Rebel Angels

!!
"#$%&!'(!)'*+&*+,
"-+%&!.#/&
!0&1-2#+-'*
!34-/5#46
!728*'9%&1/&:&*+,
!.;<=<>?3
!)@7."3;!<A3
)@7."3;!"B<
)@7."3;!"@;33
)@7."3;!C<?;
)@7."3;!CDE3
)@7."3;!FDG
)@7."3;!F3E3A
)@7."3;!3D>@"
)@7."3;!ADA3
)@7."3;!"3A
)@7."3;!3=3E3A
)@7."3;!"B3=E3
)@7."3;!"@D;"33A
)@7."3;!C<?;"33A
)@7."3;!CDC"33A
)@7."3;!FDG"33A
)@7."3;!F3E3A"33A
)@7."3;!3D>@"33A
)@7."3;!ADA3"33A
)@7."3;!"B3A"H
)@7."3;!"B3A"HI<A3
)@7."3;!"B3A"HI"B<
)@7."3;!"B3A"HI"@;33
)@7."3;!"B3A"HIC<?;
)@7."3;!"B3A"HICDE3
)@7."3;!"B3A"HIFDG
)@7."3;!"B3A"HIF3E3A
)@7."3;!"B3A"HI3D>@"
)@7."3;!"B3A"HIADA3
)@7."3;!"@D;"H
)@7."3;!"@D;"HI<A3
)@7."3;!"@D;"HI"B<
!)@7."3;!"@D;"HI"@;33
!)@7."3;!"@D;"HIC<?;
)@7."3;!"@D;"HICDE3
)@7."3;!"@D;"HIFDG
)@7."3;!"@D;"HIF3E3A
)@7."3;!"@D;"HI3D>@"
)@7."3;!"@D;"HIADA3
)@7."3;!C<;"H
)@7."3;!C<;"HI<A3
)@7."3;!C<;"HI"B<
)@7."3;!C<;"HI"@;33
)@7."3;!C<;"HIC<?;
)@7."3;!C<;"HICDE3
)@7."3;!C<;"HIFDG
)@7."3;!C<;"HIF3E3A
)@7."3;!C<;"HI3D>@"
)@7."3;!C<;"HIADA3
)@7."3;!CDC"H
!7$'J+!+6&!7J+6'5
;370DA>!>;<?.
DA!@3;!<BA!B<;0FI!7!)'*K&5,#+-'*!9-+6!=-$$#!L5#M
!)'4M5-/6+!.#/&
!!
!C'5!L#55M!#*1!N',6O!'(!2'J5,&
!7*1!('5!:M!:J26I%'K&1!(5-&*1,O
45''(!+6#+!9&!,':&6'9!:#*#/&!+'!(-*1!'J5!'9*!+5-$&
!7)PA<B=30>Q3A"F
!L''8,!1'!*'+!95-+&!+6&:,&%K&,R!D(!+6&M!1-1O!DS1!6#K&!#!%'+!:'5&!+-:&!+'!,4&*1!#+!
"#5/&+R!A'5!#5&!$''8,!95-++&*!9-+6'J+!+6&!,#/&
2'J*,&%O!6'*&,+!-*4J+O!#*1!'22#,-'*#%!26&&5%&#1-*/!'(!'+6&5,R!"6#+S,!96M!D!6#K&!,'!
:#*M!(#$J%'J,!4&'4%&!+'!+6#*8R
!QM!9'*1&5(J%!&1-+'5O!B&*1M!='//-#O!9-+6'J+!96':!D!9'J%1!$&!%',+R!QM!,#,,M!#*1!
,#KKM!4J$%-,6&5O!L&K&5%M!@'5'9-+TU!+#%&*+&1
1&,-/*&5!"5-,6!.#52&%%!B#++,U!2'4M&1-+-*/!/'11&,,!)'%%&&*!C&%%-*/6#:U!+6&!:J26I
:-,,&1!3:-%M!N#2'$,U!4J$%-2-+M!9&*26&,!NJ1-+6!@#J+
#*1!7:M!365&*5&-26U!715-&**&!B#-*+5#J$!#*1!"5#2M!L%'':O!('5!8&&4-*/!:&!-*!(5-&,U!
+6&!1&%-2-'J,%M!4J28-,6!#*1!T#*M!)6-4!>-$,'*U
#*1!&K&5M$'1M!&%,&!('5!&K&5M+6-*/!&%,&R!;#*1':!@'J,&!5'28,R
!QM!+&55-(-2!#/&*+O!L#55M!>'%1$%#++O!#*1!*'+!VJ,+!S2#J,&!6&!2J+,!:M!26&28,!#*1!
+#%8,!:&!'((!+6&!%&1/&!96&*!D!+6-*8!:M!95-+-*/!-,!,'
$#1!-+!:-/6+!2#J,&!,':&'*&!-*+&5*#%!-*VJ5MR
!"6&!F+5#44-*/!>'1,!'(!E-2+'5-#*#W!)'%-*!>#%&O!,&*-'5!#526-K-,+!#+!;'M#%!L&+6%&:!
@',4-+#%O!96'!+-5&%&,,%M!#*,9&5&1!:M!XJ&,+-'*,!#*1
96',&!$''8O!.5&,J:&1!)J5#$%&O!9#,!#!/'1,&*1R!Q#58!P-5$MO!'(!+6&!='*1'*!"5#*,4'5+!
QJ,&J:O!96'!9#,!J*(#-%-*/%M!4'%-+&!#*1
-*25&1-$%M!1&+#-%&1!&K&*!96&*!D!,#-1!,+J((!%-8&O!Y<8#MO!$J+!-(!,6&!+''8!+6&!
?*1&5/5'J*1!(5':!.-22#1-%%M!R!R!R!OY!#,!-(!D!9&5&!,+#/-*/!#
,2&*&!'J+!'(!Q'*+M!.M+6'*!#*1!+6&!@'%M!>5#-%R!7*1!+6&!1&%-/6+(J%!=&&!N#28,'*!+6&!
'*&I,+'4I,6'44-*/!,'J52&!('5!#*M+6-*/O!#*1!D!1'
:&#*!#*M+6-*/O!#$'J+!+6&!E-2+'5-#*!#/&R!F:#5+O!(J**MO!-*25&1-$%M!8*'9%&1/&#$%&O!
(#,+!9-+6!+6&!&I:#-%!#*,9&5,O!#*1!#*!3%K-,!)',+&%%'
(#*R!QM!6&#5+!,9&%%,!9-+6!%'K&R!"6&,&!:&*!8*'9!+6&-5!,+J((R!7*M!:-,+#8&,!:#1&!'5!
%-$&5+-&,!+#8&*!#5&!,'%&%M!+6&!(#J%+!'(!+6&!#J+6'5R
!=#J5-&!7%%&&O!5&#1&5!&Z+5#'51-*#-5&O!96'!'*2&!#/#-*!*#-%&1!-+R!DS:!*'+!9'5+6MR
!@'%%M!L%#28O!)#,,#*15#!)%#-5&O!#*1!3:-%M!=#J&5O!96'!8*'9!:'5&!#$'J+!(#*+#,M!#*1!
:#/-2!,M,+&:,!'*!#*!'((!1#M!+6#*!D!2'J%1!&K&5
$&/-*!+'!8*'9R
!A#*2M!B&5%-*O!('5!#,8-*/!#%%!+6&!5-/6+!XJ&,+-'*,R
!"6&!;-/6+!@'*'5#$%&!P#+&!0J((M!'(!P&*,-*/+'*!L''8,O!96'!-,!9-+6'J+!4&&5!96&*!-+!
2':&,!+'!4&&5#/&R
!QM!4#%,!#+!H7B5-+&5!('5!VJ,+!#$'J+!&K&5M+6-*/R
!"6&!$#5-,+#!,+#((!'(!+6&!"&#!='J*/&!-*!L5''8%M*!L5-/-1O!L&*O!Q#5-'O!7%-O!7%:#O!
F6&55MO!.&+&5O!7:#*1#O!N'*#+6#*O!N&,,&O!3:-%MO
;#26&%O!>&'((5&M!('5!2#((&-*&O!:#8-*/!:&!%#J/6O!4%#M-*/!#:#T-*/!:J,-2O!%&++-*/!:&!
,-+!('5!6'J5,O!#*1!/&*&5#%%M!:#8-*/!:M!9'58
&Z4&5-&*2&!#!6#44M!'*&R!)#*S+!9#-+!+-%%!+6&M!(-*-,6!$J-%1-*/!:&!+6#+!2J$-2%&!*&#5!
+6&!'J+%&+R!R!R!R
!"6&!4#,,-'*#+&!$''8,&%%&5,!#*1!%-$5#5-#*,!D!6#K&!:&+R!H'J!#5&!:M!6&5'&,R
!L''80-K#,O!%'*/!:#M!+6&M!5&#1!#*1!5&-/*R
!7%%!+6&!5&#1&5,!DSK&!:&+!'*!+6-,!25#TM!5-1&R!"6#*8,!('5!+6&!-*,4-5#+-'*!#*1!
&*2'J5#/&:&*+R
!7*1!%#,+!$J+!2&5+#-*%M!*'+!%&#,+O!+6#*8,!+'!:M!,'*O!N',6O!('5!$&-*/!,'!4#+-&*+R!
H&,O!6'*&MO!*'9!9&!2#*!4%#M!)%J&R
!7%%!+6#+!9&!,&&!'5!,&&:![!D,!$J+!#!15&#:!9-+6-*!#!15&#:R
!B6'!(-5,+!,&1J2S1!+6&:!+'!+6#+!('J%!5&K'%+\
"6S!-*(&5*#%!F&54&*+U!6&!-+!9#,O!96',&!/J-%&
F+-5S1!J4!9-+6!3*KM!#*1!;&K&*/&O!1&2&-KS1
"6&!Q'+6&5!'(!Q#*8-*1&O!96#+!+-:&!6-,!.5-1&
@#1!2#,+!6-:!'J+!(5':!@&#KS*O!9-+6!#%%!6-,!@',+
<(!;&$&%!7*/&%,O!$M!96',&!#-1!#,4-5-*/
"'!,&+!6-:,&%(!-*!>%'5M!#$'K&!6-,!.&&5,O
@&!+5J,+&1!+'!6#K&!&XJ#%S1!+6&!:',+!@-/6O
D(!6&!'44',S1U!#*1!9-+6!#:$-+-'J,!#-:
7/#-*,+!+6&!"65'*&!#*1!Q'*#526M!'(!>'1
;#-,S1!-:4-'J,!B#5!-*!6&#KS*!#*1!L#++&%!45'J1
B-+6!K#-*!#++&:4+R!@-:!+6&!#%:-/6+M!.'9&5
@J5%S1!6&#1%'*/!(%#:-*/!(5':!+6S!3+6&5&#%!F8-&
B-+6!6-1&'J,!5J-*&!#*1!2':$J,+-'*!1'9*
"'!$'++':%&,,!4&51-+-'*O!+6&5&!+'!19&%%R!R!R!R
<!.5-*2&O!<!)6-&(!'(!:#*M!"65'*&1!.'9&5,O
"6#+!%&1!+6S!-:$#++&%-S1!F&5#46-:!+'!B#55
?*1&5!+6M!2'*1J2+O!#*1!-*!15&#1(J%!1&&1,
C&#5%&,,O!&*1#*/&5S1!@&#KS*S,!4&54&+J#%!P-*/U
7*1!4J+!+'!45''(!6-,!6-/6!FJ45&:#2MO
B6&+6&5!J46&%1!$M!,+5&*/+6O!'5!)6#*2&O!'5!C#+&O
"''!9&%%!D!,&&!#*1!5J&!+6&!1-5&!&K&*+O
"6#+!9-+6!,#1!'K&5+65'9!#*1!('J%!1&(&#+
@#+6!%',+!J,!@&#KS*O!#*1!#%%!+6-,!:-/6+M!@',+
D*!6'55-$%&!1&,+5J2+-'*!%#-1!+6J,!%'9O
7,!(#5!#,!>'1,!#*1!@&#KS*%M!3,,&*2&,
)#*!.&5-,6W!('5!+6&!:-*1!#*1!,4-5-+!5&:#-*,
D*K-*2-$%&O!#*1!K-/'J5!,''*!5&+J5*,O
"6'J/6!#%%!'J5!>%'5M!&Z+-*2+O!#*1!6#44M!,+#+&
@&5&!,9#%%'9S1!J4!-*!&*1%&,,!:-,&5MR!R!R!R
"'!5&-/*!-,!9'5+6!#:$-+-'*!+6'J/6!-*!@&%%W
L&++&5!+'!5&-/*!-*!@&%%O!+6#*!,&5K&!-*!@&#KS*R
LJ+!96&5&('5&!%&+!9&!+6&*!'J5!(#-+6(J%!(5-&*1,O
"6S!#,,'2-#+&,!#*1!2'4#5+*&5,!'(!'J5!%',,
=M&!+6J,!#,+'*-,6+!'*!+6S!'$%-K-'J,!.''%O
7*1!2#%%!+6&:!*'+!+'!,6#5&!9-+6!J,!+6&-5!4#5+
D*!+6-,!J*6#44M!Q#*,-'*O!'5!'*2&!:'5&
B-+6!5#%%-&1!75:,!+'!+5M!96#+!:#M!$&!M&+
;&/#-*S1!-*!@&#KS*O!'5!96#+!:'5&!%',+!-*!@&%%\
!!31/#57%%#*!.'&
!!N'6*!Q-%+'*O!.#5#1-,&!=',+OL''8!]
!.;<=<>?3
03)3QL3;!Ô!]_à
!@3;3DA!=D3F!"@3!C7D"@C?=!7A0!";?3!7))<?A"!<C!:M!%#,+!,-Z+M!1#M,O!$M!P#5+-8O!
$5'+6&5!'(!7:#5O!%'M#%!,'*!'(!+6&!;#8,6#*#O!#*1
'(!+6&!,+5#*/&!K-,-+#+-'*!D!5&2&-K&1!+6#+!6#,!%&(+!:&!9#5M!'*!+6-,!2'%1!3*/%-,6!
*-/6+R!"'!$&/-*!#+!+6&!$&/-**-*/O!D!:J,+!/'!$#28!+'!+6&
:-11%&!1#M,!'(!<2+'$&5O!#(+&5!+6&!:-,('5+J*&!+6#+!'22J55&1R
!D+!9#,!/5'9-*/!2'%1&5!96&*!D!%&(+!+6&!9''1,!$&6-*1!+6&!F4&*2&!72#1&:M!('5!H'J*/!
=#1-&,R!DS1!5&2&-K&1!#!%&++&5!$M!(#%2'*!(5':!+6&
;#8,6#*#R!QM!45&,&*2&!9#,!5&XJ-5&1!-::&1-#+&%M!-*!='*1'*R!D!9#,!+'!8&&4!'((!+6&!
:#-*!5'#1,!#*1!$&!2&5+#-*!D!9#,!*'+!('%%'9&1R!C'5
,&K&5#%!:-%&,O!D!+5#K&%&1!J*1&5!2'K&5!'(!+6&!>M4,M!2#5#K#*R!"6&!5&,+!'(!+6&!9#M!D!
:#1&!'*!(''+O!#%'*&O!,6-&%1&1!$M!+5&&,!'5!+6&!$5'#1
2#4&!'(!*-/6+R
!"6&!,&2'*1!*-/6+O!&Z6#J,+&1!$M!:M!+5#K&%,O!6#%(!1&#1!9-+6!2'%1!#*1!6J*/&5!('5!D!
6#1!(-*-,6&1!:M!:&#/&5!4'5+-'*!'(!:&#+!+9'
1#M,!45-'5!:M!:-*1!:#1&!,+5#*/&!$M!-,'%#+-'*O!+6&!9''1,!$&/#*!+'!4%#M!+5-28,!'*!
:&R!D*!:M!9&#8&*&1!,+#+&O!&K&5M!96-44''59-%%
$&2#:&!#!6#J*+U!&#26!+9-/!$5'8&*!J*1&5!#!(#9*S,!6''K&,!#!+65&#+!(5':!+6&!J*XJ-&+!
,'J%,!'(!$#5$#5-#*,!,%#J/6+&5&1!2&*+J5-&,!$&('5&R
!LM!+6&!%-/6+!'(!+6&!(-5&O!D!5&#1!,&K&5#%!4#,,#/&,!(5':!:M!'*%M!$''8O!#!2'4M!'(!
"6&!<1M,,&MO!6'4-*/!+'!/#-*!2'J5#/&!(5':!+6&!+5-#%,
'(!+6#+!6&5'R!C'5!D!*'!%'*/&5!(&%+!$5#K&!'5!2&5+#-*!'(!#*M+6-*/R!C-*#%%MO!D!
15-(+&1!-*+'!,%&&4!#*1!15&#:,R
!D+!9#,!*'+!#!5&,+(J%!,%&&4R!D!15&#:&1!'(!/5#,,!/'*&!$%#28!#,!8-*1%-*/R!D!9#,!-*!#!
4%#2&!'(!,+'*&!#*1!#,6R!7!%'*&!+5&&!,+''1!'J+%-*&1
#/#-*,+!#!$%''15&1!:''*R!7*1!(#5!$&%'9O!#!K#,+!#5:M!'(!J*&#5+6%M!$&-*/,!2%#:'5&1!
('5!9#5R!7$'K&!+6&!1-*O!D!6&#51!:M!$5'+6&5O
7:#5O!,25&&26-*/!'J+!#!9#5*-*/WY0'!*'+!(#-%!:&O!$5'+6&5R!0'!*'+!+5J,+!R!R!RY!LJ+!
6&5&!+6&!15&#:!26#*/&1R!F6&!9#,!+6&5&O!$&*1-*/
'K&5!:&O!6&5!/'%1&*!5&1!2J5%,!#!6#%'!#/#-*,+!+6&!$5-/6+!,8MR
!YH'J5!1&,+-*M!-,!V'-*&1!+'!:-*&OY!,6&!96-,4&5&1R!F6&!%&#*&1!2%',&U!6&5!%-4,!
6'K&5&1!*&#5!:M!'9*R!D!2'J%1!(&&%!+6&!,%-/6+&,+!6&#+
(5':!+6&:R!D!9'8&!XJ-28%MO!$J+!+6&5&!9#,!*'+6-*/O!,#K&!+6&!,:'%1&5-*/!#,6!(5':!:M!
2#:4(-5&!#*1!+6&!*-/6+!,'J*1,!'(!,:#%%!#*-:#%,
,2J55M-*/!('5!2'K&5R
!B6&*!D!#55-K&1!-*!='*1'*!D!9#,!6#%(!,+#5K&1!#*1!J*,J5&!96&5&!+'!/'!*&Z+R!"6&!
;#8,6#*#!6#1!*'+!/-K&*!:&!-*,+5J2+-'*!#,!+'!96&5&
+'!(-*1!+6&:U!+6#+!9#,!*'+!+6&-5!9#MR!"6&M!#%9#M,!('J*1!:&R!7,!D!,+J:$%&1!#:'*/!
+6&!25'91,!'(!)'K&*+!>#51&*O!+6&!,:&%%!'(!&&%!4-&O
6'+!#*1!,#%+MO!*&#5%M!15'K&!:&!:#1!9-+6!6J*/&5R!D!9#,!#$'J+!+'!5-,8!,+&#%-*/!'*&!
96&*!D!,4'++&1!6-:R!7!:#*!,+''1!#/#-*,+!#!9#%%O
,:'8-*/!#!2-/#5R!@&!9#,!*'+!5&:#58#$%&W!'(!:&1-J:!6&-/6+!#*1!$J-%1O!9&#5-*/!#!1#58!
,J-+!#*1!6#+O!+6&!:'5*-*/S,!*&9,4#4&5!('%1&1
*&#+%M!J*1&5!6-,!%&(+!#5:R!@&!,4'5+&1!#!9&%%I/5'':&1!:J,+#26&O!#*1!#%'*/!6-,!26&&8!
9#,!#!9-28&1!,:-%&!'(!#!,2#5R!D!9#-+&1!('5!6-:
+'!%''8!#9#M!,'!+6#+!D!2'J%1!%-(+!+6&!4-&!9-+6'J+!2'*,&XJ&*2&R!D!(&-/*&1!-*+&5&,+!
-*!#!4#-5!'(!,+5&&+!4&5('5:&5,R!<*&!VJ//%&1!8*-K&,
96-%&!+6&!'+6&5!26#5:&1!+6&!25'91R!7!+6-51!:#*O!D!8*&9O!9'J%1!$&!,%-44-*/!#$'J+O!
5&%-&K-*/!4&'4%&!'(!+6&-5!9#%%&+,R!D!%''8&1!+'9#51
+6&!9#%%!#/#-*O!#*1!+6&!:#*!9#,!/'*&R
!A'9!9#,!+6&!+-:&!+'!,+5-8&R!P&&4-*/!:M!6#*1!6-11&*!$&*&#+6!+6&!2'K&5!'(!:M!2%'#8O!
D!5&#26&1!+'9#51!+6&!4-%&!'(!,+&#:-*/!$J*,R
"6&!6'+!4-&!9#,!$#5&%M!-*!:M!/5#,4!96&*!+6&!:#*!(5':!+6&!9#%%!,-1%&1!J4!+'!:&R
!Y"6&!3#,+&5*!F+#5!-,!6#51!+'!(-*1OY!6&!,#-1!-*!#!%'9!$J+!26&&5M!K'-2&R!D+!9#,!
'*%M!+6&*!+6#+!D!*'+&1!+6&!4-*!'*!6-,!%#4&%!#!,:#%%
,9'51!&:$%#T'*&1!9-+6!#!,8J%%R!"6&!,M:$'%!'(!+6&!;#8,6#*#R
!D!#*,9&5&1!&Z2-+&1%M!9-+6!+6&!9'51,!D!8*&9!6&!&Z4&2+&1O!YLJ+!-+!,6-*&,!$5-/6+%M!
('5!+6',&!96'!,&&8!-+RY
!B&!2%#,4&1!5-/6+!6#*1,!+6&*O!4%#2-*/!+6&!%&(+!'K&5!+6&!(-,+!#,!$5'+6&5,!'(!+6&!
;#8,6#*#R
!YB&%2':&O!*'K-+-#+&O!9&SK&!$&&*!9#-+-*/!('5!M'JRY!@&!%&#*&1!('59#51!+'!96-,4&5!-*!
:M!&#5RYH'J!6#K&!:J26!+'!#22'J*+!('5RY
!D!2#**'+!,#M!&Z#2+%M!96#+!6#44&*&1!*&Z+R!"6&!%#,+!,-/6+!D!5&:&:$&5!9#,!'(!+6&!
:&#+!4-&!9':#*!4'28&+-*/!2'-*,R!D!(&%+!#!,6#54
4#-*!#+!+6&!$#28!'(!:M!6&#1O!#*1!+6&!9'5%1!,9-5%&1!-*+'!$%#28*&,,R
!B6&*!D!2#:&!+'O!D!('J*1!:M,&%(!-*!#!1#*8O!1#58!5'':O!$%-*8-*/!#/#-*,+!+6&!,J11&*!
%-/6+!'(!:#*M!+#%%!2#*1%&,!#55#*/&1!-*!#!2-52%&
!#5'J*1!:&R!QM!&,2'5+,!6#1!K#*-,6&1R!QM!6&#1!#26&1!%-8&!+6&!1&K-%O!#*1!*'9!#9#8&O!
:M!+&55'5!9#,!,6#54&*&1!#/#-*,+!+6&!96&+,+'*&
'(!+6&!J*8*'9*R!B6&5&!9#,!D\!B6'!9#,!+6#+!:#*\!D(!6&!9#,!;#8,6#*#O!96M!+6&!2%J$!'*!
+6&!6&#1\!D!8&4+!:M!&#5,!'4&*O!%-,+&*-*/!('5
,'J*1,O!K'-2&,O!,':&!2%J&!#,!+'!96&5&!D!9#,R
!YP#5+-8O!$5'+6&5!'(!7:#5O!-*-+-#+&!'(!+6&!$5'+6&56''1!'(!+6&!;#8,6#*#!R!R!RY"6&!
K'-2&O!1&&4!#*1!4'9&5(J%O!2#:&!(5':!,':&96&5&
#$'K&!:&R!D!2'J%1!,&&!*'+6-*/!$J+!+6&!2#*1%&,O!#*1!$&6-*1!+6#+O!J++&5!1#58*&,,R
!YP#5+-8OY!+6&!K'-2&!5&4&#+&1O!:',+!1&(-*-+&%M!9#*+-*/!#*!#*,9&5R
!YH&,OSS!D!25'#8&1O!96&*!D!2'J%1!(-*1!:M!K'-2&R
!Y=&+!+6&!+5-$J*#%!$&/-*RY
!"6&!5'':!$&/#*!+'!+#8&!,6#4&!-*!+6&!1#58R!"9&%K&!(&&+!'5!:'5&!#$'K&!+6&!(%''5!9#,!
#!5#-%-*/!5J**-*/!+6&!2-52J:(&5&*2&!'(!+6&
2-52J%#5!5'':R!L&6-*1!+6&!5#-%-*/O!D!2'J%1!VJ,+!:#8&!'J+!+6&!':-*'J,!1&&4!4J54%&!
5'$&,!'(!+6&!6-/6&,+!5#*8,!'(!+6&!;#8,6#*#R!"6&,&
9&5&!*'+!+6&!$5'+6&5,!96'!6#1!+5#-*&1!:&!:M!96'%&!%-(&O!$J+!+6&!4'9&5(J%!:&*!96'!
%-K&1!#*1!5J%&1!-*!+6&!,6#1'9,R!C'5!,J26!#
+5-$J*#%!+'!+#8&!4%#2&O!D!6#1!&-+6&5!1'*&!,':&+6-*/!K&5M!/''1!'5!K&5M!$#1R
!YB&!#5&!1-,:#M&1!$M!M'J5!4&5('5:#*2&OY!+6&!K'-2&!2'*+-*J&1RYH'J!9&5&!,J44',&1!+'!
9#+26!+6&!/-5%RY
!F':&+6-*/!K&5M!$#1R!7!*&9!+&55'5!,&-T&1!:&R!A'+!+6&!(&#5!+6#+!D!:-/6+!$&!$&#+&*!
'5!5'$$&1!$M!6''%-/#*,O!$J+!+6&!(&#5!+6#+!D!6#1
1-,#44'-*+&1!:M!$&*&(#2+'5,O!:M!$5'+6&5,O!#*1!+6#+!D!9'J%1!(#2&!+6&-5!VJ,+-2&O!
96-26!9#,!%&/&*1#5MR
!D!,9#%%'9&1!6#51RYH&,O!$5'+6&5O!D!1-1!9#+26!6&5O!$J+!Y
!"6&!K'-2&!5',&!,6#54%MRYH'J!9&5&!,J44',&1!+'!9#+26!6&5!#*1!5&4'5+!+'!J,R!"6#+!-,!
#%%R!B#,!+6-,!:-,,-'*!+''!1-((-2J%+!('5!M'JO
*'K-2&\Y
!D!2'J%1!*'+!,4&#8O!,'!/5&#+!9#,!:M!(&#5R
!YB6M!1-1!M'J!*'+!5&4'5+!+'!J,!+6&!:':&*+!,6&!&*+&5&1!+6&!5&#%:,\Y
!YD!D!+6'J/6+!D!6#1!+6-*/,!9&%%!-*!6#*1RY
!Y7*1!1-1!M'J\Y
!YA'RY!QM!#*,9&5!6J*/!-*!+6&!#-5!%-8&!,'!:J26!,:'8&!(5':!+6&!2#*1%&,R
!YA'O!M'J!1-1!*'+R!7*1!*'9!+6&!5&#%:,!6#K&!$&&*!$5&#26&1R!"6&!J*+6-*8#$%&!6#,!
6#44&*&1RY
!D!5J$$&1!:M!,9&#+M!4#%:,!#/#-*,+!:M!8*&&,O!$J+!-+!1-1!*'+!6&%4R!"6&!2'%1O!
:&+#%%-2!+#,+&!'(!(&#5!9'58&1!-+,!9#M!-*+'!:M!:'J+6R
"6&5&!9#,!:J26!D!1-1*S+!8*'9!#$'J+!+6&!'5/#*-T#+-'*!+'!96-26!DS1!4%&1/&1!:M,&%(O!
:M!%'M#%+MO!:M!K&5M!%-(&O!#,!:M!$5'+6&5!6#1!$&('5&
:&R!7:#5!6#1!+'%1!:&!,+'5-&,!'(!+6&!;#8,6#*#O!'(!+6&-5!2'1&!'(!6'*'5R!"6&-5!4%#2&!
-*!6-,+'5M!#,!45'+&2+'5,!'(!+6&!5&#%:,R
!YD(!M'JS1!2':&!+'!J,!-::&1-#+&%MO!9&!2'J%1!6#K&!2'*+#-*&1!+6&!,-+J#+-'*RY
!YB-+6!#%%!1J&!5&,4&2+O!,6&!-,!*'+!96#+!D!&Z4&2+&1RY!D!4#J,&1!+'!+6-*8!'(!+6&!/-5%!
DS1!%&(+!$&6-*1!6&#1,+5'*/O!9-+6!,+#5+%-*/!/5&&*
&M&,RYD!$&%-&K&!+6#+!,6&!:&#*,!9&%%RY
!"6&!K'-2&!$'':&1R!Y"6#+!/-5%!-,!:'5&!1#*/&5'J,!+6#*!,6&!8*'9,R!7*1!:'5&!'(!#!
+65&#+!+6#*!M'J!5&#%-T&O!$'MR!F6&!6#,!+6&!4'+&*+-#%
+'!1&,+5'M!J,!#%%R!7*1!*'9O!$&+9&&*!+6&!+9'!'(!M'JO!+6&!4'9&5!6#,!$&&*!J*%&#,6&1R!
)6#',!5&-/*,RY
!YLJ+!,6&!1&(&#+&1!)-52&S,!#,,#,,-*RY
!Y)-52&!6#,!:'5&!+6#*!'*&!1#58!,4-5-+!#+!6&5!1-,4',#%RY!"6&!K'-2&!2'*+-*J&1R!Y"6#+!
/-5%!,6#++&5&1!+6&!5J*&,!+6#+!6#K&!6'J,&1!+6&
:#/-2!#*1!8&4+!-+!,#(&!('5!/&*&5#+-'*,R!0'!M'J!J*1&5,+#*1!+6#+!+6&5&!-,!*'!
2'*+5'%\!"6&!:#/-2!-,!%'',&!-*,-1&!+6&!5&#%:,!('5!#*M!,4-5-+
+'!J,&R!7%5&#1MO!:#*M!#5&!J,-*/!-+!+'!2'55J4+!+6&!,4-5-+,!96'!:J,+!25',,R!"6&M!
9-%%!$5-*/!+6&:!+'!+6&!B-*+&5%#*1,!#*1!('5+-(M!+6&-5
,+5&*/+6R!@'9!%'*/!$&('5&!+6&M!9&#8&*!+6&!K&-%!$&+9&&*!+6&!5&#%:,!#*1!+6-,!9'5%1\!
L&('5&!+6&M!(-*1!#!9#M!+'!)-52&!'5!,6&!(-*1,!#
9#M!-*\!@'9!%'*/!$&('5&!,6&!6#,!+6&!4'9&5!,6&!2'K&+,\Y
!7!,%-28O!-2M!(&#5!,45&#1!+65'J/6!:M!K&-*,R
!YA'9!M'J!,&&R!H'J!J*1&5,+#*1!96#+!,6&!6#,!1'*&R!B6#+!M'J!6#K&!6&%4&1!6&5!1'R!
P*&&%!R!R!RY
!C5':!*'96&5&!2#:&!+9'!,+5'*/!6#*1,O!('52-*/!:&!+'!:M!8*&&,R!QM!2%'#8!9#,!%'',&*&1!
#+!:M!*&28!#*1!D!(&%+!2'%1!6#51!,+&&%
#/#-*,+!+6&!(5#*+-2!+65'$$-*/!'(!+6&!K&-*!+6&5&R!"6-,!9#,!-+R!D!6#1!(#-%&1O!
$5'J/6+!,6#:&!'*!+6&!;#8,6#*#!#*1!:M!$5'+6&5S,!:&:'5MO
#*1!*'9!D!9'J%1!1-&!('5!-+R
!Y0'!M'J!$'9!+'!+6&!9-%%!'(!+6&!$5'+6&56''1\Y!#,8&1!+6&!K'-2&R
!QM!K'-2&O!45&,,&1!+-/6+!-*!:M!+65'#+!$M!+6&!(%#+!'(!+6&!8*-(&O!,'J*1&1!(5#*+-2O!
,+5#*/%&1R!7!,+5#*/&5S,!K'-2&RYD!1'RY
!YF#M!-+RY
!YD!RRR!D!$'9!+'!+6&!9-%%!'(!+6&!$5'+6&56''1R!D*!#%%!+6-*/,RY
!"6&!$%#1&!5&+5&#+&1R!D!9#,!5&%&#,&1R
!B6&*!D!5&#%-T&1!:M!%-(&!9'J%1!$&!,4#5&1O!D!#:!#,6#:&1!+'!,#M!+6#+!D!(&%+!*&#5!+'!
25M-*/!+&#5,!'(!5&%-&(R!D!9'J%1!%-K&O!#*1!DS1!6#K&!#
26#*2&!M&+!+'!45'K&!:M!9'5+6!+'!+6&!;#8,6#*#R
!Y"6&5&!-,!,+-%%!6'4&R!@#,!+6&!/-5%!&K&5!:#1&!:&*+-'*!+'!M'J!'(!+6&!"&:4%&\Y
!YA'O!:M!$5'+6&5R!D!6#K&!*&K&5!6&#51!'(!,J26!#!4%#2&RY
!Y='*/!$&('5&!+6&!5J*&,!9&5&!2'*,+5J2+&1!+'!2'*+5'%!+6&!:#/-2O!+6&!<51&5!J,&1!+6&!
"&:4%&R!D+!-,!5J:'5&1!+'!$&!+6&!,'J52&!'(!#%%
4'9&5!-*!+6&!5&#%:,R!D+!-,!+6&!4%#2&!96&5&!+6&!:#/-2!2#*!$&!2'*+5'%%&1R!B6','&K&5!
2%#-:,!+6&!"&:4%&!5J%&,!+6&!5&#%:,R!F6&!:J,+!(-*1
-+RY
!YB6&5&!-,!-+\Y
!"6&5&!9#,!#!:':&*+S,!4#J,&RYF':&96&5&!-*,-1&!+6&!5&#%:,R!B&!1'!*'+!8*'9!('5!
2&5+#-*R!"6&!<51&5!8&4+!-+!9&%%!6-11&*RY
!YLJ+!6'9!R!R!RY
!YF6&!:J,+!J,&!6&5!9-+,R!D(!,6&!-,!+5J%M!'*&!'(!+6&!<51&5O!+6&!"&:4%&!9-%%!:',+!
%-8&%M!2#%%!+'!6&5!-*!,':&!(#,6-'*R!LJ+!,6&!:J,+!$&
2#5&(J%R!<+6&5,!9-%%!,&&8!-+!#,!9&%%R!"6&!:#/-2!-,!J*45&1-2+#$%&O!9-%1R!A'+6-*/!
(5':!+6&!'+6&5!,-1&!2#*!$&!+5J,+&1R!"6-,!-,!:',+
-:4'5+#*+R!<*2&!,6&!(-*1,!+6&!"&:4%&O!,6&!:J,+!,#M!+6&,&!9'51,W!D!$-*1!+6&!:#/-2!
-*!+6&!*#:&!'(!+6&!3#,+&5*!F+#5RY
!YB'*S+!+6#+!/-K&!+6&!"&:4%&!+'!+6&!;#8,6#*#\Y
!YD+!9-%%!/-K&!J,!'J5!1J&R!B6M!,6'J%1!+6&!<51&5!6#K&!-+!#%%\!"6&-5!+-:&!-,!4#,+RY
!YB6M!1'!9&!*'+!#,8!6&5!+'!$5-*/!J,!-*!9-+6!6&5\Y
!"6&!5'':!(&%%!,-%&*+!('5!#!:':&*+O!#*1!D!(&#5&1!D!9'J%1!6#K&!+6&!8*-(&!+'!:M!
+65'#+!#/#-*RYA'!:&:$&5!'(!+6&!;#8,6#*#!:#M!&*+&5
+6&!5&#%:,R!"6#+!9#,!+6&!9-+26&,S!4J*-,6:&*+!'*!J,RY
!.J*-,6:&*+\!C'5!96#+\!D!6#1!6&#51!7:#5!,#M!'*%M!+6#+!9&!9&5&!/J#51-#*,!+'!+6&!
<51&5O!#!,M,+&:!'(!26&28,!#*1!$#%#*2&,!('5!+6&-5
4'9&5R!D+!9#,!#*!J*&#,M!#%%-#*2&O!$J+!#*!#%%-#*2&!*'*&+6&%&,,R!"6&,&!+6-*/,!$&-*/!
,4'8&*!*'9!:#1&!:&!9#5MR
!D!9#,!#(5#-1!+'!,4&#8!'J+!$J+!8*&9!D!:J,+R!YD!1'!*'+!+6-*8!,6&!9-%%!9'58!('5!J,!
9-%%-*/%MRY
!Y0'!*'+!+&%%!6&5!M'J5!#-:R!>#-*!6&5!+5J,+RY!"6&5&!9#,!#!4#J,&RYB''!6&5O!-(!
*&2&,,#5MRY
!D!+6'J/6+!'(!+6&!,+5'*/O!4'9&5(J%O!,+J$$'5*!/-5%!DS1!%&(+!$&6-*1RYF6&!-,!*'+!,'!
&#,-%M!9''&1RY
!Y7*M!/-5%!2#*!$&!9''&1R!D+!-,!:&5&%M!#!XJ&,+-'*!'(!(-*1-*/!+6&!5-/6+!+''%R!H'J5!
$5'+6&5O!7:#5O!9#,!XJ-+&!,8-%%&1!#+!8&&4-*/!+6&!/-5%S,
:'+6&5!'*!'J5!,-1&RY
!QM!$5'+6&5!9&#5-*/!+6&!2#4&!'(!+6&!1#:*&1R!QM!$5'+6&5!J,-*/!#!1&:'*S,!9#5!25MR!
A'9!9#,!*'+!+6&!+-:&!+'!:&*+-'*!:M!J*,&++%-*/
15&#:,R!"6&M!:-/6+!+6-*8!:&!#!(''%!'5!#!2'9#51R
!Y>#-*!6&5!(#K'5R!C-*1!+6&!"&:4%&R!P&&4!6&5!(5':!#*M!'+6&5!1#%%-#*2&,R!"6&!5&,+!
,6#%%!$&!'J5,RY
!YLJ+IY
!Y>'!*'9O!L5'+6&5!P#5+-8OY!6&!,#-1!+6&*O!J,-*/!+6&!+-+%&!'(!6'*'5!+6#+!:-/6+!'*&!
1#M!$&!2'*(&55&1!J4'*!:&!#,!#!(J%%!:&:$&5!'(!+6&
;#8,6#*#RYB&!,6#%%!$&!9#+26-*/!M'JRY
!QM!2#4+'5,!2#:&!('59#51!+6&*!+'!4%#2&!+6&!$%-*1('%1!'K&5!:M!&M&,!'*2&!:'5&R!D!
VJ:4&1!+'!:M!(&&+R!YB#-+bY!D!25-&1!'J+R!Y<*2&!,6&
6#,!('J*1!+6&!"&:4%&O!#*1!+6&!4'9&5!-,!'J5,O!96#+!-,!+'!$&2':&!'(!6&5\Y
!"6&!5'':!9#,!,-%&*+!,#K&!('5!+6&!(%-28&5-*/!'(!+6&!2#*1%&,!-*!+6&!,%-/6+!15#(+R!
7+!%#,+!+6&!K'-2&!&26'&1!1'9*!-*+'!+6&!26#:$&5R
Y"6&*!M'J!:J,+!8-%%!6&5RY
!)@7."3;!<A3
!03)3QL3;!]_à
F.3A)3!7)703QH!C<;!H<?A>!=70D3F
!7@O!)@;DF"Q7Fb
!"6&!K&5M!:&*+-'*!'(!+6&!6'%-1#M!2'*VJ5&,!,J26!45&2-'J,O!,&*+-:&*+#%!:&:'5-&,!('5!
:',+W!#!+#%%!&K&5/5&&*!+5&&!6J*/!9-+6!+-*,&%!#*1
/%#,,U!/#-%M!95#44&1!45&,&*+,!,+5&9*!#$'J+U!#!5'#5-*/!(-5&!#*1!/%#,,&,!(-%%&1!9-+6!
26&&5U!2#5'%&5,!/5'J4&1!5'J*1!+6&!1''5O!+6&-5!V#J*+M
6#+,!2#+26-*/!+6&!,*'9!#,!-+!(#%%,U!#!*-2&!(#+!/'',&!5&,+-*/!J4'*!#!4%#++&5O!
,J55'J*1&1!$M!#44%&,R!7*1!'(!2'J5,&O!(-/!4J11-*/!('5
1&,,&5+R
!;-/6+R!N'%%M!/''1R!D!,6'J%1!%-8&!+'!,&&!+6#+!K&5M!:J26R
!"6&,&!-:#/&,!'(!)65-,+:#,!26&&5!#5&!:-%&,!#9#M!(5':!96&5&!D!,-+!*'9O!#+!+6&!
F4&*2&!72#1&:M!('5!H'J*/!=#1-&,O!('52&1!+'
2'*,+5J2+!#!15J::&5!$'M!'5*#:&*+!J,-*/!'*%M!+-*('-%O!2'++'*O!#*1!#!,:#%%!$-+!'(!
,+5-*/O!#,!-(!4&5('5:-*/!,':&!1-#$'%-2#%!&Z4&5-:&*+!-*
2#1#K&5!5&/&*&5#+-'*R!Q#5M!F6&%%&MS,!:'*,+&5!2'J%1!*'+!$&!6#%(!,'!(5-/6+&*-*/!#,!
+6-,!5-1-2J%'J,!+6-*/R!"6&!(-/J5&!9-%%!*'+!5&:-*1!#
,'J%!'(!)65-,+:#,!6#44-*&,,R!Q'5&!%-8&%MO!-+!9-%%!5&1J2&!26-%15&*!+'!+&#5,R
!Y"6-,!-,!-:4',,-$%&OY!D!/5J:$%&R!D!&%-2-+!*'!4-+M!(5':!#*M!XJ#5+&5R!3K&*!C&%-2-+M!
#*1!7**O!:M!+9'!1&#5&,+!(5-&*1,O!96-26!-,!+'!,#M!:M
'*%M!(5-&*1,!6&5&O!9-%%!*'+!2':&!+'!:M!#-1R!7**!-,!1&+&5:-*&1!+'!+J5*!9&+!,J/#5!
#*1!,:#%%!$-+,!'(!8-*1%-*/!-*+'!#*!&Z#2+!5&4%-2#!'(!+6&
)65-,+!26-%1!-*!#!:#*/&5R!F6&!,&&:,!+'!+#8&!*'!*'+-2&!'(!#*M+6-*/!$&M'*1!6&5!'9*!
+9'!6#*1,R!C'5!6&5!4#5+O!C&%-2-+M!+J5*,!6&5!2''%
/5#M!&M&,!+'!:&!#,!-(!+'!,#MO!FJ!(&5R!D!#:R
!A'O!-*,+&#1O!-+!-,!+6&!$&#,+%M!)&2-%M!"&:4%&!96'!#*,9&5,!:&R!0&#5O!1&#5!)&2-%MO!
'5!#,!D!#((&2+-'*#+&%M!5&(&5!+'!6&5!-*!+6&!45-K#2M!'(
:M!:-*1O!F6&!B6'!D*(%-2+,!Q-,&5M!F-:4%M!$M!L5&#+6-*/R
!YD!2#**'+!(#+6':!96#+!-,!/-K-*/!M'J!,J26!+5'J$%&O!Q-,,!0'M%&R!;&#%%MO!-+!-,!+6&!
,-:4%&,+!+6-*/!-*!+6&!9'5%1R!=''8O!DSK&!1'*&!('J5
#%5&#1MRY!F6&!6'%1,!'J+!6&5!('J5!4&5(&2+!+-*('-%!$'M,!('5!-*,4&2+-'*R!"6&5&!-,!#!
5'J*1!'(!''6-*/!#*1!##6-*/!'K&5!+6&-5!$&#J+-(J%%M!,6#4&1
#5:,O!+6&!+-*M!9''%&*!,2#5K&,!8*-+!$M!)&2-%MS,!2#4#$%&!6#*1,O!$J+!'(!2'J5,&!#*1!
+6',&!1&%-2#+&!%-2'5-2&!,:-%&,!+6#+!:#8&!+6&:
,&&:!'K&5V'M&1!+'!$&!6#*/-*/!$M!+6&!*&28!(5':!#!)65-,+:#,!+5&&R
!"9'!9&&8,!J*+-%!)65-,+:#,!#*1!:M!:''1!$%#28&*,!$M!+6&!6'J5R!"6&!+-*('-%!$'M!,&&:,!
+'!$&!$&//-*/!:&!+'!,6''+!6-:R!)':4&%%&1
$M!#!('52&!%#5/&5!+6#*!:M,&%(O!D!2#**'+!,&&:!+'!8&&4!(5':!4%#2-*/!+6&!25-44%&1!
'5*#:&*+!$'M!'*!+6&!,-1&!+#$%&!#*1!4&5('5:-*/!#!%-++%&
,6'9R!D!:'K&!+6&!J/%M!+6-*/O!('52-*/!6-:!+'!15#/!6-,!J,&%&,,!%&/!%-8&!Q5R!
0-28&*,S,!+5&#2%M!"-*M!"-:R
!Y>'1!$%&,,!J,O!&K&5M!'*&OY!D!9#5$%&!-*!#!4#+6&+-2O!6-/6I4-+26&1!K'-2&R
!"6-,!-,!/5&&+&1!$M!6'55-(-&1!,-%&*2&R!3K&5M!&M&!-,!#K&5+&1R!3K&*!C&%-2-+MO!96'!-,!
*'+!8*'9*!#,!+6&!,'J%!'(!1&2'5J:O!,&&:,!2'9&1R
L&6-*1!:&O!+6&5&!-,!+6&!(#:-%-#5!,'J*1!'(!#!+65'#+!$&-*/!2%&#5&1!-*!/5#*1!
1-,#445'K#%R!D!+J5*!+'!,&&!Q5,R!A-/6+9-*/O!F4&*2&S,!(5',+M
6&#1:-,+5&,,O!,+#5-*/!1'9*!#+!:&!#,!-(!D!9&5&!#!%&4&5R!L%#,+
!YQ-,,!0'M%&O!1'!M'J!,J44',&!+6#+!+'!$&!6J:'5'J,\!Q#8-*/!%-/6+!'(!+6&!K&5M!5&#%!
4#-*!'(!='*1'*S,!J*('5+J*#+&,\Y
!YDID!R!R!R!96M!R!R!RY
!Q5,R!A-/6+9-*/!4&&5,!#+!:&!'K&5!6&5!,4&2+#2%&,R!@&5!/5#M-*/!4'J(!'(!6#-5!-,!%-8&!
#!*-:$J,!9#5*-*/!'(!+6&!,+'5:!+'!2':&R
!Y.&56#4,O!Q-,,!0'M%&O!-(!M'J!9&5&!+'!,4&*1!+-:&!-*!,&5K-2&!+'!+6&!4''5O!95#44-*/!
$#*1#/&,!#,!D!'*2&!1-1!-*!:M!'9*!M'J+6!1J5-*/
+6&!)5-:&#*!B#5O!M'J!9'J%1!#2XJ-5&!#!6&#%+6M!#*1!:J26I*&&1&1!1',&!'(!,M:4#+6MRY
!YHIM&,O!Q5,R!A-/6+9-*/R!D!1'*S+!8*'9!6'9!D!2'J%1!6#K&!$&&*!,'!J*8-*1OY!D!$%#$$&5R
!<J+!'(!+6&!2'5*&5!'(!:M!&M&O!D!2#*!,&&!C&%-2-+M!#*1!7**!6J*26&1!'K&5!+6&-5!
'5*#:&*+,!#,!-(!+6&M!9&5&!(#,2-*#+-*/!5&%-2,!(5':!#*
#526&'%'/-2#%!1-/R!D!*'+&!+6#+!+6&-5!,6'J%1&5,!#5&!+5&:$%-*/O!#*1!D!5&#%-T&!+6#+!
+6&M!#5&!(-/6+-*/!%#J/6+&5!'K&5!:M!+&55-$%&!4%-/6+R
!"6&5&S,!(5-&*1,6-4!('5!M'JR
!YC'5!+6-,!M'J!,6#%%!%',&!+&*!/''1!2'*1J2+!:#58,!#*1!D!,6#%%!&Z4&2+!M'J!+'!4&5('5:!
#*!#2+!'(!26#5-+M!1J5-*/!+6&!6'%-1#M!#,!4&*#*2&RY
!YH&,O!Q5,R!A-/6+9-*/RY
!YH'J!,6#%%!95-+&!#!(J%%!#22'J*+!'(!+6-,!26#5-+#$%&!#2+!#*1!+&%%!:&!6'9!-+!6#,!
&*5-26&1!M'J5!26#5#2+&5RY
!YH&,O!Q5,R!A-/6+9-*/RY
!Y7*1!+6#+!'5*#:&*+!*&&1,!:J26!9'58RY
!YH&,O!Q5,R!A-/6+9-*/RY
!Y@#K&!M'J!#*M!XJ&,+-'*,\Y
!YH&,O!Q5,R!A-/6+9-*/R!D!:&#*+O!*'O!Q5,R!A-/6+9-*/R!"6#*8!M'JRY
!7*!#2+!'(!26#5-+M\!<K&5!+6&!6'%-1#M\!B'J%1!&*1J5-*/!+-:&!9-+6!:M!$5'+6&5O!"6':#,O!
2'J*+!+'9#51!+6#+!&*1\!L%#,+R!DSK&!1'*&!-+
*'9R
!YQ5,R!A-/6+9-*/\Y!"6&!,6&&5!,'J*1!'(!)&2-%MS,!K'-2&!2'J%1!:#8&!:&!(5'+6!#+!+6&!
:'J+6RYD!6'4&!+6&,&!#5&!,#+-,(#2+'5MR!D!1'!,'!9#*+
+'!$&!'(!,&5K-2&!+'!+6&!J*('5+J*#+&RY
!D+S,!4',,-$%&!+6#+!D!,6#%%!%',&!2'*,2-'J,*&,,!(5':!6'%1-*/!$#28!#!K&5M!%'J1!@#b!
#+!+6-,R!)&2-%MO!96'!*&K&5!:-,,&,!#*!'44'5+J*-+M!+'
+&#,&!7**!#$'J+!6&5!,26'%#5,6-4!,+#+J,O!9#*+,!*'+6-*/!+'!1'!9-+6!+6&!4''5R!B6#+!
,6&!1'&,!9#*+!-,!+'!$&!Q5,R!A-/6+9-*/S,!%#41'/R
!Q5,R!A-/6+9-*/!6'%1,!)&2-%MS,!4&5(&2+!'5*#:&*+,!J4!+'!+6&!%-/6+!('5!-*,4&2+-'*R!
Y"6&,&!#5&!&Z&:4%#5MO!Q-,,!"&:4%&R!D!2'::&*1
M'JRY
!)&2-%M!/-K&,!#!K&5M!,:J/!,:-%&R!Y"6#*8!M'JO!Q5,R!A-/6+9-*/RY
!76O!)65-,+:#,R
!B-+6!#!6&#KM!,-/6O!D!+#8&!#4#5+!:M!4#+6&+-2!'5*#:&*+!#*1!$&/-*!#/#-*R!QM!&M&,!
$J5*!#*1!$%J5R!D!5J$!+6&:!$J+!-+!1'&,!*'!/''1R
B6#+!D!*&&1!-,!,%&&4O!$J+!,%&&4!-,!+6&!K&5M!+6-*/!D!(&#5R!C'5!9&&8,O!DSK&!$&&*!
6#J*+&1!$M!9-28&1!9#5*-*/,!'(!15&#:,R!D!2#**'+
!5&:&:$&5!:J26!96&*!D!#9#8&*O!'*%M!,*#+26&,!6&5&!#*1!+6&5&R!7!,8M!5'-%-*/!9-+6!5&1!
#*1!/5#MR!7!4#-*+&1!(%'9&5!15-44-*/!+&#5,!'(
$%''1R!F+5#*/&!('5&,+,!'(!%-/6+R!QM!(#2&O!/5#K&!#*1!XJ&,+-'*-*/O!5&(%&2+&1!-*!
9#+&5R!LJ+!+6&!-:#/&,!+6#+!,+#M!9-+6!:&!#5&!'(!6&5O
$&#J+-(J%!#*1!,#1R
!YB6M!1-1!M'J!%&#K&!:&!6&5&\Y,6&!25-&,O!#*1!D!2#**'+!#*,9&5R!YD!9#*+!+'!2':&!$#28R!
D!9#*+!J,!+'!$&!+'/&+6&5!#/#-*RY!D!$5&#8
#9#M!#*1!5J*O!$J+!6&5!25M!(-*1,!:&R!YD+S,!M'J5!(#J%+O!>&::#b!H'J!%&(+!:&!6&5&b!H'J!
%&(+!:&bY
!"6#+!-,!#%%!D!5&:&:$&5!96&*!D!9#8&!&#26!:'5*-*/!$&('5&!1#9*O!/#,4-*/!#*1!2'K&5&1!
-*!4&5,4-5#+-'*O!:'5&!+-5&1!+6#*!96&*!D!9&*+
+'!$&1R!"6&M!#5&!'*%M!15&#:,R!"6&*!96M!1'!+6&M!%&#K&!:&!(&&%-*/!,'!+5'J$%&1\
!YH'J!:-/6+!6#K&!9#5*&1!:&OY!D!45'+&,+!+'!C&%-2-+M!#*1!7**!+6&!:':&*+!9&!#5&!%&(+!
#%'*&R
!YH'J!:-/6+!6#K&!$&&*!:'5&!2#5&(J%OY!7**!26-1&,R!C5':!6&5!,%&&K&!,6&!4J%%,!#!
6#*18&526-&(!/'*&!/5#M!9-+6!9#,6-*/!#*1!1#$,!#+!6&5
2'*,+#*+%M!%&#8-*/!*',&!#*1!9#+&5M!&M&,R
!YD!9'J%1*S+!6#K&!1'*&!-+!6#1!D!8*'9*!,6&!9#,!,+#*1-*/!1-5&2+%M!$&6-*1!:&RY
!YH'J!8*'9!+6#+!Q5,R!A-/6+9-*/!-,!%-8&!>'1!&K&5M96&5&!#+!'*2&R!D*!(#2+O!,6&!:#M!$&!
>'1O!('5!#%%!D!8*'9RY!C&%-2-+M!,-/6,R!"6&
(-5&%-/6+!2#,+,!#!/'%1&*!,6&&*!J4'*!6&5!96-+&I$%'*1!6#-5R!F6&!/%'9,!%-8&!#!(#%%&*!
#*/&%R
!7**!%''8,!#5'J*1O!*&5K'J,R!YHIMIM'J!'J/6+*S+!+'!+#%8!#$'J+Y!,6&!96-,4&5,!+6&!
9'51!Y>'1!+6#+!9#MRY
!YB6M!&K&5!*'+\Y!C&%-2-+M!#,8,R
!YD+!:-/6+!$5-*/!$#1!%J28RY
!cJ-&+!1&,2&*1,O!('5!9&!#5&!#%%!+''!9&%%!#*1!+''!5&2&*+%M!#2XJ#-*+&1!9-+6!$#1!%J28!
+'!('5/&+!+6#+!+6&5&!#5&!('52&,!#+!9'58!$&M'*1!+6&
9'5%1!9&!,&&O!('52&,!$&M'*1!#%%!5&#,'*!#*1!2':45&6&*,-'*R
!C&%-2-+M!,+#5&,!#+!+6&!(-5&R!YH'J!,+-%%!#,,J:&!+6&5&!-,!#!>'1O!7**\!B-+6!#%%!
9&SK&!,&&*\Y
!<*&!'(!+6&!*'-,&%&,,!,&5K#*+,!(%-+,!1'9*!+6&!1-:!6#%%9#MO!+6&!96-+&!'(!6&5!#45'*!
'J+%-*&1!$M!+6&!,':$&5!/5#M!'(!6&5!J*-('5:!,'!+6#+
#%%!+6#+!-,!,&&*!#/#-*,+!+6&!1#58*&,,!-,!+6&!#45'*U!+6&!9':#*!1-,#44&#5,!&*+-5&%M!
-*+'!,6#1'9R!D(!D!('%%'9!6&5!:'K&:&*+!#,!,6&
5'J*1,!#!2'5*&5O!D!2#*!,&&!+6&!6#44MO!(-5&%-+!6#%%!(5':!96&*2&!9&SK&!VJ,+!2':&R!7!
,9#5:!'(!/-5%,!'(!K#5M-*/!#/&,O!(5':!,-Z!+'
,&K&*+&&*O!$5&#8,!'J+!-*+'!,4'*+#*&'J,!2#5'%-*/O!&*+5&#+-*/!>'1!+'!5&,+!M&!:&55M!
/&*+%&:&*R!A'!:&*+-'*!'(!>'1S,!5&,+-*/
/&*+%&9':&*O!:&55M!'5!*'+R
!D!%'*/!+'!V'-*!+6&:O!+'!%-/6+!+6&!2#*1%&,!'*!+6&!/5#*1!+5&&O!+'!4J%%!#+!+6&!
,+5-*/,!'*!+6&!$5-/6+!)65-,+:#,!25#28&5,!#*1!6&#5!+6&
4#4&5!4'4!9-+6!#!,#+-,(M-*/O!V'%%M!,'J*1R!D!%'*/!+'!6#K&!*'!2'*2&5*,!'+6&5!+6#*!
96&+6&5!C#+6&5!)65-,+:#,!9-%%!$&!8-*1!+6-,!M&#5!'5!D
,6#%%!(-*1!2'#%!-*!:M!,+'28-*/R
!B-+6!#5:,!%-*8&1!%-8&!4#4&5!1'%%,!2J+!(5':!+6&!,#:&!4#4&5O!#!+5-'!'(!/-5%,!,9#M,!
$#28!#*1!('5+6U!'*&!4%#2&,!6&5!,'(+O!2J5%M!6&#1!'*
+6&!,6'J%1&5!'(!+6&!/-5%!*&Z+!+'!6&5O!#*1!,6&!-*!+J5*!/-K&,!#!+-*M!8-,,!+'!+6#+!
'*&S,!('5&6&#1R!"6&M!6#K&!*'!-1&#!+6#+!+6-,!9'5%1!-,!*'+
+6&!'*%M!'*&R!"6#+!(#5!$&M'*1!+6&!('5:-1#$%&O!2#,+%&I%-8&!9#%%,!'(!F4&*2&!72#1&:MO!
(#5!$&M'*1!+6&!$#55-&5!'(!Q5,R!A-/6+9-*/O
Q#1&:'-,&%%&!=&C#5/&O!#*1!+6&!'+6&5!-*,+5J2+'5,!6&5&!+'!:'%1!#*1!,6#4&!'J5!6#$-+,!
#*1!26#5#2+&5,!%-8&!,'!:J26!9-%%-*/!2%#MO!$&M'*1
3*/%#*1!-+,&%(O!+6&5&!-,!#!4%#2&!'(!,J26!$&#J+M!#*1!(&#5,':&!4'9&5R!7!4%#2&!96&5&!
96#+!M'J!15&#:!2#*!$&!M'J5,O!#*1!M'J!:J,+!$&
2#5&(J%!96#+!M'J!15&#:R!7!4%#2&!96&5&!+6-*/,!2#*!6J5+!M'JR!7!4%#2&!+6#+!6#,!
#%5&#1M!2%#-:&1!'*&!'(!J,R
!D!#:!+6&!%-*8!+'!+6#+!4%#2&R
!Y=&+S,!/#+6&5!'J5!2'#+,OY!7**!,#M,O!:'K-*/!('5!+6&!-::&*,&O!2'-%-*/!,+#-52#,&!
+6#+!1':-*#+&,!+6&!('M&5R
!C&%-2-+M!5&/#51,!6&5!2J5-'J,%MRYB6#+!&K&5!('5\!B6&5&!#5&!9&!/'-*/\Y
!YD+S,!B&1*&,1#MOY!7**!,#M,O!+J5*-*/!#9#MR!Y"-:&!+'!K-,-+!.-44#RY
!)@7."3;!"B<
!B3!Q7P3!<?;!B7H!"@;<?>@!"@3!L7;;3A!";33F!$&6-*1!+6&!,26''%!J*+-%!9&!5&#26!#!
(#:-%-#5!2%&#5-*/R!D+!-,!(5-/6+(J%%M!1#:4O!#*1
DS:!/%#1!('5!:M!2'#+!#*1!/%'K&,R!"'!'J5!5-/6+!%-&,!+6&!4'*1!96&5&!9&!%#M!%#T-%M!-*!
#!5'9$'#+!J*1&5!&#5%M!F&4+&:$&5!,8-&,R!"6&
5'9$'#+!,%&&4,!*'9!'*!+6&!(5',+$-++&*!5'28,!#*1!+6&!$-++&5O!1&#1!/5#,,!'(!9-*+&5!
#+!+6&!9#+&5S,!&1/&R!"6&!4'*1!-,!#!,:''+6O!+6-*!,6&&+
'(!-2&R!Q'*+6,!#/'O!9&!,6#5&1!+6&,&!9''1,!9-+6!#*!&*2#:4:&*+!'(!>M4,-&,O!$J+!+6&M!
#5&!%'*/!/'*&!*'9O!6&#1&1!('5!9#5:&5!2%-:&,R
D*!+6&-5!4#5+MO!D!,J44',&O!-,!#!2&5+#-*!M'J*/!:#*!(5':!L':$#M!9-+6!%#5/&!$5'9*!
&M&,O!(J%%!%-4,O!#*1!:M!(#+6&5S,!25-28&+!$#+R!P#5+-8R!D
2#**'+!6&%4!9'*1&5-*/!-(!6&!+6-*8,!'(!:&!96&5&K&5!6&!-,R!D!2#**'+!6&%4!9'*1&5-*/!
96&*!6&!9-%%!2':&!%''8-*/!('5!:&!*&Z+O!#*1!96#+
+6#+!9-%%!:&#*R
!C&%-2-+M!+J5*,!+'!:&R!YB6#+!#5&!M'J!15&#:-*/!#$'J+!$#28!+6&5&\Y
!Y)65-,+:#,OY!D!%-&O!:M!9'51,!4J,6-*/!'J+!-*!,:#%%O!,+&#:!&*/-*&!4J((,!'(!96-+&R!
D+!-,!:-,&5#$%M!2'%1R
!YD!6#K&!('5/'++&*!+6#+!M'JSK&!*&K&5!6#1!#!45'4&5!3*/%-,6!)65-,+:#,R!D!,6#%%!6#K&!
+'!#2XJ#-*+!M'J!9-+6!-+!'K&5!+6&!6'%-1#MR!B&S%%
,+&#%!#9#M!(5':!6':&!#*1!6#K&!+6&!:',+!,4%&*1-1!+-:&OY!C&%-2-+M!,#M,R
!7**!8&&4,!6&5!&M&,!+5#-*&1!'*!+6&!/5'J*1R!F6&S%%!,+#M!6&5&!#+!F4&*2&!'K&5!+6&!
6'%-1#MR!"6&5&!#5&!*'!5&%#+-'*,!+'!+#8&!6&5!-*O!*'
45&,&*+,!+'!,6#8&!'5!:&:'5-&,!+'!9#5:!6&5!+-%%!,45-*/R
!Y7**OY!D!,#M!+''!$5-/6+%MRY@'9!%J28M!M'J!#5&!+'!6#K&!+6&!5J*!'(!F4&*2&!96-%&!
9&S5&!#9#MRY
!YH'J!*&&1*S+!1'!+6#+OY!,6&!#*,9&5,R
!Y0'!96#+\Y
!Y"5M!+'!4#-*+!#!$5-/6+!(#2&!'*!-+R!D!,6#%%!$&!#%'*&!#*1!J*6#44MR!D!8*'9!-+RY
!Y<6O!4%&#,&!1'*S+!/'!#*1!(&&%!,'55M!('5!M'J5,&%(R!D!,6#*S+!$&!#$%&!+'!$&#5!+6&!
6'J5!9-+6!M'J!-(!M'J!1'OY!C&%-2-+M!,#M,O!&Z#,4&5#+&1R
F6&!/5#$,!#!%'*/!,+-28!#*1!J,&,!-+!+'!96#28!#+!+6&!+5&&,!#,!9&!4#,,!+6&:R!F6#:&1!
-*+'!,-%&*2&O!7**!+5'1,!'*R!D!,6'J%1!,#M!,':&+6-*/
'*!6&5!$&6#%(O!$J+!:'5&!#*1!:'5&O!D!(-*1!7**S,!5&(J,#%!+'!,4&#8!J4!('5!6&5,&%(!#*!
#**'M#*2&R!F'!D!%&+!-+!/'R
!YB-%%!M'J!$&!#++&*1-*/!$#%%,!'K&5!)65-,+:#,O!1'!M'J!+6-*8\Y!7**!#,8,O!$-+-*/!6&5!
%-4O!+'5+J5-*/!6&5,&%(R!D+!-,!*'!1-((&5&*+!(5':!+6&
,:#%%!2J+,!,6&!:#8&,!'*!6&5!#5:,!9-+6!6&5!,&9-*/!,2-,,'5,O!+6&!'*&,!6&5!,%&&K&,!
6-1&O!+6&!'*&,!D!8*'9!,6&!6#,!$&/J*!#/#-*R
!YH&,R!<(!2'J5,&OY!C&%-2-+M!#*,9&5,O!#,!-(!+6&!XJ&,+-'*!-,!+&1-'J,R!YQM!:'+6&5!#*1!
(#+6&5!6#K&!4%#**&1!#!)65-,+:#,!$#%%R!3K&5M'*&
,6#%%!$&!+6&5&RY
!3K&5M'*&!&Z2&4+!M'JO,6&!:-/6+!#,!9&%%!,#MR
!YD!,6#%%!$&!2'*(-*&1!+'!2%',&!XJ#5+&5,!9-+6!:M!/5#*1:#:#O!96'!*&K&5!:-,,&,!#*!
'44'5+J*-+M!+'!4'-*+!'J+!:M!(#J%+,O!#*1!:M
-*(J5-#+-*/!$5'+6&5O!"':R!D!45':-,&!M'JO!-+!,6#%%!$&!#!K&5M!+#Z-*/!6'%-1#MRY!D!
,:-%&O!6'4-*/!+'!:#8&!7**!%#J/6R!"6&!+5J+6!-,!+6#+!D!(&&%
/J-%+M!('5!#$#*1'*-*/!6&5O!$J+!*'+!/J-%+M!&*'J/6!+'!-*K-+&!6&5!6':&!9-+6!:&R
!7**!/-K&,!:&!#!,-1&9#M,!/%#*2&R!Y7*1!6'9!-,!M'J5!$5'+6&5O!"':\Y
!Y"6&!,#:&R!B6-26!-,!+'!,#M!-:4',,-$%&RY
!Y@&!6#,*S+!,&+!6-,!6'4&,!'*!,':&'*&O!+6&*\Y
!7**!(#*2-&,!"':O!96'!9'J%1!*&K&5!%''8!+9-2&!#+!6&5R!D+S,!#!6'4&%&,,!,-+J#+-'*R
!YD!1'!$&%-&K&!6&!6#,O!M&,OY!D!%-&R
!7**!,+'4,RYB6'!-,!-+\Y
!Y76!RRR!#!Q-,,!0#%+'*R!@&5!(#:-%M!-,!(5':!F':&5,&+O!D!$&%-&K&RY
!YD,!,6&!45&++M\Y!7**!#,8,R
!YH&,OY!D!,#MR!B&!45&,,!'*O!#*1!D!6'4&!+6#+!-,!+6&!&*1!'(!-+R
!Y7,!45&++M!#,!.-44#\Y
!.-44#R!L&#J+-(J%!.-4O!9-+6!6&5!1#58!5-*/%&+,!#*1!K-'%&+!&M&,R
!YA'OY!D!,#MRYA'!'*&!-,!#,!$&#J+-(J%!#,!.-44#RY
!B&SK&!#55-K&1R!L&('5&!J,!,+#*1,!#!%#5/&!+5&&O!-+,!$#58!:'++%&1!9-+6!#!+6-*!2'#+!
'(!(5',+R!7!6&#KM!5'28!,-+,!#+!-+,!$#,&R!B&!5&:'K&
'J5!/%'K&,!#*1!4J,6!+6&!5'28!'J+!'(!+6&!9#MO!5&K&#%-*/!+6&!1&2#M-*/!6'%%'9!+6&5&R!
D*,-1&!-,!#*!'11!#,,'5+:&*+!'(!+6-*/,!'*&!8-1
/%'K&O!#!*'+&!'*!4#526:&*+!,&2J5&1!$M!#!5'28O!#!6#*1(J%!'(!+'((&&,O!#*1!,':&!
1&,-22#+&1!(J*&5#%!(%'9&5,!+6#+!+6&!9-*1!+#8&,!+6&
:':&*+!-+!96-4,!+65'J/6!+6&!'%1!'#8S,!#*2-&*+!9'J*1R
!Y@#K&!M'J!$5'J/6+!-+\Y!C&%-2-+M!#,8,!7**R
!F6&!*'1,!#*1!4J%%,!'J+!,':&+6-*/!95#44&1!-*!/5&&*!4#4&5R!F6&!J*('%1,!+6&!4#4&5!+'!
5&K&#%!#*!#*/&%!'5*#:&*+!2'*,+5J2+&1!'(!%#2&
#*1!$&#1,R!3#26!'(!J,!6#,!6#1!#!6#*1!-*!,&9-*/!$-+,!'(!-+R!7**!95#4,!+6&!/-(+!-*!
+6&!4#4&5!#/#-*!#*1!4%#2&,!-+!'*!+6&!:#8&,6-(+!#%+#5
9-+6!+6&!'+6&5!5&:&:$5#*2&,R
!YQ&55M!)65-,+:#,O!.-44#OY!,6&!,#M,O!,4&#8-*/!+6&!*#:&!'(!#!/-5%!96'!%-&,!1&#1!#*1!
$J5-&1!+6&,&!+9'!:'*+6,!,':&!+6-5+M!:-%&,
(5':!6&5&R!7!/-5%!96'!9#,!'J5!1&#5&,+!(5-&*1R!7!/-5%!D!:-/6+!6#K&!,#K&1R
!YQ&55M!)65-,+:#,O!.-44#OY!C&%-2-+M!#*1!D!:J:$%&!#(+&5R
!A'!'*&!,#M,!#*M+6-*/!('5!#!:':&*+R!"6&!9-*1S,!2'%1!6&5&!-*!+6&!2%&#5-*/!9-+6!
%-++%&!+'!$%'28!-+R!F6#54!4&%%&+,!'(!:-,+!2J+!+65'J/6!+6&
9''%!'(!:M!9-*+&5!2'#+O!45-28-*/!:M!,8-*!-*+'!/'',&(%&,6R!D!%''8!'((!+'!+6&!5-/6+!
96&5&!+6&!2#K&,!,-+O!,-%&*+O!+6&!:'J+6!2%',&1!'((!$M!#
*&9!$5-28!9#%%R
!Q'*+6,!#/'O!+6&!('J5!'(!J,!/#+6&5&1!-*!+6',&!2#K&,!+'!5&#1!+6&!,&25&+!1-#5M!'(!
Q#5M!0'91O!96-26!+'%1!J,!'(!+6&!5&#%:,O!#!6-11&*O
:#/-2#%!9'5%1!$&M'*1!+6-,!'*&!+6#+!9#,!'*2&!5J%&1!$M!#!4'9&5(J%!/5'J4!'(!
,'52&5&,,&,!2#%%&1!+6&!<51&5R!D*!+6&!5&#%:,O!9&!2#*!:#8&
'J5!('*1&,+!9-,6&,!2':&!+5J&R!LJ+!+6&5&!#5&!#%,'!1#58!,4-5-+,!-*!+6&!5&#%:,O!
25&#+J5&,!96'!9-,6!+'!5J%&!-+R!Q#5M!0'91!1-,2'K&5&1!+6&
+5J+6!'(!+6#+R!7*1!,'!1-1!9&!96&*!'J5!(5-&*1!.-44#!9#,!%',+!+'!J,!('5&K&5R
!YC5-/6+(J%%M!2'%1OY!7**!,#M,O!$5&#8-*/!+6&!,-%&*2&R!@&5!6&#1!-,!1'9*!#*1!,6&!
2%&#5,!6&5!+65'#+!,'(+%MR
!YH&,OY!C&%-2-+M!,#M,!6#%(6&#5+&1%MR
!"6&!9-*1!4J%%,!#!,+J$$'5*!$5'9*!%&#(!(5':!+6&!+5&&!#*1!,&*1,!-+!,8-++&5-*/!#9#MR
!Y0'!M'J!,J44',&!9&S%%!&K&5!,&&!.-44#!#/#-*\Y!7**!#,8,R
!YD!1'*S+!8*'9OY!D!#*,9&5O!+6'J/6!9&!#%%!8*'9!,6&S,!/'*&R
!C'5!#!:':&*+O!+6&5&S,!*'+6-*/!$J+!+6&!,'J*1!'(!+6&!9-*1!,2J++%-*/!+65'J/6!+6&!
%&#K&,R
!C&%-2-+M!/5#$,!#!,6#54!,+-28O!4'8&,!-+!#+!+6&!+5&&!#-:%&,,%MR!YB6&*!#5&!9&!/'-*/!
$#28\!H'J!,#-1!R!R!RY
!YR!R!R!+6#+!9&S1!/'!$#28!'*2&!9&SK&!('J*1!+6&!'+6&5!:&:$&5,!'(!+6&!<51&5OY!D!
(-*-,6R
!YLJ+!-+S,!$&&*!+9'!:'*+6,OY!7**!96-*&,R!YB6#+!-(!+6&5&!#5&!*'!'+6&5,\Y
!YB6#+!-(!+6&M!5&(J,&!+'!#%%'9!7**!#*1!:&!+'!&*+&5\!B&S5&!*'+!,4&2-#%O!#,!M'J!
#5&OY!C&%-2-+M!,#M,O!/-K-*/!Y,4&2-#%Y!#!*#,+M!+'*&R!D+S,!#
9&1/&!$&+9&&*!J,O!+6&!8*'9%&1/&!+6#+!D!#%'*&!2#*!&*+&5!+6&!5&#%:,U!+6#+!D!6#K&!+6&!
4'9&5O!#*1!+6&M!1'!*'+R!"6&M!2#*!&*+&5!'*%M!-(!D
+#8&!+6&:R
!YH'J!8*'9!96#+!:M!:'+6&5!+'%1!J,W!"6&!5&#%:,!1&2-1&!96'!,6#%%!$&!26',&*R!D+!-,*S+!
%&(+!+'!J,OY!D!,#MO!6'4-*/!+6#+!-,!+6&!&*1!'(!-+R
!YB6&*O!45#MO!9-%%!+6&,&!%#1-&,!'(!+6&!<51&5!:#8&!2'*+#2+O!#*1!6'9\Y!C&%-2-+M!
#,8,R
!YDSK&!*'!-1&#OY!D!#1:-+O!(&&%-*/!(''%-,6R!YQM!:'+6&5!,#-1!+6&M!9'J%1R!D+!-,*S+!#,!
-(!D!2#*!,-:4%M!+#8&!#*!#1K&5+!-*!+6&!*&9,4#4&5O!-,
-+\Y
!YB6#+!'(!+6#+!D*1-#*!$'M!,&*+!+'!9#+26!M'J\Y!7**!#,8,R
!YP#5+-8\!D!6#K&*S+!,&&*!6-:!,-*2&!+6&!1#M!'(!.-44#S,!(J*&5#%RY!P#5+-8R!D,!6&!'J+!
+6&5&!&K&*!*'9!-*!+6&!+5&&,O!9#+26-*/!:&O!45&4#5-*/
+'!+#8&!:&!+'!+6&!;#8,6#*#O!+6',&!:&*!96'!9'J%1!,+'4!:&!(5':!&K&5!/'-*/!$#28!-*+'!
+6&!5&#%:,\
!Y.&56#4,!+6#+S,!-+O!+6&*O!#*1!6&S,!/'*&!#9#M!('5!/''1RY
!"6-,!+6'J/6+!:#8&,!:M!6&#5+!#26&R!D!2#*S+!,+'4!+6-*8-*/!'(!+6&!%#,+!+-:&!D!,#9!
6-:O!6-,!%#5/&O!1#58!&M&,!(-%%&1!9-+6!,':&!*&9
&:'+-'*!D!2'J%1*S+!5&#1O!+6&!,'(+!6&#+!'(!6-,!+6J:$!$5J,6&1!#25',,!:M!%-4O!:#8-*/!
:&!(&&%!,+5#*/&%M!&:4+M!#*1!9#*+-*/R
!Y.&56#4,OY!D!,#MR!Y<5!4&56#4,!6&S,!/'*&!+'!+6&!;#8,6#*#!#*1!+'%1!+6&:!
&K&5M+6-*/RY
!C&%-2-+M!:J%%,!+6-,!'K&5!#,!,6&!,25#4&,!6&5!*#:&!-*+'!+6&!15M!+5&&!$#58!9-+6!#!
4'-*+&1!,+-28R!YD(!+6#+!9&5&!+6&!2#,&O!1'*S+!M'J!+6-*8
+6&M!9'J%1!6#K&!2':&!('5!J,!$M!*'9\Y
!YD!,J44',&RY
!YLJ+!+6&M!6#K&*S+O!1'*S+!M'J!,&&\Y!F6&!4J,6&,!+''!6#51!'*!+6&!,+-28!#*1!-+!$5&#8,!
'((!'*!+6&!H!,'!+6#+!6&5!*#:&!5&#1,!C3=D)D"ER
!Y7*1!M'J!,+-%%!6#K&*S+!6#1!#*M!K-,-'*,\Y!7**!#,8,R
!YA'R!A'+!,-*2&!D!,:#,6&1!+6&!5J*&,RY
!C&%-2-+M!5&/#51,!:&!2''%%MRYA'+6-*/!#+!#%%\Y
!YA'I+6-*/OY!D#*,9&5R
!7**!('%1,!6&5!6#*1,!J*1&5!6&5!#5:,!+'!8&&4!9#5:RY0'!M'J!,J44',&!+6#+!9#,!+6&!
,'J52&!'(!-+O!+6&*O!#*1!96&*!M'J!1&,+5'M&1!+6&
5J*&,!M'J!,+'44&1!M'J5!K-,-'*,!('5!/''1\Y
!D!6#1*S+!2'*,-1&5&1!+6-,R!D+!:#8&,!:&!J*&#,MR!<*2&O!D!9#,!#(5#-1!'(!:M!K-,-'*,O!
$J+!*'9O!D!:-,,!+6&:RYD!1'*S+!8*'9RY
!C&%-2-+M!+#8&,!:M!6#*1,!-*!6&5,O!/-K-*/!:&!+6&!(J%%!,&1J2+-K&!4'9&5,!'(!6&5!
26#5:R!Y>&::#O!+6-*8!'(!-+!#%%!+6#+!%'K&%M!:#/-2!/'-*/
+'!9#,+&R!"6&5&S,!,'!:J26!9&!6#K&*S+!+5-&1bY
!YD!9#*+!+'!$&!$&#J+-(J%!#/#-*OY!7**!,#M,O!9#5:-*/!+'!C&%-2-+MS,!4%#*R!Y<5!4&56#4,!
D!2'J%1!(-*1!#!8*-/6+!#,!.-44#!1-1R!7!8*-/6+!+'!%'K&
:&!+5J&RY
!D+!-,*S+!#,!-(!D!6#K&*S+!#5/J&1!9-+6!:M,&%(!'K&5!+6&,&!K&5M!+6-*/,R!D!#26&!+'!,&&!
+6&!/'%1&*!,J*,&+!'K&5!+6&!5-K&5O!+'!6#K&!#%%!+6&
4'9&5!+6#+!D!#:!1&*-&1!-*!+6-,!9'5%1R!D+S,!#,!-(!C&%-2-+M!2#*!,&*,&!:M!5&,'%K&!
9&#8&*-*/R
!F6&!/-K&,!:&!#!8-,,!'*!+6&!26&&8R!@&5!%-4,!#5&!2'%1RY>&::#O!1#5%-*/O!VJ,+!#!XJ-28!
%''8!#5'J*1\!D*!#*1!'J+O!9-+6!*'!'*&!+6&!9-,&5RY
!7**!V'-*,!-*RYP#5+-8!-,!/'*&!#*1!*'!'*&!-,!9#+26-*/!J,RY
!YB6#+!#$'J+!)-52&\Y!D!5&:-*1!+6&:R!YF6&S,!,+-%%!'J+!+6&5&!,':&96&5&O!VJ,+!9#-+-*/!
('5!:&!+'!:#8&!#!:-,+#8&RY
!YB&S%%!$&!K&5M!2#5&(J%OY!C&%-2-+M!,#M,R!D!2#*!,&&!6'9!+6-,!9-%%!/'R!"6&M!9-%%!
4J,6!:&!J*+-%!D!#/5&&!+'!+#8&!+6&:!-*R
!Y"6&!+5J+6!'(!-+!-,!+6#+!D!2#*S+!&*+&5!+6&!5&#%:,OY!D!,#MO!%''8-*/!'((!+'9#51!+6&!
9''1,RYD!+5-&1RY
!C&%-2-+M!,+&4,!#9#M!(5':!:&RYB-+6'J+!J,\Y
!YNJ,+!'*2&OY!D!,#MO!#K'-1-*/!6&5!&M&,R!YLJ+!D!2'J%1*S+!:#8&!+6&!1''5!'(!%-/6+!
#44&#5RY
!YB6#+!#!4-+MOY!C&%-2-+M!,#M,R!@&5!+'*&!96-,4&5,O!D!1'*S+!$&%-&K&!M'JO
!YH&,O!,'!M'J!,&&O!9&!,6#%%!6#K&!+'!(-*1!+6&!'+6&5!:&:$&5,!'(!+6&!<51&5!$&('5&!9&!
2#*!5&+J5*!+'!+6&!5&#%:,R!DS:!#(5#-1!+6&5&
1'&,*S+!,&&:!+'!$&!#*M!'+6&5!9#MRY
!D+S,!#!%-&R!C'5!#%%!D!8*'9!D!2'J%1!&*+&5!+6&!5&#%:,!#/#-*!#+!#*M!+-:&R!LJ+!*'+!
M&+R!A'+!J*+-%!DSK&!6#1!+-:&!+'!J*1&5,+#*1!+6-,!,+5#*/&
4'9&5!DSK&!$&&*!/-K&*O!+6-,!/-(+I2J5,&R!A'+!J*+-%!DSK&!6#1!+-:&!+'!%&#5*!+'!:#,+&5!
+6&!:#/-2O!#,!:M!:'+6&5!9#5*&1!:&!D!:J,+R!"6&
2'*,&XJ&*2&,!#5&!+''!/5#K&R!D+S,!&*'J/6!+6#+!D!9-%%!%-K&!9-+6!.-44#S,!1&#+6!'*!:M!
2'*,2-&*2&!('5!+6&!5&,+!'(!:M!1#M,R!D!9'*S+!:#8&
+6&!,#:&!:-,+#8&!+9-2&R!C'5!*'9O!-+S,!$&,+!+6#+!:M!(5-&*1,!$&%-&K&!D!6#K&!*'!4'9&5!
%&(+R!C'5!*'9O!-+S,!$&,+!+6#+!D!%-&!+'!+6&:R!7+!%&#,+O
+6#+!-,!96#+!D!+&%%!:M,&%(R
!D*!+6&!1-,+#*2&O!+6&!26J526!$&%%!+'%%,O!#**'J*2-*/!+6#+!-+!-,!+-:&!('5!K&,4&5,R
!YB&S%%!$&!%#+&OY!C&%-2-+M!,#M,O!9#%8-*/!+'9#51!+6&!26#4&%R!@&5!+'*&!6#,!+J5*&1!
2'%1!#,!+6&!9-*1R!7**!('%%'9,!1J+-(J%%MO!96-26!%&#K&,
:&!+'!5'%%!+6&!6&#KM!,+'*&!$#28!-*!4%#2&!'K&5!+6&!#%+#5R
!Y"6#*8!M'J!('5!M'J5!6&%4OY!D!:J:$%&O!,+5#-*-*/!#/#-*,+!+6&!5'28R!D!2#+26!,-/6+!'(!
+6&!4#526:&*+!#/#-*R!F+5#*/&R!D!1'*S+!5&:&:$&5
#*M!'(!J,!4J++-*/!-+!+6&5&O!*'9!+6#+!D!+6-*8!'(!-+R!D+!9#,*S+!+6&5&!%#,+!9&&8R!7*1!
*'!'*&!&%,&!8*'9,!'(!+6-,!4%#2&R!D!+#8&!+6&!+'5*!4#4&5
(5':!J*1&5!+6&!5'28!#*1!J*('%1!-+R
!D!*&&1!+'!,&&!M'J!-::&1-#+&%MR
!"6&5&!-,!#!,-/*#+J5&O!$J+!D!1'*S+!*&&1!+'!5&#1!-+R!D!5&2'/*-T&!+6&!6#*195-+-*/R
!D+!$&%'*/,!+'!P#5+-8R
!)@7."3;!"@;33
!P7;"DP!DF!@3;3O!F<Q3B@3;3O!B7")@DA>!Q3!7>7DAR
!"6-,!-,!+6&!+6'J/6+!+6#+!2'*,J:&,!:&!1J5-*/!K&,4&5,R!@&!-,!6&5&!#*1!*&&1,!+'!
,4&#8!+'!:&R!D::&1-#+&%MO!6-,!*'+&!,#-1R!B6M\
B6#+!-,!,'!J5/&*+\!QM!,+':#26!-,!#!+-/6+!(-,+!'(!(&#5!#*1!&Z2-+&:&*+R!P#5+-8!-,!
$#28R
!Y>&::#OSS7**!96-,4&5,RYH'J5!45#M&5!$''8RY
!DSK&!$&&*!,'!#$,'5$&1!+6#+!DSK&!('5/'++&*!+'!'4&*!:M!45#M&5!$''8!#*1!45&+&*1!+'!
('%%'9!#%'*/R!C5':!6&5!4',-+-'*!-*!+6&!(5'*+!4&9O
Q5,R!A-/6+9-*/!+J5*,!+'!/%#5&!#+!:&!#,!'*%M!,6&!2#*R!D!5&#1!#!$-+!:'5&!%'J1%M!+6#*!
-,!*&2&,,#5M!,'!#,!+'!,&&:!&*+6J,-#,+-2R!<J5
6&#1:-,+5&,,O!,#+-,(-&1!#+!:M!4-&+MO!(#2&,!('59#51!#/#-*O!#*1!,''*!D!#:!%',+!-*!
*&9O!+5'J$%&1!+6'J/6+,R!B6#+!-(!+6&!;#8,6#*#!6#K&
(-*#%%M!,&*+!('5!:&\!B6#+!-(!P#5+-8!-,!6&5&!+'!+#8&!:&!+'!+6&:\
!7!,6J11&5!+5#K&%,!+6&!%&*/+6!'(!:M!,4-*&R!D!,6#*S+!%&+!6-:!1'!+6#+R!@&!,6#%%!6#K&!
+'!2':&!('5!:&O!#*1!D!9'*S+!/'!1'9*!9-+6'J+!#
,'%-1!(-/6+R!P#5+-8O!B6'!1'&,!6&!+6-*8!6&!-,\!P#5+-8R!.&56#4,!6&S%%!+5M!+'!+#8&!:&!
J*#9#5&,\!F*&#8!J4!$&6-*1!:&!#*1!95#4!6-,!,+5'*/
#5:,!#$'J+!:M!9#-,+\!7!,+5J//%&!9'J%1!&*,J&O!'(!2'J5,&R!D!9'J%1!(-/6+!6-:O!+6'J/6!
6&!-,!XJ-+&!,+5'*/O!#,!D!5&2#%%R!P#5+-8O!.&56#4,!9&
9'J%1!(#%%!+'!+6&!/5'J*1O!#*1!6&!9'J%1!4-*!:&!9-+6!+6&!9&-/6+!'(!6-,!$'1MO!6-,!
#5:,!6'%1-*/!:-*&!1'9*O!6-,!%&/,!#+'4!:-*&R!DS1!$&!6-,
45-,'*&5!+6&*O!J*#$%&!+'!:'K&O!6-,!(#2&!,'!K&5M!*&#5!:M!'9*!+6#+!D!2'J%1!,:&%%!+6&!
,9&&+*&,,!'(!6-,!$5&#+6!#*1!(&&%!-+,!6&#+!'*!:M
%-4,R!R!R!R
!Y>&::#bY!C&%-2-+M!96-,4&5,!,6#54%M!(5':!:M!5-/6+!,-1&R
!C%J,6&1!#*1!(%J,+&5&1O!D!,*#4!+'!#++&*+-'*!#*1!5&#1!#%'J1!+6&!(-5,+!%-*&!'(!+6&!
L-$%&!+6#+!D!,&&R!"''!%#+&!D!5&#%-T&!+6#+!:-*&!-,!+6&!'*%M
K'-2&!-*!+6&!,-%&*2&R!QM!'J+$J5,+!,+#5+%&,!&K&5M'*&O!#,!-(!D!6#K&!6#1!#!,J11&*!
5&%-/-'J,!2'*K&5,-'*R!"6&!/-5%,!/-//%&!-*!#,+'*-,6:&*+R
QM!26&&8,!/5'9!6'+R!;&K&5&*1!B#-+&!*#55'9,!6-,!&M&,!#+!:&R!D!1#5&*S+!%''8!#+!Q5,R!
A-/6+9-*/!('5!(&#5!+6#+!6&5!9-+6&5-*/!/%#5&!9-%%
5&1J2&!:&!+'!#,6R!D*,+&#1O!D!1'!#,!+6&!'+6&5,!#*1!$'9!:M!6&#1!('5!45#M&5R!D*!
,&2'*1,O!;&K&5&*1!B#-+&S,!5&&1M!K'-2&!15-(+,!'K&5!'J5
6&#1,O!*&#5%M!4J++-*/!:&!+'!,%&&4R
!YB6#+!&K&5!9&5&!M'J!+6-*8-*/!#$'J+\Y!C&%-2-+M!96-,4&5,R!YH'J5!&Z45&,,-'*!9#,!K&5M!
,+5#*/&RY
!YD!9#,!%',+!-*!45#M&5OY!D!#*,9&5!/J-%+-%MR
!F6&!#++&:4+,!+'!,#M!,':&+6-*/!+'!+6-,O!$J+!D!%&#*!('59#51O!:M!/#T&!-*+&*+!'*!
;&K&5&*1!B#-+&O!#*1!,6&!2#**'+!5&#26!:&!9-+6'J+
-*K'8-*/!+6&!-5&!'(!Q5,R!A-/6+9-*/R
!P#5+-8RD!6#K&!:-,,&1!6-:O!D!(-*1R!H&+!D!8*'9!+6#+!-(!6&!-,!6&5&O!+6&!*&9,!2#**'+!
$&!/''1R
!"6&!45#M&5!6#,!&*1&1R!;&K&5&*1!B#-+&!/-K&,!#!$&*&1-2+-'*!+'!J,O!6-,!(%'28O!#*1!
+J5*,!J,!'J+!-*+'!+6&!9'5%1R!0J,8!6#,!5'%%&1!-*O
XJ-&+!#,!#!/6',+!,6-4O!#*1!9-+6!-+!6#,!2':&!+6&!(#:-%-#5!('/R!D*!+6&!1-,+#*2&O!+6&!
%-/6+,!'(!F4&*2&!$&28'*R!7*!'9%!6''+,R!F+5#*/&R
"6&5&!6#K&*S+!$&&*!:#*M!'9%,!#$'J+!%#+&%MR!LJ+!+6&5&!-+!-,!#/#-*R!D+S,!2':-*/!(5':!
+6&!+5&&,!+'!:M!5-/6+R!"65'J/6!+6&!('/O!D!2#*!,&&
,':&+6-*/!/%'9-*/R!7!%#*+&5*!5&,+,!#+!+6&!$#,&!'(!#!+5&&R
!D+S,!6-:R!D!8*'9!-+R
!YB6#+S,!+6&!:#++&5\Y!7**!#,8,O!,&&-*/!+6#+!DSK&!,+'44&1R
!YDSK&!#!4&$$%&!-*!:M!$''+OY!D!,#MR!YH'J!2#55M!'*R!D!9'*S+!$&!#!:':&*+RY
!C'5!#!,&2'*1O!D!,+#*1!4&5(&2+%M!,+-%%O!9#*+-*/!+'!,&&!6-:O!9#*+-*/!+'!$&!,J5&!6&!
-,!*'!6#J*+!'(!:M!:-*1R!"6&!'9%!,'J*1!2':&,!#/#-*O
:#8-*/!:&!VJ:4R!L&6-*1!:&O!;&K&5&*1!B#-+&!2%',&,!+6&!26#4&%S,!'#8!1''5,!9-+6!#!
$'':O!2J++-*/!'((!+6&!%-/6+R!<*&!$M!'*&O!+6&!/-5%,
1-,#44&#5!-*+'!+6&!('/!#6&#1O!+6&-5!K'-2&,!/5'9-*/!(#-*+R!7**!+J5*,!#5'J*1O!6#%(!
,9#%%'9&1!$M!/5#MR
!Y>&::#O!2':&!#%'*/bY!@&5!K'-2&!15-(+,!'K&5!+6&!:-,+!-*!&26'&,!$&('5&!-+!-,!
/'$$%&1!2':4%&+&%MR
!R!R!R!:#!R!R!R!2':&!O!R!R!%'*/!R!R!R!'*/!R!R!R!'*/!R!R!R
!"6&!'9%S,!2#%%!2':&,!(5':!+6&!+5&&,O!:'5&!-*,-,+&*+!+6-,!+-:&R!"6&!1#58!6#,!2':&!
1'9*!6#51!-*!+6&!%#,+!(&9!:-*J+&,R!"6&5&!-,!'*%M
+6&!/%'9!(5':!F4&*2&!#*1!+6-,!'*&!%'*&%M!%-/6+!-*!+6&!9''1,R!D!#:!#%'*&!'*!+6&!
4#+6R!D*!#!(%#,6O!D!4J%%!J4!:M!,8-5+!6&:!#*1!5J,6
6&#1%'*/!#(+&5!7**!9-+6!#!:',+!J*%#1M%-8&!,6'J+R
!YB#-+!('5!:&b!DS:!2':-*/bY
!)@7."3;!C<?;
!"@DF!DF!B@7"!D!PA<B!<C!"@3!F"<;H!<C!"@3!<;03;R
!"6&M!9&5&!'*2&!+6&!:',+!4'9&5(J%!9':&*!-:#/-*#$%&O!('5!+6&M!9&5&!+6&!8&&4&5,!'(!
+6&!:#/-2#%!4'9&5!+6#+!5J%&1!+6&!5&#%:,R
"6&5&O!96&5&!:',+!:'5+#%,!2#:&!'*%M!1J5-*/!15&#:,!'5!#(+&5!1&#+6O!-+!9#,!+6&!<51&5!
96'!6&%4&1!,4-5-+,!25',,!'K&5!+6&!5-K&5!-*+'!+6&
9'5%1!$&M'*1!#%%!9'5%1,R!D+!9#,!+6&!<51&5!96'!6&%4&1!+6&:!2':4%&+&!+6&-5!,'J%,S!
+#,8,O!-(!*&&1!$&O!,'!+6#+!+6&M!2'J%1!:'K&!'*R!7*1!-+
9#,!+6&!<51&5!96'!2'J%1!9-&%1!+6#+!('5:-1#$%&!4'9&5!-*!+6-,!9'5%1!+'!2#,+!
-%%J,-'*,O!+'!,6#4&!%-K&,O!#*1!+'!-*(%J&*2&!+6&!2'J5,&!'(
6-,+'5MR!LJ+!+6#+!9#,!$&('5&!+9'!-*-+-#+&,!96'!9&5&!#++&*1-*/!F4&*2&O!Q#5M!0'91!
#*1!F#5#6!;&&,I"'':&O!$5'J/6+!1&,+5J2+-'*!+'!+6&
<51&5R
!F#5#6O!96'!2#%%&1!6&5,&%(!)-52&!#(+&5!+6&!4'9&5(J%!>5&&8!,'52&5&,,O!9#,!Q#5MS,!
1&#5&,+!(5-&*1R!B6-%&!Q#5MS,!4'9&5!2'*+-*J&1!+'
/5'9O!F#5#6S,!$&/#*!+'!(#1&R!"6&!5&#%:,!6#1!*'+!26',&*!6&5!+'!2'*+-*J&!'*!+6&!
4#+6R
!0&,4&5#+&!+'!6'%1!'*!+'!+6&!4'9&5!,6&!25#K&1O!F#5#6!:#1&!#!4#2+!9-+6!'*&!'(!+6&!
1#58!,4-5-+,!'(!+6&!5&#%:,!-*!#!('5$-11&*!4%#2&
2#%%&1!+6&!B-*+&5%#*1,R!D*!&Z26#*/&!('5!+6&!4'9&5!+'!&*+&5!+6&!5&#%:,!#+!9-%%O!,6&!
45':-,&1!-+!#!,#25-(-2&!#!%-++%&!>M4,M!/-5%!#*1!,6&
2'*K-*2&1!Q#5M!+'!/'!#%'*/!9-+6!6&5!4%#*R!B-+6!+6#+!'*&!#2+O!+6&M!$'J*1!+6&:,&%K&,!
+'!+6&!1#58!,4-5-+!#*1!1&,+5'M&1!+6&!4'9&5!'(!+6&
<51&5R!"'!8&&4!+6&!,4-5-+,!(5':!&*+&5-*/!+6-,!9'5%1O!3J/&*-#!F4&*2&O!+6&!('J*1&5!
'(!F4&*2&!#*1!#!6-/6!45-&,+&,,!'(!+6&!<51&5O!,+#M&1
$&6-*1O!,#25-(-2-*/!6&5,&%(!+'!+6&!25&#+J5&O!#*1!+6&!<51&5!%',+!+6&-5!%&#1&5R!@&5!
%#,+!#2+!9#,!+'!+',,!6&5!#:J%&+!+6&!25&,2&*+!&M&!+'
Q#5M!#*1!$-1!6&5!+'!2%',&!+6&!5&#%:,!('5!/''1!,'!+6#+!*'+6-*/!2'J%1!&,2#4&R!Q#5M!
1-1O!$J+!,6&!,+5J//%&1!9-+6!F#5#6!'K&5!+6&!#:J%&+O
8*'28-*/!'K&5!#!2#*1%&R!7!+&55-$%&!(-5&!5#/&1!+65'J/6!+6&!3#,+!B-*/!'(!F4&*2&O!#*1!
-*1&&1O!+6&!1#:#/&1!9-*/!-,!,+-%%!%'28&1!#*1
J*J,&1!+'1#MR!D+!9#,!#,,J:&1!+6#+!$'+6!/-5%,!1-&1!-*!+6&!(-5&O!#%'*/!9-+6!3J/&*-#R!
A'!'*&!8*&9!+6#+!#,!+6&!(-5&!5#/&1O!Q#5M!&,2#4&1
-*+'!+6&!2#K&,!$&6-*1!+6&!,26''%O!%&#K-*/!$&6-*1!+6&!1-#5M!9&!9'J%1!&K&*+J#%%M!
1-,2'K&5R!F#5#6!9#,!*&K&5!('J*1R!Q#5M!9&*+!-*+'
6-1-*/!-*!D*1-#O!96&5&!,6&!:#55-&1!N'6*!0'M%&!#*1!9#,!5&$'5*!#,!E-5/-*-#!0'M%&O!:M!
:'+6&5R!?*#$%&!+'!&*+&5!+6&!5&#%:,O!+6&
:&:$&5,!'(!+6&!<51&5!,2#++&5&1O!%''8-*/!#*1!9#-+-*/!('5!#!+-:&!96&*!+6&M!2'J%1!
2%#-:!+6&-5!:#/-2#%!9'5%1!#*1!+6&-5!4'9&5!'*2&
:'5&R
!C'5!+9&*+M!M&#5,O!*'+6-*/!6#44&*&1R!"6&!,+'5M!'(!+6&!<51&5!(#1&1!(5':!%&/&*1!+'!
:M+6!J*+-%!NJ*&!d]O!]_àO!:M!,-Z+&&*+6
$-5+61#MR!"6#+!-,!+6&!1#M!+6#+!+6&!:#/-2!'(!+6&!<51&5!$&/#*!+'!2':&!#%-K&!#/#-*!-*!
:&R!"6#+!-,!+6&!1#M!+6#+!F#5#6!;&&,I"'':&O
)-52&O!(-*#%%M!2#:&!('5!J,R!F6&!6#1!*'+!1-&1!-*!+6#+!6'55-$%&!(-5&!#(+&5!#%%O!#*1!
,6&!6#1!$&&*!J,-*/!6&5!2'55J4+!$'*1!9-+6!+6#+!1#58!,4-5-+
'(!+6&!B-*+&5%#*1,!+'!4%'+!6&5!5&K&*/&R!<*&!$M!'*&O!,6&!6J*+&1!1'9*!+6&!:&:$&5,!'(!
+6&!<51&5O!%''8-*/!('5!+6&!1#J/6+&5!96'!9#,
$&-*/!96-,4&5&1!#$'J+O!+6&!/-5%!96'!2'J%1!&*+&5!+6&!5&#%:,!#*1!$5-*/!$#28!+6&!
/%'5M!#*1!+6&!4'9&5R!"6#+!-,!+6&!1#M!+6#+!D!6#1!:M
(-5,+!K-,-'*O!96&*!D!,#9!:M!:'+6&5!1-&O!6J*+&1!$M!)-52&S,!#,,#,,-*!+6#+!
,J4&5*#+J5#%!25&#+J5&!96'!#%,'!$5J+#%%M!:J51&5&1!7:#5!'(
+6&!;#8,6#*#O!#!2J%+!'(!:&*!96'!$'+6!45'+&2+!#*1!(&#5!+6&!4'9&5!'(!+6&!<51&5R!D+!
9#,!+6&!1#M!D!(-5,+!:&+!P#5+-8O!7:#5S,!M'J*/&5
$5'+6&5O!96'!9'J%1!$&2':&!:M!/J#51-#*!#*1!+'5:&*+'5O!$'J*1!+'!:&!$M!1J+M!#*1!
,'55'9R
!D+!9#,!+6&!1#M!+6#+!9'J%1!2':&!+'!,6#4&!+6&!5&,+!'(!:M!%-(&R!C'5!#(+&59#51O!D!9#,!
,&*+!6&5&!+'!F4&*2&R!QM!K-,-'*,!%&1!:&!+'!&*+&5
+6&!5&#%:,!9-+6!:M!(5-&*1,O!96&5&!D!9#,!5&J*-+&1!9-+6!:M!:'+6&5!#*1!%&#5*&1!'(!:M!
$-5+65-/6+!+'!+6&!<51&5U!96&5&!:M!(5-&*1,!#*1!D
J,&1!+6&!:#/-2!'(!+6&!5J*&,!+'!26#*/&!'J5!%-K&,U!96&5&!D!('J/6+!)-52&S,!#,,#,,-*!
#*1!,:#,6&1!+6&!;J*&,!'(!+6&!<5#2%&!+6',&!,+'*&,
+6#+!6'%1!:#/-2U!96&5&!:M!:'+6&5!1-&1!#+!%#,+O!#*1!'J5!(5-&*1!.-44#O!#%,'R!D!
9#+26&1!6&5!26'',&!+'!,+#MO!9#+26&1!6&5!9#%8!6#*1!-*
6#*1!9-+6!#!6#*1,':&!8*-/6+!-*+'!#!4%#2&!'(!*'!5&+J5*R!.-44#O!:M!(5-&*1R
!D*!+6&!5&#%:,O!D!%&#5*&1!'(!:M!(#+&U!D!#:!+6&!'*&!96'!:J,+!('5:!+6&!<51&5!'*2&!
#/#-*!#*1!2'*+-*J&!+6&-5!9'58R!"6#+!-,!:M
'$%-/#+-'*R!LJ+!D!6#K&!#*'+6&5O!,&25&+!:-,,-'*W!D!,6#%%!(#2&!:M!:'+6&5S,!'%1!
(5-&*1!:M!('&R!D!,6#%%!(#2&!F#5#6!;&&,I"'':&O!)-52&O!#+
%#,+O!#*1!D!,6#%%!*'+!9#K&5R
!7!,+&#1M!5#-*!%#,6&,!#+!+6&!9-*1'9,O!:#8-*/!,%&&4!-:4',,-$%&O!+6'J/6!7**!-,!
2&5+#-*%M!,*'5-*/!%'J1%M!&*'J/6R!LJ+!-+!-,!*'+!+6&!5#-*
+6#+!6#,!:&!J4O!:M!,8-*!45-28%MO!:M!&#5,!#++J*&1!+'!&K&5M!,:#%%!,'J*1R!D+!-,!+6#+!
&K&5M!+-:&!D!2%',&!:M!&M&,O!D!,&&!+6',&!9'51,!'*
!4#526:&*+W![!:J,+!,&&!M'J!-::&1-#+&%MR
D,!P#5+-8!'J+!+6&5&O!*'9O!-*!+6&!5#-*\
!7!/J,+!$%'9,!#/#-*,+!+6&!9-*1'9,O!5#++%-*/!+6&:!%-8&!$'*&,R!7**S,!,*'5-*/!5-,&,!
#*1!(#%%,R!D+!-,!4'-*+%&,,!+'!%-&!6&5&!(5&++-*/R!D!%-/6+
:M!$&1,-1&!%#:4!#*1!#1VJ,+!+6&!(%#:&!+'!#!%'9!(%-28&5O!VJ,+!&*'J/6!+'!(-*1!96#+!D!
*&&1R!;J::#/-*/!+65'J/6!:M!9#515'$&O!D!(-*1!-+W
:M!:'+6&5S,!,'2-#%!1-#5MR!D!5J*!:M!(-*/&5,!'K&5!+6&!%&#+6&5!#*1!5&:&:$&5!6&5!
%#J/6O!+6&!,'(+*&,,!'(!6&5!(#2&R
!D!+J5*!:M!#++&*+-'*!$#28!+'!+6&!1-#5M!D!8*'9!,'!9&%%!#*1!,4&*1!6#%(!#*!6'J5!
,2'J5-*/!:M!:'+6&5S,!9'51,!('5!,':&!/J-1#*2&O!$J+!D
(-*1!*'*&R!D!6#K&*S+!+6&!K#/J&,+!-1&#!'(!6'9!+'!/'!#$'J+!5&('5:-*/!+6&!<51&5!'5!
6'9!+'!J,&!+6&!:#/-2R!"6&5&!-,!*'!J,&(J%!-*('5:#+-'*
'*!+6&!;#8,6#*#!#*1!96#+!+6&M!:#M!6#K&!4%#**&1!('5!:&R!"6&5&!-,!*'+6-*/!:'5&!+'!
+&%%!:&!#$'J+!)-52&!#*1!6'9!D!:-/6+!(-*1!6&5
$&('5&!,6&!(-*1,!:&R!D+!(&&%,!#,!-(!+6&!96'%&!9'5%1!-,!9#-+-*/!('5!:&!+'!#2+O!#*1!
D!#:!%',+R!D!9-,6!:M!:'+6&5!6#1!%&(+!:&!:'5&!2%J&,R
!"6&!4J%%!'(!:M!:'+6&5S,!K'-2&O!&K&*!'*!#!4#/&O!-,!,+5'*/R!Q-,,-*/!6&5O!D!,+#5&!#+!
6&5!9'51,!J*+-%!:M!&M&,!(&&%!6&#KMO!4J%%&1!1'9*
$M!+6&!%#+&!6'J5R!F%&&4R!"6#+!-,!96#+!D!*&&1R!F%&&4!9-+6'J+!+6&!+&55'5!'(!15&#:,R!
F%&&4R
!QM!6&#1!,*#4,!J4!,J11&*%MR!B#,!+6#+!#!8*'28!#+!+6&!(5'*+!1''5\!@#K&!+6&M!2':&!('5!
:&\!3K&5M!*&5K&!-,!#%-K&O!&K&5M!:J,2%&!+#J+R
"6&5&!-,!*'+6-*/!$J+!+6&!5#-*R!A'!$J,+%-*/!-*!+6&!6#%%9#M,!+'!,J//&,+!,':&'*&!
5J,6-*/!+'!#*,9&5!#!2#%%R!D+!-,!(#5!+''!%#+&!('5!K-,-+'5,O
#*1!,J5&%M!P#5+-8!9'J%1!*'+!J,&!+6&!(5'*+!1''5R!D!#:!$&/-**-*/!+'!+6-*8!+6#+!
4&56#4,!D!15&#:&1!-+!96&*!D!6&#5!+6&!8*'28
#/#-*!%'J1&5!+6-,!+-:&R
!A'9!+6&5&!-,!:'K&:&*+!$&%'9R!cJ-28%M!D!4J+!'J+!:M!%#*+&5*R!L5-/-1O!'J5!/#55J%'J,!
6'J,&8&&4&5O!:J++&5,!#,!,6&!+6J*1&5,!4#,+!'*
6&5!9#M!+'!#*,9&5!+6&!1''5R!B6'!2'J%1!$&!2#%%-*/!#+!,'!%#+&!#*!6'J5\!QM!6&#5+!-,!
8&&4-*/!(#,+!+-:&!9-+6!+6&!5#-*!#,!D!25&&4!1'9*!+6&
6#%%!#*1!4&526!*&#5!+6&!,+#-52#,&R!L5-/-1S,!2#*1%&!,+5&#8,!+6&!9#%%!9-+6!,6#1'9,!
#,!,6&!+#8&,!+6&!,+#-5,!*&#5%M!+9'!#+!#!+-:&O!6&5!%'*/
$5#-1!(%M-*/!9-%1%M!$&6-*1!6&5R
!YLM!#9%!+6&!,#-*+,OY!L5-/-1!:J++&5,R!F6&!6J((,!#*1!4J((,!#*1!5&#26&,!+6&!1''5!
VJ,+!#,!#*'+6&5!8*'28!1&,2&*1,R!"6&!1''5!,9-*/,
9-1&O!%&++-*/!+6&!15-K-*/!5#-*!-*!9-+6!-+R!F':&'*&!6#,!#55-K&1!-*!+6&!1&#1!'(!
*-/6+R!F':&'*&!15&,,&1!&*+-5&%M!-*!$%#28R!D!(&&%!#,!-(!D
,6#%%!$&!,-28!9-+6!(5-/6+R!D!#:!(5'T&*!-*!4%#2&O!*'+!,J5&!96&+6&5!+'!:#8&!#!1#,6!
1'9*!+6&!,+#-5,!#*1!'J+!+6&!1''5!'5!5J*!$#28!+'!:M
5'':!#*1!$'%+!+6&!1''5R!D*!+6&!1#58!'(!+6&!6#%%O!D!2#**'+!:#8&!'J+!#!(#2&R!
L5-/-1S,!2#*1%&!:'K&,!2%',&5O!2#,+-*/!#!/%'9!'*!+6&!(-/J5&R
D(!+6-,!-,!#!:&:$&5!'(!+6&!;#8,6#*#!2':&!('5!:&O!+6&*!D!#:!:',+!2'*(J,&1R!C'5!+6-,!
-,!#!9':#*R!F6&!/-K&,!6&5!*#:&O!$J+!#,!+6&
1''5!-,!,+-%%!'4&*!D!2#**'+!6&#5!-+!'K&5!+6&!6'9%-*/!'(!+6&!5#-*!#*1!9-*1R!L5-/-1!
*'1,!#*1!$-1,!+6&!2'#26:#*!2':&!-*!#*1!%&#K&!+6&
9':#*S,!+5J*8!-*!+6&!6#%%9#MR!"6&!9':#*!4#M,!6-:!#*1!L5-/-1!2%',&,!+6&!1''5!
#/#-*,+!+6&!45&,,!'(!*-/6+R
!YDS%%!VJ,+!9#8&!+6&!4#5%'5:#-1!+'!/&+!M'J!,&+S%&1OY!L5-/-1!/5'J,&,RYA'!,&*,&!
9#8-*S!Q-,,J,!A-/6+9-*/R!F6&S%%!,&&!M'J!-*!45'4&5!2':&
:'5*-*SRY
!Y"6#+!9-%%!$&!,#+-,(#2+'5MOY!+6&!9':#*!,#M,R!@&5!K'-2&!-,!1&&4!9-+6!#!6-*+!'(!#!
$J55O!#*!#22&*+!D!2#**'+!4%#2&R
!L5-/-1!+J5*,!J4!+6&!%-/6+,!+'!#!%'9!/%'9R!F6&!2#*S+!5&,-,+!/-K-*/!'*&!(-*#%!
6#55J:46!'*!6&5!9#M!+'!+6&!:#-1S,!XJ#5+&5,R!=&(+!#%'*&O
+6&!9':#*!4&&%,!'((!6&5!6#+O!5&K&#%-*/!+6-28O!1#58!6#-5!#*1!#!,&K&5&!(#2&!(5#:&1!
$M!6&#KM!$5'9,R!F6&!%''8,!#$'J+!+6&!4%#2&O!+#8-*/
-*!+6&!,*#8&!26#*1&%-&5O!+6&!'5*#+&!2#5K-*/,!'(!*M:46,!#*1!2&*+#J5,!6&5&!#*1!
+6&5&R!A'!1'J$+!,6&!6#,!#%5&#1M!*'+&1!+6&!/#5/'M%&
2'%%&2+-'*!1'++-*/!+6&!5''(!#*1!-,!%-8&%M!9'*1&5-*/!96#+!,'5+!'(!4%#2&!+6-,!:#M!
$&R
!F6&!/%#*2&,!J4!+6&!&Z4#*,&!'(!+6&!,+#-52#,&O!#*1!,+'4,O!2'28-*/!6&5!6&#1R!F6&!
,XJ-*+,!#,!-(!,6&!,&&,!:&R!cJ-28%M!D!1J28!-*+'!+6&
,6#1'9,O!4J,6-*/!:M,&%(!(%#+!#/#-*,+!+6&!9#%%R!D*!#!:':&*+O!D!6&#5!L5-/-1S,!,6#54!
K'-2&!$#58-*/!'J+!'51&5,!+'!+6&!,%&&4M!4#5%'5:#-1R
!Y"6-,!-,!Q-,,!Q2)%&&+6MO!'J5!*&9!+&#26&5R!F&&!+'!6&5!+6-*/,R!DS%%!,6'9!6&5!+'!6&5!
5'':RY
!Q-:-O!+6&!4#5%'5:#-1O!M#9*,!#*1!5&#26&,!('5!+6&!%-/6+&,+!'(!+6&!%J//#/&O!$J+!Q-,,!
Q2)%&&+6M!+#8&,!-+!(5':!6&5R
!YD(!M'J!1'*S+!:-*1O!D!,6'J%1!%-8&!+'!+#8&!+6-,R!QM!4&5,'*#%!&((&2+,RY!F6&!,:-%&,!
9-+6'J+!,6'9-*/!#*M!+&&+6R
!YH&,O!:-,,RY!Q-:-!2J5+,-&,!-*!1&(&5&*2&!#*1O!,-/6-*/O!1-5&2+,!6&5!#++&*+-'*!+'!
+6&!%#5/&!+5J*8!-*!+6&!('M&5R
!L5-/-1S,!2#*1%&!+J5*,!+6&!,+#-52#,&!-*+'!#!1#*2&!'(!,6#1'9!#*1!%-/6+R!D!(%M!'*!
+-4+'&!1'9*!+6&!6#%%!#*1!+#8&!5&(J/&!$&6-*1!#!4'++&1
(&5*!5&,+-*/!'*!#!9''1&*!,+#*1O!9#+26-*/!+6&:!(5':!+6&!2'K&5!'(!+6',&!:#::'+6!
%&#K&,R!L5-/-1!%&#1,!+6&!9#MO!$J+!Q-,,!Q2)%&&+6M
,+'4,!#+!+6&!%#*1-*/R!F6&!/#T&,!#+!&K&5M+6-*/!#,!-(!,6&!6#,!,&&*!-+!$&('5&R!B6#+!
6#44&*,!*&Z+!-,!:',+!2J5-'J,!-*1&&1R!7+!+6&!-:4',-*/
1'J$%&!1''5,!+6#+!%&#1!+'!+6&!(-5&I1#:#/&1!3#,+!B-*/O!+6&!9':#*!,+'4,O!(%#++&*-*/!
6&5!4#%:!#/#-*,+!+6&!9#54&1!9''1!+6&5&R
!D*!,+5#-*-*/!+'!,&&O!:M!,6'J%1&5!$J:4,!+6&!4'++&1!(&5*R!"6&!,+#*1!9'$$%&,!
45&2#5-'J,%MR!cJ-28%MO!D!4J+!'J+!#!6#*1!+'!,+&#1M!-+O!$J+
#%5&#1MO!Q-,,!Q2)%&&+6M!4&&5,!-*+'!+6&!1#58*&,,R
!YB6'S,!+6&5&\Y!,6&!2#%%,!'J+R
!@&#5+!4'J*1-*/O!D!+-/6+&*!:M,&%(!-*+'!#!$#%%O!6'4-*/!+6&!(&5*!9-%%!1-,/J-,&!:&R!
D+!9'*S+!1'!+'!$&!2#J/6+!,*&#8-*/!#$'J+!+6&!6#%%,!'(
F4&*2&!-*!+6&!1&#1!'(!*-/6+R!D!2#*!6&#5!+6&!25&#8-*/!'(!+6&!(%''5$'#51,!,-/*#%-*/!
Q-,,!Q2)%&&+6MS,!#445'#26R!DS:!1'*&!('5R!D!,6#%%!%',&
#%%!:M!/''1!2'*1J2+!:#58,!#*1!$&!('52&1!+'!,4&*1!#*!&+&5*-+M!95-+-*/!'J+!L-$%&!
4#,,#/&,!-*!4&*#*2&R
!Y"6-,!9#MO!Q-,,!Q2)%&&+6MO!-(!M'J!4%&#,&OY!L5-/-1!2#%%,!1'9*R
!YH&,O!2':-*/OY!Q-,,!Q2)%&&+6M!#*,9&5,R!F6&!%&#K&,!6&5!4&526!$M!+6&!1''5,!#*1!
('%%'9,!L5-/-1!J4!#*1!#5'J*1!+6&!,+#-52#,&!+-%%!+6&
6#%%!-,!1#58!#*1!,-%&*+!'*2&!#/#-*!,#K&!('5!+6&!5#-*R
!QM!,%&&4O!96&*!-+!2':&,O!-,!(-+(J%O!4'-,'*&1!$M!15&#:,R!D!,&&!+6&!5&#%:,O!+6&!
$&#J+-(J%!/5&&*!'(!+6&!/#51&*O!+6&!2%&#5!$%J&!'(!+6&
5-K&5R!LJ+!+6#+!-,!*'+!#%%!D!,&&R!C%'9&5,!+6#+!9&&4!$%#28!+&#5,R!"65&&!/-5%,!-*!
96-+&!#/#-*,+!+6&!/5#M!'(!+6&!,&#R!7!(-/J5&!-*!#!1&&4!/5&&*
2%'#8R!F':&+6-*/S,!5-,-*/!(5':!+6&!,&#R!D!2#**'+!,&&!-+U!D!2#*!,&&!'*%M!+6&!(#2&,!
'(!+6&!/-5%,O!+6&!2'%1O!6#51!(&#5!5&(%&2+&1!-*!+6&-5!&M&,
VJ,+!$&('5&!+6&M!,25&#:R
!D!9#8&!('5!#!:':&*+O!+6&!5'':!(-/6+-*/!+'!+#8&!,6#4&O!$J+!+6&!J*1&5+'9!'(!,%&&4!
-,!+''!4'9&5(J%!#*1!D!(-*1!:M,&%(!-*!'*&!%#,+
15&#:R
!.-44#!2':&,!+'!:&!9&#5-*/!#!/#5%#*1!'(!(%'9&5,!'*!6&5!6&#1!%-8&!#!25'9*R!@&5!6#-5!
-,!$%#28!#*1!,6-*-*/!#,!#%9#M,R!F+5#*1,!'(!-+!(%M
#$'J+!6&5!$#5&!,6'J%1&5,O!,'!1#58!#/#-*,+!+6&!4#%&*&,,!'(!6&5!,8-*R!L&6-*1!6&5O!
+6&!,8M!$%&&1,!5&1!-*+'!+6-28!,+5&#8,!'(!1#58!2%'J1,O
#*1!#!/*#5%&1!+5&&!+9-,+,!-*!'*!-+,&%(O!#,!-(!-+S,!$&&*!$J5*&1!#%-K&!#*1!+6-,!-,!
#%%!+6#+!5&:#-*,!'(!-+,!'*2&!45'J1!$&#J+MR
!Y>&::#OY!,6&!,#M,O!#*1!:M!*#:&!&26'&,!-*!:M!6&#1!+-%%!D!2#*!6&#5!*'+6-*/!&%,&R!
@&5!&M&,R!"6&5&S,!,':&+6-*/!95'*/!9-+6!6&5
&M&,R!"6&MS5&!#!$%J-,6!96-+&O!+6&!2'%'5!'(!(5&,6!:-%8O!2-52%&1!$M!#!5-*/!'(!$%#28!
9-+6!'*&!,:#%%!1'+!'(!$%#28!-*!+6&!2&*+&5R!D!9#*+!+'!%''8
#9#MO!$J+!D!2#*S+R
!YD+S,!+-:&!+'!2':&!$#28!+'!+6&!5&#%:,!R!R!R!OY!,6&!,#M,O!'K&5!#*1!'K&5O!%-8&!+6&!
/&*+%&,+!%J%%#$MR!YLJ+!2#5&(J%!>&::#O!:M
1#5%-*/!R!R!R!+6&MS5&!2':-*/!('5!M'JR!"6&MS5&!#%%!2':-*/!('5!M'JRY
!F6&!'4&*,!6&5!:'J+6!9-+6!#!+&55-$%&!5'#5O!&Z4',-*/!+6&!,6#54!4'-*+,!'(!6&5!
6-1&'J,!+&&+6R
!)@7."3;!CDE3
!B@3A!Q<;ADA>!CDA7==H!)<Q3FO!D!7Q!F<!"D;30!+6#+!:M!&M&,!(&&%!#,!-(!+6&M!#5&!2'#+&1!
-*!,#*1R!DSK&!#!('J%!+#,+&!-*!:M!:'J+6O!,'!D
/#5/%&!#!$-+!'(!5',&9#+&5O!,4-++-*/!-+!#,!1&%-2#+&%M!#,!4',,-$%&!-*+'!+6&!
9#,6,+#*1R!B6#+!D!2#**'+!5-1!:M,&%(!'(!-,!+6&!6'55-$%&!-:#/&!-*
:M!6&#1O!+6&!'*&!'(!.-44#!#,!#!:'*,+&5R
!D+!9#,!'*%M!#!15&#:O!>&::#O!'*%M!#!15&#:R!D+!-,!M'J5!5&:'5,&!2':&!+'!6#J*+!M'JR!
.-44#!26',&!+'!,+#MR!D+!9#,!6&5!26'-2&O!*'+
M'J5,R!=&+!-+!/'R
!D!/-K&!:M!:'J+6!'*&!:'5&!5-*,&O!#,!-(!+6#+!2'J%1!4',,-$%M!2J5&!:&!'(!:M!-%%,R
!D*!+6&!1-*-*/!5'':O!+6&!%'*/!5'9,!'(!+#$%&,!6#K&!$&&*!,&+!('5!$5&#8(#,+R!B-*+&5!
(%'5#%!#55#*/&:&*+,!'(!4'-*,&++-#,!#*1!(&#+6&5M!(&5*,
-*!,-%K&5!K#,&,!1'+!&K&5M!('J5+6!4%#2&!,&++-*/R!D+!-,!%'K&%MO!#*1!D!(-*1!:M,&%(!
('5/&++-*/!+6&!15&#:!#*1!5&:&:$&5-*/!+6#+!-+!-,
)65-,+:#,R
!D!V'-*!C&%-2-+M!#*1!7**!#,!9&!,+#*1!9'51%&,,%M!#+!#++&*+-'*!$&6-*1!'J5!26#-5,O!
9#-+-*/!('5!Q5,R!A-/6+9-*/!+'!%&#1!J,!-*!/5#2&R!"6&5&
#5&!$'9%,!'(!45&,&5K&,!#*1!/5&#+!,%#$,!'(!$J++&5!$&,-1&!'J5!4%#+&,R!"6&!#-5!-,!
4&5(J:&1!9-+6!+6&!9''1I,9&&+!,:&%%!'(!$#2'*R!"6&
9#-+-*/!-,!+'5+J5&R!7+!%#,+O!Q5,R!A-/6+9-*/!,+#*1,!#*1!#,8,!J,!+'!$'9!'J5!6&#1,R!
"6&5&!-,!#!:&52-(J%%M!,6'5+!45#M&5!#*1!9&!#5&!#%%'9&1
+'!+#8&!'J5!4%#2&,!#+!+6&!+#$%&R
!Y@#K&!M'J!*'+-2&1\Y!Q#5+6#!,#M,!-*!#!,+#/&!96-,4&5R!F6&!-,!'*&!'(!)&2-%MS,!%'M#%!
('%%'9&5,!#*1!6#,!$&/J*!+'!15&,,!%-8&!6&5!#*1!&K&*
+'!5&,&:$%&!6&5!#!$-+R!"6&M!,6#5&!+6&!,#:&!45#2+-2&1O!2'M!%#J/6!#*1!#!+&*1&*2M!+'!
,:-%&!-*!#!9#M!+6#+!-,!:&#*+!+'!%''8!1&:J5&!$J+
'*%M!,&&:,!#,!-(!+6&M!6#K&!$-++&*!'((!+''!:J26!$5&#1!#*1!2#**'+!,9#%%'9R
!YA'+-2&1!96#+\Y!C&%-2-+M!#,8,R
!YB&SK&!#!*&9!+&#26&5OY!Q#5+6#!2'*+-*J&,RY0'!M'J!,&&\!F6&S,!,-++-*/!$&,-1&!
Q#1&:'-,&%%&!=&C#5/&RY
!Q#1&:'-,&%%&!=&C#5/&O!'J5!4%J:4!C5&*26!-*,+5J2+'5O!,-+,!9-+6!+6&!'+6&5!+&#26&5,!
#+!#!%'*/!+#$%&!,&+!#4#5+R!F6&!6#,!$&&*!,&&-*/!#
1&+&2+-K&!(5':!F2'+%#*1!H#51O!#*!D*,4&2+'5!P&*+!96':!9&!#%%!%-8&!K&5M!:J26O!#*1!
,-*2&!+6&-5!2'J5+,6-4!$&/#*O!,6&!6#,!+#8&*!+'
9&#5-*/!$5-/6+&5!2'%'5,!#*1!:'5&!(#,6-'*#$%&!15&,,&,R!@&5!*&9('J*1!/#-&+MO!
6'9&K&5O!6#,!*'+!&Z+&*1&1!+'!&Z2J,-*/!:M!1&4%'5#$%&
C5&*26R
!@&#1,!,9-K&%!-*!+6&!1-5&2+-'*!'(!+6&!*&9!+&#26&5O!96'!-,!,&#+&1!$&+9&&*!=&C#5/&!
#*1!Q5,R!A-/6+9-*/R!F6&!9&#5,!#!,J-+!'(!/5#M
(%#**&%O!#!,45-/!'(!6'%%M!4-**&1!+'!'*&!%#4&%R!D!5&2'/*-T&!6&5!-*,+#*+%M!#,!+6&!
9':#*!96'!#55-K&1!-*!+6&!1&#1!'(!*-/6+R!D!2'J%1!,6#5&
+6-,!-*('5:#+-'*R!D+!:-/6+!:#8&!:&!XJ-+&!4'4J%#5!#+!+6&!+#$%&R!Q',+!%-8&%MO!-+!
9'J%1!2#J,&!)&2-%M!+'!5J*!-::&1-#+&%M!+'!Q5,R!A-/6+9-*/
#*1!-*('5:!6&5!'(!:M!*-/6++-:&!#2+-K-+-&,R!D!1&2-1&!+'!&#+!#!(-/!-*,+&#1R
!Q5,R!A-/6+9-*/!5-,&,!+'!,4&#8R!QM!('58O!96-26!9#,!,'!K&5M!2%',&!+'!+#,+-*/!
6#44-*&,,O!:J,+!$&!,+-%%&1!#+!:M!4%#+&R!D!J++&5!#!,-%&*+
45#M&5!+6#+!,6&!9-%%!$&!$5-&(O!+6'J/6!D!8*'9!+6-,!-,!K&5M!:J26!%-8&!#,8-*/!('5!
,*'9!-*!NJ%MR
!Y>''1!:'5*-*/O!/-5%,RY
!Y>''1!:'5*-*/O!Q5,R!A-/6+9-*/OY!9&!#*,9&5!-*!J*-,'*R
!YD!9-,6!+'!45&,&*+!Q-,,!Q2)%&&+6MO!'J5!*&9!-*,+5J2+'5!-*!+6&!#5+,R!D*!#11-+-'*!+'!
15#9-*/!#*1!4#-*+-*/O!Q-,,!Q2)%&&+6M!-,
8*'9%&1/&#$%&!-*!=#+-*!#*1!>5&&8O!$#1:-*+'*O!#*1!#526&5MRY
!C&%-2-+M!(%#,6&,!:&!#*!&Z2-+&1!,:-%&R!<*%M!7**!#*1!D!8*'9!6'9!6#44M!+6-,!:#8&,!
6&5R!D*!+6&!5&#%:,O!,6&!45'K&1!+'!$&!XJ-+&!#
,8-%%&1!#526&5O!#!(#2+!+6#+!9'J%1!*'!1'J$+!,+#5+%&!+6',&!96'!+6-*8!,6&!-,!
2'*2&5*&1!'*%M!9-+6!+6&!%#+&,+!(#,6-'*!(5':!.#5-,R
!Q5,R!A-/6+9-*/!15'*&,!'*R!YQ-,,!Q2)%&&+6M!2':&,!+'!J,!(5':!+6&!K&5M!&,+&&:&1!
F#-*+!E-2+'5-#S,!F26''%!('5!>-5%,!-*!B#%&,R!D!#:
('5+J*#+&!-*1&&1O!('5!DSK&!8*'9*!6&5!#,!#!1&#5!(5-&*1!('5!:#*M!#!M&#5RY
!7+!+6-,!Q5,R!A-/6+9-*/!/-K&,!Q-,,!Q2)%&&+6M!#!9#5:!,:-%&R!D+!-,!#,+'*-,6-*/b!Q5,R!
A-/6+9-*/!6#,!+&&+6b!D!6#K&!#%9#M,!#,,J:&1!+6#+
!'J5!6&#1:-,+5&,,!6#+26&1!(5':!#!15#/'*S,!&//R!"6#+!,6&!-,!-*!4',,&,,-'*!'(!#!
Y1&#5!(5-&*1Y!-,!$&M'*1!:&R
!YDSK&!*'!1'J$+!,6&!9-%%!45'K&!#*!-*K#%J#$%&!#,,&+!+'!J,!6&5&!#+!F4&*2&O!#*1!D!#,8!
M'J!+'!9&%2':&!6&5!9#5:%MR!Q-,,!L5#1,6#9O
4&56#4,!M'JS1!$&!9-%%-*/!+'!,-*/!#!,'*/!('5!'J5!Q-,,!Q2)%&&+6M\!7!2#5'%!9'J%1!$&!
*-2&O!D!,6'J%1!+6-*8RY
!7**!5-,&,!1J+-(J%%M!#*1!9#%8,!$&+9&&*!+6&!%'*/!+#$%&,!+'9#51!+6&!(5'*+R!7,!,6&!
/'&,!+6&5&!-,!#!$-+!'(!96-,4&5-*/O!#!,*-28&5!'5!+9'R
"6&!'+6&5!/-5%,!*&K&5!,&&:!+'!+-5&!'(!+'5:&*+-*/!7**O!96'!8&&4,!6&5!6&#1!1'9*!#*1!
&*1J5&,!+6&-5!25J&%+MR!LJ+!96&*!,6&!'4&*,!6&5
:'J+6!+'!,-*/!Y='O!@'9!#!;',&!3S&5!L%'':-*/OY!6&5!K'-2&O!2%&#5!#*1!$&#J+-(J%!#*1!
4'9&5(J%O!,-%&*2&,!&K&5M!25-+-2R!B6&*!,6&!(-*-,6&,O!D
9#*+!+'!,+#*1!#*1!26&&5R!D*,+&#1O!9&!/-K&!#!5'J*1!'(!$5-&(O!4'%-+&!#44%#J,&!#,!,6&!
9#%8,!$#28!+'!+6&!+#$%&R!)&2-%M!#*1!6&5!(5-&*1,
:#8&!#!4'-*+!'(!*'+!#28*'9%&1/-*/!7**!#+!#%%O!#,!-(!,6&!6#,*S+!VJ,+!,J*/!('5!+6&!
96'%&!5'':R!D+S,!#,!-(!,6&!1'&,*S+!&Z-,+!('5!+6&:R!F6&S,
*'!:'5&!+6#*!#!/6',+R
!Y"6#+!9#,!,4%&*1-1OY!D!96-,4&5!+'!6&5R
!YA'OY!,6&!,#M,O!$%J,6-*/R!YD+!9#,!+&55-$%&RY!LJ+!#!,6&&4-,6!,:-%&!%-/6+,!J4!6&5!
(#2&!#*M9#MR
!Q-,,!Q2)%&&+6M!,+#*1,!+'!#115&,,!J,R!Y"6#*8!M'JO!Q-,,!L5#1,6#9R!"6#+!9#,!#!*-2&!
,+#5+!+'!'J5!1#MRY
!7!*-2&!,+#5+\!D+!9#,!%'K&%MR!.&5(&2+O!-*!(#2+R!Q-,,!Q2)%&&+6M!6#,!*'!4#,,-'*!#+!
#%%O!D!1&2-1&R!D!,6#%%!$&!('52&1!+'!/-K&!6&5!+9'!$#1
2'*1J2+!:#58,!-*!:M!-*K-,-$%&!%&1/&5R
!YD!%''8!('59#51!+'!:&&+-*/!&#26!'(!M'J!#*1!6'4&!+'!$&!'(!,&5K-2&R!H'J!:#M!(-*1!
+6#+!D!#:!#*!&Z#2+-*/!+&#26&5R!D!&Z4&2+!M'J5!K&5M
$&,+!#+!#%%!+-:&,R!LJ+!D!+6-*8!M'J!9-%%!#%,'!(-*1!+6#+!D!#:!(#-5R!D(!M'J!4J+!('5+6!
&(('5+O!M'J!,6#%%!$&!5&9#51&1R!D(!*'+O!M'J!,6#%%!,J((&5!+6&
2'*,&XJ&*2&,RY
!Q5,R!A-/6+9-*/!$&#:,R!F6&!6#,!('J*1!#!8-*15&1!,4-5-+O!96-26!-,!+'!,#MO!,':&'*&!
1&K'-1!'(!#%%!6J:#*!V'MR!Y"6#*8!M'JO!Q-,,
Q2)%&&+6MOY!,6&!,#M,R!F6&!,-+,O!96-26!-,!'J5!$%&,,&1!2J&!+'!$&/-*!&#+-*/R
!76O!/5#*1R!A'9!+'!+6&!$#2'*R!D!%-(+!+9'!+6-28!,%-2&,!'*+'!:M!4%#+&R!"6&M!#5&!%-8&!
6&#K&*R
!YF6&!,'J*1,!#!V'%%M!,'5+OY!C&%-2-+M!96-,4&5,!*#J/6+-%MO!*'11-*/!+'9#51!Q-,,!
Q2)%&&+6MR!"6&!'+6&5,!+-++&5!$&6-*1!2%',&1!:'J+6,R!<*%M
C&%-2-+M!2#*!/&+!#9#M!9-+6!,J26!'J+5-/6+!26&&8R!D(!D!9&5&!+'!:#8&!,J26!#!5&:#58O!
DS1!$&!/5&&+&1!9-+6!,+'*M!,-%&*2&R
!YB6#+!#!,+5#*/&!#22&*+!,6&!6#,OY!)&2-%M!,#M,RYC'5&-/*RY
!Y0'&,*S+!,'J*1!B&%,6!+'!:&OY!Q#5+6#!#11,R!YQ'5&!F2'++-,6O!D!,6'J%1!+6-*8RY
!3%-T#$&+6!.''%&!15'4,!+9'!%J:4,!'(!,J/#5!-*+'!6&5!$5#28-,6!+&#!#*1!,+-5,!
1#-*+-%MR!F6&S,!9&#5-*/!#!1&%-2#+&!$5#2&%&+!'(!/'%1&*!-KMO!*'
1'J$+!#*!&#5%M!/-(+!(5':!6&5!/5#*1(#+6&5O!96'!-,!5J:'5&1!+'!$&!9&#%+6-&5!+6#*!+6&!
cJ&&*RYF6&!2'J%1!$&!D5-,6O!D!,J44',&OY!,6&!,#M,!-*
6&5!+-/6+O!6-/6!K'-2&RYD!1'!6'4&!,6&!-,*S+!#!.#4-,+RY
!D+!9'J%1*S+!$&!9'5+6!:M!+-:&!+'!4'-*+!'J+!+6#+!'J5!'9*!L5-/-1!-,!D5-,6!#*1!
)#+6'%-2R!C'5!4&'4%&!%-8&!3%-T#$&+6O!+6&!D5-,6!#5&!(-*&!-*
+6&-5!4%#2&R!7*1!+6#+!4%#2&!-,!%-K-*/!J*1&5!,+#-5,O!9'58-*/!('5!+6&!3*/%-,6R
!YD!2&5+#-*%M!6'4&!,6&!-,!#*!-:45'K&:&*+!'*!Q-,,!Q''5&RY!)&2-%M!+#8&,!#!$-+&!'(!
V#:!'*!+'#,+R
!7+!Q-,,!Q''5&S,!*#:&O!C&%-2-+M!#*1!7**!/'!,-%&*+O!&M&,!1'9*R!"6&M!6#K&*S+!
('5/'++&*!+6#+!9&!9&5&!5&,4'*,-$%&!('5!+6&!1-,:-,,#%!'(
'J5!('5:&5!#5+!+&#26&5O!#!9':#*!96'!+''8!J,!-*+'!+6&!2#K&,!$&6-*1!F4&*2&!+'!,6'9!
J,!+6&!45-:-+-K&!/'11&,,!4#-*+-*/,!+6&5&R!D+!9#,
Q-,,!Q''5&!96'!+'%1!:&!#$'J+!:M!#:J%&+!#*1!-+,!2'**&2+-'*!+'!+6&!<51&5R!D+!9#,!
Q-,,!Q''5&!96'!+'%1!J,!,+'5-&,!#$'J+!+6&!<51&5O!#*1
+6#+O!-*!+6&!&*1O!9#,!96#+!%&1!+'!6&5!(#%%R!Q-,,!Q''5&!9#,!:M!(5-&*1O!#*1!D!:-,,!
6&5R
!)&2-%M!95-*8%&,!6&5!*',&R!Y7%%!+6',&!,+'5-&,!#$'J+!:#/-2#%!9':&*!R!R!R!96#+!9#,!
-+\Y
Y"6&!<51&5OY!7**!,#M,R
!Y<6O!M&,R!"6&!<51&5OY!)&2-%M!,#M,R!F6&!/-K&,!+6&!*&Z+!$-+!#!15#:#+-2!(%#-5RYB':&*!
96'!2'J%1!25&#+&!-%%J,-'*,!#*1!26#*/&!+6&
9'5%1RY!"6-,!:#8&,!3%-T#$&+6!#*1!Q#5+6#!%#J/6!#*1!15#9,!+6&!#++&*+-'*!'(!'J5!
-*,+5J2+'5,R
!Y?++&5!*'*,&*,&O!-(!M'J!#,8!:&OSS!)&2-%M!,#M,!-*!#!XJ-&+!K'-2&R
!Y"6&M!9&5&!'*%M!:M+6,R!F6&!+'%1!J,!+6#+OY!D!,#MO!+5M-*/!*'+!+'!:&&+!+6&!&M&,!'(!
&-+6&5!7**!'5!C&%-2-+MR
!Y3Z#2+%MR!B6#+!4J54',&!1-1!,6&!6#K&!-*!+&%%-*/!J,!,+'5-&,!#$'J+!,'52&5&,,&,\!F6&!
9#,!,J44',&1!+'!+&#26!J,!6'9!+'!15#9!%'K&%M
4-2+J5&,O!*'+!+#8&!J,!-*+'!#!1#:4!2#K&!+'!,&&!45-:-+-K&!,25#+26-*/,!$M!,':&!'%1!
9-+26&,R!D+S,!#!9'*1&5!9&!1-1*S+!#%%!+#8&!#!26-%%!#*1
1-&RY
!YH'J!*&&1*S+!$&!,'!:&%'15#:#+-2OY!C&%-2-+M!,#M,R
!YD+S,!+5J&b!D*!+6&!&*1O!,6&!/'+!96#+!,6&!1&,&5K&1R!Q5,R!A-/6+9-*/!9#,!5-/6+!+'!
1-,:-,,!6&5R!7*1!M'J!9&5&!#$,'%J+&%M!5-/6+!+'!4J+!+6&
$%#:&!96&5&!-+!$&%'*/&1O!C&&!'*!Q-,,!Q''5&R!D(!-+!6#1*S+!$&&*!('5!6&5O!4&56#4,!
1&#5!.-44#RRRY!)&2-%M!1'&,*S+!(-*-,6R
!Y.&56#4,!96#+\Y!D!,#M!-2-%MR
!YD!,6'J%1*S+!,#MOY!)&2-%M!1&:J5,R!F6&!-,!5#+6&5!%-8&!#!2#+!9-+6!#!,:#%%!:'J,&!-*!
6&5!:'J+6R
!YD+!9#,!&4-%&4,M!+6#+!8-%%&1!.-44#OY!C&%-2-+M!,#M,O!(-11%-*/!9-+6!6&5!*#48-*RYF6&!
6#1!#!(-+R!R!R!RY
!)&2-%M!%'9&5,!6&5!K'-2&R!YLJ+!.-44#!9#,!+6&!(-5,+!+'!+&%%!Q5,R!A-/6+9-*/!#$'J+!
+6#+!95&+26&1!1-#5M!M'J!9&5&!#%%!5&#1-*/R!F6&!9#,!+6&
'*&!96'!2'*(&,,&1!+6#+!M'JS1!$&&*!'J+!+'!+6&!2#K&,!#+!*-/6+O!#*1!+6#+!M'J!6#1!
/'++&*!+6&!-1&#!(5':!Q-,,!Q''5&!6&5,&%(R!D!+6-*8!+6#+!#
,+5#*/&!2'-*2-1&*2&O!1'*S+!M'J\Y
!Y"6&!,2'*&,!#5&!&Z2&4+-'*#%%M!/''1!+'1#MOY!7**!,#M,O!+5M-*/!+'!26#*/&!+6&!
,J$V&2+R!F6&!2#**'+!$&#5!2'*(%-2+!'(!#*M!8-*1R!F6&!(&#5,
+6#+!-+!9-%%!#%9#M,!$&!6&5!(#J%+!,':&6'9R
!YB6#+!#5&!M'J!#22J,-*/!6&5!'(\Y!D!$%J5+!'J+R
!YD!+6-*8!M'J!8*'9!96#+!DS:!,#M-*/RY
!D!2#*!2'*+#-*!:M,&%(!*'!%'*/&5R!YQ-,,!Q''5&!9#,!/J-%+M!'(!*'+6-*/!$J+!,6#5-*/!#!
$-+!'(!('%8%'5&R!D!,J//&,+!9&!5&(5#-*!(5':!,4&#8-*/
'(!6&5!#%+'/&+6&5RY
!YB&%%O!D!%-8&!+6#+OY!)&2-%M!,#M,O!%#J/6-*/R!"6&!'+6&5,!('%%'9!6&5!%&#1R!)&2-%M!-,!
#*!-1-'+O!$J+!96M!-,!-+!+6#+!,6&!,+-%%!6#,!+6&!4'9&5!+'
:#8&!:&!(&&%!(''%-,6\!Y<(!2'J5,&O!M'J!9'J%1!1&(&*1!6&5O!>&::#R!D+!9#,!+6#+!,+5#*/&!
#:J%&+!'(!M'J5,!+6#+!$&/#*!+6&!2'*K&5,#+-'*!-*
+6&!(-5,+!4%#2&O!#,!D!5&2#%%R!B6#+!-,!-+!2#%%&1!#/#-*\Y
!Y"6&!25&,2&*+!&M&OY!7**!#*,9&5,O!25J:$,!,+-28-*/!+'!6&5!$'++':!%-4R
!3%-T#$&+6!*'1,O!#11-*/!8-*1%-*/!+'!+6&!(-5&RYD!1'*S+!+6-*8!M'J!&K&5!+'%1!J,!
&Z#2+%M!6'9!M'J!2#:&!+'!$&!-*!4',,&,,-'*!'(!-+RY
!7**!,+'4,!&#+-*/!:-1I,2'*&O!6&5!&M&,!%#5/&R!C&%-2-+M!VJ:4,!-*RYF6&!1-1!,#MR!7!
K-%%#/&!9':#*!/#K&!-+!+'!6&5!:'+6&5!('5!45'+&2+-'*R!D+
9#,!#*!D*1-#*!2J,+':RY
!D+!-,!#*!#:J%&+!'(!+6&!<51&5O!/-K&*!+'!:&!$M!:M!:'+6&5!$&('5&!,6&!1-&1R!QM!
:'+6&5O!Q#5M!0'91O!96'!9-+6!6&5!(5-&*1O!F#5#6
;&&,I"'':&O!2'::-++&1!#!K-%&!#2+!'(!,#25-(-2&!6&5&!#+!+6-,!K&5M!,26''%!:'5&!+6#*!
+9&*+M!M&#5,!#/'!#*1!,6#++&5&1!+6&!<51&5R
!YH&,O!+6#+S,!2'55&2+OY!D!,#M!,'(+%MR
!Y"6&M!9&5&!:',+!%-8&%M!-*!%&#/J&OY!)&2-%M!,#M,!+'!6&5!('%%'9&5,!-*!#!96-,4&5!+6#+!
-,!:&#*+!+'!$&!'K&56&#51RYD!9'J%1*S+!$&!#+!#%%
,J545-,&1!-(!,6&!9&5&!#!R!R!RY!)&2-%M!,+'4,!,J11&*%M!('5!&((&2+R!D!,6'J%1*S+!+#8&!
+6&!$#-+O!$J+!D!1'R
!Y7!96#+\Y
!YQ-,,!0'M%&O!1'!M'J!*'+!8*'9!+6#+!-+S,!5J1&!+'!&#K&,15'4!'*!'+6&5,S!
2'*K&5,#+-'*,\Y
!Y7!96#+\Y!D!45&,,R
!7!25J&%!,:-58!,45&#1,!#25',,!)&2-%MS,!(#2&RY7!9-+26RY
!B-+6!+6&!$#28!'(!:M!6#*1O!D!8*'28!+6&!$'9%!'(!45&,&5K&,!'*+'!)&2-%MS,!4%#+&R!F':&!
'(!+6&!5#,4$&55M!,4%#++&5,!#25',,!6&5!15&,,!,'
!+6#+!,6&!9-%%!6#K&!+'!26#*/&!$&('5&!Q#1&:'-,&%%&!=&IC#5/&S,!2%#,,R!F6&S%%!$&!%#+&!
#*1!%',&!:#58,R
!)&2-%M!,+#*1,!-*!'J+5#/&RYH'J!1-1!+6#+!'*!4J54',&O!>&::#!0'M%&bY
!Y<6O!6'9!2%J:,M!'(!:&RY!D!:#8&!#!1-#$'%-2#%!(#2&O!$#5-*/!:M!+&&+6RY<5!4&56#4,!-+!
9#,!9-+2625#(+RY
!Q5,R!A-/6+9-*/!5-*/,!#!$&%%RYB6#+!-,!6#44&*-*/!+6&5&\!Q-,,!"&:4%&b!Q-,,!0'M%&b!
B6M!#5&!M'J!25&#+-*/!,J26!#!,2&*&\Y
!YQ-,,!0'M%&!1&%-$&5#+&%M!8*'28&1!+6&!45&,&5K&,!'*+'!:M!15&,,bY
!D!,+#*1R!YD+!9#,!#*!#22-1&*+O!Q5,R!A-/6+9-*/R!D!1'*S+!8*'9!6'9!D!2'J%1!6#K&!$&&*!
,'!2%J:,MR!0&#5!)&2-%MO!6&5&O!%&+!:&!6&%4!M'JRY
>-K-*/!:M!$&,+!9&%%I:#**&5&1!,:-%&O!D!,9-4&!#+!6&5!15&,,!9-+6!:M!*#48-*O!
-*(J5-#+-*/!6&5R
!F6&!4J,6&,!:M!6#*1!#9#MRYF6&S,!%M-*/O!Q5,R!A-/6+9-*/b!F6&!1-1!-+!'*!4J54',&O!
1-1*S+!,6&O!3%-T#$&+6\Y
3%-T#$&+6O!+6&!'$&1-&*+!1'/O!2':&,!+'!)&2-%MS,!#-1R!YF6&!1-1O!Q5,R!A-/6+9-*/R!D!
,#9!-+RY
!C&%-2-+MS,!J4!*'9R!Y!"6#+!-,!#!%-&O!3%-T#$&+6!.''%&R!H'J!8*'9!K&5M!9&%%!+6#+!-+!
9#,!#*!#22-1&*+R!<J5!>&::#!9'J%1!*&K&5!1'!,J26!#*
J*8-*1!+6-*/RY
!B&%%O!+6#+![S,!#!%-&O!$J+!DS:!/5#+&(J%!('5!-+R
!Q#5+6#!,+#*1,!('5!)&2-%MR!YF6&S,!#%9#M,!6#1!-+!-*!('5!'J5!)&2-%MR!F6&!-,!#!:',+!
J*2-K-%-T&1!/-5%O!Q5,R!A-/6+9-*/RY
!YD!5&,&*+!+6#+bY!D!,#MR!D!%''8!+'!7**!('5!6&%4R!F6&!,-+,!:&&8%M!#+!+6&!+#$%&O!
,+-%%!&#+-*/!#*1!J*9-%%-*/!+'!&*+&5!+6&!(5#MR
!Y"6#+!-,!&*'J/6bY!Q5,R!A-/6+9-*/S,!6#5,6!K'-2&!,-%&*2&,!J,R!Y"6-,!-,!#!(-*&!
9&%2':&!('5!'J5!Q-,,!Q2)%&&+6MR!F6&!9-%%!45'$#$%M!4#28
6&5!+6-*/,!#*1!6&#1!('5!+6&!6-%%,!5#+6&5!+6#*!,+#M!#:'*/,+!+6&!,#K#/&,R!D!2#**'+!
4',,-$%M!%'',&!M'J!J4'*!#*!J*,J,4&2+-*/!='*1'*!%-8&
+6&!6'J*1,!'(!@#1&,R!"6&5&('5&O!9&!,6#%%!,4&*1!+6&!1#M!4&5(&2+-*/!'J5!:#**&5,!#*1!
5&(%&2+-*/!-*!45#M&5!J*+-%!96#+!&:&5/&,!-,!+6&
,'5+!'(!M'J*/!%#1M!F4&*2&!9'J%1!$&!45'J1!+'!2#%%!6&5!'9*R!A'9O!%&+!J,!(-*-,6!'J5!
$5&#8(#,+!-*!4&#2&!9-+6'J+!#*M!(J5+6&5!J*,&&:%M
'J+$J5,+,RY
!;&45-:#*1&1O!9&!,-+!#*1!5&,J:&!'J5!:&#%R
!YD(!D!9&5&*S+!#!)65-,+-#*O!D!,6'J%1!+&%%!6&5!&Z#2+%M!96#+!D!+6-*8!'(!6&5OY!)&2-%M!
,#M,!+'!+6&!'+6&5,!#,!-(!D!2#*S+!6&#5!6&5!2%&#5%MR
!Y75&!M'J!#!)65-,+-#*O!Q-,,!"&:4%&\!D!2'J%1*S+!$&!,J5&OY!D!,#MR
!Y@'9!9'J%1!M'J!8*'9!#$'J+!)65-,+-#*!26#5-+MO!Q-,,!0'M%&O!5#-,&1!#:'*/!+6&!
6&#+6&*,!-*!D*1-#\Y!)&2-%M!+J5*,!+'!7**R!Y0&#5!7**O
M'J!,6'J%1!+#8&!2#5&!*'+!+'!$&!#,,'2-#+&1!9-+6!,J26!#!/-5%OY!,6&!,#M,O!(%-28-*/!
6&5!/%#*2&!+'!:&RYF6&!:-/6+!1'!/5&#+!6#5:!+'!M'J5
5&4J+#+-'*O!#*1O!+5J%MO!+6#+!-,!#%%!M'J!6#K&!+'!5&2'::&*1!M'J!#,!#!/'K&5*&,,RY
!D!6#K&!:&+!+6&!1&K-%O!#*1!6&5!*#:&!-,!)&2-%M!"&:4%&R!"6&!&K-%!(5'/!8*'9,!VJ,+!6'9!
+'!,'9!(&#5!#*1!1'J$+!-*!7**!4''5O!'546#*&1
7**O!#!,26'%#5,6-4!,+J1&*+!96'!-,!'*%M!6&5&!#+!#!1-,+#*+!2'J,-*S,!%#5/&,,&O!,'!
+6#+!,6&!:-/6+!9'58!('5!+6&:!96&*!,6&!%&#K&,R!)&2-%M
#*1!6&5!-%8!9-%%!*&K&5!#22&4+!6&5O!$J+!+6&M!:#8&!,4'5+!'(!J,-*/!6&5!96&*!-+!,J-+,!
+6&:R
!D(!DS1!6'4&1!+6#+!7**!9'J%1!5-,&!+'!+6&!'22#,-'*O!D!9#,!,#1%M!:-,+#8&*R
!7**!1'&,!*'+!,#MO!YB6MO!)&2-%MO!M'J!5&#%%M!#5&!#!+'#1!'(!#!/-5%RY!YB6MO!)&2-%MO!
+6#*8!6&#K&*,!M'JSK&!#!('5+J*&O!('5!9-+6!+6#+!(#2&
M'JS%%!*&&1!-+RY!YB6MO!)&2-%MO!>&::#!-,!:M!/''1O!1&#5O!+5J&!(5-&*1O!#*1!D!,6'J%1!
*&K&5!,4&#8!#/#-*,+!6&5RY
!A'R!7**!,-+,!,-%&*+%MO!%&++-*/!)&2-%M!+6-*8!,6&S,!9'*!$M!6&5!5&(J,#%!+'!/'!
#/#-*,+!6&5R!7*1!,'!)&2-%M!1'&,O!:#8-*/!7**!(&&%O!('5!+6&
:':&*+O!#,!-(!,6&!6#,!$&&*!#22&4+&1!-*+'!+6&-5!2-52%&O!+6'J/6!*'+6-*/!2'J%1!$&!
(J5+6&5!(5':!+6&!+5J+6R
!"6&!4'+#+'&,!#5&!2'%1!#*1!+#,+&%&,,!*'9O!$J+!D!&#+!+6&:!#*M9#MO!#,!-(!D!6#K&!*'!
(&&%-*/,!+'!6J5+!#*1!+6&!,*-28&5,!'(!+6&!'+6&5!/-5%,
#5&!*'+6-*/!:'5&!+6#*!+6&!4#++&5!'(!5#-*R
!B6&*!+6&!1-,6&,!6#K&!$&&*!2%&#5&1!#9#MO!9&S5&!('52&1!+'!,-+!#+!+6&!%'*/!+#$%&,!
#*1!&*1J5&!#!%&,,'*!'*!:#**&5,R!D+!6#,!$&&*
,*'9-*/!#%%!:'5*-*/R!DSK&!*&K&5!,&&*!,*'9O!#*1!D!%'*/!+'!9#%8!'J+!-*+'!+6&!%J,6!
96-+&*&,,O!(&&%!+6&!2'%1O!9&+!25M,+#%,!'*!:M
(-*/&5+-4,R!Q5,R!A-/6+9-*/S,!9'51,!15-(+!-*!#*1!'J+!'(!:M!9#*1&5-*/!:-*1R
!YH'J!9'J%1!*'+!9-,6!+'!(-*1!M'J5,&%(!,*J$$&1!$M!/''1!,'2-&+M!#*1!25',,&1!'((!+6&!
K-,-+-*/!%-,+,!'(!+6&!$&,+!6'J,&6'%1,!R!R!RY
!YA&K&5!#,8!#!/&*+%&:#*!+'!6'%1!M'J5!(#*O!$'JXJ&+O!'5!/%'K&,!1J5-*/!#!1#*2&!J*%&,,!
6&!-,!M'J5!&,2'5+!'5!#!5&%#+-K&RRRRY
!7,!D!8*'9!*'!/&*+%&:&*!$&,-1&,!:M!(#+6&5!#*1!$5'+6&5O!+6-,!,6#*S+!$&!#!2'*2&5*R!
"6#+!-,*S+!&*+-5&%M!+5J&R!D!8*'9!P#5+-8R!LJ+!9&!#5&
J*%-8&%M!+'!,&&!&#26!'+6&5!-*!+6&!$#%%5'':,!'(!='*1'*R!B6#+!*&9,!6#,!6&!('5!:&\!D!
,6'J%1!6#K&!/'*&!+'!6-:!'*!+6&!9#M!$#28!(5':
K&,4&5,R!B6#+!#!(''%-,6!/-5%!6&!:J,+!+6-*8!:&R
!Y"6&!%#1M!'(!+6&!6-/6&,+!5#*8!,6#%%!&*+&5!+6&!1-*-*/!5'':!(-5,+R!"6&!6',+&,,!
,6#%%!&*+&5!%#,+RRRRY
!Y"#%8-*/!%'J1%M!'5!%#J/6-*/!'*!+6&!,+5&&+!,6'9,!-%%I$5&&1-*/RRRRY
!YR!R!R!7,,'2-#+-'*!9-+6!#!:#*!96'!15-*8,O!/#:$%&,O!'5!&*/#/&,!-*!'+6&5!-%%,!-,!+'!
$&!#K'-1&1!#+!#%%!2',+,O!%&,+!6&!,6'J%1!$5-*/!1-,/5#2&
J4'*!M'J5!5&4J+#+-'*R!RRRY
!7!:#*!96'!15-*8,R!C#+6&5R!D!9#*+!+'!4J,6!+6&!+6'J/6+!#9#MR!D!,&&!6-:!#,!D!,#9!6-:!
-*!<2+'$&5O!&M&,!/%#T&1!9-+6!%#J1#*J:O!6#*1,
+5&:$%-*/R!>5#*1:#:#S,!(&9!%&++&5,!,-*2&!6#K&!:#1&!*'!:&*+-'*!'(!6-,!6&#%+6O!6-,!
#11-2+-'*R!D,!6&!2J5&1\!B-%%!6&!$&!+6&!(#+6&5!D
5&:&:$&5O!+6&!V'%%M!:#*!9-+6!+6&!/%&#:!-*!6-,!&M&!#*1!#!XJ-28!9-+!+'!:#8&!J,!#%%!
%#J/6\!<5!9-%%!6&!$&!+6&!(#+6&5!DSK&!8*'9*!,-*2&
Q'+6&5S,!1&#+6!+6&!6'%%'9!:#*!96'!1'&,*S+!,&&:!+'!,&&!:&!#*M:'5&\
!Y=#1-&,!:#M!*'+!%&#K&!#!$#%%5'':!J*#++&*1&1R!"'!1'!,'!2'J%1!-*K-+&!/',,-4RY
!"6&!,*'9!4-%&,!#/#-*,+!+6&!9-*1'94#*&,O!25&#+-*/!+-*M!6-%%M!K-%%#/&,!+6&5&R!"6&!
96-+&!'(!+6&!,*'9R!"6&!96-+&!'(!'J5!/%'K&,R!<(
.-44#S,!,8-*R!.-44#R
!"6&MS5&!2':-*/!('5!M'JO!>&::#R!R!R!R
!7!26-%%!4#,,&,!+65'J/6!:&R!D+!6#,!*'+6-*/!+'!1'!9-+6!+6&!2'%1!#*1!&K&5M+6-*/!+'!
1'!9-+6!96#+!D!1'!*'+!8*'9U!96#+!D!#:!#(5#-1!+'
1-,2'K&5R
!)@7."3;!FDG
!7==!"@3!Q<;ADA>SF!0DCCD)?="D3F!7;3!C<;><""3A!'*2&!9&!#5&!%&+!'J+R!"6&!,J*O!,+5'*/!
#*1!$5-/6+O!5&(%&2+,!'((!+6&!(5&,6!96-+&!-*
1#TT%-*/!,4#58%&,R!"6&!M'J*/&5!/-5%,!,XJ&#%!-*!1&%-/6+!#,!+6&!9&+!,*'9!,4-%%,!'K&5!
+6&!+'4,!'(!+6&-5!$''+,!#*1!1'9*!-*,-1&R!7!/5'J4!6#,
#%5&#1M!$&/J*!9'58!'*!#!,*'9:#*R
!YD,*S+!-+!/%'5-'J,\Y!C&%-2-+M!,-/6,R!F6&S,!/'+!6&5!*&9!('ZI(J5!:J((!+'!,6'9!'((O!
,'!,6&!-,!XJ-+&!6#44MR!7**!('%%'9,!/-*/&5%MO!6&5!:'J+6
,&+!-*!#!/5-:#2&R!"6&!,*'9!-,!#!:#5K&%!+'!:&R!D!/5#$!#!6#*1(J%!#*1!#:!,J545-,&1!+'!
(-*1!-+!,'!4%-#$%&R!Y76O!-+!,+-28,bY!D!,6'J+R
!C&%-2-+M!5&/#51,!:&!#,!-(!DSK&!/5'9*!+9'!6&#1,R!YH&,R!<(!2'J5,&RY!A'9!-+!1#9*,!'*!
6&5R!YH'JSK&!*&K&5!,&&*!,*'9bY
!D!9#*+!+'!(#%%!$#28!#*1!$#+6&!-*!-+O!,J26!-,!:M!V'MR!D!$5-*/!#!:'J*1!+'!:M!:'J+6R!
D+!,&&:,!#,!-(!-+!,6'J%1!+#,+&!25&#:M!#,!2J,+#51O
$J+!-*,+&#1!-+!-,!:&5&%M!2'%1R!"6&!(%#8&,!1-,,'%K&!-*,+#*+%MO!:&%+-*/!-*+'!+6&!
6&#+!'(!:M!+'*/J&R!DS:!/-//%-*/!%-8&!#!(''%R
!Y@&5&O!%&+!:&!,6'9!M'J!,':&+6-*/OY!C&%-2-+M!,#M,R!F6&!,2''4,!+6&!,*'9!-*!$'+6!
/%'K&1!6#*1,O!4#++-*/!#*1!,6#4-*/!+-%%!,6&S,!/'+!#
6#51!$#%%!'(!-+O!96-26!,6&!,6'9,!+'!:&RYL&6'%1W!+6&!,*'9$#%%RY
!Y76OY!D!,#MO!*'+!J*1&5,+#*1-*/!-*!+6&!%&#,+R
!B-+6'J+!9#5*-*/O!,6&!6J5%,!+6&!4#28&1!,*'9!#+!:&R!D+!6-+,!:&!6#51!'*!+6&!,%&&K&O!
,&*1-*/!#!,45#M!'(!9&+!25M,+#%,!-*+'!:M!(#2&!#*1
6#-5!+-%%!DS:!,4J++&5-*/R
!YD,*S+!,*'9!:#5K&%'J,\Y!,6&!,#M,R
!D!,6'J%1!$&!#*/5MO!D!,J44',&O!$J+!D!(-*1!D!#:!%#J/6-*/R!D+![S,!:#5K&%'J,R!D!%'K&!
+6&!,*'9!#*1!9-,6!-+!9'J%1!/'!'*!('5&K&5R
!@J((-*/!#*1!4J((-*/O!7**!(-*#%%M!5&#26&,!J,R!F6&!,%-4,!#*1!4%'4,!1'9*!-*+'!#!
%#5/&!4J((!'(!96-+&!9-+6!#!,XJ&#%O!96-26!:#8&,!C&%-2-+M
#*1!:&!%#J/6!J*26#5-+#$%MR
!YH'J!:-/6+!*'+!%#J/6!-(!M'J!9&5&!+6&!'*&!,'#8&1!+65'J/6OY!7**!/5J:$%&,O!
,+5J//%-*/!+'!6&5!(&&+!-*!#!K&5M!J*/5#2&(J%!(#,6-'*R
Y0'*S+!$&!,J26!#!*-**MOY!C&%-2-+M!,2'((,R!YD+!-,*S+!+6&!&*1!'(!+6&!9'5%1RY
!YD!6#K&*S+!+&*!4#-5,!'(!,+'28-*/,!#+!+6&!5&#1MO!#,!M'J!1'OY!7**!,#M,R!D+S,!:&#*+!
+'!,'J*1!2%&K&5!$J+!-+!2':&,!'J+!15&#5M!#*1
4&+J%#*+R
!YD!,6#*S+!$'+6&5!M'J!(J5+6&5O!+6&*OY!C&%-2-+M!,#M,R!Y<6O!3%-T#$&+6b!)&2-%MbY!7*1!
9-+6!+6#+O!,6&!:#526&,!'((!+'!+6&!'+6&5!/-5%,O
#$#*1'*-*/!J,!+'!+6&!2'%1R
!YLJ+!D!1'*S+!6#K&!#!9&#%+6!'(!,+'28-*/,OY!7**!,#M,O!1&(&*1-*/!6&5,&%(R
!YH'J!,'J*1&1!K&5M!,'55M!('5!M'J5,&%(!-,!#%%RY
!YD!2#*S+!,&&:!+'!,#M!#*M+6-*/!5-/6+RY
!QM!6#44M!#(+&5*''*!-*!+6&!,*'9!-,!(#1-*/R!D!1'*S+!+6-*8!D!2#*!$&#5!#*!6'J5!'(!
7**S,!96-*-*/R!D!#:!,+-%%!#!$-+!#*/5M!9-+6!6&5!('5!*'+
2':-*/!+'!:M!1&(&*,&!#+!$5&#8(#,+R!"6&!,*'9!-,!-*!:M!6#*1!$&('5&!D!2#*!+6-*8R!D!
6J5%!-+!#+!7**!#*1!-+!,4%#+,!#25',,!6&5!,J545-,&1!(#2&R
L&('5&!,6&!2#*!5&#2+O!D!+65'9!#*'+6&5!,*'9$#%%R
!7**!,4%J++&5,OYDIDID!R!R!RY
7*'+6&5!6-+,!#25',,!6&5!,8-5+R
!Y)':&!'*O!+6&*O!7**OY!D!,#MO!+#J*+-*/!6&5R!Y75&!M'J!/'-*/!+'!#%%'9!:&!+'!8&&4!
4J*-,6-*/!M'J\!<5!#5&!M'J!/'-*/!+'!+#8&!M'J5
5&K&*/&\Y
!"6&!#*,9&5!-,!#!,45#M!'(!,*'9!#25',,!:M!*&28R!"6&!-2&!+5-28%&,!1'9*!:M!2'%%#5!#*1!
-*+'!:M!15&,,!#*1!D!,XJ&#%!(5':!+6&!,J11&*
(5&&T&R!D!5&#26!('5!#*'+6&5!6#*1(J%!'(!,*'9!#*1!7**S,!*&Z+!,*'9$#%%!(-*1,!:M!6&#1R!
QM!6#-5!15-4,!9-+6!+6&!9&+!-2&R
!Y"6#+!-,*S+!(#-5bY!D!,6'J+RY!DSK&!*'!#::J*-+-'*RY
!7**!,+'4,O!#*1!D!6-+!6&5!9-+6!#!,*'9$#%%!DSK&!6-11&*!$&6-*1!:M!$#28R!@&5!(#2&!-,!
+6&!4-2+J5&!'(!'J+5#/&RYH'J!,#-1!Y
!Y7**O!1'!M'J!#%9#M,!1'!#,!M'JS5&!+'%1\!"6-,!-,!9#5bY!D!+65'9!'*&!+6#+!:-,,&,O!$J+!
7**S,!*&Z+!,*'9$#%%!(-*1,!:M!(#2&!#/#-*R!DS:
('52&1!+'!(-*1!6-/6&5!/5'J*1!96-%&!9-4-*/!+6&!-2&!4&%%&+,!(5':!:M!&M&,R
!L&*&#+6!+6&!,*'9O!+6&!%#*1!6#,!+J5*&1!+'!+6-28!:J1!1J&!+'!#%%!+6&!5#-*R!"6&!6&&%,!
'(!:M!$''+,!6#K&!,J*8!-*O!#*1!9-+6!*'+6-*/!+'
$5#2&!:M,&%(!#/#-*,+!*'!+5&&!'5!$&*26!DS:!#(5#-1!DS:!,+J28!(#,+R!D!%-(+!:M!$''+!
#*1!4-+26!('59#51O!*&#5%M!+'44%-*/!(#2&I(-5,+!-*+'!+6&
:J28R!F':&'*&!/5#,4,!:M!95-,+!6#51O!4J%%-*/!:&!J4!#*1!'K&5!$&6-*1!#!+5&&R!B6&*!:M!
&M&,!2%&#5O!D!#:!(#2&!+'!(#2&!9-+6!6-:R
!YP#5+-8bYD!&Z2%#-:R
!Y@&%%'O!Q-,,!0'M%&OY!6&!,#M,O!,:-%-*/!#+!:M!,'//M!#44&#5#*2&R!Q&%+-*/!,*'9!15-4,!
(5':!:M!6#-5!'*+'!:M!*',&R!YH'J!%''8!R!R!R!9&%%RY
!DS:!#!(5-/6+R
!YB6M!1-1*S+!M'J!5&,4'*1!+'!:M!*'+&\Y!6&!#,8,R
!D!(&&%!(''%-,6R!7*1!6#44M!+'!,&&!6-:R!7*1!9#5MR!F'!:#*M!+6'J/6+,!D!2#**'+!*#:&!
+6&:!#%%R!YD+!-,!1-((-2J%+!+'!/&+!#9#MR!D!R!R!RY
!L&M'*1!+6&!+5&&,O!D!6&#5!7**!2#%%-*/!:M!*#:&O!%''8-*/!('5!:&!-*!'51&5!+'!&Z#2+!
6&5!,*'9$#%%!5&K&*/&R
!P#5+-8S,!/5-4!+-/6+&*,R!YA'!:#++&5R!B&SK&!%-++%&!+-:&!#*1!DSK&!:J26!+'!,#MR!"6&5&!
-,!+5'J$%&!-*!+6&!5&#%:,RY
!YB6#+!,'5+!'(!+5'J$%&\!B6&*!D!%&(+O!#%%!,&&:&1!9&%%R!)-52&S,!#,,#,,-*!6#1!$&&*!
1&(&#+&1RY
!P#5+-8!,6#8&,!6-,!6&#1R!L&*&#+6!6-,!6''1O!6-,!%'*/O!1#58!2J5%,!,9#MR!Y0'!M'J!
5&:&:$&5!96&*!M'J!,:#,6&1!+6&!;J*&,!'(!+6&
<5#2%&!#*1!,&+!M'J5!:'+6&5!(5&&\Y
!D!*'1R
!Y"6',&!5J*&,!9&5&!+6&!<51&5S,!#*2-&*+!$-*1-*/!'*!+6&!/5&#+!4'9&5!-*,-1&!+6&!
5&#%:,R!7!,'5+!'(!,#(&!('5!+6&-5!:#/-2R!D+!9#,!#!9#M!+'
&*,J5&!+6#+!+6&M!#%'*&!2'J%1!15#9!'*!-+RY
!7**!2#%%,!#/#-*R!F6&S,!/&++-*/!2%',&5!+'!'J5!6-1-*/!,4'+R
!P#5+-8!,4&#8,!-*!#*!J5/&*+!96-,4&5RYB6&*!M'J!,:#,6&1!+6&!5J*&,O!Q-,,!0'M%&O!M'J!
1&,+5'M&1!+6&!$-*1-*/RY
!YD!5&%&#,&1!+6&!:#/-2!-*+'!+6&!5&#%:,OY!D!(-*-,6R!7!,%-28!15&#1!,&&4,!-*+'!:M!
$'*&,R
!P#5+-8!*'1,R!YA'9!-+!-,!%'',&O!(5&&!('5!#*M'*&!+'!J,&!('5!#*M!4J54',&O!&K&*!-(!
+6&M!1'!*'+!8*'9!6'9R!"6-,!:#/-2!-,!&Z+5&:&%M
4'9&5(J%R!7*1!+'!5&%&#,&!-+!-*+'!+6&!5&#%:,!9-+6!*'!2'*+5'%!R!R!RY!@&!+5#-%,!'((O!
+6&*!2'*+-*J&,R!Y)&5+#-*!&%&:&*+,!2'J%1!,&&8!+'!6#K&
1':-*-'*!'K&5!#%%!+6&!5&#%:,R!"6&M!2'J%1!$&!-*!%&#/J&!9-+6!&#26!'+6&5!#*1!9-+6!
)-52&RY
!Y)-52&!R!R!RY!<6O!>'1R!B6#+!6#K&!D!1'*&\
!Y>&::#O!2':&!'J+O!2':&!'J+!96&5&K&5!M'J!#5&bY!7**!/-//%&,R
!P#5+-8!4J+,!#!(-*/&5!+'!:M!%-4,O!(%#++&*,!6-:,&%(!#/#-*,+!:&R!@&!,:&%%,!'(!
2#:4(-5&O!#*1!+6&5&!-,!#!6-*+!'(!,6#1'9!#%'*/!6-,!V#9R!D
2#*!,2#52&%M!$5&#+6&!('5!6-,!2%',&*&,,R
!Y"6&5&!-,!#!9#M!+'!$-*1!+6&!:#/-2!#/#-*R!7!6'4&OY!P#5+-8!,#M,R!7**S,!K'-2&!+5#-%,!
'((!-*!#*'+6&5!1-5&2+-'*O!#*1!6&!,+&4,!#9#M!(5':
:&R!"6&!#-5!5J,6&,!$&+9&&*!J,!+'!(-%%!+6&!K'-1RY0-1!M'J5!:'+6&5!&K&5!:#8&!:&*+-'*!
'(!#!4%#2&!2#%%&1!+6&!"&:4%&\Y
!DS:!,+-%%!5&&%-*/!(5':!+6&!(&&%!'(!6-,!26&,+!#/#-*,+!:-*&R!QM!26&&8,!#5&!4-*8!
(5':!:'5&!+6#*!+6&!2'%1RYAI*'R!B6#+!-,!-+\Y
!YD+!-,!+6&!,'J52&!'(!+6&!:#/-2!-*,-1&!+6&!5&#%:,R!B&!*&&1!M'J!+'!(-*1!-+RY
!YD,!+6&5&!#!:#4\!7!:#58&5\Y
!P#5+-8!&Z6#%&,O!,6#8&,!6-,!6&#1R!YA'!'*&!8*'9,!96&5&!-+!-,R!D+!-,!9&%%!6-11&*R!
<*%M!#!(&9!:&:$&5,!'(!+6&!<51&5!8*&9!96&5&!+'!(-*1
!-+!#+!#*M!/-K&*!+-:&R!"6#+!9#,!+6&!'*%M!9#M!+'!8&&4!-+!,#(&RY
!Y@'9!#:!D!+'!(-*1!-+O!+6&*\!7:!D!+'!5&%M!'*!+6&!25&#+J5&,\Y
!YA'R!"5J,+!*'!'*&R!"5J,+!*'+6-*/RY
!A'+6-*/R!A'!+6-*/R!D+!:#8&,!:&!,6-K&5R
!YB6#+!#$'J+!:M!K-,-'*,\!Q#M!D!5&%M!'*!+6&:\Y!A'+!+6#+!DSK&!6#1!#*M!'(!%#+&R
!YD!1'*S+!8*'9R!"6&-5!,'J52&!-,!+6&!5&#%:,RY!@&!,65J/,RYD!2#**'+!,#MRY
!Y7*1!96&*!D!(-*1!+6&!"&:4%&\Y
!P#5+-8S,!(#2&!4#%&,!#,!-(!6&S,!(5-/6+&*&1R!DSK&!*&K&5!,&&*!6-:!+6-,!9#MR!@&!1'&,!
*'+!%''8!#+!:&!#,!6&!,#M,O!Y?,&!+6&,&!9'51,W!D!$-*1
+6&!:#/-2!-*!+6&!*#:&!'(!+6&!3#,+&5*!F+#5RY
!Y"6&!3#,+&5*!F+#5OY!D!5&4&#+RYB6#+!1'&,!-+!:&#*\Y
!YD+!-,!#!4'9&5(J%!$-*1&5O!#!,4&%%!'(!+6&!<51&5O!D!+6-*8OY!6&!,#M,O!%''8-*/!'((R
!7**S,!K'-2&!2':&,!2%',&5R!D!2#*!,&&!+6&!$%J&!'(!6&5!2'#+!+65'J/6!+6&!$#5,!'(!
+5&&,R!P#5+-8!,&&,!6&5!+''R!@&S,!J4!#*1!5&#1M!+'!5J*R
!YD!,6#%%!$&!-*!+'J26OY!6&!,#M,R!YD!1'*S+!8*'9!96#+!M'J!,6#%%!(-*1!-*!+6&!5&#%:,O!
Q-,,!0'M%&R!L&!2#5&(J%R!.%&#,&RY!@&!+J5*,!+'!/'O
,+'4,O!:#8&,!+'!%&#K&!#/#-*O!5J,6&,!$#28O!#*1!/-K&,!:M!6#*1!#!XJ-28!8-,,!%-8&!#!
45'4&5!/&*+%&:#*R!=-8&!#!,6'+O!6&!-,!/'*&O!5J**-*/
(#,+!+65'J/6!+6&!,*'9!#,!-(!-+S,!*'!+5'J$%&!#+!#%%R
!D!1'!*'+!8*'9!96#+!+'!+6-*8R!"6&!:#/-2!-,!%'',&!-*!+6&!5&#%:,R!D+!-,!#%%!:M!
(#J%+R!D!:J,+!(-*1!+6&!"&:4%&!#*1!5&,+'5&!'51&5!$&('5&
+6&!5&#%:,!#5&!%',+R!7*1!P#5+-8!VJ,+!8-,,&1!:&R
!DSK&!$#5&%M!6#1!+-:&!+'!2'*,-1&5!-+!#%%!96&*!9-+6'J+!9#5*-*/O!DS:!/5-44&1!$M!#!
,6#54O!,J545-,-*/!4#-*!+6#+!6#,!:&!1'J$%-*/!'K&5O
/5#$$-*/!#!+5&&!('5!$#%#*2&R!DS:!9''TMO!#*1!&K&5M+6-*/!%''8,!K&5M!,+5#*/&R!D*!
(#2+O!D!(&&%!,J11&*%M!K&5M!-%%R!DS:!#9#5&!+6#+!,':&'*&
-,!9#+26-*/!:&R!DS:!6'55-(-&1!+'!+6-*8!+6#+!#*M'*&!2'J%1!,&&!:&!#+!,J26!#!
KJ%*&5#$%&!:':&*+R!>#,4-*/O!D!%''8!J4O!+5M-*/!+'!/#-*!:M
$&#5-*/,R
!7+!(-5,+!D!+6-*8!-+!:J,+!$&!+6&!,*'9!-*!:M!&M&,R!D!$%-*8O!$J+!+6&!-:#/&!1'&,*S+!
(#1&R!D!,&&!+65&&!/-5%,!15&,,&1!#%%!-*!96-+&R!LJ+!+6&M
#5&!*'+!(#:-%-#5!+'!:&R!D!6#K&!*&K&5!,&&*!+6&:!#+!F4&*2&O!#*1!+6&M!%''8!+'!$&!:M!
#/&R!0&,4-+&!+6&!(5-/-1!#-5O!+6&M!6#K&!*'!2'#+,R
!Y@&%%'OY!D!2#%%!+'!+6&:R!"6&M!1'!*'+!#*,9&5RY75&!M'J!%',+\Y
!"6&M!'4&*!+6&-5!:'J+6,!+'!,4&#8!$J+!D!2#*S+!6&#5!+6&:O!#*1!+6&*!#!2J5-'J,!+6-*/!
6#44&*,R!"6&!/-5%,!(%-28&5!#*1!(#1&!J*+-%!+6&5&S,!*'
+5#2&!'(!+6&:!-*!+6&!,*'9R!7*1!VJ,+!#,!XJ-28%MO!+6&!4#-*!4#,,&,R!D!(&&%!(-*&R
!7!6#51!$#%%!'(!,*'9!6-+,!:&!,XJ#5&!'*!+6&!V#9R!Y76#bY!7**!,6'J+,!-*!K-2+'5MR
!Y7**bY!D!25MO!#*/5M!RYD!9#,!*'+!45&4#5&1bY
!F6&!/-K&,!:&!#!5#5&!+5-J:46#*+!,:-%&R!YH'J!9&5&!+6&!'*&!96'!,#-1!+6-,!9#,!9#5RY!
7*1!9-+6!+6#+O!,6&!$'J*1,!#989#51%M!'K&5!+6&
,*'9O!-*!6#,+M!5&+5&#+R
!)@7."3;!F3E3A
!Y=70D3FO!Q7H!D!@7E3!H<?;!C?==!7""3A"D<A\!B3!7;3!:',+!45-K-%&/&1!+'!6#K&!9-+6!J,!
+'*-/6+!+6&!.#*+':-:&!.%#M&5,!'(!)'K&*+
>#51&*R!"6&M!6#K&!45&4#5&1!#!:',+!,#+-,(#2+'5M!$-%%!'(!+6&!,+'5M!'(!@#*,&%!#*1!
>5&+&%O!$M!+6&!$5'+6&5,!>5-::RY
!D!9#,!6'4-*/!+6#+!#(+&5!K&,4&5,!#*1!1-**&5!DS1!6#K&!+-:&!#%'*&!9-+6!C&%-2-+M!#*1!
7**!+'!+&%%!+6&:!#$'J+!P#5+-8S,!9#5*-*/R!LJ+O!VJ,+
:M!%J28O!+'*-/6+!Q5,R!A-/6+9-*/!6#,!#55#*/&1!#!,4&2-#%!&K&*-*/!'(!4#*+':-:&!('5!
J,R!QM!*&9,!,6#%%!6#K&!+'!9#-+R!"6&!M'J*/&5!/-5%,
#5&!&*+65#%%&1!+'!$&#5!9-+*&,,!+'!#!/5-,%M!(#-5M!+#%&!2':4%&+&!9-+6!:&*#2-*/!9''1,!
#*1!&K-%!9-+26R!"6&!4%#M&5,!'(!+6&!2':4#*M!#5&
-*+5'1J2&1!+'!J,!$M!+6&!-:45&,#5-'O!#!+#%%O!6&#KM,&+!:#*!9-+6!#!4'91&5&1!(#2&!#*1!
&*'5:'J,!96-,8&5,!9#Z&1!-*+'!(-*&!2J5%-2J&,R!<*&
$M!'*&O!+6&!4%#M&5,!(-%&!'J+!'*+'!+6&!$#%%5'':S,!,:#%%!,+#/&R!"6&!:&*!$'9!#*1!+6&!
9':&*!2J5+,MR!<5!5#+6&5O!+6&!26#5#2+&5,!$'9!#*1
2J5+,MR!D*!+5J+6O!+6&!4#*+':-:&!+5'J4&!-,!2':45-,&1!&*+-5&%M!'(!:&*R!3K&*!+6&!4''5!
,'J%!4%#M-*/!>5&+&%!-,!#!$'M!'(!#$'J+!+6-5+&&*R
!Y.%#M&5,O!+'!M'J5!4%#2&,OY!+6&!-:45&,#5-'!$&%%'9,!-*!#!%'J1O!1&&4!K'-2&R!"6&!
,+#/&!&:4+-&,R!7!4#-5!'(!,+#/&6#*1,!:#*&JK&5,!#!(%#+
'(!9''1&*!+5&&,!1'9*,+#/&R!Y=&+!J,!$&/-*!'J5!+#%&!96&5&!-+!,6'J%1!$&/-*!-*!#!6'J,&!
#+!+6&!&1/&!'(!#!K&5M!1#58!('5&,+RY
!"6&!%-/6+,!#5&!%'9&5&1R!7!6J,6!(#%%,!'K&5!+6&!25'91R!"6&5&!-,!*'!,'J*1!$J+!+6&!
-*2&,,#*+!+#44-*/!'(!2'%1!5#-*!#/#-*,+!+6&!:#5+M5&1
9-*1'9,R
!Y@J,$#*1OY!+6&!,65&9-,6!9-(&!25-&,O!Y+6&5&!-,!*'+!&*'J/6!('5!#%%!'(!J,!+'!&#+R!B&!
:J,+!+#8&!+6&!26-%15&*!-*+'!+6&!('5&,+O!96&5&!+6&M
,6#%%!6#K&!+'!(&*1!('5!+6&:,&%K&,RY
!@&5!6J,$#*1O!#!6J*+,:#*O!5&4%-&,!9-+6!9-%1!/&,+J5&,!#*1!#!K'-2&!,'!:&%'15#:#+-2!
-+!-,!#,!-(!6&!-,!:'28-*/!+5J%M!6'55-1!#2+'5,R!B6&*
-+!$&2':&,!2%&#5!6&!-,!*'+O!-+!-,!#%%!D!2#*!1'!+'!8&&4!:M!2':4',J5&R
!C&%-2-+M!96-,4&5,!-*!:M!&#5OYD!:J,+!2'*(&,,W!DSK&!(#%%&*!:#1%M!-*!%'K&!9-+6!+6&!
4''5!6J*+,:#*R!D!$&%-&K&!-+!-,!6-,!,J$+%&+M!+6#+!9'',
:&RY
!D!4J+!#!6#*1!+'!:M!:'J+6!+'!,+'4!+6&!%#J/6!+6&5&R!YD!(-*1!D!#:!,+5#*/&%M!$&,'++&1!
9-+6!6-,!9-(&R!.&56#4,!,':&+6-*/!#$'J+!6&5
$&#51!RRRY
!YB6#+!#5&!M'J!96-,4&5-*/!#$'J+\Y!7**!,#M,O!15#9-*/!#!,6#54!Y,6666Y!(5':!Q5,R!
A-/6+9-*/O!96'!2':&,!+'!,+#*1!$&6-*1!J,R!B&!,-+
+#%%!#*1!,-%&*+!#,!/5#K&,+'*&,O!(&-/*-*/!-*+&5&,+R!D!2#*!'*%M!45#M!+6#+!+'*-/6+S,!
4%J:!4J11-*/!9#,!15&,,&1!9-+6!#5,&*-2O!#*1!D!6#K&!'*%M
:':&*+,!%&(+!+'!&*1J5&!+6-,!,4&2+#2%&!'(!:&*!-*!/#5-,6%M!2'%'5&1!('%8!2',+J:&,!
4#5#1-*/!#,!9':&*R
!"6&!:'+6&5!4J,6&,!@#*,&%!#*1!>5&+&%!-*+'!+6&!9''1,R!Y"6#+S,!-+O!26-%15&*R!B#%8!
'J+!#!%-++%&!(#5+6&5R!7%%!M'J!9-,6!('5!-,!VJ,+!$&M'*1
+6#+!('5&,+RY
!@#*,&%!#*1!>5&+&%!1-,#44&#5!-*+'!+6&!9''1,!#*1!2':&!J4'*!+6&!6'J,&!'(!,9&&+,R!
B-+6!9-1&!&M&,!#*1!&Z#//&5#+&1!,:-%&,O!+6&M
45&+&*1!+'!/*#9!#+!+6&!4#-*+&1!/J:15'4!,6J++&5,R
!"6&!-:45&,#5-'!,+5J+,!#$'J+!+6&!&1/&!'(!+6&!,+#/&R!Y"6&!:'5&!+6&M!#+&O!+6&!:'5&!
+6&M!9#*+&1OY!6&!-*+'*&,!/5#K&%MR!7!(&9!5'9,
#9#MO!,':&!'(!+6&!M'J*/&5!/-5%,!/',,-4!$&6-*1!5#-,&1!6#*1,R!7!/-//%&!&5J4+,R!B6&*!
:'5&!/-//%&,!('%%'9O!Q5,R!A-/6+9-*/!%&#K&,!6&5
,6&46&51S,!,+#+-'*!9-+6!J,!+'!9#+26!'K&5!6&5!(%'28!&%,&96&5&R
!D!9#*+!+'!+&%%!C&%-2-+M!#*1!7**!#$'J+!P#5+-8O!$J+!9&!#5&!+''!2%',&%M!9#+26&1!+'!
6#K&!+6-,!2'*K&5,#+-'*!*'9R!<*,+#/&O!+6&!6#4%&,,
@#*,&%!#*1!>5&+&%!6#K&!$&&*!%J5&1!-*+'!+6&!9-+26S,!6'J,&!'(!,9&&+,R
!Y.''5!26-%15&*O!#$#*1'*&1!$M!+6&!9'5%1O!D!,6#%%!/-K&!M'J!,J,+&*#*2&R!D!,6#%%!/-K&!
M'J!96#+!M'J!,&&8bY!"6&!9-+26!+J5*,!+'!+6&
#J1-&*2&!9-+6!#!8*'9-*/!9-*8!#*1!9&!$''!#*1!6-,,!'*!2J&R
!"6&!$'M!4%#M-*/!>5&+&%!25-&,O!Y7*1!9-%%!9&!$&!%-8&!M'J5!K&5M!'9*!26-%15&*!+6&*O!
1&#5!7J*+-&\!B-%%!M'J!%'K&!J,!#*1!+&#26!J,!,'!K&5M
9&%%\Y!@-,!K'-2&!$5&#8,!'*!+6&!%#,+!4#5+R!"6&5&!#5&!+-++&5,!(5':!+6&!#J1-&*2&R
!YH&,O!26-%1R!C&#5!*'+R!C'5!*'9!+6#+!M'J!#5&!6&5&O!#,!D!,'!'(+&*!45#M&1!M'J!9'J%1!
$&O!D!,6#%%!2%J+26!M'J!+'!:M!$',':!#*1!8&&4!M'J
!-*!:M!/5#,4!('5&K&5bSS"6&!9-+26!4J%%,!@#*,&%!6#51!-*+'!6&5!&*'5:'J,!(#%,&!$',':O!
*&#5%M!,J(('2#+-*/!6-:R!B&!%#J/6!:&55-%M!#+!+6-,!$-+
'(!(''%&5MR!3*2'J5#/&1O!+6&!9-+26!,+J((,!#!4-&2&!'(!4-&!-*!@#*,&%S,!:'J+6O!
&%-2-+-*/!:'5&!%#J/6+&5!(5':!+6&!#J1-&*2&R
!"6&!%-/6+,!(%-28&5R!"6&5&!-,!#!26'5J,!'(!,J11&*!/#,4,!#*1!#!(&9!+-*M!,65-&8,!(5':!
,':&!'(!+6&!:'5&!6-/6I,4-5-+&1!/-5%,R!D+S,!'*%M!#
,+#/&6#*1!#+!9'58O!$J+!-+!6#,!6#1!+6&!1&,-5&1!&((&2+R!"6&!9-+26!5J$,!6&5!6#*1,!
+'/&+6&5!#*1!2'*(&,,&,!6&5!1-#$'%-2#%!4%#*!+'!(#++&*!+6&
26-%15&*!#*1!5'#,+!+6&:!-*!6&5!/5#*1!'K&*R!"6-,!/-K&,!&K&5M'*&!+6&!26-%%,O!#*1!D!
1'!6#K&!+'!9'*1&5!96#+!,'5+!'(!26-%16''1!+6&!>5-::
$5'+6&5,!&*1J5&1R!"6&M!#5&!*'+!#!:&55M!$J*26!'(!,+'5M+&%%&5,O!96#+!9-+6!+6&-5!
26-%15&*!5'#,+&1!$M!9-+26&,O!:#-1&*,!4'-,'*&1!$M!'%1
25'*&,O!#*1!96#+*'+R
!"6&5&!-,!#!,J11&*!*-4!-*!+6&!#-5O!#!1#:4!2'%1!+6#+!9'58,!-+,!9#M!-*+'!+6&!:#55'9R!
@#,!,':&'*&!'4&*&1!#!9-*1'9\!A'O!+6&M!#5&!#%%
,6J+!+-/6+!#/#-*,+!+6&!5#-*R!"6&!15#4&5-&,!1'*S+!:'K&!+'!,J//&,+!#!15#(+R
!Q-,,!Q2)%&&+6M!9#%8,!+6&!4&5-:&+&5!'(!+6&!5'':O!6&5!6#*1,!('%1&1!-*!(5'*+!'(!6&5!
%-8&!#!45-&,+!-*!45#M&5R!7!,%'9!,:-%&!,45&#1,
#25',,!6&5!(#2&!#,!,6&!+#8&,!-*!+6&!96'%&!'(!J,R!F':&+6-*/!#:J,-*/!6#,!6#44&*&1!'*!
+6&!,+#/&R!"6&!/-5%,!%#J/6R!D+!,'J*1,!1-,+'5+&1
#*1!(#5#9#M!+'!:&O!#,!-(!D!#:!J*1&59#+&5R!Q-,,!Q2)%&&+6M!4J+,!#!6#*1!'*!+6&!$#28!
'(!#!/-5%!,-++-*/!'*!+6&!&*1U!,6&!$&*1,!+'!6&#5!+6&
26-%1S,!XJ&,+-'*!9-+6!#!,:-%&O!$J+!$&*&#+6!+6',&!+6-28O!1#58!$5'9,!6&5!&M&,!(-*1!
:-*&R!"6'J/6!-+!-,!2'%1O!D!6#K&!$&/J*!+'!4&5,4-5&!#,!-(
D!#:!(&K&5-,6R!D!6#K&!#!:#1!1&,-5&!+'!5J*!(5':!+6&!5'':R!D*!(#2+O!DS:!(&&%-*/!-%%R
!C&%-2-+MS,!96-,4&5-*/!,':&+6-*/!+'!:&!$J+!D!2#*S+!6&#5!+6&!9'51,R!"6&!96-,4&5!
-+,&%(!6#,!#!6'55-$%&!1-*O!%-8&!+6&!15M!9-*/,!#*1
,25#+26-*/!%&/,!'(!#!+6'J,#*1!-*,&2+,R!QM!&M&%-1,!(%J++&5R!7!5'#5-*/!(-%%,!:M!
&#5,O!#*1!D!#:!(#%%-*/!6#51!#*1!(#,+!+65'J/6!#!+J**&%!'(
%-/6+!#*1!,'J*1R!"-:&!,+5&+26&,!'J+!%-8&!#!$#*1R!D!#:!#9#5&!'(!:M!'9*!$5&#+6-*/O!
+6&!(%'9!'(!$%''1!-*!:M!K&-*,R!DS:!2#J/6+!-*!+6&
/5-4!'(!#!K-,-'*R!LJ+!+6-,!-,!%-8&!*'!K-,-'*!DSK&!&K&5!6#1R!D+!-,!:J26!:'5&!
4'9&5(J%R
!DS:!*&#5!+6&!,&#R!)%-((,R!F:&%%!+6&!,#%+R!F8MS,!#!5&(%&2+-'*O!96-+&2#4!2%'J1,!
26J5*-*/!#$'K&O!#*!'%1!2#,+%&!'*!#!6-%%R!@#44&*-*/!(#,+R
"''!(#,+R!)#*S+!,&&!R!R!R!"65&&!/-5%,!-*!96-+&!VJ:4!#$'J+!+6&!2%-((,!#$,J51%M!
(#,+R!"6&!,#%+O!+#*/M!'*!:M!+'*/J&R!>5&&*!2%'#8R!7!6#*1
5#-,&1O!#!,*#8&O!,8M!26J5*-*/O!2%'J1,!$5#-1-*/!$%#28!#*1!/5#MR!F':&+6-*/!&%,&R!
F':&+6-*/S,!'6O!>'1!,':&+6-*/S,!5-,-*/R!C&#5O!#+
+6&!$#28!'(!:M!+65'#+!%-8&!+6&!,&#R!"6&-5!&M&,R!"6&-5!&M&,b!F'!#(5#-1b!<4&*!*'9R!
F&&!-+!5-,-*/!(5':!+6&!,&#R!"6&-5!&M&,!#!%'*/O!,-%&*+
,25&#:R
!C&&%!:M!$%''1!4J%%!:&!$#28O!#9#M!(5':!+6&!,&#!#*1!+6&!(&#5R
!D!6&#5!K'-2&,R!YB6#+!-,!-+\!B6#+!6#44&*&1\Y!YF+#*1!$#28O!/-K&!6&5!#-5RY!YD,!,6&!
1&#1\Y
!D!'4&*!:M!&M&,R!7!2%J,+&5!'(!2'*2&5*&1!(#2&,!%'':,!'K&5!:&R!B6&5&\!B6#+!#5&!+6&M\!
B6M!#:!D!'*!+6&!(%''5\
!YQ-,,!0'M%&!R!R!RY
!QM!*#:&R!F6'J%1!#*,9&5R!"'*/J&S,!+6-28!#,!2'++'*R
!YQ-,,!0'M%&\Y!D+S,!Q5,R!A-/6+9-*/R!@&5!(#2&!,9-:,!-*+'!('2J,R!F6&!9#K&,!,':&+6-*/!
('J%!$&*&#+6!:M!*',&R!@'55-$%&!,J%(J5!'1'5R
F:&%%-*/!,#%+,R!Q#8&,!:&!/5'#*R!D!5'%%!:M!6&#1!+'!&,2#4&!+6&!,:&%%R
!YQ-,,!0'M%&O!2#*!M'J!,+#*1\Y
!=-8&!#!26-%1O!D!1'!#,!DS:!+'%1R!D!,&&!Q-,,!Q2)%&&+6M!#25',,!+6&!5'':R!F6&!6#,*S+!
:'K&1!(5':!6&5!,4'+R
!F+#5+%&1!/#,4,!#*1!96-,4&5,!(%'#+!$MR!Y=''8R!"6&5&R!@'9!,6'28-*/RY
!C&%-2-+MS,!K'-2&!5-,&,!'K&5!+6&!'+6&5,R!Y@&5&O!>&::#O!+#8&!:M!6#*1RY
!D!,&&!)&2-%M!96-,4&5-*/!+'!6&5!(5-&*1,R!@&#5!+6&!96-,4&5,R!Y@'9!#44#%%-*/RY!F&&!
7**S,!+5'J$%&1!(#2&R
!YB6#+!R!R!R!96#+!6#44&*&1\Y!D!#,8R!7**!%''8,!1'9*!,6M%MO!J*#$%&!+'!#*,9&5R
!Y@&5&!*'9O!Q-,,!0'M%&O!%&+S,!,&&!M'J!+'!M'J5!5'':RY!<*%M!96&*!Q5,R!A-/6+9-*/!
6&%4,!:&!+'!:M!(&&+!#:!D!#$%&!+'!,&&!+6&!2#J,&!'(
+6&!/',,-4!+6&!%#5/&!5&1!,+#-*!,45&#1-*/!#25',,!:M!96-+&!,8-5+R!D!6#K&!$&/J*!+'!
:&*,+5J#+&R
!)@7."3;!3D>@"
!L;D>D0!"?)PF!"@3!@<"!B7"3;!L<""=3!L3A37"@!+6&!2'K&5,!#/#-*,+!:M!$&%%MR!Y.''5!
1&#5OY!,6&!,#M,R!YD+S,!#%9#M,!,J26!#!$'+6&5R
DSK&!S#1!:&!+5'J$%&,!9-+6!+6&!2J5,&R!7*1!S#K-*S!+'!$&!'*!#$'J+!:M!1J+-&,!+65'J/6!
-+!#%%R!A'!5&,+!('5!+6&!9&#5MO!D!2#*!+&%%!M'J!+6#+RY
!D!#:!-*!*'!6J:'5!+'!6&#5!#$'J+!'J5!%'*/I,J((&5-*/!6'J,&8&&4&5S,!#26&,!#*1!4#-*,R!
<*2&!,6&!,+#5+,O!+6&5&S,!*'!,+'44-*/!6&5R!7*1!DS%%
!$&!6&#5-*/!#$'J+!6&5!56&J:#+-,:O!6&5!4''5!&M&,-/6+O!#*1!+6&!+-:&!,6&!'*2&!*&#5%M!
9'58&1!('5!+6&!6'J,&6'%1!'(!+6&!.5-*2&!'(!B#%&,S,
+9&%(+6!2'J,-*!('J5!+-:&,!5&:'K&1R
!Y"6#*8!M'JO!L5-/-1R!D!+6-*8!DS%%!5&,+!*'9OY!D!,#MO!2%',-*/!:M!&M&,R
!Y<(!2'J5,&O!%#:$R!;&,+!-,!96#S!M'J!*&&1R!;&,+!-,!+6&!+6-*/R!B6MO!D!5&:&:$&5!96&*!
D!9#,!+'!9'58!('5!#!K&5M!(-*&!%#1M!!,6&S1!'*2&
$&&*!%#1MS,!:#-1!+'!+6&!2'J,-*!'(!+6&!0J26&,,!'(!0'5,&+O!''!9#,!#,!5&,4&2S#$%&!#!
%#1M!#,!2'J%1!$&!('J*SO!D!+&%%!M'J!R!R!RY
!YL5-/-1RY!D+S,!C&%-2-+MO!+5#-%&1!$M!7**R!YD!$&%-&K&!D!,#9!+6&!4#5%'5:#-1,!
,%-44-*/!$&%'9,+#-5,!('5!#!/#:&!'(!2#51,R!D!+6'J/6+!M'J!:-/6+
9#*+!+'!8*'9RY
!L5-/-1!4%#2&,!6&5!(-,+,!'*!6&5!:&#+M!6-4,R!Y"6&MSK&!*'!%&#K&!(5':!:&R!"6&,&!*&9!
/-5%,!+6&M!1'*S+!8*'9!+6&-5!4%#2&R!D*!:M!1#MO
+6&!S'J,&8&&4&5!9#,!+6&!%#9RY!L5-/-1!6#55J:46,!4#,+!J,O!:J++&5-*/!J*1&5!6&5!$5&#+6!
+6&!96-%&R!Y<((!+'!2#51,R!B&S%%!,&&!#$'JS!+6#+bY
!YB&5&!+6&M!5&#%%M!'((!+'!2#51,\Y!D!#,8!C&%-2-+M!'*2&!L5-/-1!-,!/'*&R
!Y<(!2'J5,&!*'+R!D!*&&1&1!+'!1-,4#+26!6&5!,':&6'9RY
!Y@'9!#5&!M'J!(&&%-*/\Y!7**!#,8,O!$%J,6-*/R
!YB5&+26&1OY!D!#*,9&5R
!C&%-2-+M!,-+,!'*!+6&!&1/&!'(!:M!$&1RY0'!M'J!:&#*!+'!,#M!+6#+!+6-,!-,!+6&!(-5,+!
+-:&!M'JSK&!$&&*!R!R!R!-*2'*K&*-&*2&1!$M!M'J5!:'*+6%M
-%%*&,,\Y
!YH&,OY!D!,*#4O!(&&%-*/!#!$-+!%-8&!#*!&Z'+-2O!:-,J*1&5,+''1!#*-:#%R
!D*!#11-+-'*!+'!+6&!6'+!9#+&5!$'++%&O!DSK&!$&&*!4#28&1!'((!+'!$&1!9-+6!,':&!,+5'*/!
+&#!#*1!#!+-*M!$-+!'(!$5#*1MO!2':4%-:&*+,!'(!Q5,R
A-/6+9-*/O!96'!-*,-,+&1!+6#+!-*!+6-,!2#,&!+6&!$5#*1M!9#,!:&1-2-*#%!#*1!*'+!
%-2&*+-'J,R!"6&!+&#!6#,!/'*&!2'%1!#*1!$-++&5R!LJ+!+6&
$5#*1M!-,!,''+6-*/R!D+!1J%%,!+6&!4J%,-*/!+65'$!-*!:M!$&%%MR!D!6#K&!*&K&5!(&%+!:'5&!
5-1-2J%'J,R!D(!+6-,!-,!96#+!-+!:&#*,!+'!$&!#!9':#*!D
#:!*'+!+6&!,%-/6+&,+!$-+!-*+&5&,+&1R
!Y.''5!>&::#OY!7**!,#M,O!4#++-*/!:M!6#*1R!YD*!4J$%-2O!*'!%&,,R!@'9!&:$#55#,,-*/!
('5!M'JRY
!D!2'J%1!*'+!$&!:'5&!6J:-%-#+&1!+6#*!D!#:!*'9R!YD(!D!:#M!$&!,'!$'%1O!:#M!D!#,8O!
96&*!1-1!M'J!2'::&*2&!9-+6!R!R!R!\Y!D!+5#-%!'((R
!C&%-2-+M!:'K&,!+'!:M!+#$%&O!96&5&!,6&!&Z#:-*&,!:M!+6-*/,R!F6&!5J*,!:M!$5J,6!
+65'J/6!6&5!96-+&I$%'*1!6#-5R!YH&#5,!#/'RY
!<(!2'J5,&!,6&!1-1R!@'9!,-%%M!'(!:&!+'!#,8R!D!%''8!+'!7**O!96'!$%J,6&,!+6&!2'%'5!
'(!#!5#1-,6!-*,+#*+%MR
!Y<6O!DO!9&!,6I,6I,6'J%1*S+!+I+I+#%8!'(!,J26!+6-*/,RY
!YcJ-+&!5-/6+OY!D!,#MO!(-*/&5-*/!+6&!&1/&!'(!:M!$&1!%-*&*!9-+6!/5&#+!2#5&R
!YF6&S,!45'$#$%M!*'+!M&+!#!9':#*OY!C&%-2-+M!,#M,!2''%%MR
!7**!-,!J4!-*!45'+&,+RYD!#:b!C'5!,-Z!:'*+6,!*'9bY
!YF-Z!:'*+6,b!"6&5&!M'J!#5&R!F6&S,!45#2+-2#%%M!#*!&Z4&5+!'*!+6&!,J$V&2+RY
!D!+5M!+'!/&+!'J+!'(!$&1O!$J+!7**!4J,6&,!:&!$#28!1'9*R!Y<6O!*'R!H'J!:J,+*S+!:'K&!
#$'J+R!D+!-,*S+!/''1!('5!M'J!-*!M'J5!45&,&*+
,+#+&RY
!YLJ+!R!R!R!6'9!#:!D!+'!/'!#$'J+!:M!%-(&\Y
!YH'J!,-:4%M!6#K&!+'!&*1J5&!+6-,R!D+S,!'J5!4J*-,6:&*+!#,!1#J/6+&5,!'(!3K&R!B6M!1'!
M'J!+6-*8!+6&M!2#%%!-+!+6&!2J5,&\Y
!7!%'9!5J:$%&!4J%%,!#25',,!:M!,+':#26O!:#8-*/!:&!(&&%!6&#KM!#*1!-55-+#$%&RY;&#%%M\!
7*1!96#+!2J5,&!$&(#%%,!+6&!71#:,!'(!+6&
9'5%1\Y
!7**!'4&*,!6&5!:'J+6!#*1O!45&,J:#$%M!+6-*8-*/!'(!*'+6-*/!+'!,#MO!2%',&,!-+!#/#-*R
!D+!-,!C&%-2-+M!96'!#*,9&5,O!6&5!&M&,!,+&&%MR!Y"6&M!#5&!9&#8!+'!+&:4+#+-'*R!7*1!9&!
#5&!+6&-5!+&:4+5&,,&,RY
!"6&!9'51!+&:4+#+-'*!2'*VJ5&,!P#5+-8!-*!:M!:-*1R!P#5+-8!#*1!9#5*-*/,R!"6&!:#/-2!
%'',&!-*!+6&!5&#%:,R!"6&!"&:4%&R
!Y"6&5&S,!,':&+6-*/!D!*&&1!+'!+&%%!M'JOY!D!$&/-*R!D!+&%%!+6&:!#$'J+!P#5+-8S,!
K-,-+O!#$'J+!:M!+#,8!#*1!+6&!,+5#*/&!K-,-'*!D!,#9!1J5-*/
+6&!4#*+':-:&R!B6&*!D!(-*-,6O!+6&M!#5&!9-1&I&M&1R
!YDSK&!/'',&(%&,6R!NJ,+!+6-*8!'(!-+O!#%%!+6#+!:#/-2!%'',&!('5!#*M'*&!+'!J,&OY!
C&%-2-+M!,#M,R!D!2#**'+!,#M!96&+6&5!,6&!-,!(5-/6+&*&1!'5
+65-%%&1!#+!+6-,!45',4&2+R
!7**S,!+5'J$%&1RYLJ+!6'9!2#*!M'J!(-*1!+6&!"&:4%&!96&*!M'J!2#*S+!&*+&5!+6&!5&#%:,\Y
!DS1!('5/'++&*!:M!%-&R!"6&5&!-,!*'!9#M!#5'J*1!-+!*'9R!D!,6#%%!6#K&!+'!2'*(&,,R!D!
4J%%!+6&!%-*&*,!+'!:M!*&28O!:#8&!:M,&%(!,:#%%!-*!+6&
$&1R!Y"6&!+5J+6!-,O!D!6#K&*S+!#2+J#%%M!+5-&1!+'!&*+&5R!A'+!,-*2&!.-44#RY
!C&%-2-+MS,!/%#5&!2'J%1!,6#++&5!/%#,,RYH'J!%-&1!+'!J,RY
!YH&,O!D!8*'9R!DS:!,'55MR!D!9#,*S+!5&#1MRY
!YH'J!2'J%1!6#K&!,#-1!#,!:J26OY!7**!:J++&5,O!6J5+R
!YD!#:!,'55MR!D!+6'J/6+!-+!$&,+RY
!C&%-2-+MS,!/5#M!&M&,!#5&!%-8&!+6&!,6#54&,+!(%-*+RY0'!*'+!%-&!+'!J,!#/#-*O!>&::#R!
D+!9-%%!$&!#!$&+5#M#%!'(!+6&!<51&5RY
!D!1'*S+!%-8&!+6&!9#M!,6&!,#M,!+6-,O!$J+!DS:!-*!*'!:''1!+'!#5/J&!*'9R!D!*'1!#*1!
5&#26!('5!+6&!$5#*1MR
!YB6&*!,6#%%!9&!/'!-*+'!+6&!5&#%:,\Y!7**!#,8,R
!YF6#%%!9&!:&&+!#+!:-1*-/6+\Y!C&%-2-+M!6#%(!$&/,RY<6O!D!2#**'+!9#-+!+'!,&&!-+!#%%!
#/#-*bY
!YDS:!-*!*'!2'*1-+-'*!+'*-/6+OY!D!,#MR!"6&M!2#*!6#51%M!#5/J&!9-+6!+6#+R
!YE&5M!9&%%O!+6&*OY!C&%-2-+M!,#M,O!,-/6-*/RY;&,+RY
!YB6#+!-,!-+\Y!7**!#,8,O!5&#1-*/!:M!&Z45&,,-'*R
!YD+S,!45'$#$%M!*'+6-*/O!5&#%%MR!D!9#,!VJ,+!+6-*8-*/!+6#+!+6&!%#,+!+6-*/!D!
5&:&:$&5!$&('5&!(#%%-*/!J*1&5!9#,!Q-,,!Q2)%&&+6MS,!(#2&R
F6&!9#,!%''8-*/!#+!:&!-*!+6&!:',+!2J5-'J,!9#MO!#,!-(!,6&!8*&9!#%%!:M!,&25&+,RY
!7!1&K-%-,6!/5-*!%-/6+,!J4!C&%-2-+MS,!(J%%!:'J+6RYH'J!:&#*!+6&!(#-555!$J+!&Z#2+-*/!
Q-,,!Q2)%&&+6MOY!,6&!,#M,O!-:-+#+-*/!'J5!*&9
+&#26&5S,!,+5#*/&!$5'/J&R!"6-,!:#8&,!:&!%#J/6!-*!,4-+&!'(!&K&5M+6-*/R
!YD(!,6&S,!#*!'%1!(5-&*1!'(!A-/6+9-*/S,O!,6&S,!1'J$+%&,,!#!6-1&'J,!45-/!96'!9-%%!
:#8&!'J5!%-K&,!#!:-,&5MOY!D!,#MO!,+-%%!/-//%-*/R
!YD!#:!/%#1!+'!,&&!+6#+!M'J!,&&:!-*!$&++&5!,4-5-+,O!Q-,,!0'M%&RY!D+S,!Q-,,!
Q2)%&&+6M!6&5,&%(!#+!:M!1''5R!QM!6&#5+!(#%%,!+65'J/6!+6&
(%''5!'(!:M!,+':#26R!<6O!*'R!@'9!%'*/!6#,!,6&!$&&*!,+#*1-*/!+6&5&\
!YDS:!(&&%-*/!:J26!$&++&5O!+6#*8!M'JOY!D!,#M!-*!#!,XJ&#8!'(!#!K'-2&R
!D!#:!#%:',+!2&5+#-*!,6&S,!'K&56&#51!&K&5M+6-*/O!('5!,6&!6'%1,!:M!/#T&!#!:':&*+!
+''!%'*/O!+-%%!DS:!('52&1!+'!%''8!#9#MO!#*1!+6&*
,6&!,#M,!,-:4%MO!9-+6'J+!#*M!&*+6J,-#,:OYB&%%O!D!#:!/%#1!+'!6&#5!-+R!H'J!,6'J%1!
+#8&!,':&!&Z&52-,&R!3Z&52-,&!-,!+6&!8&MR!"':'55'9!D
,6#%%!+#8&!#%%!:M!/-5%,!'J+!+'!+6&!%#9*!('5!#526&5MRY
!YB6#+!#!,4%&*1-1!-1&#b!D!2#**'+!9#-+!+'!$&/-*OY!C&%-2-+M!,#M,!+''!$5-/6+%MO!
6'4-*/!+'!2'K&5!#*M!'K&56&#51!J*4%&#,#*+*&,,!9-+6!#
!(5&,6!2'#+!'(!26#5:R
!Y@#K&!M'J!,':&!&Z4&5-&*2&!9-+6!+6&!$'9!#*1!#55'9O!Q-,,!B'5+6-*/+'*\Y
!Y7!+5-(%-*/!#:'J*+OY!C&%-2-+M!1&:J5,R!D*!+5J+6O!,6&!-,!&Z2&%%&*+R
!Y@'9!:#5K&%'J,R!DS1!9#/&5!M'J!%#1-&,!6#K&!#%%!:#**&5!'(!,J545-,&,!5&#1M!('5!:&RY!
7!2J5-'J,!6#%(!,:-%&!+J/,!#+!+6&!2'5*&5,!'(!Q-,,
Q2)%&&+6MS,!+#J+!:'J+6R!YD!%''8!('59#51!+'!'J5!$&2':-*/!(5-&*1,R!QM!45&K-'J,!
4J4-%,!6#K&!('J*1!:&!+'!$&!5#+6&5!V'K-#%O!1&,4-+&!:M
5&4J+#+-'*!#,!#!6-1&'J,!45-/RY
!F6&S,!6&#51!&K&5M+6-*/R!B&S5&!1'*&!('5R!F6&!,6#%%!6#+&!J,!('5&K&5R!A'O!,6&!,6#%%!
6#+&!:&!('5&K&5R!N'%%M!/''1!,+#5+O!>&::#R!L5#K'R
!Q-,,!Q2)%&&+6M!-*,4&2+,!:M!1&,8O!%-(+-*/!:M!(&9!$&%'*/-*/,!+6&5&!+6&!-K'5M!
&%&46#*+!(5':!D*1-#O!:M!6#-5$5J,6!('5!2%',&5
&Z#:-*#+-'*R!Y=-%%-#*!Q5,R!A-/6+9-*/!6#,!+'%1!:&!'(!M'J5!J*('5+J*#+&!-*K'%K&:&*+!
9-+6!M'J5!('5:&5!+&#26&5!Q-,,!Q''5&R!D!#:!,'55M
+'!6&#5!+6#+!,6&!:-,J,&1!M'J5!+5J,+!,'RY
!F6&!/-K&,!J,!+6#+!4&*&+5#+-*/!,+#5&!#/#-*R!YD!#:!*'+!Q-,,!Q''5&R!"6&5&!9-%%!$&!*'!
,+'5-&,O!*'!-:45'45-&+MR!D!9-%%!*'+!+'%&5#+&
1-,5J4+-'*!-*!+6&!5#*8,R!B&!,6#%%!('%%'9!+6&!%&++&5!'(!+6&!%#9!#*1!$&!+6&!$&++&5!
('5!-+RY!F6&!+#8&,!-*!'J5!4#%&!(#2&,R!Y<6O!2':&!*'9O!M'J
#%%!%''8!#,!-(!DSK&!,&*+&*2&1!M'J!+'!+6&!/J-%%'+-*&bY
!F6&!#++&:4+,!#!%#J/6R!D+!-,!*'+!9-**-*/!'5!9#5:RYA'9O!D!1'!$&%-&K&!9&!,6'J%1!
#%%'9!Q-,,!0'M%&!+'!5&,+R!"6&MS5&!,&5K-*/!&//*'/!-*
+6&!4#5%'5R!)':&!#*1!+&%%!:&!'(!M'J5,&%K&,!#*1!%&+S,!$&!/''1!(5-&*1,O!6:::\Y
!=-8&!#!/5&#+!$-51!,45&#1-*/!6&5!/5#M!9-*/,O!,6&!4J+,!6&5!6#*1,!'*!C&%-2-+MS,!#*1!
7**S,!$#28,O!J,6&5-*/!+6&:!+'9#51!+6&!1''5R!DS:
%&(+!+'!,J((&5!+6&!2J5,&!#%'*&R
!Y>''1!*-/6+O!>&::#OY!7**!,#M,R
!YH&,O!/''1!*-/6+OY!C&&!&26'&,R
!Y>''1!*-/6+O!Q-,,!0'M%&R!F%&&4!9&%%OY!Q-,,!Q2)%&&+6M!#11,R!Y"':'55'9!1#9*,!&5&!9&!
8*'9!-+RY
!YDS:!,'55M!D!,6#%%!:-,,!+6&!#526&5MOY!D!,#MR
!Q-,,!Q2)%&&+6M!+J5*,!$#28R!YQ-,,!-+\!H'JS%%!1'!*'!,J26!+6-*/O!Q-,,!0'M%&RY
!YLJ+O!D!+6'J/6+!R!R!R!/-K&*!:M!2'*1-+-'*!R!R!RY
!Y"6&5&S%%!$&!*'!+-:&!('5!9&#8*&,,!'*!:M!9#+26O!Q-,,!0'M%&R!D!,6#%%!,&&!M'J!
+':'55'9!'*!+6&!5#*/&O!'5!M'J!,6#%%!%',&!2'*1J2+
:#58,RY!D+!(&&%,!%&,,!%-8&!#!,+#+&:&*+!+6#*!#!26#%%&*/&R
!YH&,O!Q-,,!Q2)-&&+6MOY!D!,#MR!D!6#K&!1&2-1&1W!D!1'!*'+!%-8&!Q-,,!Q2)%&&+6MR
!D!2#*!6&#5!6#44M!%#J/6+&5!(%'#+-*/!J4!(5':!+6&!4#5%'5R!A'!1'J$+!C&%-2-+M!#*1!7**!
6#K&!+'%1!Q-,,!Q2)%&&+6M!+6&-5!&*+-5&!6-,+'5-&,!$M
*'9R!"6&MS5&!45'$#$%M!#%%!+6-28!#,!+6-&K&,O!,-++-*/!5'J*1!+6&!(-5&O!,-44-*/!+6&!
(5'+6!(5':!+6&!&//*'/O!96-%&!DS%%!,+-%%!$&!8*'9*!#,!+6&
/6#,+%MO!-%%I:#**&5&1!/-5%!96'!2#%%&1!Q-,,!Q2)%&&+6M!#!45-/R
!QM!,+':#26!#26&,!#*&9R!L%#,+&1!-*2'*K&*-&*2&R!B6#+!1'!M'J*/!:&*!6#K&!+'!:#58!
+6&-5!&*+5M!-*+'!#1J%+6''1\!"5'J,&5,O!+6#+S,
96#+R!C-*&O!*&9!+5'J,&5,R!D!1&,4-,&!#$,'%J+&%M!&K&5M'*&!VJ,+!*'9R
!D*!+-:&O!+6&!$5#*1M!:#8&,!:&!9#5:!#*1!15'9,MR!"6&!5'':!/5'9,!*#55'9&5!9-+6!&#26!
6&#KM!$%-*8R!D!,%-4!-*+'!,%&&4R
!D!#:!9#%8-*/!+65'J/6!+6&!/#51&*R!"6&!/5#,,!-,!,6#54!#*1!45-28%MO!,25#+26&,!:M!
(&&+R!DS:!*&#5!+6&!5-K&5O!$J+!-+!-,!,65'J1&1!-*!:-,+R
!Y)%',&5[2':&,#!,+5#*/&!K'-2&R
!D!-*26!('59#51R
!Y)%',&5!,+-%%RY
!D!#:!#+!+6&!5-K&5S,!&1/&O!$J+!D!2#*!,&&!*'!'*&O!'*%M!6&#5!+6#+!&&5-&!K'-2&R
!YF'!-+S,!+5J&R!H'J!6#K&!2':&R!R!R!RY
!YB6'!#5&!M'J\Y!D!,#MRYD!2#*S+!,&&!M'J5!(#2&RY
!YA'OY!2':&,!+6&!K'-2&RYLJ+!D!6#K&!,&&*!M'J5,R!R!R!RY
!)@7."3;!ADA3
!"@3!C<==<BDA>!7C"3;A<<A!7"!"3A!QDA?"3F!"<!+65&&!'S2%'28O!9&!5&4'5+!+'!+6&!/5&#+!
%#9*R!F-Z!+#5/&+,!6#K&!$&&*!4%#2&1!-*!#
%-*&R!"6&!$5-/6+%M!2'%'5&1!&M&,!-*!+6&!2&*+&5!,&&:!+'!:'28!:&!>'!'*O!6-+!J,!-(!M'J!
+6-*8!M'J!2#*R!7%%!1J5-*/!$5&#8(#,+O!D!6#1!+'
&*1J5&!+#%&,!'(!+6&!,4%&*1-1!*-/6+!D!:-,,&1!9-+6!+6&!#$,'%J+&!1&#5&,+!Q-,,!
Q2)%&&+6MO!96'!9#*+&1!+'!8*'9!,-:4%M!&K&5M!%-++%&!+6-*/
#$'J+!+6&!/-5%,R
!YF6&!+'%1!:&!+6#+!+6&!.''%&,!9&5&!1&,2&*1#*+,!'(!P-*/!75+6J5!6-:,&%(bY!3%-T#$&+6!
+5-%%,R
!Y>&::#O!,6&!+&%%,!+6&!:',+!9'*1&5(J%!,+'5-&,OY!7**!,#M,R
!Y<(!B#%&,!#*1!+6&!,26''%!+6&5&R!"6&M!6#1!1#*2&,!45#2+-2#%%M!&K&5M!'+6&5!9&&8O!
9-+6!#2+J#%!:&*!45&,&*+OY!C&%-2-+M!,#M,R
!Q#5+6#!,4&#8,!J4R!YD!45#M!+6#+!,6&!9-%%!45&K#-%!J4'*!Q5,R!A-/6+9-*/!+'!%&+!J,!1'!
+6&!,#:&RY
!Y0'!M'J!8*'9!96#+!&%,&!,6&!,#-1\Y!)&2-%M!#,8,R
!YA'R!C'5!D!9#,!*'+!+6&5&OY!D!#*,9&5R!DS:!(&&%-*/!5#+6&5!,'55M!('5!:M,&%(R
!Y<6O!>&::#O!,6&!1-1!#,8!#$'J+!M'J!#,!9&%%OY!C&%-2-+M!,#M,R
!YF6&!1-1\Y
!YH&,R!F6&!9#*+&1!+'!8*'9!#%%!#$'J+!M'JR!F6&!1-1*S+!&K&*!,&&:!+'!:-*1!+6#+!M'JS1!
2#%%&1!6&5!#!45-/RY
!Y>&::#O!M'J!1-1*S+OY!3%-T#$&+6!,#M,O!9-1&I&M&1R
!YD!9#,*S+!+6&!'*%M!'*&OY!D!,#MO!/%#5-*/!#+!C&%-2-+M!#*1!7**R
!C&%-2-+M!-,!J*1-,+J5$&1R!YDS:!,J5&!M'JS%%!$&2':&!(5-&*1,!-*!+-:&R!<6O!6&5&!,6&!-,!
*'9R!Q-,,!Q2)%&&+6Mb!Q-,,!Q2)%&&+6MbY
!Y>''1!#(+&5*''*O!%#1-&,R!D!,&&!9&!#5&!5&#1MRY!Q-,,!Q2)%&&+6M!,+5-1&,!#25',,!+6&!
%#9*!%-8&!+6&!cJ&&*!6&5,&%(O!/-K-*/!J,!2%-44&1
-*,+5J2+-'*,!'*!+6&!45'4&5!+&26*-XJ&!('5!6'%1-*/!+6&!$'9R!"6&!/-5%,!2%#:'5!('5!6&5!
#++&*+-'*O!$&//-*/!+'!$&!,6'9*!2'55&2+!('5:R!7*1
96&*!,6&!/-K&,!#!1&:'*,+5#+-'*O!6&5!#55'9!(-*1-*/!+6&!2&*+&5!'(!+6&!+#5/&+!
,+5#-/6+#9#MO!&K&5M'*&!#44%#J1,!#,!-(!,6&!6#,!,6'9*!+6&
4#+6!+'!6&#K&*!-+,&%(R
!755'9,!#5&!/-K&*!'J+!+'!+6&!(-5,+!/5'J4!'(!/-5%,R
!YQ-,,!Q2)%&&+6MOY!Q#5+6#!2#%%,!'J+O!9'55-&1R!Y75&!9&!+'!J,&!5&#%!#55'9,O!+6&*\Y
!F6&!6'%1,!+6&!#55'9S,!,6#54!:&+#%!+-4!#9#M!(5':!6&5!#,!-(!-+!9&5&!#!%'#1&1!
4-,+'%R
!YH&,O!,6'J%1*S+!9&!J,&!5J$$&5I+-44&1!'*&,\Y!3%-T#$&+6!#,8,R
!YA'*,&*,&R!H'J!9-%%!$&!4&5(&2+%M!(-*&!9-+6!+6&,&O!,'!%'*/!#,!M'J!1'*S+!#-:!#+!
&#26!'+6&5R!A'9O!96'!-,!(-5,+\Y
!3%-T#$&+6!,+&4,!J4!+'!+6&!%-*&!+6#+!6#,!$&&*!26#%8&1!-*!+6&!1&#1!/5#,,R!Q-,,!
Q2)%&&+6M!2'#Z&,!6&5!-*+'!4',-+-'*O!/J-1-*/!6&5!&%$'9
$#28R!3%-T#$&+6S,!#55'9!(#%%,!9-+6!#!+6J1O!$J+!Q-,,!Q2)%&&+6M!6#,!6&5!45#2+-2&!
#/#-*!#*1!#/#-*O!#*1!'*!+6&!('J5+6!+5MO!,6&!:#*#/&,!+'
/5#T&!+6&!$'++':!'(!+6&!+#5/&+R
!Y"6#+S,!45'/5&,,R!P&&4!+5M-*/R!B6'!-,!*&Z+\Y
!"6&!/-5%,!V'28&M!+'!$&!,&2'*1R!D!2'*(&,,!+6#+!D!#%,'!9#*+!Q-,,!Q2)%&&+6M!+'!%-8&!
:&R!D!K'9!+'!1'!:M!K&5M!$&,+O!+'!9-*!6&5!'K&5!#*1
&5#,&!%#,+!*-/6+S,!J*('5+J*#+&!&*2'J*+&5R!7,!Q-,,!Q2)%&&+6M!:#8&,!6&5!9#M!1'9*!+6&!
%-*&O!:'K-*/!(5':!/-5%!+'!/-5%O!D!,-%&*+%M!45#2+-2&
:M!#445'#26R
!"6-,!-,!K&5M!&Z2-+-*/O!Q-,,!Q2)%&&+6MO!('5!DSK&!%'*/!9#*+&1!+'!$&!#*!#526&5R!@'9!
2%&K&5!M'J!#5&O!Q-,,!Q2)%&&+6MO!+'!6#K&!+6'J/6+!'(
+6-,R!D!1'!,'!%-8&!M'J5!,J-+O!Q-,,!Q2)%&&+6MR!D+!-,!+6&!&4-+':&!'(!+#,+&R
!YQ-,,!0'M%&\!75&!M'J!9-+6!J,\Y!Q-,,!Q2)%&&+6M!-,!,+#*1-*/!$&,-1&!:&R
!YH&,O!+6#*8!M'JOS!D!,#MR!A&5K'J,%MO!D!+#8&!:M!$'9!#*1!#55'9!-*!6#*1!#*1!+#8&!:M!
,+#*1!#+!+6&!%-*&R!"6&!$'9!-,!:J26!6&#K-&5!+6#*
D!#*+-2-4#+&1R!D+!4J%%,!:&!('59#51!-*+'!#!6J*26R
!YH'J5!('5:!*&&1,!9'58O!Q-,,!0'M%&R!F+#*1!+#%%R!0'*S+!,%'J26R!"6&5&R!75:!$#28R!
)':&!*'9O!M'J!2#*!4J%%!6#51&5!+6#*!+6#+RY
!D!,+5#-*!+'!15#9!+6&!,+5-*/!$#28!+-%%!DS:!('52&1!+'!%&+!-+!/'!9-+6!#!/5J*+R!"6&!
#55'9!1'&,!*'+!,#-%!,'!:J26!#,!-+!96-:4&5,!-*!+6&!#-5
$&('5&!%'1/-*/!-+,&%(!,+5#-/6+!-*!+6&!/5'J*1R
!YH'J!:J,+!#-:!6-/6&5O!Q-,,!0'M%&OY!,6&!,#M,RY;&+5-&K&bY
!QM!#55'9!-,!2'K&5&1!-*!:J11M!,*'9R!755'9,!4J*2+J5&!+6&!/5'J*1!&K&5M96&5&!&Z2&4+!
('5!C&%-2-+MS,R!@&5,!:#*#/&!+'!,+5-8&!,':&
4'5+-'*!'(!+6&!+#5/&+!:',+!'(!+6&!+-:&R
!Y>'+!-+OY!D!,#MO!,+#+-*/!+6&!'$K-'J,!9-+6!#!,:-%&!+6#+!-,!*'+!5&+J5*&1R!?,&!M'J5!
26#5:O!>&::#R!7,8!6&5!,':&+6-*/R!YB6&5&!1'!M'J
2':&!(5':O!Q-,,!Q2)%&&+6M\!H'JS5&!*'+!3*/%-,6OY!D!,#MO!#++&:4+-*/!#!2'*K&5,#+-'*R
!YD!#:!#!2-+-T&*!'(!+6&!9'5%1O!D!,J44',&R!L5-*/!-+!J4!%-8&!,'RY
!D!,+5J//%&!+'!5#-,&!:M!#55'9!-*+'!4',-+-'*R!D+!9-%%!*'+!2''4&5#+&RYD!#:!(5':!
L':$#MRY
!YL':$#M!-,!K&5M!6'+R!D!2'J%1!,2#52&%M!$5&#+6&!96-%&!+6&5&RY
!YH'JSK&!$&&*!+'!L':$#M\Y
!YH&,O!$5-&(%MO!+'!K-,-+!(5-&*1,R!@&5&O!8&&4!M'J5!&%$'9!2%',&!+'!M'J5!,-1&RY
!Y.&56#4,!9&!6#K&!(5-&*1,!-*!2'::'*OY!D!,#MO!6'4-*/!('5!#!9#M!-*+'!Q-,,!
Q2)%&&+6MS,!/''1!/5#2&,R!Y0'!M'J!8*'9!+6&!C#-526-%1,!Y
!Y@J,6O!Q-,,!0'M%&R!3*'J/6!+#%8R!)'*2&*+5#+&!'*!M'J5!:#58RY
!YH&,O!Q-,,!Q2)%&&+6MOY!D!,#MR!D!%&+!/'R!"6&!#55'9!,8-++&5,!#25',,!+6&!,'//M!
/5#,,R
!Y76O!M'J!6#1!-+O!$J+!+6&*!M'J!6&,-+#+&1R!H'J!:J,+!,+5-8&!9-+6'J+!6&,-+#+-'*R!F&&!
+6&!+#5/&+O!+6&!'$V&2+-K&O!#*1!*'+6-*/!&%,&RY
!YD!1'!,&&!+6&!+#5/&+OY!D!,#M!-:4#+-&*+%MRYD!,-:4%M!2#*S+!6-+!-+RY
!Y75&!M'J!/'-*/!+'!9#%8!#9#M!9'J*1&1!#*1!45-1&(J%!'5!#5&!M'J!/'-*/!+'!45#2+-2&!
J*+-%!M'J!2#*!#22':4%-,6!M'J5!+#,8\Y
!)&2-%M!$&#:,!+'!,&&!:&!J4$5#-1&1R!D!5#-,&!+6&!$'9!#/#-*R!YD!#:!*'+!9'J*1&1OY!D!
:J++&5!J*1&5!:M!$5&#+6R
!Q-,,!Q2)%&&+6M!4J+,!6&5!6#*1,!'K&5!:-*&R!YE&5M!/''1R!A'9O!2'*2&*+5#+&O!Q-,,!
0'M%&R!=-,+&*!+'!*'+6-*/!$J+!M'J5,&%(O!M'J5!'9*
$5&#+6-*/R!F&&!+6&!2&*+&5!J*+-%!M'J!2#**'+!,&&!-+!#+!#%%R!?*+-%!M'J!#*1!+6&!2&*+&5!
#5&!V'-*&1!#*1!+6&5&!-,!*'!2&*+&5RY
!QM!$5&#+6!2':&,!'J+!-*!2'%1!4J((,R!DS:!+5M-*/!+'!+6-*8!'*%M!'(!+6&!+#5/&+O!$J+!:M!
:-*1!9-%%!*'+!$&!XJ-&+R!B6&*!9#,!,6&!-*!D*1-#\
B6':!1-1!,6&!K-,-+\!0-1!,6&!%'K&!-+!#,!D!1'\!7*1!96M!1'&,*S+!,6&!%-8&!:&\!D!,+#5&!
#+!+6&!2&*+&5!'(!+6&!+#5/&+!J*+-%!-+S,!$%J55MR
!F&&!+6&!'$V&2+-K&!#*1!*'+6-*/!&%,&R
!0'!*'+!6&,-+#+&R
!?*+-%!+6&5&!-,!*'!2&*+&5R
!"6&!#55'9!(%-&,!9-+6!#!,6#54O!96-44-*/!,'J*1R!D+!,+5-8&,!+6&!K&5M!$'++':!'(!+6&!
2#*K#,!#*1!%'1/&,!+6&5&O!XJ-K&5-*/R
!YL&++&5OY!Q-,,!Q2)%&&+6M!#%%'9,R
!"'!+6&!5-/6+!'(!:&O!C&%-2-+M!#-:,O!4J%%,!$#28O!#*1!,6''+,!#!4&5(&2+!$J%%S,I&M&R!
"6&!/-5%,!26&&5!9-%1%MR!C&%-2-+M!,+#*1,!$&#:-*/O!#
9#55-'5!45-*2&,,R
!Y3Z2&%%&*+O!Q-,,!B'5+6-*/+'*R!H'J!#5&!K&5M!,+5'*/R!D!#:!#*!#1:-5&5!'(!+6&!,+5'*/R!
B6M!1'!M'J!+6-*8!M'J!#5&!#$%&!+'!,6''+!,'!9&%%\Y
!L&2#J,&!,6&!+5#-*&1!J*1&5!#!6J*+5&,,!-*!+6&!5&#%:,OD!+6-*8R
!YL&2#J,&!D!&Z4&2+!+'!9-*Y!-,!C&%-2-+MS,!,'%-1!#*,9&5R
!YB&%%!1'*&O!Q-,,!B'5+6-*/+'*RY!Q-,,!Q2)%&&+6M!:#526&,!#25',,!+6&!/5&&*O!4J%%-*/!
9#M9#51!#55'9,!(5':!+6&!/5#,,!#*1!+6&!$'++':,
'(!+6&!+#5/&+,!#,!,6&!#115&,,&,!J,!#%%R!Y=#1-&,O!M'J!2#**'+!9#K&5!-*!M'J5!
1&1-2#+-'*!+'!#*M+6-*/R!B6#+!M'J!9#*+!2#*!$&!M'J5,R!LJ+
M'J!:J,+!(-5,+!8*'9!96#+!-+!-,!M'J!9#*+RY
!YD!1'*S+!9#*+!+'!$&!#*!#526&5OY!)&2-%M!96-*&,!XJ-&+%MR!YQM!#5:!#26&,RY
!Q-,,!Q2)%&&+6M!2'*+-*J&,!6&5!%&2+J5&RY=&+!Q-,,!B'5+6-*/+'*!$&!#*!&Z#:4%&!+'!J,!
#%%RY
!YC-*&O!+6&*OY!D!:J:$%&R!DS%%!$&!%-8&!C&%-2-+M!#%%!#2+-'*!#*1!K&5M!%-++%&!+6'J/6+R!
7*/5MO!D!5#-,&!:M!$'9!#*1!%&+!/'!:M!#55'9R
!Y>&::#bY!7**!,6'J+,R!D*!:M!6#,+&O!D!1-1*S+!*'+-2&!Q-,,!Q2)%&&+6M!4#,,-*/!$&('5&!
:M!+#5/&+R!cJ-28!#,!#!(%MO!,6&!4J+,!J4!#!6#*1!+'
,+'4!+6&!#55'9!+6#+!9'J%1!,J5&%M!4&*&+5#+&!6&5!,8J%%R!F6&!/#,4,!-*!4#-*R!L%''1!
4''%,!'*!6&5!96-+&!/%'K&R!"6&!/-5%,!15'4!+6&-5!XJ-K&5,
#*1!#55'9,!#*1!5J,6!+'!6&5!#-1R!D!('%%'9!1J:$%M!$&6-*1R!F6&S,!'*!+6&!/5'J*1O!
4J%%-*/!#+!6&5!/%'K&R!"6&5&S,!#!*&#+!6'%&!-*!6&5!4#%:R!D+
-,*S+!1&&4!$J+!-+!-,!$%''1MR
!Y>-K&!6&5!#!6#*18&526-&(bY!,':&'*&!M&%%,R
!D!'((&5!:-*&R!Q-,,!Q2)%&&+6M!+#8&,!-+O!,6''+-*/!:&!#!2'%1O!#*/5M!%''8R
!YD!D!#:!,'!,'55MOY!D!,+#::&5R!YD!1-1*S+!,&&!M'JRY
!Y0'!M'J!,&&!#*M+6-*/O!Q-,,!0'M%&\Y!Q-,,!Q2)%&&+6M!,#M,O!9-*2-*/R
!YF6'J%1!D!(&+26!Q5,R!A-/6+9-*/\Y!C&%-2-+M!#,8,O!4J++-*/!6&5!$#28!+'!:&R
!Q-,,!Q2)%&&+6M!(-Z&,!:&!9-+6!#!/%#5&R!YA'R!)'*+-*J&!9-+6!M'J5!45#2+-2&R!Q-,,!
0'M%&!:#M!6&%4!:&!15&,,!+6&!9'J*1R!7,!4&*#*2&RY
!YH&,O!'(!2'J5,&OY!D!,#MO!6&%4-*/!6&5!+'!6&5!(&&+R
!B&!9#%8!-*!,-%&*2&R!B6&*!9&!5&#26!+6&!,26''%O!,6&!6#,!:&!(&+26!$#*1#/&,!(5':!
L5-/-1O!96'!2#*S+!5&,-,+!#!%&2+J5&!#$'J+!6'9!-+S,
>'1S,!4J*-,6:&*+!'*!Q-,,!Q2)%&&+6M!('5!+&#26-*/!J,!,':&+6-*/!#,!YJ**#+J5#%Y!#,!
#526&5MR
!YF6&!'J/6+!+'!$&!+&#26-*S!,8-%%!9-+6!+6&!*&&1%&!'5!+6',&!%JK%M!%-S%!9#S&52'%'5,O!
-(!M'J!#,8!'%S!L5-/-1O!+6'J/6!*'!'*&!&K&5!1'&,O!#*1
:'5&S,!+6&!4-+MR!@&5&S,!M'J5!$#*1#/&,R!Q-*1!M'J!4J+!S&:!'*!+-/6+RY
!"6&!15&,,-*/!-*!6#*1O!D!5#2&!$#28!+'!Q-,,!Q2)%&&+6MO!96'!6#,!9#,6&1!6&5!6#*1!#*1!
-,!J,-*/!#!+&#!+'9&%!+'!,+'4!+6&!$%&&1-*/R
!YDSK&!$5'J/6+!+6&!$#*1#/&,OY!D!,#MO!'((&5-*/!+6&:R!D!1'*S+!8*'9!96#+!+'!1'R
!Q-,,!Q2)%&&+6M!5&/#51,!:&!#,!-(!DS:!+6&!K-%%#/&!-1-'+RYD!,6#%%!*&&1!M'J!+'!15&,,!
+6&!9'J*1O!Q-,,!0'M%&RY
!YH&,O!'(!2'J5,&OY!D!,#MRYDS:!,'55MR!DS:!#(5#-1!DSK&!*&K&5!Y
!Q-,,!Q2)%&&+6M!-*+&55J4+,R!Y.%#2&!-+!#25',,!:M!4#%:!#*1!95#4!-+!2':4%&+&%M!#5'J*1!
:M!6#*1O!+6#+S,!-+R!A'9!25',,!'K&5!#*1!5&4&#+R
7666bY
!DSK&!4J,6&1!+''!6#51!'*!+6&!9'J*1RYF'55MR!DS:!,'55MOY!D!,#MR!D!2'*+-*J&O!,&2J5-*/!
+6&!$#*1#/&!$M!+J28-*/!-*!+6&!&1/&R
!YA'9O!Q-,,!0'M%&O!-(!M'J!9'J%1!$&!,'!/''1!#,!+'!(&+26!:&!#*'+6&5!/%'K&!+'!5&4%#2&!
+6-,!'*&R!"6&M!#5&!-*!:M!9#515'$&!-*!+6&!+'4
15#9&5!'*!+6&!5-/6+OY!,6&!'51&5,R!YA'!1#91%-*/O!Q-,,!0'M%&R!B&SK&!#!%&,,'*!+'!
5&,J:&RY
!Q-,,!Q2)%&&+6MS,!5'':!-,!:'1&,+!#*1!2%&#*R!F+-%%O!-+!(&&%,!,+5#*/&!+'!$&!$&M'*1!
+6&!$#-T&!1''5!96&5&!+6&!+&#26&5,!%-K&R!D!(&&%!#,!-(!D
#:!+5&,4#,,-*/!'*!,#25&1!/5'J*1R!D!'4&*!+6&!:#6'/#*M!1''5,!'(!+6&!%#5/&!9#515'$&!
#*1!(-*1!+6&!+'4!5-/6+!15#9&5R!"6&!/%'K&,!#5&
96&5&!,6&!,#-1!+6&MS1!$&O!-*!#!*&#+!%-*&O!'51&5%M!#,!,'%1-&5,R!D!:#8&!#!,&%&2+-'*!
#*1!+#8&!'*&!%#,+!%''8!#5'J*1!+6&!5'':!+'!,&&!-(!+6&5&
#5&!#*M!2%J&,!+'!+6&!:M,+&5M!+6#+!-,!'J5!*&9!+&#26&5R!B6#+!-,!*'+#$%&!-,!6'9!
%-++%&!+6&5&!-,R!A'!4&5,'*#%!+'J26&,R!A'+6-*/!+'!,J//&,+
#*M+6-*/!#$'J+!6&5R!@#*/-*/!-*!+6&!9#515'$&!#5&!+#,+&(J%!,J-+,O!,8-5+,O!#*1!
$%'J,&,!-*!/5#MO!$%#28O!#*1!$5'9*O!*'+6-*/!+6#+!9'J%1
15#9!#++&*+-'*R!@&5!$&1,-1&!+#$%&!6'%1,!+9'!$''8,R!<*&!-,!+6&!L-$%&R!"6&!'+6&5!-,!
4'&+5M!$M!='51!LM5'*R!"6&5&!#5&!*'!46'+'/5#46,!'(
(#:-%M!'5!(5-&*1,R!A'!4#-*+-*/,!'5!,8&+26&,!'11!('5!#*!#5+-,+R!D+!-,!#,!-(!Q-,,!
Q2)%&&+6M!6#,!2':&!(5':!*'96&5&!#*1!$&%'*/,!+'!*'
'*&R
!D!#:!VJ,+!#$'J+!+'!%&#K&!96&*!D!,4M!-+W!+6&!2#,&!+6#+!Q-,,!Q2)%&&+6M!-*,-,+&1!
J4'*!2#55M-*/!6&5,&%(!+6&!*-/6+!,6&!#55-K&1R!D+S,
,%&&4-*/!+6&5&O!VJ,+!J*1&5!+6&!$&1R
!D!,6'J%1*S+R!D+!9'J%1!$&!95'*/R
!D!2%',&!+6&!1''5!+'!6&5!5'':!XJ-&+%M!#*1!4J%%!+6&!2#,&!(5':!-+,!6-1-*/!4%#2&R!
"6&5&S,!#!%#+26R!Q',+!%-8&%M!-+!-,!%'28&1!#*1!,'!+6#+!9-%%
$&!+6&!&*1!'(!-+R!QM!(-*/&5,!+5&:$%&!#+!+6&!%#+26O!96-26!'4&*,O!DS:!,J545-,&1!+'!
1-,2'K&5O!XJ-+&!&#,-%MR!"6&5&!-,!K&5M!%-++%&!-*,-1&W!#*
#1K&5+!('5!#!$''8,&%%&5S,O!+6&!>'%1&*!0#9*O!-*!='*1'*R!7*!'11!5-*/!'(!/'%1!#*1!
$%J&!&*#:&%!9-+6!+9'!,&54&*+,!-*+&5+9-*&1!5'J*1!+6&
$#*1R!F+#+-'*&5M!#*1!#!4&*!,&+R
!7!,25#4!'(!4#4&5!(#%%,!+'!+6&!(%''5!#*1!$&*&#+6!+6&!$&1R!.#*-28&1O!D!#:!1'9*!'*!
#%%!('J5,!%''8-*/!('5!-+R!D!5&#26!:M!6#*1!J*1&5!+6&
$&1!,8-5+O!4J%%!-+!'J+R!D+!-,!#!%-,+W!Q-,,!C#55'9S,!72#1&:M!('5!>-5%,R!"6&!
Q#2P&*T-&!F26''%!('5!>-5%,!-*!F2'+%#*1R!;'M#%!)'%%&/&!'(!L#+6R
F#-*+!E-2+'5-#S,O!F4&*2&!72#1&:M!('5!H'J*/!=#1-&,R!"6&MSK&!#%%!$&&*!25',,&1!'((!
,#K&!('5!F4&*2&R!D!,%-4!+6&!4#4&5!$#28!-*+'!+6&!2#,&
#,!$&,+!D!2#*O!6'4-*/!+6#+!*'+6-*/!%''8,!#:-,,O!#*1!+J28!+6&!96'%&!+6-*/!J*1&5!+6&!
$&1!#/#-*O!,#(&!#*1!,'J*1R
!YD(!+6#+!-,!M'J5!-1&#!'(!*'+!1#91%-*/O!Q-,,!0'M%&O!D!,6'J%1!6#+&!+'!,&&!M'J!96&*!
M'J!#5&!%&,,!+6#*!XJ-28OY!Q-,,!Q2)%&&+6M
#1:'*-,6&,!96&*!D!5&+J5*R
!D!1'!*'+!#*+-2-4#+&!+6#+!Q-,,!Q2)%&&+6M!#*1!D!,6#%%!&K&5!$&2':&!(5-&*1,!*'9R!F6&!
4J%%,!+6&!*&9!/%'K&!'*!XJ-28%MO!9-*2-*/!#,!-+!,%-1&,
'K&5!6&5!-*VJ5&1!6#*1R
!YD!#:!,'55MOY!D!'((&5!#/#-*R
!YH&,O!9&%%O!1'!+5M!+'!$&!:'5&!2#5&(J%!-*!+6&!(J+J5&O!Q-,,!0'M%&OY!,6&!,*#4,!-*!
6&5!,+5#*/&!$J55R
!YH&,O!Q-,,!Q2)%&&+6MOY!D!,#MO!J*#$%&!+'!,+-(%&!#!M#9*R!Q-,,!Q2)%&&+6MS,!&M&,!
*#55'9!#+!:M!5J1&*&,,RYC'5/-K&!:&R!DSK&!*'+!$&&*
,%&&4-*/!9&%%RY
!YQ'5&!&Z&52-,&!-,!96#+!M'J!*&&1R!Q'K-*/!#$'J+!-*!+6&!$5-,8!#-5!-,!9'*1&5(J%!('5!
+6&!2'*,+-+J+-'*!#*1!('5!,%&&4R!7+!F#-*+!E-2+'5-#S,O!D
-*,-,+&1!:M!/-5%,!+#8&!9#%8,!#*1!$5&#+6&!-*!+6&!,&#!#-5!*'!:#++&5!96#+!+6&!
9&#+6&5R!D(!-+!5#-*&1O!9&!9'5&!'J5!:#2-*+',6&,R!D*!+6&
,*'9O!9&!9'5&!'J5!2'#+,R!A'9O!%&+S,!5&+J5*!+'!+6&!%#9*O!-(!M'J!4%&#,&RY
!D+!-,!4',,-$%&!+6#+!Q-,,!Q2)%&&+6M!6#,*S+!#!$'*&!'(!6J:'5!-*!6&5!$'1MR!7*1!D!6#K&!
VJ,+!$&2':&!6&5!%&#,+!(#K'5-+&!4J4-%R!FJ11&*%MO
)65-,+:#,!2#**'+!2':&!,''*!&*'J/6R
!)@7."3;!"3A
!"@3!3E3ADA>!F"7;"F!BD"@!7!";70D"D<A7=!)@;DF"Q7F!4#/&#*+!-*!+6&!$#%%5'':R!D+!-,!
%&,,!#!('5:#%!4%#M!+6#*!-+!-,!#!15#:#+-2
5&#1-*/!'(!)65-,+:#,!,+'5-&,!-*!2',+J:&,!4J%%&1!(5':!+5J*8,!,+'5&1!-*!'*&!'(!
F4&*2&S,!:#*M!J*J,&1!5'':,R!;J,6-*/!+65'J/6!+6&!6#%%,O
%#J/6-*/!'*!+6&!,+#-5,!-,!#*!'11!#,,'5+:&*+!'(!6-/6I,4-5-+&1!/-5%,!'(!#%%!#/&,!
15&,,&1!#,!,6&46&51,O!#*/&%,O!(#-5-&,O!(#J*#O!#*1!(%'5#R
<*&!%-++%&!/-5%!6#,!/'++&*!-*+'!+6&!95'*/!+5J*8R!F6&!(%-+,!#$'J+!%-8&!#!$#%%&5-*#O!
#%%!+6&!96-%&!9&#5-*/!#!+65&#1$#5&!4-5#+&S,!2'#+!#*1
5#//&1!+5'J,&5,R!7**!-,!)65-,+:#,!.#,+!-*!#!%'*/!$5'9*!+J*-2!+-&1!#+!+6&!9#-,+!
9-+6!#!,-%K&5!,#,6R!C&%-2-+M!%''8,!%-8&!#!:&1-&K#%
45-*2&,,!-*!#!%'K&%M!5&1!K&%K&+!/'9*!9-+6!/'%1!$5#-1!'*!+6&!,%&&K&,!#*1!6&:R!F6&!
-*,-,+,!,6&S,!)65-,+:#,!H&+!+'!)':&O!$J+!5&#%%MO!D
+6-*8!,6&S,!('J*1!+6&!$&,+!/'9*!'(!#%%!#*1!1&2-1&1!+'!2#%%!-+!96#+&K&5!,6&!9-,6&,R!
D!#:!)65-,+:#,!.5&,&*+!-*!#!/5&&*!5'$&O!#!25'9*!'(
6'%%M!#+'4!:M!6&#1R!D!(&&%!#!$-+!%-8&!#!%J:$&5-*/!+5&&O!+6'J/6!7**!#,,J5&,!:&!+6#+!
D!%''8Y#445'45-#+&%M!,&#,'*#%RY
!YD+S,!#!9'*1&5!Q-,,!Q2)%&&+6M!1-1*S+!+#8&!M'J5!6&#1!+'1#MR!F6&!%''8&1!#,!-(!,6&!
2'J%1!6#K&OY!7**!,#M,!#,!9&!:#8&!'J5!9#M!+'
1-**&5!4#,+!#!2%J:4!'(!/',,-4-*/!(#-5-&,!#*1!#!9-,&!:#*!'5!+9'R
!YD!1-1*S+!1'!-+!-*+&*+-'*#%%MOY!D!45'+&,+O!,+5#-/6+&*-*/!:M!:'+6&5S,!#:J%&+!:M!
#:J%&+!#+!+6&!$#,&!'(!:M!+65'#+R!DSK&!4'%-,6&1!+6&
6#::&5&1!:&+#%!J*+-%!-+!/%&#:,R!YF6&S,!,+5#*/&R!D!1'*S+!2#5&!('5!6&5!#+!#%%OY!D!
,#MRY0'*S+!M'J!+6-*8!,6&S,!'11\Y
!C&%-2-+M!/%-1&,!#25',,!+6&!5J/,!%-8&!+6&!45-*2&,,!,6&!-,RYD!+6-*8!,6&!-,!VJ,+!
96#+!F4&*2&!*&&1,R!;&(5&,6-*/%M!(5#*8R!D!XJ-+&!%-8&!6&5R
F6&!#,8&1!#%%!,'5+,!'(!+6-*/,!#$'J+!:&RY
!YNJ,+!$&2#J,&!,6&!4#-1!M'J!#!2':4%-:&*+O!M'JSK&!1&2-1&1!,6&S,!M'J5!(5-&*1OY!D!
45'+&,+R
!YH'JS5&V&#%'J,!$&2#J,&!,6&!,-*/%&1!:&!'J+RY
!Y"6#+!-,*S+!+5J&OY!D!,2'((O!+6'J/6!D!,J,4&2+!-+!-,!#!$-+R!C&%-2-+M!,&&:,!+'!6#K&!
$&2':&!Q-,,!Q2)%&&+6MS,!(#K'5-+&!#%5&#1M!9-+6!K&5M
%-++%&!&(('5+O!96-%&!D!,6#%%!$&!%J28M!-(!,6&!,#M,!/''1!:'5*-*/!+'!:&R!Y0'!M'J!8*'9!
+6#+!,6&!6#,!#!%-,+!'(!,26''%,!-*!#!,&25&+!2#,&!,6&
8&&4,!6-11&*!$&*&#+6!6&5!$&1\Y
!C&%-2-+M!5#-,&,!#*!&M&$5'9R!Y7*1!6'9!9'J%1!M'J!8*'9!#$'J+!+6#+\Y
!DS:!/'-*/!4-*8RYD+!9#,!'4&*RY
!YA'*,&*,&b!H'J!9&5&!,*''4-*/bY!C&%-2-+M!+#J*+,R!F6&!6''8,!6&5!#5:!+65'J/6!:-*&U!
7**!+#8&,!+6&!'+6&5R!YB6#+!&%,&!9#,!+6&5&\
"&%%bY
!YA'+!:J26R!7!5-*/!9-+6!,*#8&,!'*!-+U!-+!%''8&1!K&5M!'%1R!7*!#1K&5+!('5!#!
$''8,&%%&5S,!2#%%&1!+6&!>'%1&*!0#9*R!"6&!%-,+RY
!"9'!M'J*/&5!/-5%,!+5M!+'!4J,6!4#,+R!"6&MSK&!/'+!9-28&1!,:-%&,!#*1!#*/&%!15&,,&,R!
C&%-2-+M!M#*8,!+6&!,'(+!9-*/,!'(!+6&!2%',&5!/-5%O
*&#5%M!+'44%-*/!6&5RYB&SK&!/'+!5#*8R!"'!+6&!$#28!'(!+6&!%-*&!9-+6!M'JRY
!"&55-(-&1O!+6&!M'J*/&5!/-5%,!,2#:4&5!$&6-*1!J,R
!YB6#+!&%,&!9#,!-*!+6&!2#,&\Y!7**!1&:#*1,R
!Y"6#+!-,!#%%OY!D!,#MR
!Y"6#+!-,!#%%\Y!C&%-2-+M!&26'&,!-*!1-,#44'-*+:&*+R
!YH'JSK&!*'+!6&#51!&K&5M+6-*/!#$'J+!+6&!%-,+OY!D!,#MR!Y3K&5M!,26''%!'*!-+!6#1!$&&*!
25',,&1!'((!&Z2&4+!('5!F4&*2&R!B6#+!1'!M'J!:#8&
'(!+6#+\Y
!C&%-2-+M!1-,:-,,&,!-+RYA'+6-*/R!F6&!6#,!#*!#22'J*+-*/!'(!+6&!,26''%,!96&5&!,6&S,!
,'J/6+!&:4%'M:&*+R!A'+6-*/!+&55-$%M!'11!#$'J+
+6#+RY
!YH'JS5&!'J+!'(!,'5+,!$&2#J,&!,6&!1'&,*S+!%-8&!M'JOY!7**!,#M,R
!Y0-1!,6&!,#M!,6&!1'&,*S+!%-8&!:&\Y!D!#,8R
!C&%-2-+M!+9-5%,O!%&++-*/!+6&!6&:!'(!6&5!/'9*!,9&&4!'J+R!YF6&!1'&,*S+!6#K&!+'R!
D+S,!'$K-'J,R!7*1!M'J!1-1!+5M!+'!-:4#%&!6&5R!"6#+!1-1*S+
6&%4!M'J5!2#,&!:J26RY
!YD!+&%%!M'JO!-+!9#,!#*!#22-1&*+bY
!"6&!+9'!M'J*/!#*/&%,!#5&!$#28R!"6&M!:#*#/&!+'!,XJ&#8!-*+'!+6&!1-*-*/!5'':!#6&#1!
'(!J,R!YB6MO!M'J!%-++%&!1&:'*,bY!C&%-2-+M
/5'9%,R!"6&!/-5%,!,65-&8!#,!+6&M!5J*O!+65-%%&1!$M!+6&-5!*&9('J*1!#J1#2-+MR
!D+!-,!#!)65-,+:#,!+5#1-+-'*!('5!Q5,R!A-/6+9-*/!+'!6'%1!#!%#,+!,J44&5!$&('5&!+6&!
/-5%,!15-(+!#9#M!('5!+6&!6'%-1#M,R!744#5&*+%MO!-+!-,!#%,'!#
+5#1-+-'*!('5!+6&5&!+'!$&!#!2&%&$5#+-'*!-*!+6&!/5&#+!6#%%!#(+&59#51O!9-+6!,6&55M!
('5!+6&!+&#26&5,!#*1!9#5:!2-1&5!('5!+6&!5&,+!'(!J,R!D
2'J%1!$&2':&!15J*8!'*!+6&!$&#J+M!'(!+6&!5'':!#%'*&R!7!(-5&!$%#T&,!-*!+6&!6J/&!
,+'*&!6&#5+6R!<J5!+5&&O!#!(#+O!V'%%M!&K&5/5&&*O!,-+,!-*
+6&!2&*+&5!'(!+6&!5'':O!$5#*26&,!'J+,+5&+26&1!%-8&!#!9&%2':-*/!6',+R!Q5R!
>5J*&9#%1O!'J5!:J,-2!+&#26&5O!6#,!$&&*!45&,,&1!+'!4%#M
+6&!2&%%'!('5!J,O!96-26!6&!1'&,!9-+6!,J545-,-*/!#/-%-+M!('5!#!:#*!'(!*&#5%M!
&-/6+MR
!B&SK&!)65-,+:#,!25#28&5,!+'!4J%%R!7!XJ-28!+J/!'*!+6&!5-$$'*,!#*1!+6&M!$J5,+!'4&*!
9-+6!#!,6#54!4'44-*/!,'J*1O!,+#5+%-*/!&K&5M'*&
6#%(!+'!1&#+6R!DSK&!*'+!XJ-+&!(-/J5&1!'J+!96M!+6-,!-,!2'*,-1&5&1!,J26!(J*R!)#5'%,!
#5&!,J*/R!"6&!2#*1%&,!'*!+6&!+5&&!#5&!%-+!#*1!#1:-5&1R
>-(+,!#5&!45&,&*+&1!+'!'J5!+&#26&5,R!"6&5&S,!#!C5&*26!5&2-+#+-'*!('5!Q#1&:'-,&%%&!
=&C#5/&R!7!,'*/!('5!Q5R!>5J*&9#%1R!"6&5&!#5&
4'&:,!#*1!2''8-&,!#*1!+'((&&,R!LJ+!('5!Q5,R!A-/6+9-*/O!9&!/-5%,!6#K&!&:4+-&1!'J5!
4'28&+,R!"6&!5'':!2%&#5,!#,!)&2-%M!9#%8,!+65'J/6
+6&!5'':!2#55M-*/!#!%#5/&!6#+$'ZR!7,!&%1&,+!/-5%O!,6&!6#,!+6&!6'*'5!'(!$5-*/-*/!
+6&!/-(+!+'!'J5!6&#1:-,+5&,,R
!YQ&55M!)65-,+:#,O!Q5,R!A-/6+9-*/OY!,6&!,#M,O!45&,&*+-*/!+6&!$'ZR
!Q5,R!A-/6+9-*/!4%#2&,!6&5!/%#,,!'*!#!,:#%%!,-1&!+#$%&R!YQMO!96#+!&K&5!2#*!+6-,!
$&\Y
!F6&!5&:'K&,!+6&!+'4!#*1!4J,6&,!#,-1&!+6&!,+-((!4#4&5O!4J%%-*/!'J+!#!:#5K&%'J,!
(&%+!6#+!(&,+''*&1!-*!,6-*M!$%#28!4%J:#/&R!D+!9#,
C&%-2-+M!96'!#55#*/&1!('5!+6&!/-(+O!*#+J5#%%MR!@&#5+(&%+!Y##6,Y!&,2#4&!(5':!'J5!
:'J+6,R!"6&5&!-,!#!,&*,&!'(!9'*1&5!#*1!:&55-:&*+!-*
+6&!5'':!#,!Q5,R!A-/6+9-*/!4%#2&,!+6&!&%#$'5#+&!6#+!J4'*!6&5!6&#1R
!Y@'9!1'!D!%''8\Y!,6&!#,8,R
!Y=-8&!#!XJ&&*bY!'*&!/-5%!,6'J+,R
!B&!#44%#J1!#*1!5#-,&!'J5!2J4,R!YQ&55M!)65-,+:#,O!Q5,R!A-/6+9-*/RY
!C'5!#!%'*/!:':&*+O!Q5,R!A-/6+9-*/!,&&:,!J*1'*&!$M!,&*+-:&*+R!@&5!&M&,!#5&!:'-,+O!
$J+!6&5!K'-2&O!96&*!-+!(-*#%%M!2':&,O!-,!,J5&
#,!#%9#M,R!Y"6#*8!M'JR!D+!-,!#!:',+!,&*,-$%&!/-(+!#*1!DS:!,J5&!D!,6#%%!&*V'M!-+!
/5&#+%MOY!,6&!,#M,R!B-+6!+6#+O!,6&!5&:'K&,!+6&!6#+!#*1
+J28,!-+!/-*/&5%M!-*+'!-+,!4#4&5!25#1%&R!F6&!,&2J5&,!+6&!%-1!#*1!4J,6&,!+6&!$'Z!
J*1&5!+6&!+#$%&O!'J+!'(!,-/6+R
!<J5!2J4,!5&(-%%&1O!7**O!C&%-2-+MO!#*1!D!,+&#%!#9#MO!25'J26-*/!'*!+6&!(%''5!$&,-1&!
+6&!+5&&R!"6&!&#5+6M!,:&%%!'(!+6&!$5#*26&,!:#8&,
:M!*',&!5J*O!#*1!+6&!9#5:!2-1&5!$5-*/,!#!(%J,6!+'!:M!26&&8,R
!YC'5!M'JOY!C&%-2-+M!,#M,O!4%#2-*/!#!,:#%%!K&%K&+!4'J26!-*!:M!6#*1R
!D*,-1&!-,!#!%'K&%M!+'5+'-,&,6&%%!2':$RYD+S,!$&#J+-(J%OY!D!,#MO!&:$#55#,,&1!$M!+6&!
&Z+5#K#/#*2&R!Y"6#*8!M'JRY
!Y<6bY!7**!&Z2%#-:,O!'4&*-*/!6&5,R!D!5&2'/*-T&!-+R!D+!-,!#!$5''26!'(!C&%-2-+MS,!
+6#+!7**!6#,!#1:-5&1R!A'!1'J$+!C&%-2-+M!6#,!#!*&9!'*&
+'!+#8&!-+,!4%#2&O!$J+!7**!-,!+65-%%&1R!F6&!4-*,!-+!+'!6&5!2',+J:&!-::&1-#+&%MR
!Y@&5&OY!7**!,#M,!,6M%MR!F6&!4#,,&,!J,!+9'!/-(+,!95#44&1!-*!*&9,4#4&5R!F6&S,!:#1&!
J,!&#26!#*!'5*#:&*+O!1&%-2#+&!%#2&!#*/&%,!%-8&
.-44#S,R
!D+!-,!:M!+J5*!*'9R!DSK&!*'!,8-%%!9-+6!+6&!*&&1%&O!#,!7**!6#,O!#*1!D!6#K&*S+!+6&!
(J*1,!+'!:#+26!C&%-2-+MR!LJ+!D!2#*!'((&5!,':&+6-*/
,4&2-#%R
!YDSK&!,':&+6-*/!#,!9&%%OY!D!,#MR
!YB6&5&!-,!-+\Y!7**!#,8,R!L&6-*1!6&5O!+6&!%#:4,!1'!+6&-5!1#*2&O!,&*1-*/!9-%%I
'SI+6&I9-,4,!'(!%-/6+!+'!6#J*+!+6&!9#%%,R
!D!%&#*!('59#51O!96-,4&5-*/OYQ&&+!:&!6&5&!#+!:-1*-/6+RY
!"6&M!#5&!'*!:&!#+!'*2&O!,XJ&#%-*/!9-+6!1&%-/6+O!('5!9&!#5&!/'-*/!$#28!+'!+6&!
5&#%:,!#+!%#,+R
!7!%'J1!2#28%&!&5J4+,R!D+S,!#!%#J/6!DSK&!*&K&5!6&#51R!.&56#4,!+6#+!-,!$&2#J,&!-+!
$&%'*/,!+'!Q5,R!A-/6+9-*/R!F6&!,-+,!#:'*/!+6&
+&#26&5,O!96'!#5&!#%%!XJ-+&!:&55M!$M!*'9R
!Y<6!F#!)%#-5&O!M'J!6#K&!J*1'*&!:&OY!Q5,R!A-/6+9-*/!,#M,O!6#*1!4#++-*/!6&5!26&,+!
#,!-(!+'!,+'4!+6&!%#J/6!+6&5&R
!Y7,!D!5&2#%%O!-+!9#,!M'J!96'!,+#5+&1!+6&!+5'J$%&OY!Q-,,!Q2)%&&+6M!,#M,O!,:-%-*/R!
YH'J!9&5&!XJ-+&!$'%1!+6&*O!D!5&:-*1!M'JRY
!>-5%,!5J,6!-*!%-8&!9#+&5!+65'J/6!#!,4%-+!%'/O!+6&-5!$J,M!XJ&,+-'*,!4J,6&1!#%'*/!
$M!+6&!2J55&*+!'(!+6&-5!-*,#+-#$%&!2J5-',-+MR!YB6#+!-,
-+\Y!+6&M!1&:#*1RY0'!+&%%!J,bY
!Y0-1!M'J!*'+!8*'9!M'J5!6&#1:-,+5&,,!9#,!XJ-+&!+6&!:-,26-&(!:#8&5\Y!Q-,,!Q2)%&&+6M!
,#M,O!1#*/%-*/!+6&!2#55'+R!Y7*1!#!5':#*+-2O
#,!9&%%RY
!YA'9O!*'9OY!Q5,R!A-/6+9-*/!26-1&,O!,-44-*/!#*'+6&5!/%#,,!'(!,6&55MR
!Y0'!+&%%!J,OY!3%-T#$&+6!-:4%'5&,R!"6&!'+6&5,!V'-*!-*!#!26'5J,!'(!YH&,O!4%&#,&bY
!B6&*!Q5,R!A-/6+9-*/!'((&5,!*'!45'+&,+O!Q-,,!Q2)%&&+6M!2'*+-*J&,!6&5!+#%&RYB&!9&5&!
#+!#!)65-,+:#,!1#*2&R!FJ26!/%'5-'J,!(#K'5,
+6&M!6#1R!0'!M'J!5&:&:$&5O!=-%%-#*\Y
!Q5,R!A-/6+9-*/!*'1,O!&M&,!2%',&1R!YH&,R!)#51,!9-+6!+6-28!5&1!+#,,&%,R!='K&%MO!
%'K&%MRY
!Y"6&5&!9&5&!:#*M!/&*+%&:&*!-*!#++&*1#*2&O!$J+!'(!2'J5,&O!9&!#%%!6#1!'J5!6&#5+,!
,&+!'*!#!4#5+-2J%#5!:#*!9-+6!1#58!6#-5!#*1!+6&
:',+!&%&/#*+!(-/J5&R!@&!9#,!,'!K&5M!6#*1,':&RY
!Q5,R!A-/6+9-*/!,#M,!*'+6-*/O!'*%M!6#,!:'5&!,6&55MR
!Y!S"6#+!-,!+6&!:#*!D!,6#%%!:#55MOS!M'J5!6&#1:-,+5&,,!#**'J*2&1!+'!#%%!'(!J,O!$'%1!
#,!M'J!4%&#,&R!B&!%#J/6&1O!$J+!-*!#!:':&*+O!,6&
+''8!:M!#5:!#*1!4#5#1&1!4#,+!Y
!YD!1-1!*'+!4#5#1&R!RRRY
!YR!R!R!#*1!15'44&1!6&5!1#*2&!2#51!K&5M!#5+(J%%M!#+!6-,!(&&+O!45&+&*1-*/!*'+!+'!
*'+-2&R!<(!2'J5,&O!6&!2#:&!#(+&5!6&5R!7*1!+6&M!1#*2&1
+65&&!-*!#!5'9!+-%%!+6&!26#4&5'*&,!-*+&5K&*&1RY
!B&!#5&!1&%-/6+&1!$M!+6-,R
!YB6#+!6#44&*&1!+6&*\Y!C&%-2-+M!#,8,R
!YF6&!:#55-&1!6-:OY!Q-,,!Q2)%&&+6M!#*,9&5,R!Y"6#+!K&5M!)65-,+:#,RY
!Q5RA-/6+9-*/\!D!('5/&+!+6#+!Q5,R!A-/6+9-*/!9#,!'*2&!:#55-&1O!9#,!'*2&!#!/-5%!
6&5,&%(R!D!+5M!+'!4-2+J5&!6&5!M'J*/!#*1!%#J/6-*/O
+#%8-*/!9-+6!6&5!(5-&*1,R!A'+6-*/!2':&,R!D!2#*!'*%M!,&&!6&5!#,!,6&!-,!*'9O!+6&!
4'J(!'(!/5#M-*/!6#-5O!+6&!,4&2+#2%&,O!+6&!,&K&5&
:#**&5R
!Y"6#+!-,!+&55-$%M!5':#*+-2OY!)&2-%M!,#M,O!,9''*-*/R
!YH&,O!+&55-$%MOY!9&!#%%!#/5&&R
!YD+!9#,!XJ-+&!$'%1!'(!M'JO!=-%%-#*OY!Q-,,!Q2)%&&+6M!,#M,R
!7!2%'J1!4#,,&,!'K&5!Q5,R!A-/6+9-*/S,!(#2&RYD+!9#,!('%%MRY
!YB6&*!1-1!Q5R!A-/6+9-*/!1-&\Y!D!96-,4&5!+'!C&%-2-+MR
!YD!1'*S+!8*'9R!DS%%!4#M!M'J!#!4'J*1!+'!#,8!#$'J+!6-:OY!,6&!96-,4&5,!$#28R
!YA'+!'*!M'J5!%-(&RY
!Y0'*S+!M'J!9#*+!+'!8*'9\Y
!YA'+!+6#+!$#1%MRY
!Y7!4'J*1O!M'J!,#M\Y!D+S,!7**R
!C&%-2-+M!*'1,R
!7**!2%&#5,!6&5!+65'#+RYQ5,R!A-/6+9-*/O!6#,!Q5R!A-/6+9-*/!$&&*!/'*&!(5':!J,!%'*/\Y
!YQ5R!A-/6+9-*/!6#,!$&&*!9-+6!+6&!#*/&%,!('5!+9&*+MI(-K&!M&#5,OY!'J5!6&#1:-,+5&,,!
,#M,O!9-+6'J+!%''8-*/!J4!(5':!6&5!/%#,,R!Q5,R
A-/6+9-*/!-,!#!9':#*!'(!$J+!('5+MI&-/6+O!(-(+M!4&56#4,R!"6#+!,6&S,!$&&*!#!9-1'9!
('5!6#%(!6&5!%-(&!,&&:,!#!4-+MR
!Y@&!9#,!#!M'J*/!:#*O!+6&*\Y!)&2-%M!45'1,R
!YH&,R!H'J*/O!M'J*/OY!,6&!,#M,O!,+#5-*/!-*+'!+6&!4#%&!5&1!,6&55MR
!YB&S1!$&&*!:#55-&1!('5!,-Z!K&5M!6#44M!M&#5,R!<*&!1#M!R!R!RY!F6&!+5#-%,!'((R
!Y<*&!1#M\Y!7**!45':4+,R
!Y<*&!1#MO!6&!%&(+!('5!9'58!#+!+6&!$#*8RY!F6&!,+'4,O!+#8&,!#!,-4R!Y7*1!D!*&K&5!,#9!
6-:!#/#-*RY
!YB6#+!6#44&*&1\Y!3%-T#$&+6!/#,4,R
!Q5,R!A-/6+9-*/!,&&:,!,+#5+%&1O!#,!-(!9&SK&!#,8&1!6&5!#!XJ&,+-'*!,6&!1'&,*S+!
J*1&5,+#*1O!$J+!+6&*!+6&!#*,9&5!2':&,!,%'9%MR!Y@&
9#,!5J*!1'9*!$M!#!2#55-#/&!'*!+6&!,+5&&+RY
!7!+&55-$%&!,-%&*2&!1&,2&*1,O!+6&!8-*1!+6#+!#22':4#*-&,!+6&!,'5+!'(!J*&Z4&2+&1!$#1!
*&9,!M'J!2#*!1'!*'+6-*/!+'!26#*/&!'5!-:45'K&R!D
+6-*8!'(!Q5,R!A-/6+9-*/!#,!+6&!-:4&*&+5#$%&!('5+5&,,!+6#+!-,!'J5!6&#1:-,+5&,,R!
F':&'*&!96'!2#*!2'*+5'%!#*M+6-*/R!D+S,!6#51!+'!+6-*8
+6#+!,6&!2#**'+R
!Y@'9!#9(J%!('5!M'JOY!Q#5+6#!,#M,!#+!%#,+R
!Y.''5!Q5,R!A-/6+9-*/OY!3%-T#$&+6!26-:&,!-*R
!Y"6#+!-,!,'!K&5M!,#1OY!7**!,#M,R
!Y=&+S,!*'+!$&2':&!,&*+-:&*+#%R!D+!9#,!#!K&5M!%'*/!+-:&!#/'R!C'5$&#5#*2&R!"6#+!-,!
+6&!+6-*/R!<*&!:J,+!%&#5*!+'!%'28!J*4%&#,#*+
+6'J/6+,!#9#M!#*1!*&K&5!+6-*8!'*!+6&:R!3%,&!9&!,6'J%1!,4&*1!'J5!%-K&,!25M-*/!
SB6M\S!-*+'!'J5!6#*18&526-&(,!#*1!#22':4%-,6
*'+6-*/RY!F6&!15#-*,!6&5!/%#,,R!"6&!26-*8!-*!+6&!#5:'5!6#,!$&&*!:&*1&1R!F6&!-,!
A-/6+9-*/!#/#-*R!YA'9R!B6'!6#,!#!)65-,+:#,!,+'5M
+'!,6#5&!9-+6!J,\Y
!Y<6O!D!1'OY!3%-T#$&+6!+5-%%,R!YD+!-,!#!26-%%-*/!+#%&!#$'J+!#!/6',+!*#:&1!Q#5%&M!
9-+6!#!%'*/!26#-*!Y
!Q-,,!Q2)%&&+6M!-*+&55J4+,R!Y0'!M'J!:&#*!7!)65-,+:#,!)#5'%!$M!Q5R!0-28&*,\!D!
$&%-&K&!9&!#5&!#%%!(#:-%-#5!9-+6!+6#+!'*&O!Q-,,
.''%&RY
!"6&5&!-,!/-//%-*/!#+!3%-T#$&+6S,!&Z4&*,&R!YLJ+!-+!-,!:M!(#K'5-+&OY!,6&!,#M,O!
4'J+-*/R
!)&2-%M!26-54,OYDSK&!#!%'K&%M!,+'5MO!Q5,R!A-/6+9-*/RY!<(!2'J5,&!,6&!1'&,R
!Y76O!,4%&*1-1O!Q-,,!"&:4%&RY
!Y<*2&!+6&5&!9#,!#!/-5%!96'!9#,!#,!/''1!#!/-5%!#,!2'J%1!$&!('J*1R!@&5!26#5#2+&5!
9#,!#$'K&!5&45'#26R!D*!#%%!:#++&5,O!,6&!9#,
1-,25&&+!#*1!8-*1!#*1!/&*+&&%!#*1!:#**&5%MR!@&5!*#:&!9#,!)&2-%&RY
!D!$&%-&K&!D!8*'9!96&5&!+6-,!,+'5M!%&#1,R
!Y?*('5+J*#+&%MO!)&2-%&!9#,!+'5:&*+&1!$M!#!25J&%!,#K#/&!'(!#!/-5%!*#:&1!N&:-:#RY!
F6&!6#,!+6&!*&5K&!+'!%''8!#+!:&!96&*!,6&!,#M,
+6-,R!Y@#+&(J%!#,!,6&!9#,O!N&:-:#!+#J*+&1!+6&!4''5!,9&&+!)&2-%&O!,4&#8-*/!
(#%,&6''1,!#*1!+J5*-*/!,':&!'(!6&5!1&#5&,+!(5-&*1,
#/#-*,+!6&5RY
!Y@'9!+&55-$%&OY!3%-T#$&+6!+J+,R
!Y"65'J/6!-+!#%%O!)&2-%&!5&:#-*&1!8-*1!#*1!K-5+J'J,R!LJ+!+6&!,+5#-*!45'K&1!+''!
/5&#+!('5!6&5O!#*1!'*&!1#MO!+6&!1&#5!/-5%!(&%%!1&#+6%M
-%%O!15-K&*!+'!6&5!,-28$&1!$M!N&:-:#S,!5&%&*+%&,,!25J&%+MRY
!YD!1'!6'4&!+6#+!N&:-:#!/&+,!6&5!VJ,+!1&,&5+,OY!Q#5+6#!,#M,!9-+6!#!,*-((R
!YD!6'4&!+6#+!)&2-%&!:&&+,!#*!J*+-:&%M!&*1OY!C&%-2-+M!96-,4&5,!+'!:&R
!YB6#+!6#44&*&1!+6&*\Y!7**!#,8,R!D+!-,!K&5M!:J26!6&5!,'5+!'(!,+'5MR
!Y3K&5M'*&!2#:&!+'!8*'9!96#+!#!6'55-$%&!/-5%!N&:-:#!9#,!#+!6&#5+O!#*1!+6&M!,6J**&1!
6&5!&K&5!#(+&5R!B6&*!+6&!45-*2&!6&#51!'(
)&2-%&S,!8-*1*&,,O!6&!$5'J/6+!6-,!1'2+'5!+'!:#8&!6&5!9&%%!#*1!(&%%!:#1%M!-*!%'K&!
9-+6!6&5R!"6&M!9&5&!:#55-&1O!96-%&!N&:-:#
9#*1&5&1!+6&!2'J*+5M,-1&!#,!#!,-/6+%&,,!$&//#5O!6&5!&M&,!6#K-*/!$&&*!+'5*!'J+!$M!
9-%1!1'/,RY
!Q5,R!A-/6+9-*/!%''8,!2'*(J,&1R!YD!1'*S+!XJ-+&!,&&!6'9!+6-,!-,!#!)65-,+:#,!,+'5MRY
!Y<6OY!)&2-%M!#11,!XJ-28%MRYD+!+#8&,!4%#2&!1J5-*/!+6&!,&#,'*!'(!'J5!='51S,!$-5+6R!
7*1!N&:-:#!2':&,!+'!5&#%-T&!+6&!&55'5!'(!6&5!9#M,O
$&/,!('5!)&2-%&S,!('5/-K&*&,,O!#*1!/'&,!+'!9'58!-*!#!2'J*+5M!4#5-,6O!,9&&4-*/!
(%''5,!('5!+6&!K-2#5!#*1!6-,!9-(&RY
!Y76OY!Q5,R!A-/6+9-*/!,#M,R
!YQJ,+!$&!1-((-2J%+!,&&-*/!+'!+6&!,9&&4-*/O!#,!,6&S,!%',+!6&5!&M&,OY!D!/5J:$%&R
!YH&,OY!)&2-%M!,#M,!$5-/6+%MR!Y@&5!,J((&5-*/!-,!/5&#+R!LJ+!+6#+S,!96#+!:#8&,!-+!
,J26!#!(-*&!)65-,+-#*!,+'5MRY
!YF4%&*1-1OY!Q5,R!A-/6+9-*/!,#M,O!6&5!+'*/J&!#!$-+!+6-28R!YF6#%%!9&!6#K&!#!,'*/\!
D+!-,!)65-,+:#,O!#(+&5!#%%RY
!Q5R!>5J*&9#%1!,-+,!#+!+6&!4-#*'!#*1!4%#M,!#*!'%1!3*/%-,6!+J*&R!F':&!'(!+6&!
+&#26&5,!,-*/!#%'*/R!F&K&5#%!/-5%,!/&+!J4!+'!1#*2&R!Q-,,
Q2)%&&+6M!1'&,*S+R!F6&S,!,+#5-*/!5-/6+!#+!:&R
!A'O!,6&S,!%''8-*/!#+!+6&!#:J%&+R!B6&*!,6&!2#+26&,!:&!9#+26-*/!6&5O!,6&!/-K&,!:&!#!
$5'#1!,:-%&O!#,!-(!9&SK&!*&K&5!6#1!#!XJ#55&%
#*1!#5&!'%1!(5-&*1,R
!YQ-,,!0'M%&OY!,6&!2#%%,O!$&28'*-*/!:&!9-+6!6&5!6#*1O!$J+!7**!#*1!C&%-2-+M!#5&!
J4'*!:&R
!Y)':&!'*O!%&+S,!1#*2&OY!+6&M!-*,-,+O!4J%%-*/!:&!+'!:M!(&&+!#*1!(#5!#9#MR
!"6&!&K&*-*/!4#,,&,!%-8&!#!6#44M!15&#:R!"6&!&Z2-+&:&*+!45'K&,!+''!:J26!('5!:#*M!'(!
+6&!M'J*/&5!/-5%,R!A&,+%&1!#/#-*,+!&#26!'+6&5O
+6&M!,%&&4!$M!+6&!(-5&O!#*/&%!9-*/,!25J,6&1!J*1&5!+6&!%-:4O!4%J:4!#5:,!'(!+6&-5!
1&#5!(5-&*1,O!,J/#54%J:!#*1!6'%%M!25'9*,!#,8&9!-*
+6&!+#*/%&!'(!+6&-5!6#-5R!D*!#!(#5!2'5*&5!,-+!Q5,R!A-/6+9-*/!#*1!Q-,,!Q2)%&&+6MO!
6&#1,!$&*+!-*!2'*(&5&*2&R!Q-,,!Q2)%&&+6M!,4&#8,!-*!#*
-*+&*+!96-,4&5O!#*1!Q5,R!A-/6+9-*/!,6#8&,!6&5!6&#1R
!YA'OY!'J5!6&#1:-,+5&,,!,#M,O!6&5!K'-2&!:#1&!%'J1&5!$M!+6&!,6&55MRYD!2#**'+RY
!Q-,,!Q2)%&&+6M!4%#2&,!6&5!6#*1,!/&*+%M!'K&5!A-/6+9-*/S,O!:J5:J5-*/!+6-*/,!D!2#*S+!
6&#5R
!YLJ+!+6-*8!'(!+6&!2',+OY!Q5,R!A-/6+9-*/!#*,9&5,R!@&5!&M&,!2#+26!:-*&!('5!#!
:':&*+O!#*1!D!%''8!XJ-28%M!#9#MR!D*!#!:':&*+O!,6&
5-,&,!J*,+&#1-%M!+'!6&5!(&&+O!4%#2-*/!#!6#*1!'*!+6&!$#28!'(!6&5!26#-5!+-%%!,6&!
(-*1,!6&5!(''+-*/R
!='*/!#(+&5!+6&!%#:4,!6#K&!$&&*!1-::&1O!+6&!(-5&,!6#K&!(-TT%&1!'J+O!#*1!#%%!#5&!
,#(&%M!-*!$&1O!7**!#*1!D!:&&+!C&%-2-+M!1'9*!-*!+6&
/5&#+!6#%%R!"6&!%#,+!/%'9-*/!&:$&5,!-*!+6&!&*'5:'J,!,+'*&!6&#5+6!2#,+!#*!&&5-&!
/%'9!'K&5!+6&!2#K&5*'J,!5'':R!"6&!)65-,+:#,!+5&&
,&&:,!#*!':-*'J,!/-#*+R!D*!+6&!2&*+&5!,+#*1!+6&!:#5$%&!2'%J:*,!1&2'5#+&1!9-+6!
(#-5-&,O!2&*+#J5,O!#*1!*M:46,R!"6&!,-/6+!/-K&,!:&!#
,6J11&5O!('5!9&!8*'9!+6&M!#5&!:'5&!+6#*!2#5K-*/,R!"6&M!#5&!%-K-*/!+6-*/,!
-:45-,'*&1!+6&5&!$M!+6&!:#/-2!'(!+6&!5&#%:,O!+6&!4%#2&!9&
#5&!5&#1M!+'!,&&!#*1!(&&%!#*1!+'J26!'*2&!:'5&!-(!9&!2#*R
!Y0'*S+!('5/&+!+6#+!M'J!'9&!:&!#!4'J*1OY!7**!+&%%,!C&%-2-+MR!@&5!+&&+6!#5&!
26#++&5-*/R
YD!,6#*S+OY!C&%-2-+M!#*,9&5,R
!YDS:!#(5#-1OY!7**!,#M,R
YF'!#:!DOY!D!,#MR
!3K&*!C&%-2-+M!6#,!%',+!6&5!J,J#%!$%J,+&5RYB6#+&K&5!6#44&*,O!9&!1'!*'+!%&#K&!
9-+6'J+!&#26!'+6&5RY!F6&!1'&,*S+!,#M!+6&!5&,+W!%-8&!M'J
%&(+!.-4!R!R!R!%&(+!6&5!+'!1-&R
!Y7/5&&1OY!D!,#MR!D!+#8&!#!1&&4!$5&#+6O!+5M-*/!+'!,+&#1M!:M!*&5K&,RY>-K&!:&!M'J5!
6#*1,RY
!B&!V'-*!6#*1,!#*1!2%',&!'J5!&M&,R!D+!6#,!$&&*!,'!%'*/!,-*2&!9&SK&!&*+&5&1!+6&!
5&#%:,R!DS:!#(5#-1!D!,6#*S+!$&!#$%&!+'!:#8&!+6&!1''5
'(!%-/6+!#44&#5R!LJ+!,''*O!D!(&&%!+6&!(#:-%-#5!+-*/%&!'*!:M!,8-*O!+6&!9#5:+6!'(!
+6&!%-/6+R!D!'4&*!'*&!&M&O!+6&*!+6&!'+6&5R!"6&5&!-+!-,O
,6-::&5-*/!$&('5&!J,W!+6&!/%'5-'J,!4'5+#%!-*+'!+6&!'+6&5!9'5%1R
!C&%-2-+M!#*1!7**!9&#5!+6&-5!#9&!'*!+6&-5!(#2&,R
!YD!1'*S+!8*'9!96#+!9&S%%!(-*1!+6&5&OY!D!,#M!$&('5&!9&!,+#5+R
!Y"6&5&!-,!'*%M!'*&!9#M!+'!(-*1!'J+OY!C&%-2-+M!#*,9&5,R
!D!'4&*!+6&!1''5!#*1!9&!,+&4!+65'J/6!-*+'!+6&!5&#%:,R
!"6&!+5&&,!5#-*!(%'9&5,!+6#+!+-28%&!'J5!*',&,R!"6&!/5#,,!-,!,+-%%!+6&!/5&&*!'(!
&+&5*#%!,J::&5R!"'!'J5!5-/6+!%-&,!+6&!/J5/%-*/!5-K&5R!D!2#*
6&#5!+6&!(#-*+!,'*/!+6#+!(%'#+,!J4!(5':!-+,!1&4+6,!#*1!('5:,!,-%K&5!5-*/,!'*!+6&!
,J5(#2&R!7*1!+6&!,8Mb!=-8&!+6&!:',+!/'5/&'J,!,J*,&+!'*
+6&!6#44-&,+!'(!1#M,R!QM!6&#5+!(&&%,!#,!-(!-+!,6#%%!$J5,+R!<6O!D!6#K&!:-,,&1!+6-,!
4%#2&b!@'9!2'J%1!D!&K&5!6#K&!+6'J/6+!'(!%&#K-*/!-+\
!Y<6bY!C&%-2-+M!25-&,R!=#J/6-*/O!,6&!+9-5%,!5'J*1!#*1!5'J*1O!6&5!4#%:,!'J+!#*1!
'4&*!+'!+6&!'5#*/&!,8MRYD+S,!,'!$&#J+-(J%bY
!7**!,+&4,!+'!+6&!5-K&5R!F6&!,+''4,!#*1!/#T&,!#+!6&5!5&(%&2+-'*O!,:-%-*/R!YDS:!,'!
$&#J+-(J%!6&5&RY!7*1!-*1&&1!,6&!-,R!F6&!-,!7**!#,
7**!9'J%1!%''8!9-+6!*'!2#5&,O!*'!(&#5!'5!:&&8*&,,O!*'!*&&1!+'!(-%%!6&5!&:4+-*&,,!
9-+6!2#8&,!#*1!,2'*&,R
!C&%-2-+M!5J*,!6&5!(-*/&5,!'K&5!#!9-%%'9!+5&&!+6#+!,6-(+,O!%-8&!9#+&5!5-44%-*/O!
#*1!$&2':&,!#!('J*+#-*R!Y"6#+S,!&Z+5#'51-*#5MR!B&!2#*
1'!#*M+6-*/!6&5&R!7*M+6-*/bY
!YB#+26bY!7**!2#%%,R!F6&!2J4,!#!$%#1&!'(!/5#,,!-*!6&5!4#%:,O!2%',&,!6&5!&M&,R!B6&*!
,6&!'4&*,!6&5!6#*1,O!#!5J$M!4&*1#*+!%-&,
/%-++&5-*/!+6&5&RY@&%4!:&!4J+!-+!'*bY
!C&%-2-+M!%'28,!+6&!2%#,4R!"6&!+6-*/!,6-*&,!#/#-*,+!7**S,!,8-*!%-8&!#!5#V#6S,!
+5&#,J5&R
!YQ'+6&5\Y!D!2#%%O!9'*1&5-*/!-(!,6&!9-%%!9#%8!'J+!+'!/5&&+!:&R!"6&5&!-,!*'+6-*/!
$J+!+6&!5-K&5S,!,'*/!#*1!:M!(5-&*1,S!1&%-/6+&1!%#J/6+&5
#,!+6&M!+J5*!(%'9&5,!+'!$J++&5(%-&,O!5'28,!+'!V&9&%,R!D!,J44',&!D!8*&9!,6&!9#,!
/'*&!('5!/''1O!$J+!D!2'J%1!*'+!6&%4!6'4-*/R
!L&M'*1!+6&!+5&&,!%-&,!+6&!,-%K&5!#526!%&#1-*/!-*+'!+6&!6&#5+!'(!+6&!/#51&*R!D+!
9#,!+6&5&!+6#+!D!('J/6+!9-+6!)-52&S,!#,,#,,-*O!'*&!'(!+6&
1#58!,4-5-+,!(5':!+6&!B-*+&5%#*1,R!D+!9#,!+6&5&!+6#+!D!,:#,6&1!+6&!;J*&,!'(!+6&!
<5#2%&O!(5&&-*/!:M!:'+6&5!$J+!#%,'!,&++-*/!%'',&!+6&
:#/-2R!H&,O!+6&!:#/-2!-,!%'',&R!"6#+!-,!96M!9&SK&!2':&R!7*1!M&+O!&K&5M+6-*/!,&&:,!
#,!-+!9#,R!A'+6-*/!,&&:,!#:-,,R
!YC'%%'9!:&OY!D!,#MR!B&!4#,,!$&*&#+6!+6&!,6-*M!#526!#*1!(-*1!'J5,&%K&,!-*!#!
(#:-%-#5!2-52%&R!B6&5&!+6&!25M,+#%!5J*&,!'*2&!5',&!+#%%
#*1!4'9&5(J%!+6&5&!#5&!*'9!'*%M!26#55&1!4#+26&,!'(!&#5+6!#*1!#*!'11!#,,'5+:&*+!'(!
+-*M!+'#1,+''%,R
!Y>5#2-'J,OY!7**!,#M,RY0-1!M'J!5&#%%M!1'!+6#+O!>&::#\Y
!YH&,RY
!YLJ+!6'9\Y!C&%-2-+M!#,8,RY@'9!9&5&!M'J!#$%&!+'!$5&#8!,':&+6-*/!+6#+!,+''1!('5!
2&*+J5-&,\Y
!YD!1'*S+!8*'9OY!D!,#MR
!Y?/6OY!7**!,#M,R!F6&S,!,+&44&1!'*!'*&!'(!+6&!+'#1,+''%,R!D+!,4%-+,!'4&*O!$%#28!
#*1!9&+R
!YQ-*1!M'J5!,+&4OY!C&%-2-+M!9#5*,R
!YB6&5&!1'!9&!%''8!('5!+6-,!+&:4%&\Y!7**!#,8,R
!D!,-/6R!YDSK&!*'!-1&#R!P#5+-8!,#-1!+6&5&S,!*'!:#4R!D!'*%M!8*'9!+6#+!-+!-,!
,':&96&5&!-*,-1&!+6&!5&#%:,RY
!YB&!1'*S+!8*'9!6'9!%#5/&!+6-,!4%#2&!-,OY!7**!,#M,R!Y<5!6'9!:#*M!5&#%:,!+6&5&!
2'J%1!$&RY
!YH'JSK&!*'+6-*/!+'!/'!'*\Y!C&%-2-+M!#,8,R
!YA'R!B&!8*'9!-+!2#*S+!$&!6&5&!-*!+6&!/#51&*!'5!&%,&!9&S1!6#K&!,&&*!-+!#%5&#1MR!D!
,J44',&!9&!,6'J%1!4-28!#!1-5&2+-'*!#*1!R!R!R!B6#+
-,!-+\Y
!C&%-2-+MS,!(#2&!6#,!/'*&!96-+&R!7**S,!+''R!B6#+&K&5!-+!-,O!-+S,!$&6-*1!:&R!3K&5M!
:J,2%&!+#J+O!D!+J5*!,%'9%M!+'!(#2&!:M!1'':R
!F6&!,+&4,!'J+!(5':!$&6-*1!#!/5'K&!'(!'%-K&!+5&&,O!#!/#5%#*1!'(!(%'9&5,!9'J*1!-*+'!
6&5!1#58!6#-5R!"6&!,#:&!K-'%&+!&M&,R!"6&!,#:&
4#%&!,8-*!#*1!1#TT%-*/!$&#J+MR
!Y@&%%'OY!.-44#!,#M,RYD!9#,!6'4-*/!M'JS1!2':&!$#28RY
!)@7."3;!3=3E3A
!C3=D)D"H!;?AF!"<!@3;R
!YB#-+bY!D!M&%%O!$J+!+6&5&S,!*'!6'%1-*/!6&5!$#28R!F6&!5J*,!+'!.-44#!#*1!&:$5#2&,!
6&5!+-/6+%MR!.-44#!8-,,&,!C&%-2-+MS,!26&&8,R
!YD+S,!M'JbY!C&%-2-+M!,#M,R!F6&S,!%#J/6-*/!#*1!25M-*/!#+!+6&!,#:&!+-:&RY.-4O!.-4O!
1#5%-*/!.-4O!M'JS5&!6&5&bY
!YH&,b!DS:!6&5&R!7**b!>&::#b!<6O!4%&#,&!1'*S+!,+#*1!,+#5-*/!,'RY
!Y.-44#bY!7**!25-&,O!5J**-*/!+'!6&5R!D!2#*!,2#52&%M!$&%-&K&!-+R!.-4O!'J5!.-4O!-,!
6&5&O!#,!%'K&%M!#,!&K&5R!F':&+6-*/!-*!:&!/-K&,!9#MR!D
(#%%!+'!+6&!/5#,,O!,'$$-*/O!:M!+&#5,!$5-*/-*/!J4!,:#%%!%'+J,!$%',,':,!96&5&!+6&M!
(#%%R
!Y<6O!>&::#O!1#5%-*/O!1'*S+!25MOY!.-44#!,#M,R!F9-(+!#,!#!1&&5O!,6&S,!$M!:M!,-1&R!
"6&!2'%1!6#*1,!DSK&!,&&*!-*!:M!15&#:,!#5&
$5J,6-*/!+65'J/6!:M!6#-5O!#*1!+6&M!#5&!#,!9#5:!#,!,J::&5!5#-*RY0'*S+!25MRY
!D!%''8!J4!#+!6&5R!F6&!/-K&,!:&!#!,:-%&R!YD(!M'J!2'J%1!,&&!M'J5!(#2&O!>&::#R!
;&#%%MO!,'!,&5-'J,bY
!"6-,!:#8&,!:&!%#J/6R!7*1!25M!#!$-+!:'5&R!F''*O!9&S5&!#%%!%#J/6-*/!+65'J/6!+&#5,O!
'J5!#5:,!#5'J*1!&#26!'+6&5R!D+!(&&%,!%-8&!2':-*/
6':&!#(+&5!#!%'*/O!1J,+M!V'J5*&MR
!Y=&+!:&!%''8!#+!M'JOY!.-44#!,#M,R!Y<6O!D!6#K&!:-,,&1!M'J!,'R!H'J!:J,+!+&%%!:&!
&K&5M+6-*/R!@'9!-,!Q5,R!A-/6+9-*/\!75&!)&2-%M!#*1
Q#5+6#!,+-%%!+6&!:',+!J*$&#5#$%&!,*'$,\Y
!Y.',-+-K&%M!6-1&'J,OY!7**!,#M,O!/-//%-*/R
!Y>&::#!,4-%%&1!V#:!'*!)&2-%MS,!15&,,!VJ,+!+6&!'+6&5!:'5*-*/!+'!8&&4!6&5!XJ-&+OY!
C&%-2-+M!,#M,R
!.-44#S,!:'J+6!'4&*,RYH'J!1-1*S+bY
!YDS:!#(5#-1!D!1-1OY!D!#1:-+O!(&&%-*/!(''%-,6!('5!:M!$#1!$&6#K-'5R
!Y>&::#bY!,6&!25-&,O!,:-%-*/!$5-/6+%MRYH'J!#5&!:M!6&5'bY
!B&!(#%%!$#28!-*!+6&!/5#,,!%#J/6-*/R!"6&5&!-,!,'!:J26!+'!,#MR!B&!+&%%!6&5!
&K&5M+6-*/!#$'J+!F4&*2&O!+6&!/-5%,O!6&5!(J*&5#%R
!Y0-1!&K&5M'*&!25M!#9(J%%M!:J26\Y!.-44#!#,8,R
!7**!*'1,R!Y"&55-$%MRY
!F6&!$%'9,!#+!#!1#*1&%-'*R!"6&!(%J((!,45&#1,!'J+!'*!+6&!9-*1O!96&5&!-+!$&2':&,!#!
,9#5:!'(!(-5&(%-&,R!YD!#:!/%#1!+'!6&#5!-+R!DS1!6#+&
+'!+6-*8!'(!4&'4%&!,-++-*/!,+'*MI&M&1!5'J*1!:M!2#,8&+R!B&5&!+6&!(%'9&5,!%'K&%M\!
"6&5&!9&5&!(%'9&5,O!9&5&*S+!+6&5&\Y
!Y"6&!%'K&%-&,+O!:',+!&%#$'5#+&!2#,2#1&!'(!(%'9&5,OY!C&%-2-+M!,#M,R!Y"6&M!:J,+!
6#K&!2',+!#!('5+J*&RY
!.-44#!*'1,O!,:-%-*/RYD!#:!,'!/%#1!+'!6#K&!6#1!,J26!#!*-2&!(J*&5#%R!<6O!1'!+&%%!:&!
:'5&!,+'5-&,!'(!6':&b!0'!+6&M!+#%8!#$'J+!:&!-*
+6&!/5&#+!6#%%\!0'!+6&M!#%%!:-,,!:&!#9(J%%M\Y
!Y<6O!M&,OY!7**!,#M,!-*!&#5*&,+RYB&!#%%!1'RY
!YA'9!M'J!1'!*'+!6#K&!+'!:-,,!:&!#+!#%%OY!.-4!,#M,O!,XJ&&T-*/!6&5!6#*1R
!D!1'*S+!9#*+!+'!#,8O!$J+!D!:J,+R!Y.-44#O!D!+6'J/6+!+6#+!M'J!9&5&!R!R!RY!0&#1R!D!
2#**'+!$5-*/!:M,&%(!+'!,#M!-+R!YD!+6'J/6+!+6#+!M'JS1
25',,&1!'K&5!+6&!5-K&5R!"'!+6&!'+6&5!9'5%1!$&M'*1!+6&!5&#%:,R!B6&*!D!%&(+O!M'J!#*1!
M'J5!8*-/6+!R!R!RY
!7**!,-+,!J4RYB6&5&!-,!M'J5!8*-/6+\Y
!Y<6O!6-:R!D!6#1!+'!%&+!6-:!/'RY!.-44#!M#9*,R!Y@&!#%9#M,!1-1!96#+&K&5!D!#,8&1R!
C5-/6+(J%%M!1J%%RY
!Y@&!9#,!2&5+#-*%M!6#*1,':&RY!7**!,9''*,R
!YH&,O!6&!9#,!5#+6&5O!9#,*S+!6&\Y!.-44#!/-//%&,R
!YD!#:!,'55MOY!D!,#MO!#(5#-1!+'!1-,5J4+!'J5!6#44-*&,,R!YLJ+!D!1'*S+!J*1&5,+#*1R!
B6M!1-1*S+!M'J!25',,!'K&5\Y
!.-44#!,65J/,RYQM!%'51O!+6&!8*-/6+O!+'%1!:&!+6#+!D!1-1*S+!6#K&!+'!25',,!#(+&5!#%%R!
"6&5&!#5&!:#*M!+5-$&,!6&5&O!25&#+J5&,!96'SK&!%-K&1
-*!+6&!5&#%:,!('5&K&5R!"6&M!#5&!4#5+!'(!+6-,!9'5%1RY!F6&!%&#*,!$#28!'*!,+5#-/6+!
#5:,O!$&*1,!6&5!8*&&,O!#*1!%&+,!+6&:!,9#M!/&*+%M
#/#-*,+!&#26!'+6&5R
!YF'!M'J!VJ,+!2#:&!$#28\Y!D!45':4+R
!YH&,R!7*1!+6&*!D!,+'44&1!+'!4-28!9-%1(%'9&5,!+'!:#8&!#!25'9*R!0'!M'J!%-8&!-+\Y
!Y<6O!M&,OY!7**!,#M,R
!YD!,6#%%!:#8&!M'J!'*&O!+6&*RY
!Y7*1!('5!:&OY!C&%-2-+M!#11,R
!Y<(!2'J5,&OY!.-4!,#M,RYB&!,6#%%!#%%!6#K&!'*&RY
!DS:!+&55-$%M!2'*(J,&1R!QM!:'+6&5!+'%1!:&!+6#+!,'J%,!6#1!+'!25',,!'K&5!'5!$&2':&!
2'55J4+&1R!LJ+!6&5&!-,!'J5!.-44#O!6#44M!#*1
,6-*-*/O!&M&,!+6&!2'%'5!'(!(5&,6!K-'%&+,O!+6&!/-5%!9&SK&!#%9#M,!8*'9*R
!Y@'9!%'*/!6#K&!D!$&&*!6&5&\Y!.-44#!#,8,R
!Y"9'!:'*+6,OY!D!,#MR
!Y;&#%%M\!F':&+-:&,!-+!,&&:,!%-8&!M&,+&51#MU!'+6&5!+-:&,O!-+S,!#,!-(!DSK&!$&&*!
6&5&!('5&K&5R!"9'!:'*+6,!R!R!R!+6#+!9'J%1!:#8&!-+
*&#5%M!)65-,+:#,R!D!1'!+6-*8!D!,6#%%!:-,,!)65-,+:#,!:'5*-*/RY
!A'*&!'(!J,!8*'9,!96#+!+'!,#M!+'!+6-,R
!7**!,-+,!J4R!Y.&56#4,!,6&!6#,*S+!2':4%&+&1!6&5!,'J%S,!+#,8R!.&56#4,!+6#+!-,!96M!
,6&!-,!,+-%%!6&5&RY
!Y.&56#4,!,6&!-,!,J44',&1!+'!6&%4!J,!(-*1!+6&!"&:4%&bY!C&%-2-+M!&Z2%#-:,R
!YB6#+!+&:4%&\Y!.-44#!#,8,R
!YB6&*!D!,6#++&5&1!+6&!5J*&,O!D!5&%&#,&1!+6&!<51&5S,!4'9&5!-*+'!+6&!5&#%:,OY!D!
&Z4%#-*R!Y"6&!"&:4%&!-,!+6&!,'J52&!'(!+6#+!:#/-2R
B6'&K&5!(-*1,!+6&!"&:4%&!#*1!$-*1,!+6&!:#/-2!+6&5&!2'*+5'%,!-+RY
!.-44#S,!&M&,!9-1&*RY@'9!:#5K&%'J,bY
!7**!26-:&,!-*R!YLJ+!&K&5M'*&S,!%''8-*/!('5!-+O!-*2%J1-*/!)-52&S,!,4-&,RY
!.-44#!%-*8,!6&5!#5:!+65'J/6!:-*&R!Y"6&*!9&!:J,+!(-*1!-+!(-5,+R!D!,6#%%!1'!
&K&5M+6-*/!D!2#*!+'!6&%4!M'JR!B&!2#*!#,8!+6&!25&#+J5&,!('5
6&%4RY
!D!,6#8&!:M!6&#1R!YP#5+-8!,#-1!9&!,6'J%1*S+!+5J,+!#*M+6-*/!(5':!+6&!5&#%:,O!*'+!
9-+6!+6&!:#/-2!%'',&RY!"5J,+!*'!'*&R!"5J,+!*'+6-*/R
LJ+!,J5&%M!+6#+!1'&,*S+!:&#*!.-44#R
!YP#5+-8\Y!.-44#!,#M,O!#,!-(!+5M-*/!+'!5&:&:$&5!,':&+6-*/!(5':!%'*/!#/'R!Y"6&!
D*1-#*!$'M\!"6&!;#8,6#*#\Y
!YH&,RY
!F6&!%'9&5,!6&5!K'-2&RYH'J!'J/6+!+'!$&!2#5&(J%!9-+6!6-:R!"6&!;#8,6#*#!6#K&!+6&-5!
,4-&,!6&5&!+''R!"6&M!2#**'+!$&!+5J,+&1RY
!YB6#+!1'!M'J!:&#*\Y
!YDSK&!$&&*!+'%1!+6#+!+6&!;#8,6#*#!#*1!+6&!<51&5!#5&!*'+!(5-&*1,!#+!#%%R!"6&!
;#8,6#*#!'*%M!45&+&*1!+'!$&!+6&-5!45'+&2+'5,R!B6#+
+6&MS5&!5&#%%M!#(+&5!-,!+6&!<51&5S,!4'9&5!2'*+5'%!'(!+6&!:#/-2!#*1!+6&!5&#%:,RY
!YB6'!+'%1!M'J!,J26!#!+6-*/\Y
!.-44#!,65J/,RYD+!-,!9&%%!8*'9*!6&5&R!7,8!#*M'*&RY
!YDSK&!*&K&5!6&#51!+6#+OY!D!,#MR!YFJ5&%M!:M!:'+6&5!9'J%1!6#K&!9#5*&1!:&!-(!+6#+!
9&5&!+5J&RY
!Y.&56#4,!,6&!*&K&5!/'+!+6&!26#*2&OY!.-44#!,#M,R!Y<5!4&56#4,!,6&!1-1*S+!8*'9!
&K&5M+6-*/R!B&!8*'9!(5':!+6&!1-#5M!+6#+!,6&!9#,
'*%M!#!*'K-2&!96&*!+6&!(-5&!6#44&*&1RY!D!,+#5+!+'!'$V&2+O!$J+!.-44#!,+'4,!:&R!
Y.''5!>&::#R!75&!M'J!25',,!+6#+!D!8*'9!:'5&!#$'J+!-+
+6#*!M'J!1'!*'9\Y
!YA'O!'(!2'J5,&!*'+OY!D!,#MO!+6'J/6!-+!-,!+5J&RYD!,-:4%M!+6-*8!9&!,6'J%1!$&!
2#5&(J%RY
!Y@J,6O!>&::#R!D!9#*+!+'!6&#5!#%%!+6&!,&25&+,!'(!+6&!5&#%:,OY!C&%-2-+M!26-1&,O!
+J5*-*/!6&5!$#28!'*!:&R!.-44#!$5&#8,!-*+'!#!/%'#+!'(!#
/5-*O!#*1!D!+6-*8!'(!96#+!,6&!+'%1!:&!-*!+6&!$#%%5'':!#+!F4&*2&!:'*+6,!#/'!96&*!D!
5&4%#2&1!6&5!#,!C&%-2-+MS,!(#K'5-+&W!L&!2#5&(J%R!D+S,
#!%'*/!9#M!+'!(#%%R
!.-44#!4J%%,!J,!-*+'!'*&!/-#*+!&:$5#2&!#*1!8-,,&,!'J5!26&&8,!9-+6!(&5K'5R!@&5!
,:-%&!-,!,'!/&*J-*&R!Y<6O!D!6#K&!:-,,&1!M'JbY!7!+&#5
+5-28%&,!'K&5!+6&!5',&,!'(!6&5!26&&8,R
!D!#:!#!6'55-1!(5-&*1R!D!6#K&!1&#5%M!:-,,&1!.-4!+''R!@&5&!,6&!-,O!#*1!DS:!,4'-%-*/!
+6&!:':&*+!9-+6!:M!:''1-*&,,R!YD!#:!,'55MO!.-4R
.%&#,&O!1'!+&%%!J,!96#+!M'J!8*'9RY
!YD(!M'J!-*,-,+bY!@&5!,:-%&!-,!1#TT%-*/O!#*1!9&S5&!#%%!%#J/6-*/!#,!-(!9&SK&!*&K&5!
$&&*!#4#5+R!"6&!+5&&,!5#-*!%&#K&,!+6#+!(%'#+!/&*+%M
1'9*O!2'K&5-*/!'J5!,8-5+,!-*!+6&!:',+!5#1-#*+!2'%'5,R
!Y"6&!5&#%:,!#5&!K#,+R!"6&M!,&&:!+'!6#K&!*'!&*1R!D!6&#5!+6&5&!#5&!9'*1&5,!,J26!#,!
M'J!2#**'+!-:#/-*&R!7!('5&,+!'(!%-/6+I(-%%&1
+5&&,!+6#+!/%'9!&+&5*#%%MR!>'%1&*!:-,+,!#*1!9-*/&1!25&#+J5&,!%-8&!(#-5-&,R!7*1!#!
,6-4!9-+6!+6&!6&#1!'(!#!/'5/'*RY
!Y7!/'5/'*bY!7**!,#M,O!6'55-(-&1R
!Y<6O!M&,b!DSK&!,&&*!6&5!#+!*-/6+O!/%-1-*/!4#,+!-*!+6&!:-,+R!FJ26!#*!&*'5:'J,!,6-4!
#*1!,J26!#!(&#5,':&!(#2&OY!.-44#!,#M,R
!Y@'9!(&#5,':&\Y!7**!#,8,O!26&9-*/!6&5!%-4R
!YH'J!2'J%1!1-&!'(!(5-/6+!+'!%''8!-*!6&5!&M&,OY!.-44#!,#M,R!7**!%''8,!+&55-(-&1R!
.-44#!8-,,&,!6&5!26&&8RY0'*S+!9'55MO!7**O!1#5%-*/R!D
,6#%%!$&!M'J5!45'+&2+'5RY
!YD!1'*S+!9-,6!+'!:&&+!+6-,!/'5/'*RY
!Y"6&M!,#M!,6&!9#,!2J5,&1!$M!+6&!<51&5!#*1!$'J*1!$M!+6&-5!4'9&5!*&K&5!+'!5&,+!#*1!
#%9#M,!+'!+&%%!+5J+6OY!.-44#!,#M,R
!Y)J5,&1\!B6M\Y!C&%-2-+M!#,8,R
!YD!1'*S+!8*'9R!D+!-,!'*&!'(!+6&!%&/&*1,RY
!YD(!,6&!:J,+!+&%%!+5J+6O!+6&*!4&56#4,!,6&!2#*!+&%%!J,!96&5&!+'!(-*1!+6&!"&:4%&OY!
D!,#MR
!YD!,6#%%!(-*1!6&5!('5!M'JOY!.-44#!,#M,!XJ-28%MR
!YQJ,+!9&\Y!7**!,#M,R
!Y@&5&O!7**O!9#+26!+6-,RY!.-44#!+#8&,!J4!#!6#*1(J%!'(!/5#,,O!45&,,&,!-+!$&+9&&*!
6&5!4#%:,R!B6&*!,6&!'4&*,!+6&:O!#!+-*M!$%#28!8-++&*
,-+,!$%-*8-*/!#+!J,R
!Y<6bY!7**!*JTT%&,!+6&!8-++&*!+'!6&5!26&&8R
!Y"6&5&S,!,J26!(J*!9&!,6#%%!6#K&!*'9!+6#+!9&!#5&!#%%!+'/&+6&5!#/#-*bY
!7!+6'5*!'(!2'*2&5*!45-28,!#+!:M!-*,-1&,R!QM!:'+6&5!-*,-,+&1!+6#+!,4-5-+,!6#1!+'!
25',,!'K&5R!LJ+!96#+!-(!,6&!9#,!95'*/\
!D!,#9!6&5!1-&U!D!,#9!6&5!$J5-&1R!D!,#9!6&5!-*!:M!15&#:,R
!YDSK&!$&&*!6#K-*/!+6&!:',+!#+5'2-'J,!15&#:,!#$'J+!M'JOY!D!,#MO!+&,+-*/R
!.-44#!,+5'8&,!+6&!8-++&*O!+J5*-*/!6&5!'5#*/&O!+6&*!5&1R!Y;&#%%M\!B6#+!9&5&!+6&M\Y
!YD+!9#,!'*%M!+6&!%#,+!15&#:!D!2#*!5&2#%%R!H'J!2#:&!+'!:&!#*1!,#-1O!S)#5&(J%O!
>&::#R!"6&MS5&!#%%!2':-*/!('5!M'JRS!Y
!.-44#!(5'9*,RYB6'S,!2':-*/!('5!M'J\Y
!YD!1'*S+!8*'9R!D!+6'J/6+!4&56#4,!M'J!9&5&!,&*1-*/!:&!#!:&,,#/&RY
!YQ&\Y!F6&!,6#8&,!6&5!6&#1R!YD!6#K&*S+!1'*&!#*M+6-*/!'(!+6&!,'5+R!A'9!2':&!9-+6!
:&OY!,6&!25-&,!%-8&!+6&!.-&1!.-4&5!'(!:&55-:&*+RYD
9#*+!+'!:#8&!#!)65-,+:#,!+5&&RY
!B&!,+#M!('5!96#+!(&&%,!%-8&!6'J5,R!D+!2'J%1!$&!6'J5,O!('5!#%%!9&!8*'9R!A'!'*&!
9#*+,!+'!$&!+6&!(-5,+!+'!,#M!/''1$M&O!#*1!,'!9&!8&&4
-*K&*+-*/!5&#,'*,!+'!,+#M!:'5&!:#/-2!+-*,&%!('5!+6&!+5&&O!#*'+6&5!/#:&!'(!6-1&I
#*1I,&&8O!:'5&!,&#526-*/!('5!+6&!/'5/'*O!96'!*&K&5
#44&#5,R!7+!%#,+O!-+!-,!+-:&R!B&!:J,+!/'R
!Y)#*!M'J!2':&!$#28!+':'55'9\Y!.-44#!4%&#1,!9-+6!#!4'J+R
!YDS:!%&#K-*/!('5!='*1'*OY!C&%-2-+M!,#M,!,#1%MR!Y7*1!M'J!+9'!6#1!$&,+!*'+!2':&!
9-+6'J+!:&bY
!YD!%&#K&!+6&!1#M!#(+&5OY!D!,#MR
!7**!-,!XJ-&+R
!Y7**\Y!.-44#!#,8,R
!YD!,6#%%!,+#M!#+!F4&*2&!#*1!,4&*1!)65-,+:#,!9-+6!+6&!,&5K#*+,O!#,!#%9#M,RY
!Y@'9!%'*/!+-%%!M'JS5&!+'/&+6&5!#/#-*\Y!.-44#!#,8,R
!Y7!('5+*-/6+OY!D!#*,9&5R!D!6#1*S+!+6'J/6+!#$'J+!+6-,R!@'9!,6#%%!9&!%''8!('5!+6&!
"&:4%&!-(!9&!#5&!,&4#5#+&1!('5!,'!%'*/\
!Y"6#+!9'*S+!1'!#+!#%%OY!.-4!,#M,R!YB6#+!,6#%%!D!1'!('5!+9'!96'%&!9&&8,\!D!,6#%%!
$&!,'!$'5&1!9-+6'J+!M'JRY!F#:&!'%1!.-4R
!YC&%-2-+M!#*1!D!9-%%!,&&!&#26!'+6&5OY!D!,#MRYLJ+!7**!R!R!RY!7**!%''8,!#,!-(!,6&!
2'J%1!25MR
!YH'J!,6#%%!,-:4%M!6#K&!+'!2':&!6':&!9-+6!:&OY!C&%-2-+M!,#M,R!YDS%%!,&*1!#!
+&%&/5#:!+'!Q#:#!(-5,+!+6-*/!+':'55'9!:'5*-*/!#*1!+&%%
6&5!+'!&Z4&2+!J,R!7*1!D!,6#%%!,4&*1!+6&!&K&*-*/!+6-*8-*/!'(!#!K&5M!/''1!,+'5M!#,!
+'!96MRY
!7**S,!$&#:-*/RYD!,6'J%1!%-8&!+6#+R!"6&!6'%-1#M!#*1!+6&!,+'5MRY
!YF''*!#,!9&!2#*!+9'!1#M,S!+-:&!9&S%%!$&!$#28OY!D!#,,J5&!.-44#R
!YD!,6#%%!$&!9#-+-*/RY
!YF&&!96#+!M'J!2#*!1-,2'K&5!'*!M'J5!'9*OY!D!,#MR!YC-*1!+6&!/'5/'*RY
!.-44#!*'1,RYQJ,+!M'J!/'!,'!,''*\!D!1'*S+!+6-*8!D!2#*!$&#5!+'!,#M!/''1$M&RY
!Y"9'!1#M,S!+-:&OY!C&%-2-+M!#,,J5&,!6&5R
!F6&!9#%8,!9-+6!J,!+65'J/6!+6&!4%#2&!96&5&!+6&!5J*&,!'*2&!,+''1R
!YB#+26!'J+OY!C&%-2-+M!2#%%,R
!B6&5&!+6&!+'#1,+''%!,4%-+!'4&*O!+6&!/5#,,!6#,!+J5*&1!+'!#,6R!7!9&+!$%#28!,*#8&!
,%-+6&5,!$#28!#*1!('5+6R
!Y?/6OY!7**!,#M,O!,-1&,+&44-*/!-+R
!.-44#!/5#$,!#!,6#54!5'28!#*1!15'4,!-+!'*!+6&!+6-*/R
!Y"6#+!-,!+6#+OY!,6&!,#M,O!5J$$-*/!+6&!$-+!'(!5'28!26#%8!(5':!6&5!6#*1,R
!Y@'9!D!%'#+6&!,*#8&,OY!C&%-2-+M!,#M,!9-+6!#!,6-K&5R
!D+S,!,J545-,-*/!+6#+!C&%-2-+M!-,!J**&5K&1!$M!#*M+6-*/R!LJ+!:'5&!,J545-,-*/!-,!
+6-,W!.-44#!-,!,+#5-*/!#+!+6&!5'28!,6&!15'44&1!9-+6!#
,+5#*/&!,:-%&R!D!2#**'+!*#:&!+6&!&Z45&,,-'*!,6&!9&#5,O!$J+!-+!J**&5K&,!:&R
!B-+6!'*&!%#,+!8-,,O!9&!:#8&!+6&!1''5!'(!%-/6+!#44&#5!#*1!#5&!$#28!-*!+6&!/5&#+!
6#%%R
!Y=''8bY!7**!25-&,R
!75'J*1!6&5!*&28O!+6&!5J$M!,+-%%!,6-*&,!#*1!1#TT%&,R
!YH'JSK&!$5'J/6+!+6&!:#/-2!$#28!9-+6!M'JOY!D!,#MO!+'J26-*/!+6&!,+'*&R
!YD!1-1*S+!+5M!+'OY!7**!,#M,O!#,!-(!,6&S,!-*!+5'J$%&!('5!-+R!YD+!VJ,+!6#44&*&1RY
!Y"6&5&S,!*'!,&#%!'*!-+OY!D!,#MRYD!,J44',&!+6#+S,!-+RY
!Y=&+!:&!+5MOY!C&%-2-+M!,#M,R!F6&!2%',&,!6&5!&M&,O!#*1!-*!#*!-*,+#*+!,6&S,!
(%'#+-*/!6-/6!#$'K&!J,R
!YC&%-2-+Mb!)':&!1'9*bY!D!96-,4&5!J5/&*+%MR
!YA'+!'*!M'J5!%-(&b!B6M!1'*S+!M'J!2':&!J4\Y
!B-+6!#!,XJ&#%O!7**!5-,&,!+'!:&&+!C&%-2-+MR!"6&M!2%#,4!6#*1,!:-1#-5!#*1!+9-5%!(#5!
#$'K&!+6&!(%''5!%-8&!/6',+,R
!YB#-+!('5!:&bY!D!,#MO!5-,-*/!+'!:&&+!+6&:R!QM!#5:,!'J+,+5&+26&1O!:M!%&/,!1#*/%-*/!
6-/6!#$'K&!+6&!+'4,!'(!26#-5,!#*1!+6&!(-5&4%#2&
:#*+&%O!D!#:!(-%%&1!9-+6!#!/-11M!V'MO!+6&!4%&#,J5&!'(!9&-/6+%&,,*&,,R
!Y@'9!,4%&*1-1OY!7**!,#M,O!/-//%-*/R!F6&!5&#26&,!1'9*!#*1!5&4',-+-'*,!+6&!#*/&%!
'5*#:&*+!#+!+6&!+'4!'(!+6&!+5&&!,'!+6#+!-+!,+#*1,
+#%%!#*1!,+5#-/6+RY!"6&5&RY
!YB6#+!#5&!M'J!#$'J+\Y!D!#,8!C&%-2-+MO!96'!6#,!6&5!&M&,!2%',&1R!F6&!5J$,!6&5!5-/6+!
4#%:!'K&5!6&5!%&(+R!B6&*!,6&!4J%%,!6&5!6#*1,
#4#5+O!+6&5&!-,!#!1#TT%-*/!1-#:'*1!5-*/R!F6&!,%-4,!-+!'*!6&5!+6-51!(-*/&5!#*1!
6'%1,!-+!'J+!('5!J,!+'!,&&R
!Y"6-,!-,!+6&!:',+!:#5K&%'J,!)65-,+:#,!45&,&*+!&K&5OY!C&%-2-+M!,#M,O!,+#5-*/!#+!
6&5!5-*/R!Y"6-*8!'(!+6&!(J*!9&!,6#%%!6#K&!-*!='*1'*
9-+6!+6&!:#/-2!#+!'J5!1-,4',#%RY
!YD!1'*S+!+6-*8!+6#+S,!9-,&OY!D!,#MR!YB&S5&!+'!$-*1!+6&!:#/-2R!"6#+!-,!'J5!
4J54',&RY
!C&%-2-+M!4J5,&,!6&5!%-4,R!YD!,6#*S+!1'!#*M+6-*/!6'55-$%&!9-+6!-+RY
!"6-,!-,!*'+!#*!#5/J:&*+!D!9-,6!+'!,+#5+!*'9RY=&+S,!(%M!#/#-*OY!D!,#MO!26#*/-*/!
+6&!,J$V&2+R
!7+!%'*/!%#,+O!&K&*!C&%-2-+M!-,!+-5&1R!B&!,*&#8!'((!+'!'J5!5'':,O!,4&#8-*/!9-+6!
V'M!+6&!*#:&!'(!+6&!/-5%!9&SK&!:'J5*&1!('5!+9'
:'*+6,W!.-44#R!.&56#4,!+'*-/6+O!D!9-%%!,%&&4!4&#2&(J%%MR!A'!+&55-$%&!15&#:,!+'!
%&#K&!:&!&Z6#J,+&1!$M!:'5*-*/R
!D+!-,!'*%M!#(+&5!#*!6'J5!6#,!4#,,&1!#*1!D!#:!,#(&!-*!:M!'9*!$&1!+6#+!D!2#*!/-K&!#!
*#:&!+'!+6&!%''8!'*!.-44#S,!(#2&!#,!,6&!,+#5&1!#+
+6&!+6-*/!,6&S1!8-%%&1R
!@J*/&5R
!)@7."3;!"B3=E3
!"@3!)7;;D7>3!@7F!)<Q3!"<!"7P3!C3=D)D"H!7A0!7**!+'!+6&!+5#-*!,+#+-'*R!D*!+6&!/5#*1!
:#5$%&1!('M&5O!9&!,#M!'J5!/''1$M&,!96-%&
+6&!,&5K#*+,!1-5&2+!+6&!2'#26:&*!+'!+6&-5!+5J*8,R!C&%-2-+M!%''8,!2''%!#*1!
-:4&5-'J,!-*!6&5!:#JK&!2'#+!#*1!(J5!:J((R!7**!-,!/-11M!#*1
6'4&(J%!-*!,':&!'(!C&%-2-+MS,!$'55'9&1!(-*&5MO!#!5'M#%!$%J&!K&%K&+!2#4&%&+!(#5!+''!
%-/6+!('5!+6&!9&#+6&5!+6#+!-,!,&2J5&1!$M!+6&!$5''26!'(
/5#4&,R
!Y@#K&!M'J!#*M!:#/-2!%&(+\Y!C&%-2-+M!#,8,R
!YA'OY!D!,#MRYD+S,!/'*&R!H'J\Y
!Y"6&!,#:&RY!A#55'9-*/!6&5!&M&,O!,6&!9#5*,OY0'*S+!M'J!1#5&!/'!$#28!9-+6'J+!J,RY
!YC'5!+6&!6J*15&1+6!+-:&O!D!,6#*S+RY!"6&!2'#26:#*!+#8&,!+6&!%#,+!'(!+6&-5!
+6-*/,RYH'JS1!$&,+!/&+!'*R!0'*S+!9#*+!+'!:-,,!M'J5!+5#-*RY
D+!-,!1-((-2J%+!+'!+#%8!9-+6!#%%!+6&!6J,+%&!#*1!$J,+%&R!7*1!D!6#+&!/''1$M&,R
!7**!$&#:,RYC&&!%'#*&1!:&!6&5!2#4&RY
!Y='K&%MOY!D!,#MO!+5M-*/!+'!-/*'5&!+6&!J,&!'(!C&%-2-+MS,!*-28*#:&R!C&%-2-+M!6#,!
*&K&5!%&+!:&!$'55'9!#*M+6-*/O!#*1!D!2#*S+!6&%4!(&&%-*/!#
45-28!'(!V&#%'J,M!+6#+!+6&!+9'!'(!+6&:!9-%%!6#K&!+6&!6'%-1#M!+'/&+6&5R
!C&%-2-+M!(-11%&,!9-+6!7**S,!2%'+6-*/O!,:''+6-*/!'J+!95-*8%&,R!YD!,6#%%!6#K&!Q#:#!
+#8&!J,!+'!6&5!2%J$!+':'55'9!('5!%J*26R!D+!-,!'*&!'(
+6&!$&,+!9':&*S,!2%J$,O!M'J!8*'9R!B&!:J,+!+&%%!>&::#!'(!'J5!:#,+&5!4%#*R!F6&S%%!
6#K&!+'!4%#M!6&5!4#5+!-*!-+RY
!D!#:!#%5&#1M!,'55M!('5!96#+&K&5!-,!+'!2':&R
!YD!#:!+#8-*/!-+!J4'*!:M,&%(!+'!5&-*K&*+!7**!('5!+6&!6'%-1#M,R!A'!:'5&!'(!+6-,!,#1!
:'J,&!'(!#!/-5%O!+6-,!,26'%#5,6-4!,+J1&*+R!F6&S%%!(-+
-*!#,!-(!,6&S,!+'!+6&!:#**&5!$'5*R!A'!'*&!9-%%!$&!+6&!9-,&5RY
!7**!4-4&,!J4!'*!2J&R!YD!#:!+'!+&%%!6&5!:'+6&5!+6#+!D!#:!1&,2&*1&1!(5':!;J,,-#*!
5'M#%+MO!#*1!+6#+!'*%M!5&2&*+%M!1-1!:M
/5&#+IJ*2%&O!+6&!0J8&!'(!)6&,+&5(-&%1O!(-*1!:&!6&5&!#+!F4&*2&!#*1!-*('5:!:&!'(!:M!
%#+&!4#5&*+,S!$&XJ&,+RY
!"#8-*/!-*!+6&!,-/6+!'(!4J1/MO!K&5M!3*/%-,6I%''8-*/!7**O!D!#,8OY0'!M'J!+6-*8!+6#+!
9-,&\Y
!YD!/'+!+6&!-1&#!(5':!+6&!5J$M!%#,+!*-/6+R!D!+6'J/6+O!96#+!-(!9&!9&5&!+'!,4-*!'J5!
K&5M!'9*!-%%J,-'*\Y!C&%-2-+M!,#M,R!YB6#+!-(!9&!4%#M!#
%-++%&!/#:&\Y
!YB6#+!-(!9&!#5&!('J*1!'J+\Y!7**!(5&+,R
!YB&!9'*S+!$&OY!C&%-2-+M!,#M,RYD!,6#%%!+&%%!+6&!%#1-&,!#+!+6&!2%J$!+6#+!$&('5&!+6&!
1&#+6!'(!M'J5!4#5&*+,O!M'J!5&2&-K&1!:J,-2#%!+5#-*-*/
(5':!#!9'5%1I(#:'J,!;J,,-#*!'4&5#!,-*/&5R!"6&M!9-%%!$&!+65-%%&1!+'!6&#5!M'J!,-*/R!
P*'9-*/!6'9!+6&M!#5&O!+6&MS%%!#%%!(-/6+!+'!6#K&!M'J
,-*/!#+!+6&-5!1#*2&,!#*1!1-**&5,R!H'JS%%!$&!+6&!45-T&!&Z6-$-+O!#*1!+6&!96'%&!+-:&O!
+6&MS%%!6#K&!*'!-1&#!M'JS5&!4''5!#,!#!26J526!:'J,&RY
!"6&5&!-,!,':&+6-*/!(&5#%!-*!C&%-2-+MS,!/5-*R
!YD!,6#%%!45'$#$%M!1-,#44'-*+!+6&:OY!7**!:J:$%&,R
!YH'J!:J,+!,+'4!+6#+!+6-,!-*,+#*+OY!C&%-2-+M!26-1&,R!YDS:!*'+!1'-*/!#%%!+6-,!9'58!
'*!M'J5!$&6#%(!,'!+6#+!M'J!2#*!/'!#*1!J*1'!-+RY
!YH&,O!C&%-2-+MOY!7**!,#M,R
!?:$5&%%#,!'4&*&1!#/#-*,+!+6&!5#-*O!9&!,+&4!'J+,-1&O!96&5&!9&!2#*!6#K&!#!:':&*+!
#%'*&R!A'*&!'(!J,!9#*+,!+'!,#M!96#+!9&S5&
5&#%%M!(&&%-*/O!+6#+!-+!,6#%%!$&!+'5+J5&!+'!9#-+!+'!&*+&5!+6&!5&#%:,R!@#K-*/!
+#,+&1!+6&!:#/-2O!D!2#**'+!9#-+!+'!+5M!-+!#/#-*R
!Y0#TT%&!+6&:OY!D!,#M!+'!7**R!B&!&:$5#2&!%-/6+%MO!#*1!+6&*!+6&!15-K&5!-,!2#%%-*/!
'K&5!+6&!2#,2#1&!'(!5#-*R
!Y"9'!1#M,OY!C&%-2-+M!,#M,R
!D!*'1R!Y"9'!1#M,RY
!"6&M!,8-++&5!'((!('5!+6&!2#55-#/&O!8-28-*/!J4!:J1!#,!+6&M!1'R
!Q#1&:'-,&%%&!=&C#5/&!-,!,&#+&1!-*!+6&!/5&#+!6#%%!96&*!D!&*+&5R!F6&S,!/'+!'*!6&5!
K&5M!$&,+!9''%!,J-+!#*1!-,!5&#1-*/!.5-1&!#*1
.5&VJ1-2&!R
!YH'J!%''8!%'K&%MOY!D!,#MRY35O!+5&,!V'%-&!bY
!YQ&52-!$&#J2'J4OY!,6&!,#M,O!,:-%-*/R!Y"6&!-*,4&2+'5!-,!2#%%-*/!('5!:&!,6'5+%MRY
!YD!,&&!M'J!#5&!5&#1-*/!Q-,,!7J,+&*OY!D!,#MO!/5#+&(J%!+6#+!,6&!6#,!*'+!J4$5#-1&1!
:&!('5!:M!+&55-$%&!C5&*26R
!Y<6O!M&,R!D!1'!&*V'M!6&5!$''8,R!"6&MS5&!,'!5':#*+-2R!D+S,!K&5M!2%&K&5!'(!6&5!+'!
&*1!#%9#M,!'*!#!6#44M!*'+&!9-+6!#!$&+5'+6#%!'5
9&11-*/RY
!7!:#-1!8*'28,RYQ5R!P&*+!+'!,&&!M'JO!:-,,RY
!Y76O!+6#*8!M'JRY!Q#1&:'-,&%%&!=&C#5/&!4J+,!#9#M!6&5!$''8R!YB&%%O!Q-,,!0'M%&O!D!
,6#%%!,&&!M'J!-*!+6&!*&9!M&#5O!+6&*R!@#K&!#
6#44M!)65-,+:#,RY
!Y@#44M!)65-,+:#,!+'!M'JO!Q#1&:'-,&%%&!=&C#5/&RY
!Y<6O!#*1!1'!9'58!'*!M'J5!C5&*26!'K&5!+6&!6'%-1#MO!Q#1&:'-,&%%&!0'M%&R!D+!-,!#!
,&#,'*!'(!:-5#2%&,R!.&56#4,!9&!,6#%%!$'+6!$&
/5#*+&1!'*&RY
!B-+6-*!6'J5,O!F4&*2&!-,!*&#5%M!1&,&5+&1R!<*%M!#!6#*1(J%!'(!J,!5&:#-*R!7%%!1#M!
%'*/O!/-5%,!6#K&!$&&*!%&#K-*/R!C5':!:M!9-*1'9O!DSK&
9#+26&1!+6&:!,+&4!'J+!-*+'!+6&!2'%1!9-*1!('5!+6&!2#55-#/&!5-1&!+'!+6&!+5#-*!
,+#+-'*R!DSK&!9#+26&1!+6&-5!/''1$M&,O!+6&-5!45':-,&,!+'!,&&
&#26!'+6&5!#+!+6-,!$#%%!'5!+6#+!'4&5#R!D+S,!#!9'*1&5!+6&M!2#55M!'*!,'!9-+6!+&#5,!
#*1!YDS%%!:-,,!M'JS,Y!,-*2&!-+!,&&:,!#,!-(!+6&M!9-%%
,2#52&%M!$&!#4#5+R
!DSK&!+6&!5J*!'(!+6&!4%#2&O!#*1!,'!D!,4&*1!,':&!+-:&!&Z4%'5-*/O!2%-:$-*/!,+&&4!
,+#-5,!-*+'!+6-*!+J55&+,!96',&!9-*1'9,!/-K&!:&!#
$-51S,I&M&!K-&9!'(!+6&!%#*1!,J55'J*1-*/!F4&*2&R!D!(%-+!4#,+!%'28&1!1''5,!#*1!1#58O!
4#*&%&1!5'':,!+6#+!,&&:!:'5&!%-8&!:J,&J:
&Z6-$-+,!+6#*!%-K-*/O!$5&#+6-*/!4%#2&,R!D!9#*1&5!J*+-%!-+!-,!1#58!#*1!4#,+!+6&!
+-:&!96&*!D!,6'J%1!$&!-*!$&1O!*'+!+6#+!D!+6-*8!#*M'*&!,6#%%
!$&!,&#526-*/!('5!:&R
!B6&*!D!5&#26!:M!'9*!(%''5O!D!#:!,+'44&1!2'%1R!<*&!'(!+6&!&*'5:'J,!1''5,!+'!+6&!
$J5*&1!5&:#-*,!'(!+6&!3#,+!B-*/!6#,!$&&*!%&(+
#V#5R!7!8&M!VJ+,!(5':!+6&!%'28R!D*!+6&!+-:&!DSK&!$&&*!6&5&O!DSK&!*&K&5!,&&*!+6&,&!
1''5,!J*%'28&1O!#*1!D!9'*1&5!96M!+6&M!,6'J%1!$&
'4&*&1!*'9O!96&*!+6&!,26''%!-,!&:4+MR
!A&#5%M!&:4+MR
!D!25&&4!2%',&5O!+5M-*/!*'+!+'!:#8&!#!,'J*1R!"6&5&!#5&!K'-2&,!2':-*/!(5':!-*,-1&R!
D+!+#8&,!:&!#!:':&*+O!$J+!D!5&2'/*-T&!+6&:W
Q5,R!A-/6+9-*/!#*1!Q-,,!Q2)%&&+6MR!D!2#**'+!6&#5!+6&:!2%&#5%MR!"6&!9-*1!4J,6&,!
+65'J/6!%-8&!#!$&%%'9,O!,&*1-*/!4J((,!'(!9'51,!'J+!+'
:&W!YQJ,+!$&/-*RY!Y='*1'*RY!Y"6&MS%%!6&%4!J,RY!YDSK&!,&2J5&1!-+RY
!D!#:!+''!#(5#-1!+'!4&&5!-*O!,'!D!4J+!:M!&#5!+'!+6&!25#28O!VJ,+!#,!Q5,R!A-/6+9-*/!
,#M,OYD!,6#%%!+#8&!2#5&!'(!-+R!D+!-,!:M!26#5/&O!#(+&5
#%%RY
!B-+6!+6#+O!Q-,,!Q2)%&&+6M!,+&4,!+65'J/6!+6&!1''5O!2#+26-*/!:&R
!Y3#K&,15'44-*/O!Q-,,!0'M%&\Y!,6&!#,8,O!6&5!&M&,!(%#,6-*/R
!YB6#+!-,!-+\!B6#+S,!+6&!:#++&5\Y!Q5,R!A-/6+9-*/!1&:#*1,R
!YQ-,,!0'M%&b!B6#+!'*!&#5+6bY
!YD!D!#:!,'55MO!Q5,R!A-/6+9-*/R!D!6&#51!K'-2&,RY
!YB6#+!1-1!M'J!6&#5\Y!Q5,R!A-/6+9-*/!#,8,R
!YA'+6-*/OY!D!,#MR
!YH'J!&Z4&2+!J,!+'!$&%-&K&!M'J\Y!Q-,,!Q2)%&&+6M!45&,,&,R
!YD+S,!+5J&OY!D!%-&R!Y"6&!,26''%!-,!,'!&:4+M!#*1!D!9#,!6#K-*/!+5'J$%&!,%&&4-*/RY
!Q-,,!Q2)%&&+6M!#*1!Q5,R!A-/6+9-*/!&Z26#*/&!/%#*2&,R
!Y>&+!'*!+'!$&1O!+6&*O!Q-,,!0'M%&OY!Q5,R!A-/6+9-*/!,#M,R!YD*!+6&!(J+J5&O!M'J!
,6'J%1!:#8&!M'J5!45&,&*2&!8*'9*!#+!'*2&RY
!YH&,O!Q5,R!A-/6+9-*/OY!D!,#MO!*&#5%M!5J**-*/!+'!:M!5'':!#+!+6&!&*1!'(!+6&!6#%%R
!B6#+!9&5&!+6&M!,4&#8-*/!'(\!QJ,+!$&/-*!96#+\
!B-+6!&(('5+O!D!5&:'K&!:M!$''+,O!15&,,O!2'5,&+O!#*1!,+'28-*/,O!+-%%!D!#:!1'9*!+'!
:M!26&:-,&R!"6&5&!#5&!&Z#2+%M!('J5+&&*!4-*,!-*!:M
6#-5R!D!2'J*+!+6&:!#,!:M!+5&:$%-*/!(-*/&5,!5&:'K&!&#26!'*&R!QM!2'44&5M!2J5%,!5'%%!
1'9*!:M!$#28!-*!#!,-/6!'(!5&%-&(R
!D+S,!*'!/''1R!DS:!(#5!+''!V-++&5M!+'!+6-*8!'(!,%&&4R!D!#:!-*!*&&1!'(!#!
1-,+5#2+-'*O!,':&+6-*/!+'!&#,&!:M!:-*1R!L&*&#+6!6&5!$&1O!7**
8&&4,!#!,+#28!'(!:#/#T-*&,O!+6&!,'5+!+6#+!'((&5!#1K-2&!#*1!,6'9!+6&!%#+&,+!
(#,6-'*,R!<*!+6&!2'K&5!-,!#*!-%%J,+5#+-'*!'(!#!$&#J+-(J%
9':#*R!@&5!6#-5!-,!#1'5*&1!9-+6!(&#+6&5,R!@&5!,8-*!-,!25&#:M!4&5(&2+-'*!#*1!6&5!
/#T&!:#*#/&,!+'!$&!$'+6!8-*1!#*1!4&*,-K&O!#,!-(
,6&S,!,+#5-*/!'((!-*+'!+6&!,J*,&+!96-%&!#%,'!+6-*8-*/!'(!$#*1#/-*/!+6&!,8-**&1!
8*&&,!'(!25M-*/!26-%15&*R!D!1'!*'+!8*'9!6'9!+'
#22':4%-,6!,J26!#!%''8R!D!(-*1!:M,&%(!9-+6!#!*&9!(&#5W!+6#+!D!,6#%%!*&K&5O!&K&5!$&!
+6-,!%'K&%MR
!D!,-+!#+!+6&!15&,,-*/!+#$%&O!,+#5-*/!#+!:M,&%(!-*!+6&!:-55'5O!+J5*-*/!:M!(#2&!
+6-,!9#M!#*1!+6#+R!QM!45'(-%&!-,!1&2&*+R!DSK&!#!,+5#-/6+
*',&!#*1!#!/''1!V#9R!"J5*-*/!+'!+6&!:-55'5!#/#-*O!D!+#8&!-*!+6&!(5&28%&,!#*1!4#%&!
$5'9,R!@'4&%&,,R!D+!-,*S+!#,!-(!+6&5&S,!,':&+6-*/
6'55-(-2!#$'J+!:&U!-+S,!VJ,+!+6#+!+6&5&S,!*'+6-*/!+6#+!,+#*1,!'J+R!A'!:M,+&5MR!D!
#:!*'+!+6&!,'5+!'*&!9'J%1!4-2+J5&!'*!+6&!2'K&5!'(
4&**M!:#/#T-*&,O!/#T-*/!#1'5-*/%M!-*+'!+6&!1-,+#*2&R!D!#:!*'+!+6&!,'5+!96'!-,!
4-*&1!('5!$M!#1:-5&5,O!+6&!/-5%!-::'5+#%-T&1!-*!,'*/R
7*1!D!2#**'+!,#M!+6#+!-+!1'&,*S+!,+-*/!+'!8*'9!+6-,R
!B6&*!D!#++&*1!1-**&5,!#*1!$#%%,!-(!D!#++&*1!#*MO!+6#+!-,!!96#+!9-%%!'+6&5,!,&&!-*!
:&\!B-%%!+6&M!&K&*!*'+-2&\!<5!9-%%!,-/6-*/
$5'+6&5,!#*1!1&#5!'%1!J*2%&,!#*1!1-,+#*+!2'J,-*,!'(!'+6&5!2'J,-*,!$&!('52&1!+'!
1#*2&!9-+6!:&!'J+!'(!,':&!,&*,&!'(!4'%-+&*&,,!$&2#J,&
+6&-5!9-K&,O!:'+6&5,O!#*1!6',+&,,&,!6#K&!('52&1!+6&:!-*+'!-+\
!)'J%1!D!&K&5!$&!#!/'11&,,\!D!$5J,6!:M!6#-5!#*1!#55#*/&!-+!#25',,!:M!,6'J%1&5,!#,!
DSK&!,&&*!-*!1#5-*/!4',+&5,!('5!'4&5#,!-*!96-26
2'*,J:4+-K&!9':&*!1-&!('5!%'K&!96-%&!%''8-*/!#26-*/%M!$&#J+-(J%R!D(!D!,XJ-*+!#*1!
4#5+!:M!%-4,!VJ,+!,'O!D!2'J%1!$&!:-,+#8&*!('5!#%%J5-*/O
4&56#4,R!QM!5&(%&2+-'*!9#*+,!,':&+6-*/R!>-*/&5%MO!D!4J,6!1'9*!+6&!,6'J%1&5!,+5#4,!
'(!:M!26&:-,&O!$#5-*/!(%&,6R!D!,6#8&!:M!6#-5
,%-/6+%M!,'!+6#+!-+!/'&,!#!$-+!9-%1O!#,!-(!D!9&5&!#!9''1!*M:46O!,':&+6-*/!J*+#:&1R
!Y3Z2J,&!:&OY!D!,#M!+'!:M!5&(%&2+-'*OYD!1'*S+!$&%-&K&!9&SK&!:&+R!D!#:!R!R!RY!.#%&R!
"6#+S,!96#+!D!#:R!D!4-*26!5',&,!-*!:M!26&&8,!#*1
,+#5+!'K&5O!#1'4+-*/!#!%'9!,*#5%!'(!#!K'-2&R!YB6'!-,!-+!+6#+!5'#:,!:M!9''1,!,'!
(5&&%M\!F4&#8!M'J5!*#:&R!F4&#8bY
!L&6-*1!:&O!+6&5&!-,!+6&!2%&#5-*/!'(!#!+65'#+O!('%%'9&1!$M!#!96-,4&5RYD+!-,!DO!
P#5+-8RY
!7!+-*M!M&%4!&,2#4&,!(5':!:M!+65'#+R!D!VJ:4!J4!(5':!:M!15&,,-*/!+#$%&!#*1!
-::&1-#+&%M!+5-4!'*!+6&!&1/&!'(!-+O!(#%%-*/!'*!+6&!5J/
#*1!$5-*/-*/!+6&!26#-5!1'9*!9-+6!:&R!P#5+-8!,+&4,!(5':!$&6-*1!:M!15&,,-*/!,25&&*O!
6-,!4#%:,!J4!-*!(5'*+!'(!6-,!26&,+R
!Y.%&#,&R!0'*S+!,25&#:RY
!Y@'9!1#5&!M'JbY!D!/#,4O!5J**-*/!('5!:M!2J4$'#51!#*1!+6&!5'$&!+6#+!6#*/,!+6&5&R!
<6O!>'1O!96&5&!-,!-+\
!P#5+-8!,+#5&,!#+!+6&!(%''5R!YD!R!R!R!D+!9#,*S+!:M!-*+&*+-'*O!D!#,,J5&!M'JR!D!9#,!
+6&5&O!$J+!D!1'T&1!'((O!#*1!+6&*!R!R!R!75&!M'J!R!R!R
45&,&*+#$%&\Y
!DSK&!('J*1!+6&!5'$&!$J+!:M!(-*/&5,!2#**'+!4',,-$%M!9'58!-*!,J26!#!,+#+&R!"6&!5'$&!
-,!$J++'*&1!#%%!95'*/R!D+!6#*/,!#+!#*!'11!#*/%&R!D
25',,!:M!#5:,!+'!:-*-:-T&!+6&!1#:#/&R!Y.&56#4,!M'J!1'!*'+!8*'9O!$J+!-+!-,!
J*('5/-K#$%&!+'!6-1&!-*!#!%#1MS,!5'':R!7*1!*'+!+'
#**'J*2&!M'J5,&%(!96-%,+!,6&!-,!15&,,-*/!R!R!RY!D!(J:&RY?*('5/-K#$%&RY
!YD!#:!,'55MOY!6&!,#M,O!%''8-*/!,6&&4-,6R
!Y?*('5/-K#$%&OY!D!5&4&#+R
!YF6'J%1!D!/'!#*1!2':&!$#28\Y
!Y7,!M'J!#5&!#%5&#1M!6&5&O!M'J!:#M!#,!9&%%!,+#MRY!"5J+6(J%%MO!D!#:!/%#1!+'!6#K&!
2':4#*M!#(+&5!:M!J*('5+J*#+&!&*2'J*+&5!&#5%-&5R
YB6#+!-,!-+!+6#+!-,!,'!J5/&*+!-+!5&XJ-5&,!M'J!+'!,2#%&!#!9#%%!#*1!6-1&!$&6-*1!:M!
15&,,-*/!,25&&*\SS
!Y0-1!M'J!&*+&5!+6&!5&#%:,\SS!6&!#,8,R
!D!*'1R!YH&,R!LJ+!*'+6-*/!,&&:&1!#:-,,R!D+!9#,!#,!$&#J+-(J%!#,!$&('5&RY!D!,+'4O!
+6-*8-*/!'(!.-44#R!L&#J+-(J%!.-44#O!96':!P#5+-8!'*2&
/#T&1!J4'*!9-+6!,J26!#9&R!D!+6-*8!'(!6&5!9#5*-*/!#$'J+!+6&!;#8,6#*#R
!YB6#+!-,!-+\Y
!YA'+6-*/R!B&!6#K&!#,8&1!,':&'*&!+6&5&!+'!6&%4!J,R!7!/J-1&O!'(!,'5+,RY
!P#5+-8!,6#8&,!6-,!6&#1R!Y"6#+!-,!*'+!9-,&b!D!+'%1!M'JO!*'+6-*/!#*1!*'!'*&!+6#+!
2':&,!(5':!9-+6-*!+6&!5&#%:,!2#*!$&!+5J,+&1!VJ,+
*'9RY
!Y"6-,!-,!,':&'*&!9&!2#*!+5J,+RY
!Y@'9!1'!M'J!8*'9\Y
!YD+S,!.-44#OY!D!,#M!XJ-&+%MR
!P#5+-8S,!&M&,!9-1&*RYQ-,,!)5',,\!LJ+!D!+6'J/6+!R!R!RY
!YH&,O!,'!1-1!DR!LJ+!D!,#9!6&5!%#,+!*-/6+R!F6&!1'&,*S+!8*'9!#$'J+!+6&!"&:4%&O!$J+!
,6&S,!/'-*/!+'!6&%4!J,!(-*1!-+RY
!P#5+-8!,+#5&,!#+!:&R!YLJ+!-(!,6&!1'&,*S+!25',,!'K&5O!,6&S%%!$&2':&!2'55J4+&1RY
!YF6&!,#M,!+6#+!-,*S+!+6&!2#,&RY
!YH'J!2#**'+!+5J,+!6&5R!F6&!2'J%1!#%5&#1M!$&!2'55J4+&1RY
!Y"6&5&S,!*'+6-*/!,+5#*/&!#$'J+!6&5!#+!#%%OY!D!45'+&,+R!YF6&S,!VJ,+!#,!R!R!RY!
F6&S,!VJ,+!#,!$&#J+-(J%!#,!$&('5&O!D!9#,!#$'J+!+'!,#MR
!YF6&S,!VJ,+!#,!96#+\Y
!YF6&!-,!+6&!,#:&!.-44#OY!D!#*,9&5!XJ-&+%MR!Y7*1!,6&!8*'9,!:'5&!#$'J+!+6&!5&#%:,!
+6#*!9&!1'!#+!+6-,!4'-*+R!F6&!2#*!6&%4!J,R!D+S,
:'5&!+6#*!M'JSK&!/-K&*!:&!+'!/'!'*RY
!D(!DSK&!-*VJ5&1!P#5+-8S,!45-1&O!6&!1'&,*S+!%&+!'*R!@&!4#2&,O!4#,,-*/!,'!*&#5!+6#+!
D!2#*!,:&%%!6-:O!#!:-Z+J5&!'(!,:'8&O!2-**#:'*O!+6&
9-*1O!+6&!('5$-11&*R!D!2%J+26!:M!5'$&!+-/6+%M!#$'J+!:&R
!Y7%%!5-/6+OY!6&!,#M,O!5J$$-*/!6-,!26-*RY.5'2&&1!2#5&(J%%MR!LJ+!D!1'*S+!%-8&!+6-,R!
"6&!;#8,6#*#!&Z45&,,%M!9#5*&1!Y
!Y"6&!;#8,6#*#!6#K&!*'+!$&&*!+6&5&O!,'!6'9!2#*!+6&M!4',,-$%M!8*'9!96#+!-,!+'!$&!
+5J,+&1\Y!.-44#S,!9#5*-*/!,&&:,!,J11&*%M!K&5M
/''1!+'!:&R!YD!8*'9!*'+6-*/!#$'J+!M'J5!$5'+6&56''1R!B6M!,6'J%1!D!+5J,+!+6&:\!B6M!
,6'J%1!D!+5J,+!M'J\!@'*&,+%MO!M'J!,*&#8!-*+'!:M
5'':!#*1!6-1&!$&6-*1!:M!15&,,-*/!,25&&*R!H'J!('%%'9!:&!#$'J+R!H'JS5&!2'*,+#*+%M!
$#58-*/!'51&5,!#+!:&W!)%',&!M'J5!:-*1b!A'O
15&#1(J%%M!,'55M!'4&*!M'J5!:-*1b!@&%4!J,!(-*1!+6&!"&:4%&b!L-*1!+6&!:#/-2bY
!YDSK&!+'%1!M'J!96#+!D!8*'9OY!6&!,#M,R
!YH'J!1'*S+!8*'9!K&5M!:J26O!1'!M'J\Y!D!,*#4R
!YD!8*'9!:M!$5'+6&5!9#,!;#8,6#*#R!D!8*'9!+6#+!6&!1-&1!+5M-*/!+'!45'+&2+!M'J5!
:'+6&5O!#*1!+6#+!,6&!1-&1!+5M-*/!+'!45'+&2+!M'JRY
!"6&5&!-+!-,R!"6&!J/%M!,'55'9!+6#+!V'-*,!J,R!D!(&&%!#,!-(!+6&!$5&#+6!6#,!$&&*!
8*'28&1!(5':!:&R
!Y0'*S+OY!D!9#5*R
!Y0'*S+!96#+\Y
!Y0'*S+!26#*/&!+6&!,J$V&2+R!D!+6-*8!D!,6#%%!/-K&!+6&!'51&5,!('5!#!96-%&R!H'J!9#*+!
:&!+'!(-*1!+6&!"&:4%&R!D!9#*+!,':&+6-*/!(5':!M'JRY
!Y75&!M'J!$%#28:#-%-*/!:&\Y!6&!#,8,R
!YH'J!2#*!2#%%!-+!96#+!M'J!%-8&R!LJ+!D!9'*S+!+&%%!M'J!#*M+6-*/!(J5+6&5!J*+-%!M'J!
#*,9&5!:M!XJ&,+-'*,RY
!D!,-+!'*!7**S,!$&1R!@&!,-+,!'*!:-*&O!'44',-+&!:&R!@&5&!9&!#5&O!#!2'J4%&!'(!1'/,!
5&#1M!+'!$-+&!-(!45'K'8&1R
!Y7,8OY!6&!,#M,R
!YDS%%!#,8!96&*!DS:!5&#1MOY!D!,#MR
!YE&5M!9&%%O!1'*S+!#,8RY!@&!,+#*1,!+'!%&#K&R
!Y"&%%!:&!#$'J+!+6&!;#8,6#*#bY!D!$%J5+!'J+R
!P#5+-8!,-/6,!#*1!%''8,!J4!+'!+6&!2&-%-*/R!Y"6&!L5'+6&56''1!'(!+6&!;#8,6#*#!6#,!
&Z-,+&1!('5!#,!%'*/!#,!+6&!<51&5R!"6&M!5',&!-*!+6&
3#,+!$J+!9&5&!V'-*&1!$M!'+6&5,!#%'*/!+6&!9#MR!)6#5%&:#/*&!9#,!;#8,6#*#O!#,!9&5&!
:#*M!'(!+6&!P*-/6+,!"&:4%#5R!"6&M!9&5&!+6&
/J#51-#*,!'(!+6&!5&#%:,!#*1!-+,!$'51&5,O!,9'5*!+'!45'+&2+!+6&!<51&5R!"6&-5!&:$%&:!
-,!+6&!,9'51!#*1!+6&!,8J%%RY!@&!,#M,!+6-,!-*!#!5J,6O
%-8&!#!6-,+'5M!%&,,'*!5&2-+&1!('5!+6&!$&*&(-+!'(!#!+&#26&5R
!Y"6#+!9#,!,&5K-2&#$%&OY!D!,#MO!-55-+#+&1R
!@&!6'%1,!J4!#!(-*/&5RYLJ+!-*('5:#+-K&RY
!D!-/*'5&!6-,!V-$&R
!Y@'9!1-1!M'J!2':&!+'!$&!4#5+!'(!+6&!;#8,6#*#\Y
!@&!,65J/,RYD!6#K&!#%9#M,!$&&*!9-+6!+6&:RY
!YA'+!#%9#M,O!,J5&%MR!H'J!:J,+!6#K&!6#1!#!:'+6&5!#*1!#!(#+6&5RY
!YH&,R!LJ+!D!*&K&5!5&#%%M!8*&9!+6&:R!D!%&(+!+6&:!96&*!D!9#,!,-ZRY
!Y<6OY!D!,#MO!,6'28&1R!DS1!*&K&5!+6'J/6+!'(!P#5+-8!#,!#!%-++%&!$'M!%&#K-*/!6-,!
:'+6&5S,!#5:,RYD!#:!,'55MRY
!@&!9'*S+!:&&+!:M!&M&,R!Y"6&5&!-,!*'+6-*/!+'!$&!,'55M!('5R!D+!9#,!J*1&5,+''1!+6#+!
D!9'J%1!$&!+5#-*&1!('5!+6&!;#8,6#*#O!%-8&!:M
$5'+6&5O!7:#5O!$&('5&!:&R!D+!9#,!#!/5&#+!6'*'5!('5!:M!(#:-%MR!D!9#,!+#8&*!-*+'!+6&!
('%1!#*1!,26''%&1!-*!:#+6&:#+-2,O!%#*/J#/&,O
9&#4'*,O!(-/6+-*/R!7*1!25-28&+RY!@&!,:-%&,R!YDS:!XJ-+&!/''1!#+!25-28&+RY
!YB6#+!&%,&\Y
!YD!9#,!+#J/6+!6'9!+'!,J5K-K&!-*!+6&!9''1,R!@'9!+'!+5#28!+6-*/,R!"6-&K&5MRY
!D!5#-,&!:M!&M&$5'9,!#+!+6-,R
!YB6#+&K&5!-+!+#8&,!+'!,J5K-K&R!<*&!*&K&5!8*'9,!96&*!4-28-*/!#!:#*S,!4'28&+!9-%%!
$JM!#!1#MS,!(''1!'5!25&#+&!#!1-,+5#2+-'*!#+!VJ,+
+6&!5-/6+!:':&*+RY
!D!+6-*8!'(!:M!'9*!:'+6&5O!/'*&!('5!/''1!*'9O!#*1!6'9!1&&4%M!D!(&&%!6&5!
%',,RY0-1*S+!M'J!:-,,!M'J5!(#:-%M!+&55-$%M\Y
!@-,!K'-2&O!96&*!-+!2':&,O!-,!K&5M!XJ-&+R!YD*!+6&!$&/-**-*/O!D!%''8&1!('5!:M!
:'+6&5!'*!&K&5M!,+5&&+O!-*!&K&5M!:#58&+O!#%9#M,!6'4-*/
D!9'J%1!,&&!6&5R!LJ+!D!6#1!7:#5O!#+!%&#,+RY
!Y@'9!+&55-$%&R!H'J!6#1!*'!,#M!-*!-+RY
!YD+!9#,!:M!(#+&R!D!#22&4+!-+R!"6&!;#8,6#*#!6#K&!$&&*!K&5M!/''1!+'!:&R!D!6#K&!$&&*!
+5#-*&1!('5!#*!&%-+&!$5'+6&56''1R!B6#+!9'J%1!D
6#K&!1'*&!-*!D*1-#\!@&51&1!2'9,\!>'*&!6J*/5M\!=-K&1!-*!+6&!,6#1'9!'(!+6&!3*/%-,6O!
('52&1!+'!,:-%&!96-%&!,&5K-*/!+6&-5!(''1!'5
/5'':-*/!+6&-5!6'5,&,\Y
!YD!1-1*S+!:&#*!+'!J4,&+!M'JR!R!R!RY
!YH'J!1-1*S+!J4,&+!:&OY!6&!,#M,RYD!1'*S+!+6-*8!M'J!J*1&5,+#*1!6'9!/5&#+!#*!6'*'5!
-+!-,!+'!$&!26',&*!('5!+6&!$5'+6&56''1R!F''*O!D!9-%%
$&!5&#1M!+'!#1K#*2&!+'!+6&!%#,+!%&K&%!'(!:M!+5#-*-*/RY
!YB6#+!6#44&*,!+6&*\Y
!YD!1'*S+8*'9OY!6&!,#M,O!9-+6!#!,9&&+!,:-%&R!YH'J!:J,+!,9&#5!#*!'#+6!'(!#%%&/-#*2&!
('5!%-(&R!"6&*!M'J!#5&!,6'9*!+6&!&+&5*#%
:M,+&5-&,R!A'!'*&!&K&5!,4&#8,!'(!-+R!LJ+!(-5,+O!M'J!:J,+!2':4%&+&!#!26#%%&*/&!,&+!
$&('5&!M'JO!+'!45'K&!M'J5!9'5+6-*&,,RY
!YB6#+!-,!M'J5!26#%%&*/&\Y
!@-,!,:-%&!(#1&,R!Y"'!(-*1!+6&!"&:4%&RY
!YH'J5!(#+&!-,!V'-*&1!+'!:-*&RY
!YH&,OY!6&!,#M,!,'(+%MRYF'!-+!9'J%1!,&&:RY
!@&S,!%''8-*/!#+!:&!-*!,J26!#*!'11!9#M!+6#+!D!#:!'*2&!#/#-*!#9#5&!'(!6'9!
2':45':-,&1!D!#:!-*!:M!5'$&R!YH'J!,6'J%1!/'!*'9RY
!YH&,R!D!,6'J%1OY!6&!,#M,O!%&#4-*/!J4RYQ#M!D!#,8!M'J!#!XJ&,+-'*\Y
!YH&,OY!D!#*,9&5R
!Y0'!M'J!'(+&*!+#%8!+'!M'J5!:-55'5\!D,!+6#+!,':&+6-*/!M'J*/!%#1-&,!1'\Y
!YA'R!<(!2'J5,&!*'+RY!D!$%J,6!#!,6#1&!'(!25-:,'*!1&&4&5!+6#*!6#,!&K&5!$&&*!*'+&1!
'*!#*M!/-5%S,!26&&8,RYD!9#,!5&6&#5,-*/R!C'5!#
4%#MR!D!D!#:!+'!4&5('5:!-*!#!26'5J,RY
!Y"6#+!9-%%!2&5+#-*%M!$&!#!:',+!-*+&5&,+-*/!&Z6-$-+-'*OY!P#5+-8!,#M,O!,6#8-*/!6-,!
6&#1R
!YD!6#K&!#!5#+6&5!%'*/!1#M!'(!+5#K&%-*/!+':'55'9!#*1!:J,+!$-1!M'J!/''1!*-/6+OY!D!
,#M!5#+6&5!('5:#%%MR!DS:!&#/&5!('5!P#5+-8!+'!%&#K&
,'!+6#+!D!:#M!,J((&5!:M!&:$#55#,,:&*+!-*!45-K#+&R!@&!,9-*/,!6-,!,+5'*/!%&/,!'K&5!
+6&!9-*1'9S,!&1/&!#*1!5&#26&,!('5!+6&!5'4&
*&,+%&1!-*!+6&!+6-28!-KM!5J**-*/!J4!+6&!,26''%S,!9#%%,R!Y<6O!6'9!9-%%!D!2'*+#2+!
M'J!,6'J%1!D!(-*1!+6&!"&:4%&\Y
!Y"6&!;#8,6#*#!6#K&!,&2J5&1!&:4%'M:&*+!('5!:&!-*!='*1'*!'K&5!+6&!6'%-1#MR!
F':&96&5&!2%',&R!DS%%!$&!-*!+'J26RY
!7*1!9-+6!+6#+O!6&!-,!+65'J/6!+6&!9-*1'9!#*1!,2J55M-*/!1'9*!+6&!5'4&R!D!9#+26!6-:!
V'-*!+6&!*-/6+O!9-,6-*/!6&!2'J%1!2':&!$#28R!DSK&
$#5&%M!,&2J5&1!+6&!%#+26!96&*!+6&5&S,!#!8*'28!'*!:M!1''5R!D+!-,!Q-,,!Q2)%&&+6MR
!YD!+6'J/6+!D!6&#51!K'-2&,OY!,6&!,#M,O!,J5K&M-*/!+6&!5'':R
!YD!D!9#,!5&#1-*/!#%'J1OY!D!,#MO!/5#$$-*/!7**S,!:#/#T-*&!(5':!+6&!$&1R
!YD!,&&OY!,6&!,#M,!-*!6&5!,+5#*/&!#22&*+R!F6&!'((&5,!:&!#!/%#,,R
!YH'J!,#-1!M'J!9&5&!6#K-*/!+5'J$%&!,%&&4-*/O!,'!DSK&!$5'J/6+!M'J!,':&!9#5:!:-%8RY
!Y"6#*8!M'JOY!D!,#MO!+#8-*/!-+R!D!%'#+6&!9#5:!:-%8R
!YD!(&&%!+6#+!M'J!#*1!D!/'+!'((!'*!5#+6&5!+6&!95'*/!(''+RY
!YD!#:!,'55M!('5!96#+!6#44&*&1!9-+6!+6&!#55'9O!Q-,,!Q2)%&&+6MR!"5J%MO!D!#:R!7*1!D!
9#,*S+!&#K&,15'44-*/!'*!M'J!&#5%-&5R!D!Y
!YA'9O!*'9R!D+!-,!#%%!('5/'++&*R!H'J!,6#5&!+6-,!5'':!9-+6!Q-,,!L5#1,6#9\Y
!YH&,OY!D!,#MR
!YF6&!#*1!Q-,,!B'5+6-*/+'*!#5&!M'J5!1&#5&,+!(5-&*1,\Y
!YH&,RY!"6&M!#5&!:M!'*%M!(5-&*1,O!#2+J#%%MR
!Y"6&M!#5&!2&5+#-*%M!(-*&!M'J*/!%#1-&,O!$J+!*'+!6#%(!,'!-*+&5&,+-*/!#,!M'JO!D!
1#5&,#MO!Q-,,!0'M%&RY
!D!#:!1J:$('J*1&1RYQI:&\!DS:!*'+!,'!K&5M!-*+&5&,+-*/RY!Y)':&!*'9OY!,6&!,#M,O!
:'K-*/!2%',&5RYB6MO!Q5,R!A-/6+9-*/!#*1!D!9&5&
!,4&#8-*/!'(!M'J!VJ,+!+6-,!K&5M!&K&*-*/O!#*1!9&!#/5&&1!+6#+!+6&5&!-,!,':&+6-*/!
K&5M!,4&2-#%!#$'J+!M'JRY
!D!#:!,+#*1-*/!$&('5&!6&5!-*!#!:-,$J++'*&1!5'$&RYH'J!#5&!+''!8-*1O!DS:!,J5&R!
72+J#%%MO!Q-,,!L5#1,6#9!6#,!#*!#,+'*-,6-*/!K'-2&O!#*1
Q-,,!B'5+6-*/+'*!-,!(5-/6+(J%%M!2%&K&5RY
!YF&&!6'9!%'M#%!M'J!#5&O!Q-,,!0'M%&\!cJ-28!+'!2':&!+'!+6&!1&(&*,&!'(!M'J5!(5-&*1,R!
D+!-,!#!2'::&*1#$%&!+5#-+RY
!F6&!:&#*,!+'!2':4%-:&*+!:&O!$J+!D!(&&%!J*2':('5+#$%&O!#,!-(!D!#:!$&-*/!,+J1-&1R
!YB6#+!#!:',+!J*J,J#%!*&28%#2&RY!L'%1!#,!M'J!4%&#,&O!,6&!+5#2&,!+6&!2J5K&!'(!+6&!
25&,2&*+!:''*!9-+6!6&5!(-*/&5R!YB6&5&!1-1!M'J!/&+
+6-,\Y
!YD+!9#,!:M!:'+6&5S,OY!D!,#MR
!F6&!/-K&,!:&!#!4&*&+5#+-*/!%''8RYD+!:J,+!6#K&!$&&*!6#51!('5!6&5!+'!4#5+!9-+6!
,':&+6-*/!,'!45&2-'J,RY
!YF6&!-,!1&#1R!D+!-,!:M!-*6&5-+#*2&RY
!Y0'&,!-+!6#K&!,':&!:&#*-*/\Y!,6&!#,8,R
!YA'OY!D!%-&RYA'*&!+6#+!D!#:!#9#5&!'(RY
!Q-,,!Q2)%&&+6M!,+#5&,!#+!:&!+-%%!D!6#K&!+'!%''8!#9#MRYB6#+!9#,!,6&!%-8&O!M'J5!
:'+6&5\Y
!D!('52&!#!M#9*RYC'5/-K&!:&O!$J+!D!$&%-&K&!D!#:!+-5&1!#(+&5!#%%RY
!Q-,,!Q2)%&&+6M!,&&:,!1-,#44'-*+&1R!YH'J!,6'J%1!15-*8!+6&!:-%8!96-%&!-+S,!,+-%%!
9#5:R!D+!9-%%!6&%4!M'J!,%&&4R!;&,+!-,!,'!K&5M
-:4'5+#*+RY
!YH&,O!+6#*8!M'JOY!D!,#MO!6'%1-*/!+6&!/%#,,R
!Y>''*R!05-*8!-+RY
!"6&5&S,!*'!9#M!#5'J*1!-+R!D!('52&!1'9*!#!(&9!:'J+6(J%,!'(!+6&!26#%8M!%-XJ-1R!D+!
+#,+&,!,+5#*/&%M!,9&&+R
!Y.&44&5:-*+OY!Q-,,!Q2)%&&+6M!#**'J*2&,O!#,!-(!5&#1-*/!:M!:-*1R!YD+!#-1,!,%&&4R!
DS%%!+#8&!+6&!/%#,,!$#28!+'!L5-/-1R!D!1'*S+!+6-*8!,6&
:J26!%-8&,!:&O!1'!M'J\Y
!YD!#:!,J5&!M'J!#5&!:-,+#8&*OY!D!,#MO!$&2#J,&!-+!-,!+6&!4'%-+&!5&,4'*,&R
!YF6&!%''8,!#+!:&!#,!-(!D!#:!+6&!1&K-%!6-:,&%(R!0'!M'J!+6-*8!D!#:!+6&!1&K-%O!Q-,,!
0'M%&\Y
!YA'OY!D!25'#8RY<(!2'J5,&!*'+RY
!YD!#:!/%#1!9&!6#K&!1&2-1&1!+'!$&!(5-&*1,R!F%&&4!9&%%O!Q-,,!0'M%&R!A'!:'5&!5&#1-*/!
#%'J1!+'*-/6+RY
!QM!$'1M!(&&%,!9#5:!#*1!6&#KMR!D,!-+!+6&!9#5:!:-%8\!"6&!4&44&5:-*+\!<5!6#,!Q-,,!
Q2)%&&+6M!4'-,'*&1!:&\!0'*S+!$&!5-1-2J%'J,O
>&::#R
!D!'4&*!$'+6!9-*1'9,O!%&++-*/!-*!+6&!(5&&T-*/!#-5R!QJ,+!,+#M!#9#8&R!D!:'K&!#$'J+!
+6&!5'':!-*!%#5/&!4#2&,R!D!$&*1!#+!+6&!9#-,+!#*1
+'J26!:M!+'&,R!7+!%#,+O!D!,-+!'*!+6&!$&1O!,-*/-*/!)65-,+:#,!2#5'%,!+'!:M,&%(R!D+S,!
+'!*'!#K#-%R!QM!,'*/!+5#-%,!'((O!#*1!D!,%-1&!-*+'!+9-%-/6+
15&#:-*/R
!"6&!25&,2&*+!:''*!/%'9,!-*!:M!6#*1R!QM!6#*1!$&2':&,!#!%'+J,!$%',,':!'*!#!+5#-%R!
"6-28!/5&&*!K-*&,!4J,6!+65'J/6!25#28,O!+6&-5
+-*M!$J1,!$%'':-*/!-*+'!:#/*-(-2&*+!5',&,R!D!,&&!:M!(#2&!,+#5-*/!$#28!#+!:&O!
5&(%&2+&1!-*!#!9#%%!'(!9#+&5R!D!4J,6!:M!6#*1!+65'J/6!+6&
9#%%!J*+-%!DS:!(#%%-*/!+65'J/6!-+!&*+-5&%MR
!D!(#%%!1&&4&5!#*1!#:!,9#%%'9&1!$M!+6&!$%#28!2%'#8!'(!15&#:%&,,!,%&&4R
!D!1'!*'+!8*'9!96#+!+-:&!-+!-,!96&*!D!#:!,+#5+%&1!#9#8&!$M!,':&+6-*/R!D!%-,+&*!('5!
-+O!$J+!+6&5&!-,!*'+6-*/R!"6&!:-%8!6#,!%&(+!#!+6-*
2'#+-*/!'*!:M!+'*/J&R!D+!,&&:,!+'!/5'9!-*!:M!:'J+6R!QJ26!#,!D!9-,6!D!1-1*S+O!D!
6#K&!+'!/'!1'9*,+#-5,!('5!#!15-*8R
!B-+6!#!6&#KM!,-/6O!D!4J,6!$#28!+6&!$%#*8&+!#*1!%-/6+!#!2#*1%&O!2J44-*/!+6&!(%#:&!
9-+6!:M!6#*1!#,!D!+5#K&%!+6&!1#58&*&1!6#%%O!96-26
!,&&:,!#!:-%&!%'*/R!DS:!+6&!'*%M!,'J%!96'!5&:#-*,!'*!+6-,!(%''5R!"6&!+6'J/6+!%&*1,!
XJ-28*&,,!+'!:M!,+&4,R
!B6&*!DS:!*&#5!+6&!,+#-5,O!+6&!(%#:&!,4J++&5,!#*1!1-&,R!A'b!D!,6#%%!6#K&!+'!/'!
$#28!+'!%-/6+!-+R!7!,J11&*!1-TT-*&,,!'K&5+#8&,!:&R!QM
8*&&,!$J28%&O!#*1!D!:#*#/&!+'!/5-4!+6&!+'4!'(!+6&!$#*-,+&5!+'!,+&#1M!:M,&%(R!D*!
+6&!1#58*&,,O!+6&5&S,!#!(#-*+O!,6#54!,25#+26-*/!,'J*1O
%-8&!26#%8!4J%%&1!+''!6#51!#25',,!#!,%#+&R
!D!#:!*'!%'*/&5!#%'*&R!"6&5&S,!,':&'*&!6&5&!9-+6!:&R
!D!$#5&%M!:#*#/&!#!96-,4&5RY@&%%'\!L5-/-1\!D,!+6#+!M'J\Y
!"6&!,25#4-*/!,'J*1!:'K&,!2%',&5R!D*!:M!6#*1O!+6&!2#*1%&!(%#5&,!+'!%-(&O!(-%%-*/!
+6&!6#%%!9-+6!#!+-/6+!,46&5&!'(!%-/6+R!"6&5&!+6&M!#5&O
,6-::&5-*/!#$'J+!+6&!&1/&,R!A'+!XJ-+&!5&#%O!M&+!:'5&!,'%-1!+6#*!+6&!K-,-'*!D!,#9!
-*!+6&!,*'9R!"65&&!/-5%,O!#%%!-*!96-+&R!"6&!4'-*+&1
+'&,!'(!+6&-5!$''+,!,25#4&!#/#-*,+!+6&!9''1&*!(%''5!9-+6!+6&!:',+!#9(J%!,'J*1!#,!
+6&M!(%'#+!2%',&5!#*1!2%',&5R!"6&M!:'K&!+6&-5
:'J+6,!+'!,4&#8R!D!2#**'+!6&#5!+6&:R!"6&-5!&M&,!#5&!,#1O!#*1!+6&5&!#5&!/5&#+!1#58!
2-52%&,!$&*&#+6!+6&:R
!0'*S+!,25&#:O!>&::#R!D+S,!'*%M!#!K-,-'*R!D+!2#*S+!6J5+!M'JR!)#*!-+\
!"6&M!#5&!,'!2%',&!D!6#K&!+'!+J5*!:M!6&#1!#*1!2%',&!:M!&M&,R!D!#:!*&#5!+'!K':-+-*/!
9-+6!(5-/6+!#*1!+6&!,:&%%R!B6#+!-,!-+\!"6&!,&#
#*1!,':&+6-*/!&%,&R!0&2#MR
!"6&5&!-,!+6#+!,'J*1!#/#-*O!%-8&!+6&!,25#+26-*/!'(!+6'J,#*1,!'(!-*,&2+!9-*/,R!
"6&MS5&!,4&#8-*/!,'!,'(+%M!-+!+#8&,!:&!#!:':&*+!+'
:#8&!'J+!+6&!:&,,#/&O!$J+!96&*!D!1'O!-+!26-%%,!:&!+'!+6&!$'*&R
!Y@&%4!J,RY
!D!1'*S+!9#*+!+'!'4&*!:M!&M&,O!$J+!D!1'R!"6&M!#5&!,'!2%',&O!+6&,&!(%-28&5-*/!
$5-/6+!+6-*/,R!<*&!5&#26&,!'J+!#!6#*1R!.%&#,&R!.%&#,&
1'*S+!+'J26!:&R!DS:!/'-*/!+'!,25&#:R!DS:!/'-*/!+'!,25&#:R!DS:!/'-*/!+'!R!R!R
!@&5!6#*1S,!%-8&!-2&!'*!:M!,6'J%1&5O!$J+!+6&5&!-,!*'!+-:&!+'!,25&#:!$&2#J,&!:M!
$'1M!/'&,!5-/-1!#,!DS:!4J%%&1!J*1&5R!D:#/&,!(%''1
:M!:-*1R!"65&&!/-5%,!6'4!#%'*/!25#//M!2%-((,R!"6&!,&#!,4%#,6&,!J4!#*1!'K&5O!
%&#K-*/!+6-*!,+5#*1,!'(!('#:!#25',,!+6&-5!(&&+R!"6&!2%'J1,
#5&!1#58&*-*/R!7!,+'5:R!7!,+'5:!-,!2':-*/R!B#-+O!+6&5&S,!#!('J5+6!/-5%R!F6&!%#/,!
$&6-*1R!F':&'*&!2#%%,!+'!+6&:R!7!9':#*!2':&,R!F6&
9&#5,!#!/5&&*!2%'#8R
!"6&!/-5%,S!,M5J4M!K'-2&,!,%-4!-*+'!:M!&#5RY=''8!R!R!RY
!"6&!9':#*!+#8&,!+6&!6#*1!'(!+6&!('J5+6!/-5%R!7*1!+6&*!2':&,!+6&!+&55'5!(5':!+6&!
,&#R!"6&!,8M!1#58&*-*/R!"6&!/-5%,!,25&#:-*/R
!B&S5&!$#28!-*!+6&!-*2#*1&,2&*+!6#%%R!"6&!/-5%,!(#1&O!4J%%-*/!$#28!-*+'!+6&!
1#58*&,,R!YF6&!%-&,!R!R!R!OY!+6&!/-5%,!96-,4&5R!Y0'*S+!+5J,+
6&5R!R!R!RY7*1!+6&*!+6&M!#5&!/'*&R!"6&!4#-*!1-,#44&#5,R!DS:!'*!:M!8*&&,!'*!+6&!
2'%1O!6#51!(%''5O!#%'*&R!"6&!2#*1%&!6-,,&,!,J11&*%MO
,4-++-*/!'J+!#!9#M9#51!,4#58R
!"6#+S,!#%%!-+!+#8&,R!DS:!J4!#*1!,2J55M-*/O!4&%%I:&%%O!%-8&!#!(5-/6+&*&1!:'J,&O!
#*1!D!1'*S+!,+'4!5J**-*/!J*+-%!DS:!$#28!-*!:M!5'':!9-+6
+6&!1''5!,6J+!+-/6+!+6'J/6!96#+!D!+6-*8!DS:!,6J++-*/!'J+O!D!2#**'+!,#MR!D!4J+!'*!
#%%!+6&!%#:4,!-*!+6&!5'':R!B6&*!+6&!5'':!-,!$5-/6+O!D
(&&%!#!$-+!$&++&5R!B6#+!,'5+!'(!K-,-'*!9#,!+6#+\!B6M!6#K&!+6&M!$&2':&!,'!:J26!
,+5'*/&5\!D,!-+!$&2#J,&!+6&!:#/-2!-,!%'',&\!0'&,!+6#+
,':&6'9!:#8&!-+!$'%1&5\!D!(&%+!6&5!6#*1!'*!:M!,6'J%1&5R!R!R!R
!F+'4!-+O!>&::#R!F+'4!(5-/6+&*-*/!M'J5,&%(R
!B6'!#5&!+6&,&!/-5%,!#*1!96#+!1'!+6&M!9#*+!9-+6!:&\!B6#+!1-1!+6&M!:&#*OY0'*S+!
+5J,+!6&5Y\!D+!1'&,*S+!6&%4!+6#+!+6&!,26''%!-,!,'
&:4+MO!'5!+6#+!+':'55'9!D!,6#%%!$&!-*!='*1'*!9-+6!:M!(#:-%MO!#*1!96'!8*'9,!96#+!
5&#%!6'55'5,!#9#-+!:&!+6&5&R
!DSK&!*'!#*,9&5,!+'!#*M!'(!-+R!7*1!DS:!#(5#-1!'(!,%&&4R!LM!+6&!+-:&!+6&!(-5,+!
%-/6+!45&,,&,!-+,!*',&!#/#-*,+!:M!9-*1'94#*&,O!D!#:
#%5&#1M!15&,,&1O!:M!+5J*8!-,!4#28&1O!#*1!D!#:!5&#1M!+'!,&&!='*1'*!-(!D!6#K&!+'!
15-K&!+6&!6'5,&,!+6&5&!:M,&%(R
!)@7."3;!"@D;"33A
!"<Q!DF!=7"3O!7F!?F?7=R
!DSK&!#55-K&1!#+!E-2+'5-#!F+#+-'*!'*!+6&!+9&%K&!'S2%'28!+5#-*!(5':!F4&*2&!#,!
&Z4&2+&1O!$J+!:M!$5'+6&5!-,!*'96&5&!+'!$&!('J*1R
.&56#4,!6&S,!$&&*!-*!#!6'55-$%&!#22-1&*+!#*1!%-&,!1M-*/!'*!+6&!,+5&&+O!$&//-*/!
9-+6!6-,!%#,+!$5&#+6!+6#+!'*&!'(!+6&!25M-*/!$M,+#*1&5,
5J,6!+'!+6&!+5#-*!,+#+-'*!+'!5&,2J&!6-,!:',+!-**'2&*+!#*1!K-5+J'J,!,-,+&5R!D+!-,!
+6&!'*%M!26#5-+#$%&!&Z4%#*#+-'*!D!2#*!:J,+&5R!Q',+
45'$#$%MO!6&!-,!#+!6-,!2%J$O!,6#5-*/!%#J/6,!#*1!2#51,!9-+6!6-,!(5-&*1,O!#*1!6#,!
('5/'++&*!#%%!#$'J+!:&R
!YQM!1&#5O!#5&!M'J!,J5&!M'J5!$5'+6&5!-,!2':-*/!('5!M'J\Y!D+!-,!L&#+5-2&O!'*&!'(!
+6&!,&K&*+MIM&#5I'%1!,4-*,+&5!,-,+&5,!96'!,#+!$&,-1&
:&!'*!+6&!+5#-*O!+#%8-*/!-*2&,,#*+%M!'(!56&J:#+-,:!#*1!+6&!V'M,!'(!2#$$#/&!5',&,!
+-%%!D!+6'J/6+!D!,6'J%1!/'!:#1R!?*%-8&!:M!$5'+6&5O
+6&M!#5&!2'*2&5*&1!('5!:M!9&%(#5&R
!Y<6O!M&,R!cJ-+&!,J5&O!+6#*8!M'JR!.%&#,&!1'*S+!9'55M!'*!:M!#22'J*+RY
!Y<6O!1&#5O!Q-%%-2&*+O!D!1'*S+!$&%-&K&!9&!2#*!%&#K&!6&5!6&5&!#%'*&O!1'!M'J\Y
!YA'O!XJ-+&!5-/6+O!L&#+5-2&R!F6&!:J,+!2':&!9-+6!J,R!B&!,6#%%!,&*1!9'51!+'!6&5!
(#:-%MRY
!"6#+!1&2-1&,!-+R!D!#:!/'-*/!+'!:J51&5!"':R
!Y"6&5&!6&!-,bY!D!,#MO!%''8-*/!'((!-*+'!+6&!1-,+#*2&O!96&5&!:M!$5'+6&5!-,!*'+R
!YB6&5&\Y!+6&!,-,+&5,!#,8R
!YD!,&&!6-:!VJ,+!'K&5!+6&5&R!D!:J,+!6#K&!$&&*!%''8-*/!-*!+6&!95'*/!1-5&2+-'*R!D+!
9#,!%'K&%M!+'!:&&+!M'JR!D!6'4&!9&!,6#%%!:&&+
#/#-*OY!D!,#MO!'((&5-*/!:M!6#*1!#*1!,&*1-*/!+6&:!'*!+6&-5!9#MR!D!:#526!'((!
4J54',&(J%%M!#*1!6-1&!$&6-*1!+6&!+-28&+!$''+6R!B6&*!#%%!-,
2%&#5O!D!+#8&!#!,&#+!'*!#!$&*26!(#5!1'9*!+6&!4%#+('5:R
!B6&5&!2'J%1!6&!$&\
!7*'+6&5!+5#-*!96'',6&,!-*+'!+6&!,+#+-'*!#*1!J*%'#1,!-+,!4#,,&*/&5,R!"6&M!#5&!
&:$5#2&1!$M!,:-%-*/!5&%#+-'*,R!.#28#/&,!#5&!6#*1&1
'K&5U!(%'9&5,!#5&!/-K&*R!"':!-,!#!6#%(!6'J5!%#+&R!C#+6&5!,6#%%!6&#5!#$'J+!+6-,R
!7!:#*!-*!#!(-*&!$%#28!,J-+!2':&,!+'!,-+!*&Z+!+'!:&R!B6#+!:J,+!6&!+6-*8!'(!:&!
,-++-*/!6&5&!$M!:M,&%(\!7*!#*/5M!,2#5!:#5,!+6&!%&(+
,-1&!'(!6-,!(#2&O!,+5&+26-*/!(5':!#$'K&!6-,!&#5!+'!+6&!2'5*&5!'(!6-,!:'J+6R!@-,!
,J-+!-,!&Z4&5+%M!+#-%'5&1R!D!,4M!6-,!%#4&%!4-*!#*1!:M
:'J+6!/'&,!15MO!('5!D!8*'9!96#+!-+!-,R!D+!-,!+6&!,9'51!#*1!,8J%%!'(!+6&!;#8,6#*#R!
D,!-+!2'-*2-1&*2&!+6#+!6&!6#,!,#+!$&,-1&!:&\!<5!6#,
6&!2':&!9-+6!#!4J54',&\!@&!/-K&,!:&!#!,%-/6+!,:-%&R!cJ-&+%MO!D!5-,&!#*1!9#%8!#9#MR!
B6&*!DSK&!/'*&!6#%(9#M!1'9*!+6&!4%#+('5:O!D
+J5*!$#28R!@&S,!%&(+!+6&!$&*26!#,!9&%%R!@-,!*&9,4#4&5!+J28&1!$&*&#+6!6-,!#5:O!6&!
('%%'9,!:&R!B6&5&!-,!"':\!D!,+'4!#+!#!(%'9&5!,&%%&5O
45&+&*1-*/!+'!-*,4&2+!+6&!$%'':,!#*1!$J1,!+6&5&R!"6&!:#*!2':&,!#,!9&%%R!@&!,&%&2+,!
#!5&1!2#5*#+-'*!('5!6-,!$J++'*6'%&O!+-4,!6-,!6#+!-*
+6#*8,O!#*1!15'4,!#!2'-*!-*!+6&!K&*1'5S,!6#*1!9-+6'J+!,'!:J26!#,!#!9'51R
!C&#5!:#8&,!:M!%&/,!9&#8!#,!#!*&9$'5*!8-++&*S,R
!B6#+!-(!6&!+5-&,!+'!+#8&!:&\!B6#+!-(!,':&+6-*/!6#,!/'*&!95'*/!9-+6!P#5+-8\!B6#+!
-(!.-44#!-,!5-/6+!#*1!+6&,&!:&*!2#**'+!$&!+5J,+&1
#+!#%%\
!D!2#*!(&&%!+6&!:#*!-*!+6&!$%#28!,J-+!2%',-*/!-*R!D(!D!9&5&!+'!,25&#:O!96'!9'J%1!
6&#5!:&!#$'K&!+6&!6-,,!#*1!,*#5%!'(!+6&!+5#-*,\!B6'
:-/6+!6&%4!:&\
!D!,4M!#!M'J*/!:#*!,+#*1-*/!#%'*&O!9#-+-*/R
!Y"6&5&!M'J!#5&bY!D!,#MO!,+5-1-*/!XJ-28%M!+'9#51!6-:R!@&!%''8,!#$'J+!+'!,&&!96':!
DS:!#115&,,-*/RYH'JS5&!%#+&O!M'J!8*'9RY
!YDS:!R!R!R!%#+&\!DS:!+&55-$%M!,'55MO!$J+!6#K&!9&!R!R!RY
!D!%&#*!-*O!96-,4&5-*/!J5/&*+%MR!Y.%&#,&!6&%4!:&R!"6#+!:#*!-,!('%%'9-*/!:&RY
!@&!%''8,!2'*(J,&1RYB6#+!:#*\Y
!Y"6#+:#*RY!D!%''8!$&6-*1!:&O!$J+!6&!-,!/'*&R!"6&5&!-,!*'!'*&R!Y"6&5&!9#,!#!:#*!-*!
#!$%#28!,J-+R!@&!6#1!#!6-1&'J,!,2#5!'*!6-,!%&(+
26&&8R!@&!,#+!$&,-1&!:&!'*!+6&!$&*26O!#*1!+6&*!6&!('%%'9&1!:&!+'!+6&!(%'9&5!
,&%%&5RSS!DS:!#9#5&!+6#+!D!,'J*1!,%-/6+%M!:#1R
!Y.&56#4,!6&!9#*+&1!#!(%'9&5!('5!6-,!%#4&%OY!+6&!M'J*/!:#*!,#M,R
!YLJ+!6&!('%%'9&1!:&!'K&5!6&5&RY
!YB&!#5&!*&#5!+6&!9#M!'J+RY!@&!4'-*+,!+'!+6&!1''5,!+6#+!%&#1!+'!+6&!,+5&&+R
!Y<6R!F'!9&!#5&OY!D!,#MR!D!#:!,J26!#!(''%R!YDS:!+&55-$%M!,'55MR!D!#:!VJ:4-*/!#+!
,6#1'9,O!-+!,&&:,R!QM!$5'+6&5!9#,!+'!:&&+!:M
+5#-*R!@&!-,!%#+&O!DS:!#(5#-1RY
!Y"6&*!D!,6#%%!,+#M!#*1!8&&4!M'J!2':4#*M!J*+-%!6&!#55-K&,RY
!Y<6O!*'O!D!2'J%1*S+!4',,-$%M!R!R!RY
!YH'J!2'J%1!$&!'(!6&%4!+'!:&O!#2+J#%%MOY!6&!,#M,R
!YB6#+!,'5+!'(!6&%4!2'J%1!D!/-K&\Y!D!#,8!9#5-%MR
!C5':!6-,!2'#+!4'28&+O!6&!4J%%,!'J+!#!$&#J+-(J%!K&%K&+!$'Z!+6&!,-T&!'(!#!25#28&5!
+-*R!YD!*&&1!#!%#1MS,!'4-*-'*!#$'J+!#!/-(+R!B-%%!M'J!6&%4
:&\Y
!Y<(!2'J5,&OYD!,#MO!5&%-&K&1R
!@&!4%#2&,!+6&!$'Z!'*!6-,!'4&*!4#%:!#*1!%-(+,!+6&!+'4R!"6&5&!-,!*'+6-*/!-*,-1&R
!YLJ+!-+!-,!&:4+MOY!D!,#MR
!YF'!-+!,&&:,R!B#+26RY!@&!4J%%,!#+!96#+!#44&#5&1!+'!$&!+6&!(%''5!'(!+6&!$'ZR!D+!
2':&,!J4!+'!5&K&#%!#!,&25&+!2':4#5+:&*+O!#*1!-*,-1&
+6-,!6-11&*!,4#2&!,-+,!#!$&#J+-(J%!2#:&'R
!YD+S,!%'K&%MOY!D!,#MRY7*1!+6&!$'Z!-,!K&5M!2%&K&5RY
!YF'!M'J!#445'K&\Y
!YDS:!,J5&!,6&S%%!$&!4%&#,&1OY!D!,#MR!D!$%J,6!-*,+#*+%MR
!YD+S,!('5!:M!:'+6&5OY!+6&!M'J*/!:#*!&Z4%#-*,R!YDSK&!2':&!+'!:&&+!6&5!+5#-*RY
!Y<6OY!D!,#MR
!B&!,+#*1!J*2&5+#-*%MR!D!1'*S+!8*'9!96#+!+'!,#M!'5!1'R!F6'J%1!D!2'*+-*J&!+'!,+#*1!
6&5&!%-8&!#*!-1-'+!'5!,6'J%1!D!,#%K#/&!96#+S,!%&(+!'(
:M!45-1&O!$-1!6-:!/''1!1#MO!#*1!(-*1!#!4%#2&!96&5&!D!2#*!6-1&!J*+-%!:M!$5'+6&5!
2':&,!('5!:&\
!D!'4&*!:M!:'J+6!+'!,#M!/''1$M&!VJ,+!#,!6&!&Z+&*1,!#!6#*1R
!YD!#:!F-:'*!Q-11%&+'*R!<6O!DS:!+&55-$%M!,'55MR!B6#+!9&5&!M'J!#$'J+!+'!,#M\Y
!Y<6O!DO!D!9#,!'*%M!R!R!R!@'9!1'!M'J!1'\Y
!B&!,6#8&!6#*1,R
!YE&5M!9&%%O!+6#*8!M'JR!@'9!1'!M'J!1'O!Q-,,!R!R!R!\Y
!Y<6O!1&#5R!H&,O!D!#:!Y
!Y>&::#bYQM!*#:&!5-*/,!'J+R!"':!6#,!#55-K&1!#+!%#,+R!@&!5J,6&,!'K&5O!6#+!-*!6#*1O!
+6#+!#**'M-*/!%'28!'(!6#-5!(%'44-*/!-*+'!6-,
&M&,RYD!+6'J/6+!M'J!,#-1!.#11-*/+'*!F+#+-'*RY
!YA'O!"6':#,OY!D!,#MO!('52-*/!#!,:-%&!('5!4'%-+&*&,,S!,#8&R!YD!1-,+-*2+%M!,#-1!
E-2+'5-#RY
!YH'JS5&!:-,+#8&*R!H'J!,#-1!.#11-*/+'*bY
!YQ5R!Q-11%&+'*O!:#M!D!45&,&*+!:M!$5'+6&5O!Q5R!"6':#,!0'M%&R!Q5R!Q-11%&+'*!6#,!
$&&*!8-*1!&*'J/6!+'!9#-+!9-+6!:&O!"6':#,OSS!D
,#M!4'-*+&1%MR
!"':S,!(#2&!4#%&,R!D(!6&S,!(&&%-*/!#,6#:&1O!+6&*!D!#:!/%#1!('5!-+R
!F-:'*!,:-%&,!$5'#1%MR!D+!:#8&,!6-,!&M&,!1#*2&R!Y>''1!+'!,&&!M'JO!0'M%&O!'%1!$'MRY
!YQ#,+&5!Q-11%&+'*OY"6':#,!,#M,O!'((&5-*/!6-,!6#*1R!Y@'9!(#5&!+6&!E-,2'J*+!#*1!
=#1M!0&*$M\Y
!YQM!:'+6&5!#*1!(#+6&5!#5&!9&%%O!+6#*8!M'JRY
!F-:'*!Q-11%&+'*!-,!#!K-,2'J*+S,!,'*\!@'9!2'J%1!,':&'*&!#,!8-*1!#*1!26#5:-*/!#*1!
+-+%&1!#,!Q5R!Q-11%&+'*!$&!'*!(#:-%-#5!+&5:,
9-+6!:M!1-,#/5&&#$%&!$5'+6&5\
!YH'J!#5&!#2XJ#-*+&1!9-+6!&#26!'+6&5\Y!D!#,8R
!YB&!9&5&!+'/&+6&5!#+!3+'*OY!F-:'*!,#M,R!"6#+!9'J%1!:#8&!F-:'*!+6&!@'*'5#$%&!F-:'*!
Q-11%&+'*!:M!$5'+6&5S,!#/&O!*-*&+&&*R
A'9!+6#+!DS:!4#,+!:M!,6'28O!D!,&&!+6#+!F-:'*!-,!#%,'!6#*1,':&O!9-+6!$5'9*!6#-5!#*1!
$%J&!&M&,R!YDS1!*'!-1&#!M'JS1!,J26!#!26#5:-*/
,-,+&5RY
!YA'5!1-1!DOY!"':!,#M,R!D!+#8&!6-,!#5:O!$J+!'*%M!,'!+6#+!D!2#*!4-*26!+6&!-*,-1&!'(!
-+!9-+6'J+!$&-*/!,&&*!$M!F-:'*R!B6&*!"':!/#,4,O!D
(&&%!$&++&5!#*1!,+'4!4-*26-*/R!YD!1'!6'4&!,6&!6#,*S+!4&,+&5&1!M'J!+''!:J26RY
!YA'+!#+!#%%R!F6&!9#,!J*1&5!+6&!-:45&,,-'*!+6#+!,':&'*&!9#,!('%%'9-*/!6&5R!7!:#*!
-*!#!1#58!,J-+!9-+6!#O!96#+!9#,!-+\!7!6-1&'J,!,2#5
J4'*!6-,!%&(+!26&&8RY
!D!(&&%!K&5M!(''%-,6!#$'J+!+6#+!*'9R
!7!(%J,6!5-,&,!J4!"':S,!4#%&!*&28RY76O!M&,R!"6&!(#:'J,!0'M%&!-:#/-*#+-'*R!F6&S,!
%-8&%M!+'!$&2':&!#!95-+&5!'(!:M,+&5M!*'K&%,O!'J5
>&::#RY
!YD!#:!,'55M!+'!6#K&!$'+6&5&1!M'JOY!D!,#MR
!YA'+!#+!#%%R!D+!9#,!+6&!:',+!&Z2-+-*/!4#5+!'(!:M!1#MOY!6&!,#M,!9-+6!,J26!#!
9-**-*/!,:-%&!+6#+!D!$&%-&K&!6-:R!Y7*1!M'J!9&5&!:',+
6&%4(J%!9-+6!+6-,OY!6&!#11,O!6'%1-*/!J4!+6&!K&%K&+!$'ZR!Y<J5!2#55-#/&!-,!VJ,+!
'J+,-1&R!D(!M'J!2#5&!+'!9#-+O!D!2'J%1!'((&5!M'J!#!5-1&RY
!YB&SK&!'J5!'9*!2#55-#/&!9#-+-*/OY!"':!,#M,!,:J/%MR
!Y<(!2'J5,&RY
!YD+!9#,!#!:',+!/&*&5'J,!'((&5OY!D!,#MRY>''1!1#M!+'!M'JRY
!F-:'*!Q-11%&+'*!1'&,!+6&!:',+!&Z+5#'51-*#5MO!1#5-*/!+6-*/R!@&!+#8&,!:M!6#*1!#*1!
/-K&,!-+!#!2'J5+%M!8-,,R!YD!1'!6'4&!9&!,6#%%!:&&+
#/#-*!'K&5!+6&!6'%-1#MR!H'J!:J,+!2':&!+'!1-**&5R!D!,6#%%!,&&!+'!-+R!Q#,+&5!0'M%&O!
2#55M!'*RY!@&!/-K&,!"':!#!/5#*1!+-4!'(!+6&!6#+O!#*1
"':!5&+J5*,!-+!#,!-(!+6&M!#5&!+9'!'%1!(5-&*1,!4%#M#2+-*/!+'/&+6&5R
!F-:'*!Q-11%&+'*R!D!2#**'+!9#-+!+'!+&%%!7**!#*1!C&%-2-+MR
!<J+,-1&!+6&!,+#+-'*O!+6&!,+5&&+,!#5&!#%-K&!9-+6!*'-,&O!6'5,&,O!':*-$J,&,O!#*1!
4&'4%&!96'SK&!2':&!-*+'!='*1'*!('5!#!1#MS,!,6'44-*/
'5!&*+&5+#-*:&*+R!D+!-,!#!:#1O!:&55M!,2&*&O!#*1!DS:!6#44M!+'!$&!4#5+!'(!+6&!
$&#+-*/!6&#5+!'(!+6&!2-+MR!"6&!:':&*+!+6&!('//M!#-5!#*1
2%#*/-*/!$&%%,!'(!+6&!26J526&,!/5&&+!:&O!D!(&&%!,'46-,+-2#+&1!#*1!:M,+&5-'J,R!D!
2'J%1!$&!#*M'*&!6&5&!!1J26&,,!'5!9-+26!'5!2'**-K-*/
('5+J*&!6J*+&5R!B6'!-,!+'!,#M\!7(+&5!#%%O!DSK&!#%5&#1M!6#1!#!:',+!9'*1&5(J%!
&*2'J*+&5!9-+6!#!K-,2'J*+S,!,'*R!DS:!(&&%-*/!K&5M
'4+-:-,+-2R!H&,O!+6-,!9-%%!$&!#!4%&#,#*+!K-,-+!9-+6!1#*2&,!#*1!/-(+,!#*1!4&56#4,!
&K&*!#!1-**&5!#+!+6&!6':&!'(!#!6#*1,':&!K-,2'J*+S,
,'*R!C#+6&5!%'K&,!)65-,+:#,R!"6&!)65-,+:#,!,4-5-+!9-%%!:#8&!6-:!:&55MO!#*1!6&!9-%%!
*'+!*&&1!+6&!%#J1#*J:!,'!:J26R!"'/&+6&5O!7**O
C&%-2-+MO!#*1!D!,6#%%!(-*1!+6&!"&:4%&!#*1!$-*1!+6&!:#/-2!#*1!-+!9-%%!#%%!+J5*!'J+!
5-/6+!-*!+6&!&*1R
!7!:#*!$J:4,!:&!'*!6-,!$J,M!9#M!9-+6'J+!,'!:J26!#,!#*!#4'%'/MR!LJ+!+6#+!-,!#%%!
5-/6+R!D!('5/-K&!M'JO!$J,M!:#*!#$'J+!+'9*!9-+6
+6&!,6#54!&%$'9,R!@#-%!#*1!(#5&9&%%!+'!M'Jb!C'5!DO!>&::#!0'M%&O!#:!+'!6#K&!#!
,4%&*1-1!)65-,+:#,!-*!='*1'*!+'9*R!7%%!,6#%%!$&!9&%%R
!>'1!5&,+!J,!:&55M!/&*+%&:&*R!7*1!/&*+%&9':&*R
!"':S,!+5M-*/!1&,4&5#+&%M!+'!,&2J5&!#!6#*,':!2#$!#:'*/!+6&!+65'*/R
!YLJ+!96&5&!-,!+6&!2#55-#/&\SS!D!#,8R
!Y"6&5&!-,!*'!2#55-#/&RY
!YLJ+!M'J!,#-1IY
!YH&,O!9&%%O!D!9#,*S+!#$'J+!+'!%&+!'*!+'!Q-11%&+'*!#*1!,J((&5!+6#+!6J:-%-#+-'*R!
B&SK&!#!2#55-#/&!#+!6':&O!+'!$&!,J5&R!LJ+!9&SK&!*'
15-K&5R!<%1!.'++,!%&(+!5#+6&5!,J11&*%M!+9'!1#M,!#/'R!D!9#*+&1!+'!4J+!-*!#*!#1K&5+!
$J+!C#+6&5!,#M,!6&S,!('J*1!,':&'*&R!<6O!D!,#M!R!R!RY
!B-+6!#!$-+!'(!(-*#/%-*/O!9&!(-*1!#!2#$!#*1!,&+!'((!('5!+6&!='*1'*!6':&!DSK&!*&K&5!
,&&*R
!YD!2#**'+!$&%-&K&!M'J!5#*!-*+'!F-:'*!Q-11%&+'*!'(!#%%!4&'4%&O!S"':!,#M,!#,!+6&!
2#$!4J%%,!#9#M!(5':!+6&!,+#+-'*RY7*1!*'9!9&!#5&!+'
6#K&!1-**&5!9-+6!6-,!(#:-%MRY
!D+!6#51%M!,&&:,!9'5+6!*'+-*/!+6#+!+6&!@'*'5#$%&!F-:'*!Q-11%&+'*!-*K-+&1!:&!+'!
1-**&5O!*'+!"':R!YD,!6&!5&#%%M!#!K-,2'J*+S,!,'*O
+6&*\Y
!YD*1&&1R!@-,!(#+6&5!-,!#!:&:$&5!'(!+6&!@'J,&!'(!='51,!#*1!#!6-/6%M!-*(%J&*+-#%!
4#+5'*!'(!+6&!,2-&*2&,R!B-+6!6-,!6&%4O!D!2'J%1!/'!(#5
-*1&&1R!.-+M!+6&MSK&!*'!1#J/6+&5,!+'!:#55MRY
!Y.-+M\!D!9#,!VJ,+!+6-*8-*/!-+!9#,!#!:&52MRY
!YF'O!:M!'9*!,-,+&5!9-%%!*'+!45':'+&!:&\!F4&#8-*/!'(!96-26O!9&5&*S+!M'J!,J44',&1!
+'!(-*1!:&!#!$&#J+-(J%!(J+J5&!9-(&!9-+6!#!,:#%%
('5+J*&\!@#K&!M'J!6#1!#*M!,J22&,,!'*!+6#+!(5'*+\Y
!YD!6#K&!9#5*&1!+6&:!#%%RY
!Y7*1!#!:&55M!)65-,+:#,!+'!M'JO!+''bY!"':!,#M,O!%#J/6-*/R!YD!J*1&5,+#*1!9&S%%!$&!
#++&*1-*/!M'J5!(5-&*1!Q-,,!B'5+6-*/+'*S,
)65-,+:#,!$#%%R!.&56#4,!DS%%!(-*1!#!,J-+#$%&!96-26!-,!+'!,#M!9&#%+6M!9-(&!#:'*/!
+6&!%#1-&,!#++&*1-*/RY
!7*1!4&56#4,!+6&M!9-%%!#%%!5J*!,25&#:-*/!('5!+6&!2'*K&*+R
!Y@'9!-,!C#+6&5\Y!D!#,8!#+!%#,+R!"6#+!XJ&,+-'*O!$J5*-*/!#!6'%&!-*,-1&!:&R
!"':!,-/6,RYB&S5&!:#8-*/!45'/5&,,R!DSK&!%'28&1!#9#M!+6&!%#J1#*J:!$'++%&!#*1!/-K&*!
6-:!'*&!+6#+!DSK&!1-%J+&1!9-+6!9#+&5R!@&S,
/&++-*/!%&,,R!DS:!#(5#-1!-+S,!:#1&!6-:!XJ-+&!1-,#/5&&#$%&!#+!+-:&,O!4%#/J&1!$M!
6'55-$%&!6&#1#26&,R!LJ+!DS:!2&5+#-*!-+S,!9'58-*/RY!@&
%''8,!#+!:&R!YH'JS5&!*'+!+'!/-K&!6-:!:'5&O!1'!M'J!J*1&5,+#*1\!@&S,!2%&K&5O!#*1!
6&S%%!45&,,!M'J!('5!-+RY
!Y@&!9'J%1*S+!1'!+6#+OY!D!#5/J&RYA'+!+'!:&R!D!8*'9!-+RY
!YH&,O!9&%%!R!R!RY
!"':!1'&,*S+!(-*-,6!6-,!+6'J/6+R!B&!5-1&!-*!,-%&*2&O!+6&!*'-,&!'(!+6&!,+5&&+,!'J5!
'*%M!26#++&5R!F''*!:M!9'55-&,!(#1&!#,!+6&
&Z2-+&:&*+!'(!+6&!2-+M!+#8&,!'K&5R!<Z('51!F+5&&+!-,!#!(#,2-*#+-*/!4%#2&R!7%%!+6&,&!
/5#*1!$J-%1-*/,!,-1&!$M!,-1&R!"6&M!,+#*1!,'!+#%%!#*1
45'J1O!#*1!#+!+6&!$'++':!,+'5MO!+6&-5!#9*-*/,!,+5&+26!'J+!'K&5!+6&!,-1&9#%8,!%-8&!
%#1-&,!2'M%M!%-(+-*/!+6&-5!,8-5+!6&:,!+'!5&K&#%
+&:4+#+-'*R!@&5&!-,!#!,+#+-'*&5S,!,6'4O!#!(J55-&5O!#!46'+'/5#46&5S,!,+J1-'O!#*1!#!
+6&#+&5O!96&5&!,&K&5#%!4#+5'*,!6#K&!2'*/5&/#+&1!#+
+6&!$'Z!'((-2&!+'!,&&!#$'J+!+6&!1#MS,!45'/5#:R
!YL%#,+bY
!YB6#+\Y!D!#,8R
!YD!9#,!+'!4-28!J4!#!2#8&!('5!>5#*1:#:#O!#*1!9&SK&!VJ,+!4#,,&1!+6&!,6'4RY!"':!
2#%%,!+'!+6&!15-K&5O!96'!,+'4,!$M!+6&!2J5$RYD!9'*S+
$&!#!:-*J+&OY!"':!,#M,O!+6'J/6!D!,J,4&2+!6&!,#M,!+6-,!%&,,!+'!5&#,,J5&!:&!#*1!:'5&!
+'!2'*K-*2&!+6&!15-K&5!*'+!+'!26#5/&!6-:!#*
&/5&/-'J,!#:'J*+!('5!+6-,!J*,26&1J%&1!,+'4R
!C'5!:M!4#5+O!D!#:!6#44M!+'!,-+!#*1!9#+26!+6&!9'5%1!-*!#%%!-+,!/%'5MR!7!M'J*/!$'M!
9&#K&,!6-,!9#M!+65'J/6!+6&!4#,,&5,$MO!#!%#5/&
/'',&!5&,+-*/!45&2#5-'J,%M!'*!6-,!,6'J%1&5R!7:-1,+!#!26'5J,!'(!C5&*26!6'5*,!#*1!
'$'&,O!#!6#44M!+65'*/!'(!2#5'%&5,!:#8&,!-+,!9#M!+'
&#26!&,+#$%-,6:&*+O!6'4-*/!('5!#!6#*1(J%!'(!*J+,!'5!#!$-+!'(!15-*8R!"6&M!9#%8!'*O!
+6&-5!,'*/!15-(+-*/!$&6-*1!+6&:R!D*!+6&!9-*1'9!'(!+6&
,6'4!96&5&!"':!6#,!/'*&O!+6&5&!#5&!#%%!,'5+,!'(!1&%-2-'J,!2'*(&2+-'*,!'*!1-,4%#MW!
4%J:4!2J55#*+,!#*1!2#*1-&1!%&:'*,U!:'J*+#-*,!'(
4&#5,O!#44%&,O!#*1!'5#*/&,U!2'%'5(J%!4-%&,!'(!,4-2&,R!D+!:#8&,!:M!:'J+6!9#+&5R!7!
+#%%!9':#*!-*!#!,:#5+!6#+!#*1!+9&&1!,J-+
#445'#26&,R!F6&!,&&:,!(#:-%-#5O!$J+!-+!-,!*'+!J*+-%!,6&!4#,,&,!+6#+!D!5&2'/*-T&!
6&5R
!YQ-,,!Q''5&bY!D!,6'J+!(5':!+6&!9-*1'9O!('5/&++-*/!:M!:#**&5,!&*+-5&%MR
!Q-,,!Q''5&!,+'4,O!*'!1'J$+!9'*1&5-*/!96'!2'J%1!$&!2#%%-*/!+'!6&5!'*!+6&!,+5&&+!-*!
,J26!#!5J1&!(#,6-'*R!B6&*!,6&!,&&,!:&O!,6&
2':&,!'K&5!+'!+6&!2#55-#/&R!YB6MO!Q-,,!0'M%&b!H'JS5&!%''8-*/!9&%%R!Q&55M!)65-,+:#,!
+'!M'JRY
!YQ&55M!)65-,+:#,RY
!Y75&!M'J!-*!='*1'*!%'*/\Y!,6&!#,8,R
!Y?*+-%!#(+&5!+6&!*&9!M&#5OY!D!,#MR
!YB6#+!#!6#44M!2'-*2-1&*2&b!H'J!:J,+!2':&!+'!2#%%RSS
!YD!,6'J%1!%-8&!+6#+!K&5M!:J26OY!D!,#MR!F6&!%''8,!XJ-+&!5#1-#*+R
!F6&!6#*1,!:&!6&5!2#51R!YD!6#K&!+#8&*!%'1/-*/,!-*!L#8&5!F+5&&+R!D!#:!#+!6':&!#%%!
1#M!+':'55'9R!0'!,#M!M'JS%%!2':&RY
!Y<6O!M&,O!'(!2'J5,&b!"6#+!9'J%1!$&!/5#*1R!<6!RRRY!D!,+'4R
!YB6#+!-,!-+\Y
!YDS:!#(5#-1!D!6#K&!#!45&K-'J,!&*/#/&:&*+!+':'55'9O!9-+6!Q-,,!B'5+6-*/+'*!#*1!Q-,,!
L5#1,6#9RY
!YD!,&&RY!F6&!1'&,*S+!*&&1!+'!,#M!#*M+6-*/!&%,&R!B&!$'+6!8*'9!+6#+!9&!/-5%,!9&5&!
5&,4'*,-$%&!('5!6&5!1-,:-,,#%R
!YB&S5&!#%%!+&55-$%M!,'55M!('5!96#+!6#44&*&1O!Q-,,!Q''5&RY
!YB6#+S,!1'*&!-,!1'*&R!B&!2#*!'*%M!:'K&!('59#51RY
!YH&,R!H'J!#5&!5-/6+O!'(!2'J5,&RY
!Y"6'J/6O!/-K&*!+6&!26#*2&O!D!,6'J%1!&*V'M!+'5+J5-*/!Q-,,!B'5+6-*/+'*OY!Q-,,!Q''5&!
,#M,!9-+6!#!/%&#:!-*!6&5!&M&R!YF6&!6#,!:'5&
26&&8!+6#*!,6'J%1!$&!5&#,'*#$%M!+'%&5#+&1RY
!YF6&!-,!XJ-+&!,#J2MOY!D!,#MO!,:-%-*/R!<6O!D!6#K&!:-,,&1!Q-,,!Q''5&b
!Y7*1!Q-,,!)5',,\!B-%%!M'J!*'+!$&!,&&-*/!:M!#22J,&5!'K&5!+6&!6'%-1#M,\Y!Q-,,!
Q''5&S,!,:-%&!(#%+&5,!96&*!,6&!,&&,!:M!,6'28&1
&Z45&,,-'*R!Y<6O!1&#5R!DSK&!J4,&+!M'JR!D!#:!,'55MR!0&,4-+&!:M!(&&%-*/,!+'9#51!Q-,,!
)5',,O!D!8*'9!M'J!#5&!(5-&*1,R!"6#+!9#,!5J1&!'(
:&RY
!YA'O!-+!-,*S+!+6#+R!D+S,!R!R!R!.-44#S,!1&#1RY
!Q-,,!Q''5&!2'K&5,!6&5!:'J+6!9-+6!6&5!6#*1RY0&#1\!B6&*\Y
!Y"9'!:'*+6,!*'9RY
!Y<6O!Q-,,!0'M%&O!('5/-K&!:&OY!Q-,,!Q''5&!,#M,O!4%#2-*/!6&5!6#*1,!'*!:-*&R!YD!6#1!
*'!-1&#R!DSK&!$&&*!#9#M!+6&,&!+9'!:'*+6,R!D
'*%M!VJ,+!5&+J5*&1!%#,+!9&&8RY
!YD+!9#,!6&5!&4-%&4,MOY!D!%-&R!YH'J!5&:&:$&5!6&5!1-((-2J%+MRY!F':&+6-*/!-*!:&!
9#*+,!+'!+&%%!Q-,,!Q''5&!+6&!+5J+6!#$'J+!+6#+!*-/6+O!$J+
*'+!M&+R
!YH&,O!D!5&:&:$&5OY!Q-,,!Q''5&!,#M,R!YD!#:!,'55MR!@&5&!-+!-,!+6&!,&#,'*!'(!
('5/-K&*&,,!#*1!DSK&!,6'9*!*'+6-*/!$J+!#!6#51!6&#5+R
.%&#,&!1'!-*K-+&!Q-,,!L5#1,6#9!#*1!Q-,,!B'5+6-*/+'*R!"6&M!#5&!9&%2':&RY
!Y"6#+!-,!K&5M!/&*&5'J,!'(!M'JO!Q-,,!Q''5&R!DS:!,J5&!9&!,6'J%1!#%%!%-8&!+'!6&#5!'(!
M'J5!+5#K&%,OSS!D!,#MR
!Y"6&*!D!,6#%%!+&%%!M'JR!F6#%%!9&!,#M!+':'55'9!#+!+65&&!'S2%'28\!D!,6#%%!45&4#5&!#!
K&5M!,+5'*/!+&#!#*1!"J58-,6!1&%-/6+RY
!L%#,+R!"6&5&!-,!+6&!1-((-2J%+M!'(!/&++-*/!:M!/5#*1:'+6&5!+'!#%%'9!:&!+'!4#M!#!
2#%%!9-+6'J+!6&5R!YD!,6'J%1!%-8&!+6#+!K&5M!:J26O!-(!:M
/5#*1:'+6&5!9-%%!#/5&&!+'!-+RY
!YD!J*1&5,+#*1OY!,6&!,#M,O!,+&44-*/!#9#M!(5':!+6&!2#55-#/&R!7!$&//#5!$'M!9-+6!'*&!
%&/!%-:4,!+'!6&5!,-1&R
!Y.%&#,&O!:-,,\!7!6#S4&**M!('5!+6&!25-44%&1\Y!6&!,#M,O!%-4!+5&:$%-*/R
!YA'*,&*,&OY!,6&!,#M,R!YH'JSK&!+J28&1!M'J5!%&/!J4!-*,-1&!M'J5!+5'J,&5,!+6&5&O!
6#K&*S+!M'J\!0'*S+!%-&!+'!:&RY
!YA'S:OY!6&!,#M,O!$J+!*'9!D!2#*!,&&!+6&!'J+%-*&!'(!+6&!'+6&5!%&/!2%&#5%MR
!Y;J*!#%'*/!9-+6!M'J!$&('5&!D!2#%%!+6&!2'*,+#$%&RY
!cJ-28!#,!#!(%#,6O!+6&!%&/!2':&,!1'9*!#*1!6&S,!'((!5J**-*/!'*!+9'!#$%&!(&&+R!D!
%#J/6!#+!+6-,R!Y<6O!Q-,,!Q''5&O!D!#:!6#44M!+'!,&&
M'JRY
!Y7*1!D!M'JO!Q-,,!0'M%&R!D!#:!6':&!:',+!#(+&5*''*,!(5':!+65&&!J*+-%!(-K&!'S2%'28R!
H'J!6#K&!#*!'4&*!-*K-+#+-'*!+'!2#%%!#*M+-:&RY
!F6&!6&#1,!'((!$%&*1-*/!$#28!-*+'!+6&!+65'*/!'(!<Z('51!F+5&&+R!Q-,,!Q''5&!9#,!+6&!
'*&!96'!(-5,+!+'%1!J,!#$'J+!+6&!<51&5O!#*1!D
9'*1&5!96#+!:'5&!,6&!2'J%1!+&%%!J,!-(!9&!1#5&!#,8!6&5R!F6&S1!45'$#$%M!,&*1!J,!
4#28-*/!-(!9&!1-1O!#*1!5-/6+(J%%M!,'R!F+-%%O!+6&5&!:J,+
$&!,':&+6-*/!'*!96-26!,6&!2#*!,6&1!#!$-+!'(!%-/6+O!-(!9&!#5&!K&5M!2#5&(J%!-*!'J5!
-*XJ-5-&,R!7*1!-(!*'+O!#+!+6&!K&5M!%&#,+!-+!-,!#!9#M!'J+!'(
:M!/5#*1:'+6&5S,!6'J,&R!Q-,,!Q''5&!VJ,+!:#M!$&!:M!$&,+!6'4&!('5!,#*-+M!+6-,!
6'%-1#MR
!"':S,!$#28!(5':!+6&!,6'4R!@&!15'4,!+6&!$'ZO!95#44&1!#5+(J%%M!-*!$5'9*!4#4&5!#*1!
,+5-*/O!-*+'!:M!%#4R!Y<*&!6-1&'J,!(5J-+2#8&R!B6'
9#,!+6#+!9':#*\Y
!Y<6OY!D!,#MO!Y*'!'*&R!7!+&#26&5RY!7,!+6&!2#55-#/&!V',+%&,!+'!%-(&O!D!#11OY7!
(5-&*1RY
!)@7."3;!C<?;"33A
!>;7A0Q7Q7!@7F!=3"!7A!3=3>7A"!@<?F3!DA!C7F@D<A7L=3!L&%/5#K&!FXJ#5&!$'51&5-*/!@M1&!
.#58R!F6&!J,J#%%M!,+#M,!#+!F6&&4S,
Q&#1'9O!6&5!2'J*+5M!6':&O!2':-*/!-*+'!='*1'*!'*%M!('5!+6&!,&#,'*O!Q#M!+65'J/6!:-1I
7J/J,+O!#*1!('5!)65-,+:#,R!"6#+!-,!+'!,#MO!,6&
2':&,!'*%M!96&*!,6&!9#*+,!+'!,&&!#*1!$&!,&&*!$M!='*1'*!,'2-&+MR
!D+!-,!K&5M!,+5#*/&!+'!9#%8!-*+'!+6&!J*(#:-%-#5!(5'*+!6#%%!#*1!,&&!+6&!2'#+!5#28!
#*1!+6&!,-1&!+#$%&!9-+6!-+,!#22':4#*M-*/!:-55'5O!+6&
$J5/J*1M!4#4&5!'*!+6&!9#%%,O!+6&!+#,,&%&1!K&%K&+!15#4&,O!#,!-(!D!,6'J%1!(-*1!
2':('5+!-*!+6&,&!,+5#*/&!+6-*/,O!#,!-(!+6-,!9&5&!#!4%#2&!D
,6'J%1!8*'9!#*1!%'K&!96&*!DSK&!*&K&5!,&+!(''+!-*!-+R!"6'J/6!-+!-,!(-%%&1!9-+6!
2J,6-'*&1!26#-5,O!#!4-#*'O!#!)65-,+:#,!+5&&!(&,+''*&1!9-+6
4'42'5*!#*1!5-$$'*O!#*1!+6'J/6!&K&5M!5'':!-,!9#5:&1!$M!#!$%#T-*/!(-5&O!+6-,!1'&,!
*'+!(&&%!%-8&!6':&R!C'5!:&!+6#+!4%#2&!-,!D*1-#R!D
+6-*8!'(!'J5!6'J,&8&&4&5O!F#5-+#O!#*1!,&&!6&5!%-*&1!(#2&!#*1!/#4I+''+6&1!,:-%&R!D!
,&&!'J5!6'J,&!9-+6!+6&!'4&*!4'526!#*1!#!$'9%!'(
1#+&,!,-++-*/!'*!#!+#$%&!15#4&1!-*!5&1!,-%8R!Q',+%MO!D!+6-*8!'(!Q'+6&5S,!45&,&*2&!
#*1!C#+6&5S,!$'':-*/!%#J/6O!$#28!96&*!6&!1-1!%#J/6R
!7,!>5#*1:#:#!-,!,+-%%!'J+!4#M-*/!#!2#%%O!+6&!6'J,&8&&4&5O!Q5,R!N'*&,O!-,!+6&5&!+'!
/5&&+!:&R!F6&!#,8,!-(!DSK&!6#1!#!4%&#,#*+!V'J5*&MO
#*1!D!#*,9&5!M&,O!#,!-,!&Z4&2+&1R!B&SK&!*'+6-*/!:'5&!+'!,#M!+'!&#26!'+6&5O!,'!,6&!
%&#1,!:&!J4!+9'!(%-/6+,!'(!,+#-5,!+'!:M!$&15'':R
D+!-,!#!$#28!5'':!+6#+!%''8,!'J+!'*+'!+6&!2#55-#/&!6'J,&,!#*1!,+#$%&,!'(!+6&!:&9,O!
+6&!,:#%%!%#*&!$&6-*1!J,!96&5&!+6&!2'#26:&*!#*1
+6&-5!(#:-%-&,!%-K&R!D+!-,!#!1-*/M!%-++%&!4%#2&O!#*1!D!9'*1&5!96#+!-+!:J,+!$&!%-8&!
:J28-*/!#$'J+!-*!+6&!6#M!9-+6!+6&!6'5,&,O!#%9#M,
,+#5-*/!J4!#+!+6&!%-/6+,!'(!+6&,&!/5#*1O!+'9&5-*/!96-+&!%#1-&,!96&5&!9&!6#K&!
&K&5M+6-*/!9&!2'J%1!#,8!('5R
!B6&*!D!6#K&!26#*/&1!2%'+6&,!('5!1-**&5O!D!:#8&!:M!9#M!1'9*,+#-5,!#/#-*R!7+!+6&!
,&2'*1I(%''5!%#*1-*/O!D!,+'4R!C#+6&5!#*1!"':!#5&
6#K-*/!#*!#5/J:&*+!$&6-*1!+6&!2%',&1!1''5,!'(!+6&!%-$5#5MO!#*1!D!:'K&!2%',&5!+'!
%-,+&*R
!YLJ+O!C#+6&5OY!"':!,#M,R!Y0'!M'J!+6-*8!-+!9-,&!+'!6-5&!#!('5&-/*&5!+'!$&!M'J5!
15-K&5\!"6&5&!#5&!4%&*+M!'(!/''1!3*/%-,6:&*!('5!+6&
V'$O!D!1#5&,#MRY
!D!4&&8!+65'J/6!+6&!,%-K&5!'(!%-/6+!#+!+6&!1''5R!C#+6&5!#*1!"':!,+#*1!'44',-+&!
&#26!'+6&5O!#!2'J4%&!'(!2'-%&1!,45-*/,R
!F':&!4#5+!'(!+6&!'%1!C#+6&5!(%#5&,!+'!%-(&R!YB&!6#1!:#*M!%'M#%!D*1-#*!,&5K#*+,!-*!
L':$#MO!:#M!D!5&:-*1!M'JO!"6':#,RY
!YH&,O!C#+6&5O!$J+!+6#+!9#,!D*1-#R!B&S5&!6&5&!*'9O!#:'*/,+!'J5!4&&5,O!96'!#%%!J,&!
3*/%-,6!15-K&5,RY
!Y75&!M'J!XJ&,+-'*-*/!:M!1&2-,-'*O!"6':#,\Y
!YA'O!,-5RY
!Y>''1!:#*RY
!"6&5&!-,!#!:':&*+!'(!J*2':('5+#$%&!,-%&*2&O!#*1!+6&*!"':!,#M,!2#5&(J%%MO!YLJ+!M'J!
:J,+!#1:-+!+6#+!+6&!D*1-#*,!6#K&!6#$-+,!+6#+
6#K&!%&1!+'!+5'J$%&!('5!M'J!$&('5&O!C#+6&5RY
!Y"6#+!-,!&*'J/6O!"6':#,!@&*5MbY!C#+6&5!$#58,R!Y"6&5&!,6#%%!$&!*'!:'5&!1-,2J,,-'*!
'(!-+RY
!"':!$#55&%,!+65'J/6!+6&!1''5O!*&#5%M!8*'28-*/!:&!'K&5R
!Y<6O!1&#5OY!D!,#MR!B6&*!6&!1'&,*S+!5&,4'*1O!D!#11O!YH'J!:-/6+!#4'%'/-T&RY
!YH'J!:-/6+!*'+!9#*+!+'!%-,+&*!#+!8&M6'%&,OY!6&!,*#4,!$#28R!D!('%%'9!6-:!+'!+6&!
,+#-5,R
!YH'J!:-/6+!*'+!9#*+!+'!+&%%!C#+6&5!6'9!+'!5J*!6-,!#((#-5,OY!D!96-,4&5!+&5,&%MR
!Y"6#+S,!#%%!9&%%!#*1!(-*&!('5!M'J!+'!,#MOY!6&!/5'9%,RYH'JS5&!*'+!+6&!'*&!96'S,!
,4&*+!+6&!$&++&5!4#5+!'(!#!('5+*-/6+!9&#*-*/!6-:!'((!+6&
$'++%&!'*%M!+'!,&&!+6#+!6&!2'J%1!&#,-%M!$&!%&1!#,+5#M!#/#-*!$M!,':&!2#55-#/&!
15-K&5RY
!"':!+#8&,!+6&!,+#-5,!#+!#*!#*/5M!2%-4R!D!,+5J//%&!+'!8&&4!J4R
!YH'J!1'*S+!8*'9!+6#+R!B6M!:J,+!M'J!#//5#K#+&!6-:!,'\Y
!"':!96-5%,!#5'J*1RYD!#//5#K#+&!6-:\!D!1'!*'+6-*/!$J+!+5M!+'!4%&#,&!6-:O!$J+!D!2#*!
1'!*'!5-/6+!-*!6-,!&M&,RY
!Y"6#+!-,*S+!+5J&OY!D!,#MR
!@&!%''8,!#,!-(!DSK&!6-+!6-:RY@'9!9'J%1!M'J!8*'9O!>&::#\!D+S,!M'J!6&!#1'5&,RY
!Y"':!R!R!R!OYD!,+#5+R
!7!+#%%!$J+%&5!#44&#5,R!Y0-**&5!-,!,&5K&1O!Q5R!"6':#,O!Q-,,!>&::#RY
!YH&,O!+6#*8!M'JO!0#K-,OY!"6':#,!,#M,!+-/6+%MR!B-+6!+6#+O!6&!+J5*,!,:#5+%M!'*!6-,!
6&&%!#*1!9#%8,!#9#MR
!0-**&5!-,!#!1-,:#%!#((#-5R!3K&5M'*&!-,!+5M-*/!,'!K&5M!6#51!+'!$&!$5-/6+!#*1!
,:-%-*/O!#,!-(!9&!#5&!4',-*/!('5!#*!#1K&5+R!B&S5&!#%%!+5M-*/
+'!&5#,&!+6&!(#2+!+6#+!9&!1'!*'+!%-K&!6&5&O!+'/&+6&5O!#*1!+6#+!+6-,!-,!'J5!(-5,+!
)65-,+:#,!9-+6'J+!Q'+6&5R!A'!'*&!9#*+,!+'!$&!+6&!'*&
96'!$5-*/,!+5J+6!+'!+6&!+#$%&!#*1!,4'-%,!+6&!&K&*-*/O!#*1!,'!+6&5&!-,!#!%'+!'(!
('52&1!4'%-+&!+#%8!'(!6'%-1#M!4%#*,!#*1!1'-*/,!#+!,26''%
#*1!/',,-4!#$'J+!+6&!+'9*R
!Y@'9!#5&!+6-*/,!#+!F4&*2&O!>&::#\Y!C#+6&5!#,8,R
!B&%%O!M'J!,&&O!:M!(5-&*1!.-44#!-,!1&#1O!96-26!-,!:M!(#J%+O!5&#%%MO!#*1!DS:!+5M-*/!
1&,4&5#+&%M!+'!%'2#+&!+6&!"&:4%&O!+6&!,'J52&!'(!+6&
:#/-2!-*!+6&!5&#%:,O!$&('5&!)-52&!+6&!&K-%!9':#*!96'!8-%%&1!Q'+6&5O!96'!9#,!#%,'!#!
:&:$&5!'(!+6&!<51&5O!$J+!M'J!9'J%1*S+!8*'9
#$'J+!+6#+!(-*1,!-+!#*1!1'&,!1-#$'%-2#%!+6-*/,O!#*1!+6&*!DS:!+'!$-*1!+6&!:#/-2!
,':&6'9O!+6'J/6!D!6#K&*S+!+6&!K#/J&,+!-1&#!6'9R!7*1
+6#+!-,!6'9!+6-*/,!#5&O
!YE&5M!/''1O!+6#*8!M'JRY
!Y76O!,4%&*1-1R!F4%&*1-1RY
!Y0-1!"6':#,!+&%%!M'J!6&S,!$&2':&!#!2%-*-2#%!#,,-,+#*+!#+!L&+6%&:!;'M#%!@',4-+#%\Y!
>5#*1:#:#!,#M,O!+#8-*/!#!/&*&5'J,!4'5+-'*!'(
4&#,!'*!6&5!('58R
!YA'O!D!1'*S+!$&%-&K&!6&!1-1RY
!"':!/-K&,!:&!#!,:-58R!YDSK&!$&2':&!#!2%-*-2#%!#,,-,+#*+!#+!L&+6%&:!;'M#%!
@',4-+#%OY!6&!4#55'+,!,:#5+%MR
!Y;&#%%MO!"6':#,OY!>5#*1:#:#!26-1&,!9-+6'J+!&*+6J,-#,:R
!Y0'!M'J!:&#*!L&1%#:O!+6&!%J*#+-2!#,M%J:\Y!D!#,8R
!"':S,!8*-(&!,25#4&,!6-,!4%#+&RYB&!1'!*'+!2#%%!-+!+6#+RY
!Y0'!&#+!M'J5!4&#,O!>&::#OY!>5#*1:#:#!,#M,R!YB&SK&!$&&*!-*K-+&1!+'!#!$#%%!6',+&1!
$M!=#1M!>&'5/&!B'5+6-*/+'*O!+6&!#1:-5#%S,
9-(&R!D+!-,!+6&!:',+!2'K&+&1!-*K-+#+-'*!'(!+6&!)65-,+:#,!,&#,'*R!B6#+!,'5+!'(!/-5%!
-,!Q-,,!B'5+6-*/+'*\Y
!76O!#*!&Z2&%%&*+!XJ&,+-'*R!=&+S,!,&&R!R!R!R!F6&!8-,,&,!>M4,-&,!-*!+6&!9''1,!#*1!
'*2&!%'28&1!:&!-*!+6&!26#4&%!#(+&5!#,8-*/!:&!+'
,+&#%!+6&!2'::J*-'*!9-*&R!LM!+6&!%-/6+!'(!#!4#%&!:''*O!D!,#9!6&5!8-%%!#!1&&5!#*1!
2%-:$!(5':!#!5#K-*&!*#8&1!#*1!,4%#++&5&1!9-+6
$%''1R!F6&!-,!#%,'O!,+5#*/&%MO!'*&!'(!:M!$&,+!(5-&*1,R!0'!*'+!#,8!:&!+'!&Z4%#-*!
96MR
!YF4-5-+&1OY!D!,#MR
!YD!+6'J/6+!+':'55'9!9&!9'J%1!2#%%!J4'*!:M!(5-&*1!Q5,R!;'/&5,R!F6&!-,!+'!6#K&!#!
45'/5#:!'(!:J,-2!-*!+6&!#(+&5*''*RY
!D!+#8&!#!1&&4!$5&#+6RYDSK&!$&&*!-*K-+&1!+'!4#M!#!2#%%!+':'55'9RY
!>5#*1:#:#S,!('58!,+'4,!:-19#M!+'!6&5!:'J+6R!Y"'!96':\!B6M!9#,!*'!2#51!%&(+!6&5&!
('5!:&\!7$,'%J+&%M!*'+R!<J+!'(!+6&
XJ&,+-'*RY
!"6-,!-,!/'-*/!9&%%R!.&56#4,!*&Z+!D!2'J%1!6#*/!:M,&%(!9-+6!+6&!+#$%&!%-*&*,R
!YD+!-,!Q-,,!Q''5&O!#*!#5+!+&#26&5!#+!F4&*2&RY!"6&5&!-,!*'!*&&1!+'!:&*+-'*!6&5!
1-,:-,,#%!(5':!+6#+!,#:&!-*,+-+J+-'*R!YF6&!-,
+5&:&*1'J,%M!4'4J%#5!#*1!$&%'K&1O!#*1!'(!#%%!6&5!,+J1&*+,O!,6&!6#,!-*K-+&1!'*%M!
Q-,,!L5#1,6#9O!Q-,,!B'5+6-*/+'*O!#*1!:&!+'!K-,-+!6&5
#+!6':&R!D+!-,!XJ-+&!#*!6'*'5RY
!YQ-,,!L5#1,6#9!R!R!R!0-1*S+!9&!:&&+!6&5!#+!F4&*2&\!F6&S,!+6&!,26'%#5,6-4!,+J1&*+O!
-,!,6&!*'+\Y!>5#*1:#:#!,#M,O!,2'9%-*/R!Y"6&
'546#*\Y
!Y0-1!D!*'+!+&%%!M'J\Y!QM!*&9%M!1-,2'K&5&1!4&*26#*+!('5!%M-*/!-,!(#,+!$&2':-*/!#!
,8-%%R
!Y"&%%!:&!96#+\Y
!YD+!9#,!1-,2'K&5&1!+6#+!Q-,,!L5#1,6#9!6#,!#!/5&#+IJ*2%&O!#!1J8&O!96'!%-K&,!-*!
P&*+O!#*1!,6&!-,!#2+J#%%M!1&,2&*1&1!(5':!;J,,-#*
5'M#%+MR!7!1-,+#*+!2'J,-*!+'!+6&!2T#5-*#RY
!YH'J!1'*S+!,#MbY"':!&Z2%#-:,R!Y"6#+!-,!%J28M!-*1&&1RY
!YH&,OY!>5#*1:#:#!,#M,R!YD+S,!5#+6&5!%-8&!+6',&!,+'5-&,!+6&M!45-*+!-*!+6&!
6#%(4&**M!4#4&5,RY
!3Z#2+%MR!7*1!4%&#,&!1-/!*'!(J5+6&5!'5!M'JS5&!%-8&%M!+'!,&&!+6&!,+#5+%-*/!
,-:-%#5-+-&,R
!Y.&56#4,!D!,6#%%!6#K&!+'!+#8&!#*'+6&5!%''8!#+!Q-,,!L5#1,6#9!*'9!+6#+!,6&!-,!-*!
4',,&,,-'*!'(!#!('5+J*&OY!"':!V'8&,O!+6'J/6!D
,J,4&2+!6&!:#M!$&!-*!&#5*&,+R
!YF6&!-,!9-,&!+'!('5+J*&!6J*+&5,OY!D!9#5*!"':R
!Y0'!M'J!,J44',&!,6&S1!(-*1!:&!,'!1-,#/5&&#$%&\Y!"':!,*-((,R
!Y7,!,6&!6#,!$'+6!&#5,!#*1!&M&,O!M&,OY!D!,*#4!$#28R
!Y@#b!H'JSK&!$&&*!2#%%&1!1'9*O!:M!/''1!:#*OY!C#+6&5!,#M,O!%#J/6-*/R
!YN'6*O!1'*S+!&*2'J5#/&!6&5R!>&::#O!-+!-,!*'+!$&2':-*/!+'!$&!,'!J*8-*1OY!>5#*1:#:#!
26-1&,R!YD!1'!*'+!8*'9!+6-,!Q-,,!Q''5&R!D
1'*S+!8*'9!+6#+!D!2#*!#%%'9!+6-,!K-,-+RY
!YF6&!/-K&,!&Z2&%%&*+!-*,+5J2+-'*!-*!15#9-*/!#*1!4#-*+-*/OY!D!'((&5R
!Y7*1!26#5/&,!6#*1,':&%M!('5!-+O!*'!1'J$+R!"6#+!,'5+!#%9#M,!1'&,OY!>5#*1:#:#!,#M,O!
+#8-*/!#!$-+&!'(!4'+#+'&,R!YH'J5!15#9-*/!9-%%
*'+!,J((&5!1J5-*/!+6&,&!(&9!9&&8,R!H'J5!+-:&!-,!$&++&5!,4&*+!#+!6':&!'5!
#22':4#*M-*/!:&!'*!2#%%,!,'!+6#+!M'J!:#M!$&2':&!$&++&5
#2XJ#-*+&1!9-+6!4&'4%&!96'!:#++&5RY
!D!2'J%1!8-28!6&5!('5!+6#+!2'::&*+R!Q-,,!Q''5&!-,!9'5+6!+&*!'(!6&5!Y4&'4%&!96'!
:#++&5RY!D!2%&#5!:M!+65'#+R!Y<(!2'J5,&O!9&!9-%%!$&
:#8-*/!'5*#:&*+,!+'!$5-/6+&*!+6&!6',4-+#%,!+6-,!+-:&!'(!M&#5R!Q-,,!Q''5&!,+5&,,&,!
+6#+!'*&!2#**'+!4&5('5:!&*'J/6!26#5-+#$%&!#2+,RY
!Y"6#+!-,!XJ-+&!#1:-5#$%&OY!>5#*1:#:#!,#M,O!2J++-*/!6&5!4'58!%'-*!-*+'!+-*M!
4-&2&,RY.&56#4,!D!,6#%%!/'!9-+6!M'J!#*1!,&&!+6-,!Q-,,
Q''5&!('5!:M,&%(RY
!YA'bY!D!45#2+-2#%%M!,6'J+R!YB6#+!D!:&#*!-,!R!R!RY!B6#+!1'!D!:&#*\!YQ-,,!Q''5&!
9'J%1!$&!+&55-$%M!&:$#55#,,&1!+'!6#K&!6&5!/''1
9'58,!,'!4J$%-2%M!8*'9*R!F6&!#1K-,&,!1-,25&+-'*!-*!#%%!:#++&5,R!7,!+6&!L-$%&!,#M,!
RRRY!D!4#J,&R!@#K-*/!*&K&5!5&#1!:J26!'(!+6&!L-$%&O!D
6#K&*S+!+6&!K#/J&,+!-1&#!96#+!-+!,#M,R!Y=&+!+6-*&!'5*#:&*+,!$&!'*%M!('5!>'1S,!
&#5,!(-*/&5,R!>'1S,!(-*/&5,RY
!@J55-&1%MO!D!+#8&!#!,-4!'(!+&#R!>5#*1:#:#!,&&:,!4&54%&Z&1R!Y"6&!L-$%&!,#M,!+6#+\!
B6&5&\Y
!"''!:J26!6'+!+&#!(-%%,!:M!:'J+6R!D!26'8&!-+!1'9*RY.,#%:,OY!D!5#,4!'J+O!2'J/6-*/R
!C#+6&5!/-K&,!:&!#!2J5-'J,!%''8R!@&!8*'9,!DS:!%M-*/R
!Y.,#%:,O!M'J!,#M\!B6-26!4,#%:\Y!>5#*1:#:#!#,8,R
!C#+6&5S,!95M!,:-%&!,&&:,!+'!,#MO!76#O!*'9!M'JS5&!2#J/6+!-*!#!+5#4O!:M!/-5%R
!"6&!+&#!$J5*,!-+,!9#M!+'!:M!,+':#26!-*!-*,+#*+!4&*#*2&R!Y"6&!)65-,+:#,!4,#%:RY
!>5#*1:#:#!5&,J:&,!6&5!*'-,M!26&9-*/R!YD!+6-*8!-+!$&,+!-(!9&!K-,-+!Q5,R!;'/&5,RY
!YQ'+6&5OY!C#+6&5!,#M,O!Y'J5!>&::#!-,!#!M'J*/!%#1M!9-+6!-*+&5&,+,!'(!6&5!'9*RY
!YD*+&5&,+,!'(!6&5!'9*\!A'*,&*,&b!F6&S,!*'+!M&+!'J+!'(!+6&!,26''%5'':OSS!>5#*1:#:#!
6#55J:46,R
!Y7!$-+!'(!(5&&1':!9-%%!1'!6&5!/''1OY!C#+6&5!,#M,R
!YC5&&1':!2#*!%&#1!+'!:-,('5+J*&OY!:M!/5#*1:'+6&5!,#M,R!F6&!6#,*S+!,#-1!:M!
:'+6&5S,!*#:&!'J+!%'J1O!$J+!,6&S,!,+#$$&1!C#+6&5
9-+6!+6&!+65&#+!'(!-+R
!Y0-1!D!:&*+-'*!+6#+!>&::#!6#1!+6&!:',+!&Z+5#'51-*#5M!%J28!'(!:&&+-*/!F-:'*!
Q-11%&+'*!#+!+6&!+5#-*!,+#+-'*!+'1#M\Y!"6&!:':&*+
-+S,!'J+!'(!6-,!:'J+6O!"':!5&#%-T&,!6&S,!:#1&!#!:-,+#8&R
!Y7*1!6'9!1-1!+6#+!6#44&*\Y!C#+6&5!1&:#*1,R
!"':!$%#*26&,RYB&%%O!D!2'J%1*S+!,&2J5&!#!6#*,':O!#*1!M'J!,&&O!+6&5&!9#,!+6&!:',+!
6'55&*1'J,!2'*/&,+-'*!'(!9#/'*,!#+!Y
!YQM!$'MOY!C#+6&5!$%#,+,O!Y1'!M'J!:&#*!+'!+&%%!:&!+6#+!:M!1#J/6+&5!9#,!#%'*&!#+!
E-2+'5-#\Y
!Y<*%M!('5!#!:':&*+OY"':!,#M,R
!C#+6&5S,!(-,+!2':&,!1'9*!'*!+6&!+#$%&O!5#++%-*/!'J5!4%#+&,!#*1!:#8-*/!>5#*1:#:#S,!
6#*1,!(%J++&5R!YH'JSK&!1-,#44'-*+&1!:&!+'1#MRY
7*1!9-+6!+6#+O!6&!%&#K&,!+6&!5'':R
!YDS:!#%9#M,!#!1-,#44'-*+:&*+OY"':!,#M,R
!YD!1'!6'4&!M'J!8*'9!96#+!M'JS5&!1'-*/O!"6':#,OY!>5#*1:#:#!96-,4&5,RY@-,!:''1!
$%#28&*,!$M!+6&!1#MRY
!Y7+!%&#,+!D!#:!9-%%-*/!+'!1'!,':&+6-*/OY!"':!,#M,!$-++&5%MR
!Q5,R!N'*&,!#44&#5,RYD,!&K&5M+6-*/!#%%!5-/6+O!:#1#:\Y
!YH&,O!XJ-+&OY!>5#*1:#:#!,#M,RYQ5R!0'M%&!,6#%%!6#K&!6-,!2#8&!%#+&5OY!,6&!,#M,O!#,!
-(!*'+6-*/!-*!+6&!9'5%1!-,!+6&!:#++&5R
!7(+&5!'J5!+6'5'J/6%M!J*4%&#,#*+!1-**&5O!C#+6&5!#*1!D!,-+!#+!+6&!/#:-*/!+#$%&!+'!
4%#M!26&,,R!@-,!6#*1,!+5&:$%&O!$J+!6&S,!,+-%%
,J545-,-*/%M!/''1R!D*!'*%M!,-Z!:'K&,O!6&S,!/'+!:&!,'%-1%M!-*!26&28:#+&R
!Y"6#+!9#,!+&55-$%M!2%&K&5!'(!M'JR!@'9!1-1!M'J!1'!+6#+\Y!D!#,8R
!@&!+#4,!+6&!,-1&!'(!6-,!6&#1!9-+6!'*&!(-*/&5RYH'J!6#K&!+'!J*1&5,+#*1!M'J5!
'44'*&*+O!6'9!,6&!+6-*8,RY
!Y@'9!1'!D!+6-*8\Y
!YH'J!,&&!96#+!,&&:,!+'!$&!+6&!'$K-'J,!:'K&O!#,,J:&!-+S,!+6&!'*%M!:'K&O!#*1!5J,6!
-*!9-+6'J+!+6-*8-*/!-+!+65'J/6O!9-+6'J+!%''8-*/
+'!,&&!-(!+6&5&!-,!#*'+6&5!9#MR!7*1!+6#+!%&#K&,!M'J!KJ%*&5#$%&RY
!YLJ+!+6#+!9#,!+6&!'*%M!:'K&OY!D!45'+&,+R
!C#+6&5!6'%1,!J4!#!(-*/&5!+'!,6J,6!:&R!@&!4%#2&,!+6&!4-&2&,!#,!+6&M!9&5&!'*!+6&!
$'#51!+9'!:'K&,!45-'5RYA'9O!%''8RY
!D!,&&!+6&!,#:&!45&1-2#:&*+RYH'J5!XJ&&*!-,!'4&*RY
!Y@#,+MO!6#,+M!R!R!R!"6-*8!#!(&9!:'K&,!#6&#1RY
!D!,&&!'*%M!+6&!XJ&&*RYDS:!,'55MO!C#+6&5R!D!1'*S+!,&&!-+RY
!@&!,6'9,!:&!+6&!45'/5&,,-'*O!+6&!$-,6'4!%M-*/!-*!9#-+O!%J5-*/!:&!-*+'!#!+-/6+!
,4'+!(5':!96-26!+6&5&S,!*'!5&+5&#+R!YD+S,!#%%!-*!+6&
+6-*8-*/OY!6&!,#M,R!Y"6#+S,!96#+!M'J5!:'+6&5!9'J%1!,#MRY
!Q'+6&5R@&S,!,#-1!-+!#%'J1O!+6&!9'51!+6#+!2'J%1!*'+!$&!,#-1R
!YH'J!%''8!K&5M!:J26!%-8&!6&5RY!@&!$J5-&,!6-,!(#2&!-*!6-,!6#*1,!#*1!25-&,RYD!:-,,!
6&5!,'!:J26RY
!D!1'*S+!8*'9!96#+!+'!,#MR!DSK&!*&K&5!,&&*!:M!(#+6&5!25MR!YD!:-,,!6&5!+''RY
!@&!+#8&,!'J+!#!6#*18&526-&(!#*1!$%'9,!6-,!*',&R!YDS:!,'!,'55MO!:M!4&+RY!@-,!(#2&!
$5-/6+&*,R!YDSK&!#*!&#5%M!)65-,+:#,!/-(+!('5!M'JR
0'!M'J!,J44',&!DS%%!,4'-%!M'J!$M!/-K-*/!-+!&#5%M\Y
!YH&,O!6'55-$%MbSS!D!,#MO!+5M-*/!+'!%-/6+&*!+6&!:''1R!YB6&5&!-,!-+\Y
!C#+6&5!/'&,!+'!+6&!2J5-'!2#$-*&+!#*1!5#++%&,!+6&!1''5,R!Y76R!='28&1R!D!$&%-&K&!
+6&!8&M,!#5&!-*!>5#*1:#:#S,!5'':R!)'J%1!M'J!/'!('5
+6&:O!1#5%-*/\Y
!D!5#2&!+'!>5#*1:#:#S,!5'':O!(-*1!+6&!8&M,!'*!6&5!*-/6+I,+#*1O!#*1!5&+J5*!9-+6!
+6&:R!C#+6&5S,!6#*1,!,6#8&!,'!6&!2#*!$#5&%M!'4&*
+6&!2J5-'R
!YD,!-+!V&9&%5M\Y!D!#,8R
!Y"6#+!9'J%1!$&!+&%%-*/O!D!$&%-&K&RY!B-+6!&(('5+O!6&!'4&*,!+6&!/%#,,!1''5,!#*1!
:'K&,!+6-*/,!#,-1&O!%''8-*/!('5!,':&+6-*/R!YA'9
96&5&!1-1!D!%&#K&!-+\!R!R!R!B#-+!#!:-*J+&RY
!@&!'4&*,!+6&!J*%'28&1!15#9&5!$&%'9!#*1!5&+5-&K&,!#!4#28#/&!95#44&1!-*!5&1!4#4&5!
9-+6!#!,45-/!'(!6'%%M!*&,+%&1!-*+'!+6&!5-$$'*RYD+
9#,!-*!+6&!15#9&5!+6&!&*+-5&!+-:&RY
!D!+#8&!-+!+'!+6&!,'(#!#*1!+&#5!#9#M!+6&!4#4&5R!D+S,!#!2'4M!'(!3%-T#$&+6!L#55&++!
L5'9*-*/S,!F'**&+,!(5':!+6&!.'5+J/J&,&R
!Y<6OY!D!,#MO!6'4-*/!D!1'*S+!,'J*1!#,!1-,#44'-*+&1!#,!D!(&&%R!Y7!$''8RY
!YD+!9#,!M'J5!:'+6&5S,R!"6&M!9&5&!6&5!(#K'5-+&,R!F6&!J,&1!+'!5&#1!+6&:!+'!:&!-*!
+6&!&K&*-*/,RY!@&!$5&#8,!'((O!J*#$%&!+'!2'*+-*J&R
!YC#+6&5\Y
!@&!4J%%,!:&!+'!6-:O!6'%1-*/!:&!2%',&R!YDS:!/%#1!M'JS5&!6':&O!>&::#RY
!D!(&&%!D!,6'J%1!,#M!,':&+6-*/O!$J+!D!1'*S+!8*'9!96#+R!Y"6#*8!M'J!('5!+6&!$''8O!
C#+6&5RY
!@&!%&+,!/'R!YH&,R!3*V'MR!7*1!9'J%1!M'J!+#8&!+6&!8&M,!$#28O!4%&#,&\Y
!Q5,R!N'*&,!&*+&5,RY3Z2J,&!:&O!,-5R!"6-,!VJ,+!#55-K&1!('5!Q-,,!>&::#!$M!
:&,,&*/&5RY
!YH&,O!M&,OY!C#+6&5!,#M,!#!$-+!-55-+#$%MR
!Q5,R!N'*&,!6#*1,!+6&!4#28#/&!#*1!*'+&!+'!:&R!Y"6#*8!M'JOY!D!,#MR!"6&!*'+&!-,!#!
('5:#%!-*K-+#+-'*!+'!1-**&5!#115&,,&1!+'!:M
/5#*1:'+6&5R!E-,2'J*+!#*1!=#1M!0&*$M!5&XJ&,+!+6&!4%&#,J5&!'(!+6&!2':4#*M!'(!Q5R!
N'6*!0'M%&O!Q5,O!B-%%-#:!0'M%&O!Q5R!"6':#,
0'M%&O!#*1!Q-,,!>&::#!0'M%&!+'!1-**&5!'*!"J&,1#MO!+6&!]^+6O!#+!_!'S2%'28R!"6&!
(#K'5!'(!#!5&4%M!-,!5&XJ&,+&1R!DSK&!*'!1'J$+
>5#*1:#:#!9-%%!/-K&!#*!&*+6J,-#,+-2!M&,R
!A'9!+'!+6&!4#28#/&R!;-44-*/!'4&*!+6&!4#4&5O!D!(-*1!F-:'*!Q-11%&+'*S,!$&#J+-(J%!
K&%K&+!$'Z!9-+6!#!*'+&!+6#+!5&#1,!7!4%#2&!+'!8&&4
#%%!M'J5!,&25&+,R
!)J5-'J,%MO!C#+6&5!1'&,*S+!&K&*!#,8!:&!#$'J+!+6&!/-(+R
!Y>&::#O!4&+OY!6&!,#M,O!,'J*1-*/!1-,+5#2+&1RY"#8&!+6&!8&M,!$#28!*'9R!"6&5&S,!:M!
/''1!/-5%O!6:::\Y
!YH&,O!C#+6&5OYD!,#MO!8-,,-*/!6-,!('5&6&#1R!D!,+&4!:&55-%M!J4!+'!>5#*1:#:#S,!5'':!
#*1!5&4%#2&!+6&!8&M,O!+6&*!5J*!+'!:M!'9*!5'':O
96&5&!D!%-&!J4'*!+6&!$&1O!/#T-*/!#+!:M!$&#J+-(J%!/-(+R!D!,+#5&!#+!+6&!*'+&!#/#-*!
#*1!#/#-*O!&Z#:-*-*/!6-,!6#*195-+-*/O!#1:-5-*/!+6&
,+5'*/O!(-*&!9#M!6&!:#8&,!6-,!%&++&5,R!F-:'*!Q-11%&+'*R!H&,+&51#MO!D!1-1!*'+!&K&*!
8*'9!6&!&Z-,+&1R!A'9O!6&!-,!#%%!D!2#*!+6-*8!'(R
F+5#*/&!6'9!%-(&!2#*!+J5*!%-8&!+6#+R
!D!:J,+!6#K&!15-(+&1!'((O!('5!DS:!#9#8&*&1!$M!#!%'J1!8*'28!#+!:M!1''5R!"6&!2%'28!
,6'9,!6#%(I4#,+!+9&%K&R!"':!$J5,+,!-*+'!:M!5'':R
@&S,!K&5M!25',,R
!Y0-1!M'J!/-K&!6-:!+6-,\Y
!YB6#!96#+\Y!D!#,8O!9-4-*/!,%&&4!(5':!:M!&M&,R
!Y0-1!M'J!/-K&!C#+6&5!+6-,\Y!@&S,!2%J+26-*/!#!$5'9*!$'++%&!-*!6-,!6#*1R!=#J1#*J:R
!YA'O!'(!2'J5,&!*'+bY!D!,#MO!2':-*/!+'!:M!,&*,&,R
!Y@'9O!45#MO!1-1!6&!/&+!-+O!+6&*\Y
!@&S,!*'!5-/6+!+'!$#5/&!-*+'!:M!5'':!#*1!$#1/&5!:&!,'R!YD!1'*S+!8*'9O!$J+!D!1-1*S+!
/-K&!-+!+'!6-:OY!D!#*,9&5!-*!#!6#51!+'*&R
!YDS1!%'28&1!-+!-*!+6&!2J5-'!2#$-*&+R!<*%M!>5#*1:#:#!#*1!D!6#1!+6&!8&M,RY
!D!,-*8!'*+'!+6&!$&1O!,-28!#*1!*J:$RY<6O!*'R!@&!#,8&1!:&!+'!'4&*!-+!,'!+6#+!6&!
2'J%1!/-K&!:&!#*!&#5%M!)65-,+:#,!/-(+RY
!YD!+'%1!M'J!6&S,!2%&K&5O!1-1*S+!D\Y
!YH&,O!,'!M'J!1-1OY!D!,#MR!D!,-:4%M!1-1*S+!$&%-&K&!-+R!YDS:!,'55MO!"':RY
!QM!$5'+6&5!5#8&,!6-,!(-*/&5,!+65'J/6!6-,!6#-5RY@&!9#,!1'-*/!,'!9&%%RY
!YDS:!,'55MOY!D!,#M!#/#-*O!+6'J/6!-+!,&&:,!%-++%&!2':('5+R!YF6#%%!D!+65'9!-+!-*!
+6&!5J$$-,6\Y
!YA'OY6&!,#M,RYB&!2#*S+!+65'9!-+!'J+!2':4%&+&%MR!A'+!VJ,+!M&+RY!@&!6#*1,!:&!+6&!
$'++%&RY"#8&!+6-,!#*1!6-1&!-+!,':&96&5&!6&!2#*S+
(-*1!-+RY
!YH&,O!'(!2'J5,&RY!"6&!$'++%&!(&&%,!6'+!-*!:M!6#*1R!FJ26!#!,:#%%!+6-*/R!F'!
4'9&5(J%R
!<*2&!"':!-,!/'*&O!D!'4&*!F-:'*S,!/-(+!#*1!4J%%!J4!+6&!(#%,&!$'++':R
!7!4%#2&!+'!8&&4!#%%!M'J5!,&25&+,R!R!R
!D!4J+!+6&!$'++%&!-*,-1&!#*1!4%#2&!+6&!2%&K&5!(%''5!$#28!-*+'!+6&!/5''K&,!#*1!-+S,!
#,!-(!+6&!%#J1#*J:!1'&,*S+!&Z-,+!#+!#%%R
!)@7."3;!CDC"33A
!>;7A0Q7Q7!BD==!A<"!;3=3A"!7A0!7==<B!Q3!"<!K-,-+!Q-,,!Q''5&O!$J+!,6&!1'&,!#/5&&!+'!
%&+!:&!,6'4!('5!)65-,+:#,!/-(+,!#%'*/
9-+6!C&%-2-+M!#*1!7**O!45'K-1&1!+6#+!C&%-2-+MS,!:#-1!#22':4#*M!J,!#,!26#4&5'*&R!
B6&*!C&%-2-+MS,!2#55-#/&!4J%%,!5'J*1!+'!'J5!6'J,&O!D
#:!,'!'K&5V'M&1!+'!,&&!:M!(5-&*1,!#*1!,'!1&,4&5#+&!+'!&,2#4&!:M!'K&5$&#5-*/!
/5#*1:'+6&5!+6#+!D!*&#5%M!5J*!+'!/5&&+!+6&:R
!7**!-,!K&5M!,:#5+%M!15&,,&1!-*!,':&!'(!C&%-2-+MS,!2%'+6&,O!#!*&9!/5&&*!(&%+!6#+!
'*!6&5!6&#1R!F6&!-,!$&/-**-*/!+'!%''8!+6&!4#5+!'(!+6&
1&$J+#*+&R!D*!(#2+O!,6&S,!$&/-**-*/!+'!%''8!%-8&!C&%-2-+MS,!1'J$%&R!Y<6O!>&::#O!
-+S,!,'!9'*1&5(J%b!A'!'*&!8*'9,!+6#+!DS:!*'+!'*&!'(
+6&:b!DSK&!*'+!9#,6&1!#!,-*/%&!1-,6!'5!$&&*!%#J/6&1!#+R!D+S,!#,!-(!D!+5J%M!#:!#!
2T#5-*#S,!1&,2&*1#*+RY
!Y"6#+S,!9'*IY
!7**!45#++%&,!'*R!YB&S5&!+'!#++&*1!+6&!'4&5#R!7*1!D!,6#%%!$&!'*!+6&!5&2&-K-*/!%-*&!
#+!+6&-5!)65-,+:#,!$#%%!#,!-(!D!9&5&!'*&!'(!+6&
(#:-%MbY!7**!/5-*,!#+!C&%-2-+MO!96'!,%-4,!6&5!#5:!+65'J/6!7**S,RY7*1!%#+&5!+'1#M!Y
!Y7**OY!C&%-2-+M!9#5*,!XJ-&+%MR
!7**!/-K&,!#*!&:$#55#,,&1!,:-%&RY<6O!,'55MO!C&&RY
!YB6#+!-,!-+\Y!D!#,8O!#**'M&1!#+!+6&-5!2'T-*&,,R
!YA'+6-*/OY!7**!:J:$%&,RYD!,6'J%1*S+!,#MRY
!YD+S,!-:4'%-+&!+'!8&&4!,&25&+,OY!D!#*,9&5!6'+%MR
!Y"'1#M!9&!#5&!+'!#22':4#*M!Q'+6&5!+'!6&5!2%J$!('5!+&#R
!"6#+S,!#%%OY!C&%-2-+M!,#M,R!"6&5&!-,!*'!-*K-+#+-'*!('5!:&R!FJ11&*%MO!DS:!*'!
%'*/&5!6#44M!+'!,&&!+6&:R!D!9-,6!+6&M!9&5&!(#5!#9#MR!Y<6O
>&::#O!1'*S+!%''8!,'!1'J5R!DS1!-*K-+&!M'J!+''O!$J+!-+S,!,'!K&5M!6#51!+'!$5-*/!:'5&!
+6#*!'*&!/J&,+RY
!D!1'*S+!+6-*8!+6-,!-,!+6&!2#,&!#+!#%%R!YD+S,!*'!+5'J$%&OY!D!,#MR!YDSK&!#!45&K-'J,!
&*/#/&:&*+!:M,&%(RY
!Y;&#%%M\Y!7**!#,8,R
!YH&,O!DS:!+'!,&&!Q-,,!Q''5&OY!D!%-&R!"6&-5!:'J+6,!6#*/!'4&*!#,!D!+&%%!+6&:!'(!:M!
&*2'J*+&5R!DS:!&*V'M-*/!+6&-5!#,+'*-,6:&*+!K&5M
:J26R!YD!+6'J/6+!D!9'J%1!#,8!6&5!#$'J+!+6&!<51&5R!F'!M'J!,&&!D!2'J%1*S+!4',,-$%M!R!
R!RY
!YH'J!2#*S+!/'!9-+6'J+!J,OY!C&%-2-+M!45'+&,+,R
!YLJ+!M'JS5&!/'-*/!+'!M'J5!:'+6&5S,!2%J$!9-+6'J+!:&OY!D!,#MR!C&%-2-+M!6#,!*'+6-*/!
+'!,#M!+'!+6-,R!Y75&!9&!+'!/'!+'!;&/&*+!F+5&&+!+'
+6&!,6'4,O!+6&*\Y
!YA'OY!C&%-2-+M!#*,9&5,R!YB&S5&!/'-*/!9-+6!M'J!+'!,&&!Q-,,!Q''5&RY
!7**!4'J+,R!YD!+6'J/6+!9&!9&5&!+'!(-*1!:&!#!*&9!4#-5!'(!/%'K&,R!D+!-,!'*%M!*-*&!
1#M,!J*+-%!)65-,+:#,O!#(+&5!#%%R!L&,-1&,O!Q-,,!Q''5&
:J,+!,J5&%M!6#+&!J,!('5!96#+!6#44&*&1RY
!YF6&!1'&,*S+!6#+&!M'JOY!D!,#MRYF6&!6#,!('5/-K&*!J,!#%%R!7*1!,6&!9#,!1-,+5&,,&1!+'!
6&#5!#$'J+!.-4RY
!Y"6#+!,&++%&,!-+OY!C&%-2-+M!,#M,O!,%-44-*/!6&5!'+6&5!#5:!+65'J/6!:-*&RYB&!,6#%%!
4#M!#!2#%%!'*!Q-,,!Q''5&R!7*1!#(+&59#51O!>&::#
,6#%%!2':&!9-+6!J,!('5!+&#RY
!7**!$#%8,R!YLJ+!96#+!#$'J+!C5#**M\!H'J!8*'9!,6&!+#++%&,!'K&5!+6&!,%-/6+&,+!
-*(5#2+-'*,RY
!YC5#**M!,6#%%!$&!*'!$'+6&5!#+!#%%OY!C&%-2-+M!,#M,R
!"6&!,J*!-,!6-/6O!+6&!1#M!$5-/6+!#*1!25-,4!96&*!9&!#55-K&!#+!Q-,,!Q''5&S,!:'1&,+!
%'1/-*/!6'J,&!'*!L#8&5!F+5&&+R!C5#**MO!Q5,R
B'5+6-*/+'*S,!%#1MS,!:#-1O!-,!#%%!&#5,!#*1!&M&,O!5&#1M!+'!+#8&!*'+&!'(!#*M!
-*1-,25&+-'*!'*!'J5!4#5+,!,'!+6#+!,6&!:#M!1J+-(J%%M!5&4'5+!+'
C&%-2-+MS,!:'+6&5!#*1!>5#*1:#:#R!C5#**M!-,*S+!:J26!'%1&5!+6#*!9&!#5&R!D+!2#*S+!$&!
:J26!(J*!+'!+5#-%!J,O!5&:-*1&1!1#-%M!'(!#*'+6&5
!,'5+!'(!%-(&O!'*&!1&*-&1!6&5R!D(!,6&S,!$-++&5!#$'J+!6&5!%'+O!,6&!9'J%1*S+!1#5&!
,4&#8!-+!#%'J1R!LJ+!-+!-,!+6&5&O!*'*&+6&%&,,O!45&,&*+!-*!+6&
+-/6+!%-*&!'(!6&5!:'J+6O!-*!+6&!9#M!,6&!('52&,!6&5,&%(!+'!%''8!+65'J/6!J,!96-%&!
,&&-*/!&K&5M+6-*/R
!YD!9#,!+'!#22':4#*M!M'J!+'!+6&!,6'4,O!:-,,OY!,6&!,#M,R
!Y"6&5&S,!$&&*!#!26#*/&!'(!4%#*,O!C5#**MOY!C&%-2-+M!,#M,!2''%%MR!YQ'+6&5!#,8&1!:&!
+'!%''8!-*!'*!#!(5-&*1!96'!6#,!+#8&*!-%%R!D+!-,
-:4'5+#*+!+'!4&5('5:!#2+,!'(!26#5-+MO!1'*S+!M'J!+6-*8\Y
!YF6&!1-1*S+!:&*+-'*!-+!+'!:&O!:-,,RY
!YH'J!8*'9!6'9!+6-*/,!,%-4!Q'+6&5S,!:-*1R!F6&!-,!,'!K&5M!$J,MRY
!"6&!2'#26:#*!6&%4,!J,!(5':!+6&!2#55-#/&R!C5#**M!:#8&,!+'!('%%'9R!C&%-2-+M!,+'4,!
6&5!9-+6!#!2'%1!,:-%&R!YH'J!:#M!9#-+!-*!+6&
2#55-#/&O!C5#**MRY
!C5#**MS,!!2#5&(J%%M!!+5#-*&1O!!!4%#2-1!!!(#2&!!(%#5&,!!+'!!!J*5&6&#5,&1!!!%-(&!
('5!!!#!!!$5-&(!!:':&*+!#%%!!!*#55'9&1!!!&M&,!!!#*1!!!6#%(I'4&*
:'J+6!$&('5&!,&++%-*/!-*+'!#!6#+&(J%!5&,-/*#+-'*R
!YQ5,R!B'5+6-*/+'*!#,8&1!:&!+'!#22':4#*M!M'J!&K&5M96&5&O!:-,,RY
!Y7*1!,'!M'J!6#K&R!LJ+!+6&!#44'-*+:&*+!-,!('5!+65&&O!*'+!+65&&!#*1!#!,&5K#*+RY
!D!6#+&!C&%-2-+M!96&*!,6&!-,!%-8&!+6-,RYD+S,!5#+6&5!2'%1!'J+OYD!,#MO!6'4-*/!,6&!
9-%%!+#8&!+6&!6-*+R
!YDS:!,J5&!C5#**M!5&:&:$&5,!6&5!4%#2&RY!C&%-2-+M!/-K&,!#!,:-%&!+6#+!:-/6+!4#,,!('5!
/&*+&&%!-(!D!1-1*S+!(&&%!+6&!25J&%+M!$&6-*1!-+R
!YH&,O!:-,,RY!C5#**M!1-4,!6&5!6&#1!J*1&5!+6&!2#55-#/&S,!+'4!#*1!+J28,!6&5!$'1M!
-*+'!+6&!(#5!2'5*&5!'(!+6&!,&#+!+'!9#-+!+6&!6'J5R
!YA'9!9&!2#*!6#K&!#!4%&#,#*+!#(+&5*''*!(5&&!'(!:M!:'+6&5S,!,4MOY!C&%-2-+M!,#M,R!F'!
-+!-,*S+!#$'J+!$&-*/!25J&%!+'!C5#**MU!-+!-,!C&%-2-+M
/&++-*/!5&K&*/&!'*!6&5!:'+6&5!('5!,':&!5&#,'*!+6#+!&,2#4&,!:&R
!7**!,+#*1,!J*2&5+#-*%MO!6&5!&M&,!'*!+6&!2#55-#/&R
!Y75&!M'J!2':-*/\Y!C&%-2-+M!#,8,R
!7**!:#526&,!$#28!+'!+6&!2#55-#/&O!5&:'K&,!6&5!2'#+O!#*1!6#*1,!-+!+'!+6&!/5#+&(J%!
C5#**MR!B-+6'J+!#!9'51O!,6&!,#-%,!4#,+!:&!#*1
+6&!#,+'*-,6&1!C&%-2-+M!#*1!5-*/,!+6&!$&%%!+'!#**'J*2&!'J5!K-,-+R
!Y"6&5&S,!/5#+-+J1&!('5!M'JOY!C&%-2-+M!/5J:$%&,!+'!:&!#,!9&!2#+26!J4RYD!$5-*/!6&5!
6':&!#*1!+J5*!6&5!-*+'!;J,,-#*!5'M#%+M!#*1!*'9
,6&S,!%-K-*/!+6&!4#5+RY
!"6&!1''5!'4&*,R!7!,2'9%-*/O!,XJ-*+-*/!'%1!9':#*!,+#*1,!$&('5&!J,O!6#*1!'*!6&5!
#:4%&!6-4R!Y<A!<'S,!+6&5&\!B6#+26#!9'*+O
+6&*\!S7K&*S+!/'+!#%%!1#M!+'!,+#*1!S&5&!%''8-*S!#+!+6&!%-8&,!'(!M'JR!>'+!:&!S'J,&!
+'!5J*RY
!Y@'9!1'!M'J!1'\Y!D!$&/-*O!$J+!D!#:!2J+!'((!$M!+6&!-:4#+-&*+!9':#*R!F6&!,XJ-*+,!
6#51!-*!:M!1-5&2+-'*R!D!9'*1&5!-(!,6&!2#*!,&&!#+
!#%%R
!YD(!M&5!2'%%&2+-*S!(&5!+6&!4''5O!M'J!2#*!2%&#5!'((RY
!C&%-2-+M!&Z+&*1,!6&5!6#*1R!YD!#:!C&%-2-+M!B'5+6-*/+'*R!B&!#5&!4#M-*/!#!2#%%!'*!
Q-,,!Q''5&R!B&!#5&!6&5!4J4-%,RY
!Y.J4-%,O!M'J!,#M\!0-S*S+!+&%%!:&!*J((-*S!S$'J+!+#8-*S!-*!4J4-%,OY!,6&!6#55J:46,R
!Y0-1!D!*'+!:&*+-'*!-+O!Q5,R!.'5+&5\!D!9#,!2&5+#-*!D!1-1!M&,+&51#MRY!D+S,!'J5!Q-,,!
Q''5&!2':-*/!1'9*!+6&!,+#-5,!+'!+6&!5&,2J&R
!YE&5M!'11O!Q-,,!Q''5&R!D(!-+S,!+'!$&!5&/J%#5!%-8&O!DS%%!$&!5#-,-*S!:&!(&&!('5!+6&!
5'':,R!A-2&!5'':,O!+6&M!-,R!.%&*SM!'S!4&'4%&!%''8-*S!+'
%&+!+6&:RY
!YH&,O!'(!2'J5,&OY!Q-,,!Q''5&!,#M,R
!Q5,R!.'5+&5!+J5*,!+'!J,O!26&,+!4J((&1!J4R!YD!%-8&,!+'!$&!-*('5:&1!#,!+'!96#S!/'&,!
'*!-*!:&S'J,&R!7!9':#*!#%'*&!2#*S+!$&!+''!2#5&(J%
+6&,&!1#M,R!D!5J*!#!5&,4&2S#$%&!S'J,&R!H'J!#,8!#*M$'1M!#*1!+6&MS%%!+&%%!M'JO!
Q-,,J,!.'5S&5S,!#!5&,4&2S#$%&!+'-M4&RY
!D!(&#5!9&!,6#%%!,+#*1!'J+!6&5&!#%%!1#M!-*!+6&!2'%1R!LJ+!Q-,,!Q''5&!/-K&,!J,!#!
9-*8!#,!,6&!,+&&5,!J,!-*R!YcJ-+&!5-/6+O!Q5,R!.'5+&5R!D
,6#%%!8&&4!M'J!#445-,&1!-*!+6&!(J+J5&R!@'9!K&5M!*-2&!+'!,&&!M'J!#%%!#/#-*R!B6#+!#!
%'K&%M!,J545-,&RSS
!Y@'9!1'!M'J!1'O!Q-,,!Q''5&\Y!C&%-2-+M!/-K&,!'J5!('5:&5!+&#26&5!#!XJ-28!6#*1,6#8&O!
#,!1'&,!7**R!"6&M!$'+6!6#K&!+6&!1&2&*2M!+'
%''8!,6#:&1!$M!6'9!,6#$$-%M!+6&M!'*2&!+5&#+&1!6&5R!C'5!6&5!4#5+O!Q-,,!Q''5&!1'&,!
*'+!%',&!6&5!,:-%&R
!YQ5,R!.'5+&5O!#%%'9!:&!+'!45&,&*+!Q-,,!7**!L5#1,6#9O!Q-,,!>&::#!0'M%&O!#*1!Q-,,!
C&%-2-+M!B'5+6-*/+'*R!Q-,,!B'5+6-*/+'*O!'(
2'J5,&O!-,!+6&!1#J/6+&5!'(!'J5!'9*!F-5!>&'5/&!.6-*&#,!B'5+6-*/+'*O!+6&!#1:-5#%RY
!Q5,R!.'5+&5!/#,4,!#*1!,+5#-/6+&*,R!YH'J!1'*S+!:&#*!-+\!S<9!1'!M'J!%-8&!+6#+\!"6&!
#1:-5#%S,!1#J/6S&5!-*!:&!'9*!S'J,&\Y!Q-,+#8-*/
:&!('5!C&%-2-+MO!+6&!*&#5,-/6+&1!Q5,R!.'5+&5!2%#,4,!:M!6#*1,!-*!6&5,O!,6#8-*/!+6&!
%-(&!'J+!'(!+6&:RY<6O!:-,,O!96#S!#*!6'*'5!+6-,!-,O!D
2#*!+&%%!M'JR!"6&!%#+&!Q5R!.'5S&5!9&5&!#!,&#/'-*/!:#*!S-:,&%(R!"6#+S,!S-:!'*!+6&!
9#%%RY
!F6&!4'-*+,!+'!#!K&5M!$#1!4#-*+-*/!'(!#!+&55-&5!15&,,&1!-*!#*!3%-T#$&+6#*!5J((R!
"6&!1'/S,!4#-*&1!&Z45&,,-'*!,&&:,!+'!-:4%'5&!:&!+'
%''8!#9#M!#*1!#%%'9!6-:!+'!$&#5!6-,!6J:-%-#+-'*!#%'*&R
!Y<6O!+6-,!2#%%,!('5!4'5+b!0'*S+!M'J!#/5&&O!Q-,,!Q''5&\Y!Q5,R!.'5+&5!&Z2%#-:,R
!Y.&56#4,!#*'+6&5!+-:&O!Q5,R!.'5+&5R!D!:J,+!/&+!+'!'J5!%&,,'*!'5!+6&!#1:-5#%!,6#%%!
$&!K&5M!4J+!'J+!9-+6!:&!-*1&&1OY!Q-,,!Q''5&
,#M,O!,4-**-*/!#!,:''+6!%-&R
!YQJ:S,!+6&!9'51O!+6&*RY!Q5,R!.'5+&5!,:-%&,!2'*,4-5#+'5-#%%MO!5&K&#%-*/!%#5/&!
+&&+6!#,!26-44&1!#*1!M&%%'9!#,!'%1!4-#*'!8&M,R!YQ-,,J,
.'5S&5!2#*!8&&4!#!,&25&+R!0'*S+!M'J!1'J9S!-+RY
!YD!*&K&5!9'J%1O!Q5,R!.'5+&5R!"6#*8!M'J!('5!M'J5!+5'J$%&RY
!Q-,,!Q''5&!J,6&5,!J,!J4!+6&!,+#-5,!+'!+6&!+6-51!(%''5!#*1!-*+'!6&5!:'1&,+!5'':,R!
"6&!K&%K&+!,&++&&O!(%'9&5M!5J/,O!#*1!6&#KM
15#4&5-&,!:J,+!5&(%&2+!Q5,R!.'5+&5S,!+#,+&!-*!(J5*-,6-*/,R!LJ+!+6&!'K&5,+J((&1!
$''8,6&%K&,!#*1!+6&!1&,8!#9#,6!-*!15#9-*/,!#5&!4J5&
Q-,,!Q''5&R!D*!'*&!2'5*&5!,+#*1,!#*!'%1!/%'$&!*&,+%&1!-*!-+,!9''1&*!25#1%&R!
.#-*+-*/,O!:',+%M!%#*1,2#4&,O!25'91!'*&!9#%%R!<*!#*'+6&5
-,!#!2'%%&2+-'*!'(!&Z'+-2!:#,8,O!/5J&,':&!-*!+6&-5!(-&52&!$&#J+MR
!Y<6O!:MOY!7**!,#M,O!4&&5-*/!#+!+6&:R
!Y"6',&!#5&!(5':!+6&!3#,+OY!Q-,,!Q''5&!,#M,R!Y0'!M'J!%-8&!:M!:#,8,O!Q-,,!
L5#1,6#9\Y
!7**!,6-K&5,RY"6&M!%''8!#,!-(!+6&M!2'J%1!&#+!J,!J4RY
!Q-,,!Q''5&!%&#*,!2%',&R!YA'+!+'1#MO!D!+6-*8R!"6&MSK&!$&&*!(&1RY!D+!+#8&,!7**!#!
:':&*+!+'!5&#%-T&!+6#+!Q-,,!Q''5&!-,!:#8-*/!#!V'8&R
"6&5&!-,!#*!#989#51!,-%&*2&O!#*1!D!(&#5!DSK&!:#1&!#!+&55-$%&!:-,+#8&!-*!$5-*/-*/!
:M!(5-&*1,!6&5&R!D!,6'J%1!6#K&!2':&!#%'*&R
!Y"6-,!%''8,!%-8&!7$&51&&*OY!C&%-2-+M!,#M,!#+!%#,+O!+#8-*/!-*!#!4#-*+-*/!'(!6-%%,!
#*1!4J54%-,6!4-*8!6&#+6&5R
!YH&,O!-+!-,R!H'JSK&!$&&*!+'!F2'+%#*1O!Q-,,!B'5+6-*/+'*\Y!Q-,,!Q''5&!#,8,R
!Y<*!6'%-1#M!'*2&R!NJ,+!$&('5&!:M!:'+6&5!9&*+!+'!C5#*2&RY
!Y='K&%M!2'J*+5MOY!Q-,,!Q''5&!,#M,R
!YD,!M'J5!(#:-%M!-*!F2'+%#*1\Y!C&%-2-+M!#,8,!2'M%MR
!YA'R!DS:!#(5#-1!$'+6!:M!4#5&*+,!#5&!%'*/!1&#1R!D!6#K&!*'!(#:-%M!%&(+!+'!:&!*'9O!
,#K&!('5!,':&!1-,+#*+!2'J,-*,!-*!F2'+%#*1!96'!#5&
,'!1J%%!#,!+'!:#8&!'*&!9-,6!+'!$&!#*!'546#*RY
!B&!%#J/6!#+!+6-,R!D+!-,!,'!/5#*1!*'+!+'!6#K&!+'!4%#M!#+!4-&+M!#%%!+6&!+-:&R
!Y@#K&!M'J!+5#K&%&1!K&5M!:J26O!Q-,,!Q''5&\Y!7**!#,8,R
!YQ:::OY!Q-,,!Q''5&!,#M,O!*'11-*/R!Y7*1!+6&,&!#5&!:M!:&:&*+',!'(!+6',&!%'K&%M!
K-,-+,RY!F6&!/&,+J5&,!+'!6&5!:#*M!15#9-*/,!#*1
4#-*+-*/,!+6#+!%-*&!+6&!9#%%,!#!1&,'%#+&!$&#26O!#*!#*/5M!,&#O!#!4#,+'5#%!3*/%-,6!
(-&%1RY"5#K&%!'4&*,!M'J5!:-*1!#,!(&9!'+6&5!+6-*/,!1'R
!D+!-,!-+,!'9*!('5:!'(!6M4*'+-,:O!#*1!D!#:!('5&K&5!J*1&5!-+,!,4&%%RY
!D!5&2'/*-T&!'*&!'(!+6&!4%#2&,!-*!+6&!4#-*+-*/,RY75&!+6&,&!+6&!2#K&,!$&6-*1!
F4&*2&\Y
!YD*1&&1OY!Q-,,!Q''5&!,#M,R!"6&!#989#51*&,,!-,!$#28O!('5!9&!#%%!8*'9!+6#+!'J5!
K-,-+!+'!+6',&!2#K&,!9#,!'*&!'(!+6&!5&#,'*,!('5!Q-,,
Q''5&S,!1-,:-,,#%R
!Q-,,!Q''5&!$5-*/,!+&#O!25J:4&+,O!$5&#1O!#*1!#!,%#$!'(!$J++&5RYL&!-+!&K&5!,'!
6J:$%&O!6&5&!-,!+&#OY!,6&!,#M,O!4%#2-*/!+6&!+5#M!'*!#
,:#%%!+#$%&R!"6&!2%'28!+-28,!'((!*&5K'J,!,&2'*1,!#,!9&!4&28!#+!'J5!(''1R!C&%-2-+M!
2%&#5,!6&5!+65'#+!5&4&#+&1%MR!F6&S,!9#-+-*/!('5!:&!+'
#,8!#$'J+!+6&!<51&5O!#,!DS1!45':-,&1R!A'9!DS:!*'+!,J5&!-+S,!#!/''1!-1&#R
!YD,!+6&!5'':!+''!9#5:O!Q-,,!B'5+6-*/+'*\Y!Q-,,!Q''5&!#,8,!96&*!C&%-2-+M!2%&#5,!
6&5!+65'#+!#!('J5+6!+-:&R!C&%-2-+M!,6#8&,!6&5!6&#1R
F6&!$5-*/,!6&5!$''+!1'9*!'*!:-*&!9-+6!#!,%-/6+!45&,,J5&R
!Y<J26bY
!YQ-,,!0'M%&\!75&!M'J!#%%!5-/6+\Y!Q-,,!Q''5&!#,8,R
!YH&,O!(-*&O!+6#*8!M'JOY!D!,#MO!:'K-*/!:M!(&&+!#9#MR
!Y"&%%!:&O!%#1-&,O!6'9!#5&!+6-*/,!#+!F4&*2&\Y!Q-,,!Q''5&!#,8,O!,#K-*/!:&R
!YB&SK&!#!*&9!+&#26&5OY!7**!$%J5+,!'J+R
!Y<6\Y!Q-,,!Q''5&!#,8,O!$J++&5-*/!#!+6-28!,%-2&!'(!25J,+M!$5&#1R!@&5!(#2&!-,!#!
:#,8R!0'&,!-+!6J5+!+'!6&#5!,6&S,!$&&*!5&4%#2&1\
!YH&,OY!7**!2'*+-*J&,R!Y7!Q-,,!Q2)%&&+6MR!F6&!2':&,!+'!J,!(5':!F#-*+!E-2+'5-#S,!
F26''%!('5!>-5%,!-*!B#%&,RY
!Q-,,!Q''5&S,!$J++&5!8*-(&!,%-4,O!%&#K-*/!#!+6-28!2#4!'(!$J++&5!'*!6&5!+6J:$R!
Y"6#+!,6#*S+!:#8&!:&!,9&&+!&*'J/6!+'!&#+O!D!,6'J%1
+6-*8RY!F6&!,:-%&,!#*1!9&!#%%!%#J/6!#+!6&5!9-+R!YF#-*+!E-2+'5-#S,R!D!2#*S+!,#M!#,!
DSK&!6&#51!'(!-+R!7*1!-,!M'J5!Q-,,!Q2)%&&+6M!#!K&5M!(-*&
+&#26&5\Y
!YF6&S,!+&#26-*/!J,!#526&5MOY!C&%-2-+M!,#M,R
!Q-,,!Q''5&!5#-,&,!#*!&M&$5'9RY@'9!K&5M!J*J,J#%RY
!YC&%-2-+M!-,!XJ-+&!/''1OY!7**!,#M,R
!YDS:!,J5&!,6&!-,OY!Q-,,!Q''5&!,#M,RYQ-,,!0'M%&O!96#+!1'!M'J!+6-*8!'(!+6-,!Q-,,!
Q2)%&&+6M\Y
!YD!2#*S+!,#M!#,!M&+RY!C&%-2-+M!#*1!D!&Z26#*/&!/%#*2&,!+6#+!1'!*'+!/'!J**'+-2&1!$M!
Q-,,!Q''5&R
!Y0'!D!,&*,&!1-,,#+-,(#2+-'*\Y
!Y>&::#!-,!2'*K-*2&1!,6&S,!#!9-+26OY!C&%-2-+M!2'*(&,,&,R
!Y;&#%%M\!0-1!M'J!,4M!6&5!$5'':,+-28O!Q-,,!0'M%&\Y
!YD!*&K&5!,#-1!,6&!9#,!#!9-+26OY!D!45'+&,+R
!7**!VJ:4,!-*O!*&#5%M!$5&#+6%&,,R!F6&!%'K&,!1&:'*-2!-*+5-/J&R!Y>&::#!+'%1!J,!,6&!
#55-K&1!#+!F4&*2&!-*!+6&!1&#1!'(!*-/6+!VJ,+!#,!#
+&55-$%&!,+'5:!5#/&1bY
!Q-,,!Q''5&S,!&M&,!/'!9-1&RY@&#K&*,b!3Z+5&:&!5#-*\!D*!0&2&:$&5\!D*!3*/%#*1\!7!,-/*!
'(!9-+26&5MO!+'!$&!,J5&RY!"6&M!#%%!,6#5&!#
%#J/6!#+!:M!&Z4&*,&RY0'!/'!'*R!D!9#*+!+'!6&#5!+6&!4#5+!96&5&!Q-,,!Q2)%&&+6M!(&&1,!
26-%15&*!-*+'!6&5!'K&*RY
!"6&5&S,!#!(5&,6!9#K&!'(!/-//%&,!(5':!C&%-2-+M!#*1!7**R
!YF6&!#*1!Q5,R!A-/6+9-*/!9&*+!-*+'!+6&!3#,+!B-*/OYD!,#MRYD!'K&56&#51!+6&:!+#%8-*/!
#$'J+!,&2J5-*/!,':&+6-*/!-*!='*1'*R!"6&M!9&5&
:#8-*/!4%#*,!+'/&+6&5RY
!C&%-2-+M!*#55'9,!6&5!&M&,RYH'J!1-1*S+!+&%%!J,!+6-,bY
!YD+!6#44&*&1!+6&!*-/6+!$&('5&!%#,+R!D!9#,!+6&!'*%M!'*&!+6&5&R!"6&M!2#J/6+!:&!
'J+,-1&!+6&!1''5,!#*1!9&5&!#*/5M!9-+6!:&R!7*1!Q-,,
Q2)%&&+6M!$5'J/6+!:&!9#5:!:-%8!9-+6!4&44&5:-*+RY
!Y.&44&5:-*+\Y!Q-,,!Q''5&!,#M,O!(J55'9-*/!6&5!$5'9R
!YF6&!,#-1!-+!9'J%1!6&%4!:&!,%&&4RY
!YD+!-,!#*!6&5$!8*'9*!+'!,''+6&R!)J5-'J,!+6#+!,6&!,6'J%1!8*'9!-+RY
!YF6&!6#,!#!,+5#*/&!5-*/O!9-+6!+9'!,*#8&,!-*+&5+9-*&1RY
!YF*#8&,O!M'J!,#M\!<11RY
!YF6&!#,8&1!#$'J+!:M!#:J%&+O!+''bY!D!,#MR!Y7*1!#$'J+!:M!:'+6&5RY
!Y7*1!96#+!1-1!M'J!+&%%!6&5\Y!Q-,,!Q''5&!#,8,R
!YA'+6-*/OY!D!5&4%MR
!Q-,,!Q''5&!,-4,!6&5!+&#RYD!,&&RY
!YF6&!-,!#*!'%1!(5-&*1!'(!Q5,R!A-/6+9-*/S,O!+6'J/6!,6&!%''8,!+'!$&!,&K&5#%!M&#5,!
M'J*/&5OY!C&%-2-+M!:J,&,R
!7**!,6J11&5,RY.&56#4,!,6&S,!*'+R!.&56#4,!,6&S,!:#1&!#!4#2+!9-+6!+6&!1&K-%bY
!YA'+!#!K&5M!/''1!'*&!-(!,6&S,!,+-%%!+&#26-*/!#+!#!(-*-,6-*/!,26''%!-*!3*/%#*1OY!
Q-,,!Q''5&!*'+&,!95M%MR
!Y<5!4&56#4,!,6&S,!)-52&OY!D!,#M!#+!%#,+R
!Q-,,!Q''5&S,!+&#2J4!6#%+,!6#%(9#M!+'!6&5!%-4,RYH'JSK&!%',+!:&RY
!Y)-52&R!F#5#6!;&&,I"'':&\!F6&!9#,!+6&!'*&!(5':!F4&*2&!96'!2#J,&1!+6&!(-5&!#*1!
1&,+5'M&1!+6&!<51&5O!'5!#+!%&#,+!+6#+S,!96#+!9&
!5&#1!-*!+6&!1-#5M!'(!Q#5M!0'91R!0'!M'J!5&:&:$&5\Y!7**!,#M,!$5&#+6%&,,%MR
!Y;&:&:$&5\!@'9!2'J%1!D!('5/&+\!"6#+!%-++%&!$''8!9#,!-*,+5J:&*+#%!-*!:M!
1-,:-,,#%RY
!7*!J*2':('5+#$%&!,-%&*2&!1&,2&*1,R!@#1!Q-,,!Q''5&!*'+!1-,2'K&5&1!J,!5&#1-*/!+6#+!
1-#5MO!6#1!,6&!*'+!5&#1!#%'J1!+'!J,!(5':!-+,
4#/&,O!,6&!:-/6+!*&K&5!6#K&!$&&*!1-,:-,,&1!(5':!F4&*2&R!LJ+!,6&!1-1O!#*1!+6#+!
,&#%&1!6&5!(#+&!9-+6!A-/6+9-*/R
!YB&!#5&!,'!,'55MO!Q-,,!Q''5&OY!7**!,#M,O!,+#5-*/!#+!+6&!"J58-,6!5J/R
!C&%-2-+M!#11,OYD+!9#,!:',+%M!.-44#S,!1'-*/O!M'J!8*'9RY
!YB#,!-+\Y!Q-,,!Q''5&!#,8,R!B&!,-4!'J5!+&#!/J-%+-%MR!Y)#5&(J%!9-+6!$%#:&R!D+S,!#!
$'':&5#*/R!7*M9#MO!-+S,!1'*&!*'9R!LJ+!+6-,!F#5#6
;&&,I"'':&!)-52&!-(!,6&!1-1!&Z-,+!R!R!RY
!Y<6O!,6&!1-1bY!D!-*,-,+R!D!8*'9!-+!('5!#!(#2+R
!YR!R!R!1-1*S+!,6&!1-&!-*!+6&!(-5&!#+!F4&*2&\Y
!YA'OY!C&%-2-+M!#11,O!9-1&I&M&1R!YF6&!'*%M!9#*+&1!4&'4%&!+'!+6-*8!,6&S1!1-&1R!
F6&S,!,+-%%!5J**-*/!#$'J+RY
!QM!6&#5+S,!6#::&5-*/!#9#M!-*!:M!26&,+RYQ-,,!Q''5&\!B&!9&5&!9'*1&5-*/O!+6#+!-,O!9&!
5#+6&5!6'4&1!M'J!:-/6+!+&%%!J,!:'5&!,+'5-&,
'(!+6&!<51&5\Y
!@&5!/%#5&!-,!,+'*MRYB&SK&!$&&*!1'9*!+6#+!5'#1O!6#K&*S+!9&\Y
!YH&,O!$J+!-+!2#*S+!4',,-$%M!%&#1!+'!+5'J$%&!*'9!+6#+!M'JSK&!#%5&#1M!$&&*!%&+!/'!
(5':!F4&*2&OY!C&%-2-+M!,#M,!$%J*+%MR
!Q-,,!Q''5&!/-K&,!#!6#%(!%#J/6RYQ-,,!B'5+6-*/+'*O!M'J5!/#%%!#,+'J*1,!:&RY
!YB&!+6'J/6+O!4&56#4,O!M'J!:-/6+!8*'9!2&5+#-*!+6-*/,R!7$'J+!+6&!<51&5R!H'J5,&%(OY!
D!,#M!6#%+-*/%MR
!YQM,&%(OY!Q-,,!Q''5&!5&4&#+,R
!YH&,OY!D!,#MO!(&&%-*/!(''%-,6!-*!'*&!6J*15&1!1-((&5&*+!9#M,O!$J+!+6&5&!-,!*'!
26#*2&!+'!,+'4!#*1!+#8&!-+!$#28!*'9O!,'!D!:-/6+!#,!9&%%
2'*+-*J&R!YB&!+6'J/6+!4&56#4,!M'J!R!R!R!6#1!&K&*!$&&*!2'J*+&1!#:'*/!+6&-5!5#*8,RY
!D+S,!$&&*!,#-1R!QM!+&#2J4!,6#8&,!-*!:M!6#*1R!D!9#-+!('5!Q-,,!Q''5&!+'!,2'%1!J,O!
+65'9!J,!'J+O!#1:-+!,6&!8*'9,!#%%O!#*M+6-*/R!D!#:
*'+!45&4#5&1!('5!6&5!%#J/6R
!YH'J!+6'J/6+!R!R!R!\!"6#+!D!R!R!R!\!<6O!/5&#+!6&#K&*,bY!F6&S,!%#J/6-*/!,'!6#51O!
,6&!2#*S+!(-*-,6R
!7**!#*1!C&%-2-+M!$&/-*!%#J/6-*/!+''O!#,!-(!+6&M!+6'J/6+!-+!5-1-2J%'J,!(5':!+6&!
,+#5+R!"5#-+'5,R
!Y<6O!1&#5!:&OY!Q-,,!Q''5&!,#M,O!9-4-*/!6&5!&M&,R!YH&,O!-+S,!+5J&R!D!#:!#!/5#*1!
,'52&5&,,!'(!+6&!<51&5R!=-K-*/!6&5&!-*!+6&,&!+65&&
5'':,O!+#8-*/!4J4-%,!+'!4#M!+6&!5&*+!-+S,!#%%!#*!#5+(J%!5J,&!1&,-/*&1!+'!8&&4!:M!
+5J&!-1&*+-+M!6-11&*RY
!QM!26&&8,!/'!6'+R!YD!#:!,'55MR!B&OY!D!,#MO!&:46#,-T-*/!+6&!9'51OY,-:4%M!+6'J/6+!
+6#+!,-*2&!M'J!8*'9!,'!K&5M!:J26!#$'J+!+6&
<51&5
!Y<6O!1&#5R!B6#+!#!1-,#44'-*+:&*+!D!:J,+!$&!+'!M'J!#%%RY!F6&!+#8&,!#!%'*/!%''8!
#5'J*1!+6&!5'':O!6&5!/#T&!:'K-*/!(5':!+6&
15#9-*/,!'(!+6&!,&#,-1&!+'!+6',&!'(!+6&!2#K&,!$&6-*1!F4&*2&!#*1!+'!+6&!:#,8,!'*!
+6&!'44',-+&!9#%%R!D!(&#5!9&SK&!5&#%%M!J4,&+
6&5RYB6M!,J26!-*+&5&,+!-*!+6&!<51&5\Y!,6&!,#M,!#+!%#,+R
!Y"6&M!9&5&!9':&*!96'!6#1!4'9&5OY!C&%-2-+M!,#M,R!YD+!-,*S+!%-8&!6'9!-+!-,!6&5&RY
!YB&!6#K&!#!9':#*!'*!+6&!+65'*&OY!Q-,,!Q''5&!'((&5,R
!YLM!1-K-*&!5-/6+OY!7**!:J++&5,R
!Q-,,!Q''5&!,:-%&,!$-++&5%MRYH&,R!"5J&RY
!YD!,J44',&!+6#+S,!96M!+6&!1-#5M!-*+5-/J&1!J,!,'OY!D!,#MRYD:#/-*&!#!9'5%1!+6&,&!
5&#%:,!96&5&!9':&*!5J%&O!96&5&!#!/-5%!2'J%1
6#K&!96#+&K&5!,6&!9-,6&1RY
!Y"6#+!9'J%1!$&!#!(-*&!4%#2&!-*1&&1RY!Q-,,!Q''5&!+#8&,!#!,-4!'(!6&5!+&#R!YD!
2'*(&,,!+6#+!+6&!-1&#!'(!+6&!<51&5O!+6&!,+'5-&,!'(!+6&:O
6#,!$&&*!#!/5&#+!(#,2-*#+-'*!+'!:&!,-*2&!/-5%6''1R!D!,J44',&!+6#+!DO!+''O!%-8&1!
+6&!-1&#!'(!#!:#/-2#%!4%#2&!96&*!D!9#,!#!/-5%!'(!M'J5
#/&RY
!YLJ+R!R!R!$J+!96#+!-(!+6&!5&#%:,!5&#%%M!&Z-,+&1\Y!D!#,8R
!Q-,,!Q''5&!5&/#51,!J,!('5!#!:':&*+R!F6&!4%#2&,!6&5!+&#!'*!+6&!,-1&!+#$%&!#*1!,-+,!
$#28!-*!6&5!26#-5O!+6J:$-*/!+6&!4'28&+!9#+26
,6&!8&&4,!4-**&1!#+!6&5!9#-,+RYE&5M!9&%%O!DS%%!4%#MR!B6#+!-(!+6&!5&#%:,!5&#%%M!
&Z-,+&1\!B6#+!9'J%1!+6&M!%''8!%-8&\Y
!YL&#J+-(J%!$&M'*1!#%%!-:#/-*-*/OY!7**!,#M,!15&#:-%MR
!Q-,,!Q''5&!4'-*+,!+'!#!,8&+26!,6&S,!1'*&R!Y76R!=-8&!.#5-,O!+6&*\Y
!YL&++&5bY!7**!,#M,R
!Y@'9!9'J%1!M'J!8*'9\!H'JSK&!*&K&5!$&&*!+'!.#5-,OY!C&%-2-+M!:'28,R!D/*'5-*/!7**O!
,6&!2'*+-*J&,O!YD:#/-*&!#!9'5%1!96&5&
96#+&K&5!M'J!9-,6!2#*!2':&!+5J&R!"5&&,!5#-*!(%'9&5,R!7*1!1&9!$&2':&,!$J++&5(%-&,!
-*!M'J5!6#*1RY
!Y"6&5&!-,!#!5-K&5O!#*1!96&*!M'J!%''8!-*+'!-+O!M'J!#5&!$&#J+-(J%OY!7**!,#M,R!YF'!
$&#J+-(J%!+6#+!*'!'*&!9'J%1!&K&5!-/*'5&!M'J!#/#-*RY
!YF'J*1,!K&5M!%'K&%MOY!Q-,,!Q''5&!,#M,!/&*+%MR!Y7*1!-,!-+!#%%!%-8&!+6-,\!H'J!,#-1!
5&#%:,O!4%J5#%R!B6#+!#5&!+6&!'+6&5!5&#%:,!%-8&\Y
!YB&!1'*S+!8*'9OY!D!,#MR
!YB&!6#K&*S+!$&&*!R!R!R!-:#/-*&1!+6&!5&,+OY!7**!,#M,R
!Q-,,!Q''5&!'((&5,!+6&!4%#+&!'(!25J:4&+,R!YB6'!%-K&,!-*!+6&,&!5&#%:,\Y
!YF4-5-+,!#*1!25&#+J5&,R!F':&!'(!+6&:!#5&*S+!K&5M!*-2&OY!7**!,#M,R
!Y"6&M!9#*+!2'*+5'%!'(!+6&!:#/-2OY!D!&Z4%#-*R
!YQ#/-2\SS!Q-,,!Q''5&!5&4&#+,R
!Y<6O!M&,R!"6&5&!-,!:#/-2R!='+,!'(!-+bY!C&%-2-+M!&Z2%#-:,RY"6&!25&#+J5&,!9'J%1!1'!
#*M+6-*/!+'!/&+!-+RY
!Y7*M+6-*/\Y
!YH&,O!#*M+6-*/OY!7**!,#M,O!9-+6!#!15#:#+-2!(%#-5R
!Y)#*!+6&M!/&+!+'!-+\Y!Q-,,!Q''5&!#,8,R
!YA'9!+6&M!2#*R!"6&!:#/-2!J,&1!+'!$&!45'+&2+&1!-*,-1&!+6&!5J*&,OY!7**!2'*+-*J&,O!
$&+9&&*!$-+&,RYLJ+!+6&!5J*&,!#5&!/'*&!#*1!+6&
:#/-2!-,!9-%1O!+6&5&!('5!#*M'*&!+'!J,&!#,!+6&M!%-8&RY
!Q-,,!Q''5&!%''8,!#,!-(!,6&!9#*+,!+'!#,8!#!XJ&,+-'*O!$J+!C&%-2-+M!5J,6&,!-*RY7*1!
.-44#S,!+6&5&O!$&#J+-(J%!#,!&K&5OY!,6&!,#M,R
!YH'J!:J,+!:-,,!6&5!+&55-$%MOY!Q-,,!Q''5&!,#M,R!F6&!+J5*,!+6&!4'28&+!9#+26!'K&5!
#*1!'K&5!$&+9&&*!6&5!(-*/&5,RY"6&,&!,+'5-&,!#5&!#
%'K&%M!9#M!'(!5&:&:$&5-*/!6&5RY
!YH&,OY!D!,#MO!6'4-*/!:M!/J-%+!1'&,!*'+!,6'9R
!Y7*1!*'9!+6#+!+6&!:#/-2!-,!(5&&O!#,!M'J!,#MO!96#+!-,!-+!%-8&\!0'!M'J!2'::J*&!9-+6!
+6&!'+6&5!:&:$&5,!'(!+6&!<51&5!+6&5&!#*1!9'58
M'J5!6'2J,I4'2J,\Y
!YA'R!"6&MSK&!#%%!$&&*!8-%%&1!'5!/'*&!-*+'!6-1-*/OY!C&%-2-+M!,#M,R!Y7*1!-+!-,*S+!
/''1!#+!#%%!+6#+!+6&!:#/-2!6#,!$&&*!J*%&#,6&1RY
!Y;&#%%M\!B6M!*'+\Y
!YF':&!'(!+6&!,4-5-+,!2#*!J,&!-+!('5!1#58!4J54',&,R!"6&M!2'J%1!J,&!-+!+'!$5&#8!
+65'J/6!+'!+6-,!9'5%1!'5!+'!$5-*/!)-52&!-*OY!C&%-2-+M
&Z4%#-*,RY"6#+!-,!96M!9&!:J,+!(-*1!+6&!"&:4%&RY
!Q-,,!Q''5&!-,!2'*(J,&1RYD!(&#5!D!,6#%%!6#K&!+'!+#8&!*'+&,!+'!8&&4!J4R!B6#+O!45#M!
+&%%O!-,!+6&!"&:4%&\Y
!Y"6#+!-,!+6&!,&25&+!,'J52&!'(!+6&!:#/-2!-*,-1&!+6&!5&#%:,OY!D!,#MR
!Y7!,&25&+!,'J52&\Y!Q-,,!Q''5&!5&4&#+,R!Y7*1!96&5&!-,!+6-,!4%#2&O!+6-,!"&:4%&\Y
!YB&!1'*S+!8*'9R!B&SK&!*'+!1-,2'K&5&1!-+!M&+OY!D!,#MRYLJ+!'*2&!9&!1'O!9&!2#*!$-*1!
+6&!:#/-2!#/#-*!#*1!('5:!#!*&9!<51&5RY
!YF'*!2'J5#/&O!+6&*R!B6#+!#!(#,2-*#+-*/!,+'5MOY!Q-,,!Q''5&!,#M,R!"6&!:#*+&%!2%'28!
26-:&,!('J5!'S2%'28R!Q-,,!Q''5&!26&28,!+6&!+-:&
'*!6&5!9#+26!#/#-*,+!-+RY76O!J*(#-%-*/%M!#22J5#+&RY
!YD,!-+!('J5!#%5&#1M\Y!C&%-2-+M!,#M,O!%&#4-*/!J4R!YB&S5&!+'!:&&+!Q'+6&5!#+!6#%(!
4#,+RY
!YB6#+!#!,6#:&OY!Q-,,!Q''5&!,#M,RYH'J!:J,+!2':&!$#28!('5!#*'+6&5!K-,-+R!7,!#!
:#++&5!'(!(#2+O!+6&5&!-,!#*!&Z2&%%&*+!&Z6-$-+!#+!#
45-K#+&!/#%%&5M!-*!)6&%,&#!'*!"6J5,1#MR!F6#%%!9&!/'\Y
!Y<6O!M&,bY!9&!&Z2%#-:R
!YE&5M!9&%%OY!,6&!,#M,O!5-,-*/R!F6&!6&%4,!J,!-*+'!'J5!2'#+,R!B&!1'*!'J5!/%'K&,!#*1!
,&2J5&!'J5!6#+,R
!YF'!+6&5&!-,!*'+6-*/!(J5+6&5!M'J!2#*!+&%%!J,!#$'J+!+6&!<51&5\Y!D!#,8!+&*+#+-K&%MR
!Y@#K&!M'J!#*!#K&5,-'*!+'!5&#1-*/O!%#1-&,\!D(!D!9#*+&1!+'!%&#5*!:'5&!#$'J+!#*M!
,J$V&2+O!D!,6'J%1!(-*1!#!/''1!$''8!'5!+9'OY!,6&
,#M,O!J,6&5-*/!J,!1'9*!+6&!,+#-5,O!96&5&!Q5,R!.'5+&5!-,!9#-+-*/!('5!J,R
!YB6&5&!#5&!M&5!%JKS%M!15#9-*/,\Y!+6&!%#*1%#1M!#,8,O!-*,4&2+-*/!J,!('5!4#4&5!'5!
26#%8RY0'*S+!$&!,6MO!*'9R!F6'9!'%1!.'5S&5RY
!YB&SK&!*'+6-*/!+'!,6'9O!DS:!#(5#-1OY!7**!,#M,R
!Q5,R!.'5+&5S,!(#2&!1#58&*,R!Y!S35&!*'9O!D!5J*!#!5&,4&2S#$%&!&,+#$%-,6:&*+O!Q-,,!
Q''5&R!H'J!,#-1!+6&!#1:-5#%!9#,!4#M-*S!(&5!%&,,'*,R
B6#+26''!$&&*!#$'JS!J4!+6&5&!#%%!+6-,!+-:&O!+6&*\Y
!Q-,,!Q''5&!%&#*,!+'9#51!Q5,R!.'5+&5!+-%%!+6&!'%1!9':#*!6#,!+'!+#8&!#!,+&4!$#28R!
YB-+2625#(+OY!,6&!96-,4&5,!,#J2-%MR!Y)':&!#%'*/O
!%#1-&,R!LJ++'*!J4R!"6&!9-*1!-,!$5-,8!#*1!+#8&,!*'!45-,'*&5,RY
!Q-,,!Q''5&!J,6&5,!J,!'J+!+6&!1''5!#,!Q5,R!.'5+&5!,6'J+,!(5':!+6&!K&,+-$J%&R!YD!
1'*S+!%-8&!+6#SO!Q-,,!Q''5&R!D!1'*S+!%-8&!+6#S!#S!#9%RY
!Q-,,!Q''5&!*&K&5!%''8,!$#28!'5!%',&,!6&5!,:-%&R!YD!,6#%%!,&&!M'J!"6J5,1#MOY!,6&!
,#M,O!9#K-*/!/''1$M&R!7*1!9-+6!+6#+O!9&!#5&
1-,:-,,&1R
!)@7."3;!FDG"33A
!Y"@7"!B7F!7A!7C"3;A<<A!B7F"30R!QDFF!Q<<;3!8*'9,!*'+6-*/!:'5&!#$'J+!+6&!<51&5!#*1!
+6&!5&#%:,R!B&!,6'J%1!6#K&!/'*&!+'
+6&!,6'4,!-*,+&#1OY!C&%-2-+M!#**'J*2&,!#,!9&!#55-K&!#+!6&5!:'+6&5S,!9':&*S,!2%J$R
!YD!1-1*S+!('52&!M'J!+'!/'!9-+6!:&OY!D!,#MR
!Y.&56#4,!.-44#!6#,!6#1!%J28!-*!(-*1-*/!+6&!"&:4%&OY!7**!,#M,!$5-/6+%MR
!YD+!6#,!$&&*!+9'!1#M,OY!C&%-2-+M!,#M,O!%''8-*/!+'!:&R!YB&!45':-,&1!+'!5&+J5*!#,!
,''*!#,!9&!2'J%1RY
!Y@'9!2#*!9&!2':&!$M!#*M!45-K#2M!+'/&+6&5\Y!D!#,8R
!Y=&#K&!+6#+!+'!:&OY!C&%-2-+M!#*,9&5,R
!"6&!1''5,!#5&!6&%1!'4&*!('5!J,!$M!#!96-+&I/%'K&1!#++&*1#*+R!C&%-2-+M!'((&5,!6&5!
:'+6&5S,!2#51O!#*1!+6&!,4-*1%M!:#*!&Z#:-*&,!-+R
!YB&!#5&!/J&,+,!'(!=#1M!B'5+6-*/+'*O!:M!:'+6&5OY!C&%-2-+M!,#M,!9-+6!1-,1#-*R
!YL&//-*/!M'J5!4#51'*O!:-,,O!-+!-,!*'+!+6&!2J,+':!'(!+6&!7%&Z#*15#!+'!#1:-+!:'5&!
+6#*!'*&!/J&,+R!D!#:!,'55MO!$J+!5J%&,!#5&
5J%&,["6&!#++&*1#*+!1'&,!6-,!$&,+!+'!%''8!,M:4#+6&+-2O!$J+!-*!6-,!,:-%&O!D!,&&!+6&!
,%-/6+&,+!6-*+!'(!,#+-,(#2+-'*R
!C&%-2-+M!/-K&,!+6&!:#*!-*!6-,!25-,4!J*-('5:!#!,+&&%M!/#T&RY0'!M'J!8*'9!96'!+6-,!
-,\Y!,6&!,#M,!-*!#!:'28!96-,4&5!+6#+!15#9,!+6&
#++&*+-'*!'(!#%%!,+#*1-*/!*&#5R!DS:!'*!:M!/J#51O!('5!D!8*'9!C&%-2-+M!-,!6#+26-*/!
,':&!4%#*R!Y"6-,!-,!Q-,,!7**!L5#1,6#9O!+6&!5&2&*+%M
1-,2'K&5&1!/5#*1I*-&2&!'(!+6&!0J8&!'(!)6&,+&5(-&%1RY!F6&!$#+,!6&5!&M&%#,6&,!#,!-(!
+6&!,&5K#*+!-,!#*!-1-'+RYF6&!-,!#!1&,2&*1#*+!'(!+6&
2T#5-*#!6&5,&%(R!FJ5&%M!M'J!5&#1!#$'J+!-+RY
!YDS:!#(5#-1!D!6#K&!*'+O!:-,,OY!+6&!#++&*1#*+!,#M,O!%&,,!,J5&!*'9R
!C&%-2-+M!,-/6,R!YB6&*!D!+6-*8!'(!+6&!6#51,6-4,!Q-,,!L5#1,6#9!6#,!&*1J5&1O!%-K-*/!
#,!#*!'546#*O!+6'J/6+!1&#1!$M!+6',&!96'!%'K&1
6&5!$&,+O!'6O!-+!$5&#8,!:M!6&#5+!+'!8*'9!6'9!,6&!-,!$&-*/!:-,+5&#+&1!6&5&!#+!+6-,!
K&5M!:':&*+R!<6O!1&#5O!Q-,,!L5#1,6#9R!D!#:!K&5M
,'55M!('5!+6-,!+5'J$%&R!DSK&!*'!1'J$+!Q'+6&5!9-%%!$&!XJ-+&!4J+!'J+!96&*!,6&!6&#5,!
'(!-+RY
!<*&!'(!+6&!,'2-&+M!:#+5'*,!2':&,!*&#5R!Y0&#5!:&O!Q-,,!B'5+6-*/+'*O!-,!+6-,!5&#%%M!
+6&!%'*/I%',+!/5#*1I*-&2&!'(!+6&!2T#5-*#\Y
!B&SK&!*&K&5!,#-1!+6#+O!#2+J#%%MO!$J+!-+!,&5K&,!J,!9&%%R
!Y<6O!M&,OY!C&%-2-+M!,#M,O!9-1&I&M&1RY7,!#!:#++&5!'(!(#2+O!Q-,,!L5#1,6#9!6#,!2':&!
+'!,-*/!('5!J,!+'1#MO!,'!M'J!,&&O!,6&!-,!*'+!5&#%%M
#!/J&,+!'(!Q'+6&5S,O!$J+!5#+6&5O!,6&!-,!#!/J&,+!'(!+6&!7%&Z#*15#RY
!YC&%-2!Q-,,!B'5+6-*/+'*bY!7**!,#M,O!4#*-28&1R
!YF6&!-,!&Z2&&1-*/%M!:'1&,+OY!C&%-2-+M!#11,R
!"6&5&!-,!96-,4&5-*/!#:'*/!+6&!,'2-&+M!:#+5'*,R!B&!#5&!'*!+6&!K&5/&!'(!25&#+-*/!#!
,2&*&R!"6&!#++&*1#*+!-,!-%%!#+!&#,&R!D(!6&!#1:-+,
J,!#%%O!6&!-,!$5&#8-*/!+6&!5J%&,!-*!K-&9!'(!&K&5M'*&U!-(!6&!+J5*,!'*&!'(!J,!#9#MO!
6&!5-,8,!#*/&5-*/!#!:&:$&5!#*1!4&56#4,!$&-*/
1-,:-,,&1!('5!-+R!C&%-2-+M!6#,!4%#M&1!6&5!6#*1!:#,+&5(J%%MR
!"6&!:#+5'*!,+&4,!('59#51R!Y7,!Q-,,!L5#1,6#9!-,!#!/J&,+!'(!+6&!7%&Z#*15#O!D!2#**'+!
,&&!+6#+!-+!,6#%%!$&!#*M!+5'J$%&!#+!#%%RY
!Y7,!M'J!9-,6O!:#1#:OY!+6&!:#*!,#M,R
!YD!%''8!('59#51!+'!6&#5-*/!M'J!,-*/!+6-,!#(+&5*''*OY!+6&!9':#*!2#%%,!#(+&5R
!YC&%-2-+MbY!7**!96-,4&5,!#,!+6&!#++&*1#*+!&,2'5+,!J,!-*+'!#*!'#8I4#*&%&1!1-*-*/!
5'':!(-%%&1!9-+6!%'K&%M!+#$%&,!2'K&5&1!-*!96-+&
1#:#,8!2%'+6,R
!YB6#+!-,!-+\Y
!YH'J!,6'J%1*S+!6#K&!,#-1!+6#+O!#$'J+!:M!,-*/-*/!+'1#MRY
!YH'J!2#*!,-*/O!2#*S+!M'J\Y
!YH&,O!$J+!RRRY
!Y0'!M'J!9#*+!+'!4%#M!+6-,!/#:&!'5!1'*S+!M'JO!7**\Y
!7**!,#M,!*'+6-*/!:'5&R!"6&!5'':!-,!*&#5%M!(-%%&1!9-+6!&%&/#*+!9':&*!,-44-*/!+&#!
#*1!4-28-*/!#+!9#+&525&,,!,#*19-26&,R!B&!#5&
,&#+&1!#+!#!+#$%&!-*!#!(#5!2'5*&5R
!C&%-2-+MS,!(#2&!(#%%,RYQM!:'+6&5!6#,!#55-K&1RY
!=#1M!B'5+6-*/+'*!2J+,!#!,9#+6!+65'J/6!+6&!5'':R!7%%!&M&,!#5&!J4'*!6&5O!('5!,6&!-,!
#!6#*1,':&!9':#*!(#-5!#,!#!26-*#!2J4!#*1
,&&:-*/%M!#,!1&%-2#+&R!F6&!&ZJ1&,!#*!#-5!'(!(5#/-%-+MO!%-8&!,':&'*&!96'!6#,!$&&*!
2#5&1!('5!6&5!&*+-5&!%-(&R!@&5!,:-%&!-,!2'51-#%!9-+6'J+
$&-*/!+''!-*K-+-*/R!D!2'J%1!45#2+-2&!('5!#!+6'J,#*1!M&#5,!#*1!*'+!/-K&!,J26!#!
,:-%&R!7*1!6&5!$5'9*!,-%8!15&,,!-,!,J:4+J'J,!#*1!2J+!-*
+6&!%#+&,+!(#,6-'*R!;'4&,!'(!4&#5%,!6#*/!5'J*1!6&5!,%&*1&5!*&28R!7*!&*'5:'J,!6#+!
9-+6!4&#2'28!(&#+6&5,!'*!+6&!$#*1!(5#:&,!6&5!(#2&R
!YL'*V'J5O1#5%-*/OY!,6&!,#M,O!8-,,-*/!C&%-2-+MS,!26&&8,!#,!DSK&!6&#51!+6&!
.#5-,-#*,!1'R
!YQ'+6&5O!:J,+!M'J!:#8&!,J26!#!1-,4%#M\Y!C&%-2-+M!26-1&,R
!YE&5M!9&%%O!1#5%-*/R!@&%%'O!Q-,,!L5#1,6#9OY!=#1M!B'5+6-*/+'*!,#M,R!F6&!%''8,!#+!
:&O!#*1!6&5!,:-%&!(#%+&5,!#!$-+RYD!1'*S+!$&%-&K&!9&
#5&!#2XJ#-*+&1RY
!YQ'+6&5O!:#M!D!45&,&*+!Q-,,!>&::#!0'M%&RY
!Y@'9!1'!M'J!1'O!=#1M!B'5+6-*/+'*\Y!D!#,8R
!Q5,R!B'5+6-*/+'*!/-K&,!C&%-2-+M!#!+-/6+!,:-%&R!YC&%-2-+MO!1#5%-*/O!D!1'!9-,6!M'J!
9'J%1!%&+!:&!8*'9!96&*!M'JSK&!-*K-+&1!#!/J&,+!+'
+&#R!"6&!7%&Z#*15#!-,!XJ-+&!,+5-2+!#$'J+!-+,!/J&,+,RY
!D!9#*+!+'!1-&R!D!9#*+!+'!,-*8!+65'J/6!+6&!(%''5!#*1!1-,#44&#5R!B6M!:J,+!C&%-2-+M!
1'!+6&,&!+6-*/,\
!7!:#-1!#44&#5,!%-8&!#!,6#1'9!#+!Q5,R!B'5+6-*/+'*S,!,-1&!#*1!4'J5,!+&#!('5!6&5R
!Q5,R!B'5+6-*/+'*!4%#2&,!#!*#48-*!-*!6&5!%#4RYB&%%O!*'!:#++&5!*'9R!D!#:!6#44M!+'!
:&&+!C&%-2-+MS,!(5-&*1,R!D+S,!,'!*-2&!+6#+!Q-,,
L5#1,6#9!2'J%1!,4&*1!)65-,+:#,!9-+6!J,!#,!6&5!1&#5!/5&#+IJ*2%&O!+6&!1J8&O!-,!
1&+#-*&1!-*!F#-*+!.&+&5,$J5/RY
!YH&,OY!D!,#MO!+5M-*/!*'+!+'!26'8&!#+!+6-,!'J+5#/&'J,!%-&R!Y@'9!('5+J*#+&!9&!#%%!
#5&RY
!=#1M!B'5+6-*/+'*!#,8,!#!(&9!4'%-+&!XJ&,+-'*,!#*1!D!/-K&!#!1J%%!$J+!,':&96#+!
#22J5#+&!#J+'$-'/5#46MU!-*!5&+J5*!=#1M!B'5+6-*/+'*
,&&:,!+'!6#*/!'*!&K&5M!9'51R!F6&!:#8&,!:&!(&&%!#,!-(!DS:!+6&!'*%M!4&5,'*!-*!+6&!
5'':R!D+S,!&#,M!+'!,&&!96M!+6&!#1:-5#%!9'J%1!(#%%
-*!%'K&!9-+6!6&5R!B6&*!,6&!,4&#8,O!6&5!,+'5-&,!#5&!&Z2&&1-*/%M!&*+&5+#-*-*/R!LJ+!
C&%-2-+M!,-+,!,J%%&*%MO!4%#M-*/!9-+6!6&5!,4''*O!J*+-%!6&5
:'+6&5!4J+,!#!6#*1!'*!6&5,!+'!,+'4!6&5R
!Y0#5%-*/OY!,6&!,#M,RYQJ,+!M'J\Y
!C&%-2-+M!,-/6,!#*1!%''8,!#5'J*1!+6&!5'':!#,!-(!6'4-*/!+'!,&&!,':&'*&!+'!5&,2J&!
6&5R
!=#1M!B'5+6-*/+'*!/-K&,!'*&!'(!6&5!1#TT%-*/!,:-%&,R!Y0#5%-*/O!DSK&!,':&!9'*1&5(J%!
*&9,R!D!6#1!9#*+&1!+'!,J545-,&!M'JO!$J+!D!1'*S+
+6-*8!D!2#*!9#-+!#!:':&*+!%'*/&5RY
!YB6#+!-,!-+\Y!C&%-2-+M!#,8,R
!Y.#4#!6#,!+#8&*!#!9#51R!=-++%&!.'%%M!9#,!6-,!2'J,-*!L&#S,!1#J/6+&5R!L&#!1-&1!'(!
2'*,J:4+-'*O!9&!#5&!+'%1O!+6'J/6!D!1#5&,#M!,6&
!1-&1!'(!#!$5'8&*!6&#5+R!"6&!(#+6&5!9#,!#%9#M,!J,&%&,,!#*1!,-/*&1!6&5!#9#M!9-+6'J+!
,'!:J26!#,!#!2#5&R!@-,!'9*!1#J/6+&5RY
!C&%-2-+M!6#,!/'*&!4#%&RYB6#+!1'!M'J!:&#*\!F6&S,!+'!%-K&!9-+6!J,\!B-+6!M'J!#*1!
.#4#\Y
!YH&,R!7*1!Q5,R!F:#%%,O!+6&!/'K&5*&,,O!'(!2'J5,&R!H'J5!(#+6&5!-,!,'!6#44M!+'!6#K&!
#!%-++%&!45-*2&,,!-*!+6&!6'J,&!#/#-*R!C&%-2-+MO!1&#5O
*'+!+''!:J26!,J/#5!-*!M'J5!+&#R!D+!-,*S+!/''1!('5!+6&!+&&+6OY!=#1M!B'5+6-*/+'*!
26-1&,!9-+6'J+!%',-*/!6&5!,:-%&R
!7,!-(!,6&!6#,*S+!6&#51O!C&%-2-+M!15'4,!+9'!:'5&!%J:4,!'(!,J/#5!-*+'!6&5!+&#!#*1!
15-*8,!-+R!@&5!:'+6&5!45&+&*1,!,6&!6#,*S+!*'+-2&1R
!7!9':#*!#,!,'(+!#*1!'K&5,+J((&1!#,!#!,&++&&!9#11%&,!+'!'J5!+#$%&RY>''1!#(+&5*''*O!
Q5,R!B'5+6-*/+'*R!D,!-+!+5J&!+6#+!M'J5
1-,+-*/J-,6&1!/J&,+!-,!+'!,-*/!('5!J,!+'1#M\Y
!=#1M!B'5+6-*/+'*!%''8,!,+#5+%&1R!Y<6R!B&%%O!D!2#*S+!,#M!R!R!R!D!R!R!RY
!"6&!9':#*!45#++%&,!'*R!YB&!9&5&!VJ,+!1-,2J,,-*/!6'9!&Z+5#'51-*#5M!-+!-,!+6#+!
M'JSK&!+#8&*!Q-,,!L5#1,6#9!J*1&5!M'J5!9-*/R!D(!9&
:-/6+!$'55'9!M'J!('5!#!$-+O!4%&#,&!1'!2':&!#*1!+&%%!Q5,R!"65&#1/-%%!#*1!:&!6'9!+6&!
2T#5-*#S,!%'*/I%',+!5&%#+-'*!6#,!2':&!+'!$&!9-+6
J,RY
!YD(!M'JS%%!&Z2J,&!:&OY!=#1M!B'5+6-*/+'*!,#M,O!/%-1-*/!+'!+6&!'+6&5!+#$%&!%-8&!#!
,9#*R
!Y75&!M'J!#%%!5-/6+O!C&&\Y!D!#,8RYH'J!%''8!4#%&RY
!YDS:!(-*&R!D!,-:4%M!1'*S+!%-8&!+6&!-1&#!'(!,':&!%-++%&!$&#,+!J*1&5(''+!96-%&!DS:!
#+!6':&RY
!F6&S,!V&#%'J,R!N&#%'J,!'(!,':&'*&!*#:&1!%-++%&!.'%%MR!C&%-2-+M!2#*!$&!,'!
-*25&1-$%M!4&++M!#+!+-:&,R
!YF6&S,!VJ,+!#!26-%1OY!D!,#MR
!YD!8*'9!+6#+OY!C&%-2-+M!,*#4,R!YD+!-,*S+!9'5+6!1-,2J,,-*/R!B&!6#K&!:'5&!-:4'5+#*+!
:#++&5,!#+!6#*1R!C'%%'9!:&RY
!F6&!%&#1,!J,!+65'J/6!+#$%&,!'(!&%&/#*+!%#1-&,!-*!/5#*1!6#+,!,-44-*/!+&#!#*1!
/',,-4-*/R!"6&M!/%#*2&!J4!$J+!9&!#5&!J*-:4'5+#*+O!#*1
+6&M!5&,J:&!+6&-5!1-,2J,,-'*,!'(!96'!6#,!1'*&!96#+!+'!96':R!B&!('%%'9!C&%-2-+M!J4!
9-1&O!2#54&+&1!,+#-5,O!4#,+!%#1-&,!-*!,+-((O
(#,6-'*#$%&!15&,,&,!96'!,&&:!+'!+#8&!#!8&&*O!-(!1-,25&&+O!-*+&5&,+!-*!+6&,&!$5#,6!
M'J*/!%#1-&,!,+'5:-*/!+6&!$#55-2#1&,!'(!+6&-5
/&*+&&%!2%J$R
!YB6&5&!#5&!M'J!+#8-*/!J,\Y!D!#,8R
!Y"6&!2%J$!6#,!45-K#+&!$&126#:$&5,!('5!:&:$&5,R!<*&!'(!+6&:!9-%%!,J5&%M!$&!&:4+MR!
<6O!*'RY
!YB6#+!-,!-+\Y!7**!#,8,O!4#*-28&1R
!C&%-2-+MS,!4&&5-*/!'K&5!+6&!$#*-,+&5!+'!+6&!('M&5!$&%'9R!7!,'%-1I%''8-*/!9':#*!-*!
#!4J54%&!15&,,!#*1!#!(J5!,+'%&!-,!6'%1-*/!2'J5+R
F6&S,!#!2'::#*1-*/!45&,&*2&U!+6&!'+6&5,!6#*/!'*!6&5!&K&5M!9'51R!Y<*&!'(!:M!
:'+6&5S,!('5:&5!(5-&*1,O!=#1M!0&*$MRY
!=#1M!0&*$M\!)'J%1!+6-,!$&!F-:'*S,!:'+6&5\!7!%J:4!('5:,!-*!:M!+65'#+R!D!2#*!'*%M!
6'4&!+6#+!D!9-%%!$&!#$%&!+'!,%-4!#9#M!J*1&+&2+&1O
,'!+6#+!=#1M!0&*$M!9-%%!*'+!('5:!#*!J*(#K'5#$%&!'4-*-'*!'(!:&R
!YB6M!1'!M'J!,#M!('5:&5!(5-&*1\Y!7**!#,8,O!%''8-*/!9'55-&1R
!YF6&!6#,!*&K&5!('5/-K&*!:M!:'+6&5!('5!%-K-*/!-*!C5#*2&R!F6&!1'&,*S+!%-8&!+6&!
C5&*26O!#,!+6&!Q-11%&+'*!(#:-%M!2#*!$&!+5#2&1!+'!='51
A&%,'*!6-:,&%(OY!,6&!,#M,O!:&*+-'*-*/!L5-+#-*S,!/5&#+!*#K#%!6&5'RYD(!=#1M!0&*$M!
%-8&,!M'JO!M'J!#5&!,&+!('5!%-(&R!D(!,6&!(-*1,!M'J
9#*+-*/!-*!#*M!9#MO!M'J!#5&!,6J**&1R!Q-*1O!,6&S,!,+-%%!2'51-#%O!$J+!K&5M!2'%1R!7*1!
:M!(''%-,6!:'+6&5!-,!+''!$%-*1!+'!,&&!-+R!F6&
2'*+-*J&,!+'!+5M!+'!9-*!=#1M!0&*$MS,!(#K'5R!D!,6#%%!*&K&5!$&!%-8&!+6#+RY
!C&%-2-+M!:'K&,!,%'9%MO!1#5-*/%MO!#%'*/!+6&!$#%2'*MO!9#+26-*/!=#1M!0&*$MR!DS:!
1'-*/!:M!$&,+!+'!8&&4!:M!6&#1!1'9*R
!YD,!,6&!F-:'*!Q-11%&+'*S,!:'+6&5O!+6&*\Y!D!#,8R
!YH&,OY!C&%-2-+M!#*,9&5,RY@'9!1'!M'J!8*'9!F-:'*!Q-11%&+'*\Y
!YB6'!-,!F-:'*!Q-11%&+'*\Y!7**!#,8,R
!YD!:&+!6-:!VJ,+!M&,+&51#M!#+!+6&!+5#-*!,+#+-'*R!@&!#*1!"':!#5&!#2XJ#-*+&1RY
!C&%-2-+MS,!&M&,!9-1&*R!YB6&*!6#1!M'J!4%#**&1!+'!+&%%!J,!#$'J+!-+\Y
!7**!+5-&,!#/#-*RYB6'!-,!F-:'*!Q-11%&+'*\Y
!Y>&::#O!M'JS5&!8&&4-*/!,&25&+,!#/#-*bY
!YD+!-,!*'+!#!,&25&+OYD!,#MO!$%J,6-*/RYD+!-,!*'+6-*/O!5&#%%MR!@&!6#,!-*K-+&1!:M!
(#:-%M!+'!1-**&5R!"6#+!-,!#%%RY
!C&%-2-+M!%''8,!#,!-(!,':&'*&!6#,!15'44&1!6&5!-*!+6&!:-11%&!'(!+6&!"6#:&,R!YH'JSK&!
$&&*!-*K-+&1!+'!1-**&5\!"6#+!-,!2&5+#-*%M
,':&+6-*/RY
!YD+!-,!$#1!:#**&5,!+'!1-,2J,,!4&'4%&!DSK&!*&K&5!:&+OY!7**!,#M,O!4'J+-*/R
!C&%-2-+M!+#8&,!4-+M!'*!6&5R!YF-:'*!Q-11%&+'*!-,!*'+!'*%M!#!K-,2'J*+S,!,'*!$J+!
&Z2&&1-*/%M!6#*1,':&R!7*1!6&!,&&:,!+'!6#K&!+#8&*!#*
-*+&5&,+!-*!>&::#O!+6'J/6!,6&!1'&,*S+!9-,6!J,!+'!8*'9!#$'J+!-+RY
!YD+!-,!*'+6-*/O!+5J%MOYD!45'+&,+RY@&!9#,!,-:4%M!$&-*/!26#5-+#$%&O!DS:!,J5&RY
!Y"6&!Q-11%&+'*,!#5&!*&K&5!26#5-+#$%&OY!,6&!,#M,O!%''8-*/!1'9*RYH'J!:J,+!+#8&!
/5&#+!2#5&!#5'J*1!6-,!:'+6&5R!F6&!,25J+-*-T&,
4&'4%&!('5!,4'5+RY
!YH'JSK&!*'+!4J+!:&!#+!&#,&OY!D!,#MR
!YC'5&9#5*&1!-,!('5&#5:&1O!>&::#RY
!L&%'9!J,O!=#1M!0&*$M!,#M,!,':&+6-*/!:&55M!+6#+!:#8&,!6&5!2':4#*-'*,!%#J/6!-*!+6#+!
5&,+5#-*&1!9#M!9':&*!%&#5*!,':&6'9
96&*!+6&M!4#28!#9#M!+6&-5!/-5%-,6!,&%K&,R!F6&!1'&,*S+!,&&:!+'!$&!+6&!:'*,+&5!
C&%-2-+M!:#8&,!6&5!'J+!+'!$&R
!YB6#+!9-%%!M'J!9&#5\Y!7**!#,8,!15&#:-%MR
!Y@'5*,!#*1!+6&!4&%+!'(!#!%#5/&!#*-:#%OY!D!,#MR!7**!+#8&,!+6-,!-*!('5!#!:':&*+O!#,!
-(!,6&!$&%-&K&,!-+!96'%&6&#5+&1%MR!B6#+!,6#%%!D!1'
9-+6!6&5\!YD!,6#%%!9&#5!#!45'4&5!15&,,R!F':&+6-*/!+6#+!:&&+,!9-+6!:M!/5#*1:'+6&5S,!
#445'K#%RY
!YH'J!:J,+!/-K&!J,!&K&5M!1&+#-%!#(+&5OY!C&%-2-+M!,#M,RYD!,6#%%!$&!:',+!-*+&5&,+&1!
+'!6&#5!#$'J+!-+RY
!Y0'!M'J!8*'9!Q5R!Q-11%&+'*!9&%%\Y!D!45MR
!YDSK&!8*'9*!6-:!('5!#/&,OY!C&%-2-+M!,#M,R!F+#*1-*/!+6&5&O!9-+6!%'',&!+&*15-%,!'(!
/'%1&*!6#-5!2J5K-*/!J*1&5!6&5!26-*O!,6&!%''8,!#
4-2+J5&O!6&5!,+5#*/&!$&#J+M!#+!-+,!:',+!,&1J2+-K&R
!YD!,&&R!7*1!6#K&!M'J!,&+!M'J5!,-/6+,!'*!6-:\Y
!C&%-2-+M!:#8&,!#!(#2&RYF-:'*\!@&!-,!%-8&!#!$5'+6&5!+'!:&R!D!2#*S+!4',,-$%M!
-:#/-*&!#!5':#*2&!9-+6!6-:RY
!D!#:!5&%-&K&1R!D+S,!,-%%M!'(!:&!+'!4-*!:M!6'4&,!'*!F-:'*!,'!&#5%MO!$J+!6&!-,!
26#5:-*/!#*1!6#*1,':&!#*1!6&!,&&:,!+'!%-8&!:&R!@-,
#++&*+-'*!:#8&,!:&!(&&%!$&#J+-(J%R!D+!-,!'*%M!#!,:#%%!,+5-*/!'(!&Z2-+&:&*+O!$J+!D!
(-*1!D!1'!*'+!9#*+!+'!%&+!/'!'(!-+!,'!,''*R
!<*&!'(!=#1M!0&*$MS,!2':4#*-'*,!%''8,!J4O!,&&,!J,!,+#5-*/R!=#1M!0&*$M!('%%'9,!6&5!
/#T&R
!Y=&+S,!/'OY!D!96-,4&5RY)':&!'*bY
!YQJ,+!M'J!4J,6\Y!C&%-2-+M!,*-4&,!#,!D!45#2+-2#%%M!(#%%!'K&5!6&5R!B&!1J28!1'9*!#!
6#%%R!C&%-2-+M!4J%%,!J,!-*+'!#*!&:4+M!$&126#:$&5!#*1
2%',&,!+6&!1''5R
!7**!/%#*2&,!#5'J*1!*&5K'J,%MRYF6'J%1!9&!$&!-*!6&5&\Y
!YH'J!9#*+&1!45-K#2MOY!,6&!,#M,RYA'9!9&!6#K&!-+RY
!"6&5&!-,!#!15&,,-*/!/'9*!15#4&1!#25',,!#!26#-5O!#*1!,&K&5#%!6#+$'Z&,!-*!#!2'5*&5R!
"6&!5'':!:#M!$&!&:4+M!('5!+6&!:':&*+!$J+
-+!-,!:',+!1&(-*-+&%M!*'+!J*'22J4-&1R
!YB&S%%!6#K&!+'!9'58!(#,+OY!D!,#MR
!Y.5&2-,&%MOY!C&%-2-+M!,#M,O!/5-**-*/R
!7**!%''8,!#,!-(!,6&!2'J%1!$&!-%%RYB&!,6#%%!$&!5J-*&1R!D!8*'9!-+RY
!LJ+!'*2&!9&!6'%1!6#*1,!#*1!D!:#8&!+6&!1''5!'(!%-/6+!#44&#5O!#%%!1-,2':('5+!-,!
('5/'++&*O!,9#%%'9&1!96'%&!$M!'J5!#9&R
!)@7."3;!F3E3A"33A
!B3SE3!L7;3=H!F"3..30!DA"<!"@3!L;D>@"!>=<B!<C!+6&!5&#%:,!96&*!&K&5M+6-*/!/'&,!
1#58U!2'%1!(-*/&5,!45&,,!#/#-*,+!:M!&M&,R!D
,%-1&!'J+!'(!+6&!&:$5#2&O!96-5%-*/!#5'J*1!XJ-28%M!+'!,&&!.-44#!,+#*1-*/!$&6-*1!:&R!
F6&!,+-%%!9&#5,!6&5!/#5%#*1O!+6'J/6!-+S,!$&/J*!+'
15''4!,':&R!F6&S,!#11&1!*&++%&!#*1!#!4-*8!*#52-,,J,!+'!$5-/6+&*!-+!#!$-+R
!F6&!/-//%&,!+'!,&&!:&!/#,4-*/!,'R!Y<6O!4''5!>&::#b!0-1!D!(5-/6+&*!M'J\Y
!YAI*'R!B&%%O!#!%-++%&O!4&56#4,RY
!C&%-2-+M!#*1!7**!5J*!+'!.-4!9-+6!#!,6'J+!#*1!+65'9!+6&-5!#5:,!#5'J*1!6&5R
!YB6#+!-,!+6&!:#++&5\Y7**!#,8,!:&R
!YD!/#K&!'J5!4''5!>&::#!#!,+#5+R!0'*S+!$&!25',,!9-+6!:&OY!.-44#!,#M,O!+#8-*/!:M!
6#*1R!F6&!,4&#8,!-*!#!96-,4&5R!YDSK&!#!,J545-,&R
C'%%'9!:&RY
!.-4!%&#1,!J,!+65'J/6!+6&!+5&&,RY)%',&!M'J5!&M&,OY!,6&!2#%%,R!7+!%#,+!,6&!
,+'4,RY<4&*!+6&:RY
!B&S5&!#+!+6&!5-K&5R!<*!+6&!9#+&5!-,!#!,6-4!+6&!%-8&,!'(!96-26!DSK&!*&K&5!,&&*!
$&('5&R!DS:!*'+!&*+-5&%M!,J5&!+6#+!-+!-,!#!,6-4O!('5!-+
:'5&!5&,&:$%&,!#!15#/'*S,!$'1MO!$%#28!#*1!5&1O!9-+6!/5&#+!9-*/,!+6#+!,+5&+26!J4!'*!
+6&!,-1&,R!D+!-,!2&5+#-*%M!'(!#!:'*,+5'J,!,-T&O
2J5K&1!#+!$'+6!&*1,O!9-+6!'*&!/-#*+!:#,+!5-,-*/!*&#5!+6&!$'9!#*1!#!,#-%!#,!+6-*!#,!
'*-'*,8-*R!=#5/&!5'4&,!'(!,&#9&&1!6#*/!'K&5!+6&
,-1&,O!#,!1'!,4#58%-*/!,-%K&5!*&+,!+6#+!(%'#+!'*!+6&!,J5(#2&!'(!+6&!9#+&5R!LJ+!+6&!
:',+!&Z+5#'51-*#5M!+6-*/!'(!#%%!-,!+6&!:#,,-K&!6&#1
#++#26&1!+'!+6&!(5'*+!'(!+6&!,6-4R!D+!-,!/5&&*!#*1!,2#%MO!9-+6!,*#8&,!#,!%'*/!#,!
+5&&!$5#*26&,!,%-+6&5-*/!#$'J+!-+,!(&#5,':&O!:'+-'*%&,,
(#2&R
!YDSK&!('J*1!6&5bY!.-44#!,#M,!&Z2-+&1%MRYDSK&!('J*1!+6&!/'5/'*bY
!"6#+!+6-*/!-,!+6&!/'5/'*\
!YcJ-28%Mb!=&+S,!#,8!6&5!#$'J+!+6&!"&:4%&!$&('5&!,6&!/&+,!#9#MOY!.-44#!,#M,O!
,+&44-*/!2%',&5!+'!+6&!-*+-:-1#+-*/!,6-4R!Y76'MO!+6&5&bY
!"6&!/'5/'*!,9-K&%,!6&5!(#2&!-*!'J5!1-5&2+-'*R!"6&!,*#8&,!'(!6&5!6&#1!6-,,!#*1!
+9-,+!#,!-(!+6&MS1!%-8&!+'!&#+!J,!('5!1-,+J5$-*/!+6&-5
4&#2&R!FJ5&%M!+6&M!9'J%1!-(!+6&M!9&5&!*'+!#++#26&1!+'!+6#+!+6-*/R!D!#:!*'+!#+!#%%!
45&4#5&1!96&*!+6&!25&#+J5&!'4&*,!6&5!%#5/&!M&%%'9
&M&,R
!YB6#+!1'!M'J!9-,6\Y!,6&!#,8,O!-*!#!1#58!,%-+6&5!'(!#!K'-2&R
!Y75&!M'J!+6&!/'5/'*\Y!.-44#!#,8,R
!YH&,,,,RY
!YD,!-+!+5J&!+6#+!M'J!#5&!$'J*1!$M!+6&!<51&5S,!:#/-2!+'!1'!*'!6#5:!#*1!,4&#8!'*%M!
+5J+6\Y!,6&!2'*+-*J&,R
!"6&!/'5/'*!2%',&,!6&5!&M&,!('5!+6&!$5-&(&,+!:':&*+RYH&,,,,,RY
!YB&!#5&!%''8-*/!('5!+6&!"&:4%&R!0'!M'J!8*'9!-+\Y!.-4!1&:#*1,R
!"6&!&M&,!'4&*!#/#-*R!Y7%%!8*'9!'(!-+R!A'*&!8*'9,!96&5&!-+!:#M!$&!('J*1R!A'*&!$J+!
+6&!<51&5O!#*1!+6&M!6#K&!*'+!2':&!('5!:#*M
M&#5,RY
!YD,!+6&5&!#*M'*&!96'!:#M!8*'9!96&5&!+'!(-*1!-+\Y!.-44#!#,8,R!F6&S,!#**'M&1!+6#+!
+6&!/'5/'*!-,!45'K-*/!,'!J*6&%4(J%R
!"6&!/'5/'*!%''8,!+'!+6&!5-K&5!#/#-*R!Y"6&!C'5&,+!'(!=-/6+,R!.6-%'*S,!+5-$&R!F':&!
,#M!+6&M!9&5&!'*2&!#%%-&,!+'!+6&!<51&5R!"6&M!:#M
8*'9!96&5&!+'!%''8!('5!+6-,!"&:4%&RY
!YE&5M!9&%%O!+6&*OY!.-44#!,#M,R!YB&!9-,6!+'!/'!+'!+6&!C'5&,+!'(!=-/6+,RY
!Y<*%M!'*&!'(!+6&!<51&5!:#M!$-1!:&OY!+6&!/'5/'*!,#M,R
!YF6&!-,!'*&!'(!+6&!<51&5RY!.-44#!,#M,O!4'-*+-*/!+'!:&R
!YB&!,6#%%!,&&OY!+6&!/'5/'*!6-,,&,R
!Y>'!'*O!>&::#RY!C&%-2-+M!45&,,&,RY"5MRY
!D!,+&4!('59#51O!2%&#5!:M!+65'#+R!"6&!,*#8&,!(#*!'J+!#5'J*1!+6&!/'5/'*S,!6&#1!%-8&!
#!95-+6-*/!:#*&R!"6&M!6-,,!#+!:&O!5&K&#%-*/
+6&-5!,6#54O!4'-*+&1!(#*/,R!=''8-*/!-*+'!+6#+!6'55-$%&!(#2&O!-+!-,!6#51!+'!(-*1!:M!
K'-2&R
!YB&!9-,6!+'!/'!+'!+6&!C'5&,+!'(!=-/6+,R!B-%%!M'J!+#8&!J,O!/'5/'*\Y
!D*!#*,9&5O!'*&!'(!+6&!$'#+S,!/5#*1!9-*/,!%'9&5,!,%'9%M!+'!,6'5&O!#%%'9-*/!J,!
4#,,#/&R!.-44#!#*1!C&%-2-+M!2#*!$#5&%M!2'*+#-*!+6&-5
V'MR!"6&M!/5-*!%-8&!6#44M!(''%,!#,!+6&M!,+&4!'*+'!+6&!4%#*8R
!YQJ,+!9&!/'!'*!+6-,\Y!7**!#,8,O!6#*/-*/!$#28R
!Y0'*S+!$&!,2#5&1O!7**O!1#5%-*/R!DS%%!$&!9-+6!M'JOY!.-44#!,#M,O!4J%%-*/!6&5!
('59#51R
!"6&!9-*/!25&#8,!#*1!,9#M,!#,!9&!:#8&!'J5!9#M!#25',,!-+R!C&%-2-+M!5&#26&,!'J+!#*1!
+'J26&,!'*&!'(!+6&!*&+,!6#*/-*/!(5':!+6&!,-1&
'(!+6&!$#5/&R
!Y"6&,&!#5&!%-/6+!#,!2'$9&$,OY!,6&!,#M,O!(-*/&5-*/!+6&!1&%-2#+&!(-$&5,RYB6#+!(-,6!
2#*!M'J!4',,-$%M!2#+26!9-+6!+6&:\Y
!Y"6&M!#5&!*'+!('5!2#+26-*/OY!+6&!/'5/'*!,#M,!-*!6&5!,M5J4M!+6-28!K'-2&RY"6&M!#5&!
('5!9#5*-*/RY
!L&%'9!J,O!+6&!9#+&5!,9-5%,O!,&*1-*/!#!,6-::&5!'(!4-*8,!#*1!K-'%&+,!+'!+6&!
,J5(#2&R
!Y=''8!6'9!45&++MOY!7**!,#M,O!4J++-*/!#!6#*1!+'!+6&!9#+&5R!YB#-+O!1'!M'J!6&#5!
+6#+\Y
!Y@&#5!96#+\Y!D!#,8R
!Y"6&5&!-+!-,b!<6O!+6#+!-,!+6&!:',+!$&#J+-(J%!,'J*1!D!6#K&!&K&5!6&#51OY!7**!,#M,O!
4J++-*/!6&5!(#2&!*&#5!+6&!9#+&5R!YD+S,!2':-*/!(5':
+6&!5-K&5R!F':&+6-*/S,!+6&5&O!VJ,+!$&%'9!+6&!,J5(#2&RY
!7**S,!(-*/&5,!+'J26!+6&!,6-::&5M!9#+&5O!#*1!('5!#*!-*,+#*+O!D!+6-*8!D!,&&!
,':&+6-*/!:'K-*/!K&5M!*&#5!6&5!6#*1R!B-+6'J+!9#5*-*/O
+6&!/5&#+!9-*/!+6#+!6#,!$&&*!%'9&5&1!('5!J,!%-(+,!XJ-28%MO!('52-*/!J,!+'!,2J55M!
'*+'!+6&!,6-4R
!Y"6#+!9#,!,J11&*OY!7**!,#M,R!Y"6&!:J,-2S,!,+'44&1R!A'9!DS%%!*&K&5!8*'9!96&5&!+6#+!
%'K&%M!,'*/!2#:&!(5':RY!F6&!4'J+,R
!YF':&!+6-*/,!#5&!$&,+!*'+!8*'9*OY!+6&!/'5/'*!,#M,R
!7**!,6-K&5,RYD!1'*S+!%-8&!+6-,R!B&SK&!*'!9#M!'((!*'9RY
!.-44#!/-K&,!7**!#!8-,,!'*!+6&!26&&8!%-8&!#!:'+6&5!,''+6-*/!#%%!(&#5,RYB&!:J,+!$&!
$5#K&!/-5%,!*'9R!B&!:J,+!/'!+'!+6&!C'5&,+!'(
=-/6+,!-(!9&!#5&!+'!(-*1!+6&!"&:4%&RY
!"6&!/'5/'*!,4&#8,!#/#-*RYH'J!#5&!:M!:-,+5&,,!#*1!:J,+!$-1!:&!/'RY
!D!5&#%-T&!,6&S,!9#-+-*/!('5!:&R!D!%''8!'J+!#+!+6&!+9-,+,!#*1!+J5*,!'(!+6&!5-K&5O!
*'+!8*'9-*/!96&5&!-+!/'&,!(5':!6&5&R!YE&5M!9&%%OYD
,#MO!+#8-*/!#!1&&4!$5&#+6RY0'9*!+6&!5-K&5O!-(!M'J!4%&#,&RY
!"6&!/5&#+!$'#+!4J55,!-*+'!:'+-'*R!L&6-*1!J,O!+6&!/#51&*!(#1&,!(5':!K-&9R!B&!+#8&!
#!$&*1!#*1!+6&!5-K&5!9-1&*,R!D::&*,&!,+'*&
$&#,+,!9-+6!%'*/!(#*/,!#*1!&%#$'5#+&!6&#115&,,&,!/J#51!+6&!1-,+#*+!,6'5&,R!=-8&!
+6&!/#5/'M%&,!'(!F4&*2&O!+6&M!#5&!J*,&&-*/!$J+
':-*'J,O!#*2-&*+!/J#51-#*,!'(!96#+!%-&,!9-+6-*R!"6&!9#+&5!-,!5'J/6!6&5&R!B6-+&2#4,!
5'28!+6&!$'#+O!:#8-*/!:M!,+':#26!%J526R
!Y>&::#O!M'J!%''8!4',-+-K&%M!/5&&*OY!.-44#!,#M,R
!YQM!(#+6&5!,#M,!-(!M'J!2#*!,&&!96&5&!M'J!#5&!6&#1&1O!-+!6&%4,OY!C&%-2-+M!'((&5,R
!H&,O!#*M+6-*/R!DS%%!+5M!#*M+6-*/R!D!%&#K&!:M!2':4#*-'*,!+'!+6&-5!%#J/6+&5!#*1!
,+'5-&,!#*1!,+&4!'J+!'*+'!+6&!$'9!'(!+6&!$'#+O!,-++-*/
'*!+6&!%'*/O!4'-*+&1!&*1!*&#5!'J5!,+5#*/&!*#K-/#+'5R
!"6&!/'5/'*!,&*,&,!:&!+6&5&RY75&!M'J!9&%%O!Q',+!@-/6\Y
!"6#+!,%-+6&5M!$%#28!+'*/J&!2#+26&,!:&!'((!/J#51RYD!#:!-*1-,4',&1R!D!,6#%%!$&!(-*&!
-*!#!:':&*+RY
!YH'J!:J,+!$5&#+6&!1&&4%MR!"6#+!-,!+6&!9#MRY
!D!+#8&!,&K&5#%!1&&4!$5&#+6,R!D+!,&&:,!+'!9'58O!#*1!,''*!$'+6!+6&!5-K&5!#*1!:M!
$&%%M!#5&!2#%:RY>'5/'*OSS!D!#,8O!96&*!D!(-*1!:M
2'J5#/&OY#5&!+6&5&!:'5&!25&#+J5&,!%-8&!M'J\Y
!YA'OY!2':&,!+6&!5&4%MRYD!#:!+6&!%#,+!'(!:M!8-*1RY
!YB6#+!6#44&*&1!+'!+6&!'+6&5,\Y
!Y"6&M!9&5&!1&,+5'M&1!'5!$#*-,6&1!1J5-*/!+6&!5&$&%%-'*RY
!Y"6&!5&$&%%-'*\Y
!YD+!9#,!%'*/O!%'*/!#/'OY!+6&!/'5/'*!,#M,O!,'J*1-*/!9&#5MRYL&('5&!+6&!;J*&,!'(!+6&!
<5#2%&RY
!Y"6&5&!9#,!#!+-:&!$&('5&!+6&!5J*&,\Y
!YH&,,,R!D+!9#,!#!+-:&!96&*!+6&!:#/-2!9#,!%'',&!-*,-1&!+6&!5&#%:,!('5!#%%!+'!J,&R!
LJ+!-+!9#,!#%,'!#!1#58!+-:&R!"6&5&!9&5&!:#*M
$#++%&,!#,!+6&!25&#+J5&,!('J/6+!&#26!'+6&5!('5!:'5&!4'9&5R!7*1!-+!9#,!#!+-:&!96&*!
+6&!K&-%!$&+9&&*!M'J5!9'5%1!#*1!'J5,!9#,!+6-*R
B&!9&5&!#$%&!+'!2':&!#*1!/'!#,!9&!4%&#,&1RY
!YH'J!2'J%1!2':&!-*+'!'J5!9'5%1\Y!D!#,8R
Y<6O!M&,R!FJ26!#*!-*+&5&,+-*/!4%#2&RY
!D!+6-*8!'(!+6&!,+'5-&,!DSK&!5&#1O!,+'5-&,!'(!(#-5M!,-/6+-*/,O!/6',+,O!:M+6-2#%!
,&#!25&#+J5&,!%J5-*/!,#-%'5,!+'!+6&-5!1&#+6,R!FJ11&*%MO
+6&M!1'!*'+!,&&:!%-8&!:&5&!,+'5-&,R
!YB6#+!6#44&*&1\Y
!Y"6&!<51&5!6#44&*&1OY!+6&!/'5/'*!,#M,O!#*1!D!2#**'+!+&%%!96&+6&5!6&5!+'*&!-,!'*&!
'(!#*/&5!'5!5&%-&(R
!Y@#1*S+!+6&!<51&5!#%9#M,!&Z-,+&1\Y
!YD*!#!(#,6-'*R!"6&M!9&5&!'*&!'(!+6&!+5-$&,R!.5-&,+&,,&,R!@&#%&5,O!:M,+-2,O!,&&5,R!
"6&M!(&55-&1!,4-5-+,!#25',,!+'!+6&!9'5%1!$&M'*1R
"6&M!9&5&!+6&!:#,+&5!:#8&5,!'(!-%%J,-'*R!"6&-5!4'9&5!9#,!#%9#M,!/5&#+O!$J+!-+!/5&9!
,+5'*/&5!'K&5!+-:&R!D+!9#,!5J:'5&1!+6#+!+6&M
6#1!('J*1!+6&!,'J52&!'(!#%%!:#/-2!-*,-1&!+6&!5&#%:,RY
!Y"6&!"&:4%&\Y
!YH&,,,OY!2':&,!+6&!/'5/'*S,!,%-+6&5M!5&4%MR!Y"6&!"&:4%&R!D+!9#,!,#-1!+6&!<51&5!
15#*8!'(!-+,!9#+&5,O!#*1!+6J,!+6&!:#/-2!$&2#:&
4#5+!'(!+6&:R!D+!%-K&1!-*!+6&:O!/&++-*/!,+5'*/&5!9-+6!&#26!/&*&5#+-'*R!A'9O!+6&M!
6#1!:'5&!4'9&5!+6#*!#*M'*&!&%,&R!B6#+!+6&M!1-1
*'+!%-8&!+6&M!,'J/6+!+'!2'55&2+R!"6&M!$&/#*!+'!%-:-+!+6&!25&#+J5&,S!K-,-+,!+'!M'J5!
9'5%1R!A'!'*&!2'J%1!&*+&5!9-+6'J+!+6&-5!4&5:-,,-'*RY
!YD,!+6#+!96&*!+6&M!$J-%+!+6&!5J*&,\Y
!YA'OY!+6&!/'5/'*!5&4%-&,RY"6#+!9#,!+6&-5!5&K&*/&RY
!YD!1'*S+!J*1&5,+#*1RY
!YF&K&5#%!25&#+J5&,!(5':!&K&5M!+5-$&!$#*1&1!+'/&+6&5R!"6&M!5&,&*+&1!+6&!4'9&5!+6&!
<51&5!6&%1!'K&5!+6&:R!"6&M!1-1!*'+!9#*+!+'
#,8!4&5:-,,-'*R!<*&!1#MO!+6&M!,+5J28!$#28R!7,!,&K&5#%!'(!+6&!<51&5S,!M'J*/!
-*-+-#+&,!4%#M&1!-*!+6&!/#51&*O!+6&M!2#J/6+!+6&:
J*#9#5&O!2#55M-*/!+6&:!'((!+'!+6&!B-*+&5%#*1,O!96&5&!+6&M!,%#J/6+&5&1!+6&:!#%%R!
7*1!+6#+!9#,!96&*!+6&!25&#+J5&,!1-,2'K&5&1!#
6'55-$%&!,&25&+RY
!QM!:'J+6!6#,!/'*&!15M!9-+6!+6&!+#%&RYB6#+!,&25&+!9#,!+6#+\Y
!Y"6&!,#25-(-2&!'(!#*'+6&5!/5#*+&1!&*'5:'J,!4'9&5RY
!B#+&5!5J,6&,!J*1&5!J,!-*!#!96'',6I96'',6-*/O!2#55M-*/!J,!('59#51R
!YD*!+6&-5!5#/&!#*1!/5-&(O!+6&!<51&5!$J-%+!+6&!5J*&,!#,!#!,&#%!'*!+6&!:#/-2R!"6&M!
2%',&1!+6&!$'51&5!$&+9&&*!9'5%1,!,'!+6#+!'*%M!+6&M
2'J%1!&*+&5R!B6#+&K&5!5&:#-*&1!'*!&-+6&5!,-1&!'(!+6&!$'51&5!5&:#-*&1!-:45-,'*&1!
+6&5&!('5&K&5RY
!D!+6-*8!'(!+6&!:#5$%&!2'%J:*,!'(!F4&*2&O!+6&!25&#+J5&,!2#J/6+!-*!,+'*&!+6&5&R
!YD+!5&:#-*&1!+6J,!('5!:#*M!M&#5,R!?*+-%!'*&!'(!M'J5!'9*!$&+5#M&1!+6&!<51&5RY
!Y)-52&OY!D!,#MR
!YH&,,,R!F6&!'((&5&1!#!,#25-(-2&!#*1!/#K&!4'9&5!+'!+6&!1#58!,4-5-+,!'(!+6&!
B-*+&5%#*1,!'*2&!:'5&R!"6&!:'5&!,4-5-+,!+6&M!$5'J/6+!+'
+6&-5!,-1&O!+6&!:'5&!4'9&5(J%!+6&M!$&2#:&O!+6&!:'5&!+6&!,&#%!'(!+6&!5J*&,!$&/#*!+'!
9&#8&*RY
!YF'!+6#+!-,!96M!D!9#,!#$%&!+'!,6#++&5!+6&:\Y!D!#,8R
!Y.&56#4,RY!"6&!/'5/'*S,!#*,9&5!-,!%-8&!#!,-/6R!Y.&56#4,O!Q',+!@-/6RSS
!YB6M!1'!M'J!2#%%!:&!Q',+!@-/6\Y
!Y"6#+!-,!96'!M'J!#5&RY
!"6&!'+6&5,!#5&!%&#*-*/!#/#-*,+!+6&!,-1&!'(!+6&!$'#+R!"6&M!+#8&!+J5*,!6'%1-*/!'*!
+'!+6&!5'4&,!'(!+6&!,#-%,O!%&++-*/!+6&-5!$'1-&,!4J,6
#/#-*,+!+6&!('52&!'(!+6&!9-*1R!.-44#S,!:&55M!%#J/6!15-(+,!#$'K&!+6&!,6'',6-*/!'(!
+6&!9#+&5R!D!6#K&!#!XJ&,+-'*!D!9#*+!+'!#,8O!$J+!D!#:
#(5#-1!+'!,#M!-+!#%'J1O!#(5#-1!'(!96#+!+6&!#*,9&5!:-/6+!$&R
!Y>'5/'*OY!D!,+#5+RYD,!-+!+5J&!+6#+!+6&!,4-5-+,!'(!+6',&!(5':!'J5!9'5%1!:J,+!25',,!
'K&5\Y
!Y"6#+!-,!+6&!9#M!-+!6#,!#%9#M,!$&&*RY
!YLJ+!#5&!+6&5&!,':&!,4-5-+,!96'!5&:#-*!('5&K&5\Y
!YD!8*'9!'(!*'*&!96'!1-1!*'+!$&2':&!2'55J4+&1!#*1!/'!+'!%-K&!-*!+6&!B-*+&5%#*1,RY
!"6&!9-*1S,!2#J/6+!.-44#S,!/#5%#*1R!F6&!26#,&,!-+O!%#J/6-*/O!$&('5&!2%J+26-*/!-+!
+-/6+%M!-*!6&5!6#*1,R
!YLJ+!&K&5M+6-*/!-,!1-((&5&*+!*'9O!-,*S+!-+\Y
!YH&,,,OY!+6&!/'5/'*!6-,,&,RY0-((&5&*+RY
!YF'!4&56#4,!+6&5&!-,!#!9#M!+'!26#*/&!+6-*/,RY
!Y.&56#4,RY
!Y>&::#bY!.-44#!2#%%,RY@'9!#5&!M'J!(&&%-*/\Y
!YQJ26!$&++&5bY!D!,6'J+!$#28R
!Y)':&!$#28O!+6&*bY
!D!%&#K&!:M!4&526!$&,-1&!+6&!/'5/'*!#*1!V'-*!+6&!'+6&5,R
!YD,*S+!+6&!5-K&5!$&#J+-(J%\Y!.-44#!,#M,O!/5-**-*/!9-1&%MR!D*1&&1O!-+!-,!#!
/%'5-'J,!+&#%!$%J&!6&5&RY<6O!DSK&!:-,,&1!M'J!#%%!,'!K&5M
:J26R!0-1!M'J!:-,,!:&!+&55-$%M\Y
!C&%-2-+M!5J*,!+'!&:$5#2&!6&5R!F6&!6'%1,!.-4!(-&52&%MR!YD!+6'J/6+!D!,6'J%1!*&K&5!
,&&!M'J!#/#-*RY
!YH'J!,#9!J,!*'+!+9'!1#M,!#/'OY!D!5&:-*1!6&5R
!YLJ+!D!2#*!,2#52&%M!$&#5!-+R!D+!-,!*&#5%M!)65-,+:#,OY!,6&!,#M,!9-,+(J%%MRY@#K&!
M'J!$&&*!+'!#*M!1#*2&,!M&+\Y
!YA'OY!7**!5&4'5+,R!YLJ+!C&%-2-+MS,!:'+6&5!#*1!(#+6&5!9-%%!6#K&!+6&-5!)65-,+:#,!
$#%%RY
!YD!,J44',&!-+!9-%%!$&!K&5M!/5#*1OY!.-44#!,#M,O!4'J+-*/R
!YDS:!+'!9&#5!:M!(-5,+!/'9*RY!7**!2'*+-*J&,R!F6&!1&,25-$&,!+6&!/'9*!-*!1&+#-%R!
.-44#!#,8,!J,!XJ&,+-'*,!#$'J+!+6&!$#%%R!D+!-,!#,!-(!9&
#5&!$#28!#+!F4&*2&O!,-++-*/!-*!+6&!/5&#+!6#%%!-*!C&%-2-+MS,!+&*+O!/',,-4-*/O!
:#8-*/!4%#*,R
!F:-%-*/O!.-44#!+9-5%,!C&%-2-+M!#5'J*1!#,!+6&!$'#+!25&#8,!,%'9%M!1'9*!+6&!5-K&5R!
YB&!#5&!+'/&+6&5R!7*1!9&!*&K&5!6#K&!+'!4#5+RY
!YLJ+!9&!6#K&!+'!/'!$#28OY!D!,#MR
!"6&!6J5+!-*!.-44#S,!&M&,!9'J*1,!:&R!YLJ+!96&*!M'J!('5:!+6&!<51&5!#/#-*O!M'JS%%!
2':&!('5!:&R!B'*S+!M'J\Y
!Y<(!2'J5,&!9&!9-%%OY!C&%-2-+M!,#M,R!F6&S,!(#%%&*!-*+'!,+&4!9-+6!.-44#!#/#-*O!
6#44M!+'!$&!*&#5!6&5R
!.-44#!95#4,!6&5!#5:,!#$'J+!C&%-2-+M!#*1!4%#2&,!6&5!6&#1!'*!6&5!,6'J%1&5R!YH'J!#5&!
:M!1&#5&,+!(5-&*1,!-*!#%%!+6&!9'5%1R!A'+6-*/!9-%%
&K&5!26#*/&!+6#+RY
!7**!V'-*,!-*!+6&!&:$5#2&R!7+!%#,+O!D!+''!4J+!:M!#5:,!#$'J+!.-44#R!B&!,J55'J*1!6&5!
%-8&!4&+#%,O!#*1!D!+5M!*'+!+'!+6-*8!#$'J+!96#+
,6#%%!6#44&*!+'!J,!#%%!'*2&!9&!(-*1!+6&!"&:4%&R
!75'J*1!#!,6#54!$&*1O!+6&!5-K&5!'4&*,O!/-K-*/!+6&!:',+!:#V&,+-2!K-&9!'(!+6&!,6'5&!
#*1!+6&!2%-((!2#K&,!+6#+!5-,&!6-/6!#$'K&!J,R
>'11&,,&,!6#K&!$&&*!2#5K&1!-*+'!+6&!5'28R!"6&M!,+#*1O!4',,-$%M!(-(+M!(&&+!+#%%O!
#1'5*&1!9-+6!&%#$'5#+&!2'*&1!6&#115&,,&,R!"6&-5
*&28,!#5&!,+5J*/!9-+6!V&9&%,R!F#K&!('5!+6#+O!+6&M!#5&!*#8&1!#*1!XJ-+&!,&*,J#%O!
6-4,!2'28&1!#+!#*!#*/%&O!#*!#5:!4%#2&1!$&6-*1!+6&
6&#1!VJ,+!,'O!%-4,!2J5K&1!-*+'!#!,:-%&R!0&2&*2M!+&%%,!:&!D!,6'J%1!%''8!#9#MO!$J+!D!
(-*1!D!8&&4!,+&#%-*/!/%#*2&,R
!Y<6O!/5#2-'J,OY!7**!,#M,O!%''8-*/!J4!#*1!-::&1-#+&%M!1'9*R
!YB6#+!#5&!+6',&\Y!C&%-2-+M!#,8,R
!"6&!/'5/'*!'4&*,!-+,!:'J+6RY"6&!)#K&,!'(!F-/6,R!"6&M!#5&!$J+!#$#*1'*&1!5J-*,!*'9O!
-*6#$-+&1!'*%M!$M!+6&!@#V-*O!+6&
?*+'J26#$%&,RY
!Y"6&?*+'J26#$%&,\Y!D!#,8R
!YH&,,,R!"6&5&!-,!'*&RY!"6&!/'5/'*S,!6&#1!%'%%,!+'!+6&!5-/6+R!F':&+6-*/!,2J55-&,!
-*!+6&!$5J,6!#%'*/!+6&!,6'5&RYC-%+6M!K&5:-*RY
!YB6M!#5&!+6&M!2#%%&1!?*+'J26#$%&,\Y!7**!#,8,R
!Y"6&MSK&!#%9#M,!$&&*!+6J,R!"6&!<51&5!$#*-,6&1!+6&:!+'!+6&!)#K&,!'(!F-/6,R!A'!'*&!
/'&,!+6&5&!*'9R!D+!-,!('5$-11&*RY
!YB&%%O!+6#+!-,*S+!(#-5OY!7**!,#M,O!6&5!K'-2&!5-,-*/RYD+!-,*S+!(#-5!#+!#%%RY!.''5!
7**R!F6&!8*'9,!96#+!-+!-,!+'!$&!#*!J*+'J26#$%&R
!YB6#+!9#,!-+!J,&1!('5!$&('5&\Y!D!#,8R
!YD+!9#,!+6&!4%#2&!96&5&!+6&!<51&5!+''8!+6&-5!%'K&5,RY
!Y='K&5,\Y!C&%-2-+M!#,8,R
!YH&,RY!"6&!/'5/'*!4#J,&,!$&('5&!#11-*/OY"6&!;#8,6#*#RY
!D!1'*S+!8*'9!96#+!+'!,#M!+'!+6-,RY"6&!;#8,6#*#!#*1!+6&!<51&5!9&5&!%'K&5,\Y
!"6&!/'5/'*S,!K'-2&!,'J*1,!(#5!#9#MRY<*2&RY
!C&%-2-+M!/-K&,!#!,6'J+R!Y=''8!#+!+6#+bY!F6&!4'-*+,!+'!+6&!6'5-T'*O!96&5&!#!6&#KM!
:-,+!(#%%,!(5':!+6&!,8M!%-8&!,6#K-*/,!'(!/'%1O
'$,2J5-*/!'J5!K-&9!'(!96#+!%-&,!#6&#1R!D+!5'#5,!%-8&!#!9#+&5(#%%R
!Y75&!9&!/'-*/!+65'J/6!+6&5&\Y!7**!#,8,O!9'55-&1R
!.-44#!4J%%,!7**!2%',&R!Y0'*S+!(5&+!,'R!D+!9-%%!$&!#%%!5-/6+O!DS:!,J5&O!&%,&!+6&!
/'5/'*!9'J%1*S+!$5-*/!J,!+65'J/6!-+R!D,*S+!+6#+!5-/6+O
>&::#\Y
!YH&,O!'(!2'J5,&OY!D!,#MO!+5M-*/!*'+!+'!,&&:!#,!+5J%M!+&55-(-&1!#,!D!(&&%R!C'5!
DSK&!*'!-1&#!96#+!9-%%!$&2':&!'(!J,RY>'5/'*O!M'J!#5&
$'J*1!+'!1'!J,!*'!6#5:R!D,!+6#+!,'\Y
!LJ+!:M!XJ&,+-'*!-,!15'9*&1!'J+!$M!+6&!5&%&*+%&,,!4'J*1-*/!'(!+6&!/'%1&*!
9#+&5(#%%R!B&!6J11%&!+'/&+6&5!'*!+6&!(%''5!'(!+6&!,6-4R!7**
2%',&,!6&5!&M&,!+-/6+%MR!7,!9&!4J,6!('59#51O!D!,6J+!:M!&M&,!+''O!#(5#-1!+'!8*'9!
96#+S,!/'-*/!+'!6#44&*!*&Z+R!B-+6!+6&!5'#5!+6-28!-*
'J5!&#5,O!9&!4#,,!+65'J/6!+6-,!1#:4!2J5+#-*!#*1!&:&5/&!'*!+6&!'+6&5!,-1&O!96&5&!
+6&!5-K&5!$&2':&,!%-8&!#*!'2&#*!9-+6!*'!%#*1!-*
,-/6+O!,#K&!('5!#!K&51#*+!-,%#*1!-*!+6&!1-,+#*2&R
!YB&S5&!#%-K&OY!7**!,#M,O!$'+6!,J545-,&1!#*1!5&%-&K&1R
!Y7**OY!.-44#!,#M,OY%''8!*'9!M'J!#5&!#!/'%1&*!/-5%bY
!D+S,!+5J&R!>'%1&*!(%#8&,!2'#+!'J5!,8-*R!C&%-2-+M!+J5*,!6&5!6#*1,!+6-,!9#M!#*1!
+6#+O!%#J/6-*/!V'M(J%%M!#,!,6&!9#+26&,!+6&:
,6-::&5RY<6O!9&S5&!(-*&O!#5&*S+!9&\!A'!+5'J$%&!#+!#%%bY
!.-44#!%#J/6,RYD!+'%1!M'J!*'+!+'!$&!#(5#-1RY
!Y"6&!:#/-2!-,!,+5'*/OY!+6&!/'5/'*!,#M,R!B6&+6&5!-+S,!#!,+#+&:&*+!'5!#!2#J+-'*!D!
2#**'+!+&%%R
!Y>&::#OY!.-44#!#,8,OY96M!:J,+!9&!$-*1!+6&!:#/-2\Y
!YB6#+!1'!M'J!:&#*\!L&2#J,&!-+!-,!%'',&!-*,-1&!+6&!5&#%:,RY
!YB6#+!-(!+6#+S,!*'+!,J26!#!+&55-$%&!+6-*/\!B6M!,6'J%1*S+!#*M'*&!$&!#%%'9&1!+'!J,&!
+6-,!4'9&5\Y
!D!1'!*'+!%-8&!96&5&!+6-,!-,!/'-*/RYL&2#J,&!+6&M!2'J%1!J,&!-+!+'!2':&!-*+'!'J5!
9'5%1!#*1!25&#+&!6#K'2R!"6&5&S1!$&!*'!,&*,&!'(!'51&5
'5!2'*+5'%!J4'*!-+RY
!YH'J!1'*S+!8*'9!+6#+!+6&!-*6#$-+#*+,!'(!+6&!5&#%:,!9'J%1!J,&!-+!J*9-,&%MRY
!F6&!6#,*S+!6&#51!+6&!/'5/'*S,!,+'5MO!&%,&!,6&!:-/6+!+6-*8!'+6&59-,&RY0'*S+!9&\!0'!
M'J!5&:&:$&5!+6#+!25&#+J5&!+6#+!&*,%#K&1!:M
:'+6&5\Y
!YLJ+!-+!9#,!V'-*&1!+'!)-52&R!.&56#4,!+6&MS5&!*'+!#%%!%-8&!+6#+OY!.-44#!:J,&,R
!Y7*1!6'9!9'J%1!D!1&2-1&!96'!,6'J%1!6#K&!-+O!96'!2#*!$&!+5J,+&1\Y
!A'!'*&!6#,!#*!#*,9&5!+'!+6-,R
!D!,6#8&!:M!6&#1R!YD+!-,!'J+!'(!+6&!XJ&,+-'*R!"6&!%'*/&5!+6&!:#/-2!-,!%'',&O!+6&!
/5&#+&5!+6&!1#*/&5!+6#+!+6',&!,4-5-+,!6&5&!2#*
$&2':&!2'55J4+&1R!B&!:J,+!(-*1!+6&!"&:4%&!#*1!$-*1!+6&!:#/-2!'*2&!#/#-*R!"6&*!9&!
,6#%%!5&('5:!+6&!<51&5!#*1!:#-*+#-*!+6&
$#%#*2&!'(!+6&!5&#%:,RY
!.-44#!4'J+,R!F6&!6#,!+6&!-55-+#+-*/!/''1!('5+J*&!'(!%''8-*/!$&#J+-(J%!96-%&!,6&!
1'&,!+6-,RYE&5M!9&%%R!B&S5&!#%:',+!+6&5&!#*M9#MRY
!)@7."3;!3D>@"33A
!"@3!;DE3;!@7F!A7;;<B30!7>7DAR!B3S;3!3A"3;DA>!#!,4'+!96&5&!+6&!+5&&,!/5'9!+#%%O!
+6-28O!#*1!/5&&*R!"6'J,#*1,!'(!%#*+&5*,
6#*/!(5':!+6&-5!$5#*26&,R!D+!5&:-*1,!:&!'(!0-9#%-O!+6&!(&,+-K#%!'(!%-/6+,!-*!
D*1-#O!96&*!Q'+6&5!#*1!D!9'J%1!,+#M!J4!%#+&!+'!9#+26!+6&
!,+5&&+,!$%'':!9-+6!2#*1%&,!#*1!%#*+&5*,R
!"6&!,6-4!2':&,!+'!5&,+!-*!+6&!,'(+O!9&+!,#*1!'(!+6&!-,%#*1R!Y"6&!C'5&,+!'(!
=-/6+,OSS!+6&!/'5/'*!,#M,R!YL&!'*!M'J5!/J#51R!F+#+&!M'J5
$J,-*&,,!+'!.6-%'*!#*1!.6-%'*!'*%MRY
!"6&!9-*/&1!4%#*8!%'9&5,!#*1!9&!,+&4!'((!-*+'!#!,'(+!2#54&+!'(!/5#,,!#*1!,#*1!+6#+!
1-,#44&#5,!-*+'!+6-28!$5J,6!1'++&1!$M!(#+!96-+&
1'J$%&!%'+J,&,R!"6&!+5&&,!#5&!,'!+#%%!+6&M!1-,#44&#5!-*+'!#!2&-%-*/!'(!1#58!/5&&*R!
=''8-*/!J4!#+!+6&:!:#8&,!:&!(&&%!1-TTMR!"6&!%-/6+,
,9#M!#*1!:'K&R!<*&!1#5+,!#25',,!:M!(#2&O!:#8-*/!:&!/#,4R
!YB6#+!9#,!+6#+\Y!7**!96-,4&5,O!&M&,!9-1&R
!YB6#+S,!6#44&*-*/\Y!D+S,!C&%-2-+MR!F&K&5#%!'(!+6&!%-/6+,!6#K&!1&,2&*1&1!'*!6&5!
6&#1R!@&5!5#4+J5'J,!(#2&!-,!-%%J:-*#+&1!$M!+6&
/%'9-*/!25'9*R
!"6&!%-/6+,!2'*/5&/#+&!-*+'!#!$#%%!+6#+!(%'#+,!#6&#1!'(!J,O!,6'9-*/!+6&!9#MR
!YD+!,&&:,!+6&M!9#*+!J,!+'!('%%'9!+6&:OY!.-44#!,#M,!-*!9'*1&5R
!"6&!%J:-*'J,!%-++%&!,45-+&,O!-(!+6#+S,!96#+!+6&M!#5&O!+#8&!J,!-*+'!+6&!('5&,+R!
"6&!#-5!6#,!#!5-26O!&#5+6M!,:&%%R!Q',,!/5'9,!'*!+6&
&*'5:'J,!+5&&,!%-8&!,'(+!/5&&*!(J5R!=''8-*/!$#28O!D!2#*!*'!%'*/&5!,&&!+6&!/'5/'*R!
D+S,!#,!-(!9&SK&!$&&*!#$,'5$&1!-*+'!+6&!('5&,+R!DSK&
+6&!J5/&!+'!5J*!$#28O!&,4&2-#%%M!96&*!D!6&#5!+6&!,'(+!56M+6:!'(!6''K&,!2':-*/!
2%',&5R!"6&!$#%%!'(!%-/6+!$J5,+,O!+6&!+-*M!-%%J:-*#+-'*,
(%M-*/!#9#M!4&%%I:&%%!-*+'!+6&!('5&,+R
!YB6#+!-,!+6#+\Y!C&%-2-+M!,XJ&#8,O!%''8-*/!#5'J*1!9-%1%MR
!YD!1'*S+!8*'9OY!.-44#!,#M,R
!"6&!4'J*1-*/!,&&:,!+'!2':&!(5':!#%%!,-1&,R!B6#+&K&5!-+!-,O!9&!#5&!,J55'J*1&1R!D+!
/5'9,!2%',&5!#*1!VJ,+!#,!,J11&*%M!,+'4,R!7!$#*1
'(!2&*+#J5,!&:&5/&,!'*&!$M!'*&!(5':!+6&!+5&&,R!"6&M!4#2&!J*&#,-%M!'*!+6&-5!,+5'*/!
6'5,&!%&/,O!+6&-5!+6-28!#5:,!25',,&1!'K&5!$#5&
:#*!26&,+,R!"6&!%#5/&,+!'(!+6&!2%#*!2':&,!('59#51R!@-,!26-*!,4'5+,!#!9-,4!'(!
$&#51R
!YB6'!#5&!M'J\!B6#+!$J,-*&,,!6#K&!M'J!6&5&\Y!6&!1&:#*1,R
!YB&SK&!2':&!+'!,&&!.6-%'*OY!.-44#!#,,&5+,R!F6&S,!$&-*/!XJ-+&!$5#K&O!('5!DS1!%-8&!
+'!5J*R
!"6&!2&*+#J5,!&Z26#*/&!,J,4-2-'J,!/%#*2&,R!Y"6&!/'5/'*!$5'J/6+!J,OY!D!,#MO!6'4-*/!
-+!9-%%!'4&*!1''5,R
!"6&!%#5/&,+!'(!+6&:!2':&,!('59#51!+-%%!6-,!6''K&,!#5&!-*26&,!(5':!:M!'9*!(&&+R!
Y"6&!/'5/'*\!B6#+!/#:&!1'&,!,6&!4%#M!9-+6!J,\
E&5M!9&%%O!+6&*R!D!,6#%%!+#8&!M'J!+'!.6-%'*!#*1!%&+!'J5!%&#1&5!1&2-1&!M'J5!(#+&R!
)%-:$!'*O!J*%&,,!M'J!2#5&!+'!9#%8RY
!@-,!/5-4!-,!,+5'*/!#,!6&!,9-*/,!:&!9-+6!'*&!6#*1!J4!'*+'!6-,!$5'#1O!,:''+6!$#28R
!Y<6OY!D!,#MO!('5!+6&5&!-,!*'!$5-1%&!#,!'*!#!6'5,&R!D*!(#2+O!+6&5&!-,!*'!1&2&*+!
4%#2&!('5!:&!+'!6'%1!'*O!#*1!D!#:!('52&1!+'!95#4!:M
#5:,!#5'J*1!6-,!+6-28!9#-,+!#*1!5&,+!:M!6&#1!#/#-*,+!+6&!$5'#1!&Z4#*,&!'(!6-,!
$#28R
!B-+6'J+!,'!:J26!#,!#!$MIM'J5I%&#K&O!6&!+#8&,!'((!#+!#!/#%%'4O!9-+6!:&!6'%1-*/!'*!
('5!1&#5!%-(&!#,!9&!1#5+!+65'J/6!+5&&,!96',&
$5#*26&,!2':&!1#*/&5'J,%M!2%',&R!F':&!'(!+6&:!%&#K&!,25#+26&,!#%'*/!:M!(#2&!#*1!
#5:,O!#*1!D!,J,4&2+!6&S,!1'-*/!+6-,!'*!4J54',&R
"6&!2&*+#J5,!2#55M-*/!C&%-2-+MO!.-44#O!#*1!7**!5-1&!J4!$&,-1&!:&R!7**!6#,!6&5!&M&,!
2%',&1!#*1!6&5!:'J+6!,&+!+-/6+%M!-*!#!/5-:#2&R!LJ+
C&%-2-+M!#*1!.-44#!,&&:!#%:',+!+'!&*V'M!+6&!,+5#*/&!5-1&R
!7+!%#,+O!9&!5&#26!#!2%&#5-*/!'(!+6#+26&1!6J+,!#*1!:J1!6'J,&,R!"6&!2&*+#J5!/-K&,!
:&!6-,!6#*1!#*1!(%-*/,!:&!+'!+6&!/5'J*1O!96&5&!D
(#%%!'*!:M!$#28,-1&R!@&!4J+,!6-,!6#*1,!#+!6-,!6-4,O!+'9&5-*/!'K&5!:&O!/5-**-*/R!
YF6#%%!D!6&%4!M'J!+'!M'J5!(&&+\Y
!YA'O!+6#*8!M'JRY!D!VJ:4!J4O!$5J,6-*/!+6&!/5#,,!(5':!:M!,8-5+R
!YH'JS5&!'*&!'(!+6&:O!#5&*S+!M'J\Y!6&!,#M,O!4'-*+-*/!+'!:M!#:J%&+O!96-26!6#,!
9'58&1!(5&&!(5':!$&*&#+6!:M!$%'J,&!1J5-*/!+6&
$J:4M!5-1&R!Y"6&!5J:'5,!#5&!+5J&bY!6&!,6'J+,!+'!6-,!(5-&*1,R!Y"6&!<51&5!-,!
5&+J5*-*/!+'!+6&!5&#%:,R!7*1!6&5&!+6&M!#5&RY
!"6&!2%#*!:'K&,!-*O!,J55'J*1-*/!'J5!%-++%&!$#*1!'(!/-5%,R
!YB6#+!,6'J%1!9&!1'!#$'J+!+6#+\Y!+6&!2&*+#J5!#,8,O!5#/&!,*#5%-*/!#5'J*1!6-,!9'51,R!
D!*'!%'*/&5!2#5&!#$'J+!,&&-*/!.6-%'*!'5!#,8-*/
6-:!#$'J+!+6&!"&:4%&R!D!'*%M!9#*+!+'!&,2#4&R
!Y)5&',+J,bY!2':&,!#!*&9!#*1!,+5#*/&!K'-2&R
!"6&!2&*+#J5,!4#5+O!$#28!#9#MR!"6&M!$'9!+6&-5!6&#1,R!"6&!%#5/&!'*&O!)5&',+J,O!1-4,!
6-,!$J+!1'&,!*'+!8&&4!-+!1'9*R
!YB6#+!-,!+6#+\Y!7**!96-,4&5,O!2%-*/-*/!+'!:&R
!L&('5&!J,!-,!+6&!:',+!:#/*-(-2&*+!25&#+J5&!D!6#K&!&K&5!,&&*R!D!1'!*'+!8*'9!
96&+6&5!-+!-,!#!:#*!'5!#!9':#*O!('5!-+!2'J%1!$&!$'+6R!D+
-,!,%-/6+O!9-+6!,8-*!#*1!6#-5!+6&!1J,+M!2'%'5!'(!#!%-%#2!$%'':!#*1!#!%'*/O!
+5#-%-*/!2#4&!:#1&!'(!#2'5*,O!+6'5*,O!#*1!+6-,+%&R!D+,!&M&,!#5&
K-K-1!/5&&*!#*1!+J5*&1!J4!#+!+6&!2'5*&5,!%-8&!#!2#+S,R!<*&!6#*1!-,!#!4#9U!+6&!
'+6&5!#!+#%'*R
!YB6'!2':&,\Y!+6&!25&#+J5&!#,8,!-*!#!K'-2&!+6#+!-,!%-8&!+65&&I4#5+!6#5:'*MO!+6&!
+'*&,!1-,+-*2+!$J+!-*,&4#5#$%&!#+!+6&!,#:&!+-:&R
!Y7!9-+26OY!+6&!1&(-#*+!2&*+#J5!,#M,RYL5'J/6+!+'!'J5!,6'5&,!$M!+6&!2J5,&1!/'5/'*RY
!Y@:::OY!+6&!25&#+J5&!,#M,O!,+#5-*/!#+!:&!+-%%!D!(&&%!%-8&!#!*#J/6+M!26-%1!(#2-*/!
+6&!$&%+R!"6&!,6#54!&1/&!'(!-+,!+#%'*!%-(+,!:M!#:J%&+
('5!-*,4&2+-'*RY7!45-&,+&,,R!B&!6#K&!*'+!,&&*!'*&!'(!M'J5!8-*1!-*!:#*M!M&#5,R!75&!
M'J!+6&!'*&!96'!$5'8&!+6&!5J*&,O!+6&!,&#%!'*!+6&
:#/-2\Y
!D!4J%%!:M!*&28%#2&!'J+!'(!-+,!5&#26!#*1!+J28!-+!-*+'!:M!$%'J,&!#/#-*RYD!#:RY
!YB6#+!-,!-+!M'J!,&&8!(5':!J,\Y
!YDS:!,'55MO!D!2#*!'*%M!,4&#8!9-+6!.6-%'*R!0'!M'J!8*'9!96&5&!D!:-/6+!(-*1!Y
!YD!#:!.6-%'*RY
!Y<6OY!D!,#M!RYDSK&!2':&!+'!#,8!M'J5!6&%4RY
!)5&',+J,!-*+&55J4+,R!Y0'!*'+!#-1!6&5O!.6-%'*R!0'!M'J!5&:&:$&5!96#+!-+!6#,!$&&*!
%-8&!('5!J,!#%%!+6&,&!M&#5,\Y
!.6-%'*!,-%&*2&,!6-:!9-+6!#!/%#*2&R!YB6M!,6'J%1!D!6&%4!M'JO!45-&,+&,,\Y
!D!6#K&!*'!5&#1M!#*,9&5!('5!+6-,RYL&2#J,&!DSK&!J*1'*&!+6&!,&#%!'*!+6&!:#/-2R!<51&5!
:J,+!$&!5&,+'5&1RY
!=#J/6-*/!&5J4+,!#:'*/!+6&!2&*+#J5,R!Y"6&*!%&+!J,!$&!+6&!'*&,!+'!5&,+'5&!#*1!
2'*+5'%!-+OY!'*&!M&%%,R!"6&!'+6&5,!26&&5R
!YLJ+!'*%M!+6&!<51&5!2#*!$-*1!+6&!:#/-2!#*1!5J%&!+6&!5&#%:,OY!C&%-2-+M!,#M,R
!.6-%'*!,4&#8,!#/#-*R!Y"6#+!-,!+6&!9#M!-+!9#,!('5!/&*&5#+-'*,O!$J+!96'!-,!+'!,#M!
-+!:J,+!#%9#M,!$&!,'\!.'9&5!-,!(%&&+-*/R!D+!,6-(+,!%-8&
,#*1RY
!"6&5&!#5&!:'5&!26&&5,!(5':!+6&!'+6&5,R!7!25'91!6#,!/#+6&5&1R!D*!#11-+-'*!+'!+6&!
2&*+#J5,O!+6&!25&#+J5&,!'(!%-/6+!6#K&!/5'9*!+'
#$'J+!'*&!(''+!+#%%R!"6&M!6'K&5!%-8&!'K&5/5'9*!(-5&(%-&,R
!YB'J%1!M'J!5#+6&5!)-52&!(-*1!-+!(-5,+\Y!D!,#MR!Y<5!+6&!1#58!,4-5-+,!'(!+6&!
B-*+&5%#*1,\!D(!+6&M!2'*+5'%!-+O!1'!M'J!-:#/-*&!+6&M!9'J%1!$&
/&*&5'J,!9-+6!M'J\Y
!.6-%'*!2'*,-1&5,!+6-,R!Y"6&!45-&,+&,,!6#,!#!4'-*+R!H'J!:#M!2':&!9-+6!:&RY
!)5&',+J,!,6'J+,!#(+&5!J,R!Y.5':-,&!+6&:!*'+6-*/O!.6-%'*R!H'J5!%'M#%+M!-,!+'!M'J5!
4&'4%&!(-5,+b!;&:&:$&5bY
!.6-%'*!,&++%&,!J,!-*!#!/5#*1!6J+!#*1!4'J5,!#!/'$%&+!'(!5&1!%-XJ-1R!A'*&!-,!
'((&5&1!+'!J,O!96-26!:#8&,!:&!+5J,+!+6&!,+5#*/&!25&#+J5&!#
!$-+!:'5&R!C'5!-(!9&!9&5&!+'!&#+!'5!15-*8!#*M+6-*/!6&5&O!9&!9'J%1!6#K&!+'!,+#MO!#,!
.-44#!1-1R!.6-%'*!,9-5%,!+6&!%-XJ-1!-*!+6&!/'$%&+!#*1
,9#%%'9,!-+RYD!#/5&&!+6#+!+6&!:#/-2!:J,+!$&!2'*+#-*&1R!D+!-,!+''!4'9&5(J%!+6-,!
9#MR!F':&!6#K&!*&K&5!$&&*!&Z4',&1!+'!-+,!(J%%!('52&O
#*1!+6&M!#5&!/-11M!9-+6!-+R!"6&M!9#*+!:'5&!#*1!:'5&R!"6&5&!-,!J*5&,+R!D!#:!#(5#-1!
+6&M!9-%%!&*+&5!-*+'!-%%I#1K-,&1!#%%-#*2&,!#*1!1'':
J,!+'!&*,%#K&:&*+R!D+!-,!#!+65&#+!+'!'J5!9#M,RY
!Y"6&*!M'J!9-%%!6&%4!:&!(-*1!+6&!"&:4%&\Y!D!#,8R
!Y7*1!96#+!9-%%!M'J!45':-,&!J,!-(!9&!6&%4!M'J\Y!B6&*!D!1'!*'+!,4&#8O!.6-%'*!
,:-58,R!YNJ,+!#,!D!+6'J/6+R!"6&!<51&5!-,*S+!-*+&5&,+&1!-*
,6#5-*/!+6&!4'9&5!'(!+6&!5&#%:,RY
!Y"6&!/'5/'*!,#-1!M'J!#*1!+6&!<51&5!9&5&!#%%-&,!'*2&R!YS
!YH&,OY!.6-%'*!,#M,RY<*2&R!Y"6&!25&#+J5&!2-52%&,!+6&!5'':!9-+6!#*!&%&/#*+O!(&%-*&!
/5#2&RY"6&!2&*+#J5,!9&5&!+6&-5!:&,,&*/&5,U!DO!+6&
9&#4'*,!:#,+&5R!LJ+!#(+&5!+6&!5&$&%%-'*O!+6&M!8&4+!+6&!:#/-2!(5':!J,!VJ,+!#,!+6&M!
1-1!(5':!#%%!+6&!'+6&5,O!+6'J/6!9&!6#1!5&:#-*&1
%'M#%R!"6#+!9#,!+6&-5!+6#*8,!+'!J,RY
!D!1'!*'+!8*'9!96#+!+'!,#M!+'!+6-,R!Y.&56#4,!+6&5&!9#,!*'!'+6&5!9#MR!Y"6&!25&#+J5&!
,+#5&,!#+!:&!('5!#!%'*/!:':&*+!+-%%!DS:!('52&1!+'
%''8!#9#MR
!Y"6&MS5&!*'+!/'-*/!+'!6&%4!J,O!>&::#R!=&+S,!$&!'*!'J5!9#MOY!C&%-2-+M!,#M,R
!.6-%'*!5&(-%%,!+6&!/'$%&+RYD!2#**'+!+&%%!M'J!96&5&!+'!(-*1!+6&!"&:4%&O!$&2#J,&!-*!
+5J+6O!D!1'!*'+!8*'9!96&5&!-+!-,R!LJ+!D!2#*!'((&5!M'J
,':&+6-*/R!)':&!9-+6!:&RY
!B&!&:&5/&!-*+'!+6&!('//M!1#M!#/#-*R!)5&',+J,!,+'4,!+6&!:#/*-(-2&*+!%&#1&5O!
,4&#8-*/!%'9!-*!#!%#*/J#/&!9&!2#**'+!J*1&5,+#*1R
LJ+!D!1'!J*1&5,+#*1!+6&!#*/&5!-*!6-,!K'-2&O!+6&!9#5-*&,,!-*!6-,!&M&,!&#26!+-:&!6&!
%''8,!'J5!9#MR!.6-%'*!1-,:-,,&,!6-:!9-+6!#!2J5+
YAM-:bY
!YH'J!2#**'+!+5J,+!+6&:O!.6-%'*OY!+6&!2&*+#J5!,4-+,!'J+R!Y"6&-5!45':-,&,!#5&!%-8&!
/%#:'J5!-*!+-:&O!+6&M!(#1&RY
!.6-%'*!+#8&,!J,!-*+'!#!%'9!6J+R!"6&!9#%%,!,6-::&5!9-+6!#*!#55#M!'(!,6-*-*/!
9&#4'*5MO!,':&!'(!96-26!DSK&!*&K&5!,&&*R!F-%K&5!%#5-#+,
6#*/!(5':!6''8,R!N&9&%&1!/'$%&+,!#*1!&ZXJ-,-+&%M!95'J/6+!:-55'5,!,+#*1!,-1&!$M!
,-1&R
!YB6-%&!+6&!:#/-2!-,!%'',&O!9&!#5&!J,-*/!-+!+'!5&+J5*!+'!+6&!'%1!9#M,R!D(!9&!1'!
*'+!8*'9!+6&!'J+2':&O!9&!:J,+!$&!45&4#5&1R!H'J
:#M!+#8&!'*&!9&#4'*!('5!M'J5!V'J5*&MRY
!Y"6&,&!#5&!#%%!9&#4'*,\Y!D!#,8R
!YB-+6!+6&!5-/6+!,4&%%O!#*M+6-*/!2#*!$&2':&!#!9&#4'*O!45-&,+&,,RY
!"6&5&!#5&!,'!:#*MR!D!1'*S+!8*'9!96&5&!+'!$&/-*R
!Y<6OY!C&%-2-+M!/#,4,R!F6&S,!('J*1!#!(&#+6&5%-/6+!$'9!#*1!#!XJ-K&5!'(!,-%K&5I
+-44&1!#55'9,R
!YD+!,&&:,!+6&!26'-2&!-,!:#1&OY!.6-%'*!,#M,O!6#*1-*/!+6&:!+'!6&5R!"6&!#55'9,!#5&!
9&%%!25#(+&1!$J+!J*5&:#58#$%&!,#K&!('5!+6&
,+5#*/&!:#58-*/,!'*!+6&!,-%K&5!+-4,O!#!,&5-&,!'(!*J:$&5,O!%-*&,O!#*1!,M:$'%,!D!
2#**'+!$&/-*!+'!J*1&5,+#*1R
!YB6#+!#5&!+6&,&\Y!C&%-2-+M!#,8,R
!Y"6#+!-,!+6&!%#*/J#/&!'(!'J5!&%1&5,RY
!YQ#/-2!#55'9,\Y!7**!#,8,O!4&&5-*/!#+!+6&!+-4,R
!C&%-2-+M!5#-,&,!+6&!$'9!#*1!2%',&,!'*&!&M&!#/#-*,+!#*!-:#/-*#5M!+#5/&+R!Y"6&M!#5&!
#55'9,O!7**R!"6&M!,6#%%!9'58!%-8&!#*M!'+6&5RY
!Y.&56#4,OY!.6-%'*!,#M,R!YD(!M'J!6#K&!+6&!2'J5#/&!+'!#-:!#*1!,6''+RY
!C&%-2-+M!/%'9&5,R!F6&!+J5*,!+6&!$'9!+'!.6-%'*R
!YC&%-2-+MbY!D!6-,,RYB6#+!#5&!M'J!1'-*/\Y
!YDSK&!4%&*+M!'(!2'J5#/&RY!C&%-2-+M!,*#5%,R
!YB-%%!M'J!6#K&!-+!96&*!-+!2'J*+,!:',+\Y!.6-%'*!#,8,!2''%%MR
!.-44#!4J,6&,!+6&!$'9!1'9*!#*1!#9#MRYC&&O!,+'4!-+RY
!YDSK&!4%&*+M!'(!2'J5#/&OY!,6&!,#M,!#/#-*R
!Y<(!2'J5,&!M'J!1'OY!.-44#!,''+6&,R
!.6-%'*!5&/#51,!+6&:!2J5-'J,%MRYB&!,6#%%!,&&RY!"'!:&!-+!,#M,O!Y.5-&,+&,,O!+6&,&!
#55'9,O!+6&*O!#5&!+6&M!M'J5!26'-2&!'(!9&#4'*\Y
!YH&,OY!D!#*,9&5RYD!,J44',&!+6&M!#5&RY
!YB&!,6'J%1!$&!%&#K-*/OY!C&%-2-+M!,#M,R!Y"6#*8!M'J!('5!+6&!#55'9,RY
!.6-%'*!1-4,!+6#+!:#/*-(-2&*+!6&#1R!YH'J!#5&!:',+!9&%2':&R!LJ+!+6&M!#5&!*'+!#!
/-(+R!"6&M!#5&!#!:#58&5!#/#-*,+!#!1&$+!+'!$&!4#-1RY
!D!(&&%!#,!-(!D!#:!(#%%-*/!-*+'!#!6'%&O!#*1!+6&!:'5&!D!+5M!+'!1-/!:M!9#M!'J+O!+6&!
1&&4&5!-+!/&+,RYB6#+!,'5+!'(!4#M:&*+\Y
!Y7!,6#5&!'(!+6&!:#/-2!-,!96#+!9&!#,8O!,6'J%1!M'J!(-*1!+6&!"&:4%&!(-5,+R!B&!1'!*'+!
-*+&*1!+'!%-K&!-*!+6&!1#58!#/#-*RY
!YD!J*1&5,+#*1OY!D!,#MO!:#8-*/!#!45':-,&!D!1'!*'+!8*'9!-(!D!2#*!6'*'5R
!.6-%'*!9#%8,!J,!+'!+6&!&1/&!'(!+6&!('5&,+O!96&5&!+6&!,+5#*/&!/%'9-*/!%-/6+,!9#-+!
+'!+#8&!J,!$#28!+'!+6&!,6-4R
!Y"6&M!9-%%!#%%!+5M!+'!8&&4!M'J!(5':!+6&!"&:4%&R!H'J!:J,+!8*'9!+6#+R!@'9!9-%%!M'J!
45'+&2+!M'J5,&%K&,\!@#K&!M'J!#*M!#%%-#*2&,\Y
!YB&!6#K&!+6&!/'5/'*OY!D!,#MR
!.6-%'*!*'1,!,%'9%MR!Y"6&!/'5/'*R!"6&!%#,+!'(!6&5!8-*1R!D:45-,'*&1!'*!#!,6-4!('5!
#%%!+-:&!#,!4J*-,6:&*+!('5!6&5!,-*,RY
!YB6#+!1'!M'J!:&#*\Y!D!#,8R
!YD!:&#*!+6&5&!-,!:J26!M'J!1'!*'+!8*'9OY!.6-%'*!,#M,RY"5&#1!2#5&(J%%MO!45-&,+&,,R!
"6&5&!-,!*'!6-1-*/!6&5&R!H'J5!('*1&,+!9-,6&,O!M'J5
1&&4&,+!1&,-5&,!'5!/5&#+&,+!(&#5,!2#*!$&!J,&1!#/#-*,+!M'JR!"6&5&!#5&!:#*M!96'!
9'J%1!9#*+!+'!8&&4!M'J!(5':!M'J5!+#,8RY
!YB6M!#5&!M'J!+&%%-*/!:&!+6-,\!75&!M'J!%'M#%!+'!+6&!<51&5!#(+&5!#%%\Y
!Y"6-,!-,!9#5OY!.6-%'*!,#M,O!%'*/!4J54%-,6!6#-5!$%'9-*/!#25',,!,6#54!26&&8$'*&,RYD!
#:!%'M#%!+'!+6&!K-2+'5RY
!"6&!%-/6+,!2-52%&!#*1!1#5+!#$'J+!.-44#S,!6&#1R!F6&!,9#+,!#+!+6&:!4%#M(J%%MR!DSK&!
'*&!%#,+!XJ&,+-'*!$&('5&!9&!/'O!+6'J/6R
!Y"6&!/'5/'*!-,!'J5!#%%MO!-,*S+!,6&\!F6&!-,!$'J*1!+'!+&%%!J,!+5J+6!#%9#M,RY
!YL'J*1!$M!96#+\!"6&!:#/-2!-,!*'!%'*/&5!5&%-#$%&RY!B-+6!+6#+O!+6&!+#%%O!+6-*!
25&#+J5&!+J5*,!#9#MO!-+,!+6-,+%&!2#4&!+5#-%-*/!%-8&!#!26#-*R
!B6&*!9&!5&#26!+6&!,6'5&O!)5&',+J,!-,!+6&5&!9#-+-*/!('5!J,O!6-,!#5:,!25',,&1RY0-1!
M'J!(-*1!96#+!M'J!9&5&!#(+&5O!9-+26\Y
!C&%-2-+M!4#+,!+6&!XJ-K&5!'(!#55'9,!'*!6&5!$#28R
!YF'!.6-%'*S,!/-K&*!M'J!#!+'8&*R!B6#+!9-%%!M'J!/-K&!J,!-*!5&+J5*\!B-%%!M'J!/5#*+!
J,!4'9&5\!<5!9-%%!M'J!1&*M!J,\Y
!D!1'!*'+!#*,9&5!$J+!2%-:$!#$'#51!+6&!/'5/'*S,!9-*/%-8&!4%#*8O!%-,+&*-*/!#,!-+!
25&#8,!2%',&1!$&6-*1!J,R!"6&!9-*1!2#+26&,!+6&!9-1&O
+5#*,%J2&*+!,#-%O!#*1!9&!:'K&!#9#M!(5':!+6&!+-*M!-,%#*1!+-%%!-+!-,!'*%M!#!,4'+!'(!
/5&&*!$&6-*1!J,R!LJ+!+6&!2&*+#J5S,!5#9!25M!('%%'9,!:&
'*!+6&!$5&&T&O!2#+26-*/!:M!$5&#+6!-*!-+,!(-,+R
!YB6#+!9-%%!M'J!/-K&!J,!-*!5&+J5*O!9-+26\!B6#+!9-%%!M'J!/-K&!J,\Y
!B&!,#-%!'*2&!:'5&!+65'J/6!+6&!/'%1&*!2J5+#-*!#*1!1'9*!+6&!5-K&5R!B6&*!9&!2':&!
#/#-*!+'!+6&!,+#+J&,!-*!+6&!2%-((,O!+'!+6&!)#K&,!'(
F-/6,O!D!,&&!2'%'5(J%!,:'8&!5&1,O!$%J&,O!'5#*/&,O!4J54%&,!5-,-*/!(5':!6-/6!#$'K&O!
#*1!D!#:!(#-5%M!2&5+#-*!+6#+!D!,4M!#!(-/J5&!$&6-*1
+6&!,:'8&R!LJ+!96&*!+6&!9-*1!$%'9,O!+6&!,:'8&!26#*/&,!1-5&2+-'*O!#*1!D!,&&!*'+6-*/!
$J+!9-,4,!'(!2'%'5R
!7!,-%K&5M!('/!5'%%,!-*R!@-*+,!'(!+6&!,6'5&!4&&8!+65'J/6!6&5&!#*1!+6&5&O!$J+!-+!-,!
1-((-2J%+!+'!,&&R!7**!5J*,!+'!+6&!,-1&!'(!+6&!,6-4R
!Y=-,+&*O!1'!M'J!6&#5!-+\!"6#+!%'K&%M!,'*/!-,!$#28bSS
!D+!+#8&,!#!:':&*+O!$J+!*'9!D!6&#5!-+R!"6&!,'*/!-,!(#-*+!$J+!$&#J+-(J%R!D+!,&&4,!
-*+'!:M!K&-*,!#*1!5J*,!+65'J/6!:&O!:#8-*/!:&!(&&%
9#5:!#*1!%-/6+R
!Y=''8b!D*!+6&!9#+&5bY!7**!,6'J+,R
!<*&!$M!'*&O!+65&&!$#%1!6&#1,!&:&5/&R!"6&M!#5&!9':&*!%-8&!*'*&!DSK&!&K&5!,&&*!
$&('5&R!"6&-5!$'1-&,!,6-::&5!(#-*+%M!9-+6
%J:-*&,2&*+!,2#%&,!+6#+!/%'9!4-*8O!$5'9*O!#*1!4&#26R!B6&*!+6&M!%-(+!+6&-5!6#*1,!
(5':!+6&!9#+&5O!D!2#*!,&&!+6&!(#-*+!9&$$-*/!$&+9&&*
+6&!%'*/!(-*/&5,R!"6&M!#5&!:&,:&5-T-*/O!#*1!D!(-*1!D!2#*S+!,+'4!,+#5-*/R!D!(&&%!
/-11M!9-+6!+6&-5!,'*/R!C&%-2-+M!#*1!7**!%#J/6!#*1!25'91
+6&!,-1&!'(!+6&!$'#+O!+5M-*/!+'!/&+!2%',&5R!.-44#!#*1!D!V'-*!+6&:R!"6&!9&$$&1!
6#*1,!,+5'8&!+6&!/5&#+!$#5/&!#,!-(!-+!9&5&!#!26-%1S,!6#-5R
"6&!/'5/'*!1'&,!*'+!,%'9R!"6&!+#*/%&1!:#,,!'(!,*#8&,!6-,,&,!9-%1%MR
!7**!5&#26&,!#!6#*1!1'9*O!$J+!,6&!2#**'+!5&#26RY<6O!D!9-,6!D!2'J%1!+'J26!+6&:OY!
,6&!,#M,R
!YB6M!2#*S+!9&\Y!.-44#!#,8,R!Y>'5/'*O!%'9&5!+6&!4%#*8O!-(!M'J!4%&#,&RY
!"6&!/'5/'*!1'&,!*'+!#*,9&5!#*1!1'&,!*'+!,%'9R
!"6&!9':&*!#5&!,'!$&#J+-(J%U!+6&-5!,'*/!-,!,'!%'K&%MR
!Y>'5/'*OY!D!,#MRY='9&5!+6&!4%#*8RY
!"6&!,*#8&,!95-+6&!#,!-(!-*!4#-*R!YD,!+6#+!M'J5!9-,6O!Q',+!@-/6\Y
!YH&,O!-+!-,!:M!9-,6RY
!"6&!/5&#+!,6-4!,%'9,!#*1!+6&!4%#*8!-,!%'9&5&1!+-%%!-+!6'K&5,!VJ,+!#$'K&!+6&!
9#+&5R!<J5!,8-5+,!/#+6&5&1!-*!'J5!6#*1,O!9&!5J,6!'J+!#*1
25'J26!1'9*O!%''8-*/!('5!,-/*,!'(!+6&:R
!YB6&5&!#5&!+6&M\Y!7**!#,8,R
!YD!1'*S+!8*'9OY!D!,#MR
!C&%-2-+MS,!'*!#%%!('J5,O!+6&!&*1,!'(!6&5!6#-5!+5#-%-*/!-*!+6&!9#+&5RY.&56#4,!
+6&MSK&!/'*&RY
!D!,+#*1O!+5M-*/!+'!4&&5!+65'J/6!+6&!('/R!F':&+6-*/!2'%1!#*1!9&+!2#5&,,&,!:M!
#*8%&R!D!,65-&8!#*1!9'$$%&!VJ,+!#,!+6&!25&#+J5&S,
9&$$&1!6#*1!2J5K&,!#9#M!(5':!:M!%&/O!%&#K-*/!,4#58%-*/!,2#%&,!'*!:M!,+'28-*/R
!Y<6O!*'b!DSK&!,2#5&1!-+!#9#MOY!D!,#MR!D+,!:&5:#-1I%-8&!$'1M!,%-4,!J*1&5!+6&!4%#*8!
#*1!1-,#44&#5,R
!"6&!,J5(#2&!'(!+6&!5-K&5!-,!2'K&5&1!-*!#!+6-28O!'-%M!,6&&*R!7(+&5!#!:':&*+O!+6&!
25&#+J5&,!&:&5/&!'*2&!:'5&R!"6&M!,&&:!#,
(#,2-*#+&1!$M!J,!#,!9&!#5&!$M!+6&:R!"6&M!$'$!-*!+6&!,:#%%!2J55&*+,O!+6&-5!,+5#*/&!
6#*1,!:'K-*/!$#28!#*1!('5+6O!$#28!#*1!('5+6R
!7**!/&+,!1'9*!'*!6&5!8*&&,RY@&%%'RY
!<*&!'(!+6&!25&#+J5&,!:'K&,!2%',&!#*1!$&/-*,!+'!,-*/R
!Y<6O!6'9!%'K&%MOY!7**!,#M,R
!D*1&&1O!+6&-5!,'*/!-,!,'!,9&&+O!D!9#*+!+'!('%%'9!+6&:!-*+'!+6&!9#+&5!#*1!6&#5!-+!
('5&K&5R!7!25'91!'(!+6&:!6#,!/#+6&5&1O!,-ZO!+6&*
,&K&*O!+6&*!+&*!'(!+6&:R!B-+6!&#26!#11-+-'*O!+6&!,'*/!/5'9,O!$&2':&,!:'5&!
4'9&5(J%R!D!#:!15'9*-*/!-*!-+,!$&#J+MR
!<*&!25&#+J5&!#++#26&,!6&5,&%(!+'!+6&!$'#+R!F6&!:&&+,!:M!/#T&R!@&5!&M&,!#5&!6J/&O!
%-8&!:-55'5,!'(!+6&!'2&#*!-+,&%(R!D!%''8!-*+'!+6&:
#*1!,&&!:M,&%(!(#%%-*/!(#,+!-*+'!+6&!1&&4O!96&5&!#%%!%-/6+!K#*-,6&,R!F6&!5&#26&,!
J4!+'!,+5'8&!:M!(#2&R!@&5!,'*/!(%'#+,!#$'J+!:M!(#2&R
!Y>&::#b!0'*S+bY!DS:!K#/J&%M!#9#5&!'(!.-44#!2#%%-*/!:M!*#:&O!$J+!-+!$%&*1,!-*+'!
+6&!,'*/!#*1!$&2':&,!#!:&%'1M!-*K-+-*/!:&!-*+'
+6&!5-K&5R!>&::#!R!R!R!>&::#!R!R!R!>&::#!R!R!R
!.-44#!M#*8,!:&!$#28!5J1&%M!#*1!9&!(#%%!+'!+6&!4%#*8!-*!#!4-%&R!"6&!*M:46,S!,'*/!
$&2':&,!#!(-&52&!,65-&8!+6#+!,&*1,!/'',&(%&,6
5J,6-*/!J4!:M!$#28R
!YB6I96#+\Y!D!#,8O!#,!-(!9#8-*/!(5':!#!15&#:R
!Y"6#+!+6-*/!*&#5%M!4J%%&1!M'J!J*1&5bY!.-44#!,#M,R!@&5!&M&,!9-1&*RY7**bY!,6&!
,6'J+,R
!7**!6#,!,%-44&1!$'+6!%&/,!'K&5!+6&!,-1&!'(!+6&!4%#*8R!"6&!:',+!&2,+#+-2!,:-%&!
25',,&,!6&5!%-4,!#,!'*&!'(!+6&!+6-*/,!,+5'8&,!6&5!%&/
#*1!,-*/,!,'!,9&&+%M!-+!9'J%1!$5&#8!+6&!6&#5+R!C&%-2-+M!5&#26&,!#!6#*1!'J+O!6&5!
(-*/&5,!-*26&,!(5':!+6&!9&$$&1!6#*1,!'(!+9'
25&#+J5&,R
!YA'bY!.-44#!#*1!D!,6'J+!-*!J*-,'*R
!D!/5#$!7**!#,!.-44#!5'4&,!6&5!#5:,!5'J*1!C&%-2-+MR!"6&M!,+5J//%&!#/#-*,+!J,O!$J+!
9&!4J%%!+6&:!$#28R
!"6&!25&#+J5&,!%&+!%'',&!#*'+6&5!6'55-$%&!,25&&26R!D*!#!5#/&O!+6&M!/5#$!#+!+6&!
4%#*8!#,!-(!+6&M!:&#*!+'!,6#8&!J,!-*+'!+6&!9#+&5!'5!5-4
-+!'((!2':4%&+&%MR
!7**!2'9&5,!-*!.-44#S,!#5:,!96-%&!C&%-2-+M!8-28,!#+!+6&-5!6#*1,!9-+6!6&5!$''+,R
!Y>'5/'*bY!D!,6'J+RY@&%4!J,bY
!Y<:#+#bY!D+S,!+6&!/'5/'*S,!K'-2&!*'9O!$'':-*/!#*1!2'::#*1-*/RY<:#+#b!=&#K&!+6&:!
$&!'5!9&!,6#%%!J,&!+6&!*&+,bY
!"6&!25&#+J5&,!,25&#:!#*1!$#28!#9#MR!"6&M!%''8!#+!J,!9-+6!1-,#44'-*+:&*+!$&('5&!
,%-44-*/!,%'9%M!J*1&5!+6&!9#+&5!#/#-*R!"6&5&!-,
*'+6-*/!$J+!#*!'-%M!,6&&*!'*!+6&!,J5(#2&!+'!45'K&!+6&MSK&!$&&*!6&5&R!D!45#2+-2#%%M!
4J,6!+6&!'+6&5,!'*+'!+6&!$'#+R
!Y>'5/'*O!%-(+!+6&!4%#*8bY!D!,6'J+R
!Y7,!M'J!9-,6OY!,6&!#*,9&5,O!4J%%-*/!J4!+6&!6&#KM!9-*/R!"6&!$#%1O!,6-*M!9':&*!1'!
*'+!%-8&!+6-,R!"6&M!,25&&26!#/#-*R
!YB6#+!#5&!+6',&!+6-*/,\Y!D!,#MO!4#*+-*/R
!YB#+&5!*M:46,OY!+6&!/'5/'*!#*,9&5,O!#,!-(!D!,&&!+6&:!1#-%M!('5!+&#R!Y!"6&M!#5&!
(#,2-*#+&1!$M!M'J5!,8-*RY
!Y75&!+6&M!6#5:%&,,\Y!7**!,#M,O!5J$$-*/!#+!+6&!2'%'5(J%!,2#%&,!'*!6&5!,+'28-*/R
!Y"6#+!1&4&*1,OY!+6&!/'5/'*!,#M,R
!C&%-2-+M!,+#5&,!1'9*!#+!+6&!9#+&5RY0&4&*1,!'*!96#+\Y
!"6&!/'5/'*!2'*+-*J&,RY<*!6'9!$&9-+26-*/!+6&M!(-*1!M'JR!D(!+6&M!#5&!4#5+-2J%#5%M!
&*26#*+&1O!+6&MS%%!+5M!+'!%J5&!M'J!#9#M!9-+6!+6&:
+'!+6&-5!4'*1R!<*2&!+6&M!6#K&!M'J!+5#44&1O!+6&M!9-%%!+#8&!M'J5!,8-*RY
!B6&*!D!5&#%-T&!6'9!2%',&!D!2#:&!+'!('%%'9-*/!+6&:!-*+'!+6&!1&4+6,O!DS:!,6#8-*/!
#%%!'K&5R
!YD!9#*+!+'!/'!$#28OY!7**!96-:4&5,R
!F'!1'!DRY>'5/'*O!+#8&!J,!$#28!+'!+6&!/#51&*!#+!'*2&OY!D!'51&5R
!Y7,!M'J!9-,6OY!,6&!,#M,R
!L&6-*1!J,O!D!,&&!+6&!9#+&5!*M:46,!4'8-*/!#$'K&!+6&!26J5*-*/!,J5(#2&O!+6&-5!
/%-,+&*-*/!6&#1,!$'$$-*/!'*!+6&!9#+&5!%-8&!V&9&%,!(5':
#!%',+!+5&#,J5&R!7!,*-44&+!'(!+6&-5!$&#J+-(J%!,'*/!(-*1,!J,O!#*1!('5!#!:':&*+O!D!
15-(+!+'9#51!+6&!&1/&!'(!+6&!,6-4O!9#*+-*/!'*2&!#/#-*!+'
1-K&!J*1&5R!B&!4J%%!('59#51!9-+6!#!%J526O!:'K-*/!#9#M!(5':!+6&:O!#*1!+6&-5!,'*/!
+J5*,!+'!5#/&O!#!,'J*1!%-8&!$-51,!1&45-K&1!'(!(''1R
!YF+'4!-+OY!D!,#M!J*1&5!:M!$5&#+6O!9-%%-*/!-+!+'!&*1R!YB6M!9'*S+!+6&M!,+'4\Y
!Y"6&M!&Z4&2+&1!#!/-(+O!#!+'8&*!('5!+6&!V'J5*&MOY!+6&!/'5/'*!#*,9&5,R
!YB6#+!,'5+!'(!/-(+\Y!D!#,8R
!Y<*&!'(!M'JRY
!Y"6#+S,!6'55-$%&OY!D!,#MR
!YH&,,,OY!+6&!/'5/'*!6-,,&,R!YH'J!6#K&!:#1&!+6&:!J*6#44MO!DS:!#(5#-1R!"6&M!2#*!$&!
5#+6&5!K-2-'J,!96&*!25',,R!7*1!+6&M!6'%1!#
!/5J1/&RY
!"6&!+6'J/6+!'(!+6',&!2'%1O!9&+!6#*1,!4J%%-*/!'*&!'(!J,!J*1&5!:#8&,!:&!,6-K&5R
!Y75&!+6&5&!:'5&!'(!+6&,&!*M:46,!'J+!+6&5&\Y!.-44#!#,8,O!6&5!4#%&!(#2&!-%%J:-*#+&1!
$M!+6&!'5#*/&!,8MR
!YH&,,,OY!+6&!/'5/'*!,#M,R!YLJ+!D!,6'J%1*S+!9'55M!+''!:J26!#$'J+!+6&:R!"6&M!2#*!
'*%M!2':&!('5!M'J!-(!M'JS5&!-*!+6&!9#+&5RY
!"6&5&S,!2'%1!2':('5+R
!"6&!('/!2%&#5,R!QM!%-:$,!#5&!,6#8MO!#,!-(!D!6#K&!5J*!('5!#!K&5M!%'*/!+-:&R!"6&!
('J5!'(!J,!%-&!'*!+6&!(%''5!'(!+6&!$'#+O!%''8-*/!J4!#+
+6&!$5-/6+!,8MR
!Y@'9!9-%%!9&!(-*1!+6&!"&:4%&!-(!+6&,&!25&#+J5&,!J,&!+6&-5!'9*!:#/-2!#/#-*,+!J,\Y!
7**!#,8,R
YD!1'*S+!8*'9OY!D!,#MR
!"6-,!-,!*'+!+6&!$&#J+-(J%!/#51&*!:M!:'+6&5!,6'9&1!:&R!D+!-,!XJ-+&!'$K-'J,!*'9!
+6#+!+6&!5&#%:,!$&M'*1!+6#+!/#51&*!#5&!*'!4%#2&!+'
%&+!1'9*!:M!/J#51R
!Y>'5/'*OY!D!#,8!96&*!#%%!-,!2#%:!#/#-*!#*1!+6&!/#51&*!-,!-*!,-/6+O!Y-,!-+!+5J&!
+6#+!M'JS5&!-:45-,'*&1!'*!+6-,!$#5/&!#,!4J*-,6:&*+\Y
!YH&,OY!2':&,!+6&!6-,,-*/!#*,9&5R
!YLM!96',&!:#/-2\Y
!Y"6&!<51&5S,RY
!YLJ+!96M\Y
!"6&!/5&#+!$#5/&!25&#8,!#*1!/5'#*,!'*!+6&!9#+&5R!YD+!9#,!D!96'!%&1!:M!4&'4%&!
#/#-*,+!+6&!<51&5!1J5-*/!+6&!5&$&%%-'*RY
!"6&!,*#8&,!'(!6&5!6&#1!95-+6&!#*1!5&#26R!<*&!5'4&,!-+,&%(!#5'J*1!+6&!4'-*+&1!$'9O!
-+,!+'*/J&!-*26&,!(5':!:M!6#*1R!D!4J%%!$#28!+'!#
,#(&5!1-,+#*2&R
!Y75&!M'J!,+-%%!%'M#%!+'!+6&!<51&5\Y!D!#,8R
!YH&,,,,OY!2':&,!+6&!#*,9&5R!LJ+!-+!-,!*'+!-::&1-#+&O!%-8&!#!5&,4'*,&!2':4&%%&1!$M!
:#/-2R!"6&5&!-,!#!:':&*+S,!6&,-+#+-'*R!F6&
,+'44&1!+'!+6-*8R!7*1!D!5&#%-T&!+6#+!.6-%'*S,!9#5*-*/!-,!#4+R
!Y>'5/'*O!1-1!M'J!8*'9!+6&!9#+&5!*M:46,!9&5&!*&#5\Y
!YH&,,,,OY!,6&!,#M,R
!YB6M!1-1*S+!M'J!9#5*!J,\Y
!YH'J!1-1*S+!#,8RY!7*1!9-+6!+6#+O!9&!5&#26!+6&!/#51&*O!96&5&!+6&!%#5/&!/5&&*!$&#,+!
2%',&,!6&5!&M&,R
!.-44#!,XJ&&T&,!J,!+-/6+%MO!*'+!9#*+-*/!+'!%&+!/'R!YQJ,+!M'J!6J55M!$#28\!B6&*!2#*!
M'J!2':&!#/#-*\Y
!Y7,!,''*!#,!4',,-$%&OY!C&%-2-+M!#,,J5&,!6&5RY0'*S+!%&+!#*M+6-*/!/&+!M'JO!.-4RY
!YD!,6#*S+OY!.-44#!,#M,R!F6&!+#8&,!:M!6#*1,R!Y>&::#O!D!,#K&1!M'J5!%-(&!+'1#MRY
!YH&,O!M'J!1-1R!"6#*8!M'JRY
!YD!,J44',&!+6#+!$-*1,!J,O!1'&,*S+!-+\!=-8&!#!45':-,&\Y
!YD!,J44',&!,'OY!D!,#M!J*&#,-%MR
!.-44#!/-K&,!:&!#!8-,,!'*!+6&!26&&8R!Y)':&!$#28!,''*!#,!M'J!2#*bY
!"6&!1''5!'(!%-/6+!(%#5&,!+'!%-(&O!#*1!9&!%&#K&!6&5!9#K-*/!+'!J,!%-8&!+6&!%#,+!
(%&&+-*/!-:#/&!'(!#!15&#:!$&('5&!9#8-*/R
!L#28!-*!+6&!$&126#:$&5O!9&!+#8&!,+'28!'(!'J5,&%K&,R!B&!#5&!#%%!(-*&O!-(!#!$-+!
,6#8&*O!#*1!5&#1M!+'!5&,J:&!'J5!4%#2&,!('5!+&#R
!Y0'!M'J!(&&%!-+\Y!C&%-2-+M!#,8,!#,!9&!2%#:$&5!1'9*!+6&!,+#-5,R
!D!*'1R!"6&!:#/-2!2'J5,&,!+65'J/6!:&R!QM!$%''1!4J:4,!(#,+&5O!#*1!&K&5M!,&*,&!-,!
8&&*&5!('5!-+R!D+!-,!#,+'*-,6-*/O!%-8&!$&-*/!%-+!(5':
9-+6-*R!C5':!$&6-*1!+6&!2%',&1!1''5,!'(!+6&!1-*-*/!5'':O!D!2#*!6&#5!,*-44&+,!'(!
2'*K&5,#+-'*,O!2#*!(&&%!+6&!9#*+,!#*1!1&,-5&,O!+6&
4&++M!V&#%'J,-&,!#*1!1-,#44'-*+:&*+,!'(!&K&5M!$&#+-*/!6&#5+!+-%%!D!#:!('52&1!+'!
9-%%!+6&:!#9#MR
!Y76O!6&5&!-,!'J5!Q-,,!L5#1,6#9!*'9OY!+6&!#:4%&!9':#*!,#M,!#,!9&!&*+&5!+6&!5'':R!
YB&!J*1&5,+#*1!+6#+!M'J!9&5&!+5#-*&1!$M!+6&
(-*&,+!:#,+&5,!-*!#%%!'(!;J,,-#!#,!#!26-%1O!#*1!+6#+!+6-,!-,!6'9!+6&!2T#5-*#S,!
(#:-%M!8*&9!#+!'*2&!M'J!9&5&!+6&-5!%'*/I%',+!5&%#+-K&O!$M
M'J5!%'K&%M!K'-2&R!B'*S+!M'J!4%&#,&!1'!J,!+6&!6'*'5!'(!,-*/-*/!'*&!,'*/\Y
!"6-,!,+'5M!/5'9,!#,!9-%1!#,!+6&!:#/-2!'(!+6&!5&#%:,!9-+6!&#26!+&%%-*/R
!YH&,O!M'J!,-:4%M!:J,+OY!C&%-2-+M!,#M,O!+#8-*/!7**S,!#5:RY?,&!+6&!:#/-2OY!,6&!
96-,4&5,R
!YC&%-2-+MbY!D!96-,4&5!$#28RYB&S5&!*'+!,J44',&1!+'!R!R!RY
!YB&!:J,+b!B&!2#*S+!VJ,+!#$#*1'*!7**RY
!7**!/-K&,!:&!#!4%&#1-*/!%''8R
!YNJ,+!+6-,!'*2&OY!C&%-2-+M!,#M,R
!YNJ,+!+6-,!'*2&OY!D!5&4&#+R
!7**!+J5*,!$#28!+'!+6&!25'91O!,:-%-*/R!YD!9'J%1!$&!6#44M!+'!,-*/RY
!F6&!9#-+,!('5!+6&!5J,+%-*/!'(!,8-5+,!+'!,J$,-1&!#,!+6&!9':&*!+#8&!+6&-5!,&#+,R!
"6&*!,6&!2%',&,!6&5!&M&,R!D!2#*!(&&%!6&5!2'*2&*+5#+-*/O
15#9-*/!'*!+6&!:#/-2R!D+S,!#,!-(!9&!#5&!V'-*&1!$M!-+O!9'58-*/!-*!2'*2&5+!+'!25&#+&!
+6-,!-%%J,-'*R!7**!'4&*,!6&5!:'J+6!+'!,-*/R!F6&!6#,!#
%'K&%M!K'-2&!XJ-+&!*#+J5#%%MO!$J+!+6&!:J,-2!+6#+!+J:$%&,!'J+!'(!6&5!-,!K&5M!
4'9&5(J%!#*1!,&1J2+-K&R!D+!+#8&,!:&!#!:':&*+!+'!5&2'/*-T&
+6&!%#*/J#/&R!F6&S,!,-*/-*/!-*!;J,,-#*O!#!%#*/J#/&!,6&!1'&,*S+!#2+J#%%M!8*'9R!D+!
-,!#!K&5M!*-2&!+'J26R
!"6&!9':&*!'(!+6&!7%&Z#*15#!#5&!6&%1!-*!+65#%%R!B6&*!7**!5&#26&,!+6&!,'*/S,!
25&,2&*1'O!#!(&9!1#$!#+!+6&-5!&M&,O!,'!:'K&1!#5&
+6&MR!7,!7**!(-*-,6&,!9-+6!#!,:#%%O!5&,4&2+(J%!2J5+,MO!+6&!9':&*!#44%#J1!#*1!5J,6!
+'!45#-,&!6&5R!7**!$#,8,!-*!+6&-5!#1'5#+-'*R
!=#1M!0&*$M!,+5-1&,!+'!7**S,!,-1&!#*1!'((&5,!6&5!2'*/5#+J%#+-'*,R
!Y=#1M!0&*$MO!6'9!9'*1&5(J%!M'J!%''8OY!C&%-2-+MS,!:'+6&5!,#M,R!=#1M!0&*$M!*'1,!$J+!
1'&,!*'+!5&,4'*1R!"6&!,%-/6+!-,!*'+&1!$M
&K&5M'*&R!"6&5&!-,!#*!J*2':('5+#$%&!,-%&*2&!-*!+6&!5'':R
!=#1M!0&*$M!5&/#51,!7**!2''%%MR!YH'J!,#M!M'J!#5&!#!5&%#+-'*!'(!+6&!0J8&!'(!
)6&,+&5(-&%1\Y
!YHIM&,OY!7**!,+#::&5,R
!YF+5#*/&R!D!1'*S+!$&%-&K&!DSK&!&K&5!:&+!+6&!1J8&RY
!D!(&&%!#!+J/O!#!26#*/&!-*!+6&!#-5R!"6&!:#/-2R!B6&*!D!%''8!'K&5O!C&%-2-+M!6#,!6&5!
&M&,!2%',&1!-*!2'*2&*+5#+-'*O!#*1!#!(#-*+!,:-%&
2J5K&,!+6',&!(J%%!%-4,R!FJ11&*%MO!=#1M!0&*$M!$5&#8,!9-*1!9-+6!#*!&*'5:'J,!
25#28%-*/!,'J*1R!"6&5&!-,!*'!6-1-*/!+6&!,6'28!#*1!6'55'5
'*!6&5!(#2&!#,!,6&!5&#%-T&,!96#+!,6&S,!1'*&R!F6&!$5&#8,!9-*1!#/#-*O!#*1!,&K&5#%!'(!
+6&!9':&*!2%&#5!+6&-5!+65'#+,!#*1!%''8!#9#M!#,!-(
+6&M!2#*!45&+&*1!*'+!+'!*'+-2&!+6&!'((&*,&R!C'5!6&5!4#5+O!=#1M!0&*$M!&Z2J,&,!
6&5,&%(O!:J++&5-*/!,':&+6-*/!#$'J+!$&-*/!-*1-,4',&1!'*
6&5!9#M!'J+R
!YC&%-2-+MO!+6#+!9#,!+&55-$%&!'(!M'JbY!D!96-,4&5R
!YB6M\Y!,6&!#,8,O!2''%!#,!2#*!$&RYF6&!-,!#*!'%1!9-*1$#/O!#(+&5!#%%RY
!A'9!+6#+!=#1M!0&*$M!6#,!%&(+O!4&'4%&!/5#K-+#+&!+'!7**!#*1!Q5,R!B'5+6-*/+'*O!
2'*/5#+J%#+-*/!C&%-2-+MS,!:'+6&5!('5!6#K-*/!,J26!#*
&,+&&:&1!/J&,+!-*!6&5!6':&R!D*K-+#+-'*,!('5!+&#O!1-**&5O!2#%%,!#5&!'((&5&1!-*!
#$J*1#*2&R!"6&!,%-/6+!6#,!$&&*!('5/'++&*R
!YD!,6#%%!*&K&5!$&!4'9&5%&,,!#/#-*OY!C&%-2-+M!,#M,O!+6'J/6!D!1'*S+!8*'9!&Z#2+%M!
96#+!,6&!:&#*,!$M!-+O!#*1!,6&!1'&,*S+!'((&5!+'
!&Z4%#-*R
!)@7."3;!ADA3"33A
!LH!"@3!"DQ3!D!;3"?;A!@<Q3O!AD>@"!DF!F3""=DA>!'K&5!='*1'*!%-8&!#!$#%:O!/#,%-/6+!
,:''+6-*/!+6&!5'J/6!&1/&,!-*+'!#!6#TM!1#58
,#:&*&,,R!"6&!6'J,&!-,!XJ-&+R!>5#*1:#:#!-,!'((!+'!4%#M!2#51,!9-+6!6&5!(5-&*1,R!
C#+6&5S,!,%&&4-*/!(-+(J%%M!-*!6-,!26#-5O!6-,!$''8!'4&*
J4'*!6-,!%#4R!QM!(#+6&5O!6#J*+&1!&K&*!-*!6-,!15&#:,R
!"6&!%#,+!5&:*#*+,!'(!+6&!:#/-2!(%'9!+65'J/6!:&R!D!2%',&!+6&!1''5,!#*1!%#M!:M!6#*1!
'*!6-,!$5'9R!NJ,+!'*2&O!#,!C&%-2-+M!,#-1R!"6#+S,
#%%!D!*&&1R!DS:!*'+!J,-*/!+6-,!4'9&5!('5!#!*&9!$#%%!/'9*U!DS:!J,-*/!-+!+'!6&#%!:M!
(#+6&5R!@'9!2#*!+6#+!4',,-$%M!$&!95'*/\
!LJ+!6'9!+'!$&/-*\!Q'+6&5!+'%1!:&!D!:J,+!2'*2&*+5#+&R!D!:J,+!$&!,J5&!'(!96#+!D!
9#*+!#*1!-*+&*1R!D!2%',&!:M!&M&,!#*1!%&+!:M
+6'J/6+,!/'!+'!:M!(#+6&5O!+'!2J5-*/!6-:!'(!6-,!#((%-2+-'*R
!YD!9-,6!+'!6&#%!:M!(#+6&5OY!D!,#MR!YD!9-,6!+6#+!6&!9-%%!*&K&5!#/#-*!6#K&!#!1&,-5&!
('5!%#J1#*J:RY!QM!6#*1,!+-*/%&R!F':&+6-*/!-,
6#44&*-*/R!C#,+!#,!#!,9'%%&*!,+5&#:O!+6&!:#/-2!5#/&,!+65'J/6!:&!#*1!-*+'!C#+6&5R!
@&!#526&,!6-,!$#28!9-+6!-+R!QM!&M&,!,+-%%!,6J+O!D
,&&!2%'J1,!5#2&!#25',,!+6&!,8MO!,&&!C#+6&5!%#J/6-*/!#*1!6&#%+6M!#/#-*R!@&!,9&&4,!
:&!-*+'!#!4%#M(J%!1#*2&!#*1!'((&5,!)65-,+:#,!$'Z&,
+'!#%%!+6&!,&5K#*+,O!96',&!&M&,!%-/6+!J4!-*!/5#+-+J1&!#*1!/''19-%%R!"6-,!-,!+6&!
(#+6&5!D!8*&9R!D!1-1!*'+!5&#%-T&!6'9!:J26!D!:-,,&1!6-:
+-%%!*'9R!"&#5,!9&+!:M!(#2&R
!C#+6&5!,+'4,!:'#*-*/!-*!+6&!26#-5R!D!#:!5&#1M!+'!:'K&!:M!6#*1!(5':!6-:!$J+!
2#**'+R!"6&5&!-,!'*&!%#,+!+6-*/O!XJ-28!#,!#
:#/-2-#*S,!+5-28R!D!,&&!#!:#*S,!(#2&O!6-,!&M&,!%-*&1!-*!$%#28R!Y"6#*8!M'JO!
4'44&+OY!6&!,*#5%,R!7*1!+6&*!D!#:!(5&&R
!"6&!2#*1%&,!'*!+6&!)65-,+:#,!+5&&!$J5*!$5-/6+%MR!DS:!,6#8-*/O!4&5,4-5-*/!(5':!+6&!
&(('5+R!C#+6&5!-,!,'!4&#2&(J%!#*1!XJ-&+!D!(&#5!D
6#K&!8-%%&1!6-:R
!YC#+6&5\Y!D!,#M!/&*+%MR!B6&*!6&!1'&,!*'+!5'J,&O!D!,6#8&!6-:RYC#+6&5bY
!@&!$%-*8,O!,J545-,&1!+'!,&&!:&!,'!#/-+#+&1R!Y@&%%'O!1#5%-*/R!0'T&1!'((O!1-1!D\Y
!YH&,OY!D!,#MO!9#+26-*/!6-:!2%',&%MR
!@&!+'J26&,!6-,!(-*/&5,!+'!6-,!('5&6&#1RYFJ26!,+5#*/&!15&#:,!D!6#1RY
!YB6#+O!C#+6&5\!B6#+!1-1!M'J!15&#:\Y
!YD!RRR!D!2#*S+!5&2#%%R!B&%%O!DS:!#9#8&!*'9R!7*1!DS:!,J11&*%M!(#:-,6&1R!@#K&!D!
,%&4+!+65'J/6!+&#\!D!,6#%%!6#K&!+'!+65'9!:M,&%(!J4'*
+6&!:&52M!'(!'J5!1&#5!2''8RY!@&!25',,&,!+6&!5'':!9-+6!#*!&*&5/&+-2!,+5-1&R!D*!#!
:':&*+O!D!6&#5!C#+6&5S,!$'':-*/!K'-2&!#*1!+6&!2''8
%#J/6-*/R!D+!-,!,J26!#!%'K&%M!,'J*1!+6#+!D!(-*1!DS:!25M-*/R
!Y"6#*8!M'JOY!D!,#M!+'!*'!'*&!-*!4#5+-2J%#5R!Y"6#*8!M'J!('5!6&%4-*/!:&!+'!:#8&!6-:!
9&%%RY
!B6&*!D!&*+&5!+6&!8-+26&*O!C#+6&5!-,!,&#+&1!#+!#!,:#%%!+#$%&O!+#8-*/!$-+&,!'(!
5'#,+!1J28!#*1!5&%-,6!'*!$5&#1O!96-%&!+65-%%-*/!'J5!2''8
#*1!#!:#-1!'(!#%%!9'58!9-+6!6-,!#1K&*+J5&,RY"6&5&!D!9#,O!(#2&!+'!(#2&!9-+6!+6&!
$-//&,+!2'$5#!M'J!2'J%1!-:#/-*&!!5-,-*/!J4!+#%%!#,!#
,#4%-*/!9-+6!#!*&28!(#+!#,!#!:#*S,!#5:RY
!Y>5#2-'J,!:&OY!+6&!2''8!,#M,O!6#*/-*/!'*!&K&5M!9'51RYB6#+!&K&5!1-1!M'J!1'O!,-5\Y
!YD!,#-1O!Y@&5&!*'9O!:M!/''1!(&%%'9O!M'J!1'*S+!9#*+!+'!&#+!:&R!DS:!*'+6-*/!$J+!
/5-,+%&R!"#8&!:M!#,,'2-#+&O!Q5R!;'$$-*,R!YY
!Y<6O!M'J!1-1*S+O!,-5bY
!YD!1-1RY!C#+6&5!-,!&*V'M-*/!6-,!#J1-&*2&R!@&!VJ:4,!J4!+'!#2+!'J+!+6&!5&,+!%-8&!#!
4#*+':-:&R!Y@&!9&*+!('5!;'$$-*,!,+5#-/6+#9#MR!DS1
'*%M!#*!-*,+#*+!+'!#2+R!cJ-&+!#,!#!26J526!:'J,&O!D!4J%%&1!'J+!:M!:#26&+&!#*1!
,%-2&1!+65'J/6!+6&!2'$5#!VJ,+!$&('5&!6&!9'J%1!6#K&
,+5J28!'%1!;'$$-*,!#*1!8-%%&1!6-:RY
!"6&!:#-1O!#!/-5%!'(!#$'J+!:M!#/&O!/#,4,R!L&*&#+6!+6&!$-+!'(!,''+!'*!6&5!*',&O!
,6&S,!XJ-+&!%'K&%MR
!Y@&!9#,!:',+!1&%-2-'J,RY!C#+6&5!,-+,!9-+6!#!,#+-,(-&1!,:-%&R!D!#:!,'!6#44M!+'!,&&!
6-:!+6-,!9#MO!D!2'J%1!%-,+&*!+'!6-,!,+'5-&,!#%%!*-/6+R
!Y<6O!,-5O!+6#+!9#,!+65-%%-*/R!"6&!#1K&*+J5&,!M'JSK&!6#1["6&!2''8!6#*1,!#!4%#+&!+'!
+6&!:#-1RY@&5&R!"#8&!+6-,!+'!Q5R!P#5+-8!('5!:&RY
!YQ5R!P#5+-8\Y!D!,#MO!(&&%-*/!#,!-(!D!,6'J%1!(#-*+R
!YH&,OY!C#+6&5!,#M,O!,'44-*/!J4!6-,!5&%-,6R!YP#5+-8R!<J5!*&9!2'#26:#*RY
!Y@D!/'O!-(!M'J!1'*S+!:-*1OY!D!,#MO!+#8-*/!+6&!4%#+&!(5':!+6&!5#+6&5!1-,#44'-*+&1I
%''8-*/!:#-1R!YD!,6'J%1!%-8&!+'!:&&+!'J5!Q5R
P#5+-8RY
!L&('5&!#*M'*&!2#*!'$V&2+O!D!:#8&!:M!9#M!+'!+6&!:&9,O!4#,,-*/!#!26#59':#*!2'K&5&1!
-*!,''+!#*1!#!9&#5M!%#J*15&,,O!6&5!6#*1,
45&,,&1!+'!6&5!$#28R!"6&5&!#5&!&*+-5&!(#:-%-&,!%-K-*/!-*!+6&!5'':,!#$'K&!+6&,&!
,+#$%&,R!D+!-,!6#51!+'!-:#/-*&R!"6&!,:&%%!6#,!:&
45&,,-*/!:M!6#*1!+'!:M!*',&R!<J5!2#55-#/&!6'J,&!-,!+6&!('J5+6!1'9*!'*!+6&!5-/6+R!7!
/5'':!+&*1,!C#+6&5S,!+9'!6'5,&,R!F&&-*/!:&O!+6&
M'J*/!$'M!5&:'K&,!6-,!2#4RY3K&*-*SO!:-,,RY
!YDS:!%''8-*/!('5!Q5R!P#5+-8OY!D!,#MR
!Y!S3S,!'K&5!+6&5&O!:-,,O!$M!+6&!2#55-#/&RY
!D!/'!#5'J*1!+6&!,-1&!'(!-+!#*1!+6&5&!6&!-,O!,6-*-*/!+6&!#%5&#1M!2%&#*!2'#26!9-+6!
#!5#/R!@&S,!$&&*!/-K&*!#!45'4&5!J*-('5:!!+5'J,&5,O
,6'&,O!#!,+5-4&1!9#-,+2'#+O!#!(-*&!,6-5+O!#*1!#!6#+R!@-,!2J5%,!6#K&!$&&*!'-%&1!
-*+'!'$&1-&*2&R!@&!%''8,!K&5M!:J26!+6&!/&*+%&:#*R!D+
XJ-+&!+#8&,!:M!$5&#+6!#9#MR
!D!2%&#5!:M!+65'#+R!@&!+J5*,!#*1!,&&,!:&O!#!9-28&1!/5-*!%-/6+-*/!J4!6-,!(#2&R
!Y@'9!1'!M'J!1'\Y!D!,#M!XJ-+&!('5:#%%M!('5!+6&!$&*&(-+!'(!+6&!/5'':O!96'!-,!,4M-*/!
'*!J,!+6-,!K&5M!-*,+#*+R
!P#5+-8!2#+26&,!'*RY>''1!&K&*-*/O!:-,,R!B-%%-&bY!6&!2#%%,!'J+!+'!+6&!$'MR
!YH&,O!Q5R!P#5+-8\Y
!YL&!#!/''1!%#1!#*1!,+5&+26!>-*/&5S,!%&/,O!9-%%!M'J\Y
!"6&!$'M!%&#1,!+6&!26&,+*J+!6'5,&!(5':!+6&!,+#$%&R
!YB6#+!1'!M'J!+6-*8!'(!:M!*&9!,J-+\Y!P#5+-8!#,8,R
!Y0'*S+!M'J!+6-*8!-+S,!5#+6&5!$'%1!'(!M'J!+'!+#8&!#!V'$!#,!'J5!2'#26:#*\Y!D!
96-,4&5R
!YD!,#-1!+6#+!D!9'J%1!$&!2%',&RY
!YF'!M'J!1-1R!@'9!&K&5!1-1!M'J!#55#*/&!-+\Y
!Y"6&!;#8,6#*#!6#K&!+6&-5!9#M,["6&!;#8,6#*#R!<(!2'J5,&R!D+!-,!XJ-&+R!D!2#*!6&#5!
>-*/&5!,*'5+-*/!,'(+%M!'*!+6&!'+6&5!,-1&!'(!+6&
,+#$%&,R
!YB&%%OY!D!,#MR
!YB&%%OY!P#5+-8!&26'&,R
!Y@&5&!9&!#5&RY
!YH&,R!D+!9#,!/''1!'(!M'J!+'!2':&!,&&!:&R!H'J!%''8!9&%%RY
!D!,6'J%1!1-&!(5':!4'%-+&*&,,R!YDSK&!$5'J/6+!M'J5!,J44&5OY!D!,#MO!'((&5-*/!+6&!
4%#+&R
!Y"6#*8!M'JOY!6&!,#M,O!4J%%-*/!'K&5!#!,+''%!('5!:&!#*1!5&:'K-*/!+6&!K'%J:&!'(!"6&!
<1M,,&M!+6#+!,-+,!#+'4!-+R!@&!4&526&,!'*!+6&
,+&4,!'(!+6&!2#55-#/&R!YD!,J44',&!3:-%M!-,*S+!2':-*/O!+6&*RY
!YB6'!-,!3:-%M\Y!D!#,8R
!Y"6&!:#-1R!F6&!9#,!+'!$5-*/!:M!1-**&5R!F6&!,&&:,!#!:',+!2'*/&*-#%!/-5%RY
!QM!26&&8,!(%J,6R!Y7*1!M'J!6#K&!1&2-1&1!6&5!26#5#2+&5!#(+&5!8*'9-*/!6&5!$J+!#!
1#MRY
!YH&,RY!6&!,#M,O!4&&%-*/!+6&!(%&,6!(5':!#!45&2-'J,!'5#*/&O!*'!1'J$+!4J+!+6&5&!$M!
+6&!2'*/&*-#%!3:-%MR!D!9'*1&5!-(!P#5+-8!2'J%1!&K&5
+6-*8!'(!:&!#,!#*!'51-*#5M!/-5%O!,':&'*&!+'!6'4&!('5O!+'!%'*/!('5O!+'!2'*,-1&5!
Y2'*/&*-#%RY
!Y@#K&!M'J!#*M!*&9,!#$'J+!+6&!"&:4%&\Y!6&!,#M,O!9-+6'J+!%''8-*/!J4R
!YB&!K-,-+&1!#!4%#2&!+'1#M!2#%%&1!+6&!C'5&,+!'(!=-/6+,OSS!D!+&%%!6-:R!YD!:&+!#!
25&#+J5&!2#%%&1!.6-%'*R!D+!1-1!*'+!8*'9!96&5&!+'!(-*1!+6&
"&:4%&O!$J+!-+!'((&5&1!6&%4RY
!YB6#+!,'5+!'(!6&%4\Y
!YB&#4'*,RY
!P#5+-8S,!&M&,!*#55'9RYD+!(&%+!M'J!9'J%1!*&&1!+6&:\Y
!YH&,R!.6-%'*!/#K&!J,!:#/-2!#55'9,R!DS:!J,&%&,,!9-+6!+6&:O!$J+!C&%-!Q-,,!
B'5+6-*/+'*!-,!5#+6&5!,8-%%&1R!F6&!Y
!YB6#+!1-1!-+!#,8!-*!5&+J5*\Y!P#5+-8S,!,+#5&!-,!4&*&+5#+-*/R
!Y7!,6#5&!'(!+6&!:#/-2!96&*!9&!(-*1!+6&!"&:4%&RY
!YH'J!5&(J,&1O!'(!2'J5,&RY!B6&*!D!1'!*'+!#*,9&5O!P#5+-8!+',,&,!+6&!'5#*/&!'*+'!6-,!
4%#+&!-*!1-,/J,+R!YH'J!:#1&!#*!#%%-#*2&!9-+6
25&#+J5&,!(5':!+6&!5&#%:,\Y
!YD!1-1*S+!,#M!+6#+bYD!,*#4R!D+!-,*S+!+6&!+5J+6O!$J+!-+!-,*S+!#!%-&O!&-+6&5RYD(!
DS:!*'+!1'-*/!+6-,!+'!M'J5!%-8-*/O!96M!1'*S+!M'J!/'\Y
!YH'J!8*'9!9&!2#**'+!&*+&5!+6&!5&#%:,RY
!YF'!+6&*!D!,J44',&!M'J!9-%%!6#K&!+'!+5J,+!+6#+!D!#:!1'-*/!#%%!D!2#*RY
!YD!+5J,+!M'JOY!6&!#*,9&5,!,'(+%MR
!"6&!,:#%%!,'J*1,!'(!*-/6+!,J55'J*1!J,O!+-*M!25&#+J5&,!,2J55M-*/!6&5&!#*1!+6&5&O!
%''8-*/!('5!(''1!#*1!9#5:+6R
!Y0-1!M'J!8*'9!+6#+!+6&!;#8,6#*#!#*1!+6&!<51&5!9&5&!'*2&!%'K&5,\Y!D!#,8R
!YA'O!D!1-1*S+OY!P#5+-8!,#M,!#(+&5!#!(&9!,&2'*1,S!6&,-+#+-'*R!Y@'9!R!R!R!
-*+&5&,+-*/RY
!YH&,R!D+!-,RY
!@&!5&:'K&,!#!,+5#M!96-+&!+65&#1!'(!4-+6!(5':!+6&!'5#*/&!#*1!'((&5,!:&!#!(5&,6%M!
4%J28&1!,&2+-'*R
!Y"6#*8!M'JOY!D!,#MO!+#8-*/!+6&!(5J-+!(5':!6-,!(-*/&5,!#*1!4%#2-*/!-+!'*!:M!
+'*/J&R!D+!-,!K&5M!,9&&+R
!YH'JS5&!9&%2':&RY!@&!/-K&,!:&!#!%-++%&!,:-%&R!B&!,-+!('5!#!:':&*+O!,#K'5-*/!+6&!
'5#*/&RY0'!M'J!&K&5!R!R!RY
!YB6#+\Y
!YD!9'*1&5&1!-(!M'J!6#K&!&K&5!,&&*!7:#5!+6&5&!-*!+6&!5&#%:,\Y
!YA'OY!D!#*,9&5RYDSK&!*&K&5!,&&*!6-:RY
!F':&!,'5+!'(!5&%-&(!9#,6&,!'K&5!P#5+-8R!Y@&!:J,+!6#K&!#%5&#1M!25',,&1!'K&5!+6&*O!
1'*S+!M'J!+6-*8\Y
!YH&,O!D!,J44',&!,'RY
!YB6#+!#5&!+6&!5&#%:,!%-8&\Y!6&!#,8,R
!YF':&!'(!-+!-,!$&#J+-(J%R!F'!$&#J+-(J%!M'J!1'*S+!&K&5!9#*+!+'!%&#K&!-+R!D*!+6&!
/#51&*O!M'J!2#*!+J5*!,+'*&,!+'!$J++&5(%-&,!'5!6#K&!#
/'9*!'(!,-%K&5!+65&#1!+6#+!,-*/,!'5!RRR!'5!96#+&K&5!M'J!9-,6RY
!P#5+-8!,:-%&,!#+!+6-,RY>'!'*RY
!Y"6&5&!-,!#!,6-4O!%-8&!#!E-8-*/!K&,,&%O!9-+6!#!/'5/'*S,!6&#1!#++#26&1R!F6&!+''8!
J,!+65'J/6!#!9#%%!'(!/'%1&*!9#+&5!+6#+!%&(+!,4#58%&,
'(!/'%1!#%%!'K&5!'J5!,8-*RY
!Y=-8&!+6&!/'%1!-*!M'J5!6#-5\Y
!YQJ26!(-*&5OY!D!,#MO!$%J,6-*/O!('5!-+S,!:',+!J*%-8&!P#5+-8!+'!*'+-2&!#*M+6-*/!
#$'J+!:&R
!Y"6&5&!#5&!,':&!4#5+,!+6#+!#5&!*'+!#,!*-2&R!F+5#*/&!25&#+J5&,!!6'55-1!+6-*/,R!D!
,J44',&!+6#+S,!96M!D!:J,+!$-*1!+6&!:#/-2O!,'!+6#+
+6&M!2#**'+!9-&%1!-+RY
!P#5+-8S,!,:-%&!1-,#44&#5,RYH&,R!D!,J44',&!,'R!Q-,,!0'M%&\Y
!YH&,\Y
!Y0'!M'J!+6-*8!+6#+!-,O!96#+!-(!M'J!9&5&!+'!,+#M!+6&5&O!-*!+6&!5&#%:,O!'*2&!M'JS1!
('J*1!+6&!"&:4%&\Y
!YB6#+!1'!M'J!:&#*\Y
!P#5+-8!5J$,!6-,!(-*/&5,!96&5&!+6&!VJ-2&!'(!+6&!'5#*/&!6#,!+J5*&1!+6&:!#!26#%8M!
96-+&R!YD+!,'J*1,!%-8&!#!K&5M!(-*&!4%#2&!+'!6-1&RY
!Y"6#+S,!#*!'11!+6-*/!+'!,#MRY
!YD!:&#*+!%-K&R!7!(-*&!4%#2&!+'!%-K&O!1'*S+!M'J!+6-*8\Y!F':&+-:&,!D!1'*S+!
J*1&5,+#*1!P#5+-8!#+!#%%R
!7!%#*+&5*!+65'9,!-+,!%-/6+!'K&5!+6&!,+5#9!#*1!1-5+!#+!'J5!(&&+R!"6&!%'K&%M!
8-+26&*!:#-1!#44&#5,!'J+!'(!*'96&5&O!#!%''8!'(
#,+'*-,6:&*+!'*!6&5!(#2&RYL&//-*S!M'J5!4#51'*O!:-,,R!D!('5/'+!+'!$5-*/!Q5R!P#5+-8!
6-,!2'((&&RY
!YD!9#,!VJ,+!%&#K-*/OYD!,#M!+'!6&5O!45#2+-2#%%M!%&#4-*/!+'!:M!(&&+R!D!#,,J:&!+6-,!
-,!+6&!#('5&:&*+-'*&1!3:-%MR!Y"6#*8!M'J!('5!+6#+O
J:O!:',+O!:',+!-*('5:#+-K&O!#6O!-*,+5J2+-'*!-*!R!R!R!-*!R!R!RY
!Y)#55-#/&!,#(&+M\Y!P#5+-8!'((&5,R
!YH&,R!<*&!2#**'+!$&!+''!2#5&(J%!#$'J+!,J26!+6-*/,R!>''1!*-/6+!+'!M'JOY!D!,#MR
!Y>''1!*-/6+OY!6&!#*,9&5,R!3:-%M!1'&,!*'+!:#8&!#*M!&(('5+!+'!%&#K&R!7*1!#,!D!
,+5-1&!4#,+!+6&!6'5,&,O!D!6&#5!6&5!%#J/6-*/
/&*+%M!/-5%-,6%M!#+!,':&+6-*/!P#5+-8!6#,!,#-1R
!>-*/&5!,*'5+,!#+!:&R
!YD+!-,!-:4'%-+&!+'!,+#5&OY!D!,#M!+'!6&5O!$&('5&!5J**-*/!J4!+'!:M!5'':!+'!,J%8!-*!
45-K#+&R
!F-:'*S,!$'Z!,-+,!'*!#!+#$%&!$&,-1&!:M!$&1R!D!4J%%!'4&*!+6&!(#%,&!$'++':!#*1!,&&!
+6&!9-28&1!$5'9*!$'++%&!%M-*/!+6&5&R
!YH'J!,6#*S+!$&!*&&1&1!#/#-*OY!D!,#MR!"6&!$'Z!,%-1&,!&#,-%M!-*+'!#!2'5*&5!'(!:M!
2J4$'#51O!96&5&!-+!-,!%',+!#:'*/!4&++-2'#+,!#*1
!15&,,!6&:,R!C5':!:M!9-*1'9O!D!2#*!,&&!+6&!%#*+&5*,!'(!+6&!:&9,!#*1!'J5!2#55-#/&!
6'J,&R!D!,&&!3:-%M!5&+J5*-*/!(5':!+6&!,+#$%&O!6&5
%#*+&5*!-*!6#*1R!"6&!%-/6+!2#+26&,!6&5!(#2&!#,!,6&!%''8,!$#28!+'!,:-%&!#+!P#5+-8O!
96'!9#K&,!+'!6&5R!@&!/%#*2&,!J4!#*1!D!1J28!'J+!'(
,-/6+O!XJ-28%M!&Z+-*/J-,6-*/!:M!%#:4R!"6&!5'':!-,!,9#%%'9&1!-*!,6#1'9R
!B6M!,6'J%1!-+!$'+6&5!:&!,'!+6#+!P#5+-8!(#*2-&,!3:-%M\!B6#+!#5&!9&!+'!&#26!'+6&5!
$J+!#!1J+M\!"6#+O!D!,J44',&O!-,!96#+!$'+6&5,!:&R
<6O!D!,6'J%1!('5/&+!+6-,!$J,-*&,,!9-+6!P#5+-8R!D+!-,!(''%-,6R
!"':'55'9!-,!#!*&9!1#MO!0&2&:$&5!]^R!D!,6#%%!1-*&!9-+6!F-:'*!Q-11%&+'*R!D!9-%%!1'!
:M!$&,+!+'!26#5:!6-,!:'+6&5!#*1!*'+!:#8&!#
*J-,#*2&!'(!:M,&%(R!7(+&5!+6#+O!DS%%!/'!#$'J+!(-*1-*/!+6&!"&:4%&O!$J+!('5!'*&!
&K&*-*/O!'*&!/%'5-'J,O!2#5&(5&&!&K&*-*/O!D!-*+&*1!+'!9&#5
#!(-*&!/'9*!#*1!&*V'M!+6&!6#*1,':&!2':4#*M!'(!F-:'*!Q-11%&+'*R
!Y@'9!1'!M'J!1'O!Q5R!Q-11%&+'*\Y!D!,#M!+'!+6&!#-5RYA'OY!D!#*,9&5O!%'9&5-*/!:M!
K'-2&OY@'9!1'!M'J!1'O!Q-,,!0'M%&\Y!YB6MO!DS:
#$,'%J+&%M!,4%&*1-1O!Q5R!Y
!"6&!4#-*!6#,!:&!-*!-+,!/5-4R!D!2#*S+!$5&#+6&R!>'1b!D!2#*S+!$5&#+6&b!A'O!*'O!*'O!
4%&#,&!%&#K&!:&!#%'*&O!4%&#,&b!D+S,!*'!J,&R!DS:!4J%%&1
'J+!%-8&!+6&!+-1&O!,%-44-*/!-*+'!#!K-,-'*R!D!1'*S+!9#*+!+'!'4&*!:M!&M&,R!D!8*'9!
+6&MS5&!+6&5&R!D!2#*!(&&%!+6&:R!D!2#*!6&#5!+6&:R
!Y)':&!9-+6!J,!R!R!R!OY!+6&M!96-,4&5R
!D!'4&*!'*&!&M&O!+6&*!+6&!'+6&5R!"6&5&!+6&M!#5&O!+6',&!+65&&!/6',+%M!/-5%,R!"6&M!
,&&:!,'!%',+O!,'!,#1O!9-+6!+6&-5!4#%%-1!,8-*O!+6&!1#58
!,6#1'9,!2#5K&1!-*+'!+6&-5!26&&8,R
!YB&SK&!,':&+6-*/!+'!,6'9!M'JR!R!R!RY
!<*&!'(!+6&:!4J+,!6&5!6#*1!'*!:M!,6'J%1&5R!D!,+-((&*!#*1!(&&%!:M,&%(!(#%%-*/!-*+'!
+6&!K-,-'*R!D!1'*S+!8*'9!96&5&!9&!#5&R!7!2#,+%&!'(
,':&!,'5+O!#!/5&#+!5J-*&1!('5+5&,,!'(!,+'*&R!0&&4!/5&&*!:',,!/5'9,!J4!+6&!,-1&!'(!
-+R!L5-/6+!%#J/6+&5!(%'#+,!'J+O!#*1!+65'J/6!+6&!+#%%O
#526&1!9-*1'9,O!D!2#*!,&&!(%#,6&,!'(!96-+&R!"6&MS5&!/-5%,!4%#M-*/R!A'+!VJ,+!#*M!
/-5%,!+6&!/-5%,!-*!96-+&R!LJ+!6'9!%'K&%M!+6&M!%''8O!,'
(5&,6!#*1!#%-K&!#*1!:&55Mb
!Y)#+26!:&!-(!M'J!2#*bY!'*&!,6'J+,O!#*1!:M!6&#5+!#26&,O!('5!+6#+!9#,!+6&!/#:&!:M!
:'+6&5!4%#M&1!9-+6!:&!#,!#!26-%1R!"6&!'+6&5
+9'!/-5%,!VJ:4!'J+!(5':!$&6-*1!#!9#%%O!,+#5+%-*/!6&5R!"6&M!%#J/6!#+!+6-,R!
Y3%&#*'5bY!#%%!+65&&!2#%%!'J+R!YB6&5&!#5&!M'J\!D+S,!+-:&b!B&
,6#%%!6#K&!+6&!4'9&5!,6&S,!45':-,&1RY
!"6&M!5J*!+'9#51!+6&!2%-((!S,!&1/&U!+6&!,&#!26J5*,!$&%'9R!"6&!/-5%,!,+&4!#25',,!
5'28,O!'J+%-*&1!$M!+6&!/5#M!,8M!%-8&!>5&&8!,+#+J&,
2':&!+'!%-(&R!"6&MS5&!%#J/6-*/O!,'!6#44MO!,'!6#44MR
!Y)':&O!1'*S+!1#91%&bY!+6&M!,6'J+!:&55-%M!+'!+6&!('J5+6!/-5%R!D!2#*S+!,&&!6&5!K&5M!
9&%%R!LJ+!D!,&&!+6&!9':#*!-*!+6&!1#58!/5&&*!2%'#8
2':-*/!(#,+O!2#*!,&&!6&5!%'*/O!9-1&!,%&&K&,!2#+26-*/!+6&!9-*1R!"6&!9':#*!+#8&,!+6&!
6#*1!'(!+6&!/-5%!96'!%#/,!$&6-*1R
!YD,!-+!+-:&\Y!+6&!'+6&5,!,6'J+R
!YH&,OY!+6&!9':#*!-*!+6&!/5&&*!2%'#8!,6'J+,!$#28R!@'%1-*/!+6&!/-5%S,!6#*1!(#,+!-*!
6&5,O!,6&!2%',&,!6&5!&M&,!#*1!5#-,&,!$'+6!+6&-5
6#*1,!+'9#51!+6&!,&#R!F6&S,!:J++&5-*/!,':&+6-*/R!A'!!,6&S,!,J::'*-*/!,':&+6-*/b!
"&55'5!5-,&,!-*!:&!%-8&!*#J,&#O!:#8-*/!:&
/#/R!D+S,!2':-*/!J4!(5':!+6&!,&#O!#*1!,6&S,!2#%%-*/!-+b!"6&!/-5%,!,25&#:!-*!
+&55'5R!LJ+!+6&!9':#*!-*!/5&&*!1'&,!*'+!'4&*!6&5!&M&,R!F6&
1'&,!*'+!,+'4R
!B6M!#5&!+6&M!,6'9-*/!:&!+6-,\!D!9#*+!+'!/&+!#9#Mb!QJ,+!/&+!#9#M!(5':!+6#+!+6-*/O!
(5':!+6&-5!+&55'5R!DS:!$#28!-*!:M!5'':R!"6&
/-5%,!6'K&5!*&#5R!"6&-5!4'-*+&1!$''+,!:'K&!#25',,!+6&!(%''5!,25#4&O!,25#4&O!
,25#4&O!D!+6-*8!D!,6#%%!/'!:#1!(5':!-+R
!YB6M\Y!D!/#,4O!+5M-*/!*'+!+'!K':-+RYB6M\Y
!YF6&!%-&,!R!RR!RY+6&M!96-,4&5R!Y0'*S+!+5J,+!6&5R!R!R!1'*S+!+5J,+!6&5R!R!R!1'*S+!
+5J,+!6&5R!R!RY
!YB6'\Y!D!4#*+O!$J+!+6&M!#5&!/'*&R!"6&!45&,,J5&!%&#K&,!:&R!DS:!,+5J//%-*/!('5!
$5&#+6O!:M!&M&,!+&#5MO!:M!*',&!5J**-*/R!D!2#*S+
$&#5!+6&,&!6'55-$%&!K-,-'*,R!7*1!D!1'*S+!J*1&5,+#*1!+6&:R!0'*S+!+5J,+!96':\!B6M!
,6'J%1*S+!D!+5J,+!6&5\
!LJ+!+6&5&!9#,!,':&+6-*/!1-((&5&*+!#$'J+!+6-,!K-,-'*O!#!1&+#-%!D!5&:&:$&5!*'9R!
F':&+6-*/!#$'J+!+6&!9':#*S,!6#*1R!F6&!9'5&!#
5-*/!'(!,':&!8-*1O!,':&+6-*/!J*J,J#%R!D+!+#8&,!:&!#!:':&*+!'*!+6&!(%''5!+'!5&/#-*!
:M!,&*,&,R!7*1!+6&*!D!+6-*8!D!8*'9!96#+!-+!9#,R
!"6&!5-*/!'*!+6&!9':#*S,!6#*1!9#,!-*!+6&!,6#4&!'(!+9'!-*+&5+9-*&1!,*#8&,R
!DSK&!,&&*!+6#+!5-*/!$&('5&!-*!+6&!2#,&!$&*&#+6!Q-,,!Q2)%&&+6MS,!$&1R
!)@7."3;!"B3A"H
!Y>3QQ7O!0<A"!.=7H!BD"@!H<?;!@7D;!F<OY!>;7A0Q7Q7!+J+,!(5':!6&5!4&526!$&,-1&!:&!-*!
'J5!2#55-#/&R
!Y<6OY!D!,#MR!DSK&!$&&*!,'!45&'22J4-&1!9-+6!:M!+6'J/6+,!+6#+!D!6#K&*S+!*'+-2&1!
DSK&!$&&*!+9-5%-*/!#!+-*M!+&*15-%!'(!6#-5!5'J*1!#*1
5'J*1!:M!(-*/&5R!7%%!1#M!%'*/O!DSK&!$&&*!%',+O!+6-*8-*/!'(!%#,+!*-/6+S,!K-,-'*!#*1!
96#+!-+!:&#*,R!7!9':#*!#1'5*&1!9-+6!#!,*#8&!5-*/R
Q-,,!Q2)%&&+6M!6#,!#!,*#8&!5-*/R!LJ+!96#+!2'**&2+-'*!2'J%1!,6&!6#K&!+'!+6#+!
2%'#8&1!9':#*!'5!+'!+6&!/-5%,\!"6&,&!K-,-'*,!:#8&!*'
,&*,&R!B6'!#5&!+6&,&!/-5%,O!#*1!96M!1'!+6&M!*&&1!:M!6&%4\!B6#+!#5&!+6&M!+5M-*/!+'!
,6'9!:&\
!D!:J,+!4J,6!+6&,&!+6'J/6+,!#9#M!('5!*'9R!DSK&!#!4#5+M!+'!#++&*1O!#*1!+6&!+6'J/6+!
'(!(#2-*/!+6&!('5:-1#$%&!=#1M!0&*$M!-,!:'5&
(5-/6+&*-*/!+6#*!#*M!K-,-'*!D!2'J%1!2'*VJ5&R
!D!2'J*+!+65&&!#11-+-'*#%!2#55-#/&,!96&*!9&!#55-K&!#+!F-:'*S,!6'J,&O!96-26!-,!#!
:#/*-(-2&*+!4-2+J5&!'(!$5-28!#*1!%-/6+R!725',,!+6&
%#*&O!@M1&!.#58!-,!#!1#58!,:J1/&O!%',+!-*!+6&!-*2#*1&,2&*+!6#T&!'(!+6&!/#,%-/6+,!
+6#+!2#,+!J,!-*!('//M!6#%',O!:#8-*/!J,!,&&:!$5-/6+&5
+6#*!9&!#5&O!6&#K&*S,!$'55'9&1!+6-*/,R!P#5+-8!+#8&,!:M!6#*1O!6&%4-*/!:&!1'9*R!D!
,+&4!'*!+6&!(5'*+!'(!:M!/'9*O!+J:$%-*/!#/#-*,+
6-:R!@&!2#+26&,!:&!5'J*1!+6&!9#-,+O!#*1!('5!#!,&2'*1O!DS:!-*!6-,!&:$5#2&R
!YF+&#1M!+6&5&O!Q-,,!0'M%&OY!6&!,#M,O!6&%4-*/!:&!+'!:M!(&&+R
YH&,O!+6#*8!M'JO!Q5R!P#5+-8RY
!Y<%1!.'++,!*&K&5!9'J%1!6#K&!:#1&!,J26!#!2#+26O!D!1#5&,#MOY!C#+6&5!+&#,&,!"':R!D!
%''8!$#28!+'!,&&!P#5+-8!/#T-*/!#+!:&!-*!:M!$%J&
/'9*!#*1!K&%K&+!2'#+!#,!-(!D!9&5&!,':&'*&!#%+'/&+6&5!1-((&5&*+O!#!,+5#*/&5!+'!6-:R
!C#+6&5!+#8&,!:M!#5:!#*1!9#%8,!:&!+'!+6&!1''5R!)%&#*I,6#K&*O!-*!96-+&!+-&!#*1!
/%'K&,O!6&!-,!#%:',+!+6&!(#+6&5!D!5&:&:$&5R
!YH'J!%''8!K&5M!6#*1,':&O!.#4#OY!D!,#MR
!"6&!+9-*8%&!-,!$#28!-*!6-,!&M&,RYF:'8&!#*1!:-55'5,OY!6&!,#M,!9-+6!#!9-*8RYF:'8&!
#*1!:-55'5,RY
!"6#+!-,!:M!(&#5R!@'9!%'*/!9-%%!+6&!:#/-2!9'58\!A'O!D!,6#*S+!9'55M!#$'J+!+6#+!*'9R!
D+!6#,!9'58&1O!#*1!6&!-,!:M!'9*!1&#5!(#+6&5
#/#-*O!#*1!-*!#!:':&*+O!D!,6#%%!6#K&!1-**&5!9-+6!#!6#*1,':&!M'J*/!:#*!96'!(-*1,!:&!
-*+&5&,+-*/O!('5!,':&!5&#,'*R
!B&!#5&!/5&&+&1!$M!#!46#%#*Z!'(!(''+:&*!#*1!:#-1,!-*!J*-('5:,!,'!45&,,&1!+6&-5!
25&#,&,!2'J%1!15#9!$%''1R!D+!,&&:,!+6&5&!-,!#
,&5K#*+!('5!&K&5M+6-*/R!>5#*1:#:#!-,!$&,-1&!6&5,&%(!9-+6!&Z2-+&:&*+R!D(!,6&!9&5&!
+'!,+#*1!#*M!,+5#-/6+&5O!6&5!,4-*&!:-/6+!,*#4R
B&S5&!J,6&5&1!-*+'!#!K&5M!%#5/&!4#5%'5R!F-:'*!,+#*1,!$M!+6&!(-5&O!1&&4!-*!
2'*K&5,#+-'*!9-+6!+9'!/&*+%&:&*R!@&!/-K&,!:&!#!9'%(-,6
/5-*R!D!-::&1-#+&%M!%''8!'((!-*+'!+6&!1-,+#*2&O!#,!-(!D!6#K&!VJ,+!*'+-2&1!+6&!
4#4&5&1!9#%%,!#*1!#:!(#,2-*#+&1!$&M'*1!:&#,J5&O!+6'J/6
:M!6&#5+!$&#+,!'J+!#!*&9!56M+6:W!@&!%-8&,!:&U!6&!%-8&,!:&U!6&!%-8&,!:&R!DSK&!
%-++%&!+-:&!+'!,9''*R!=#1M!0&*$M!,9''4,!+65'J/6!+6&
5'':!:#8-*/!-*+5'1J2+-'*,O!6&5!,+-((!,8-5+,!5J,+%-*/!9-+6!&K&5M!,+&4R!F6&!/5&&+,!#!
/&*+%&:#*!9#5:%M!$J+!-,!5#+6&5!2''%!+'!6-,!9-(&R
!D(!=#1M!0&*$M!%-8&,!M'JO!M'J!#5&!,&+!('5!%-(&R!D(!,6&!(-*1,!M'J!9#*+-*/!-*!#*M!
9#MO!M'J!#5&!,6J**&1R
!QM!+'*/J&!2%&#K&,!+'!+6&!5''(!'(!:M!:'J+6R!D!2#**'+!,9#%%'9R!F6&!/-K&,!:&!#!,'%-1!
%''8-*/I'K&5!#,!,6&!#445'#26&,R!F-:'*S,
$&,-1&!6&5!-*!#*!-*,+#*+R
!YQ'+6&5O!:#M!D!45&,&*+!Q5R!N'6*!0'M%&U!6-,!:'+6&5O!Q5,R!B-%%-#:!0'M%&U!Q5R!"6':#,!
0'M%&U!#*1!Q-,,!>&::#!0'M%&R!"6':#,!-,!#
26J:!(5':!:M!3+'*!1#M,R!@&S,!2J55&*+%M!#!2%-*-2#%!#,,-,+#*+!J*1&5!05R!F:-+6!#+!
L&+6%&:!@',4-+#%OY!F-:'*!#11,R
!@-,!:'+6&5!-,!,:-++&*!9-+6!"':!-::&1-#+&%MR!YB6MO!05R!F:-+6!-,!#*!'%1!(5-&*1R!
"&%%!:&O!-,!-+!+5J&!M'J!6#K&!#!4#+-&*+!96'!9#,!'*2&
#!:&:$&5!'(!.#5%-#:&*+\Y!,6&!#,8,O!6'4-*/!('5!#!$-+!'(!/',,-4R
!YQ#1#:O!-(!9&!2'*(-*&1!+6&!%J*#+-2,!'(!.#5%-#:&*+O!+6&5&S1!$&!*'!.#5%-#:&*+!
%&(+OY!C#+6&5!V'8&,O!('5/&++-*/!+6#+!F-:'*S,!(#+6&5!-,!#
:&:$&5!6-:,&%(R!D!:#M!1-&R
!FJ545-,-*/%MO!=#1M!0&*$M!%#J/6,!#+!+6-,R!Y<6O!Q5R!0'M%&b!H'J!#5&!XJ-+&!+6&!9-+RY!
"6&!$5&#+6!%&#K&,!:M!$'1M!-*!#!,:#%%!96'',6!+6#+
!D!6'4&!2#**'+!$&!1&+&2+&1R
!"6&!$J+%&5!#**'J*2&,!1-**&5R!=#1M!0&*$M!5'J*1,!J4!6&5!/J&,+,!%-8&!#!,&#,'*&1!
/&*&5#%!:#5,6#%-*/!6-,!+5''4,!('5!$#++%&R!D!#:
1'-*/!:M!$&,+!+'!5&:&:$&5!#%%!Q5,R!A-/6+9-*/!6#,!+#J/6+!:&!#$'J+!:#**&5,R!DS:!
1&#+6%M!#(5#-1!@D!2'::-+!,':&!6-1&'J,!(#JZ!4#,
#*1!2#,+!:M!(#:-%M!-*+'!&*1J5-*/!,6#:&R
!YF6#%%!9&\Y!F-:'*!'((&5,!6-,!#5:!#*1!D!%''4!:-*&!+65'J/6!6-,R!DSK&!*&K&5!+#8&*!
+6&!#5:!'(!#!:#*!96'!9#,!*'+!:M!$%''1!5&%#+-K&R
B&!8&&4!#!5&,4&2+(J%!1-,+#*2&!$&+9&&*!J,O!$J+!+6#+!1'&,!*'+6-*/!+'!,+'4!+6&!
2J55&*+!2'J5,-*/!+65'J/6!:&R
!7(+&5!+6&!,'J4O!9&S5&!/-K&*!5'#,+!4'58R!"6&!,-/6+!'(!#!4-/!'*!#!4%#++&5!9-+6!#*!
#44%&!-*!-+,!:'J+6!1'&,!*'+6-*/!+'!96&+!:M!#44&+-+&R
B6-%&!+6&!'+6&5,!45#++%&!'*!#$'J+!2'J*+5M!&,+#+&,O!('Z!6J*+-*/O!#*1!+6&!45'$%&:!'(!
(-*1-*/!/''1!6&%4O!F-:'*!96-,4&5,O!YD!6&#5!6&!9#,
#!K&5M!1-,#/5&&#$%&!4-/R!7%9#M,!2':4%#-*-*/R!A&K&5!#!*-2&!9'51!('5!#*M'*&R!@&!'*2&!
$-+!#!1J28%-*/!-*!,4-+&R!D!,6'J%1*S+!(&&%!/J-%+M
#$'J+!&#+-*/!6-:!-(!D!9&5&!M'JRY
!D!,:-%&R!=#1M!0&*$MS,!K'-2&!$5&#8,!+6&!:':&*+R!YQ-,,!0'M%&O!+6&5&!-,!,':&+6-*/!
(#:-%-#5!#$'J+!M'JRY
!YD!D!9#,!#!/J&,+!'(!Q5,R!B'5+6-*/+'*S,!#+!+6&!7%&Z#*15#!M&,+&51#MO!+'!6&#5!Q-,,!
L5#1,6#9!,-*/RY
!YQ-,,!L5#1,6#9!,#*/\Y"':!-,!1&%-/6+&1!+'!6&#5!'(!7**S,!,'2-#%!5-,&RY@'9!
1&%-/6+(J%RY
!QM!&M&,!#5&!'*!=#1M!0&*$MO!96'!,#M,OYH&,O!,+5#*/&!$J,-*&,,!+6#+R!Q5R!Q-11%&+'*OY!
,6&!,#M,O!#115&,,-*/!6&5!6J,$#*1O!Y6#K&!M'J
&K&5!:&+!+6&!0J8&!'(!)6&,+&5(-&%1\Y
!Y)#*S+!,#M!#,!D!6#K&O!J*%&,,!6&S,!#!6J*+-*/!:#*RY
!=#1M!0&*$M!4J5,&,!6&5!%-4,!#,!-(!:J%%-*/!,':&+6-*/!'K&5O!+6&*!,#M,O!YD!6&#5!M'J!
#5&!#++&*1-*/!F4&*2&\Y
!YH&,O!=#1M!0&*$MOY!D!#*,9&5!*&5K'J,%MR
!Y@'9!1'!M'J!(-*1!-+\Y!,6&!-*XJ-5&,O!+#8-*/!#!,&5K-*/!'(!5'#,+!4'+#+'&,R!D!(&&%!
%-8&!#*!-*,&2+!J*1&5!+6&!-*+&*,&!('2J,!'(!+6&
:-25',2'4&R
!YD+!-,!#!:',+!#/5&&#$%&!,26''%OY!D!,#MO!#K&5+-*/!:M!&M&,R
!Y<(!2'J5,&O!,6&!6#1!#!45'4&5!3*/%-,6!/'K&5*&,,!96-%&!-*!D*1-#OY!>5#*1:#:#!
-*+&5V&2+,O!&K&5!#(5#-1!'(!,'2-#%!-:45'45-&+MR!YD!1-1!(&#5
,&*1-*/!6&5!#9#M!(5':!6':&O!$J+!D!9#,!#,,J5&1!+6#+!F4&*2&!9#,!#!(-*&!(-*-,6-*/!
,26''%RY
!YB6#+!1'!M'J!+6-*8O!Q-,,!0'M%&\!75&!M'J!-*2%-*&1!+'!$&%-&K&!+6#+!M'J*/!%#1-&,!
,6'J%1!$&!+#J/6+!=#+-*!#*1!>5&&8!+6&,&!1#M,\Y!=#1M
0&*$M!#,8,R
!D+!-,!*'+!#*!-**'2&*+!XJ&,+-'*R!F6&!-,!+&,+-*/!:&O!D!#:!,J5&R!D!+#8&!#!1&&4!
$5&#+6R!YD!$&%-&K&!-+!-,!VJ,+!#,!-:4'5+#*+!('5!1#J/6+&5,!+'
$&!%&#5*&1!#,!-+!-,!('5!,'*,R!3%,&!6'9!2#*!9&!$&!#$%&!9-K&,!#*1!:'+6&5,\Y!D+!-,!
+6&!,#(&,+!#*,9&5!D!2#*!:J,+&5R
!=#1M!0&*$M!/-K&,!#!9#5:!,:-%&RYD!XJ-+&!#/5&&O!Q-,,!0'M%&R!B6#+!#!,&*,-$%&!/-5%!
M'J!#5&RY
!D!$5&#+6&!#!,:#%%!,-/6!'(!5&%-&(R
!YD!2#*!,&&!96M!:M!$'M!-,!&*26#*+&1OY!='51!0&*$M!#**'J*2&,R
!7!(%J,6!9'58,!-+,!9#M!-*+'!:M!26&&8,O!#*1!D!(-*1!D!2#**'+!%''8!#+!#*M'*&R!D!6#K&!
+'!(-/6+!+'!8&&4!#!5-1-2J%'J,!/5-*!(5':!,J5(#2-*/R!D
6#K&!'*%M!'*&!/-11M!+6'J/6+!-*!:M!6&#1W!F-:'*!Q-11%&+'*O!#!$'M!'(!,J26!4&5(&2+-'*O!
%-8&,!:&O!+6&!,+5#*/&!#*1!K&Z-*/!>&::#!0'M%&R
!='9!26J28%-*/!5-44%&,!+65'J/6!+6&!#,,&:$%&1!/J&,+,R!YA'9!M'JSK&!1'*&!-+OY!#!
:J,+#26-'&1!/&*+%&:#*!XJ-4,R!YF6&S%%!*&K&5!2':&
$#28RY
!Y<6O!5&#%%MO!Q5R!)'*5#1OY!=#1M!0&*$M!26-1&,!4%#M(J%%MR!D!1'!*'+!,&&!96M!C&%-2-+M!
+6-*8,!,'!$#1%M!'(!=#1M!0&*$MR!F6&!,&&:,!5#+6&5
*-2&!+'!:&O!#*1!D!XJ-+&!%-8&!6&5R
!"6&!&K&*-*/!4#,,&,!%-8&!#!6#44M!15&#:R!D!6#K&!*'+!(&%+!,'!4&#2&(J%!#*1!2'*+&*+!
,-*2&!$&('5&!Q'+6&5!1-&1R!F&&-*/!C#+6&5!2':&!#%-K&
#/#-*!-,!6&#K&*O!#*1!D!#:!(-*#%%M!/%#1!('5!+6-,!,+5#*/&O!$&#J+-(J%!4'9&5R!0J5-*/!
+6&!1-**&5O!6&!-,!6-,!'%1!26#5:-*/!,&%(O!&*+&5+#-*-*/
!=#1M!0&*$M!#*1!F-:'*!9-+6!+#%&,!'(!D*1-#R!>5#*1:#:#S,!(#2&O!J,J#%%M!%-*&1!9-+6!
9'55MO!-,!,&5&*&!+'*-/6+O!#*1!"':!-,!#2+J#%%M
%-8&#$%&O!-(!,J26!#!+6-*/!2'J%1!$&!,#-1!'(!6-:R!<(!2'J5,&O!6&!+6-*8,!6&!6#,!2J5&1!
C#+6&5O!#*1!('5!'*2&O!D!#:!-*!*'!:''1!+'!2'*+5#1-2+
6-:R!D+!:&#*,!,'!:J26!+'!,&&!:M!(#:-%M!&*V'M-*/!+6&:,&%K&,R!D!9#*+!+'!45&,&5K&!
+6-,!6#44M!$J$$%&!'(!+-:&O!+6-,!(&&%-*/!+6#+!D!$&%'*/
,':&96&5&R!"6#+!D!#:!9#*+&1R!D!9#*+!+6-,!*-/6+!+'!/'!'*!('5&K&5R
!"6&!+#%8!#+!+6&!+#$%&!+J5*,!+'!L&+6%&:R!"':!-,!6'%1-*/!2'J5+!9-+6!+#%&,!'(!6-,!
1J+-&,!+6&5&R!YR!R!R!6&!-*,-,+&1!+6#+!6&!9#,!+6&!&:4&5'5
'(!B&,+!FJ,,&Z!#*1!#,!,J26O!,6'J%1!$&!#%%'9&1!#*!&Z+5#!,&5K-*/!'(!:&#+R!B6&*!D!
5&(J,&1O!6&!45':-,&1!6&!9'J%1!6#K&!:&!$&6&#1&1R!YS
!Y0&#5!:&RY!=#1M!0&*$M!%#J/6,R
!YH'JS1!$&,+!8&&4!M'J5!9-+,!#$'J+!M'JO!M'J*/!:#*R!B'J%1*S+!9#*+!+'!9#8&!J4!9-+6!*'!
6&#1OY!F-:'*S,!(#+6&5!,#M,R!@&!6#,!F-:'*S,
8-*1!$%J&!&M&,R
!Y<5!9'J%1!+6#+!$&!#*!-:45'K&:&*+!-*!M'J5!2#,&O!:M!/''1!:#*\Y!F-:'*!+#J*+,!"':O!
96'!45&+&*1,!+'!$&!#((5'*+&1R
Y<6O!6'b!"'J26&bY
!YA'9!+6&*O!:M!,'*!:J,+!8&&4!6-,!6&#1OY!C#+6&5!,#M,O!%''8-*/!XJ-+&!,&5-'J,R!YD!
4#-1!#!1&#5!#:'J*+!('5!6-,!*&9!6#+O!#*1!D!,6#*S+!/&+
-+!$#28RY!3K&5M'*&!&5J4+,!-*!%#J/6+&5R
!>5#*1:#:#!,4&#8,!J4RYD,!-+!+5J&!+6#+!L&+6%&:!6'%1,!4J$%-2!1#*2&,!('5+*-/6+%MO!
=#1M!0&*$M\Y
!YH&,!-*1&&1R!D+!-,!&K&5!,'!5&VJK&*#+-*/!('5!+6&:!+'!$&!#:'*/,+!+6&!4J$%-2O!+'!
5&:&:$&5!+6&!,'2-#%!*-2&+-&,R!QM!6J,$#*1!#*1!D!6#K&
/'*&!'*!,&K&5#%!'22#,-'*,R!"6&5&S,!#*'+6&5!1#*2&!-*!#!9&&8S,!+-:&R!H'J!:J,+!2':&!
#,!'J5!/J&,+,RY
!YB&S1!$&!1&%-/6+&1OY!>5#*1:#:#!,#M,O!#*,9&5-*/!('5!J,!#%%O!#,!,6&!,'!'(+&*!1'&,R
!QM!(#2&!#26&,!(5':!+5M-*/!+'!9&#5!,J26!#!4%&#,#*+!&Z45&,,-'*!#+!#%%!+-:&,R!D,!-+!
+-:&!+'!1'*!:M!/%'K&,!#/#-*\!F6'J%1!D!&#+!+6&!%#,+
'(!:M!1&,,&5+!#,!DS1!1&,4&5#+&%M!%-8&!'5!%&#K&!6#%(!+'!,6'9!:M!1&%-2#+&!#44&+-+&\!
D!1'!*'+!9#*+!+'!:#8&!#!:-,,+&4O!*'+!+'*-/6+R
!Y<6O!1'!+&%%!J,!#*'+6&5!+#%&OY!=#1M!0&*$M!$&/,!"':R
!YH&,O!1'OY!F-:'*!,#M,RY3%,&!DS%%!$&!('52&1!+'!+#%8!'(!+6&!+-:&!D!%''8&1!-*+'!+6&!
&M&,!'(!#*!J*6#44M!46&#,#*+!-*!+6&!2'J*+5M!#*1!M'JS%%
#%%!$&!$'5&1!+'!2#+#+'*-#RY!F-:'*!%''8,!#+!:&!#/#-*R!D!(-*1!D!%-8&!-+!96&*!6&!
%''8,!('5!:M!5&#2+-'*R!D!%-8&!$&-*/!2'J5+&1R!D+!-,!5#+6&5!#
4'9&5(J%!(&&%-*/R
!Y76O!%&+S,!,&&!R!R!R!OY"':!,#M,O!+6-*8-*/R!Y"6&5&!9#,!Q5R
!B#%+6#:O!96'!2%#-:&1!6&!2'J%1!6&#5!96#+!9#,!6#44&*-*/!-*,-1&!&#26!6'J,&!#,!6&!
4#,,&1!+6#+!+6&!K&5M!,+'*&,!,4'8&!+'!6-:R!D
#:!6#44M!+'!,#M!+6#+!6&!9#,!2J5&1!#*1!5&%&#,&1!VJ,+!%#,+!:'*+6RY
!YL5#K'bY!F-:'*S,!(#+6&5!&Z2%#-:,RYA'+6-*/!,2-&*2&!#*1!:#*!2#*S+!'K&52':&!-*!
+-:&RY
!Y3Z#2+%MOY!"':!,#M,O!+65-%%&1!+'!(-*1!#!(5-&*1!-*!,'!6-/6!#!4%#2&R
!YB6#+!&%,&\Y!#!%#1M!-*!#!4&#26!,-%8!/'9*!#,8,R
!Y"6&5&S,!Q5,R!F'::&5,O!96'!,&&:,!+'!+6-*8!+6-,!%-(&!-,!#%%!#!15&#:!#*1!+6#+!,6&!
,&&,!,4-5-+,!-*!6&5!5'':!#+!*-/6+RY
!Y.''5!1&#5OY!>5#*1:#:#!,#M,!$M!6#$-+R
!"6&,&!,+'5-&,!#5&!,+&#%-*/!#9#M!:M!6#44-*&,,R!B6#+!9'J%1!:M!1-**&5!2':4#*-'*,!
+6-*8!-(!+6&M!8*&9!+6#+!D!,&&!K-,-'*,!#*1!K-,-+
'+6&5!5&#%:,\
!"':!2'*+-*J&,R!Y"6&5&!-,!A&%%!@#98-*,O!#/&!*-*&+&&*R!0-#/*',&1!9-+6!#2J+&!:#*-#!
96-%&!#9#M!#+!,26''%RY
!YH'J!,&&\Y!+6&!:J,+#26-'&1!/&*+%&:#*!,#M,O!9#//-*/!6-,!(-*/&5RY"6&!(&:#%&!
2'*,+-+J+-'*!2#**'+!,+#*1!J4!+'!+6&!5-/'5,!'(!#!('5:#%
&1J2#+-'*R!A'+6-*/!/''1!2#*!2':&!'(!-+RY
!Y<6O!Q5R!)'*5#1OY!6-,!9-(&!26-1&,!4%#M(J%%MR!Y0'!/'!'*O!Q5R!0'M%&RY
!YA&%%!@#98-*,!,J((&5,!(5':!1&%J,-'*,OY!"':!,#M,O!45&&*-*/R
!C#+6&5!V'-*,!-*RY"6-*8,!,6&S,!N'#*!'(!752O!1'&,!,6&\Y
!YA'O!+6#+!9'J%1!$&!Q5R!N&5*-/#*!-*!9#51!Q]LR!Q-,,!@#98-*,!-,!J*-XJ&R!F6&!,J((&5,!
(5':!+6&!1&%J,-'*!+6#+!,6&!-,!4#5+!'(!,':&
:M,+-2#%!,&2+!'(!,'52&5&,,&,!2#%%&1!+6&!<51&5RY
!"6&!5'':!*#55'9,R!QM!6&#5+!5#2&,R!C5':!(#5!#9#M!D!6&#5!:M,&%(!#,8OY"6&!<51&5\Y
!YH&,R!F6&!2%#-:,!+6#+!,6&!8*'9,!+6&!,&25&+,!'(!#!4%#2&!2#%%&1!+6&!5&#%:,O!#*1!
+6#+!#!9':#*!*#:&1!)-52&!9#*+,!#%%!+6&!4'9&5R!F6&
2%#-:,!,6&!6#,!15-K&*!6&5,&%(!:#1!-*!#*!#++&:4+!+'!8&&4!6&5!:-*1!2%'J1&1!#*1!#9#M!
(5':!)-52&S,!/5#,4RY!"':!,6#8&,!6-,!6&#1RY7
:',+!1-((-2J%+!2#,&RY
!YD!#/5&&!9-+6!M'JO!Q5R!)'*5#1O!+''!:J26!('5:#%!&1J2#+-'*!-,!*'+!/''1!('5!'J5!
1#J/6+&5,R!7*1!+6-,!-,!+6&!2',+R!DS:!,'!/5#+&(J%!+6#+
F4&*2&!,+5&,,&,!+6&!&,,&*+-#%,!'(!#!%#1MS,!+5#-*-*/RY!>5#*1:#:#!,6'K&,!#!5#+6&5!
%#5/&!$-+&!'(!26'2'%#+&!25&#:!-*+'!6&5!:'J+6R
!D+!-,!#%%!D!2#*!1'!*'+!+'!$'%+!(5':!+6&!+#$%&O!('5!DS:!+5&:$%-*/!#%%!'K&5R!
F':&96&5&!-*!L&+6%&:!@',4-+#%!,-+,!#!/-5%!96'!:-/6+!$&!#$%&
+'!+&%%!:&!&K&5M+6-*/!D!*&&1!+'!8*'9O!#*1!D!:J,+!(-*1!#!9#M!+'!/&+!+'!6&5R
!YB6#+!2#*!$&!1'*&!('5!,J26!#!2#,&\Y!Q5R!)'*5#1!#,8,R
!YF6&!1'&,!+#8&!,':&!2':('5+!(5':!4'&+5MR!"6&!*J5,&,!5&#1!+'!6&5!96&*!+6&M!2#*RY
!Y.&56#4,!D!2'J%1!5&#1!4'&+5M!+'!6&5\Y!D!K'%J*+&&5O!6'4-*/!D!1'*S+!,'J*1!#,!
1&,4&5#+&!#,!D!(&&%R!D!9'J%1!1'!#*M+6-*/!+'!,&&!+6-,!/-5%R
Y.&56#4,!,6&!9'J%1!(-*1!,':&!2':('5+!-*!,4&#8-*/!9-+6!#!/-5%!'(!6&5!'9*!#/&O!+6#+!
-,RY
!F-:'*S,!(#+6&5!5#-,&,!6-,!9-*&!+'!:&R!Y<J5!Q-,,!0'M%&!-,!#!K&5M!8-*1!,'J%RY
!YF6&!-,!'J5!#*/&%OY!C#+6&5!,#M,R
!A'O!DS:!*'+R!D!#:!#!95&+26&1!/-5%!('5!1&2&-K-*/!+6&:!,'O!$J+!D!:J,+!,&&!A&%%!
@#98-*,R
!YE&5M!9&%%O!+6&*OY"':!,#M,!/5J1/-*/%MR!YD!,6#%%!+#8&!M'J!+':'55'9!#(+&5*''*RY
!)@7."3;!"B3A"HI<A3
!7C"3;!03FF3;"!@7F!L33A!)=37;30!7B7HO!"@3!Q3A!#5&!5&#1M!+'!6#K&!+6&-5!$5#*1M!#*1!
2-/#5,!-*!+6&!,+J1M!96-%&!+6&!9':&*!5&+-5&
+'!+6&!4#5%'5!('5!+&#!#*1!+#%8R
!YQ'+6&5O!D!$&%-&K&!Q-,,!0'M%&!9'J%1!%-8&!+'!,&&!+6&!4'5+5#-+!'(!>5#*1(#+6&5OY!
F-:'*!,#M,O!2#+26-*/!J,!'*!'J5!9#M!-*R!DSK&!6&#51!*'
:&*+-'*!'(!+6-,!4#-*+-*/R
!YH&,O!'(!2'J5,&R!B&!,6#%%!#%%!/'OY!=#1M!0&*$M!,#M,R
!F-:'*S,!,:J/!,:-%&!(#%+&5,R!YD!,6'J%1!6#+&!+'!+#8&!M'J!#9#M!(5':!+6&!(-5&O!
Q'+6&5R!D+!-,!#!$-+!15#(+M!-*!+6&!%-$5#5MO!M'J!8*'9RY
!YA'*,&*,&O!9&!,6#%%!$5-*/!'J5!,6#9%,!#*1!$&!(-*&R!H'J!5&#%%M!:J,+!,&&!1&#5!
>&'5/&!6&!9#,!4#-*+&1!$M!#!)'+,9'%1!4'5+5#-+-,+!'(
/5&#+!5&*'9*RY
!D!1'*S+!8*'9!96#+!6#,!VJ,+!'22J55&1O!$J+!D!/#+6&5!+6#+!F-:'*!6#,!%',+R
!Y@&5&!9&!#5&RY!=#1M!0&*$M!%&#1,!J,!-*+'!#!,4#2-'J,!5'':!1':-*#+&1!$M!#!4#-*+-*/!
#,!%#5/&!#,!#!1''5R!D+!-,!#!6-1&'J,%M!'5*#+&
1&4-2+-'*!'(!#!$#55&%I26&,+&1!:#*!#,+5-1&!#!6'5,&R!@&!9&#5,!#!5&1!V#28&+!#*1!%''8,!
&K&5M!$-+!+6&!2'J*+5M!/&*+%&:#*!'((!+'!+6&!6J*+R
7+!6-,!6&&%,!,-+!+9'!'$&1-&*+!1'/,R
!F-:'*!*'1,!+'!-+R!YQ-,,!0'M%&O!:#M!D!45&,&*+!:M!/5#*1(#+6&5O!)'5*&%-J,!>&'5/&!
L#,-%!Q-11%&+'*O!E-,2'J*+!'(!0&*$MRY
!>5#*1:#:#!:#8&,!#!,4&2+#2%&!'(!6&5,&%(!(#9*-*/!'K&5!-+O!+6'J/6!#%%!,6&!8*'9,!'(!
#5+!2'J%1!(-+!-*,-1&!#!+6-:$%&R!F+-%%O!-+!:#8&,!=#1M
0&*$M!45'J1R!F6&!:'K&,!'*!+'!#*!'$V&+!1S#5+!J4'*!#!:#*+&%O!('52-*/!#!:#-1!96'!9#,!
2%&#*-*/!#!/5#+&!+'!,+#*1!9#-+-*/O!$5J,6!-*
,''+M!6#*1R
!YB6#+!#!$&#J+-(J%!4#-*+-*/OY!D!,#M!1-4%':#+-2#%%MR
!F-:'*!5#-,&,!#*!&M&$5'9R!YD(!$M!$&#J+-(J%!M'J!:&#*!+'!,#M!,-%%MO!'K&51'*&O!#*1!
/5'+&,XJ&O!+6&*!D!#22&4+!M'J5!2':4%-:&*+RY
!D!,+-(%&!#!%#J/6RY"6&!1'/,!#5&!XJ-+&!1-,+-*/J-,6&1I%''8-*/RY
!F-:'*!,+#*1,!$&,-1&!:&O!#*1!D!(&&%!+6#+!,+5#*/&!2J55&*+!#/#-*R!@&!2'28,!6-,!6&#1O!
+#8-*/!-*!:M!2'::&*+!#*1!+6&!4#-*+-*/R!YH&,R!D*
(#2+O!4&56#4,!D!2'J%1!2%#-:!+6&:!#,!8-*!-*,+&#1RY!@-,!&M&,!#5&!,'!$%J&R!7*1!6-,!
,:-%&!-,!,'!9#5:R!B&!#5&!,+#*1-*/!'*%M!-*26&,!#4#5+R
C5':!+6&!2'5*&5!'(!:M!&M&O!D!2#*!,&&!>5#*1:#:#!#*1!+6&!'+6&5,!+'J5-*/!+6&!5'':R
!Y@'9!:#*M!'(!+6&,&!6#K&!M'J!5&#1\Y!D!#,8O!:'K-*/!+'9#51!+6&!$''8,6&%K&,O!
45&+&*1-*/!+'!$&!-*+&5&,+&1R
!YA'+!:#*MOY!F-:'*!,#M,O!(#%%-*/!-*+'!,+&4R!YDSK&!#!/5&#+!:#*M!6'$$-&,R!"6&M!+#8&!
J4!:J26!'(!:M!+-:&R!D+S,!:M!1J+M!+'!,&&!#(+&5
'J5!-*+&5&,+!-*!0&*$MO!+6&!:#*'5!#*1!,J26RY
!YH&,O!'(!2'J5,&OY!D!,#MO!2'*+-*J-*/!:M!,%'9!45':&*#1&R
!Y75&!M'J!#++&*1-*/!71:-5#%!#*1!=#1M!B'5+6-*/+'*S,!)65-,+:#,!$#%%O!$M!#*M!26#*2&\Y
!YH&,O!D!#:OY!D!,#MO!9#%8-*/!+'!+6&!9-*1'9,!'K&5%''8-*/!+6&!,+5&&+R
!YD!,6#%%!$&!+6&5&!#,!9&%%RY@&!2#+26&,!J4R!@&5&!9&!#5&O!,-1&!$M!,-1&!#/#-*R
!Y<6OY!D!,#MRY@'9!*-2&RY
!Y.&56#4,!M'J!9-%%!,#K&!:&!#!1#*2&\Y!6&!#,8,!,6M%MR
!YH&,OY!D!,#MO!,:-%-*/RY.&56#4,!D!9-%%RY
!YD!,&&!M'JS5&!*'+!9&#5-*/!M'J5!*&28%#2&!+6-,!&K&*-*/RY
!QM!6#*1!,45-*/,!+'!:M!$#5&!*&28RYH'J!*'+-2&1!:M!V&9&%5M\Y
!F&&-*/!6-,!:'+6&5!'22J4-&1O!6&!96-,4&5,!-*!:M!&#5O!YD!*'+-2&1!M'J5!*&28R!"6&!
*&28%#2&!6#44&*&1!+'!$&!+6&5&R!D+!-,!K&5M!J*J,J#%RY
!YD+!9#,!:M!:'+6&5S,OYD!,#MO!,+-%%!$%J,6-*/!(5':!+6&!$'%1!2':4%-:&*+R!YD+!9#,!
/-K&*!+'!6&5!$M!#!K-%%#/&!9':#*!-*!D*1-#R!7!26#5:!'(
45'+&2+-'*R!DS:!#(5#-1!-+!1-1*S+!9'58!('5!6&5RY
!Y.&56#4,!-+!-,*S+!('5!45'+&2+-'*OY!F-:'*!,#M,R
!DSK&!*&K&5!+6'J/6+!'(!+6#+RYD!2#*S+!-:#/-*&!96#+!&%,&!-+!2'J%1!$&!('5RY
!YB6#+!-,!M'J5!(#K'5-+&!2'%'5\Y!F-:'*!#,8,R
!Y.J54%&OY!D!#*,9&5RYB6M!1'!M'J!#,8\Y
!YA'!5&#,'*OY!6&!,#M,O!,:-%-*/R!YD!:-/6+!6#K&!+'!-*K-+&!M'J5!$5'+6&5!+'!:M!2%J$R!
@&!,&&:,!#!/''1!(&%%'9RY
!@#b!YDS:!,J5&!6&!9'J%1!&*V'M!+6#+R!Y"':!9'J%1!%&#4!+65'J/6!5-*/,!'(!(-5&!('5!+6&!
26#*2&!+'!/'!+'!F-:'*S,!2%J$R!D+!-,!+6&!$&,+!-*
='*1'*R
!F-:'*!5&/#51,!:&!('5!#!:':&*+R!YH'JS5&!*'+!%-8&!'+6&5!M'J*/!%#1-&,!:M!:'+6&5!
+5'+,!$&('5&!:&RY
!Y<6\Y!D!,#MO!9-*2-*/O!1&,4&5#+&!+'!8*'9!6'9!DS:!1-((&5&*+R
!Y"6&5&S,!,':&+6-*/!#1K&*+J5'J,!#$'J+!M'JR!D!(&&%!#,!-(!M'J!6#K&!#!/5&#+!:#*M!
,&25&+,!D!,6'J%1!%-8&!+'!8*'9RY
!=#1M!0&*$M!*'+&,!J,!,+#*1-*/!#+!+6&!9-*1'9,!,'!2%',&R!D!45&+&*1!+'!+#8&!#*!
-*+&5&,+!-*!#!%&#+6&5I$'J*1!2'4M!'(!Q'$MI0-28!+6#+!,-+,
J4'*!#!,-1&!+#$%&R!"6&!,4-*&!25#28%&,!96&*!D!%-(+!+6&!2'K&5O!#,!-(!-+S,!*&K&5!$&&*!
5&#1RY.&56#4,!M'J!9'J%1*S+!5&#%%M!9#*+!+'!8*'9
+6&:OY!D!,#MR
!Y@'9!1'!M'J!8*'9\Y!F-:'*!#,8,O!5&4',-+-'*-*/!#!2&5#:-2!(-/J5-*&!'(!+9'!
2J4-1,RY<((&5!:&!#!+&,+RY
!B6#+!2#*!D!,#M\!"6#+!D!,J((&5!(5':!+6&!,#:&!1&%J,-'*,!#,!4''5!A&%%!@#98-*,!$J+!
+6#+!+6&M!#5&!*'+!1&%J,-'*,!#+!#%%\!"6#+!DS:!#(5#-1
DS:!'*&!,+&4!#9#M!(5':!+6&!:#16'J,&!:M,&%(\!D+!9'J%1!$&!,'!*-2&!+'!2'*(-1&!-*!
F-:'*!#*1!6#K&!6-:!,#MO!F&&O!+6#+!9#,*S+!,'!K&5M
$#1!*'9O!9#,!-+\!H'JS5&!*'+!:#1R!D!$&%-&K&!M'JR!D!#:!9-+6!M'JR
!D!%&+!+6&!26#*2&!4#,,R!YD!6#K&!#!+6-51!&M&OY!D!,#M!$5&&T-%MR!YDS:!#!1&,2&*1#*+!'(!
7+#%#*+#R!7*1!:M!+#$%&!:#**&5,!#5&!-*&Z2J,#$%&RY
!F-:'*!*'1,R!YD!,J,4&2+&1!#,!:J26R!"6#+!-,!96M!9&S5&!/'-*/!+'!#,8!M'J!+'!&#+!-*!
+6&!,+#$%&!(5':!*'9!'*!#,!#!45&2#J+-'*R!H'J!1'*S+
:-*1O!1'!M'J\Y
!YA'+!#+!#%%RY!D!2%',&!+6&!$''8!#*1!+J5*!#9#MR!YB6#+!+&55-$%&!,&25&+,!1'!M'J!6#K&O!
Q5R!Q-11%&+'*\Y
!YL&,-1&,!+6&!/#:$%-*/O!2#5'J,-*/O!#*1!4-%%#/-*/\Y!@&!(#%%,!-*+'!,+&4!$&6-*1!
:&RY"6&!+5J+6\Y
!QM!6&#5+!,8-4,!#!$&#+R!YH&,OY!D!,#MO!+J5*-*/!+'!6-:!#+!%#,+R!Y"6&!+5J+6RY
!@&!,+#5&,!-*+'!:M!&M&,RYDS:!(5-/6+(J%%M!1J%%RY
!Y"6#+!-,*S+!+5J&OY!D!,#MO!:'K-*/!#9#M!#/#-*O!%''8-*/!J4!#+!+6&!&*'5:'J,!
$''82#,&,R
!YDS:!#(5#-1!-+!-,R!D!#:!+'!(-*1!#!,J-+#$%&!9-(&!9-+6!#!,J-+#$%&!('5+J*&!#*1!2#55M!
'*!+6&!(#:-%M!*#:&R!D+S,!96#+!+6&M!&Z4&2+!'(!:&R!QM
9-,6&,!1'*S+!&*+&5!-*+'!-+!#+!#%%R!DS:!,'55MR!"6#+!9#,!(#5!+''!('59#51!'(!:&R!H'J!
1'*S+!*&&1!+'!6&#5!:M!+5'J$%&,RY
!YA'O!+5J%MR!DS:!6#44M!+'!%-,+&*RY!D!#:O!,+5#*/&%M!&*'J/6R
!YF6#%%!9&!5&+-5&!+'!+6&!4#5%'5\Y!=#1M!0&*$M!#,8,R!B-+6!#!,-/6O!+6&!:#-1!5&,J:&,!
6&5!,25J$$-*/!'*2&!+6&!%#1-&,!6#K&!/'*&R!F-:'*
#*1!D!('%%'9!,%'9%MR
!YH'J5!(%'9&5!-,!,%-44-*/O!Q-,,!0'M%&RY!"6&!5',&O!4-**&1!+'!:M!6#-5O!,%-1&,!+'!:M!
*&28R!D!5&#26!('5!-+!VJ,+!#,!6&!1'&,R!<J5!(-*/&5,
+'J26!('5!#!:':&*+!$&('5&!D!+J5*!#9#MR
!Y"6#*8!M'JOY!D!,#MO!2':4%&+&%M!(%J,+&5&1R
!YQ#M!D\Y!B-+6!/5&#+!2#5&O!F-:'*!,&2J5&,!+6&!(%'9&5!$&6-*1!:M!&#5R!D!,6'J%1!,+'4!
6-:O!%&,+!6&!+6-*8!:&!+''!4&5:-,,-K&R!LJ+!D!1'*S+
8*'9!96#+!+'!,#MR!D!#:!5&:-*1&1!+6#+!F-:'*!-,!*-*&+&&*O!+65&&!M&#5,!:M!,&*-'5R!@&!
8*'9,!+6-*/,!+6#+!D!1'!*'+R
!"6&5&S,!#!+#4!#+!+6&!9-*1'9O!('%%'9&1!$M!#*'+6&5O!6#51&5!+#4!+6#+!:#8&,!:&!VJ:4R!
YB6'!-,!+65'9-*/!5'28,\Y!F-:'*!4&&5,!'J+!-*+'
+6&!6#TM!1#58R!@&!'4&*,!+6&!/%#,,R!)'%1!#-5!5J,6&,!-*O!5#-,-*/!/'',&(%&,6!'*!:M!
#5:,R!"6&5&!-,!*'!'*&!$&%'9!+6#+!9&!2#*!,&&R
!YD!,6'J%1!V'-*!+6&!%#1-&,R!>5#*1:#:#!9-%%!$&!9'55-&1!#$'J+!:&RY
!Q#8-*/!#!6#,+M!5&+5&#+O!D!*&#5%M!+5-4!'K&5!+6&!:#-1O!96'!*&K&5!&K&*!%''8,!J4!(5':!
6&5!,25J$$-*/R
!D+!-,!9&%%!#(+&5!:-1*-/6+!96&*!9&!,#M!'J5!/''1$M&,!#*1!&:&5/&!-*+'!#!*-/6+!#%-K&!
9-+6!,+#5,!#*1!6'4&R!"6&!&K&*-*/!6#,!$&&*!#!9-%1
VJ:$%&!('5!:&R!"6&5&!-,!+6&!/''1!F-:'*R!@-,!(#:-%MR!"6&!9#5:+6!+6&MSK&!,6'9*!:&R!
QM!(#+6&5!5&/#-*&1R!"6&*!+6&5&!-,!+6&!,'$&5-*/
45',4&2+!'(!:&&+-*/!A&%%!@#98-*,!#+!L&1%#:!+'!,&&!-(!,6&!6'%1,!+6&!8&M!+'!(-*1-*/!
+6&!"&:4%&!#*1!)-52&R!7*1!+6&5&!-,!+6&!2J5-'J,!+6&
5'28,!+65'9*!#/#-*,+!+6&!9-*1'9R
!7+!+6&!2#55-#/&O!P#5+-8!,&&:,!#/-+#+&1R!Y7!4%&#,#*+!&K&*-*/O!:-,,\Y
!YH&,O!K&5M!4%&#,#*+O!+6#*8!M'JOY!D!#*,9&5R
!YF'!D!*'+&1OY!6&!:J++&5,O!6&%4-*/!:&!-*+'!+6&!2#55-#/&!#*1!4J%%-*/!#9#M!(5':!+6&!
2J5$!9-+6!#!$-+!+''!:J26!/J,+'R!B6#+!&K&5!-,!+6&
:#++&5!9-+6!6-:\
!<*2&!:M!(#:-%M!-,!,#(&%M!+'!$&1O!D!1'*!:M!2'#+!#*1!1#,6!#25',,!2'%1O!6#51!/5'J*1!
+'!+6&!,+#$%&,R!P#5+-8!,-+,!5&#1-*/!"6&!<1M,,&M
#*1!6#K-*/!#!2J4!'(!6'+!+&#R!@&!-,!*'+!#%'*&R!3:-%M!,-+,!*&#5O!%-,+&*-*/!+'!6-:!
5&#1R
!Y>''1!&K&*-*/OY!D!,#MO!:#526-*/!-*R
!Y>''1!&K&*-*/OY!6&!,#M,O!,+#*1-*/R
!3:-%M!%''8,!,+5-28&*RY<6O!:-,,O!D!9#,!VJ,+!R!R!R!VJ,+!R!R!RY!Y3:-%MO!D!6#K&!,':&!
$J,-*&,,!+'!1-,2J,,!9-+6!Q5R!P#5+-8!VJ,+!*'9O!-(!M'J
9'J%1*S+!:-*1RY
!=-8&!#!,6'+O!3:-%M!-,!5J**-*/!('5!+6&!6'J,&R
!YB6#+!1-1!M'J!:&#*!$M!M'J5!2'::&*+!+'*-/6+\Y
!YD!,-:4%M!#,8&1!-(!M'J!6#1!#!4%&#,#*+!&K&*-*/R!B-+6!Q5R!QJ11%&+'*RY
!YQ-11%&+'*OY!D!2'55&2+!6-:RY@&!-,!#!/&*+%&:#*O!M'J!8*'9RY
!Y@&!%''8,!%-8&!#!('4RY
!YDS%%!+6#*8!M'J!*'+!+'!-*,J%+!6-:R!H'J!8*'9!*'+6-*/!#$'J+!6-:RY
!YD!1'*S+!%-8&!+6&!9#M!6&!%''8,!#+!M'JR!7,!-(!M'J!9&5&!#!4-&2&!'(!5-4&!(5J-+RY
!Y@&!1'&,*S+!1'!#*M+6-*/!'(!+6&!,'5+R!B#-+!#!:':&*+R!@'9!1'!M'J!8*'9!6'9!6&!%''8,!
#+!:&\!B&5&!M'J!,4M-*/!'*!:&\Y
!)6#/5-*&1O!P#5+-8!$J5-&,!6-,!*',&!-*!6-,!$''8RY@&!1-1!%''8!#+!M'J!+6#+!9#MR!D*!
+6&!%-$5#5MRY
!YH'J!+65&9!+6',&!5'28,!#/#-*,+!+6&!9-*1'9bY
!P#5+-8!VJ:4,!J4O!+6&!$''8!('5/'++&*R!YH'J!#%%'9&1!6-:!+'!+'J26!M'J5!6#-5bY
!D+S,!+5J&R!D+!9#,!:J26!+''!J*%#1M%-8&!'(!:&R!DS:!&:$#55#,,&1!$J+!DS:!*'+!#$'J+!+'!
%&+!'*!+'!P#5+-8R!YD!1'!6#K&!,':&+6-*/!+'!+&%%
M'JO!-(!M'J!2#*!,+'4!(&&%-*/!,'55M!('5!M'J5,&%(!%'*/!&*'J/6!+'!6&#5!-+RY
!P#5+-8!,2'((,RYDS:!*'+!(&&%-*/!,'55M!('5!:M,&%(RY
!Y7!/''1!*-/6+!+'!M'JO!+6&*RY
!YB#-+bY!P#5+-8!+#8&,!#!,+&4!#(+&5!:&R!DS:!/%'#+-*/R!D+!-,!J*#++5#2+-K&O!$J+!+6&5&!
-+!-,R!YDS:!,'55MR!D!45':-,&!+'!$&!'*!:M!K&5M!$&,+
$&6#K-'5OY!6&!,#M,R!@&!(#%%,!+'!6-,!8*&&,!15#:#+-2#%%M!#*1!4J%%,!#*!#2'5*!(5':!+6&!
/5'J*1O!6'%1-*/!-+!+'!6-,!*&28RYD!$&/!'(!M'JO!Q-,,
0'M%&R!"&%%!:&!'5!D!,6#%%!$&!('52&1!+'!8-%%!:M,&%(!9-+6!+6-,!:-/6+M!9&#4'*RY
!Y<6O!1'!/&+!J4OY!D!,#MO!%#J/6-*/!-*!,4-+&!'(!:M,&%(R!Y"':!6#,!#!4#+-&*+!#+!
L&+6%&:R!A&%%!@#98-*,R!@&!,#M,!,6&!,J((&5,!(5':
1&%J,-'*,RY
!Y"6#+!9'J%1!&Z4%#-*!6&5!2'*(-*&:&*+!-*!L&+6%&:RY!@&!/-K&,!:&!#!,:J/!,:-%&R!B6&*!D!
1'!*'+!5&+J5*!-+O!6&!,#M,!2'*+5-+&%MO!YF'55MR
.%&#,&!/'!'*RY
!YF6&!2%#-:,!,6&S,!#!:&:$&5!'(!+6&!<51&5O!#*1!+6#+!#!9':#*!*#:&1!)-52&!-,!+5M-*/!
+'!(-*1!6&5R!F6&!,#M,!,6&S,!15-K&*!6&5,&%(!:#1
+'!8&&4!)-52&!(5':!/&++-*/!+'!6&5RY
!"6&!,:-58!K#*-,6&,R!YH'J!:J,+!,&&!A&%%!@#98-*,!,+5#-/6+#9#MRY
!YH&,O!DSK&!#55#*/&1!-+!#%5&#1MR!"':'55'9O!#5'J*1!*''*O!D!,6#%%!5&#1!4'&+5M!+'!
A&%%!@#98-*,!#*1!(-*1!'J+!96#+!,6&!8*'9,!#$'J+!+6&
"&:4%&R!B#,!6&!5&#%%M!%''8-*/!#+!:&!+6#+!9#M\Y
!YB6#+!9#M\Y
!Y=-8&!#!4-&2&!'(!5-4&!(5J-+\Y
!YH'JS1!$&,+!$&!'*!M'J5!/J#51!9-+6!6-:OY!P#5+-8!,#M,R
!@&S,!V&#%'J,b!P#5+-8!-,!V&#%'J,!#*1!F-:'*!(-*1,!:&!R!R!R!1&%-2-'J,\!D!#:!#!$-+!
/-11MR!7*1!2'*(J,&1R!LJ+!*'O!:',+%M!/-11MO!D!(-*1R
!YD!#:!XJ-+&!#$%&!+'!%''8!#(+&5!:M,&%(OY!D!,#MR!D!+J5*!,:#5+%M!'*!:M!6&&%!#*1!
,:#28!1-5&2+%M!-*+'!+6&!9#%%O!5#-,-*/!#!$J:4!J4'*!:M
('5&6&#1!+6#+!9-%%!45'$#$%M!5&:#-*!('5&K&5R
!)@7."3;!"B3A"HI"B<
!"@3C<==<BDA>!7C"3;A<<AO!0;3FF30!DA!QH!>;7H!(%#**&%!,J-+!#*1!#!(&%+!6#+O!D!V'-*!
"':!#+!L&+6%&:!;'M#%!@',4-+#%R!"6&!$J-%1-*/
-,!-:45&,,-K&R!"6&!(5'*+!6#,!#!4'5+-2'!,J44'5+&1!$M!,-Z!96-+&!2'%J:*,R!7!9-*1'9&1!
1':&!5&,+,!'*!+'4!%-8&!#!$'$$MS,!6#+R!D!2#*!'*%M
6'4&!+6#+!"':!2#**'+!6&#5!+6&!6#::&5-*/!'(!:M!6&#5+R!B-+6!%J28O!Q-,,!@#98-*,!9-%%!
J*%'28!+6&!:M,+&5M!'(!+6&!"&:4%&!('5!:&R
!YH'J!%''8!XJ-+&!45&,&*+#$%&O!>&::#O!,#K&!('5!+6#+!$5J-,&!'*!M'J5!('5&6&#1OY!"':!
,#M,O!4&&5-*/!#+!-+R!Y@'9!1-1!M'J!/&+!+6#+\Y
!YD+S,!*'+6-*/OY!D!,#MO!4J,6-*/!:M!6#+!%'9&5!'*!:M!('5&6&#1R
!YA'!:#++&5R!H'J!,6#%%!$&!+6&!45&++-&,+!/-5%!-*!L&+6%&:OY!"':!,#M,R
!76O!%'K&%M!+'!8*'9!+6#+!D!,6#%%!$&!45&++-&5!+6#*!#%%!+6&!%J*#+-2,R!DSK&!/'+!+6#+!
/'-*/!('5!:&O!#+!%&#,+R!.''5!"':R!@&!:&#*,!9&%%R!@&S,
$&&*!:J26!*-2&5!+'!:&!,-*2&!F-:'*S,!'$K-'J,!-*+&5&,+R!D+S,!#%:',+!#,!-(!DS:!6J:#*!
-*!6-,!&M&,R!.&5-,6!+6&!+6'J/6+R
!D!1&2-1&!+'!4-+M!6-:!#*1!#*,9&5!9-+6'J+!#*!J*5J%M!+'*&R!Y"6#*8!M'JR!D!#:!%''8-*/!
('59#51!+'!:&&+-*/!Q-,,!@#98-*,RY
!Y0'*S+!&Z4&2+!+''!:J26O!>&::#R!@&5!:-*1!-,!+'5+J5&1R!F':&+-:&,!,6&!1'&,!#*1!,#M,!
'J+5#/&'J,!+6-*/,R!H'JS5&!*'+!J,&1!+'!,J26
,-/6+,R!H'J!:J,+!,+&&%!M'J5,&%(RY
!D!6#K&!,&&*!+6-*/,!M'J!9'J%1!*'+!$&%-&K&O!:M!1&#5!$5'+6&5O
!YH&,R!"6#*8!M'JR!D!,6#%%!+#8&!M'J5!#1K-2&!+'!6&#5+RY
!B&!9#%8!+65'J/6!#!%'*/!2'55-1'5O!9-*1'9,!'*!'J5!5-/6+!#*1!1''5,!'*!'J5!%&(+R!
C&5*,!6#*/!-*!$#,8&+,!(5':!+6&!2&-%-*/O!/-K-*/!+6&
6#%%9#M!#!$5-/6+!(&&%R!D!1'*S+!8*'9!96#+!D!&Z4&2+&1!#!%J*#+-2!#,M%J:!+'!$&!%-8&O!
$J+!D!1-1!*'+!-:#/-*&!+6-,R!D(!D!1-1*S+!8*'9!$&++&5O!DS1
,9&#5!D!9#,!&*+&5-*/!'*&!'(!='*1'*S,!&Z2%J,-K&!2%J$,R!"6&!*J5,&,!4#,,!J,!$M!9-+6!#!
XJ-&+!*'1O!+6&-5!,+-((!96-+&!6#+,!4&526&1!#+'4!+6&-5
6&#1,!%-8&!1#MI'%1!:&5-*/J&,R
!"':!J,6&5,!:&!-*+'!#!9''1I4#*&%&1!4#5%'5O!96&5&!,&K&5#%!9':&*!,-+!,&9-*/R!7*!
'%1&5!9':#*O!,%-/6+%M!1-,6&K&%&1O!2'*2&*+5#+&,
-*+&*+%M!'*!4%#M-*/!+6&!4-#*'O!+#44-*/!'J+!#!26-%1%-8&!+J*&!#*1!,-*/-*/!#%'*/!-*!#!
,'(+O!,6#8M!K-$5#+'R!D*!'*&!2'5*&5!,+#*1,!#!2#/&!+6#+
6'J,&,!#!$&#J+-(J%!4#55'+R!"6&!$-51!,XJ#98,R!Y@'9!#5&!9&!(&&%-*/\!@'9!#5&!9&!
(&&%-*/\Y
!Y"6&M!6#K&!#!4#55'+\Y!D!96-,4&5R!DS:!+5M-*/!+'!8&&4!:M!2':4',J5&O!+'!:#8&!-+!,&&:!
#,!-(!D!K-,-+!#,M%J:,!&K&5M!1#MR
!YH&,R!)#,,#*15#!-,!6&5!*#:&R!F6&S,!XJ-+&!+6&!+#%8&5R!F6&!4-28,!J4!#!$-+!'(!
&K&5M+6-*/!(5':!'J5!4#+-&*+,R!L'+#*MO!*#K-/#+-'*O
*'*,&*,-2#%!5#:$%-*/,R!F''*!9&!,6#%%!6#K&!+'!2J5&!6&5!#,!9&%%RY
!7,!-(!'*!2J&O!)#,,#*15#!,25&&26&,!'J+O!YD!#:!#!/5&#+!4'&+R!D!#:!#!/5&#+!4'&+RY
!"':!*'1,R!Y<*&!'(!'J5!4#+-&*+,O!Q5R!<,$'5*&O!(#*2-&,!6-:,&%(!#!4'&+!9'5+6!#!,:#%%!
('5+J*&R!@&!-,!XJ-+&!#((5'*+&1!$M!'J5!&(('5+,!+'
8&&4!6-:!6&5&!#*1!95-+&,!1#-%M!%&++&5,!+'!6-,!4J$%-,6&5!#*1!+6&!0J8&!'(!B#%&,RY
!"6&!'%1&5!9':#*!#+!+6&!4-#*'!,+'4,!,J11&*%MR!3Z+5&:&%M!#/-+#+&1!#*1!95-*/-*/!6&5!
6#*1,O!,6&!#445'#26&,!"':RYD,!+6-,!#%%!#
15&#:\!0'!M'J!8*'9\Y!,6&!#,8,!-*!#!9'55-&1!K'-2&R
!YD!#,,J5&!M'J!+6-,!-,!#%%!XJ-+&!5&#%O!Q5,R!F'::&5,RY
!Y75&!+6&M!/'-*/!+'!6J5+!:&\!@#K&!D!$&&*!9-28&1\Y!F6&!4J%%,!#+!6&5!&M&%#,6&,R!7!
(&9!2':&!#9#M!-*!6&5!6#*1R
!7!*J5,&!-*!#!,+#526&1!96-+&!#45'*!(%-+,!'K&5O!,+'4,!6&5RYA'9O!*'9O!Q5,R!F'::&5,O!
96#+!6#44&*&1!+'!'J5!%'K&%M!+J*&\!=&+S,!2':&
$#28!+'!+6&!4-#*'O!,6#%%!9&\Y
!"6&!6#*1!*&#5!+6&!9':#*S,!&M&%#,6&,!(%J++&5,!%-8&!#!9'J*1&1!$-51!#*1!,4-5#%,!1'9*!
+'!6&5!,-1&RY7!15&#:O!#!15&#:R!7%%!#!15&#:RY
!YH'JSK&!VJ,+!:&+!Q5,R!F'::&5,RY
!YF'!D!,&&RY
!7!+#%%O!+6-*!:#*!9-+6!#!*&#+%M!+5-::&1!$&#51!#*1!:J,+#26&!#445'#26&,R!@-,!2%'+6&,!
#5&!,%-/6+%M!5J:4%&1!#*1!6-,!6#-5!9-%%!*'+!%-&
(%#+O!$J+!'+6&59-,&O!6&!,&&:,!XJ-+&!*'5:#%R
!Y76O!Q5R!F*'9R!@'9!#5&!9&!+'1#MO!,-5\SS"':!#,8,R
!YC-*&O!(-*&OY!+6&!:#*!#*,9&5,RYDSK&!,&*+!#!%&++&5!+'!05R!F:-+6R!@&S%%!,''*!6#K&!
:M!2#,&!9&%%!-*!6#*1O!9&%%!-*!6#*1O!9&%%!-*!6#*1R!D
,6#%%!#++&*1!+6&!1#*2&R!D!,6#%%R!D!,6#%%O!,-5RY
!YB&!,6#%%!,&&O!Q5R!F*'9R!C-5,+!+6&5&!-,!+6&!:#++&5!'(!M'J5!2'*1J2+!#+!+6&!
45&K-'J,!1#*2&R!H'J!+''8!XJ-+&!#!(&9!%-$&5+-&,!9-+6!+6&
%#1-&,R!"6&M!9&5&!*'+!#445&2-#+-K&RY
!Y=-&,O!%-&,O!#%%!%-&,R!QM!,'%-2-+'5!,6#%%!,&&!+'!-+O!,-5O!&6O!96#+\!=-&,O!D!+&%%!
M'JRY
!YB&!,6#%%!1-,2J,,!-+R!>''1!1#M!+'!M'JO!+6&*RY
!Y05R!F:-+6!6#,!:M!%&++&5O!,-5b!@&!,6#%%!5&2+-(M!:M!5&4J+#+-'*bY
!YQ5R!F*'9OY!"':!&Z4%#-*,!#,!9&!:#8&!'J5!9#M!+65'J/6!+6&!,-++-*/!5'':R!Y@&!6#,!#!
6#$-+!'(!%&++-*/!6-,!6#*1,!9#*1&5!1J5-*/!+6&
1#*2&,RY
!Y<6OY!D!,#MR!D!,6#%%!+5M!+'!#K'-1!1#*2-*/!9-+6!Q5R!F*'9R!7,!9&!9#%8!'*O!"':!
'((&5,!#!4'%-+&!6&%%'!+'!#%%!6&!:&&+,R!)'*,-1&5-*/!96#+
#!$&#,+!6&!-,!#+!6':&O!-+!-,!XJ-+&!,J545-,-*/!+'!,&&!6-:!6&5&O!8-*1!#*1!
2'*+5'%%&1R!DS:!45'J1!'(!6-:R!D!2#*S+!$&%-&K&!-+O!$J+!D!#:R
!LM!+6&!9-*1'9!,-+,!#!+-*M!25&#+J5&R!F6&!-,!,J26!#!,%-/6+!+6-*/R!@&5!(#2&!-,!
/#J*+O!+6'J/6!D!2#*!,&&!96&5&!,6&!9#,!'*2&!#!45&++M!/-5%R
"6&5&!#5&!1#58!2-52%&,!$&*&#+6!6&5!$5'9*!&M&,R!F6&!5#8&,!+6-*!(-*/&5,!+65'J/6!6&5!
6#-5O!96-26!6#,!$&&*!4J%%&1!$#28!-*+'!#!+'48*'+R
"J(+,!,+-28!'J+!#%%!'K&5O!:#8-*/!6&5!%''8!XJ-+&!#!$-+!%-8&!+6&!4#55'+O!)#,,#*15#R
!Y>''1!:'5*-*/O!Q-,,!@#98-*,OY!"':!,#M,!26&&5-%MR
!"6&!/-5%!,#M,!*'+6-*/R
!YQ-,,!@#98-*,O!:#M!D!45&,&*+!:M!,-,+&5O!Q-,,!>&::#!0'M%&R!F6&!9'J%1!K&5M!:J26!
%-8&!+'!:&&+!M'JR!F6&S,!$5'J/6+!#!$''8!'(
4'&+5MR!"6&!+9'!'(!M'J!2'J%1!6#K&!#!*-2&!26#+RY
!F-%&*2&!#/#-*R!A&%%S,!+'*/J&!,%-1&,!#%'*/!6&5!26#44&1!%-4,R!"':!%''8,!#+!:&!#,!-(!
+'!,#MO!75&!M'J!,J5&\!D!*'1R
YE&5M!9&%%O!DS%%!%&#K&!M'J!+'!/&+!#2XJ#-*+&1!96-%,+!D!:#8&!:M!K-,-+,O!&6\Y
!Y@'9!1'!M'J!1'\Y!D!,#MO!+#8-*/!+6&!26#-5!1-5&2+%M!'44',-+&R!A&%%!@#98-*,!/'&,!'*!
5#8-*/!6&5!6#*1,!+65'J/6!6&5!6#-5R!YD!J*1&5,+#*1
M'JSK&!$&&*!#9#M!#+!,26''%RY!F-%&*2&R!YD!#:!#%,'!#+!,26''%R!F4&*2&!72#1&:MR!
.&56#4,!M'JSK&!6&#51!'(!-+\Y!0'9*!+6&!5'':O!Q5,R
F'::&5,!2'*+-*J&,!6&5!#$J,&!'(!+6&!4-#*'R!YF6#%%!D!5&#1!,':&!(5':!Q5R!L5'9*-*/\!
@-,!4'&+5M!-,!XJ-+&!,''+6-*/O!D!(-*1RY
!"6&!4#55'+!,XJ#98,RYP&&4!+'!+6&!4#+6R!P&&4!+'!+6&!4#+6RY
!D!:#8&!#!/5&#+!,6'9!'(!5&#1-*/!Q5R!L5'9*-*/R
!"':!%&#K&,!+6&!5'':O!#*1!D!2%',&!:M!$''8R!YD!1'*S+!$&%-&K&!M'J!#5&!-*,#*&O!Q-,,!
@#98-*,R!D!8*'9!#$'J+!+6&!<51&5!#*1!)-52&R!D
$&%-&K&!M'JRY
!@&5!6#*1!,+'4,!('5!#!:':&*+R!D+!,6#8&,R
!YH'J!*&&1!*'+!(&#5!:&R!D!9#*+!+'!,+'4!)-52&R!LJ+!D!*&&1!M'J5!#,,-,+#*2&RY
!A&%%!@#98-*,S,!&M&,!,&&:!+'!,&&!:&!('5!+6&!(-5,+!+-:&R!@&5!K'-2&!-,!6-/6!#*1!
,25#+26M!#,!+5&&!$5#*26&,!8*'28-*/!#/#-*,+!#!4#*&!-*
+6&!9-*1RYD!8*'9!96'!M'J!#5&RY
!"6&!$-51!,XJ#98,R!YD!8*'9!96'!M'J!#5&R!D!8*'9!96'!M'J!#5&RY!D+!,&*1,!#!26-%%!1'9*!
:M!,4-*&R
!YH'J!1'\Y
!Y"6&MS5&!%''8-*/!('5!M'JR!D!6&#5!+6&:O!-*!:M!6&#1R!FJ26!+&55-$%&!+6-*/,RY!F6&!
/'&,!$#28!+'!4J%%-*/!#+!6&5!6#-5O!,-*/-*/!,'(+%M!#,!,6&
!1'&,R
!YB6'!-,!%''8-*/!('5!:&\Y
!YF6&!-,!#!6'J,&!'(!,9&&+,!9#-+-*/!+'!1&K'J5!M'JR!F6&!6#,!6&5!,4-&,RY!,6&!96-,4&5,!
-*!#!9#M!+6#+!:#8&,!:M!,8-*!/'!2'%1R
!D!1'*S+!8*'9!96#+!+'!:#8&!'(!+6-,R!YQ-,,!@#98-*,R!H'J!:#M!,4&#8!4%#-*%M!+'!:&R!
"5J%MO!M'J!2#*!+5J,+!:&R!LJ+!D!:J,+!8*'9!96&5&
+'!(-*1!+6&!"&:4%&R!D(!M'J!8*'9!96&5&!-+!-,O!-+!-,!-:4&5#+-K&!R!R!RY
!A&%%!+J5*,!+'!:&!9-+6!9-1&!&M&,R!YC'%%'9!+6&!4#+6R!F+-28!+'!+6&!4#+6RY
!Y"6&!4#+6\!B6#+!4#+6\Y
!cJ-28!#,!#!(%#,6O!A&%%!M#*8,!+6&!#:J%&+!(5':!:M!*&28!,'!6#51!+6#+!:M!,8-*!$J5*,!
(5':!-+R!L&('5&!D!2#*!45'+&,+O!,6&!(%-4,!-+!'K&5O
25#1%-*/!-+!-*!$'+6!6#*1,R!F6&!:'K&,!-+!$#28!#*1!('5+6!#,!-(!,6&S,!+5M-*/!+'!5&#1!
,':&+6-*/!'*!+6&!$#28!'(!-+RY"6&!+5J&!4#+6RY
!YC'%%'9!+6&!+5J&!4#+6R!C'%%'9!+6&!+5J&!4#+6OY!)#,,#*15#!,25&&26&,R
!YB6#+!4#+6!#5&!M'J!,4&#8-*/!'(\!D,!-+!-*!+6&!/#51&*\!<5!1'!M'J!:&#*!+6&!5-K&5\Y!D!
#,8R
!YA'R!A'R!A'OY!A&%%!:J5:J5,O!5'28-*/!K-'%&*+%MR!B-+6!#!,9-(+*&,,!D!1'!*'+!&Z4&2+O!
,6&!$#*/,!+6&!#:J%&+!6#51!#/#-*,+!:M!26#-5O
$&*1-*/!+6&!&M&R
!YF+'4!-+OY!D!,#MO!/5#$$-*/!:M!*&28%#2&!$#28R!"6&!&M&!%-&,!#+!#!,+5#*/&!#*/%&!*'9R
!YF+#M!'*!+6&!4#+6OY!A&%%!,#M,!#/#-*R!Y"6&MS%%!+5M!+'!%&#1!M'J!#,+5#MR!F6'9!M'J!
+6-*/,!M'J!2#**'+!+5J,+R!"5J,+!*'!'*&R!L&9#5&!+6&
.'44M!B#55-'5,RY
!QM!6&#1!5&&%,!(5':!A&%%S,!,+5#*/&!'J+$J5,+,R!YQ-,,!@#98-*,O!4%&#,&O!6'9!1'!D!(-*1!
+6-,!4#+6\!B-%%!-+!+#8&!:&!+'!+6&!"&:4%&\Y!D!#,8O
$J+!A&%%!@#98-*,!-,!$&M'*1!5&#26O!6J::-*/!,'(+%MO!8*'28-*/!6&5!(5#/-%&!6&#1!
#/#-*,+!+6&!9#%%!-*!#!1&,4&5#+&!#22':4#*-:&*+!J*+-%!#
*J5,&!:'K&,!$5-,8%M!+'!6&5!,-1&R
!YA'9O!*'9O!Q-,,!@#98-*,R!B6#+!9'J%1!+6&!1'2+'5!,#M!-(!6&!2'J%1!,&&!M'J!$&6#K-*/!
+6-,!9#M\!=&+S,!+5M!#!,#:4%&5O!,6#%%!9&\!DSK&
,':&!%'K&%M!*&9!+65&#1RY
!"6&!*J5,&!%&#1,!Q-,,!@#98-*,!#9#MR!"6&!+J(+,!'(!6#-5!,+-28-*/!'J+!'(!6&5!$J*!$'$!
#*1!,9#MR!Y"6&!"&:4%&!6-1&,!-*!4%#-*!,-/6+OY!,6&
,#M,RYC'%%'9!+6&!4#+6RY
!"6&!*J5,&!,-+,!A&%%!@#98-*,!-*!#!26#-5O!/J-1-*/!6&5!6#*1!J4!#*1!1'9*!+65'J/6!+-*M!
,+-+26&,R!DS:!:'5&!2'*(J,&1!+6#*!&K&5R!D!4&&5
-*+'!)#,,#*15#S,!2#/&RY0'!M'J!J*1&5,+#*1\Y
!"6&!$-51!$%-*8,!#*1!$%-*8,!#/#-*O!+6&!+-*M!$%#28!1'+!'(!6&5!4J4-%!1-,#44&#5-*/!-*!
#!(5'+6!'(!96-+&!(&#+6&5,!#*1!4'44-*/!$#28!+'
$%#28*&,,!#/#-*!%-8&!#!/5&#+!-%%J,-'*-,+S,!+5-28R!A'9!M'J!,&&!-+U!*'9!M'J!1'*S+R!
LM!-*26&,O!,6&!+J5*,!'*!+6&!$#5!'(!+6&!2#/&O!/-K-*/!:&
6&5!2'%'5(J%!$#28R
!YA'O!D!1-1*S+!+6-*8!M'J!1-1RY!D!,-/6R
!D!#,8!'*&!'(!+6&!*J5,&,!96&5&!D!:-/6+!(-*1!"':O!#*1!,6&!+&%%,!:&!+'!+5M!+6&!:&*S,!
9#51R!F6&!'((&5,!+'!&,2'5+!:&O!96-26!D!8*'9!-,
+6&!45'4&5!+6-*/!+'!1'O!$J+!D!#,,J5&!6&5!+6#+!D!9-%%!9#-+!('5!"':!-*,+&#1R!"6&*!D!
,%-4!'J+!#*1!9#%8!+'9#51!+6&!:&*S,!9#51R!0'2+'5,
4#,,O!1&&4!-*!2'*K&5,#+-'*R!"6&M!*'1!-*!#28*'9%&1/:&*+!#*1!D!/-K&!#!2'*/&*-#%O!
2%',&I:'J+6&1!,:-%&!-*!5&+J5*R!"6&-5!&M&,!%-*/&5!'*
:&!('5!VJ,+!#!:':&*+!:'5&O!#*1!D!%''8!#9#M!XJ-28%MR!D+!-,!#!,+5#*/&!(&&%-*/O!+'!$&!
,&&*!%-8&!+6-,R!D!$'+6!9#*+!-+!#*1!(&#5!-+!#!%-++%&R
"6&5&!-,!,J26!4'9&5!-*!+6',&!(%&&+-*/!/%#*2&,O!$J+!D!1'!*'+!8*'9!96#+!%-&,!'*!+6&!
'+6&5!,-1&!'(!+6&:O!#*1!+6#+!,2#5&,!:&!#!$-+R!@'9!-,
-+!4',,-$%&!+'!(&&%!$'+6!5&#1M!#*1!*'+!M&+!5&#1M!('5!+6-,!*&9!9'5%1!'(!:&*\
!Q5R!F*'9!'(!+6&!9#*1&5-*/!6#*1,!#445'#26&,R!D!1J28!1'9*!#!2'55-1'5!+'!9#-+!J*+-%!
6&!-,!/'*&R!7!:#*!,-+,!5J$$-*/!6-,!(-*/&5,!'K&5
#*1!'K&5O!&M&,!,+#5-*/!,+5#-/6+!#6&#1R!.%&#,&O!Q5R!F*'9R!.#,,!'*!,'!+6#+!D!:#M!/&+!
$#28!+'!+6&!6#%%9#M!J*,2#+6&1R
!YDSK&!#!:&,,#/&!('5!M'JOY!+6&!:#*!,#M,R
!"6&5&!-,!*'!'*&!$J+!+6&!+9'!'(!J,!6&5&RYD!$&/!M'J5!4#51'*\Y
!@&!+J5*,!,%'9%M!+'!(#2&!:&RY"6&!,4-5-+,!#5&!V'-*-*/!+'/&+6&5O!:-,,R!"6&MS5&!
2':-*/!('5!M'JRY
!D!(&&%!6'+!#*1!%-/6+I6&#1&1RYB6#+!1-1!M'J!,#M\Y
!@&!/5-*,!#*1!%'9&5,!6-,!6&#1O!%''8-*/!J4!#+!:&!+65'J/6!6#%(I2%',&1!%-1,R!"6&!
&((&2+!-,!26-%%-*/O!#,!-(!6&!-,!#!1-((&5&*+!4&5,'*
#%+'/&+6&5R!YB&S5&!2':-*/!('5!M'JO!:-,,R!B&S5&!#%%!2':-*/!('5!M'JRY!B-+6!#!(-&52&!
XJ-28*&,,O!6&!,*#4,!6-,!V#9,!#+!:&O!/5'9%,O!%-8&!#
:#1!1'/R
!>&+#9#MO!>&::#R>#,4-*/O!D!5J*!(5':!6-:O!5'J*1-*/!#!2'5*&5!(#,+!#*1!$J:4-*/!
1-5&2+%M!-*+'!:M!#,+'*-,6&1!$5'+6&5R
!Y>&::#b!B6#+!'*!&#5+6!#5&!M'J!1'-*/!J4!6&5&!J*&,2'5+&1\Y
!YD!D!D!R!R!R!%''8-*/!('5!M'Jb!"6#+!:#*!R!R!R!OY!D!,#MO!4'-*+-*/!$&6-*1!:&R
!"':!,+&4,!#5'J*1!+6&!2'5*&5O!#*1!D!('%%'9R!"6&!'%1!:#*!-,!,-++-*/!'*2&!#/#-*O!
,+#5-*/!,+5#-/6+!#6&#1RYQ5R!)#5&MR!.''5!(&%%'9R
)':4%&+&%M!$&M'*1!5&#26R!DS:!#(5#-1!6&S%%!6#K&!+'!$&!:'K&1!+'!#!2'J*+M!#,M%J:!
,''*RY
!Y@&!RRR!6&!,4'8&!+'!:&OY!D!,+#::&5R
!"':!%''8,!2'*(J,&1R!YQ5R!)#5&M!,4'8&!+'!M'J\!"6#+S,!-:4',,-$%&R!Q5R!)#5&M!1'&,*S+!
,4&#8!#!9'51O!&K&5R!@&!-,!:J+&R!B6#+!9#,!-+
M'J!+6'J/6+!6&!,#-1!+'!M'J\Y
!YB&S5&!2':-*/!('5!M'JOY!D!5&4&#+O!5&#%-T-*/!#,!D!,#M!-+!+6#+!-+!9#,!*'+!Q5R!)#5&M!
,4&#8-*/!+'!:&!$J+!,':&'*&!&%,&R
!F':&'*&!(5':!+6&!5&#%:,R
!YB6#+!6#44&*&1!+'!A&%%!@#98-*,\Y!D!#,8!#,!9&!+#8&!#!2#$!+'!:&&+!C&%-2-+M!#*1!7**!
'*!;&/&*+!F+5&&+R
!Y"6#+!-*('5:#+-'*!-,!45-K-%&/&1OY!"':!5&4%-&,!9-+6!#!,*-((R
!Y)':&O!"':R!DS:!*'+!%-8&%M!+'!,6#5&!-+!9-+6!#*M'*&OY!D!%-&R
!"':!,6#8&,!6-,!6&#1RY7$,'%J+&%M!*'+R!D+!-,!6'55-$%&!#*1!-*1&%-2#+&O!*'+!+6&!,'5+!
'(!+6-*/!('5!#!M'J*/!%#1MS,!&#5,R!L&,-1&,O!M'JSK&!#
K-K-1!-:#/-*#+-'*!#,!-+!-,R!D!9'*S+!#11!+'!M'J5!*-/6+:#5&,RY
!YE&5M!9&%%OY!D!/5J:$%&RYB-%%!,6&!5&2'K&5\Y
!Y0-((-2J%+!+'!,#MR!D!#:!9'58-*/!+'!+6#+!&*1O!+6'J/6!D!1'J$+!,6&!9-%%!&K&5!5&+J5*!
+'!F#-*+!E-2+'5-#S,R!D!9'J%1!#1K-,&!#/#-*,+!-+O
2&5+#-*%MRY
!D!,-+!,+5#-/6+!J4O!:M!*&5K&,!'*!(-5&RYB6#+!1-1!M'J!,#M\Y
!YD!,#-1!D!9'J%1!#1K-,&!#/#-*,+!-+RY
!YA'O!$&('5&!+6#+RY
!YF#-*+!E-2+'5-#S,!F26''%!('5!>-5%,R!D+S,!-*!F9#*,&#O!D!$&%-&K&R!D+S,!,#-1!+'!$&!#!
K&5M!(-*&!,26''%O!$J+!'*&!1'&,!9'*1&5R!B6M!1'!M'J
#,8\Y
!"6&5&S,!#!+-*/%&!-*!:M!,+':#26O!#!,&*,&!'(!('5&$'1-*/R!7!,*#8&!5-*/R!7!9':#*!-*!
/5&&*R!0'*S+!+5J,+!6&5!R!R!R!YD!$&%-&K&!'*&!'(!'J5
+&#26&5,!2':&,!(5':!F#-*+!E-2+'5-#S,RY
!YB&%%O!D!1'!6'4&!+6&M!8&&4!$&++&5!9#+26!'K&5!+6&!(%'28!#+!F4&*2&!+6#*!+6&M!1'!#+!
F#-*+!E-2+'5-#S,R!"6#+!-,!#%%!D!2#*!,#M!#$'J+!+6&
:#++&5OY!"':!,+#+&,!/5-:%MR
!D!#:!+5'J$%&1!$&M'*1!9'51,R!B#,!Q-,,!Q2)%&&+6M!#+!F+R!E-2+'5-#S,!96&*!A&%%!
@#98-*,!9#,!#!4J4-%!+6&5&\!B6#+!6#44&*&1!+6#+!-,!+''
Y-*1&%-2#+&Y!('5!"':!+'!,6#5&\!B6#+!6#44&*&1!+'!A&%%!@#98-*,!+6#+!15'K&!6&5!:#1\
!B6#+&K&5!-+!9#,O!D!45#M!+6#+!D!,6#%%!*'+!,J((&5!+6&!,#:&!(#+&R
!Y@#K&!M'J!#*!#115&,,!('5!F#-*+!E-2+'5-#S,\Y!D!#,8R
!YH&,R!B6M\Y"':S,!,J,4-2-'J,R
!D!%''8!'J+!#+!+6&!,6'4,!1-,4%#M-*/!+6&-5!)65-,+:#,!9#5&,R!Y<J5!6&#1:-,+5&,,!
26#5/&1!:&!J,!9-+6!4&5('5:-*/!#*!#2+!'(!26#5-+M
'K&5!+6&!6'%-1#MR!D!+6'J/6+!4&56#4,!D!2'J%1!95-+&!+'!+6&:O!%&+!+6&:!8*'9!+6#+!
#*'+6&5!,26''%/-5%!-,!,4&*1-*/!+-:&!9-+6!Q-,,!@#98-*,
#*1!5&:-*1-*/!6&5!'(!6#44-&5!1#M,RY
!YE&5M!2'::&*1#$%&R!D*!+6#+!2#,&O!D!,6#%%!/-K&!M'J!+6&!#115&,,R!76O!6&5&!9&!#5&RY
!)@7."3;!"B3A"HI"@;33
!"@3!)7L!F"<.F!L3C<;3!7!F"7"D<A3;SF!F@<.!<A!;&/&*+!F+5&&+R!C&%-2-+M!#*1!7**!5J,6!
'J+!+'!:&&+!J,O!+5#-%&1!$M!+6&
&K&5I'$,&5K#*+!C5#**MR!D!9#*+!1&,4&5#+&%M!+'!+&%%!+6&:!96#+!DSK&!%&#5*&1!#$'J+!
A&%%!@#98-*,!#*1!9'*1&5!6'9!D!,6#%%!4',,-$%M!1'!,'
*'9R
!"':!+-4,!6-,!6#+!+'!:M!(5-&*1,R!.%&#,#*+5-&,!#5&!&Z26#*/&1R!Y@'9!#5&!M'J!(-*1-*/!
='*1'*O!Q-,,!L5#1,6#9\Y!6&!#,8,R
!YD!%-8&!-+!&K&5!,'!:J26OY!7**!,#M,O!/-K-*/!6-:!#!5-1-2J%'J,%M!1&:J5&!,:-%&R
!Y"6#+!-,!#!K&5M!,:#5+!6#+R!D+!$&2':&,!M'JRY
!Y"6#*8!M'JOY!7**!:J:$%&,O!%''8-*/!#+!+6&!/5'J*1!,6M%MR!D*!#!:':&*+O!D!,6#%%!6J5%!
:M,&%(!J*1&5!#!4#,,-*/!$5'J/6#:R
!YQ-/6+!D!&,2'5+!M'J!-*+'!+6&!,+#+-'*&5S,\Y
!C&%-2-+M!,:-%&,!-:4#+-&*+%MRYH&,O!9&S5&!K&5M!/5#+&(J%O!DS:!,J5&O!$J+!M'J!:J,+*S+!
+5'J$%&!M'J5,&%(R!>''1!1#M!+'!M'JRY
!Y"6#+!9#,!*'+!K&5M!6',4-+#$%&!'(!M'JOY!7**!,2'%1,!#,!:J26!#,!7**!2#*!,2'%1!'*2&!
9&S5&!-*,-1&!+6&!,6'4R
!YD!2'J%1!6#K&!+'%1!6-:!+6#+!E&5M!,:#5+!6#+S!9#,!:-*&OY!C&%-2-+M!,*#4,R
!YDSK&!*&9,OY!D!,#MO!$&('5&!7**!2#*!5&+'5+R!A'9!DSK&!/'+!+6&-5!(J%%!#++&*+-'*R
!YB6#+!-,!-+\Y!7**!#,8,R
!C5#**M!6'K&5,!*&#5O!6&5!&M&,!+5#-*&1!'*!+6&!1-,+#*2&!$&('5&!J,O!6&5!&#5,!+#8-*/!
-*!'J5!&K&5M!9'51!9-+6!#!5&4'5+&5S,!#22J5#2MR
!YB&!,6#*S+!6#K&!#*M!(J*!#+!#%%!9-+6!6&5!-*!+'9OY!C&%-2-+M!96-,4&5,!$-++&5%M!#,!9&!
:#8&!#!45&+&*,&!'(!&Z#:-*-*/!+6&!,6&#K&,!'(!+6-28
-K'5M!4#4&5!$J*1%&1!-*!2'%'5(J%!5-$$'*,R!YF6&!1'/,!'J5!&K&5M!,+&4!#,!-(!,6&!9&5&!
Q5,R!A-/6+9-*/!6&5,&%(R!D+!-,!-:4',,-$%&!+'!+6-*8!+6#+
9&!6#K&!:'5&!(5&&1':!#+!F4&*2&O!$J+!+6&5&!-+!-,RY
!B&!%&#K&!+6&!,+#+-'*&5S,!,6'4!#*1!9#%8!4#,+!#!:-%%-*&5S,O!#!%-*&*!15#4&5S,O!#!+'M!
,6'4O!#*1!#!+'$#22'*-,+O!96&5&!/&*+%&:&*!,-+
,:'8-*/!(#+!2-/#5,R!"6&!,+&&+,!#5&!25'91&1!9-+6!4&'4%&!6J*+-*/!('5!VJ,+!+6&!5-/6+!
4#-5!'(!/%'K&,!('5!7J*+!.5J1&*2&!'5!+6&!4&5(&2+!+'M
15J:!('5!%-++%&!N'6**MR!C5#**M!1'&,!*'+!%',&!6&5!,+5-1&O!6'9&K&5O!#*1!C&%-2-+M!-,!
'*!+6&!K&5/&!'(!#!(J%%!,*-+R
!YQ#:#!+6-*8,!,6&!2#*!5J*!'((!+'!C5#*2&O!+6&*!2':&!$#28!#*1!#2+!#,!-(!D!#:!+'!$&!
J*1&5!6&5!6&&%!#*1!,:-%&!#$'J+!-+R!B&%%O!-+!9'*S+
1'R!DSK&!#!:-*1!+'!/-K&!C5#**M!+6&!,%-4OY!C&%-2-+M!2':4%#-*,O!4'J+-*/R
!Y<6O!4%&#,&!1'*S+OY!7**!$&/,R!YD!1'*S+!9-,6!+'!2#J,&!#*M!,2#*1#%RY
!YH&,O!9&S1!$&!%'28&1!-*!'J5!5'':,!('5!+6&!&*+-5&+M!'(!+6&!6'%-1#MOY!D!#/5&&R
!B&!5&#26!#!2'*(&2+-'*&5S,!,6'4O!96&5&!,J:4+J'J,!4#,+5-&,!#*1!V&%%-&1!(5J-+,!
$&28'*!+'!J,!(5':!$&6-*1!/%#,,R!7!M'J*/!:#*!,9&&4,
!+6&!,-1&9#%8R!@&!,J11&*%M!2#%%,!'J+!$'%1%MO!YC5#**Mb!)':&!#*1!/-K&!J,!#!8-,,bY
!C5#**M!$%#*26&,O!%''8,!#9#MR!YDS:!,J5&!M'JS5&!:-,+#8&*O!,-5OY!,6&!,#M,R
!C&%-2-+M!4'J*2&,R!YF-5O!#5&!M'J!9&%%!#2XJ#-*+&1!9-+6!:M!,&5K#*+\Y
!"6&!M'J*/!:#*!1'&,*S+!8*'9!96#+!+'!1'!'5!,#MR!D+S,!2%&#5!6&!8*'9,!C5#**MO!#*1!
9&%%O!$J+!*'9!6&!:#M!6#K&!/'++&*!6&5!-*!+5'J$%&R
C'5!#!,&5K#*+O!+6&!,%-/6+&,+!96-((!'(!-:45'45-&+M!2#*!$&!/5'J*1,!('5!1-,:-,,#%R
!YQM!:'+6&5!,6'J%1!$&!XJ-+&!-*+&5&,+&1!+'!6&#5!6'9!6&5!'9*!:#-1!8-,,&1!#!:#*!-*!
$5'#1!1#M%-/6+!96-%&!-*!+6&!2':4#*M!'(!6&5
-:45&,,-'*#$%&!26#5/&,OY!C&%-2-+M!,#M,R
!YLJ+!D!*&K&5!1-1!,J26!#!+6-*/bY!C5#**M!45'+&,+,R
!Y!"-,!M'J5!9'51!#/#-*,+!'J5,OY!C&%-2-+M!,#M,O!:#8-*/!J,!6&5!#22':4%-2&,!96&+6&5!
9&!%-8&!-+!'5!*'+R
!C5#**M!$#%%,!6&5!6#*1,!-*+'!+-/6+!(-,+,!#+!6&5!,-1&R!Y>'1!,&&,!M&5!9-28&1*&,,O!
:-,,R!D+S,!#!$%#28!:#58!-*!6-,!%&1/&5O!+'!$&!,J5&RY
!YD!+6-*8!9&!:-/6+!2':&!+'!#*!#/5&&:&*+RY!C&%-2-+M!4J%%,!#!,6-%%-*/!(5':!6&5!
4J5,&R!Y@&5&R!>'!'*!#*1!+#8&!-+R!"#8&!-+!#*1!$JM
M'J5,&%(!#!4#,+5MR!DS:!,J5&!+6-,!M'J*/!:#*!9'J%1!$&!6#44M!+'!6&%4!M'JR!B&S%%!#/5&&!
+'!:&&+!6&5&!#/#-*!#+O!,#MO!(-K&!'S2%'28\Y
!"6&!,6-%%-*/!,6-*&,!$&+9&&*!C&%-2-+MS,!/%'K&1!(-*/&5,R!D(!C5#**M!+#8&,!-+O!,6&!
2#*!&*V'M!#!4#,+5M!#*1!#*!#(+&5*''*!9-+6!6&5
/&*+%&:#*!(5-&*1R!LJ+!,6&!9-%%!#%,'!$&!('5&K&5!-*!C&%-2-+MS,!4'28&+R
!C5#**M!,6#8&,!6&5!6&#1R!Y<6O!*'O!:-,,R!.%&#,&!1'*S+!#,8!:&!+'!%-&!+'!Q5,R!
B'5+6-*/+'*R!=M-*/S,!#!,-*R!D!2'J%1*S+!4',,-$%MO!:-,,R
B'J%1!M'J!6#K&!:&!&*1#*/&5!:M!4',-+-'*!#*1!:M!-::'5+#%!,'J%!('5!'*%M!#!,6-%%-*/O!
:-,,\Y
!"6#+!C5#**M!:#*#/&,!+'!1&%-K&5!+6-,!$%#28:#-%-*/!,&5:'*!9-+6!#!,+5#-/6+!(#2&!-,!
XJ-+&!#!(&#+R!D!6#K&!*&9('J*1!5&,4&2+!('5!6&5R
!YDSK&!#!:-*1!+'!+&%%!:M!:'+6&5O!#*M9#MOY!C&%-2-+M!,*#5%,R!D+S,!#*!&:4+M!
,+#+&:&*+O!#*1!9&!#%%!8*'9!-+R!C&%-2-+MS,!/&++-*/!+6&!45&2-'J,
(5&&1':!,6&!25#K&,R!F6&!6#*1,!C5#**M!#!4'J*1O!+6&!45-2&!'(!6&5!,-%&*2&R!C5#**M!
,*#+26&,!+6&!2'-*!XJ-28%MO!('%1-*/!-+!+-/6+%M!-*!6&5
6#*1R!C&%-2-+M!-,*S+!+#8-*/!#*M!26#*2&,R!YD(!M'J!,6'J%1!&K&*!+6-*8!'(!2'*(&,,-*/!
+'!:M!:'+6&5O!9&!,6#%%!-*,-,+!+6#+!-+!9#,!M'J!96'!%&(+
J,!+'!:&&+!#!/&*+%&:#*!(5-&*1R!.''5!J,O!%',+!#*1!#%'*&!9-+6'J+!'J5!26#4&5'*&!'*!
+6&!25J&%!,+5&&+,!'(!='*1'*O!#*1!:-,,-*/!#!4'J*1!#,
9&%%!:',+!2J5-'J,!6'9!+6#+!6#44&*&1RY
!C5#**MO!,'!+5-J:46#*+!#!:':&*+!#/'O!$%J,6&,!5&1!#*1!,&+,!+6',&!+6-*!%-4,!-*!#!
/5-:!%-*&RYH&,O!:-,,R!C-K&!'S2%'28RY
!7,!9&!6J55M!#(+&5!C&%-2-+MO!D!+J5*!+'!C5#**MO!*'+!,J5&!96#+!+'!,#MRY"6#*8!M'JO!
C5#**MR!H'JSK&O!J:O!M'JSK&!45'K&1!#!K&5M!9'5+6M
/-5%RY!7*1!9-+6!+6#+O!9&!#5&!'*!'J5!'9*R
!C5&&1':!+#,+&,!'(!#!25&#:!4J((!$'J/6+!'*!;&/&*+!F+5&&+R!F9&&+!%&#K&,!'(!(%#8M!
4#,+5M!1-,,'%K&!'*!:M!+'*/J&!96-%&!+6&!6#*,':,
#*1!':*-$J,&,!:'K&!J4!#*1!1'9*!+6&!,+5&&+O!:J11M!9#+&5!:-Z&1!9-+6!1-5+M!,*'9!
26J5*-*/!$&*&#+6!+6&-5!96&&%,R!.&'4%&!$J,+%&!+'
#*1!(5'O!#5:&1!9-+6!#!,&*,&!'(!4J54',&R!7*1!9&!:'K&!#:'*/!+6&:!9-+6!*'!
2'*,+5#-*+,O!#*'+6&5!4#5+!'(!+6&!*#:&%&,,!25'91!2'%%-1-*/
9-+6!26#*2&O!9-+6!1&,+-*MR
!B&!9#%8!+'!.-22#1-%%M!#*1!1J28!-*+'!+6&!/5&#+!2'K&5&1!LJ5%-*/+'*!752#1&O!,+5-1-*/!
4#,+!+6&!$&#1%&,O!96'!8&&4!'51&5!9-+6!6#5,6
/%#*2&,!#*1!+6&!9&-/6+!'(!#!,+-28!-*!+6&-5!6#*1,R!"6&5&!#5&!,+#%%,!,&%%-*/!-+&:,!
'(!#%%!,'5+,!6&5&!,6&&+!:J,-2O!/%'K&,O!6',-&5MO!2J+I/%#,,
'5*#:&*+,!#*1!+6&!%-8&!#*1!D!(&&%!#!1&&4!%'*/-*/!('5!D*1-#!#/#-*O!9-+6!-+,!$#T##5,!
#*1!(5#*+-2!:#58&+,R
!Y"6-,!-,!*&#5%M!#,!/''1!#,!$&-*/!-*!+6&!5&#%:,OY!7**!,#M,O!6#44-%M!1&K'J5-*/!6&5!
+5&#+R
!YB6#+!-,!M'J5!*&9,\Y!C&%-2-+M!#,8,R
!YQM!$5'+6&5!6#,!#!4#+-&*+!#+!L&+6%&:!*#:&1!A&%%!@#98-*,R!7!:',+!-*+&5&,+-*/!2#,&!
R!R!RY
!YD+!-,!,'!*'$%&!'(!"':!+'!2#5&!('5!+6&!J*('5+J*#+&OY!7**!,#M,O!%-28-*/!#!1'%%'4!
'(!4#,+5M!25&#:!(5':!6&5!%-4,RY@-,!$&+5'+6&1!:J,+
+6-*8!6-:!%'K&%MRY
!YL&+5'+6&1\!"':\Y!D!,#MO!#**'M&1!#+!+6&!-*+&55J4+-'*R!"''!%#+&O!D!5&:&:$&5!:M!
%-&R!Y<6R!H&,O!J:O!M'J!:&#*+!Q-,,!;-26#51,'*R!<(
2'J5,&R!@'9!,-%%M!'(!:&RY
!YH'J!,#-1!6&5!*#:&!9#,!0#%+'*R!7*1!+6#+!,6&!9#,!$&#J+-(J%RY
!*D!RRRY!D!2#*!+6-*8!'(!*'+6-*/!+'!,#MR!DSK&!5&#%%M!4J+!:M!(''+!-*!-+RYD+!-,!
&*1&1RY
!Y<6\Y!7**!#,8,O!%''8-*/!6'4&(J%R
!YB'J%1!M'J!%&+!6&5!/&+!'*!9-+6!+6&!,+'5M\Y!C&%-2-+M!26-1&,R
!YA&%%!@#98-*,!1'&,*S+!+6-*8!6&5,&%(!N'#*!'(!752!'5!+6&!cJ&&*!'(!F6&$#R!@&5!
4#5+-2J%#5!1&%J,-'*!-,!+6#+!,6&!+6-*8,!,6&S,!#!:&:$&5!'(
+6&!<51&5O!#*1!+6#+!#!9':#*!*#:&1!)-52&!-,!#(+&5!6&5RY
!C&%-2-+M!/#,4,RYH'JSK&!/-K&*!:&!26-%%,RY
!7**S,!2'*(J,&1RYLJ+!D!+6'J/6+!M'J!,#-1!,6&!9#,!#+!L&+6%&:RY
!YB&%%O!M&,OY!D!,#MO!5&#%-T-*/!6'9!5-1-2J%'J,!-+!:J,+!#%%!,'J*1R!"9'!*&9,$'M,!
4#,,O!6&28%-*/!J,!#,!+6&M!/'R!B&!4#M!+6&:!*'!:-*1R
!YLJ+!M'J!1'*S+!+6-*8!,6&!-,!:#1R!H'J!+6-*8!,6&S,!'*%M!4%#M#2+-*/!+'!45'+&2+!
6&5,&%(!\YC&%-2-+M!%&#1,R
!B&SK&!5&#26&1!#!4%#2&!,&%%-*/!&%#$'5#+&!,*J(($'Z&,R!D!-*,4&2+!'*&!+6#+!-,!-*%#-1!
9-+6!-K'5MR!D+!-,!1&#5O!$J+!DSK&!*'+6-*/!('5!:M!(#+6&5
M&+O!,'!D!-*,+5J2+!+6&!/-5%!+'!95#4!-+!('5!:&R!Y72+J#%%MO!D!K-,-+&1!9-+6!6&5!
&#5%-&5R!F6&!-,O!-*!(#2+O!-*,#*&R!F6&!1-1!+6-,OY!D!,#MO!,6'9-*/
:M!$#++&5&1!#:J%&+R
!Y<6O!:MOY!C&%-2-+M!,#M,R
!YD!1'*S+!,&&!6'9!,6&!2#*!4',,-$%M!6&%4!J,O!+6&*OY!7**!/5J:4,R
!YF6&S,!,&&*!)-52&R!DS:!,J5&!'(!-+R!F6&!8&4+!:&*+-'*-*/!+6&!4#+6R!SF+-28!+'!+6&!
4#+6R!Y!F6&!,#-1!-+!,&K&5#%!+-:&,RY
!YB6#+!1'!M'J!,J44',&!+6#+!:&#*,\Y!C&%-2-+M!#,8,R!B&!4#,,!+65'J/6!+6&!#52#1&!#*1!
'J+!+'!L'*1!F+5&&+O!,+'44-*/!$&('5&!#!/%-++&5-*/
,6'4!9-*1'9R!)%#5&+!,-%8!2#,2#1&,!'K&5!+6&!,-%&*+!9#Z!1J::M!'(!#!9':#*R!3#26!
25&#,&!,6-::&5,!%-8&!9-*&!-*!:''*%-/6+R!B&!2#**'+
6&%4!,+#5-*/!%'*/-*/%MR
!YD!1'*S+!8*'9!96#+!-+!:&#*,R!LJ+!D!1'!8*'9!+6#+!A&%%!@#98-*,!9#,!#!,+J1&*+!#+!
F#-*+!E-2+'5-#S,!-*!B#%&,RY
!YD,*S+!+6#+!96&5&!Q-,,!Q2)%&&+6M!+#J/6+!$&('5&!,6&!2#:&!+'!F4&*2&\Y!7**!#,8,R
!YH&,R!LJ+!DSK&!*'!-1&#!-(!,6&!9#,!'*&!'(!A&%%S,!+&#26&5,R!D!,6#%%!95-+&!#!%&++&5!
+'!+6&!6&#1:-,+5&,,!+6&5&!#,8-*/!96&*!Q-,,!Q2)%&&+6M
%&(+!+6&-5!&:4%'MR!D!$&%-&K&!+6#+!+6&5&!-,!,':&!+&55-$%&!2'**&2+-'*!$&+9&&*!96#+!
6#44&*&1!+'!A&%%!@#98-*,!#*1!Q-,,!Q2)%&&+6MO
,':&+6-*/!+6#+!6#,!+'!1'!9-+6!+6&!5&#%:,R!D(!9&!2#*!,'%K&!+6#+!5-11%&O!-+!:#M!K&5M!
9&%%!%&#1!J,!+'!+6&!"&:4%&RY
!YD!1'*S+!,&&!6'9OY!7**!/5'J,&,R
!D!,-/6RYD!1'*S+!&-+6&5O!$J+!#+!45&,&*+O!-+S,!:M!'*%M!6'4&RY
!"6&!,-%8!+#J*+,!J,!(5':!-+,!6-/6!4&526!$&6-*1!/%#,,R!7**!,-/6,R!YB'J%1*S+!M'J!
#1'5&!6#K-*/!#!15&,,!:#1&!(5':!+6#+\!3K&5M!6&#1
9'J%1!+J5*RY
!YQ#:#!-,!6#K-*/!:M!15&,,!,&*+!(5':!.#5-,OY!C&%-2-+M!,#M,O!#,!-(!1-,2J,,-*/!+6&!
9&#+6&5R
!7**!4J+,!6&5!6#*1!+'!+6&!/%#,,R!YD!9-,6!R!R!RY!F6&!2#*S+!&K&*!(-*-,6!+6&!
,&*+&*2&R!D+S,!+''!:J26!&K&*!+'!9-,6R
!7!,6'4/-5%!,+&4,!J4!-*+'!+6&!9-*1'9O!+6&!#52!'(!%&++&5-*/!+6#+!-,!)#,+%&!#*1!
F'*,O!05&,,:#8&5,O!2J++-*/!6&5!-*+'!+9'!*&#+!,&2+-'*,R
F6&!5&:'K&,!+6&!1#TT%-*/!(#$5-2R!F+5-44&1!'(!-+,!(-*&5MO!+6&!15&,,:#8&5S,!1J::M!
9'$$%&,!#*1!,&++%&,!J45-/6+O!*'+6-*/!:'5&!+6#*!#
(%&,6I2'%'5&1!,6&%%R
!B&!9#%8!'*!+-%%!9&!(-*1!'J5,&%K&,!'*!#!,:#%%!,-1&!,+5&&+O!96&5&!D!#:!,+5J28!1J:$R!
"J28&1!#9#M!J*1&5!#*!#9*-*/!-,!#!+-*M
,6'4!+6&!>'%1&*!0#9*R
!YB6#+!-,!-+\Y!C&%-2-+M!#,8,R
!Y"6#+!,6'4R!Q-,,!Q2)%&&+6M!6#1!#*!#1K&5+!('5!-+!-*!6&5!2#,&R!D+!9#,!'*&!'(!+6&!
'*%M!+6-*/,!,6&!6#1O!,'!-+!:J,+!$&!'(!,':&
-:4'5+#*2&OY!D!,#MR
!Y7!$''8,&%%&5S,\Y!7**!#,8,O!95-*8%-*/!6&5!*',&R
!Y=&+S,!6#K&!#!%''8!('5!'J5,&%K&,OY!C&%-2-+M!,#M,R
!B&!1-4!-*+'!+6&!1#58!2#K&!'(!+6&!,6'4R!0J,+!,9-5%,!-*!+6&!9&#8!%-/6+R!D+!-,*S+!#!
K&5M!9&%%I8&4+!,6'4O!#*1!D!9'*1&5!96M!Q-,,
Q2)%&&+6M!-,!('*1!'(!-+R
!7!K'-2&!2':&,!(5':!+6&!1#58*&,,R!YQ#M!D!$&!'(!#,,-,+#*2&\Y!"6&!K'-2&!+#8&,!('5:!
-*!+6&!4&5,'*!'(!#!,+''4&1!:#*!'(!#$'J+!,&K&*+MR
@&!6'$$%&,!'K&5O!%&#*-*/!'*!#!2#*&!#,!6&!1'&,R!@-,!8*&&,!25&#8!9-+6!+6&!&(('5+R!
Y@'9!1'!M'J!1'\!D!#:!Q5R!"6&'1'5&!0#MO!45'45-&+'5
'(!+6&!>'%1&*!0#9*O!$''8,&%%&5!,-*2&!#**'!5&/*-!5&/-*#&!&-/6+&&*!6J*15&1!#*1!
,-Z+MI'*&RY
!Y@'9!1'!M'J!1'OY!9&!:J5:J5!-*!J*-,'*R
!YB6#+!#5&!M'J!#(+&5O!+6&*\!76O!9#-+b!0'*S+!+&%%!:&R!DSK&!VJ,+!+6&!+6-*/RY!)#*&!
%&#1-*/!+6&!9#MO!Q5R!0#M!%-:4,!,4&&1-%M!+'!#!+#%%
$''82#,&!25'91&1!9-+6!K'%J:&,R!YF':&+6-*/!9-+6!45-*2&,,&,O!4&56#4,\!<5O!*'!6#J*+&1!
2#,+%&,!#*1!:#-1&*,!-*!4&5-%\Y!@-,!&M&$5'9,O
+6',&!+9'!(#+!96-+&!2#+&54-%%#5,!#+'4!6-,!,4&2+#2%&,O!9-//%&!9-+6!'$K-'J,!1&%-/6+R
!YD(!M'J!4%&#,&!R!R!R!OY!D!$&/-*R
!Q5R!0#M!9#/,!#!(-*/&5RYA'O!*'O!*'O!1'*S+!,4'-%!-+R!D!,6#%%!(-*1!96#+!M'JS5&!
#(+&5RY!B&!+5#-%!Q5R!0#M!#,!6&!&Z#:-*&,!&#26!,6&%(O
5J**-*/!6-,!8*'$$M!(-*/&5!'K&5!%&#+6&5!,4-*&,O!:J++&5-*/!+'!6-:,&%(!-*!$''8!
+-+%&,R!YBJ+6&5-*/!@&-/6+,!R!R!R!N#*&!3M5&!R!R!R!)#,+%&!'(
<+5'*+'!'6O!+6#+S,!#!,4%&*1-1!$''8O!D!,#MRY
!YD(!M'J!4%&#,&O!,-5OY!D!,#MO!5#-,-*/!:M!K'-2&!,%-/6+%MR!YB&!9&5&!5#+6&5!6'4-*/!+'!
(-*1!#!$''8!#$'J+!+6&!<51&5R!@#K&!M'J!#*M!,J26
$''8,\Y
!DSK&!4&54%&Z&1!Q5R!0#MR!"6&!2#+&54-%%#5!&M&$5'9,!2'%%-1&!#+!+6&!$5-1/&!'(!6-,!
*',&R!Y0&#5O!1&#5!RRR!D!2#*S+!,#M!#,!DSK&!6&#51!R!R!R
B6#+!9#,!+6#+!+-+%&!#/#-*\Y
!YD+!-,*S+!#!+-+%&OY!C&%-2-+M!,#M,!-*!,J26!#*!-:4#+-&*+!9#M!D!2#*!45#2+-2#%%M!6&#5!
+6&!J*,4'8&*!M'J!1'11&5-*/!'%1!(''%!+6#+!('%%'9,R
!YD+!-,!#!,J$V&2+OY!7**!,#M,!8-*1%MO!,#%K#/-*/!J,R!Y"6&!<51&5R!"6&M!9&5&!#!/5'J4!
'(!9':&*!96'!5J%&1!+6&!5&#%:,!9-+6!:#/-2!Y
!YA'+!5&#%!9':&*O!'(!2'J5,&bY!D!$5&#8!-*R!YD+!-,!$J+!#!,+'5MO!#(+&5!#%%RY
!YD+S,!(-2+-'*!M'JS5&!#(+&5O!+6&*\Y!Q5R!0#M!,#M,O!,25#+26-*/!#+!+6&!$#%1!,4'+,!
$&+9&&*!J*5J%M!96-+&!+J(+,!'(!6#-5R
!"6-,!-,!45'K-*/!-:4',,-$%&R!YQM+6,OY!D!,#M!#(+&5!#!:':&*+S,!+6'J/6+R
!Q5R!0#MS,!(#2&!$5-/6+&*,R!Y76b!DSK&!,':&!%'K&%M!$''8,!'(!:M+6,R!;-/6+!+6-,!9#MO!
-(!M'J!4%&#,&RY
!@&!%&#1,!J,!+'!#!2#,&!-*!+6&!$#28RY>5&&8O!;':#*O!)&%+-2O!+6&!A'5,&!'6O!D!1'!%'K&!
+6&!A'5,&R!@&5&!+6&M!#5&RY
!C&%-2-+M!/-K&,!:&!#!('5%'5*!%''8R!"6-,!-,!*'+!96#+!9&S5&!#(+&5O!$J+!96#+!2#*!9&!
1'!$J+!,#M!+6#*8!M'J!#*1!#+!%&#,+!45&+&*1!+'!%''8
$&('5&!%&#K-*/\!"6&!$&%%!'K&5!+6&!1''5!,-/*#%,!+6&!#55-K#%!'(!#*'+6&5!2J,+':&5!#*1!
Q5R!0#M!%&#K&,!J,R!@-,!26&&5M!K'-2&!#,8,!-(!6&!2#*
$&!'(!#,,-,+#*2&R!"6&!2J,+':&5O!#!9':#*O!#*,9&5,R!D!8*'9!+6#+!,+5#*/&!$5'/J&R!D+!
$&%'*/,!+'!Q-,,!Q2)%&&+6MR
!.&&5-*/!#5'J*1!+6&!2#,&O!D!,&&!6&5!#+!+6&!(5'*+R
!Y=''8!+6&5&OY!D!96-,4&5!J5/&*+%MR
!YB6&5&\Y!F+J4-1%MO!7**!,+&4,!'J+!(5':!$&6-*1!+6&!2'K&5!'(!+6&!$''82#,&R!7!,+5'*/!
M#*8!#*1!,6&S,!$#28!$&,-1&!:&R
!Y=''8!+65'J/6!6&5&OY!D!,#MO!4J%%-*/!+9'!$''8,!(5':!+6&-5!4%#2&,!'*!+6&!,6&%(O!
/-K-*/!J,!#!4&&46'%&!+'!+6&!'+6&5!,-1&R
!YD+S,!Q-,,!Q2)%&&+6MbY!7**!,#M,R
!YB6#+!-,!,6&!1'-*/!6&5&\Y!C&%-2-+M!96-,4&5,R
!YD!1'*S+!8*'9OY!D!96-,4&5!$#28RYD!2#*S+!6&#5RY
!Y76O!M&,R!D+S,!'*%M!VJ,+!#55-K&1OY!Q5R!0#M!,#M,O!-*!#*,9&5!+'!,':&!J*6&#51!
XJ&,+-'*!'*!Q-,,!Q2)%&&+6MS,!4#5+R
!YB6#+S,!'*%M!VJ,+!#55-K&1\Y!7**!#,8,R!C&%-2-+M!#*1!D!,6J,6!6&5!9-+6!'J5!6#*1,!
'K&5!6&5!:'J+6R
!YD!9'*S+!$&!#!:':&*+R!@#K&!#!%''8!#$'J+O!-(!M'J!9-,6RY!Q5R!0#M!1-,#44&#5,!$&6-*1!
#!K&%K&+!2J5+#-*R!0#M%-/6+!,+5&#:,!+65'J/6!+6&
,''+M!9-*1'9,O!$#+6-*/!Q-,,!Q2)%&&+6M!-*!#!6#T&!'(!1J,+R!F6&!5&:'K&,!6&5!5-/6+I
6#*1!/%'K&!-*!'51&5!+'!$&++&5!+6J:$!+65'J/6!+6&
4#/&,!'(!,':&!*'K&%,!,+#28&1!J4'*!#!+#$%&R!"6&!,*#8&!5-*/!2#+26&,!+6&!%-/6+O!
$%-*1-*/!:&!9-+6!-+,!$5-%%-#*2&R!Q-,,!Q2)%&&+6M!%&#K&,
+6&!+#$%&!#*1!:'K&,!&K&5!2%',&5!+'!'J5!6-1-*/!,4'+R
!.#*-28&1O!9&!25'J26!%'9!'*!+6&!(%''5!#,!$''8,!#$'K&!'J5!6&#1,!#5&!,%-1!(5':!+6&-5!
4&526&,R!D(!,6&!,6'J%1!%''8!'*!+6&!%'9&5
,6&%K&,!R!R!R
!Y@&5&!9&!#5&OY!Q5R!0#M!1&2%#5&,O!4J,6-*/!+65'J/6!+6&!K&%K&+!2J5+#-*!#/#-*R!"6&!
:M,+&5-'J,!$''8!-,!95#44&1O!+-&1!9-+6!5-$$'*O!#*1
!/-K&*!+'!Q-,,!Q2)%&&+6MR!D*!#!:':&*+O!+6&!+-*8%&!'(!+6&!$&%%!#**'J*2&,!6&5!
1&4#5+J5&R!B&!4&&8!+65'J/6!+6&!6'%&!9&SK&!:#1&!+'
&*,J5&!+6#+!,6&!-,!/'*&!#*1!+6&*!9&!#5&!,2J55M-*/!+'!Q5R!0#MR
!YQ5R!0#MO!D!$&%-&K&!+6#+!9#,!:M!:'+6&5S,!1&#5!(5-&*1!96'!9#,!VJ,+!6&5&R!B'J%1!M'J!
$&!,'!8-*1!#,!+'!+&%%!:&!96#+!$''8!,6&
4J526#,&1\!D!1'!,'!#1:-5&!6&5!+#,+&!-*!,J26!:#++&5,OY!D!,#M!#,!,9&&+%M!#,!
4',,-$%&R
!C5':!+6&!2'5*&5!'(!:M!&M&O!D!,&&!C&%-2-+MS,!:'J+6!6#*/-*/!'4&*!-*!,J545-,&!#*1!
#1:-5#+-'*R!F6&!-,!*'+!+6&!'*%M!'*&!96'!2#*!%-&R
!YH&,O!-+!9#,!Q-,,!B-%6&%:-*#!BM#++S,!7!@-,+'5M!'(!F&25&+!F'2-&+-&,R!D!6#K&*S+!
5&#1!-+!:M,&%(RY
!Y@#K&!M'J!#*'+6&5!2'4M\Y!D!#,8R
!Y)&5+#-*%MRY!Q5R!0#M!%-:4,!+'!+6&!$#28!'(!+6&!,6'4!#*1!5&+J5*,!2#55M-*/!+6&!$''8R!
Y76O!6&5&!9&!#5&R!D,*S+!-+!2J5-'J,\!DSK&!6#1!*'
-*+&5&,+!-*!+6-,!$''8O!M&+!+'1#M!DSK&!,'%1!+9'R!.-+M!#$'J+!+6&!#J+6'5RY
!YB6#+!1'!M'J!:&#*!$M!+6#+\Y!C&%-2-+M!#,8,R
!Y"6&M!,#M!,6&!1-&1!,6'5+%M!#(+&5!4J$%-2#+-'*RY!@&!%&#*,!-*O!96-,4&5,R!Y"6&M!,#M!
,6&!9#,!-*K'%K&1!-*!+6&!'22J%+R!B-28&1!+6-*/,R!A'9O
9&S%%!/-K&!-+!#!*-2&!5-$$'*!#*1!R!R!RY
!YA'!+6#*8!M'JO!Q5R!0#MOY!D!,#MO!5&#26-*/!('5!-+!$&('5&!6&!2#*!95#4!-+RYB&S5&!-*!#!
15&#1(J%!5J,6O!DS:!#(5#-1RY
!YE&5M!9&%%O!+6#+!9-%%!$&!('J5!,6-%%-*/,O!-(!M'J!4%&#,&RY
!YC&%-2-+M\Y!D!45':4+R
!YQ&\Y!C&%-2-+M!96-,4&5,RYB6M!,6'J%1!D!4#M!-+\Y
!YL&2#J,&!M'JSK&!/'+!-+OY!D!,#MO!:#-*+#-*-*/!#!+&5,&!,:-%&R
!Y0'*S+!%''8!#+!:&OY!7**!1&:J5,RYDSK&!*'+6-*/RY
!YD+!9-%%!$&!('J5!,6-%%-*/,OY!Q5R!0#M!,+#+&,!(-5:%MR
!D*!+6&!&*1O!9&S5&!('52&1!+'!4''%!'J5!:'*&M!+'!4J526#,&!Q-,,!BM#++S,!,-*-,+&5I
,'J*1-*/!$''8R
!Y=&+!:&!%''8!(-5,+R!7(+&5!#%%O!D!4#-1!+65&&!,6-%%-*/,!+'!M'J5!'*&OY!C&%-2-+M!
96-*&,!#,!9&!5J,6!'J+!-*+'!+6&!='*1'*!1#MR
!YB&S%%!5&#1!-+!+'/&+6&5OY!D!,#MO!4J%%-*/!'*!:M!&*1R
!Y"6&5&!,6&!-,bY!7**!/#,4,R!Q-,,!Q2)%&&+6M!-,!VJ,+!#6&#1!'(!J,RYB6#+!,6'J%1!9&!
1'\Y
!YD!,#M!9&!('%%'9!6&5OY!C&%-2-+M!,#M,R!D*,+#*+%MO!,6&!,&+,!'((R
!YB#-+!#!:':&*+OY!D!,#MO!2#+26-*/!J4O!8&&4-*/!'*&!&M&!'*!Q-,,!Q2)%&&+6M!#,!,6&!
*&#5,!+6&!2'5*&5RYD!1'*S+!8*'9!-(!+6#+S,!9-,&RY
!7**!+#8&,!C&%-2-+MS,!,-1&O!'(!2'J5,&R!YH'J!9#*+&1!+'!8*'9R!"6-,!-,!+6&!9#M!+'!
(-*1!'J+RY
!"6&5&!-,!*'!(-/6+-*/!+6&!$'+6!'(!+6&:R!Q-,,!Q2)%&&+6M!,+'4,O!+J5*,R!B-+6!#!
2'%%&2+-K&!/#,4O!9&!2'*/5&/#+&!-*!(5'*+!'(!#!8*-(&
,6#54&*&5R!D*!#!:':&*+O!,6&!2'*+-*J&,!'*!6&5!9#MR
!YB&%%\Y!C&%-2-+M!#,8,R!D+!-,!%&,,!#!XJ&,+-'*!+6#*!#!1#5&R
!"6&!8*-(&!,6#54&*&5S,!25-&,!YP*-K&,b!Q#1&!9&%%!,6#54bY!!5-,&!#$'K&!+6&!,+5&&+!
*'-,&R!Q-,,!Q2)%&&+6M!-,!*&#5%M!/'*&!(5':!,-/6+R
!Y=&+S,!/'OY!D!,#MR
!)@7."3;!"B3A"HIC<?;
!B3!C<==<B!QDFF!Q))=33"@H!C<;!F<Q3!"DQ3O!.7F"!,6'48&&4&5,!-*!,6-5+,%&&K&,!5J,6-*/!
4#52&%,!'J+!+'!9#-+-*/!2#55-#/&,!#*1!#
9':#*!-*!,&K&5&!$%#28!96'!-:4%'5&,!J,!+'!5&:&:$&5!+6&!J*('5+J*#+&!1J5-*/!+6-,!
)65-,+:#,!,&#,'*R!B&!4#M!+6&:!*'!:-*1U!'*%M!'J5
XJ#55M!:#++&5,R
!7+!)6#5-*/!)5',,O!Q-,,!Q2)%&&+6M!,J545-,&,!J,O!&*+&5-*/!+6&!?*1&5/5'J*1!,+#+-'*R
!YB6#+!1'!9&!1'!*'9\Y!C&%-2-+M!,#M,R
!D!+#8&!#!1&&4!$5&#+6RYD!,J44',&!9&!+5#K&%!$M!?*1&5/5'J*1RY
!YDSK&!*&K&5!$&&*!'*!+6&!?*1&5/5'J*1!$&('5&OY!7**!,#M,!J*2&5+#-*%MR
!YA'5!6#K&!DOYC&%-2-+M!,#M,R
!YA'!+-:&!%-8&!+6&!45&,&*+OY!D!,#MO!+6'J/6!+6&!+6'J/6+!'(!-+!:#8&,!:M!$5&#+6!6#*/!
+'!+6&!$'*M!5J*/,!'(!:M!5-$,R!"6&!Q&+5'4'%-+#*
0-,+5-2+!;#-%9#MR!;-/6+R!D+S,!VJ,+!#!+5#-*!J*1&5/5'J*1O!>&::#R!"6-,!-,!#*!
#1K&*+J5&O!#*1!DS:!#*!#1K&*+J5'J,!/-5%R!F-:'*!,#-1!,'R
!Y@&5&O!1'*S+!$&!(5-/6+&*&1O!7**R!>-K&!:&!M'J5!6#*1OY!D!,#MR
!YDS:!*'+!(5-/6+&*&1OY!,6&!,+#+&,O!4J,6-*/!4#,+!:&O!+#8-*/!+6&!,+#-5,!+6#+!%&#1!
1'9*!-*+'!+6&!+J**&%,!+6#+!5J*!$&*&#+6!='*1'*S,!$J,M
,+5&&+,!#,!-(!-+!9&5&!*'!+5'J$%&!#+!#%%R!"6&5&!-,!*'+6-*/!+'!1'!$J+!('%%'9R!D!+#8&!
#!,'%-1O!1&&4!$5&#+6!#*1!26#5/&!#6&#1R!@#%(9#M!1'9*O!D
+J5*!+'!,&&!C&%-2-+M!,+#*1-*/!#+!+6&!+'4!'(!+6&!,+&4,!%''8-*/!1'J$+(J%R!F6&!,+#5&,!
#+!:&!#,!-(!D!#:!3J5M1-2&!$&-*/!4J%%&1!$#28!-*+'!+6&
?*1&59'5%1R
!Y>&::#!9#-+bY!,6&!25-&,O!5J,6-*/!+'!V'-*!:&R
!7+!+6&!$'++':!'(!+6&!,+#-5,O!#!5'':!'4&*,R!B&S5&!,+#*1-*/!'*!#!/#,%-+!4%#+('5:R!
"6&!/5&#+!2J5K&1!9''1&*!2&-%-*/!'(!+6&!+J**&%!,'#5,
#$'K&!J,R!0'9*!+6&!4%#+('5:O!Q-,,!Q2)%&&+6M!9#-+,R!B&!,+#M!'J+!'(!,-/6+!J*+-%!+6&!
+5#-*!,6'',6&,!-*+'!+6&!,+#+-'*R!Q-,,!Q2)%&&+6M
&*+&5,O!#*1!9&!9#%8!XJ-28%M!+'!+6&!2#5!#1V#2&*+!+'!6&5,R!D+!-,!1-((-2J%+!+'!8*'9!
96#+!-,!:'5&!&Z2-+-*/W!+6&!4',,-$-%-+M!'(!$&-*/
1-,2'K&5&1!$M!Q-,,!Q2)%&&+6M!'5!'J5!(-5,+!V'J5*&M!'*!+6&!?*1&5/5'J*1R!B&!+#8&!
+J5*,!,+-28-*/!'J5!6&#1,!'J+!-*+'!+6&!#-,%&!-*!#!K&5M
J*%#1M%-8&!(#,6-'*!,'!+6#+!9&!:-/6+!,4M!'*!Q-,,!Q2)%&&+6M!-*!+6&!*&Z+!2':4#5+:&*+R!
C'5!6&5!4#5+O!Q-,,!Q2)%&&+6M!-,!2'*+&*+&1%M
5&#1-*/!Q-,,!BM#++S,!$''8!#$'J+!,&25&+!,'2-&+-&,R!D!#:!1&,4&5#+&!+'!8*'9!96#+!,6&!
6#,!1-,2'K&5&1!$J+!1'*S+!1#5&!%''8!#+!'J5!2'4M
%&,+!9&!%',&!,-/6+!'(!'J5!+&#26&5R
!"6&!2'*1J2+'5!#**'J*2&,!'J5!1&4#5+J5&R!B-+6!#!,6#54!4J%%O!+6&!+5#-*!%J526&,!-*+'!
+6&!+J**&%R!C&%-2-+M!/5-4,!:M!6#*1R!D+!-,!#!,+5#*/&
,&*,#+-'*!+'!(-*1!'J5,&%K&,!:'K-*/!+65'J/6!+6-,!1#58&*&1!4#,,#/&9#MO!+6&!%'9!
/%-::&5!'(!+6&!/#,%-/6+,!+5#-%-*/!#25',,!'J5!#,+'*-,6&1
(#2&,!%-8&!(#%%-*/!,+#5,R
!7!2'*1J2+'5!,+#*1,!*&#5O!5&#1M!+'!2#%%!&#26!,+'4!(5':!-+,!4%#+('5:R!Q-,,!
Q2)%&&+6M!1'&,!*'+!%''8!J4!(5':!6&5!$''8R!B6&*!+6&
2'*1J2+'5!#**'J*2&,!B&,+:-*,+&5!L5-1/&O!6'9&K&5O!,6&!2%',&,!6&5!$''8!#*1!/&+,!'((!
+6&!+5#-*!9-+6!+6&!+65&&!'(!J,!+5#-%-*/!#+!#!,#(&
1-,+#*2&R!B&!2':&!'J+!'*+'!+6&!,+5&&+,O!$%-*8-*/!-*!+6&!,J11&*!%-/6+R
!YF6&S,!+#8-*/!+6#+!6'5,&!+5#:bY!C&%-2-+M!,#M,R
!YB&S5&!1'*&!('5O!+6&*OY!D!,#MR!YB&!2#*S+!K&5M!9&%%!('%%'9!6&5!'*+'!-+R!F6&S%%!,&&!
J,RY
!7**!/5#$,!:M!6#*1R!YB&!2#*!1'!-+R!=''8O!+6&5&S,!#!25'91R!B&S%%!(#%%!-*R!D(!,6&!
,6'J%1!,&&!J,O!9&S%%!,-:4%M!,#M!9&!#5&!,-/6+,&&-*/RY
!D+S,!#!K&5M!1#5-*/!4%#*R!Q-,,!Q2)%&&+6M!:'K&,!+'!+6&!$#28!'(!+6&!25'91&1!+5#:R!B&!
,+#*1!*&#5!+6&!(5'*+O!8&&4-*/!#,!:#*M!4&'4%&
$&+9&&*!J,!#,!4',,-$%&R!7+!B&,+:-*,+&5!L5-1/&!;'#1O!Q-,,!Q2)%&&+6M!#%-/6+,O!#*1!9&!
*&#5%M!+5#:4%&!'*&!#*'+6&5!+5M-*/!+'!('%%'9!6&5R
D!8*'9!96&5&!9&!#5&R!DSK&!$&&*!6&5&!5&2&*+%MR!B&S5&!-*!=#:$&+6O!K&5M!*&#5!L&+6-&:!
;'M#%!@',4-+#%R!D*1&&1O!Q-,,!Q2)%&&+6M!9#%8,
$5-,8%M!-*!+6#+!1-5&2+-'*R!B-+6-*!:-*J+&,O!9&!#5&!9#+26-*/!6&5!#,!,6&!,+5-1&,!
+65'J/6!+6&!-5'*!/#+&,!#*1!J4!+6&!2J5K&1!9#%8!+'!+6&
&*+5#*2&S,!/5#*1!4'5+-2'R!B&!6-1&!'J5,&%K&,!-*!,':&!6&1/&,!#%'*/!+6&!9#%8O!
25'J26-*/!%'9R
!YB6#+!1'&,!,6&!9#*+!#+!L&1%#:\Y!C&%-2-+M!,#M,!':-*'J,%MR
7!26-%%!4#,,&,!+65'J/6!:&RYA&%%!@#98-*,!-,!+6&5&RY
!YH'J!1'*S+!,J44',&!Q-,,!Q2)%&&+6M!9'J%1!6#5:!6&5O!1'!M'J\Y!7**!#,8,!-*!+6#+!
-*#445'45-#+&%M!&Z2-+&1!9#M!+6#+!,J//&,+,!,6&
1'&,*S+!(-*1!+6&!-1&#!&*+-5&%M!1-,+#,+&(J%!-(!-+!:#8&,!+6&!#(+&5*''*!-*+'!#!/''1!
,+'5MR
!YD!1'*S+8*'9RY!D!,#MR!YLJ+!-+!2&5+#-*%M!:#8&,!:&!+6-*8!+6&M!#5&!8*'9*!+'!&#26!
'+6&5O!:',+!%-8&%M!(5':!F#-*+!E-2+'5-#S,RY
!B&!,+#*1!'J+,-1&!-*!+6&!2'%1!('5!,':&!+-:&O!$J+!Q-,,!Q2)%&&+6M!1'&,!*'+!5&+J5*O!
#*1!9&!#5&!-*!1#*/&5!'(!:-,,-*/!'J5!5&*1&TK'J,
9-+6!C5#**MR!;&%J2+#*+%MO!9&!%&#K&O!#*1!D!6#K&!:'5&!XJ&,+-'*,!+6#*!&K&5R!B6#+!1-1!
Q-,,!Q2)%&&+6M!9#*+!#+!L&1%#:\!B6#+!-,!,6&
#(+&5\!D!(&&%!2&5+#-*!+6#+!Q-,,!Q2)%&&+6M!#*1!A&%%!@#98-*,!#5&!2'**&2+&1R!B6#+!D!
1'*S+!8*'9!-,!6'9!#*1!96MR
!)@7."3;!"B3A"HICDE3
!C3=D)D"H!DAED"3F!?F!"<!@3;!@<Q3!C<;!7!E3;H!=7"3!+&#R!<J5!#44&+-+&,!,+'8&1!$M!
#1K&*+J5&O!9&!&#26!1&K'J5!,&K&5#%!1#-*+M
,#*19-26&,!9-+6'J+!#4'%'/MR
!YB&%%O!96#+!1'!M'J!:#8&!'(!+6#+\!Q-,,!Q2)%&&+6M!#+!L&1%#:\Y!C&%-2-+M!#,8,!$&+9&&*!
$-+&,R
!Y.&56#4,!Q-,,!Q2)%&&+6M!6#,!#!%J*#+-2!5&%#+-K&\Y!7**!'((&5,RY<*&!96'!-,!#!1&&4!
&:$#55#,,:&*+!+'!+6&!(#:-%MRY
!Y<5!4&56#4,!,6&!9#,!+6&5&!+'!,&&!A&%%!@#98-*,OY!D!,#MR
!YB&!6#K&!*'!#*,9&5,!+'!+6#+!#+!45&,&*+R!=&+S,!,&&!96#+!Q-,,!BM#++!6#,!+'!,#M!+6#+!
-,!'(!,J26!-*+&5&,+!+'!Q-,,!Q2)%&&+6MOY!C&%-2-+M
,#M,O!2'::#*1&&5-*/!+6&!$''8O!#,!D!8*&9!,6&!9'J%1R!YP*-/6+,!"&:4%#5O!C5#+&5*#%!
Q#,'*,O!@&%%(-5&!)%J$O!+6&!@#,,#,,-*,!R!R!R!+6&!+#$%&
'(!2'*+&*+,!#%'*&!-,!#!5&#1R!76O!6&5&!-+!-,R!.#/&!+9'!6J*15&1!#*1!(-(+MI(-K&R!"6&!
<51&5RY!F6&!(%-4,!+'!+6&!4#/&!#*1!5&#1,!#%'J1R
!Y3#26!/&*&5#+-'*O!M'J*/!/-5%,!9'J%1!$&!,25J4J%'J,%M!+5#-*&1!+'!+#8&!+6&-5!4%#2&,!
9-+6-*!+6&!<51&5S,!:',+!45-K-%&/&1!5#*8,R!0J5-*/
+6&!+-:&!'(!+6&-5!,-Z+&&*+6!M&#5O!+6&M!9'J%1!$&!9#+26&1!2%',&%M!+'!,&&!96'!#:'*/!
+6&:!9#,!26',&*!$M!+6&!5&#%:,!+'!6#K&!+5J&
4'9&5!#*1!96',&!4'9&5!9#,!$J+!#!(%-28&5-*/!(%#:&O!$J5*&1!1'9*!+'!#,6R!"6',&!96'!
9&5&!*'+!26',&*!9'J%1!$&!+J5*&1!#9#MO!4&56#4,
+'!#!%-(&!'(!6':&!#*1!6&#5+6O!*&K&5:'5&!+'!+6-*8!'*!+6&-5!+-:&!9-+6!+6&,&!4'9&5(J%!
2'*VJ5&5,R!F+-%%!'+6&5,!9&*+!'*!+'!#!%-(&!'(!,&5K-2&O
2#%%&1!J4'*!$M!+6&!<51&5!-*!,':&!(#,6-'*!'5!#*'+6&5!96&*!+6&!+-:&!#5',&R
!Y"6&5&!#5&!+6',&!96'!,#M!+6&!<51&5!*&K&5!&Z-,+&1!,#K&!#,!#!,+'5M!%-8&!+6&!+#%&,!
'(!(#-5-&,O!/'$%-*,O!#*1!9-+26&,O!45-*2&,,&,O!#*1!+6&
-::'5+#%!/'1,!'(!Q'J*+!<%M:4J,!+6#+!:#58!%-+&5#+J5&!,'!45-T&1!$M!-:45&,,-'*#$%&!
/-5%,!96'!9-,6!+'!$&%-&K&!-*!,J26!(#*2-&,R!<+6&5,
,#M!+6&,&!9':&*!9&5&!)&%+-2!4#/#*,!96'!K#*-,6&1!-*+'!+6&!:-,+,!'(!+-:&!#,!1-1!
Q&5%-*O!75+6J5O!#*1!6-,!8*-/6+,R!F+-%%!'+6&5,!96-,4&5!#
1#58&5!+#%&W!+6#+!'*&!'(!+6&!<51&5S,!'9*!$&+5#M&1!+6&:!9-+6!#!6J:#*!,#25-(-2&RRRRY
!C&%-2-+MS,!&M&,!+#8&!-*!+6&!4#/&R!F6&S,!5&#1-*/!+'!6&5,&%(R
!YH'J!:J,+!5&#1!#%'J1bY!D!45'+&,+R
!YD+S,!'*%M!96#+!9&!#%5&#1M!8*'9OY!,6&!,#M,R
!Y@&5&O!D!,6#%%!5&#1OY!D!,#MO!+#8-*/!+6&!$''8R
!Y"6&!%J*#+-2,O!+6&!#11-2+,O!+6&!15J*8,O!+6&!4''5O!'5!+6&!,+#5K-*/O!+6&,&!4''5!
J*('5+J*#+&!,'J%,!5&XJ-5&1!+6&!45'+&2+-'*!'(!+6&!<51&5O
('5!+6&-5!:-*1,!9&5&!+''!+5'J$%&1!#*1!9&#8!+'!5&,-,+!+6&!K'-2&,!'(!+6&!1#58!
,4-5-+,!96'!2'J%1!,4&#8!+'!+6&:!#+!#*M!+-:&RRRRY
!"6&!15J*8R!"6&!#11-2+R!D!+6-*8!'(!:M!(#+6&5R!LJ+!*'O!DSK&!,#K&1!6-:R!@&!-,!,#(&R
!YD(!,4-5-+,!#5&!#$%&!+'!&*+&5!+6&!:-*1,!'(!+6&!-*,#*&O!6'9!2#*!9&!$&!,J5&!'(!A&%%!
@#98-*,\Y!7**!#,8,RYB6#+!-(!+6&M!#5&!#%5&#1M!J,-*/
6&5!('5!-%%!4J54',&,\Y
!C&%-2-+M!#/5&&,RYD+!-,!#!+5'J$%-*/!+6'J/6+RY
!"6&5&!9#,!Q5R!)#5&M!+'1#MO!/-K-*/!:&!6-,!26-%%-*/!9#5*-*/O!$J+!A&%%!9#,*S+!
(5-/6+&*-*/R!F6&!9#,!(5-/6+&*&1R!D!,6#8&!:M!6&#1R!YD
$&%-&K&!A&%%!-,!(-/6+-*/!K&5M!6#51!+'!8&&4!#*M!,4-5-+,!(5':!J,-*/!6&5R!D+!-,!96M!
,6&!-,!,'!1-((-2J%+!+'!5&#26O!DS:!,J5&RY
!Y@'9!%'*/!2#*!,6&!,J22&&1\Y!7**!#,8,R!DSK&!*'!#*,9&5!('5!+6-,R
!Y=&+!:&!6#K&!#*'+6&5!/'OY!C&%-2-+M!,#M,O!+#8-*/!+6&!$''8!(5':!:&R
!YD+!-,!#!(#2+OY!,6&!5&#1,!#%'J1O!Y+6'J/6!,':&!1-,4J+&!+6-,!9-,1':!#,!('%%MO!+6#+!
+6&!<51&5!,+-%%!&Z-,+,!+'1#MO!+6&-5!:&:$&5,!/'*&!-*+'
6-1-*/R!"6&M!5&2'/*-T&!'*&!#*'+6&5!$M!#!K#5-&+M!'(!,M:$'%,!8*'9*!'*%M!+'!+6&-5!
:&:$&5,R!7:'*/!+6&,&!#5&!+6&!25&,2&*+!&M&O!+6&
1'J$%&!%'+J,!$%',,':O!+6&!5',&O!+9'!,*#8&,!-*+&5+9-*&1!RRRY
!YNJ,+!%-8&!Q-,,!Q2)%&&+6MS,!5-*/b!Q-,,!Q''5&!,#-1!-+!9#,!#!,M:$'%OY!D!,#MR!Y7*1!
DSK&!,&&*!#!5-*/!,J26!#,!+6#+!-*!:M!K-,-'*!'(!+6&
+65&&!/-5%,RY
!7**S,!&M&,!9-1&*RYH'J!6#K&\Y
!YLJ+!+6#+!-,!*'+!#%%RYC&%-2-+M!2'*+-*J&,!%'J1%MR!F6&!1'&,!*'+!&*V'M!$&-*/!
-*+&55J4+&1!('5!#*M!5&#,'*R!Y"6&!45-&,+&,,&,!'(!+6&!<51&5
#%,'!:#1&!J,&!'(!+6&!#*#/5#:R!"6-,!1&K-2&!9#,!4#5+-2J%#5%M!&!(&2+-K&!-*!2'*2&#%-*/!
+6&-5!-1&*+-+-&,!(5':!+6',&!96'!6J*+&1!+6&:R!"6J,O
N#*&!F*'9!2'J%1!$&2':&!N&#*!B'*,O!#*1!*'!'*&O!,#K&!6&5!,-,+&5,O!9'J%1!$&!+6&!
9-,&5RY
!C&%-2-+M!/5#$,!#!,6&&+!'(!4#4&5R!Y=&+S,!:#8&!'J5!'9*!#*#/5#:,R!D!9#*+!+'!8*'9!
96#+!:M!,&25&+!*#:&!9'J%1!$&RY!F6&S,!/-11MR!@&5&
-*!45-K#+&O!,6&S,!*'+!+6&!,*'$R!F6&S,!*'+!#(5#-1!'(!%''8-*/!(''%-,6!-*!6&5!
&*+6J,-#,:R
!YE&5M!9&%%OY!D!,#MR
!C&%-2-+M!95-+&,!6&5!*#:&!#+!+6&!+'4!'(!+6&!4#/&W!C&%-2-+M!B'5+6-*/+'*R!B&!,+#5&!
#+!+6&!%&++&5,O!9#-+-*/!('5!+6&:!+'!5&K&#%!#!*&9!#*1
:M,+&5-'J,!*#:&R
!7**!,25-$$%&,!#9#MR!YC&%-2-+M!B'5+6-*/+'*!$&2':&,!)-+M!B'5+6!>-*!D(!=&*+'RY
!C&%-2-+M!:#8&,!#!(#2&RYB6#+!,'5+!'(!*#:&!-,!+6#+\Y
!Y7!5-1-2J%'J,!'*&OY!D!,#MR
!Y"5M!#/#-*O!7**OY!C&%-2-+M!'51&5,R
!7**!+#8&,!4&*!+'!4#4&5O!2'*2&*+5#+-*/!#,!-(!,6&!9&5&!#!,J5/&'*!9-+6!#!4#+-&*+R!
YB'*+!=&(+!-*!)-+M!>5'6\Y,6&!'((&5,R
!Y"6#+!:#8&,!*'!,&*,&OY!C&%-2-+M!2':4%#-*,R
!YDS:!1'-*/!:M!$&,+RY
!DS:!*'+!(#5-*/!:J26!$&++&5R!DSK&!#55#*/&1!#*1!5&#55#*/&1!+6&!%&++&5,!'(!>&::#!
0'M%&!#*1!2':&!J4!9-+6!'*%M!'*&!+6-*/R
!Y@'9!-,!M'J5,!2':-*/!#%'*/O!>&::#\Y!C&%-2-+M!#,8,R
!YD+!-,*S+!9'5+6!:&*+-'*-*/OY!D!,#MO!25J:4%-*/!+6&!4#4&5R
!C&%-2-+M!,*#+26&,!-+!(5':!:&O!J*('%1-*/!+6&!*#:&R!Y0'/!Q&#%M!3:bY!"6&!/-5%,!%#J/6!
J45'#5-'J,%M!#+!+6-,O!#*1!D!#:!-*,+#*+%M!,'55M
+6&M!6#K&!-+R
!Y<6O!+6#+!-,!4&5(&2+OY!C&%-2-+M!,#M,!9-+6!/%&&RY@&*2&('5+6O!M'J!,6#%%!$&!8*'9*!$M!
M'J5!,&25&+!<51&5!#*#/5#:!*#:&W!0'/!Q&#%M!3:RY
!@'9!1&%-/6+(J%RYDS:!/'-*/!+'!+5M!#/#-*OY!D!,#MR
!YH'J!2#*!-(!M'J!9-,6OY!,6&!,#M,O!/5-**-*/!%-8&!#!2#+!2'5*&5-*/!6&5!45&MR!YLJ+!DO!
('5!'*&O!,6#%%!'*%M!#115&,,!M'J!#,!0'/!Q&#%M!3:RY
!7**!/-K&,!#!,6#54!,*'5+!'(!%#J/6+&5!+6#+!:#8&,!6&5!*',&!5J*R!F6&!1#$,!#+!-+O!
:J:$%-*/Y0'/!Q&#%M!3:Y!J*1&5!6&5!$5&#+6O!96-26
,+#5+,!C&%-2-+M!/-//%-*/!#/#-*R!D!#:!-55-+#+&1!+'!$&!+6&!%J28M!5&2-4-&*+!'(!+6&-5!
#**'M-*/!V-$&RYB&%%!+6&*O!96#+!-,!M'J5!,&25&+!*#:&O
7**\Y!D!,#MO!+#J*+-*/!6&5R
!7**S,!*&#+O!+-/6+!,25-4+!,+5&+26&,!#25',,!+6&!96-+&!4#/&R!YA#*!B#,6$5#1RY
!Y"6#+!-,!*'+!#+!#%%!(#-5bY!D!,#MR!Y"6#+!,'J*1,!%-8&!#*!#2+J#%!*#:&RY
!7**!,65J/,RYB'J%1*S+!1'!+'!6#K&!#!2'*,4-2J'J,!*#:&O!*'9O!9'J%1!-+\Y!F6&!,:-%&,!
+5-J:46#*+%MO!#*1!-*!+6&!,-%&*2&!D!6&#5!96#+!,6&
-,!6'%1-*/!$#28W!0'/!Q&#%M!3:R
!C&%-2-+M!6#,!$&&*!+#44-*/!+6&!4'-*+!'(!6&5!4&*!#/#-*,+!+6&!4#4&5O!2'*2&*+5#+-*/R!
F6&!/5'9%,!-*!(5J,+5#+-'*RYD!2#**'+!:#8&!6&#1,!'5
+#-%,!'(!:M!*#:&R!A'+6-*/!-,!2':-*/RY
!Y0'!M'J!6#K&!#!:-11%&!*#:&\Y!7**!#,8,R!Y"6#+!:-/6+!6&%4R!Q'5&!%&++&5,RY
!Y"6#+!9'*S+!1'!#*M!/''1OY!C&%-2-+M!,#M,!+''!XJ-28%MR
!YB6M!*'+\Y!7**!#,8,R
!YL&2#J,&!-+!9'*S+RY!C&%-2-+M!$%J,6&,R!D+S,!*'+!%-8&!C&%-2-+M!+'!$%J,6!'K&5!
#*M+6-*/!#+!#%%R
!YE&5M!9&%%O!+6&*R!H'J!2#*!$&!8*'9*!6&*2&('5+6!#,!)-+M!B'5+6!>-*!D(!=&*+'OY!D!,#MO!
&*V'M-*/!6&5!45&1-2#:&*+!K&5M!:J26R
!YD(!M'J!:J,+!8*'9O!:M!:-11%&!*#:&!-,!Q-%15#1&RY!C&%-2-+M!+J5*,!$#28!+'!6&5!4-&2&!
'(!4#4&5!#,!-(!,6&!6#,*S+!$&&*!,#11%&1!9-+6
4',,-$%M!+6&!9'5,+!:-11%&!*#:&!-*!6-,+'5MR
!7**!95-*8%&,!6&5!*',&R!YQ-%15#1&\!B6#+!,'5+!'(!*#:&!-,!+6#+\Y
!YD+!-,!#*!'%1!(#:-%M!*#:&RY!C&&!,*-((,R!YD+!2#*!$&!+5#2&1!#%%!+6&!9#M!$#28!+'!+6&!
F#Z'*,RY
!Y<6OY!7**!,#M,R
!Y='K&%MOY!D!,#MO!+5M-*/!1&,4&5#+&%M!+'!8&&4!+6&!,-1&,!'(!:M!:'J+6!(5':!+9-+26-*/R
!C&%-2-+M!$J5-&,!6&5!6&#1!-*!6&5!6#*1,RY<6O!-+!-,!#9(J%O!-,*S+!-+\!D!,-:4%M!%'#+6&!
-+RY
!"6&5&!-,!*'+6-*/!4'%-+&!+'!,#M!+'!+6-,RYA'+!#+!#%%RY!D!2#*S+!5&,-,+!,#M-*/!-+!
#%'J1RYQ-%15#1&RY
!C&%-2-+M!*#55'9,!6&5!&M&,RY0'/!Q&#%M!3:RY
!"6-,!2'J%1!/'!'*!#%%!&K&*-*/R!Y"5J2&\Y
!F6&!*'1,RY"5J2&RY
!7**!6#,!$&/J*!+'!2J+!'J+!+6&!%&++&5,!'(!C&%-2-+MS,!*#:&!,'!+6#+!+6&M!#5&!%-8&!
,:#%%!,XJ#5&,!+6#+!2#*!$&!:'K&1!#$'J+!'*!+6&!1&,8
J*+-%!+6&M!('5:!,':&!,&:$%#*2&!'(!#!5&#,'*#$%&!*#:&R!D+!-,!+&1-'J,!9'58O!#*1!
9-+6-*!#!:-*J+&!D!#:!,+#5-*/!#+!+6&!%&++&5,!$J+!+6-*8-*/
'(!96#+!DS1!%-8&!+'!6#K&!('5!,J44&5R!C&%-2-+M!45'*'J*2&,!+6&!+#,8!-:4',,-$%&!#*1!
+65'9,!6&5,&%(!'*!+6&!26#-,&!+'!5&#1!:'5&!(5':!Q-,,
BM#++S,!,&25&+!,'2-&+-&,R!<*%M!7**!-,!1&+&5:-*&1!+'!1&2-46&5!+6&!2'1&!'(!
C&%-2-+MS,!*#:&R!F6&!2'*2&*+5#+&,!(-&52&%MO!:'K-*/!%&++&5,!%&(+
#*1!5-/6+R
!Y76#bY!,6&!25-&,!#+!%#,+R
!Y=&+!:&!,&&bY!C&%-2-+M!+65'9,!+6&!$''8!#,-1&!#*1!5J,6&,!+'!+6&!1&,8R!D!V'-*!+6&:R!
7**!/&,+J5&,!45'J1%M!+'!+6&!1&,8+'4O!96&5&!+6&
J*&K&*!,XJ#5&,!6#K&!('5:&1!#!*&9!*#:&O!96-26!C&%-2-+M!5&#1,!#%'J1R
!YQ#%&(-2&*+!<11-+M!;#%-*/9'5+6R!<6O!6'9!4&5(&2+RY
!YH&,OY!D!,#MRY3K-%!#*1!'11RY
!Y0'/!Q&#%M!3:OY!C&&!,*#4,!$#28R
!D!,6#%%!6#K&!+'!9'58!'*!:M!*#:&R!<*!'*&!2'5*&5!'(!+6&!4#4&5O!7**!6#,!,25-$$%&1!
Q5,R!"6':#,!0'M%&!,&K&5#%!+-:&,O!+5M-*/!'J+!#
,-/*#+J5&!,6&!9-%%!*&K&5!'9*O!#*1!D!#:!#,6#:&1!+6#+!DSK&!25',,&1!6&5!'((!"':S,!
%-,+!$&('5&!,6&S,!&K&5!6#1!#!26#*2&R!D!9-%%!5&:&1M
+6#+R!7**S,!,+#5-*/!#+!#!*#:&R
!YB6#+!-,!-+\Y!D!#,8R
!YDS:!+5M-*/!Q-,,!Q2)%&&+6MS,!*#:&OY!,6&!,#M,R
!C&%-2-+M!#*1!D!25'91!6&5RYB6#+!6#K&!M'J!/'+\Y
!7**!,6'9,!J,!6&5!9'58R
!)%#-5&!Q2)%&&+6M!=&+!@&5!)%#-:!)2M!DS:!)%&#5!)&%+!@&M!)!H&!"65-2&!)#%:!)&%!"6&!
Q#-!)-5&!=&22M
!C&%-2-+M!%#J/6,R!Y"6&,&!2&5+#-*%M!:#8&!*'!,&*,&R!=&+!@&5!)%#-:!)2M\!Q#%!)-5&\Y
!Y)-5&!-,!#!+M4&!'(!(#$5-2R!Q#%!:&#*,!$#1OY!7**!#*,9&5,!45'J1%MR
!DS:!,+-%%!%''8-*/!#+!+6&!4#/&R!"6&5&S,!,':&+6-*/!'11%M!(#:-%-#5!#$'J+!-+O!
,':&+6-*/!+6#+!:#8&,!+6&!6#-5!,+#*1!J4!#+!+6&!$#28!'(!:M
*&28R
!7**!4J%%,!#*'+6&5!)!1'9*R!D+!:#8&,!)-52&R
Y"5M!+6&!96'%&!*#:&RY!D!,#MR
!<*2&!#/#-*O!7**!95-+&,!'J+!+6&!*#:&!#*1!2J+,!+6&!%&++&5,!-*+'!,:#%%!,XJ#5&,!+6#+!
2#*!$&!:'K&1!#$'J+R!!F6&!+5-&,!,&K&5#%
2':$-*#+-'*,!)-52&!=#:2%&&+6MO!)-52&!+6&!=#:2%&MO!)-52&!+6&!Q#%!)%&MO!)-52&!+6&!H&!
)#%%!QR
!Y.%#2&!+6&!H!#(+&5!"6&RY!D!-*,+5J2+R
!)-52&!"6&M!3!)#%%!QR
!7**!,6-(+,!+6&!%&++&5,!#5'J*1!+-%%!+6&M!5&#1W!"6&M!)#%%!Q&!)-52&R
!B&!,+#5&!-*!#,+'*-,6:&*+R
!Y)%#-5&!Q2)%&&+6M-,!#*!#*#/5#:RY!7**!96-,4&5,R
!C&%-2-+M!,6J11&5,RY)-52&S,!2':&!$#28!+'!F4&*2&RY
!YB&SK&!/'+!+'!(-*1!+6&!"&:4%&RY!D!,#MRY7*1!XJ-28%MRY
!.-44#S,!,-++-*/!9-+6!+6&!/'5/'*!96&*!9&!#55-K&!-*!+6&!5&#%:,R!Y=''8O!DSK&!:#1&!
M'J!#%%!25'9*,b!"6&MS5&!:M!)65-,+:#,!/-(+,!+'!M'JbY
@&5!#5:,!#5&!5-*/&1!9-+6!,:#%%!2-52%&,!'(!(%'9&5,O!96-26!,6&!4%#2&,!'*!'J5!
6&#1,RY='K&%MbY
!Y<6O!+6&M!#5&!4&5(&2+O!.-4OY!C&%-2-+M!2'',R
!Y7*1!DSK&!8&4+!M'J5!&*26#*+&1!#55'9,!,#(&!#*1!,'J*1OY!.-4!,#M,O!,%-44-*/!+6&!
XJ-K&5!'*+'!C&%-2-+MS,!$#28R!YF6#%%!9&!+#8&!#!+5-4!'*
+6&!5-K&5!#/#-*\Y
!YA'O!D!+6-*8!*'+RY!D!#*,9&5R!"6&!/'5/'*!,9-K&%,!6&5!/5&&*!(#2&!-*!:M!1-5&2+-'*!
('5!#!:':&*+R
!YA'!+5#K&%,!+'1#MO!Q',+!@-/6\Y!,6&!6-,,&,R
!YA'O!+6#*8!M'JOY!D!,#MR!D!#:!5&:-*1&1!'(!'J5!%#,+!K'M#/&O!'(!+6#+!:':&*+!'(!
6&,-+#+-'*R!D!1'!*'+!8*'9!-(!D!2#*!+5J,+!+6&!/5&#+!$&#,+
96'!'*2&!%&1!#!5&$&%%-'*!#/#-*,+!+6&!<51&5R!"6&5&!9#,!#!5&#,'*!('5!+6&:!+'!
-:45-,'*!6&5R
!D!:'+-'*!('5!+6&!'+6&5,!+'!('%%'9!:&!+'!+6&!/#51&*R!"6&!+'#1,+''%,!6#K&!/'++&*!
(#++&5R!F':&!'(!+6&:!,&&:!*&#5!+'!$J5,+-*/R
!YB&SK&!('J*1!'J5!+&#26&5S,!*#:&!-,!#*!#*#/5#:!('5!"6&M!)#%%!Q&!)-52&RY!C&%-2-+M!
+&%%,!.-44#O!#(+&5!/-K-*/!6&5!#%%!+6&!*&9,!'(!'J5
1#MR
!Y@'9!&Z2-+-*/bY!.-4!,#M,R!YD!9-,6!D!6#1!$&&*!+6&5&!+'!('%%'9!6&5R!"6#+!9#,!XJ-+&!
$5#K&!'(!M'JRY
!Y0'!M'J!,J44',&!Q5,R!A-/6+9-*/!-,!,J,4&2+!+''\Y!C&%-2-+M!#,8,RY"6&M!#5&!(5-&*1,RY
!YD!6#1*S+!+6'J/6+!'(!+6#+OY!D!,#MO!+5'J$%&1R
!YF6&!1-1*S+!9#*+!J,!+'!8*'9!#*M+6-*/!#$'J+!+6&!<51&5b!"6#+S,!96M!,6&!1-,:-,,&1!
Q-,,!Q''5&OY!.-44#!,#M,R!Y.&56#4,!Q5,R!A-/6+9-*/
6#,!,':&+6-*/!+'!6-1&RY
!Y<5!4&56#4,!,6&!1'&,*S+!8*'9!#*M+6-*/!#$'J+!-+OY!7**!,#M,R!Q5,R!A-/6+9-*/!6#,!
$&&*!+6&!'*%M!:'+6&5!,6&S,!&K&5!8*'9*R!D!8*'9
96#+!-+!-,!+'!6#K&!+6#+!2&5+#-*+M!#$'J+!,':&'*&!M'J!%'K&!+#8&*!(5':!M'JR
!YQ5,R!A-/6+9-*/!9#,!#!+&#26&5!#+!F4&*2&!96&*!F#5#6!#*1!Q#5M!9&5&!+6&5&R!B6#+!-(!
,6&S,!$&&*!6&%4-*/!F#5#6!#%%!+6&!96-%&O!9#-+-*/
('5!#!+-:&!96&*!,6&!2'J%1!5&+J5*\Y!C&%-2-+M!,#M,R
!YD!1I1'*S+!%-8&!+6-,!+#%8OY!7**!,+#::&5,R
!YB6#+!-(IY
!YC&&OY!D!-*+&55J4+O!/-K-*/!#!XJ-28!,-1&9#M,!/%#*2&!+'!7**R!YD!+6-*8!('5!*'9!9&S1!
$&,+!$&!#$'J+!(-*1-*/!+6&!"&:4%&R!A&%%!@#98-*,!,#-1
9&!,6'J%1!%''8!('5!#!4#+6R!@#K&!M'J!,&&*!#*M!4#+6!5'J*1!6&5&O!.-4\Y!D!#,8R
!.-4!/-K&,!:&!#!XJ-TT-2#%!%''8RYB6'!-,!A&%%!@#98-*,\Y
!Y7!%J*#+-2!#+!L&1%#:OY!7**!#*,9&5,R!Y>&::#!+6-*8,!,6&!8*'9,!96&5&!+'!(-*1!+6&!
"&:4%&R!Y
!.-44#!%#J/6,RYH'JS5&!V'8-*/bY
!YA'OY!D!,#MO!/'-*/!5&1RY@#K&!M'J!,&&*!#!4#+6\Y
!Y@J*15&1,R!B6#+!,'5+!'(!4#+6!#5&!9&!%''8-*/!('5\Y
!YD!1'*S+!8*'9R!"6&!+5J&!4#+6R!"6#+!9#,!#%%!,6&!,#-1RY
!Y"6#+S,!*'+!:J26!6&%4OY!.-44#!,#M,O!,-/6-*/R!Y"6&5&!-,!'*&!+6#+!%&#1,!'J+!(5':!
+6&!/#51&*!+6#+!DSK&!*'+!+#8&*!M&+RY
!YF6'9!:&OY!D!,#MR
!"6&!'*&!,6&!,4&#8,!'(!-,!$J+!#!*#55'9!%#*&!+6#+!,&&:,!+'!1-,#44&#5!-*!#!9#%%!'(!
%&#(M!/5&&*R!D+!-,!,%'9!#*1!#51J'J,R!B-+6!&#26!,+&4O
9&SK&!/'+!+'!4J,6!#,-1&!+6&!$5'#1!%&#K&,!#*1!(#+!$&-/&!,+#%8,!+6#+!%&#K&!+6-*!
5-$$'*,!'(!,#4!'*!'J5!6#*1,!+-%%!9&S5&!,+-28M!#,!+5&#2%&R
!YB6#+!#!26'5&OY!.-44#!:'#*,R!YD!6'4&!+6-,!-,!+6&!5-/6+!9#MR!DS1!6#+&!+'!+6-*8!
9&SK&!1'*&!#%%!+6-,!9'58!('5!*'+6-*/RY
!7!,+#%8!6-+,!:&!,XJ#5&!-*!+6&!(#2&R
!YB6#+!1-1!M'J!,#M\Y!C&%-2-+M!#,8,R
!YQ&\!DSK&!,#-1!*'+6-*/OY!D!#*,9&5R
!YD!6&#51!K'-2&,RY
!B&!,+'4R!D!6&#5!-+!+''R!F':&+6-*/S,!:'K-*/!-*!+6&!6&#KM!+6-28&+R!FJ11&*%MO!-+!
,&&:,!#!$#1!-1&#!+'!6#K&!2':&!+6-,!9#M!9-+6'J+
8*'9-*/!#!+6-*/!#$'J+!-+R!D!4J+!'J+!#!6#*1!+'!,+'4!:M!(5-&*1,R!C&%-2-+M!5&#26&,!
('5!#*!#55'9R!B&S5&!+-/6+!#,!4-#*'!,+5-*/,R
!7!4#-5!'(!&M&,!#44&#5,!$&+9&&*!+6&!(5'*1,!'(!+6&!4#%:!+5&&R
!Y@&%%'\!B6'S,!+6&5&\Y!D!#,8R
!Y@#K&!M'J!2':&!+'!6&%4!J,\Y!#!,'(+!K'-2&!#,8,R
!7!M'J*/!9':#*!,+&4,!'J+!(5':!$&6-*1!+6&!+5&&O!:#8-*/!J,!/#,4R!"6&!5-/6+!,-1&!'(!
6&5!$'1M!-,!6'55-$%M!$J5*&1R!@&5!6#*1!-,!/'*&!+'
+6&!$'*&R!F6&!,&&,!+6&!,6'28!'*!'J5!(#2&,!#*1!+5-&,!+'!2'K&5!6&5,&%(!9-+6!96#+S,!
%&(+!'(!6&5!,6#9%R!YD+!9#,!#!(-5&!#+!+6&!(#2+'5MO!:-,,R
B&*+!J4!%-8&!#!+-*1&5$'ZO!#*1!9&!2'J%1*S+!/&+!'J+!-*!+-:&OY!,6&!#*,9&5,R
!YB&\Y!D!#,8O!96&*!D!(-*1!:M!K'-2&!#/#-*R
!L&6-*1!6&5!-*!+6&!VJ*/%&!/5'9+6!#5&!4&56#4,!#!1'T&*!'5!,'!M'J*/!/-5%,O!:#*M!'(!
+6&:!$J5*&1O!#%%!'(!+6&:!1&#1R
!Y"6',&!'(!J,!96'!2'J%1*S+!/&+!'J+R!C-5&!/'+!,':&U!,':&!VJ:4&1!#*1!+6&!(#%%!/'+!
S&:OY!,6&!,#M,O!:#++&5I'(I(#2+%MR
!Y@'9!%'*/!6#K&!M'J!$&&*!6&5&\Y!D!#,8R
!Y)#*S+!5-/6+%M!,#MOY!,6&!#*,9&5,RYC&&%,!%-8&!('5&K&5RY
!YB6&*!9#,!+6&!(-5&\Y!.-44#!#,8,R
!Y"6-51!'(!0&2&:$&5!]_àO!:-,,R!='+!'(!9-*1!+6#+!1#MO!D!5&2#%%RY!"6&MSK&!$&&*!6&5&!
#$'J+!+9'!9&&8,O!%&,,!+-:&!+6#*!.-44#R!YDSK&
,&&*!M'J!$&('5&O!:-,,OY!,6&!,#M,O!*'11-*/!+'!.-44#R!YH'J!#*1!M&5!/&*S%&:#*RY
!.-44#S,!:'J+6!6#*/,!'4&*R!YDSK&!*&K&5!,&&*!M'J!-*!:M!%-(&R!D!1'*S+!8*'9!96#+!
M'JS5&!+#%8-*/!#$'J+RY
!YD!#:!,'55M!('5!+6&!'((&*,&O!:-,,R!D!:&#*+!*'!6#5:O!DS:!,J5&RY!D!1'*S+!8*'9!96M!
.-4S,!-*!,J26!#!('J%!+&:4&5R!F6&S,!*'+!6&%4-*/
:#++&5,R
!"6&!/-5%!+J/,!#+!:M!,%&&K&O!#*1!D!6#K&!+'!6'%1!$#28!+6&!,25&#:!96&*!D!,&&!+6#+!
6#*1!'*!:&RYD,!+6-,!6&#K&*!'5!6&%%O!:-,,\Y
!YD+!-,!*&-+6&5OY!D!,#MO!+#8-*/!#!,+&4!$#28RYB6#+!-,!M'J5!*#:&\Y
!YQ#&R!Q#&!FJ++&5RY
!YQ#&OY!D!96-,4&5RY@#,!#*M'*&!#:'*/!M'J!$&&*!#2+-*/!,+5#*/&%M\Y
!F6&!+6-*8,!('5!#!:':&*+R!YL&,,-&!"-::'*,OY!,6&!,#M,O!4'-*+-*/!+'!#*'+6&5!$J5*&1!
/-5%!9-+6!#!$#1%M!$5'8&*!#5:R!YLJ+!-*!+5J+6O
:-,,O!,6&S,!#%9#M,!$&&*!#!$-+!,+5#*/&R!F6&S,!$&&*!+#%8-*/!+'!,':&$'1M!'((!$M!
6&5,&%(O!+&%%-*/!J,!9&!*&&1!+'!('%%'9!6&5!+'!#!4%#2&!2#%%&1
+6&!B-*+&5%#*1,O!+6#+!+6&M!2#*!6&%4!J,!+6&5&RY
!Y=-,+&*!2%',&%M!+'!:&O!Q#&R!H'J!:J,+!*'+!/'!+'!+6&!B-*+&5%#*1,R!F''*!&K&5M+6-*/!
9-%%!$&!#,!-+!,6'J%1!$&O!#*1!M'J!#*1!M'J5!(5-&*1,
9-%%!25',,!'K&5!+6&!5-K&5!+'!96#+!%-&,!$&M'*1RY
!Q#&!%''8,!#+!:&O!,2#5&1RY7*1!96#+!:-/6+!+6#+!$&\Y
!YD!D!1'*S+!8*'9!&Z#2+%MOY!D!,#MO!'((&5-*/!*'!2':('5+R!YLJ+!-*!+6&!:&#*+-:&O!M'J!
:J,+!+5J,+!*'!'*&!M'J!:&&+!6&5&R!0'!M'J
J*1&5,+#*1\Y
!F6&!/-K&,!:&!#!6#51!%''8R!Y"6&*!96M!,6'J%1!D!+5J,+!M'JO!:-,,\Y!F6&!9#%8,!$#28!+'!
6&5!(5-&*1,O!#*1!#,!,6&!1'&,!D!6&#5!6&5
,#MOY"6&M!2#*S+!6&%4!J,R!B&S5&!'*!'J5!'9*RY
!Y7%%!+6',&!,4-5-+,!9#-+-*/!+'!25',,!R!R!R!OY!C&%-2-+M!,#M,R
!YB#-+-*/!+'!$&!2'55J4+&1OY!7**!,#M,R
!YH'J!1'*S+!8*'9!+6#+OY!.-44#!,#M,R
!B&!(#%%!,-%&*+R
!Y=&+S,!45&,,!'*OY!D!,#MRY.&56#4,!+6&!"&:4%&!-,!*&#5RY
!YD!1'*S+!9#*+!+'!/'!'*OY!.-44#!,#M,R!YD!1'*S+!9#*+!+'!,&&!#*M!:'5&!6'55'5R!DS:!
/'-*/!$#28!+'!+6&!/#51&*R!B6'S,!V'-*-*/!:&\Y
!D!%''8!+'!+6&!/5&&*!#6&#1!'(!J,R!"6&!4#+6!19-*1%&,!J*1&5!#!6&#KM!2'K&5!'(!%&#K&,R!
LJ+!+65'J/6!+6&:O!D!+6-*8!D!,&&!#!(%#,6!'(
/6',+%MO!/%'9-*/!96-+&!5J,+%-*/!+65'J/6!+6&!$5J,6R
!L&,,-&!"-::'*,!,+&4,!'*+'!+6&!4#+6R!"6&5&S,!#!6#51!%''8!-*!6&5!&M&RYB6M!1'*S+!M'J!
2%&#5!'((O!+6&*O!-(!M'J!2#*S+!6&%4!J,\!>'
'*!2%&#5!'((R!<5!&%,&RY
!F6&!1'&,*S+!&Z4%#-*!96#+!+6&!Y'5!&%,&Y!:-/6+!$&R!F':&!'(!+6&!'+6&5!/-5%,!2':&!+'!
,+#*1!$&6-*1!6&5O!2%',-*/!5#*8,R!"6&M!1'*S+!9#*+
J,!6&5&R!D+S,!*'+!9'5+6!(-/6+-*/!+6&:O!*'+!5-/6+!*'9R
!Y)':&!'*RY!D!,#MRY=&+S,!/'!$#28RY
!B&!+J5*!$#28!'*!+6&!%-++%&!4#+6R!L&,,-&!"-::'*,!2#%%,!'J+!$&6-*1!J,R
!Y0'*S+!$&!,'!45'J1R!F''*!M'JS%%!#%%!$&!%-8&!9&!#5&R!QM!(5-&*1,!#5&!2':-*/!('5!J,R!
"6&MS%%!:#8&!J,!96'%&b!"6&MS%%!:#8&!J,!XJ&&*,b
7*1!M'JS%%!$&!*'+6-*/!$J+!1J,+RY
!"6&!9#%8!$#28!+'!+6&!/#51&*!-,!#!XJ-&+!'*&R!B&!#5&!+-5&1!#*1!,+-28M!#*1!,J%%&*O!
.-44#!4#5+-2J%#5%MR
!YA'9!:#M!9&!4%&#,&!6#K&!#!$-+!'(!(J*\Y!,6&!6J((,!96&*!9&SK&!5&#26&1!+6&!4%#2&!
96&5&!+6&!5J*&,!J,&1!+'!,+#*1R!Y"6-,!6J*+-*/
#$'J+!('5!+6&!"&:4%&!-,!,'!15&#5MRY
!YD!8*'9!#!4%#2&!('5!/#:&,O!:S%#1MRY
!C5':!$&6-*1!#!+5&&!+6&!8*-/6+!&:&5/&,O!,+#5+%-*/!J,!#%%R!@&!6#,!#!2%'+6I95#44&1!
$J*1%&!-*!'*&!6#*1R!B&!/#,4!#*1!6&!(#%%,!+'!'*&
8*&&RY0-1!D!(5-/6+&*!M'J\Y!6&!#,8,O!2'28-*/!6-,!6&#1!+'!'*&!,-1&!,'!+6#+!6-,!
2J5+#-*!'(!,+5#9I/'%1!6#-5!(#%%,!$&9-+26-*/%M!#25',,!6-,
(#2&R
!.-44#!(%#,6&,!6-:!#!1#58!%''8RYH'J!6#K&*S+!$&&*!,J::'*&1RY
!YD!#:!,'55MOY!6&!,#M,R!@&!1'&,!*'+!,'J*1!,'55MR!@&!,'J*1,!#,!-(!6&!-,!&*V'M-*/!
6-:,&%(!#+!'J5!&Z4&*,&R!Y@'9!,6#%%!D!4#M!('5!:M
!(#J%+O!:S%#1M\!B6#+!9'J%1!M'J!$-1!:&!1'\Y!@&!4%#2&,!6-,!1#//&5!#+!6-,!+65'#+RY0'!
M'J!1&:#*1!$%''1O!:S%#1M\Y
!.-44#!-,!'11%M!2''%RYD(!M'J!9-,6RY
!YB6#+!-,!M'J5!9-,6O!:S%#1M\Y
!.-44#!+J5*,!#9#MO!6&5!%'*/!$%#28!2J5%,!$'J*2-*/!#/#-*,+!6&5!,6'J%1&5!$%#1&,RYD!
9-,6!('5!M'J!+'!%&#K&!:&!#%'*&RY
!YE&5M!9&%%O!:S%#1MOY!+6&!8*-/6+!,#M,R!YLJ+!D!,6#%%!%&#K&!M'J!9-+6!#!/-(+RY
!@&!+',,&,!+6&!$J*1%&!+'!+6&!/5'J*1!#*1!9#%8,!$#28!-*+'!+6&!+6-28&+R
!YD!+6'J/6+!M'J!,#-1!M'JS1!/'++&*!5-1!'(!6-:OY!C&%-2-+M!,#M,R
!YH&,R!D!+6'J/6+!D!6#1OY!.-44#!#*,9&5,R
!YB6#+!1-1!6&!$5-*/!M'J\Y!7**!#,8,R!F6&!J*95#4,!+6&!$J*1%&!#*1!(#%%,!$#28!-*!+6&!
/5#,,!9-+6!#!,:#%%!,25&#:R
!YB6#+!-,!-+\Y!C&%-2-+M!#*1!D!#,8O!5J,6-*/!('59#51R
!D+!-,!#!/'#+S,!6&#1O!2'K&5&1!-*!(%-&,!#*1!15-&1!$%''1R
!Y@'9!6'55-1bY!7**!,#M,O!4J++-*/!6&5!6#*1!+'!6&5!:'J+6R
!YD(!+6#+!:#*!9&5&!+'!5&+J5*!DS1!6#K&!,':&+6-*/!+'!,#M!+'!6-:OY!C&%-2-+M!,#M,O!6&5!
26&&8,!4-*8R
!D+!9#,!#!/6#,+%M!+6-*/!+'!1'O!#*1!D!9'*1&5!+6#+!+6&!8*-/6+O!96'!9#,!'*2&!15&#:&1!
'(!#*1!2#%%&1!$M!.-44#S,!%'*/-*/!!#!25&#+J5&
$'J*1!+'!6&5!$M!+6&!:#/-2!2'J%1!6#K&!$&2':&!,'!25J&%R!.-44#S,!,+#5-*/!#+!+6&!
/'#+S,!6&#1!-*+&*+%MR!F6&!2%J+26&,!6&5!,+':#26O!#*1!#+
(-5,+O!D!+6-*8!,6&!-,!/'-*/!+'!$&!-%%!'5!25MR!LJ+!+6&*!,6&!%-28,!6&5!%-4,!VJ,+!
,%-/6+%MO!#!%''8!'(!%'*/-*/!-*!6&5!&M&,R
!F6&!,&&,!:&!9#+26-*/!6&5R!YDS%%!/-K&!-+!#!45'4&5!$J5-#%!%#+&5OY!,6&!,#M,O!%-*8-*/!
6&5!#5:!+65'J/6!:-*&R
!YH&,O!+6#+!9'J%1!$&!/''1OY!D!,#MO!:'K-*/!#9#MR
!Y)':&!$#28!+':'55'9bY!,6&!,6'J+,RYB&S%%!+5M!#*'+6&5!4#+6R!DS:!,J5&!9&S%%!(-*1!-+!
+':'55'9bY
!"6&!'5*#+&!2J28''!2%'28!'*!C&%-2-+MS,!:#*+&%!25-&,!+6&!6'J5R!D+!(&&%,!#,!+6'J/6!
9&SK&!$&&*!/'*&!('5!6'J5,!$J+!-+S,!$&&*!%&,,!+6#*!#
,&2'*1!'(!='*1'*!+-:&R!DS:!,+-%%!J*,&++%&1!$M!+6&!1#MS,!&K&*+,!Q-,,!Q2)%&&+6M!
,+#*1-*/!'J+,-1&!L&1%#:O!+6&!#*#/5#:O!Q#&!FJ++&5
#*1!6&5!(5-&*1,R!7*1!.-44#R!H&,O!&,4&2-#%%M!.-44#R
!YF6#%%!9&!6#K&!,':&!(J*\Y!C&%-2-+M!#,8,O!5J,6-*/!('5!+6&!(5'*+!1''5!9-+6!J,!
5J**-*/!$&6-*1!6&5R
!F6#:&,O!+6&!$J+%&5O!2':&,!#(+&5!J,R!YQ-,,!B'5+6-*/+'*\!B6#+!-,!+6&!:#++&5\Y
!C&%-2-+M!2%',&,!6&5!&M&,!#*1!6'%1,!'J+!6&5!6#*1R!YH'J!1'*S+!,&&!:&!6&5&O!F6#:&,R!
B&!#5&!-*!+6&!,-++-*/!5'':!6#K-*/!'J5!+&#RY
!B-+6'J+!#!9'51O!F6#:&,!,6#8&,!6-,!6&#1!#,!-(!6&!2#**'+!J*1&5,+#*1!96M!+6&!1''5!-,!
,+#*1-*/!'4&*R!@&!2%',&,!-+!$&6-*1!J,O!#*1!9&
#5&!(5&&R
!"6&!='*1'*!('/!6-1&,!+6&!,+#5,R!"6&M!/%-*+!6&5&!#*1!+6&5&!$J+!2#**'+!$5&#8!
+65'J/6!+6&!,'J4M!,8MR
!YB6#+!,6'J%1!9&!1'!*'9\Y!7**!#,8,R
!C&%-2-+M!$5&#8,!-*+'!#!$5'#1!/5-*RY3K&5M+6-*/RY
!C%M-*/!'K&5!='*1'*!'*!#!2'%1!*-/6+!$M!:#/-2!-,!#*!&Z+5#'51-*#5M!+6-*/R!@&5&!#5&!
+6&!/&*+%&:&*!%&#K-*/!+6&-5!2%J$,O!+6&!XJ&J&!'(
2#55-#/&,!2':-*/!J4!+'!:&&+!+6&:R!"6&5&!#5&!+6&!:J1%#58,O!+6',&!4''5O!/5J$$M!
26-%15&*O!,&#526-*/!+65'J/6!+6&!(-%+6M!$#*8,!'(!+6&
"6#:&,!('5!#!(&9!2'-*,!#*1!#!$-+!'(!%J28R!B&SK&!'*%M!+'!1-4!%'9!#*1!9&!2'J%1!+'J26!
+6&!+'4,!'(!+6&!+6&#+&5,!-*!+6&!B&,+!3*1!'5!4J+!'J5
(-*/&5+-4,!+'!+6&!/5&#+!>'+6-2!,4-5&,!'(!+6&!@'J,&,!'(!.#5%-#:&*+O!96-26!9&!1'R!
7**!,-+,!J4'*!+6&!5''(+'4!$&,-1&!+6&!+'9&5-*/!2%'28!'(
L-/!L&*R
!Y=''8OY!,6&!,#M,O!%#J/6-*/RYDSK&!#!,&#+!-*!.#5%-#:&*+RY
!YB&!2'J%1!1'!#*M+6-*/b!F+&#%!-*+'!LJ28-*/6#:!.#%#2&!#*1!9&#5!+6&!25'9*!V&9&%,RY!
C&%-2-+M!,#M,O!,+&44-*/!#25',,!+6&!,4-*1%M!+'9&5,
'*!6&5!+-4+'&,R
!YH'J!9I9'J%1*S+!1I1'!+6#+O!9I9'J%1!M'J\Y!7**!#,8,O!6'55-(-&1R
!YA'O!,6&!9'J%1*S+OY!D!#*,9&5!(-5:%MR
!D+!-,!&Z6-%#5#+-*/!+'!6#K&!,J26!(5&&1':R!B&!(%M!%#T-%M!'K&5!+6&!5-K&5O!2':-*/!+'!
5&,+!$&*&#+6!B#+&5%''!L5-1/&R!7!5'9$'#+!4#,,&,
J*1&5!J,O!-+,!%#*+&5*!(-/6+-*/!+6&!('/!#*1!%',-*/R!D+S,!#!2J5-'J,!+6-*/O!$J+!D!2#*!
6&#5!+6&!+6'J/6+,!'(!+6&!'%1!/&*+%&:#*!-*!+6&!$'#+O!VJ,+
#,!D!6#K&!+6',&!'(!+6&!(#%%&*!9':&*!-*!+6&!@#M:#58&+!#*1!+6&!+'44&5,!15-K-*/!
+65'J/6!@M1&!.#58!-*!+6&-5!(#*2M!45-K#+&!2#55-#/&,!#,
9&!9&5&!(%M-*/!4#,+R!D+!-,!(#-*+O!%-8&!'K&56&#5-*/!#!2'*K&5,#+-'*!-*!#*'+6&5!5'':O!
$J+!*'*&+6&%&,,O!D!8*'9!96#+!+6&M!#5&!(&&%-*/R
!"6&!'%1!:#*!4J+,!,+'*&,!-*!6-,!4'28&+O!#*1!D!8*'9!6-,!4J54',&R
!YB&SK&!/'+!+'!,+'4!+6#+!:#*!-*!+6&!$'#+OY!D!,#MR
!YF+'4!6-:!(5':!96#+\Y!7**!#,8,O!+9-5%-*/!-*!+6&!#-5R
!Y)#*S+!M'J!6&#5!6-:\Y
!YA'OY!7**!,#M,R!C&%-2-+M!,6#8&,!6&5!6&#1!#,!,6&!(%'#+,!'*!6&5!$#28!%-8&!#!
,9-::&5R
!Y@&!:&#*,!+'!8-%%!6-:,&%(RY
!Y@'9!1'!M'J!8*'9!+6#+\Y!C&%-2-+M!#,8,R
!YD!2#*!6&#5!6-,!+6'J/6+,OY!D!,#MR
!"6&MS5&!1J$-'J,O!$J+!+6&M!('%%'9!:&!1'9*!-*+'!+6&!+6-28!('/R!"6&!:#*!,-*/,!#!
:'J5*(J%!,'*/!#$'J+!#!$'**-&!%#,,!%',+!('5&K&5!#,!6&
4J+,!+6&!%#,+!'(!+6&!,+'*&,!-*!6-,!4'28&+!#*1!:'K&,!+'!+6&!&1/&!'(!+6&!5'28-*/!
$'#+R
!YH'J!9&5&!5-/6+bY!7**!/#,4,R
!YB6'!/'&,!+6&5&\Y!+6&!:#*!,6'J+,R
!YDSK&!#*!-1&#OY!D!96-,4&5!+'!:M!(5-&*1,RYC'%%'9!:&RY
!B&!4J,6!+65'J/6!+6&!('/O!#*1!+6&!:#*!*&#5%M!+'44%&,!$#289#51!#+!+6&!,-/6+!'(!
+65&&!/-5%,!(%'#+-*/!+'9#51!6-:R
!YH'J!:J,+*S+!1'!,J26!#!1&,4&5#+&!#2+OY!D!,#M!-*!#!XJ#K&5-*/!K'-2&!+6#+!D!6'4&!
,'J*1,!'+6&59'5%1%MR
!"6&!:#*!(#%%,!+'!6-,!8*&&,O!6-,!&M&,!9-1&R!YB6I96#+!#5&!M'J\Y
!YB&!#5&!+6&!/6',+,!'(!)65-,+:#,O!#*1!9'&!+'!#*M!:#*!96'!1'&,!*'+!6&&1!'J5!
9#5*-*/,OY!D!9#-%R
!C&%-2-+M!:'#*,!#*1!+J5*,!#!(%-4!('5!/''1!:&#,J5&R!7**!,+#5&,!#+!6&5!'4&*:'J+6&1O!
$J+!DO!('5!'*&O!#:!-:45&,,&1!$M!6&5!XJ-28
+6-*8-*/!#*1!6&5!#25'$#+-2,R
!YB6#+!-,!M'J5!9#5*-*/\Y!+6&!'%1!:#*!,XJ&#8,R
!YD(!M'J!,6'J%1!4&5,-,+!-*!+6-,!15&#1(J%!2'J5,&O!#!+&55-$%&!2J5,&!,6#%%!$&(#%%!
M'JOY!D!,#MR
!Y7*1!M'J5!(#:-%MOY!C&%-2-+M!-*+'*&,R
!Y7*1!+6&-5!(#:-%-&,OY!7**!#11,O!96-26!D!+6-*8!-,!#!$-+!:J26O!$J+!+6&5&S,!*'!
+#8-*/!-+!$#28R
!D+!9'58,R!"6&!:#*!5&:'K&,!,+'*&,!(5':!6-,!4'28&+!,'!XJ-28%M!D!(&#5!6&S%%!+J5*!
'K&5!+6&!$'#+R!Y"6#*8!M'JbY!6&!,#M,R!YH&,O!+6#*8
M'JO!DS:!,J5&RY
!F#+-,(-&1O!9&!(%M!#9#M!6':&O!%#J/6-*/!#+!'J5!5&,'J52&(J%*&,,!#*1!(&&%-*/!XJ-+&!
,:J/!-*1&&1!#$'J+!,#K-*/!#!:#*S,!%-(&R!B6&*!9&
5&#26!+6&!&%&/#*+!6'J,&,!'(!Q#M(#-5!'*2&!#/#-*O!DS:!15#9*!+'!F-:'*S,!6'J,&R!D+!
9'J%1!$&!#*!&#,M!+6-*/!+'!(%M!2%',&!#*1!4&56#4,!6&#5
6-,!+6'J/6+,R!C'5!#!:':&*+O!D!6'K&5O!:'K-*/!2%',&5!+'!6-:O!$J+!#+!+6&!%#,+!:':&*+O!
D!26#*/&!2'J5,&O!('%%'9-*/!C&%-2-+M!#*1!7**!-*+'
!+6&!,-++-*/!5'':!#/#-*O!96&5&!+6&!+&#!-,!*'9!2'%1R
!Y"6#+!9#,!+65-%%-*/bY!C&%-2-+M!,#M,O!+#8-*/!#!,&#+R
!YH&,OY!7**!,#M,RYD!9'*1&5!96M!C&&!#*1!D!9&5&*S+!#$%&!+'!6&#5!6-,!+6'J/6+,!#,!
9&%%R!YS
!YD!1'*S+!8*'9OY!D!,#MR
!7!%-++%&!/-5%!-*!-::#2J%#+&!15&,,!#*1!4-*#('5&!,+&#%,!-*R!F6&!2#*S+!$&!:'5&!+6#*!
&-/6+!M&#5,!'%1R!@&5!(#-5!6#-5!6#,!$&&*!4J%%&1!$#28!#+
+6&!25'9*!9-+6!#!(#+!96-+&!5-$$'*R!@&5!&M&,!#5&!+6&!,#:&!$%J&I/5#M!#,!C&%-2-+MS,R!
D*!(#2+O!,6&!%''8,!#!/''1!1&#%!%-8&!C&%-2-+MR
!YB6#+!1'!M'J!9#*+\Y!C&%-2-+M!,*#4,R
!7!/'K&5*&,,!,+&4,!-*R!YDS:!,'55MO!Q-,,!B'5+6-*/+'*R!Q-,,!.'%%M!,&&:,!+'!6#K&!%',+!
6&5!1'%%R!DSK&!+'%1!6&5!,6&!:J,+!+#8&!/5&#+&5!2#5&
9-+6!6&5!+6-*/,RY
!F'!+6-,!-,!%-++%&!.'%%MR!D!4-+M!6&5!('5!%-K-*/!9-+6!C&%-2-+MR
!Y@&5&!-+!-,OY!C&%-2-+M!,#M,O!(-*1-*/!+6&!1'%%!J*1&5!+6&!.&5,-#*!2#54&+RYB#-+R!=&+!
:&!$&!2&5+#-*!,6&S,!#%%!5-/6+RY
!C&%-2-+M!:#8&,!#!,6'9!'(!4%#M-*/!*J5,&:#-1!+'!+6&!1'%%O!96-26!:#8&,!.'%%M!/-//%&O!
$J+!96&*!,6&!2%',&,!6&5!&M&,!#*1!4J+,!6&5!6#*1,
'K&5!+6&!1'%%O!D!(&&%!+6&!+J/!'*!+6&!:#/-2!+6#+!9&SK&!$5'J/6+!$#28R
!YC&%-2-+MbY!D!,#MO!$5&#8-*/!6&5!2'*2&*+5#+-'*R
!F6&!6#*1,!+6&!1'%%!+'!.'%%MR!Y"6&5&!*'9O!.'%%MR!7%%!$&++&5R!A'9!M'JSK&!/'+!
,':&'*&!+'!%''8!#(+&5!M'JRY
!YB6#+!1-1!M'J!1'\Y!D!#,8O!96&*!.'%%MS,!/'*&!+'!+6&!*J5,&5M!9-+6!6&5!/'K&5*&,,R
!Y<6O!1'*S+!%''8!#+!:&!+6#+!9#Mb!"6&!1'%%S,!#5:!9#,!$5'8&*R!D!'*%M!(-Z&1!-+OY!
C&%-2-+M!6J((,R
!YH'J!9'J%1*S+!1'!#*M+6-*/!+'!6#5:!6&5O!9'J%1!M'J\Y
!YA'OY!C&%-2-+M!,#M,!2''%%MRYD!9'J%1*S+RY
!)@7."3;!"B3A"HIFDG
!"@3!Q<Q3A"!D!B7P3O!D!07F@!<CC!7!=3""3;!"<!"@3!6&#1:-,+5&,,!'(!F+R!E-2+'5-#S,!
F26''%!('5!>-5%,!#,8-*/!96&*!Q-,,!Q2)%&&+6M!9#,
-*!+6&-5!&:4%'MR!D!6#K&!3:-%M!4',+!-+!$&('5&!+6&!-*8!-,!2':4%&+&%M!15MR
!7,!-+!-,!"6J5,1#MO!Q-,,!Q''5&!+#8&,!J,!+'!+6&!/#%%&5M!#,!45':-,&1R!B&!+5#K&%!$M!
':*-$J,!+65'J/6!+6&!='*1'*!,+5&&+,R!D+!-,!/%'5-'J,
+'!,-+!#+!+6&!+'4O!+6&!$5#2-*/!9-*1!-*!'J5!(#2&,O!4&&5-*/!1'9*!#+!+6&!4&'4%&!
:-%%-*/!#$'J+!'*!+6&!,+5&&+,!#*1!#+!+6&!6'5,&,!4J%%-*/!2#5+,
(-%%&1!9-+6!9#5&,R!D+!-,!%&,,!+6#*!#!9&&8!J*+-%!)65-,+:#,O!#*1!+6&!9&#+6&5!6#,!
+J5*&1!:J26!2'%1&5R!<K&56&#1O!+6&!2%'J1,!#5&!6&#KM
9-+6!+6&!2':-*/!,*'9R!"6&-5!96-+&!J*1&5$&%%-&,!,-+!'*!+6&!26-:*&M!+'4,O!,9#%%'9-*/!
+6&:!96'%&!$&('5&!:'K-*/!'*!+'!+6&!*&Z+!#*1!+6&
*&Z+O!5&,+-*/!&#26!+-:&!#,!-(!+6&M!6#K&!,J26!#!%'*/!9#M!+'!/'R
!Y<J5!,+'4!-,!*-/6O!%#1-&,OY!Q-,,!Q''5&!2#%%,!'J+!'K&5!+6&!,+5&&+!*'-,&R!"6&!9-*1!
6#,!4-28&1!J4!,'!+6#+!,6&!6#,!+'!,&2J5&!6&5!6#+!9-+6
'*&!6#*1R!B-+6!2#5&(J%!,+&4,O!9&!1&,2&*1!+6&!,+#-52#,&!+6#+!%&#1,!+'!+6&!$'++':!'(!
+6&!':*-$J,O!96&5&!#!,:#5+%M!J*-('5:&1
2'*1J2+'5!+#8&,!'J5!6#*1,!#*1!6&%4,!J,!-*+'!+6&!,+5&&+R
!Y>5#2-'J,!:&OY!Q-,,!Q''5&!,#M,O!#1VJ,+-*/!6&5!6#-5!$&*&#+6!6&5!6#+RYD!+6'J/6+!D!
,6'J%1!$%'9!#9#M!&*+-5&%MRY
!"6&!/#%%&5M!-,!6'J,&1!-*!#!('5:&5!/&*+%&:&*S,!2%J$R!Q#*M!4&'4%&!6#K&!2':&!'J+!
+'1#MR!B&!:'K&!(5':!(%''5!+'!(%''5!-*!+6&-5!2%',&
2':4#*MO!+#8-*/!-*!&#26!&ZXJ-,-+&!4#-*+-*/R!Q-,,!Q''5&!%&#1,!J,!1'9*!#!6#%%!
1&K'+&1!+'!+6&!9'58,!'(!%&,,&5I8*'9*!#5+-,+,R!"6&5&!#5&
XJ-&+!4'5+5#-+,!'(!4&*,-K&!:#-1&*,O!(-&5M!,2&*&,!'(!9#5!#+!,&#O!#*1!4#,+'5#%!
%#*1,2#4&,!+6#+!:#8&!:&!9#*+!+'!5J*!$#5&(''+!+65'J/6
+6&:R!D!(-*1!+6#+!D!#:!15#9*!+'!#!%#5/&!4#-*+-*/!-*!+6&!2'5*&5R!D*!-+O!#*!#5:M!'(!
#*/&%,!#5&!V'-*&1!-*!$#++%&R!L&%'9!+6&:!%-&,!#!%J,6
/#51&*!#*1!#!%'*&!+5&&O!#*1!#!/5&#+!*J:$&5!'(!4&'4%&!+J5*&1!#9#MO!:'#*-*/R!L&%'9!
+6#+!-,!#!K#,+!9#,+&%#*1!'(!$%#28!5'28!$#+6&1!-*
#!(-&5M!'5#*/&!/%'9R!7!/'%1&*!2-+M!,-+,!-*!+6&!2%'J1,!(#5!#$'K&R!D*!+6&!2&*+&5O!
+9'!#*/&%,!#5&!%'28&1!-*!2':$#+O!#5:,!&*+9-*&1!+-%%!D
2#**'+!+&%%!96&5&!'*&!,+'4,!#*1!+6&!'+6&5!$&/-*,R!D+!-,!#,!-(!9-+6'J+!+6-,!
,+5J//%&!+'!8&&4!+6&:!#%'(+O!+6&M!:-/6+!$'+6!4-+26!-*+'!+6&
K'-1R
!Y0-1!M'J!(-*1!,':&+6-*/!M'J!%-8&\Y!Q-,,!Q''5&!#,8,O!,J11&*%M!$M!:M!,-1&R
!YD!2#**'+!,#MOY!D!#*,9&5RYD+S,!R!R!R!1-,+J5$-*/RY
!Y>''1!#5+!'(+&*!-,R!B6#+!1'!M'J!(-*1!1-,+J5$-*/!#$'J+!+6-,!4#-*+-*/\Y
!D!+#8&!-*!+6&!K-$5#*+!6J&,!'(!+6&!'-%,O!+6&!5&1,!#*1!'5#*/&,!'(!+6&!(-5&U!+6&!
96-+&,!#*1!4#%&!/5#M,!'(!+6&!#*/&%,S!9-*/,U!+6&
K#5-#+-'*,!'(!+6&!(%&,6!+'*&,!+6#+!:#8&!:J,2%&,!,&&:!+'!2':&!#%-K&O!,+5#-*-*/!('5!
K-2+'5MR
!YD+!,&&:,!5#+6&5!1&,4&5#+&O!#,!-(!+6&5&S,!+''!:J26!#+!,+#8&RY
!Q-,,!Q''5&!%&#*,!('59#51!+'!5&#1!+6&!$5#,,!4%#+&!$&*&#+6!+6&!4#-*+-*/R!Y75+-,+!
J*8*'9*R!)-52#!]_e]R!7!@',+!'(!;&$&%!7*/&%,RY!F6&
XJ'+&,!96#+!,'J*1,!%-8&!4'&+5MR!SS!S"'!5&-/*!-,!9'5+6!#:$-+-'*!+6'J/6!-*!@&%%W!
L&++&5!+'!5&-/*!-*!@&%%O!+6#*!,&5K&!-*!@&#KS*R!Y!N'6*
Q-%+'*R!.#5#1-,&!=',+O!L''8!<*&R!@#K&!M'J!&K&5!5&#1!-+\Y
!YA'OY!D!,#MO!$%J,6-*/R
!YQ-,,!B'5+6-*/+'*\!Q-,,!L5#1,6#9\Y!Q-,,!Q''5&!#,8,R!"6&M!,6#8&!+6&-5!6&#1,R!
Y>5#2-'J,O!96#+!-,!+'!$&2':&!'(!+6&!3:4-5&!96&*
!9&!1'!*'+!5&#1!'J5!$&,+!3*/%-,6!4'&+,\!N'6*!Q-%+'*O!$'5*!]fe_O!1-&1!]f^gR!@-,!
&4-2!4'&:O!.#5#1-,&!=',+O!-,!+6&!,+'5M!'(!=J2-(&5RY!F6&
4'-*+,!+'!+6&!1#58I6#-5&1!#*/&%!-*!+6&!2&*+&5R!Y@&#K&*S,!$5-/6+&,+!#*1!$&,+I%'K&1!
#*/&%O!96'!9#,!2#,+!'J+!('5!-*,4-5-*/!#!5&$&%%-'*
#/#-*,+!>'1R!@#K-*/!%',+!6&#K&*O!=J2-(&5!#*1!6-,!5&$&%!#*/&%,!K'9&1!+'!2'*+-*J&!
(-/6+-*/!6&5&!'*!&#5+6RY
!7**!$%'9,!6&5!*',&!1#-*+-%M!-*+'!6&5!6#*18&526-&(R!YD!1'*S+!J*1&5,+#*1!96M!6&!6#1!
+'!(-/6+R!@&!9#,!#%5&#1M!-*!6&#K&*RY
!Y"5J&R!LJ+!6&!9#,*S+!2'*+&*+!+'!,&5K&R!@&!9#*+&1!:'5&RY
!Y@&!6#1!#%%!6&!2'J%1!#,8!('5O!1-1*S+!6&\Y!7**!#,8,R
!Y3Z#2+%MOY!Q-,,!Q''5&!,+#+&,R!Y@&!6#1!+'!#,8R!@&!9#,!1&4&*1&*+!J4'*!,':&'*&!
&%,&S,!96-:R!D+S,!#!+&55-$%&!+6-*/!+'!6#K&!*'!4'9&5
!'(!'*&S,!'9*R!"'!$&!1&*-&1RY
!C&%-2-+M!#*1!7**!(%#,6!:&!#!/%#*2&O!#*1!D!(&&%!#!,J5/&!'(!/J-%+R!D!6#K&!+6&!
4'9&5R!"6&M!1'!*'+R!0'!+6&M!6#+&!:&!('5!-+\
!Y.''5!=J2-(&5OY!C&%-2-+M!:J5:J5,R
!Q-,,!Q''5&!%#J/6,RY"6#+!-,!#!:',+!J*J,J#%!+6'J/6+O!Q-,,!B'5+6-*/+'*R!LJ+!M'J!#5&!
-*!/''1!2':4#*MR!Q-%+'*!6-:,&%(!,&&:&1!+'!(&&%
,M:4#+6M!('5!6-:R!7,!1'&,!+6-,!4#-*+&5R!0'!M'J!,&&!6'9!$&#J+-(J%!6&S,!:#1&!+6&!
1#58!#*/&%\Y
!"6&!+65&&!'(!J,!4&&5!+65'J/6!+6&!$5J,6,+5'8&,!#+!+6&!#*/&%,S!,+5'*/O!4&5(&2+!
$#28,R!"6&M!,&&:!#%:',+!#,!%'K&5,O!'$%-K-'J,!+'!+6&
5&,+!'(!J,R!D+S,!+6&!,+5J//%&!+6#+!:#++&5,R
!YD!9'*1&5!R!R!R!OY!Q-,,!Q''5&!:J,&,R
!YH&,O!Q-,,!Q''5&\Y!7**!45':4+,R
!YB6#+!-(!&K-%!1'&,*S+!5&#%%M!&Z-,+\!B6#+!-(!&K-%!-,!,':&+6-*/!15&#:&1!J4!$M!:#*O!
#*1!+6&5&!-,!*'+6-*/!+'!,+5J//%&!#/#-*,+!&Z2&4+!'J5
'9*!%-:-+#+-'*,\!"6&!2'*,+#*+!$#++%&!$&+9&&*!'J5!9-%%O!'J5!1&,-5&,O!#*1!'J5!
26'-2&,\Y
!YLJ+!+6&5&!-,!5&#%!&K-%OY!D!,#MO!+6-*8-*/!'(!)-52&R
!Q-,,!Q''5&!/-K&,!:&!#!2J5-'J,!%''8RY@'9!1'!M'J!8*'9\Y
!YB&SK&!,&&*!-+OY!7**!$%J5+,!'J+R!C&%-2-+M!2'J/6,!#*1!/-K&,!7**!#*!-*1&%-2#+&!
&%$'9!+'!+6&!5-$,R
!Q-,,!Q''5&!%&#*,!-*!2%',&R!YH'JS5&!XJ-+&!5-/6+R!3K-%!1'&,!&Z-,+RY!QM!6&#5+!,8-4,!
#!$&#+R!D,!+6-,!-+\!B-%%!,6&!2'*(&,,!,':&+6-*/!+'!J,
6&5&!#*1!*'9\!YD+!-,!2#%%&1!(-*-,6-*/!,26''%RY!F6&!/-K&,!#!:'28!,6J11&5O!#*1!9&!
/-//%&R!7!/5-:O!/5#M!2'J4%&!4#,,&,!#+!+6#+!:':&*+O
/-K-*/!J,!#!,6#54!/%#*2&!'(!1-,#445'K#%R
!C&%-2-+M!,+#5&,!#+!+6&!4#-*+-*/!#,!-(!,6&!9#*+,!+'!+'J26!-+R!Y0'!M'J!+6-*8!-+S,!
4',,-$%&!R!R!R!+6#+!,':&!4&'4%&!#5&*S+!XJ-+&!5-/6+O!-*!,':&
9#M\!"6#+!+6&5&!-,!,':&!&K-%!-*!+6&:!+6#+!:#8&,!'+6&5,!R!R!RY!F6&!+5#-%,!'((R
!YQ#8&,!'+6&5,!96#+\Y!7**!#,8,R
!Y0'!+6-*/,RY
!D!1'*S+!8*'9!96#+!,6&!:&#*,R
!Q-,,!Q''5&!8&&4,!6&5!&M&,!'*!+6&!4#-*+-*/R!YB&!:J,+!&#26!$&!#22'J*+#$%&!('5!'J5!
'9*!#2+-'*,O!Q-,,!B'5+6-*/+'*O!-(!+6#+!-,!96#+
M'J!#5&!#,8-*/RY
!D(!+6#+!-,!-*1&&1!96#+!C&%-2-+M!9#*+,!+'!8*'9O!,6&!1'&,*S+!%&+!'*R!D!2#**'+!+&%%!
96&+6&5!6&5!XJ&,+-'*!6#,!$&&*!#*,9&5&1R
!YF6#%%!9&!:'K&!'*O!%#1-&,\!B&SK&!M&+!+'!,&&!+6&!;':#*+-2,RY!Q-,,!Q''5&!,+5-1&,!
4J54',&(J%%M!'*!-*!+6&!/#%%&5MR!7**!('%%'9,O!$J+
C&%-2-+M!1'&,*S+!:'K&R!F6&S,!(#,2-*#+&1!$M!+6&!4#-*+-*/R
!YH'J!9'J%1*S+!%&#K&!:&!'J+O!9'J%1!M'J\Y!,6&!#,8,!:&R
!Y=&#K&!M'J!'J+!'(!96#+\Y!D!#,8R
!Y"6&!5&#%:,R!"6&!<51&5R!7%%!'(!-+RY
!Y<(!2'J5,&!*'+RY
!F6&!2'28,!6&5!6&#1!+'!'*&!,-1&RY0'!M'J!+6-*8!+6&M!:-,,&1!6-:!+&55-$%M!96&*!6&!
(&%%\!0-1!>'1!25M!'K&5!6-,!%',+!#*/&%O!D!9'*1&5\Y
!YD!1'*S+!8*'9OY!D!,#MR
!C&%-2-+M!%-*8,!6&5!#5:!+65'J/6!:-*&O!#*1!9&!,+5'%%!#(+&5!+6&!'+6&5,O!%&#K-*/!+6&!
#*/&%,!#*1!+6&-5!&+&5*#%!,+5J//%&!$&6-*1R
!YD!,#MO!-,!+6#+!M'JO!7**\!D+!-,!'J5!7**-&bY
!7!9':#*!#445'#26&,!J,R!F6&S,!XJ-+&!'K&515&,,&1!-*!5'4&,!'(!4&#5%,!#*1!1-#:'*1!
&#5$'$,!+6#+!9'J%1!$&!$&++&5!,J-+&1!+'!&K&*-*/R
!D+!-,!'$K-'J,!+6#+!,6&!6#,!:'*&M!#*1!+6#+!,6&!9#*+,!&K&5M'*&!+'!8*'9!-+R!D!#:!
&:$#55#,,&1!('5!6&5R!@&5!6J,$#*1O!#!:#*!9-+6!#
*&#+%M!+5-::&1!:J,+#26&O!1'((,!6-,!+#%%!$%#28!6#+!+'!J,R!@&!2#55-&,!#*!'5*#+&!
9#%8-*/!,+-28!('5!&((&2+R
!"6&!9':#*!&:$5#2&,!7**!/-*/&5%MRYB6#+!#!,J545-,&!-+!-,!+'!,&&!M'J!6&5&R!LJ+!96M!
#5&!M'J!*'+!#+!+6&!,26''%\Y
!YD!D!DRRRRY7**!,+#::&5,RYQI:#M!D!45&,&*+!:M!2'J,-*O!Q5,R!B6#5+'*RY
!D*+5'1J2+-'*,!#5&!:#1&O!#*1!9&!2':&!+'!J*1&5,+#*1!+6#+!Q5,R!B6#5+'*!-,!7**S,!
1-,+#*+!2'J,-*O!+6&!'*&!6&%4-*/!9-+6!6&5!,26''%-*/
,'!+6#+!,6&!:-/6+!$&2':&!/'K&5*&,,!+'!6&5!26-%15&*!-*!#*'+6&5!M&#5R
!YD!1'!6'4&!+6&!&Z6-$-+!-,!+#,+&(J%OY!Q5,R!B6#5+'*!,#M,O!95-*8%-*/!6&5!*',&R!YB&!
+''8!-*!#*!&Z6-$-+!-*!.#5-,!+6#+!9#,!'$,2&*&O!DS:
,'55M!+'!,#MR!.#-*+-*/,!'(!,#K#/&,!,-++-*/!#$'J+!9-+6'J+!#!,+-+26!'*RY
!YD+!2&5+#-*%M!9#,!1&#5!&*'J/6OY!Q5R!B6#5+'*!,#M,O!%#J/6-*/O!+6'J/6!-+!-,!-*!K&5M!
$#1!+#,+&!+'!:&*+-'*!:'*&MR
!Q-,,!Q''5&!,+-((&*,!$&,-1&!:&R!Y76R!"5J&!#5+!#445&2-#+'5,O!D!,&&R!H'J!,-:4%M!:J,+!
,&&!+6&!Q'5&++-!4#-*+-*/OY!,6&!#11,O!:&*+-'*-*/
+6&!1#5-*/!4#-*+-*/!'(!#!*J1&!E&*J,O!/'11&,,!'(!%'K&O!+6#+!:#1&!:&!$%J,6!9-+6!-+,!
$'%1*&,,R!D+!-,!2&5+#-*!+'!'((&*1!+6&!B6#5+'*,O!#*1
D!,J,4&2+!,6&!6#,!1'*&!+6-,!'*!4J54',&R
!YB&!,6#%%!-*1&&1R!"6#*8!M'JOY!Q5,R!B6#5+'*!26-54,R!YD+!-,!('5+J*#+&!-*1&&1!+6#+!
'J5!4#+6,!25',,&1O!7**-&R!D+!,&&:,!'J5!/'K&5*&,,O
3%,#O!-,!%&#K-*/!,''*&5!+6#*!&Z4&2+&1R!F6&S%%!$&!/'-*/!-*!Q#MO!#*1!9&!,6#%%!*&&1!
M'J!+'!$&/-*!,+5#-/6+#9#MR!D!8*'9!)6#5%'++&!#*1
)#5'%-*&!9-%%!&*V'M!6#K-*/!+6&-5!2'J,-*!#,!/'K&5*&,,O!+6'J/6!D!,J,4&2+!)6#5%'++&!
-,!%''8-*/!('59#51!+'!6#K-*/!,':&'*&!2#%%!6&5!Q-,,
)6#5%'++&!*'9!+6#+!,6&!-,!&-/6+R!H'J!:J,+*S+!%&+!6&5!$',,!M'J!#$'J+!+''!:J26RY!F6&!
%#J/6,!#+!+6-,O!'$%-K-'J,!+'!7**S,!+'5:&*+R
!YB&!,6'J%1!$&!/&++-*/!'*O!Q5,R!B6#5+'*OY!Q5R!B6#5+'*!,#M,O!'((&5-*/!6-,!#5:R!@&!
6#,!/5'9*!$'5&1!9-+6!J,!#%5&#1MR
!YH&,O!Q5R!B6#5+'*R!D!,6#%%!95-+&!+'!Q5,R!A-/6+-*/#%&OY!6-,!9-(&!,#M,O!/&++-*/!+6&!
*#:&!95'*/R!YF'!K&5M!*-2&!+'!6#K&!:&+!M'JOY!,6&
,#M,O!%&++-*/!6&5!6J,$#*1!%&#1!6&5!#9#M!%-8&!#!26-%1R
!B&!5&4#-5!+'!#!1#58O!2'TM!+&#5'':!('5!#(+&5*''*!+&#R!D+!-,!*'+!%-8&!+6&!2%J$,!#*1!
4#5%'5,!9&!J,J#%%M!K-,-+O!(-%%&1!9-+6!(%'9&5,!#*1!,+-((
+#%8R!"6-,!-,!#!4%#2&!('5!9'58-*/!9':&*O!#*1!-+!(#-5%M!4J%,&,!9-+6!#2+-K-+MR!
C&%-2-+M!#*1!D!#5&!#%-K&!9-+6!+6&!4'9&5!'(!#5+R!B&!1-,2J,,!'J5
(#K'5-+&!4#-*+-*/,!#*1!Q-,,!Q''5&!+&%%,!J,!96#+!,6&!8*'9,!#$'J+!+6&!#5+-,+,!
+6&:,&%K&,O!96-26!:#8&,!J,!(&&%!K&5M!,'46-,+-2#+&1O!#,!-(
9&!#5&!/J&,+,!#+!,':&!(#:'J,!,#%'*!-*!.#5-,R!<*%M!7**!-,!,-%&*+R!F6&!15-*8,!6&5!
+&#!#*1!&#+,!+9'!%#5/&!4-&2&,!'(!2#8&O!'*&!5-/6+!#(+&5
+6&!'+6&5R
!Y)'*+-*J&!&#+-*/!%-8&!+6#+O!#*1!M'JS%%!*&K&5!(-+!-*+'!M'J5!/'9*!$M!+6&!)65-,+:#,!
$#%%OY!C&%-2-+M!26-1&,R
!YB6#+!1'&,!-+!:#++&5\Y!7**!#,8,R!YH'J!6&#51!:M!2'J,-*R!DS%%!$&!/'*&!$M!Q#MRY
!Y)':&!*'9O!Q-,,!L5#1,6#9R!"6&5&!#5&!#%9#M,!'+6&5!26'-2&,OY!Q-,,!Q''5&!,#M,!
25-,4%MRYH'J5!(J+J5&!6#,*S+!$&&*!1&2-1&1!VJ,+!M&+RY
!YH&,O!-+!6#,R!"6&MSK&!6&%4&1!+'!4#M!:M!9#M!#+!F4&*2&R!D!#:!-*1&$+&1!+'!+6&:RY
!YB6#+!-(!M'J!5&(J,&1!+6&:!$J+!'((&5&1!+'!5&4#M!M'J5!1&$+!'*2&!M'JS1!,&2J5&1!
&:4%'M:&*+!&%,&96&5&\Y!Q-,,!Q''5&!#,8,R
!YD!2'J%1!*&K&5!5&4#M!+6&!1&$+RY
!YH'J!2'J%1O!'K&5!+-:&R!D+!9'J%1*S+!$&!&#,MO!$J+!-+!2'J%1!$&!1'*&RY
!YLJ+!+6&MS1!$&!,'!K&5M!#*/5M!9-+6!:&OY!7**!,#M,R
!YH&,O!:',+!%-8&%MR!D+!,6#*S+!8-%%!#*M!'(!M'JRY
!YD!2'J%1*S+!$&#5!+'!6#K&!,':&'*&!+6-*8!$#1%M!'(!:&RY
!YB'J%1!M'J!5#+6&5!,4&*1!M'J5!%-(&!#+!+6&!:&52M!'(!Q5,R!B6#5+'*!#*1!+6&!Q-,,&,!
)6#5%'++&!#*1!)#5'%-*&\Y
!7**!,+#5&,!#+!+6&!25J:$,!'*!6&5!4%#+&R!"6&!,#1*&,,!-,!+6#+!D!8*'9!7**R!@&5!#*,9&5!
-,!M&,R!F6&!/-K&,!#!9&#8!,:-%&RY.&56#4,!DS%%!$&
%-8&!+6&!6&5'-*&!-*!'*&!'(!+6',&!,26''%/-5%!,+'5-&,O!#*1!,':&'*&!9-%%!2':&!('5!:&R!
7!5-26!J*2%&R!<5!D!:-/6+!,+5-8&!+6&!(#*2M!'(!#!/''1
:#*!96'!9-,6&,!+'!:#8&!:&!6-,!9-(&RY!F6&!,#M,!+6-,!%#,+!$-+!/%#*2-*/!*&5K'J,%M!#+!
:&O!#*1!D!8*'9!,6&!-,!+6-*8-*/!'(!"':R
!Y"6#+S,!5#+6&5!#!%'+!+'!6#*/!M'J5!6'4&,!'*RY!Q-,,!Q''5&!,#M,R!7**!,*-((%&,R!C#+!
+&#515'4,!(#%%!-*+'!6&5!+&#R
!Y)':&!*'9RY!Q-,,!Q''5&!,#M,O!4#++-*/!6&5!6#*1R!Y"6&5&!-,!+-:&R!B6#+!,6#%%!9&!1'!
+'!26&&5!M'J\!B'J%1!M'J!%-8&!+'!+&%%!:&!:'5&!'(
M'J5!,+'5M!#$'J+!#%%!+6&!%'K&%M!+6-*/,!M'J!1'!-*!+6&!5&#%:,\Y
!YDS:!$&#J+-(J%!+6&5&OY!7**!,#M,O!K'-2&!+6-28!9-+6!+6&!#26&!'(!+&#5,!6&%1!$#28R
!YE&5M!$&#J+-(J%OY!D!,#MR!Y"&%%!6&5!6'9!9&!(5-/6+&*&1!#9#M!+6&!9#+&5!*M:46,bY
!7!,:-%&!(%-28&5,!#25',,!7**S,!%-4,!('5!#!:':&*+R!YB&!1-1!,6'9!+6&:O!1-1*S+!9&\Y
!Q-,,!Q''5&!45&+&*1,!+'!$&!4J+!'J+R!YA'9!+6&*O!1'*S+!8&&4!:&!-*!,J,4&*,&R!"&%%!:&!
#$'J+!+6&!9#+&5!*M:46,RY
!7,!9&!+&%%!6&5!+6&!+#%&!-*!/5&#+!1&,25-4+-'*O!Q-,,!Q''5&!%-,+&*,!-*+&*+%MR!Y76O!D!
,&&!M'JSK&!$&&*!5&#1-*/!#(+&5!#%%R!"6#+!-,!2'*,-,+&*+
9-+6!+6&!#*2-&*+!>5&&8!+#%&,!'(!*M:46,!#*1!,-5&*,O!96'!%&1!,#-%'5,!+'!+6&-5!1&#+6,!
9-+6!+6&-5!,'*/R!7*1!6#K&!M'J!6#1!,J22&,,!-*
(-*1-*/!M'J5!+&:4%&O!9#,!-+\Y
!YA'+!M&+R!LJ+!9&!K-,-+&1!+6&!>'%1&*!0#9*O!#!$''8,&%%&5S,!*&#5!L'*1!F+5&&+O!#*1!
('J*1!#!$''8!'*!,&25&+!,'2-&+-&,!$M!#!Q-,,
B-%6&%:-*#!YH#++OY7**!,#M,R
!Y"6&!>'%1&*!0#9*!R!R!R!OY!Q-,,!Q''5&!,#M,O!+#8-*/!#!$-+!'(!6&5!2#8&RYD!1'*S+!
$&%-&K&!D!8*'9!-+RY
!YQ-,,!Q2)%&&+6M!6#1!#*!#1K&5+!('5!-+!-*!6&5!,J-+2#,&OY!7**!$%J5+,!'J+RY>&::#!,#9!
-+!+6&5&RY
!Q-,,!Q''5&!5#-,&,!#*!&M&$5'9R
!YD+!9#,!'4&*OY!D!,#MO!$%J,6-*/RYD!2'J%1!*'+!6&%4!,&&-*/!-+RY
!YB&!,#9!Q-,,!Q2)%&&+6M!+6&5&!#+!+6&!,6'4R!F6&!#,8&1!('5!+6&!$''8O!,'!9&!1-1!#,!
9&%%R!D+!6#,!8*'9%&1/&!#$'J+!+6&!<51&5bY!C&%-2-+M
,#M,R
!Y0-1!M'J!8*'9!+6&!<51&5!J,&1!#*#/5#:,!+'!2'*2&#%!+6&-5!+5J&!-1&*+-+-&,!96&*!
*&&1&1\Y!D!#,8R
!Q-,,!Q''5&!4'J5,!+&#!('5!J,RYD,!+6#+!,'\Y
!7**!VJ:4,!-*R!YH&,O!#*1!96&*!9&!1-1!#*!#*#/5#:!('5!Q-,,!Q2)%&&+6MO!-+!,4&%%&1!'J+!
"6&M!)#%%!Q&!)-52&O!"6#+!45'K&,!-+RY
!Y.5'K&,!96#+\Y!Q-,,!Q''5&!#,8,O!,4-%%-*/!#!$-+!'(!+&#!+6#+!,6&!:J,+!,'4!J4!9-+6!
6&5!*#48-*R
!Y"6#+!Q-,,!Q2)%&&+6M!-,!)-52&O!'(!2'J5,&R!7*1!,6&S,!2':&!$#28!+'!F4&*2&!('5!,':&!
1-#$'%-2#%!4J54',&OY!C&%-2-+M!&Z4%#-*,R
!YB'J%1!+6#+!$&!+6&!+&#26-*/!'(!15#9-*/!'5!=#+-*\Y!Q-,,!Q''5&!#,8,!9-+6!#!95M!
,:-%&R
!YD+!-,!#!,&5-'J,!:#++&5O!Q-,,!Q''5&OY!C&%-2-+M!-*,-,+,R
!Q-,,!Q''5&!%&#*,!-*!9-+6!#!,'%&:*!(#2&R!YF'!-,!#22J,-*/!,':&'*&!'(!9-+2625#(+!('5!
K-,-+-*/!#!$''8,&%%&5S,RY
!.5'4&5%M!26#,+-,&1O!9&!15-*8!'J5!+&#R
!YB&!('%%'9&1!6&5OY!7**!,#M,!XJ-&+%MRYF6&!9&*+!+'!L&1%#:O!+'!96&5&!A&%%!@#98-*,!
%-K&,RY
!Q-,,!Q''5&!,+'4,!:-1,-4RYA&%%!@#98-*,R!B6'!-,!,6&\Y
!YF6&S,!#!/-5%!96'!$&%-&K&,!-*!+6&!<51&5R!F6&!,#M,!+6#+!)-52&!-,!+5M-*/!+'!/&+!+'!
6&5R!"6#+S,!96M!,6&!9&*+!:#1OY!7**!,#M,!9-+6!5&%-,6R
F6&!5&#%%M!1'&,!6#K&!#!+#,+&!('5!+6&!:#2#$5&R
!YQM!$5'+6&5O!"':O!-,!#!2%-*-2#%!#,,-,+#*+!#+!L&+6%&:R!A&%%!@#98-*,!-,!#!4#+-&*+!
+6&5&OY!D!&Z4%#-*R
!YD*+&5&,+-*/R!7*1!M'JSK&!,4'8&*!9-+6!+6-,!4&5,'*\Y
!YH&,OY!D!,#MR
!Y0-1!,6&!+&%%!M'J!,6&!9#,!#2XJ#-*+&1!9-+6!Q-,,!Q2)%&&+6M\Y
!YA'OY!D!#*,9&5O!,':&96#+!&:$#55#,,&1RYF6&!-,!:#1O!#*1!-+!-,!1-((-2J%+!+'!1&2-46&5!
6&5!5#:$%-*/,R!LJ+!,6&!9#,!#+!F#-*+!E-2+'5-#S,
!F26''%!('5!>-5%,!96&*!+6-,!+&55-$%&!:-,('5+J*&!$&(&%%!6&5O!#*1!9&SK&!5&#,'*!+'!
$&%-&K&!+6#+!Q-,,!Q2)%&&+6M!9#,!-*!+6&-5!&:4%'M!#+!+6&
,#:&!+-:&RY
!Y"6#+!-,!2J5-'J,RY!Q-,,!Q''5&!,#M,O!4'J5-*/!:-%8!-*+'!6&5!+&#!+-%%!+6&!%-XJ-1!
+J5*,!#!2%'J1M!$&-/&RY0'!M'J!8*'9!+6#+!('5!#!(#2+\Y
!YA'OY!D!#1:-+R!YLJ+!DSK&!,&*+!#*!&*XJ-5M!+'!+6&-5!6&#1:-,+5&,,R!D!&Z4&2+!+'!8*'9!
,6'5+%MRY
!Y"6&*!M'J!8*'9!*'+6-*/O!5&#%%MOY!Q-,,!Q''5&!,#M,O!,:''+6-*/!6&5!*#48-*!-*!6&5!
%#4R!Y?*+-%!M'J!1'O!D!9'J%1!#1K-,&!M'J!+'!$&!2#5&(J%
9-+6!M'J5!#22J,#+-'*,R!"6&M!2#*!6#K&!J*('5&,&&*!5&4&52J,,-'*,RY
!B&!%''8!#+!&#26!'+6&5!/J-%+-%MRYH&,O!Q-,,!Q''5&RY
!Y7**O!96#+!6#K&!M'J!1'*&!+6&5&\Y!,6&!#,8,R
!7**S,!$&&*!,25-$$%-*/!'*!#!4-&2&!'(!4#4&5R!F6&!+5-&,!+'!2'K&5!-+!9-+6!6&5!
6#*1RYAI*'+6-*/RY
!"6#+S,!#%%!-+!+#8&,!('5!C&%-2-+M!+'!4J%%!-+!#9#MR
!Y>-K&!+6#+!$#28bY!7**!96-*&,O!+5M-*/!J*,J22&,,(J%%M!+'!/5#$!-+R
!C&%-2-+M!5&#1,!#%'J1R!Y@&,+&5!Q''5&O!;'':!F6&!;&&+RY
!YD+!-,!#*!#*#/5#:!'(!M'J5!*#:&R!A'+!#!K&5M!/''1!'*&OY!7**!,#M,!6'+%MRYC&&O!-(!M'J!
4%&#,&bY
!C&%-2-+M!5&#1,!'*O!J*1#J*+&1R!Y<O!F&+!@&5!Q'5&R!F&+!Q'5&!@&5'RY!C&%-2-+MS,!&M&,!
(%#,6R!7!(&5#%!/5-*!#44&#5,R!Y35!"':\!35',!@&OY
!D+!1'&,*S+!:#++&5!+6#+!-+!:#8&,!*'!,&*,&R!D+!-,!+6#+!"':!#*1!35',!6#K&!$&&*!
2':$-*&1!-*!+6&!,#:&!,&*+&*2&!+6#+!6#,!6J:-%-#+&1
7**!+'!*'!&*1R!F6&!,*#+26&,!-+!$#28R!<+6&5,!-*!+6&!+&#5'':!6#K&!*'+&1!'J5!26-%1-,6!
$&6#K-'5O!#*1!DS:!+&55-$%M!&:$#55#,,&1!+6#+!'J5
K-,-+!6#,!&*1&1!'*!,J26!#!*'+&R!Q-,,!Q''5&!9-%%!45'$#$%M!*&K&5!-*K-+&!J,!'*!#*!
'J+-*/!#/#-*R
!D*1&&1O!,6&!26&28,!6&5!4'28&+!9#+26RYD!,6'J%1!$&!,&&-*/!M'J!/-5%,!6':&RY
!D*!+6&!2#$O!!Q-,,!Q''5&!,#M,O!YD!1'!6'4&!M'J!6#K&!*'!(J5+6&5!#2XJ#-*+#*2&!9-+6!
+6&!9#+&5!*M:46,R!"6&M!,'J*1!4#5+-2J%#5%M
/5J&,':&RY
!Y"6#+!:#8&,!+9'!'(!J,OY!7**!,#M,O!,6-K&5-*/R
!Y.&56#4,!M'J!2#*!$5-*/!:&!-*+'!+6&!,+'5MR!D!,6'J%1!%-8&!+'!(-/6+!+6&!*M:46,O!D!
+6-*8RY!Q-,,!Q''5&!#1'4+,!#!:'28!6&5'-2!(#2&R!D+
:#8&,!J,!%#J/6R!D!#:!5&%-&K&1R!DSK&!,'!&*V'M&1!'J5!1#MU!D!,6'J%1!6#+&!+'!+6-*8!
+6&5&!9-%%!*'+!$&!#*'+6&5!%-8&!-+R
!B6&*!7**!#*1!C&%-2-+M!#5&!,#(&%M!6':&!#/#-*O!9&!+5#K&%!+6&!,6'5+!1-,+#*2&!+'!
L&%/5#K&!FXJ#5&R!Q-,,!Q''5&!+#8&,!-*!+6&!,-/6+!'(!+6&
%'K&%M!6'J,&R
!YB'J%1!M'J!%-8&!+'!2':&!-*!#*1!:&&+!>5#*1:#:#\Y!D!#,8R
!Y7*'+6&5!+-:&O!4&56#4,RY!F6&!%''8,!#!$-+!9'55-&1R!Y>&::#O!1'!M'J!5&#%%M!1-,+5J,+!
+6-,!Q-,,!Q2)%&&+6M\Y
!Y"6&5&!-,!,':&+6-*/!J*,&++%-*/!#$'J+!6&5OY!D!#*,9&5R!YD!2#**'+!,#M!96#+!-+!-,RY
!Q-,,!Q''5&!*'1,R!YE&5M!9&%%R!D!,6#%%!:#8&!&*XJ-5-&,!'(!:M!'9*R!.&56#4,!-+!-,!
*'+6-*/!#+!#%%O!#*1!9&!,6#%%!%#J/6!#+!6'9!,-%%M!9&SK&!#%%
$&&*R!D*!+6&!:&#*+-:&O!M'J!:-/6+!1'!9&%%!+'!$&!9#5M!'(!6&5RY
!Y"6#*8!M'JO!Q-,,!Q''5&OY!D!,#MRY!"6#*8!M'J!('5!&K&5M+6-*/RY
!)@7."3;!"B3A"HIF3E3A
!B@3A!D!)<Q3!"@;<?>@!"@3!0<<;O!Q;FR!N<A3F!DF!$&,-1&!6&5,&%(RYH'J5!/5#*1:'+6&5!-,!
&Z4&2+-*/!M'J!-*!+6&!4#5%'5O!:-,,R!F6&
,#-1!('5!M'J!+'!2':&!+6&!:':&*+!M'J!#55-K&1R!YS
!Q5,R!N'*&,!,'J*1,!,'!1-5&!+6#+!D!#:!#(5#-1!,':&+6-*/!+&55-$%&!6#,!6#44&*&1!+'!
C#+6&5!'5!"':R!D!$J5,+!-*+'!+6&!4#5%'5!+'!,&&
>5#*1:#:#!,-++-*/!9-+6!=#1M!0&*$M!#*1!F-:'*R!D!6#K&!VJ,+!2':&!-*!(5':!+6&!2'%1R!QM!
*',&!-,!'*!+6&!K&5/&!'(!15-44-*/!(5':!+6&
,J11&*!9#5:+6!'(!+6&!5'':R!D!9-%%!-+!+'!,+'4R
!Y=#1M!0&*$M!#*1!Q5R!Q-11%&+'*!6#K&!2':&!+'!4#M!J,!#!2#%%O!>&::#OSS!>5#*1:#:#!,#M,!
9-+6!#!4#*-28&1!,:-%&!#,!,6&!+#8&,!-*!:M
5'J/6!#44&#5#*2&RYB&!,6#%%!9#-+!('5!M'J!+'!15&,,!,'!+6#+!M'J!2#*!5&2&-K&!+6&:RY
!D+!-,!*'+!#!5&XJ&,+R
!<*2&!D!#:!45&,&*+#$%&O!9&!+#8&!#!,+5'%%!-*!@M1&!.#58R!=#1M!0&*$M!#*1!>5#*1:#:#!
+5#-%!$&6-*1!J,O!#%%'9-*/!F-:'*!#*1!:&!#
26#*2&!+'!+#%8!96-%&!#%,'!$&-*/!26#4&5'*&1R
!YFJ26!#!%'K&%M!1#M!('5!#!9#%8OY!D!,#MO!&K&*!#,!#!(&9!9#M9#51!,*'9(%#8&,!%#*1!'*!
:M!2'#+!,%&&K&R
!YH&,OY!F-:'*!#/5&&,O!+#8-*/!4-+M!'*!:&RYL5-,8R!LJ+!%'K&%MRY
!F-%&*2&!,+5&+26&,!$&+9&&*!J,!%-8&!#*!&%#,+-2!/#5+&5!*&#5!+'!,*#44-*/R
!Y@#K&!M'J!Y
!YB#,IY
!YC'5/-K&!:&OY!D!,#MR
!Y"6&!(#J%+!-,!:-*&R!.%&#,&O!1'!/'!'*OY!F-:'*!,#M,O!:#8-*/!:M!6&#5+!,8-4!#!$&#+R
!YD!9#,!,-:4%M!9'*1&5-*/RRRY!B6#+\!DS1!*'+6-*/!+'!,#MR!D!9#,!'*%M!1&,4&5#+&!+'!
:#8&!2'*K&5,#+-'*!#*1!45'K&!:M,&%(!#!9-++MO
#:J,-*/O!#*1!+6'J/6+(J%!/-5%O!+6&!,'5+!'*&!2#**'+!-:#/-*&!%-K-*/!9-+6'J+R!"6&!
1-((-2J%+MO!'(!2'J5,&O!-,!+6#+!D!#:!-*!2'::#*1!'(!*'*&!'(
+6&,&!XJ#%-+-&,!#+!45&,&*+R!D+!,6'J%1!45'K&!#!:-5#2%&!-(!D!2#*!:#8&!,':&!
2'::&*+#5M!'*!+6&!,+#+&!'(!+6&!2'$$%&,+'*&,R!YR!R!R!-(!R!R!R
96#+!D!:&#*!-,!R!R!R!D!R!R!R!75&*S+!+6&!+5&&,!,'!%'K&%M!+6-,!+-:&!'(!M&#5\Y
!"6&!+5&&,O!,+5-44&1!'(!#%%!%&#K&,!#*1!J/%M!#,!/*':&,O!/5-:#2&!-*!5&,4'*,&R
!Y"6&5&!-,!#!2&5+#-*!&%&/#*2&!+'!+6&:O!D!,J44',&OY!6&!#*,9&5,R
!"6-,!-,!*'+!/'-*/!9&%%!#+!#%%R
!YD!1'!6#+&!+'!+5'J$%&!M'JO!Q5R!Q-11%&+'*!R!R!R!OY!>5#*1:#:#!,#M,RYDS:!#(5#-1!-+S,!
+6&!1#:4!-*!:M!$'*&,RY!F6&!%-:4,!('5!&((&2+R
!F-:'*!+#8&,!+6&!$#-+O!'((&5-*/!6&5!6-,!#5:R!YA'+!#+!#%%O!Q5,R!0'M%&RY
!D!6#K&!*&K&5!$&&*!:'5&!/5#+&(J%!('5!#*!-*+&55J4+-'*!-*!:M!%-(&R!>5#*1:#:#!-,!-*!
6&#K&*O!9#%8-*/!#5:!-*!#5:!9-+6!#!K-,2'J*+S,!,'*
+65'J/6!@M1&!.#58O!96&5&!#%%!2#*!9#+26!(5':!+6&-5!9-*1'9,O!(&&%-*/!&*K-'J,R!7,!
>5#*1:#:#!45#++%&,!'*!#$'J+!6&5!6&#%+6O!+6&
+5'J$%&!9-+6!,&5K#*+,!+'1#MO!#*1!'+6&5!:#++&5,!+6#+!:#8&!:&!(&&%!#,!-(!D!,6#%%!
%',&!:M!:-*1O!F-:'*!/-K&,!:&!#!,%M!,-1&9#M,!/%#*2&O
#*1!DS:!,:-%-*/!$5'#1%MR!@&!6#,!#!9#M!'(!:#8-*/!&K&*!#!9#%8!9-+6!>5#*1:#:#!-*+'!#*!
#1K&*+J5&R
!Y0'!M'J!%-8&!+6&!'4&5#O!Q5,R!0'M%&\Y!=#1M!0&*$M!#,8,R
!YA'+!+6&!D+#%-#*,R!D!1'!%-8&!'J5!>-%$&5+!#*1!FJ%%-K#*O!+6'J/6R!0&%-/6+(J%RY
!D!#:!&:$#55#,,&1!$M!6&5!%#28!'(!+#,+&R
!YB6#+!#!6#44M!2'-*2-1&*2&R!"6&!Q-8#1'!-,!+'!$&!4&5('5:&1!F#+J51#M!&K&*-*/!#+!+6&!
;'M#%!<4&5#!@'J,&R!B&!6#K&!#!$'ZR!B'J%1
M'J!2#5&!+'!V'-*!J,\Y
!>5#*1:#:#!(#%%,!,-%&*+O!#*1!#+!(-5,+O!D!#:!#(5#-1!,6&S,!'*!+6&!K&5/&!'(!$&2':-*/!
2#+#+'*-2R!LJ+!+6&*!D!5&#%-T&!+6#+!,6&!-,!#2+J#%%M
&Z2-+&1R!@#44MR!D+!-,!,J26!#!5#5&!'22J55&*2&!,6&!-,!J*1'*&!$M!-+R
!YB6MO!9&S1!$&!1&%-/6+&1bY!,6&!#*,9&5,!#+!%#,+R
!"6&!'4&5#b!DSK&!*&K&5!$&&*R!@&%%'O!$&#J+-(J%%M!J/%M!+5&&,b!@#K&!M'J!6&#51\!D!#:!
+'!#++&*1!+6&!'4&5#!9-+6!F-:'*!Q-11%&+'*R!"6&
9-*1!5J,+%&,!+65'J/6!+6&-5!&:4+M!$5#*26&,O!:#8-*/!-+!,'J*1!%-8&!+6&!1-,+#*+!1-*!'(!
#44%#J,&R!05-&1!6J,8,!'(!%&#K&,!,8-++&5!#25',,!'J5
4#+6!#*1!,+-28!+'!+6&!9&+!2'$$%&,+'*&,O!96&5&!+6&M!#5&!+5'1!J*1&5(''+R
!7!,6-*M!$%#28!2#55-#/&!#445'#26&,!,%'9%MO!15#9*!$M!+9'!4'9&5(J%!,+&&1,!+6#+!/%&#:!
#,!-(!4'%-,6&1R!"6&!2'#26:#*!9&#5,!6-,!+#%%!6#+
%'9!'*!6-,!$5'9R!B6&*!+6&!2#55-#/&!4J%%,!&K&*!9-+6!J,O!-+,!'22J4#*+!4&&5,!'J+!(5':!
+6&!,6#1'9,!9-+6-*O!/-K-*/!:&!#!25J&%!,:-%&R!7
,2#5!:#58,!6-,!%&(+!26&&8R!D+!-,!+6&!:#*!D!,#9!#+!+6&!+5#-*!,+#+-'*!:M!(-5,+!1#M!
-*!='*1'*O!+6&!'*&!96'!('%%'9&1!:&R!"6&5&!2#*!$&!*'
:-,+#8&R!7,!+6&!2'#26!4#,,&,O!6&!+-4,!6-,!6#+!+'!:&!9-+6!#!9-28&1!,:-%&R!"6&!
2#55-#/&!+#8&,!#!$J:4!-*!+6&!5'#1!#*1!9'$$%&,!'*!-+,
/-#*+!96&&%,R!7!9':#*S,!/%'K&1!6#*1!&:&5/&,O!/5-44-*/!+6&!,-1&!'(!+6&!1''5R!D!
2#**'+!,&&!6&5!(#2&R!"6&!,%&&K&!'(!6&5!2%'#8!2#+26&,
+6&!9-*1R!D+!(%J++&5,!+6&5&!%-8&!#!9#5*-*/!#!5-26O!1#58!/5&&*R
!YQ-,,!0'M%&\Y!D+S,!F-:'*R
!YH&,\Y!D!,#MO!96&*!D!(-*1!:M!K'-2&!#/#-*R
!Y75&!M'J!XJ-+&!#%%!5-/6+\!H'J!,&&:&1!-%%!('5!#!:':&*+RY
!YD!(&#5!Q-,,!0'M%&!6#,!#!26-%%R!F6&!,6'J%1!5&+J5*!6':&!#*1!,-+!$M!+6&!(-5&!#+!
'*2&OY!F-:'*S,!:'+6&5!-*,-,+,R
!"6&!5'#1!-,!XJ-&+!*'9R!3K&*!+6&!9-*1!6#,!,+'44&1!$%J,+&5-*/R!LJ+!-*,-1&O!:M!6&#5+!
2%#:'5,!,'!%'J1%M!-+!-,!#!9'*1&5!-+!2#**'+!$&
6&#51!$M!#%%R!C'5!+6#+!/5&&*!2%'#8!9#,!K&5M!%-8&!+6&!'*&!-*!:M!K-,-'*,O!+6&!'*&!
DS:!2&5+#-*!$&%'*/,!+'!)-52&O!#*1!-+!9#,!(%J++&5-*/!(5':
+6&!9-*1'9!'(!#!2#55-#/&!2#55M-*/!#!:&:$&5!'(!+6&!;#8,6#*#R
!<*2&!F-:'*!#*1!=#1M!0&*$M!6#K&!/'*&O!>5#*1:#:#!6#,!3:-%M!15#9!:&!#!6'+!$#+6R!B6&*!
D!,-*8!-*+'!+6&!1&&4!+J$O!9#+&5!,%J-2&,
#%'*/!+6&!,-1&,!#*1!2':&,!+'!,&++%&!-*!+-*M!9#K&,!$&*&#+6!:M!26-*R!='K&%MR!D!2%',&!
:M!&M&,!#*1!%&+!:M!#5:,!(%'#+!J4'*!+6&!,J5(#2&!'(
+6&!9#+&5R
!"6&!,6#54!4#-*!2':&,!,9-(+%MO!*&#5%M!4J%%-*/!:&!J*1&5R!QM!$'1M!/'&,!5-/-1O!'J+!'(!
:M!2'*+5'%R!B#+&5!5J,6&,!-*+'!:M!:'J+6!+-%%!DS:
2'J/6-*/!#*1!,4J++&5-*/R!.#*-2!6#,!:&!/5-44-*/!+6&!,-1&!'(!+6&!$#+6+J$O!1&,4&5#+&!
+'!/&+!'J+R!D!6&#5!+6&!15&#1&1!96-,4&5O!%-8&!#
,9#5:!'(!-*,&2+,R
!Y)':&!9-+6!J,RR!R!RY
!"6&!4#-*!,J$,-1&,O!#*1!*'9!:M!$'1M!-,!%-/6+!#,!#!,*'9(%#8&O!#,!-(!D!9&5&!-*!#!
15&#:R!D!1'!*'+!9#*+!+'!'4&*!:M!&M&,R!D!1'!*'+!9#*+
+'!,&&!+6&:R!LJ+!+6&M!:#M!6#K&!#*,9&5,!+'!:M!XJ&,+-'*,O!,'!D!+J5*!:M!6&#1!,%'9%MR!
"6&5&!+6&M!#5&O!/6'J%-,6!#*1!6#J*+-*/O!9-+6
+6&-5!5#//&1!96-+&!15&,,&,!#*1!1#58!2-52%&,!$&*&#+6!,'J%%&,,!&M&,R
!YB6#+!1'!M'J!9#*+\Y!D!#,8R!DS:!,+-%%!2'J/6-*/!J4!9#+&5R
!YC'%%'9!J,OY!+6&M!,#MO!#*1!+6&M!,%-4!+65'J/6!+6&!2%',&1!1''5!#,!-(!-+!9&5&!
*'+6-*/R
!@J55-&1%MO!D!5&#26!('5!:M!15&,,-*/!/'9*!#*1!'4&*!+6&!1''5O!,&#526-*/!('5!,-/*!'(!
+6&:R!"6&M!6'K&5!VJ,+!'J+,-1&!:M!$&15'':O
2#,+-*/!#!(#%,&!%-/6+!#+!+6&!&*1!'(!+6&!1#58&*&1!6#%%R!"6&M!:'+-'*!('5!:&!+'!
('%%'9!#,!+6&M!,%-4!-*+'!:M!5'':R
!DS:!,6#8-*/!#*1!9&+O!$J+!D!('%%'9!+6&:O!9'58-*/!J4!+6&!2'J5#/&!+'!,4&#8R!YB6'!#5&!
M'J\!)#*!M'J!+&%%!:&!#*M+6-*/!#$'J+!+6&
"&:4%&\Y
!"6&M!1'!*'+!#*,9&5R!D*,+&#1O!+6&M!(%'#+!+'!+6&!2J4$'#51!#*1!9#-+R
!YQM!2J4$'#51\!"6&5&S,!*'+6-*/!-*!+6&5&R!NJ,+!:M!2%'+6-*/!#*1!,6'&,RY
!"6&M!,6#8&!+6&-5!4#%&!6&#1,R!Y"6&!#*,9&5,!M'J!,&&8!#5&!6&5&RY
!D*!:M!2J4$'#51\!"6&MS5&!#,!:#1!#,!A&%%!@#98-*,R!)#5&(J%%M!#,!D!2#*O!D!,+&4!#5'J*1!
+6&:!#*1!$&/-*!4J,6-*/!#,-1&!15&,,&,!#*1
2'#+,O!+&#5-*/!+65'J/6!6#+$'Z&,!#*1!,6'&,O!%''8-*/!('5!96#+!-+!-,!DS:!,J44',&1!+'!
(-*1O!+6'J/6!96#+!+6#+!-,!D!2#*S+!$&/-*!+'!-:#/-*&R
C-*#%%MO!D!&Z4%'1&!-*!(5J,+5#+-'*R
!YD!+'%1!M'JO!+6&5&S,!*'+6-*/!6&5&bY
!D+S,!+6&!6'55-$%&!,'J*1!'(!+6',&!4'-*+&1!$''+,!,25#4-*/!:M!(%''5,!+6#+!6#,!:&!
,25#:$%-*/!$#289#51R!<6O!>'1O!DSK&!1'*&!-+!*'9O
:#1&!+6&:!#*/5MR!"6&M!#1K#*2&O!#5:,!'J+O!2':-*/!('5!:&R!D!2#*!:'K&!*'!(#5+6&5U!DS:!
+5#44&1!$M!+6&!$&1R
!YA'O!4%&#,&OY!D!96-,4&5O!2J5%-*/!-*+'!#!$#%%O!,6J++-*/!:M!&M&,!+-/6+R
!"6',&!(-*/&5,!'(!-2&!#5&!'*!:M!,6'J%1&5,!#*1!6&5&!-+!2':&,O!#!K-,-'*!'(!,J26!(J5M!
D!2#*!,2#52&%M!$5&#+6&O!%&+!#%'*&!+6-*8!'(!25M-*/
('5!6&%4R!7!(-&%1!'(!/5&&*!%&#1-*/!(5':!+6&!'%1!,+'*&!5J-*,!+'!+6&!2%-((,!$M!+6&!
,&#R!D*!+6&-5!96-+&!15&,,&,O!+6&!/-5%,!5J*!#*1!%#J/6R!<*&
,*#+26&,!+6&!6#-5!5-$$'*!(5':!#*'+6&5R
!YB-%%!,6&!/-K&!J,!+6&!4'9&5!+'1#M\Y!+6&!/-5%!9-+6!+6&!5-$$'*!#,8,RY7*1!9-%%!9&!#+!
%#,+!,&&!+6&!5&#%:,!+6#+!#5&!,'!$&#J+-(J%\Y
!YD!6'4&!,'O!('5!D!,6'J%1!%-8&!+'!4%#M!9-+6!:#/-2OY!#*'+6&5!,#M,R
!"6&!/-5%!96',&!6#-5!6#,!(#%%&*!(5&&!'(!6&5!5-$$'*!2#%%,O!Y3%&#*'5O!1-1!,6&!
45':-,&!+6#+!-+!9'J%1!$&!+'1#M\Y
!YH&,OY!+6&!/-5%!#*,9&5,!-*!#!+-/6+O!6-/6!K'-2&R!YF6&!9-%%!2':&!,''*R!B&!,6#%%!
&*+&5!+6&!5&#%:,!#*1!6#K&!-+!#%%O!&K&5M+6-*/!9&SK&!&K&5
9-,6&1!('5RY
!Y7*1!,6&!+6-*8,!+6-,!+-:&!M'J!2#*!+#8&!J,!-*\Y
!YF6&!,#M,!,'RY
!Y<6O!A&%%O!+6#+!-,!9'*1&5(J%bY
!3%&#*'5R!A&%%O!"6&!*#:&!4J,6&,!+6&!#-5!(5':!:M!%J*/,R!C'5!+6&!(-5,+!+-:&O!D!,&&!
6&5O!9#%8-*/!+'9#51!+6&!'+6&5,R!F6&!-,!6&#K-&5O!#*1
6&5!6#-5!-,!2J5%&1!#*1!,6-*-*/O!+6&!(#2&!J*+5'J$%&1O!$J+!D!5&2'/*-T&!6&5!
-*,+#*+%MW!D+!-,!A&%%!@#98-*,O!$&('5&!,6&!9#,!+'J26&1!$M
:#1*&,,R
!"6&5&!-,!+6&!2'#5,&!,'J*1!'(!-*,&2+!9-*/,!*&#5!:M!&#5R!YB#+26R!R!R!RY
!D+!-,!%-8&!$&-*/!4J%%&1!$M!#!(#,+!+5#-*O!&K&5M+6-*/!:'K-*/!,'!XJ-28%M!4#,+!+6&!
9-*1'9,!'(!:M!&M&,R!"6&!/-5%,!'*!+6&!5'28,R!"6&
9':#*!-*!/5&&*O!(#2&!6-11&*R!"6&!6#*1!+#8-*/!A&%%S,R!"6&!,&#!5-,-*/!%-8&!+6&!
+&55'5!-*!+6&-5!&M&,R
!D+!,+'4,R!DS:!4#*+-*/!'*!:M!(%''5R!"6&M!4'-*+!+'!+6&!2J4$'#51R!B6#+!2'J%1!-+!
4',,-$%M!$&\!DSK&!$&&*!+65'J/6!-+!#%%O!#*1!+6&5&S,
*'+6-*/!RRR!QM!:'+6&5S,!5&1!1-#5M!4&&8,!'J+!(5':!#!4'28&+!'(!#!2'#+R!D!5&#26!('5!
-+R
!Y"6-,\Y!D!#,8O!$J+!+6&M!#5&!#%5&#1M!(#1-*/!-*+'!#!:-,+!+6#+!1-,#44&#5,!
2':4%&+&%MR!"6&!5'':!2':&,!$#28!+'!-+,&%(R!"6&!K-,-'*!6#,
&*1&1R!DSK&!*'!-1&#!96#+!+6&M!2'J%1!:&#*R!DSK&!$&&*!+65'J/6!+6-,!1-#5M!#/#-*!#*1!
#/#-*O!%''8-*/!('5!2%J&,O!#*1!+6&5&!-,!*'+6-*/R!D
+J5*!&#26!4#/&!+-%%!D!5&#26!+6&!4%#2&!96&5&!DSK&!,#K&1!:M!:'+6&5S,!25&#,&1!
*&9,4#4&5!2%-44-*/,R!B6&*!D!5&#1!+6&!(-5,+!%-*&!+6-,!+-:&O
D!1'!*'+!(-*1!-+!+'!$&!#!:&%'15#:#+-2!,+'5M!$#1%M!+'%1R!A'O!+6-,!+-:&!-+!26-%%,!:&!
+65'J/6!#*1!+65'J/6R
!7!+5-'!'(!/-5%,!-*!B#%&,!9&*+!'J+!9#%8-*/!#*1!9&5&!*&K&5!6&#51!(5':!#/#-*RR!R!R
!D!5&#1!'*O!(&&%-*/!:M!$%''1!5J*!(#,+!#,!D!1'R
!H'J*/!%#1-&,!96'!9&5&!+6&!#*/&%,!'(!F#-*+!E-2+'5-#S,!F26''%!('5!>-5%,!R!R!R!(#-5O!
,6-*-*/!1#J/6+&5,!'(!+6&!)5'9*!R!R!R!%'K&1!$M!#%%R!R!R
9#%8&1!/#-%M!+'!+6&!2%-((,!$M!+6&!,&#O!*&K&5!8*'9-*/!+6&!+5#/-2!(#+&!+6#+!#9#-+&1!
+6&:!R!R!R!%'*&!,J5K-K'5R!R!R!9&*+!:#1!#,!#!6#++&5R!R!R
$&#5,,':&!5&,&:$%#*2&!+'!+6&!,+'5M!'(!#!$'**-&!%#,,!(5':!+6&!Q#2P&*T-&!F26''%!('5!
>-5%,!R!R!R!F2'+%#*1!R!R!R!+6&!+5#/-2!1#//&5!'(
,J-2-1&!R!R!R!2%#-:&1!+'!,&&!K-,-'*,O!(5-/6+&*-*/!+6&!'+6&5!/-5%,!R!R!R!(&%%!+'!
6&5!1&#+6!R!R!R!'+6&5!1-,XJ-&+-*/!+#%&,!R!R!R!Q-,,!C#55'9S,
72#1&:M!('5!>-5%,!R!R!O!;'M#%!)'%%&/&!'(!L#+6R!R!O!R
!"6&!*#:&,!'(!+6&,&!,26''%,!#5&!(#:-%-#5R!D!8*'9!+6&:R!B6&5&!6#K&!D!6&#51!+6&:!
$&('5&\!7*1!+6&*!-+!2':&,!+'!:&!9-+6!#!2'%1O
!6#51!26-%%W!Q-,,!Q2)%&&+6MR!D!,#9!+6&:!'*!+6&!%-,+!,6&!8&4+!-*,-1&!6&5!2#,&!
$&*&#+6!+6&!$&1R!F6&S1!:#58&1!+65'J/6!+6&:!#%%R!<*%M
F4&*2&!5&:#-*&1R
!)@7."3;!"B3A"HI3D>@"
!A3==!@7BPDAF!7A0!D!"7P3!7!F";<==!"@;<?>@!L&+6%&:S,!26&&5%&,,!#-5-*/!M#51,R!"6&!
1#M!-,!$5-,8O!$J+!-(!A&%%!9#*+,!+'!9#%8O!+6&*!D
,6#%%!9#%8R!D!,6#%%!1'!#*M+6-*/!+'!+5M!+'!J*%'28!+6-,!:M,+&5MO!('5!DS:!,J5&!+6#+!
,':&96&5&!-*,-1&!A&%%S,!+'5+J5&1!:-*1!%-&!+6&!#*,9&5,!D
*&&1R
!<*%M!#!(&9!'(!+6&!$5#K&,+!,'J%,!6#K&!2':&!'J+!+'1#MR!A&%%S,!5&(J,-*/!+'!9&#5!6&5!
/%'K&,R!@&5!+-*M!6#*1,!$%'+26!4J54%&!-*!+6&!2'%1
$J+!,6&!1'&,*S+!,&&:!+'!:-*1R!B6&*!9&!#5&!#!,#(&!1-,+#*2&!(5':!L&+6%&:S,!1''5,O!D!
/-K&!A&%%!+6&!,25#4!'(!*&9,4#4&5R
!A&%%!%&+,!-+!5&,+!-*!6&5!6#*1,O!96-26!,6#8&RYF#-*+!E-2+'5-#S,!R!R!RY
!YH'J!9&5&!+6&5&O!9&5&*S+!M'J\Y
!F6&!,&++%&,!'*+'!#!$&*26!%-8&!#!$#%%''*!(%'#+-*/!+'!&#5+6O!1&(%#+&1R!YH&,OY!,6&!
,#M,O!#,!-(!5&:&:$&5-*/!,':&+6-*/R!YD!9#,!+6&5&RY
!YB6#+!6#44&*&1!+6#+!1#M!$M!+6&!,&#\Y
!A&%%S,!&M&,O!(J%%!'(!4#-*O!(-*1!:-*&!#,!-(!+6&M!6'%1!+6&!#*,9&5,R!F6&!2%',&,!6&5,!
+-/6+%MR!YN#28!#*1!N-%%!9&*+!J4!+6&!6-%%!+'!(&+26!#!4#-%!'(
9#+&5OY!,6&!,#M,R!YN#28!(&%%!1'9*!#*1!$5'8&!6-,!25'9*O!#*1!R!R!RY!F6&!,+'4,O!
(5J,+5#+&1R!YN#28!#*1!N-%%!9&*+!J4!+6&!6-%%!+'!(&+26!#!4#-%!'(
9#+&5R!N#28!(&%%!1'9*!#*1!$5'8&!6-,!25'9*O!#*1!R!R!RY
!F6&!,#M,!-+!(#,+&5R!YN#28#*1N-%%9&*+J4+6&6-%%+'(&+26#4#-%'(!9#+&5!N#28(&%%!1'9*!
#*1!$5'8&6!-,!25'9*#*1!RRR!#*1!R!R!RY
!D!2#*S+!$&#5!-+R!YR!R!R!N-%%!2#:&!+J:$%-*/!#(+&5!R!R!R!OY!D!(-*-,6!('5!6&5R
!F6&!'4&*,!6&5!&M&,!#/#-*R!"6&M!#5&!+&#5M!9-+6!+6&!2'%1RYH&,R!H&,R!LJ+!D!1-1*S+!
+J:$%&!#(+&5RY
!YB6#+!#5&!M'J!,#M-*/\!D!1'*S+!J*1&5,+#*1RY
!YB&!9&*+!J4!+6&!6-%%!RRR!J4!+6&!6-%%RRRY!F6&!5'28,R!Y"'!(&+26!#!4#-%!'(!9#+&5R!
C5':!+6&!9#+&5R!D+!2#:&!J4!(5':!+6&!9#+&5R!F6&!:#1&
-+!2':&RY
!Y)-52&\Y!D!96-,4&5R
!YF6&!-,!#!6'J,&!'(!,9&&+,!9#-+-*/!+'!1&K'J5!J,RY
!"6&!'11!Q5,R!F'::&5,!6#,!$&&*!9#%8-*/!*&#5$MO!+&#5-*/!#+!6&5!&M&$5'9,!96&*!*'!'*&!
9#+26&,!6&5R!F6&!6'K&5,!2%',&5!#*1!2%',&5
+'!J,O!+5M-*/!+'!6&#5R
!YB6#+!1-1!)-52&!9#*+!(5':!M'J\!B6#+!9#,!,6&!%''8-*/!('5\Y
!Y7!9#M!-*RY!A&%%!/-//%&,!-*!,J26!#!9#M!+6#+!#!26-%%!5#2&,!J4!:M!,4-*&R!@&5!&M&,!
/%#*2&!%&(+!#*1!5-/6+O!%-8&!+6',&!'(!#!26-%1!9-+6!#
*#J/6+M!,&25&+R!YF6&!9#*+&1!-*R!F6&!1-1R!F6&!1-1R!F6&!,#-1!,6&S1!:#8&!J,!6&5!*&9!
<51&5R!cJ&&*,R!cJ&&*,!9-+6!#!25'9*R!N#28!(&%%
1'9*!#*1!$5'8&!6-,!25'9*!R!R!RY
!YQ-,,!@#98-*,O!%''8!#+!:&O!4%&#,&R!)#*!M'J!+&%%!:&!96#+!6#44&*&1\Y
!F6&!,&&:,!,'!,#1O!,'!(#5!#9#MR!YD!2'J%1!*'+!+#8&!6&5!-*!#(+&5!#%%R!D!2'J%1!*'+!
&*+&5R!A'+!96'%%MR!<*%M!6&5&RY!F6&!4'-*+,!+'!6&5!6&#1R
YD!2'J%1!,&&!+6-*/,R!"&%%!6&5!+6-*/,R!LJ+!-+!9#,*S+!&*'J/6R!F6&!9#*+&1!-*R!F6&!
+-5&1!'(!J,R!F6&!R!R!RY!Q5,R!F'::&5,!:'K&,!2%',&5R!A&%%
+J5*,!'*!6&5!,J11&*%MO!,25&#:-*/!+-%%!+6&!9':#*O!J*1'*&O!5#2&,!#9#MR!QM!6&#5+!
$&#+,!9-%1%MO!J*,&++%&1!$M!A&%%S,!'J+$J5,+R
!YF6&S,!%''8-*/!('5!+6&!'*&!96'!2#*!$5-*/!+6&!:#/-2!$#28!+'!-+,!(J%%!/%'5MR!"6&!
'*&!9-+6!+6&!4'9&5!+'!+#8&!6&5!-*O!+'!+#8&!6&5!+'!+6&
"&:4%&R!"6#+!-,!96#+!,6&!6#,!#%9#M,!9#*+&1OY!,6&!96-,4&5,RYA'O!*'O!*'O!*'bY!,6&!
,6'J+,!+'!+6&!#-5R
!YQ-,,!@#98-*,OY!D!#,8O!+5M-*/!+'!%&#1!6&5!$#28!+'!+6&!,J$V&2+!#+!6#*1RYB#,!-+!
Q-,,!Q2)%&&+6M\!B#,!,6&!+6&5&\!D,!,6&!)-52&\!H'J!2#*
+&%%!:&RY
!A&%%!$&*1,!:M!6&#1!+'!6&5,!+-%%!'J5!('5&6&#1,!+'J26O!6&5!+-*M!6#*1!,J545-,-*/%M!
,+5'*/!'*!+6&!$#28!'(!:M!*&28R!"6&!,8-*!'(!6&5!4#%:
!-,!5'J/6!#,!$J5%#4R!Y0'*S+!%&+!6&5!-*O!=#1M!@'4&RY!D,!+6#+!#*!#*,9&5\!A&%%!
2'*+-*J&,!-*!6J,6&1!+'*&,R!Y"6&!25&#+J5&,!9-%%!1'!#*M+6-*/!+'
2'*+5'%!M'JR!Q#8&!M'J!,&&!+6-*/,R!@&#5!+6-*/,R!H'J!:J,+!8&&4!+6&:!'J+RY
!D!9#*+!(5&&!'(!+6#+!+-*M!6#*1!+6#+!(5-/6+&*,!:&!9-+6!-+,!6-11&*!,+5&*/+6R!LJ+!D!
#:!#(5#-1!+'!:'K&RYQ-,,!@#98-*,O!4%&#,&O!1'!M'J
8*'9!96&5&!D!2#*!(-*1!+6&!"&:4%&\Y
!YH'J!:J,+!('%%'9!+6&!+5J&!4#+6RY
!@&5&!9&!#5&!#/#-*R!Y"6&5&!#5&!6J*15&1,!'(!4#+6,R!D!1'*S+!8*'9!96-26!'*&!M'J!
:&#*RY
!YD+!-,!96&5&!M'J!%&#,+!&Z4&2+!-+R!D+!6-1&,!-*!4%#-*!,-/6+R!H'J!:J,+!%''8!#*1!M'J!
9-%%!,&&!-+O!,&&!-+O!,&&O!,&#O!-+!2#:&!J4!(5':!+6&!,&#O
(5':!+6&!,&#RY!@&5!&M&,!9-1&*R!YD!,#9!M'Jb!DS:!,'55MO!,'55MO!,'55MbY
!DS:!%',-*/!6&5!#/#-*R!YB6#+!6#44&*&1!+'!+6&!'+6&5!/-5%,O!A&%%\Y
!F6&!,+#5+,!+'!96-:4&5!%-8&!#!9'J*1&1!#*-:#%R!YD+!9#,*S+!:M!(#J%+R!D+!9#,*S+!:M!
(#J%+bY
!YQ-,,!@#98-*,!R!R!R!A&%%O!-+!-,!#%%!5-/6+R!DSK&!,&&*!+6&:O!-*!:M!K-,-'*,R!DSK&!
,&&*!M'J5!(5-&*1,R!R!R!RY
!F6&!,*#5%,!#+!:&!+6&*O!9-+6!,J26!#!(J5M!D!#:!#(5#-1!,6&!:-/6+!8-%%!:&R!Y"6&M!#5&!
*'+!:M!(5-&*1,b!A'+!:M!(5-&*1,!#+!#%%bY
!YLJ+!+6&M!#5&!+5M-*/!+'!6&%4RY
!F6&!$#28,!#9#M!(5':!:&O!,25&#:-*/R!YB6#+!6#K&!M'J!1'*&\!B6#+!6#K&!M'J!1'*&\Y
!7%#5:&1O!#!*J5,&!%&#K&,!6&5!4',+!$M!+6&!1''5O!:#8-*/!,+5#-/6+!('5!J,R
!YQ-,,!@#98-*,O!4%&#,&!D!1-1*S+!:&#*!Y
!YF666b!"6&MS5&!%-,+&*-*/!#+!8&M6'%&,b!"6&M!9-%%!6&#5!J,bY!A&%%!,#M,O!5J**-*/!$#28!
#*1!('5+6O!#5:,!('%1&1!'K&5!6&5!26&,+R
!Y"6&5&!-,!*'!'*&O!Q-,,!@#98-*,R!D+!-,!VJ,+!M'J!#*1!DR!R!R!RY
!F6&!1'J$%&,!$#28O!25'J26-*/!%'9!#+!:M!8*&&,O!#!(&5#%!+6-*/R!Y"6&M!9-%%!,&&!-*+'!
:M!:-*1bY
!YQIQ-,,!@#98-*,!R!R!R!AIA&%%!R!R!R!OY!D!,+#::&5R!LJ+!,6&!-,!%',+!+'!:&R
!Y=-++%&!Q-,,!QJ!(&+!,#+!'*!#!+J!(&+!&#+-*/!6&5!2J51,!#*1!96&MRY,6&!,6'J+,O!
%''8-*/!#5'J*1!#,!-(!,4&#8-*/!+'!#*!J*,&&*!#J1-&*2&!-*
+6&!#-5-*/!M#51,R!YB6&*!#%'*/!2#:&!#!,4-1&5!#*1!,#+!1'9*!$&,-1&!6&5!#*1!(5-/6+&*&1!
Q-,,!QJ!(&+!#9#MRY
!B-+6!+6#+O!,6&!VJ:4,!#*1!5J*,!+'!+6&!9#-+-*/!*J5,&O!96'!J,6&5,!6&5!-*,-1&O!
%&#K-*/!:&!#%'*&!-*!+6&!2'%1!9-+6!:'5&!XJ&,+-'*,!+6#*
$&('5&R!A&%%S,!$&6#K-'5O!+6&!,J11&*!:&*#2&O!6#,!%&(+!:&!K&5M!+5'J$%&1R!D!1'*S+!
J*1&5,+#*1!96#+!,6&!:&#*,!'5!96#+!6#,!J4,&+!6&5!,'R
D!6#1!6'4&1!A&%%!9'J%1!45'K-1&!8*'9%&1/&!#$'J+!)-52&!#*1!+6&!"&:4%&R!LJ+!A&%%!
@#98-*,O!D!:J,+!5&:&:$&5O!-,!#%,'!%-K-*/!#+!L&1%#:R
F6&!-,!#!/-5%!96',&!:-*1!6#,!$&&*!(5#M&1!$M!/J-%+!#*1!+5#J:#R!D!1'*S+!8*'9!96'!'5!
96#+!+'!$&%-&K&!#*M:'5&R
!Q5,R!F'::&5,!5&+J5*,!#*1!,-+,!$&,-1&!:&!'*!+6&!$&*26O!,:-%-*/!-*!6&5!
J*2':('5+#$%&!9#MR!D*!+6&!$#%1!4#+26&,!'(!6&5!,4#5,&
&M&$5'9,O!+6&!,8-*!/%'9,!5&1R
!YD,!+6-,!#%%!#!15&#:\Y!,6&!#,8,!:&R
!YA'O!Q5,R!F'::&5,OY!D!#*,9&5O!/#+6&5-*/!:M!+6-*/,R
!YF6&!%-&,O!M'J!8*'9RY
!YB6#+!1'!M'J!:&#*\Y!D!#,8R
!"6',&!4%J28&1!$5'9,!/-K&!Q5,R!F'::&5,!#!1-,+J5$-*/!#44&#5#*2&O!%-8&!,':&!1&:'*!
J*%&#,6&1!(5':!#!:&1-&K#%!4#-*+-*/RYD!6&#5
+6&:R!"6&M!+#%8!+'!:&O!+&%%!:&!+6-*/,RY
!YQ5,R!F'::&5,O!96'!+#%8,!+'!M'J!#*1!+&%%,!M'J!+6-*/,\Y
!Y"6&M!1'OY!,6&!,#M,O!#,!-(!D!,6'J%1!J*1&5,+#*1R!Y"6&MSK&!+'%1!:&R!F6&S,!*'+!96#+!
,6&!,&&:,R!FJ26!9-28&1!+6-*/,!,6&S,!1'*&R!F6&S,
-*!%&#/J&!9-+6!+6&!$#1!'*&,O!:-,,R!D!6&#5!6&5!-*!6&5!5'':!#+!*-/6+R!FJ26!9-28&1O!
9-28&1!+6-*/,R!B#+26!M'J5,&%(O!:-,,R!"6&MS5&!2':-*/
!('5!M'JR!"6&MS5&!#%%!2':-*/!('5!M'JRY
!Q5,R!F'::&5,!/5-*,O!,6'9-*/!+&&+6!+''!+-*M!('5!6&5!:'J+6R
!F6'K-*/!+6&!*&9,4#4&5!2%-44-*/,!-*+'!:M!6#*1$#/O!D!$#28!#9#M!#*1!$'%+!-*,-1&O!
9#%8-*/!$5-,8%M!+65'J/6!+6&!6#%%,O!4#,+!+6&!,&9-*/
2%#,,&,!#*1!+6&!+J*&%&,,!4-#*'!#*1!+6&!,XJ#98-*/,!'(!)#,,#*15#R!D!4-28!J4!,4&&1!
+-%%!D!#:!*&#5%M!-*!#!5J*R!LM!+6&!+-:&!D!5&#26!+6&
2#55-#/&!#*1!P#5+-8O!D!#:!2':4%&+&%M!'J+!'(!$5&#+6R
!YQ-,,!0'M%&O!96#+!-,!+6&!:#++&5\!B6&5&!-,!M'J5!$5'+6&5\Y!6&!,#M,O!/%#*2-*/!
*&5K'J,%M!#5'J*1R
!Y@&!,#M,!RRR!+'!2':&!$#28!RRR!('5!6-:OY!D!,#M!-*!$J5,+,R
!YB6#+S,!+6&!:#++&5\!H'JS5&!(%J,6&1R!DS%%!+#8&!M'J!6':&RY
!YA'R!A'+!+6&5&R!D!*&&1!+'!,4&#8!9-+6!M'JR!7%'*&RY
!P#5+-8!+#8&,!-*!+6&!,4&2+#2%&!'(!:&O!4#*+-*/!('5!$5&#+6!#*1!'$K-'J,%M!,6#8&*R!YD!
8*'9!#!4%#2&R!DSK&!*&K&5!+#8&*!#!M'J*/!%#1M!+6&5&O
$J+!-+S,!+6&!$&,+!D!2#*!+6-*8!'(!#+!+6&!:':&*+R!0'!M'J!+5J,+!:&\Y
!YH&,OY!D!,#MR!@&!'((&5,!6-,!6#*1O!#*1!D!/5#,4!-+O!2%-:$-*/!-*+'!+6&!2#55-#/&O!
%&++-*/!P#5+-8!+#8&!+6&!5&-*,!#*1!:M!(#+&!-*+'!6-,!6#*1,R
!B&!+5#K&%!#25',,!L%#28(5-#5,!L5-1/&!-*+'!+6&!/5-:MO!1#58!6&#5+!'(!3#,+!='*1'*O!
#*1!D!$&/-*!+'!6#K&!,&2'*1!+6'J/6+,!#$'J+!%&++-*/
P#5+-8!%&#1!+6&!9#MR!"6&!,+5&&+,!#5&!*#55'9!#*1!5'J/6!6&5&R!E&/&+#$%&!,&%%&5,!#*1!
$J+26&5,!,25&#:!'J+!(5':!+6&-5!9#/'*,R
!Y.'+#+'&,O!2#55'+,O!4&#,bY!YF9&&+!2J+,!'(!%#:$!*'!V'-*+!+'!,4&#8!'(bY
!)6-%15&*!25'91!#$'J+!J,O!$&//-*/!('5!#*M+6-*/!2'-*,O!(''1O!,25#4,O!9'58R!"6&M!
2':4&+&!('5!:M!#++&*+-'*R!YQ-,,O!:-,,bY!+6&M!25MO
'((&5-*/Y6&%4Y!'(!&K&5M!K#5-&+M!('5!#!2'-*!'5!+9'R!P#5+-8!4J%%,!+6&!2#55-#/&!+'!#!
,+'4!-*!#*!#%%&M!$&6-*1!#!$J+26&5S,!,6'4R!"6&!26-%15&*
#5&!'*!:&O!+J//-*/!#+!:M!2'#+R
!Y<AY!P#5+-8!,6'J+,O!J,-*/!#!)'28*&M!#22&*+!DSK&!*&K&5!6&#51RY!S<'!S&5&!8*'9,!
#$'JS!+6&!,8J%%IS*SI+6&I,9'51O!&6\Y
!"6&!26-%15&*S,!&M&,!/'!9-1&!#+!+6-,!:&*+-'*!'(!+6&!;#8,6#*#R
!Y;-/6SOY!P#5+-8!2'*+-*J&,R!YF'!M'J!$&S#6!9&%%!2%&#5!'JSO!-(!M'J!8*'9!96#S!<-!
:&#*RY
!D*,+#*+%MO!+6&!26-%15&*!,2#++&5R!<*%M!'*&!$'M!5&:#-*,O!#*1!P#5+-8!(%-28,!6-:!#!
,6-%%-*/R
!YB#+26!+6&!2'#26O!/JKOY!6&!,#M,R
!Y;-/6+bY!+6&!$'M!#*,9&5,O!4'28&+-*/!+6&!2'-*R
!Y"6#+!9#,!-:45&,,-K&OY!D!,#M!#,!9&!:#8&!'J5!9#M!'K&5!:J28M!,+5&&+,R
!P#5+-8!#%%'9,!6-:,&%(!'*&!,:#%%O!+5-J:46#*+!,:-%&R!YB6#+&K&5!-+!+#8&,!+'!
,J5K-K&RY
!P#5+-8!,+#M,!#!4#2&!#6&#1!'(!:&R!@&!6#,!#!6J*+&5S,!9#%8!#%%!6J*26&1!,6'J%1&5,!#*1!
9#5M!,+&4,R!B&!+J5*!1'9*!'*&!+9-,+-*/!,+5&&+
'(!1-%#4-1#+&1!6'J,&,!#*1!+6&*!#*'+6&5R!7+!%#,+O!9&!2':&!-*+'!#!,6'5+!%#*&!#*1!
,+'4!$&('5&!#!,:#%%!+#K&5*!,#*19-26&1!+-/6+%M!$&+9&&*
'+6&5!$J-%1-*/,!-*+&*+!'*!25'91-*/!-+!'J+R!B&!#445'#26!+6&!6&#KM!9''1&*!1''5R!
P#5+-8!8*'28,!-*!#!,J22&,,-'*!'(!,6'5+!5#4,R!7!25J1&
4&&46'%&!-*!+6&!1''5!-,!'4&*&1!(5':!+6&!-*,-1&O!5&K&#%-*/!#*!&M&R!"6&!4&&46'%&!
2%',&,O!#*1!9&!#5&!%&+!-*R!"6&!4%#2&!-,!1#58!#*1
,:&%%,!'(!+6&!:',+!1&%-2-'J,!2J55M!#*1!-*2&*,&R!L-/!:&*!,-+!#+!+#$%&,!,+''4&1!'K&5!
,+&#:-*/!4%#+&,!'(!(''1O!+6&-5!1-5+I,+#-*&1!6#*1,
95#44&1!#5'J*1!4-*+,!'(!#%&!#,!-(!+6&M!9&5&!+6&!'*%M!4',,&,,-'*,!9'5+6!/J#51-*/R!
A'9!D!,&&!96M!P#5+-8!6#,!*&K&5!$5'J/6+!#!%#1M!6&5&
$&('5&R!C5':!96#+!D!2#*!+&%%O!D!#:!+6&!'*%M!'*&!6&5&!*'9R
!Y7:!D!-*!1#*/&5\Y!D!96-,4&5!+65'J/6!2%&*26&1!+&&+6R
!YA'+!#*M!:'5&!+6#*!D!#:R!NJ,+!/'!#$'J+!M'J5!$J,-*&,,!#*1!1'*S+!%''8!#+!#*M'*&!#*1!
M'J!9-%%!$&!(-*&RY
!B6M!1'!D!(&&%!+6#+!+6-,!5&,4'*,&!:#8&,!P#5+-8!K&5M!:J26!%-8&!/'K&5*&,,&,!96'!+&%%!
+6&-5!26#5/&,!/5-,%M!(#-5M!+#%&,!$&('5&!$&1!#*1
+6&*!&Z4&2+!+6&:!+'!,%&&4!4&#2&(J%%M!+65'J/6!+6&!*-/6+\
!@&!%&#1,!:&!+'!#!+#$%&!-*!+6&!$#28!J*1&5!#!%'9O!$&#:&1!2&-%-*/R!"6&!96'%&!4%#2&!
6#,!#!(&&%-*/!'(!$&-*/!J*1&5/5'J*1O!%-8&!#!5#$$-+
9#55&*R
!YB6&5&!#5&!M'J!/'-*/\SS!D!#,8!(5#*+-2#%%M!+6&!:':&*+!P#5+-8!,+#5+,!+'!9#%8!#9#MR
!YF6666bY!6&!,#M,O!(-*/&5!+'!6-,!%-4,RYD!,6#%%!,J545-,&!M'JR!YS
!H&,O!+6#+!-,!96#+!DS:!#(5#-1!'(R!D!('%1!:M!6#*1,!'*!+6&!5'J/6!9''1&*!+#$%&!#*1!
+5M!+'!1-,#44&#5R!D*!#!:':&*+O!P#5+-8!5&+J5*,!9-+6
#!4%#+&!'(!(''1O!96-26!6&!4J+,!$&('5&!:&!9-+6!#!,:-%&R!0',#b!D!6#K&*S+!6#1!+6&!
,4-2MO!+6-*!2#8&,!,-*2&!D!%&(+!L':$#M!#*1!F#5-+#S,
8-+26&*R!<*&!$-+&!6#,!:&!%'*/-*/!('5!6&5!8-*1*&,,!#*1!+6&!2'J*+5M!D!2'J%1*S+!9#-+!
+'!%&#K&O!#!2'J*+5M!D!9'*1&5!-(!D!9-%%!&K&5!,&&!#/#-*R
!Y"6-,!-,!1&%-2-'J,OY!D!,#MO!+#8-*/!#*'+6&5!$-+&R!Y@'9!1'!M'J!8*'9!'(!+6-,!4%#2&\Y
!Y7:#5!+'%1!:&!'(!-+R!"6&!:#*!96'!'9*,!-+!-,!(5':!)#%2J++#R!H'J!,&&!+6#+!2J5+#-*!
+6&5&\Y!@&!4'-*+,!+'!#!+#4&,+5M!6#*/-*/!'*!+6&
9#%%R!Y"6&5&!-,!#!1''5!$&6-*1!-+R!D+S,!#!6-11&*!5'':R!D(!M'J!,6'J%1!&K&5!*&&1!:&!R!
R!RY
!D!5&#%-T&!6&!-,!,6#5-*/!#!,&25&+R!D+S,!#!/''1!(&&%-*/!+'!$&!+5J,+&1R
!Y"6#*8!M'JOY!D!,#MRY0'!M'J!:-,,!D*1-#\Y
!@&!,65J/,R!YQM!(#:-%M!-,!+6&!;#8,6#*#R!"6&M!1-,2'J5#/&1!%'M#%+M!+'!#*M!'+6&5!
2'J*+5M!'5!2J,+':,RY
!YLJ+!1'*S+!M'J!5&:&:$&5!6'9!$&#J+-(J%!+6&!/6#+,!%''8&1!#+!1J,8O!'5!+6&!(%'9&5!
'((&5-*/,!(%'#+-*/!'*!+6&!9#+&5\Y
!YH'J!,'J*1!%-8&!7:#5OY!6&!,#M,O!$-+-*/!-*+'!'*&!'(!+6&!,+&#:-*/!2#8&,R
!YB6#+!1'!M'J!:&#*\Y
!Y@&!%'*/&1!('5!D*1-#!,':&+-:&,R!@&!9'J%1!V'8&!9-+6!:&R!S=-++%&!$5'+6&5OS!6&!9'J%1!
,#MOSDS:!/'-*/!+'!5&+-5&!+'!L&*#5&,!9-+6!#!(#+
9-(&!#*1!+9&%K&!26-%15&*!+'!$'+6&5!:&R!7*1!96&*!D!1-&O!M'J!2#*!+65'9!:M!#,6&,!-*+'!
+6&!>#*/&,!,'!D!9-%%!*&K&5!2':&!$#28R!Y!Y
!"6-,!-,!+6&!:',+!P#5+-8!6#,!&K&5!,#-1!#$'J+!6-,!$5'+6&5R!D!8*'9!9&SK&!45&,,-*/!
$J,-*&,,!+'!1-,2J,,O!$J+!D!9#*+!+'!8*'9!:'5&!#$'J+
6-:RY7*1!1-1!6&!R!R!R!:#55M\Y
!YA'R!;#8,6#*#!#5&!('5$-11&*!+'!:#55MR!D+!-,!#!1-,+5#2+-'*!(5':!'J5!4J54',&RY
!Y<6R!D!,&&RY
!P#5+-8!+#8&,!#*'+6&5!1',#!#*1!,%-2&,!-+!-*+'!*&#+O!&K&*!4-&2&,R!Y<*2&!M'JSK&!
,9'5*!#*!'#+6!+'!+6&!;#8,6#*#O!M'J!#5&!2'::-++&1!('5
%-(&R!"6&5&!-,!*'!%&#K-*/R!7:#5!8*&9!+6-,R!@&!6'*'5&1!6-,!1J+MRY
!YB#,!6&!K&5M!6-/6!-*!+6&!5#*8,\Y
!7!2%'J1!4#,,&,!'K&5!P#5+-8S,!,+-%%!(#2&R!YA'R!LJ+!6&!:-/6+!6#K&!$&&*O!-(R!R!RY
!D(!6&!6#1!%-K&1R!D(!6&!6#1*S+!1-&1!+5M-*/!+'!45'+&2+!:M!:'+6&5O!+5M-*/!+'!45'+&2+!
:&R
!P#5+-8!4J,6&,!#9#M!6-,!4%#+&R!@&!-,!#%%!$J,-*&,,!#/#-*R!YB6#+!9#,!-+!M'J!*&&1&1!
+'!+&%%!:&\Y
!YD!+6-*8!Q-,,!Q2)%&&+6M!-,!)-52&OY!D!,#MR!D!+&%%!6-:!#$'J+!+6&!#*#/5#:!#*1!
('%%'9-*/!6&5!+'!L&1%#:O!#$'J+!:M!:'+6&5S,!*&9,4#4&5
2%-44-*/,!#*1!+6&!,+5#*/&!K-,-+!9-+6!A&%%R!YQ-,,!@#98-*,!,#-1!+6#+!)-52&!+5-&1!+'!
&*+&5!+6&!5&#%:,!+65'J/6!6&5!$J+!+6&M!2'J%1*S+!1'!-+R
A&%%!2'J%1!'*%M!,&&!-+!-*!6&5!:-*1R!7*1!96&*!,6&!2'J%1*S+!R!R!RY
!YB6&*!,6&!2'J%1*S+\Y
!YD!1'*S+!8*'9R!DSK&!,&&*!/%-:4,&,!'(!-+!-*!:M!K-,-'*,OY!D!,#MR!P#5+-8!/-K&,!:&!#!
9#5*-*/!%''8O!#,!D!8*&9!6&!9'J%1R!YD!8*'9!96#+!M'J
#5&!#$'J+!+'!,#MO!$J+!D!8&&4!,&&-*/!+6&,&!+65&&!/-5%,!-*!96-+&!96'!9&5&!(5-&*1,!'(!
Q-,,!@#98-*,S,R!D+!-,!+6&!,#:&!K-,-'*O!$J+!#!%-++%&
2%&#5&5!&#26!+-:&R!"6&!/-5%,O!+6&!,&#O!#*1!#!9':#*!-*!#!/5&&*!2%'#8R!)-52&R!7*1!
+6&*!RRR!D!1'*S+!8*'9R!F':&+6-*/!+&55-$%&!6#44&*,R
LJ+!D!2#*!*&K&5!,&&!+6#+!4#5+RY
!P#5+-8!15J:,!6-,!+6J:$!,'(+%M!#/#-*,+!+6&!+#$%&R!Y0-1!,6&!+&%%!M'J!96&5&!+'!(-*1!
+6&!"&:4%&\Y
!YA'OY!D!,#MRYF6&!8&&4,!5&4&#+-*/!,':&+6-*/!#$'J+!,&&-*/!+6&!+5J&!4#+6RY
!YD!8*'9!M'J!#5&!('*1!'(!Q-,,!@#98-*,O!$J+!M'J!:J,+!5&:&:$&5!+6#+!6&5!:-*1!-,!*'+!
5&%-#$%&RY
!Y7!$-+!%-8&!+6&!:#/-2!#*1!+6&!5&#%:,!VJ,+!*'9OSS!D!,#MO!4%#M-*/!9-+6!:M!/%'K&,R!
YD!1'*S+!8*'9!96&5&!+'!$&/-*R!D+!(&&%,!-:4',,-$%&R
DS:!+'!(-*1!,':&+6-*/!+6#+!1'&,*S+!,&&:!+'!&Z-,+O!#*1!+6&!2%',&,+!DSK&!/'++&*!-,!#!
%J*#+-2!#+!L&1%#:!96'!8&&4,!*#++&5-*/!'*!#$'J+
S,+-28!+'!+6&!4#+6U!('%%'9!+6&!4#+6R!Y!D!9'J%1!$&!'K&5V'M&1!+'!,+-28!+'!#!$%''1M!
4#+6!-(!D!8*&9!96&5&!-+!9#,RY
!P#5+-8S,!:'J+6!6#*/,!'4&*R!"''!%#+&!D!5&#%-T&!DSK&!2J5,&1R
!Y<6O!DS:!15&#1(J%%M!,'55MOY!D!,#MO!6'55-(-&1R
!YH'J!$%''1M!9&%%!,6'J%1!$&OY!P#5+-8!,#M,R!@&!$5&#8,!'J+!9-+6!#!$'':!'(!#!%#J/6R!D!
,6J,6!6-:O!#*1!,''*!9&S5&!$'+6!/5-**-*/!%-8&
6M&*#,R!7*!'%1!:#*!#+!#*'+6&5!+#$%&!,6#8&,!6-,!6&#1!#+!J,O!2&5+#-*!9&!:J,+!$&!:#1R
!YD!#:!,'55MOY!D!,#MRYD+S,!VJ,+!+6#+!D!#:!,'!K&Z&1RY
!P#5+-8!4'-*+,!+'!:M!1#:#/&1!#:J%&+R!YD!2#*!,&&!+6#+R!B6#+!6#44&*&1!6&5&\Y
!Y<6OY!D!,#MO!5&:'K-*/!-+R!Y"6#+!9#,*S+!:&R!"6#+!9#,!Q-,,!@#98-*,R!"6&!(-5,+!+-:&!
D!K-,-+&1!6&5O!,6&!4J%%&1!-+!(5':!:M!*&28R!D
+6'J/6+!,6&!:&#*+!+'!1'!:&!-*R!LJ+!,6&!6&%1!-+!-*!(5'*+!'(!6&5!%-8&!+6-,OY!D!,#MO!
1&:'*,+5#+-*/R
!P#5+-8!(5'9*,R!Y=-8&!#!9&#4'*\Y!@&!+#8&,!+6&!#:J%&+!(5':!:&!#*1!,9-4&,!#+!+6&!#-5!
9-+6!-+O!#,!-(!-+!9&5&!#!1#//&5R!D*!+6&!#:$&5
%-/6+!'(!+6&!+#K&5*S,!%#*+&5*,O!+6&!:&+#%!/%'9,!/'%1&*!9#5:R
!YA'R!F6&!25#1%&1!-+!%-8&!+6-,RY!D!+#8&!-+!$#28!#*1!:'K&!-+!-*!:M!6#*1,!#,!A&%%!
6#1!1'*&RYF6&!8&4+!4&&5-*/!#+!+6&!$#28!'(!-+!#,!-(!,6&
9&5&!%''8-*/!('5!,':&+6-*/RY
!P#5+-8!,-+,!J4RY0'!+6#+!#/#-*RY
!D!:'K&!-+!$#28!#*1!('5+6!'*2&!:'5&R!YB6#+\!B6#+!#5&!M'J!+6-*8-*/\Y
!P#5+-8!,%J:4,!1'9*!-*+'!+6&!26#-5R!YD!1'*S+!8*'9R!D+S,!VJ,+!+6#+!96#+!M'JS5&!
1'-*/!5#+6&5!5&:-*1,!:&!'(!#!2':4#,,RY
!7!2':4#,,b!D!4J%%!+6&!%#*+&5*!2%',&!#*1!6'%1!+6&!#:J%&+!$&,-1&!-+,!(%-28&5-*/!
%-/6+R
!Y0'!M'J!,&&!#*M+6-*/\Y!P#5+-8!#,8,O!:'K-*/!6-,!26#-5!,'!2%',&!+'!:-*&!+6#+!D!2#*!
(&&%!+6&!9#5:+6!'(!6-:O!,:&%%!+6&!#-5!#!:-Z!'(
26-:*&M!,''+!#*1!,4-2&!-*!6-,!6#-5R!D+!-,!#!/''1!,:&%%O!#*!#*26'5-*/!,:&%%R
!YA'+6-*/OY!D!,#MR!"6&5&!#5&!*'!:#58-*/,!+6#+!D!2#*!,&&R!A'!1-5&2+-'*,R
!P#5+-8!%&#*,!$#28RYB&%%O!-+!9#,!#!/''1!+6'J/6+RY
!Y@'%1!'*OY!D!,#MO!,+-%%!%''8-*/!#+!+6&!#:J%&+R!YB6#+!-(!9&!2#*!'*%M!,&&!-+!-*!+6&!
5&#%:,\Y
!YB-%%!M'J!+5M!-+\Y
!Y7,!,''*!#,!D!2#*OY!D!,#MR
!Y>''1!,6'9O!Q-,,!0'M%&OY!P#5+-8!,#M,O!,:-%-*/!$5'#1%MRY=&+S,!/&+!M'J!6':&!$&('5&!
DS:!'J+!'(!#!V'$RY
!B&!%&#K&!+6&!+#K&5*!#*1!+5#K&%!+6&!+9'!+9-,+-*/!,+5&&+,!$#28!+'!96&5&!9&SK&!%&(+!
'J5!2#55-#/&R!LJ+!96&*!9&!2':&!+'!+6#+!,+5&&+O
+6&!%-++%&!$'M!-,!*'!%'*/&5!+6&5&R!D*,+&#1O!+6&5&!#5&!+65&&!:&*!-*!+6&!,#:&!2J+!'(!
$%#28!,J-+R!"9'!2#55M!,+-28,!+6#+!%''8!#,!-(!+6&M!2'J%1
1'!J,!6#5:R!"6&!+6-51!,-+,!-*!+6&!2#55-#/&O!#*!'4&*!*&9,4#4&5!-*!(5'*+!'(!6-,!
(#2&R!"6&!,+5&&+O!96-26!'*%M!#!6#%(!6'J5!#/'!9#,!+&&:-*/
9-+6!4&'4%&O!-,!1&,&5+&1R
!P#5+-8!4J+,!#!6#*1!'J+!+'!,%'9!:M!#445'#26R!"6&!:&*!,&&!6-:!#*1!96-,+%&R!"6&!:#*!
-*!+6&!2#55-#/&!('%1,!6-,!4#4&5!*&#+%MR!D+S,!+6&
:#*!9-+6!+6&!,2#5O!+6&!'*&!96'S,!$&&*!+5#-%-*/!:&!,-*2&!D!#55-K&1!-*!='*1'*R
!Y"6&!3#,+&5*!F+#5!-,!6#51!+'!(-*1OY!+6&!:#*!9-+6!+6&!,2#5!,#M,R!YE&5M!6#51!+'!
(-*1RY!D!,4M!+6&!,9'51I#*1I,8J%%!4-*!'*!6-,!%#4&%R!"6&
'+6&5,!1'*S+!6#K&!'*&R
!Y!S3%%'O!:#+&OY!'*&!'(!+6&!$J5%M!:&*!,#M,O!2':-*/!2%',&5R!@&!4#+,!+6&!,+-28!
#/#-*,+!6-,!4#%:!9-+6!#!+69#28RY;&:&:$&5!:&\Y
!P#5+-8!5J$,!#$,&*+%M!#+!6-,!6&#1O!#*1!D!9'*1&5!96#+!'*!&#5+6!+6&MS5&!+#%8-*/!
#$'J+R
!YQ5R!C'9%,'*!S&5&!5&XJ-5&,!M'J5!45&,&*2&!#+!#!$J,-*&,,!:&&S-*S!'(!,'5+,!$M!+6&!
%#1MS,!2#55-#/&RY!@&!4J%%,!P#5+-8!6#51R!"6&!'+6&5!:#*
&,2'5+,!:&R
!YC'9%,'*OY!D!,#MRYF'!M'J!6#K&!#!*#:&RY
!"6&!:#*!,2'9%,!#+!+6&!$-/!6''%-/#*!('5!+6-,R
!Y"6&5&S,!*'!*&&1!('5!45&+&*,&R!D!8*'9!M'J!#5&!;#8,6#*#R!7*1!DS%%!+6#*8!M'J!+'!
,+'4!('%%'9-*/!:&!#$'J+RY
!"6&!:#*!,4&#8,!-*!#!%'9O!2'*+5'%%&1!K'-2&O!#,!-(!6&!:-/6+!$&!/&*+%M!#1:'*-,6-*/!#!
9#M9#51!26-%1R!Y7*1!D!8*'9!M'J!#5&!#*
-:4&5+-*&*+!/-5%!9-+6!*'!5&/#51!('5!+6&!,&5-'J,*&,,!'(!+6&!$J,-*&,,!$&('5&!M'JO!
&%,&!M'J!,6'J%1!$&!-*!+6&!5&#%:,!,&#526-*/!('5!+6&
"&:4%&!5#+6&5!+6#*!1#%%M-*/!#$'J+!='*1'*S,!,&#:-&5!,+5&&+,R!FJ5&%M!+6&!"&:4%&!-,!
*'+!6&5&R!<5!-,!-+\!"&%%!:&O!VJ,+!96&5&!1-1!+6-,!'*&
+#8&!M'J\Y
!@&!1'&,*S+!8*'9!#$'J+!P#5+-8S,!6-1-*/!4%#2&R!L&,-1&!:&O!D!(&&%!P#5+-8!6'%1-*/!6-,!
$5&#+6R
!YF-/6+,&&-*/OY!D!,#MO!,+#*1-*/!#!,+'*&S,!+65'9!(5':!#!,%#J/6+&56'J,&RYD!9-,6&1!+'!
,&&!+6&,&!,%J:,!('5!:M,&%(RY
!"6&!$-/!:#*!9-+6!+6&!2%J$!,2'((,!#+!:&R
!YD!#,,J5&!M'JO!,-5R!D!#:!-*!&#5*&,+!#$'J+!:M!1J+MOY!D!,#M!+'!C'9%,'*R
!Y75&!9&O!*'9O!%#,,\!"6&!+#,8!-,!,-:4%&W!C-*1!+6&!"&:4%&!#*1!$-*1!+6&!:#/-2RY
!YD(!-+!-,!,'!,-:4%&!#!:#++&5O!96M!1'*S+!M'J!1'!-+\Y!D!#*,9&5!6'+%MRYLJ+!*'O!M'J!
2#*S+R!F'!M'J!9-%%!6#K&!+'!5&%M!'*!:&O!#*!S-:4&5+-*&*+
/-5%OS!9'*S+!M'J\Y
!C'9%,'*!%''8,!#,!-(!6&!9'J%1!%-8&!+'!6-+!:&!K&5M!6#51R!YC'5!+6&!45&,&*+O!-+!9'J%1!
,&&:!,'RY!@&!/-K&,!P#5+-8!#!2'%1!,:-%&R!Y0'!*'+
('5/&+!M'J5!+#,8O!*'K-+-#+&RY
!@&!+J28,!6-,!*&9,4#4&5!J*1&5!6-,!#5:!#*1!:'+-'*,!+'!6-,!:&*R!"6&!+65&&!'(!+6&:!
$#28!#9#M!,%'9%MO!K#*-,6-*/!#+!%#,+!#5'J*1!#
2'5*&5R!P#5+-8!,45-*/,!-*+'!#2+-'*O!45#2+-2#%%M!4J,6-*/!:&!-*+'!+6&!2#55-#/&R
!YB6#+!1-1!6&!:&#*O!1'!*'+!('5/&+!M'J5!+#,8\Y!D!#,8R
!YD!+'%1!M'JOY!6&!,#M,O!%&#1-*/!>-*/&5!-*+'!+6&!,+5&&+RYQM!+#,8!-,!+'!6&%4!M'J!
(-*1!+6&!"&:4%&R!"6#+!-,!#%%R!B6#+!1-1!M'J!:&#*!96&*
M'J!#,8&1!C'9%,'*!+'!,+'4!('%%'9-*/!M'J!#$'J+\Y
!Y@&!6#,!$&&*!('%%'9-*/!:&b!@&!9#,!#+!+6&!+5#-*!,+#+-'*!+6&!1#M!D!#55-K&1!-*!
='*1'*R!7*1!+6&*!96&*!D!9#,!'J+!9#%8-*/!-*!@M1&!.#58
9-+6!>5#*1:#:#OY!D!,#MO!4J54',&(J%%M!#K'-1-*/!F-:'*S,!*#:&OY6&!5'1&!$M!-*!#!
2#55-#/&R!7*1!D!,#9!#!9':#*!-*!#!/5&&*!2%'#8!9-+6
6-:O!P#5+-8R!7!/5&&*!2%'#8bY
!Y"6&5&!#5&!4%&*+M!'(!/5&&*!2%'#8,!-*!='*1'*O!Q-,,!0'M%&OY!P#5+-8!+&%%,!:&R!Y"6&M!
1'!*'+!#%%!$&%'*/!+'!)-52&RY
!YA'R!LJ+!'*&!1'&,R!D!#:!'*%M!#,8-*/!-(!M'J!#5&!2&5+#-*!+6#+!Q5R!C'9%,'*!2#*!$&!
+5J,+&1\Y
!Y@&!-,!'*&!'(!+6&!;#8,6#*#O!4#5+!'(!:M!$5'+6&56''1OY!6&!,#M,RYH&,R!D!#:!2&5+#-*RY
!@&!1'&,*S+!%''8!#+!:&!96&*!6&!,#M,!+6-,O!#*1!DS:!#(5#-1!+6#+!#*M!+5J,+!9&SK&!
$&/J*!+'!6#K&!6#,!$&&*!(5#M&1!$M!:M!XJ&,+-'*,R
P#5+-8!+#8&,!6-,!4&526!$&6-*1!+6&!5&-*,R!B-+6!#!,*#4O!9&!#5&!'((O!+6&!6'5,&S,!
$%-*1&5,!8&&4-*/!6&5!1'2-%&!$J+!6&5!6''K&,!8-28-*/!J4!#
,+'5:!'(!1J,+!'*!+6&!2'$$%&,+'*&,R
!D*!+6&!&K&*-*/O!>5#*1:#:#!#*1!D!+#8&!J4!'J5!*&&1%&9'58!$M!+6&!(-5&R!3#26!+-:&!#!
2#55-#/&!4#,,&,!$MO!,6&!,-+,!#!$-+!,+5#-/6+&5R!7+
%#,+!D!5&#%-T&!,6&!-,!%-,+&*-*/!('5!'J5!'9*!2#55-#/&O!('5!C#+6&5S,!5&+J5*!(5':!6-,!
2%J$R!C#+6&5!6#,!$&&*!,4&*1-*/!#!/5&#+!1&#%!'(!+-:&
+6&5&O!&,4&2-#%%M!-*!+6&!&K&*-*/,R!F':&!*-/6+,!D!6&#5!6-:!2':-*/!6':&!VJ,+!$&('5&!
,J*5-,&R
!"'*-/6+!-+!-,!4#5+-2J%#5%M!6#51!('5!>5#*1:#:#!+'!$&#5R!C#+6&5!%&(+!-*!#!+&55-$%&!
+&:4&5O!#22J,-*/!Q5,R!N'*&,!'(!%',-*/!6-,!/%'K&,O
45#2+-2#%%M!+&#5-*/!+6&!%-$5#5M!#4#5+!%''8-*/!('5!+6&:!$&('5&!>5#*1:#:#!1-,2'K&5&1!
+6&:!-*!6-,!2'#+!4'28&+R!"6&MS1!$&&*!+6&5&!+6&
&*+-5&!+-:&R!@&!%&(+!9-+6'J+!,'!:J26!#,!#*!#4'%'/MR
!YDS:!,J5&!6&S%%!$&!6':&!,''*OY!D!,#MO!96&*!#*'+6&5!2#55-#/&!2%-4I2%'4,!4#,+!'J5!
6'J,&R
!YH&,R!H&,O!XJ-+&!5-/6+OY!,6&!,#M,!#$,&*+%MR!YDS:!,J5&!6&S,!,-:4%M!('5/'++&*!+6&!
+-:&R!@&!1'&,!,'!&*V'M!$&-*/!#:'*/!4&'4%&O!1'&,*S+
6&\Y
!YH&,OY!D!,#MO!,J545-,&1!+6#+!,6&!2#5&,!,'!:J26!#$'J+!6&5!,'*R!P*'9-*/!+6-,!:#8&,!
-+!6#51&5!+'!1-,%-8&!6&5R
!Y@&!%'K&,!M'J!:'5&!+6#*!"':O!M'J!8*'9RY
!D!#:!,'!,+#5+%&1!D!45-28!:M!(-*/&5R!7!+-*M!$J$$%&!'(!$%''1!4J,6&,!-+,!9#M!+65'J/6!
+6&!(%&,6!#+!+6&!+-4R
!YD+S,!+5J&R!<6O!6&!2#5&,!('5!"':O!'(!2'J5,&R!LJ+!,'*,!#5&!#!1-((&5&*+!:#++&5!+'!#!
:#*O!:'5&!#!1J+M!+6#*!#*!-*1J%/&*2&R!H'J!#5&!6-,
#*/&%R!0'*S+!&K&5!$5&#8!6-,!6&#5+O!>&::#R!@&!6#,!9&#+6&5&1!+''!:J26!#%5&#1MR!"6#+!
9'J%1!(-*-,6!6-:RY
!DS:!+5M-*/!*'+!+'!25MO!(5':!+6&!4-*45-28!#*1!+6&!J*9#*+&1!8*'9%&1/&RYD!,6#*S+OY!D!
45':-,&R
!YH'J5!*&&1%&9'58!-,!2':-*/!#%'*/!*-2&%MO!1&#5R!F6'5+&5!,+-+26&,!5'J*1!+6&!&1/&O!
+6'J/6O!D!+6-*8OY!>5#*1:#:#!,#M,!#,!-(!9&SK&
1-,2J,,&1!*'+6-*/!&%,&R
!Q5,R!N'*&,!&*+&5,R!YL&//-*/!M'J5!4#51'*O!Q5,R!0'M%&R!"6-,!2#:&!('5!Q-,,!0'M%&!
+6-,!#(+&5*''*R!3:-%M!+''8!-+!#*1!('5/'+!+'!+&%%!:&RY
"6'J/6!-+S,!2%&#5%M!-*+&*1&1!('5!:&O!,6&!'((&5,!>5#*1:#:#!+6&!$'ZO!96-26!-,!
$&#J+-(J%%M!95#44&1!9-+6!#!4-*8!,-%8!$'9R
!>5#*1:#:#!5&#1,!+6&!2#51RYD+!-,!(5':!F-:'*!Q-11%&+'*RY
!7!/-(+!(5':!F-:'*\!D!#:!-*+5-/J&1R!D*,-1&!+6&!$'Z!-,!#!$&#J+-(J%O!1&%-2#+&!
*&28%#2&!'(!,:#%%!#:&+6M,+!,+'*&,!+6#+!(#*!'J+!#%'*/!#
26#-*R!.J54%&O!:M!(#K'5-+&!2'%'5R!"6&!2#51!5&#1,!>&:,!('5!'J5!>&::#R
!YF'!$&#J+-(J%OY!>5#*1:#:#!,#M,O!6'%1-*/!+6&:!J4!+'!+6&!%-/6+RYD!1'!$&%-&K&!F-:'*!
Q-11%&+'*!-,!$&9-+26&1bY
!D+!-,!$&#J+-(J%O!4',,-$%M!+6&!:',+!$&#J+-(J%!+6-*/!#*M'*&!6#,!&K&5!/-K&*!
:&RYB'J%1!M'J!6&%4!:&!9-+6!+6&!2%#,4\Y!D!#,8R
!D!5&:'K&!:M!:'+6&5S,!#:J%&+O!#*1!>5#*1:#:#!,&2J5&,!+6&!*&9!*&28%#2&R!D!5J,6!'K&5!
+'!+6&!:-55'5!+'!,&&R!"6&!/&:,!(#%%!,9&&+%M
'K&5!:M!2'%%#5$'*&,R
!YH'J!:J,+!9&#5!-+!+'!+6&!'4&5#!+':'55'9!&K&*-*/OY!>5#*1:#:#!#1K-,&,R
!YH&,O!D!,6#%%OY!D!,#MO!9#+26-*/!+6&!,+'*&,!2#+26!+6&!%-/6+R!"6&M!,4#58%&!#*1!
,6-*&!+-%%!D!6#51%M!5&2'/*-T&!:M,&%(R
!DSK&!#!*'+&!(5':!P#5+-8!'*!:M!4-%%'9W!"6&5&S,!,':&+6-*/!D!*&&1!+'!+&%%!M'JR!DS%%!
$&!-*!+6&!,+#$%&,R!D!1'*S+!%-8&!+6#+!P#5+-8!(&&%,!6&!2#*
+5&,4#,,!-*!:M!5'':!#*M!+-:&!6&!%-8&,R!D!,6#%%!+&%%!6-:!+6#+R!D!1'*S+!%-8&!+6#+!
6&S,!8&&4-*/!,&25&+,!(5':!:&R!D!,6#%%!+&%%!6-:!+6#+O!+''R
LJ+!*'+!*'9R!A'9!D!#:!9&#5-*/!#!*&9!*&28%#2&!(5':!F-:'*R!L&#J+-(J%!F-:'*O!96'!
+6-*8,!'(!:&!*'+!#,!,':&'*&!96'!2#*!6&%4!6-:
:'K&!J4!-*!+6&!5#*8,!'(!+6&!;#8,6#*#O!$J+!#,!#!/-5%!9'5+6M!'(!/&:,R
!>-*/&5%MO!D!%-(+!+6&!*'+&!(5':!+6&!4-%%'9!#*1!+9-5%!#5'J*1!+6&!5'':!9-+6!-+!
,+5&+26&1!$&+9&&*!:M!(-*/&5,R!"6&!*&28%#2&!9&-/6,
#/#-*,+!:M!,8-*!%-8&!#!2#%:-*/!6#*1R!>&:,!('5!'J5!>&::#R
!D!+',,!P#5+-8S,!*'+&!-*+'!+6&!(-5&R!"6&!&*1,!'(!+6&!4#4&5!2J5%!#*1!$%#28&*O!#*1!
-*!#*!-*,+#*+!-+!-,!/'*&!+'!#,6R
!)@7."3;!"B3A"HIADA3
!DC!D!7Q!7AGD<?F!7L<?"!"@DF!3E3ADA>SF!";D.!"<!+6&!'4&5#O!>5#*1:#:#!-,!$&,-1&!
6&5,&%(R
!YD!1'!6'4&!+6',&!/%'K&,!9-%%!1'OY!,6&!+J+,!#,!#!,&#:,+5&,,!:#8&,!%#,+I:-*J+&!
#1VJ,+:&*+,!+'!:M!/'9*O!#!96-+&!1J26&,,!,#+-*O!+6&
2'%'5!M'J*/!%#1-&,!9&#5!+'!+6&!'4&5#R!>5#*1:#:#!6#,!6#1!:M!(-5,+!'4&5#!/%'K&,!,&*+!
5'J*1!(5':!B6-+&%&MS,!1&4#5+:&*+!,+'5&R!"6&
,&#:,+5&,,!,%-4,!+6&!4&#5%!$J++'*,!+65'J/6!+6&!%''4,!#+!:M!95-,+O!,6J++-*/!:M!
*#8&1!#5:,!#9#M!$&6-*1!&Z4&*,-K&!8-1!%&#+6&5R!QM
6#-5!6#,!$&&*!#5+(J%%M!#55#*/&1!#9#M!(5':!:M!(#2&!9-+6!(%'9&5,!-*!+6&!26-/*'*R!7*1!
'(!2'J5,&O!DSK&!4J+!'*!F-:'*S,!%'K&%M!*&28%#2&R
B6&*!D!,4M!:M,&%(!-*!+6&!:-55'5O!D!:J,+!#1:-+!+6#+!D!%''8!XJ-+&!%'K&%MO!%-8&!#!
+5J&!#*1!45'4&5!%#1MR
!3K&*!"':!5-,&,!96&*!D!&*+&5!+6&!4#5%'5O!,6'28&1!+'!,&&!:M!+5#*,('5:#+-'*R!C#+6&5!
+#8&,!:M!6#*1!#*1!8-,,&,!-+R!@-,!'9*!6#*1
,6#8&,!#!$-+R!D!8*'9!+6#+!6&!9#,!'J+!J*+-%!1#9*O!#*1!6&!,%&4+!#%%!+6&!1#MO!#*1!D!
6'4&!+6#+!6&!-,!*'+!+#8-*/!-%%R!@&!:'4,!6-,!,9&#+M
$5'9!9-+6!#!4'28&+!,XJ#5&O!$J+!6-,!K'-2&!-,!:&55M!&*'J/6R
!YH'J!#5&!#!XJ&&*O!:M!4&+R!D,*S+!,6&O!"6':#,\Y
!YA'+!#*!&:$#55#,,:&*+O!+'!$&!,J5&OY!"':!#*,9&5,R!C'5!#*!-:$&2-%&O!6&S,!5#+6&5!
&%&/#*+!-*!6-,!+#-%,R
!YD,!+6#+!+6&!$&,+!M'J!2#*!:#*#/&\Y!C#+6&5!#1:'*-,6&,R
!"':!,-/6,R!YH'J!%''8!:',+!45&,&*+#$%&O!>&::#R!0'!5&:&:$&5!*'+!+'!,*'5&!#+!+6&!
'4&5#R!D+S,!(5'9*&1!J4'*RY
!YD(!D!6#K&!8&4+!:M,&%(!#9#8&!96-%&!M'J!,4&#8O!"':O!DS:!2&5+#-*!D!2#*!:#*#/&RY
!Y"6&!2#55-#/&!6#,!$&&*!$5'J/6+!5'J*1O!,-5OY!0#K-,O!+6&!$J+%&5O!#**'J*2&,O!,#K-*/!
J,!#%%!(5':!(J5+6&5!2'*K&5,#+-'*R
!7,!9&!9#%8!+'!+6&!2#55-#/&O!D!2#+26!,-/6+!'(!P#5+-8S,!&Z45&,,-'*R!@&!,+#5&,O!
$'%1%MO!#,!-(!D!#:!#*!#44#5-+-'*O!,':&'*&!6&!1'&,!*'+
8*'9R!DS:!'11%M!,#+-,(-&1!$M!+6-,R!H&,R!=&+!6-:!,&&!+6#+!D!#:!*'+!,':&!
Y-:4&5+-*&*+!/-5%OY!#,!+6&!;#8,6#*#!6&*26:#*!4J+!-+R
!Y"6&!1''5O!Q5R!P#5+-8O!-(!M'J!4%&#,&OY!"':!,#M,!+&5,&%MR!7,!-(!4J%%&1!(5':!#!
15&#:O!P#5+-8!XJ-28%M!'4&*,!+6&!2#55-#/&!1''5R!Y;&#%%MO
C#+6&5OY!"':!,#M,!96&*!9&!#5&!'*!'J5!9#MR!YD!1'!9-,6!M'JS1!5&2'*,-1&5R!NJ,+!
M&,+&51#MO!F-:,!:#1&!#!5&2'::&*1#+-'*!'*!#
15-K&5!Y
!Y"6&!:#++&5!-,!2%',&1R!Q5R!P#5+-8!/&+,!:&!96&5&!D!*&&1!+'!/'OY!C#+6&5!,#M,!
,+-((%MR
!YH&,O!+6#+!-,!:M!2'*2&5*OY!"':!:J++&5,!J*1&5!6-,!$5&#+6O!,'!+6#+!'*%M!D!6&#5R
!YA'9O!*'9OY!>5#*1:#:#!,#M,O!4#++-*/!C#+6&5S,!8*&&R!Y=&+S,!$&!'(!/''1!26&&5O!,6#%%!
9&\!7(+&5!#%%O!-+!-,!*&#5%M!)65-,+:#,RY
!7,!+6&!1''5!+'!+6&!;'M#%!<4&5#!@'J,&!'4&*,O!DS:!,&-T&1!$M!4#*-2R!B6#+!-(!D!%''8!
5-1-2J%'J,O!*'+!&%&/#*+\!B6#+!-(!,':&+6-*/!!:M
6#-5O!:M!15&,,O!:M!$&#5-*/!-,!'J+!'(!4%#2&\!D!#:!,'!K&5M!+#%%R!D!9-,6!D!9&5&!
,6'5+&5R!0#-*+-&5R!L5J*&++&R!?*(5&28%&1R!7*!7J,+5-#*
2'J*+&,,R!D,!-+!+''!%#+&!+'!5J*!6':&!#*1!6-1&\
!Y76O!+6&5&!+6&M!#5&OY!>5#*1:#:#!#**'J*2&,R!D!,4M!F-:'*R!@&!-,!,'!6#*1,':&!-*!6-,!
96-+&!+-&!#*1!$%#28!+#-%,R
!Y>''1!&K&*-*/OY!D!,#MO!2J5+,M-*/R
!Y>''1!&K&*-*/OY!6&!,#M,R!@&!/-K&,!:&!#!,:#%%!,:-%&O!#*1!9-+6!+6#+!,:-%&O!D!(&&%!
,J26!5&%-&(!#*1!6#44-*&,,!+6#+!D!2'J%1!,-+!+65'J/6
+&*!'4&5#,R
!B&!5&2&-K&!'J5!45'/5#:,!#*1!V'-*!+6&!25'91R!C#+6&5O!"':O!#*1!F-:'*!#5&!4J%%&1!
-*+'!#!2'*K&5,#+-'*!9-+6!#*'+6&5!:#*O!#!4'5+%MO
$#%1-*/!(&%%'9!,4'5+-*/!#!:'*'2%&!'*!#!26#-*O!96-%&!>5#*1:#:#O!=#1M!0&*$MO!#*1!D!
,+5'%%!,%'9%MO!*'11-*/!#*1!:#8-*/!'J5!6&%%',!+'
K#5-'J,!,'2-&+M!%#1-&,R!D+!-,!#!*&2&,,#5M!4#5#1&!1&,-/*&1!+'!,6'9!'((!'J5!(-*&5MR!
D!6&#5!:M!*#:&!$&-*/!2#%%&1R!D+S,!C&%-2-+M!9-+6!7**R
"6&M!#5&!9&%%!+J5*&1!'J+!-*!+6&-5!96-+&!/'9*,R!C&%-2-+MS,!/#5*&+!&#5$'$,!,6-*&!
#/#-*,+!6&5!96-+&I$%'*1!6#-5R!7!4-*8!2#:&'!5&,+,
#/#-*,+!+6&!6'%%'9!'(!7**S,!+65'#+R
!Y<6O!1&#5OY!=#1M!0&*$M!,#M,RYD+S,!+6#+!95&+26&1!B'5+6-*/+'*!9':#*RY
!"6&!2'::&*+!6#,!>5#*1:#:#!#(%J++&5R!YQ5,R!B'5+6-*/+'*\!"6&!#1:-5#%S,!9-(&\!D,!
+6&5&!,':&!,2#*1#%\Y
!YH'J!1'!*'+!8*'9\!"65&&!M&#5,!#/'O!,6&!9&*+!+'!.#5-,!!('5!6&5!6&#%+6O!+6&M!
,#-1!#*1!,6&!,&*+!+6&!M'J*/!Q-,,!B'5+6-*/+'*!#9#M
+'!,26''%R!LJ+!D!6#K&!-+!'*!/''1!#J+6'5-+M!+6#+!,6&!+''8!#!%'K&5O!#!C5&*26:#*O!#*1!
*'9!6&S,!%&(+!6&5!#*1!,6&S,!$#28!9-+6!+6&!#1:-5#%O
45&+&*1-*/!+6#+!*'*&!'(!-+!&K&5!6#44&*&1R!F6&!-,!*'+!5&2&-K&1!-*!+6&!$&,+!6':&,O!
'(!2'J5,&R!LJ+!&K&5M'*&!#++&*1,!6&5!1-**&5,!#*1
$#%%,!'J+!'(!#((&2+-'*!('5!+6&!#1:-5#%O!96'!-,!+6&!,'J%!'(!5&,4&2+#$-%-+MR!F666O!
6&5&!+6&M!2':&RY
!Q5,R!B'5+6-*/+'*!,+5-1&,!'K&5O!+6&!/-5%,!-*!+'9R!D!6'4&!+6&!(%J,6!'*!:M!26&&8,!
1'&,!*'+!/-K&!:&!#9#MO!('5!D!1'*S+!%-8&!=#1M!0&*$MS,
,*'$$&5MR
!Y>''1!&K&*-*/O!=#1M!0&*$MOY!Q5,R!B'5+6-*/+'*!,#M,O!6&5!,:-%&!5#1-#*+R
!=#1M!0&*$M!1'&,!*'+!'((&5!6&5!6#*1!$J+!'4&*,!6&5!(#*!-*,+&#1RY>''1!&K&*-*/O!Q5,R!
B'5+6-*/+'*RY
!C&%-2-+M!/-K&,!#!1#TT%-*/!,:-%&R!D(!D!1-1*S+!8*'9!6&5!$&++&5!D!9'J%1*S+!5&2'/*-T&!
+6&!-2&!-*!-+R!Y<6O!1&#5R!7**O!M'J!,&&:!+'!6#K&!%',+
M'J5!$5#2&%&+bY
!YB6#+!$5#2&%&+\Y!7**!#,8,R
!Y"6&!'*&!+6&!1J8&!,&*+!(5':!F#-*+!.&+&5,$J5/R!.&56#4,!M'J!%',+!-+!-*!+6&!15&,,-*/!
5'':R!B&!:J,+!%''8!('5!-+R!>&::#O!9'J%1!M'J
:-*1!#9(J%%M\Y
!YA'O!'(!2'J5,&!*'+OY!D!,#MR
!YL&!XJ-28!#$'J+!-+R!"6&!'4&5#!-,!#$'J+!+'!$&/-*OY!>5#*1:#:#!9#5*,R
!B&!&,2#4&!+'!+6&!15&,,-*/!5'':R!7!(&9!%#1-&,!45&&*!#+!+6&!:-55'5,O!#1VJ,+-*/!
,6#9%,!#*1!V&9&%,R
!Y7**O!96&*!D!,#M!M'JSK&!%',+!M'J5!$5#2&%&+O!4%#M!#%'*/OY!C&%-2-+M!26-1&,R
!YF'55MOY!7**!,#M,R
!YD!1'!%'#+6&!=#1M!0&*$MR!F6&S,!#!6'55-1!9':#*OY!C&%-2-+M!:J++&5,R
!YF6&!-,*S+OY!D!#5/J&R
!YH'J!9'J%1*S+!,#M!+6#+!-(!M'J!9&5&*S+!,'!$&,'++&1!9-+6!6&5!,'*RY
!YD!#:!*'+!$&,'++&1R!@&!,-:4%M!-*K-+&1!:M!(#:-%M!+'!+6&!'4&5#RY
!C&%-2-+MS,!5#-,&1!&M&$5'9!,#M,!,6&!1'&,*S+!$&%-&K&!#!9'51!'(!-+R
!Y.&56#4,!M'JS1!%-8&!+'!8*'9!+6#+!DSK&!1-,2'K&5&1!,':&+6-*/!#$'J+!:M!#:J%&+OY!D!
,#MO!26#*/-*/!+6&!,J$V&2+R
!YB6#+!-,!-+\Y!7**!#,8,O!5&:'K-*/!6&5!/%'K&,!-*!'51&5!+'!+&*1!+'!6&5!6#-5R
!Y"6&!25&,2&*+!&M&!-,!,':&!,'5+!'(!2':4#,,R!"6#+S,!96#+!A&%%!@#98-*,!9#,!+5M-*/!+'!
+&%%!:&R!D!+6-*8!-+!:#M!%&#1!J,!+'!+6&!"&:4%&RY
!C&%-2-+MS,!&M&,!/%&#:RY7!2':4#,,b!B&!:J,+!+5M!-+!+'*-/6+RY
!Y"'*-/6+\Y!D!,XJ&#8R!Y@&5&\!B-+6!#%%!+6&,&!4&'4%&!#$'J+\Y!B-+6!F-:'*O!D!#%:',+!
,#MRYB&!2'J%1*S+!4',,-$%MRY
!Y<(!2'J5,&!9&!2#*OY!C&%-2-+M!96-,4&5,R!YNJ,+!$&('5&!-*+&5:-,,-'*O!+&%%!M'J5!
/5#*1:'+6&5!+6#+!M'J!:J,+!$&!&Z2J,&1!('5!+6&!15&,,-*/
5'':R!7**!#*1!D!,6#%%!1'!+6&!,#:&R!B&S%%!:&&+!-*!+6&!6#%%!#*1!(-*1!#!4%#2&!96&5&!
9&!2#*!&*+&5!+6&!5&#%:,!(5':!+6&5&RY
!YD+!-,*S+!+6#+!,-:4%&OY!D!,#MRYF6&!9'*S+!%&+!:&!/'O!*'+!#%'*&RY
!YC-*1!#!9#MOY!C&%-2-+M!-*,-,+,R
!YLJ+!-+!9'J%1*S+!$&!45'4&5bY
!Y7(5#-1!'(!96#+!F-:'*!9-%%!+6-*8\!D+!-,*S+!#,!-(!M'JS5&!$&+5'+6&1bY!C&%-2-+M!+J+I
+J+,R
!"6&!2'::&*+!%#*1,!%-8&!#!$%'9R!YD!*&K&5!,#-1!#*M+6-*/!'(!+6&!,'5+RY
!C&%-2-+M!,:-%&,R!F6&!8*'9,!,6&S,!9'*R!YF'!9&!#5&!#/5&&1R!NJ,+!$&('5&!
-*+&5:-,,-'*R!0'!*'+!1&%#MRY
!"6&!4%#*!-*!4%#2&O!9&!+J5*!'J5!#++&*+-'*!+'!+6&!:-55'5,O!4',-+-'*-*/!2':$,!#*1!
,:''+6-*/!15&,,&,R
!Y@#,!6&!+5-&1!+'!8-,,!M'J\Y!C&%-2-+M!#,8,!-*!#*!'((6#*1!:#**&5R
!YA'O!'(!2'J5,&!*'+OY!D!,#MO!&:$#55#,,&1R!D!6'4&!*'!'*&!6#,!'K&56&#51!6&5R
!YD!,6'J%1!$&!2#5&(J%OY!C&%-2-+M!,#M,R!YF-:'*!6#,!#!5&4J+#+-'*!#,!#!%#1-&,S!:#*RY
!Y@&S,!$&&*!+6&!4&5(&2+!/&*+%&:#*!9-+6!:&OY!D!45'+&,+R
!Y@:::OY!C&%-2-+M!,#M,O!6&5!&M&,!'*!6&5!5&(%&2+-'*O!96-26!-,!(&+26-*/O!#,!#%9#M,R
!7**S,!4-*26-*/!6&5!26&&8,!-*!K#-*O!6'4-*/!+'!5#-,&!2'%'5!+6&5&R!YD!6'4&!D!,6#%%!
:&&+!,':&'*&!+'*-/6+R!F':&'*&!8-*1!#*1!*'$%&R!"6&
,'5+!96'!%-8&,!+'!6&%4!'+6&5,R!F':&'*&!%-8&!"':RY
!"9'!#*/5M!5&1!9&%+,!25-,,25',,!*&#5!6&5!95-,+!$'*&R!"6&!:#58,!#5&!*&9O!4&56#4,!#!
(&9!6'J5,!'%1R!F6&S,!2J+!6&5,&%(!#/#-*R!7**!,&&,
:&!%''8-*/!#*1!6&5!(5&,6%M!4-*26&1!26&&8,!4#%&R!cJ-28%MO!,6&!4J%%,!6&5!/%'K&,!'*O!
2'K&5-*/!+6&!,2#5,R
!C&%-2-+M!%&#1,!+6&!9#M!'J+O!/5&&+-*/!#!(5-&*1!'(!6&5!:'+6&5S,!*&#5!+6&!1''5R!D!
/5#$!7**S,!95-,+!#*1!,6&!9-*2&,R
!YH'J!45':-,&1!:&!M'JS1!,+'4!1'-*/!+6#+OY!D!,#MR
!YB6#+!1'!M'J!:&#*\Y
!YH'J!8*'9!K&5M!9&%%!96#+!D!:&#*OY!D!9#5*R
!@&5!&M&,!(-*1!:-*&R!F6&!9&#5,!#!,#1!%-++%&!,:-%&RYL&++&5!+6#+!D!6J5+!:M,&%(!+6#*!
$&!6J5+!$M!+6&:R!D+!,+-*/,!%&,,RY
!YD!1'*S+!J*1&5,+#*1RY
!YD+S,!1-((&5&*+!('5!M'J!#*1!C&&OY!7**!,#M,O!*&#5%M!25M-*/R!Y0'*S+!M'J!,&&\!D!6#K&!
*'!(J+J5&R!"6&5&S,!*'+6-*/!('5!:&R!DS%%!*&K&5!$&!#
/5&#+!%#1M!'5!:#55M!,':&'*&!%-8&!"':R!D!2#*!'*%M!45&+&*1R!D+S,!6'55-$%&O!>&::#RY
!YH'J!1'*S+!8*'9!96#+!9-%%!$&OY!D!,#MO!+5M-*/!+'!,''+6&R!YA'!'*&!8*'9,RY
!C&%-2-+MS,!*'+-2&1!9&S5&!*'+!$&,-1&!6&5!#*1!2':&,!$#28!('5!J,R!YB6#+!-,!+6&!
:#++&5\Y
!YA'+6-*/OY!D!,#M!$5-/6+%MR!YB&S5&!2':-*/RY!D!+#8&!7**S,!6#*1R!Y"6-*/,!2#*!26#*/&R!
;&4&#+!-+RY
!Y"6-*/,!2#*!26#*/&OY!,6&!4#55'+,!XJ-&+%MR
!Y0'!M'J!$&%-&K&!+6#+\Y
!F6&!,6#8&,!6&5!6&#1R!F-%&*+!+&#5,!+5-28%&!1'9*!6&5!5'J*1!26&&8,R
!YB&S%%!(-*1!#!9#MR!D!45':-,&R!LJ+!(-5,+O!M'J!:J,+!45':-,&!:&!M'JS%%!,+'4R!
.%&#,&\Y
!YDS%%!+5MOY!,6&!,#M,O!$5J,6-*/!#!/%'K&1!6#*1!#/#-*,+!6&5!1#:4!(#2&!#*1!('52-*/!#!
,:-%&R
!Y@&5&!-,!+5'J$%&OY!C&%-2-+M!,#M,!#,!9&!5&V'-*!+6&!+65'*/!-*!+6&!%'$$MR!D!,&&!96#+!
,6&!:&#*,R!D+S,!)&2-%M!"&:4%&R!F6&!,+#*1,!$&,-1&
6&5!:'+6&5O!25#*-*/!6&5!*&28O!%''8-*/!+6-,!9#M!#*1!+6#+!-*!6'4&,!+6#+!,6&!9-%%!,&&!
,':&'*&!'(!-*+&5&,+R
!7**S,!-*!#!4#*-2RYDS%%!$&!('J*1!'J+b!;J-*&1b!D+!9-%%!$&!+6&!&*1!('5!:&RY
!YF+'4!-+OY!C&%-2-+M!,*#4,R!LJ+!,6&S,!5-/6+O!'(!2'J5,&R!)&2-%M!2#*!$5-*/!7**S,!
,+'5M!'(!;J,,-#*!*'$-%-+M!#*1!1-,+#*+!4&&5#/&!1'9*!%-8&!#
6'J,&!'(!2#51,R
!YB&S%%!#K'-1!6&5OY!C&%-2-+M!,#M,R!Y)':&!9-+6!:&R!B&!,6#%%!+#8&!+6&!'44',-+&!
,+#-5,R!>&::#O!VJ,+!$&('5&!-*+&5:-,,-'*R!0'*S+!('5/&+RY
!YC'5!+6&!+6-51!+-:&O!D!,6#*S+OY!D!,#M!+&,+-%MR
!"6&!6'J,&!%-/6+,!(%-28&5!-*!9#5*-*/!+6#+!+6&!'4&5#!-,!+'!$&/-*R
!Y"6&5&!M'J!#5&bY!F-:'*!,#M,R!@&!6#,!9#-+&1!('5!:&R!QM!,+':#26!XJ-K&5,RY0-1!M'J!
(-*1!Q-,,!L5#1,6#9S,!$5#2&%&+\Y
YA'R!F6&!5&:&:$&5&1!+6#+!,6&S1!%&(+!-+!-*!6&5!V&9&%5M!$'Z!#(+&5!#%%OY!D!%-&R
!F-:'*S,!(#:-%M!6#,!#!45-K#+&!$'Z!XJ-+&!6-/6!J4!+6#+!:#8&,!:&!(&&%!#,!-(!D!#:!+6&!
cJ&&*!6&5,&%(O!%'51-*/!'K&5!#%%!:M!,J$V&2+,R!B&
+#8&!'J5!,&#+,!#*1!45&+&*1!+'!5&#1!'J5!45'/5#:,O!+6'J/6!*'!'*&S,!5&#%%M!4#M-*/!#*M!
#++&*+-'*!+'!"6&!Q-8#1'R!<4&5#!/%#,,&,!#5&!J,&1
+'!,4M!2'K&5+%M!'*!%'K&5,!#*1!(5-&*1,O!+'!,&&!96'!-,!9&#5-*/!96#+O!96'!6#,!#55-K&1!
9-+6!96':R!"6&5&!-,!:'5&!4'+&*+-#%!,2#*1#%!#*1
15#:#!-*!+6&!#J1-&*2&!+6#*!+6&5&!2'J%1!4',,-$%M!$&!'*,+#/&R!7+!%#,+O!+6&!%-/6+,!
#5&!1-::&1O!#*1!+6&!2J5+#-*!5-,&,!'*!#!,:#%%!N#4#*&,&
K-%%#/&R!7!+5-'!'(!,'45#*',!-*!<5-&*+#%!15&,,!#*1!$%#28!%#2XJ&5&1!9-/,!,-*/,!'(!
$&-*/!+65&&!%-++%&!:#-1,!#+!,26''%R!D+!-,!:M!(-5,+!'4&5#O
#*1!D!(-*1!-+!1&%-/6+(J%R!7+!'*&!4'-*+O!D!2#+26!F-:'*!9#+26-*/!:&R!;#+6&5!+6#*!
%''8!#9#MO!6&!/-K&,!:&!+6&!:',+!5#1-#*+!,:-%&O!#*1!D
2#*!,2#52&%M!-:#/-*&!6'9!D!9-%%!+&#5!:M,&%(!#9#M!+'!&*+&5!+6&!5&#%:,O!('5!+6-,!+''!
-,!:#/-2O!#*1!D!2#**'+!6&%4!(&&%-*/!5&,&*+(J%!+6#+
:M!1J+M!2#%%,!:&R
!NJ,+!$&('5&!-*+&5:-,,-'*O!D!,4M!C&%-2-+M!+65'J/6!:M!'4&5#!/%#,,&,R!F6&S,!%''8-*/!
#+!:&!-:4#+-&*+%MR!D!96-,4&5!-*!>5#*1:#:#S,!&#5
+6#+!D!:J,+!&Z2J,&!:M,&%(!+'!+6&!15&,,-*/!5'':R!L&('5&!,6&!2#*!45'+&,+O!D!,%-4!'J+!
+6&!2J5+#-*,!+6#+!%&#1!+'!+6&!6#%%O!96&5&!D!/5&&+
C&%-2-+M!#*1!7**R
!Y"6&5&!-,!#*!J*J,&1!$'Z!J4,+#-5,OY!C&%-2-+M!,#M,O!+#8-*/!:M!6#*1R!7!9-,+(J%!#5-#!
(%'#+,!+65'J/6!+6&!'4&5#!6'J,&!#,!9&!:#8&!'J5!9#M
,-%&*+%M!J4,+#-5,R!0J28-*/!%'9O!9&!4J,6!#,-1&!+6&!6&#KM!2J5+#-*,!#*1!,-+!'*!+6&!
(%''5!VJ,+!-*,-1&R!D!5&#26!('5!+6&-5!6#*1,R!3M&,!,6J+O!9&
2'*2&*+5#+&O!#*1!+6&!1''5!'(!%-/6+!#44&#5,R
!)@7."3;!"@D;"H
!"@3!FB33"!FQ3==!<C!=D=7)!>;33"F!?F!DA!"@3!>7;03AO!!$J+!+6-*/,!%''8!1-((&5&*+R!"6&!
+5&&,!#*1!/5#,,!#5&!#!$-+!9-%1&5O!#,!-(
+6&MSK&!/'*&!+'!,&&1R!Q'5&!+'#1,+''%,!6#K&!4'44&1!J4R!"6&M!2#,+!%'*/!,6#1'9,!
#25',,!'J5!(#2&,R
!YB6MO!M'J!%''8!%'K&%MbY!.-44#!,6'J+,!+'!J,!(5':!6&5!4&526!$M!+6&!5-K&5R!F6&!5#2&,!
+'!J,O!6&5!+#++&5&1!6&:!(%M-*/!-*!+6&!$5&&T&R!"6&
(%'9&5,!-*!6&5!25'9*!6#K&!/'*&!15M!#*1!$5-++%&R!Y@'9!$&#J+-(J%b!B6&5&!6#K&!M'J!
$&&*!-*!M'J5!(-*&5M\Y
!Y"6&!'4&5#OSS!7**!,#M,O!+9-5%-*/!-*!6&5!(#*2M!15&,,R!Y"6&!Q-8#1'!-,!,+-%%!
4%#M-*/R!B&!,+'%&!#9#MbY
!Y"6&!'4&5#OY!.-44#!,#M,!9-+6!#!,-/6RYD,!-+!:#1%M!&%&/#*+\!H'J!:J,+!+&%%!:&!,-:4%M!
&K&5M+6-*/bY
!YD+!-,!1#TT%-*/O!.-4R!"6&!9':&*!15-4!9-+6!V&9&%,R!7!:#*!9-*8&1!#+!:&RY
!YB6&*\Y!C&%-2-+M!,#M,O!1-,$&%-&K-*/R
!Y@&!1-1b!<*!+6&!9#M!J4!+6&!,+#-52#,&R!<6O!#*1!>&::#!6#,!2':&!9-+6!F-:'*!Q-11%&+'*!
#*1!6-,!(#:-%MR!F6&S,!,-++-*/!-*!+6&-5!$'ZOY
7**!5&%#+&,!$5&#+6%&,,%MR
!Y<6O!>&::#b!D!#:!,'!K&5M!6#44M!('5!M'JbY!.-44#!,#M,O!/-K-*/!:&!#!8-,,R!B6#+&K&5!
:-,/-K-*/,!D!6#1!#$'J+!6&5!6#K&!VJ,+!:&%+&1R
!Y"6#*8!M'JOY!D!,#MO!5&+J5*-*/!6&5!8-,,R
!Y<6O!-+!#%%!,'J*1,!6&#K&*%MR!"&%%!:&!:'5&RY!.-44#!%&#*,!#/#-*,+!#!+5&&R
!Y0'!M'J!%-8&!:M!15&,,\Y!7**!#,8,O!+9-5%-*/!#/#-*!('5!6&5!-*,4&2+-'*R
!.-44#!+#8&,!7**S,!6#*1,!-*!6&5,O!1#*2-*/!9-+6!6&5RYD+S,!$&#J+-(J%b!H'J!#5&!
$&#J+-(J%bY
!.-44#!,+'4,!+9-5%-*/R!F6&!%''8,!#,!-(!,6&!,6#%%!25MR!YDSK&!*&K&5!$&&*!+'!+6&!
'4&5#O!#*1!*'9!D!*&K&5!,6#%%O!D!,J44',&R!@'9!D!9-,6!D
2'J%1!/'!9-+6!M'JRY
!YH'J!9'J%1!$&!+6&!:',+!$&#J+-(J%!'(!#%%O!-(!M'J!9&5&!+6&5&OY!C&%-2-+M!,#M,O!
:#8-*/!.-4!,:-%&!#/#-*R
!7**!5J*,!+'!:&RY>&::#O!+5M!+6&!#:J%&+RY
!YB6#+S,!+6-,\Y!.-44#!#,8,R
!Y>&::#!+6-*8,!6&5!#:J%&+!-,!#!,'5+!'(!2':4#,,OY!C&%-2-+M!,#M,R
!Y0'!M'J!+6-*8!-+!9-%%!,6'9!J,!+6&!9#M!+'!+6&!"&:4%&\Y!.-44#!#,8,R
!YB&S5&!/'-*/!+'!(-*1!'J+OY!D!,#MR!D!+#8&!+6&!#:J%&+!(5':!:M!6#*1$#/O!+J5*!-+!
'K&5R!7+!(-5,+O!+6&5&!-,!*'+6-*/!$J+!+6&!2'%1!6#51!:&+#%
,J5(#2&!5&(%&2+-*/!#!1-,+'5+&1!-:#/&!'(!:M!(#2&R!LJ+!+6&*O!,':&+6-*/!26#*/&,R!"6&!
,J5(#2&!/5'9,!2%'J1MR!D!:'K&!,%'9%M!-*!#!2-52%&R
B6&*!D!#:!(#2-*/!+9'!,+5#-/6+!5'9,!'(!'%-K&!+5&&,O!+6&!25&,2&*+!&M&!/%'9,!$5-/6+O!
-%%J:-*#+-*/!#!(#-*+!$J+!'$K-'J,!4#+6R
!YF+-28!+'!+6&!4#+6OY!D!:J++&5O!5&:&:$&5-*/!A&%%S,!9'51,R!YD!+6-*8!9&SK&!('J*1!+6&!
9#M!+'!+6&!"&:4%&RY
!Y<6O!%&+!:&!,&&bY!.-44#!+#8&,!+6&!#:J%&+!-*!6&5!6#*1,O!9#+26&,!-+!/%'9!-*!+6&!
1-5&2+-'*!'(!+6&!'%-K&!+5&&,RY@'9!,4%&*1-1bY
!Y@#K&!M'J!$&&*!+6#+!9#M\Y!D!#,8R
!.-44#!,6#8&,!6&5!6&#1R!7!$5&&T&!96-,+%&,!1'9*!+6&!+5#-%!$&+9&&*!+6&!'%-K&!+5&&,O!
2#55M-*/!9-+6!-+!#!6#*1(J%!'(!%&#K&,!#*1!+6&!,2&*+
'(!%-%#2R!?,-*/!+6&!#:J%&+S,!,6-::&5-*/!/%'9!#,!#!/J-1&O!9&!1J28!-*+'!+6&!2'K&5!'(!
+6&!+5&&,O!9#%8-*/!('5!96#+!,&&:,!#!:-%&O!4#,+
,+5#*/&!+'+&:,!9-+6!+6&!6&#1,!'(!&%&46#*+,O!,*#8&,O!#*1!$-51,R!B&!5&#26!#*!&#5+6&*!
4#,,#/&9#MR!"6&!#:J%&+!(%#5&,R
!Y"65'J/6!6&5&\Y!7**!,#M,O!4#*+-*/R
!YDS:!#(5#-1!,'OY!D!#*,9&5R
!D+!-,!+-/6+!#*1!*'+!+&55-$%M!+#%%R!3K&*!7**O!+6&!,6'5+&,+!'(!J,O!6#,!+'!,+''4!+'!
4#,,!+65'J/6R!"6&!,'(+*&,,!'(!+6&!+5#-%!/-K&,!9#M!+'
!5'28-&5!/5'J*1R!B&!2':&!+65'J/6!+6&!'4&*-*/!'*+'!#!4#+6!$'51&5&1!'*!$'+6!,-1&,!$M!
(-&%1,!'(!+#%%!5&11-,6!'5#*/&!(%'9&5,!+6#+!,9#M
6M4*'+-2#%%MR!7,!9&!4#,,O!+6&!$5&&T&!$&*1,!+6&:!('59#51!,'!+6#+!+6&M!$5J,6!/&*+%M!
#25',,!'J5!(#2&,!#*1!,6'J%1&5,R!"6&M!,:&%%!'(
(5&,6!,J::&5!(5J-+,R!.-44#!4-28,!#!$%'':!#*1!+J28,!-+!-*+'!6&5!(#1-*/!25'9*R
!F':&+6-*/!(%-+,!4#,+!'*!:M!5-/6+R
!YB6#+!9#,!+6#+\Y!7**!#,8,O!,+#*1-*/!2%',&R
!YD!1'*S+!8*'9OY!D!#*,9&5R!D!2#*!,&&!*'+6-*/!$J+!+6&!(%'9&5,!5-44%-*/!-*!+6&!9-*1R
!Y=&+S,!/'!'*OY!.-44#!#1K-,&,R
!B&!('%%'9!+6&!#:J%&+S,!$5-/6+!/%'9!+-%%!+6&!4#+6!&*1,!#$5J4+%M!#+!#*!&*'5:'J,!
9#%%!'(!5'28R!D+!-,!+#%%!#,!#!:'J*+#-*!#*1!,&&:,!+'!/'
'*!('5&K&5!,'!+6#+!+6&5&!-,!*'!9#M!#5'J*1!-+R
!YB6#+!1'!9&!1'!*'9\Y!C&%-2-+M!#,8,R
!Y"6&5&!:J,+!$&!,':&!9#M!+65'J/6OY!D!,#MO!+6'J/6!D!6#K&*S+!+6&!K#/J&,+!-1&#!
6'9RY=''8!('5!#!4#,,#/&RY
!B&!45&,,!#/#-*,+!+6&!5'28,!+-%%!9&!#5&!&Z6#J,+&1!9-+6!+6&!&(('5+R
!YD+S,!*'!J,&OY!.-44#!,#M,O!4#*+-*/RYD+S,!,'%-1!5'28RY
!B&!2#*S+!6#K&!2':&!#%%!+6-,!9#M!('5!*'+6-*/R!"6&5&!:J,+!$&!#!9#M!-*R!D!9#%8!#%'*/!
+6&!9#%%O!:'K-*/!+6&!#:J%&+!$#28!#*1!('5+6R!D+
(%#5&,!$5-&(%MR
!YB6#+S,!+6-,\Y!D!,#MR
!D!+J5*!-+!#/#-*!/&*+%M!#*1!-+!,6-::&5,!-*!:M!6#*1R!B6&*!D!%''8!#+!+6&!5'28O!+6&5&!
-,!+6&!(#-*+!'J+%-*&!'(!#!1''5R
!Y0'!M'J!,&&!+6#+\Y!D!#,8O!6'4-*/!+6#+!D!#:!*'+!-:#/-*-*/!-+R
!YH&,bY!C&%-2-+M!25-&,RYD+S,!#!1''5bY
!D!5&#26!'J+!#!6#*1!#*1!(&&%!+6&!2'%1!,+&&%!'(!#!6#*1%&!-*!+6&!5'28R!B-+6!#!1&&4!
$5&#+6O!D!4J%%!'*!-+R!D+S,!#,!-(!#!/5&#+O!1#58!6'%&!6#,
'4&*&1!-*!+6&!&#5+6R!"6&!#:J%&+S,!,6-*&!-,!,+5'*/R
!Y"6-,!9'J%1!,&&:!+'!$&!+6&!9#MOY!D!#**'J*2&O!+6'J/6!+5J+6(J%%MO!D!6#K&!*'!1&,-5&!
+'!,+&4!-*+'!+6#+!1&&4!$%#28!9&%%R
!C&%-2-+M!%-28,!6&5!%-4,!*&5K'J,%MRY>'!'*O!+6&*R!B&S%%!('%%'9RY
!YDS:!*'+!2':('5+&1!$M!+6#+OY!D!,#MR!@&#5+!5#2-*/O!6#%(!&Z4&2+-*/!+'!$&!,9#%%'9&1!
96'%&!$M!+6&!5'28O!D!,+&4!-*,-1&!#*1!9#-+!('5!:M
&M&,!+'!#1VJ,+!+'!+6&!/%'':R!D+S,!1#*8!#*1!,:&%%,!'(!#!(5&,6%M!+-%%&1!/#51&*R!
.#4&5!%#*+&5*,!'(!/'%1!#*1!5',&!6#*/!(5':!+6&!,+'*&!9#%%,O
2#,+-*/!#!9&#8!%-/6+!'*!+6&!:J1!(%''5,R!D+!-,!1-((-2J%+!+'!,&&!:'5&!+6#*!#!(&9!
(&&+!#6&#1O!$J+!D!2#*!(&&%!+6#+!9&S5&!2%-:$-*/O!/'-*/!J4
#*1!#5'J*1R!F''*O!'J5!$5&#+6-*/!-,!%#$'5&1R!QM!%&/,!+5&:$%&!(5':!+6&!&(('5+R!7+!
%#,+!9&!2':&!+'!#*'+6&5!1''5R!D!+J5*!+6&!6#*1%&!#*1
9&!&:&5/&!+'!4J54%&!#*1!5&1!,:'8&!$-%%'9-*/!#$'J+!J,!%-8&!2%'J1,R!7!$5&&T&!4J,6&,!
+6&!2'%'5(J%!,:'8&!#9#MO!#*1!+6&!,2&*&!'4&*,
J4R!B&!#5&!6-/6!#$'K&!+6&!5-K&5R!C#5!$&%'9!J,O!+6&!/'5/'*!,6-4!2J+,!,-%&*+%M!
+65'J/6!+6&!$%J&!9#+&5R
!Y@'9!1-1!9&!/&+!,'!6-/6!J4\Y!C&%-2-+M!#,8,O!+5M-*/!+'!2#+26!6&5!$5&#+6R
!YD!1'*S+!8*'9OY!D!,#MR
!7**!25#*&,!6&5!*&28R!Y>5#2-'J,bY!F6&!,+#5&,!'4&*:'J+6&1!#+!+6&!,&*,J#%!/'11&,,&,!
2#5K&1!-*+'!+6&!2%-((S,!,-1&O!#+!+6&!2J5K&,!'(
+6&-5!6-4,!#*1!:'J+6,O!+6&-5!1-:4%&1!8*&&,O!#*1!+6&!%J,6!,'(+*&,,!'(!+6&-5!5'J*1&1!
26-*,R!"6&,&!,+'*&!9':&*!%''8!1'9*!#+!J,!(5':!,'
6-/6O!*'+-2-*/!$J+!*'+!$'+6&5-*/!9-+6!J,R
!YD!5&:&:$&5!+6-,OY!D!,#MR!Y"6-,!-,!*&#5!+6&!)#K&,!'(!F-/6,O!-,*S+!-+\Y
!.-44#!,+'4,R!YB&!,6'J%1*S+!$&!6&5&R!"6&!?*+'J26#$%&,!%-K&!6&5&R!D+S,!('5$-11&*RY
!Y=&+S,!/'!$#28OY!7**!,#M,R
!LJ+!96&*!9&!+J5*!#5'J*1O!+6&!1''5!(#1&,!-*+'!5'28R!"6&5&!-,!*'!/'-*/!$#28!+6#+!
9#MR
!YB6#+!1'!9&!1'!*'9\Y!7**!#,8,R
!YD!9-,6!DS1!$5'J/6+!:M!#55'9,OY!C&%-2-+M!:J5:J5,R
!F':&'*&!-,!#445'#26-*/R!7!(-/J5&!#44&#5,!-*!+6&!+6-28!,:'8&O!#!,:#%%!9':#*!9-+6!
9&#+6&5&1!,8-*!+6&!2'%'5!'(!#!9-*&!2#,8R!@&5
6#*1,!#*1!(#2&!#5&!4#-*+&1!-*!&%#$'5#+&!1&,-/*,R!LJ+!6&5!#5:,!#*1!%&/,b!"6&!:',+!
6-1&'J,!,'5&,!:#58!+6&:R!<*&!%&/!-,!,'!,9'%%&*!-+
-,!+6&!,-T&!'(!#!+5&&!+5J*8R!B&!+J5*!#9#M!-*!1-,/J,+O!J*#$%&!+'!%''8!#+!6&5R
!YB&%2':&OY!,6&!,#M,RYD!#:!7,6#R!C'%%'9!:&RY
!YB&!9&5&!VJ,+!%&#K-*/OY!C&%-2-+M!,#M,R
!7,6#!%#J/6,R!YB6&5&!1-1!M'J!:&#*!+'!/'\!"6-,!-,!+6&!'*%M!9#M!'J+R!C'59#51RY
!7,!9&!2#*S+!%&#K&!$M!+6&!9#M!9&SK&!2':&O!9&!('%%'9R!"6&!4#+6!-,!25'91&1!9-+6!
'+6&5,R!"6&M!+''!#5&!:-,,6#4&*O!$&*+O!,2#55&1R
!Y0'*S+!,+#5&OY!D!#1:'*-,6!7**!XJ-&+%MRYNJ,+!9#+26!M'J5!(&&+RY
!7,6#!%&#1,!J,!#5'J*1!+6&!2%-((O!+65'J/6!#526&1!+J**&%,!,J44'5+&1!$M!4-%%#5,R!"6&!
9#%%,!#5&!4#-*+&1!9-+6!,2&*&,!'(!(#*+#,+-2
$#++%&,!+6&!,&K&5-*/!'(!#!/'5/'*S,!6&#1O!+6&!15-K-*/!$#28!'(!,*#8&,O!8*-/6+,!
15&,,&1!-*!+J*-2,!4#-*+&1!9-+6!5&1!4'44-&,R!D!,&&!+6&
C'5&,+!'(!=-/6+,O!#!2&*+#J5!4%#M-*/!4-4&,O!+6&!9#+&5!*M:46,O!+6&!;J*&,!'(!+6&!
<5#2%&R!D+!-,!%-8&!#!+#4&,+5MO!9-+6!,'!:#*M!,2&*&,!D
2#**'+!2'J*+!+6&:!#%%R
!"6&!+J**&%!'4&*,!'J+!+'!#*'+6&5!:#/*-(-2&*+!K-,+#R!B&!#5&!XJ-+&!6-/6!'*!+6&!
:'J*+#-*R!.'+,!'(!-*2&*,&!%-*&!+6&!*#55'9!4#+6R!)J5%,
'(!:#/&*+#O!+J5XJ'-,&O!#*1!M&%%'9!,:'8&!+-28%&!:M!*',&O!:#8&!:M!&M&,!,+-*/R
!7,6#!,+'4,!#+!+6&!:'J+6!'(!#!2#K&R!7!25J1&!2#5K-*/!'(!#!26#-*!'(!,*#8&,!:#58,!+6&!
&*+5#*2&R!D+!%''8,!%&,,!%-8&!#!2#5K-*/!#*1!:'5&
%-8&!,':&+6-*/!+6#+!6#,!5-,&*!(5':!+6&!&#5+6!-+,&%(R!Y"6&!)#K&,!'(!F-/6,RY
!YD!+6'J/6+!M'J!,#-1!+6-,!9#,!+6&!9#M!'J+OY!D!XJ&5MR
!YF'!-+!-,RY!7,6#!,+&4,!-*+'!+6&!2#K&!#*1!('%1,!-*+'!+6&!1#58*&,,R!L&6-*1!J,!'*!
+6&!5'#1O!+6&!'+6&5,!6#K&!('5:&1!#!2%J,+&5!(-K&!1&&4
#*1!+&*!#25',,R!"6&5&!-,!*'!5&+5&#+R
!YD!1'*S+!%-8&!+6-,OY!.-44#!,#M,R
!YA'5!1'!DO!$J+!96#+!26'-2&!1'!9&!6#K&!*'9\Y!D!,#MO!1J28-*/!-*+'!+6&!2#K&R
!"6&!:':&*+!DS:!+65'J/6O!D!J*1&5,+#*1!96M!+6&,&!2#K&,!6#K&!/'++&*!+6-,!*#:&R!D+!-,!
#,!-(!+6&!9#%%,!+6&:,&%K&,!,-/6!9-+6!+6&!$%-,,
'(!#!6J*15&1!+6'J,#*1!8-,,&,R
!YF'!$&#J+-(J%RY!D+S,!7**R!F6&S,!,+#*1-*/!$&('5&!#!$#,I5&%-&(!'(!#!(#2&!9-+6!#!
%'*/!(%#+!*',&!#*1!%#5/&O!(J%%!%-4,R!@&5!6#*1,!+5#2&!+6&
2J5K&!'(!+6&!J44&5!%-4O!#*1!D!+6-*8!-::&1-#+&%M!'(!P#5+-8R!.-44#!V'-*,!6&5O!
&*V'M-*/!+6&!(&&%!'(!+6&!,+'*&R
!YD!$&/!M'J5!4#51'*O!$J+!9&!9&5&!('%%'9-*/!#!4#+6!#*1!-+!,&&:,!+'!6#K&!
1-,#44&#5&1R!)#*!M'J!+&%%!J,!+6&!9#M!$#28O!4%&#,&\!B&S5&
-*!#!15&#1(J%!6J55MOY!C&%-2-+M!1&:#*1,!,9&&+%MR
!YH'J!,&&8!+6&!"&:4%&\Y!7,6#!#,8,R
!F6&!6#,!'J5!#++&*+-'*!*'9R!YH&,OY!D!,#MR!Y0'!M'J!8*'9!96&5&!-+!-,\Y
!YB6#+!1'!M'J!'((&5\Y!7,6#!#,8,O!6#*1,!'J+,+5&+26&1R
!7:!D!+'!'((&5!#!/-(+\!DSK&!*'+6-*/!+'!/-K&R!D!2'J%1*S+!4',,-$%M!4#5+!9-+6!F-:'*S,!
*&28%#2&!'5!:M!#:J%&+R
!YDS:!,'55MOY!D!,#MRYDSK&!$5'J/6+!*'+6-*/!9-+6!:&RY
!7,6#S,!&M&,!$&+5#M!6&5!1-,#44'-*+:&*+R!LJ+!,6&!,:-%&,!#*M9#MR!YF':&+-:&,!9&!,&&8!
+6#+!96-26!9&!#5&!*'+!M&+!5&#1M!+'!(-*1R!"6&
+5J&!4#+6!-,!#!1-((-2J%+!'*&R!"'!,&&!-+O!M'J!:J,+!$&!9-%%-*/!+'!,6&1!+6-,!,8-*!
%-8&!#!,*#8&R!H'J!:J,+!$&!9-%%-*/!+'!%&+!/'!'(!+6#+!96-26!-,
!45&2-'J,!+'!M'JR!YS!F6&!/%#*2&,!#+!.-44#!96&*!,6&!,#M,!+6-,R
!YB&!,6'J%1!/'RY!.-44#!,#M,R
!D!+6-*8!,6&!:#M!$&!5-/6+R!Y"6#*8!M'J!('5!M'J5!+5'J$%&O!$J+!9&!:J,+!$&!/&++-*/!
$#28!*'9RY
!7,6#!/-K&,!#!$'9R!Y7,!M'J!9-,6R!D!2#*!4J+!M'J!'*!+6&!4#+6R!LJ+!M'J!9-%%!*&&1!'J5!
6&%4RY
!7!9':#*!96',&!(#2&!-,!4#-*+&1!#!$5-/6+!5&1!9-+6!,+5-4&,!'(!1&&4!/5&&*!4'J5,!#!
2%#M!:-Z+J5&!-*+'!#!%'*/!+J$&!9-+6!#!6'%&!#+!+6&!&*1R
!YB6#+!-,!+6#+!('5\Y!C&%-2-+M!#,8,R
!Y"'!4#-*+!M'JOY!7,6#!,#M,R
!Y.#-*+!J,\Y!7**!*&#5%M!,65-&8,R
!YD+!'((&5,!45'+&2+-'*OY!7,6#!&Z4%#-*,R
!Y.5'+&2+-'*!(5':!96#+\Y!D!#,8!9#5-%MR
!Y.5'+&2+-'*!(5':!96#+&K&5!2':&,!%''8-*/!('5!M'J!-*!+6&,&!5&#%:,R!D+!6-1&,!96#+!
:J,+!$&!6-11&*!#*1!5&K&#%,!96#+!:J,+!$&!,&&*RY
7/#-*O!,6&!/-K&,!+6#+!2J5-'J,!%''8!+'!.-44#R
!YD!1'*S+!%-8&!+6&!,'J*1!'(!+6-,!#+!#%%OY!.-44#!,#M,R
!YA'5!1'!DOY!7**!#/5&&,R
!YB6#+!-(!+6-,!-,!#!+5#4\Y!C&%-2-+M!96-,4&5,R!YB6#+!-(!+6#+!4#-*+!-,!4'-,'*\Y
!"6&!5&1I(#2&1!9':#*!$-1,!J,!,-+!#*1!4%#2&!'J5!6#*1,!J4'*!#!%#5/&!5'28R
!YB6M!,6'J%1!9&!+5J,+!M'J\Y!D!#,8R
!Y"6&5&!#5&!:#*M!26'-2&,!+'!:#8&R!H'J!#5&!(5&&!+'!5&(J,&OY!7,6#!#*,9&5,R
!"6&!9':#*!9-+6!+6&!4#-*+!9#-+,!4#+-&*+%MR!F6'J%1!D!+5J,+!7,6#O!#*!?*+'J26#$%&O!'5!
+#8&!:M!26#*2&,!-*!+6&!5&#%:,!J*45'+&2+&1\
!D!'((&5!:M!6#*1,!+'!+6&!9':#*!9-+6!+6&!4#-*+&1!(#2&R
!YH'J!#5&!$5#K&O!D!,&&OY!7,6#!,#M,R!F6&!*'1,!+'!+6&!9':#*O!96'!,XJ&&T&,!+6&!
:-Z+J5&!'*+'!:M!6#*1,R!D+!-,!2'%1!'*!:M!,8-*R!D,!+6#+
+6&!4'-,'*!9'58-*/!-+,!9#M!-*+'!:M!$%''1\!D!2#*!'*%M!2%',&!:M!&M&,!#*1!9#-+O!
6'4-*/!('5!+6&!$&,+R
!Y<6O!%''8bY!7**!/#,4,R
!C&#5-*/!+6&!9'5,+O!D!'4&*!:M!&M&,R!QM!6#*1,R!B6&5&!+6&!2%#M!:-Z+J5&!6#,!15-&1!-+!
6#,!+J5*&1!#!/%'5-'J,!$5-28!5&1!-*!#!1&,-/*!:'5&
'5*#+&!+6#*!#!,4-1&5S,!9&$R!D+!5&:-*1,!:&!'(!+6&!$5-1&,!'(!D*1-#!96',&!6#*1,!#5&!
,+&*2-%&1!9-+6!6&**#!-*!6'*'5!'(!+6&-5!6J,$#*1,R
!YD!,6#%%!$&!*&Z+OY!C&%-2-+M!,#M,O!5J,6-*/!+'!5&:'K&!6&5!/%'K&,R!F6&!-,!*'!%'*/&5!
#(5#-1!'(!$&-*/!4'-,'*&1O!'*%M!'(!$&-*/!%&(+!'J+R
!D*!+6&!1&&4!5&2&,,&,!'(!+6&!2#K&!-,!#!,6&&+!'(!9#+&5!,:''+6!#,!/%#,,!+6#+!,&&:,!
+'!5-,&!#*1!(#%%!#+!+6&!,#:&!+-:&R!"6&!(%'9!'(!-+
:#8&,!:&!15'9,MR!D+!-,!+6&!%#,+!+6-*/!D!,&&!$&('5&!D!(#%%!#,%&&4R
!D!#:!,+#*1-*/!$&('5&!#!%#5/&!9&%%R!"6&!,J5(#2&!-,!#%-K&!9-+6!:'K&:&*+R!D+!,6'9,!
:&!+6-*/,R!;',&,!$%'':-*/!(#,+!'*!+6-28!/5&&*
K-*&,R!7!2#+6&15#%!#15-(+!'*!#*!-,%#*1R!L%#28!5'28!#9#,6!-*!('/R!7!9#55-'5!-*!
6'5*&1!6&%:&+!5-1-*/!#!(-&52&!6'5,&R!7!+9-,+&1!+5&&!#/#-*,+
#!$%''15&1!,8MR!7,6#S,!4#-*+&1!6#*1,R!A&%%!@#98-*,R!"6&!/5&&*!2%'#8R!F':&+6-*/!
:'K&,!-*!+6&!,6#1'9,O!,+#5+%-*/!:&O!2':-*/!2%',&5R
7!(#2&R
!D!9#8&!9-+6!#!,+#5+R!C&%-2-+M!%#J/6,!:&55-%MO!,6'9-*/!'((!6&5!6#*1,O!96-26!6#K&!
$&&*!4#-*+&1!-*!$&#J+-(J%!2J5%-2J&,R!F6&!2':4#5&,
+6&:!9-+6!7**S,!#*1!.-44#S,!'5*#+&!1&,-/*,R!7,6#!,-+,!#25',,!(5':!:&O!6&5!+6-28O!
,2#%M!%&/,!25',,&1R
!YB6#+!1-1!M'J!,&&!-*!M'J5!15&#:,\Y!,6&!#,8,R
!B6#+!1-1!D!,&&\!A'+6-*/!+6#+!:&#*,!#*M+6-*/!+'!:&RYA'+6-*/OY!D!#*,9&5R
!7/#-*!D!,&&!1-,#44'-*+:&*+!-*!6&5!&M&,R!YD+!-,!+-:&!('5!M'J!+'!/'RY
!F6&!%&#1,!J,!+'!+6&!:'J+6!'(!+6&!2#K&R!"6&!,8M!-,!*'!%'*/&5!$%J&O!$J+!#!1&&4O!
-*8M!*-/6+R!@#K&!9&!$&&*!6&5&!,'!%'*/\!"6&!4'+,!'(
-*2&*,&!$&%26!+6&-5!5#-*$'9!'(!2'%'5R!"'526&,!%-*&!+6&!4#+6R!"6&!@#V-*!,+#*1!
$&,-1&!+6&:O!$'9-*/!#,!9&!9#%8R
!B6&*!9&!'*2&!#/#-*!5&#26!+6&!5'28O!+6&!1''5!#44&#5,R!YD!+6'J/6+!M'J!,#-1!+6#+!+6&!
'*%M!9#M!'J+!9#,!+'!/'!('59#51OY!D!,#MR
!YH&,R!"6#+!-,!+5J&RY
!YLJ+!+6-,!-,!+6&!9#M!9&SK&!2':&bY
!YD,!-+\Y!,6&!#,8,R!Y"#8&!2#5&!'*!+6&!4#+6R!B#%8!XJ-28%M!#*1!XJ-&+%MR!"6&!4#-*+!
9-%%!8&&4!M'J!6-11&*!(5':!,-/6+RY!7,6#!4%#2&,!6&5
4#%:,!+'/&+6&5!#*1!$'9,RY>'!*'9RY
!D!1'*S+!J*1&5,+#*1!#+!#%%O!$J+!9&SK&!9#,+&1!+''!:J26!+-:&!#%5&#1M!('5!:'5&!
XJ&,+-'*,R!B&SK&!/'+!+'!/&+!$#28!+'!+6&!4#+6R!D*!+6&
/%'9!'(!+6&!#:J%&+O!D!2#*!,&&!+6&!1&%-2#+&!%-*&,!'*!:M!6#*1,R!D+!,&&:,!#!,2#*+!
45'+&2+-'*!(5':!96#+&K&5!:#M!$&!%''8-*/!('5!J,O!$J+!D
6'4&!7,6#!-,!5-/6+R
!)@7."3;!"@D;"HI<A3
!"@3!>=<B!<C!"@3!);3F)3A"!3H3!=370F!?F!7B7H!(5':!+6&!:'J*+#-*!+-%%!9&!#5&!'*!
J*(#:-%-#5!/5'J*1R!"6&!,8M!-,!*'+!#,!1#58!6&5&R
D+S,!,J((J,&1!9-+6!+6&!%-/6+!'(!#!1#58!5&1!:''*R!B&S5&!,J55'J*1&1!$M!+6&!/*#5%&1!
$'1-&,!'(!/-#*+!+5&&,R!"6&-5!$5#*26&,!#526!6-/6!'K&5
'J5!6&#1,O!+6',&!$#5&O!+9-,+&1!(-*/&5,!'(!$#58!-*+&5+9-*-*/!-*!#*!&&5-&!&:$5#2&R!
"6&!&((&2+!-,!5#+6&5!%-8&!$&-*/!-*!'*&!%'*/!2#/&R
!Y0-1!9&!2':&!+6-,!9#M!$&('5&\Y!C&%-2-+M!#,8,R
!YB6&5&!#5&!9&\Y!.-44#!#,8,R
!YD!1'*S+!8*'9OY!D!,#MR
!YD+S,!#!/6#,+%M!4%#2&OY!7**!,#M,R
!YD!8*&9!9&!,6'J%1*S+!6#K&!+5J,+&1!+6&:R!C-%+6M!K&5:-*bY!.-44#!,#M,R
!Y@J,6bY!D!,#MR!D*!:M!6#*1O!+6&!#:J%&+S,!/%'9!6#,!,'(+&*&1!+'!#!(%-28&5-*/!
/%-::&5O!#*1!+6&*!-+S,!'J+!%-8&!#!2#*1%&!,*J((&1RYD+S,!/'*&
'J+RY
!YB&%%O!+6#+S,!#!(-*&!+6-*/b!A'9!6'9!9-%%!9&!/&+!$#28\Y!7**!:J:$%&,R
!"6&!5&1!:''*!$%&&1,!+65'J/6!+6&!,4-*1%MO!,+5-44&1!$5#*26&,O!2#,+-*/!%'*/!,6#1'9,R
!YB&S%%!J,&!+6&!:''*%-/6+R!P&&4!9#%8-*/OY!D!,#MR!B6M!6#,!+6&!#:J%&+!,+'44&1!
9'58-*/\
!Y>5#2-'J,O!96#+!-,!+6#+!,:&%%\Y!C&%-2-+M!#,8,R
!"6&!9-*1!:'K&,!+6-,!9#MO!#*1!D!,:&%%!-+!+''R!7!,:&%%!%-8&!1-,&#,&!#*1!(-%+6R!7!
,:&%%!%-8&!1&#+6R!7!$5&&T&!4J,6&,!1'9*!+6&!2'55-1'5!'(
+5&&,!(5':!$&6-*1!J,O!5J,+%-*/!'J5!,#+-*,!#*1!,-%8,R!D+!-,!:'5&!,J$,+#*+-#%!+6#*!#!
4J((!'(!9-*1R!D+!-,!#*!#**'J*2&:&*+R!F':&+6-*/S,
2':-*/R
!7**S,!/'+!6&5!6#*1!+'!6&5!*',&!#*1!:'J+6R!Y<6O!+6#+!-,!+5J%M!$&#,+%MRY
!YF6666bY!D!,#MR
!YB6#+\Y!.-44#!#,8,R
!Y0'!M'J!6&#5!+6#+\Y
!;-1&5,R!"6&MS5&!2':-*/!(#,+R!7!2%'J1!'(!1J,+!%'':,R!"6&MS%%!'K&5+#8&!J,!-*!#!
:':&*+R!"6&!2'55-1'5!#6&#1!,&&:,!+'!,+5&+26!'*!('5!#
:-%&R!)#*!9&!,XJ&&T&!+65'J/6!+6&!,4#2&,!$&+9&&*!+6&!+5&&,\!"6&!/#4,!#5&!$J+!
,%-K&5,!'(!%-/6+O!+''!*#55'9!+'!#%%'9!#*M!'(!J,!+'!4#,,R
!YB6&5&SK&!M'J!/'*&\Y!.-44#!#,8,O!%''8-*/!#$'J+R
!YB6#+!1'!M'J!:&#*\!B&S5&!5-/6+!6&5&OY!C&%-2-+M!,#M,R
!YD!2#*S+!,&&!#*M!'(!M'JbY
!"6&!4#-*+b!D+S,!8&&4-*/!J,!6-11&*!,':&6'9RY!"6&!4#-*+!45'+&2+,!J,R!"6&M!2#*S+!,&&!
J,RY
!YB6#+!#$'J+!:&\Y!.-44#!#,8,O!&Z#:-*-*/!6&5!6#*1,O!96-26!#5&!XJ-+&!K-,-$%&R!Y<6O!
>'1bY!F6&!,'J*1,!1&,4&5#+&O!#*1!D!1'*S+!8*'9
96#+!+'!1'!+'!6&%4!6&5R!"6&!5-1&5,!2':&!-*+'!K-&9!!,8&%&+#%!95#-+6,!+9-,+&1!$&M'*1!
96#+&K&5!6J:#*!('5:!+6&M!'*2&!6#1R!7*1!$&6-*1
+6&:!%'':,!#!(-/J5&!'(!,J26!+&55'5!#!6-1&'J,!+6-*/!9-+6!/-#*+O!+#++&5&1!9-*/,!#*1!
#!:'J+6!'(!%'*/O!4'-*+&1!+&&+6R!C%#4,!'(!(%&,6!,+-%%
2%-*/!+'!+6&:!-*!4%#2&,R!D+!6#,!*'!&M&,R!LJ+!-+!,*-((,!+6&!#-5O!6J*+-*/!('5!J,R!D!
8*'9!96#+!-+!-,O!('5!DSK&!(#2&1!'*&!$&('5&R!D+S,!#!+5#28&5O
+6&!,'5+!&:4%'M&1!$M!)-52&R
!D+!,*-((,!-*!'J5!1-5&2+-'*R!D+,!'1'5!-,!&*'J/6!+'!:#8&!:&!/#/R!D!(-/6+!#/#-*,+!
-+R
!YH'J!+6&5&OY!+6&!1#58!,4-5-+!6'9%,O!#*1!('5!#!:':&*+!D!+6-*8!6&!6#,!('J*1!J,RYH'J!
6#K&!*'+!4#,,&1O!,4-5-+\Y
!YQI:&\Y!.-44#!,#M,RYD!D!R!R!RY
!"6&!+6-*/S,!:'J+6!15''%,!-*!,%-28O!,%-:M!5-$$'*,R!<6O!.-4b!D!9#*+!+'!,#K&!6&5!$J+!
DS:!(5-/6+&*&1O!J*#$%&!+'!/-K&!J4!+6&!,#(&+M!'(!:M
-*K-,-$-%-+MR!"6&!6'55-1!25&#+J5&!,*-((,!+6&!#-5R
!Y76O!D!2#*!,:&%%!+6&:R!=-K-*/!+6-*/,R!"6&!45-&,+&,,!6#,!$&&*!6&5&R!@#K&!M'J!,&&*!
6&5\Y
!.-44#!,6#8&,RYAI*'OY!,6&!96-,4&5,R
!"6&!$&#,+!:'K&,!2%',&5!+'!6&5R!D+,!K'-2&!-,!#!/5'9%!%#2&1!9-+6!+6&!1&,4#-5!'(!#!
+6'J,#*1!,'J%,R!YH'J!9'J%1!*'+!%-&!+'!J,O!9'J%1!M'J\Y
!.-44#!'4&*,!6&5!:'J+6!$J+!*'!9'51,!2':&R
!YA'!:#++&5R!B&!,6#%%!(-*1!6&5!&K&*+J#%%MR!QM!:-,+5&,,!-,!,&&-*/!+'!-+R!7*1!96&*!
,6&!6#,!+6&!"&:4%&O!+6&!$#%#*2&!'(!4'9&5!,6#%%!(#%%
+'!+6&!B-*+&5%#*1,!#+!%#,+RY!@&!:'K&,!2%',&5!+'!.-44#O!,6'9-*/!#!+&55-$%&!
/5-*RY;-1&!9-+6!J,R!H'J!2#*!,6#5&!-*!'J5!K-2+'5MR!B6#+&K&5
M'J!9-,6!2#*!$&!M'J5,R!FJ26!#!45&++M!4&+R!;-1&!9-+6!J,RY
!"6#+!(#2&!-,!,'!K&5M!2%',&!+'!.-44#S,!%'K&%M!26&&8R!"6&5&S,!#!5'28!$&*&#+6!:M!
$''+R!)#5&(J%%MO!D!5&#26!1'9*!#*1!(%-*/!-+!#25',,!+6&
%#*&R!"6&!+5#28&5S,!:#,,-K&!6&#1!,9-K&%,!-*!+6#+!1-5&2+-'*R!"6&!95#-+6,!6'9%!#*1!
,65-&8R
!Y"6&M!#5&!,+-%%!*&#5R!"6&M!6#K&!,':&!:#/-2!9'58-*/!('5!+6&:R!D!2#*!(&&%!-+R!DS:!
,J5&!9&!,6#%%!:&&+!#/#-*O!:M!4&+R!;-1&bY!B-+6!+6#+O
+6&M!5#2&!,25&#:-*/!-*+'!+6&!2'55-1'5R!B&!,+#*1!9-+6'J+!:'K-*/!'5!,4&#8-*/!J*+-%!
+6&!/5'J*1!6#,!,&++%&1!#*1!+6&!9-*1!-,!*'!:'5&R
!Y75&!M'J!#%%!5-/6+O!.-4\Y!C&%-2-+M!25-&,R
!YHIM&,R!D!+6-*8!,'OY!,6&!,#M,R!YD!,+-%%!2#*S+!,&&!M'JR!D!9'*1&5!96M!-+!1-1*S+!
9'58!'*!:&\Y
!H&,O!D!9'*1&5!+''R!D+!6-1&,!96#+!:J,+!$&!6-11&*!#*1!5&K&#%,!96#+!:J,+!$&!,&&*R!
B6M!9'J%1!.-44#!*'+!*&&1!+'!$&!6-11&*O!J*%&,,
,6&!#%5&#1M!6#,!45'+&2+-'*!-*!+6&!5&#%:,\!A'O!.-44#!-,!*'+6-*/!%-8&!+6#+!+6-*/R!
"6#+!-,!96#+!:M!6&#1!,#M,R!LJ+!-*!:M!6&#5+!-,!#*'+6&5O
+&55-$%&!+6'J/6+W!F''*O!,6&!:-/6+!$&R
!YD!9#*+!+'!%&#K&!+6-,!4%#2&!#+!'*2&OY!7**!,#M,R
!B&!9#%8!XJ-28%M!#*1!XJ-&+%MO!#,!7,6#!#1K-,&1R!B6&*!9&!5&#26!+6&!&*1!'(!+6&!
2'55-1'5O!+6&!#:J%&+!,4J++&5,!+'!%-(&!-*!:M!6#*1,R
!YD+S,!$#28bY!D!,#MR!D!:'K&!-+!#$'J+R!D+!/%'9,!,+5'*/&,+!'*!:M!%&(+RY"6-,!9#MbY
!F''*O!9&!,&&!+6&!(5#M&1!&1/&!'(!+6&!/'%1&*!,J*,&+!+6#+!:#58,!+6&!5&#%:!'(!+6&!
/#51&*R!LM!+6&!+-:&!9&!5&#26!+6&!,-%K&5!#5269#M
#*1!+6&!5-K&5O!9&S5&!K-,-$%&!'*2&!:'5&R
!.-44#S,!,6#8-*/!#%%!'K&5R!Y"6#+!25&#+J5&!RRR!,'!6'55-$%&RY
!Y75&!M'J!2&5+#-*!M'JS5&!#%%!5-/6+\Y!D!#,8R
!F6&!*'1,RY>&::#OY!,6&!,#M,O!$-+-*/!6&5!%-4OY96#+!,6#%%!6#44&*!'*2&!M'J!(-*1!+6&!
"&:4%&\Y
!YH'J!8*'9!96#+!6#44&*,R!D!:J,+!$-*1!+6&!:#/-2RY
!Y7*1!96#+!9-%%!6#44&*!+'!:&\!QJ,+!D!/'\Y!@&5!K'-2&!-,!96-,4&5!+6-*R
!D+!-,!+6&!XJ&,+-'*!D!8&&4!4J,6-*/!#9#MR!LJ+!+'*-/6+O!D!6#K&!$&/J*!+'!5&#%-T&!+'!
,&&!2%&#5%MO!#,!7,6#!,#-1!+6#+!+6-,!:#M!*'+!$&
('5&K&5R!"6#+!.-44#!:-/6+!$&2':&!'*&!'(!+6',&!1#58!,4-5-+,!6&5,&%(!-(!,6&!1'&,!*'+!
25',,R!D!2#*S+!$5-*/!:M,&%(!+'!,#M!-+R!D!4-28!J4!#
6#*1(J%!'(!1&9!(5':!+6&!/5'J*1R!"6&!15'4,!/#+6&5!-*!:M!(-*/&5,O!$&2':-*/!#!,-%K&5M!
9&$!+6#+!,+-28,!+6&:!+'/&+6&5R
!Y>&::#!R!R!R!OY!.-44#!4%&#1,R
!Y<(!2'J5,&!M'J!9'*S+!6#K&!+'!/'OY!C&%-2-+M!,#M,O!,+'5:-*/!4#,+!:&RYB&S%%!(-*1!#!
9#M!+'!26#*/&!+6-*/,!9-+6!+6&!:#/-2R!"6&!<51&5!9-%%
6&%4!J,RY
!YB&!1'*S+!8*'9!+6#+OY!D!,#M!/&*+%MR
!YLJ+!-+S,!4',,-$%&O!-,*S+!-+\Y!.-44#!#,8,O!6'4&!+J5*-*/!6&5!&M&,!$5-/6+!#/#-*R!
Y"6-*8!'(!-+b!D!2'J%1!,+#MR!B&!9'J%1!$&!+'/&+6&5!('5&K&5RY
!YH&,O!'(!2'J5,&R!B&S%%!(-*1!#!9#MR!D!45':-,&OY!C&%-2-+M!,#M,R
!D!(%#,6!C&%-2-+M!#!9#5*-*/!%''8O!$J+!.-44#S,!25M-*/!+&#5,!'(!V'MO!95#44-*/!6&5!
#5:,!#$'J+!C&%-2-+MS,!26&,+O!25#1%-*/!6&5!-*!6&5
#5:,RYC&&O!+6#*8!M'JR!D!1'!%'K&!M'J!,'RY
!"6&!4#-*+!'*!'J5!6#*1,!6#,!(#1&1!+'!*'+6-*/!:'5&!+6#*!#!,6#1'9!'(!%-*&,!#*1!
,XJ-//%&,!+6#+!1-,#44&#5!J*1&5!+6&!+6-*!96-+&!%-&,!'(
'J5!/%'K&,R
!YH'J!:J,+*S+!/'!VJ,+!M&+OY!.-44#!$&/,RYD!9#*+!+'!45&+&*1!+6#+!D!#:!#%,'!#+!+6&!
'4&5#R!7*1!+6&5&!-,!#!$#%%!#(+&5b!)':&!'*!!1#*2&
9-+6!:&bY
!F6&!5J*,!'J+!-*+'!+6&!/5#,,O!,9&&4-*/!6&5!15&,,!(5':!,-1&!+'!,-1&O!8-28-*/!J4!6&5!
6&&%,R!>-//%-*/O!7**!5J*,!#(+&5R!D!4J%%!C&%-2-+M
#,-1&R
!YH'J!'J/6+*S+!+'!45':-,&!.-44#!,J26!+6-*/,RY
!C&%-2-+MS,!&M&,!(%#,6R!YB6M!*'+\!>&::#O!,6&!9#,!%',+!+'!J,O!#*1!*'9!9&!6#K&!6&5!
$#28R!"6&5&!:J,+!$&!,':&!5&#,'*!('5!-+O!1'*S+
M'J!+6-*8\Y
!D!+6-*8!'(!:M!:'+6&5S,!4#,,-*/O!'(!6'9!8&&*!+6&!4#-*!'(!6&5!%',,!,+-%%!(&&%,O!
%-8&!#!9'J*1!M'J!+6-*8!6&#%&1!+-%%!M'J!$J:4!+6&!(#1-*/
$5J-,&!'(!-+!#*1!(&&%!+6&!6J5+!#*&9R!D+!-,!6'55-$%&R!7*1!M&+!R!R!R!7,6#S,!:#/-2!
1-1*S+!9'58!'*!.-4R!"6',&!1#58!,4-5-+,!,#9!6&5R!"6&M
2'J5+&1!6&5!#*1!6J*+&1!J,R
!YD!1'!*'+!8*'9!96#+!9&!6#K&O!$J+!-+!-,!*'+!.-44#R!A'+!'J5!.-44#O!#+!+6&!%&#,+RY
!C&%-2-+M!$5&#8,!#9#M!(5':!:&RYD!9'*S+!%',&!6&5!+9-2&R!H'J!2#*!,&&!,6&!-,*S+!
26#*/&1R!F6&S,!,+-%%!'J5!.-44#O!%'K&%M!#,!&K&5RY
!YLJ+!,6&!#+&!+6&!$&55-&,R!F6&!1-&1R!H'J!,#9!6&5!$J5-&1RY
!C&%-2-+M!9'*S+!6&#5!-+R!Y"6&!:#/-2R!"6#+!9-%%!26#*/&!+6-*/,RY
!Y"6#+!-,*S+!-+,!4J54',&OY!D!,#M!,'(+%MR!Y.-4!-,!#!25&#+J5&!'(!+6&!5&#%:,!*'9O!#*1!
,6&!:J,+!4#,,!$&('5&!,6&!-,!2'55J4+&1RY
!C&%-2-+M!%''8,!'J+!+'!96&5&!.-44#!#*1!7**!(5'%-2!-*!+6&!(5&,6!/5#,,O!+9-5%-*/!
%-8&!$#%%&5-*#,RYH'J!1'*S+!8*'9!+6#+RY
!C&&!R!R!R
!YH'J!1'*S+!8*'9!+6#+bY!F6&!$5&#8,!-*+'!#!5J*R
!Y0#*2&!9-+6!:&O!C&&OY!.-44#!2#%%,O!6&5!,:-%&!5#1-#*+R!F6&!+#8&,!C&%-2-+MS,!6#*1,!
-*!6&5,R!F':&+6-*/!4#,,&,!$&+9&&*!+6&:!+6#+!D
2#**'+!*#:&R!7!+&*1&5*&,,R!7!+'/&+6&5*&,,R!NJ,+!#,!-(!9&!9&5&!#%%!/#+6&5&1!-*!
F4&*2&S,!/5#*1!$#%%5'':O!C&%-2-+M!4%#2&,!6&5!6#*1,!#+
.-44#S,!9#-,+!#*1!4J%%,!6&5!-*+'!#!9#%+TR!"6&M!+9-5%!#*1!+9-5%O!.-44#S,!5-*/%&+,!
2#+26-*/!+6&!9-*1O!9-%1!#*1!(5&&R
!Y<6O!C&&R!D!1'!:-,,!M'J!,'RY!F6&!95#4,!6&5!#5:!#$'J+!C&%-2-+MS,!9#-,+!#*1!
C&%-2-+M!1'&,!+6&!,#:&!+'!.-44#R!"6&M!2'J%1!$&!F-#:&,&
+9-*,R!.-44#!96-,4&5,!,':&+6-*/!+'!C&%-2-+MO!#*1!,6&!%#J/6,R!Y0'*S+!%&#K&!:&OY!
.-44#!,#M,R!Y.5':-,&!:&!M'JS%%!$&!$#28R!.5':-,&!:&RY
!C&%-2-+M!%#M,!6&5!6#*1,!'K&5!.-4S,RYD!45':-,&RY
!D!*&&1!#!:':&*+!+'!#*26'5!:M,&%(R!D!9#%8!+'!+6&!5-K&5S,!&1/&!+'!,-+!#*1!+6-*8R!
"6&!/'5/'*!/%-1&,!,-%&*+%M!-*+'!K-&9R
!Y75&!M'J!+5'J$%&1O!Q',+!@-/6\Y!,6&!,#M,!-*!6&5!,%-28!K'-2&R
!YA'OY!D!/5J:$%&R
!YH'J!1'!*'+!+5J,+!:&OY!,6&!,#M,R
!hD!1-1*S+!,#M!+6#+RY
!F6&!4-K'+,!6&5!&*'5:'J,!/5&&*!6&#1!-*!+6&!1-5&2+-'*!'(!+6&!/#51&*O!96&5&!:M!
(5-&*1,!#5&!1#*2-*/!-*!+6&!,9&&+!/5#,,R!Y"6-*/,!#5&
26#*/-*/R!H'J!2#**'+!,+'4!+6&!26#*/&RY
!YB6#+!1'!M'J!:&#*!$M!+6#+\Y
!YH'J!9-%%!6#K&!+'!:#8&!#!26'-2&O!#*1!,''*O!D!(&#5RY
!D!,+#*1O!$5J,6-*/!+6&!/5#,,!(5':!:M!,8-5+R!YD!8*'9!M'J!6&%4&1!,%#J/6+&5!:&:$&5,!
'(!+6&!<51&5R!H'J!1-1*S+!9#5*!J,!96&*!+6&!9#+&5
*M:46,!9&5&!*&#5R!C'5!#%%!D!8*'9O!M'J!2'J%1!$&!4#5+!'(!+6&!B-*+&5%#*1,R!B6M!,6'J%1!
D!%-,+&*!+'!#*M+6-*/!M'J!6#K&!+'!,#M\Y
!YD!9#,!$'J*1!$M!:#/-2!+'!,4&#8!+5J+6!#*1!1'!*'!6#5:!+'!M'J5!8-*1RY
!<*2&R
!D!+J5*!+'!%&#K&RY7,!M'J!,#-1O!+6-*/,!#5&!26#*/-*/RY
!B&!5&+J5*!+'!+6&!&:4+M!$'Z!'(!+6&!;'M#%!<4&5#!@'J,&!VJ,+!#,!+6&!2J5+#-*!(#%%,!('5!
+6&!-*+&5:-,,-'*R!B&S5&!2#55M-*/!:#/-2!9-+6!J,R!D+
2%-*/,!+'!:M!$'1M!-*!#!9#M!+6#+!:#8&,!:&!#9#5&!'(!&K&5M+6-*/R!"6&!,%'9!6-,,!'(!+6&!
/#,%#:4!:'J*+&1!'*!+6&!&1/&!'(!+6&!45-K#+&!$'Z
5'#5,!-*!:M!6&#1R!"6&!5-,-*/!%-/6+,!,+-*/!:M!&M&,R!7*1!4&'4%&S,!+6'J/6+,!5J,6!
+65'J/6!:&!+-%%!D!(&&%!DS%%!/'!:#1R
!Y>&::#\!75&!M'J!#%%!5-/6+\Y!7**!#,8,R
!Y0'*S+!M'J!(&&%!+6#+\Y!D!/#,4R
!YC&&%!96#+\Y!C&%-2-+M!,#M,O!-55-+#+&1R
!Y"6&!:#/-2R!D+S,!+''!:J26RY!D!4J+!:M!6#*1,!+'!:M!&#5,!#,!-(!+6#+!9-%%!,+'4!
+6-*/,R!7**!#*1!C&%-2-+M!1'!*'+!,&&:!$'+6&5&1!#+!#%%R!Y"5M
+'!1'!,':&+6-*/!:#/-2#%!:#8&!#!/5#,,6'44&5!'5!#!5J$MRY
!C&%-2-+M!2%',&,!6&5!&M&,!#*1!6'%1,!'J+!6&5!4#%:R!F':&+6-*/!(%-28&5,!+6&5&!('5!#!
:':&*+O!$J+!+6&*!-+!(#1&,RYB6M!2'J%1*S+!D!:#8&!-+
6#44&*\Y
!YD!1'*S+!8*'9OY!D!,#MR!D!2#*!,2#52&%M!2#+26!:M!$5&#+6R!YH'J!+5MO!7**RY
!7**!2J4,!6&5!6#*1,!+'/&+6&5!#*1!2'*2&*+5#+&,R!F6&S,!9-,6-*/!('5!#!1-#:'*1!25'9*R!
D!2#*!(&&%!6&5!9-,6!,J5/-*/!-*,-1&!:&R!D*!#
:':&*+!,6&!,+'4,!+5M-*/RYD!1'*S+!J*1&5,+#*1OY!,6&!,#M,R
!YD+S,!#,!-(!#%%!M'J5!:#/-2!-,!-*!:&OY!D!,#MO!,6-K&5-*/RY7,!-(!D!6#K&!-+!
+65&&('%1RY
!C&%-2-+M!4&&8,!'K&5!+6&!+'4!'(!+6&!%-4!'(!+6&!$'ZR!Y"6&MSK&!%&(+!+6&-5!,&#+,b!
"6&MS%%!$&!%''8-*/!('5!J,b!B&SK&!/'+!+'!/'!+'!+6&:R
>&::#O!2#*!M'J!,+#*1\Y
!QM!%&/,!#5&!%-8&!#!*&9!2'%+S,R!C&%-2-+M!#*1!7**!(%#*8!:&O!'J5!6#*1,!%'28&1R!B&!
(#%%!-*!$&6-*1!#!:#*!#*1!6-,!9-(&R!@&S,!6#K-*/!#*
#((#-5!9-+6!6&5!,-,+&5R!@&!4%#*,!+'!:&&+!6&5!+'*-/6+!#(+&5!+6&!'4&5#R!@-,!,&25&+,!
5J,6!+65'J/6!:M!K&-*,O!4'-,'*-*/!:&R
!Y<6OY!D!/#,4O!,6#8-*/!:M!6&#1!+'!5-1!:M,&%(!'(!6-,!+6'J/6+,R
!Y"6-,!-,!#9(J%R!D!2#*!6&#5!#*1!(&&%!&K&5M+6-*/R!D!2#*S+!,+'4!-+R
!@'9!,6#%%!D!/&+!+65'J/6!+6-,!&K&*-*/\Y
!C&%-2-+M!/J-1&,!:&!1'9*!+6&!,+#-5,R!YB&S%%!/&+!M'J!+'!+6&!15&,,-*/!5'':!#*1!+&%%!
M'J5!/5#*1:'+6&5!+6#+!M'J!#5&!-*1-,4',&1R!F6&S%%
+#8&!M'J!6':&RY
!YLJ+!+6&*!D!,6#%%!:-,,!:M!&K&*-*/!9-+6!F-:'*bY!D!9#-%R
!Y0'!M'J!9#*+!F-:'*!+'!,&&!M'J!%-8&!+6-,\Y!C&%-2-+M!96-,4&5,R
!YAI*'OY!D!,#MO!+&#5,!,%-44-*/!1'9*!:M!26&&8,R
!Y)':&!'*O!+6&*RY
!7**S,!6J::-*/!,'(+%MR!D+S,!#!*&5K'J,!6#$-+!'(!6&5,O!$J+!-+S,!,''+6-*/!,':&6'9O!
#*1!-(!D!%-,+&*!'*%M!+'!6&5!K'-2&O!D!(-*1!D!2#*!9#%8!#*1
%''8!5&#,'*#$%M!(-+R
!B6&*!9&!5&#26!+6&!$'++':!'(!+6&!,+#-5,!#*1!+6&!/5#*1!('M&5O!"':S,!+6&5&O!%''8-*/!
('5!:&R!7**!,+'4,!6J::-*/O!#*1!DS:!#,,#J%+&1
$M!+6&!1-*!'(!&K&5M'*&S,!,&25&+,R!)'*2&*+5#+&O!>&::#R!"J5*!+6&:!'J+R!)6'',&!'*&R
!7**R!D!(&&%!6&5!6&#5+!$&#+-*/!-*!56M+6:!9-+6!:-*&R!F6&S,!-:#/-*-*/!6&5,&%(!
1#*2-*/!-*!"':S,!#5:,O!6-:!%''8-*/!#1'5-*/%M!#+!6&5R
!F6&!9#*+,!-+!1&,4&5#+&%MO!#*1!DS:!,'55M!D!8*'9!-+R
!@&5&!6&!2':&,O!#%'*/!9-+6!=#1M!0&*$MR!7*1!F-:'*R!D!%',&!+6&!+65&#1!+6#+!-,!7**R!
3K&5M+6-*/S,!5J,6-*/!-*!#/#-*R!DS:!-*!#!4#*-2R!7%%!D
2#*!+6-*8!#$'J+!-,!F-:'*O!$&#J+-(J%!F-:'*!-*!6-,!96-+&!+-&!#*1!$%#28!V#28&+O!#*1!
:&O!J*1'*&!$M!+6&!:#/-2R!@&S,!,+5-1-*/!'K&5R!C'5!#
:':&*+O!6-,!+6'J/6+,!4J,6!+6&-5!9#M!-*R!C%&&+-*/!-:#/&,R!@-,!:'J+6!'*!:M!*&28R!@-,!
6#*1!5&:'K-*/!:M!/%'K&R
!QM!8*&&,!$J28%&R!C&%-2-+M!4J%%,!:&!J4!,6#54%MR
!YQ-,,!0'M%&\Y!F-:'*!#,8,!XJ-TT-2#%%MR
!YQ-,,!0'M%&!-,!#!$-+!-*1-,4',&1OY!C&%-2-+M!,#M,!+'!:M!/5&#+!&:$#55#,,:&*+R
!YD!#:!,'55M!+'!6&#5!-+OY!=#1M!0&*$M!,#M,R!YB&S%%!,&*1!('5!+6&!2#55-#/&!#+!'*2&RY
!YD(!M'J!+6-*8!-+!$&,+O!=#1M!0&*$MOY!>5#*1:#:#!,#M,O!1-,#44'-*+&1!+'!2J+!6&5!
&K&*-*/!,6'5+R
!Y=#1M!0&*$MO!6'9!K&5M!*-2&!+'!,&&!M'JbY!D+S,!)&2-%M!"&:4%&S,!:'+6&5O!:#526-*/!'J5!
9#M!9-+6!)&2-%M!#+!6&5!,-1&R!)&2-%MS,!&M&,!/'
9-1&!96&*!,6&!,4-&,!7**R
!Y>''1!&K&*-*/OY!,6&!,#M,R!YB6MO!Q-,,!L5#1,6#9R!B6#+!#!,J545-,&!+'!,&&!M'J!6&5&R!
B6M!#5&!M'J!*'+!$#28!#+!F4&*2&!9-+6!L5-/-1!#*1
!+6&!,&5K#*+,\Y
!YB&!#5&!('5+J*#+&!+'!6#K&!Q-,,!L5#1,6#9!9-+6!J,!('5!+6&!6'%-1#MO!#,!6&5!/5&#+I
J*2%&O!+6&!0J8&!'(!)6&,+&5(-&%1O!9#,!1&%#M&1!-*
;J,,-#OY!C&%-2-+MS,!:'+6&5!-*('5:,!6&5R
!Y0J8&!'(!)6&,+&5(-&%1\Y!)&2-%M!5&4&#+,!#,!-(!,6&!6#,*S+!6&#51!XJ-+&!5-/6+R
!Q5,R!B'5+6-*/+'*!5&2'J*+,!+6&!+#%&!'(!7**S,!*'$%&!$-5+6!('5!)&2-%M!#*1!6&5!
:'+6&5R!)&2-%MS,!:'J+6!6#*/,!'4&*!-*!#,+'*-,6:&*+O!$J+
25J&%+M!2'55&2+,!-+O!$&*1-*/!-+!-*+'!#!:#%-2-'J,!,:-%&R!F':&+6-*/!2'%1!#*1!6#51!
(%'9,!+65'J/6!:&R!D+S,!)&2-%MS,!-*+&*+-'*R!F6&S,!/'-*/!+'
1'!-+R!F6&S,!/'-*/!+'!+&%%R!A'9!7**S,!#%#5:!4J::&%,!:&O!:-Z-*/!9-+6!)&2-%MS,!,4-+&!
+'!:#8&!:&!9''TMR!)#*S+!$5&#+6&R!A&&1!+'!+6-*8R
!D!6&#5!)&2-%MS,!K'-2&RY7**!L5#1,6#9!R!R!RY
!QM!&M&,!(%J++&5R!.%&#,&!,+'4R
!YRRR!-,!R!R!RY
!F+'4R!.%&#,&R
!YR!R!R!+6&!:',+!R!R!RY
!?*#$%&!+'!$&#5!-+O!D!,6'J+!'J+O!YF+'4bY
!7!1&%-2-'J,!5&%-&(!(-%%,!:&R!"6&5&!-,!J++&5!#*1!2':4%&+&!,-%&*2&R!A'!5J,6!'(!
+6'J/6+,R!A'!25'91!*'-,&,R!A'!-*,+5J:&*+,!$&-*/!+J*&1R
A'+6-*/!#+!#%%O!#2+J#%%MR!B6&*!D!'4&*!:M!&M&,O!D!,&&!96MR!DSK&!:#1&!&K&5M+6-*/!
,+#*1!,+-%%W!+6&!%#1-&,!/#+6&5-*/!,8-5+,O!26#++&5-*/R
"6&!/&*+%&:&*!26&28-*/!4'28&+!9#+26&,R!"6&M!#5&!%-8&!+6&!9#Z!+#$%&#J,!$&6-*1!+6&!
/-#*+!/%#,,!9-*1'9,!'(!#!1&4#5+:&*+!,+'5&R!D!6#1
*'+!-*+&*1&1!('5!+6-,!+'!6#44&*O!$J+!-+!6#,O!#*1!D!:J,+!J,&!-+!+'!'J5!#1K#*+#/&R!D!
:J,+!,#K&!7**R
!Y)&2-%MOY!D!-*+'*&O!4%#2-*/!:M!6#*1!'*!6&5!5-/-1!#5:R!YH'J!9-%%!*'+!,#M!#*'+6&5!
9'51!#/#-*,+!7**R!H'J!9-%%!$&%-&K&!&K&5M+6-*/!9&
,#MO!#*1!96#+S,!:'5&O!M'J!9-%%!+5&#+!7**!#,!-(!,6&!9&5&!+6&!cJ&&*!6&5,&%(R
!Y7**OY!D!,#MO!,:''+6-*/!6&5!6#-5!#9#M!(5':!6&5!9'55-&1!(#2&R!YH'JSK&!*'!5&#,'*!+'!
(5&+R!H'J!1&,&5K&!+'!$&!6&5&R!H'J!#5&!%'K&1RY
!"6&!:#*!6#K-*/!+6&!#((#-5!9-+6!6-,!9-(&S,!,-,+&5!,+#*1,!*&#5R!D!2#**'+!5&,-,+R!D!
,%#4!6-:!6#51!#25',,!+6&!26&&8R!D+!-,!'11%M!,#+-,(M-*/R
YH'JO!,-5O!#5&!#!,2'J*15&%R!H'J!9-%%!5&('5:!M'J5,&%(!-::&1-#+&%M!#*1!1&K'+&!
M'J5,&%(!+'!+6&!6#44-*&,,!'(!M'J5!9-(&RY
!F-:'*R!@'9!,+5#*/&!+'!,&&!6-:!,+#*1-*/!#+!#++&*+-'*O!+6',&!$%J&!&M&,!'4&*!$J+!*'+!
,&&-*/R!E&5M!/&*+%MO!D!5&:'K&!:M!/%'K&!#*1
,+5'8&!+6&!,-1&!'(!6-,!V#9R!"6&!,8-*!+6&5&!-,!,:''+6O!(5&,6%M!,6#K&*R!QM!6#*1!
,:&%%,!'(!6-,!$#5$&5S,!$#%:R!D+!9-%%!$&!:M!,&25&+R
!D!4J%%!'*!:M!/%'K&!#*1!2%',&!:M!&M&,O!9-%%-*/!-+!#%%!+'!$&!,'R!YL&/-*!#/#-*OY!D!
,#MR
!"6&!9'5%1!,9-*/,!-*+'!#2+-'*!#,!-(!+6&5&S,!$&&*!*'!4#J,&R!"6&!6J,$#*1!(&&%,!+6&!
,+-*/!'(!:M!,%#4R!F-:'*!4J+,!6-,!(-*/&5,!+'!6-,!V#9
#,!-(!5&:&:$&5-*/!#!15&#:R!)&2-%MS,!,:J/!&Z45&,,-'*!6#,*S+!26#*/&1O!#*1!D!6'%1!:M!
$5&#+6O!6'4-*/!+6&!:#/-2!6#,!('J*1!-+,!4J54',&
#,!,6&!'4&*,!6&5!:'J+6R!Q-,,!L5#1,6#9!-,!+6&!:',+R!R!R
!YR!R!R!26#5-+#$%&O!1&#5!/-5%!-*!+6&!96'%&!'(!F4&*2&OY!)&2-%M!#**'J*2&,R!YD*!(#2+O!
-+!-,!6&5!:'1&,+M!+6#+!45&K&*+&1!6&5!(5':!+&%%-*/!J,
#$'J+!6&5!5'M#%!$%''1R!F6&!-,!#,!/''1!#!/-5%!#,!'*&!2'J%1!&K&5!6'4&!+'!:&&+RY
!D!1'*S+!8*'9!96'!%''8,!:'5&!+6J*1&5,+5J28!7**!'5!C&%-2-+MR
!YQ-,,!L5#1,6#9O!D!1'!6'4&!D!:#M!6#K&!+6&!4%&#,J5&!'(!2#%%-*/!'*!M'J!96-%&!M'J!#5&!
-*!='*1'*OY!)&2-%M!,#M,!9-+6!#!*&9('J*1
&#5*&,+*&,,R
!"':!4-4&,!J4R!YQ-,,!L5#1,6#9O!M'J!:J,+!1'!:&!+6&!6'*'5!'(!#++&*1-*/!+6&!)65-,+:#,!
1#*2&!#+!L&+6%&:!@',4-+#%RY
!@#,!+6&!,4&%%!&Z+&*1&1!+'!&K&5M'*&\!LJ+!*'O!D!2':&!+'!5&#%-T&R!"6&!:&5&!
,J//&,+-'*!'(!(#:&!#*1!('5+J*&!2#,+,!#!/%#:'J5!#%%!-+,
'9*R!D+!-,!5#+6&5!#%#5:-*/!6'9!XJ-28%M!4&'4%&!9-%%!+J5*!,':&'*&!&%,&S,!(-2+-'*!
-*+'!(#2+!-*!'51&5!+'!,J44'5+!+6&-5!'9*!(-2+-'*,!'(
+6&:,&%K&,R!LJ+!,&&-*/!7**S,!1&%-/6+&1!(#2&O!8*'9-*/!96#+S,!-*!6&5!6&#5+O!D!2#**'+!
6&%4!$&-*/!/%#1!('5!+6&!-%%J,-'*R
!YD!9'J%1!$&!1&%-/6+&1OY!7**!,#M,!+'!'*&!#*1!#%%R!F6&!2'J%1!6#K&!J,&1!+6&!
'44'5+J*-+M!+'!/%'#+R!D!9'J%1!6#K&R!LJ+!-*,+&#1O!,6&!6#,
45'K&1!6&5,&%(!9'5+6M!'(!5'M#%!$%''1R
!YB&!,6'J%1!,&*1!+6&!2#55-#/&!5'J*1!('5!Q-,,!0'M%&OY!=#1M!0&*$M!,#M,R
!D!,+'4!6&5R!Y.%&#,&!1'*S+R!D!,6'J%1!%-8&!+'!,+#M!('5!+6&!5&,+!'(!+6&!'4&5#RY
!YD!+6'J/6+!M'J!9&5&!-%%OY!>5#*1:#:#!,#M,R
!YDS:!(-*&!*'9RY!7*1!D!#:R!?,-*/!+6&!:#/-2!6#,!2#%:&1!:&!,':&96#+R!D!2#*!,+-%%!
6&#5!,':&!4&'4%&S,!+6'J/6+,O!$J+!+6&M!#5&!*'+!#,
J5/&*+R
!C&%-2-+M!96-,4&5,OYB6#+!6#44&*&1\Y
!YD!,6#%%!+&%%!M'J!%#+&5R!D+!-,!#!K&5M!/''1!,+'5MRY
!LM!+6&!+-:&!D!2%-:$!-*+'!$&1O!+6&!:#/-2!-,!*&#5%M!/'*&R!DS:!&Z6#J,+&1!#*1!,6#8MR!
QM!('5&6&#1!-,!9#5:!96&*!D!4%#2&!:M!6#*1!+6&5&R
D!2#*S+!$&!,J5&!96&+6&5!-+S,!+6&!:#/-2!1'-*/!+6-,!'5!DS:!#2+J#%%M!(#%%-*/!-%%R!D!
'*%M!8*'9!+6#+!D!1&,4&5#+&%M!*&&1!,%&&4R
!B6&*!+6&M!2':&O!:M!15&#:,!#5&!*'+!5&,+(J%R!"6&MS5&!9-%1!8#%&-1',2'4&,!'(!:#1*&,,R!
C&%-2-+MO!7**O!#*1!D!5J**-*/!+65'J/6!+J**&%,
%-+!$M!+'526&,O!5J**-*/!('5!'J5!%-K&,O!+6&!+&55'5!2%&#5!'*!'J5!(#2&,R!"6&!)#K&,!'(!
F-/6,R!"6&!#:J%&+!+9-5%-*/R!A&%%!@#98-*,S,!(#2&!%'':,
$&('5&!:&WY0'!*'+!('%%'9!+6&!3#,+&5*!F+#5O!=#1M!@'4&R!"6&M!:&#*!+'!8-%%!M'JR!"6#+!
-,!6-,!+#,8RY
!YB6'\Y!D!:J5:J5O!$J+!,6&S,!/'*&O!#*1!DS:!15&#:-*/!'(!.-44#!'J+%-*&1!#/#-*,+!+6&!
5&1!,8MR!@&5!&M&,!#5&!95'*/!#/#-*O!6'55-$%&
$%J&I96-+&!9-+6!4-*45-28,!'(!$%#28!-*!+6&!2&*+&5R!@&5!6#-5!-,!:#++&1!9-+6!
9-%1(%'9&5,!/'*&!+'!,&&1R!0&&4!,6#1'9,!5-*/!6&5!&M&,R!F6&
,:-%&,O!5&K&#%-*/!,6#54O!4'-*+&1!+&&+6O!#*1!D!9#*+!+'!,25&#:O!'6O!>'1!-*!6&#K&*O!D!
9#*+!+'!,25&#:R!F6&!'((&5,!,':&+6-*/!-*!$'+6
6#*1,O!,':&+6-*/!$%''1M!#*1!('J%R!"6&!6&#1!'(!#!/'#+!+'5*!(5':!-+,!$'1MR
!"6J*1&5!5J:$%&,!+65'J/6!+6&!5&11&*-*/!,8MR!YD!,#K&1!M'J5!%-(&O!>&::#R!;&:&:$&5!
+6#+RRRRY!F6&!$%'9,!#!8-,,!+'!:&R!7*1!+6&*O
,9-(+!#,!%-/6+*-*/O!,6&!/5#$,!+6&!/'#+S,!6&#1!#*1!,-*8,!6&5!+&&+6!-*+'!-+,!*&28R
!)@7."3;!"@D;"HI"B<
!D"!DF!03"3;QDA30!LH!<?;!.@HFD)D7AO!0;R!=3BDFO!+6#+!D!#:!,J((&5-*/!(5':!2#+#556!
#*1!*'+6-*/!:'5&O!#*1!#(+&5!,&K&5#%!,*&&T&,O!D
#/5&&!9-+6!6-,!#,,&,,:&*+R!D!#:!('52&1!+'!,+#M!-*!$&1R!Q5,R!N'*&,!$5-*/,!6'+!+&#!
#*1!$5'+6!'*!#!,-%K&5!+5#MR!7*1!-*!+6&!#(+&5*''*O
C#+6&5!,4&*1,!#*!6'J5!+&%%-*/!:&!%'K&%M!+#%&,!'(!D*1-#R
!YF'!+6&5&!9&!9&5&O!>J4+#!#*1!DO!+5#K&%-*/!+'!P#,6:-5!9-+6!#!1'*8&M!96'!9'J%1!*'+!
$&!:'K&1!('5!#%%!+6&!V&9&%,!'(!D*1-#R!@&!,#9
+6#+!*#55'9!:'J*+#-*!4#,,O!$#5&1!6-,!+&&+6!#+!J,O!#*1!,-:4%M!%#M!1'9*O!5&(J,-*/!+'!
/'!'*R!B&!4J%%&1!#*1!4J%%&1!'*!+6&!5'4&O!#*1!+6&
:'5&!9&!4J%%&1!+6&!6#51&5!6&!('J/6+R!D!+6'J/6+!9&!9&5&!1'*&!('5R!D+!9#,!>J4+#S,!
-1&#!+6#+!,#K&1!J,!-*!+6&!&*1RY
!YB6#+!1-1!6&!1'\Y!D!#,8O!$%'9-*/!:M!*',&R
!Y@&!+''8!'((!6-,!6#+O!$'9&1!+'!+6&!1'*8&MO!#*1!,#-1O!S7(+&5!M'JR!Y!7*1!+6&!1'*8&M!
:'K&1!'*!9-+6!J,!('%%'9-*/RY
!D!*#55'9!:M!&M&,!#+!6-:R!YH'JSK&!:#1&!J4!+6#+!,+'5MRY
!C#+6&5!4J+,!6-,!6#*1!+'!6-,!26&,+!15#:#+-2#%%MR!YH'J!1'J$+!+6&!9'51!'(!M'J5!
(#+6&5\!"'!+6&!,+'28,!9-+6!M'JO!J*/5#+&(J%!26-%1bY
!"6-,!:#8&,!:&!%#J/6!#*1!,*&&T&R!C#+6&5!4'J5,!:&!:'5&!+&#R
!Y05-*8!J4O!1#5%-*/R!0'*S+!9#*+!M'J!:-,,-*/!"':S,!1#*2&!9-+6!+6&!%J*#+-2,!+6-,!
&K&*-*/RY
!YDSK&!6&#51!Q5R!F*'9!-,!('*1!'(!/&++-*/!+''!(#:-%-#5!9-+6!6-,!4#5+*&5,OY!D!,#MR
!Y=J*#+-2!'5!*'+O!DS1!6#K&!6-,!6-1&!-(!6&!1#5&1OY!C#+6&5!,#M,O!4J((-*/!'J+!6-,!
26&,+!#*1!$%J,+&5-*/!%-8&!,':&!5&+-5&1!*#K#%!'((-2&5R
Y?*%&,,!6&S,!%#5/&5!+6#*!D!#:R!"6&*!DS1!*&&1!M'J!+'!45'+&2+!:&O!:M!1&#5RY
!D!%#J/6!#/#-*R!@&S,!-*!#!6#44M!+&:4&5!+'1#MO!+6'J/6!6&S,!%''8-*/!+6-*O!#*1!6-,!
6#*1,!,+-%%!+5&:$%&!#+!+-:&,R
!YH'J5!:'+6&5!9'J%1!6#K&!%'K&1!+6&!-1&#!'(!#!1#*2&!#+!L&1%#:O!D!2#*!+&%%!M'JR!F6&!
1-1!,'!%'K&!+6&!J*J,J#%RY
!F-%&*2&!1&,2&*1,R!C#+6&5!(-11%&,!9-+6!+6&!9&11-*/!$#*1!6&!,+-%%!9&#5,O!+J5*-*/!-+!
5'J*1!#*1!5'J*1R!DS:!+'5*!$&+9&&*!,4&#8-*/
6'*&,+%M!#*1!8&&4-*/!6-:!6&5&R!@'*&,+M!9-*,R!YD!:-,,!6&5OY!D!,#MR
!Y7,!1'!DO!4&+RY!D+!-,!XJ-&+!#/#-*!('5!#!:':&*+O!*&-+6&5!'(!J,!8*'9-*/!96#+!+'!,#M!
+'!2%',&!+6&!/#4!$&+9&&*!J,R!YD!8*'9!,6&S1!$&
6#44M!+'!,&&!M'J!#+!F4&*2&RY
!YF6&!9'J%1\Y
!Y<6O!M&,R!D+!9#,!6&5!-1&#R!F6&!,#-1!+6#+!,6'J%1!#*M+6-*/!6#44&*!+'!6&5O!D!9#,!+'!
,&*1!M'J!+6&5&R!F+5#*/&!+6-*/!('5!6&5!+'!,#MO!*'9
+6#+!D!+6-*8!'(!-+R!7%:',+!#,!-(!,6&!8*&9!R!R!RY!@&!,+'4,O!%''8,!'J+!+6&!9-*1'9R
!"6-,!-,!+6&!(-5,+!DSK&!6&#51!'(!:M!:'+6&5S,!9#*+-*/!:&!+'!#++&*1!F4&*2&O!+6&!
,26''%!+6#+!K&5M!*&#5%M!1&,+5'M&1!6&5!#*1!+6&!,26''%
+6#+!-*+5'1J2&1!6&5!+'!6&5!(5-&*1I+J5*&1I&*&:MO!F#5#6!;&&,I"'':&R!)-52&R!L&('5&!D!
2#*!#,8!C#+6&5!:'5&!#$'J+!-+O!6&S,!J4!#*1
:#8-*/!6-,!/''1$M&,R!"6&!%-K&%-*&,,!6#,!$&&*!-*K#1&1!$M!2'%1!+5J+6O!#*1!6&!2#**'+!
,+#M!#*1!:#8&!(5-&*1,!9-+6!-+R
!YDS:!'((!+6&*O!:M!#*/&%RY
!Y)#*S+!M'J!,+#M!#!$-+!%'*/&5\Y!D!96-*&O!+6'J/6!D!8*'9!6&!6#+&,!-+!96&*!D!1'R
!YQJ,+*S+!8&&4!+6&!'%1!$'M,!#+!+6&!2%J$!9#-+-*/RY
!B6M!1'&,!-+!#%9#M,!,&&:!+6#+!D!6#K&!'*%M!+6&!,6#1'9!'(!:M!(#+6&5\!DS:!%-8&!#!
26-%1!2'*,+#*+%M!/5#$$-*/!#+!6-,!2'#++#-%,!#*1
:-,,-*/R
!Y;-/6+OY!D!,#MR!D!/-K&!6-:!#!,:-%&O!45&+&*1!+'!$&!6-,!$5-/6+O!,6-*M!+6-*/!'(!#!
/-5%R!0'*S+!$5&#8!6-,!6&#5+O!>&::#R
!YDS%%!,&&!M'J!('5!,J44&5O!4&+RY
!@&!8-,,&,!:M!('5&6&#1!#*1!+6&*!6&!-,!/'*&R!"6&!5'':!1'&,!*'+!,&&:!+'!:-,,!6-:R!@&!
6#,!*'+!&K&*!:#1&!#!1&*+!'*!+6&!$&1!96&5&
!6&!9#,!,-++-*/R
!Q5,R!N'*&,!$J,+%&,!-*!9-+6!:'5&!+&#!#*1!+6&!#(+&5*''*S,!4',+R!Y=&++&5!('5!M'JO!
:-,,RY
!D!2#*S+!+6-*8!'(!#!,'J%!96'!9'J%1!,&*1!:&!#!)65-,+:#,!2#51O!,'!D!#:!,J545-,&1!
J*+-%!D!,4M!+6#+!-+!6#,!2':&!(5':!B#%&,R!Q5,R!N'*&,
,4&*1,!#*!&+&5*-+M!+-1M-*/!+6&!5'':!#*1!'4&*-*/!15#4&,R!"6&!%&++&5!,-+,!'*!:M!%#4O!
+#J*+-*/!:&R
!YB-%%!+6&5&!$&!#*M+6-*/!&%,&O!:-,,\Y!'J5!6'J,&8&&4&5!#,8,!9-+6!*'!&*+6J,-#,:R
!YA'O!+6#*8!M'JOY!D!,#M!9-+6!#!,:-%&R!D+!-,!*'+!5&+J5*&1R
!7+!%#,+O!Q5,R!N'*&,!%&#K&,O!#*1!D!+&#5!'4&*!+6&!%&++&5R!D+!-,!(5':!F+R!E-2+'5-#S,!
6&#1:-,+5&,,O!#!Q5,R!Q'55-,,&MR
!0&#5!Q-,,!0'M%&O
!"6#*8!M'J!('5!M'J5!-*XJ-5MR!D+!-,!,'!K&5M!2':('5+-*/!+'!6&#5!+6#+!'J5!A&%%!6#,!
('J*1!#!(5-&*1!-*!'*&!,'!8-*1R!F+R!E-2+'5-#S,!1-1!-*1&&1
&:4%'M!#!+&#26&5!$M!+6&!*#:&!'(!)%#-5&!Q2)%&&+6MR!Q-,,!Q2)%&&+6M!9#,!9-+6!J,!(5':!
+6&!(#%%!'(!]_`g!+65'J/6!+6&!,45-*/!'(!]_àR!F6&
9#,!#!:',+!&Z2&%%&*+!+&#26&5!'(!+6&!#5+,!#*1!4'&+5M!#*1!9#,!K&5M!4'4J%#5!9-+6!
2&5+#-*!'(!'J5!/-5%,O!A&%%!@#98-*,!#:'*/!+6&:R
?*('5+J*#+&%MO!D!,&&:!+'!6#K&!*'!46'+'/5#46!'(!Q-,,!Q2)%&&+6M!('5!Q-,,!@#98-*,!+'!
8&&4O!#,!5&XJ&,+&1O!*'5!1'!D!6#K&!#*!#115&,,!('5
6&5R!B6&*!,6&!%&(+!F+R!E-2+'5-#S,O!,6&!9#,!+'!+#8&!#!4',+!#+!#!,26''%!*&#5!='*1'*!
96&5&!6&5!,-,+&5!-,!6&#1:-,+5&,,R!D!1'!6'4&!+6-,
%&++&5!-,!'(!6&%4!+'!M'J!#*1!+6#+!M'J!6#K&!+6&!:&55-&,+!'(
!)65-,+:#,&,R
!H'J5,!,-*2&5&%MO
!Q5,R!L&#+5-2&!Q'55-,,&M
!F'!,6&!9#,!+6&5&b!D!8*&9!-+b
!R!R!R!,6&!9#,!+'!+#8&!#!4',+!#+!#!,26''%!*&#5!='*1'*!96&5&!6&5!,-,+&5!-,!
6&#1:-,+5&,,!R!R!R
!7!,26''%!*&#5!='*1'*R!F4&*2&\!0'&,!+6#+!:&#*!Q5,R!A-/6+9-*/!-,!Q-,,!Q2)%&&+6MS,!
,-,+&5\
!D!6&#5!5#-,&1!K'-2&,!(5':!$&%'9R
!D*!#!:':&*+O!C&%-2-+M!$#55&%,!+65'J/6!:M!1''5!9-+6!#!,6&&4-,6!7**!#*1!(J5-'J,!
Q5,R!N'*&,!VJ,+!$&6-*1!6&5R
!Y@&%%'O!>&::#O!1#5%-*/R!@'9!#5&!M'J!(&&%-*/\!7**!#*1!D!+6'J/6+!9&S1!2':&!('5!#!
K-,-+RY
!Y"6&!1'2+'5!,#-1!M'J!,6'J%1!5&,+O!:-,,RY!Q5,R!N'*&,!,*-4,!+6&!&*1,!'(!6&5!9'51,!
%-8&!#*!#*/5M!/#51&*&5R
!YD+S,!XJ-+&!#%%!5-/6+O!Q5,R!N'*&,O!+6#*8!M'JR!D!$&%-&K&!#!K-,-+!9-%%!1'!:&!/''1RY
!C&%-2-+M!,:-%&,!-*!+5-J:46R
!Y7,!M'J!9-,6O!:-,,R!7!,6'5+!K-,-+OY!,6&!&:46#,-T&,O!2%',-*/!+6&!1''5!('52&(J%%MR
!YA'9!M'JSK&!1'*&!-+R!H'JSK&!:#1&!N'*&,M!:#1OY!D!+&#,&R
!Y@'9!+&55-(M-*/OY!C&%-2-+M!,#M,O!5'%%-*/!6&5!&M&,R
!7**!&Z#:-*&,!+6&!15&,,!6#*/-*/!VJ,+!-*,-1&!:M!2J4$'#51R!YH'J!9-%%!$&!9&%%!&*'J/6!
+'!#++&*1!+6&!6',4-+#%!1#*2&!+6-,!&K&*-*/O!9'*S+
M'J\Y
!YH&,OY!D!,#MRYD!,6#%%!$&!+6&5&R!0'*S+!9'55MO!"':!9-%%!$&!+6&5&R!@&S,!*'+!+#8&*!:M!
26-%%RY
!YD!#:!/%#1!+'!6&#5!6&S,!-*!/''1!6&#%+6OY!,6&!,#M,O!#,!-(!,6&!6#,*S+!$&&*!9#-+-*/!
+'!6&#5!+6#+!#%%!#%'*/R
!C&%-2-+M!&Z#:-*&,!:&R!YH'JSK&!#!*#J/6+M!%''8!'*!M'J5!(#2&RY
!YD!6#K&!-*+&5&,+-*/!*&9,RY!D!6#*1!+6&:!+6&!%&++&5R
!C&%-2-+M!#*1!7**!,-+!'*!:M!$&1O!5&#1-*/!,-%&*+%MO!+6&-5!&M&,!/'-*/!9-1&R
!YD+S,!6&5O!-,*S+!-+\Y!7**!#,8,RYQ-,,!Q2)%&&+6M!-,!5&#%%M!)-52&RY
YB&SK&!/'+!6&5RYD!,#MR
!YB6&*!,6&!%&(+!F#-*+!E-2+'5-#S,O!,6&!9#,!+'!+#8&!#!4',+!#+!#!,26''%!*&#5!='*1'*!
96&5&!6&5!,-,+&5!-,!6&#1:-,+5&,,RRROY!C&%-2-+M!5&#1,
#%'J1R
!YD(!+6#+!-,!+5J&OY!D!,#MO!YQ5,R!A-/6+9-*/!-,!#%,'!,J,4&2+R!B&!2#*!*'!%'*/&5!+5J,+!
6&5RY
!)@7."3;!"@D;"HI"@;33
!7C"3;!7!@7=C!@<?;!F.3A"!.7)DA>O!D"!DF!03)D030!+6#+!9&!,6#%%!1-,4#+26!#!*'+&!+'!
+6&!'*&!4&5,'*!96'!:#M!$&!'(!6&%4!+'!J,O!Q-,,
Q''5&R!D!9#-+!-:4#+-&*+%M!('5!+6&!:&,,&*/&5S,!5&+J5*O!#*1!VJ,+!$&('5&!D!#:!+'!
%&#K&!('5!+6&!1#*2&!#+!L&+6%&:O!6&5!5&4%M!#55-K&,R
!0&#5!>&::#O
!D!+''!#:!+5'J$%&1!$M!+6&,&!2'-*2-1&*2&,R!.&56#4,!+6&5&!-,!#*!&Z4%#*#+-'*!('5!-+!
#%%O!$J+!('5!+6&!45&,&*+O!D!#1K-,&!M'J!+'!$&!'*!M'J5
/J#51R!D(!,6&!,6'J%1!,6'9!6&5,&%(!#+!L&+6%&:!;'M#%O!1'!96#+!M'J!:J,+!+'!8&&4!6&5!
(5':!M'J5!A&%%!@#98-*,R
!H'J5!(5-&*1O
@&,+&5!7,#!Q''5&
!C#+6&5!6#,!*'+!2':&!6':&!('5!,J44&5!#,!6&!45':-,&1R!"6&5&!-,!*'!9'51R!7*1!6&!6#,!
P#5+-8!#*1!+6&!2#55-#/&O!,'!"':!#*1!D!#5&
('52&1!+'!6-5&!#!2#$!+'!+#8&!J,!+'!L&+6%&:R!"6&!6',4-+#%!6#,!$&&*!1&2'5#+&1!*-2&%M!
9-+6!6'%%M!#*1!-KMO!#*1!+6&!4#+-&*+,!#5&!15&,,&1!-*
+6&-5!$&,+O!(J%%!'(!:&55-:&*+!#*1!:-,26-&(R
!DSK&!$5'J/6+!(%'9&5,!('5!A&%%R!<*&!'(!+6&!*J5,&,!+#8&,!:&!+'!+6&!9':&*S,!9#51!,'!
+6#+!D!:-/6+!/-K&!+6&:!+'!6&5R
!YB6#+!#!$&#J+-(J%!2'5,#/&OY!+6&!*J5,&!,#M,R
!Y"6#*8!M'JOY!D!:J5:J5R
!Y=J28M!1#M!('5!'J5!Q-,,!@#98-*,R!"6#+S,!+9-2&!,6&S,!/'++&*!(%'9&5,RY
!YB6#+!1'!M'J!:&#*\Y
!YF6&!6#1!#!K-,-+'5!+'1#M!96'!$5'J/6+!6&5!,':&!*-2&!5',&,RY
!7!4#+-&*+!9#%+T&,!4#,+!9-+6!#*!-:#/-*#5M!4#5+*&5R
!Y7!K-,-+'5\!B6#+!9#,!6&5!*#:&\Y!D!#,8R
!"6&!*J5,&!4J5,&,!6&5!%-4,!-*!+6'J/6+R!YD!2#*S+!5&:&:$&5O!DS:!#(5#-1R!D+S,!$&&*!
,J26!#!1#Mb!Q5R!F*'9S,!$&&*!-*!#!K&5M!#/-+#+&1!,+#+&
'(!:-*1R!05R!F:-+6!+'%1!6-:!-(!6&!1-1*S+!,&++%&!6-:,&%(O!6&S1!%',&!6-,!45-K-%&/&,!
('5!+6&!1#*2&R!@&5&!9&!#5&OY!,6&!,#M,!#,!9&!#55-K&!#+!#
,:#%%!,-++-*/!5'':R
!A&%%!-,!#,!1-,6&K&%&1!#,!DSK&!&K&5!,&&*!6&5R!@&5!+6-*!6#-5O!,4%-*+&5&1!#*1!
$5'8&*O!(#%%,!#$'J+!6&5!,6'J%1&5,!%-8&!#!5J-*R!F6&S,!,-++-*/
#%'*&O!6'%1-*/!)#,,#*15#S,!2#/&!'*!6&5!%#4R!"6&!$-51!,XJ#98,!+'!A&%%O!96'!:J5:J5,!
,9&&+!9'51,!-*!5&+J5*R!<*!+6&!+#$%&!$&,-1&!6&5!-,
#!K#,&!'(!$5-/6+!5&1!5',&,R
!YQ-,,!@#98-*,OY!+6&!*J5,&!,#M,R!Y@&5&S,!Q-,,!0'M%&!+'!,&&!M'JO!#*1!,6&S,!$5'J/6+!
M'J!#!%'K&%M!2'5,#/&!$&,-1&,R!B'*S+!M'J!,#M
/''1!&K&*-*/\Y
!Y>''1!&K&*-*/b!>''1!&K&*-*/bY!)#,,#*15#!26-54,R
!YDS%%!%&#K&!M'J!+'!M'J5!K-,-+O!+6&*OY!+6&!*J5,&!,#M,R!YH'JS%%!$&!*&&1-*/!+'!15&,,!
,''*O!Q-,,!@#98-*,RY
!YA&%%OY!D!,#MO!96&*!9&!#5&!#%'*&RYH'J!6#1!#!K-,-+'5!+'1#MR!B#,!-+!Q-,,!
Q2)%&&+6M\Y
!A&%%!(%-*26&,!#+!+6&!*#:&O!6'%1-*/!+6&!2#/&!,'!2%',&!+6#+!)#,,#*15#!6'4,!#$'J+O!
(%J,+&5&1R!YF6&!%&1!J,!+'!+6&!5'28,R!F6&!45':-,&1
J,!+6&!4'9&5O!#*1!+6&*!,6&!$&+5#M&1!J,R!D+!2#:&!J4!(5':!+6&!,&#R!N#28!#*1!N-%%!
9&*+!J4!+6&!6-%%!R!R!RY
!YF6&!9#,!M'J5!+&#26&5!#+!F#-*+!E-2+'5-#S,O!9#,*S+!,6&\!B6#+!1-1!,6&!1'!+'!M'J\!
B6#+!6#44&*&1\Y
!A&%%!5&#26&,!6&5!+-*M!(-*/&5,!+65'J/6!+6&!$#5,!'(!+6&!2#/&O!+5M-*/!+'!+'J26!
)#,,#*15#O!96'!,XJ#98,!#*1!6'4,!#$'J+O!#K'-1-*/!6&5
/5#,4R
!YA&%%bY!D!/5#$!6&5!6#*1,R
!Y<6O!=#1M!@'4&RY!,6&!,#M,!-*!#!(-&52&!96-,4&5O!6&5!&M&,!(-%%-*/!9-+6!+&#5,RYF6&!
6#,!('J*1!:&R!F6&!6#,!('J*1!:&!#*1!:M!:-*1!-,!,'
+5'J$%&1R!D!(&#5!D!2#**'+!8&&4!+6&:!'J+R!"6&M!9'*S+!('5/-K&!:&RY
!YB6'!9'*S+!('5/-K&!M'J\Y!D!#,8R
!Y"6&:bY!,6&!*&#5%M!,6'J+,R!Y"6&!'*&,!M'J!+#%8!+'R!"6&M!#5&!*'+!:M!(5-&*1,O!*'+!:M!
(5-&*1,O!*'+!(5-&*1,RY
!YF666O!-+S,!#%%!5-/6+O!A&%%OY!D!:J5:J5R!D!2#*!6&#5!1-,+#*+!K-'%-*,!+J*-*/R!"6&!
26#:$&5!'526&,+5#!6#,!#55-K&1R!"6&!1#*2&!-,!#%:',+
J*1&5!9#MR
!A&%%!5'28,!+-/6+%MR!YD!:J,+!(%&&!,''*R!N#28!#*1!N-%%!J4!+6&!6-%%O!J4!+6&!6-%%!
+'*-/6+R!"'*-/6+O!D!,6#%%!+&%%!M'J!96&5&!+'!(-*1!+6&!"&:4%&RY
!B-+6!#!,J545-,-*/!#/-%-+M!#*1!(-&52&*&,,O!A&%%!/5#$,!6'%1!'(!)#,,#*15#S,!%&/R!"6&!
$-51!,25&&26&,!-*!6&5!/5#,4R!LJ+!A&%%S,!1&+&5:-*&1O
6&5!:'J+6!,&+!-*!#!,+5#*/&!%-++%&!,:-%&R
!YA&%%b!A&%%b!=&+!/'!'(!-+OY!D!,#MR!D!+J/!#+!6&5!(-*/&5,!#*1!,6&!$-+&,!:M!6#*1!
6#51R!7!+6-*O!V#//&1!25&,2&*+!'(!$%''1!,&&4,!J4!+65'J/6
:M!/%'K&R
!Y@&5&!*'9O!96#+S,!#%%!+6-,!5J28J,\Y!7!*J5,&!:#526&,!'K&5O!#%%!$J,-*&,,R!D(!,6&!
,&&,!+6&!$-+&O!A&%%!9-%%!*'+!$&!#%%'9&1!+'!#++&*1
+'*-/6+S,!1#*2&O!#*1!+6&*!DS%%!*&K&5!8*'9!+6&!%'2#+-'*!'(!+6&!"&:4%&R
!Y"6&!$-51!4&28&1!:&OY!D!,#MRYD+!(5-/6+&*&1!:&RY
!Y)#,,#*15#O!M'JS5&!#!$#1!/-5%O!M'J!#5&OY!+6&!*J5,&!2%J28,!#,!,6&!45-&,!+6&!2#/&!
(5':!A&%%S,!6#*1,R
!YL#1!/-5%O!$#1!/-5%bY!)#,,#*15#!,XJ#98,R
!Y"'*-/6+OY!A&%%!,#M,!6'#5,&%MRYH'J!:J,+!%-,+&*R!H'J!:J,+!,&&R!D+S,!'J5!%#,+!
26#*2&RY
!QM!6#*1!6J5+,!%-8&!+6&!1&K-%R!B'5,&O!-*!+6&!2'55-1'5O!Q5R!F*'9!9#-+,O!%&&5-*/R!@&!
,6'J%1*S+!$&!6&5&!-*!+6&!(&:#%&!9#51O!#*1!D
9'*1&5!6'9!6&S,!,%-44&1!-*R!"6&5&S,!*'!1&$#+-*/!-+R!D!,6#%%!6#K&!+'!25',,!-*!(5'*+!
'(!6-:!+'!/&+!+'!+6&!1#*2&R!F25&9-*/!:M!2'J5#/&!+'
+6&!,+-28-*/!4%#2&O!D!,XJ#5&!:M!,6'J%1&5,!#*1!,+5-1&!4#,+!#,!-(!D!'9*!L&+6%&:!
;'M#%R!Q5R!F*'9!(#%%,!-*+'!,+&4!9-+6!:&R
!YH'JS5&!#!5-/6+!45&++M!'*&O!M'J!#5&RY
!D!8&&4!9#%8-*/O!5&(J,-*/!+'!5&,4'*1R!Q5R!F*'9!VJ:4,!$&('5&!:&O!9#%8-*/!$#289#51R!
D!%''8!#$'J+!('5!6&%4O!$J+!&K&5M'*&!-,!-*!+6&
$#%%5'':R
!YB-%%!M'J!%&+!:&!4#,,O!,-5\Y
!Y>-K&!J,!#!8-,,O!+6&*R!7!8-,,!+'!5&:&:$&5!M'J!$MRY
!YQ5R!F*'9O!5&:&:$&5!M'J5,&%(O!4%&#,&OY!D!,#MR!D!+5M!+'!,'J*1!(-5:O!$J+!:M!K'-2&!
,6#8&,R
!YDSK&!#!:&,,#/&!('5!M'J!(5':!+6&:OY!6&!96-,4&5,R
!Y"6&:\Y
!Y"6&!/-5%,!-*!96-+&RY!@-,!(#2&!-,!,'!2%',&!D!2#*!,:&%%!+6&!,'J5*&,,!'(!6-,!
$5&#+6RYF6&S,!-*!%&#/J&!9-+6!+6&!1#58!'*&,R!B-+6!+6&!'*&
96'!2':&,R!F6&!9-%%!%&#1!M'J!#,+5#MR!0'!*'+!+5J,+!6&5OY!6&!96-,4&5,O!/-K-*/!+6#+!
,#:&!,-28!%&&5R
!Y75&!M'J!+5M-*/!+'!(5-/6+&*!:&\Y!D!,#MR
!Q5R!F*'9!4J+,!6-,!6#*1,!#/#-*,+!+6&!9#%%!'*!&-+6&5!,-1&!'(!:M!6&#1RYA'O!:-,,R!
B&S5&!+5M-*/!+'!9#5*!M'JRY
!YQ5R!F*'9b!"6#+!9-%%!1'bY!7+!%#,+!'*&!'(!+6&!*J5,&,!#44&#5,!#*1!Q5R!F*'9!,%-*8,!
'((!1'9*!+6&!6#%%O!$J+!$&('5&!6&!1'&,!6&!2#%%,!+'
:&O!J5/&*+%MR
!Y)#5&(J%O!:-,,b!FJ26!#!45&++M!%-++%&!6&#1bY
!D+!-,*S+!J*+-%!DS:!,#(&%M!#9#M!(5':!6-:!+6#+!D!5&:'K&!:M!/%'K&!#*1!&Z#:-*&!+6&!
-*VJ5M!1'*&!+'!:M!6#*1R!D+!-,*S+!+&55-$%&R!Q'5&!%-8&
#!1&&4!,25#+26R!LJ+!('5!+6&!(-5,+!+-:&!DSK&!/'+!:M!1'J$+,!#$'J+!A&%%!@#98-*,R
!C'5!+6&!(-5,+!+-:&O!D!#:!#(5#-1!'(!6&5R
!)@7."3;!"@D;"HIC<?;
!"@3!L3"@=3Q07A)3!DF!7!E3;H!.<.?=7;!7CC7D;R!"6&!6',4-+#%!+&&:,!9-+6!4&'4%&!96'!
6#K&!#%%!#55-K&1!$M!-*K-+#+-'*!#*1!$M!+6&
4J526#,&!'(!#!+-28&+!#%%'9-*/!#1:-,,-'*R!F':&!6#K&!2':&!('5!+6&!:J,-2!#*1!1#*2-*/!
'5!'J+!'(!#!,&*,&!'(!26#5-+MU!'+6&5,!('5!+6&
2J5-',-+M!'(!,&&-*/!+6&!:#1!'(!L&1%#:!2J5+,M-*/!#*1!$'9-*/!+'!'*&!#*'+6&5O!9-+6!
+6&!6'4&,!+6#+!,':&!,+5#*/&O!,2#*1#%'J,!+6-*/!9-%%
'22J5O!,':&+6-*/!+6&M!:-/6+!5&4&#+!#+!+6-,!$#%%!'5!+6#+!1-**&5R!D*1&&1O!+9'!%#1-&,!
9#+26!1-,25&&+%M!#,!#!*J5,&!2'#Z&,!#!+#++&5&1!1'%%
(5':!+6&!(-&52&!/5-4!'(!#!4#+-&*+O!,''+6-*/!+6&!'%1!9':#*!9-+6!#,,J5#*2&,!+6#+!6&5!
Y%-++%&!/-5%Y!9-%%!$&!$&,+!,&5K&1!$M!#!/''1!*-/6+S,
5&,+!-*!+6&Y*J5,&5MRY!Y.''5!1&#5OY!+6&!%#1-&,!:J5:J5O!#*1OYL5&#8,!+6&!6&#5+OY!
+6'J/6!D!2#*!+&%%!(5':!+6&!%-/6+!-*!+6&-5!&M&,!+6#+
+6&MSK&!/'++&*!#!+#,+&!'(!96#+!+6&MSK&!2':&!('5!#!4&&8!$&6-*1!+6&!2J5+#-*!#+!
1&,4#-5O!6'55'5O!#*1!6'4&%&,,*&,,O!,'!+6#+!+6&M!:#M!$&
6#44M!+'!2%',&!-+!#/#-*!#*1!8&&4!-+,!+#-*+!(#5!(5':!+6&!,#(&!$'51&5,!'(!+6&-5!
9&%%I+&*1&1!%-K&,R!D!9-,6!('5!+6&:!#!%'*/!1#*2&!9-+6!Q5R
F*'9R
!"6&!1#*2&!-,!9&%%!J*1&5!9#M!$M!+6&!+-:&!D!,4M!C&%-2-+M!#*1!7**!-*26-*/!+'9#51!:&!
+65'J/6!+6&!+65'*/R!Q5,R!B'5+6-*/+'*!6#,!2':&
#,!26#4&5'*&O!$J+!,6&S,!'+6&59-,&!&*/#/&1O!+#%8-*/!+'!+6&!6',4-+#%S,!46M,-2-#*!
,J4&5-*+&*1&*+O!05R!.&52M!F:-+6R
!Y>&::#b!<6O!96#+!6#44&*&1!6&5&\Y!C&%-2-+M!,#M,O!,&&-*/!:M!$%''1,+#-*&1!/%'K&R
!YA&%%!@#98-*,!$-+!:&RY
!Y@'9!#9(J%OY!7**!,#M,R
!YQ-,,!Q2)%&&+6MS,!$&&*!6&5&!#%5&#1M!+'1#MR!A&%%S,!-*!#!K&5M!1-,+5&,,&1!,+#+&R!LJ+!
,6&!8*'9,!96&5&!+'!(-*1!+6&!"&:4%&O!#*1!+'*-/6+O
,6&S,!/'-*/!+'!5&K&#%!-+RY
!YD(!,6&!45'K&,!5&%-#$%&OY!7**!,#M,R
!YH&,OYD#1:-+RYD(RY
!"':S,!,J11&*%M!$&,-1&!:&R!@&!(-11%&,!*&5K'J,%M!9-+6!6-,!+-&R!YD!+6-*8!-+S,!
45'2&&1-*/!5#+6&5!9&%%O!1'*S+!M'J\Y
!YD+!-,!+6&!$&,+!1#*2&!DSK&!&K&5!#++&*1&1OY!7**!,#M,R!D+!-,!+6&!'*%M!1#*2&!,6&S,!
&K&5!#++&*1&1O!$J+!*'9!6#51%M!,&&:,!+6&!+-:&!+'
:&*+-'*!-+R
!YD!1'!6'4&!+'*-/6+S,!4&5('5:#*2&!-,!,#+-,(#2+'5MOY!"':!,#M,O!%''8-*/!-*!05R!
F:-+6S,!1-5&2+-'*RYDSK&!6#1!,':&!'(!+6&!4#+-&*+,!45&4#5&
#!,:#%%!45'/5#:!'(!&*+&5+#-*:&*+!('5!+6-,!&K&*-*/RY
!YDS:!2&5+#-*!-+!9-%%!$&!#!1&%-/6+!+'!#%%OY!7**!,#M,!#,!-(!-+!9&5&!#!:#++&5!'(!
/5#K&!-:4'5+#*2&R
!Y"6#*8!M'JO!Q-,,!L5#1,6#9R!H'J!#5&!&Z2&&1-*/%M!8-*1RY"':!'((&5,!#!/&*J-*&!,:-%&R
!YA'+!#+!#%%OY!7**!,#M,!$&('5&!,+#5-*/!%'*/-*/%M!#+!+6&!1#*2&!(%''5R
!C&%-2-+M!4-*26&,!:&!%-/6+%MR!F6&!2'J/6,!1&%-2#+&%M!-*+'!6&5!6#*18&526-&(O!$J+!D!
8*'9!,6&S,!+5M-*/!1&,4&5#+&%M!*'+!+'!%#J/6!#+!+6-,
('5%'5*!&Z26#*/&R!)':&!'*O!"':O!D!$&/!6-:!,-%&*+%MR!7,8!6&5!+'!1#*2&R
!"':!/-K&,!6&5!#!$'9RYD!+5J,+!M'JS%%!6#K&!#!4%&#,#*+!&K&*-*/OY!6&!,#M,O!&Z2J,-*/!
6-:,&%(R
!7**S,!(#2&!5&/-,+&5,!1-,#44'-*+:&*+O!#*1!+6&*!,6'28R!YF6&S,!6&5&bY!,6&!96-,4&5,R
!YB6'\Y
!7**!'4&*,!6&5!(#*!9-1&R!C5':!$&6-*1!-+,!45'+&2+-'*O!,6&!4'-*+,!+'!+6&!(#5!,-1&!'(!
+6&!5'':R!D!,&&!'*%M!Q5R!F*'9!9#%+T-*/!9-+6!+6&
%#J/6-*/!Q5,R!F'::&5,O!$J+!+6&*!:M!&M&,!(-*1!,':&+6-*/!(#:-%-#5R!D!1'!*'+!
5&2'/*-T&!6&5!,+5#-/6+#9#M!-*!6&5!4#%&!%#K&*1&5!15&,,
#*1!&Z4',&1!*&28R
!D+!-,!Q-,,!Q2)%&&+6MR!F6&!6#,!2':&R
!YB6#+!,6'J%1!9&!1'\Y!C&%-2-+M!#,8,R
!;&:&:$&5-*/!Q-,,!Q''5&S,!%&++&5O!D!,#MOYB&!:J,+!8&&4!6&5!#9#M!(5':!A&%%!#+!#%%!
2',+,RY
!"6&!'526&,+5#!6#,!,+'44&1!-+,!4%#M-*/O!#*1!+6&!%#:4,!#5&!1-::&1!+'!#!2'TM!/%'9R!
.&'4%&!#$#*1'*!+6&!1#*2&!(%''5!-*!4#-5,O!:'K-*/
+'!+6&!,-1&,!'(!+6&!5'':R!"':!+#8&,!6-,!4%#2&!-*!+6&!2&*+&5R!@&!/'&,!+'!5J*!6-,!
(-*/&5,!+65'J/6!6-,!6#-5!#!*&5K'J,!6#$-+!#*1O
5&:&:$&5-*/!6-,!/%'K&,!#*1!+6&!4':#1&O!+6-*8,!$&++&5!'(!-+R!"6&5&!-,!#*!&Z2&,,-K&!
2%&#5-*/!'(!+6&!+65'#+R!DS:!#*Z-'J,!('5!6-:R!7+!%#,+O
6&!(-*1,!6-,!K'-2&R
!Y=#1-&,!#*1!/&*+%&:&*O!-(!D!:#M!6#K&!M'J5!#++&*+-'*R!"6#*8!M'J!('5!2':-*/!'J+!'*!
,J26!#!2'%1!*-/6+R!D*!/5#+-+J1&O!+6&!L&+6%&:
;'M#%!4%#M&5,!6#K&!45&4#5&1!#!,:#%%!4&5('5:#*2&!('5!M'JR!7*1!*'9O!#6O!9&%%!RRR!D!
/-K&!M'J!+6&!L&+6%&:!;'M#%!4%#M&5,RY
!@#K-*/!#2XJ-++&1!6-:,&%(!9&%%O!"':!&Z-+,!+'!4'%-+&!#44%#J,&R!D!(-*1!+6#+!D!6#K&!
%',+!Q-,,!Q2)%&&+6M!-*!+6&!25'91R!7!2'%1!15&#1!25#9%,
,%'9%M!J4!:M!,4-*&R
!YDSK&!%',+!Q-,,!Q2)%&&+6MOY!D!96-,4&5!+'!C&%-2-+MR!Y0'!M'J!,&&!6&5\Y
!C&%-2-+M!25#*&,!6&5!*&28RYA'R!B6&5&!#5&!M'J!'((!+'\Y
!Y"'!%''8!('5!6&5OY!D!,#MO!,%-44-*/!-*+'!+6&!2'K&5!'(!+6&!25'91R
!7,!Q5,R!F'::&5,!4%J*8,!'J+!#!+J*&!#+!+6&!4-#*'O!D!:'K&!XJ-&+!#,!('/!+65'J/6!+6&!
5'':O!,&#526-*/!('5!Q-,,!Q2)%&&+6MR!Q5,R
F'::&5,S,!4%#M-*/!-,!,':&96#+!4#-*(J%!+'!6&#5O!$J+!+6&!25'91!2%#4,!('5!6&5!#*M9#MR!
F6&!,+#*1,!J*2&5+#-*%M!#(+&59#51O!$'9-*/!#*1
,:-%-*/O!6&5!6#*1!2'K&5-*/!6&5!:'J+6R!B6&*!,6&!$&/-*,!+'!+&#5!#+!6&5!6#-5O!"':!
$-1,!6&5!/&*+%M!+'!,-+R!"6&!&&5-&!Q5R!F*'9!1&%-K&5,!#
,'%-%'XJM!(5':!F6#8&,4&#5&S,!"6&!B-*+&5S,!"#%&O!@&!6#,!#!K'-2&!+5#-*&1!('5!+6&!
,+#/&!#*1!9'J%1!$&!-:45&,,-K&!-(!D!2'J%1!('5/&+!6-,
4&5('5:#*2&!('5!:&!&#5%-&5!-*!+6&!&K&*-*/R
!DSK&!/'++&*!+65'J/6!6#%(!+6&!25'91O!$J+!D!6#K&*S+!,4-&1!Q-,,!Q2)%&&+6M!#/#-*R
!A&%%!@#98-*,!-,!-*+5'1J2&1R!05&,,&1!-*!6&5!$&,+O!6&5!6#-5!4J%%&1!$#28!*&#+%M!#+!
6&5!*&28O!,6&!,&&:,!#!1#-*+M!1'%%!'(!#!/-5%R!.5&++MO
%-8&!+6&!%#J/6-*/!/-5%!DSK&!,&&*!-*!:M!K-,-'*,R!"6&!2'5,#/&!6#,!$&&*!4-**&1!+'!6&5!
,6-5+R!D+!*&#5%M!19#5(,!6&5R
!A&%%!,+#*1,!,+#5-*/!#+!+6&!25'91!+-%%!+6&M!:J5:J5!9-+6!2'*(J,-'*W!B6#+!-,!,6&!
1'-*/\!D,!+6-,!4#5+!'(!+6&!4&5('5:#*2&\
!@&5!&&5-&O!,25#+26&1!46'*'/5#46!'(!#!K'-2&!5-*/,!'J+R!YN#28!#*1!N-%%!9&*+!J4!+6&!
6-%%!+'!(&+26!#!4#-%!'(!9#+&5R!N#28!(&%%!1'9*!#*1
$5'8&!6-,!25'9*O!#*1!N-%%!2#:&!+J:$%-*/!#(+&5RY
!7!%-/6+!,45-*8%-*/!'(!%'9O!4'%-+&!%#J/6+&5!(%'#+,!#5'J*1!+6&!5'':O!$J+!D!(&#5!D!
,6#%%!25MR!F6&!45':-,&1!:&R!7*1!*'9!D!8*'9!+6#+!6&5
45':-,&!9#,!*'+6-*/!:'5&!+6#*!#*'+6&5!-%%J,-'*!,4J*!(5':!6&5!1-,+J5$&1!:-*1R!F6&!
1'&,!*'+!8*'9!96&5&!+'!(-*1!+6&!"&:4%&R!F6&!-,!#
4''5O!:#1!/-5%O!#*1!D!2'J%1!9&&4!('5!$'+6!'(!J,R
!A&%%!/5'9,!#*-:#+&1O!-:4#,,-'*&1R!D+S,!#,!-(!,6&S,!#!1-((&5&*+!/-5%R
!YB6&5&!,6#%%!9&!/'O!:#-1&*,\!B6&5&!,6#%%!9&!/'\!H'J!:J,+!%&#K&!+6&!/#51&*R!=&#K&!
-+!$&6-*1!9-+6!#!,#1!(#5&9&%%R!0'9*!+6&!5-K&5
'*!+6&!/'5/'*S,!/5#2&O!4#,+!+6&!2%J+26&,!'(!+6&!,%-44&5MO!*-44&5M!*M:46,R!"65'J/6!
+6&!/'%1&*!:-,+!'(!:#/-2R!Q&&+!+6&!('%8!'(!+6&!(#-5
C'5&,+!'(!=-/6+,R!"6&!#55'9,O!+6&!#55'9,O!M'J!:J,+!J,&!9-,&%M!#*1!9&%%R!LJ+!,#K&!
'*&R!F#K&!'*&!('5!:&R!C'5!D!,6#%%!6#K&!*&&1!'(!-+RY
!7!%#1M!$&,-1&!:&!+J5*,!+'!6&5!6J,$#*1R!YD,!+6-,!(5':!.-*#('5&\Y!,6&!,#M,O!
2'*(J,&1O!+6-*8-*/!-+!#!>-%$&5+!#*1!FJ%%-K#*!'4&5&++#R
!DS:!'*!(-5&R!F6&!1'&,!8*'9b!F6&!6#,!('J*1!#*!-*/&*-'J,!9#M!'(!1-,2%',-*/!+6&!
"&:4%&S,!%'2#+-'*R!C'5!96'O!,#K&!J,!/-5%,O!2'J%1
J*1&5,+#*1!+6-,!/-$$&5-,6\!Q-,,!Q2)%&&+6M!,+&4,!(5':!$&6-*1!#!4-%%#5O!6&5!%&(+!
,-1&!,6'9-*/O!6&5!5-/6+!6-11&*!-*!,6#1'9R!F6&!+''!-,
%-,+&*-*/!-*+&*+%MR
!Y<((&5!6'4&!+'!+6&!?*+'J26#$%&,O!('5!+6&M!:J,+!6#K&!6'4&R!"5#K&%!'*O!(#5!$&M'*1!
+6&!%'+J,!$%',,':,R!C'%%'9!+6&!4#+6R!H&,O!,+-28!+'
+6&!4#+6O!:#-1&*,R!C'5!+6&M!2#*!%&#1!M'J!#,+5#MO!#9#MO!9-+6!(#%,&!45':-,&,R!L&9#5&!
+6&!.'44M!B#55-'5,R!"6&!.'44M!B#55-'5,!,+&#%
M'J5!,+5&*/+6R!"6&M!9-%%!/'$$%&!M'J!J4R!>'$$%&O!/'$$%&bY
!"6-,!:#8&,!&K&5M'*&!%#J/6R!F&K&5#%!'(!+6&!4#+-&*+,!5&4&#+!Y>'$$%&!M'J!J4Y!+'!
#:J,&!+6&:,&%K&,R!"6&M!#5&!%-8&!26-28&*,!2%J28-*/
J*+-%!+6&M!#5&!,6J,6&1!$M!+6&!*J5,&,!-*+'!XJ-&+!#/#-*R!"6&!6#-5!#+!+6&!$#28!'(!:M!
*&28!,+#*1,!#+!#++&*+-'*R!D+!-,!#,!-(!A&%%!-,
!4#*+':-:-*/!('5!:M!$&*&(-+O!,4&#8-*/!-*!#!2'1&!D!:J,+!1&2-46&5!'5!&%,&!,6&!6#,!
,%-44&1!-*+'!+'+#%!:#1*&,,R
!Y0'!*'+!%&#K&!+6&!4#+6O!('5!-+!-,!6#51!+'!(-*1!#/#-*!'*2&!%',+R!7*1!+6&M!9-%%!
+#8&!+6&!,'*/!+'!+6&!5'28R!0'!*'+!%&+!+6&!,'*/!1-&R!H'J
:J,+!$&!2#5&(J%!9-+6!$&#J+MR!L&#J+M!:J,+!4#,,R!"6&5&!#5&!1#58!,6#1'9,!'(!,4-5-+,R!
NJ,+!$&M'*1!+6&!L'51&5%#*1,O!96&5&!+6&!%'*&!+5&&
,+#*1,!#*1!+6&!,8M!+J5*,!+'!$%''1!R!R!RY
!7!(&9!'(!+6&!%#1-&,!(%#4!+6&-5!(#*,O!J*2':('5+#$%&!9-+6!+6&!:&*+-'*!'(!$%''1R
!YR!R!R!-*!+6&!B-*+&5%#*1,!+6&M!4%'+!#*1!4%#*!9-+6!)-52&R!"6&M!9-%%!*'+!5&,+!+-%%!
+6&!#5:M!-,!5#-,&1!#*1!+6&!5&#%:,!#5&!+6&-5,!+'!5J%&RY
!"6&5&!-,!J*5&,+!-*!+6&!25'91O!#!,&*,&!+6#+!A&%%!6#,!$&&*!-*1J%/&1!+''!%'*/R!"':!
:#8&,!6-,!9#M!+'!+6&!(5'*+R!A'b!A'+!J*+-%!,6&!+&%%,
:&!96&5&!+'!(-*1!+6&!"&:4%&b!"':!-,!#%5&#1M!+6&5&R
!Y"6#*8!M'JO!Q-,,!@#98-*,R!7*1!*'9!R!R!RY
!A&%%!1'&,*S+!,-+R!F6&!/5'9,!:'5&!#/-+#+&1RYF6&!9#*+,!-*b!F6&!6#,!('J*1!:&!#*1!D!
2#**'+!8&&4!6&5!'J+bY
!YAJ5,&O!-(!M'J!9'J%1!4%&#,&!R!R!RY
!Y>'!96&5&!*'!'*&!9-%%O!96&5&!-+!-,!('5$-11&*O!'((&5!6'4&R!R!R!R!N#28!#*1!N-%%!
9&*+!J4!+6&!6-%%O!+6&!,&#O!+6&!,&#O!2#:&!(5':!+6&!,&#!R!R!R
/'!96&5&!+6&!1#58!6-1&,!#!:-55'5!'(!9#+&5R!C#2&!M'J5!(&#5!#*1!$-*1!+6&!:#/-2!(#,+!
+'!M'JbY
!Y)':&!#%'*/!*'9O!Q-,,!@#98-*,OY!+6&!*J5,&!,#M,O!/5#$$-*/!6'%1R!A&%%!9'*S+!$J1/&R!
F6&!(-/6+,!#/#-*,+!+6&!*J5,&!9-+6!#!$5J+#%
(-&52&*&,,R!@&5!,6-5+!5-4,!#%'*/!+6&!#5:!,&#:!,'!+6#+!+6&!96'%&!'(!+6&!,%&&K&!
4J%%,!'((!-*!+6&!*J5,&S,!6#*1R!"6&!25'91!/#,4,R!A&%%S,
$&,-1&!6&5,&%(R
!YF6&!:&#*,!+'!J,&!:&!+'!(-*1!-+O!=#1M!@'4&b!F6&!9-%%!J,&!J,!$'+6O!#*1!D!9-%%!$&!
%',+O!%',+!('5&K&5b!0'*S+!%&+!6&5!+#8&!:&b!0'!*'+
6&,-+#+&b!F&+!:&!(5&&O!=#1M!@'4&b!F&+!:&!(5&&bY
!"9'!$J5%M!'51&5%-&,!6#K&!#55-K&1!9-+6!#!,+5#-+V#28&+R
!Y)':&!9-+6!J,O!:-,,R!A'!+5'J$%&!*'9RY
!A&%%!8-28,!#*1!,25&#:,O!,6'9-*/!+6#+!,J545-,-*/!,+5&*/+6!#/#-*O!$J+!,6&!-,!*'!
:#+26!('5!+6&:R!<*&!6''8,!6&5!,%&*1&5!*&28!-*!+6&
25''8!'(!#!$&&(M!#5:O!96-%&!+6&!'+6&5!('52&,!A&%%S,!/5#,4-*/!6#*1,!-*+'!+6&!
V#28&+S,!#5:,!#*1!+-/6+&*,!+6&!%#2&,!#+!6&5!$#28R!@&5!$'1M
,#/,!#/#-*,+!+6&!:&*O!96'!6#%(!2#55MO!6#%(!15#/!+6&!%-:4!/-5%!+-%%!#%%!+6#+!2#*!$&!
6&#51!#5&!6&5!96-:4&5,!#*1!+6&!1J%%!+6J1!'(!6&5!6&&%,
#/#-*,+!+6&!(%''5,R
!"6&!25'91!-,!%'J1!9-+6!,6'28!'K&5!+6&!,4&2+#2%&R!"':!#,8,!+6&!:J,-2-#*,!+'!5&,J:&!
4%#M-*/R!"6&!:J,-2!9'58,!+'!XJ-&+!+6&!5'':O
#*1!,''*!,':&!'(!+6&!$5#K&5!,'J%,!#5&!#+!+6&!1#*2&!#/#-*R!DS:!,6#8-*/!#%%!'K&5R!
A&%%S,!-*!1#*/&5O!#*1!DSK&!/'+!+'!,#K&!6&5R
!D!4J,6!:M!9#M!+'!C&%-2-+M!#*1!7**RYDSK&!/'+!+'!,%-4!#9#M!#*1!(-*1!A&%%OY!D!,#MR
!YB6#+!1-1!,6&!:&#*O!SL&9#5&!+6&!.'44M!B#55-'5,S\Y!7**!#,8,R
!YD+!,&&:&1!%-8&!:#1*&,,OY!C&%-2-+M!#11,O!Y96#+!1'!M'J!:#8&!'(!-+\Y
!YD!+6-*8!-+!9#,!#!2'1&!('5!J,O!('5!(-*1-*/!+6&!"&:4%&OY!D!,#MR!Y7*1!DS:!2&5+#-*!
Q-,,!Q2)%&&+6M!9#,!%-,+&*-*/!+''RY
!C&%-2-+M!,2#*,!+6&!25'91RYB6&5&!-,!,6&\Y
!Q-,,!Q2)%&&+6M!-,!/'*&!(5':!6&5!4%#2&!*&#5!+6&!4-%%#5R!F6&!-,!*'+!#:'*/!+6&!
1#*2&5,O!&-+6&5R!F6&!6#,!K#*-,6&1R
!C&%-2-+M!%''8,!#+!:&O!9-1&I&M&1RY>'!+'!6&5!#+!'*2&bY
!D!,+&#%!(5':!+6&!5'':!#,!XJ-28%M!#,!4',,-$%&O!5J**-*/!('5!+6&!9':&*S,!9#51R!DSK&!
/'+!+'!5&#26!6&5!$&('5&!Q-,,!Q2)%&&+6M!1'&,R!F6&
6#,!('J*1!:&b!;-/6+R!B&%%O!DS:!*'+!#$'J+!+'!%&+!6&5!+#8&!M'JO!A&%%R!0'*S+!M'J!
9'55MR
!"6&!2'55-1'5!-,!$J,M!9-+6!+6&!2':-*/,!#*1!/'-*/,!'(!+6&!*J5,&,R!B6&*!+6&!%#,+!
*J5,&!%&#K&,O!D!6-8&!J4!:M!,8-5+!#*1!(%M!+'!A&%%S,
5'':O!#,!(#,+!#,!D!2#*R
!A&%%!,-+,!-*!#!2'5*&5R!"6&MSK&!+#8&*!'((!+6&!,+5#-+V#28&+R!"6&!$&#J+-(J%!2'5,#/&!
6#,!$&&*!1#:#/&1O!+6&!4&+#%,!+'5*!#*1!(%#++&*&1R!A&%%
5'28,!$#28!#*1!('5+6O!$#*/-*/!6&5!6&#1!&#26!+-:&!#/#-*,+!+6&!9#%%!VJ,+!,%-/6+%MR!D!
+#8&!6&5!6#*1,!-*!:-*&R
!YQ-,,!@#98-*,O!-+S,!>&::#!0'M%&R!A&%%O!9&!6#K&*S+!:J26!+-:&R!D!*&&1!+'!8*'9!+6&!
%'2#+-'*!'(!+6&!"&:4%&R!H'J!9&5&!VJ,+!#$'J+!+'
,#M!-+!96&*!+6&M!+''8!M'JR!D+!-,!,#(&!*'9R!H'J!:#M!+&%%!:&RY
!7!+6-*!,+5&#:!'(!15''%!9'58,!-+,!9#M!'J+!'(!+6&!2'5*&5!'(!6&5!:'J+6R!7*!'1'5!%-8&!
'K&55-4&!(5J-+!,2&*+,!+6&!+-*M!/J,+,!'(!6&5!$5&#+6R
"6&MSK&!/-K&*!6&5!,':&+6-*/!+'!,&1#+&!6&5R
!YA&%%O!-(!M'J!1'!*'+!+&%%!:&!6'9!+'!(-*1!+6&!"&:4%&O!D!(&#5!9&!#5&!%',+R!)-52&!
9-%%!(-*1!-+!$&('5&!J,O!#*1!+6&*!+6&5&!-,!*'!+&%%-*/!96#+
2'J%1!6#44&*R!F6&!2'J%1!5J%&!+6&!5&#%:,R!F6&!2'J%1!1'!+6-,!+'!#*'+6&5!/-5%!#*1!
#*'+6&5RY
!C5':!(#5!$&%'9!J,O!+6&!:J,-2!26#*/&,!+&:4'!#,!#*'+6&5!1#*2&!$&/-*,R!D!1'!*'+!8*'9!
6'9!%'*/!D!2#*!$&!/'*&!$&('5&!+6&M!$&/-*
,&#526-*/!('5!:&R
!YF6&S%%!*&K&5!,+'4OY!A&%%S,!5#,4M!K'-2&!,25#4&,!+65'J/6!+6&!,-%&*2&RYA&K&5R!
A&K&5R!A&K&5RY
!Y"6&*!9&!:J,+!,+'4!6&5!'J5,&%K&,OY!D!,#MR!Y.%&#,&R!.%&#,&!6&%4!:&RY
!YD+S,!M'J!,6&!9#*+,O!M'J!,6&S,!#%9#M,!9#*+&1OY!,6&!,%J5,RYF6&S%%!:#8&!:&!+&%%!6&5!
96&5&!+'!(-*1!+6&!"&:4%&O!VJ,+!#,!,6&!:#1&!:&
+&%%!6&5!96&5&!+'!(-*1!M'JRY
!YB6#+!1'!M'J!:&#*\Y
!7!,'J*1!45-28,!#+!:M!&#5,R!C''+,+&4,!-*!+6&!6#%%O!2':-*/!2%',&5R!DS:!J4!#+!+6&!
1''5O!4&&8-*/!'J+R!F':&'*&!2':&,R!F':&'*&!-*!#
1&&4!/5&&*!2%'#8R!F6&!,+'4,!+'!26&28!&#26!5'':!-*!+6&!/#%%&5MR!D!2%',&!+6&!1''5!
/&*+%MR
!YA&%%OY!D!,#MO!:M!6&#5+!5#2-*/RYB&SK&!/'+!+'!6-1&RY
!Y=-++%&!Q-,,!QJ((&+!,#+!'*!#!+J((&+!R!R!R!(5-/6+&*&1!6&5!#9#MO!(5-/6+&*&1!6&5!
#9#MRY
!YF666O!A&%%R!H'JSK&!/'+!+'!$&!XJ-&+R!@&5&O!XJ-28%MO!J*1&5!+6&!$&1RY
!A&%%!-,!#!,:#%%!/-5%O!$J+!9&-/6&1!1'9*!$M!+6&!15J/O!,6&!-,!6#51!+'!:#*&JK&5R!B&!
(#%%!+'!+6&!(%''5!+'/&+6&5!-*!#!6&#4R!B-+6!&(('5+O!D
:#*#/&!+'!4J,6!6&5!J*1&5!+6&!$&1O!+6&*!('%%'9!6&5R!"6&!(''+,+&4,!,+'4!#+!A&%%S,!
1''5R!DSK&!/'+!:M!6#*1!'K&5!6&5!:'J+6!#,!+6&!1''5
'4&*,R!D!1'*S+!8*'9!96#+!D!(&#5!:'5&O!+6#+!A&%%!9-%%!,J11&*%M!,4&#8!'J+!#*1!5&K&#%!
'J5!6-1-*/!,4'+!'5!+6#+!+6&!4'J*1-*/!'(!:M!6&#5+
9-%%!#**'J*2&!J,R
!"6&5&S,!#!96-,4&5!-*!+6&!1#58RYA&%%\Y
!A&%%!/'&,!5-/-1!#/#-*,+!:&R
!"6&!96-,4&5!2':&,!#/#-*RYA&%%O!1#5%-*/O!#5&!M'J!6&5&\Y
!"6&!6&:!'(!6&5!/5&&*!2%'#8!2':&,!-*+'!K-&9R!L&*&#+6!-+O!D!2#*!,&&!+6&!1&%-2#+&!
%#2-*/,!'(!4'%-,6&1O!$J((&1!$''+,R!D!(&&%!2&5+#-*!D
2'J%1!,&&!:M!'9*!(&#5!5&(%&2+&1!-*!+6&!6-/6!,6-*&!'(!+6&:R!"6',&!$''+,!2':&!
2%',&5R!D!6'%1!:M!$5&#+6U!8&&4!:M!6#*1!'*!A&%%S,!'4&*
:'J+6O!96&5&!+6&!,#%-K#!4''%,!-*!:M!4#%:R
!L&,-1&!:&O!A&%%S,!,'!XJ-&+!D!(&#5!,6&!:#M!$&!1&#1R!"6&!$''+,!+J5*!#9#M!(5':!J,O!
#*1!+6&!1''5!2%',&,!9-+6!#!2%-28R!D!,2J++%&!'J+!(5':
J*1&5!+6&!$&1!#*1!4J%%!A&%%!'J+!#(+&5R!A&%%!2%#,4,!6&5!6#*1!'*!:M!95-,+R!@&5!
&M&%-1,!(%J++&5U!6&5!%-4,!+-/6+&*!-*+'!#!/5-:#2&!+6#+!%&+,
'*%M!('J5!9'51,!&,2#4&R
!YF&&!96#+!D!,&&R!R!R!RY
!B&S5&!(#%%-*/!6#51!#*1!(#,+!-*+'!#!K-,-'*R!LJ+!-+!-,!*'+!:M!K-,-'*R!D+!-,!A&%%S,R!
D!,&&!96#+!,6&!,&&,O!(&&%!96#+!,6&!(&&%,R!B&S5&!5J**-*/
+65'J/6!+6&!5&#%:,R!>5#,,!%-28,!#+!'J5!#*8%&,R!LJ+!-+S,!6#44&*-*/!+''!(#,+R!A&%%S,!
:-*1!-,!#!VJ:$%&O!#*1!D!2#*S+!:#8&!,&*,&!'(!96#+!DS:
,&&-*/R!;',&,!4J,6-*/!J4!+65'J/6!#!9#%%R!;&1!2%#M!'*!,8-*R!"6&!9':#*!-*!/5&&*O!
6'%1-*/!(#,+!+'!A&%%S,!6#*1!$M!#!1&&4O!2%&#5!9&%%R
!7*1!D!#:!(#%%-*/!$#289#51!-*+'!+6#+!9#+&5R
!D!2#*S+!$5&#+6&R!DS:!26'8-*/R!D!(#%%!'J+!'(!+6&!K-,-'*!+'!(-*1!A&%%S,!6#*1!
2%#:4&1!#5'J*1!:M!+65'#+R!@&5!&M&,!#5&!2%',&1R!F6&!1'&,*S+
,&&!:&O!1'&,*S+!,&&:!+'!8*'9!96#+!,6&!-,!1'-*/R!C5#*+-2O!D!4J%%!#+!6&5!6#*1O!$J+!
-+!1'&,*S+!$J1/&R
!YA&%%OY!D!25'#8RYA&%%!R!R!R!4%&#,&RY
!F6&!5&%&#,&,!:&O!#*1!D!(#%%!+'!+6&!(%''5O!/#,4-*/!('5!#-5O!:M!6&#1!#26-*/!(5':!
6&5!,J11&*!$5J+#%-+MR!A&%%!6#,!(#1&1!-*+'!6&5!:#1*&,,
#/#-*O!$J+!6&5!(#2&!-,!,%-28!9-+6!+&#5,R
!Y0'*S+!6&,-+#+&O!=#1M!@'4&R!F&+!:&!(5&&RY
!)@7."3;!"@D;"HICDE3
!"<07H!DF!)@;DF"Q7F!3E3R!7);<FF!=<A0<AO!"@3!,6'4,!#*1!+#K&5*,!#5&!(-%%&1!9-+6!
4&'4%&!-*!6-/6!,4-5-+,O!+6&!,+5&&+,!$J,+%-*/!9-+6
+6-,!'*&!2#55M-*/!6':&!#!(5#/5#*+!+5&&!'5!+6#+!'*&!,&%&2+-*/!#!(#+!/'',&!('5!
,J44&5R!D!,6'J%1!$&!(-%%&1!9-+6!+6&!)65-,+:#,!,4-5-+!#*1!+6&
J5/&!+'!,45&#1!/''19-%%!+'!:M!(&%%'9!:#*!#*1!9':#*R!D*,+&#1O!D!#:!2'*+&:4%#+-*/!
+6&!4JTT%&!+6#+!A&%%!@#98-*,!6#,!%&(+!:&!+'!4J+
+'/&+6&5R
!>'!96&5&!*'!'*&!9-%%O!96&5&!-+!-,!('5$-11&*O!'!(&5!6'4&R!>'!96&5&!+6&!1#58!6-1&,!
#!:-55'5!'(!9#+&5R!C#2&!M'J5!(&#5!#*1!$-*1!+6&
:#/-2!(#,+!+'!M'JRD+!:#8&,!*'!,&*,&R!F+-28!+'!+6&!4#+6R!"6&M!9-%%!%&#1!M'J!#,+5#M!
9-+6!(#%,&!45':-,&,R!B6'\!B6#+!(#%,&!45':-,&,\
"6&!&*+-5&!+6-*/!-,!#!5-11%&!95#44&1!-*,-1&!#*'+6&5!#*1!#*'+6&5R!D!6#K&!+6&!#:J%&+!
+'!/J-1&!:&R!LJ+!D!1'!*'+!8*'9!96&5&!+'!(-*1!+6&
"&:4%&O!#*1!9-+6'J+!+6#+!D!6#K&!*'+6-*/R!D+!K&Z&,!:&!+-%%!D!9#*+!+'!4-+26!:M!
9#,6$'9%!#25',,!+6&!5'':R
!"'!:#8&!:#++&5,!9'5,&O!C#+6&5!-,!*'+!6':&R!@&!1-1!*'+!2':&!6':&!(5':!6-,!2%J$!
%#,+!*-/6+R!D!#:!+6&!'*%M!'*&!96'!,&&:,
2'*2&5*&1!#$'J+!+6-,R!>5#*1:#:#!-,!$J,M!$#58-*/!'51&5,!#+!+6&!,&5K#*+,!('5!'J5!
)65-,+:#,!1-**&5R!"6&!8-+26&*!-,!#!(%J55M!'(!2''8,
+&*1-*/!+'!4J11-*/,!#*1!/5#K-&,!#*1!46&#,#*+!9-+6!#44%&,R
!Y@&!9#,*S+!6&5&!('5!$5&#8(#,+\Y!D!#,8R
!YA'OY!>5#*1:#:#!,#M,O!4J,6-*/!4#,+!:&!+'!M&%%!#+!+6&!2''8R!YD!+6-*8!9&!,6#%%!':-+!
+6&!,'J4!2'J5,&R!A'!'*&!$'+6&5,!9-+6!-+O
#*M9#MRY
!YLJ+!96#+!-(!6&S,!6J5+\Y!D!#,8R
!Y>&::#O!4%&#,&b!Q5,R!N'*&,!+6&!5&1!,-%8!9-%%!,J((-2&O!D!,6'J%1!+6-*8RY
!)65-,+:#,!3K&!1-**&5!2':&,!#*1!/'&,O!#*1!,+-%%!+6&5&!-,!*'!C#+6&5R!"6&!+65&&!'(!
J,!,&+!#$'J+!'4&*-*/!'J5!/-(+,!-*!+6&!4#5%'5O
45&+&*1-*/!+6#+!+6&5&!-,!*'+6-*/!#:-,,R
!Y76OY"':!,#M,O!J*95#44-*/!#!%'*/!9''%&*!,2#5(R!Y.&5(&2+R!"6#*8!M'JO!>5#*1:#:#RY
!YD!#:!/%#1!M'J!%-8&!-+R!>&::#O!96M!1'*S+!M'J!'4&*!M'J5,\Y
!D!/&+!+'!9'58!'*!+6&!$'Z!(5':!>5#*1:#:#R!.&56#4,!-+!-,!#!$&#J+-(J%!4#-5!'(!/%'K&,!
'5!#!$5#2&%&+R!D*,-1&!#5&!:#+26-*/!6#*18&526-&(,
&:$5'-1&5&1!9-+6!:M!-*-+-#%,R!"6&MS5&!XJ-+&!%'K&%MR!Y"6#*8!M'JOY!D!,#MR
!Y.5#2+-2#%!/-(+,!#5&!#%9#M,!+6&!$&,+O!D!(-*1OY!>5#*1:#:#!5&:#58,!9-+6!#!,*-((R
!"6&!J*95#44-*/!'(!/-(+,!-,!'K&5!9-+6-*!:-*J+&,R!L&,-1&,!+6&!6#*18&526-&(,O!D!
5&2&-K&!#!6#*1!:-55'5!#*1!#!+-*!'(!26'2'%#+&,!(5':
>5#*1:#:#O!#*1!(5':!"':O!#!V'%%M!5&1!*J+25#28&5O!96'!#:J,&,!:&R!DSK&!/-K&*!#!,6#9%!
+'!>5#*1:#:#O!#*1!+'!"':O!#!,8J%%!+'!8&&4
-*!6-,!'((-2&!,':&1#MR
!YD!,6#%%!2#%%!6-:!H'5-28OY"':!,#M,O!1&%-/6+&1R!7*1!DS:!/%#1!+6#+!DSK&!:#1&!6-:!
6#44MR!C#+6&5S,!/-(+,!,-+!J*1&5!+6&!+5&&O!J*'4&*&1R
!Y"6':#,OY!>5#*1:#:#!,#M,R!Y.&56#4,!M'J!,6'J%1!/'!+'!6-,!2%J$!#*1!#,8!('5!6-:R!
Q#8&!,':&!1-,25&&+!-*XJ-5-&,RY
!YLJ+!DS:!+'!/'!+'!+6&!7+6&*#&J:!+'*-/6+!#,!#!/J&,+!'(!F-:'*!Q-11%&+'*O!S"':!
45'+&,+,R
!YC#+6&5!-,!:-,,-*/OY!D!,#MR
!Y@&S,!*'+!:-,,-*/R!D!#:!2&5+#-*!+6#+!6&!9-%%!$&!6':&!#+!#*M!:':&*+O!45'$#$%M!
%#1&*!9-+6!/-(+,!6&S,!+5#K&%&1!+'!/&+!'*!#!96-:
,':&96&5&R!0'!M'J!5&:&:$&5!+6&!+-:&!6&!#55-K&1!'*!)65-,+:#,!:'5*-*/!%-8&!F#-*+!
A-26'%#,!6-:,&%(O!5-1-*/!#*!&%&46#*+\Y
!YH&,OY!D!,#MO!,:-%-*/!#+!+6&!:&:'5MR!@&S1!$5'J/6+!:&!:M!(-5,+!,#5-O!#*1!"':!#*1!D!
6#1!2'2'*J+!:-%8O!%#44-*/!-+!(5':!$'9%,!#,!-(!9&
9&5&!+-/&5,R
!Y@&S%%!$&!6':&R!Q#58!:M!9'51,R!0'&,*S+!6&!#%9#M,!+J5*!J4\Y
!YH'JS5&!5-/6+O!'(!2'J5,&OY!D!,#MO!$&2#J,&!D!9#*+!1&,4&5#+&%M!+'!$&%-&K&!6-:R
!"6&!6'J,&!(#%%,!-*+'!6J,6&1!+'*&,!'(!/#,4-*/!(-5&,!#*1!,+&#1M!2%'28,O!+6&!%#:4,!
,6J,6&1!+'!/%'9-*/!:J5:J5,!'(!+6&-5!('5:&5
$5-/6+*&,,R!7,!-+S,!#(+&5!&%&K&*!'S2%'28O!+6&!,&5K#*+,!6#K&!5&+-5&1!+'!+6&-5!
5'':,R!>5#*1:#:#!-,!,*J//%&1!-*+'!6&5!$&1O!#*1!,6&!+6-*8,
D!#:!+J28&1!,#(&%M!-*!#,!9&%%R!LJ+!D!2#*S+!,%&&4R!A'+!9-+6!C#+6&5!/'*&R!D!9#*+!6-:!
+'!2':&!6':&O!9-+6!'5!9-+6'J+!#*!&%&46#*+R!F'!D!,-+
-*!+6&!4#5%'5O!9#-+-*/R
!P#5+-8!,%-4,!-*+'!+6&!5'':O!,+-%%!15&,,&1!-*!6-,!2'#+!#*1!$''+,R!@&!-,!'J+!'(!
$5&#+6R
!YP#5+-8b!B6&5&!6#K&!M'J!$&&*\!B6#+!-,!-+\Y
!YD,!M'J5!$5'+6&5!#+!6':&\Y!@&S,!K&5M!#/-+#+&1R
!YA'R!@&S,!/'*&!'J+R!B6M!1'!M'J!#,8\Y
!YD+S,!-:4&5#+-K&!+6#+!D!,4&#8!9-+6!M'J5!$5'+6&5RY
!D!5-,&!+'!:M!(J%%!6&-/6+RYDSK&!+'%1!M'JO!6&!-,!*'+!#+!6':&R!H'J!:#M!+&%%!:&RY
!@&!+#8&,!#!4'8&5!#*1!,+#$,!#+!+6&!$5-++%&!%'/,R!"6&M!(%#5&!+'!%-(&R!@&!,#M,!
*'+6-*/O!#*1!D!#:!%&(+!+'!-:#/-*&!+6&!9'5,+R
!Y<6O!*'R!D,!-+!C#+6&5\!0'!M'J!8*'9!96&5&!6&!-,\Y!P#5+-8!*'1,RYB6&5&\Y
!P#5+-8!2#**'+!%''8!:&!-*!+6&!&M&,RYL%J&/#+&!C-&%1,RY
!YL%J&/#+&!C-&%1,\Y!D!5&4&#+RYB6&5&!-,!+6#+\Y
!YD+!-,!+6&!15&/,!'(!+6&!9'5%1O!#!4%#2&!-*6#$-+&1!'*%M!$M!+6-&K&,O!#11-2+,O!
:J51&5&5,O!#*1!+6&!%-8&O!D!#:!,'55M!+'!,#MRY
!YLJ+!:M!(#+6&5!R!R!R!96M!-,!6&!+6&5&\Y
!7/#-*O!P#5+-8!2#**'+!%''8!#+!:&R!Y@&!-,!#11-2+&1!+'!'4-J:R!@&!-,!#+!)6-*I)6-*S,O!
#*!'4-J:!1&*RY
!D+S,!*'+!+5J&R!D+!2#*S+!$&R!DSK&!2J5&1!C#+6&5R!@&S,!$&&*!$&++&5!,-*2&!+6&!:#/-2O!
6#,*S+!#,8&1!('5!#!15'4!'(!%#J1#*J:RY@'9!1'!M'J
8*'9!+6-,\Y
!YL&2#J,&!6&!$#1&!:&!15-K&!6-:!+6&5&!%#,+!*-/6+!#*1!6&!6#,*S+!%&(+!,-*2&RY
!QM!6&#5+!,-*8,!#+!+6-,RYQM!$5'+6&5!-,!9-+6!Q5R!Q-11%&+'*!#+!6-,!2%J$RY
!YB&!:J,+!,&*1!('5!6-:RY
!YA'b!"6&!,2#*1#%R!"':!9'J%1!$&!6J:-%-#+&1RY
!YH&,O!9'J%1*S+!9#*+!+'!J4,&+!"6&!;-/6+!@'*'5#$%&!F-:'*!Q-11%&+'*RY
!YH'JS5&!+''!$'%1!$M!6#%(OY!D!,#MR
!Y7*1!M'JS5&!%M-*/!#$'J+!*'+!9#*+-*/!+'!6J:-%-#+&!"':R!H'JS5&!,#K-*/!M'J5,&%(RY
!"6&!6#51!+5J+6!'(!+6-,!,+-*/,!:&O!#*1!D!6#+&!6-:!#!%-++%&!('5!,#M-*/!-+R
!Y"6&5&S,!*'+6-*/!9&!2#*!1'!$J+!9#-+!J*+-%!M'J5!$5'+6&5!5&+J5*,OY!P#5+-8!,#M,R
!Y0'!M'J!:&#*!%&#K&!:M!(#+6&5!-*!+6#+!4%#2&\Y
!Y"6&5&!-,!*'!'+6&5!26'-2&RY
!Y@&S,!#%%!D!6#K&OY!D!4%&#1R!Y"#8&!:&!+'!6-:RY
!P#5+-8!,6#8&,!6-,!6&#1R!YD+!-,!'J+!'(!+6&!XJ&,+-'*R!L%J&/#+&!C-&%1,!-,!*'+!+6&!
,'5+!'(!4%#2&!('5!%#1-&,RY
!YD!#:!/'-*/!96&+6&5!M'J!+#8&!:&!'5!*'+RY
!D!9#%8!,9-(+%M!+'9#51!+6&!1''5R!P#5+-8!+#8&,!6'%1!'(!:M!#5:R
!Y0'!M'J!8*'9!96#+!2'J%1!6#44&*!+'!M'J!+6&5&\Y
!YD!,6#%%!6#K&!+'!5-,8!-+RY!P#5+-8!#*1!D!,+#*1O!'44',-*/!&#26!'+6&5RYD!2#**'+!
%&#K&!6-:!+6&5&O!P#5+-8RY
!YE&5M!9&%%OY!6&!,#M,O!5&%&*+-*/R!@&!/-K&,!:M!(-/J5&!#!$'%1!#445#-,#%RYH'J!9-%%!
*&&1!+'!$'55'9!M'J5!$5'+6&5S,!2%'+6&,RY
!YB6#+!1'!M'J!:&#*\Y
!YD(!M'J!:J,+!/'O!M'J!,6#%%!6#K&!+'!/'!15&,,&1!#,!#!:#*RY
!D!5#2&!J4!+6&!,+#-5,O!6'4-*/!D!1'!*'+!9#8&!>5#*1:#:#!'5!+6&!,&5K#*+,R!"':S,!
2%'+6&,!#5&!#!:M,+&5M!+'!:&R!B-+6!1-((-2J%+MO!D
:#*#/&!+'!J*15&,,O!+#8-*/!'((!+6&!:#*M!%#M&5,!#*1!:M!2'5,&+R!D!,-/6!9-+6!5&%-&(!
96&*!(5&&!'(!-+R!D!4J%%!"':S,!+5'J,&5,!'K&5!:M!9''%&*
,+'28-*/,!#*1!,&%&2+!#!,6-5+!#*1!2'#+R!"6&M!#5&!#!$-+!,*J/R!D!#:!+#%%!$J+!*'+!
,%&*1&5!#,!6&!-,R!F+-%%O!+6&M!9-%%!6#K&!+'!1'R!F&2J5-*/!:M
6#-5!$&*&#+6!6-,!6#+!-,!#!+#,8O!+6'J/6R!D+!+65&#+&*,!+'!,45-*/!(5':!:M!6&#1R!7*1!
+'!9&#5!"':S,!,6'&,!5&XJ-5&,!+6#+!D!,+J((!+6&!&*1,
9-+6!6#*18&526-&(,O!#,!6-,!(&&+!#5&!#!(J%%!-*26!#*1!#!6#%(!%#5/&5!+6#*!:M!'9*R!D+!
:#8&,!:&!9#%8!%-8&!#!15J*8R
!Y@'9!1'!D!%''8\Y!D!#,8O!2':-*/!1'9*!+6&!,+#-5,R
!P#5+-8!,2'((,RY=-8&!,':&'*&!96'!,6#%%!$&!,&+!J4'*!$M!&K&5M!6''%-/#*!-*!3#,+!
='*1'*R!"6-,!-,!#!+&55-$%&!-1&#R!B&S%%!9#-+!J*+-%!M'J5
$5'+6&5!5&+J5*,RY
!YD!9-%%!*'+!%&#K&!:M!(#+6&5!+'!1-&!-*!#*!'4-J:!1&*OY!D!,#MRY.J%%!+6&!2#55-#/&!
5'J*1RY
!7!%-/6+!,*'9S,!$&/J*!+'!(#%%R!D+!2'#+,!>-*/&5S,!:#*&!-*!#!+6-*!/5#M!4'91&5!#,!9&!
4J%%!,%'9%M!-*+'!+6&!3#,+!='*1'*!,%J:,R!"6&!*-/6+!-,
,+-%%!#*1!2'%1R!3K&5M!$5&#+6!-,!4#-*(J%R!A#55'9O!(-%+6M!#%%&M,!9-*1!$&+9&&*!
5#:,6#28%&!$J-%1-*/,!+6#+!,+#*1!,+''4&1!#,!$&//#5,R
)5-44%&1!26-:*&M,!VJ+!J4!(5':!+6&!,'11&*!5''(,O!25''8&1!:&+#%!#5:,!#,8-*/!+6&!,8M!
('5!#%:,O!('5!6'4&O!('5!,':&!5&#,,J5#*2&!+6#+
+6-,!%-(&!-,!*'+!#%%!+6&M!2#*!&K&5!8*'9R
!Y.J%%!M'J5!6#+!%'9!'K&5!M'J5!(#2&OY!P#5+-8!9#5*,R!3K&*!'*!+6-,!*-/6+!#*1!-*!+6&!
2'%1O!+6&!,+5&&+,!#5&!25'91&1!9-+6!4&'4%&O!15J*8O
%'J1O!,9&#5-*/R!7!+5-'!'(!:&*!-*!+6&!'4&*!1''59#M!'(!#!/-*!6'J,&!+#8&,!-*!:M!(-*&!
2%'+6&,O!P#5+-8!$&,-1&!:&R
!Y0'*S+!%''8!#+!+6&:OY!P#5+-8!,#M,RY0'*S+!&*/#/&!9-+6!#*M'*&RY
!7!/5'J4!'(!,+5&&+!J526-*,!2%J,+&5,!#$'J+!J,O!$&//-*/R!"6-,!'*&S,!/'+!#!,-28!$#$M!
,-,+&5!#+!6':&U!#*'+6&5!'((&5,!+'!,6-*&!:M!$''+,!('5
#!,6-%%-*/R!F+-%%!#*'+6&5O!#!$'M!'(!*'!:'5&!+6#*!&%&K&*!'5!,'O!8*'9,!'(!#!4%#2&!
96&5&!9&!2#*!/'!#*1!6&!9-%%!Y$&!8-*1Y!+'!:&!('5!#,!%'*/
#,!D!%-8&R!@&!1'&,!*'+!,:-%&!'5!$&+5#M!#*M!(&&%-*/!#,!6&!,#M,!+6-,R!@&!-,!#,!
:#++&5I'(I(#2+!#,!+6&!$'M!'((&5-*/!+'!2%&#*!:M!$''+,R
!P#5+-8!4J%%,!,-Z!2'-*,!(5':!6-,!4'28&+R!"6&M!/%-,+&*!-*!+6&!$%#28!9''%!'(!6-,!
/%'K&1!4#%:R!"6&!$'M,S!&M&,!/5'9!9-1&!-*!+6&!1#58R
!Y"65&&!,6-%%-*/,!('5!96'&K&5!9#+26&,!+6-,!2#55-#/&!#*1!6'5,&OY!6&!,#M,R
!"65&&!$'M,!#5&!'*!6-:!#+!'*2&O!45':-,-*/!#%%!,'5+,!'(!6#5:!+'!96'&K&5!9'J%1!
$'+6&5!,J26!#!(-*&!/&*+%&:#*S,!2#55-#/&R
!Y7*1!+65&&!('5!+6&!'*&!96'!2#*!&,2'5+!J,!+'!)6-*I)6-*S,!9-+6'J+!-*2-1&*+OY!6&!
,#M,R
!"6&MS5&!XJ-&+R!7!(-%+6M!$'M!-*!+#++&5&1!2%'+6&,!#*1!,6'&,!9'5*!1'9*!+'!6'%&,!
/5#$,!+6&!%#,+!'(!+6&!2'-*,R!Y<-!8*'9!)6-*S,OY!6&!,#M,R
"6&!'+6&5!$'M,!%''8!#+!6-:!9-+6!&*KM!#*1!,2'5*R
!Y"6-,!9#MO!/&*+,OY!6&!,#M,O!+#8-*/!J,!1'9*!#!:#T&!'(!#%%&M,!1#:4!9-+6!+6&!9-*1!
$%'9-*/!'((!+6&!*&#5$M!1'28,R!C#+!5#+,!,2J++%&
#25',,!2'$$%&,+'*&,O!4'8-*/!#+!6&#K&*!8*'9,!96#+!$M!+6&!2J5$R!0&,4-+&!+6&!5#9!9-*1!
#*1!%#+&!6'J5O!4&'4%&!#5&!'J+R!D+!-,!,+-%%
)65-,+:#,!3K&O!#*1!+6&M!25'91!+6&!/-*!6'J,&,!#*1!,+5&&+,O!,':&!'(!+6&:!(#%%-*/!
1'9*!9-+6!15J*8&**&,,R
!Y;'-/6+!S&5&OY!+6&!$'M!,#M,!#,!9&!5&#26!#!6'K&%!-*,-1&!#!+-*M!2'J5+R!"6&!$'M!
4J,6&,!+65'J/6!+6&!1&25&4-+!1''5!#*1!&,2'5+,!J,!J4
,+&&4O!1#58!,+#-5,!+6#+!5&&8!'(!J5-*&!#*1!+6&!1#:4R!D!+5-4!'K&5!,':&+6-*/!#*1!
5&#%-T&!-+S,!#!$'1MR
!Y"6#+S,!VJ,S!'%S!N-:OY!+6&!$'M!,#M,O!J*$'+6&5&1RY!S3S,!#%9#M,!S&5&RY
!<*!+6&!,&2'*1!(%''5O!9&!5&#26!#*'+6&5!1''5R
!Y!S35&!M'J!/'R!)6-*I)6-*S,R!>-K&!J,!#!/-*!('5!+6&!+5'J$%&O!&6O!/JK\Y!+6&!$'M!
,#M,O!,+-28-*/!'J+!6-,!6#*1!-*!+6&!6'4&,!'(!:'5&!:'*&MR
!D!45&,,!#*'+6&5!+9'!,6-%%-*/,!-*+'!6-,!4#%:R
!YQ&55M!)65-,+:#,O!/JKRY!@&!1-,#44&#5,!#*1!D!8*'28!'*!+6&!/5-:&I+6-28&*&1!1''5R!D+!
25&#8,!'4&*!+'!5&K&#%!#*!#*2-&*+!)6-*#:#*R
"6&!,6#1'9,!J*1&5!6-,!6'%%'9!&M&,!:#8&!6-:!,&&:!:'5&!#*!#44#5-+-'*!+6#*!#!(%&,6I
#*1I$%''1!:#*O!$J+!+6&*!6&!,:-%&,O!,6'9-*/!#
6#*1(J%!'(!+&&+6!:'++%&1!$5'9*!#,!5'++&1!(5J-+R!@&!$-1,!J,!('%%'9!6-:!-*+'!+6&!
%'9O!25#:4&1!5'':R!3K&5M96&5&!D!%''8!+6&5&!#5&
$'1-&,R!"6&M!%-&!#$'J+O!&M&,!(%J++&5-*/U!,':&!V#$$&5!'*!-*!%'*/!,+5-*/,!'(!
,&*+&*2&,!+6#+!:&#*!*'+6-*/R!"6&MS5&!$5'8&*!$M!%'*/!4#J,&,
#*1!+6&!'22#,-'*#%!9&#8!%#J/6!+6#+!26-%%,!+6&!,'J%!9-+6!-+,!&:4+-*&,,R!7!,#-%'5O!
6-,!,8-*!+6&!2'%'5!'(!D*1-#!-*8O!*'1,!#*1!,%&&4,!-*!#
2'5*&5R!L&,-1&!6-:!-,!#!:#*!96'!%''8,!#,!-(!6&!:-/6+!*&K&5!9#8&R
!"6&!'4-J:!(J:&,!:#8&!:M!&M&,!9#+&5!#*1!:M!+65'#+!$J5*R!7+!+6-,!5#+&O!-+!9-%%!$&!#!
9'*1&5!-(!9&!2#*!&,2#4&!+6&!5'':!9-+6'J+
,J22J:$-*/!+'!+6&!15J/!'J5,&%K&,R!D!4J+!:M!6#*18&526-&(!+'!:M!:'J+6!+'!8&&4!(5':!
/#//-*/R
!YQ-*1!+6&!(%''5OY!P#5+-8!,#M,R!F&K&5#%!9&%%I+'I1'!/&*+%&:&*!#5&!2%J:4&1!+'/&+6&5!
#5'J*1!#*!'4-J:!$'9%!-*!#!,+J4'5O!:'J+6,!'4&*R
7$'K&!+6&:O!#!5'4&!,+5&+26&,!#25',,!+6&!5'':O!1-*/M!5#/,!6#*/-*/!(5':!-+!('5:-*/!#!
5'++&1!2J5+#-*!+6#+!,:&%%,!'(!,'J5!:-%8R
!YB6-26!,6-4!#5&!M'J!'*O!:M!$'M\Y!2':&,!#!K'-2&!(5':!+6&!1#58*&,,R!7!(#2&!:'K&,!
-*+'!+6&!/%'9!(5':!#!2#*1%&R!"6&!:#*!-,!D*1-#*R
!YD!#:!*'+!#!1&286#*1R!<5!#!$'MOY!P#5+-8!#*,9&5,R
!"6&!D*1-#*!,#-%'5!%#J/6,!#+!+6-,R!"6&5&S,!#*!J/%M!,2#5!,*#8-*/!(5':!+6&!2'5*&5!'(!
6-,!&M&!#25',,!6-,!26&&8R!D!,6J11&5!+'!+6-*8!6'9!6&
:-/6+!6#K&!/'++&*!-+!'5!96#+!6#44&*&1!+'!+6&!'+6&5!:#*R!@&!(-*/&5,!6-,!1#//&5!#+!
6-,!,-1&R
!YH'J!+5#-*&1!1'/!+'!3*/%-,6\Y!@&!4'-*+,!#+!:&!9-+6!+6&!1#//&5R!@&!:#8&,!#!$#58-*/!
,'J*1!+6#+!+J:$%&,!-*+'!:'5&!%#J/6+&5!#*1
+6&*!#!+&55-$%&!2'J/6-*/!(-+!+6#+!%&#K&,!$%''1!'*!6-,!6#*1R
!Y"6&!3*/%-,6RY!@&!,4-+,R!Y"6&M!/-K&!J,!+6-,!%-(&R!B&!#5&!+6&-5!1'/,O!M'J!#*1!DR!
0'/,R!B6#+!+6&M!45':-,&!M'J!2#**'+!+5J,+R!LJ+
)6-*I)6-*S,!'4-J:!:#8&,!+6&!96'%&!9'5%1!,9&&+R!F:'8&O!:M!(5-&*1O!#*1!M'J!('5/&+!
96#+!+6&M!1'R!C'5/&+!+6#+!M'J!#5&!#!1'/R!"6#+
M'J!9-%%!#%9#M,!$&!#!1'/RY
!@&!4'-*+,!+6&!+-4!'(!6-,!1#//&5!-*+'!+6&!,+-28M!$%#28!$#%%!'(!'4-J:O!5&#1M!+'!
,:'8&!6-,!+5'J$%&,!#9#M!#*1!(%'#+!-*+'!#*!'$%-K-'*
96&5&!6&!-,!*'!'*&S,!-*(&5-'5R!P#5+-8!#*1!D!:'K&!'*!+65'J/6!+6&!,:'8M!6#T&R!"6&!
)6-*#:#*!%&#1,!J,!+'!#!+-*M!5'':!#*1!$-1,!J,!9#-+
#!:':&*+!96-%&!6&!1-,#44&#5,!$&6-*1!+6&!5#/,!'K&5!+6&!1''5R!P#5+-8S,!V#9!5&:#-*,!
2%&*26&1R
!YB6#+!+6#+!:#*!,#-1RRR!Y!D!,+'4O!J*,J5&!'(!6'9!+'!2'*+-*J&R!YB6#+!D!:&#*!-,O!D!
6'4&!M'J!8*'9!+6#+!D!1'!*'+!(&&%!+6#+!9#MRY
!P#5+-8S,!(#2&!6#51&*,R!YD!#:!*'+!%-8&!+6',&!:&*R!D!#:!;#8,6#*#R!7!6-/6&5!2#,+&RY
!YLJ+!M'J!#5&!#%,'!D*1-#*R!"6&M!#5&!M'J5!2'J*+5M:&*O!#5&!+6&M!*'+\Y
!P#5+-8!,6#8&,!6-,!6&#1R!YC#+&!1&+&5:-*&,!M'J5!2#,+&R!H'J!:J,+!#22&4+!-+!#*1!%-K&!
#22'51-*/!+'!+6&!5J%&,RY
!YH'J!2#*S+!5&#%%M!$&%-&K&!+6#+bY
!YD!1'!$&%-&K&!-+R!"6#+!:#*S,!:-,('5+J*&!-,!+6#+!6&!2#**'+!#22&4+!6-,!2#,+&O!6-,!
(#+&RY
!D!8*'9!+6#+!+6&!D*1-#*,!9&#5!+6&-5!2#,+&!#,!#!:#58!J4'*!+6&-5!('5&6&#1,!('5!#%%!
+'!,&&R!D!8*'9!+6#+!-*!3*/%#*1O!9&!6#K&!'J5!'9*
J*#28*'9%&1/&1!2#,+&!,M,+&:R!7!%#$'5&5!9-%%!*&K&5!6'%1!#!,&#+!-*!.#5%-#:&*+R!
A&-+6&5!9-%%!#!9':#*R!D!1'*S+!+6-*8!DSK&!&K&5
XJ&,+-'*&1!,J26!+6-*/,!J*+-%!+6-,!:':&*+R
!YLJ+!96#+!#$'J+!9-%%!#*1!1&,-5&\!B6#+!-(!,':&'*&!9#*+,!+'!26#*/&!+6-*/,\Y
!P#5+-8!8&&4,!6-,!&M&,!'*!+6&!5'':RYH'J!2#**'+!26#*/&!M'J5!2#,+&R!H'J!2#**'+!/'!
#/#-*,+!(#+&RY
!Y"6#+!:&#*,!+6&5&!-,!*'!6'4&!'(!#!$&++&5!%-(&R!D+!-,!#!+5#4RY
!Y"6#+!-,!6'9!M'J!,&&!-+OY!6&!,#M,!,'(+%MR
!YB6#+!1'!M'J!:&#*\Y
!YD+!2#*!$&!#!5&%-&(!+'!('%%'9!+6&!4#+6!+6#+!6#,!$&&*!%#-1!'J+!('5!M'JO!+'!8*'9!
M'J5!2'J5,&!#*1!4%#M!M'J5!4#5+!-*!-+RY
!YLJ+!6'9!2#*!M'J!$&!,J5&!+6#+!M'J!#5&!('%%'9-*/!+6&!5-/6+!2'J5,&\!B6#+!-(!+6&5&!
-,!*'!,J26!+6-*/!#,!1&,+-*MO!'*%M!26'-2&\Y
!Y"6&*!D!1'!*'+!26'',&!+'!%-K&!9-+6'J+!1&,+-*MOY!6&!,#M,!9-+6!#!,%-/6+!,:-%&R
!@&!,&&:,!,'!,J5&O!96-%&!D!(&&%!*'+6-*/!$J+!J*2&5+#-*+MR!Y0'!M'J!&K&5!6#K&!1'J$+,\!
7$'J+!#*M+6-*/\Y
!@-,!,:-%&!K#*-,6&,RYH&,RY
!DS1!%-8&!+'!8*'9!96#+!+6&M!#5&O!$J+!+6&!)6-*#:#*!5&+J5*,O!-*+&55J4+-*/!'J5!
1&$#+&R!B&!('%%'9!6-:O!4J,6-*/!#,-1&!+6&!(&+-1!5#/,R!@&
4'-*+,!+'!#!(#+!3*/%-,6:#*!9-+6!#5:,!+6&!,-T&!'(!#*!&%&46#*+S,!%&/,R
!YB&S5&!%''8-*/!('5!Q5R!)6-*I)6-*OY!P#5+-8!,#M,R
!Y=''8-*S!#S!S-:OY!+6&!3*/%-,6:#*!,#M,R!Y"''8!'(&5!(5':!+6S!S5-/-*#%!45'45-&+'5!
(5&&!M&#5,!#/'R!F':&!2#9%,!:&!)6-*R!<(&5,!2#9%,!:&
?*2%&!L-%%MR!)':&!('S!#!+#M,+&!'S!S#44-*&,,\Y
!<*!#!%'9!+#$%&!,-+,!+6&!'4-J:!$'9%R!)6-*!,+-5,!+6&!+6-28!$%#28!/''R!@&!4J%%,!'J+!
#!,+-28MO!+#5%-8&!$&#1!'(!'4-J:!#*1!4J,6&,!-+!1'9*
-*+'!+6&!9''1&*!4-4&R!B-+6!6'55'5!D!,&&!+6#+!6&!9&#5,!:M!(#+6&5S,!9&11-*/!5-*/!'*!
#!,+5-*/!#5'J*1!6-,!*&28R
!YB6&5&!1-1!M'J!/&+!+6#+!5-*/\Y!D!#,8!-*!#!6'#5,&!96-,4&5!+6#+!D!6'4&!4#,,&,!#,!#!
M'J*/!:#*S,!K'-2&R
!Y=JKS%MO!-**-+\!.#+5'*!/-::&!-+R!C#-5!+5#1&!('S!:&!'4MJ:RY
!YD,!6&!,+-%%!6&5&\!"6#+!:#*\Y
!Y0'*S!8*'9R!7-*S+!5J**-*S!#!$'#51-*S'J,&O!*'9O!-,!DO!/JK\Y
!Y)6-*!R!R!RY!"6&!K'-2&O!J5/&*+!$J+!6'#5,&O!2':&,!(5':!+6&!'+6&5!,-1&!'(!+6&!
5#//&1!2J5+#-*R!7!6#*1!4'8&,!'J+R!D+!,6#8&,!#,!-+
,&#526&,!('5!+6&!4-4&R!"6&5&S,!#!(-*&!/'%1!9#+26!('$!1#*/%-*/!(5':!+6&!+6-*!
(-*/&5,RY)6-*O!+#8&!-+R!R!R!R!>-K&!:&!:'5&R!R!R!RY
!C#+6&5R
!D!4J%%!#,-1&!+6&!(-%+6M!2J5+#-*R!QM!(#+6&5!%-&,!'*!+6&!,'-%&1O!+'5*!:#++5&,,!-*!
'*%M!6-,!+5'J,&5,!#*1!,6-5+R!@-,!V#28&+!#*1!2'#+!#1'5*!#
9':#*!96'!-,!15#4&1!#25',,!6-:O!,*'5-*/!%-/6+%MR!@-,!(-*&!25#K#+!#*1!$''+,!#5&!
/'*&!,+'%&*!'5!$#5+&5&1O!D!1'!*'+!8*'9!96-26R!"6&
,+&*26!'(!J5-*&!-,!'K&54'9&5-*/O!#*1!D!6#K&!+'!(-/6+!+'!8&&4!(5':!$&-*/!-%%R
!YC#+6&5RY
!D*!+6&!1-:!%-/6+O!6&!,+5J//%&,!+'!,&&!96'!-,!,4&#8-*/R!@-,!&M&,!#5&!$%''1,6'+O!
+6&!4J4-%,!%#5/&!#*1!/%#,,MRY@&%%'OY!6&!,#M,O!,:-%-*/
15&#:-%MR
!QM!+65'#+!+65'$,!9-+6!#%%!DS:!6'%1-*/!$#28RYC#+6&5O!-+S,!+-:&!+'!/'!6':&RY
!YNJ,+!'*&!:'5&R!;-/6+!#,!5#-*R!"6&*!9&S%%!/'R!R!R!RY
!)6-*!+#8&,!+6&!9#+26!('$!#*1!4'28&+,!-+R!@&!4#,,&,!+6&!4-4&!+'!C#+6&5R
!Y0'*S+!/-K&!6-:!#*M!:'5&OY!D!4%&#1R
!D!+5M!+'!+#8&!+6&!4-4&O!$J+!C#+6&5!95&,+,!-+!(5':!:M!6#*1!#*1!/-K&,!:&!#!6#51!
,6'K&!-*!+6&!$#5/#-*R!P#5+-8!6&%4,!:&!+'!:M!(&&+R
!Y)6-*O!+6&!%-/6+R!"6&5&S,!#!/''1!:#*R!R!R!RY
!)6-*!%'9&5,!+6&!2#*1%&!+'!+6&!4-4&R!QM!(#+6&5!15#9,!-*!+6&!,:'8&R!@-,!&M&,!
(%J++&5!#*1!#!+&#5!&,2#4&,O!:#8-*/!#!,%'9!+5#28!1'9*
6-,!J*,6#K&*!26&&8RY=&#K&!:&O!4&+RY
!D!2#*S+!,+#*1!#*'+6&5!:':&*+R!B-+6!&K&5M!$-+!'(!,+5&*/+6!DSK&!/'+O!D!4J,6!+6&!
9':#*!'((!C#+6&5!#*1!4J%%!6-:!+'!6-,!(&&+R!"6&!+9'!'(
J,!,+J:$%&!$#289#51R!)6-*!%#J/6,!+'!9#+26!J,O!#,!-(!-+!9&5&!#!*-/6+!'(!
2'28(-/6+-*/!'5!,':&!'+6&5!,4'5+R!P#5+-8!+#8&,!:M!(#+6&5S,
'+6&5!#5:!#*1!+'/&+6&5!9&!:#*&JK&5!6-:!+65'J/6!+6&!+65'*/,!'(!'4-J:!&#+&5,R!D!#:!
,'!#,6#:&1!+6#+!6&!,6'J%1!,&&!:M!(#+6&5!-*
+6-,!,+#+&R!D!9#*+!+'!25M!$J+!#:!#(5#-1!-(!D!1-1!D!9'J%1!*&K&5!,+'4R
!B&!,+J:$%&!'*!+6&!,+#-5,!$J+!,':&6'9!:#*#/&!+'!:#8&!-+!+'!'J5!2#55-#/&!9-+6'J+!
(J5+6&5!-*2-1&*+R!"6&!$'M,!6#K&!$&&*!+5J&!+'
+6&-5!9'51R!"6&!25'91!6#,!/5'9*!+'!#$'J+!+9&*+M!26-%15&*O!96'!#%%!2%#:$&5!'J+!'(!
+6&!,&#+,!#*1!1'9*!(5':!>-*/&5S,!$#28R!"6&!2'%1
*-/6+!#-5O!#*!#,,#J%+!&#5%-&5O!-,!#!$#%:!#(+&5!+6&!95&+26&1!'4-J:!(J:&,R!D!$5&#+6&!
-*!/5&&1M!/J%4,!#,!P#5+-8!#*1!D!6&%4!C#+6&5!-*+'!+6&
2#55-#/&R!"':S,!+5'J,&5,!2#+26!-*!+6&!1''5O!+&#5-*/!#%'*/!+6&!,&#:R!7*1!9-+6!+6#+O!
D!+''!5-4!#4#5+R!3K&5M+6-*/!DSK&!6&%1
$#28!1-,#44'-*+:&*+O!%'*&%-*&,,O!(&#5O!#*1!+6&!25J,6-*/!,#1*&,,!'(!-+!#%%!2':&,!
5J,6-*/!'J+!-*!#!+'55&*+!'(!+&#5,R
!Y>&::#\Y
!Y0'*S+!R!R!R!%''8!R!R!R!#+!R!R!R!:&OY!D!,'$O!+J5*-*/!:M!(#2&!+'9#51!+6&!2'%1!
,+&&%!'(!+6&!2#55-#/&R!YD+!-,!#%%!RRR!,'!R!R!R!6'55-$%&!R!R!R!#*1
-+S,!R!R!R!:M!(#J%+RY
!YD+!-,!*'+!M'J5!(#J%+RY
!YH&,O!M&,O!-+!-,b!D(!D!6#1*S+!$&&*!96'!D!#:O!Q'+6&5!9'J%1*S+!6#K&!1-&1R!@&!*&K&5!
9'J%1!6#K&!$&&*!%-8&!+6-,b!D!5J-*&1!6-,!6#44-*&,,b
7*1!R!R!RYD!,+'4R
!Y7*1!R!R!R!\Y
!YD!J,&1!+6&!:#/-2!+'!+5M!+'!2J5&!6-:RY!DS:!#(5#-1!P#5+-8!9-%%!$&!#*/5MO!$J+!6&!
1'&,*S+!,#M!#*M+6-*/R!YD!2'J%1*S+!$&#5!+'!,&&!6-:!,J((&5
,'R!B6#+!-,!+6&!/''1!'(!#%%!+6-,!4'9&5!-(!D!2#*!1'!*'+6-*/!9-+6!-+\Y
!"6-,!$5-*/,!#!(5&,6!9#K&!'(!+&#5,R!"'!:M!/5&#+!,J545-,&O!P#5+-8!9-4&,!+6&:!#9#M!
9-+6!6-,!6#*1R!YQ&5##!:-+5#!M#6##*!##%M&OY!6&
:J5:J5,R
!D!J*1&5,+#*1!'*%M!#!%-++%&!@-*1-O!&*'J/6!+'!8*'9!96#+!6&!6#,!,#-1W!)':&!6&5&O!:M!
(5-&*1R
!YDSK&!*&K&5!8*'9*!#!$5#K&5!/-5%OY!6&!,#M,R
!@&!%&+,!:&!%&#*!#/#-*,+!+6&!2#55-#/&!('5!#!:':&*+!+-%%!:M!+&#5,!,+'4O!#*1!:M!$'1M!
(&&%,!#,!-+!#%9#M,!1'&,!#(+&5!#!/''1!25M!2#%:
#*1!2%&#*R!725',,!+6&!"6#:&,O!+6&!1&&4!26-:&,!'(!L-/!L&*!,-*/!+9'!'S2%'28R
!P#5+-8!6&%4,!:&!-*+'!+6&!,&#+!*&Z+!+'!:M!,%&&4-*/!(#+6&5R
!YQ&55M!)65-,+:#,O!Q-,,!0'M%&RY
!B6&*!9&!5&#26!6':&O!+6&!%#:4,!#5&!%-+O!96-26!-,!#*!':-*'J,!,-/*R!"':!-,!9#-+-*/!
-*!+6&!4#5%'5R!"6&5&S,!*'!9#M!+'!6-1&!96#+!6#,
6#44&*&1R
!Y>&::#O!96&5&!6#K&!M'J!$&&*!#+!,J26!#*!6'J5\!B6M!#5&!M'J!15&,,&1!-*!:M!2%'+6-*/\!
7*1!96#+!6#K&!M'J!1'*&!+'!:M!$&,+
+5'J,&5,\Y
!P#5+-8!:'K&,!-*+'!+6&!5'':O!,J44'5+-*/!C#+6&5!#,!$&,+!6&!2#*R
!YC#+6&5bY!"':!,#M,O!+#8-*/!-*!6-,!,&:-I2%'+6&1O!15J//&1!,+#+&RYB6#+!6#,!
6#44&*&1\Y
!QM!9'51,!5J,6!'J+!-*!#!+&55-(-&1!+'55&*+R!YB&!('J*1!6-:!-*!#*!'4-J:!1&*R!@&S1!
$&&*!+6&5&!('5!+9'!1#M,R!P#5+-8!9#*+&1!M'J!$J+!D
1-1*S+!9#*+!+'!,2#*1#%-T&!M'J!#+!+6&!2%J$!#*1!,'!D!D!D!R!R!RY
!@&#5-*/!+6&!2'::'+-'*O!Q5,R!N'*&,!#55-K&,O!6&5!*-/6+!$'**&+!,+-%%!'*!6&5!6&#1R
!YD,!#*M+6-*/!+6&!:#++&5O!,-5\Y!,6&!#,8,R
!YQ5R!0'M%&!6#,!+#8&*!-%%OY!"':!,#M,R
!Q5,R!N'*&,S,!&M&,!,#M!,6&!8*'9,!-+S,!#!%-&O!$J+!,6&!-::&1-#+&%M!,45-*/,!-*+'!
#2+-'*RYDS%%!(&+26!+&#!#+!'*2&O!,-5R!F6'J%1!D!,&*1!('5!+6&
1'2+'5\Y
!YA'b!NJ,+!+6&!+&#O!+6#*8!M'JOY!"':!$#58,R!@&!/-K&,!P#5+-8!#!6#51!%''8RYD!2#*!
:#*#/&!(5':!6&5&RY
!YH&,O!,-5OY!P#5+-8!,#M,R!C'5!#!:':&*+O!D!1'*S+!8*'9!96&+6&5!+'!/'!+'!:M!$5'+6&5!
'5!P#5+-8R!D*!+6&!&*1O!D!6&%4!"':!#*1!Q5,R!N'*&,
!/&+!:M!(#+6&5!+'!$&1R!D!26#*/&!'J+!'(!"':S,!2%'+6&,O!,25J$!:M,&%(!'(!+6&!,''+!'(!
3#,+!='*1'*O!#*1!15&,,!-*!:M!'9*!*-/6+2%'+6&,R!D!(-*1
"':!,-++-*/!-*!+6&!4#5%'5O!,+#5-*/!-*+'!+6&!(-5&R!@&!+#8&,!+6&!+9-/,!+6#+!#5&!+''!
,:#%%!+'!$&!'(!#*M!/''1O!,*#4,!+6&:!-*!6#%(O!#*1!(&&1,
+6&:!:&+6'1-2#%%M!-*+'!+6&!#*/5M!(%#:&,R
!YDS:!,'55MO!"':R!D!1-1*S+!8*'9!96#+!&%,&!+'!1'OY!D!,#MR!D!9#-+!('5!6-:!+'!+&%%!:&!
6'9!DSK&!1-,/5#2&1!+6&!(#:-%M!#*1!+6#+!D!,6#%%!*&K&5
%&#K&!+6-,!6'J,&!#/#-*R
!7*'+6&5!+9-/!%-/6+,R!D+!,25&#:,!-*!+6&!(-5&!#*1!6-,,&,!1'9*!+'!2-*1&5R!D!6#K&*S+!
#*M!-1&#!96#+!+'!,#MR
!YD!2#*S+!2J5&!6-:OY!"':!,#M,!,'!,'(+%M!D!6#K&!+'!,+5#-*!+'!6&#5R!Y7!:&1-2#%!
,+J1&*+!-,!#!:#*!'(!,2-&*2&R!@&!-,!,J44',&1!+'!6#K&!+6&
#*,9&5,R!D!2#**'+!&K&*!6&%4!:M!'9*!(#+6&5!2'*XJ&5!6-,!1&:'*,RY
!D!%&#*!:M!6&#1!#/#-*,+!+6&!9''1!'(!+6&!1''5(5#:&O!,':&+6-*/!,'%-1!+'!2#+26!:&!
,6'J%1!D!,%-1&!5-/6+!'((!+6-,!&#5+6!#*1!8&&4!(#%%-*/R
YH'JS%%!(-*1!#!9#MO!-*!+-:&RY!D!:&#*!+'!$&!5&#,,J5-*/R!D!#:!*'+R
!YA'R!F2-&*2&!-,!$5'8&*!('5!:&R!D+S,!$5'8&*RY!@-,!6&#1!,%J:4,!('59#51!-*+'!6-,!
6#*1,R!"6&5&S,!#!,+5#*/%&1!,'J*1R!@&S,!+5M-*/!*'+!+'
25MO!$J+!6&S,!6&%4%&,,!#/#-*,+!-+R!D!9#*+!+'!5J*!#25',,!+6&!5J/!#*1!6'%1!6-:!
+-/6+%MO!5-,8!6-,!1-,1#-*!+'!1'!-+R
!D*,+&#1O!D!+J5*!+6&!8*'$!XJ-&+%M!#*1!%&#K&O!%&++-*/!6-:!,#K&!(#2&!#*1!6#+-*/!
:M,&%(!('5!-+R
!)@7."3;!"@D;"HIFDG
!"@3!F<?A0!<C!0DF"7A"!)@?;)@!L3==F!B7P3F!Q3R!D+!-,!)65-,+:#,!:'5*-*/R!"6&!6'J,&!-,!
XJ-&+!#,!#!:'5/J&R!C#+6&5!#*1!"':!#5&
,+-%%!#,%&&4!#(+&5!'J5!%'*/!*-/6+O!#*1!>5#*1:#:#!6#,!26',&*!+'!,+#M!-*!$&1!#,!
9&%%R!<*%M!+6&!,&5K#*+,!#*1!D!#5&!#9#8&R
!D!15&,,!XJ-28%M!#*1!XJ-&+%M!#*1!:#8&!:M!9#M!+'!+6&!2#55-#/&!6'J,&R!F%&&4!,+-%%!
6#*/,!#$'J+!P#5+-8!-*!#!,9&&+O!26#5:-*/!9#MR
!YDSK&!2':&!+'!#4'%'/-T&!('5!%#,+!*-/6+R!7*1!+'!+6#*8!M'J!('5!6&%4-*/!6-:OSS!D!
,#MR
!Y3K&5M'*&!*&&1,!6&%4!,':&+-:&,OY!6&!,#M,R
!Y3Z2&4+!('5!M'JRY
!@&!1'&,*S+!#*,9&5R!D*,+&#1O!6&!6#*1,!:&!,':&+6-*/!-%%95#44&1!-*!#!,25#4!'(!2%'+6R!
YQ&55M!)65-,+:#,O!Q-,,!0'M%&RY
!D!#:!#,+'*-,6&1RYB6#+!-,!+6-,\Y
!Y<4&*!-+RY
!D*,-1&!+6&!2%'+6!-,!#!,:#%%!$%#1&!+6&!,-T&!'(!#!:#*S,!+6J:$R!7+'4!+6&!$%#1&!-,!#!
,:#%%O!25J1&!+'+&:!'(!#!:#*MI#5:&1!:#*!9-+6!#
$J((#%'!6&#1R
!YQ&/6!F#:$#5#OY!P#5+-8!&Z4%#-*,R!Y"6&!@-*1J,!$&%-&K&!+6#+!6&!'((&5,!45'+&2+-'*!
#/#-*,+!&*&:-&,RY
!YD!+6'J/6+!M'J!6#1!*'!%'M#%+M!+'!#*M!2J,+':,!'+6&5!+6#*!+6&!;#8,6#*#S,RY
!3:$#55#,,&1O!P#5+-8!,+-28,!6-,!6#*1,!-*!6-,!4'28&+,O!5'28,!'*!+6&!6&&%,!'(!6-,!
$''+,RYD+!9#,!7:#5S,RY
!YH'J!,6'J%1*S+!4#5+!9-+6!-+O!+6&*OY!D!,#MO!+5M-*/!+'!/-K&!-+!$#28R
!P#5+-8!VJ:4,!+'!#K'-1!+6&!$%#1&R!Y)#5&(J%R!D+!-,!,:#%%!$J+!,6#54R!7*1!M'J!:#M!
6#K&!*&&1!'(!-+RY
!D!6#+&!+'!$&!5&:-*1&1!'(!:M!4J54',&!6&5&!#*1!*'9R!YD!,6#%%!8&&4!-+!9-+6!:&R!"6#*8!
M'JRY
!D!,&&!+6&5&S,!#*'+6&5!,:#%%!$J*1%&!$&,-1&!6-:R!D!9'J%1!1&#5%M!%'K&!+'!#,8!-(!-+!
-,!('5!3:-%MO!$J+!D!2#*S+!$5-*/!:M,&%(!+'!1'!-+R
!Y"'*-/6+!-,!Q-,,!B'5+6-*/+'*S,!)65-,+:#,!$#%%O!M&,\Y!P#5+-8!#,8,O!5J**-*/!(-*/&5,!
+65'J/6!6-,!+6-28!+#*/%&!'(!2J5%,R
!YH&,OY!D!,#MR
!YB6#+!1'!M'J!1'!#+!+6&,&!$#%%,\Y!P#5+-8!#,8,!,6M%MR
!Y<6OY!D!,-/6R!Y"6&5&!-,!#!/5&#+!1&#%!'(!,:-%-*/!#*1!+#%8-*/!'(!+6&!9&#+6&5!#*1!
6'9!%'K&%M!&K&5M'*&!%''8,R!"6&5&!-,!#!%-/6+!,J44&5!#*1
5&(5&,6:&*+,R!7*1!+6&!1#*2-*/O!'(!2'J5,&RY
!YDSK&!*&K&5!$&&*!+'!#!$#%%R!D!1'*S+!8*'9!6'9!+6-,!,'5+!'(!1#*2-*/!-,!1'*&RY
!YD+!-,*S+!,'!1-((-2J%+!+'!:#,+&5!('5!#!:#*R!"6&!9':#*!6#,!+'!%&#5*!+'!1'!-+!-*!
5&K&5,&!9-+6'J+!,+&44-*/!'*!6-,!(&&+RY
!P#5+-8!%-(+,!6-,!6#*1,!-*+'!4',-+-'*!#,!-(!6'%1-*/!#*!-:#/-*#5M!4#5+*&5RY=-8&!
+6-,\Y!@&!:'K&,!#5'J*1!#*1!#5'J*1R
!Y7!$-+!,%'9&5R!"6#+S,!-+OY!D!,#MR
!P#5+-8!#1'4+,!#!4%J::M!+'*&RYD!,#MO!=#1M!B6#+,-+O!6#K&!M'J!6#1!:#*M!2#%%&5,!,-*2&!
#55-K-*/!-*!='*1'*\Y
!Y<6O!='51!@'-+MI+'-+MOY!D!#*,9&5O!:#+26-*/!6-,!+'*&R!YB6MO!DSK&!,'!:#*M!2#51,!
(5':!+6&!K&5M!$&,+!4&'4%&!+6#+!DSK&!6#1!+'!4J+!'J+
+9'!26-*#!$'9%,!+'!1-,4%#M!+6&:!#%%RY
!Y"9'!$'9%,O!M'J!,#M\Y
!Y"9'!$'9%,RY
!YB6#+!#*!-*2'*K&*-&*2&!('5!M'J!#*1!M'J5!26-*#!2'%%&2+-'*OY!P#5+-8!,#M,O!%#J/6-*/R!
@&!-,!,'!K&5M!%'K&%M!96&*!6&!%#J/6,R
!YD!,6'J%1!%-8&!+'!,&&!M'J!-*!$%#28!V#28&+!#*1!96-+&!+-&RY!P#5+-8!,+'4,RY0'!M'J!
+6-*8!D!9'J%1!%''8!+6&!/5#*1!/&*+%&:#*\Y
!YH&,RY
!@&!$'9,!+'!:&RYQ#M!D!6#K&!+6-,!1#*2&O!Q-,,!0'M%&\Y
!D!2J5+,MRY<6O!$J+!'(!2'J5,&O!='51!@'-+MI+'-+MRY
!YA'OY!6&!,#M,!,'(+%MRYQ#M!D!6#K&!+6-,!1#*2&\Y
!P#5+-8!-,!#,8-*/!:&!+'!1#*2&R!D!%''8!#$'J+R!"6&!6'J,&!-,!,+-%%!,6J++&5&1!9-+6!
,%&&4R!3K&*!+6&!,J*!-,!6-1-*/!$&6-*1!+6&!/5#M!2%'J1,!'(
-+,!$&12%'+6&,R!A'!'*&S,!#$'J+O!$J+!+6&M!9-%%!$&!#+!#*M!:':&*+R!QM!6&#1!96-,4&5,!
(5#*+-2!9#5*-*/,W!QJ,+*S+O!D:45'4&5R!B5'*/R!B6#+
-(!,':&'*&!,6'J%1!,&&!J,\!B6#+!#$'J+!F-:'*!R!R!R
!LJ+!:M!6#*1!:#8&,!+6&!1&2-,-'*!('5!:&O!4J,6-*/!#/#-*,+!+6&!)65-,+:#,!:'5*-*/!
26-%%!+-%%!-+!-,!V'-*&1!9-+6!6-,R
!Y76O!M'J5O!J:O!M'J5!'+6&5!6#*1!9'J%1!$&!#+!:M!9#-,+OY!D!,#MO!%''8-*/!1'9*!#+!'J5!
(&&+R
!Y@&5&\Y!6&!,#M,O!5&,+-*/!6-,!4#%:!#/#-*,+!:M!6-4R
!Y@-/6&5OY!D!25'#8R!@-,!6#*1!(-*1,!:M!9#-,+R!Y"6#+S,!-+RY
!YB6#+!*&Z+\Y
!YB&O!9&!1#*2&OY!D!,#MO!:M!$5&#+6!2':-*/!'J+!-*!,6#%%'9!4J((,R
!@&!+J5*,!:&!5'J*1!,%'9%M!#*1!#989#51%M!#+!(-5,+R!"6&5&!-,!,'!:J26!,4#2&!$&+9&&*!
J,!+6#+!#!+6-51!4&5,'*!2'J%1!,+#*1!+6&5&R!D!8&&4
:M!&M&,!'*!'J5!(&&+!,+&44-*/!,'!2%',&!+'!&#26!'+6&5O!%&#K-*/!4#++&5*,!-*!+6&!+6-*!
%#M&5!'(!,#91J,+R
!YD!+6-*8!-+!9'J%1!$&!&#,-&5!-(!M'J!9&5&*S+!4J%%-*/!#9#MOY!6&!,#M,R
!Y"6-,!-,!6'9!-+!-,!1'*&OY!D!#*,9&5R
!@&!4J%%,!:&!2%',&5!+'!6-:O!(#5!2%',&5!+6#*!-,!#445'45-#+&R!"6&5&!-,!$J+!#!96-,4&5!
'(!,4#2&!$&+9&&*!6-,!26&,+!#*1!:-*&R!D*,+-*2+-K&%MO
D!%''8!#5'J*1O!$J+!+6&5&!-,!*'!'*&!+'!,&&!J,!$J+!+6&!6'5,&,R!P#5+-8S,!6#*1!+5#K&%,!
(5':!:M!9#-,+!+'!+6&!,:#%%!'(!:M!$#28O!#*1!D!/#,4R
"J5*-*/!5'J*1!#*1!5'J*1O!6-,!6#*1!9#5:!#+!:M!$#28O!6-,!'+6&5!6#*1!/5#,4-*/!:-*&O!D!
#:!,J11&*%M!1-TTMR
!Y>&::#OY!6&!,#M,O!,'!+6#+!D!:J,+!%''8!J4!-*+'!+6',&!:#/*-(-2&*+!$5'9*!&M&,R!
Y"6&5&!-,!,':&+6-*/!D!*&&1!+'!+&%%!M'JR!R!R!RY
!@&!:J,+*S+!,#M!-+R!D+!9-%%!5J-*!&K&5M+6-*/R!D!$5&#8!#9#MO!:M!6#*1!/'-*/!+'!:M!
,+':#26!+'!,+&#1M!:M,&%(R
!Y75&!M'J!#%%!5-/6+\Y!P#5+-8!,#M,R
!D!,:-%&!9&#8%M!#*1!*'1R!Y"6&!2'%1OY!D!,#MR!Y.&56#4,!D!,6'J%1!$&!/&++-*/!$#28RY
!YLJ+!(-5,+O!D!*&&1!+'!+&%%!M'J!Y
!Y"6&5&S,!,'!:J26!+'!1'OY!D!,#MO!2J++-*/!6-:!'((R
!YB&%%O!+6&*OY!6&!,#M,O!,'J*1-*/!6J5+RY0'*S+!('5/&+!M'J5!/-(+RY
!@&!6#*1,!:&!+6&!26#5:!$%#1&R!<J5!6#*1,!+'J26O!#*1!('5!#*!-*,+#*+O!-+!-,!#,!-(!+6&!
9'5%1!6'%1,!-+,!$5&#+6O!#*1!+6&*!6-,!%-4,O!+6',&
9#5:O!,'(+!%-4,O!#5&!'*!:-*&R!D+!-,!#,!-(!DSK&!$&&*!2#J/6+!-*!#!,J11&*!5#-*O!+6-,!
(&&%-*/R
!"6&5&S,!#!,&*,#+-'*!-*!:M!,+':#26!%-8&!$-51,!(%#44-*/!#,!D!$5&#8!#9#MRY.%&#,&!
1'*S+RY
!YD+S,!$&2#J,&!D!#:!D*1-#*O!-,*S+!-+\Y!6&!#,8,R
!Y<(!2'J5,&!*'+OY!D!,#MRYD!1'*S+!&K&*!+6-*8!'(!M'J!#,!#*!D*1-#*RY
!@&!%''8,!#,!-(!6&S,!$&&*!4J*26&1R!"6&*!6&!+65'9,!6-,!6&#1!$#28!#*1!%#J/6,R!D!1'!
*'+!8*'9!96#+!DSK&!,#-1!+6#+!-,!,'!#:J,-*/R!@&
/-K&,!:&!,J26!#!6#51!%''8!D!(&#5!:M!6&#5+!,6#%%!$5&#8!(5':!-+RYF'!M'J!1'*S+!&K&*!
+6-*8!'(!:&!#,!D*1-#*R!B&%%O!+6#+!-,!#!+5&:&*1'J,
5&%-&(RY
!YDID!1-1*S+!:&#*!-+!%-8&!+6#+RY
!YH'J!3*/%-,6!*&K&5!1'RY!@&!9#%8,!-*+'!+6&!,+#$%&,!9-+6!:&!'*!6-,!6&&%,R
!DS1!*&K&5!+6'J/6+!'(!6'9!-*,J%+-*/!+6#+!:-/6+!,'J*1R!LJ+!*'9O!+''!%#+&O!D!5&#%-T&!
+6#+!6&!-,!5-/6+O!+6#+!-*!:M!6&#5+!D!6#K&!+#8&*!('5
/5#*+&1!+6#+!D!6#K&!$&&*!,'!(5#*8!9-+6!P#5+-8O!,'!R!R!R!:M,&%(R!R!R!$&2#J,&!6&!-,!
D*1-#*!#*1!,'!+6&5&!2'J%1!*&K&5!$&!#*M+6-*/!$&+9&&*
J,R!7*M+6-*/!D!2'J%1!,#M!*'9!9'J%1!$&!#!%-&R!DSK&!:#1&!,J26!#!:&,,!'(!+6-*/,R
!P#5+-8!-,!/#+6&5-*/!6-,!:&#/&5!4',,&,,-'*,!-*+'!#!5J28,#28R
!YB6&5&!#5&!M'J!/'-*/\Y
!Y"'!+6&!;#8,6#*#R!D+!-,!+-:&!('5!:&!+'!2%#-:!:M!4%#2&R!"'!$&/-*!:M!+5#-*-*/!#*1!
#1K#*2&RY
!Y.%&#,&!1'*S+!/'O!P#5+-8R!D!1'*S+!9#*+!M'J!+'!/'RY!D+!-,!+6&!+5J&,+!+6-*/!DSK&!
,#-1!#%%!1#MR
!YC'5!+6#+!D!#:!,'55M!('5!M'JRY
!"6&!:&9,!-,!2':-*/!#9#8&R!F&5K#*+,!6#K&!,45J*/!-*+'!#2+-'*!%-8&!+6&!+-*M!
:&26#*-T&1!(-/J5&,!'*!#!2J28''!2%'28R
!YH'JS1!$&,+!/'!-*R!B'J%1!M'J!$&!,'!8-*1!#,!+'!/-K&!+6-,!+'!3:-%M!('5!:&\Y!6&!,#M,!
(5',+-%MR!@&!6#*1,!:&!+6&!'+6&5!/-(+O!96-26!'4&*,
VJ,+!&*'J/6!+'!5&K&#%!"6&!<1M,,&MR!Y"&%%!6&5!D!#:!,'55M!D!2#**'+!2'*+-*J&!+&#26-*/!
6&5!+'!5&#1R!F6&S%%!6#K&!+'!/&+!,':&'*&!&%,&RY
!YP#5+-8OY!D!,+#5+R!D!*'+-2&!6&S,!%&(+!:M!/-(+!+'!6-:!(5':!:'*+6,!#/'!%&#*-*/!
#/#-*,+!+6&!9#%%R!Y0'*S+!M'J!9#*+!+'!+#8&!+6&!25-28&+
$#+\Y
!Y)5-28&+R!FJ26!#*!3*/%-,6!/#:&OY!6&!,#M,R!Y>''1$M&O!Q-,,!0'M%&RY!@&!6'-,+,!+6&!
5J28,#28!J4'*!6-,!$#28!#*1!9#%8,!#9#MO!6&#1-*/
-*+'!+6&!9&#8!(-5,+!%-/6+!'(!:'5*-*/R
!)@7."3;!"@D;"HIF3E3A
!LH!A<<AO!"@3!F";33"F!<C!=<A0<A!7;3!7!)<A)3;"!'(!$&%%,!2#%%-*/!'*&!#*1!#%%!+'!
26J526R!>5#*1:#:#O!"':O!#*1!D!,-+!'*!6#51
9''1&*!4&9,O!%&++-*/!+6&!5&K&5&*1S,!9'51,!9#,6!'K&5!J,R
!Y"6&*!@&5'1O!96&*!6&!6#1!45-K-%M!2#%%&1!+6&!9-,&!:&*O!-*XJ-5&1!'(!+6&:!1-%-/&*+%M!
96#+!+-:&!+6&!,+#5!#44&#5&1R!7*1!6&!,&*+!+6&:
+'!L&+6%&6&:O!#*1!,#-1O!S>'!#*1!,&#526!1-%-/&*+%M!('5!+6&!M'J*/!26-%1U!#*1!96&*!M&!
6#K&!('J*1!6-:O!$5-*/!:&!9'51!#/#-*O!+6#+!D!:#M
2':&!#*1!9'5,6-4!6-:!#%,'!R!R!R!YY
!D!/%#*2&!#$'J+!+6&!26J526R!7%%!#5'J*1!:&O!6&#1,!#5&!$'9&1!-*!45#M&5R!.&'4%&!,&&:!
2'*+&*+R!@#44MR!7(+&5!#%%O!-+!-,!)65-,+:#,R
!7!%-/6+I1#44%&1!,+#-*&1I/%#,,!9-*1'9!,6'9,!#*!#*/&%!1&%-K&5-*/!+6&!#**J*2-#+-'*R!
7+!6-,!(&&+O!Q#5M!8*&&%,O!+5&:$%-*/!#,!,6&
5&2&-K&,!+6-,!(&#5(J%!:&,,#/&!(5':!6&5!2&%&,+-#%!K-,-+'5R!@&5!(#2&!,6'9,!+6&!#9&!
#*1!(&#5!'(!+6#+!*&9,O!'(!+6&!/-(+!,6&!6#,!*'+!#,8&1
('5!$J+!9-%%!2#55M!*'*&+6&%&,,R!7*1!D!9'*1&5!96M!+6&5&!-,!*'!4#,,#/&!+'!1&,25-$&!
6&5!+&55-$%&!1'J$+R
!Y"6&*!@&5'1O!96&*!6&!,#9!+6#+!6&!9#,!:'28&1!'(!+6&!9-,&!:&*O!9#,!&Z2&&1-*/!95'+6O!
#*1!,&*+!('5+6!6-,!:&*O!#*1!,%&9!#%%!+6&
26-%15&*!+6#+!9&5&!-*!L&+6%&6&:O!#*1!-*!#%%!+6&!2'#,+,!+6&5&'(R!R!RY
!B6M!-,!+6&5&!*'!4#*&%!,6'9-*/!9':&*!,#M-*/O!A'O!DS:!,'55MO!D!1'*S+!9#*+!+6-,!
/-(+R!H'J!:#M!6#K&!-+!$#28R!DSK&!,6&&4!+'!%''8!#(+&5
#*1!$5&#1!+'!$#8&O!#*1!DSK&!*'!1&,-5&!+'!$&!#!6'%M!:&,,&*/&5R
!"6#+!-,!+6&!9-*1'9!D!%'*/!+'!,&&R
!7!5#M!'(!%-/6+!$5&#8,!+65'J/6!+6&!/%#,,O!#*1!('5!#!:':&*+O!+6&!#*/&%!,&&:,!+'!
(%#5&!%-8&!+6&!,J*R
!D!#:!#%%'9&1!+'!,4&*1!+6&!#(+&5*''*!9-+6!C&%-2-+M!#*1!7**O!,'!+6#+!>5#*1:#:#!#*1!
"':!:#M!+&*1!+'!C#+6&5R!Q5,R!B'5+6-*/+'*!-,
,&&-*/!+'!+6&!'J+(-++-*/!'(!%-++%&!.'%%MO!96-26!6#,!4J+!C&%-2-+M!-*+'!#!6#+&(J%!
:''1!+'!:#+26!:M!'9*R!<*%M!7**!-,!&*V'M-*/!+6&!1#MR!D+!-,
+6&!(-5,+!)65-,+:#,!,6&!2#*!5&:&:$&5!-*!#!5&#%!6':&!9-+6!#!$#%%!+'!#++&*1O!#*1!
,6&S,!4',-+-K&%M!/-11M!#$'J+!-+O!$#1/&5-*/!J,!9-+6
XJ&,+-'*,R
!YF6'J%1!D!9&#5!(%'9&5,!#*1!4&#5%,!-*!:M!6#-5\!<5!-,!-+!+''!/#J26&\Y!,6&!#,8,R
!Y>#J26&OY!C&%-2-+M!5&,4'*1,R!YD!1'*S+!,&&!96M!9&!6#K&!+'!+#8&!6&5!-*R!"6&5&!#5&!
4%&*+M!'(!5&%#+-K&,!:'5&!,J-+&1O!D!,6'J%1!+6-*8RY
!D!,-+!#+!C&%-2-+MS,!15&,,-*/!+#$%&!5J**-*/!#!$5J,6!+65'J/6!:M!6#-5O!2'J*+-*/!+6&!
,+5'8&,O!,&&-*/!+6&!6J5+!-*!P#5+-8S,!&M&,!9-+6!&#26
,9-4&!'(!+6&!$5J,6R!YF-Z+MI('J5O!,-Z+MI(-K&O!,-Z+MI,-Z!R!R!RY
!Y"6&M!(#9*!#*1!(5&+!'K&5!6&5!#,!-(!,6&S,!#!K-,-+-*/!45-*2&,,OY!C&%-2-+M!/5J:$%&,R
!YF6&S,!#!K&5M!45&++M!%-++%&!/-5%OY!7**!,#M,!+6'J/6+%&,,%MR!YD!9#,!+6-*8-*/!'(!
9&#5-*/!4&5(J:&R!>&::#O!1'&,!"':!(-*1!/-5%,!96'!9&#5
,2&*+!+''!$'%1\Y
!Y@&!-,!#++5#2+&1!+'!+6&!,:&%%!'(!:#*J5&OY!C&%-2-+M!,#M,R!YH'J!:-/6+!9#%%'9!-*!+6&!
,+#$%&,!+'!$5-*/!'J+!+6&!(J%%!(%'9&5!'(!6-,!%'K&RY
!YH'J!#5&!-*!XJ-+&!#!:''1OY!7**!/5J:$%&,R
!D!,6'J%1*S+!6#K&!1#*2&1!9-+6!6-:R!D!,6'J%1*S+!6#K&!%&+!6-:!8-,,!:&R!LJ+!D!9#*+&1!
6-:!+'!8-,,!:&R!7*1!+6&*!D!-*,J%+&1!6-:R
!Y<6O!-+S,!#%%!,J26!#!$'+6&5OY!C&%-2-+M!6#55J:46,!#,!,6&!:#8&,!6&5!9#M!+'!+6&!$&1O!
96-26!-,!#9#,6!-*!1-,2#51&1!,+'28-*/,O!,-%8O!#*1
4&++-2'#+,R!"6&!96'%&!'(!C&%-2-+MS,!2J4$'#51,O!-+!,&&:,O!#5&!,4%#M&1!'J+!('5!+6&!
9'5%1!+'!,&&R!7*1!M&+!,6&!2#*S+!,&&:!+'!(-*1!#*M+6-*/
+6#+!,J-+,R
!YDS:!*'+!/'-*/OY!C&%-2-+M!$%J5+,!'J+R!F6&S,!,45#9%&1!4&+J%#*+%M!'*!#!26#-,&!-*!
6&5!15&,,-*/!/'9*O!9''%&*!,+'28-*/,!4''%&1!#$'J+!6&5
#*8%&,R!7%%!45&+&*,&!'(!:'1&,+M!6#,!$&&*!#$#*1'*&1R
!YD+S,!M'J5!:'+6&5S,!$#%%OY!D!,#MR!YH'J!:J,+!/'R!F-Z+MI,&K&*O!,-Z+MI&-/6+!R!R!RY
!YDSK&!*'+6-*/!+'!9&#5bY
!D!/&,+J5&!/5#*1%M!+'!+6&!$&1!#*1!5&,J:&!:M!2'J*+-*/R
!YB'*S+!M'J!$&!9&#5-*/!'*&!'(!+6&!/'9*,!M'J5!:'+6&5!6#1!:#1&!('5!M'J!-*!.#5-,\Y!
7**!#,8,R!F6&S,!6'%1-*/!'*&!'(!+6&!15&,,&,
#/#-*,+!6&5!$'1MO!+J5*-*/!+6-,!9#M!#*1!+6#+R!F6&!/-K&,!#!,%-/6+!2J5+,M!+'!#*!
-:#/-*#5M!&,2'5+R
!Y"6&MS5&!,'!$'J5/&'-,RY!C&%-2-+M!,*'5+,R
!7**!5J*,!6&5!(-*/&5,!'K&5!+6&!9#+&5!$%J&!,-%8O!+6&!$&#19'58!#%'*/!+6&!1&%-2#+&!
*&28%-*&RYD!+6-*8!+6-,!'*&!-,!%'K&%MRY
!Y"6&*!M'J!9&#5!-+RY
!7**!4J%%,!6&5!(-*/&5,!$#28!#,!-(!+6&M!$J5*R!YD!2'J%1*S+!$&/-*!+'!(-+!-*+'!-+RY
!C&%-2-+M!,:-58,R!YH'J!2'J%1!6#K&!-(!M'JS1!/-K&*!J4!+6',&!:'5*-*/!,2'*&,RY
!YD+!9'J%1*S+!:#8&!#*M!1I1I1-((&5&*2&R!D!9'J%1!'*%M!-*,J%+!+6&!15&,,RY
!C&%-2-+M!,45-*/,!J4!9-+6!#!,-/6!+6#+!$'51&5,!'*!#!/5'9%R!YB6M!1'!M'J!1'!+6#+\Y
!Y0'!96#+\Y!7**!#,8,R
!YL&%-++%&!M'J5,&%(!#+!&K&5M!'44'5+J*-+MRY
!YD!9#,!'*%M!:#8-*/!%-/6+!'(!+6-*/,RY
!YA'O!M'J!9&5&*S+R!B#,!,6&O!>&::#\Y
!Y3-/6+MI,&K&*O!&-/6+MI&-/6+O!&-/6+MI*-*&!R!R!R!OY!D!#*,9&5!%'J1%MR
!Y7**O!-(!M'J!8&&4!,#M-*/!6'9!J*9'5+6M!M'J!#5&O!4&'4%&!9-%%!2':&!+'!$&%-&K&!-+RY
!7**!,65J/,O!5&+J5*-*/!+6&!15&,,!+'!+6&!6&#4!'*!+6&!$&1R!Y"6&M!$&%-&K&!96#+!+6&M!
,&&RY
!Y"6&*!26#*/&!96#+!+6&M!,&&RY
!Y@'9\Y
!YB&#5!+6&!15&,,R!B&!2'J%1!%&+!-+!'J+!'*!+6&!,-1&,RY
!Y<*&!6J*15&1RY!D!+J5*!+'!(#2&!+6&:RYH&,O!$J+!+6&*!-+!9'J%1*S+!(-+!M'J!#*M!
%'*/&5RY
!C&%-2-+MS,!/5-*!-,!(&5#%RY3Z#2+%MRY
!Y0'!M'J!5&#%%M!+6-*8!+6#+S,!#!/''1!-1&#\Y!D!,#MR!"6&!15&,,!-,!XJ-+&!&Z4&*,-K&O!
:#1&!-*!.#5-,!+'!(-+!C&%-2-+MR
!YB'*S+!M'J5!:'+6&5!$&!25',,\Y!7**!#,8,R
!YF6&S%%!$&!(#5!+''!-*K'%K&1!9-+6!6&5!/J&,+,!+'!*'+-2&!96#+!9&S5&!9&#5-*/R!F6&S%%!
'*%M!$&!2'*2&5*&1!9-+6!96#+!,6&S,!9&#5-*/O!#*1
96&+6&5!-+!:#8&,!6&5!%''8!M'J*/RY
!D+!,&&:,!#!$#1!-1&#O!$J+!7**S,!#%5&#1M!+'J26-*/!+6&!,-%8!#/#-*!#,!-(!-+!9&5&!#!
+5&#,J5&1!8-++&*O!#*1!DS:!*'+!/'-*/!+'!$&!+6&!'*&!+'
,4'-%!-+!('5!6&5R
!C&%-2-+M!VJ:4,!J4R!YD!,6#%%!2#%%!C5#**MR!C'5!#%%!6&5!+-5&,':&*&,,O!,6&!-,!#!:',+!
&Z2&%%&*+!,&#:,+5&,,RY
!C5#**M!-,!,J::'*&1R!B6&*!C&%-2-+M!&Z4%#-*,!96#+!,6&!9#*+,!1'*&O!+6&!/-5%S,!&M&,!
/'!9-1&!9-+6!1-,$&%-&(R
!YF6'J%1!D!#,8!Q5,R!B'5+6-*/+'*!(-5,+O!:-,,\Y
!YA'O!C5#**MR!D+!-,!+'!$&!#!,J545-,&!('5!:M!:'+6&5R!F6&!9-%%!$&!,'!K&5M!6#44M!+'!
,&&!Q-,,!L5#1,6#9!9&%%!+J5*&1!'J+RY
!YE&5M!9&%%O!:-,,RY
!C5#**M!:&#,J5&,!7**RYD+!9-%%!$&!1-((-2J%+O!:-,,R!D!2#**'+!,#M!-(!+6&5&!9-%%!$&!
&*'J/6!(#$5-2RY
!7**!$%J,6&,R!Y<6O!4%&#,&!1'*S+!$'+6&5R!DS%%!9&#5!96#+!D!9'5&!+'!+6&!'4&5#RY
!YC5#**MOY!C&%-2-+M!,#M,O!:#8-*/!6&5!*#:&!-*+'!#!,9&&+!%J%%#$MO!YM'J!#5&!,J26!#!
,8-%%&1!,&#:,+5&,,R!D!#:!,J5&!+6#+!-(!#*M'*&!2#*!1'
-+O!M'J!2#*RY
!YLJ+!'*2&!D!#%+&5!-+O!:-,,O!D!2#*S+!26#*/&!-+!$#28!#/#-*OY!C5#**M!,#M,R
!Y=&#K&!+6#+!+'!:&OY!C&%-2-+M!,#M,O!4J,6-*/!6&5!'J+!+6&!1''5!9-+6!+6&!15&,,!-*!6&5!
#5:,R
!YA'9O!%&+S,!,&&!+'!/-K-*/!M'J!#!9#-,+OY!C&%-2-+M!$#58,R
!7**!$5#2&,!6&5,&%(!#/#-*,+!+6&!9#%%!9-+6!$'+6!#5:,R!F6&!,+#5+,!+'!+J5*!$#28!+'!
,#M!,':&+6-*/!+'!:&O!$J+!C&%-2-+M!4J,6&,!6&5!6&#1
('59#51!#/#-*R
!YH'JS5&!*'+!/'-*/!+'!4-*26!:&!+''!+&55-$%MO!#5&!M'J\Y
!YH&,OY!D!,#M!:#++&5I'(I(#2+%MRYA'9!6'%1!,+-%%RY!D!/-K&!#!,6#54!+J/!'*!6&5!2'5,&+!
%#2&,O!2-*26-*/!-*!7**S,!9#-,+!#,!:J26!#,!D!4',,-$%M
2#*R
!Y@I6I6&#K&*,OY!,6&!/#,4,R
!Y7/#-*OY!C&%-2-+M!,#M,R
!D!4J%%!6#51O!#*1!7**!,+5#-/6+&*,O!4#*+-*/!('5!$5&#+6O!+&#5,!45-28-*/!#+!6&5!&M&,R
!Y"''!+-/6+OY!,6&!25'#8,R
!Y0'!M'J!9#*+!+'!9&#5!+6&!15&,,\Y!C&%-2-+M!+#J*+,R
!YH&,!RRR!$J+!D!1'*S+!9#*+!+'!1-&RY
!Y7%%!5-/6+O!*'!J,&!6#K-*/!M'J!(#-*+!'*!J,RY!D!%'',&*!+6&!%#2&,!#!$-+!#*1!2'%'5!
(%''1,!7**S,!(#2&R
!Y@&5&O!,-+OY!D!,#MO!/J-1-*/!6&5!+'!+6&!26#-,&R!F6&!6#,!*'!26'-2&!$J+!+'!,-+!
,+5#-/6+!#,!#!26J526!,+&&4%&R!F6&!$5&#+6&,!#,!6&#K-%M!#,!#
9'58&1!6'5,&R
!YD+!-,*S+!XJ-+&!,'!$#1!'*2&!M'JS5&!#22J,+':&1!+'!-+OY!7**!96-,4&5,O!/-K-*/!#!9&#8!
,:-%&R
!C&%-2-+M!+65'9,!6&5,&%(!'*!+6&!26#-,&!#/#-*RY=-#5RY
!YB6#+!1-1!M'J!:#8&!'(!A&%%!@#98-*,S,!4&5('5:#*2&\!D+!9#,!4J5&!/-$$&5-,6!+'!:&OY!
7**!,#M,O!,+5J//%-*/!('5!$5&#+6R!Y"':!%''8&1
K&5M!6#*1,':&O!D!+6-*8R!@&S,!,'!8-*1RY
!YDSK&!*'+!$&&*!#$%&!+'!:#8&!,&*,&!'(!-+!:M,&%(OY!D!#*,9&5R!Y<((&5!6'4&!+'!+6&!
?*+'J26#$%&,U!1'!*'+!%&+!+6&!,'*/!1-&R!L&!2#5&(J%!9-+6
$&#J+MU!$&#J+M!:J,+!4#,,RY
!Y0'!*'+!%&#K&!+6&!4#+6RB6#+!1-1!+6#+!:&#*\Y!7**!9'*1&5,!#%'J1R
!Y@'9!#$'J+!+6&!,%-44&5MO!*-44&5M!*M:46,\Y!C&%-2-+M!,#M,O!/-//%-*/R!Y<5!L&9#5&!+6&!
.'44M!B#55-'5,b!"6&M!9-%%!/'$$%&!M'J!J4R
>'$$%&O!/'$$%&bY
!7**!,+#5+,!+'!/-//%&O!$J+!+6&!2'5,&+!2J+,!6&5!:&55-:&*+!,6'5+R!F6&!2#*!'*%M!,:-%&!
#*1!4#*+R
!YF6&!9#,!+5M-*/!+'!+&%%!J,!,':&+6-*/R!DS:!,J5&!'(!-+RY!DS:!(&&%-*/!XJ-+&!
1&(&*,-K&!'*!+6-,!:#++&5R
!Y)':&!*'9O!>&::#b!D+!9#,!#!*'*,&*,&!4'&:R!.''5!A&%%!@#98-*,!-,!#,!:#1!#,!#!
6#++&5RY
!Y"6&*!6'9!1-1!,6&!8*'9!#$'J+!+6&!/'5/'*!'5!+6&!C'5&,+!'(!=-/6+,\!<5!+6&!/'%1&*!
:-,+\Y
!Y.&56#4,!M'J!+'%1!6&5RY
!YD!1-1*S+bY
!YF6&!5&#1!-+!,':&96&5&O!+6&*RY
!YA'OY!D!45'+&,+R!YD!$&%-&K&!,6&!9#,!,4&#8-*/!+'!J,!-*!#!2'1&O!#*1!-(!9&!2#*!
1&2-46&5!-+O!9&!,6#%%!J*%'28!+6&!:M,+&5M!'(!+6&!"&:4%&S,
!%'2#+-'*RY
!Y>&::#O!D!8*'9!M'J!9-,6!+'!$&%-&K&!+6#+!A&%%!6'%1,!+6&!8&M!+'!#%%!'(!+6-,O!$J+!D!
:J,+!,#MO!6#K-*/!,&&*!6&5O!+6#+!M'J!#5&!:-,+#8&*R!YS
!YH'J!,'J*1!%-8&!P#5+-8RY!D!-*,+#*+%M!5&/5&+!:&*+-'*-*/!6-,!*#:&R
!YB6#+!-,!-+O!>&::#\!H'JS5&!(5'9*-*/OY!7**!-*XJ-5&,R
!YP#5+-8R!@&S,!/'*&RY
!Y>'*&\!>'*&!96&5&\Y!C&%-2-+M!#,8,O!4J%%-*/!'*!#!,+'28-*/!#*1!&Z#:-*-*/!-+!#/#-*,+!
+6&!2J5K&!'(!6&5!2#%(R
!YL#28!+'!+6&!;#8,6#*#R!D!-*,J%+&1!6-:O!#*1!6&!%&(+RY
!YB6#+!1-1!M'J!,#M\Y!C&%-2-+M!#,8,R
!YD!+'%1!6-:!D!1-1*S+!&K&*!+6-*8!'(!6-:!#,!D*1-#*RY
!YB6#+!-,!-*,J%+-*/!#$'J+!+6#+\Y!C&%-2-+M!,#M,O!*'+!J*1&5,+#*1-*/R!F6&!5&:'K&,!+6&!
,+'28-*/!#*1!15'4,!-+!'*!+6&!(%''5R!Y>&::#O!#5&
9&!+'!/'!-*+'!+6&!5&#%:,!+'*-/6+\!D!9#*+!+'!,6'9!.-4!:M!*&9!/'9*!#*1!9-,6!6&5!#!
:&55M!)65-,+:#,RY
!YD+!9-%%!$&!1-((-2J%+!+'!/&+!#9#MOY!D!,#MR
!YA'*,&*,&R!"6&5&!#5&!#%9#M,!'44'5+J*-+-&,!+'!&,2#4&!(5':!+6&!26#4&5'*&,R!DSK&!
1'*&!-+!$&('5&RY
!YD!9-,6!+'!&*V'M!+6&!$#%%OY!D!,#MR
!C&%-2-+M!(-Z&,!:&!9-+6!#!:'28-*/!,:-%&R!YH'J!9-,6!+'!&*V'M!F-:'*!Q-11%&+'*RY
!YD!9#,!5#+6&5!6'4-*/!+'!1#*2&!9-+6!"':OY!7**!#1:-+,R
!YB&S%%!/'!+':'55'9OY!D!,#MO!+65'9-*/!C&%-2-+M!#!$'*&R
!YD!6#+&!-+!96&*!M'JS5&!+6-,!9#MR!F':&1#MO!D!,6#%%!6#K&!:M!'9*!4'9&5O!#*1!+6&*!D!
9-%%!&*+&5!+6&!5&#%:,!#*M!+-:&!D!4%&#,&OY!C&%-2-+M
6J((,R
!YC&%-2-+MO!1'*S+!$&!:#1OY!7**!4%&#1,R!YD+S,!VJ,+!'*&!*-/6+R!"':'55'9R!"':'55'9!
9&S%%!/'!-*+'!+6&!5&#%:,!#/#-*RY
!F6&!9#%8,!#9#MO!1-,:-,,-*/!J,R!YD!:-,,!.-4R!F6&!9#,!#%9#M,!/#:&RY
!7(+&5!C&%-2-+MS,!5J1&!1&4#5+J5&O!7**!#*1!D!:#8&!,:#%%!+#%8!#*1!,4&*1!+-:&!4%#M-*/!
9-+6!5-$$'*,R!"6&*O!#,!-(!*'+6-*/S,!6#44&*&1!#+!#%%O
C&%-2-+M!$J5,+,!+65'J/6!+6&!1''5,!#%'*/!9-+6!C5#**MO!96'!2#55-&,!+6&!$%J&!,-%8!
15&,,!/&*+%M!#25',,!6&5!#5:,R
!Y<6O!%&+S,!6#K&!#!%''8O!,6#%%!9&\Y!C&%-2-+M!&Z2%#-:,R
!7**!,+&4,!-*+'!+6&!4''%&1!(#$5-2O!,*#8&,!6&5!#5:,!+65'J/6R!C5#**M!%''4,!+6&!,:#%%!
4&#5%!$J++'*,!#+!+6&!$#28R!D+S,!%'K&%MR!7**!+9-5%,
-*!-+!#,!-(!,6&!2#*S+!$&%-&K&!+6&!/-5%!-*!+6&!:-55'5!2'J%1!$&!6&5!'9*!5&(%&2+-'*R
!YB6#+!1'!M'J!+6-*8\Y!D!,#MO!6'%1-*/!7**S,!6#-5!'((!6&5!*&28!('5!#!/5#*1!&((&2+R
!F6&!*'1,R!YH&,R!D!%-8&!-+R!"6#*8!M'JO!C&%-2-+MRY
!Y0'*S+!+6#*8!:&R!D+!9-%%!$&!4%&#,J5&!&*'J/6!+'!9#+26!:M!:'+6&5S,!(#2&!(#%%RY
!YB6#+!1'!M'J!:&#*\Y!7**!#,8,R!YD!+6'J/6+!M'J!,#-1!,6&!9'J%1*S+!2#5&RY
!Y0-1!D\Y!C&%-2-+M!,#M,O!(&-/*-*/!,J545-,&R
!D!(%#,6!C&%-2-+M!#!9#5*-*/!%''8R!F6&!-/*'5&,!:&!#*1!4J%%,!'J+!#!$J5/J*1M!K&%K&+!
/'9*!(5':!+6&!4-%&!'*!+6&!$&1R!YC5#**M\!H'JS5&
,J26!#!$5-%%-#*+!,&#:,+5&,,O!DS:!,J5&!-+!9'J%1!$&!*'!+5'J$%&!#+!#%%!('5!M'J!+'!
:#8&!#!+-*M!#1VJ,+:&*+!+'!+6-,!/'9*R!B6MO!DS:!2&5+#-*
M'J!2'J%1!1'!-+!9-+6-*!+6&!6'J5RY
!C5#**M!$%J,6&,R!YH&,O!:-,,\Y
!YD+S,!VJ,+!+6#+!+6&!$'1-2&!'*!+6-,!15&,,!-,!(#5!+''!45-:!('5!#!M'J*/!%#1M!/'-*/!
+'!,J26!#!/5#*1!4#5+MR!0'*S+!M'J!#/5&&\Y
!C5#**M!&Z#:-*&,!+6&!$'1-2&R!YD!,J44',&!D!2'J%1!%'9&5!-+!VJ,+!#!$-+O!:-,,RY
!Y<6O!M&,O!4%&#,&b!F+5#-/6+#9#MOSS!C&%-2-+M!,#M,O!4J,6-*/!C5#**M!'J+!+6&!1''5R!F6&!
+#8&,!'K&5!:M!,4'+!#+!+6&!15&,,-*/!+#$%&!#*1
$5&#8,!-*+'!#!9-28&1!/5-*R!Y"6-,!,6'J%1!$&!XJ-+&!#:J,-*/RY
!YB6M!1'!M'J!6#+&!6&5!,'\Y!D!,#MR
!YDS:!/5'9-*/!5#+6&5!('*1!'(!C5#**MO!#2+J#%%MRY
!YD!:&#*+!M'J5!:'+6&5RY
!C&%-2-+M!6'%1,!J4!#!4#-5!'(!/#5*&+!&#5$'$,!('5!-*,4&2+-'*R!YD!1'*S+!2#5&!('5!6&5!
+#,+&!-*!/'9*,RY
!YD(!M'J!1'*S+!9-,6!+'!1-,2J,,!-+!R!R!RY
!YA'O!D!1'*S+OY!C&%-2-+M!,#M,R
!F':&+-:&,!C&%-2-+M!-,!#,!:J26!#!:M,+&5M!+'!:&!#,!+6&!%'2#+-'*!'(!+6&!"&:4%&R!F6&!
-,!,4-+&(J%!#*1!26-%1-,6!'*&!:-*J+&O!%-K&%M!#*1
,4-5-+&1!-*!+6&!*&Z+U!#!/-5%!8-*1!&*'J/6!+'!$5-*/!7**!6':&!('5!)65-,+:#,!#*1!,:#%%!
&*'J/6!+'!+6-*8!P#5+-8!-,!6&5!-*(&5-'5R
!YF6&!,&&:,!XJ-+&!*-2&!+'!:&OY!7**!,#M,R
!C&%-2-+M!,+#5&,!#+!+6&!2&-%-*/R!YF6&!6#,!#!%'+!-*K&,+&1!-*!,&&:-*/!*-2&!%-/6+!#*1!
#:J,-*/R!"6#+S,!96#+S,!-:4'5+#*+!+'!6&5R!LJ+!1'*S+
:#8&!+6&!:-,+#8&!'(!/'-*/!+'!6&5!9-+6!#*M+6-*/!+6#+!:#++&5,RY
!F':&+6-*/!1#58!#*1!6#51!(%-+,!#25',,!+6&!,J5(#2&!'(!C&%-2-+MS,!(#2&R
!YB6#+!1'!M'J!:&#*\Y!D!#,8R
!YA'+6-*/OY!,6&!:J++&5,R!7*1!+6&!:M,+&5M!+6#+!-,!C&%-2-+M!B'5+6-*/+'*!1&&4&*,R
!C'5!(J*O!D!,%-4!-*+'!'*&!'(!C&%-2-+MS,!(5'28,O!#!1&&4!/5&&*!,#+-*R!7**!(#,+&*,!
+6&!6''8,!#*1!#!,6#4&%M!9#-,+!2':&,!-*+'!K-&9R!D+!-,
,+#5+%-*/!+'!,&&!:M,&%(!+6-,!9#M!+6&!6#%(I:''*,!'(!:M!4#%&!$5&#,+,!4&&8-*/!#$'K&!
+6&!25J,6!'(!,-%8!#*1!(%'9&5,R!D,!+6-,!+6&!/-5%
&K&5M'*&!&%,&!,&&,\
!"'!C&%-2-+M!#*1!7**O!DS:!#!:&#*,!-*+'!+6&!5&#%:,R
!"'!>5#*1:#:#O!D!#:!,':&+6-*/!+'!$&!:'%1&1!-*+'!,6#4&R
!"'!"':O!D!#:!#!,-,+&5!+'!$&!&*1J5&1R
!"'!C#+6&5O!D!#:!#!/''1!/-5%O!#%9#M,!'*&!,+&4!#9#M!(5':!1-,#44'-*+-*/!6-:R
!"'!F-:'*O!DS:!#!:M,+&5MR
!"'!P#5+-8O!D!#:!#!+#,8!6&!:J,+!:#,+&5R
!QM!5&(%&2+-'*!,+#5&,!$#28!#+!:&O!9#-+-*/!('5!#*!-*+5'1J2+-'*R!@&%%'O!/-5%!-*!+6&!
:-55'5R!H'J!#5&!>&::#!0'M%&R!7*1!DSK&!*'!-1&#!96'
M'J!5&#%%M!#5&R
!)@7."3;!"@D;"HI3D>@"
!3E3;H!=D>@"!DF!7L=7i3!7"!"@3!B<;"@DA>"<AFS!/5#*1!6':&!'*!.#58!=#*&R!"6&!6'J,&!
/%'9,!-*!+6&!,'(+%M!(#%%-*/!,*'9R!)#55-#/&,
#55-K&!-*!#!%'*/!$%#28!%-*&R!"6&!(''+:&*!6&%4!+6&!%#1-&,!,+&4!/5#2&(J%%M!+'!+6&!
2J5$O!96&5&!+6&M!+#8&!+6&!#5:,!'(!+6&-5!/&*+%&:&*!#*1
45':&*#1&!+'!+6&!(5'*+!1''5O!6&#1,!6&%1!6-/6O!V&9&%,!#*1!+'4!6#+,!'*!1-,4%#MR
!<J5!*&9!2'#26:#*O!Q5R!N#28,'*O!9#+26&,!#,!+6&!(''+I:#*!6&%4,!>5#*1:#:#!(5':!+6&!
2#55-#/&R!YQ-*1!+6&!4J11%&O!:J:OY!N#28,'*
,#M,O!*'+-*/!+6&!1J$-'J,!9&+!4'*1!'*!+6&!,+5&&+R
!Y"6&5&S,!#!/''1!:#*O!N#28,'*OSS"':!,#M,RYD+S,!K&5M!%J28M!+6#+!9&!6#K&!M'JO!#,!Q5R!
P#5+-8!,&&:,!+'!6#K&!K#*-,6&1!9-+6'J+!#!+5#2&R
D!2&5+#-*%M!9'*S+!,4&#8!+'!6-,!26#5#2+&5O!,6'J%1!6-,!(J+J5&!&:4%'M&5!2'*+#2+!:&RY
!D!9-*2&!#+!+6-,R!B-%%!D!&K&5!,&&!P#5+-8!#/#-*\
!Q5R!N#28,'*!+-4,!6-,!6#+!+'!:&R!@&S,!#!+#%%!$5J+&!'(!#!:#*!9-+6!#!%'*/O!+6-*!(#2&!
#*1!#!6#*1%&$#5!:J,+#26&!+6#+!5&:-*1,!:&!'(!#
9#%5J,R!<5!4&56#4,!DS:!$&-*/!J*8-*1!$&2#J,&!D!:-,,!P#5+-8R
!YB6&5&!1-1!M'J!(-*1!Q5R!N#28,'*\Y!D!#,8!#,!9&!V'-*!+6&!9&%%I15&,,&1!2'J4%&,!
4#5#1-*/!+'!+6&!$#%%R
!Y<6O!6&!('J*1!J,R!)#:&!$M!-*XJ-5-*/!96&+6&5!9&!:-/6+!6#K&!*&&1!'(!#!15-K&5RY
!Y<*!)65-,+:#,!0#M\!"6#+!-,!2J5-'J,OY!D!,#MR
!Y7*1!%J28MOY!"':!,#M,R!YA'9!5&:&:$&5O!C#+6&5!6#,!+#8&*!-%%!#*1!2#**'+!#++&*1!+6-,!
&K&*-*/O!$J+!6&!,&*1,!6-,!1&&4!5&/5&+,RY
!B6&*!D!,#M!*'+6-*/O!>5#*1:#:#!+#8&,!6'%1!'(!:M!#5:O!#%%!+6&!96-%&!,:-%-*/!#*1!
*'11-*/!+'!'+6&5,!96'!#5&!#55-K-*/RY>&::#\Y
!YH&,OY!D!,#M!9-+6!#!,-/6RYD!,6#%%!5&:&:$&5RY
!C&%-2-+M!#*1!6&5!:'+6&5!/5&&+!J,!#,!9&!#55-K&R!C&%-2-+MS,!15&,,O!+#-%'5&1!$M!
C5#**MO!,6'9,!#!1#5-*/!#:'J*+!'(!1&2'%%&+#/&!+6#+!1'&,
*'+!/'!J**'+-2&1!$M!+6&!/J&,+,O!+6&!,6'28!5&/-,+&5-*/!-*!+6&-5!%-*/&5-*/!/%#*2&,R!
Q5,R!B'5+6-*/+'*S,!,+5#-*&1!,:-%&!,#M,!#%%!+6#+!,6&!-,
(&&%-*/O!$J+!+6&5&S,!*'+6-*/!('5!6&5!+'!1'!$J+!4J+!'*!#!$5#K&!(#2&O!#,!-(!6&5!
1#J/6+&5!9&5&*S+!,6#:-*/!6&5!#+!6&5!K&5M!'9*!$#%%R!D!1'*S+
J*1&5,+#*1!96M!C&%-2-+M!/'#1,!6&5!:'+6&5!,'O!'5!96M!6&5!:'+6&5!&*1J5&,!-+!9-+6'J+!
:J26!:'5&!+6#*!#!:#5+M5&1!,-/6R
!Y@'9!1'!M'J!1'\Y!D!:J5:J5!+'!C&%-2-+M!#,!9&!&Z26#*/&!2J5+,-&,R
!Y>''1!'(!M'J!+'!2':&OY!,6&!,#M,R!B&S5&!$'+6!,'!('5:#%!+6#+!D!6#K&!+'!(-/6+!#!
/-//%&R!C&%-2-+M!/&,+J5&,!+'!+6&!:#*!'*!6&5!%&(+R!YD
1'*S+!$&%-&K&!M'JSK&!:&+!:M!(#+6&5O!F-5!>&'5/&!B'5+6-*/+'*RY
!Y@'9!1'!M'J!1'O!F-5!>&'5/&\Y!D!,#MO!2J5+,M-*/R
!C&%-2-+MS,!(#+6&5!-,!#!6#*1,':&!:#*!9-+6!2%&#5!/5#M!&M&,!#*1!(#-5!6#-5!/'*&!#!
:J11M!$%'*1R!@&!6#,!+6&!,'5+!'(!,+5'*/!45'(-%&!'*&
2#*!-:#/-*&!'J+%-*&1!$M!+6&!/5#M!'(!+6&!,&#R!D!2#*!,&&!6-:O!#5:,!$&6-*1!6-,!$#28!
#,!+6&M!#5&!*'9O!,6'J+-*/!'51&5,!+'!6-,!:&*R!7*1
%-8&!6-,!1#J/6+&5O!6&!6#,!#!26#5-,:#+-2!,:-%&O!96-26!-,!'*!1-,4%#M!#,!%-++%&!.'%%M!
&*+&5,!+6&!5'':!-*!6&5!$%J&!K&%K&+!/'9*O!6&5!6#-5!-*
5-*/%&+,R
!YQ#M!D!,+#M!('5!+6&!1#*2-*/O!?*2%&\Y!,6&!#,8,!XJ-&+%MR
!YF6&!,6'J%1!/'!+'!+6&!*J5,&5MOY!C&%-2-+MS,!:'+6&5!,#M,R
!YA'9O!*'9O!-+!-,!)65-,+:#,R!<J5!.'%%M!9#*+,!1#*2-*/!#*1!,6&!,6#%%!6#K&!-+OY!+6&!
#1:-5#%!,#M,RYDS:!#(5#-1!DS:!5#+6&5!#*!'%1!(''%!96&*
-+!2':&,!+'!-*1J%/-*/!M'J*/!%#1-&,RY
!"6&!/J&,+,!26J28%&!#+!+6-,O!1&%-/6+&1!9-+6!6-,!:&55M!,4-5-+,R!7,!9&!:'K&!'*O!D!
6&#5!6-:!/5&&+-*/!4&'4%&!9-+6!/5&#+!$'*6':-&!#*1
26#5:R
!YR!R!R!M&,O!DS:!'((!+':'55'9!+'!>5&&*9-26!+'!K-,-+!+6&!'%1!,#-%'5,!#+!+6&!5'M#%!
6',4-+#%R!0'!M'J!,J44',&!+6&MS%%!/-K&!:&!#!$&1\!R!R!R
F+&K&*,O!6'9S,!+6&!%&/!6'%1-*/!J4\!76O!/''1O!/''1!R!R!RY
!<*!#!,-1&!+#$%&O!$&#J+-(J%!1#*2&!2#51,!6#K&!$&&*!%#-1!'J+R!"6&M!#5&!2%&K&5O!
'5*#:&*+&1!9-+6!/'%1!$5#-1!#*1!#!+-*M!#++#26&1!4&*2-%
,'!+6#+!9&!:#M!95-+&!+6&!*#:&!'(!'J5!4#5+*&5!$&,-1&!+6&!1#*2&!9#%+TO!XJ#15-%%&O!
/#%%'4O!4'%8#!+6#+!6&!5&XJ&,+,!+'!6#K&!9-+6!J,R
"6'J/6!D!,6'J%1!%-8&!+'!95-+&!F-:'*S,!*#:&!$&,-1&!#%%!'(!+6&:O!D!8*'9!D!#:!+'!
1#*2&!*'!:'5&!+6#*!+65&&!1#*2&,!9-+6!#*M!/&*+%&:#*R
7*1!D!,6#%%!6#K&!+'!1#*2&!'*2&!9-+6!:M!$5'+6&5R
!"6&!2#51!9-%%!:#8&!#!$&#J+-(J%!,'JK&*-5!'(!:M!(-5,+!$#%%O!+6'J/6!+5J+6(J%%MO!D!#:!
*'+!M&+!Y'J+!'(!+6&!,26''%5'':OY!,-*2&!DSK&!*'+
:#1&!:M!1&$J+!#*1!6#1!:M!,&#,'*R!LJ+!+6-,!-,!#!(#:-%M!4#5+MO!#*1!#,!,J26O!D!,6#%%!
6#K&!#%%!+6&!45-K-%&/&,!'(!#!M'J*/!%#1M!'(
,&K&*+&&*!'5!&-/6+&&*R
!>5#*1:#:#!,4&*1,!#!+-5&,':&!#:'J*+!'(!+-:&!K-,-+-*/!9-+6!K#5-'J,!%#1-&,!96-%&!D!
#:!('52&1!+'!+5#-%!$&6-*1O!,:-%-*/!#*1!2J5+,M-*/
#*1!/&*&5#%%M!,#M-*/!*'+6-*/!J*%&,,!,4'8&*!+'R!D!:&&+!+6&!26#4&5'*&,!$'5&1!
,4-*,+&5!#J*+,!#%%!#*1!#!Q5,R!L'9%&,!45':-,&,
>5#*1:#:#!,6&!9-%%!9#+26!'K&5!:&!%-8&!#!:'+6&5!6&*!96-%,+!>5#*1:#:#!$J,-&,!6&5,&%(!
#+!2#51,!&%,&96&5&R!725',,!+6&!5'':O!D!,4M
F-:'*!&*+&5-*/!9-+6!6-,!(#:-%MO!#*1!:M!,+':#26!(%J++&5,R!DS:!,'!#$,'5$&1!-*!6-,!
#55-K#%!+6#+!D!:-,,!#!XJ&,+-'*!1-5&2+&1!+'!:&!(5':!#
=#1M!F':&+6-*/I'5I<+6&5R!F6&O!>5#*1:#:#O!#*1!Q5,R!L'9%&,!,+#*1!%''8-*/!#+!:&O!
&Z4&2+-*/!#*!#*,9&5R!>5#*1:#:#!2%',&,!6&5
&M&,!$5-&(%M!-*!,6#:&R
!YH&,O!+6#*8!M'JOY!D!,#MO!+6-*8-*/!-+!,#(&,+R
!=#1M!F':&+6-*/I'5I<+6&5!,:-%&,!#*1!2''%,!6&5,&%(!9-+6!#*!-K'5M!(#*R!YB'*1&5(J%b!
"6&!*&Z+!1#*2&!-,!#$'J+!+'!$&/-*R!7*1!6&5&!-,!:M
.&52-K#%!*'9RY
!7!M'J*/!:#*!#44&#5,!#+!6&5!,-1&R!"6&!+'4!'(!6-,!6&#1!5&#26&,!+6&!$'++':!'(!:M!
26-*O!#*1!6&!6#,!+6&!:-,('5+J*&!'(!%''8-*/!%-8&!#
%#5/&!(-,6O!#%%!$J%/-*/!&M&,!#*1!&Z2&4+-'*#%%M!9-1&!:'J+6R!7*1!DSK&!VJ,+!#/5&&1!+'!
1#*2&!9-+6!6-:R
!D!2':&!+'!+9'!2'*2%J,-'*,!1J5-*/!+6&!4'%8#R!<*&O!-+!-,!5#+6&5!%-8&!$&-*/!,6#8&*!
('5!#*!&+&5*-+MR!"9'O!+6&!5&#,'*!.&52-K#%
F':&+6-*/I'5I<+6&5!6#,!,J26!#*!&Z2&4+-'*#%%M!9-1&!:'J+6!-,!(5':!'K&5J,&R!@&!+#%8,!
('5!+6&!96'%&!'(!+6&!1#*2&O!,+'44-*/!'*%M!+'!#,8
:&!XJ&,+-'*,!+6#+!6&!+6&*!#*,9&5,!('5!:&R!D!#:!5&:-*1&1!'(!,J5K-K#%!,+'5-&,!-*!
96-26!$5#K&!:&*!9&5&!('52&1!+'!#:4J+#+&!+6&-5!'9*
%-:$,!-*!'51&5!+'!&,2#4&!#*-:#%!+5#4,O!#*1!D!(&#5!+6#+!D!,6#%%!6#K&!+'!5&,'5+!+'!
,J26!#!15#,+-2!:&#,J5&!-(!+6&!'526&,+5#!1'&,!*'+!,+'4R
Q&52-(J%%MO!+6&M!1'O!#*1!D!:#*#/&!+'!&,2#4&O!96-%&!Y5&/5&+(J%%MY!-*('5:-*/!
.&52-K#%!+6#+!:M!1#*2&!2#51!6#,!$&&*!(-%%&1!('5!+6&
5&:#-*1&5!'(!+6&!$#%%R
!7,!D!6'$$%&!(5':!+6&!1#*2&!(%''5!+'!5&+J5*!+'!+6&!2':4#*M!'(!Q5,R!L'9%&,!#*1!+6&!
26#4&5'*&,O!D!,&&!7**!2':-*/!'J+!+'!1#*2&!9-+6
"':R!F6&!2'J%1!*'+!%''8!6#44-&5R!7*1!"':!,&&:,!26#5:&1!+'!$&!-*!6&5!2':4#*MR!D!
(&&%!XJ-+&!9#5:&1!+'!,&&!+6&:!+'/&+6&5R
!YQ#M!D!6#K&!+6-,!1#*2&O!Q-,,!0'M%&\Y!D+S,!F-:'*O!/-K-*/!:&!#!,:#%%!$'9R
!YDS1!$&!1&%-/6+&1RY
!YD!,&&!=#1M!C#$&5!+5#44&1!M'J!-*+'!1#*2-*/!9-+6!6&5!,'*O!.&52-K#%OY!F-:'*!,#M,!
96-%&!+9-5%-*/!:&!/&*+%M!-*!+6&!9#%+TR!@-,!/%'K&1
6#*1!5&,+,!,'(+%M!#+!:M!$#28O!/J-1-*/!:&!&#,-%M!5'J*1!+6&!(%''5R
!Y@&!-,!#!:',+!2#5&(J%!1#*2&5OY!D!,#MO!+5M-*/!+'!$&!4'%-+&R
!F-:'*!/5-*,R!YD,!+6#+!96#+!M'J!2#%%!-+\!D!,J44',&!-+!-,!#!,8-%%!+'!$&!#$%&!+'!
1#*2&!+6&!4'%8#!#*1!+#%8!-*2&,,#*+%M!#+!+6&!,#:&!+-:&RY
!D!2#*S+!6&%4!,:-%-*/!#+!+6-,R
!Y=''8!+6&5&OY!F-:'*!,#M,O!YQ-,,!B&,+'*!#*1!Q5R!F6#54&RY!@&!-*1-2#+&,!#!1'J5I
%''8-*/!M'J*/!9':#*!,-++-*/!#%'*&!-*!6&5!26#-5O
1#*2&!2#51!-*!6#*1R!F6&!+65'9,!XJ-28!/%#*2&,!+'9#51!#!+#%%!:#*!9-+6!1#58!6#-5R!
@&S,!26#++-*/!9-+6!#*'+6&5!M'J*/!9':#*!#*1!6&5
/'K&5*&,,O!6-,!$#28!+'!Q-,,!B&,+'*RYD+!-,!2'::'*!8*'9%&1/&!+6#+!Q-,,!B&,+'*!
(#*2-&,!Q5R!F6#54&R!D+!-,!#%,'!2'::'*!8*'9%&1/&!+6#+
Q5R!F6#54&!1'&,*S+!8*'9!Q-,,!B&,+'*!-,!#%-K&R!F&&!6'9!,6&!%'*/,!('5!6-:!+'!#,8!6&5!
('5!#!1#*2&R!DS%%!9#/&5!,6&S,!8&4+!6&5!1#*2&!2#51
(5&&!'*!+6&!26#*2&!6&S%%!#,8RY
!Q5R!F6#54&!9#%8,!-*!Q-,,!B&,+'*S,!1-5&2+-'*R
!Y=''8OY!D!,#MRY.&56#4,!6&S,!/'-*/!+'!#,8!6&5RY
!Q-,,!B&,+'*!,-+,!+#%%O!#!6'4&(J%!,:-%&!'*!6&5!*&&1%&I,%-:!(#2&R!Q5R!F6#54&!4#,,&,!
6&5!$MO!#*1!,6&!:#8&,!#!,6'9!'(!%''8-*/!'((!-*+'
+6&!1-,+#*2&O!#,!-(!,6&!-,!*'+!$'+6&5&1!-*!+6&!,%-/6+&,+!$M!6-,!5&V&2+-'*R!D+!-,!
#%%!,'!25J&%R
!Y76O!4&56#4,!*'+OY!F-:'*!,#M,R!@&!'((&5,!XJ-&+!2'::&*+#5M!'*!+6&!2'J4%&,!#5'J*1!
J,R!YQ5R!P-*/,%&M!-,!#(+&5!+6&!9-1'9!Q#5,6S,
,-T#$%&!+5J,+R!Q-,,!LM5*&!-,!:J26!%#5/&5!+6#*!,6&!9#,!1J5-*/!+6&!,&#,'*!-*!Q#MR!
F6&!&#+,!%-8&!#!$-51!-*!4J$%-2O!$J+!D!6&#5!+6#+!-*
45-K#+&O!,6&!2#*!&#+!J4!+6&!%#51&5!-*!+6&!$%-*8!'(!#*!&M&R!F-5!L5#Z+'*!-,!,#-1!+'!
$&!2#55M-*/!'*!#*!#((#-5!9-+6!6-,!/'K&5*&,,R!7*1!+6&5&
-,!+6&!2#,&!'(!'J5!6',+!#*1!6',+&,,O!+6&!B'5+6-*/+'*,RY
!YB6#+!1'!M'J!:&#*\Y
!Y"6&M!#5&!$#5&%M!2-K-%!9-+6!&#26!'+6&5R!F&&!6'9!,6&!#K'-1,!6-:\Y!C&%-2-+MS,!
:'+6&5!:'K&,!(5':!/J&,+!+'!/J&,+O!/-K-*/!+6&:!6&5
#++&*+-'*O!$J+!,6&!1'&,*S+!,'!:J26!#,!%''8!#+!6&5!6J,$#*1R
!YF6&!-,!+6&!6',+&,,OY!D!,#MO!(&&%-*/!+6&!*&&1!+'!1&(&*1!6&5R
!Y3K&5M'*&!8*'9,!+6#+!,6&!%-K&1!-*!.#5-,!9-+6!6&5!%'K&5O!#!C5&*26!#5+-,+R!7*1!+6&!
M'J*/!Q-,,!B'5+6-*/+'*!-,!$#5-*/!+''!:J26!,8-*!+6-,
&K&*-*/R!D+S,!#%5&#1M!$&-*/!/',,-4&1!#$'J+R!F6&S%%!45'$#$%M!6#K&!+'!:#55M!,':&!
$5#,6!7:&5-2#*R!.-+MR!@&5!(#+6&5!9#,!8*-/6+&1!$M!+6&
cJ&&*O!/-K&*!+6&!P*-/6+!)'::#*1&5!'(!+6&!<51&5!'(!+6&!L#+6!('5!6-,!1-,+-*/J-,6&1!
*#K#%!2#5&&5R!7*1!*'9!6&!6#,!&K&*!+#8&*!'*!#
M'J*/!9#51O!+6&!'546#*&1!1#J/6+&5!'(!#!1-,+#*+!2'J,-*R!@&S,!#!/''1!:#*O!$J+!6-,!
1#J/6+&5!-,!$&2':-*/!#!,+#-*!'*!6-,!(-*&
5&4J+#+-'*RY
!B6#+!F-:'*!,#M,!#$'J+!C&%-2-+M!-,!+5J&O!M&+!D!1'*S+!%-8&!6&#5-*/!6-:!+#%8!#$'J+!
:M!(5-&*1!+6-,!9#MR!D+!-,!#!,-1&!'(!F-:'*!DSK&!*'+
,&&*R
!YF6&!-,!,-:4%M!6-/6I,4-5-+&1OY!D!45'+&,+R
!YDSK&!:#1&!M'J!#*/5MOY!F-:'*!,#M,R
!YA'O!M'J!6#K&*S+OY!D!%-&O!+6'J/6!D!1'*S+!8*'9!96M!D!45&+&*1!DS:!*'+!#*/5MR
!YH&,O!D!6#K&R!D+!9#,!:',+!J*/&*+%&:#*%M!'(!:&R!D(!M'J!9&5&!#!:#*O!DS1!#%%'9!M'J!#!
4-,+'%!+'!1&(&*1!6&5!6'*'5OY!6&!,#M,O!9-+6!+6#+
1&K-%-,6!6#%(!,:-%&!'(!6-,R
!YD(!D!9&5&!#!:#*O!D!,6'J%1!+#8&!-+OY!D!,#MRYLJ+!D!9'J%1!$&!,J5&!+'!:-,,RY
!F-:'*!%#J/6,!#+!+6-,R!YQ-,,!0'M%&O!='*1'*!-,!#!(#5!:'5&!-*+&5&,+-*/!4%#2&!9-+6!
M'J!-*!-+RY
!"6&!1#*2&!&*1,O!#*1!F-:'*!&,2'5+,!:&!(5':!+6&!(%''5O!45':-,-*/!+'!#,8!('5!#*'+6&5!
96&*!:M!2#51!#%%'9,!-+R!7**!#*1!C&%-2-+M!5J,6
+'!:M!,-1&O!-*,-,+-*/!D!#22':4#*M!+6&:!+'!+6&!'+6&5!5'':!('5!%&:'*#1&R!B-+6!Q5,R!
L'9%&,!-*!+'9O!9&!4#,,!+65'J/6!+6&!5'':,O!#5:,
%-*8&1O!/',,-4-*/!XJ-28%M!#*1!XJ-&+%MR
!YR!R!R!#*1!+6&*!,6&!,#-1!D!9#,!(#5!+''!M'J*/!+'!9&#5!:M!15&,,!,'!%'9!#*1!,6&!
:-/6+!K&5M!9&%%!*'+!6#K&!6#1!:&!2':&!#+!#%%!-(!,6&
8*&9!D!9#,!+'!,6#:&!6&5!-*!,J26!#!4J$%-2!(#,6-'*!#*1!+6&!$%J&!,-%8!15&,,!-,!5J-*&1!
R!R!R!OY!C&%-2-+M!$#$$%&,R
!YF6&!-,*S+!#*/5M!9-+6!:&O!-,!,6&\Y!7**!#,8,O!6&5!(#2&!#!4-2+J5&!'(!9'55MRYH'J!1-1!
+&%%!6&5!D!+5-&1!+'!,+'4!M'J\Y
!YH'J!*&&1*S+!9'55M!,'R!H'J5!5&4J+#+-'*!-,!-*+#2+R!L&,-1&,O!C#+6&5!2#:&!+'!:M!
1&(&*,&!#*1!Q'+6&5!$#28&1!1'9*!#+!'*2&R!F6&S1
*&K&5!,+#*1!J4!+'!6-:R!R!R!RY
!"6&!$#%%5'':!'4&*,!'*+'!+6&!5'':!+6#+!6#,!$&&*!,&+!#,-1&!('5!5&(5&,6:&*+,R!B&!,-4!
'J5!%&:'*#1&O!96-26!(&&%,!2''%R!0&,4-+&!+6&
9-*+&5!26-%%O!9&!#5&!9#5:!9-+6!1#*2-*/!#*1!&Z2-+&:&*+R!7**S,!%''8-*/!#*Z-'J,%M!
+'9#51!+6&!$#%%5'':R!B6&*!+6&!:J,-2!,+#5+,!#/#-*O
,6&!VJ:4,!('5!6&5!1#*2&!2#51R
!YD,!+6#+!+6&!XJ#15-%%&\Y
!YA'OY!D!,#M!RYF'J*1,!%-8&!#*'+6&5!9#%+TRY
!Y<6O!+6#*8!6&#K&*R!"':!6#,!#,8&1!:&!+'!1#*2&!+6&!XJ#15-%%&R!D!9'J%1*S+!9#*+!+'!
:-,,!-+RY
!C&%-2-+M!-,!:':&*+#5-%M!,+J**&1R!Y"':\Y
!7**S,!$&#:-*/RYH&,R!@&!,#-1!6&!9#*+&1!+'!6&#5!#%%!#$'J+!:M!J*2%&!#*1!6'9!D!2#:&!
+'!$&!#!%#1MR!<6O!>&::#O!1'!M'J!+6-*8!6&!%-8&,
:&\Y
!B6#+!6#K&!9&!1'*&\!B6#+!9-%%!6#44&*!96&*!+6&!5J,&!-,!1-,2'K&5&1\!DSK&!#*!J*&#,M!
(&&%-*/!#$'J+!-+RY0'!M'J!+5J%M!%-8&!6-:\Y
!YE&5M!:J26R!@&!-,!,'!R!R!R!5&,4&2+#$%&RY
!D!26'8&!'*!+6&!4J%4!-*!:M!%&:'*#1&R
!Y@'9!#5&!M'J!(#5-*/!9-+6!Q5R!Q-11%&+'*\Y!C&%-2-+M!#,8,R
!Y@&!-,!#!:',+!#22':4%-,6&1!1#*2&5OY!D!,#MR!DS:!+'5+J5-*/!+6&:O!'(!2'J5,&R
!C&%-2-+M!,9#+,!:&!4%#M(J%%M!9-+6!6&5!1#*2&!2#51R!Y"6#+!-,!#%%!M'J!6#K&!+'!,#M\!@&!
-,!#!K&5M!#22':4%-,6&1!1#*2&5\Y
!Y0'!+&%%OY!7**!45&,,&,R!Q5,R!L'9%&,!6#,!2#J/6+!J4!+'!J,R!A'9!,6&!6'K&5,!*&#5O!
6'4-*/!('5!#!$-+!'(!2'*K&5,#+-'*O!#!$-+&!'(!,2#*1#%R
!Y<6O!1&#5O!DSK&!#!5-4!-*!:M!/'9*OY!D!,#MR
!7**!#*/%&,!6&5!$'1M!+'!%''8!#+!:M!,8-5+R!YB6&5&\!D!1'*S+!,&&!'*&RY
!C&%-2-+M!2#+26&,!'*R!Y<6O!M&,R!B&!:J,+!/&+!M'J!+'!+6&!2%'#85'':!#+!'*2&R!<*&!'(!
+6&!:#-1,!2#*!:&*1!-+R!0'*S+!:-*1!J,O!Q5,R
L'9%&,bY
!L&('5&!'J5!26#4&5'*&!2#*!,#M!#!9'51O!C&%-2-+M!,4-5-+,!J,!#9#MO!1'9*!#!(%-/6+!'(!
,+#-5,!+-%%!9&S5&!-*!#!,:#%%!2'*,&5K#+'5MR
!YB&%%\Y
!Y@&!-,!K&5M!%'K&%MR!D+S,!#,!-(!DSK&!8*'9*!6-:!#%%!:M!%-(&OY!D!,#MR
!Y@&!1'&,*S+!2#5&!:J26!('5!:&OY!C&%-2-+M!,#M,R
!0'&,!,6&!8*'9!96#+!6&S,!,#-1!+'!:&!#$'J+!6&5\!D!$%J,6!+6-*8-*/!'(!6'9!D!2'J%1!
6#K&!2':&!:'5&!+'!6&5!1&(&*,&RYB6M!1'!M'J!,#M
+6#+\Y
!Y@&!:&#*+!+'!2'J5+!:&R!D!5&(J,&1!6-:!%#,+!M&#5O!#*1!6&S,!*&K&5!('5/-K&*!:&RY
!D!(&&%!#,!-(!DSK&!$&&*!8-28&1!6#51R!YD!+6'J/6+!M'J!6#1!*'!-*+&5&,+!-*!F-:'*\Y
!YH&,O!&Z#2+%MR!DSK&!*'!(&&%-*/,!('5!6-:R!H'J!1-1*S+!#,8!-(!6&!2#5&1!('5!:&RY
!QM!/''1!(&&%-*/,!6#K&!(#%%&*!+'!+6&!$'++':!'(!:M!,+':#26O!%-8&!2'*(&++-!%-++&5-*/!
#!1#*2&!(%''5R!@#,!F-:'*!$&&*!4#M-*/!#++&*+-'*!+'
:&!#%%!+6-,!+-:&!#,!#!9#M!+'!/'#1!C&%-2-+M\!<5!1'&,!6&!5&#%%M!2#5&!('5!:&\
!YD!+6-*8!9&!,6'J%1!5&+J5*!+'!+6&!$#%%OY!D!,#MO!6&#1-*/!('5!+6&!(-5,+!(%''5O!
9#%8-*/!(#,+&5!+6#*!-,!*&2&,,#5MO!VJ,+!&*'J/6!+'!%&#K&!#!/J%(
$&+9&&*!C&%-2-+M!#*1!:&R!D!1'*S+!(&&%!%-8&!V'-*-*/!+6&!6#44M!25'91!VJ,+!M&+R!D!
*&&1!#!:':&*+!+'!/#+6&5!:M,&%(R!7+!+6&!(#5!,-1&!'(!+6&
5'':!%-&,!#!4#-5!'(!C5&*26!1''5,!+6#+!%&#1!+'!#!,:#%%!$#%2'*MR!D!,%-4!'J+,-1&O!
/#T-*/!'J+!#+!+6&!9-1&!&Z4#*,&!'(!@M1&!.#58R!D*!+6&!$#5&
+5&&,O!D!,&&!C&%-2-+MO!+&:4+-*/!-*!6&5!%'9I2J+!/'9*O!#*1!:&O!+6&!+#%%O!/#*/%M!
25&#+J5&!4%#M-*/!15&,,IJ4U!+6&!/-5%!96'!-,!6#J*+&1!$M
K-,-'*,R!C&%-2-+M!#*1!F-:'*R!"6&M!2'J%1!%-K&!#*!J*2':4%-2#+&1!%-(&!+'/&+6&5R!"6&M!
9'J%1!$&!45&++M!#*1!(#,6-'*#$%&!#*1!9&%%!+5#K&%&1R
B'J%1!,6&!J*1&5,+#*1!6-,!9-++M!V'8&,\!B'J%1!6&!&K&*!:#8&!+6&:!9-+6!6&5\!.&56#4,!
,6&!9'J%1!:#8&!6-,!%-(&!#!6'55'5R!.&56#4,R
!"6&!2'%1!#-5!-,!#!6&%4!+'!:&R!B-+6!&#26!$5#2-*/!$5&#+6O!:M!6&#1!2%&#5,!#!$-+!
:'5&R!F''*O!D!(-*1!D!#:!5&2'K&5&1!&*'J/6!+'!$&
26-%%&1R!L&%'9O!+6&!2'#26I!#*1!(''+:&*!6#K&!/#+6&5&1!#$'J+!#!2'((&&!,+#%%R!"6&M!
2J11%&!2J4,!'(!+6&!6'+!15-*8!-*!+6&-5!6#*1,!96-%&
4#2-*/!$#28!#*1!('5+6!-*!+6&!,*'9O!+5M-*/!+'!8&&4!9#5:R!"6&,&!$#%%,!:J,+!$&!#!
:-,&5M!+'!+6&:R!C'5!#!:':&*+!D!+6-*8!D!,&&!P#5+-8R
LJ+!+6&*!D!5&:&:$&5!+6#+!6&!-,!/'*&R
!"6&!&K&*-*/!4%#M,!'*!-*!1#*2&,!#*1!96-,4&5,O!,:-%&,!#*1!45':-,&,R!"6&!26#:4#/*&!
6#,!(%'9&1!(5&&%MO!#*1!4&'4%&!%#J/6!:&55-%MO
!('5/&++-*/!+6&-5!2#5&,R!F''*O!+6&!26#4&5'*&,!%',&!-*+&5&,+!-*!/J#51-*/!+6&-5!
26#5/&,O!45&(&55-*/!+'!1#*2&!+6&:,&%K&,!'5!4%#M!96-,+!#*1
'+6&5!2#51!/#:&,!-*!#!5'':!1'9*,+#-5,R!B6&*!#+!%#,+!F-:'*!5&+J5*,!+'!+6&!$#%%5'':!
(5':!6-,!2#51!/#:&O!D!#:!#%%!*&5K&,R
!Y"6&5&!M'J!#5&OY!6&!,#M,O!,:-%-*/R!Y@#K&!M'J!,#K&1!:&!#*'+6&5!1#*2&\Y
!D!2#*S+!6&%4!:M,&%(RYD!+6'J/6+!4&56#4,!M'J!:-/6+!$&!1#*2-*/!9-+6!Q-,,!
B'5+6-*/+'*RY
!@&!(5'9*,R!Y7!1#*2&!9-+6!+6&!2#5*-K'5'J,!C&%-2-+M\!B6M\!@#,!,6&!&#+&*!#%%!+6&!
'+6&5!#K#-%#$%&!/&*+%&:&*\Y
!DS:!,'!5&%-&K&1!$M!+6-,!+6#+!D!%#J/6!-*!,4-+&!'(!:M!(5-&*1,6-4!9-+6!C&%-2-+MRYD!
,6'J%1*S+!%#J/6R!H'JS5&!$&-*/!6'55-$%&RY
!YH&,OY!F-:'*!,#M,O!5#-,-*/!#*!&M&$5'9RYDS:!K&5M!/''1!#+!$&-*/!6'55-$%&R!B'J%1!M'J!
%-8&!+'!(-*1!'J+\Y
!YB6#+!1'!M'J!:&#*\Y
!YF6#%%!9&!+#8&!#!9#%8\Y
!Y<6OY!D!,#MO!:M!(&#5!:-Z&1!9-+6!#!,%-K&5!'(!&Z2-+&:&*+R!YDS%%!VJ,+!-*('5:!Q5,R!
L'9%&,!+6&*RY
!F-:'*!,:-%&,R!YD+!-,!'*%M!#!9#%8R!7*1!%''8!6'9!,6&S,!&*V'M-*/!#!1#*2&R!B6M!,6'J%1!
9&!1-,5J4+!6&5!6#44-*&,,\Y
!D!1'*S+!9-,6!+'!J4,&+!F-:'*O!+'!:#8&!6-:!+6-*8!DS:!,J26!#!$'5&R!LJ+!-+!-,!
-:45'4&5!('5!:&!+'!%&#K&!9-+6!6-:!#%'*&R!D!1'*S+!8*'9
96#+!+'!1'R!YD!5&#%%M!,6'J%1!-*('5:!Q5,R!L'9%&,R!R!R!RY
!YE&5M!9&%%OY!F-:'*!,#M,R!F:-%-*/O!6&!&Z2J,&,!6-:,&%(R!A'9!DSK&!1'*&!-+R!DSK&!
4J,6&1!6-:!#9#MR!LJ+!:':&*+,!%#+&5O!6&!5&+J5*,!9-+6
C&%-2-+M!#*1!7**R!YA'9!9&!#5&!,#(&R!<5!#+!%&#,+O!M'J5!5&4J+#+-'*,!#5&!,&2J5&R!D!
1'*S+!8*'9!#$'J+!:-*&RY
!YB6#+!-,!+6-,!#$'J+\Y!C&%-2-+M!1&:#*1,R
!YD(!M'J!%#1-&,!9'J%1!2#5&!+'!V'-*!:&!-*!+6&!$-%%-#51,!5'':O!M'J!,6#%%!(-*1!'J+!
,''*!&*'J/6OY!F-:'*!,#M,O!+#8-*/!6-,!%&#K&R
!B&!9#-+!#!5&,4&2+#$%&!%&*/+6!'(!+-:&!$&('5&!:#8-*/!'J5!9#M!J4,+#-5,!+'!+6&!
B'5+6-*/+'*,S!$-%%-#51,!5'':R!D(!D!(&%+!-%%!#+!&#,&!#$'J+
$&-*/!#%'*&!9-+6!F-:'*O!D!(&&%!1'J$%M!,'!#$'J+!6#K-*/!C&%-2-+M!9-+6!J,R
!YB6#+!6#K&!M'J!-*!:-*1O!F-:'*\Y!,6&!#,8,R!@&#5-*/!6&5!J,&!F-:'*S,!*#:&!,'!(5&&%M!
/-K&,!:&!#!,-28!(&&%-*/!-*!:M!,+':#26R
!F-:'*!9#%8,!+'!+6&!$''82#,&!#*1!4J%%,!#!K'%J:&!(5':!+6&!,6&%(R
!YH'J!-*+&*1!+'!5&#1!+'!J,\Y!C&%-2-+M!95-*8%&,!6&5!*',&R!F6&!4J,6&,!#!96-+&!$#%%!
#25',,!+6&!9-1&!/5&&*!(&%+!'(!+6&!+#$%&R!D+!,:#,6&,
-*+'!+6&!*&#+!+5-#*/%&!-*!+6&!2&*+&5O!,&*1-*/!+6&!'+6&5!$#%%,!2#5&&*-*/!#/#-*,+!
+6&!$J:4&5,R
!@&!5&#26&,!-*+'!+6&!,4#2&!$&6-*1!+6&!$''8!#*1!$5-*/,!'J+!#!$'++%&!'(!+6-28!
&:&5#%1!/5&&*!%-XJ-1R!D+!-,!%-8&!*'!%-XJ'5!D!6#K&!&K&5
,&&*!$&('5&R
!YB6#+!-,!+6#+\Y!D!#,8O!:M!:'J+6!/'*&!15MR
!@-,!%-4,!2J5K&!-*+'!#!5'/J-,6!,:-%&R!Y7!$-+!'(!+6&!/5&&*!(#-5MR!F6&S,!#!:',+!
2'*/&*-#%!:-,+5&,,O!D!+6-*8!M'JS%%!(-*1RY
!DS:!,+-%%!2'*(J,&1R
!Y7$,-*+6&R!"6&!15-*8!'(!#5+-,+,!#*1!:#1:&*R!F':&!,#M!+6&!/5&&*!(#-5M!%-K&,!-*!#!
/%#,,!'(!#$,-*+6&O!#*1!,6&!,4-5-+,!M'J!#9#M!+'!6&5
%#-5!96&5&!#%%!:#**&5!'(!,+5#*/&!#*1!$&#J+-(J%!+6-*/,!2#*!$&!,&&*R!B'J%1!M'J!%-8&!
+'!+5M!%-K-*/!-*!+9'!9'5%1,!#+!'*2&\Y
!D!1'*S+!8*'9!96&+6&5!+'!%#J/6!'5!25M!#+!+6-,R
!Y<6OY!7**!,#M,O!9'55-&1R!YD!+6-*8!4&56#4,!9&!,6'J%1!/&+!$#28R!FJ5&%M!9&!6#K&!$&&*!
:-,,&1RY
!Y"6&*!9&!,6#%%!,#M!9&!9&5&!-*!+6&!2%'#85'':!6#K-*/!#!+&#5!-*!M'J5!15&,,!:&*1&1OY!
C&%-2-+M!,#M,RYD!9-,6!+'!+5M!#$,-*+6&RY
!D!1'*S+!9-,6!+'!+5M!#$,-*+6&R!B&%%O!4&56#4,!#!%-++%&!$-+!-(!D!2'J%1!$&!2&5+#-*!
6'9!-+!9'J%1!#((&2+!:&R!DS:!#(5#-1!+'!,+#MO!$J+!D!1'*S+
9#*+!+'!%&#K&!+6&!5'':!*'9!'5!%&+!C&%-2-+M!,6#5&!+6-,!&Z4&5-&*2&!9-+6!F-:'*!#%'*&R
!YDS1!%-8&!+'!+5M!-+!+''OY!D!25'#8R
!Y7*!#1K&*+J5'J,!,4-5-+OY!F-:'*!,#M,O!,:-%-*/!#+!:&R!Y"6#+S,!96#+!D!%'K&RY
!;&#26-*/!-*!#/#-*O!F-:'*!$5-*/,!'J+!#!(%#+O!,%'++&1!,4''*R!@&!4'J5,!6-:,&%(!6#%(!
#!/%#,,!'(!9#+&5!(5':!#!1&2#*+&5R!@&!,&+,!+6&!/%#,,
'*!+6&!+#$%&!#*1!4%#2&,!+6&!,+5#*/&!,4''*!'K&5!+6&!/%#,,S,!'4&*-*/R!B-+6!/5#2&(J%!
(-*/&5,O!6&!5&#26&,!-*+'!6-,!4'28&+!#*1!5&+5-&K&,!#
2J$&!'(!,J/#5O!96-26!6&!4&526&,!#+'4!+6&!,4''*R
!YB6#+!-,!+6#+!('5\Y!D!#,8R
!Y"'!+#8&!#9#M!+6&!$-++&5*&,,!'(!+6&!9'5:9''1RY
!"6-28!#,!+5&&!,#4O!/5&&*!#,!,J::&5!/5#,,O!+6&!#$,-*+6&!(%'9,!'K&5!+6&!,J/#5O!
1-,,'%K-*/!-+!'*!-+,!5&%&*+%&,,!9#MR!D*,-1&!+6&!/%#,,O!#
$&#J+-(J%!#%26&:M!-,!+#8-*/!4%#2&R!"6&!/5&&*!,9-5%,!-*+'!#!:-%8M!96-+&R!D+!-,!
&Z+5#'51-*#5MR
!Y@'9!1'&,!-+!1'!+6#+\Y!D!#,8R
!F-:'*!+#8&,!#!2'-*!(5':!6-,!4'28&+O!4#%:,!-+O!#*1!,6'9,!:&!6-,!&:4+M!6#*1R!"6&!
2'-*!6#,!1-,#44&#5&1RYQ#/-2RY
!Y=&+S,!,&&!-(!-+!-,OY!C&%-2-+M!,#M,O!5&#26-*/!('5!+6&!/%#,,R!F-:'*!6'%1,!-+!#9#MO!
6#*1,!-+!+'!:&R
!Y=#1-&,!(-5,+OY!6&!,#M,R
!C&%-2-+M!%''8,!#,!-(!,6&!2'J%1!,4-+!-*!6-,!&M&R!D+!-,!#!25J&%!+6-*/!+'!1'O!+'!
/'#1!6&5!,'O!$J+!D!:J,+!$&!25J&%!:M,&%(!$&2#J,&!D!2#*S+!6&%4
$&-*/!,#+-,(-&1!+6#+!DS:!+6&!'*&!26',&*!(-5,+R!QM!6#*1!,6#8&,!#,!D!+#8&!+6&!/%#,,R!
D!6#%(!&Z4&2+!+6-,!,+5#*/&!15-*8!+'!+J5*!:&!-*+'!#
(5'/R!3K&*!+6&!,:&%%!-,!-*+'Z-2#+-*/O!%-8&!%-2'5-2&!,4-2&1!9-+6!*J+:&/R!D!,9#%%'9O!
(&&%!-+!$J5*!:M!+65'#+R!"6&!:':&*+!D!(-*-,6O!C&%-2-+M
/5#$,!-+!(5':!:&!#*1!15-*8,!6&5!,6#5&R!F6&!'((&5,!-+!+'!7**O!96'!+#8&,!+6&!+-*-&,+!
'(!,-4,R!7+!%#,+!-+!/'&,!+'!F-:'*O!96'!+#8&,!6-,!+J5*
#*1!4#,,&,!-+!+'!:&!#/#-*R!"6&!/%#,,!:#8&,!-+,!5'J*1,!+65-2&!:'5&O!+-%%!-+!6#,!
$&&*!15#-*&1R
!F-:'*!J,&,!6-,!6#*18&526-&(!+'!9-4&!+6&!%#,+!'(!+6&!#$,-*+6&!(5':!+6&!/%#,,!#*1!
4%#2&,!&K&5M+6-*/!$&6-*1!+6&!$''8!+'!$&!5&+5-&K&1
#+!#!%#+&5!1#+&R!@&!:'K&,!2%',&5!+'!:&R!C&%-2-+M!2':&,!$&+9&&*!J,O!+#8-*/!6'%1!'(!
:M!95-,+R
!Y"6#*8!M'JO!F-:'*R!7*1!*'9!D!,J44',&!9&S1!$&,+!:#8&!+6#+!K-,-+!+'!+6&!2%'#85'':!
+'!#11!+5J+6!+'!'J5!,+'5MOY!,6&!,#M,O!#!,#+-,(-&1
/%&#:!-*!6&5!&M&R
!F-:'*!-,*S+!6#44MO!+6#+!:J26!D!2#*!,&&R!LJ+!6&!$'9,!#*1!%&+,!J,!/&+!'*!'J5!9#MR
!YD!1'*S+!(&&%!:J26!1-((&5&*+OY!7**!,#M,!#,!9&!,+#*1!-*!+6&!2%'#85'':O!(#**-*/!
'J5,&%K&,O!%&++-*/!+6&!:#-1,!,&#526!('5!-:#/-*#5M
+&#5,!-*!'J5!/'9*,R
!Y"6#+!-,!$&2#J,&!M'J!1-1*S+!+#8&!:'5&!+6#*!#!,-4OY!C&%-2-+M!96-,4&5,RYD!(&&%!
XJ-+&!(-*&RY
!"6&5&S,!#!,9&&+!9#5:+6!-*!:M!6&#1O!#!%-/6+*&,,!+6#+!:#8&,!-+!,&&:!#,!-(!#%%!-,!
9&%%!#*1!*'!6#5:!2#*!2':&!+'!:&R!D!,:-%&!#+
C&%-2-+MO!*'!%'*/&5!J4,&+O!VJ,+!&*V'M-*/!'J5!-*1-,25&+-'*!+'/&+6&5R!B6M!-,!-+!+6#+!
,':&!,&25&+,!2#*!15'9*!M'J!96-%&!,':&!4J%%!M'J!2%',&
+'!'+6&5,!-*!#!9#M!M'J!*&K&5!9#*+!+'!%',&\
!YH'J!%''8!$&#J+-(J%OY!C&%-2-+M!,#M,R!@&5!4J4-%,!#5&!%#5/&!#,!:''*,R
!YF'!1'!M'JOY!D!,#MR!D!2#*S+!,+'4!,:-%-*/R
!YB6#+!#$'J+!:&\Y!7**!#,8,R
!YH&,OY!D!,#MO!(&&%-*/!%-/6+&5!$M!+6&!,&2'*1R!Y"':!9-%%!*'+!$&!#$%&!+'!5&,-,+!M'JR!
H'J!#5&!#!45-*2&,,O!7**RY!"6-,!:#8&,!+6&!:#-1
+&*1-*/!:M!15&,,!5#-,&!6&5!&M&,!+'!:&!('5!#!:':&*+!$J+!+6&*!,6&!-,!$#28!+'!-+R
!B6&*!9&!&*+&5!+6&!$#%%5'':!#/#-*O!-+!,&&:,!+5#*,('5:&1O!+6&!2'%'5,!1&&4&5O!+6&!
%-/6+,!6#T-&5R!"6&!/5&&*!(#-5M!:&%+,!+'!%-XJ-1!(-5&
+6#+!5#2&,!+65'J/6!:M!K&-*,!%-8&!/',,-4O!%-8&!+6&!9-*/,!'(!#!+6'J,#*1!#*/&%,O!%-8&!
#!96-,4&5!'(!+6&!:',+!1&%-2-'J,!,&25&+!D!6#K&!&K&5
6&%1R!75'J*1!:&!+6&!5'':!6#,!,%'9&1!-*+'!#!$&#J+-(J%!$%J5!'(!2'%'5O!,'J*1O!#*1!
:'+-'*U!+6&!96-,8I96-,8!'(!+6&!%#1-&,S!,+-((!,8-5+,
:&%+-*/!-*+'!+6&!/5&&*,!#*1!$%J&,O!,-%K&5,!#*1!$J5/J*1-&,!'(!+6&-5!$&V&9&%&1!
$'1-&,R!"6&M!$&*1!#*1!,9#M!-*+'!+6&!/&*+%&:&*!%-8&
:-55'5!-:#/&,!+6#+!8-,,!#*1!(%M!#4#5+O!8-,,!#*1!(%M!#4#5+R
!QM!&M&,!(&&%!9&+!#*1!$&#J+-(J%R!QM!:'J+6!-,!,9'%%&*!#,!,J::&5!(5J-+O!#*1!#%%!D!
2#*!1'!-,!,:-%&!#,!-(!D!8*'9!#%%!+6&5&!-,!+'!8*'9!$J+!D
2#**'+!6'%1!'*!+'!#*M!'(!-+R!F-:'*!(-*1,!:&R!D!6&#5!:M,&%(!#22&4+-*/!#!1#*2&!9-+6!
6-:R!B&!V'-*!+6&!,9-5%-*/!+65'*/R!D!#:!(%'#+-*/R
F-:'*!Q-11%&+'*!-,!+6&!:',+!$&/J-%-*/!:#*!D!6#K&!&K&5!8*'9*R!D!9#*+!+'!+&%%!6-:!
+6-,O!$J+!*'!9'51,!9-%%!2':&R!"65'J/6!:M!$%J55M
&M&,O!+6&!$#%%5'':!6#,!+5#*,('5:&1!-*+'!#!,#25&1!,4-5#%!1#*2&!'(!B6-5%-*/!
0&5K-,6&,O!+6&-5!96-+&!2#,,'28,!(%M-*/!'J+!%-8&!+6&!(-5,+!,*'9
'(!9-*+&5O!+#%%!4J54%&!6#+,!1&(M-*/!/5#K-+M!#+'4!+6&-5!1&%-2#+&%M!,4-**-*/!6&#1,R!
LJ+!D!8*'9!D!2#**'+!$&!,&&-*/!+6-,R
!B-+6!&(('5+O!D!2%',&!:M!&M&,!+'!2%&#5!+6&!,2&*&O!#*1!96&*!D!'4&*!+6&:!#/#-*O!
+6&5&!#5&!+6&!%#1-&,!#*1!/&*+%&:&*O!6#*1,!V'-*&1
+&*+#+-K&%M!-*!+6&!9#%+TR!<K&5!+6&-5!1'9*M!96-+&!,6'J%1&5,O!+6&!%#1-&,!2'::J*-2#+&!
+'!&#26!'+6&5!9-+6!,J$+%&!*'1,!#*1!,-%&*+
%''8,!Y"6&!"6&+('51!/-5%!#*1!;'$&5+,!$'MO!#!:',+!,J-+#$%&!:#+26O!1'*S+!M'J!
#/5&&\Y!(#+&,!,&#%&1O!(J+J5&,!1&2-1&1!-*!+65&&IXJ#5+&5
+-:&!J*1&5!+6&!/%-++&5-*/!-%%J,-'*!:#8&5!'(!+6&!26#*1&%-&5!+65'9-*/!'((!1-#:'*1I
6#51!45-,:,!'(!%-/6+!+6#+!$#+6&!&K&5M+6-*/!-*!#
5&(%&2+-'*!'(!2'%1!$&#J+MR
!"6&!1#*2&!'K&5O!F-:'*!/J-1&,!:&!(5':!+6&!(%''5R!0-TTMO!D!,+J:$%&!,%-/6+%MR!QM!
6#*1!5&#26&,!('5!4J526#,&!-*!,':&+6-*/!,'%-1!#*1
(-*1,!+6&!$5'#1!&Z4#*,&!'(!F-:'*S,!26&,+R!QM!(-*/&5,!2J5%!#5'J*1!+6&!96-+&!4&+#%,!
'(!+6&!5',&!'*!6-,!%#4&%R
!YF+&#1M!+6&5&R!D!,#MO!Q-,,!0'M%&O!#5&!M'J!XJ-+&!#%%!5-/6+\Y
!D!,:-%&R!<6O!M&,O!XJ-+&R!D!2#**'+!,4&#8!'5!(&&%!:M!$'1MO!$J+!D!#:!,'!#$,'%J+&%M!
%'K&%M!4%&#,&!%&#K&!:&!6&5&O!D!,:-%&R!.&+#%,!(#%%
#9#MO!+9-5%-*/!,'(+%M!+'!+6&!(%''5!-*!+6&-5!'9*!,4-5#%!1#*2&R!"6&!4#%:!'(!:M!/%'K&!
-,!,+#-*&1!9-+6!+6&!,+-28M!5&,-1J&!'(!+6&!5',&R!D
2#**'+!,&&:!+'!(-/J5&!'J+!6'9!-+!/'+!+6&5&!'5!96#+!+'!1'!#$'J+!-+R!"6-,!,+5-8&,!:&!
#,!J*$&#5#$%M!6J:'5'J,O!#*1!D!(-*1!D!#:!%#J/6-*/R
!YF+&#1M!+6&5&!R!R!R!OY!F-:'*!,#M,O!#44%M-*/!#!$-+!'(!45&,,J5&!#+!:M!95-,+R!"6&!
4#-*!$5-*/,!:&!$#28!+'!:M!,&*,&,!,%-/6+%MR!@&!9#%8,
:&!4#,+!+6&!%#5/&!4'++&1!(&5*,!*&#5!+6&!1''59#M!#*1!$&6-*1!#*!'5*#+&!('%1-*/!
,25&&*R!D*!-+,!25&#,&,O!D!2#*!,&&!(5#2+-'*,!'(!+6&
$#%%5'':!96-5%-*/!4#,+R!B&!#5&!6-11&*!$J+!2'J%1!$&!1-,2'K&5&1!6&5&R!D!,6'J%1!$&!
#%#5:&1O!$J+!D!#:!*'+R!D!1'*S+!2#5&R
!Y>&::#OY!F-:'*!,#M,R!@-,!%-4,!/5#T&!:&!VJ,+!$&%'9!:M!&#5%'$&R!"6&M!+5#2&!#!:'-,+!
#52!1'9*!+6&!6'%%'9!'(!:M!*&28R!QM!6&#1!-,
9#5:!#*1!6&#KMR!3K&5M+6-*/!-*!:&!(&&%,!,9'%%&*!#*1!5-4&R!"6&!5'':!-,!,+-%%!1'-*/!
-+,!,9-5%-*/!1#*2&!'(!%-/6+,O!$J+!+6&!,'J*1,!'(!+6&
4#5+M!#5&!:J((%&1!#*1!(#5!#9#MR!D+S,!F-:'*S,!K'-2&!+6#+!(%'#+,!-*,-1&!:&R
!Y>&::#O!>&::#O!M'J!#5&!#*!&%-Z-5RY
!@&!45&,,&,!#/#-*,+!:&R!D!1'*S+!8*'9!-(!-+S,!+6&!#$,-*+6&!'5!,':&+6-*/!1&&4&5O!
,':&+6-*/!D!2#*S+!1&,25-$&O!$J+!D!#:!,-*8-*/!-*,-1&
:M,&%(!9-+6!*'!9-,6!+'!,+'4R
!Y)':&!9-+6!:&OY!6&!96-,4&5,R!D+!&26'&,!-*!:M!6&#1R!@&S,!/'+!:M!#5:O!%&#1-*/!:&!#,!
-(!9&!9&5&!5&#1M!+'!1#*2&R!D*,+&#1O!6&
9#%8,!:&!'J+!'(!+6&!$#%%5'':!#*1!J4,+#-5,O!#9#M!(5':!+6&!4#5+MR!@&!$5-*/,!:&!-*+'!
#!,:#%%!#++-2!5'':O!+6&!:#-1S,!5'':O!D!+6-*8R!D+!-,
:',+%M!1#58O!%-+!'*%M!$M!#!2#*1%&R!D+S,!#,!-(!D!6#K&!*'!9-%%!'(!:M!'9*R!D!,-*8!
'*+'!+6&!$&1O!:#5K&%-*/!#+!6'9!:M!6#*1,!%''8!-*!+6&
2#*1%&%-/6+O!#,!-(!+6&M!#5&!*'+!:M!'9*!,':&6'9R!F-:'*!,&&,!:&!,+#5-*/!#+!:M!6#*1,R!
@&!$&/-*,!+'!J*$J++'*!:M!/%'K&R!7+!+6&
'4&*-*/O!6&!8-,,&,!+6&!+-*M!$%J&!K&-*,!4J%,-*/!+6&5&R
!D!9#*+!+'!+&%%!6-:!+'!,+'4R!"6&!6#T&!'(!+6&!#$,-*+6&!2%&#5,!#!$-+R!D!#:!#%'*&!
9-+6!F-:'*R!@&!-,!8-,,-*/!:M!$#5&!95-,+R!B&!,6'J%1*S+
$&!6&5&R!F6'J%1*S+R
!YD!RRR!D!9#*+!+'!/'!$#28RY
!YF666O!>&::#RY!@&!5&:'K&,!:M!/%'K&R!QM!*#8&1!,8-*!(&&%,!,'!,+5#*/&R!YQM!:'+6&5!
%-8&,!M'JR!B&S1!:#8&!#!(-*&!:#+26O!1'*S+!M'J
+6-*8\Y
!"6-*8\!D!2#*S+!+6-*8R!@&!$&/-*,!+'!5&:'K&!+6&!'+6&5!/%'K&R!QM!$'1M!#526&,O!/'&,!
+-/6+R!<6O!>'1O!-+S,!6#44&*-*/R!D+S,!6#44&*-*/R
<K&5!+6&!5'J*1&1!$'9!'(!F-:'*S,!$#28O!D!,&&!+6&!5'':!,6-::&5-*/O!(&&%!:M!$'1M!
+&*,-*/!9-+6!+6&!K-,-'*!D!2#*S+!8&&4!'J+R!"6&!%#,+
+6-*/!D!6&#5!-,!F-:'*S,!2'*2&5*&1!K'-2&!,#M-*/!Y>&::#O!>&::#bY!#*1!+6&*!DS:!
(#%%-*/O!(#%%-*/!-*+'!+6#+!$%#28!6'%&R
!"6&!+65&&!/-5%,!-*!96-+&R!"6&M!(%'#+!VJ,+!$&M'*1!F-:'*R!YB&SK&!('J*1!-+R!B&SK&!
('J*1!+6&!"&:4%&R!=''8!#*1!,&&R!R!R!RY
!DS:!('%%'9-*/!+6&:!XJ-28%M!+65'J/6!+6&!5&#%:,O!+'!+6&!+'4!'(!#!6-%%R!D!2#*!6&#5!
25-&,R!C#,+O!9&S5&!/'-*/!(#,+R!"6&!6-%%!(#%%,!#9#MO!#*1
+6&5&!-,!+6&!:',+!:#/*-(-2&*+!2#+6&15#%!DSK&!&K&5!,&&*R!D+!,6-::&5,!%-8&!#!:-5#/&R!
"6&!"&:4%&R
!Y@J55M!R!R!R!OY!+6&!/-5%,!96-,4&5RYL&('5&!+6&M!(-*1!-+RY
!L&6-*1!+6&:O!1#58!2%'J1,!/#+6&5R!B-*1!$%'9,!+6&-5!6#-5!#$'J+!+6&-5!4#%&O!,6#1'9&1!
(#2&,R!F':&+6-*/S,!2':-*/R!F':&+6-*/S,
2':-*/!J4!$&6-*1!+6&:R!D+!5-,&,!J4!#*1!'K&5!+6&:!%-8&!#!1#58!46'&*-ZR!7!/5&#+!
$%#28!9-*/&1!25&#+J5&R!"6&!/-5%,!1'*S+!%''8O!+6&M!1'*S+
,&&R!LJ+!D!1'R!D+!'4&*,!-+,!9-*/,!+-%%!+6&M!(-%%!+6&!,8MO!5&K&#%-*/!+6&!+6-*/!
-*,-1&O!#!26J5*-*/!6'55'5!'(!(#2&,!25M-*/!'J+R
!7*1!+6&*!DS:!,25&#:-*/R
!Y>&::#b!>&::#bY!D+S,!F-:'*S,!K'-2&!D!6&#5!2#%%-*/!:&!$#28R!@-,!6#*1!-,!'K&5!:M!
:'J+6!+'!,+'4!:M!,25&#:,R!YD!#:!,'55MR!D
:&#*+!*'!6#5:RY
!@J55-&1%MO!6&!6#*1,!:&!$#28!:M!/%'K&,R!D+!+#8&,!:&!#!:':&*+!+'!2':&!$#28!-*+'!+6&!
5'':O!+'!5&#%-T&!+6#+!F-:'*!9#,!8-,,-*/!:M
$#5&!,6'J%1&5,!#*1!+6#+!6&!+6-*8,!+6&!,25&#:,!#5&!'K&5!+6-,R!D!#:!,+-%%!9''TM!(5':!
+6&!15-*8!$J+!*'9!D!(&&%!#,!-(!D!,6#%%!$&!-%%R!D!K':-+
-*+'!+6&!:#-1S,!9#,6$#,-*R!F-:'*!5J,6&,!+'!$5-*/!:&!#!+'9&%R
!D!#:!:'5+-(-&1O!#*1!:M!6&#1!#26&,R!D!#:!#%,'!,6#8-*/!#%%!'K&5O!$'+6!(5':!+6&!
K-,-'*!#*1!(5':!96#+!6#,!6#44&*&1!$&+9&&*!J,R
!YF6'J%1!D!,&*1!('5!,':&'*&\Y!F-:'*!#,8,R!@&!,+#*1,!-*!+6&!1''59#MO!2':-*/!*'!
2%',&5R
!D!,6#8&!:M!6&#1RYA'O!+6#*8!M'JR!D!9-,6!+'!5&+J5*!+'!+6&!$#%%RY
!YH&,O!#+!'*2&OY!F-:'*!,#M,O!,'J*1-*/!#(5#-1!#*1!5&%-&K&1!#+!+6&!,#:&!+-:&R
!D!9#*+!+'!&Z4%#-*!+'!6-:O!$J+!6'9!2#*!D\!7*1!,'!9&!9#%8!1'9*!+6&!,+#-5,!-*!
,-%&*2&R!7+!+6&!(-5,+!(%''5O!6&!%&#K&,!:&R!"6&!$&%%!-,!5J*/
('5!,J44&5O!#*1!D!,-:4%M!(#%%!-*!9-+6!+6&!'+6&5!%#1-&,R
!FJ44&5!-,!#!%'*/!#((#-5O!#*1!/5#1J#%%MO!9-+6!(''1!#*1!+-:&O!D!(&&%!:'5&!%-8&!
:M,&%(R!F-:'*!6#,!*'+!2':&!+'!,J44&5O!#*1!#,!:M!6&#1
2%&#5,O!:M!&:$#55#,,:&*+!5-,&,R!D!9#,!(''%-,6!+'!6#K&!15J*8!+6&!#$,-*+6&O!+'!6#K&!
/'*&!9-+6!6-:!#%'*&R!7*1!+6&*!+6#+!6'55-(-2!K-,-'*b
LJ+!('5!#*!-*,+#*+O!D!,#9!+6&!"&:4%&R!D!,#9!-+R!D+S,!9-+6-*!'J5!/5#,4R!D+!-,!*'+!
+6&!/5&#+&,+!2':('5+!'*!+6-,!*-/6+O!$J+!-+!-,!,':&!2':('5+O
#*1!D!,6#%%!6'%1!(#,+!+'!-+R
!Q5R!B'5+6-*/+'*!:#8&,!#!+'#,+!+'!)65-,+:#,R!7**!-,!-*+5'1J2&1!#*1!#,8&1!+'!,-*/R!
F6&!1'&,O!#*1!+6&!#,,&:$%M!#44%#J1,!('5!6&5O
*'*&!:'5&!%'J1%M!+6#*!"':O!96'!,6'J+,O!YL5#K'bY!"6&!/'K&5*&,,!2':&,!('5+6!9-+6!#!
,%&&4M!.'%%MO!96'!2%J+26&,!6&5!1'%%R
!71:-5#%!B'5+6-*/+'*!$&28'*,!+'!+6&!/-5%R!YF-+!J4'*!:M!8*&&O!26-%1R!7*1!#:!D!M'J5!
'9*!/''1!J*2%&O!+6&*\Y
!.'%%M2%-:$,!J4!-*+'!6-,!%#4!#*1!/-K&,!#!,6M!,:-%&R!C&%-2-+M!%''8,!'*O!#!/5-:!,&+!
+'!6&5!:'J+6R!D!2#**'+!$&%-&K&!,6&!9'J%1!$&!,'
26-%1-,6!#,!+'!$&!V&#%'J,!'(!#!%-++%&!/-5%R!B6M!1'&,!,6&!1'!,J26!+6-*/,\
!YB6#+\!D,!+6#+!#%%!+6&!4#M:&*+!1J&!J*+'!J*2%&,!+6&,&!1#M,\!=&+S,!6#K&!#!+5J&!#*1!
45'4&5!8-,,!('5!M'J5!J*2%&RY
!"6&!26-%1!,XJ-5:,!#!$-+O!6&5!&M&,!1#5+-*/!(5':!4&5,'*!+'!4&5,'*R!3#26!'*&!/-K&,!
6&5!+6&!,#:&!&#/&5!&Z45&,,-'*W!>'!'*O!+6&*R!>-K&
6-:!#!8-,,R!;&,-/*&1O!.'%%M!%&#*,!-*O!&M&,!2%',&1O!#*1!/-K&,!71:-5#%!B'5+6-*/+'*S,!
6#*1,':&!26&&8!#!8-,,R!QJ5:J5,!'(!#445'K#%!#*1
#((&2+-'*!(%'#+!#$'J+!+6&!5'':W!Y76O!9&%%!1'*&RY!Y"6&5&!9&!#5&RY!YH'J!,&&O!='51!
B'5+6-*/+'*O!+6&!26-%1!1'&,!%'K&!M'J!%-8&!6&5!'9*
(#+6&5RYYFJ26!#!/''1!:#*RY
!Y.#4#OY!C&%-2-+M!,#M,O!5-,-*/R!Y.'%%M!,6'J%1!$&!/&++-*/!+'!$&1!*'9R!D+!-,!%#+&RY
!YF-5\Y!"6&!/'K&5*&,,!%''8,!+'!71:-5#%!B'5+6-*/+'*!('5!6-,!'51&5,R
!YH&,O!K&5M!9&%%R!>'!'*!+6&*O!.'%%M!1&#5R!DS%%!$&!J4!+'!,45-*8%&!(#-5M!1J,+!'*!M'J!
%#+&5O!1#5%-*/O!+'!:#8&!,J5&!M'J!6#K&!$&#J+-(J%
15&#:,RY
!C&%-2-+M!,+'4,!+6&!/'K&5*&,,R!Y<6O!1'!%&+!:&!+#8&!'J5!.'%%M!+'!$&1RY
"6&!/'K&5*&,,!/-K&,!#!,%-/6+!$'9!'(!6&5!6&#1R!Y7,!M'J!9-,6O!:-,,RY
!D!1'*S+!%-8&!+6-,R!B6M!1'&,!C&%-2-+M!9#*+!+'!$&!#%'*&!9-+6!.'%%M\!F6&!9'J%1*S+!
6#5:!+6&!26-%1O!9'J%1!,6&\!Q#8-*/!&Z2J,&,O!D!,%-4
(5':!+6&!5'':!-*!'51&5!+'!('%%'9!+6&:R!C&%-2-+M!%&#1,!.'%%M!J4,+#-5,!+'!+6&!
*J5,&5MR!D!,+#*1!VJ,+!'J+,-1&!+6&!1''5O!9#+26-*/R!C&%-2-+MS,
25'J26&1!%'9O!6&5!#5:,!'*!.'%%MS,!,%-/6+!,6'J%1&5,R
!YA'9O!.'%%MO!M'J!:J,+!45':-,&!:&!,':&+6-*/R!.5':-,&!:&!+6#+!M'J!9-%%!%'28!M'J5!
1''5!$&('5&!M'J!/'!+'!$&1R!.5':-,&\Y
!YH&,O!)'J,-*RY
!Y7*1!M'J!:J,+!%'28!M'J5!1''5!&K&5M!*-/6+R!0'!*'+!('5/&+!*'9O!.'%%MR!D+!-,!K&5M!
-:4'5+#*+RY
!YLJ+!96MO!)'J,-*\Y
!Y"'!8&&4!'J+!+6&!:'*,+&5,O!'(!2'J5,&RY
!YLJ+!-(!D!%'28!+6&!1''5O!?*2%&!2#*S+!,45-*8%&!:&!9-+6!(#-5M!1J,+RY
!YD!9-%%!,45-*8%&!M'J!9-+6!(#-5M!1J,+O!.'%%MR!LJ+!M'J!:J,+!8&&4!?*2%&!'J+RY
!D!1'*S+!J*1&5,+#*1R!B6M!9'J%1!,6&!$&!,'!-*,-,+&*+!'*!8&&4-*/!6&5!'9*!(#+6&5!'J+\!
B6#+!2'J%1!+6&!#1:-5#%!1'!+6#+!2'J%1
4',,-$%M!R!R!R
!<6O!>'1R!"6&!(J%%!6'55-$%&!J*1&5,+#*1-*/!5-,&,!-*!:&!%-8&!#!/5&#+!$-51O!+6&!9-*/,!
'(!+5J+6!J*(J5%-*/!,%'9%MO!2#,+-*/!#!+&55-$%&!,6#1'9R
!YH'J!2#**'+!/'!+'!6&5!9-+6!#*M+6-*/!+6#+!:#++&5,RY
!YA'R!A'!#1:-5#%,RY
!Y0'!M'J!,J44',&!+6&5&!-,!,':&!&K-%!-*!4&'4%&!+6#+!:#8&,!'+6&5,!1'!+6-*/,\Y
!D!:'K&!-*+'!+6&!,6#1'9,!#,!C&%-2-+M!%&#K&,!.'%%MS,!5'':R!F6&!,+#*1,!('5!#!:':&*+O!
%-,+&*-*/!('5!+6&!2%-28!'(!+6&!%'28R!F6&!,&&:,!,'
,:#%%R!7+!+6&!,+#-5,O!D!,+&4!'J+O!,J545-,-*/!6&5R
!Y>&::#b!H'J!,+#5+%&1!:&R!D,!M'J5!6&#1!5-*/-*/\!D!,6#%%!*&K&5!+5M!#$,-*+6&!#/#-*O!
D!2#*!+&%%!M'J!+6#+b!B6M!#5&*S+!M'J!#+!+6&!4#5+M\Y
!YD!6&#51!96#+!M'J!,#-1!+'!.'%%MOY!D!,#MR
!C&%-2-+MS,!&M&,!#5&!1&(-#*+R!LJ+!DS:!*'+!#(5#-1!'(!6&5!+6-,!+-:&R!YD*1&&1\!B6#+!
'(!-+\Y
!YB#,!+6&5&!*'!%'28!'*!M'J5!1''5\Y!D!#,8R
!C&%-2-+M!+#8&,!#!,6#54!$5&#+6R!YD!1'*S+!8*'9!96#+!M'J!#5&!-:4%M-*/O!$J+!D!+6-*8!
M'J!,6'J%1!,+'4!#+!'*2&OY!,6&!,#M,R!D!4%#2&!:M!4#%:
'*!6&5!6#*1O!$J+!,6&!4J%%,!#9#MRYF+'4!-+bY!,6&!,4-+,!'J+R
!Y<6O!C&&O!D!#:!,'!,'55MR!RRRY
!F6&!,6#8&,!6&5!6&#1O!+J5*,!#9#M!(5':!:&!,'!D!2#**'+!,&&!6&5!(#2&RYH'J!1'*S+!8*'9!
6'9!-+!5&#%%M!-,O!>&::#R!D+S,!*'+!6-,!(#J%+R!"6&
$%#:&!-,!:M!'9*R!D!$5-*/!-+!'J+!-*!6-:R!@&!,#-1!,'RY
!YC&%-2-+MO!-+!:',+!2&5+#-*%M!-,!*'+!M'J5!(#J%+bY
!YD!8*&9!M'J!9'J%1*S+!J*1&5,+#*1RY
!YD!J*1&5,+#*1!+6#+!6&!-,!M'J5!(#+6&5RY
!F6&!%''8,!$#28!#+!:&O!6&5!(#2&!,+5&#8&1!9-+6!+&#5,RY@&!1-1*S+!:&#*!-+R!@&!%'K&,!
:&R!@&!,#-1!,'RY
!C&&!R!R!R
!Y"6#+S,!,':&+6-*/O!-,*S+!-+\!D+S,!,':&+6-*/RY!F6&S,!$-+-*/!$#28!+6&!,'$,O!6&5!
6#*1!#/#-*,+!6&5!:'J+6!#,!-(!,6&!2#*!2#+26!+6&:O!4J,6
+6&:!$#28!1'9*R
!YC#+6&5,!,6'J%1!45'+&2+!+6&-5!26-%15&*RY
!"6&!&M&,!(%#,6R!"6&!6#*1!4'-*+,R!Y75&*S+!M'J!+6&!(-*&!&Z4&5+!'*!+6#+\!"&%%!:&O!
>&::#O!6'9!1'&,!M'J5!(#+6&5!45'+&2+!M'J!-*!6-,
!%#J1#*J:!,+J4'5\Y
!DS:!+''!,6'28&1!+'!#*,9&5R
!Y"6#+S,!+6&!5&#%!5&#,'*!6&S,!*'+!6&5&!+'*-/6+O!-,*S+!-+\!@&S,!*'+!-%%R!F+'4!
45&+&*1-*/!&K&5M+6-*/S,!(-*&!96&*!M'J!8*'9!-+!-,*S+bY
!YD+!-,*S+!+6&!,#:&!+6-*/!#+!#%%bY
!YH'JS5&!,'!$%-*1R!H'J!,&&!96#+!M'J!9#*+!+'!,&&RY!F6&!/%#5&,!#+!:&RY0'!M'J!8*'9!
96#+!-+!-,!+'!$&!4'9&5%&,,\!@&%4%&,,\!A'O!'(
2'J5,&!*'+R!H'JS5&!+6&!/5&#+!>&::#!0'M%&R!H'J!6'%1!#%%!+6&!4'9&5O!1'*S+!M'J\Y
!B&!,+#*1!+6&5&O!,+#5-*/!&#26!'+6&5!1'9*O!*&-+6&5!,#M-*/!#!9'51R!F6&!6#,!*'!5-/6+!
+'!#++#28!:&!+6-,!9#MR!D!9#,!'*%M!+5M-*/!+'!6&%4R
7+!+6&!:':&*+O!D!2#*!'*%M!+6-*8!+6#+!D!*&K&5!9#*+!+'!,&&!C&%-2-+M!#/#-*R
!B-+6'J+!#*'+6&5!9'51O!D!,+#5+!1'9*!+6&!,+#-5,R
!YH&,O!/'!'*R!=&#K&R!H'JS5&!#%9#M,!2':-*/!#*1!/'-*/R!"6&!5&,+!'(!J,!#5&!,+J28!
6&5&R!0'!M'J!+6-*8!6&S1!,+-%%!%'K&!M'J!-(!6&!8*&9!96'
M'J!#5&\!@&!1'&,*S+!5&#%%M!2#5&!'*%M!96&*!-+!,J-+,!6-:RY
!C'5!#!:':&*+O!D!1'!*'+!8*'9!96&+6&5!,6&!:&#*,!F-:'*!'5!:M!(#+6&5R!D!9#%8!#9#MO!
%&#K-*/!C&%-2-+M!,+#*1-*/!-*!+6&!,6#1'9,!#+!+6&
+'4!'(!+6&!,+#-5,R
!"6&!$#%%!-,!'K&5R!"6&!(%''5!-,!#!:&,,R!>#+6&5-*/!2'#+,O!M#9*-*/!/''1*-/6+,O!+6&!
$#%%/'&5,!,+&4!#25',,!+6&!1&+5-+J,!'*!+6&
(%''5!2'*(&++-O!25J:$,O!#*1!('5/'++&*!1#*2&!2#51,O!+6&!9-+6&5&1!(%'9&5!4&+#%,R!
F':&!'(!+6&!/&*+%&:&*!#5&!5&1I*',&1!#*1!+-4,MR!"6&M
,6#8&!Q5,R!B'5+6-*/+'*S,!6#*1!9-+6!+''!:J26!#51'5O!+6&-5!K'-2&,!+''!%'J1R!"6&-5!
9-K&,!4J%%!+6&:!#%'*/!9-+6!#!4'%-+&!$J+!(-5:!Y<J5
2#55-#/&!-,!9#-+-*/O!Q5R!N'6*,'*RY!<+6&5,!('%%'9R!F':&!%&#K&!9-+6!+6&!(%J,6!'(!*&9!
%'K&!'*!+6&-5!15&#:M!(#2&,U!'+6&5,!9&#5!+6&-5
1#,6&1!6'4&,!#*1!$5'8&*!6&#5+,!-*!1'9*2#,+!&M&,!#*1!+5&:$%-*/!,:-%&,R
!.&52-K#%!#,8,!-(!6&!:#M!2#%%!'*!J,!#+!6':&!,':&+-:&R!D!1'!*'+!,&&!F-:'*R!D+!9'J%1!
,&&:!+6&!Q-11%&+'*,!6#K&!/'*&R!@&S,!%&(+
9-+6'J+!,#M-*/!/''1$M&R
!DSK&!:#1&!#!:&,,!'(!&K&5M+6-*/!P#5+-8O!F-:'*O!C&%-2-+MO!C#+6&5R!Q&55M!)65-,+:#,R!
>'1!$%&,,!J,O!&K&5M!'*&R
!LJ+!D!6#K&!,&&*!+6&!"&:4%&!-*!#!K-,-'*R
!D!'*%M!9-,6!D!6#1!,':&'*&!+'!+&%%R
!)@7."3;!"@D;"HIADA3
!"B<!QDF3;7L=3O!=<A3=H!07HF!.7FF!L3C<;3!D!CDA0!+6&!2'J5#/&!+'!2#%%!'*!C&%-2-+MO!
J*1&5!+6&!45&+&Z+!'(!5&+J5*-*/!#!$''8R
!YD!,6#%%!-*XJ-5&!96&+6&5!,6&!-,!#+!6':&O!:-,,OY!F6#:&,O!+6&!$J+%&5O!,#M,O!+#8-*/!
:M!/5#*1:'+6&5S,!2#51O!'*!96-26!D!6#K&!#11&1
:M!*#:&!-*!*&#+!,25-4+R!D*!#!:':&*+!6&!5&+J5*,!:M!2#51!+'!:&!#%'*&RYD!#:!,'55MO!
:-,,R!D+!,&&:,!Q-,,!B'5+6-*/+'*!6#,!/'*&!'J+
#(+&5!#%%RY
!<*!+6&!9#%8O!D!+J5*!$#28R!=''8-*/!J4O!D!,&&!6&5!(#2&!#+!+6&!9-*1'9R!F6&!
-::&1-#+&%M!1J28,!$&6-*1!+6&!2J5+#-*R!F6&!-,!6':&!#*1
6#,!26',&*!+'!,*J$!:&R
!7**!2':&,!'J+!+'!:&!#+!+6&!2#55-#/&R!YD!#:!,'55MO!>&::#R!DS:!,J5&!,6&!1'&,*S+!
:&#*!-+R!H'J!8*'9!6'9!,6&!2#*!$&RY
!Y"6#+!1'&,*S+!&Z2J,&!-+OY!D!,#MR!7**!,&&:,!#/-+#+&1!#$'J+!:'5&!+6#*!+6-,RYB6#+!-,!
+6&!:#++&5\Y
!YDSK&!5&2&-K&1!#!*'+&!(5':!:M!2'J,-*R!F':&'*&S,!:#1&!-*XJ-5-&,!#$'J+!:M!2%#-:,!+'!
$&!#!5&%#+-'*!'(!+6&!0J8&!'(!)6&,+&5(-&%1R
>&::#O!DS%%!$&!('J*1!'J+RY
!YH'J!9'*S+!$&!('J*1!'J+RY
!YD!9-%%b!<*2&!+6&!B'5+6-*/+'*,!8*'9!96'!D!#:!#*1!+6#+!DSK&!1&2&-K&1!+6&:!R!R!R!
'6O!>&::#R!DS:!1'*&!('5RY
!Y0'*S+!+&%%!Q5,R!B'5+6-*/+'*!#$'J+!+6&!*'+&RY
!YF6&S,!#%5&#1M!,'!K&5M!25',,!#$'J+!+6&!15&,,R!D!'K&56&#51!6&5!+&%%-*/!C&%-2-+M!-+!
9#,!#,!/''1!#,!5J-*&1!*'9!+6#+!-+S,!$&&*!%&+!'J+!('5
:&R!D!,6'J%1*S+!6#K&!%&+!6&5!+#%8!:&!-*+'!-+R!7*1!*'9!R!R!R!DS%%!$&!5J-*&1!
('5&K&5O!>&::#RY!7**!-,!*&#5%M!-%%!9-+6!6&5!(&#5!#*1!9'55MR
!YB&S%%!5&:&1M!-+OY!D!,#MO!+6'J/6!D!6#K&!*'!-1&#!6'9R!?4!#+!+6&!9-*1'9O!D!,&&!
C&%-2-+M!#/#-*R!F'!:J26!+'!5&:&1MR!YB'J%1!M'J!/-K&
C&%-2-+M!#!:&,,#/&!('5!:&\Y
!Y)&5+#-*%MOY!7**!:'#*,RYD(!D!#:!,+-%%!6&5&!+'!/-K&!-+RY
!YB'J%1!M'J!+&%%!6&5!+6#+!DSK&!,&&*!+6&!"&:4%&R!D!,#9!-+!-*!#!K-,-'*!+6&!*-/6+!'(!
+6&!$#%%RY
!YH'J!1-1\Y
!Y"6&!+65&&!/-5%,!-*!96-+&!,6'9&1!:&!+6&!9#MR!"&%%!6&5!96&*&K&5!,6&S,!5&#1MO!9&S%%!
/'!$#28RY
!YD!,6#%%OY!7**!,9&#5,R!Y>&::#!R!R!RY!A'+!#/#-*R!D!2#**'+!6&%4!6&5!*'9RYH'J!9'*S+!
+&%%!"':!#$'J+!#%%!'(!+6-,O!9-%%!M'J\Y
!D(!6&!(-*1,!'J+O!D!1'*S+!8*'9!96':!6&S%%!6#+&!:'5&!('5!+6&!1&2&4+-'*O!7**!'5!
:&RYH'J5!,&25&+S,!,#(&RY
!D!2#*S+!$&#5!+'!5&+J5*!6':&R!C#+6&5S,!1&+&5-'5#+-*/!5#4-1%MO!25M-*/!'J+!('5!
%#J1#*J:!'5!+6&!4-4&O!,':&!'4-#+&!+'!+#8&!#9#M!6-,!4#-*R
"':!,-+,!'J+,-1&!C#+6&5S,!1''5O!6-,!%'*/!#5:,!5&,+-*/!'*!+6&!+'4,!'(!6-,!$&*+!
8*&&,R!@&!-,!J*,6#K&*!#*1!+6&5&!#5&!1#58!2-52%&,!$&*&#+6
6-,!&M&,R
!YDSK&!$5'J/6+!M'J!+&#OY!D!,#MO!6#*1-*/!6-:!+6&!2J4R!Y@'9!-,!6&\Y
!7,!-(!-*!#*,9&5O!C#+6&5!:'#*,!(5':!$&6-*1!+6&!1''5R!D!2#*!6&#5!+6&!$&1!25&#8-*/!
J*1&5!+6&!9&-/6+!'(!6-,!+65#,6-*/R!@&!25-&,!,'(+%MR
"':!4J+,!6-,!6#*1,!'*!&-+6&5!,-1&!'(!6-,!6&#1!#,!-(!6&!2'J%1!,XJ&&T&!#%%!+6'J/6+,!
(5':!6-,!,8J%%R
!YDSK&!(#-%&1!6-:O!>&::#RY
!"6-,!+-:&!D!,-+!$&,-1&!:M!$5'+6&5RYA'O!M'J!6#K&*S+RY
!Y.&56#4,!DS:!*'+!:&#*+!+'!$&!#!1'2+'5RY
!Y<(!2'J5,&!M'J!#5&R!7**!+6-*8,!M'JS5&!/'-*/!+'!$&!'*&!'(!+6&!(-*&,+!46M,-2-#*,!-*!
='*1'*OY!D!,#MO!6'4-*/!+'!26&&5!6-:R!D+!-,!6#51!+'
,&&!"':!-:4',,-$%&O!#55'/#*+O!J*,+'44#$%&!"':!!(&&%-*/!,'!/%J:R!@&!-,!+6&!'*&!
2'*,+#*+!-*!:M!%-(&O!&K&*!-(!+6&!2'*,+#*+!-,
-55-+#+-'*R
!"':!/-K&,!#!,6&&4-,6!/5-*RYQ-,,!L5#1,6#9!,#-1!+6#+\!F6&!-,!:',+!8-*1R!7*1!5-26O!
#,!9&%%R!B6&*!D!#,8&1!M'J!+'!(-*1!:&!#!,J-+#$%&
:#+26!9-+6!#!,:#%%!('5+J*&O!D!9#,!'*%M!V'8-*/R!LJ+!M'J!+''8!:&!#+!:M!9'51O!D!,&&RY
!YH&,O!9&%%O!#$'J+!+6#+!('5+J*&!R!R!R!OY!D!,+#5+R!@'9!1'!D!&Z4%#-*!+6-,!%-&!+'!
"':\!D!,6'J%1!+&%%!6-:!$&('5&!+6-*/,!/'!:J26!(J5+6&5O!M&+!D
2#*S+!$5-*/!:M,&%(!+'!2'*(&,,!+6#+!7**!-,!*'!6&-5&,,O!'*%M!#!8-*1O!6'4&(J%!,'J%!
96'!+6-*8,!+6&!9'5%1!'(!6-:RYF6&!-,!5-26!-*!'+6&5!9#M,O
"':R!;&:&:$&5!+6#+RY
!C#+6&5!/5'#*,!%'J1%MO!#*1!"':!%''8,!#,!-(!6&!9-%%!25#9%!'J+!'(!6-,!,8-*RYD!2#*S+!
+#8&!:J26!:'5&R!.&56#4,!D!,6'J%1!/-K&!6-:!#!%-++%&
,':&+6-*/!,':&!$5#*1M!'5!Y
!YA'R!B6M!1'*S+!M'J!/'!'J+!('5!#!9#%8!'5!+'!M'J5!2%J$\!DS%%!,-+!9-+6!6-:RY
!Y"6#*8!M'JO!>&::#RY!@&!/-K&,!:&!#*!-:4J%,-K&!4&28!'*!+6&!('5&6&#1R!"6&!,4'+!(&&%,!
9#5:R!Y0'*S+!/-K&!-*!+'!6-:R!D!8*'9!6'9
M'J!%#1-&,!#5&!+''!,'(+!+'!$&!45'4&5!/J#51-#*,RY
!Y>'!'*O!+6&*R!79#M!9-+6!M'JOY!D!,#MR
!C#+6&5S,!5'':!-,!$#+6&1!-*!+6&!4J54%-,6!6#T&!'(!1J,8R!@&!:'#*,!#*1!95-+6&,!'*!+6&!
$&1O!+9-,+-*/!+6&!%-*&*,!-*+'!#!95&28R!"6&!#-5
,:&%%,!'(!,9&#+R!C#+6&5!-,!15&*26&1!-*!-+O!6-,!$&12%'+6&,!4%#,+&5&1!+'!6-,!$'1MR
!Y@&%%'O!C#+6&5OY!D!,#MO!15#9-*/!+6&!2J5+#-*,!#*1!+J5*-*/!J4!+6&!%#:4R!D!4'J5!
9#+&5!-*+'!#!/%#,,!#*1!4J+!-+!+'!6-,!%-4,O!96-26!#5&
25#28&1!#*1!96-+&R!@&!+#8&,!6#%+-*/!,-4,R
!Y>&::#OY!6&!/#,4,RY>&::#O!1#5%-*/R!@&%4!:&RY
!0'*S+!25MO!>&:R!L&!,+5'*/RYB'J%1!M'J!%-8&!:&!+'!5&#1!+'!M'J\Y!@&!/5-4,!:M!#5:R!
YDS:!6#K-*/!+6&!:',+!6'55-1!15&#:,R!F'!5&#%!D
2#**'+!+&%%!-(!D!#:!15&#:-*/!'5!#9#8&RY
!QM!,+':#26!+9-,+,RYB6#+!,'5+,!'(!15&#:,\Y
!Y)5&#+J5&,R!"6&M!+&%%!:&!+&55-$%&!,+'5-&,!#$'J+!M'J5!:'+6&5R!"6#+!,6&!9#,*S+!96'!
,6&!2%#-:&1!+'!$&R!"6#+!,6&!9#,!#!9-+26O!#
,'52&5&,,!96'!1-1!+&55-$%&!+6-*/,R!QM!E-5/-*-#!R!R!R!:M!9-(&RY
!@&!$5&#8,!1'9*!,'$$-*/R!F':&+6-*/!-*,-1&!:&!(#%%,!#9#MR!A'+!:M!(#+6&5R!=&#K&!:M!
(#+6&5!#%'*&R
!YQM!9-(&!9#,!K-5+J'J,R!F6&!9#,!#!*'$%&!9':#*R!7!/''1!9':#*RY!@-,!&M&,!(-*1!:-*&R!
Y"6&M!,#M!-+S,!M'J5!(#J%+R!7%%!+6-,!-,!$&2#J,&!'(
M'JRY
!D!+5M!+'!+#8&!#!$5&#+6R!C#+6&5S,!&M&,!,'(+&*R!YLJ+!M'J!#5&!:M!1#5%-*/!/-5%O!:M!
K&5M!/''1!/-5%O!#5&*S+!M'JO!>&::#\Y
YH&,OY!D!96-,4&5RY<(!2'J5,&RY
!@-,!/5-4!-,!,+5'*/R!YD!2#**'+!$&#5!#*'+6&5!:-*J+&!'(!+6&,&!+6-*/,R!L&!:M!/''1!
/-5%O!>&::#R!C-*1!+6&!$'++%&R!L&('5&!+6',&!15&#:,
2':&!$#28!('5!:&RY
!QM!5&,'%K&!9&#8&*,R!DS:!*'!%'*/&5!2&5+#-*!'(!:M,&%(!#,!6-,!4%&#1-*/,!/5'9!:'5&!
J5/&*+O!6-,!+&#5I,'#8&1!K'-2&!#!5#9!96-,4&5R
Y.%&#,&R!.%&#,&R!.%&#,&R!D!2#*S+!$&#5!-+RY!7!,:#%%!$J$$%&!'(!,4-+!(%'#+,!'*!6-,!
25#28&1!%-4,R
!D!+6-*8!D!,6#%%!/'!:#1R!=-8&!A&%%!@#98-*,S,O!:M!(#+6&5S,!:-*1!6#,!$&&*!9'5*!+6-*R!
7*1!*'9!+6',&!25&#+J5&,!6#K&!('J*1!6-:!-*!6-,
15&#:,R!"6&M!9-%%!/-K&!6-:!*'!4&#2&!$&2#J,&!'(!:&R!"6-,!-,!:M!(#J%+R!D!:J,+!5&:&1M!
-+R!"'*-/6+O!D!9-%%!/'!-*+'!+6&!5&#%:,!#*1!*'+
%&#K&!+6&:!J*+-%!D!6#K&!('J*1!+6&!"&:4%&R
!LJ+!D!9-%%!*'+!%&+!:M!(#+6&5!,J((&5!96-%&!D!1'R
!YF666O!C#+6&5R!D!9-%%!6&%4!M'JOY!D!,#MR!.J%%-*/!J4!:M!,8-5+,!+'!#*!-::'1&,+!
%&*/+6O!D!5J*!+'!:M!5'':!#*1!(-*1!+6&!$'Z!96&5&!DSK&
6-11&*!+6&!$'++%&R!D!5#2&!$#28!+'!:M!(#+6&5S,!$&1,-1&R!@&S,!9'58-*/!+6&!$&1!%-*&*,!
$&+9&&*!6-,!8*J28%&,O!5'28-*/!6-,!6&#1!$#28!#*1
('5+6O!95-+6-*/!#*1!,9&#+MR
!YC#+6&5O!6&5&R!@&5&bY!D!4J+!+6&!$'++%&!+'!6-,!%-4,R!@&!15-*8,!1'9*!+6&!%#J1#*J:!
%-8&!#!:#*!4#526&1R
!YQ'5&[^6&!4%&#1,R
!YF666O!+6#+S,!#%%!+6&5&!-,RY
!YD+S,!*'+!&*'J/6bY!6&!25-&,RYA'+!&*'J/6bY
!Y>-K&!-+!#!:':&*+RY
!YA'b!>'!#9#MbY!6&!,25&#:,O!#*1!4'J*1,!6-,!6&#1!#/#-*,+!+6&!6&#1$'#51R
!YC#+6&5O!,+'4bY!D!4%#2&!:M!6#*1,!'*!&-+6&5!,-1&!'(!6-,!6&#1!+'!8&&4!6-:!(5':!
-*VJ5-*/!6-:,&%(!(J5+6&5R
!YH'J!#5&!:M!/''1!/-5%O!>&::#OY!6&!96-,4&5,R!@-,!&M&,!(%J++&5R!@-,!/5-4!%-/6+&*,R!
@&!,&++%&,!-*+'!#*!'4-#+&!,%J:$&5R!D!6'4&!D!6#K&
1'*&!+6&!5-/6+!+6-*/R
!Q5,R!N'*&,!-,!#+!+6&!1''5RYQ-,,O!-,!&K&5M+6-*/!#%%!5-/6+\Y
!D!,+J:$%&!'J+R!YH&,OY!D!,#MO!$#5&%M!2#+26-*/!:M!$5&#+6R!YQ5R!0'M%&!-,!/'-*/!+'!
5&,+!*'9R!DSK&!VJ,+!5&:&:$&5&1!,':&+6-*/!D!:J,+
1'R!B'J%1!M'J!,-+!9-+6!6-:O!Q5,R!N'*&,\!D!,6#*S+!$&!%'*/RY
!YH&,O!:-,,OY!,6&!,#M,R
!D+!6#,!$&/J*!+'!5#-*!#/#-*R!"6&5&!-,!*'!2#55-#/&!#*1!,'!D!+#8&!#!2#$!+'!L&+6%&:!
@',4-+#%R!D!9#*+!+'!+&%%!A&%%!+6#+!DSK&!,&&*!+6&!"&:4%&
-*!:M!K-,-'*!#*1!+6#+!-+!-,!9-+6-*!:M!/5#,4R!7*1!D!9#*+!+'!#,8!6&5!6'9!D!:#M!(-*1!
Q-,,!Q2)%&&+6M!)-52&R!D(!,6&!+6-*8,!,6&!2#*!6#K&
6&5!25&#+J5&,!+'5:&*+!:M!(#+6&5O!,6&!-,!:-,+#8&*R
!B6&*!D!#55-K&O!+6&5&!-,!4#*1&:'*-J:R!Q5,R!F'::&5,!,2J55-&,!1'9*!+6&!6#%%O!
95-*/-*/!6&5!6#*1,R!@&5!K'-2&!-,!6-/6R!F6&!-,!-*!#
K&5M!&Z2-+&1!,+#+&R
!YF6&S,!1'-*/!9-28&1!+6-*/,O!:-,,R!FJ26!9-28&1!+6-*/,bY
!F&K&5#%!'(!+6&!4#+-&*+,!6#K&!/#+6&5&1!-*!+6&!2'55-1'5O!#*Z-'J,!+'!,&&!96#+!-,!
2#J,-*/!#%%!+6&!1-,+J5$#*2&R!Q5,R!F'::&5,!4J%%,!#+!6&5
6#-5RYB-28&1O!9-28&1!/-5%bY
!YA'9O!Q#$&%OY!#!*J5,&!,#M,O!4-**-*/!Q5,R!F'::&5,S,!#5:!+'!6&5!,-1&R!YB6#+S,!#%%!
+6-,!2#55M-*/!'*!#$'J+\!B6'S,!1'-*/!9-28&1
+6-*/,\Y
!YQ-,,!@#98-*,R!F6&S,!#!9-28&1!/-5%RY
!"6&5&S,!#!+&55-$%&!,XJ#98-*/!2':-*/!(5':!1'9*!+6&!6#%%R!"9'!'(!+6&!9':&*!$&/-*!#!
/#:&!'(!-:-+#+-*/!-+R!"6&!,'J*1O!&K&5M96&5&
#+!'*2&O!4-&52&,!:&R
!YQ&52-(J%!6&#K&*,OY!+6&!*J5,&!&Z2%#-:,RYB6#+!-,!+6#+\Y
!B&!6J55M!4#,+!+6&!,XJ#98-*/!9':&*O!'J5!(''+,+&4,!&26'-*/!'((!+6&!/%&#:-*/!(%''5,!
+-%%!9&!5&#26!+6&!,-++-*/!#5&#R!A&%%S,!,+#*1-*/
9-+6!6&5!$#28!+'!J,R!)#,,#*15#S,!2#/&!,+#*1,!&:4+MO!+6&!1''5!#V#5R
!YQ-,,!@#98-*,\!B6#+S,!#%%!+6&!5J28J,!R!R!RY!"6&!*J5,&!/'&,!,-%&*+!#,!A&%%!+J5*,!
+'!J,O!+6&!$-51!25#1%&1!-*!6&5!,:#%%!6#*1,R!>5&&*!#*1
5&1!(&#+6&5,!+5#-%!'K&5!6&5!4#%:,!-*!#!9#+&5(#%%!'(!2'%'5R!LJ+!+6&!6&#1!-,!#%%!
95'*/R!D+!%-&,!#+!#*!-:4',,-$%&!#*/%&!+'!+6&!(5#/-%&!$'1MR
F6&!6#,!$5'8&*!-+,!*&28R
!"6&!*J5,&!/#,4,RY<6O!A&%%b!B6#+!6#K&!M'J!1'*&\Y
!7!25'91!6#,!/#+6&5&1!$&6-*1!J,O!45&,,-*/!-*!+'!,&&R!Q5,R!F'::&5,!5J*,!(5':!4&5,'*!
+'!4&5,'*O!96-,4&5-*/O!YB-28&1b!B-28&1b!"6&M
,#-1!,6&!9#,!9-28&1b!"6&M!1-1bY
!YH'J!2#**'+!2#/&!+6-*/,OY!A&%%!@#98-*,!,#M,!(%#+%MR
!@'55-(-&1O!+6&!*J5,&!2#*!'*%M!5&4&#+OYB6#+!6#K&!M'J!1'*&\Y
!YDSK&!,&+!-+!(5&&RY!A&%%!,&&:,!+'!,&&!:&!*'9R!F6&!/-K&,!#!,:-%&!+6#+!9'J%1!$5&#8!
+6&!6&#5+R!YF6&S,!2':-*/!('5!:&O!=#1M!@'4&R!7*1
!+6&*!,6&!9-%%!2':&!('5!M'JRY
!"9'!$J5%M!:&*!#55-K&!9-+6!#!,+5#-+V#28&+!('5!A&%%R!"6&M!#445'#26!6&5!/&*+%M!#*1!
95#4!6&5!-*!-+!%-8&!#!$#$MR!F6&!1'&,*S+!,+5J//%&R
F6&!1'&,*S+!,&&:!+'!$&!#9#5&!'(!#*M+6-*/R
!<*%M!96&*!,6&!4#,,&,!:&!1'&,!,6&!,25&#:R!Y"6&M!9-%%!%&#1!M'J!#,+5#M!9-+6!(#%,&!
45':-,&,b!0'!*'+!%&#K&!+6&!4#+6bY
!)@7."3;!C<;"H
!LH!=7"3!"@3!C<==<BDA>!07HO!C3=D)D"HSF!)?;D<FD"H!6#,!'K&5+#8&*!6&5!#*/&5!#+!:&R!
F6&!#*1!7**!5&+J5*!:M!2#%%R!<J5!1#M,!-*
='*1'*!#5&!19-*1%-*/R!F''*!9&!:J,+!5&+J5*!+'!F4&*2&R!"':!/5&&+,!7**!9#5:%MO!#*1!
,6&!$5-/6+&*,R!F6&S,!/5'9*!:'5&!2'*(-1&*+
+6&,&!4#,+!+9'!9&&8,!-*!='*1'*O!#,!-(!,6&!$&%-&K&,!6&5,&%(!9'5+6M!'(!6#44-*&,,!#+!
%#,+O!#*1!D!9'55M!+6#+!-+!9-%%!&*1!$#1%MR
!C&%-2-+M!4J%%,!:&!-*+'!+6&!4#5%'5R!YB6#+!6#44&*&1!#+!+6&!$#%%O!-+!:J,+!*&K&5!$&!
,4'8&*!'(!#/#-*RY!F6&!9'*S+!%''8!#+!:&R!YD+!-,*S+
96#+!M'J!+6-*8O!#*M9#MR!QM!(#+6&5!-,!#!/''1!#*1!%'K-*/!:#*!#*1!#!4&5(&2+!
/&*+%&:#*R!@&!9'J%1!*&K&5!6#5:!#*M'*&RY
!YB6#+!#$'J+!.'%%M\Y
!YB6#+!#$'J+!.'%%M\Y!,6&!,#M,O!,J11&*%M!,+#5-*/!:&!1'9*R!F6&!2#*!4J+!,J26!-2&!-*!
+6',&!&M&,!96&*!,6&!6#,!#!2#5&!+'R!YF6&S,!%J28M
+'!6#K&!$&&*!+#8&*!-*!$M!J,R!F6&S%%!6#K&!&K&5M+6-*/!,6&!9#*+,!+6&!$&,+!/'K&5*&,,O!
,26''%,O!2%'+6&,O!#*1!#!,&#,'*!+'!&*1!#%%!,&#,'*,R
L&++&5!+6#*!+6&!'546#*#/&!$M!(#5RY
!"6-,!-,!+6&!45-2&!'(!6&5!(5-&*1,6-4O!:M!,-%&*2&R
!Y0'!9&!6#K&!#*!#/5&&:&*+\Y
!7**!V'-*,!J,RY@#K&!D!:-,,&1!#*M+6-*/\Y
!C&%-2-+MS,!9#-+-*/!('5!:M!#*,9&5R
!YA'OY!D!,#M!+'!7**R
!C&%-2-+MS,!,6'J%1&5,!15'4R!Y=&+S,!*'+!$&!$'+6&5&1!$M!+6&!6'55'5,!'(!6'%-1#M!
K-,-+,!+'!6':&R!>&::#!8*'9,!96&5&!+'!(-*1!+6&!"&:4%&RY
!YDSK&!,&&*!-+O!D!+6-*8RY
!YB6#+!#5&!9&!9#-+-*/!('5\!=&+S,!/'OY!7**!,#M,R
!"6&!/#51&*!-,!*&#5%M!J*5&2'/*-T#$%&!+'!:&R!B&&1,!6#K&!,45J*/!J4!+6-28!#*1!15M!#*1!
+#%%!#,!,&*+5-&,R!"6&!2#52#,,!'(!#!,:#%%!#*-:#%O
#!5#$$-+!'5!#!6&1/&6'/O!%-&,!'4&*&1!-*!+6&!$5-++%&!/5#,,R!C%-&,!,9#5:!-+R!"6&M!
:#8&!#*!#9(J%O!%'J1!$JTT-*/R
!Y75&!M'J!,J5&!9&S5&!-*!+6&!/#51&*\Y!7**!#,8,O!%''8-*/!#5'J*1R
!YH&,OY!D!,#MR!Y=''8O!+6&5&S,!+6&!,-%K&5!#526RY!D+!-,!+#5*-,6&1!$J+!+6&5&!#%%!+6&!
,#:&R
!C&%-2-+M!(-*1,!+6&!5'28!96&5&!.-44#S,!6-11&*!6&5!#55'9,!#*1!6'-,+,!+6&!XJ-K&5!
'*+'!6&5!$#28RYB6&5&S,!.-4\Y
!7!$&#J+-(J%!#*-:#%!,+&4,!'J+!(5':!+6&!$J,6&,R!D+!-,!%-8&!#!25',,!$&+9&&*!#!1&&5!
#*1!#!4'*MO!9-+6!#!%'*/O!/%',,M!:#*&!#*1!(%#*8,!'(!#
1#44%&1!:#JK&R
!Y@&%%'OY!D!,#MR
!"6&!25&#+J5&!#:$%&,!+'9#51!J,!#*1!,+'4,O!,*-((-*/!+6&!#-5R!F6&!/'&,!,8-++-,6O!#,!
-(!,6&S,!,:&%%&1!,':&+6-*/!+6#+!#%#5:,!6&5R
FJ11&*%MO!,6&!$5&#8,!-*+'!#!5J*O!VJ,+!#,!,':&+6-*/!%&#4,!(5':!+6&!$5J,6!9-+6!#!
9#55-'5S,!25MR
!Y>&+!#9#MbY!D!,6'J+O!4J,6-*/!+6&!'+6&5,!-*+'!+6&!6&#KM!9&&1,R
!"6&!#*-:#%S,!95&,+%&1!+'!+6&!/5'J*1O!,25&#:-*/R!"6&5&!-,!+6&!,-28!,'J*1!'(!$'*&!
$5&#8-*/O!#*1!+6&*!*'+6-*/R
!YB6#+!9#,!+6#+!+6-*/\Y!7**!96-,4&5,R
!YD!1'*S+!8*'9OY!D!,#MR
!C&%-2-+M!/5#$,!6&5!$'9O!#*1!9&!('%%'9!6&5!+'!+6&!&1/&!'(!+6&!9&&1,R!F':&+6-*/S,!
6J*26&1!'K&5!+6&!#*-:#%S,!,-1&!96&5&!-+!6#,!$&&*
5-44&1!'4&*R
!C&%-2-+M!4',-+-'*,!6&5,&%(RYF+'4!96&5&!M'J!#5&bY
!"6&!25&#+J5&!%''8,!J4R!D+S,!.-44#O!6&5!(#2&!,+5&#8&1!9-+6!+6&!#*-:#%S,!$%''1R!C'5!
#!:':&*+O!D!,9&#5!D!,&&!6&5!&M&,!/'!$%J&I96-+&O
#!%''8!'(!6J*/&5!4#,,-*/!'K&5!6&5!J,J#%%M!%'K&%M!(#2&R
!Y.-44#\Y!C&%-2-+M!#,8,O!%'9&5-*/!+6&!$'9R!YB6#+!#5&!M'J!1'-*/\Y
!.-44#!5-,&,R!@&5!15&,,!-,!+#++&5&1!#*1!6&5!6#-5!#!:&,,R!YD!6#1!+'!1'!-+R!D+!9#,!
/'-*/!+'!6J5+!M'JRY
!YA'O!-+!9#,*S+OY!D!,#MR
!YH&,O!-+!9#,bY!,6&!,6'J+,RYH'J!1'*S+!8*'9!+6&,&!+6-*/,RY!F6&!9#%8,!+'9#51!J,O!#*1!
D!-*,+-*2+-K&%M!:'K&!$#28R!F6&!4J%%,!#!1#*1&%-'*
(5':!+6&!/5'J*1O!'((&5-*/!-+!+'!C&%-2-+MR!YF6#%%!9&!5-1&!1'9*!+6&!5-K&5!#/#-*\!
D+S,!,'!%'K&%M!'*!+6&!5-K&5R!7**O!D!8*'9!#!4%#2&!96&5&!+6&
:#/-2!-,!K&5M!,+5'*/R!B&!2'J%1!:#8&!M'J!,'!$&#J+-(J%!+6#+!M'J!2'J%1!6#K&!M'J5!
6&#5+S,!1&,-5&RY
!YD!,6'J%1!%-8&!+'!$&!$&#J+-(J%OY!7**!,#M,R!Y7(+&5!9&!(-*1!+6&!"&:4%&O!'(!2'J5,&RY
!Y7**OY!D!9#5*R!D!1'*S+!:&#*!+'!,#M!-+R!D+!VJ,+!,%-4,!'J+R
!.-44#!%''8,!(5':!7**!+'!C&%-2-+M!+'!:&R!Y0'!M'J!8*'9!96&5&!-+!-,\Y
!Y>&::#!,#9!-+!-*!#!K-,!Y
!D!-*+&55J4+!C&%-2-+MRYA'R!A'+!VJ,+!M&+RY
!.-44#S,!&M&,!$5-:!9-+6!+&#5,R!YH'J!1'!8*'9!96&5&!-+!-,R!7*1!M'J!1'*S+!9#*+!:&!
#%'*/RY
!F6&S,!5-/6+R!DS:!#(5#-1!'(!.-4O!'(!96#+!,6&S,!$&2':-*/R
!Y<(!2'J5,&!9&!9#*+!M'J!#%'*/O!1'*S+!9&\Y!C&%-2-+M!,#M,!+'!:&R
!.-4!1&:'%-,6&,!+6&!(%'9&5R!F6&!/%#5&,!#+!:&RYA'O!,6&!1'&,*S+R!F6&!1'&,*S+!%-8&!
:&R!F6&!*&K&5!1-1RY
!Y"6#+!-,*S+!+5J&OY!D!,#MR
!YD+!-,b!H'JSK&!#%9#M,!$&&*!V&#%'J,!'(!:&R!H'J!9&5&!V&#%'J,!'(!:M!(5-&*1,6-4!9-+6!
C&%-2-+MR!7*1!M'J!9&5&!V&#%'J,!'(!+6&!9#M!+6#+
D*1-#*!$'MO!P#5+-8O!J,&1!+'!%''8!#+!:&O!#,!-(!6&!9#*+&1!:&R!H'J!6#+&1!:&!('5!-+R!
0'*S+!$'+6&5!1&*M-*/!-+O!('5!D!,#9!M'J5!(#2&bY
!F6&S,!4-&52&1!:&!+65'J/6!9-+6!+6&!+5J+6O!#*1!,6&!8*'9,!-+R!Y0'*S+!$&!5-1-2J%'J,OY!
D!,#MR!D!2#*S+!2#+26!:M!$5&#+6R
!F6&!(-Z&,!:&!9-+6!#!,+#5&!%-8&!#!9'J*1&1!#*-:#%RYD!9'J%1*S+!$&!6&5&!-(!-+!9&5&*S+!
('5!M'JRY!"6&5&!-+!-,O!+6&!+6-*/!+6#+S,!$&&*!%&(+
J*,#-1R
!YH'J!M'J!26',&!+'!&#+!+6&!$&55-&,OY!D!,4J++&5RYH'J!26',&!+'!,+#MRY
!YH'J!%&(+!:&!6&5&!+'!1-&!-*!+6&!5-K&5bY
!YD!2'J%1*S+!(-/6+!)-52&S,!#,,#,,-*!+6#+!1#58!+6-*/b!D!2#:&!$#28!('5!M'JRY
!Y"&%%!M'J5,&%(!96#+&K&5!M'J!9-,6O!>&::#R!LJ+!-*!M'J5!6&#5+O!M'J!8*'9!+6&!+5J+6R!
H'J!%&(+!:&!6&5&!9-+6!+6#+!+6-*/R!7*1!-(!-+!9&5&*S+
('5!:&O!M'J!9'J%1*S+!6#K&!8*'9*RRR!YF6&!,+'4,R
!YB'J%1*S+!6#K&!8*'9*!96#+\Y!7**!#,8,R
!YH'J!9'J%1*S+!6#K&!8*'9*!+6&M!9&5&!%''8-*/!('5!M'Jb!D!9#,!+6&!'*&!96'!9#5*&1!M'JO!
-*!M'J5!15&#:,RY
!YLJ+!M'J!,#-1!M'J!1-1*S+!8*'9!#$'J+!+6#+OY!C&%-2-+M!,#M,O!,'J*1-*/!6J5+RYH'J!
%-&1R!H'J!%-&1!+'!:&RY
!YC&&O!4%&#,&!1'*S+!$&!25',,OY!.-4!,#M,R
!YB6M!1-1*S+!M'J!+&%%!:&!&#5%-&5\Y!D!#,8R
!.-44#!('%1,!6&5!#5:,R!YB6M!,6'J%1!D!5-,8!+&%%-*/!M'J!&K&5M+6-*/!96&*!M'J!9'*S+!
45':-,&!:&!#*M+6-*/\Y
!@&5!%'/-2!-,!#!9&$!&Z4&5+%M!,4J*O!#*1!D!#:!2#J/6+!-*!-+R
!YE&5M!9&%%R!D(!D!2#**'+!$&!+5J,+&1OY!.-44#!,#M,O!+J5*-*/!6&5!$#28O!Y+6&*!M'J!:#M!
(-*1!+6&!"&:4%&!9-+6'J+!:&R!LJ+!1'*S+!2':&
!%''8-*/!+'!:&!('5!6&%4!%#+&5RY
!Y.-44#b!0'*S+!/'bY!C&%-2-+M!2#%%,!#(+&5!6&5R!DSK&!*&K&5!,&&*!C&%-2-+M!$&/!#*M'*&!
('5!#*M+6-*/R!7*1!('5!+6&!(-5,+!+-:&O!.-44#!1'&,!*'+
6&&1!6&5!2#%%R!F6&!8&&4,!9#%8-*/!+-%%!9&!2#*S+!,&&!6&5!#*M:'5&R
!YF6'J%1!9&!/'!#(+&5!6&5\Y!7**!#,8,R
!YA'R!D(!,6&!9#*+,!+'!$&6#K&!%-8&!#!,4'-%&1!26-%1O!+6&*!%&+!6&5R!D!,6#*S+!/'!#(+&5!
6&5OY!C&%-2-+M!,#M,O!/5-44-*/!6&5!$'9!+-/6+%MR!Y=&+S,
:'K&!'*RY
!"6&!#:J%&+!4'-*+,!+6&!9#MO!#*1!9&!1J28!+65'J/6!+6&!('5&,+O!4#,+!+6&!+6-28&+!96&5&!
+6&!J*('5+J*#+&!%#1-&,!'(!+6&!(#2+'5M!(-5&!9#-+R
B&!('%%'9!+6&!4#+6!'(!+6&!25&,2&*+!&M&!'*!#!%'*/O!9-*1-*/!+5#-%!J*+-%!9&!5&#26!+6&!
,+5#*/&!1''5!+6#+!%&#1,!+'!+6&!)#K&,!'(!F-/6,R
!Y@'9!1-1!9&!&*1!J4!6&5&!#/#-*\Y!C&%-2-+M!#,8,R
!DS:!+&55-$%M!2'*(J,&1R!YD!1'*S+!8*'9R!DSK&!%',+!:M!$&#5-*/,!2':4%&+&%MO!DS:!
#(5#-1RY
!FJ11&*%MO!7**!,+'4,O!#!%''8!'(!(&#5!'*!6&5!(#2&R
!Y>&::#!R!R!RY
!D!+J5*!#*1!,&&!+6&:O!(%'#+-*/!'*!+6&!4#+6R
!C&%-2-+M!/'&,!('5!6&5!#55'9,O!$J+!D!,+#M!6&5!6#*1R!YD+S,!#%%!5-/6+OY!D!,#MR!
Y"6&,&!#5&!+6&!/-5%,!-*!96-+&RY
!Y"6&!"&:4%&!-,!2%',&OY!+6&M!96-,4&5!-*!+6',&!,9#5:%-8&!K'-2&,RYC'%%'9!J,RY
!"6&M!+5#K&%!XJ-28%MR!D+!-,!#%%!9&!2#*!1'!+'!8&&4!+6&:!-*!'J5!,-/6+,R!"6&!/5&&*!'(!
+6&!VJ*/%&I%-8&!4#+6!'4&*,!'*+'!5'%%-*/!6-%%,!+6#+
$&2':&!,#*1M!4#+26&,R!LM!+6&!+-:&!9&SK&!1&,2&*1&1!#!+6-51!6-%%O!D!*'!%'*/&5!,&&!
+6&:R!"6&MSK&!K#*-,6&1R
!YB6&5&!#5&!+6&M\Y!C&%-2-+M!#,8,R!F6&!+#8&,!1'9*!6&5!XJ-K&5!+'!5J$!6&5!,6'J%1&5R
!YD!1'*S+!,&&!+6&:OY!D!,#MO!+5M-*/!+'!2#+26!:M!$5&#+6R
!7**!,-+,!'*!#!5'28R!YDS:!+-5&1R!C&&%,!%-8&!9&SK&!$&&*!9#%8-*/!('5!1#M,RY
!Y.&56#4,!9&S%%!,&&!,':&+6-*/!-(!9&!2%-:$!J4!'*&!'(!+6&,&!6-%%,OY!C&%-2-+M!
#1K-,&,R!Y"6&M!,#-1!-+!9#,!2%',&R!)':&!'*O!7**RY
!>5J1/-*/%MO!7**!5-,&,O!#*1!9&!:#8&!'J5!9#M!J4!+6&!5'28M!6-%%!+'!'J5!5-/6+R
!Y0'!M'J!6&#5!,':&+6-*/\Y!D!#,8R
!B&!%-,+&*!#*1!+6&5&!-+!-,W!#!,'(+!25M-*/!,'J*1R
!YL-51,\Y!C&%-2-+M!#,8,R
!Y>J%%,OY!7**!,#M,RYB&!:J,+!$&!*&#5!9#+&5RY
!B&S5&!2%',&!+'!+6&!+'4!'(!+6&!6-%%R!D!'((&5!7**!:M!6#*1O!4J%%-*/!6&5!J4R
!Y)5-:-*MOY!7**!,#M,O!+#8-*/!-*!+6&!,2&*&R
!L&('5&!J,O!#25',,!#*!&Z4#*,&!'(!9#+&5O!-,!#!,:#%%!-,%&R!C5':!-+!5-,&,!#!:#V&,+-2!
2#+6&15#%!9-+6!#!$%J&!#*1!/'%1!4#-*+&1!1':&R!"6&
,&#/J%%,!9&!6&#51!&#5%-&5!2-52%&!-+R
!Y"6#+S,!-+R!"6#+S,!+6&!'*&!(5':!:M!K-,-'*OY!D!,#MR
!YB&SK&!('J*1!-+OY!C&%-2-+M!,6'J+,RYB&SK&!('J*1!+6&!"&:4%&bY
!D*!'J5!:#1!6#,+&!+'!8&&4!J4O!D!6#K&!('5/'++&*!+'!%''8!1'9*!#+!:M!#:J%&+!+'!26&28!
'J5!2'J5,&R!B6&*!D!1'O!D!,&&!+6#+!-+!6#,!,+'44&1
/%'9-*/R
!YB&S5&!'((!+6&!4#+6OY!D!,#MO!4#*-28&1R
!YB6#+!1'&,!-+!:#++&5\Y!C&%-2-+M!,#M,R!YB&!6#K&!('J*1!+6&!"&:4%&!#+!%#,+RY
!YLJ+!-+S,!*'+!'*!+6&!4#+6RY!D!,#MRYA&%%!,#-1!+'!,+-28!+'!+6&!4#+6RY
!3Z6#J,+-'*!6#,!:#1&!C&%-2-+M!-55-+#$%&R!Y>&::#O!,6&!9#,!,4&#8-*/!/-$$&5-,6R!
H'JS5&!('%%'9-*/!+6&!#1K-2&!'(!#!2'*(-5:&1!%J*#+-2bY
!D!+J5*!-*!#!2-52%&O!:'K-*/!+6&!#:J%&+!J4!#*1!1'9*!-*!#*!#++&:4+!+'!/&+!,':&!,'5+!
'(!,-/*#%!(5':!-+R!"6&5&!-,!*'+6-*/R
!7**!4%#2&,!6&5!6#*1,!'K&5!:-*&R!YD+!-,!+5J&O!>&::#R!B&SK&!*'!-1&#!-(!96#+!,6&S,!
+&%%-*/!J,!2#*!$&!+5J,+&1R!7+!$&,+O!,6&S,!#!%J*#+-2R
7+!9'5,+O!,6&!2'J%1!$&!9'58-*/!9-+6!)-52&R!B&!1'*S+!8*'9RY
!Y@'9!1'!M'J!&K&*!8*'9!+6#+!#:J%&+!-,!5&%-#$%&\!@'*&,+%MO!96&5&!6#,!-+!%&1!J,\!"'!
+6&!?*+'J26#$%&,\!"'!+6',&!/-5%,!-*!+6&!+6-28&+\
D+!*&#5%M!/'+!J,!8-%%&1!$M!+6',&!6'55-$%&!+5#28&5,!+6&!*-/6+!'(!+6&!'4&5#bY!
C&%-2-+M!-*,-,+,R
!7**!*'1,R!YH'J!,#-1!M'J5,&%(!+6#+!+6&!/-5%,!-*!96-+&!2#:&!+'!M'J!-*!#!K-,-'*R!
"6&M!,6'9&1!M'J!+6&!"&:4%&O!#*1!6&5&!-+!-,bY
!H&,O!#*1!M&+R!R!R
!D+S,!'((!+6&!4#+6R!A&%%!,#-1!9&!,6'J%1*S+!$&!%&1!#,+5#MR!A&%%O!96'!,+5#*/%&1!#!
4#55'+!-*!#!:#1!5#/&O!96'!+5-&1!+'!,+5#*/%&!:&!#,!9&%%R
!0'*S+!+5J,+!6&5O+6&!/-5%,!-*!96-+&!,#-1R
!LJ+!P#5+-8!,#-1!*'+6-*/!(5':!+6&!5&#%:,!2'J%1!$&!+5J,+&1R
!D!1'*S+!8*'9!96#+!+'!$&%-&K&!#*M:'5&R
!"6&!2#+6&15#%!,+#*1,!%-8&!,':&+6-*/!+6#+!6#,!&Z-,+&1!('5!:#*M!M&#5,R!D+!6#,!+'!$&!
+6&!"&:4%&R!B6#+!&%,&!2'J%1!-+!$&\!0'9*!'*!+6&
,6'5&O!#!,:#%%!5'9$'#+!,-+,!9#-+-*/O!#,!-(!9&!6#K&!$&&*!&Z4&2+&1R
!Y>&::#\Y!C&%-2-+M!#,8,R
!YH&,OY!D!,#MO!+J28-*/!+6&!#:J%&+!#9#MRYD+!:J,+!$&!+6&!"&:4%&RY
!B-+6!#!M&%4O!C&%-2-+M!5J*,!,%-1-*/!1'9*!+6&!6-%%!+'!+6&!$'#+R!D*!+6&!1-,+#*2&O!
+6&!:#/*-(-2&*+!2#+6&15#%!$&28'*,!9-+6!#!+6'J,#*1!%-/6+,
$J5*-*/R!B&!J*+-&!+6&!$'#+!#*1!4J,6!'((!(5':!+6&!,6'5&O!4#11%-*/!+'9#51!+6&!-,%&R
!<J+!'*!+6&!9#+&5O!-+!/5'9,!('//MR!A-/6+!5'%%,!-*!,J11&*%MR!"6&!25-&,!'(!+6&!/J%%,!
#5&!#%%!#$'J+!J,R!"6&!:'#+!+6#+!,&4#5#+&,!J,!(5':
+6&!"&:4%&!-,!,J545-,-*/%M!9-1&R!D!%''8!J4!+65'J/6!+6&!6#T&!#*1O!('5!#!:':&*+O!+6&!
+'9&5-*/!26J526!,&&:,!*'!:'5&!+6#*!#!5J-*R!"6&
M&%%'YH!:''*!$%&&1,!+65'J/6!'*&!'(!+6&!2#+6&15#%S,!+#%%O!6'%%'9!9-*1'9,O!/%-*+-*/!
'((!+6&!,6#51,!'(!/%#,,!+6#+!5&:#-*!+6&5&!%-8&!#
$&#2'*!2#%%-*/!-*!#!9#M9#51!,6-4R!D!2%',&!:M!&M&,O!#*1!96&*!D!'4&*!+6&:!#/#-*O!-+!
-,!,+-%%!:#/*-(-2&*+!#*1!96'%&O!#*!&*'5:'J,
:'*J:&*+!'(!,+'*&!#*1!,4-5&,!#*1!/5&#+!>'+6-2!9-*1'9,R
!YD+!,&&:,!1&,&5+&1OY!C&%-2-+M!,#M,R!YD!2#*S+!-:#/-*&!#*M'*&!%-K-*/!+6&5&RY
!<5!#*M+6-*/OD!9#*+!+'!,#MR
!B&!4J%%!+6&!$'#+!#,6'5&R!"6&!"&:4%&!,-+,!6-/6!'*!+6&!6-%%R!"'!/&+!+6&5&O!9&S%%!
6#K&!+'!+#8&!+6&!,+&&4!,+#-5,!+6#+!6#K&!$&&*!2#5K&1
-*+'!+6&!5'28R
!Y@'9!:#*M!1'!M'J!+6-*8!+6&5&!#5&\Y!7**!,#M,O!4&&5-*/!#%%!+6&!9#M!+'!+6&!+'4R
!Y"6&5&S,!'*%M!'*&!9#M!+'!(-*1!'J+OY!D!,#MO!#*1!,+#5+!2%-:$-*/R!D+!-,!5'J/6!/'-*/R!
@#%(9#M!J4O!7**!6#,!+'!,-+!+'!2#+26!6&5!$5&#+6RYD
2#*S+!1'!+6-,OY!,6&!6J((,R
!YH&,O!M'J!2#*OY!D!,#MRYD+S,!VJ,+!#!$-+!(#5+6&5R!=''8RY
!Y<6bY!7**!,#M,O!,+#5+%&1R!7!/5&#+!$%#28!$-51!(%#4,!2%',&!+'!6&5!(#2&!#*1!+#8&,!#!
4&526!'*!+6&!,+&4,!$&,-1&!J,R!D+S,!,':&!,'5+!'(
5#K&*R!D+!2#9,!%'J1%MO!:#8-*/!/'',&(%&,6!'*!:M!#5:,R!7*'+6&5!V'-*,!-+R!"6&!4#-5!
,&&:,!+'!1#5&!J,!+'!/'!'*R
!Y)':&!'*O!+6&*OY!D!,#MRY"6&MS5&!'*%M!$-51,RY
!B&!4J,6!4#,+!+6&:!+'!+6&!+'4!'(!+6&!,+&4,O!96&5&!9&!#5&!/5&&+&1!$M!#*!&*'5:'J,!
/'%1&*!1''5R!"6&!:',+!$&#J+-(J%!(%'9&5,!6#K&
$&&*!2#5K&1!-*+'!-+R
!Y@'9!%'K&%MOY!7**!,#M,R!F6&!4J+,!6&5!(-*/&5,!+'!+6&!4&+#%,!#*1!+6&!1''5!'4&*,R!
"6&!2#+6&15#%!-,!K#,+O!9-+6!2&-%-*/,!+6#+!,'#5!6-/6
#$'K&!J,R!3K&5M96&5&O!2#*1%&,!#*1!+'526&,!$J5*R
!Y@&%%'\Y!7**!,#M,R!@&5!K'-2&!&26'&,O!@&%%'O!&%%'O!%'R
!"6&!:#5$%&!(%''5!+-%&,!6#K&!$&&*!%#-1!'J+!-*!#!4#++&5*!'(!5&1!(%'9&5,R!B6&*!D!
+J5*!:M!6&#1!'*&!9#MO!+6&!(%''5!,&&:,!1-5+M!#*1
26-44&1O!+6&!+-%&!$5'8&*!-*!26J*8,R!D!$%-*8!#*1!-+!-,!#/#-*!,6-*-*/!#*1!$&#J+-(J%R
!Y0'!M'J!,&&!#*M+6-*/\Y!D!#,8R!7*M+6-*/O!+6-*/O!+6-*/!R
!YA'OY!7**!,#M,RY@'%1!'*O!96#+S,!+6-,\Y
!7**!5&#26&,!('5!,':&+6-*/!-*!+6&!9#%%R!"6#+!4#5+!'(!+6&!,+'*&!25J:$%&,!#9#MR!
F':&+6-*/!,8-++&5,!#25',,!+6&!(%''5!#*1!%#*1,!#+!:M
(&&+R!7!,8J%%R
!7**!,6J11&5,RYB6#+!9#,!+6#+!1'-*/!+6&5&\Y
!YD!1'*S+!8*'9RY!"6&!6#-5!#+!+6&!$#28!'(!:M!*&28!45-28%&,!-*!(&#5R!QM!&M&,!#5&!
4%#M-*/!+5-28,!'*!:&O!$&2#J,&!+6&!(%''5!-,!/'-*/
26-44&1!#/#-*R!"6&!$&#J+M!'(!+6&!2#+6&15#%!,4J++&5,!%-8&!+6&!2#*1%&,O!(%#,6-*/!
(5':!:#V&,+-2!+'!:#2#$5&R!C'5!#!,&2'*1O!D!,&&!#*'+6&5
2#+6&15#%O!#!25J:$%-*/O!$5'8&*!,6&%%!'(!#!$J-%1-*/O!+6&!,6#++&5&1!9-*1'9,!#$'K&!J,!
%''8-*/!&&5-%M!%-8&!+6&!&:4+M!,'28&+,!'(!+6&!,8J%%R
!YD!+6-*8!9&!,6'J%1!/'OY!D!96-,4&5R
!Y>&::#b!7**bY!C&%-2-+MS,!K'-2&!-,!6-/6!9-+6!(5-/6+R!B&!5J*!+'!6&5R!F6&!6'%1,!#!
2#*1%&!2%',&!+'!+6&!9#%%R!7*1!+6&*!9&!,&&R!3:$&11&1
-*!-+!#5&!$'*&,R!@J*15&1,!'(!+6&:R!C&#5!,25&#:,!-*,-1&!:&R
!Y"6-,!-,!*'+!+6&!"&:4%&OY!D!,#MO!,+#5-*/!#+!+6&!$'*&,!'(!#!6#*1!,+J28!(#,+!-*!+6&!
25J:$%-*/!,+'*&R!DS:!26-%%&1!#,!D!5&#%-T&!+6&!+5J+6R
F+-28!+'!+6&!4#+6O!:#-1&*,RY"6&M!%&1!J,!#,+5#MO!VJ,+!%-8&!A&%%!,#-1!+6&M!9'J%1RY
!7$'K&!J,O!,':&+6-*/!,2J55-&,R!F6#1'9,!5J*!#25',,!+6&!1':&R
!7**!/5#$,!:M!#5:RYB6#+!9#,!+6#+\Y
!YD!1'*S+!8*'9RY!P*'9O!8*'9O!8*'9R
!C&%-2-+M!4#+,!+6&!XJ-K&5!'*!6&5!$#28R!"6&!,2J55M-*/!2':&,!(5':!+6&!'+6&5!,-1&R!D+!
(&&%,!2%',&R
!YB&S5&!%&#K-*/OY!D!96-,4&5RYA'9RY
!FJ11&*%MO!+6&5&!-,!:'K&:&*+!#%%!#5'J*1R!"6&!,6#1'9,!(%-+!#25',,!+6&!+'4!'(!+6&!
/'%1&*!1':&!%-8&!/-#*+!$#+,R!B&S5&!#%:',+!+'!+6&
1''5!96&*!9&!6&#5!-+W!#!6-/6I4-+26&1!8&&*-*/!+6#+!+J5*,!:M!$%''1!+'!-2&R
!Y;J*bY!D!,6'J+R
!B&!$'%+!('5!+6&!1''5O!'J5!,6'&,!2%#28-*/!#25',,!+6&!$5'8&*!:',#-2!(%''5R!LJ+!-+!
-,!*'+!&*'J/6!+'!15'9*!'J+!+6&!6-1&'J,!,25&&26-*/O
/5'9%,O!#*1!$#58,R
!Y>'O!/'bY!D!,25&#:R
!Y=''8bY!C&%-2-+M!,6'J+,R
!"6&!1#58*&,,!'(!+6&!K&,+-$J%&!-,!:'K-*/R!B6#+&K&5!9#,!#$'K&!J,!6#,!/'++&*!+'!+6&!
1''5!$&('5&!J,O!+5#44-*/!J,!6&5&R!"6&!8&&*-*/
1-&,!1'9*!+'!#!%'9O!/J++J5#%!26#*+RY.'44&+,O!4'44&+,O!4'44&+,!R!R!RY
!"6&M!,+&4!(5':!+6&!,6#1'9,O!6#%(!#!1'T&*!'5!,'!'(!+6&!:',+!/5'+&,XJ&!25&#+J5&,!D!
6#K&!&K&5!,&&*R!05&,,&1!+'!+6&!K&5M!%#,+!'*&!-*
+#++&5&1O!(-%+6M!96-+&!5'$&,!'K&5!#*2-&*+!26#-*!:#-%!#*1!,6#54O!,+&&%I+'&1!$''+,R!
F':&!6#K&!%'*/O!:#++&1!6#-5!+6#+!+5#-%,!'K&5!+6&-5
,6'J%1&5,R!<+6&5,!6#K&!,6#K&1!+6&-5!6&#1,!$#%1O!+6&!2J+,!,+-%%!(5&,6!#*1!$%''1MR!
<*&!(&#5,':&!,'J%!6#,!$J+!'*&!%'*/!,+5-4!'(!6#-5!-*
+6&!2&*+&5!'(!6-,!6&#1O!5J**-*/!(5':!('5&6&#1!+'!2'%%#5R!@-,!#5:,!#5&!5-*/&1!-*!
$#*/%&,O!#*1!#$'J+!6-,!*&28!-,!#!*&28%#2&!:#1&!'(
(-*/&5!$'*&,R!"6-,!'*&O!+6&!%&#1&5O!,+&4,!('59#51R
!Y@&%%'O!4'44&+RY!6&!,#M,O!,:-%-*/!6-1&'J,%MR
!@&!'((&5,!6-,!6#*1R!@-,!(-*/&5*#-%,!6#K&!$&&*!4#-*+&1!$%#28R!"6&5&!#5&!1&&4!$%#28!
%-*&,!-*8&1!J4!6-,!,-*&YH!#5:,O!+6'5*M!,+&:,
9&&4-*/!+&#5,!'(!4-+26R!"6&M!&*1!#$'K&!6-,!&%$'9O!96&5&!(#+!5&1!(%'9&5,!$%'':!-*!#!
$#*1!#5'J*1!6-,!#5:R!.'44-&,R
!A&%%S,!9'51,!,9-:!$#28!+'!:&W!L&9#5&!+6&!.'44M!B#55-'5,R
!)@7."3;!C<;"HI<A3
!"@3!F@70<BF!Q<E3R!"@3;3!7;3!Q<;3!<C!"@3QR!Q#*M!:'5&R!C#5!#$'K&!J,O!+6&M!4&526!'*!
5#-%-*/,!#*1!5#(+&5,!%-8&!#!(%'28!'(
/#5/'M%&,R!<*&!1#*/%&,!#!:#2&!'*!-+,!26#-*O!,9-*/-*/!-+!$#28!#*1!('5+6!%-8&!#!
4&*1J%J:R!D!#:!#(5#-1!+'!%''8!#+!+6&!:#*!-*!(5'*+!'(!:&O
$J+!#+!%#,+!D!1'O!-*+'!&M&,!+6#+!#5&!5-::&1!$M!$%#28!8'6%!-*!#!1-#:'*1!,6#4&R!D+!
-,!%-8&!%''8-*/!-*+'!#!%-K-*/!@#5%&XJ-*!:#,8R
!QM!+65'#+S,!/'*&!15MR!D!2#*!$#5&%M!,+J++&5!'J+!#!/5&&+-*/R!Y@I6'9!1'!M'J!1'\Y
!Y@'9!1'!9&!1'!96#+O!4'44&+\Y
!"6&!'+6&5,!%#J/6!#+!+6-,O!#!,'J*1!+6#+!/-K&,!:&!26-%%,R
!@&!,+&4,!('59#51O!2%',&5R!@&S,!/'+!#!25J1&!,9'51!+6#+!6&!J,&,!%-8&!#!9#%8-*/!
,+-28O!6-,!6#*1!2%&*26&1!#$'J+!+6&!6#*1%&R!3K&5M!(-*/&5
9&#5,!#!5-*/R
!YB&S5&!,'55M!+'!6#K&!-*+5J1&1!R!R!RY!QM!:'J+6!-,!+''!15MR!A'!'+6&5!9'51,!2':&R
!YB&S5&!%',+OY!C&%-2-+M!25'#8,R
!Y75&*S+!9&!#%%O!4'44&+\!75&*S+!9&!#%%R!QM!*#:&!-,!7T5&#%R!D!#:!#!8*-/6+!'(!+6&!
4'44MO!#,!#5&!9&!#%%R!76O!$J+!M'J!6#K&*S+!+'%1!J,!M'J5
*#:&,O!(#-5!%#1-&,RY
!B&!,#M!*'+6-*/R
!7T5&#%!2%J28,!6-,!+'*/J&R!Y<6O!+6#+!9'*S+!1'!#+!#%%R!B6#+!6#K&!9&!6&5&\!76O!D!,&&!
M'J!6#K&!:#1&!(5-&*1,!9-+6!+6&!('5&,+!('%8RY!@&
4J%%,!+6&!$'9!#*1!#55'9!(5':!C&%-2-+M!#*1!%#M,!+6&:!'*!+6&!/5'J*1R!YC''%-,6!
4'44&+R!B6#+!1-1!M'J!45':-,&I':-,&!+6&:\Y
!YD+!9#,!#!/-(+OY!C&%-2-+M!,#M,R
!"6&!25'91!$5&#8,!-*+'!#!6-,,!'(!#!26#*+R!Y=-&,O!%-&,O!%-&,O!%-&,!R!R!RY
!7T5&#%!/5-*,R!Y"6&5&!#5&!*'!/-(+,!-*!+6&!5&#%:,O!4'44&+R!3K&5M'*&!&Z4&2+,!
,':&+6-*/R!B6#+!1'&,!,J26!#!,9&&+!%#,,!1'!9-+6!,J26!#
15&#1(J%!/-(+\!"&%%!:&O!4'44&+,O!96#+!9&5&!M'J!%''8-*/!('5\!0-1!M'J!+6-*8!+6-,!9#,!
+6&!"&:4%&\Y
!YB6#+!"&:4%&\Y!C&%-2-+M!,#M,R
!7T5&#%!%#J/6,!#+!+6-,RYFJ26!,4-5-+R!"9-%%!$&!#%:',+!#!,6#:&!+'!$5&#8!M'JR!
7%:',+RY
!Y7*1!-(!9&!9&5&!%''8-*/!('5!+6-,!"&:4%&\Y!D!,#MO!6&#5+!$&#+-*/!(#,+!-*!:M!26&,+R
!YB&%%O!4'44&+R!B&S1!*&&1!+'!8&&4!M'J!(5':!-+RY
!YB6#+!1'!M'J!:&#*\Y
!Y@#K&!M'J!$-*1!+6&!:#/-2\!A'O!4'44&+R!"6&*!9&S1!6#K&!*'*&!9#*1&5-*/!*&#5!J,R!A'!
'*&!+'!4%#M!9-+6RY
!YB&S5&!*'+!6&5&!+'!$-*1!+6&!:#/-2R!B&!9#*+!96#+!M'J!1'O!#!4-&2&!'(!-+OY!D!%-&R
!Y=-&,O!%-&,O!%-&,O!%-&,RY
!YF666OY!7T5&#%!,#M,O!,45&#1-*/!6-,!6#*1,O!9-//%-*/!6-,!(-*/&5,RY"6&!.'44M!
B#55-'5,!8*'9!96M!M'JSK&!2':&R!B&!8*'9!'*&!'(!M'J!-,
+6&!Q',+!@-/6R!B&!2#*!,:&%%!+6&!:#/-2!-*!M'JRY
!YLJ+R!R!R!OY!D!,#MO!+5M-*/!+'!(-*1!#!9#M!+'!5&#,'*R
!@&!4J+,!6-,!(-*/&5!+'!:M!%-4,R!YF666O!*'!*&/'+-#+-*/R!A'+!9-+6!J,R!<*2&!9&!$5&#8!
M'JO!9&!2#*!,J28!+6&!:#/-2!(5':!M'J5!K&5M!$'*&,R
7!,#25-(-2&R!"9-%%!/-K&!J,!(-&52&!4'9&5!-*1&&1RY
!YLJ+!-+!1'':,!M'JOY!7**!96-,4&5,R
!YB&!#5&!#%5&#1M!1'':&1O!4'44&+R!A'!J,&!25M-*/!'K&5!,4-%%&1!$%''1R!A'9O!96-26!'(!
M'J!,6#%%!9&!'((&5!(-5,+\Y!7T5&#%!,+'4,!$&('5&
!C&%-2-+MR!YFJ26!/#:&,!9&!2'J%1!4%#M!+'/&+6&5O!4'44&+RY!@&!+5#-%,!6-,!,6#54!
(-*/&5*#-%!1'9*!C&%-2-+MS,!26&&8O!15#9-*/!#!+6-*!%-*&!'(
$%''1R!YH&,R!H'J!9'J%1!$&!,J26!/''1!,4'5+O!:M!45&++M!4&+R!B&SK&!('J*1!'J5!(-5,+!
'((&5-*/RY
!@&!/5#$,!C&%-2-+MS,!#5:!#*1!,6&!(#%%,!+'!6&5!8*&&,O!+&55-(-&1R
!YB6#+!2#*!D!'((&5!M'J\Y!D!,6'J+R
!Y<((&5!J,O!4'44&+\Y
!YB6#+!1'!M'J!9#*+\Y
!YB6MO!+'!4%#M!'J5!/#:&,O!'(!2'J5,&R!B&SK&!*'!XJ&,+,!%&(+!+'!J,O!*'!25J,#1&,R!<*%M!
/#:&,RY
!@&!2%#4,O!#*1!+9'!'(!+6&!$&#,+,!/5#$!6'%1!'(!C&%-2-+MR
!YB#-+bY!D!,6'J+R!Y"6-,!-,!6#51%M!,4'5+-*/O!-,!-+\Y
!7T5&#%!,+'4,!+6&!:&*RY>'!'*OY!6&!,#M,!+'!:&R
!YD!45'4',&!#!/#:&RY
!7T5&#%!/5-*,O!/-K-*/!6-,!(#2&!+6&!#44&#5#*2&!'(!#!1&#+6!:#,8R!YD!#:!-*+5-/J&1O!
4'44&+RY!@&!,*#8&,!6-,!6#*1!#5'J*1!:M!*&28O
2#5&,,-*/!-+O!#,!6&!96-,4&5,!-*+'!:M!&#5R!Y"&%%!:&O!96#+!,'5+!'(!/#:&\Y
!Y7!6J*+OY!D!96-,4&5R
!7T5&#%!,+&4,!$#28R
!YB6#+!#5&!M'J!1'-*/\Y!7**!9#5*,R
!D!8&&4!:M!&M&,!+5#-*&1!'*!7T5&#%S,R!D(!D!2#*!/&+!J,!+'/&+6&5O!D!2#*!:#8&!+6&!1''5!
'(!%-/6+!#44&#5O!#*1!9&!2#*!&,2#4&!+6&!.'44M
B#55-'5,R!7T5&#%!2%#4,!#/#-*O!$5&#8-*/!-*+'!#!1&%-/6+&1!2#28%&R!"6&!.'44M!B#55-'5,!
('%%'9!,J-+R!"'/&+6&5O!+6&M!,'J*1!%-8&!+6&!$-51,!9&
6&#51!'*!'J5!9#M!#25',,R
!Y7!:',+!,4'5+-*/!'((&5R!H&,O!M&,O!D!%-8&!-+R!B&!#22&4+O!4'44&+R!"6&!6J*+!,6#%%!
96&+!'J5!#44&+-+&,R!0'!M'J!,&&!+6#+!1''5\Y
!@&!4'-*+,!+'!#*!#526&1!-5'*!1''5!#+!+6&!(#5!&*1!'(!+6&!2#+6&15#%R
!YH&,OY!D!,#MR
!YD+!%&#1,!+'!+6&!2#+#2':$,!$&%'9O!#*1!(-K&!+J**&%,R!<*&!%&#1,!'J+!#*1!#9#MR!
.&56#4,!M'JS%%!(-*1!-+R!"6#+!9'J%1!$&!:#/-2!-*1&&1O
4'44&+,R!B&S%%!%&+!M'J!,+#5+RY
!YH&,O!$J+!9&!,6#%%!*&&1!#!:':&*+!+'!2'*(&5OY!D!,#MR
!7T5&#%!9#K&,!#!(-*/&5!#+!:&R!YA'!+-:&!+'!9-,6!('5!+6&!1''5O!<51&5!45-&,+&,,OY!6&!
,#M,O!#,!-(!5&#1-*/!:M!:-*1R!YH&,O!D!8*'9!#%%
#$'J+!-+R!H'J5!(&#5!%&+,!J,!-*RY!@&!,6#8&,!6-,!6#*1,!'K&5!J,O!#,!-(!,45-*8%-*/!
(#-5M!1J,+O!6-,!$#*/%&,!V#*/%-*/!-*!#*!&26'R!YF&&!-(!M'J!2#*
(-*1!+6&!+J**&%R!>'!*'9O!4'44&+,R!;J*5J*5J*RY!@&!26#*+,!-+!+'!J,!%-8&!#!
$&*&1-2+-'*R
!Y;J*R!;J*R!;J*RY
!"6&!.'44M!B#55-'5,!4-28!J4!+6&!26#*+!;J*R!;J*R!;J*!!+-%%!-+!$'J*2&,!'((!+6&!
2#+6&15#%S,!9#%%,!%-8&!#!/5&#+!5'#5R!Y;55JJJ***b
;55JJJ***b!;55JJJ***bY
!7,!-(!,6'+!(5':!#!2#**'*O!7**!#*1!D!$5&#8!('5!+6&!1''5R
!YC&%-2-+MbY!D!,6'J+R
!F6&S,!,+'44&1!+'!/5#$!6&5!$'9!#*1!+6&!XJ-K&5!'(!#55'9,R
!Y)%&K&5O!4'44&+bY!7T5&#%!M&%%,R!YFJ26!,4-5-+!M'J!6#K&bY
!Y>'bY!,6&!,25&#:,O!2#+26-*/!J4!+'!J,R!B&!9#,+&!*'!+-:&R!B&!4J,6!+65'J/6!+6&!6&#KM!
1''5!-*+'!#!%'*/!2'55-1'5!%-*&1!9-+6!2#*1%&,R
!Y>-K&!:&!M'J5!6#*1,bY!D!,6'J+R
!YA'9\Y!C&%-2-+M!,25&&26&,R!Y"6&MS5&!5-/6+!$&6-*1!J,RY
!Y7%%!+6&!:'5&!5&#,'*!+'!%&#K&!#+!'*2&bY
!B&!V'-*!6#*1,O!#*1!D!+5M!+'!2'*2&*+5#+&R!"6&!:',+!+&55-$%&O!45-:#%!6'9%,!#*1!
,25&&26&,!&26'!-*!+6&!6J/&!2#+6&15#%R!"6&M!#5&
2':-*/!#(+&5!J,R!D*!,&2'*1,O!+6&M!,6#%%!$&!+65'J/6!+6&!1''5!#*1!9&!1'*S+!,+#*1!#!
26#*2&R!QM!96'%&!$'1M!,6#8&,!9-+6!(&#5R
!Y>&::#O!:#8&!+6&!1''5!'(!%-/6+b!>&+!J,!#9#MbY!7**!,25&#:,O!*&#5%M!6M,+&5-2#%R
!D!+5M!#/#-*R!7!4-&52-*/!,65-&8!J**&5K&,!:&O!#*1!D!%',&!:M!+5#-*!'(!+6'J/6+R!
C&%-2-+MS,!(#2&!-,!9-%1!9-+6!(&#5R
!Y>&::#bY!,6&!25-&,R
!YD!2#*S+!1'!-+R!D!2#*S+!2'*2&*+5#+&bY!D!,#MR
!7T5&#%S,!,-*/,'*/!K'-2&!5-*/,!'J+R!Y"6&5&S%%!$&!*'!:#/-2#/-2!6&5&O!4'44&+R!A'+!
96&*!9&SK&!,J26!/#:&,!+'!4%#MRY
!Y"6&MS5&!8&&4-*/!-+!(5':!J,R!B&S5&!/'-*/!+'!6#K&!+'!(-*1!#*'+6&5!9#M!'J+OY!D!,#MR
!YA'O!*'O!*'bY!C&%-2-+M!96-:4&5,R
!Y)':&!'*b!=''8!&K&5M96&5&bY!D!,6'J+R!B&!,+J:$%&!#%'*/!+6&!2'55-1'5O!4#++-*/!+6&!
9#%%,O!,&#526-*/!('5!,':&!&,2#4&R!D+!-,
/5J&,':&!9'58W!:M!4#%:,!5J$!#25',,!26-4,!'(!$'*&!#*1!+&&+6R!7!$-+!'(!6#-5!4J%%,!
#9#M!-*!:M!(-*/&5,O!#*1!D!/#/!9-+6!(&#5!#*1
5&KJ%,-'*R!7**!,25&#:,R!F6&S,!('J*1!#!,8&%&+'*!,6#28%&1!+'!#!9#%%O!#!9#5*-*/!'(!
96#+S,!+'!2':&R
!Y;&#1M!'5!*'+O!4'44&+,O!9&S5&!2':-*/!('5!M'JbY
!<6O!>'1R!QM!+5&:$%-*/!(-*/&5,!(-*1!#!6#*1%&R!D+!-,!4#5+!'(!#!,:#%%!1''5!+6#+!
*&#5%M!$%&*1,!-*+'!+6&!9#%%R
!YB6#+S,!+6-,\Y!D!,#MR!"6&!1''5!'4&*,!9-+6!#!25&#8O!#*1!9&!2':&!2%',&!+'!+J:$%-*/!
1'9*!#!%'*/!5'4&!'(!4&5-%'J,!,+&4,R!"6&M!,*#8&
#5'J*1!+6&!9#%%O!&*1-*/!(#5!$&%'9O!96&5&!+6&!5'':!'4&*,!-*+'!(-K&!+J**&%,R
!Y"6-,!9#MbY!D!,6'J+R!C&%-2-+M!#*1!7**!,+&4!-*!#*1!9&!4J,6!+6&!6&#KM!1''5!2%',&1O!
$'%+-*/!-+!,6J+R!?*1&5!:M!$5&#+6O!D!:J++&5!#!,-%&*+
45#M&5!+6#+!+6&!9''1&*!4%#*8!9&SK&!,%-1!-*+'!4%#2&!6'%1,!(#,+R
!YF+#M!#/#-*,+!+6&!9#%%OY!D!,#MO!4&&5-*/!'K&5!+6&!&1/&R!7**S,!$''+!,&*1,!#!,+'*&!
4%J::&+-*/R!D+!+#8&,!:#*M!,&2'*1,!('5!-+!+'!6-+!+6&
(%''5!#!%'*/!9#M!+'!(#%%R!cJ-28%M!$J+!2#5&(J%%MO!9&!:#8&!'J5!9#M!1'9*R!D+!-,!%-8&!
1&,2&*1-*/!-*+'!6&%%R!"'526&,!2#,+!#*!&&5-&!/%'9!'*
+6&!9&+O!5'28M!9#%%,R!7+!%#,+O!9&!5&#26!+6&!$'++':R!B&S5&!-*!#!2-52%&!+6#+!
$5#*26&,!'((!-*+'!+J**&%,!%-8&!#!(-K&I4'-*+&1!,+#5R
!"&#5,!,+5&#8!7**S,!(#2&O!:-*/%-*/!9-+6!:J2J,!(5':!6&5!15-44-*/!*',&R!@&5!&M&,!#5&!
9-1&!9-+6!(&#5R!YB6#+!*'9\Y
!"6&!,65-&8,!'(!+6&!.'44M!B#55-'5,!15-(+!+65'J/6!+6&!25&K-2&,!'(!+6&!$'%+&1!1''5R!
"6&M!$#++&5!-+!:&52-%&,,%MO!+6&!9''1!,4%-*+&5-*/!-*
1&#(&*-*/!25#28,R
!YB&!:J,+!(-*1!+6&!+J**&%!+6#+!%&#1,!'J+RY
!YH&,O!$J+!96-26!'*&\Y!C&%-2-+M!,#M,R!"6&!+J**&%,O!%-+!$M!+'526&,O!(%-28&5!9-+6!
,6#1'9,R!C-K&!+J**&%,R!7*1!9&SK&!*'!-1&#!6'9!%'*/!&#26
'*&!-,!'5!96#+!-,!9#-+-*/!('5!J,!#+!+6&!&*1,R
!YB&SK&!/'+!+'!,&4#5#+&R!B&S%%!&#26!+#8&!#!+J**&%RY
!YA'bY7**9#-%,R
!YF6666b!D+S,!+6&!'*%M!9#MR!3#26!+-:&!9&!2':&!$#28!+'!+6&!2&*+&5R!D(!M'J!(-*1!+6&!
'*&O!,6'J+RY
!YD!2#*S+O!D!2#*S+OY!7**!25-&,R
!YB&!,+#M!+'/&+6&5O!5&:&:$&5\Y!C&%-2-+M!,#M,O!-*K'8-*/!+6&!9'51,!9&!,4'8&!-*!:M!
5'':!#+!F4&*2&R!D+!9#,!'*%M!+9'!9&&8,!#/'O!$J+
-+!(&&%,!#!%-(&+-:&!#9#MR
!Y7%%!5-/6+O!+6&*RYD!,#MR
!D!/5#$!#!+'526!(5':!+6&!/5-,%M!9#%%O!#*1!9&!&*+&5!+6&!:'J+6!'(!#!1#58&*&1!+J**&%R!
"6&!(%#:&!-%%J:-*#+&,!+6&!(&9!M#51,!-*!(5'*+!'(!J,
#*1!*'+6-*/!&%,&R!"6&!%-/6+!(#%%,!'*!+6&!5#+,!+6#+!,2J55M!#+!'J5!(&&+O!#*1!D!6#K&!
+'!,+-(%&!#!,25&#:R!B&!4J,6!'*!J*+-%!9&!5&#26!#!1&#1
&*1R
!Y"6-,!-,*S+!-+OY!D!,#MO!+J5*-*/!$#28R
!7!6-/6I4-+26&1!8&&*-*/!&26'&,!'((!+6&!9#%%,R!D+!$'J*2&,!#5'J*1!+6&!$'*&,!'(!+6&!
1&#1O!+6',&!J*('5+J*#+&!4%#M+6-*/,!'(!+6&!.'44M
B#55-'5,R!D!9'J%1!/-K&!#*M+6-*/!+'!&,2#4&!+6#+!#9(J%!,'J*1R!7$'K&!J,O!+6&!1''5!6#,!
$&&*!$#++&5&1O!$J+!:&52-(J%%MO!-+!,+-%%!6'%1,!(#,+R
!"6&!/5&#+!$%#28!$-51,!9&!,#9!'J+,-1&!2-52%&!J,!-*!+6&!2#+#2':$,R!F':&!6#K&!
4&526&1!'*!+6&!,+&4,R!<+6&5,!(%J++&5!+'!+6&!/5'J*1O
2#9-*/R!"6&!,&2'*1!+J**&%!M-&%1,!#*'+6&5!1&#1!&*1R!7**S,!,'$$-*/!'4&*%M!$M!+6&!
+-:&!9&!6#K&!,+J:$%&1!+65'J/6!+6&!+6-51!+J**&%O!+6&
9&#8!%-/6+!'(!+6&!+'526!,6'9-*/!*'!9#M!'J+R
!7T5&#%S,!K'-2&!15-(+,!1'9*!+'!J,R!YD!2#*!6&#5!M'JO!:M!4&+R!D!8*'9!96-26!'*&!M'J!
#5&!M'JS5&!+6&!4%J:4!'*&R!@'9!9-%%!M'J!5J*!(5':
:&O!:M!$&#J+M!$'*&,\Y
!Y7**O!,+'4!25M-*/bY!C&%-2-+M!,6#8&,!7**O!$J+!-+!1'&,!*'!/''1R
!YB&S5&!+5#44&1OY!,6&!,'$,R!Y"6&MS%%!(-*1!J,R!B&S%%!1-&!6&5&RY
!"6&!8&&*-*/!'(!+6&!.'44M!B#55-'5,!6#,!+J5*&1!+'!/5'9%,!#*1!,XJ#98,O!%-8&!#!
5&K&5,&!6J*+!-*!96-26!+6&!#*-:#%,!2'5*&5!+6&!6J:#*,R
"6&!,'J*1!:#8&,!:M!,8-*!25#9%R
!YF666O!9&S%%!(-*1!-+OY!D!2'::#*1O!%&#1-*/!J,!$#28!+'!+6&!'4&*!2-52%&R!Q'5&!$-51,!
6#K&!#55-K&1R!"6&!#-5!-,!+6-28!9-+6!+6&:R
!Y<*%M!+9'!+J**&%,!%&(+OY!7T5&#%!2#%%,!'J+R!@'9!1'&,!6&!8*'9!+6#+\!@&!-,*S+!#+!+6&!
1''5R!?*%&,,!+6&5&S,!,':&!'+6&5!9#M!-*O!#!9#M
'*%M!+6&M!8*'9R
!QM!6&#5+!$&#+,!9-%1%MO!#*1!D!(&#5!D!,6#%%!(#-*+O!96&*!C&%-2-+M!,6'J+,O!Y>&::#O!
M'J5!#:J%&+bY
!D+!/%'9,!1-:%M!$&*&#+6!+6&!(#$5-2!'(!:M!15&,,R
!7**!,+'4,!25M-*/R!YD+!:J,+!$&!,6'9-*/!J,!+6&!9#M!'J+RY
!0&#5!>'1O!M&,O!#!9#M!'J+b!B-+6!(5#*+-2!(-*/&5,O!D!4J%%!#+!+6&!*&28%#2&O!$J+!-+S,!
,+J28!'*!+6&!%#2&!'(!:M!15&,,R!B-+6!'*&!6#51!M#*8O!D
4J%%!+6&!#:J%&+!(5&&R!D+!,#-%,!+65'J/6!+6&!#-5!#*1!,8-++&5,!#25',,!+6&!(%''5O!
%#*1-*/!,':&96&5&!-*!+6&!1#58R
!YB&SK&!/'+!+'!(-*1!-+R!cJ-28O!6&%4!:&!%''8bY!D!,6'J+R
!"6&!2#K&5*!-,!1#58R!B&S5&!1'9*!'*!6#*1,!#*1!8*&&,O!6J*+-*/!('5!#*M+6-*/!,6-*MR!QM!
6&#5+S,!#!6#::&5!,9J*/!6#51!#*1!(#,+R!D!6#K&
*&K&5!(&%+!,J26!(&#5R!)':&!'*O!2':&!'*R!C-*1!-+O!>&::#O!+6#+S,!#!/''1!/-5%R!P&&4!
+6&!(&#5!(5':!M'J5!:-*1R
!F':&+6-*/!/%-*+,!-*!+6&!1#58R!Q&+#%R!QM!#:J%&+b
!D!5J,6!+'!+6&!,4'+R!YDSK&!('J*1!-+bY!D!,#MR
!QM!6#*1!5&#26&,!1'9*O!$J+!+6&!:&+#%!1'&,*S+!2':&!J4!-*!:M!6#*1R!D+!-,!#++#26&1!+'!
,':&+6-*/R!7!,+&&%I+'&1!$''+R!D+!+#8&,!,6#4&
J*1&5!:M!(-*/&5,!#,!#!,25&#:!%'1/&,!-*!:M!+65'#+R!B6&*!D!%''8!J4O!D!,&&!7T5&#%!
/%'9-*/!-*!+6&!+'526%-/6+R
!YA'O!45&++M!4&+R!DSK&!('J*1!M'JRY
!)@7."3;!C<;"HI"B<
!"@3!>;37"!LD;0F!)7BR!"@3;3!DF!7!@?>3!C=7..DA>!'(!9-*/,!#,!+6&M!%&#K&!+6&-5!
4&526&,R!7,!+6&M!(%M!1'9*O!+6&M!26#*/&!,6#4&O
$&2':-*/!:&*O!J*+-%!+6&M!#5&!+6&!.'44M!B#55-'5,O!,J55'J*1-*/!J,O!2J++-*/!'((!#%%!
&,2#4&R
!F&&-*/!:M!,6'28&1!&Z45&,,-'*O!7T5&#%!&Z4%#-*,RYH&,O!-+!9#,!+6&!<51&5!+6#+!2J5,&1!
J,!,'!('5!'J5!/#:&,R!D+S,!$&&*!,'!K&5M!%'*/!,-*2&
9&SK&!6#1!,J26!$&#J+-&,!+'!4%#M!9-+6R!F'!%'*/!,-*2&!9&SK&!$&&*!#$%&!+'!K-,-+!M'J5!
%'K&%M!9'5%1!#*1!$5-*/!$#28!4&+,RY!@&!&*+9-*&,!:M
6#-5!#5'J*1!6-,!(-*/&5,!%-8&!%#2&,R!@-,!$5&#+6!-,!6'+!-*!:M!&#5!#,!6&!%&#*,!-*!
2%',&R!YFJ26!#!K&5MO!K&5M!%'*/!+-:&RY
!QM!+65'#+S,!15M!#,!8-*1%-*/O!#*1!:M!%&/,!+5&:$%&R
!YD!1'*S+!+6-*8!+6-,!9-%%!1'!M'J!#*M!/''1!*'9OY!6&!,#M,O!15'44-*/!+6&!%-(&%&,,!
#:J%&+!-*!:M!6#*1R!YA'9O!96'!,6#%%!9&!4%#M!9-+6!(-5,+\Y
7T5&#%!,+'4,!-*!(5'*+!'(!7**R!YB6'!9'J%1!:-,,!M'JO!4&+\!B'J%1!#*M'*&!,-/6&1MI,-/6!
'K&5!'*&!:'5&!%',+!:#-1&*\!.&56#4,!-(!,6&!9&5&
+6&!(#-5&,+!'(!+6&:!#%%R!LJ+!+6-,!-,!*'!(#-5M!+#%&R!7*1!M'J!#5&!*'+!(#-5R!A'+!(#-5!
#+!#%%RY
!7**!-,!,'!+&55'5I,+5-28&*!,6&S,!*&#5%M!-*!#!+5#*2&R
!YD+!9'J%1!$&!#!$%&,,-*/!-(!9&!+''8!M'JO!6:::\!A'!:'5&!$J5*-*/!-*,-1&!96-%&!+6&!
'+6&5,!6#K&!#%%!+6&M!2'J%1!&K&5!9#*+!#*1!:'5&R
A'!*&&1!+'!2J+!-*+'!M'J5!'9*!(%&,6R!A'!:'5&!8&&4-*/!M'J5!:'J+6!2%',&1!+-/6+!#5'J*1!
+6&!,25&#:!+6#+!&Z4%'1&,!-*,-1&!96-%&!+6&M
:'28!M'JRY
!7**!*'1,!-*!#/5&&:&*+R!7T5&#%!%&#*,!-*!+'!6&5RYH&,O!9&!2#*!&*1!-+!('5!M'JRY
!YF+'4!-+bY!C&%-2-+M!,4-+,!'J+R
!7T5&#%!:'K&,!+'!6&5O!2#5&,,&,!6&5!*&28R!YFJ26!,4-5-+O!4&+R!@'9!%'*/!9'J%1!M'J!
%#,+\!D(!D!$5'8&!#*1!$%&1!M'J\!7!9&&8\!"9'\Y!@&
$5&#8,!-*+'!#!,%'9!/5-*R!Y<5!R!R!R!9'J%1!M'J!,8-++&5!#9#M!-*,-1&!,':&96&5&O!#,!M'J!
1-1!&K&5M!+-:&!6&!+'J26&1!M'J\Y
!C&%-2-+MS,!,6#:&!,6'9,!#,!#!,-*/%&!+&#5!2'J5,-*/!1'9*!6&5!26&&8R!@'9!1'&,!6&!8*'9!
+6-,!#$'J+!6&5\
!YH'J!$&!XJ-&+OY!,6&!96-,4&5,O!6&5!K'-2&!$&+5#M-*/!6&5!#*/J-,6R
!Y7%%!+6',&!*-/6+,!-*!M'J5!5'':R!A'96&5&!+'!/'R!A'!'*&!+'!+5J,+R!A'!'*&!+'!6&#5!
M'JR!A'+!,J26!,4-5-+O!+6&*O!4&+RY
!YF+'4OY!C&%-2-+M!96-,4&5,R
!@&!%-28,!6&5!26&&8R!YH'J!+''8!-+R!7*1!1&&4!1'9*O!M'J!+'%1!M'J5,&%(OS"6-,!-,!:M!
(#J%+R!D!:#1&!+6-,!6#44&*R!R!R!R!YY
!C&%-2-+M!-,!,'!#(5#-1R!D!2#*!(&&%!-+!-*!6&5R!B&!#%%!2#*R!B6#+!9#,!-+!6&!,#-1\!B&!
,:&%%!M'J5!(&#5R!D+!%&+,!J,!-*R!D,!+6&5&!,':&+6-*/!#$'J+
'J5!(&#5!+6#+!/-K&,!4'9&5!+'!+6&-5!:#/-2\
!YC&&O!1'*S+!%-,+&*!+'!6-:bY!D!,6'J+R
!Y0'!M'J!8*'9!,':&+6-*/O!4&+\!D!+6-*8!M'J!5#+6&5!&*V'M&1!-+R!S"-,!$&++&5!+6#*!
$&-*/!-/*'5&1!#%+'/&+6&5O!-,*S+!-+\!"6#+S,!96#+!M'J
+5J%M!(&#5O!6:::\!"6#+!M'J!#5&!,'!K&5M!J*%'K#$%&!#(+&5!#%%\Y
!C&%-2-+MS,!,'$$-*/O!J*#$%&!+'!#*,9&5R
!YH'J!1'*S+!9#*+!+'!%-K&!9-+6!+6-,!#*M:'5&O!1'!M'JO!4'44&+\!"6&!,6#:&R!"6&!
6&#5+$5&#8R!"6&!,+#-*!'*!M'J5!,'J%R!B6M!1'*S+!M'J
+#8&!+6-,!$%#1&!#*1!1'!M'J5,&%(!-*\Y
!C&%-2-+M!5&#26&,!'J+!#*1!+#8&,!+6&!1#//&5!6&!'((&5,R
!YA'bY!D!,6'J+O!$J+!DS:!5&,+5#-*&1!$M!'*&!'(!+6&!B#55-'5,R
!@&!2'',!+'!6&5!,9&&+%M!#,!#!:'+6&5!9-+6!#!$#$&R!Y"6#+S,!-+R!NJ,+!&*1!-+R!7%%!+6#+!
4#-*R!>'*&!('5&K&5RY
!Y0'*S+!%&+!+6&:!-*OY!D!,#M!+'!C&%-2-+MRY"6&MS5&!J,-*/!M'J5!(&#5!#/#-*,+!M'JR!H'J!
:J,+!$&!,+5'*/R!L&!,+5'*/bY!F+5'*/R!F+5&*/+6R!DS:
5&:-*1&1!'(!,':&+6-*/!A&%%!,#-1R!YC&%-2-+MO!A&%%!,#-1!+6&!.'44M!B#55-'5,!9'J%1!
,+&#%!'J5!,+5&*/+6R!C&&O!M'J!#5&!'J5!,+5&*/+6b!B&!*&&1
!M'JbY
!DS:!(#2&!+'!(#2&!9-+6!7T5&#%!#*1!6-,!1&#1O!8'6%&1!&M&,R!YB6#+!#$'J+!M'J5!(&#5O!
4'44&+\!B6&5&!,6'J%1!9&!$&/-*\!H'J!2#*S+!&K&*
6&%4!M'J5!'9*!(#+6&5RY
!YDS:!*'+!%-,+&*-*/!+'!M'JOY!D!,#MR!D!+5M!+'!2'*2&*+5#+&O!#$#*1'*!:M!(&#5R!LJ+!-+!
-,!,'!K&5M!6#51R
!7T5&#%!2'*+-*J&,RY7%%!+6#+!4'9&5O!M&+!M'J!2#**'+!1'!+6&!'*&!+6-*/!+6#+!:#++&5,RY
!7!:':&*+!#/'O!+6&!#:J%&+!$&/#*!+'!/%'9O!+'!,6'9!:&!+6&!9#M!'J+R!D!2%J+26!-+!-*!:M!
6#*1O!,&25&+%M!#*/%-*/!-+!+'9#51!+6&!%#,+!+9'
+J**&%,R!B6-26!-,!+6&!'*&\
!7!6#51!,%#4!,+-*/,!:M!26&&8RY75&!M'J!%-,+&*-*/O!4'44&+\Y
!P&&4!2'*2&*+5#+-*/O!>&::#R0'!D!-:#/-*&!-+O!'5!1'&,!+6&!#:J%&+!/%'9\!D+!1'&,b!D+!
-,!(#-*+!$J+!5&#%R!"6&!+J**&%!1-5&2+%M!$&6-*1
7T5&#%!-,!+6&!'*&R!DSK&!('J*1!+6&!9#MR
!YB&!K-,-+!M'J5!(#+6&5!(5':!+-:&!+'!+-:&OY!6&!,#M,R
!YB6#+!1'!M'J!:&#*\Y!D!,#MR!QM!2'*2&*+5#+-'*!-,!/'*&R!"6&!/%'9!1-,#44&#5,R
!YB6&*!6&!-,!J*1&5!+6&!15J/S,!,4&%%O!6-,!:-*1!-,!:',+!5&2&4+-K&!+'!J,R!FJ26!/#:&,O!
,J26!/#:&,R!B&!+'%1!6-:!#$'J+!M'JR!7$'J+!M'J5
:'+6&5R!LJ+!6&S,!/&++-*/!9&#8&5R!7*1!9&S5&!%',-*/!#%%!'J5!(J*RY
!YH'J!%&#K&!6-:!#%'*&RY
!YH&,O!M&,R!C'5!*'9R!=&+S,!4%#MRY
!YF+'4!96&5&!M'J!#5&bY!C&%-2-+M!,+#*1,!4'-,&1!'*!#!5'28O!6&5!$'9!15#9*!$#28O!'*&!
&M&!,XJ-*+-*/!'*!+6&!#55'9!+6#+!,6&!#-:,!-*!#
,9&&4-*/!#52O!+#8-*/!-*!+6&!96'%&!'(!+6&!5'':R!"6&!.'44M!B#55-'5,!2#9!#+!6&5R!@&5!
:'J+6!2J5K&,!-*+'!#!6#+&(J%!,:-%&O!#!:-:-2!'(!+6&
$'9S,!,+5-*/R
!Y.J+!+6&!$'9!1'9*!*'9O!4'44&+RY
!C&%-2-+M!+5#-*,!+6&!#55'9!'*!7T5&#%RYA'RY
!@-,!/5-*!K#*-,6&,RYDS:!/'-*/!+'!&#+!M'J!#%-K&RY
!YD!1'*S+!$%''1M!+6-*8!,'OY!,6&!,#M,!+65'J/6!+&#5,R
!B-+6!#!/5&#+!2#9O!6&!26#5/&,!('5!6&5R!C&%-2-+MS,!#55'9!(%-&,!6#51!#*1!(#,+O!
4-&52-*/!7T5&#%S,!*&28!VJ,+!#$'K&!+6&!45'+&2+-'*!'(!6-,
26#-*!:#-%R!@-,!&M&,!9-1&*!#,!6&!,-*8,!+'!6-,!8*&&,!#*1!(#%%,!+'!+6&!1J,+M!(%''5O!
1&#1R!"6&5&!-,!#!:':&*+!'(!,+J**&1!,-%&*2&O!('%%'9&1
$M!4#*1&:'*-J:R!"6&!.'44M!B#55-'5,!,65-&8!-*!#*/&5!#*1!/5-&(R!"6&5&!-,!*'!+-:&!+'!
%',&R
!Y"6-,!9#MbY!D!,6'J+O!5J**-*/!('5!+6&!+J**&%!+6&!#:J%&+!6#,!,6'9*!:&R!C&%-2-+M!#*1!
7**!#5&!'*!:M!6&&%,O!$J+!,'!#5&!+6&!.'44M
B#55-'5,R!B&!6#1*S+!+6&!26#*2&!+'!/5#$!#!+'526R!"6&!+J**&%!-,!1#58!#,!4-+26!#,!9&!
$#55&%!+65'J/6!-+O!$J:4-*/!-*+'!'*&!#*'+6&5O!(&&%-*/
+6&!5#+,!+-28%&!'K&5!'J5!(&&+O!6&#5-*/!'*&!#*'+6&5S,!1&,4&5#+&!/#,4,!#*1!5#//&1!
$5&#+6-*/R!7*1!VJ,+!$&6-*1!J,O!+6&5&!-,!+6&!6-1&'J,
2#9-*/!'(!+6',&!,6#4&I,6-(+-*/!8*-/6+,R
!YB6&5&!-,!-+\Y!C&%-2-+M!25-&,RYB6&5&!-,!+6&!9#M!'J+\Y
!D+!-,!,+-%%!+''!1#58!+'!,&&!:M!6#*1RYD!1'*S+!8*'9bY
!Y>&::#bY!7**!M&%4,R!"6&M!#5&!-*!+6&!+J**&%!9-+6!J,R!D!2#*!6&#5!+6&:!2%',-*/!(#,+R
!YP&&4!:'K-*/bY!D!,6'J+R
!"6&!+J**&%!+#8&,!#!,6#54!+J5*R!FJ11&*%MO!D!,&&!-+!J4!#6&#1!#*!'4&*-*/O!#*1!$&M'*1!
+6#+O!+6&!/5#M!6#T&!'(!('/R!B-+6!#*!J5/&*+
$J5,+!'(!,4&&1O!9&!5J,6!'J+!-*+'!+6&!+6-28!#-5O!$5&#+6-*/!-*!1&&4!/J%4,R!B&S5&!'*!
+6&!,6'5&R
!Y"6&5&S,!+6&!$'#+OY!C&%-2-+M!,25&#:,R!D+S,!,-++-*/!96&5&!9&!%&(+!-+R!7**!
,25#:$%&,!-*!#*1!4-28,!J4!+6&!'#5,!#,!C&%-2-+M!#*1!D!4J,6!+6&
!$'#+!#9#M!(5':!+6&!,6'5&O!9#1-*/!-*+'!+6&!:J58M!9#+&5!#,!9&!1'R!B-+6!&(('5+O!9&!
2%-:$!-*R
!"6&!$-51,!2':&!-*!#!/5&#+!$%#28!,9#5:!'(!,25&&26-*/R
!7**!#*1!D!4#11%&!#/#-*,+!+6&!2J55&*+!96-%&!C&%-2-+M!+#8&,!#-:!#/#-*,+!+6',&!
+&55-$%&!9-*/&1!+6-*/,R!D!2%',&!:M!&M&,!#*1!5'9!('5!#%%!D
#:!9'5+6O!6&#5-*/!+6&!,'J*1!'(!+6#+!#9(J%!2#9-*/!#*1!C&%-2-+MS,!#55'9,!,%-2-*/!+6&!
#-5R
!F':&+6-*/!$J:4,!+6&!$'#+R
!YB6#+!9#,!+6#+\Y!7**!#,8,R
!YD!1'*S+!8*'9OY!D!,#MO!'4&*-*/!:M!&M&,R!D!%''8!#5'J*1!$J+!,&&!*'+6-*/R
!YP&&4!5'9-*/bY!C&%-2-+M!-*,+5J2+,O!%&++-*/!(%MR!L-51,!(#%%!(5':!+6&!,8MR!"6&M!
26#*/&!-*+'!:&*!#*1!,-*8!$&%'9!+6&!9#+&5R
!Y"6&MS5&!/'-*/!$#28bY!C&%-2-+M!,25&#:,RY"6&MS5&!%&#K-*/bY
!B&!/-K&!#!26&&5R!7**S,!'#5!-,!M#*8&1!(5':!6&5!6#*1R!"6&!$'#+!-,!$J:4&1!,'!6#51!
+6#+!9&!,6#8&!J4'*!+6&!9#+&5R
!YB6#+S,!6#44&*-*/\Y!7**!,#M,O!+&55-(-&1R
!B-+6!#!/5&#+!4J,6O!+6&!5'9$'#+!/'&,!'K&5!#*1!9&!#5&!4-+26&1!-*+'!+6&!:J58M!:'#+R!
D!2':&!J4!,4J++&5-*/O!9-4-*/!+6&!9#+&5!(5':
:M!&M&,!9-+6!:M!(-*/&5,R
!YC&%-2-+Mb!7**bY!D!,6'J+R!"6&5&!-,!*'!#*,9&5R!D!2#%%!'J+!%'J1&5RYC&%-2-+MbY
!Y@&5&bY!F6&!4'4,!J4O!,4J++&5-*/!$&,-1&!:&RYB6&5&!-,!7**\Y
!Y7**bY!D!,25&#:!6&5!*#:&!#/#-*RY7**bY
!@&5!$%J&!6#-5!5-$$'*!(%'#+,!J4'*!+6&!9#+&5O!#$#*1'*&1R!7**!-,!/'*&O!#*1!#%%!9&!
,&&!-,!+6&!'-%M!,6&&*!'(!+6&!9#+&5!*M:46,R
!Y7**bY
!B&!,25&#:!J*+-%!9&S5&!6'#5,&R
!C&%-2-+M!1-K&,!J*1&5O!2':&,!J4!#/#-*RY"6&MSK&!/'+!6&5RY!B&+!#*1!,6#8-*/O!9&!
,+J:$%&!'*+'!15M!%#*1R!D*!+6&!1-,+#*2&O!+6&!6'%%'9
9-*1'9,!'(!+6&!2#+6&15#%!9-*8!#+!:&R!"6&!:#/-2#%!/%#:'J5!2#,+!'((O!-+!6#,!5&K&5+&1!
+'!-+,!+5J&!,&%(O!#!/5#*1!5J-*R!D!4J+!:M!6&#1!'*!:M
8*&&,O!2'J/6-*/R
!C&%-2-+MS,!25M-*/R!YC&&OY!D!,#MO!4J++-*/!:M!6#*1!'*!6&5!$#28R!YB&S5&!/'-*/!+'!
(-*1!6&5R!D!45':-,&R!D+!9'*S+!$&!%-8&!RRRY!D+!9'*S+!$&!%-8&
.-44#R
!Y@&!,6'J%1*S+!6#K&!,#-1!+6',&!+6-*/,!+'!:&OY!,6&!,#M,!-*!/5&#+!6-22J44-*/!
25-&,RY@&!,6'J%1*S+!6#K&!,#-1!+6&:RY
!D+!+#8&,!:&!#!:':&*+!+'!5&#%-T&!+6#+!,6&!-,!+#%8-*/!#$'J+!7T5&#%!#*1!96#+!
6#44&*&1!-*!+6&!2#+#2':$,R!D!+6-*8!'(!6&5!,+#*1-*/!'*
+6#+!5'28O!4-&52-*/!'J5!+'5:&*+'5!9-+6!6&5!#55'9R!YH'J!:J,+*S+!$&!,'55M!('5!96#+!
M'J!1-1RY
!F6&!%''8,!-*+'!:M!(#2&O!6&5!,'$,!,J$,-1-*/!+'!#!2'%1O!+&#5%&,,!(J5MR!F6&!6'-,+,!
+6&!*&#5%M!&:4+M!XJ-K&5!'*+'!6&5!,6'J%1&5R
!YDS:!*'+RY
!"6&!9#%8!$#28!+'!+6&!/#51&*!-,!%'*/!#*1!6#51R!F''*!D!5&2'/*-T&!+6&!VJ*/%&!/5'9+6!
'(!+6&!4%#2&!96&5&!9&!:&+!+6&!/-5%,!(5':!+6&
(#2+'5M!(-5&R
!YB&S5&!2%',&OY!D!,#MR!D!2#*!6&#5!+6&!(#2+'5M!/-5%,!+#%8-*/R
!YB6&5&!#5&!9&!/'-*/\Y!'*&!'(!+6&!/-5%,!#,8,R
!YB-+6!L&,,-&S,!(5-&*1,R!"6&M!8*'9!#!4%#2&!96&5&!9&!2#*!$&!96'%&!#/#-*OY!+6&!'+6&5!
#*,9&5,R
!D!4J%%!C&%-2-+M!1'9*R!B&S5&!25'J26&1!%'9!$&6-*1!#!%#5/&!(&5*R!A'9!D!,&&!+6&:R!"6&!
+65&&!/-5%,!-*!96-+&O!+6&!'*&,!(5':!:M
K-,-'*!+6&MS5&!%&#1-*/!+6&!/-5%,!#9#M!(5':!+6-,!,4'+!-*!+6&!VJ*/%&!+'9#51!#!
1-5&2+-'*!9&!6#K&*S+!M&+!$&&*R!"6&M!9-%%!%&#1!M'J!#,+5#M
!9-+6!(#%,&!45':-,&,RR!R!R
!A&%%!9#,!5-/6+R!B6'&K&5!+6&,&!/-5%,!'*2&!9&5&O!+6&M!#5&!1#58!,4-5-+,!*'9O!-*!
%&#/J&!9-+6!)-52&R
!YB6&5&!#5&!+6&M!/'-*/\Y!C&%-2-+M!96-,4&5,R
!Y"6&!B-*+&5%#*1,O!D!(&#5OY!D!,#MR
!YF6'J%1!9&!,+'4!+6&:\Y!C&%-2-+M!#,8,R
!D!,6#8&!:M!6&#1R!YB&!6#K&!+'!%&+!+6&:!/'R!B&!6#K&!+'!,#K&!7**O!-(!4',,-$%&RY
!C&%-2-+M!*'1,R!D+!,&&:,!#!+&55-$%&!26'-2&O!$J+!-+!-,!:#1&R!7*1!,'!9&!9#+26!+6&:!
/'O!,':&!'(!+6&:!6'%1-*/!6#*1,O!,':&!,-*/-*/O!#%%
'*!+6&-5!9#M!+'!2&5+#-*!1'':R
!)@7."3;!C<;"HI"@;33
!LH!"@3!"DQ3!B3!;37)@!"@3!C7QD=D7;!<;7A>3!,J*,&+!'(!+6&!/#51&*O!+6&!,-%&*+O!
:-,&5#$%&!9#%8!-*!'J5!,'//M!$''+,!6#,!9'5*
$%-,+&5,!'*!'J5!6&&%,R!"6&M!4-*26!#*1!$-+&!9-+6!&#26!,+&4R!LJ+!D!2#*S+!+6-*8!#$'J+!
+6#+!*'9R!B&SK&!/'+!+'!,#K&!7**!-(!,6&!-,!,+-%%!#%-K&R
!Y>5#2-'J,O!96#+!6#44&*&1!+'!M'J\Y!D+S,!.-44#R!"6&!$%''1!6#,!$&&*!9#,6&1!(5':!6&5!
26&&8,R!F6&!*'!%'*/&5!%''8,!(5-/6+(J%!$J+!2#%:
#*1!$&#J+-(J%R
!YB&SK&!*'!+-:&!+'!&Z4%#-*OY!D!,#MR!Y"6&!9#+&5!*M:46,!6#K&!7**R!B&SK&!/'+!+'!(-*1!
+6&:RY
!Y<(!2'J5,&O!M'J!9'J%1*S+!%&#K&!7**OY!.-44#!:J++&5,R!D!%&+!-+!/'R!YD!+'%1!M'J!*'+!
+'!2':&!+'!:&!('5!6&%4RY
!Y.-4bY!C&%-2-+M!$#58,R!YD!,9&#5!+'!M'J!+6#+!-(!M'J!(#-%!J,!*'9O!D!9-%%!*&K&5!2':&!
$#28!+'!,&&!M'J!#,!%'*/!#,!D!%-K&RY
!.-44#S,!,+#5+%&1!$M!C&%-2-+MS,!,J11&*!(J5MR!YH'J!9'J%1!1'!+6#+\Y
!YD!9'J%1RY
!YE&5M!9&%%OY!.-44#!,#M,R!Y@'9!1'!M'J!45'4',&!9&!(-/6+!+6&:\!"6&5&!#5&!'*%M!+65&&!
'(!J,RY
!Y.-4S,!5-/6+R!B&!*&&1!6&%4OY!D!2'*2&1&R
!YB6#+!#$'J+!+6&!/'5/'*\Y!.-4!#,8,R!YF6&!6&%4&1!J,!'*2&!$&('5&RY
!D!,6#8&!:M!6&#1R!YB&!1'*S+!8*'9!+6#+!,6&!2#*!$&!+5J,+&1!VJ,+!*'9R!D*!(#2+O!9&!1'!
*'+!8*'9!-(!#*M!25&#+J5&!'(!+6&!5&#%:,!2#*!$&
+5J,+&1RY
!YB6'!2#*!$&\Y!.-44#!#,8,R
!D!+#8&!#!1&&4!$5&#+6R!YD!,6#%%!6#K&!+'!/'!$#28!('5!6&%4RY
!C&%-2-+MS,!&M&,!*#55'9!+'!#*/5M!,%-+,R!YH'J!,#-1!9&!9'J%1*S+!%&#K&!7**!$&6-*1R!
"6#+!-+!9'J%1*S+!$&!%-8&!R!R!R!%-8&!%#,+!+-:&RY
!.-44#!%''8,!#9#MR
!YDS:!+6-*8-*/!'(!Q-,,!Q''5&OY!D!,#MR
!.-44#S,!-*25&1J%'J,R!YQ-,,!Q''5&\!B6#+!2#*!,6&!4',,-$%M!1'\Y
!YD!1'*S+!8*'9bY!D!,*#4O!5J$$-*/!#+!+6&!,-1&,!'(!:M!#26-*/!6&#1R!YD!2#*S+!/'!+'!
#*M!'(!'J5!(#:-%-&,!#*1!+&%%!+6&:R!DS1!$&!%'28&1!#9#M
('5&K&5b!F6&S,!+6&!'*%M!4&5,'*!D!2#*!+6-*8!'(!96'!9'J%1!%-,+&*RY
!YE&5M!9&%%O!+6&*OY!C&%-2-+M!,#M,R!YL5-*/!6&5!-*RY
!D+!+#8&,!:#/-2!#*1!2'*2&*+5#+-'*!+'!:#8&!+6&!1''5!'(!%-/6+!#44&#5!#*1!+'!:#8&!:M!
9#M!(#,+!#*1!J*1&+&2+&1!+65'J/6!+6&!='*1'*
,+5&&+,R!DS:!+#8-*/!#!+&55-$%&!5-,8!+'!1'!,'O!J,-*/!#!4'9&5!+6#+!-,!J*45&1-2+#$%&O!
$J+!DSK&!*&K&5!$&&*!:'5&!1&,4&5#+&R!"6&!:#/-2!1'&,
*'+6-*/!+'!,6-&%1!:&!(5':!+6&!='*1'*!5#-*O!+6'J/6R!LM!+6&!+-:&!D!5&#26!Q-,,!
Q''5&S,!(%#+O!D!#:!15-44-*/!9&+R!C'5+J*#+&%MO!Q5,R!.'5+&5
-,!'J+O!#*1!-+!-,!:M!('5:&5!+&#26&5!6&5,&%(!96'!#*,9&5,R
!YQIQ-,,!QIQ''5&OY!D!26#++&5O!26-%%&1!+'!+6&!$'*&R
!YQ-,,!0'M%&b!B6#+!&K&5!-,!+6&!:#++&5b!H'JS5&!,'#8&1R!C'5!6&#K&*S,!,#8&O!2':&!-*RY
!F6&!%&#1,!:&!J4,+#-5,!#*1!-*+'!6&5!5'':,O!4J++-*/!:&!$&('5&!+6&!(-5&!+'!9#5:!
:M,&%(R!YD!#:!,'55M!('5!+6-,O!$J+!D!:J,+!+&%%!M'J
,':&+6-*/R!D+S,!J5/&*+RY
!YH&,O!#%%!5-/6+OY!,6&!,#M,O!6&#5-*/!+6&!(&#5!-*!:M!K'-2&R
!YB&!*&&1!M'J5!6&%4R!"6',&!,+'5-&,!9&SK&!+'%1!M'J!#$'J+!+6&!<51&5\!B&!6#K&*S+!$&&*!
2':4%&+&%M!6'*&,+R!D+S,!5&#%R!7%%!'(!-+R!"6&
5&#%:,O!+6&!<51&5O!.-44#O!+6&!:#/-2R!B&SK&!$&&*!+6&5&R!B&SK&!,&&*!-+R!B&SK&!%-K&1!
-+R!3K&5M!$-+!'(!-+R!7*1!*'9!+6&!9#+&5!*M:46,
6#K&!7**R!"6&M!6#K&!6&5O!#*1!9&SK&!/'+!+'!/&+!6&5!$#28R!.%&#,&R!H'J!:J,+!6&%4!J,RY
!QM!9'51,!2':&!'J+!-*!#!+'55&*+!+'!:#+26!+6&!5#-*!5#++%-*/!+6&!9-*1'9,!'(!Q-,,!
Q''5&S,!(%#+R!B6&*!D!(-*-,6O!Q-,,!Q''5&!,+J1-&,!:&
('5!#!:':&*+R
!Y>&::#O!D!8*'9!M'J!6#K&!$&&*!J*1&5!XJ-+&!#!$-+!'(!,+5#-*O!%',-*/!$'+6!M'J5!:'+6&5!
#*1!M'J5!(5-&*1!R!R!RY!F6&!4%#2&,!#!6#*1!'*!:M
8*&&R
!D!9#*+!+'!25MR!F6&!1'&,*S+!$&%-&K&!:&R
!YA'b!D!#:!*'+!+&%%-*/!+#%&,!('5!,M:4#+6Mb!D+S,!+5J&bY!D!9#-%R!"9'!,*&&T&,!&,2#4&!
:&R!QM!+65'#+!-,!5#9!#*1!,9'%%&*R
!YD!9#*+!+'!$&%-&K&!M'JO!$J+!R!R!RY!F6&!4#2&,!$&('5&!+6&!(-5&4%#2&R!Y)#*!M'J!45'K&!
-+!+'!:&\Y
!D!*'1R
!YE&5M!9&%%O!+6&*R!D(!M'J!2#*!45'K&!-+!+'!:&!6&5&!#*1!*'9O!D!,6#%%!$&%-&K&!M'JR!D(!
*'+O!D!,6#%%!+#8&!M'J!6':&!-::&1-#+&%M!#*1!,4&#8
9-+6!M'J5!/5#*1:'+6&5RY
!Y7/5&&1RY!D!*'1R!Y@&,+&5!R!R!RY
!D!9#,+&!*'!+-:&R!>5#$$-*/!6&5!6#*1O!D!J,&!+6&!:&#/&5!4'9&5!D!6#K&!%&(+!+'!:#8&!
+6&!1''5!#44&#5R!B6&*!D!'4&*!:M!&M&,O!-+!-,
+6&5&O!+6&!$5-/6+!%-/6+!-%%J:-*#+-*/!+6&!%''8!'(!2':4%&+&!#,+'*-,6:&*+!'*!Q-,,!
Q''5&S,!(#2&R!F6&!2%',&,!6&5!&M&,!#*1!'4&*,!+6&:
#/#-*O!$J+!+6&!1''5!-,!,+-%%!+6&5&R
!Y)':&!9-+6!:&OY!D!,#MR
!@&5!6#*1!-*!:-*&O!D!4J%%!6&5!+65'J/6R!D+!-,!#*!&(('5+R!D!#:!/5'9-*/!9&#8&5R!D!2#*!
$#5&%M!(&&%!+6&!96'',6!'(!$%''1!-*!6&5!K&-*,
(J&%-*/!+6&!6&#5+!+6#+!-,!&K&*!*'9!#22&4+-*/!+6#+!%'/-2!-,!M&+!#*'+6&5!-%%J,-'*!9&!
25&#+&R
!"6&!/#51&*!,6-::&5,!-*+'!('2J,R!"6&5&!-,!+6&!/5'J*1!%-++&5&1!9-+6!4J54%&!(%'9&5,R!
@&5&!-,!#!+5&&!96',&!$#58!2J5%,!-*+'!5',&!4&+#%,R
"6&5&!#5&!+6&!+#%%!9&&1,!#*1!,+5#*/&!+'#1,+''%,R!C'5!#!:':&*+O!D!#:!#(5#-1!+6&!
,6'28!6#,!45'K&1!+''!:J26!('5!Q-,,!Q''5&R!F6&
5#-,&,!#!+5&:$%-*/!6#*1!+'!6&5!:'J+6!#*1!4J+,!+6&!'+6&5!+'!+6&!+5&&R!F6&!4J%%,!
#9#M!#!6#*1(J%!'(!4&+#%,!#*1!%&+,!+6&:!15'4!(5':!6&5
(-*/&5,!96-%&!,6&!9#*1&5,!-*!#!1#T&!+65'J/6!+6&!&:&5#%1!/5&&*!/5#,,R
!F6&!,-+,!'*!#!5'28R!YD!#:!15&#:-*/R!"6-,!-,!#!1&%J,-'*R!D+!:J,+!$&RY
!YD!+'%1!M'JOY!D!,#MR
!YF'!M'J!1-1RY!F6&!+'J26&,!'*&!'(!+6&!4J54%&!(%'9&5,R!D+!$&2':&,!#!/#51&*!,*#8&!
+6#+!,%-+6&5,!J4!+6&!+5&&!'J+!'(!,-/6+R!Y<6bY
!Q-,,!Q''5&S,!&M&,!/5'9!9-1&R!Y.-44#bY!.-44#!#*1!C&%-2-+M!5J,6!+'!:&&+!J,R!Q-,,!
Q''5&!5&#26&,!'J+!#!+&*+#+-K&!6#*1!+'!+'J26!+6&!,-%8
'(!.-44#S,!6#-5R!YD+!-,!M'JO!-,*S+!-+\Y
!YH&,O!Q-,,!Q''5&R!D+!-,OY!,6&!#*,9&5,R
!Q-,,!Q''5&!4J+,!#!6#*1!'*!6&5!,+':#26O!#,!-(!+5M-*/!+'!,+&#1M!6&5,&%(R!YDS:!
5&#%%M!6&5&O!#5&*S+!D\!DS:!*'+!15&#:-*/\Y
!YA'O!M'JS5&!*'+!15&#:-*/OY!D!#,,J5&!6&5R
!Q-,,!Q''5&!,+J:$%&,!+65'J/6!+6&!/#51&*O!+#8-*/!-*!&K&5M+6-*/R!DS:!5&:-*1&1!'(!:M!
(-5,+!V'J5*&M!6&5&O!6'9!#,+'*-,6&1!D!(&%+R!B&
('%%'9!6&5!J*1&5!+6&!+#5*-,6&1!,-%K&5!#526!#*1!-*+'!+6&!4%#2&!96&5&!+6&!5J*&,!'*2&!
,+''1R!F6&!,+#5&,!#+!+6&!,2'526&1!&#5+6!+6&5&R
!Y"6#+!-,!96&5&!>&::#!,:#,6&1!+6&!;J*&,!'(!+6&!<5#2%&O!+6&!$-*1-*/!'*!+6&!:#/-2OY!
.-44#!,#M,R
!Y<6OY!Q-,,!Q''5&!,#M,O!#,!-(!,6&!-,!#!+6'J,#*1!:-%&,!#9#MR
!Y"6#+!-,!96M!M'J!9&5&!%''8-*/!('5!M'J5!+&:4%&\Y
!YH&,OY!D!,#MR!YF+-%%!%''8-*/RY
!YH'J!6#K&*S+!('J*1!-+O!+6&*\Y
!YA'R!B&!9&5&!+5M-*/!+'!(-*1!-+!96&*!9&!9&5&!%&1!#,+5#M!$M!,':&!1#58!,4-5-+,R!7*1!
+6&*!+6&!9#+&5!*M:46,!+''8!7**OY!D!,#MR
!YB&SK&!/'+!+'!,#K&!6&5O!Q-,,!Q''5&RY!C&%-2-+M!25-&,R
!Q-,,!Q''5&!,+5#-/6+&*,R!YH&,O!'(!2'J5,&!9&!1'R!B6&5&!1'!9&!(-*1!+6&,&!25&#+J5&,\Y
!Y"6&M!%-K&!-*!+6&!5-K&5OY!D!,#MR
!YD,!+6#+!+6&-5!6':&\Y!Q-,,!Q''5&!#,8,R
!YD!1'*S+!8*'9OY!D!,#MR
!.-44#!,4&#8,!J4R!Y"6&!/'5/'*!8*'9,!96&5&!+6&M!%-K&RY
!Q-,,!Q''5&S,!&M&,!9-1&*R!Y"6&5&!-,!#!/'5/'*\Y
!YH&,OY!D!#*,9&5RYLJ+!D!#:!*'+!2&5+#-*!,6&!2#*!$&!+5J,+&1!VJ,+!*'9R!F6&!9#,!$'J*1!
$M!+6&!<51&5S,!:#/-2!+'!+&%%!'*%M!+5J+6!#*1!1'!*'
6#5:R!LJ+!+6&!:#/-2!-,!*'!%'*/&5!#,!-+!9#,RY
!YD!,&&OY!Q-,,!Q''5&!,#M,R!YD,!+6&5&!#*'+6&5!9#M\Y
!YA'*&!+6#+!9'J%1!$&!(#,+&5OY!C&%-2-+M!#5/J&,R!YB&SK&!*'!+-:&R!B&!6#K&!+'!+5J,+!
+6&!/'5/'*RY
!D!1'!*'+!%-8&!4%#2-*/!:M!(#-+6!-*!#!25&#+J5&!'(!+6&!5&#%:,O!$J+!C&%-2-+M!-,!
5-/6+R!B&!:J,+!(-*1!7**!#,!XJ-28%M!#,!4',,-$%&R
!"6&!/'5/'*!,-+,!4#+-&*+%M!'*!+6&!5-K&5R!B6&*!9&!#445'#26O!,6&!,9-K&%,!6&5!
6-1&'J,O!95-+6-*/!6&#1!-*!'J5!1-5&2+-'*R!Q-,,!Q''5&
$#%8,!#+!+6&!,-/6+R
!"6&!/'5/'*S,!1-,+J5$-*/!M&%%'9!&M&,!$%-*8R!YD!,&&!M'J!6#K&!$5'J/6+!#!*&9!(5-&*1RY
!Y7*!'%1!(5-&*1OY!C&%-2-+M!,#M,R!Y>'5/'*O!:#M!D!45&,&*+!Q-,,!@&,+&5!Q''5&RY
!YQ-,,!Q''5&!R!R!R!OY!+6&!/5&&*O!,%-+6&5M!6&#1!6-,,&,R
!YH&,R!@&,+&5!Q''5&OY!Q-,,!Q''5&!5&4%-&,RY@'9!1'!M'J!1'\Y
!Y7,!D!6#K&!#%9#M,!1'*&OY!+6&!/'5/'*!,#M,R
!"6&!4%#*8!%'9&5,O!#*1!Q-,,!Q''5&!9#%8,!'*+'!+6&!$#5/&!#,!-(!,6&!&Z4&2+,!+6&!96'%&!
+6-*/!+'!&K#4'5#+&!#+!#*M!:':&*+R
!Y>'5/'*OY!D!,#MR!Y"6&!1#M!9&!K-,-+&1!+6&!C'5&,+!'(!=-/6+,O!+6&!9#+&5!*M:46,!,9#:!
#9#M!-*!+6#+!1-5&2+-'*RY!D!4'-*+!1'9*!+6&!5-K&5R
Y0'!M'J!8*'9!96&5&!+6&M!%-K&\Y
!YH&,,,,OY!+6&!/'5/'*!,#M,O!+6&!,*#8&%-8&!&M&,!'4&*-*/!#*1!2%',-*/!,%'9%MR!Y"6&!
%#/''*!-,!+6&-5!6':&R!LJ+!-+!-,!,J55'J*1&1!$M!$%#28
5'28R!D!2#*!'*%M!+#8&!M'J!#,!(#5!#,!+6#+!5'28R!C5':!+6&5&O!M'J!:J,+!/'!'*!(''+RY
!Y"6#+!9-%%!$&!,J((-2-&*+OY!.-44#!,#M,R
!Y"6&-5!,'*/!-,!/5&#+OY!+6&!/'5/'*!9#5*,RY)#*!M'J!5&,-,+!+6&!%J5&!'(!-+\Y
!YB&!,6#%%!6#K&!+'!+5MOY!D!,#MR
!B&!2%-:$!#$'#51O!#*1!+6&!/5&#+!$#5/&!+J5*,!('5!+6&!V'J5*&M!1'9*!+6&!5-K&5R!D!+#8&!
:M!#:J%&+!-*+'!:M!6#*1,R
!Y"6&!25&,2&*+!&M&!R!R!R!OY!Q-,,!Q''5&!,#M,R!YQ#M!D\Y
!D!/-K&!-+!+'!6&5R
!YD+!-,!#!2':4#,,R!@'%1!-+!%-8&!+6-,RY
!F6&!5'28,!-+!-*!6&5!6#*1,O!$J+!+6&!#:J%&+!/-K&,!:&!*'!/%'9!+'!/J-1&!J,R!B&!#5&!
'((!+6&!4#+6!('5!2&5+#-*!*'9!#*1!2':4%&+&%M!'*!'J5
'9*R!"6&!$'#+!:'K&,!(5':!+6&!,J*,&+!'(!+6&!/#51&*!-*+'!#!/5&&*!:-,+!+6#+!:#8&,!-+!
6#51!+'!,&&!:J26!'(!#*M+6-*/R
!Y@'9!1-1!M'J!1-,2'K&5!+6-,!4%#2&\Y!Q-,,!Q''5&!#,8,O!%''8-*/!#5'J*1!-*!4J5&!
9'*1&5R
!YQM!:'+6&5OY!D!,#MR!YF6&!9#,!#!:&:$&5!'(!+6&!<51&5R!F6&!9#,!Q#5M!0'91RY
!Y"6&!9':#*!(5':!+6&!1-#5M\Y!,6&!#,8,R
!D!*'1R
!Y7*1!M'J!+6-*8!M'J5!Q-,,!Q2)%&&+6M!-,!+6&!'*&!96'!8-%%&1!6&5\Y
!YH&,R!D!$&%-&K&!,6&S,!$&&*!+5#K&%-*/!(5':!,26''%!+'!,26''%!%''8-*/!('5!:&RY
!Y7*1!96#+!9-%%!M'J!1'!-(!,6&!2':&,!('5!M'J\Y
!D!,+#5&!#+!+6&!:-,+!,9-5%-*/!-*+'!%-++%&!(J**&%,RYDS%%!:#8&!2&5+#-*!,6&!*&K&5!
6#5:,!#*M'*&!&K&5!#/#-*RY
!Q-,,!Q''5&!+#8&,!:M!6#*1RYDS:!(5-/6+&*&1!('5!M'JO!>&::#RY
!F'!#:!DR
!D+S,!/5'9-*/!9#5:&5R!F9&#+!+5-28%&,!$&+9&&*!:M!,6'J%1&5!$%#1&,!#*1!4%#,+&5,!:'-,+!
,+5#*1,!'(!6#-5!+'!:M!('5&6&#1R
!Y"6-,!6&#+OY!C&%-2-+M!,#M,O!9-4-*/!6&5!$5'9!9-+6!+6&!$#28!'(!6&5!6#*1R
!YD+S,!6'55-1RY!.-44#!%-(+,!6&5!6#-5O!8&&4-*/!-+!(5':!+'J26-*/!6&5!*&28R!LJ+!#,!
+6&5&!-,!*'!$5&&T&!+'!2''%!6&5O!,6&!%&+,!/'R
!Q-,,!Q''5&!+5#-*,!6&5!&M&,!'*!+6&!5-K&5O!+#8-*/!-*!&K&5M!,-/6+O!&K&5M!,'J*1R!
B#+26-*/!+6&!9#+&5!(%'9!J*1&5!#*1!#9#M!(5':!J,O!D
9'*1&5!96#+!6#,!$&2':&!'(!Q#&!#*1!L&,,-&!"-::'*,!#*1!+6&!5&,+!'(!+6&!(#2+'5M!
/-5%,R!@#K&!+6&M!$&&*!,9#%%'9&1!J4!#*1!&*,%#K&1!$M
+6&!1#58!,4-5-+,!'(!+6&!B-*+&5%#*1,\!0-1!-+!6#44&*!XJ-28%M!'5!1-1!+6&M!6#K&!+-:&!
+'!5&#%-T&!+6&!(J%%!6'55'5!'(!96#+!9#,!6#44&*-*/!+'
+6&:\
!D!2%',&!:M!&M&,!#/#-*,+!+6&,&!+6'J/6+,!#*1!%&+!+6&!:'K&:&*+!'(!+6&!$'#+!%J%%!:&R
!YB&S5&!*&#5-*/!+6&!,6#%%'9,OY!+6&!/'5/'*!,#M,R
!"6&!5-K&5S,!$&/J*!+'!26#*/&!2'%'5R!D!2#*!,&&!+'!+6&!$'++':R!D+S,!%-*&1!9-+6!
46',46'5&,2&*+!,+'*&,!#*1!,6'#%,!+6#+!:#8&!'J5!6#*1,
%''8!/5&&*!#*1!$%J&R!"6&!$#5/&!2':&,!+'!#!,+'4R
!YD!2#**'+!/'!(#5+6&5OY!+6&!/'5/'*!,#M,R
!YB&S5&!'*!(''+!(5':!6&5&OY!D!,#MR!Y>'5/'*O!:#M!9&!+#8&!+6&!*&+,!9-+6!J,\Y
!"6&!/'5/'*!*'1,!6&5!/-#*+!6&#1R!"6&!'+6&5,!,25#:$%&!+'!5&%&#,&!+6&:R!"6&!/'5/'*!
2#%%,!:&!+'!6&5R!YL&!2#5&(J%!M'J!#5&!*'+!2#J/6+
-*!#!*&+O!Q',+!@-/6OY!,6&!,#M,R
!YD!,6#%%OY!D!,#MO!(&&%-*/!J*&#,MR
!LJ+!+6&!/'5/'*!,6#8&,!6&5!6&#1R!"6&!,*#8&,!6-,,!#*1!95-+6&R!YF':&!*&+,!#5&!
1-((-2J%+!+'!,&&!J*+-%!M'J!#5&!+6'5'J/6%M!&*,*#5&1RY
!Y>&::#bY!C&%-2-+M!2#%%,!-*!#!%'J1!96-,4&5R!D!5J*!+'!V'-*!+6&!'+6&5,R!C&%-2-+MS,!
/'+!6&5!#55'9,U!.-4!#*1!Q-,,!Q''5&!6#K&!+6&!*&+,!#*1!#
5'4&R!B&!,+&4!(5':!+6&!$#5/&!-*+'!#*8%&I1&&4!9#+&5!#*1!'*+'!%#*1!'$,2J5&1!$M!#!
2%'J1!$#*8R!"6&!/5'J*1!$&%'9!J,!-,!6#51!#*1
J*('5/-K-*/R!B&!6#K&!+'!6'%1!6#*1,!+'!,+&#1M!'J5,&%K&,R!"6&!:-,+!2%&#5,!#!$-+O!#*1!
D!2#*!,&&!+6&!1&,'%#+&!%#*1,2#4&!'(!$%#28O!5'28M
6-%%,R!F:#%%O!,+&#:-*/!4'*1,!%-&!6&5&!#*1!+6&5&O!2#5K&1!-*+'!+6&!5'28R!"6&!:-,+!
5-,&,!(5':!+6&:!-*!/5&&*O!,J%(J5'J,!96'5%,R
!<*!6#*1,!#*1!8*&&,O!9&!2%-:$!+'!+6&!+'4!'(!#!V#//&1!5'28R!F+5&+26&1!'J+!$&%'9!-,!
#!1&&4O!9-1&!%#/''*R!"6&!46',46'5&,2&*+!,+'*&,
#+!+6&!$'++':!'(!+6&!%#/''*!/-K&!-+!#!$%J&I/5&&*!/%'9!+6#+!%&#8,!-*+'!+6&!:-,+!
2':-*/!'((!+6&!,J5(#2&R
!YD!,&&!6&5bY!C&%-2-+M!,#M,R
!YB6&5&\Y!Q-,,!Q''5&!#,8,O!,J5K&M-*/!+6&!6'5-T'*R
!C&%-2-+M!4'-*+,!+'!#!(%#+!5'28!#+!+6&!(#5!&1/&!'(!+6&!%#/''*R!F+5-44&1!+'!6&5!
26&:-,&O!7**!6#,!$&&*!+-&1!+'!+6&!5'28!#,!-(!,6&!-,!+6&
(-/J5&6&#1!'*!+6&!$'9!'(!#!,6-4R!F6&!,+#5&,!,+5#-/6+!#6&#1!#,!-(!-*!#!+5#*2&R
!"6&M!9-%%!+#8&!+6&!,'*/O!4-*!6&5!+'!+6&!5'28R!0'!*'+!%&+!+6&!,'*/!1-&R
!Y0'!*'+!%&+!+6&!,'*/!1-&OY!D!,#MR!Y7**!-,!+6&!,'*/R!"6#+S,!96#+!A&%%!9#,!+5M-*/!
+'!,#MRY
!Y=&+S,!/'OY!C&%-2-+M!,#M,O!,+#5+-*/!6&5!1&,2&*+R
!YB#-+OY!D!,#MO!4J%%-*/!6&5!$#28R
!"6&!9#+&5!*M:46,!&:&5/&!(5':!+6&!1&4+6,O!+6&-5!,6-*M!6&#1,!%-8&!4'%-,6&1!,+'*&,!
-*!+6&!/%'9!'(!+6&!9#+&5R!"6&M!,-*/!,9&&+%M!+'
7**R!"6&!4J%%!'(!+6&-5!K'-2&,!$&/-*,!+'!9'58!'*!:&R
!Y"6&M!#5&!%-8&!+6&!,-5&*,!'(!'%1R!0'*S+!%-,+&*R!)'K&5!M'J5!&#5,OY!Q-,,!Q''5&!
'51&5,R!B&!1'!&Z2&4+!('5!.-44#R!F6&!-,!*'+!,J,2&4+-$%&!+'
+6&-5!%J5&,O!#*1!D!#:!5&:-*1&1!'*2&!#/#-*!+6#+!,6&!-,!*'!%'*/&5!+6&!.-44#!9&!8*&9O!
*'!:#++&5!6'9!:J26!9&S1!#%%!%-8&!+'!45&+&*1
'+6&59-,&R
!L&%'9O!+6&!9#+&5!*M:46,!:'K&!,':&!,'5+!'(!,&#!,4'*/&!+65'J/6!7**S,!+#*/%&1!:'4!'(!
6#-5O!+J5*-*/!+6&!,+5#*1,!#!4&#5%M
/5&&*I/'%1R!"6&M!,+5'8&!+6&-5!9&$$&1!(-*/&5,!#25',,!6&5!#5:,!#*1!%&/,R!F6&S,!
2'K&5&1!-*!+6&!%-/6+!,6&&*!'(!+6&!,4#58%-*/!,2#%&,
+6&MSK&!%&(+!$&6-*1R!"6&M!,+5'8&!+6&!,4'*/&!'K&5!7**S,!,8-*O!:#8-*/!6&5!,6-K&5R!
@&5!,8-*!+J5*,!+6&!,#:&!,6-*M!/5&&*I/'%1R
!"6&!*M:46,!6#K&!,+'44&1!,-*/-*/R
!YB6#+!#5&!+6&M!1'-*/\Y!D!96-,4&5R
!Q-,,!Q''5&S,!&Z45&,,-'*!-,!/5-:R!YD(!+6&!%&/&*1,!#5&!#22J5#+&O!+6&M!#5&!45&4#5-*/!
Q-,,!L5#1,6#9RY
!SS.5&4#5-*/!6&5!('5!96#+\Y!C&%-2-+M!,#M,R
!Q-,,!Q''5&!4#J,&,R!Y"6&MS5&!/&++-*/!5&#1M!+'!+#8&!6&5!,8-*RY
!B&!/#,4!-*!6'55'5R
!Y"6#+S,!96#+!:#8&,!+6&!9#+&5!,'!$&#J+-(J%!#*1!9#5:OY!Q-,,!Q''5&!&Z4%#-*,R!Y@J:#*!
,8-*RY
!C#5!#25',,!+6&!%#/''*O!+6&!:-,+!/5'9,!$5-/6+&5O!+#8-*/!('5:R!<*&!/-5%!&:&5/&,O!
+6&*!#*'+6&5!#*1!#*'+6&5O!+-%%!#%%!+65&&!'(!+6&
/6',+%M!('5:,!#5&!45&,&*+R!"6&!+65&&!-*!96-+&R!C'5!#!:':&*+O!+6&M!%''8!-*!'J5!
1-5&2+-'*!9-+6!#!2J5-'J,!,:-%&O!M&+!+6&M!1'!*'+!$&+5#M
J,R
!Y>&+!1'9*OY!D!,#MO!4J%%-*/!#+!Q-,,!Q''5&S,!,8-5+R!F6&!%-&,!(%#+!#/#-*,+!+6&!5'28R!
Y"6',&!#5&!K&5M!1#58!,4-5-+,R!H'J!1'*S+!9-,6!+'!$&
,&&*!$M!+6&:RY
!"6&!/-5%,!2#%%!+'!+6&!*M:46,!-*!#!+'*/J&!D!1'!*'+!8*'9R!B6&*!D!4&&8!'K&5!+6&!
5'28O!D!,&&!+6&!/-5%,!%&#1-*/!+6&!*M:46,!#5'J*1!#
V&++M!#*1!'J+!'(!,-/6+R
!YA'9OY!D!,#MR
!7,!XJ-28%M!#,!9&!2#*O!9&!,25#:$%&!1'9*!+6&!5'28M!2%-((!#*1!'J+!'*+'!+6&!*&#5!
,6'5&R
!YB6'!,6#%%!/'\Y!.-44#!#,8,!#*Z-'J,%MR
!YD!,6#%%!/'OY!Q-,,!Q''5&!,#M,R
!YA'OY!D!,#MR!YD!,6#%%R!F6&!-,!:M!5&,4'*,-$-%-+MRY
!Q-,,!Q''5&!*'1,R!Y7,!M'J!9-,6RY
!F6&!+-&,!+6&!5'4&!#5'J*1!6&5!:-11%&RYD(!+6-*/,!,6'J%1!45'K&!1-((-2J%+O!+J/!'*!+6&!
5'4&!#*1!9&!,6#%%!4J%%!M'J!+'!,#(&+MRY
!D!+#8&!+6&!'+6&5!&*1!#*1!,9-:!+'9#51!7**!'*!+6&!5'28R!"6&!9#+&5!-,!,J545-,-*/%M!
2':('5+#$%&O!$J+!D!,6J11&5!+'!+6-*8!96M!-+!-,!,'
$&#J+-(J%R!7,!D!/&+!(#5+6&5!'J+O!D!(-*1!D!6#K&!+'!2%',&!:M!&M&,!+'!8&&4!/'-*/R!7+!
%#,+!D!5&#26!7**R
!Y7**\Y!D!96-,4&5O!+6&*!:'5&!J5/&*+%MO!Y7**bY
!Y>&::#\Y!,6&!,#M,O!#,!-(!$5-&(%M!9#8-*/!(5':!#!15J//&1!,+J4'5R!YD,!+6#+!M'J\Y
!YH&,RY!D!96-,4&5R!YB&SK&!2':&!('5!M'JR!@'%1!,+-%%RY
!D!%''4!+6&!5'4&!#5'J*1!7**S,!9#-,+!#*1!+-&!-+!+-/6+R!QM!(-*/&5,!#5&!,%-44&5M!9-+6!
%#/''*!9#+&5O!$J+!D!#:!#$%&!+'!%'',&*!+6&!8*'+,!+6#+
6'%1!6&5!(&&+!#*1!6#*1,R!7**!,%-1&,!-*+'!+6&!9#+&5!9-+6!#!%-++%&!,4%#,6R
!Y>&::#bY!C&%-2-+M!96-,4&5IM&%%,!(5':!+6&!,6'5&R!Y0'*S+!%&+!6&5!15'9*RY
!D!4J%%!J4!'*!+6&!5'4&!#*1!7**!$'$,!+'!+6&!,J5(#2&O!2'J/6-*/O!#9#8&R!F6&!+65#,6&,!
#$'J+R
!Y7**b!F6J,6b!H'JS%%!$5-*/!+6&:!R!R!RY
!"''!%#+&R!725',,!+6&!%#/''*O!+6&!*M:46,!6#K&!&*1&1!+6&-5!:&&+-*/!9-+6!+6&!$&#,+%M!
/-5%,!-*!96-+&R!"6&M!,&&!96#+!DS:!#$'J+R!7*/5M
#*1!,*#5%-*/O!+6&M!%&+!%'',&!9-+6!#!(-&52&!,25&&26!+6#+!5-4,!+65'J/6!:&R!"6&M!1'!
*'+!%-8&!+6#+!DSK&!1#5&1!+'!+#8&!+6&-5!4&+R!"6&*!+6&5&
-,!'*%M!+6&!,-%K&5M!$'9!'(!+6&-5!$#28,!#,!+6&M!1-K&!J*1&5O!'*&!$M!'*&O!,9-::-*/!
(#,+!('5!J,O!6J*/5M!('5!'J5!45&++M!,8-*R
!D!4J,6!'((!(5':!+6&!5'28O!+'9-*/!7**R!D!2#*!(&&%!Q-,,!Q''5&!15#9-*/!6#51!'*!+6&!
5'4&O!$J+!9&S5&!$'+6!,+5J//%-*/!#/#-*,+!7**S,!1&#1
9&-/6+R
!Y)':&!'*O!7**-&O!M'JSK&!/'+!+'!,9-:!('5!-+OY!D!4%&#1R
!F6&!1'&,!#!/5'//M!25#9%O!6&5!#5:,!+65#,6-*/!#$'J+!-*!+6&!9#+&5O!$J+!9&S5&!*'!
:#+26!('5!+6&!(J5-'J,!*M:46,!2':-*/!'J5!9#MR
!D!,25&#:O!*'!%'*/&5!2#5-*/!+'!8&&4!XJ-&+R!Y.J%%b!<*!+6&!5'4&!4J%%!6#51bY
!C&%-2-+M!#*1!.-44#!5J,6!+'!#-1!Q-,,!Q''5&R!>5J*+-*/!#*1!,+5#-*-*/O!+6&M!+J/!#,!
6#51!#,!+6&M!2#*R!B&!4%'9!K-'%&*+%M!+65'J/6!+6&
9#+&5R!D+S,!*'+!&*'J/6R
!Y?,&!+6&!*&+,bY!D!,25&&26O!+#8-*/!-*!#!:'J+6(J%!'(!('J%!9#+&5!,'!+6#+!D!2'J/6!#*1!
/#/R
!.-44#!5J*,!('5!+6&!*&+,R!F6&!6J5%,!'*&!'J+R!D+!,#-%,!'K&56&#1!#*1!,4%#,6&,!-*+'!
+6&!9#+&5R!"6&!*M:46,!,25&#:!-*!5#/&R!"6&!*&+!6#,
(5-/6+&*&1!+6&:O!$J+!'*%M!+&:4'5#5-%MR!"6&M!5&*&9!+6&-5!&(('5+,R!"6-,!+-:&O!
.-44#S,!*&+!%#*1,!'*!('J5!'(!+6&!*M:46,R!"6&5&S,!#
6'55-$%&!,25&#:!#,!+6&!*&+!$J5*,!+6&-5!,8-*R!"6&M!$J$$%&!#*1!$%-,+&5!J*+-%!+6&M!
#5&!*'+6-*/!:'5&!+6#*!,&#!('#:R
!"6&!'+6&5,!(#%%!$&6-*1O!#(5#-1!+'!/'!(#5+6&5R!C&%-2-+M!#*1!.-44#!%J/!J,!(5':!+6&!
9#+&5!'*+'!+6&!,6#54!,6'#%,R
!Q-,,!Q''5&!6&%4,!:&!+'!:M!(&&+R!Y75&!M'J!#%%!5-/6+\Y
!7**!K':-+,!'*+'!+6&!,6'#%,R!F6&!-,!9&#8!$J+!#%-K&R
!B&SK&!26&#+&1!+6&:!'(!+6&-5!45-T&R!D!2#*S+!6&%4!:M,&%(R!D!,6'J+!9-+6!/%&&!#*1!
,#+-,(#2+-'*R!Y"#8&!'J5!,8-*O!9-%%!M'J\!@#b!"#8&!+6#+bY
!Y>&::#OY!Q-,,!Q''5&!#1K-,&,O!4J%%-*/!:&!$#28!(5':!+6&!9#+&5R!Y0'!*'+!+#J*+!+6&:RY
!D*1&&1O!+6&!*M:46,!1'!*'+!+#8&!8-*1%M!+'!:M!2&%&$5#+-'*R!"6&M!'4&*!+6&-5!:'J+6,!
#*1!$&/-*!+'!,-*/R!"6&!%J5&!'(!-+!-,!%-8&!#!*&+
15#9-*/!:&!+'9#51!+6&!9#+&5R!<6O!+6#+!,'J*1O!%-8&!#!45':-,&!+6#+!+6&5&!*&&1!$&!*'!
9'55M!'5!9#*+!&K&5!#/#-*R!D!2'J%1!/5'9!15J*8!'*
+6#+!+J*&R
!Q-,,!Q''5&!4%#2&,!6&5!(-*/&5,!-*!6&5!&#5,R!Y0'*S+!%-,+&*bY
!C&%-2-+M!9#1&,!-*+'!+6&!9#5:!9#+&5!+'!6&5!#*8%&,O!+6&*!6&5!8*&&,O!15#9*!$M!+6&!
,'*/R!.-44#!5J*,!+'!+6&!&1/&O!,25&#:-*/!6&5
*#:&R!YC&&b!C&&bY
!7**S,!$&/J*!+'!,-*/!#%'*/R!C'5!#!:':&*+O!DS:!1-,+5#2+&1!$M!6&5!K'-2&R!B6#+!#:!D!
1'-*/!-*!+6&!9#+&5\!D!,+&4!'J+R!7**!,+'4,!,-*/-*/O
#*1!+6&!*M:46,!(%''1!:&!9-+6!+6&-5!,9&&+!45':-,&,!#/#-*R
!DS:!K#/J&%M!#9#5&!'(!Q-,,!Q''5&!,25&#:-*/O!Y7**b!F-*/b!H'JSK&!/'+!+'!,-*/bY
!7**!(-*1,!6&5!,'*/!#/#-*R!D+!4J%%,!:&!#9#M!(5':!+6&!9#+&5!#*1!+6&!*M:46,!&*'J/6!
+'!,&&!96#+!-,!6#44&*-*/R!C&%-2-+MS,!,9-::-*/
(#5+6&5!'J+R
!YF-*/O!7**bY!D!,6'J+R!QM!6#*1,!(-*1!+6&!(#-*+!+65'$!#+!6&5!+65'#+R!YF-*/!#,!-(!
M'J5!%-(&!1&4&*1,!'*!-+RY
!7**S,!,'*/O!+6-*!#+!(-5,+O!-,!*'!:#+26!('5!+6&!+&:4+#+-'*!-*!C&%-2-+MS,!&#5,R!LJ+!
6&5!K'-2&!/#-*,!,+5&*/+6R!F6&!,-*/,!:'5&!%'J1%M!#*1
:'5&!4'9&5(J%%M!+6#*!D!6#K&!&K&5!6&#51!6&5!,-*/O!J*+-%!,6&!-,!+6&!,'*/!-+,&%(R!F6&!
,+#5&,!#+!+6',&!25&#+J5&,!%-8&!#!9#55-'5!9#5*-*/!'(
+6&!$#++%&!+'!2':&R!D*!+6&!9#+&5O!C&%-2-+M!,+'4,R!.-44#!5J,6&,!-*!#(+&5!6&5R
!S"&&O!2':&!$#28!9-+6!:&RY
!F6&!5&#26&,!'J+!6&5!6#*1!#*1!C&%-2-+M!+#8&,!-+R
!Y)':&!'*OY!.-44#!,#M,!,'(+%MO!%J5-*/!6&5!(5':!+6&!9#+&5R
!Y)':&!'*RY
!C&%-2-+M!('%%'9,!7**S,!K'-2&!#*1!.-44#S,!6#*1!J*+-%!,6&!-,!$#28!'*!,'%-1!/5'J*1R
!Y.-44#\Y!C&%-2-+M!,#M,R
!.-44#!&:$5#2&,!6&5O!#*1!C&%-2-+M!6'%1,!,'!+-/6+%M!D!(&#5!,6&!9-%%!$5&#8!.-44#R
!"6&!*M:46,O!5&#%-T-*/!+6&M!6#K&!%',+O!,25&&26!-*!5#/&R
!Y=&+S,!*'+!9#-+!#5'J*1O!,6#%%!9&\Y!Q-,,!Q''5&!,#M,R!F6&!/#+6&5,!+6&!5'4&!'*+'!6&5!
,6'J%1&5R!D!#:!,'!/5#+&(J%!('5!Q-,,!Q''5&!#+!+6-,
:':&*+!D!2'J%1!25MR
!Y"6#*8!M'JO!@&,+&5OY!D!,#MR
!YD+!-,!D!96'!,6'J%1!+6#*8!M'JO!>&::#RY
!YC'5!96#+\Y!D!#,8R
!LJ+!+6&5&!-,!*'!#*,9&5!+'!+6#+!XJ&,+-'*R!C'5!+6&!/-5%,!-*!96-+&!6#K&!5&+J5*&1R!
7*1!+6&M!#5&!*'+!#%'*&R!"6&MSK&!$5'J/6+!+6&!(&#5,':&
25&#+J5&!DSK&!,&&*!-*!:M!K-,-'*O!+6&!'*&!96'!('%%'9&1!J,!$#28!(5':!+6&!)#K&,!'(!
F-/6,!#!+5#28&5R!D+!&:&5/&,!(5':!$&6-*1!+6&:!-*
+6&!1#58*&,,O!5-,-*/O!,45&#1-*/!'J+!+-%%!9&!#5&!('52&1!+'!%''8!J4!#+!+6&!K#,+O!
5'-%-*/!&Z4#*,&!'(!-+R!"6&!/-5%,!,+&4!-*,-1&!-+!%-8&!26-%15&*
2%-*/-*/!+'!#!:'+6&5S,!,8-5+,R
!Y7+!%#,+!R!R!R!OY!-+!,#M,R
!;J*R!>&+!#9#MR!)#*S+!:'K&R!"6&!(&#5R!FJ26!(&#5R"6&!9-*/,!J*(J5%!5&K&#%-*/!+6&!
6'55-$%&!(#2&,!9-+6-*R!"6&!6#+&R!"6&!+&55'5R
!Q-,,!Q''5&!4J,6&,!:&!'J+!'(!+6&!9#MO!6&5!K'-2&!,+5'*/R!Y;J*bY
!B&!+J:$%&!1'9*!+6&!$%#28!5'28R!"6&!,%-1&!-,!5'J/6R!D+!2J+,!:M!6#*1,O!$J+!9&!5&#26!
+6&!/5'J*1!XJ-28%MR
!Y>&+!+'!+6&!/'5/'*OY!C&%-2-+M!,6'J+,R!F6&!-,!-*!+6&!%&#1O!.-44#!VJ,+!$&6-*1R!DS:!
4J%%-*/!7**O!96'!2#*!$#5&%M!5J*R!LJ+!96&5&!-,!Q-,,
Q''5&\!D!,&&!6&5b!F6&!#44&#5,!-*!+6&!,J%(J5!/5&&*!:-,+R!"6&!$&#,+!#*1!+6&!/-5%,!
#5&!2%',&!'*!6&5!6&&%,R
!F6&!9#K&,!J,!'*R!Y>'b!>'bY
!.J%%-*/!7**!#%'*/O!D!5J*!#,!(#,+!#,!D!2#*!+-%%!D!,&&!+6&!/'5/'*!-*!+6&!,6#%%'9,R!
"6&!('J5!'(!J,!2%#:$&5!'*+'!+6&!$'#+R
!Q-,,!Q''5&!&:&5/&,O!$J+!+6&!+6-*/!-,!XJ-28R!D+!$%'28,!6&5!4#+6R
!YQ-,,!Q''5&bY!D!,6'J+R
!YA'b!>&::#O!5J*bY!,6&!,6'J+,R!Y0'!*'+!9#-+!('5!:&bY
!B-+6!#!:-/6+M!/5'#*O!+6&!/'5/'*!,&+,!J,!$#28!'*!2'J5,&!('5!+6&!/#51&*R!D!2%-:$!+'!
+6&!5#-%-*/O!$J+!C&%-2-+M!#*1!.-44#!4J%%!#+!:M
#5:,R!DS:!(-/6+-*/!%-8&!#!:#19':#*R
!Y>'5/'*O!,+'4!+6-,!-*,+#*+b!DS:!'51&5-*/!M'J!+'!,+'4bY
!LJ+!,6&!1'&,*S+R!B&S5&!,%-44-*/!#9#M!(5':!+6&!,6'5&O!96&5&!+6#+!+&55-$%&!25&#+J5&!
+'9&5,!'K&5!:M!(5-&*1R
!YQ-,,!Q''5&b!Q-,,!Q''5&bY!D!,6'J+!+-%%!:M!K'-2&!-,!5#9O!+-%%!DSK&!*'!K'-2&!
%&(+RYQ-,,!Q''5&OY!D!25'#8O!,%-1-*/!+'!+6&!1&28!'(!+6&!$'#+R
!B&S5&!$#28!-*!+6&!/#51&*R!QM!&M&,!#5&!5#9!(5':!25M-*/R!DS:!&Z6#J,+&1!#*1!,-28R!D!
+J5*!+'!+6&!/'5/'*R
!YB6M!1-1*S+!M'J!,+'4!96&*!D!'51&5&1!M'J!+'!1'!,'\Y
!"6#+!+6-28O!,2#%M!6&#1!5'%%,!,%'9%M!+'9#51!:&R!YD!#:!'51&5&1!(-5,+!+'!$5-*/!*'!
6#5:!+'!M'JO!Q',+!@-/6RY
!YB&!2'J%1!6#K&!,#K&1!6&5bY!D!25MR
!"6&!6&#1!,9-K&%,!#9#MR!YD!+6-*8!*'+RY
!Y>&::#OY!7**!,#M,!/&*+%MR!YH'JSK&!/'+!+'!:#8&!+6&!1''5RY
!C&%-2-+M!#*1!.-44#!,-+!+'/&+6&5O!#5:,!-*+&5+9-*&1O!%'#+6&!+'!%&#K&!&#26!'+6&5R
!D!2%',&!:M!&M&,R
!Y>&::#OY!7**!,#M,R
!Y)-52&S,!25&#+J5&!/'+!6&5O!#*1!D!9#,*S+!#$%&!+'!,+'4!-+RY
!A'!'*&!6#,!#!2':('5+-*/!+6-*/!+'!,#MR
!YDS:!/'-*/!+'!8-%%!6&5OY!D!,#MO!:M!9'51,!6#51!#,!,+&&%RYDS:!/'-*/!+'!(#2&!6&5O!
#*1!+6&*!D!,6#%%!8-%%!6&5RY
!D+!+#8&,!+5&:&*1'J,!&(('5+!+'!:#8&!+6&!1''5!'(!%-/6+!#44&#5R!"6&!'+6&5,!:J,+!
,+&#1M!:&R!LJ+!(-*#%%M!-+!,6-::&5,!-*+'!K-&9R!.-44#
9#K&,!/''1$M&!#*1!$%'9,!8-,,&,!+'!J,!#%%R!DS:!+6&!%#,+!+'!/'!+65'J/6O!#*1!#,!D!
9#-+O!D!/%#*2&!'*&!%#,+!+-:&!#+!.-44#R!F6&S,!4J%%&1
,':&+6-*/!'J+!(5':!-+,!6-1-*/!4%#2&!$&6-*1!#!+5&&R!D+S,!+6&!2#52#,,!'(!#!,:#%%!
#*-:#%R!F6&!,+#5&,!#+!-+!%'*/-*/%M!$&('5&!25'J26-*/!%'9O
,-++-*/!'*!6&5!6#J*26&,!%-8&!,':&!$&#,+!6&5,&%(R!F6&!$5-*/,!+6&!(%&,6!+'!6&5!:'J+6!
#*1!(&&1,O!6&5!&M&,!/'*&!96-+&!9-+6!6J*/&5R
!)@7."3;!C<;"HIC<?;
!QDFF!Q<<;3!DF!><A3R!F@3!DF!><A3R!DSE3!A<"!C<?A0!+6&!"&:4%&R!"6&!;#8,6#*#!9&5&!
95'*/!+'!+5J,+!:&!9-+6!+6-,!+#,8R!D!#:!*'+
A&%%!@#98-*,S,!=#1M!@'4&R!D!#:!*'+!+6&!Q',+!@-/6O!+6&!'*&!+'!$5-*/!$#28!+6&!/%'5M!
'(!+6&!<51&5!#*1!+6&!:#/-2R!D!#:!>&::#!0'M%&O
#*1!D!6#K&!(#-%&1R
!D!#:!,'!+-5&1R!QM!$'1M!#26&,U!:M!6&#1!(&&%,!,+J((&1!9-+6!2'++'*R!D!,6'J%1!%-8&!+'!
%-&!1'9*!#*1!,%&&4!('5!1#M,R!D!#:!+''!+-5&1!&K&*
+'!J*15&,,R!D!%-&!#25',,!:M!$&1R!"6&!5'':!,9-5%,!('5!#!:':&*+O!#*1!+6&*!D!#:!(#,+!
#,%&&4!#*1!15&#:-*/R
!DS:!(%M-*/!'K&5!1#58&*&1O!5#-*I,%-28&1!,+5&&+,O!+65'J/6!#%%&M,!96&5&!(-%+6M!
26-%15&*!/*#9!#+!:&#%M!$5&#1!+6-28!9-+6!$JTT-*/!-*,&2+,R
D!(%M!'*O!+-%%!DS:!(%'#+-*/!1'9*!+6&!6#%%,!'(!L&+6%&:!#*1!-*+'!A&%%!@#98-*,S,!
5'':R
!Y=#1M!@'4&OY!,6&!96-,4&5,RYB6#+!6#K&!M'J!1'*&\Y
!D!1'*S+!J*1&5,+#*1R!D!2#**'+!#*,9&5R!"6&5&!#5&!(''+,+&4,!-*!+6&!2'55-1'5R
!YB6#+!6#K&!M'J!1'*&\!B6#+!6#K&!M'J!1'*&\Y!,6&!,6'J+,R!YN#28!#*1!N-%%!9&*+!J4!+6&!
6-%%U!N#28!#*1!N-%%!9&*+!J4!+6&!6-%%U!N#28!#*1!N-%%
9&*+!J4!+6&!6-%%RY
!DS:!(%'#+-*/!#9#M!'*!6&5!5#:$%-*/,O!(%'#+-*/!6-/6!#$'K&!+6&!2'55-1'5O!96&5&!+6&!
%#1M!-*!+6&!/5&&*!2%'#8!,9&&4,!1'9*!+6&!1#58&*&1
6#%%O!J**'+-2&1R!DS:!(%'#+-*/!'J+!-*+'!+6&!-*8M!*-/6+!'K&5!F+R!>&'5/&S,!96&*!D!
6&#5!A&%%!@#98-*,S,!(#-*+O!,+-(%&1!25MR
!D!1'!*'+!8*'9!6'9!%#+&!D!6#K&!,%&4+O!96#+!1#M!-+!-,O!'5!96&5&!D!#:!96&*!D!#:!
#9#8&*&1!$M!#*!#*Z-'J,!Q5,R!N'*&,R
!YQ-,,O!:-,,b!H'JS1!$&,+!15&,,!XJ-28%MR!=#1M!0&*$M!6#,!2':&!+'!2#%%!9-+6!Q5R!
F-:'*R!H'J5!/5#*1:'+6&5!,&*+!:&!+'!(&+26!M'J
,+5#-/6+#9#MRY
!YDS:!*'+!(&&%-*/!9&%%OY!D!,#MO!(%'44-*/!$#28!'*!+6&!4-%%'9,R
!Q5,R!N'*&,!4J%%,!:&!+'!#!,-++-*/!4',-+-'*RY<*2&!+6&MSK&!/'*&O!M'J!2#*!5&,+!#%%!
M'J!%-8&O!:-,,R!LJ+!('5!*'9O!DS:!+'!/&+!M'J!15&,,&1
#*1!$&!XJ-28!#$'J+!-+RY
!B6&*!D!1&,2&*1O!+6&MS5&!#%%!#,,&:$%&1!-*!+6&!4#5%'5O!6J11%&1!+-/6+%M!'K&5!
+&#2J4,R!D(!+6-,!-,!#!,'2-#%!2#%%O!-+!-,!*'+!/'-*/!9&%%R
F':&+6-*/!-,!#:-,,R!3K&*!F-:'*!-,*S+!,:-%-*/R
!Y>&::#OY!>5#*1:#:#!,#M,RYF-+!1'9*O!26-%1RY
!YDS:!#(5#-1!D!6#K&!,':&!5#+6&5!+5'J$%-*/!*&9,!2'*2&5*-*/!M'J5!#2XJ#-*+#*2&!Q-,,!
L5#1,6#9OY!=#1M!0&*$M!,#M,R!QM!6&#5+!,+'4,R
!Y<6\Y!D!,#MO!(#-*+%MR
!YH&,R!D!+6'J/6+!-+!,+5#*/&!+6#+!D!9'J%1*S+!8*'9!'(!6&5!(#:-%MO!,'!DSK&!:#1&!
-*XJ-5-&,R!"6&5&!-,!*'!0J8&!'(!)6&,+&5(-&%1!-*!P&*+R!D*
(#2+O!D!9#,!#$%&!+'!+J5*!J4!*'+6-*/!'*!#!/-5%!1-,2'K&5&1!+'!$&!'(!+6&!;J,,-#*!
*'$-%-+MRY
!>5#*1:#:#!,6#8&,!6&5!6&#1RYD+!-,!,6'28-*/R!F6'28-*/bY
!YB6#+!D!1-1!1-,2'K&5!-,!+6#+!,6&!6#,!#!5#+6&5!KJ%/#5!2'J,-*!#!:&526#*+S,!9-(&!96'!
%-K&,!-*!)5'M1'*R!DS:!#(5#-1!M'J5!Q-,,!L5#1,6#9
-,!%-++%&!:'5&!+6#*!#!('5+J*&!6J*+&5OY!=#1M!0&*$M!,#M,R
!YD!*&K&5!2#5&1!('5!6&5OY!>5#*1:#:#!,#M,R
!Y"6&5&!:J,+!$&!,':&!:-,+#8&OY!D!'((&5!9&#8%MR
!Y"6#+!-,!#!8-*1!#,,&,,:&*+O!:M!1&#5OY!=#1M!0&*$M!,#M,O!4#++-*/!:M!6#*1RYLJ+!
5&:&:$&5!+6#+!M'J!+''!6#K&!$&&*!+#-*+&1!$M!+6-,
,2#*1#%R!7*1!Q5,R!B'5+6-*/+'*O!'(!2'J5,&R!"'!+6-*8!+6#+!+6&M!'4&*&1!+6&-5!6':&!+'!
6&5R!<(!2'J5,&O!Q5,R!B'5+6-*/+'*!-,*S+!8*'9*!('5
6&5!,'J*1!VJ1/:&*+O!-(!D!:#M!$&!,'!$'%1RY
!>5#*1:#:#!/-K&,!6&5!&1-2+R!YH'J!#5&!+'!6#K&!*'!(J5+6&5!#2XJ#-*+#*2&!9-+6!+6#+!
/-5%RY
!"':!&*+&5,R!@-,!(#2&!-,!15#9*!#*1!4#%&R
!Y"6':#,\!B6#+!-,!+6&!:#++&5\Y!>5#*1:#:#!#,8,R
!YD+S,!Q-,,!@#98-*,R!F6&!+''8!-%%!-*!+6&!*-/6+!9-+6!#!(&K&5R!F6&!9-%%!*'+!9#8&RY!
@&!,6#8&,!6-,!6&#1O!J*#$%&!+'!2'*+-*J&R
!YD!15&#:&1!#$'J+!6&5!%#,+!*-/6+OY!D!$%J5+!'J+R
!Y0-1!M'J\!B6#+!1-1!M'J!15&#:\Y!F-:'*!#,8,R
!D!15&#:&1!'(!)-52&!#*1!A&%%S,!,+-(%&1!25MR!B6#+!-(!+6#+!9#,!*'!15&#:\
!YD!D!1'*S+!5&:&:$&5OY!D!,#MR
!Y<6O!4''5!1&#5O!M'JS5&!4#%&OY!=#1M!0&*$M!,#M,RYD+!-,!K&5M!6#51!+'!6&#5!+6#+!'*&!
6#,!$&&*!1J4&1!$M!#!,J44',&1!(5-&*1R!7*1!*'9
M'J5!Q-,,!@#98-*,!-,!-%%R!D+!:J,+!$&!#!+&55-$%&!,6'28RY
!YH&,O!+6#*8!M'JOY!D!,#MRYDS:!*'+!(&&%-*/!9&%%RY
!Y.''5!1&#5OY!=#1M!0&*$M!:J5:J5,!#/#-*R!YF-:'*O!1'!$&!#!/&*+%&:#*!#*1!6&%4!Q-,,!
0'M%&RY
!F-:'*!+#8&,!:M!#5:!#*1!&,2'5+,!:&!(5':!+6&!5'':R
!YD!2#*S+!$&#5!+'!+6-*8!'(!7**!-*!,J26!+5'J$%&OY!D!,#MR
!YD(!,6&!:-,5&45&,&*+&1!6&5,&%(O!,6&!1&,&5K&,!96#+!2':&,OY!F-:'*!,#M,RYA'!'*&!
%-8&,!+'!$&!1&2&-K&1RY
!7,!D!#:!1&2&-K-*/!F-:'*O!%&++-*/!6-:!+6-*8!:&!+6-,!J*2':4%-2#+&1!3*/%-,6!
,26''%/-5%\!B'J%1!6&!5J*!-(!6&!8*&9!+6&!+5J+6\!B'J%1!6&
(&&%!D!6#1!:-,%&1!6-:\!P&&4-*/!,&25&+,!-,!#,!:J26!#*!-%%J,-'*!#,!#2+-*/!'J+!#*!
&%#$'5#+&!26#5#1&R
!YD!8*'9!+6-,!-,!#!6'55-$%&!-:4',-+-'*O!Q5R!Q-11%&+'*OY!D!,#MR!YLJ+!2'J%1!M'J!
4',,-$%M!1&%#M!M'J5!:'+6&5S,!K-,-+!+'!Q5,R!B'5+6-*/+'*
J*+-%!DSK&!6#1!#!26#*2&!+'!,4&#8!9-+6!Q-,,!L5#1,6#9\Y
!F-:'*!/-K&,!:&!#!,:-%&R!YDS%%!1'!:M!$&,+R!LJ+!M'J!,6'J%1!8*'9!+6#+!'*2&!:M!:'+6&5!
,&+,!6&5!,-/6+,!'*!,':&+6-*/O!+6&5&!-,!%-++%&
M'J!2#*!1'!+'!26#*/&!+6&!2'J5,&!'(!-+R!D!+6-*8!,6&S,!,&+!6&5!,-/6+,!'*!M'JRY
!D!,6'J%1!$&!(%#++&5&1R!7*1!D!#:O!-*!#!,:#%%!9#MR!LJ+!D!2#**'+!,6#8&!+6&!(&&%-*/!
+6#+!-*!'51&5!+'!$&!%'K&1!$M!F-:'*!#*1!6-,!(#:-%MO!D
,6#%%!6#K&!+'!$&!#!K&5M!1-((&5&*+!,'5+!'(!/-5%!#*1!+6#+!-(!+6&M!8*&9!:&!+5J%M!8*&9!
:&!+6&M!9'J%1!*'+!9&%2':&!:&!,'!9#5:%MR
!YB6#+!-(!M'J!9&5&!+'!$&!1-,#44'-*+&1!-*!:&\Y
!YD!2'J%1!*&K&5!$&!1-,#44'-*+&1!-*!M'JRY
!YLJ+!96#+!-(!M'J!1-,2'K&5&1!,':&+6-*/!R!R!R!,J545-,-*/!#$'J+!:&\Y
!F-:'*!*'1,RYD!8*'9!96#+!-+!-,O!Q-,,!0'M%&RY
!YH'J!1'\Y!D!96-,4&5R
!YH&,OY!6&!,#M,!-*!&#5*&,+R!YH'J!6#K&!#!6J:4!'*!M'J5!$#28!+6#+!'*%M!#44&#5,!#(+&5!
:-1*-/6+R!D!,6#%%!+#8&!M'J5!,&25&+!+'!+6&!/5#K&RY
!YH&,O!+6#+!-,!-+OY!D!,#MO!,:-%-*/O!$%-*8-*/!6#51!#+!+6&!+&#5,!+6#+!,+-*/!:M!&M&,R
!YH'J!,&&\!D!8*'9!&K&5M+6-*/!#$'J+!M'JOY!F-:'*!,#M,R!YA'9!/&+!,':&!5&,+R!D!,6#%%!
,&&!M'J!+':'55'9RY
!D!6&#5!+6&:!-*!+6&!4#5%'5!/',,-4-*/R!D!6&#5!+6&:!$&2#J,&!D!#:!'*!+6&!,+#-5O!,'(+!
#,!,+#5%-/6+R!7*1!+6&*!D!#:!'J+!+6&!1''5O!XJ-&+!#,
2#*!$&O!#*1!'((!+'!+6&!B'5+6-*/+'*,S!6'J,&!+'!9#5*!+6&:R!7*1!#(+&5O!D!,6#%%!(-*1!
Q-,,!Q2)%&&+6MO!#*1!,6&!9-%%!#*,9&5!('5!Q-,,!Q''5&O
:M!:'+6&5O!A&%%!@#98-*,O!#*1!+6&!'+6&5,R!C'5!+6-,!4J54',&O!D!+J28!+6&!$%#1&!P#5+-8!
%&(+!:&!-*+'!:M!$''+R
!C&%-2-+MS,!$J+%&5!'4&*,!+6&!1''5!#*1!D!4J,6!:M!9#M!-*,-1&O!4#,+!6-,!45'+&,+,R
!YC&%-2-+MbY!D!2#%%!'J+O!*'+!2#5-*/!#$'J+!:#**&5,!'5!45'+'2'%RY7**bY
!YD*!6&5&bY!C&%-2-+M!#*,9&5,!(5':!+6&!%-$5#5MR
!D!$#55&%!:M!9#M!-*!9-+6!+6&!$J+%&5!'*!:M!6&&%,RYQ-,,!0'M%&!+'!,&&!M'JO!:-,,RY!6&!
,#M,O!1&+&5:-*&1!+'!5&+J5*!,':&!,&*,&!'(
1&2'5J:!+'!+6&!45'2&&1-*/,R
!Y"6#*8!M'JO!F6#:&,R!"6#+!9-%%!$&!#%%OY!C&%-2-+M!,#M,R!YB6#+!-,!-+\Y!,6&!#,8,O!
96&*!9&!#5&!#%'*&RYD,!-+!,':&+6-*/!#$'J+!Q-,,!Q''5&\
@#K&!M'J!('J*1!#!9#M!+'!/&+!6&5!$#28\Y
!D!,6#8&!:M!6&#1R!YB&S5&!('J*1!'J+R!!=#1M!0&*$M!6#,!:#1&!-*XJ-5-&,R!F6&S,!('J*1!
M'J5!2'J,-*O!7**R!F6&!8*'9,!9&SK&!$&&*
:#,XJ&5#1-*/!#%%!+6-,!+-:&RY!D!,-*8!-*+'!#!26#-5R!D!#:!,'!K&5M!+-5&1R
!Y"6&*!&K&5M'*&!9-%%!8*'9R!H'J!:#M!$&!,J5&!'(!+6#+OY!C&%-2-+M!,#M,O!%''8-*/!+5J%M!
+&55-(-&1R
!7**!4#%&,RYD!+6'J/6+!M'J!,#-1!*'!'*&!9'J%1!$&!+6&!9-,&5bY
!YD!6#1*S+!2'J*+&1!'*!=#1M!0&*$M!#*1!6&5!6#+5&1!'(!:M!:'+6&5RY
!7**!,-+,O!+5&:$%-*/R!YDS:!5J-*&1R!7*1!9&!,6#%%!*&K&5!$&!#%%'9&1!+'!,&&!'*&!
#*'+6&5!#/#-*RY
!C&%-2-+MS,!6#*1!-,!#!(-,+!#+!6&5!,+':#26R!Y.#4#!,6#%%!6#K&!:M!6&#1RY
!YD+!9#,!M'J5!-1&#OY!7**!,#M,O!4'-*+-*/!#!(-*/&5!#+!C&%-2-+MR
!YH'J!9&5&!'*%M!+''!6#44M!+'!4%#M!#%'*/bY
!Y.%&#,&!,+'4OY!D!,#MR!YB&!6#K&!+'!8&&4!=#1M!0&*$M!(5':!+&%%-*/!96#+!,6&!8*'9,RY
!YA'!'*&!2#*!8&&4!6&5!(5':!+6#+OY!C&%-2-+M!,#M,R!YF6&!-,!#!K&5M!1&+&5:-*&1!9':#*R!
7*1!+6-,!-,!+6&!,'5+!'(!/',,-4!+6#+!,6&!%-K&,!('5RY
!YB&!2'J%1!2':&!J4!9-+6!#*'+6&5!,+'5MOY!7**!,#M,O!4#2-*/R
!Y@'9!%'*/!$&('5&!,6&!:#8&,!-*XJ-5-&,!'*!+6#+!'*&!#,!9&%%\Y!D!,#MR
!7**!,-+,!'*!+6&!,&++&&O!%#M,!6&5!6&#1!'*!6&5!#5:O!#*1!25-&,R
!YB&!2'J%1!J,&!+6&!:#/-2OY!C&%-2-+M!,#M,R
!YA'OY!D!,#MR
!C&%-2-+MS,!&M&,!(%#,6RYB6M!*'+\Y
!Y@#K&!M'J!('5/'++&*!%#,+!*-/6+\!B&!,6#%%!*&&1!&K&5M!$-+!'(!:#/-2!+'!(-*1!+6&!
"&:4%&!#*1!(#2&!)-52&RY
!Y)-52&bY!C&%-2-+M!,4-+,R!Y.-44#!9#,!5-/6+R!H'J!'*%M!%''8!#(+&5!M'J5,&%(RY
!Y"6#+!-,*S+!+5J&OY!D!,#MR
!YD,*S+!-+\Y
!Y.%&#,&O!>&::#OY!7**!$%J$$&5,R
!YH'JSK&!,&&*!6'9!+6&!:#/-2!+#8&,!-+,!+'%%!J4'*!:&OY!D!,#MRYDS:!*'+!:M,&%(!+'1#MR!
7*1!A&%%!@#98-*,!6#,!(#%%&*!-*+'!#!+5#*2&R!NJ,+
%#,+!*-/6+!D!15&#:&1!,6&S1!$&&*!('J*1!$M!)-52&RY
!C&%-2-+MS,!$J+%&5!&*+&5,R!YD,!&K&5M+6-*/!#%%!5-/6+O!Q-,,!B'5+6-*/+'*\Y
!YH&,O!F6#:&,R!"6#*8!M'JRY
!@&!%&#K&,O!$J+!6&!1'&,!*'+!+#8&!'J5!#*/&5!9-+6!6-:R!D+!6#*/,!#$'J+!+6&!5'':!-*!
9'J*1&1!%''8,!#*1!#!6',+-%&!XJ-&+R!QM!6&#1!#26&,R
!Y0'!M'J!+6-*8!-+S,!+5J&\!0'!M'J!+6-*8!)-52&!5&#%%M!6#,!+#8&*!6'%1!'(!A&%%!
@#98-*,\Y!7**!#,8,!+65'J/6!6&5!+&#5,R
!YH&,OY!D!,#MR!YF'!M'J!,&&!-+!-,!-:4&5#+-K&!+6#+!9&!/'!-*+'!+6&!5&#%:,!#/#-*!
+'*-/6+R!<*2&!9&!(-*1!+6&!"&:4%&!#*1!$-*1!+6&!:#/-2O
M'J!:#M!J,&!-+!+'!:#8&!+6&:!+6-*8!M'J!#5&!cJ&&*!E-2+'5-#!6&5,&%(!-(!M'J!9-,6R!LJ+!
(-5,+!9&!(-*1!+6&!"&:4%&RY!7*1!)-52&R
!C&%-2-+M!&Z6#%&,!%'J1%MR!Y"6#*8!M'JO!>&::#R!D!2#*!8&&4!Q'+6&5!'22J4-&1!#*1!#9#M!
(5':!=#1M!0&*$MS,!2%J+26&,!J*+-%!+':'55'9R
7**O!M'J!#5&!#$'J+!+'!$&2':&!K&5M!-%%RY
!YD!#:\Y
!YA'!'*&!9'J%1!1#5&!+'!,4&#8!$#1%M!'(!#*!-*K#%-1RY!,6&!&Z4%#-*,RYA'9O!(#-*+RY
!YLJ+!96#+!-(!+6&M!2#*!+&%%!+6#+!D!#:!45&+&*1-*/\Y
!Y7**O!-+!-,!*'+!+&55-$%M!1-((-2J%+!+'!(#-*+R!B':&*!1'!-+!#%%!+6&!+-:&R!H'J!,-:4%M!
(#%%!+'!+6&!(%''5O!2%',&!M'J5!&M&,O!#*1!1'*S+!,4&#8RY
!YH&,OY!7**!,#M,R!YF6'J%1!D!(#%%!+'!+6&!(%''5!'5!6&5&!'*!+6&!2'J26\Y
!Y<6O!6'*&,+%MO!-+!1'&,*S+!:#++&5b!NJ,+!(#-*+bY
!7**!*'1,R!B-+6!+6&!(-*&,,&!'(!#!$'5*!#2+5&,,!,6&!5'%%,!6&5!&M&,!$#28!#*1!25J:4%&,!
+'!+6&!(%''5!15#:#+-2#%%MO!%-8&!#!,'J((%&!(#%%-*/!-*
'*!-+,&%(R!D+!-,!+6&!:',+!/5#2&(J%!(#-*+-*/!,4&%%!DSK&!&K&5!,&&*R!D+!-,!#!4-+M!-+!
6#,!$&&*!9#,+&1!'*!J,R
!Y"'*-/6+OY!C&%-2-+M!,#M,O!+#8-*/!:M!6#*1,R
!Y"'*-/6+OY!D!#/5&&R
!B&!4J,6!+65'J/6!+6&!4#5%'5!1''5,!#,!(5#*+-2#%%M!#,!9&!2#*R!YF6#:&,b!F6#:&,bY!
C&%-2-+M!2#%%,R
!"6&!+#%%O!-2M!$J+%&5!#44&#5,RYH&,O!:-,,\Y
!YF6#:&,O!Q-,,!L5#1,6#9!6#,!(#-*+&1b!D!(&#5!,6&!6#,!+#8&*!-%%R!B&!:J,+!2#%%!('5!
Q'+6&5!#+!'*2&RY
!3K&*!+6&!4%#2-1!F6#:&,!-,!1-,+J5$&1RYH&,O!:-,,R!;-/6+!#9#MRY
!7,!+6&!6'J,&!&5J4+,!-*+'!#*!&Z2-+&1!(5&*TM!('5!&K&5M'*&O!-+!,&&:,O!%'K&,!+6&!
4'+&*+-#%!('5!1-,#,+&5O!#!$5&#8!-*!+6&!*J:$-*/
5'J+-*&!D!+#8&!:M!%&#K&R!D!:J,+!#1:-+!+6#+!D!(-*1!#!,#K#/&!1&%-/6+!-*!5&6&#5,-*/!
96#+!D!9-%%!,#M!+'!>5#*1:#:#!#$'J+!+6-,!K-,-+R!YR!R!R
#*1!+6&*!Q-,,!L5#1,6#9S,!8-*1O!/&*+%&!,4-5-+!9#,!,'!-*VJ5&1!$M!+6&,&!(#%,&!
#22J,#+-'*,!+6#+!,6&!+''8!@D!#*1!(#-*+&1O!RRRY
!H&,O!+6#+!9-%%!$&!#!:',+!,#+-,(#2+'5M!:':&*+R!D(!'*%M!D!9&5&*S+!,'!K&5M!+-5&1R
!0J,8!6#,!,&++%&1!'K&5!='*1'*!#%'*/!9-+6!#!$-+!'(!,%&&+R!D+S,!#!5#9!&K&*-*/O!#*1!D!
,6#%%!$&!/%#1!+'!,-+!#+!:M!(-5&R!D!9'*1&5!96#+!6#,
6#44&*&1!+'!Q-,,!Q''5&O!-(!+6&5&!-,!#*M+6-*/!D!2#*!1'!+'!,#K&!6&5!(5':!6&5!
+&55-$%&!(#+&R!D!9'*1&5!-(!D!,6#%%!&K&5!,&&!P#5+-8!#/#-*!'5!-(
6&!6#,!$&&*!#$,'5$&1!-*+'!+6&!,6#1'9,!'(!+6&!;#8,6#*#R
!N#28,'*S,!9#-+-*/!4#+-&*+%M!#+!+6&!2J5$R!"6#+!2#*!'*%M!:&#*!+6&MSK&!1-,2'K&5&1!:&!
/'*&!#*1!2':&!+'!+6&!%'/-2#%!2'*2%J,-'*R!DS:!-*
('5!#,!:J26!+5'J$%&!#,!C&%-2-+M!#*1!7**!*'9R!Q',+!%-8&%MO!"':!,-+,!-*,-1&!+6&!
2#55-#/&!(J:-*/R
!Y3K&*-*SO!:-,,R!H'J5!/5#*1:'+6&5!9#,!K&5M!9'55-&1!#$'J+!M'JOY!N#28,'*!,#M,O!
'4&*-*/!+6&!2#55-#/&!1''5!('5!:&R!@&!+#8&,!:M
6#*1!+'!6&%4!:&!J4!#*1!-*R
!Y"6#*8!M'JO!N#28!Y!D!(5&&T&R!D+!-,!*'+!"':!'5!>5#*1:#:#!9#-+-*/!('5!:&R!F-++-*/!
-*!:M!2#55-#/&!-,!Q-,,!Q2)%&&+6MR!F6&!-,!V'-*&1
$M!C'9%,'*!(5':!+6&!;#8,6#*#R
!Y>&+!-*O!-(!M'J!4%&#,&O!:-,,OY!N#28,'*!,#M,O!&Z&5+-*/!45&,,J5&!'*!:M!$#28R
!D!'4&*!:M!:'J+6!+'!,25&#:R!@-,!6#*1!45&,,&,!6#51!#/#-*,+!:&O!+5#44-*/!+6&!,'J*1!
-*!:M!+65'#+R!Y<-!8*'9!96&5&!M'J5!(#:-%M
%-K&,R!C-*8!'*!M'J5!4''5!1#1O!%M-*S!-*!+6&!,-285'':O!#%%!KJ%*&5#$%&!%-8&RY
!YN#28,'*OY!Q-,,!Q2)%&&+6M!2#%%,RY"6#+!9-%%!$&!&*'J/6RY
!;&%J2+#*+%MO!N#28,'*!%&+,!/'R!@&!2%',&,!+6&!1''5!$&6-*1!:&!#*1!,9-*/,!J4!$&6-*1!
+6&!6'5,&,R!"6&!%-/6+,!'(!Q#M(#-5!(#1&!#9#M!#,!+6&
2#55-#/&!%J526&,!-*+'!+6&!+5#((-2!6&#1-*/!('5!L'*1!F+5&&+R
!YB6&5&!#5&!M'J!+#8-*/!:&\Y!D!1&:#*1R
!YF':&96&5&!9&!2#*!+#%8OY!Q-,,!Q2)%&&+6M!,#M,R!YH'J!#5&!#!K&5M!,%-44&5M!/-5%!+'!
2#+26O!Q-,,!0'M%&RY
!YB6#+!6#K&!M'J!1'*&!+'!A&%%!@#98-*,\Y!D!#,8R
!YQ-,,!@#98-*,!-,!+6&!%&#,+!'(!:M!2'*2&5*,!#+!+6&!:':&*+R!B&!:J,+!1-,2J,,!+6&!
"&:4%&RY
!C'9%,'*!1'J,&,!#!6#*18&526-&(!9-+6!%-XJ-1!(5':!#!,:#%%!$'++%&R
!YB6#+!#5&!M'J!1'-*/\Y!D!#,8O!+6&!+&55'5!5-,-*/!-*!:M!+65'#+R
!YB&!2#*S+!K&5M!9&%%!6#K&!M'J!8*'9-*/!6'9!+'!(-*1!'J5!6-1&#9#MOY!C'9%,'*!,#M,R
!@&!%'':,!'K&5!:&R!D!(-/6+!$#28O!+J5*-*/!:M!6&#1!%&(+!#*1!5-/6+!+'!#K'-1!6-:O!$J+!
6&!-,!+''!,+5'*/R!"6&!96-+&!'(!+6&!6#*18&526-&(!-,
#%%!D!2#*!,&&!#,!-+!(%'#+,!%'9&5O!2'K&5-*/!:M!*',&!#*1!:'J+6!#+!%#,+R!"6&5&!-,!+6&!
-*&,2#4#$%&O!,J(('2#+-*/!'1'5!'(!&+6&5R!"6&!%#,+!+6-*/
D!,&&!$&('5&!,J22J:$-*/!+'!+6&!1#58*&,,!-,!Q-,,!Q2)%&&+6M!4'44-*/!#!+'((&&!-*+'!
6&5!:'J+6!9-+6'J+!#!2#5&!-*!+6&!9'5%1R
!D!2':&!+'!$M!1&/5&&,R!C-5,+O!+6&5&!-,!+6&!+#,+&!-*!:M!:'J+6O!#!('J%O!,J%(J5'J,!
+6-*/!+6#+!,-+,!'*!:M!+'*/J&!#*1!:#8&,!:&!/#/R!"6&*
+6&5&!-,!+6&!$%J55&1!K-,-'*R!D!6#K&!+'!5#-,&!:M!#5:!+'!$%'28!+6&!9'$$%MO!1#*2-*/!
%-/6+R!DS:!-*!#!1#58!5'':R!)#*1%&,!$J5*R!D,!+6&5&!*'
'*&!&%,&\!D!2#*S+!,&&!#*M'*&O!$J+!DS:!#9#5&!'(!'+6&5,R!D!2#*!(&&%!+6&:!-*!+6&!
5'':R!"6&5&S,!#!5J,+%-*/!,'J*1!2':-*/!(5':!+6&
1#58*&,,!#$'K&R
!"9'!:#,8&1!:&*!&*+&5!+6&!5'':O!&,2'5+-*/!,':&'*&!-*!#!$%-*1('%1R!"6&M!5&:'K&!+6&!
$%-*1('%1R!D+S,!P#5+-8b!"6&!'+6&5!:&*!$#28
#9#MO!%&#K-*/!J,!#%'*&!+'/&+6&5R
!Y>&::#OY!6&!,#M,R
!YP#5+-8OY!D!25'#8R!QM!+65'#+!-,!15MR!QM!K'-2&!25#28,R!YB6#+!#5&!M'J!1'-*/!6&5&\!
0-1!+6&M!+#8&!M'JO!+''\Y
!Y75&!M'J!#%%!5-/6+\!@&5&O!6#K&!,':&!9#+&5OY!6&!#*,9&5,R
!D!+#8&!#!,-4R!YDS:!,'!K&5M!,'55M!#$'J+!96#+!D!,#-1!+6#+!1#MR!D!1-1*S+!:&#*!
#*M+6-*/!$M!-+RY
!@&!,6#8&,!6-,!6&#1R!YD+!-,!('5/'++&*R!75&!M'J!2&5+#-*!M'JS5&!#%%!5-/6+\Y
!YH'J!:J,+!6&%4!:&R!C'9%,'*!#*1!Q-,,!Q2)%&&+6M!8-1*#44&1!:&!#*1!$5'J/6+!:&!6&5&R!
D(!,6&!6#,!6-,!%'M#%+MO!+6&*!9&!2#**'+!+5J,+
+6&!;#8,6#*#RY
!YF666O!>&::#R!A'!'*&!$5'J/6+!:&!6&5&!#/#-*,+!:M!9-%%R!Q-,,!Q2)%&&+6M!-,!4#5+!'(!
+6&!<51&5R!F6&S,!9'58-*/!9-+6!+6&!;#8,6#*#!+'
(-*1!+6&!"&:4%&!#*1!5&,+'5&!+6&!<51&5!+'!-+,!(J%%!4'9&5R!F6&S,!2':&!+'!6&%4!M'JRY
!D!%'9&5!:M!K'-2&!+'!#!96-,4&5R!YP#5+-8O!M'J!8*'9!+6#+!Q-,,!Q2)%&&+6M!-,!)-52&RY
!YC'9%,'*!,#M,!,6&!-,!*'+RY
!Y@'9!1'&,!6&!8*'9\!7*1!6'9!1'!M'J!8*'9!+6#+!6&!6#,!*'+!$&&*!2'55J4+&1!#,!9&%%\!
@'9!1'!M'J!8*'9!+6#+!M'J!2#*!+5J,+!6-:\Y
!YQ-,,!Q2)%&&+6M!-,*S+!96'!M'J!+6-*8!,6&!-,R!@&5!*#:&!-,!F#6-5#6!C',+&5R!F6&S,!
$&&*!'*!+6&!6J*+!('5!)-52&R!F6&!+''8!+6&!*#:&
Q2)%&&+6M!#,!#!1&2'MO!-*!6'4&,!'(!2#%%-*/!+6&!#++&*+-'*!'(!+6&!5&#%!)-52&O!#,!+6#+!
9#,!+6&!*#:&!,6&!+''8!96-%,+!,6&!9#,!#+!F#-*+
E-2+'5-#S,RY
!Y7*1!M'J!$&%-&K&!+6-,!,+'5M\Y!D!,#M!9-+6!#!,*&&5R
!YC'9%,'*!$&%-&K&,!-+RY
!YDS:!2&5+#-*!A&%%!@#98-*,!2'J%1!+&%%!M'J!1-((&5&*+%MR!0'*S+!M'J!,&&\Y!D!$&/RYF6&!
-,!)-52&b!F6&!:J51&5&1!+6',&!/-5%,O!P#5+-8R!F6&
:J51&5&1!:M!:'+6&5!#*1!M'J5!$5'+6&5b!D!9'*S+!%&+!6&5!1'!+6&!,#:&!+'!:&RY
!Y>&::#O!M'J!#5&!:-,+#8&*RY
!@&S,!$&&*!+#8&*!-*!$M!6&5R!D!2#*!*'!%'*/&5!+5J,+!6-:R
!Q-,,!Q2)%&&+6M!&*+&5,!+6&!5'':R!@&5!%'*/!/5&&*!2%'#8!$5J,6&,!+6&!(%''5R
!Y"6-,!6#,!+#8&*!&*+-5&%M!+''!%'*/O!Q-,,!0'M%&R!H'J!9-%%!+#8&!:&!-*+'!+6&!5&#%:,!
#*1!D!,6#%%!6&%4!M'J!(-*1!+6&!"&:4%&R!"6&*!9&!,6#%%
$-*1!+6&!:#/-2!#*1!5&,+'5&!+6&!<51&5RY
!C5':!#$'K&O!#!1&&4!K'-2&!5-*/,!'J+R!YB-+6!#22&,,!+'!+6&!5&#%:,!#*1!+6&!:#/-2!
/5#*+&1!#+!%#,+!+'!+6&!;#8,6#*#R!YS!D*!+6&!2#*1%&%-/6+
D!2#*!,&&!'*%M!#!:#,8&1!(#2&R
!YH&,O!'(!2'J5,&OY!Q-,,!Q2)%&&+6M!,#M,R
!YD!8*'9!#%%!#$'J+!M'JOY!D!,#MR!YD!95'+&!+'!F#-*+!E-2+'5-#S,R!D!8*'9!96#+!M'J!1-1!
+'!A&%%!@#98-*,!#*1!+6&!'+6&5!/-5%,!$&('5&!6&5RY
!YH'J!8*'9!*'+6-*/O!Q-,,!0'M%&R!H'J!'*%M!+6-*8!M'J!1'O!#*1!+6&5&-*!%-&,!+6&!
45'$%&:RY
!YD!8*'9!Q5,R!A-/6+9-*/!-,!M'J5!,-,+&5OY!D!#**'J*2&!+5-J:46#*+%MR
!Q-,,!Q2)%&&+6M!%''8,!,J545-,&1R!Y=-%%-#*!-,!#!1&#5!(5-&*1R!D!6#K&!*'!,-,+&5RY
!YH'JS5&!%M-*/OY!D!,#MR
!"6&!K'-2&!(5':!#$'K&!5-*/,!'J+RY3*'J/6b!D+!-,!+-:&RY
!YD!9'*S+!+#8&!M'J!-*bY!D!M&%%!+'!'*&!#*1!#%%R
!C'9%,'*!/5#$,!:M!#5:!5'J/6%MRYDSK&!/5'9*!5#+6&5!+-5&1!'(!M'J5!/#:&,O!Q-,,!0'M%&R!
"6&MSK&!2',+!J,!+''!:J26!+-:&!#%5&#1MRY
!YH'J!2#*S+!('52&!:&!+'!1'!-+OY!D!,#MR
!Y)#*S+!D\Y
!Q-,,!Q2)%&&+6M!-*+&5K&*&,R!YQ5R!C'9%,'*R!7%%'9!:&!#!:':&*+!9-+6!+6&!/-5%O!-(!M'J!
4%&#,&RY
!F6&!4J%%,!:&!#,-1&R!@&5!1&&4!K'-2&!-,!$J+!#!96-,4&5R!Y0'*S+!9'55MO!:M!1&#5R!DSK&!
*'!-*+&*+-'*!'(!%&++-*/!+6&!;#8,6#*#!6#K&!#*M!,#M
-*!+6&!5&#%:,R!DS:!'*%M!4%#2#+-*/!+6&:!9-+6!#!45':-,&RY
!Y7(+&5!+6&MSK&!6&%4&1!M'JO!M'JS%%!2J+!+6&:!'((RY
!Y0'*S+!(5&+!+''!:J26!'K&5!-+RY!F6&!%'9&5,!6&5!K'-2&!(J5+6&5R!Y"6&M!-*+&*1&1!+'!
+#8&!+6&!5&#%:,!('5!+6&:,&%K&,R!B6#+!9'51,!1-1!+6&M
/-K&!M'J!('5!$-*1-*/!+6&!:#/-2\Y
!YN!$-*1!+6&!:#/-2!-*!+6&!*#:&!'(!+6&!3#,+&5*!F+#5RY
!F6&!,:-%&,R!YB-+6!+6',&!9'51,O!M'J!/-K&!+6&:!+6&!4'9&5!'(!+6&!"&:4%&RY
!YB6M!,6'J%1!D!$&%-&K&!M'J\!P#5+-8!+'%1!:&!Y
!YP#5+-8\Y!F6&!,*&&5,!-*!1-,/J,+R!Y.5#MO!1-1!6&!+&%%!M'J!96#+!6-,!+#,8!-,\Y
!Y"'!6&%4!:&!(-*1!+6&!"&:4%&RY
!YQ-,,!0'M%&O!M'J!5&#%%M!#5&!XJ-+&!/J%%-$%&R!@-,!+#,8!9#,!+'!6&%4!M'J!(-*1!+6&!
"&:4%&!,'!+6&!;#8,6#*#!2'J%1!+#8&!-+!'K&5R!<*2&!+6&M
6#1!#%%!+6#+!4'9&5O!1'!M'J!5&#%%M!+6-*8!+6&MS1!*&&1!#*M+6-*/!(J5+6&5!(5':!M'J\Y
!YB6#+!1'!M'J!:&#*\Y
!YH'JS1!$&!*'+6-*/!:'5&!+6#*!#*!#**'M#*2&!#+!+6#+!4'-*+R!7!%-#$-%-+MR!7*1!+6#+!
$5-*/,!J,!+'!6-,!+5J&!+#,8W!+'!8-%%!M'JRY
!"6&!5'':!/5'9,!,:#%%&5R!D!(&&%!D!2#*S+!$5&#+6&RYH'JS5&!%M-*/RY!Y7:!D\!B6M!1'*S+!
M'J!#,8!6-:\!<6O!D!1'*S+!&Z4&2+!+6#+!6&!9-%%!+&%%
M'J!+6&!+5J+6R!LJ+!9#+26!6-:!9#+26!6-,!&M&,R!"6&M!9'*S+!%-&RY
!0'!*'+!('5/&+!M'J5!+#,8O!*'K-+-#+&R!R!R
!B#,!-+!#%%!#!%-&\!B#,!#*M!'(!-+!+5J&\
!YF'!M'J!,&&O!:M!1&#5O!9&!#5&!,+J28!9-+6!&#26!'+6&5!#(+&5!#%%RY
!D!#:!+''!$-++&5!+'!25MR!QM!K&5M!$%''1!-,!1-,&#,&1!9-+6!6#+&R!YF'!-+!9'J%1!,&&:OY!
D!,#MO!(J5M!#!2'-%&1!,*#8&!-*!:M!$&%%MR
!YH'J!4',,&,,!&Z+5#'51-*#5M!/-(+,O!>&::#R!?*1&5!:M!9-*/O!M'J!,6#%%!%&#5*!#!/5&#+!
1&#%R!LJ+!(-5,+O!5&:&:$&5O!M'J!:J,+!$-*1!+6&
:#/-2!-*!+6&!*#:&!'(!+6&!<51&5RY!Q-,,!Q2)%&&+6M!,:-%&,O!#*1!D!#:!5&:-*1&1!'(!#!
,&54&*+R!YD!6#K&!9#-+&1!+9&*+M!M&#5,!('5!+6-,
!:':&*+RY
!D!9-%%!1-&!(-5,+RYD!6#K&!+'!8*'9!+6&!+5J+6OY!D!,#MR
!F6&!*'1,R!YE&5M!9&%%R!C'9%,'*bY!,6&!2#%%,!'J+R!Q':&*+,!%#+&5O!6&!&*+&5,!9-+6!
P#5+-8R!7$'K&!J,O!+6&!26#:$&5!(-%%,R!"6&!(%''5!-,!#%-K&
9-+6!+6&!,'(+!,'J*1,!'(!1-,25&&+!(''+,+&4,R!"6&*O!#%%!-,!,+-%%!-*!+6&!5'':!&Z2&4+!
('5!+6&!(%-28&5-*/!2#*1%&%-/6+R
!YP#5+-8OY!D!#,8O!#*1!:M!K'-2&!$'J*2&,!'((!+6&!9#%%,R!D+!-,!#!,:#%%&5!5'':!+6#*!D!
5&#%-T&1R!YB6#+!9#,!M'J5!+#,8!(5':!+6&!;#8,6#*#\
A'+!+6&!'*&!#$'J+!(-*1-*/!+6&!"&:4%&OYD!,#MO!:M!K'-2&!(-%%&1!9-+6!6#+&R!Y"6&!'+6&5!
'*&RY
!Y!"6&!R!R!R!'+6&5!'*&\Y!6&!,#M,O!,+J:$%-*/!'K&5!6-,!9'51,R
!YH&,R!<*2&!DS1!('J*1!+6&!"&:4%&R!B6#+!9#,!M'J5!+#,8!+6&*\Y!D!6#K&!*&K&5!%''8&1!#+!
#*M'*&!+6-,!9#M!$&('5&O!9-+6!#!5#/&!+6#+!2'J%1
8-%%R!7*1!D!6#K&!*&K&5!,&&*!P#5+-8!(5-/6+&*&1!%-8&!+6-,R
!@&!,9#%%'9,!6#51R!@-,!&M&,!/%#*2&!J49#51!+'!+6&!(#2&%&,,!:&*!-*!+6&!,6#1'9,R
!Y)#5&(J%!*'9O!$5'+6&5OY!C'9%,'*!96-,4&5,R
!YD+!9#,!+'!6&%4!M'J!(-*1!+6&!"&:4%&R!"6&5&!9#,!*'!'+6&5OY!P#5+-8!,#M,R!LJ+!6&!
1'&,!*'+!%''8!:&!-*!+6&!&M&,!#,!6&!,#M,!-+O!#*1!*'9!D
8*'9R!D!8*'9!+6#+!6&!-,!%M-*/R!D!8*'9!+6#+!6-,!+#,8!-,!+'!8-%%!:&R
!Y=-#5OY]!,#MR!"6-,!('52&,!6-:!+'!%''8!#+!:&O!#*1!VJ,+!#,!XJ-28%MO!6&!%''8,!
#9#MRYDS:!5&#1MRY
!YE&5M!9&%%OY!Q-,,!Q2)%&&+6M!,#M,R
!D!+#8&!6'%1!'(!Q-,,!Q2)%&&+6MS,!,+5'*/!6#*1,!#*1!2%',&!:M!&M&,R!D+S,!,'!&#,M!+'!
(#-*+R!B':&*!1'!-+!#%%!+6&!+-:&R!"6&M!1',&!+6&-5
&M&,!#*1!(#%%!+'!+6&!(%''5R
!Y<666OY!D!:'#*O!#*1!1'!VJ,+!+6#+R
!D!#:!*'+!#,!/5#2&(J%!#,!:M!(5-&*1!7**R!D*,+&#1O!D!25J:4%&!('59#51O!,'!+6#+!:M!
6#*1!-,!-*26&,!(5':!:M!$''+R!QM!(-*/&5,!(-*1!+6&!6-%+
'(!+6&!$%#1&!6-11&*!-*!Q&/6!F#:$#5#R!D(!&K&5!D!*&&1&1!45'+&2+-'*!#/#-*,+!:M!
&*&:-&,O!-+!-,!*'9R
!YB6#+!*'9\Y!C'9%,'*!,-/6,R
!YF6&!-,!:#,XJ&5#1-*/OY!Q-,,!Q2)%&&+6M!,#M,O!8-28-*/!:&R!D!1'!*'+!:'K&RYD!+&%%!
M'JO!-+S,!#!1&2&-+RY
!Y>&+!6&5!J4bY!+6&!/5&#+!K'-2&!$'':,!'J+!(5':!#$'K&R
!P#5+-8!6''8,!6-,!#5:,!J*1&5!:-*&!#*1!%-(+,!:&!J4O!2#55M-*/!:&!+'!+6&!1''5O!96-26!
'4&*,!('5!J,R
!YC&+26!+6&!,#%+,OY!C'9%,'*!'51&5,R
!YF6&S,!$%J((-*/OY!Q-,,!Q2)%&&+6M!,*#4,R!Y0'*S+!+5J,+!6&5!('5!#!:':&*+RY
!D!8&&4!:M!&M&,!%-/6+%M!2%',&1O!!4&&8-*/!+65'J/6!*#55'9!,%-+,!+'!,&&!96&5&!P#5+-8!
-,!+#8-*/!:&R!!B&S5&!-*!#!1-:!6#%%R!!C5':
,':&96&5&!(#5!#$'K&!D!6&#5!:&*!%#J/6-*/O!:J((%&1!+#%8-*/R!D,!-+!#!9#M!'J+\
!QM!(-*/&5,!6'%1!(#,+!+'!:M!+'+&:R!D!4J,6!P#5+-8!#9#M!#*1!4J%%!+6&!$%#1&O!
+65&#+&*-*/!&K&5M'*&R
!YH'J!9'*S+!/&+!#9#MR!H'J!1'*S+!8*'9!96-26!1''5!%&#1,!'J+OY!C'9%,'*!,#M,R
!@&S,!5-/6+R!DS:!+5#44&1R!C'9%,'*!#*1!N#28,'*!,+&4!2%',&5R!Q-,,!Q2)%&&+6M!,+#*1,!
9#-+-*/O!%''8-*/!#,!-(!,6&!2'J%1!26&&5(J%%M!&#+!:&
('5!,J44&5R
!YA'!:'5&!'(!+6-,!(''%-,6*&,,O!Q-,,!0'M%&R!D!#:!*'+!M'J5!&*&:MRY
!B6-26!1''5!%&#1,!'J+\!P#5+-8R!D!%''8!+'!6-:R!C'5!#!:':&*+O!6&!9#K&5,R!"6&*O!6-,!
&M&,!+5#K&%!+'!+6&!1''5!'*!:M!%&(+R!@&!/-K&,!#
+-*M!*'1O!#*1!D!8*'9!6&!6#,!$&+5#M&1!+6&:!#*1!,6'9*!:&!+6&!9#MR
!YB6#S!#5&!M'J!#$'JS!'K&5!+6&5&O!$'M\Y!N#28,'*!,6'J+,R
!D+!-,!&*'J/6!'(!#!1-,+5#2+-'*!+6#+!D!#:!#$%&!+'!4J,6!+65'J/6!+6&!1''5!9-+6!P#5+-8!
'*!:M!6&&%,R!@&!,6'K&,!+6&!1''5!2%',&1R
!Y>&::#b!"6&!$%#1&!6J55Mb!"65'J/6!+6&!%#+26!+6&5&bY
!D!,+-28!+6&!$%#1&!+65'J/6!+6&!-5'*!%#+26O!$%'28-*/!+6&!1''5R!D!2#*!6&#5!+6&:!
$#*/-*/!#*1!,6'J+-*/!'*!+6&!'+6&5!,-1&R!D+!9-%%!*'+!6'%1
('5&K&5U!D!2#*!'*%M!6'4&!-+!9-%%!6'%1!%'*/!&*'J/6!('5!J,!+'!/&+!#9#MR
!Y"6-,!9#MOY!P#5+-8!,#M,R!B&SK&!2':&!'J+!'*+'!#!1#58!='*1'*!,+5&&+R!F*'9(%#8&,!:-Z!
9-+6!+6&!$%#28!,9-5%!'(!/#,%-+!('/O!:#8-*/!-+
6#51!+'!,&&!K&5M!(#5R!LJ+!+6&5&!#5&!'+6&5!4&'4%&!'J+R!D!5&2'/*-T&!+6-,!#5&#R!B&S5&!
*'+!(#5!(5':!.#%%!Q#%%!FXJ#5&!#*1!+6&!:',+
&Z2%J,-K&!:&*S,!2%J$,!'(!='*1'*R!"6',&!9&5&!+6&!:&*S,!K'-2&,!D!6&#51b
!YDS%%!6'%1!+6&:!'((!J*+-%!M'J!2#*!/&+!#9#MOY!P#5+-8!,#M,O!$5&#+6%&,,R
!YB#-+b!P#5+-8b!H'J!2#*S+!/'!$#28OY!D!,#MR!YH'J!2#*S+!&K&5!/'!$#28RY
!P#5+-8!$'J*2&,!'*!6-,!6&&%,O!6-,!%&/,!+'5*!$&+9&&*!,+#*1-*/!6&5&!#*1!5J**-*/!
$#28O!+6&!9#M!#!26-%1!5J*,!+'!6-,!:'+6&5!+'!,#M!F'55MO
,'55M!('5!96#+!D!1-1O!*'9!4%&#,&!('5/-K&!:&R!LJ+!+6&!;#8,6#*#!#5&!*'+!('5/-K-*/R!
P#5+-8S,!'*%M!VJ,+!5&#%-T-*/!96#+!6-,!5#,6!#2+!:&#*,R
LM!6&%4-*/!:&O!6&!6#,!+65'9*!#9#M!#*M!26#*2&!'(!V'-*-*/!+6&:!#,!#!:&:$&5!-*!(J%%R!
@&!6#,!+J5*&1!6-,!$#28!'*!+6&!'*%M!(#:-%M!6&
8*'9,R!@&!-,!9-+6'J+!4#+5'*#/&O!9-+6'J+!#!6':&R!@&!-,!#%'*&O!%-8&!:&R
!C'9%,'*!#*1!N#28,'*!5J,6!'J+!'*+'!+6&!,-1&9#%8O!%''8-*/!9-%1%M!%&(+!#*1!5-/6+R!
"6&M!,4'+!J,R!Q-,,!Q2)%&&+6M!('%%'9,R!P#5+-8!,+-%%
,+#*1,!#,!-(!6&!1'&,*S+!8*'9!96-26!9#M!+'!+J5*R
!Y)':&!'*OY!D!,#MO!%''4-*/!:M!#5:!$'%1%M!+65'J/6!6-,RYB&S5&!/'-*/!('5!#!9#%8RY
!B&!1'!'J5!$&,+!+'!$%&*1!-*!9-+6!+6&!4&'4%&!$J,+%-*/!#$'J+!'*!+6&!,+5&&+,O!+6&!:&*!
%&#K-*/!+6&-5!2%J$,!#(+&5!1-**&5O!2-/#5,O!#*1
$5#*1MU!+6&!2'J4%&,!'*!+6&-5!9#M!+'!+6&!+6&#+&5!'5!+'!#!4#5+MR
!L&6-*1!J,O!D!2#*!6&#5!C'9%,'*!96-,+%-*/!#!:-%-+#5M!+J*&O!,':&+6-*/!DSK&!6&#51!
3*/%-,6!,'%1-&5,!,-*/!-*!D*1-#R
!YD!9'J%1*S+!6#K&!1'*&!-+OY!6&!,#M,R
!YNJ,+!9#%8O!4%&#,&OY!D!,#MR
!YD!9'J%1!6#K&!%&+!M'J!/&+!#9#MRY
!C'9%,'*S,!96-,+%-*/O!1-,6'*&,+%M!4J5&O!2J+,!+65'J/6!+6&!,+5&&+!*'-,&!#*1!+5#((-2!
+'!26-%%!:M!K&5M!$'*&,R!D!/%#*2&!$&6-*1!J,R!"6&M!#5&
/&++-*/!2%',&5R!D!(#2&!('59#51!+'!,&&!#!/5&#+&5!6'55'5W!F-:'*!#*1!6-,!(#+6&5!#5&!
VJ,+!%&#K-*/!+6&!7+6&*#&J:!2%J$R!"6&M!:J,+!*'+!,&&
:&!6&5&R!D!15'4!P#5+-8S,!#5:!#*1!+J5*!$#28R
!YB6#+!#5&!M'J!1'-*/\Y!6&!,#M,R
!YD+S,!F-:'*OY!D!,#MRYD!2#*S+!$&!('J*1!'J+RY
!YB&%%O!9&!2&5+#-*%M!2#*S+!/'!+6#+!9#MbY
!DS:!-*!#!4#*-2R!F-:'*!,+&4,!'J+!(5':!J*1&5!+6&!9#+26(J%!&M&!'(!+6&!7+6&*#!,+#+J&!
#+'4!+6&!2%J$S,!/5#*1!&*+5#*2&R!@&!-,!6&#1&1!'J5
9#MR!@-,!2#55-#/&!9#-+,!#+!+6&!2J5$R!F':&'*&!,+&4,!(5':!#!6#*,':O!4#M-*/!+6&!
15-K&5R!.J,6-*/!#*'+6&5!2'J4%&!'J+!'(!+6&!9#MO!P#5+-8
'4&*,!+6&!1''5!('5!:&R
!Y0J26&,,!'(!P&*+OY!6&!,#M,O!,:-%-*/!#+!+6&!'J+5#/&1!:#*!#*1!9':#*RYF6&S,!*&&1&1!
#+!'*2&!#+!F#-*+!N#:&,S,!.#%#2&RY
!"6&!:#*!,4J++&5,!#*1!,6'J+,O!15#9-*/!+6&!#++&*+-'*!'(!4&'4%&!'*!+6&!,+5&&+O!
-*2%J1-*/!F-:'*!#*1!6-,!(#+6&5R!D!1J28!'J+!'(!,-/6+R
!"6&!(J5-'J,!:#*!1&:#*1,!+6#+!D!%&#K&!6-,!2#$R!YD!:J,+!45'+&,+O!:#1#:b!D+!9#,!
5-/6+(J%%M!'J5,bY
!.%&#,&O!4%&#,&!%&+!:&!6#K&!-+RC'9%,'*S,!,-/6+&1!J,R!@&S,!,+'44&1!6-,!96-,+%-*/!
#*1!XJ-28&*&1!6-,!,+&4R!@&S%%!$&!+'!J,!-*!#!:#++&5!'(
,&2'*1,R
!YB6#+!,&&:,!+'!$&!+6&!+5'J$%&\Y!D+S,!='51!0&*$MS,!K'-2&R
!Y"6-,!M'J*/!9':#*!6#,!+#8&*!'J5!2#$RY!+6&!:#*!,*-((,RY7*1!+6-,!D*1-#*!$'M!2%#-:,!
,6&S,!+6&!0J26&,,!'(!P&*+RY
!YD!,#MO!C#+6&5O!-,*S+!+6#+!Q5R!0'M%&S,!('5:&5!2'#26:#*\!B6MO!-+!-,bY
!='51!0&*$M!,XJ#5&,!6-,!,6'J%1&5,RY@&5&O!*'9O!$'Mb!B6#+!-,!+6&!:&#*-*/!'(!+6-,\Y
!YF6'J%1!9&!2#%%!('5!#!2'*,+#$%&\Y!F-:'*!#,8,R
!YD(!M'J!4%&#,&O!:-,,OY!+6&!:#*!,#M,!-:4&5-'J,%MO!'((&5-*/!6-,!6#*1!+65'J/6!+6&!
9-*1'9!#,!D!,+5J//%&!+'!,+#M!'J+!'(!,-/6+R!YH'JSK&
6#1!M'J5!(J*R!DS%%!+6#*8!M'J!+'!%&#K&!'J5!2#$!#+!'*2&RY
!Y)':&!*'9O!:-,,OY!+6&!15-K&5!2#%%,RY=&+S,!*'+!S#K&!#%%!+6-,!+5'J$%&!'*!,J26!#!5#9!
*-/6SRY
!"6-,!-,!+6&!&*1R!3-+6&5!D!,6#%%!$&!('J*1!'J+!$M!F-:'*!#*1!6-,!(#+6&5!#*1!:M!
5&4J+#+-'*!,6#++&5&1!('5&K&5O!'5!C'9%,'*!#*1!Q-,,
Q2)%&&+6M!,6#%%!%&#1!:&!#9#M!+'!96'!8*'9,!96#+R
!QM!6#*1S,!'*!+6&!1''5!6#*1%&!96&*!P#5+-8!,J11&*%M!VJ:4,!#$'J+!%-8&!#!:#1:#*O!
,-*/-*/!#!V#J*+M!+J*&!#*1!8-28-*/!J4!6-,!6&&%,R
!YD,!6&!15J*8!'5!:#1\Y!='51!0&*$M!,#M,R
!P#5+-8!%&#*,!-*+'!+6&!2#$RYH'J!8*'9!96&5&!+'!(-*1!:&RY
!@&!+65'9,!6-,!6#*1,!-*+'!+6&!#-5!#*1!$5-*/,!'*&!1'9*!6#51O!,%#44-*/!+6&!6'5,&S,!
6-1&R!B-+6!#!%'J1!96-**MO!+6&!6'5,&!%J526&,!-*+'
+6&!,+5&&+O!+6&!15-K&5!,6'J+-*/O!YB6'#O!S'%1!+6&5&O!"-%%-&bY!+'!*'!#K#-%R!"6&!$&,+!
6&!2#*!1'!-,!#-:!+6&!$&#,+!#9#M!(5':!+6&!2%J$,!#*1
-*+'!+6&!(%'9!'(!+5#((-2!%&#K-*/!.#%%!Q#%%R!B6&*!D!,+&#%!#!%#,+!/%#*2&!$&6-*1!:&O!
D!,&&!+6#+!P#5+-8!-,!,+-%%!#2+-*/!+6&!:#1!(''%R!7
2'*,+#$%&S,!#55-K-*/O!$%'9-*/!6-,!96-,+%&R!C'9%,'*!#*1!N#28,'*!4J%%!$#28R!"6&M!
,6#*S+!/&+!+'!P#5+-8!('5!*'9R!<*%M!Q-,,!Q2)%&&+6M!-,
*'96&5&!+'!$&!,&&*R!F6&!6#,!1-,#44&#5&1!%-8&!#!/6',+R
!YB6&5&!+'O!:-,,\Y!+6&!15-K&5!2#%%,!1'9*!#+!%#,+R
!B6&5&!2#*!D!/'\!B6&5&!2#*!D!6-1&\
!YL#8&5!F+5&&+OY!D!,6'J+O!/-K-*/!Q-,,!Q''5&S,!#115&,,R!Y7*1!6J55MO!4%&#,&RY
!)@7."3;!C<;"HICDE3
!B3SE3!;37)@30!L7P3;!F";33"!DA!"DQ3!C<;!Q3!+'!5&#%-T&!+6#+!D!6#K&!*'!6#*1$#/R!D!
6#K&!*'!:&#*,!+'!4#M!+6&!(#5&R
!Y!S35&!M'J!#5&O!:-,,OY!+6&!15-K&5!,#M,O!6&%4-*/!:&!(5':!+6&!2#$R
!Y<6O!1&#5OY!D!,#MR!YD!,&&:!+'!6#K&!('5/'++&*!:M!6#*1$#/R!D(!M'J!9-%%!/-K&!:&!M'J5!
*#:&!#*1!#115&,,O!DS%%!,&&!+6#+!M'J!#5&!4#-1
6#*1,':&%MR!D!45':-,&RY
!Y7*1!+6&!cJ&&*S,!:&!:J:OY!6&!,#M,R
!YDS:!-*!&#5*&,+O!,-5RY
!7!2'*,+#$%&!:#8&,!6-,!9#M!1'9*!+6&!'44',-+&!,-1&!'(!+6&!,+5&&+O!+6&!$5#,,!$J++'*,!
'(!6-,!J*-('5:!/%-*+-*/!-*!+6&!/%'':R!QM!$%''1
XJ-28&*,R
!Y"&%%!-+!+'!+6&!2'*,+#$%&O!+6&*OY!6&!,#M,RY<-b!L'$b!<(&5!S&5&bY
!D!:#8&!#!5J*!('5!-+O!+6&!2'*,+#$%&S,!96-,+%&!$%'9-*/!,6#54%M!$&6-*1!:&R!cJ-28%MO!
D!,%-4!-*+'!+6&!,6#1'9,!'(!#*!#%%&M!#*1!9#-+R!"6&
,*'9!6#,!+J5*&1!+'!,%&&+R!"6&!+-*MO!6#51!-2&!$-+&,!#+!:M!26&&8,O!:#8&,!:M!*',&!
5J*R!"6&!6'J,&,!,6-::&5!-*!+6&!*&9!,6&&*!'(!(5',+
#*1!/#,%-/6+R!3K&5M!$5&#+6!-,!#!4#-*(J%!5#,4O!#!(-/6+!('5!#-5!#/#-*,+!+6&!2'%1R!
LJ+!-+!-,!:'5&!+6#*!+6#+R!"6&!:#/-2!6#,!$&/J*!+'!9&#5!:&
1'9*R!DS:!(&&%-*/!'11O!#,!-(!DSK&!#!(&K&5R
!"6&!2'*,+#$%&S,!,+&4,!#5&!,6#54!#*1!2%',&R
!Y7*1!+6&*!6&!,#-1!,6&!9#,!+6&!0J26&,,!'(!P&*+OY!+6&!2#$$-&!&Z4%#-*,R
!D!(%#++&*!:M,&%(!#/#-*,+!+6&!9#%%R!QM!6&#5+S,!+6J:4-*/!6#51!#/#-*,+!:M!5-$,U!:M!
$5&#+6!-,!%'28&1!J4!+-/6+!#,!#!25-:-*#%!-*!-5'*,R
!YH'J!:-/6+!1'!9&%%!*'+!+'!4-28!J4!'11!9':&*O!:#+&OY!+6&!2'*,+#$%&!,#M,R
!Y!S<9!9#,!D!+'!8*'9!,6&!9#,!'11\Y!+6&!2#$$-&!45'+&,+,R
!75/J-*/!'*O!+6&M!4#,,!9-+6-*!-*26&,!'(!:&!9-+6'J+!,'!:J26!#,!#!/%#*2&!-*!:M!
1-5&2+-'*!+-%%!+6&-5!(''+,+&4,!#*1!K'-2&,!#5&!*'!:'5&
+6#*!(#-*+!&26'&,!+6#+!#5&!(-*#%%M!,9#%%'9&1!$M!+6&!*-/6+R!"6&!$5&#+6!DSK&!$&&*!
6'%1-*/!$#28!2':&,!'J+!'(!:&!-*!#!96'',6R!D!9#,+&!*'
+-:&R!DS:!6'$$%-*/!1'9*!+6&!,+5&&+!#*1!+'!Q-,,!Q''5&S,!(%#+!#,!XJ-28%M!#,!D!2#*!
:'K&!-*!:M!9&#8&*&1!,+#+&R!"6&!6'J,&!-,!1#58R!D!5#4
%'J1%MO!6'4-*/!D!2#*!1&K-,&!#!5J,&!+6#+!9-%%!/&+!:&!-*,-1&R!Q5,R!.'5+&5!,+-28,!6&5!
6&#1!'J+!+6&!+'4!9-*1'9O!2#%%-*/!1'9*!-55-+#$%MR
!YB6#26''!9'*+O!+6&*\Y
!YQ5,R!.'5+&5O!DS:!+&55-$%M!,'55M!+'!1-,+J5$!M'JR!DSK&!#*!J5/&*+!:&,,#/&!('5!Q-,,!
Q''5&RY
!YF6&S,!*'S#Y':&RY
!H&,O!D!8*'9O!#*1!-+S,!#%%!:M!(#J%+RD!(&&%!D!,6#%%!(#-*+R!QM!(#2&!-,!*J:$!(5':!+6&!
25J&%!4&%+-*/!'(!+6&!,%&&+R!7+!#*M!:':&*+O!+6&
2'*,+#$%&!2'J%1!2':&!$#28R!DSK&!/'+!+'!/&+!-*,-1&R!D!VJ,+!*&&1!#!4%#2&!+'!6-1&O!+'!
+6-*8O!+'!5&,+R
!Y!S35&O!*'9O!-+S,!%#+&R!)':&!$#28!+':'55'9RY
!C''+,+&4,!&26'!'*!+6&!,%-28!2'$$%&,+'*&,R!F':&'*&!-,!2':-*/R
!Y0&#5!Q5,R!.'5+&5OY!D!,#M!1&,4&5#+&%MR!YD+S,!C&%-2-+M!B'5+6-*/+'*R!71:-5#%!
B'5+6-*/+'*S,!1#J/6+&5RY
!Y71:-5#%!B'5+6-*/+'*S,!1#9S&5O!M'J!,#M\!<6O!:&!1&#5!26-%SO!S'9!-,!+6&!#1:-5#%\Y
!YcJ-+&!9&%%O!+6#*8!M'JR!D!:&#*+O!*'O!6&S,!*'+!9&%%!#+!#%%R!7*1!+6#+!-,!96M!DSK&!
2':&!('5!Q-,,!Q''5&R!D+S,!XJ-+&!J5/&*+R!Q#M!D!9#-+!('5
6&5\Y!.%&#,&O!%&+!:&!-*R!NJ,+!%'*/!&*'J/6!+'!/&+!:M!$&#5-*/,R
!0'9*!+6&!,+5&&+O!D!2#*!6&#5!+6&!,+&#1M!2%-4I2%'44-*/!'(!+6&!2'*,+#$%&S,!,6'&,!
5&+J5*-*/R
!YB&IJ9%%!R!R!R!OY!Q5,R!.'5+&5!,#M,R!F6&S,!#%5&#1M!-*!6&5!*-/6+2%'+6&,R
!YD!9'J%1*S+!#,8!&Z2&4+!+6#+!D!8*'9!M'J!#5&!#!/''1!#*1!8-*1!,'J%R!DS:!2&5+#-*!+6#+!
:M!(#+6&5!9-%%!9-,6!+'!+6#*8!M'J!4&5,'*#%%MO!'*2&
!6&!-,!#$%&RY
!Q5,R!.'5+&5!45&&*,!#+!+6-,R!YD!9'*S+!$&!#!:-*J+&RY
!"6&!2'*,+#$%&S,!%#*+&5*!,45&#1,!(-*/&5,!'(!%-/6+!-*!:M!1-5&2+-'*R!.%&#,&O!Q5,R!
.'5+&5O!1'!6J55MR!F6&S,!#+!+6&!%#+26O!%&++-*/!:&!-*R
!Y3K&*-*SO!Q5,R!.'5+&5OY!+6&!2'*,+#$%&!2#%%,!'J+O!+-44-*/!6-,!6#+!+'!6&5R
!Y3K&*-*SO!Q5R!N'6*OY!,6&!#*,9&5,R
!F6&!2%',&,!+6&!1''5R!D!,+&#1M!:M,&%(!9-+6!#!6#*1!#/#-*,+!+6&!9#%%R
!Y!S<9!*-2&!+'!S#K&!2':4S*MR!F'!J*&Z4&2+&1R!=&S!:&!+#8&!M&5!2'#+RY
!D!4J%%!:M!2'#+!+-/6+!#+!:M!#26-*/!+65'#+R!Y0&#5!Q5,R!.'5+&5OY!D!25'#8R!YC'5/-K&!
:&O!$J+!DS:!#(5#-1!D!:J,+!/&+!+'!:M!$J,-*&,,!9-+6
Q-,,!Q''5&!#*1!+6&*!5&+J5*!+'!.#4#S,!$&1,-1&RY
!Q5,R!.'5+&5!%''8,!#,!-(!,6&S,!$-++&*!-*+'!#!4-&2&!'(!26'2'%#+&!2#8&!'*%M!+'!
1-,2'K&5!-+!6#,!#!4-28%&1!(-%%-*/R!Y@:46R!SF!*'+!5-/6+!('5!:&
+'!#1:-+!M'J!+'!S&5!5'':R!D!5J*!#!6'*&,+!&,+#$%-,6:&*+O!,&&RY
!YH&,O!'(!2'J5,&OY!D!,#MR
!Q5,R!.'5+&5!4'*1&5,!6&5!1-%&::#!('5!#!:':&*+!$&('5&!&:4+M-*/!#!K#,&!'*!#!,-1&!
+#$%&!#*1!,6#8-*/!+6&!8&M!+'!Q-,,!Q''5&S,!5'':,
(5':!-+,!6-1-*/!4%#2&R!Y"6-,!9#MO!-(!M'J!4%&#,&RY
!D!('%%'9!6&5!J4!+6&!*#55'9!,+#-52#,&!#*1!+'!Q-,,!Q''5&S,!1''5R!YLJS!-(!,6&!#-*S+!
$#28!$M!S#%(!4#,+O!M'JS%%!S#K&!+'!%&#K&OY!,6&!,#M,O
V#*/%-*/!+6&!8&M!-*!+6&!%'28R!"6&!1''5!'4&*,!#*1!D!,+&4!-*,-1&R
!YH&,O!+6#*8!M'JR!.%&#,&!1'*S+!+5'J$%&!M'J5,&%(!+'!9#-+O!Q5,R!.'5+&5R!D!(&&%!#!
15#(+!6&5&O!#*1!-(!M'J!9&5&!+'!2#+26!2'%1!'*!:M!#22'J*+O
D!,6'J%1!*&K&5!('5/-K&!:M,&%(RY
!"6-,!,&&:,!+'!:'%%-(M!Q5,R!.'5+&5!('5!+6&!:':&*+O!#*1!,6&!%&#K&,!:&O!1&,2&*1-*/!
+6&!,+#-5,!9-+6!#!6&#KM!,+&4R
!D!2%',&!+6&!1''5!$&6-*1!:&R!D*!+6&!1#58O!+6&!5'':!-,!J*(#:-%-#5O!':-*'J,R!D!,%-1&!
:M!(-*/&5,!#%'*/!+6&!M&%%'9-*/!9#%%4#4&5!+-%%!D!(-*1
+6&!/#,%#:4R!D+!6-,,&,!-*+'!%-(&O!+6&!(%#:&!(%-28&5-*/!#/#-*,+!+6&!/%#,,!,6#1&R!
"6&!5'':!9#8&,!(5':!-+,!,%J:$&5!+6&!K&%K&+!,&++&&O!+6&
/%'$&!'*!-+,!,+#*1O!+6&!95-+-*/!1&,8!-*!-+,!J,J#%!,+#+&!'(!,6#:$%&,O!+6&!5'9,!'(!
9&%%I%'K&1!$''8,R!"6&!:#,8,!,&&:!/5J&,':&!-*!+6&
&K&*-*/!/%'':R!D!2#*S+!$&#5!+'!%''8!#+!+6&:R!D!+#8&!2':('5+!-*!Q-,,!Q''5&S,!
4#-*+-*/,!+6&!4J54%&!6&#+6&5!'(!F2'+%#*1O!+6&!25#//M
2%-((,!*&#5!+6&!,&#O!+6&!:',,M!2#K&,!-*!+6&!9''1,!$&6-*1!F4&*2&R
!D!4&526!'*!+6&!,&++&&!+'!2#%:!:M,&%(O!+5M-*/!+'!:#8&!,&*,&!'(!&K&5M+6-*/R!F'!
+-5&1R!D!9#*+!+'!,%&&4O!$J+!D!2#*S+R!A'+!M&+R!D!:J,+
+6-*8!'(!96#+!+'!1'!*&Z+R!D(!+6&!;#8,6#*#!#5&!-*!%&#/J&!9-+6!Q-,,!Q2)%&&+6MO!9-+6!
)-52&!6&5,&%(O!+6&*!+6&M!2#**'+!$&!+5J,+&1R!P#5+-8
9#,!,J44',&1!+'!8-%%!:&!'*2&!D!('J*1!+6&!"&:4%&R!LJ+!P#5+-8!$&+5#M&1!+6&:!+'!6&%4!
:&!&,2#4&R!"6&!2%'28!+-28,!'((!+6&!:-*J+&,R!C-K&R
"&*R!.J%%-*/!#,-1&!+6&!2J5+#-*O!D!4&&8!'J+!#+!+6&!,+5&&+!$J+!,&&!*'!,-/*!'(!Q5R!
C'9%,'*!'5!+6&!$%#28!2#55-#/&R
!7!8*'28!#+!+6&!1''5!*&#5%M!,2#5&,!:&!+'!1&#+6R!Q5,R!.'5+&5!2':&,!-*!9-+6!#!
%&++&5R
!Y0&#5-&O!M'J!2#*!,+'4!9#-+-*SR!F&&:,!D!'K&5%''8&1!+6-,R!Q-,,!Q''5&!%&(S!-+!'*!:&!
,-1&!+#$J9%!+6-,!:'5*-*SRY
!Y"6-,!:'5*-*/\Y!D!5&4&#+R!"6#+!-,*S+!4',,-$%&R!Q-,,!Q''5&!-,!%',+!+'!+6&!5&#%:,R!
Y75&!M'J!,J5&\Y
!Y<6O!M&,R!D!,#9!6&5!%&#K&R!S7K&*S+!,&&*!S&5!,-*2&O!+6'J/6R!LJ+!D!'*%M!VJ,S!5&#1!
+6&!%&+S5R!D+!,#M,!,6&S,!/'*&!+'!$&!9-+6!(#:-%MRY
!YLJ+!Q-,,!Q''5&!6#,!*'!(#:-%MOY!D!,#MR
!YB&%%O!,6&!1'&,RY!Q5,R!.'5+&5!5&#1,!#%'J1R!Y!S0&#5!Q-,,J,!.'5S&5R!C'5/-K&!+6&!
%#+&!*'S-2&O!$J+!D!:J,S!%&#K&!#+!'*2&!#,!DS(!#22&4S&1!#
4',-+-'*!#S!#!,26''%!*&#5!='*1'*!96&5&!:'-!,-,+&5!-,!S&#1:-,+5&,,R!<-!,6#%%!,&*1!
(&5!:&!(-*/,!#,!,''*!#,!4',,-$J9%R!F-*2&5&%MO!@&,+&5
7,#!Q''5&R!Y!@:46R!;J**-*S!'JS!'*!+6&!5&*+!-,!:'5&!%-8&R!F6&!'9&,!:&!+9'!9&&8,S!
9'5+6O!<-S%%!S#K&!M'J!8*'9RY
!Y7!,26''%\!B6&5&!6&5!,-,+&5!-,!6&#1:-,+5&,,\Y!D!#,8!(#-*+%MR
!DSK&!6&#51!+6#+!465#,&!,':&96&5&!$&('5&O!-*!Q5,R!Q'55-,,&MS,!%&++&5!(5':!F+R!
E-2+'5-#S,R!LJ+!,6&!9#,!,4&#8-*/!'(!Q-,,!Q2)%&&+6MR
!YF'!-+!9'J%1!,&&:OY!Q5,R!.'5+&5!,#M,R
!F':&+6-*/!6'55-$%&!-,!(-/6+-*/!+'!+#8&!,6#4&!-*,-1&!:&R!"6&!4#-*+-*/,R!F2'+%#*1R!
F4&*2&R!7*1!+6#+!,&#,2#4&!-,!,'!K&5M!(#:-%-#5O
,-:-%#5!+'!+6&!'*&!(5':!:M!K-,-'*,R!D+!2'J%1!$&!B#%&,O!D!5&#%-T&!9-+6!#!/5'9-*/!
6'55'5R!3K&5M!4%#2&!'*!Q-,,!Q2)%&&+6MS,!%-,+!-,
5&45&,&*+&1!'*!+6&,&!9#%%,R
!LJ+!Q-,,!Q2)%&&+6M!-,!+6&!'*&!96'!+#J/6+!#+!#%%!+6',&!,26''%,R!F6&!9#,!+6&!
+&#26&5!%''8-*/!('5!+6&!/-5%!96'!2'J%1!+#8&!6&5!-*+'!+6&
5&#%:,R
!?*%&,,!Q-,,!Q2)%&&+6M!#*1!P#5+-8!9&5&!+&%%-*/!+6&!+5J+6R!?*%&,,!Q-,,!Q''5&!-,!*'+!
Q-,,!Q''5&!#+!#%%R
!YA'!,&*,&!-*!9#-+-*S!('5!S&5!*'9O!Q-,,!B'5+6-*/+'*OY!Q5,R!.'5+&5!,#M,R
!YH&,OY!D!25'#8R!Y.&56#4,!DS%%!VJ,+!%&#K&!#!*'+&!+'!/'!9-+6!6&5!+6-*/,RY
!YFJ-+!M'J5,&%(OY!Q5,R!.'5+&5!,#M,O!%&#K-*/R!YH'J!2'J%1!#,8!S&5!('5!+6&!$#%#*2&!
1J&!:&R!A&K&5!/'+!:&!5&*+RY
!F25'J*/-*/!#$'J+O!D!(-*1!#!4&*!#*1!#!,6&&+!'(!,+#+-'*&5M!#*1!+#8&!#!1&&4!$5&#+6R!
A'+!Q-,,!Q''5&R!D+!2#*S+!$&R!Q-,,!Q''5&!-,!+6&!'*&
96'!6#,!$&%-&K&1!-*!:&R!B6'!(-5,+!+'%1!J,!#$'J+!+6&!<51&5R!B6'!%-,+&*&1!#,!D!+'%1!
6&5!R!R!R!&K&5M+6-*/R
!A'R!Q-,,!Q''5&!-,!*'+!)-52&R!7*1!D!,6#%%!45'K&!-+R
!D!95-+&!+6&!9'51,O!$-/!#*1!$'%1W!@&,+&5!Q''5&R
!"6&M!,+#5&!$#28!#+!:&R!7**!6#,!#%5&#1M!1'*&!#*!#*#/5#:!('5!Q-,,!Q''5&R!D+!M-&%1&1!
*'+6-*/!$J+!*'*,&*,&R!D!,+#5&!#+!+6&!*'+&R
F-*2&5&%MO!@&,+&5!7,#!Q''5&R!7,#R!"6&!:-11%&!*#:&R!D!25',,!-+!'J+!#*1!,+#5+!#/#-*R!
B-+6!+5&:$%-*/!(-*/&5,O!D!,6-(+!+6&!%&++&5,!'(!6&5
*#:&!+'!:#8&!,':&+6-*/!*&9R!FO!7O!;R!7+!%#,+O!D!4J+!+6&!5&:#-*-*/!%&++&5,!-*+'!
4%#2&R!@O!;O!3R!"6&!5'':!(#%%,!#9#M!#,!+6&!*#:&
,9-:,!$&('5&!:&R
!F#5#6!;&&,I"'':&R
!Q-,,!Q''5&!-,!F#5#6!;&&,I"'':&R!)-52&R!A'R!D!9'*S+!$&%-&K&!-+R!Q-,,!Q''5&!6&%4&1!
J,!5&,2J&!7**R!F6&!+'%1!J,!+'!5J*!#,!,6&!$#++%&1
)-52&S,!25&#+J5&R!@&5!25&#+J5&R!7*1!D!+''8!6&5!-*+'!+6&!5&#%:,R!D!/#K&!6&5!+6&!
4'9&5R
!"6-*/,!2':&!$#28!+'!:&!Q-,,!Q''5&S,!8&&*!-*+&5&,+!-*!Q-,,!Q2)%&&+6MR!@'9!,6&!+'%1!
J,!+'!8&&4!6&5!#9#M!(5':!A&%%!@#98-*,R!"6&
9#M!+6&!/-5%,!-*!96-+&!%''8&1!#+!6&5!-*!+6&!5&#%:,O!#,!-(!+6&M!8*&9!6&5R
!B6&*!M'J!2#*!,&&!96#+!D,&&!+6#+!-,!96#+!A&%%!,#-1R
YD!*&&1!+'!,&&R!D!9#*+!+'!8*'9!+6&!+5J+6OY!D!,#MR
!"6&!K-,-'*!2':&,!1'9*!'*!:&!#,!(-&52&%M!#,!#!,J11&*!D*1-#*!5#-*R!QM!#5:,!,6#8&O!
#*1!D!(#%%!+'!:M!8*&&,!9-+6!+6&!('52&!'(!-+R
L5&#+6&O!>&::#R!0'*S+!(-/6+!-+R!D!2#*S+!2'*+5'%!-+O!#*1!4#*-2!5-,&,!-*!:&!#,!D!
(#%%!6#51!#*1!(#,+R
!3K&5M+6-*/!,+'4,R!"6&5&!-,!2#%:R!D!8*'9!+6-,!4%#2&R!DSK&!,&&*!$-+,!#*1!4-&2&,!'(!
-+!$&('5&R!"6&!5'#5!'(!+6&!,&#!(-%%,!:M!&#5,R!D+,!,45#M
8-,,&,!+6&!V#//&1!2%-((,!#*1!2'#+,!:M!6#-5!#*1!%-4,!9-+6!-+,!:-,+M!,#%+R!"6&!
/5'J*1!-,!25#28&1!#*1!9'5*O!+6&!,8-*!'(!+6&!5'28!,4%-*+&5-*/
-*+'!+6'J,#*1,!'(!+-*M!(-,,J5&,R
!?4!#6&#1!D!,&&!+6&!+65&&!/-5%,R!LJ+!+6&M!#5&!*'+!/6',+%M!,4&2+&5,R!"6&M!#5&!
#%-K&O!6#44M!#*1!,:-%-*/R!"6&!9-*1!2#+26&,!+6&-5!,8-5+,R
"6&M!(%J++&5!$&6-*1!+6&:!%-8&!:'+6&5,S!6#*18&526-&(,R!"6&!(-5,+!/-5%!+5-4,!#*1!
9'$$%&,O!6&5!,65-&8,!+J5*-*/!+'!%#J/6+&5!96&*!,6&!5-/6+,
6&5,&%(R
!@&5!%#J/6!$'J*2&,!5'J*1!:M!6&#1!%-8&!#!,%'9!&26'RY)':&!#%'*/O!A&%%bY
!A&%%R!D!#:!%-K-*/!+6-,!:':&*+!#,!A&%%R!D!#:!,&&-*/!96#+!,6&!,#9R
!YF6&S,!2':-*/!+'!/-K&!J,!+6&!4'9&5b!B&!,6#%%!&*+&5!+6&!5&#%:,!#*1!$&2':&!,-,+&5,!
'(!+6&!<51&5bY!+6&!,&2'*1!/-5%!-*!96-+&!M&%%,R
F6&S,!$&#:-*/!9-+6!+6&!45':-,&!'(!-+R!D!#:!,'!,%'9R!D!2#**'+!8&&4!J4R
!"6&!/-5%,!9#K&!+'!,':&'*&!$&6-*1!:&R
!@&5&!,6&!-,O!+6&!9':#*!-*!+6&!/5&&*!2%'#8O!,+5-1-*/!#25',,!+6&!$5'8&*!%#*1R!"6&M!
2#%%!+'!6&5R!YQ-,,!Q2)%&&+6Mb!Q-,,!Q2)%&&+6MbY
!YH&,O!DS:!2':-*/OY!,6&!#*,9&5,R!"6&!9':#*!4J%%,!+6&!6''1!$#28!(5':!6&5!(#2&R!LJ+!
-+!-,!*'+!+6&!Q-,,!Q2)%&&+6M!D!6#K&!8*'9*R!D+!-,
Q-,,!Q''5&R!7*1!*'9!D!J*1&5,+#*1!Q-,,!Q''5&S,!,6'28&1!&Z45&,,-'*!96&*!9&!(-5,+!
:&*+-'*&1!+6#+!*#:&O!6&5!5J,6!+'!1-,25&1-+!'J5
*&9!+&#26&5R!F6&!J*1&5,+''1!+6#+!,':&'*&!(5':!+6&!<51&5!9#,!6J*+-*/!6&5R!7*1!DSK&!
6#1!-+!#%%!95'*/!(5':!+6&!,+#5+R
!YB-%%!M'J!/-K&!J,!+6&!4'9&5\Y!+6&!/-5%,!2#%%!'J+R
!YH&,OY!Q-,,!Q''5&!,#M,O!6&5!K'-2&!(#%+&5-*/R!YB#%8!'J+!'*!+6&!5'28,!#!%-++%&!
(#5+6&5RY
!"6&!/-5%,!2%#:$&5!'K&5!+6&!5'28,O!,65-&8-*/!9-+6!#!6#44M!5&28%&,,*&,,!96&*!+6&!
9-*1!$%'9,!6#51!#/#-*,+!+6&:O!:#8-*/!+6&:!(&&%
:'5+#%!('5!#!:':&*+R!D!+5M!+'!5&#26!+6&:R
!YA&%%bY!Q-,,!Q''5&!,6'J+,R!YB#-+!9-+6!:&RY
!YLJ+O!Q-,,!Q2)%&&+6MOY!D!6&#5!:M,&%(!,#MR!Y"6&MS5&!/&++-*/!#6&#1RY
!Y=&+!+6&:!/'R!F+#M!9-+6!:&RY
!)'*(J,&1O!A&%%!,+#*1,!9#+26-*/!6&5!(5-&*1,!'J+!'*!+6&!5'28,R!Q-,,!Q''5&!5#-,&,!
6&5!6#*1R!"6&5&!-,!*'!,*#8&!5-*/!'*!6&5!(-*/&5R
"6&5&!*&K&5!9#,O!D!2':&!+'!5&#%-T&R!D!+'%1!Q-,,!Q''5&!#$'J+!+6&!5-*/!DS1!,&&*O!#*1!
+6&!/-5%,!-*!96-+&!:#1&!:&!,&&!96#+!,6&!9#*+&1
:&!+'!,&&R
!Q-,,!Q''5&!:J:$%&,!-*!#!+'*/J&!D!2#**'+!6&#5R!"6&!-5'*!/5#M!,8M!2':&,!#%-K&O!
+9-,+-*/!#*1!+J5*-*/R!"6&!/-5%,!,&*,&!+6&!26#*/&R
"6&-5!(#2&,!,6'9!#%#5:R!"6&!25&#+J5&!5-,&,!(5':!+6&!,&#R!"6&!/-5%,!,25&#:!-*!
+&55'5R!"6&M!+5M!+'!5J*O!$J+!+6&!/5&#+!46#*+':!,+5&+26&,
'J+!%-8&!#!2%'J1R!D+!5#2&,!'K&5!+6&:!#*1!1&,2&*1,O!,9#%%'9-*/!+6&!/-5%,!96'%&!#,!
-(!+6&M!6#1!*&K&5!&Z-,+&1R!"6&!25&#+J5&!,-/6,!#*1
/5'#*,R!D+!J*(J5%,!-+,!/5&#+!9-*/I#5:,O!#*1!D!,&&!+6&!/-5%,!+5#44&1!-*,-1&O!
,25&#:-*/R
!Q-,,!Q''5&S,!6#*1!,6#8&,R!F6&!,6J+,!6&5!&M&,R
!"6&!25&#+J5&!+J5*,!-+,!6-1&'J,!6&#1!-*!'J5!1-5&2+-'*R
!Y"6&5&!-,!'*&!:'5&O!D!,&&OY!-+!6-,,&,R!"6&!,'J*1!:#8&,!:M!$%''1!/'!2'%1R
!YA'OY!Q-,,!Q''5&!,#M,R!YA'+!+6-,!'*&RY
!YF6&!2#**'+!$5-*/!M'J!-*R!B6M!1'!M'J!2#5&!-(!,6&!-,!,#25-(-2&1\Y!-+!,25&&26&,!-*!
+6#+!1'':&1!K'-2&R
!YA'+!+6-,!'*&OY!Q-,,!Q''5&!5&4&#+,R!Y.%&#,&RY
!YB&!1&2-1&!96'!,6#%%!$&!,4#5&1O!*'+!M'JR!D+!-,!M'J5!:-,('5+J*&!-(!M'J!2':&!+'!
2#5&!('5!+6&:RY!"6&!+6-*/!&Z4#*1,!+'!(-%%!+6&!,8MR!"6&
,8&%&+#%!(#2&!-,!%#5/&!#,!+6&!:''*R!"6&!:'J+6!'4&*,!+'!5&K&#%!V#//&1!+&&+6R
!Y;J*bY!Q-,,!Q''5&!,25&#:,R!Y;J*O!A&%%b!P&&4!5J**-*/b!L%'28!-+!(5':!M'J5!:-*1bY
!D!1'R!D*!A&%%S,!$'1MO!DS:!5J**-*/!#,!(#,+!#,!D!2#*O!,%-44-*/!'K&5!5'28,R!QM!6&&%!
2#+26&,!-*!#!25&K-2&O!#*1!:M!#*8%&!/-K&,!9#M!9-+6!#
,6#54!+9-,+R!B-*2-*/!-*!4#-*O!D!6'$$%&!'*O!1'9*!+6&!2%-((,O!+6&!+6-*/!6J*+-*/!:&R
!"6&!25&#+J5&!,65-&8,!-*!5#/&R
!"6&!(&#5!-,!'K&596&%:-*/R!D!,6#%%!1-&!(5':!(5-/6+R!@#K&!+'!8&&4!-+!(5':!:M!:-*1R!
YN#28!#*1!N-%%!9&*+!J4!+6&!6-%%!+'!(&+26!#!4#-%!'(
9#+&5R!N#28!(&%%!1'9*!#*1!$5'8&!6-,!25'9*!#*1!N-%%!2#:&!+J:$%-*/!#(+&5RY
!DS:!'J+!'*!+6&!,%-44&5M!5'28,R!"6&!,&#!/5#$,!#+!:M!#*8%&,O!,'#8-*/!:&!+65'J/6R!
D+S,!2':-*/R!<6O!>'1O!-+S,!2':-*/!('5!:&R!YN#28
#*1!N-%%O!N#28!#*1!N-%%O!N#28!#*1!N-%%!R!R!RY
!D+S,!,'!2%',&R!D!%&+!/'O!(#%%-*/!-*+'!+6&!5&,+%&,,!,&#R!DS:!,-*8-*/R!=J*/,!#26&!
('5!$5&#+6R!LJ$$%&,!5#2&!('5!+6&!,J5(#2&R!DS:!(-/6+-*/!+6&
2J55&*+R!D!,6#%%!15'9*b!D!'4&*!:M!&M&,R!"6&5&!+6&M!#5&W!+6&!+65&&!'(!+6&:R!FJ26!
4#%&!(#2&,b!"6&!1#58!6'%%'9,!$&*&#+6!+6&-5!&M&,R!QM
,25&#:!-,!$J5-&1!J*1&59#+&5R!7*1!96&*!DS:!4J%%&1!(5':!+6&!1&4+6,!$M!#!4#-5!'(!
(-,6&5:#*S,!6#*1,O!DS:!,+-%%!,25&#:-*/R
!"6&!45&,,J5&S,!$#28R!"6&!K-,-'*S,!&*1-*/O!#*1!D!(-*1!:M,&%(!'*2&!#/#-*!-*!+6&!
M&%%'9!%-/6+!'(!Q-,,!Q''5&S,!(%#+R
!D!8*'9!+6&!+5J+6R!D!+5M!+'!,+#*1!#*1!:M!%&/,!/-K&!9#MR!B-+6!&(('5+O!D!,+#*1R!B6&*!
D!%&#K&O!D!1'*S+!&K&*!$'+6&5!+'!,6J+!+6&!1''5R!"6&
,+#-5,!,6-(+!$&('5&!:&R!D!/'!+'!4J+!:M!(''+!'*!'*&!#*1!(#%%R
!YH'J!#9%!5-/6S\Y!Q5,R!.'5+&5!#,8,R!D!2#**'+!#*,9&5R!QJ,+!/&+!'J+,-1&R!7-5R!D!*&&1!
#-5R
!Q5,R!.'5+&5!2':&,!#(+&5!:&RY!S0SM'J!#,8!S&5!S$'J+!:&!5&*+\Y
!D!,+J:$%&!'J+!-*+'!+6&!*-/6+!#-5R!DS:!,6#8-*/!#%%!'K&5O!$J+!-+!-,*S+!(5':!+6&!
2'%1R!D+S,!+6&!:#/-2!+#8-*/!6'%1!'(!:M!$'1MO!9&#5-*/!:&
1'9*R
!YQ-,,!Q''5&bY!D!,25&#:!-*+'!+6&!1#58*&,,R!QM!K'-2&!-,*S+!:J26!:'5&!+6#*!#!5#9!
25MR!YQ-,,!Q''5&bY
!"6&MS5&!#+!+6&!$&*1!-*!+6&!,+5&&+O!9#-+-*/!('5!:&O!+6',&!#9(J%!/-5%,!-*!96-+&R!
"6&-5!,6#1'9,!/5'9!+#%%&5O!%'*/!1#58!(-*/&5,!25&&4-*/
#25',,!+6&!9&+!2'$$%&,+'*&,O!2%',-*/!+6&!1-,+#*2&!$&+9&&*!J,R!"6&!(#:-%-#5!K'-2&!
,8J%8,!'J+R
!Y<J5!:-,+5&,,!-,!-*R!B&!6#K&!+6&!,&&5R!F6&!,6#%%!,6'9!J,!+6&!"&:4%&RY
!YA'!R!R!R!OY!D!,#MR
!YD+S,!#%:',+!'J5,R!H'JSK&!%',+RY
!D!+5M!+'!,9-4&!#+!+6&:O!$J+!:M!#5:,!$#5&%M!:'K&R!D!(#%%!+'!+6&!9&+!,+5&&+R!"6&-5!
,6#1'9,!5&#26!#25',,!:M!6#*1,O!$#+6-*/!:&!-*
/%'':R
!Y"-:&!+'!1-&!R!R!RY
!"6&!2'*,+#$%&S,!,65-%%!96-,+%&!5-*/,!-*!:M!&#5,R!"6&!,6#1&!5&2&1&,R
!Y3#,M!+6&5&O!:-,,R!B&S%%!/&+!M'J!6':&RY
!"6&!2'*,+#$%&!2#55-&,!:&!1'9*!+6&!,+5&&+R!D!6&#5!+6&!4&52J,,-K&!2%-28-*/!'(!6-,!
,6'&,!'*!2'$$%&,+'*&,R!@&#5!+6&!96-,+%&!$%'9-*/O
+6&!K'-2&,R!D!6&#5!:M,&%(!:J:$%-*/!'K&5!#*1!'K&5!%-8&!#!:#*+5#O!YC'5/-K&!:&O!
('5/-K&!:&O!('5/-K&!:&!RRRY
!)@7."3;!C<;"HIFDG
!F<Q3<A3!0;7BF!"@3!)?;"7DAFR!"@3!;<<Q!>;<BF!1J,+M!1#58R!D!2#**'+!,4&#8R!"':!#*1!
>5#*1:#:#!#5&!#+!:M!$&1,-1&R!D!6&#5
#*'+6&5!K'-2&R!7!1'2+'5R
!YC&K&5!R!R!R!OY!6&!,#M,R
!D+S,!*'+!#!(&K&5R!D+S,!+6&!:#/-2R!D!+5M!+'!+&%%!+6&:!+6#+O!+'!,#M!,':&+6-*/O!$J+!
D!2#**'+R
!YH'J!:J,+!5&,+OY!"':!,#M,O!6'%1-*/!:M!6#*1R
!D*!+6&!2'5*&5!'(!+6&!5'':O!D!,&&!+6&!+65&&!/-5%,!9#-+-*/O!+6',&!,-%&*+O!,:-%-*/!
#44#5-+-'*,R!"6&!1#58!6'%%'9,!J*1&5!+6&-5!&M&,!5&:-*1
:&!'(!+6&!,8&%&+#%!(#2&!'(!+6#+!+6-*/!'*!+6&!2%-((,R
!YA'OY!D!,#MO!$J+!-+!2':&,!'J+!#,!*'!:'5&!+6#*!#!96-,4&5R
!YF666O!,%&&4OY!>5#*1:#:#!,#M,R
!YH&,O!,%&&4OY!+6&!/-5%,!-*!96-+&!96-,4&5!,9&&+%MRYF%&&4!'*RY
!YF':&+6-*/!+'!6&%4!9-+6!+6#+RRRY!"6&!1'2+'5S,!K'-2&!-,!+-**MR!@&!$5-*/,!'J+!#!
$5'9*!$'++%&R!"':!6&,-+#+&,R!H&,O!/''1!"':R!LJ+!+6&
1'2+'5!-*,-,+,O!#*1!"':!4J+,!+6&!$'++%&!+'!:M!%-4,R!A'b!D!:J,+*S+!15-*8R!QJ,+*S+!
/'!J*1&5R!LJ+!DSK&!*'!(-/6+!%&(+R!D!5'%%!:M!6&#1O!$J+
"':S,!6#*1!-,!,+5'*/R
!Y.%&#,&O!>&::#RY
!"6&!/-5%,!,-+O!6#*1,!-*!+6&-5!%#4,R!YH&,R!F'!,9&&+R!05-*8!#*1!,%&&4R!<J5!:-,+5&,,!
-,!-*!*'9R!F'!/'!+'!,%&&4RY
!YF%&&4!*'9OY"':S,!K'-2&!#1K-,&,!(5':!(#5#9#MR
!YB&S%%!,&&!M'J!-*!M'J5!15&#:,OY!+6&!/-5%,!,#M!#,!D!(#%%!J*1&5!+6&!15J/S,!,4&%%R
!D!,&&!+6&!)#K&,!'(!F-/6,O!$J+!*'+!#,!+6&M!9&5&R!"6-,!4%#2&!-,!*'!5J-*O!$J+!#!
:#/*-(-2&*+!+&:4%&R!DS:!9#%8-*/!+65'J/6!+6&!*#55'9
+J**&%,R!7,!D!$5J,6!:M!(-*/&5,!'K&5!+6&!$J:4M!9#%%,O!+6&!(#1&1!15#9-*/,!2':&!#%-K&!
-*!5&1,!#*1!$%J&,O!/5&&*,!#*1!4-*8,!#*1!'5#*/&,R
@&5&!#5&!4#-*+-*/,!'(!#%%!+6&!5&#%:,R!"6&!C'5&,+!'(!=-/6+,R!"6&!9#+&5!*M:46,!-*!
+6&-5!:J58M!1&4+6,R!"6&!/'5/'*!,6-4R!"6&!/#51&*R!"6&
;J*&,!'(!+6&!<5#2%&!#,!+6&M!'*2&!,+''1R!"6&!/'%1&*!6'5-T'*!#25',,!+6&!5-K&5O!96&5&!
'J5!,4-5-+,!:J,+!V'J5*&MR!"6&!9':&*!'(!+6&!<51&5
-*!+6&-5!2%'#8,O!6#*1,!V'-*&1R
!YDSK&!('J*1!-+RY!D!:J5:J5O!+'*/J&!+6-28!9-+6!'4-#+&R
!YF666OY!,':&'*&!,#M,RYF%&&4!*'9RY
!F%&&4!*'9R!F%&&4!*'9R
!"6&!9'51,!15-(+!1'9*!#!+J**&%!-*+'!:M!$'1MO!96&5&!+6&M!$&2':&!5',&!4&+#%,!$%'9-*/!
#25',,!:M!$#5&!(&&+!'*!+6&!1J,+M!/5'J*1R!D
45-28!:M!(-*/&5!'*!#!+6'5*!,+J28!+65'J/6!#!25#28!-*!+6&!9#%%R!05'4,!'(!$%''1!
,4-5#%!1'9*!-*+'!+6&!1J,+!#+!:M!(&&+R!C#+!/5&&*!K-*&,!4J,6
+65'J/6!+6&!25#28,R!"6&M!25-,,25',,!5#4-1%M!#5'J*1!+6&!4-%%#5,!-*!1&,-/*,!#,!
-*+5-2#+&!#,!+6&!@#V-*S,!:&*16-R!0&&4!4-*8!5',&,!$J1O
$%'':O!#*1!'4&*O!95#44-*/!+6&:,&%K&,!#5'J*1!+6&!4-%%#5,!%-8&!%'K&5,S!(-*/&5,!
-*+&5+9-*&1R!D+!-,!,'!$&#J+-(J%O!,'!$&#J+-(J%R
!F':&'*&!2':&,R!7,6#O!+6&!?*+'J26#$%&R!C'5!96'!$&++&5!+'!/J#51!+6&!"&:4%&!+6#*!
+6',&!*'!'*&!,J,4&2+,!'(!6#K-*/!#*M!4'9&5!#+
#%%\
!F6&!/5&&+,!:&O!45&,,-*/!6&5!4#%:,!+'/&+6&5!#*1!+'J26-*/!+6&:!+'!6&5!('5&6&#1!#,!
,6&!$'9,R!D!1'!+6&!,#:&R!YB6#+!1'!M'J!'((&5\Y
!<((&5!6'4&!+'!+6&!?*+'J26#$%&,O!('5!+6&M!*&&1!6'4&R!=#1M!@'4&R!D!#:!+6&!6'4&R!D!
#:!+6&!6'4&R
!"6&!,8M!25#28,!'4&*R!7,6#S,!(#2&!-,!(-%%&1!9-+6!9'55MR
!YB6#+!-,!-+\Y
!YF6&!,&*,&,!M'JR!D(!M'J!,+#MO!,6&!9-%%!(-*1!+6&!"&:4%&R!H'J!:J,+!%&#K&!+6-,!
15&#:R!L5&#8!+6&!K-,-'*O!Q',+!@-/6R!0'!-+!*'9bY
!YH&,O!DS%%!/'OY!D!,#MR!D!+5M!+'!/&+!:M,&%(!(5':!+6&!K-,-'*O!$J+!+6&!15J/!-,!
+#8-*/!6'%1R!D!2#**'+!:#8&!:M,&%(!%&#K&R
!Y>'b!;J*!-*+'!+6&!5&#%:,OY!,6&!,#M,RY)%'J1!M'J5!:-*1!+'!+6&!"&:4%&R!F6&!9-%%!,&&!
96#+!M'J!,&&RY
!DS:!6&#KM!9-+6!+6&!15J/R!F'!6&#KMR!D!2#**'+!:#8&!:M!+6'J/6+,!'$&MR!D!,+J:$%&!'J+!
'(!+6&!2#K&R!L&6-*1!:&!+6&!4#-*+-*/,!%',&
+6&-5!2'%'5O!+6&!5',&,!4J%%!$#28!-*+'!$J1,O!#*1!+6&!K-*&,!,%-4!$#28!-*+'!+6&!
25#28,R!B6&*!D!2':&!'J+!'(!+6&!2#K&O!+6&!,8M!6#,!/5'9*
1#58R!"6&!-*2&*,&!4'+,!,&*1!+6&-5!2'%'5(J%!4%J:&,!J4!+'!+6&!2%'J1,!%-8&!#!9#5*-*/R!
"6&!,:'8&!4#5+,R!Q-,,!Q''5&!,+#*1,!$&('5&!:&!9-+6
4''5!A&%%!@#98-*,O!6&5!,#25-(-2&R
!Y"6&!"&:4%&R!"6#*8!M'JO!>&::#RY
!D!'4&*!:M!&M&,R!"6&!2&-%-*/O!,''+M!(5':!+6&!/#,%-/6+O!2':&,!-*+'!K-&9R!"6&!
2J5+#-*,!#5&!15#9*R!D!1'!*'+!8*'9!96#+!+-:&!'(!1#M!-+!-,R
D!6&#5!96-,4&5-*/R
!Y>&::#\Y
!YF6&!'4&*&1!6&5!&M&,R!D!,#9!6&5RY
!C&%-2-+M!#*1!7**R!"6&M!5J,6!'K&5!#*1!,-+!'*!+6&!$&1!$&,-1&!:&O!+#8-*/!:M!6#*1,!-*!
+6&-5,R
!Y>&::#\!D+S,!7**R!@'9!#5&!M'J!(&&%-*/\!B&!9&5&!,'!9'55-&1!#$'J+!M'JRY
!Y"6&M!,#-1!M'J!6#1!#!(&K&5O!,'!*#+J5#%%M!+6&M!9'J%1*S+!#%%'9!J,!+'!2':&!J*+-%!D!
-*,-,+&1R!H'JSK&!$&&*!#,%&&4!('5!+65&&!1#M,OY!C&%-2-+M
,#M,R
!"65&&!1#M,R!F+-%%!,'!+-5&1R
!Y"6&M!('J*1!M'J!-*!L#8&5!F+5&&+R!B6#+!9&5&!M'J!1'-*/!+6&5&O!*&#5!Q-,,!Q''5&S,!
5'':,\Y
!Q-,,!Q''5&R!Q-,,!Q''5&!-,!)-52&R!F6&!6#,!('J*1!+6&!"&:4%&R!D!6#K&!(#-%&1R!D!6#K&!
%',+!&K&5M+6-*/RD!+J5*!:M!6&#1!+'!+6&!9#%%R
!7**!45#++%&,!'*R!YB-+6!#%%!+6&!&Z2-+&:&*+O!=#1M!0&*$M!6#,*S+!6#1!#!26#*2&!M&+!+'!
+&%%!Q5,R!B'5+6-*/+'*!#$'J+!:&RY
!YF-:'*!6#,!$&&*!6&5&!&K&5M!1#MO!>&::#OY!C&%-2-+M!,#M,R!Y3K&5M!1#Mb!"6#+!:J,+!:#8&!
M'J!6#44MRY
!Y>&::#\Y!7**!,#M,O!2'*2&5*&1R
!YD!1'*S+!2#5&RY!QM!K'-2&!-,!,'!,:#%%!#*1!15MR
!YB6#+!1'!M'J!:&#*!M'J!1'*S+!2#5&\!D!+6'J/6+!M'J!9&5&!:#1!('5!6-:R!@&S,!:#1!('5!
M'JO!-+!,&&:,R!"6#+!-,!6#44M!*&9,O!-,*S+!-+\Y
C&%-2-+M!,#M,R
!YDSK&!%',+!+6&!"&:4%&RY
!YB6#+!1'!M'J!:&#*\Y!7**!#,8,R
!D+!-,!+''!:J26!+'!&Z4%#-*R!QM!6&#1!+65'$,R!D!9#*+!+'!,%&&4!#*1!*&K&5!9#8&R!YB&!
9&5&!95'*/!#$'J+!Q-,,!Q2)%&&+6MR!7$'J+
&K&5M+6-*/R!Q-,,!Q''5&!-,!)-52&RY
!D!9'*S+!%''8!#+!+6&:R!D!2#*S+R
!YD!+''8!6&5!-*+'!+6&!5&#%:,R!F6&!6#,!+6&!4'9&5!*'9R!D+!-,!'K&5R!DS:!,'55MRY
!YA'!:'5&!:#/-2\Y!7**!,#M,R
!D!,6#8&!:M!6&#1R!D+!6J5+,!+'!1'!-+R
!YLJ+!96#+!#$'J+!.-44#\Y!C&%-2-+M!,#M,O!,+#5+-*/!+'!25MR
!D!2%',&!:M!&M&,RYDS:!+-5&1OY!D!,#MR
!YD+!2#*S+!$&OY!7**!,#M,O!,*-((%-*/RYA'!:'5&!5&#%:,\Y
!D!1'*S+!#*,9&5R!D*,+&#1O!D!(&-/*!,%&&4!J*+-%!D!6&#5!+6&!$&1!25&#8!9-+6!+6&-5!
%&#K-*/R!D!%-&!+6&5&O!,+#5-*/!#+!*'+6-*/R!7!25#28!'(!%-/6+
4&&8,!+65'J/6!+6&!15#9*!2J5+#-*,R!D+!-,!1#M!#(+&5!#%%R!A'+!+6#+!-+!:#++&5,!+'!:&!
'*&!96-+R
!D*!+6&!&K&*-*/O!"':!2#55-&,!:&!-*+'!+6&!4#5%'5!+'!,-+!$M!+6&!(-5&R
!YH'JSK&!#!,J545-,&!K-,-+'5OY!6&!,#M,R
!B-+6!:&!-*!6-,!#5:,O!6&!4J,6&,!'4&*!+6&!4#5%'5!1''5,R!F-:'*!6#,!2':&!9-+6'J+!6-,!
:'+6&5R!"':!4J+,!:&!'*!+6&!,&++&&!#*1!2'K&5,
:&!9-+6!#!$%#*8&+R!D!45'$#$%M!%''8!#!(5-/6+O!$J+!D!2#*S+!,&&:!+'!2#5&R
!YDS%%!6#K&!Q5,R!N'*&,!$5-*/!+&#OY!"':!,#M,O!$#28-*/!'J+!'(!+6&!5'':R!"6'J/6!6&!
%&#K&,!+6&!1''5,!'4&*O!F-:'*!#*1!D!#5&!'*!'J5
'9*R
!Y@'9!#5&!M'J!(&&%-*/\Y!6&!#,8,R!D!,#M!*'+6-*/RYH'J!/#K&!J,!#%%!XJ-+&!#!,2#5&R!@'9!
1-1!M'J!&*1!J4!-*!,J26!#!15&#1(J%!4%#2&\Y
!"6-,!)65-,+:#,!+5&&!6#,!15-&1!'J+R!D+S,!%',-*/!-+,!*&&1%&,!-*!2%J:4,R
!YB&!+6'J/6+!4&56#4,!,':&'*&!9-,6&1!#!5#*,':R!.&56#4,!+6#+!(&%%'9!96'!('%%'9&1!M'J!
#+!E-2+'5-#!9#,*S+!#!(-/:&*+!'(!M'J5
-:#/-*#+-'*!#(+&5!#%%RY
!F-:'*R!@&!%''8,!,'!9'55-&1R!D!,6'J%1!,#M!,':&+6-*/!+'!2':('5+!6-:R!D!2%&#5!:M!
+65'#+R!A'+6-*/!2':&,R!@-,!6#-5!-,!&Z#2+%M!+6&!2'%'5
'(!#!1J%%!2'-*R
!YDSK&!,':&+6-*/!('5!M'JOY!6&!,#M,O!2':-*/!2%',&5R!@&!4J%%,!#!$5''26!(5':!6-,!2'#+!
4'28&+R!D+!-,!1&2'5#+&1!9-+6!:#*M!4&#5%,!#*1
%''8,!XJ-+&!'%1!#*1!K#%J#$%&R
!Y"6-,!$&%'*/&1!+'!+6&!(-5,+!E-,2'J*+&,,!'(!0&*$MOY!F-:'*!,#M,O!6'%1-*/!+6&!
(&#+6&5I%-/6+!4&#5%!$5''26!$&+9&&*!6-,!(-*/&5,R!@&!2%&#5,
6-,!+65'#+!+9-2&RYD+S,!'K&5!'*&!6J*15&1!M&#5,!'%1!#*1!6#,!$&&*!9'5*!$M!+6&!9':&*!
-*!:M!(#:-%MR!D+!9'J%1!/'!+'!:M!,-,+&5O!-(!D!6#1!#
,-,+&5R!B6-26!D!1'*S+O!$J+!M'J!8*'9!+6#+RY!@&!2%&#5,!6-,!+65'#+!#/#-*R
!@&!4-*,!-+!+'!+6&!%#2&!'(!:M!$&1!V#28&+R!D!J*1&5,+#*1!K#/J&%M!+6#+!D!#:!9&#5-*/!
6-,!45':-,&R!D!J*1&5,+#*1!+6#+!+6-*/,!6#K&
26#*/&1!/5&#+%M!9-+6!+6-,!'*&!,:#%%!/&,+J5&R
!YQ-,,!0'M%&R!>&::#R!Q#M!D!$&!,'!$'%1\Y!@&!/-K&,!:&!#!26#,+&!8-,,O!K&5M!1-((&5&*+!
(5':!+6&!'*&!+6&!*-/6+!'(!+6&!$#%%R
!"':!5&+J5*,!9-+6!Q5,R!N'*&,!#*1!+&#R!"6&!:&*!,-+!,4&#8-*/!V'K-#%%MO!96-%&!D!
2'*+-*J&!+'!,+#5&!#+!+6&!4-*&!*&&1%&,!15-(+-*/!+'!+6&
(%''5O!,-*8-*/!-*+'!+6&!,&++&&O!+6&!9&-/6+!'(!+6&!$5''26!6'%1-*/!:&!1'9*R
!YD!+6'J/6+!9&!:-/6+!4#M!#!K-,-+!+'!L&+6%&:!+'1#MOY!"':!#**'J*2&,!#+!%J*26R
!YB6M\Y!D!,#MR
!YH'JSK&!$&&*!-*!M'J5!$&12%'+6&,!('5!1#M,R!D+!9'J%1!1'!M'J!/''1!+'!/&+!'J+R!7*1!D!
+6'J/6+!4&56#4,!-+!:-/6+!26#*/&!Q-,,!@#98-*,S,
,+#+J,!-(!M'J!9&5&!+'!K-,-+RY
!A'+6-*/!9-%%!26#*/&!6&5!,+#+J,R!7!4#5+!'(!6&5!-,!+5#44&1!-*!+6&!5&#%:,!('5&K&5R
Y.%&#,&\Y!"':!#,8,R
!D*!+6&!&*1O!D!5&%&*+!#*1!/'!9-+6!"':R!B&SK&!#*'+6&5!*&9!15-K&5O!N#28,'*!6#K-*/!
1-,#44&#5&1R!D!2#**'+!,#M!+6#+!D!#:!,J545-,&1!$M
+6-,R
!Y>5#*1:#:#!,#M,!+6#+!7**!L5#1,6#9!-,!*'+!#*M!5&%#+-'*!+'!+6&!0J8&!'(!
)6&,+&5(-&%1OY!"':!,#M,O!'*2&!9&!#5&!&*!5'J+&RYF6&!#%,'
,#M,!+6#+!Q-,,!L5#1,6#9!(#-*+&1!96&*!+'%1!'(!+6&,&!#22J,#+-'*,RY!B6&*!D!*&-+6&5!
2'*(-5:!*'5!1&*M!+6-,O!6&!2'*+-*J&,R!YD!1'*S+!,&&!6'9
-+!2'J%1!$&!+5J&R!Q-,,!L5#1,6#9!-,!,J26!#!8-*1!4&5,'*R!F6&S,!*'+!+6&!,'5+!96'!
9'J%1!:-,%&#1!,':&'*&R!"6&!K&5M!(#2+!+6#+!,6&!(#-*+&1
45'K&,!+6#+!6&5!26#5#2+&5!-,!+''!/''1!+'!&K&*!&*+&5+#-*!,J26!#*!-1&#RY
!Y.&'4%&!#5&*S+!#%9#M,!96#+!M'J!9#*+!+6&:!+'!$&OY!D!:J:$%&R
!YL&/!M'J5!4#51'*\Y!"':!,#M,R
!YA'+6-*/OY!D!,#MR
!)':&!#9#8&O!"':R!C#+6&5,!2#*!9-%%(J%%M!6J5+!+6&-5!26-%15&*R!"6&M!2#*!$&!#11-2+,!
+''!9&#8!+'!/-K&!J4!+6&-5!K-2&,O!*'!:#++&5!+6&!4#-*
-+!2#J,&,R!Q'+6&5,!2#*!+J5*!M'J!-*K-,-$%&!9-+6!*&/%&2+R!"6&M!2#*!&5#,&!M'J!9-+6!#!
1&*-#%O!#!5&(J,#%!+'!,&&R!C5-&*1,!2#*!1&2&-K&!M'JR
.&'4%&!%-&R!D+!-,!#!2'%1O!6#51!9'5%1R!D!1'!*'+!$%#:&!A&%%!@#98-*,!('5!5&+5&#+-*/!
(5':!-+!-*+'!#!:#1*&,,!'(!6&5!'9*!26'',-*/R
!"6&!6#%%,!'(!L&+6%&:!,&&:!#%:',+!2#%:-*/!+'!:&!*'9R!Q5,R!F'::&5,!,-+,!#+!+6&!
4-#*'O!4%J*8-*/!'J+!#!+J*&!(-%%&1!9-+6!95'*/!*'+&,R
7!,&9-*/!2-52%&!6#,!$&&*!,&+!J4!-*!#!2'5*&5R!"6&!9':&*!9'58!+6&-5!4-&2&,!-*+&*+%MO!
#,!-(!+6&M!#5&!,&9-*/!+6&-5!,#%K#+-'*!9-+6!&#26
2#5&(J%!,+-+26R
!DS:!+#8&*!+'!A&%%S,!5'':R!F6&S,!,+5&+26&1!'J+!J4'*!6&5!$&1O!6&5!&M&,!'4&*!$J+!*'+!
,&&-*/R
!Y@&%%'O!A&%%OY!D!,#MR!"6&!5'':!-,!XJ-&+R!Y.&56#4,!-(!M'J!%&(+!J,OY!D!,#M!+'!"':R
!YB6#+\!<6O!5-/6+RY!"':!%&#K&,R
!D!+#8&!A&%%S,!6#*1,!-*!:-*&R!"6&M!#5&!,'!K&5M!,:#%%!#*1!2'%1R
!YD!#:!,'55MO!A&%%OY!D!,#MO!+6&!#4'%'/M!2':-*/!'J+!%-8&!#!,'$RYD!#:!,'55MRY
!A&%%S,!6#*1,!,J11&*%M!/5-4!:-*&R!F6&!-,!(-/6+-*/!#/#-*,+!,':&+6-*/!9-+6!&K&5M!$-+!
'(!,+5&*/+6!,6&!6#,!%&(+R!B&!#5&!V'-*&1O!#*1!-*!:M
6&#1O!D!2#*!6&#5!6&5!,4&#8-*/R
!YF6&!RR!R!2#**'+R!R!R!$-*1!-+OY2':&,!6&5!96-,4&5R!Y"6&5&!RRR!RY,!,+-%%R!R!R!
6'4&OY
!@&5!:J,2%&,!5&%#ZR!@&5!6#*1,!,%-4!(5':!:-*&R
!Y>&::#\Y!"':!#,8,!#,!D!$'%+!(5':!A&%%S,!5'':!#*1!6&#1!,+5#-/6+!('5!+6&!2#55-#/&R!
Y>&::#b!>&::#O!96&5&!#5&!M'J!/'-*/\Y
!D+!-,!(-(+&&*!4#,+!(-K&!'S2%'28!96&*!D!,&2J5&!#!2#$R!B-+6!%J28O!D!,6#%%!:#8&!-+!
+'!E-2+'5-#!F+#+-'*!$&('5&!C&%-2-+M!#*1!7**!2#*!$'#51!+6&
(-K&!('5+MI(-K&!+5#-*!+'!F4&*2&R!LJ+!%J28!-,!*'+!'*!:M!,-1&R!"6&!,+5&&+,!#5&!
2'*/&,+&1!9-+6!4&'4%&!#*1!K&6-2%&,!'(!#%%!,'5+,R!D+!-,!+6&
95'*/!+-:&!'(!1#M!('5!6J55M-*/R
!L-/!L&*!26-:&,!+6&!6#%(!6'J5R!D!4'8&!:M!6&#1!'J+!+6&!,-1&!'(!+6&!2#$R!F+5&+26&1!
#6&#1!'(!J,!-,!#!,&#!'(!6'5,&,O!9#/'*,O!2#$,O
2#55-#/&,O!#*1!':*-$J,&,R!B&S5&!4&56#4,!#!XJ#5+&5!:-%&!(5':!+6&!,+#+-'*!#*1!
6'4&%&,,%M!,+J28R
!D!2#%%!'J+!+'!+6&!15-K&5R!YD(!M'J!4%&#,&O!D!,6'J%1!%-8&!+'!/&+!'J+!6&5&RY
!0#5+-*/!$&+9&&*!,*'5+-*/!6'5,&,O!D!,+&4!XJ-28%M!#25',,!+6&!,+5&&+!+'!+6&!
,-1&9#%8R!"6&!9#%8!+'!E-2+'5-#!-,!,6'5+O!$J+!D!(-*1!D!#:
9&#8!(5':!:M!1#M,!-*!$&1R!LM!+6&!+-:&!D!5&#26!+6&!,+#+-'*O!D!6#K&!+'!%&#*!#/#-*,+!
+6&!9#%%!+'!8&&4!(5':!(#-*+-*/R
!C'5+M!:-*J+&,!4#,+!(-K&!'S2%'28R!"6&5&!-,!*'!+-:&!+'!5&,+R!"6&!4%#+('5:!-,!#9#,6!
-*!4&'4%&R!D!,6#%%!*&K&5!(-*1!+6&:!-*!+6-,!26#',R!D
,4M!#*!&:4+M!*&9,4#4&5!25#+&!#*1!,+#*1!J4'*!-+O!,&#526-*/!+6&!25'91O!*'+!2#5-*/!
#$'J+!+6&!,2'9%,!D!5&2&-K&!(5':!4#,,&5,$M!96'!(-*1
:M!'J+5#/&'J,!$&6#K-'5!-*,J%+-*/!+'!%#1-&,!&K&5M96&5&R!7+!%#,+!D!,4M!+6&:R!"6&MS5&!
,+#*1-*/!'*!+6&!4%#+('5:!9-+6!C5#**MR!"6&
B'5+6-*/+'*,!6#K&*S+!&K&*!$'+6&5&1!+'!2':&!,&&!+6&-5!1#J/6+&5!'((!9-+6!#!8-,,!#*1!
#!+&#5!'5!+9'R
!Y7**b!C&%-2-+MbY!D!,6'J+R!Q'5&!$%#28!:#58,!#/#-*,+!:M!26#5#2+&5R!D!6'$$%&!'K&5!+'!
+6&:R
!Y>&::#O!96#+!#5&!M'J!1'-*/!6&5&\!D!+6'J/6+!M'J!9&5&*S+!+'!%&#K&!('5!F4&*2&!('5!
1#M,OY!C&%-2-+M!,#M,R!F6&S,!9&#5-*/!#!,:#5+
+5#K&%-*/!,J-+!-*!#!(%#++&5-*/!:#JK&R
!Y"6&!:#/-2!-,*S+!6&5,OY!D!&Z4%#-*!$5&#+6%&,,%MR!YF6&!6#,*S+!$&&*!#$%&!+'!$-*1!
-+RY
!Y@'9!1'!M'J!8*'9\Y!C&%-2-+M!#,8,R
!YA&%%!+'%1!:&R!F6&!:J,+!*'+!6#K&!&*'J/6!4'9&5!'*!6&5!'9*R!F6&!*&&1,!:&!+'!1'!-+RY
!YB6#+!,6'J%1!9&!1'\Y!7**!#,8,R
!7!96-,+%&!$%'9,R!"6&!+5#-*!+'!F4&*2&!,-+,!'*!+6&!+5#28!-*!#!6#T&!'(!,:'8&R!D+!-,!
5&#1MR!"6&!2'*1J2+'5!,+#*1,!'*!+6&!4%#+('5:!2#%%-*/
4#,,&*/&5,!+'!$'#51R
!YB&S5&!/'-*/!-*!#(+&5!+6&:RY!D!,#MR
!D!,&&!N#28,'*!#*1!C'9%,'*!6#K&!#55-K&1R!"6&M!,&&!J,!+''R!"6&MS5&!2':-*/!,+5#-/6+!
+'9#51!J,R
!YB&SK&!2':4#*MOY!D!,#MR
!C&%-2-+M!,4-&,!+6&!:&*RY"6&:\Y
!Y;#8,6#*#OY!D!,#MRY"6&MS%%!+5M!+'!,+'4!J,O!2'*+5'%!-+!#%%RY
!Y"6&*!%&+S,!/-K&!+6&:!+6&!,%-4OY!C&%-2-+M!,#M,O!$'#51-*/!+6&!+5#-*R
!)@7."3;!C<;"HIF3E3A
!Y"@3HS;3!L<7;0DA>!"@3!";7DA!"<<bY7AA!,#M,O!4#*-28&1R
!Y"6&*!9&!,6#%%!6#K&!+'!/&+!'((OY!D!,#MR!B&S5&!#%:',+!+'!+6&!1''5,!96&*!+6&!+5#-*!
%J526&,!-*+'!:'+-'*R!"6&!4%#+('5:!1-,#44&#5,
$&6-*1!J,O!+6&!9&%%I9-,6&5,!9#K-*/!+65'J/6!(-5,+!'*&!9-*1'9O!+6&*!+6&!*&Z+!#*1!+6&!
*&Z+O!J*+-%!+6&M!2#**'+!$&!,&&*!#+!#%%R
!YB6#+!1'!9&!1'!*'9\Y!C&%-2-+M!,#M,R!Y"6&MS%%!,J5&%M!1-,2'K&5!J,RY
!YC-*1!#!2':4#5+:&*+OY!D!,#MR
!B&!,&#526!%&(+!#*1!5-/6+!J*+-%!9&!(-*1!#*!J*'22J4-&1!2#$-*!#*1!4J%%!+6&!1''5!
,6J+R!YB&!,6#%%!6#K&!+'!9'58!XJ-28%MOY!D!,#MR!Y"#8&!:M
6#*1,RY
!B6#+!-(!D!2#*S+!,J::'*!+6&!1''5\!B6#+!-(!D!#:!+''!9&#8!'5!+6&!:#/-2!6#,!$&&*!
2':45':-,&1!-*!,':&!9#M\!.%&#,&O!4%&#,&!%&+!J,!-*
'*2&!:'5&R
!YA'+6-*/S,!6#44&*-*/OY!C&%-2-+M!,#M,R
!0'9*!+6&!2'55-1'5O!D!6&#5!+6&!'4&*-*/!'(!#!1''5O!C'9%,'*S,!K'-2&!,#M-*/OY"&55-$%M!
,'55MO!*'+!:M!2#$-*!#(+&5!#%%RY
!YDS:!+''!9&#8R!D!*&&1!M'J5!6&%4OY!D!,#MR!YB&!:J,+!+5M!#/#-*R!"5M!6#51&5!+6#*!
M'JSK&!&K&5!+5-&1!#+!#*M+6-*/!-*!M'J5!%-(&RY
!B&!2%',&!'J5!&M&,!#/#-*R!D!2'*2&*+5#+&!'*!$5&#+6-*/R!D!2#*!(&&%!+6&!,'(+O!(%&,6M!
9#5:+6!'(!7**S,!6#*1!$&*&#+6!6&5!/%'K&R!D!2#*!6&#5
+6&!$5#K&!+6J:4-*/!'(!C&%-2-+MS,!9'J*1&1!6&#5+O!,&*,&!+6&!6&#KM!,+#-*!J4'*!6&5!
,'J%R!D!2#*!,:&%%!+6&!&#5+6M!*&#5*&,,!'(!C'9%,'*!-*
+6&!2'55-1'5R!D!2#*!,&*,&!#!1&&4!9&%%!'(!,+5&*/+6!'4&*-*/!-*,-1&!:&R!3K&5M!4#5+!'(!
:&!-,!2':-*/!#%-K&R
!"6&!1''5!#44&#5,R
!YA'9OY!D!,#MO!#*1!9&!,+&4!+65'J/6!-*+'!+6&!5&#%:,!'*2&!#/#-*R
!"6&!/#51&*!-,!9-%1R!"6&5&!#5&!:'5&!+'#1,+''%,R!"6&MSK&!/5'9*!+'!*&#5%M!,-Z!(&&+!
'5!:'5&R!0&&4!$%#28!6'%&,!6#K&!$&&*!&#+&*!#9#M
-*!+6&-5!(#+O!1'J/6M!,+&:,R!7*!&:&5#%1!/5&&*!,*#8&!,%-+6&5,!(5':!'*&!'(!+6&!6'%&,O!
15'44-*/!-*+'!+6&!/5#,,R
!Y<6bY!7**!,25&#:,!#,!-+!*#55'9%M!:-,,&,!6&5!(''+R
!YB6#+!6#,!6#44&*&1!6&5&\Y!C&%-2-+M!:#5K&%,!#+!+6&!26#*/&R
!Y"6&!,''*&5!9&!/&+!+'!+6&!"&:4%&O!+6&!$&++&5RY
!YLJ+!96&5&!-,!-+\Y!7**!#,8,R
!YD(!DS:!5-/6+O!-+!6#,!$&&*!J*1&5!'J5!*',&,!+6&!&*+-5&!+-:&OY!D!,#MR
!YB6#+!1'!M'J!:&#*\Y!C&%-2-+M!#,8,R
!YA'+!6&5&OY!D!,#MO!%''8-*/!#5'J*1RYD+S,!*'+!,#(&RY
!YB&!,6'J%1!(-*1!.-4OY!C&%-2-+M!,#M,R
!YA'OY!D!,#MO!,+'44-*/!6&5R!YA'!'*&!-,!+'!$&!+5J,+&1R!B&!/'!#%'*&RY
!DS:!$5#2&1!('5!#*!#5/J:&*+O!$J+!C&%-2-+M!/-K&,!:&!*'*&R!YC-*&R!LJ+!D!,6#%%!$5-*/!
:M!#55'9,OY!,6&!,#M,O!,&#526-*/!('5!+6&!6-1-*/
4%#2&R
!YH'J!:&#*!#55'9OY!7**!2'55&2+,R!C&%-2-+M!6#,!J,&1!#%%!$J+!'*&R
!YD+!,6#%%!6#K&!+'!1'OY!,6&!,#M,O!4J%%-*/!-+!(5':!+6&!XJ-K&5R!F6&!,%-*/,!+6&!$'9!
'K&5!6&5!,6'J%1&5RYDS:!5&#1MRY
!B&!('%%'9!+6&!4#+6!+65'J/6!+6&!VJ*/%&!/5'9+6!+-%%!9&!5&#26!+6&!$#,&!'(!+6&!
:'J*+#-*R!YB6M!#5&!9&!/'-*/!+6-,!9#M\Y!C&%-2-+M!#,8,R
!YB&S5&!/'-*/!+'!+6&!"&:4%&RY
!YLJ+!+6-,!-,!+6&!9#M!+'!+6&!)#K&,!'(!F-/6,RY!C&%-2-+M!,#M,O!K'-2&!(-%%&1!9-+6!
1-,$&%-&(RYFJ5&%M!M'JS5&!*'+!,J//&,+-*/!R!R!RY
!7**!-,!#,+'*-,6&1R!YLJ+!-+!-,!VJ,+!2#K&,!#*1!,':&!'%1!5J-*,R!@'9!2#*!+6#+!$&!+6&!
"&:4%&\Y
!YL&2#J,&!9&!6#K&*S+!,&&*!-+!+6&!9#M!-+!5&#%%M!-,R!D(!M'J!9#*+&1!+'!6-1&!M'J5!:',+!
K#%J#$%&!4',,&,,-'*O!9'J%1!M'J!*'+!6-1&!-+!-*!#
4%#2&!96&5&!*'!'*&!9'J%1!+6-*8!+'!%''8\!7*1!96M!*'+!6#K&!-+!/J#51&1!$M!+6',&!
&K&5M'*&!#,,J:&,!6#K&!*'!4'9&5\Y
!Y<((&5!6'4&!+'!+6&!?*+'J26#$%&,O!('5!+6&M!:J,+!6#K&!6'4&OY!7**!,#M,O!5&4&#+-*/!
A&%%S,!9'51,R
!Y3Z#2+%MOY!D!,#MR!D!4'-*+!+'!C&%-2-+M!#*1!+6&*!+'!7**R!YF+5&*/+6R!F'*/R!D!#:!
@'4&R!=#1M!@'4&R!"6#+S,!96#+!,6&!8&4+!2#%%-*/!:&RY
!C&%-2-+M!,6#8&,!6&5!6&#1RYD!,+-%%!1'*S+!J*1&5,+#*1RY
!YH'J!9-%%OY!D!,#MR
!B&!:#8&!'J5!9#M!J4!+'!+6&!*#55'9O!1J,+M!5'#1!+6#+!%&#1,!+'!+6&!+'4!'(!+6&!
:'J*+#-*O!96&5&!+6&!)#K&,!'(!F-/6,!9#-+R!D!6#K&!+'
,+'4!#%'*/!+6&!9#M!+'!5&,+R
!C&%-2-+M!,+&#1-&,!:&!#/#-*,+!6&5!,6'J%1&5RY75&!M'J!#%%!5-/6+\Y
!YH&,R!F+-%%!9&#8O!DS:!#(5#-1RY
!D!%''8!J4O!,6#1-*/!:M!&M&,!9-+6!:M!6#*1R!D+!,&&:,!,'!(#5!+'!+6&!+'4R
!Y>&::#b!C&%-2-+MbY!7**!,6'J+,R!Y<K&5!+6&5&bY!F6&!4'-*+,!1'9*!+'!+6&!5-K&5R!"6&!
/'5/'*!$#5/&!-,!:#8-*/!,4&&1!+'9#51!J,R!.-44#S,
2%-:$&1!J4!-*+'!+6&!25'9S,!*&,+R!"6&!9-*1!96-4,!6&5!$%#28!6#-5!$&6-*1!6&5!%-8&!#!
,-%8&*!2#4&R
!Y.-44#bY!C&%-2-+M!2#%%,O!9#K-*/R
!YB6#+!#5&!M'J!1'-*/\Y!D!,#MO!4J%%-*/!6&5!#5:!1'9*R
!"''!%#+&R!.-44#S,!,4'++&1!J,R!F6&!9#K&,!$#28!#,!+6&!/'5/'*!/%-1&,!+'!+6&!
5-K&5$#*8R
!YD(!9&!#5&!/'-*/!+'!$-*1!+6&!:#/-2O!.-4!,6'J%1!$&!6&5&OY!C&%-2-+M!,#M,RY7*1!
4&56#4,!+6&5&!-,!#!9#M!R!R!RY!F6&!+5#-%,!'((R
!F+5&*/+6R!F'*/R!@'4&R!7*1!L&#J+MR!L&!2#5&(J%!'(!L&#J+MU!L&#J+M!:J,+!4#,,R!R!R!R
!YH'J!8*'9!+6#+!D!2#**'+!45':-,&!+6#+O!C&&R!D!2#**'+!,#M!96#+!9-%%!6#44&*RY
!F6&!*'1,O!+&#5,!9&%%-*/!-*!6&5!&M&,R
!Y76'MbY!.-44#!M&%%,O!:#8-*/!C&%-2-+M!,:-%&!$-++&5%MR
!Y"6&!%&#,+!M'J!2#*!1'!-,!+'!%&+!J,!,#M!#!45'4&5!/''1$M&O!+6&*R!A'+!%-8&!%#,+!
+-:&OY!,6&!,#M,!,'(+%MR
!D!9#+26!.-44#!+5-44-*/!:&55-%M!+65'J/6!+6&!$5J,6!+'!+6&!,#*1M!4#,,#/&!J4R!F6&!
,&&:,!,'!#%-K&R
!YF6&S,!2':-*/OY!7**!,#M,O!%''8-*/!+'!:&!('5!#!5&,4'*,&R
!YB&S%%!9#-+!('5!6&5OY!D!,#M!#+!%#,+R
!D+!1'&,*S+!+#8&!%'*/!('5!.-4!+'!5&#26!J,R!YB6&5&!#5&!M'J!/'-*/\Y!,6&!#,8,R!@&5!
1#-,M!25'9*!-,!/'*&R!"6&5&!#5&!'*%M!#!(&9!15-&1
(%'9&5,!-*!6&5!+#*/%&1!6#-5R
!YB&SK&!('J*1!+6&!"&:4%&OY!C&%-2-+M!,#M,R
!.-44#!-,!#,+'*-,6&1RY"6-,!4%#2&\!H'J!2#*S+!$&!,&5-'J,RY
!Y>&::#!,#M,!-+S,!#*!-%%J,-'*O!+6#+!9&!1'*S+!,&&!-+!#,!-+!+5J%M!-,OY!7**!&Z4%#-*,R
!Y"6-,!-,!+6&!4%#2&!96&5&!+6&!:#/-2!-,!$'5*\Y!.-44#!#,8,R
!Y7*1!96&5&!-+!2#*!$&!2'*+#-*&1OY!D!,#MR
!7!2%'J1!4#,,&,!#25',,!.-44#S,!(#2&R
!D!/&+!+'!:M!(&&+RYB&SK&!9#-+&1!+''!%'*/R!B&!:J,+!/'!'*RY
!"6&!-*2&*,&!4'+,!(J:&!-*!5&1,!#*1!$%J&,!#,!9&!&*+&5!+6&!%'*/!6#%%!'(!(#1&1!
(5&,2'&,R!"6&!9-*1!$%'9,!15-&1!5',&!4&+#%,!-*+'!#!,4-5#%
+6#+!5-,&,!#*1!(#%%,R!C'5!#!:':&*+O!D!#:!$&,-&/&1!9-+6!1'J$+R!@'9!2'J%1!+6-,!95&28!
'(!#!4%#2&!4',,-$%M!$&!+6&!,'J52&!'(!#%%!:#/-2!-*
+6&!5&#%:,\!.&56#4,!:M!K-,-'*!9#,!95'*/O!#*1!D!#:!%''8-*/!-*!+6&!95'*/!4%#2&!'*2&!
#/#-*R!7,6#!,+&4,!('59#51!%-8&!#!:-5#/&R!F6&
4%#2&,!6&5!6#*1,!+'/&+6&5!#*1!$'9,R!D!5&+J5*!+6&!/&,+J5&R!F6&!,:-%&,R
!YB6#+!1'!M'J!'((&5!J,\Y!,6&!#,8,R
!YD!'((&5!:M,&%(OY!D!,#MRYD!'((&5!@'4&RY
!7,6#!,:-%&,R!D+!-,!#!:',+!$&#J+-(J%!,:-%&RYD!#:!M'J5!,&5K#*+RY
!Y7*1!D!#:!M'J5,OY!D!#*,9&5R
!Y75&!M'J!5&#1M!+'!$-*1!+6&!:#/-2\Y
!YD!+6-*8!,'OY!D!,#MO!,J11&*%M!#(5#-1RYLJ+!6'9\Y
!YB6&*!M'J!#5&!5&#1MO!M'J!:J,+!,+&4!+65'J/6!+6&!9#+&5(#%%!+'!96&5&!+6&!9&%%!'(!
&+&5*-+M!9#-+,RY
!YB6#+!6#44&*,!+6&*\Y
!YD!2#**'+!,#MR!"6&5&!M'J!9-%%!(#2&!M'J5!(&#5!#*1!4&56#4,!2':&!+65'J/6!+6&!'+6&5!
,-1&RY
!Y!j.&56#4,S!2':&!+65'J/6\Y!D!,#MRYD+!-,*S+!2&5+#-*\Y
!YA'+6-*/!-,!&K&5!2&5+#-*O!=#1M!@'4&OY!,6&!,#M,R
!.&56#4,RD+!-,!,J26!#!+6-*!,6-&%1!'(!#!9'51R
!Y7*1!-(!D!1'!2':&!+65'J/6\Y
!YH'J!:J,+!26'',&!+6&!9'51,!('5!+6&!$-*1-*/R!H'J5!9'51,!1-5&2+!+6&!2'J5,&!-+!9-%%!
+#8&R!)6'',&!+6&:!9&%%RY
!YD!,6'J%1!%-8&!+'!$&/-*OY!D!,#MR
!7,6#!%&#1,!:&!+'!+6&!,+5#*/&!9#+&5(#%%!+6#+!,&&:,!+'!(#%%!#*1!5-,&!#+!+6&!,#:&!
+-:&RYB6&*!M'J!#5&!5&#1MO!,+&4!+65'J/6!9-+6'J+
(&#5RY
!D!2%',&!:M!&M&,R!"#8&!'*&!$5&#+6!#*1!#*'+6&5R!D!2#*!(&&%!+6&!"&:4%&!2':-*/!#%-K&!
#5'J*1!:&R!"6&!5',&,!4J,6-*/!+65'J/6!+6&
25#28,!-*!+6&!9#%%,R!"6&!#-5O!(5#/5#*+!9-+6!+6&-5!,:&%%R!"6&!(5&,2'&,!$%'':-*/!
9-+6!2'%'5R!"6&!,'(+!,-/6,!$&2':&!1-,+-*2+!K'-2&,O!:#*M
%#*/J#/&,O!$J+!D!2#*!6&#5!+6&:!#%%R!"6&!+65J::-*/!'(!:M!6&#5+!V'-*,!+6-,!26'5J,R
!D!#:!5&#1MR
!D!,+&4!+65'J/6!+6&!,6&&+!'(!9#+&5!+'!&:$5#2&!:M!1&,+-*MR!"6&!9&%%!'(!&+&5*-+M!-,!
#!4&5(&2+!2-52%&!'(!9#+&5!,'!,:''+6!+6&5&!-,!*#5M!#
5-44%&R!D+,!,J5(#2&!,6'9,!:&!&K&5M+6-*/!#+!'*2&R!D+!,6'9,!:&!+6&!5&#%:,O!+6&!
9'5%1O!+6&!4#,+O!45&,&*+O!#*1!4&526#*2&!+6&!(J+J5&O
+6'J/6!D!2#**'+!$&!2&5+#-*R!0'&,!:M!1&,+-*M!%-&!-*!+6',&!9#+&5,\!<5!-,!-+!'*%M!
4',,-$-%-+M\!D!,+#5&!-*+'!+6&:O!+6-*8-*/!'(!+6&!('5:!D!9-,6
+6&!$-*1-*/!+'!+#8&O!+6&!9'51,!D!,6#%%!*&&1R
!DS:!1-,+5#2+&1!$M!#!,'J*1R!"6&5&!-,!:'K&:&*+!-*!+6&!,6#1'9,!'(!+6&!2#K&R
!"6&5&!M'J!9-%%!(#2&!M'J5!(&#5!#*1!4&56#4,!2':&!+65'J/6!+6&!'+6&5!,-1&R
!F':&+6-*/!-,!2':-*/R!Q-,,!Q''5&!,+&4,!-*+'!+6&!%-/6+O!+6&!2#4+-K&!A&%%!$&,-1&!
6&5R
!Y@&%%'O!>&::#R!DSK&!$&&*!9#-+-*/!('5!M'JRY
!)@7."3;!C<;"HI3D>@"
!D!=<<P!L7)P!7"!"@3!F@33"!<C!B7"3;!"@;<?>@!96-26!DSK&!&*+&5&1R!)%&#5!#,!#!4-2+J5&O!
D!2#*!,&&!+6&!9'55-&1!(#2&,!'(!C&%-2-+MO
.-44#O!#*1!7**R!<*%M!7,6#!$&+5#M,!*'!&:'+-'*R!D!9#*+!+'!5J*!$#28!+65'J/6!+6&!
9#+&5(#%%!+'!,#(&+MR!LJ+!,#(&+M!-,!#*'+6&5!-%%J,-'*R!D!2#*
'*%M!:'K&!('59#51R
!YH'J!2#*S+!#2+J#%%M!+'J26!+6&!:#/-2O!2#*!M'J\!"6#+S,!96M!M'J!*&&1&1!A&%%R!B6M!M'J!
*&&1!:&R!H'J!2#*!'*%M!2'*+5'%!+6&!:#/-2
+65'J/6!,':&'*&!&%,&RY
!YH'J!#5&!+6&!Q',+!@-/6R!D+!9#*+,!M'J5!9'51,!#(+&5!#%%OY!,6&!,#M,R!Y>&::#O!
+'/&+6&5O!M'J!#*1!D!2#*!5&,+'5&!+6&!4'9&5!#*1!+6&!/%'5M
'(!+6&!<51&5R!B&!2#*!1'!/''1!+6-*/,!/%'5-'J,!+6-*/,R!H'J!6#K&!:'5&!:#/-2!-*!M'J!
+6#*!#*M'*&!-*!+6&!6-,+'5M!'(!+6&!<51&5R!"6&5&!-,
*'!%-:-+!+'!96#+!M'J!#*1!D!2'J%1!1'RY!F6&!'((&5,!6&5!6#*1R!D!1'!*'+!+#8&!-+R
!YH'J!1'*S+!2#5&!#$'J+!:&OY!D!,#MR!YH'J5!'*%M!1&,-5&!-,!+'!2'*+5'%!+6&!:#/-2!#*1!
+6&!5&#%:,RY
!Y>&::#IY
!YH'J!6#K&!*'+6-*/!+'!,#M!+'!:&!+6#+!D!9#*+!+'!6&#5RY
!YB-%%!M'J!4%&#,&!VJ,+!%-,+&*!+'!:&\Y!,6&!4%&#1,RY0'!M'J!8*'9!96#+!-+!-,!+'!6#K&!
M'J5!4'9&5!+#8&*!(5':!M'J\!"'!('5&K&5!,J55&*1&5
+'!,':&'*&!&%,&\!D!6&%1!4'9&5!-*!:M!6#*1,O!D!2'*+5'%%&1!:M!'9*!1&,+-*MO!#*1!+6&M!
+''8!+6#+!#9#M!(5':!:&RY
!Y"6&!5&#%:,!1-1*S+!26'',&!M'JOY!D!,#MO!8&&4-*/!+6&!9&%%!$&+9&&*!J,R
!YA'R!"6#+!-,!#!%-&!+6&M!+&%%R!"6&!5&#%:,!/-(+&1!:&R!"6&!<51&5!1&*-&1!:&R!"6&M!
26',&!M'J5!:'+6&5!'K&5!:&R!F6&!9#,!+6&!:'5&
2':4%-#*+R!F6&!9#,!9-%%-*/!+'!1'!#,!+6&M!#,8&1RY
!Y=&#K&!:M!:'+6&5!'J+!'(!+6-,RY
!YD,!+6#+!96#+!M'J!9#*+O!>&::#\!"'!$&!#!(#-+6(J%!,&5K#*+!+'!+6&:\!B'J%1!M'J!(-/6+!
+6&-5!$#++%&,O!,&2J5&!+6&!"&:4%&O!$-*1!+6&
:#/-2O!#*1!+6&*!6#*1!-+!#%%!'K&5!+'!+6&:!+'!#1:-*-,+&5!#,!+6&M!%-8&\!B6#+!-(!+6&M!
26'',&!+'!%&#K&!M'J!'J+\!B6#+!-(!#%%!+6-,!-,!+#8&*
(5':!M'J!*'9\!@#K&!+6&M!45':-,&1!M'J!#*M+6-*/\Y
!"6&M!6#K&*S+R!DSK&!*'+!XJ&,+-'*&1!#*M+6-*/R!DSK&!1'*&!#,!+6&MSK&!#,8&1R
!YH'J!8*'9!DS:!,4&#8-*/!+6&!+5J+6R!B6M!6#K&!+6&M!'((&5&1!*'!#-1\!B6M!1-1!+6&M!*'+!
$-*1!+6&!:#/-2!+6&:,&%K&,\!L&2#J,&!+6&M
2'J%1*S+!1'!-+!9-+6'J+!M'JR!LJ+!'*2&!M'J!$-*1!+6&!:#/-2!#*1!+6&5&!-,!*'!:'5&!
1#*/&5O!+6&M!9-%%!#,8!M'J!+'!$5-*/!+6&:!-*R!"6&M!9-%%
+#8&!'K&5R!7*1!M'J!9-%%!$&!'(!*'!K#%J&!+'!+6&:!J*%&,,!M'J!1'!&Z#2+%M!#,!+6&M!,#MR!
"6&M!9'*S+!2#5&!('5!M'J!#,!D!1'RY
!Y7,!M'J!2#5&1!('5!A&%%R!7,!M'J!2#5&1!('5!:M!:'+6&5RY!D!45#2+-2#%%M!,4-+!+6&!
9'51,R
!YF6&!45':-,&1!+'!6&%4!:&R!F6&!,&*+!:&!#!%&++&5!(5':!L':$#M!#*1!,#-1!,6&S1!6#1!#!
26#*/&!'(!6&#5+R!"6&*!,6&!$&+5#M&1!:&!+'!+6&
;#8,6#*#RY
!YF'!M'J!8-%%&1!6&5RY
!YA'R!A'+!:&R!"6&!25&#+J5&RY
!YD+!-,!+6&!,#:&!+6-*/RY
!YA'O!-+!-,*S+R!H'J!8*'9!K&5M!%-++%&!#$'J+!+6&!1#58!,4-5-+,O!>&::#R!"6&M!9-%%!&#+!
M'J!#%-K&R!H'J!*&&1!:M!6&%4RY!F6&!/-K&,!#!%#,+
#44&#%RYB-+6'J+!+6&!:#/-2O!D!2#**'+!5-1!:M,&%(!'(!:M!$'*1!+'!+6&,&!25&#+J5&,O!
>&::#R!H'J!2#*!,#K&!:&!(5':!+6-,!95&+26&1
&Z-,+&*2&R!DSK&!,4&*+!M&#5,!,&#526-*/!('5!+6&!'*&O!('5!M'JR!3K&5M+6-*/!DSK&!1'*&O!
DSK&!1'*&!('5!+6-,!:':&*+O!('5!+6-,!26#*2&R!B&!2#*
('5:!#!*&9!<51&5O!>&::#R!NJ,+!,#M!+6&!9'51,R!R!R!RY
!YD!,#9!96#+!M'J!1-1!+'!+6',&!/-5%,RY
!YD+S,!6'55-$%&R!D!9'*S+!1&*M!-+R!D!6#K&!:#1&!:#*M!,#25-(-2&,!('5!+6-,OY!Q-,,!
Q''5&!,#M,R!YB6#+!,#25-(-2&,!9-%%!M'J!$&!9-%%-*/!+'!:#8&\Y
!YD!9-%%!*'+!1'!96#+!M'J!6#K&!1'*&RY
!YH'J!,#M!+6#+!*'9R!3K&5M!%&#1&5!6#,!$%''1!'*!6&5!6#*1,RY
!YD!+5J,+&1!M'JbY
!YD!8*'9R!7*1!DS:!,'55MR!.&'4%&!9-%%!1-,#44'-*+!M'JO!>&::#R!"6&!XJ&,+-'*!+'!#,8!-,!
96&+6&5!M'J!2#*!%&#5*!+'!%-K&!9-+6!+6&
1-,#44'-*+:&*+!#*1!:'K&!'*R!DS:!'((&5-*/!M'J!#!*&9!9'5%1RY
!D!2#**'+!%-K&!9-+6!-+R
!Y"6&M!9&5&!5-/6+!+'!1&*M!M'JR!3J/&*-#!F4&*2&!9#,!5-/6+RY
!@&5!&M&,!(%#,6R!Y3J/&*-#b!H'J!1'!*'+!8*'9!96#+!,6&!6#,!$&2':&O!>&::#R!F6&!6#,!
$&&*!9-+6!+6&!1#58!,4-5-+,!#%%!+6-,!+-:&R!@'9
9-%%!M'J!(-/6+!6&5!-(!M'J!:J,+\!H'J!9-%%!*&&1!:&!-*!+6&!+-:&!+'!2':&R!D!45':-,&!
M'J!+6#+RY
!YH'JS5&!+5M-*/!+'!2'*(J,&!:&OY!D!,#MR
!YH'J!2#**'+!25',,bY!D+S,!7,6#S,!K'-2&R
!.-44#!6#,!5J,6&1!+65'J/6!+6&!9#%%!'(!9#+&5R
!Y.-4bY!C&%-2-+M!5J*,!#(+&5!6&5R!7**!9#K&5,!('5!#!:':&*+!$J+!('%%'9,R
!YB6#+!-,!6#44&*-*/\Y!.-44#!#,8,R
!C&%-2-+M!5#-,&,!6&5!$'9R!YDSK&!'*&!#55'9!%&(+RY
!YD(!M'J!,6''+!:&O!D!+#8&!9-+6!:&!#%%!+6&!,&25&+,!D!8*'9!#$'J+!+6&!1#58!,4-5-+,!
#*1!+6&!B-*+&5%#*1,R!H'JS%%!*&K&5!8*'9RY
!Y0'!M'J!8*'9!6'9!+'!J,&!+6&!:#/-2!+'!8&&4!#!,4-5-+!6&5&!#*1!(5&&\Y!.-44#!#,8,!
J*2&5+#-*%MR
!YH&,OY!Q-,,!Q''5&!,#M,R!YD!2#*!(-*1!#!9#M!+'!/-K&!M'J!96#+!M'J!9#*+R!H'J!9-%%!*'+!
6#K&!+'!25',,!'K&5R!H'J!2#*!,+#M!6&5&!-*!+6&
5&#%:,!('5&K&5RY
!YF6&S,!%M-*/O!.-44#OY!D!,#MR
!LJ+!D!,&&!+6&!#26-*/!1&,-5&!-*!.-44#S,!&M&,!#%5&#1MR!F'!1'&,!Q-,,!Q''5&R
!YD!9'J%1*S+!6#K&!+'!%&#K&!M'JO!C&&OY!.-44#!,#M,R!<(!Q-,,!Q''5&!,6&!#,8,O!YB-%%!-+!
6J5+!+&55-$%M!:J26\Y
!YA'R!A'+!#+!#%%RY
!Y7*1!9-%%!D!5&:#-*!#,!D!#:\Y
!YH&,RY
!Y0'*S+!$&%-&K&!6&5O!.-4RY
!YB6#+!6#K&!M'J!45':-,&1!:&O!>&::#\!D!6&%4&1!M'J!#*1!96#+!6#K&!M'J!1'*&!('5!:&\Y
!F6&!,+&4,!#5'J*1!+6&!9&%%!#*1!+#8&,!Q-,,!Q''5&S,!6#*1RYF'!9&!2#*!$&!+'/&+6&5O!
C&&R!NJ,+!%-8&!$&('5&RY
!C&%-2-+MS,!6#*1!9#K&5,!'*!+6&!$'9R!"6&!,+5-*/!%'',&*,R
!YC&%-2-+MO!M'J!8*'9!-+!2#*S+!$&OY!D!96-,4&5R
!YF6''+!6&5OY!7**!96-,4&5,RYF6''+!)-52&RY
!C&%-2-+M!+#8&,!#-:O!$J+!.-44#!:'K&,!-*!(5'*+!'(!Q-,,!Q''5&O!45'+&2+-*/!6&5!%-8&!#!
,6-&%1R!D!1'!*'+!8*'9!96#+!9'J%1!6#44&*!+'!.-44#O
#!,4-5-+O!-(!,6&!9&5&!+'!$&!8-%%&1!-*,-1&!+6&!5&#%:,R
!C&%-2-+M!,+#*1,O!:J,2%&,!,+5#-*-*/!(5':!+6&!9&-/6+!'(!+6&!+#J+!$'9!#*1!+6&!
5J+6%&,,!+#,8R!7+!%#,+!,6&!%'9&5,!+6&!$'9R!YD!2#*S+R!D
2#*S+RY
!.-44#S,!,:-%&!-,!6&#5+$5&#8-*/!-*!-+,!%'K&R!Y"6#*8!M'JO!C&&OY!,6&!,#M,O!5J**-*/!
+'!&:$5#2&!6&5R
!D!/5#$!+6&!$'9!#*1!6'%1!-+!(#,+R!DS:!*'+!+6&!,6'+!C&%-2-+M!-,O!#*1!+6&5&!-,!'*%M!
'*&!#55'9R
!Q-,,!Q''5&!6'%1,!A&%%!-*!6&5!#5:,RYD!2'J%1!'((&5!A&%%!5-/6+!*'9!#,!#!,#25-(-2&R!
N'-*!:&O!#*1!D!,6#%%!%&+!6&5!/'!4&#2&(J%%MRY
!YH'JSK&!/-K&*!:&!#*!-:4',,-$%&!26'-2&OY!D!,#MR
!YLJ+!-+S,!#!26'-2&O!*'*&+6&%&,,O!96-26!-,!:'5&!+6#*!M'JSK&!/-K&*!:&RY
!A&%%!%&#*,!#/#-*,+!Q-,,!Q''5&!%-8&!#!%-(&%&,,!1'%%R!B6#+&K&5!,4#58!(%#,6&1!-*!6&5!
&M&,!'*2&!-,!/'*&O!$J5-&1!$&*&#+6!%#M&5,!'(!4#-*R!D
2#*!,4#5&!A&%%O!V'-*!9-+6!Q-,,!Q''5&!#*1!,6#5&!+6&!"&:4%&!9-+6!6&5R!<5!D!2#*!9#+26!
6&5!'((&5!A&%%!+'!+6&!25&#+J5&!#*1!J,&!+6#+!4'9&5
+'!1'!#,!,6&!4%&#,&,R
!A&%%!+J5*,!6&5!#*/J-,6&1!&M&,!+'!:&R!0'*S+!6&,-+#+&R!R!R!R
!D!%&+!/'R!C%&&+!#*1!,+5#-/6+!+6&!#55'9!(%-&,O!4-&52-*/!A&%%!@#98-*,!+65'J/6!+6&!
+65'#+R!B-+6!#!,:#%%!/#,4O!,6&!,%J:4,!+'!+6&!/5'J*1R
7,!#!,#25-(-2&O!,6&!-,!J,&%&,,!*'9R
!Q-,,!Q''5&!%''8,!J4!9-+6!#!:-Z!'(!(J5M!#*1!,6'28!-*!6&5!&M&,RYB6#+!6#K&!M'J!
1'*&\Y
!YA'9!D!6#K&!$%''1-&1!:M!6#*1,OY!D!,#MR
!Q-,,!Q''5&!5#2&,!('5!:&R!"6&5&!-,!*'!+-:&!+'!('%%'9!+6&!5J%&,R!D!,6#%%!6#K&!+'!
:#8&!*&9!'*&,R!)%',-*/!:M!&M&,O!D!5#2&!('59#51
+'9#51!+6&!9&%%R!LJ+!Q-,,!Q''5&!-,!(#,+R!F6&!/5#$,!6'%1!'(!:M!6#*1R!DS:!2#J/6+!'((!
$#%#*2&O!#*1!9&!(#%%!+'/&+6&5O!#5:,!%'28&1!-*
$#++%&O!-*+'!+6',&!/5&#+O!&+&5*#%!9#+&5,R
!D!2#*!(&&%!Q-,,!Q''5&S,!$5&#+6-*/O!6&#5!+6&!:#1!+6J:4-*/!'(!6&5!6&#5+!#,!-+!
1-,26#5/&,!$%''1O!+6#+!*&2&,,#5M!:&,,&*/&5R!F:&%%!+6&
(#-*+!,2&*+!'(!='*1'*!26-:*&M!,''+!#*1!%-%#2!4'91&5!#*1!,':&+6-*/!&%,&R!L&*&#+6!
+6&!,8-*O!+6&5&!-,!(&#5R!.#-*R!;&:'5,&R!H&#5*-*/R
0&,-5&R!7!(-&52&!%'*/-*/!('5!4'9&5R!7%%!'(!+6-,R!B&!#5&!V'-*&1R!D+!-,!#,!-(!9&!
%-K&!-*!+6&!2&*+&5!'(!#!/5&#+!,+'5:R!75'J*1!J,!+6&!9'5%1!'(
+6&!5&#%:,!5&K'%K&,!%-8&!#!/-#*+!8#%&-1',2'4&O!-:#/&,!5&(5#2+&1!#/#-*!#*1!#/#-*R!
F'!:#*M!9'5%1,b!F'!:J26!+'!8*'9R
!H&,OQ-,,!Q''5&!,&&:,!+'!,#M!-*,-1&!:M!6&#1R!F'!:J26!M'J!1'!*'+!8*'9R
!DS:!$&-*/!,+5&+26&1!$M!-+!#%%R!D!2#*!(&&%!&K&5M!$-+!'(!:&!,45&#1-*/!'J+!+-%%!D!#:!
4#5+!'(!&K&5M+6-*/!D!,&&R!DS:!+6&!%&#(!#,!-+!+J5*,!-*+'!#
$J++&5(%MO!#*1!DS:!+6&!5-K&5!4'%-,6-*/!+6&!,+'*&,!'*!+6&!$#*8R!DS:!+6&!26#59':#*S,!
6J*/5M!$&%%MO!+6&!$#*8&5S,!K#/J&!1-,#44'-*+:&*+
9-+6!6-,!26-%15&*O!+6&!/-5%S,!M&#5*-*/!('5!&Z2-+&:&*+R!D!9#*+!+'!%#J/6!#*1!25M!#+!
+6&!,#:&!+-:&R!D+!-,!,'!:J26O!,'!:J26R
!7!(5'T&*!9#,+&%#*1!2':&,!-*+'!K-&9R!B&S5&!,'#5-*/!'K&5!25#//M!:'J*+#-*,!J*1&5!#!
,#K#/&!,8MR!L&%'9O!#*!#5:M!'(!,4-5-+,O!#
+6'J,#*1!,+5'*/O!6'9%,!#+!+6&!&:4+-*&,,R!D!2#*!(&&%!+6&:!-*,-1&!:&R!"6&!(&#5R!"6&!
5#/&R!D!#:!+6&!(-5&R!D!#:!+6&!:'*,+&5!96'
1&,+5'M,R!D!6#K&!*'!9-,6!+'!,+'4!+6&!25J&%!(-/6+R!D+!-,!+6&!(-/6+!+6#+!8&&4,!:&!
#%-K&R
!D!(&&%!Q-,,!Q''5&S,!#5:,!+-/6+&*!#5'J*1!:-*&R!F6&!9-%%!*'+!$&!1&*-&1!#!,&2'*1!
+-:&R!DS:!#9#5&!'(!*'+6-*/!$J+!'J5!,+5J//%&!*'9R
<*%M!'*&!'(!J,!2#*!&:&5/&!(5':!+6&!9&%%R!7,!-(!,6&!2#*!5&#1!:M!+6'J/6+,O!Q-,,!
Q''5&!4J,6&,!6#51!#/#-*,+!:&R!F6&!9#*+,!+'!9-*O
9#*+,!-+!9-+6!#%%!6&5!6&#5+R
!D!#%,'!9#*+!+'!9-*R
!H'J!:J,+!5&(%&2+!'*!+6&!2'J5,&!M'J!9-,6!+'!+#8&O!+6&!('5:!'(!+6&!$-*1-*/OD!:J,+!
+6-*8!'(!#!9#M!+'!2'*+#-*!+6&!:#/-2O!$J+!-+!-,
1-((-2J%+!-*!+6&!:-1,+!'(!+6-,!1&,4&5#+&!(-/6+R!7%%!D!2#*!,&&!-,!Q-,,!Q''5&O!:M!
+&#26&5O!:M!(5-&*1O!:M!&*&:MR!7*1!,J11&*%MO!D!8*'9
96#+!D!:J,+!1'O!6'9!D!:J,+!$5-*/!+6-,!+'!#*!&*1R
!B-+6!'*&!/5&#+!4J,6O!D!8-28!#9#M!(5':!Q-,,!Q''5&O!,&*1-*/!6&5!(%M-*/!$#289#51R!
@&5!&M&,!/5'9!%#5/&R!F6&!8*'9,!96#+!-,!-*!:M
:-*1O!96#+!D!#-:!+'!1'R!F6&!%J*/&,!('5!:&O!$J+!+6-,!+-:&O!D!#:!:#1&!XJ-28!$M!:M!
1&+&5:-*#+-'*R!D!2%-:$!J4!#*1!'K&5!+6&!+'4!'(!+6&
9&%%O!&:&5/-*/!,%-28!#*1!,6-*M!#,!#!*&9$'5*!$#$&R!D!6'%1!:M!6#*1,!'K&5!+6&!,J5(#2&!
'(!+6&!9#+&5!#*1!,#M!+6&!9'51,!D!6'4&!,6#%%
5&,+'5&!+6&!$#%#*2&R
!YD!4%#2&!#!,&#%!J4'*!+6&!4'9&5R!=&+!+6&!$#%#*2&!'(!+6&!5&#%:,!$&!5&,+'5&1!#*1!%&+!
*'!'*&!1-,+J5$!+6&-5!:#V&,+MR!D!$-*1!+6&!:#/-2!-*
+6&!*#:&!'(!#%%!96'!,6#%%!,6#5&!+6&!4'9&5!'*&!1#MR!C'5!D!#:!+6&!"&:4%&U!+6&!:#/-2!
%-K&,!-*!:&RY
!"6&5&!-,!#!,J11&*!$J5,+!'(!$5-%%-#*+!96-+&!%-/6+R!D!(&&%!#,!-(!DS:!$&-*/!,4%-+!
9-1&!'4&*!$M!+6&!('52&!'(!-+R!"6-,!-,!+6&!:#/-2R!"6&!$-*1-*/
-,!J,-*/!:&!#,!-+,!4#+69#MR!D+!5J,6&,!+65'J/6!:&!%-8&!9#+&5R!7*1!+6&*!-+!-,!1'*&R!
DS:!'*!:M!8*&&,O!/#,4-*/R
!LJ+!+6&!2#K&!-,!15&*26&1!-*!2'%'5R!"6&!(5&,2'&,!#5&!K-$5#*+!'*2&!:'5&R!"6&!5',&,!
$%'':O!#*1!+6&!/5&#+!,+#+J&,!,&&:!#%-K&R
!YB6#+!6#44&*&1!+'!Q-,,!Q''5&\Y!7**!#,8,R
!YD!6#K&!1'*&!#,!,6&!#,8&1!D!6#K&!,#K&1!6&5!(5':!6&5!95&+26&1!&Z-,+&*2&!#*1!$'J*1!
6&5!-*!#!4%#2&!96&5&!,6&!2#*!1'!*'!:'5&
6#5:RY
!YF'!-+S,!1'*&O!+6&*\Y!D+S,!.-44#S,!K'-2&R
!7**!/-K&,!#!,:#%%!/#,4!#,!.-44#!,+&4,!(5':!$&6-*1!#!5'28R!B-+6!+6&!:#/-2!*'!
%'*/&5!9-%1O!+6&!/%#:'J5!6#,!$&/J*!+'!(#1&R!7+'4!6&5
2J5%,O!+6&!(%'9&5!25'9*!-,!*'9!(5&,6%M!-*!$%'':O!$J+!.-44#!-,!*'+!+6&!.-44#!9&!
6#K&!8*'9*!#*1!%'K&1R!"6&!25&#+J5&!$&('5&!J,!-,
26#*/-*/R!"6&!+&&+6!#!$-+!V#//&1O!+6&!,8-*!+6-**&5O!,6'9-*/!+6&!(#-*+!$%J&!'(!6&5!
K&-*,R!7*1!6&5!&M&,!R!R!R
!"6&MSK&!/'*&!#!:J11%&1!96-+&!9-+6!4-*45-28,!'(!$%#28R
!YB6M!#5&!M'J!%''8-*/!#+!:&!+6#+!9#M\Y!,6&!#,8,O!(&#5(J%R
!A'*&!'(!J,!2#*!#*,9&5R
!YD+S,!1'*&O!$J+!DS:!,+-%%!6&5&OY!,6&!,#M,R!F6&!,:-%&,O!$J+!+6&!&((&2+!-,!
26-%%-*/R
!YD+S,!+-:&!+'!%&#K&!J,O!.-4OY!D!,#M!,'(+%MRY"'!%&+!/'RY
!YA'bY!,6&!9#-%,!%-8&!#!9'J*1&1!#*-:#%O!#*1!D!(&&%!#,!-(!:M!6&#5+!,6#%%!$5&#8R!
Y.%&#,&O!D!1'*S+!9#*+!+'!/'R!A'+!M&+R!.%&#,&O!1'*S+
%&#K&!:&b!.%&#,&b!C&&bY
!C&%-2-+MS,!25M-*/RYDS:!,'55MO!.-4RY
!YH'J!45':-,&1!M'JS1!*&K&5!%&#K&!:&R!H'J!45':-,&1bY!F6&!9-4&,!6&5!+&#5,!9-+6!6&5!
#5:RYH'JS%%!$&!,'55M!('5!+6-,RY
!Y.-44#bY!C&%-2-+M!2#%%,O!$J+!-+S,!+''!%#+&R!F6&S,!%&(+!J,O!5J**-*/!('5!+6&!'*%M!
4%#2&!+6#+!9-%%!,6&%+&5!6&5R!F':&1#MO!9&!9-%%!:&&+!#/#-*O
*'+!#,!(5-&*1,O!$J+!#,!&*&:-&,R
!YD!2'J%1*S+!J,&!+6&!:#/-2!+'!8&&4!6&5!6&5&R!H'J!J*1&5,+#*1O!1'*S+!M'J\Y
!C&%-2-+M!9'*S+!%''8!#+!:&R!YDS:!+-5&1!'(!+6-,!4%#2&R!D!9#*+!+'!/'!6':&RY!F6&!
:#526&,!'((!1'9*!+6&!:'J*+#-*!+-%%!,6&S,!%',+!-*!+6&
2'%'5(J%!,:'8&!'(!+6&!-*2&*,&!4'+,R
!7**!,%-4,!6&5!6#*1!-*+'!:-*&R!D+!-,!6&5!9#M!'(!,#M-*/!+6#+!,6&!('5/-K&,!:&O!#*1!
DS:!/5#+&(J%!('5!-+R!D!2#*!'*%M!6'4&!+6#+!C&%-2-+M!9-%%
#%,'!('5/-K&!:&!-*!+-:&R
!Y=''8O!=#1M!@'4&bY!7,6#!2#%%,R
!725',,!+6&!5-K&5O!D!,&&!+6&:!+6'J,#*1,!25',,-*/!'K&5!+'!+6&!9'5%1!$&M'*1!+6-,!
'*&O!5&#1M!#+!%#,+!+'!:#8&!+6#+!V'J5*&MR!"6&M
,+5&#:!4#,+!J,O!'$%-K-'J,R!"6&M!9#*+!'*%M!+6&-5!5&,+R!D!6'4&!#/#-*,+!6'4&!+6#+!D!
,6#%%!,&&!L&,,-&!"-::'*,!#*1!Q#&!FJ++&5!#:'*/!+6&-5
*J:$&5R!LJ+!D!1'!*'+R!"6&MSK&!5&#26&1!+6&!B-*+&5%#*1,O!+6&*O!#,!.-44#!9-%%!,''*R!
LJ+!+6#+!-,!#*'+6&5!(-/6+!('5!#*'+6&5!1#MR
!Y=#1M!@'4&bY
!D!+J5*!#*1!,&&!A&%%!@#98-*,!9#K-*/!15&#:-%M!+'!:&!(5':!+6&!,6'5&R!F6&!-,!#,!D!
5&:&:$&5!6&5!(5':!:M!K-,-'*,O!#!+-*MO!6#44M
+6-*/R!D!(&&%!#!,+#$!'(!5&:'5,&R!QM!6#*1,!9-%%!('5&K&5!$&!,+#-*&1!$M!+6&!$%''1!'(!
A&%%!@#98-*,R!@#K&!D!1'*&!+6&!5-/6+!+6-*/\!B-%%!+6&5&
$&!'+6&5,!+'!('%%'9\
!YDS:!,'55MOY!D!,#MR
!YH'J!2#**'+!8&&4!+6-*/,!2#/&1RY!,6&!#*,9&5,R!Y>''1$M&O!=#1M!@'4&RY!B-+6!+6#+O!,6&!
9#1&,!-*+'!+6&!5-K&5O!/'&,!J*1&5O!#*1
&:&5/&,!'*!+6&!'+6&5!,-1&O!9#%8-*/!+'9#51!+6&!'5#*/&!,8M!J*+-%!D!1'!*'+!,&&!6&5!#+!
#%%R
!"6&!/'5/'*!9#-+,!('5!J,!-*!+6&!5-K&5R
!YF6#%%!D!+#8&!M'J!+'!+6&!/#51&*O!Q',+!@-/6\Y!,6&!#,8,R
!Y>'5/'*O!D!5&%&#,&!M'J!(5':!M'J5!$'*1#/&!+'!+6&!<51&5OY!D!,#MR!YH'J!#5&!(5&&O!#,!
D!,J,4&2+!M'J!6#K&!$&&*!,-*2&!+6&!:#/-2!9#,!(-5,+
%'',&RY
!"6&!,*#8&,!1#*2&!J4'*!6&5!6&#1R!Y"6#*8!M'JOY!+6&!/'5/'*!5&4%-&,RYF6#%%!D!+#8&!M'J!
+'!+6&!/#51&*\Y
!Y0-1!M'J!6&#5\!H'J!#5&!(5&&RY
!YH&,,,,R!)6'-2&R!D+!-,!#!(-*&!+6-*/R!7*1!D!26'',&!+'!+#8&!M'J!$#28O!Q',+!@-/6RY
!B&!(%'#+!1'9*,+5&#:!'*!+6&!/'5/'*S,!$#28R!7%5&#1MO!+6&!#-5!(&&%,!%-/6+&5R!"6-*/,!
#5&!26#*/-*/R!D!2#**'+!,#M!6'9!'5!96#+!('5:!+6&M
,6#%%!+#8&!&K&*+J#%%MO!$J+!+6&!26#*/&!-,!+6&!+6-*/R!D+!-,!96#+!:#8&,!:&!(&&%!+6#+!
#%%!+6-*/,!#5&!4',,-$%&R
!"6&!('5&,+!('%8!6#K&!/#+6&5&1!'*!+6&!,6'5&!$&%'9!+6&!)#K&,!'(!F-/6,R!"6&M!%-*&!
+6&!5-K&5$#*8!#,!9&!4#,,R!.6-%'*!6'4,!J4!'*!#!5'28O
,6'J+-*/!#+!:&R!YB&!,6#%%!&Z4&2+!'J5!4#M:&*+O!45-&,+&,,R!0'!*'+!('5/&+RY
!D!2%#,4!:M!6#*1,!+'/&+6&5!#*1!$'9!#,!D!6#K&!,&&*!7,6#!1'R!.6-%'*!5&+J5*,!+6&!
/&,+J5&R!B&!#5&!#+!4&#2&O!('5!*'9R
!D!2#**'+!,#M!6'9!%'*/!+6&!4&#2&!,6#%%!%#,+R
!YH'J!+5-&1!+'!9#5*!:&!#$'J+!Q-,,!Q''5&O!1-1*S+!M'J\Y!D!#,8!+6&!/'5/'*!'*2&!9&!#5&!
'*!+6&!'4&*!5-K&5R!7$'K&!J,O!96-+&!2%'J1,
,45&#1!'J+!-*!/5#-*M!,+5&#8,O!%-8&!,J/#5!,4-%%&1!#25',,!+6&!(%''5!'(!+6&!,8MR
!YD!8*&9!6&5!'*2&!$M!#*'+6&5!*#:&RY
!YH'J!:J,+!8*'9!#!/5&#+!1&#%OY!D!,#MR
!"6&!/'5/'*S,!6-,,!2':&,!'J+!#,!#!,-/6RYF':&1#MO!96&*!+6&5&!-,!+-:&O!D!,6#%%!+&%%!
M'J!,+'5-&,!'(!+6&!1#M,!4#,+RY
!Y0'!M'J!:-,,!+6&:\Y!D!#,8R
!Y"6&M!#5&!$J+!1#M,!:M!4&'4%&!%-K&1OY!,6&!,#M,R!YD!#:!%''8-*/!('59#51!+'!+6&!1#M,!
+'!2':&RY
!C#+6&5S,!5'':!-,!1#58!#,!#!+':$!96&*!D!(-*#%%M!5&+J5*!6':&R!@&!,%&&4,!(-+(J%%M!'*!
,9&#+I15&*26&1!,6&&+,R!D+!-,!+6&!(-5,+!+-:&!D!9-%%!J,&
+6&!:#/-2!,-*2&!$-*1-*/!-+R!D!45#M!D!,6#%%!:#8&!$&++&5!J,&!'(!-+R!"6&!(-5,+!+-:&!D!
+5-&1!+'!6&#%!6-:O!$J+!DSK&!2':&!+'!+6-*8!-+!1'&,*S+
9'58!+6#+!9#MR!D!2#**'+!J,&!+6&!:#/-2!+'!2'*+5'%!#*'+6&5R!D!2#**'+!:#8&!6-:!96'%&R!
D!2#*!'*%M!/J-1&!6-:R
!D!4%#2&!:M!6#*1!'K&5!6-,!6&#5+R!YC-*1!M'J5!2'J5#/&O!C#+6&5R!C-*1!M'J5!9-%%!+'!
(-/6+R!D+!-,!+6&5&!,+-%%R!D!45':-,&!M'JRY
!@-,!$5&#+6-*/!/5'9,!%&,,!%#$'5&1R!@-,!$5'9!,:''+6,R!D!+6-*8!D!&K&*!,&&!#!6-*+!'(!
#!,:-%&R!.&56#4,!-+!-,!'*%M!+6&!%-/6+R!.&56#4,!-+!-,
+6&!4'9&5!'(!+6&!5&#%:,!#+!9'58!+65'J/6!:&R!<5!4&56#4,!-+!-,!,':&!2':$-*#+-'*!'(!
,4-5-+!#*1!1&,-5&O!%'K&!#*1!6'4&O!,':&!#%26&:M
+6#+!9&!&#26!4',,&,,!#*1!2#*!4J+!+'!J,&O!-(!9&!(-5,+!8*'9!96&5&!+'!%''8!9-+6'J+!
(%-*26-*/R
!)@7."3;!C<;"HIADA3
!D"!DF!QH!CDA7=!07H!DA!=<A0<A!L3C<;3!;3"?;ADA>!+'!F4&*2&R!>5#*1:#:#!6#,!#/5&&1!+'!
,&*1!C#+6&5!+'!#!,#*-+#5-J:!('5!#!5&,+R
"':'55'9O!,6&!9-%%!%&#K&!('5!+6&!2'J*+5M!#*1!#!5&,+!'(!6&5!'9*R!"6&!6'J,&!-,!#!
(%J55M!'(!,&5K#*+,!2'K&5-*/!(J5*-+J5&!9-+6!,6&&+,R
"5J*8,!#5&!4#28&1R!B#/&,!#5&!,&++%&1R!='*1'*!-,!&:4+M-*/!-+,!(#,6-'*#$%&!6'J,&,!
J*+-%!745-%!#*1!+6&!,&#,'*R
!"'*-/6+!9&!#5&!+'!1-*&!'*&!%#,+!+-:&!9-+6!F-:'*!#*1!6-,!(#:-%MR!LJ+!(-5,+O!DSK&!
+9'!2#%%,!+'!:#8&R
!@&!-,!,J545-,&1!+'!,&&!:&R!B6&*!D!,9&&4!-*+'!6-,!5'':!+65'J/6!+6&!%-++%&!1''5!
$&6-*1!+6&!15#4&!6&!'*2&!,6'9&1!:&!#*1!4J%%!+6&
6''1!(5':!:M!(#2&!9-+6!$'%1!(-*/&5,O!6&!,+#*1,!,'(+%M!#+!#++&*+-'*O!%-8&!#!26-%1!
#9#-+-*/!&-+6&5!+6&!,+5#4!'5!#!8-,,!'(!('5/-K&*&,,R!B6#+
DSK&!$5'J/6+!-,!*'+!XJ-+&!&-+6&5R!D+!-,!:M!'9*!2':45':-,&R
!YH'J!5&:&:$&5&1OY!6&!,#M,R
!YD!5&:&:$&5&1RY
!Y>&::#!Q-,,!0'M%&O!D!Y
!"65&&!/%'K&1!(-*/&5,!-,!#%%!-+!+#8&,!+'!,-%&*2&!6-:R
!YD!,6#%%!$&!$5-&(R!"6&5&!-,!9'58!+'!$&!1'*&R!D!2'J%1!1'!9-+6!M'J5!6&%4O!-(!M'J!
#5&!9-%%-*/!+'!'((&5!-+!(5&&%M!#*1!9-+6'J+!'$%-/#+-'*!+'
#*'+6&5R!H'J!2#**'+!,&5K&!$'+6!'J5!(5-&*1,6-4!#*1!+6&!;#8,6#*#RY
!@-,!,:-%&!2#+26&,!:&!J*#9#5&,R!D+!(%J++&5,!#$'J+!+6&!,'(+!$'J/6,!'(!6-,!%-4,O!#!
$5'8&*!$-51!J*,J5&!96&5&!+'!,&++%&R!7*1!+6&*!+6&
1#58!&M&,!(-%%!9-+6!+&#5,!+6#+!6&!$%-*8,!#9#M!9-+6!#!1&,4&5#+&!2'*2&*+5#+-'*R
!YD+!R!R!RY!@&!2%&#5,!6-,!+65'#+R!YD+!,&&:,!#!*&2&,,#5M!4'-*+!+6#+!D!#:!*'!%'*/&5!
9#*+&1!$M!+6&!;#8,6#*#R!"6&5&('5&O!-+!:#M!1'!M'J5
2#J,&!*'!(#K'5O!$&-*/!26#:4-'*&1!$M!'*&!,'!1-,/5#2&1RY
!YD+!,6#%%!6#K&!+'!1'O!D!,J44',&R!B&!#5&!5#+6&5!#!5#/+#/!25&9RY!@-,!&M&,!2%&#5R!
@-,!K'-2&!,+5&*/+6&*,R!@&!*'1,!+'!*'!'*&!-*
4#5+-2J%#5R
!YD+!,&&:,!M'JSK&!26#*/&1!M'J5!1&,+-*M!#(+&5!#%%OY!D!,#MR
!Y?*%&,,!-+!9#,!:M!(#+&!+'!1'!,'OY!6&!5&,4'*1,O!,:-%-*/R
!YB&%%O!+6&*OY!D!,#MO!4J%%-*/!:M!6''1!('59#51!#/#-*R!D!#:!*&#5%M!+'!+6&!1''5!
J*,2#+6&1O!$J+!6&!2#**'+!8&&4!(5':!,#M-*/!'*&!%#,+
+6-*/R
!Y7*1!#%%&/-#*2&!+'!+6&!<51&5!RRR!-,!+6#+!+6&!'*%M!(&#%+M!M'J!5&XJ-5&!'(!:&\Y
!B6M!1'&,!+6-,!'*&!XJ&,+-'*!6#K&!+6&!4'9&5!+'!4J,6!+6&!$5&#+6!(5':!:&\
!YH&,OY!D!96-,4&5O!9-+6'J+!+J5*-*/!#5'J*1RY"6#+!-,!#%%RY
!D*!#!5J,+%&!'(!K&%K&+!#*1!,-%8O!D!#:!+65'J/6!+6&!1''5O!+5#-%-*/!+6&!,2&*+!'(!
VJ*-4&5O!+6&!,-%&*2&O!#*1!#!,6#1'9!'(!#!96-,4&5W!C'5
*'9!R!R!R!Q-,,!Q2)%&&+6MS,!5'':,!#5&!-*!=#:$&+6O!*'+!(#5!(5':!L&+6%&:!;'M#%R
!YQ#M!D!2':&!-*\Y!D!#,8R
!F6&!%&+,!:&!-*!9-+6!#!45&+&*,&!'(!(5-&*1%-*&,,R!YQ-,,!0'M%&R!"'!96#+!1'!D!'9&!
+6-,!,J545-,&!K-,-+\Y
!YDSK&!+9'!XJ&,+-'*,!('5!M'JR!<*&!2'*2&5*,!Q5,R!A-/6+9-*/U!+6&!'+6&5O!+6&!<51&5RY
!Y>'!'*OY!,6&!,#M,O!,&++%-*/!-*+'!#!26#-5R
!YD,!Q5,R!A-/6+9-*/!#:'*/!'J5!*J:$&5\Y
!YA'R!F6&!-,!,-:4%M!#!(5-&*1RY
!YLJ+!M'J!XJ#55&%&1!#+!+6&!)65-,+:#,!4#5+MO!#*1!#/#-*!-*!+6&!3#,+!B-*/RY
!YH&,O!#$'J+!5&4#-5-*/!+6&!1#:#/&!+'!+6&!3#,+!B-*/R!D!#5/J&1!+6#+!-+!9#,!+-:&!+'!
5&$J-%1R!LJ+!=-%%-#*!-,!,'!K&5M!(5J/#%RY
!YLJ+!,6&!#22&4+&1!M'J!#,!)%#-5&!Q2)%&&+6MO!+6'J/6!+6#+!-,!*'+!M'J5!5&#%!*#:&RY
!YD!+'%1!6&5!D!6#1!+#8&*!#!*&9!*#:&!+'!&,2#4&!#!%'K&!#((#-5!/'*&!95'*/R!"6#+!-,!
,':&+6-*/!,6&!J*1&5,+#*1,R!7*1!+6#+!-,!#%%!+6&5&!-,
+'!-+R!B6#+!-,!M'J5!'+6&5!XJ&,+-'*\Y
!D!2#**'+!$&!,J5&!-(!,6&!-,!+&%%-*/!:&!+6&!+5J+6!'5!*'+R!D!:'K&!'*R
!YB6M!6#,!+6&!<51&5!*&K&5!,6#5&1!-+,!4'9&5\Y
!F6&!(-Z&,!:&!9-+6!+6#+!J*,&++%-*/!/%#5&R!YD+!-,!'J5,!+'!6#K&R!B&SK&!('J/6+!('5!
-+R!F#25-(-2&1!#*1!,6&1!$%''1!('5!-+RY
!YLJ+!M'JSK&!6J5+!'+6&5,!#,!9&%%R!H'JSK&!1&*-&1!+6&:!#*M!26#*2&!+'!6#K&!#!4#5+!'(!
+6&!:#/-2O!+'!6#K&!#!,#MRY
!YD!45':-,&!M'J!+6&MS1!1'!+6&!,#:&R!B&!%''8!'J+!('5!'J5,&%K&,R!"6-,!-,!+6&!9#M!'(!
+6-*/,RY
!YD+!-,!#*!J/%M!$J,-*&,,OY!D!,#MR
!Y.'9&5!-,OY!,6&!,#M,!9-+6'J+!5&/5&+R!YD!9#,!*'+!6#44M!96&*!M'J!%&(+!:&!9-+6!+6&!
;#8,6#*#R!LJ+!D!J*1&5,+#*1!+6#+!M'J!+6'J/6+!D
9#,!)-52&R!D+!-,!'(!*'!2'*,&XJ&*2&!*'9R!H'J!8&4+!)-52&!(5':!+6&!"&:4%&!#*1!+6&!
:#/-2R!H'J!6#K&!1'*&!9&%%R!A'9!9&!2#*!5&&,+#$%-,6
+6&!<51&5!9-+6!'J5!,-,+&5,O!#*1!Y
!YD!+6-*8!*'+RYD!,#MR
!Q-,,!Q2)%&&+6MS,!:'J+6!9#*+,!+'!,:-%&RYB6#+\Y
!YD!#:!('5/-*/!*&9!#%%-#*2&,R!C&%-2-+MR!7**R!P#5+-8!(5':!+6&!;#8,6#*#R!.6-%'*!'(!
+6&!C'5&,+R!7,6#O!+6&!?*+'J26#$%&RY
!F6&!,6#8&,!6&5!6&#1RYH'J!2#*S+!$&!,&5-'J,RY
!Y"6&!4'9&5!:J,+!$&!,6#5&1RY
!YA'R!"6#+!-,!('5$-11&*R!B&!1'*S+!8*'9!-(!+6&M!2#*!$&!+5J,+&1!9-+6!+6&!:#/-2RY
!YA'R!B&!1'*S+R!B&!,6#%%!*&&1!+'!6#K&!/''1!(#-+6RY
!Q-,,!Q2)%&&+6M!(J:&,R!Y7$,'%J+&%M!*'+b!"6&!<51&5!:J,+!5&:#-*!4J5&RY
!Y"6#+S,!9'58&1!'J+!9&%%O!6#,*S+!-+\Y!D!,#M!9-+6!#,!:J26!K&*':!#,!D!2#*!:J,+&5R
!B6&*!,6&!,&&,!+6#+!,6&!-,!/&++-*/!*'96&5&O!Q-,,!Q2)%&&+6M!26#*/&,!2'J5,&O!
,4&#8-*/!+'!:&!#,!/&*+%M!#,!#!:'+6&5!,''+6-*/!#*
#*Z-'J,!26-%1R!YH'J!:#M!+5M!+'!V'-*!6#*1,!9-+6!+6&:O!$J+!26#*2&,!#5&O!-+!9'*S+!
9'58R!"6&!5&#%:,!/J-1&!96'!,6#%%!$&2':&!4#5+!'(!+6&
<51&5R!B&!6#K&!*'!4'9&5!'K&5!+6#+R!"6#+!-,!+6&!9#M!-+!6#,!#%9#M,!$&&*RY
!F6&!#++&:4+,!+'!,+5'8&!:M!6#-5O!$J+!D!$5&#8!#9#MR
Y"6-*/,!26#*/&OY!D!,#MO!+#8-*/!:M!%&#K&R
!7$#*1'*-*/!1&2'5J:O!Q-,,!Q2)%&&+6M!2#%%,!#(+&5!:&!(5':!6&5!9-*1'9R!Y0'!*'+!:#8&!
&*&:-&,!'(!J,O!Q-,,!0'M%&R!B&!,6#%%!*'+!/-K&
J4!'J5!4'9&5!,'!&#,-%MRY
!D!1'!*'+!+J5*!$#28!+'!%''8!#+!6&5R!D*,+&#1O!D!8&&4!:M!&M&,!,+5#-/6+!#6&#1O!
%''8-*/!('5!+6&!&*+5#*2&!+'!+6&!?*1&5/5'J*1R!7!(5#:&1
#1K&5+!'*!+6&!9#%%!&Z+'%,!+6&!K-5+J&,!'(!+6&!2':-*/!5&K'%J+-'*!-*!+5#K&%R!"6&M!
6#K&!#%5&#1M!$&/J*!&%&2+5-(M-*/!+6&!+5#28,!-*!,':&
,+#+-'*,R!F''*O!#%%!+5#-*,!,6#%%!5J*!'*!+6&!-*K-,-$%&!4'9&5!'(!+6#+!:',+!:'1&5*!
-*K&*+-'*R
!D+!-,!-*1&&1!#!*&9!9'5%1R
!0-**&5!9-+6!+6&!Q-11%&+'*,!-,!$-++&5,9&&+R!D+!-,!6#51!+'!8&&4!:M!:-*1!J4'*!4'%-+&!
2'*K&5,#+-'*!'K&5!,'J4!#*1!4&#,!96&*!DSK&!,'
:J26!+'!1'R!B6&*!-+!-,!+-:&!('5!+6&!:&*!#*1!9':&*!+'!5&+-5&!+'!,&4#5#+&!XJ#5+&5,O!
F-:'*!,4-5-+,!:&!#9#M!+'!+6&!4#5%'5O!#*1!*'!'*&
'$V&2+,R
!YD!,6#%%!:-,,!M'J5!2':4#*MOY!6&!,#M,RYB-%%!M'J!95-+&!:&\Y
!YH&,O!'(!2'J5,&OY!D!,#MR
!Y0-1!D!+&%%!M'J!Q-,,!B&,+'*!:#1&!#!(''%!'(!6&5,&%(!26#,-*/!#(+&5!Q5R!F6#54&!#+!#!
+&#!1#*2&\Y
!D!1'*S+!(-*1!+6&!,+'5M!#:J,-*/R!D!'*%M!(&&%!,'55M!('5!4''5!Q-,,!B&,+'*R!D!(&&%!#,!
-(!D!2#*S+!$5&#+6&!,J11&*%MR
!F-:'*S,!2'*2&5*&1RY>&::#O!96#+!-,!-+\Y
!YF-:'*O!9'J%1!M'J!,+-%%!2#5&!('5!:&!-(!M'J!1-,2'K&5&1!D!9#,!*'+!96'!D!,#M!D!#:\Y
!YB6#+!1'!M'J!:&#*\Y
!YD!:&#*!9'J%1!M'J!,+-%%!2#5&!('5!:&O!*'!:#++&5!96#+!M'J!2#:&!+'!8*'9\Y
!YB6#+!#!+6-*/!+'!4'*1&5R!D!1'*S+!8*'9!96#+!+'!,#MRY
!"6&!#*,9&5!-,!*'R!@&!1'&,!*'+!*&&1!+'!,#M!-+R
!B-+6!#!,-/6O!F-:'*!1-/,!#+!+6&!(-5&!9-+6!+6&!-5'*!4'8&5R!L-+,!'(!+6&!26#55&1!%'/!
(#%%!#9#MO!5&K&#%-*/!+6&!#*/5M!-*,-1&,R!"6&M!(%#5&
'5#*/&!('5!#!:':&*+O!+6&*!XJ-&+!1'9*!#/#-*R!7(+&5!+65&&!+5-&,O!6&!/-K&,!J4R
!YDS:!#(5#-1!+6-,!(-5&S,!6#1!-+RY
!D!2#*!,&&!#!(&9!&:$&5,!5&:#-*-*/RYA'O!D!+6-*8!*'+R!D(!R!R!RY
!@&!,-/6,O!#*1!-+!,#M,!&K&5M+6-*/R
!Y.#M!:&!*'!:-*1OY!D!,#MO!,9#%%'9-*/!6#51RYDS:!+-5&1RY
!YH&,OY!6&!%#+26&,!'*+'!+6#+!&Z2J,&RYF+-%%!5&2'K&5-*/R!H'JS%%!4J+!+6-,!#%%!$&6-*1!
M'J!,''*!&*'J/6!#*1!&K&5M+6-*/!9-%%!$&!%-8&!-+!9#,RY
!A'+6-*/!9-%%!$&!#,!-+!9#,R!D+!-,!#%5&#1M!26#*/&1R!D!#:!26#*/&1R
!"6&!:#-1!8*'28,R!YL&//-*/!M'J5!4#51'*O!,-5R!=#1M!0&*$M!#,8&1!('5!M'JRY
!YE&5M!/''1R!Q-,,!0'M%&!>&::#O!9-%%!M'J!&Z2J,&!:&\!D!9'*S+!$&!%'*/RY
!B6&*!DS:!#%'*&O!D!+#8&!+6&!4'8&5!#*1!,+5-8&!#+!+6&!,:'%1&5-*/!%'/,!#/#-*!#*1!
#/#-*!+-%%!'*&!2#+26&,!#*1!#!,:#%%!(-5&!$%#T&,!+'!%-(&R
@&!XJ-+!+''!,''*R!D+!'*%M!*&&1&1!#!$-+!:'5&!+&*1-*/R!"6&!,+-%%*&,,!'(!+6&!5'':!
2%',&,!-*!#5'J*1!:&R!"6&!2#5&(J%%M!/5'J4&1!(J5*-,6-*/,R
"6&!4'5+5#-+,!%''8-*/!1'9*!9-+6!4#,,-K&!&M&,R!"6&!+#%%!2%'28!:&#,J5-*/!+6&!+-:&!D!
6#K&!%&(+R!"65'J/6!+6&!'4&*!1''5,O!D!2#*!,&&!F-:'*
#*1!6-,!(#:-%MO!,:-%-*/O!2'*+&*+O!*'+!#!2#5&!-*!+6&!9'5%1R!3K&5M+6-*/!-,!
+6&-5,!*'+!('5!+6&!+#8-*/!$J+!('5!+6&!6#K-*/R!"6&M!1'!*'+!8*'9
6J*/&5!'5!(&#5!'5!1'J$+R!"6&M!1'!*'+!6#K&!+'!(-/6+!('5!96#+!+6&M!9#*+R!D+!-,!
,-:4%M!+6&5&O!9#-+-*/O!#*1!+6&M!9#%8!-*+'!-+R!QM!6&#5+
#26&,R!D!9'J%1!,'!K&5M!:J26!%-8&!+'!95#4!:M,&%(!-*!+6&!9#5:!$%#*8&+!'(!+6&:R!LJ+!D!
6#K&!,&&*!+''!:J26!+'!%-K&!-*!+6#+!$%#*8&+R
!D!%&#K&!+6&!4&#5%!$5''26!'*!+6&!:#*+&%O!/5#$!:M!2'#+!$&('5&!+6&!:#-1!2#*!/-K&!-+!
+'!:&O!#*1!9#%8!'J+!-*+'!+6&!2'%1!1J,8R!F-:'*
9-%%!*'+!2':&!#(+&5!:&R!@&!-,!*'+!+6&!,'5+R!@&S%%!:#55M!#!/-5%!96'!-,!*'+!:&!#*1!
96'!9-%%!*'+!(-*1!+6&!$5''26!6&#KM!-*!+6&!,%-/6+&,+R
!"6&!#-5!-,!25-,4!#*1!$-+-*/R!"6&!%#:4%-/6+&5!#:$%&,!J4!+6&!,+5&&+!9-+6!6-,!%'*/!
,+-28R!L&6-*1!6-:!+6&!%-/6+,!$J5*R!725',,!.#58!=#*&O
@M1&!.#58!5'%%,!'J+O!+6&!,65'J1!'(!9-*+&5!2'K&5-*/!-+,!&K&*+J#%!,45-*/R!7*1!$&M'*1!
+6#+O!LJ28-*/6#:!.#%#2&!,+#*1,O!/'K&5*&1!$M!#
9':#*R
!7%%!+6-*/,!#5&!4',,-$%&R
!"':'55'9!D!,6#%%!$&!$#28!#+!F4&*2&O!96&5&!D!$&%'*/R
!)@7."3;!CDC"H
!F.3A)3O!"@7"0<?;O!DQ.<FDA>!=70H!37F"!<C!=<A0<AO!6#,!/5'9*!#!(5-&*1%M!(#2&!-*!:M!
#$,&*2&R!DSK&!*&K&5!$&&*!,'!6#44M!+'!,&&
#!4%#2&!-*!#%%!:M!,-Z+&&*!M&#5,R!3K&*!+6&!/#5/'M%&,!6#K&!%',+!+6&-5!(-&52&*&,,R!
"6&M!#5&!%-8&!9#M9#51!4&+,!96'!6#K&*S+!+6&!,&*,&!+'
2':&!-*!(5':!+6&!5''(!#*1!,'!9&!%&+!+6&:!%-K&!+6&5&O!/%#5-*/!$J+!26&&5(J%R
!"6&!5J:'5,!,J55'J*1-*/!+6&!*-/6+!+6&!2'*,+#$%&!('J*1!:&!-*!L#8&5!F+5&&+!6#K&!
#%5&#1M!5J*!5#:4#*+!+65'J/6!+6&!,26''%R!D!9#,
8-1*#44&1!$M!4-5#+&,R!D!%#M!#+!1&#+6S,!1''5R!D!*&#5%M!%',+!#!%&/!*'O!#*!#5:!+'!
/#*/5&*&b!D!#2+J#%%M!1-&1!#*1!9#,!$J5-&1!'*%M!+'!4J%%
+6&!$&%%!5'4&!9-+6!:M!+'&O!/-K-*/!+6&!4''5!/5#K&1-//&5!#!(5-/6+!96&*!6&!6#1!+'!
5&%&#,&!:&!(5':!+6&!2'((-*!-*!+6&!*-28!'(!+-:&R!D+!-,
#,+'*-,6-*/!+6&!,+'5-&,!/-5%,!9-%%!2'*2'2+!+'!5&%-&K&!+6&-5!$'5&1':R!F+-%%O!-+!-,!
*-2&!+'!6#K&!&K&5M'*&!'((&5-*/!+'!1'!+6-*/,!('5!:&O!+'
6#K&!+6&:!4#5+!96&*!D!&*+&5!#!5'':R!D!,6#*S+!%-&U!D!#:!&*V'M-*/!:M!2'*K#%&,2&*2&!
-::&*,&%MR
!C&%-2-+M!6#,!+#8&*!-+!J4'*!6&5,&%(!+'!/-K&!+6&!M'J*/&5!/-5%,!#526&5M!%&,,'*,R!
"6&M!#1'5&!6&5O!'(!2'J5,&O!9-+6!6&5!.#5-,-#*!6#-5!2':$,
#*1!,+#+J,!#,!'*&!'(!+6&!'%1&5O!(#,6-'*#$%&!/-5%,R!D!,J,4&2+!+6#+!+6&M!9'J%1!
('%%'9!6&5!%-8&!+6&!.-&1!.-4&5!'(!@#:%-*!*'!:#++&5!6'9
*#,+M!,6&!26',&!+'!$&R!7*1!D!,J,4&2+!+6#+!C&%-2-+M!-,!#9#5&!'(!+6-,!#*1!5#+6&5!
&*V'M,!6#K-*/!#!25'91!'(!#1'5&5,R
!7,!D!#:!J*1&5!,+5-2+!'51&5,!(5':!>5#*1:#:#!#*1!Q5,R!A-/6+9-*/!+'!1'!*'!&Z&52-,&!
J*+-%!D!#:!9&%%!#/#-*O!D!,-+!J*1&5!#!:'J*1!'(
$%#*8&+,!-*!#!%#5/&!26#-5!+6#+!6#,!$&&*!$5'J/6+!'J+!&,4&2-#%%M!('5!:&R!D+!-,O!D!
(-*1O!+6&!$&,+!9#M!+'!&Z&52-,&O!#*1!D!,6#%%!+5M!+'!&Z+&*1
+6-,!('5!#,!%'*/!#,!4',,-$%&R
!<J+!'*!+6&!/5&#+!%#9*O!+6&!+#5/&+,!#5&!-*!4%#2&R!C&%-2-+M!-*,+5J2+,!#!4#,,&%!'(!
+&*IM&#5I'%1,!-*!+6&!45'4&5!+&26*-XJ&O!2'55&2+-*/!+6-,
'*&S,!('5:O!26-1-*/!+6#+!'*&!('5!/-//%-*/R!71:'*-,6&1O!+6&!/-//%-*/!/-5%!,+#*1,!
,+5#-/6+O!2%',&,!'*&!&M&O!#*1!,6''+,R!"6&!#55'9
$'J*2&,!#%'*/!+6&!/5'J*1!#*1!,+-28,!-*!#!%J:4!'(!1-5+R
!YA'O!*'OY!C&%-2-+M!,-/6,R!Y.#M!#++&*+-'*R!D!,6#%%!1&:'*,+5#+&!45'4&5!('5:!#/#-*RY
!D!'4&*!+6&!:'5*-*/S,!4',+R!"6&5&!-,!#!%&++&5!(5':!>5#*1:#:#R!F6&!1'&,*S+!:&*+-'*!
#*M+6-*/!'(!C#+6&5!J*+-%!+6&!&*1R!H'J5!(#+6&5!-,
:#8-*/!45'/5&,,!#+!+6&!,#*-+#5-J:!#*1!,&*1,!6-,!9#5:!5&/#51,R
!"6&5&!-,!#%,'!#!,:#%%!4#52&%!(5':!F-:'*R!D!#:!#(5#-1!+'!'4&*!-+O!$J+!&K&*+J#%%M!
2J5-',-+M!9-*,!'J+R!D*,-1&!-,!+6&!,:#%%!$%#28!$'Z!D
5&+J5*&1!+'!6-:!$M!:&,,&*/&5!#%'*/!9-+6!-+,!'5-/-*#%!*'+&W!7!4%#2&!+'!8&&4!#%%!
M'J5!,&25&+,R!"6#+!-,!#%%R!@&!6#,!,J545-,&1!:&R
FJ11&*%MO!D!#:!*'+!#+!#%%!,J5&!'(!96#+!D!#:!1'-*/O!'(!96&+6&5!D!6#K&!1'*&!+6&!
5-/6+!+6-*/!$M!%&++-*/!6-:!/'R!"6&5&!-,!,':&+6-*/!,'
K&5M!,#(&!#*1!2':('5+-*/!#$'J+!F-:'*R!LJ+!-+S,!#!$-+!%-8&!+6&!(#%,&I$'++':&1!$'ZO!
+6#+!(&&%-*/R!D!8*'9!'*%M!+6#+!,':&+6-*/!-*!:&
,&*,&,!D!:-/6+!&K&*+J#%%M!(#%%!+65'J/6!+6&!$'++':!'(!6-,!$5-/6+!#((&2+-'*!#*1!(-*1!
:M,&%(!+5#44&1!+6&5&R
!DSK&!$&&*!,'!#$,'5$&1!+6#+!D!6#K&*S+!*'+-2&1!Q5,R!A-/6+9-*/!$&6-*1!:&R!F6&!+#8&,!
-*!+6&!,-/6+!'(!+6&!/-5%,!9-+6!$'9,!#*1!#55'9,
#*1!2%J28,!-*!1-,#445'K#%R
!YD!#:!*'+!#+!#%%!2&5+#-*!#$'J+!+6-,OY!,6&!,#M,R
!YD+!-,!*-2&!+'!6#K&!26'-2&,OY!D!,#MO!+6&!$'Z!-*!:M!6#*1R!DS:!+5M-*/!*'+!+'!25MR
!YD*!:M!1#MO!+6&5&!9&5&!*'+!,J26!26'-2&,R!FJ26!(5&&1':R!"6&5&!9#,!*'!'*&!+'!,#MO!
S@&5&!-,!+6&!9'5%1!$&('5&!M'JR!H'J!6#K&!'*%M!+'
5&#26!('5!-+R!YY
!7+!+6#+!:':&*+O!C&%-2-+MS,!6#*1!,45-*/,!'4&*O!5&%&#,-*/!+6&!#55'9R!D+!2%&#K&,!+6&!
#-5!-*!+9'!#*1!(-*1,!-+,!+#5/&+!1-5&2+%M!-*!+6&
2&*+&5O!#!,'%-1!$J%%S,I&M&R!C&%-2-+M!2#**'+!2'*+#-*!6&5,&%(R!F6&!,65-&8,!9-+6!+6&!
V'M!'(!K-2+'5M!-*!#!:',+!*#+J5#%!#*1!J*%#1M%-8&!(#,6-'*O
#*1!+6&!/-5%,!('%%'9!,J-+R
!Q5,R!A-/6+9-*/!,6#8&,!6&5!6&#1!#*1!5#-,&,!6&5!&M&,!$5-&(%M!+'!6&#K&*RYA'!1'J$+!
+6&!(#%%!'(!2-K-%-T#+-'*!-,!#+!6#*1RY
!7!(#-*+!,:-%&!&,2#4&,O!#*1!VJ,+!#,!XJ-28%MO!,6&!,+-(%&,!-+R!C'5!+6&!(-5,+!+-:&O!D!
*'+-2&!+6&!%#Z!,8-*!#+!Q5,R!A-/6+9-*/S,!V#9O!+6&!(-*&
1'9*!+6#+!%-&,!J4'*!6&5!26&&8!%-8&!+6&!-:45-*+!'(!#!26-%1S,!6#*1O!#*1!D!9'*1&5!
96#+!-+!:J,+!$&!%-8&!9#+26-*/!M'J5,&%(!,'(+&*!J*1&5!+6&
!M&#5,O!J*#$%&!+'!,+'4!-+R!B6#+!-+S,!%-8&!:&#,J5-*/!M'J5!1#M,!-*!4&5(&2+-*/!/-5%,S!
2J5+,-&,!#*1!15-*8-*/!*-/6+%M!/%#,,&,!'(!,6&55MO!+5M-*/!+'
8&&4!J4!9-+6!+6&!9'5%1!#,!-+!4J%%,!M'J!,4-**-*/!-*+'!+6&!(J+J5&O!8*'9-*/!M'J!#5&!
#%9#M,!'*&!,+&4!$&6-*1R
!Q5,R!A-/6+9-*/!/%#*2&,!#+!+6&!$'Z!-*!:M!6#*1,R!F6&!2%&#5,!6&5!+65'#+RYD!
J*1&5,+#*1!M'JSK&!1&2-1&1!#/#-*,+!Q5R!Q-11%&+'*RY
!D!,&&!'+6&5!5J:'5,!6#K&!,45&#1!#,!9&%%R
!YH&,OY!D!,#MO!(-/6+-*/!$#28!+6&!+&#5,RY3K&5M'*&!+6-*8,!:&!:#1R!.&56#4,!D!#:!:#1RY!
D!+5M!+'!%#J/6O!$J+!-+!2':&,!'J+!#!,:#%%!,'$R
Y.&56#4,!+6&5&!-,!,':&+6-*/!+6&!:#++&5!9-+6!:&!+6#+!D!2#**'+!$&!6#44M!9-+6!6-:RY
!D!9#-+!('5!Q5,R!A-/6+9-*/!+'!2'*(-5:!+6#+!+6-,!-,!+6&!2#,&O!+6#+!&K&5M'*&!8*'9,!
-+O!+6#+!D!,6'J%1!15M!:M!&M&,!#*1!,+'4!#2+-*/!+6&
(''%R!D*,+&#1O!6&5!6#*1!2':&,!+'!5&,+!'*!:M!,6'J%1&5R!YD+!-,!$&,+!+'!$&!,J5&O!
+65'J/6!#*1!+65'J/6OY!,6&!,#M,O!8&&4-*/!6&5!&M&,
,+&#1(#,+%M!'*!+6&!/-5%,!5J**-*/!#*1!4%#M-*/!'*!+6&!%#9*RY3%,&!M'J!2'J%1!(-*1!
M'J5,&%(!'*&!1#M!2':-*/!6':&!+'!#*!&:4+M!6'J,&O!,#K&
('5!#!*'+&W!DSK&!/'*&!'J+R!H'J!2'J%1!9#-+!#%%!*-/6+!('5!6-:!+'!5&+J5*R!A-/6+,!+J5*!
-*+'!9&&8,O!+'!M&#5,R!D+S,!6'55-$%&O!+6&!9#-+-*/R!H'J
2#*!,2#52&%M!$&#5!-+R!7*1!4&56#4,!M&#5,!%#+&5!'*!6'%-1#M!-*!L5-/6+'*O!M'J!,&&!6-:O!
9#%8-*/!#%'*/!+6&!$'#519#%8!#,!-(!'J+!'(!,':&
15&#:R!A'!%'*/&5!%',+R!H'J5!6&#5+$&#+!XJ-28&*,R!H'J!:J,+!2#%%!'J+!+'!6-:R!F':&'*&!
&%,&!2#%%,!(-5,+R!7!45&++M!M'J*/!9':#*!9-+6!#
26-%1R!@&!,+'4,!#*1!$&*1,!+'!%-(+!+6&!26-%1!-*+'!6-,!#5:,R!@-,!26-%1R!@&!/-K&,!#!
(J5+-K&!8-,,!+'!6-,!M'J*/!9-(&R!@&!6#*1,!6&5!#!$'Z!'(
2#*1MO!96-26!M'J!8*'9!+'!$&!)6'%%-&5S,!26'2'%#+&,R!@&!#*1!6-,!(#:-%M!,+5'%%!'*R!
F':&+6-*/!-*!M'J!(#%%,!#9#MR!H'J!9-%%!*&K&5!$&!#,!M'J
9&5&R!B6#+!-,!%&(+!+'!M'J!-,!+6&!26#*2&!+'!$&2':&!,':&+6-*/!*&9!#*1!J*,J5&R!LJ+!#+!
%&#,+!+6&!9#-+-*/!-,!'K&5RY
!DS:!,2#52&%M!$5&#+6-*/R!YH&,R!"6#*8!M'JOY!D!,#M!96&*!D!:#*#/&!+'!(-*1!:M!K'-2&!
#/#-*R
!Q5,R!A-/6+9-*/!/-K&,!:M!,6'J%1&5!'*&!,:#%%!4#+!$&('5&!+#8-*/!6&5!6#*1!#9#M!+'!
,+5#-/6+&*!6&5!,8-5+O!,:''+6-*/!+6&!9#-,+$#*1!'(
-+,!25&#,&,R!<*&!'(!+6&!/-5%,!,6'J+,R!F6&S,!('J*1!#*!'546#*&1!$#$M!$-51!+6#+!6#,!
,':&6'9!,J5K-K&1!+6&!9-*+&5R!D+!25-&,!-*!6&5!6#*1,!#,
,6&!5J*,!+'!Q5,R!A-/6+9-*/!9-+6!-+R
!Y<6O!96#+!:#1*&,,!-,!+6-,\Y!'J5!6&#1:-,+5&,,!:J++&5,O!,45-*/-*/!-*+'!#2+-'*R
!YQ5,R!A-/6+9-*/O!4%&#,&!R!R!R!:#M!9&!8&&4!-+\Y!"6&!M'J*/!/-5%S,!(#2&!-,!'4&*!#*1!
&#5*&,+R!Y.%&#,&O!4%&#,&bY!+6&!/-5%,!26-54!%-8&!+6&
&#/&5!%-++%&!26-28,!+6&M!#5&R
!Y<6O!K&5M!9&%%RY
!"6&!/-5%,!&5J4+!-*!26&&5,R!Q5,R!A-/6+9-*/!,6'J+,!+'!$&!6&#51R!YLJ+!D!,6#%%!*'+!$&!
5&,4'*,-$%&!('5!-+R!D+!-,!M'J5!26#5/&R!H'J!8&&4!-+R
DSK&!*'!1'J$+!DS%%!2':&!+'!5&/5&+!+6-,!1&2-,-'*OY!,6&!,#M,!9-+6!#!,*-((R!Y7*1!*'9O!
-(!M'JS%%!&Z2J,&!:&O!D!,6'J%1!%-8&!+'!(-*-,6!:M!$''8O
#%'*&O!9-+6'J+!+6&!45&,&*2&!'(!#!,-*/%&!5-*/%&+&1!/-5%!+'!1-,5J4+!:&R!D(!M'J!
,6'J%1!2':&!('5!:&!#+!1-**&5!#*1!(-*1!:&!-*!:M!26#-5O
/'*&!+'!+6&!#*/&%,!#+!%#,+O!M'J!,6#%%!8*'9!+6#+!D!1-&1!#%'*&O!96-26!-,!+'!,#M!-*!#!
,+#+&!'(!J++&5!$%-,,RY
!Q5,R!A-/6+9-*/!:#526&,!1'9*!+6&!6-%%!+'9#51!+6&!,26''%R!7+!%&#,+!('J5!/-5%,!,+'4!
6&5!#%'*/!+6&!9#M!+'!#,8!#$'J+!+6-,!'5!+6#+R!"6&M
$&,-&/&!6&5R!7+!%#,+O!,6&!/-K&,!J4!#*1O!9-+6!#!/#//%&!'(!/-5%,!-*!+'9O!6&#1,!-*+'!
F4&*2&R!F6&!9-%%!*'+!5&#1!6&5!$''8!J*+-%!+6-,!&K&*-*/O
#*1!,':&6'9!D!8*'9!+6-,!-,!96#+!,6&!9#*+,!+'!$&!*&&1&1R!D+!-,!6&5!26#5/&R
!D+!-,!6&5!4%#2&R!F6&!6#,!('J*1!-+R!<5!-+!6#,!('J*1!6&5R
!7(+&5!1-**&5O!96&*!9&!6#K&!/#+6&5&1!5'J*1!+6&!(-5&!-*!+6&!/5&#+!6#%%O!
Q#1&:'-,&%%&!=&C#5/&!5&+J5*,!(5':!6&5!1#M!-*!='*1'*!9-+6
D*,4&2+'5!P&*+R!F6&S,!$&#:-*/R!DSK&!*&K&5!,&&*!6&5!,'!6#44MR
!YL'*V'J5O!:&,!(-%-&,bY,6&!,#M,O!,9&&4-*/!-*+'!+6&!5'':!-*!6&5!6#*1,':&!*&9!,8-5+!
#*1!$%'J,&RYDSK&!*&9,RY
!"6&!/-5%,!:#8&!#!:#1!1#,6!('5!6&5O!$#5&%M!#%%'9-*/!6&5!+-:&!+'!,-+!$M!+6&!(-5&!
#*1!5&:'K&!6&5!/%'K&,R!B6&*!,6&!1'&,O!9&
-::&1-#+&%M!*'+&!+6&!45&,&*2&!'(!#!,:#%%!1-#:'*1!'*!+6&!+6-51!(-*/&5!'(!6&5!%&(+!
6#*1R!Q#1&:'-,&%%&!=&C#5/&!6#,!*&9,!-*1&&1R
!YB&!#5&!+'!$&!:#55-&1!2':&!Q#MOY!,6&!,#M,O!,:-%-*/!#,!-(!6&5!(#2&!2'J%1!$5&#8!
(5':!V'MR
!B&!(#9*!'K&5!+6&!5-*/!#*1!'J5!+&#26&5O!4&44&5-*/!6&5!9-+6!XJ&,+-'*,W!@'9!1-1!6&!
#,8!('5!6&5!6#*1\!B6&*!9-%%!+6&M!:#55M\!Q#M
9&!#%%!#++&*1\!D+!,6'J%1!$&!#!='*1'*!9&11-*/!!*'O!#!2'J*+5M!9&11-*/b!C'5!%J28O!
9-%%!,6&!9&#5!'5#*/&!$%',,':,\!B-%%!,6&!9&#5!+6&:
!-*!6&5!6#-5!'5!&:$5'-1&5&1!J4'*!6&5!15&,,\
!YD+!-,!5&:#58#$%&!+'!+6-*8!+6#+!&K&*!#*!'%1!,4-*,+&5!,J26!#,!D!2#*!(-*1!
6#44-*&,,RY!,6&!,#M,O!%#J/6-*/O!$J+!+6&*!D!2#+26!6&5
,+5#-/6+&*-*/!+6&!+6-51!(-*/&5!'(!6&5!%&(+!6#*1R!F6&S,!%''8-*/!#+!+6&!5-*/!9-+6'J+!
9#*+-*/!+'!,&&:!#,!1#TT%&1!$M!-+!#,!,6&!-,R
!<*!+6&!(-5,+!B&1*&,1#M!'(!+6&!*&9!M&#5O!9&!:#8&!'J5!4-%/5-:#/&!+'!.-44#S,!#%+#5R!
B&!,-+!#+!+6&!$#,&!'(!+6&!'%1!'#8O!9#+26-*/!('5
,-/*,!'(!,45-*/O!+6'J/6!9&!8*'9!+6&M!#5&!:'*+6,!#9#M!M&+R
!YDSK&!95-++&*!"':!#*1!+'%1!6-:!+6&!+5J+6OY!7**!,#M,R
!Y7*1\Y!C&%-2-+M!45':4+,R
!Y@&!1-1!*'+!%-8&!$&-*/!:-,%&1R!@&!,#-1!+6#+!D!9#,!#!6'55-$%&!/-5%!+'!6#K&!
45&+&*1&1!+'!$&!,':&'*&!DS:!*'+RY
!YD!#:!,'55MO!7**OY!D!,#MR
!YB&%%O!D!+6-*8!6&!-,!#!$''5!#*1!#!4''5!,4'5+!$&,-1&,OY!C&%-2-+M!2%#-:,R
!YA'O!6&S,!*'+R!@&!6#1!&K&5M!5-/6+!+'!$&!25',,!9-+6!:&RY
!"6&5&!-,!*'+6-*/!D!2#*!,#M!+'!+6-,R!F6&!-,!5-/6+R
!YD*!$''8,O!+6&!+5J+6!:#8&,!&K&5M+6-*/!/''1!#*1!(-*&R!"6&!/''1!45&K#-%R!"6&!9-28&1!
#5&!4J*-,6&1R!"6&5&!-,!6#44-*&,,R!LJ+!-+S,!*'+
%-8&!+6#+!5&#%%MO!-,!-+\Y
!YA'OY!D!,#MRYD!,J44',&!-+!'*%M!:#8&,!&K&5M+6-*/!8*'9*RY
!B&!%&#*!'J5!6&#1,!$#28!#/#-*,+!+6&!+5&&!#*1!%''8!J4!#+!+6&!4J((MO!96-+&!2%'J1,R
!YB6M!$'+6&5!9-+6!-+!#+!#%%O!+6&*\Y!7**!,#M,R
!7!2%'J1!2#,+%&!(%'#+,!%#T-%M!$MO!$&2':-*/!#!1'/!-*!+6&!45'2&,,R
!YL&2#J,&!M'J!2#*S+!8&&4!J4!+6&!-%%J,-'*!('5&K&5OY!D!,#MR!YA'!'*&!6#,!+6#+!:J26!
:#/-2RY
!C'5!#!%'*/!96-%&O!9&!,-+O!,#M-*/!*'+6-*/R!A'!'*&!#++&:4+,!+'!6'%1!6#*1,!'5!+&%%!#!
:&55M!V'8&O!+'!+#%8!'(!96#+!6#,!6#44&*&1!'5!96#+
-,!+'!2':&R!B&!,-:4%M!,-+O!'J5!$#28,!+'!+6&!+5&&O!'J5!,6'J%1&5,!/5#T-*/!'*&!
#*'+6&5R!D+!-,!+6&!%-/6+&,+!'(!+'J26&,!#*1!M&+!-+!-,!&*'J/6
+'!9&-/6+!:&!+'!+6&!&#5+6R
!7*1!('5!#!:':&*+O!D!J*1&5,+#*1!+6#+!D!6#K&!(5-&*1,!'*!+6-,!%'*&%M!4#+6O!+6#+!
,':&+-:&,!M'J5!4%#2&!-,!*'+!,':&+6-*/!M'J!(-*1O!$J+
,':&+6-*/!M'J!6#K&!96&*!M'J!*&&1!-+R
!"6&!9-*1!4-28,!J4R!D+!,&*1,!+6&!%&#K&,!,2J55M-*/!('5!2'K&5!J*+-%!#!,'(+&5!$5&&T&!
$%'9,!+65'J/6O!,&++%-*/!+6&:!1'9*!#/#-*!#,!-(!+'
,#MO!F666O!+6&5&O!+6&5&O!-+S,!#%%!5-/6+R!<*&!%&#(!,+-%%!1#*2&,!-*!+6&!#-5R!D+!
,4-*,!6-/6&5!#*1!6-/6&5O!1&(M-*/!/5#K-+M!#*1!%'/-2O!,+5&+26-*/
('5!,':&+6-*/!VJ,+!'J+!'(!5&#26R!D+!,6#%%!6#K&!+'!(#%%O!'(!2'J5,&R!3K&*+J#%%MR!LJ+!
('5!*'9O!D!6'%1!:M!$5&#+6O!9-%%-*/!-+!+'!8&&4!/'-*/O
+#8-*/!2':('5+!-*!-+,!,+5J//%&R
!7*'+6&5!/J,+!$%'9,R!"6&!%&#(!-,!2#55-&1!+'9#51!+6&!6'5-T'*!'*!+6&!9-*1S,!4'9&5(J%!
9-*/,R!D!9#+26!+-%%!-+!$&2':&,!#!%-*&!#*1!+6&*!#
,4&28R!D!9#+26!J*+-%!D!2#*S+!,&&!#*M+6-*/O!J*+-%!+6&!4#+6!-+!6#,!+5#K&%&1!-,!
&5#,&1!$M!#!,J11&*!(%J55M!'(!*&9!%&#K&,R
!7L<?"!"@3!7?"@<;
!=DLL7!L;7HS,!+9'!*'K&%,O!7!>5&#+!#*1!"&55-$%&!L&#J+M!#*1!;&$&%!7*/&%,O!$'+6!
$&2#:&!A&9!H'58!"-:&,!$&,+,&%%&5,R!F6&!%-8&,!,#M-*/!+6#+O
&,4&2-#%%M!'*!$#1!6#-5!1#M,R!F6&!%-K&,!-*!L5''8%M*O!A&9!H'58O!9-+6!6&5!6J,$#*1O!
+6&-5!,'*O!#*1!+6&-5!2#+R!B6&*!,6&S,!*'+!95-+-*/O!,6&S,!'(+&*
+6-*8-*/!#$'J+!95-+-*/O!96-26!2#*!$&!#!45'$%&:!'*!+6&!,J$9#M!,+#-5,R!F6&S1!%'K&!-+!
-(!M'J!15'4!$M!6&5!B&$!,-+&W999R%-$$#$5#KR2':!R!LJ+
,6&!J*1&5,+#*1,!-(!M'JS5&!$J,MR
!
!;370DA>!>;<?.
!cJ&,+-'*,!('5!0-,2J,,-'*
!]R!!>&::#!6#,!/5'9*!J4!-*!:#*M!9#M,!,-*2&!+6&!$&/-**-*/!26#4+&5!'(!7!>5&#+!#*1!
"&55-$%&!L&#J+MR!B6#+!1'!M'J!+6-*8
9#,!+6&!:',+!-*(%J&*+-#%!(#2+'5!-*!6&5!/5'9+6\!@'9!9'J%1!M'J!6#K&!6#*1%&1!+6&!:#*M!
26#%%&*/&,!,6&!6#,!(#2&1\
!dR!!@'9!1'&,!'4&*-*/!+6&!$''8!9-+6!P#5+-8S,!4'-*+!'(!K-&9!:'1-(M!+6&!5&#1&5S,!
'4-*-'*!'(!6-,!26#5#2+&5\!P#5+-8!-,!2#J/6+
$&+9&&*!#!5'28!#*1!#!6#51!4%#2&O!('52&1!+'!26'',&!$&+9&&*!+6&!$5'+6&56''1!6&!6#,!
#%9#M,!8*'9*!#*1!#*!J*2&5+#-*!'J+2':&
9-+6!>&::#R!D(!M'J!9&5&!P#5+-8O!9'J%1!M'J!:#8&!+6&!,#:&!26'-2&,!6&!1'&,\!B6M!'5!
96M!*'+\
!kR!!>&::#!-,!#*!'546#*!'(!,'5+,!6&5!:'+6&5!-,!1&#1O!#*1!6&5!(#+6&5!-,!%',+!+'!6&5!
$&2#J,&!'(!6-,!'4-J:!#11-2+-'*R
B6-26!9'J%1!$&!:'5&!26#%%&*/-*/!+'!$&!#*!#2+J#%!'546#*O!#,!7**!-,O!'5!#!K-5+J#%!
'546#*O!%-8&!>&::#\
!gR!!"6&!XJ&,+-'*!'(!&K-%!#*1!96#+!-,!5-/6+!'5!95'*/!%-&,!#+!+6&!6&#5+!'(!>&::#S,!
,+'5MR!<*!4#/&!d^_!'(!;&$&%!7*/&%,O
Q-,,!Q''5&!#,8,!>&::#O!C&%-2-+MO!#*1!7**O!YB6#+!-(!&K-%!1'&,*S+!5&#%%M!&Z-,+\!B6#+!
-(!&K-%!-,!,':&+6-*/!15&#:&1!J4!$M!:#*O
#*1!+6&5&!-,!*'+6-*/!+'!,+5J//%&!#/#-*,+!&Z2&4+!'J5!'9*!%-:-+#+-'*,\!"6&!2'*,+#*+!
$#++%&!$&+9&&*!'J5!9-%%O!'J5!1&,-5&,O!#*1
'J5!26'-2&,\Y!B6#+!-,!,6&!,J//&,+-*/\!@'9!1'!6&5!%#+&5!#2+-'*,!2'J*+&5!+6&,&!
XJ&,+-'*,!'5!1'!+6&M\!@'9!1'!+6&!/-5%,
-*+&545&+!Q-,,!Q''5&S,!%&,,'*!-*!%-/6+!'(!96#+!+6&MSK&!%&#5*&1!-*!+6&!5&#%:,O!#*1!
96#+!+6&M!8*'9!%-&,!#6&#1!'(!+6&:\
!aR!!>&::#O!C&%-2-+MO!.-44#O!#*1!7**!&#26!6#K&!+6&-5!,6#5&!'(!,&25&+,!,':&!8&4+!
(5':!&#26!'+6&5O!#*1!:#*M!:'5&!8&4+
(5':!+6',&!#5'J*1!+6&:R!B6#+!1'&,!>&::#!:&#*!96&*!,6&!#,8,O!YB6M!-,!-+!+6#+!,':&!
,&25&+,!2#*!15'9*!M'J!96-%&!,':&
4J%%!M'J!2%',&!+'!'+6&5,!-*!#!9#M!M'J!*&K&5!9#*+!+'!%',&\Y!l4#/&!g]]mR!B6-26!
,&25&+,!2'J%1!15'9*!+6&!/-5%,\
!fR!!!L&+6%&:!;'M#%!@',4-+#%O!8*'9*!#,!L&1%#:O!9#,!#*!-*,#*&!#,M%J:R!@'9!1'&,!
2'*+&:4'5#5M!,'2-&+M!1-((&5!(5':
E-2+'5-#*!,'2-&+M!-*!-+,!+5&#+:&*+!'(!4#+-&*+,!9-+6!4,M26-#+5-2!1-,'51&5,\!@'9!
9'J%1!,':&'*&!%-8&!A&%%!@#98-*,!$&!+5&#+&1
+'1#M\
!^R!!"':!#*1!>&::#!9'58!+'/&+6&5!+'!6-1&!+6&-5!(#+6&5S,!#11-2+-'*!-*!'51&5!+'!
45'+&2+!+6&-5!(#:-%MS,!5&4J+#+-'*R!0'&,!"':
*'9!2'*,-1&5!6-,!,-,+&5!6-,!&XJ#%\!<5!9-%%!6&!2'*+-*J&!+'!K-&9!6&5!#22'51-*/!+'!
+6&!2'*K&*+-'*,!'(!E-2+'5-#*!,'2-&+M\!@'9!1'
M'J!+6-*8!F-:'*!Q-11%&+'*!9'J%1!(&&%!#$'J+!>&::#S,!K-,-+!+'!+6&!'4-J:!1&*\
!_R!!B6#+!1'&,!>&::#!:&#*!96&*!,6&!,#M,O!YD!$-*1!+6&!:#/-2!-*!+6&!*#:&!'(!#%%!96'!
,6#%%!,6#5&!+6&!4'9&5!'*&!1#MR!C'5
D!#:!+6&!"&:4%&U!+6&!:#/-2!%-K&,!-*!:&Y!l4#/&!ad`m\!B6#+!$J51&*,!1'!M'J!&Z4&2+!
+6-,!4',-+-'*!9-%%!4%#2&!'*!6&5!-*!+6&
(J+J5&!!$J51&*,!%#-1!'*!6&5!$M!6&5!(5-&*1,O!#,!9&%%!#,!$M!+6&!'+6&5!25&#+J5&,!'(!
+6&!5&#%:,!96'!9#*+!+'!,6#5&!+6&!4'9&5\
!`R!!<*!4#/&!k`gO!C&%-2-+M!+&%%,!>&::#O!YD!6#+&!-+!96&*!M'JS5&!+6-,!9#MR!F':&1#MO!
D!,6#%%!6#K&!:M!'9*!4'9&5O!#*1!+6&*!D
9-%%!&*+&5!+6&!5&#%:,!#*M!+-:&!D!4%&#,&RY!B6#+!+M4&!'(!4'9&5!-,!C&%-2-+M!%''8-*/!
('5\!0'&,!,6&!6#K&!#*M!5&#%!4'9&5!#%5&#1M\
@'9!2#*!,6&!#26-&K&!+6&!4'9&5!,6&!,&&8,\
!]eR!!>&::#!#*1!P#5+-8S,!2':4%-2#+&1!5&%#+-'*,6-4!-*!;&$&%!7*/&%,!$5-*/,!J4!#!
1-,2J,,-'*!'(!2#,+&!l4#/&!kâmR!P#5+-8
$&%-&K&,!+6#+!(#+&!1&+&5:-*&,!'*&S,!2#,+&O!96-%&!>&::#!XJ&,+-'*,!96&+6&5!'*&S,!
26'-2&,!2#*!26#*/&!'*&S,!(#+&O!#*1
+6&5&('5&!'*&S,!2#,+&R!B6-26!1'!M'J!+6-*8!1&+&5:-*&,!2#,+&!(#+&!'5!26'-2&\!D,!-+!
4',,-$%&!+'!26#*/&!M'J5!2#,+&\!D,!+6&5&!#
1-((&5&*2&!$&+9&&*!2#,+&!#*1!2%#,,\
!]]R!!3#26!+&#26&5!#+!F4&*2&!72#1&:M!'((&5,!>&::#!#!*&9!9'5%1R!Q5,R!A-/6+9-*/!
45&,&*+,!#!9'5%1!-*!96-26!M'J*/!/-5%,
#5&!/5'':&1!+'!+#8&!+6&-5!45'4&5!4%#2&!-*!,'2-&+MR!Q-,,!Q2)%&&+6MS,!9'5%1!9'J%1!
5&,+'5&!+6&!4'9&5!#*1!/5#*1&J5!'(!+6&
<51&5R!7*1!Q-,,!Q''5&!'((&5,!#!9'5%1!+6#+!5&V&2+,!$'+6!+6&!,'2-#%!*'5:,!Q5,R!
A-/6+9-*/!+&#26&,!#*1!+6&!<51&5S,!%#9,!#,!+'
+6&!4'9&5!'(!+6&!5&#%:,R!B6M!1'&,!>&::#!5&V&2+!#%%!+65&&!'(!+6&,&!9'5%1,\!B6#+!
+M4&!'(!9'5%1!1'&,!,6&!&Z4&2+!'5!6'4&!+'
$J-%1!9-+6!6&5!(5-&*1,O!J,-*/!+6&!4'9&5!'(!+6&!5&#%:,\!0'!M'J!+6-*8!+6#+!+M4&!'(!
9'5%1!9-%%!$&!,J22&,,(J%!'5!&K&*!4',,-$%&\
B6M!'5!96M!*'+\
!]R!!7,!.-44#!(%&&,!('5!+6&!B-*+&5%#*1,O!>&::#!+6-*8,OYF':&1#MO!9&!9-%%!:&&+!
#/#-*O!*'+!#,!(5-&*1,O!$J+!#,!&*&:-&,Y
l4#/&!akemR!B6#+!1'!M'J!+6-*8!>&::#!&Z4&2+,!+'!6#44&*\
!dR!!D(!M'J!2'J%1!,-+!1'9*!('5!#*!6'J5!9-+6!=-$$#!L5#MO!96#+!9'J%1!M'J!#,8!6&5!+'!
-*2%J1&!-*!+6&!+6-51!$''8!#$'J+
>&::#\!B6-26!26#5#2+&5,!9'J%1!M'J!%-8&!6&5!+'!$5-*/!$#28O!#*1!96M\!F6'J%1!>&::#!
$&2':&!5':#*+-2#%%M!-*K'%K&1!9-+6
P#5+-8!'5!*'+\
!!
!C#+&!K&5,J,!1&,+-*MR!B6'!8*'9,\!"6&!J*-K&5,&!-,!K#,+!#*1!+6&5&!#5&!:#*M!9'*1&5(J%!
:M,+&5-&,O!#*1!DO!4&5,'*#%%MO!#:!2':('5+#$%&!9-+6
+6#+R!LJ+!D!+6-*8!M'J!6#K&!+'!$&!#*!#2+-K&!4#5+-2-4#*+!-*!M'J5!%-(&O!#*1!+6#+!
:&#*,!:#8-*/!26'-2&,!+6#+!(&&%!5-/6+!9-+6!96'!M'J!#5&!#*1!96#+
M'J!$&%-&K&R!DS:!#!$-/!$&%-&K&5!-*!,6#4-*/!M'J5!'9*!%-(&!+'!+6&!&Z+&*+!+6#+!M'J!
2#*R!7*1O!6&MO!-(!M'J!9#*+!+'!,4%-+!+6&!1-((&5&*2&O!M'J!2#*
#%9#M,!,J$,25-$&!+'!26#',!+6&'5MO!-*!96-26!&K&5M!26'-2&!'5!2-52J:,+#*2&!#((&2+,!
,':&+6-*/!&%,&!#!$J++&5(%M!(%#4,!-+,!9-*/,!-*!F'J+6
7:&5-2#O!#*1!)6-2#/'!/&+,!,*'9!#*1!,'!&K&5M!26'-2&!$&2':&,!#!,'5+!'(!(#+&O!#,!D!
J*1&5,+#*1!-+R!"6&'5&+-2#%!46M,-2,R!B6#+!#!8-28R!"#%8
#:'*/,+!M'J5,&%K&,R
!cW!"6&!&*1!'(!;&$&%!7*/&%,!%&#K&,!J,!9-+6!#!,&*,&!+6#+!+6&!+6-51!$''8!9-%%!1&4-2+!
#!(-&52&!,+5J//%&!('5!4'9&5R!@#K&!#*M!'(!+6&
26#5#2+&5,!$&2':&!:'5&!'5!%&,,!4'9&5(J%!+6#*!M'J!'5-/-*#%%M!-:#/-*&1!+6&:\!C'5!
,':&!'(!+6&!26#5#2+&5,O!-+S,!+6&!*#+J5&!'(
+6&-5!4'9&5!+6#+!6#,!26#*/&1R!<J+!'(!#%%!+6&!,+5J//%&,!('5!4'9&5!M'J!45&,&*+!-*!
+6&!,+'5MO!96-26!1'!M'J!+6-*8!-,!+6&!:',+
-:4'5+#*+\
!7WF&%(I8*'9%&1/&!-,!+6&!:',+!-:4'5+#*+!,+5J//%&O!#*1!-+!-,!#!V'J5*&M!+6#+!*&K&5!
&*1,R!"6&!:'5&!M'J!2#*!J*1&5,+#*1!M'J5,&%(!l+6&!/''1O
+6&!$#1O!+6&!J/%MmO!+6&!:'5&!M'J!J*1&5,+#*1!6J:#*!*#+J5&!+6&!:'5&!&:4#+6&+-2!#*1!
2':4#,,-'*#+&!M'J!$&2':&O!#*1O!+6'J/6!-+!,'J*1,
4#5#1'Z-2#%O!+6&!%&,,!,&%(I,#25-(-2-*/R
!QM!6'4&!-,!+6#+!&#26!'(!+6&!26#5#2+&5,!2':&,!+'!#!/5&#+&5!J*1&5,+#*1-*/!'(!
6&5,&%(!'5!6-:,&%(O!-*!+6&!2#,&!'(!P#5+-8R!D(!M'J!(&&%!M'J
6#K&!#!K'-2&O!-(!M'J!1'*S+!(&&%!4'9&5%&,,O!M'JS5&!%&,,!%-8&%M!+'!#2+!'J+!-*!
(5J,+5#+-'*!#*1!5#/&!#*1!6'4&%&,,*&,,R!H'JS5&!%-8&%M!+'!(&&%!%&,,
+65&#+&*&1!#*1!:'5&!9-%%-*/!+'!%-,+&*!+'!'+6&5!4&'4%&S,!K'-2&,!#,!9&%%R!7*1!+6#+O!
:M!(5-&*1O!9'J%1*S+!:#8&!+6&!9'5%1!#!4&5(&2+!4%#2&O!$J+!-+S,
#!1&2&*+!4%#2&!+'!,+#5+R
!cW!B6#+!-,!+6&!:',+!5&9#51-*/!4#5+!'(!$&-*/!#!,J22&,,(J%!#J+6'5\!B6#+!-,!+6&!:',+!
26#%%&*/-*/\
!7W<6O!+6#+!25#TM!4#4#5#TT'!1'//-*/!:M!&K&5M!,+&4R!B6#+!#!4#-*R!D(!D!,&&!'*&!:'5&!
4-2+J5&!'(!:&!-*!'K&5,-T&1!,J*/%#,,&,O!2#55M-*/!#
,:#%%!1'/!-*!#!%#5/&!4J5,&!96-%&!15-*8-*/!'J+!'(!#*!&Z+5#I,+5&*/+6!F+#5$J28,!2J4!
*&Z+!+'!:M!>5&&8I,6-44-*/I:#/*#+&!$'M!1J!V'J5R!R!R!'6O
9#-+R!"6#+S,!*'+!#2+J#%%M!:&R!F'55MR!QM!$#1R
!DS:!+&:4+&1!+'!,#M!l#m!D+S,!+6&!95-+-*/!#*1!l$m!D+S,!+6&!95-+-*/R!D+S,!/5&#+!+6#+!
D!/&+!+'!1'!96#+!D!%'K&!('5!#!%-K-*/R!;&#%%MO!D!4-*26!:M,&%(
1#-%MR!"6&!,J22&,,!'(!7!>5&#+!#*1!"&55-$%&!L&#J+M!#*1!;&$&%!7*/&%,!6#,!/-K&*!:&!#!
,:-1/&!:'5&!2'*(-1&*2&!#$'J+!+6&!95-+-*/O!%-8&O!Y@&MO
9'9O!+6&5&!:J,+!$&!#!%'+!'(!9&-51!4&'4%&!'J+!+6&5&!$&,-1&,!:&b!)''%bY!7*1!D!%'K&!
-+!96&*!D!6&#5!(5':!4&'4%&!96'!,#M!+6&M!&*V'M&1!+6&
$''8,!#*1!+6#+!-+!:#1&!+6&:!9#*+!+'!95-+&R!"6&!26#%%&*/&,!#5&!+6&!,#:&O!96&+6&5!
M'JSK&!,'%1!'*&!$''8!'5!'*&!:-%%-'*R!H'JSK&!,+-%%!/'+!+'
/&+!+6&!5-/6+!9'51,!1'9*!'*!4#4&5R!"6&!%#28!'(!+-:&!-,!#!+'J/6-&R!D!(&&%!+&55-$%&!
96&*!D!2#*S+!4&5,'*#%%M!5&,4'*1!+'!&K&5M!4',+!'*!:M!%-K&
V'J5*#%O!$&2#J,&!,':&$'1M!+''8!+6&!+-:&!+'!4',+!,':&+6-*/!+6&5&O!#*1!D!9#*+!+6&:!
+'!8*'9!+6&MSK&!$&&*!6&#51R!lD!1'!5&#1!&K&5M+6-*/Rm
LJ+!-+S,!/&++-*/!-*25&#,-*/%M!1-((-2J%+!+'!1'!+6#+!#*1!,+-%%!95-+&!#*1!:&&+!+6&!
'+6&5!1&:#*1,!'(!$'+6!+6&!2#5&&5!#*1!:M!4&5,'*#%!%-(&R!F'
+6#+S,!#!$J::&5!+'!:&R!F'O!M&#6O!+-:&R!D(!D!2'J%1!/-K&!J4!,%&&4O!DS1!/&+!,'!:J26!
1'*&R!<6O!+6#+S,!#!$-/!%-&R!DS1!VJ,+!6#K&!%'+,!'(!J,&%&,,
45'1J2+,!'51&5&1!(5':!-*(':&52-#%,!#+!kWee!#R:R
!cW!7,!+6&!5&#1&5!9#+26&,!>&::#!/5'9!J4!#*1!(#2&!:#*M!26#%%&*/&,O!-+S,!2%&#5!+6#+!
,6&S,!+6&!+M4&!'(!/-5%!96'!9'*S+!%&+!,'2-#%
*'5:,!#*1!&Z4&2+#+-'*,!,+#*1!-*!6&5!9#M!,6&!4%#M,!$M!6&5!'9*!5J%&,R!0'!M'J!+6-*8!
,'2-&+M!+'1#M!,+-%%!6#,!&Z4&2+#+-'*,!'(
/-5%,!+6#+!#-:!+'!%-:-+!+6&:\!@'9!9'J%1!M'J!#1K-,&!/-5%,!+'1#M!'*!#22&4+-*/!'5!
5&V&2+-*/!,'2-#%!,+#*1#51,\
!7WD!1&(-*-+&%M!+6-*8!+6&5&!#5&!,+-%%!,J26!&Z4&2+#+-'*,R!7!:#*!96'!/&+,!#5'J*1!-,!
2#%%&1!#!4%#M$'MU!#!9':#*!96'!1'&,!+6#+!-,!2#%%&1!#!,%J+R
7!:#*!96'!:#8&,!6-,!'9*!5J%&,!-,!2#%%&1!#!:#K&5-28U!#!9':#*!-,!J,J#%%M!2#%%&1!
1-((-2J%+R!B6&*!:&*!(-/6+O!-+S,!#!+65'91'9*U!96&*!9':&*
1'O!-+S,!#!2#+(-/6+R!D!5&:&:$&5!5&#1-*/!,':&!#5+-2%&!#$'J+!#!:'1&%!(5':!L5#T-%O!
#*1!+6&!4#4&5!5&(&55&1!+'!#*'+6&5!:'1&%!(5':!L5#T-%!#,!6&5
5-K#%R!7*1!D!+6'J/6+O!@:::O!9'J%1*S+!,6&!$&!6&5!2'%%&#/J&!'5!(&%%'9!:'1&%!'5!
2'J*+5M9':#*\!B6M!Y5-K#%Y\!B'51,!2#*!,6#4&!'J5!5&#%-+MR!D+
6&%4,!+'!$&!#9#5&!'(!+6#+R
!D!+6-*8!+6&5&!-,!,+-%%!#!(&#5!'(!+6&!,+5'*/!9':#*!-*!+6-,!2J%+J5&O!#*1!+6#+!-,!
96M!9&!#5&!,&&-*/!+6-,!-*,-1-'J,!2J%+J5#%!,6-(+!#9#M!(5':
:#*M!'(!+6&!,+5-1&,!+'9#51!-*1&4&*1&*2&!#*1!&XJ#%-+M!+6#+!6#K&!$&&*!:#1&!-*!+6&!
4#,+!+6-5+M!M&#5,R!D!+6-*8!+6&5&!-,!#!6J/&O!6J/&
&:46#,-,!'*!%''8,!+'1#M!+6#+!-,!VJ,+!2':4%&+&%M!J*5&#%-,+-2!#*1!%-:-+,!/-5%,R!lA'+!
+6#+!2'5,&+,!9&5&!#!5&#%-,+-2!,+#*1#51!'(!$&#J+MO
&-+6&5!R!R!Rm!)#%%!:&!9#28MO!$J+!D!+6-*8!-+S,!:J26!6&#%+6-&5!#*1!&:4'9&5-*/!+'!$&!
#$%&!+'!5J*!'5!,-*/!'5!4%#M!,'22&5!'5!1'!+6&#+&5!'5!:#8&
!#5+!'5!5&#1!#*1!+6-*8!+6#*!-+!-,!+'!$&!#$%&!+'!(-+!-*+'!#!,-T&!eR!7*1!-(!M'J!2#*!
(-+!-*+'!#!,-T&!eO!1'&,!+6#+!:&#*!M'J!2&#,&!+'!&Z-,+\!NJ,+
9'*1&5-*/R
!"6&,&!%-:-+#+-'*,!#5&!5&-*('52&1!$M!'J5!2J%+J5&O!$J+!9&O!#,!9':&*O!#%,'!4%#M!
#%'*/R!7*1!-+!9'J%1!$&!/''1!('5!J,!+'!,+'4!1'-*/!+6#+O!+'
,+'4!+6#+!5&%&*+%&,,!2':4#5-,'*!#*1!,&%(I(%#/&%%#+-'*!#*1!,+#5+!&*V'M-*/!96'!9&!
#5&!#*1!96#+!9&!$5-*/!+'!+6&!+#$%&R!D!5&:&:$&5!5&#1-*/!#
XJ'+&!,':&96&5&!+6#+!,#-1O!Y@'9!:J26!:'5&!2'J%1!9':&*!#22':4%-,6!-(!+6&M!1-1*S+!
,4&*1!,'!:J26!+-:&!+5M-*/!+'!(-Z!+6&:,&%K&,\Y!"6#+
5&#%%M!:#1&!:&!,+'4!#*1!+6-*8R!D!+6-*8!9&!*&&1!+'!,+'4!'4&5#+-*/!#,!-(!+6&5&!-,!
,':&+6-*/!95'*/!9-+6!J,O!#,!-(!96#+!9&!6#K&!+'!,#M!*&&1,
+'!$&!45&(#2&1!$M!Y?:Y!'5!YDS:!,'55MY!'5!Y"6-,!-,!45'$#$%M!,+J4-1!$J+Y!'5!,':&!
'+6&5!9'51,!+6#+!2'::J*-2#+&!'J5!%#28!'(!(#-+6!-*!'J5!'9*
4'9&5R!<9*!-+O!:#*R!D+S,!#%%!M'J!#*1!-+S,!#%%!/''1R!7*1!-(!M'J!(-*1!'J+!M'JS5&!
95'*/O!9&%%O!,'!96#+\!<9*!+6#+O!+''R!LJ+!D!+6-*8!M'J!(-5,+!6#K&
+'!/&+!2':('5+#$%&!9-+6!+6&!-1&#!+6#+!96&*!M'J!/'!M'J5!'9*!9#MO!4&'4%&!:#M!1-,%-8&!
M'J!('5!-+R!7*1!M'J!6#K&!+'!$&!#$%&!+'!+'%&5#+&!+6#+R
!cW!0&,25-$&!,-Z+&&*IM&#5I'%1!=-$$#!-*!(-K&!9'51,!'5!465#,&,O!#*1!+6&*!1&,25-$&!
M'J5,&%(!+'1#MR!B6#+!6#,!26#*/&1!+6#+!M'J!:-,,\
B6#+!#1K-2&!9'J%1!M'J!'((&5!,-Z+&&*IM&#5I'%1!=-$$#O!#*1!96#+!9'J%1!M'J!%-8&!+'!$&!
5&:-*1&1!'(!:'5&!'(+&*!$M!+6#+!K&5,-'*!'(
M'J5,&%(\
!7W!D,!+6-,!+6&!4#5+!'(!+6&!-*+&5K-&9!96&5&!M'J!:#8&!+6&!#J+6'5!/&+!#%%!:-,+M\!C'5!
5&#%O!2#*!M'J!'((&5!:&!#!:J((-*!#*1!#!+-,,J&\!B'9O!+6-,
-,!K&5M!<45#6!'(!M'JR
!"6&!,-Z+&&*IM&#5I'%1!=-$$#!9#,!T#*MO!-:4J%,-K&O!,#52#,+-2O!-*,&2J5&O!#*1!K&5M!
XJ-28!+'!4%#M!+6&!2%'9*!-*!'51&5!+'!1&(%&2+!&:'+-'*R!l7%,'O!D
9#,!6'4&%&,,!-*!+6&!1#+-*/!1&4#5+:&*+R!"6#+O!'(!2'J5,&O!9'J%1!$&!,-Z!9'51,!'5!
465#,&,O!*'+!(-K&R!LJ+!VJ,+!,'!M'J!8*'9Rm!"'1#MO!D!9'J%1!,#M
+6#+!D!#:!9-++MO!2':4#,,-'*#+&O!:'5&!&*/#/&1!-*!5&#%!%-(&O!#*1!:J26!:'5&!
2':('5+#$%&!9-+6!:M,&%(!#*1!9-+6!96#+&K&5!%-(&!+65'9,!:M!9#MR
D!1'*S+!+5M!+'!Y+#8&!#9#MY!J*2':('5+#$%&!(&&%-*/,R!D!,+-%%!/&+!+6&!J5/&O!%-8&!
>&::#O!+'!(-Z!+6-*/,O!+'!:#8&!+6&:!#%%!$&++&5O!$J+!DS:!$&++&5
#$%&!+'!,&&!-+!('5!96#+!-+!-,!#*1!%&+!-+!/'R!D!:-,,!+6&!25#TMO!5':#*+-2!15&#:&5!
#,4&2+!'(!:M!,-Z+&&*IM&#5I'%1!,&%(O!#*1O!M&#6O!'8#MO!,':&+-:&,
D!:-,,!+6&!(&#5%&,,!9-%1!26-%1!4#5+!'(!:&R!lF6&S,!,+-%%!+6&5&U!,6&S,!VJ,+!*'+!
XJ-+&!#,!5&28%&,,R!7*1!,6&!*'!%'*/&5!+5-&,!+'!2J+!6&5!'9*!6#-5Rm!7,
('5!#1K-2&!$&,-1&,!1'*S+!1'!#!6':&!4&5:!+65&&!1#M,!$&('5&!+6&!VJ*-'5!45':!DS1!9#*+!
+'!+&%%!+6&!,-Z+&&*IM&#5I'%1!:&!+'!'9*!6&5!4'9&5!#
$-+!:'5&O!+'!$&%-&K&!-*!6&5,&%(O!+'!,&&!%'+,!'(!$#*1,O!8-,,!:'5&!$'M,O!,+J1M!('5!
+6&!F7"O!,4&*1!:'5&!+-:&!9-+6!0#1!$&2#J,&!6&!9'*S+!$&
#5'J*1!('5&K&5O!$&!6'*&,+O!5'#1I+5-4O!:#8&!#5+O!$JM!+6&!$#,,!#*1!+6&!#:4!(5':!
0#K-1O!%&#5*!C5&*26O!5&#1!&K&5M+6-*/O!,+#5+!#!$#*1O!%-,+&*
2%',&%M!+'!M'J5!$&,+!(5-&*1,!$&2#J,&!+6&M!9-%%!$&!M'J5!(5-&*1,!('5!+6&!5&,+!'(!
M'J5!%-(&O!8&&4!+#4I1#*2-*/O!,+'4!:#8-*/!'+6&5!4&'4%&!6#44M!#+
M'J5!'9*!&Z4&*,&O!(%',,O!1'*S+!+5J,+!N&#**-&!96&*!,6&!,#M,!,6&!8*'9,!96&5&!,6&S,!
/'-*/!#*1!M'J5!:':!9-%%!*&K&5!(-*1!'J+O!/'!$#28,+#/&O
,-*/!'J+O!9&#5!M'J5!,&#+!$&%+O!K-,-+!M'J5!/5#*14#5&*+,!#*1!#,8!+6&:!+'!+&%%!+6&-5!
,+'5-&,!#/#-*O!B37;!F?AF);33AbbbO!$J5*!+6&!%&'4#51I45-*+
'*&I4-&2&O!1-++'!+6&!0&K'I-*,4-5&1!VJ:4,J-+!#*1!+6&!5'28!,+#5!6&#1$#*1O!+&%%!Q':!
M'J!9'J%1!5#+6&5!/*#9!+65'J/6!M'J5!'9*!&*+5#-%,!+6#*
9&#5!#*!J%+5#I45&44M!1-5*1%!,8-5+!'*!3#,+&5O!,+'4!9'55M-*/!#$'J+!M'J5!6#-5!l-+S,!
(-*&mO!8*'9!+6#+!]a]I45''(!5J:!-,!*'+!M'J5!(5-&*1O!+&%%!B-%%#
Q#&!LJ5%#/&!+6#*8!M'JO!1'*S+!5J*!+65'J/6!+6&!4#-*O!XJ-+!+6&!F'*-2!V'$O!&#+!
&K&5M+6-*/O!&*V'M!+6&!(-5&(%-&,O!5-1&!M'J5!$-8&O!%&#5*!+'
,8#+&$'#51O!+&%%!+6&!:&#*!/-5%,!+'!,6'K&!-+O!/'!%''8-*/!('5!+6&!@'/!Q#*O!/'!+'!
3J5'4&O!/'!('5!$5'8&O!-/*'5&!+6-,!#1K-2&R
!DS1!%-8&!+'!$&!5&:-*1&1!'(!#%%!'(!+6#+!,+J((!&K&5M!1#MR!C'5+J*#+&%MO!&K&5M!+-:&!D!
95-+&O!D!#:R
!cW!B6#+!(-K&!4&'4%&O!%-K-*/!'5!1&#1O!9'J%1!M'J!%-8&!+'!,6#5&!#!:&#%!9-+6\
!7W"6#+S,!#,,J:-*/!+6#+!+6&!1&#1!4&'4%&!1'*S+!,:&%%O!5-/6+\!S)#J,&!+6#+!2'J%1!4J+!
M'J!'((!+6&!(-,6!2'J5,&!45'*+'R!@:::O!(-K&!4&'4%&R
<*%M!(-K&\!F-/6R!)#*S+!-+!$&!#!5&#%%M!LD>!1-**&5!4#5+M\!H'J!8*'9O!%-8&O!D!-*K-+&1!
N&,J,!$J+!@&!$5'J/6+!#!/J&,+!#*M9#M!&K&*!+6'J/6!D!+'%1
@-:!*'+!+'O!$&2#J,&!@&S,!/'+!+6-,!96'%&!(-,6&,I#*1I%'#K&,!+6-*/!/'-*/!1'9*R!A'\!
)#*!D!2'J*+!#%%!+6&!:&:$&5,!'(!Q'*+M!.M+6'*!#,!#
2'%%&2+-K&!'*&\!.%&#,&\!<6O!#%%!5-/6+R!D!6&#5!M'JR!C-K&R!3Z2%J1-*/!(5-&*1,!#*1!
(#:-%MO!,'!+6&M!1'*S+!/&+!+-28&1!'((!#+!:&O!6&5&!/'&,W!F+&46&*
F'*16&-:O!Q#58!"9#-*O!Q#%2'%:!GO!.&+&!"'9*,6&*1R!7*1!N&,J,!)65-,+O!$&2#J,&!D!6#K&!
#!(&9!XJ&,+-'*,!DS1!%-8&!2%&#5&1!J4R
!cW!B6#+!-,!-+!#$'J+!95-+-*/!+6#+!8&&4,!M'J!2':-*/!$#28!+'!#!$%#*8!4#/&!+'!25&#+&!
#!*&9!,+'5M\!D(!M'J!9&5&*S+!#!95-+&5O!96#+!9'J%1
M'J!$&\!7*1!2#*!M'J!+&%%!J,!#*M+6-*/!#$'J+!96&5&!>&::#!#*1!6&5!(5-&*1,!9-%%!
K&*+J5&!-*!+6&!(-*#%!$''8!'(!+6&!+5-%'/M\
!7W>5&#+!XJ&,+-'*R!DS:!VJ,+!/%#1!+6#+!95-+-*/!8&&4,!2#%%-*/!+'!:&R!"6&!J5/&!+'!
&Z4%'5&!%-(&!#*1!+6&!6J:#*!2'*1-+-'*O!+'!2'**&2+!9-+6!'+6&5
6J:#*!$&-*/,O!+'!96-,4&5!+5J+6,!-*!+6&-5!&#5,!-,!#!K&5M!4'9&5(J%!+6-*/R!D!95-+&!+'!
&Z4%'5&!#*1!J*1&5,+#*1!:M,&%(O!#*1!-+S,!9'*1&5(J%!96&*
+6#+!&Z4&5-&*2&!#%,'!25&#+&,!,':&+6-*/!:&#*-*/(J%!('5!+6&!5&#1&5R!D(!D!9&5&*S+!#!
95-+&5O!#*1!#,,J:-*/!D!2'J%1!$&!#*M+6-*/O!DS1!45'$#$%M!$&
#!(-%::#8&5O!#!+6&'5&+-2#%!46M,-2-,+O!'5!#!6J:#*-+#5-#*R!7,!('5!96&5&!>&::#!#*1!
2':4#*M!9-%%!/'!*&Z+O!-+S,!#%9#M,!#!:M,+&5M!+'!:&O!#*1
!+6#+S,!#!%#5/&!4#5+!'(!+6&!(J*R!D!2#*S+!9#-+!+'!,&&!96&5&!+6&M!+#8&!:&R
!.J$%-,6&1!$M!0&%#2'5+&!.5&,,
!#*!-:45-*+!'(!;#*1':!@'J,&!)6-%15&*S,!L''8,
!#!1-K-,-'*!'(!;#*1':!@'J,&O!D*2R
!A&9!H'58
!"6-,!-,!#!9'58!'(!(-2+-'*R!A#:&,O!26#5#2+&5,O!4%#2&,O!#*1!-*2-1&*+,!&-+6&5!#5&!
+6&!45'1J2+
'(!+6&!#J+6'5S,!-:#/-*#+-'*!'5!#5&!J,&1!(-2+-+-'J,%MR!7*M!5&,&:$%#*2&!+'!#2+J#%!
4&5,'*,O!%-K-*/!'5
!1&#1O!&K&*+,O!'5!%'2#%&,!-,!&*+-5&%M!2'-*2-1&*+#%R
!"&Z+!2'4M5-/6+!!!deea!$M!Q#5+6#!3R!L5#M
!7%%!5-/6+,!5&,&5K&1R
!0&%#2'5+&!.5&,,!#*1!2'%'46'*!#5&!5&/-,+&5&1!+5#1&:#58,!'(!;#*1':!@'J,&O!D*2R
!999R5#*1':6'J,&R2':[+&&*,
!31J2#+'5,!#*1!%-$5#5-#*,O!('5!#!K#5-&+M!'(!+&#26-*/!+''%,O!K-,-+!J,!#+
999R5#*1':6'J,&R2':[+&#26&5,
!&DFLA!W!`^_IeIkeÎgkkfÎ]
!999R5#*1':6'J,&R2':
!K%R<
7$'J+!+6-,!"-+%&
!"6-,!&L''8!9#,!25&#+&1!J,-*/!;&#1&5B'58,!.J$%-,6&5!dReO!45'1J2&1!$M!<K&505-K&O!
D*2R
!C'5!:'5&!-*('5:#+-'*!#$'J+!;&#1&5B'58,O!4%&#,&!K-,-+!J,!'*!+6&!B&$!
#+999R'K&515-K&R2':[5&#1&59'58,

Rebel Angels

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Rebel Angels

Uploaded by

Copyright:

Available Formats

!!

You might also like