5./*:90"$#H3*&
&
5EaM@3&->B>&DEkN>&&ZJ6(&,%3,!%"&$8&(!"+(.&Q#!2,0>&&O!"+(.&Q#!2,0a&K%&,%+#$34*+,$%[&O%a&
P+(g!#39&L>`>&CX$.)>/&T5./?99E*9'&:9-#1*>!$)"05.*W./"5.63*&
&
5EaP3&4>&DEMD>&&Z<(g&#(*$#3"&$8&.4"6#$$.&"+$%("&8#$.&U4!+(.!0![&
&
&
5EaP3&4>&DEMI>&&Z=4"6#$$.&"'.7$0,".&,%&=!'!%&*$3,*("[&
&
5EaP3&4>&DEMk>&&>!5."#5*!-605)"5*!%3&+6(&+64%3(#7$0+&0(?(%3&,%&U4!+(.!0!&!%3&=(V,*$[&&
&
5EKP3&4>&DEM^>&&Z<$+("&$%&.4"6#$$."&!%3&#(0,?,$%[&*
&
5EaP3&4>&DEMM>&&Z`!004*,%$?(%,*&.4"6#$$."&,%&U4!+(.!0![&
&
5EaP3&4>&DEFG>&&ZO+6%$.'*$0$?,*!0&,%8(#(%*("&8#$.&.4"6#$$.&"+$%("9&=!'!&*$3,*("9&!%3&
J24+46,0&0(?(%3[&&
&
5EaP3&4>&DEFM>&&ZX!!),&#(-,"+(3W0%&X6#,"+,!%,+'>&
&
5EdEPG3&i>&DEF]>&&ZP$7#(&0!&,%-("+,?!*,B%&3(&0!"&)0!%+!"&)",*$+#B),*!"&(%&0!"&!%+,?4!"&
*40+4#!"&,%3,?(%!"&3(&=AV,*$[&
&
5ISOEa3&7>B>&DF^M>&D1$*T561$$61*G5#$)*A$".;*45665;$6*')9!*#1$*C"'$*9'*5*4H#15;9)$5.3*
Y(,.)#("$&(%&8!*",.,09&(%&(3,*,B%&0,.,+!3!&3(&]GG&(;(.)0!#("&8,#.!3$"&)$#&P1++'9&*4'!"&
,04"+#!*,$%("&)!#!&("+!&(3,*,B%&)$"+(#,$#.(%+(&!)!#(*,B&(%&>)015"0*I$@"@5%*C=*f(%%!&
DEED/9&j%+#$34**,B%&3(&=,*6!(0&`$#$g,+2&J#!3>&!0(.!%!&(%&DEFG>*<56&15601"601*G $)**
*
5ISaMJ3&$>9>&P&U>&5@VMA@&DENN>&&ZJ6(&&*0,%,*!0&(88(*+"&$8&)"'*6(3(0,*&!?(%+"[&*
&
5IW3&T>+>&$#*5%3*DEF]>&&Zj"$0!+,$%&!%3&,3(%+,8,*!+,$%&$8&&u3,!2(&)!.0,S(u&*$.)$4%3"&8#$.&
7$-,%(&4#,%([*
&
5IKREOCd3&+>&DFEk>&ZJ!#!64.!#,&3!%*("&!%3&)0!%+g$#"6,)[&&
^]^&
&
5IKREOCd3&+>&DEGI>&&=.E.9V.*B$S"93&
&
5IAG3&5>/>&DEFk!>&&ZJ6(&6(!0,%?&)#!*+,*("&$8&!&\(#4-,!%&"6!.!%[*
&
5IAG3&5>/>&DEFk7>&&ZJ6(&*$%*()+&$8&)0!%+"&!"&+(!*6(#"&!#%$%?&8$4#&.("+,2$&"6!.!%"&$8&
j54,+$"9&%$#+6(!"+(#%&\(#4[&&
&
5IAG3&5>/>&DEFN!>&&ZQ,70,$?#!8@!&"$7#(&(0&!'!64!"*![&&
&
5IAG3&5>/>&DEFN7>*ZK)A%3,*("[&
&
5IAG3&5>/>&DEFN*>&&a$;$#5%"6!97*:15!5."6!*>!9.;*#1$*B$6#",9&49O-%5#"9.*9'*#1$*4$)-@"5.*
>!5,9.3&&
&
5IAG3&5>/>&DEED>&&Z\0!%+&"),#,+"&,%&!'!64!"*!&-,",$%"&7'&\(#4-,!%&)!,%+(#9&\!70$&K.!#,%?$>&
K%&,*$%$?#!)6,*&!%!0'","[**
*
*
5IAG3&5>/>&DEEI>&&X$.4%,*!*,$%("&)(#"$%!0("9&P!%&R4,"&\$+$"@9&=AV,*$>&&
&
5IAG3&5>/>&DEE]>&&X$.4%,*!*,$%("&)(#"$%!0("9&=!3#,3&'&`4(0-!9&O")!b!>&&
&
5IAG3&5>/>&'&.>&$KGDMAJE&DEED>&>H51-5605*a"6"9.67*D1$*I$%";"9-6&W09.9;)5O1H*9'*5*4$)-@"5.*
:15!5.3*&
&
5IAS3&,>&DEME>&&ZO"+,.!+,$%&$8&.4"*,.$0&!%3&,7$+(%,*&!*,3&,%&>!5."#5*!-605)"5*4",%?&6,?6W
)(#8$#.!%*(&0,54,3&*6#$.!+$?#!)6'[&
&
5IASLCDvK3&U>&DEMD>&&ZQ,$"'%+6(+,*&"+43,("&$%&.("*!0,%(&!%3&#(0!+(3&*!*+4"&!0S!0$,3"[&&
&
9G3&q>q>&$#*5%3*DEFN>&&ZX!*+4"&!0S!0$,3"9&Rnj>&&j3(%+,8,*!+,$%&$8&.("*!0,%(&!%3&#(0!+(3&
*$.)$4%3"&,%&(,?6+&!33,+,$%!0&")(*,("&4",%?&JRX&!%3&=Pr=P[&&
&
9Q$OO@LC@D3&1>.>&DEkE>&&4$H9#$*B-6"03&
9Q+GaO@P3&/>5&$#*5%3*DENI>&&ZX$%-40",$%"&8#$.*46"%90H?$*.4"6#$$.&)$,"$%,%?[&&
&
9Q+O@GDP3&U>$>&$#*5%3*DENG>&&ZK%+,7,$+,*&!*+,-,+'&$8&!%&(V+#!*+&$8&)('$+(&LC9O19O19)5*
V"%%"5!6""*|C$!5")${&X$40+(#/&X*&
&
9Q+EP3&$>q>&DEMI>&D1$**49%"#"0*9'*T$)9".&".*:9-#1$56#*>6"5>&Y(,.)#("$&(%&DEED>&D1$*49%"#"0*
9'*T$)9".7*QW>*Q9!O%"0"#H*".*#1$&J%9?5%*<)-;*D)5/$3**&
&
9Q+EP3&$>q>&'&&4OEQW&CX$.)">/&DEEI>&K5)!$%&_#4?"&a&:#-/H*".*#1$&i5"%-)$*9'*=3:3*85)09#"06*
49%"0H3**
&
9Q+IOOEIJR3&->&$>&DEMD>&&ZK&#(!3&QK_&8,"6,%?&+#,)[&&
&
9Q1EAGOS3&$>&DEMF>&&ZJ6(&&)#("(%+&"+!+4"&$8&P$.!a&J6(&(88(*+"&$8&X!0,8$#%,!&>!5."#5*
!-605)"5&$%&%$#.!0&64.!%&-$04%+((#"[&O%a&Y4.!*S9&Q>`>&'&O>&P!02.!%&CX$.)">/&
B-61)99!&49"69.".;7*<"5;.96"6*5./*D)$5#!$.#3**&
&
9Q1EAGOS3&$>&DEFG>&&Z=4"6#$$."&!%3&.!3%(""a&`!004*,%$?(%,*&.4"6#$$."&!%3&"$.(&
)"'*6$)6!#.!*$0$?,*!0&,.)0,*!+,$%"[&&
&
9GQ1EAGOS3&B>->&$#*5%3*DENM>&ZX,#*40!+$#'&(88(*+"&$8&6(#$,%&,%&)!+,(%+"&g,+6&.'$*!#3,!0&
,%8!#(+,$%[&&
&
9G@1EIJGOO3&#>&DENG>&Zj)$.(!&|6"0{&+#,*$0$#&!&6!004*(%$?(%,*&|",*{*)0!%+&$8&+6(&p!)$+(*"[&
^]N&
&
9GQ1EIJGOO3&#>&DENF>&&ZK&*$.)$",+(&g,+6&)"'*6$+#$),*&)#$)(#3("[&&
&
9Q7GDOGAS3&->$>&DE^]>*T-!5.*i50#9)6*>")*D)5.6O95#"";.3**&
&
9Q7GDOGAS3&->$>&$#*5%3*DEkk>**>@"5#"9.&B$/"0".$*&
&
9GQ7EP3&+>$>&'&$>9>&%GKG&DEF]>&&Z=(3,*,%!0&)0!%+"&,%&\4;(64%&_,"+#,*+9&P,(##!&R($%([*
&
9Q6OECROMA3&q>B>&DEN^>&&Z`!004*,%$?(%,*&3#4?"a&K&)(#")(*+,-!&g,+6&")(*,!0&#(8(#(%*(&+$&
)('$+(&!%3&X!%%!7,"[&&
&
9Q2LGGQ3&q>9>&P&<>&/LCrV@d&DENN>&
ZP+#4*+4#(!*+,$%&#(0!+,$%"6,)&$8& W*!#7$0,%("&!"&.$%$!.,%(&$V,3!"(&,%6,7,+$#"[&&
&
9QT@AAG3&1>U>&DEEI>&&X$.4%,*!*,$%("&)(#"$%!0(">&P!%&R44,"&\$+$",&=AV,*$>&
&
9QT@AAG3&1>U>&'&#>T>&9QT@AAG&DEM^>&D1$*W.@"6"?%$*C5./605O$7*B"./M&T5%%-0".9;$.6M*5./*
#1$*W*Q1".;3&Y(,.)#("$&(%&DEEk9&
&
9QT@AAG3&1>U>&P&%>U>&&.@DEICWG&DEEG>&Z<(4#$*6(.,"+#'&!%3&%(4#$+$V,*,+'&$8&]9kW
.(+6'0(%(3,$V'!.)6(+!.,%(&C=_=K9&O*"+!"'/[*
&
9QT@AAG3&1>U>&P&U>9>&%GGV@SDG&DEFM>&&ZK4+$#!3,$?#!)6'&$8&RP_&!%3&I9^W
3,.(+6$V')6(%'0,"$)#$)'0!+%,%(&)"'*6$+$.,.(+,*"&3(.$%"+#!+("&#(?,$%!09&")(*,8,*&
*#$""3,")0!*(.(%+&,%&+6(&#!+&7#!,%[*&
&
9QT@AAG3&1>U>&'&6>B>!>&#Ea@DL&DEFD>&Zi0+#!W-,$0(+&.(3,!+(3&*'+$+$V,*&!*+,-,+'&$8& W
*!#7$0,%(&!0S!0$,3"[&&
&
9QT@AAG3&1>U>&q&6>B>!>&#Ea@DL&DEFk>&&ZQ,$*6(.,"+#'&!%3&)6!#.!*$0$?'&$8&+#')+!.,%("&
!%3&7(+!W*!#7$0,%("a&K&.,%,W#(-,(g[&*
&
9QT@AAG3&1>U>&P&6>B>!>&#Ea@DL&DEF^>&&Zd%&+6(&*$.)!#!+,-!&(+6%$)6!#.!*$0$?'&$8&
.!0),?6,!*($4"&!%3&.'#,"+,*!*($4"&6!004*,%$?(%"[&
9QT@AAG3&1>U>&$#*5%3*DEFk!>&&Z=$%$!.,%(&$V,3!"(&,%6,7,+$#"&,%&P$4+6&K.(#,*!%&
6!004*,%$?(%,*&)0!%+"a&J#')+!.,%(&!%3& W*!#7$0,%(&*$%"+,+4(%+"&$8&5H51-5V5&*&
&
9QT@AAG3&1>U>&$#*5%3*DEFk7>&Z=$%$!.,%(&$V,3!"(&,%6,7,+$#"&,%&P$4+6&K.(#,*!%&
6!004*,%$?(%,*&)0!%+"&&Ia&X$%"+,+4(%+"&$8&$#!00'!*+,-(&.'+,"+,*!*($4"&6!004*,%$?(%"[*
&
9QT@AAG3&1>U>&$#*5%3*DEFN>&&Zj%?#(3,(%+("&7,$3,%1.,*$"&(%&0!"&)0!%+!"&54(&"(&.(2*0!%&!0&
!'!64!"*!>&&i%!&8!#.!*$)(!&+#!3,*,$%!0&%$&,%-("+,?!3![>&:(#",B%&,%?0("!&)470,*!3!&(%&
I"#-5%$6*H*i"$6#56*/$*%56&>!b)"0563**\#$*((3,%?"&$8&+6(&k^+6&j%+(.!+,$%!0&X$%?#(""&$8&
K.(#,*!%,"+"9&&
&
9QT@AAG3&1U>&$#*5%3*DEFE>&&ZX$..$%&#(*()+$#"&8$#&6!004*,%$?(%"&,%&#!+&7#!,%a&K&
*$.)!#!+,-!&!4+$#!3,$?#!)6,*&"+43'&4",%?&|!%(j{RP_&!%3&|!%(j{_dj9&!&%(g&)"'*6$+$.,.(+,(&
|",*{&#!3,$0,?!%3[&
&
9QT@AAG3&1U>&$#*5%3*DEEG>&&Z_,88(#(%+,!0&,%+(#!*+,$%"&$8&,%3$0(!0S'0!.,%("&g,+6&
6'3#$V'+#')+!.,%(&#(*()+$#&"47"[&
&
9QT@AAG3&1>U>&$#*5%3*DEED>&&Z]9kW=(+6'0(%(W3,$V'!.)6(+!.,%(&C=_K/&!%!0$?4("&(V6,7,+&
3,88(#(%+,!0&(88(*+"&$%&"'%!)+$"$.!0&#(0(!"(&$8&'`W3$)!.,%(&!%3&'`W^W6'3#$V'+#')+!.,%([&&
&
9QT@AAG3&#>T>&DEFF>&&Z`!004*,%$?(%,*&.4"6#$$."&!%3&(-$04+,$%[&&
^]M&
&
9QT@AAG3&#>T>&DEFE!>&&Z\0!%r\0!%+r&\0!%(+[&
&
9QT@AAG3&#>T>&DEFE7>&&ZK.$%?&K'!64!"54(#![&O%a&Y~+"*69&X>&CX$.)>/&
J5#$V5H&#9*W..$)*:O50$7*:50)$/*4%5.#6M*BH6#"0"6!&5./*46H019#1$)5OH*F*>&i$6#601)"'#*".*
T9.9)*9'*>%?$)#*T9'!5..3**&
&
9QT@AAG3&#>T>&DEEG>&Zc!""$%u"&0,+(#!#'&)#(*4#"$#"[&O%a&Y,(30,%?(#9&J;>&CX$.)>/&*D1$*:50)$/*
B-61)99!*:$$E$)7*G665H6*'9)&I3*J9)/9.*K5669.3**
*
9QT@AAG3&#>T>&DEED>&*D1$*>)015"0&I$@"@5%7*:O$0-%5#"9.6*9.*46H01$/$%"0&B-61)99.-M*#1$*
5!5,9.M*a")#-5%&I$5%"#HM*=iR6M*G@9%-#"9.M*:15!5."6!M&#1$*I$?")#1*9'*#1$*J9//$66*5./*#1$*
G./&9'*T"6#9)H3*\#B0$?$&3(&J$.&Y$77,%">&&
&
9QT@AAG3&#>T>&DEEI>&&i99/*9'*#1$*J9/63*D1$*:$5)01*'9)*#1$*R)";".5%*D)$$*9'&f.9V%$/;$*>*
I5/"05%*T"6#9)H*9'*4%5.#69&<)-;6M*5./*T-!5.*G@9%-#"9.3**
&
9QT@AAG3&#>T>&DEE]>&&X$.4%,*!*,$%("&)(#"$%!0("9&X!+(.!*$9&:(#!*#h29&=AV,*$>&&
&
9Q5GAJROMA3&U>5>&DEM]>&&Z\('$+(a&K%&,%+#$34*+,$%[&&
&
9Q5GAJROMA3&U>5&DEME>&&X$.4%,*!*,B%&)(#"$%!0&!&Y>K>&Q'(&O%a&Q'(9&Y>K>&DEME>&&
Z`!004*,%$?(%,*&)0!%+"&$8&+6(&J!#!64.!#![&
&
9Q9GAGKP3&9>+>&'&.>6>&%QRIX@&DE]N>&&ZX!88(,%(&,%+$V,*!+,$%a&Y()$#+&$8&!&*!"(&+6(&
"'.)+$."&$8&g6,*6&!.$4%+(3&+$&!&)"'*6$","[&*
&
9Q9GAIL3&6>4>&'&B>&%@MSO@D&DEEI>&&Zj*(&.!%a&:,*+,.&$8&)#(6,"+$#,*&"*6%!))"y[&&
&
9Q9@@WMA3&1>&DEEI>&&ZY()#("(%+!+,$%"&$%&)#(WX$04.7,!%&"),%30(&g6$#0"&$8&+6(&80$#!0&!%3&
64,+&"+#4*+4#(&$8&(*$%$.,*&)0!%+"[&
&
9GQ-G@3&/>&DEEI>&&J-"5/9*4$W5*C-57*s5!5."6!9*$*=69*I"#-5%*/5*>H51-5605&.9*Q-%#9*/9*
:5.#9*<5"!$3*&
&
9GQ-G@3&q>1>&DEFk>&&G#1.9?"%9;"05%*5./&Q1$!"05%*W.@$6#";5#"9.6*9.*:$%$0#$/&>!5,9."5.*
4%5.#6*
*
9GQ-G@3&q>1>&'&6>B>!>&#Ea@DL&DEFk!>&ZK%&(+6%$)6!#.!*$0$?,*!0&(V!.,%!+,$%&$8*a")9%5*
$%9.;5#5*7!#Sa&K&P$4+6&K.(#,*!%&!##$g&)$,"$%[&
&
9GQ-G@3&q>1>&'&6>B>!>&#Ea@DL&DEFk7>&
N-6#"0"5*O$0#9)5%"67*K&"+43'&$8&+6(&7!","&8$#&,+"&4"(&!"&!&6!004*,%$?(%,*&"%488&&,%?#(3,(%+[*&
&
9GQ-G@3&q>1>&$#*5%3*DEFF>&&ZP+43,("&$%&+6(&)6!#.!*$0$?,*!0&!*+,-,+'&$8&K.!2$%,!%&
O4)6$#7,!*(!([&
&
9GOGKIL3&9>&'&9>&9GDL@OEL&DEEI>&&ZJ6(&+#!3,+,$%&$8&.(3,*,%!0&)0!%+"&,%&p!?$#,9&O),#4"&
C%$#+6(!"+(#%&U#((*(/[*
*
9GOEA@3&9>B>&'&$>&-ECR@D&DEEk>&XT$"!"5*65%"0"'9%"57*K&)6'+$*6(.,*!0&!%3&
)6'+$)6!#.!*$0$?,*&#(-,(g[&&
&
9GAGASRGD3&!>.>&DEED>&&Z=(3,*,%!0&)0!%+&0$#(&$8&J!.!%?&+#,7(&$8&f!76#()!0!%*6$*&3,"+#,*+9&
<()!0[&
&
9GAS@O3&9>&DEEI>&&ZO,%(&"$%3(#7!#(&Q(?(?%4%?[*
&
9GALW@3&->B>7>&DE]D>&ZK&",%+6(","&$8&+6(&.(+6'0W+#')+!.,%("&!%3&"$.(&3(#,-!+,-("[&
^]F&
&
9GALW@3&->B>7>&$#*5%3**DEIM>&&Z`!#.,%(&!%3&6!#.!0,%(>&&\!#+&jn>&&K&"'%+6(","&$8&6!#.!0,%([&
*
9GACO@3&.>6>&'&/>%>&qGMJRC&DENE>&Zd**4##(%*(&$8&)",0$*'7,%&,%&+6(&")$#$)6$#("&$8&
\",0$*'7(&"(.,0!%*(!+![&&
&
&
9GDQGAE3&<>&$#*5%3**DEEk>&&Zd**4##(%*(&$8&)",0$*'7,%&!%3&)",0$*,%&,%&46"%90H?$*
O6$-/9?-%%50$5*C\(+*6/&\(?0(#&8#$.&+6(&:(%(24(0!%&K%3("[*
&
9GDQdPALWM3&#>&DE^E>&&ZP$.(&)6!#.!*$0$?,*!0&)#$)(#+,("&$8&!&#(*(%+0',"$0!+(3&!0S!0$,39&^W
.(+6$V'W8W.(+6'0+#')+!.,%([&*
*
9GDQdPALWM3&#>&'&U>&<@CIOGAM&DENG>&ZT4#+6(#&,%-("+,?!+,$%"&$%&+6(&)6!#.!*$0$?,*!0&
)#$)(#+,("&$8&^W.(+6$V'W8W.(+6'0+#')+!.,%([&
&
9GDJOMA3&7>$>&DEF^>&D1$*K"@$6*9'*#1$*J9/*f".;7*D1$*I"#-5%6*9'*#1$*<$@5/56"6*9'&4-)"6>&&
&
9GDJEC3&.>&'&->&qGCOMAJ&DEFD>&&ZP+43,("&,%&K4"+#!0,!%&!?!#,*"&!%3&7$0(+(">&I>&T4#+6(#&"+43,("&
,%&46"%90H?$[&
&
9GDMGAM3&$>&DFEG>&&Q905*5./*"#6&D1$)5O$-#"0*>OO%"05#"9.3**&
&
9GDMGAM&-GKMD@d3&+>&DEN^>&D$!56*/$&T"O.96"63**&
&
9GDWL3&U>&DEME>&D1$*:$5)01*'9)*#1$*ZB5.01-)"5.*Q5./"/5#$[*D1$**QW>*5./&B"./*Q9.#)9%>&&
&
9GDO@L3&->U>&$#*5%3**DEFF>&&ZK&*$%+#,74+,$%&+$&+6(&(+6%$)6!#.!*$0$?'&$8&+6(&0$g0!%3&
m4,*64!&)($)0(&$8&K.!2$%,!%&O*4!3$+[&&
&
9GDA@OO3&#>&CX$.)>/&DEE]>&&<)-;&"/$.#"'"05#"9.*A"?%$3**&
&
9GDDGddM3&$>%>&DENM>&&ZO0(*+#$)6!#.!*$0$?,*!0&!%3&7(6!-,$#!0&!*+,$%"&$8&S!-![&O%a&O8#$%9&
_>`>&$#*5%3**CX$.)">/&G#1.9O15)!509%9;"0*:$5)01*'9)&46H01950#"@$*<)-;63*&
&
9GDDMECC3&$>&P&+>T&-GQROMA&DEMD>&&4$H9#$3&
&
9GDLRGOO3&/>&DEFF!>&&ZT0',%?&70,%3&,%&+6(&g!#&$%&3#4?"[&*
*
9GDLRGOO3&/>&DEFF7>&&ZK&g!#&$%&3#4?"&g,+6&#(!0&+#$$)"y[&*
*
9GDLRGOO3&/>&DEFF*>&&Z_#4?&g!#"a&R(?!0,2!+,$%&?(+"&!&6(!#,%?[&&
&
9GDLRGOO3&/>&DEFF3>&&ZJ6(&3#4?&$8&*6!.),$%"[&
*
9GDLRGOO3&/>&DEFE>&ZJ6(&_#4?&X2!#a&<$&c!0+(#&c!0080$g(#[&&
&
9GDLRGOO3&U>&DEED>&&<)-;*K5)67*Q9))-O#"9.M&Q9-.#$)".6-);$.0H*5./*Q9@$)#&RO$)5#"9.6*".*#1$*
D1")/*K9)%/>&
&
9GDLRKGA3&U>&P&->U>&&6MXXMAL&DEMG>&&ZK&&%$+(&$%&+6(&*$.)$",+,$%&$8&,00,*,+&3#4?"[&*
*
9GDC@A3&6>+>&DEM]!>&&ZK0S!0$,3"&,%&#((3&*!%!#'?#!""[&O%a&=!+*6("9&K>U>&CX$.)>/*&
&
9GDC@A3&6>+>&DEM]7>&&ZK0S!0$,3"&!%3&)!0!+!7,0,+'&$8&415%5)"6*5)-./".50$5*R>&?#$g%&,%&
3,-(#"(&(%-,#$%.(%+"[&*
*
9GDCMA3&->#>&DEMG>&&ZJ6(&#$0(&$8&*$*!&,%&+6(&6,"+$#'9&#(0,?,$%&!%3&.(3,*,%(&$8&P$4+6&
K.(#,*!%&j%3,!%"[&Y(,.)#("$&(%&DEM^&(%&K%3#(g"9&U>&P&_>&P$0$.$%&CX$.)">/&&
^]E&
&
9GDCMA@d&<>&U>+>&'&5/>&+IQG&%>&DEFM>&&ZT0!-$%$,3"&$8&a")9%5*05%9O1H%%9"/$5&*&
&
9GM[3&U>5&DEF^>&&ZK%V,(+'&)()+,3(&8$4%3&,%&7#!,%[&&
&
9GD[3&U>5&DEEG>&&Z=!#,;4!%!&#(*()+$#&?(%(&*0$%(3[&*
*
9GLOEa3&$>&B>&DENI>&D9V5)/*5*46H19%9;H&9'*A$".;3*&
&
9GLEA3&$>.>&'&$>U>&&9GQ4GP&DEF^>&&ZX!%%!7,"a&\6!#.!*$0$?'&!%3&,%+(#)#(+!+,$%&$8&(88(*+"[&&
&
9GLC@DL3&->/>5&'&U>&BEILCEA&DENN>&D1$*&a5)"$#"$6*9'"*46H01$/$%"0*GSO$)"$.0$3*&
&
9GLC@DL3&->/>5&P&U>&BEILCEA&DEMG>&&ZJ$g!#3&!%&,%3,-,34!0&)"'*6(3(0,*&)"'*6$+6(#!)'[&O%a&
K!#$%"$%9&Q>&'&`>&d".$%3&CX$.)">/&&
&
9GCG3&->&'&U>5>&9Q5GIJXOMA&DEMN>&ZX!*+4"&!0S!0$,3">&&nnn>&&8W=(+6'0!+(3&+'#!.,%("&8#$.&
D)"0190$)$-6*6O501"5.-6M*D3*05./"05.6M*5./*GO96#95&&
&
9GCELLMGA3&9>T>&DEFI>&&ZO#?$+&!%3&+6(&P!0(.&g,+*6*#!8+&!88!,#[&
&
9GCELLMGA3&9>T>&DEFE>&&49"69.6*9'*#1$&456#7!B9%/6M*GO"/$!"06&&5./*T"6#9)H3*&
&
9GCELLMGA3&9>T&DEEI>&&ZJ6(&*#4*,70(&$8&P!0(.a&c,+*6*#!8+9&(#?$9&(#?$+,".[>&d7(#&ZO#?$+,".&
!%3&+6(&!880,*+(3&?,#0"[&&
&
9GCLISG3&2>&DENG>&&Z`!004*,%!+,$%&*!4"(3&7'*46"%90H?$*@$.$.5#5*Cj.!,/&(+&`$%?$[&
&
9GCLIKECE3&#>&$#*5%3*DENE>&&Zj"$0,(#4%?&-$%&kW6'3#$V')'##$0,3$%WIW&4%3&(,%,?(%&g(,+(#(%&
:(#7,%34%?(%&!4"&>!5."#5*!-605)"5&*
*
9GCCRM@LL@A3&.>&DENM>&&>#*4%5H*".*#1$&i"$%/6*9'*#1$*C9)/3*<$-(0!&3(&0!&54(&6,2$&4%!&)(0,*40!&
(%&DEEI&`(*+$#&Q!7(%*$>&&
&
9GPGJEMCMG3&5>&$#*5%3*DEFN>&&Z\"'*6$)6!#.!*$0$?,*&!%!0'","&$8&!%&!00(?(3&$%(,#$?(%,*&)0!%+9&
Q5%$5&,505#$01"01"[*&
&
9GP@D3&T>B>&DEM^>&&Z_,(&6(,0,?(%&\,02(&B$S"E96[*&
&
9GP@D3&T>B>&DEMM!>&D1$*B-61)99!&:#9.$6*9'*!$695!$)"053*&
&
9GP@D3&T>B>&DEMM7>&&X:5%@"5*/"@".9)-!7&O,%&`!0042,%$?(%&3(#&=!2!+(S(%&-$%&d!V!*!9&
=(V,S$[&&
&
9@QREIOGK3&->&DEM]>&&ZX!%%!7,%$,3&*6(.,"+#'[&O%a&=(*6$40!#%9&Y&CX$.)>/&B5)"P-5.57*
Q1$!"6#)HM*415)!509%9;HM&B$#5?9%"6!*5./*Q%"."05%*G''$0#63*&
&
9@QW@L(5EdEPG3&9>&$#*5%3*DEEG>&&Z8M8W_,.(+6'0+#')+!.,%(&!0S!0$,3&,%&B"!965*#$.-"'%9)5*
7!#S&C+()("*$64,+(/[&
&
9@RDG3&T>5>&DEME>&&ZO+6%$7$+!%'&$8&+6(&d03&c$#03&P$0!%!*(!([&O%a&`!gS("9&L>U>*$#*5%3*
LG/63\*&
&
9@OO@A&2223&+>&DEN]>&&ZY(80(*+,$%"&$8&!&)('$+(&(!+(#[&&
&
9@AL@D3&6>.>&DEMM>&&T5%%-0".9;$."0*5./&45"69.9-6*B-61)99!*i"$%/*J-"/$3*
*
9@DOMA3& 9>1>& '& U>q>& $OO@A& DEE]>& ZP)(*,("& ,3(%+,8,*!+,$%& !%3& *6(.,*!0& !%!0'","& $8&
)"'*6$!*+,-(&84%?,&,%&+6(&`!g!,,!%&j"0!%3"[&
 ^kG&
*
9@DDMOO3&q>5>&DEMM>&&>.*W.@$6#";5#"9.*9'&G#1.9;)5O1"0*5./*>)015$9%9;"05%&:O$0"!$.6*9'*
!$605%?$5.6*CP$)6$#!&"(*4%3,80$#!/&
&
9@DDMOO3&q>5&'&+>7>&7@@LC&DEM^>&&ZK%&(V*6!%?(&$8&7$+!%,*!0&,%8$#.!+,$%&,%&+6(&(!#0'&*$%+!*+&
",+4!+,$%a&c,"!S$%&$8&+6(&"$4+6(!"+(.&K0?$%54,!%"[&*
*
9@CdA@D3&->&DEN]>&ZJ6(&)6!#.!*$0$?'&$8&)"'*6(3(0,*&3#4?"&Da&X6(.,*!0&!%3&7,$*6(.,*!0&
!")(*+"[&&
&
9@CdA@D3&->&DENM>&&ZP47;(*+,-(&(88(*+"&$8&!%+,*6$0,%(#?,*&6!004*,%$?(%"[&&
&
9@CdA@D3&->&DENF>&D1$*G06#5#"0*>/@$.#-)$3&
&
9@CdA@D3&->&DEMG>&&Z=4"6#$$."&!%3&+6(&.,%3[&O%a&K!#$%"$%9&Q>&!%3&`>&d".$%3&CX$.)">/&&
&
9@CdA@D3&->&CX$.)>/&DEFF>&&Z\"'*6(3(0,*"&#(-,",+(3[&*
*
9@CdA@D3&->&$#*5%3*DEN^>&ZJ6(&#(0!+,$%&$8&(V)(*+!+,$%&!%3&.$$3&+$&)",0$*'7,%&#(!*+,$%"a&K&
54("+,$%%!,#(&"+43'[&&
&
9@P@D3&4>!>&$#*5%3*DEFG>&&Z W\6(%(+6'0!.,%("&8#$.&+6(&*!*+4"&?(%4"&RO-.#"5[&&
&
9@P@D3&B>U>&DENM>&&Z\6!#.!*$0$?'&$8&S!-![&O%a&O8#$%9&_>`>&$#*5%3*CX$.)">/&
&
9MQRG@O3&B>!>&CX$.)>/&DEN]>&&:#-/"$6*".&:"?$)"5.*:15!5."6!3**&
&
9MQRGI[3&B>&DE^N>&&B""6b)5?%$*B")50%$3*J#!3>&,%?0("!&3(&R>&:!#A"(9&DEN]>&&B"6$)5?%$*B")50%$&
LB$605%".$&
&
9MQRGI[3&B>&DE^M>&&CuW.'"."#*D-)?-%$.#3&J#!3&,%?0("!9&DEM^>&&W.'"."#$*D-)?-%$.0$3*
*
9MQRGI[3&B>&DENG>&&ZR!&)",0$*'7,%(&C(V)A#,(%*("&(+&!4+$*#,+,54(/[&&
&
9MQRGI[3&B>&CJ#!3>&3(&\>&U#(?$#'/&DEN^>&&ZOV)(#,.(%+&8,-([&&
&
9MSSO@CEA3&1>U>&DEEI>&&ZK&*6(.$+!V$%$.,*&"4#-('&$8&80!-$%$,3"&!%3&",.)0(&)6(%$0"&,%&+6(&
0(!-("&$8&J5-%#1$)"5*R>*!%3&#(0!+(3&?(%(#!&CO#,*!*(!(/[&*
*
9MWIDMPG3&#>&DEMG>&&Z=!#,;4!%!&,%&=$#$**$[&O%a&K!#$%"$%9&Q>&!%3&`>&d".$%3&CX$.)">/&&
&
9MWIDMPG3&#>&DEMD>&&XQ5.."?-6*|6"0{*!"&!&+#(!+#%(%+&8$#&!0*$6$0,".[&&
&
9MWIDMPG3&#>&CO3>/&DEM]>&&B5)"P-5.57*B$/"05%*45O$)6M*DF]EWDEMI>*&
&
9MOO@D3&U>%>&DEE]>&&X$.4%,*!*,$%("&)(#"$%!0("9&X!+(.!*$9&:(#!*#429&=AV,*$>&
&
9MOO@D3&">T>&DEMI>**B-61)99!6*$8&89)#1*>!$)"053&
^kD&
&
9MOO@D3&->q>&DEFG>&&ZK&7#,(8&"4#-('&$8&D5S-6*!0S!0$,3"&!%3&$+6(#&+!V!%(&3(#,-!+,-("[&&
&
9MOO@D3&q>%>&DENN>&&ZO0&+$%!0.!+0&.,V(&'&0$"&6$%?$"&"!?#!3$"[&O%a&L,.A%(2&=$#(%$9&c>&$#*
5%3*CX$.)">/*&
&
9MOO@C3&?>&$#*5%3*DEFG>&&Z+43(&3(&0!&+$V,*,+A&3u64,0("&(""(%+,(00("&-A?A+!0("&34&*$..(#*(a&
O""(%*(&3u6'"$)(&(+&34&"!4?([&
&
9MAMLCDP&EN&q@ONGD@3&B@GOCR&GAS&+IOCIDGO&$NNGMDL&DEF^>&&49%"0H*9.*<!;&=6$)63**&
&
9MCQR@OO3&%>q>&DFEN>&&ZY(.!#S"&$%&+6(&(88(*+"&$8&K%6(0$%,4.&|6"0{*R(g,%,,&C+6(&.("*!0&|6"0{&
74++$%/>[**
*
9MCLIRGLRM3&B>&DEMN>&&Z=(3,*,%!0&)0!%+"&$8&+6(&K,%4[&&
&
9EQRCGD3&%>6>&'&B>&6@@DW@A&DEME>&&Z_,(&`!0042,%$?(%(&=4"*!#,%&|6"0{*4%3&07$+(%"~4#(&,.&
.,++,(#(%&`,%34S4"*6[&&
&
9E@DKGA3&1>/>&DEFN>&&B$/"0".5%*4%5.#6*9'&&85#"@$*5!$)"053*&
\#B0$?$&3(&Y>j>&T$#3>&&
&
9EAGDS@L3&!>&DEEG>&T$)?9%5)"5*/$*W./"563&\#("(%+!*,B%&'&*$.(%+!#,$"&3(&n>&R$2$'!>&
d#,?,%!0.(%+(&)470,*!3$&(%&D^NE>&/$*J#!3>&,%?0("!&3(&L>&T#!.)+$%9&D^Mk>&&Y(,.)#("$&(%&
DEI^&)$#&K>K&f%$)8>&
&
9EACGJA@3&9>&'&1>1>&<EJC&DEFI>&&ZK7",%+6(a&&
&
9EACJEK@DP3&->&DEFE>&&ZO+6%$7$+!%,*!0&#("(!#*6&8,(03&S,+[&&
*
9EACJEK@DP3&->&DEEG>&&X$.4%,*!*,$%("&)(#"$%!0("9&P(7!"+$)$09&X>K>&
&
9EACJEK@DP3&->&DEED>&&ZQ$+!%,*!0&\#("(#-!+,$%&X$#)"&.((+"&O*4!3$#,!%&"6!.!%&g$.!%[&
&
9EEA@P3&U>&DFEN>&&ZJ6(&=("*!0&)0!%+&|6"0{*!%3&*(#(.$%'[&&
&
9EED@3&9>&DEME>&&B$/"0".5%*4%5.#6*9'*#1$*B9-.#5".*K$6#3*\#B0$?$&3(&_>&X$))(#8,(03>&&
&
9EED@3&9>&'&B>%>&$OCEIAMGA&DEMF>&N9-.$H6*".#9*#1$*A)";1#*K9)%/>&&
&
9EDGO@L3&/>&DEFE>&Q905".$7*K1"#$*J9%/&I-61*".*4$)-3**&
&
9EDtA3&$>&$#*5%3**DEFE!>&&Z\6!#.!*$0$?,*!0&"*#((%,%?&!%3&!%+,.,*#$7,!0&!*+,-,+'&$8&+6(&
(""(%+,!0&$,0&$8&>)#$!"6"5&05$)-%$60$.6*6-?6O3*;5%%"05&*
*
9EDtA3&$>&$#*5%3*DEFE7>&&ZK%!0?(",*9&!%+,)'#(+,*&!%3&!%+,,%80!..!+$#'&!*+,-,+'&$8&+6(&
(""(%+,!0&$,0&$8&>)#$!"6"5&05$)-%$60$.6*6-?6O3*;5%%"05&*
&
9ED@GI3&U>&U>&DFk^>&&<-*T501"601*$#*/$&%u>%"b.5#"9.*B$.#5%$7*w#-/$6*46H019%9;"e-$63*
\#(8!*,$&3(&`>&O'>&
&
9EDJGA3&6>->&DEMN>&&B5.M*4%5.#M*5./&I$%";"9.7*4$H9#$*D)5/$*9.*#1$*B-6#5.;&4%5".6*9'*
D$S56>&
&
9EDJGA3&6>->&DEFG>&&ZJ6(&(+6%$7$+!%'&$8&"g((+&80!?&!.$%?&<$#+6&K.(#,*!%&j%3,!%"[&
^kI&
&
9EDJGA3&6>->&DEF]!>&ZJ6(&7,$?($?#!)6'&$8&)('$+(&,%&"$4+6&J(V!"[&&
&
9EDJGA3&6>->&DEF]7>&&Z`,")!%$Wj%3,!%&+#!3(&$8&!%&j%3,!%&*(#(.$%,!0&)0!%+9&O$H9#$*
LC9O19O19)5*V"%%"5!6""\M*$%&+6(&=4"+!%?&\0!,%"&$8&J(V!"[*
&
9EDJGA3&q>#>q>&DEFD>&&ZO+6%$7$+!%'&$8&+6(&J4#S!%!a&i"(&$8&)0!%+"&7'&!&)!"+$#!0&)($)0(&
!%3&+6(,#&0,-("+$*S&,%&f(%'![&
&
9EDJ@ACRGO@D3&U>&DEEG>&&ZP.!#+&3#4?&4)&3!+([&&
&
9EDJ@ACRGO@D3&U>&'&q>&1@GA&DEED>&:!5)#*5./*8-#)".$#6&
&
9EDOGAS3&U>&$#*5%3*DEF^>&&ZX!%%!7,%$,3"&,%&70$?'3&!%3&4#,%(&!0+(#&)!"",-(&,%6!0!+,$%&$8&
X!%%!7,"&".$S([*
*
9EDL3&q>4>&'&">&-MX@MDE&DE^M>&Zd**4##(%*(&$8&"*$)$0(+,%&,%&+6(&?(%4"&A)-.'$%6"5&*
*
9EDL3&q>4>&'&.>&cGOCdKGA&DE^k>&&ZPŽ7#(&$&!0*!0$,3(&3!&A5."6#$)"5*055O"*P)#4*(*$&/9*Q5?"*
O5)5$.6"6*_4*S([*
*
9EDCMK@D3&q>&6>&DEGD>*4$)-M*T"6#9)H*9'&Q9057*XD1$*<"@".$*4%5.#*9'*#1$*%.0563*\#(8!*,$&3(&=>&
`$#$g,+2>&J#!3>&8#!%*("!&3(&`aQ>&U!4""(#$%9&DEGk>*K7#(-,!3!9&DEEI>&&<$*%5&Q905*5*%5*
Q905".$3*\#(8!*,$&3(&J>`>&&P!,?%(&'&L>&Q$4#,0!%3>&
&
9EDCEA3&+><>&DE]D>&&Z<$+("&$%*H5;b9&!&3#4?&)0!%+&$8&"$4+6(!"+(.&X$0$.7,![&&
&
9EDCEA3&U>7>&DEMM>&&B5P9)*B$/"0".5%*4%5.#67*A9#5.HM*Q-%#-)$*5./*=6$63*\#B0$?$&3(&=!'%!#3&
c>&m4,.7'>&&
&
9EL@D3&9>&'&/>&BEDGW&DENF>*46"%90H?$&6$)?"05*")>&%$->9&(,%(&%(4(&<,0$*'7,%&4%3&\",0$*,%&
7,03(%3(%&K#+&!4"&P(#7,(%[&*
*
9ELWGO@AWE3&%>$>&DEFM>&&ZP0!-,*&(+6%$.(3,*,%(&,%&+6(&P$-,(+&T!#&O!"+>&&\!#+&j>&`(#7!0&
#(.(3,("&!.$%?&Y4"",!%"riS#!,%,!%"&,%&+6(&P4S6$3!0&:!00('9&\#,.$#'([&
&
9ELC3&$>&DEFk>&&A-'9*5%@5)"-67*D1$*&4H601$/$%"0*|6"0{*D95/*9'*#1$*:9.9)5.&<$6$)#3*&
&
9ECO@P3&#>U>&DEEI>&&ZJ6(&(+6%$7$+!%'&$8&"g((+&80!?9&>09)-6*05%5!-6*CK#!*(!(/[&&
&
9ECEOMA|G3&7>&S@&CP(43B%,.$&3(&J$#,7,$&3(&Q(%!-(%+(H&O>&duU$#.!%9&O3>/&DEMD>&
B$!9)"5%$6*9*C"?)9*/$*"6*Q9656*/$*%5&8-$@5*G6O5r53*\470,*!3$&$#,?,%!0.(%+(&(%&D^kD>&&
&
9ECC@3&/>&DEFI>&&C$6*4%5.#$6*Q1$,*%$6&
4H;!b$6*>E5*$#*%$6*B9.,9?9*/$*%5*C9?5H$&LQ$.#)5')"e-$*
*
9EIAC3&6>&CX$.)>/&DEFM>&D1$*4$H9#$&A99E7*>*:#-/H*9'*85#"@$*B$/"0".$&&
&
9EIACGMA&6MDO&CP(43B%,.$&3(&X!#$0'%&K3!."&U!#*,!/&DEMM>&D1$*4)"!9*4%5.#3*Q)9V".;*
:".6$!"%%53**&
&
9IOGKXG3&#>&$#*5%3*DEFD>&ZK0*!0$Š3("&3(&D5?$).5.#1$*O-?$60$.6&*
*
9pOO@D3&6>7>->&'&+>B>&/IJLC@D&DEN^>&Z=4"*,.$09&(,%&)6!#+%!S$3'%!.,"*6&
g,#S"!.(#&P+$88&!4"&>!5."#5&!-605)"5[*&
&
9pOO@D3&6>T&'&U>&6GDCd&DEFN>&&Z\",0$*'7(&*'!%("*(%"a&O,%(&g(,+(#(&6!0042,%$?(%(&f!60S$)8W
K#+&,%&3(#&__Y[&
^k]&
&
9IOV@AG3&1>.>&'&9>&%OGPCED&DEFI>&&ZP()!#!+,$%&$8&+#')+$)6!%&3(#,-!+,-("&,%&415%5)"6*
5e-5#"05*7'&+6,%W0!'(#&*6#$.!+$?#!)6'[&&
&
9IAA3&B>&DEM]>&&ZJ6(&.4"6#$$."&$8&0!%?4!?([&O%a&`!.(#9&=;>>&CX$.)>/&T5%%-0".9;$.6*5./*
:15!5."6!3*&
&
9I}ud&+GKGDJE3&1>&DFEI>&T"6#9)"5*/$&D%5S05%53*&
&
9IDDMOO3&q>$>&DEDN>&&ZK&-(#'&3!%?(#$4"&.4"6#$$.[&*
*
9ILrL3&+>&CJ#!3>&3(&L>&Q!S(#/&DEFE>&ZJ6(&"!*#(3&)0!%+"&$8&!%*,(%+&O?')+[&O%a&Y~+"*69&X>&
CX$.)>/*J5#$V5H*#9*W..$)&:O50$7*:50)$/*4%5.#6M*BH6#"0"6!*5./&46H019#1$)5OH*F*>*
i$6#601)"'#*".*T9.9)*9'&>%?$)#*T9'!5..>&
&
9ILCE3&1>7>&DEM]>&D1$*>!$)"05.*<"6$56$7*R)";".6!$'*85)09#"0*Q9.#)9%>&Y(,.)#("$&(%&DEFF>&
&
9P@DRENN3&4>6>&DEMG>&ZJ6(&3((#&.!,2(&)('$+(&"'.7$0&*$.)0(V&!.$%?&+6(&`4,*6$0&j%3,!%"&
$8&=(V,*$[&&
&
9P@DRENN3&4>6>&DEMk>&&4$H9#$*T-.#7*D1$*:50)$/*P9-).$H*9'*#1$*T-"619%*W./"5.63*\#B0$?$&3(&
:,*+$#&J4.(#>&&J#!3>&!0(.!%!9&DEFG>&&<$)*4$H9#$*f-%#3**&
&
9P@DL3&+>q>&$#*5%3*DEMF>&&ZK&3!%?(#$4"0'&+$V,*&%(g&8#$?&L41H%%9?5%$6\*4"(3&7'&O.7(#1&
j%3,!%"&$8&c("+(#%&X$0$.7,!9&g,+6&3,"*4"",$%&$8&70$g?4%&8!7#,*!+,$%&!%3&3!#+&)$,"$%,%?[>&
&
9POEAGL3&6>/>&DEND>&&G%$-6"6*5./*#1$*G%$-6"."5.*BH6#$)"$63**&
&
!GXRGA3&6>.>&DEFE>&&G./-)".;*:$$/67*85#"@$*>!$)"05.*>;)"0-%#-)$*5./*K"%/&4%5.#*
Q9.6$)@5#"9.3*X$%&)#B0$?$&3(&c!0+(#&Q(##'>&&
&
!GS@OKGAA3&/>$>&DEFF>&&Zj"%u+&,+&+,.(&+$&0(?!0,2(&3#4?"y[&&
&
!GS@OKGAA3&/>$>&DEFE>&&Z_#4?&)#$6,7,+,$%&,%&+6(&i%,+(3&P+!+("a&X$"+"9&*$%"(54(%*("9&!%3&
!0+(.!+,-("[&X,+!"&*$%&!4+$#,2!*,B%>&&:A!"(&+!.7,A%a&:!%*(9&=>K>&$#*5%3**DEFE>&
&
!GS@OKGAA3&/>$>&DEEI>&&Z=,%S,%?&"(#,$4"0'&!7$4+&!0+(.!+,-("&+$&3#4?&)#$6,7,+,$%[&*
*
!GRGL3&6>6>&CX$.)>/&DEMN>&&B5)"P-5.5a&|6"0{*Q1$!"6#)HM*A"901$!"6#)H*5./*Q$%%&G''$0#63*&
&
!GDGA]E3&+>&DENM>&&Z\"'*6$+#$),*&)#$)(#+,("&$8&+6(&6!#.!0!&!0S!0$,3"[&O%a&O8#$%9&_>`>&$#*5%3*
CX$.)">/&G#1.9O15)!509%9;"0*:$5)01*'9)&46H01950#"@$*<)-;63*&
&
!GDGA]E3&+>&DEM]!>&D1$*T$5%".;*N9-).$H7*8$V*>OO)9501$6*#9*Q9.60"9-6.$663**&
&
!GDGA]E3&+>&DEM]7>&&Z\"'*6$0$?,*!0&!")(*+"&$8&+6(&H5;b*|6"0{&(V)(#,(%*(&,%&!%&(V)(#,.(%+!0&
"(++,%?[&O%a&`!#%(#9&=;>&CX$.)>/&T5%%-0".9;$.6*5./&:15!5."6!3*
*
!GDGA]E3&+>&DEFM>&&X>H51-5605*,.!?(#'&!%3&+6(&+6(#!)(4+,(&)#$)(#+'&$8&+6(&6!#.!0!&
!0S!0$,3"[*
*
!GDGA]E3&+>&DEEG>&&ZK&)$"+64.$4"&(%*$4%+(#&g,+6&Y>&U$#3$%&c!""$%[&O%a&Y,(30,%?(#9&J>L>&
CX$.)>/&D1$*:50)$/&B-61)99!*:$$E$)7*G665H6M'9)*I3*J9)/9.*K5669.3&
^kk&
&
!GDGA]E3&.>&DENE>&&ZO+%$8!#.!*$0$?,!&3(&0!"&)0!%+!"&)",*$+#B),*!"&3(&K.A#,*![&
&
!GDGA]E3&.>&DEMG>*>H51-56057*I$%";"p.*H&
B$/"0".53**&
&
!GDGA]E3&.>&DEM^>&&Z_#$?!"&)",54(3A0,*!"&|6"0{*(%&.(3,*,%!&.1?,*![&&
&
!GDGA]E3&.>&DEME>&&Z`!004*,%$?(%,*&)0!%+&4"(&!%3&#(0!+(3&,%3,?(%$4"&7(0,(8&"'"+(."&,%&+6(&
O*4!3$#,!%&K.!2$%[&&
&
!GDGA]E3&.>&DEF]>&&>H51-56057&G#.9!$/"0".5*H*B"#9%9;"53&O3,*,B%&*$##(?,3!&3(&<!#!%;$&
DEMG>&
&
!GDGA]E3&.>&DEFN>&&ZO0&5H5E-5605*(%&0!&!#54($0$?,!&(*4!+$#,!%![&&
&
!GDGA]E3&.>&'&/>&!GDGA]E&DEND>&&ZO"+43,$&8!#.!*$3,%1.,*$&3(&4%!&)0!%+!&)",*$+$.,.A+,*!&
|6"0{a*Q9)"5)"5*#1H!"'9%"5&C"6!%"6,/[&&
&
!GDGA]E3&.>&$#*5%3*DENk>&&ZO"+43,$&3(&4%!&(")(*,(&)",*$+$.,.A+,*!&|6"0{a*WO9!9$5&05).$5&*&
&
!GCR3&1>&$#*5%3*DEEI>&&ZX$..$%0'&4"(3&j%3,!%&!7$#+,8!*,(%+&)0!%+"&g,+6&")(*,!0&#(8(#(%*(&+$&
+6(,#&+(#!+$0$?,*&(88(*+"&,%&#!+"[**
*
!GCMEAGO&+EKKMLLMEA&EA&9GDMRIGAG&|.-9{*GAS&1DIJ&$XIL@&DEMI>&B5)"1-5.5*|6"0{7*>*:";.5%*
9'&B"6-./$)6#5./".;3*\#$0$?$&3(0&(V?$7(#%!3$#&3(&\(%%"'0-!%,!&v&X$.,"!#,$&\#(",3(%+(9&
Y!'.$%3&\>&P6!8(#>&
&
!GVQREE3&2>$>&'&6>9>&4ICR&DEEG>&&ZO+6%$7$+!%'&$8&R!3!S69&j%3,!a&Q(-(#!?("9&%!#*$+,*"9&
8$$3"&X*&
&
!GV@C3&/>&DEFF>&&Z_("&d;,7g!'&(+&0€K.!%,+(&J4(W=$4*6(&L>!5."#5*!-605)"5\7*\$4#&4%(&
(+6%$.'*$0$?,(&3("&j%3,(%"&3!.A,!4(&34&<$#3[>&J#!3>&!0(.!%!9&DEE]>&&Z_,(&d;,7g!'&4%3&
3(#&T0,(?(%),02a&Te#&*,%(&O+6%$.'S$0$?,(&3(#&j%3,!%(#&-$%&<$#3!.(#,S![*&
&
!@GO3&U>9>&$#*5%3**DEMI>&&Z\('$+(&!0S!0$,3"a&
j3(%+,8,*!+,$%&,%&+6(&=(V,*!%&*!*+4"&4$%$0HO19)5*56$W%"'9)!"6*O6#(%7(#?[&&
&
!@JXM3&9>&DEEI>&&ZK&"g((+.(!+&)0!%+9&!&)(#84.(&)0!%+&!%3&+6(,#&g((3'&#(0!+,-!"a&K&
*6!)+(#&,%&+6(&6,"+$#'&$8&QHO$)-6*$60-%$.#-6*R>&!%3&Q3*)9#-./-6&R>[&
&
!@EJM3&4>&$#*5%3**DEFE>&&ZO+6%$7$+!%'&$8&"$.(&g((3"&$8&f6!",&!%3&U!#$&`,00"9&=(?6!0!'!9&
%$#+6(!"+(.&j%3,![&
&
!@aOGAS3&+>&CP(43B%,.$&3(&J6(0.!&=$""/&DENI>&&BH*:$O*5./*W3*\#B0$?$&3(&`!#$03&
U#((%g!03>&j%+#$34**,B%&3(&Y>K&P!%3,"$%>&
&
!JIP@A3&i>1>&P&#>5>&1E&DEED>&&ZP(0(*+,$%&$8&+#!3,*,$%!0&.(3,*,%("&8$#&"+43'[&&
&
!MQREOL3&1>/>&$#*5%3*DEFI>&&ZO88(*+"&$8&*(#+!,%&6!004*,%$?(%,*&!.)6(+!.,%(&!%!0$?4("&$%&+6(&
#(0(!"(&$8&|'`{&"(#$+$%,%&8#$.&#!+&7#!,%&"'%!)+$"$.("[&&
&
!MD3&23*(+&!0>&&DEMk>&&ZQ(6!-,$4#!0&(88(*+&$8&,%+#!-(%+#,*40!#&!))0,*!+,$%&$8&.(+6$V'W
,%3$0(!0S'0!.,%("&,%&+6(&#!+[&*
*
!EDSGO3&$>&DEFG>&&ZO6!+a&\6!#.!*$?%$"+,*!0&!")(*+"&
^k^&
&
!EDSXE3&/>&DEME>&&ZP$))&"$.&#4".,33(0[&
*
!EDOGAS3&->B>&DEMN>&K15#u6*".*5&B-61)99!3**
&
!ED^IMLC3&1>6>&P&U>5>&9Q5GIJROMA&DEMG>&&ZX!*+4"&!0S!0$,3"&:jjj>&&j"$0!+,$%&$8&<W.(+6'0W]9kW
3,.(+6$V'W W)6(%(+6'0!.,%(&8#$.&>)"9$05)O-6&'"66-)5#-6*@5)3*'"66-)5#-6&*
*
!EVtW3&9>&$#*5%3**DEFk>&&ZQ,$0$?,*!0&!*+,-,+'&$8&+6(&!0S!0$,3"&$8&G)H#1)9SH%-!*0905&5./*
G)H#1)9SH%-!*.9@9;)5.5#$.6$&&&
&
"b+EAA@OO3&7>1>&'&/><>&5PAA&DE^]>&&ZJ6(&!0S!0$,3&$8&A5."6#$)"9O6"6*".$?)"5.6*=$#+$%[&
&
"b+EAA@OO3&U>7>&(+&!0>&&DEF]>&ZJ#!3,+,$%!0&!%3&.$3(#%&)0!%+&4"(&!.$%?&+6(&K0'!.!#!&$8&
X(%+#!0&K4"+#!0,![&*
*
"JG3&%>&$#*5%3**DEFk>&&Z\6!#.!*$0$?,*!0&+#,!0"&$8&*#43(&(V+#!*+"&$8&4566"'%9)5&5%5#5&*
*
"R@AE]G3&/>&$#*5%3**DEFM>&&ZJ6(&$**4##(%*(&$8&)",0$*'7,%&!%3&)",0$*,%&,%&T,%%,"6&84%?,[&&
&
"OGbR3&6>9>&DENF>&&Z+43(&*6,.,$+!V,%$.,54(&"4#&0("&45.5$9%-63**Y(*6(#*6("&"4#&0!&
)#A"(%*(&3("&*$#)"&,%3$0,54("&)"'*6$+#$)("&3!%"&*("&*6!.),?%$%"[&&
&
"OGbR3&6>9>&DEMG>&&ZR(&?(%#(&45.5$9%-67&O""!,&+!V,%$.,54(&(+&)6'",$0$?,54([&&
&
"OGbR3&6>9>&'&->&B@MK&DENM>&&Zi%(&%$4-(00(&(")A*(&%$#3W!.A#,*!,%(&3(&\",0$*'7(&
6!004*,%$?A%(a&46"%90H?$&e-$?$0$.6"6*U>&d0!u6&(+&Y>&`(,.[&&
&
"OMV@D(4@V@D3&4>&DEF]>&&Z=(3,*,%!0&)0!%+"&,%&+#$),*!0&c("+&K8#,*!>&jj>&&\0!%+"&!*+,%?&$%&+6(&
%(#-$4"&"'"+(.[&
*
"OA@P3&U>q>&$#*5%3*DEED>&&Z<=_K&!%+!?$%,"+&%(4#$+$V,*,+'a&=(*6!%,".&!%3&)#(-(%+,$%[&*
*
"DGK3&->!>&P&U>1>&qMOOMGKL&DENM>&&Z:!#,!+,$%&,%&*$%*(%+#!+,$%&!%3&*$.)$",+,$%&$8&+$V,*&
!0S!0$,3"&!.$%?&"+#!,%"&$8&415%5)"6*#-?$)965*R[*
&
"DC@JG3&$>&$#*5%3**DEFI>&&ZP!0-,%$+,%9&!&%(g&+#!%"W%($*0(#$3!%(&3,+(#)(%(&8#$.&:5%@"5*
/"@".9)-!*CR!7,!+!(/[&&
&
"DC@JG3&4>&DEE]>&&ZP(*#(+&P(#-,*(&6(03&?4,0+'&$8&-,$0!+,%?&*$.)4+(#&)#,-!*'[&:A!"(&+!.7,A%&
R(-'&DEED>&
&
"DCMd&S@&9EAC@OOGAE3&4>->&DEM^>&ZO.),#,*!0&K2+(*&.(3,*,%([&&
&
"DCMd&S@&9EAC@OOGAE3&4>->&DEFD>&ZO%+6($?(%"a&&ZJ6(&,%+(#!*+,$%&$8&7,$0$?'&!%3&*40+4#([*&
&
"DCMd&S@&9EAC@OOGAE3&Q>Y>&DEEG>&&>,#$0&B$/"0".$*T$5%#1M*5./*8-#)"#"9.3*
*
"DCMd&S@&9EAC@OOGAE3&4>->&'&+>B>&4DEaA@D&DEF^>&&ZX6(.,*!0&7!"("&8$#&.(3,*,%!0&)0!%+&4"(&
,%&d!V!*!9&=(V,*$[&&
&
"LKEAS3&B>&DE^^>&&Zd0$0,454,a&J6(&!%*,(%+&K2+(*&%!#*$+,*&|6"0{>**Y(.!#S"&$%&+6(&(88(*+"&$8&
I"@$5*09)H!?965&C$0$0,454,/[&&
&
"LKEAS3&B>&DEND>&&Z\('$+(&%,?6+[&
^kN&
&
"LKEAS3&B>&DEMG>&&Z\('$+(&%,?6+[&O%a&K!#$%"$%9&Q>&'&`>&d".$%3&CX$.)">/&46H01$/$%"067*
D1$*=6$6*5./*W!O%"05#"9.6&9'*T5%%-0".9;$."0*<)-;63*&
&
"LL3&">#>&'&">!>&"@DMQ&*$%&2>#>&"XLQID@&'&TGC&CP(43B%,.$"&3(&L>&Q,?g$$39&f&`!##,"$%&
=*f(%%!9&_;>&&=*f(%%!&'&J>f>&=*f(%%!/&DEMN>*46"%90H?".7*B5;"0&B-61)99!*J)9V$)u6*
J-"/$7*>*T5./?99E&'9)*46"%90H?".*G.#1-6"56#63*P(?4%3!&(3,*,B%&(%&DEFN>&J#!3>&!0(.!%!9&
DEFD3*
&
"LCEOGdG3&+>!>&$#*5%3**DEF^>*8$9)5"!9./"5&5)$e-"O$.6"6*@5)3*)96$"'%9)5*Cc(#33*v&Q!*S(7>/&
Y!46>[&&
&
"CC3&U>&DEM^!>&&Z<$+("&$%&#(*#(!+,$%!0&4"(&$8&6!004*,%$?(%,*&.4"6#$$."[&&
&
"CC3&U>&DEM^7>&&>!5."#5*!-605)"57*i"$"&'&d-"!"05&*&
&
"CC3&U>&DEMN!>&&Z\"'*6$.'*$0$?,*!0&"+43,("&9'*>!5."#57*T#$.*!%*,(%+&"!*#!.(%+&+$&.$3(.&
)6$7,![*
"CC3&U>&DEMN7>&T5%%-0".9;$."0*4%5.#6*9'*89)#1&>!$)"053*j%+#$34**,B%&3(&Y,*6!#3&O-!%"&
P*640+(">&
&
"CC3&U>&DEMJ!>&&ZJ6(&.!?,*&.4"6#$$."[&
&
"CC3&U>&DEMM7>&&X>!5."#5*!-605)"5*7*B-61#$$.&$8&+6(&U$3"[&
&
"CC3&U>&DEMF!>&&B)3*N9.5#15.*R##u6&I$P9"./$)*#9*<)3*>%$S5./$)*:!"#1&&Zj%+#$34*,%?&=#>&d++€"&
)$#&Y>&U>&c!""$%9&)>&D>&YA)00*!&!&P.,+69&K>`>&DEMM>&&:A!"(&+!.7,A%&P,%?(#&DEFIH&c!""$%&
DEFI!>&&
&
"CC3&U>&DEMF7>&&ZOV$#3,4.a&K&Q#,(8&6,"+$#'&$8&6!004*,%$?(%,*&.4"6#$$."[&O%a&d++9&L>&'&L>&
Q,?g$$3&CX$.)">/&D$9.5.m05#%*T5%%-0".9;$."0*B-61)99!6*9'&>!$)"053*J#!3>&(")!b$0!&3(&
=>P>&K%+$0,%9&DEF^>&ZOV$#3,4.a&Q#(-(&6,"+$#,!&3(&0$"&6$%?$"&!04*,%B?(%$"[&D$9.5.m05%#7*
T9.;96*>%-0".p;$.96*/$&G-)9O5*H*>!b)"05*/$%*89)#$3**&
&
"CC3&U>&DEMF*>&&ZY(*#(!3$%!0&4"(&$8&6!004*,%$?(%,*&.4"6#$$."&,%&+6(&i%,+(3&P+!+("[&O%a&
Y4.!*S9&Q>`>&'&O>&P!02.!%&CX$.)">/*=4"6#$$.&49"69.".;*<"5;.96"6*5./*D)$5#!$.#*&
&
"CC3&U>&CX$.)>/&DEME!>*N9-).5%*9'&46H01$/$%"0*<)-;6**jj>*K*+!"&3(&0!&X$%8(#(%*,!&
Z`!004*,%$?(%"&,%&<!+,-(&K.(#,*!%&P6!#%!%,".&!%3&=$3(#%&R,8([>&IF&P()+,(.7#(&…D&
d*+47#(&DEMF9&P!%&T#!%*,"*$9&&
&
"CC3&U>&DEME7>&`5%%-0".9;$."0*4%5.#6*9'&89)#1*>!$)"053*j%+#$34**,B%&3(&Y,*6!#3&O-!%"&
P*640+(">&
&
"CC3&U>&DEFG>&&Zj"$0!+,$%&',(03&$8&,7$+(%,*&!*,3&8#$.&>!5."#5*45.#1$)".53&=!%4"*#,+$>&
&
"CC3&U>&DEF^>&D1$**Q5051-5#%*G5#$)7*I-!".5#"9.6*9'*5.*=.5?561$/*Q1909%5#$&>//"0#3**&
&
"CC3&U>&DEEG>&&ZK&+g(%+,(+6&*(%+4#'&_!#g,%[&O%a&Y,(30,%?(#9&J>L>&CX$.)>/&D1$**:50)$/*
B-61)99!*:$$E$)7*G665H6*'9)&I3*J9)/9.*K5669.3**&
&
"CC3&U>&DEEI!>&&Z\#$70(.!"&+A*%,*$"&*$%&0!&)#$6,7,*,B%&3(&3#$?!"[&\$%(%*,!&)#("(%+!3!&(%&
0!&*$%8(#(%*,!&ZO*$%$.,!&K?#,*$0!&3(&0!"&Y(?,$%("&\#$34*+$#!"&3(&_#$?!"9[&]GW]D&=!#2$&
DEEI9&:!0(%*,!9&O")!b!>&
^kM&
&
"CC3&U>&DEEI7>*>H51-56057*O+6%$7$+!%'9&)6'+$*6(.,"+#'&!%3&64.!%&)6!#.!*$0$?'[&
\$%(%*,!&)#("(%+!3!&(%&0!&*$%8(#(%*,!&Z\0!%+!"9&X6!#%!%,".$&'&O"+!3$"&3(&X$%*,(%*,![&
DNWIG&<$-,(.7#(&DEEI9&P!%&R4,"&\$+$",9&=AV,*$>&
&
"CC3&U>&DEEI*>&&ZR(&)('$+0&#!))#$*6(&0("&K.A#,%3,(%"&3("&3,(4V>>>[&
&
"CC3&U>&DEE]!>*>H51-56057*O+6%$7$+!%'9&
)6'+$*6(.,"+#'&!%3&64.!%&)6!#.!*$0$?'[**
&
"CC3&U>&CJ#!3>&3(&R&U!#*@!/&DEE]7>&Q5051-5#%5e-5."7*<"@5;50"9.$6*/$*-.&<$6@$);9.,5/9*
>/"0#9*5%*Q1909%5#$3*J#!3>&3(&d++9&L>&DEF^>&Q5051-5#%*G5#$)7*I-!".5#"9.6*9'*5.*=.5?561$/*
Q1909%5#$&>//"0#3**&
&
"CC3&U>&DEEk>&&>H51!5605*>.5%9;-$67&45.;5.*G.#1$9;$.63*J#!3>&!0(.!%!&3(&Q>&=>&
P*6403("9&DEEk>&&>H51-5605*>.5%9?(>&B$/"$.$SO$)"!$.#$**
&
"CC3&U>&DEE^>&&ZO+6%$)6!#.!*$?%$"'&!%3&64.!%&)6!##%!*$0$?'&$8&:5%@"5&/"@".9)-!*!%3&
P!0-,%$#,%&K[>&
&
"CC3&U>&P&U>&4MJaEES&CX$.)">/&DEMF>&
D$9.5.m05#%7*T5%%-0".9;$."0*B-61)99!&9'*89)1#*>!$)"053&&
&
"CC9&U>&'&U>&4MJaEES&CX$.)">/&CJ#!3>&3(&=>P>&K%+$0,%/&DEF^>&D$9.5.m05#%7*T9.;96&
>%-0".p;$.96*/$*G-)9O5*H*>!b)"05*/$%&89)#$3&Y(-,"!3$&)$#&L>&d++&'&_>&Q(0.$%+(>&
&
"CC3&U>&'&6>&6IdKtA&DEMN>&&Z_(+(*+,$%&$8&)",0$*'7,%&,%&")(*,("&9'*46"%90H?$M*45.5$9%-6*5./*
465#1H)$%%5&*&
&
"CC3&U>&'&.>&!@@OP&DEFG>&&ZO%+6($?(%,*&C6!004*,%$?(%,*/&(88(*+"&$8&.(+6'0(#?$%$-,%([&
&
"CC3&U>&'&%>B>&.EOOEQW&DEMN!>&&j%+(#-,(g&g,+6&Y>&U$#3$%&c!""$%>&
&
"CC3&U>&'&%>B>&.EOOEQW&DEMN7>&Z=4"6#$$.&64%+,%?&,%&d#(?$%&:>&J6(&)"'*6$.'*$0$?,*!0&
)(#")(*+,-![&X!#+!&!0&(3,+$#>&
&
"CC3&U>&'&->6>&&qGLLEA&DEF]>&&ZX!#-(3&u3,"(.7$3,(3&('("u&$8&J($+,64!*!%[&Y(,.)#("$&(%&
c!""$%9&Y>&U>&$#*5%3*DEFN>&4$)6$O19.$*"6*d-$6#7*G.#1$9;$.6*5./*#1$&R)";".6*9'*I$%";"9.3*&
"CC3&U>&$#*5%3*DEM^!>&&ZT!+(&$8&.4"*,.$0&,%&+6(&.$4"([&&
&
"CC3&U>&$#*5%3*DEM^7>&&Z<4(-$"&3!+$"&"$7#(&0$"&"4)4("+$"&R,*$)(#31*($"&)",*$+#B),*$"&'&3$"&
*!"$"&3(&,%+$V,*!*,B%&)#$-$*!3$"&)$#&6$%?$"&3(0&?A%(#$&:0%$)9/$)!5*(%&=AV,*$[>&&
&
"V@DNM@OS3&#>&$#*5%3**DEFG>&&ZO"S,.$&4"(&$8&>)#$!"65*#"%$6""*CX$.)$",+!(/[&
&
.GQRC@D3&2>U>&P&$>7>&BEFWMALEA&DENG>&Z<$+(&$%&+6(&!0S!0$,3"&$8&B$#1H6#"09/$./)9.*
5!$6"5.-).&*
*
.GQRC@D3&2>U>&$#*5%3*DE^E>&&Zj%3$0(&!0S!0$,3"&9'*>0$)*650015)".-!*C+6(&",0-(#&.!)0(/9&
<"0#H9%9!5*".05.$60$.6M*4"O#5/$."5&09%-?)".5M*5./*B"!965*196#"%"6&*
*
.GQW@D3&B>5&DENF>&D1$**C"!"#6*9'*#1$*Q)"!".5%*:5.0#"9.3**
^kF&
&
.GQW@D3&U>6>&'&6>%>&-MAJMIL&DEFk>&&ZJ6(&3,"+#,74+,$%&"+!+4"&$8&K*$#4"&CK#!*(!(/&,%&X!%!3![&
&
.GSEQR3&+>&'&q>&1@&UEAJ&DEED>&&ZJ6(&6$4"(&?!#3(%"&$8&P!%+!&Y$"!a&_,-(#",+'&!%3&-!#,!7,0,+'&
,%&!%&K.!2$%,!%&!?#,*40+4#!0&"'"+(.[&&
&
.GJGA23&%>&CP(43B%,.$&3(&U>&P!.$#,%,/&DEE]>**i-.;1$##"3**
*
.GJGA&.@DSEKE3&1>&DEMF>*8-$@56&4"0#9;)5'k56*$.*%5*W6%5*/$*:5.#9&<9!".;97*C56*Q-$@56*/$*
A9)?9.&&
&
.GRAW@3&q>!>&DEMG>&&Z_#4?"&!%3&.'"+,*,".[&O%a&K!#$%"$%9&Q>&'&`>&d".$%3&CX$.)">/*
46H01$/$%"067**D1$*=6$6*5./*W!O%"05#"9.6*9'*T5%%-0".9;$."03*\470,*!3$&$#,?,%!0.(%+(&(%&
DENN9&&
&
.GRAW@3&q>!>&DEMD>&ZJ6(&&)"'*6(3(0,*&.'"+,*!0&(V)(#,(%*(&,%&+6(&64.!%&(%*$4%+(#&g,+6&
3(!+6[&P(?4,3$&3(&3$"&*!#+!"&!0&(3,+$#&)$#&`>f&Q((*6(#&'&U>_>&f!48.!%>&
&
.GRAW@3&q>!>&'&q>$>&-MQRGDSL&DEEG>&Zj.)0,*!+,$%"&$8&RP_&!%3&(V)(#,.(%+!0&.'"+,*,".[&O%a&
J!#+9&X>J&CX$.)>/&>%#$)$/*:#5#$6*9'*Q9.60"9-6.$667*>*A99E&9'*I$5/".;63*d#,?,%!0&DENN3*
*
.GRAW@3&q>!>&$#*5%3**DEMG!>&&Z\"'*6(3(0,*&+6(#!)'&C4+,0,2,%?&RP_/&g,+6&*!%*(#&)!+,(%+"[&
&
.GRAW@3&q>!>&$#*5%3**DEMG7>&&ZJ6(&&(V)(#,.(%+!0&4"(&$8&)"'*6(3(0,*&CRP_/&)"'*6$+6(#!)'[*
*
.GMAC@D3&U>&$#*5%3*DEMD>&&Z<4+.(?&)$,"$%,%?&W&&K&*!"(&#()$#+[&&
&
.GO3&1>+>&'&%>T&UGMA&DEFE>&&Z<$+("&$%&R$36!&.(3,*,%(&,%&=,3%!)4#&_,"+#,*+9&c("+&Q(%?!09&
j%3,![&&
&
&
.GOK@D3&+>&'&9>&BEDEaMCd&CX$.)">/&DEFI>**:15!5.*K9!5.M*B5".%".$*C5/H7*K9!$.u6*
K)"#".;6*9.*#1$*<)-;*GSO$)"$.0$3*
*
.GOK@D(UEA@L3&#>&DEN^>&&Z\$,"$%$4"&6$%('&$-(#"(!"&!%3&,%&<(g&p(!0!%3[&&
*
.GOK@D(UEA@L3&#>&'&/>.>&qRMC@&DEkE>[K&&#(*(%+&$4+7#(!S&$8&6$%('&)$,"$%,%?>&&\!#+&:jj>&&
d7"(#-!+,$%"&$%&+6(&+$V,*,+'&!%3&+$V,%&$8&+6(&+4+4&LQ9)"5)"5*>)?9)$5&R,%3"!'/[&
&
.GAGPECEFEIOEL3&1>U>&'&1>1>&+RMLEOS&DEMG>&&Z`!004*,%$?(%,(&(88(*+"&$8&%4+.(?[&
&
.GDSGAGAM3&U>B>&$#*5%3**DEMM>&&ZX!*+4"&!0S!0$,3">&&nnn:j>&&=("*!0,%(&!%3&#(0!+(3&*$.)$4%3"&
8#$.&D)"0190$)$-6&O$)-@"5.-6&*
*
.GDSGAGAM3&U>B>&$#*5%3**DEMF>&&ZX!*+4"&!0S!0$,3">&&nnn:jj>&&=("*!0,%(&!%3&#(0!+(3&*$.)$4%3"&
8#$.&RO-.#"5*6O".96"9)[&
*
.GDML3&9>&$#*5%3*&DEM^>&ZJ6(&&*$%"+,+4(%+"&$8&Q5..5?"6*65#"@5*)$00(%[**
*
.GDML3&->&'&->&6EICGD@O&DE^F>&&ZR("&K0*6$.(!&K8#,*!,%">&&\#A"(%*(&3(&'$6,.7,%(&*6(2&
%u>%019).$5*'%9)"?-./5*CO4)6$#7,!*A("/[&
&
.GLdCEDP3&/>&DEMk>&D1$*W09.9;)5O1H*9'*#1$*D$9#"1-505.*D%5%903*&
^kE&
&
.GCM}E3&<>9>&DENF>&&ZU4!'4"!9&!&%(?0(*+(3&"+,.40!%+&8#$.&+6(&(!"+(.&K%3(!%&8$$+6,00"[&
&
.GCEA3&q>1>9>&'&->6>&.@DCa@@&DEM]!>&ZJ6(&)6!#.!*$0$?'&$8&X!%%!7,"&,%&!%,.!0"[&O%a&
=(*6$40!.9&Y>&CX$.)>/&B5)"P-5.57*Q1$!"6#)HM*415)!509%9;HM&B$#5?9%"6!*5./*Q%"."05%*
G''$#6&&
&
.GCEA3&q>1>9>&'&->6>&.@DCa@@&DEM]7>&ZJ6(&&!*+,$%"&$8&X!%%!7,"&,%&.!%[&O%a&=(*6$40!.9&
Y>&CX$.)>/&B5)"P-5.57*Q1$!"6#)HM*415)!509%9;HM&B$#5?9%"6!*5./*Q%"."05%*G''$#6&&
&
.GCEA3&q>1>9>&$#*5%3**DEM]>&&ZX0,%,*!0&!")(*+"&$8&X!%%!7,"&!*+,$%[&O%a&=(*6$40!.9&Y>&
CX$.)>/*B5)"P-5.57*Q1$!"6#)HM*415)!509%9;HM&B$#5?9%"6!*5./*Q%"."05%*G''$#6&&
&
.GCEIMOOGDS3&!>&DEGM>&&ZX6!.),?%$%"&%$4-(!4V&34&J$%S,%[&
&
.GIO3&9>$>&DENN>&&ZJg$&*!"("&$8&!0+(#(3&*$%"*,$4"%(""&g,+6&!.%(",!&!))!#(%+0'&
+(0()!+6,*!00'&,%34*(3[&&
&
.GPA@3&->4>&DEN]>&&Z<4+.(?&,%+$V,*!+,$%[&
9%!$/""6".$*`€l7&],"]E>&
&
.Gd3&">&DENM>**Q9))"$.#$*>%#$).53*J#!3>&,%?0("!9&DEM]>&&>%#$).5#".;*Q-))$.#3*&
.@@O@3&%>5>&DEF^>&&ZX!.$+,00$"&*#(!+(3&7'&+6(&.4"6#$$.&46"%90H?$*#5!O5.$.6"6&.!'&7(&
4"(840&,%&)"'*6$+6(#!)'&!%3&+#(!+.(%+&$8&!"+6.![&&
&
.@MJ@A3&i>&'&B>&5MPM&DEF]>&ZO+6%$)6!#.!*$0$?,*&,%-("+,?!+,$%"&$%&+#$)!%(*$%+!,%,%?&3#4?"&
,%&X6,%("(&P$0!%!*($4"&)0!%+"[&
*
.@OC3&U>&9>&$#*5%3**DENM>&&ZP4#&0!&*$%"+,+4+,$%&
!0*!0$,3,54(&3(&54(054("&P$0!%!*A("&3€!8?6!%,"+!%>&j>&X$%"+,+4+,$%&3("&8(4,00("&(+&-!0(4#&
3("&(")A*("&(V!.,%A("&C_!+4#!&(+&L4"54,!.("/[&*
&
.@AS@OO3&1>$>&DEEI>&&X$.4%,*!*,$%("&)(#"$%!0("9&P!%&R4,"&\$+$",9&=AV,*$>&&
&
.@AS@OO3&1>$>&DEEk>&&415)!5E9o49$"57&4%5.#*49V$)6M*49#"6.6M*5./*T$)?0)5'#3&*
*
.@AA@L3&B>B>&'&.>B>&BEQR&DE^M>&&Z\"'*6$+$.,.(+,*"&|6"0{9**0,%,*!0&!%3&+6($#(+,*!0&
*$%",3(#!+,$%"a&`!#.,%(9&cj<WIIEE&!%3&%!00,%([&&
&
.@D@Cd3&1>2>&$#*5%3**DE^^>&&ZK&%(g&6!004*,%$?(%a&]9k9^WJ#,.(+6$V')6(%'0W W!.,%$)#$)!%(>&&
c,+6&%$+("&$%&+6(&"+#$7$"*$),**)6(%$.(%$%[*
*
.rD@dGKGSED3&9>+>&'&U>&B@DDtA&DENG>&ZJ4#7,*$#'%a&K&%(g&?04*$",3(&$7+!,%(3&8#$.&+6(&
"((3"&$8&!&"!*#(3&)0!%+[&
&
.@DWMA3&q>B>&'&->&-EXMALEA&DEDE!>&Z`!#.,%(&!%3&6!#.!0,%(>&&\!#+&jjj>&
*
.@DWMA3&q>B>&'&->&-EXMALEA&DEDE7>&Z`!#.,%(&!%3&6!#.!0,%(>&&\!#+&j:>[&
&
.@DDEC3&/>&'&-GPKEAS(BGK@C&DEIM!>&ZR(&'!?A9&)0!%+(&"(%"$#,(00(&3("&,%3,(%"&3(&0!&#A?,$%&
!.!2$%,(%%(&3(&0uO54!+(4#&(+&3(&0!&X$0$.7,([&&
&
.@DDEC3&/>&'&-GPMAEAS(BGK@C&DEIM7>&Zq!?A9&!'!64!"*!9&*!!),&(+&0(4#&!0*!0$,3(9&
+A0A)!+6(,%(&$4&'!?A,%([&&
&
.@DDP3&5&9>&DEFG>&&B$/"0".5%*4%5.#6*9'*G56#&5./*:9-#1$56#*>6"53*&
 ^^G&
&
.@DDP3&.>&DEEG>&&R.*#1$*A-67*D1$*Q9!O%$#$&J-"/$*#9*#1$*C$;$./5)H*D)"O*9'*f$.&f$66$HM*#1$*
B$))H*4)5.E6#$)6*5./*#1$&A")#1*9'*#1$*Q9-.#$)0-%#-)$3*X$%&)#(8!*,$&3(&`4%+(#&P>&J6$.)"$%&
'&L(##'&U!#*,!9&ZT0!"67!*S"[&)$#&f(%&Q!77"&'&X$.),0!*,B%&3(&=>&P*6g!#+2&'&<>&d#+(%7(#?>&
&
.@C@DLEA3&!>&DEME>&&ZK7$#,?,%!0&4"("&$8&K4"+#!0,!%&P$0!%!*(!([&O%a&`!gS("9&N3J3*$#*5%3**
CX$.)">/&D1$*A"9%9;H*5./&D5S9.9!H*9'*#1$*:9%5.50$503**
&
.@CDELWM3&->U>&$#*5%3**DEFE>&&Zj"$0!+,$%9&"(.,W"'%+6(","&!%3&<=Y&"+43,("&$8&0$0,%(&!0S!0$,3"[&
&
.@IQW@DC3&q>/>&DENG>&&Z`(V(%"!07(%[&
&
.N@MNN@D3&+>+>&$#*5%3**DENM>&&ZO88(*+&$8&S!-!&,%&%$#.!0&"47;(*+"&!%3&)!+,(%+"[&O%a&O8#$%9&_>`>&
$#*5%3**CX$.)">/&G#1.9O15)!509%9;"0*:$5)01*'9)&46H01950#"@$*<)-;63*
*
.RGDK+R@K&5GXEDGCEDM@L3&DEM]>&X$.4%,*!*,$%("&)(#"$%!0("&3(&Q>&Y!+*0,88(&'&3!+$"&3(&D1$*
415)!Q1$!&8$V6%$##$)&
&
.REWGL3&6>7>&DE^E>&&Q9.%)"?-#"9.*#9*#1$*<$'"."H"9.*9'*#1$*<)56#"0*Q9!O9.$.#6*9'&B5./)5E$*
I99#3**&
&
.MQW@D3&U>&'&->q>&-MQWGDSL&DEMG>&ZJ6(&&$**4##(%*(&$8&+6(&)"'*6$+$.,.(+,*&|6"0{*!?(%+&
)",0$*'7,%&,%&!%&K4"+#!0,!%&!?!#,**46"%90H?$*6-?5$)-;".965[*
*
.M@DQ@3&.>$>&'&%>U>&&.@DEICWG&DEFF>&&ZY,%?W"47"+,+4+(3&!.)6(+!.,%(&,%+(#!*+,$%"&g,+6&
%(4#$+#!%".,++(#&#(*()+$#&7,%3,%?&",+("&,%&64.!%&*$#+(V[&*
*
.MW@3&/><>&DENG>&&Z=!2!+((&"(V4!0&,.)4#,+'*|6"0{&!%3&Q,70(&#(!3,%?[&*
*
.MW@3&/><&'&7>&+EaGA&DE^E>&&Z=4"6#$$.&#,+4!0&-(#"4"&X6#,"+,!%,+'[&
&
.MAWO@P3&B><>&DENE>&&Z\0!%+&!3.,V+4#("&+$&5H51-5605M*+6(&P$4+6&K.(#,*!%&6!004*,%$?(%,*&
3#,%S[&&
&
.MAWLEA3&#>&CJ#!3>&3(&L>&Q!S(#/&DEFE>&Z\4#,8,*!+,$%9&3(!+6&!%3&#(7,#+6a&J6(&*0,%,*!0&4"(&$8&
(%+6($?(%"&g,+6,%&!&"6!.!%,*&*$%+(V+[&O%a&Y~+"*69&X>&CX$.)>/&J5#$V5H*#9*W..$)&:O50$7*
:50)$/*4%5.#6M*BH6#"0"6!*5./&46H019#1$)5OH*F*>*i$6#601)"'#*".*T9.9)*9'&>%?$)#*T9'!5..>&
&
.MCD@3&%>&'&%>T&%CMVGLCGVDG&DEFM>&&ZJg$&%(g&!%+6#!54,%$%("&8#$.&+6(&"((3"&$8&4$;5.-!*
15)!5%5[*&
&
.O@CLQR@D3&$>&$#*5%3**DE^E>&&Zˆ7(#&)6!#.!S$0$?,"*6(&Q(*,%8040 4%?&3("&
p(%+#!0%(#-(%"'"+(."&34#*6&S4#2g,#S(%3(&=$%$!.,%$V,3!"(6(..(#&!4"&3(#&U#4))(&3(#&
`!#.!0!&K0!S0$,3([&
&
.OECWMA3&9>U>&$#*5%3**DEFG>&Z\"'*6$+$.,.(+,(&|6"0{*4"(&$8&+$7!**$&,%&P4#,%!.&!%3&T#(%*6&
U4,!%![&
&
.OEaKGA3&#>+>&DEM]>&&ZT$4#&%(g&Q#4%8(0",!"&8#$.&%$#+6g("+(.&P$4+6&K.(#,*![&&
&
.OEaKGA3&#>+>&DEMk>&&ZJg$&%(g&Q#!2,0,!%&")(*,("&$8&Q#4%8(0",![&*
&
.OEaKGA3&#>+>&DEMM>&&ZQ#4%8(0",!&,%&(+6%$.(3,*,%([*
&
.OEaKGA3&#>+>&DEME>&&ZQ$+!%,*!0&)(#")(*+,-("&$%&*$*![&\$%(%*,!&)#("(%+!3!&(%&0!&
*$%8(#(%*,!&Z`!004*,%$?(%"&,%&<!+,-(&K.(#,*!&P6!.!%,".&!%3&=$3(#%&R,8([&IF&
P()e(.7#(&WD&d*+47#(&DEMF9&P!%&T#!%*,"*$>&
^^D&
.OEaKGA3&#>+>&DEFG>&&ZJ6(&?(%4"&A)-.'$%6"57*K&*$%")(*+4"&$8&+6(&+!V$%$.'&!%3&
7,$?($?#!)6'[&O%a&`!gS("9&L>U>&$#*5%3**CX$.)">/*D1$*A9#5.H*5./*D5S9.9!H*9'*#1$*
:9%5.50$5$3&
&
.OEaKGA3&#>+>&DEFD>&&ZK.!2$%,!%&*$*![&&
&
.OEaKGA3&#>+>&$#*5%3**DEMD>**XC5#-5&O-?"'%9)57*=!?,*&)0!%+&8#$.&"$4+6(#%&X6,0([**
*
.OEaKGA3&#>+>&$#*5%3*DEEG>&&ZP,?%,8,*!%*(&$8&+6(&84%?4"&A5%5.6"5*0HO$)"*,%8(*+,%?&.(3,*,%!0&
")(*,("&$8&QHO$)-6&CX')(#!*(!(/&8#$.&K.!2$%,![&
&
.OIJJ@3&.>+>&DFED>&&ZU,8+,?(#&`$%,?&-$%&I19/9/$./)9.*O9.#"0-!&&
&
.vS@D3&->&$#*5%3**DEEI>&&Z='S$0$?,"*6(&i%+(#"4*64%?(%&!%&3(.&\,02WQ(,8+,%3(%&3(#&&
U0(+"*6(#.4.,(&-$.&`!4"0!7;$*6[&O%a&P),%30(#9&f&CX$.)>/&&
&
.EMLLEA3&U>&DENG>&&Z\#A"(%*(&3(&.("*!0,%(&3!%"&4%(&X!*+!*A(&)A#4-,(%%([>&
&
.EMLLEA3&U>&DEN^>&&Z<$+(&"4#&0(&u<!+(.u9&7$,""$%&+$V,54(&)A#4-,(%%(&(+&"("&!0*!0$@3("[**
*
.EOMG3&9>&'&$>&4MGAQRM&DEED>&ZO+6%$0$?,*!0&(-,3(%*(&!%3&*40+4#!0&)!++(#%"&$8&4"(&$8&
D)"0190$)$-6*O5015.9"&Q>Y>&!.$%?&\(#4-,!%&*4#!%3(#$"[&:(#",B%&,+!0,!%!&)470,*!3!&(%&
DEED&)$#&K>&Q,!%*6,&!%3&=>&\$0,!>&&
&
.EOMG3&9>&$>&4MGAQRM&DEEI>&&ZJ6(&)0!%+&+(!*6(#"&$8&%$#+6(#%&\(#4-,!%&K%3(!%&6(!0(#"a&&
O+6%$7$+!%,*!0&!%3&(+6%$.(3,*!0&3!+![&\$%(%*,!&)#("(%+!3!&(%&0!&*$%8(#(%*,!&Z\0!%+!"9&
X6!.!%,".$&'&O"+!3$"&3(&X$%*,(%*,!9[&DNWIG&<$-,(.7#(&DEEI9&P!%&R4,"&\$+$",9&=AV,*$>*
*
.EOOEQW3&%>B>&DEMk>&&ZK&%$-(0&(V)(#,(%*(&g,+6*45.5$9%-67*K&*!"(&"+43'&8#$.&`!g!,,[&&
&
.EOOEQW3&%>B>&DEM^!>&ZJ6(&&)",0$*'7,%&.4"6#$$.&)!%3(.,*[&
&
.EOOEQW3&%>B>&DEM^7>&ZJ6(&K0!"S!%&K.!%,+!&54("+[&
&
.EOOEQW3&%>B>&DEMN>&&Z\",0$*'7,!%&.'*(+,".4"&g,+6&")(*,!0&#(8(#(%*(&+$&45.5$9%-6&&
&
.EOOEQW3&%>B>&DEMM>&&B5;"0*B-61)99!&Q-%#"@5#"9.3*&
&
.EOOEQW3&%>B>&DEME>&&Z\#,.!&3$%%!&!%3&+6(&*$".,*&*!.$+([&&
&
.EAJOI[3&1>&$#*5%3*CX$.)">/&DEFM>&
B$/"0".5%*4%5.#63*\#(8!*,$&3(&f!.*6$.&=!%4%!),*64>&&
&
.EAJFDGPEEA3&,>&$#*5%3**DEED>&&Z<(4+#!0,2!+,$%&$8&+$V,*&(88((+"&$8&3,88(#(%+&*#43(&;(00'80"6&
-(%$."&7'&!%&(V+#!*+&$8&WO9!9$5*O$6F05O5$&*&
&
.EEO3&->&DEFE>&&ZX#,.(&!%3&*6(.,*!0&!%!0'","[&
^^I&
&
.EF@3&B>6>&DENE>&&XD5?$).5.#1$*"?9;57*>.&K8#,*!%&%!#*$e*&|6"0{*)0!%+&$8&"$*,!0&,.)$#+!%*([*&
&
.EF@OGW3&$>&'&6>&5@CC@AXGI@D&DENM>&ZJ6(&.("(.7#,%(&!0S!0$,3"[&O%a&=!%"S(9&Y>`>T>&'&`>R>&
`$0.("&CX$.)">/*D1$*>%E5%9"/63**&
&
.EDC@D3&1>9>&DENI>&J6(&+!V$%$.,*&!%3&(*$%$.,*&4"("&$8&4$;5.-!*15)!5%5&
Cp'?$)6'00!*(!(/[&=!%4"*#,+$>&&
&
.EDC@D3&U>T>&$#*5%3*DEME>&&ZR'"(#?,*&!*,3&!.,3(&3(#,-!+,-("&8#$.*A5%5.6"5&$O"01%t$*5./*
A5%5.6"5*0%5@"0$O6&CX0!-,*,),+!*(!(/&X*&
&
.EL@P3&1$&DEEG>&&Zj%+(00(*+4!0&)#$)(#+'&
#,?6+"ac6!+&,"&+6(&)$",+,$%&$8&(+6%$7,$0$?'y[&&&
&
.ECC@D3&4>$>&'&%>&"DNGOM&DEEG>&&<)-;&D$6#".;*5#*K9)E7*>*J-"/$*'9)*G!O%9H$)6&5./*G!O%9H$$63**&
&
.EIFGC3&+>&$#*5%3*DEMN>&&Z\0!%+("&3(&<$4-(00(&X!0A3$%,(>&\!#+,(&]F>&&K0*!0$Š3("&3(&>050"5*
6"!O%"0"'9%"5&*
*
.EIdGD3&c>&DE^]>&&Z\$2%1.S'&S.'S$80$#(&"+43(%6$&-#*64&4&P+#,7#%A&PS!0,*([&
&
\Ea@D3&7>4>&'&<>T&+R@LCAIC&DEDE>&ZW%$S&@9!"#9)"5*!"&!&%!+,-(&"$4#((&$8&*!88(,%([&&
&
.DGAQ@3&6>#>&DEMG>&&Z<$+("&$%&+6(&4"(&$8&)0!%+&6!004*,%$?(%"&,%&K.!2$%,!%&Q#!2,0[**
*
.DGAQ@3&6>#>&'&$>/>&.DGAQ@&DEMG>&&Z`!004*,%!+,$%"&,%&K.!2$%,![&&
&
.DGAQ@3&6>#>&$#*5%3**DEMM>&&ZJ6(&(+6%$7$+!%'&$8&+6(&\!4.!#,&j%3,!%"[&
&
.DGCC3&->$>&CX$.)>/&DENN>&&:$%$0#"9.6*')9!&#1$*D5%$6*9'**Q5.#$)?-)H*5./*:19)#*49$!6&?H*
J$9'')$H*Q15-0$)*&
&
.D@ACMLL3&1>q&'&7>.>&9EDJGA&DFE^>&>.15%9."-!!*C$V".""*L!$605%*|6"0{*?-##9.6\3**K&"+43'&$8&
+6(&3#4?9&g,+6&(")(*,!0&#(8(#(%*(&+$&,+"&)6'",$0$?,*!0&!*+,$%&4)$%&.!%9&g,+6&#()$#+&$8&
(V)(#,.(%+"[&&
&
.D@LQECC3&U>&'&6>&9Q+GOO&CX$.)">/&DEFF>&f5@57*=6$*5./*5?-6$*"#6*>-6#)5%"5*5./&#1$*:9-#1*
450"'#03*&
&
.D@LQECC3&q>B>&DFk]>&D1$**T"6#9)H*9'*#1$*Q9.e-$6#*9'*B$S"09*V"#1*5*4)$%"!".5)H&a"$V*9'*#1$*
>.0"$.#*B$S"05.*Q"@"%",5#"9.&5./*#1$*C"'$*9'*#1$*Q9.e-$)9)*T$).5./9&Q9)#b63*OV,"+(%&-!#,!"&
#(,.)#(",$%(">&
&
.IRGDMQR3&K>&DE^E!>&D1$*:50)$/&B-61)99!7*f$H*#9*#1$*<99)*9'*G#$)."#H3&
&
.IRGDMQR3&$>&DE^E7>&&Z=4"6#$$.&,*$%"[&
&
.IXGDMQR3&$>&DENI>&&A$H9./*D$%$O5#1H3&
&
.IOOMAJ3&!>&DEEG>&&ZJ$!3&0,*S,%?&)4+"&.!%&,%&6$"),+!0[&&
&
.IDWMA]@3&U>/>&DFIE>&&ZO,%,?(&Q(,+#1?(&24#&)6'",$0$?,"*6(%&\6!##%!S$0$?,([&
&
.ILRFGAJGSGA3&.>&'&+>T>&$CGO&DEFN>&ZO+6%$.(3,*,%!0&!%3&(+6%$7$+!%,*!0&,%-("+,?!+,$%"&
!.$%?&"$.(&"*6(340(3&*!"+(&*$..4%,8,("&$8&J#!-!%*$#(9&f(#!0!9&j%3,![&
&
`IMKXP3&9>q>&$#*5%3&DEM]>&&Z=,"","",)),&?#$g%&.!#,64!%!&Z",*[7*Q5..5?"6&65#"@5**40+,-!+,$%&
!%3&$7"(#-(3.$#)6$0$?,*!0&-!#,!+,$%"[&&
^^]&
&
-GNNGAN3&->7>&P&#>9>&c@AAM@&DEF]>&&ZJ6(&)6'+$*6(.,"+#'&$8&d-5)5)"?$5*'-.$?)"6&*&
&
-GNNGIN3&->7>&$#*5%3**DEFk>*N9-).5%*9'*R);5."0*Q1$!"6#)H*&
&
-GK|D@d&S@&UGDG3&9>+>&'&+>/>&.MAduA&+>&DEFN>&&ZR$"&6,;$"&3(0&7(;4*$&"$0!#&'&0!&*!.)!%!&
*(0("+(>&&O0&'!;A&(%&0!&*40+4#!&)$)40!#&4#7!%![&&
&
-GE3&6>%>&DEMG>&&Z03(%+,+'&$8&)('$*!*+'%9&!%&!%+,7,$+,*&8#$.&)('$+(&LC9O19O19)5&V"%%"5!6""\M*
!%3&6$#3(%,%([&
&
-GE3&->->&DEFD>&&ZO+6%$7$+!%'&$8&=(?6!0!'!a&=(3,*,%!0&)0!%+"&4"(3&7'&f7!",&!%3&U!#$&
+#,7("[&&
&
Y!LEGAGMVE3&.>&$#*5%3**DEEI>&&Z=(3,*,%!0&)0!%+"&4"(3&+$&+#(!+&.!0!#,!&,%&=!3!?!"*!#[&
&
-GCQOMNN@3&4>&DEM]>&&Z\",0$*'7,%&3(.!%3&*#(!+("&%(g&3#4?&3(*()+,$%[&*
*
-sCLQR3&+>&DEFM>&&W./"5."601$*T$"%E)2-#$)7*D)5/"#"9.*-./*>V$./-.;3***
*
-sCLQR3&+>&CX$.)>H&J#!3>&3(&L>&Q!S(#/&DEFE>*J5#$V5H*#9*W..$)&:O50$7*:50)$/*4%5.#6M*
BH6#"0"6!*5./&46H019#1$)5OH*F*>*i$6#601)"'#*".*T9.9)*9'&>%?$)#*T9'!5..>&
&
-sCLQR3&+>&DEED>&&ZQ#,3?("&+$&+6(&?$3"&C\"'*6(3(0,*&#,+4!0"&$8&S%$g0(3?(/[&*
:(#",B%&!7#(-,!3!&$#,?,%!0.(%+(&)470,*!3!&(%&DEEG>&&ZQ#,3?("&+$&+6(&?$3"a&\"'*6(3(0,*"9&
Y(0,?,$%&!%3&(+6%$?#!)6'[&*
*
-sCLQR3&+>&CJ#!3>&3(&L>&Q!S(#/&DEEI>&D1$*&<"0#"9.5)H*9'*:50)$/*5./*B5;"05%&4%5.#63**&
d#,?,%!0&DEFF>&&C$S#E9.*/$)&h5-?$)O'%5.,$.3**
*
-sCLQR3&+>&CX$.)>/&DEE]>*o^*P51)$*C:<*G)'51)-.;*G".$*P-?"%2-!6601)"'#3*&
&
-GVMQd3&->&DENG&CD/>&&ZR!&=,V+(*!&(%&(0&("+43,$&*$.)!#!+,-$&3(0&6$%?$&!04*,%!%+([&&
&
-GPO3&$>U>%>&DEEI>&&ZRP_&)"'*6$+6(#!)'a&K&)#$.,",%?&Pg,""&(V)(#,.(%+&)#$-("&.$#(&+6!%&!&
+#,)&3$g%&.(.$#'&0!%([&
&
-GPKEAS(BGK@C&DEkD>&&ZP4#&0("&(88(+"&-!"*40!,#("&3(&ju6!#.,%(9&3(&ju6!#.!0,%(&(+&3(&0!&
+A+#!6'3#$6!#.,%([&&
&
-GPKEAS(BGK@C&'&->&6EICGD@O&DEN^>&XCu>%019.$5*'%9)"?-./5*=4(00(#WK#?>&_$&,+,0&!&0!&
'$6,.7,%(&"("&(88(+"&(V*,+!%+"&*6(2&ju6$..(y[&&
&
-@GJGA3&$>4>&DEIF>&&Z\0!%+"&4"(3&7'&+6(&Q$,"&T$#+&X6,))(g!&Cd;,7g!/&j%3,!%"&$8&
=,%%("$+![*&
&
-@GJGA3&$>4>&DEIE>&&Z\0!%+"&4"(3&7'&+6(&c6,+(&=$4%+!,%&K)!*6(&j%3,!%"&$8&K#,2$%![*&
&
-@GP3&9>&DE^E>&*D1$**f-!57*i)$$/9!*5./&Q9.'9)!"#H*".*#1$*8$V*J-".$5&T";1%5./63**&
&
-@GP3&9>&DENG>&&Zu=4"6#$$.&.!3%(""u&,%&+6(&<(g&U4,%(!&`,?60!%3"[&&
&
-@QMAEL3&$>&CX$.)>/&DEkM>&&49O9%*a-17*>.#";-56*T"6#9)"56*/$%*d-"01b3**
*
-@MQR@O(1EOKGCENN3&6>&DEkk>&&ZR!&*40+4#!&.!+(#,!0&3(&0$"&j%3,$"&U4!6,7$[&&
^^k&
&
-@MQR@O(1EOKGCENN3&6>&DENG>&&Z<$+!"&(+%$?#18,*!"&"$7#(&0$"&j%3,$"&3(0&X6$*B[*&
&
-@MQR@O(1EOKGCENN3&6>&DENE&ZO0&*$%+(V+$&*40+4#!0&3(&4%&!04*,%B?(%$&!7$#,?(%[&*&
&
-@MQR@O(1EOKGCENN3&6>&DEMG>&&Z<$+("&$%&+6(&*40+4#!0&(V+(%+&$8&+6(&4"(&$8&'!;A&
LA5."6#$)"9O6"6*055O"\*!.$%?&+6(&j%3,!%"&$8&+6(&:!4)A"9&X$0$.7,![&*
*
-@MQR@O(1EOKGCENN3&6>&DEMD3*>!5,9."5.&Q96!967*D1$*:$S-5%*5./*I$%";"9-6*:H!?9%"6!*9'*
#1$*D-E5.9*W./"5.6*
*
-@MQR@O(1EOKGCENN3&6>&DEMI>&ZJ6(&&*404#!0&*$%+(V+&$8&!%&!7$#,?,%!0&6!004*,%$?(%a*
A5."6#$)"9O6"6*055O"*XO%a&T4#"+9&\>J>&CX$.)>/&*
*
-@MQR@O(1EOKGCENN3&6>&DEM^>&D1$&:15!5.*5./*#1$*P5;-5)7*>*:#-/H*9'&85)09#"0*|6"0{*<)-;6*
5!9.;*#1$*W./"5.6&9'*Q9%9!?"53*\#B0$?$&3(&Y,*6!#3&O-!%"&P*640+("9&J#!3>&(")!b$0!&3(&
DEMF>&&G%*Q15!m.*H*$%&P5;-5)7*G6#-/"96*/$*%56*<)9;56*85)09#"056&|6"0{*$.#)$*%96*W./"96*/$*
Q9%9!?"53**
&
-@MQR@O(1EOKGCENN3&6>&DEMF>&A$H9./*#1$&B"%EH*K5H7*T5%%-0".5#9)H*W!5;"6*9'*#1$&#-E5.9*
W./"5.63*&
&
-@MAX@DJ3&.>&DEID>&&ZX$%+#,74+,$%&1&juA+43(&3("&7$,""$%"&+$V,54("&3("&j%3,(%"&34&%$#3$4("+&
3(&0€K.!2$%(a&0€K'!64!"*!9&0(&'!;A9&0(&64!%+$>&+43(&*$.)!#!+,-!&+$V,*$)6'",$0$?,54(&
3u4%(&(V)(#,(%*(&)(#"$%(00([*
&
-@MA@D3&->&'&+>B>&/IJLC@D&DENM>&&Zp4#&f(%%+%,"&3("&=4"*!2$%"[&&
-@ML&$OCLQRIO3&%>&VEA&DENM>&&Z:,0*!&!%3&,+"&4"([&O%a&O8#$%9&_>`>&$#*5%3**CX$.)">/&
G#1.9O15)!509%9;"0*:$5)01*'9)*G665H6*46H01950#"@$*<)-;63*&
&
-@ML&$OCLQRIO3&%>&VEA&DEMI>&D1$**J$.-6&>.5/$.5.#1$)5*".*>!$)"./"5.&Q-%#-)$63*
-@ML&$OCLQRIO3&%>&VEA&DEM]>&&<)-;6*5./&i99/6*')9!*C"##%$Ff.9V.*4%5.#67*89#$6&".*T5)@5)/*
=."@$)6"#H*T$)?5)"53*\#B0$?$&3(&Y,*6!#3&O-!%"&P*640+(">&
&
-@ML3&%>&VEA&'&7>U>&5MFF&DEFI>&&8$V&4%5.#*:9-)0$6*'9)*<)-;6*5./*'99/6*')9!&#1$*8$V*c9)E*
A9#5."05%*J5)/$.&T$)?5)"-!/!&
&
-@WE3&4>.>&DEDE>&&Z_(&0$"&%$.7#("&7$+1%,*$"&K2+(*!"[&&
&
-@WE3&4>.&DEIE>&&ZK0*!0$,3("&'&?04*B",3$"&(%&)0!%+!"&.(V,*!%$"[&
&
&
-@WE3&4>.>&DE]k>&&Z_!"&.(V,S!%,"*6(&Y!4"*6?,8+&d0$0,454,[&&
&
-@WE3&4>.>&DEk^>&&B"#9?9#m."05*h5O9#$053&\470,*!*,B%&)#,-!3!9&J!*47!'!9&=AV,*$>&&
&
-@WE3&<>$>&DE]N>&&B5;"601$*J"'#$7*I5-601&-./*A$#2-?-.;6!"##$%*/$)*8$-$.*K$%#&&
&
-@ASEA3&.>&'&U>&qMOOP&DEF^>&&Zj"$0!+,$%&$8&748$+(%,%(&8#$.&"((3"&$8&4"O#5/$."5&!50)905)O5*
A$.#1&*&
&
-@FW@3&1>4>&DEEI>&&X$.4%,*!*,$%("&)(#"$%!0("9&P!%&X!#0$"9&XK>&
&
-@FW@3&1>4>&DEE]>&&X$.4%,*!*,$%("&)(#"$%!0("9&*$##(")$%3(%*,!>&
^^^&
&
-@FW@3&1>4>&'&qU>&&7@DJILEA&DEFI>&&Z\",0$*,%&!%!0$?">&&jjj>&&P'%+6(","&$8&^W.(+6$V'&!%3&^W
6'3#$V'WD9I9]9kW+(+#!6'3#$WETW)'#,3$|]9kW?{,%3$0("[&
&
-@FW@3&1>4>&'&1>#>&5@LOM@&DEMM>&&ZQ!($*'"+,%&,%&46"%90H?$*6$!"%5.0$5#5&*&
&
-@FW@3&1>4>&$#*5%3**DEM]>&&ZK0S!0$,3"&$8&
>050"5*?5"%$H5.5*&
&
-@FW@3&1>4>&$#*5%3**DEMJ!>&&ZQ!($*'"+,%&,%&46"%90H?$M*Q9.90H?$*5./*45.5$9%-6[&
&
-@FW@3&1>4>&$#*5%3**DEMM7>&&Z\",0$*,%&!%!0$?">&D>&P'%+6(","&$8&]W|IWC3,!0S'0!.,%$/&(+6'0{W&!%3&
]W|IW&C*'*0$!0S'0!.,%$/&(+6'0{&,%3$0WkW$0"[*
*
-@FW@3&1>4>&$#*5%3**DEMF>&&ZURXW=!""&")(*+#!0&!%!0'","&$8&84%?!0&.(+!7$0,+("[&&
&
-@FW@3&1>4>&$#*5%3**DEFD>&Z\",0$*,%&!%!0$?"&jj>&P'%+6(","&$8&]W|IW&C3,!0S'0!.,%$/&(+6'0{9&]W|IW
C8W.(+6'0W8W!0S'0!.,%$/(+6'0{W9&!%3&]W|IC*'*0$!0S'0!.,%$/(+6'0{,%3$0WkW$0"[&
&
-@FW@3&1>4>&$#*5%3**DEF^>&Z\"'*6$+$.,.(+,*&|",*{&8W.(+6'0W8W&"$)#$)'0+#')+!.,%("a&&O88(*+"&
$8&-!#,!+,$%&$8&!#$.!+,*&$V'?(%&"47"+,+4(%+"[&&
&
-@CM3& 5>& '& U>$>& +GLCDMOOEA& DE^D>& ZX!*+4"& !0S!0$,3"& D3* D)"0190$)$-6* #$)601$0E""* C\!#.(%+,(#/&
Q#,++$%&Y*Y$"([*
&
-@P@L&6>&5>&DEMG>&&Zi%!&#(0!*,B%&"$7#(&0$"&6$%?$"&!04*,%!%+("[&
&
-R@GS3&U>+>&$#*5%3**DEMM>&&Z\"'*6(3(0,*&3#4?&C_\J/W!"","+(3&)"'*6$+6(#!)'&g,+6&!0*$6$0,*"a&K&
*$%+#$00(3&"+43'[&&
*
-MQ@3&T+>&'&->%>&qOOLEA&DEMN>&&ZCW/W]Wj"$+64;$%(9&!&".!00&%$%&%,+#$?(%$4"&.$0(*40(&g,+6&
!%+,%$*,*()+,-(&!*+,-,+'&,%&.,*([*
*
9@@D3&->/>&DEFM>&&ZP.$S(0(""&+$7!**$&4"(a&K&3!%?(#$4"&%,*$+,%(&6!7,+[&*
*
-MQR3&9>$>&$#*5%3*DEN^>&&Zj%6,7,+,$%&$8&64.!%&+4.$#&*(00"&7'&*$#3'*(),%[&&
&
-MQRGDS3&4>&$#*5%3**DEF]>&&ZK0S!0$,3"&8#$.&a9505.;5*601V$".'-)#1""*@5)3*O-?$)-%5[&&
&
-MQRGDSL3&q>$>&DEM^>&&Q9-.6$%".;M*4$5E&GSO$)"$.0$6*5./*#1$*1-!5.*G.09-.#$)&V"#1*<$5#13**
>.*G!O")"05%*:#-/H*9'*#1$&G''"050H*9'*<4D*F*>66"6#$/*Q9-.6$%".;*".&G.15.0".;*#1$*d-5%"#H*9"*
C"'$*9'*4$)69.6&V"#1*D$)!".5%*Q5.0$)*5./*#1$")*Q%96$6#&i5!"%H*B$!?$)63*&
&
-MQRGDSL3&q>$>&$#*5%3**]lzz3**ZJ6(&)(!S&(V)(#,(%*(&-!#,!70(&,%&_\J&W&!"","+(3&)"'*6$+6(#!)'&
g,+6&*!%*(#&)!+,(%+"[&&
*
-MQRGDSL3&q>$>&$#*5%3**DEME>&&Z_\J&!"&!%&!3;4%*+&,%&7#,(8&)"'*6$+6(#!)'&g,+6&*!%*(#[*&
&
-MQRGDSLEA3&$>4>&DEEG>&&ZY(*$00(*+,$%"&$8&Y>&U$#3$%&c!""$%u"&8#,(%3&!%3&)6$+$?#!)6(#[u&
O%a&Y,(30,%?(#9&J>L>&CX$.)>/&D1$*:50)$/*B-61)99!*:$$E$)7*G665H6*'9)&I3*J9)/9.*K5669.3*&
&
-MQRGDSLEA3&+>+>&DEMD>&&Z=#>&&K00(?#$&!.$%?&+6(&.4"6#$$."[&Y("(b!&3(&K00(?#$&DEMG>&&
:A!"(&+!.7,A%&L!*$7"$%&v&Y,*6!#3"$%&DEMD>&
^^N&
&
-MQWGDS3&.>.>&'&.>$>&+E[&DEFN>&&Zi"(&$8&<$))"6*!"&!&8,"6&)$,"$%&,%&U4!3!0*!%!09&P$0$.$%&
j"0!%3"[&&
&
-MQWL3&1>7>&DEN]>&&Z=4"6#$$."&!%3&.'"+,*"a&K&*!-(!+&X*&
&
-MQIGDC@3&6>&$#*5%3*DEF^>&&Z`!004*,%$?(%,*&!.)6(+!.,%(&"(0(*+,-(0'&3("+#$'"&7#!,%&
"(#$+$%,%&%(#-(&+(#.,%!0"&X*&
&
-M@SOMAJ@D3&#>U>&CX$.)>/&DEEG>&D1$*:50)$/*B-61)99!*:$$E$)7*G665H6*'9)&I3*J9)/9.*K5669.3*&
&
-M@SOMAJ@D3&#>U>&DEEG>&&ZK&0!+(*$.(#u"&-,(g&$8&Y>&U$#3$%&c!""$%[&O%a&Y,(30,%?(#9&J>L>&
CX$.)>/&D1$*:50)$/*B-61)99!*:$$E$)7*G665H6*'9)&I3*J9)/9.*K5669.3*&
&
-MAW@O3&9>&$#*5%3*DENG>&&ZOV)(#,.(%+!0&)"'*6,!+#'>&:>&W\",0$*'7,%9&!&%(g&)"'*6$+$?(%,**|6"0{*
3#4?[*
*
-|EL3&">*$#*5%3&DEN^>&&ZO"+43,$"&"$7#(&0!&6!#.,%!&'&(0&5H51-5605&*&
&
-MCQRM@3&/>&'&q>+>&#GPOED&DENM>&ZJ6(&&?!0740,.,.!&!0S!0$,3"[&O%a&=!%"S(9&Y>`>T>&'&`>R>&
`$0.("&CX$.)">/&*D1$**>%E5%9"/63**&
&
-MV@DG3&$>&$#*5%3**DEFE>**XA)-;!5.6"5&65.;-".$5*6-?6O3*@-%05."09%5M*!&?$$3&"$4#*(&$8&
"*$)$0!.,%([&
&
-MVM@D3&5&'&U>/>&5MASJD@A&DEMI>&&ZK'!64!"*!9&+6(&P$4+6&K.(#,*!%&6!004*,%$?(%,*&3#,%Sa&K%&
(+6%$7$+!%,*!0&!%3&*6(.,*!0&,%-("+,?!+,$%[&&
&
-MVM@D3&5&P&.>0>&.MO@C&DEMD>&&ZX$.)$"A"&6!004*,%$?A%("&,%3$0,54("&%!+4#(0"[&*
*
-EXX@DL3&U>/>&$#*5%3**DENE>&&ZK33,+,$%!0&(-,3(%*(&"4))$#e%?&+6(&$**4##(%*(&$8&)",0$*'7,%&,%&
45.5$9%-6*'9$."6$0""&*
*
-EXXMAL3&#>&DEMk>&ZJ6(&&+$!3"+$$0&+6!+&*$%54(#(3&+6(&4%,-(#"([&
&
-EX@DCL3&5&DEED>&&ZT,?6+&(#4)+"&$-(#&_<K&8,%?(#)#,%+,%?[&*
:A!"(&+!.7,A%a&X6!S#!7$#+'&v&,"33&DEEDH&f$"60!%3&DEEIH&R(g$%+,%&v&`!#+0&DEEDH&c,00"&$#*
5%3*DEEI>&
&
-EX@DCL3&5>&DEEI!>&&ZX6(.,*!0&)#$")(*e%?a&`$)(&8$#&-!%,"6,%?&(*$"'"+(."y[&*
*
-EX@DCL3&5&DEEI7>&&ZJ6(&3#4?&,%34"+#'&?$("&?#((%[&*
*
-EX@DCL3&#>4>&DEEG>&&ZX$?%,+,-(&"*,(%*(9&
#(0,?,$%&!%3&!*!3(.,*&8#((3$.&@63*#1$&3#4?&)#$6,7,+,$%&,3($0$?'[&\$%(%*,!&)#("(%+!3!&(%&
Z_#4?&\$0,*'&
X$%8(#(%*(9[&]D&d*+47#(&&k&<$-,(.7#(&DEEG9&&
&
-EX@DCLEA3&9>6>&DEM]>&&X$.4%,*!*,B%&)(#"$%!0&(%a&Y47(09&K>L>&'&L>&U(++(08,%?(#&f#(;*,&
DEMN>&ZJ6(&&4"(&$8&6!004*,%$?(%,*&84%?,&8$#&3,!?%$"+,*&)4#)$"("&!.$%?&"$.(&6,?60!%3&
X6,%!%+(*"[&&
&
-EXMQRGIS3&->+>&$#*5%3**DENk>&Z\6!#.!*$3'%!.,*"&$8&*#'$?(%,%(9&!%&!0S!0$,3&,"$0!+(3&8#$.*
T$"!"5!65%"0"'9%"5&R,%S&!%3&d++$>&&\!#+&j>[&
&
-EXMQRGIS3&->+>&$#*5%3**DEN^>&Z\6!#.!*$3'%!.,*"&$8&*#'$?(%,%(9&!%&!0S!0$,3&,"$0!+(3&8&#$.&
`$"!"5*65%"0"'9%"5&R,%S&!%3&d++$>&&\!#+&jj>[&&
^^M&
&
-EXMQL@W3&7>&DEMF>&*D1$**:!9E".;*J9/63*D9?5009*".*B5H5*>)#M*T"6#9)H*5./&I$%";"9.3**&
-ESDMJI@d3&/>&$#*5%3*DEFI>&ZJ6(&&)$"",70(&#$0(&$8&K.!2$%,!%&)"'*6$!*+,-(&)0!%+"&,%&+6(&
*6(.$+6(#!)'&$8&)!#!",+,*&g$#."&W&K&6')$+6(","[*
-ENNKGA3&->$>&DEFI>&&B5)"P-5.5*56&B$/"0".$3*\#B0$?$&3(&P,3%('&X$6(%>&&
-EJ@DL3&U>/>&DEFD>&&Z0"&+6(#(&!&3$*+$#&,%&$#7,+y[*
-ERD3&9>&$#*5%3**DEME>&&Z<(g&"("54,+(#)(%$,3"&$8&"g((+&80!?&$,0&L>09)-6&05%5!-6\[**
-EOS3&U>7>&DEFN>&&Z=4"6#$$.&.!3%(""a&\"'*6(3(0,*&84%?,&!%3&+6(&#,"S&$8&8!+!0&)$,"$%,%?[*&
-vK@D3&%>&DEEI>&&ZK.!%,+!&.4"*!#,![&
-EK@DE3&U>4>&DE^k>&D1$*A9#5."05%*C9)$*9'*#1$*Q5%"'9)."5*W./"5.63**&
-E^I@C3&%>&'&.>&7GVD@GI&DEFD>&&C96*>%-0".p;$.967*<$*%5*Q9.0$O0"p.*W./";$.5*5&-.5*8-$@5*
46"09#$)mO"53*\#(8!*,$&3(&c!0+(#&`$4"+$%&X0!#S>&
-EL@KGA3&4>&DEN]>*``oM^^^*]./"5.6&Q5.u#**?$*K)9.;3*K.)0,!3$&'&#((3,+!3$&*$.$a&D1$*
4$H9#$*:#9)H3*DENN>&
-EL@KGA3&4>&DENN>&&C:<7*D1$"6*9'&B"./*\470,*!3$&$#,?,%!0.(%+(&(%&DEN]>&&
-EL@AX@DJ3&1>/>&$#*5%3*DEN]>&ZX$.)!#,"$%&$8&!&)0!*(7$9&8F3,.(+6'0+,"+!.,%(9&!%3&NW
6'3#$V'W8W3,.(+6'0+#')+!.,%(&,%&.!%[&*
-EL@AX@DJ3&1>/>&$#*5%3*DENk>&&ZJ6(&(88(*+&$8&8M8W3,.(+6'0+#')+!.,%(&,%&64.!%&"47;(*+"&
+$0(#!%+&+$&0'"(#?,*&!*,3&3,(+6'0!.,3([*&
-EL@AXERK3&$>&DEED!>&`5%%-0,".9;$.$&<)9;$.*"!*:015!5."6!-67*BH#196*-./&I##-5%*"!*
f-%#-)$%%$.*a$);%$"013&&
-EL@AXERK3&$>&DEED7>&&Z_(#&T0,(?(%),02&,.&<$#3!",(%[&O%a&Q!4(#9&c>&$#*5%>&CX$.)">/*&
-EL@AJGDC@A3&7>&DEMM>&&ZK%&4%4"4!0&"),*(&8#$.&d!V!*!a&J6(&80$g(#"&$8&
d-5)5)"?$5*'-.$?)"6&&
-ELL3&$>&DEED>&&:#)5.;$*K$5#1$)7*Q-%#-)$M&:0"$.0$M*5./*D$01.9%9;H3*&
-ECR3&$>&$#*5%3*DEF^>&&Z\#(0,.,%!#'&"+43'&$8&+6(&!0S!0$,3"&$8&46H019#)"5*'9)6#$)"5.5&&&
-ECROMA3&/>&DE^M>&&Z\6!#.!*$0$?'&$8&0'"(#?,*&!*,3&3,(+6'0!.,3(&!%3&"$.(&$8&,+"&#(0!+(3&
*$.)$4%3"[*
-EIRM@D3&$>&DEIk>&XC$*H5;b7*\0!%+(&+A0A)!+6,54(&|6"0{[*
-EIRM@D3&$>&DEIN>&&Z_$*4.(%+"&)$4#&"(#-,#&1&juA+43(&34&'!?A[&
-EIRM@D3&$>&DEIM>&&C5*4%5.#$*e-"*i5"#*%$6&c$-S*G!$)@$"%%$6*F*C$*4$H9#%&LG01".9050#-6*K"%%"5!""*
C$!3\3*\#(8!*,$&3(&O>&\(##$+>&
^^F&
&
-EV@OOM3&4>&'&6>!>&<GIJRGA&DENM>&ZK0S!0$,3"&$8&>050"5*j>&<+&<+W_,.(+6'0+#')+!.,%(&,%&
>050"5&O1%$?9O1H%%5*T>&=4(00>[&*
-EaGA3&1>1>&$#*5%3*DEFN>&&Z\(#!.,%(9&!&%$-(0&,%"(*+&8((3,%?&3(+(##(%+&8#$.&#'(?#!""&
,%8(*+(3&g,+6&+6(&(%3$)6'+(&>0)$!9."-!*%9%"5$[&
-EPL3&->&5&DE]D>&D1$*G#1.9FA9#5.H*9'*#1$&B5H53*&
-IX@O3&$>U>&'&U>&6@CC@ONMAJ@D(TD@]QM&DEMN>&ZJ6(&&4"(&$8&6!004*,%$?(%,*&84%?,&8$#&3,!?%$"+,*&
)4#)$"("&!#%$%?&"$.(&6,?60!%3&X6,%!%+(*"[&&
-IXMA3&<>&CX$.)>/&DEM^>&&Q5..5?""6*5./&Q-%#-)$3**&
-IQW3&+>$>.>&DEFD>&&Z=4"6#$$."&!%3&)6,0$"$)6(#"[&Y(,.)#("$&(%&c!""$%9&Y>U>&$#*5%3*
DEFN>**4$)6$O19.$6&d-$6#7*G.#1$9;$.6*5./*#1$*R)";".6*9'*I$%";"9.3*&
-IQW3&+>$>.>&DEFI>&&ZJ6(&g,03&!%3&+6(&*40+,-!+(3a&c,%(&,%&O4#,),3("&Q!**6!([&Y(,.)#("$&(%&
c!""$%9&Y>U>&$#*5%3*DEFN>**4$)6$O19.$6&d-$6#7*G.#1$9;$.6*5./*#1$*R)";".6*9'*I$%";"9.3*&
-IQW3&+>$>.>&DEF]>&&ZJ6(&&$88(#,%?"&8#$.&+6(*`')(#7$#(!%"[&Y(,.)#("$&(%&c!""$%9&Y>U>&$#*
5%3*DEFN>**4$)6$O19.$6&d-$6#7*G.#1$9;$.6*5./*#1$*R)";".6*9'*I$%";"9.3*&
-IQW3&+>$>.>&$#*5%3**DEME>&&ZO%+6($?(%"[&J#!3>&)$#&T>&U!##,3$&*$.$&K)A%3,*(&ZO%+(B?(%$"[&
(%&c!""$%9&Y>&U>&$#*5%3**DEFG>**G%*Q5!".9*5*G%$-"6"63*=.5*:9%-0"p.*5%*G.";!5*/$*%96&
B"6#$)"963*&
-I|d&S@&$OGDQuA3&B>&DE^]>&D)5#5/9*/$*%56&W/9%5#)k56M*:-O$)6#"0"9.$6M*<"96$6M*I"#96M&
T$01"0$)"56*H*R#)56*Q96#-!?)$6&J$.#k%"056*/$*%56*I5,56*>?9)";$.$63*\470,*!3$&
$#,?,%!0.(%+(&(%&DNIE>&&:A!"(a&_(&0!&P(.!&DE^]>&
-ILXP3&B>B>&DEI]>&ZJ6(&&!7$#,?,%!0&4"("&$8*055O"&*
-ILLE3&/>4>&DEEI>&&Z`(!3!*6(&+#(!+.(%+"&7'&%!+,-(&)($)0("&$8&+6(&O*4!3$#,!%&K.!2$%a&K&
)#(0,.,%!#'&*#$""3,"*,)0,%!#'&!""("".(%+[&
%GGD3&9>&DEED!>&&ZO+6%$.'*$0$?,*!0&3!+!&8#$.&P,7(#,!&!%3&%$#+6(!"+&K",!&$%&+6(&(88(*+&$8&
>!5."#5*!-605)"5[**
%GGD3&9>&DEED7>&&ZT4%?,&,%&f6!%+'&8$0S&.(3,*,%([&&
%GQQE3&#>&'&7>&+RMGOVG&DEFF>&&ZX6(.,*!0&*6!#!*+(#,"+,*"&$8&+6(&$,0&8#$.&>)#$!"6"5&5?6".#1"-!*
*$00(*+(3&,%&\!+!?$%'&CK#?(%+,%!/[&
%GNNEDS3&q>/>&DEDG>&ZJ6(&&"!*#(3&(!#80$g(#&$8&+6(&K2+(*"a&n$*6,%!*!2+0,[&*
%GNNEDS3&q>/>&DEDD>&ZJ6(&&#(3,"*$-(#'&$8&+6(&n$*6,%!*!2+0,&$8&+6(&K2+(*"9&g,+6&%$+("&$%&
=(V,*!%&K%$%!*(!(&|6"0{[&&
%GNNEDS3&q>/>&DED^>&&ZK%&K2+(*&%!#*$+,*&|6"0{[&
^^E&
&
%GNNEDS3&q>/>&DEDN>&&Zj3(%+,+'&$8&*$6$7!9&+6(&%!#*$+,*&|6"0{*"%488&$8&!%*,(%+&`!,+,[&
%GNNEDS3&q>/>&DEID!>*X<5#-)5*‚*!%&,%-,+,%?&?(%4"&8$#&+6(&"+43'&$8&6(#(3,+'[&*
%GNNEDS3&q>/>&DEID7>&&ZP'%$)","&$8&+6(&?(%4*<5#-)5[&
%GNNEDS3&q>/>&DEID*>&&Z\('$+(9&+6(&%!#*$+,(&|6"0{*.("*!0&74++$%&|6"0{*$8&+6(&j%3,!%"[&*
%GNNEDS3&q>/>&DEII>&&Z_!+4#!"&$8&+6(&d03&c$#03&!%3&<(ga&K%&!**$4%+&$8&+6(,#&%!#*$+,*&|6"0{*
)#$)(#+,("&!%3&+6(,#&4"(&,%&$#!*40!#&!%3&,%,3!+$#'&*(#(.$%,("[&&
%GNMAG3&5>T>&$#*5%3**DEMG>&&Z_,%!.,S!&!0S!0$,3$-&-&?!#.!0(&$7'S%$-(%%$;&WW&4$;5.-!*
15)!5%5*R>[*&
%GRGJyA3&4>&3(&CJ#!3>&'&*$.)>&)$#&X>O>&_,770(&'&K>L>d>K%3(#"$%/&DE^GWDENE>&i%9)$.#".$*
Q9/$S7*J$.$)5%*T"6#9)H*9'*#1$*D1".;6*9'*8$V*:O5".*?H*i)5H*A$).5)/".9*/$*:515;ƒ.3*P(&+#!+!&
3(&0$"&.!+(#,!0("&(%&7#4+$&3(&P!6!?h%9&#(*$),0!3$"&(%&D^NE9&"4&+(V+$&<164!+0&+!0&*$.$&84(&
3,*+!3$&)$#&DGWDI&!%*,!%$"9&,%8$#.!%+("&.$%$0,%?e("&'&84(&#(*$?,3$&)$#&("*#,7!"&
+#,0,%?e("&C<164!+09&(")!b$0&'&R!+,%/>&&:A!"(&P!6!?h%&DEFI&)!#!&4%!&+#!34**,B%&)!#*,!0&(%&
(")!b$0>&
%GRGJyA3&4>&3(&DEFI>&T"#9)"56*J$.$)5%*/$&%56*Q9656*/$*8-$@5*G6O5r53*P(&+#!+!&3(&4%!&
+#!34**,B%&)!#*,!0&(%&(")!b$0&3(0&Qp/";9&i%9)$.#".9*<164!0+>&X$%&4%&)#(.,$&$#,?,%!0&3(&
K%?(0&=>&U!#,7!'&f>&&
%GM(BGOtLd3&$>&$#*5%3**DE^F>&Z_,.(+6'0+#')+!.,%a& O,%&%(4("&\"'*6$+,*4.&|6"0{[&
%GMAC(BMOGMD@3&$>7>+>.>&3(&DFIk>**T"6#9")$&/-*4%5.#$6*%$6*O%-6*I$!5)e-5?%$6*/-&A)56"%*$#*/-*
45)5;-5H3**Y((3,+!3$&(%&DEkN&)$#&K>&L(%S,%"&CO3>/&&
%GMCE3&T>&'&$>&TEKGKMA@&DEMF>&&ZQ,$"'%+6(","&$8&"+,2$0$7,*&!%3&"+,2$0$7,%,*&!*,3"[*&
%GO@KMAQW3&+>&$#*5%3*DEN]>&&Zˆ7(#&3,(&7!","*6(%&j%6!0+ +$88(&3("&T0,(?(%),02(">&njj>&&
=,++(,04%?a&ˆ7(#&3,(&K%g("(%6(,+&-$%&DW`'$"*'!.,%[&&
%GOJI@MDE3&/>/>6>&DENk>&&>*46"096$*|6"0{*GSO$)"!$.#5%*O$%5*46"%90"?".57*G6#-/9&Q%"."09*
C5?9)#9)"5%*$!*a9%-.#5)"96&T-!5.963*&
%GKEDMAM3&6>&DEFE>&&ZO+%$.,*$0$?,!&%(00&K#+(&#4)("+#(&P!6!#,!%!&C\(#,$3$&3(00(&uJ("+(&
Y$+$%3$u/[&
%GKEDMAM3&6>&DEEG>&&ZP400$&"+!+$&!++4!0(&3(00!&*$%$"*(%2!&3(,&7!",3,$.,*(+,&)",*$+#$),&
j+!0,!%,[&
%GDAEDMAM3&6>&DEEI!>&&ZJ6(&$03("+&#()#("(%+!+,$%"&$8&6!004*,%$?(%,*&.4"6#$$."&,%&+6(&
g$#03&CP!6!#!&_("(#+9&EGGGWMGGG&7>)>/[&&
%GKEDMAM3&6>&DEEI7>&&ZT4%?6,&!004*,%$?(%,&j+!0,!%,[&*
%GKEDMAM3&6>&DEEI*>&&ZR!&#(0,?,B%&Q4,+,&'&0!&)0!%+!&)",*$!*+,-!&D5?$).5.#1$*"?9;5&CK8#,*!&
O*4!+$#,!0/[&\$%(%*,!&)#("(%+!3!&(%&0!&*$%8(#(%*,!&Z\0!%+!"9&X6!.!%,".$&'&O"+!3$"&3(&
X$%*,(%*,!9[&DNWIG&<$-,(.7#(&DEEI9&P!%&R4,"&\$+$",9&=AV,*$>*&
^NG&
&
%GKEDMAM3&6>&DEEI3>&&Z<(4#$+$"",*$0$?,!&3(00(&U#!.,%!*((&(&3,&0$#$&)!+$?(%,&-(?(+!0,&&
i%u0%+#$342,$%([&
%GKEDMAM3&6>&DEE]!>&&X$.4%,*!*,$%("&)(#"$%!0("9&*$##(")$%3(%*,!>&&
%GKEDMAM3&6>&DEE]7>&&ZK3!.9&O-(&!%3&"?9;5[*&
%GKEDMAM3&6>&'&7>&7@LCM&DEFE>&&ZR(&.,*$+$"",*$",&)",*$+#$)(&-$0$%+!#,(&,%&O4#$)!a&
d""(#-!2,$%,&"4,&*!",&*0,%,*,[&*
%GA&$ACEAME3&U>.>&DEMD>&&ZK&0!7$#!+$#'&.(+6$3&+$&$7+!,%&8#4,+&8#$.&*!"(3&?#!,%&")!g%&$8&
+6(&*40+,-!+(3&.4"6$$.&|6"0{&>;5)"0-6*?"6O9)-6[*&
%GASNEDS3&U>&DEM]>&W.*:$5)01*9'*#1$*B5;"0&B-61)99!7*>*#9-).$H*#1)9-;1*B$S"093**&
%GANEDS3&U>B>&DEMI>&&ZL!)!%u"&u0!4?6,%?&.4"6#$$."[u&&
%GAWGD3&1><>%>&CX$.)>/&DEM^>&&C:<7*>&D9#5%*:#-/H&
%GAC@LLEA3&+>6>&DE]J!>&&Z<$+,2&e7(#&\,40(9&*,%(&.(V,S!%,"*6(&Y!4"*63#$?([&
%GAC@LLEA3&+>6>&DE]M7>&&Z\,40(9&*,%(&.(V,S!%,"*6(&Y!4"*63#$?([&&
%GAC@LLEA3&+>6>&DE]F>&&Z<$*6&(,%(&.(V,S!%,"*6(&u\,40(u&_#$?(>&&P(.,%!&Y6'%*6$",!(&
)6!"($0$,3("&_X[&&
%GAC@LLEA3&+>6>&DE]E>&&ZO,%,?(&.(V,S!%,"*6(&Y!4"*63#$?(%[&&
%GDJ@AC3&#>&$#*5%3**DEM^>*XW.*@"@9*64.!%&)6!##%!*$3'%!.,("&$8&+6(&)"'*6$3'"0()+,*&|6"0{*kW
Q#WI9^W3,.(+6$V')6(%'0,"$)#$W)'0!.,%(&0!7(00(3&g,+6&)%Q#&$#&,,Q#[&&
%GCE3&.>#>&$#*5%3*DEM]>&&ZX!*+4"&!0S!0$,3"&n:j>&&j"$0!+,$%&!%3&,3(%+,8,*!+,$%&$8&!0S!0$,3"&,%&
Q9)HO15.#15*)5!"%%965[&&
%GCEDP3&/>&$#*5%3**DEND>&&Z_,(&c,#S4%?&-$%&_,1+6'0+#')+!.,%&!48&3,(&
=$%$!.,%$V,3!","+,-,+1+[&
%sI@D3&B>&'&->&BsAL@O&DENM>&&Zf!g!0!*+$%(&4%3&T0!-$%$,3(&!4"&(,%(#&(%3(.,"*6(%&\,)(#&W&
K#+&<(4&U4,%(!"[&&
%GIAS@DL3&!>&DEE]>&&G*'9)*G06#56H3**O3,*,B%&)#,-!3!9&Q,70,$?#!8@!&3(&K0(V!%3(#&J&P640?,%9&&
%GIF@3&%>6>&DEFD>&&Zd**4##(%*(&$8&)",0$*'7,%r)",0$*,%&,%&4%-#$96*65%"0".-6&C\04+(!*(!(/[&*
%GVGJ@3&+>&$#*5%3**DEEG>*WO9!9$5*O-)O-)$557&K&%!+4#!00'&W&$**4%,%?&)"'*6(3(0,*[&O%a&J!#+9&
X>J&CX$.)>/&>%#$)$/*:#5#$6*9'&Q9.60"-6.$667*>*A99E*9'*I$5/".;63**O3,*,B%&*$##(?,3!>&
%GVEAG3&6>&$#*5%3*DEMF>&&ZP!0-,!#,%9&!&%(g&3,+(#)(%$,3&8#$.&:5%@"5*6O%$./$.6[&&
%GVEAG3&6>&$#*5%3*DEME>&&ZP)0(%3,3,%9&!&%(g&")5.60%$)9/5.$*')9!*:5%@"5*6O%$./$.6[*
%QRG@N@D3&%>4>&DEEI!>&&X$.4%,*!*,$%("&)(#"$%!0("9&=*K00(%9&Jn>&
%QRGQN@D3&%>4>&DEEI7>&&ZOR&*#4*(&3(&0!"&!0.!"a&\('$+(9&)(#*()*,B%&'&",?%,8,*!3$&(%&0!&*40+4#!&
`4,*6$0[&\$%(%*,!&)#("(%+!3!&(%&0!&*$%8(#(%*(&Z\0!%+!"9&X6!.!%,".$&'&O"+!3$"&3(&
X$%*,(%*,!9[&DNWIG&<$-,(.7#(9&P!%&R4,"&\$+$",9&=AV,*$>&&
^ND&
&
%QRG@N@D3&%>4>&DEE]>&&ZJ6(0$?'.&!"&!&"!*#(3&)$g(#&$7;(*+&,%&`4,*6$0&*40+4#([&O%a&
K%3(#"$%9&Y>&'&f>R>&T,(03&CX$.)">/&>*"6*".*:!5%%*:$5%$*:90"$#"$63*Q9.#$!O9)5M*D)$5/".;63**&
%QR@O@3&5>&'&1>&7D@MS@O&DEEG>&&>*i9)$6#*9'*f".;67D1$*=.#9%/*:#9)H*9'*#1$*>.0"$.#&B5H53**&
%QR@O@3&5&'&9>/>&9MOO@D&DEFN>&D1$&A%99/*9'*f".;67*<H.56#H*5./*I"#-5%*".&B5H5*>)#3*\#B0$?$&
3(&O.,0'&L>&P!%$H&)#(8!*,$&3(&=,*6!(0&_>&X$(>&
%QR@OOMAJ3&#>+>&DEEI>&&ZK33,*+,-(&3#4?"a&J6(&*,?!#(++(&(V)(#,(%*([&:A!"(&+!.7,A%a&R(-,%&$#*
5%3**DEEI>&
%QR@AW3&6>&DE^k>&&<56*A-01*/$)*J"'#$3&
%QRO@MNN@D3&B>&CX$.)>/&DEMk>&&:50)$/&85)09#"0*|6"0{*4%5.#6*9'*#1$*8$V*K9)%/&W./"5.6*
%QRO@MNN@D3&B>&CX$.)>/&DEME>&85)09#"0*|6"0{**4%5.#6*9'*#1$*R%/*K9)%/7*>.&>."19%9;@*9'*D$S#6*
')9!*>.0"$.#*D"!$6&#9*#1$*4)$6$.#3*j%+#$34**,B%&3(&Y,*6!#3&O-!%"&P*640+(">&&
%QRK@SG(BMDLQRKGAA3&6>&'&$>->&1@&$DMGL&DEEG>&&ZK&&"4#-('&$8&.(3,*,%!0&)0!%+"&$8&=,%!"&
U(#!,"9&Q#!2,0[&
%QRK@SG(BMDLQRKGAA3&6>&'&/>&4EDSGL&DEEG>&&Z\!#!?4!'!%&.(3,*,%!0&X$.)$",+!([&&
%QRKMSC3&+>U>&DEFM>&&Z<(4#$+$V,*,+'&$8&+6(&)"'*6(3(0,*&|6"0{*!.)6(+!.,%(&.(+6'0W(%(3,$V'W
.(+6!.)6(+!.,%([&*
%QRKM@S@X@DJ3&">&'&->&TEFF@&DFNE>&<56*B-605)".7*<56*J"'";$*>%E5%9"/*/$6&i%"$.;$.O"%,$6*
L>;5)"0-6*B-605)"-6*C\3&
%QRDE@S@D3&->7>&'&6>&6IdKtA&DEFD>&&ZK&%(g&)"'*6$+#$),*&84%?4"&,%&<()!0[&&
%QREAO@3&->&DEI^>&&Z\('$+(9&+6(&?,-(#&$8&-,",$%"&X*&
%QRIOC@L3&->/>&DE]M!>&&Z\('$+(&!%3&)0!%+"&4"(3&,%&+6(&)('$+(&*(#(.$%'[&Y(,.)#("$&(%&
(%(#$&3(&DEM]>&
%QRIOC@L3&->/>&DE]M7>&&Z\('$+(&LC9O19O19)5*V"%%"5!6""\*!%3&)0!%+"&*$%84"(3&g,+6&,+[&
Y(,.)#("$&(%&.!#2$&3(&DEMN>&&
%QRIOC@L3&->/>&DE]F>&ZJ6(&&!))(!0&$8&)('$+(*LC9O19O19)5*V"%%"5!6""\*!"&!&.(3,*,%([**
%QRIOC@L3&->/>&DE]E>&&Z\0!%+!(&=(V,*!%!(&j0>&J6(&,3(%+,8,*!+,$%&$8&+($%!%!*!+09&!&%!#*$+,*&
|6"0{*Q!",3,$.'*(+(&$8&+6(&K2+(*"[**
%QRIOC@L3&->/>&DEkG>&&uJ($%!%!*!+0a&J6(&.5)09#"0*|6"0{*.4"6#$$.&$8&+6(&K2+(*"[&*
%QRIOC@L3&->/>&DEkD>&&>*Q9.#)"?-#"9.*#9&R-)*f.9V%$/;$*9'*I"@$5*09)H!?965M*#1$&85)09#"0*
|6"0{*R%9%"-e-"*9'*#1$*>,#$063&&
%QRIOC@L3&->/>&DEkI>&&Z\0!%+!(&X$0$.7,!%!(&j0>&&q$*$a&K&"+,.40!%+&$8&"$4+6(.&X$0$.7,![&
Y(,.)#("$&(%&!?$"+$&3(&DEMD>&&
%QRIOC@L3&->/>&DEk^>&&ZO0&4"$&3(0&+!7!*$&(%+#(&0$"&`4,+$+$"[&&
%QRIOC@L3&->/>&DE^k!>&&Z\0!%+!(&K4"+#$&WK.(#,*!%!(&jn>&&\0!%+!#4.&%$-!#4.&-(0&%$+!7,0,4.&
%$+!(&3,-(#"!([&j%*04'(&DN&01.,%!">&&
^NI&
&
%QRIOC@L3&->/>&DE^k7>&&ZK&%(g&%!#*$+,*&|6"0{*"%488&8#$.&+6(&%$#+6g("+&K.!2$%[&Y(,.)#("$&
(%&$*+47#(&3(&DEMG>&
%QRIOC@L3&->/>&DE^^>&&ZK&%(g&%!#*$+,*&|6"0{*?(%4"&+#$.&+6(&K.!2$%&"0$)(&$8&+6(&X$0$.7,!%&
K%3("[>&*Y(,.)#("$&(%&%$-,(.7#(&3(&DEMG>&&
%QRIOC@L3&->/>&DE^M!>[J6(&,3(%+,+'&$8&+6(&.!0),?6,!*($4"&%!#*$+,*"&|6"0{*$8&P$4+6&K.(#,*![3*
Y(,.)#("$&(%&.!'$&3(&DENF>&
%QRIOC@L3&->/>&DE^M7>&&uJ6(&?(%4"&d-5)5)"?$5*,%&=(V,*$&!%3&+6(&4"(&$8&,+"&80$g(#"&!"&!&
"),*(&8$#&*6$*$0!+([>&Y(,.)#("$&(%&8(7#(#$&DEM^>&
%QRIOC@L3&->/>&DENG>&&ZK&#()4+(30'&+$V,*&B5%9-$#"5*8#$.&+6(&K.!2$%[>&Y(,.)#("$&(%&.!'$&
DEMk>&
%QRIOC@L3&->/>&DEND>&&ZQ$+!%'&!++!*S"&+6(&6!004*,%$?(%"[*:(#",B%&*$##(?,3!&(%&DEN]9&
ZQ$+!%,*!0&P$4#*("&$8&+6(&<(g&c$#03&<!#*$+,*"&|6"0{[*Y(,#%)#("$&(%&c(,0&U>=>&$#*5%3**
CX$.)">/&DEN^>*D1$*46H01$/$%"0*d#,?,%!0.(%+(&)!#+(&3(&ZJ6,#3&R(*+4#(&P(#,("9[&DENG>&
%QRIOC@L3&->/>&DENI>&ZJ6(&&#$0(&$8&+6(&(+6%$7$+!%,"+&,%&+6(&"(!#*6&8$#&%(g&.(3,*,%!0&
)0!%+"[&*
%QRIOC@L3&->/>&DEN]>&&Z`!004*,%$?(%,*&)0!%+"&$8&+6(&<(g&c$#03[&&
%QRIOC@L3&->/>&DENk>&&ZJ6(&*$##(*+&%!.("&8$#&+g$&=(V,*!%&%!#*$+,("&|6"0{&Z*&
%QRIOC@L3&->/>&DEN^>&&ZO,%&6!07("&L!6#64%3(#+&O+6%$7$+!%,S&!.(#,S!%,"*6(#&`!0042,%$?(%([&
%QRIOC@L3&->/>&DENN>[J6(&"(!#*6&8$#&%(g&%!+4#!0&6!004*,%$?(%"[&
%QRIOC@L3&->/>&DENM>&&ZJ6(&7$+!%,*!0&$#,?,%"&$8&P$4+6&K.(#,*!%&"%488"[&O%a&O8#$%9&_>`>&$#*5%3**
CX$.)">/&G#1.9O15)!509%9;"0*:$5)01*'9)&46H01950#"@$*<)-;63*J!.7,A%a&ZJ6(&&)0!*(&$8&
(+6%$7$+!%'&,%&+6(&(+6%$)6!##%!*$0$?,*&"(!#*6&8$#&)"'*6$+$.,.(+,*&3#4?"[&
%QRIOC@L3&->/>&DENF>&&ZP$.(&,.)!*+"&$8&P)#4*(u"&(V)0$#!+,$%"&$%&.$3(#%&)6'+$*6(.,*!0&
#("(!#*6[&&
%QRIOC@L3&->/>&DENE!>&&Z_(&)0!%+,"&+$V,*!#,,"&(&.4%3$&%$-$&+#$),*!0(&*$..(%+!+,$%("&j:[&&
%QRIOC@L3&->/>&DENE7>&&Z_(&)0!%+,"&+$V,*!#,,"&(&.4%3$&%$-$&+#$),*!0(&*$..(%+!+,$%("&:>&
a")9%5*!"&!%&$#!00'&!3.,%,"+(#(3&6!004*,%$?(%[&&
%QRIOC@L3&->/>&DEMG!>&ZJ6(&&7$+!%,*!0&!%3&*6(.,*!0&3,"+#,74+,$%&$8&6!004*,%$?(%"[&&
%QRIOC@L3&->/>&DEMG7>[J6(&<(g&c$#03&j%3,!%"&!%3&+6(,#&6!004*,%$?(%,*&)0!%+"[&&
%QRIOC@L3&->/>&DEMG*>&&ZJ6(&)0!%+&S,%?3$.&!%3&6!004*,%$?(%"[&&
^N]&
&
%QRIOC@L3&->/>&DEMI!>&&ZK%&$-(#-,(g&$8&6!004*,%$?(%"&,%&+6(&c("+(.&`(.,")6(#([&O%a&
T4#"+9&\J&CX$.)>/&i%$61*9'*#1$*J9/67*D1$**I""-5%*=6$*9'&`5%%-0".9;$.6&
%QRIOC@L3&->/>&DEMI7>&&Z_(&)0!%+,"&+$V,*!#,,"&(&.4%3$&%$-$&+#$),*!0(&*$..(%+!+,$%("&nj>&&
J6(&(+6%$+$V,*$0$?,*!0&",?%,8,*!%*(&$8&!33,+,-("&+$&<(g&c$#03&6!004*,%$?(%"[&*
%QRIOC@L3&->/>&DEMI*>&&Z_(&)0!%+,"&+$V,*!#,,"&(&.4%3$&%$-$&+#$),*!0(&*$..(%+!+,$%("&n>&
<(g&3!+!&$%&+6(&.!0),?6,!*($4"&%!#*$+,*"&|6"0{*$8&P$4+6&K.(#,*![*&
%QRIOC@L3&->/>&DEMI3>&ZW%$S*;-5H-65*8#$.&^GG&K_>&+$&+6(&)#("(%+[&&
%QRIOC@L3&->/>&DEMI(>&ZJ6(&&4+,0,2!+,$%&$8&6!004*,%$?(%"&,%&)#,.,+,-!&"$*,(+,("&W&4"(&.,"4"(&$#&
!74"(y[&O%a&f(4)9&c&CX$.)>/*<)-;*>?-6$7*Q-))$.#*Q9.0$O#6&5./*I$6$5)013**&
%QRIOC@L3&->/>&DEMIR&Zd-5)5)"?$5&'-.$?)"67*K&*4#,$4"&"),*(&8$#&*6$*$0!+(&3#,%S"[&
%QRIOC@L3&->/>&DEM^>&&Z_(&)0!%+,"&+$V,*!#,,"&(&.4%3$&%$-$&+#$),*!0(&*$..(%+!+,$%("&njjj>&&
<$+("&$%&)$,"$%$4"&$#&.(3,*,%!0&.!0),?6,!*($4"&")(*,("&$8&+6(&K.!2$%[&P*640+("&'&Pg!,%&
DEMN&+!.7,A%&3(",?%!3$&<z>&njjj>&
%QRIOC@L3&->/>&DEMN>*T5%%-0".9;$."0&4%5.#*CK&U$03(%&U4,3(/>&J#!3>&8#!%*("!&3(&L>&R()!?(9&
>#%56*/$6*4%5.#$6*T5%%-0".9;"6.$6*/-&B9./$7*=.*4)b0"6*/$*Q1"!"$*$#*/$&A9#5."e-$3*DEMF>&
+#!3>&3(&0!&(3,*,B%&),#!+!&(")!b$0!&3(&P>X>&G6#)5/5M*4%5.#56*>%-0".p;$.563*DEFI>&
%QRIOC@L3&->/>&DEMM!>&&ZK&&%(g&6!004*,%$?(%&8#$.&K%3(!%&X$0$.7,!a&
W901)9!5*'-016"9"/$6[*
%QRIOC@L3&->/>&DEMM7>&&Z=(V,*$&!%3&X$0$.7,!a&Jg$&.!;$#&*(%+#("&$8&!7$#,?,%!0&4"(&$8&
6!004*,%$?(%"[&
%QRIOC@L3&->/>&DEMM*>&&Z_(&)0!%+,"&+$V,*!#,,"&(&.4%3$&%$-$&+#$),*!0(&*$..(%+!3$%("&n:&
_("8$%+!,%,!a&K&%(g&K%3(!%&6!004*,%$?(%[&
%QRIOC@L3&->/>&DEMF>&&ZO-$04+,$%&$8&+6(&,3(%+,8,*!8,$%&$8&+6(&"!*#(3&6!004*,%$?(%,*&
.4"6#$$."&$8&=(V,*$[&O%a&d++9&L>&'&L>&Q,?g$$3&CX$.)">/&D$9.5.m05#%7*T5%%-0".9;$."0*
B-61)99!&9'*89)#1*>!)#053*J#!3>&(")!b$0!&3(&=>P>&K%+$0,%9&DEF^>&&Z\#$*("$&3(&
,3(%+,8,*!*,B%&3(&0$"&"!?#!3$"&6$%?$"&!04*,%B?(%$"&3(&=AV,*$[&D$9.5.m05#%3*T9.;96*
>%-0".m;$.96*/$*G-)9O5*H&>!b)"05*/$%*89)#$&
%QRIOC@L3&->/>&DEME!>&&Z_(&)0!%+,"&+$V,*!,,,"&(&.4%3$&%$-$&+#$),*!0(&*$..(%+!+,$%(">&&njn>&&
Q,$3'%!.,*&!)$*'%!*($4"&)0!%+"&$8&+6(&%$#+6g("+&K.!2$%&X*&
%QRIOC@L3&->/>&DEME7>&&ZO-$04+,$%&$8&+6(&,3(%+,8,*!+,$%&$8&+6(&.'#,"+,*!*($4"&6!004*,%$?(%"&
$8&P$4+6&K.(+,*![&&
%QRIOC@L3&->/>&DEME*>&&Z`!004*,%$?(%,*&)0!%+"a&J6(,#&(!#0,("+&7$+!%,*!0&3("*#,)+,$%"[&
\$%(%*,!&)#("(%+!3!&(%&0!&*$%8(#(%*,!&Z`!004*,%$?(%"&,%&<!+4#(&K.(#,*!%&P6!.!%,".&!%3&
=$3(#%&R,8(9[&IF&P()+,(.7#(&WD&d*+47#(&DEMF9&P!%&T#!%*,"*$>&
^Nk&
&
%QRIOC@L3&->/>&DEME3>&&ZO-$04+,$%&$8&+6(&,3(%+,8,*!+,$%&$8&+6(&.!;$#&P$4+6&K.(#,*!%&
%!#*$+,*&|",*{*O%5.#6&*
\$%(%*,!&)#("(%+!3!&(%&0!&*$%8(#(%*,!&Z`!004*,%$?(%"&,%&<!+4#(&K.(#,*!%&P6!.!%,".&!%3&
=$3(#%&R,8(9[&IF&P()+,(.7#(&WD&d*+47#(&DEMF9&P!%&T#!%*,"*$>&
%QRIOC@L3&->/>&DEME(>&&ZP$0!%!*($4"&6!004*,%$?(%"&!%3&+6(,#&#$0(&,%&+6(&3(-(0$).(%+&$8&+6(&
<(g&c$#03&*40+4#("[&O%a&`!gS("9&L>U>&$#*5%3*CX$.)">/&J6(&A"9%9;@*5./*D5S9.9!H*9'*#1$*
:9%5.50$5$3&&
%QRIOC@L3&->/>&DEME8>&Z_,"*$-(#'&$8&!%&!%*,(%+&?4!'4"!&)0!%+!+,$%&,%&
X$0$.7,![*&
%QRIOC@L3&->/>&DEFG>&&Z_(&)0!%+,"&+$V,*!#,,"&(&.4%3$&%$-$&+#$),*!0(&*$..(%+!+,$%("&nnjn>&K&
"4")(*+(3&%(g&K.!2$%,!%&6!004*,%$?(%[&&
%QRIOC@L3&->/>&DEFD>&&ZX$*!&,%&+6(&%$#+6g("+&K.!2$%[*
\470,*!3$&(%&DEFG>&\$%(%*,!&)#("(%+!3!&(%&0!&*$%8(#(%*,!&ZO+'+6#$V'0$%&W&<(g&`,"+$#,*!0&
!%3&P*,(%+,8,*&K")(*+"9[&]W^&_(*(.7(#&DEME9&m4,+$9&O*4!3$#>&&
%QRIOC@L3&->/>&DEF]!>&&Z_(&)0!%+,"&+$V,*!#,,"&(&.4%3$&%$-$&+#$),*!0(&*$..(%+!+,$%("&nnnjj>&&
<$+("9&)#,.!#,0'&$8&8,(03&+("+"&!%3&%!+,-(&%$.(%*0!+4#!9&$%&7,$3'%!.,*&)0!%+"&$8&+6(&
%$#+6g("+&K.!2$%[>&
%QRIOC@L3&->/>&DEF]7>&&Z_(&)0!%+,"&+$V,*!#,,"&(&.4%3$&%$-$&+#$),*!0(&*$..(%+!+,$%("&
nnnjjj>&&O+6%$7$+!%,*!09&80$#,"+,*&!%3&%$.(%*0!+4#!"&%$+("&$%&)0!%+"&$8&+6(&%$#+6g("+&
K.!2$%[&&
%QRIOC@L3&->/>&DEF]*>&&ZY,*6!#3&P)#4*(a&K%&(!#0'&(+6%$7$+!%,"+&!%3&(V)0$#(#&$8&+6(&
%$#+6g("+&K.!2$%&!%3&%$#+6(#%&K%3("[*
%QRIOC@L3&->/>&DEFk>&&ZT,8+((%&'(!#"&$8&"+43'&$8&)"'*6$!*+,-(&"%488"&$8&P$4+6&K.(#,*!a&DENMW
DEFIW&K&#(-,(g[&
%QRIOC@L3&->/>&DEF^!>&&Z_(&)0!%+,"&+$V,*!#,,"&(&.4%3$&%$-$&+#$),*!0(&*$..(%+!+,$%("&nnn:&
=,"*(00!%($4"&%$+("&$%&7,$3'%!.,*&)0!%+"&$8&+6(&%$#+6g("+&K.!2$%[&
%QRIOC@L3&->/>&DEF^7>&&Z_(&)0!%+,"&+$V,*!#,,"&(&.4%3$&%$-$&+#$),*!0(&*$..(%+!+,$%("&
nnn:j>&&K&%$-(0&.(+6$3&$8&4+,0,2,%?&+6(&6!004*,%$?(%,*&Q!%,"+(#,$)","[&J!%+$&("+(&!#+,*40$&
*$.$&P*640+("&DEEG&"(&3(",?%!#$%&nnn:j&(%&P*640+("u&Z_(&)0!%+,"&+$V,*!#,,"&(&.4%3$&%$-$&
+#$),*!0(&*$..(%+!+,$%(">[&
%QRIOC@L3&->/>&DEF^*>&&Z_(&)0!%+,"&+$V,*!#,,"&(&.4%3$&%$-$&+#$),*!0(&*$..(%+!+,$%("&
nnnj:a&Q,$3'%!.,*&#47,!*($4"&)0!%+"&$8&+6(&%$#+6g("+&K.!2$%[&
%QRIOC@L3&->/>&DEFN!>&&ZY(*$?%,+,$%&$8&-!#,!7,0,+'&,%&g,03&)0!%+"&7'&j%3,!%"&$8&+6(&%$#+6g("+&
K.!2$%a&K%&(%,?.![&*
%QRIOC@L3&->/>&DEFN7>&&ZO0&3("!##$00$&6,"+B#,*$&3(&0!&,3(%+,8,*!*,B%&3(&0!"&.!0),?,1*(!"&
(.)0(!3!"&*$.$&!04*,%B?(%$"[&&
%QRIOC@L3&->/>&DEFM!>&ZJ6(&"+#!%?(&!*+,-,+'&$8&B5%9-$#"5*#5!5e-5)".5&CK)$*'%!*(!(/9&!&
+$V,*&K.!2$%,!%&)0!%+[&&
^N^&
&
%QRIOC@L3&->/>&DEFM7>&&ZK&*!88(,%(&3#,%S&)#()!#(3&8#$.&7!#S[&&
%QRIOC@L3&->/>&DEFF>&K1$)$*#1$*J9/6&I$";.7*4%5.#6*5./*O$9O%$6*9'*#1$&Q9%9!?"5.*>!5,9.3*
\#(8!*,$&3(&=!#S&L>&\0$+S,%>&
%QRIOC@L3&->/>&DEEG>&&Z_(&)0!%e"&+$V,*!#,,"&(&.4%3$&%$-$&+#$),*!0(&*$..(%+!+,$%("&nnn:j>*
N-6#"0"5&CK*!%+6!*(!(/&!"&!&"$4#*(&$8&!%&6!004*,%$?(%,*&"%488[&J!%+$&("+(&!#+,*40$&*$.$&
9P*640+("&DEF^7&"(&3(",?%!#$%&*$%&(0&%z&nnn:j&(%&P*640+("&Z_(&)0!%+,"&+$V,*!#,,"&(&.4%3$&
%$-$&+#$),*!0(&*$..(%+!+,$%("[&"(#,(>&
%QRIOC@L3&->/>&DEEI>&&X$.4%,*!*,$%("&)(#"$%!0("9&*$##(")$%3(%*,!>&
%QRIOC@L3&->/>&'&9>->&$OSDMQR&DEEG>&
Z\#B0$?$[&!&0!&(3,*,B%&8!*",.,0&3(&X$$S(9&=>X>&D1$*:$@$.*:"6#$)6*9'*:%$$O3&49O-%5)*1"6#9)H*9'*
#1$*:$@$.*4)$@5"%".;&85)09#"06*9'*#1$*K9)%/*&
%QRIOC@L3&->/>&'&$>&4DMJRC&DEMM>&&ZK&&%!+,-(&3#!g,%?&$8&!%&6!004*,%$?(%,*&)0!%+&8#$.&
X$0$.7,![&&
%QRIOC@L3&->/>&'&$>&4DMJRC&DEME>&
ZK%*,(%+&?$03&)(*+$#!0"&8#$.&X$0$.7,!a&=4"6#$$.&(88,?,("y[&&
%QRIOC@L3&->/>&'&!>->&7GKLaEDCR&DEFG>&
ZO+6%$.(3,*!09&7$+!%,*!0&!%3&)6'+,"&*6(.,*!0&!")(*+"&$8&%!+4#!0&6!004*,%$?(%"[**
%QRIOC@L3&->/>&'&$>&BENKGAA&DEME>&4%5.#6*9'*#1$*J9/67*R)";".6*9'&*T5%%-0".9;$."0*=6$3*&
Y(,.)#("$&(%&DEEI>&&4%5.#6*9'*#1$&J9/67*D1$*D1")*:50)$/M*T05%".;5./&
T5%%-0".9;$."0*49V$)63*J#!3>&(")!b$0!&3(&DEFI>&C56*4%5.#56*/$*%96*<"96$67*R)";$.$6&/$%*=69*
/$*%96*>%-0".p;$.963*J#!3>&!0(.!%!9&DEFG>&&4'%5.,$.*/$)*Jt##$)3*J#!3>&8#!%*("!9&DEE]3**C$6*
4%5.#$6*/$6*<"$-S7*C$6*4%5.#$6&T5%%-0".9;b.$6M*A9#5."e-$*$#*G#1.9%9;"$3*\#(8!*,$&3(&La\&
U!00!%39&&
%QRIOC@L3&->/>&'&K>&BENKGAA&DEFG>&D1$*&A9#5.H*5./*Q1$!"6#)H*9'*T5%%-0".9;$.63**P(?4%3!&
(3,*,B%&#(-,"!3!&'&!4.(%+!3!>&\#B0$?$&3(&`>&f0e-(#>&&d#,?,%!0&3(&DEM]>&\#$0$?$&3(0&(3,+$#&
j><>&f4?(0.!"">&
%QRIOC@L3&->/>&'&4>&BERALC@SC&DENF>&&Z_(&)0!%+,"&+$V,*!#,,"&(&.4%3$&%$-$&+#$),*!0(&
*$..(%+!+,$%("&00>&J6(&-(?(+!0&,%?#(3,(%+"&$8&+6(&.'#,"+,*!*($4"&"%488"&$8&+6(&%$#+6g("+&
K.!2$%[*
%QRIOC@L3&->/>&'&->7>&-GNNGIN&DENG>&Z\#("+$%,!a&K%&K.!2$%&%!#*$+,*&|6"0{&$#&%$+y[*Y(,.)#("$&
(%&=!'$&3(&DEMk>&
%QRIOC@L3&->/>&'&->7>&&-GNNGIN&DEEG>&D1$*T$5%".;*i9)$6#7*B$/"0".5%*5./*DpS"0&4%5.#6*9'*#1$*
89)#1V$6#*>!5,9."53&\#B0$?$&3(&`>Y>`>&T(0,)(9&_454(&3(&O3,.74#?$>&
%QRIOC@L3&->/>&'&->7>&-GNNGIN&DEEI>&&a".$&9'*#1$*:9-%7*B$/"0".$*B$.M*#1$")*4%5.#6&5./*I"#-5%6*
".*#1$*Q9%9!?"5.*>!5,9.3&\#B0$?$&3(&U6,00(!%&J>&\#!%*(>&O),0$?$&3(&=,*6!(0&L>&Q!0,*S>&
%QRIOC@L3&->/>&'&#>&%aGMA&DEMN>&&Z_(&)0!%+,"&+$V,*!+,,"&(&.$%3$&%$-$&+#$),*!0(&
*$..(%+!+,$%("&njjj>&&T4#+6(%$+("&$%&:,#$0!&!"&!%&$#!00'&!3.,%,"+(#(3&6!004*,%$?(%[*
^NN&
&
%QRIOC@L3&->/>&$#*5%3**DENE>&&Z_(&)0!%+,"&+$V,*!#,,"&(&.4%3$&%$-$&+#$),*!0(&*$.%,(%+!+,$%("&
jjj>&&\6'+$*6(.,*!0&(V!.,%!e$%&$8&P)#4*(u"&$#,?,%!0&*$00(*e$%&$8&Q!%,"+(#,$)","&*!!),[&
%QRIOC@L3&->/>&$#*5%3*DEMk>&&ZX!%%!7,"a&K%&(V!.)0(&$8&+!V$%$.,*&%(?0(*+[&&
%QRIOC@L3&->/>&$#*5%3**DEMJ!>&&Z_(&)0!%+,"&+$V,*!#,,"&(&.4%3$&%$-$&+#$),*!0(&*$..(%+!+,$%("&
n:jj>&&a")9%5*!"&!%&$#!0&6!004*,%$?(%&!.$%?&+6(&Q$#!"&$8&\(#4[&&
%QRIOC@L3&->/>&$#*5%3*DEMM7>&&&&Z_(&)0!%+,"&
+$V,*!#,,"&(&.4%3$&%$-$&+#$),*!0(&*$..(%+!+,$%("&n:jjj>&&\6'+$*6(.,*!0&(V!.,%!#$%&$8&
P)#4*(u"&(+6%$7$+!%,*!0&*$00(*+,$%&$8&>.5/$.5.#1$)5*O$)$;)".53&&
%QRIOd3&4>&DE^E>&ZC5;901"%-6*".$?)"5.6&P?(>9&(,%(&,%+(#( !%+(&%(4(&K#2%(,)80!%2([*
%QRIOd@3&->6>&DEMN>&Z<4+.(?&!"&!%&6!004*,%$?(%[**
%QRICd@AX@DJ@D3&9>.>&DFNM&D)5"#b6/$6&B5#"b)6*Q9%9)5.#$63&
%QRaGDCd3&B>#>&DEMI>&&K"./";9*5./*R#1$)&D5%$6*9'*RP"?V5H3*&
%QRaGDCd3&->B>&$#*5%3**DEFM>&&Zi#,%!#'&*!%%!7,%$,3"&,%&.$%,+$#,%?&!7"+,%(%*(&,%&!&3#4?&
!74"(&+#(!+.(%+&)#$?#!.[&&
%QRaGDd3&B>7>&DEkF>&&ZP+,%?0(""&Q(("&C=(0,)$%,3!(/&$8&+6(&c("+(.&`(.,")6(#([&&
%QECC3&.>1>&P&U>&9GDLRGOO&DEED>&Q905".$&
49%"#"067*<)-;6M*>)!$6*5./*#1$*QW>*".&Q$.#)5%*>!$)"053**&
%@GNEDCR3&+>/>&DEED>&&85#-)5%*4)9/-0"6*".&Q5)"??$5.*i9%E*B$/"0".$&&O3,*,B%&*$##(?,3!>&
%@GLRED@3&->B>&'&$>+>&OVP&DE^]>&&ZO88(*+"&$8&!%!0()+,*&3#4?"&,%&#(0,(-,%?&8!+,?4([&*
%@MSO@D3&B>&$#*5%3**DEEI>&&ZP$.(&!%+6#$)$0$?,*!0&!")(*+"&$8&+6(&)#(6,"+$#,*&J'#$0(!%&,*(&
.!%[**
%@MCd3&6U>&DENM>&&ZO)(%19&+6(&,%+$V,*!+,%?&"%488&)$g3(#&$8&+6(&c!,S!&j%3,!%"&!%3&+6(&
J4*!%$&.(3,*,%(&.!%&K?$"+,%$[&O%a&O8#$%9&_>`>&$#*5%3**LQ9!O63\*G#1.9O15)!509%9;"0*
:$5)01*'9)*46H01950#"@$*
<)-;63&&
%@K@DSdM@VG3&9>&'&7>&!@DIS&DEM]>&&Z`!0042,%$?(%(&\,+2(&,%&3(#&J"*6(*6$"0$g!S(,[&
%@K@DSdM@VG3&9>&'&9>&qIDLC&DEFN>&&Z\"'*6$+#$)(&j%6!0+ +$88(&2g(,(#&\",0$*'7(&K#+(%&
Cf!60S)8(/&!4"&3(#&XPPY[&*
%@K@DSdM@VG3&9>&$#*5%3*DEFN>&&Z\",0$*'7,%&,%&T#4*6+S#)(#%&-$%&W.90H?$*5$);".560$.6&**
%@A3&%>&$#*5%3**DEFE>&&ZQ(+(0&*'+$+$V,*,+'[&&
%@AJIFCG3&%>&'&$>4>&-GP&DEFM>&&ZJ6(&&*6(.,"+#'&$8&4"O$)*")(*,("a*K&#(-,(g[&&
%RGN@D3&U>&DEFk>&&ZJ6(&&g!#&$%&3#4?"&,"&$-(#>&J6(&?$-(..(%+&6!"&0$"+[&*
%RGN@D3&U>&DEF^>&&Z_(",?%(#&3#4?"[&&
%RGR3&!>+>&DEFI>&&Z`(#7!0&8$0S&.(3,*,%(&$8&%$#+6(#%&j%3,![&
^NM&
&
%RGKKG3&$>&GO&'&$>9>&$XSIO(6RGAP&DEMM>&&ZK&*$.)!#!+,-!&"+43'&$8&+6(&!0S!0$,3!0&*$%+(%+"&
$8&4$;5.-!*15)!5%5&R>[*&
&%RGAAEA3&.><>->&P&q9>&&5@PLREA&DEMD>&ZJ6(&"+#4*+4#(&!%3&"'%+6(","&$8&+6(&+(+#!6'3#$W W
*!#7$0,%(&!0S!0$,3"&8#$.&415%5)"6*5)-./".50$57*P$.(&%(g&+(+#!6'3#$W W*!#7$0,%([&&
%RGFMDG3&c>&$#*5%3*DEFE>&&ZK7$#+,8!*,(%+&)$+(%+,!0&8$#&+6(&(),?(!0&)!#+"&$8&4$;5.-!&15)!5%5[*&
%RGDKG3&6>T&DEMM>&&ZO+6%$7$+!%'&!%3&,+"&",?%,8,*!%*(&8$#&Q5..5?"6*"+43,("&,%&+6(&
`,.!0!'!"[&&
%RGDKG3&U>1>&$#*5%3*DEND>&Z\6!#.!*$3'%!.,*!0&(88(*+"&$8&!"!#$%(&!%3& W!"!#$%([&
%RGDEA3&1>&DEMI>&ZJ6(&&P!%&\(3#$&*!*+4"&,%&\(#4-,!%&8$0S&6(!0,%?[&O%a&T4#"+9&\J&CX$.)>/&
i%$61*9'*#1$*J9/67*D1$**I"#-5%&=6$*9'*T5%%-0".9;$.*
%RGDEA3&1>&DEMF>&&K",5)/*9'*#1$i9-)&K"./67*>*:15!5.u6*:#9)H3&J#!3>&(")!b$0!&3(&DEFG>&&G%*
Q15!m.*/$*%96*Q-5#)9*a"$.#963*&
%RGDEA3&1>&'&+>4>&1EAAGA&DEMM>&&ZJ6(&.!?,*&*!*+4"a&O+6%$!#*6!($0$?,*!0&*$%+,%4,+'&,%&\(#4&
X>&
%RGaQDELL3&q/>&DEFD>&&ZuT4%%'&.4"6#$$."ua&<!+4#!0&84%?!0&6!004*,%$?(%"[&=!%4"*#,+$&&
%RGaQDELL3&q>/>&DEFI>&&ZK&6,"+$#'&$8&6(.)&8,7(#&,%&K.(#,*!%&*$#3!?([&=!%4"*#,+$>&&
%RGaQDELL3&q>/>&DEF]>&&ZY(*#(!+,$%!0&4"(&$8&(#?$0,%(&!0S!0$,3"&8#$.&>);H)$"5&.$)@965[*&
%R@OOGDS3&/>U>&DEF]>&Z=,+#!?'%!a&K&%$+(&$%&+6(&!0S!0$,3"&$8&K8#,*!%&")(*,("[&&
%R@OOGDS3&/>U>&DEFE>&&ZO+6%$)6!#.!*$0$?'&$8&S#!+$.&!%3&+6(&B"#)5;H.5&!0S!0$,3"[*
%R@KOIQW3&9U>&DEME>&&ZJ6(&80$g(#"&$8&j0(V&?4!'4"![&&
%R@KOIQW3&9>U>&DEEG>&&J(","&
%R@KOIQW3&9U>&DEED>&
%R@A3&q>q>&P&#>+>&1b%EIdG&DEME>&ZX$0!,%34*(3&)"'*6$+,*&$#?!%,*&7#!,%&"'%3#$.([&&
%R@AJ(]M3&.>&DEF^>&Z\#(0,.,%!#'&"+43'&$8&+6(&(+6%$7$+!%'&$8&n,"64!%?&Q!%%!9&\($)0(u"&
Y()470,*&|6"0{*$8&X6,%![&&
%R@DDP3&+>U>*(+&!0>&&DEFI>&&ZJ6(&)6!#.!*$0$?,*!0&(88(*+"&$8&!&0,?#$,%&(V+#!*+&$8&%4+.(?&
CBH)"6#"05*')5;)5.6/[**
%RMQW3&U>7>/>&'&1>/>&%KMCR&DEMI>[J6(&,00,*,+&4"(&$8&+6(&)"'*6$+$.,.(e*&|6"0{*!.)6(+!.,%("&
g,+6&")(*,!0&#(8(#(%*(&+$&PJ\&C_d=/&+$V,*,+'[*
%RMAEdGWM3&B>&'&%>&TEAMLRM&DEMG>&ZK*+,$%"&$8&"(-(#!"&!%+6(0.,%+,*"&!%3&,%"(*+,*,3("&$%&#!+&
*$#+,*!0&%(4#$%("[&&
%RD@LCRG3&#>&$#*5%3*DEEI>&ZJ6(&=$#!*(!(7!"(3&3!#+&)$,"$%"&$8&P$4+6&K.(#,*!>&&X!#3,!*&
?0'*$",3("&$8&B5e-")5*!%3&85-0%$9O6"6*")(*,("[*
%RIOJMA3&$>#&DEN]!>&&ZX$.)$",+,$%&$8&+6(&.'#,"+,*,%&8#!*+,$%&8#$.&$,0&$8&%4+.(?[&&
%RIOJMA3&$>#>&DEN]7>&&Z\"'*6$+$.,.(+,*&!?(%+"&#(0!+(3&+$&.("*!0,%([&*
^NF&
*
%RIOJMA3&$>#>&DEN]*>&&ZX$%*(.,%?&+6(&)6!#.!*$0$?'&$8&%4+.(?[&*
%RIOJMA3&$>#&DENk!>&&Z]W=(+6$V'WkW^&.(+6'0(%(3,$V'&!.)6(+!.,%(9&!&%(g&
)"'*6$+$.,.(+,*&|6"0{&!?(%+[**
%RIMJMA3&$>#>&DENk7>&Z\"'*6$+$.,.(+,*&|6"0{&!.)6(+!.,%("a&=(+6$V'W]9kW
3,!0S$V'!.)6(+!.,%("[&
%RIOJMA3&$>#>&DENN>&&Z\$"",70(&,.)0,*!+,$%&$8&.'#,"+,*,%&!"&!&)"'*6$+#$),*&"47"+!%*([&&
%RIOJMA3&$>#>&DEMG>&&ZX6(.,"+#'&!%3&"+#4*+4#(&!*+,-,+'&#(0!+,$%"6,)"&$8&+6(&
)"'*6$+$.,.(+,*"[&O%a&O8#$%9&_>`>&CX$.)>/&46H019#9!"!$#"0*
%RIOJMA3&$>#>&DEMD>&&ZX6(.,"+#'&!%3&"$4#*("[&O%a&O)"+(,%9&P>P>&CX$.)>/&<)-;6*9'*>?-6$7*
D1$")*J$.$#"0*5./*9#1$)&Q1)9."0*89.O6H01"5#)"0*T5,5)/63*
%RIOJMA3&$>#>&DEM]>&&Z=("*!0,%(a&J6(&*6(.,"+#'&!%3&)6!#.!*$0$?'&$8&,+"&!%!0$?"[&&
%RIOJMA3&$>#>&DEMN!>&&Z\"'*6$+$.,.(+,*&!?(%+"[&O%a&U$#3$%9&=>&CX$.)>/&
\"'*19O15)!509%9;"05%5;$.#63**&
%RIOJMA3&$>#>&DEMN7>&&Z\#$8,0("&$8&)"'*6(3(0,*&3#4?">&D3*_=J[*
%RIOJMA3&$>#>&DEMN*>&&Z\#$8,0("&$8&)"'*6(3(0,*&3#4?">&I>&J=KWI[*
%RIOJMA3&$>#>&DEMN3>&&Z\#$8,0("&$8&)"'*6(3(0,*&3#4?">&]>&=_=K[*
%RIOJMA3&$>#>&DEMJ!>&&X$.4%,*!*,B%&)(#"$%!09&Q(#S(0('>&
%RIOJMA3&$>#>&DEMM7>&&Z\#$8,0("&$8&)"'*6(3(0,*&3#4?">&N>& 9dW_=P[*
%RIOJMA3&$>#>&DEMM*>&&Z\#$8,0("&$8&)"'*6(3(0,*&3#4?">&M>&=("*!0,%([*
%RIOJMA3&$>#>&DEME>&&ZX6(.,"+#'&$8&)6(%(+6'0!.,%("&#(0!+(3&+$&.("*!0,%([&\$%(%*,!&
)#("(%+!3!&(%&Z`!004*,%$?(%"&,%&<!+4#(&K.(#,*!%&P6!.!%,".&!%3&=$3(#%&R,8(9[&IF&
P()+,(.7#(&WD&d*+47#(&DEMF9&P!%&T#!%*,"*$>&
%RIOJMA3&$>#>&DEFG!>&&Z\#$8,0("&$8&)"'*6(3(0,*&3#4?">&F>&\",0$*'7,%[*
%RIMJMA3&$>#>&DEFG7>&&Z\#$8,0("&$8&)"'*6(3(0,*&3#4?">&E>&RP_[&
%RIOJMA3&$>#>&DEFD>&&Z\#$8,0("&$8&)"'*6(3(0,*&3#4?">&DG>&&_dQ[*
%RIOJMA3&$>#>&DEFI>&&ZX6(.,"+#'&$8&)"'*6$+$.,.(+,*"[&O%a&`$8#%(,"+(#9&T>&'&U>&P+,0S(&
CX$.)">/&46H019#)9O"0*>;$.#6*&
%RIOJMA3&$>#>&DEFN>&&ZJ6(&&7!*S?#$4%3&!%3&*6(.,"+#'&$8&=_=K[&
%RIOJMA3&$>#>&DEED>&&ZX$%8("",$%"&$8&!&)"'*6(3(0,*&!0*6(.,"+[&
%RIOJMA3&$>#>&DEEI>&&X$.4%,*!*,$%("&)(#"$%!0("9&P!%&R4,"&3(&\$+$",9&=AV,*$>&&
%RIOJMA3&$>#>&'&1>+>&1P@D&DEM^>&&Z\"'*6$+$.,.(+,*&)6(%'0,"$)#$)'0!.,%(">&^>&kWK0S'0WI9^W
3,.(+6$V')6(%'0,"$)#$)'0!.,%("[&
%RIOJMA3&$>#>&'&B>">&T@DOMAJ@D&DENk>&Zj"$0!+,$%&$8&.(+7$V'(4?(%$0&!%3&+#!%","$(0(.,*,%&
8#$.&$,0&$8&%4+.(?[&*
%RIOJMA3&$>#>&'&1>/>&!MQREOL&DEMF>&ZX6!#!*+(#,2!+,$%&$8&+6#((&%(g&)"'*6$+$.,.(+,*"[&O%a&
P+,00.!%9&\X>&'&Y>O>&c,00(++(&CX$.)">/&*D1$**46H019O15)!509%9;H*9'*T5%%-0""69;$.63*&
%RIOJMA3&$>#>&'&#>&%GDJ@AC&DENM>&&Z\"'*6$+#$),*&)6(%'0,"$)#$)'0!.,%("&3(#,-(3&8#$.&!),$0(&
!%3&3,00!),$0([&
^NE&
&
%RIOJMA3&$>#>&'&$>&%RIOJMA&DEED>&\j`fKRH*>*Q1$!"05%*C9@$*:#9)H3*\#B0$?$&3(&_!-,3&O>&
<,*6$0">&&
%RIOJMA3&$>#&$#*5%3*DEND>&ZJ6(&&)"'*6$+$.,.(+,*&|6"0{*)#$)(#+,("&$8&]9k9^W
+,,.(+6$V'!.)6(+!.,%([&&
%RIOJMA3&$>#>&$#*5%3*DENM>&&ZJ6(&*6(.,"+#'&!%3&)"'*6$)6!#.!*$0$?'&$8&%4+.(?&!%3&$8&
"(-(#!"&#(0!+(3&)6(%'0,"$)#$)'0!.,%("[&O%a&O8#$%9&_>`>&$#*5%3*LQ9!O63\*
G#1.9O15)!509%9;"0*:$5)01*'9)*46H01950#"@MM*<)-;6&&
%RIOJMA3&$>#>&$#*5%3**DENE>&&ZP+#4*+4#(!*+,-,+'&#(0!+,$%"6,)&$8&$%(W,,%?&)"'*6$+$.,.(+,*"[&
P(?4,3$&3(&$))5#5#-!*&
%RIOJMA3&$>#>&$#*5%3**DEMD>&&ZkWQ#$.$WI9^W3,.(+6$V')6(%'0,"$)#$)'0!.,%(9&!&%(g&*(%+#!00'&
!*+,-(&!.)6(+!.,%(&!%!0$?[**
%M@X@DC3&1>U>&DEEk>&&X:5%@"5*/"@".9)-!*!%3&"!0-,%$#,%&Ka&<(g&\6!#.!*$0$?,*&8,%3,%?"[*
%M@J@O3&->T>&DEMM>&&Z`!004*,%!+,$%"[&
%M@J@O3&->&T>&DEFE>&W.#9S"05#"9.7*C"'$*".&4-)6-"#*9'*>)#"'"0"5%*45)5/"6$3*
%M@J@O3&->T>&DEEI>&&i")$*".*#1$*A)5".7*Q%"."05%M*D5%$6*9'*T5%%-0".5#"9.3**&
%M@J@O3&->T>&P&9>/>&UGDVMW&DEM^>&&Z_#4?&,%34*(3&6!004*,%!+,$%"&,%&!%,.!0"&!%3&.!%[&O%a&
P,(?(09&Y>f>&P&R>L>>&&c("+&CX$.)">/*T5%%-0".5#"9.6*F*A$15@"9)&GSO$)"$.0$*5./*D1$9)H3**&
%M@J@O3&->T&'&5>U>&&9XLC&CX$.)">/&DEM^>&T5%%-0".5#"9.6*F*A$15@"9)&GSO$)"$.0$*5./*D1$9)H3**&
%M@J@O3&->T>&$#*5%3**DEMk>&&ZK%&$7"(#-!+,$%!0&"+43'&$8&6!004*,%$?(%W,%34*(3&7(6!-,$#&,%&
4%#("+#!,%(3&B50505*!-%5##5[&*
%M@J@O3&->T>&$#*5%3**DEMM>&&Zd%&+6(&4"(&$8&D5;$#$6*%-0"/5*5./*8"09#"5.5*)-6#"05*!"&!&`4,*6$0&
".$S,%?&.,V+4#(a&J6(&K2+(*&uq!64+0,u&g,+6&"4??("+,-(&6!004*,%$?(%,*&(88(*+"[&*
%MJLC@SC3&%>&DEEG>&&ZQ(!#&.(3,*,%(a&P(08.(3,*!+,$%&7'&!%,.!0"[&Y("4.(%&3(&0!&D]‡&
X$%8(#(%*,!&K%4!09&P$*,(+'&$8&O+6%$7,$0$?'>&
%MOV@D3&q&DEMD>&&Zj%"$.%,!9&+!*6'*!#3,!&!%3&*$0!&3#,%S[&&
%MOV@DLCEA@3&#>&'&4>&q@OOL&DEME>&&ZX0,%,*!0&)"'*6$)6!#.!*$0$?'&$8&!.)6(+!.,%(&!%3&
#(0!+(3&*$.)$4%3"[&O%a&X!03g(009&L>&CX$.)>/*>!O1$#5!".$6*5./*I$%5#$/&:#"!-%5.#6*
Q1$!"05%M*A"9%9;"05%M&Q%"."05%M*5./*:90"9%9;"05%*>6O$0#6*&
%MOV@DaEES(+EF@3&.>&DEFG>&&X$.4%,*!*,B%&)(#"$%!0&!&Y>O>&P*640+("9&*,+!3$&(%&P*640+("9&Y>O>&
'&K>&`$8.!%%&DEFG>&D1$*&A9#5.H*5./*X6(.,"+#'&9'*T5%%-0".9;$.6>&&
%MAQOGMD3&$>&DE^M>&&i"$%/*5./*Q%"."05%&:-)@$H*9'*#1$**B$.#5%*T$5%#1*9'*#1$&W./";$.$6*9'*#1$*
D$))"#9)H*45O-5*8$V&J-".$5&
%MAJ@D3&->&DEkEC^D/>&&ZJ6(&K?!#,*!0("&,%&.$3(.&+!V$%$.'[&*
%MAJ@D3&->&DE^M>&&ZP!*#(3&.4"6#$$."&,%"),#(&.(3,*!0&#("(!#*6[&&
%MAJ@D3&->&DE^F!>&&Z='*$0$?,*!0&,%-("+,?!+,$%"&$%&+($%!%1*!+09&+6(&=(V,*!%&6!004*,%$?(%,*&
.4"6#$$.>&\!#+&j>&J6(&6,"+$#'&$8&+($%!%1*!+09&8,(03&g$#S&!%3&*40+4#(&g$#S[>&\470,*!3$&
Z84(#!&3(&"(#,(&*$%&"47-(%*,B%>[&
^MG&
&
%MAJ@D3&->&DE^F7>&&Z\,02(9&3,(&p(#(7#!0.'2(+,".(%&-(#4#"!*6(%[&*
%MAJ@D3&->&DE^E>&&Z`$%?$"&!04*,%B?(%$"[&
%MAJ@D3&->&DEM]>&&Z_,!?%$"("&84%?$#4.&%$-$#4.&K?!#,*!,4.[&&
%MAJ@D3&->&DEMF>&&Z`!004*,%$?(%,*&.4"6#$$."[&O%a&Y4.!*S9&Q>`>&!%3&O>&P!02.!%&CX$.)">/&
B-61)99!6&49"69.".;7*<"5;.96"6*5./*D)$5#$!$.#3**&
%MAJ@D3&->&DEFI>&&>*Q9))$0#"9.3**G#1.9!H09%9;"05%&Y()0,*!&!&d++&DEMF!>&&:A!"(&#()0,*!a&
c!""$%&DEFI!>&&
%MAJ@D3&->&'&$>B>&%KMCR&DE^F!>&&Z<(g&")(*,("&$8&\",0$*'7([&
%MAJ@D3&->&'&$>B>&%KMCR&DE^F7>&&Z='*$0$?,*!0&,%-("+,?!+,$%"&$%&+($%!%1*!+09&+6(&=(V,*!%&
6!004*,%$?(%,*&.4"6#$$.>&&\!#+&jj>&&J!V$%$.,*&.$%$?#!)6&$8&*46"%90H?$M*"(*+,$%*
Q5$)-%$60$.#$6&&
%MAJ@D3&->&$#*5%3**DE^F!>&&ZK&%(g&")(*,("&$8&465#1H)$%%5&*
%MAJ@D3&->&$#*5%3**DE^F7>&&Zd7"(#-!+,$%"&$%&!?!#,*"&*!4",%?&*(#(7#!0&.'*(+,"."[&
j%+#$34**,B%&3(&Y>&P,%?(#&&ZK%&4%4"4!0&(88(*+&8#$.&!&")(*,("&$8&=(V,*!%&.4"6#$$."&
46"%90H?$&0-?$.6""6&*)$#&P>j>&P+(,%9&ZJ6(&&,%804(%*(&$8&+(.)(#!+4#!&$8&|6"0{*.'*(0,!0&?#$g+6&
$8&46"%90H?$M*45.5$9%-6M&5./*Q9O$%5./"5&*)$#&Y>c>&K.(">&XK**I-66-%5*)#$-$S,%?&6'"+(#,!&,%&
<(g&U4,%(![&)$#&Y>&P,%?(#>&ZK7$4+&+6(&,3(%+,+'&$8&+6(&g((3&45.5$9%-6*$#&)$,"$%$4"&
45.5$9%-6*X*)$#&Y>&P,%?(#&'&K>`>&&P.,+69&
%MAJR3&9>.>&$#*5%3**DEME>&&Z=(3,*,%!0&)0!%+"&$8&<()!0&W&Y(+#$")(*+"&!%3&)#$")(*+"[&*
%MAJR3&?>!>&DEF]>&ZO88(*+"&$8&S!-!&$%&%(4#$.4"*40!#&+#!%".,"",$%&!%3&.4"*0(&*$%+#!*+,0,+'[&
%MAJR3&?>!>&DEEI>&&Zf!-!a&K%&$-(#-,(g[&&
%MAJR3&?>!>&$#*5%3**DEFk>&&ZT$0S&.(3,*,%(&,%&J$%?!>&&K&"+43'&$8&+6(&4"(&$8&6(#7!0&.(3,*,%("&
8$#&$7"+A+#,*!0&!%3&?'%!(*$0$?,*!0&*$%3,+,$%"&!%3&3,"$#3(#"[*
%MDGWGaG3&T&$#*5%3**DENN>&&ZP'%+6(","&$8&,7$+(%,*&!*,3&!%3&]W3($V',7$+(%,*&!*,3[&&
%MDMIL3&->,>&'&6>&6O@GLEA&DEEG>&&Z_$&XW&.(%&3#(!.&$8&(0(*+#,*&"6(()y[&&
%MLWMAS3&U>&DEM]>&&Z:0",$%"&!%3&*4#("&!.$%?&+6(&P6!#!%!64![&O%a&`!.(#9&=&L>&CX$.)>/*
T5%%-0".9;$.6*5./&:15!5."6!!3*
%MCGDGK3&!>&$#*5%3**DEMF>&&Z`4.!%&"(#,!0&0(!.,%?a&O%6!%*(.(%+&g,+6&!#(*6$0,%(&|6"0{*!%3&
*6$0,%(&!%3&,.)!,##%(%+&g,+6&"*$)$0!.,%([&
%W@DD@CC3&.U>&DEEG>&&ZP47"+!%*(&\&*!4"("&
\!,%&W&Q4+&!0"$&6(!0"[&&
%WEOAMQW3&U>B>&DENF>&&ZX$(#*,$%&+$&-,#+4(a&J6(&(%8$#*(.(%+&$8&.$#!0"[&
%WEOAMQW3&.>&$#*5%3*DEFI>&&Zf!#7$7("&!%3&7(%2$3,!2(),%(&#(*()+$#"a&P+#4*+4#(&!*+,-,+'&
#(0!+,$%"6,)"&!%3&)6!#.!*$0$?,*&!*+,-,+'[&&
%O@SJ@3&q>$>&'&->/>&%QRIOC@L&DEFF>&&ZY,*6!#3&P)#4*(a&K&.40+,+!0(%+(3&7$+!%,"+[&&
%OECWMA3&U>%>&DE^I>&&Z=(%$.,%,&)('$+,".[&
%OECWMA3&U>%>&DE^N>&&D1$*4$H9#$*I$%";"9.7*>&
:#-/H*".*W./"5.*‚*K1"#$*I$%5#"9.63**
^MD&
&
%OECWMA3&#>$>&$#*5%3**DEMG>&ZQ0$$3&0(-(0"&!%3&4#,%!#'&(V*#(+,$%&$8&6!#.,%(&!%3&,+"&
.(+!7$0,+("&,%&.!%&!%3&#!+"[&*&
%KGOO3&/>&DEM^!>&&ZK.(#,*!%&0!g&!%3&+6(&")(*,("&)#$70(.&,%&Q5..5?"67*P*,(%*(&!%3&
"(.!%+,*"[&&
%KGOO3&/>&DEM^7>&&Zd%&+$!3"+$$0&"$4)&!%3&0(?!0&")(*,("&$8&.!#,64!%!&|6"0{[&&
%KGOO3&/>&DEM^*>&&Z=$#)6$0$?,*!0&-!#,!+,$%&$8&!*6(%("&$8&Q5..5?"6&**
%KGOO3&/>&DEMN>&ZJ6(&&8$#(%",*&+!V$%$.,*&3(7!+(&$%&Q5..5?"67*P(.!%+,*&6$S4.[&
%KGOO3&/>&'&$>&+DEA^IMLC&DEMN>&&ZK&)#!*+,*!#&!%3&%!+4#!0&+!V$%$.'&8$#&Q5..5?"6[&
%KGOO3&/>&$#*5%3*DEM^>&&ZJ6(&(-$04e$%&$8&*!%%!7,%$,3&)6(%$+')("&,%&Q5..5?"6>&&
%KGOO3&5>7>&'&->/>&5ICd&DE]I>&&Q1$!"6#)H&9'*#1$**RO"-!*>%E5%9"/63*\#B0$?$&3(&`(,%+,*6&
c,(0!%3>&
%KGOO3&5>&7>&$#*5%3**]l_x3**:"-/H6*9.*<)-;&>//"0#"9.3*K"#1*:O$0"5%*I$'$)$.0$*#9&Q1$!"05%*
:#)-0#-)$6*9'*RO"-!&<$)-@5#"@$6*5./*>%%"$/*:".#1$#"0&:-?6#5.0$6*5./*#1$")*41H6"9%9;"05%&
>0#"9.3&c.>&X6!#0("&c6,+(>&
%KMCR3&$>B>&DEMM>&&ZP$.(&*$..(%+"&$%&6!004*,%$?(%,*&!?!#,*"&!%3&+6(&6!004*,%!+,$%"&$8&
+6$"(&g6$&"+43'&+6(.[&:A!"(&+!.7,A%&d++&DEMF!H&P,%?(#&DEFIH&c!""$%&DEFI!>&
%KMCR3&6>9>&!%3&B>T&4@@QR@D&DE^E>&ZK.)6(+!.,%(&"408!+(&!%3&!+60(+,*&)(#8$#.!%*(>&j>&
d7;(*+,-(&(88(*+"[&
%KMCR3&6>q>&DEM]>&&ZK#*+,*&)6!#.!*$?%$",![&*
%KMCR3&B>O>&DEIE>&&Z=!+(#,!&=A3,*!&$8&+6(&Q(00!&X$$0!&!%3&%(,?67$4#,%?&+#,7("[&&
%KMCR3&B>B>&DEI]>&&ZO+6%$7$+!%'&$8&+6(&=(%$.,%,&j%3,!%"[&
%KMCR3&B>B>&DE]]>&&ZO+6%$7$+!%'&$8&+6(&8$#("+&\$+!g!+$.,&j%3,!%"[&&
%KMCR3&9><>&CP(43B%,.$&3(&=,*6!(0&P+!#S"/&DEMN>&46H01$/$%""6*Q1$!"6#)H3&X4!#+!&(3,*,B%9&
*$##(?,3!&'&!4.(%+!3!>&
%KMCR3&->9>&DEME>&&Z\,)(#&.(+6'"+,%9&!&%$-(0&)'#,3$%(&!0S!0$,3&8#$.&4"O$)&!$#1H6#"0-!*
C*40+,-!+(3&,%&+6(&P$4+6&\!*,8,*&!"&!&3#4?&)0!%+&!%3&7(-(#!?(&)0!%+/[*
%KMCR3&->9>&DEF]>&&Zf!-!&0!*+$%("&,%&4"O$)&!$#1H6#"0-!*8&#$.&T,;,[&
%KMCR3&->9>&$#*5%3**DEFk>&&Z`,?6)(#8$#.!%*(&0,54,3&*6#$.!+$?#!)6'&$8&S!-!&0!*+$%("&8#$.&
4"O$)&!$#1H6#"0-!&*
%KMCR3&%>&'&6>9>&#MKKML&DE]I>&ZJ6(&&!0S!0$,3"&$8&(#?$+>&&\!#+&jjj>&&O#?,%(9&!&%(g&7!"(&
$7+!,%(3&7'&+6(&3(?#!3!+,$%&$8&(#?$+$V,%(&!%3&(#?$+,%,%([*
%KMCR3&#$&DEMM>&&ZJ#')+!.,%(&!%3&#(0!+(3&*$.)$4%3"&,%&)0!%+"[&
%APS@D3&%>B>&!%3&%>&9GCCRPLL@&DEM^>&RO"5#$*I$0$O#9)*B$015."6!63**&
%APS@D3&%>B>&$#*5%3*DENF>&&Z_d=&CPJ\/H&!&%(g&6!004*,%$?(%,*&3#4?9&!%3&_dOJa&O88(*+"&,%&
%$#.!0&"47;(*+"&
^MI&

%APS@D3&%>B>&$#*5%3**DEMG>&&Z_dOJ&CI9^W3,.(+6$V'WkW(+6'0!.)6(+!.,%(/&!%3&_d=&CPJ\/&
CI9^W3,.(+6$V'WkW.(+6'0!.)6(+!.,%(/9&%(g&)"'*6$+#$),*&!?(%+"a&J6(,#&(88(*+"&,%&.!%[&
O%a&O8#$%9&_>`>&CX$.)>/&46H019#9!"!$#"0*<)-;63&&
%EOKL3&B>&DE^N!>&ZY(0!+,$%"6,)"&7(+g((%&*6(.,*!0&"+#4*+4#(&!%3&)"'*6$"("&g,+6&+6(&4"(&$8&
)"'*6$+$V,*&|6"0{&"47"+!%*("[&*
%EOKL3&B>&DE^N7>&&ZX6(.,"*6(&P+#4S+4#&4%3&\"'*6$"(&7(,&R'"(#?"~4#(&_(#,-!+(%[&&
%EOEKEA3&1>&CX$.)>/&DENk>&&C:<7*D1$**Q9.60"9-6.$66*‚*G)O5./".;*<!;3*j%+#$34**,B%&3(&
J,.$+6'&R(!#'>&
%EIWIF3&U>&DEMG>&&a905?-%5)"9*/$*%96&89!?)$6*a-%;5)$6*/$*%5*i%9)5*4$)-5.5*H&Q5#m%9;9*/$*
%96*Jb.$)96>&
%EICR@ECC3&-><>&DEMk>&&Z<$+("&$%&"$.(&)$,"$%,%?"&!%3&$+6(#&*0,%,*!0&(88(*+"&8$00$g,%?&
,%?("+,$%&$8&K4"+#!0,!%&84%?,[&*
%FGOSMAJ3&->U>&DEED>&&ZQ0!*SW.!#S(+&7,$+(*6%$0$?'a&K+60(+("&!74"(&O\d&!%3&`U`[*&
%FGAEL3&!>.>&DEF]>&ZO#?$+,".&!%3&+6(&P!0(.&g,+*6&)!%,*a&K&*#,+,*!0&!%!0'","&!%3&!%&
!0+(#%!+,-!&*$%*()+4!0,2!+,$%[&*
%FGAEL3&!>.>&'&U>&6ECCOM@X&DEMN>&ZO#?$+,".&!%3&+6(&P!0(.&g,+*6&+#,!0"[&:A!"(a&
X!)$#!(0&DEMN>&
%FGDWKGA3&.>%>&DEGF>&D1$**Q-%#-)$*9'*#1$*&C-"6$r9*W./"5.63*&
%FsCR3&/>&DEDE>&&Zˆ7(#&3,(&K%6!0$%,4.WK0S!0$,3(>&j>&K%6!0,%&4%3&=(2*!0,%[&
%FsCR3&/>&'&/>&5@S@D@D&DE]G!>&&ZP'%+6("(&3(#&`!#.!0!WK0S!0$,3(a&`!##%!0,%9&`!#.,%&4%3&
`!#.!%[&&
%FsCR3&/>&'&/>&5@S@D@D&DE]G7>&ZP'%+6("(%&-$%&kWX!#7$0,%(%[&&
%F@QW3&7>&6>&DEk&D>&ZK&0,"+&$8&)0!%+&*4#!+,-("&8#$.&+6(&`$4.!&j%3,!%"&$8&R$4,",!%![&*
%F@QW3&7>6>&$#*5%3**DEkI>&&ZY!))!6!%%$*S&6(#7!0"a&T$0S0$#(&!%3&"*,(%*(&$8&*4#("[&&
%F@@C@D3&9>/>&P&q>+>&$ACREAP&DE^k>&ZJ6(&!*+,$%&$8&$V!0'0&*60$#,3(&$%&,%3$0("a&K&%(g&
!))#$!*6&+$&+#')+!.,%("[&
%F@DEAM3&/>&'&$>&9MAJR@CCM&DEFF>&Z<(4#$)6!#.!*$0$?,*!0&!*+,-,+'&$8&(V+#!*+"&8#$.&45)6"'%9)5*
".05).5#5[&&
%FDIQ@3&->&DFM]>&&Zd%&"$.(&#(.!#S!70(&%!#*$+,*"&|6"0{*$8&+6(&K.!2$%&:!00('&!%3&d#,%$*$9&
d*(!%&6,?6g!'"[&
%FDIQ@3&->&CK>Y>&c!00!*(9&X$.)>/&DEGF>&<$+("&$8&!&Q$+!%,"+&$%&+6(&K.!2$%&!%3&K%3(">&
I$"!O)$69*$.*]lz^3*D)5/3&(")!b$0!9&]l_x3**<$+!"&3(&4%&Q$+1%,*$&"$7#(&(0&K.!2$%!"&'&0$"&
K%3("&
%DMVGLCGVG3&U>&6>&DENN>&ZJ6(&&P$.!&)0!%+[&
%CGXG3&/>&U>&'&.>&5GIDL@A&DENN>&Z=$.,%?&?0$#'&+,""4(&*40+4#("a&U#$g+6&!%3&(V!.,%!+,$%&8$#&
,%3$0(&!0S!0$,3"[&
^M]&
&
%CGNNEDS3&.>&DEMG>&&Zq!?(&,%&+6(&:!00('&$8&T,#([&O%a&K!#$%"$%9&Q>P>&'&`>&d".$%3&LQ9!O63\*
46H01$/$%"07*D1$*=6$6*5./&W!O%"05#"9.6*9'*T5%%-0".9;$."0*<)-;63**&
%CGNNEDS3&.>&\U>&&Q,?g$$39&X$.)>&+A*>>/&DEF]>*46H01$/$%"06*G.0H0%9O$/"53**O3,*,B%&*$##(?,3!>&&
L>\>&J!#*6(#9&X$%&)#B0$?$&3(&K%3#(g&c(,0>&J#!3>&!0(.!%!9&DEFG>&G.,HE%9O$/"$*/$)*
46H01$/$6%"01$.&<)9;$.3*&
%CGRO3&/>&$#*5%3&DEMF>&ZY!4"*6?,8+),02(&.,+&RP_[&
%CGK@CL3&.>&DEMF>&46"%90H?$*B-61)99!6&5./*#1$")6*>%%"$63*\#B0$?$&3(&U>&U42.1%>&
%CGK@CL3&.>&DEE]>&&J)9V".;*J9-)!$%*5./&B$/"0".5%*B-61)99!3**&
%CGK@CL3&.>&P&U>%>&+RMOCEA&DEF]>&D1$*B-61)99!*Q-%#"@5#9)*F*>*4)50#"05%*J-"/$*"9&J)9V".;*
B-61)99!*5#*T9!$>&&\#B0$?$&3(&K%3#(g&c(,0>&&P(?4%3!&(3,*,B%&DEF]>&
%CGK@CL3&.>&$#*5%3*&DEFG>&&ZK&%(g&")(*,("&!%3&!&%(g&-!#,(+'&$8&46"%90H?$*8#$.&<$#+6&
K.(#,*![&
%CGDW3&B>U>&$#*5%3**DEM]>&&ZJ$V,*$0$?,*!0&!%3&*40+4#!0&"+43,("&,%&+6(&?(%4"&>!5."#5[&&
%CGDWL3&9>&DEMM>&&B5)"P-5.5*49#$.0H3&
%CGIX3&B>&DENI>&&Zˆ7(#&3,(&*6(.,"*6(%&Q("+!%3+(,0(&3(#&=!%3#!?$#!g4#2(0>&I>&
_,(&K0S!0$,3([&
%CGINNGQR@D3&1>&-$%&$#*5%3**DEN^>&Zj"$0,(#4%?&-$%&O#?$",%&4%3&O#?$",%,%&%(7(%&K?#$*0!-,%&
!4"&3(%&P!.(%&-$%&%O9!9$5*5);H)9O1H%%5*:!+S(&CX$%-$,-40!*(!(/[&
%C@GDAL3&U>&DFGF>&&ZK%&!**$4%+&$8&+6(&O-%@"6&O5)#-)"$.6M*!&#(.(3'&8$#&54,*S(%,%?&*6,037,#+6[&&
%C@@SKGA3&/><>&DEIF>&&ZJ6(&&(+6%$7$+!%'&$8&+6(&J6$.)"$%&j%3,!%"[&
%C@JOMQR3&q>&$#*5%3**DEFk>&&Zj%3$0!0S!0$,3(&!4"&3(.&Q0~++(#),02&Q9)#".5)"-6&".')50#-6*
CK?!#,*!0("/&Z*&
%C@MA3&%>2>&DE^E>&&ZX0,%,*!0&$7"(#-!+,$%"&$%&+6(&(88(*+"&$8&45.509%-6*@$.$.96-6&@$)6-6*
46"%90H?$*05$)-%$60$.6*.4"6#$$."[**
%C@MA3&%>2>&DENG>&&ZP$.(&7,$*6(.,*!0&!%3&)6'",$0$?,*!0&*$##(0!+,$%"&3(-(0$)(3&8#$.&*0,%,*!0&
$7"(#-!+,$%"&g,+6&-!#,$4"&+$V,*&.4"6#$$."&!%3&.(3,*,%!0&)#$34*+"[&
%C@MA3&%>2>&$#*5%3**DE^E>&&Zd7"(#-!+,$%"&$%&)"'*6$%(4#$)6'",$0$?,*!00'&",?%,8,*!%+&
.4"6#$$."[*&
%C@MAK@Cd3&/>7>&DENG>&&\,)(#&.(+6'"+,*4.&Lf5@5\*FF*i5!9-6*<)-;*4%5.#*9'*#1$&:9-#1*:$56*
W6%5./63**j.)#(",B%&)#,-!3!9&&
%C@DOMAJ3&4>&DEEI>&&D1$*T50E$)*Q)50E/9V.7*C5V*5./*<"69)/$)*9.*#1$*G%$0#)9."0&i)9.#"$)*&
%C@DKMCd3&7>->&$#*5%3**DEF]>&&Z<(g&!%3&$03&)6(%!%+6#(%(&3(+,-!+,-("&8#$.&R.0"/"-!*
0$?9%%$#5M*!&)('$+(&#()0!*(.(%+&)0!%+[*
%C@DA@3&5&DMND>&D1$*C"'$*5./*RO"."9.6*9'&D)"6#)5!*:15./HM*J$.#3*OV,"+(%&-!#,!"&(3,*,$%("&
.$3(#%!"9&*$.$&0!&(3,*,B%&0,.,+!3!&3(&DE]^&*$%&,04"+#!*,$%("&3(&J>=>&&X0(0!%3&C54(&3(;B&
"4&*!"!&!&Y>&U$#3$%&c!""$%&(%&4%!&(")(*,(&3(&+$%+,%!&*4!%3$&"(&#(+,#B&3(&0!&7!%*!9&
c!""$%&-,-,B&'&+#!7!;B&(%&0$&54(&6!7,!&",3$&(0&("+43,$&X0(0!%3/>&&
^Mk&
&
%C@V@AL3&U>&DEFM>&&:#9!".;*T$5@$.7*C:<&5./*#1$*>!$)"05.*<)$5!3*&
%C@V@AL3&U>&'&->&6@@&DEMM>&T9V*#9*W/$.#"'H&5./*J)9V*46"%90H?".*B-61)99!3*&
%C@V@ALEA3&9>+>&DED^>&&ZO+6%$7$+!%'&$8&+6(&p4%,&j%3,!%"[&&
%C@aGDC3&">+>&DEFM>&4$H9#$&I$%";"9.7*>&T"6#9)H3**&
%CM]V@3&#>&DEME>&&ZQ48$+(%,%(&*$%*(%+#!+,$%"&,%&*!#)$)6$#("&$8&K.!%,+!&*,+#,%!&CP*6!(88>/&
P>T>U#!'[&*
%CM]V@3&#>&DEFM>&&Z:$#S$..(%&-$%&P(#$+$%,%9&\",0$*'7,%&4%3&`!#%"+$88&,%&\!%!($0$,3(!([&&
%CM]V@3&#>&DEEI>&&Z\",0$*,%9&)",0$*'7,%9&"(#$+$%,%&!%3&4#(!&,%&45.5$9%-6&0H5.$60$.6*8#$.*
-!#,$4"&$#,?,%"[&&
%CM]V@3&#>&'&U>&4EAAGDS&DEFN>&&Z\",0$*'7,%(&(+&4#A(&3!%"&0(&?(%#(&4%-#$-6&&*
%CM]V@3&#>&'&4>&4EID^IM&DEED>&&ZK#"(%,*&,%&(3,70(&.4"6#$$."[&*
%CM]V@3&#&'&$>$>->&1@&9@M]@D&DEE]>&&Z=!*#$.'*(+("&8#$.&+6(&"+!+(&$8&\!#!%19&Q#!2,0>&k>&J6(&
)"'*6$!*+,-(&")(*,("[**
%CM]V@3&#>&'&#>q>&TIPF@D&DEF^>&&Zd**4##(%*(&$8&)",0$*'7,%&,%&-!#,$4"&6,?6(#&84%?,&8#$.&
"(-(#!"&O4#$)(!%&*$4%+#,("[&*
%CM]V@3&#>&P&#>q>&TIPF@D&DEFF>&&ZK7"(%*(&$8&)",0$*'7,%&,%&")(*,("&$8&84%?,&)#(-,$4"0'&
#()$#+(3&+$&*$%+!,%&)",0$*'7,%&!%3&#(0!+(3&+#')+!.,%(&3(#,-!+,-("&X*
%CM]V@3&#>&'&9>&.ED@CCM&DEEG>&&ZY!3,$*(",4.&0(-(0"&,%&g,03W?#$g,%?&.4"6#$$."&8#$.&-!#,$4"&
0$*!+,$%"[&&
%CM]V@3&#>&$#*5%3**DEFk>&&Zd**4##(%*(&$8&^W6'3#$V'0!+(3&,%3$0(&3(#,-!+,-("&,%&45.5$9%".5*
'9$."6$0""*CT#,("/&f4(6%(#&8#$.&-!#,$4"&$#,?,%"[&&
%CM]V@3&#>&$#*5%3**DEF^>&&Zd**4##(%*(&$8&)",0$*'7,%&!%3&7!($*'"+,%&,%&+6(&?(%4"&FW.90H?$*CT#>/&
T#>[&*
%CM]V@3&#>&$#*5%3*DEFN>&&ZK&?!#,+,%(9&!&OW6'3#$V'.(+6'0)6(%'0W6'3#!2,%(&3(#,-!+,-(&,%&
*40+,-!+(3&.4"6#$$."&L>;5)"0-6&?"6O9)-6\*!%3&,%&"$.(&$8&,+"&g,03?#$g,%?&#(0!+,-("[&
%CM]V@3&#>&$#*5%3*DEEG>&&ZK#"(%,*&!**4.40!+,$%&,%&"$.(&6,?6(#&84%?,[&&
%CMOOKGA3&U>9>&DEII>&D1$*:#9)H*9'*>%01$!H&5./*G5)WH*Q1$!"6)H3*
%CMOOA@D3&<>**$#*5%3&DEMF>&&ZX!88(,%(W,%34*(3&3(0,#,4.&34#,%?&)#$0$%?(3&*$.)(+,+,-(%(""[*&
%CEOO3&$>&DEN^>&&ZJ6((#?$+&!0S!0$,3"[&O%a&
=!%"S(9&Y>`>T>&'&`>R>&`$0.("&CX$.)">/*D1$*>%E5%9"/63*&
%CEOO3&K>&'&/>&4IDQWRGDSC&DE]^>&&ZR€(#?$7!",%(9&4%&%$4-(+&!0*!0$,3(&3(&ju(#?$+&3(&"(,?0(9&
"$0470(&3!%"&ju(!4[&*
%CEOO3&$>&'&$>&BENKGAA&DEk]>&&Z\!#+,!0"'%+6("(&-$%&K0S!0$,3(%&-$.&J')4"&3("&O#?$7!",%"[&&
%CEOO3&$>&$#*5%3*DEkE>&&Zˆ7(#&3,(&j"$.(#,(&-$%&R'"(#?"14#(&4%3&j"$0'"(#?"14#([&&
%CEOO3&$>&$#*5%3**DE^^>&&ZO,%(&%(4(&P'%+6("(&-$%&Q+,8$+(%,%&4%3&-(#g!%3+(%&
dV'+#')+!.,%(%[&&
^M^&
&
%CEOO3&q>$>&DEkM>&&ZR'"(#?"~4#(&3,1+6'0!.,39&(,%&\6!%+!"+,*4.&!4"&3(#&=4++(#S$#%?#4))([*
%CEA@3&4>+>&DEFk>*Z45./5.-6*')9!*dS&J(3,&Y(?,$%9&\!)4!&<(g&U4,%(!9&*$00(*+(3&7'&_(7#!&
_$%$?64([&
%CEA@3&->&DEED>&&ZY!3,$&!"+#$%$.(#"&"((S&!&*0(!#&0,%(&+$&+6(&"+!#"[&&
%CEA@3&->&DEEI>&&Z=!S(&+6!+>>>&DGGI&4"("&8$#&84"%?,[&*
%CEa@3&4>&DE^E>&&Zd**4##(%*(&!%3&.(+!7$0,".&$8&",.)0(&,%3$0("&,%&)0!%+"[&&
%CDGLLKGA3&->&DEED>&&Z`4.!%&6!004*,%$?(%,*&3#4?&#("(!#*6&,%&+6(&i%,+(3&P+!+("a&K&)#("(%+&
3!'&*!"(&6,"+$#'&!%3&#(-,(g&$8&+6(&)#$*(""[&
%CDGCR3&->&DEG]>&&Z=!+(#,!&=(3,*!9&)6!#.!*'&!%3&+6(#!)(4+,*"&$8&+6(&X#((&j%3,!%&"&$8&+6(&
`43"$%&Q!'&J(##,+$#'[&&
%CD@LL@D(.rGA3&6>&DEEG>&&ZJ#!-(0"&g,+6&Y>&U$#3$%&c!""$%&,%&=(V,*$a&DE^NWDENI[&O%a&
Y,(30,%?(#9&J>L>&CX$.)>/&D1$*:50)$/&B-61)99!*:$$E$)7*G665H6*'9)*I3*J9)/9.&K5669.3*&
%CDEKX@DJ3&<>5&DE^k>&&ZJ6(&,"$0!+,$%&$8&748$+(%,%(&8#$.&4"O#5/$."5*O$)$;)".5[&&
%CIACd3&1>&$#*5%>&&DEMI>**B-61)99!*49"69.".;*".*#1$*450"'"0*89)#1V$6#3&
%IXXGDGCAGK3&$><>&'&q>4>&+EEW&DEN]>&ZP47",3,!#'&*$%"+,+4(%+"&8#$.&>!5."#5&!-605)"5[&
%IA3&9>&DEFF>&&Z`(#7,*,3(&#(84"(3&8$#&*$*!&")#!',%?[&
%IF@Da@@S3&9>U>&CP(43B%,.$&3(&L$6%&=!%%/&DEMG>&&<)-;*B5.-'50#-)".;*'9)&i-.*5./*O)9'"#*
C_>=>J>&U4,3(/&
%dtDG3&%>2>&DE^N>&&Z_,.(+6'0++')+!.,%a&j+"&.(+!7$0,".&,%&.!%H&+6(&#(0!+,$%&$8&,+"&)"'*6$+,*&*
|6"0{&(88(*+&+$&+6(&"(#$+$%,%&.(+!7$0,".[&
%dtDG3&%>2>&DE^M>&ZJ6(&&*$.)!#,"$%&$8&+6(&)"'*6$+,*&|6"0{*(88(*+&$8&+#')+!.,%(&3(#,-!+,-("&
g,+6&+6(&(88(*+"&$8&.("*!0,%(&!%3&RP_WI^&,%&"(08W(V)(#,.(%+"[&O%a&U!#!+8,%,9&P>&'&q&U6(++,&
CO3">/&46H019#)9O"0*<)-;63**&
%dtDG3&%>2>&DEND>&&Z`!004*,%$?(%,*&(88(*+"&!%3&.(+!7$0,".&$8&+#')+!.,%(&3(#,-!+,-("&,%&
.!%[*
%dtDG3&%>2>&DENI>&&Z=(+!7$0,".&!%3&7(6!-,$#!0&!*+,$%&$8&)"'*6$+#$),*&+#')+!.,%(&
6$.$0$?4("[&
%dtDG3&%>2>&DEMG>&&Z_=J&C8M8F3,.(+6'0+#')+!.,%(/&!%3&6$.$0$?4("a&X0,%,*!0&!%3&
)6!#.!*$0$?,*!0&*$%",3(#!+,$%"[&O%a&O8#$%9&_>`>&CX$.)>/*46H019#9!"!$#"0!<)-;6>&&&
%dtDG3&%>2>&P&U>&$[@ODES&DE^E>&&Z`'3#$V'0!+,$%&!%3&8W3(.(+6'0!+,$%&$8&8M8F
3,.(+6'0+#')+!.,%([&
%dtDG3&%>2>&'&/>&B@GDLC&DENI>&ZJ6(&NW6'3#$V'0!+,$%&$8&+#')+!.,%(&3(#,-!+,-("a&K&g!'&$8&
)#$34*,%?&)"'*6$!*+,-(&.(+!7$0,+("[&&
%dtDG3&%>O>&P&5>B>&-EQWOGAS&0END>&[\"'*6$0$?,*!0&(88(*+"&!%3&.(+!7$0,".&$8&8M8F*
3,.(+6'0+#')+!.,%(9&!%&6!004*,%$?(%,*&3#4?[&
%dtDG3&%>2>&$#*5%3**DENN>&&Z\"'*6$0$?,*!0&(88(*+"&!%3&.(+!7$0,".&$8&8M8F3,(+6'0+#')+!.,%(&,%&
.!%[&
^MN&
&
%dtDG3&%>2>&$#*5%3*DENM>&&Z_,"*4"",$%&$%&+6(&)"'*6$!*+,-(&!*+,$%&$8&-!#,$4"&+#')+!.,%(&
3(#,-!+,-("[&O%a&O8#$%9&_>`>&$#*5%3*&LQ9!O63\*G#1.9O15)!509%9;"0*:$5)01&'9)*46H01950#"@$*
<)-;63*&
%dGLd3&#>&DEND>&D1$**BH#1*9'*B$.#5%*W%%.$667*i9-./5#"9.6*9'*5*D1$9)H*9'*4$)69.5%&Q9./-0#3*&
%dGLd3&#>&DEMG>&D1$*B5.-'50#-)$*9'*B5/.$667*>*Q9!O5)5#"@$*:#-/H*9'*#1$*W.e-"6"#"9.*5./*
#1$*B$.#5%*T$5%#1&B9@$!$.#3**
%dGLd3&#>&DEMk>&&Q$)$!9."5%*Q1$!"6#)H7*D1$&I"#-5%*4$)6$0-#"9.*9'*<)-;6M*>//"0#6*5./&
4-61$)6>&O3,*,B%&(")!b$0!9&DEM^>&&<)9;55*H*I"#-5%&&
%dGLd3&#>&DEEI>&&R-)*I";1#*#9*<)-;67*D1$&Q56$*'9)*5*i)$$*B5)E$#3*J#!3>&(")!b$0!&8-$6#)9*
<$)$019*5*%56*<)9;563*DEEk>&
%d@ASD@M3&T&DEFG>[J6(&*6(.,"+#'&$8&S6!+[&*
#GX@D3&q>$>&'&->$>&B@GQEQW&DENI>&ZR$*!+,$%&$8&(#?$+&!0S!0$,3"&!%3&84%?,&,%&+6(&"((3&$8&
I"@$5*09)H!?965*CR>/&`!00>&89&ud0$0,454,u[&&
#GX@D3&q>$>&$#*5%3*DEN]!>&&ZX0!-,%(&!%3&0'"(#?,*&!*,3&!0S!0$,3"&,%&-!#4(+,("&$8&=$#%,%?&
U0$#'[&&
#GX@D3&q$&$#*5%3*DEN]7>&&ZO#?$++')(&!0S!0$,3"&,%&-(?(+!+,-(&+,""4(&$8*I"@$5&09)H!?965*dR>/&
`!00>&8>[**
#GXEDLWP3&->6>&$#*5%3*DENN>&&ZNW`'3#$V'0!+,$%a&O88(*+&$%&+6(&)"'*6$+#$),*&)$+(%*'&$8&
+#')+!.,%("[&
#G@LECMWIO3&#>&$#*5%3*DEFE>&&Z`,))$*#!+,*&"*#(*%,%?&$8&(+6!%$0,*&(V+#!(+"&8#$.&+g$&
D5?$).5$!9.#5.5*")(*,("[*
#GW@KECE3&#>&DEND>&&Zd%&+6(&,%"(*+,*,3!"&*$.)$%(%+&$8&D)"019%9!5*!-605)"-![&
#GW@KECE3&#>&'&#>&!GWG]MKG&DENk>&ZP+#4*+4#(&$8&+#,*6$0$.,*&!*,3[&
#GW@KECE3&#>&$#*5%3*&DENk!>&&ZP+43,("&$%&+6(&*$%"+,+4(%+"&$8&,%3,?(%$4"&84%?,&jja&j"$0!+,$%&$8&
80'*,3!0&*$%"+,+4(%+&8#$.&>!5."#5*6#)9?"%"'9)!"6&*&
#GW@KECE3&#>&$#*5%3*DENk7>&&ZP+#4*+4#(&$8&,7$+(%,*&!*,3[&&
#GW@KECE3&#>&$#*5%3**DENk*>&&Zj"$0!+,$%&$8&!&80'*,3!0&*$%"+,+4(%+&u07$+(%,*&K*,3u&8#$.&>!5."#5*
!-605)"5*5./*>3*O5.#1$)".5[&
#GOXEC3&6>&'&5>&<MAMAJ&DEN]>&&Z\,?.(%+"&!%3&$+6(#&(V+#!*+,-("&8#$.&*!#)$)6$#("&9'*>!5."#5*
!-605)"5[&
#GACG^IMSJ@EA3&6>&DEkI>&&>*:#-/H*9'*<$%5V5)$*W./"5.*B$/"0".$*4)50#"0$*5./*'9%E&A$%"$'6>&&&
#GDC3&+>#>&CX$.)>/&DENE>&&>%#$)$/*:#5#$6*9'&Q9.60"9-6.$667*>*A99E*9'*I$5/".;>&&O3,*,B%&
*$##(?,3!9&DEEG>&
#GILLMJ3&9>&DEFM>&&:15!5."6!M*Q9%9."5%"6!*5./*#1$*K"%/*B5.7*>*:#-/H*".&D$))9)*5./*
T$5%".;3*&
#GPOED3&4>&DEND>&&ZJ6(&&-,",$%"&$8&6!"6(("6[&&O%a&O7,%9&_>&CX$.)>/&D1$*&<)-;*GSO$)"$.0$7*
i")6#F4$)69.*>009-.#6&9'*>//"0#6*K)"#$)6M*:0"$.#"#6*5./*R#1$)63*\470,*!3$&$#,?,%!0.(%+(&(%&
DF^^>&D1$&C5./*9'*#1$&:5)50$.*9)*4"0#-)$6*9'&45%$6#".$M*>6"5*B".9)M*:"0"%H*5./*:O5".3&
#GPOED3&!>&DEkk>&&ZX$.(&!%3&(V)(0&+6(&?#((%&)!,%H&4"(&$8&)('$+0&!%3&$0$0,454,>&Y(,.)#("$&
J!'0$#&DEkE>&
^MM&
&
#GPOED3&!>&DEkE>&&i%";1#*')9!*I$5%"#H3*Y(,.)#("$&(%&DENN&*$.$&85)09#"067*85#-)$u6&
<5.;$)9-6*J"'#63*
#@SOEQW3&1>&Cj#!34**,B%/&DEF^>&49O9%&a-13*D1$**<$'"."#"@$*G/"#"9.*9'*#1$*B5H5.*A99E*9'*#1$*
<5V.*9'*C"'$*5./*#1$&J%9)"$6*9'*;9/6*5./*f".;63**&
#@OXGA3&4>&DEFF>&ZJ6(&&#$0(&$8&.(3,*,%!0&(+6%$7$+!%'&,%&(+6%$.(3,*,%(a&K&<(g&J-".$5*
$S5!O%$&&&
#@AG(4@CGAQEIML&/>&$#*5%3*DEFM>&&ZO88(*+&$8&!%&!54($4"&,%84",$%&$8&J-5##$)"5&;-5!$)"&7!#S&
4)$%&?!0070!33(#&*!0*40,&,%&+6(&?$03(%&6!."+(#[&
#@dEduKEQ3&7>$>&DEM^>&&Q)p."05&B$S"0mH9#%>&&d#,?,%!0&3(&D^EF>&
#R@EXGOS3&q>&$#*5%3*DENF>&Z\6!#.!S$0$?,"*6(&4%3&(V)(,,.(%+!0)"'*6$0$?,"*6(&
i%+(#"4*64%?(%&.,+&I&j%6!0+j +$88(%&3("&T0,(?(%),02("&L>!5."#5*!-605)"5\[*&
#REKGL3&1>q>&'&T>&4M@KGAA&DENF>&ZJ6(&!0S!0$,3"&$8&a9505.;5*5')"05.5[&&
#REKFLEA3&$>+>&$#*5%3**DEFM>&Zj%3$0(!0S'0!.,%("&$8&<$6!5.#1-6*"%%".9$.6"6&!%3&+6(,#&
?#$g+6&,%6,7,+,$%&!*+,-,+'[&&
#REKFLEA3&+>U>%>&DENF>&D1$*B'"+"0&B5./)5E$)3**&
#REKFLEA3&U>/>%>&DEMG>&&B5H5*T"6#9)H*5./*I$%";"9.3**&
#REKFLEA3&U>/>%>&DEMM>&&Z`!004*,%!+$#'&3#4?"&!%3&6$7?$70,%?&,%&+6(&=!'!&0$g0!%3"[**
#REKFLEA3&9>->&DE]^>&&ZJ6(&!*+,-(&*$%"+,+4(%+"&$8&(#?$+a&K&)6!#,%!*$0$?,*!0&!%3&*6(.,*!0&
"+43'[*
#REKLEA3&1>7>&DEND>&&ZK&%!#*$+,*&|6"0{&8#$.*8"09#"5.5*".;-%?5M*4"(3&7'&+6(&3("(#+&Q,%7,34[&
#REDA3&->6>&'&6>5&4GDDEA&DEFk>&&ZX!#%,-$#$4"&.4"6#$$."[&*
#REDACEA3&6>->&$#*5%3*DE]E>&ZJ6(&&(88(*+"&$8&7(%2(3#,%(&!%3&*!88(,%(&4)$%&)(#8$#.!%*(&,%&
*(#+!,%&)"'*6$.$+$#&+!"S"[*
#RD@LR3&U>+>&DFFM>&&Z<$+("&$%&J#(7,2$%3(&6$%('[*j%*04'(&ZP4))0(.(%+!#'&%$+([&)$#&O>=>&
`$0.(">&&
#MXuA3&6>&DEF]>&&C5*Q"-/5/*/$*%96*T9.;96&>%-0".5.#$63**&
#MKXDEEW3&U>&DEFk>&&ZX64.!"6&O+6%$7$+!%'a&K&)#(0,.,%!#'&#()$#+[&#MKXDEEW3&U>&DEFM>&&
Z:,#+4$4"&6(#7"a&\0!%+"&,%&X64.!"6&.(3,*,%([&
#MKXDEEW3&U>&DEEG>&&ZO+6%$7$+!%'&$8&X64.!"6&j%3,!%"9&X!0,8$#%,!9&7!"(3&$%&*$00(*+,$%"&7'&
L$6%&\&`!%,%?+$%[&&
#MCQEKX3&9>&DEkF>&&Zf!-!&,%&`!g!,,[&
#]ME3&U>B>&$#*5%3**DENE>&&ZRP_&!%3&*6#$.$"$.("a&K&*$%+#$00(3&(V)(#,.(%+[&
#ESS3&U>%>&DENE>&&ZJ6,%W0!'(#&*6#$.!+$?#!)6'&!%!0'","&$8&=(V,*!%&)$)40!+,$%&$8&
C9O19O19)5*CX!*+!*(!(/[&&
#EDD@L3&+>9>&DEFD>&&ZO-,3(%*(&8$#&"%488,%?&,%&+6(&)#(6,"+$#,*&"+$%(&"*40)+4#(&$8&P!%&
K?4"+,%9&X$0$.7,![&&
^MF&
&
#EDD@L3&+>9>&DEFM>&&ZJ6(&&,*$%$?#!)6'&$8&+6(&)#(6,")!%,*&"%488&+#!'"&8#$.&P!%&\(3#$&3(&
K+!*!.!9&%$#+6(#%&X6,0([&&
#EDD@L3&+>9>&DEFF>&&ZO0&!#+(&3(&0$"&+!,%$[&O%a&J$##("9&X>=>&CO3>/&D5".97*C96*<$60-?./9)$6*/$*
Q9%p.3**
#EDD@L3&+>9>&DEEI>&&Zj*$%$?#!8,!&3(0&4"$&3(&)$0-$"&!04*,%B?(%$"&(%&P43!.A#,*![>&&\$%(%*,!&
)#("(%+!3!&(%&0!&X$%8(#(%*,!&Z\0!%+!"9&X6!.!%,".$&'&O"+!3$"&3(&X$%*,(%*,!9[&DNWIG&
<$-(.7(#&DEEI9&P!%&R4,"&\$+$",9&=AV,*$>&&J#!3>&,%?0("!9&DEE]>&&ZP%488&+#!,0"&$8&K+!*!.!a&
\"'*6(3(8,*"&!%3&,*$%$?#!)6'&,%&)#(6,")!%,*&P!%&\(3#$&3(&K+!*!.![&*
#EDD@L3&+>9>&$#*5%3*DEED>&&ZP%488&)$g3(#"&8#$.&)#(6,")!%,*&P!%&\(3#$&3(&K+!*!#%!a&
X6(.,*!0&!%3&*$%+(V+4!0&!%!0'","[&&
#ECR3&4>&DEME>&&Z=4"6#$$.&6'3#!2,%("a&d**4##(%*(9&.(+!7$0,".9&*!#*,%$?(%(","&!%3&
(%-,#$%.(%+!0&,.)0,*!+,$%"[&O%a&=,00(#9&O>X>&$#*5%3**CX$.)">/&85#-)5%%H*R00-))".;*
Q5)0".9;$.6*B-#5;$.6*5./*B9/-%5#9)6*9'&
Q5)0".9;$.$6"63**&
#EIa3&9>&DEFD>&ZJ6(&#(0,?,$4"&!%3&.(3,*,%!0&4"("&$8&Q5..5?"6*,%&X6,%!9&j%3,!&!%3&J,7(+[&&
#DGMA3&.>&$#*5%3*DEkD>*B$/"0".5%*=6$6*9'*4%5.#6***?H*#1$*W./"5.*D)"?$6*9'*8$@5/53&Y(,.)#("$&
(%&DEFF&&
#D@XGQR3&$>%>&DEFI>&D1$*T$)9".*:9%-#"9.3&
#DEMW@3&->+>&DENI>&&ZJ6(&&$#,?,%"&$8&\0!,%"&.("*!0,".[&&
#DE[O@D3&7>&$#*5%3*DE^E>&&ZK7g!%304%?")#$34S+(&-$%&\",0$*'7,%&4%3&\",0$*,%[&&
#DIMCC3&/>4>&DENM>&&ZJ6(&&)6!#.!*$0$?'&$8&.'#,"+,*,%&!%3&%4+.(?[&O%a&O8#$%9&_>`>&$#*5%3**
CX$.)">/*G#1.9O15)!509%9;"0&:$5)01*'9)*46H01950#"@$*<)-;3*P(?4,3$&3(&Z_,"*4"",$%9[&&
#DIMCC3&/>4>&5#5„*DEND>&&ZJ6(&&)6!##%!*$0$?'&$8&.'#,"+,*,%>&&K&*$%+#,74+,$%&+$&+6(&
)"'*6$)6!#.!*$0$?'&$8&%4+.(?[&
#DIMCC3&/>4>&$#*5%3*DEN]&>&O-,3(%*(&$8&.$%$!.,%(&$V,3!"(&,%6,7,+,$%&7'&.'#,"+,*,%&!%3&
%4+.(?[&&
#LGDEAJ3&#>U>&DEED>&&ZJ,7(+!%&)"'*6$)6!#.!*$0$?'[&
#IQW@D3&$>">&'&%>%>&#IQW@D&DEFF>&&ZX!+%,)&!%3&+6(&*!+%,)&#(")$%"([&
#IQW@D3&$>">&&*:!5%3*DEFG>&&ZQ$+!%,*!0&!")(*+"&$8&*$..(#*,!0&"!?([&&
#IJDIO3&5>&DEF^>&&ZK74"(&$8&6(%7!%(&7'&*6,03#(%&,%&J4#S('[&&
#ID@W3&2>%>&$#*5%3**DEMk>&&Z=(+6'0(%(3,$V'W&!.)6(+!.,%(&C=_K/a&P47;(*+,-(&(88(*+"[&
#IDA@D3&U>+>&'&.>6>&+OMAQR&DENF>&&ZO"+,.!+,$%&$8&+4+,%&!%3&6'(%!%*6,%&,%&6$%('>&j>&K&
*$.)!#,"$%&$8&+6(&+6,%W0!'(#&*6#$.!+$?#!)6'&!%3&,%+#!*(#(7#!0&,%;(*+,$%&.(+6$3"[&&
^ME&
*
#IDA@D3&!>U>&'&$>7>&4@OO&DEM]>&&ZO+6%$7$+!%'&$8&+6(&"$4+6(.&fg!S,4+0&j%3,!%"&$8&Q#,+,"6&
X$04.7,![&&
#IDA@D3&!>U>&P&$>7>&%dQdGaMALWM&DEED>&Q9!!9.*49"69.9-6*4%5.#6*5./&B-61)99.-*9'*89)#1*
>!$)"053**
#IDA@D3&!&U>&$#*5%3*DEF]>**G#1.9?9#5.H*9'*#1$*8"#".51#*W./"5.6*9'*a5.09-@$)*%6%5./&
#IDA@D3&!>U>&$#*5%3*DEEG>*D19!O69.*G#1.9?9#5.H7*f.9V%$/;$*5./*=65;$*9'*4%5.#6*?H*#1$*
D19!O69.*W./"5.6*$8&Q#,+,"6&X$04.7,![&&
#IDA@D3&q>U>&P&UU>&&B@PKGA&DENG>&&ZJ6(&&)#("(%*(&$8&.("*!0,%(&,%&RO-.#"5&0H%"./)"05*
#IDA@D3&q>U>&'&%>&9@DOML&DE^E>&&ZO88(*+&$8&"$.(&,%3$0(!0S'0!.,%("&$%&.!%[&*
#IDA@D3&q>U>&$#*5%3**DE^^>&&ZX$%*(.,%?&+6($#,("&$8&,%3$0("&,%&"*6,2$)6#(%,?(%(6"6&*&
#PO@D3&<>/>&DE^F!>&&Z\,02!+#$),%(9&+6(&!.7,?4$4"&!0S!0$,3[&&
#PO@D3&<>/>&DE^F7>&&Zd**4##(%*(&$8&"(#$+$%,%&,%&!&6!004*,%$?(%,*&.4"6#$$.[&*
#PO@D3&</>&DEND>&&Zj%3$0(&3(#,-!+,-("&,%&*(#+!,%&<$#+6&K.(#,*!%&.4"6#$$."[&&
#PO@D3&<>/>&DENN>&&ZJ6(&)6'",$0$?,*!0&)#$)(#3("&!%3&*6(.,*!0&*$%"+,+4(%+"&$8&"$.(&6!7,+W
8$#.,%?&|6"0{*)0!%+"a&P$.!W`!$.!9&3,-,%(&)0!%+&$8&+6(&!%*,(%+&K#'!%"[&*
#PO@D3&<>/>&DEME>&ZJ6(&&*!"(&8$#&:,*+$#&K>&Y(S$a&K%&4%#(*$?%,2(3&),$%((#&g#,+(#&$%&
%(gg$#03&6!004*,%$?(%"[*
#PO@D3&<>/>&DEFM&D1$*8$V*T9.$6#*T$)?5%7*>*:$.6"?%$*J-"/$*#9*T$)?6*5./*I$%5#$/&I$!$/"$63*
d#,?,%!0&3(&DEFI>&&J(#*(#!&(3,*,B%&3(&DEE]>&D1$!T9.$6#*T$)?5%7*>*:$.6"?%$&J-"/$*#9*#1$*=6$*
9'*T$)?6*5./*I$%5#$/&I$).$/"$63**
#PO@D3&<>/>&'&1>&6DvJ@D&DENk!&
 Zd**4##(%*(&$8&^W6'3#$V'+#')+!.,%(&!%3&^W6'3#$V'+#')+$)6!%&,%&45.5$9%-6&
6O1".0#)".-6[&
#PO@D3&<>/>&'&1>&6DvJ@D&DENk7>&&Zj%-("+,?!+,$%&$8&+6(&!0S!0$,3"&$8&>!5."#5*")(*,("&j0>&&
>!5."#5*0"#)".5&5./&>!5."#5*O9)O1H)"5[&*
#PO@D3&<>/>&$#*5%3**DENN>&&Zd**4##(%*(&$8&>!5."#5*+$V,%"&,%&K.(#,*!%&*$00(*+,$%"&$8&3(!30'&
>!5."#56&*
#PO@D3&<>/>&$#*5%3*DEMN>**415)!509;.96H3&
,S@ANDM@AS3&%>&$#*5%3*DE^F>&&ZP+43,("&g,+6&#(-(#",70(&,%6,7,+$#"&$8&.$%$!.,%(&$V,3!"(a&
`!#.!0,%(&!%3&#(0!+(3&*$.)$4%3"[&&
,@AE3&$>&$#*5%3*DEMF>&&ZP+43,("&$%&+6(&*$%"+,+4(%+"&$8&<$6!9/"-!*05-/5#-!*_X[&*
,R@3&6>&DEMk>&&Z=(3,*,%!0&)0!%+"&$8&P!.$![*&
,AJ@D3&%>/>&'&->6>&+EEWL&DEME>&ZK))0,*!+,$%&$8&.!""&")(*+#$.(+#'r.!""&")(*+#$.(+#'&
C=Pr=P/&+$&+6(&,3(%+880*!+,$%&$8&%!+4#!0&)#$34*+"&,%&46"%90H?$*0H5.$60$.6[&
,AJ@D3&%>9>&DEN]>&&Z=("*!0,%(9&RP_9&)",0$*'7,%&!%3&)(#"$%!0,+'&*6!%?(a&K&#(-,(g[*
,AJ@D3& %>9>& DENk>& & ZRP_& !%3& )"'*6$+6(#!)'a& K& 7,70,$?#!)6'& $8& +6(& O%?0,"60!%?4!?(&
0,+(#!+4#!&Z&&
,AMPGO3&6>+>&$#*5%3**DEF^>&&Z:$0!+,0(&*$%"+,+4(%+"&$8&>)#$!"6"5*."%5;")"05&*
,DXMAG3&9>&DFEM>&&Q5#m%9;9*/$*4%5.#56***B$S""65.56*CT!%(#B?!.!"/>&&
,DXMAG3&9>&DEG]>&&ZO0&)('$+(&'&(0&$0$0,4654,[&
,LQtC@JIM&9>3&!>&DE^E>&&ZJ6(&&)#("(%+&3,"+#,74+,$%&$8&%!#*$+,*"&|6"0{*!%3&"+,.40!%+"&
!.$%?"+&+6(&j%3,!%&+#,7("&$8&X$0$.7,![*:A!"(a&i"*1+(?4,&=>&DEND&)!#!&0!&-(#",B%&(")!b$0!&
3(&("+(&,.)$#+!%+(&!#+,*40$>&
,LQtC@JIM&9>3&!>&DEND>&&Z_,"+#,74*,B%&!*+4!0&3(&0!"&)0!%+!"&%!#*B+,*!"&|6"0{*H&("+,.40!%+("&
4"!3!"&)$#&0!"&+#,74"&,%3,?(%!"&3(&X$0$.7,![&&
,>%>&%@AC@AQMAJ&+EKKMLLMEA&DEFM>&:-OO%$!$.#5)H*I$O9)#*9.*#1$*W."#"5%&:$.#$.0".;*
J-"/$%".$6*5./*49%"0H&:#5#$!$.#63*&
,P@AE3&/>#>&DENE>&&ZK0+(#!+,$%&$8&!&0(!.(3&#(")$%"(&$8&+6(&"54,##(0&.$%S('&7'&
6!004*,%$?(%"[*&
,P@AE3&/>#>&DEMD>&&ZY(0!+,-(&)$+(%*'&$8&!.)6(+!.,%(&3(#,-!+,-("&!%3&8M8W
3,.(+6'0+#')+!.,%("[&
<GOGS@d3&%>&DEFN>&&ZU4,3(3&+$4#&"),#,+4!0,+'a&X$".,*&g!'&$#&*$".,*&#,)W$88[&&
<GOSrL&2223&5>U>&DEF]>&D1$*415)!509%9;H&9'*:5%@"5*/"@".9)-!*GO%".;*5./*Nm#"@5*=>*&
<GOSrL&2223&5>U>&DEFN>&&ZR$0,$0,3(&8#$.&:5%@"5*/"@".9)-!**
<GOSrL&2223&5>U>&$#*5%3*DEF]>&&ZO+6%$)6!#.!*$0$?'&$8&:E5*B5)k5*456#9)5&C:5%@"5*/"@".9)-!M*
O)0,%?&!%3&L1+,-!W&=>/& &
<GOSrL&2223&5>U>&$#*5%3*DEFk>&&Z_,-,%$#,%&K9&!&)"'*6$+#$),(&+(#)(%$,39&!%3&3,-,%$#,%&Q&8#$.&+6(&
6!004*,%$?(%,*&=(V,*!%&
.,%+&:5%@"5*/"@".9)-!&&
<GOSrL&2223&5>U>&$#*5%3*DEFM!>&&ZP+43,("&$8&:5%@"5*/"@".9)-!&CR!.,!*(!(/9&!%&6!004*,%$?(%,*&
.,%+&8#$.&+6(&P,(##!&=!2!+(*!&,%&d!V!*!9&*(%+#!0&=(V,*$[&&
<GOSrL&2223&5>U>&$#*5%3*]lxz?3**XQ9%$-6*?5)?5#-6*LQ3*'9)6E91%""\*CR!.,!*(!(/&!%3&+6(&)$+(%*,!0&
%(g&3#4?&8$#"S$0,%&C*$0($%$0/[*&
<GA&4@@W3&#>$>&$#*5%3**DEFk>**XD5?$).5$!9.#5.5*R>&CK)$*'%!*(!(/a&K&#(-,(g&$8&,+"&
+!V$%$.'9&)6'+$*6(.,"+#'9&(+6%$7$+!%'&!%3&)6!#.!*$0$?'[&
<GA&4@@W3&#>$>&$#*5%3*DEF^>&Z\6'+$*6(.,*!0&,%-("+,?!+,$%&$%&D5?$).5$!9.#5.5*0)5665&**
<GAQ@3&9>$>&$#*5"*DEFE>&&Z_#4?&3(*#,.,%!0,2!+,$%[&P,(+(&*!#+!"&!0&(3,+$#&(%&#(")4("+!&!&
<!3(0.!%%9&O>K>&DEFE>&&Z_#4?&)#$6,7,+,$%&,%&+6(&i%,+(3&P+!+("a&X$"+"9&*$%"(54(%*("9&!%3&
!0+(.!+,-("[&
<GAS@DV@@A3&->5&$#*5%3**DEMk>&&Z<W=(+6'0+'#!.,%(&8#$.&RO-.#"5*0%5@5#5&&
^FD&
&
<GA&1PW@3&+>&'&->&4PQW&DEFI>&&ZX$*!,%([&&
<td^I@d&S@&/LFMAELG3&$>&DEkF>&&Q9!O$./"9*P&<$60)"O0"p.*/$*%56*W./"56*R00"/$.#5%$63*
<@GO@3&1>U>B>&$#*5%3*DEEI>&&ZP$4+6&K8#,*!%&+#!3,*,$%!0&6(#7!0&.(3,*,%("&4"(3&34#,%?&
)#(?%!%('&!%3&*6,037,#+6[&&
<@Otd^I@d&1MGd3&6>&CX$.)>/&DEEI>&\$V,0&D5*a9!9%$#"E*L4%5.#56*B$/"0".5%$6\3*&
<@DMSMCGL&CP(43B%,.$&3(&Y>&=$%+?$.(#'9&Y6(,%?$03/&DEFE>&&ZQ$+!%,*!0&\(!*(&X$#)"[&&
<@DFEEDC@3&.3&$#*5%3*DEME>&&ZX6(.,*!0&*$%"+,+4(%+"&$8&:,(+%!.("(&+$!3&-(%$.&*$00(*+(3&
8#$.&A-'9*!$%5.96#"0#-6&P*6%(,3(#[&&
<@DDMOO3&$>/>&DEDk>&&ZK&&#(*(%+&*!"(&$8&.4"6#$$.&,%+$V,*!+,$%[&*
<@LCGO3&.>$>&DE^I>&&G#1.9?9#5.H*9'*#1$*&I5!51*85@519&
<@LCGO3&.>$>&'&->/>&&%QRIOC@L&DE]E>&&D1$&G09.9!"0*A9#5.H*9'*#1$**f"9V5*W./"5.6&56*"#6*
I$%5#$6*#9*#1$*T""6#9)H*9'*#1$*D)"?$3*&
<MQW@DL3&q>#>&'&#>+>&.OEaKGA&DEFk>&Zi"(840&)0!%+"&$8&+6(&P,$%!&!%3&P(*$'!&j%3,!%"&$8&
(!"+(.&O*4!3$#[&&
<M]GPGAGJGD3&B>9>&$#*5%3**DEM^>&Z\+$*6(.,*!0&,%-("+,?!+,$%&$8&
=!%,7$+!&|6"0{*)0!%+">&&jjj>&&j3(%+,8,*!+,$%&$8&+g$& W*!#7$0,%("&8#$.&415%5)"6&5)-./".50$5&*
<MOOGVMQ@AQME3&9>&DF^F>&&J$9;)5'k5*/$*%5&I$O-?%"05*/$%*G0-5/9)*Y>&:,00!-,*(%*,$&84(&(0&)#,.(#&
)",*$%!4+!&54(&54(&,%8$#.B&3(&0$"&(8(*+$"&*$.)0(+$"&3(&0!&5H5E-56053&&
<MOO@DL3&$>&VEA&'&7>&VEA&#RpK@A&DFE]3*<"$*4'%5.,$.*/$6*T9!t9O5#1"601$.*>),.$"6015#,$63*&
<EJC3&1>1>&DEFD>&&ZK7",%+6,4.a&K&%,%(+((%+6W*(%+4#'&3#4?&$8&!74"([&&
<EREDG3&%>4>&$#*5%3**DEEG>&&ZX(%+#!0&%(#-$4"&"'"+(.&"+43,("&$%&!%&(+6!%$+,*&(V+#!*+&9'*
>09)-6*05%5!-6*#6,2$.("[&*
qGJA@D3&U>&DEED!>&&Z_!"&u3!g!u&3(#&!5!"V5#5*CO,%&.?0,*6(#g(,"(&)6!#.!S$0$?,"*6(#&
K")(S+&3("&g("+!88,S!%,"*6(%&U0!47(%"&!%&c!0 (#?(,"+(#/&X*&
qGJA@D3&U>&&DEED7>&&ZO,%(&Y(,"(&.,+&3(.&T0,(?(%),02.!%%[&O%a&Q!4(#9&c>&$#*5%3*&LQ9!O63\*
X$%&0$"&,%8$#.("&3(0&!4+$#&(%&+#("&7,$(%"!'$"&)",*$%!h+,*$"&*$%&>!5."#5*!-605)"53&
qGRXG&TRGOMO3&%>T&'&?>9>&/OWR@MD&DEM^>&&Z_,.(+6'0+#')+!.,%(&8#$.&+6(&0(!-("&$8&*(#+!,%&
>050"5*")(*,("&$8&%$#+6(#%&P43!%[&
qGOSLQRKMSC3&/>&DEEI>&&Z_(#&T0,(?(%),02&!0"&`(,0.,++(0[&
qGOSDEF3&9>9>&DEFE>&&Z<j_K&!,."&+$&8,?6+&3#4?"&g,+6&3#4?"[&&
qGOC@DL3&9>4>&DEN^>&&X419%"9#5*6O$0#5?"%"6M&!&6!004*,%$?(%,*&84%?4"[&
^FI&
&
qGOCEA3&U>q>&DEMG>&&Z=4,%!.(&3,!?%$"+,(&-6$*9'*85)09#"06*Z6"0[&*
qGL@D3&.>&6>&DEND>&&ZX6(.,"+#'&!%3&)6!#.!*$0$?'&$8&.4"*!#,%(9&.4"*!#$%(&!%3&"$.(&
#(0!+(3&*$.)$4%3"[&
qGL@D3&.>6>&DEN^>&&Z\"'*6,"*6(&:(#~%3(#4%?(%&34#*6&=(+6'0W(#?$7!",%[&Y(")4("+!&3(&
4%!&*!#+!&!0&(3,+$#&3(&4%&.A3,*$&!&4%!&#(-,"+!&.A3,*!>&
qGL@D3&.>6>&DENM>&&ZJ6(&)6!#.!*$0$?'&$8&>!5."#5*!-605)"5&*O%a&O8#$%9&_>`>&$#*5%3*
CX$.)">/*G#1.9O15)!509%9;"0&:$5)01*'9)*46H01950#"@$*<)-;63*C\470,*&`(!0+6&
qGL@D3&.>6>&DEMD!>&&Z\6!#.!S$0$?,*&3(#&`!0042,%$?(%([&*
qGL@D3&.>6>&DEMD7>&&Z\6!#.!S$0$?,"*6(&c,#S4%? )(S+#4.&-$%&`!0042,%$?(%(#[&&
qGL@D3&.>6>&'&.>&4@DLMA&DEMG>&ZJ4#%$-(#&$8&.$%$!.,%("&,%&7#!,%&4%3(#&+6(&,%804(%*(&$8&
.4"*,.$0&!%3&,7$+(%,*&!*,39&+g$&)"'*6$!*+,-(&)#,%*,)0("&$8&>!5."#5&!-605)"5&3**O%a&O8#$%9&
_>`>&CX$.)>/&46H019#9!"!$#"0*<)-;63**
qGLL@O3&6>9>&'&!>9>&$KKGD&DEFk>&Zj"$0!+,$%&$8&+6(&!0S!0$,3&!%3&(-!04!+,$%&$8&+6(&3,4#(+,*&
!*+,-,+'&$8&>)-./9*/9.5S&&
qGLL@O3&6>9>&$#*5%*3*DEF^>&&ZK0S!0$,3"&8#$.&+6(&#6,2$.("&$8&41)5;!"#$6*5-6#)5%"6&CX!->/&J#,%>&
(V&P+(43>[&&
qGLLrA3&%>B>&DE]k!>&&ZJ6(&8#$?.$+,-(&!.$%?&+6(&P$4+6&K.(#,*!%&j%3,!%"[&&
qGLLrA3&%>B>&DE]k7>&&ZJ6(&8#$?&,%&j%3,!%&.'+6$0$?'&!%3&,.!?,%!+,-!&g$#03[&&
qGLLrA3&%>B>&DENk>&&ZP$.(&?(%(#!0&-,(g)$,%+"&,%&+6(&"+43'&$8&%!+,-(&3#4?"9&(")(*,!00'&8#$.&
+6(&c("+&j%3,("&!%3&P$4+6&K.(#,*![&&
qGLLrA3&%>B>&DEN^>&&ZJ6(&4"(&$8&"$.(&")(*,8,*&S,%3"&$8&P$4+6&K.(#,*!%&j%3,!%&"%488&!%3&
#(0!+(3&)!#!)6(#%!0,![&&
qGLLrA3&%>B>&DENM>&&ZK%+6#$)$0$?,*!0&"4#-('&$8&+6(&4"(&$8&P$4+6&K.(#,*!%&"%488"[&O%a&
O8#$%9&_>`>&$%*5%*CX$.)">/&G#1.9O15)!509%9;H*:$5)01*9'&46H01950#"@$*<)-;63*&
qGLLrA3&%>B>&DEMI>&&ZK&.(3,*,%(W.!%u"&,.)0(.(%+"&!%3&)0!%+"&,%&!&J,!64!%!*$,3&+$.7&,%&
6,?60!%3&Q$0,-,![&&
qGLLrA3&%>B>&DEME>&Zc!"&G6O".;9&L"6O".0-\*$8&)"'*6$+#$),*&!%3&,%+$V,*!+,%?&,.)$#+!%*(&8$#&
+6(&"6!.!%"&$8&\(#4y[&O%a&Q#$g.!%9&_>R>&!%3&Y>K>&P*6g!#2&CX$.)">/&:O".E6M&:15!5.6*5./*
:#5)67*4$)6O$0#"@$6*')9!&:9-#1*>!$)"053*&
qGLLrA3&%>B>&'&4>&BERALC@SC&DEN]>&ZJ6(&4"(&$8&)!#,*19&!%&(+6%$0$?,*!0&!%3&
)6!#.!*$0$?,*!0&#(-,(g[&&
qGLLEA3&/>$>&DEDk>&&I$%";"9.*5./*<)".E3&K4+$(3,*,B%&3(0&)!3#(&3(&Y>&U$#3$%&c!""$%H&("+!&
),(2!&"(.,%!0&3(&0,+(#!+4#!&!.(#,*!%!&"$7#(&3#$?!"&'&)(%"!.,(%+$&0,7(#+!#,$&+4-$&AV,+$9&'&
#(4%,B&(0&3,%(#$&%(*("!#,$&)!#!&(%-,!#&!&U$#3$%&'&!&"4&6(%%!%$&J$.&!&O4#$)!&)!#!&54(&"(&
(34*!#!%&CU$#3$%&.(&3,;$&54(&"4&)!3#(&0$?#B&IG9GGG‹&)$#&0!"&-(%+!"&3(0&0,7#$9&s4%!&"4.!&
)#,%*,)("*!&)!#!&0!&A)$*!t/>&&\$"($&(%&.,&7,70,$+(*!&4%&(;(.)0!#&3(&("+(&0,7#$&*$%&.4*6!"&
!%$+!*,$%("&!&.!%$&3(&O3.4%3&K+g,00&c!""$%9&*$%&4%!&%4(-!&,%+#$34**,B%&'&.4*6$"&
)!"!;("&("*#,+$"&!&.154,%!&"$7#(&0!"&)1?,%!"&$#,?,%!0(">&&O"+!&#(-,",B%&("+!7!&3("+,%!3!&!&
4%!&"(?4%3!&(3,*,B%&54(&%4%*!&"(&.!+(#,!0,2B9&'&.(&84(&#(?!0!3!&)$#&Y>U>c>&
^F]&
&
qGLLEA3&/>$>&DEN^>&D15#*J$##H6?-);&>//)$663*B5/$*?H*4)$6"/$.#*C".09%.*9.&#1$*A5##%$'"$%/*
9'*J$##H6?-);&9.*89@$!?$)3]lM]x€_3**O3,*,B%&)#,-!3!9&0,.,+!3!&3(&II^&(;(.)0!#("&6(*6$"&
!&.!%$&)$#&U,$-!%%,&=!#3(#"+(,?&(%&d88,*,%!&Q$3$%,9&:(#$%!9&j+!0,!>&&j%*04'(&+!.7,A%&4%&
\$"+"*#,)+4.&ZK&=(.$,#[&3(0&6,;$&Y>U$#3$%&c!""$%&*$%&M&,04"+#!*,$%(">&&O0&\$"+"*#,)+4.&
"(&#(,.)#,.,B&(%&DEEG>&ZK))(%3,V&j>&U$#3$%&c!""$%u"&K**$4%+&$8&6,"&X6,036$$3[&O%a&
Y,(30,%?(#9&J>L>&CX$.)>/&D1$*:50)$/*B-61)99!*:$$E$)7*G665H6*'9)*I3&J9)/9.*K5669.3*i%!&
-,b(+!&3(&4%!&*#42&*A0+,*!&!0&8,%!0&3(0&0,7#$&84(&?#!-!3!&)$#&(0&*$%$*,3$&!#+,"+!&Y('%$03"&
P+$%(9&'&!)!#(*(&*$%&4%!&*4!0,3!3&3(&#()#$34**,B%&.4*6$&.1"&7!;!&!0&8,%!0&3(&0!&
#(,.)#(",B%&3(&DEEG>&&
qGLLEA3&->6>&DE^N>&&ZR,?6+%,%?W7$0+&!%3&.4"6#$$."a&K%&(""!'&,%&(!#0'&*40+4#!0&
(V)0$#!+,$%[&O%a&i9)*I9!5.*N5E9?69.7*G665H6*9.*#1$*R0056"9.*9'*1"6&:"S#"$#1&A")#1/5H3*
Y(,.)#("$&*$%&#(-,",$%("&(%&c!""$%9&Y>U>&$#*5%3*DEFN>&4$)6$O19.$u6*d-$6#7*G.#1$9;$.6*
5./*#1$&R)";".6*9'*I$%";"9.3*Y(,.)#("$&*$%&#(-,",$%("&(%&6$0!%3("&DENG>&P(&+#!+!&3(&0!&
)#,.(#!&)470,*!*,B%&3(&U$#3$%&c!""$%&(%&(+%$.,*$0$?,!>&&
qGLLEA3&->6>&DE^M>&&ZP((S,%?&+6(&.!?,*&.4"6#$$.[&J!.7,A%&(%&0!&(3,*,B%&(")!b$0!&3(&
C"'$M*ZO%&74"*!&3(&0$"&6$%?$"&.1?,*$"[&C"'$*$.*G6O5r9%3**8g*3(0&]&3(&L4%,$&3(&DE^M>&&&
qGLLEA3&->6>&DE^F>&&ZJ6(&3,-,%(&.4"6#$$.a&\#,.,+,-(&#(0,?,$%&!%3&6!004*,%!+$#'&!?(%+"[&
qGLLEA3&->6>DE^E>&Zc,03&.4"6#$$."a&K&g$#03&$8&g$%3(#&!%3&!3-(%+4#([&O0&!#+,*40$&
8,%!0,2!&*$%&+#("&,%8$#.("&3(&(.7#,!?!*,B%&8$#+4,+!&*$%&6$%?$"&(%+($?A%,*$"&3(&X$0$#!3$9&
\$0$%,!&'&T,;,&W&0!"&-,*+,.!"&6!7,!%&("*#,+$&!&c!""$%&+#!"&0((#&"4&!#+,*40$&(%&C"'$*CDE^M/>&
qGLLEA3&->6>&DEND>&&ZJ6(&6!004*,%$?(%,*&84%?,&$8&=(V,*$a&K%&,%54,#'&,%+$&+6(&$#,?,%"&$8&+6(&
#(0,?,$4"&,3(!&!.$%?&)#,.,+,-!&)($)0("[&O"+(&%$5'%$#*84(&#(,.)#("$&(%&T(7#(#$&DEM]>&&
Y(,.)#("$&(%&DEN]H&(%&c(,09&U>=>&$#*5%3*CX$.)">/&DEN^>&'&(%&8$#.!&!7#(-,!3!&(%&DENI&
Z`!004*,%$?(%,*&84%?,&$8&=(V,*$[&*'&3(&%4(-$&(%&DEN]&Z=4"6#$$.&#,+("&$8&=(V,*$[>&i%!&
-(#",B%&*$##(?,3!&!)!#(*,B&(%&d++9&L>&'&L>&Q,?g$$3&C*$.)">/&DEMF>&+#!34*,3!&!0&(")!b$0&(%&
DEF^9&*$.$&ZR$"&6$%?$"&!04*,%B?(%$"&3(&=AV,*$a&j%3!?!*,B%&"$7#(&0$"&$#,?(%("&3(&0!&,3(!&
#(0,?,$"!&(%+#(&0$"&)4(70$"&)+,.,+,-$"[&
X6!#0!&$#,?,%!0&3(0&]G&3(&K?$"+$&3(&DENG&*$.$&*$%8(#(%*,!&!%4!0&3(&0!&='*$0$?,*!0&P$*,(+'&
$8&K.(#,*!&(%&P+,00g!+(#9&dS0!6$.!>&&O0&$#,?,%!0&'&0!"&-(#",$%("&,%?0("!&'&(")!b$0!&3(&0!&
#(-,",B%&3(&DEMF&("+!7!%&!*$.)!b!3!"&3(&4%&K)A%3,*(&54(&*,+!7!&Ik&(")(*,("&3(&6$%?$"&
(%+($?A%,*$"&.(;,*!%$"9&3!%3$&#(8(#(%*,!"&!&0$"&)#,.(#$"&,%8$%%("&7$+1%,*$"&'&
.,*$0B?,*$"&3(&*!3!&4%!>&&
^Fk&
&
qGLLEA3&->6>&DENI!>&&ZJ6(&6!004*,%$?(%,*&.4"6#$$."&$8&=(V,*$&!%3&)",0$*'7,%a&K&
7,70,$?#!)6'[&X$.),0!3$&*$%&0!&!","+(%*,!&3(&P>&\!%>&&P(&6,2$&4%!&"(?4%3!&(3,*,B%9&*$%&
*$##(**,$%("&'&!33(%3!*(%&DEN]>&&
qGLLEA3&->6>&DENI7>&&ZK&%(g&=(V,*!%&)"'*6$+#$),*&3#4?&8#$.&+6(&.,%+&8!.,0'[*O"+(&%$5'%$#*
84(&#(,#%)#("$&(%&8(7#(#$&3(&DEMD>&&
qGLLEA3&->6>&DEN]>&&Z<$+("&$%&+6(&)#("(%+&"+!+4"&$8&9%9%"-1e-"*!%3*+6(&$+6(#&
6!004*,%$?(%"&$8&=(V,*$[&O"+(&%$5'%$#&84(&#(,.)#("$&(%&d*+47#(&3(&DEM^>&&Y(,.)#("$&(%&
DENkH&'&(%&c(,09&U>=>&$#*5%*3*CX$.)">/&DEN^>&J!.7,A%&#(,.)#("$&(%&DENN&*$.$&XR%9%"-1e-"*
!%3&+6(&$+6(#&6!004*,%$?(%"&$8&=(V,*$[&O%a&L,.A%(2&=$#(%$9&c>&$#*5%*3*CX$.)">/*:-!!5&
>.#)9O9%p;"05>&
qGLLEA3&->6>&DEN^>&&ZY,+(&$8&+6(&.!?,!&.4"6#$$.[&i%!&-(#",B%&.$3,8,*!3!&*$%&!0?4%!"&
8$+$?#!8@!"&!b!3,3!"&3(0&$#,?,%!0&!#+,*40$&3(&DE^M&(%&C"'$3**:A!"(a&c!""$%9&Y>U>&DE^M>&&
qGLLEA3&->6>&DENM!>&&ZT0'&!?!#,*&!%3&.!%[&O%a&O8#$%9&_>`>&$#*5%*3*CX$.)">/&
G#1.9O15)!509%9;"0*:$5)01*'9)&46H1950#"@$*<)-;63*
qGLLEA3&->6>&DENM7>&&ZP$.!a&ZJ6(&3,-,%(&.4"6#$$.&$8&,..$#+!0,+'&&
qGLLEA3&->6>&DENF>&&:9!57*<"@".$*B-61)99!*9'*W.!9)#5%"#H3*j%*04'(&ZJ6(&)$"+W:(3,*&
6,"+$#'&$8&+6(&P$.!&)0!%+[&3(&c>&_$%,?(#&duT0!6(#+'9&O3,*,B%&0,.,+!3!&(%*4!3(#%!3!&(%&
.(3,!&),(0&3(&NFG&(;(.)0!#(">&&X$%&kG&,04"+#!*,$%("&,%*04'(%3$&]&.!)!"9&D&*4!3#$9&I&
!*4!#(0!"&'&DF&01.,%!"&(%&*$0$#>&R(&",?4,B&(%&DEMG&4%!&-(#",B%&8!*",.,0(&*$.(#*,!0&(%&+!)!&
34#!&'&(%&#h"+,*!9&*$%&0!"&8$+$?#!8@!"&C!4%54(&%$&*$.$&(%&(0&$#,?,%!0/9&(%&0!"&54(&8!0+!7!%&
0!"&!*4!#(0!"&3(&X>&\$0422,&C4%!&0,+$?#!8,!&3(&0!"&*4!0("&84(&4+,0,2!3!&(%&0!&)$#+!3,00!&3(&0!&
(3,*,B%&*$.(#*,!0&3(&+!)!&34#!&i>P>&3(&D^>GG‹&'&(%&0!&)$#+!3!&3(&0!&(3,*,B%&*$.(#*,!0&(%&
#h"+,*!&3(&M>^G‹&/>&P(&6,*,(#$%&+#("&(3,*,$%("&3(&0!&(3,*,B%&*$.(#*,!0&(%&#h"+,*!>&&R!&(3,*,B%&
$#,?,%!0&0,.,+!3!&3(&IGG‹&i>P>&MIG&80$#,%("&6$0!%3("&"(&6!&-(%3,3$&3("3(&(%+$%*("&!&II^G‹&
i>P>&|0!&3(&#h"+,*!&)$#&(%*,.!&3(&MG{>&
qGLLEA3&->6>&DEMG!>&&ZP$.!&$8&+6(&K+'!%"a&K%&!%*,(%+&6!004*,%$?(%y[&\$"+(#,$#.(%+(&
#(,.)#("!&(%&DEMD>&\470,*!3$&(%&T#!%*,!&(%&DEMD&ZR(&:9!5*3("&K#'(%"a&i%&!%*,(%&
6!004*,%$?A%(y[*
qGLLEA3&->6>&DEMG7>&&X:9!57*X$..(%+"&,%"),#(3&7'&\#$8(""$#&f4,)(#u"&#(-,(g[&P,?4(&0!&
#("(b!&3(&:9!57*<"@".$*B-61)99!*9'*W.!9)#5%"#H3**)$#&f4,)(#9&T>Q>L>&DEMG>&IMEWIF^>&&:A!"(a&
f4,)(#&DEMG>&&
qGLLEA3&->6>&DEMD>&&ZJ6(&P$.!&$8&+6(&Y,?&:(3!a&c6!+&g!"&,+y[*P(?4,3!&)$#&j%?!00"9&_>`>`>&
DEMD>&&ZY(.!#S"&$%&=#>&c!""$%u"&:9!5&&K.7$"&!#+,*40$"&"(&#(,.)#,.,(#$%&;4%+$"&(%&
DEMD>&J#!3>&(")!b$0!&(%&DEMN&>:A!"(a&j%?!00"&DEMD>&
^F^&
&
qGLLEA3&->6>&DEMI!>&&Y("(b!&3(&X!"+!%(3!&DEMD>*>*:$O5)5#$*I$5%"#H3&:A!%"(&+!.7,A%&0!"&
#("(b!"&3(&D1$*D$501".;6*9'*<9.*N-5.*|X!"+!%(3!&DENF{&DENEH&N9-).$H*#9%&WS#%5.*
|X!"+!%(3!&DEMI{&DEM]H&'&D5%$6*9'&49V$)*|X!"+!%(3!&DEMk{&DEMk>&&R!"&*4!+#$&#("(b!"&
84(#$%&)470,*!3!"&(%&DEMM&*$.$&!#+,*40$&Zc!""$%&#(-,(g"&X!"+!%(3![&j7!&)#(*(3,3!&)$#&
4%!&,%+#$34**,B%&3(&L>&d++9&",%&8,#.!#&&
qGLEA3&->6>&DEMI7>&&:9!5*5./*#1$*i%H&>;5)"07*B)*K5669.u6*I$P9"./$)*#9&4)9'$669)*A)9-;13&
\#B0$?$&3(&Y,*6!#3&O-!%"&P*640+("9&O3,*,B%&0,.,+!3!&iP>]>GG‹&(3,*,B%&*$",3!&3(&DGGG&
(;(.)0!#("&|!6$#!&*$+,2!3!&!&^G‹{H&qGLLEA3&2Y56>&DEMI*>&&ZJ6(&3(!+6&$8&X0!43,4"&$#&
.4"6#$$."&8$#&.4#3(#(#"[&:(#",B%&*$##(?,3!&3(0&X!),+40$&j:>&&Z=4"6#$$."&8$#&
=4#3(#(#"[&3(&B-61)99!*I-66"5&5./*T"6#9)H3*:A!"(a&c!""$%&v&c!""$%&DE^M!>&
qGLLEA3&->6>&DEMI3>&&ZJ6(&3,-,%(&.4"6#$$.&$8&,..$#+!0,+'[&O%a&T4#"+9&\>J>&CX$.)>/*i%$61*
9'*#1$*J9/67*D1$*I"#-5%&=6$*9'*T5%%-0".9;$.63**&
qGLLEA3&->6>&DEMI(>&&Zc6!+&g!"&+6(&P$.!&$8&+6(&K#'!%"y[&O%a&T4#"+9&\>J>&CX$.)>/&i%$61*9'*
#1$*J9/67*D1$*I"#-5%&=6$*9'*T5%%-0".9;$.63**&
qGLLEA3&->6>&DEM]!>&&Z=4"6#$$."&!%3&;!)!%("(&*40+4#([&&
qGLLEA3&->6>&DEM]7>&&ZJ6(&#$0(&$8&&Z80$g(#"[&,%&<!64!+0&*40+4#(a&K&"4??("+(3&
,%+(#)#(+!+,$%[&Y(,.)#("$&(%&DEMk&'&*$%&*$##(**,$%("&(%&DEFG9&Zn$*6,),00,9&Z\,,%*(&$8&
T0$g(#"[a&K&%(g&,%+(#)#(+!+,$%>[&&
qGLLEA3&->6>&DEMM>&&X$.4%,*!*,$%("&)(#"$%!0("9&_!%74#'9&XJ>&
qGLLEA3&->6>&DEMF>&&ZPd=K&7#$4?6+&4)+$3!+([*+!.7,A%&(%&DEME>&
qGLLEA3&->6>&DEME!>&&ZJ#!3,+,$%!0&4"(&,%&<$#+6&K.(+,*!&$8&>!5."#5*!-605)"5&8$#&
3,-,%!+$#'&)4#)$"("[>&:(#",B%&("*#,+!&3(&4%!&)$%(%*,!&3!3!&(%&0!&*$%8(#(%*,!&
Z`!004*,%$?(%"&,%&<!+,-(&K.(#,*!%&P6!.!%,".&!%3&=$3(#%&R,8(9[&IF&"()e(.7#(WD&$*+47#(&
DEMF9&P!%&T#!%*,"*$9&C!0&*4,3!3$&3(&L>&d++H&-A!"(&X!),+40$&^9&<$+!&DD/>&\$"+(#,$#.(%+(&
#(,.)#("$&*$.$&ZP4))$#+,%?&(-,3(%*([&(%&c!""$%&$#*5%3*DEFG!>&
^FN&
&
qGLLEA3&->6>&DEME7>&&ZT$#(g$#3[&j%+#$34**,B%&!&4%&0,7#$&*!+10$?$9&:A!"(a&`$#$g,+2&DEME>&
qGLLEA3&->6>&DEFG>&D1$*K9./)9-6*B-61)99!7*BH09%5#)H*".*B$695!$)"053*O3,*,B%&
0,.,+!3!&(%&.(3,!&),(0&'&("+4*6(&3(&^GD&(;(.)0!#("&8,#.!3$"9&"(?4,3!&3(&4%!&(3,*,B%&
*$.(#*,!0&*$",3!>&&R4;$"!.(%+(&,04"+#!3!&*$%&D]E&01.,%!"9&,%*04'(%3$&3$"&.!)!"&'&^k&
01.,%!"&(%&*$0$#>&&R!&*47,(#+!&)#("(%+!&4%&3(0,*,$"$&3,74;$&3(&Z$;$&3("*!#%!3$[&3(&
=!#?!#(+&P((0(#&7!"!3$&(%&0$"&.4#!0("&3(&J()!%+,+0!>&&P4&)#(*,$&$#,?,%!0&(#!&^I^‹&i>P9&)(#$&
(0&0,7#$&"(&-(%3,$&!&4%&)#(*,$&3(&)#((3,*,B%&3(&kGG‹&'&#(*,(%+(.(%+(&"(&6!&-(%3,3$&!&NM^‹>&&
J!3>&(")!b$0!&3(&T>&U!##,3$9&DEF]>&&G%*T9.;9*B5)5@"%%9697*D$9.5.m05#%3**B"09%5#)"5*$.*
B$695!b)"053**
qGLLEA3&->6>&DEFI!>&&I*J9)/9.*K5669.u6&I$P9"./$)*#9*<)3*I9%'*:".;$)>&Y(")4("+!&!&P,%?(#&
DEFI9&,%"),#!3!&)$#&d++&DEMN7H&d++&DEMF!>&&
qGLLEA3&->6>&DEFI7>&&ZJ6(&0!"+&.(!0&$8&#1$*Q4336![3*J!.7,A%*(%&DEF]H&'&(%&c!""$%9&Y>U>&
$#*5%3*DEFN>&X$%&Z=(.$#!%34.&7'&c!0)$0!&Y!640!&$8&+6(&(!#0'&"$4#*("&8$#&+6(&.(!%,%?&$8&
"4S!#!.!33!-![*'&ZO),0$?4([&3(&c&_$%,?(#&C-A!"(&_$%,?(#&d[T0!6(#+'&DEFI/>&
qGLLEA3&->6>&DEF^>&&Zj%&)4#"4,+&$8&.4"6#$$."[*&
qGLLEA3&->6>&DEFN>&&Z\(#"()6$%(€"&m4("+[&O%a&c!""$%9&Y>U>&$#*5%*3*DEFN>&&
qGLLEA3&->6>&$#*5%3*]lzj3**B5)k5*:5?".5&5./*1$)*B5,5#$0*B-61)99!*a$%5/5>&&O3,*,B%&
0,.,+!3!&(%&.(3,!&),(0&*$",3!&'&(%&("+4*6(&CIE&,04"+#!*,$%("9&,%*04'(%3$&DG&8$+$?#!8@!"&(%&
*$0$#&?#!7!3!"9&I&.!)!"9&D&*4!3#$/&3(&I^G&*$),!"&%4.(#!3!"&!*$.)!b!3!&3(&*4!+#$&
3,"*$"9&"(?4,3!&3(&4%!&(3,*,B%&*$.(#*,!0&(%&+(0!&'&*!;!&!*$.)!b!3!&3(&k&*!""(++(">&&X$%&
8$+$?#!8@!"&3(&K00!%&Q>&Y,*6!#3"$%9&ZJ6(&=!2!+(*&0!%?4!?([&)$#&U($#?(&=>&X$g!%9&!%3&
Z=4",*$0$?,*!0&%$+("&$%&+6(&=!2!+((&.4"6#$$.&-(0!3![*)$#&c,00!#3&Y6$3(">&&i%&Z=4",*!0&
"*$#(&+$&!**$.)!%'&+6(&+(V+&!%3&#(*$#3"[&)$#&c,00!#3&Y6$3("&84(&,.)#("$&(%&4%&0,7#,+$&(%&
#,""+,*!&3(&ME&)1?,%!"9&(%&*!;!&*$%&0$"&3,"*$">&&O0&3,"(b$&3(&0!&*47,(#+!&(%&+(0!&)#$-,(%(&3(&
4%&1-"O"%*!5,5#$05&6(*6$&(%&4%&+(0!#&3(&K'!4+0!9&=AV,*$>&&R$"&DM^&(;(.)0!#("&3(&0!&(3,*,B%&
3(*C-S$&)4("+!"&!&0!&-(%+!&"(&-!0$#!#$%&!&I^G‹&i>P>&'&3("3(&(%+$%*("&"(&6!%&-(%3,3$&!&
E^G‹H&0!&(3,*,B%&*$.(#*,!0&3(&+!)!&34#!&"!0,B&!0&)#(*,$&3(&FI>^G‹&'&3("3(&(%+$%*("&"(&6!&
-(%3,3$&)$#&DI^‹>&&O"+!&$#,?,%!0&,%"+!%+1%(!&3(&4%!&*(#(.$%,!&*!#!*+(#,"+,*!&3(&4%!&
#(0,?,B%&!#*!,*!&",?4(&",%&6!7(#&",3$&"4)(#!3!&(%&("+!&(#!&3(&*#(*,(%+(&,%+(#A"&(%&(0&
*6!.!%,".$9&'&84(&*$%",3(#!3!&)$#&c!""$%&*$%&.4*6$&"4&+#!7!;$&.1"&",?%,8,*!+,-$&(&
,.)$#+!%+(>&
qGLLEA3&->6>&$#*5%3*DEMF>*D1$*I95/*#9&G%$-6"67*=.@$"%".;*#1$*:$0)$#*9'*#1$&BH6#$)"$63*X$%&DN&
,04"+#!*,$%("9&,%*04'(%3$&D&.!)!&'&E&01.,%!"&(%&*$0$#>&&O3,*,B%&(%&+(0!&3(&D^GG&(;(.)0!#("&
3(&0!&P+!.)(#,!&:303$%(?!&!&DI>E^‹&i>P>&|"(&6!&-(%3,3$&)$#&.1"&3(&DGGG‹{&"(?4,3!&3(&4%!&
(3,*,B%&*$.(#*,!0&(%&#h"+,*!&3(&k>E^&>&J#!3>&!0(.!%!&3(&K&R,%3(#9&DEFk>&:A!"(&+!.7,A%&
c!""$%&$#* 5%3*DEFG7>&
^FM&
&
qGLLEA3&->6>&$#*5%3*DEFG!>&&=!%4"*#,+$"&,%A3,+$"a&ZJ6(&=,"Sg(3$&$8&+6(&K6%,"6,%!47(?[&
)$#&f((g!'3,%$54!'H&ZP4))$#+,%?&O-,3(%*([&3(&Y>U>&c!""$%H&ZK&=4"6#$$.&X(#(.$%'[&
3(&\>`>&f!)0!%>&R!"&+#("&*$),!"&,.)#("!"&'&(%*4!3(#%!3!"&3(&("+!&#!#!&),(2!&c!""$%,!%!&
("+1%&(%*(##!3!"&(%&0!&`$4?6+$%&Y!#(&Q$$S&R,7#!#'&3(&0!&`!#-!#3&i%,-(#",+'&6!"+!&(0&!b$&
IGIG&CP*640+("&DEEI/>&&c!""$%&.(&(%-,B&*$),!"&3(&("+$"&+#("&.!%4"*#,+$"&.,(%+#!"&
("*#,7,!&(0&0,7#$&'&)43(&(V!.,%!#0!">&&R$"&+#("&0,7#$"&,.)#("$"&*$%+,(%(%&4%!&#()#$34**,B%&
3(&4%&)!),#$&),%+!3$&!&.!%$&)$#&f((g!'3,%$54!'9&*4'$&$#,?,%!0&.(&84(&.$"+#!3$&)$#&
c!""$%9&'&3(+!00!&#(0!+$"&)$)40!#("&K6%,"6,%!47(?&"$7#(&>!5."#5*!-605)"5*(0&0,7#$&
,%*04'(&4%!&"(#,(&3(&%!##!*,$%("&K6%,"6,%!47(?&(%&0!"&54(&!)!#(*(&(0&6$%?$&"!?#!3$>&&O0&
*!),+40$&,%+#$34*+$#,$&3(&c!""$%9&ZP4))$#+,%?&O-,3(%*([&("&71",*!.(%+(&",.,0!#&!0&!#+,*40$&
54(&)470,*B&(%*Cc!""$%&DEME!/9&*$##(")$%3,(%+(&!&0!&*6!#0!&54(&3,B&(%&0!&*$%8(#(%*,!&3(&
DEMF&(%&P!%&T#!%*,"*$9&(%&0!&54(&+!.7,A%&)!#+,*,)!#$%&f((g!'3,%$54!'&=>&\("*6(0&'&Y(,3&
`>&f!)0!%>&
qGLLEA3&->6>&$#*5%3*CJ#!3>&3(&T>&U!##,3$/&DEFG7>&&G%*Q5!".9*5*G%$-6"67*=.5&:9%-0"p.*5%*
G.";!5*/$*%96*B"6#$)"963*O3,*,B%&(%&+(0!&3(&^GGG&(;(.)0!#(">&X$%&K)A%3,*(&ZO%+(B?(%$"[&
+#!34**,B%&3(a&Y4*S9&X>K>\>&$#*5%&DEME>**XG.#1$9;$.6&*:A!"(a&Y4*S&$#*5%*3*DEMEH&c!""$%&$#*
5%*3*DEMF>&
qGLLEA3&->6>&CP>&&f#!.#,"*6/&$#*5%3*DEFN>&4$)6$O19.$u6*d-$6#7*G.#1$9;$.6*5./*#1$&R)";".6*
9'*I$%";"9.3*O3,*,B%&0,.,+!3!&(%&.(3,!&),(0&'&*$",3!&C*$%&IM&,04"+#!*,$%("&,%*04'(%3$&DG&
01.,%!"&?#!7!3!"&(%&*$0$#/&3(&]GG&(;(.)0!#("&%4.(#!3$"&"(?4,3!&3(&4%!&(3,*,B%&
*$.(#*,!0&(%&+!)!&34#!&'&+(0!>&&R!&(3,*,B%&3(*C-S$*"(&6!&-(%3,3$&)$#&kGG‹&i>P>&'&0!&(3,*,B%&
*$.(#*,!0&!&]G>GG‹>&O"+(&0,7#$&84(&0!&h0+,.!&$7#!&3(&Y>&U$#3$%&c!""$%9&'&
3("?#!*,!3!.(%+(&!)!#(*,B&,.)#("$&)$*$&3(")4A"&3(&"4&.4(#+(&0!&%$*6(&3(0&I]&3(&
_,*,(.7#(&3(&DEFN>&&R!&)1?,%!&3(&*#A3,+$"&3(&0!&(3,*,B%&3(*C-S$*#(8(#(%*,!&0$"&*$!4+$#("&(%&
$#3(%&!08!7A+,*$9&(.)(2!%3$&*$%&P+(00!&f#!.#,"*6>&&R!&(3,*,B%&*$.(#*,!0&",+4!&(%&)#,.(#&
04?!#&(0&%$.7#(&3(&Y>U>&c!""$%&(%&0!&)1?,%!&3(&*#A3,+$">&\4("+$&54(&(#!&*0!#!.(%+(&4%&
0,7#$&3(&c!""$%9&8,%!%*,!3$&'&)470,*!3$&)$#&A0&!&0$&0!#?$&3(&("+(&0,7#$&"(&#(8(#(%*,!&*$.$&
c!""$%&$#*5%3*DEFN>&&J#!3>&(")!b$0!&3(&d>&o0-!#(29&DEEI>&&C5&Aƒ6e-/5*/$*4$)6b'9.$7*
G.#$p;$.96*H*%96&R)";b.$6*/$*%5*I$%";"p.>&&O"+!&!%+$0$?,!&,%*04'(&4%!&-(#",B%&*$##(?,3!&3(&
c!""$%&DE^NH&+!.7,A%&4%!&#(,.)#(",B%&3(&0$"&",?4,(%+("&!#+,*40$"a&_$%,?(#&d[T0!6(#+'&
DEFIH&f#!.#,"*6&DEM^H&d++&'&c!""$%&DEF]H&Y4*S&DEFDH&Y4*S&DEFIH&Y4*S&DEF]H&'&c!""$%&
DEFI7>&&
qGLLEA3&<>.>&DE^M>&&Z0&!+(&+6(&"!*#(3&.4"6#$$."[&Y(,.)#("$&(%&DEFI&(%&\10.(#9&X>&!%3&
=>&`$#$g,+2&CX$.)">/*:15!5.*K9!5.M*B5".%".$*C5/H7*K9!$.u6*K)"#".;6!9.*#1$*<)-;&
GSO$)"$.0$3*X$%&4%!&8$+$?#!8@!&(%&)$#+!3!&3(0&!4+$#&'&4%&
6$%?$&.!'!&3(&),(3#!&'&4%!&8$+$?#!80!&(%&*$0$#&3(*46"%90H?$*05$)-%$60$.6*.1"&+#("&
8$+$?#!8@!"&3(&K>&Y,*6!#3"$%>&&
^FF&
&
qGLLEA3&<>.>&P&->6>&qGLLEA&DE^M!>&B-61)99!67*I-66"5*5./*T"6#9)H3*O3,*,B%&0,.,+!3!&(%&
("+4*6(&'&+(0!&3(&^DI&(;(.)0!#("9&'&+!.7,A%&(V,"+(&4%&)!#&3(&Z(;(.)0!#("&3(8(*+4$"$"&'&
.4+,0!3$"[>&&i%&7(00$&0,7#$&!3$#%!3$&)$#&DDG&,04"+#!*,$%("9&*$%&FI&01.,%!"9&,%*04'(%3$&IN&
!*4!#(0!"&3(&L(!%W`(%#,&T!7#(&(;(*4+!3!"&(%&*$0$#&)$#&_>&L!*$.(+&3(&\!8,"9&'&*4!+#$&
01.,%!"&!3,*,$%!0("&(%&*$0$#9&,%*04'(%3$&!*4!#(0!"&3(&6$%?$"&3(&=>&Q$#'&'&3(&Z!**("$#,$"&
!&0$"&#,+$"&3(&0$"&6$%?$"[&)$#&0!&*$!4+$#!&:>\>&c!""$%>&&J!.7,A%&,%*04'(&4%&*4!3#$&
=4"6#$$.&P+$%("&3(&X(%+#$1.(#,*![&3(&P>T>&_(&Q$#6(?',>&&X$%&4%&)#(*,$&$#,?,%!0&3(&DI^‹&
i>P>9&(0&)#(*,$&84(&3$70!3$&!&I^G‹&)$*$&3(")4A"&3(&0!&)470,*!*,B%9&'&3("3(&(%+$%*("&(0&
0,7#$&6!&",3$&*$.)#!3$&!&.1"&3(&N^GG‹>&
qGLLEA3&<>.>&P&->6>&qGLLEA&DE^M7>&B-61)99!*Q$)$!9.H*9'*#1$*B5,5#$0&W./"5.6*9'*
BbS"093*R\>&3(&-,%,0$&*$%&+#!"*#,)*,B%&'&+#!34**,B%&*$%&4%&8$00(+$&!3;4%+$&"$7#(&4%!&
*(#(.$%,!&3(&"!%!*,B%&*$%&6$%?$"&?#!7!3!&(%&DE^N>&&T$0Sg!'&Y(*$#3"9&<(g&q$#S>&
J#!34**,B%&P&*$.(%+!#,$&3(&O>:>&\,S(&'&P>X>&U43"*6,%"S'>&&J$3!-,!&(%&*,#*40!*,B%&(%&i>P>&!&
DI>E^>&&
qGLLEA3&<>.>&P&->6>&qGLLEA&DE^F>&&ZJ6(&6!004*,%$?(%,*&.4"6#$$."[&&
qGCLEA3&.>5&DEF]>&*D1$*4)$0"9-6*i9%"5;$7*>*:#-/H*9'*#1$*>?9.)";".5%*46H019F>0#"@$&<)-;*
\,+4#,3**&
qGCLEA3&.>5>&$#*5%3*DEF]>&&ZJ6(&(+6%$)6!#.!*$0$?'&$8&),+4#,[&
qGCC3&U>9>&P&9>6>&4D@P@D(4DGASaM]W&DENI>*D1$*B$/"0".5%*5./*49"69.9-6&4%5.#6*9'*69-#1$.*
5./*$56#$).*>')"05&
qGCCL3&$>q>&DENI>&D1$*N9H9-6*Q96!9%9;H*>/@$.#-)$6*".*#1$*Q1$!"6#)H*9'&Q9.60"9-6.$663*
\#B0$?$&3(&J>&R(!#'&'&Y>&K0)(#+>&&J#!3>&!0(.!%!9&DEMI>&*
qGRCCL3&$>q>&DEN]>&ZJ6(&,%3,-,34!0&!"&.!%rg$#03[*Y(,.)#("$&(%&c(,09&U>=>&$#*5%3*
CX$.)">/&DEN^>&&
&
qGCCL3&$>q>&DEMG>&&Z\"'*6(3(0,*"&!%3&#(0,?,$4"&(V)(#,(%*([&O%a&K!#$%"$%9&Q>&'&`>&d".$%3&
CX$.)">/*46H01$/$%"063D1$*=6$6*5./*W!O%"05#"9.6*9'&T5%%-0".9;$."0*<)-;63*d#,?,%!0.(%+(&
)470,*!3$&(%&DENF>&&
q@XX3&5>U>&DEkE>&&>-6#)5%"5.*41H#901$!"05"*:-)@$H3**\!#+&j>&&
q@X@D3&U>9>&DEMN>&&Z=,*#$*6(.,*!0&,%-("+,?!+,$%"&$8&.(3,*,%!0&)0!%+">&&nj:>&&j3(%+,8,*!+,$%&
$8&!0S!0$,3"&,%&+6(&0(!-("&$8&WO9!9$5*@"9%50$5*4",%?&)#()!#!+,-!&+6,%&0!'(#&*6#$.!+$?#!)6'&
!%3&"$0,3&)#$7(&.!""&")(*+#$.(+#'[&
c(X@D3&U>9>&'&#>%>&9G&DEMN>&&Z=,*#$*6(.,*!0&,%-("+,?!+,$%"&$8&.(3,*,%!0&)0!%+">&&njjj>&&
P()!#!+,$%&$8&+6(&!0S!0$,3"&,%&+6(&0(!-("&$8&WO9!9$5*@"9%50$5*4",%?&+6,%&0!'(#&
*6#$.!+$?#!)6'[&
c(@WL3&->$>&$#*5%*3*DEME>&&ZK&%(g&)",0$*'7,!%&")(*,("&$8&Q9O$%5./"5&*
c(MSKGAA3&B>&'&$>&+@DO@CCM&DE^E>&&Zp4#&)6!#.!*$3'%!.,"*6(%&_,88(#(%2,(#4%?&3(#&kW
dV',%3$03(#,-!+(&\",0$*'7,%&4%3&\",0$*,%&,.&:(#?,(,*6&.,+&^WdV'W,%3$0SB#)(.&CP(#$+$%,%9&
Q48$+(%,%/[&
qMSKGK3&B>&$#*5%3*DE^F>&&Zp4#&\6!#.!S$0$?,(&-$%&\",0$*'7,%9&(,%(.&c,#S"+$88&!4"*
46"%90H?$*!$S"05.5*`(,.[**
^FE&
&
q@MO3&$>#>&CX$.)>/&DEN]!>&&Z_#4?"&!%3&+6(&.,%3[*&
q@MO3&$>#>&DEN]7>&&ZJ6(&"+#!%?(&*!"(&$8&+6(&`!#-!#3&3#4?&"*!%3!0[&&
q@MO3&$>#>&DEN^>&&Z<4+.(?&!"&!&%!#*$+,*&|6"0{[*
q@MO3&$>#>&DENM>&&Z<4+.(?&!"&!&)"'*6$!*+,-(&3#4?[&O%a&O8#$%9&_>`>&(+&!0&>&CX$.)">/*
G#1.9O15)!509%9;"0*:$5)01&'9)*46H01950#"@$*<)-;63*&Y(,.)#("$&(%&DEMD>&
q@MO3&$>#>&DENE>&&Z<4+.(?&!%3&$+6(#&)"'*6$!*+,-(&?#$*(#,("[&O%a&U4%*S(09&L>O>&CX$.)>/*
Q-))$.#*D9O"06**".*4%5.#&:0"$.0$3**&
q@MO3&$>#>&DEMI>&D1$*85#-)5%*B"/*F*>&8$V*K5H*9'*C99E".;*5#*<)-;6*5./*#1$&T";1$)*
Q9.60"9-6.$663*O3,*,B%&*$##(?,3!&(%&DEFN>&&J#!3>&!0(.!%!9&DEMk>&J#!3>&)$#+4?4("!9&DEM^>&
q@MO3&$>#>&DEMk>&&Zj%+#$34*+,$%[&O%a&R!.79&T>Q>*K"65)/*9'*#1$*=OO$)6*>!5,9.7*D1$&:#9)H*9'*
B5.-$%*Q9)/9@5*Ik963&:A!"(a&R!,%7&DEMk>&
q@MO3&$>#>&DEMN>&&ZJ6(&0$-(&3#4?[&
q@MO3&$>#>&DEMM!>&&ZJ6(&4"(&$8&)"'*6$!*+,-(&.4"6#$$."&,%&+6(&\!*,8,*&<$#+6g("+a&K%&
(+6%$)6!#.!*$0$?,*&#()$#+[&
q@MO3&$>#>&DEMM7>&&ZP$.(&%$+("&$%&<5#-)5&*&
q@MO3&$>#>&DEME>&&Xc5;b7*D1$*-,%(&+6!+&")(!S"[*
q@MO3&$>#>&DEFG>&&Zj%&+6(&0!%3&$8*H5;b[&O%a&c(,09&K>J>&D1$*B5))"5;$*9'*#1$*:-.*5./&B99.7*>*
d-$6#*'9)*=."#H*".&Q9.60"9-6.$663*\470,*!3$&$#,?,%!0.(%+(*>%#$)$/&:#5#$6*9'*Q9.60"9-6.$663&
q@MO3&$>#>&DEEG>&85#-)5%*T$5%#1M*85#-)5%&B$/"0".$7*>*Q9!O)$1$.6"@$*B5.-5%*'9)&K$%%$66*
5./*:$%'FQ5)$3**
q@MO3&$>#>&'&/>&q&1GVML&DEEk>&ZA-'9&5%@5)"-67*K&)$+(%+&6!004*,%$?(%&$8&!%,.!0&$#,?,%[&
q@MO3&$>#>&'&q>&-EL@A&DEF]>&&Q1909%5#$*#9&B9)O1".$7*=./$)6#5./".;*B"./F>0#"@$&<)-;63*
O3,*,B%&*$##(?,3!&(%&DEE]>&&i)9!&Q1909%5#$*#9*B9)O1".$7*G@$)H#1".;*H9-&8$$/*#9*>.9V*
5?9-#*B"./*>%#$)".;&<)-;63**&
q@MO3&$>#>&$#*5%3*DENF>&&ZX0,%,*!0&!%3&\"'*6$0$?,*!0&(88(*+"&$8&.!#,64!%!&|6"0{&,%&.!%[&
q@MLL3&4>&'&<>6>&5GCM@L&DENI>&&ZO%6!%*(.(%+&$8&64.!%&)(#8$#.!%*(&7'&*!88(,%(&!%3&+6(&
!.)6(+!.,%("[&*
q@MLL3&6>&DENG>&&Z`!004*,%$?(%,*&!%3&%!#*$+,*W0,S(&|6"0{*(88(*+"&$8&)$g3(#(3&.'#,"+,*!&
C%4+.(?/[&*
q@MLL3&6>&DEM]>&&ZP6!.!%,".&!%3&)#,("+6$$3&,%&+6(&0,?6+&$8&+6(&X!.)!&5H51-5605*
*(#(.$%'[&O%a&`!.(#9&=;>&CX$.)>/*T5%%-0".9;$.6*5./&:15!5."6!&
q@MLL3&->7>&CJ#!34**,B%&3(&K>Y>&=(4""/&DEFF>*T$)?5%*!$/"0".$3*P(V+!&O3,*,B%>&&
^EG&
&
q@MCOGA@D3&->U>&DE^I>&&ZX4#!*,$%("&.!2!+(**!"[&&
qMCOGA@D&UERALEA3&2>&DEEG>&&ZY(.(.7#!%*("&$8&+6,%?"&)!"+[&O%a&Y,(30,%?(#9&J>L>&CX$.)>/&D1$*
:50)$/*B-61)99!&:$$E$)7*G665H6*'9)*I3*J9)/9.*K5669.3&&
q@LC3&56>&'&U>5&9Q5GIJROMA&DEM]>&ZX!*+4"&!0S!0$,3">&&n:jjj>&&\6(%$0,*& W)6(%(+6'0!.,%("&
8#$.&B5!!"%%5)"5&$%9.;5#5&**
qRMLCO@D3&q>$>&DEF^>&&ZJ#!3,+,$%!0&!%3&6(#7!0&.(3,*,%(&,%&+6(&X$$S&j"0!%3"[&&
qRMLCO@D3&q>$>&DEED>&&Z`(#7!0&.(3,*,%(&,%&+6(&S,%?3$.&$8&J$%?![&
qRMLCO@D3&q>$>&DEEI>&49%H.$6"5.*T$)?5%&B$/"0".$3**&
qRMC@3&4>+>&$#*5%3*DEFG>&ZK%V,(+'&!%3&.4"(0(&+(%",$%&!"&*$%"(54(%*("&$8&*!88(,%(&
g,+63#!g!0&X*&
qRMC@3&">/>&DEII>&&ZQ$+!%,*!0&(V)0$#!+,$%&,%&Q$0,-,![&
qRMC@3&.>+>&DEME>&ZK%!0'","&$8&(V+#!*+"&8#$.&46"%90H?$*6$!"%5.0$5#5*.4"6#$$."&7'&6,?6W
)#(""4#(&0,54,3&*6#$.!+$?#!)6'[*&
qRMCMAJ3&$>&DE]E>&&G#1.9?9#5.H*9'*#1$&T9O"3*\#B0$?$&3(&`!#$03&P>&X$0+$%>&
qRMCC@A3&!>/>&DEMN>&&:5015*I-.57&G#1."0"#H*5./*5/5O#5#"9.*9'*G0-5/9)"5.*N-.;%$*d-"01-53*&
qRMCC@A3&!>&/>&DEF^>&&:"0-5.;5*I-.57*D1$&R#1$)*:"/$*9'*<$@$%9O!$.#*".&
>!5,9."5.*G0-5/9)3*&
qM@OGAS3&#>&'&q>&9ECd@O&DE^]>&&Zˆ7(#&3!"&:$#S$..(%&-$%&Q48$+(%,%&,%&?(07(%&
f%$00(%70~++(#),02&*
qMOX@DC3&U>&DEMI>&ZJ$7!**$&!%3&"6!.!%,"+,*&(*"+!"'&!.$%?&+6(&c!#!$&j%3,!%"&$8&
:(%(24(0![&O%a&T4#"+&\>J>&CX$.)>/&i%$61&9'*#1$*J9/67*D1$*I"#-5%*=6$)*9'*T5%%-0".9;$.3*
qMOX@DC3&U>&DEM^>&&Z=!?,*$WY(0,?,$4"&4"(&$8&+$7!**$&!.$%?&P$4+6&K.(#,*!%&j%3,!%"[&O%a&
Y47,%9&q>&CX$.)>/&Q5..5?"6*5./*Q-%#-)$3**&
qMOX@DC3&U>&DEF]>&&Zc!#!$&(+6%$)!+6$0$?'&$8&(V$+,*&(),3(.,*&3,"(!"([*
qMOX@DC3&U>&DEFM>&&D9?5009*5./*:15!5."6!&".*:9-#1*>!$)"053*CP*640+("9&Y>O>&'&Y>T>&Y!88!489&
X$.)">&&\"'*6$!*+,-(&\0!%+"&$8&+6(&c$#03/&&
qMOX@DC3&U>&DEED>&&Z_$("&)6!#.!*$0$?'&*$##$7$#!"(&+6(&%,*$+,%(&+6(#!)'&!%3&)#!*+,*("&$8&
P$4+6&K.(#,*!%&"6!.!%,".y[&&
qMOSKGAA3&U>&$#*5%3*DEFM>&&Z_,!2()!.&!%3&8W3(".(+6'03,!2()!.&!#(&8$4%3&,%&#!+&7#!,%&!%3&
!3#(%!0&!%3&.!'&7(&$8&)0!%+&$#,?,%[&
qMOWMAL3&4>&$#*5%*3*DENI>&&ZX0,%,*!0&$7"(#-!+,$%"&$8&",.40+!%($4"&6!004*,%$?(%&!3.,%,"+#!+,$%&
,%&,3(%+,*!0&+g,%"[&
qMOWMALEA3&->/>&$#*5%3*DEFN>&&ZO#?$+&!0S!0$,3&*$%+(%+"&$8&WO9).9$5*%50-.965M&]3*1$/$)50$5M*W3*
#)"1905)O5M*5./*W3&O-)O-)$5*"((3[*&
qMOWMALEA3&%>&DE^F>&&Z^W=(+6$V'W<W.(+6'0+#')+!.,%(a&K&%(g&,%3$0(&!0S!0$,3&8#$.*415%5)"6*
5)-./".50$5&*&
^ED&
&
qMOOGKGA3&U>U>&DEND>&&>%E5%9"/FA$5)".;&4%5.#6*5./*#1$")*Q9.#5".$/*>%E5%9"/63&&
qMOOMGKL3&/>?>&'&7>&q@LC&DENF>&&ZJ6(&4"(&$8&%4+.(?&!"&!&)"'*6$+#$),*&3#4?>&&Y()$#+&$8&+g$&
*!"("[&
qMOOMGKL3&B>&DEFE>&&:50)$/*G%$O15.#3&
qMOOMGKL3&5>&DE]D>&&ZJ6(&3(!+6&-,%(a&K'!64!"*![**
qMOOMGKL3&9>&$#*5%3*DEMD>&ZX6!#!*+(+,2!+,$%&$8&!0S!0$,3"&,%&)!0!+!70(&!%3&4%)!0!+!70(&(0$%("&
$8&415%5)"6*5)-./".50$5*R>[*&
qMOOMGKLEA3&->q>&DE]E>&&G665H6*".&49%H.$6"5.*G#1.9%9;H3**&
qMOOL3&+>&$#*5%3*DEEI>&&ZT$#(%",*&_<K&+'),%?[&X,%*$&*!#+!"&!0&(3,+$#&'&3$"&#A)0,*!"&(%&
#(")4("+!&!a&X6!S#!7$#+'9&T9&v&f>f>&f,33&DEED>&&J6(&4+,0,+'&$8&_<K&+'),%?&,%&8$#(%",*&g$#S[&'&
R(g$%+,%9&Y>X>&'&_>R>&`!#+0&DEED>&&Z\$)40!+,$%&?(%(+,*"&,%&8$#(%",*&_<K&+'),%?[>&:A!"(&
+!.7,A%a&f$"60!%3&DEEI&'&Y$7(#+"&DEED>&
qMCC3&.>&DENG>&ZZJ!%?0(3&g(7[&6(0)"&3#4?&+(&"+,%?[&&
qEOXGQR3&$>4>&$#*5%*3*DENI!>&&ZX#$""&+$0(#!%*(&7(+g((%&.("*!0,%(&!%3&RP_WI^&g,+6&!&
*$.)!',"$%&$8&+6(&.("*!0,%(&!%3&RP_&#(!*+,$%"[&&
qEOXGQR3&$>4>&$#*5%3*DENI7>&&ZX$.)!#,"$%&$8&)",0$*,%&g,+6&)",0$*'7,%9&.("*!0,%&5./*RP_WI^[&
qEON3&7>$>&DEED>&D1$*G5;%$u6*d-$6#7*>*41'6"0"6#u6*:$5)01*'9)*D)-#1*".*#1$*T$5)#*9'&#1$*
:15!5."0*K9)%/3*Y(,.)#("$&(%&DEEI>&&J#!3>&(")!b$0!&C5*Aƒ6e-$/5*/$%&>;-"%5M*
qEON@3&#>&DENE>&D1$*G%$0#)"0*f99%F>"/*>0"/&D$6#3*J#!3>&O")!b$0!&O3,*,$%("&L4*!#>&
qEON@L3&">&'&T>&-IKFN&DEIF>&&Zˆ7(#&3,(&U(g,%%4%?&-$%&`!#.,%&!4"&(,%(#&
"e3!.(#,S!%,"*6(%&R,!%([&&
qEAJ3&q>&DEMN>&&ZP$.(&8$0S&.(3,*,%!0&)0!%+"&8#$.&J#,%,3!3[&&
qEES3&B>4>&$#*5%3*DE^k>&&ZK%3#$.(3$+$V,%a&K&)$+(%+&6')$+(%",-(&!?(%+&8#$.&
Y6$3$3(%3#$%&.!V,.4.[*
qEESLEA3&->/>&$#*5%3*CX$.)">/&DE^M>&
I5-V9%'"57*A9#5.HM*415)!509;.96HM&Q1$)."6#)H*5./*415)!509%9;H3*&
qIDLC3&9>&$#*5%3*DEFk>&&ZK%!0'","&$8&)"'*6$+#$),*&*$.)$4%3"&$8&84%?,&$8&+6(&?(%4"&46"90H?$*
7'&#(-(#"(3)6!"(&6,?6W)(#8$#.!%*(&0,54,3&*6#$.!+$?#!)6'[&
qPKGA3&5>+>&'&%>T>&BGDDML&DE^D>&D1$*G#1.9?9#5.H*9'*#1$*f5H$.#5*85@5193**
i3&9>&aMCR&$>&BGO@P&DENk>&D1$&>-#9?"9;)5O1H*9'*B5%09%!*s3&R0(-!3!&!&0!"&)!%+!00!"&(%&
DEEI&)$#&P),S(&R((>&
iMG3&4>&'&2>$>&$XXECC&DEFM>&&ZO3,70(&"(!g((3"&$8&X6,%!&!%3&+6(,#&)0!*(&,%&+6(&X6,%("(&3,(+[&&
?GKGSG3&B>&$#*5%*3*DEFk>**Q5)?91H/)5#$&I$6$5)01*DI^a&DGM>&
?GKGCESGAM3&%>&'&j>&?GKGKECE&DENE>&&ZJ#,*6$0$.,*&!*,3&)#$34*+,$%&7'&K?!#,*!0("[&
CL!)!%("(&\!+(%+&NE&DN>]^k9&DE&L40'&DENE/&&
^EI&
&
?GKGIDG3&?>&'&2>9>&+RGAJ&DEFF>&&ZO88(*+"&$8&!54($4"&(V+#!*+&$8&!&)$,"$%$4"&.4"6#$$.9&
>!5."#5&O5.#1$)".5*$%&.,*(&!%3&!""!'&$8&+$V,*&,"$V!2$0(&3(#,-!+,-("&7'&6,?6&)(#8$#.!%*(&
0,54,3&*6#$.!+$?#!)6'[&
?EQIK3&->->&'&1>9>&%MKEAL&DEMM>&ZK.!+$V,%"&!%3&)6!00$+$V,%"&,%&>!5."#5&")(*,("&$8&+6(&
%$#+6(!"+(.&i%,+(3&P+!+("[&&
?EWEPGKG3&T>&DEM]>&&Z\$,"$%,%?&7'&!&6!004*,%$?(%,*&.4"6#$$.9&46"%90H?$&6-?05$)-%"O$6*
`$%?$[*
?EWEPGKG3&T>&DEMN>&&ZK&%(g&6!004*,%$;$."$*!-61)99!*46"%90H?$*5);$.#9$6&f>&q$S$'!.!&
")>&%$->&8#$.&L!)!%[&
?EIAJ3&U>B>&DEND>&D1$*D95/6#99%&B"%%"9.5")$63**&
?EIAJ3&->5>&$#*5%*3*DENN>&&ZK%!0'","&$8&S!-!&)'#$%("&,%&(V+#!*+"&$8&4"O$)&!$#1H6#"0-![*
?EIAJ@D3&%>9>&DEEI>&&ZJ6(&8,8+6&3,.(%",$%[&
?EIAEL3&+3*$#*5%3&DEFM>&&ZY()(#+$#'&$8&3#4?"&!%3&.(3,*,%!0&)0!%+"&4"(3&,%&+#!3,*,$%!0&
.(3,*,%(&$8&K8?6!%,"+!%[&&
?I3&+>&U>&DE^E>&&ZR!4?6,%?&.4"6#$$.[&
O%&*6,%$9&*,+!3$&(%&c!""$%&DENI!>&
cG@RA@D3&->+>&DE^M>&&BH6#"0"6!M*:50)$/&5./*4)9'5.$7*>.*W.e-")H*".#9*:9!$&a5)"$#"$6*9'*#1$*
I$%";"9-6*GSO$.$.0$&&
cG@RA@D3&->+>&DEMI>&&h$.M*<)-;6*5./*!H6#"0"6!3*&
cGNGD3&9>9>&$#*5%*3*DEEG>&&ZP*#((%,%?&$8&>)#$!"65*5?6".#1"-!*8$#&!%+,.!0!#,!0&(88(*+"&$%&
4%56!9/"-!*?$);1$"*,%&.,*(a&K&)#(0,.,%!#'&#()$#+[&
cGKEDG(9GDCMA@d3&9>+>&'&+>&!M@CE&S@&.GLQIGO&.EOG&DEEI>&&Z=(3,*,%!0&)0!%+"&4"(3&,%&"$.(&
#4#!0&)$)40!+,$%"&$8&d!V!*!9&\4(70!&!%3&:(#!*#429&=(V,*$[&&
cGDSMAM3&/>9>&DEMM>&&ZJ6(&,3(%+,8,*!+,$%&$8&!%&K#?(+,%,!%&%!#*$+,*&|6"0{[&
c@OJ@D3&U>5>&$#*5%*3*DEFG>&&ZQ(7!-,$4#!0&(88(*+"&$8&*!+6,%$%(9&!%&!.,%(&$7+!,%(3&8#$.&Q5#15*
$/-%"6*T$#"S>a&X$.)!#,"$%"&g,+6&!.)6(+!.,%(9&%$#)"(43$()6(3#,%9&!)$.$#)6,%(&!%3&
%$.,8(%",%([&&
c@AAM@3&#>9>&$#*5%3*DEFN>&&ZT4%(7#!09&!&%(g&)'##$0(&0!*+$%(&!0S!0$,3&$8&d-5)5)"?$5*
'-.$?)"6&*
c@DSG&4GPtA3&c>&DED^>&&W.'9)!$*:9?)$*!"&GS0-)6"p.*Q"$.#"'k05*$.*I$;"9.$6&Q9%9!?"5.56*/$%*
Q5e-$#m&
c@DDM@L3&">&DENG>&&Z=(3,2,%.!%%g("(%&4%3&U(,"+?0!47(&3(#&c!,S1Wj%3,!%(#&3("&$7(#(%&
d#,%$*$[&&
c@CR@OMIL3&9>&$#*5%3*DEFI>&&Z=$3(#%&.(3,*,%(&!%3&"6!.!%,"+,*&#,+4!0a&K&*!"(&$8&)$",+,-(&
"'%(#?,"+,*&#(")$%"([&&
c@CO@D3&6>&$#*5%*3*DENF>**85-.H.&
:01!"$/$?$);u6*>)01"@*'ƒ)&415)!5E9%9;"$*
cMJKEAS3&9>5&DEFD>&&f5V5""6-&G#1.9?9#5.H3**&
cMAX@DJ3&!>/>&DEN]>&&Z<!#*$+,*"&,%&+6(&i>P>a&K&7#,(8&6,"+$#'[&&
cMAX@DJ3&!>/>&DEMk>&&XT";1&*:#5#$67*>&A$;"..".;*:#-/H3**&
cMAX@DJ3&!>/>&DEMM>&&>%#$).5#$*:#5#$6*9'&
Q9.6.60"9-6.$663**
^E]&
&
cMAX@DJ3&!>/>&DEME>&&Zd%&X!%%!7,"&!%3&6(!0+6[&\$%(%*,!&)#("(%+!3!&(%&0!&X$%8(#(%*,!&
Z`!004*,%$?(%"&,%&<!+,-(&K.(#,*!%&P6!.!%,".&!%3&=$3(#%&0,8([&IF&P()+,(.7#(&WD&d*+47#(&
DEMF9&P!%&T#!%*,"*$>&
cMAX@DJ3&!>/>&DEFk>&&<)-;9&:$#*5./&:$##".;7*J6(&A56"6*'9)*Q9.#)9%%$/&W.#9S"05.#*=6$3**&
cIOI@CG&-ESDMJI@d3&->&DEFF>&Q-5.#"'"050"p.*/$%*:5')9%*$.*$%*>0$"#$&G6$.0"5%*GS#)5"/9*/$*\,)(#&
!4#,+4.&L4"O$)50$5$\*$.*$%*G6#5/9*/$*a$)50)-,&O5)5*6-*>O)9@$015!"$.#9*W./-6#)"5%3*
cICLRM3&<>&$#*5%3*DEFG>&&ZK7"$#)+,$%&!%3&3,"+#,74+,$%&$8&-!",*,%(9&!&.$3(#%&4+(#$+$%,*[&&
^Ek&
&
&

KUYK_OXj=jO<JdP&
&
&
O"&4%&?#!%&)0!*(#&)!#!&.,&)$3(#&!?#!3(*(#&0!&?(%(#$"!&!'43!&3(0&_#>&K07(#+&`$8.!%%&3(&
Q4#?9&P4,2!9&)$#&6!7(#&#(-,"!3$&!.!70(.(%+(&.,&.!%4"*#,+$&'&6!7(#"(&$8#(*,3$&!&("*#,7,#&
4%&)#B0$?$>&&J!.7,A%&("+$'&(%&3(43!&*$%&(0&\#$8>&K0(V!%3(#&P640?,%&3(&0!&i%,-(#",3!3&3(&
X!0,8$#%,!&(%&Q(#S(0('&)$#&#(-,"!#&(0&\#$(.,4.&'&(0&)#,.(#&*!)@+40$H&!0&_#>&_!-,3&Q>&Y()S(9&
3(&P'%+(V&Y("(!#*6&(%&\!0$&K0+$9&X!0,8$#%,!9&)$#&#(-,"!#&(0&+(#*(#&'&54,%+$&*!)@+40$"H&!0&_#>&
_(%%,"&L>&=*f(%%!&3(&K-(3!&(%&=,%%(!)$0,"9&=,%%("$+!9&)$#&#(-,"!#&(0&*4!#+$&*!)@+40$&'&!0&
\#$8>&c-&P*$++&X6,0+$%&3(&0!&i%,-(#",3!3&3(0&O"+!3$&3(&X!#$0,%!&3(0&<$#+(&(%&Y!,0(,?6&)$#&
#(-,"!#&(0&*!)@+40$&"(V+$>&&K?#!3(2*$&",%*(#!.(%+(&!&+$3$"&("+$"&(.,%(%+("&(V)(#+$"&(0&
6!7(#.(&3(3,*!3$&"4&+,(.)$&'&"4&*$%$*,.,(%+$&!&0$&0!#?$&3(&("+!&(.)#("!>&&O0&!4+$#&3(&4%&
+#!7!;$&.40+,3,"*,)0,%!#,$&3(7(&3()(%3(#&8$#2$"!.(%+(&3(&0$"&*$%"(;$"&'&3(&0!&?(%(#$",3!3&
3(&0$"&(")(*,!0,"+!"&)!#!&!"(?4#!#&!"@&0!&!*+4!0,3!3&'&)#(*,",B%&3(&"4&$7#!>&
O"+$'&(%&3(43!&*$%&(0&_#>&Y$7(#+&=$%+?$.(#'9&84%3!3$#&3(0&A9#5."05%&4)$6$)@5#"9.*
Q9)O6M*)$#&0!&#(-,",B%&3(0&.!%4"*#,+$&'&"4"&*$.(%+!#,$"9&7!"!3$"&(%&"4"&(V+(%"$"&
*$%$*,.,(%+$"&3(&0!&(+%$7$+1%,*!&'&0!&6$#+,*40+4#!&3(&0!"&)0!%+!"&(%+($?A%,*!">&&Y$7&
+!.7,A%&8!*,0,+B&.,&,%-("+,?!*,B%&!0&)(#.,+,#,%(&(0&!**("$&!&"4"&!.)0,$"&!#*6,-$"&'&
7,70,$+(*!&'&*$%+#,74'B&.!+(#,!0.(%+(&!&$#?!%,2!#&0!&)470,*!*,B%&'&3,"+#,74*,B%&3(&("+(&
0,7#$>&
_("($&(V)#("!#&.,&.1"&)#$84%3$&!)#(*,$&!0&_#>&L(#(.'&Q,?g$$3&3(&O0&P!0-!3$#&'&!0&_#>&
Y$%!03&=>&X$$S&3(&0$"&0!7$#!+$#,$"&PjYjP&)$#&"4"&-!0,$"$"&*$%"(;$"&'&!'43!&(%&0!&
,%-("+,?!*,B%>&&P4"&3,-(#"$"&)4%+$"&3(&-,"+!&(%#,54(*,(#$%&(%&?#!%&.(3,3!&0$"&.,$">&&R!"&
8#4*+@8(#!"&*$%-(#"!*,$%("&54(&.!%+4-(&*$%&(0&_#>&K%+$%,$&O"*$6$+!3$&3(&0!&i%,-(#",3!3&
<!*,$%!0&3(&O34*!*,B%&!&_,"+!%*,!&3(&=!3#,39&O")!b!9&.(&84(#$%&3(&*$%",3(#!70(&-!0$#&
)!#!&(0!7$#!#&0!&!#?4.(%+!*,B%&)$0@+,*!&'&0(?!0&3(0&\#$(.,4.>&&&&&
d+#$"&(")(*,!0,"+!"&54(&!.!70(.(%+(&*$.)!#+,(#$%&,%8$#.!*,B%&'&)4%+$"&3(&-,"+!&
*$%.,?$&"$%a&_#>&K%+$%,$&Q,!%*6,&3(&:(#$%!9&j+!0,!H&_#>&Q#(+&Q0$"(#&3(&0!&i%,-(#",3!3&3(&
J40!%(H&_#>&L!.("&X>&X!00!g!'&3(&0!&i%,-(#",3!3&3(&f4$),$9&T,%0!%3,!H&_#>&`(#.!%&3(&:#,("&
3(&O"*6(%!49&K0(.!%,!H&_#>&=!#S&P>&_$%%(00&3(&Q!#"+$g9&X!0,8$.,!H&_#>&L$"()&=>&T(#,*?0!&
3(&0!&i%,-(#",3!3&3(&Q!#*(0$%!9&X!+!04%'!9&O")!b!H&_#>&\(+(#&J>&T4#"+&3(&0!&i%,-(#",3!3&3(&
\(%%"'0-!%,!H&_#>&L$*6(%&U!#+2&3(&R(,)2,?9&K0(.!%,!H&_#>&f!#0&`,00,?&3(&0!&i%,-(#",3!3&3(&
j%3,!%!H&_#>&=,*6!(0&`$#$g,+2&3(&\(+!04.!9&X!0,8$#%,!H&_#>&R4,"&O34!#3$&R4%!&3(&0!&Pg(3,"6&
P*6$$0&$8&O*$%$.,*"&(%&`(0",%S,9&T,%0!%3,!H&_#>&J(#(%*(&=*f(%%!&3(&d**,3(%+!09&X!0,8$#%,!H&
_#>&O3g!#3&=!*Y!(&3(&P!$&\!40$9&Q#!",0H&_#>&O+6!%&K>&=!#*!%$&3(&:,*+$#,!9&X!%!31H&_#>&
L$%!+6$%&P>&=,00(#&3(0&X(%+#$&3(&j%-("+,?!*,B%&3(&Q$"54("&J#$),*!0("&(%&m4,+$9&O*4!3$#H&
_#>&_!0(&K>&\(%3(00&3(&P!%+!&X#429&X!0,8$.,!H&_#>&=!#,$&\$0,!&3(&Y$.!9&j+!0,!H&_#>&U,$#?,$&
P!.$#,%,&3(&Q$0$%,!9&j+!0,!H&_#>&P+!*'&Q>&P*6!(8(#&3(&0!&i%,-(#",3!3&3(&J(V!"&\!%!.(#,*!%!H&
_#>&J;!SS$&P+,;-(&3(&<("+(*&R+3>9&:(-('9&P4,2!&'&(0&\#$8>&&X$%"+!%+,%$&=!%4(0&J$##("&3(&0!&
i%,-(#",3!3&j%+(#%!*,$%!0&3(&T0$#,3!>&
NI]&
&
&&&O"+$'&(%&3(43!&*$%&.,&(")$"!&_;!6(0&:,%!-(#&)$#&"4&!'43!&(%&.,&C!&-(*("/&+(3,$"$&
+#!7!;$&3(&,%-("+,?!*,B%&7,70,$?#18,*!&'&)$#&"$)$#+!#&0$"&,%*$%+!70("&3@!"&'&%$*6("&54(&)!"A&
(%*0!4"+#!3$&(%&*$.4%,B%&*$%&.,&*$.)4+!3$#!>&&P4&&P9"$*/$*@"@)$*+,(#%!9&!7,(#+!&'&!0(?#(&
6!&",3$&4%!&*$%+,%4!&7(%3,*,B%&'&84(%+(&3(&,%"),#!*,B%>&&&&&
&&&P4&*$.)!b@!&(%&("+!&-,3!&("&)!#!&.@9&*$%&.4*6$9&(0&.1"&)#(*,!3$&3(&0$"&+("$#$">&
&&O"+$'&!?#!3(*,3$&!&Q(#+!&Y!.@#(2&3(&P!%&K%3#A"&J0!%(064!'$*!%9&:(#!*#429&)$#&"4"&
!)$#+!*,$%("&7,70,$?#18,*!"a&"4&7,70,$+(*!&*$.)0(.(%+B&0!&.@!&(%&.4*6$"&!")(*+$">&
K3(.1"&3(&"4&(V*(0(%+(&+#!7!;$&3(&3,"(b$&?#18,*$9&\!70$&=$'!&Y$"",&3(&X,43!3&3(&
=AV,*$&.(&!'43B&!&8!.,0,!#,2!#.(&*$%&0$"&"(*#(+$"&3(&0!&!4+$(3,*,B%&'&*$%&(0&4"$&3(0&
P$8+g!#(&!)#$),!3$&)!#!&0!"&*$.)4+!3$#!"&K))0(&=!*,%+$"6&J=>&&K?#!3(2*$&!&=!#+@%&
:,%!-(#&3(&P!%&K%3#A"&J0!%(064!'$*!%9&:(#!*#429&)$#&"4"&3,74;$"&)#$*(3(%+("&3(0&Q9/$S*
a"./9?9.$.6"6*.,V+(*!>&&O"+$'&(%&3(43!&*$%&0$"&_#">&&_$4?0!"&U>&P6!#$%&'&X6#,"+$)6(#&Q>&
_$%%!%9&3(&*4'$&!#+@*40$&3(&DEMM&"(&"!*B&(0&3,"(b$&3(0&X6!-@%&P!%&\(3#$9&54(&+!.7,A%&
3,74;B&=!#+@%>&
&&&K0&"4"*#,7,#"(&)$#&!3(0!%+!3$&!&4%!&(3,*,B%&0,.,+!3!&'&8,#.!3!&3(&415)!509#1$9.&(%&
+!)!"&34#!"9&0!"&",?4,(%+("&)(#"$%!"&*$%+#,74'(#$%&!&8,%!%*,!#&0!&)#$34**,B%&3(&("+(&0,7#$a&
Y(,%!03$&K*(-(3$9&K0!"S!9&R!g#(%*(&K0(V!%3(#9&R(#$'&K%3(#"$%9&X6!#0("&K%3#(g9&X>&K#!"9&
O3g!#3&K+S,%"9&L$6%&Q!S(#&|3$"{9&j!%&Q!##(++9&Y$7(#+&L>&Q!""!#!9&L$%!+6!%&Q(%+0('9&K%+$%,$&
Q,!%*6,9&=!#*&Q,"6$)9&_!-,3&Q0!*S.!%9&Q!##'&Q0!*S+$)9&P*$++&Q0$$.8,(039&Q#(+&Q0$""(#9&
X!#.(%&Q04(9&L$6%&Q04.(#WQ4(009&=,*6!(0&Y>&Q$%%,8,(039&Q0!%(&Q$4#?($,"9&O0,&i>&Q#!%3+9&
=$#?!%&Q#(%+9&P!.&Q#,%("9&c!##(%&Q#$g%(009&L>&K08#(3&Q#'!%9&=,*6!(0&Q4*6(0(9&\(+(#&'&
=,.,&Q4*S0('9&L>X>&X!00!g!'&|K%,+!&`(..,0~{9&U,07(#+$&X!.,00!9&Y,*6!#3&X!#('&|3$"{9&\6,00,)&
X!#+,(#9&X6!#0("&X6!3g,*S9&_!-,"&X6!).!%9&X!#0$"&_K#7(0&X61-(29&Q#'$%&X64#*69&=!#S&
X,#0,%9&=,*6!(0&X$70(%+29&Y,*6!#3&K>&X$6%&|3$"{9&c!0+(#&X$00,%"9&_!-,3&X$)(0!%39&=,*6!(0&
X$++,%?6!.9&L>T>&X$4?60!%9&K%%(&X$4#+%!'9&L$6%&X$-(#9&K0!"3!,#&X$'%(9&<,*6$0!"&X$22,9&
_!-,3&X#$%S9&=,*6!(0&X#$4*69&=,*6!(0&X433'9&O!#0&_!-,"9&L!.("&Q>&_(f$#%(9&U>&O#,*&
_(.,+$889&P(+6&_(4+"*69&6(#.!%&3(&-#,("&|3$"{9&P!.4(0&_,00("6!g9&Y,*6!#3&O>&
_$70,%9u=$.!"&_43!9&=,*6!(0&K>&_43$*S9&Y$7(#+&O00,%?6!.9&`(,%("&O0'9&P,."&O0'9&T!%(&$8&
+6(&\",0$*'7(&=4"6#$$.&K""$*>&&L$6%&T!##9&L!*$7&T(0+$%&|3$"{9&R($&_>&T,??"&|+#("{9&;,.&T,"69&
Y43,&T0,(#"9&Y$7(#+&\!40&T$#+(9&P*$++&T$g0(#9&L$6%&T$V9&_!-,3&K>&T$V+$%9&Y!%3'&T400(#9&\(+(#&
J>&T4#"+9&X!#$0'%&U!#*,!&|3$"{9&Y,*6!#3&U(??,(9&L,.&U(029&P>&U,009&U($#?(&U#((#9&K0(V&U#('9&
c!0+(#&L>&`!7(#(#&DDD9&jU.&`!%%!9&U#(?&`!%"(%9&L!.("&`!#3,%9&P4(&K%%&`!#S('9&J(3&
`!##,%?+$%9&f!+60((%&`!##,"$%9&U!#'&`!#+9&L$6%&`!'("9&Y,*6!#3&`(,.!%"$%9&Y'!%&P>&
`(00.(#"9&f!#0&`,00,?9&L(88W#('&R>&`,#"*6+,*S9&K0!%&`$8.!%%9&R$%&`$0.7(#?9&K0&`$0+(#9&=,*6!(0&
`$#$g,+29&U#(?&c6,+(&`4%+9&d++$&L>&`4%+9&Y,*6!#3&`'.!%9&L$"()6&`(%S,%"9&P6()6(#3&=>&
L(%S"9&L#>9&_!-,3&P>&L$6%"$%9&Q#!3&L$%("9&\6,0,)&L$%("9&P!"6!&f!#0,S9&Y$7(#+&L>&f(00('9&L,.&
jU%?9&_$4?0!"&0(,%(9&U(##'&f%,?6+9&=!++&f%$S(9&=,S(&f%$S(9&<!%&f$(60(#9&L$6%&K>&f$4#'&jjj9&
=!#S&f#!S$g"S,9&P+(-(%&f#$0,S9&L!.("&<>&R!#"$%9&=>&_!-,3&R($%!#39&L$!%&R("",%9&c,00,!.&
R(g,"9&Y,*6!#3&R,(7.!%9&=!#S$&R,%37(#?9&K0(V&R,%3"!'9&Y!'&R,+0!"9&R$#3&<$"(t9&X6#,"+$)6(#&
'&X!+6(#,%(&R$#3W:!%&:$$#"+9&Y,*6!#3&R4*,%,$9&_!-,"&R4S$889&R4,"&O34!#3$&R4%!9&L$6%&R4%39&
Q#,!%&=*Q((9&`!##'&L>&=*Q#,3(9&L$(0&=*X0(!#'9&U!#'&
NIk&
&
=!*S9&Y!%3'&=!*S9&_(%%,"&=*f(%%!9&K%+6$%'&=!#*!%$9&O+6!%&K>&=!#*!%$9&Y,*6!#3&
=!#*6("(&|3$"{9&P+(-(%&=!#"6!%S9&K0&=!+(*24%9&Y$7(#+&P>&=(!%"9&=!#S&_>&=(#0,%9&J6$.!"&
=(+2,%?(#&|3$"{9&Y!0)6&=(+2%(#9&L!'&=,*6!(09&Y$'*(&=,0!.9&L$%!+6$%&P>&=,00(#9&Y$7,%&
=,%S0(#9&Y$7&=$%+?$.(#'9&X6!#0("&=$$#(9&=,*6!(0&=$$#(9&_!-(&=$##,"9&L!*$7&Y$"(&
=$+69&L!.("&=4""(#9&L>&K4?4"+&=4+69&=!#S&='(#9&L$%!+6!%&Q>&='(#"9&f(,+6&'&L(!%%(++(&
<!-,!9&K%3#(g&<,(32g,(*S,9&L!.("&Y>&<$##,"9&K00!%!&<$4#'9&Y>&=,*6!(0&duQ!%%$%&|3$"{9&
_!-,3&duX!00!?6!%9&_!-,3&d##9&R!4#(%*(&d"+#$g9&_!-,3&d4"0('9&X4#+&P>&\!0.(#9&f(%&\!%+(#9&
J6$.!"&\!#S(#9&L$6%&\(!#"$%9&K0!%&\(%*(&|=!#+'&Q4#+$%,9&_!0(&K>&\(%3(009&U0(%%&\(##'9&
_!%&\0!"9&_!-,3&\0!++9&f(%%(+6&\$g(009&\"'*6(3(0,*&=$%$?#!)6"&!%3&O""!'"9&=!?,*&Y!77,+9&
_!-,3&Y!*(++(9&L!.("&K>&Y!%"$.9&T(0,V&Y(47(%9&J$.&Y$7(#+"9&=!#S&Y$7(#+"$%9&_!##(%&
Y$*S9&Q#,!%&Y$?(#"9&P+(-(&Y$$S(9&P*$++&Y$""9&X$54(0,*$+&Y43,!S>&U,00!%39&_!-,3&P+>&J6$.!"9&
L$"()6&U>&P!0+(9&U,$#?,$&P!.$#,%,9&_$%!03&J>&P!%+$9&\(+(#&P!#+$#9&K08#(3$&P!-,%(00,&|3$"{9&
Y$7(#+&P*6!8(#9&Y,*6!#3&O-!%"&P*640+("9&_$4?&P*6g!#+29&U!#'&P(.(3,!%9&f(%%(+6&P6!g9&
c,00,!.&P6!'9&L!.("&P6,(03"9&=,*6!(0&P6,(03"9&P+(-(%&P,07(#8(,%9&L$6%&P,""$%9&=,*6!(0&
P.,+69&P*$++&'&f(00'&P)(!#9&<$!6&P)4##,(#9&Q#!38$#3&P+!%7(*S&|3$"{9&J>&P+!##9&c,00,!%&P>&
P+!+0(#9&=,*6!(0&P+(8(%"$%9&R$#,%&P+$009&K00(%&P+$-!009&K>&L!%(&P+#!,?6+9&Y,*S&L>&P+#!"".!%9&
Y(,3&P+4!#+9&`!%%!&P400,-!%9&O.,0'&Pg(+0!%39&\(+(&Pg(+0!%39&J>&j7!*S(#9&Y,*6!#3&06,(0+?("&
|3$"{9&U#(?&J$$0(9&X$%"+!%+,%$&=!%4(0&'&_$%%!&J$##("9&P+(-(%&:!%&`(,3(%9&_;!6(0&:,%!-(#9&
Q$7&c!00!*(9&=!#*&P>c!0+(#&|3$"{9&Y>&f(%+&c!##(%9&U#(?&c(%%("$%9&U!%?!&c6,+(9&=>&
c6,+%('9&=!++6(g&c,0"$%9&R,%3!&c,++9&L!.("&Q>&c$#S9&Y$"!%%!&c$#S.!%9&L!.("&c#,%S0(&
'&P4"!%&j#-,%?&q!+(">&&=,&!?#!3(*,.,(%+$&+!.7,A%&!&3,(*,"A,"&"47"*#,)+$#("&!%B.,.$"9&!&
!54(00$"&54(&"(&"47"*#,7,(#$%&!&40+,.!&6$#!&34#!%+(&0!&)!#+(&8,%!0&3(0&)#$*("$&3(&
)#$34**,B%&'&!&Q><>P>9&X0,88$#39&_=JWD]9&P6(#)!&'&!&P)((3&c(00&_#(!.&P0(()>&
T,%!0.(%+(9&(V)#("$&.,&.1"&",%*(#$&!?#!3(*,.,(%+$&!0&_#>&Y,*6!#3&O-!%"&P*640+("&3(&0!&
i%,-(#",3!3&3(&`!#-!#3&)$#&"4&!"("$#!.,(%+$9&!)$'$&(&,%"),#!*,B%&*$%+,%4!3$">&&&&
&&R$"&.1"&3(&$*6(%+!&!#+@*40$"&'&0,7#$"&"4'$"&54(&"(&*,+!%&(%&0!&7,70,$?#!8@!&3!%&8(&3(&0!&
0!7$#&),$%(#!&54(&6!&#(!0,2!3$&'&*$%+,%4!&#(!0,2!%3$&(%&("+(&*!.)$>&&O"&!7"$04+!.(%+(&
*,(#+$&54(&4%$&%$&)4(3(&3!#&"4"&)#,.(#$"&)!"$"&(%&(0&("+43,$&3(&%,%?h%&!")(*+$&3(&0!&
*,(%*,!&3(&0!"&)0!%+!"&(%+($?A%,*!"&",%&8!.,0,!#,2!#"(&)#,.(#$&*$%&0!"&!)$#+!*,$%("&3(0&\#$8>&&
P*640+("&(%&("+(&*!.)$>&&R!&7,70,$?#!8@!&+!.7,A%&("+1&#()0(+!&3(&%4.(#$"!"&'&-!0,$"!"&
!)$#+!*,$%("&3(&0$"&.4*6$"&3,"*@)40$"&3(0&\#$8>&P*640+("9&(%+#(&(00$"&0$"&8!00(*,3$"&J,.$+6'&
X>&\0$g.!%&'&J6$.!"&O>&R$*Sg$$3>&&K3(.1"&(0&\#$8>&P*640+("&6!&#(!0,2!3$&$+#!"&
*$%+#,74*,$%("9&,?4!0.(%+(&-!0,$"!"9&!&0!&Q$+1%,*!&(%&?(%(#!09&)$#&0$&54(&6!&",3$&
;4"+!.(%+(&?!0!#3$%!3$&*$%&0!&=(3!00!&3(&d#$&3(&0!&R,%%(!%&P$*,(+'&3(&R$%3#("&(%&DEEI9&
(0&.!'$#&#(*$%$*,.,(%+$&*,(%+@8,*$&3(&0!&7$+1%,*!>&&P,%&(.7!#?$9&.1"&,.)$#+!%+(&54(&
+$3$"&("+$"&0$?#$"&*,(%+@8,*$"&6!&",3$&(0&+#!7!;$&,%*!%"!70(&3(&P*640+("&(%&(0&*!.)$&3(&0!&
*$%"(#-!*,B%&3(&0!"&)0!%+!"&'&0$"&6!7,+!+"&54(&+!.7,A%&0(&6!%&",3$&#(*$%$*,3$"&*$%&
?!0!#3$%("&*$.$&0!&=(3!00!&3(&d#$&3(&0!&X$%"(#-!+,$%&$8&+6(&c$#03&c,3(&T4%3&8$#&<!+4#(&
3(&DEFk&$&(0&)#(.,$&L$6%&!%3&K0,*(&J'0(#&O*$0$?'WO%(#?'&\#,2(&3(&DEFM>&&U#!*,!"&!0&+#!7!;$&
3(&P*640+("&'&$+#$"9&(0&?$7,(#%$&3(&X$0$.7,!&*$%*(3,B&N&.,00$%("&3(&6(*+1#(!"&3(&7$"54(&
+#$),*!0&!&"4"&?4!#3,!%("&+#!3,*,$%!0("9&0$"&,%3,$"9&54(&*$%+,%4!#!&-,-,(%3$&!00@9&
!4.(%+!%3$&!"@&!&IG&.,00$%("&3(&6(*+1#(!"&(0&1#(!&+$+!0&
NI^&
&
)#$+(?,3!&8(3(#!0.(%+(&(%&X$0$.7,!>&&O0&3("+!*!3$&)!)(0&3(&P*640+("&!&8!-$#&3(&0!&
*$%"(#-!*,B%&(%&X$0$.7,!&84(&#(*$%$*,3$&)$#&(0&?$7,(#%$&54(&7!4+,2B&*$%&"4&%$.7#(&4%!&
)!#+(&3(&0!&#("(#-!&%!+4#!0>&&O%&0!&$7#!&'&-,3!&3(&P*640+("&"(&(;(.)0,8,*!&0!&*$##(0!*,B%&54(&
6(&+#!2!3$&(%&("+(&0,7#$&(%+#(&0!&)(#*()*,B%&54(&%$"&)#$)$#*,$%!%&0!"&)0!%+!"&
(%+($?A%,*!"&'&0!&*4#!*,B%&3(&%4("+#$&)0!%(+!&'&0!&*$%"(#-!*,B%&3(&"4"&#(*4#"$"&7,$0B?,*$">&
sO")(#$&54(&0!&"!7,34#@!&3(0&\#$8>&&P*640+("&",?!&7(%3,*,(%3$&!0&.4%3$&34#!%+(&.4*6$"&
.1"&!b$"t&
&
UEAGCRGA&"CC3&7>5>%>&
a5619.*W6%5./Fs5%5O5F:$5##%$&
a$)5.9*/$*]ll]*F*4)"!5@$)5*/$*]ll_&
&
NIN&
&
&
&
&
!"#$&%"4-/&5$%&25,%#-$+2"!/%&1/5&#/i#"&
&
&
\$#+!3!a&A)-;!5.6"5*")>&T$%3$a&n,46+(*46+0,W`4(64(*($+09&3(&4%&*B3,*(>&
\1?>&M]a&_(,3!3&64#%!%!&
r;!?4!#&*6!-@%&*$%&4%&*!*+$"&3(&:5.*4$/)9*("+(0!&3(&X6!-@%&3(&`41%+!#9&\(#h9&0")05*D]GG&
!>X>&_,74;$&3(&=!#+@%&:,%!-(#9&=AV,*$9&K7#,0&3(&DEE]>&
&
\1?>&DDDa&=,*+0!%+(*46+0,&$&$+#!&3(,3!3&.(;,*!%!&*$%&4%&)!#&3(&6$%?$"&#$9.5.m05#%M&
)!#+,*,)!%3$&(%&4%&!?!)(&3(&6$%?$"9&3(0&Q9/$S*a"./9?9.$.6"6*.,V+(*$M&
0")05*D^GG&3>X>&
_,74;$&3(&=!#+@%&:,%!-(#9&=AV,*$9&K7#,0&3(&DEE]>&&
&
\1?>&]DMa&_(,3!3&.(;,*!%!&)!#+,*,)!%3$&(%&4%!&-(0!3!&3(&6$%?$"&'&
)$#+!%3$&4%&)!#&3(&6$%?$"&#$9.5.m05#%M*3(0&Q9/$S*a"./9?9.$.6"6*.,V+(*$M*0")05*D^GG&3>X>&
_,74;$&3(&=!#+@%&:,%!-(#9&=AV,*$9&K7#,0&3(&DEE]>&
&
\1?>&]^Ma&_(,3!3&.(;,*!%!&)#(",3,(%3$&4%&!?!)(&3(&6$%?$"&3(0&Q9/$S*a"./9?9.$.6"6&
#%,V+(*$9&0")05*D^GG>&&
_,74;$&3(&=!#+@%&:,%!-(#9&=AV,*$&&
&
\1?>&kIDa&\,0+2,%+(*46+0,9&.!%,8("+!*,B%&3(&n$*6,),00,9&3,$"&.(;,*!%$&3(&0$"&(%+(B?(%$"9&
)$#+!%3$&4%&)!#&3(&6$%?$"&#$9.5.505#%M*3(0*Q9/$S*a"./9?9.$.6"6*#%,V+(*$M&
0")05*D^GG&3>&X>&_,74;$&3(&=!#+@%:,%!-(#9&P!%&K%3#A"&J0!%(064!'$*!%9&:(#!*#42>&
NIM&
&
&
!"#$&42"6-m72+$&
&
&
&&&UEAGCRGA&"CC&("&84%3!3$#&3(&4%!&*$.)!b@!&8!7#,*!%+(&3(&)#$34*+$"&54@.,*$"&3(3,*!3!&!&
0!&$7+(%*,B%&3(&%(4#$+$V,%!"&%!+4#!0("&)!#!&0!&,%-("+,?!*,B%&7,$.A3,*!>&&O%+#(&"4"&$7#!"&
3("+!*!%a&T5%%-0".9;$."0*4%5.#6*9'*89)#1*>!$)"05*C\0!%+!"&!04*,%B?(%!"&3(&<$#+(!.A#,*!H&
3$"&(3,*,$%("&!.(#,*!%!"/9&D$9.5.m05#%7*T5%%-0".9;$."0&B-61)99!6*9'*89)#1*>!$)"05*
CJ($%!%1*!+09&`$%?$"&K04*,%B?(%$"&3(&O4#$)!&'&K.A#,*!&3(0&<$#+(H&4%!&(3,*,B%&!.(#,*!%!&
'&4%!&(3,*,B%&(")!b$0!/9&D1$*Q5051-5#%&G5#$)7*I-!".5#"9.6*9'*5.*=.5?561$/*Q1909%5#$*
>//"0#*CO0&X$.(3$#&3(&X!*!64!+09&=(3,+!*,$%("&3(&4%&!3,*+$&3(&*6$*$0!+(&_("-(#?$%2!3$H&
4%!&(3,*,B%&!.(#,*!%!&'&4%!&.(V,*!%!/H&>H51-5605*>.5%9;-$67*45.;$5.*G.#1$9;$.96*
CK%10$?$"&3(&0!&K'!64!"*!a&O%+(B?(%$"&)!%?(!%$"9&4%!&(3,*,B%&!.(#,*!%!&'&4%!&!0(.!%!/&
'&D1$*>;$*9'&G.#1$9;$.6*5./*D1$*>.;$%6}*<"0#"9.5)H*C4%!&(3,*,B%&!.(#,*!%!/>&&`!&
)470,*!3$&!3(.1"&%4.(#$"$"&+#!7!;$"&*,(%+@8,*$"&'&6!&*$0!7$#!3$&(%&3,-(#"!"&!%+$0$?@!"9&
84(&*$!4+$#&3(0&h0+,.$&0,7#$&3(&Y>&U$#3$%&c!""$%&4$)6$O19.$6*d-$6#7*G.#1$9;$.6*5./*#1$*
R)";".6*9'&I$%";"9.*CR!&Qh"54(3!&3(&\(#"A8$%(>&&O%+(B?(%$"&'&0$"&$#@?(%("&3(&0!&Y(0,?,B%/&'&
6!&+#!34*,3$&!0&,%?0A"&(0&0,7#$&3(&K07(#+&`$8.!%%&C:<FB$".*:9);$.E"./3**O"&.,(.7#$&3(&0!&
R,%%(!%&P$*,(+'&'&3("3(&6!*(&.4*6$&3(&0!&K"$*,!*,B%&K.(#,*!%!&)!#!&(0&\#$?#("$&3(&0!&
X,(%*,!&CKKKP/9&0!&P$*,(3!3&3(&Q$+1%,*!&O*$%B.,*!&CPOQ/&'&0!&P$*,(3!3&3(&O+%$7,$0$?@!>&&
_,#,?(&4%!&#("(#-!&3(&)0!%+!"&.(3,*,%!0("&(%&=AV,*$&(&,.)!#+(&"(.,%!#,$"&"$7#(&
(+%$7$+1%,*!&'&*$%"(#-!*,B%&3(&(")(*,("&-(?(+!0("&)!#!&0!&Q$+!%,*!0&\#("(#-!+,$%&X$#)">&&
Y(*,(%+(.(%+(&"(&6!&,%*$#)$#!3$&!&0!&#(3!**,B%&3(&0!&#(-,"+!&,%+(#3,"*,)0,%!#,!&
,%3()(%3,(%+(&"$7#(&)0!%+!"&(%+(B?(%!"9&!#+(&'&*,(%*,!a&W.#$;)5#"9.7&N9-).5%*'9)*B"./*
B9@".;*4%5.#6*5./*Q-%#-)$3&
NIE&
&
&
&
&
&
_,?,+!0,2!3$&)$#&\!70$&P&T&
P()+,(.7#(&3(&IGGG&=!3#,3&
&
&