ßàáâãä

©È

嗠—‡Û—Ž “³“æ‡ 
6‰Ë4 98ˆ4
7 Ë9ç

{|}~{|€|}|‚ƒ„…

€4€†€€‡‹ˆŒŽ4‰ 8‰Š 
64 69Š 

69‰4 ˆ‰ ‰
‘’“‡”•–‘—•“
€˜™€€  
š64ˆ4š9 ˆ4›437 640 
ˆˆ64
4

€Çȇ‡
€Ç™‡‡

E 4E š89 46É ‡‹·Ž Ž—‡´—³ŽÊ¢¾‡¥“Ž’Ê“
E6‰4‰ ¶  
6‰4964 ˈ°‰‡‹Ã “Ž’¦“‡ÅŽ“ ‘

{|…ƒÌƒÍ¹

Ç©€€E 4 

9Á9
944ˆ6‰4Eš
69 
6‰‡
‹·¦Î“³Ž—‡¥ ‘¤ŽŽ¾

5œ••“‡žŽŸ“ •¡‡œ—Ž¢‡ž“ŽŽ“•’—‡£‡œ—•¤‡¥‘¦‡§¦¨ —• ‡
€˜©€€ ˆ4
ªˆ6š644ˆ6‰4« 7
š6‰¬4
4
­®9 

4
­®06° ¯‡‹±¦Ÿ“Ž—‡²¦¢“³—
€˜†€€ ˆ4 °6š 644ˆ6‰4
°ˆ6‰‡‹´‘’“Ž³—‡´“Ÿ¦—
€˜µ‡‡ 
ˆˆ69 
6‰4ˆ
Š
š
6‰4 694ˆ4¶64ˆ4¶6‡
‡
‹ž“Ž¦—•‡·’—• “‡žŽ³—Ÿ“
4™˜€€ ˆ4‰¸648 ˆ‡‹ŒŽ‘’“‡”•–‘—•“

ƒ¹ |{¹„‚ƒ~¹„…€Ï|„Ð~€Ñ¹ ƒÐ~

©È€€ˆ4ÒÓÔÕÖÒ×ÔÕ44ˆ ‰4 8ˆ¶ ‰‡‹”¨ ‘¦‘—‡¥—³—£
ƒ¹ |{¹„‚ƒ~¹„…€Ï‚~…~Ø Ùƒ„

©©‡‡ E 4ˆ 4‡‹Ú³¢“Ž‡Å¤¦¦¾

¹„{‚~{º»ƒ‚~

™©€
E64¼½
°9494‰Š 6‰4@9 
6‰‡
‡
‹œ—Ž¢‡ž“ŽŽ“•’—‡·Ž“‘¾“¢“

44™¿‡‡ 3½À4Á 
994ˆ6‰47 ¼
96‰Â‡‹Ã “ŽÄ‡Å—Ɛ•³

01234540647 849
4 4
944194647 4
9423440

0424 
4434 
14 124 
340 1 !
"#$!%&!'()
*#+,-.!! /0 -1023#-!4 !
"#$!%&!'3#-!%&!5!
6!+2
7!"+!+'8%#9)!: 0;0  

"!J 0%0#+$!#%
=+ J 0
-#X%N0%Q*#
"#" 
14 04 
<0
=0!*<+
$ 1
>)!;?0"
&06!
$0
2@A4 1
4 04 
4414B4 340 1C,0*D0$+ ?+ +
2@A4 1
4 04 
3440 013E1F301C: 0 10,-.! ! GH0 0
2@A4 1
4 04 
443 112301CI)J H! &+I! ! +
2@A4 1
4 04 
44B13F32CK*!L0%$ +<#D! 0
32124444E3414 04
0 1C: 010$!*+"M%
>!*!": +0*!"20N)$0%&!': 0 *+%: !L10
32124444E342@A14 
04
0 1441B 301C/ 0
-#!
*0O!4!
$0
013344B13F32444 
3040 1CP!0&#;/+%
;Q*!; 
140 14R40001CK*!L0%$ +S !;'-++ $#%0$+ 2/! 0 $+K*H0 Q%$!K*H02?)0).&SJ +-
K #"&0'7+J Q"T+J 1%>)!;',! >#+5+
N0'8% #9)!$!(!"U": 0 &1%!; 
V2C?0 *+"K-+"&0': #
>)!*?0
H#*$+'(+ >!?0 0"-+'(!")"0?! D0%&!"'0& #-#0TQD#*0'
/*+ #05!&#-#0T10;'M*D0 +T!*>0$+'(+"S/#*W*J +"'K*!L0%
$ +/)&#S !;'(+"ST0%#!*5#;Q 0>0'<0U*
: +%
>!'<#-0 $+<0D!*+'<+
$ #
>+3!0'<+"0*#03! >0 0'(!%0 +3#**0J #*
04 24
V4
234E2C?0J 4!-.!'<+"0,0%&0%02?+*#J 0C!
$ +O0J +02?.#040"'G"01%: 0%$)L0%+2
/ )0%0L)0
&+C3!X
%#-08"
4#%+"02/ )! ! +'8;!9)#!*Y*+ !"?+%& ! 0"2(0*#"-+'Y!
*#4!?+H#Q%2
: #-.+0-Q%'Y 0%-#"-+?0"&!**0%+"2Z)!D+5!X%'5)-#0%+?0J 4+"'K &) +<+$ 1>)!;270H0"-+CK [
J 0%
$+/);J Q%270J 0)*#40"': 0\/0H #!*0I! %Q%$!;23! 0- );'<!>#%0: 0 &1%!;

ƒ¹ |{¹„‚ƒ~¹„…€ÏÙ{„ƒ…

©¿€3 Š64šˆ6° ˆ4‹Û“ܦ—‡¥‘¦‘“—
„¹º…ƒƒ

ÝȀ€Þ8
Ë7 4¶64 Á64‹²‘•‡²Ž••Ž
14 
4 34
0 14 3ECI+
J !+?0J 40'-++ $#%0$+ 2?+ !"
4+%"0*!"CP)!%+"K#!"C,0%&#0>+G>0 &U02
: 0$ #$CK*!L0%$ +/)&#S !;201"CK%%!: 0#!: ! >#! 2] 0".#%>&+%C(\(!"U"8"9)#D!*
0@E4@4 
3CK J 0%
$++%-!'!$#
&+ 2()$#&.KJ 0
$+ 7!**+'(0D#! P!
&0%-+) &'P*0%
-0/+%
;Q
*!;<+"0"'
8"&!*05!6! +Y 0%-+'G"0
H!*5!
6!+'<+"0#+: 0%
;0
%+"',0J )!*: QN%!;?.0J 4#+%'(+ 
>!: )%>)10
8"
4#&#0'(+"S8J #
*#+0-.!
-+'K*H! &+0!
$!"'8$)0 $+,+&+: #**Q%'<0
9)!*7#
H+*'Y*+!%
-!7+)"
"0#%&'
<0=0!*30 >0"'?+*)J H03S 
&#;$!*0Y)!%&!20"#"&!%&!'Z#;0<#D! 0: !$#%02-)*&) 0^ 4 +-!"+\-+J \J _ 
24
V0`0@4
E2C<+H! &++%
-!'-+
+ $#
%0
$+ \!"4!-&0-)*+"^ 4 +-!"+\-+J \J _ 
V2CK*!L0%$ +?0H0**! +'?++ $#%0$+ 2<0U*W-.+0'P!0&#;! !N 0
B4 
4a 3Bb3C: 0 -+K%&+%#+? );'?++ $#%0$+ 2Y+&X> 0=+"C/! J Q%?0%"!
-+': #>)!*T#J 0N)>0'
P!%L0J 1%Y*+!"'W-&0
D#+/XJ !;'8$)0 $+: #0%$020 -.#
D+.#"&X #-+'Y 0%
-#"
-+T0
%#!*20"#"&!%&!' 
K)+07 !
L+20)_#*#0 '3#+*!&0: !*+
3@4c14E13444 
304
0 1M
%>!*,Q%-.!;
3R@4 
34 
444 304
0 1T0
J #Q%3!>0
3`E12412?+*0
H+0
$+!"C(+.%K-d! J 0%'K #!*T+ =J 0%',0H#%0P! J 0%'(!"U"?0%&U'T!%#
"!
T !""! '
: #>)!*M%>!*/ 0%0$+"?.040': 0 &050J 0"'0H*+50
&041,0!'?0 *+": +%
"#
DQ#"'?0 
*+"
: +%
&!
J 0N+ '<0=0!*,!>+D#0'(0
D#! ,#-#
*#0'8%#9)!,!
J +'8 
%!"&+3#**0
%)!D0'(+ >!3+*4#2-0 &+
%#"&0"C
/ 0**)&'I!*>)! 0'I! %Q%$!;'Z00% 

L+'<+-.0
0440@ 301<+
>!*#+Y*+!"'-+
+ $#%0
$+ 2()0%?0 *+"P0*&0;0 '5#
$#0/0 -10'
5!+%-#+<+"0*!"
0 4 040 1 41V a`B103(+ >!/+%
;Q
*!;<0J 1!;'-++ $#
%0
$+ 2,!0
=1%T10;',! >#+T0
%#!*
/+%;Q
*!;'0
& #-#0+"0
$0" 
1424
e  K*!L0%$ +30*$S"f)#'-++ $#%0$+ 2Y! %0%$+?#"%!+"50 #+"'K%&+
%#+Y+)#**+)_TQD#*0'
: 0%)!*Y+)#
**+)_K%0
N0'8 %!"&+/0 -100 0
ghi jkglmnlomglpq
V@4
A E14
0 14 3K%0: 0 10?+ &S"'0$J #%#"&0$+ 0$!D!%&0"28D0M%>!
*!"'<)HS%
P Q!;!L!-)
&#D+"$!
-)!%
&0\7!*\rsts[uvwwxuvyzxuvsu

ut$!J 0N+$!uvzvZ+\zwrz

Ç©

†î

€€Ý˜‡‡  6ª96Š‡‹è“Ž“Î—
€Ý™‡‡ à “—•‡Ÿ“’Ê“•¡‡’—Ž“¾‡’—  —‡
‡

€ÝLJ‡
€Ý©‡‡
€Ý݇‡
€Ý†‡‡

‹6½94 Â43 é7 9
A89 ‰467 ‰4¶6 4‰8‰Š 9
‡‹§¦¢“‡Û¦¦‘’Ž
E ‰4ˆ
69‰44 Ë 
‡‹œ•ê•‡ž“ ê
E 48
94 8Š6
Š 
‡‹·ë¦‡²‘³Ž‘Ä••—
19Šˉ4V찈
6‡‹Ã ‘¢¦‡±¢¦‡¥Ž““³—•‡ží“–“

‚Ñ…Ñ{„

Ýî
‡‡ 06ŠŠ67 4 ˆŠ 4‰6°4«89 467 4‰
ˆ9
6‰ ¬‡
‡
‹œ³‘ í‡·¨ “³—Ž‡Å¦¦—
€†Ý‡‡
‡
‡
‡
‡
‡
‡

Û“•‡³‡’ŽÊ ‘’“
3Š4@9498Á64 6ˆ
69
‰7 64ˆ4 Š47 ¼
96‡
‹ð¦“’“‡¥—¾ï¦¾‡´—•“• 
Š64ñ××òÖóôÓò‡‹”• ¦“‡õöŽ—‡åŽ“’—
0
94@94¶6Š 494ˆ466‡‹œ“Ÿ‘Ž‡ð “’—Ž 
E
°6‰4E 4¶Á‰
944ˆ 48Š6¶À ‡
‹œ—Ž¢‡Ã ¢Ê“‡”•–‘ ‘“ 

4324›4 03013: 0 >0 #&0?0 !X%'>! !%&!7!*\rstsuvst\5)-! +/0 -10'Z+ J 0
3!*Q;9)!;\?#-)*0-#X%C: 0) #-#+<0J 1!;'/#"!*0: 0 !"\7!*\rsts[uvs÷\0"-)0*K-)60'Y! %0%$+ 
+*+'K%$ S"3!*Q;9)!;\,)"- #4-#+%!"C? #"&#%0,0%$+D0*7!*\rsts[uvøv\T!*ù%0?! D0%&!"'5)#"
?+*!&+ 'ú*#"!"$!5!X%\
K78Z?GûZK,ú,?<G7W<8,ü<!40 &+ýC5!%#%<!N!"7!*\rsts[uvsr\()*#+K>)#*0 '(+%0&.0%/0 -10\
mþi lqlÿ0kmglpq140@2242@ 325);: 0 10#%!$0'-++ $#%0$+ 0
21244 32(+ >!,)Q!;'>! !%&!28$)0 $+K*=0 +'P!&;0HS8"&0$0'(0D#! 3!%!>0"
3E4 34
0 34›4V44 
4 @b3: ! 
-!$!"/)! 0'-++ $#
%0
$+02<+
>!*#+30*
$#
D#0 
31 1: #>)!*W*D! 0'3#-&+ <0J 1!;
4lqmqomÿ150434A 14
E14 
3: 010?+%
-!4-#X%K*D00
$+'?. #"&#0%K -+"'<+"0: 0\/0 -10'8$>0 
I! %Q%$!;'Y!
*#4!,)Q!;'<0
9)!*7 !L+704#0
0A3F32,0%$ 0?.0%>4+'L!=02<0U*? ); 
B14
0 14 
324a4 4 34
E24<!$0-
-#X%CY !"0"zt2K$J #
%#"&0-#X%CY !
"0"w'?+*\$!*30**!'vtzvv: S
_#-+'TY
04 
@434 
4a4 4 3E4f0#
%0ú !602rsts[uvvv
B3crsts[uvzy'T#!--#X%2rsts[uvrr',)H$#!--#X%$!G%=+ J 0-#X%2rsts[uvøs'rsts[uvuø'<!$0--#X%\
3e46646Â478974
644 3R44
7
1 4
V421GJ 4 !"+ 07 0%"-+%&#%!%&0*$!: S_#-+2T) 0;%+z'?+*\,0%(+"S$!*0"! #&0"zsvzv
: S_#-+TY\ 
124 
14
A @40 14T\Y\NO+%0: !&+4+*#&0%0Cú%#X%$!8_4!%$!$+ !"N3+-!0$+ !"$!! #X$#-+"$!
: S_#-+'K\?2<!"&+$!*0<!4UH*#-0N5+-0*!"?! 0$+"C)H*#-0-#+%!"?#&!J ',\K\$!?\3\'rtss[vvvv'
3+-!0$+ !")!H*0')!\C(+ >!/\5X4!;: + Q%27!*\÷sw[÷øøv

š94
4¶64 
4‰644
94 
647 4
9 
144 
44B<0U*: +%>!28$#&+ !"C: #>)!*M%>!*3Q;9)!;'(+ >!S !;': 0%)!*<+H*!"'?+%-!4[
-#X%3#**0D! $!20"#"
&!%&!C: 0108*!%0K.!
$+27!*"\Crsts[uvøw'Y0_Crsts[uvvs

|}|‚º‚Ñ…~

†î
‡‡ ˆ40 ç ˆ‰4 9Š
› 98
4‰Š9 4Ó×ÕÔ‡
‡
‹ž—¦¨ ܓ‡Œ¤Ž ‘¾‡³‡¦“‡å 
€¿™€€ ۓ¦“ÜŽ“‡³‡õ’ —Ž
€¿©€€  69642 ¶ 
9‰45ôÔ×ÖÒ ÔòÖ
Ö 

ÖÓÕׇ‹¦¢Ž“‡£‡Žï³¾

312434E24E02
²Ü‘³—‡“‡³‘Ž’‘“•‡’—¨ Ž’‘“¦•‡ Ž‡• Ž“‡’“•“‡³‘ —Ž‘“¦‡£‡¦“‡‘‡³‡
”떍³³—Ž•‡£‡Œ—’“³—Ž•‡³‡¦—•‡ÛŽ‘³‘’—•‡³‡Ã ¤ë‘’—¡‡·ž¡‡•‡–Ž—ܓܦ‡ 
‡³Ž“ ‡“¦¢“•‡•¨ ““•‡¦“‡ŽŸ‘• “‡V6 ‰6‡—‡• ¤‡“‡¦“‡Ÿ “‡‡‡
ê¨ Ž—‡‘³ Ž¨ ‘“³—‡³‡–• —•‡³‡–Ž‘³‘’—•‡³‡¦“‡ž‘³“³‡³‡Ã ¤ë‘’—‡£‡•‡
¾—“‡¨  Ž—–—¦‘ ““‡
”‡ “ —‡•‡Ž•¦Ÿ‡“‡•‘ “’‘‡‡•–Ž“¨ —•‡•“‡–“•“΍Ž“¡‡¦‡
•¨ ““Ž‘—‡–—³Žï‡“³‘Ž‘Ž•‡‡¦“•‡ ‘³“•‡ “Ü—Ž•¡‡‡¦“•‡’“³“•‡³‡
“ —•ŽŸ‘’‘—¡‡‡¦“•‡ ‘³“•‡³–“Ž “¨  “¦•‡£‡‡Ž• “Ž“ •‡£‡’“ ŽÊ“•‡ 
‡³‘•–—‡³‡¾—“•‡³‡Ÿ “‡³‡ŽŸ‘• “•‡£‡–Ž‘³‘’—•‡”• “Žï‡³‘•–—‘ܦ‡
 “¨ ܑ¤‡‡¦—•‡–• —•‡³‡¦—•‡Ÿ—’“³—Ž•‡‡—‡“’– ‡¦“•‡‘¨ –—•‘’‘—•‡
³‡••‡³‘Ž‘¢ •
·¢Ž“³’¨ —•‡¦“‡’—¨ –Ž•‘‡³‡‘•‡—•‡“Ÿ—Ž’‡’—‡•‡¦’ Ž“
š94
446Š6š À 
1: 0 -+K%&+%#+? );2T#!--#X%C \4 +-!"+=+&+\-+J \J _
?+ !+!*!-&X%#-+C!$%0-#+%0*^ 4 +-!"+=+&+\-+J \J _23!%&0"N-+%&0&0-#+%!"Crsts[uvzsNrstsuvzw 
1K*!L0%$ +?0H0**! +2?+ !+!*!-&X%#-+C0-0H0**! +^ 4 +-!"+\-+J \J _27!*\rsts[uvzv
,+4+ &!&S-%#-+C(+ >!,)Q !;N(+ >!/0 -1027!*\rsts[uzvs
013K*!L0%$ +?0H0**! +24 +-!"+ 0$#+^ 4 +-!"+\-+J \J _27!*\rsts[uvzv
?! &#=#-0
$+$!*#-#&)$$!&1&)*+Z+\zøørN*#
-#&)$$!-+%&!%#
$+Z+\zztu'!_
4!
$#$+"4+ *0?+
J #"#X%
?0*#=#-0$+0$!)
H*#-0-#+%!"$!<!
D#"
&0"G*)"&0
$0"!*ø$!"!4&#!J H !$!zyws\ +-!"+!")%0
<!"! D040 0)"+!_-*)"#D++&+ >0$04+ *0T#!--#X%$!<!"! D0"$!*G%"&#&)&+Z0-#+%0*$!*T! !-.+$!
K)&+ !%=0D+ $!?+J )%#-0-#X%!G%=+ J 0-#X%',\K\$!?\3\'H0L+!*ZUJ ! +v÷[uvvv[zzuyzzvw÷wvv[zvu\
<!>#"
&+$!*,\\: \?<[TY([vvt[yyxZUJ ! +G,,ZCzssr[ytvy
?#-)*0-#X%-! &#=#-0$04+ !*G%"&#&)&+3! #=#-0$+ $!: !$#+"
<!>#"&+Z+\zvrxzy
,)"- #4-#+%!"TYN;+%0: !&+4+*#&0%0Cú%06+' z'zvv\vv2sJ !"!"' ssv\vv2/)0$0*0L0 0': +%&! !N
N)!H*0Cú%06+' z'uvv\vv2sJ !"!"' wuv\vv\8L!J 4*0!"0&0"0
$+"C ÷v\vv\,! D#-#+"#%=+ 
J 0&#D+"N
=+&+
> Q
=#-+"CK'Z+
&#J !_'<!)
&! "\ 
+
.#H#
$0*0!4 +$)--#X%40 -#0*+&+&0*$!-)0*
9)#! -041
&)
*+'=+
&+> 0=10+#%
=+ J 0
-#X%4)H*#-0$+""#%0)&+#;0[
-#X%!_4 !"0$!?+
J )%#-0-#X%!G%=+ J 0
-#X%',\K\$!?\3\'&#&)*0 $!&+
$+"*+"$!!
-.+"\

‰ˆ‘’‰•ˆˆ‘ˆŒŽº

•–—˜™š›œž–˜™š™œ›Ÿ ™—–žš¡ š™¢œ–—–£¤Ÿ–œ¥–¦œ
›œ–§¡™˜™—£Ÿ–œ¨ —–¦™Ÿ©¡§™ªŸ—«—¦¥¦¬–œœ™ 
Ÿ¬œ–œ™ ¬¡˜¡™ ¦œ ¡ £š–›–—¡ £–­š—£¡Ÿ– ¢˜™—£Ÿ–¦¡˜®
˜¡™— ¢£™Ÿ›¥– ¯¯¯©œ£–š–°™¦œ›™¦Ÿ–¦±¤¡Ÿ¡¦™›™Ÿœ
²³´³©¡§™–µ– ¦Ÿœ–˜¡™— ¡—˜™—¶ –µœ ·£Ÿ«¶¡˜™¦
¡—¶œ¤—˜¡–  œ–¡—˜–›–˜¡¦–¦¦œ§™µ¡Ÿ—™¦ªœ¡›–œ¦®
Ÿ¸—›–Ÿ–˜™—¦¤˜¡Ÿ ˜™—£Ÿ–— ›–Ÿ—˜¡–¢˜™—¶¡˜–˜¡–¯®
ŸŸ–¥¸—¡—¶™Ÿš–£¡¬–§¤µŸ—–š—£–œ¢–¤£™˜— ¤Ÿ–—š¦¡™ 
œ˜£Ÿ¸—¡˜™ ¢ ™—œ–—™Ÿš–¯¯¯¹—£Ÿ£–—£™œ–  ›˜¤œ–˜¡™— 
£™š–—›™Ÿ– –œ£™œ–˜Ÿ¦¡µ¡œ¡¦–¦¦œ™ š¨¡˜–—™ ¯

“<A<4?@C:346<34I:>9C<34PH:4?I<N?@4?46?4Z?D
Q969?4B:64I?@93C?46:34A<@Z9>Q?><@46?4?HC:@C9D
A9B?B4B:46?49Q?;:@74o<34:3I:A9?693C?346:34:SD
I69A?><@4PH:489:;<4ZH:4IH:3C<4B:4I9:4?@C:4H@4
QH><4I<>43H343:AH:3C>?B<>:374264I6\3C9A<4@:D
;><4PH:43:4<M3:>E?4?64Z<@B<4:34I?>?4<AH6C?>4
6<34B:C?66:34B:6439C9<4B<@B:46<4C9:@:@43:AH:3D
C>?B<4:49QI:B9>43H46<A?69X?A9Y@7
z<M>:4:64C<>3<4B:3@HB<4N4A<@46<34M>?D
X<34?46<34A<3C?B<3T46:4?Q?>>?><@4A<@4H@?4
A9@C?4:64I?I:64PH:4QH:3C>?46?4Z:AW?4B:64B<D
Q9@;<4Gx74zH34W<QM><343:4E:@4C:@3<3T49@D
A6H3<4C9:@:4H@4;<6I:4:@4:646?B<49XPH9:>B<T4
:@A9Q?4B:646?M9<43HI:>9<>7423?4I?>C:4B:64
><3C><4N46?4@?>9X4:3C\@4W9@AW?B?37
o<4PH:43<>I>:@B9Y4?46?4Z?Q969?4[:>@\@D
B:X4B:4]:E?66<34:34PH:4:@4:64Q:@3?U:4?C>9D

MH9B<4?489:;<4:64:S3:@?B<>4HC969X?4:64C5>D
Q9@<41:@C:>@:A9B<43?6HB<=T4H@?4:SI>:39Y@4
PH:T4B9A:@T4:QI6:?4A<@4Z>:AH:@A9?7
]<@4:3?34I>H:M?3T46<34Z?Q969?>:34B:4[:>D
@\@B:X4B:4]:E?66<34I9B9:><@4?64:SI><AH>?D
B<>4}@C<@9<4o<X?@<4”>?A9?T4?Q9;<4N4A<D
6?M<>?B<>4B:489:;<T4PH:4B9ZH@B9:>?4H@4
Q:@3?U:4:@4:64PH:4I:BJ?@4?46<34;<M9:>@<34
Z:B:>?64N4:3C?C?64B:U?>4B:49@E:3C9;?>7
1};>?B:A:Q<34?46?34?HC<>9B?B:343H4B9D
69;:@C:4N4A<QI><Q:C9B<4?ACH?>4B:3B:4PH:4
3:4A<@Z9>QY46?4B:3?I?>9A9Y@4B:64o9A7489:D
;<4[:>@\@B:X4B:4]:E?66<3T4I:><43<69A9C?D
Q<34:@A?>:A9B?Q:@C:4PH:43:4Q?@C:@;?@4?64
Q?>;:@4B:4:3C:4I><A:3<T4I?>?4?3J4Z?E<>:A:>4
6?4@:;<A9?A9Y@T4?@C:I<@9:@B<46?4E9B?4:49@D
C:;>9B?B4B:4@H:3C><4I?B>:=T4B:AJ?4:64Q:@D
²¨ ‘“‡ží¾‡‹ÛŽ—’•—— —

!

"#$%&"#$'()$*+,-$.*,/0$
1234567423489:;<=7
2>?@46?34A9@A<4B:46?4C?>D
B:4B:64E9:>@:34FG4AH?@B<46?34
I><AH>?BH>J?34;:@:>?64B:46?4
K:ILM69A?4N46?4B:4OH:>5C?><4
CHE9:><@4PH:4?BQ9C9>46?4>:?D
69B?B4PH:4<AH6C?><@4BH>?@C:4
3:934BJ?3R4:64:S3:@?B<>4I?@93C?4@<4:3C?M?4
1B:3?I?>:A9B<=T439@<43:AH:3C>?B<7
264UH:E:34FV4I<>46?4@<AW:4A<Q:@XY4?4A9>D
AH6?>4:@46?34>:B:343<A9?6:34H@?4Z<C<;>?ZJ?4B:4
89:;<4[:>@\@B:X4B:4]:E?66<34:@E9?B?4B:3B:4
:64A<>>:<4:6:AC>Y@9A<4^_`abc_d`d`efb`ghgcbi
jbfdcb`k lgmddejd^e^n74o?49Q?;:@4ZH:4
IHM69A?B?4:64E9:>@:34FG4:@46<34I:>9YB9A<34pqr
st_ubc`gq4N4vbwdc^grN4:@4:66?4?I?>:A:4:64:SD
3:@?B<>4A<@46<34<U<34E:@B?B<37
23C\4B:4I9:4N4C9:@:4Z>:@C:4?4564H@46:C>:D
><4A<@46?4Z:AW?4B:64B<Q9@;<4Gx4B:4Q?N<74
8:3@HB<43H4C<>3<4N4A?394M6?@A<34:64M9;<C:4
N46?4M?>M?T4I9:64?I9y<@?B?T4Z>:@C:4?QI69?4
N4?6;H@?34Q?@AW?34:@4:64><3C><74zH34W<QD
M><34:3C\@4:@A<;9B<37
{H@C<4?46?4Z<C<;>?ZJ?T4:6439;H9:@C:4Q:@D
3?U:R41pq4|bwbr89:;<4;<X?4B:4A?M?643?6HBT4
N4Q?@B?4:@C:>@:A9B<43?6HB<4?4PH9:@:346<4
PH9:>:@4N4W?3C?4>:X?@4I<>456=74} 39Q93Q<T4<>D
B:@?4?43H4W9U<4:S9;9>4?46?34?HC<>9B?B:34B:3D
M6<PH:?>46?4A<QH@9A?A9Y@4N4Q?@C:@:>3:4?64
Q?>;:@4B:46?4@:;<A9?A9Y@4PH:43H4Z?Q969?4
<Z>:A:4B:4Q?@:>?4ILM69A?4I<>43H469M:>?A9Y@7
~4>:Q?C?R41z:;H9>:Q<349@Z<>Q?@B<7
1o<34Q93C:>9<3<34B:3?I?>:A:B<>:37
1FVDVDGV=7
123456=T4A<Q :@C?@43H34W:>Q ?@<34?4
€‚ƒ„…‚†:64Q93Q<4E9:>@:34FG4I<>46?4C?>D
B:741z946<4CHE9:>?4:@Z>:@C:4N46:4IH39:>?4H@?4
E:@B?4:@46<34<U<3T46<4>:A<@<A:>J?4B:49@Q:D
B9?C<=T4B9A:4H@<4B:4:66<37

‡ˆ‰Š‹ŒŽˆ‘Œ‹’Ž

E 4 7
ˆ
4B9ª9ç440Á ˆˆ6‰Â4‰ 69 
Š6

¿

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

ÉËËËÊËËËËÖÌÍ
Î
Ï
Ð
Î
Ë
Ñ
Ò
Ë
Ï
Ò
Ó
Ô
Õ
Ë
ÒÏË×ÓÐÎÏÓÎÐ
؈‹Ž‰’‡ŒººŽÙ Œº

Ú

•³‡¦‡•ïܓ³—‡ÛÜ¡‡‡¦—•‡¨ ³‘—•‡³‡
’—¨ ‘’“’‘¡‡•—ÜŽ‡ —³—‡‡¦“•‡ŽÝ
³•‡•—’‘“¦•‡³‡‘ Ž ¡‡•‡Ü“Ž“ΓŽ—‡
 Ž•‡–—•‘Ü‘¦‘³“³•‡‡ —Ž—‡“¦‡’“•—‡
华ï³¾‡³‡žŸ“¦¦—•æ‡í—¨ ‘’‘³‘—¡‡³•“–“Ý
Ž‘’‘‡£‡•’• Ž—‡”‡•‡¨ “Ž“•¨ —¡‡¦‡¢—Ý
ܑŽ—‡³Ž“¦‡Ž“’’‘—‡³‡¨ “Ž“‡’— Ž“Ý
³‘’ —Ž‘“‡£‡¦‡¦•‡Ûއō¦Ÿ‘•“‡“’‘‡‡
—‡³‘³‘ŽÊ“‡¨ ‘—Ž¨ “’‘‡“¦‡Ž•–’ —¡‡•‘‡
ܑ‡³—•‡³Ê“•‡“ •‡¦‡í“Üʓ‡³³‘’“³—‡“‡
¨ ‘•‘‡•–’‘“¦‡‡¦‡ž““¦‡ß
ێ— “¢—‘• “‡³¦‡•’“¦—‡‡• “¦¦‡
–—Ž‡‡’—¨  “Ž‘—‡‡àáâããä凍¦‡•ïܓ³—‡ÛÜ¡‡
¦‡ë–Ž•‘³ ‡“’‘—“¦‡³¦‡Û·è‡Ã “¦‡”•Ý
–‘—‡³‘’‡“‡V6 ‰6‡ ŽŸ‘• “³—‡¦‡ÎŸ•‡
ßæ懍¦‡¨ •“΍‡ç‡³‘• —Ž•‘—“³—‡³•³‡õ—•‡
ۑ—•è‡–“Ž“‡Ž•–—•“Ü‘¦‘¾“Ž¦—‡³‡¦—•‡Ž¨ —Ž•‡ 
‡•–’¦“Ü“‡“’Ž’“‡³‡¦“‡¨ Ž ‡³¦‡–—Ý
¦Ê ‘’—‡–“‘• “
·¢Ž¢“‡‡³•³‡¦“•‡Û懳‡¦“‡¨ “ö““‡³‡
•‡³Ê“¡‡Ž–—Ž Ž—•‡³‡ž‘³“³‡œïŽ¾‡£‡¨ ‘¦‘Ý
 “ •‡³¦‡Û·è‡¦‡–Ž¢ “Ž—‡•‘‡• “Ü“‡ Ý
Ž“³—‡³¦‡Ž¨ —Ž‡³‡‡åŽï³¾‡³‡žŸ“¦¦—•‡
í“Üʓ‡³•“–“Ž’‘³—‡ ö“¦“‡‡“¦‡‘Ÿ• ‘¢“Ž‡
•‡–Ž’“ ‡³‡‡¦‡³‘– “³—‡³Ž“¦‡–“‘• “‡
œ“Ÿ‘Ž‡ž—ŽŽ“¦‡³‘Ž’’‘—‡•‡’ “‡³‡éêëäì
íîîï‡í“’‘“‡‡–—Ž “¦‡‘—Ž¨ “ ‘Ÿ—‡³‡ðŽ¤ “Ý
Ž—‡³—³‡•‡‘—Ž¨ “Ü“‡³¦‡–—•‘ܦ‡•’• Ž—‡
³‡²‘¢—‡·‡¦“•‡Û߇³¦‡³Ê“‡•‡’—¨ ‘’‡’—‡
ž—ŽŽ“¦¡‡‘‡¦‡³‘Ηæ‡ç·¦‡–“Ž’Ž‡• ï‡¨ Ž —‡
£‡•‡’Ž–—‡‡’— Ž“³—‡‡‡’“¨ –—‡¨ ‘Ý
¦‘ “Ž‡³‡ðŽ¤ “Ž—è
·‡• ‡³“ —‡¦‡–Ž—’–¡‡“³¨ ‘ ¡‡—‡
¦—‡³‘—‡’—¨ —‡‡í’í—ñ‡‡¦‡“¨ ܑ ‡£“‡–—³Ê“‡
• ‘Ž•‡¦“‡Ž¨ —Ž—¦—¢Ê“‡ç·‡¦“•‡Ûòæß܇“‡ãáâããäì
åꇨ ‡–Ž¢ ‡¤‡•“Üʓ‡³‡¦—‡³‡åŽï³¾‡
³‡žŸ“¦¦—•‡ó‡¦‡Ž•–—³Êæ‡ô“£‡¨ ’í—‡Ž¨ —Ž‡
•—ÜŽ‡¦“‡³•“–“Ž‘’‘‡³¦‡õäö䇲‘¢—¡‡¨ ‡³‘’‡ 
‡• ï‡¨ Ž —‡£‡¦‡’Ž–—‡‡¦‡’“¨ –—‡¨ ‘¦‘ “Ž‡
³‡ðŽ¤ “Ž—‡÷à £‡¦“¨  “ܦøùè 
—•‡¨ ‘ —•‡³•–¤•¡‡“úŽ¨ “‡”•–‘—¡‡
¦‡–Ž‘—³‘• “‡œ—•¤‡žïŽ³“•‡¦‡í‘¾—‡¦“‡¨ ‘•¨ “‡
–Ž¢ “‡£‡¤¦‡Ž•–—³‘‡’—‡–“¦“ÜŽ“•‡’“•‘‡
‘³¤ ‘’“•‡žïŽ³“•‡£‡— Ž—•‡Ž–—Ž Ž—•‡¦‡’—Ý
¨  “Ž—‡‡¦‡Û·è‡Ž“‡‡ÜêÄŽ‡³—³‡—‡
•‡’—úŽ¨ “Ü“‡‘‡Ž’퓾“Ü“‡‘¢“‡ŸŽ•‘
·‡¦“•‡Ûûæòò‡í—Ž“•¡‡üäöîåý êþîÿþ0âÿ䇳‘Ÿ¦¢‡
¦“‡ç³•“–“Ž‘’‘è‡³‡åŽï³¾‡³‡žŸ“¦¦—•‡£‡
Ü‘’‡••‡ •‡‡¦“‡³¦¢“’‘‡³‡¦“‡Û¥´‡
‡ðŽ¤ “Ž—
·¦‡’—¨ –“Ž“Ž‡“¨ ܓ•‡ŸŽ•‘—•¡‡¦“‡¨ “£—Ž‡
–“Ž ‡³‡¦—•‡ãáâããäåî1‡’—‘’‘³‘‡‡‡”•–‘—‡
í“Üʓ‡’—úŽ¨ “³—‡¦“‡¨ Ž ‡³¦‡õäöäþ²‘¢—‡
ç2žï¦‡‡¨ ‘‡ŽŽ—Ž3衇•‡–Ž¢ “‡¦‡ë–ŽÝ

î¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

•‘³ ‡³¦‡Û·è‡çžŽ—‡‡’—¨ –“Ž ‘Ž‡‡“‡
Ž³‡ “‡“Ü‘Ž “‡“‡•Ž‘‡³‡ŸŽ•‘—•‡‡¦Ý
¢—‡•‡³‘• —Ž•‘—“Ž—è¡‡“³¨ ‘ 
” —’•‡‘  ‡³•¦‘³“Ž•‡£‡“Ž¢¨ Ý
 ‡‡•¦—‡¦‡Ã ‘‘• Ž‘—‡Ûêܦ‘’—‡–—³Ê“‡’—Ý
úŽ¨ “Ž‡¦—•‡•’•—•‡—’ŽŽ‘³—•‡‡¦‡Ž“’í—‡³‡
华ï³¾‡³‡žŸ“¦¦—•
”‡’‘’—‡ ŽŸ‘• “•‡ ¦‘’“•‡–Ž’‘•‡
•‡ŸŽ•‘‡“ܦ‡’—‡ž“Ž¨ ‡·Ž‘• ¢‘ñ‡’—‡
à ‘¦‘—ÅŒñ‡’—‡·¦Î“³Ž—‡ž“’í—¡‡³‡Å¦Ÿ‘•“ñ‡
’—‡´“³‘—‡ÅŽ’‡£‡’—‡¦‡— ‘’‘Ž—‡Ž“³‘—‘’—‡
³‡œ—•¤‡žïŽ³“•
·‡‡Ã ‘¦‘—ÅŒ‡¦‡ë–Ž•‘³ ‡³¦‡
۷臖‘³‘‡“‡³‘•’¦–“‡–êܦ‘’“‡–—Ž‡¦‡¨ “¦Ý
 ³‘³—¡‡¦‡•‘¢‘Ž—‡“ Ž‘ܝ£³—‡¦“‡ŸŽ•‘‡
³¦‡í—¨ ‘’‘³‘—
4à ‡³—£‡’ “‡³‡‡•‡•‡¨ ‘‡¨ •“Ý
΍‡–“Ž“‡³‘• —Ž•‘—“Ž‡¦“‡‘—Ž¨ “’‘
42𝑤‡¦“‡³‘• —Ž•‘—3
4à ‡³‘’‡‡¦“‡—Ž³‡Ÿ‘—‡³•³‡õ—•‡
ۑ—•‡”‡Ÿ“Ž‘“•‡—’“•‘—•‡í‡“’•“³—‡“‡õ—•‡
ۑ—•‡³‡¨ “‘–¦“Ž‡¨ ‘•‡¨ •“΍•
”¦‡ÎŸ•‡ß桇“‡’“•‘‡“‡•¨ ““‡³‡¦“‡³•Ý
“–“Ž‘’‘‡³‡åŽï³¾‡³‡žŸ“¦¦—•¡‡”•–‘—‡
¨ “³‡— Ž—‡¨ •“΍‡‡àáâããäåæ
ç5’•“Ž‘—‡³•’“Ž “Ž‡“Ž’—‡‡’“•—‡
²åž‡6²‘¢—‡åŽï³¾‡³‡žŸ“¦¦—•7¡‡•‘‡¢—Ý
ܑŽ—‡³Ž“¦‡í“‡³‘’í—‡ Ž‡‘—Ž¨ “’‘‡
”•–Ž—‡—‡¨ “‘–¦‡ ¨ “‡‘‡í“£“‡¦Ê“‡“‡
¨ ³‘—•è
²‡• “‡¨ “Ž“¡‡”•–‘—‡’• ‘—“‡¦“•‡
“úŽ¨ “’‘—•‡³¦‡–Ž•‘³ ‡å¦‘–‡ž“¦³Ž‡
“‡¦“‡’“³“‡• “³‘³•‡žè臍‡¦‡• ‘³—‡
³‡‡—‡í“Üʓ‡Ÿ‘³’‘“‡³‡‡•‡ Ž“ “Ž“‡
³¦‡’Ž‘¨ ‡—Ž¢“‘¾“³—‡‘‡³‡‡•’• Ž—
ç÷ —‡¦Ê“•‡³‡‘Ÿ• ‘¢“’‘ø‡2ۗŽ‡¤‡
¦“•‡³•’“Ž “‡¦‡–Ž•‘³ 3衇Ž’¦“¨ “‡“‘Ž“³—‡
¦‡–—¦¤¨ ‘’—‡ë³‘Ž‘¢ ‡“’‘—“¦‡³¦‡Û·è

º–˜— ¤Ÿ–·•œ¬¡ –
”¦‡¨ ‘•¨ —‡•ïܓ³—‡ÛÜ¡‡“‡¦“•‡ß߇헎“•¡‡‡¦‡’““¦‡
߇³‡Å¦Ÿ‘•“¡‡¦‡³‡¨ “£—Ž‡“³‘’‘“‡‡ —³“‡¦“‡
 ¦Ÿ‘•‘‡“Ü‘Ž “¡‡•‡ Ž“•¨ ‘ ‘‡‡•¢¨  —‡
³‡çꦠ‘¨ “•‡— ‘’‘“•è‡”¦‡Ž–—Ž ‡•¦—‡ Ÿ—‡‡
 ¨ “懍¦‡’“•—‡åŽï³¾‡³‡žŸ“¦¦—•‡·‡’“Ý
³Ž—¡‡œ—“Ê‡õ–¾‡²Ž‘¢“‡¨ —• Ž‡‘¨ •‡
³¦‡Ž“’í—‡õ“‡ž“Ü“ö“¡‡³‡ðŽ¤ “Ž—¡‡£‡¦£‡
¦—•‡ Ž•‡Ü—¦ ‘•‡³‡¦“‡Û¥´‡ ‘‡’‘ “Ž‡¦“‡ ¡‡
³•¨ ‘ ‘‡¦“•‡çŸŽ•‘—•è‡‡í“Üʓ‡–Ž—¦‘Ý
Ž“³—‡•—ÜŽ‡¦“‡–—•‘ܦ‡Î’’‘‡³¦‡–—¦Ê ‘’—
”¦‡¨ “Ž •‡Û8¡‡‡•‡’—¦¨ “‡–Ü¦‘’“³“‡
‡9 â0äÿâîþ
âêåâ¦‡’—³’ —Ž‡³¦‡–Ž‘’‘–“¦‡
— ‘’‘“Ž‘—‡³‡Å¦Ÿ‘•“‡“– æ‡

çõ“‡³¦‡•ïܓ³—‡‡“‡Î—Ž“³“‡Ž¤ ‘’“‡
‡¦“‡’“•“‡–Ž•‘³’‘“¦¡‡í‘• ¤Ž‘’“‡‡“¦¢—•‡
¨ ³‘—•‡£‡ Ž‡’‘Ž —•‡“’ —Ž•‡–—¦Ê ‘’—•‡£‡¨ Ý
³‘ï ‘’—•‡£‡“¢• ‘—•“‡–“Ž“‡¦“‡“¨ ‘¦‘“‡åŽïÝ
³¾‡³‡žŸ“¦¦—•
çõ—•‡–Ž‘¨ Ž—•‡‘—Ž¨ •‡•—ÜŽ‡¦“‡³•“–“Ý
Ž‘’‘‡³‡²‘¢—‡¦¦¢“Ž—‡“‡õ—•‡Û‘—•‡í—Ž“•‡
“ •‡³‡¦“‡•“¦‘³“‡³¦‡–Ž•‘³ ‡ž“¦³Ž‡“‡
“ “³Ž¡‡’—¨ —‡–“Ž ‡³‡¦“‡¢‘Ž“‡‡¦—‡¦¦Ý
Ÿ“Žï‡“‡ “•í‘¢ —¡‡³—³‡¨ “ö““‡‘‘’‘“‡“‡
Ÿ‘•‘ “‡³‡”• “³—‡”¦‡–Ž•‘³ ‡Ž’‘Üʓ‡¦“‡•’“Ý
•“‡‘—Ž¨ “’‘‡’—‡¦“‡‡•‡’— “Ü“‡
âä îþ
ä1ãêíêþ ä1êêåäëâ îþ•‘‡•“܍Ž•‡“³“‡¨ ‡
•‘‡• “Ü“‡Ÿ‘Ÿ—‡—‡¨ Ž —è 
“•‡í—Ž“•‡“ •¡‡‡¦‡— ‘’‘Ž—‡³¦‡¦•‡
ÛÞ¡‡¦‡¨ ‘•¨ —‡õ–¾‡²Ž‘¢“‡¦£‡‡¦“‡–“ “Ý
¦¦“‡‡’—¨ ‘’“³—‡³‡è— ‘’‘Ž—•‡Å¦Ÿ‘•“‡‡
¦‡‡“’‘“Ü“‡‡ç–—Ž‡Ž•– —‡“‡¦“‡Ÿ‘³“è‡
³‡åŽï³¾‡³‡žŸ“¦¦—•‡•‡í“Üʓ‡ —¨ “³—‡
¦“‡³’‘•‘‡³‡ç—‡Ÿ—¦ŸŽ‡“‡‘—Ž¨ “Ž‡³‡• ‡
’“•—‡í“• “‡•‡³•¦“’è
”‡¦‡‘•¦‘ —‡³—’¨  —‡•‡‘³‘’“‡‡
“ –—Ž‡¦“‡Ÿ‘³“‡³‡åŽï³¾‡³‡žŸ“¦¦—•‡
“¦‡ÎŽ’‘’‘—‡–Ž‘—³Ê• ‘’—‡ç—‡í“‡•‘³—‡“‡³’‘Ý
•‘‡¦¡‡–Ž—‡•Ê‡“‡³’‘•‘‡úŽ¨ è
” Ž‡¦‡¨ “Ž •‡Û8‡£‡¦‡¨ ‘¤Ž’—¦•‡Û¡‡¦‡
“Ÿ‘•—‡³‡¦“‡“ —’•Ž“‡³‡Å¦Ÿ‘•“‡–Ž—³Î—‡
‡•’“¦—‡‡¦—•‡¨ ³‘—•‡‘—Ž¨ “ ‘Ÿ—•‡
õ“‡“¢’‘“‡•–“ö—¦“‡”唇Ž–—Ž ‡‡ç¦“‡
³’‘•‘‡³‡Å¦Ÿ‘•“‡¢Ž‡“‡—¦“‡³‡
’ŽÊ ‘’“•‡‡¦“‡–Ž•“‡³‡”• “³—•‡‘³—•è¡‡
³—³‡ž“¦³Ž‡‘‘’‘“Ü“‡¦‡¨ ‘¤Ž’—¦•‡“‡
Ÿ‘•‘ “‡—ú’‘“¦
õ“‡“ —’•Ž“‡¨ ܑ‡•‡’—Ÿ‘Ž ‘‡‡
‡ë–³‘ ‡³‡’•Ž“‡²•³‡õ—•‡Û‘—•‡
•‡—Ž³‡“‡ —³—•‡¦—•‡Ÿ—’Ž—•‡³‡¦“‡Û¥´‡£‡
³‡¦“‡ ’Ž “ŽÊ“‡³‡¥—܍Ž“’‘‡‡—‡•‡
Ÿ—¦Ÿ‘Ž“‡“‡í“ܦ“Ž‡³¦‡’“•—‡·‡¦—•‡ç’—¦¨ ‘• “•‡
“¨ ‘¢—•è‡ “¨ ܑ¤‡•‡¦•‡•—¦‘’‘ ‡‡£“‡—‡•‡
•–’¦“Ž“‡•—ÜŽ‡¦“‡–—•‘ܦ‡¨ Ž ‡—‡•’•Ý
 Ž—‡³¦‡ë’“³‘³“ —‡–Ž•‘³’‘“¦
ۓŽ“‡Ü¦—“Ž‡¦“‡‘—Ž¨ “’‘‡•¦—‡•‡ŽÝ 
ŽÊ“‡‡–Ž ë —‡£‡¤• ‡‡¦‡’—¨ ‘’“³—‡
¦Ê³—‡–—Ž‡¦‡ë–Ž—’Ž“³—Ž‡¢Ž“¦‡£‡•—’‘—‡³‡
华ï³¾‡³‡žŸ“¦¦—•‡· —‘—‡õ—¾“—‡¥Ž“Ý
’‘“¡‡‘‡“‡—¨ ܎‡³‡¦“‡“¨ ‘¦‘“‡“¢Ž“³’Ê“‡
砗³“•‡¦“•‡¨ “‘• “’‘—•‡³‡“–—£—‡£‡•—Ý
¦‘³“Ž‘³“³‡Ž’‘Ü‘³“•è¡‡“³¨ ³‡í“’Ž‡ç‡
¦¦“¨ “³—‡“‡¦“•‡–Ž•—“•‡‡Ž ‘‡“¦‡¦‘’Ý
’‘“³—‡²‘¢—‡åŽï³¾‡³‡žŸ“¦¦—•‡“‡‡
 “ܦ‡’—¨ ‘’“’‘‡‡“Ž“•‡³‡¢—’‘“Ž‡
•‡¦‘܍Ž“’‘è 
‡³Ê“‡³•–¤•‡³‡“’‘“Ž‡•‡•‘¦’‘—¡‡
ō¦Ÿ‘•“‡³³‘’‡¦‡–Ž—¢Ž“¨ “‡àäåëäåþåê î‡
“‡ë–¦‘’“Ž‡¦“‡³’‘•‘‡³‡ç“ —’•Ž“臔¦‡
³‘Ž’ —Ž‡³‡è— ‘’‘Ž—•‡Å¦Ÿ‘•“¡‡õ—–—¦³—‡
¥¨ ¾¡‡“úŽ¨ ‡‡‡•‡¨ –Ž•“‡ç’“‡
’ÜŽ‘¨ —•‡•’• Ž—•‡‡’Ž•—¡‡•“¦Ÿ—‡’“Ý
³—‡¦“‡“¨ ‘¦‘“‡¦—‡“’‘“衇’—¨ —‡‡¦‡’“•—‡
ۓ¦  
·³¨ ‡¦‡’‘—“Ž‘—‡ë–¦‘’‡‡¦“‡’—Ý
܍Ž Ž“‡•–’‘“¦‡³¦‡•ïܓ³—‡Û܇•‡³Ü‘‡“‡‡
禗•‡¨ ³‘—•‡’‘܍Ž¤ ‘’—•è‡³‘³‘Ž—‡¨ ’í“•‡
ŸŽ•‘—•‡‡ç—‡Ž“‡’‘Ž “•è‡ç“Ü‘³—‡
퍒헇•‡–Ž—¢Ž“¨ “‡•–’‘“¦¡‡ —¨ “¨ —•‡¦“‡³Ý
’‘•‘‡³‡—‡’ÜŽ‘Ž‡¦‡’“•—‡2ۗŽ‡¤‡¦—‡ë–¦‘’“Ý
¨ —•3‡Û—Ž‡ßò‡í—Ž“•‡“ •‡í‘’‘¨ —•‡‡–Ž—Ý

¢Ž“¨ “‡•–’‘“¦ ‡è—‡ —³—•‡• Ÿ‘¨ —•‡³‡
“’Ž³—‡’—‡¦“‡–—•‘’‘è¡‡“úŽ¨ ‡¥¨ ¾
õ“‡“’ ‘ ³‡³‡Å¦Ÿ‘•“‡¢Ž‡‘’—Ý 
—Ž¨ ‘³“³‡£‡’ŽÊ ‘’“•‡‡¦“•‡Ž³•‡•—’‘“¦•¡‡
“•Ê‡’—¨ —‡‡¦“•‡’—¦¨ “•‡–Ž‘—³Ê• ‘’“•‡
”¦‡³‘– “³—‡³Ž“¦‡–“‘• “‡œ“Ÿ‘Ž‡ž—ŽŽ“¦¡‡
’ŽÊ ‘’—‡³¦‡¨ ——–—¦‘—‡ ¦Ÿ‘•‘Ÿ—¡‡•’Ž‘Ü‘‡
‡àáâããäåæ‡ç·í—Ž“‡Ž•¦ “‡‡Å¦Ÿ‘•“‡•Ê‡
 ‘‡’³‘¢—‡³‡¤ ‘’“‡‘—Ž¨ “ ‘Ÿ“‡’—‡¦‡
’“•—‡²‘¢—‡£‡–—Ž‡¤‡—‡‡‘¢“¦‡’—‡¦‡
’“•—‡Û“¦  è
”¦‡ê‘’—‡‡—‡í“‡³Î“³—‡³‡¨ ’‘—Ý
“Ž‡¦‡’“•—‡í“‡•‘³—‡¦‡–Ž—–‘—‡–Ž•‘³ ‡
卦‘–‡ž“¦³Ž‡ •‡‘ ŽŸ’‘—•‡í“‡
•‘³—‡’— Ž“³‘’ —Ž‘“•‡”‡”•–“ö“‡í“ܦ‡³‡
畍’• Ž—臣‡ç³•“–“Ž‘’‘è¡‡’“•‘‡“¦‡¨ ‘•Ý
¨ —‡ ‘¨ –—¡‡¨ ‘ Ž“•‡‡•‡í—¨ ¦—¢—‡
•–“ö—¦¡‡œ—•¤‡õ‘•‡´—³ŽÊ¢¾‡“–“ Ž—¡‡
•‘¢‘‡¦“‡¦Ê“‡³‡“Ž¢¨  “’‘‡³‡•‡’—Ý
¦¢“‡¨ ë‘’“—‡£‡“úŽ¨ æ
ç ¤‡‡•‡‡“¨ ‘¢—‡£‡‡í—¨ ܎‡
³‡¢Ž“‡‘¨ –—Ž “’‘“¡‡³‡¢Ž“‡Ž¦Ÿ“’‘“‡
–—¦Ê ‘’“‡‡Ã ¤ë‘’—‡²•“¨ —•‡•‡–Ž— “‡
¦‘܍Ž“’‘‡ž—³“¨ —•‡¦“‡’Ž‘¨ ‘“¦‘³“³¡‡
’—³“¨ —•‡¦—•‡•’• Ž—•‡£‡• “¨ —•‡
¨ £‡’Ž’“‡³‡Ã ¤ë‘’—‡£‡³‡•‡–Ž•‘³ ‡
‡•“‡¦’퓇Î¨ –¦“Ž‡‡• ï‡¦¦Ÿ“³—‡
“‡’“Ü—è
ž“¦³Ž‡Ÿ—¦Ÿ‘‡“‡ŽŽ‘Ž•‡“¦‡’“•—‡³Ý
Ž“ ‡•‡ ŽŸ‘• “‡’—‡¦“‡’“³“‡• “³Ý
‘³•‡žè衇¦‡¨ ‘¤Ž’—¦•‡Û¡‡¦‡¨ ‘•¨ —‡
³Ê“‡‡•‡³‘Ž—‡Ž³•‡‡¦“‡Û¥´¡‡‡
¦“‡–Ž—’Ž“³ŽÊ“‡³‡ðŽ¤ “Ž—‡£‡‡¦“‡ Ý
’Ž “ŽÊ“‡³‡¥—܍Ž“’‘‡³‡—‡¨ ’‘—“Ž‡
¨ ¦‡ ¨ “æ
4 ‡³‘’‡‡¦—‡•’• Ž“Ž—‡–“Ž“‡Ý
Ÿ‘“Ž¦‡“‡• ³‡‡¨ •“΍‡4¦‡–¦“ “Ž—‡“‡
ž“¦³Ž
4õ—•‡’Ž‘¨ ‘“¦•‡¨ ‡ŸÊ“‡¨ •“΍•‡
¨ £‡’¦“Ž—•‡–—Ž‡— Ž“•‡ŸÊ“•‡žŽ—‡‡•‡‡
’“•—‡•¨ “¨  ‡³¦‘’“³—‡Û“Ž‡¨ ʇ•‡¨ £‡
 Ž‘• ‡–—Ž‡²‘¢—‡•‡‡Ü‡“¨ ‘¢—‡¨ ʗ¡‡
•‡‡Ü‡“¨ ‘¢—‡³‡¨ ‘‡–“Ž ‘³—‡
çۍŽ—‡—‡í“£‡Ÿ‘³’‘“‡³‡‡• “‡•‘Ý
 “’‘‡• ¤‡Ÿ‘’¦“³“‡’—‡¦‡’Ž‘¨ ‡—Ž¢“Ý
‘¾“³—‡è—‡í“£‡Ÿ‘³’‘“‡³‡‡•‡ Ž“ ‡
³‡‡•’• Ž—‡–—Ž¡‡³‡“’Ž³—‡’—‡
¦“‡‘Ÿ• ‘¢“’‘¡‡—‡ ¨ —•‡Ÿ‘³’‘“è
ۗŽ‡•‡–“Ž ¡‡¦‡ë–Ž•‘³ ‡ž“Ž¦—•‡
“¦‘“•‡³‡¥—Ž “Ž‘¡‡“¨ ‘¢—‡³‡åŽï³¾‡
³‡žŸ“¦¦—•‡³•³‡•‡¢—Ü‘Ž—¡‡³ú‘‡¦—‡
—’ŽŽ‘³—‡’—¨ —‡ç“‡³•“–“Ž‘’‘‡—Ž¾“³“è
” ŽŸ‘• “³—‡“¦‡ú“¦‡³‡•‡–“Ž ‘’‘–“Ý
’‘‡‡“‡’—Ž’‘“‡’—‡¦“‡ —’‘³“³‡
³‡·¦¨ —•‡³‡¦“‡‘ŸŽ•‘³“³‡Û““¨ Ž‘Ý
’““¡‡“úŽ¨ æ‡ç”• “‡³•“–“Ž‘’‘‡—Ž¾“³“‡
Ž•¦ “‡–Ž—’–“ ñ‡¦—‡¨ ‘¨ –—Ž “ ‡•‡ 
‡²‘¢—‡åŽï³¾‡³‡žŸ“¦¦—•‡•‡Ý
’ Ž‡Ü‘‡ •‡“¨ ‘¢—•‡• “¨ —•‡’Ž’“‡
³‡•‡“¨ ‘¦‘“
ç·¦‡¨ ‘•¨ —‡ ‘¨ –—‡¨ ‡–“Ž’‡‡•‡
‘¨ –—Ž “ ‡³’‘Ž‡‡“³‘‡³Ü‡’¦ÜŽ“Ž‡
‡³¦‘ —ñ‡¨ ‡–“Ž’‡‡¦‡–“Ê•‡—‡³Ü‡
• “Ž‡•’• Ž“³—‡–—Ž‡¦‡³‘•’Ž•—‡³‡¦“‡
–—¦“Ž‘¾“’‘‡£‡ —³—•¡‡’Ž—¡‡³Ü¨ —•‡ Ž‡
“‡ë–Ž•‘‡–—Ž‡¦‡Ž¢Ž•—‡³‡²‘¢—‡åŽÝ
ï³¾‡³‡žŸ“¦¦—•è‡

²¨ ‘“‡ží¾‡‹ÛŽ—’•—— —

‰ˆ‘’‰•ˆˆ‘ˆŒŽº

E 40 ° ¸ Â4Aì‰8 4
98 Š86‰

3?U:4:@C>:;?B<4?46<34Q:B9<34B:4A<QH@9A?D
A9Y@4B:46?4]9HB?B4B:4 5S9A<7
2646H@:34G4o<X?@<4”>?A9?4:@C>:;Y4
H@4I>9Q:>4A<QH@9A?B<4Z9>Q?B<4I<>489:D
;<4[:>@\@B:X4B:4]:E?66<34”HC95>>:XT4W9U<4
B:64I6?;9?B<T4?4C>?E534B:4Q:B9<34:6:AC>Y@9D
A<3T4I?>?4I:B9>41?4PH9:@:34CHE9:>?@4A?HC9E<4
?489:;<4[:>@\@B:X4:3C?M6:A:>4A<@C?AC<4I?D
>?4:@C?M6?>4H@?4@:;<A9?A9Y@4PH:4I:>Q9C9:D
>?43H469M:>?A9Y@=7 
?MJ?4Q <6:3C9?4:@C>:4W9U<34N4W:>Q ?D
@<34B:489:;<4IH:3C<4PH:T4?4I:3?>4B:4PH:4
6?346J@:?34B:49@E:3C9;?A9Y@4N4C<B?346?343:D
y?6:34?IH@C?M?@4?643:AH:3C><T46?4“”K4N4
6?4I><AH>?BH>J?4:3C?C?649@393CJ?@4:@4B:3D
I6:;?>4<I:>?C9E<34B:4ML3PH:B?T4>:?69X?>4
I:>9C?U:34:@46?4Z9@A?4N43H34?6>:B:B<>:3T4
>?3C>:<34A<@4?;:@C:34B:46?489>:AA9Y@4B:4 
@E:3C9;?A9Y@4B:648:69C<T4?3J4A<Q <4:@4Q ?D

@:U?>46?4E:>39Y@4B:4PH:4:64I<6JC9A<4PH:>:D
C?@<4:3C?M?4B:3I?>:A9B<7
264B<Q9@;<4GxT4:@4z?@C?@B:>T423I?y?T4
BH>?@C:43H4E939C?4<Z9A9?64:@4:3:4I?J3T4]?6B:D
>Y@4B:A6?>Y4PH:T41394IHB9:>?=T4C>?@3Q9C9>J?4
H@4Q:@3?U:4?489:;<4I?>?4B:A9>6:4PH:43H34
W9U<341:3C\@4<>?@B<=4I<>456T41I:><4C?QM95@4
39;H9:@B<43H4:U:QI6<4B:4E?6<>T4:@C:>:X?4N4
;?66?>BJ?T4N4:3C\@4Z9>Q:34:@46?4:3I:>?@X?4
B:4>:AHI:>?>4?43H4I?B>:=74~4:64I><I9<4?@D
Z9C>9Y@T4:64U:Z:4B:4”<M9:>@<4:3I?y<6T4{<354
oH934K<B>J;H:X4?I?C:><T4A<@B:@Y4:6413:D
AH:3C><=4B:64:S3:@?B<>4I?@93C?7
© ›œ¡§¤ ™ £—£™ ™ 
8:3B:4:643\M?B<4GT46<34?I?>?C<3<34<I:D
>?C9E<34B:46<34?;:@C:34Z:B:>?6:34N4:3C?C?D
6:343:4A<@A:@C>?><@4:@46?349@Q:B9?A9<@:34
µ

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

”³“Ž³—‡Ã ‘Ž“³“ 

89


644V64‰ 6°6Â48ˆ6‰47
ˆ
Š ‰

o<34C>:34A<QH@9A?B<34<Z9A9?6:343<M>:4
6?41B:3?I?>9A9Y@=4B:64:SA?@B9B?C<4I?@93D
C?4?46?4“>:39B:@A9?4:@4G""#4ZH:><@4:Q9C9D
B<34I<>46?4I><AH>?BH>J?4:3C?C?674264I>9Q:><4
3:4B9ZH@B9Y4:643\M?B<4G4?46?34FVR!V4W<>?37
}4]?6X?B?4K<E9><3?46:4I>:<AHI?M?@4
6?34A<@3:AH:@A9?34PH:4C>?:>J?4:643:AH:3C><4
B:489:;<4?46?4:@C9B?BT4?3J4A<Q<46?4EH6@:>?D
M969B?B4B:46<34393C:Q?34B:43:;H>9B?B46<A?D
6:3$49@A6H3<4Q<B9Z9AY43H4?;:@B?4I?>?4B:B9D
A?>3:4A9:@C<4I<>4A9:@C<4?64A?3<7
264Q?@B?C?>9<4<>;?@9XY4:@AH:3C?34?46<4

”³“Ž³—‡Ã ‘Ž“³“

B:46?4Z9@A?4B:64>?@AW<4o?4]?M?y?T4H@?4B:4
6?34C?@C?34I><I9:B?B:34PH:4[:>@\@B:X4B:4
]:E?66<34C9:@:4:@C>:4z?@4{H?@4B:64KJ<4N4
OH:>5C?><T4:@4:64QH@9A9I9<4B:4“:B><423D
A<M:B<T4?4H@<34I<A<3496YQ:C><34B:46?4?HD
C<I93C?4Z:B:>?647
“?>?4:64B<Q9@;<4GxT4H@4?E9Y@4A<@4>?D
B?>4N4I:>9C<34B:642U5>A9C<466:;?><@4?646HD
;?>4A<@43H34:PH9I<34I?>?4>?3C>:?>4?>Q?374
264B:3I69:;H:43:4I><6<@;Y4BH>?@C:4E?>9<34
BJ?3T4I:><4@<43:49@3C?6Y4@9@;L@4>:C5@4A?>>:D
C:><74o<34E:WJAH6<34A9>AH6?M?@4I<>46?4A?D
>>:C:>?4Z:B:>?6439@4@9@;L@4I><M6:Q?7
o<34Z?Q969?>:34B:643:AH:3C>?B<4?3:;H>?@4
PH:4:3:49@H3H?64B:3I69:;H:4I<69A9?A<4:>?4
IH>?439QH6?A9Y@74o?34?HC<>9B?B:34:3C?C?6:34
N4Z:B:>?6:34PH:>J?@4B:Q<3C>?>4PH:43:4:3D
C?M?4W?A9:@B<4C<B<46<4I<39M6:4I<>46<A?69X?>4
?4[:>@\@B:X4B:4]:E?66<3=T4I:><4:@4>:?69B?B4
3Y6<4B9Z9AH6C?><@4:64A<@C?AC<4A<@46<34I6?;9?D
>9<3T4PH9:@:34B:3B:4:64I>9@A9I9<4:S9;9:><@4:64
>:C9><4B:46?34ZH:>X?34B:43:;H>9B?B4B:46?349@D
Q:B9?A9<@:34B:64>?@AW<4o?4]?M?y?7 
?QM95@4A<Q:@C?@4PH:46:34:SC>?yY4PH:4
B:3B:4:64I>9@A9I9<46?44“><AH>?BH>J?4”:@:D
>?64B:46?4K:ILM69A?4“”K4@<4?C>?U:>?46?49@D
E:3C9;?A9Y@4B:64A?3<T4?H@4AH?@B<4:64I><AHD
>?B<>4}>CH><4]W\E:X4]W\E:X4C>?M?UY4:@4:64
B:3I?AW<4B:4[:>@\@B:X4B:4]:E?66<37
8H>?@C:43:934BJ?34ZH:46?4I><AH>?BHD
>J?4:3C?C?6T4:@A?M:X?B?4I<>4}>3:@9<48HD
>\@T46?4PH:49@9A9Y46?4?E:>9;H?A9Y@4I>:E9?4
z] !G FVGV748H>?@C:4:3:46?I3<4WHM<4U?6<D
@:<374~4?H@PH:4:64;<M9:>@<4B:64I>993C?4{<D
354]?6X?B?4K<E9><3?4:3I:>?M?4PH:46?4“”K4
?C>?U:>?4:64?3H@C<T4?3:;H>?4?4€‚ƒ„…‚†H@?4
ZH:@C:4A:>A?@?4?46?349@E:3C9;?A9<@:3T46?4B:D
I:@B:@A9?4Z:B:>?64@<4?ACHY7
˜È¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

Þ8ˊ 6Â43¶6›64‰¶ Š 8ˆ 

6?>;<4B:64I?J34I?>?43?M:>4A<@4B:C?66:46<4PH:4
3:4<I9@?M?43<M>:4:643:AH:3C><4B:4[:>@\@D
B:X4B:4]:E?66<374o?4“”K4ZH:46?4B:I:@B:@D
A9?41Q\34;<6I:?B?=4Q:B9\C9A?Q:@C:4I<>4:64
I6?;9<4B:64:S3:@?B<>7
264]<Q9C5423C?C?64B:64“}%4<ICY4I<>4
<>;?@9X?>4?43H34A<>>:69;9<@?>9<34I?>?4PH:4
<>?>?@4I<>46?4?I?>9A9Y@4B:489:;<74264Q95>D
A<6:34G"T4:64I>:39B:@C:4:3C?C?64B:64I?>C9B<T4
:64B9IHC?B<4K9A?>B<4} @?N?4]<>C53T4B:A9B9Y4
A<6<A?>4?@H@A9<34:3I:AC?AH6?>:34:@4B93C9@D
C<34IH@C<34B:46?4A?I9C?64PH:>:C?@?4A<@4:64

‰ˆ‘’‰•ˆˆ‘ˆŒŽº
Q:@3?U:R4189:;<T4:3C?Q<34A<@C9;<=$4<C><34
C:@J?@46?46:N:@B?R41“<>4H@4OH:>5C?><43:;HD
><4N4:@4I?X=7
z9@4:QM?>;<T4B:3B:4:64Q?>C:34G&4:64;<D
M9:>@<4Z:B:>?64N4:64I><I9<4]?6X?B?4K<E9><D
3?43?MJ?@4PH:489:;<4W?MJ?439B<43:AH:3C>?D
B<74}H@4?3J4I>:Z9>9:><@43:;H9>6<4<AH6C?@B<4?4
6<34Q:B9<34B:4A<QH@9A?A9Y@742@46?4EJ3I:>?T4
6?49@C:>E:@A9Y@4B:4o<X?@<4”>?A9?T4?3J4A<Q<4
B:46<34W9U<34Q?N<>:34B:4[:>@\@B:X4B:4]:E?D
66<34N4?6;H@<34B:43H34W:>Q?@<34C:@3?><@4:64
?QM9:@C:T43<M>:4C<B<4I<>4:64>:AW?X<4B:46?34
?HC<>9B?B:34Z:B:>?6:34N4:3C?C?6:37
o<34W9U<3489:;<43:4PH:U?@4I<>PH:T4B9D
A:@T4?H@4AH?@B<4?393C9:><@4?46?34>:H@9<@:34
B:4”?M9@:C:4B:4z:;H>9B?B4B:3B:4:64I>9@A9D
I9<T4@H@A?4E9:><@4@9@;H@?4I93C?4A<@A>:C?4
:@46?349@E:3C9;?A9<@:37

PH:46<4E9:><@4I<>4L6C9Q?4E:X4I<A<4?@C:34B:4
6?343:934B:46?4C?>B:7
2643\M?B<4GT4AH?C><4:QI6:?B<34B:64>?@D
AW<4o?4)?>>?@A?T4HM9A?B<4:@4:64QH@9A9I9<4
B:4~:>5AH?><T4”H?@?UH?C<T4A<QI>?B<4I<>4
89:;<4[:>@\@B:X4B:4]:E?66<3T4B:A6?>?><@4
?4*dccbd4PH:4E9:><@4?43H4I?C>Y@4I<>4L6C9D
Q?4E:X4:64E9:>@:34G#4?6>:B:B<>4B:46?343:934
B:46?4C?>B:7
23:4Q93Q<4BJ?4:64E:6?B<>4B:64>?@AW<4o?4
]?M?y?4B:A6?>Y4?@C:4:64 9@93C:>9<4“LM69A<4
PH:4?6>:B:B<>4B:46?34F!4W<>?34<NY466:;?>46?4
A?Q9<@:C?4B:43H4I?C>Y@74z9@4:QM?>;<T4?A6?D

>Y4PH:4@<46<4E9<74[H:4W?3C?4:643\M?B<4GT4?4
6?344B:46?4Q?y?@?T4AH?@B<43:4B9<4AH:@C?4B:4
PH:489:;<4@<4:3C?M?7
}64BJ?439;H9:@C:T4:643:A>:C?>9<4B:4”<D
M:>@?A9Y@T4[:>@?@B<4”YQ:X4 <@CT4:64I><D
AH>?B<>4;:@:>?64B:46?4K:ILM69A?T4}>CH><4
]W\E:X4]W\E:XT4N4:64;<M:>@?B<>4B:4OH:D
>5C?><T4{<354]?6X?B?T4?@H@A9?><@T4?64C5>Q9D
@<4B:4H@?4>:H@9Y@4B:4A9@A<4W<>?34:@46?34
9@3C?6?A9<@:34B:46?4+,4<@?4 969C?>T46?4
A<@3C9CHA9Y@4B:4H@4;>HI<49@C:>9@3C9CHA9<@?64
:@4:64PH:4I?>C9A9I?>J?@46?34A<>I<>?A9<@:34
B:46<34:3C?B<34E:A9@<374

ˆœ˜ŸŸ™ž–¥™
2643:A>:C?>9<4B:4”<M:>@?A9Y@T4[:>@?@B<4
”YQ:X4 <@CT4<ICY4I<>4B:A9>4?46<34Q:B9<34
PH:4;H?>B?>?@4396:@A9<43<M>:4:64I6?;9<T4
6H:;<4B:4PH:4o<X?@<4”>?A9?T4?4@<QM>:4B:4
6?4Z?Q969?4[:>@\@B:X4B:4]:E?66<3T4I9B9Y4?4
6?34?HC<>9B?B:343:>4B93A>:C?34:@4:64Q?@:U<4
B:46?349@E:3C9;?A9<@:37
{<?PHJ@4oYI:X48Y>9;?T4A<@BHAC<>4B:4
pqr'da_j_bcdT4ZH:4:64I>9Q:><4:@4I6:;?>3:4
?46?4:3C>?C:;9?4B:64396:@A9<74264;<M:>@?B<>4
]?6X?B?4K<E9><3?4C?QM95@46<4W9X<4?43H4Q?D
@:>?4N4>:C<QY43H4?;:@B?4ILM69A?T4Q9:@C>?34
PH:46<34I?@93C?34PH:>:C?@<34CHE9:><@4PH:4
>:C9>?>4:64Q95>A<6:34G"46<34?@H@A9<34I?@<D
>\Q9A<34I<>49@3C>HAA9<@:34B:64I>:39B:@C:4
B:64]2%4B:43H4I?>C9B<T4]53?>4%?E?7
]<@4C<B<T4:64;<M9:>@<4Z:B:>?64@<4
?;H?@C?M?46?4I>:39Y@74264E9:>@:34FGT4A<@<D
A9B?4N?46?4Z<C<4:@46?4PH:489:;<4[:>@\@B:X4
B:4]:E?66<34?I?>:A:4E:@B?B<4N4?@C:46?4I>:D
39Y@4B:46?4Z?Q969?4B:643:AH:3C>?B<T4:64I>:39D
B:@C:4@?A9<@?64B:64“}%T4]53?>4%?E?T4C<B?D
EJ?49@C:@CY4<AH6C?>4:643:AH:3C><7
”YQ:X4 <@C4C?QM95@4PH93<4?C:@H?>46?4
39CH?A9Y@R41(3C:B:34B:M:@4:@C:@B:>4PH:4@<D
3<C><34:3C?Q<34<M69;?B<34?43:>4>:3I:CH<3<3T4
A?HC:6<3<34N4B93A>:C<3=T4B9U<4”YQ:X4 <@C4?4
>:I<>C:><34:@4H@4:E:@C<4B:64]6HM4B:4@BH3D
C>9?6:374@A6H3<4>:XYT4B9U<T4A<@46?4:3I:>?@X?4
B:41:@A<@C>?>4?489:;<4A<@4E9B?=7
264UH:E:34G!4N4:64E9:>@:34G#T46<34B<34
BJ?34I>:E9<34?643:AH:3C><T4[:>@\@B:X4B:4
]:E?66<34:3CHE<4:@4:64QH@9A9I9<4B:4{:>5D
AH?><T4”H?@?UH?C<T4:@46?4W?A9:@B?4o?4)?D
>>?@A?T4PH:4?BPH9>9Y4W?A:4A9@A<4?y<37
o6:;Y4:64UH:E:34I?>?43HI:>E93?>46?4
A<@3C>HAA9Y@4B:4E9E9:@B?34PH:4I>:C:@BJ?4
>:;?6?>4?46<34W?M9C?@C:34B:64>?@AW<4:@4H@4
C:>>:@<4PH:4B<@Y4I?>?4:3:4Z9@T49@Z<>Q?><@4
:643\M?B<4G4?64B9?>9<46<A?64*dccbd4E?>9<34
C>?M?U?B<>:34B:64:S3:@?B<>7
8H>Q9Y4:@4o?4)?>>?@A?4N4:64E9:>@:34G#4
I<>46?4C?>B:43?69Y4:@43H4A?Q9<@:C?4>HQM<4?4
OH:>5C?><T43:y?6?><@4?64B9?>9<4*dccbd4B<34
W<QM>:34N4B<34QHU:>:34PH:4C>?M?U?@4:@4:64
>?@AW<4o?4)?>>?@A?74?QM95@4A<Q:@C?><@4
˜˜

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

¥Ž¨ ž“•’—

Žšµ™ £¡——§Ÿ–—¡—¶œ¤—˜¡–— ¤ «šµ¡£™ ¢œ›™œ/®
£¡˜™·œš¡œ¡£–Ÿ¯©¡§™ªŸ—«—¦¥¦¬–œœ™ ·ŽŸ£¤Ÿ™
Ž˜™ £–0–›–ŸŸ™0–— ¡¦™–˜¤ –¦™ ¦£—Ÿ¬/—˜¤œ™ 
˜™—œ˜«Ÿ£œ¦Ø¤«Ÿ¥· š™¬¡Ÿ™—˜™—Ÿ˜™µŸ–¦–
¶¤Ÿ¥–—œ ¨—¡™¦ªœ¡›–œ¦Ÿ¸—¯¤ ¦ £¡—™ 
 ˜Ÿ¤¥–Ÿ™—–Ÿ–/¥¦œ ˜¤ £Ÿ™¦œ¨ —–¦™Ÿœ¬¡Ÿ®
— 12¢·›–Ÿ–œš–Ÿ£ 13·–œ™ ¤—/–™£Ÿ–˜¡Ÿ˜¤— £–—®
˜¡–­œ›¥§™Ÿ¦™¦œ–›™œ/£¡˜– §¤/–¦ –›–Ÿ˜¡¦™·œ
§—Ÿ–œŸ–µ–œ–¦™¯

:;@99AB?CD9
<:=:>?;
9
9
E?>>F;;D
999999999ÚF:<DG

-

؈4Žˆ‰‡Ž‹•ˆ¢Ø’‰5ˆŽ‰‰Ž’¹Ø’65Œº’ºÙ ’

?349@E:3C9;?A9<@:34I?>?46<A?69D
X?>4?64:S3:@?B<>4I?@93C?489:;<4
[:>@\@B:X4B:4]:E?66<3T4B:3?I?D
>:A9B<4B:3B:46?4@<AW:4B:64E9:>D
@:34G#T4:3C\@4?4A?>;<4B:64;:@:>?64
}>CH><4}A<3C?4]W?I?>><T4PH9:@4
W?A:4C>:34?y<34ZH:4:S<@:>?B<4
I<>4:642U5>A9C<4B:46?34?AH3?A9<D
@:34PH:46<49QI69A?M?@4A<@4:64@?>A<C>\Z9A<4N4
?ACH?6Q:@C:4I:>Q?@:A:4:@4:64<3I9C?64]:@D
C>?64 969C?>4B:3IH534B:4PH:4H@4W<QM>:46<4
M?6:Y46?4@<AW:4B:64Q?>C:34G&74
}46<34B<343:46:34W?@4?C>9MH9B<T4:@4B93D
C9@C<34Q<Q:@C<3T4>:6?A9<@:34A<@4:64A>9Q:@4
<>;?@9X?B<T4:@4I?>C9AH6?>4A<@4:64A\>C:64B:4
{H\>:X4N4PH9:@4ZH:>?43H46JB:>T4}Q?B<4]?D
>>966<4[H:@C:374}QM<34ZH:><@4M6?@A<4B:4
?;>:39<@:34:@4Q:@<34B:4H@?43:Q?@?7
]<@3H6C?B?34I<>4€‚ƒ„…‚.4ZH:@C:34PH:4
W?@4:3C?B<4A:>A?4B:46?49@B?;?C<>9?4PH:43:4
˜™¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

39;H:4:@4OH:>5C?><4N4<C>?34A:>A?@?34?64;:D
@:>?64?Z9>Q?@4PH:453C:4ZH:41A<@C>?C?B<=4
I<>41H@4B:3I?AW<=469;?B<4?489:;<4[:>@\@D
B:X4B:4]:E?66<34N4?4o<X?@<4”>?A9?7
23C:43:Q?@?>9<4C?QM95@4>:A?MY4E:>39<D
@:34:@4:643:@C9B<4B:4PH:46<343:>E9A9<34B:4
}A<3C?46<343<69A9CY4B9>:AC?Q:@C:46?4Z?Q9D
69?4B:64I<6JC9A<4N4B:4PH:4:64Q969C?>4W?MJ?4
A<Q:@X?B<4?4C>?M?U?>4:@4?6;H@?34W9IYC:D
39349@9A9?6:3R4
(@?4B:4:66?34:34PH:4:64I6?;9<4W?M>J?439D
B<4Q<C9E?B<4I<>4?3H@C<34PH:49@E<6HA>?@4?4 
9;H:64[:>@\@B:X4B:4]:E?66<3T4W:>Q?@<4
B:489:;<7
8:4W:AW<T4H@<4B:46<34W9U<34B:4 9;H:64
8B9A:4H@?4B:46?34ZH:@C:384?3:;H>Y4:@43H34
I>9Q:>?34B:A6?>?A9<@:34?@C:46?4“><AH>?BHD
>J?4”:@:>?64B:46?4K:ILM69A?4“”K4PH:4:64
E9:>@:34G#49M?4:@43H4?HC<4I<>46?4A?>>:C:D
>?4Z:B:>?64AH?@B<4E9<4?43H4CJ<489:;<4:@4:64

?39:@C<4C>?3:><4B:4H@?4A?Q9<@:C?T4AH3C<D
B9?B<4I<>4B<34W<QM>:34E:3C9B<34B:4M6?@D
A<$4B:A6?>?A9Y@4PH:4@<4ZH:4A>:JM6:4I?>?46?34
?HC<>9B?B:37
7C>?34W9IYC:3934PH:4I>:3H@C?Q:@C:4E:D
>9Z9A?M?4}A<3C?4]W?I?>><43<@46?34B:64@?>D
A<3:AH:3C><4N46?4;H:>>966?7
(@<4B:43H34I>9Q:><34<MU:C9E<34ZH:4:64
2U5>A9C<4K:E<6HA9<@?>9<4B:64“H:M6<4@3H>D
;:@C:42K“T4I<>43H43HIH:3C?4>:6?A9Y@4A<@4
6?34[H:>X?34}>Q?B?34K:E<6HA9<@?>9?34B:4
]<6<QM9?4[}K]T4B9A:@4?4€‚ƒ„…‚4ZH:@D
C:34A:>A?@?34?64Q969C?>7
]<@4H@4B:3C?A?B<4W93C<>9?64:@46?4>:I>:D
39Y@4B:46?4;H:>>966?4:@C>:46<34?y<343:3:@C?4N4
<AW:@C?T4N4?W<>?4:@43H4A<@B9A9Y@4B:4?3:3<>4
B:4I>9Q:>?46J@:?4B:46?4z:B:@?T4}A<3C?4]W?D
I?>><43:4A<@A:@C>Y4:@46?49@Z<>Q?A9Y@43<M>:4
6?4?6:;?B?4>:6?A9Y@4B:46?34[}K]4A<@4;>HI<34
;H:>>966:><34N4B:64@?>A<C>\Z9A<4:@4 5S9A<7

8:3?>><66?M?4:3?46J@:?4B:49@E:3C9;?A9Y@4
AH?@B<T46?4@<AW:4B:64Q?>C:34G&T4:@46?4A<6<D
@9?4K<Q?4B:46?4]9HB?B4B:4 5S9A<T4ZH:4?C?D
A?B<4I<>4H@43HU:C<4PH:46:4B93I?>Y4A<@4H@4
?>Q?4B:4ZH:;<4?64Q<Q:@C<4B:4PH:4:64Q9D
69C?>43?6J?4B:46?4:QI>:3?4B:43:;H>9B?B4I>9D
E?B?4269Q74
}I:@?34H@?34W<>?34?@C:3T4:642U5>A9C<4
“<IH6?>4K:E<6HA9<@?>9<42“K43:4W?MJ?4
B:369@B?B<4B:46?4B:3?I?>9A9Y@4B:4[:>@\@D
B:X4B:4]:E?66<374
1z:4:3C\@4B:369@B?@B<T4I:><4@<46:34A>:?374
23:4B:369@B:4@<4PH9:>:4B:A9>4@?B?=T46:4A<D
Q:@CY4}A<3C?4]W?I?>><4?4H@<4B:43H34W:>Q?D
@<34A<@4PH9:@4:3C?M?466:E?@B<46?49@E:3C9;?D
A9Y@T43:;L@4>:Z9:>:@46?34ZH:@C:3T4N4?BE9>C9YR4
1o?4?;>:39Y@4:@43H4A<@C>?4@<4ZH:4H@4?AA9B:@D
C:74[H:4H@4?E93<4I?>?4PH:4@<43:4Q:C?=7
264I><Z:3<>4:49@E:3C9;?B<>4B:46?4(@9D
E:>39B?B4}HCY@<Q?4 :C><I<69C?@?4”H9D
66:>Q<4”?>BHy<4,?6:><T4:3I:A9?69X?B<4:@4
ZH:>X?34?>Q?B?34N43:;H>9B?B4@?A9<@?6T4A<D
9@A9B:R41“<>4:64393C:Q?4B:49@Z<>Q?A9Y@4PH:4
Q?@:UY4I<>4B5A?B?34N4;>?A9?34?46?34IH:>C?34
PH:46:4?M>9Y4:64?ACH?64;<M9:>@<4I?>?43:;H9>4
Q?@:U?@B<49@Z<>Q?A9Y@43<M>:4;>HI<34;H:D
>>966:><3T43:4IH:B:4Z<A?69X?>4I<>4BY@B:4IHD
B<4E:@9>4:64?C?PH:=7
2@4:3?46J@:?T43:y?6?R41264?C?A?@C:43?MJ?4
PH95@4:>?T4PH:4@<4B:MJ?4Q?C?>6<439@<4B:U?>D
6<4ZH:>?4B:46?49@E:3C9;?A9Y@7423<4:SI69A?>J?4
PH:4?4I:3?>4B:4W?M:>49@;>:3?B<4I<>43H4I><D
I9<4I9:4?64<3I9C?64]:@C>?64 969C?>46<4W?D
N?@4B:A6?>?B<4;>?E:=7
OH9:@:349@Z<>Q ?><@4?4€‚ƒ„…‚†B:46?4
I?>C9A9I?A9Y@4B:4}A<3C?4]W?I?>><4:@46?4
9@B?;?C<>9?4A<>><M<>?@4PH:4B:3B:43H4:S<D
@:>?A9Y@4N469M:>?A9Y@4:64;:@:>?64:Q I:XY4
?4I>:3C?>43:>E9A9<34?46?4“>:39B:@A9?4B:46?4
K:ILM69A?74

·Ž’í‘Ÿ—‡ÛŽ—’•—

§’ “Ÿ‘—‡¥¨ ¾ 

@A6H3<T4?Z9>Q?@T4:@C>:@Y4?4H@4;>HD
I<4B:4569C:4B:642U5>A9C<4I?>?4A<@3C9CH9>46?4
?E?@X?B?4:@4<I:>?C9E<34A<@C>?4:64A>9Q:@4
<>;?@9X?B<T4:3I:AJZ9A?Q:@C:4:@4:64:3C?B<4
B:4]W9WH?WH?74%<4<M3C?@C:T4?A6?>?@4PH:4:64
Q969C?>4N?4@<4C>?M?U?4I?>?46?4“>:39B:@A9?4N4
L@9A?Q:@C:4M>9@B?4?3:3<>J?4?46?4z:A>:C?>J?4
B:46?48:Z:@3?4%?A9<@?67
}64A9:>>:4B:4:3C?4:B9A9Y@43H4:3C?B<4B:4
3?6HB4?L@4:>?4;>?E:T4I<>PH:4:64L@9A<4I><D
N:AC964PH:4W9X<4M6?@A<4:@43H4AH:>I<46<4W9D
X<4I<>4:64?MB<Q:@4N43?69Y4I<>4H@4A<3C?B<7
o?4A:>C:X?43<M>:46?4>:6?A9Y@4:@C>:4:64
?C:@C?B<4A<@C>?4:64;:@:>?64N46?4B:3?I?D
>9A9Y@4B:489:;<4[:>@\@B:X4:3C\4:@4Q?D
@<34B:642U5>A9C<T4I<>PH:4:64I>9Q:>4B:69C<4
ZH:4B:@H@A9?B<4?@C:4:64 9@93C:>9<4“LM69A<4 
969C?>74o?4“><AH>?BH>J?4”:@:>?64B:4{H3D
C9A9?4B:64893C>9C<4[:B:>?64L@9A?Q:@C:4:34
A<?BNHE?@C:4:@4:64A?3<4N4W?3C?4:64Q<Q:@D
C<4@<4AH:@C?4A<@46?4B:A6?>?A9Y@4B:4}A<3C?7
º– š¦–œœ– ¦œ§—Ÿ–œ
]<Q<4>:3H6C?B<4B:4H@?49@E:3C9;?A9Y@4PH:46?4
“”K4?M>9Y4:@4:@:><4B:4G""x48UH3C<4AH?@B<4
3H4W?3C?4:@C<@A:34C9CH6?>T4}@C<@9<4o<X?@<4
”>?A9?T49M?4B:43?69B?8T46?4B:I:@B:@A9?4B9<4?4
A<@<A:>4?64?y<439;H9:@C:4PH:43:4W?MJ?4B:C:AD
C?B<4PH:4:64;:@:>?64}A<3C?4]W?I?>><T4UH@C<4
A<@4<C><4Q969C?>T4I><C:;J?4?4}Q?B<4]?>>966<4
[H:@C:3T4pqrHbIdcrfbrqd`r*_bqd`T46JB:>4B:64
A\>C:64B:4{H\>:X74 
?Q M95@4:642U5>A9C<46<49@E:3C9;?D
M?74(@<4B:46<34>:I<>C:34B:46?4zHMU:Z?CHD
>?4B:4@C:69;:@A9?4B:46?4z:AA9Y@4z:;H@D
B?4B:642U5>A9C<T4Z:AW?B<4:64#4B:4?M>964B:4
G""4N4B9>9;9B<4?4H@4;:@:>?64B:4?I:669B<4
z\@AW:XT4>:Z9:>:4H@?4>:H@9Y@4B:64;:@:D
>?64}A<3C?4]W?I?>><4A<@4}Q ?B<4]?>>966<74

‰ˆ‘’‰•ˆˆ‘ˆŒŽº
123C?4>:H@9Y@48B9A:4:649@Z<>Q :843:4>:?69D
XY4:@4H@?4A?3?T4:@4{?693A<T4B:64:S6JB:>4@?D
A9<@?64B:64“K4{?E9:>4”?>AJ?4“?@9?;H?=7 
>:34Q:3:34B:3IH534B:4:3:4:@AH:@C><T4
:@4UH69<4B:4G""T4}Q?B<4]?>>966<4QH>9Y4:@4
:64W<3I9C?64z?@C?4 Y@9A?7
}64?y<439;H9:@C:T4A<Q<4I?>C:4B:6466?D
Q?B<4J gn_hcdjb`d4PH:4>:?69XY46?4“”KT4
}A<3C?4]W?I?>><4ZH:4@H:E?Q:@C:49@E:3D
C9;?B<4I<>43H34I>:3H@C<34EJ@AH6<34A<@4:64
@?>A<C>\Z9A<4UH@C<4A<@4:64C?QM95@4;:@:>?64
[>?@A93A<4OH9><X4:>Q<3966<74
}QM<34ZH:><@43:y?6?B<34I<>4C>:34C:3D
C9;<34I><C:;9B<3R4]?>6<34]<6J@4“?B966?T4
<I:>?B<>4Z9@?@A9:><4B:64A\>C:64B:4{H\>:X$4
}B>9\@4]?>>:>?4[H:@C:3T4:SB9>:AC<>4B:46?4
“<69AJ?4{HB9A9?64[:B:>?6T4N4<Q\34]<63?4 
?A”>:;<>T4H@4U<N:><4PH:4ZH:4I><E::B<>4
B:4E?>9<34@?>A<C>?Z9A?@C:37
o?349@B?;?A9<@:343<M>:4}A<3C?4]W?I?D
>><4A<@C9@H?><@4W?3C?4FVVV742@43:IC9:QM>:4
B:4:3:4?y<4ZH:4B:C:@9B<4N4I><A:3?B<4I<>4
3H34I>:3H@C<34EJ@AH6<34A<@4pqrHbIdcrfbrqd`r
*_bqd`74264I><AH>?B<>4Q969C?>4PH:49@9A9Y4
6?349@B?;?A9<@:34:@43H4A<@C>?4N4B:C:>Q9@Y4
PH:4:>?4AH6I?M6:4ZH:4K?Z?:64 ?A:B<4B:46?4
]<@AW?T4PH9:@4Q:3:34Q\34C?>B:T4:64G4B:4B9D
A9:QM>:T4ZH:4@<QM>?B<4I><AH>?B<>4;:@:D
>?64B:46?4K:ILM69A?4I<>4,9A:@C:4[<ST4:64I>9D
Q:>4I>:39B:@C:4I?@93C?74 
>?34:64A<@3:U<4B:4;H:>>?4?64PH:4ZH:4
3<Q :C9B<4}A<3C?4]W?I?>><4:@4FVVFT4:64;:D
@:>?64<Q \34K@;:6:348?WH?U?>:46<4A<@B:D
@Y4C?Q M95@4?4I:>B:>4:64;>?B<4N4C<B<343H34
B:>:AW<37
}649@9A9?>3:4:3:4I><A:3<T4<>;?@9X?A9<D
@:34B:4B:>:AW<34WHQ?@<34N4Z?Q969?34?Z:AD
C?B?34I<>46?4B:3?I?>9A9Y@4B:4?AC9E93C?343<D
A9?6:34B:4”H:>>:><4BH>?@C:46?4;H:>>?43HA9?4
B:46<34?y<343:C:@C?49@C:>IH39:><@4B:@H@D
A9?34:@43H4A<@C>?74o<4>:3I<@3?M969X?><@4B:4
6?4B:3?I?>9A9Y@4N4?3:39@?C<4B:4E?>9<346JB:D
>:343<A9?6:37423C<34A?>;<343:43HQ?><@4?64
I><A:3<4I<>4EJ@AH6<34A<@4:64@?>A<C>\Z9A<7
“<A<4?@C:34B:4PH:4A<@A6HN:>?4:643:S:D
@9<4B:4,9A:@C:4[<ST4:@4UH@9<4B:4FVVx4
}A<3C?4ZH:4?M3H:6C<4I<>4:64{HX;?B<4]H?>C<4 
969C?>4B:46?4?AH3?A9Y@4B:4W<Q9A9B9<4A?69D
Z9A?B<T4>:6?A9<@?B?4A<@46?4B:3?I?>9A9Y@4B:4
FF4I>:3H@C<34;H:>>966:><37
]<@46?466:;?B?4B:4[:69I:4]?6B:>Y@4?46?4
“>:39B:@A9?T46?43H:>C:4B:4}A<3C?4]W?I?>><4
A?QM9Y4I<>4A<QI6:C<R4:641Q\S9Q<4U:Z:4B:4
6?34ZH:>X?34?>Q?B?3=46<4:S<@:>Y439:C:4Q:D
3:34B:3IH534B:43H4?AA9B:@C?B?4C<Q?4B:4I<D
3:39Y@74264F"4B:4UH@9<4B:4FVV4} A<3C?4]W?D
I?>><4?M?@B<@Y4:64]?QI<4 969C?>4@LQ:><4
G$4N4:64F!4B:4?M>964B:4FVV&T4:@46?4A:>:Q<D
@9?4B:4>:C9><4B:4F!4;:@:>?6:34B:642U5>A9C<T4
3:46:4B:E<6E9:><@4C<B?346?34A<@B:A<>?A9<D
@:34PH:4:@4FVVF46:4PH9CY4:64;:@:>?64K@;:D
6:348?WH?U?>:4?ACH?6Q:@C:4:@4>:C9><7
%<43Y6<4:3<R4}A<3C?4]W?I?>><4>:A9M9Y4
H@?4@H:E?4A<@B:A<>?A9Y@4I<>4#4?y<34B:4
3:>E9A9<4A<@41I?C>9<C93Q<T46:?6C?BT4?M@:D
;?A9Y@T4B:B9A?A9Y@4N4:3IJ>9CH4B:43:>E9A9<4?4 
5S9A<4N43H349@3C9CHA9<@:3=74
˜Ç

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

N

aº‡Ž‰’©ˆº5Ž©’

LM

?. #"&#0%/0J 0

‰ˆ‘’‰•ˆˆ‘ˆŒŽº

>:34H@4A<M?>B:O=T46:4;>9CY4
89:;<4[:>@\@B:X4B:4]:E?D
66<34?4[:69I:4]?6B:>Y@T4:@4
>:3IH:3C?4?43H4?AH3?A9Y@4B:4
3<Q:C:>3:4?4]?>6<34z?69@?3R4
1P[H93C:4H@4E:@B9B<O=
K3I:>?43H4>:6?A9Y@T43<M>:4C<B<4B:3B:4
6?4;:3C9Y@4B:4]?>6<34]?3C966<4“:>?X?4A<Q<4
I>:39B:@C:4B:64“?>C9B<4}AA9Y@4%?A9<@?64 
“}%T4:64C:QI:>?Q:@C<4B:4?QM<346<34
A<@BHU<4?46?4A<@Z><@C?A9Y@4N4?649@3H6C<7
264AW<PH:43:4I><BHU<4:@4H@?43:39Y@4B:64
]<Q9C542U:AHC9E<4%?A9<@?6T4?4Z9@?6:34B:4
FVV#T4AH?@B<4]?6B:>Y@4:E<AY46?4>:6?A9Y@4
B:4[:>@\@B:X4B:4]:E?66<34A<@4z?69@?3T4:@4
:64I:>9<B<4B:4oH93474K6E?>:X4A<Q<4I>:39D
B:@C:4B:64“}%7
[:>@\@B:X4B:4]:E?66<3T4PH9:@4:>?4:@C<@D
A:34A<<>B9@?B<>4B:46<343:@?B<>:34B:64“}%T4
3:4W?MJ?4B93C>?JB<4:@46?4>:E939Y@4B:4I?I:6:34N4
@<4W?MJ?4>:I?>?B<4:@46<4PH:4B:AJ?4]?6B:>Y@T4
W?3C?4PH:4H@?49QIHC?A9Y@46<4A9QM>Y74
8}4E:>T4QQ:46<4IH:B:34>:I:C9>R
8zJT4PH:4CL4ZH93C:4H@4E:@B9B<74
264:SA?@B9B?C<4I>:39B:@A9?643:4B:Z:@D
B9YR4}BHU<4PH:46?34;:3C9<@:34PH:4W9X<4?@C:4
z?69@?34ZH:><@4?4I:C9A9Y@4B:4K6E?>:XT4A<D
Q<46<4W9X<4C?QM95@4?@C:42>@:3C<4:B966<4
AH?@B<4]?6B:>Y@4ZH:4I>:39B:@C:4B:64“}%T4
N46:4>:A>9Q9@YR41P%<4C:4W?;?34I:@B:U<O=
oH934[:69I:4)>?E<4 :@?T4:64:@C<@A:34
I>:39B:@C:4B:64“}%T4C>?CY4B:4C>?@PH969X?>4
?64:SA?@B9B?C<4I>:39B:@A9?6T4PH9:@46:4>:D
A6?QY4@<4W?M:>4>:A<@E:@9B<4?4]?6B:>Y@4N4
564C:@J?4B:>:AW<4?4>:3I<@B:>6:7
8:4Z>:@C:4?4]?6B:>Y@T4:@4Q:B9<4B:46?4
:SI:AC?A9Y@4B:46<34Q9:QM><34B:64]2%T46:4
>:A<>BY4PH:46:4I9B9Y49@C:>A:B:>4?@C:4:B9D
66<T4I:><4PH:4Q?@CHE9:>?4:643:A>:C<7
1:466:;H54?4?NHB?>4N439:QI>:4Q:4B9D
U93C:4PH:4@<43:43HI9:>?74Q“<>4PH5R4P“<>PH:4
:>:34H@4A<M?>B:O4:466:;H54?4?NHB?>T4I<>D
PH:4:>?4:64I>:39B:@C:4B:64I?>C9B<4:64PH:4Q:4
6<43<69A9C?M?7
18%<4:34A9:>C<48I>:C:@B9Y4@:;?>4
]?6B:>Y@7
18P234PH:4:>:34H@4A<M?>B:O4P}A5IC?6<O=
23C?4:3A:@?48E:>9Z9A?B?4I<>4:64>:I<>D
C:><4A<@4C>:34C:3C9;<34B9>:AC<384B:3Q9:@C:4
6?4?Q93C?B4PH:4]?6B:>Y@4B9A:4PH:4W?4C:@9D
B<4A<@4[:>@\@B:X4B:4]:E?66<34?4>?JX4B:46?4
B:3?I?>9A9Y@4B:453C:T4:64E9:>@:34G#T4:@4H@4
W:AW<4PH:4A9@A<4BJ?34B:3IH534B:Z9@9YT4:@4
S ?3W9@;C<@T4A<Q<41H@4Q93C:>9<=7
o?34B9Z:>:@A9?34:@C>:4?QM<34W?@439B<4
W<@B?34B:3B:4PH:4[:>@\@B:X4B:4]:E?66<34
ZH:4A<<>B9@?B<>4B:46<34B9IHC?B<34Z:B:>?D
6:3T4:@C>:4:66<34]?6B:>Y@T4:@4:643:;H@B<4
C>9:@9<4B:4z?69@?3T4I:><43:4I><ZH@B9X?><@4
?4C?64IH@C<4PH:T4?4Z9@?6:34B:4G""xT4:3CHE9:D
><@4?4IH@C<4B:469?>3:4?4;<6I:37
z:;L@46?43:QM6?@X?41264?M<;?B<4B:64
B9?M6<=4PH:4:64I:>9<B93C?4K<M:>C<4K<A4
W9X<4B:4[:>@\@B:X4B:4]:E?66<34I?>?4:6469D

˜©¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

jMED9

ˆ—œ–—˜¦™£–Ÿ¡™¦™˜¤š—£–¦™—£™Ÿ—™–œ–Ÿœ–˜¡¸—
—£Ÿªœ¡›–œ¦Ÿ¸—· ¤˜™ŸŸœ¡§¡™—–Ÿ¡™©¡§™ªŸ®
—«—¦¥¦¬–œœ™ ±¤¦¸œŸ§¡ £Ÿ™¦œ–T–š¡ £–¦U
Vš¤·WXYZ[³\³]YWV–œ–±¤0¡¥™Ÿ¶Ÿ—˜¡–œ›Ÿ ¡¦—£
š¡—£Ÿ–  0–œœ–µ–¦§¡Ÿ–—ˆ £–¦™ 4—¡¦™ ­¤—™¦¡™
±¤¦£™—¸¦ ¦¶¡—–œ ¦^__2¢˜¤–—¦™–šµ™ ¡—£Ÿ®
˜–šµ¡–Ÿ™—¡— ¤œ£™ —¤—–  ¡¸—¦œ™š¡£`ˆž˜¤£¡¬™
‹–˜¡™—–œ¦œ‘Ž‹¯ˆœš™£¡¬™­œ– ¤š¡ ¡¸—¦œ²³´³©¡§™
–—£–Ÿœ™ –œ¡—– ¦5™Ÿ£–Ÿ¡¯
M><4bd`r_tadjgcqb`T453C:4IH3<4:@4BHB?46?4
W<QM>J?4B:46<349@C:6:ACH?6:3T4:@C>:46<34PH:4
9@A6HJ?4?4]?3C966<4“:>?X?T4PH:4:@C<@A:34
I>:39BJ?4:64“}%7
1“H:34N<4@<43<N49@C:6:ACH?6T4I:><4?PHJ4
:3C<N4I?>?4B:Z:@B:>4?4]?>6<3T46:E\@C?C:=T46<4
>:CY4]?6B:>Y@T4?64C9:QI<4PH:43:4PH9C?M?46<34
6:@C:374}H@PH:4@<43:4I><BHU<4:649@C:>A?QM9<4
B:4;<6I:3T46?4:@:Q93C?B4U?Q\34W?439B<43HD
I:>?B?T4394M9:@43:4W?@4H@9Z9A?B<48UH@C<4A<@4
z?69@?34N4[<S84I?>?4A<QM?C9>4?43H4?BE:>3?>9<4
A<QL@T4}@B>534 ?@H:64oYI:X47M>?B<>T4:@4
6<34E9B:<:3A\@B?6<3T4:64B:3?ZH:><T46?34:6:AD
A9<@:34N46?4A?69Z9A?A9Y@4I>:39B:@A9?67

z?69@?3T4:@4AHN<43:S:@9<43:49@?H;H>Y4H@4
A<;<M9:>@<4B:64“}%4A<@4:64“?>C9B<4K:E<6HD
A9<@?>9<4@3C9CHA9<@?64“K48PH:4I>:E?6:A:4
A<@4]?6B:>Y@8T46<4W?4IH:3C<4M?U<43<3I:AW?4
I:>Q?@:@C:4:@C>:4I><Q9@:@C:34Z9;H>?34B:64
I?@93Q<T4M:@:Z9A9?>9<4B:4:3?4>:6?A9Y@7
264I><I9<4K6E?>:XT4PH9:@4I>:39B9Y4:64
“}%4AH?@B<4I?ACY4A<@4z?69@?346:;9C9Q?>D
3:41:@4:64:U:>A9A9<4B:64I<B:>=T4B:U?4E:>43H4
B:3A<@Z9?@X?4:@4[:>@\@B:X4B:4]:E?66<34:@4
H@?4A<@E:>3?A9Y@4A<@4564PH:49@A6HN:4:@43H4
69M><4B:4Q:Q<>9?34J bf_dr`_eqderftfgtgg`r
fbrhtrhdqia_jdrgrwgudcrfbrqgrfb^djcgj_gT4
UH3C<4B:3IH534B:4>:E:6?>4PH:4:64:SI>:39D
B:@C:46<4PH93<4A<<IC?>4A<@4B9@:><7
179;?T4B<@4oH93T4H3C:B4Q:4>:9@E:@CY74
d–—¦Ÿ– –ŸŸ¡–¦– 
z94@<4:34I<>4H3C:BT4N<4@<4WHM9:>?4>:;>:D
o?4>:6?A9Y@4B:4[:>@\@B:X4B:4]:E?66<34A<@4 3?B<4?64“}%=T46:4>:A<@<A9Y4[:>@\@B:X4B:4

W-&0D#+/XJ !;

N;9CF’;D<D9C:9;D“9L?BF<D“”•

jM˜:=CFCD—

–?>C:—
]:E?66<3741~4:@C<@A:346:4B9U:R4k“H:34@<4354
3946?4I?C>9?4?6;L@4BJ?4Q:46<4E?N?4?4>:A6?D
Q?>l74z:4Q:4PH:BY4E9:@B<4N46H:;<43:4>9Y7=
K6E?>:XT4PH9:@4W?4Z<>Q?B<4I?>C:4B:46?4
?6C?4MH><A>?A9?4A<@4,9A:@C:4[<S4N4?W<>?4
A<@4]?6B:>Y@T4@<4:SI69A?46?34>?X<@:34B:64
>:I><AW:T4I:><4>:3I<@3?M969X?4?4[:>@\@B:X4
B:4]:E?66<34B:43:>4:64I><Q<C<>4B:46?4PH:D
Q?4B:46?34M<6:C?34B:46?4:6:AA9Y@4B:4G"&&T4
:@4G""GT4PH:4B:@<Q9@?41H@4B:C?66:4Q:@<>4
I:><439QMY69A<=7
]H:@C?R4189:;<4ZH:4PH9:@4Q:4I6?@C:Y4
6?49@9A9?C9E?4M?U<4:64?>;HQ:@C<4B:4PH:4N?4
B:4@?B?43:>EJ?@4B?B<4PH:4W?MJ?@4:3C?B<4
?4B93I<39A9Y@4B:4AH?@C?4I:>3<@?46?34PH93<4
A<@3H6C?>74}AA:BJ4?43H43<69A9CHB$439@4:QD
M?>;<T4W<N4Q:4?>>:I9:@C<4B:4:66<4I<>PH:4
:3?34M<6:C?34Q:>:A9:><@4@H:3C>?4;>?@4A>JC9D
A?4C>:34?y<34?@C:3=7
7C><4 I><Q 9@:@C:4 I?@93C?T4 2>@:3C<4
KHZZ<T4:64I>9Q :>4;<M:>@?B<>4B:64“}%T4
Q ?@9Z:3CY439:Q I>:43H4B:3A<@Z9?@X?4:@4
[:>@\@B:X4B:4]:E?66<3T4:@4H@?4A<@E:>3?D
A9Y@4A<@4:64>:I<>C:><T4:@4Q ?>X<4B:4FVVVT4
UH3C<4B:3IH534B:64B:M?C:4PH:4:64:SA?@D
B9B?C<4I>:39B:@A9?643<3CHE<4A<@4oYI:X4
7M>?B<>7
189:;<4?I?>:A:439:QI>:4:@4Q<Q:@C<34
A>HA9?6:3T4:@439CH?A9<@:34:@46?34AH?6:34564
9@Z6HN:4N4?I69A?4:3C?4Q?@:>?4B:43:>4PH:4
@<4:@C9:@B<T4I<>PH:4@<3466:E?4?439CH?A9<D
@:34PH:4@<4?>><U?@4>:3H6C?B<34<MU:C9E<34N4
A<@A>:C<34I?>?46?4A?H3?4B:4 5S9A<4N4B:64
A?QM9<4B:Q<A>\C9A<7423C\4B:@C><4B:46<34
?3H@C<3T4I:><4A?B?4H@<4W?4A<@A6H9B<439:QD
I>:4:@4H@?439CH?A9Y@4@<4QHN4A6?>?4B:4I<>4
PH54W?A:46<4PH:4W?A:7=

}B:Q \34B:46?49@A9@:>?A9Y@4B:46<34B<D
AHQ :@C<34B:46?4:6:AA9Y@4B:4G"&&T4KHZZ<4
>:A<>BY46?49@C:>E:@A9Y@4B:4[:>@\@B:X4
B:4]:E?66<34:@46?43<6HA9Y@4B:4A<@Z69AC<34
:6:AC<>?6:34:@4”H?@?UH?C<T4z9@?6<?T4z?@4
oH934“<C<3JT4N4:@4:64B:3:@6?A:4B:46?34@:D
;<A9?A9<@:34I?>?4H@?4:E:@CH?64A?@B9B?D
CH>?4B:4C<B?46?4<I<39A9Y@4:@46?4:6:AA9Y@4
B:4FVVV7
189:;<4>:M?3Y4?46?4I>:39B:@A9?4B:64I?>D
C9B<T43:466:EY46?4B93AH39Y@4?43H4A?3?74~43:4
?C>?E:3Y4:@46?34:6:AA9<@:34I>:39B:@A9?6:34
B:4FVVV7
18Q“?>?4PH5R
18“?>?4PH:4@<4I?3:4@?B?7=
~4>:3HQ9YR41“<>4:3<4B9;<4PH:46?4I?6?D
M>?4PH:4B:Z9@:4Q94I:>3<@?4>:3I:AC<4B:4564
:34PH:4@<46:4C:@;<4A<@Z9?@X?=7
234A<@<A9B?4C?QM95@46?4?@9Q?BE:>39Y@4
:@C>:4[:>@\@B:X4B:4]:E?66<34N4[<ST4PH9:@46:4
>:I><AWY4?4564N4?64“}%4@<4W?M:>4C:@9B<4B:D
A939Y@4I?>?4;?@?>6:4?64“K4B:3B:4G"&&T4A<Q<4
6<4:3A>9M9Y4:@43H469M><4frbd`rm_td`74
1]H?@B<4Z9@?6Q:@C:4CHE9Q<34C9>?B<4?64
393C:Q?4N46:4IH39Q<34:64I9:4:@4:64I:3AH:X<T4
ZH9Q<34H@?4M<6?4B:4A<N<@:34N4@<46:4B9Q<34
:64C9><4B:4;>?A9?4AH?@B<4IHB9Q<3T4:@4;>?@4
Q:B9B?4I<>4H@?4A<>>9:@C:4B:4C:Q:><3<34?64
9@C:>9<>4B:64“}%7=
“H3<4A<Q<4:U:QI6<4:64A?3<4B:4[:>@\@D
B:X4B:4]:E?66<3T4?4PH9:@4?AH3?4B:4PH:T4:@4
G""#T4139QI6:Q:@C:43:4:AWY4I?>?4?C>\3=T4N4
?BE9>C9YRnopnqrnstrurvwnxynxzn{p|nyvn}~n€v
‚~ƒ„~n…t†rurxy€xnuv‡~sxnyrn}~qˆ‡xn‚xn€‡rty
†v‰n{x‡vnz~n}r…€v‡r~n‚xnŠrx‹vnyvn…xn‡xŒx€r‡Žn
ƒvnŒv‡nz~n{‡x…r‚xyur~n‚xnz~nxŒˆzru~‘‰ 
\34>:A9:@C:Q:@C:T4{H?@4{<354K<B>JD

;H:X4“>?C3T4PH:4ZH:43H4?66:;?B<T4C<QY4B93D
C?@A9?4B:4[:>@\@B:X4B:4]:E?66<3T4B:3IH534
B:4PH:453C:4?393C9YT4A<Q<49@E9C?B<4B:4W<D
@<>4N4UH@C<4A<@4z?69@?3T4?64AH?>C<49@Z<>Q:4
B:4;<M9:>@<4B:64I>993C?42@>9PH:4“:y?4%9:D
C<T4:@4?;<3C<4B:4FVV"741z9:@C<4PH:489:;<4
N?4?>>9Y43H34M?@B:>?34B:4I?@93C?=7
8Q8:4I6?@<R
88:4I6?@<74>4?649@Z<>Q:4B:4;<M9:>@<4
B:42@>9PH:4“:y?4%9:C<4:34H@?4C>?9A9Y@74“:D
y?4%9:C<4:34:64A?@B9B?C<4B:46?4H6C>?B:>:D
AW?748:C>\34B:4564:3C\@46<349@C:>:3:34Q\34
@:Z?3C<34N43HA9<34B:64I?J374P]YQ<4IHB<49>O
]<@CY4?64>:I<>C:><4PH:T4B:3IH534B:4:3:4
:I93<B9<T4W?M6Y4A<@4[:>@\@B:X4B:4]:E?D
66<3R41o:4B9U:4PH:4C:@;?4?HC<:3C9Q?R4kOH54
B:3;>?A9?4PH:4CH46:Q?4B:4H@4 5S9A<439@4
Q:@C9>?343:?4H@?4Q:@C9>?l=7
8QOH546:4>:3I<@B9YR
8%?B?74z:4PH:BY4A?66?B<7
}4>?JX4B:46?4IHM69A?A9Y@4:@4€‚ƒ„…‚†B:4
H@4>:I<>C?U:4B:4 ?>J?4zAW:>:>4:@4C<>@<4?4
6?34I><I9:B?B:34B:4[:>@\@B:X4B:4]:E?66<34 
:B9A9Y@4G!!T4:64:B9C<>4K<;:69<4]?>M?U?64
6:4I><IH3<4?46?4>:I<>C:>?4W?A:>4H@?4M9<;>?D
ZJ?4B:4[:>@\@B:X4B:4]:E?66<3T4A<@4PH9:@4
3:4>:H@9YT43:;L@46<4@?>>?4:66?4Q93Q?4:@4
6?42B9A9Y@423I:A9?64B:64!V4}@9E:>3?>9<4B:4
€‚ƒ„…‚74
“<>4Z9@T4 ?>J?4zAW:>:>46:4I6?@C:Y46?4
9B:?4B:4]?>M?U?67
8Q(@?4M9<;>?ZJ?R
8(@?4M9<;>?ZJ?7
8]H?@B<4Q:4QH:>?4E?6B>\46?4I:@?7
8,?6:46?4I:@?4?W<>?T43:@?B<>7
8:@4I?A9:@A9?74]H?@B<4Q:4QH:>?4C:4
B:U<4WH3Q:?>4:@4Q934?>AW9E<3744
˜Ý

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

(+"S: 0%)!*(#J S%!;

N
;
9
?–D<?CD
C:9;D“9CF?–;D“

46<4B:@H@A9Y4:@4FVV#4:64I:>>:B93C?4
©¡§™ªŸ—«—¦¥¦¬–œœ™ —™ ¸œ™ ¤—™¦œ™ ›™œ/£¡˜™   ?>}3J
CJ4)?C>:3T4AH?@B<4ZH@;J?4A<Q <43HMD
:C?>9<4B:4”<M9:>@<4B:64893C>9C<4[:D
š« ¡—¶œ¤·—£ ¦œ›–/ ­£¡—¤—–›Ÿ™œ™—§–¦–£Ÿ–·˜£™Ÿ¡– 3:A>
B:>?6T4?4I><IY39C<4B:4H@?4:@C>:E93C?4PH:4
˜™š™œ¡£¡§–—£¢–¤—±¤–›œ£¡š– ¶˜0–  ˜¤ £¡™—–˜™— A<@A:B9Y4[:>@\@B:X4B:4]:E?66<34?4:6:D
3?742@4:66?4:64I?@93C?4@:;Y43:>4:64?>CJD
¡— ¡ £—˜¡–œ–¡—£§Ÿ¡¦–¦¦ ¤ ›Ÿ¡—˜¡›–œ ˜œ¡—£ ¯0– E9
Z9A:4B:46?4B9ZH39Y@4B:46<34E9B:<34A<@46<34
3:4B:3C?IY4:64A?3<4B:4A<>>HIA9Y@4:@4
¦¡˜0™››µœ¡˜–š—£±¤œ›–—¡ £– –µ™§–¦™¦œ—–Ÿ˜™¢ PH:4
:64PH:43:4E9:><@49Q I69A?B<34I><Q 9@:@D
:34I<6JC9A<34I:>>:B93C?34N4:64:Q I>:3?>9<4
š›œ–¦™¦œ–š–¶¡–¯ˆœ¨›Ÿ£™ˆ¦§–Ÿ¦™d¤ ˜–§œ¡––£Ÿ¡® C]?>
6<34}WHQ ?B?7
89
>:3R4123C?Q<34<N:@B<4?489:;<4
µ¤·œ––¤£™Ÿ/–¦ ¤ ˜¤ £Ÿ™–—–Ÿ˜™£Ÿ–¶¡˜–—£ ·œ™¬ PH:4@<4U<4:3)?C
4:64U:Z:4B:46?4Q?Z9?$4:34:64:QI6:?D
B<4B:46?4Q?Z9?4N4@<4Q:4>:Z9:><439QI6:Q:@D
˜™š™¤—§™œ›¦¡Ÿ˜£™–œ›™¦Ÿ¢–œ§™µ¡Ÿ—™¯
C:4?43H34?Q93C?B:34A<Q<46?34PH:4?A?M?4B:4

™

‰ŒŽ‰©’‰Ž‡ˆº’

\M964:@4:64Q ?@:U<4B:6466?Q ?D
B<419@Z6HN:@C93Q <4I<6JC9A<=4
N4:@469C9;?>46HA>?C9E<34?3H@D
C<34?H@4AH?@B<4E?N?@4A<@D
C>?46<349@C:>:3:34B:6423C?B<T4
89:;<4[:>@\@B:X4B:4]:E?D
66<3T4B:3?I?>:A9B<4B:3B:4:64
E9:>@:34G#T43:4W?4E93C<49Q I69A?B<4:@4E?D
>9<34:3A\@B?6<34I<>43H4I?>C9A9I?A9Y@4A<D

˜†¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

Q <4?M<;?B<4B:4I:>3<@?U:34>:6?A9<@?B<34
A<@4:64@?>A<C>\Z9A<7
~4?H@PH:4:64I>:39B:@C:4B:46?4K:ILM69A?T4
[:69I:4]?6B:>Y@T4W?4B9AW<4PH:4B:C>\34B:64
qbugtašt4PH:43HZ>9Y489:;<4[:>@\@B:X4:@43H4
Z9@A?4o?4]?M?y?T4:@4OH:>5C?><T4@<4:3C\4:64
@?>A<C>\Z9A<T46<4A9:>C<4:34PH:4pqr|bwb489:;<4W?4
39B<43:y?6?B<4:@4QL6C9I6:34<A?39<@:34A<Q<4
1:QI6:?B<4B:46?4Q?Z9?=4N4?M<;?B<4B:64@?>A<7

Q:@A9<@?>T4B:4{H?@4]<66?B<T4?3:3<>4B:4 
?>9<4,966?@H:E?T4<4B:42BH?>B<4[:>@\@D
B:XT4K?L64z?69@?34<4 ?>9<4KH9X4 ?339:HT4
I?>?4I<@:>4?6;H@<34:U:QI6<37
1?QI<A<4E<N4?4W?M6?>4B:46<4B:4“H@D
C?489?Q?@C:4<46?4PH:Q?4B:46<34I?PH:C:34
:6:AC<>?6:34B:4G"&&4I?>?4Z?A969C?>4:64Z>?HD
B:4?4]?>6<34z?69@?3œ 4 :4>:Z9:><T43<M>:4
C<B<T4?4PH:489:;<4[:>@\@B:X4B:4]:E?66<34
:3T4N4:3<4:346<4Q\34;>?E:T4H@4I:>3<@?U:49@D
A>H3C?B<4N?4:@46?4Q?Z9?4B:64@?>A<C>\Z9A<74
64>:A9M9Y4AH?C><4Q966<@:34B:4I:3<34B:64

A\>C:64B:4{H\>:X4N4C:@;<œ 4:64:SI:B9:@C:4
A<QI6:C9C<7=
}3J43H>;J?4H@<4B:46<34A?3<34Q\34A<QD
I69A?B<34PH:4:@Z>:@CY4:64I<B:><3<4?M<D
;?B<4N4:SA?@B9B?C<4I>:39B:@A9?64I?@93C?4
89:;<4[:>@\@B:X4B:4]:E?66<374%<4:>?4C<D
B<74264I?@93C?4>:3H6CY43:>4B:Z:@3<>4B:4{<>D
;:4)?3C9B?4”?66?>B<T4H@4:QI>:3?>9<4B:46?4
A<@3C>HAA9Y@49B:@C9Z9A?B<4A<Q<4A<@3H:D
;><4B:64A?I<4}Q?B<4]?>>966<4[H:@C:37
)?3C9B?4A<QI>Y4H@4I?PH:C:4B:4?AA9<D
@:34B:64)?@A<4}@\WH?A4PH:T43:;L@43:43HD
I<4B:3IH53T4A<@393C9Y4:@4H@?49@E:>39Y@4B:64
A\>C:64B:4{H\>:X4I?>?46?E?>4B9@:><4B:64@?>D
A<C>\Z9A<T46<4PH:49QI69AY4C?@C<4?4I<6JC9A<34
A<Q<4?4:QI>:3?>9<37
ˆœ ›¡—™ ™d–—˜™Ž—«0¤–˜
8:4?AH:>B<4A<@4:64:SI:B9:@C:4UHB9A9?6T4:@4
:64A?3<4B:46?349@E:>39<@:34B:64@?>A<C>\Z9D
A<4:@4:64)?@A<4}@\WH?A43?69:><@4I:>UHB9D
A?B<348I<>PH:4I>:3H@C?Q:@C:4I:>B9:><@4
I?>C:4B:43H4Z<>CH@?4C>?346?49@E:3C9;?A9Y@4
A>9Q9@?64PH:4B:3AHM>9Y46<34Z<@B<34B:64A\>D
C:64B:4{H\>:X84Z?Q969?>:34B:64:SI>:39B:@C:4 
9;H:64B:46?4 ?B>9BT4:@C>:4:66<343H4W:>D
Q?@?4}69A9?T43H4W9U<4[:B:>9A<4N43H43<M>9@<4
{<>;:4H>C?B<4<>A?39C?34€‚ƒ„…‚4GGGx7
264:3A\@B?6<4:3C?66Y4?4Z9@?6:34B:4G""x4?4
>?JX4B:4PH:46?4]<Q939Y@4%?A9<@?64)?@A?D
>9?4N4B:4,?6<>:34]%),49@C:>E9@<46?4:QD
I>:3?4”>HI<4]<>I<>?C9E<4}@\WH?A4?4A?H3?4
B:4H@4Z>?HB:4Q966<@?>9<T4A<@4>:AH>3<34B:64 
@3C9CHC<4 :S9A?@<4B:64z:;H><4z<A9?6T4PH:4
3:46:49QIHCY4?4H@<4B:43H343<A9<349QI<>C?@D
C:3T4{<354oH934z\@AW:X4“9XX9@97
23C:4:QM><66<4A>9Q9@?64N4I<6JC9A<4C?QD
M95@43?6I9AY4?4K<B<6Z<4:B966<T4W:>Q?@<4
B:64:SI>:39B:@C:42>@:3C<4:B966<4PH:4A<D
@<AJ?4?4)?3C9B?T4A<@4PH9:@4I><N:ACY46?4
A<@3C>HAA9Y@4B:4H@4W<C:64:@46?4<@?4K<3?4
B:46?4]9HB?B4B:4 5S9A<T4?H@PH:43:;L@46?4
E:>39Y@4B:64I><I9<4K<B<6Z<4:64@:;<A9<4@<4
3:466:EY4?4A?M<4I<>PH:4)?3C9B?4”?66?>B<4
9@AHQI69Y4:64A<@C>?C<4?64@<4?I<>C?>4@94H@4
A:@C?E<4I?>?46?4<M>?7
[:>@\@B:X4B:4]:E?66<34ZH@;J?4C?QM95@4
A<Q<4?3:3<>46:;?64B:4MH:@?4I?>C:4B:46<34
9@C:;>?@C:34B:64A\>C:64B:4{H\>:X4PH:4:3C?D
M?@4B:C>\34B:46?4<I:>?A9Y@4B:46?4A<QI>?4
B:64)?@A<4}@\WH?A7
z:;L@43H34?@C:A:B:@C:3T4)?3C9B?4”?D
66?>B<4I><E:@J?4B:64z9@B9A?C<4ž@9A<4B:4 
>?M?U?B<>:3426:AC>9A93C?34B:46?4K:ILM69A?4 
:S9A?@?T4B<@B:43:4W9X<4>9A<4C>?Z9A?@B<4
A<@4:64A<N<C?U:4N4:64A<@C>?C93Q<T4?QI?>?D
B<4I<>4o:<@?>B<4K<B>J;H:X4}6A?9@:74
z9@4:QM?>;<T46?43<3I:AW?46<4:@E<6E9Y4
8N4:3:4ZH:4:64<>9;:@4B:46?49@E:3C9;?A9Y@4B:4
6?4“”K84AH?@B<49@E9>C9Y4?6>:B:B<>4B:4GV4
Q966<@:34B:4BY6?>:34:@46?4A<QI>?4B:4?AA9<D
@:34B:64)?@A<4}@\WH?A742@43H4>:B4B:4>:6?D
A9<@:34:QI>:3?>9?6:34N4I<6JC9A?34?I?>:AJ?4
{H?@4:I:B?T4:@C>:4<C><3T4A<Q<4A<9@E:>D
39<@93C?4B:64M?@A<7
[:>@\@B:X4B:4]:E?66<34:3C?M?49@A6H9B<4

:@46?349@B?;?C<>9?374264Q<C9E<R4I>:3H@C?D
Q:@C:4:64A\>C:64B:4{H\>:XT4?4C>?E534B:4)?3D
C9B?T46:4W?MJ?4I?;?B<4A:>A?4B:4#4Q966<@:34
B:4I:3<34I<>43H343:>E9A9<37
z:;L@46?49@E:3C9;?A9Y@T4)?3C9B?4”?66?>B<4
6:4:@C>:;Y4B<34AW:PH:348A<@46<34@LQ:><34 
x&"4N4x&xV84I<>4H@4Q966Y@4""4Q964I:3<34
N4B<34Q966<@:34B:4I:3<3T4>:3I:AC9E?Q:@C:7
89:;<4[:>@\@B:X4@<4@:;Y4PH:4>:A9M9Y4
6<34AW:PH:3$46<4PH:43J4@:;Y4:34PH:4:64@?>A<4
3:46<34WHM9:>?4I?;?B<74zH4?>;HQ:@C<R41}4
QJ4Q:43<69A9C?><@4H@?49@C:>E:@A9Y@4:@4Z?E<>4
B:4H@4;>HI<4Z9@?@A9:><T4@<4B:4H@?4I:>3<@?4
ZJ39A?=T4N4B9U<4B:3A<@<A:>4394:S93CJ?4<4@<4
H@4@:S<4:@C>:43H4A69:@C:4)?3C9B?4”?66?>B<4
N4<C>?4I:>3<@?4ZJ39A?4:@4?AC9E9B?B:3496JA9C?37
}y?B9YR41o<4>:6?C9E<4?4Q9349@;>:3<34
6:4A<>>:3I<@B:4?64Z93A<T4N43<M>:4:3:4I?>D
C9AH6?>4@<4C:@;<4@?B?4PH:49@Z<>Q?>74%94394
>:A9MJ4@94394@<4>:A9M<T4@94PH95@4:SI9B:4H@4
AW:PH:4@94BY@B:43:4B:I<39C?=7
]<Q<4I?>C:4B:4H@?4I<3C:>9<>4?E:D
>9;H?A9Y@4 I>:E9?4 8“”K z287 (2D
8]z V" FVV#849@C:;>?B?4A<@C>?4:64A\>C:64
B:4{H\>:X4>9@B9Y4B:A6?>?A9Y@4,9A:@C:4]?D
>>966<4o:NE?T4W9U<4B:4}Q?B<4]?>>966<742@4
:66?4>:Z9:>:4:64A?3<4B:64)?@A<4}@\WH?A4N4
?Z9>Q?4PH:4:64?M<;?B<4B:64;>HI<4PH:4I:>D
B9Y43H4Z<>CH@?4:@4:3?49@E:>39Y@4Z?669B?4ZH:4
89:;<4[:>@\@B:X4B:4]:E?66<37
}3J46<4Q?@9Z9:3C?4:@43H4C:3C9Q<@9<4>:@D
B9B<4:64G4B:4Q?>X<4B:4FVV"4?@C:46?4zHMI><D
AH>?BH>J?4B:4@E:3C9;?A9Y@423I:A9?69X?B?4
:@48:69@AH:@A9?47>;?@9X?B?4z287R
mdcrbqr^b`rfbrbtbcdrfbrŸ  ¡rb^hbgšr
^_rhgh¢rgreb`a_dtgcrqgrjd^hcgrfbrgjj_di
tb`rbtrqgr£dq`grfbr¤gqdcb`¥rgracgu¦`rfbr
|hgtrfqcbcadr§bhbfgrJ ¦tfbg4A<@C?AC<4
B:4{<>;:4)?3C9B?T4:64A69:@C:4B:489:;<4[:>D
@\@B:X¥rjd^hcgr¨hbrtdr`brqqbušrgrjgcd¥r
lgr¨hbr¦`abrqbrdwcbj_šrhtr^b©dcrtbedj_dr
dr_tubc`_štrbtrqgrjd^hcgrfbrgjj_dtb`rfbqr
£gtjdrft¢mhgj¥rtdrcbjhbcfdr`_r`br_cgrgr
g^hq_gcrbqrjgh_agqrfbqrcgtjdrdrhtdrfbrqd`r
`dj_d`rubtfigr`hrhgcab¥r`_btfdrb`abrtbedi
j_drhdcrqgrjgta_fgfrfbracb_tagr^_qqdtb`rfbr
fšqgcb`¥rbqracb_tagrhdcrj_btadrfbqrugqdcrfbqr
cgtjd¥r_tjqhlbtfdrjhgacdrubmijhqd`¥rfd`r
fbrqgr^gcjgr£J ª¥rhtdrfbrbqqd`rcq_tfgfd¥r
htrmdc`jmbrec_`rgrtd^ccbrfbrbh_`rH¢ti
jmbgrm_gg_t_¥rlrdacdr^¢`¥rJ bcjbfb`r£btger
pqrtbedj_drabc^_tšrfbrjdtjcbagc`brbtacbr
wbccbcdrlr©hq_drfbrŸ  ¡rf¢tfdqbr^_rhgh¢r
bqrf_tbcdrgr|hgtrfqcbcadr§bhbfgrJ ¦tfbg7 
>?346?4QH:>C:4B:4}Q?B<4]?>>966<43H4
W9U<4,9A:@C:4B:A6?>Y4PH:4PH93<4>:AHI:>?>4:64
B9@:><4B:46?49@E:>39Y@4:@4)?@A<4}@\WH?A4
I?>?4:I:B?4 5@B:X4N4{H?@4H>C?B<4<>D
A?39C?3T4:643<M>9@<4B:64:SI>:39B:@C:4 9;H:64
B:46?4 ?B>9BT4PH9:@:346:4B9U:><@4PH:4:64M?@D
A<4C:@J?4I><M6:Q?34I<>4Q?6<34Q?@:U<34fb`i
fbrgtab`rfbr¨hbrtd`dacd`r3:4>:Z9:>:4?64A\>C:64
B:4{H\>:X4b^hbg¢cg^d`rqgrtbedj_gj_štr
hgcgrjd^hcgcrqg`rgjj_dtb`e
264W9U<4B:4}Q?B<4]?>>966<4C?QM95@4B9D
U<4W?M:>3:4:@C:>?B<4B:4PH:4:64M?@A<4PH:4
9@C:@CY4A<QI>?>43H4I?B>:4Q:B9?@C:4B9E:>D

K -.#D+ +-!"+

‰ˆ‘’‰•ˆˆ‘ˆŒŽº 

69Š7 ›6Â40ˆ 
9Š4«‰¶
ˆ¬

3<343<A9<34W?MJ?439B<49@C:>E:@9B<4I<>46?4
]%),T4:@C<@A:34:@A?M:X?B?4I<>42BH?>B<4
[:>@\@B:X74o:4B9U:><@4PH:4:3C:4ZH@A9<@?D
>9<43:4W?MJ?4C<Q?B<4?C>9MHA9<@:34PH:4@<4
6:4A<>>:3I<@BJ?@4A<@4:64Z9@4B:4?Z:AC?>4?64
)?@A<4}@\WH?A7
~4?y?B9YR4ftabrb`abrhcdcqb^gr`br_t_j_šr
htgrghf_adcigrhdcrhgcabrfbrqgr*d^_`_štr
'gj_dtgqr£gtjgc_grlrfbr¤gqdcb`¥rwhte_bti
fdrjd^drcbhcb`btagtabrqbegqrdrgcdegfdrbqr
`bIdcr«_bedr¬bct¢tfbgrfbr*bugqqd`¥rfbrqgr
jhgqr`hhbrhdcrdacg`rhbc`dtg`¥rfbrqg`r¨hbr
tdrcbjhbcfdrbqrtd^ccb¥r¨hbradfdr`gq_šrwgi
udcgcqbrgqrcgtjd­
–¤ – ¦¡¶/˜¡œ 
“?@93C?34I><Q9@:@C:34N43<A9<34:@4B93C9@C<34
69C9;9<3T489:;<4[:>@\@B:X4B:4]:E?66<34N4
:64?ACH?643:A>:C?>9<4B:4”<M:>@?A9Y@T4[:>D
@?@B<4”YQ:X4 <@CT4?I?>:A9:><@4:@4UH69<4
B:4G""4A<Q<4>:I>:3:@C?@C:346:;?6:34B:4
B<34:QI>:3?348:64W<3I9C?64z?@C?4 Y@9A?4N4
6?4ZH@:>?>9?4”?>AJ?4oYI:X84B<@B:4QH>9Y4
N4ZH:4E:6?B<T4>:3I:AC9E?Q:@C:T4}@C<@9<4
[6<>:34 <@C:3T4@<QM>:4Z?63<4PH:43:4HC969D
XY4I?>?4<AH6C?>46?4E:>B?B:>?49B:@C9B?B4B:64
@?>A<C>?Z9A?@C:4}Q?B<4]?>>966<4[H:@C:37
2@4:3:4C9:QI<T4]?>>966<4[H:@C:3T4:6466?D
Q?B<4HbIdcrfbrqd`r*_bqd`T4:>?4:64U:Z:4B:64
A\>C:64B:4{H\>:X4N4Q:3:34?@C:3T4B:3IH534B:4
H@43HIH:3C<49@C:@C<4Z?669B<4I<>4@:;<A9?>4
A<@46?4z:A>:C?>J?4B:46?48:Z:@3?4%?A9<@?64
:64A:3:4B:43H4I:>3:AHA9Y@T43:4W?MJ?49@3C?6?D
B<4:@4zHB?Q5>9A?T43<M>:4C<B<4:@4}>;:@C9D
@?4N4]W96:T4I?>?4<I:>?>43H34@:;<A9<37
“>:3H@C?Q:@C:4C<QY4I?>C:4:@46?4B:Z:@D
3?4B:49QI<>C?@C:34Z9;H>?34B:64Z>?HB:T4A<Q<4
]?>6<34]?M?64“:@9AW:$4K@;:64K<B>J;H:X4
pqr«_u_td®4K<;:69<4 <@C:Q?N<>$4{<>;:4
˜¿

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

K%&+%#+Z0D0x +-!"+=+&+

‰ˆ‘’‰•ˆˆ‘ˆŒŽº

0½ªÁçÂ4V8¶
ˆ644 
š6

o?@:@?HT4<Q\34“:y?6<X?4S :MM4N4”:D
>?>B<4B:4“>:E<939@74~4A<@C><6?4C?QM95@46<34
Q\349@Z6HN:@C:34B:3I?AW<34B:4 5S9A<7
z:;L@4:6469M><4*_btrtd^ccb`rfbrqgr
acgt`_j_štr^bn_jgtgT4B:4}6:U?@B><42@E9D

˜î¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

6?T489:;<4[:>@\@B:X4N4[:>@?@B<4”YQ:X4 
<@C4ZH39<@?><@43H34B:3I?AW<34:@4G""#T4
?4>?JX4B:46<4AH?64A>:?><@4]:E?66<34N4”YD
Q:X4 <@CT4z}74264?HC<>4?Z9>Q?4PH:4:@4:3:4
C9:QI<4”YQ:X4 <@C4?3:3<>?M?4?46?4“”K4
AH?@B<4:64C9CH6?>4B:46?4B:I:@B:@A9?4:>?4
}@C<@9<4o<X?@<4”>?A9?T4<C><4Q9:QM><4B:4
:3C:4;>HI<7
2643:AH:3C><4<4B:3?I?>9A9Y@4B:4[:>@\@D
B:X4B:4]:E?66<348:64E9:>@:34FG43:4AHQI69Y4
H@?43:Q?@?84<AH>>9Y4:@4:64Q<Q:@C<4:@4PH:4
:64I<6JC9A<4:U:>AJ?4Q?N<>49@Z6H:@A9?4:@4:64;?D
M9@:C:4B:4]?6B:>Y@748:4W:AW<T4B:3B:4G""#4
W?49QIH:3C<4?46<34C9CH6?>:34B:46?4“”K74~4:@4
@<E9:QM>:4B:4FVV&4ZH:4H@?4I9:X?4A6?E:4I?>?4
6?4B:39;@?A9Y@4B:43H43<A9<T4[:>@?@B<4”YD
Q:X4 <@CT4A<Q<43:A>:C?>9<4B:4”<M:>@?A9Y@4 
€‚ƒ„…‚4GG&74
264?ACH?64I><AH>?B<>4;:@:>?64B:46?4K:D
ILM69A?T48?@9:64]W\E:X4]W\E:XT43:4Z<>QY4
?46?43<QM>?4B:4[:>@\@B:X4B:4]:E?66<3R4ZH:4
?3:3<>4N43:A>:C?>9<4B:46?4{H@C?4B:4]<<>B9D
@?A9Y@4“<6JC9A?4B:64z:@?B<4AH?@B<489:;<4
ZH:4I>:39B:@C:4B:46?4]\Q?>?4?6C?4N4A<<>D
B9@Y46?4M?@A?B?4B:64“}%4B:4FVVV4?4FVVG7
“<>4:U:QI6<T4:@4FVV4]W\E:X4]W\E:X4
3:49@A<>I<>Y4?64MHZ:C:4UH>JB9A<4B:43H34:SD
U:Z:34I?>?469C9;?>4A<@C>?46?4z:A>:C?>J?4B:4
]<QH@9A?A9<@:34N4>?@3I<>C:34H@?49@D
B:Q@9X?A9Y@4B:4Q964VV4Q966<@:34B:4I:D

3<34?4Z?E<>4B:4H@4;>HI<4B:4:U9B?C?>9<34B:64
IH:>C<4B:4}6C?Q9>?T4?Q?H69I?37
z9@4:QM?>;<T43H4B:3?I?>9A9Y@4<AH>>9Y4
:@4H@4A<@C:SC<4CH>MH6:@C<R4:64Q95>A<6:34GF4
8B<34BJ?34?@C:384ZH:4B:C:@9B?4N4I<3C:>9<>D
Q:@C:469M:>?B?4”>93:6B?4oYI:XT4:SAY@NHD
;:4B:4{<?PHJ@4”HXQ\@4o<:>?T4pqr*mghd7
“?>?42B;?>B<4)H3A?;69?T49@E:3C9;?B<>4
B:46?4(@9E:>39B?B4B:4]<6HQM9?4N4I><Z:D
3<>4B:64@3C9CHC<4:A@<6Y;9A<4}HCY@<Q<4
B:4 5S9A<4} T4@<4:34B:3A?M:66?B<4
I:@3?>4PH:4:64A>9Q:@4<>;?@9X?B<4W?N?43:D
AH:3C>?B<4?489:;<4[:>@\@B:XR41o<34A\>D
C:6:34A<Q<4:64B:4z9@?6<?T4PH:43:4W?4E93C<4
C?@4A>9C9A?B<4I<>46?4I><C:AA9Y@4PH:4>:A9M:T4
C9:@:@4PH:4>:AH>>9>4?643:AH:3C><4I?>?4Z<>X?>4
@:;<A9?A9<@:34N4:64AHQI69Q9:@C<4B:46<34
?AH:>B<34A<@46<34W<QM>:34B:64I<B:>=7
8Q23C<4PH9:>:4B:A9>4PH:489:;<4[:>@\@B:X4
IHB9:>?43:>4>:W5@4B:64@?>A<C>\Z9A<4I?>?4:S9;9>D
6:4?64I>:39B:@C:4PH:4AHQI6?4I<39M6:34?AH:>B<34
A<@4:64A\>C:64B:4z9@?6<?4<4?6;L@4<C><R
823C<4:34I><M?M6:742643:AH:3C><4<4B:3D
?I?>9A9Y@4B:489:;<4:34H@4ZH:>C:4Q:@3?U:4I?>?4
]?6B:>Y@74o:4I:;?><@4:@4:64A:@C><4?64I<B:>4
N4?43H4;<M9:>@<74}W<>?4]?6B:>Y@4C:@B>\4PH:4
AHQI69>46<4PH:4@<4W?4AHQI69B<T4I?;?>46<4PH:4
@<4W?4I?;?B<74}W<>?46:4C<AY4?489:;<$4Q?y?D
@?4IH:B:43:>4H@4:QI>:3?>9<4I><Q9@:@C:4<49@D
A6H3<4H@4I:>3<@?U:4B:64;?M9@:C:œ 44

<!D#"&0³?0 0"´

²F;;D=?>FD“

;
F
±
F
<F
D“9
¯D=9:;9°DC:>9C:;9°DC:>
A

©¡§™ªŸ—«—¦¥¦¬–œœ™ ¢±¤¡—0¡¥™§Ÿ–—¦ ¶–¬™®
Ÿ –œ›Ÿ¡¡ š™·–˜¤š¤œ¸¤—›™¦Ÿ—™£–µœ—œ›–—¡ ®
H@4AH?@B<4:643:AH:3C><4A<@4Z9D
@:34B:4<MC:@:>4H@4UH;<3<4>:3D š™¢
–›Ÿ™¬˜0¸ ¤ ¡£¤–˜¡¸—›Ÿ¡¬¡œ§¡–¦–›–Ÿ––š– –Ÿ
A?C:4:>?T4W?3C?4:64A9:>>:4B:4:3C?4
:B9A9Y@T43Y6<4H@?43<3I:AW?4:@4 ¤—–
¶™Ÿ£¤—––µ– ¦œ¡£¡§¡™ ±¤¢˜™š™–µ™§–¦™¢§–—¸
:64A?3<4B:46?4B:3?I?>9A9Y@4B:4
89:;<4[:>@\@B:X4B:4]:E?66<3T4 –
 ¤ ˜™ŸŸœ¡§¡™—–Ÿ¡™ ¦œ§™µ¡Ÿ—™¯º™ ›™œ`š¡˜™ ›Ÿ™
@?B9:4BHB?4B:4PH:4:64I<65Q9D
™ ™ £Ÿ¡¤—¶™ œ§–œ ±¤0–™µ£—¡¦™¢–¤——
A<4?M<;?B<4N4:S6:;936?B<>4I?@93C?4:34H@4  ¤ £–—˜¡
?I:C:A9M6:4M<A?B<4I?>?46?4B:69@AH:@A9?4
Ÿ–Ÿ¡™¢œœœ—–Ÿ™—œ– –Ÿ˜– ˜™—˜–—£¡¦–¦ 
<>;?@9X?B?T4C<B?4E:X4PH:4W?4?AHQH6?B<4 ˜™—£Ÿ–¦œ
H@?4AH?@C9<3?4>9PH:X?4?4I?>C9>4B:43H34>:D
£¡š¡œœ™—–Ÿ¡– ¯¯¯
3<@?@C:34C>9H@Z<34A<Q<469C9;?@C:4?4Z?E<>4 š¤œ

Ž‰º’Ž’•ŽŠ‰©’‡Ž

B:4;>?@B:349@C:>:3:34:A<@YQ9A<3T4?H@4:@4
B:C>9Q:@C<4B:64:>?>9<74
}B:Q\34B:43H4A:>A?@J?4A<@4:64I<B:>4
I<6JC9A<4N46<34Z?E<>:34W:AW<34?46<34;<M9:>D
@<34I>993C?348I?>C9AH6?>Q:@C:4?64B:4]?>6<34
z?69@?3T4I<>4PH9:@4<I:>Y4:@C>:4:64I?@93Q<4
I?>?4PH:43:4?I><M?>?@46?4>:I>9E?C9X?A9Y@4
M?@A?>9?T4:64>?C?B<4B:4o9M>:4]<Q:>A9<4A<@4
23C?B<34(@9B<34N4]?@?B\T4N46?34>:Z<>Q?34
A<@3C9CHA9<@?6:34:@4Q?C:>9?4:A6:39\3C9A?T4
:@C>:4<C>?3$4Q9:@C>?34PH:4?42>@:3C<4:B966<4
6:4?NHBY4I?>?4PH:4:64“}%4?E?6?>?4:64>:3A?D
C:4M?@A?>9<8T4:343?M9B<4PH:4:6466?Q?B<4|bwbr

89:;<4H3Y4N4?MH3Y4B:64I<B:>4N46?349@Z6H:@D
A9?34PH:46:4B?M?@43H4A<@B9A9Y@4B:4B9IHC?B<4
N43:@?B<>4I?>?43?69>4?9><3<4:@4I><A:3<34UHD
B9A9?6:34:@46<34PH:4B:Z:@B9Y4?4;>?@B:34A<@D
3<>A9<34N4?4Z?Q969?34?A?HB?6?B?37
(@<4B:46<34A?3<34Q\343<@?B<34N4:3A?@D
B?6<3<34I<>43H4Q<@C<4ZH:4:64B:46?4:QI>:D
3?4{H;<34B:64,?66:T4PH:4B:3B:4G""x48:@4:64
;<M9:>@<4B:4:B966<84W?MJ?43<69A9C?B<4H@?4
UH;<3?4B:E<6HA9Y@4B:49QIH:3C<374%9@;H@<4
B:46<34E?>9<34MHZ:C:34B:4?M<;?B<34A<@C>?D

C?B<34I<>46?4:QI>:3?4IHB<4W?A:>4@?B?4BHD
>?@C:4:3:43:S:@9<7
“:><4?I:@?343:46:4:@A<Q:@BY4:64A?3<4
?64B:3I?AW<4B:489:;<48B:64PH:4W?@439B<4
I><Q9@:@C:34Q9:QM><34[:>@?@B<4”YQ:X4 
<@CT4W<N43:A>:C?>9<4B:4”<M:>@?A9Y@$4}>D
CH><4]W\E:X4]W\E:XT4?ACH?64C9CH6?>4B:46?4
“”KT4N4}@C<@9<4o<X?@<4”>?A9?T4PH9:@4C<D
B?EJ?4:34I?>C:4B:64B:3I?AW<4N4ZH:4I><AH>?D
B<>4;:@:>?64B:46?4K:ILM69A?4:@4:64;<M9:>@<4
B:4:B966<8T43Y6<4I?3?><@4B<34Q:3:34B:64
˜µ

ÀÈ¼È »»
»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ

‰ˆ‘’‰•ˆˆ‘ˆŒŽº
‰ˆ‘’‰•ˆ
9@9A9<4B:46?4?BQ9@93C>?A9Y@4B:4,9A:@C:4[<S4
[<S
I?>?4PH:4:64I?@93C?4PH:>:C?@<43:4?6X?>?4A<@4
H@43<@?B<4C>9H@Z<7
:4B:
~?4B:3B:4G"""46?4zHI>:Q?4]<>C:4B:4
{H3C9A9?4W?MJ?4>:3H:6C<4PH:4:64?>CJAH6<4FD}4
B:46?4o:N4B:64,}4:>?49@A<@3C9CHA9<@?6T4
C<B?4E:X4PH:4W?AJ?4B93C9@A9<@:34N4B93A>9D
Q9@?A9<@:34:@C>:4?69Q:@C<343:Q:U?@C:3T4
:34B:A9>T4<C>?34M:M9B?34@<4I?;?M?@4:3C::4
9QIH:3C<74264W:AW<4:34PH:T4?4I<A<34Q:3:34
B:4PH:4:64B:3I?AW<4B:489:;<4[:>@\@B:X4B:4
]:E?66<34C<QY4:64?3H@C<T4{H;<34B:64,?66:4
:
>:AHI:>Y4A:>A?4B:4Q964&VV4Q966<@:34B:4I:D
3<374“<>4B:E<6HA9Y@4B:4,}T43HIH:3C?Q:@D
C:4Q?64>:C:@9B<4I<>4?A9:@B?T4ZH:><@4Q964
#V4Q966<@:3T4Q\34<C><34FxV4Q966<@:34I<>4
:64QIH:3C<423I:A9?643<M>:4“><BHAA9Y@4N4
z:>E9A9<342“z7
“<>4:3:469C9;9<T489:;<4IHB<466:E?>3:4:@D
C>:4!Vµ 4N4Vµ 483:;L@4?M<;?B<34A<@3H6C?D
B<384B:46<4PH:46?4z:A>:C?>J?4B:4?A9:@B?4
>:9@C:;>Y4?4{H;<34B:64,?66:T4:@4E?>9?34:@D
C>:;?34I:><4?4I>:A9<34?ACH?69X?B<34N4A<@4
9@C:>:3:343<M>:46<4>:A6?Q?B<4B:3B:4G""x74
}y<4N4Q:B9<4B:3IH53T4:64W<N4B:3D
?I?>:A9B<4I<6JC9A<4I?@93C?43:4?@<CY4<C><4
<
C>9H@Z<74<QY4:64A?3<4B:46<34W:>:B:><34B:4
”?M>9:64K?Q<34 966\@T4PH9:@:34:S9;J?@4?
?4
6?4z:A>:C?>J?4B:46?4K:Z<>Q?4};>?>9?4H@?4
9@B:Q@9X?A9Y@4I
I<>4H@4I
I>:B9<4B:4!!4W:AD
C\>:?3T4:@4z?@C?4ž>3H6?4]<?I?T4PH:46:34ZH:
H:4
:SI><I9?B<4:@4G"&#7
~?4:@4G""46<34K?Q<34 966\@43:4W?MJ?@4
M:@:Z9A9?B<4B:4<C>?4>:3<6HA9Y@4UHB9A9?64I<>4
H@4A?3<439Q96?>4:@4H@?4X<@?4A:>A?@?74264
:@C<@A:348:I?>C?Q:@C<4B:64893C>9C<4[:D
B:>?646:34I?;Y4A<Q<49@B:Q@9X?A9Y@4B:4H@4
I>:B9<4:SI><I9?B<4B:4F4W:AC\>:?34I<A<
4I<A<4
Q\34B:4GG7G4Q966<@:34B:4I:3
I <37
“:><4I<>4:64B:4z?@C?4ž>3H6?T4?3HQ9B<4
I<>4:64B:3I?AW<4B:489:;<48:@4:3:4:@C<@A:34
I>:39B:@C:4B:46?4 :3?489>:AC9E?4B:64z:@?D
B<8T46<34K?Q<34 966\@4>:A9M9:><@4?6>:B:D
B<>4B:4A9:@4E:A:34Q\34B:4B9@:><74264UH9A9<4
;?@?B<4?46?4zK}49QI69AY4PH:46<34K?Q<34 
966\@4<MCHE9:>?@T4H@4?y<4B:3IH53T4Q964
FG#4Q966<@:34B:4I:3<348N489:;<T43H4UH;<3<4
<
I<>A:@C?U:4B:4A<Q939Y@8T4A?@C9B?B4PH:4:>?4
QHN43HI:>9<>T49@A6H39E:T4?64I><I9<4I>:3HD
IH:3C<4B:46?4zK}7
o?4B:Z:@3?46:;?64PH:489:;<4W9X<4B:4
6?4Z?Q 969?4K?Q <34 966\@48A<@4:64:S<>M9D
C?@C:4I?;<4PH:453C<34>:A9M9:><@849Q I69AY
AY4
PH:43:4:@Z>:@C?>?4?43H4I><I9<4I?>C9B<T4
I?>C9AH6?>Q :@C:4A<@46<343:@?B<>:34I?D
@93C?374~4:64>:3C<4B:46<34I?>C9B<34>:I>:D
3:@C?B<34:@4:64]<@;>:3<4C?Q M95@43:46:4
ZH:><@4:@A9Q ?74
2@4UH69<4B:4FVVF48AH?@B<4N?489:;<4N4
6<34K?Q<34 966\@4W?MJ?@4;?@?B<4:64UH9A9<4
?46?4zK}T4I:><4C<B?EJ?4@<43:46:34I?;?M?8T4
:64:@C<@A:34B9IHC?B<4[:69I:4]?6B:>Y@4B9U<4
PH:41:6423C?B<4@<4C9:@:4B9@:><T4N43946<4CHE9:D
>?T4I>9Q:><4B:M:4B:3C9@?>3:4?4>:3<6E:>46<34
I><M6:Q?34B:4Q93:>9?4PH:4W?N4:@4:64I?J3=7
? 
?QM95@R41%<4C:@:Q<34B9@:><4I?>?4
C<B?346?34<M69;?A9<@:34B:6423C?B<T4N4:64I<D
™È¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

B:
A<4PH:4W?N4C:@B>\4PH:43:>4U:>?>PH9X?B<4B:4
?AH:>B<4@<43Y6<4A<@4A>9C:>9<34UH>JB9A<34<4
I<6JC9A<3T439@<45C9A<3=7
264I:>>:B93C?4}6:U?@B><4z\@AW:X4]?D
Q?AW<T4:@C<@A:34B9IHC?B<46<A?6T4?AH3YR4
1o:;936?B<>:34A<Q<489:;<4[:>@\@B:X4B:4
]:E?66<3T4[?HX94?QB?@T4N4:SZH@A9<@?>9<34
B:4}AA9Y@4%?A9<@?6T4A<Q<4}@C<@9<4o<X?D
@<4”>?A9?T43Y6<4HC969X?@43H4I<39A9Y@4N46?4
9@Z<>Q?A9Y@4I>9E96:;9?B?4PH:453C?46:34I:>D
Q9C:4I?>?4;?@?>49QI<>C?@C:3469C9;9<34A<@C>?4
B:I:@B:@A9?34;HM:>@?Q:@C?6:3T4PH:4>:I>:D
3:@C?@4I5>B9B?34Q966<@?>9?34?64:>?>9<=7
:;<
[H:4C?64:64:@A<@<4PH:43H3A9CY489:;<4
A<@4:3:4C>9H@Z<46:;?64A<@C>?4:64I><I9<4;<D
M9:>@<48I>9Q:><4B:4:SC>?AA9Y@4I?@93C?84
PH:43:@?B<>:34B:43H4I?>C9B<T4:@A?M:X?B<34
I<>4oH93?4 ?>J?4]?6B:>Y@49@<U<3?T4W:>D
Q?@?4B:64W<N4I>:39B:@C:4B:46?4K:ILM69A?T4
I>:3:@C?><@4:@4?;<3C<4B:4FVV!4H@?49@9A9?D
C9E?4B:4>:Z<>Q?4?64?>CJAH6<4xF4A<@3C9CHA9<D
@?64I?>?4I><W9M9>4?4B9IHC?B<34N43:@?B<>:34
ZH@;9>439QH6C\@:?Q:@C:4A<Q<46:;936?B<D
>:34N4?M<;?B<3469C9;?@C:34?AC9E<3T4N4I?>?T4
:@4;:@:>?6T41?A<C?>46?4C:@C?A9Y@4B:4?MH3?>4
B:43H4I<39A9Y@4B:4I<B:>44I?>?43?A?>4;?@?@D
A9?34I:>3<@?6:3=T43:;L@43:46:J?4:@46?4?>;HD
Q:@C?A9Y@4B:4B9AW?49@9A9?C9E?7
o?4:SI<39A9Y@4B:4Q<C9E<34B:453C?43:y?D
6?M?4PH:4@94B9IHC?B<34@943:@?B<>:34I<B>\@4
B:3:QI:y?>3:41A<Q<4?M<;?B<3T4?I<B:>?D
B<3T4>:I>:3:@C?@C:34<4?3:3<>:34B:4I?>C9AHD
6?>:34:@4@:;<A9<34<4?3H@C<34UHB9A9?6:3T4I<>4
3J4<4I<>49@C:>IY39C?4I:>3<@?=7
~4394?6;L@46:;936?B<>48B:AJ?4:64C:SC<84
:3C\49@C:>:3?B<4:@469C9;?>T4I<B>\4W?A:>6<T4I:D
N?
><4C:@B>\4PH:4I:B9>469A:@A9?4?64]<@;>:3<T4N?4
PH:4B:M:>\4B:U?>43H34ZH@A9<@:346:;936?C9E?34
Q9:@C>?34BH>:43H4@H:E?4<AHI?A9Y@74
264?3H@C<4@<4I?3Y4?4Q ?N<>:374264|bwbr
89:;<43:49Q IH3<74o?49@9A9?C9E?4@<46<;>Y4:64
o<3
A<@3:@3<4N43:4:@E9Y4?46?4A<@;:6?B<>?74o<34
I>993C?34ZH:><@4PH9:@:34Q \34IH;@?><@4I<>4
PH:4@<4I><3I:>?>?74264?>;HQ :@C<R4}4@?D
B9:43:46:4IH:B:4I><W9M9>4:64B:>:AW<4A<@3D
B?B:3
C9CHA9<@?64B:4B:3:Q I:y?>43H34?AC9E9B?B:34
I><Z:39<@?6:374
’£Ÿ™ ˜œ¡—£ 
7C><34;>?@B:34:Q I>:3?>9<343:4W?@4M:D
@:Z9A9?B<4B:46<34:S9C<3<343:>E9A9<346:D
;?6:34B:489:;<4[:>@\@B:X4B:4]:E?66<374
234:64A?3<4B:46?34Z?Q 969?34}HC>:N4 ?X?4
?X?
N4}@A9>?4269X<@B<T4I><I9:C?>9<34B:4}6C<34
3: 
<>@<34B:4 5S9A<74}H@4AH?@B<453C?43:4
:@AH:@C>?4:@43H3I:@39Y@4B:4I?;<34B:3B:4
W?A:4GV4?y<348@<4AHM>:4?43H34?A>::B<>:34
H@?4B:HB?4A:>A?@?4?46<34F4Q 964Q 966<@:34
B:4BY6?>:38T46<;>YT4;>?A9?34?46<34<Z9A9<34
B:64B:3I?AW<4B:489:;<T4PH:4H@?4B:43H34
:?
3HM39B9?>9?3486?4ZY>Q H6?4PH:4:Q I6:?4
I?>?43:;H9>4<I:>?@B<4?4I:3?>4B:4:@A<@D
C>?>3:4:@43H3I:@39Y@4B:4I?;<384IHB9:>?4
E:@B:>4A?>MY@4?46?4]<Q 939Y@4[:B:>?64B:4
26:AC>9A9B?BT4M?U<4H@4A<@C>?C<4B:4F4Q 964
#VV4Q 966<@:34B:4BY6?>:37

o<34M?@A<34:3C\@49;H?6Q:@C:4B:@C><4
B:46?4;>?@4A69:@C:6?4B:64C?QM95@4:SA?@B9D
B?C<4I>:39B:@A9?64I?@93C?48A<QI9C9Y4A<@4
:64I>993C?42>@:3C<4:B966<4N4:64I:>>:B93C??4
]H?HWC5Q<A4]\>B:@?34:@46?4:6:AA9Y@4B:4
G""#8742@4FVVG489:;<46<;>Y4PH:4:64:@C<@D
A:34M?@A<4)9C?6T4PH:43:4W?MJ?4ZH39<@?B<4
?64)?@A<4B:64}C6\@C9A<T4@<4I?;?>?4?4]:69??4
K:N:3T4Q9AW<?A?@?4B:4&!4?y<3T46<34Q\34B:
B:4
#4Q964Q966<@:34B:4BY6?>:34PH:4>:A6?Q?M?4
?Q?M?
I<>4H@4B:IY39C<4PH:4W?MJ?4W:AW<4:@4G"&&T4
:@4:64}C6\@C9A<T4B:4"4Q966<@:34B:4E9:U<34
I:3<37489@:><4PH:4@H@A?4C<AYT4PH:43:4ZH:4
>:@<E?@B<4?HC<Q\C9A?Q:@C:4:@4I6?X<34B:4
!V4BJ?34N4C?3?34B:49@C:>534PH:4?4E:A:343HD
I:>?M?@4:64GVVµ 74%94H@4PH9@C<4B:46<4>:A6?D
Q?B<4>:A9M9Y46?4B:Q?@B?@C:74 
\34>:A9:@C:Q :@C:T4:@4?;<3C<4B:64?y<4
I?3?B<T4:64B:3I?AW<4B:489:;<4[:>@\@B:X4
B:4]:E?66<348AH?@B<4?L@43:4:@A<@C>?M?
?M?4
:@4564}>CH><4]W\E:X4]W\E:XT4?W<>?4I><D
AH>?B<>4;:@:>?64B:46?4K:ILM69A?84<MCHE<
HE<4
H@4?Q I?><4:@4A<@C>?4B:46?4z:A>:C?>J?4B:4
]<Q H@9A?A9<@:34N4>?@3I<>C:34z]T4
6<4PH:49Q I69A?>J?46?4I?>?69X?A9Y@4B:46?D
M<>:34B:64IH:>C<4B:4}6C?Q 9>?T4?Q ?H69D
I?3T4<4:64B:3:Q M<63<4B:4Q \34B:4Q 964VV4
Q 966<@:34B:4I:3<34B:64:>?>9<74
K:3H6C?4PH:4B<34;>HI<34B:4:U9B?C?>9<34
B:46?46<A?69B?B49@9A9?><@4:@4UH@9<4B:4FVV4
6?49QIH;@?A9Y@4B:64B:A>:C<4I>:39B:@A9?64
PH:4:SI><I9Y48?4I>9@A9I9<34B:46<34?y<34
<AW:@C?846<34C:>>:@<34B<@B:43:4HM9A?46?4
C:>Q9@?64Q?>JC9Q?7489:;<4N43H4:PH9I<4A<@D
39;H9:><@4H@4?QI?><4I<>PH:4:@4:64C:SC<<4
B:64B:A>:C<4@<43:4UH3C9Z9AY46?4HC969B?B4ILD
M69A?4B:64IH:>C<4I?>?46?4:SI><I9?A9Y@T4N4@<
@<4
I<>PH:46<34:U9B?C?>9<34@<4W?N?@4>:A9M9B<4:64
I?;<4I<>43H34C9:>>?34<4@<43:46:34W?N?4B<C?D
B<4B:4@H:E<34I>:B9<374
89:;<4N43H343<A9<34;?@?><@4:@4:3?49@3D
C?@A9?4:64UH9A9<48:64“>9Q:>4>9MH@?64]<6:D
;9?B<4:@4 ?C:>9?4}BQ9@93C>?C9E?4N4]9E964
B:4?Q?H69I?34<C<>;Y4:64?QI?><8T4I:><4
Z?6C?46?43:@C:@A9?4B:Z9@9C9E?74
2@43H4Q<Q:@C<T4:643:A>:C?>9<4B:4]<D
QH@9A?A9<@:34N4>?@3I<>C:3T4{H?@4 <69@?>4 
<>A?39C?348Q969C?@C:4B:64Q93Q<4I?>C9B<4
PH:489:;<84?3:;H>Y4PH:4:64;<M9:>@<4Z:B:D
>?64@<4:3C\4B93IH:3C<4?4PH:43:4I?;H:4B<34
E:A:34I<>46<34C:>>:@<34:SI><I9?B<34B<@B:4
3:4A<@3C>HNY4:64IH:>C<49@BH3C>9?64B:4}6C?D
Q9>?T4:64C:>A:><4:@49QI<>C?@A9?4B:64I?J37
}3:;H>Y4PH:46?4B:I:@B:@A9?4C<Q?>\4
C<B?346?34?AA9<@:34B:4C9I<4UH>JB9A<4I?>?4
:E9C?>4PH:4M?U<4:64?MH3<4B:4B:Z9A9:@A9?34
C5A@9A?34:@4:3C:4N4<C><34A?3<34PH:4W?N4:@
:@4
C>9MH@?6:3413:4I>:C:@B?4<MC:@:>4;?@?@A9?34
9@A<>>:AC?3=7
1%<4:3C?Q<34B93IH:3C<34?4I?;?>4Q964
VV4Q966<@:34B:4I:3<34@94<C>?4A?@C9B?B
B?B4
I<>4H@4I>:B9<4PH:4N?43:4I?;Y4?46<34:U9B?C?D
>9<3=T4B9U<4 <69@?>7
~4:3<343<@T4?I:@?3T4?6;H@<34B:46<34@HD
Q:><3<34N4I<65Q9A<34A?3<34;?@?B<34I<>4
89:;<4[:>@\@B:X4B:4]:E?66<3T4PH9:@4W<NT4
B:3?I?>:A9B<T43:4W?66?4:@4H@?4:@A>HA9U?B?744

8$)0 $+: #0%$0

¹:ºC?;
N;9“:¸D>

2 
9 4E 4A  9

‘Ÿ™›¡£–Ÿ¡™¦Ÿ–—˜0™ ˜™š™º–Ž £¤Ÿ¡–—–¢º–Žœ™—¦Ÿ–¢ˆœ
º–ˆ ˜™—¦¡¦–¢º–‘–œš–·º––µ–°–¢—·¤Ÿ`£–Ÿ™¢
ˆ©‰’ˆ’dˆ©’¢·‰’¯®23C<34 ˆ £–—˜™¢
3<@46<34C:>>:@<34B:489:;<4[:>D ·¦›™Ÿœ™š—™ ™£Ÿ™ ¦™ —œ¬˜¡—™ £–¦™¦5¤–®
@\@B:X4B:4]:E?66<3R4>?@AW<3T4
Z9@A?3T4A?Q9@<3T4?6;H@<34B:4 —–ž¤–£™¢
œ¨ —–¦™Ÿ›–—¡ £–©¡§™ªŸ—«—¦¥¦¬–œœ™ 
:66<34A<@3C>H9B<34I<>43H34C>?M?D
–œš™š—£™¦ ¤¦ –›–Ÿ¡˜¡¸—¢¤—¬Ÿ¦–¦Ÿ™ °™Ÿ
U?B<>:3T4W?M9C?@C:34C<B<34:66<34 Ÿ–¢
B:46?34A<QH@9B?B:34?6:B?y?34?46?34I><I9:D ¶¤¦–œ¯
º™ œ¤§–Ÿ°™  š¤ £Ÿ–—˜™—£Ÿ¡£™ · ¸œ™–£¡—–—–
B?B:34B:64:S3:@?B<>4I?@93C?7
[:>@\@B:X4B:4]:E?66<34A<@E9>C9Y4:@43H4 ¦˜¡Ÿ
±¤–0/¢— ¤¶¤¦™¢T—–¦¡ –£Ÿ¬Ÿ/––0–˜Ÿœ¦–®
Z:HB<46?4;:<;>?ZJ?4C:>>9C<>9?64N4I<6JC9A?4:@D
ˆ—œ–¡§œ ¡–¦º–d–ŸŸ–—˜–¢—5¤–—–ž¤–£™¢
C>:46?4A?I9C?64B:64:3C?B<4N4z?@4{H?@4B:64KJ<7 °™–œ›–£Ÿ¸—U¯
8:46?4A?>>:C:>?4Z:B:>?64T4?46?4?6CH>?4B:64
A<>>:B<>49@BH3C>9?64OH:>5C?><Dz?@4{H?@4B:64 ¡—˜œ¤ ™œ™ £Ÿ–µ–ž–¦™Ÿ ¦œ›™œ/£¡˜™œŸ¥–Ÿ™—·–¤——™¬®
KJ<T4W?N4PH:4?B:@C>?>3:4H@<34GV496YQ:C><34 —–Ÿ¡™
œ– š–—–›– –¦–¯
I?>?466:;?>4W?3C?4:64>?@AW<4o?4]?M?y?T4:@4

‡ˆ‰Š‹ŒŽˆ‘Œ‹’Ž

:3C:4QH@9A9I9<46<A?69X?B<4?4!V496YQ:C><34
B:46?4A?I9C?64N4?4<C><34GF4B:4z?@4{H?@4B:64
KJ<T4A?394:@4Q:B9<4B:4?QM?34A9HB?B:37
1QOH95@46:49M?4?4PH:>:>4W?A:>4B?y<4?64
I?C>Y@R=T43:4I>:;H@C?@46<34W?M9C?@C:34B:4
z?@4]6:Q:@C:74o<4Q93Q<4W?A:@43H34E:A9D
@<34B:4”H?B?6HI:4z:IC95@T4;@?A9<4“5>:X4 
?@C:34pqrJ hbcadT4z?@C?4]>HXT442I9;Q:D
@9<4”<@X\6:X4pqrfmdcjgfdT4o?4“?6Q?T4
]:>>9C<3T4o?4[H:@C:T4264)6?@A<œ 4
18:4?PHJ48:@Z?C9X?@8T4@?B9:=7
2@4:3C?34C>?@PH96?34A<QH@9B?B:34B<@D
B:46<34I?C>H66?U:34B:4I<69AJ?34<43<6B?B<34
3<@4I<A<4Z>:AH:@C:3T46<346H;?>:y<34@?B?4
3?MJ?@43<M>:46?4Z<>Q?4:@4PH:41B:3?I?>:D
A9Y=4[:>@\@B:X4B:4]:E?66<3744z:4:@C:>?><@4
:643\M?B<4G4I<>46?4@<AW:T4AH?@B<4E9:><@4
6<34@<C9A9?>9<34:@46?4C:6:E939Y@74
23?4@<AW:T4QHAW<34B:46<34I<M6?B<>:34?@D

B?M?@4B:64<C><46?B<4B:46?4A?>>:C:>?T4:@46?4Z:>9?4
B:64;>?@<4N46?4A?@C:>?4:@4“:B><423A<M:B<7
264UH:E:34FVT4:@C>:E93C?B<4I<>46?4>:D
I<>C:>?T4H@<4B:46<34W?M9C?@C:343<3C9:@:R4
1234W<>?4PH:4C<B?EJ?4@<4E:@43<6B?B<34I<>4
?PHJT4@94Z:B:>?6:3=7489A:4PH:4@?B9:4W?49B<4
?4I>:;H@C?>43<M>:46<4<AH>>9B<741%?B?4Q\34
H3C:B=T4A<Q:@C?7
264I>9Q:>4>?@AW<4B:4[:>@\@B:X4B:4]:D
E?66<34:@46?4X<@?4:34o?4}3CH>9?@?T4AHN?4
M?>B?4B:4I9:B>?4Q?>A?4:64A?Q9@<4B:4:@C>?D
B?4?46<343:QM>?BJ<34B:4Q?JXT4?6Z?6Z?4NT4:@4
<A?39<@:3T43<>;<74“:><4C?QM95@4o?4}6<@D
B>?T426423C?@A<T4o?423A<@B9B?T4o?4“?6Q?4
N4o?4)<63?T4>:M?HC9X?B?4A<Q<4o?4]?M?y?74
z<@4>?@AW<34Z<>>?U:><34N4;?@?B:><34PH:4
A<Q:@XY4?4A<QI>?>4B:3B:4Q:B9?B<34B:4

6<34@<E:@C?4€‚ƒ„…‚4G!!F4N4G!!74<NT4
6?4>:;9Y@4?;>JA<6?4B:4“:B><423A<M:B<4:346?4
Q\34C:A@9Z9A?B?4B:64:3C?B<4N43H34J@B9A:34B:4
Q?>;9@?69B?B4E?@4B:41M?U<34?4QHN4M?U<3=7
8:3B:46?4>:U?4B:4o?4}3CH>9?@?T4:64:@A?>D
;?B<4A<Q:@C?4?46?4>:I<>C:>?4PH:4@<4W?N4E9D
;96?@A9?4@94AH:>I<34B:43:;H>9B?B4B:64:3C?B<4
:@46?349@Q:B9?A9<@:34I<>PH:T4?3:;H>?T41@<4
:34@:A:3?>9?=R41}PHJ4@<4C9:@:4A?3?4:64I?C>Y@$4
@?B?4Q\34:@426423C?@A<4N4:@4o?4)<63?=7
264I<M6?B<4Q\34A:>A?@<4?4:3C?4L6C9Q?4
I><I9:B?B4B:4[:>@\@B:X4B:4]:E?66<34:34
z?@4]6:Q:@C:T4PH:4C<QY4:64@<QM>:4B:4H@?4
E9:U?4W?A9:@B?4PH:4ZH:4:I9A:@C><4B:4C<B?34
6?34:3C?@A9?34PH:4?W<>?4><B:?@46?4>:;9Y@7
2@4:64C?66:>4B:4A?>I9@C:>J?T4}PH969@<4
8»h_tdT46:4B9A:@46<34E:A9@<384?3:;H>?4W?D
™˜

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

M:>4C>?M?U?B<4I?>?4[:>@\@B:X4B:4]:E?66<34
:@4E?>9?34<I<>CH@9B?B:374o<4W?4W:AW<T4B9D
A:T4A<Q <4<I:>?B<>4B:4Q ?PH9@?>9?4I?>?46?4
A<@3C>HAA9Y@T46?4<C>?4E:>C9:@C:4:Q I>:3?D
>9?64B:64I>Y3I:><4?M<;?B<7
64I?>C9A9IYT4I<>4:U:QI6<T4:@46?4A<@3D
C>HAA9Y@4B:64?:><IH:>C<4B:4OH:>5C?><R4
1~?4E:4PH:4:@Z>:@C:4B:64?:><IH:>C<4C<B<4
:34B:456=T4>:Z9:>:4?46?4>:I<>C:>?T4N4>:AH:>B?4
PH:4:@4FVVG4:64:SA?@B9B?C<4I>:39B:@A9?64
?BPH9>9Y46<34I>:B9<34B:46?4X<@?74o<4W9X<T4
9@393C:T4AH?@B<4:3C?M?@4:@4Q?>AW?46?4:6?D
M<>?A9Y@4B:46<34I><N:AC<34N46<34:SI:B9:@D
C:34C5A@9A<34B:4:3?4<M>?4€‚ƒ„…‚4G!#F7
»h_tdrC?QM95@4>:6?C?4PH:4W?A:4H@<34C>:34
Q:3:343:4:@A<@C>Y4?4[:>@\@B:X4B:4]:E?66<34
N4?I><E:AWY4I?>?4I:B9>6:4C>?M?U<741 :4B9U<4
PH:49M?4?4C:@:>4?6;<4I?>?4QJ4:@4{?693A<T4PH:4
Q:4:3I:>?>?4H@<34BJ?374234MH:@4I?;?B<>74
%H@A?4@<34W?4PH:B?B<4Q?6=7
%<4<AH6C?43H439QI?CJ?4I<>4:64I<6JC9A<4
I?@93C?T4?4PH9:@466?Q?41:64I?C>Y@=4N4?64PH:4
?6;H@?34E:A:346:4W?4B:B9A?B<4A?@A9<@:34
?A<QI?y?B<4B:4H@4?A<>B:Y@74?A:4C9:QD
I<49@A6H3<46:4:QI:XY4?4A<QI<@:>4H@4A<D
>>9B<4PH:4?L@4@<4C:>Q9@?74
1}ZH:>?4B9A:@4QHAW?34A<3?34B:45674
POH95@43?M:4AYQ<43:>\O4}PHJ43J4:3C?Q<34
I>:<AHI?B<34I<>456=T4?;>:;?7
º– £¡ŸŸ– ¦œ›–£Ÿ¸—
264A?Q9@<4?4z?@4]6:Q:@C:4ZH:4I?E9Q:@C?B<4
I<>4[:>@\@B:X4B:4]:E?66<3T4PH9:@4C?QM95@4
3:4:@A?>;Y4B:4A<@E:>C9>46?34>HC?34?;>:3C:34B:4
:3C?43:Q9B:35>C9A?4>:;9Y@4:@4A?>>:C:>?34?3D
Z?6C?B?3T4?6;H@?34I<>49@9A9?C9E?4I><I9?T4<C>?34
I<>4;:3C9Y@4?@C:46?34?HC<>9B?B:37 
9Š  4ˆ4 9 ½64E6‰4`ˆ 7 6‰

™™¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

”>?A9?34?4:66<4?W<>?46<34E:WJAH6<34
C>?@39C?@439@4I><M6:Q?34?46<46?>;<4B:46?34
I><I9:B?B:34B:64I?@93C?4B:3?I?>:A9B<4N4:@4
6?34A<QH@9B?B:34B<@B:4E9E:@43H34C>?M?U?D
B<>:374 HAW<34B:4:66<34A<Q:@C?@4PH:41:64
I?C>Y@=466:;?4A?B?4<AW<4BJ?34?4B<>Q9>4?43H4
Z9@A?74o<34B<Q9@;<34?AHB:4?46?4Q93?4B:46?4
I?>><PH9?4B:4z?@C?4 ?>J?T4:@46?4A?M:A:>?4
QH@9A9I?6T4B9A:@4?46?4>:I<>C:>?7
o?4I>9Q?>9?4N46?43:AH@B?>9?4B:4z?@4
]6:Q:@C:4Z<>Q?@4A<Q9C534:3A<6?>:34PH:4
I9B:@4?NHB?4?6469C9;?@C:4N4I<6JC9A<4I?>?4<>D
;?@9X?>43H34Z:3C9E?6:3T4A<Q<4:64B:648J?4B:64
%9y<74264>:A95@4@<QM>?B<4B:6:;?B<4B:46?4
z]T4{<354oH934K?Q<34z\@AW:XT49@A6H3<4
:3C?M?4I:@3?@B<4:@49>4?4E:>6<4I?>?4PH:46:4
?NHB?>?4?4;:3C9<@?>46<34?>>:;6<34B:64A?Q9D
@<4PH:4W<N46HA:4H@4I<A<4B:C:>9<>?B<7
~4?H@4AH?@B<4:64:SA?@B9B?C<4I>:39B:@D
A9?64@<4:@C>?4?4z?@4]6:Q:@C:T4W?A:4A9@A<4<4
3:934?y<34:3CHE<49@C:>:3?B<4:@4A<QI>?>4:64
A?3A<4?M?@B<@?B<4B:46?4?@C9;H?4W?A9:@B?4
B:46?46<A?69B?BT4I:><4B:393C9Y74“<>4:3?34Z:D
AW?34A<Q:@XY4?4A<@3C>H9>46?4Z9@A?4B:4B<34
I6?@C?34A<@4C:AW<34N4IY>C9A<34B:4C:U?4:@43H4
>?@AW<4Z<>>?U:><4B:4o?4]?M?y?T4PH:4A<QD
I>Y4?4H@?4I:>3<@?4B:4?I:669B<4)?>><3<T4>:D
AH:>B?@46<34W?M9C?@C:37
2649@QH:M6:43:4HM9A?4?64Z<@B<4B:4H@?4
6J@:?4B:4\>M<6:34PH:4B:69Q9C?4:64I>:B9<4N4
PH:4A<@BHA:4?46?4:@C>?B?4I>9@A9I?6T4?W<>?4
AH3C<B9?B?4I<>4B<34I?C>H66?34B:46?34I<69AJ?34
Z:B:>?64N4:3C?C?6742@46?4I?>C:4Z><@C?64:3C\4:64
:3C?A9<@?Q9:@C<T4B<@B:4[:>@\@B:X4B:4]:D
E?66<343H:6:4B:U?>43H4A?Q9<@:C?423A?6?B:7
2@43H4Z:HB<T4[:>@\@B:X4B:4]:E?66<34W?4
C:@9B<4H@?4Z>:@5C9A?4?AC9E9B?B49@Q<M969?D
>9?T46<4Q93Q<4PH:4:@4<C><34>HM><34:3C>?C5D

8$)0 $+: #0%$0

8$)0 $+: #0%$0

B
9 4E 40 ° ¸ 4

;9A<3R4:SC:@B9Y43H34B<Q9@9<34?4<69Q\@T4
X<@?4B<@B:43:46<A?69X?4:64?:><IH:>C<4AHN?4
A<@3C>HAA9Y@4?I<NY4B:4Q?@:>?41B:39@C:>:D
3?B?=T43:;L@4:SI69AY4:64:@C<@A:34;<M:>@?D
B<>T4;@?A9<4o<N<6?4,:>?7
2@46<34L6C9Q<34AH?C><4?y<34A<QI>Y4?64
Q:@<34<C>?34B<34:@<>Q:34I><I9:B?B:34:@4
]<>>:;9B<>?4N4:@4{:>5AH?><T4:@4:64:3C?B<4
E:A9@<4B:4”H?@?UH?C<74z:;L@46?4:3A>9CH>?4
GT!4B:64G!4B:4?M>964B:4FVVT4?BPH9>9Y46?4
Z>?AA9Y@4C:>A:>?4B:64I>:B9<4>L3C9A<4}>><N<4 
<@B<T4A<@4H@?4:SC:@39Y@4B:4Fx4W:AC\>:?374
z:4C>?C?4B:64I>Y3I:><4>?@AW<4264K6?Q<T4:@4
:64QH@9A9I9<4B:4]<>>:;9B<>?7
264K6?Q<4:34H@?4I><I9:B?B4>L3C9A?4
PH:4A<69@B?4A<@46?4A?>>:C:>?4OH:>5C?><D 
H9Q96I?@T4?3J4A<Q<4A<@4:64>?@AW<4B:4
7M>?UH:69C<T46?4:SW?A9:@B?4B:4}I?I\C?><4N4
:64:U9B<4,:;9674o?4A<QI>?E:@C?49@A6HNY4:64
I<X<4I><ZH@B<T4B:64AH?643:4IH:B:@4:SC>?:>4
W?3C?4GxV4Q964!VV4Q:C><34ALM9A<34I<>4?y<7
264@H:E<4BH:y<4I?;Y4?4K@;:64{<?PHJ@4
[:>@\@B:X4]?QI<34"4Q966<@:34B:4I:3<34
I<>43H4I><I9:B?B4gfrjdchh`4A<@A:IC<4M?D
U<4:64AH?643:4E:@B:4:649@QH:M6:4C?64N4A<Q<4
:3C\T439@4H@4A<@C>?C<4PH:4:3I:A9Z9PH:46?34
Q:B9B?34<4:SC:@39Y@T43:;L@46?4:3A>9CH>?T4
PH:4:3C\4>:;93C>?B?4M?U<4:64Z<69<4:6:AC>YD
@9A<4F!F4:@4:64K:;93C><4“LM69A<4B:46?4
“><I9:B?B4B:64:3C?B<4B:4”H?@?UH?C<7
264@<C?>9<4ILM69A<4PH:4B9<4Z:4B:4:3?4
C>?@3?AA9Y@4ZH:4K<M:>C<4o<N<6?4,:>?T43:A>:D
C?>9<4B:64I>993C?42@>9PH:4)H>;<34BH>?@C:43H4
?BQ9@93C>?A9Y@4:@4OH:>5C?><4N4W:>Q?@<4B:4 
;@?A9<4o<N<6?T4PH9:@4:@46?45I<A?4B:46?4C>?@D
3?AA9Y@4:>?4:64;<M:>@?B<>4B:4:3C?4:@C9B?B7
2@4{:>5AH?><T4?4H@<34F496YQ:C><34
B:46?4A?M:A:>?4QH@9A9I?64N4QHN4A:>A?4B:4
6?4A?>>:C:>?4?4}I?3:<T4:@46<346JQ9C:34A<@4
OH:>5C?><T4A<QI>Y4?4[:>@?@B<4B:46?4 <>?4
6?4W?A9:@B?4o?4)?>>?@A?4W?A:4A9@A<4?y<37
264I>:B9<4?M?>A?4#&V4W:AC\>:?34N4:@4
3H34C9:>>?343:4AH6C9E?@4;>?@<34I?>?4?69Q:@D
C?>4?64;?@?B<74o?4A<@3C>HAA9Y@4B?C?4B:6439D
;6<4+,4N4:@4H@4I>9@A9I9<4ZH:4H@4A<@E:@C<4
U:3H9C?T4W?3C?4PH:4?4Z9@?6:34B:6439;6<4++T4
BH>?@C:4:64“<>Z9>9?C<T43:4C>?@3Z<>QY4:@4?D
A9:@B?742@4o?4]<6<@9?T46?49QI<@:@C:4:B9D
Z9A?A9Y@4B:4B<34I6?@C?34N4V4W?M9C?A9<@:34
ZH:4HC969X?B?49@A6H3<4I<>46?4@PH939A9Y@7
~4?H@4AH?@B<46?4<I:>?A9Y@4ZH:4B93D
A>:C?T4?4Z9@?6:34B:4FVV"4A?H3Y4I<65Q9A?4
B:M9B<4?4PH:46<34W?M9C?@C:34B:46?46<A?69D
B?B43HI9:><@4PH:4:64PH:>:C?@<4I>:C:@BJ?4
C>?@3I6?@C?>4E?>9<34@<;?6:34B:4H@?4X<@?4
:A<6Y;9A?4I><C:;9B?4?46<34U?>B9@:34B:4o?4

‰ˆ‘’‰•ˆˆ‘ˆŒŽº
)?>>?@A?74o?4z:A>:C?>J?4B:4 :B9<4}QD
M9:@C:4N4K:AH>3<34%?CH>?6:34z:Q?>@?C4
CHE<4PH:49@C:>E:@9>4I?>?4Z>:@?>46<4PH:46<34
:U9B?C?>9<34A<@39B:>?M?@4H@4:A<A9B9<7
264B:6:;?B<4B:46?4z:Q?>@?CT4[>?@A93A<4
{?E9:>4]?Q?>:@?48[:>@\@B:X4B:4]:E?66<34
6<4W?MJ?4?NHB?B<4?4A<@3:;H9>43H4A?>;<4:@4
”H?@?UH?C<T4N4?@C:34:@4]W9?I?38T4C>?CY4B:4
?NHB?>4?43H4?Q9;<4:64I?@93C?4PH:>:C?@<T4
I:><4Z>?A?3Y74
o<4PH:4N?4@<4IHB<4>:E:>C9>3:4ZH:><@4
6<34C>?M?U<34B:4B:3E9?A9Y@4B:64A?Q9@<4B:4
?AA:3<4?46?4A<QH@9B?B4I?>?4W?M969C?>4H@?4
:@C>?B?4B9>:AC?4?46?4I><I9:B?B4B:64I<6JC9A<4
I?@93C?74“?>?4:3?4<M>?4:64;<M9:>@<4Z:B:>?64
I>:3HIH:3CY44Q966<@:34B:4I:3<3T4B9@:><4
PH:4;:3C9<@Y4B:4Q?@:>?4B9>:AC?4:64:S3:@?D
B<>T43:;L@4B:A6?>Y4?46<34Q:B9<34:64>:;9B<>4
I>993C?42BH?>B<4”?>AJ?4?4Z9@?6:34B:4FVV"7

:64A93Q?4B:64“}%4:@46?34:6:AA9<@:346<A?D
6:34?64Z>:@?>4?43H4A<>>:69;9<@?>9<4}>Q?@B<4
K9E:>?T4PH9:@4I>:C:@BJ?4I?3?>3:4?46?34Z96?34
B:64“K4I?>?4A<QI:C9>4I<>46?4?6A?6BJ?4B:46?4
A?I9C?64B:4OH:>5C?><74
264:S3:@?B<>466:EY4?4K9E:>?4?46?4z:D
A>:C?>J?4B:4”<M:>@?A9Y@4N4?@C:4[:>@?@B<4
”YQ:X4 <@C46<4B<M6:;Y74]<@4:66<4:E9CY4
PH:4:64“K4?>>:M?C?>?46?4A?I9C?64?46<34I?D
@93C?374zHI:>?B?346?34B9Z:>:@A9?3T4:@4<AD
CHM>:489:;<4?AHB9Y4?46?4C<Q?4B:4I<3:39Y@4
B:64?6A?6B:4I?@93C?4B:46?4A?I9C?6T4[>?@A93A<4
8<QJ@;H:X7

)H>;<34”?>AJ?4W?4:3C?B<4A:>A?4B:64:SD
3:@?B<>4I?@93C?T43<M>:4C<B<4B:3B:4:64?y<4
I?3?B<T4?4>?JX4B:46?4QH:>C:4B:4K<B>9;<4
[:>@\@B:X4B:4]:E?66<3T4W:>Q?@<4B:489:D
;<74~4AH?@B<4Z?66:A9:><@4<C><34B<34W:>Q?D
@<34B:43H4?Q9;<48:>@\@4N4K6E?><84:64F4
B:4:@:><4N4:64GF4B:4Z:M>:><4B:4FVGVT4>:3D
I:AC9E?Q:@C:T4:64I>993C?4:3CHE<4?646?B<4B:4
6?4Z?Q969?4[:>@\@B:X4B:4]:E?66<37
7C><4?Q9;<4:@C>?y?M6:4B:489:;<4:343H4
A<>>:69;9<@?>9<4;@?A9<4o<N<6?4,:>?T4PH9:@4
6<4I><E::4B:46?4Q?PH9@?>9?4?;>JA<6?4PH:4@:D
A:39C?4I?>?46?34Z?:@?34:@43H34>?@AW<37

ª¤¦™›™œ/£¡˜™ 
?A:4F4?y<34B:4PH:4[>?@A93A<4{<354[:>@\@D
B:X4B:4]:E?66<34 ?>CJ@:XT4I?B>:4B:489:;<T4
3:4A<@E9>C9Y4:@4:64I>9Q:>4A<@3:U:><4@?A9<@?64
B:64“}%4I<>4:64:3C?B<4B:4OH:>5C?><74
264F#4B:4?M>964B:4FVV&T4:@46?4I>:3:@C?D
A9Y@4B:6469M><4J b^dc_g`rfbrqgrwhtfgj_št¥r
jcbj_^_btadrlrjdt`dq_fgj_štrfbqrmf'rbtr
»hbc¦agcdT4PH:4A<@39;@?46?4C>?N:AC<>9?4B:4
3H4I?B>:4A<Q<41H@<4B:46<34I96?>:34Q\343<D
M>:3?69:@C:34B:64“}%=T4[:>@\@B:X4B:4]:D
E?66<349@C:>E9@<R
o?4I<6JC9A?T4B9U<T413:4W?4A<@E:>C9B<4:@4
H@?4I:6:?49@C:>Q9@?M6:4B:4?QM9A9<@:3T4B:4
?I:C9C<3T4B:4I?39<@:3T4B:4Q:@C9>?3T4B:4C>?9D
A9<@:3T4B:4?;>:39<@:3T4B:4B:3A?69Z9A?A9<@:34
N4B:49@UH>9?3T4I<>PH:46?4;>?@4Q?N<>J?4B:46<34
PH:4C>?M?U?Q<34:@46?4I<6JC9A?T4?46?4W<>?4B:46?4
E:>B?B4@<4E:@9Q<34?4B?>74?N4PH:4>:I:C9>6<4
?H@PH:4@<34A?@3:4N4?H@PH:4@<34BH:6?=7
}y<34?@C:34B:4PH:466:;?>?4?43:>T4:@4
G""#T4A?@B9B?C<4?46?4“>:39B:@A9?48B:A69@Y4
:@46?4A<@C9:@B?T46<4PH:4I:>Q9C9Y4?64I>993D
C?42>@:3C<4:B966<4;?@?>46?4:6:AA9Y@8T43H4
9@Z6HN:@C93Q<4N?43:4B:U?M?43:@C9>4:@46?34
:3Z:>?34I<6JC9A?346<A?6:374
z:46:4Q:@A9<@?T4I<>4:U:QI6<T4A<Q<4
<>PH:3C?B<>4B:64C>9H@Z<4B:43H4I>9Q<4 ?D
@H:64]:E?66<34A<Q<4?6A?6B:4B:46?4A?I9C?64
B:4OH:>5C?><4:@4G"&&74>:34?y<34B:3IH534
I?>C9A9IY4:@46?4I>9Q:>?4jdtjbcagjb`_štT4I<>4
Q:B9<4B:46?4AH?64:64“}%4:@C>Y4?4;<M:>@?>4:64
QH@9A9I9<4PH:>:C?@<4B:4z?@4{H?@4B:64KJ<7
z9@4:QM?>;<T43H4A?>>:>?4I<6JC9A?46?4
9@9A9Y4:@46?4]9HB?B4B:4 5S9A<T4B<@B:4ZH:4
B9IHC?B<43HI6:@C:4:@4E?>9?34<A?39<@:34?4
I?>C9>4B:4G"x742@4G""G4:@A?M:XY46?4M?@D
A?B?4I?@93C?4BH>?@C:4:64C>9:@9<4B:46?4o,4
o:;936?CH>?74zH34I?>:34B:4z?@4o\X?><46:4
IH39:><@4:64Q<C:4B:4pqr|bwber
2@A?>>96?B<4:@46?4I<6JC9A?4@?A9<@?6T4@<4
B:3AH9BY43H4Z:HB<4PH:>:C?@<T4:@4:64AH?64
66:;Y4?4U?AC?>3:4B:43H4?Q93C?B4A<@4<I<@:@D
C:34I<6JC9A<34A<Q<42@>9PH:4)H>;<34”?>AJ?T4
:64L6C9Q<4;<M:>@?B<>4I>993C?7
264?y<4I?3?B<4ZH:489:;<4PH9:@4:E9CY4
™Ç

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

©¤Ÿ–—£œ– š–—–—±¤ªœ¡›–œ¦Ÿ¸—Ÿ–œ¡¥¸ ¤
¬¡ ¡£––ˆ £–¦™ 4—¡¦™ ¢¦™ š¦¡™ ¦˜™š¤—¡˜–˜¡¸—
œ™›¤ ¡Ÿ™——¬¡¦—˜¡–¯Ù¡—£Ÿ– ±¤¼½³Z¾³¿ZÀÁ]ÂZ
¼YóW›¤µœ¡˜¸±¤— £™ ¦/– œ›Ÿ ¡¦—£ž¤§¸
¤—›–›œ—œ–Ÿ«›¡¦–œ¡µŸ–˜¡¸—¦œ–¨ ›™ –¦œ
ĽÅÆÁ5¤¥š«—¢œ–‹–£¡™—–œ‘¤µœ¡˜‰–¦¡™¦¡™–˜™—™®
˜Ÿ¤—–¡—¬ £¡§–˜¡¸—›Ÿ¡™¦/ £¡˜–±¤—™ ¸œ™˜™—®
¶¡Ÿš–±¤œ§™µ¡Ÿ—™¦Ù`¨¡˜™›Ÿ™£§–œ˜«Ÿ£œ¦
¡—–œ™–¢ ¡—™±¤¢—š¦¡™¦œ–™›–˜¡¦–¦¢š–—¡›¤œ–
œ– ˜¡¶Ÿ– ›–Ÿ– ¡š¤œ–Ÿ±¤–£–˜––œ™ ˜«Ÿ£œ ¦
¤—–š–—Ÿ–T›Ÿ™›™Ÿ˜¡™—–œ– ¤£–š–°™U¯

-

ؒ‰5ˆŽ‰‰Ž’Ž‰ŽŒÇŽ5Ž

?34A9Z>?34<Z9A9?6:346<4A<@Z9>Q?@R4
o?4<>;?@9X?A9Y@4PH:4A<B9>9;:4
{<?PHJ@4pqr*mghd4”HXQ\@T46?4
Q\349QI<>C?@C:4B:64@?>A<C>\Z9D
A<4:@4 5S9A<T4W?439B<46?4Q:@<34
I:>UHB9A?B?4:@46?41;H:>>?=4A<@D
C>?46<34A\>C:6:34B:46?4B><;?4B:64
;<M9:>@<4B:4[:69I:4]?6B:>Y@7
o?49@393C:@A9?4:@4 5S9A<4B:4PH:46?4<>;?D
@9X?A9Y@4B:64*mghd4W?4;<X?B<4B:46?4I><C:AD
A9Y@4B:46<34;<M9:>@<34B:64“}%43:4A<@E9>C9Y4
6?43:Q?@?4I?3?B?4:@4A:>C:X?4:@423C?B<34(@9D
B<3T4AH?@B<46?4>?B9<4ILM69A?4B:4:3:4I?J34B9<4
?4A<@<A:>4H@?49@E:3C9;?A9Y@4B:4AH?C><4Q:3:34
PH:4A<@Z9>QY4:643:3;<4B:4]?6B:>Y@4:@43H4A<@D
Z><@C?A9Y@4A<@46?34M?@B?34B:64@?>A<C>\Z9A<7
8H>?@C:4C>:34BJ?3T4B:4Q?>C:34?4UH:E:3T4:@4
A<9@A9B:@A9?4A<@46?4E939C?4B:423C?B<4B:4]?6D
B:>Y@4?4S ?3W9@;C<@T46?4%?C9<@?64“HM69A4K?D
B9<4%“K4B9ZH@B9Y4:64>:I<>C?U:4bgrehbccgrfbr

:ÈÉF
–:=
99
999-D9

:=9N“±?CD“9Ê=FCD“

K4.+&+x0H*+: 0 &1%!;: +%"#DQ#"

™©¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

‹Ž‰’•‰aªŒ’
J ¦n_jdrjdtacgrqg`rfcdeg`ËrÌhtgrqhjmgrg^gi
IgfgÍT4:@4:64PH:4:AW?4I<>4C9:>>?46?4B:Z:@3?4
B:4]?6B:>Y@4:@4:643:@C9B<4B:4PH:43H4I<6JC9A?4
?Z:AC?4I<>49;H?64?4C<B?346?34<>;?@9X?A9<@:34
B:4@?>A<C>?Z9A?@C:374
%<4ZH:4:64L@9A<4C>?M?U<4
I:>9<BJ3C9A<4PH:4?Q?>;Y46?4
E939C?4B:64I>:39B:@C:4Q:S9D
A?@<74}46?4%“K48:Q93<>?4
PH:43:43<3C9:@:4ZH@B?Q:@D
C?6Q:@C:4Q:B9?@C:4A<@C>9D
MHA9<@:34B:64?HB9C<>9<4N4B:4
ZH@B?A9<@:3T4N4PH:4C>?@3Q9D
C:4B:3B:4S ?3W9@;C<@4?4C<B<4
:64C:>>9C<>9<4:3C?BH@9B:@3:4?4
C>?E534B:4?6>:B:B<>4B:4&VV4
:3C?A9<@:3T4A<@4Q966<@:34B:4
:3AHAW?3843:43HQY4H@?4IHD
M69A?A9Y@4B:649@Z6HN:@C:4I:D
>9YB9A<4Îmbr'bÏrÐdcÑrÎ_^b`74
2646H@:34GT4H@4BJ?4?@C:34
B:46?466:;?B?4B:4]?6B:>Y@4?4
23C?B<34(@9B<3T4:64B9?>9<46<43:y?6Y4A<Q<4:64
>:3I<@3?M6:4B:46?469M:>?A9Y@4B:46?4:S:3I<3?4
B:64*mghdT4”>93:6B?4oYI:X4“5>:XT4B:C:@9B?4
BH>?@C:4H@?34W<>?34:64Q95>A<6:34GF7
}I<N?B<4:@4ZH:@C:34<Z9A9?6:34@<49B:@C9Z9D
A?B?3T4:64B9?>9<4IHM69AY4PH:4]?6B:>Y@41UH;Y4
H@4I?I:646?43:Q?@?4I?3?B?4:@46?4>\I9B?469M:D
>?A9Y@4B:46?4:3I<3?4B:4H@<4B:46<34Q\349QI<>D
C?@C:34@?>A<C>?Z9A?@C:34:@4 5S9A<T4B:M9B<4?4
6?4I>:<AHI?A9Y@4B:4PH:46?4B:C:@A9Y@4I<B>J?4
I><E<A?>4H@?43:>9:4B:4>:I>:3?69?3=7
2@43H4:B9A9Y@4@LQ:><4GVT4B:64B<Q9@D
;<4GxT4€‚ƒ„…‚4B:3A>9M9Y4:64<I:>?C9E<4B:4
6?34ZH:>X?34Z:B:>?6:34I?>?4B:C:@:>4?4”>93:6D
B?4oYI:X4“5>:X4:@4]H69?A\@4N4I>:3:@C?>6?4
:3I<3?B?4N4:@A?IHAW?B?4?@C:46?4(@9B?B4B:4
o?E?B<4B:489@:><4B:46?4zHMI><AH>?BH>J?4B:4 
@E:3C9;?A9Y@423I:A9?69X?B?4:@48:69@AH:@D
A9?47>;?@9X?B?4z2874B:46?4“><AH>?BH>J?4
”:@:>?64B:46?4K:ILM69A?4“”K7 
:3C9;<34B:46<34W:AW<34B9U:><@4?4:3C:43:D
Q?@?>9<4PH:46?469M:>?A9Y@4B:4”>93:6B?43:4
I><BHU<4B:3IH534B:4H@?466?Q?B?4C:6:ZY@9D
A?4B:3B:4o<34“9@<374~46?4“”K49@Z<>QY4B:4
3H4B:C:@A9Y@4?64BJ?439;H9:@C:4B:4>:?69X?B?T4
AH?@B<46?4:S:3I<3?4B:64*mghd¥r69M:>?B?TrN?4
:3C?M?4B:4>:;>:3<4:@4z9@?6<?7
o?4“”K4@H@A?4I>:A93Y4PH:43:4C>?C?M?4
B:4H@?49@E:3C9;?A9Y@4I<>46?E?B<4B:4B9@:><74
o<34C:3C9;<34?y?B9:><@4PH:4:64I><IY39C<4B:4
6?4<I:>?A9Y@4:>?4Q?@C:@:>4M?U<4?>>?9;<4?46?4
:SQHU:>4B:4”HXQ\@4o<:>?4A<Q<4I>:3H@C?4
>:3I<@3?M6:4B:64H3<4B:4>:AH>3<34B:4I><A:D
B:@A9?496JA9C?7
]<Q<43:?T46?34>:9C:>?B?34A>JC9A?34:@4 
5S9A<4?4]?6B:>Y@4?@C:46?4?6:;?B?4I><C:AD
A9Y@4?64A\>C:64B:4z9@?6<?466:E?><@4?46?4>?B9<D
B9ZH3<>?4:3C?BH@9B:@3:4?4:QI>:@B:>43H49@D
E:3C9;?A9Y@7412@4 5S9A<4QHAW<43:4W?M6?4
B:4PH:4:64;<M9:>@<4B:4]?6B:>Y@4I><C:;:4?64
*mghd74]<@3A9:@C:34B:4PH:46?4I>:@3?4B:423D
C?B<34(@9B<34@<4W?MJ?4?E:>9;H?B<4:3:4C:Q?T4
:@4%“K4B:A9B9Q<34W?A:>46?49@E:3C9;?A9Y@=T4
AH:@C?4:@4:@C>:E93C?4{<W@4)H>@:CCT4A<>>:3D
I<@3?64B:4:3:4Q:B9<4:@4}H3C9@T4:S?37

1967 ‰Â4 Š6‰
486‰

12@423C?B<34(@9B<34:34QHN4>?><4PH:43:4
W?M6:4B:4:3?4I><C:AA9Y@74o?49Q?;:@4PH:4I>:D
E?6:A:4:346?4B:4PH:4:64I>:39B:@C:4B:4 5S9A<4
:3C\4B?@B<4H@?46HAW?4ZH:>C:4A<@C>?4C<B<346<34
;>HI<34B:64@?>A<C>\Z9A<T4I:><4@H:3C>?49@E:3C9D
;?A9Y@4B9<4>:3H6C?B<34B9Z:>:@C:3=T4?y?B:7
œ–Ÿ–£—¦—˜¡–
{H@C<4A<@46?4I><BHAC<>?4 ?>93?4“:y?6<X?T4
)H>@:CC43:4C>?36?BY4?4]9HB?B4{H\>:XT4?46?4PH:4
B:Z9@:4A<Q<416?4X<@?4A:><=4B:46?4;H:>>?4?@D
C9@?>A<4B:4]?6B:>Y@74?QM95@4:3CHE9:><@4:@4
:64893C>9C<4[:B:>?64N4?QI69?><@46?4A<M:>CH>?4
?4264“?3<T4:S?3T4N4?4S ?3W9@;C<@7
o<34I:>9<B93C?34@<43:4PH:B?><@43Y6<4A<@4
6<34C:3C9Q<@9<34UHB9A9?6:3T4I<69A9?A<3T4B:46:D
;936?B<>:3T4EJAC9Q?34B:46?4E9<6:@A9?4:@4{H\D
>:X4N4:SI:>C<34:@4 5S9A<4N423C?B<34(@9B<34
PH:4W?M6?><@43<M>:46?4I><C:AA9Y@4B:64;<M9:>D
@<4Q:S9A?@<4?64*mghd4N4?43H4<>;?@9X?A9Y@74
“?>?4A<QI><M?>4:3:43:y?6?Q9:@C<T4B:D
A9B9:><@4>:E93?>46<34M<6:C9@:34B:4I>:@3?4B9D
ZH@B9B<34I<>46?4“”K4:@C>:4:64G4B:4B9A9:QM>:4
B:4FVVx4N4:64F&4B:4?M>964B:4:3C:4?y<4A<@4:64
I><IY39C<4B:49B:@C9Z9A?>T4?4I?>C9>4B:46?49@Z<>D
Q?A9Y@4<Z9A9?6T46?4Q?@:>?4:@4PH:4W?4?ACH?B<4
]?6B:>Y@4A<@C>?46<34A\>C:6:37
2@4C<C?6T4>:E93?><@4#4Q964A<QH@9A?B<3T4
:@46<34PH:43:4Q:@A9<@?@4F4Q964xV#4@<QM>:34
B:4I:>3<@?349B:@C9Z9A?B?34I<>46?4“”K4A<Q<4
Q9:QM><34B:4?6;H@?4<>;?@9X?A9Y@4B:4@?>A<D
C>?Z9A?@C:374o?49@Z<>Q?A9Y@43:4>:Z9:>:4?4B:C:D
@9B<34N4I><A:3?B<34I<>4B:69C<34>:6?A9<@?B<34
A<@46?4B><;?T46?4I<>C?A9Y@4B:4?>Q?4I><W9M9B?4
N46?4B:69@AH:@A9?4<>;?@9X?B?7
o?4A9Z>?4?M?>A?4B:C:@A9<@:3T4?HC<34B:4Z<>D
Q?64I>939Y@T4Y>B:@:34B:4?I>:W:@39Y@T4?>>?9;<34
N43:@C:@A9?34B:4PH:4W?49@Z<>Q?B<46?4“”K74
o<34>:3H6C?B<34@<4B:U?@46H;?>4?4BHB?374
264A\>C:64B:4z9@?6<?T43:y?6?B<4I<>4:648:I?>D
C?Q:@C<4B:4{H3C9A9?4:3C?BH@9B:@3:4A<Q<4H@?4

B:46?34<>;?@9X?A9<@:34B:69AC9E?34Q\34;>?@B:34
B:64QH@B<T4W?439B<4I<A<4C<A?B<4I<>4:64;<D
M9:>@<4B:4]?6B:>Y@748:4F4Q964xV#4B:C:@9B<34
N4I><A:3?B<34I<>46?4“”KT43Y6<4!V!T4:34B:D
A9>T4GG7x#µ T4I:>C:@:A:@4?64;>HI<4B:64*mghd7
1%<4B:A9Q<34PH:4:3:4:34:64C<C?64B:4B:D
C:@9B<34:@4C<B?46?4K:ILM69A?4 :S9A?@?74“:D
><4@H:3C><34B?C<343J4QH:3C>?@4H@?4C:@B:@A9?4
QHN4A6?>?4B:46?4Q?@:>?4:@4PH:43:4
:3C\4B?@B<46?4;H:>>?4A<@C>?46<34
A\>C:6:34B:46?4B><;?4:@4 5S9A<=T4
B9A:4)H>@:CC7
8:4?AH:>B<4A<@46<34B?C<34
I><A:3?B<34I<>46?4%“KT46?34<>;?D
@9X?A9<@:34Q\34A<QM?C9B?34W?@4
39B<4:64A\>C:64B:64”<6Z<4N4bd`r§bi
ag`74}3<A9?B<34W?3C?4FVV&T4?QM<34
;>HI<34CHE9:><@4:@4:64I:>9<B<4?@?D
69X?B<4:64Q?N<>4@LQ:><4B:4B:C:@9D
B<3R4Q964G#VT4#!7&µ 4B:64C<C?67
z9;H:4bgr¬g^_q_grQ9AW<?A?@?T4
A<@4#VT4G7µ 748:3IH53T4:64A\>D
C:64B:46<34):6C>\@4o:NE?48B9E9B9B<4
B:3B:46?4:U:AHA9Y@4B:43H46JB:>4}>CH><4
):6C>\@4o:N4
E?4?4Q?@<34B:46?4 ?>9@?T4
:@4B9A9:QM>:4I?3?B<84C9:@:4:@46<34>:D
;93C><34B:46?4“”K4!F"4B:C:@9B<37
8:M?U<4B:64A\>C:6439@?6<:@3:43Y6<4:3C\@4
:64B:49UH?@?T4A<@4F"#4B:C:@9B<34GG7F"µ $4:64
B:4{H\>:XT4A<@4GFF4#7x"µ T4N4:64B:64 96:@9<4
<4B:46<34,?6:@A9?T4A<@4GG4V7#Fµ 74
23?34A9Z>?3T4<MC:@9B?34?4I?>C9>4B:46?49@D
Z<>Q?A9Y@4;HM:>@?Q:@C?6T4:@4@?B?43:4I?>:D
A:@4?46<34B?C<34I><I<>A9<@?B<34I<>4:64I><I9<4
]?6B:>Y@4:64F#4B:4Z:M>:><4B:4:3C:4?y<4I?>?4
>:3I<@B:>4?46?34A>JC9A?34PH:46:4W9X<4:64B9IHD
C?B<4Z:B:>?64B:64“}%4I<>4z9@?6<?T4 ?@H:64
]6<HCW9:>T4PH9:@46<4?AH3Y4B:4@:;69;:@C:4I?>?4
?C?A?>4?64@?>A<C>\Z9A<4:@4:3:4:3C?B<4€‚ƒ„…‚4
G!4N4PH:4ZH:4:@C>:E93C?B<4I<>46<34I:>9<D
B93C?34:3C?BH@9B:@3:37
]?6B:>Y@4:SI>:3Y4PH:46?34?AH3?A9<@:34
B:4PH:43H4;<M9:>@<4Z?E<>:A:4?64A\>C:64B:4z9D
@?6<?413<@4C<C?6Q:@C:49@ZH@B?B?34N4Z?63?3=74
zHM>?NYR41 94;<M9:>@<4@94I><C:;:4@94:3AHB?4
@94C<6:>?4?4@9@;L@4;>HI<4B:4@?>A<C>?Z9A?@C:3T4
3:466?Q:@4A<Q<43:466?Q:@=74[H:4AH?@B<4B9<4
3H34A9Z>?34N4A<6<AY4?64A\>C:64B:6r*mghd4A<Q<4
H@<4B:46<34Q\34;<6I:?B<34I<>43H4;<M9:>@<T4
A<@4B:C:@A9<@:34A<Q<46?34B:4{:3L34?QM?D
B?4”?>AJ?T4W:>Q?@<4B:64J gld4?QM?B?$4B:4
,9A:@C:4?QM?B?4%9:M6?T4W9U<4B:643<A9<4B:64
*mghdT4N4B:4}6Z>:B<4):6C>\@4o:NE?T4AH?@B<4
Z<>Q?M?4I?>C:4B:64A\>C:64B:4z9@?6<?7
}3:;H>Y4PH:4B:46?34F4Q964I:>3<@?34B:D
C:@9B?34I<>4B:69C<34A<@C>?46?43?6HB4BH>?@C:4
3H4?BQ9@93C>?A9Y@T4Fµ 4A<>>:3I<@B:4?64A\>D
C:64B:64”<6Z<4N4bd`4§bag`T4F#µ 4?64A\>C:64B:64
“?AJZ9A<4z9@?6<?T4Gµ 4?64B:46<34W:>Q?@<34
]?>>966<4[H:@C:34{H\>:XT4G#µ 4?64B:46<34W:>D
Q?@<34):6C>\@4o:NE?T4G!µ 4?64B:46<34}>:66?D
@<4[569S4N4µ 4?4bgr¬g^_q_grQ9AW<?A?@?4N4?4
6<34,?6:@A9?D 96:@9<7
23:4Q93Q<46H@:34GT4”<M:>@?A9Y@4:Q9D
C9Y4H@4A<QH@9A?B<4A<@46?34Q93Q?34A9Z>?34I?D
>?4?Z9>Q?>4PH:T4:@46?4?BQ9@93C>?A9Y@4B:4]?6D
B:>Y@T41C<B?346?34<>;?@9X?A9<@:34B:69AC9E?34
™Ý

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

¥• “Ÿ—‡õ‘¾ïŽŽ“¢“‡‹ç”¦‡²Ü“ è 

¶ Š
Á64 69Š 4ˆ 4¼‰¶6‰ 4ˆ4«0½ ¶6¬Â4a6ˆ¶4‰ŠË
ˆ

W?@439B<4?C?A?B?34:@43H34:3C>HACH>?34B:4Q?D
@:>?4I><I<>A9<@?64?43H4C?Q?y<=7
2@43H4>:E939Y@T46<34I:>9<B93C?34B:46?4%“K4
:@A<@C>?><@4PH:4B:46<34F4Q964B:C:@9B<34>:D
Z:>9B<34I<>4]?6B:>Y@T43Y6<4!7xµ 486<34F4Q964
xV#84W?@439B<4>:6?A9<@?B<34I<>46?4“”K4A<@4
?6;L@4A\>C:64:@4A?69B?B4B:4Q9:QM><37
º–˜™ŸŸ¤›˜¡¸—
8:4?AH:>B<4A<@46?49@Z<>Q?A9Y@4<Z9A9?64I><D
A:3?B?4I<>46?4>?B9<4:3C?BH@9B:@3:T4W?439B<4
:64A\>C:64B:4z9@?6<?4:64PH:4W?4Q<3C>?B<4Q?D
N<>4A?I?A9B?B4I?>?4A<>><QI:>4?4ZH@A9<@?D
>9<34Z:B:>?6:374
2@C>:4B9A9:QM>:4B:4FVVx4N4?M>964B:4FVGVT4
#V!4ZH@A9<@?>9<34ILM69A<34Z:B:>?6:3T4I<69D
AJ?34Q9@93C:>9?6:34:3C?C?6:34N4I<69AJ?34QH@9D
A9I?6:34ZH:><@4B:C:@9B<34I<>43H4A<6?M<4
>?A9Y@4
A<@46<34A\>C:6:34B:64@?>A<C>\Z9A<74
o?4Q?N<>J?4W?@439B<4I<69AJ?34QH@9A9I?D
6:374“:><T4B:4H@4C<C?64B:4G"T43:4A<@C?><@4G#4
ZH@A9<@?>9<34Z:B:>?6:34N4Q969C?>:34PH:4ZH:D
><@4A<>><QI9B<34I<>4:64A\>C:64B:4z9@?6<?74
1264I?C>Y@4:34A6?><R4C<B<346<34A\>C:6:349@D
Z96C>?@4?;:@A9?34:3C?C?6:34N46<A?6:3T4I:><4:@4:64
A?3<4B:46<3439@?6<:@3:34N46<34):6C>\@4o:N4
E?T4
?@C9;H<34?69?B<3T4:34Q\34I><M?M6:4PH:4I?D
;H:@4?4Q969C?>:34N4?4ZH@A9<@?>9<34Z:B:>?6:34
B:4?6C<4@9E:6=T43:y?6?4:64>:I<>C:4B:46?4%“K4
PH:4:3AHAW?><@4Q966<@:34B:4:3C?BH@9B:@3:37
2@C>:4:3<34A?3<34B:3C?A?4:64B:46<34ZH@D
A9<@?>9<34B:46?4“”K4N4B:46?4z:A>:C?>J?4B:4z:D
;H>9B?B4“LM69A?4B:C:@9B<34:@46?4Òhbcgj_štr
b_^h_bgg4?4Z9@?6:34B:4FVV&T4PH:4ZH:><@4A<QD
I>?B<34I<>4:64A\>C:64B:4z9@?6<?4N46<34W:>Q?D
@<34):6C>\@4o:NE?T4AH?@B<4<I:>?M?@4UH@C<374
2@4A<@C>?3C:T4B:4GV4A?3<34B:4A<>>HIA9Y@4
I<>4I?>C:4B:64A\>C:64B:4{H\>:XT4@H:E:4B:4:66<34
ZH:><@4ZH@A9<@?>9<34QH@9A9I?6:37
{<W@4)H>@:CC4?QI6J?46<34B?C<37489A:4PH:4
:@4C<C?64>:;93C>?><@4#4A?3<34B:4A<>>HIA9Y@4
B:4ZH@A9<@?>9<34Z:B:>?6:34N4Q969C?>:3748:4
:66<3T4!#4ZH:><@4I<>4A<6?M<>?>4A<@46<34):6D
C>\@4o:NE?4N4:64A\>C:64B:4z9@?6<?4AH?@B<4?AD
CH?M?@4UH@C<3T4N4FV4A<>>:3I<@B9:><@4?46<34:@D
C<@A:343<A9<34A\>C:64B:64”<6Z<4N4bd`r§bag`e
o<34A<@C>?3C:34?4Z?E<>4B:64*mghd43<@4Q\34
39;@9Z9A?C9E<34AH?@B<43:4C>?C?4B:4]W9WH?4
WH?74
™†¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

8:3B:4Q?>X<4B:4FVV&T4AH?@B<4]?6B:>Y@4<>D
B:@Y4:64B:3I69:;H:4B:4&4Q9643<6B?B<34A<Q<4
I?>C:4B:647I:>?C9E<4]<@UH@C<4]W9WH?WH?4 
7AAWT46?49@Z<>Q?A9Y@4B:46?4“”K4?@?69X?B?4
Q:@A9<@?43Y6<4Gx4B:C:@A9<@:34B:4Q9:QM><34
B:64A\>C:64B:4z9@?6<?742@4:64A?3<4B:64A\>C:64B:4
{H\>:XT4&&74@A6H3<T4:@4B9Z:>:@C:34M<6:C9@:34
AH?C><4I:>3<@?343:4Q:@A9<@?@4A<Q<4I:>C:D
@:A9:@C:34?4?QM<34;>HI<37
o<34C:3C9Q<@9<34>:A<;9B<34I<>46<34I:>9<D
B93C?34:3C?BH@9B:@3:343:y?6?@46?41A<6H39Y@4
:@C>:4:642U5>A9C<4 :S9A?@<4N46?4Q?Z9?4B:4z9D
@?6<?4:@4{H\>:X=74o<4A<>><M<>?><@4A<@4H@4
C:3C9Q<@9<4UH>?B<4B:4B<34U:Z:34B:64A\>C:6439D
@?6<:@3:4?@C:4H@?4A<>C:4Z:B:>?64B:423C?B<34
(@9B<34:@4264“?3<T4:S?3T4:@4Q?>X<4I?3?B<74
(@<4B:4:66<34ZH:4:64:SI<69AJ?4B:4{H\>:X4 
?@H:64[9:>><4 5@B:XT4PH9:@4B:A6?>Y4PH:4
:@C>:;?M?49@Z<>Q?A9Y@4B:49@C:69;:@A9?43<M>:4
bgrbitbg48H@?4>:B4B:64A\>C:64B:4{H\>:X84?4H@4
A?I9C\@4B:642U5>A9C<4I?>?4Z?E<>:A:>4?46<3439@?D
6<:@3:3742@4:64Q93Q<4UH9A9<T4:64?;:@C:4B:46?4
82}4 ?CCW:Ó4z?@BM:>;43:y?6Y4PH:4:64A<@D
C?AC<4B:4[9:>><4 5@B:X4N4:642U5>A9C<4:>?4H@4
A?I9C\@49B:@C9Z9A?B<4A<Q<4bgrmgtabcg7
264?3:39@?C<4B:4G4UYE:@:34:@46?4A<6<@9?4
,966?34B:4z?6E\>A?>T4:64!V4B:4:@:><4I?3?B<T4
<M69;Y4?64>:I69:;H:4B:642U5>A9C<4?@C:46?49@D
A<@Z<>Q9B?B43<A9?64I<>43H49@<I:>?@A9?4I?>?4
A<@C><6?>46?4E9<6:@A9?74o<34Q969C?>:34ZH:><@4
3H3C9CH9B<34I<>44Q964:6:Q:@C<34B:46?4“<69AJ?4
[:B:>?64:@46?466?Q?B?4:3C>?C:;9?41<B<34z<D
Q<34{H\>:X=T4PH:4>::QI6?XY4?647AAW7
“:><4?4H@4Q:34B:4W?M:>3:4:3C?M6:A9B<4:@4
]9HB?B4{H\>:XT4H@4A<Q?@B<4B:4bgrbitbg4:QD
M<3AY4N4?3:39@Y4?43:934I<69AJ?34Z:B:>?6:374}64
?BUHB9A?>3:46?4?AA9Y@T4:3:4;>HI<43:y?6Y4PH:4
3:4C>?C?M?4B:4H@?4>:I>:3?69?4I<>46?4I><C:AA9Y@4
PH:43:4M>9@B?4?64*mghd4”HXQ\@T4PH9:@4A<D
Q?@B?4:64A\>C:64B:4z9@?6<?4UH@C<4A<@43Q?:64
pqrJ gld4?QM?B?T4;@?A9<4'gjmd4]<><@:64
N4{H?@4{<35423I?>>?;<X?T4pqrfghq7
º–™›–˜¡¦–¦
}@C:46?4B93I?>9B?B4B:46?34A9Z>?3T46<34I:>9<B93D
C?349@C:@C?><@4:@C>:E93C?>3:4A<@4?HC<>9B?B:34
Q:S9A?@?34I?>?4A<@C>?3C?>46?49@Z<>Q?A9Y@74
2@C>:4:64&4B:4Q?>X<4N4:64x4B:4Q?N<4MH3D

A?><@4?4B9Z:>:@C:34?HC<>9B?B:34B:4 5S9A<4N4
B:423C?B<34(@9B<374%9@;H@?4>:3I<@B9Y7
4>?C?><@49@LC96Q:@C:4B:4:@C>:E93C?>4?64C9D
CH6?>4B:46?4“”KT4}>CH><4]W\E:X4]W\E:X$4?64
U:Z:4B:46?4“<69AJ?4[:B:>?64 9@93C:>9?6T4S 96Z>9D
B<4K<M6:B<4 ?B>9B$4?643:A>:C?>9<4:U:AHC9E<4
B:64z93C:Q?4%?A9<@?64B:4z:;H>9B?B4“LM69A?T4
{<>;:4:66<4“:Y@$4?643:A>:C?>9<4C5A@9A<4B:64
]<@3:U<4B:4z:;H>9B?B4%?A9<@?6T4 <@C:4} 6:D
U?@B><4KHM9B<4”?>AJ?T4N4?643:A>:C?>9<4B:4z:D
;H>9B?B4“LM69A?4zz“T4”:@?><4”?>AJ?4oH@?74
2@4]9HB?B4{H\>:XT4MH3A?><@4?64;:@:>?64
[:69I:4B:4{:3L3423I9C9?4:>@\@B:XT4A<Q?@D
B?@C:4B:46?4, 4<@?4 969C?>T4A<@43:B:4:@46?4A?D
I9C?64B:4]W9WH?WH?$4N4:@4S ?3W9@;C<@T4?64:QD
M?U?B<>4}>CH><4z?>HW\@74
o<34I:>9<B93C?34:3C?BH@9B:@3:34:@C>:;?D
><@46<34>:3H6C?B<34B:43H49@E:3C9;?A9Y@4?46?4
“”K74o?4L@9A?4>:3IH:3C?4PH:4CHE9:><@4ZH:4
PH:43H34B?C<34:3C?M?@49@A<QI6:C<374,9E9?@?4 
?AJ?3T43HMB9>:AC<>?4B:4I>:@3?49@C:>@?A9<D
@?64B:4]<QH@9A?A9Y@4z<A9?64B:46?4“”KT46:34
B9U<T4:@4H@4A<>>:<4Z:AW?B<4:64x4B:4Q?N<T4PH:4
C:@B>J?@4PH:41>:E93?>4C?QM95@46<34M<6:C9@:34
B:4I>:@3?4B:46?4zz“T4z:B:@?T4 ?>9@?4N46<34
M<6:C9@:34:3C?C?6:3T4I?>?4C:@:>4H@4I?@<>?Q?4
Q\34A<QI6:C<74}39Q93Q<T46?34I><AH>?BH>J?34
B:46<34:3C?B<34C?QM95@4C9:@:@49@Z<>Q?A9Y@=7
2@43H4>:3IH:3C?T4 ?AJ?34@:;Y4C:@:>4>:D
Z:>:@A9?43<M>:46?34A9Z>?34B?B?34?4A<@<A:>4I<>4
]?6B:>Y@T4N43<36?NY4PH:46<34B:C:@9B<34I<>4
6?34B:I:@B:@A9?34PH:4Q:@A9<@Y43<@4:@C>:D
;?B<34?46?4“”KT4?46?4PH:46?4]<@3C9CHA9Y@46:4
?39;@?46?4ZH@A9Y@4B:4I><AH>?>4N4?BQ9@93C>?>4
6?4UH3C9A9?4:@46<34A?3<34B:4B:69C<34Z:B:>?6:374
o?49@E:3C9;?A9Y@4B:46?4%“K4@<43Y6<466?D
QY46?4?C:@A9Y@4B:46<34>?B9<:3AHAW?3T439@<4
PH:4I><E<AY4:649@C:>534B:46<34<Z9A9?6:34B:46?4
?BQ9@93C>?A9Y@4B:47M?Q?4:@A?>;?B<34B:46?34
I<6JC9A?34ILM69A?34W?A9?4}Q5>9A?4o?C9@?744
264I>:39B:@C:4B:46?4]<Q939Y@423C?C?64B:4
8:>:AW<34HQ?@<34B:4z9@?6<?4]28zT4
{H?@4{<354KJ<3423C?E966<T49@Z<>QY4?4€‚ƒ„…‚4
PH:4:64E9:>@:34G#4I:>3<@?64B:64<>;?@93Q<4C>?D
Q9CY41H@?43:>9:4B:4B:@H@A9?34I<>4I>:3H@C?34
E9<6?A9<@:34?46<34B:>:AW<34WHQ?@<3=4A<Q:D
C9B?34:@4:64<I:>?C9E<4I<69A9?A<DQ969C?>4:@4:64
PH:43:4B:CHE<4?4”>93:6B?4oYI:X4“5>:XT4:S:3D
I<3?4B:64*mghd74
264d^chf`^gt439@?6<:@3:4:SI69AY4PH:4
I<>46<34C:3C9Q<@9<34B:4oYI:X4“5>:X4N4B:43H4
W9U?4”>93:66T4PH9:@4:34Q:@<>4B:4:B?BT43:4C>?D
C?4B:4H@?4I<39M6:4?Z:AC?A9Y@4?4@9E:64:Q<D
A9<@?6466:E?B?4?4A?M<4I<>4?HC<>9B?B:34I>:D
3H@C?Q:@C:4Z:B:>?6:3T4W:AW<34PH:T4B:3B:43H4
IH@C<4B:4E93C?T4?Q:>9C?@4H@?49@E:3C9;?A9Y@T4
I<>PH:4W?N4:6:Q:@C<34I?>?43<69A9C?>49@Z<>D
Q:34B:46?34?HC<>9B?B:349@E<6HA>?B?3T46?4z:D
A>:C?>J?4B:46?48:Z:@3?4%?A9<@?64z:B:@?T46?4
z:A>:C?>J?4B:4 ?>C9@?4z:Q?>4N46?4z2877
o?4B:@H@A9?4B:4W:AW<3T4?A6?>Y4KJ<3423D
C?E966<T4ZH:4>:Q9C9B?4:643\M?B<4G4?46?4]<D
Q939Y@4%?A9<@?64B:48:>:AW<34HQ?@<34 
]%8T4PH:4:@E9Y4?4I:>3<@?64B:46?4z:;H@D
B?4,939C?BH>J?4?4]H69?A\@4:646H@:34GT4I?>?4
>:A?M?>46?4>?C9Z9A?A9Y@4B:46?4B:@H@A9?4Z<>QHD
6?B?4I<>4oYI:X4“5>:X4?@C:46?4]28z744

‹Ž‰’•‰aªŒ’

© ›¤` ¦œ–  ¡—–£™¦™œ¡—š¡£0¢ÔÕZÖ³×ZسZÕÅZ
ÄÁÙÅÚ\Å¢¤—–—¤¬–˜–š–¦–¦—–Ÿ˜™£Ÿ–¶¡˜–—£ ¦
5Ÿ–—dŸ£–°–Vš« –¤¦–˜ ¢š« ¬¡™œ—£™ V˜™—£Ÿ™œ–
œ–Ÿ¤£–¦¦Ÿ™§– 0–˜¡–ˆ¤Ÿ™›–¢±¤¤£¡œ¡¥–º¡¬Ÿ›™™œ
˜™š™›¤Ÿ£™¦—£Ÿ–¦–¯¤ ›Ÿ¡—˜¡›–œ  ™˜¡™  ™—
ÛÁWZܳÝÅW·œ˜«Ÿ£œ¦¡—–œ™–¢±¤™›£–Ÿ™—›™Ÿœ–
¬/–¡—§œ –¦ ›¤` ¦±¤œ– –¤£™Ÿ¡¦–¦ ¤Ÿ™›– 
Ÿ¶™Ÿ¥–Ÿ™—œ–¬¡§¡œ–—˜¡–—œ–£Ÿ–¦¡˜¡™—–œŸ¤£–¦a¶Ÿ¡®
˜–·ˆ ›–°–¯Ž /œ™ ™ £¡—œ›Ÿ¡¸¦¡˜™¡—§œ` ¼½³Z
ÞßW³]à³]—¤—Ÿ›™Ÿ£–ž±¤›¤µœ¡˜¸œ¦™š¡—§™1᏷
±¤¢˜™— ¤–¤£™Ÿ¡¥–˜¡¸—¢âãäåæç䏟›Ÿ™¦¤˜¯

-

Ù Ž‰è•’é ‹ˆ‹©

íî(*ï,,)/0$ HN4I<A<4:@46?4?E:D
@9B?4}6B:>Ó<<B43H;9:>:4PH:4H@?4
@H:E?4M?C?66?4I<>4:64A<@C><64B:64
C>\Z9A<4B:4A<A?J@?4:@42H><I?43:4
9@9A9Y4:@4:3C:43<QM>J<4>9@AY@4B:64
B9ZJA9643HMH>M9<4B:4zI::742@C>:4
6?34E:@C?@?34C?I9?B?34N46?34A<>C9@?34Q:C\D
69A?34B:46?34C9:@B?3T43Y6<4:64Q\349@PH939C9D
E<4B:46<34E939C?@C:343:4B:C:@B>J?4Z>:@C:4?64
I<A<466?Q?C9E<4;9Q@?39<4B<@B:4?@C:343:4
>:H@J?@46<34A?I<34B:46?4Q?Z9?46<A?67
[H:4?PHJT4UH3C<4B:3IH534B:46?34<AW<4
B:46?4@<AW:4B:64G!4B:4@<E9:QM>:4B:4FVVT4
AH?@B<4H@<4B:4:3<34I?B>9@<3T4]<69@4zQ9CWT4
3?69Y4I<>46?4IH:>C?4N4ZH:4:U:AHC?B<4A<@4C9><34
B:4:3A<I:C?74zQ9CWT4H@4AH?>:@CY@4B:49@A9D
I9:@C:4A?6E9A9:T4PH:4Q?@:U?M?4H@4[<>B4”?D
6?SN4N4E:3CJ?4B:3A<6<>9B?34A?Q93?34o?A<3D
C:T4@<4:>?4H@4>:39B:@C:4<>B9@?>9<4B:4zI::74
z:46:4A<@<AJ?4A<Q<4pqrvblrfbrqgr*djgii
tgT4:643:;H@B<4@?>A<C>?Z9A?@C:4Q\34
9QI<>C?@C:4PH:4W?4I><BHA9B<4”>?@4
)>:C?y?T4?69?B<4B:4]H>C934S ?>>:@T4
:64L@9A<4C>?Z9A?@C:4B:4B><;?34PH:4W?4
?I?>:A9B<4:@46?41o93C?4B:4>9A<3=4B:64
HhtfglrÎ_^b`4N4PH:4?ACH?6Q:@C:43:4
:@AH:@C>?4C>?346?34>:U?34:@4{:>3:N7
zQ9CW4?Q?3Y4H@?4Z<>CH@?4I:>3<D
@?64B:4I<>46<4Q:@<34FVV4Q966<@:34B:4
69M>?34:3C:>69@?34BH>?@C:4:64C9:QI<4:@4
PH:4A<<>B9@Y46?4B93C>9MHA9Y@4B:4A<D
A?J@?4I<>4C<B?42H><I?T4I?>?46<4AH?64
3:4E?6J?4B:4A<@C?AC<34B9>:AC<34A<@46<34
A\>C:6:343HB?Q:>9A?@<374zH4?3:39@?C<4
;:@:>Y4<@B?34:SI?@39E?34:@46?34>:B:34
9@C:>@?A9<@?6:34B:64C>\Z9A<4B:4A<A?JD
@?T4AHN<34:Z:AC<34?L@4A<@C9@L?@4B:3D
:3C?M969X?@B<4:64A<Q:>A9<4;6<M?64B:4
@?>AYC9A<37
%?B9:4W?439B<4?AH3?B<4C<B?EJ?4B:4
6?4:U:AHA9Y@4B:4zQ9CWT4I:><4B:C?66:34B:4
6?49@E:3C9;?A9Y@4:@4AH>3<4>:E:6?@4H@?4
W93C<>9?4B:4C>?9A9<@:34N4E:@;?@X?34B:@D
C><4B:64W?QI?4N4H@?4Q<>C?646HAW?4I<>4:64
I<B:>4PH:4?M?>A?4C>:34A<@C9@:@C:37
[H:@C:34B:46?4I<69AJ?4N4B:64M?U<4
QH@B<4A<9@A9B:@4:@4PH:T4BH>?@C:46<34
Q:3:34I>:E9<34?43H4?3:39@?C<T4zQ9CW43:4
W?MJ?49@E<6HA>?B<4:@4H@?419>>:3I:CH<D

AÉê9ëF:=:=9
999999;D“9B:ÈF¯?=D“ììì

™¿

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

ÆÆÆ•í‘–’““¦’—Ä

3?=4B93IHC?4A<@4I><Q9@:@C:34Q9:QM><34B:4
6?4A<QH@9B?B4B:64M<S:<7 
?M9CH?6Q:@C:T4AH?@B<46?34A<3?3413:4
I<@J?@4A?69:@C:3=T4zQ9CW4MH3A?M?4>:ZH;9<4
:@4:64;9Q@?39<4B:46?4?E:@9B?4}6B:>Ó<<B74
%<4:>?4H@4;9Q@?39<4<>B9@?>9<74o?4I<69AJ?4
A>::4PH:4:@4:3?45I<A?4:>?4:64AH?>C:64;:@:D
>?64B:46?4Q?Z9?4B:4o9E:>I<<6T4:64A:@C><4B:4
<I:>?A9<@:34B:64Q?N<>4A9>AH9C<4B:4C>\Z9A<4
B:4A<A?J@?4:@4”>?@4)>:C?y?74zH4HM9A?A9Y@4
:@46?343<QM>J?34A?66:34B:64M?>>9<4B:4zI:D 
:4C?QI<A<4:>?4H@?4A<9@A9B:@A9?74264?:D
><IH:>C<4{<W@4o:@@<@43:4:@AH:@C>?4?4A9@D
A<4Q9@HC<34?4I9:74o<34<I:>?>9<34B:4zQ9CW4
A<@3C?@C:Q:@C:4:3C?M?@4?4M<>B<4B:4?E9<D
@:34:U:AHC9E<34PH:4I?3?M?@4E<6?@B<4I<>4
:@A9Q?T4A<@4:3C>H:@B<T4I?>?466:E?>4Y>B:D
@:34I<>4C<B<4:64A<@C9@:@C:439@4HC969X?>4U?D
Q\34:64C:65Z<@<741z:46:466?Q?4AW?QM?4Z\D
A96=T4B9U<4H@4Q9:QM><4B:46?4Q?Z9?7
z:;L@4H@?4ZH:@C:4I<69A9?6T41:64;9Q@?D
39<4:>?43H4A:@C><4A6?@B:3C9@<4B:4>:H@9Y@T4
A<@C><6?B<4I<>43H43:;H>9B?B74]HQI6J?46?4
Q93Q?4ZH@A9Y@4PH:46?43?6?4B:4UH@C?34B:4H@?4
A<QI?yJ?4QH6C9@?A9<@?6T4A<@4zQ9CW4A<Q<4
U:Z:4:U:AHC9E<=7
]H?@B<4?PH:66?4@<AW:4B:4@<E9:QM>:4
zQ9CW466:;Y4?46?4A?3?4B:43:;H>9B?BT4@<4C:@J?4
6?4Q:@<>49B:?4B:4PH:43<A9<34A:>A?@<343HD
N<3T49@A6HN:@B<4?4H@?4Z9;H>?4B:64W?QI?4A<D
@<A9B?4L@9A?Q:@C:4A<Q<4pqrfubrfbrmcb`gT4
?A?M?M?@4B:4B:A9B9>4PH:43H469B:>?X;<4W?MJ?4
66:;?B<4?43H4Z9@748:4?AH:>B<4A<@46?4I<69AJ?T4
3H4?3:39@?C<4ZH:41H@4>:6:E<4W<3C96=74
o?34A<@3:AH:@A9?34B:4:3C:4>:6:E<4I>:<D
AHI?@4?46?4I<69AJ?4N4?46?34?;:@A9?34?@C9B><D
;?3T4IH:34H@?4@H:E?4;:@:>?A9Y@4B:4Q?Z9<D
3<34B:4o9E:>I<<648B:3I9?B?B?T4B:3A?>?B?4
N4E9<6:@C?84E93H?69XY4H@?4<I<>CH@9B?B4B:4
@:;<A9<34:@4 5S9A<7
8H>?@C:46<34L6C9Q<34GF4Q:3:3T46<34M>HD
C?6:34N4Q?A?M><34Q5C<B<34B:46<34A\>C:6:34
Q:S9A?@<34B:46?4B><;?4W?@4<AHI?B<4A<@C9D
@H?Q:@C:46<34C9CH6?>:3742@46<A?69B?B:34A<D
Q<4]9HB?B4{H\>:XT49@A6H39E:46?466:;?B?4B:64
2U5>A9C<4W?439B<49@A?I?X4B:4Z>:@?>46?4:SI?@D
39Y@4B:4;>HI<34A<Q<4:64A\>C:64B:4z9@?6<?4<4
bd`r§bag`T4PH:4?W<>?4W?@4?6A?@X?B<4H@?4<3D
AH>?4W:;:Q<@J?43<M>:4:64A<Q:>A9<496:;?64B:4
B><;?34:@4}Q5>9A?4o?C9@?7
z:;L@4%:964”96:3T43HMB9>:AC<>4B:46?4
};:@A9?4A<@C>?4:64]>9Q:@47>;?@9X?B<4B:64
K:9@<4(@9B<4z7]}T4I<>43H3439;6?34:@49@D
;653T416<34Q:S9A?@<343<@4?ACH?6Q:@C:4C?@4
E9<6:@C<3T49@ZH@B:@4C?@C<4Q9:B<T4PH:46<34
A<6<QM9?@<343:4:@AH:@C>?@469C:>?6Q:@C:4
3<Q:C9B<3749:@:@4PH:4A<@C9@H?>43H>C9:@D
B<4?46<34Q:S9A?@<34:@46?4Z<>Q?4PH:43:?=74
“:><46<34A\>C:6:34I?>:A:@4:3C?>4MH3A?@B<4
@H:E?34>HC?37
};:@C:34?@C9@?>AYC9A<34Q:S9A?@<34B9D
A:@4PH:46?34>:A9:@C:34<Z:@39E?34B:642U5>D
A9C<4I?>?4Z>:@?>4:64Z6HU<4B:4A<A?J@?4W?A9?4
23C?B<34(@9B<34W?@49QIH63?B<4?64A\>C:64
B:4z9@?6<?4N4?4bd`r§bag`4?4MH3A?>4@H:E<34
Q:>A?B<3$4B:4?WJ4PH:4:@42H><I?4W?N?49@B9D
E9BH<34?Z9@:34B93IH:3C<34?4?I<N?>4H@?4:SD
™î¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

E
Á¶66ˆÂ49Š  4 486¶

I?@39Y@4;6<M?6748:4?AH:>B<4A<@49@Z<>Q:34
B:46?34I<69AJ?34B:4?QM<346?B<34B:64}C6\@C9D
A<T4o9E:>I<<64IH:B:43:>4:64<MU:C9E<4@LQ:D
><4H@<74264:@<>Q:4E<6HQ:@4B:4A<@C:@:B<D
>:34PH:4W?A:4B:4 :>3:N4H@<4B:46<34IH@C<34
B:4C>\@39C<4Q\34A<@AH>>9B<34B:64QH@B<4:34
H@4>:;?6<4I?>?4H@?43<Z93C9A?B?4<>;?@9X?D
A9Y@4B:4C>\Z9A<4B:4B><;?37
1o<34Q:S9A?@<34:3C\@4W?A9:@B<4H@4
A?QM9<4:@43H34<I:>?A9<@:374o<34A\>C:6:34
:3C\@4:QI:X?@B<4?W<>?4?4<>9:@C?>4:64C>\Z9D
A<4ZH@B?Q:@C?6Q:@C:4W?A9?4:64K:9@<4(@9D
B<T4I:><4C?QM95@4W?A9?423I?y?74o?4A<A?J@?4
:3C\4:@4A<@C:@:B<>:34N4:64I>9@A9I?64IH:>D
C<4B:4:@C>?B?4:34o9E:>I<<6=T4B9U<4H@4<Z9D
A9?64Q:S9A?@<74
o?4I<69AJ?4A>::4PH:4:64B9\6<;<4A<@46<34
?3:39@<34B:4zQ9CW4N?43:4W?49@9A9?B<74o<34
Q?Z9<3<34B:4o9E:>I<<6T49@A6HN:@B<4?64fubr
fbrmcb`g4N4H@<4B:43H34AYQI69A:3T4{?Q:34 
?N6<>T4A<@<A9B<4A<Q<4pqrmgt¨h¦T4139@4
BHB?4:3C\@4W?M6?@B<=4A<@4:64A\>C:64B:4z9D
@?6<?T46<4Q93Q<4PH:4A<@4bd`r§bag`T4A?69D
Z9A?B<34I<>46?482}4:3C?BH@9B:@3:4A<Q<4
6?34<>;?@9X?A9<@:34B:4C>?Z9A?@C:34Q\34I:69D
;><3?34B:4 5S9A<74bd`r§bag`4A<@C><6?@4:64
?AA:3<4?46<34IH:>C<34B:4,:@:XH:6?T4B:3B:4
B<@B:4A?394A<@43:;H>9B?B46?4A<A?J@?4N?4W?4
39B<4B:3I?AW?B?4B9>:AC?Q:@C:4W?A9?4o9E:>D
I<<6742@4H@4C<@<4B:4?Q:@?X?43HMN?A:@C:T4
6?4I<69AJ?4B:4o9E:>I<<64B9U<4?4ÎmbrÒc`bci
ubc4PH:4:64?3H@C<4B:46<34A\>C:6:34Q:S9A?D
@<34?IH@C?@B<4W?A9?4:64Q?N<>4393C:Q?4A:D
>>?B<4B:4B\>3:@?34:@4:64QH@B<4C9:@:41?6C?34
I><M?M969B?B:34B:4:E<6HA9Y@=7
“?>?4pqrfubrfbrmcb`gT4pqrmgt¨h¦4N43H34
3<A9<3T46?4@?A9:@C:4A<@:S9Y@4Q:S9A?@?43HD
A:B:4?4H@4A?6?Q9C<3<4Z>?A?3<4:@423I?y?74
8:3IH534B:64?3:39@?C<4B:4]<69@4zQ9CWT46<34
@H:E<346JB:>:34B:46?4Q?Z9?4B:4o9E:>I<<64
E<6?><@4W?A9?46?4]<3C?4B:64z<64A<@46?49@D
C:@A9Y@4B:49QI<@:>43H46:N4N4W:>:B?>4H@?4
B:46?34<I:>?A9<@:34B:4C>\Z9A<4B:4A<A?J@?4
Q\346HA>?C9E?34:@4:64QH@B<74“:><4:@4 ?>D

M:66?T46<343HA:3<>:34B:64vblrfbrqgr*djgitg4
@<4ZH:><@4M9:@E:@9B<37
o<349@C:@C<34B:4?>>:M?C?>4:64A<@C><64?4
6<34A<@C?AC<34B:4zQ9CW4:@423I?y?43:4:3D
C>:66?><@4A<@C>?4H@?4QH>?66?4B:4396:@A9<4N4
B:3B5@74o<34>:A95@466:;?B<3439QI6:Q:@C:4
ZH:><@49;@<>?B<34I<>46<34M9:@4:3C?M6:A9B<34
@:S<34B:4?;:@C:34:49@C:>Q:B9?>9<34B:4A<D
A?J@?4:@4:64I?J3R4A<6<QM9?@<3T4:3I?y<6:34N4
`jdh`b`4@?C9E<34B:4o9E:>I<<67
2>?4:E9B:@C:4PH:46<349@C:>Q:B9?>9<34B:4
zQ9CW4@<4:3C?M?@49@C:>:3?B<374~T4?I?>C:T4W?D
MJ?4H@4A<@Z69AC<4?M9:>C<4A<@4H@4Q93C:>9<D
3<4;>HI<466?Q?B<4bd`4b_^h_gfdcb`r*qbgi
tbc`T49@C:;>?B<4I<>4:SI?>?Q969C?>:34B:64
2U5>A9C<4K:IHM69A?@<4>6?@B5342K4PH:43:4
W?MJ?@4C>?@3Z<>Q?B<4:@439A?>9<3T4N4?4PH9:D
@:343:4A>:J?4>:3I<@3?M6:34B:4Q\34B:4H@?4
E:9@C:@?4B:4?3:39@?C<34>:6?A9<@?B<34A<@46?4
B><;?4:@46<34?6>:B:B<>:34B:4 :>3:N39B:742@4
H@4:@Z>:@C?Q9:@C<4PH:4BH>Y4C<B<4:64E:>?@<4
B:4FVV&T4E?>9<34Q9:QM><34B:4bd`rb_^h_gi
fdcb`4C?QM95@4ZH:><@4:U:AHC?B<374(@<4B:4
6<34AW<PH:34A<@46<349>6?@B:3:34CHE<46H;?>4
:@4:64%994):?AW4)?>T4B:4 ?>M:66?T4B<@D
B:46<34A69:@C:343:4?>><U?><@4?643H:6<4?64:3D
AHAW?>4:643<@9B<4B:4E?3<34PH:43:4><QIJ?@T4
3:;H9B<4B:4M?6?X<3742649@Z<>Q:4?4H@4UH:X4:3D
I?y<6T4PH:43:4Z96C>Y4I<3C:>9<>Q:@C:T4?Z9>Q?D
M?4PH:4pqrfubrfbrmcb`g4N4pqrmgt¨h¦4I:>C:D
@:AJ?@4?41H@?4<>;?@9X?A9Y@4QH@B9?64PH:43:4
B:B9A?4I>9@A9I?6Q:@C:4?64C>\Z9A<4B:4B><;?34N4
?46<34?3:39@?C<343:6:AC9E<3=7
2QI:X?M?4?4PH:B?>4A6?><4PH:46?4>HC?4
:3I?y<6?4PH:4B?M?4?AA:3<4?64Z6HU<4B:4A<D
A?J@?43HB?Q:>9A?@?4I<>46?4EJ?4B:4KZ>9A?4
7AA9B:@C?64:3C?M?4A:>>?B?747T4I<>46<4Q:D
@<3T4PH:43Y6<4I<B>J?43:>4>:?M9:>C?4?4H@4A<3D
C<4I><W9M9C9E<7
z:;L@4?Z9>Q?4”96:3T41A<Q<4C>?Z9A?@C:4
B:4A<A?J@?4<MC9:@:34QHAW<4Q\34B9@:><4394
A<@C><6?346<34:@EJ<34B:3B:43H4I><BHAA9Y@4
W?3C?4:64Q:>A?B<74z94I?3?34I<>4H@4Q<@CY@4
B:49@C:>Q:B9?>9<3T46?4;?@?@A9?4M?U?=7

‹Ž‰’•‰aªŒ’
2@4AH?6PH9:>4A?3<T46?34E9:U?34>HC?343:4
:3C?M?@4E<6E9:@B<4A?B?4E:X4Q\34B9ZJA96:34
I?>?4I?3?>46?4Q:>A?@AJ?74o?4I<69AJ?4:3I?D
y<6?4N4:64A>:A9:@C:45S9C<4B:46?4z7]}4:@49@D
C:>A:IC?>46<34A?>;?Q:@C<34B:4A<A?J@?4PH:4
3:4Q<EJ?@4?4C>?E534B:4M:>9?4N?4:3C?M?@4
A?H3?@B<4?6?>Q?4N4>:I6?@C:?Q9:@C<34:@4
)<;<C\4N4]?>?A?374o?4z7]}T4I<>46<4I><@D
C<T4W?49@A>:Q:@C?B<43H34:3ZH:>X<34?@C9@?>D
AYC9A<34:@4KZ>9A?74”96:34:3CHE<46?43:Q?@?4
I?3?B?4:@4”W?@?T4?BE9>C9:@B<4?46?34?HC<>9D
B?B:34PH:413:4AH9B?>?@4B:46<346?C9@<?Q:>9D
A?@<34PH:4C>?J?@4>:;?6<3=7
o?4I<69AJ?4A>::4PH:4Z9@?6Q:@C:4pqrfubr
fbrmcb`g4N4pqrmgt¨h¦4>:;>:3?><@4?4 :>D
3:N39B:4:64?y<4I?3?B<4N4PH:T4A<@E:@A9B<34
B:4PH:43H4I6?@4B:4?6;H@?4Q?@:>?4B:MJ?4><D
B:?>423I?y?T4B:A9B9:><@4:SI6<>?>4H@?4I<D
39M969B?B4PH:4:64I><I9<4zQ9CWT4?@C:34B:43H4
?3:39@?C<T4W?MJ?4:QI:X?B<4?4A<@39B:>?>74
o?49B:?4:>?4?M>9>4H@?4A<@:S9Y@4B9>:AC?4A<@4
6<34Q:S9A?@<37
[H:@C:34B:64M?U<4QH@B<4A<@Z9>Q?><@4?4
ÎmbrÒc`bcubc4PH:T4I<A<4?@C:34B:43:>4?3:D
39@?B<T4zQ9CW4:3C?M?43<3C:@9:@B<4I6\C9A?34
B:4?6C<4@9E:64A<@4:64A\>C:64B:4z9@?6<?4N4A<@4
bd`r§bag`74?MJ?4C:@9B<4B9Z9AH6C?B:34A<@4
:64A\>C:64A<6<QM9?@<4B:4]?694N4:QI:X?B<4
?43<@B:?>4@H:E<34A69:@C:34:@46<34C:>>9C<>9<34
39@46:N4B:64@<>C:4B:4 5S9A<7423A?>Q:@C?D
B<34I<>46?4:SI:>9:@A9?4:@423I?y?T43H343HD
A:3<>:34B:A9B9:><@4A<@C9@H?>46?34Q93Q?34
A<@:S9<@:37
12643<A9<4B:4zQ9CW4pqrfubrfbrmcb`g4
:346?4L@9A?4I:>3<@?4PH:4C9:@:4:64B9@:><4N4
6?4I:>9A9?4I?>?4C>?M?U?>4A<@4:66<3=T4B9U<4H@?4
ZH:@C:4B:64W?QI?7
8:3B:4I>9@A9I9<34B:4:3C:4?y<43:4H>B9:D
><@4I6?@:34I?>?466:E?>4A<A?J@?4B9>:AC?Q:@D
C:4?4o9E:>I<<6748:4?AH:>B<4A<@4ZH:@C:34C?@D
C<4B:46?4I<69AJ?4A<Q<4B:46<34M?U<34Z<@B<34
B:4:3:4IH:>C<T4pqrfubrfbrmcb`gT4?N6<>4N43H34
3<A9<34C9:@:@46?4?HB?A9?T46?4?3CHA9?4N46?4B:D
C:>Q9@?A9Y@4I?>?4B?>6:4H@4;9><4C<C?6Q:@C:4
@H:E<4?64@:;<A9<4B:46?4A<A?J@?4:@42H><I?R4
H@<4PH:43:>\4QHAW<4Q\34E9<6:@C<4PH:4:64B:4
6?34I>:E9?34;:@:>?A9<@:34B:4I?@B966:><37
}64mgt¨h¦43:46:4B:3A>9M:4A<Q<4H@4C9I<4
C:Q9M6:T4PH:4>:I>:3:@C?4?4H@?4@H:E?4;:@:D
>?A9Y@4B:4Q?C<@:34PH:4W?46<;>?B<4:3A?6?>4N4
<I:>?4B:4Q?@:>?4C<C?6Q:@C:4<IH:3C?4?46<34
Q:CYB9A<34Q?@:U<34B:4zQ9CW74zH4I<39A9Y@4
:Q:>;:@C:4B:@C><4B:64A<Q:>A9<4B:4A<A?JD
@?4B:46?4A9HB?B439;@9Z9A?46?4I>9Q:>?4E:X4PH:4
H@<4B:46<3466?Q?B<34`dq©g`486<34Q?6:?@C:34
:@AHM9:>C<34B:46<34M?U<34:3C>?C<384W?4?6A?@D
X?B<46?4A9Q?4B:46?4Q?Z9?4:@4o9E:>I<<67
8:4?AH:>B<4A<@4H@4?@C9;H<4I?@B966:><4
B:4:3:4IH:>C<T41zQ9CW4:>?4B:46?4E9:U?4:3AH:D
6?74zH4I?6?M>?4A<@C?M?4N46<34I?;<343:4W?D
AJ?@4I<>4?B:6?@C?B<4N4?4C9:QI<74pqrmgt¨h¦4
@<4C9:@:4B<@4B:4;:@C:3T43:46:4E:4A<Q<4E9<D
6:@C<4:49QI>:B:A9M6:4N4Q\349@C:>:3?B<4:@4
B93I?>?>4PH:4:@4W?A:>43:>9?Q:@C:4B9@:><7
123C\@4ZH:>C:Q:@C:4?>Q?B<34N4I<@:@4
M<QM?34B:4Z?M>9A?A9Y@4A?3:>?4?46?34?ZH:D
>?34B:46<34M?>:374z946<34Q:S9A?@<34:3C\@4W?D

A9:@B<4@:;<A9<34:@4o9E:>I<<6T4W?@4:@A<@D
C>?B<4?43H4A<@C>?I?>C:7=
o9E:>I<<64:34H@46H;?>4B<@B:4C<B?346?34
A?66:34I?>:A:4PH:43:4B9>9;:@4?46?34<>966?34
B:64 :>3:NT4:64A?HB?64B:4?;H?4A?Z54PH:4
A<@3C9CHN:46?43?E9?4B:46?4A9HB?B748:3B:43H4
>9M:>?T46?34Z?Q<3?34B\>3:@?34B:4 :>3:N39D
B:43:4:SC9:@B:@4GV496YQ:C><34W?A9?4:64@<>D
C:T4W?3C?4H@4IH@C<4B:64W<>9X<@C:4:@4:64PH:4
3<@4:@;H669B?34I<>46?4@:M69@?4PH:43:4:SD
C9:@B:43<M>:4]><3MN7
“><M?M6:Q:@C:4@<4>:3H6C:43<>I>:39D
E<4PH:4:64>J<4PH:4W?4B?B<4Z<>Q?4?46?4A9HD
B?B4C?QM95@4Q<6B::43H4A>9Q9@?69B?B74(@?4
ZH:@C:4I<69A9?64>:AH:>B?4PH:416<34:3C9M?B<D
>:343?6J?@4B:46?34B\>3:@?34A<@46<4PH:4ZH:>?4
PH:466:;?>?4:@46<34M?>A<3T4N4:3C<4:E<6HA9<D
@Y4:@46<34?y<343:C:@C?4N4<AW:@C?=7
2@4G"&!46?4W:><J@?4:QI:XY4?49@H@B?>4
”>?@4)>:C?y?4?4C>?E534B:46?4E?3C?4X<@?4B:4
QH:66:34B:4 :>3:N39B:74}W<>?T46<4L@9A<4
PH:4W?4A?QM9?B<4:34:64I><BHAC<74264IH:>C<4
B:4o9E:>I<<64Q?@:U?4xF!4Q964!&V†A<@C:@:D
B<>:34?64?y<74}6>:B:B<>4B:4GG4Q9648#x&4?64
BJ?84B:4:3C?34H@9B?B:34B:4FV4I9:34I><E9:D
@:@4B:46H;?>:34A<Q<4zHB?Q5>9A?T4]W9@?4:4 
@B9?74o?43:;H>9B?B4:3C\4?4A?>;<4B:4!V4I<D
69AJ?34I<>CH?>9<3T4A<QI6:Q:@C?B<34I<>4?6D
>:B:B<>4B:4G4?;:@C:34B:4?BH?@?3$4C<B<34
3<Q:C9B<34I>:E9?Q:@C:4?4H@4>9;H><3<4:S?D
Q:@4B:4?@C:A:B:@C:37
z:;L@4H@4<Z9A9?64?@C9@?>AYC9A<34Q:S9A?D
@<T4:3C<4@<439>E:4B:4@?B?741264A\>C:64B:4z9D
@?6<?4N4bd`r§bag`4:3C\@4HC969X?@B<4A<@C:@:D
B<>:34N4H3C:B:34@<4C9:@:@4H@?43<6HA9Y@4I?>?4
:66<74(@?4B:4B<3R4<4>:E93?@4A?B?4H@<4B:46<34
A<@C:@:B<>:34<469B9?@4A<@46?4B:Q?@B?4B:4A<D
A?J@?4B:64K:9@<4(@9B<=T4B9A:439QI6:Q:@C:7
”96:34A<@Z9>Q?4PH:4B:I<39C?>46?4A<A?JD
@?4:@4A<@C:@:B<>:34B:4M?>A<4:34:64Q5C<B<4
I>:Z:>9B<4B:46<34A\>C:6:34I?>?46?3419QI<>C?D
A9<@:34?64Q?N<>:<=74zH4Q<B<4B:4?ACH?>4Z?D
E<>9C<T4B9U<T4:349@C:>A:IC?>4A<@C:@:B<>:34
I>:9B:@C9Z9A?B<34?@C:34B:4PH:466:;H:@4?43H4
B:3C9@<46:;JC9Q<74o?34A?@C9B?B:34PH:43:4:QD
M?>A?@4:@4A?B?4H@<43<@4B:4:@C>:4FV4N4VV4 
96<;>?Q<3T4I?>?4>:BHA9>46<34>9:3;<34:@4A?3<4
B:4PH:43:46:4I9:>B?46?4I93C?4?46?4A?>;?74(@?4?6D
C?4ZH:@C:4I<69A9?A?4B:4 :>3:N39B:4>:A<@<A:4
PH:416<34A<@C:@:B<>:3439QI6:Q:@C:4IH:B:@4
B:3?I?>:A:>74]9:>C?Q:@C:4:34Q\34Z\A964PH:4
66:E?>6<34?46?4A<3C?4:@4H@?46?@AW?4>\I9B?=7 
?3C?4?W<>?4@<4W?4W?M9B<4B:A<Q93<34
B:4A<A?J@?4:@46?34B\>3:@?34B:64 :>3:N74“:D
><4>:A9:@C:Q:@C:4?HC<>9B?B:34:3I?y<6?34:@D
A<@C>?><@4:@4:64IH:>C<4B:4,?6:@A9?4F4Q964G!4 
96<34B:4A<A?J@?4I><E:@9:@C:4B:4 5S9A<T4:3D
A<@B9B?4:@4A<@C:@:B<>:374[H:@C:34I<69A9?A?34
B9A:@4PH:4:34QHN4I><M?M6:4PH:4:64>:A<>>9B<4
CHE9:>?4?6;H@?4A<@:S9Y@4:@4o9E:>I<<67
2@4:64W?QI?4B:4o9E:>I<<64N?43:4>:A<D
@<A:4?QI69?Q:@C:4:64@H:E<4:3C96<4B:4E9<D
6:@A9?7423A:@?34Z96Q?B?34I<>4A\Q?>?34B:4
A9>AH9C<4A:>>?B<4:@4“?6Q4zH;?>T4H@4A6HM4
@<ACH>@<4B:4o9E:>I<<6T4>:E:6?@46?4C:@B:@D
A9?4B:64mgt¨h¦4W?A9?46?4?;>:39Y@748:3IH534
B:4PH:4H@4A?B:@:><46:4@:;?>?46?4:@C>?B?T46?34

9Q\;:@:346<4QH:3C>?@4B\@B<6:4H@4IHy:C?X<4
:@46?4PH9U?B?748H>?@C:4:64A?<343HM3:AH:@D
C:T43:4E:4?4?N6<>4?>><U?@B<43966?34A<@C>?46<34
:6:Q:@C<34B:43:;H>9B?BT4Q9:@C>?346<34I?>><D
PH9?@<34;>9C?@4?C:>><>9X?B<37
}4H@?34AH?@C?343:Q?@?34B:43H4>:C<>D
@<4B:423I?y?43:4E9<4?64mgt¨h¦4>9y:@B<4A<@4
%9AN4}N:>3T4H@4C>?Z9A?@C:4A<@E9AC<4@?C9E<4
B:4o9E:>I<<674?A:4G4BJ?34}N:>3T4H@4W<QD
M>:4BH><4B:4#x4?y<3T4ZH:4?3:39@?B<4ZH:>?4B:4
6?4A?3?4B:43H4W9U?T4:@4:64B93C>9C<4S :3C48:>MN4
B:4o9E:>I<<674pqrmgt¨h¦4ZH:49@C:>><;?B<4I<>4
6?4I<69AJ?4B:4 :>3:N39B:T4I:><4@<49@A>9Q9D
@?B<74o?343:AH:6?34B:64?3:39@?C<4B:4zQ9CW4
C<B?EJ?4I:@B:@43<M>:4o9E:>I<<64N4A?6?@4Q\34
W<@B<4:@46?34B:I?HI:>?B?34A?66:34PH:4><D
B:?@4?64?:><IH:>C<4A9C?B9@<7
z9@4:QM?>;<T4:64B:C:AC9E:4:@4U:Z:4B:46?4
7Z9A9@?4B:4@C:69;:@A9?4N4z:;H>9B?B4B:46?4I<D
69AJ?4B:4 :>3:N39B:T4:64A<Q93?>9<4zC:E:4%?ND
6<>T4PH9:@4W?4B?B<43:;H9Q9:@C<4?46?34A?QD
M9?@C:346:?6C?B:34B:@C><4B:46?34M?@B?34B:4
@?>A<C>?Z9A?@C:34B:4o9E:>I<<6T4:3C\43:;H><4
B:4PH:4E?@4?4?C>?I?>4?46<34?3:39@<34B:4zQ9CW7
%?N6<>4?Z9>Q?R41:Q<349B:@C9Z9A?B<4H@?4
3:>9:4B:4B93IHC?374o?346:?6C?B:34W?@4A?QD
M9?B<74]H?6PH9:>49@Z<>Q?A9Y@43:>\4C>?C?C?D
B?4A<@46?4Q\34>9;H><3?4A<@Z9B:@A9?69B?B=74
2@C>:C?@C<T46?4L@9A?4A:>C:X?4:34PH:4:64A9A6<4
B:4?3:39@?C<34E?4?4A<@C9@H?>74}WJ4E9:@:@46<34
Q:S9A?@<374ðñòóƒƒôõö÷†øóƒùñ†øóöñ44

™µ

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

œ—“Ê‡ž“¨ –—•‡ ‘ŽŽ“‡‹ÛŽ—’•—— —

>D0?

9-?9-?<º=?

ú

Ž‰•4‰’‰’©‰ÿ54ˆÇ5Ž‰ÿŽ

,**(û#-$ü,"ý/0$<>?34B:3IH534
B:4PH:4:64E9:>@:34G#4:643:A>:C?D
>9<4B:4”<M:>@?A9Y@T4[:>@?@B<4
”YQ:X4 <@CT43:4>:H@9:>?4:@4:3D
C?4A9HB?B4A<@4:QI>:3?>9<34B:46?4
]<Q?>A?4o?;H@:>?T4H@4A<Q?@B<4
9>>HQI9Y4:@46?49@?H;H>?A9Y@4B:4H@4?@C><4N4
?A>9M966Y4?4<AW<4UYE:@:37
2@4:64:@AH:@C><T4:64ZH@A9<@?>9<4C>?CY4B:4
Q9@9Q9X?>46<34>:A6?Q<34?64;<M9:>@<4Z:B:D
>?64I<>46?49@3:;H>9B?B4PH:4W?4A?H3?B<4Q\34
B:4GV4QH:>C<34:@46<4PH:4E?4B:64?y<T4N4?>D
;HQ:@CY4PH:4:3C?4>:;9Y@4PH:BY4B:3I><C:D
;9B?4I<>PH:4:>?4I>9<>9C?>9<4?C:@B:>4?4]9HD
B?B4{H\>:XT4]W9WH?WH?74
}64C:>Q9@?>46?4>:H@9Y@T4:64B9>9;:@C:4:QD
I>:3?>9?64þ3A?>4”HC95>>:X4B:4}@B?4A<Q:@D
CY4?46<34>:I<>C:><346<A?6:34PH:4WHM<4QHAW<34
AH:3C9<@?Q9:@C<3T4I:><4:643:A>:C?>9<4B:4”<D
M:>@?A9Y@43Y6<43:469Q9CY4?4:3AHAW?>6<34N4@<4
W9X<4A<QI><Q93<34A<@A>:C<37
8:3B:4W?A:4C9:Q I<4W?N4;>?@49@A<@D
Z<>Q 9B?B4I<>46?4?H3:@A9?4B:4I<69AJ?34Z:D
B:>?6:34:@4]<?WH96?T4IH:346?4z:A>:C?>J?4
B:4z:;H>9B?B4“LM69A?4[:B:>?643Y6<4C9:D
@:4A9@A<4?;:@C:34I<>4CH>@<74264;<M:>@?D
B<>T4HQ M:>C<4 <>:9>?T4N4:64?6A?6B:4B:4 
<>>:Y@T42BH?>B<476Q <3T4W?@43<69A9C?B<4
PH:43:49@A>:Q :@C:4:64@LQ :><4B:4:6:Q :@D

Çȼ½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

C<34B:4:3C?4A<>I<>?A9Y@T4I:><439@4>:3H6C?D
B<34I<39C9E<374o<34>:ZH:>X<34Z:B:>?6:343YD
6<4E?@4B:4I?3<T4A<Q <4<AH>>9Y4:64E9:>@:34
FGT4AH?@B<4H@4A<@E<N4B:4H@<34GVV4Z:B:D
>?6:3466:;Y4?4:3C?4A?I9C?6T4I:><43H4B:3C9@<4
:>?4]9HB?B4{H\>:X7
264M?>4{H?@?34,“T4B<@B:4<AH>>9Y46?4
Q?C?@X?T43:49@?H;H>?M?4:3:4BJ?T4:64E9:>@:34
G#74(M9A?B<4:@46?4?E:@9B?4z?6C966<4#VVT4:64
?@C><4:3C\4:@4H@?4B:46?34X<@?34Q\34:SA6H39D
E?34B:4<>>:Y@T4:64]6HM4]?QI:3C>:4o?4K<D
39C?742@4:3C:439C9<4E9E:@4Z?Q969?34?A?HB?6?D
B?34PH:4B:3B:4FVVx4W?@43<I<>C?B<4C9><C:<34
N43:AH:3C><3T4?3J4A<Q<4?;>:39<@:34B:4I<69D
AJ?34N4B:43<6B?B<34PH:4>:?69X?@4A?C:<3439@4
<>B:@4UHB9A9?67
2>?@4A?3946?34B<34B:46?4Q?y?@?4AH?@D
B<46<34<AHI?@C:34B:4C>:34E:WJAH6<34?M>9:><@4
ZH:;<4A<@C>?46<34E9;96?@C:34B:64M?>4?I<3C?B<34
:@46?4IH:>C?748<34UYE:@:34PH:49M?@466:;?@B<4
?6439C9<4C?QM95@4ZH:><@4?M?C9B<374oH:;<T46<34
?;>:3<>:343:49@C><BHU:><@4?64:3C?M6:A9Q9:@C<4
N4>?Z?;H:?><@4?46?4A<@AH>>:@A9?7
“<>4:3I?A9<4B:4<AW<4Q9@HC<346<34A69:@D
C:34MH3A?M?@43?69B?34B:4:Q:>;:@A9?T43:4
>:3;H?>B?M?@4M?U<46?34Q:3?34<4:@46<34M?D
y<3T4B<@B:4E?>9<34ZH:><@4W:>9B<34:@46?34
I9:>@?3T4IH:346<34C9><34?C>?E:3?><@46?34I?D
>:B:34B:4Q?B:>?742646H;?>4PH:BY4A<@E:>C9D

B<4:@4H@?4A?>@9A:>J?4WHQ?@?T4A<@4AH:>I<34
>:;?B<34:@4:64I93<4:@4Q:B9<4B:4AW?>A<34B:4
3?@;>:7
]<@4:3C:4?C?PH:T43:43HQ?><@4?46?4:3C?D
BJ3C9A?46?;H@:>?4<AW<4QH:>C<34N4G"4W:>9D
B<374264;>?@4C<C?64I?>?46<4PH:49M?4B:64?y<4
:>?4B:4Gx#4?3:39@?C<34E9@AH6?B<34A<@46?34
?AA9<@:34B:46?4B:69@AH:@A9?4<>;?@9X?B?7
o?34EJAC9Q?34B:64C9><C:<4ZH:><@4{<354 
HQM:>C<423A?>:y<4“:9@?B<T4B:4!4?y<3$4
7Q?>423PH9E:64]<>>?6T4B:4F#$47C934 ?6D
A<Q4}A:E:B<4”<@X\6:XT4B:4F#$4“:B><4[6<D
>:34 ?A9:6T4B:4Fx$4[>?@A93A<4{?E9:>4}>A:4
}3C<>;?T4B:4F$4K<M:>C<48?@9:64]:I:B?4
”?>X?T4B:4F$4KHCW4]>93C?64”?>AJ?4]?3C><T4
N4H@?4I:>3<@?4Q\34PH:4@<4ZH:49B:@C9Z9A?B?7 
<>?34B:3IH534B:46?4Q?3?A>:T4:@4:64:3D
C?A9<@?Q9:@C<4B:64z?Ql34]6HM4B:4o:>B<T4
8H>?@;<T43:4>:?69XY4H@4W?66?X;<4Q?A?M><R4
3<M>:4:64A<Z>:4B:4H@?4A?Q9<@:C?4A<6<A?D
><@4AH?C><4A?M:X?34N4:@46?4A?U?4B:64E:WJAHD
6<4B:I<39C?><@46<34AH:>I<34B:4“?H64 9AW:664
23I?y?48J?XT4B:4G&4?y<3$4B:4]>93C9?@4”H9D
66:>Q<4 5@B:X4B:46?4[H:@C:T4B:46?4Q93Q?4
:B?B$4B:4}M>?W?Q42BH?>B<4}6E?>?B<4:>D
@\@B:XT4B:4FVT4N4B:4{H?@4}6B?9>4{?>?Q966<4 
<@C:3T4B:4G"74
zH34Z?Q969?>:34B:A6?>?><@4?@C:4:64 9@93D
C:>9<4“LM69A<4PH:46<34AH?C><4:>?@4:3CHB9?@D

‹Ž‰’•‰aªŒ’

C:34<>9;9@?>9<34B:4”YQ:X4“?6?A9<T48H>?@D
;<T4N4PH:4W?MJ?@43?69B<46?4@<AW:4B:64E9:>@:34
G#4?4H@?4Z9:3C?4B:46?4PH:4N?4@<4>:;>:3?><@74
z9@4:QM?>;<T4:64Z93A?64;:@:>?64B:4]<?WH9D
6?T4{:3L34<>>:34]W?>6:3T4?3:;H>Y4PH:4B9:><@4
I<39C9E<4:@46?4I>H:M?4B:4?>>93<@4N4I<>4:66<4
@<4IH:B:4B:3A?>C?>3:43H4I?>C9A9I?A9Y@4:@4:64
?C?PH:4?64{H?@?37
2@4:64I?>?M>93?34B:46?4A?Q9<@:C?43:4I<D
BJ?46::>T4A<Q<4394ZH:>?4A?M:X?4@<C9A9<3?R4
1ž6C9Q?46:C>?4A?ICH>?4N4:U:AHC?4?4?3:39@<34
B:4M?>:3=7
™š™—¡¤¦–¦Ø¤«Ÿ¥
2@4FVVx43:4B:3?CY46?4E9<6:@A9?4:@46?4A<D
Q?>A?46?;H@:>?74o?4I>:3:@A9?4W93CY>9A?4B:4
6<34A\>C:6:34B:4z9@?6<?4N4{H\>:XT4?3J4A<Q<4
6?34<I:>?A9<@:34B:46<34W:>Q?@<34):6C>\@4
o:NE?T4C:>Q9@Y4:@4A<@Z69AC<4AH?@B<4:3:4
?y<4bd`r§bag`49@AH>39<@?><@4:@4<>>:Y@4
N4A<@4:66<4B9E9B9:><@46?34E9:U?34>:B:34B:4
A<QI69A9B?B:37
2@4Z:M>:><4I?3?B<T4:64;:@:>?64>:C9>?B<4
]?>6<34)9M9?@<4,966?4]?3C966<T43:A>:C?>9<4
B:4z:;H>9B?B4“LM69A?4QH@9A9I?6T4A<Q:@CY4
?4€‚ƒ„…‚4PH:4W?3C?46<34I<69AJ?34C<Q?><@4
I?>C9B<4I<>4H@<4H4<C><4M?@B<74o6:;?><@4?64
;>?B<T4B9U<T4B:4PH:46:34I>:3C?M?@46?34I?C>HD
66?34?46<34B:69@AH:@C:34I?>?4PH:46?34H3?>?@4
:@4:SC<>39<@:34N43:AH:3C><37
}X<C?B?4I<>46?4E9<6:@A9?4PH:4A<M>?4
6?34E9B?34B:4A9E96:3439@4>:6?A9Y@4A<@4B:69@D
AH:@C:34<4AH:>I<34B:43:;H>9B?BT4o?4o?;HD
@?466:;?4?4C:@:>4M>:E:34I:>9<B<34B:4A?6Q?4
PH:4A<@A6HN:@4B:4Q?@:>?4?M>HIC?4A<@49QD
I?AC?@C:34W:AW<34B:43?@;>:74
“<>4:U:QI6<T4:64E9:>@:34G!4B:4Q?>X<4B:4
FVV"4:64?C?PH:4?4H@4M?>4:@4<>>:Y@4B:3:@D
A?B:@Y4H@?43:>9:4B:4:@Z>:@C?Q9:@C<34:@4C<D
B?46?4>:;9Y@
“<A<4B:3IH534B:46?34B<34B:46?4Q?y?D
@?4B:4:3:4BJ?T4H@<34GV43HU:C<34?>Q?B<34M?D
U?><@4B:4C>:34?HC<34:49>>HQI9:><@4:@4:64M?>4
o?4[?E<>9C?T4A:>A?4B:64A5@C>9A<4Q:>A?B<4
}69?@X?74893I?>?><@4B:4Q?@:>?49@B93A>9D
Q9@?B?T4Q?C?><@4?4A9@A<4I:>3<@?34N4B:U?D

><@4W:>9B?34?4<C>?34C>:3T49@A6H9B?46?4:3I<3?4
B:4H@<4B:46<34?3:39@?B<374z94?A?3<4C>:34B:4
6<34:U:AHC?B<34:>?@4E:@B:B<>:34B:4B><;?7
}4I?>C9>4B:4:3:4Q<Q:@C<43:4B:3?CY4
6?4I:3?B966?74”>HI<34?>Q?B<34I><A:B:@D
C:34B:4o?4o?;H@?4BH>?@;H:@3:466:;?M?@4?4 
<>>:Y@4I?>?4:U:AHC?>4?4I>:3H@C<34@?>A<D
Q:@HB93C?374]<Q<4>:3IH:3C?T4;>HI<34B:4 
<>>:Y@43?6J?@4>HQM<4?48H>?@;<4I?>?4?3:D
39@?>4I:>3<@?37423:4Z9@4B:43:Q?@?483\M?B<4
G#4N4B<Q9@;<4G846<34;>HI<34B:69AC9E<34@<4
>:3I:C?><@4E:6<>9<3T4Z9:3C?34@94C>?@3:L@C:374
]H@B9:><@46?4E9<6:@A9?4N46<34?3:39@?C<37
}64A<Q 9:@X<T46<34W:AW<34B:4E9<6:@A9?4
I?>:AJ?@4A9>AH@3A>9M9>3:4?4X<@?34I<IH6?D
>:34:49@A6H39E:4Q 93:>?M6:3T4I:><4A<@4:64I?D
3<4B:46<34Q :3:343:4:SC:@B9:><@4?46?34X<@?34
>:39B:@A9?6:374?Q M95@43:4W9A9:><@4Z>:D
AH:@C:346<34?C?PH:34?4I<69AJ?3T4Q 969C?>:34N4
?4Q :B9<34B:4A<Q H@9A?A9Y@T4AHN<4I:>3<@?64
E9E:4?C:>><>9X?B<7
o?34[H:>X?34[:B:>?6:34B:4}I<N<4A<D
Q:@X?><@4?43?69>4B:46?4>:;9Y@4B:3IH534B:64
I?3?B<4!G4B:4:@:><74o?4Q?B>H;?B?4B:4:3:4

BJ?4H@4A<@E<N4B:4B:69@AH:@C:34>:A<>>9Y4E?D
>9<34A:@C><34@<ACH>@<3T4W?3C?4PH:49@;>:3Y4
:@4:64M?>4[:>>NT4B<@B:4>:?69XY4H@?4Q?3?A>:4
PH:T4B:4?AH:>B<4A<@4A9Z>?34<Z9A9?6:3T4B:UY4
<AW<4QH:>C<34N4#V4W:>9B<37
23:4Q93Q<4BJ?T4I:><4:@4]9HB?B4{H\D
>:XT4H@4;>HI<4B:439A?>9<34C<QY4I<>4?3?6C<4
H@4B<Q9A969<4I?>C9AH6?>4N4?A>9M966Y4?4Gx4UYD
E:@:34:3CHB9?@C:374}@C:46<34W:AW<3T4:64;<D
M9:>@<4Z:B:>?643:4Q<E969XY74264I>:39B:@C:4
[:69I:4]?6B:>Y@4?AHB9Y4?4:3?4A9HB?B4N4I<>4
6?49@B9;@?A9Y@4A9HB?B?@?T4:64Q?@B?C?>9<4
I?3Y4I<>4Q<Q:@C<34M<AW<>@<3<34AH?@B<4
:@Z>:@CY46<4>:A6?Q<34B:46?34Z?Q969?34B:46<34
QHAW?AW<34QH:>C<37
]<Q <46?4?C:@A9Y@4B:64;<M9:>@<4Z:B:>?64
3:4A<@A:@C>Y4:@4]9HB?B4{H\>:XT43:4Q 9@9D
Q 9X?><@46<34W:AW<34<AH>>9B<34:@4<>>:Y@T4
B<@B:4:3:4Q 93Q <4Z9@4B:43:Q ?@?4Q H>9:><@4
Gx4I:>3<@?374o:U<34B:4>:Z<>X?>46?34Q :B9D
B?34B:43:;H>9B?BT46?34?HC<>9B?B:34B93IHD
39:><@4PH:46<34Z:B:>?6:348PH:49@A6H39E:4
W?MJ?@4:@Z>:@C?B<4H@4A<Q ?@B<4:646H@:34
G4B:4Z:M>:><84ZH:>?@4:@E9?B<34?4]9HB?B4
{H\>:XT4A<@46<4PH:4o?4o?;H@?4PH:BY4:@4:64
B:3?Q I?><7
“:<>4?L@74264;:@:>?64,966?4]?3C966<4B:D
A6?>Y4?4:3C:4>:I<>C:><4PH:4:64<MU:C9E<4B:64A<D
Q?@B<4:>?4HM9A?>4?4B<34I<69AJ?34Z:B:>?6:34
PH:4?@B?M?@4Z>?@A<374“<>4:66<T4W?M>J?@4>:D
A<>>9B<4E?>9<34A:@C><34@<ACH>@<3T4I:><4:@4:64
[:>>N4>:A9M9:><@4ZH:;<4B:3B:4?B:@C><748:3D
IH5343:43?M>J?4PH:4:3:4:3C?M6:A9Q9:@C<4:>?4
I><I9:B?B4B:4]?>6<34]:@C:@<T4:64U:Z:4B:64
”>HI<423I:A9?64B:46?4“<69AJ?4@E:3C9;?B<>?7
264UH:E:34FVT4B<349@C:;>?@C:34B:64”>HD
I<423I:A9?64B:46?4“<69AJ?4@E:3C9;?B<>?4B:64
23C?B<4QH>9:><@4:@4H@4C9><C:<4A<@C>?4H@4
A<Q?@B<4AHN?4Z969?A9Y@4?4?6;H@?4<>;?@9D
X?A9Y@4A>9Q9@?64@<4ZH:49B:@C9Z9A?B?74}B:D
Q\3T43:;L@4:64Z93A?64<>>:34]W?>6:3T4QHD
>9:><@4C>:3439A?>9<374}3JT4?64E9:>@:34FG4B:4
Q?N<46?4:3C?BJ3C9A?43:4?ACH?69XY43HQ?@B<4
GF4QH:>C<34:@46<4PH:4E?4B:4FVGV744
œ—“Ê‡ž“¨ –—•‡ ‘ŽŽ“‡‹ÛŽ—’•—— —

™—œ–Ÿ§¤š—£™¦±¤œ§™µ¡Ÿ—™¶¦Ÿ–œ¦ ˜¤¡¦¸
œ–™š–Ÿ˜–º–§¤—Ÿ–›–Ÿ–T–£—¦ŸU–¡¤¦–¦Ø¤«Ÿ¥¢
œ ˜Ÿ£–Ÿ¡™¦5™µŸ—–˜¡¸—¢ªŸ—–—¦™5¸š¥Ù™—£¢
›Ÿ£—¦¡¸ –œ¡Ÿ¦œ›– ™–—£œ¶¤Ÿ£Ÿ˜œ–š™±¤
œ0¡¥™¤—§Ÿ¤›™¦š›Ÿ –Ÿ¡™ ¦–±¤œœ–Ÿ§¡¸—
¦µ¡¦™–œ™ –œ£™ /—¦¡˜ ¦¡— §¤Ÿ¡¦–¦±¤›Ÿ¡¬–—
–0/¯‘–œ–µŸ– ¢›Ÿ£¨£™ ·—¡—§¤—––˜˜¡¸—¯Ž /›™¦Ÿ/–
˜–Ÿ–˜£Ÿ¡¥–Ÿ œ–§ £¡¸—¦œ§™µ¡Ÿ—™¶¦Ÿ–œ— £–
›–Ÿ£¦œ›–/ ¢¦™—¦œ–¬¡™œ—˜¡–0–˜™µŸ–¦™š« ¦
11_š¤Ÿ£™ —œ™±¤¬–¦œ–°™¯

A 48 9 ‰Â419 8š8
94‰ 9š 

ǘ

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

º– ¶–š¡œ¡– ¦±¤¡— 0–—¦ –›–Ÿ˜¡¦™—™–0¤¡œ–
–š–—™ ¦œ—–Ÿ˜™™¦œ™ š¡œ¡£–Ÿ —™›¤¦—¦–Ÿ 
œœ¤ž™¦˜–œœ–Ÿ¯Ž¶–œ£–¦ ¡š›–£/– —œ– £œ¬¡ ™®
Ÿ– · ¡—›–Ÿ¡—£  —–¦™Ÿ ¢˜™—›–—˜–Ÿ£– ·–§Ÿ¡£™ 
¦—¤—˜¡–— ™ ¦œ¡£™ ¢– /˜™š™œ–—§œ¡§—˜¡–¦œ– 
–¤£™Ÿ¡¦–¦  £–£–œ ·¶¦Ÿ–œ ¯Œ—˜œ¤ ™ š–—¡¶ ®
£–Ÿ™—¶Ÿ—£–œ‘–œ–˜¡™‹–˜¡™—–œ¢›Ÿ™—œ–˜–Ÿ£™§Ÿ–¶/–
›–—¡ £–` £±¤¦–š¤·œž™ ¦º™ ‘¡—™ ¯

=D9¯2;:–>:“

-D“9C:“?°?>:¯FCD“9

N

Ù Ž‰ˆºŽ•4‰Ž•Œ

ÆÆÆŸ“¢“Ž³‘“’—¨ ¨ ë

64UH:E:34G!4B:4Q?N<T4?ZH:>?4B:64
“?6?A9<4%?A9<@?6T43:4E<6E9Y4?4:3D
AHAW?>4:64;>9C<4B:3:3I:>?B<R41,9D
E<343:46<3466:E?><@T4E9E<346<34PH:D
>:Q<3=7423C?4E:X4@<4ZH:46?@X?B<4
I<>4o?348<y?34B:64]<Q9C542H>:?4
B:4B:3?I?>:A9B<34I<6JC9A<3T4PH:4B:3B:46<34
?y<343:C:@C?4MH3A?@4?43H34W9U<3$4:3C?4:S9D
;:@A9?46?4W9A9:><@4Z?Q969?34B:4!4E?><@:34
B:3?I?>:A9B<34?4I?>C9>4B:4FVV&4:@4:64:3C?B<4
B:4]<?WH96?T4I?>?4:S9;9>4?64I>:39B:@C:4[:D
69I:4]?6B:>Y@4PH:49@E:3C9;H:43H4I?>?B:><74
264B:3?I?>:A9B<4Q\34U<E:@4C9:@:4@H:D
E:4?y<3R4)>?@B<@423C:M?@4}A<3C?4:>>:>?T4
PH9:@4?A<QI?y?M?4?43H4I?I\4?4B:U?>4?43H34

Ǚ¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

B<34CJ<34:@4:64?:><IH:>C<T4I<>PH:4:66<34E9D
E:@4:@4o<34K@;:6:3T4N4H@4A<Q?@B<4?>Q?D
B<46:34A:>>Y4:64I?3<4N43:46<3466:EY748:3B:4:64
F"4B:4?;<3C<4B:64?y<4I?3?B<43:4B:3A<@<A:4
3H4I?>?B:><7
1?A:4<AW<4Q:3:34@<43?M:Q<34@?B?T4
@<4W?@4?I?>:A9B<T4@<4W?@4Q?@B?B<4H@4>:D
A?B<4@94H@?4@<C?T4N4I<>4:3<4PH:>:Q<34PH:4
I<>4I9:B?BT4394?6;H9:@43?M:4?6;<T4PH:4@<34B9D
;?742@4@9@;H@<4B:46<34A?3<34W?N4?E?@A:3T4
39:QI>:4@<34I9B:@4PH:4@<3<C><349@E:3C9;H:D
Q<3=T4B9U<4o<H>B:34:>>:>?T46?4Q?Q\4B:4
)>?@B<@423C:M?@T4PH9:@4A?>;?M?4H@?4Q?@D
C?4PH:4Q<3C>?M?46?4Z<C<4B:46<34AH?C><74}4H@4
6?B<49M?@43H34AHy?B?3466:;?B?34B:46?4A9HB?B4
B:4o<34K@;:6:3741:46<4>H:;<T4?NLB?@<34?4
:@A<@C>?>6<3=T43:46:J?4:@43H34Q?@C?37
B 7
ˆ 
‰Â4E š 4¶š
9
9

o?34Z?Q969?34PH:4Q?>AW?><@4?4“?6?A9<4
%?A9<@?6466:;?><@4B:46<34:3C?B<34B:4 5S9D
A<T4{?693A<T4”H?@?UH?C<T4,:>?A>HXT4?Q?HD
69I?3$4B:4o<34K@;:6:3T4]?69Z<>@9?T4N4B:46<34
QH@9A9I9<34A<?WH96:@3:34B:4“?>>?34B:46?4
[H:@C:T4z?6C966<T4<>>:Y@4N4 ?C?Q<><374
2@46?4Q?N<>J?4B:46<34A?3<34@<43:4C9:@:@4
I93C?34B:4PH95@46<34B:3?I?>:A9Y4NT4?64Q:D
@<34:@4B<3T4W?N49@B9A9<34B:4PH:4ZH:><@49@D
C:;>?@C:34B:642U5>A9C<7
1ž@:C:4IH:M6<4?4Q94B<6<>T4W<N4I<>4QJ4
Q?y?@?4I<>4C974]?6B:>Y@4N?4M?3C?4A<@4:64
A?3<4]?M?y?34<4“?H6:CC:T4I<@C:4?4C>?M?U?>4
A<@46?4;:@C:4PH:4B:3?I?>:A9Y4:@4]<?WH9D
6?=T43:46:J?4:@4H@?4Q?@C?4Z<3Z<>:3A:@C:4PH:4
66:E?M?4H@4AW<Z:>4B:42A?C:I:AT4AHN<4W9U<T4
,JAC<>4}M>?W?Q4%?E?4]?6X<@X9@T4B:3?I?D
>:A9Y4:@4“9:B>?34%:;>?34:64FG4B:4Q?>X<T4
A<@4<C><34GG4A<QI?y:><37
1<B<34C:@:Q<34:64Q93Q<4B<6<>74:D
Q<34I:B9B<4?I<N<4?46?4“”KT4?46?4z287T4
?46<34;<M9:>@<34B:6423C?B<4B:4 5S9A<4N4B:4
]<?WH96?T4?4,4}XC:A?4N4?4:6:E93?T4N4@<34
C>?:@4?4IH>?34EH:6C?374%<4ZH:>?4?6;H9:@49QD
I<>C?@C:4I<>PH:4N?4:3CHE9:>?@4MH3A\@B<D
6<=T43:4PH:UY4:64W<QM>:7
2@46?4693C?4B:4B:3?I?>:A9B<34Q:S9PH:@D
3:34:3C\@T4?B:Q\34B:4,JAC<>4}M>?W?QT4,9D
A:@C:4K<U<4 ?>CJ@:XT4{?9Q:4K?QJ>:X4o:NE?T4
{<354{H?@4“?AW:A<4zH\>:XT4 ?>A<4}@C<@9<4
7A?QI<4 ?>CJ@:XT42>94[:>@?@B<4“?>B:E:664
“5>:XT4“:B><4]<>C534”HXQ\@T4”:>3?J@4]?>D
B<@?4 ?>CJ@:XT4K<M:>C<47><I:X?4,966?T4,JAD
C<>4KJ<34?I9?T4o<>:@X<4]?QI<34K<B>J;H:X4
N4{H?@4”?>BHy<4 ?>CJ@:XT4PH9:@:34C>?M?U?D
M?@4:@46?4:QI>:3?4}C6?@C?48H>?Q:S74z?69:D
><@4B:4z?M9@?34W?A9?4“9:B>?34%:;>?34?4M<>B<4
B:4B<34A?Q9<@:C?34N4@H@A?43:4:@A<@C>Y4>?3D
C><4B:4:66<34@94B:46<34E:WJAH6<37

珒“¦—‡³‡ “¦ ‘¦¦—è

‹Ž‰’•‰aªŒ’ 

‰494ˆ8 ½ Â4«Á8ˈÁ 9ˆ6‰¬

2@4<C>?4A?>CH69@?43:46:J?R41z<N4)>?N?@4
C:@;<4GF4?y<3T42>9A4C:@;<4GV4?y<3T4{<3:IW4
B:4&4?y<3T4N4:3C?Q<343HZ>9:@B<4I<>4Q94I?D
I\74«bch¦qugtd`qd4I<>46<4PH:4Q\34PH9:>?74
”>?A9?34]?6B:>Y@=74o?4I<>C?4%?@AN4o<>:D
@?4 <>?6:34K<U?3T4:3I<3?4B:4,9A:@C:4K<D
U<T4PH9:@4B9A:4PH:4C>?346?4B:3?I?>9A9Y@4B:4
3H4:3I<3<4C9:@:4PH:4B:U?>4?43H34W9U<343<6<34
A?B?4E:X4PH:4A<@39;H:4C>?M?U<34C:QI<>?6:34
<4AH?@B<43?6:4?4MH3A?>4:QI6:<74zH34W9U<34
C?QM95@4W?@4>:3:@C9B<46?4?H3:@A9?4B:43H4I?D
I\T4:3C\@4B:I>9Q9B<3T4M?U?><@4B:4A?69Z9A?D
A9<@:3T43:4E<6E9:><@4?;>:39E<37
164:>?4@H:3C><43H3C:@C<T4@<4C:@:Q<34
PH95@4@<34?I<N:=T4B9U<46?4U<E:@T4PH:4A<@39D
;H9Y4H@4C>?M?U<4C:QI<>?64:@4H@?4;?3<69@:>?7
‰ ›™— –µ¡œ¡¦–¦¦œˆ £–¦™
)6?@A?4 ?>CJ@:XT4B9>:AC<>?4B:64]:@C><4
B:48:>:AW<34HQ?@<34[>?N4{H?@4B:4o?D
>9<34B:46?4B9YA:3934B:4z?6C966<T43:y?6Y4PH:4
6?4B:3?I?>9A9Y@4:34H@?4I>\AC9A?41393C:Q\C9D
A?T4>:AH>>:@C:T4N4PH:46?4A?@C9B?B4B:4A?3<3T4
:64I?C>Y@4B:4E9<6:@A9?T4:64Q<B<4B:4AYQ<4
<I:>?@T43J4W?M6?4B:4H@?43:>9?469Q9C?A9Y@4B:4
;<M9:>@<4PH:4I<>4?AA9Y@4N4<Q939Y@46<4I:>D
Q9C:4NT4:@4:64A?3<4B:4PH:46?34?HC<>9B?B:34B:4
]<?WH96?439;?@4I:>Q9C9:@B<46?34B:3?I?>9D
A9<@:3T43:4A<@E9:>C:@4:@4E9<6?B<>:34B:4B:D
>:AW<34WHQ?@<3=7
2SI69AY4PH:4:@4C<B<346<34A?3<343:4W?@4
I>:3:@C?B<4B:@H@A9?34?@C:46?34?HC<>9B?B:34
:@A?>;?B?34B:46?4I><AH>?A9Y@4B:4UH3C9A9?4?4
@9E:64Z:B:>?64N4:3C?C?6T43:43<69A9CY46?49@C:>D
E:@A9Y@4B:46?34A<Q939<@:34@?A9<@?64N4:3C?D
C?64B:46<34B:>:AW<34WHQ?@<3T4I:><4:@4C<B<34
6?B<346:34B9A:@46<4Q93Q<R41@<4:34@H:3C>?4
A<QI:C:@A9?=T41EH:6E?@4?4B?>@<34C<B?46?4
9@Z<>Q?A9Y@=T41EH:6E?@4?4I>:3:@C?>43H34B:D
A6?>?A9<@:3=T41MH3PH:@4Q\349@Z<>Q?A9Y@=7
18?B?46?4A?@C9B?B4B:4B:3?I?>:A9B<34N4
:64I<A<4C9:QI<4:@4PH:43:49@A>:Q:@CY4:3D
C:4B:69C<T4@<3<C><34Z9@A?Q<34>:3I<@3?M969D
B?B:34?6423C?B<T4I<>PH:4:343H4>:3I<@3?M9D
69B?B4W?A:>46?4I><AH>?A9Y@4B:4UH3C9A9?T46?4
9@E:3C9;?A9Y@T4N4@<46<4W?A:74?N4H@?4A6?D

>?4>:3I<@3?M969B?B4I<>4@<4;?>?@C9X?>46?43:D
;H>9B?B4@94C<Q?>4:@4AH:@C?4?46?34Z?Q969?3=T4
B9U<4:@46?4I6?@AW?4B:64YA?6<7
7C><34B:3?I?>:A9B<343<@46<34E:C:>9@?D
>9<343?J?34(>9M:4:>@\@B:X4N4{H?@4“?M6<4
}6E?>?B<4769E:><3T4:@4<>>:Y@T4PH:4:644B:4
UH@9<4B:4FVV"4I<>46?4@<AW:43?69:><@4?4H@4
7SS<4B:64Z>?AA9<@?Q9:@C<4]9HB?B4%?X?34
N43:4C<I?><@4A<@4H@4<I:>?C9E<4Q969C?>74zY6<4
ZH:4W?66?B?43H4A?Q9<@:C?4A<@4<>9Z9A9<34B:4
M?6?4N43?@;>:4€‚ƒ„…‚4Gx""7
1~?4I?3Y4H@4?y<4N4C<B<4:3C\49;H?674264
2U5>A9C<4?C>?U<46?49@E:3C9;?A9Y@4I:><4@<4W?@4
?E?@X?B<T4Q:4Q?@BY4A9C?>4:64 9@93C:>9<4“LD
M69A<4 969C?>4?48H>?@;<T4?4QJ4N4?4Q943H:;><74
%<4W?@4Q?@B?B<466?Q?>4?4@9@;H@<4B:46<34
C:3C9;<374o?49@E:3C9;?A9Y@4C?QM95@43:466:E?4
:@46?489>:AA9Y@423C?C?64B:64]>9Q:@4N4:64z:D
AH:3C><T4I:><4@9439PH9:>?4Q:4W?@466?Q?B<4@94?4
A<QI?>:A:>4N4Q:4B9U:><@46<4Q93Q<4B:439:QD
I>:T4PH:4@<4W?N4@?B?74~4:@46?4]%84Q:4B9D
U:><@4PH:4@<4W?4W?M9B<4@?B?=T4B9U<4]6?HB9?4
z<C<T46?4:3I<3?4B:43?J?3T4PH9:@4PH:BY4A<Q<4
U:Z?4B:4Z?Q969?4N4?4A?>;<4B:4B<34@9y<37
8:3B:4FVV"46?4B9YA:3934B:4z?6C966<T4:@D
A?M:X?B?4I<>4:64<M93I<4K?L64,:>?T4A<Q:@XY4
?4>:A9M9>4>:I<>C:34B:4B:3?I?>9A9<@:34N4:@4B9D
A9:QM>:4A<@E<AY4?46?34Z?Q969?34B:4EJAC9Q?374
8:3B:4:@C<@A:34M>9@B?4?I<N<4?64;>HI<4PH:4
N?43:4<>;?@9XY4I?>?4:S9;9>4PH:43:4?M>?@49@D
E:3C9;?A9<@:34?4Z9@4B:4A<@<A:>4:64I?>?B:><4
B:43H34Z?Q969?>:34B:3?I?>:A9B<374
23C:4;>HI<4:34:64I>9Q:><4PH:466:;?4?64
893C>9C<4[:B:>?64?4B:@H@A9?>4:64I><M6:Q?4
@?A9<@?64B:46?34B:3?I?>9A9<@:3742@4A9HB?D
B:34A<Q<49UH?@?T46?34Z?Q969?34B:46<34B:3?D
I?>:A9B<34>:A9:@C:34Q?>AW?@4A?B?4E9:>@:34
:S9;9:@B<4UH3C9A9?7
2@C>:46<34B:3?I?>:A9B<34:@4]<?WH96?4
:64?y<4I?3?B<43:4:@AH:@C>?@46<34I?>9:@C:34
}@C<@9<4,:>\3C:;H94”<@X\6:X4N4}@C<@9<4
B:4{:3L34,:>\3C:;H9423A<M:B<T4PH:4ZH:><@4
E93C<34I<>4L6C9Q?4E:X4:64F#4B:4:@:><4:@4“?D
>>?34B:46?4[H:@C:74
264FF4B:4?M>96T4:@4%?E?T4ZH:><@4};H3D
CJ@4}6M:>C<4%Ly:X4 ?;?y?T3z:>;9<4]\>B:D
@?34]Y>B<E?4N4{<354[6<>:34K<B>J;H:XT4PH9:D
@:343<@4<>9;9@?>9<34B:4o?4)?>A?T4{?693A<T4
N4C>?M?U?M?@4E:@B9:@B<4U<N?34:@46?4>:;9Y@4 
<@A6<E?D“9:B>?34%:;>?374zY6<43:43?M:4PH:4
3?69:><@4B:64W<C:648<@4}6M:>C<T4B<@B:4BH>D
Q9:><@4:64BJ?4?@C:>9<>T4N4PH:4:@4:64A?Q9@<43:4
C<I?><@4A<@4H@4>:C5@4Q969C?>4B<@B:4B9:><@4
AH:@C?4B:46?4E?69<3?4Q:>A?@AJ?4PH:466:E?M?@7
264A?QI:39@<4{<:64]\>B:@?34)>?A?Q<@D
C:3T4I?I\4B:4z:>;9<T4A?>;?M?4H@?4Q?@C?4A<@4
6?4Z<C<4B:43H4W9U<742SI69AYR41o<34QHAW?AW<34
ZH:><@4?4C>?M?U?>4N4B:3?I?>:A9:><@74%?B9:4E9<4
@?B?T4@?B9:43?M:4@?B?74zH4>HC?4:>?4B:4z?6C966<4
?4“9:B>?34%:;>?34N4N<4I9:@3<4PH:46<34C9:@:46?4
I<69AJ?4<4H@4A69:@C:T4I<>PH:466:E?M?@4C<B?EJ?4
C>:3496<34B:4<><4N4A<Q<4G4Q966Y@4B:4I:3<34B:4
6<4PH:4N?4W?MJ?@4E:@B9B<742642U5>A9C<46<34>:D
E93Y4?64I?3?>4B:4%?E?4N46<34B:UY469M>:34I<>PH:4
C>?J?@4B<AHQ:@C<34PH:4>:3I?6B?M?@46?4Q:>D
A?@AJ?74~?4B:3IH534@<43HI9Q<3=7
264#4B:4UH69<4C<AY4:64CH>@<4?64A<Q:>D

A9?@C:48?@9:648H>\@423I9@<X?T4PH9:@4:3?4
Q?y?@?43:4B9>9;J?4?64Q:>A?B<4o?4“H6;?4B:4
z?@4{<?PHJ@T4:@4“9:B>?34%:;>?3T4A<@4B<34
A?U?34B:4FV496<34B:4><I?4PH:43H4I?I\46:4W?D
MJ?4:@E9?B<4B:4K:N@<3?T4PH9:@4B:3?I?>:D
A9Y4A<@4C<B<4N43H4%:Y@4><U<4FVV#7
264F"4B:4?;<3C<4ZH:4:64I:PH:y<4)>?@B<@4
23C:M?@4}A<3C?4:>>:>?T43H4I?I\4N43H34CJ<37
8:4FVV&T46?4B9YA:3934C9:@:4>:;93C>?B<4?4
{?E9:>4)H>A9?;?4,\XPH:X4N4{<354[>?@A93D
A<4{H\>:X4}B>9?@<T4:@4 ?C?Q<><3T4N4:@46?4
A9HB?B4B:4<>>:Y@4?4}>Q?@B<4z?6?34K?QJD
>:XT4“:B><4K?QJ>:X47>C9XT4”:>?>B<4,966?3?D
@?4:>@\@B:XT4oH934)H>A9?;?4K?Q<34N48?@4
{:>:Q::64[:>@\@B:X4 <>\@7423C:4L6C9Q<T4
:U:AHC9E<4B:4H@?4?Z<>:4N4B:3?I?>:A9B<4I<>4
Q969C?>:37
o?4Q?Q\4B:48?@4{:>:Q::6T46?4A<@C?B<D
>?4~<6?@B?4 <>\@43?93T4:SI69AY4:@4:64YD
A?6<4PH:43H4W9U<4ZH:43:AH:3C>?B<4W?A:4A?394
?y<4N4Q:B9<4I<>4H@4Q969C?>4B:64\>:?4B:49@D
C:69;:@A9?4?B3A>9C<4?46?4+4<@?4 969C?>4B:4
]<?WH96?T4PH9:@4A<@Z:3Y43H4B:69C<4N4B9<46<34
@<QM>:34B:43H34AYQI69A:348B<34Q969C?>:34N4
H@4B:3:>C<>4B:642U5>A9C<8T4I:><4@94?3J4IHB<4
>:AHI:>?>4?43H4W9U<7
1]H?@B<46<4I?3?><@4?4564N4?4<C><34C>:34
B:C:@9B<34B:64?>>?9;<4?64]:>:3<4B:4<D
>>:Y@T4:@4:3:4Q<Q:@C<4:@C>Y4H@4A<Q?@B<4
B:4:@A?IHAW?B<34PH:46<34Q?C?><@4N469M:>?D
><@4?4@H:E:4@?>A<374@A6H3<4E9@:4?4W?M6?>4
A<@4:64;:@:>?64{<354oH934]W\E:X4”?>AJ?T4
:64I><AH>?B<>4B:4{H3C9A9?4 969C?>T4N4Q:4B9D
U<4PH:4:3C?M?4:@C:>?B<4N4Q:4I><Q:C9Y4PH:4
6<49M?@4?4:@A<@C>?>T4I<>PH:4394?6;H9:@4IH:D
B:4:@A<@C>?>4?4H@4Q969C?>43<@46<34Q969C?>:3T4
I:><4AH?@B<46<4E<6EJ4?466?Q?>4@<4A<@C:3CY4
@H@A?4Q93466?Q?B?3=T4B9U<7
o?4A<@C?B<>?466:E?M?4H@?34Q?@C?346?>D
;?34A<@46?4Z<C<4B:48?@4{:>::Q:6T43:;H9B?4
B:46?4Z>?3:R41Q8Y@B:4:3C\4Q94W9U<R4“<>4Z?D
E<>T4?NLB:@Q:4?4:@A<@C>?>6<T43:46<43HI69D
A<=T4B9U<4PH:43?M:4PH:4GVV4I:>3<@?34W?@4
B:3?I?>:A9B<4:@46?4]<Q?>A?4o?;H@:>?4I<>D
PH:43:;H9B<4>:A9M:466?Q?B?34B:4Z?Q969?>:34
B:3:3I:>?B<34PH:46:4I>:;H@C?@4BY@B:4IH:D
B:@4I<@:>43H4B:@H@A9?7
1}66\43<@4QHAWJ39Q<34B:3?I?>:A9B<3T4
3<@4QHAW<3T4I:><46?4;:@C:4C9:@:4Q9:B<4B:4
B:@H@A9?>4I<>PH:4:3C\@4?Q:@?X?B<34I<>4
6<34Q93Q<34@?>A<3748:4o?4o?;H@?4@?B9:4B9D
A:4@?B?T4@?B9:4IHM69A?4@?B?T43?M:Q<34PH:4
6?4“<69AJ?4 H@9A9I?64:3C\4A<6HB9B?4A<@46<34
Q?Z9<3<34N4PH:4>:@H@A9?><@4?4A:>A?4B:4#VV4
I<69AJ?374“:><4?66\4@<4W?N4H@43<6<4I<69AJ?4Z:D
B:>?64I<>PH:4?4C<B<346<34C>?:@4:@4{H\>:X4N4?4
@<3<C><34@<34B:U?><@43<6<3=T46?Q:@CY7
2@4“?6?A9<4%?A9<@?6T4?64;>HI<46<4>:A9D
M9Y4H@4ZH@A9<@?>9<4PH:46:34C<QY43H4>:A?D
B<4N46<34:@E9Y4?46?4z:A>:C?>J?4B:4”<M:>@?D
A9Y@74}64BJ?439;H9:@C:46<34>:A9M9Y4}6M:>C<4
)>H@<>9T4:64>:I>:3:@C?@C:4:@4 5S9A<4B:46?34
7Z9A9@?34B:64}6C<4]<Q939<@?B<4B:48:>:D
AW<34HQ?@<34B:46?34%?A9<@:34(@9B?3T4N4
:QI>:@B9:><@4H@?4I:>:;>9@?A9Y@4?46?4)?3JD
69A?4B:4”H?B?6HI:4I?>?4I:B9>4PH:4?I?>:XD
A?@46<343HN<37
ÇÇ

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

ðÎ“¨ ʐ‡å¦—Ž•

4

ŽºˆØŽ‹©‰’54•Œ6‰‰ˆÇ

"'*í'/0$oH:;<4B:4PH:4:64G4B:4
Q?>X<4:64,?C9A?@<4?@H@A9?>?4
PH:4W?>J?4H@?4I><ZH@B?4>:E9D
39Y@4?46<34o:;9<@?>9<34B:4]>93D
C<T4:64:3I:A9?693C?4:@4?3H@C<34
:A6:39\3C9A<34{<354 ?>CJ@:X4B:4
,:6?3A<4:@E9Y4H@?4A?>C?4?M9:>D
C?4?64B9>:AC<>4;:@:>?64B:4:3?4A<@;>:;?A9Y@T4
K6E?><4]<>AH:>?T4:@46?4PH:4?Z9>Q?46<439D
;H9:@C:R4?L@4PH:B?4QHAW<4I<>4:SI69A?>4
?A:>A?4B:64:@AHM>9Q9:@C<4:@4PH:46?4;6:39?4
A?CY69A?49@AH>>9Y4BH>?@C:46?34L6C9Q?34B5A?D
B?34I?>?4I><C:;:>4?64ZH@B?B<>4B:46?4<>B:@T4 
?>A9?64 ?A9:67
“:>9<B93C?4B:46?4?;:@A9?42[2T4?HC<>4B:4
6<3469M><34bd`rbbe_dtgc_d`rfbr*c_`aderpqrthbi

Ç©¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

udrb©¦cj_adrfbqrmghgro?423Z:>?4B:46<34o9D
M><34N4bd`rfdjh^btad`r`bjcbad`rfbrqd`rbbi
e_dtgc_d`rfbr*c_`adT4 ?>CJ@:X4B:4,:6?3A<4
?@?69X?4:64A<QH@9A?B<4B:64,?C9A?@<4N4B:3C?D
A?4PH:4:@453C:43:4>:A<@<A:T4139@4?W<>><4B:4
A?69Z9A?C9E<3T46?4B<M6:4N4C>9I6:4E9B?4PH:466:D
EY4 ?A9:6=7
266<49QI69A?T4?3:;H>?T4PH:46?4<>B:@4C:@D
B>\4PH:43:>41>:9@E:@C?B?=4N413H4W93C<>9?4>:3D
A>9C?4?4Z<@B<=74}B:Q\3T4>:3?6C?46?49QI<>D
C?@A9?4B:4PH:4:@43H4I><@H@A9?Q9:@C<4:64
,?C9A?@<43:4>:Z9:>?4?641Q:A?@93Q<4B:4B:D
Z:@3?=4PH:4><B:Y4?4 ?A9:64I?>?41W?A:>6<4
9@?4
C?A?M6:4BH>?@C:4QHAW<4C9:QI<=7 
?>CJ@:X4B:4,:6?3A<4B9>9;:4:64cqde4264 
>?3C:E:>:TrPH:43:4A<@E9>C9Y4:@4H@4Z<><4
B:4B:M?C:4:@C>:4o:;9<@?>9<34N4:S4o:;9<D
@?>9<3T4B<@B:43:4E:@C96Y49@Z<>Q?A9Y@4PH:4
6H:;<4ZH:4>:I><BHA9B?4:@4Q:B9<34B:4E?>9<34
I?J3:3$4C9:@:4V4Q964E939C?34B9?>9?34N4A?394F4

Q966<@:34B:4?AA:3<34Q:@3H?6:37
2@4:@C>:E93C?4A<@4€‚ƒ„…‚T4:64:3A>9C<>4
3<3C9:@:4PH:46<34o:;9<@?>9<34B:M:@4?3HQ9>4
3H46?A:>?@C:4>:?69B?B4:49@9A9?>4B:4Q?@:>?4
WHQ96B:4N439@A:>?43H4>:A<@E:>39Y@7
~4?;>:;?R41P~?4:3C\4M9:@4B:4Q:@C9>?34
<4B:4E:>B?B:34?4Q:B9?3O4P~?4:3C\4M9:@4B:4
3:;H9>4Q?@C:@9:@B<4PH:4@?B9:43?MJ?4@?B?O4
(@<34AH?@C<343?MJ?@46?4E:>B?B4N46?4<AH6C?D
><@T4A<Q<4?IH@C?4A<@4A6?>9B?B4:64A<QH@9D
A?B<4B:4W<N74Q23C\@4B93IH:3C<34?4>:A<@<A:>D
6<4B:4H@?4E:X4I<>4C<B?3R4Q23C\@4B93IH:3C<34
?4I>:3:@C?>43H4B9Q939Y@4N4>:@H@A9?R4Q23D
C\@4B93IH:3C<34?4?A<QI?y?>4?4C?@C<34o:D
;9<@?>9<34N4Q9:QM><34B:64vbeth^r*mc_`a_4 
:64Q<E9Q9:@C<46?9A<4B:46<34o:;9<@?>9<34B:4
]>93C<4W<@:3C<34N4B:3:<3<34B:4H@?4@H:E?4
6:;9Y@4:@4:3C?4B:A939E?4:C?I?T4A<Q<4W?49@B9D
A?B<4:64,?C9A?@<R4Q23C\@4B93IH:3C<34B:4H@?4
E:X4?4B?>4A>:B9M969B?B439@4Z93H>?4?46?46:;9Y@4

‰ˆºŒ5ŒŠ‹

5555555675

89
2 9563 456995
3 78 

34 5 
555554!"5#5 55#$5
#5%#5&
5#5#55#5#5545
45'#55(5#5$5)5'##5*5+
,$55$55(##5555!5)5 
$(59'#55.
55(/5#5
#5559095#55'#5#5*55 5 
5 
5
*#5
(15 
(#5
*5 
('5 
5 
5 
#5 
5
65
65#5 -

N4?64Q<E9Q9:@C<T4N4A<@4:66<4A<6?M<>?>4?46?4
A>:B9M969B?B4B:46?4I><I9?4;6:39?R=7
8QOH95@:349@C:;>?><@4:64AJ>AH6<4B:4
I><C:AA9Y@4?4 ?A9:6R483:46:4I>:;H@C?7
8264A<QH@9A?B<4W?M6?4B:41;>?EJ39Q<34
N4<MU:C9E?Q:@C:49@Q<>?6:34A<QI<>C?Q9:@D
C<34B:4 ?A9:6=T4PH:4>:I>:3:@C?@41?HC5@C9A<34
B:69C<3=4N41H@?4E9B?439@4:3A>LIH6<34@94?HC5@D
C9A<43:@C9Q9:@C<4>:69;9<3<=7423C<N4A<@E:@A9D
B<4B:4PH:4:>?4H@?4>:?69B?B4B:3A<@<A9B?4I?>?4
;>?@4I?>C:4B:46<34o:;9<@?>9<3T4I:><4:349QD
I:@3?M6:4PH:4@?B9:43HI9:>?46<4PH:4W?AJ?7
1?64E:X4B:3A<@<AJ?@4PH:43:466:E?M?4
B9@:><4B:46?4A<@;>:;?A9Y@4N4B:3?I?>:AJ?$4
PH:4@<4B<>QJ?4:@46?34A?3?34B:46?46:;9Y@4<4PH:4
A<Q:CJ?4?MH3<343:SH?6:34B:@C><4N4ZH:>?4B:4
6?4<>B:@74“<>4A9:>C<T46?4I:B:>?3C9?4@<4:>?4
H@?4I>\AC9A?4:SA6H39E?4B:4 ?A9:6$4QHAW<34
<C><34?I><E:AW?><@43H4I<39A9Y@4B:@C><4B:4
:3?4A<QH@9B?B4I?>?4A<Q:C:>46<34Q93Q<34

B:69C<374OH:4?W<>?4@<4PH9:>?@469QI9?>43H4
9Q?;:@4A<@4:64ZH@B?B<>4QH:>C<7=
}y?B:R4123:4AJ>AH6<4I><C:AC<>T439@4BHB?T4
6<4A<QI<@:@4:643:A>:C?>9<4;:@:>?64B:46<34o:D
;9<@?>9<3T42E?>93C<4z?B?$4:64E9A?>9<4;:@:>?6T4
oH934”?>X?4 :B9@?T4N4:64I><I9<4B9>:AC<>4;:D
@:>?6T4K6E?><4]<>AH:>?T4:@C>:4<C><3=7
8Q23?4I><C:AA9Y@4C?QM95@4:S93CJ?4ZH:D
>?4B:46?4<>B:@R
8zJ742@C>:43H34Q\34Z9:6:34B:Z:@3<>:343:4
:@AH:@C>?@4Q9:QM><34B:3C?A?B<34B:46?4AHD
>9?4E?C9A?@?4N4B:46?4;6:39?4A?CY69A?4:@4 5S9D
A<T4A<Q<4:64?>X<M93I<4I>9Q?B<4%<>M:>C<4
K9E:>?4]?>>:>?4N4:64PH:4ZH:4@H@A9<4?I<3CYD
69A<4:@4 5S9A<T4”9><6?Q<4“>9;9<@:7
12@4K<Q?T4A<@C?M?4A<@4:64>:3I?6B<4B:4
6<34A?>B:@?6:34%9A<6?4]?@?694N4}@;:6<4z<D
B?@<T43:A>:C?>9<4B:423C?B<4A<@4{H?@4“?D
M6<474}39Q93Q<T46<4?I<N?M?4:643:A>:C?D
>9<4I?>C9AH6?>4B:4{H?@4“?M6<4T4:64A?>B:@?64
I<6?A<4z?C9@36?Ó48X9Ó93X4W<N4?>X<M93D
I<4B:4]>?A<E9?74}6;H@?34ZH:@C:34Q:@A9<D
@?@T4?H@PH:4@<46<4W:4I<B9B<4A<QI><M?>T4
?64A?>B:@?64A?Q?>6:@;<4:3I?y<6T42BH?>B<4 
?>CJ@:X4z<6?@<7
1(@?49@E:3C9;?A9Y@4E?C9A?@?4@<4IH:D

B:4C:>Q9@?>439@4?A6?>?>4:64I?I:64PH:4:@4C<>D
@<4?46?4Z9;H>?4B:4 ?A9:64W?@4UH;?B<4:3C<34
Q9:QM><34B:46?4U:>?>PHJ?4:A6:39\3C9A?4:@4 
5S9A<4N4K<Q?74o?34I:3PH93?34B:M:@4A6?D
>9Z9A?>T4B:4H@?4E:X4I<>4C<B?3T4394{H?@4“?D
M6<44CHE<4A<@<A9Q9:@C<T4I<>46?34B:@H@D
A9?34PH:43:46:4:@E9?><@4BH>?@C:43H4I?I?B<T4
B:4C<B<4:64:@C>?Q?B<4B:4 ?A9:67=

655

8:4?AH:>B<4A<@49@Z<>Q?A9Y@4PH:4I><E9:@:4
B:46?4<>B:@T4B9A:4:64:3I:A9?693C?T43H34B9>:AD
C9E<34>:?69X?@4Q?@9<M>?34Z9@?@A9:>?34I?>?4
<AH6C?>4:64Q<@C<4B:43H4Z<>CH@?74~4I>:A93?R4
1o?4HM9A?A9Y@4B:4:3:4B9@:><43:>\4H@?4C?D
>:?4ZH@B?Q:@C?64PH:4B:M:4AHQI69>4:64B:6:D
;?B<4E?C9A?@<4PH:4I><@C<43:>\4B:39;@?B<T4
I<>PH:4W?N4EJAC9Q?34PH:4:@4UH3C9A9?4B:M:@4
3:>4A<QI:@3?B?34N4A:@C><34PH:4ZH@A9<@?@4
M9:@4N4Q:>:A:@43:>4>:3A?C?B<37
1[H:@C:34B:46?46:;9Y@4N4B:64vbeth^r
*mc_`a_4W?@4B:@H@A9?B<4PH:4:64B9@:><43:4
:3C\4Q?>AW?@B<74o<34E939C?B<>:34E?C9A?@<34
>:A9M9:><@4?QI69?49@Z<>Q?A9Y@43<M>:4:64C:D
Q?4N4W?N43<3I:AW?34B:4PH:4:S93C:4H@?4<I:D
ÇÝ

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

675 3 ;95295767529546
45<547
96
دØˆ=ˆ·4Œ‡ˆº

7

"8ýí#9:,#/04õ“‡í¨ ³“³‡‡‘¨ –Ý
Ž“Ü“‡‡èŸ“‡ó—ŽÄ‡¦“‡—’퍇³¦‡‡
³‡Î‘—‡³‡ßææò‡—‡—–“’“Ü“‡¦‡“¨ Ý
ܑ ‡³‡Îêܑ¦—‡‡Ž‘“Ü“‡‡¦‡
¥Ž“‡ “¦‡³¦‡— ¦‡Û¦“¾“¡‡‡Ã “í“  “¡‡
³—³‡¦“‡’Ž¨ “‡£‡“ “‡³¦‡–—³Ž‡¨ –Ž•“Ý
Ž‘“¦‡£‡’—¨ ‘’—‡³‡Ã ¤ë‘’—‡£‡”• “³—•‡‘Ý
³—•¡‡’“܍¾“³“‡–—Ž‡ž“Ž¦—•‡ ¦‘¨ ¡‡Ž—³“Ü“‡
“¦‡ —’•‡ŸŽ“³—‡–“³Ž‡Ã “Ž’‘“¦‡Ã “Ý
’‘¦¡‡³“³—Ž‡³‡¦—•‡õ¢‘—“Ž‘—•‡³‡žŽ‘• —
”‡•—•‡“ö—•¡‡£‡–•‡“‡¦“•‡’Ž’‘ •‡
³’‘“•‡³‡“’ —•‡³‡–³Ž“• ‘“‡’—¨ Ý
 ‘³—•‡–—Ž‡Ã “’‘¦¡‡ ¦‘¨ ¡‡ Ž‡— Ž—•‡¨ ¦ ‘Ý
¨ ‘¦¦—“Ž‘—•¡‡•‡³Î‡¨ –“–“Ž‡³‡¦“•‡“³¦“Ý
’‘—•‡Ž¦‘¢‘—•“•‡’—‡‘•‡“¦ Ž‘• “•
”‡¦‡¥Ž“‡ “¦‡³¦‡— ¦‡Û¦“¾“‡³‡
¦“‡ð‘ “‡·Ÿ‘³“‡•‡’—¦—’“Ž—‡Ü懨 •“•‡
–“Ž“‡‡¢Ž–—‡³‡Üæ懨 ‘¦¦—“Ž‘—•‡£‡¨ Ý
–Ž•“Ž‘—•¡‡‘•¡‡Î —‡’—‡¦‡¦Ê³Ž‡³‡
¦—•‡õ¢‘—“Ž‘—•¡‡•‡‘Ž—‡–“Ž“‡Ž³‘Ž‡ Ž‘Ý
ܝ —‡“‡¦“•‡Ü“•‡—ÜŽ“•‡³‡ ¦‘¨ ‡‡“Ÿ—Ž‡
³‡¦“‡³“’‘‡Ã “—‡·¨ ‘¢“¡‡’“܍¾“Ý
³“‡£‡’Ž“³“‡–—Ž‡Ã “’‘¦¡‡³‡“’Ž³—‡’—‡
³—’¨  —•‡“‡¦—•‡‡• ‡•¨ ““Ž‘—‡
 Ÿ—‡“’’•—‡£‡‡–Ž¨ ‘ ‡Ž’Ž“Ž‡–“ŽÝ
 ‡³‡¦—‡‡—’ŽŽ‘‡•“‡—’퍇‡èÝ
Ÿ“‡ó—ŽÄ
ž—Ÿ—’“³—•‡–—Ž‡¦‡å—³—‡Ã ³‘“¦‡³‡
”³’“’‘‡£‡²•“ŽŽ—¦¦—‡6 —Ž¦³‡”³’“ ‘—‡
“³‡²Ÿ¦—–¨  ‡å³¡‡ ”²å7¡‡¦—•‡¨ ¦ ‘Ý
¨ ‘¦¦—“Ž‘—•‡£‡¨ –Ž•“Ž‘—•‡³‡Ã ¤ë‘’—‡£‡”•Ý

>?A9Y@4I?>?4Q<E:>4:3:4B9@:><4N4<AH6C?>6<74
~4B:3B:46H:;<T4oH934”?>X?4 :B9@?4:34:64
?>CJZ9A:4B:4:3?49@;:@9:>J?4Z9@?@A9:>?4PH:46:4
I:>Q9C9Y4?46?4A<@;>:;?A9Y@4A<6<A?>4B9@:><4
9@A6H3<4:@4I?>?J3<34Z93A?6:37=
8Qz:4>:Z9:>:4?64;>HI<4@C:;>:>T4B<@B:46?4
6:;9Y@4Q?@:U?M?46?34Z9@?@X?3R
82S?AC<7423?4<>;?@9X?A9Y@4Q?@:U?M?4
C<B<74 ?A9:64N46<34B9>:AC9E<34B:46?46:;9Y@4
AH:@C?@4A<@4?Q9;<34I<B:><3<34:@46?34569C:34
I<6JC9A?34N4:QI>:3?>9?6:34B:4QHAW<34I?J3:3T4
N43<M>:4C<B<4B:4 5S9A<74?AJ?@4UH;<3?34
B<@?A9<@:34N4?I?>:AJ?@4A<Q<46<34M:@:Z?AD
C<>:3$4I<>4A9:>C<T4?@C:4:64:3A\@B?6<T4@9@;H@<4
B:4:66<34W?4?M9:>C<46?4M<A?74%94,9A:@C:4[<S4
@94 ?>C?4z?W?;L@T4I<>4:U:QI6<7
264E?C9A?@93C?4z?@B><4 ?;J3C:>4IHM69AY4:@4
b6pnhcb``d4B:64F"4Q?>X<4I?3?B<4PH:4:3:4;>HD
I<4Z9@?@A9:><4:3C\4:@A?M:X?B<4I<>4:64E9A?>9<4
;:@:>?64B:46<34o:;9<@?>9<3T4oH934”?>X?4 :B9D
@?T4PH9:@4I:>C:@:A:4?64A6?@4”?>X?4z?B?T4I><D
I9:C?>9<4B:64;>HI<49@BH3C>9?64}6Z?T4B:4 <@D
C:>>:N741264;>HI<4@C:;>:>4:34:64mdqf_te4PH:4
<I:>?4A<Q<4A?U?4ZH:>C:4N4A<Q<4A:@C><4B9>:AD
C9E<4B:4C<B?346?34<M>?34B:46?46:;9Y@4:@4:64QH@D
B<T4AHN<4I?C>9Q<@9<4;6<M?64:3C\4:3C9Q?B<4:@4
F4Q964Q966<@:34B:4:H><3=T4?IH@CY4 ?;J3C:>7
dž¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

 “³—•‡‘³—•‡•‡³‘Ž—‡’‘ “‡–“Ž“‡ç헐Ž“Ž‡“‡
ž“Ž¦—•‡ ¦‘¨ ‡¦ê¡‡–Ž•‘³ ‡³‡Å¦¤——•‡
³‡Ã ¤ë‘’—¡‡ ·‡³‡žŒè
²‡“’Ž³—‡’—‡¦‡Ž’ —‡‡–Ž—Ý
–—Ž’‘—‡“‡• ‡•¨ ““Ž‘—‡—‡³‡¦—•‡
“•‘•  •¡‡¦“‡–Ž•’‘“‡³‡Ã “’‘¦‡Ž•¦ ‡
“¦¢—‡‘•–Ž“³—‡–“Ž“‡¨ ’í—•
çõ“‡•—Ž–Ž•“‡Ž“‡‡¦‡–“³Ž‡Ã “’‘¦‡ 
‡‘‡¦‡³‘—‡¦‡Ž’——’‘¨ ‘ —‡“‡ž“Ž¦—•‡
¦‘¨ 衇Ž¦“ “‡¦‡“•‘•  ‡“‡•“‡’“¡‡‘‡
í“ܦ“‡“‡’—³‘’‘‡³‡‡—‡•‡ŽŸ¦‡•‡
‘³ ‘³“³
õ“‡Ž¦—¡‡³‘Ž’ —Ž“‡Î’ ‘Ÿ“‡³¦‡
”²å‡£‡—Ž¢“‘¾“³—Ž“‡³‡¦“‡’“¡‡•—• ‘‡ 
‡¦‡“’ —‡ Ê“‡’—¨ —‡ê‘’—‡‘‡Ž’—¦’ “Ž‡
³‘Ž—‡–“Ž“‡‘“’‘“Ž‡¦“‡³’“’‘‡³‡‘Ý
ö—•‡–—ÜŽ•‡‡·¨ ¤Ž‘’“‡õ“ ‘“
甦‡Ÿ —‡—‡ Ê“‡“³“‡‡ŸŽ‡’—‡
¦‡–“³Ž‡Ã “’‘¦è¡‡“’¦“Ž“‡Ž¦—‡‡ ŽŸ‘• “‡
 ¦‘’“‡’—‡V6 ‰6‡ç藕— Ž—•‡6¦‡ ”Ý
²å7‡ŽÊ“¨ —•‡‡ž“Ž¦—•‡ ¦‘¨ ‡• Ÿ‘Ž“‡
‡¦“‡’“‡–—Ž‡•‡“‡‘¢Ž“‡¨ £‡’——Ý
’‘³“‡£‡–—³ŽÊ“‡“ Ž“Ž‡“‡–Ž•—“•‡‡³—“Ý
Ž“‡—³—•‡–“Ž“‡• Ž—•‡–Ž—–•‘ —•‡ÛŽ—‡
£—‡—‡¦—‡’——’Ê“‡“‡¤¦¡‡¦—‡‘Ÿ‘ “¨ —•‡–—Ž‡¨ Ý
³‘—‡³¦‡–“³Ž‡õ‘•‡¥“Ž¾“‡Ã ³‘“è
42ž¨ —‡‡‡“–“Ž’‘‡Ã “’‘¦‡‡¦“‡
’“¡‡‘¤‡¦—‡‘Ÿ‘ 3
4坍‡“‡ Ž“Ÿ¤•‡³‡¦“‡‘Ÿ‘ “’‘‡‡¦‡í‘Ý
¾—‡¦‡–“³Ž‡¥“Ž¾“‡Ã ³‘“‡“‡ž“Ž¦—•‡ ¦‘¨ ¡‡
–—Ž¡‡“¦‡–“Ž’Ž¡‡Ã “’‘¦‡’——’Ê“‡¨ £‡

}B:Q\3T46<34o:;9<@?>9<34Q?@:U?@4>:D
AH>3<34I<>4Q:B9<4B:46?4[H@B?A9Y@4}6C9H3T4
AHN<4A<@3:U<4A<@3H6C9E<4:@A?M:X?4:64I><I9<4
”?>X?4 :B9@?4N46<4I>:39B:4K:@54o?@:@?H4
]<9@B>:?HT4W:>Q?@<4B:64:SM?@PH:><4{<>;:4
o?@:@?H74?QM95@4A<@C><6?46<34A<6:;9<34 
?@<4}Q9;?4N4>:?69X?4<M>?34:@4GF4I?J3:374
2@43H439C9<4:6:AC>Y@9A<43:49@B9A?4PH:4:@43H4
A<@3:U<4I?>C9A9I?@4B9>:AC9E<34B:4]:Q:@C<34
B:4 5S9A<4]:Q:ST4”>HI<4%<E:6T4”>HI<4
”<@E?6T4)?@A<4]<QI?>C?Q<34N4]<I?>Q:S7
2@C>:46?34:QI>:3?34M:@:Z?AC<>?34B:4}6D
C9H348PH:4:34I?>C:4B:4@C:;>:>84B:3C?A?@46?34
3<A9:B?B:34,?6H:T4 :>>9664oN@AWT4 9A><D
3<ZCT4]}T4} z}T4M:>B><6?T48oT4)?D
@?Q:ST4)?@A<4z?@C?@B:>T4“><C:S?T4zA<C9?D
M?@T4}6Z?T4<Q:48:I<C4N4“:B><48<Q:AP74
(@<4B:43H341:QM?U?B<>:3=4:34:64;>HI<4QHD
39A?64o?4OH9@C?423C?A9Y@7
264:QM?U?B<>4B:4 5S9A<4:@423I?y?T4
{<>;:4:>Q:y<4@Z?@C:T4I?>C9A9IY4:@4H@4?AC<4
B:46?4ZH@B?A9Y@4A:6:M>?B<4:@4:64>:3C?H>?@C:4 
:3C9X<4B:4 ?B>9BT4:64"4B:4Q?>X<4L6C9Q<T4
PH:4A<@;>:;Y4?4Q:S9A?@<34>:39B:@C:34:@4
23I?y?742@4:64?AC<43:4B:3C?A?><@4:64C>?M?D
U<4>:?69X?B<4:@46<34A<6:;9<34 ?@<4}Q9;?T4
?3J4A<Q<46?34A?QI?y?341(@496<4B:4?NHB?4 

ˆ4> BÂ439
Š
94 8‰Š
69 6

ܑ‡“‡ ¦‘¨ ‡£‡‡“•Ê‡‡¦¦¢‡’—¨ —‡‘Ÿ‘ “³—‡
4Ž•–—³
4ۍŽ—‡•‘‡—‡‡‘Ÿ‘ “³—‡–—Ž‡• ³•¡‡
2’¨ —‡¦‡–“³Ž‡Ã “’‘¦‡¦‡³‘—‡¦‡Ž’——’‘Ý
¨ ‘ —‡“‡ ¦‘¨ 3‡4•‡¦‡‘•‘• 
4 ʇڦ‡¦‡³‘—‡¦‡Ž’——’‘¨ ‘ —‡£‡‡¦‡
’“Ž¢“³—‡³‡–Ž• “Ž‡“‡ ¦‘¨ ‡‡¦“‡’“ñ‡
£“‡¦‡ë–¦‘¤‡–—Ž‡¨ ³‘—‡³‡‘¤‡‡‘Ÿ‘ “Ý
³—‡Ã “’‘¦
”¦‡³‘Ž—‡Ž’—¦’ “³—‡•“‡—’퍇4³‡
“’Ž³—‡’—‡¦“‡³‘Ž’ —Ž“‡Î’ ‘Ÿ“‡³¦‡ ”²å‡ 
Ž—‡“–Ž—둨 “³“¨  ‡8æ懨 ‘¦‡³¦“Ž•4‡
¨ • Ž“‡¦‡–—³Ž‡‡‘¦’‘“‡‡ ‘‡•—Ý
܎‡¨ –Ž•“Ž‘—•‡£‡¨ ‘¦¦—“Ž‘—•‡¦‡³ö—‡³‡

I?>?4:BHA?A9Y@=4N4:641I><;>?Q?4B:4?I?B>9D
@?Q9:@C<=742@4H@4A<QH@9A?B<T4}6C9H34IHD
3<4B:4>:69:E:4:64?I<N<4PH:4:3C:4B9I6<Q\C9A<4
M>9@BY4?4:3<34A<6:;9<34:@43H4@?C?64<>>:Y@T4
]<?WH96?7
[>:@C:4?46?4A<@CH@B:@A9?4B:64,?C9A?@<T4
?IH@C?4 ?>CJ@:X4B:4,:6?3A<T416?46:;9Y@4:3C\4
9@C:@C?@B<4A?66?>4?4?6;H@?34EJAC9Q?34<Z>:A95@D
B<6:34B9@:><T4I:><4:3C?4<Z:>C?4@<4:34H@4?AC<4B:4
UH3C9A9?T439@<4PH:4I>:C:@B:4C?I?>6:346?4M<A?=7
2@4A<@C>?3C:T4B9A:T4?6;H@<34A:@C><346:D
;9<@?>9<343:4:@AH:@C>?@4:@4:64?M?@B<@<74 
?N43:Q9@?>9<34:@46<34PH:43:4I?3?4?HC5@C9D
A<4Z>J<4:@49@E9:>@<4N4:@4<C><346<349@C:>@<34@<4
AH:@C?@4A<@4A<Q9B?43HZ9A9:@C:74266<T43<3C9:D
@:T4:34H@?4QH:3C>?4Q\34B:4PH:4:64B9@:><4B:4
6?46:;9Y@43:4:@AH:@C>?4:@4Q<E9Q9:@C<7

8#$

}H@PH:43:4QH:3C>?4A>JC9A<4A<@4:64:3C?B<4
?ACH?64B:46?4;6:39?4A?CY69A?4I<>46<34QL6C9D
I6:34:3A\@B?6<34PH:46?4W?@4?;<M9?B<4:@46<34
L6C9Q<34Q:3:3T4 ?>CJ@:X4B:4,:6?3A<4>:A<D
@<A:4PH:4):@:B9AC<4+,4W?4B:Q<3C>?D
B<4H@41:3I:A9?649@C:>53=4:@43<6HA9<@?>46<34
I><M6:Q?34B:46<34o:;9<@?>9<34B:4]>93C<7

‰ˆºŒ5ŒŠ‹
ō¦¨ ëñ‡–Ž—‡ “¨ ܑ¤¡‡‡¦“•‡³’‘“•‡³‡
ō
Å
–³Ž
– “• ‘“¡‡‡‡•—•‡“ö—•‡£“‡–•“Ü“‡
–
•— ‡Ã “’‘¦‡£‡“¦¢—•‡•“’Ž³— •‡³‡¦—•‡
•
•—ÜŽ
õ¢‘
õ —“Ž‘—•‡³‡žŽ‘• —¡‡—‡í“’Ê“‡¨ ¦¦“‡‡
õ
¦—•‡
—• ’—Ž“¾—•‡“¦ Ž‘• “•‡£‡–‘“³—•—•¡‡’—¨ —‡
—
 ‡³‡
³ ¦‘¨ 
¦ 
Ž¦—‡ë–¦‘’“‡‡¦¦“‡£‡“¦¢—•‡‘ ¢Ž“Ý
• ³‡¦“‡¨ •“‡³‘Ž’ ‘Ÿ“‡³¦‡ ”²å‡•‡ Ý

 •‡
“ —¡‡ Ž•‡•¨ ““•‡“ •‡³‡¦“‡’“¡‡³‡¦“•‡
Ž“Ž
³
³
³’‘
“•‡³‡–³Ž“• ‘“‡’— Ž“‡Ã “’‘¦‡£‡¦—•‡
õ —“Ž‘—•‡ç坍‡–—Ž‡¨ ³‘—‡³‡‡“Ž Ê’¦—‡
õ
õ¢‘ 
 –Ü¦‘’‡¦“‡–Ž•“衇’—¨  “  

‡
42ۗŽ‡¤‡—‡í‘’‘Ž—‡“³“‡–“Ž“‡ç³•‘Ý
Ÿ  “Žè‡“‡Ã “’‘¦‡’“³—‡•‡ Ž“Ž—‡³‡¦“•‡
Ÿ‘
³’‘
“•3
³
³
4藇–—³Ê“¨ —•‡í“’Ž‡“³“‡õ“•‡³Ý
’‘
’ “•‡
“ ¦“•‡’——’‘¨ —•‡–—Ž‡¦“‡–Ž•“

³—•‡‘³—•ñ‡ž¦“³‘—‡@‡¥ —¾ï¦¾‡õ“–—Ž ¡‡
–Ž•‘³ ‡³‡?‘¨ ܍Ž¦£Ýž¦“ŽÄ‡³‡Ã ¤ë‘’—ñ‡
ðŽ“³‡Ã “Ž ‘¡‡–Ž•‘³ ‡³‡ “Ä•‡5’—Ž–—Ý
Ž“ ³ñ‡²‘—‘•‘—‡¥ “Ž¾“‡Ã ³‘“¡‡–Ž•‘³Ý
 ‡³‡·¦“ñ‡´“ “‡ž“¨ “Ž¢—‡è“•’‘¨  —‡£‡
õ‘¾‡è“•’‘¨  —ñ‡œ“‘¨ ‡ží‘’—‡Û“Ž³—¡‡Ÿ‘Ý
’–Ž•‘³ ‡³‡Å¦¨ ëñ‡Ž£‡Û“¦•—¡‡
 —’•‡–Ž•‘³ ‡³‡¥ —¦³¨ “‡ “’핇£‡
¨  “Ž³‡•’Ž “Ž‘—‡³¦‡Å•—Ž—‡³‡”• “Ý
³—•‡‘³—•‡‡¦“‡–Ž•‘³’‘“‡³‡¥ —Ž¢‡
‡ð•íñ‡ “—Ž³‡ ‘¦¦¡‡–Ž•‘³ ‡³‡ž‘Ý
 ‘¢Ž—–ñ‡£‡”³Æ “Ž³‡”‡ 푠“’Ž‡œŽ¡‡–Ž•‘Ý
³ ‡³‡ 𞇞—¨ ¨ ‘’“ ‘—•
” Ž‡¦—•‡–Ž•—“΍•‡³¦‡¨ ³—‡¨ –ŽÝ
•“Ž‘“¦‡£‡–—¦Ê ‘’—‡³‡Ã ¤ë‘’—‡‡³• “’“Ž—‡
•“‡—’퍇‡¦“‡¢“¦“‡•‡’— Ž“Ü“‡Û“ܦ—‡
¥“Ž¾“¡‡œ“‡Û“ܦ—‡õ“Ä“¡‡´¤‡£‡œ‘¨ Ý
“‡õ“Ä“¡‡ž“Ž¦—•‡ðŽ¨ Ž¡‡åŽ“’‘•’—‡¥“ŽÝ
¾“‡“¨ ܎“—¡‡œ—•¤‡?Ž‘‡“Ž•í¡‡œ“Ÿ‘Ž‡õ“Ý
ŽŽ“¾“¡‡·¦—•—‡³‡·¢—‘ ‘“¡‡·Ž Ž—‡ “ŽÄí
ۗŽ‡•‡–—³Ž‡’—¨ ‘’—‡‡‘¦’‘“‡–—¦Ê ‘Ý 6 —’•‡’•¦‡‡èŸ“‡ó—ŽÄ7¡‡Ã “ŽÊ“‡
ۗ
Û
’“
’
’“¡‡¦‡¢Ž–—‡³‡¦—•‡Üæ懑Ÿ‘ “³—•‡‡•‡ŽÝ ·•’‘‡·Ž“¨ ܝŽ¾“Ü“¦“¡‡·¦Î“³Ž—‡ —Ý
Ž—‡•“‡—’퍇³‡ßææò‡–³—‡í“܍Ž‡•‘³—‡ ܍Ž¡‡Ã “Ž‘—‡”–¦Ü“¨ ¡‡õ‘•‡ž“ŽŽ‘¦¦—¡‡·Ž Ý
‘
’“¦‘‘’“³—‡’—¨ —‡¦‡³ö—‡³‡¨ ³‘—‡–¦“ “‡ Ž—‡”¦Ê“•‡6£“‡“¦¦’‘³—7¡‡œ—퓐“‡ ¦‘¨ ‡³‡”¦Ê“•¡‡
õ“‡¦‘• “‡³‡‘Ÿ‘ “³—•‡4• ‡•¨ ““Ž‘—‡ ‘‡ Œ“•“‡ ¦‘¨ ‡³‡“ÎΡ‡²“‘¦‡“ÎΡ‡åŽ“³—‡
´—¨ Ž—¡‡ —¨ “£“‡ ¦‘¨ ‡³‡´—¨ Ž—¡‡ž“Ž¦—•‡
’—–‘“4‡¦“‡’“܍¾‡ “—Ž³‡5‡ ‘¦¦¡‡–Ž•‘Ý
¦‘¨ ‡²—¨ ‘ ¡‡Û“ Ž‘’ć ¦‘¨ ‡²—¨ ‘ ¡‡·¦—•—‡ “Ý
³ ‡³‡ž‘ ‘¢Ž—–¡‡“‡‘¡‡–—Ž‡’‘Ž —¡‡¦‡ —Ý
’‡–Ž—’‘“Ž‡¦‡³‘•’Ž•—‡–ŽŸ‘—‡“‡¦“‡ Ž¢“‡ ¦¨ ¡‡žíŽ‘• ‘“‡³‡ “¦¨ ¡‡Ã “Ž’—‡· —‘—‡ ¦‘¨ ‡
²—¨ ‘ ¡‡œ¦‘ ¦‘¨ ‡¦ê¡‡´—܍Ž —‡ ¦‘¨ ‡ “Ý
³¦‡Ž’——’‘¨ ‘ —
³¡‡Ã “¢³“¦“‡³‡ ¦‘¨ ‡£‡@‘¨ “‡ ŽŽ“—‡³‡
”¦‡“–“Ž “³—‡³‡ç¦Ê³Ž•‡³‡¦“‡’“衇
¦‘¨ ¡‡ Ž‡— Ž—•
’—¨ —‡•ö“¦“‡¦“‡‘Ÿ‘ “’‘¡‡¦—‡—Ž¨ “Ü“‡
õ“‡‘Ÿ‘ “’‘‡³‘• ‘¢‡— Ž—•‡ Ž•‡¢Ž–—•‡
õ—‘•‡ž‡ž“¨ ‘¦¦Ž‘¡‡–Ž•‘³ ‡³‡·¦ Ž‘“‡
”¦‡³‡ç–“ Ž—’‘“³—Ž•è‡¦—‡—Ž¨ “Ü“‡ž—¨ Ý
¥ Ž—–ñ‡¥ • “Ÿ—‡·‡ž‘•Ž—•¡‡’—–Ž•‘Ý
³ ‡³‡·¨ Ž‘’“‡§ ¦‘‡õ“ ‘‡·¨ Ž‘’“ñ‡ – ·‡6³•“–“Ž’‘³“7¡‡žŽ³‘ ‡ ‘••‡‡å‘Ž• ‡
𗕠—¡‡²‘•’—ŸŽ£‡å³•¡‡¥—¦³¨ “‡ “’핇
Å퍗³—Ž‡œ‡å—Ž• ¨ “¡‡•—’‘—‡¨ “£—Ž‘ “Ý
“³‡ž—¡‡¥Ž–—‡ “ “³Ž¡‡œÛ‡Ã —Ž¢“‡ží“Ý
Ž‘—‡³‡¦“‡’—¨ –“öʓ‡å—Ž• ¨ “‡õ‘  ¦ñ‡6¦‡
“í—Ž“‡“¦¦’‘³—7‡œ“’ć?¨ –¡‡ë•’Ž “Ž‘—‡ •¡‡Ã —Ž¢“‡  “¦£¡‡§Ž¦“³—‡Ã £•í—³ ‡£‡
³‡Œ‘Ÿ‘³“‡£‡²•“ŽŽ—¦¦—‡ŽÜ“—‡³‡”• “Ý ží“Ž¦—  ‡“³‡”¢‡Ž¦—

65#5#5#

H@4Q:><4Z<>QH693Q<74“?>?43<>I>:3?4B:4C<B<3T4 A?IJCH6<4;:@:>?6T4A<@46<34PH:4PH9:>?@43:;H9>4
:64“?I?43:4I>:3:@CY4?4:3?4>:H@9Y@74“:>Q?@:D :@4:66?T4N4PH:4@<4:3C5@4A<@C?Q9@?B<34I<>4
A9Y4?WJ4BH>?@C:4A?394B<34W<>?34N43:469Q9CY4?4 :@AHM>9B<>:37=
:3AHAW?>4:64>:3HQ:@4B:649@Z<>Q:4PH:4I>:3:@D
264?@\693934B:64:3I:A9?693C?4:34B:Q<6:D
CY4A?B?4H@<4B:46<34A9@A<4E939C?B<>:3T4?3J4A<D B<>4AH?@B<43:4>:Z9:>:4?64A?>93Q?4B:46<34o:D
Q<43H34<I9@9<@:34I:>3<@?6:3=T4A<Q:@C?7
;9<@?>9<34B:4]>93C<74z<3C9:@:4PH:4@<4:S93D
]<@4:64A<QH@9A?B<4:Q9C9B<4I<>4:64,?C9D C:4I<>PH:43H4:3C>HACH>?41:3C\4?M3<6HC?Q:@C:4
A?@<4:646H@:34GT41:64“?I?4B:QH:3C>?T4I>9Q:D A<@C?Q9@?B?4I<>46?4E9B?4N46?34Q:@C9>?34B:4
><T43H49@C:>534I:>3<@?64:@4:64C:Q?$43:;H@D  ?A9:6$4I<>43H34I:A?B<34N4I<>43H34B:69C<3=7
B<T4PH:4PH9:>:469PH9B?>4:64C:Q?4B:46?4
6:;9Y@4AH?@C<4?@C:3T4NT4C:>A:><T4PH:4C9:D
@:49@Z<>Q?A9Y@43HZ9A9:@C:4I?>?4C<Q?>4
6?34Q:B9B?34PH:4?B<IC?>\4N4PH:46?4Q?D
N<>4I?>C:4B:453C?343:4:@AH:@C>?@4:@4:3:4
B<AHQ:@C<=7
):@:B9AC<4+,4A<@<A:4I:>Z:AC?D
Q:@C:4C<B<46<4PH:4:3C\4I?3?@B<4B:@C><4
B:46?4A<@;>:;?A9Y@T4B9A:T4N4:66<4:SI69A?4
PH:4Q?@B?>?4?4H@4E939C?B<>4?64vbeth^r
*mc_`a_T41?4I:3?>4B:4PH:4QHAW?34A<@3?D
;>?B?34N4QHAW<346?9A<343:4W?MJ?@4:@D
C>:E93C?B<4A<@46<34E939C?B<>:3T4N46:4W?D
MJ?@4:@E9?B<49@Z<>Q:34>:6:E?@C:37
1234H@?4I>9Q:>?4Q:B9B?4B:4):@:D
B9AC<4+,4I?>?4?BE:>C9>4?46?46:;9Y@4PH:4
N?4:3C\4M9:@4B:4C<@C:>J?3T4PH:4B:M:4>:D
ZH@B?>3:œ 43:43HI<@:4PH:4N:@B<4?4H@4 A9
Š64c1Â4‰ˆ
9
à “Ž‘“‡¥Ž“¾‘“‡Û‘’’‘“Ž¦¦“‡‹ÛŽ—’•—— —‡

1z:>J?49QI:@3?M6:4PH:4B:3IH534B:4W?A:>4
ILM69A?46?4A?>C?4B9>9;9B?4?46<34A?CY69A<349>6?@D
B:3:3$4B:3IH534B:46?34QL6C9I6:34B9Q939<@:34B:4
<M93I<34PH:43:4:3C\@4I><BHA9:@B<4:@4C<B<4:64
QH@B<4I<>4:64C:Q?4B:46?4I:B:>?3C9?T4N4B:3IH534
B:4W?A:>4ILM69A?346?34@<>Q?34PH:46?4;6:39?43:4
:3C\4B?@B<4I?>?4A<QM?C9>4?46?4I:B:>?3C9?T4):D
@:B9AC<4+,43:4PH:B?>?4?WJ4N4@<4I><ZH@B9X?>?4
:@46?4>:ZH@B?A9Y@4B:46<34o:;9<@?>9<3=T4N41PH:4
@<4<>B:@?>?46?49@E:3C9;?A9Y@4B:46<343<M<>@<34
PH:46?4A<@;>:;?A9Y@4B?M?4?4A?>B:@?6:34N4U:D
>?>A?34A?CY69A<3T4:@4:Z:AC9E<4<4A<@46?4?BPH939D
A9Y@4B:4A<AW:34B:46HU<T4<4:3C?@A9?34:@4H@?4E966?4
PH:46<34o:;9<@?>9<34C9:@:@4:@4:>Q9@9T4C?69?=T4
I6?@C:?4:64:3A>9C<>7
264:3I:A9?693C?4AH:@C?4PH:4:64I?3?B<4!V4
B:4?M>964:64A?>B:@?64?>A939<4):>C<@:T43:D
A>:C?>9<4B:423C?B<4B:64,?C9A?@<T4:@A?M:D
XY46?4>:H@9Y@4A<@46<34A9@A<49@3I:AC<>:34B:64
A?3<T4:@C>:4PH9:@:34:3C\@46<34<M93I<34K9D
A?>B<4)6\XPH:XT4K9A?>B<4S ?CCN4(>PH9B94N4
K9A?>B<42XX?C94}@B>:66<74“?>?4:3?4Z:AW?43:4
W?MJ?4W:AW<4ILM69A<4PH:46?4>:3IH:3C?4B:4
):@:B9AC<4+,43:4A<@<A:>J?4:@4UH@9<7
1,?>9<34Q:B9<34W?MJ?Q<34IHM69A?B<4PH:4
6<349@Z<>Q:34B:46?49@E:3C9;?A9Y@4N?4:3C?M?@4
A<@A6H9B<34N4PH:46?4>:H@9Y@4A<@4):>C<@:4:>?4

”¦‡’¦“‡³‡ç³—“ •Ý–“ Ž—’‘“³—Ž•è‡¦—‡
’—¨ –—Ê“æ‡·í•ŽÝ𝕒퇞—¨ –“‘•ñ‡
ð“Ž¡‡  “Ž•‡“³‡ž—¨ –“£ñ‡Ã “Ž£‡ð—Ž‡
“³‡²—£‡ð—ŸŽ•ñ‡ž“–‘ “¦‡¥Ž—–ñ‡ž‘¢Ý
¦“Ž‡ ‘Ž¦••‡6³•“–“Ž’‘³“7ñ‡ž¦“Ž£¡‡¥—  ¦‘Ü¡‡
 ‡“³‡“¨ ‘¦ —ñ‡ž—’“Ýž—¦“‡ž—¨ –“£¡‡
?‘¨ ܍Ž¦£Ýž¦“ŽÄ‡³‡Ã ¤ë‘’—ñ‡Ã ŽŽ‘¦¦‡õ£’íñ‡
”³¨ —³‡œ‡ “Ž“ñ‡ “Ä•‡5’—Ž–—Ž“ ³ñ‡Å¦’—ŽÝ
³‘“‡Å’퐗¦—¢‘•‡£‡ “’í—Ÿ‘“‡ ’Ž‘ ‘•‡
”¦‡ê¦ ‘¨ —‡Ü¦—¡‡¦‡³‡ç“¨ ‘¢—•è¡‡Ž“æ‡
𦗗¨ ܍Ž¢¡‡ž‘ ‘¢Ž—–‡¥¦—Ü“¦‡Ã “ŽÄ •ñ‡œ“Ý
¨ •‡œ‡žŽ“¨ Žñ‡žŽ“Ÿ“ í¡‡ Ɠ‘‡A‡Ã ——Ž‡
õõÛñ‡ð§‡õ“ ‘‡·¨ Ž‘’“‡¥Ž—–ñ‡5襇呐“Ý
’‘“¦‡Ã “ŽÄ •ñ‡?ŽŽ£ñ‡Ã Ž‘¦¦‡õ£’í‡õ“ ‘‡·¨ Ž‘Ý
’“ñ‡”‘ £‡ “¦•ñ‡ž“Ž‘‡“³‡ ‘ ‡Û— ‡£‡ð 
”’‘¨ “‡³‡’“³“‡“‡³‡¦“•‡•‘¦¦“•‡¦“‡—ŽÝ
¢“‘¾“’‘‡³‘Ž‘¢‘³“‡–—Ž‡Ž¦—‡–•—‡‡•—Ý
܎‡4–“Ž“‡¦“‡³—“’‘4‡’—‡³—•‡—¦¦ —•æ‡—‡
‡‘¢¦¤•‡6睐‡Ž¢“¦—‡³‡•–Ž“¾“è7‡£‡— Ž—‡
‡•–“ö—¦‡6Û¦“‡Û“³Ž‘—‡³‡¦“‡—Ž¢“‘¾“’‘‡
à “—‡·¨ ‘¢“7
”¦‡—¦¦ —‡‡•–“ö—¦‡ ‘‡¦“‡¦£³“‡
緖“³Ž‘“‡‡‘ö—‡²“¦‡“‡¨ “—‡í—£‡“¦‡
헨 ܎‡³¦‡¨ “ö““臷³¨ ‡Î —‡“‡¦“‡—Ý
 —‡³‡‡¨ —Ž¡‡ ‘‡‘¨ –Ž•“‡“‡Ž“•‡“ Ž‘Ý
ܝ‘³“‡“‡Ã “’‘¦¡‡’—‡¦‡—Ü΍ —‡³‡“ܦ“³“Ž‡¦—•‡
ܗ¦•‘¦¦—•‡³‡¦—•‡¨ ‘¦¦—“Ž‘—•æ‡çðŽ‘³“Ž‡³’“Ý
’‘‡“‡‡‘ö—‡•‡“ŽŽ“’“Ž¦—‡³‡•“‡—Ž¨ “‡³¦‡
•Ü³•“ŽŽ—¦¦—‡‡•‡¦“‡‘¢—Ž“’‘“‡õ“‡³’“Ý
’‘‡•‡¦‡¨ “£—Ž‡Ž¢“¦—‡‡–—³¨ —•‡í“’ŽÝ
¦ñ‡•‡¦—‡¡‡“³“³—‡¦‡ ‘¨ –—¡‡¦¦—•‡“–ŽÝ
’‘“Žï‡¨ ï•è
”¦‡Ÿ—¦“ ‡ “¨ ܑ¤‡ë–¦‘’“æ‡ç坐³“³“‡
–—Ž‡¦—•‡–“³Ž•‡õ¢‘—“Ž‘—•‡³‡žŽ‘• —¡‡Ã “—‡
·¨ ‘¢“‡•‡“‡“•—’‘“’‘‡’‘Ÿ‘¦‡•‘‡‘•‡³‡¦Ý
’Ž—¡‡’£—‡—Ü΍ ‘Ÿ—‡–Ž‘¨ —Ž³‘“¦‡•‡—Ž’Ž‡³Ý
’“’‘‡‘ ¢Ž“¦‡³‡’“¦‘³“³‡–“Ž“‡‘ö—•‡£‡ÎŸÝ
•‡³‡•’“•—•‡Ž’Ž•—•è

Ç¿

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

‰ˆºŒ5ŒŠ‹
”¦‡—¦¦ —‡‡‘¢¦¤•‡—Ž’Ê“‡‡¨ ê‡–“Ý
Ž“‡‡¦—•‡“•‘•  •‡¦‘¢‘Ž“‡¤‡ ‘–—‡³‡
³—“’‘‡ŽÊ“‡í“’Ž‡õ“•‡—–’‘—•‡Ž“æ‡
³—“Ž‡ß܇¨ ‘¦‡³¦“Ž•‡–“Ž“‡’—• Ž‘Ž‡‡•“Ý
¦‡³‡’¦“••¡‡Ü‡¨ ‘¦‡–“Ž“‡’ÜŽ‘Ž‡¦‡•“¦“Ž‘—‡³‡
‡¨ “• Ž—¡‡¨ ‘¦‡ßæ懖“Ž“‡Ü’“Ž‡“‡³—•‡• Ý
³‘“ •¡‡Bæ懖“Ž“‡Ü’“Ž‡“‡—¡‡Ü懖“Ž“‡¦‡‘Ý
“’‘“¨ ‘ —‡³‡¦“‡³’“’‘‡³‡‡• Ý
³‘“ ‡—‡ß܇³¦“Ž•‡–“Ž“‡¦“‡’—¨ –Ž“‡³‡ê ‘¦•‡
•’—¦“Ž•
õ“‡—Ž¨ “‡³‡–“¢—‡Ž“‡—–’‘—“¦æ‡’퍝‡
—‡ “ŽÎ “‡Œ‘•“‡—‡Ã “• Žž“Ž³

甦‡¢“’í—‡–“Ž“‡‡¦“‡¢ ‡³—“Ž“‡•“‡
—’퍇‡¦“‡•—Ž–Ž•“‡³‡‡Ã “’‘¦‡•ŽÊ“‡
¦“‡–Ž•—“‡‡ Ž¢“ŽÊ“‡¦‡Ž’——’‘¨ ‘Ý
 —‡“‡ ¦‘¨ ‡å’‘—‡ ‡Î ‡Ü“• “ ‡³‘Ý
Ž—‡‡¦“‡’“衇•ÜŽ“£“‡¦“‡ ‡³‡• ‡•Ý
¨ ““Ž‘—
”‡¦“‡¨ •“‡³‡í——Ž‡•‡• “Ž—‡ž“Ž¦—•‡
¦‘¨ ‡¦ê¡‡Ã “Ž’‘“¦‡Ã “’‘¦¡‡²‘—‘•‘—‡¥“Ž¾“‡Ã Ý
³‘“‡£‡•‡•–—•“¡‡¥• “Ÿ—‡£‡Û“ Ž‘’‘“‡ž‘•Ý
Ž—•¡‡õ‘•‡ž“¨ “Ž¢—‡è“•’‘¨  —‡£‡•‡•–—•“¡‡
ðŽ“³‡Ã “Ž ‘¡‡œ—“‡£‡ “³£‡ ‘¦¦¡‡õ“‡ŽÝ
¦—‡£‡õ‘•‡£‡´“³“¦¦‡  Ÿ•—

粍¦‡³‘Ž—‡‡•‡Ž’—¦’ ¡‡—•—Ý
 Ž—•‡³‘¨ —•‡–“Ž ‡“‡’‘’—‡•’¦“•‡³‡Ã “Ý
—‡·¨ ‘¢“‡‡Ã ¤ë‘’—‡£‡— Ž“•‡¨ ‡ÛŽê‡
£‡ðŽ“•‘¦è¡‡³‘’‡Ž¦—
4à “—‡·¨ ‘¢“‡‡’Ž“³“‡–—Ž‡Ã “Ý
’‘¦¡‡2’¨ —‡“‘Ž¨ “‡‡—‡’——’Ê“‡“‡•‡
•“’Ž‡
³— 3‡4•‡¦‡‘•‘• ‡
4藕— Ž—•‡³“¨ —•‡³‘Ž’ “¨  ‡³‘Ý
Ž—‡“‡¦“‡Î “‡¦—’“¦‡³‡³‘Ž’ —Ž•‡³‡•Ý
’¦“•‡³‡Ã “—‡·¨ ‘¢“‡è’“‡³‘¨ —•‡‘‡
³• ‘“¨ —•‡³‘Ž—‡³‘Ž’ “¨  ‡“‡Ã “’‘¦‡
4“’¦“Ž“‡¦“‡³‘Ž’ —Ž“‡³¦‡ ”²å
”¦‡ÎŸ•‡Ûû‡³‡¨ “£—¡‡¦‡³‘“Ž‘—‡• “Ý
³‘³•‡àCäþDäáþEîåïþàâý ä1‡–Ü¦‘’‡¦‡
“Ž Ê’¦—‡ç”¦‡¦¢“³—‡³‡‡•“’Ž³— ‡•—ÜŽÝ
Ÿ‘Ÿ‡£‡³‘Ÿ‘³‡‡Ã ¤ë‘’—è¡þ‡¦‡‡¦—•‡“Ý
 —Ž•¡‡”¦‘•“܍ í‡Ã “¦Ä‘‡£‡Ã “Ž’‡õ“’£¡‡³•Ý
 “’“‡‡¦“‡Ž¦“’‘‡ Ž‡Ã “’‘¦‡£‡ ¦‘¨ ‡
³“ “‡³‡í“’‡³¤’“³“•‡£‡¡‡–—Ž‡’‘¨ “‡
³¦‡•’“¦—‡³‡–³Ž“• ‘“‡‡–•“‡•—Ý
܎‡¦‡–Ž¦“³—‡“¦¦’‘³—‡‡ßææ8‡£‡¦—•‡õÝ
¢‘—“Ž‘—•‡³‡žŽ‘• —¡‡¦‡³ö—‡³‡Å¦¨ ë‡
•¢‘Žï‡“–—Ž “³—‡³‘Ž—‡“‡¦“•‡‘• ‘ ’‘—Ý
•‡’Ž“³“•‡–—Ž‡¤• —•
緎 Ž—‡”¦Ê“•‡·£Ü¡‡£Ž—‡£‡–—Ž “Ÿ—¾‡
³‡ ¦‘¨ ¡‡³‘Η‡‡¦‡³ö—‡³‡Å¦¨ ë‡í“‡
³—“³—‡‡Ü‡¨ — —‡³‡³‘Ž—‡“‡¦“‡Ž³‡
³‡‘ŸŽ•‘³“³•‡–“Ž“‡–—ÜŽ•‡³‡¦—•‡õÝ
¢‘—“Ž‘—•‡£‡–¦““‡’— ‘“Ž‡í“’‘¤³—¦—‡
6–—Ž7‡—•‡¢• “‡¦“‡¨ “Ž“‡‡‡³Ý
’“‡¦—•‡õ¢‘—“Ž‘—•è
”¦‡“Ž Ê’¦—‡³¦‡DäáþEîåïþàâý ä1¡‡³‘“Ý
Ž‘—‡³¦‡’“¦‡ ¦‘¨ ‡ “¨ ܑ¤‡•‡‘ŸŽ•‘—‘• “¡‡
“’— “‡‡‡ßææò‡‡¦“‡ê¦ ‘¨ “‡Ÿ¾‡‡
“¨ ܗ•‡“–“Ž’‘Ž—‡Î —•‡–êܦ‘’“¨ Ý
 ¡‡ç¨ ’í—‡³•–¤•‡³‡‡•Ž¢‘Ž“‡¦“•‡
“’•“’‘—•‡6³‡–³Ž“• ‘“7臇F

~4:SI69A?R412@4AH?6PH9:>4Q<E9Q9:@C<4
>:69;9<3<T4:64A?>93Q?4:346?4A?>C?4B:4>HC?4B:4
3H4E<A?A9Y@74o?4A?>9B?BT4I<>4:U:QI6<T4:34H@4
I>9@A9I9<4;:@:>?64B:46?4;6:39?4A?CY69A?4:@C:D
>?$4I<>4:66<T4A?B?4<>B:@4C9:@:43H469M><4B:4>HD
C?4PH:4IH:B:43:>46?4:@3:y?@X?T46?34Q939<@:3T4
6?4<>?A9Y@T4:64C>?M?U<4A<@46?34A?I?34Q\34B:3D
Z?E<>:A9B?34B:46?43<A9:B?BT4:CA5C:>?74}W<>?4
Q93Q<T46?46:;9Y@4@<4C9:@:4H@4A?>93Q?4I<>PH:4
3:4B:B9AY4?4A>:?>4H@?4:3C>HACH>?4B:4I<B:>4B:D
B9A?B?4?4:@3?6X?>46?4I:>3<@?69B?B4B:4 ?A9:6T4
39@4@9@;L@4I6?@C:?Q9:@C<4A>JC9A<74zH4L@9A?4
Q:C?4:>?4;?@?>4B9@:><4N4A?IC?>4E<A?A9<@:3=7 
?>CJ@:X4B:4,:6?3A<4?Z9>Q?4PH:T4B:4
?AH:>B<4A<@46?49@Z<>Q?A9Y@4B:4PH:4B93D
I<@:T4):@:B9AC<4+,4@<4?M<>B?>\4:64C:Q?4
A<Q<41:6:Z?@C:4:@4A>93C?6:>J?=74QI<@B>\4
Q:B9B?34I?>?4PH:46?46:;9Y@4B54H@4;9><4B:4
G&V4;>?B<34N41A?QM9:@4B:4Z<>Q?4>?B9A?64
6?34E9B?34B:46<34:@AHM>9B<>:3=7
~4>:Q?C?R41%<4A>:<4PH:43:4W?;?4ILM69D
A?4H@?4693C?4B:46<34:@AHM>9B<>:3T4I:><4E:D
>:Q<34A9:>C<34Q<E9Q9:@C<34B93A>:C<34?H@D
PH:439;@9Z9A?C9E<34PH:4E?@4?4B:Q<3C>?>4PH:4
:64I<@CJZ9A:4@<4I:>Q9C9>\4PH:4PH9:@:34W?@4
A<@C>9MH9B<4?4Q?@AW?>46?49Q?;:@4B:4B<34
“?I?34N4B:4C<B?4H@?4;6:39?T43?6;?@49@AY6HD
Q:34B:4:3C:4C:>>9M6:4:3A\@B?6<=7
Çî¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

: 0 >0 !&P+) d![] .#&!x5GY8

GHIJHKL MN I

OPI
KQRPST
I
UKOVKIQPIWXNO

c–˜dᏖ°™ Ø¤œ¡™˜0ŸŸ5–Ÿ˜/–¢¶¤—¦–¦™Ÿ¦efghijg¢¬¡–ž¸–¤¦«¶Ÿ¡˜–
›–Ÿ–Ÿ–œ¡¥–Ÿ¤—Ÿ›™Ÿ£–ž ™µŸœ–¦ 0¤š–—¡¥–˜¡¸—±¤ ¬¡¬/–— ›–/ 
˜™š™˜™— ˜¤—˜¡–¦œ™ ™¦¡™ Ÿ–˜¡–œ ¯•™˜–¦™›™Ÿœ–š¡ Ÿ¡–0¤š–—–±¤
œ™¦¬– £–£™¦™¢—£Ÿ¬¡ £¸–œ™ ›™¦Ÿ™ ™ ¢˜™—¬¡¬¡¸˜™—œ™  ¡—¬™¥¯¯¯ˆœŸ ¤œ®
£–¦™­¤—– ˜–œ™¶Ÿ¡–—£—–ŸŸ–˜¡¸—¦œ™±¤ £–µ–™˜¤ŸŸ¡—¦™— £ŸŸ¡£™®
Ÿ¡™ ˜œ–¬¡¥–¦™›™Ÿœ–¦¡˜£–¦¤Ÿ–¦œµœ–—˜™¯Ž˜™—£¡—¤–˜¡¸— Ÿ›Ÿ™¦¤˜¤—–
›–Ÿ£ ¤ £–—˜¡–œ¦ Ÿ›™Ÿ£–ž¢±¤¶¤›¤µœ¡˜–¦™—™˜0™—£Ÿ§– —œ
›Ÿ¡¸¦¡˜™ÔkÙlÕWYÁ]¢¦¡Ÿ¡§¡¦™—£™—˜ ›™Ÿœ›Ÿ™›¡™˜0ŸŸ¯

Y

Z[\]^_`abZ:M>:><4B:4
G"#7D4“?J34B<@B:43<@4
A<>>9:@C:346?4W<>A?4N46?4
Z6?;:6?A9Y@4I<>46?C9;?X<3$4
I?J3439@4B:>:AW<34I?>?4:64
<AW:@C?4I<>4A9:@C<4B:46<34
I<M6?B<>:3T4A>9?CH>?346<34
@:;><3T4A>9?CH>?346<34W9@D
BL:34N46<34Q:3C9X<3$4I?J34I?>?4:64E:9@C:4I<>4
A9:@C<4B:43H34W?M9C?@C:3T4M6?@A<34PH:43<@4
?Q<3T4?Q<34PH:43<@4>:N:3T4>:N:34PH:4B93D
I:@3?@46?41B9;@9B?B=4?4PH9:@46:3439>E:4N4
6?469M:>C?B4?4@?B9:T4?H@PH:46:3439>E?$4I?J34
B:49@UH3C9A9?34>?B9A?6:34N4B:4A<@C>?B9AA9<D
@:34Q\34>?B9A?6:34?L@T4zHB\Z>9A?4W?4W:AW<4
B:46?43<3I:AW?4H@?4I>H:M?4N4B:46?4I>:3H@D
A9Y@4H@4B:69C<7
%<4B9:A939:C:4BJ?3T4E:9@C9AH?C><4W<>?34W?D
M>J?@4M?3C?B<4I?>?4?BE:>C9>4PH:46?4B:3B9AW?4
3:4:@W:M>?4?PHJ4Q9@HC<4?4Q9@HC<742@C>:E93C?D
B<34:64“>9Q:>4 9@93C><T4?6A?6B:4B:4{<W?@@:3D
MH>;<T4I><Z:3<>:34H@9E:>39C?>9<3T4I:>9<B93C?3T4
>:69;9<3<34B:46?4;6:39?4]?CY69A?T4B:46?4;6:39?4
K:Z<>Q?B?4<6?@B:3?4N4:64C>?M?U?B<>4PH:4
3HZ>:4:@4396:@A9<T4?6;H@<343<3CHE9:><@4PH:46?4
E9B?4:34Q:@<34BH>?4PH:4?@C:3T4I:><4?3J4ZH:>:4
6?4E:>B?B4:34PH:46?4:S93C:@A9?4@<4Q:>:A:4?L@4
:64@<QM>:4B:4WHQ?@?7
]<@B:@?B<4:641?I?>CW:9B=4I<>46?47%(4
A<Q<4A>9Q:@4B:416:3?4WHQ?@9B?B=T4:@4zHD
B\Z>9A?4:34Q?@9Z9:3C<4:64B:3I>:A9<4I<>4:64
3:>4PH:4Q:@<34IH:B:T4A<Q<4:34Q?@9Z9:3D
C<4PH:4:64M6?@A<4I:>3<@9Z9A?4:64A:C><T46?4:3D
I?B?4N4:64Z9:64B:46?4M?6?@X?74 \34?66\4B:43H4
E<XT4:64396:@A9<7
z:4?I<B:>?><@4B:64<><T4B:46<34B9?Q?@D
C:3T4B:64H>?@9<4N43:4?I<B:>?><@4B:489<374 
<B<4I?>?4:66<3T43:4?I<B:>?><@4B:64I<B:>74
o:34I:>C:@:A:46?4W93C<>9?4N46:34I:>C:@:A:4:64

Ø4ºŒ’cˆ‰ˆ‰5Ž‰ÿŽ

I<>E:@9>T43<@4BH:y<34B:46<34Q:U<>:34A?QD
I<3T4B:46?34Q:U<>:34A<69@?3T4B:46?34Q:U<>:34
I6?N?3T43<@4BH:y<34B:46?4M:66:X?4N4BH:y<34
B:46?4UH3C9A9?7423C\@4I?>?4I>:E?6:A:>4N4I>:D
E?6:A:>\@T4I<>PH:43<@46<34I?B>:34B:4Q966<D
@:34B:4@:;><34?4PH9:@:34W?@4B:4A<@BHA9>4
W?3C?4PH:T4?6;L@4BJ?T46<34@9y<343:?@4A?I?D
A:34B:43:>4I<>43J4Q93Q<37
)9:@:3C?>4N4Q<>?643:4A<@ZH@B:@4:@4:64
M6?@A<74234:643:y<>T4I:><4?B:Q\34:34M<@D
B?B<3<74o<34?HC<QYE96:34N46?34A?66:343<@4
B:456T4I<>PH:4;>?A9?34?43H4:3ZH:>X<4:64I?J34
I><;>:3?74zH34QHU:>:34?;>:;?@4Z6<>:34?46?34
Z6<>:3T4C<B?46?4M:66:X?4:@43H34AH:>I<34N4:@4
3H34><3C><3T4C<B<346<34A<6<>:34:@43H34E:3D
C9B<3T4Q9:@C>?34564A?Q9@?4I<>46<34I?>PH:34
PH:4AH9B?@46<34@:;><374%<4E936HQM>?46JQ9D
C:4N4A<Q<4C<B<43?M:T43?M:4C?QM95@4PH:4:64
@:;><4C9:@:4Z>:@C:4?43JT4@<4A<Q<4QH><4<4
?6?QM>?B?T439@<4A<Q<4H@?4I>:3:@A9?4:Z9D
A?X4A<Q<46?4B9E9@?T43H46:NT46?4M6?@A?46:N4
B:64M6?@A<7
z94W?N4H@4W<QM>:4A<@4H@4M<C:4B:4M?3HD
>?43<M>:4:64W<QM><4<4:64AH:>I<49@A69@?B<4
3<M>:4H@?4I?6?4PH:4QH:>B:46?4C9:>>?$4394W?N4
H@4W<QM>:4PH:4E?4N4E9:@:4A<@4A?>>:C966?34
A?>;?B?34B:4Q?C:>9?64N4E?4N4E9:@:43H4AH:>D
I<4A<@4:64;<6I:4B:64I9A<$4394W?N4H@4W<QM>:4
PH:466:@?46<34C?@PH:34B:4;?3<69@?4N4AH9B?4
6<34;?>?;:3$4394W?N4H@4W<QM>:4PH:43:49@A69D
@?4N4B9A:413J=T4PH:469QI9?4I?>?M>93?34N4B:U?4
>:6HA9:@C:34?A:>?34N4A?66:3T4:3:4W<QM>:4:34
H@4@:;><74zH34Q?@<3T4N4C<B?46?43?@;>:4:@4
:66?3T43<@4I?>?4:64M6?@A<748:64M6?@A<43<@4
6?349B:?34N4B:64M6?@A<43<@46?34B:A939<@:3T4
Q9:@C>?346?34Q?@<34@:;>?34:3I:>?@46?4<>D
B:@4I?>?4I<@:>3:4:@4Q<E9Q9:@C<7
2@4:64I?J34B:643<64@<43?M:4:64@:;><4B:4
6?4M:66:X?4B:46<34A<6<>:374oHQ9@<3<4:64A9:D

6<4B:4zHB\Z>9A?T46<34?XH6:34B:4C<B<346<34A9:D
6<34:@43H4A9:6<T43:4AH:6;?43<M>:4:64AH:>I<4
6<34A?Z53T46<34;>93:3T4H@4E:>B:43?69B<4PH95@4
3?M:4B:4BY@B:T43?A<34@:;><343<M>:4:64@:D
;><4B:46?4I9:64N43<QM>:><34@:;><343<M>:4:64
@:;><4B:46<34<U<3742@4“>:C<>9?T46?4A?I9C?6T4
66?Q?46?4?C:@A9Y@4H@?4@:;>?4E:3C9B?4B:4><D
U<4N4>:3H6C?>J?43<>I>:@B:@C:4H@?4B:4?Q?D
>966<T4A<Q<4?3<QM><3<43:>J?4H@4@:;><4B:4
13?Z?>9=T46?34Q:B9?34A?394W?3C?46?34><B966?3T4
6<34I?@C?6<@:34?4Q:B9<4QH36<4N46?43:;H>9D
B?B4B:4PH:46?4A?X?T46?4Q?N<>4N46?4Q:@<>T4
I:>C:@:A:43Y6<4?4PH9:@4B:M:4N4IH:B:4E:3D
C9>3:4?3J7
mnopbqrborstnuvbrowtpqpbtruwtxosxqp
}N:>43:4?@H@A9YT4H@4?A<@C:A9Q9:@C<T4PH:4
6<34@:;><34IH:B:@4A?Q9@?>4I<>46<34I?>D
PH:34B:4“>:C<>9?74z:4I<B>J?4I:@3?>4PH:T4
UHM96<3<3T43:4I:>B9:><@4:@C>:46?34MH;?QD
M969?34N46<34><3?6:34N46?34U?A?>?@B?34N46<34
3?HA:3T4PH:4I93?><@4A<@4:Q<A9Y@4:64A53D
I:B4B:4U?>B9@:34M:66<34A<Q<46<34U?>B9@:34
B:4o<@B>:37
“:><4@<4<AH>>9Y4?3J74o?4:3A:@?4I:>Q?D
@:A9Y49@QHC?M6:4N46?4I><ZH@B9B?B4B:46<34
I?>PH:34A<@C9@HY4>:3:>E?B?4?64M6?@A<74264
@:;><4:3C\4:@46?34A9HB?B:34I?>?4C>?M?U?>74
z94:34A>9?B<T4I:>Q?@:A:4:@46?4>:39B:@A9?4
B:46<343:y<>:3$4394:34<M>:><T4<4:QI6:?B<T4
W?4B:4>:;>:3?>4?43H4IH:M6<T439:QI>:4:@46?34
?ZH:>?34B:46?4A9HB?B74%:;><4:@C>:46<34M6?@D
A<3T439>E:4?46<34M6?@A<374%:;><4:@C>:46<34
@:;><3T4:@AH:@C>?4?43H349;H?6:374%<4IH:D
B:@4A<@ZH@B9>3:46<34C5>Q9@<34:@4“>:C<>9?T4
B<@B:46?4I9:64B:46?34QHU:>:3T43:B?4N4I<>A:D
6?@?T4N4:64@:;><4@:;>J39Q<4B:46<3439>E9:@D
C:3T4Q?>A?@46J@:?349QI<39M6:34B:4>:M?3?>7

Ç

»»yz{|ÃÄ Ã} ~Ç »»»

: 0 >0 !&P+) d![] .#&!x5GY8

@?4B:4@:;><374o?34I:>3<@?3439@4?HC<>9X?D
A9Y@4I?>?4:@C>?>4IH:B:@43:>4I:>3:;H9B?374
2@C>?B?4>:3C>9@;9B?=7
pb€rsptxpb‚poƒp
o?49;6:39?4B:46?4H@9E:>39B?B4B:4“>:C<>9?4:3D
C?M?4I6:CY>9A?4B:4QHAW?AW<34E:3C9B<34A<Q<4
3943:4WHM9:>?@4I>:I?>?B<4I?>?43H4„:3C?4B:4
;>?BH?A9Y@74K<I?34B:43:B?4N43<QM>:><34
B:4?6?4?@AW?4:66?3T4A<>M?C?4N4C>?U:4<3AH><4
:66<3T4:64I?@C?6Y@4I6?@AW?B<T439@4H@?4?>>HD
;?4:643?A<T4Z<>Q?M?@4H@4;>HI<4:@A?@C?B<>74
z:4I<B>J?4I:@3?>4:@46<34A<@UH@C<34:3A<6?>:34
PH:4:SW9M:@4?6;H@?34I:6JAH6?34?@C9;H?3T4>:D
H@9B<346<34UYE:@:34:@46<34U?>B9@:34B:4A?3C9D
66<34>:?6:37
oHA:34B:4QHAW?346HA:34W?AJ?@4B:46?4@?D
E:4H@4?3AH?74264?9>:4:>?4<><4N46?4QL39A?4B:64
Y>;?@<43:4:3AHAW?M?49;H?64PH:4H@?4<>PH:3D
C?4B:4A9:@4I><Z:3<>:3742@4:64C:QI6<4@<4W?D
MJ?4Q?@<34:@6?X?B?34@94B<34I?>:34B:4<U<34
:@4A<QH@9A?A9Y@74o?4?C:@A9Y@4:@C:>?T4:64
:3IJ>9CH4C<B<4:>?4I?>?4:64;:@9<4B:4)?AW4N4
I?>?4:643?A:>B<C:4PH:T4?C65C9A<4N43:;H><T43:4
:@A?Q9@?M?4?64IL6I9C<7
8:C:@9B?4:@43H34I?6?M>?346?4>:3I9>?D
A9Y@4B:46<34Z9:6:3T4W?M6Y4B:46?4I?>\M<6?4B:4
6?4QH6C9I69A?A9Y@4B:46<34I?@:34N4?3:;H>Y4
PH:46<34Q9:QM><34B:46?4;6:39?4K:Z<>Q?B?4 
<6?@B:3?4C9:@:@4Q<C9E<34I?>?4A<@Z9?>4:@4
6?4UH3C9A9?4B9E9@?74[H:46?>;<43H43:>QY@4I?D
>?4M6?@A<34:@4H@4>:A9@C<4PH:4I><WJM:46?4:@D
C>?B?4?46<34@:;><374,?>9?34E:A:34?6HB9Y4?46?34
I?6?M>?341”<B4Q:C4H@3=T4189<34A<@4@<3<D
C><3=T4Z>?3:4M<>B?B?4:@4<><43<M>:4H@?4Q?@D
C?4PH:4A?:4B:46?4MYE:B?43<M>:4:64?6C?>4N4PH:4
:34A<Q<46?4A<><@?4B:64C:QI6<T4C<B<4:643<64
3<M>:46?49;6:39?7 
ˆ4‰
‰Š7 44ˆ6‰4«¶ ‰‰¬Â4287
ˆˆ
9

}4E:9@C:496YQ:C><34B:4“>:C<>9?T4:@4
”?>@?HÓ?T4E9E:@4H@<343:3:@C?4Q964@:D
;><374z:4:@AH:@C>?4:64I<M6?B<4?64Z<@B<4B:4
H@4E?66:T46?4E:;:C?A9Y@4AW?I?>>?T4?>MH3C<34
N4@<4\>M<6:3T4Q?6:X?439@4@HB<3T4E:>B:3439@4
3?E9?T46<34>9:6:34B:64Z:>><A?>>964N4:64I6<Q<4
<I?A<4B:46?4A?>>:C:>?4PH:43:4W?A:@4H@<4A<@4
:64;>934C:>><3<4B:64I?93?U:7 
?N4B9:X4Q964A?3?3T4A?394C<B?349;H?6:374
]H?C><4I?>:B:3T4H@4C:AW<4B:4B<34?;H?3T4
H@?4IH:>C?T4B<34E:@C?@?374z<@46?34A?3?34
PH:4B9MHU?@4@H:3C><34@9y<34:@46?34I>9Q?D
>9?3T4AH?@B<43H49Q?;9@?A9Y@4PH9X\4Z6<>:D
A:4N?T4I:><46?49@A?I?A9B?B4I?>?4:SI>:3?>3:4
?L@4@<4A<M>?4EH:6<4N46?4A>9?CH>?43:4>:3H:6D
E:4I<>46?43J@C:3934B:46<34B?C<34:6:Q:@C?D
6:374o?3C9Q?4:64I<M6?B<74%<4:346?4Q93:>9?T4
:34:64?MH>>9Q9:@C<T4:64C:B9<4C<C?6742643<64:@4
:64Q93Q<439C9<T46?4C:QI:>?CH>?439@4E?>9?D
A9Y@T46<34Q9@HC<34B:43:3:@C?43:;H@B<3T4C<D
B<3T4A?>?3439@4I:>Z96T46?4E9B?4:34C?@49;H?64?4
3J4Q93Q?4PH:T4E9E9B?46?4I>9Q:>?4W<>?T4A?394
C<B?46?4E9B?4:3C\4E9E9B?7
}4B9:X496YQ:C><343:4:@AH:@C>?46?4X<D
@?49@BH3C>9?64B:4K<336N@T4B<@B:4C>?M?U?@4

©yz{|ÃÄ Ã} ~Ç 

… … …

6<34@:;><34B:4”?>@?HÓ?74“><C:;9B<34I<>4
?6?QM>?B?34N4?C?B<34B:4IL?3T4>:A>:?@4:64
I?93?U:46?349@3C?6?A9<@:3T4A>:Q?34N4?XH6:34
3<M>:46?4I6?@9A9:T4B:46<34;>?@B:34Z?M>9A?@D
C:34B:42H><I?4N46<3423C?B<34(@9B<374o?4z9:D
Q:@3T46<34?HC<QYE96:34?6:Q?@:34) S T46?4
[9?CT48?C3H@T4%933?@T4A<@3C>HAA9<@:34PH:43:4
:SC9:@B:@4N4:SC9:@B:@4N4PH:4I><@C<43:>\49QD
I<39M6:4?M?>A?>4A<@46?4Q9>?B?74?3C?46?4K<D
3:@CW?6T4Z?Q<3?4:@4:64QH@B<4I<>46?4M:66:X?4
B:43H34I<>A:6?@?3T4C9:@:4?PHJ4H@46H;?>7
%<4W?N4:@C>:46<34@:;><34H@4U:Z:4<4H@4
:QI6:?B<4B:49QI<>C?@A9?T4@94:34I<39M6:T4
C9:QI<4N4I?A9:@A9?4B:4I<>4Q:B9<T4PH:4?6D
;L@4@:;><43:4W?;?4?Q9;<4B:4?6;H@<4B:4
6<34M6?@A<34PH:4:@4K<336N@4;?@?@43H4E9D
B?74]H?@B<4:64@:;><4>:;>:3?4?4”?>@?HÓ?T4
39:QI>:4?46?4Q93Q?4W<>?T4N4A>HX?46?4EJ?4B:64
Z:>><A?>>96T439:QI>:4?46?4Q93Q?4W<>?T4I?D
>?49@C:>@?>3:4:@4H@?4A?66:4I?E9Q:@C?B?4PH:4
6H:;<43:4C>?@3Z<>Q?>\4:@4A?Q9@<34N4E:>9D
AH:C<34B:4C9:>>?T4W?M>\4B:U?B<4?C>\34H@46:D
C>:><4PH:4?BE9:>C:4N4?Q:@?X?4:@4B9?6:AC<4
@:;><$4:@4?Z>9??@T4:649B9<Q?4B:46<34M6?@D
A<34@?A9B<34:@4zHB\Z>9A?4N4:@49@;653R41<D

{<W?@4 7M:>W<6X:>4 I?>:AJ?4 >:I>:3:@C?>4
C<B<4AH?@C<43:4:3I:>?4B:4H@4I<6JC9A<4A<QD
I><Q:C9B<4?4Z<@B<T4H@?4Q?@:>?4B:43:>4
I?>?46?4:3I:>?@X?74>?@PH96<4N4:@5>;9A<T4
:@4ILM69A<4N4:@4I>9E?B<4W?MJ?43<3C:@9B<4:64
?6A?6B:4B:4{<W?@@:3MH>;<R
189\6<;<4A<@46<34@:;><34<4QH:>C:7=
]<@<A:B<>4<4@<4B:46?4Z>?3:4B:4[9B:64
]?3C><T4I<BJ?4I:@3?>3:4PH:4H@?49@C:@A9Y@4
A<@4<>J;:@:343:Q:U?@C:34?I><S9Q?M?4B:4
?6;H@?4Q?@:>?4?4B<34W<QM>:34?I?>C?B<34
:@C>:43J4I<>4C<B?346?34B93C?@A9?374189\6<;<4
<4QH:>C:=T41“?C>9?4<4QH:>C:=T43:4:3AHAW?D
M?@4A<Q<4:S9;:@A9?34B:64Q93Q<4B93AH>3<7
12@4{<W?@@:3MH>;<4I<B:Q<34A?QD
M9?>46?346:N:346<A?6:34A<@4:64?AH:>B<4<4@<4
B:64”<M9:>@<4]:@C>?6T4A<@4:64?I<N<4<4@<4
B:46?4}BQ9@93C>?A9Y@4“><E9@A9?674“<>4:3<4?4
6<34@:;><346:34W:Q<34?M9:>C<4:@4:3C<34BJ?34
6<34I?>PH:3T46?34M9M69<C:A?3T46<34QH3:<3T4:64
X<<6Y;9A<7423C?34>:3C>9AA9<@:34>:3H6C?M?@4
9@@:A:3?>9?34N4WHQ966?@C:3=T4A<>><M<>?M?4
7M:>W<6X:>4?4pnj¦q`_dc7
8QHQ966?A9<@:34C?@4I><ZH@B?34W?@4
B:;>?B?B<4?64@:;><R48I>:;H@C?Q<37

>?46?4A9HB?B4M6?@A?4N46?34X<@?349@BH3C>9?6:34
B:43H34?6>:B:B<>:374} 64?@<AW:A:>4<4A?JB?46?4
@<AW:T4A?B?439:C:4Q9@HC<34:64A<@E<N4>:;>:D
3?4A<@43H4Q93Q<4A?>;?Q:@C<7
}3JT4A<Q <43946?4E9B?4ZH:>?4:64:3C>5I9D
C<4B:64C>:@T46<343:;H@B<34I?>?4@<4I:>B:>D
6<T46?34W<>?34:@4{<W?@@:3MH>;<4I?>?4E9E9>4
39@4E9E9>4N4:64>:C<>@<4?4z<Ó:C<4I?>?43:D
;H9>4E9E9:@B<439@4E9E9>T46<34@:;><34A>::@4
PH:4E9E:@7
†borstnbrubqrb‚poƒn

K

o?34:3I<3?34N46<34W9U<34B:46<34@:;><34PH:D
B?><@46:U<3742@4:64>?@3E??6T4:@4>?@3:9T4
:@46<34A:@C><34@?C9E<34B<@B:46?4I<M>:D
X?4:34Q93:>9?4N46?4Q93:>9?T4B:3:3I:>?D
A9Y@74{<W?@@:3MH>;<4?M3<>M:4:643:C:@C?4N4
B<34I<>4A9:@C<4B:46?34Q?@<34B:4z<Ó:C<74
K:A6?Q?46<4PH:4@:A:39C?74o?34QHU:>:34N4
6<34@9y<34:3C?>J?@4B:4Q\3T4I<>PH:4:6439>D
@C:4:64
E9:@C:4:34C<B<4B:64M6?@A<T49@B9Z:>:@C
M6?@A<4?46?4:S93C:@A9?4C<B?4B:6439>E9:@C:7 
?4B:4I:>Q?@:A:>4:64@:;><4:@46?4A9HD
B?B4M6?@A?4:64C9:QI<49@B93I:@3?M6:4I?>?4
3C?374
AHQI69>4A<@46?34<M69;?A9<@:349QIH:3
:@D
%<43:>J?4I<39M6:439@46?4]?>C?4B:4B:@D
C9Z9A?A9Y@4PH:4W?4B:4C>?:>4A<@39;<4BJ?4
9:D
N4@<AW:T4?BW:>9B?4?4564A<Q<4I9:674]9
;<439@4M?3CY@T4H@4@:;><439@41I?3:=4:3D
?D
C\4:SIH:3C<4?4C<B?346?34A?JB?3742641I?D
U<4
3:=4:346?4A?3?4:@4z<Ó:C<4N4:64C>?M?U
:@4{<W?@@:3MH>;<T46?4M9<;>?ZJ?4PH:46:
:4
B9A:4PH95@4:34N46?4:3I:>?@X?4B:43:;H9>4
39:@B<T4?3J43:?4@:;><7
7M:>W<6X:>4:SI69A?R
1%<43:>J?4I<39M6:4H@4:SA:3<4B:4

I<M6?A9Y@4@:;>?4:@4{<W?@@:3MH>;<4N43H4
X<@?49@BH3C>9?64@94H@4A>:A9Q9:@C<4B:3I><D
I<>A9<@?B<4:@4z<Ó:C<74z<@4I<M6?A9<@:34
A<QI6:Q:@C?>9?3T4:@4?>Q<@J?7
8QHQ966?4?64@:;><4:641I?3:=R
8o<4?;>?B:A:742343H4;?>?@CJ?7
8Q]<@A9M:4H3C:B46?49@C:;>?A9Y@4:A<@YD
Q9A?4:@C>:4M6?@A<34N4@:;><3R
8OH9X\748:@C><4B:4QHAW<34?y<37
8Q~46?49@C:;>?A9Y@4WHQ?@?R
8QI<39M6:7
8Q“<>4PH5R
8]>:<4:@46?4IH>:X?4B:46?4>?X?7
8Q“<>4PH5R
8}3J4@?AJ7
8Q}3J4Q<>9>\R
8z:;H>?Q:@C:7
8Q}6;L@4BJ?T4:@4?6;L@4Q<Q:@C<T4W?4
W?M9B<4H@4@:;><4:@43H4<Z9A9@?R
8%<T4@H@A?7

: 0 >0 !&P+) d![] .#&!x5GY8

8o<34@:;><343<@4W<QM>:34Z:69A:374z:4
>J:@4Q\34PH:4@<3<C><37
8QHQ966?A9<@:34C?@4I><ZH@B?34W?@4
B:;>?B?B<4?64M6?@A<R
8%<7
8Q2@C<@A:3R
8o:34W?@4B?B<4H@?4Q?6?4A<@A9:@A9?7
8QOH54:34H@?4Q?6?4A<@A9:@A9?R4
264><3C><4B:64?6A?6B:43:4?6C:>Y4?I:@?37
8@3:;H>9B?B4I<>4:64ZHCH><7
8QzY6<4:3<R
8:Q:@4I<>43H34@9y<37
8QzY6<4:3<R
8~4I<>43H34C>?M?U<374“9:@3?@4PH:4IH:D
B:4I?3?>4?PHJ46<4Q93Q<4PH:4:@4<C><34I?JD
3:34B:4KZ>9A?7
8QzY6<4:3<R
8 HAW<34M6?@A<34I:>B9:><@43H34E9B?37
8Q%<4C9:@:4<C><43:@C9B<46?4Q?6?4A<@D
A9:@A9?4B:4PH9:@4WHQ966?4N4<Z:@B:T4<Z:@B:4
N4WHQ966?4H@4BJ?4N4<C><R
8%<7
8Q%<R
8%<74o<34@:;><343:4W?@4:BHA?B<4?43J4Q93D
Q<34I?>?4?A:IC?>46?34WHQ966?A9<@:34B9?>9?37
8H:y<4B:4H@?4<Z9A9@?4A<@4I93<4B:4I?>D
PH:CT4:64:3A>9C<>9<4B:4Q:C?6T4?69@:?B?34A<@D
C>?46?4I?>:B46?343966?34B:43H43?6?4B:4:3I:>?T4
E:>C9A?64:64>:3I?6B<T4I6?@<4:64?39:@C<T4B<34
C?M6?34:@4\@;H6<4>:AC<T47M:>W<6X:>4Q9>?4
A<@4Q9>?B?4BH>?T46<34<U<34>:B<@B<3T4:3Z:D
>?343Y69B?3439@46\;>9Q?34@946?;>9Q?67
o?4A9HB?B4PH:4;<M9:>@?4:34A<Q<4H@4
A?QI<4B:4UH:;<4I?>?4@9y<34B:4%H:E?4~<>74
{<W?@@:3MH>;<4C9:@:4H@4:B9Z9A9<4B:4A9@D
AH:@C?4I93<3$4E?>9<34B:4C>:9@C?$4B<34C<>>:34
;9;?@C:3A?3T4?;HU?34PH:4I:@:C>?@46?34@HD
M:3$4H@4>?3A?A9:6<34B:4A>93C?6:34@:;><3T4
9B:?64I?>?4E:>439@43:>4E93C<T4I?>?4?I?>:A:>4
N4B:3?I?>:A:>T4@9@;H@<4A<Q<43H4Q93C:>9<4
I?>?49Q?;9@?>4Z?@C?3J?34N43<y?>43H:y<3$4
?E:@9B?34Z6?@PH:?B?34I<>4?6Q?A:@:34N4:3D
A?I?>?C:34A<@4C<B<4:64<><4B:64QH@B<4N46<34
B9?Q?@C:34Q\34A?><34B:46?4C9:>>?$4W:>Q<D
3?34>HM9?34B:4I>93?4I?>?466:;?>439@466:;?>T4
?A?>9A9?>4N43Y6<4A<@C:QI6?>4U<N?34N4U<N?3$4
3:y<>:34I>:<AHI?B<34A<@46<34B:>:AW<34:3D
I:A9?6:34B:4;9><T4PH:4@?B?43<@T4I:><43<@4
:64I<B:>$4?6;H@<34@:;><34:3C<>M<3<3T4I:D
><49QI>:3A9@B9M6:3$4A?Q9<@:34N4C?S934I?>?4
M6?@A<3T4A?Q9<@:34N4C?S934I?>?4@:;><3T4:6:D
E?B<>:34I?>?4M6?@A<34N4I?>?4@:;><37
]?6AH6?B?346?34B93C?@A9?34I?>?4PH:46<34
@:;><34@<4IH:B?@4W?A:>4H@?43<6?4E9B?4A<@4
6<34M6?@A<34B:4{<W?@@:3MH>;<T4:64IH:M6<4
B:4z<Ó:C<4:3C\4?4H@<34PH9@A:496YQ:C><34
B:64 ?@W?CC?@4:@4Q9@9?CH>?742@C>:4\>M<6:34
B:4B<34N4C>:34Q:C><34B:4?6CH>?T46?4W9:>M?4A>:D
A9B?T4B93I:>3?46?4M?3H>?T4?PHJ4N4?66\4Q<@D
CJAH6<34PH:43:>\@4A:>><3T4:64B:3<>B:@4PH:4
3:4?Z9>Q?T4H@?4Z:?6B?B4PH:4;?@?4C:>>:@<T4
B9:X4Q964A?3?34A<@3C>H9B?34I?>?43:93A9:@D
C<34Q964@:;><343:4?69@:?@49;H?64PH:4Z<>Q?D
A9<@:34Q969C?>:374]<@ZH@B9B?46?4@<>Q?69D
B?B4A<@46?4:Q:>;:@A9?T4A?B?439:C:4Q9@HC<34
?I?>:A:4:@4z<Ó:C<4:64C>:@T46<34C>?M?U?B<>:34
6<4?M<>B?@4N4?4C<B?4E:6<A9B?B4?>>?@A?4I?D

E6‰4 7 6‰

Ý

»»yz{|ÃÄ Ã} ~Ç »»»

‡‡‡‡‡ˆ‰Š

‹ ŒŽ‰Š
‘–˜£–¦™œ¶¡—¦œŸ`§¡š—¦œÅÆÅ]ݽ³YØ¢¤®
¦«¶Ÿ¡˜–¡—¡˜¡¸–š¦¡–¦™ ¦œ™ –°™ —™¬—£–
¤—›Ÿ™˜ ™¦™œ™Ÿ™ ™¢›Ÿ™—˜ –Ÿ¡™­—˜–Ÿ–Ÿ
œ›– –¦™¯¡— £–¤Ÿ¸– /œ–™š¡ ¡¸—¦œ–‡Ÿ®
¦–¦·œ–‰˜™—˜¡œ¡–˜¡¸—¢±¤¦1á–13¦™®
˜¤š—£¸^1š¡œ1_1˜– ™ ¦§Ÿ–¬ ¬¡™œ–˜¡™— 
–œ™ ¦Ÿ˜0™ 0¤š–—™ ˜™š£¡¦– ¦¤Ÿ–—£š« 
¦£Ÿ ¦`˜–¦– ¯Ù¡œ ¦£ £¡š™—¡™  ˜–œ™¶Ÿ¡–—®
£ ˜0–Ÿ™—œ¤¥ ™µŸœ– —£Ÿ–°– ¦¤— ¡ £š–
0˜0™›–Ÿ–œ–Ÿ›Ÿ ¡¸—·œ– §Ÿ§–˜¡¸—Ÿ–˜¡–œ¯
‘Ÿ™œ¦¡Ÿ¡§—£‹œ ™—Ù–—¦œ–·œ™µ¡ ›™
©š™—¦•¤£¤¡š›Ÿ¡š¡Ÿ™—– £›Ÿ™˜ ™¤—–
›–Ÿ£¡˜¤œ–Ÿ¡¦–¦­µ¤ ˜–Ÿœ–¬Ÿ¦–¦·œ–ž¤ £¡˜¡–¢
—™œ–¬—§–—¥–‘Ÿ›–Ÿ–Ÿš« ±¤˜– £¡§–Ÿ¢
·Ÿ˜™—˜¡œ¡–Ÿ›–Ÿ–Ÿ˜™— £Ÿ¤¡Ÿ¤—–—–˜¡¸—
š¤œ£¡˜¤œ£¤Ÿ–œ·š¤œ£¡`£—¡˜–¯
†yz{|ÃÄ Ã} ~Ç 

’

Ž‹‹ˆÙ Ž‰ŒˆÙ ˆ‰5Œˆ‰

“”a••†–—Z^˜“™šb1 :4B:D
CHE9:><@4I>9Q:><4:@4G"&!74[H:4
BH><74oH:;<4:@4G"&#74[H:4C:D
>>9M6:74 :466:E?><@4?46?4<>966?4
B:46?46<AH>?74OH:>J?@4<M69;?>D
Q:4?4A<6?M<>?>4A<@4:66<374%<4
6<46<;>?><@7=3 
Ó:9694W?M6?4QHN4>\I9B<T439@4I?>?>T4
A?39439@4>:3I9>?>74zH34Z>?3:343<@4A<>C?3T4
I>:A93?3T4C?U?@C:374(@?4ZH:>X?4?M93?64:Q?D
@?4B:4C<B<43H43:>T4B:43H4AH:>I<4B:6;?B<T4B:4
6<34;:3C<349@PH9:C<34B:43H346?>;?34Q?@<3T4
B:43H4Q9>?B?4?4E:A:34B:Q?39?B<4Z9U?74“?D
>:A:4I:>Q?@:@C:Q:@C:43?AHB9B<4I<>4H@?4
A<>>9:@C:4:65AC>9A?4B:4?6C?4C:@39Y@7 
9:@:4V4?y<374%<46<34?I?>:@C?74o?4
AH:@C?4B:43H34?y<343:4I:>B9Y4:@4:649@Z9:>D
@<4B:46?34A\>A:6:34B:64ghgcamb_f74zH4E9B?4

K 

8° 947›9›Â4¶‰
9

I:>3<@?64PH:BY4IH6E:>9X?B?74,:9@C:4?y<34
B:3IH534B:43H4A?6E?>9<43H34@<AW:343<@4?L@4
B:4B:3E:6<T4N4M?C?66?4A<Q<4:@B:Q<@9?B<4
I?>?4A<@C><6?>46?4E9<6:@A9?4PH:4?4E:A:346<4
9@E?B:74z:43?6E?4B:B9A?@B<4C<B<43H4C9:QI<4
?46HAW?>4I<>4:64Q93Q<49B:?64B:4UH3C9A9?4PH:4
6<466:EY4?49@C:;>?>4:64]<@;>:3<4B:46?4{HE:@D
CHB4zHB?Z>9A?@?4:@4G"&7
1z:>4Q969C?@C:4:>?4:@4:SC>:Q<4I:69;><D
3<4:@4:3<34?y<374o<343:>E9A9<34B:43:;H>9D
B?B4@<34C:@J?@4:@46?4Q9>?74@C:@C549@;>:3?>4
?46?4H@9E:>39B?B74%<4Q:4B:U?><@74 :4I:>D
3:;HJ?@74“?354?46?4A6?@B:3C9@9B?B7= 
Ó:9694@<4B?4Q?N<>:34B:C?66:343<M>:43H4
:@C>:@?Q9:@C<4Q969C?>41:@4I?J3:34?Q9;<3=4
@943<M>:46<34<I:>?C9E<34:@46<34PH:4I?>C9A9D
IY74zY6<4Q:@A9<@?4PH:43:4Z<>UY4H@?4B93A9D
I69@?4B:4W9:>><4PH:439;H:439:@B<4:64:U:4B:4
3H4:S93C:@A9?74
48:4>:I:@C:T4:QI9:X?4?4W?M6?>4B:43H4

3:;H@B?4B:C:@A9Y@74264>9CQ<4B:43H4>:6?C<4
3:4?A:6:>?74o?4I6\C9A?43:4EH:6E:4Q<@Y6<D
;<74)><C?@4C><X<34B:4Z>?3:34IH@X?@C:34A<D
Q<4IHy?6:37
1 :4:@A:>>?><@43:934Q:3:34:@4H@?4A:6D
B?4?MN:AC?74@A<QH@9A?B<œ 473AH>9B?B4C<D
C?67774%9@;L@4A<@C?AC<4A<@4@?B9:œ 48:4E:X4
:@4AH?@B<49>>HQIJ?@4:@46?4A:6B?4A<@4H@?4
?@C<>AW?4PH:4B93I?>?M?4H@?46HX4E9<6:@C?74 
:46?4A6?E?M?@4:@46<34<U<374 :4<M69;?M?@4
?4Q9>?>6?74 :4B:3Q?N?M?74 :4;<6I:?M?@4N4
<C>?4E:X4Q:4A:;?M?@4A<@4:3?46HX74oH:;<43:4
9M?@748:4@H:E<46?34C9@9:M6?3œ 4o?46<AH>?4?64
?A:AW<7774}64Z9@?64Q:46?4I?3?M?4>:I9C9:@B<4
Q94@<QM>:74 :4?C:>>?M?4<6E9B?>6<74 :4?C:D
>>?M?4B96H9>Q:4:@46?4@?B?œ † :4?;?>>54B:4
Q94@<QM>:7†2>?46<4L@9A<4PH:4Q:4PH:B?M?7=3
8:3IH534B:64?936?Q9:@C<4C<C?6T439;H9:><@4
<C>?34C<>CH>?349@Z69;9B?34:@4B93C9@C?34A\>A:6:374
o?>;?34WH:6;?34B:4W?QM>:74 \343HI69A9<3777

12@C>:4A?B?43:39Y@4B:4C<>CH>?3466:;?M?@4
Q5B9A<34PH:4Q:4:S?Q9@?M?@4I?>?4E:>4394
Q94AH:>I<4?;H?@C?M?7774 ?C?>Q:4@<4:>?4:64
<MU:C9E<74)H3A?M?@4?@9PH96?>4W?3C?46?4Q\34
QJ@9Q?4I?>A:6?4B:4Q94B9;@9B?B4I?>?4I<B:>4
H3?>Q:4A<Q<4?;:@C:49@Z96C>?B<=T4?6A?@X?4?4
A<Q:@C?>4?@C:34B:4WH@B9>3:4B:4@H:E<4:@46?4
:E<A?A9Y@4B:46<4PH:43HZ>9Y74
8:3A>9M:4I9@X?34Q:C\69A?34N4?6?QM>:34
:65AC>9A<34PH:46:46?A:>?><@46<34;:@9C?6:3T4
;<C?34B:4?;H?4Z>J?4PH:4A?J?@4:@4:6:AC><B<34
9@A>H3C?B<34:@43H4AH:><4A?M:66HB<7
1:@J?46?49QI>:39Y@4B:4PH:4Q94A>\@:<4
3:4:3C?M?4B:3I:B?X?@B<74 :4I?>:AJ?4PH:46?4
3?@;>:4Q:4M><C?M?4B:46?34<>:U?374<B<4<6J?4
N43?MJ?4?43?@;>:7=3
2QI9:X?4?4C?>C?QHB:?>74o<;>?4A<@C><D
6?>3:4N439;H:4W?M6?@B<74zH4E<X4C9:@:4H@?4
C<@?69B?B4B93C9@C?7
1(@4BJ?4Q:4:@A:>>?><@4:@4H@4A<3C?64

¿

»»yz{|ÃÄ Ã} ~Ç »»»

GHIQN MVN œI RPœVP

’

Ž‹‹ˆÙ Ž‰ŒˆÙ ˆ‰5Œˆ‰

îyz{|ÃÄ Ã} ~Ç 

.#"&+ #0$!,)$Q=#-0C$) XtvJ !"!"'J +[
D#*#;X0)%+"uvv&!"&#>+"N-+"&XuJ #**+%!"
$!$X*0 !"\
50"0)$#!%-#0"$!P0""+%N*0"$#"&#%&0"
#%D!"&#>0-#+%!"!0*#;0$0""+H !")"0-&#D#[
$0$!"4+ 4! #+$#"&0"N!_4! &+"")$0=#-0[
%+"'!"&0$)%#$!%"!"N!) +4!+"'0"1-+J +
4+ #%=+ J !"4)H*#-0$+"4+ + >0%#"J +"
#%&! %0-#+%0*!"'-+J +*0K"+-#0-#X%: S$#-0
P #&Q%#-0+!*G%"&#&)&+I+*0%$S"40 0,)$Q[
=#-0'¨!%&!+&+"'¨4! J #&#! +%!%&!%$! -XJ +
"!!*0H+ XN-XJ +"!=)!.0-#!%$+-0$0D!;
J Q""+ù"&#-0$+!* +> 0J 040 0)%0/)![
0©)1J #-0NP#+*X>#-0'9)!!*-0 $#X*+>+
J #*#&0 !%-0H!;X040 &#$!zyøz04!$#$+$!
*0"J Q"0*&0"0)&+ #$0$!"J #*#&0 !"N4+*1&#[
-0"$!*401"\
P0""+%D#0LX4 #J ! +08) +40+--#$!%[
&0*40 0!-+4#*0 #%=+ J 0-#X%"+H !0 J 0"
9)1J #-0"NH#+*X>#-0"\,)0 >)J !%&+40 0
!*0-#+%0 "!-+%*+""! D#-#+""!- !&+"!) +[
4!+"!"4!-#0*#;0$+"!%!*&!J 0! 0"!%-#**+C
,)$Q=#-0!"&0H0!%4 #J ! 0*1%!0!%*0/)![
0Y 10\?)H0%+"N"+D#S&#-+".+"&#>0H0%
")"=+%&! 0"\8*0D0%-!-+J )%#"&0*00J ![
%0;0H0&0%&+-+J +0*J )%$++--#$!%&0*\
8%zyøu- !X)%!9)#4+$!&0H0L+9)!
-+%&0H0-+%uvvJ S$#-+"N-#!%&1ù-+"N)%
4 !")4)!"&+0%)0*$!zvJ #**+%!"$!$X*0[
!"\? !X-)0&+!J 4 !"0"ù-&#-#0"9)!*!
"#D#! +%$!40%&0**040 0J 0%!L0 $#%! +'
!0*#;0 ")"!_4! #J !%&+"N0*J 0-!%0 ")"
4 +$)-&+"\
Y)!!%*+"<++$!4*00&<!"!0 -.50H+[
0&+ #!"$+%$!!*!9)#4+$!P0""+%&0H0[
LX"+H !&+$+&#4+$!0>!%&!"40&X>!%+"C
H0-&! #0"$!*Q%&0_'$!*H+&)*#"J +'$!*
-X*! 0N$!*04!"&!'0"1-+J +-+%D#)"$!
ªH+*0'8\?+*#N$!*0!%=! J !$0$$!: 0 [
H) >+« 50"0 J 0"9)1J #-0"! 0%4 +$)-#[
$0"!%+&0!J 4 !"0**0J 0$0¨ +&!-.%#d\

aƒƒxnorubroƒ¬‚xrtwpub
,!>U%D0 #+"&!"&#>+"#%&! +>0$+"4+ 
*0?3<'NJ Q"&0 $!4+ *0K*&0?+ &!$!
()"&#-#0$! !&+ #0'0*>)%+"-+*0H+ 0$+[
!"$!P0""+% !0*#;0 +%#%D!"&#>0-#+%!"
>!%S&#-0""+H !0>!%&!"H0-&! #+*X>#-+"
")"-!4&#H*!"$!0=!-&0 "+*0J !%&!0*04+[
H*0-#X%$!0;0%!> 0\W&+"0ù J 0 +%9)!

K4.+&+xP!%%N/++*

“”a••†–—Z^˜“™žb 8* -0"+
$!] +)&! P0""+%=)!)%+$!*+"
J Q"#%9)#!&0%&!"N-+J 4*!L+"
9)!&)D+9)!#%D!"&#>0 *0?+J #[
"#X%$!*03! $0$N*0<!-+%-#*#0[
-#X%ü?3<ý\
8"&!J !-#X0,)$Q=#-0N0*0-+J )%#[
$0$#%&! %0-#+%0*\8_.#H#XJ !-0%#"J +"
-#!%&1ù-+"$!!_&! J #%0-#X%$!*04+H*0[
-#X%%!> 0#$!0$+"4+ !*S>#J !%$!*Ÿ Ÿ¡¢
£¤¥¦§\T!"&04X !*0-#+%!"!"&!-.0"!%&!
*+""! D#-#+""!- !&+"")$0=#-0%+"N*+"$!
%)J ! +"+"401"!"\
] +)&! P0""+%'-0 $#X*+>+J #*#&0 N
J S$#-+4! "+%0*$!*!_4 !"#$!%&!#!&! 
P+&.0'!%-0H!;X$!zyøz0zyyt!*¨?+0"& 
+L!-&\,!& 0&X$!¨)%4 +> 0J 0)*& 0"![
- !&+$!*0"=)! ;0"0 J 0$0"")$0=#-0[
%0"$!$#-0$+0*0=0H #-0-#X%$!0 J 0"
H#+9)1J #-0"\,)J !&0C0-0H0 -+%*0!"#"[
&!%-#00*Ÿ Ÿ¡£¤¥¦§9)!"!#H0=+ &0*!-#!%[
$+$!"$!*0& #"&!J !%&!=0J +"0J 0"0- !
$!LXD!%!"!"&)$#0%&!"$!*zs$!L)%#+$!
zyws!%,+ !&+\
8%zyys*0?3<!J 4!;X0&!%! )%#%[
&! S"!"4!-#0*!%P0""+%\0 0*!*0J !%&!
+&0"&!"!%&#$0$!"*+#%D!"&#>0 +%\8%&!
!**0"*0K>!%-#0Z0-#+%0*$!G%&!*#>!%-#0'
!"4+%"0H*!$!*+""! D#-#+""!- !&+"")[
$0=#-0%+"'J #!%&0"9)!*0?GK!"&0$)%#[
$!%"!N!*: GsH #&Q%#-+*+&!%10%!%*0J #0\
8%zyyw*0?GK0D#"X0*>+H#! %+")$0=#[
-0%+9)!P0""+%!"&0H004)%&+$!.)#$!*
401"\Y)!$!&!%#$+4+ *04+*#-10'9)!!%-+%[
&X!%")$+J #-#*#+> 0%$!"-0%&#$0$!"$!
S_&0"#"N-)0&+H0U*!"**!%+"$!$+-)J !%[
&+"C)%+"!*0-#+%0$+"-+%!*?+0"& +L!-&
N+&+""+H !*0!$$!-+%&0-&+"#%&! %0-#+[
%0*!"9)!!*-0 $#X*+>+.0H10&!L#$+\
8*tz$!L)*#+$!zyyøP0""+%=)!0-+[
0*0$+40 09)!"!4 !"!%&0 00%&!*0?3<\
5*!>X+$!0$+4+ )%!9)#4+$!0H+>0$+"\
I0H*X*+J !%+"4+"#H*!\! +0*+*0 >+$!
")"0)$#!%-#0""!!J 4!;X00 +L0 *);"+[
H !!*,S4&#J +P0&0**X%$!*,! D#-#+: S$#[
-+,)$0=#-0%+'*0)%#$0$J #*#&0 "!- !&0
9)!$##>10\
: Q"#%=+ J 0-#X%") >#X$) 0%&!")L)#[
-#+!%*0K*&0?+ &!$!()"&#-#0$! !&+ #0'
9)!#%#-#X!*÷$!+-&)H !$!zyyyN0-0HX
!%uvvu\Y)!!*L)#-#+J Q"*0 >+$!&+$0*0

"!)&#*#;0 +%")"&+_#%0"J + &0*!"$) 0%&!
0--#+%!"!%-)H#! &0"­-+J +!*W4! 0&#D+
P0 %0-*!N!*W4! 0&#D+®T)!*­-0)"0%$+
!"&0>+"!%&!*+"+4+"#&+ !"0*Ÿ Ÿ¡£¤¥¦§\
51$! !"%!> +"$!,)$Q=#-0'K%>+*0NZ0[
J #H#00"!>) 0 +%9)!*0"=)! ;0"0 J 0$0"
")$0=#-0%0")"0 +%-+%=!-)!%-#0!"0"
0 J 0"%+-+%D!%-#+%0*!"!%")-+%&0\
8%")#%=+ J !ù%0**0?3<$#+%+J H !"
$!D1-&#J 0"$!*0"0 J 0"9)1J #-0"$!*?+0"& 
+L!-&\8*J Q"-+%+-#$+!"Y 0%d?.#d0[
%!'ù>) 0!J H*!J Q&#-0$!*0*)-.0-+%&0
!*Ÿ Ÿ¡£¤¥¦§N!_4 !"#$!%&!$!*?+%"!L+
,)$0=#-0%+$!G>*!"#0"\8%zyøy0>!%&!"
"!- !&+"!J 4040 +%")+40-+%)%0")"[
&0%-#0J + &0*\: S$#-+"!"&0$)%#$!%"!"*+
"0*D0 +%$!J #*0> +\
K*>)%+"$!*+"$+-)J !%&+"!%-+%&0[
$+"!%*+"H0U*!"$!P0""+%$!"- #H!%)%0
>0J 0D0 #0$0$!0 J 0"H0-&! #+*X>#-0"C
-#>0 +"-+%&0J #%0$+"-+%Q%&0_2*!-.!'
.#"dNN-.+-+*0&!"!%D!%!%0$+"-+%
H0-&! #0"$!H+&)*#"J +20;U-0 J !;-*0$0
-+%H0-&! #0"$!"0*J +%!*+"#"\
8%&!+&+"&!"&#>+"')%!_0>!%&!"!- !&+
")$0=#-0%+'(+0%7.! +%'N)%J ! -!%0 #+
=0%-S"'?. #"!""0 0'!_4*#-0 +%9)!-!%[
A ‰‰69Â4¼¶
7 9Š6‰

8*>+H#! %+$!T!f*! d
"0*DX*0-0 00%#D!*#%&! %0[
-#+%0*' 4! + ] 0".#%>&+% N
5+%$ !"J )*&#4*#-0 +%*0"4 ![
"#+%!"-+%&0!*?+0"& +L!-&\
8%J 0 ;+$!zyytP0""+%$!LX
*0$#!--#X%$!*4 +> 0J 00*
&#!J 4+9)!"!*!4#$#X$!"&)#
$!)%0D!;4+ &+$0"!*=)&+$!
")"!_4! #J !%&+"\
8*-+%&!%#$+$!")"H0U*!"
$!J +"&X9)!!*-0 $#X*+>+'
04+$0$+´°µ£°¡¨§¥¨¶Ÿ¨· ¸¥¡£¥
!%,)$Q=#-0'$#"&X$!0-0&0 
*0"X $!%!"$!T!f*! d\
¹3!%$#X0*>)%+"$!")"
"!- !&+" 0 + >0%#;0-#+%!"
- #J #%0*!" + 0 >+H#! %+"º
Z0$#!4)!$!-+%&!"&0 !"0
4 !>)%&0\! +*+"#%D!"&#>0[
$+ !"0"!>) 0%0*)%1"+%+
9)!%)J ! +"+""! D#-#+""![
- !&+"!%!*J )%$+"!>)10%$!
-! -0*+"$!"-)H #J #!%&+"$!
P0""+%\: !%-#+%0%0*+"$! 

8"&0$+"ú%#$+"'/ 0%P !&0[
60'Y 0%-#0',)#;0'G0d'GQ%'
5#H#0'G" 0!*«
E
7 ¶ 
ç 4ˊ9

8%zyyr'H0L+4 !"#+%!"
!"&0$)%#$!%"!" N H #&Q%#[
-0"'Z!*"+%: 0%$!*00-!4&X
&!%0 !"$!+4+"#&+ !"=)! +%!*#J #%0$+"
-+%#%N!--#+%!"*!&0*!"=0H #-0$0"!%*+" !#%-+ 4+ 0 0P0""+%!%*0"=)! ;0"
*0H+ 0&+ #+"J #*#&0 !""!- !&+"N*)!>+&#0[ 0 J 0$0"$!*0%)!D0,)$Q=#-0\,!>U%
*04 !%"0") 0=#-0%0'5+%$ !"N] 0"[
$+"0*J 0 $!"$!0D#+%!"\
G%"#"&#! +%C!%%)J ! +"0"+4+ &)%#$0[ .#%>&+%-+%D!%-#! +%0*!J H*!J Q&#-+
$!"P0""+%#%N!-&0H04! "+%0*J !%&!") *1$! $!9)!!"0! 0*0U%#-0J 0%! 0$!
D!%!%+9)1J #-+0*0"D1-&#J 0"\Z#%>)%0#%[ -+%&+*0 *+\
8%uvvuP0""+%>0%X")L)#-#+0%&!*0
D!"&#>0-#X%4! J #&#X$!&! J #%0 !*%UJ ! +
$!+4+"#&+ !"9)!4! !-#! +%0-0)"0$! K*&0?+ &!$!()"&#-#0$! !&+ #0N"0*#X
*#H !\8*L)!;] #**#!I0 &;!%H! >'-+%+-#[
")"0 J 0"D!%!%+"0"\
8%zyyv')%+"J !"!"$!"4)S"$! $+4+ ")"-+%D#--#+%!")*&0$! !-.#"[
9)!0")J #X*04 !"#$!%-#0$!,)$Q=#-0' &0"'$!"!-.X*+"sw-0 >+"!%")-+%&0'
Y !$! #d$!f*! d-0%-!*X*04 +$)--#X% !%&!*+"-)0*!"$!"&0-0H0%0-)"0-#+%!"
$!0 J 0"H0-&! #+*X>#-0"N!_#>#X*0$!"[ $!-+%"4#0-#X%40 0-+J !&! - 1J !%!"'
&)--#X%$!*0"9)!N0!_#"&10%\8*!9)#[ =0)$!ù"-0*N4+"!"#X%$!$ +>0"\I0 &[
4+$!P0""+%"!$!$#-X0*04 +$)--#X% ;!%H! >$!"-0*#ù-X4 )!H0"N&!"&#>+"
J 0"#D0$!"!$0%&!"!-"&0"NNJ 0%$ 0_ "#%40 40$!0 \,!.0H*X$!04!*0 ")$![
N$!>0"!"?<NPO'0J H+"")J 0J !%&! -#"#X%!%%+J H !$!*8"&0$+")$0=#-0%+\
5)!>+N0%0$#!&+-X!*&!J 0\
$06#%+"40 0!*"#"&!J 0%! D#+"+\®
50L)"&#-#0$!*0»0J 0%&!³Z0-#X%$!*
Wù-#0*J !%&!%)%-0"!0-*0 X!*)"+
9)!"!4*0%!0H0$0 0*!-"&0"NN0*J 0%[ K -+##"´N!*>+H#! %+$!7.0H+: H!d#
$ 0_\5+"#%D!"&#>0$+ !"%+&#!%!%*0J 1[ "0*#! +%J )NJ 0*40 0$+"$!!"!40&S&#[
%#J 0$)$0C!"&0H0%$!"&#%0$+"0#%)%$0  -+$!"!%*0-!9)!.#;+J Q"=Q>#*!*$#=1-#*
*0"-0**!"$!*+"£°±²³¤¦ ³¨%!> +"$!*401"\ 4 +-!"+$!!-+%-#*#0-#X%%0-#+%0*\
K-&)0*J !%&!P0""+%D#D!!%)%0*)L+[
8%zyyu!*>+H#! %+$!: +;0J H#9)!
0-)"X0,)$Q=#-0$!.0H! )"0$+>0" "0J 0%"#X%$!?#)$0$$!*?0H+\
T) 0%&!*0"$+"$S-0$0"9)!!%-0[
PO-+%&0")"&+40"\50-+J )%#$0$#%[
&! %0-#+%0*&+J X*0$!%)%-#0!%"! #+\ H!;X!*?+0"& +L!-&¨­")J ! >#$+!%!*
?+J #"#+%!"$!#%"4!--#X%!"&0$)%#$!%[ J )%$+"!- !&+J Q"&!%!H +"+$!*Ÿ Ÿ¡¢
"!"'H #&Q%#-0"N$!*0"Z0-#+%!"ú%#$0" £¤¥¦§­P0""+%0-)J )*X$0&+"$!")J 0
=)! +%!%D#0$0"0: +;0J H#9)!\Z+$!"[ #J 4+ &0%-#0"+H !&+$0*0-*0"!4+*1&#-0
-0 &0 +%!*)"+$!*>0"PO'4! +$#4*+J Q[ ")$0=#-0%0'0*&#!J 4+9)!!"&!-.X")"
&#-0J !%&!0ù J 0 +%9)!%+4+$10%-+J [ *0;+"#%&! %0-#+%0*!"\,)"#*!%-#+-+%D#![
%!0J )-.0>!%&!\5#H !'P0""+%-0**0\F
4 +H0 *+$!*&+$+\

UH@C<4A<@4H@4;?C<43?6E?U:742AW?><@4QHAW?4
?;H?43<M>:4:64A<3C?674[H:4?C><Xœ  :4Z?6D
C?@44I?6?M>?3777=
]?66?74%<343?AHB:@46<34Q93Q<34:3A?D
6<Z>J<374%:A:39C?Q<34396:@A9<74<Q?Q<34
?;H?74oH:;<4Ó:96943?6:4?4ZHQ?>4H@4A9;?>><7
•pƒxqpbtr‚rqrb
%<Q?>H39?4:>?4?L@4H@4Z:C<4AH?@B<43HZ>9Y4
I<>4I>9Q:>?4E:X46?4E9<6:@A9?4B:64ghgci
amb_f74zH4Q?B>:466:E?M?4<AW<4Q:3:34B:4
:QM?>?X<4AH?@B<46<34I<69AJ?34><QI9:><@4
6?4IH:>C?4B:43H4A?3?4:@4z<Ó:C<74
zH34I?B>:34:>?@4<>9H@B<34B:4>?@3:¯T4
H@<4B:46<34I>9Q:><34cgtah`agtr:@A6?E:34
@:;><34A>:?B<34I<>4:64>5;9Q:@4>?A93C?4B:4
“>:C<>9?74zH34W?M9C?@C:34@:A:39C?M?@4I?3?D
I<>C:34I?>?4E9?U?>4I<>4zHB\Z>9A?T43H4I><I9<4
I?J3T4N4I:>Q93<34:3I:A9?6:34I?>?4>?B9A?>4N4
C>?M?U?>4:@4{<W?@@:3MH>;<74o<34I?B>:34B:4
%<Q?>H39?4A?>:AJ?@4B:4:3:4I:>Q93<74z?D
MJ?@4PH:4AH?6PH9:>4BJ?4I<69AJ?34I<BJ?@466:D
;?>4I?>?4B:C:@:>6<34N4B:I<>C?>6<37
~4ZH:46<4PH:4I?3Y4:64F&4B:4Q?>X<4B:4G"x&R
1 94I?B>:4C>?M?U?M?4B:4@<AW:4:@46?4Q9D
@?74 94Q?B>:4:3C?M?43<6?4:@46?4A?3?74o<34
I<69AJ?343:4:@ZH>:A9:><@4I<>PH:4C:@J?@46?4
<>B:@4B:4?;?>>?>6<34?46<34B<374z:4:AW?><@4
3<M>:4Q94Q?B>:T46?4;<6I:?><@T46?4E9<6?><@4
N46?4B:U?><@4C9>?B?4:@4H@4AW?>A<4B:43?@;>:74
o<34E:A9@<346?466:E?><@4?4)?>?;Ó?@?CWT4:64
;>?@4W<3I9C?64B:4z<Ó:C<74o<34Q5B9A<34@<34
3?6E?><@4?46?34B<374%<4WHM9:>?4B:M9B<4@?D
A:>74“:><4@?AJ7=34
%<Q?>H39?43:4:@B:>:X?74o?466:@?4B:4<>D
;H66<4:3:4I>9Q:>4?AC<4B:4>:393C:@A9?741%?AJ4
>:M:6B:=T4A6?Q?4?46?4E:X43<6:Q@:4N4MH>6<@?7
(@4I?yH:6<4?Q?>966<4?C?B<4A<Q<4H@4
CH>M?@C:4B939QH6?43H4A?M:66<4:496HQ9@?43H4
><3C><74zH346?>;<34?>:C:34M?96?@4AH?@B<4
QH:E:46?4A?M:X?4I?>?4:SI>:3?>43H4A<>?U:T4
3H34BHB?3T43H4B<6<>T43H4Z>H3C>?A9Y@7
8:Q?39?B<34>:AH:>B<346?4?C<>Q:@C?@74 
?M6?4QHAW<4B:46?4:3I9>?64B:4E9<6:@A9?4PH:4
:@6<PH:A9Y4?64I?J34?4Q:B9?B<34B:46<34?y<34
<AW:@C?4N43<M>:4C<B<4?4I?>C9>4B:4UH@9<4B:4
G"&xT4B:3IH534B:4PH:4:64;<M9:>@<4B:4“9:D
C:>4)<CW?4B:A6?>Y4:6423C?B<4B:4:Q:>;:@A9?7
1%<4C:@J?Q<34B:>:AW<4?4:3C?>4:@46?4A?D
66:4B:3IH534B:46?3439:C:4B:46?4C?>B:74o<34m_i
hhd`4E:WJAH6<34M69@B?B<34B:46?4I<69AJ?4
:3C?M?@4:@4C<B?34I?>C:374z:4B93I?>?M?4I<>4
B<PH9:>74z<Ó:C<4:3C?M?4?3:B9?B<73}4Q:@HD
B<4CHE:4PH:4>:IC?>4W?3C?46?4IH:>C?4B:4Q94A?D
3?4:@4Q:B9<4B:4C9><C:<3=7
8:3IH534B:46?469M:>?A9Y@4B:4%:63<@4 
?@B:6?T4:@4G""VT4N4?@C:34B:46?34I>9Q:>?34
:6:AA9<@:3469M>:34B:4zHB\Z>9A?4:@4G""#T439D
;H9Y49QI:>?@B<4:64A?<374o?34@:;<A9?A9<@:34
:@C>:46<346JB:>:34I<6JC9A<34@:;><34N4M6?@A<34
?6A?@X?M?@4@9E:6:34:SC>:Q<34B:4C:@39Y@742@4
G""!4A9@A<43<6B?B<34M6?@A<34Q?C?><@4?64
W:>Q?@<4B:4%<Q?>H39?7423C?M?4:3I:>?@B<4
:64C>:@4?46?344B:46?4Q?y?@?74M?4?4C>?M?U?>7
12>?4H@4QHAW?AW<43:@A966<4PH:4@<4:3D

µ

»»yz{|ÃÄ Ã} ~Ç »»»

K4.+&+x++*[: #d!I)&-.#%>"

067
‰
944ˆ 4 4›4ˆ 4 69
ˆ

9Â40 Š ‰
‰4 6ˆ Š
Á

†b½Z‚¬ow¬¾ 
Ó:9694N4%<Q?>H39?43<@4C?@43Y6<4B<34B:4
:@C>:4H@?4QH6C9CHB4B:4EJAC9Q?34I><E<A?D
B?34I<>4:64ghgcamb_fT4H@4393C:Q?4I<6JC9A<4
?M:>>?@C:T4A>H:64N4?@?A>Y@9A<4PH:4C<B?EJ?4
W<NT4B<34B5A?B?34B:3IH534B:43H4B93<6HA9Y@T4
A<>><:46?4E9B?T46?4Q:@C:4N4:649@A<@3A9:@C:4
B:4Q966<@:34B:4W?M9C?@C:34B:4zHB\Z>9A?7
2@4:64Q<Q:@C<4:@4PH:46?4%?A9Y@4}>D
A<4>9343:4?I>:3C?4?4>:?69X?>46?4++4:B9A9Y@4
B:64 H@B9?64B:4[HCM<6T43:4?AHQH6?@4B?C<34
N4:3C?BJ3C9A?34:3A?6<Z>9?@C:343<M>:46?4E9<D
6:@A9?4A>9Q9@?64PH:4W<N46?43?AHB:74z<@49@D
AH:3C9<@?M6:3T4I:><4@<4B:M:@4W?A:>4<6E9D
B?>4PH:46?4C>?@39A9Y@4B:4H@4393C:Q?4B:4A<>C:4
Z?3A93C?4?4H@?4B:Q<A>?A9?4Q<B:>@?T4?L@4:@4

˜Èyz{|ÃÄ Ã} ~Ç 

I><A:3<4B:4;:3C?A9Y@T43:46<;>Y439@4Q?N<>4
M?y<4B:43?@;>:4@94;H:>>?4A9E967
,?>9<34Z?AC<>:34I:>Q 9C9:><@4:3?4C>?@D
39A9Y@4A?394I?AJZ9A?74o<34I>9Q :><343<@4
I<6JC9A<3R46<346JB:>:34B:64;<M:>@?@C:4“?>D
C9B<4%?A9<@?64C<Q ?><@46?4Q :B9B?4B:43H4
9Q I<C:@A9?4?@C:46?4>:M:69Y@4A>:A9:@C:4B:4
6<34<I>9Q 9B<3$4N4:64]%}4A<Q I>:@B9Y4PH:4
@<4I<B>J?4B:>><A?>4Q 969C?>Q :@C:4?64I<B:>4
3:;>:;?A9<@93C?74
23:4:QI?C:43:4B9<4:@4H@4A<@C:SD
C<4;:<I<6JC9A<4C>?3C<>@?B<4I<>46?4A?JB?4
B:64 H><4B:4):>6J@4N46?4B93<6HA9Y@4B:46?4
(@9Y@4z<E95C9A?74264Z9@4B:46?4”H:>>?4[>J?4
B:UY439@4UH3C9Z9A?A9Y@4?46<349B:Y6<;<34B:64
ghgcamb_f3PH:43:4E?@?;6<>9?M?@4B:4I><C:D
;:>4?64QH@B<4<AA9B:@C?64A<@C>?46?41I6?;?4
A<QH@93C?=4PH:43:4?M?CJ?43<M>:4:64A<@C9D
@:@C:4?Z>9A?@<7
z:49QIH3<4:64I>?;Q?C93Q<74o<34:@:D
Q9;<343:43:@C?><@4?4@:;<A9?>74zH34B93D
AH39<@:34BH>?><@4AH?C><4?y<3T4B:4G""V4?4
G""#74?@4:3I:>?@X?B<>4A<Q<4I<C:@A9?6D
Q:@C:4:SI6<39E<4ZH:4:64A<QI><Q93<4Z9D
@?674<N4@?B9:4IH:B:4B:3A?>C?>4PH:4?6;H@?4
AW93I?4I>:@B?4B:4@H:E<4:64I<6E<>J@7
2@C>:46<34C:Q?34PH:4;:@:>?><@4Q?N<D
>:34C:@39<@:34B:3C?A?M?46?43H:>C:44B:46<34
>:3I<@3?M6:34I<6JC9A<3T4I<69A9?A<34N4Q969D
C?>:34B:46<34A>JQ:@:34A<Q:C9B<34BH>?@C:4:64
ghgcamb_f¥4A>JQ:@:34PH:46?47>;?@9X?A9Y@4
B:46?34%?A9<@:34(@9B?347%(4A?69Z9AY4B:4
qb`grmh^gt_fgf4:@4G"x&74264]%}4:S9;J?4
:@UH9A9?>6<3$4:64;<M9:>@<4:@A?M:X?B<4I<>4
[>:B:>94B:4¿6:>4:S9;J?4?Q@93C9?>6<37

%:63<@4 ?@B:6?4N4:64<M93I<48:3Q<@B4 
HCH43?6E?><@46?439CH?A9Y@49@3HZ6?@B<4:64
I>:A:IC<4Z96<3YZ9A<4?Z>9A?@<4B:64schtahr?64
I><A:3<4W93CY>9A<4PH:4E9EJ?4:64I?J374“><IHD
39:><@4?43H4IH:M6<4:@A?>?>4:64I?3?B<T4MH3A?>4
6?4E:>B?BT4WH9>4B:46?4E:@;?@X?T4E<6E:>4I<39D
M6:46?4UH3C9A9?T4>:A<@A969?>3:4I?>?4A<@3C>H9>4
H@?4@?A9Y@4QH6C9AH6CH>?64N4QH6C95C@9A?7
8:3Q<@B4HCH4B:Z9@9Y46?4A<QI6:U9B?B4

K

C?M?4Q:C9B<4:@4@?B?74%H@A?4@?B9:4IHB<4:SD
I69A?>Q:4I<>4PH546:4B93I?>?><@74 HAW<34
M6?@A<34:3C?M?@4?C:>>?B<34I<>PH:43?MJ?@4
PH:4:64]<@;>:3<4%?A9<@?64}Z>9A?@<4]%}4
9M?4?4;<M:>@?>4?64I?J374 969C?>:3¼Q?C?><@4?4
QHAWJ39Q?4;:@C:4I?>?49QI:B9>6<74
1 :4:@C:>54B:46?4QH:>C:4B:4Q94W:>Q?D
@<4E9:@B<4:64@<C9A9?>9<4B:46?4@<AW:74?>D
B54G4BJ?34:@4>:AHI:>?>43H34>:3C<374K:A<D
>>J4QHAW<34B:IY39C<34B:4A?B\E:>:374<B<34
:3C?M?@466:@<374[9@?6Q:@C:4B94A<@4H@4MH6D
C<4B:4AH:>I<34:@4Q:B9<4B:64AH?64>:A<@<D
AJ4?64B:4Q94W:>Q?@<74)?C?6654I?>?4PH:4Q:4
6<4B:E<6E9:>?@74 94Q?B>:4:@Z:>QY4N4Z?66:D
A9Y74 94W:>Q?@<4Q\34U<E:@43:4E<6E9Y4QHN4
E9<6:@C<4N4?A?MY4?AHAW966?B<4:@4G""73“:D
><4?PHJ4:3C<N7=3

6HQ9@<3?4B:64schtah4N43H4I:>C9@:@A9?4:@4
zHB\Z>9A?R4
1schtah439;@9Z9A?R43<N4H@43:>4WHQ?D
@<4I<>PH:4H3C:B4:34H@43:>4WHQ?@<74z94?Q9D
@<><43H4WHQ?@9B?BT4Q:4B:3WHQ?@9X<4?4QJ4
Q93Q<74234A?I9C?64W?A:>46<49QI<39M6:4I?D
>?4I>:3:>E?>4:3?4;>?@4?>Q<@J?4I:>Q?@:@D
C:Q:@C:4Q:>Q?B?4I<>4:64>:3:@C9Q9:@C<T4:64
A<>?U:4N4:64B:3:<4B:4E:@;?@X?742@4KZ>9A?4
6?4UH3C9A9?4MH3A?4Q\34>:I?>?>4PH:4A?3C9;?>7=3
2@4UH@9<4B:4G""T4H@4?y<4B:3IH534B:46?4
:6:AA9Y@4B:4 ?@B:6?4A<Q<4I>:39B:@C:T4:64
“?>6?Q:@C<4I><QH6;Y4:64}AC?4I?>?46?4“><D
Q<A9Y@4B:46?4(@9B?B4%?A9<@?64N46?4K:D
A<@A969?A9Y@T4PH:4I:>Q9C9Y4?43H4E:X4A>:?>4
6?4]<Q939Y@4B:46?4,:>B?B4N46?4K:A<@A969?D
A9Y@4],KT4AHN?34C?>:?34ZH:><@4>:I?>C9D
B?34:@C>:4C>:34A<Q9C537
(@4?y<4BH>Y4:64I><A:3<4B:43:6:AA9Y@4B:4
6<34G4Q9:QM><34B:64]<Q9C54B:4,9<6?A9<D
@:34B:46<348:>:AW<34HQ?@<3743C<34B:D
MJ?@43:>4>:I>:3:@C?C9E<34B:4C<B?346?34C:@D
B:@A9?34I<6JC9A?34B:64I?J3T49@A6HN:@B<4?46?4
H6C>?B:>:AW?T4B:4C<B?346?34A<QH@9B?B:345CD
@9A?34N4>?A9?6:3T4N4A<@C?>4?B:Q\34A<@4H@4
@LQ:><4:PH9C?C9E<4B:4W<QM>:34N4QHU:>:374 
?@B:6?43HI:>E93Y4:3?43:6:AA9Y@4:@4H@4A69D
Q?4B:4I?39<@:34:S?A:>M?B?34N4?A?MY49QD
I<@9:@B<43H4E<6H@C?B7
4[H:4C?QM95@43HQ?Q:@C:4B9ZJA9649@C:D
;>?>4:64]<Q9C54B:4K:I?>?A9<@:34N4K:9@3:>D
A9Y@T4?3J4A<Q<4:64B:4}Q@93CJ?7
[9@?6Q :@C:46?4],K4PH:BY4<Z9A9?6D
Q :@C:4A<@3C9CH9B?4:@4:@:><4B:4G""x74
zH4I>:39B:@C:T48:3Q <@B4HCHT49@?H;HD
>Y43H346?M<>:34:64G4B:4?M>964B:4:3:4?y<4
:@46?4?6A?6BJ?4B:46?4A9HB?B4B:42?3C4o<@D
B<@T4HM9A?B?4:@46?4I><E9@A9?43HB<>9:@C?64
B:42?3C:>@4]?I:74]H@?34B:46?4>:393C:@D
A9?4A<@C>?4:64ghgcamb_fT4?Q M?346<A?69B?D 
‰7 6948Š8Â428 
44ˆ 4Á9š 9ç

B:343HZ>9:><@4H@?4>:I>:39Y@4B:3I9?B?B?74
2QI:XY4:@C<@A:34H@?4A?C?>3934A<6:AD
C9E?4PH:4A<@EH639<@Y4?64I?J34BH>?@C:4B<34
?y<34N4AHN?34<@B?34B:4AW<PH:4?L@43:439:@D
C:@4W<N74
8:4G""x4?4G""&T46?4],K4>:A<>>9Y4C<B?4
zHB\Z>9A?T43:4>:H@9Y4:@4Q<B:3C?34:3AH:6?34
B:4IH:M6<3T4:@4\>:?34A?>A<Q9B?34I<>4:64>?D
A93Q<T4:@4adÏt`m_h`4X<@?34H>M?@?34Q93:D
>?M6:3T4:@49;6:39?34Q<B:3C?3T4:@43<6:Q@:34
3?6?34QH@9A9I?6:34B:4;>?@B:34Q:C>YI<693T4
:@46?4(@9E:>39B?B4B:4S :3C:>@4]?I:4B:4]9HD
B?B4B:64]?M<T4:@46?43:B:4A:@C>?64B:46?4 9D
39Y@4 :C<B93C?4B:4{<W?@@:3MH>;<œ
o<34G4UH:A:34B:46?4A<Q939Y@43:4B9E9D
B9:><@4:@4B93C9@C<34;>HI<34PH:4C>?M?U?><@4
39QH6C\@:?Q:@C:4:@4B9E:>3?34I?>C:34B:64
I?J374“:><4:@4A?B?4?HB9:@A9?43:4MH3AY4Q?D
@9Z:3C?>4H@4;>?@4>:3I:C<4I?>?46?34EJAC9Q?34
A<@46?4:3I:>?@X?4B:4PH:43H4C:3C9Q<@9<4IHD
B9:>?4?NHB?>6?34?4>:A<M>?>43H4B9;@9B?B74
4o?4],K4B<AHQ:@CY4FG4Q964V4A?3<34
B:4EJAC9Q?34B:4;>?E:34E9<6?A9<@:34B:4B:D
>:AW<34WHQ?@<34A<Q:C9B?34:@C>:4:64G4B:4
Q?>X<4B:4G"xV4N4:64GV4B:4Q?N<4B:4G""#74 
\34B:4F4Q964B:4:66?343:4:SI>:3?><@4:@4?HD
B9:@A9?34ILM69A?374 
<B?34:3?34?HB9:@A9?34ZH:><@4Z96Q?B?34
N43:4:@AH:@C>?@4?>AW9E?B?374o<34Q:B9<34B:4
A<QH@9A?A9Y@4B:64I?J34>:3:y?><@4?QI69?D
Q:@C:46<34C>?M?U<34B:46<34C>:34A<Q9C534B:46?4
],K742@C>:4?M>964B:4G""x4N4UH@9<4B:4G""&T4
A?B?4B<Q9@;<4:64I><;>?Q?4C:6:E939E<4Àtwdci
^brb`hbj_gqr`dccbrqgr*d^_`_štrfbrqgr¤bcfgf4
B9ZH@B9Y4W<>?34B:4?HB9:@A9?34ILM69A?374
o<34>:I<>C:><34PH:4AHM>9:><@4:3<34
:E:@C<34@<43?69:><@496:3<34B:4:3?4W?X?y?R4
H@<343HZ>9:><@43J@C<Q ?34B:I>:39E<3T4<C><34
I><M6:Q ?34I39A<3<Q \C9A<374o<4Q 93Q <4I?D
3Y4A<@4A?394C<B<4:64:PH9I<4B:4!#!4I:>3<D
@?34PH:4C>?M?UY439@4B:3A?@3<4I?>?46?4],KT4
39@4W?M6?>4B:649Q I?AC<4PH:4A?H3?><@4:@4
6?34EJAC9Q ?34N43H34Z?Q 969?346?34?C><A9B?D
B:34B:3C?I?B?374 HAW<346?Q :@C?><@4PH:4
6?4A<Q 939Y@43:4WHM9:>?4PH:B?B<4?4Q :B9<4
A?Q 9@<7
264F"4B:4<ACHM>:4B:4G""&46?4],K4:@D
C>:;Y4<Z9A9?6Q:@C:43H4I>9Q:>49@Z<>Q:4?4 
?@B:6?74]9@A<4?y<34Q\34C?>B:T4:@4Q?>D
X<4B:4FVV!T4W9X<4:@C>:;?4B:43H4>:I<>C:4Z9D
@?64?64I>:39B:@C:4W?M<4%M:9T43HA:3<>4B:4 
?@B:6?73}QM<34B<AHQ:@C<34A<@3C?@4B:4
#4Q964VV4I\;9@?34:@4C<C?64N4IH:B:@43:>4
A<@3H6C?B<34:@49@C:>@:C74]<@3C9CHN:@4H@?4
>?B9<;>?ZJ?49QI6?A?M6:4:49@AH:3C9<@?M6:4B:4
6?4>:I>:39Y@4B:3?C?B?4I<>4:64>5;9Q:@4B:64
ghgcamb_f4N4B:46?4E9<6:@A9?4PH:4;:@:>Y4:@D
C>:4PH9:@:346<4A<QM?CJ?@7
Á xooxrbÂbu¬ubà ¬ƒÄpƒÄnub
o?4 ]<Q939Y@4 B:4 6?4 ,:>B?B4 N4 6?4
K:A<@A969?A9Y@4B:4zHB\Z>9A?4@<4C9:@:4
:PH9E?6:@C:4:@46?4W93C<>9?4I<>PH:4B9<46?4
I?6?M>?4?4C<B?346?34EJAC9Q?34B:4:3?4E9<6:@D
A9?4PH:43?AHB9Y4?64I?J34BH>?@C:4!#4?y<37 

?M6?><@4Z?Q969?>:34B:4?6;H@<34B:46<34
4Q964@:;><34:U:AHC?B<34I<>4<C><34@:;><3R4
H@<34I<>4A<6?M<>?>4A<@4:64>5;9Q:@T4<C><34
I<>4>:M:6?>3:4:@46<34A?QI<34B:4:@C>:@?D
Q9:@C<4B:64s^ÑmdtadrÏbrH_gÏbT4M>?X<4?>D
Q?B<4B:64]%}T4N4<C><34Q\34:@46HAW?34Z>?D
C>9A9B?34:@C>:46<34I?>C9B?>9<34B:64ÀtÑmgagr
¬cbbfd^rmgcalT4:@A?M:X?B<4I<>4:646JB:>4XHD
6H4 ?@;<3HCWH4)HCW:6:X9T4N46<34B:64]%}7 
?@B:6?4Q93Q<4B9<4:64:U:QI6<4?64B:3D
A>9M9>4ILM69A?Q:@C:46?34:S?AA9<@:34A<D
Q:C9B?34:@46?34M?3:34;H:>>966:>?34PH:4
s^Ñmdtad4C:@J?4:@4 <X?QM9PH:4N4}@;<D
6?74“:>Q9C9Y4?3J4PH:4A:@C:@?>:34B:4Z?Q969?34
IHB9:>?@4Z9@?6Q:@C:4?3HQ9>43H4BH:6<7
[H:43HQ?Q:@C:4B<6<><3<4I?>?46?4A<D
QH@9B?B4@:;>?4<J>4C:3C9Q<@9<343<M>:4:64
13HI69A9<4B:64A<66?>=49@Z69;9B<4?46<34_^h_i
h_`r:3IJ?34@:;><34I?;?B<34I<>4M6?@A<34
:@46<34adÏt`m_h`74z:46:34A<6<A?M?@466?@C?34
:QI?I?B?34B:4;?3<69@?4?6>:B:B<>4B:64AH:D
66<4?46?34PH:46:34I>:@BJ?@4ZH:;<74
264B9\6<;<4PH:43<3CHE<4:64?M<;?B<48HD
Q93?4%C3:M:X?T4H@<4B:46<344G43?M9<34B:46?4
],KT4A<@4W<QX?Q?4 ?69C9T4W9U?4B:4H@?4
EJAC9Q?T4W?M6?4I<>43J43<6<7
z:;L@4A<@CY4W<QX?Q?43H4Q?B>:4ZH:4
?C?A?B?4:64F4B:4<ACHM>:4B:4G"&4I<>4A9@D
A<4W<QM>:374zH34E:>BH;<346?4?;?>>?><@4:@4
6?4A?66:T46?49@Q<E969X?><@T46?4M?y?><@4A<@4
;?3<69@?T46:4A<6<A?><@4H@?466?@C?4?6>:B:B<>4
B:64AH:>I<4N46:4I>:@B9:><@4ZH:;<74
8HQ93?4%C3:M:X?R3Q]H\@B<466:;Y46?4
I<69AJ?R 
W<QX?Q?4 ?69C9R4o6:;Y4AH?@B<4N?4
:3C?M?4:@466?Q?37423C?M?4:QM?>?X?B?4
AH?@B<46?4PH:Q?><@7
8%C3:M:X?R4QOH54PH9:>:4B:A9>R
8W<QX?Q?R4o<34I<69AJ?346?4MH3A?D
M?@74zY6<46?4<J?@4?H66?>74]H?@B<46?4E9:><@4
N?4:3C?M?4:@466?Q?37
8%C3:M:X?R3Q]<>>J?4Q9:@C>?343:4A<@3HD
QJ?R
8W<QX?Q?R4%<T4@<4I<BJ?4A<>>:>74]?D
Q9@?M?4B:3I?A9<4Q9:@C>?34?>BJ?43H4><I?74
z:4B9>9;J?4W?A9?46<34I<69AJ?37
8%C3:M:X?R4Q}A?MY4:>>?@B<4B:3@HB?4
I<>46?34A?66:3R
8W<QX?Q?R4zJ7
8%C3:M:X?R4Qo:4B?M?4Q9:B<4?46?4;:@D
C:4?NHB?>6?R
8W<QX?Q?R4o<34jd^cgfb`4Q969C?@D
C:34B:64]%}4@<4I:>Q9CJ?@4PH:4@?B9:4?NHD
B?>?4?46<34A?3C9;?B<374]?Q9@Y43<6?4W?3C?4:64
A<AW:4B:46?4I<69AJ?744
o?4Q?B>:4B:4W<QX?Q?4QH>9Y4:@4:64
W<3I9C?64C>:34BJ?34B:3IH5374
“:><46<4PH:4>:?6Q:@C:4A<@E9>C9Y46?46?D
M<>4B:46?4],K4:@4H@4I><A:3<4PH:4@<43:4I?D
>:A:4?4@9@;L@4<C><4ZH:46?4<I<>CH@9B?B4PH:4
3:4B9<4?46<34I:>I:C>?B<>:34B:4E9<6?A9<@:34
B:4B:>:AW<34WHQ?@<34B:4C<Q?>46?4I?6?M>?4
?@C:4:64]<Q9C54B:4}Q@93CJ?4]}74o<4W9D
A9:><@4:@4I>:3:@A9?4B:43H34EJAC9Q?34<4B:4
6<34Z?Q969?>:34B:453C?37 
@C:;>?B<49@9A9?6Q:@C:4I<>4C>:34UH:D

˜˜

»»yz{|ÃÄ Ã} ~Ç »»»

A:349@B:I:@B9:@C:34N4B<34?M<;?B<34B:46?4
],KT4:64]}4CHE<4PH:4I:B9>4>:ZH:>X<34I<>D
PH:4>:A9M9Y44Q964GGF43<69A9CHB:374}A?MY4
3H4Q939Y@4W?3C?4:64!G4B:4Q?N<4B:4FVVG74
o?34B<34C:>A:>?34I?>C:34B:46<343<69A9C?@C:34
:3C?M?@4:@A?>A:6?B<374(@4C<C?64B:4&#"4I:>D
3<@?34ZH:><@4?Q@93C9?B?37
o<343<69A9C?@C:34B:MJ?@4AHQI69>4A<@4
C>:34>:PH939C<3R4A<QI><Q:C:>3:4?4A<@C?>4
C<B<46<4PH:43?MJ?@4N46<4PH:4W?MJ?@4W:AW<$4
:SI>:3?>4H@4?>>:I:@C9Q9:@C<439@A:><4N4B:D
Q<3C>?>4PH:4W?MJ?@4?ACH?B<4M?U<4Y>B:@:34
B:4H@?4<>;?@9X?A9Y@4<4B:4H@4I?>C9B<4I<6JC9D
A<4<4I<>4A<@39B:>?A9<@:34I<6JC9A?37
2@C>:46<34C:3C9Q<@9<34Q\34:3A?6<Z>9?@D
C:34B:46<34C<>CH>?B<>:34B:3C?A?4:64B:489>4
]<:CX::T4PH9:@4:@A?M:X?M?4:64,6?I6??3T4
:3AH?B>Y@4B:46?4QH:>C:4:@A?>;?B<4B:4:69D
Q9@?>4?46<34?AC9E93C?34gta_ghgcamb_fe4
2@4>:?69B?B4]<:CX::4@<4W?MJ?4:3I:>?D
B<4?46?4A>:?A9Y@4B:46?4],K4I?>?4B:3C96?>4
9@Z<>Q?A9Y@4:SI6<39E?742QI:XY4?4W?M6?>4
:@4G"&"T4?A<>>?6?B<4I<>46?34A<@Z:39<@:34B:4
H@<4B:43H343HM<>B9@?B<374zH4A<QI?>:A:@D
A9?4?@C:4:64]<Q9C54B:4}Q@93CJ?4N46<34Z?Q9D
69?>:34B:43H34EJAC9Q?34ZH:4C:>>9M6:744
]<:CX::4@<4B:Q<3C>Y4?>>:I:@C9Q9:@C<T4
I:><4:@C>:;Y4?46?4],K4H@49@Z<>Q:4B:C?D
66?B<43<M>:46?34?AC9E9B?B:34B:64,6?I6??374
[H:4?Q@93C9?B<4:@4G""74264]%}4A<@39B:D
K4.+&+x(+.%: ++ !

>Y43H4C:3C9Q<@9<4A<Q<4H@4Z?AC<>4A6?E:4I?>?4
I<B:>4:SW9M9>46?4Q?PH9@?>9?4Q\343?@;>9:@D
C?4N43:A>:C?4B:64ghgcamb_f4:49QI:B9>4PH:4
6<34I?>C9B<34I<6JC9A<34gwc_Ñgtbc`439;H9:>?@4
@:;?@B<46<34W:AW<37
zH469M:>C?B4>:A<M>?B?4C>?HQY4?4Q966<D
@:34B:4@:;><3T4:@C>:4:66<34?46?4Q?B>:4B:4z9D
XÓ:4¿<@B96:T4PH:4?393C9Y4?46?4?HB9:@A9?4B:64
E:>BH;<4B:43H4W9U<4N4>:WH3Y4I:>B<@?>6<7
z9XÓ:4¿<@B96:4:>?4H@4U<E:@4:3CHB9?@D
C:4B:4B:>:AW<4PH:46HAW?M?4A<@C>?4:64ghgci
amb_f74o<34:3M9>><34B:4]<:CX::46<4B:CHD
E9:><@4:@4G"&G4N46<4C<>CH>?><@4C?@C<4PH:4
PH:BY49>>:Q:B9?M6:Q:@C:46:39<@?B<747ID
C?><@4I<>4Q?C?>6<4N4PH:Q?>43H4A?B\E:>74
2SI69AY4]<:CX::4?64]}R4
1OH:Q?>4H@4AH:>I<4:@4H@?4W<;H:>?4?4
A9:6<4?M9:>C<4:34H@4I><A:3<4PH:4BH>?439:D
C:4W<>?374 9:@C>?343:4A<@3HQJ?4C<Q\M?D
Q<34C>?;<34?6>:B:B<>4B:4H@?4M?>M?A<?74%<4
E?N?@4?4I:@3?>4PH:4AH:@C<4:3<4I?>?4I><D
E<A?>4?46?4Z?Q969?74zY6<46<4W?;<4I?>?4PH:4
:@C9:@B?rPH:4:@4:3?45I<A?T4AH?@B<4:3C\M?D
Q<34W?A9:@B<4@H:3C><4C>?M?U<T4A?>:AJ?Q<34
B:4C<B?43:@39M969B?B4œ 4o?34I?>C:34A?>@<D
3?34B:64AH:>I<43:4B:Q<>?@4Q\34:@4PH:Q?>D
3:4œ 4“<>46<4C?@C<4@<34C<AY4B?>6:34E?>9?34
E:A:34EH:6C?34?46?34@?6;?34N4?46<34QH36<34B:4
¿<@B96:4œ 4“<>46?4Q?y?@?4>:A<;9Q<346?34
A:@9X?34A<@43HQ<4AH9B?B<4I?>?4:3C?>43:;HD
><34B:4PH:4@<4PH:B?>?@4B9:@C:34@94
WH:3<374~46H:;<4A?B?4H@<4B:4@<D
>
99 
4 9ˆ Â4Á ‰
Á ‰
3<C><343:4ZH:4I<>43H46?B<4œ =4
264]}4I>:3:@A9Y4C?QM95@4:3D
A:@?34:SC>?<>B9@?>9?34B:4?HC5@C9D
A<34?>>:I:@C9Q9:@C<34N4>:A<@A9D
69?A9Y@4:@C>:4E:>BH;<34N4EJAC9Q?34
PH:4B9:><@4E9B?4N4ZH:>X?4?64schti
ah74HM<4I<>43HIH:3C<4?>>:I:@D
C9Q9:@C<34Z9@;9B<34<41I<6JC9A<3=4
PH:4;:@:>?><@49>?T4B:396H39Y@4N4
I<65Q9A?37
[H:4:64A?3<4B:46?34B93AH6I?34
?QM9;H?34PH:4I>:3:@CY4S 9@@9:4 
?B99X:6?D ?@B:6?T4B:3IH534B:4
3:Q?@?34B:4:E?39E?34N4?>><;?@A9?74
“>9Q:>?4:3I<3?4B:4%:63<@4 
?@B:6?T4S 9@@9:4ZH:T4BH>?@C:4
B5A?B?3T4H@?4B:46?34Z9;H>?34Q\34
:QM6:Q\C9A?34B:46?46HAW?4A<@C>?4
:64ghgcamb_f74“:>Q?@:@C:Q:@D
C:4W<3C9;?B?4I<>46?4I<69AJ?T4:3C?D
M?4><B:?B?T4I><C:;9B?4N4E:@:>?B?4
I<>4H@4;>HI<4B:4UYE:@:34?>Q?D
B<34B:64J gtfbqgrst_abfr¬ddacgqqr
*qhcT4PH:4A<Q:C9:><@4E?>9<34A>JD
Q:@:374264Q\34A<@<A9B<4ZH:4:64
?3:39@?C<T4:@4G"&"T4B:4zC<QI9:4
z:9I:9T4H@4U<E:@4B:4G#4?y<37
264QHN4>:3I:C?B<4<M93I<4Q:D
C<B93C?4“:C:>4zC<>:N4C<QY46?4I?6?D
M>?4?@C:46?4],K4:@4H@?4B:46?34I>9D
Q:>?343:39<@:34B:4C>?M?U<43<M>:4
:64?3:39@?C<4B:4zC<QI9:R4
123C?43:Q?@?4I<>4E:X4I>9Q:>?4

˜™yz{|ÃÄ Ã} ~Ç 

E?Q<34?49@Q93AH9>@<34I<>4B:M?U<4B:46?4I9:64
B:46?4E:>;Å:@X?4B:4zHB\Z>9A?74264I>9Q:>4
A\@A:>4:34N43:;H9>\439:@B<4:64ghgcamb_f74
“:><49@Z:AA9<@:343:AH@B?>9?34A<@C?Q9@?D
><@4?4QHAW<34<I<39C<>:34?64ghgcamb_f4N4
:><39<@?><@43H43:@C9B<4B:64M9:@4N4B:64Q?674
(@<4B:46<34B>?Q?34B:46?4E9B?4:34PH:4I<B:D
Q<34B:4>:I:@C:4A<@E:>C9>@<34:@46<4PH:4Q\34
<B9?Q<3T4?MH3?>439@4A<QI?39Y@4B:64I<B:>4
N4A<Q:C:>4?AC<34PH:43:4I?>:A:@4?46<34A>JD
Q:@:34PH:4A<QM?C9Q<37=
]<@Z<>Q:4I?3?M?@46?343:Q?@?346?4
],K43:4ZH:4:@Z>:@C?@B<4A<@4H@?4C?>:?4A?D
B?4E:X4Q\34A<QI6:U?4N4C9C\@9A?T4PH:4?4Q:D
@HB<46?4>:M?3Y744
8:3C?IY4H@?49@Q:@3?4A6<?A?4PH:43<Z<AY4
?4C<B<346<343HB?Z>9A?@<34I:><4PH:4?46?4E:X4
6:34I:>Q9C9Y4:@A?>?>43H4W93C<>9?4>:A9:@C:4I?D
>?4C>?C?>4B:4?I>:@B:>4?4>:A<@3C>H9>3:4UH@C<37
2@4@9@;L@4<C><4I?J34B:64QH@B<4Q9@93D
C><34N4:SQ9@93C><3T4H@4I>:39B:@C:4N4H@4:SD
I>:39B:@C:T4?6C<34Q?@B<34Q969C?>:34N4I<69D
A9?A<3T43<6B?B<34>?3<34N4I<69AJ?34?A:IC?><@4
>:@B9>4C:3C9Q<@9<4ILM69A<43<M>:46?34?C><A9D
B?B:349@Z69;9B?3œ ~4:3<4C?@43Y6<4B<34?y<34
B:3IH534B:46?4A?JB?4B:4H@?4B9AC?BH>?7
†o?4],K43HB?Z>9A?@?4B93CY4B:43:>4I:>D
Z:AC?R4 B:Q?39?B<34 I<6JC9A<34 >:WH3?><@4
?AHB9>4?@C:4:66?T4:@C>:4:66<34:64:SI>:39B:@D
C:4“9:C:>4)<CW?744 HAW<34I:>I:C>?B<>:34
3Y6<4B9U:><@4I?>C:4B:46?4E:>B?B74}6;H@<34
B:46<34G413?M9<3=4B:46?4A<Q939Y@4:3CHE9:D
><@4B:4?AH:>B<4AH?@B<46<34:S:@:Q9;<343:4
?>>:;6?><@4:@C>:43J4I?>?4PH:46<34I<6JC9A<34
@<4ZH:>?@44:@UH9A9?B<374,?>9<34A<Q:C9:><@4
:>><>:34;>?E:34N4QHAW<34I:6:?><@4:@C>:4
:66<374“:><T4?4I:3?>4B:4C<B<T4@9@;H@?4<C>?4
]<Q939Y@4B:46?4,:>B?B4N46?4K:A<@A969?A9Y@4
:@4:64QH@B<4B9<4C?@C<34I?3<34?B:6?@C:7
o?4I<:C93?4N4I:>9<B93C?4gwc_Ñgtbc4}@D
CU9:4¿><;4AHM>9Y46<34B<34?y<34B:4?AC9E9D
B?B:34B:46?4],K4I?>?4H@?4>?B9<:Q93<D
>?43HB?Z>9A?@?74“6?3QY43H4:SI:>9:@A9?4:@4
*dhtaclrdwr^lr`ÑhqqT4H@469M><4A<@Q<E:B<>4
N439@4A<@A:39Y@T4IHM69A?B<4:@4G""&T4PH:4
?3J4A<@A6HN:R4
1]<@4C<B<343H34:>><>:3T43H4?>><;?@A9?T4
3H4>?A93Q<T43H4:3IJ>9CH4Q<>?69X?B<>T43H49@D
A<QI:C:@A9?T43H34Q:@C9>?3T43H49@A?I?A9B?B4
I?>?4:AW?>4?4?@B?>4H@?4I<6JC9A?4B:49@B:QD
@9X?A9Y@4I><E939<@?6T43H4:;<6?C>J?œ 4]<@4
C<B<4:3<T46?4A<Q939Y@43:4Q<3C>Y4E?69:@C:T4
QHN4A\@B9B?Q:@C:4E?69:@C:4I?>?4:@Z>:@C?>4
6<34E9:@C<34B:46?4W9I<A>:3J?T4B:64>:@A<>4N4
B:64<B9<4œ 
1]<@Z><@C?B?4?4H@?4Q?>:?4?I6?3C?@C:T4
?64I:3<4B:4H@4I?3?B<4M>HC?64N4?46?4>:?69B?B4
B:4@H:E?34I<6JC9A?34H3H>I?B<>?3T46?4A<Q9D
39Y@46<;>Y43?6E?>46?49B:?4B:4H@4WHQ?@93Q<4
A<QI?>C9B<74}C>?E:3Y4:64B<6<>4I?>?4?M>9>4
H@4A?Q9@<4PH:4@<3466:EY4Q\34?66\4B:64>?D
A93Q<4N4B9<4:3I?A9<4?4C<B?34@H:3C>?34E<D
A:374}4I:3?>4B:4C<B<343H34Z>?A?3<3T4I>:@B9Y4
H@?4AW93I?4B:4:3I:>?@X?4PH:4Q:4EH:6E:4<>D
;H66<3?4B:4I:>C:@:A:>4?4Q94I?J37=3

3V4¶½6Š645VŠ4É69š

GHIQRHMPIOKJNœIQPH

QPHIÆPœQÇ L
’

I

Žœš–Ÿ§—¦œ–™š¡ ¡¸—¦œ–‡Ÿ¦–¦·œ–‰˜™—˜¡®
œ¡–˜¡¸—V˜¤·– œ–µ™Ÿ ¶¤Ÿ™—˜–œ¡¶¡˜–¦– ˜™š™¡— ¤¶¡®
˜¡—£ ›™Ÿ ¤ ˜Ÿ/£¡˜™ V¢™Ÿ§–—¡¥–˜¡™— —™§¤µŸ—–® Ž‹‹ˆÙ Ž‰ŒˆÙ ˆ‰5Œˆ‰
š—£–œ ¡š›¤œ –Ÿ™—¡—¡˜¡–£¡¬– ›–Ÿ–¶Ÿ—–Ÿœ–¬¡™œ—˜¡–
“”a••†–—Z^˜“™šb4(@?4Q?D
±¤¢£Ÿ– œ¶¡—¦œÅÆÅ]ݽ³YØ¢–›— š–—£¡—œ–£—£¯
@<4B:4W9:>><4:@4H@4;H?@C:4B:4C:>D
A9<I:6<74}3J4:34 ?>U<>9:4{<M3<@R4
Ž /¢¨›™œ¡˜/–  Ÿ¤—¡Ÿ™—˜™—œ™ ›™µœ–¦™Ÿ ¦ ¤
3<@>93?4A?394CJQ9B?T4E<X43H?E:T4
˜™š¤—¡¦–¦›–Ÿ–¨›œ¡˜–Ÿ˜¸š™·›™Ÿ±¤`Ÿ›Ÿ¡š¡Ÿ™—‘
?6;H@?34?>>H;?34N4Q9>?B?4I:@:D
:74zH4E<6H@C?B4@<4I?>:A:4C:D
Ÿ ›™— –µœ ¦œ– ¶¤Ÿ¥– ¦ §¤Ÿ¡¦–¦ ™ £¤¬¡Ÿ™— @:>46JQ9C:3C>74?@C 
<C?64:343H4:@C>:;?4?46?34A?H3?34
B:Z9:@B:4N4?M3<6HC?43H49B:@C9Z9A?A9Y@4
—˜¤—£Ÿ™ ˜™—š–¦Ÿ ¦ž¸¬— –œ™ ±¤š–—¦–Ÿ™— PH:4
A<@4:64;>?@4I>9@A9I9<4B:46?4Z96<3<ZJ?4?Z>9A?D
@?4B:64schtahR31zY6<4IH:B<4:S93C9>4I6:@?D
–  ¡—–Ÿ‘œ™ ¬Ÿ¦¤§™ ¨›œ¡˜–Ÿ™— ¤ –˜£™ –œ– ¬/˜£¡® Q:@C
:44:@6?X\@B<Q:4A<@4:64<C><4N4>:A<@<D
3H4WHQ?@9B?B=7r¼44
š– ¯™—µ– —œœ™¶¤ ¤Ÿ§¡—¦™œ›Ÿ¦¸—¢œ–Ÿ¡—® A9:@B<4
2@Z>:@C?>46?4M?>M?>9:4B:64ghgcamb_f4
£§Ÿ–˜¡¸— ™˜¡–œ·œ–Ÿ˜™—˜¡œ¡–˜¡¸——–˜¡™—–œ±¤¢› – @H@A?46?4?3H3CY4N4W<N4@<4C:Q:4B:@H@A9?>4
Z?66?345C9A?34N4I<6JC9A?34B:64]<@;>:3<4%?D
£™¦™¢ £™¦–¬/–—¦µœ¯
˜Ç

»»yz{|ÃÄ Ã} ~Ç »»»

A9<@?64}Z>9A?@<4]%}T4PH:4B:3B:4G""#4
;<M9:>@?4?46?r%?A9Y@4}>A<4>937 
?>U<>9:4:34M6?@A?T4B:4<>9;:@4M>9C\@9D
A<T4I:><4?I?>C?4A<@49@B9Z:>:@A9?44:3C<34B?D
C<374zY6<46:49QI<>C?43:>43HB?Z>9A?@?742@D
C>:4C<B?346?346HAW?34PH:43<3CHE<4BH>?@C:4
?y<34A<@C>?4:64ghgcamb_fr8N4PH:46?4A<@E9>D
C9:><@4:@4H@?4B:46?34Z9;H>?34>:6:E?@C:34B:4
6?4A<@A9:@A9?4Q<>?64N4I<6JC9A?4M6?@A?843YD
6<4Q:@A9<@?43H4A<QM?C:4A<@C>?46?4I:@?4B:4
QH:>C:74“:>C:@:AJ?4?46?4<>;?@9X?A9Y@4“>:D

C<>9?4)6?A4z?3W74,939C?M?4N4?393CJ?4?4I>:D
3<34I<6JC9A<34@:;><34A<@B:@?B<34?46?4I:D
@?4A?I9C?674
8:3B:4FVVx4 ?>U<>9:4B9>9;:4¿WH6HQ?D
@9T4H@?47%”4PH:4>:?69X?4H@4C>?M?U<4:SA:ID
A9<@?64A<@46?34EJAC9Q?34B:64ghgcamb_f74
¿WH6HQ?@94:34H@?4I?6?M>?4XH6H4PH:4
39;@9Z9A?41B:U?>4PH:4M><C:46?4I?6?M>?=74o?4
7%”4@?A9Y4:@4G""T4AH?@B<4%:63<@4 ?@D
B:6?4B:A9B9Y4A>:?>46?4]<Q939Y@4B:46?4,:>D
B?B4N46?4K:A<@A969?A9Y@4],K7 

?>U<>9:4>:A<@<A:46?49QI<>C?@A9?4PH:4
CHE<46?4],KT4I:><4A<@39B:>?4PH:4@<4AHQD
I69Y4A?M?6Q:@C:4A<@43H4Q939Y@4B:4>:A<@A9D
69?A9Y@4@?A9<@?674
1)H:@?4I?>C:4B:46?4E9<6:@A9?4PH:43?AHB:4
W<N4?64I?J343:4B:M:4?46?34:3I:>?@X?34Z>H3C>?D
B?34PH:4;:@:>Y46?4A<Q939Y@=T4>:A?6A?7
~4I>:A93?R41o?4B:A939Y@4B:4 ?@B:D
6?4I><E<AY4H@4?HC5@C9A<4:6:AC><AW<PH:4
:@4C<B?4zHB\Z>9A?T4I?>C9AH6?>Q:@C:4:@C>:4
6?4I<M6?A9Y@4@:;>?4PH:4@H@A?4W?MJ?4C:@9D

ÉÊËÊÌÌÊÍÎÏÐÑÒÏÐÓ

’

Ž‹‹ˆÙ Ž‰ŒˆÙ ˆ‰5Œˆ‰

“”a••†–—Z^˜“™šb 8* 40"0$+
ut$!=!H ! +*0?+ &!?+%"&#&)-#+[
%0*$!,)$Q=#-0&+J X)%0$!-#[
"#X%J )N#J 4+ &0%&!C#J 4)"+*1J #[
&!"0*04 ! +>0&#D04 !"#$!%-#0*
$!-+%-!$! #%$)*&+"\
Y)!)%S_#&+-*0J + +"+$!*?!%&+$!
8"&)$#+$!*03#+*!%-#0N$!*0<!-+%-#*#0[
-#X%ü?83<ýN$!f.)*)J 0%#'$+"#J 4+ &0%[
&!"WZ/!-+%+-#$0"4+ ")$!=!%"0$!*0"
D1-&#J 0"$!*Ÿ Ÿ¡£¤¥¦§\
50H0&0**0=)!*0 >0N"#%-+%-!"#+%!"\
7+$+!J 4!;X!%%+D#!J H !$!uvvw'-)0%[
$+!*!%&+%-!"4 !"#$!%&!7.0H+: H!d#
9)#"+4+%! !%J 0 -.0)%4 +-!$#J #!%&+
*!>0*9)!*!.)H#! 04! J #&#$+#%$)*&0 -0"#
0!"-+%$#$0"0!"4+%"0H*!"$!> 0D!"- 1[
J !%!"4+*1&#-+"-+J !&#$+"$) 0%&!!*Ÿ Ÿ¡¢
£¤¥¦§N.0"&0!*zs$!L)%#+$!zyyy\
8_4*#-0: 0 L+ #!(+H"+%'$#!-&+ 0$!
f.)*)J 0%#C
³50L)"&#-#0")$0=#-0%0-+J 4 +HX9)!
!"&+" #%$#D#$)+" -+J !&#! +% J 0&0%;0"
0&+-!"N*+"-+%$!%X04!%0"$!-Q -!*9)!
+"-#*0%!%&!÷vNrv06+"\,#%!J H0 >+'
zuz4 !"+""!0&!D#! +%0"+*#-#&0 *0-*![
J !%-#0$!: H!d#\8 0#%0$J #"#H*!4+ 9)!
&+$+".0H10%!.)"0$+4 !"!%&0 "!0%&!*0
?+J #"#X%$!*03! $0$N*0<!-+%-#*#0-#X%
ü?3<ý\Z)%-09)#"#! +%-+*0H+ 0 -+%*0
L)"&#-#040 0!"&0H*!-! *0D! $0$\Z)%-0
0-!4&0 +%!)%#"!-+%*0"=0J #*#0"$!")"
D1-&#J 0"\Z)%-0J 0%#=!"&0 +%!*J 1%#J +
0 !4!%&#J #!%&+\´
È!%=0&#;0C³8*4 +-!$#J #!%&+#$!0$+4+ 
: H!d#! 0#%#-)+\5+U%#-+9)!$!H10%.0-! 
*+"!-*)"+"! 04 !"!%&0 ")"+*#-#&)$0)%0
-+J #"#X%$!*0Y#"-0*10Z0-#+%0*#%&!> 0$0
%+4+ L)!-!"'-+J +.)H#! 0"#$+*X>#-+'"#[

˜©yz{|ÃÄ Ã} ~Ç 

%+4+ 0*&+"=)%-#+%0 #+"9)!.)H#! 0%$![
-#$#$+04)! &0"-! 0$0""#J ! !-10%!*#%[
$)*&+\8"+4#"+&!0H0*+"4 #%-#4#+"J #"J +"
$!*4 +-!"+$!!-+%-#*#0-#X%!J 4 !%$#$+
!%zyys'9)!! 04UH*#-+!#%D+*)- 0H00*0"
D1-&#J 0"\!$#J +"-#&0"-+%*0"J Q"0*&0"
0)&+ #$0$!"L)$#-#0*!"$!*401"'#%-*)N!%$+
0*J #%#"&+$!()"&#-#0\Z)%-0%+"-+%&!"&0[
+%\8%&+%-!"*0%;0J +"%)!"&0+=!%"#D0´\®
8*?!%&+$!8"&)$#+$!*03#+*!%-#0N
$!*0<!-+%-#*#0-#X%ü?83<ýNf.)*)J 0%#
**!D0 +%!*-0"+0%&!*0K*&0?+ &!$!()"&#[
-#0$! !&+ #0N>0%0 +%\8*>+H#! %+04!*X
0%&!*0J #"J 0?+ &!\50"WZ/&#)%=0 +%
$!%)!D+\8*>+H#! %++4&X4+ %+#%"#"&#\ 
! +)%+$!*+"0"4#0%&!"0*#%$)*&+'<N0%
K*H))&'J #!J H +$!*K=#d0%! ] !! "&0%$"[
H! !>#%>üK] Pý­+ >0%#;0-#X%H*0%-0%!+[
%0;#'-)N+*1$! '8)>!%!7! !H*0%-.!'=)!
0"!"#%0$+!*40"0$+uw$!0H #*­04!*X0%&!
*0?+ &!?+%"&#&)-#+%0*\+ &! -! 0D!;>0[
%0 +%f.)*)J 0%#N!*?83<\
5+"L)!-!"$!*0?+ &!?+%"&#&)-#+%0*%+
-)!"&#+%0 +%!*#%$)*&+4 !"#$!%-#0*!%"1'
4! +$#-&0J #%0 +%9)!!%!*-0"+$!0)&+[
!"$!- 1J !%!"4+*1&#-+"-+J !&#$+"$) 0%[
&!!*Ÿ Ÿ¡£¤¥¦§'!*L!=!$!8"&0$+%+4+$10
-+%-!$! #%$)*&+0*>)%+"#%-+%")*&0 0*0"
D1-&#J 0"\
³7)D#J +"9)!H0&0**0 &!"06+"40 0
#J 4!$#9)!!*>+H#! %+–—•Ÿ Ÿ¡£¤¥¦§=0[
D+ !-#! 00*+"D! $)>+"« Ô7 !"06+"40 0
+H*#>0 *+"0 !"4!&0 *0?+%"&#&)-#X%N*+"
$! !-.+"$!*0"D1-&#J 0"Õ®¹Z+*!40 !-!
-+%"&! %0%&!º´'4 !>)%&0\
­¹?XJ +L)"&#ù-X: H!d#")#%#-#0&#D0º
­G%"#"&#X!%9)!! 0%!-!"0 #+"0*$0 *+
J Q"4 +%&+4+"#H*!*0"-)!%&0"4!%$#!%&!"
$!*40"0$+40 00-!*! 0 *0!-+%-#*#0-#X%

%0-#+%0*\8%!0*#$0$+H!$!-1004 !"#+%!"
4+*1&#-0"$!> )4+"$!-0H#*$!+H*0%-+"\G%[
$)*&0 0!"+"- #J #%0*!"$!!"0J 0%! 0$#"#[
J )*0$0! 0)%0D! $0$! 00J !%0;040 0*0
40;"+-#0*N!*4 +-!"+$!$!J +- 0&#;0-#X%
$!,)$Q=#-0\50$!-#"#X%$!*0?+ &!?+%"[
&#&)-#+%0*%+"0*DX$!!"!4!*#> +\

`nà €xƒxqpqbà ¬wxopƒxnop
8%uvvtf.)*)J 0%#*0%;X)%0H0&0**0L)$#[
-#0*9)!-0)"X0U%J Q"!"-0*+=1+"0*>+[
H#! %+$!: H!d#\T!J 0%$X!%Z)!D0È+ d0
utJ )*&#%0-#+%0*!"0-)"Q%$+*0"$!-+J 4*#[
-#$0$-+%!*Ÿ Ÿ¡£¤¥¦§\
T!"4)S"$!*0-01$0$!*S>#J !%0-#"&0'
!*()H#*!+,)$Q=#-0')%00J 4*#0-+0*#-#X%$!
WZ/4#$#X9)!*0"J )*&#%0-#+%0*!"40 &#-#40[
0%!%*0?+J #"#X%$!*03! $0$N*0<!-+%-#[
*#0-#X%N9)!!D#$!%-#0 0%*+"*0;+"!"&!-.+"
9)!.0H10%&!L#$+-+%!* S>#J !%$!*Ÿ Ÿ¡¢
£¤¥¦§\8*+HL!&#D+! 0$+H*!C.0-! ") >#*0D! [
$0$N!_#>#!40 0-#+%!"40 0*0"D1-&#J 0"\
50"J )*&#%0-#+%0*!".#-#! +%+1$+""+ [
$+"N")"0H+>0$+"%!>0 +%&+$0D0*#$!;
L) 1$#-00*+"-+%-!4&+"$!³ !"4+%"0H#*#[
$0$J + 0*´N³ !"4+%"0H#*#$0$-#D#*®$!-+J [
4*#-#$0$´$!*+"-+ 4+ 0&#D+"\50?3<'9)!
&+4!;X-+%*0J #"J 04 !4+&!%-#0'4*0"J X
")#%$#>%0-#X%!%!*#%=+ J !ù%0*9)!!%&![
>X!%uvvt0*>+H#! %+$!: H!d#\
8_4*#-0: 0 L+ #!C³50-+J #"#X%")H 0NX
9)!!"0"J )*&#%0-#+%0*!".0H10%D#+*0$+
!*!J H0 >+!-+%XJ #-+#%&! %0-#+%0*4! [
J #&#!%$+9)!!* S>#J !%$!*Ÿ Ÿ¡£¤¥¦§¨"!
J 0%&)D#! 0!%!*4+$! \G%"#"&#X!%9)!*+
.0H10%0N)$0$+0-+%"+*#$0 ")"#"&!J 0![
4 !"#D+N9)!"!.0H10%04 +D!-.0$+$!*0
J 0%+$!+H 0H0 0&0")$0=#-0%0N$!J )[

-.0"+&0"=0-#*#$0$!"40 0*)- 0 !%%)!"[
&+401"\: H!d#%+-)!"&#+%X!"&0"-+%-*)[
"#+%!"'4! +"!0H"&)D+$!$!J 0%$0 0*0"
J )*&#%0-#+%0*!"\7!J 10*0 !0--#X%$!*+"
#%D! "#+%#"&0"!_&0%L! +"\! +%+"+&+"
%+".0H10J +"0$!*0%&0$+\8*zz$!%+D#!J [
H !$!uvvu'04+NQ%$+%+"!%!*Ö¶¦¥²¨×°¡£¨
ضŸ¦Ù ³¨Öµ£
¨ÚÖØ×ÖÛ¨4 !"!%&0J +")%0$!J 0%$0
-+%&0utH0%-+"N!J 4 !"0"!_&0%L! 0"
0%&!!*&#H)%0*$!*T#"&#&+,) $!Z)!D0
È+ d´\
50Ö¶¦¥²¨×°¡£¨Ø¶Ÿ¦Ù ³¨Öµ£!")%0*!N!"&0[
$)%#$!%"!4 +J )*>0$0!*u÷$!"!4&#!J H !
$!zwøy9)!%)%-0=)!0H +>0$0\?+%-!$!
!*$! !-.+0$!J 0%$0 0%&!)%&#H)%0*$!
8"&0$+"ú%#$+"0)%0!J 4 !"0$!!"!401"
+!_&0%L! 09)!&!%>0 !4 !"!%&0-#X%!%
&! #&+ #+!"&0$)%#$!%"!'4+ D#+*0-#X%$!
$! !-.+".)J 0%+"\5+"0-&+"$!%)%-#0$+"
4)!$!%.0H! "#$+-+J !&#$+"!%8"&0$+"
ú%#$+"+!%-)0*9)#! +&040 &!$!*J )%$+\
8"'4+ *+&0%&+'4+"#H*!9)!$!J 0%$0%&!N
$!J 0%$0$+%+"!0%-#)$0$0%+"$!8"&0[
$+"ú%#$+"N9)!!*- #J !%.0N0"#$+-+J ![
&#$+=)! 0$!!"&!401"\
5+"4 #%-#4#+"$!!"0*!N"!0"!J !L0%0
*+"$!*0-+J 4!&!%-#0)%#D! "0*0$+4&0$0
4+ )%%UJ ! +- !-#!%&!$!401"!"N>!%![
0J U*&#4*!"$!H0&!"!%&!L) #"&0"!"&0$)[
%#$!%"!"$!"$!9)!*0*!N=)!"0-0$0$!*
+*D#$+!%zyøv\Y)!> 0-#0"0*K?7K9)!$![
J 0%$0%&!"L)$1+"4)$#! +% !-)4! 0 ")"
H#!%!"!_4+*#0$+"4+ H0%-+"")#;+"\
50!0--#X%$!*>+H#! %+$!: H!d#=)!
$ Q"&#-0\!%)!**: 0$)%0'J #%#"&+$!()"[
&#-#0'4#$#X4+ !"- #&+0*0?+ &!$!Z)!D0
È+ d9)!!-.0;0 0*0$!J 0%$0$!*0"D1-&#[
J 0"$!*Ÿ Ÿ¡£¤¥¦§\Y)!!%D0%+\50$!J 0%[
$0"#>)#X*!%&0J !%&!")-) "+!%!*&+ &)+"+
"#"&!J 0L)$#-#0*!"&0$)%#$!%"!'04!"0 $!
*+"%)J ! +"+"!-) "+"#%&! 4)!"&+"!%")
-+%&04+ *+"0H+>0$+"$!*0"J )*&#%0-#+[
%0*!"N$!*0"4 !"#+%!"- !-#!%&!"$!: H!d#\
8%uvvwf.)*)J 0%#+4&X4+ *#J #&0 ")
$!J 0%$0-+%& 0zz> 0%$!"!J 4 !"0"\8%
uvvy-+%-!%& X")"!"=)! ;+""+H !"!#"
$!!**0"CT0#J *! 'Y+ $'/!%! 0*: +&+ "'
GP: 'Y)L#&")N<.!#%J !&0**\8"!J #"J +06+
(0-+HO)J 0'!-#S%!*!-&+0*04 !"#$!%[
-#0$!,)$Q= #-0'"#>)#X)%-0J #%++4)!"[
&+0*$!")0%&!-!"+ : H!d#N04+NX-+%

“:>B9Y4:64A?3<74z:49QIH3<4:64]<Q9C54B:4
}Q@93CJ?7
1“?>?4kA<QI:@3?>lT4:64;<M9:>@<43:4
A<QI><Q:C9Y4?4M>9@B?>4C<B?43H4?NHB?4?46?34
EJAC9Q?34I<>4Q:B9<4B:64]<Q9C54B:4K:I?D
>?A9<@:34N4K:9@3:>A9Y@7423?4I><Q:3?T4PH:4
3:49@3A>9M:4:@4:64A<@A:IC<4?Z>9A?@<4B:4UH3D
C9A9?4>:I?>?B<>?T44QHN4B93C9@C?4B:46?4UH3C9D

3V4¶½6Š64543
ˆ4A ˆˆ6Ü

B<4B:>:AW<4?46?4I?6?M>?74“:><46?49B:?4B:4
H@4]<Q9C54B:4}Q@93CJ?4;:@:>Y4I<65Q9A?374 
HAW?4;:@C:4A<@39B:>?M?4PH:4:>?4H@?4A<@D
A:39Y@49@B:M9B?4?46<34E9<6?B<>:34B:4B:>:D
AW<34WHQ?@<374
1o?4Z?Q969?4B:4zC:E:4)9<4Z9;H>?4Q?D
N<>4B:46?46HAW?4A<@C>?4:64ghgcamb_f4N4PH9:@4
QH>9Y4B:M9B<4?46?34C<>CH>?34PH:46:49@Z69;9:D
><@4BH>?@C:43H4B:C:@A9Y@4:@4G"4B:@H@D
A9Y4:3?4?Q@93CJ?4N4I>:3:@CY4H@?4B:Q?@B?4
:@43H4A<@C>?4?@C:46?4]<>C:4]<@3C9CHA9<@?674

$!&! J #%0-#X%*0$!J 0%$0$!f.)*)J 0%#\ 
8*40"0$+zz$!!%! +=)!)%$10.#"[
&X #-+40 0*0WZ/C!J 4!;X!%Z)!D0È+ d
!*L)#-#+-+%&0*0""!#"J )*&#%0-#+%0*!"
0-)"0$0"$!.0H! -++4! 0$+'-+%4*!%+
-+%+-#J #!%&+$!-0)"0'-+%!*S>#J !%$!*
Ÿ Ÿ¡£¤¥¦§N")"#"&!J 0!4 !"#D+\
: 0 L+ #!4 !-#"0C³<.!#%J !&0**!")%0
!J 4 !"00*!J 0%0!"4!-#0*#;0$0!%J 0&! #0*
J #*#&0 9)!-+*0H+ X$!"-0 0$0J !%&!-+%
!*S>#J !%$!*Ÿ Ÿ¡£¤¥¦§N**!>X0*!_&!J +
$!D!%$! 0,)$Q=#-0)%0=QH #-0-+J 4*!&0
$!J )%#-#+%!"\K$!J Q"'-040-#&X0J #*!"
$!0 &#**! +"")$0=#-0%+"\T0#J *! ?. N"*! '

A9?4IH@9C9E?4<AA9B:@C?6T4ZH:4B:C:>Q9@?@C:74
“:><4W<N4A<@3C?C?Q<34PH:4@<43:4AHQI69Y7=3
½`Äxu€pubqrbnqxn¾
}4I?>C9>4B:4G""x4@HQ:><3?34EJAC9Q?34B:D
A9B9:><@4„@?6Q:@C:4<Z>:A:>43H4C:3C9Q<@9<4
?@C:46?4],K74“:><43:43:@CJ?@49@3:;H>?374 

ˆ 7 644É8‰Š

4+ ")40 &!'4 +$)-10D!.1-)*+"J #*#&0 !"
N.!*#-X4&! +"!"4!-#0*J !%&!-+%-!H#$+"
40 0!%=!%&0 J 0%#=!"&0-#+%!"J )*&#&)$#[
%0 #0"!%,)$Q=#-0\50!J 4 !"0L04+%!"0
Y)L#&")")J #%#"&0H0-+J 4)&0$+ 0"0*04+[
*#-10N0*0"=)! ;0"0 J 0$0"N0"!>) 0H0!*
J 0%&!%#J #!%&+$!!"!J 0&! #0*!*!-&X%#-+2
GP: &0J H#S%´\
50$#!-&+ 0$!f.)*)J 0%#"0H!9)!!"!
L)#-#+4)!$!$) 0 06+"\! +%+"!$!"0%#[
J 0\8"-+%"-#!%&!$!9)!*0WZ/9)!$##[
>!!"&Q0H #!%$+)%0H !-.0#J 4+ &0%&!!%
*0J ) 0**0$!#J 4)%#$0$9)!4 +&!>!0*0"
J )*&#%0-#+%0*!"\

˜Ý

»»yz{|ÃÄ Ã} ~Ç »»»

K4.+&+x7.!J H0I0$!H! 

ˆ6éÂ43¶9Š
7 
9Š6 

:QJ?@4>:I>:3?69?3T4@<43?MJ?@4?4PH95@4B9D
>9;9>3:4@94AYQ<4:SI>:3?>3:74}AHB9:><@4A<@4
¿WH6HQ?@97
4o?47%”4AH:@C?4?W<>?4A<@4H@<34V4Q964
Q9:QM><34?AC9E<34:@4C<B<4:64I?J3T46?4Q9D
C?B4B:46<34AH?6:34I>:Z9:>:@4B:Z9@9>3:4A<Q<4
13<M>:E9E9:@C:34B:46?4E9<6:@A9?4B:64ghgci
amb_fÝ4Q\34PH:4A<Q<41EJAC9Q?3=74)>9@D
B?4C<B<4C9I<4B:4?I<N<4?46<34PH:4>:3H6C?D
><@4I:>UHB9A?B<34I<>4:64>5;9Q:@4>?A93C?R4
?393C:@A9?4I39A<6Y;9A?4N46:;?6T4I?>C9A9I?D
A9Y@4:@4;>HI<34B:43<69B?>9B?BT4>:9@C:;>?D
A9Y@43<A9?6T4A?I?A9C?A9Y@œ 4}B:Q\3T4UH@C<4
A<@4<C>?34<>;?@9X?A9<@:3T4I>:39<@?4I:>Q?D
@:@C:Q:@C:4?64;<M9:>@<43HB?Z>9A?@<4I?>?4
PH:4AHQI6?43H34<M69;?A9<@:34A<@46?34EJAC9D
Q?34B:6rghgcamb_f7
}46<46?>;<4B:46<34L6C9Q<34G#4?y<34¿WHD
6HQ?@94>?3C>:Y4&4Q964A?3<34B:4;>?E:34E9<D
6?A9<@:34?46<34B:>:AW<34WHQ?@<34<4A>JQ:D
@:34B:4qb`grmh^gt_fgf74 \34B:64B<M6:4B:4
6<34>:;93C>?B<34I<>46?4],K7
123?4A9Z>?4B93C?4B:43:>4:SW?H3C9E?48A<@D
ZJ?4 ?>U<>9:874:Q:Q<34PH:4:64@LQ:><4C<D
C?64B:4EJAC9Q?34;9>:4?6>:B:B<>4B:4FVV4Q9674
]?B?4BJ?4@<3466:;?@4Q\34A?3<374}>AW9E?D
Q<34C<B<346<34PH:4I<B:Q<34B<AHQ:@C?>4
B:M9B?Q:@C:7423C<34?>AW9E<34IH:B:@43:>4
A<@3H6C?B<34:@4@H:3C>?4I\;9@?4Ó:M74z<@4
C?QM95@4:6:Q:@C<34A?I9C?6:34I?>?46?34B93D
C9@C?34M?C?66?34UHB9A9?6:34PH:466:E?Q<34B:3D
B:4W?A:4?y<37=3
8:@H@A9?R41264;<M9:>@<4B9<43<6?Q:@D
C:4C>:34?y<34?46?4]<Q939Y@4B:46?4,:>B?B4N46?4

˜†yz{|ÃÄ Ã} ~Ç 

K:A<@A969?A9Y@4I?>?4?ACH?>74<B<43:4W9X<4
A<@4B:Q?39?B?4I>93?4:49QI><E93?A9Y@74o?4
],K4:@E9Y49@E:3C9;?B<>:34?4C<B<4:64I?J34
I?>?4>:A<;:>4C:3C9Q<@9<3T4I:><4?4E:A:34@<4
W?M6?M?@4:649B9<Q?4B:46?4>:;9Y@4N4I:>B9:D
><@4QHAW<4C9:QI<74]?U?34:@C:>?34B:4C:3D
C9Q<@9<34:3A>9C<343:4:SC>?E9?><@4N4@H@A?4
66:;?><@4?4]9HB?B4B:64]?M<T43:B:4B:46?4A<D
Q939Y@74:@:Q<34H@?46?>;?4693C?4B:4I><M6:D
Q?34?BQ9@93C>?C9E<374o?4I>:3:@C?Q<34?46?34
?HC<>9B?B:34:49@393C9Q<34I?>?4PH:43:4B9:D
>?4Q\34C9:QI<4?64I><A:3<T4I:><4:64;<M9:>@<4
@<4@<34W9X<4A?3<=73
o?4E<X43:>:@?4B:4 ?>U<>9:4{<M3<@43:4
EH:6E:49@B9;@?B?4AH?@B<4C<A?4:64C:Q?4B:4
6?34>:I?>?A9<@:3R4
1o?4]<Q939Y@4B:46?4,:>B?B4N46?4K:A<@D
A969?A9Y@43:4A<QI><Q:C9Y4?44B?>4A<QI:@D
3?A9<@:34:A<@YQ9A?34?46?34FG4Q964V4I:>D
3<@?34PH:4>:A<@<A9Y4<Z9A9?6Q:@C:4A<Q<4
EJAC9Q?374?3C?46?4Z:AW?43Y6<4AHQI69Y4A<@4 
4Q9674~46<4I:<>4B:64A?3<4:34PH:4@<43:4C>?C?4
B:4H@4I><M6:Q?4B:4B9@:><74?A:4GV4?y<34:64
:@C<@A:34I>:39B:@C:4W?M<4 M:94A>:Y4H@4
Z<@B<4:3I:A9?64I?>?49@B:Q@9X?A9<@:34:@4:64
PH:43:4B:I<39C?><@49QI<>C?@C:34B<@?A9<D
@:349@C:>@?A9<@?6:34N43HME:@A9<@:34B:6423D
C?B<74}66J4:3C\4:64B9@:><74%<4ZH:44B:3Z?6A?D
B<4I<>4@?B9:748H:>Q:7=3
8Q“<>4PH54:3?4?I?CJ?R4
8“<>4Z?6C?4B:4E<6H@C?B4I<6JC9A?74o<343HD
A:3<>:34B:4%:63<@4 ?@B:6?T4W?M<4 M:D 
94N4{?A<M4HQ?T4A<@39B:>?@4PH:46?46?M<>4
PH:4B:3:QI:yY46?4]<Q939Y@4B:46?4,:>B?B4

N46?4K:A<@A969?A9Y@4BH>?@C:4C>:34?y<346<;>Y4
3:A?>46?346\;>9Q?34N4M<>>?>46?34?C><A9B?B:34
B:64I?3?B<74<N4:3C\@4:@4<C>?4B9@\Q9A?74
]<Q:C:@4H@4:>><>4;>?E:4N4UH:;?@4A<@4ZH:D
;<74234<ME9<4PH:4I:>3<@?6Q:@C:46<;>?><@4
B?>46?4EH:6C?4?46?4W<U?4I<>PH:4I:>C:@:A:@4
?W<>?4?4H@?4569C:4@:;>?4PH:4A<@E9E:439@4
I><M6:Q?4A<@46?4569C:4I<6JC9A?4N4:A<@YQ9A?4
M6?@A?4N4W?A:4@:;<A9<34A<@4:66?74“:><4I?D
>?46?4Q?N<>J?4B:46<34!!4Q966<@:34B:4@:;><34
B:64I?J34µ 4B:46?4I<M6?A9Y@4@<4:34?3J=73 
@393C:R
1o?4],K4UH;Y4H@4I?I:64QHN49QI<>D
C?@C:4:@4:649@A9I9:@C:4I><A:3<4B:4>:A<@3D
C>HAA9Y@4WHQ?@?4B:4zHB\Z>9A?748:3?AC9EY4
M><C:34B:4E9<6:@A9?74%<34A<@E:@A9Y4?4C<B<34
B:4PH:4H@?4>:A<@A969?A9Y@4:>?4I<39M6:74“:D
><43:4:3C?@AY73}4@9E:649@C:>@?A9<@?643:4A<@D
39B:>?4PH:46<;>Y4>:?69X?>4?6;<4L@9A<74%<4:34
Z?63<T4I:><4WHM9:>?4I<B9B<49>4QHAW<4Q\34
6:U<34N4;:@:>?>4H@?4?HC5@C9A?4N4I><ZH@B?4
>:A<@A969?A9Y@74HM9:>?4I<B9B<43:>4H@?4>:D
Z:>:@A9?4B:@C><4N4ZH:>?4B:4zHB\Z>9A?742@4
6H;?>4B:4:3<4B:UY43H:6C?34AW93I?34B:4<B9<4
PH:4IH:B:@4I>:@B:>4I<6E<>9@:34:@4AH?6D
PH9:>4Q<Q:@C<7=3
}Z9>Q?R
1o?4>:A<@A969?A9Y@4@<43:4B:A>:C?4@943:4
>:3H:6E:4:@4C>:34?y<374234H@4I><A:3<46?>D
;<T4PH:49QI69A?4I?A9:@A9?4N4>:3I:C<73z54I<>4
:SI:>9:@A9?4PH:4?PHJ4:@4zHB\Z>9A?4:34I<39D
M6:4E<6E:>4?4C:U:>46?X<34:@C>:4C<B?346?34A<D
QH@9B?B:34>?A9?6:34N45C@9A?34PH:4:64ghgci
amb_frB9E9B9Y4BH>?@C:4B5A?B?374z54C?QM95@4
PH:4:34I<39M6:4>:A<@A969?>4?4E:>BH;<34N4
EJAC9Q?3742346<4PH:4E9:@:4W?A9:@B<4¿WH6HD
Q?@94B:3B:4H@?4B5A?B?4N4Q:B9?7=
`nà ¬oxqpq
23C?Q<343:@C?B?34:@4H@?43?6?4B:4UH@C?34
B:46?43:B:4B:46?47%”T4:@4:64A<>?XY@4B:4
{<W?@@:3MH>;<742@C>?@4N43?6:@4I:>3<@?34?4
6?4E:X4<AHI?B?34N4>:6?U?B?374z:4<N:@4>9D
3?3T4AW?>6?3749QM>?@4C:65Z<@<34A:6H6?>:374
%9y<34A<>>:@4I<>46<34I?3966<374“:><4:SC>?D
y?Q:@C:4:3?4?;9C?A9Y@4@<4I:>CH>M?46?4I6\D
C9A?748:4E:X4:@4AH?@B<4?6;H9:@43:439:@C?4
I?>?4:3AHAW?>4?4 ?>U<>9:74}I>H:M?46<4PH:4
B9A:4A<@4Q<E9Q9:@C<34B:46?4A?M:X?$46H:;<4
3:46:E?@C?4N43:4E?7
o?4B9>:AC<>?4B:4¿WH6HQ?@943:4I:>A?C?4
B:64?3<QM><4B:46?4>:I<>C:>?R4
1o<4PH:4E:4?PHJ4:34H@?4A<QH@9B?B4B:4
I:>3<@?34I><ZH@B?Q:@C:4H@9B?374z94PH9:D
>:4:@C:@B:>4?4zHB\Z>9A?439:QI>:4B:M:4C:D
@:>4I>:3:@C:4:64I?I:644I>9Q<>B9?64PH:4UH:D
;?4:64A<@A:IC<4B:4kA<QH@9B?Bl4:@4@H:3C>?4
AH6CH>?74%?B?4C9:@:4PH:4E:>4A<@46<4PH:4?6D
;H@<3466?Q?@4I:N<>?C9E?Q:@C:4jd^ht_agi
c_`^d74[H:4;>?A9?34?46?4ZH:>X?4B:46?4kA<D
QH@9B?Bl4N4?643:@C9Q9:@C<4B:4I:>C:@:@A9?4
?4H@?4kA<QH@9B?Bl4PH:4IHB9Q<34>:?69X?>4
H@?4E:>B?B:>?46?M<>4B:4>:A<@A969?A9Y@4:@4

@HQ:><3<346H;?>:374 :49QI<>C?4B?>6:4H@<34
:U:QI6<37=
,?>9?34I:>3<@?343:439:@C?@4?6>:B:B<>4
B:46?4Q:3?74~?4@<43:4<N:4C?@C<4>H9B<74<D
B<34:3C?Q<34I:@B9:@C:34B:46?4E<X43:>:@?4
B:4 ?>U<>9:4{<M3<@7
1}@C:34PH:4C<B<48?BE9:>C:84A?M:4>:A<>D
B?>4PH:4I?>C:4B:46<34I<69AJ?34PH:4:64>5;9D
Q:@43:;>:;?A9<@93C?4:@E9?M?4?46<34adÏt`i
m_h`4I?>?4>:I>9Q9>4?46?4;:@C:4:>?@4@:;><374
o<34?B9:3C>?M?@4I?>?4:3<74o?4Q?N<>J?4
AHQI6J?43H4C?>:?44A<@4A:6<748:3IH534B:4
6?4A?JB?4B:64ghgcamb_f4QHAW<34ZH:><@4:@D
UH9A9?B<34N4A<@B:@?B<34?4G4<4Q\34?y<34
B:4A\>A:6742@4?6;H@<34>:A6H3<>9<34Z<>Q?D
><@4A<Q9C534B:4I>:3<34I<6JC9A<34I?>?4B93D
C9@;H9>3:4N4B:Z:@B:>3:4B:46<34I>:3<34A<QHD
@:374}6;H@<34B:4:3C<34A<Q9C534A<@C?AC?><@4
?4¿WH6HQ?@94I<>49@C:>Q:B9<4B:4C>?M?U?B<D
>:343<A9?6:37=4
,9M>?4?L@4Q \346?4E<X4B:4 ?>U<>9:4
AH?@B<4:Q I9:X?4?4>:A<>B?>46<4PH:4<AHD
>>9Y4:@4B<34A\>A:6:34B:4¿Ó?XH6H4%?C?6T4
H@?4I><E9@A9?4@<><>9:@C?64B:4zHB\Z>9A?4:@4
6?4PH:4E9E:4H@?4I<M6?A9Y@4:3:@A9?6Q :@D
C:4XH6H7
1o<34I>:3<34@<34B9U:><@R4k}6;H@4BJ?4E?D
Q<34?4>:A<M>?>4@H:3C>?469M:>C?B74o<4L@9A<4
PH:4@<349@C:>:3?4AH?@B<43?6;?Q<34:34>:9@D
C:;>?>@<34?4@H:3C>?34A<QH@9B?B:374]<Q:D
C9Q<34A>JQ:@:34A<@C>?4@H:3C>?4I><I9?4;:@D
C:R46?4Q?C?Q<3T46?4W:>9Q<3T4PH:Q?Q<343H34
A?3?37423C?Q<34A<@3A9:@C:34B:4C<B<74“<>4
:3<4:3C?Q<34:@46?4A\>A:674“:><4I:>C:@:A:D
Q<34?4@H:3C>?34A<QH@9B?B:374o:34I:B9Q<34
PH:4@<34?NHB:@4?4E<6E:>4?4A<@3C>H9>4IH:@D
C:34A<@4:66?3l7=4
8o:343<69A9C?><@43:>4Q:B9?B<>:3œ
8}3J4ZH:74?M6?Q<34A<@43H34A<QH@9D
B?B:374<B?34?A:IC?><@46?49B:?4B:4C:@:>4
:@AH:@C><34A<@46<34I>:3<374?M6?Q<34A<@4
6<34B9>:AC<>:34B:46<34B<34>:A6H3<>9<37489:D
><@4I:>Q93<34:SA:IA9<@?6:34?46<34>:<34I?D
>?4PH:4IHB9:>?@4:@C?M6?>4B9\6<;<34A<@43H4
;:@C:747>;?@9X?Q<346?34A9C?374
8Q]YQ<4ZH:><@4:3<34:@AH:@C><3R
8z:@A966<3T4;>?E:34N4B9;@<374o<34:SI<D
69AJ?34A<@C?><@43H4W93C<>9?4I:>3<@?6R4AYQ<4
ZH:><@4>:A6HC?B<338QHAW<34?46?4ZH:>X?8T4
AYQ<46:346?E?><@4:64A:>:M><T4AYQ<4ZH:D
><@4:@C>:@?B<374oH:;<4A<@Z:3?><@46<4PH:4
W9A9:><@74o?34A<QH@9B?B:34:3AHAW?M?@T4
I>:;H@C?M?@74zH>;9Y46?4E:>B?B4I<A<4?4I<D
A<74[H:><@4Q<Q:@C<34B:4H@?4;>?@49@C:@39D
B?B74o<34I>:3<34?A?M?><@4I<>4:SI>:3?>43H4
?>>:I:@C9Q9:@C<4N4I>:;H@C?><@4?43H34A<D
QH@9B?B:34394?A:IC?M?@4?A<;:>6<34B:4@H:D
E<74o?34A<QH@9B?B:34B9U:><@4PH:46?34IH:>D
C?34:3C?M?@4?M9:>C?3742@C<@A:343:4:QI:XY4?4
W?M6?>4B:46?34>:I?>?A9<@:3734

H@4I<A<4B:4?;H?74<B<34:3I:>?@4PH:439;?4
A<@C?@B<4:3?4W93C<>9?4PH:4A<@<A:@4B:4Q:D
Q<>9?4I:><4PH:4@<43:4A?@3?@4B:4<J>7
1o<34I>:3<34:SI69A?><@R4k%<4C:@:D
Q <34H@43<6<4A:@C?E<T4I:><4@<343<M>?4
C9:Q I<4:@46?4A\>A:674:@:Q <34M>?X<34I?D
>?4C>?M?U?>7323C\@4?43H34Y>B:@:3l74o?34
A<Q H@9B?B:343:4IH39:><@4B:4?AH:>B<74~4
3H>;9Y4H@4I><N:AC<R4I:B9>4?46<34>:A6H3<34
PH:4>:3C?H>?>?@4C<B<4:64Q <M969?>9<4B:46?34
:3AH:6?34PH:43:4:3C?M?4A?N:@B<4?4I:B?D
X<34B:3IH534B:4B5A?B?34B:4B:3AH9B<74}3J4
3:4ZH:><@4B?@B<46<34I>9Q :><34I?3<34B:46?4
>:A<@A969?A9Y@7=33
z<@>93?4Q?69A9<3?4B:4 ?>U<>9:4{<M3<@R4
1“?>?4A<@E:@A:>6?4B:4PH:4H@?4>:A<@D
A969?A9Y@4?QI69?T4E:>B?B:>?T4WHM9:>?439B<4
I<39M6:4:@4zHB\Z>9A?T4I:>QJC?Q:4A<@C?>6:4
<C>?4W93C<>9?7
z:4?A<Q<B?4Q:U<>4:@46?43966?7
]H:@C?R41}4I>9@A9I9<34B:4:3C?4B5A?B?4
66:E?M?4H@?4>:6?A9Y@4:3C>:AW?4A<@4H@4;>HD
I<4B:4QHU:>:34B:64adÏt`m_hr@:;><4B:4 ?D
Q:6<B9T4HM9A?B<4:@46?34?ZH:>?34B:4“>:C<>9?74 
<B?34W?MJ?@4I?>C9A9I?B<4:@4H@?4Q?>AW?4
B:4I><C:3C?4I?AJZ9A?4PH:46?4I<69AJ?4>:I>9D
Q9Y4:@4Z<>Q?43?@;>9:@C?4Q?C?@B<4?4!V4B:4
:66?34:@4I>:3:@A9?4B:43H34W9U<37423?4Q?D
3?A>:T4PH:4<AH>>9Y4:@4G"&x4N4PH:BY4;>?M?D
B?4:@46?4Q:Q<>9?4A<6:AC9E?4@:;>?T4C>?HQY4
B:4C?64Q?@:>?4?46<34UYE:@:34B:4 ?Q:6<D
B94PH:4QHAW<34B:A9B9:><@49@A<>I<>?>3:4?4
6?4;H:>>966?7
1]<@C?AC?><@4?4{<:4 ?Q ?3:6?T4PH9:@4
3:4W?AJ?4I?3?>4I<>4:@6?A:4A<@4(Q W<@D
C<4Ó:4z9XÓ:T4M>?X<4?>Q ?B<4B:64]%}742@4
>:?69B?B43:4C>?C?M?4B:4H@4:SB:69@AH:@C:4
B:4z<Ó:C<4PH:46?4I<69AJ?4W?MJ?4C<>CH>?D
B<4N4H3?M?4A<Q <44?;:@C:49@Z96C>?B<4:@4 
?Q :6<B97
1<B<346<34UYE:@:34PH:4?AHB9:><@4A<@4
564I?>?49>4?46<34A?QI<34B:4:@C>:@?Q9:@C<4
B:64]%}4ZH:><@4?3:39@?B<374[H:4<C>?4C>?D
;:B9?4I?>?46?34Q?B>:34B:4 ?Q:6<B974}y<34
B:3IH534B:46<34W:AW<343:;HJ?@439@4I<B:>4
k?39Q96?>l46?4B:3?I?>9A9Y@4B:43H34W9U<374zH34
QH:>C:34:@4A<@B9A9<@:34A>H:@C?34@<46?34B:D
U?M?@4:@4I?X4@H@A?74
1K:Z6:S9<@?Q<34QHAW<T4C<B?34UH@C?374
o6:;?Q<34?46?4A<@A6H39Y@4B:4PH:46?4L@9D
A?4Q?@:>?4B:4:@C:@B:>46<4PH:4W?MJ?4I?3?D
B<4:>?4W?M6?>4A<@4}B>9??@4,6<T4:64C:>>9M6:4
Q9@93C><4B:46?4o:N4N4B:647>B:@4PH:4W?MJ?4
<>B:@?B<46?49@Z96C>?A9Y@4B:4 ?Q?3:6?4:@4:64
adÏt`m_h4B:4 ?Q:6<B97
8Q,9EJ?469M>:R3Q2>?4?3:PH9M6:R
8z9:QI>:4:3CHE<469M>:74o6:E?M?4H@?4E9D
B?4B93A>:C?74[H:4B9ZJA964:@A<@C>?>6<74“:><4
B9Q<34A<@45674%<4@<34>:AW?XY74z9@4:QM?>D
;<T4@<4PH93<4E:@9>4?4W?M6?>4A<@4@<3<C>?34
:@4 ?Q:6<B974o:4C:@J?4I?E<>4?64adÏt`m_h74
ÞrtqßobÂbtrqroƒxßo
“:@3?M?4PH:4C<B<4:64QH@B<46<49M?4?4>:A<D
@<A:>4N4PH:4?6;H9:@46<4I<BJ?4Q?C?>74%<34 
?>U<>9:49@C:>>HQI:43H4>:6?C<4I?>?4C<Q?>4 A9C?Q<34:@4H@46H;?>4C>?@PH96<4B:4“>:C<>9?74

%<343:@C?Q<34C<B?34A<@45674z:4@<C?M?4C:@D
3<74 9>?M?4H@?4C>?34<C>?4?46?34Q?B>:34B:4
3H34EJAC9Q?374<B?34A?66\M?Q<374“<A<4?4
I<A<43:4I:>A?CY4B:4PH:4@<4:3C?M?4><B:?D
B<4I<>4:64<B9<7
8QOH95@4><QI9Y4:64396:@A9<R
8%<3<C>?374o:4:SI69A?Q<34PH:46?4E:@D
;?@X?4@<34:>?4?U:@?74(@?4B:46?34QHU:>:346<4
Q9>Y4?46<34<U<34N46:4B9U<R4kz94@<34B9A:46?4E:>D
B?BT4C<B?46?4E:>B?BT46<4I<B>:Q<34?A:IC?>4?4
H3C:B4?H@4?43?M9:@B?34B:4PH:4Q?@BY4Q?C?>4
?4@H:3C><34W9U<3l7773oH:;<4W?M6?Q<34W<>?374
%<34B\M?Q<34AH:@C?4B:4PH:4}B>9??@4,6<4
:3C?M?4C>?3C<>@?B<74%<34E<6E9Q<34?4:@A<@D
C>?>4?4Q:@HB<7
8Qo?34Q ?B>:34B:4 ?Q :6<B946<4I:>D
B<@?><@R
8zJ74[H:46<4PH:46:34I:>Q9C9Y4W?A:>43H4
BH:6<7323<34:@AH:@C><34?ACH?><@4A<Q<4H@4
B:C<@?@C:4:@46?4E9B?4B:4:3:4I<6JC9A<49QI6?D
A?M6:4PH:4B9>9;9Y46?4I<69AJ?43HB?Z>9A?@?4:@D
C>:4G"&4N4G""GT4:@46?4I:<>45I<A?4B:46?4>:D
I>:39Y@4B:4@H:3C>?4W93C<>9?74z:4E<6E9Y4QHN4
>:69;9<3<74
1HE<4H@4;:3C<4B:4?>>:I:@C9Q 9:@C<4
PH:4@H@A?4WHM95>?Q <349Q ?;9@?B<74Q 9CY4
?4]>93C<R4I9B9Y4I:>Q 93<4I?>?46?E?>46<34I9:34
B:4GV4Q ?B>:34B:4 ?Q :6<B974oH:;<4MH3D
AY4?4[>?@4]W9?@:T4:@C<@A:34?3:3<>4B:64
I>:39B:@C:4W?M<4 M:974o:4A<@Z:3Y4PH:4
W?MJ?4<>B:@?B<43H4?3:39@?C<4:@4G"&"742@4
:3:4:@C<@A:34:64>:E:>:@B<4]W9?@:4I>:D
39BJ?4:64]<@3:U<4zHB?Z>9A?@<4B:4;6:39?34
N4:>?4H@?4;>?@4Z9;H>?4B:46?4>:393C:@A9?4?64
ghgcamb_f74};:@C:343:A>:C<34MH3A?><@4:@D
E:@:@?>6<T4I:><43<M>:E9E9Y748:49;H?64Z<>D
Q ?4,6<46?EY46<34I9:34B:4]W9?@:4BH>?@C:4
H@?4A:>:Q <@9?4I>9E?B?748:3IH534?Q M<34
Z9>Q ?><@4H@4A<Q H@9A?B<4B:4I>:@3?4I?>?4
W?A:>4ILM69A<4:3:4;:3C<4B:4?>>:I:@C9Q 9:@D
C<74o?4@<C9A9?4B9<46?4EH:6C?4?64Q H@B<7=3 
?>U<>9:4A?66?4H@<343:;H@B<3T4Z>H@A:4
:64A:y<7
8Qo:4Q<6:3CY4:3?4B9ZH39Y@4Q:B9\C9A?R
8%<74o<4PH:4@<34B:396H39<@Y4ZH:4PH:4
,6<4@<4>9@B9Y4W<Q:@?U:4ILM69A?Q:@C:4?4
6?34Q?B>:34B:4 ?Q:6<B974[H:><@4:66?346?34
PH:46<466:E?><@4?46?4>:B:@A9Y@74z:4Q<3C>Y4
A<M?>B:74“:><43:;H9Q<34:@4A<@C?AC<4A<@45673
442@4FVV&4,6<43:66Y4H@4?AH:>B<4A<@4:64
I><AH>?B<>4;:@:>?674[H:4:@UH9A9?B<74K:A<D
@<A9Y43H4AH6I?M969B?B4:@4:649@C:@C<4B:4?3:D
39@?C<4B:4[>?@4]W9?@:4N4ZH:4A<@B:@?D
B<4?4H@?4I:@?4A<@B9A9<@?64B:4GV4?y<34B:4
A\>A:6744
]<@A6HN:4 ?>U<>9:4{<M3<@R
41]?B?4Q:34,6<4?AHB:4?4H@43HI:>Q:>D
A?B<4B:4 ?Q:6<B974o6:@?43H4?HC<4B:4EJE:D
>:34PH:4:@C>:;?4I:>3<@?6Q:@C:4?4A?B?4H@?4
B:46?34Q?B>:374~?4@<46:4?3H3C?4?@B?>4:@4:64
adÏt`m_h74%?B9:46<4Q9>?4?H@4394C<B<4QH@D
B<43?M:4PH95@4:374[H:4?Q@93C9?B<4I<>46?4
A<QH@9B?B4I<>PH:46<4I:>B<@?><@46?34Q?D
B>:34B:43H34EJAC9Q?37=

˜¿

»»yz{|ÃÄ Ã} ~Ç »»»

GHIKœ KI

OPMœPVKááá
à

K4.+&+x: 0%$!*0Y+)%$0&#+%'.+

dˆŽ•‰ŒÇ‘ˆ‰ˆ¹‰Ž

˜îyz{|ÃÄ Ã} ~Ç 

?4I>9Q:>?4E:X4PH:4%:63<@4 
?@B:6?4I:@3Y4:@4:64I<B:>4
I<6JC9A<4B:64B:I<>C:4ZH:4AH?@D
B<4:3C?M?4I>:3<4:@46?4936?4K<D
MM:@T4:@4?936?Q9:@C<4C<C?6T4N4
B93:yY4Q:@C?6Q:@C:46?4@H:D
E?4zHB\Z>9A?T4H@4I?J34>:A<@A969?B<4I?D
>?4@:;><34N4M6?@A<3742@4G""VT4B:3IH534B:4
F4?y<34B:4A\>A:6T4N43Y6<4C>?346?4A?JB?4B:64
ghgcamb_fT4ZH:469M:>?B<742@A<@C>Y4H@4I?J34
B9E9B9B<T4A<@4C<B<346<34:6:Q:@C<34I?>?4PH:4
:3C?66?>?4H@?4;H:>>?4A9E967
“:><4:@4G""#4WHM<4:6:AA9<@:374[H:46?4
I>9Q:>?4<A?39Y@4:@43H4E9B?4PH:4 ?@B:6?4
E<CYT4C:@J?44?y<34N4>:3H6CY4B:Q<A>\C9A?D
Q:@C:4:6:AC<4I>:39B:@C:4B:46?4K:ILM69A?4B:4
zHB\Z>9A?7
264;>?@4<MU:C9E<4I?>?43H34A9@A<4?y<34
A<Q<4I>:39B:@C:4ZH:4>:A<@A969?>4?46<343HD
B?Z>9A?@<34N4A>:?>46?34A<@B9A9<@:34I?>?4
H@?4I?X4BH>?B:>?74“:@3Y4?I><E:AW?>4:64B:D
I<>C:4A<Q<4H@49@3C>HQ:@C<4B:4Q<E969X?D
A9Y@4B:4Q?3?34I?>?466:E?>43H4Q:@3?U:4B:4
>:A<@A969?A9Y@4>?A9?64N4A?QM9?>46?34A<@E9AD
A9<@:343<A9?6:34B:43H4I?C>9?741%:A:39C?Q<34
A?B?46?B>966<4I?>?4A<@3C>H9>4:64I?J3T4@<49QD
I<>C?4B:64A<6<>4PH:43:?=T4>:Z6:S9<@Y4 ?@D
B:6?7
[H:4?3J4A<Q<46?4]<I?4B:64 H@B<4B:4
KH;MNT4A<@43:B:4:@4zHB\Z>9A?T4:@4G""T43:4
A<@E9>C9Y4:@46?4:3C>?C:;9?4I<6JC9A?4B:4 ?@D
B:6?T4PH9:@4A<@<AJ?4I:>Z:AC?Q:@C:4?46<3r
gwc_Ñgtbc`4M6?@A<34B:3A:@B9:@C:34B:4W<D
6?@B:3:3T4?6:Q?@:3T4Z>?@A:3:34<4M:6;?34N4
6?49QI<>C?@A9?4B:64>H;MN4:@43H34E9B?37
“?>?46<34@:;><34:64>H;MN4:>?4H@43JQ D
M<6<4B:64<B9?B<4ghgcamb_f74“?>?46<34M6?@D
A<34:>?4A<Q <4H@?4>:69;9Y@74264:PH9I<4@?D
A9<@?643HB?Z>9A?@<T4zI>9@;M<3T4C:@J?46?4
>:IHC?A9Y@4B:43:>4:64Q \34>HB<4B:64Q H@D
B<74zH4H@9Z<>Q :4:>?4H@?4A?Q 93:C?4E:>D
B:4PH:46<34@:;><34B:C:3C?M?@4C?@C<4A<D
Q <4?46?34>:B?B?34I<69A9?A?3T46?4M?@B:>?4
N4:64W9Q @<4@?A9<@?6T4«_brHab^426466?D
Q ?B<T4:@4AHN?34:3C><Z?346<34M6?@A<34A:D

6:M>?M?@46?4A<@PH93C?4B:643H>4B:4KZ>9A?7
zY6<46<34M6?@A<34H3?M?@4:64:QM6:Q?4
`hc_tecdÑ4H@4:3AHB<4A<QIH:3C<4I<>4H@?4
;?A:6?43?6C?>9@?4N4H@?4I><C:?T46?4Z6<>4A?>?AD
C:>J3C9A?4B:643H>4B:4zHB\Z>9A?T4PH:46<34UHD
;?B<>:34B:4>H;MN4C9:@:@4M<>B?B<4B:646?B<4
9XPH9:>B<4B:64I:AW<7
264I>9Q:>4Q9@93C><4B:4zHB\Z>9A?T4:@D
B>94[>:@3AW4,:>Ó<:>BT4A<@<A9B<4A<Q<4
1:64?>PH9C:AC<4B:64ghgcamb_f=T4I:@3YT4:@4
?6;L@4Q<Q:@C<4B:6439;6<4I?3?B<T4Q<B9D
Z9A?>46?4M?@B:>?4@?A9<@?64I?>?4?y?B9>6:4:64
`hc_tecdÑ4N43:934I><C:?374“?>?4:64QH@B9?64
B:4>H;MNT4 ?@B:6?4?I<NY4ILM69A?Q:@C:4?64
:PH9I<4N43H4:QM6:Q?74
(@4?Q9;<4B:4 ?@B:6?T4}694)?AW:>T49@D
C:;>?@C:4B:64:PH9I<43HB?Z>9A?@<4B:4A>9A:CT4
:SIH63?B<4B:46?34A<QI:C:@A9?349@C:>@?A9<D
@?6:34I<>46?4I<6JC9A?4>?A93C?4B:64;<M9:>@<T4
AH:@C?4AYQ<4:64I>:39B:@C:43:4;?@Y4?46<34
M6?@A<34N4W?3C?4I:>3H?B9Y4?46<349@C:;>?@C:34
B:64]<@;>:3<4%?A9<@?64}Z>9A?@<4]%}4
B:46?4@:A:39B?B4B:4Q?@C:@:>4:64<B9?B<4:QD
M6:Q?4:@46?4A?Q93:C?4B:46?43:6:AA9Y@74
1 :4B9U<R4kz?M:Q<34AH\@49QI<>C?@C:34
3<@4:64>H;MN4N4:64:QM6:Q?4`hc_tecdÑ4I?>?4
6<34M6?@A<3l74 ?@B:6?4C<QY4H@?4I<39A9Y@4
B:4C<C?64?I<N<4M?3?B?4:@4:64W:AW<3B:4PH:4
:64>H;MN†:34H@4B:I<>C:3B:4M6?@A<3T4?3J46<D
;>Y4PH:46<34gwc_Ñgtbc`46<4>:3I?6B?>?@4A<D
Q<4I>9Q:>4I>:39B:@C:4@:;><7= 
?@B:6?4?3I9>?M?4?43:>4:64I?B>:4B:4C<D
B?46?4@?A9Y@$4:@C<@A:343:4B9<4?46?4C?>:?4B:4
A<@E:@A:>4?64I?J34B:4PH:4C:@J?4PH:4?I<N?>4
?64:PH9I<4@?A9<@?64B:4>H;MN74264A?I9C\@4B:4
6<34zI>9@;M<3T4[>?@â<934“9:@??>T4B:3:QD
I:yY4H@4I?I:64C>?3A:@B:@C?64:@46?4W93C<>9?4
B:46?4H@9Z9A?A9Y@43HB?Z>9A?@?7
264G4B:4UH@9<4B:4G""#T4H@<34BJ?34B:3D
IH534B:4W?M:>4?3HQ9B<46?4“>:39B:@A9?T4 
?@B:6?43:4>:H@9Y4I<>4I>9Q:>?4E:X4A<@4
“9:@??>T4?4PH9:@4A9CY4:@43H4<Z9A9@?74264I>:D
39B:@C:46:439>E9Y4C54?64UH;?B<>T46<4C>?CY4A<@4
C?@C?4A<>C:3J?4N4>:3I:C<4PH:4:64U<E:@43:439@D
C9Y4?M>HQ?B<74QI>:39<@?B<4I<>43H34Z9@<34
Q<B?6:34N4Q?>?E966?B<4A<@43H4A<@E:>3?D
A9Y@T4:64UH;?B<>4:3AHAWY4?64Q?@B?C?>9<7
1k?M6Y43<M>:4:64I<B:>4PH:4C9:@:4:64B:D
I<>C:4I?>?4Q<E:>4?46?4;:@C:4N4AYQ<T4B:3D
IH534B:4PH:43?69Y4B:46?4A\>A:6T4:3CHE<4:@4
6?4A:>:Q<@9?4B:49@?H;H>?A9Y@4B:46<34{H:D
;<3476JQI9A<34B:4)?>A:6<@?4"FT4:E:@D
C<4B:64PH:4>:AH:>B?4:3I:A9?6Q:@C:4AYQ<4
39@C9Y4PH:4:64:3C?B9<4>:CHQM?M?4AH?@B<43:4
IH3<4B:4I9:lT4B9U<4“9:@??>T4:@4AHN?4Q:@D
C:4 ?@B:6?43:QM>Y46?34I>9Q:>?343:Q966?34
B:43H49B:?4I<6JC9A?=T4:3A>9M9Y4:64I:>9<B93D
C?49@;6534{<W@4]?>69@4:@43H469M><4pqrwgjadcr
mh^gtder'bq`dtrJ gtfbqgrlrbqrhgca_fdr¨hbr
`gqušrgrhtgrtgj_štã
2@43H4C:SC<T4]?>69@4A<@39;@?46<4PH:4
%:63<@4 ?@B:6?46:4:SI69AYT4:@4H@?4:@C>:D
E93C?T43<M>:4?PH:64:@AH:@C><R41[>?@â<934
“9:@??>4:>?4:64A?I9C\@4B:64:PH9I<4B:4>H;MN4
N4N<4PH:>J?4H3?>4:64>H;MN74HE:4PH:4C>?M?D
U?>4A<@456744o:4W?M654B:64I?I:64PH:4564:3C?D

ˆ—12‹œ ™—Ù–—¦œ–œœ§¸–œ–‘Ÿ ¡¦—˜¡–¦¤—–
¤¦«¶Ÿ¡˜–¦¡¬¡¦¡¦–›™Ÿ›Ÿ™¶¤—¦™ ™¦¡™ Ÿ–˜¡–œ ·–¤—
›– ™¦œ–§¤ŸŸ–˜¡¬¡œ¯ˆœ›Ÿ ¡¦—£¬–œ™Ÿ¸¤—¶–˜£™Ÿ
±¤›™¦/–¦ –˜£¡¬–Ÿ—˜™—™ · Ÿ¬¡Ÿ¦–§œ¤£¡—–—£¦
£™¦™ œ™  ¤¦–¶Ÿ¡˜–—™ ­œ¦›™Ÿ£¯Ž /±¤¡š›¤œ ¸œ
Ÿ¤§µ·äž¤§™˜™—0™—¦–Ÿ–¡§–šµŸ— ›–/ å·œ¤˜0¸
›–Ÿ––œµŸ§–Ÿ¤—–š›™—–£™Ù¤—¦¡–œ¯Ž0™Ÿ–¢ ¡—Ù–—®
¦œ–—œ›™¦Ÿ¢œ£¤Ÿ—™ ›–Ÿ–œ¶¤£µ™œ¯
M?4B:3:QI:y?@B<4N46<4PH:4C:@J?4PH:4W?A:>74
o:4W9A:4H@4>:3HQ:@4B:46<4PH:4N<4:3C?M?4W?D
A9:@B<4A<@4:3:4B:I<>C:4N46?4>?XY@4I<>46?4
AH?646<4W?AJ?742@A<@C>54:@4564H@?4I:>3<@?4
QHN49@C:69;:@C:=7
“9:@??>4:34H@4M6?@A<4A>9?B<4:@4:64B:3D
I>:A9<4?46<34@:;><3T4I:><4PH:4ZH:4A?I?X4B:4
3HI:>?>36<34I>:UH9A9<33N4?AA:B9Y4?4A<6?M<D
>?>4A<@4 ?@B:6?73264I>:39B:@C:46:4:@A<D
Q:@BY4;?@?>46?4]<I?4B:64 H@B<4B:4KH;D
MN4I<>PH:4?3J43:4:6:E?>J?46?4Q<>?64I<IH6?>4
N43:3Z?A969C?>J?36?49@C:;>?A9Y@4>?A9?67
zH4I><N:AC<4B:4@?A9Y@43:4E9<4A<@A6H9D
B<4AH?@B<T4:@4:64UH:;<4Z9@?6T4zHB\Z>9A?43:4
9QIH3<4?4%H:E?4:6?@B?74%:;><34N4M6?@D
A<34:3CHE9:><@4>:H@9B<34:@4:64:3C?B9<4266934
“?>4B<@B:43:4UH;?>\@439:C:4I?>C9B<34BHD
>?@C:4:64QH@B9?64B:4ZHCM<64N4A9:@C<34B:4
gwc_Ñgtbc`4A?@C?><@4:@4SW<H3?43H46:@D
;H?46?34:3C><Z?34B:64@H:E<4W9Q@<4@?A9<@?64 
«_d`rcbtf_egrgræwc_jgrlrqgrbqbubrgrqgreqdi
c_gT4I?6?M>?34PH:4:@4?6;L@4Q<Q:@C<4ZH:D
><@4:643JQM<6<4B:64Q<E9Q9:@C<4B:46<34@:D
;><34I<>43H34B:>:AW<37
}C?E9?B<4A<@46?4A?Q93:C?4E:>B:4B:64
:PH9I<4B:46<34zI>9@;M<3T4 ?@B:6?4I>:D
3:@A9Y4:64B>?Q\C9A<4I?>C9B<4:@4:64:3C?B9<4
N46H:;<4:@C>:;Y4?4“9:@??>4:64C><Z:<4B:46?4
]<I?4B:64 H@B<741[>?@â<93T4QHAW?34;>?D
A9?34I<>46<4PH:4H3C:B4W?4W:AW<4I<>4@H:3C><4
I?J3=T46:4B9U<4 ?@B:6?4:@4H@4:3C?B9<4?C9D
M<>>?B<4B:43HB?Z>9A?@<3741%<T43:y<>4I>:39D
B:@C:T4;>?A9?34?4H3C:B4I<>46<4PH:4W?4W:AW<4
I<>4@H:3C><4I?J3=T46:4A<@C:3CY4:64UH;?B<>7
2@4:6469M><4B:4]?>69@T4“9:@??>4B:C?66?4
I<>4PH54A>:NY4:@4 ?@B:6?T4PH9:@4:@46HD
;?>4B:43?69>4B:46?4A\>A:64?4MH3A?>4E:@;?@X?4
A<@C>?46?4Q9@<>J?4<I>:3<>?4M6?@A?T43:4;?@Y4
3H4>:3I:C<4A<@4H@?4?AC9CHB4WHQ96B:7
1}B<IC?Q<34:646:Q?4kH@4:PH9I<T4H@4
I?J3l4I<>PH:4@<34B9Q<34AH:@C?4B:4PH:4:64
C<>@:<4:>?4I?>?4C<B<34:@4zHB\Z>9A?4N4PH:4
394@<349M?4M9:@T4C<B<346<343HB?Z>9A?@<34@<34
3:@C9>J?Q<34 <>;H66<3<374 zHM:3C9Q?Q<34
AH\@C<4<>;H66<4I<BJ?Q<34B?>4?4zHB\Z>9A?=T4
3:@C:@A9Y4[>?@â<934“9:@??>7

1}6A?@X?>46?4I?X4I<>4Q:B9<34I<6JC9A<34
:>?46?4k>:E<6HA9Y@4@:;<A9?B?l4B:4zHB\Z>9D
A?74%9@;L@4<C><4I?J34W?MJ?4W:AW<46?4C>?@39D
A9Y@4B:46?4C9>?@J?4?46?4B:Q<A>?A9?4Q:U<>4@94
A<@4Q\34A<QI?39Y@74(@?4W93C<>9?4A<@4H@4
W5><:4B:4A?>@:4N4WH:3<43<M>:4H@4I?J34AHN?4
Q?N<>J?4@:;>?4B:M:>J?4W?M:>4:S9;9B<4?4;>9D
C<346?4E:@;?@X?4NT439@4:QM?>;<T439;H9:@B<4
:64:U:QI6<4B:4 ?@B:6?T4B9<4?64QH@B<4H@?4
6:AA9Y@4B:49@C:69;:@A9?4N4A?I?A9B?B4B:4I:>D
B<@?>742@4H@4?A<@C:A9Q9:@C<4B:I<>C9E<43:4
I6?3QY4C<B<4?PH:66<4I<>46<4PH:4 ?@B:6?4
W?MJ?46HAW?B<4N43HZ>9B<4:@43H4E9B?=T4:3A>9D
M9Y4]?>69@4:@46?49@C><BHAA9Y@4B:43H469M><74
264QH@B<4E9<4AYQ<4zHB\Z>9A?4IHB<4
<>;?@9X?>4H@4;>?@4C<>@:<4B:I<>C9E<49@C:>D
@?A9<@?6T4I:3:4?46<34C:Q<>:34I<>43H34?6?>D
Q?@C:34@9E:6:34B:4A>9Q9@?69B?B748:3IH534
<>;?@9XY4A<@45S9C<46?4]<I?4}Z>9A?@?4B:4
%?A9<@:34:@4G""xT4:64 H@B9?64B:4]>9AD 
:C4:@4FVV!4N46?4]<I?4]<@Z:B:>?A9<@:34B:4
[HCM<64:@4FVV"7
2@4FVVVT4AH?@B<4 ?@B:6?46:4:@C>:;Y4
:64o9Z:C9Q :4}AW9:E:Q :@C4}Ó?>B4I>:D
Q 9<4?46?46?M<>4B:4C<B?4H@?4E9B?T4B:46<34
o?H>:H34S <>6B4zI<>C34}Ó?>B3¥r?64M>?39D
6:y<4“:65T4W?M6Y4ILM69A?Q :@C:43<M>:4:64
I<B:>4I<6JC9A<4B:64B:I<>C:R41264B:I<>D
C:4C9:@:4:64I<B:>4B:4C>?@3Z<>Q ?>4:64Q H@D
B<749:@:4:64I<B:>4B:49@3I9>?>T4B:4H@9>4?4
6?4;:@C:4A<Q <4I<A?34<C>?34A<3?3749:@:4
Q \34A?I?A9B?B4PH:46<34;<M9:>@<34B:4B:D
>>9M?>46?34M?>>:>?34>?A9?6:3=7
264I><I9<4 ?@B:6?T4PH9:@4ZH:4B:I<>C93C?4 
M<S:?B<>4?Q?C:H>T4C?QM95@49B:@C9Z9AY46?4
ZH:>X?4A<@3C>HAC9E?4B:64B:I<>C:4N4:64ZHCM<64
:@46?4:@C>:;?4B:46<34“>:Q9<34[?9>4“6?N4B:46?4
[[}T4AH?@B<4B:A6?>YR41QOH95@4IH:B:4BHD
B?>4PH:4:64B:I<>C:4:34H@?4E9C>9@?4A>HA9?64I?D
>?46?4I><I?;?A9Y@4B:64UH:;<469QI9<4N46?4UH3D
C9A9?R48:3IH534B:4C<B<T4:64UH:;<469QI9<4:34
H@4E?6<>4:3:@A9?64:@4:64B:I<>C:=7
32@4B93C9@C<34@9E:6:3T4%:63<@4 ?@B:6?4
W?4:3C?B<49@E<6HA>?B<4A<@4:64ZHCM<6T4PH:4:@4
zHB\Z>9A?4:34:64B:I<>C:4B:46<34@:;><374z:D
;L@4A<@39;@?4:64I<>C?64B:46?4[[}4:@4H@?4

˜µ

»»yz{|ÃÄ Ã} ~Ç »»»

àPMMXN L POI

QPIPOVœKVPXK
dˆŽ•‰ŒÇ‘ˆ‰ˆ¹‰Ž

ä1ú71þ äþúÿþäÿãåäÿêý âäÿãîþÿîëãúåÿîþ0êþ
ý ê9êÿêþ1â úâäÿãäþý äþ ä1äåãêíêþ1âÿãâ7ÿì
îý äþöúäåãäþ2þöåä1ëîþ0â1ãîþêåêþ0êþ0úëCêþ

íêþê0þ âý ÿê1âîþ úåêÿãäþúÿêþCîåêþ2þ
ý ä âêþãî ê1þ0ê1þÿîëCä1þ äþ0úÿä1þêþ úäûä1þþ
9 äþâíêþêþëê1êþ âåäëãêý äÿãäþ ä0þãåêíê îþ
åäëî 1êþêþý âþCâ îþàCäý íâþ0úä îþý êÿä êíêþ
ê0þëäÿãåîþëîý úÿâãêåâîþ äÿþ îáäãîþþêë1êì
ý î1þúÿêþCîåêþ äþä äåëâëâîþëîý íâÿêëâîì
ÿä1þ äþâ1ãêþ1ê0ãêåþ0êþëúäå êþëê0â1ãäÿâêþ
îþíîüäîþ äþ1îý íåêþ1ä úâ îþîåþä1ê1þ2þ
0úä îþäÿãåäÿêý âäÿãîþ äþ1êååâÿ þþ âþäÿì
ãåäÿýíêý î1þêåêþúÿêþä0äêþîþúÿþãîåÿäîþ
äüãäÿ 1êý î1þä0þäÿãåäÿêý âäÿãîþ äþ î1þêþ
î1þCîåê1þ2þý ä âêþ
àî î1þãîý ýíêý î1þãúåÿî1þ âåâ âäÿ îþ0êþ
1ä1â0ÿþ äþäÿãåäÿêý âäÿãîþä1ãîþäåêþêåêþ äì
1êååî00êåþ0â äåê4 îþâÿâëâêãâûêþ2þêúãîä1ãâý êþþþ
àCäý íâþ0äþ ú1ãêíêþ âåâ âåþ0ê1þ1ä1âîÿä1þþê1þ
ëî1ê1þ1äþîÿ1êÿþúÿþîëîþ úåê1þêåêþý 1þ0ê1þ
ÿîëCä1þ3úäþý âþCâ îþä1ãêíêþ äþäÿëêå ê îþ 
îå3úäþý äþëåâãâëêíêþþ äþêúåêíêþêþ00êý êåý äþ
0êþêãäÿëâ0ÿþäÿþëúêÿãîþíê êíêþä0þê1îþþ
àî î1þäÿþä0þ âý ÿê1âîþý äþ00êý êíêÿþ äì
öäþê0 îþ3úäþÿîþý äþ ú1ãêíêþîþý äþ äë1êÿþ 
1ä9îåþ9 êÿ ä0êþþëê1âîÿê0ý äÿãäþëúêÿì
îþý âþCâ îþíåîý äêíêþëîÿý â îþý äþ00êý êíêþ 
ý 2þíåêþ0êþöîåý êþäÿþëê00þêåêþ äëâåþý 2þ
íåîãCäåþ ý âþCäåý êÿîþþ5úêÿ îþý äþûä1êþ
äþ8î îþý äþ äë1êþäÿþúÿþãîÿîþ úåîþ ä9îåþ
9 êÿ ä0êþä1ãýþäå âäÿ îþä0þãâäý îþä1ãêþ
ÿîëCäþþ âþÿîþúä äþëîÿþä0þê1îþîåþ3ú7þÿîþ
1äþûêþêþëê1êþ2þ1äþ1âäÿãêþê0þ0ê îþ äþ1úþûâä êþþ
àî î1þ â1öåúãêíêÿþâÿý äÿ1êý äÿãäþ äþ
ä1ãê1þíåîý âãê1þ2þý äþ êíêþý úëCîþ ú1ãîþ
ûäåþêþý âþCâ îþãêÿþöä0â4þ2þãêÿþ1ä úåîþ äþ11þ
ý â1ý îþþ

6:374“:><4:@4G"x46?34?HC<>9B?B:34I:@9C:@D
A9?>9?346:34?HC<>9X?><@4A>:?>43H4I><I9?469;?R4
6?4}3<A9?A9Y@4 ??@?4B:4[HCM<64} [74}4
6<34I>939<@:><343:46:34I:>Q9C9Y4UH;?>4:@4:64
:SC:>9<>4B:46?34A:6B?3T4PH:4ZH:>?@4:PH9I?D
B<34N4B93IH39:><@4B:4H@4C:>>:@<4?I><I9?B<74
[H:4H@?4A<@A:39Y@4I?>?4C<B<3T4Q:@<34I?>?4 
?@B:6?T4PH9:@4:3C?M?4A<@B:@?B<4?64?936?D
Q9:@C<4:@4H@?4Q9@L3AH6?4A:6B?74%9439PH9:>?4
6:4I:>Q9CJ?@4E:>46<34I?>C9B<37
o?4} [43:4A<@E9>C9Y4:@4H@4:3A?I:4
I?>?4QHAW<34B:46<34I>939<@:><34B:46?493D

6?74(@4:SA<@E9AC<T4z9IW<43W?M?6?6?T4:SD
I69AYR412>?4Q\34C:>?I5HC9A<4I?>?4@<3<C><34
N4I?>?4@H:3C>?34E9B?374%<34W9X<43:@C9>4A<D
Q<43:>:34WHQ?@<3T4@<34W9X<43:@C9>4PH:T4?64
Q:@<3T4@<4:3C\M?Q<34?936?B<3=748:3B:4:3?4
A\>A:643:4?6A?@X?4?4E:>4:64Q<B:>@<4:3C?B9<4
”>::@4“<9@C4B:4]9HB?B4B:64]?M<T4PH:43:D
>\43:B:4B:4<AW<4I?>C9B<34BH>?@C:4:64I>YS9D
Q<4 H@B9?674
264:3C?B9<4z<AA:>4]9CN4ZH:46?46<A?A9Y@4
B<@B:T4:64Gx4B:4B9A9:QM>:4B:4G""VT4 ?@B:D
6?4:@A?M:XY4:64I>9Q:>4Q9C9@4>:?69X?B<4I<>4:64

3V4¶½6Š64542 ‰ 4 ˆÉ

50*)-.0!"J #D#$0´'"+%40*0H 0"$!Z!*[ ,0- #ù-X")D#$04 #D0$0N")L)D!%&)$
"+%: 0%$!*0\7 0".0H! 40"0$+-0"#&!" 40 09)!,)$Q=#-00*-0%;0 0*0*#H! &0$\
8%*040 &!-)0&+$!**#H +綨¶Ÿ¡è°¨
$S-0$0"!%*0-Q -!*'!**1$! 4+*1&#-+%+
$!LX$!-+J H0&#*0"!> !>0-#X% 0-#0*\ µŸÙ ¦²°¨Ÿ¨¶Ÿ¨¶¦é¥¡£Ÿ§ê¨Ö¸£°é¦°è¡Ÿë쟨§¥¨
í¥¶³°²¨· Ÿ²§¥¶Ÿ'9)!!J 4!;X0!"- #H#
!%*0-*0%$!"&#%#$0$!%zyw÷$) 0%&!") 
ˆ4°6¼Â4B
ˆ6‰6À 44Á 

-0)&#D! #+'!*!_4 !"#$!%&!$!,)$Q=#-0
!*0&0*0=+ J 0!%9)!!*H+_!+'-+%")
$#"-#4*#%0N!"&0&!>#0'*!4 +4+ -#+%X
)%0ù*+"+=10$!D#$09)!*+4 !40 X40 0
*)-.0 \T#-!C
Ö¸²î¸¥¨é°ï¥ð¨¸²¨ °µ°¨¥²¨ñ°¡£¨òŸ¡¥ó¨
²°¨ë¸¥¨¤Ÿ³£Ÿ¨î¸¥¨ô¦ô쨥²¨õ°¤Ÿ²²¥³é¸¡è°¨
¨¶°¨£°Ù ð¨Ù ö³¨¥²¨³¥¡¦°ê¨í¸²µŸ¨ë¸¦¨¸²¨
é°ï¥Ÿ§°¡¨¥ïµ¥¶³°ê¨ç³£¸ô¥¨¥²¨¶Ÿ¨§¦ô¦³¦÷²¨
§¥¨ ¥³°¨µ°Ù  ¶¥£°ó¨²°¨µ°²£ŸéŸ¨µ°²¨¶Ÿ¨
븥¡øŸ¨³¸ùµ¦¥²£¥¨ Ÿ¡Ÿ¨µ°Ù  ¥²³Ÿ¡¨Ù ¦¨ëŸ¶£Ÿ¨
§¥¨ô¥¶°µ¦§Ÿ§ê
Dîþ â1öåúãêíêþ0êþûâî0äÿëâêþ ä0þíîüþãêÿãîþ
ëîý îþ0êþëâäÿëâêþ äãåý1þ ä0þ äîåãäþþÿ1ãêíêþ
âÿãåâ ê îþäÿþë0ý îþúÿîþý úäûäþ1úþëúäåîþ 
êåêþåîãä äå1äþêþ11þý â1ý îþë0ý îþ1äþú1êþ
úÿêþä1ãåêãä âêþêåêþêãêëêåþ2þêåêþåäãâåêå1äþ
ë0ý îþ1äþý êåëêþä0þê1îþäÿþúÿþëîý íêãäþ
àî î1þ1îý î1þâ úê0ä1þäÿþä0þíîüþþÿ0þåâÿ þ
ä0þåêÿïâÿ þ0êþä ê þä0þëî0îåþþ2þ0êþåâ3úä4êþ 
äå1îÿê0þ1îÿþâååä0äûêÿãä1þþ5úêÿ îþ
åî äê1þêþãúþîîÿäÿãäþåîíêÿ îþ
1ú1þöîåãê0ä4ê1þ2þ äíâ0â ê ä1þÿîþ 
âäÿ1ê1þÿâþäÿþ1úþëî0îåþÿâþäÿþ1úþ
ä1ãêãú1þ1îëâê0þþ
6ÿêþûä4þ3úäþäÿãå7þê0þý úÿ îþ
äþ0êþî01ãâëêþÿúÿëêþûî0û1þêþä0äêåþþ
9 âþâÿãäå71þåâý îå âê0þäåêþäÿãåäÿêåþ
äÿëîÿãå7þ3úäþä0þäÿãåäÿêý âäÿãîþãêÿþ
åâ úåî1îþäåêþúÿêþý êÿäåêþ äþ ä1Cêì
ëäåý äþ äþ0ê1þãäÿ1âîÿä1þ2þä0þä1ãå71þþ
ä1ì 
ú71þ äþúÿþþäÿãåäÿêý âäÿãîþöúäåãäþý äþ1äÿã1êþ
ý äÿãê0þ2þö11âëêý äÿãäþý ý1þ0â äåîþþÿåêþúÿêþ
ý êÿäåêþ äþäå äåý äþäÿþê0 îþ1âÿþëîÿ8âëãîþþ

@<C?48:@4<A?39Y@4B:64AHQI6:?y<34&"4B:64
:SI>:39B:@C:8T4AH?@B<4E9EJ?4:@4z<Ó:C<4 
H@4\>:?4H>M?@?46<A?69X?B?4F#496YQ:C><34
?643H><:3C:4B:4{<W?@@:3MH>;<T4BH>?@C:46?4
:C?I?4Q\34ZH:>C:4B:43H4?AC9E9B?B4I<6JC9A?T4
1H3Y46<34I?>C9B<34B:4ZHCM<64A<Q<4H@?4W:D
>>?Q9:@C?4I?>?4Q<E969X?>4?4zHB\Z>9A?4A<@D
C>?4:64ghgcamb_f=73
o<34I>:3<34B:46?4A\>A:64B:46?4936?4K<MD
M:@T4B<@B:4 ?@B:6?4I?3Y4G&4?y<3T4UH;?M?@4
A6?@B:3C9@?Q:@C:4ZHCM<64:@4A:6B?34A<6:AC9D
E?3T4A<@4M?6<@:34W:AW<34A<@4C>?I<34N4I?I:D

™Èyz{|ÃÄ Ã} ~Ç 

0694VˆËÂ4ˆ4¶64ˆ4¶6Š

B:46?4]<I?4B:64 H@B<4FVGVT4:646:;:@B?>9<4
?@Z9C>9Y@4B:4zHB\Z>9A?46:4B9<46?4M9:@E:@9B?4?4
6<34:3I:AC?B<>:34?4C>?E534B:4H@4E9B:<T4?@C:4
6?49QI<39M969B?B4B:4E9?U?>4W?3C?4]9HB?B4B:64
]?M<R41264B:I<>C:4C9:@:4:64I<B:>4B:49@3I9>?>4
N4H@9>4?46?34I:>3<@?3742@4KZ>9A?T4:64ZHCM<64
;<X?4B:4;>?@4I<IH6?>9B?B4N4C9:@:4H@46H;?>4
QHN4I?>C9AH6?>4:@46<34A<>?X<@:34B:46?4;:@D
C:748:M:Q<34:3Z<>X?>@<34I?>?43:>4:SA:6:@D
C:34?@Z9C>9<@:34NT4?64Q93Q<4C9:QI<T4?3:;H>?>4
PH:4B:U?>:Q<34H@?4;>?@4WH:66?4B:4M:@:Z9D
A9<34I?>?4@H:3C>?4;:@C:=T4?3:E:>Y4 ?@B:6?7
(@?43:Q?@?4B:3IH534B:46?4Z9@?64B:64 
H@B9?6T4:64I>YS9Q<4G&4B:4UH69<T4%:6D
3<@4 ?@B:6?4AHQI69>\4"F4?y<374“><M?D
M6:Q:@C:4:3C54B:Q?39?B<4B5M964I?>?4>:D
I:C9>43H4Q:Q<>?M6:4;:3C<4B:4:@C>:;?>46?4
A<I?4?64:PH9I<4A?QI:Y@T4A<Q<4<AH>>9Y4:@4
G""74OH9X\T4?4C>?E534B:46?4C:6:E939Y@T4:3D
C?>\4A<QI6?A9B<4B:4E:>4?4@:;><34N4M6?@A<34
A<QI?>C9:@B<46?34;>?B?37

K4.+&+xK*!_0%$! (+!

]%}4B:3B:43H469M:>?A9Y@742@4:3:4Q93Q<4:3D
A:@?>9<T4:64I>:39B:@C:4ZH:4I?>C:4B:46?4QH6C9D
CHB4PH:4?I<NY46?4E9AC<>9?4FDV43<M>:4L@:X4
B:46?43:6:AA9Y@4@?A9<@?64B:4ZHCM<64:@46?4Z9@?64
B:46?4]<I?4}Z>9A?@?4B:4%?A9<@:37 
?@B:6?4<Z>:A9Y4AW?>6?34Q<C9E?A9<D
@?6:34?46<34UH;?B<>:34BH>?@C:4:64C<>@:<T4
N46:4:@C>:;Y4:64C><Z:<4?64B:Z:@3?4%:964<D
E:NT4PH9:@43:4A<@E9>C9Y4:@4:64I>9Q:>4ZHCM<D
693C?4M6?@A<4:@46:E?@C?>4H@?4A<I?4I?>?4zHD
B\Z>9A?7
oHA?34K?B:M:T4H@<4B:46<34;>?@B:34ZHCD
M<693C?34B:4:SI<>C?A9Y@4B:4zHB\Z>9A?T4PH:4
UH;Y4GG4?y<34:@4:64o::B34(@9C:B4B:4@;6?D
C:>>?T4>:AH:>B?4A<@4:Q<A9Y@4?6;H@?34B:46?34
E939C?34PH:4%:63<@4 ?@B:6?4W9X<4?46<343:D
6:AA9<@?B<34@?A9<@?6:3R4123C\M?Q<34:@4:64
A?QI<T4:@4:64W<C:64:@4{<W?@@:3MH>;<4:@4
G""#7464:@C>Y4:@46?4W?M9C?A9Y@4N43:4Q:4I?D
>?><@4C<B<346<34I:6<34B:46?4:3I?6B?4N4B:4
6<34M>?X<374:@J?4H@4?H>?4C?@4:3I:A9?6T4PH:4
3:@CJ4Q?>9I<3?34:@46?4I?@X?4N4:3C?M?4C?@4
@:>E9<3<4PH:4?I:@?34IHB:4W?M6?>742>?4QHN4
B9Z:>:@C:4E:>6<4B:4A?>@:4N4WH:3<4PH:4:@4Z<D
C<34<4:@46?4C:6:74:439:@C:34A<QI><Q:C9B<4
?4UH;?>4I?>?4564N4C:Q:34B:A:IA9<@?>6<74%<34
E939C?M?4>:;H6?>Q:@C:4AH?@B<4:3C\M?Q<34
A<@A:@C>?B<34N4@<34B?M?4AW?>6?34Q<C9E?D
A9<@?6:374[H:4H@4;>?@4?69A9:@C:4A<@<A:>6<4
N43?M:>4PH:46:49QI<>C\M?Q<346<43HZ9A9:@D
C:4I?>?4B?>3:4:64C9:QI<4B:4E:>@<34:@4Q:B9<4
B:43H4?I>:C?B?4?;:@B?7
1<B<343?MJ?Q<34PH95@4:>?4I<>43H4I?D
I:64:@46?46HAW?T4I:><4@<43?MJ?Q<34AYQ<4
:>?4ZJ39A?Q:@C:T4IH:346?34L@9A?34Z<C<34PH:4
W?MJ?4B:4564:>?@4E9:U?3742>?4@H:3C><4W5><:T4
H@4Q<B:6<4?43:;H9>T4@H:3C><46JB:>4:@46?46HD
AW?T4@H:3C>?4Q:U<>4<I<>CH@9B?B4B:469M:>D
C?BT4I:><43?MJ?Q<34PH:4@<4I<BJ?Q<343:>4
69M>:34Q9:@C>?34564:3CHE9:>?4I>:3<T4?3J4I><D
C:3C?Q<34A<@C>?4:64>5;9Q:@4B:64ghgcamb_f4

K4.+&+x?. #"<#--+[PK?fK/8G=+ YGYK

K4.+&+x<+"",!&=+ $ 

ˆ48š°›Â4«@948
¶64894¶ À‰¬

:@43H4@<QM>:74]<@Z9?Q<34:@4PH:4I<BJ?43:>4
H@4;>?@46JB:>4I?>?4@H:3C><4IH:M6<4N46<4I><D
MY74234:64Q\34;>?@B:43HB?Z>9A?@<=T4:SC:>D
@Y4K?B:M:4:@4H@?4:@C>:E93C?4PH:4A<@A:B9Y4
?64I<>C?64B:46?4[[}4:64Gx4B:4UH69<4B:4FVV7
o<343HB?Z>9A?@<34?Z9A9<@?B<34?64>H;MN4
:@43H4Q?N<>J?43<@4gwc_Ñgtbc`$439@4:QM?>D
;<T4B:4?AH:>B<4A<@4>:I<>C:34I:>9<BJ3C9A<34
6<A?6:3T4:66<34C?QM95@4?I<N?@4?64:PH9I<4
@?A9<@?64B:4ZHCM<67
}H@PH:46?43:6:AA9Y@4B:4zHB\Z>9A?4I?D
>:A:4:3C?>4:@4B:3E:@C?U?4I?>?43HI:>?>46?4
I>9Q:>?4><@B?4:@4:64 H@B9?64A<QI?>C:4:64
;>HI<4}4A<@4[>?@A9?T4(>H;H?N4N4 5S9A<T4
6<34Z?@\C9A<3T4B:3B:4 ?@B:6?4W?3C?46<34>:D
39B:@C:34B:46<34M?>>9<34Q\34I<M>:3T4?I<N?@4
9@A<@B9A9<@?6Q:@C:4?46<3466?Q?B<34cgwgtgr
cgwgtg46<34QHAW?AW<3T4A<Q<43:4A<@<A:4
?46?4<@A:@?4PH:4B9>9;:4:64M>?396:y<4]?>6<34
}6M:>C<4“?>>:9>?7
264F#4B:4UH@9<4B:4FVV"T4Z9:64?43H4A<3D
CHQM>:T4%:63<@4 ?@B:6?T4E939CY4?46?43:6:AD
A9Y@4@?A9<@?64I?>?4B:3:?>6:43H:>C:4?@C:34B:4
6?43:Q9Z9@?64PH:4B93IHCY4:@46?4]<I?4]<@D
Z:B:>?A9<@:34?@C:4)>?39674o<34UH;?B<>:34
6:4<M3:PH9?><@4H@?4A?Q93:C?4A<@43H4@<QD
M>:4:@46?4:3I?6B?74264:@C<@A:34:@C>:@?B<>4
B:4zHB\Z>9A?T4{<:64z?@C?@?T4>:E:6Y4I<>4PH54
:3:4:@AH:@C><439;@9Z9AY4C?@C<4I?>?43H4:PH9D
I<R41zH4I>:3:@A9?4N46?4Z<>Q?4A<Q<4@<34W?D
M6YT4@<34B9<4H@?4;>?@4C>?@PH969B?B74~<4I:@D
354PH:46<4W?MJ?4E93C<4C<B<4:@46?4E9B?T4I:><4
@<74 :43:@CJ4:SC>:Q?B?Q:@C:4<>;H66<3<4B:4
W?M:>4C:@9B<4:3C?4<I<>CH@9B?B=7
]<@4H@4;<64B:48?@94}6E:3T4B<34Q9@HC<34
?@C:34B:64Z9@?6T4zHB\Z>9A?4A?NY4?@C:4)>?39674
2@4:64I?>C9B<4I<>4:64C:>A:>46H;?>T46<34cgwgtgr
cgwgtg4C?QM95@4I:6:?><@49@A?@3?M6:Q:@C:4
?@C:423I?y?T4A?QI:Y@4B:42H><I?T4?64PH:46:4
:QI?C?><@4?4B<34C?@C<34:@4C9:QI<4B:4A<QD
I:@3?A9Y@74~?4:@4:64?6?>;H:T4H@4;<64B:4+?D
M94}6<@3<4IH3<4:64!DF4B:Z9@9C9E<7
z:934Q:3:34B:3IH53T4BH>?@C:4:643<>C:<4

0694ˆ 4‰ˆ
9448Š°6ˆ4428ª
Â4«E6‰47 8 ½ ½6‰¬

™˜

»»yz{|ÃÄ Ã} ~Ç »»»

Ø4Ž‹‡Œºº’‰’

Z>:@C:@4A<@4C?@46:?64:@A<@<74%<4:@4M?6D
B:4?A:IC?@4A<@4<>;H66<4?I<B<349@UH>9<3<3R4
6<34*gtgqqg`4B:4K<3?>9<4]:@C>?64:@A?>?@4
?46<34bbhcd`d`4B:4%:Ó:66l3476B4)<N374
2@4H@?4<A?39Y@46:4A<Q:@C54?4H@4C?S93C?4
B:4)H:@<34}9>:34PH:4?393C9>J?4?64I?>C9B<4
)<A?DK9E:>74123<4@<4:34@?B?=T4A<@C:3CY4
A<@4I>:3H@A9Y@R41@<3<C><34@<34<B9?Q<34
Q\3=747ME9?Q:@C:4:>?4B:4K<3?>9<7
z94:64:3IJ>9CH4B:4“?Q I6<@?43:4:SI>:D
3?4:@46<343?@Z:>Q 9@:34N4:64B:4KJ<4:@4:64
A?>@?E?6T4:64B:4K<3?>9<43:4>:A<@<A:4I<>4
H@4>9C<4L@9A<R41o?4I?6<Q ?4B:4“<N=74264
G"4B:4B9A9:Q M>:4B:4G"GT4}6B<4“:B><4
“<NT4B:6?@C:><4B:4K<3?>9<4]:@C>?6T43:4
6?@XY4?64?9>:4I?>?4>:Q ?C?>4B:4A?M:X?4N4
E:@A:>4?64;H?>B?Q :C?4B:4%:Ó:66l3476B4
)<N37423C:4Q <Q :@C<4B:4;6<>9?43:4>:I9D
C:4A?B?4G"4B:4B9A9:Q M>:R41 94I><M6:Q ?4
N?4@<4:34C9>?>Q :T439@<46:E?@C?>Q :=T4B9A:4
A<@4WHQ <>4:64E:C:>?@<4“<N7
2@46?4A9HB?B4B:64]W:4”H:E?>?T4B:4[9D
C<4“\:X4N4<C><349@A<@Z<>Q:3T4o9<@:64 :3D
394A<Q:@XY4?4B:36HQM>?>4A<@4:64M?6Y@4?4
6<34A9@A<4?y<374zH4W?M969B?B4:>?4L@9A?4I:D
><4I?>:AJ?4AHQI69>4H@43H:y<46?>;?Q:@C:4
?;H?>B?B<7
o:<4B:MHCY4:@4:64:PH9I<4B:64M?>>9<T4:64

”>?@B<6974zH4I>9Q:>4C5A@9A<4ZH:4z?6E?B<>4
}I?>9A9<74}46<343:3:@C?4?y<3T4}I?>9A9<4
W?MJ?4E93C<4?4C<B?4A6?3:4B:4h_cb`4AWHC?>4:@4
3H4I<C>:><74%<4:3I:>?M?4QHAW<4B:4?PH:64
@9y<4B9Q9@HC<74]H?@B<4I>:3:@A9Y46<4PH:4
W?AJ?T43Y6<43:46:4<AH>>9Y4H@4A<@3:U<4C5A@9D
A<R41PI?C:?6?O=74 :3394>:A<>>J?46?4A?@AW?4
:@C:>?439@4B:3W?A:>3:4B:46?4I:6<C?7 
\34PH:4;<6:?B<>T4bgrmhqeg4:>?4H@4:@D
;?@AW:T4:34B:A9>T4H@4E:@B?E?64PH:469QI9?M?4
:64A?QI<4B:4?BE:>3?>9<34I?>?4PH:4<C><43:4
:@A?>;?>?4B:46?4C?>:?T4W93CY>9A?Q:@C:4EH6D
;?>4:@4}>;:@C9@?T4B:4Q:C:>4:64;<674
o<34E9B:<34B:46?45I<A?46<4>:;93C>?@4
A<Q<4H@?4E:>39Y@4M<@3\94B:64 :3394?AD
CH?6R4:64Q93Q<4B<@4I?>?4:64B:3M<>B:4N4
:64A?QM9<4B:4>9CQ<T46?4Q93Q?4?6:;>J?4A:D
6:M>?C<>9?741@Z?@A9?4:34B:3C9@<=T4:3A>9D
M9Y4:64I39A<?@?693C?4Q:S9A?@<4z?@C9?;<4
K?QJ>:X7
}46<34<AW<4?y<3T43H34A<QI?y:><34B:64
A<6:;9<46<439CH?><@4?64A:@C><4B:46?4Z<C<4
<Z9A9?64B:64AH>3<74zH4A?>93Q?43:4B:MJ?4?4
6<34?6?>B:34A<@4:64M?6Y@T4I:><4C?QM95@4
?46?4I9A?>BJ?4B:46?4Q9>?B?74%<439:QI>:4
W?AJ?4C>?E:3H>?3T4I:><4C:@J?46?4;>?A9?4B:4
PH9:@46?349Q?;9@?7
]H?@B<4UH;?M?4?46?34A?>C?34W?MJ?4PH:4

K4.+&+x<#-0 $+: 0;0*0%

<A<4?@C:34B:4B93IHD
C?>43H4I>9Q:>?4Z9@?6T4
o9<@:64 :33943:4PH:D
BY4:@A:>>?B<4:@4H@4
M?y<74264@9y<4PH:4
@<4I<BJ?43:>4B:C:@9D
B<4I<>4B:Z:@3?4?6;HD
@<43:4:@Z>:@CY4?4H@?4
A:>>?BH>?4 ?E:>9?B?74
[?6C?M?4 I<A<4 I?>?4
PH:4A<Q:@X?>?4:64I?>C9B<4N4o:<4?I<>>:?D
M?46?4IH:>C?439@4PH:4@?B9:46<4:3AHAW?>?74
264C><Z:<4B:4:3:4A?QI:<@?C<4:>?4:64Q:D
U<>4B:64QH@B<R4H@?4M9A9A6:C?74
7C><34WHM9:>?@4A:B9B<4?46?346\;>9Q?34
N46?4>:39;@?A9Y@T4<C><34Q\34W?M>J?@4?;>?D
B:A9B<4@<4C:@:>4PH:4B:Q<3C>?>4@?B?4:@4:64
A?QI<74o:<4><QI9Y4:64A>93C?64B:46?4E:@D
C?@?4N43?6CY4W?A9?4ZH:>?74o6:;Y4?46?4A?@D
AW?4A<@46?43:;H>9B?B4B:4PH9:@4@<4IH:B:4
3:>4B:C:@9B<74}@<CY4C>:34;<6:34:@46?4Z9@?674
264;:@9<4C:@J?43H4M9A9A6:C?7
264B:3C9@<4B:4 :3394W?4<AH>>9B<4?64
Q:@<34B<34E:A:3749U<4B:4]:69?4N4{<>D
;:T4@?A9Y4:@4K<3?>9<T4I><E9@A9?4B:4z?@D
C?4[:T4:64BJ?4B:4z?@4{H?@4B:4G"&T4I:><4
?@C:34ZH:4I>:Z9;H>?B<4:@46?34C:>CH69?34B:64
A?Z54264]?9><T4N4Q\34I>:A93?Q:@C:4:@46?4
1Q:3?4B:46<34;?6?@:3=T4I>:39B9B?4I<>4:64
Q?>?E966<3<4B9MHU?@C:4N4:3A>9C<>4K<M:>C<4
[<@C?@?>><3?74}>;:@C9@?4:34H@?4Z\M>9A?4
B:4C?6:@C<34ZHCM<6J3C9A<34PH:4I>:E9?Q:@D
C:43<@49Q?;9@?B<34I<>46<34W9@AW?34Q\34
E:>M?69X?B<34N4Z?MH6?B<>:34B:64I6?@:C?7
8:3IH534B:4:@C:>?>3:T4I<>4 ?A:B<D
@9<4[:>@\@B:XT4B:4PH:4E9E9>4:34B93C>?:>D
3:4B:46?4QH:>C:T4[<@C?@?>><3?4:3A>9M9Y4:64
>:6?C<41264A9:6<4B:46<34?>;:@C9@<3=T4B<@D
B:4H@<34?Q9;<34A<QI?>C:@4H@4?3?B<4N4
W?M6?@4B:4ZHCM<6748:4I><@C<4?BE9:>C:@4
PH:4:3C\@4QH:>C<37423C<46<34W?A:4QHN4
Z:69A:3R4394W?@4Z?66:A9B<4N4A<Q:@4A?>@:4
Q9:@C>?34Q9>?@4H@4I?>C9B<4PH9:>:4B:A9>4
PH:4W?@466:;?B<4?64I?>?J3<7
K<3?>9<4:346?4A9HB?B4B:4]53?>4oH934 
:@<CC94N4 ?>A:6<4)9:63?T4A<@CH@B:@D
C:34>:CY>9A<34B:64M?@PH966<742@4@9@;L@4
<C><439C9<4W?N4B<34W9@AW?B?34PH:43:4:@D

QPOVXLN

XL KL MXKIPO
™™yz{|ÃÄ Ã} ~Ç 

™š™˜™œ–µ™Ÿ–˜¡¸—¡—¡˜¡–œ¦œ™±¤ Ÿ« ¤ £–¦/–—œ– ›«§¡—– 
¦ £ ¤›œš—£™¢œ ˜Ÿ¡£™ŸØ¤–—‡¡œœ™Ÿ™—™ ™¶Ÿ˜¤—– £–š›–
œ¡£Ÿ–Ÿ¡–¦œ§—¡™¶¤£µ™œ¡ £––¤—™ ¦/– ¦ ¤š«¨¡š–§Ÿ–¦¤–˜¡¸—
—œ– ˜–—˜0– ¦¤¦«¶Ÿ¡˜–¯¡œ–0¡ £™Ÿ¡–˜™—˜œ¤¡Ÿ«—`¨¡£™™¶Ÿ–®
˜– ™¢œ™ – £Ÿ™ š¤—¦¡–œ¡ £– œ™¦£Ÿš¡—–Ÿ«—¯‘™Ÿœ™›Ÿ™—£™¢0–µŸ/–
±¤¦ž–Ÿ œœ¬–Ÿ›™Ÿœ–š–§¡–¦œ—¡°™±¤¦ –¶/–˜ŸŸ™ž™ ¢¦¡˜£«®
š— š`¦¡˜™ ¢¡š›–˜¡—˜¡– ¦–¦¤œ£™ ¢œ–˜§¤Ÿ–¦œ™  –µ¡™ ¢
·±¤˜™—œµ–œ¸—— ¤›™¦Ÿ ˜–›–¥¦£Ÿ– £™Ÿ—–Ÿ¢ ¡š›œš—£¢
–œš« œ™˜™¦œ™ š™Ÿ£–œ ¯
:3C?>4?C:@C<4?43H34Q?@9<M>?3R4:@4AH?6D
PH9:>4Q<Q:@C<4W?AJ?4H@?4C>?QI?74z94
I:>BJ?T4B:3I?>>?Q?M?46?34M?>?U?34N43:4
@:;?M?4?43:;H9>4UH;?@B<74
zH4Q?B>:46<4B:3A>9M:4A<Q<41A<@3:@D
C9B<=74%?B?4I?>:A:4B:3Q:@C9>46?4W9IYC:D
3934B:4PH:46?4;:@C:46<4W?4PH:>9B<T4I:><4
:64B:3C9@<46:4>:3:>E?M?4?6;H@?34I>H:M?374
2@46?4E9B?4B:4 :3394C<B<4W?439D

B<4AH:3C9Y@4B:4:3A?6?74:@J?4<AW<4?y<34
AH?@B<43H34I?B>:343:4I>:<AHI?><@4I<>4
3H4M?U?4:3C?CH>?74o<466:E?><@4?64Q5B9A<4
N43HI9:><@4PH:46:4Z?6C?M?4H@?4W<>Q<@?4
PH:4I:>Q9C:4:64A>:A9Q9:@C<74?MJ?4>:Q:D
B9<T4I:><4A<3C?M?4Q94VV4BY6?>:34Q:@D
3H?6:3T4?6;<49@A<3C:?M6:4I?>?46?4Z?Q969?74
K:A9M9:><@4?I<N<4B:4B<34A<QI?yJ?34B:4
K<3?>9<74(@?4E:X4?64BJ?4o:<43:49@N:AC?M?4 
‰‰
Â4«069‰9Š 

:@46?4I9:>@?4A<@4H@?4I>:3:@A9?4B:4\@9Q<4
9@3Y69C?4:@4?6;H9:@4B:4<AW<4?y<3748:3B:4
:@C<@A:3T43H4B:3C>:X?43Y6<43:>J?43HI:>?D
B?4I<>43H4E<6H@C?B7
4}64A?M<4B:4B<34?y<34:64B9@:><4I?>?4
6?349@N:AA9<@:34@<4IHB<43:;H9>4Z6HN:@B<74
%:Ó:66l3476B4)<N343:4@:;Y4?4?3HQ9>4:64
;?3C<4N4 :3394E9?UY4?4)H:@<34}9>:34I?>?4
I><M?>3:4A<@4K9E:>4“6?C:742>?4:64Q\34I:D
PH:y<4B:46<34?3I9>?@C:34N4ZH:4:64L6C9Q<4:@4
:@C>?>4?64I?>C9B<74zY6<4PH:B?M?@4B<34Q9D
@HC<34B:4UH:;<T4I:><4o:<43:4W9X<4@<C?>74
1QOH95@4:34:64I?B>:R=T4I>:;H@CY4:64>:3D
I<@3?M6:4B:46?4I>H:M?74{<>;:4 :33943?69Y4
B:C>\34B:4H@?4?6?QM>?B?741z:4PH:B?=T4B9D
U<4:64C5A@9A<74
o?4A<@C>?C?A9Y@4@<466:;Y4?4<AH>>9>74264
A6HM4B:46?4Z>?@U?4><U?4@<4PH93<4@:;<A9?>4
:64C>?3I?3<4A<@4%:Ó:66l34@94?A:ICY4I?;?>4
:64C>?C?Q9:@C<4Q5B9A<4I?>?4H@4jcgjÑ49@D
B93AHC9M6:T4I:><4B:4ZHCH><49@A9:>C<7
2643H:y<4B:4 :3394WHM9:>?439B<4I:>D
Q?@:A:>4:@4K<3?>9<T4UH@C<4?46<34MHPH:34
6:@C<34PH:4?E?@X?@4I<>4:64>J<4“?>?@\T4
I>:3:@A9?@B<46?34C:>CH69?34B:4264]?9><4N4
A:6:M>?@B<4:6418J?4B:64}Q9;<4bbhcd`d=74
o?34?C?BH>?343:@C9Q:@C?6:346:4E9:@:@4
M9:@4?64ZHCM<693C?74%<4W?N4@?B?4Q\34:3D
C9QH6?@C:48@94Q\34:3A?3<84PH:4H@4UH;?D
B<>4PH:4IH:B:43:>4W9@AW?4B:43H4:PH9I<74
{H?@4K<Q\@4K9PH:6Q:4:34H@43:B:@D
C?>9<4:SC>:Q<4B:64ZHCM<674z:439:@C:4AYD
Q<B<4:@46?4E9M>?@C:4A?@AW?4B:4)<A?4N4
I9:>B:46?4M>LUH6?4N46?4Q9>?B?4394E93C:4H@?4
A?Q93:C?4:SC>?y?74?QM95@4 :3394B:3:?D
M?4PH:B?>3:4A<@46<343HN<3T4I:><46?43H:>D
C:46<4A<@E9>C9Y4:@46?4Z9;H>?4A<@C>?>9?4?4K9D
PH:6Q:R4H@4@YQ?B?4:SC>:Q<7
2@4FVVV4A>HXY4:64<A5?@<4I?>?4I><M?>3:4
A<@4:64:PH9I<4cqghecgtg74264)?>â?4:34Q\34
PH:4H@4A6HM74Qz9;@9Z9A?M?4:3<4PH:4?B<ID
C?>J?4?4H@4;>?@B:4B:4K<3?>9<4PH:4AH>9<3?D
Q:@C:4:>?4H@4@9y<R
o<34I>9Q:><34BJ?34:@4]?C?6H@N?4ZH:><@4
A<QI69A?B<374264:@C>:@?B<>4]?>6:34K:S?D
AW43:4:@A<@C>?M?4:@4z9B@:N74o:<4N43H4I?B>:4

™Ç

»»yz{|ÃÄ Ã} ~Ç »»»

K4.+&+xT0D#$<0J +"

6<4?;H?>B?><@4BH>?@C:4B<343:Q?@?34
:@4H@4W<C:64A<@4E93C?4?46?4“6?X?4B:4
23I?y?74 :Q<>9X?><@4:64I?93?U:4N4
E9:><@4A<@4:@E9B9?4:64?HC<ML34?XH64
PH:466:E?4?64?:><IH:>C<74%<4PH:>J?@4
3:;H9>4?WJ7423C?M?@4I<>4:QI?A?>4
AH?@B<43HI9:><@4PH:4:64:@C>:@?B<>4
>:;>:3?>J?4?64BJ?439;H9:@C:7
89A:@4PH:4AH?@B<4:64B:3:@Z?B?D
B<4K:S?AW4:@C>:@Y4:@4{?IY@T4@H@D
A?43:4:@C:>Y4QHN4M9:@4B:4AH\64B:46<34
B<34:PH9I<34:>?4:643HN<74264BJ?4B:43H4
A9C?4A<@4 :339466:;Y4?64A?QI<4>:C>?D
3?B<4N4A<@43H4W?M9CH?64?9>:4B93C>?JD
B<74%<46:4A<3CY4C>?M?U<4>:A<@<A:>4?64
?>;:@C9@<43<M>:4:64A53I:BT4IH:34:>?4
:64Q\34I:PH:y<741?N4PH:4A<@C>?D
C?>6<=T4B9U<4B:49@Q:B9?C<74%<43:4I<D
BJ?4BHB?>43<M>:456741P23CHE<4G4BJ?34
:@4)?>A:6<@?T4I:><43<M>?><@4G#O=T4
?;>:;Y4K:S?AW4A<@43H4;H3C<4I<>46?34
9@<6E9B?M6:34Z>?3:34:SC>?E?;?@C:37
“?>?4C>?@PH969X?>4?46?4Z?Q969?T4:64
C5A@9A<4Z9>QY4:641A<@C>?C<=4Q\34B:6D
;?B<4B:64ZHCM<674264G#4B:4B9A9:QM>:4
B:4FVVV4C<QY4H@?43:>E966:C?4B:4I?D
I:64:@4H@4M?>4N4:3A>9M9Y4H@4I\>>?D
Z<4:@4:64PH:43:4A<QI><Q:CJ?4?4E:D
6?>4I<>4:64@9y<74264B<AHQ:@C<4C:@J?4
:64Q93Q<4E?6<>46:;?64PH:4H@?4I6:;?D
>9?4:@4 <@C3:>>?CT4I:><4W<N4:@4BJ?4
:34AH3C<B9?B<4I<>4{<3:I4 ?>9?4 9@D
;H:66?T4;:3C<>4B:46?4A<@C>?C?A9Y@T4A<Q<4H@?4
E?69<3J39Q?4I9:X?4B:4?>C:4I<IH6?>74264G4B:4
Q?>X<4B:4FVVG43:4Z9>QY4H@4A<@C>?C<4B:4E:>D
B?B4N46?4Z?Q969?4 :33943:4C>?36?BY4?4)?>A:D
6<@?4I?>?4?I<N?>4?4bgrmhqeg74
(@<4B:46<34Q?N<>:34B:3?ZJ<34B:4H@4ZHCD
M<693C?4:346?4?BQ9@93C>?A9Y@4B:46?43<6:B?B74
8H>?@C:4W<>?3439@4Z9@4B:M:4Q?C?>4:64C:B9<4
:@4AH?>C<34B:4W<C:67423C<43:4?;>?E?4AH?@B<4
:64UH;?B<>4:34H@4@9y<4?6:U?B<4B:43H4:@C<>@<74
z9@46<34I?3?C9:QI<34@946<34>?E9<6:34Z?Q969?D
>:3T4o:<4B:3AHM>9Y4PH:4E9E9>4:@4)?>A:6<@?4
:>?4C?@4?MH>>9B<4A<Q<4AWHI?>4H@4A6?E<74 
?QM95@43H34W:>Q?@<343:4B:I>9Q9:><@74
o?4Q?B>:4B:A9B9Y4>:;>:3?>4?4}>;:@C9@?4A<@4
:66<374o:<43:4PH:BY4A<@43H4I?B>:4:@46?4A9HD
B?B4B<@B:4:@C<@A:34:@E:U:AJ?4<C><4:SC>?@D
U:><R4:64;<>96?4M6?@A<4]<I9C<4B:4%9:E:7
}4 :33946:43<M>?M?@4Z?AH6C?B:3T4I:><4
6?4W93C<>9?4B:64ZHCM<64:3C\466:@?4B:4C?6:@C<34
PH:43:4PH:B?><@4:@4:64A?Q9@<74Q,?6J?46?4
I:@?4I:>Q?@:A:>4:@4)?>A:6<@?T46:U<34B:46?4
Z?Q969?T439@4>:A<QI:@3?4A:>C:>?4?46?4E93C?R
(@?4C?>B:4:64I?B>:4B:4 :3394@<4IHB<4Q\34
N4I><IH3<4PH:4E<6E9:>?@747C>?4IH:>C?4I?>:D
AJ?4A:>>?>3:4:@46?4A?>>:>?4B:64UH;?B<>74“:><4?4
6<34G!4?y<34o:<4N?4:>?4H@4:3I:A9?693C?4:@4?BD
E:>39B?B:374264@9y<4PH:4:3A?IY4I<>4H@?4E:@D
C?@?4I?>?4;?@?>43H4I>9Q:>4CJCH6<T46:4I9B9Y4?43H4
I?B>:4PH:43:4PH:B?>?@742@4K<3?>9<4:3C?M?4:64
QH@B<4I:><4:@4)?>A:6<@?4:3C?M?4o?4 ?3J?T4
6?4:3AH:6?4B:4ZHCM<64B<@B:43:4Z<>Q?><@4+?E9T4 
@9:3C?4N4:64I><I9<4”H?>B9<6?7
K:S?AW4CHE<46?4;:@:><39B?B4B:4Z9AW?>4?4

™©yz{|ÃÄ Ã} ~Ç  

ˆ4Š9649
¸6

H@4UH;?B<>4PH:4@<43:>J?43HN<7464@<4BH>?D
>J?43HZ9A9:@C:4C9:QI<4A<Q<4:@C>:@?B<>4I?D
>?4E:>4:64B:MHC4B:4 :3397
264W<@<>46:4A<>>:3I<@B9Y4?4K9U??>BT4
PH9:@43HI<466:E?>6<4A<@4MH:@4>9CQ<4N4?I<D
N?>6<4I?C:>@?6Q:@C:4BH>?@C:43H4I>9Q:>?46:D
39Y@4;>?E:748:3IH534A<@C?>J?4A<@4”H?>B9<6?T4
:64C5A@9A<4PH:49@C:>I>:C?4Q:U<>4PH:4@?B9:4:64
E?6<>4B:46?49@Z?@A9?4:@4:64ZHCM<674%<4:@4M?6B:4
ZH:4>:A<;:M<6?34:@4:64]?QI4%<H74}64A<Q:@D
X?>46?4C:QI<>?B?4FVV"DFVGV4?BE9>C9Y4PH:43H4
I6?@C:64:3C?M?4?6;<4>:3C>9@;9B<4N4A<Q:@CYR4
1UH;?>:Q<34A<@46<34@9y<3=T4:@4?6H39Y@4?4“:D
B><4N4{:ZZ>:@74]<@4”H?>B9<6?4:@4:64M?@PH966<T4
:6439C9<4B:4 :3394:3C?M?4?3:;H>?B<7
o?4Q?N<>J?4B:4:B?B4B:4o:<4A<9@A9B9Y4
A<@43H4Q?BH>?A9Y@4ZHCM<6J3C9A?742@4FVV4
AHQI69Y4G&4?y<3T4ZH:4@<QM>?B<4Q:U<>4UHD
;?B<>4B:64 H@B9?64zHMDFV4N4?@<CY43H4I>9D
Q:>4;<64A<@4:64[74]74)?>A:6<@?742@4FVV4
A<@Z9>QY43H4U:>?>PHJ?4:@4:64z?@C9?;<4):>D
@?M:HR4:64GV4B:4Q?>X<4ZH:4>:3I<@3?M6:4B:4
H@4mgaiac_jÑ4?@C:4:64:PH9I<4Q:>:@;H:74
o<34@LQ:><34PH:4 :3394W?466:E?B<4:@46?4
:3I?6B?4C>?X?@46?4M9<;>?ZJ?4B:4H@4JB<6<748:D
MHCY4:@4:64)?>â?4A<@4:64!V4B:46<343HI:>@HD
Q:>?>9<3T4?E?@XY4?64G"4B:46<34@<E?C<34PH:4
>:3I<@B:@4N466:;Y4?64hhecgfb4B:Z9@9C9E<T4:64
GV4PH:4“:654N4 ?>?B<@?4A<@E9>C9:><@4:@43?D
;>?B<4NT43<M>:4C<B<T4PH:456466:EY4B:4@9y<4:@4
:64H@9Z<>Q:4><U9@:;><4B:64%:Ó:66l37
o?3466HE9?34B:4;<6:34N46<343:934CJCH6<34
A<@3:;H9B<34A<@4:64)?>â?4:@46?4C:QI<>?D
B?4FVV&DFVV"46:4A<@A:B9:><@4:64)?6Y@4B:4
7><74}64>:A<;:>4:64C><Z:<43<@>9Y4A<Q<4H@4

@9y<4:@4H@?4W:6?B:>J?7423C<4@<4Q:>D
QY43H4?I:C9C<T4:@46?469;?4FVV"DFVGV4
9;H?6Y46?4:3C>:I9C<3?4Q?>A?4B:4#4
;<6:34B:4K<@?6B<7
}46<34FF4?y<3T4o9<@:64 :3394:34
:64UH;?B<>4Q\34?I>:A9?B<4B:64I6?@:D
C?742@4A?B?4I?>C9B<4B:QH:3C>?4PH:4
:64ZHCM<64:34H@4B:I<>C:46<A<4PH:4@<4
B:I:@B:4B:64ZJ39A<74zH4G7x"4B:4:3C?D
CH>?4@<46:49QI9B9Y4>:Q?C?>4B:4A?M:D
X?4:@46?4Z9@?64B:46?4]W?QI9<@34?@D
C:4:649@Q:@3<4?>PH:><4,?@4B:>4z??>74
zH43:66<4I:>3<@?64A<@393C:4:@4
Z>:@?>4:@43:A<4:49@9A9?>4H@?43LM9C?4
A?>>:>?4I?>?43<>C:?>4?BE:>3?>9<34N4
C9>?>4?64\@;H6<4B:3B:4ZH:>?4B:64\>:?74
z9@4:Q M?>;<T4C?Q M95@49@E:@C?4;<D
6:34B:439Q MY69A<4?>C9Z9A9<R4A<@39D
;H9Y4:643:SC<4CJCH6<4A<@3:AHC9E<4B:64
)?>â?4:Q IHU?@B<46?4I:6<C?4A<@4:64
A<>?XY@7
264C>?HQ?4PH:4I?B:A9Y4K<@?6B9@D
W<4:34H@?4?BE:>C:@A9?4I?>?4 :33974?4
A<@3:;H9B<4C<B<T43?6E<4M>966?>4A<@46?4
3:6:AA9Y@4Q?N<>4B:43H4I?J374264 H@D
B9?64B:4zHB\Z>9A?4>:I>:3:@C?4I?>?4564
:3?4?39;@?CH>?4I:@B9:@C:74]<Q<4:64
ZHCM<64B:C:3C?46?34<ME9:B?B:3T46?4Q?6?4
A?QI?y?4B:4A6?39Z9A?A9Y@4B:4}>;:@C9D
@?4IH:B:43:>4H@4MH:@4?H;H>9<74%9@D
;L@4:PH9I<4:34C?@4I<B:><3<4A<Q<4:64
PH:4>:E9:>C:43H4B<6<>4:@4W?QM>:4;?@?D
B<>?74[H:46?4>:A:C?4B:4} 6:Q?@9?4:@4zH9X?4k#4
N46?4B:4}>;:@C9@?4:@4 5S9A<4k&x7 
:3394?C>?E9:3?4H@4:3C?B<4B:4;>?A9?4
PH:4@<43:4E:J?4B:3B:4 ?>?B<@?T4?4PH9:@4
N?46:4A?6AY4:64A56:M>:4;<64B:4G"&xT4AH?@B<4
89:;<4MH>6Y4?4Q:B9?43:6:AA9Y@49@;6:3?74o?4
E:>39Y@4+:><S4B:4 :3394<AH>>9Y4:64G&4B:4
?M>964B:4FVV4A<@C>?4:64”:C?Z:7423C?4<M>?4
Q?:3C>?4I><BHU<4<C>?4B:64I:>9<B93Q<T4Z9>D
Q?B?4I<>4{H?@4z?3CH>?9@R41o9<@:64 :339T4
?HC<>4B:64OH9U<C:=74]<Q<4“9:>>:4 :@?>BT4
:64I:>3<@?U:4B:4)<>;:3T4bgrmhqeg4W9X<4B:4
6?4A<I9?4H@4?>C:7423A>9M:4z?3CH>?9@R412@4
:3C<34C9:QI<34B:4ZHCM<64Q:A?@9X?B<4N4UHD
;?B?34I>:A<@A:M9B?34A<@4:U:AHC<>:34<M:D
B9:@C:3T4@<4:34B:Q?39?B<4>?><4PH:43:4E:?@4
;<6:349;H?6:34?4<C><348W?N49@Z9@9B?B4B:4A?D
3<34:@4PH:43:4>:I9C:@4A?6A?B<34A9>AH@3C?@D
A9?34N4B:3:QI:y<38$46<4:SC>?<>B9@?>9<4B:64
A?3<4:34PH:T4I>:A93?Q:@C:T46<4PH:43:4E:J?4
Q\;9A?Q:@C:4>:I:C9B<4:>?46<48I<>4B:Z9@9D
A9Y@849>>:I:C9M6:T46<4:SA:IA9<@?6R4:64Q:U<>4
;<64B:46?4W93C<>9?74264B:4 :3394@<4:>?4@94
Q:U<>4@94I:<>R4:>?T4B:4H@4Q<B<49@PH9:C?@D
C:T49;H?674%<4W9X<4<C><4;<64I?>:A9B<4@946<4
A<I9Y4@946<49Q9CY4@946<4C>?BHU<R439QI6:T49@D
A>:JM6:Q:@C:T46<4W9X<4<C>?4E:X=7
%<43?M:Q<34?BY@B:466:;?>\4 :33974zYD
6<43?M:Q<34PH:4@<4W?N4B:Z:@3?34@94A:>>?D
BH>?34PH:4IH:B?@4B:C:@:>6<7
]H?@B<4H@4@9y<4PH9:>:4H@?4M9A9A6:C?4:34
A?I?X4B:4QHAW?34A<3?374]H?@B<4H@4W<QM>:4
UH:;?4A<Q<4:64@9y<4PH:4PH9:>:4H@?4M9A9A6:D
C?T4:34:64Q:U<>4ZHCM<693C?4B:64QH@B<74

¯º;°?“

999N;9L°F=<9°D=<”9C:9;?“9

ˆ— ¤–¶«—›™Ÿ–š›œ¡–Ÿ ¤ –˜£¡¬¡¦–¦ ·Ÿ¦¤˜¡Ÿ˜™ ®
£™ ¢dŸ¡£¡ 0‘£Ÿ™œ¤šäd‘叟–œ¡¥–¨›œ™Ÿ–˜¡™— ›Ÿ™®
¶¤—¦– —œš–Ÿ ¡—–›œ¡˜–Ÿœ›Ÿ™£™˜™œ™¦ §¤Ÿ¡¦–¦
¨¡§¡¦™›–Ÿ– £– –˜£¡¬¡¦–¦ ¦–œ£™Ÿ¡ §™¢œ™±¤
™˜– ¡™—¸—¤šŸ™ ™ –˜˜¡¦—£ —œ™ ±¤Ÿ ¤œ£–®
Ÿ™—0Ÿ¡¦™ ™š¤Ÿ£™ ¬–Ÿ¡™ ¦œ™ £Ÿ–µ–ž–¦™Ÿ ¦
 –¶¡Ÿš–¯4—–¦š–—¦–›Ÿ —£–¦–›™Ÿ¤—–¦œ– 
–˜˜¡™—¡ £– ¦œ–£Ÿ– —–˜¡™—–œµŸ¡£«—¡˜–Ÿ¬œ–±¤1
¦ ¤ ž˜¤£¡¬™ ·–œ§¤—™ ¦™£Ÿ– š›Ÿ –  £«—
¡—¬™œ¤˜Ÿ–¦™ —œ¦ŸŸ–š¦œ5™œ¶™¦Ù`¨¡˜™¯
©È¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

ˆÙ ŒºŒ’5’©’¹

?4:SI6<39Y@4N4I<3C:>9<>4WH@B9D
Q9:@C<4B:46?4I6?C?Z<>Q?48::ID
Ó?C:>4<>9X<@T4I><I9:B?B4B:46?4
A<@C>?C93C?43H9X?4>?@37A:?@4N4
>:@C?B?4I<>4)>9C93W4“:C><6:HQ4 
)“4@<43Y6<43<@4?AA9B:@C:3T439D
@<4>:3H6C?B<4B:4H@?46?>;?4A?B:@?4
B:4<Q939<@:34PH:4<A?39<@Y4:64:@<>Q:4B:D
>>?Q:4B:4A>HB<4PH:4?X<C?4:646?B<4:3C?BH@9D
B:@3:4B:64”<6Z<4B:4 5S9A<7
}3J46<4I6?@C:?46?4B:Q?@B?4B:4?AA9Y@4A<D
6:AC9E?4:@C?M6?B?4:64E9:>@:344?@C:46?4]<>C:4
B:64893C>9C<423C:4B:4oH939?@?4I<>4¿?CW:>9@:4
[9>I<T4?AA9<@93C?4:3C?BH@9B:@3:4B:46?4I:C><D
6:>?4M>9C\@9A?T4:@4A<@C>?4B:4G4?6C<34B9>:AC9D

I>H:M?4H@?4A?>C?4Z:AW?B?4:64G#4B:4:@:><4L6D >:A9M9B<4>:I<>C:34B:4PH:46<34>:A<>C:34I>:D
C9Q<4B9>9;9B?4I<>46<34A<@;>:393C?34:3C?BHD 3HIH:3C?>9<34I><IH:3C<34I<>4)“4IH:B:@4
@9B:@3:34)?>C4zCHI?4N4:@>N4S ?SQ?@4?64 ?Q:@?X?>46?4A?I?A9B?B4B:46?4:QI>:3?4I?>?4
I>:39B:@C:4B:46?34<I:>?A9<@:34B:4)“4:@4:3?4 Q?@C:@:>43:;H>?346?34<I:>?A9<@:3=T4?6:>C?D
>:;9Y@4\>C9A?742@46?4Q939E?4>:3?6C?><@4PH:4 ><@46<346:;936?B<>:37
6<34:3ZH:>X<34B:46?4I:C><6:>?4I<>4?M?C9>4A<3D 
?3C?4?W<>?T4:64I<X<4?M9:>C<4W?4B:>>?D
C<34I<B>J?@4I<@:>4:@4>9:3;<46?43:;H>9B?B4:@4 Q?B<4Q\34B:4"4Q966<@:34B:4M?>>96:34B:4I:D
6?34I6?@C?37
C>Y6:<4:@4H@?4X<@?4B:4Q\34B:4"4Q96496YD
264B<AHQ:@C<4PH:49M?4?A<QI?y?B<4B:4 Q:C><34 AH?B>?B<374 o<34 ?QM9:@C?693C?34
H@?43<69A9CHB46:;936?C9E?4>:Z:>9B?4?64B:I?>D A<@39B:>?@4PH:4:3C:4:34:64I:<>4B:3?3C>:4
C?Q:@C<46:;?64N4?64]<Q9C54B:4z:;H>9B?BT4 :A<6Y;9A<4:@423C?B<34(@9B<37
C9A?4N42E?6H?A9Y@4}QM9:@C?64B:4)“46:D
18H>?@C:4:64;<M9:>@<4B:4”:<>;:4S 74
E?@CY4H@?49@A<@ZH@B9M6:41M?@B:>?4><U?=T4 )H3W4FVVVDFVV&T46?34?HC<>9B?B:34@<43HD
PH:4ZH:49;@<>?B?4I<>46<34?AH3?B<374
I:>E93?><@46?34I6?C?Z<>Q?34N4?HC<>9X?><@4
}Q M<34B:Q YA>?C?3T4zCHI?T4U:Z:4B:64 PH:4@<4WHM9:>?4A<@C><6:374]<@4:64?AA9B:@C:4
zHMA<Q 9C54B:4zHI:>E939Y@4:4@E:3C9;?D 3:4B:QH:3C>?4PH:46?49@BH3C>9?4I:C><6:>?4?AD
A9<@:34B:46?4]\Q ?>?4B:4K:I>:3:@C?@C:3T4 CL?4?43H34?@AW?34N4@<4?I69A?46<34393C:Q?34B:4
N4S ?SQ ?@T4U:Z:4B:64]<Q 9C54B:42@:>;J?4 3:;H>9B?B4>:PH:>9B<3=T4A<Q:@C?4?4€‚ƒ„…‚4
N4]<Q :>A9<T4W?@49@E:3C9;?B<4?4)“4B:3D :64?QM9:@C?693C?4E\@4K:3C>:I<7
B:4PH:4:@4FVVx46?4:Q I>:3?43HZ>9Y4H@4?AA9D
B:@C:4:@4}6?3?742@43H4A?>C?T46<34B<346:D d–ž™ ˜™ £™ ¢š« Ÿ¡ §™ 
;936?B<>:34Q :@A9<@?@41E?>9<343HA:3<34
39;@9Z9A?C9E<3=4:@46?34<I:>?A9<@:34B:46?4 264Q?>C:34GG43:49@9A9?><@46?34?HB9:@A9?34:@4
I:C><6:>?4:@4:3?4X<@?4BH>?@C:46<34G4Q :D :64]<@;>:3<4B:423C?B<34(@9B<34I?>?4:3A6?D
>:A:>46?4C>?;:B9?4:A<6Y;9A?74o<34?6C<34:U:D
3:34I>:E9<34?64B:>>?Q :7
264F"4B:43:IC9:QM>:4B:4FVV&4H@?46J@:?4 AHC9E<34B:4)“T4>?@37A:?@4N4?669MH>C<@4
B:4;?34B:4?6C?4I>:39Y@4B:4<AW<4IH6;?B?34B:4 UH;?><@4?64I9@;4I<@;4A<@46?4I:6<C?4B:46?4
:3I:3<>43:4><QI9Y4N46<34I:B?X<34B:4CHM<4 AH6I?T4:@4H@?4:3C>?C:;9?4PH:43:4E:J?4E:@9>74
A?N:><@4?4!VV4Q:C><34B:64BHAC<74(@<34!V4 264M>9C\@9A<4}@CW<@N4?NÓ?>BT4I>:39B:@D
Q9@HC<34B:3IH53T4<C><49@A9B:@C:4<A?39<@Y4 C:4B:4)“T4?BHU<4PH:46?4A<QI?yJ?4?43H4A?>;<4
@<43HI:>E93?M?46?346?M<>:3T4I<>PH:4:3?4:34
H@?4ZH;?4B:4;?37
oH:;<T4:64G4B:4:@:><4B:4FVV"4H@4B93D C?>:?4B:46<34A<@C>?C93C?37
]?Q:><@4 @C:>@?C9<@?64 ]<>I<>?C9<@4
A<4B:469QI9:X?43:4?C<>Y4N43:4I:>B9Y4:@4H@?4
6J@:?4B:4C>\@39C<4B:4A>HB<4B:4!#4IH6;?B?3$4 Q?@HZ?ACH>Y4:643:;H><4A<@C>?4:SI6<39<@:3T4
:66<4I:>Q9C9Y4PH:4:64;?34I?3?>?4N4ZH:>?46?@D 6?4I9:X?4A6?E:4B:64:PH9I<4B:43:;H>9B?B4PH:4
X?B<4?46?4?CQY3Z:>?T4I<>46<4AH?646?49@3C?6?D Z?66Y4AH?@B<4<AH>>9Y4:64:3C?669B<T4N4?669D
MH>C<@42@:>;N4z:>E9A:34:3C?M?49@3C?6?@B<4
A9Y@4ZH:4A:>>?B?4C:QI<>?6Q:@C:7
~439;H:46?4693C?4B:49@A9B:@C:374264GV4 6?4M?3:4B:4A:Q:@C<4B:46?4C<>>:4?64Q<Q:@D
B:4<ACHM>:4B:4FVV"4H@?34E\6EH6?34B:4M?D C<4B:64?AA9B:@C:7
1]H?@B<4:64?ACH?64I>:39B:@C:4B:4)“T4}@D
U?4I>:39Y@43:4?C<>?><@4:@46?4I6?@C?4A:@C>?64
B:4A<QI>:39Y@$4:64;?34I?3Y4?4<C>?34E\6EHD CW<@N4?NÓ?>BT4?3HQ9Y4:64A?>;<4:@4FVV4
6?34PH:43:4?AC9E?><@4N469M:>?><@4:64;?34?46?4 I><Q:C9Y4PH:4A?QM9?>J?46?4AH6CH>?4B:46?4:QD
I>:3?4Q:B9?@C:4H@4>:@<E?B<4A<QI><Q9D
?CQY3Z:>?7
12@4H@4?E93<4>:I<>C?><@4?64`agww4B:64A<D 3<4A<@46?43:;H>9B?B74o<34>:;93C><34QH:3C>?@4
Q9C54PH:4:64I96<C<4@<4:3C?M?4:@A:@B9B<4N4 PH:4:64B9>:AC9E<4@<4W<@>Y43H4A<QI><Q93<74
PH:46?34A\Q?>?34:@4<I:>?A9Y@4@<4:3C?M?@4 ?NÓ?>B4N46<34<C><34?AH3?B<34W?@466:E?B<4?4
?IH@C?@B<4?4:3:439C9<T46<4PH:49QI9B9Y4PH:4 6?4:QI>:3?4?4H@?4;>?@4:SI?@39Y@4B:43H34<I:D
:64`agww4B:4)“43HI9:>?4PH:4:64I96<C<4:3C?M?4 >?A9<@:34B:4I:>Z<>?A9Y@43HMQ?>9@?4?46<46?>D
?I?;?B<=T43:49@B9A?4:@4:64B<AHQ:@D
C<4B:46<34A<@;>:393C?37
264F"4B:4@<E9:QM>:4B:4FVV"T4H@?4
CHM:>J?4B:4G&4IH6;?B?34PH:466:E?M?4
H@?4Q:XA6?4B:4I:C>Y6:<4A>HB<T4?;H?4
:SC>?JB?4N4;?34@?CH>?6T43:4><QI9Y4N4
:3I?>A9Y43H4A<@C:@9B<4:@4H@4\>:?4B:4
A?394!4Q964Q:C><34AH?B>?B<37
}B:Q\34B:4:3<34W:AW<3T4)“4
}6?3?4W?43HZ>9B<4E?>9<34?AA9B:@D
C:34PH:4<A?39<@?><@46:39<@:34;>?E:34
:49@A6H3<4QH:>C:34?43H34C>?M?U?B<D
>:374(@4I:>A?@A:4E:W9AH6?>4<AH>>9D
B<4:64G&4B:4@<E9:QM>:4B:4FVV"4:@4
H@?49@3C?6?A9Y@4;?3:>?4:@46?4)?WJ?4
B:4“>HBW<:4<A?39<@Y46?4QH:>C:4B:4
H@4A<@C>?C93C?4B:4)“7
1}64Q93Q<4C9:QI<4PH:4:3C<34W:D
AW<343HA:BJ?@T4:64`agww4B:64]<Q9C54W?4 069š‰6Â438 
9
‰
·Û‡–í— —‡‹·¦ë‡ðŽ“³—

·Û‡–í— —‡‹¥Ž“¦³‡ŽÜŽ 

E<34B:4)“T4>?@37A:?@4N4B<34B:43H34Z969?6:3T4
]?Q:><@4@C:>@?C9<@?64]<>I7T4?669MH>C<@4
2@:>;N4z:>E9A:34N46?34?3:;H>?B<>?34B:4:3?34
A<>I<>?A9<@:37
1o<34?AH3?B<34B:4)“4C9:@:@46?>;<4W93D
C<>9?64:@49;@<>?>4C:Q?34A>HA9?6:34B:43:;H>9D
B?B4>:6?A9<@?B<34A<@46?4<I:>?A9Y@4B:4I:>D
Z<>?B<>?343HQ:>;9M6:34A<3C?4?ZH:>?T4A<Q<4
6?48::IÓ?C:>4<>9X<@74264B:3AH9B<49@A6HD
N:4I><M6:Q?34A<@46<34E9C?6:34?>C:Z?AC<34
B:643:;H><4A<@C>?4:SI6<39<@:34PH:4Z?66Y4B:4
Q?@:>?4:3I:AC?AH6?>4BH>?@C:4:64B:3?3C>:=T4
3:4:3C?M6:A:4:@46?4PH:>:66?4AHN?4A<I9?4IHD
B<4A<@3H6C?>4:64>:I<>C:><7 
:3:34?@C:34B:46?4C>?;:B9?T4PH:4B:UY4GG4
C>?M?U?B<>:34QH:>C<34N4<C><34G4W:>9B<3T46?4
:QI>:3?4CHE<4AH?C><4?6:>C?34I<>4I><M6:Q?34
:@4BHAC<34:49@3C?6?A9<@:34:@4}6?3?74}3J46<4

Œ‹•ˆ‰‹ŽŒ’‹Žºˆ•Ž©’4‹Œ©’

©˜

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

·Û‡–í— —‡‹ží“Ž¦‘‡´‘³¦

06‰Š ‰44‰Š 6‰4@9 
6‰Â4‰ ‰Š

;<4B:64I6?@:C?74}64Q93Q<4C9:QI<4>:BHU:><@4
A<3C<3439@49QI<>C?>6:346?34Q:B9B?34B:43:;HD
>9B?B4N4B:4I><C:AA9Y@4?QM9:@C?6=T4?6:;?4[9>D
I<4:@43H4PH:>:66?7
o?4I6?C?Z<>Q?4PH:43:4WH@B9Y4C?QM95@4
W?MJ?4C:@9B<4I><M6:Q?3R4:@46<34L6C9Q<34GG4
?y<346?4”H?>B9?4]<3C:>?4B:423C?B<34(@9D
B<346:E?@CY4H@<34G&4>:I<>C:34I<>4B:>>?Q:34
:49@A:@B9<34PH:4C:>Q9@?><@4I<>4A<@E:>D
C9>3:4:@41ZH:@C:4B:4I<6HA9Y@4>:A<@<A9B?=74
2@4FVVT46?4C<>>:4B:4I:>Z<>?A9Y@4ZH:4B?y?D
B?4I<>4H@49@A:@B9<4N4:@4FVV&43:4:E?AHY4?4 
4I:>3<@?34I<>PH:46?4I6?C?Z<>Q?4A<Q:@D
XY4?4WH@B9>3:4I<>4Z?66?34:@4:64393C:Q?4B:4
?Q?>>:74
2@4FVVT46?4?;:@A9?4:3C?C?64z:>E9A9<34B:4
}BQ9@93C>?A9Y@4 9@:>?4  z4I<>43H3439D
;6?349@;6:3?3T4?B3A>9C?4?648:I?>C?Q:@C<4:3D
C?BH@9B:@3:4B:64@C:>9<>4N4>:3I<@3?M6:4B:4
:@C>:;?>46?3469A:@A9?34B:4:SI6<>?A9Y@4I:C><D
6:>?T4:SI>:3Y43H34I>:<AHI?A9<@:343<M>:4:SD
I6<39<@:34:@46?34I6?C?Z<>Q?34A<Q<46?48::ID
Ó?C:>4<>9X<@7
o?4  z4W9X<4@<C?>4PH:46?34:SI6<39<D
@:34BH>?@C:4:3?4?AC9E9B?B43:4>:I:CJ?@4A<@4
>:;H6?>9B?B4?6?>Q?@C:T43<M>:4C<B<4:@4:64
”<6Z<4B:4 5S9A<74o?4A9Q:@C?A9Y@4ZH:4H@4
Z?AC<>4:@4G&4B:46?34!"4:SI6<39<@:34:@4I6?C?D
Z<>Q?34<AH>>9B?34:@C>:4G""F4N4FVVx7
2@4?;<3C<4B:4FVV"T4?669MH>C<@4:>?4>:3D
I<@3?M6:4B:4H@4I<X<4A<3C?4?ZH:>?4:@4}H3D
C>?69?4PH:4:SI6<CY4N4<A?39<@Y4H@4B:>>?Q:4
PH:43:4I><6<@;Y4BH>?@C:4GV43:Q?@?37423:4
W:AW<46<49@E:3C9;?46?4  z7
2@4FVVT46?4C<>>:4B:4H@?4>:Z9@:>J?4B:4
)“4:SI6<CY4N4:64ZH:;<43:4:3I?>A9Y74264?AA9D
B:@C:4<A?39<@Y46?4QH:>C:4B:4G4I:>3<@?34N4
6:39<@:34?4<C>?34GV74o?4I:C><6:>?4CHE<4PH:4
I?;?>4Q\34B:4Q964Q966<@:34B:4BY6?>:34:@4
9@B:Q@9X?A9<@:3748:4?AH:>B<4A<@46?349@D
E:3C9;?A9<@:34>:?69X?B?3T46?4A<QI?yJ?49;D
@<>Y43H34I><I9<34I><C<A<6<34B:4<I:>?A9Y@4
:@46?4C<>>:$4C?QM95@43:4B:3AHM>9Y4PH:4H@4
393C:Q?4B:4?E93<4W?MJ?439B<4B:3W?M969C?B<7
o?4:QI>:3?4ZH:4<M69;?B?4?4B:A6?>?>3:4
AH6I?M6:4N4?4I?;?>4H@?4QH6C?43HI:>9<>4?4V4
Q966<@:34B:4BY6?>:34I<>4<>B:@4B:46?4};:@D
©™¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

A9?4B:4“><C:AA9Y@4}QM9:@C?642“}T4I<>43H34
39;6?34:@49@;6537
}B9A9<@?6Q:@C:T46<34:U:AHC9E<34B:4)“4
Z9>Q?><@4H@4?AH:>B<4A<@49@3I:AC<>:34Z:B:D
>?6:34B:43:;H>9B?B4I?>?4?I69A?>4Q:U<>?34:@4
:3C?4Q?C:>9?T4I:><4:@4FVV"46?4}BQ9@93C>?D
A9Y@4B:4z:;H>9B?B4o?M<>?64N4z?6HB46:4?I69D
AY4H@?43?@A9Y@4B:4&4Q966<@:34B:4BY6?>:34
86?4Q?N<>4B:43H4W93C<>9?84I<>4@<4A<>>:;9>4
6?34E9<6?A9<@:34B:43:;H>9B?B4>:I<>C?B?34:@4 
:S?34]9CN74}64>:3I:AC<T4:3?4?;:@A9?4;HM:>D
@?Q:@C?64B:A6?>Y4PH:4)“4C:@J?41H@43:>9<4
I><M6:Q?4393C:Q\C9A<4B:43:;H>9B?B=4:@4C<D
B?46?4A<QI?yJ?7
™š›œ¡˜¡¦–¦§¤µŸ—–š—£–œ
2@4FVVx4)“4CHE<4PH:4A6?H3H>?>4H@?4I?>C:4
B:43H4A?QI<4I:C><6:><4HM9A?B<4:@46?4)?D
WJ?4B:4“><BW<:T4:@4}6?3?T46H:;<4B:4H@?4
ZH;?4I><E:@9:@C:4B:4H@4BHAC<4A<>><JB<742@4
FVVFT4?46?4:QI>:3?43:46:4@<C9Z9AY4PH:4B:MJ?4
>:E93?>4:64C:@B9B<T4I:><4@<46<4W9X<$4AH?C><4
?y<34B:3IH5343:4B:3AHM>9Y4PH:4H@43:;Q:@D
C<4B:43:934Q966?34B:46?>;<4:3C?M?4C<C?6Q:@C:4
A<>><JB<74“<>4:66<T46?4I:C><6:>?4>:A9M9Y4H@?4
I:@?69X?A9Y@4B:4FV4Q966<@:34B:4BY6?>:37
8:4?AH:>B<4A<@4:64B9AC?Q:@4B:4H@4A<Q9D
C546:;936?C9E<T4)“4I?3Y4I<>4?6C<46?34<I<>CHD
@9B?B:34I?>?4I>:E:@9>4:64B:>>?Q:$4C?QM95@4
3:49@B9A?4PH:43H34B>?A<@9?@?34>:BHAA9<@:34
B:4A<3C<34?Z:AC?><@46?4A<@C9@H9B?B4B:4<I:D
>?A9<@:374264?AA9B:@C:4:@4}6?3?4<A?39<D
@Y4PH:4o<>B4{<W@4)><Ó@:4>:@H@A9?>?4?43H4
IH:3C<4B:4Q?@B?Q\34:@4)“7
2@46?4PH:>:66?4B:4[9>I<43:4:3C?M6:A:4PH:4
6<34?AH3?B<34B:4)“4@<49@3C?6?><@4?64Q:@<34
B<34I9:X?34:@4:64:PH9I<4B:43:;H>9B?B4PH:4
WHM9:>?@4B:C:@9B<46?4ZH;?T49@A6H3<439@4:643:D
;H><4A<@C>?4:SI6<39<@:37
o?4I>9Q:>?4B:453C?34:34H@?4E\6EH6?4?AL3D
C9A?4?4A<@C><64>:Q<C<4PH:43:49@3C?6?4:@4:64I<D
X<$4AH:3C?4?6>:B:B<>4B:4VV4Q964BY6?>:37423D
C:4B93I<39C9E<4:34<M69;?C<>9<4:@4@?A9<@:34
A<Q<4)>?3964N4%<>H:;?T4N46<4HC969X?@4B:4Q?D
@:>?4>HC9@?>9?4I:C><6:>?34A<Q<4zW:664N4<D
C?674z9@4:QM?>;<T4:@423C?B<34(@9B<34:64qdi

ccl4B:46?49@BH3C>9?4I:C><6:>?4I:>Q9C:4PH:4@<4
3:4?I69PH:@4:3C?34Q:B9B?37
2@43:;H@B<46H;?>T4)“4@<4A<6<AY4H@?4
E\6EH6?4B:4I><ZH@B9B?B4?4H@<34FVV4I9:34
I<>4:@A9Q?4B:646:AW<4Q?>9@<$453C?4IHB<4
3:>E9>4A<Q<4B9PH:4B:4L6C9Q<4>:AH>3<4:@4A?D
3<4B:4:SI6<39Y@7
o<34?AH3?B<3419;@<>?><@4:3C?34I>:A?HD
A9<@:34?4I:3?>4B:4:3C?>4A<@3A9:@C:34B:64>9:3D
;<4A>:A9:@C:4:@46?4I:>Z<>?A9Y@43HMQ?>9@?$4
B:4Z?66?34:@4:64Q:A?@93Q<4B:43:;H>9B?B4I>9D
Q?>9<T4?3J4A<Q<4:@4:643:;H><4A<@C>?4:SI6<D
39<@:374o?34?HB9:@A9?34B:QH:3C>?@4PH:4:64
;<M9:>@<4:3C?BH@9B:@3:43?MJ?46<4PH:4:3C?M?4
I?3?@B<7423C:4?AA9B:@C:49QI<39M969CY4C?I?>4
AH?6PH9:>49>>:;H6?>9B?B=T4:@Z?C9X?4K:3C>:I<7
o?4B:Q?@B?4C?QM95@4:SW9M:4:64A?M96D
B:<4>:?69X?B<4I<>46?49@BH3C>9?4I:C><6:>?4
?@C:46?34?HC<>9B?B:34Z:B:>?6:34N4:3C?C?6:34
I?>?4:69Q9@?>4<43H?E9X?>4:64?6A?@A:4B:46?34
>:;H6?A9<@:34B:43:;H>9B?B4N4:64Q?@C:@9D
Q9:@C<4B:46?34<I:>?A9<@:34B:46?4A<QI?yJ?4
:@4:64”<6Z<74zH4?>;HQ:@C<4A<@393C:4:@4PH:4
6<34:3C\@B?>:34E<6H@C?>9<34M?3C?>J?@4I?>?4
?M<>B?>46?34I>:<AHI?A9<@:34B:43:;H>9B?B4
N4?QM9:@C?6:34€‚ƒ„…‚†G#&7 
@A6H3<T4)“466:;Y4?4H@4?AH:>B<4:SC>?UHD
B9A9?64:@4FVVxT46H:;<4B:4PH:4H@4;>HI<4B:4
?AA9<@93C?34?ACHY46:;?6Q:@C:4I?>?4>:PH:>9>4
B:46?4A<QI?yJ?4Q?N<>4?C:@A9Y@4?46<34?3D
I:AC<34B:43:;H>9B?B7
o<34?AH3?B<34I<>4[9>I<4:@Z>:@C?@4AH?D
C><4A?>;<34I<>4E9<6?A9Y@4B:64B:M:>4Z9BHA9?D
>9<4N4:64B:3I:>B9A9<4B:4?AC9E<34A<>I<>?C9D
E<3T41C9:@:@4B:M:>:34Z9BHA9?>9<34W?A9?46?4
A<QI?yJ?T4A<Q<4A<@Z9?@X?T46:?6C?BT4MH:@?4
Z:T43HI:>E939Y@4N4B:M9B<4AH9B?B<=7
o?4?AA9<@93C?4:3C?BH@9B:@3:4>:A6?Q?4
H@?4A<QI:@3?A9Y@4@<4:3C9Q?B?4I<>46?34I5>D
B9B?34N4B?y<343HZ>9B<34I<>4A?QM9<34:@46?4
:3C>HACH>?4B:4;<M9:>@<4B:4)“T4:@C>:4:66<346?4
Z<>Q?A9Y@4B:4H@4A<Q9C549@B:I:@B9:@C:4B:4
?QM9:@C:4N469C9;9<74?QM95@4:S9;:4PH:46<34
?AA9<@93C?34@<Q9@:@4?64Q:@<34?4C>:34A?@B9D
B?C<34?64]<@3:U<4B:4}BQ9@93C>?A9Y@4N4IH:D
B?@4I<@:>46JQ9C:34?46<34M<@<34PH:4>:A9M:@4
6<34?6C<34:U:AHC9E<3744F

™—£Ÿ–£™¦™ œ™ ›Ÿ™—¸ £¡˜™ ¢Ž—£–—– Ù™˜¤  ›™ ¡®
˜¡™—–˜™š™œ›Ÿ¡—˜¡›–œ˜–—¦¡¦–£™›–Ÿ–œ–›Ÿ ¡¦—˜¡–
¦™œ™šµ¡–—œ– œ˜˜¡™— ¦œ›Ÿ¸¨¡š™¦™š¡—§™d_¯
ˆ £›Ÿ™¶ ™Ÿ¦¶¡œ™ ™¶/–¦™Ÿ¡§—œ¡£¤–—™±¤›–¦˜
š–œ¦‘–Ÿ¡— ™— £¤¬™–›¤—£™¦0–˜Ÿ  –˜Ÿ¦™£
· ˜– ¸—¤—˜¡Ÿ˜™–œ™š™ ¦¤—œ¶–—£¢—˜™—£Ÿ¸
œ–¬£–±¤œ›Ÿš¡£˜™ ˜0–Ÿ¬™£™ ­œ–µ–—¦Ÿ–¦œ–
0™— £¡¦–¦—œ±¤0–˜Ÿ››µœ¡˜™¯‹™ ›–Ÿ–š—™ ­
¦ ›¤` ¦™˜0™–°™ ¦§™µ¡Ÿ—™¦aœ¬–Ÿ™4Ÿ¡µ¢œ™ 
˜™œ™šµ¡–—™  £«—˜–— –¦™ ¦œ– ˜™ŸŸ¤›£œ– ±¤
š–Ÿ˜–Ÿ™— ––¦š¡—¡ £Ÿ–˜¡¸—¯

˜:>C:
-?9D;?9

,9,: /0†“<A<4B:3IH534B:64Q:D
B9<BJ?4B:64Q?>C:34G&46?34I>9@A9D
I?6:34A?B:@?34B:4>?B9<4B:4]<D
6<QM9?4:QI:X?><@4?4C>?@3Q9C9>4
B<34@H:E<34Q:@3?U:34;>?M?B<34
I<>4:64A?@B9B?C<4I>:39B:@A9?64B:64
“?>C9B<4,:>B:T4}@C?@?34 <AH34z9E9A?374
264I>9Q:><T4B:4GV43:;H@B<3T4B9A:R41]9HD
B?B?@<R46:4;?>?@C9X<4PH:4394;?@<T4:64I>YS9D
Q<4;<M9:>@<43:>\4Q:>9C<A>\C9A<74%?B?4ZH@D
A9<@?>\4A<@4I?6?@A?3T43Y6<4I<>4Q5>9C<3=74
2643:;H@B<4BH>?4:64B<M6:4N4I6?@C:?R4
1o?4I>:3:@A9?4B:43<6B?B<34N4I<69AJ?34:@46<34
A?QI<34:34@:A:3?>9?T4I:><4@:A:39C?Q<34UH:D
A:34N4Z93A?6:34:@4A?B?4QH@9A9I9<=7
264C<@<4B:46<34`hda`4>?B9<ZY@9A<34A<@4
6?4E<X4B:4 <AH3T4QH:3C>?4:@4C<B?43H4B9D
Q:@39Y@46?4<>9;9@?69B?B4A<@4PH:4:3C:4Z96YD
3<Z<4N4Q?C:Q\C9A<4B:4&4?y<34B:4<>9;:@4
69CH?@<46:4W?4B?B<4H@4;9><4>?B9A?64N46:4W?4
?;>:;?B<4H@?4?6C?4B<3934B:4:SI:AC?C9E?4?46?4
A?QI?y?4I>:39B:@A9?64A<6<QM9?@?4PH:4:64
I>YS9Q<4B<Q9@;<4!V4:6:;9>\4?64>:6:E<4B:4
K6E?><4(>9M:4,56:XT4PH9:@4;<M9:>@?4:64I?J34
B:3B:4?;<3C<4B:4FVVF7

©©¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

2SI:>C<34:@4A?QI?y?34I<6JC9A?3T4?3J4 :3C:4<>;?@93Q<4:@4A<@C>?4B:4Q?;93C>?B<34
A<Q<4A9HB?B?@<34A<@3H6C?B<34I<>4I:>9YD B:46?4]<>C:4zHI>:Q?4B:4{H3C9A9?T4B:4I:>9<D
B9A<3T4:Q93<>?34B:4>?B9<4N4A?B:@?34B:4C:D B93C?34N4B:4<I<39C<>:34?64;<M9:>@<74]<Q<4
6:E939Y@T4A<9@A9B:@4:@4PH:46<34G4Q966<@:34 A<@3:AH:@A9?4B:4:3C<3496JA9C<343:4:@AH:@D
B:4:6:AC<>:34A<6<QM9?@<34W?M969C?B<34I?>?4 C>?@43<Q:C9B<34?4UH9A9<4I:@?64AH?C><4:SB9D
E<C?>4:3C\@4A?@3?B<34B:46<34;>?E:34W:AW<34 >:AC<>:34B:648}zT4Q9:@C>?34PH:4<C><349QD
B:4A<>>HIA9Y@4PH:4<AH>>9:><@4?46<46?>;<4B:4 I<>C?@C:34ZH@A9<@?>9<34B:64;<M9:>@<4:3C\@4
A?394<AW<4?y<34B:64;<M9:>@<4B:4(>9M:7
:@46?4Q9>?4B:46?4UH3C9A9?7
~46?4693C?4B:46?34A<>>HIC:6?34:346?>;?4N4
o<341Z?63<34I<39C9E<3=$4:34B:A9>T46?4:U:D
B:3C?A?@R4
AHA9Y@4B:4Q\34B:4Q964FVV4I>:3H@C<34;H:D
o?466?Q ?B?41I?>?I<6JC9A?=$4:34B:A9>T46?4 >>966:><34QH:>C<34:@4A<QM?C:4A<@46?34
>:6?A9Y@496:;?64:@C>:4I<6JC9A<34
N4I?>?Q 969C?>:3T4I<>46?4PH:4:3D
C\@4:@46?4A\>A:64H@4A:@C:@?>4
B:46:;936?B<>:374
o?41N9B93I<6JC9A?=T4A<Q<43:4
6:4A<@<A:4?46?4:@C>:;?4B:4B\B9D
E?34?4A<@;>:393C?34I?>?4PH:T4B:4
L6C9Q?4W<>?T4E<C?>?@4:@4FVV4?4
Z?E<>4B:46?4I>9Q:>?4>::6:AA9Y@4
B:4(>9M:T4W:AW<4PH:4W<N4C9:@:4
?4B<34B:4:66<34:@46?4A\>A:64N4?4H@4
:SQ9@93C><43<Q:C9B<4?4UH9A9<7
o?341AWHX?B?3=4B:648:D
I?>C?Q:@C<4}BQ9@93C>?C9E<4B:4
z:;H>9B?B48}z$4:3C<4:3T46?34
9@C:>E:@A9<@:34C:6:ZY@9A?34N4:64
3:;H9Q9:@C<496:;?64PH:4>:?69XY4 3¶6›648° 96
·Û‡–í— —‡‹ ‘¦¦‘“¨ ‡åŽ“³—‡Ã “Ž Ê¾ 

6©5Ž‰•6ººˆÇ

·Û‡–í— —‡‹õ‘•‡ð“Ÿ‘³•

Œ‹•ˆ‰‹ŽŒ’‹Žº’º’Ù dŒŽ 

6 é8‰Â43Š
4¶ì°ˆ

ZH:>X?34B:43:;H>9B?BT4I><E<A?><@4PH:46?4
UH3C9A9?4:Q9C9:>?4Y>B:@:34B:4A?ICH>?4A<@D
C>?4&VV4Q9:QM><34B:64:U5>A9C<4N46?4I<69AJ?7
}4:3C<43:43HQ?@4:64?HQ:@C<4B:46?4B:D
69@AH:@A9?4A<QL@T4:64?A:AW<4B:46?34[H:>D
X?34}>Q?B?34K:E<6HA9<@?>9?34B:4]<6<QM9?4 
[}K]T4:64A>:A9:@C:4B:3:QI6:<T46?4B:Z9D
A9:@C:4>:B4E9?64@?A9<@?64N46<34I><M6:Q?34B9D
I6<Q\C9A<34A<@42AH?B<>4N4,:@:XH:6?7
23C?439CH?A9Y@4A<@C>9MHNY4?4B93I?>?>46?4
A?QI?y?4I>:39B:@A9?64B:4 <AH3T4PH9:@4
?B:6?@C?4PH:4:@4:64ZHCH><46?4I<6JC9A?4A<6<QD
M9?@?43:>\4;H9?B?4B:4Q?@:>?45C9A?742@C>:4
3H34?3:3<>:34B:3C?A?4H@4@HQ:><3<4;>HI<4
B:4QHU:>:34PH:4W?@4C>?M?U?B<4A<@4564:@46<34
L6C9Q<34G4?y<374}AHy?><@4Z>?3:34PH:4I><D
@H@A9?B?34I<>4 <AH343:4A<@E9:>C:@4:@46:D
Q?34I?>?4?C>?:>4?46<34E<C?@C:3T46?4Q?N<>J?4
UYE:@:34B:4A6?3:34Q:B9?4N4?6C?4B:46?34I>9@D
A9I?6:34A9HB?B:34B:64I?J3R
18:M:Q<34A<@3C>H9>4:64>:3I:C<4I<>46?4
6:N=$41o?46:N4:34I?>?4AHQI69>6?=$41K:M:D
6?>@<34A<@C>?4:64C<B<4E?6:=$41o<34>:AH>3<34
ILM69A<343<@43?;>?B<3=$41]<@4:BHA?A9Y@4
3:4IH:B:4C<B<=$41o?4I6?C?4ILM69A?4:34B9ZJA964
B:4A<@3:;H9>T4AH9B5Q<36?=T4N41?;?Q<34H@4
;<M9:>@<4PH:4AH9B:46<34>:AH>3<34ILM69A<3=74
o:Q?34A<Q<453C<34>:3HQ:@4MH:@?4I?>D

C:4B:46?4Z96<3<ZJ?4B:4 <AH3$43<@4I><@H@D
A9?B<34:@4Z<>Q?49@393C:@C:4I<>4564:@4C<B<34
6<34:3A:@?>9<34B:4A?QI?y?74~46<34>:I9C9Y4B:4
@H:E<4:@4H@4B:M?C:4>:?69X?B<4:@46?4@<AW:4
B:64Q?>C:34G&4I<>4:64A?@?64B:4C:6:E939Y@4*gi
cgjdqT4:@4:64PH:4C?QM95@4I?>C9A9I?><@46<34
A?@B9B?C<34{H?@4 ?@H:64z?@C<3T4%<:QJ4
z?@J@T4”H3C?E<4“:C><T4”:>Q\@4,?>;?34o6:D
>?34N4K?Z?:64“?>B<T4?3I9>?@C:34?46?4I>9Q:>?4
Q?;93C>?CH>?4B:4]<6<QM9?7
Tˆœ‘Ÿ™¶U
264A?@B9B?C<4B:64“?>C9B<4,:>B:4W?4B?B<4Q H:3D
C>?34ILM69A?34B:4PH:43H49@C:@A9Y@4B:4AH9B?>4
6?34?>A?34ILM69A?34E?4:@43:>9<74}4Z9@?6:34B:4
?M>964B9U<4PH:43H4Q<E9Q9:@C<43Y6<4?A:IC?>J?4
#4Q964Q966<@:34B:4I:3<34F4Q966<@:34B:4BY6?D
>:34N4B:E<6E:>J?4<C><34!4Q964Q966<@:34PH:43:D
;L@46?46:N4:6:AC<>?646:4A<>>:3I<@B:@4I?>?43HD
Z>?;?>46<34;?3C<34B:43H4A?QI?y?74
}39Q93Q<T4:@4>:9C:>?B<34B93AH>3<34W?4B9D
AW<4?43H3439QI?C9X?@C:34PH:4394:64B<Q9@;<4!V4
;?@?4:@46?4I>9Q:>?4EH:6C?4I>:39B:@A9?64A<@4
H@?4Q?N<>J?43HI:>9<>4?64Vµ 4B:46<34E<C<3T4:64
I?J34?W<>>?>J?46<34>:AH>3<34PH:49@E:>C9>J?4:@4
6?43:;H@B?4EH:6C?4N4A<@4:66<4I<B>J?4A<@3C>H9>4
I<>46<4Q:@<34FV4:3AH:6?34M9:@4:PH9I?B?37

264A<@C:@9B<4B:4:3C<34Q:@3?U:34A?D
6Y4:@4:64:6:AC<>?B<T4?4C?64IH@C<4PH:4:@4I<D
A?343:Q?@?3T4N4A<@C>?4C<B<346<34I><@Y3C9D
A<3T4 <AH34B9<4H@4EH:6A<4?46?34:@AH:3C?3T4
PH:4?64A<Q9:@X<4B:43H4A?@B9B?CH>?4@<46:4
Z?E<>:AJ?@74o?4?3I9>?A9Y@4B:4pqrmcdwb¥4A<D
Q<46:4B9A:@43H3439QI?C9X?@C:3T4B:3I:;Y4?4
Q:B9?B<34B:4Q?>X<4L6C9Q<T4AH?@B<4E:@A9Y4
:@46?4A<@3H6C?49@C:>@?4B:64“?>C9B<4,:>B:4?4
6<34:S?6A?6B:34oH9342BH?>B<4”?>XY@4N42@D
>9PH:4“:y?6<3?T4PH9:@:346:4B9:><@4EJ?469M>:4
?43H4A?@B9B?CH>?4I>:39B:@A9?64N4B:3B:4:@D
C<@A:34@<43:43:I?>?@4B:4567
(@?4E:X4A<@3<69B?B?43H4A?@B9B?CH>?T4:64
I?3?B<4&4B:4?M>96T4 <AH34:QI:XY4?43:>4
Q:B9B<4:6:AC<>?6Q:@C:7423:4BJ?T4:64]:@D
C><4%?A9<@?64B:4]<@3H6C<>J?4]%]T4H@?4
B:46?34I>9@A9I?6:34:@AH:3C?B<>?34B:4]<D
6<QM9?T4>:?69XY4H@4I>9Q:>43<@B:<4:@4!F4
A9HB?B:3T4:@4:64PH:4:64Z96Y3<Z<4N4Q?C:Q\D
C9A<4?I?>:A9Y4A<@4FFµ 4B:49@C:@A9Y@4B:4E<D
C<T4QHN4I<>4B:M?U<4B:64!µ 4B:64:SQ9@93C><4
B:48:Z:@3?T4{H?@4 ?@H:64z?@C<3T4A?@B9B?D
C<4B:64I?>C9B<4B:46?4(4N4>:A<@<A9B<4W:>:B:D
><4B:64I>:39B:@C:4(>9M:7
“:><4H@?43:Q?@?4B:3IH53T4:64B93AH>3<4
B:4 <AH34:QI:XY4?43H>C9>4:Z:AC<4N43H4A?@D
B9B?CH>?43HM9Y4?4F"µ 4B:49@C:@A9Y@4B:4E<D
C<T4?64C9:QI<4PH:4z?@C<34M?UY4?4!xµ 7423C?4
3:;H@B?4:@AH:3C?4Q<3C>Y4PH:4?46<3439QI?D
C9X?@C:34B:4 <AH34@<46:349QI<>C?46<4PH:4
3H4A?@B9B?C<4?@H@A9Y4:64I?3?B<4"4B:4?M>96R4
PH:4I?B:A:46?4I>9Q:>?4Z?3:4B:64Q?64B:4“?>D 
9@3<@T4:@Z:>Q:B?B4B:;:@:>?C9E?4PH:4?Z:AD
C?46?34@:H><@?34B:4H@?4I?>C:4B:64A:>:M><7
1 934Q5B9A<34:3C\@4C>?@PH96<348B:A6?D
>Y4 <AH34?4C>?E534B:4C>:34A?B:@?34>?B9<ZYD
@9A?3874o:34W:4I>:;H@C?B<4394:3C<4IH:B:43:>4
9QI:B9Q:@C<4I?>?4B:3:QI:y?>4Q934?AA9<@:34
A<Q<4I>:39B:@C:4N4Q:4W?@4B9AW<R4k39;?T4PH:4
H3C:B4:3C\4M9:@l74264@:H>Y6<;<4Q:4W?4A<Q:@D
C?B<4PH:4C:@;<4I<>4B:6?@C:4GF4?y<34B:4MH:D
@?43?6HBT4BH>?@C:46<34AH?6:34IH:B<4B:3:QD
I:y?>4AH?6PH9:>4C?>:?49@C:6:ACH?6742@C9:@B<46?4
I>:<AHI?A9Y@4A9HB?B?@?T4PH:4:3I:><4@<4Q:4
A>HA9Z9PH:4I<>4C:@:>4H@?4:@Z:>Q:B?B4PH:4Q:4
?Z:AC?4:@46<4ZJ39A<T4@<4:@46<4Q:@C?6=74
264?3A:@3<4E:>C9;9@<3<4B:46?466?Q?B?4
176?4,:>B:=T4PH:46<34I>9@A9I?6:34A<6HQD
@93C?34@<4BHB?><@4:@4M?HC9X?>4A<Q<41:64Z:D
@YQ:@<4 <AH3=T43:4A<@3<69BY4?L@4Q\34
:64x4B:4Q?N<T4AH?@B<4:64]%]4B9<4?4A<@<D
A:>4H@?4@H:E?4:@AH:3C?4:@46?4PH:4:64A?@B9D
B?C<4B:64“?>C9B<4,:>B:4?3A:@B9Y4?64I>9Q:>4
6H;?>74}66J4<MCHE<4!&µ 4B:46?49@C:@A9Y@4B:4
E<C<T4?64C9:QI<4PH:4z?@C<34?6A?@XY4!#µ 74
264Q93Q<43<@B:<4C?QM95@4I>:;H@CY4I<>46?4
:E:@CH?64E<C?A9Y@4:@43:;H@B?4EH:6C?T4:@46?4
PH:4 <AH34?6A?@XY4Vµ 4B:46<343HZ>?;9<34
Z>:@C:4?4#!µ 4B:4z?@C<37
•Ÿ– ›¡` 
%<4<M3C?@C:T4:@46?4A?QI?y?4B:4 <AH34@<4
C<B<4W?439B<4A<6<>4B:4><3?7423C:4W<QM>:4Q:D
@HB<T4B:4M?>M?4N439@4M9;<C:T4PH:43?6HB?4UH@D
C?@B<46?34Q?@<34:@43:y?64B:4<>?A9Y@T4PH:4
©Ý

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

o?4I>:;H@C?4>:6?A9<@?B?4A<@46?4:SC>?B9D
A9Y@4B:4H@4:SI>:39B:@C:43:4W?4EH:6C<49QI<>D
C?@C:4:@46<34B:M?C:34:6:AC<>?6:34A<6<QM9?D
@<3T4I<>PH:4H@?4>:3IH:3C?4?64>:3I:AC<4:@46?4
A?QI?y?4B:4G""&4B:C:>Q9@Y4:@4MH:@?4Q:D
B9B?4:64C>9H@Z<4B:4}@B>534“?3C>?@?43<M>:4 
<>?A9<4z:>I?74
2@4?PH:66?4<I<>CH@9B?BT4BH>?@C:4H@4B:D
M?C:T46:4I>:;H@C?><@4?4z:>I?4394:SC>?B9C?>J?4
?64:@C<@A:34Q?@B?C?>9<42>@:3C<4z?QI:>74
z:>I?4B9U<4PH:46<4W?>J?4I?>?4AHQI69>46?46:N74
2@4A?QM9<T4“?3C>?@?T4:64Q\34ZH:>C:4<I<39D
C<>4B:4z?QI:>T4?AH3?B<4I<>4W?M:>4>:A9M9B<4
B9@:><4B:64A\>C:64B:4]?694I?>?4Z9@?@A9?>43H4
A?QI?y?4:@4G""#T4>:3I<@B9Y4B:4Q?@:>?4>?D
B9A?64PH:4@<46<4:SC>?B9C?>J?7423?4>:3IH:3C?T4
B?B?4H@?43:Q?@?4?@C:34B:46?34:6:AA9<@:3T4
I>\AC9A?Q:@C:4B:Z9@9Y43H4C>9H@Z<74 
<AH34ZH:4M6?@A<4B:4A>JC9A?34:@4E?D
>9<34Q:B9<34B:4A<QH@9A?A9Y@T4N4I<>4I>9Q:D
>?4E:X4:64A?@B9B?C<4E:>B:43:4E9<4A<@C>?46?34
AH:>B?34I?>?4:SI69A?>4PH:4@<4W?MJ?4PH:>9B<4
B:A9>46<4PH:4B9U<7
“:><4@<4ZH:46?4L@9A?4E:X7
2@4H@?4@H:E?4:@C>:E93C?T4>:?69X?B?4:64
E9:>@:344:@4:64I><;>?Q?4B:4C:6:E939Y@4Ðd¥r
|d`¦r!gcc_bqT4 <AH34:@C>Y4:@4H@?4@H:E?4
I<65Q9A?4?64>:3I<@B:>4H@?4I>:;H@C?43<M>:4
394A>:J?4:@489<374264A?@B9B?C<4@<4B9U<4PH:4@<4
A>:J?T4I:><4I>:A93Y4PH:4:>?4?;@Y3C9A<7423?4
Z>?3:4ZH:4?I><E:AW?B?4:@46<3439;H9:@C:34BJ?34
I<>46?34<C>?34A?QI?y?34I?>?4E:@B:>46?49B:?4
B:4PH:4 <AH3T4:64I<C:@A9?64I>:39B:@C:4B:4
]<6<QM9?T4:34?C:<T4?6;<4B9ZJA964B:4:@C:@B:>4
:@4H@4I?J34Q?N<>9C?>9?Q:@C:4A?CY69A<7
8:4@H:E<T4:64A?@B9B?C<4HC969XY4<C><34Z<D
><34N4:@4:@C>:E93C?34A<@4Q:B9<34B:4A<QHD
@9A?A9Y@4?A6?>Y4PH:43J4:34A>:N:@C:T4?H@PH:4
?3HQ?46?4>:69;9Y@4B:4<C>?4Q?@:>?74[H:4C?64:64
:@>:B<4PH:4W?3C?4:64?>X<M93I<4B:4)<;<C\T4:64
A?>B:@?64“:B><4KHM9?@<T46:46?@XY4H@43?6E?D

·Û‡–í— —‡‹ ‘¦¦‘“¨ ‡åŽ“³—‡Ã “Ž Ê¾

W?M6?4A<@C9@H?Q:@C:4B:46?4@:A:39B?B4B:4I?D
;?>46?34AH6I?3T4PH:4:3CHE<4?4IH@C<4B:4W?D
A:>3:43?A:>B<C:T4PH:4>:3I<@B:4A<@4C>?@3I?D
>:@A9?4?4C<B<4C9I<4B:4I>:;H@C?T4W?4A?JB<4:@4
E?>9?34A:6?B?34PH:46:4W?@4C:@B9B<43H34B:D
C>?AC<>:3T4C?@C<4:@4?6;H@<34Q:B9<34B:4A<D
QH@9A?A9Y@4A<Q<4:@46?4A?QI?y?4B:43H4
I>9@A9I?64<I<39C<>T4{H?@4 ?@H:64z?@C<374
~46:4W?@4A<3C?B<4:@4C5>Q9@<34B:4<I9D
@9Y@4I<>PH:4W?4PH:B?B<46?43:@3?A9Y@4B:4
PH:4:@4?6;H@<34C:Q?34 <AH34:349@;:@H<4
I<6JC9A?Q:@C:4N4:@4<C><34PH:B?46?4BHB?4B:4
394A<@<A:4?4Z<@B<46?4]<@3C9CHA9Y@4N46?346:D
N:3T4I:3:4?4PH:4N?4:@4B<34<A?39<@:34ZH:4?6D
A?6B:4B:4)<;<C\4N4:@4<C>?34B<34ZH:4A?@B9D
B?C<4I>:39B:@A9?67
}3J4<AH>>9Y4AH?@B<4:64I:>9<B93C?4K?D
Z?:64”H?>J@T4B:4H@?4:Q93<>?4>:;9<@?6T46:4
I>:;H@CY4394:SC>?B9C?>J?4?4K6E?><4(>9M:4:@4
A?3<4B:4PH:T4:@43H4A?69B?B4B:4:SU:Z:4B:64
23C?B<T4ZH:>?4A<@B:@?B<4I<>46?4UH3C9A9?4B:4
<C>?4@?A9Y@74264A<QH@9A?B<>43:4>:Z:>J?4?64
I><A:3<4UHB9A9?64PH:43:4>:?69X?4:@42AH?D
B<>4A<@C>?4E?>9<34B:3C?A?B<34ZH@A9<@?>9<34
A<6<QM9?@<3T4:@C>:4:66<34z?@C<34N4E?>9<34
<Z9A9?6:34B:46?34[H:>X?34}>Q?B?3T4I<>46?4
<I:>?A9Y@4Q969C?>4PH:4:@4Q?>X<4B:4FVV&4
C:>Q9@Y4A<@46?4QH:>C:4B:4K?L64K:N:3T4:64
@LQ:><4B<34B:46?34[}K]T4N4B:4<C>?34F4
I:>3<@?34:@4H@4A?QI?Q:@C<4;H:>>966:><4:@4
C:>>9C<>9<4:AH?C<>9?@<74 
<AH34C9CHM:Y4N46H:;<4B9<4?4:@C:@B:>4
PH:4AHQI69>J?4A<@46?4]<@3C9CHA9Y@4N4:E:@D
CH?6Q:@C:4:SC>?B9C?>J?4?64:SQ?@B?C?>9<T4I:D
><4PH:4I>:Z:>9>J?4@<4W?A:>6<74oH:;<4:@C:@D
B9Y46?4;>?E:B?B4B:43H4?>;HQ:@C<T4B9<4H@4
I?3<4?C>\34N4>:A<@<A9Y4PH:4@<4A<@<AJ?4M9:@4
:64C>\Q9C:4B:46?34:SC>?B9A9<@:34N4QHAW<4Q:D
@<34394564A<Q<4U:Z:4B:6423C?B<4:34PH9:@4C9:D
@:46?4L6C9Q?4I?6?M>?4I?>?4:64:@EJ<4B:4H@4@?D
A9<@?64?64:SC>?@U:><74

@
°Â4068¶
94š8°9 7 9Š ˆ

©†¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

E9B?34N4B9U<4ILM69A?Q:@C:4PH:46:4A<@3C?M?4
PH:4 <AH34:34A?CY69A<74 
?QM95@4ZH:4<MU:C<4B:4A>JC9A?34H@?4Q?D
y?@?4:@46?4PH:T4BH>?@C:4H@?4:@C>:E93C?4>?D
B9?6T4A<@Z:3Y4PH:4:@4Q\34B:4H@?4<A?39Y@4W?4
B:3:?B<4?46?4QHU:>4B:43H4I>YU9Q<7
]<@4:3C<34I?C9@?X<34:@4H@4I?J34B<@D
B:46?4I<6JC9A?4:34B:Z9@9B?4A<Q<4:64?>C:4B:4
Q:@C9>T4@<4W?@439B<4I<A<346<34A<6HQ@93C?34
B:4>:@<QM>:4PH:4?BE9:>C:@4PH:46?4:E:@CH?64
:6:AA9Y@4B:4 <AH34A<Q<4I>:39B:@C:439;D
@9Z9A?>J?4I?>?4:64I?J34H@43?6C<4?64E?AJ<74(@<4
B:4:66<3T4:64Q\34Z5>>:<4A>JC9A<4B:4H@4:E:@D
CH?64;<M9:>@<4B:4 <AH3T4:64>:@<QM>?B<4
:3A>9C<>4“69@9<4}IH6:N<4 :@B<X?T4:3A>9M9Y4
6?4A<6HQ@?4£dc_ad`r`_rtdT4:@4:64B9?>9<4pqr
Î_b^hdT4:@46?4PH:T4:@C>:4<C>?34A<3?3T4I6?@D
C:YR41o<34UYE:@:34:6:AC<>:34B:M:>J?@43?D
M:>4PH:46?3439QI6:34I><IH:3C?34B:4I:B?D
;<;<4@<4M?3C?@4I?>?4Q?@:U?>4H@4I?J374“<>4
:U:QI6<T46<34I><M6:Q?34B:4H@?4UH3C9A9?49@D
Z96C>?B?4@<43:4>:3H:6E:@4A<@46?43:>\Z9A?4>:D
A<Q:@B?A9Y@4B:4 <AH34B:4k?A?C?>4?46<34
UH:A:3l74QOH543?M:4564B:46?4;H:>>?4UH>JB9D
A?T4B:46<34I><M6:Q?34B:43:;H>9B?BT4B:64B5D
Z9A9C4Z93A?6T4B:64B:3:QI6:<T4B:46?4B:Z9A9:@C:4
9@Z>?:3C>HACH>?4E9?64N4B:46?34?Q:@?X?34PH:4
@<34I><E9:@:@4B:64:@C<>@<4>:;9<@?6R4234H@4
Q93C:>9<=7
}@C:46?4A>:A9:@C:4?@B?@?B?4:@43H4A<@D
C>?T4 <AH34W?4C>?@PH969X?B<4?46?4<I9@9Y@4
ILM69A?4A<@4H@4B93AH>3<4PH:49@A6HN:4Q?@<4
BH>?4A<@C>?46?34[}K]T4A<@C9@H9B?B4:@46?34
I<6JC9A?34B:43:;H>9B?B4?I69A?B?34I<>4(>9M:4
N4A<@Z9?@X?4:@46?34?ACH?6:34B9>:AC>9A:34:A<D
@YQ9A?374“:><4C?QM95@4W?49@393C9B<4:@49@D
C><BHA9>4I><ZH@B<34A?QM9<34:@4:64:3PH:Q?4
B:4:@3:y?@X?4:BHA?C9E?4N4:@46?4?I><I9?A9Y@4
B:4>:AH>3<34:SA:IA9<@?6:34I?>?4Q:U<>?>46?34
A<@B9A9<@:343<A9?6:374
“?>?4A<@E:@A:>4?43H343:;H9B<>:34B:4PH:4
6?4:BHA?A9Y@4:343H4I>9<>9B?BT4 <AH3466:D
;?439:QI>:4?46?34A<@A:@C>?A9<@:34ILM69A?34
A<@4H@4:@<>Q:46\I9X4?Q?>966<4:@43H34Q?@<37
“<>46<4I><@C<T4:64A?@B9B?C<4E:>B:43:4:3D
ZH:>X?4:@4B:Q<3C>?>4PH:4:643HN<4:34H@4;<D
M9:>@<4I<39M6:74“<>4:3<4?W<>?4I>:Z9:>:4@<4
W?A:>4>:Z:>:@A9?4?46<34:I93<B9<34B:64I?3?B<4
PH:46<4:>9;9:><@4A<Q<4H@4I<6JC9A<4B9Z:>:@C:T4
I:><4PH:4W<N4IH:B:@4<M3C?AH69X?>6:43H4?3I9D
>?A9Y@74“?>?4564PH:BY4:@4:64I?3?B<4W?M:>3:4
PH9C?B<46<34I?@C?6<@:34B:6?@C:4B:4B:A:@?34
B:4:3CHB9?@C:34B:46?4(@9E:>39B?B4%?A9<@?64
:@4G""!T4W?M:>3:4A?3?B<4I<>46<4A9E9643<M>:4
:646<Q<4B:4H@4:6:Z?@C:4:@4H@4A9>A<T4><B:?D
B<4B:4I?N?3<34N4?A>YM?C?3$4W?M:>6:46?@X?B<4
?;H?4?46?4A?>?4?4<>?A9<4z:>I?4:@4:64B:M?C:4
I>:39B:@A9?64B:4G""&T4<4W?M:>3:4Q:C9B<4A<@4
><I?4?4H@?4ZH:@C:4B:4?;H?469QI9?4I?>?4I:B9>4
I:>BY@4?43H34:6:AC<>:34B:M9B<4?4PH:4>:@H@D
A9Y4?46?4?6A?6BJ?4B:4)<;<C\4:@4FVVV4I?>?4?3D
I9>?>4?46?4I>:39B:@A9?4B:64I?J37 
<AH343?M:4PH:46?4<IA9Y@4B:43:>4I>:D
39B:@C:4:34>:?64N4PH:4C?64E:X4:3C?43:?46?4L6D
C9Q?4<A?39Y@4PH:46?4C9:@:4C?@4?64?6A?@A:4B:4
6?4Q?@<744

Œ‹•ˆ‰‹ŽŒ’‹Žºd‰ŽŒº
·Û‡–í— —‡‹·³Ž•‡?³“’Ä‘

©¤Ÿ–—£œ–›Ÿ ¡¦—˜¡–¦
º¤¡¥Œ—«˜¡™º¤œ–¦–¡œ¬–¢
dŸ– ¡œ 0–›™ ¡˜¡™—–¦™
˜™š™›™£—˜¡–šŸ§—£
·µ¤ ˜–¡—¶œ¤¡Ÿ—œ––Ÿ—–
¡—£Ÿ—–˜¡™—–œ¯‘Ÿ¤µ–¦
œœ™ œ–˜¤Ÿ¦™—¤˜œ–Ÿ
¶¡Ÿš–¦™—£ŸŒŸ«—¢dŸ– ¡œ
·•¤Ÿ±¤/–±¤›™¦Ÿ/–¦ ®
£Ÿ–µ–Ÿœ £–—˜–š¡—£™
¦œ– —§™˜¡–˜¡™— ˜™—
閠0¡—§£™—
·dŸ¤ œ– ¢
±¤–š—–¥–—˜™——¦¤®
Ÿ˜Ÿœ–  –—˜¡™— ˜™—£Ÿ–
œ§™µ¡Ÿ—™¦œ™ –·–£™®
œ– ¯ˆ—›œ—–Ÿ–¦§œ™µ–®
œ¡¥–˜¡¸—¢º¤œ– —˜¤—£Ÿ–
— ¤œš—£™­¦¡›œ™š–®
˜¡–¢—§™˜¡–˜¡™— ¢–˜¤Ÿ®
¦™ ¢˜™—¬—¡™ "

<;D–?;

A¯±D>

!

‘Ždº’5Œ4ºŒŽ‹’

",$ï"&),/0$”>?A9?34?43H4?AC9E93D
Q<4A<Q<4Q:B9?B<>4:@4A<@Z69AD
C<349@C:>@?A9<@?6:3T4:64I>:39B:@D
C:4oH9X4@\A9<4oH6?4B?4z96E?43:4
W?4;?@?B<4H@4?QI69<4I>:3C9;9<4
B:@C><4N4ZH:>?4B:43H4I?J3T4:49@D
A6H3<46?4I<39M969B?B4B:4<MC:@:>4:64“>:Q9<4
%<M:64B:46?4“?X7

23C:4?@C9;H<4C>?M?U?B<>4Q:C?6L>;9A<4:34
?W<>?4H@46JB:>4B:4?QI69<4:3I:AC><49B:<6YD
;9A<4PH:4W?46<;>?B<4I<3:39<@?>4?4)>?396T46?4
I>9@A9I?64:A<@<QJ?46?C9@<?Q:>9A?@?T4A<Q<4
UH;?B<>4:@46?34;>?@B:3469;?34B:46?34B93AHD
39<@:34QH@B9?6:374“><QH:E:4:64B:M?C:4zH>D
zH>T4:64Z<>C?6:A9Q9:@C<4B:4}Q5>9A?4o?C9@?4
N4KZ>9A?4N4:649@;>:3<4B:46?34;>?@B:34:A<@<D
QJ?34:Q:>;:@C:34?46<34A:@C><34B<@B:43:4C<D
Q?@46?34B:A939<@:37
264Q?@B?C?>9<4AH:@C?4A<@4H@?4:3C>?D

C:;9?4I?>?4PH:46?34:QI>:3?34M>?396:y?343:4
A<@E9:>C?@4:@4C>?3@?A9<@?6:3T4IH:34B:4:3C?4
Q?@:>?4:64I?J34C:@B>J?46?43HZ9A9:@C:4ZH:>X?4
I<6JC9A?4N4:A<@YQ9A?4I?>?4AHQI69>4H@4E9:D
U<4?@W:6<R46?4<MC:@A9Y@4B:4H@4?39:@C<4I:>D
Q?@:@C:4:@4:64]<@3:U<4B:4z:;H>9B?B4B:46?34
%?A9<@:34(@9B?37
2@43H4;9>?49@9A9?B?4:643\M?B<4GT4oH6?4
?ACHY4A<Q<4Q:B9?B<>48UH@C<4A<@4H>PHJ?84
I?>?4B:3C>?M?>4:64I><M6:Q?4A>:?B<4I<>4:64
I><;>?Q?4@HA6:?>4B:4>\@T4PH:4Q?@C9:@:46?4
©¿

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

·Û‡–í— —‡‹Œ“푳‡ “¦¨ ‘

3½7 
9É 4›4E8ˆ Â43 86498 ˆ 

C:@39Y@4:@C>:4:3C:4I?J3T423C?B<34(@9B<3T46?4
(@9Y@42H><I:?4N46?4};:@A9?4@C:>@?A9<@?64
B:42@:>;J?4}CYQ9A?4}2}7
zH4B:3:QI:y<4:@4:3C?3469B:34W?439B<4
C?@4MH:@<4PH:4:64F4B:4?M>964B:4FVV"4BH>?@D
C:46?4AHQM>:4B:64”DFVT4:64I>:39B:@C:4)?D
>?A47M?Q?4B9U<4B:64Q?@B?C?>9<4A?>9<A?R4
123C:4:34:64W<QM>:T46<4?B<><=7
23:4A<Q:@C?>9<4A?NY4A<Q<4M<QM?4
:@C>:46?4<I<39A9Y@4M>?396:y?T4I:><46?4C:@D
B:@A9?4:>?4N?49QI?>?M6:74oH6?4ZH:4:6:;9D
B<4oJB:>4B:64}y<4FVV"4I<>46<34B9?>9<34bbr
J dtfbT4B:4[>?@A9?T4N4pqrmgi`T4B:423I?y?74
o?4>:E93C?4Î_^b46<4HM9AY4:@C>:46<34G4I<6JD
C9A<34Q\349@Z6HN:@C:34B:64QH@B<T4N4:64“><D
;>?Q?4 H@B9?64B:4}69Q:@C<34B:46?47%(4
6:4<C<>;Y4:64I>:Q9<4]?QI:Y@4 H@B9?64
A<@C>?4:64?QM>:7
8:4Q?@:>?4I?>?6:6?4?43H4?ACH?A9Y@49@D
C:>@?A9<@?6T4oH6?4UH:;?43H34A?>C?34:@4o?C9D
@<?Q5>9A?74o?4<I<39A9Y@4B:4)>?39646<4ZH3C9D
;Y4I<>43H34B:A6?>?A9<@:343<M>:46?4QH:>C:4B:4
7>6?@B<4?I?C?T4<AH>>9B?4:64F#4B:4Z:M>:><4L6D
C9Q<4C>?34H@?4WH:6;?4B:4W?QM>:74264Q?@B?D
C?>9<43:4:@A<@C>?M?4:@4o?4?M?@?4N4A<9@A9D
B9Y4A<@4:64I>:39B:@C:4K?L64]?3C><T4PH9:@4B9U<4
PH:4?I?C?4:>?4H@4B:69@AH:@C:4A<QL@4N4@<4
H@4I>:3<4B:4A<@A9:@A9?74oH6?4?M<@Y4:64:3A\@D
B?6<4AH?@B<4A<QI?>Y4?4?I?C?4A<@46<34B:69@D
AH:@C:34A<QH@:34B:4z?<4“?H6<7
2@4:64\QM9C<4A:@C><?Q:>9A?@<T4:64I>:D
39B:@C:4M>?396:y<4A<@C9@L?439@4>:A<@<A:>4
?64;<M9:>@<4B:4<@BH>?34:@A?M:X?B<4I<>4
“<>Z9>9<4o<M<4W?3C?4PH:4B:A6?>:4H@?4?QD
@93CJ?4I?>?4:64:S969?B<4I>:39B:@C:4B:>><A?D
B<4 ?@H:64:6?N?T4PH:4<AHIY46?4:QM?U?B?4
M>?396:y?4:@4:;HA9;?6I?4C>?34W?M:>439B<4
B:3C9CH9B<4I<>4H@4;<6I:4B:423C?B<4:64F&4
B:4UH@9<4B:4FVV"74~4:64C:Q?4IH3<4:@4U?PH:4
C?QM95@46?4>:?69X?A9Y@4B:46?4AHQM>:4}Q5D
>9A?4o?C9@?D(@9Y@42H><I:?4>:?69X?B?4:@4 
?B>9BT4B?B<4PH:423I?y?49@E9CY4?4o<M<7
1z94E?4<@BH>?3T4GV4I?J3:34B:46?4
©î¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

(@9Y@4zHB?Q :>9A?@?4B:4%?A9<@:34(@?D
3H>4@<49>:Q <3=T4B9U<4:64?3:3<>4:3I:A9?64:@4
?3H@C<349@C:>@?A9<@?6:34B:4oH6?T4 ?>A<4
}H>:69<4”?>AJ?T4H@<4B:46<34I>9@A9I?6:34B9D
>9;:@C:34B:64“?>C9B<4B:46<34>?M?U?B<>:34 
“74[9@?6Q :@C:T4I>:E?6:A9Y46?4:S9;:@A9?4
3HB?Q :>9A?@?7
4—‹™µœ›–Ÿ–º¤œ–
o?4Q:B9?A9Y@4PH:4oH6?4W?4>:?69X?B<4?@C:4 
>\@T4UH@C<4A<@4:64I>9Q:>4Q9@93C><4CH>A<T4 
?N9II4K:A:I42>B<;?@T4HM9A?@4?64M>?396:D
y<4:@C>:46<34A?@B9B?C<34?64“>:Q9<4%<M:64
B:46?4“?XT4A<Q:@C?4?4€‚ƒ„…‚4]>93C9@?4“:D
A:PH96<T4:SI:>C?4:@4;:<I<6JC9A?4B:46?4(@9D
E:>39B?B4“?H693C?4(@9I4N4B:64]:@C><4B:4
23CHB9<3423C>?C5;9A<34B:46?4(@9E:>39B?B4
[:B:>?64B:4K9<4”>?@B:4B<4zH64([K”z74
1z94:3C:4?AH:>B<4@HA6:?>4A<@4>\@4?E?@D
X?T4oH6?4N42>B<;?@43:>J?@4A?@B9B?C<34?64
%<M:6T4C:@9:@B<4:@4AH:@C?4PH:43:46<4B9:><@4
?47M?Q?4:64?y<4I?3?B<439@4H@?43H3C?@A9?4
<MU:C9E?=T4?3:;H>?4“:A:PH96<7
“?>?4)>?396T4H@4“>:Q9<4%<M:64>:I:>D
AHC9>J?4C?@C<4A<Q<4H@4QH@B9?64B:4ZHCM<6R4
W?4;?@?B<4A9@A<4A<I?34I:><4@<4AH:@C?4A<@4
@9@;L@4;?6?>BY@4<C<>;?B<4I<>46?4?A?B:Q9?4
3H:A?7
2@4@<E9:QM>:4I?3?B<4oH6?4:3CHE<4M?D
U<46<34>:Z6:AC<>:3T4IH:34:@43Y6<4H@?43:Q?D
@?4>:A9M9Y4:@4)>?3969?4?64I>:39B:@C:49>?@JT4 
?WQ<HB4} WQ?B9@:U?BT4?64I?6:3C9@<T4 ?D
WQ<HB4}MM?3T4N4?6493>?:6JT4zW9Q<@4“:>:37
264E9?U:4PH:4:@4Q?>X<4I?3?B<4>:?69XY4
oH6?4?4 :B9<47>9:@C:49@?H;H>Y43H4@H:E?4
ZH@A9Y@4?@C:4:3?4>:;9Y@741)>?3964PH9:>:43:>4
H@49@C:>6<AHC<>4@<E:B<3<T4I<>PH:439:QI>:4
9@C:>Q:B9?@46<34Q93Q<3T423C?B<34(@9B<34
N46?4(@9Y@42H><I:?4N4E?Q<34B:4Z>?A?3<4:@4
Z>?A?3<=T4B9U<4oH6?T4PH9:@4?393C9Y4:@4K?Q?D
66?W4?46?4?I:>CH>?4B:46?4A?66:4)>?3964I<>4I?>C:4
B:46?4}HC<>9B?B4%?A9<@?64“?6:3C9@?4}%“74

}H@PH:4:64I>:39B:@C:4B:4)>?3964?AHB9Y4
?64 H3:<4B:64<6<A?H3C<T4:64A?@A966:>493D
>?:6JT4}E9;B<>4o9:M:>Q?@T4B:46?4:SC>:Q?4
B:>:AW?T43:4<Z:@B9Y4I<>PH:4:643HB?Q:>9A?D
@<43:4@:;Y4?4E939C?>4:64CLQH6<4B:64ZH@B?B<>4
B:6439<@93Q<T4W:<B<>4:>X674 
@A6H3<4:64I>9Q:>4Q9@93C><493>?:6JT4):@D
U?QJ@4%:C?@N?WHT46:4I9B9Y4?4oH6?4PH:49@C:>D
A:B9:>?4?@C:4z9>9?4:@46?34@:;<A9?A9<@:34I<>4
6<34C:>>9C<>9<34B:46?34}6CH>?34B:64”<6\@4>:D
A6?Q?B<34I<>46<3439>9<374[H:4?3J4PH:4:64A?@D
A966:>4]:63<4}Q<>9Q43:4:@A<@C>Y4A<@4:64
I>:39B:@C:439>9<T4)?3W?>4}64}33?BT4:@48?D
Q?3A<T4N46:466:EY4:64Q:@3?U:493>?:6J7
1o?4Q?N<>J?4B:46<34:3I:A9?693C?34A<@39D
B:>?4PH:4)>?39643:4:SI<@:49@@:A:3?>9?Q:@C:4
:@4H@4\>:?4PH:4@<4:34B:4@H:3C>?4A<QI:C:@D
A9?4@?CH>?674z9@4:QM?>;<T46?4I<6JC9A?4:SC:>D
@?4B:4oH6?4W?4;?@?B<4:@49QI<>C?@A9?7489D
>J?4PH:4:3C?4:SI<39A9Y@4:34@?CH>?674~4W?3C?4
W?M6Y4B:46?4AH:3C9Y@4@HA6:?>4:@43>?:674oHD
6?4?M<;Y4I<>4:64B:3?>><66<4I?AJZ9A<4B:46?49@D
BH3C>9?4@HA6:?>4:@43>?:6T43?M9:@B<4PH:4B:D
Z:@BJ?46<4Q93Q<4I?>?4>\@T4:64:@:Q9;<4Q\34
ZH:>C:4B:46<3493>?:6J:3=T4A<Q:@C?4?4€‚ƒ„#
…‚4:64:SI:>C<4:@4>:6?A9<@:349@C:>@?A9<@?6:34
“9<4“:@@?4[96W<T4I><Z:3<>4B:46?4(@9E:>39B?B4
%?A9<@?64B:4)>?3969?4(%)4N4B:46?4(@9E:>D
39B?B4B:4z?<4“?H6<4(z“74
o?4I<6JC9A?4:SC:>9<>4M>?396:y?T4?;>:;?T4
?B:Q\34B:4>:Z6<C?>4:64A<@A:IC<4B:64:U:4zH>D
zH>T4Q?@C9:@:46<34Q93Q<34A<@A:IC<34B:46?4
:3AH:6?4B:64“?6?A9<4B:4C?Q?>?CNR4@H@A?4A:D
>>?>46?34IH:>C?3741>\@4>:A<@<A:4?4)>?3964A<@4
A?I?A9B?B4B:4@:;<A9?A9Y@T4z9>9?4C?QM95@74
)>?3964B:Z9:@B:4:64B9\6<;<4A<@4C<B<34N4@H@D
A?4A:>>Y46?34IH:>C?374@A6H3<4A<@46?4zHB\Z>9A?4
B:64ghgcamb_fT4)>?3964@H@A?4A:>>Y4B:64C<B<46?4
I<39M969B?B4B:4H@?49@C:>6<AHA9Y@4A<@46<34?AD
C<>:34QH@B9?6:3=T4:SI69A?7
o<4PH:46?4B9I6<Q ?A9?4M>?396:y?4:3I:D
>?M?4Z9@?6Q :@C:4<AH>>9YR4:643\M?B<4G4B:4
Q ?N<4oH6?4E9?UY4?4:W:>\@T4:@46?4I>9Q :D
>?4E939C?4B:4H@4Q ?@B?C?>9<4M>?396:y<4?4:3:4
I?J374264I>9@A9I?64<MU:C9E<4:>?466:;?>4?4H@4
?AH:>B<4A<@4}WQ ?B9@:U?B4I?>?4B:3C>?M?>4
:64_^hg``b4A<@4:64]<@3:U<4B:4z:;H>9B?B4
B:46?47%(T4B<@B:423C?B<34(@9B<349Q IH6D
3?43?@A9<@:34I<>PH:43<3C9:@:4PH:4:W:D
>\@4I><N:AC?4A<@3C>H9>46?4M<Q M?4?CYQ 9A?4
N4<AH6C?49@Z<>Q ?A9Y@4?46?4};:@A9?4%?A9<D
@?64B:42@:>;J?4}CYQ 9A?4}2}74[H:4:64
E9?U:4Q \34<M3:>E?B<4I<>46?4A<Q H@9B?B4
9@C:>@?A9<@?67
©¤¦– 
264A?@A966:>4}Q<>9Q4>:E:6Y4PH:4:@46?43:D
Q?@?4I>:E9?4?43H4E9?U:4?4:W:>\@T4oH6?4>:D
A9M9Y4H@?4A?>C?4B:47M?Q?4A<@46?4I<39A9Y@4
B:423C?B<34(@9B<3T4N4?@C:34B:4C<A?>43H:6<4
9>?@J4oH6?4>:A9M9Y4H@?466?Q?B?4C:6:ZY@9A?4
B:4%9A<6?34z?><XN7
}46?4E939C?4<Z9A9?64M>?396:y?43:43HQY4:64
C:>A:>4?AC<>4:@4:64?AH:>B<4A<@46<349>?@J:3R4
:64I>9Q:>4Q9@93C><4CH>A<42>B<;?@74oH:;<4
B:4G&4W<>?34B:4@:;<A9?A9<@:3T46?4@<AW:4B:64

Œ‹•ˆ‰‹ŽŒ’‹Žºd‰ŽŒº
PH:46?4M<QM?49>?@J4:3C\4:@4A?Q9@<74{H3C9Z9D
A?@43H34>:3:>E?34:@4:64W:AW<4B:4PH:4:64>5D
;9Q:@4B:46<34?N?C<6?343H>;9B<4B:46?4K:E<D
6HA9Y@436\Q9A?4B:4G""4Q?@C9:@:4:@C>:43H34
I<6JC9A?346?4B:3C>HAA9Y@4B:6423C?B<4B:43>?:67
1)>?3964?B<ICY4I<39A9<@:349@B:I:@D
B9:@C:34A<@C>?46?4I<6JC9A?4B:46?4?>><;?@D
A9?4B:423C?B<34(@9B<3=T4B9U<4:64Q\S9Q<46JD
B:>49>?@JT4:64?N?C<6?4}6J4{?Q:@:974H>PHJ?4N4
)>?3964<AHI?@4?39:@C<34@<4I:>Q?@:@C:34:@4
:64]<@3:U<4B:4z:;H>9B?B4B:46?47%(T4B<@D
B:423C?B<34(@9B<34B:M:4A<@C?>4A<@4@H:E:4
E<C<34I?>?49QI<@:>43?@A9<@:34?4:W:>\@7 
>\@4C9:@:439:C:4BJ?34I?>?4A<QH@9A?>4I<>4
:3A>9C<4?46?4};:@A9?4@C:>@?A9<@?64B:42@:>D
;J?4}CYQ9A?4}2}4PH:4:3C\4B93IH:3C<4?4
:@E9?>4?64:SC:>9<>43H4H>?@9<4I?>?4C:@:>6<4B:4
EH:6C?4:@>9PH:A9B<4:@4H@4?y<74?QM95@4B:M:44
?A:IC?>4PH:4:3C:4I><A:3<43:>\4Q<@9C<>:?B<4
I<>4<M3:>E?B<>:34B:46?4}2}4N4B:43H4I><D
I9<4;<M9:>@<7
1o<349>?@J:34I:>A9M9:><@4PH:4@<4:3C?D
Q<34I?>?43?C?@9X?>6<3=T4?Z9>QY4:64?3:3<>4
:3I:A9?64:@4I<6JC9A?4:SC:>9<>4B:64I>:39B:@D
C:4oH6?T4 ?>A<4}H>:69<4”?>AJ?T4H@<4B:46<34
9QIH63<>:34B:46?4I<6JC9A?4M>?396:y?4zH>DzH>7
1<B?EJ?43<Q<34:3A5IC9A<34I<>PH:4:64
B9AW<4B:4>\@4B93C?4B:64W:AW<$439@4:QM?>D
;<T4>:A<@<A:Q<346<34:3ZH:>X<34>:?69X?B<34
I<>4H>PHJ?4N4)>?396=T4B9U<4:64I<>C?E<X4B:4
6?4]?3?4)6?@A?T4K<M:>C4”9MM374

264A?@A966:>4Z>?@A53T4):>@?>B4¿<HAW:>T4
PH9:@4Q:@A9<@Y41A9:>C?49@;:@H9B?B4M>?39D
6:y?=T4:6<;9Y4:64Q<E9Q9:@C<4B9I6<Q\C9A<4N4
:64I>:39B:@C:4>H3<4A<@39B:>Y4PH:4:64?AH:>D
B<4:>?41H@?4E9AC<>9?4I:>3<@?6=4B:4oH6?74
]W9@?4>:3I?6BY4:64A<@E:@9<4N43:4Q?@C9:@:4
<IH:3C?4?46?343?@A9<@:3T4B9U<4:64I<>C?E<X4B:4
6?4A?@A966:>J?4B:4):9U9@T4 ?4W?<SH7
4264?AH:>B<4CH>A<DM>?396:y<D9>?@J4>:Z6<D
CY4:64A69Q?4B:4@:;<A9?A9Y@4:@C>:4>\@4N4:64
;>HI<4$G423C?B<34(@9B<3T4[>?@A9?T4”>?@4
)>:C?y?T4KH39?4N4]W9@?T4Q9:QM><34I:>D
Q?@:@C:34B:64]<@3:U<4B:4z:;H>9B?BT4Q\34
}6:Q?@9?T4PH:4W?MJ?4Z>?A?3?B<7
o?4:SI:>C?4:@4;:<I<6JC9A?4“:A:PH9D
6<4?3:;H>?4PH:4oH6?4C9:@:4C<B<4I?>?4;?@?>4
I<>PH:41:64E9?U:4ZH:4H@45S9C<4N4I:3:4?4PH:4
Z?6C?4QHAW<4I?>?4A<@3<69B?>4H@4?AH:>B<4
@HA6:?>T4:64;>?@4Q5>9C<4ZH:4A<6<A?>4?4)>?D
3964:@4H@?4Q:3?4B:4B93AH39Y@4?46?4PH:4?@D
C:34@<4?393CJ?=7
1)>?39648IH@CH?69X?4“?A:PH96<84:34E93D
C<4A<Q<4H@4ccdÑbc4W<@:3C<T4I:><4@?B9:4:34
9@;:@H<4:@4:3C:4I><A:3<7423?4B:A939Y@4A<@D
C>?46?343?@A9<@:343:4B:M:4:@4;>?@4Q:B9B?4?4
]W9@?T4PH:4@<4:3C\4B93IH:3C?4?4>:@H@A9?>4?4
3H4A<Q:>A9<4A<@4>\@4I<>4?6;L@4@H:E<4:QD
M?>;<4Z9@?@A9:><74~4C?QM95@4A<@46?34B93IHD
C?349@C:>@?34:@C>:46?4]?3?4)6?@A?4N46<343:AD
C<>:34Q\34A<@3:>E?B<>:34B:648:I?>C?Q:@C<4
B:423C?B<7=
·Û‡–í— —‡‹è“—‡ž“Ž “¢“

B<Q9@;<4Gx43:4B9<4H@4?AH:>B<4:@C>:4)>?396T4 
>\@4N4H>PHJ?742@453C:T46<349>?@J:343:4A<QD
I><Q:C9:><@4I<>4:3A>9C<4?4:@>9PH:A:>4W?3C?4
FVµ 4B:4Q964FVV496<;>?Q<34B:4H>?@9<4:@4
H@4C:>A:>4I?J3$4:@4:3C:4A?3<T4H>PHJ?74264:@D
>9PH:A9Q9:@C<4?4H@4FVµ 4?3:;H>?4:64H3<4A9D
E964B:46?4:@:>;J?4@HA6:?>$4A<@4&Vµ T4?6A?@X?4
:64@9E:64>:PH:>9B<4I?>?46?4M<QM?4?CYQ9A?7
41[H:4H@4C>9H@Z<4B:46?4B9I6<Q?A9?74]<@4
B9\6<;<T46?4B9I6<Q?A9?4N46?4I?X43?6:@4E:@D
A:B<>?37=T4?Z9>QY4oH6?7 
@Q:B9?C?Q:@C:4:@4:64Z>:@C:49@C:>@<4>:D
I:>AHC9Y4:64?AH:>B<4@HA6:?>741oH6?4?@<CY4
H@4;<64:@4 :B9<47>9:@C:74}B:Q\34B:4W?D
M:>46<;>?B<4;<6:34:@4KZ>9A?4N4:@4}Q5>9A?4
o?C9@?=T4B9U<46?4A?@B9B?C?4I>:39B:@A9?64B:64
“?>C9B<4B:46<34>?M?U?B<>:34“T4896Q?4
K<H33:ZZT4PH9:@4I?3Y4?469B:>?>46?34:@AH:3C?34
:3C?43:Q?@?4I<>43<M>:4:64<I<39C<>4{<354z:D
>>?T4B:4A?>?4?46<34A<Q9A9<34B:64!4B:4<ACHM>:74
1?N4PH:4:3I:>?>4I?>?4E:>4394oH6?4@<4
:3C?M?4:@4I<39A9Y@4?B:6?@C?B?=T4I6?@C:Y4:64
:SI>:39B:@C:4[:>@?@B<4:@>9PH:4]?>B<3<4 
G""DFVVFT4B:64“?>C9B<4B:46?4z<A9?648:D
Q<A>?A9?4)>?396:y?T4B:4z:>>?7
“:3:4?4PH:4:@4:64@H:E<4?AH:>B<4)>?3964N4 
H>PHJ?4B:Z9:@B:@4:64B:>:AW<4B:4>\@4?4B:3?D
>><66?>439@4B93A>9Q9@?A9Y@43H4I><;>?Q?4?CYD
Q9A<4A<@4M?3:4:@4:64>?C?B<4B:4%<4“><69D
Z:>?A9Y@4%HA6:?>4%“T423C?B<34(@9B<3T4
”>?@4)>:C?y?T4[>?@A9?4N4KH39?43<3I:AW?@4

VŠ6° ‰Â4V6›
94Š ‰9
69 ˆ

©µ

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

Ž‹aºŒŒ
©ˆ‹Œˆ©‰ˆˆ‰

%&'()*+*,-./)-012/)



½

dubr^b¥rhqbg`b=T4A?@C?M?4~E<@@:4
2669Q?@4:@4H@?4A?@A9Y@4PH:43:4W9X<4Z?D
Q<3?4BH>?@C:46?4B5A?B?4B:46<34<AW:@C?74
1OH95>:Q:T4I<>4Z?E<>=T4:346<4PH:4[:69I:4
]?6B:>Y@4WHM9:>?4PH:>9B<4B:A9>6:4?4)?>?A4
7M?Q?4BH>?@C:43H4E939C?4?4S ?3W9@;C<@74264
I>:39B:@C:4Q:S9A?@<4I><M?M6:Q:@C:43:4
W?4B?B<4AH:@C?4B:4PH:4@<4IH:B:469M>?>4N4
;?@?>46?4;H:>>?4A<@C>?4:64@?>A<C>\Z9A<43<D
6<74OH:4@:A:39C?4Q\34?I<N<T4Q\34?NHB?T4
Q\34B9@:><T4Q\34W:69AYIC:><3T4Q\34A<<I:D
>?A9Y@4:@4AH:3C9<@:34B:49@C:69;:@A9?74~4
W?3C?4:64Q<Q:@C<T4?4I:3?>4B:46?4>:CY>9A?4
B:46?41A<>>:3I<@3?M969B?B=T4:64;<M9:>@<4
:3C?BH@9B:@3:4@<4W?4PH:>9B<4>:A<@<A:>46?4
3:>9:B?B4B:46<4PH:4<AH>>:4B:@C><4B:46?4A?3?4
B:64E:A9@<7423C?B<34(@9B<34W?4E93C<4A<@4
MH:@<34<U<34PH:4]?6B:>Y@4B:3I69:;H:4?64
2U5>A9C<T4:SC>?B9C:4A?I<3T4A<@Z93PH:4A<A?JD
@?4N4H3:4C<B<43H4A?I9C?64I<6JC9A<4I?>?4B?>46?4
M?C?66?4A<@C>?4:64@?>A<4:49@C:@C?>4;?@?>6?74
“:><T4W<N4I<>4W<NT4:3C\4QHN46:U<34?L@4B:4
AHQI69>4A<@4:3:4A<Q:C9B<74o?4E9<6:@A9?4
?HQ:@C?T46?4M>HC?69B?B4A>:A:T46?49@:Z9A?A9?4
B:6423C?B<4Q:S9A?@<43:4EH:6E:4A?B?4E:X4
Q\34E939M6:T4N4:3C<4:34?6;<4PH:4?QM<34;<D
M9:>@<34@:A:39C?@4>:A<@<A:>7 
?3C?4:64Q<Q:@C<T4C?@C<4]?6B:>Y@4A<D
Q<47M?Q?4W?@4PH:>9B<4Q?@C:@:>46?4@?>>?D
C9E?4I>:E?6:A9:@C:74o?46J@:?4<Z9A9?648C?@C<4
:@46?4]?3?4)6?@A?4A<Q<4:@4o<34“9@<384:34
PH:46?4:3I9>?64B:4E9<6:@A9?4:34H@?4A<@3:D
AH:@A9?4@:A:3?>9?4B:46?4A<@Z><@C?A9Y@74234
H@43J@C<Q?4B:46?4B:3:3I:>?A9Y@4B:46<34A\>D
C:6:34N4@<4H@?4QH:3C>?4B:43H4Z<>C?6:A9Q9:@D
C<74234H@?43:y?64B:46?4B:3A<QI<39A9Y@4B:4
6<34?BE:>3?>9<34B:6423C?B<4N4@<4:E9B:@A9?4
B:43H4:@E?6:@C<@?Q9:@C<74234A9:>C<T4A<Q<4
Ýȼ½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

?>;HQ:@C?4:64I>:39B:@C:T4PH:4:64"Vµ 4B:46?34
QH:>C:34E9<6:@C?343:4B:M:4?46?4A<@Z><@C?D
A9Y@4:@C>:4A>9Q9@?6:374234A9:>C<4PH:4S ?3D
W9@;C<@487]74C9:@:4H@4J@B9A:4B:4W<Q9A9B9<34
hbcrj¢h_ag4Q?N<>4?64B:4 5S9A<74“:><46?34
A<QI?>?A9<@:343<@4:@;?y<3?34I<>46?4B9Z:D
>:@A9?4AH?69C?C9E?4:@4:64C9I<4B:4E9<6:@A9?4N4
:@46?4A?I?A9B?B4B:64;<M9:>@<4I?>?4>:3I<@D
B:>4?@C:4:66?74~4?B:Q\346?4>:6?C9E9X?A9Y@4:34
H@4I<M>:4A<@3H:6<4I?>?46<34A9E96:34PH:46?4
I?B:A:@T46?4E9E:@T43:4EH:6E:@43H34EJAC9Q?37
2@4 5S9A<46?4E9<6:@A9?43:4W?4EH:6C<4
Q\34M>HC?64N4Q\34A<>><39E?4I?>?46?49@3C9D
CHA9<@?69B?B4PH:4:@4<C><3439C9<34A<@4@LD
Q:><34B:4W<Q9A9B9<34A<QI?>?M6:374}66J4
:3C\@46<34B:A?I9C?B<3T46<34:@C?QM?B<3T46<34
PH:Q?B<3T46<34QHC96?B<3T46<34C<>CH>?B<374
o?4E9<6:@A9?4E?4Q\34?66\4B:46?34M?6?3$4:@D
C>?y?4H@4B:3I69:;H:4Z><@C?64B:4M>HC?69B?B4N4
H@4B:3?ZJ<4?6423C?B<4Q93Q<74o?4E9<6:@A9?4
E?4Q\34?66\4B:64@LQ:><4B:4QH:>C<3$4:@C>?D
y?4C?QM95@46?4Z<>Q?4M?>M\>9A?4:@46?4AH?64
I:>B9:><@46?4E9B?74~4I<>4:66<4W?4B:3I:>C?D
B<4:@C>:4C<B<346<34Q:S9A?@<3T4C?@C<4>9A<34
A<Q<4I<M>:3T4C?@C<4H>M?@<34A<Q<4>H>?6:3T4
1H@4M>9@A<4I39A<6Y;9A<4?4H@?439CH?A9Y@4B:4
Q9:B<4;:@:>?69X?B<4N4H@?4I:>A:IA9Y@4B:4
EH6@:>?M969B?B4?;HB?=T4A<Q<46<4?>;HQ:@C?4
[>?@A93A<4”<@X\6:X4:@4:64?>CJAH6<4J bn_jd6`r
«cherªgc`r!bar£chagqT4IHM69A?B<4:@46?4>:D
E93C?4*hccbtar3_`adcl74[:69I:4]?6B:>Y@4
?>;HN:4PH:4E?4;?@?@B<4C<B?346?34M?C?66?3T4
:SA:IC<46?4B:46?4I:>A:IA9Y@4A9HB?B?@?74“:D
><4:@4I<6JC9A?46?4I:>A:IA9Y@4:34>:?69B?BT4N4
I?>?46?4Q?N<>J?4B:46<34Q:S9A?@<34:@4:3C:4
Q<Q:@C<46?4;H:>>?4:3C\4I:>B9B?7
“:>B9B?4I<>PH:46?4A?ICH>?4B:46<346JB:D
>:34B:4B9E:>3<34A\>C:6:34W?439B<4:PH9E?D

6:@C:4?4I?C:?>4:64?E93I:><439@4A<@C?>4A<@4
:649@3:AC9A9B?43HZ9A9:@C:4I?>?4:SC:>Q9@?>4
?46<349@3:AC<34:3I?>A9B<374“:>B9B?4I<>PH:4
?4I:3?>4B:64?>>:3C<4B:4A?I<34I><Q9@:@C:34
N46?4A<@39;@?A9Y@4B:4H@4@LQ:><4A>:A9:@C:4
B:4?>Q?3T4B><;?34N4B9@:><T4:64Q:>A?B<4B:4
6?4B><;?4N4PH9:@:34E9E:@4N43:4:@>9PH:A:@4
B:456439;H:4?66J74“:>B9B?4I<>PH:46?4>?JX4B:64
I><M6:Q?4:346?4I:@:C>?A9Y@4B:46?34?;:@A9?34
B:6423C?B<4I<>4I?>C:4B:4?PH:66<34?4PH9:D
@:34I:>39;H:74“:>B9B?4I<>PH:4PH9:@:343:4
>:WL3?@4?43:>4A<<IC?B<34<4396:@A9?B<34C:>D
Q9@?@4?3:39@?B<3T4A<Q<4?A?M?4B:4<AH>>9>4
A<@4:64A?@B9B?C<4I?@93C?4?4H@?4?6A?6BJ?4:@4 
?Q?H69I?374264Q:>A?B<4B:64@?>A<C>\Z9A<4
:34B:Q?39?B<4I<B:><3<T4B:Q?39?B<46HA>?D
C9E<T4B:Q?39?B<4?C>?AC9E<4:@4H@4I?J34B<@D
B:46?34A<@B9A9<@:343<A9?6:343<@4I>:A?>9?34
N46?34<I<>CH@9B?B:34I?>?4?E?@X?>43<@4A?394
9@:S93C:@C:374
}4I:3?>4B:46<34:3ZH:>X<34B:4[:69I:4
]?6B:>Y@T46<34A\>C:6:34W?@46<;>?B<49@C9D
Q 9B?>4N4A>:A:>4N4:SC<>39<@?>4N43<M>:E9E9>74
o?34;?@?@A9?34:SA:IA9<@?6:34B:64@:;<A9<4
PH:4A<@C><6?@46:34I><E::4:64B9@:><43HZ9D
A9:@C:4I?>?4A<Q I>?>4A<@A9:@A9?34:@4:64
393C:Q ?T4N?43:?46?4B:4H@4;<M:>@?B<>4<4H@4
I>:39B:@C:4Q H@9A9I?64<4H@4I<69AJ?4<4H@4;:D
@:>?674264I>:39B:@C:49@C:@C?4B:3:3I:>?B?D
Q :@C:4>:AHI:>?>46?4?HC<@<Q J?4B:6423C?B<4
AH?@B<453C:4N?4W?439B<49@Z96C>?B<74]H?@B<4
N?4:64@?>A<4W?4I:@:C>?B<4?64;<M9:>@<4?4@9D
E:64Z:B:>?6T4:3C?C?64N46<A?674]H?@B<4PH9:D
@:343:4<I<@:@4?46?4A<6?M<>?A9Y@4?A?M?@4
?3:39@?B<34<4396:@A9?B<374]H?@B<46<34@9D
E:6:34Q \34?6C<34B:46?4?HC<>9B?B4:3C\@4:@46?4
@YQ 9@?4B:64A>9Q :@4<>;?@9X?B<74264I>:39D
B:@C:4B:A6?>?4PH:4E?4;?@?@B<T4?64Q 93Q <4

‹Ž‰Ž‹Ø’

4*5/)6786/9*

C9:Q I<4PH:46?4I>:@3?4IHM69A?4PH:4{<?PHJ@4
pqr*mghd4”HXQ \@46<;>?4<MC:@:>4>:I<>C:34
B:49@C:69;:@A9?4B:64;<M9:>@<4Q :S9A?@<4N4
C?Q M95@4?AA:3<4?4B<AHQ :@C<34B:46?482}74 
?3C?4?W<>?T4B?B?46?49@C:>3:AA9Y@4B:4E9<D
6:@A9?4N4A<>>HIA9Y@4:@4 5S9A<T46<34A\>C:D
6:3466:E?@46?4B:6?@C:>?7
}@C:4:3C:4I?@<>?Q?T4]?6B:>Y@4W?4>:D
AW?X?B<46?4I<39M969B?B4B:46?46:;?69X?A9Y@4
B:46?34B><;?34N4C?QM95@43:4W?4<IH:3C<4?4
>:3HA9C?>46?4:3C>?C:;9?4B:41E9E:4N4B:U?4E9D
E9>=T4I>:Z:>9B?4I<>4:64I>993Q<4PH:4<ICY4I<>4
I?AC?>4?@C:34PH:4A<@Z><@C?>4?46<34A?I<374
“?>:A:>J?4:@C<@A:34PH:4?64I>:39B:@C:43Y6<4
6:4PH:B?46?4<IA9Y@4B:64:3A?6?Q9:@C<74o?4
<IA9Y@4B:4H@4`hceb$4H@49@A>:Q:@C<4Q?39E<4
B:46?4I>:3:@A9?4Q969C?>4?64:3C96<4B:64PH:49@3D
C>HQ:@CY423C?B<34(@9B<34I?>?4A<@C:@:>46?4
E9<6:@A9?4:@4>?74“:><4I?>?4>:?69X?>6<4@:D
A:39C?>J?4A<@E:@A:>4?64;<M9:>@<4B:4)?>?A4
7M?Q?43<M>:46?4@:A:39B?B4B:4H@41“6?@4 
5S9A<=T4M?3?B<4:@46?34Q93Q?34I>:Q93?34
PH:4:641“6?@4]<6<QM9?=74(@?4:3C>?C:;9?4
PH:4MH3A?>?4?I<N<4:3C?BH@9B:@3:4I?>?4
39QH6C\@:?Q:@C:4;<6I:?>4?64@?>A<C>\Z9A<4
N4Z<>C?6:A:>4?6423C?B<$4B:3A?M:X?>4?46<34
A\>C:6:34N4>:3C?M6:A:>4H@43:@C9B<4QJ@9Q<4
B:43:;H>9B?B4:@46?34A9HB?B:374OH9X\34I<>D
PH:4:3<4:346<4PH:4C9:@:4:@4Q:@C:T4]?6B:D
>Y@4N?4:QI9:X?4?4A<QI?>?>4?4 5S9A<4A<@4
]<6<QM9?74zY6<4?3J484:6:E?@B<4:64C?Q?y<4
B:46?4?Q:@?X?84I<B>J?46<;>?>4PH:47M?Q?4
:QI:X?>?4?4?3HQ9>46?41A<>>:3I<@3?M969D
B?B=4:@43:>9<74zY6<4?3J4I<B>J?4<MC:@:>4H@4
A<QI><Q93<4A<Q<4?PH:64?64PH:4?3I9>?M?4
~E<@@:42669Q?@4AH?@B<4A?@C?M?41PH95D
>:Q:4I<>4Z?E<>T43Y6<4H@4I<A<4Q\3$4UH@C<34
I<B:Q<346<;>?>6<=74
ݘ

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

Ž‹aºŒŒ
ؒc‹Ù ¯Žèˆ‰Ù Ž‹

: 18/;-215<1;,-5/)1=>8-5/89*89/
]

:69I:4]?6B:>Y@4>:;>:3Y4B:43H4I>9Q:D
>?4E939C?4B:423C?B<4?4S ?3W9@;C<@4A<@4
6?34Q?@<34E?AJ?34I:><4:64A<>?XY@4A<@D
C:@C<4B:M9B<4?46<34QL6C9I6:34W?6?;<34N4
?C:@A9<@:34PH:46:4I><B9;Y43H4W<QY6<;<4
:3C?BH@9B:@3:742@43H34I><I9?34I?6?M>?3T4
]?6B:>Y@4@<4ZH:4?4B:Z:@B:>46<349@C:>:3:34
B:4 5S9A<4<4B:46<34Q:S9A?@<3T439@<4?4
13:66?>4H@4I?AC<4B:4?Q93C?B=4A<@47M?Q?74
“<>4:66<T4:64Q<Q:@C<4AL3I9B:4B:64
:@AH:@C><4@<4ZH:4:64E?AH<T4M>:E:4N4Q?64
I><@H@A9?B<4 B93AH>3<4 PH:4 ]?6B:>Y@4
<Z>:A9Y4?@C:4:64]<@;>:3<4B:423C?B<34
(@9B<34:64UH:E:34FVT439@<46?4Z?3CH<3?4A:D

ݙ¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

@?4B:46?4@<AW:4?@C:>9<>744]?6B:>Y@43:4:Q<D
A9<@Y4C?@C<4A<@46?4Z9:3C?4<>;?@9X?B?4I<>43H4
1@H:E<4?Q9;<=4PH:466:;Y4?64:SC>:Q<4B:4
A<QI?>?>3:4A<@4:64A?>93Q\C9A<4:49@C:69;:@D
C:4I>:39B:@C:4B:64E:A9@<4B:64@<>C:R41QOH54
:346<4PH:4C:@:Q<34:@4A<QL@4:64I>:39B:@D
C:4N4N<R44z<Q<34B:46?4Q93Q?4;:@:>?A9Y@T4
A?394B:46?4Q93Q?4:B?BR4#4N4#&4?y<374o<34
B<343<Q<34?M<;?B<374[H9Q<34?46?4Q93Q?4
(@9E:>39B?B4?>E?>B7423C?Q<34A?3?B<34
A<@4:3I<3?34W:>Q<3?3T4Q?>?E966<3?34N4A?D
>93Q\C9A?374o?34B<343<@4?M<;?B?374o<34B<34
3<Q<34XH>B<347774N46<34B<343<Q<34I>:39D
B:@C:34B:4I?J3:34Q?>?E966<3<3=7
234B:43HM>?N?>3:46?4<M3:D
39Y@4I<>4I:>3<@?69X?>4?64:SC>:Q<4
H@4:E:@C<4PH:43HIH:3C?Q:@C:4
W?M>J?4B:43:>4H@4:@AH:@C><4:@C>:4
B<3423C?B<34>:I>:3:@C?B<34I<>4
3H346JB:>:34>:3I:AC9E<3T4@<4H@?4
E:6?B?4?Q93C<3?4:@C>:4B<34?6Q?34
;:Q:6?374234C?QM95@46?Q:@D
C?M6:4:64:E9B:@C:4Q?69@AW93Q<4
PH:43:4B:C:AC?4:@46?34I<3CH>?34N4
B:A6?>?A9<@:34B:4]?6B:>Y@74zH4
Z<>QH6?A9Y@4B:41:64I>:39B:@C:4
N4N<=43H;9:>:4B:4Q?@:>?49QD
I6JA9C?4PH:4:64:3C?BH@9B:@3:4:34
QHAW<4Q\341I>:39B:@C:=4PH:4
56744zH4?Z\@4I<>4:PH9I?>?>3:4A<@4
7M?Q?4C?QM95@4>:E:6?4H@?4I><D
ZH@B?49@3:;H>9B?B4I:>3<@?674“<>4
:U:QI6<T4:@46H;?>4B:4:@<>;H66:D
A:>3:4B:43H4E:>B?B:>?4?6Q?4Q\D
C:>T46?4Q:S9A?@?423AH:6?4o9M>:4
B:48:>:AW<T4B:A9B9Y4:@Z?C9X?>4
3H4M>:E:4N4Q:B9<A>:4I?3<4I<>46?4
(@9E:>39B?B4B:4?>E?>B74
%<4ZH:4;>?CH9C<4PH:46<34
B93AH>3<34B:4?QM<34Q?@B?D
C?>9<343:466:@?><@4A<@4@HQ:D
><3?34>:Z:>:@A9?34?46?4<M>?4B:4
7AC?E9<4“?XT4H@<4B:46<34I>9@D
A9I?6:34C:Y>9A<34B:64Q?69@AW93D
Q<4Q:S9A?@<74}46<46?>;<4B:4
3H4E939C?4?64@LA6:<4I<6JC9A<4B:4
23C?B<34(@9B<3T4N4:@4I?>C9AHD
6?>4BH>?@C:46?4A<@Z:>:@A9?4B:4

I>:@3?4<Z>:A9B?4B:4Q?@:>?4A<@UH@C?4A<@4
7M?Q?T4:643:QM6?@C:4B:4]?6B:>Y@439:QD
I>:4>:Z6:UY46?4CJI9A?49@3:;H>9B?B4B:4PH9:@4
3:4:@AH:@C>?41?I?@C?66?B<=4I<>4:64I<B:>4N4
:64B9@:><4:3C?BH@9B:@3:3748H>?@C:4:64Z:3D
C:U<4B:64Q95>A<6:34PH:4:3CHE<4?Q:@9X?B<4
I<>4):N<@A5T4]?6B:>Y@4@<43:4?C>:E9Y4?4
M?96?>4H@?43<6?4I9:X?4A<@43H41W:>Q<3?4N4
Q?>?E966<3?=4:3I<3?744
264I:>Z964B:46<349@E9C?B<34Q:S9A?@<34?4
6?4A:@?4C?QM95@4ZH:4QHN4>:E:6?B<>74}66J4
3:4B9:><@4A9C?4]?>6<34z69QT4o<>:@X<4?QD
M>?@<T4{<?PHJ@4oYI:X48Y>9;?4N4{?E9:>4
}6?C<>>:74z:>J?4B9ZJA964:@A<@C>?>4AH?C><4
I:>3<@?34Q\34:QM6:Q\C9A?34B:46?4A6?3:4
Q:B9\C9A?D:QI>:3?>9?64PH:4W<N4C9:@:4B<D
Q9@?B<4?64IH:M6<4Q:S9A?@<7
]?6B:>Y@4@<43:4Q<6:3CY4:@4>:H@9>3:4
A<@46?34<>;?@9X?A9<@:34B:4Q:S9A?@<34N4
Q9;>?@C:34PH:4W?M9C?@4:@4?PH:64I?J34N4PH:4
A<@4;>?@4B9;@9B?B46HAW?@4N4C>?M?U?@4B9?>9?D
Q:@C:4I?>?43<M>:E9E9>4N4:S9;9>4:64>:3I:C<4B:4
3H34B:>:AW<3742@46H;?>4B:4:SI>:3?>43H43<69D
B?>9B?B4A<@46<34B9>9;:@C:346?C9@<3T4B:A9B9Y4
?393C9>4?46?4]\Q?>?4B:4]<Q:>A9<4B:4?PH:64
I?J34I?>?4I>:3HQ9>43H34>:Z<>Q?34?4“:Q:S4N4
<Z>:A:>4:64I?J34?64Q:U<>4I<3C<>74
]?6B:>Y@4C?QI<A<4I:>B9Y46?4<I<>CH@9D
B?B4I?>?4?BQ9>?>4N4:@?6C:A:>46?34ZH:>X?34
Q969C?>:34B:649QI:>9<74o?4A:>:Q<@9?4@<AD
CH>@?4B:64Q95>A<6:349@9A9Y4A<@4H@?4I><D
A:39Y@4Q969C?>4N46?3439QMY69A?34FG43?6E?34
B:4W<@<>744}@C:>9<>Q:@C:T4:64I>:39B:@C:4
Q:S9A?@<4W?MJ?4B:U?B<4H@?4<Z>:@B?4:@4
:64]:Q:@C:>9<4%?A9<@?64B:4}>69@;C<@T4
B<@B:4:3C\@4:@C:>>?B<346<34^gc_tb`4PH:4
9@E?B9:><@4:64IH:>C<4B:4,:>?A>HX4:@4G"G#74
%9@;L@4<C><4I>:39B:@C:4B:3B:46?4K:E<6HD
A9Y@T4@9439PH9:>?4]?>6<34z?69@?3T4,9A:@C:4
[<S4<4:64Q93Q<48J?X47>B?XT43:4W?MJ?4?C>:D
E9B<4?4A<Q:C:>4H@4?AC<4B:4:3C:4C9I<T4PH:4
I<@:4:@4AH:3C9Y@4C?@4A6?>?Q:@C:46?4W93C<D
>9?4N4:64<>;H66<4@?A9<@?6:374
2@4B:A6?>?A9<@:34?64ªg`m_teadtrmd`a4
:64Q95>A<6:34G"4:64:QM?U?B<>4:@4S ?3D
W9@;C<@T4}>CH><4z?>HW\@T4Q?@9Z:3CY4PH:4 
5S9A<4MH3A?4C:@:>4:64Q93Q<4C9I<4B:4>:D
6?A9Y@4Q969C?>4A<@423C?B<34(@9B<34PH:46?4

’º5Ž‘ˆººŒˆ‰

?&*81;-0/)+1;,./51-;&;9185'1
PH:4?PH:64I?J343<3C9:@:4A<@4}6:Q?@9?4
N4[>?@A9?742@4<C>?34I?6?M>?3T43:4MH3A?4
H@?4>:6?A9Y@4B:4A<6?M<>?A9Y@4C<C?64:4
9@A6H3<4B:43<Q:C9Q9:@C<4?4S ?3W9@;D
C<@4:@4Q<Q:@C<34A6?E:34B:4:@Z>:@C?D
Q9:@C<4A<@C>?41:@:Q9;<34A<QH@:3=7
4264:@AH:@C><4:@C>:46<34B<34Q?@B?D
C?>9<34A<@A6HNY439@4@<E:B?B4?6;H@?74
%<43:4?@H@A9Y4@9@;H@?49@9A9?C9E?4<4
I><N:AC<4C>?@3Z<>Q?B<>748:646?B<4:3C?D
BH@9B:@3:T47M?Q?43:4B:A6?>Y49@A?I?X4
B:46<;>?>4H@?4>:Z<>Q?4Q9;>?C<>9?49@C:D
;>?64N43:4@:;Y4?49QIH63?>4H@?4I><W9M9D
A9Y@4?46?4E:@C?4B:4?>Q?34B:4?3?6C<744%94
39PH9:>?43:4A<QI><Q:C9Y4?49QIH;@?>4
Z<>Q?6Q:@C:46?4@H:E?46:N4B93A>9Q9D
@?C<>9?4N4>?A93C?4B:4}>9X<@?74}@C:4H@4
]?6B:>Y@4WHQ96B:4N43:>E96T47M?Q?4
?@H@A9Y4PH:4L@9A?Q:@C:41:3C\4:3CHD
B9?@B<=4:3C?4L6C9Q?4I<39M969B?B7
“<>43H4I?>C:T4]?6B:>Y@4?I><E:AWY46?4
<A?39Y@4I?>?4>:?Z9>Q?>43H4:3C5>964:49@LC964
1;H:>>?439@4AH?>C:6=4A<@C>?4:64@?>A<C>\D
Z9A<74?QM95@4>:?69XY466?Q?B<34C9M9<34
:@4A<@C>?4B:46?4qblrfc_gdtg4N4?4Z?E<>4B:4
H@4Q?N<>4A<@C><64B:46?4E:@C?4B:4?>Q?374
23C?34 L6C9Q?34 ZH:><@4 B:A6?>?A9<@:34
<M69;?B?34I:><4B5M96:34N4I><@H@A9?B?34
39@4A<@CH@B:@A9?4<49QI?AC<4I<6JC9A<4?6D
;H@<74o<34:3C?BH@9B:@3:3439QI6:Q:@C:4
@<46:34B9:><@49QI<>C?@A9?7 
5S9A<4Q:>:A:4QHAW<4Q\34PH:46<34
E?AH<34^bgrjhqhg4B:47M?Q?4N46?4C9M9?4
:;<6?C>J?4B:4]?6B:>Y@74]?B?4BJ?4PH:B?4
Q\34A6?><4PH:4?QM<34;<M9:>@<34C>?M?D
U?@4:@4ZH@A9Y@4B:49@C:>:3:34I?6?A9:;<34
PH:4B:4@9@;H@?4Q?@:>?4C9:@:@4>:6?A9Y@4
A<@4:64M9:@:3C?>4B:64A9HB?B?@<4A<QL@74
234W<>?4B:4PH:46<34IH:M6<34Q:S9A?@<4N4
:3C?BH@9B:@3:4H@?@4:3ZH:>X<34I?>?466:D
@?>46<34:@<>Q:34E?AJ<34PH:4:S93C:@4:@4
6?4>:6?A9Y@4M96?C:>?6742@46H;?>4B:4:3I:D
>?>4PH:4@H:3C><346JB:>:34?M>?@4:3I?A9<34
?46?4A9HB?B?@J?T4W?M>J?4PH:4C>?@3Z<>Q?>4
B:3B:4?M?U<4W?A9?4?>>9M?46?4>:6?A9Y@4:@D
C>:4?QM<34I?J3:374
ÏÏÏe©dmtgjÑbc^gtecqde`hdaejd^



?4A:@?4B:423C?B<4<Z>:A9B?4?4[:69I:4
]?6B:>Y@4ZH:4:3I65@B9B?74 \34B:4!VV49@D
E9C?B<3T4C>?U:4B:4;?6?T4Q:@L4A<@4C<PH:34
Q:S9A?@<3$4@<4Z?6C?><@46<34B:C?66:3439;@9D
Z9A?C9E<3T4:@C>:4:66<346<34?B<>@<34B:4Q?>9D
I<3?34Q<@?>A?T43JQM<6<4B:4 9AW<?A\@T4
C9:>>?4B:64?;?3?U?B<74o?43:y?64ZH:49@A<@ZH@D
B9M6:R4264I>:39B:@C:47M?Q?4PH:>J?4Q<3C>?>4
3H4?Z:AC<4I<>4 5S9A<T4>:9C:>?>4PH:4?I<N?4?4
3H34E:A9@<3T4PH:4?I>:A9?46?34Z<>Q?34PH:43<@4
I?>C:4B:46?4MH:@?4E:A9@B?B74 
\34?66\4B:46?34Z<>Q?3T46?43H3C?@A9?4ZH:4
I<A?74o?34A9>AH@3C?@A9?34@<43<@4I><I9A9?34
I?>?4A<@3C>H9>T4E:>B?B:>?Q:@C:T4H@?4@H:E?4
:C?I?4:@46?4B9ZJA964>:6?A9Y@4:@C>:4 5S9A<4N4
23C?B<34(@9B<374OH9X\4WHM9:3:439B<4I<39D
M6:4C<Q?>4H@?4>HC?4W?A9?46?41>:6?A9Y@4:3D
I:A9?6=4:@43:@C9B<4?QI69<4W?A:4I<A<4Q\34
B:4H@4?y<T4AH?@B<47M?Q?4C:@J?4C<B?EJ?46?4
;>?@4I<IH6?>9B?B4A<@4PH:466:;Y4?64I<B:>4
N4[:69I:4]?6B:>Y@4@<4?C>?E:3?M?46?4Q?6?4
>?AW?4:@4PH:43:4:@AH:@C>?4?W<>?74
o<34Q<C9E<34I?>?4PH:46?4E939C?4ZH:>?4
4
C?>BJ?4I><E9:@:@T4I>9@A9I?6Q:@C:T4B:46?4
?I>:C?B?4?;:@B?4B:47M?Q?4N4B:64W:AW<T4
9@:6HB9M6:T4B:4PH:4 5S9A<4@<43:4:@AH:@C>?4
:@43H4?;:@B?4B:4I>9<>9B?B:3T4?H@PH:43J4:@4
6?4B:4I><M6:Q?34PH:4@<43:4IH:B:@4B:3AH9D
B?>4N4B:4?69?@X?3439QMY69A?34PH:43:4B:M:@4
>:?Z9>Q?>7423C<4L6C9Q<4:34?L@4Q\34H>;:@C:4
:@46?4Q:B9B?4:@4PH:46?439CH?A9Y@4B:43:;H>9D
B?B4:@4:64I?J34E:A9@<4:349@A9:>C?4N4:64I:>JD
Q:C><4B:43:;H>9B?B4B:423C?B<34(@9B<343:4
:SC9:@B:4?64C:>>9C<>9<4Q:S9A?@<4N4Q\34?66\74
o?4E939C?4B:423C?B<4B:4[:69I:4]?6B:D
>Y@4?4S ?3W9@;C<@466:;Y4:@4Q <Q :@C<34B9D
ZJA96:3744]<Q <43:y?6Y4?A:>C?B?Q :@C:4:@4
H@<4B:43H34?>CJAH6<34:64'bÏrÐdcÑrÎ_^b`4 
G& VT43943:46:4E:J?4I>:<AHI?B<T4W?MJ?4
>?X<@:34I?>?4:66<74]?6B:>Y@466:;Y4?423C?D
B<34(@9B<34:@4Q <Q :@C<34:@4PH:46?4E9<D
6:@A9?4:@4 5S9A<4W?4C<A?B<4:64A<>?XY@4
Q 93Q <4B:43H4I?>C9B<T4AH?@B<43:4W?49@9A9?D
B<46?4?@H@A9?B?4B:>><C?4:@46?34:6:AA9<@:34
I?>?4?HC<>9B?B:346<A?6:3T4I>:6HB9<T4<I9@?@4
4
?@?693C?34N44:@AH:3C?3T4B:46?4B:>><C?4B:64
“}%4:@46?4I>:39B:@A9?64B:64FVGF7 

?QM95@466:;Y4:64I>:39B:@C:4?4S ?3W9@;D
C<@4:@4Q<Q:@C<34:@4PH:46?49Q?;:@4B:43H4;<D
M9:>@<4I><N:AC?4I><M6:Q?34B:4A>:B9M969B?B74
“?>?4:QI:X?>T4W?N4BHB?34>:3I:AC<4?46<4?A:>D
C?B<4B:46?4:3C>?C:;9?43:;H9B?4:@4:64A<QM?C:4?64
A>9Q:@4<>;?@9X?B<T4C:Q?4:@4PH:4:64;<M9:>@<4
A?6B:><@93C?4W?4A<6<A?B<4C<B?343H34?IH:3C?374
o?34BHB?34>:3I:AC<4?64A?Q9@<43:;H9B<4
3:4W?@4;:@:>?69X?B<4?649@C:>9<>4B:4 5S9A<4
N4:@423C?B<34(@9B<3742@4?PH:64I?J34?A?M?4
B:4B93:y?>3:4H@?4:3C>?C:;9?4PH:4@<4A<9@A9B:4
A<@46<34:@Z<PH:34B:4 5S9A<T43<M>:4C<B<4
?4@9E:64:3C?C?6T4B<@B:4?6;H@?34:@C9B?B:3T4
A<Q<4]?69Z<>@9?T4?E?@X?@4W?A9?46?46:;?69D
X?A9Y@4B:46?4Q?>9;H?@?74
}46?34BHB?343<M>:4:3C>?C:;9?343:4H@:@4
B<34I>:<AHI?A9<@:34PH:43:4:SI>:3?@4Z>:D
AH:@C:Q:@C:4:@4Q:B9<34B:4A<QH@9A?D
A9Y@T4?@\693934B:4:SI:>C<34N4A<QH@9A?B<34
B:47%”R46?34QHN43:>9?34B:Z9A9:@A9?34B:64
393C:Q?4B:4?BQ9@93C>?A9Y@4B:4UH3C9A9?4:@4 
5S9A<4N46?34E9<6?A9<@:34>:A9:@C:34?46<34
B:>:AW<34WHQ?@<34I<>4I?>C:4B:642U5>A9C<74
(@4M<CY@4B:4QH:3C>?4B:4C?6:34AH:3C9<@?D
Q9:@C<34ZH:4:64B:3I6:;?B<4B:46?47Z9A9@?4:@4
S ?3W9@;C<@4I?>?4o?C9@<?Q5>9A?4S 7o}T4
I<>43H3439;6?34:@49@;653T4IHM69A?B<4:@4:64
ªg`m_teadtrmd`a4G" V7
“?>?4W?A:>4Q\34B9ZJA964:64?QM9:@C:T4I<D
A<4?@C:34B:46?4E939C?43:4?I><MY46?46:N4z)4
GVVT44PH:4W?46:E?@C?B<4>:?AA9<@:34?9>?D
B?34I<>43H4A<@C:@9B<4>?A93C?T4PH:4I<6?>9X?4
:49@PH9:C?4I><ZH@B?Q:@C:4I<>46<34:Z:AC<34
?BE:>3<343<M>:46<34B:>:AW<34WHQ?@<34B:4
6<34C>?M?U?B<>:34Q:S9A?@<34:@4}>9X<@?74
23C?46:N4I:>Q:?4:64?QM9:@C:4B:46?4>:6?A9Y@4 
5S9A<D23C?B<34(@9B<34:@43H4A<@UH@C<$4
A<Q<4:>?4B:4:3I:>?>3:T4W9X<4PH:4:64C:Q?4
Q9;>?C<>9<4ZH:>?4:64IH@C<4B:4B93AH39Y@4
<M69;?B<4BH>?@C:46?4E939C?4B:4]?6B:>Y@T4:64
PH:4B<Q9@Y46<34C9CH6?>:34N46?34:@C>:E93C?34
B:4C:6:E939Y@4N4:64PH:466:EY4?43HM>?N?>46<34
>:A6?Q<3T4AH?@B<43:4?@W:6?M?4H@4MH:@4
\@9Q<4I?>?46?4A<@3C>HAA9Y@4B:4IH:@C:34I?D
>?4:64B9\6<;<4N46?4A<<I:>?A9Y@7
]<@4C?6:34?@C:A:B:@C:3T46?4C?>:?44B:4]?6D
B:>Y@4:>?T4I<>4H@?4I?>C:T4:E9C?>4PH:46?4A<QD
ÝÇ

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

Ž‹aºŒŒ
؈=Ž‹•=

@1;-A*55'/8*;-6*-: ()'61
I6:U?4>:6?A9Y@4A<@423C?B<34(@9B<3T4AHN?4
9@C:@39B?B4@<4C9:@:4I?>?6:6<4A<@4AH?6PH9:>4
<C>?4:S93C:@C:4:@C>:4B<34I?J3:34:64@LQ:><4
B:4A>HA:34Z><@C:>9X<34I<>4BJ?4:@C>:4 5S9A<4
N423C?B<34(@9B<34:34:64Q\34?6C<4B:64QH@D
B<T43:4E9:>?4>:BHA9B?4?46<34>:A6?Q<34I<>46?4
6:N4B:4}>9X<@?4<4?46<34C:Q?34B:43:;H>9B?B4
Z><@C:>9X?$4I<>4<C>?4I?>C:T4Q<3C>?>4H@?4C?66?4
B:4:3C?B93C?4PH:4I:>Q9C9:>?49@ZH@B9>4A<@D
Z9?@X?4:@46?4A<@BHAA9Y@4B:4H@4I?J34PH:4:3C\4
:@46?4Q9>?4I<>4I><M6:Q?34B:43:;H>9B?BT44B:4
B:Z9A9:@A9?34:@43H349@3C9CHA9<@:3T4B:4B:M969D
C?Q9:@C<4B:64I?>C9B<4:@4:64I<B:>74
264Q<Q:@C<4A6?E:4I?>?4:3C<4L6C9Q<4ZH:4
:64B93AH>3<4:@4:64]<@;>:3<T4?@C:46<34>:3D
I<@3?M6:34B:4B:A9B9>43<M>:46<34C:Q?34A:@D
C>?6:34I?>?4 5S9A<T4A<Q<43<@T4:@C>:4<C><3R4
6?4:@C>?B?4B:46<34C>?@3I<>C93C?34Q:S9A?@<3T4
?46?4PH:4C9:@:@4B:>:AW<4B:4?AH:>B<4A<@4:64 
o]}%$46<34Z<@B<34B:46?4@9A9?C9E?4 5>9D
B?T46?34B93I<39A9<@:34B:4H@?4>:Z<>Q?4Q9D
;>?C<>9?T46<34Z<@B<34I?>?46?4A<@3C>HAA9Y@4
B:4H@?41Z><@C:>?49@C:69;:@C:=T46?34Q:B9B?34
I?>?46?4E:@C?4B:4?>Q?3T4:CA5C:>?74 
?64B93AH>3<4@<4ZH:4H@?4I9:X?4<>?C<>9?4
A<@E9@A:@C:T4:@C>:4<C>?34A<3?34I<>PH:T4Z9:64
?64:3C96<4A?6B:><@93C?T43:49@393C9Y4:@4I>:3:@D
C?>4A<Q<45S9C<3439CH?A9<@:34PH:4@<46<43<@74
234B9ZJA964A>::>4PH:4?4C>?E534B:4C?64B93AH>3<4
3:46<;>Y4A<@E:@A:>4B:4PH:46?4:3C>?C:;9?4:@4
Q?C:>9?4B:4A>9Q:@4<>;?@9X?B<4:346?4A<>>:AD
C?T4B:4PH:46?34>:Z<>Q?34:3C>HACH>?6:34@:A:D
3?>9?34:@4 5S9A<43:4W?@4>:?69X?B<T4B:4PH:4
:64“><;>?Q?47I<>CH@9B?B:34:3C\43?A?@B<4
?46<34Q:S9A?@<34B:46?4I<M>:X?T4B:4PH:46?4
>:AHI:>?A9Y@4:A<@YQ9A?4:3C\4?3:;H>?B?4N4
I:>Q9C9>\4<Z>:A:>4:QI6:<4?46<34Q9;>?@C:3T4
N4B:4PH:4:3C?Q<34?46?4A?M:X?4B:46?46HAW?4
I<>4:64A?QM9<4A69Q\C9A<7444 
:U<>4:3C>HACH>?B<T4MH:@4:U:QI6<4B:4
H@4B93AH>3<4LC964I?>?4Z9U?>4B:>><C:><34W?A9?4
4
H@?4Q:U<>4>:6?A9Y@4A<@423C?B<34(@9B<3T4
ZH:4:64B:466:;?B?T4?H@PH:43:;L@49@Z<>Q?@4
:64C>?BHAC<>43:4:@A?>;Y4B:4PH:4@<43:4:@C:@D
B9:>?4:@49@;653744
2@4>:3HQ:@T4H@?4E939C?4PH:4@<4:34:64
IH@C<4B:4C>?@39A9Y@4>:PH:>9B<4I?>?4:@A?HD
X?>4I<>4A?Q9@<34Q\34I><Q93<>9<34:64I><M6:D
Q?4Q\34H>;:@C:4B:46?34>:6?A9<@:34:SC:>9<>:34
B:4 5S9A<R4:64:@C:@B9Q9:@C<4A<@423C?B<34
(@9B<374
Ý©¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

†

@46?4I>9Q:>?4:6:AA9Y@4B:64?y<43:4
AHQI69:><@46<34I><@Y3C9A<3R4264“K4>:D
AHI:>Y46?4?6A?6BJ?4B:4 5>9B?4PH:4BH>?@C:4
G"4?y<34:3CHE<4:@4I<B:>4B:64“}%$4;?D
@Y4G!4B:46?34G4B9IHC?A9<@:346<A?6:34B:4
Q?N<>J?4>:6?C9E?T4N4>:A<M>Y4<C><34C>:34<4
AH?C><4QH@9A9I9<34Q\374z9@4:QM?>;<T43H4
ZH:>X?4@<4ZH:4C?@4?>>?3?B<>?4A<Q<4I><D
@<3C9A?M?@46?34:@AH:3C?34B:4I>:Z:>:@A9?4
:6:AC<>?67
[>?@A93A<4}MH@B93T4B9>:AC<>4B:4“?D
>?Q:C>J?48H@?4B:46?34I>9@A9I?6:34:@AH:3D
C?B<>?34I<6JC9A?34B:64I?J38T43:y?6?M?4:@4
H@4?>CJAH6<4IHM69A?B<4:64Q?>C:34G&4:@4pqr
st_ubc`gqR41z946<4PH:4I?3Y4:3C:4B<Q9@D
;<4:@4~HA?C\@4I?3?>?4:@46?34G#4>:3C?@C:34
:6:AA9<@:346<A?6:3T4:@46<4PH:43:4>:Z9:>:4?4
B9Z:>:@A9?>4:@C>:46?34Q:B9A9<@:34I>::6:AD
C<>?6:34N46<34>:3H6C?B<34Z9@?6:3T439;@9Z9A?4
PH:4:3C?Q<343<M>::3C9Q?@B<4?64“K74z94
:3C<4ZH:>?4?3JT46?43HIH:3C?4E:@C?U?4PH:466:D
E?4:3C:49@3C9CHC<4I<6JC9A<4:@46?4Q?N<>4I?>C:4
B:46?34GF4:6:AA9<@:34B:4;<M:>@?B<>4:3C?D
>J?4AH:3C9<@?B?74“<>4:66<4:64:3A:@?>9<4I?>?4
:64I>YS9Q<4#4B:4UH69<4I<B>J?43:>4Q9SC<4<4
@<4B:4B<Q9@?@A9?4I>993C?T4A<Q<43:4E:@J?4
I:>Z96?@B<=7
23C<4:34I>:A93?Q:@C:46<4PH:4W<N4:3D
C\4:@4UH:;<R4264“K4>:AHI:>Y4:64I>9@A9I?64
M?3C9Y@4I?@93C?4:@4:643H>:3C:T4I:><T4B:4
?AH:>B<4A<@4B9AW<4:@AH:3C?B<>T4Q9:@D
C>?34W93CY>9A?Q:@C:46?34B9Z:>:@A9?34:@C>:4
:64I>9Q:><4N4:643:;H@B<46H;?>:34“}%4N4
“KT4:@4C<B<346<34A?3<34:>?@4:@4;:@:>?64
B:4H@4BJ;9C<T4N46<34:@AH:3C?B<>:34I><@<3D
C9A?M?@4?W<>?4B9Z:>:@A9?34B:4B<34BJ;9C<3T4
:64>:3H6C?B<4Z9@?64ZH:4B:4Q:@<34B:4C>:34
IH@C<34I<>A:@CH?6:374}3JT4W?N4PH:4>:A<D
@<A:>4:64?E?@A:4C>9A<6<>T4PH:43:4Q?@C9:@:4
A<@3C?@C:T4?H@PH:4@<4:34C?@4?>>?3?B<>4A<D
Q<43:4:3I:>?M?7
o?4I>9Q:>?4A<@A6H39Y@43<M>:46?4:6:AD
A9Y@4B:4~HA?C\@T4N4I?>C9AH6?>Q:@C:4B:4 5D
>9B?T4:34PH:4:64“}%4I:>B9Y4I<>PH:4@<46<;>Y4
3HI:>?>46?34Z>?ACH>?34PH:43:4;:@:>?><@4?4
>?JX4B:46?49QI<39A9Y@4B:43H4A?@B9B?C<4?46?4
;HM:>@?CH>?4:@4:64FVVT4+?E9:>4}M>:H74~4
:3C<46<4?Z9>Q?@4A6?>?Q:@C:4B<34:S?6A?6B:34
N4A<@C:@B9:@C:34:@4B9AW?46HAW?49@C:>@?R4
oH934]<>>:?4 :@?4N4}@?4K<3?4“?N\@74

23?4:34H@?4A<@3C?@C:4PH:4?Z:AC?4?4
C<B<346<34I?>C9B<34I<6JC9A<34I<>49;H?6R4
AH?@B<4@<46<;>?@4>:3<6E:>43H34A<@Z69AD
C<349@C:>@<3T453C<349@:E9C?M6:Q:@C:46:34
A<M>?@46?4Z?ACH>?4:@46?34:6:AA9<@:34A<@3D
C9CHA9<@?6:374[H:4:64A?3<4B:64“K4:@46<34
A<Q9A9<34I>:39B:@A9?6:34B:64FVVV4NT4I?>D
C9AH6?>Q:@C:T4:@46<34B:64FVVx$4I:><4C?QD
M95@4W?439B<4:64A?3<4B:64“}%4:@4A?394C<B<34
6<34A:6:M>?B<34BH>?@C:4:3C:43:S:@9<$4:@4
C?@C<4PH:4:64“K84W?4:@Z>:@C?B<4B9AW?4
39CH?A9Y@4:@4E?>9?34A<@C9:@B?346<A?6:3T4
I?>C9AH6?>Q:@C:4:@4:64893C>9C<4[:B:>?6T4:64
23C?B<4B:4 5S9A<T44”H:>>:><4NT4:@46?4?AD
CH?69B?BT4C<B<4W?A:43HI<@:>4PH:4C><I:X?>\4
A<@46?4Q93Q?4I9:B>?4:@4?A?C:A?37
7C>?4A<@A6H39Y@4:34PH:T4B:4Q?@C:D
@:>3:46?34B9Z:>:@A9?34:@C>:46?34:@AH:3C?34
B:4I>:Z:>:@A9?4:6:AC<>?64I>:E9?34N46<34>:D
3H6C?B<34<Z9A9?6:3T4:@46?34GF4:6:AA9<@:34
B:4;<M:>@?B<>4PH:4W?M>\4:643HI:>B<Q9@D
;<4#4B:4UH69<4:64C>9A<6<>4I<B>J?4I:>B:>4?6D
;H@?3T4:@C>:46?34PH:4B:3C?A?@47?S?A?4N4
z9@?6<?T46<4PH:4A?QM9?>J?4C<C?6Q:@C:4:64
I?@<>?Q?4I?>?46?4:6:AA9Y@4I>:39B:@A9?64
B:4FVGFT4:3I:A9?6Q:@C:4I<>4:649QI?AC<4
PH:4C?6:34>:3H6C?B<34I<B>J?@4C:@:>4:@46<34
A<Q9A9<34B:64I>YS9Q<4?y<4:@4:6423C?B<4
B:4 5S9A<7
2@4:64A?3<4B:47?S?A?T4H@?4:@AH:3C?4
IHM69A?B?4I<>4:64B9?>9<4vbwdc^g4:64UH:E:34
FV4QH:3C>?4PH:4”?M9@<4]H5T4A?@B9B?C<4B:4
6?4?69?@X?4<I<39C<>?4“}%D“K8D“D]<@D
E:>;:@A9?T4C9:@:4!xµ 4B:46?34I>:Z:>:@A9?34
:6:AC<>?6:3T4A<@C>?4!µ 4B:64A?@B9B?C<4B:4
6?4?69?@X?4“KD“,2 T42E9:64“5>:XT46<4
AH?646<34HM9A?4:@4H@4E9>CH?64:QI?C:4C5A@9D
A<74 9:@C>?34C?@C<T4:@4z9@?6<?T4A<@Z<>Q:4
?4H@?4:@AH:3C?4B:4]<@3H6C?4 9C<Z3NT4B:64
GV4B:4?M>96T46?4B9Z:>:@A9?4:@C>:4:64A?@B9D
B?C<4B:64“KD“,2 D“?@?6T4{:3L34,9XA?D
>>?T4N4:64B:64“}%D“K8D“D]<@E:>;:@A9?T4 
?>9<4oYI:X4,?6B:XT4:34B:4:3A?3<34AH?C><4
IH@C<34I<>A:@CH?6:3T4?4Z?E<>4B:64I>9Q:><7
2@46?34B<34:@C9B?B:3T46?34Z>?ACH>?34
3:4B9:><@4:@4:64“KT4N?4PH:46<34;<M:>@?D
B<>:346<;>?><@4B:Z9@9>4?46<34A?@B9B?C<34
C>9A<6<>:34I:><4I><E<A?><@4H@4;>?@4B:3D
A<@C:@C<4:@4PH9:@:343:4PH:B?><@4ZH:>?4
B:46?4A<@C9:@B?748:4W:AW<T4:64A?@B9B?C<4

ŽBˆº©Œ©‰Œè’‹

@1-*6&515'>8-1&9/)'91)'1
<I<39C<>4:@4z9@?6<?4:34I>:A93?Q :@C:4
I><BHAC<4B:4H@?4>HICH>?4B:@C><4B:64
W?3C?4W<N4I?>C9B<4B<Q 9@?@C:4:@4B9AW?4
:@C9B?B742@47?S?A?T46?4Z>?ACH>?43:4W?D
MJ?4B?B<4E?>9<34?y<34?@C:3T4N4:64Q 93Q <4
]H54W?MJ?46<;>?B<4H@?4A<I9<3?4E<C?D
A9Y@4W?A:43:934?y<374z9@4:Q M?>;<T4W<N4
I?>:A:4PH:4?66J43:4>:A>HB:A9:><@46<34
A<@Z69AC<37
z94~HA?C\@4NT4I?>C9AH6?>Q:@C:4 5>9D
B?T4:34H@4?@C9A9I<4B:46<4PH:43:>\@46?34
:6:AA9<@:346<A?6:34:3C:4?y<T4C<B<49@B9A?4
PH:4W?M>\4A<Q9A9<34QHN4>:y9B<3T4PH:4
3:4B:Z9@9>\@4I<>4B9Z:>:@A9?34QJ@9Q?3T4N4
PH:46<34I?>C9B<34I?;?>\@46<34A<3C<34B:4
6?349QI<39A9<@:3748:4Q<B<4PH:4:3C:4L6D
C9Q<4Z?AC<>4N46?34:@AH:3C?34B:4I>:Z:>:@D
A9?4:6:AC<>?64I:>Q9C:@4E?C9A9@?>4PH:4:64
“K4>:AHI:>?>\4};H?3A?69:@C:34N4?A?D
C:A?348I>:A93?Q:@C:4I<>46<34A<@Z69AC<34
PH:4;:@:>?><@46<34?ACH?6:34;<M:>@?@C:34
:@46?43:6:AA9Y@4B:46<34A?@B9B?C<34B:4
3H34>:3I:AC9E<34I?>C9B<38T4?H@PH:4:3C\4
:@4>9:3;<4B:4I:>B:>4?64Q:@<347?S?A?4
N4z9@?6<?7
(@?4A<@A6H39Y@4?B9A9<@?643:>J?4PH:4
6?34A<?69A9<@:34?QI69?343J4IH:B:@4B?>4
MH:@<34B9E9B:@B<34AH?@B<43:4A<@UH;?@4
?6;H@<34Z?AC<>:3T4:@C>:46<34PH:4B:3C?D
A?@46?4I<3CH6?A9Y@4B:4H@4MH:@4A?@B9B?C<4
N46?4H@9B?B4:@46?34ZH:>X?34A<?69;?B?374~ 4
W?3C?4B<@B:4W?@4B9ZH@B9B<46<34Q:B9<34
B:4A<QH@9A?A9Y@T4:64“}%4N4:64“K84N?4
:QI:X?><@4?4I6?C9A?>43<M>:4H@?4I<39D
M6:4A<?69A9Y@4I?>?46?34:6:AA9<@:34I<>46?4
;HM:>@?CH>?4B:6423C?B<4B:4 5S9A<T4:3?4
PH:4:64?ACH?64;<M:>@?B<>4Q:S9PH:@3:T4
2@>9PH:4“:y?4%9:C<T4I>:C:@BJ?4:E9C?>4
A<@4:64?AH:>B<4B<@B:4:643:A>:C?>9<4B:4
”<M:>@?A9Y@T4[:>@?@B<4”YQ:X4 <@CT4
Z9>QY4A<Q<4C:3C9;<7
o?34A9Z>?34B:46?4I>9Q:>?4:6:AA9Y@4B:64
?y<4I:>Q9C:@4E936HQM>?>4PH:4:64“KT4N4
I?>C9AH6?>Q:@C:42@>9PH:4“:y?4%9:C<T4
C<B?EJ?4:@Z>:@C?>\@4QHAW<34<M3C\AHD
6<34:@43H4A?Q9@<4>HQM<4?46<34A<Q9A9<34
I>:39B:@A9?6:34B:4FVGF74~4:64>:3H6C?B<4
:34Q\349@A9:>C<4B:46<4PH:46?34:@AH:3C?34
B:4I>:Z:>:@A9?4:6:AC<>?64N46<34B93AH>3<34
C>9A<6<>:34I?>:A:@4E?C9A9@?>74

–

9@4I?>?>T4:64;<M9:>@<4Z:B:>?64:@C9:@D
B:4B:46?4?I69A?A9Y@4B:4H@?43<6?4I<6JC9A?4B:4
23C?B<4I<>4:@A9Q?4B:4AH?6PH9:>4?A<@C:A9D
Q9:@C<4<4?3H@C<T4I<>4;>?E:4<4>:6:E?@C:4PH:4
53C:4IH:B?466:;?>4?43:>742346?4A6?>?41I:>D
A:IA9Y@=4B:46?4:S93C:@A9?4B:4H@4;<M9:>@<4
Q<@<C:Q\C9A<7
23C?4H@9B9Q:@39<@?64I<6JC9A?43:4A<@D
A:@C>?4:@46?4UH3C9Z9A?A9Y@4B:644H3<4B:46?4
E9<6:@A9?4I?>?4:@Z>:@C?>4?46?4E9<6:@A9?74
~4B:4?66J4@<43?6:@T4?4I:3?>4B:4PH:4B:3B:4
B93C9@C?34E939<@:3T4N4?H@4B:3B:49@393C:@C:34
I><IH:3C?3T43:4W?4A<@E<A?B<4?4>:B:Z9@9>4
:3C?4I<6JC9A?4A9:;?4I?>?4:@Z>:@C?>4Q:U<>4
6<34;>?@B:34N4?;HB<34I><M6:Q?34B:4:BHD
A?A9Y@T43?6HBT4C>?M?U<T4A>93934:A<@YQ9A?4N4
I<M>:X?4PH:T4B:4?C?A?>3:4:@43:>9<T4I<B>J?@4
;:@:>?>4Q:U<>:34A<@B9A9<@:34I?>?4W?A:>4
Z>:@C:4?64A>9Q:@4<>;?@9X?B<74o<4Q93Q<4W9D
A9:><@4:64;<M9:>@<4B:4(>9M:4:@4]<6<QM9?T4
:64B:4”:<>;:4S 74)H3W4:@4}Z;?@93C\@T4N4:64
B:43H4I?B>:4”:<>;:474S 74)H3W4:@4>?T4
I?>?4Q:C:>4?43H34I?J3:34:@4;H:>>?3439@43?69D
B?4A<@4?6C<34A<3C<34I?>?46?4I<M6?A9Y@4A9E9674
23C:4B93AH>3<4L@9A<43:4:SI>:3?T4I<>43HD
IH:3C<T4:@46?34?AA9<@:34B:46?34:3C>HACH>?34
B:64;<M9:>@<4N4B:46?343:A>:C?>J?34PH:43:4
:@A?>;?@4B:4?I69A?>4I><;>?Q?34N4>:AH>3<374
“<>4:U:QI6<T4C?QM95@4:@46?4:BHA?A9Y@4C<B<4
3:4<>;?@9X?4I?>?43:>4Q<@<C:Q\C9A<4N4:3C\@D
B?>74o<34?I>:@B9X?U:3T46<34@H:E<34A<@<A9D
Q9:@C<3T46?4A9:@A9?4N46?4C:A@<6<;J?4B:M:@4
:3C?>4I<>4?C>\34B:64A>:A9Q9:@C<4I>:3HIH:3D
C?64?4Z?E<>4B:64?I?>?C<4I<69A9?A<4N4Q969C?>74
}39Q93Q<T4:64C:Q?4B:46?4E9<6:@A9?4N?4:346?4
I>9<>9B?B4B:46?4I<6JC9A?4:BHA?C9E?T4A<@4C<B<4
N4PH:4:3C<43:4:SI>:3:4B:4Q?@:>?4:@>:B?B?4
A<@4H@4B93AH>3<4PH:4B?4AH:@C?4B:46<34@H:D
E<34C5>Q9@<34I?>?4?C:@B:>4:64I><M6:Q?4:BHD
A?C9E<T4A<Q<4:64B:41B?y<34A<6?C:>?6:3=4<4
1M?U?34A9E96:3=T4A<@46<34PH:43:4W?@4MH3A?B<4
C?I?>46<34:SA:3<34Q969C?>:34N4I<69A9?A<34:@4
6<34A?3<34B:46<34UYE:@:34QH:>C<34B:64:AD
@<6Y;9A<4B:4 <@C:>>:NT4B:46<34B:4]9HB?B4
{H\>:XT4B:64:3CHB9?@C:4B:46?4(%} T4B:46<34
@9y<34B:46?4;H?>B:>J?4})]T4<4:@4:64A<@C:SC<4

A?B?4E:X4Q\34B:I>9Q:@C:4PH:43:4A9:>@:43<D
M>:46?34:3AH:6?34N4H@9E:>39B?B:3744
o?4E9<6:@A9?4W?A9?4N4B:@C><4B:46?34:3D
AH:6?34C?QM95@43:4:SI>:3?4:@46?34Z<>Q?34
9QI<39C9E?34N4?HC<>9C?>9?34PH:4I:3?@43<M>:4
6?4:BHA?A9Y@44N46?46?M<>4B<A:@C:T4N4PH9X\34
53C?3466:;H:@4?4C:@:>4Q?N<>:34A<@3:AH:@D
A9?34:@4:64Q:B9?@<4I6?X<748H>?@C:46<34?y<34
PH:466:E?4:3C:4;<M9:>@<T46<4PH:43:4W?4I><D
Q<E9B<4:346?4Q\34?M:>>?@C:4A<@Z?MH6?A9Y@4
B:49@C:>:3:34I?>C9AH6?>:34I<>4:@A9Q?4B:64
M9:@43<A9?64B:46?4:BHA?A9Y@T4?4C>?E534B:46?4
AH?643:49QIH63?@4I<6JC9A?34B:4A?>\AC:>4A<@D
3:>E?B<>4N4I>H:M?34:3C\@B?>:34PH:4<M69;?@4
?4:3CHB9?@C:34N4Q?:3C><34?4Q:Q<>9X?>4>:3D
IH:3C?343Y6<4I?>?4I?3?>4:S\Q:@:34N4@<4I?>?4
3?M:>4<4I?>?4Q:U<>?>43H34A<@<A9Q9:@C<374
o?49QI<39A9Y@4B:4C:@B:@A9?34W<Q<D
;:@:9X?@C:34:@46?4:BHA?A9Y@4:E9C?46?4B9D
E:>39B?B$4C?QM95@4:@C<>I:A:46?34I>\AC9A?34
B:Q<A>\C9A?34N46?4I<39M969B?B4B:49QIH63?>4
H@?4>:Z<>Q?4:BHA?C9E?4PH:4:E9C:4I><ZH@B9D
X?>46?43:;>:;?A9Y@4B:4I<M6?A9<@:34:@C:>?3T4
A<Q<4:3C\4<AH>>9:@B<4?W<>?7442@46H;?>4B:4
PH:46?4:3AH:6?4IH:B?43:>4A<@39B:>?B?4A<D
Q<4H@4:3I?A9<4?M9:>C<4?64A<@<A9Q9:@C<T4
:64?HC<>9C?>93Q<4:3C\4A<@BHA9:@B<4?46?4
:3C?@B?>9X?A9Y@4AH6CH>?64N4?46?4:SC:@39Y@4
B:46?49;@<>?@A9?74z:4W?466:;?B<4?646JQ9C:4B:4
6?4:BHA?A9Y@4Q\34C>?B9A9<@?6T4:@46?4PH:4
?6HQ@<34N46<34Q?:3C><343:4<>;?@9X?@4I?D
>?4I?3?>4:S\Q:@:34N4@<4I?>?4?I>:@B:>T4:@4
;?3C?>4>:AH>3<34I?>?4B<C?>4B:4C:A@<6<;J?34?4
6?34:3AH:6?3T4AH?@B<4@<43:4W?4?6A?@X?B<46?4
UH3C9A9?4B93C>9MHC9E?4N4:64?AA:3<4H@9E:>3?64
:@4C<B<346<34@9E:6:34:BHA?C9E<3T4:@4H@9Z<>D
Q9X?>4?64?6HQ@<4I?>?4PH:4?BPH9:>?4B:C:>D
Q9@?B?34A<QI:C:@A9?34PH:43:4I>:C:@B:@4
?B:AH?B?34?4H@4Q:>A?B<46?M<>?64Q?>;9@?6T4
N4I?>?4PH:46<34?6HQ@<34?I>:@B?@4?4>:I:C9>4
H@?4:@3:y?@X?4<M3<6:C?7
o?4A?6?Q9B?B4:34PH:4A<@4:3<43Y6<43:4
B:3EJ?46?43<6HA9Y@4B:46<34;>?@B:34I><M6:D
Q?34B:46?4:BHA?A9Y@4N4B:64I?J3T4M?U<46?46Y;9D
A?4B:4H@4I:@3?Q9:@C<4L@9A<4acdh_jgq_ggfd4
PH:4MH3A?4:@>?9X?>3:4N46:;9C9Q?>3:74
ÝÝ

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

Ž‹aºŒŒ
Ù Œ54ˆºa‹5ˆº5‰Ž‹Ž©’cŽ‘Ž

_owrtCubÞD‚xƒn

E'*F/-6*;1.1)*5'6/,&8-159/-6*-2*8F18=1
”

?3C?4N?4?E?@X?B<4:64UH:E:34FVT4W<D
>?4B:4:3A>9M9>4:3C?4A<6HQ@?T4:64ILM69A<4
A?>:AJ?4B:49@Z<>Q?A9Y@43<M>:4:64I?>?B:D
><4N46?43H:>C:4B:489:;<4[:>@\@B:X4B:4]:D
E?66<3T4B:3?I?>:A9B<4:@C>:46?4@<AW:4B:64
E9:>@:34G#4N46?4Q?B>H;?B?4B:643\M?B<4
G74]<@Z<>Q:4W?@4C>?@3AH>>9B<46<34BJ?3T4
?6;H@?34B:46?34A<@U:CH>?349@9A9?6:34W?@4
9B<4I:>B9:@B<43H3C:@C<4N43H>;:@4<C>?3T4
A<Q<46?4PH:4?W<>?4I6?@C:<4?PHJ74}@C:34
B:4W?A:>6<4@<4IH:B<43H3C>?:>Q:4?46?4C:@D
C?A9Y@4B:4>:A<>B?>4:643:AH:3C><4I?B:A9B<4
:@4B9A9:QM>:4B:4G""4I<>4[:>@?@B<4”HD
C95>>:X4)?>>9<3T4PH:4<Z9A9?6Q:@C:4U?Q\34
:S93C9Y74%<43:4B:@H@A9Y4?@C:4:64 9@93C:D

݆¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

>9<4“LM69A<4N43H4EJAC9Q?4U?Q\343:4>:Z9>9Y4
?64?A<@C:A9Q9:@C<7
23:4?y<4W?MJ?439B<4C:>>9M6:4I?>?4:64I>:D
39B:@C:4:B966<4N4I?>?4:64393C:Q?4I<6JC9A<4
Q:S9A?@<T4N4AH?@B<4<AH>>9Y46?4B:3?I?>9A9Y@4
B:64?@C9;H<4X?>4B:46?43:;H>9B?B4@?A9<@?64
?L@4Z?6C?M?46?4C:>>9M6:4Q?C?@X?4B:4}AC:?6T4
PH:4<AH>>9>J?4H@?43:Q?@?4B:3IH534B:46?4C:>D
Q9@?A9Y@4B:643:AH:3C><4B:64:S3:A>:C?>9<4B:4
”<M:>@?A9Y@T4:64FF4B:4B9A9:QM>:7
2@46?34:6:AA9<@:34B:4UH69<4:64“K4W?D
MJ?4I:>B9B<46?4Q?N<>J?4:@46?4]\Q?>?4B:4
89IHC?B<3T4W:AW<4ZH@:3C<4I?>?4:3:4I?>C9D
B<T4PH:4?@H@A9?M?43H4B:3A<QI<39A9Y@74264
“?>C9B<4B:46?4K:E<6HA9Y@448:Q<A>\C9A?T4
B9>9;9B<4I<>4}@B>534 ?D
@H:64oYI:X47M>?B<>T4W?D
MJ?4A<@3:;H9B<4Z<>Q?>4
6?43:;H@B?4M?@A?B?4Q\34
@HQ:><3?4:@4z?@4o\X?D
><T4B:3IH534B:46?4B93Q9D
@H9B?4Z>?AA9Y@4I>993C?4NT4
A<Q<4A:>:X?4:@4:64I?3D
C:6T4W?MJ?4W:AW<4C>9H@Z?>4
?649@;:@9:><4]H?HWC5D
Q<A4]\>B:@?3T4A<@E:>D
C9B<4B:4:3?4;H93?4:@4:64
I>9Q:>4U:Z:4B:4”<M9:>@<4
B:64893C>9C<4[:B:>?64:6:D
;9B<4I<>4E<C<4I<IH6?>7
}H@PH:44I<>4:64>:3D
A?C:4B:4”HC95>>:X4)?D
>>9<343:4I?;?><@43:934
Q966<@:34N4Q:B9<4B:4
BY6?>:34H@4B:3AH:@C<4
B:4C>:34N4Q:B9<4>:3I:AC<4
B:46<34B9:X49@9A9?6Q:@C:4
I:B9B<34I<>46<343:AH:3D
C>?B<>:34@<4PH:BY4A6?><4
PH:4@:A:3?>9?Q:@C:4ZH:D
>?4H@43:AH:3C><4Q:>A:D
@?>9<74OH9X\4I:>39;H9Y4
E?>9<34Z9@:3R4H@<34A<@D
A:>@9:@C:34?46?34?@C9;H?34
C?>:?34B:46?4EJAC9Q?T4I<>4

?y<34?64Z>:@C:4B:46?4I<69AJ?4I<6JC9A?4N4B:4
6?34?AA9<@:34B:43:;H>9B?B4@?A9<@?6$4<C><34
>:6?A9<@?B<34A<@43H34@:S<34A<@46?4I<6JD
C9A?4E:>?A>HX?@?4N46?4:3A939Y@4B:64“K4
PH:4?66J43:49@AHM?M?48?@C:48:6;?B<4ZH:4
IH:3C<4:@4I>939Y@4?64?y<439;H9:@C:4I<>4“?D
C>9A9<4]W9>9@<34N4 9;H:64K@;:64~H@:34<4
PH9X\43:4C>?C?M?4B:4H@4?UH3C:4B:4AH:@C?34
I<>46<34QHAW<34B?y<34PH:4:64:S;<M:>@?D
B<>4B:4,:>?A>HX49@Z69;9Y4?4C?@C?4;:@C:74~4
B:4I?3<4<MC:@:>4H@?4Z<>CH@?7
}6;<43:Q:U?@C:4I?>:A:4:3C?>4<AH>>9:@D
B<4A<@489:;<74zH4Z?Q969?4A<@U:CH>?T4PH9X\4
I<>PH:4I<3::49@B9A9<34PH:4@<4W?4W:AW<4
ILM69A<3T4PH:43:4C>?C?4B:4H@43:AH:3C><4PH:4
3:4>:3H:6E:4A<@4B9@:><74“<>4:3<466?QY4?4
6<34A?IC<>:34?4A<QH@9A?>3:T4I?>?4@:;<D
A9?>742642“K4?E93Y4PH:4@<4:34:64?HC<>4B:4
6?4B:3?I?>9A9Y@4N4A<@4:3<4B:3Q<@CY4A?394
I<>4:@C:><4I<>PH:4<C><34;>HI<34IHB9:D
><@4W?A:>6<46?4A<@U:CH>?4B:4PH:4H@?4<>D
;?@9X?A9Y@4;H:>>966:>?4:3CHE9:>?4I>:3:@C:4
:@4:64A?3<74~4?@C:46?4]%%4:64I>:39B:@C:4
]?6B:>Y@T4PH:4CHE<4PH:4A?>;?>4:@423I?D
y?4N4:@4S ?3W9@;C<@4:64M?6BY@4B:4PH:43H4
;<M9:>@<4@<4IH:B:4;?>?@C9X?>46?43:;H>9D
B?B4@9439PH9:>?4B:46<34:@AHQM>?B<34Q\34
A:>A?@<3T4:SA6HNY4?64@?>A<C>\Z9A<T4I<>PH:4
3H34U:Z:34Q?@B?@4Q:@3?U:34I<>4<C>?34EJ?3T4
:SI>:39Y@4:PHJE<A?4PH:43H;9>9Y4PH:4W?N4
H@4IH:@C:4B:4A<QH@9A?A9Y@4A<@46?4B:69@D
AH:@A9?4<>;?@9X?B?7
“<>4Q94I?>C:T4?64:SA6H9>4PH:43:4C>?C:4
B:4H@43:AH:3C><4Q:>A:@?>9<4:@C>:4<C>?34
A<3?34I<>PH:4:>?4Q\343:@A966<4I6?;9?>4
?4H@4Q9:QM><4B:46?4Z?Q969?4B:4[:>@\@D
B:X4B:4]:E?66<34?4Z9@4B:4PH:4564IHB9:>?4
:@A?>;?>3:4B:64I?;<4N4@<4C:@:>4PH:4B?>4
9@3C>HAA9<@:34I?>?4W?A:>6<4B:3B:43H4A?HD
C9E:>9<T4A?6AH654I<39M6:4PH:46<4WHM9:>?4
:QI>:@B9B<4?6;L@4;>HI<4>:6?A9<@?B<4A<@4
6?43:;H>9B?B4ILM69A?4<46?43:;H>9B?B4@?A9<D
@?6T4:@46?46Y;9A?4A<@4PH:4<I:>?@4QHAW?34
I<69AJ?34?46<46?>;<4B:46?4W93C<>9?4A>:?>4H@4
I><M6:Q?4I?>?4>:3<6E:>6<4N4?3J4Q<3C>?>43H4

@:A:39B?BT43H4:Z9A?A9?4N43H46:?6C?B74o?4 o:NE?4>:3<6E9Y4?6X?>46?4Q9>?4N4?IH@C?>4A:>A?4
W9IYC:39343:4E?69B?>J?43946?46<A?69X?A9Y@4 B:64A<;<66<4B:6423C?B<74}H@PH:4@<4I:>C:@:A:4
N4:64>:3A?C:4B:64:Q9@:@C:4I?@93C?4<AHD B9>:AC?Q:@C:4?64;<M9:>@<4I?@93C?T4[:>@\@B:X4
>>9:>?4Q9:@C>?34:64I>:39B:@C:4]?6B:>Y@4 B:4]:E?66<34:U:>A:49@Z6H:@A9?4B:4C?64Q?;@9CHB4
:3C?M?4:@423C?B<34(@9B<3T4I?>?4PH:4IHD 3<M>:4564PH:4:643:A>:C?>9<4B:4”<M:>@?A9Y@4N4
B9:>?4;6<>9?>3:4B:64>:3H6C?B<4A<@4AHN?4 :64I><AH>?B<>4;:@:>?64B:46?4K:ILM69A?4W?@439D
;5@:3934@<46<469;Y4Q94Z<>QH6?A9Y@74~T4
I<>43HIH:3C<T43:4B96HNY4A<@Z<>Q:46<34
BJ?34I?3?><@439@4PH:4?I?>:A9:>?489:;<7
%:A:39C?B<4B:4H@?4@H:E?4:SI69A?D
A9Y@T4C>?U:4?4Q?@<4Q94>:A9:@C:46:ACH>?4
B:6469M><4B:4{<354K:E:6:343<M>:46<34):6D
C>\@4o:NE?T4pqrj¢cabqr_tjš^dfd742643HMD
CJCH6<4B:46?4<M>?4:34pqrw_trfbrqd`r£bqac¢tr
bblugrlrqgrmbeb^dtigrfbqr*mghdr!hgi
^¢t74(@?4B:46?34M?3:34B:43H3C:@C?A9Y@4
B:6469M><4:34B?>4I<>43HIH:3C<4H@4?AH:>B<4
:@C>:4:64;<M9:>@<4Z:B:>?64N4:64A\>C:64B:64
“?AJZ9A<T43HI<39A9Y@4PH:4@<4A?>:A:4B:4
ZH@B?Q:@C<4N4B:4:SI<@:@C:374(@4I?@93D
C?4@<C?M6:T4:64C<B?EJ?4B9IHC?B<4 ?@H:64
]6<HCW9:>4]?>>966<T4B:@H@A9Y4:3:4:E:@D
CH?64?>>:;6<4B:3B:4:64A<@<A9Q9:@C<4PH:4
6:4I><I<>A9<@?43H4E9E:@A9?4A<C9B9?@?4A<D
Q<4B9>:AC<>4B:64I>9@A9I?64I:>9YB9A<439D
@?6<:@3:74~ 4ZH:4C?QM95@4H@?4B:46?346J@:?34
B:4?>;HQ:@C?A9Y@4B:64>:I<>C?U:4PH:4:@4
B<34I?>C:34I>:3:@CY4BH>?@C:46?4:3C?@A9?4
B:4]?6B:>Y@4:@4S ?3W9@;C<@46?4A?B:@?4B:4
>?B9<4ILM69A?4:3C?BH@9B:@3:7
]<Q<4I?>C:4B:4:3:4I>:3H@C<4?AH:>D
B<T4:64;<M9:>@<4B:3?>C9AH6?>J?4?46?4M?@B?4
B:46<34):6C>\@4o:NE?T4?@C?y<4?3<A9?B<34
?4”HXQ\@4o<:>?4N4A<@E:>C9B<34:@43H34
A>H:6:34:@:Q9;<374@B:I:@B9:@C:Q:@C:4
B:4H@?4Q<C9E?A9Y@4?3JT46<4A9:>C<4:34PH:4
:3?4I?>C:4B:46?4Q?Z9?4B:46?4B:69@AH:@A9?4
<>;?@9X?B?43J4W?4>:3H6C?B<4:3I:A9?6Q:@C:4
;<6I:?B?T4N4PH:4H@<4B:46<346?@A:34Z9@?D
6:3T4:64B:4B9A9:QM>:4B:64?y<4I?3?B<T4PH:4
A<@A6HNY4A<@43H4QH:>C:T4ZH:4H@?4:3I:A9:4
B:4:U:AHA9Y@4B:4}>CH><4):6C>\@4o:NE?T4:64
U:Z:4B:64A6?@T4N46?4:SW9M9A9Y@4E:U?C<>9?4B:4
3H4A?B\E:>T4C?I9X?B<4B:4BY6?>:37
o<34>:3C<34B:46?4M?@B?T4?4AHN?4A?M:X?4
W?M>J?4PH:B?B<45AC<>T4W?M>J?@4:QI>:@D
B9B<4?AC<34B:4E9<6:@A9?4N?4@<4HC969C?>9<34
39@<43H>;9B<34B:4H@4?AH3?B<4\@9Q<4B:4
E:@;?@X?74?M>J?@4A<Q:@X?B<4A<@4:64
?3:39@?C<4B:46<34Z?Q969?>:34B:4H@4<Z9A9?64
B:46?4 ?>9@?4QH:>C<4:@46?4?AA9Y@4B:4
]H:>@?E?A?74z:4C>?C?>J?4B:4Q<3C>?>4?3J4
PH:4?H@PH:4ZH:>?4I<>4:3?4EJ?T49@B9>:AC?4
:49@@:A:3?>9?T46?4}>Q?B?4B:4 5S9A<4I?D
;?>J?46?4QH:>C:4B:44pqr£gccg`T4A<Q<43:4
?I<B?M?4?4}>CH><4):6C>\@4o:NE?7 
:4I>:;H@C<4:@C<@A:34394:@46?4B:3:3D
I:>?A9Y@4B:43H4?A<>>?6?Q9:@C<T4A<Q<4A<D
6:C?X<4B:4M?66:@?4W:>9B?T45AC<>4):6C>\@4

B<4I?>C:4B:43H4:@C<>@<4I<6JC9A<T4I><Z:39<@?64N4
I:>3<@?6748:4?6;H@?4Q?@:>?46<4>:I>:3:@C?@74
~4?649@Z:>9>6:4H@4B?y<T4B:64?6A?@A:4N4@?CH>?D
6:X?4PH:4>:3H6C:T43:4:3C?>J?4:64A6?@4?;Y@9A<4
A<M>?@B<46?34?AA9<@:34PH:46<4W?@4IH:3C<4:@4
:3?439CH?A9Y@74

Ý¿

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

/! J Q%?0%"!-+

G 

@1243 34EE

<@C?;9?B<34I<>46?4Z9:M>:4B:64
)9A:@C:@?>9<T46<349@C:;>?@D
C:34B:46?4]<Q939Y@4B:4]H6D
CH>?4B:46?4]\Q?>?4B:489IHD
C?B<343:4QH:3C>?@4B:3:<3<34
N4H>;9B<34B:4?I><M?>4H@?4
6:N4;:@:>?64B:4AH6CH>?T4I?>?4B?>4Q?>A<4@<>D
Q?C9E<4?46?4>:Z<>Q?4?64?>CJAH6<4AH?>C<4A<@3D
C9CHA9<@?64?I><M?B?4:@4FVV&74]<Q<43:?T4I?D
>?4:646:;93C?4N4?@C><IY6<;<4)<6ZN4]<CC<Q4:34
A6?><4PH:4:649@C:>534B:64o:;936?C9E<4@<4A<@D
393C:4:@43<6HA9<@?>4:64A?<34N46?4Z?6C?4B:4>HQD
M<4:@4:642U:AHC9E<T4QHAW<4Q:@<34W?A:>4E?D
6:>46<34B:>:AW<34AH6CH>?6:37
“<>4:64A<@C>?>9<T4W?A:4C9:QI<4I:>A9M:4
8A<Q<4:@4:64A<@C:SC<4@?A9<@?684H@4?M?@D
B<@<4B:69M:>?B<4B:46?349@3C9CHA9<@:34AH6CHD

Ýî¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

>?6:34Z:B:>?6:3T4I?>?43HQ9>6?34:@46?49@<I:D
>?@A9?T4UH3C9Z9A?>46?4@:A:39B?B4B:4A?QM9<34
:49QI<@:>4H@4Q<B:6<4:QI>:3?>9?64PH:4I:>D
Q9C?46?4:SI6<C?A9Y@4CH>J3C9A?4N4A<Q:>A9?64
B:64I?C>9Q<@9<4N4B:46<34M9:@:34AH6CH>?6:3R4
H@?4>:Z<>Q?4396:@A9<3?7
2@4:3C<4E:4A<9@A9B:@A9?4:@C>:46<34I><D
N:AC<34B:642U:AHC9E<4N4:64o:;936?C9E<T4PH:4
MH3A?@4<C<>;?>4I:>3<@?69B?B4UH>JB9A?4?64
]<@3:U<4%?A9<@?64I?>?46?4]H6CH>?4N46?34}>D
C:34]<@?AH6C?T4B\@B<6:4:64A?>\AC:>4B:4<>D
;?@93Q<4B:3A:@C>?69X?B<4NT4I<>4:3?4EJ?T4
A<6<A?>6<4U:>\>PH9A?Q:@C:4:@A9Q?4B:46<34
9@3C9CHC<34@?A9<@?6:34B:4}@C><I<6<;J?4:4 
93C<>9?4%}4N4):66?34}>C:34%)}T4
I?>?43<Q:C:>6<34?49@C:>:3:34:A<@YQ9A<34A<D
Q<43:4W?4E93C<4:@4:64A?3<4B:46?34X<@?34?>D
PH:<6Y;9A?34B:4]W9AW5@4CX\4N4:<C9WH?A?@7
2649@E:3C9;?B<>4B:46?489>:AA9Y@4B:423CHD
B9<3493CY>9A<34824B:64%}T4Q?:3C><4

:@4B:>:AW<4A<@3C9CHA9<@?64N4?BQ9@93C>?C9D
E<T4N4I><Z:3<>4B:4B9AW?34Q?C:>9?34:@46?423D
AH:6?4%?A9<@?64B:4}@C><I<6<;J?4:493C<>9?4
N4:@46?4(@9E:>39B?B4%?A9<@?64}HCY@<Q?4B:4 
5S9A<T466?Q?439@4:QM?>;<4?46<346:;936?B<D
>:34?4C>?M?U?>4>:3I<@3?M6:Q:@C:$4B:46<4A<@D
C>?>9<T46:U<34B:4?E?@X?>T4I<B>J?@49@C><BHA9>4
:@4:64N?4B:3<6?B<>4I?@<>?Q?4B:4B:3A<QI<D
39A9Y@43<A9?6T4H@4:6:Q:@C<4Q\34B:4C:@39Y@7
2@C>:E93C?B<4I<>4€‚ƒ„…‚4:@46?4M9M69<D
C:A?4 ?@H:647><XA<4N4):>>?4HM9A?B?4:@4
6?4824:@4:64A:@C><4B:46?6I?@T46H:;<4B:4
PH:46?43:Q?@?4I?3?B?4B9IHC?B<34B:46?4]<D
Q939Y@4B:4]H6CH>?4?@H@A9?><@46<34@H:E<34
Z<><34I?>?46?4A<@Z<>Q?A9Y@4B:46?49@9A9?C9D
E?4B:46:N4;:@:>?64B:4AH6CH>?T4N4B9E:>3?34E<D
A:346<34H>;9:><@4?49@C:;>?>4H@?4?;:@B?4B:4
C>?M?U<4N4B:Z9@9>46<34B:>:AW<34AH6CH>?6:34 
€‚ƒ„…‚4GVT4]<CC<Q46?Q:@C?4PH:4A?D
B?4A?QM9<4B:46:;936?CH>?43:?41H@?4:3I:A9:4

4º•4‰Ž

GQOOQL »KJMPOK»HQWPM

hXNK»PMeQPL K
HUJMNYUQHKi
ÅHI»JJKL K»MJ»KNOPQRSJQTQ»KJ»UNOMNOQ»VMJUWMPKVQ»RQP»
HXL UP»MN»JK»UNQRMPKNYUK»K»JKH»UNHOUOXYUQNMH»YXJOXZ
PKJMH»[»VKPJMH»XN»TUPQ»ML RPMHKPUKJ»RKPK»PMKJU\KP»JK»
M]RJQOKYUSN»OXPIHOUYK»VMJ»RKOPUL QNUQ^»|K»_IK»MH»VMHZ
KYPMVUOKP»JKH»JM[MH»[»MNYXL WPKP»MJ»GQNKYXJOK»RQP»
MNYUL K»VMJ»`}Åa»[»VMJ»`} bÅ^»ÃN»PMJKYUSN»YQN»JK»UNZ
YQNHOUOXYUQNKJUVKV»VM»KPOIYXJQH»VM»JK»|M[»VM»Ä QNXZ
L MNOQH»cXM»XN»dXM\»eKJJS»K»eK_QP»VM»YQJMYYUQNUHOKH»
MN»OQPNQ»K»JK»QWPK»VM»Ä KPIK»`\cXUMPVQf»MJ»OKL WUgN»JMZ
TUHOK»M]RQNM»HXH»KPTXL MNOQH»MN»PMYXKVPQ^

06ŠŠ67 Â464½ ›4
9Šˉ

B:4:3I:>?@X?=4NT4?64Z9@?6T4:3:4:3I?A9<4C:>Q9D
@:439:@B<4I?>C:4B:46?4I><M6:Q\C9A?4AH6CH>?67
]<@39B:>?4I>:<AHI?@C:4PH:46?4A<Q9D
39Y@43:4W?N?4A<@E:>C9B<4:@4?>:@?4B:4B9E:>D
3<349@C:>:3:341MH:@<34<4Q?6<3=T4B:4PH9:@:34
MH3A?@4?A:>A?>3:4?46<346:;936?B<>:341A<@4C?64
B:4C:@:>4C>?M?U<T4<I<>CH@9B?B:34<4B:Z:@B:>4
9@C:>:3:34QHN4I?>C9AH6?>:3=74266<41A<QI69D
A?46?43<6HA9Y@4B:46<34I><M6:Q?34B:4Z<@B<=7
“:<>4?L@4:34PH:46<346:;936?B<>:34@<4I9:@D
3:@4:@4PH543:4B:M:4W?A:>T439@<4:@46<4PH:4
PH9:>:@4W?A:>4N4>:I9C?@46<34?y:U<34B93AH>3<34
B:41C<B<4:34H@4A?<3T4H@4B:3<>B:@T4PH:43:4B:D
M:4B?>4:3C?CH34UH>JB9A<4?46?4AH6CH>?T4I<39A9<D
@?>4?643:AC<>7774Po<4Q93Q<4B:439:QI>:O=74
2@46?4Q93Q?4A9>AH@3C?@A9?4HM9A?4?64]<D
@?AH6C?T4Y>;?@<4PH:43:4:@A?>;?>J?4B:4A<<>B9D
@?>4?643HM3:AC<>4AH6CH>?T4N4B:3B:43H4<>9;:@4
:@4G"&&4W?439B<41C?@4E?IH6:?B<4N4AH:3C9<D
@?B<=T4N4139;H:4B?@B<4QH:3C>?34B:4PH:4@<4

>:3<6E:>\4:64I><M6:Q?4B:643HM3:AC<>T4I<>4
B:Z:@B:>43H34I><I9<349@C:>:3:3=7
“<>4:@A9Q?4B:64]<@?AH6C?4:3C\46?4z:A>:C?D
>J?4B:42BHA?A9Y@4“LM69A?T4PH:4W?4:E9B:@A9?B<4
?43H4E:X4PH:4@<46:49@C:>:3?4:64I><N:AC<4AH6CHD
>?64B:64I?J34N4I<>46<4AH?64B:3B:4W?A:4C9:QI<4W?4
3:I?>?B<46?4AH6CH>?4B:46?4:BHA?A9Y@74<B<4I?D
>:A:4gfrmdj4I?>?4A<@3C>H9>4H@4I><N:AC<4B:46:NT4
AHN?4I>:<AHI?A9Y@4ZH@B?Q:@C?64:346:;9C9Q?>4
?64]<@?AH6C?4I?>?4?3HQ9>4:64A<@C><64B:46<349@3D
C9CHC<341B:4Q?@:>?4Q\34A6?>?=74
}3J4IH:3T4?64Q?>;:@4B:641B93AH>3<4B:4
Z<>C?6:A:>4?46?349@3C9CHA9<@:3T4PH:43:4E9:@:4
Q?@:U?@B<4W?A:4?y<3=T4:@4:64Z<@B<4N41I<>4
6?4EJ?4B:46<34W:AW<3=T46<34ZH@A9<@?>9<34N46<34
6:;936?B<>:341:3C\@4A?B?4E:X4I:<>=T4IH:34@<4
3:439CL?@4:@46?416J@:?4B:649@C:>534B:6423C?B<R
1234Q\3T4B:4I><@C<43:4A<@E9:>C:@4:@4
H@?4:3I:A9:4B:4?;:@A9?34B:4CH>93Q<7423C\@4
Q\34I>:<AHI?B?34I<>4:64C:Q?4B:46?4AH6CHD
>?4QH@B9?6T4I<>PH:4W?N?4Q\34B:A6?>?C<>9?34
B:4I?C>9Q<@9<4B:46?4WHQ?@9B?BT4I:><4A<@4
H@4:@<>Q:4B:3AH9B<4B:46?4I>:3:>E?A9Y@T46?4
A<@3:>E?A9Y@4N46?49@E:3C9;?A9Y@4B:4C<B<4
:3C<4PH:4:343H4Q?C:>9?7=
264:3I:A9?693C?4B939:@C:4A<@4:64:3A>9D
C<>4}6:U?@B><4z?@B<E?6T4PH9:@4AH:3C9<@Y4

6<34@H:E<34Z<><3T4C>?34G4?y<34B:4A<@3H6D
C?34PH:4@<4W?@43:>E9B<4I?>?4@?B?74%<4B:D
U?4B:43<>I>:@B:>6:4PH:43:4I><@H@A9:4:@4:3:4
3:@C9B<4W?M9:@B<439B<4?3:3<>4B:4AH6CH>?4:@4
<C>?346:;936?CH>?3T4PH:4C?QI<A<4?E?@X?><@4
:@4:64C>?M?U<46:;936?C9E<T4N4I<>PH:4?4z?@B<D
E?643:46:49B:@C9Z9AY48?H@PH:45646<4@:;Y4:@4
3H4Q<Q:@C<84A<Q<4H@<4B:46<34>:B?AC<>:34
B:46?4o:N4B:48:3?>><66<4]H6CH>?6T4A<@39B:D
>?B?4H@?4E<6C:>:C?4?64AH:3C9<@?BJ39Q<4I><D
N:AC<4B:4o:N4B:4[<Q:@C<4N489ZH39Y@4B:4
6?4]H6CH>?T4A<@<A9B<4A<Q<rbblrHgc_4I<>4
3H49QIH63<>?4z?>94):>QLB:XT4:SI>:39B:@D
C?4B:64]<@?AH6C?7
“<>4H@46?B<T4]<CC<Q4A<@39B:>?4PH:46?4
B93AH39Y@4N4:64B9\6<;<439:QI>:4B:M:@43:>4
?A:IC?B<3$4N4I<>4<C><T46<346:;936?B<>:34C9:@:@44
:64B:>:AW<4B:4W?A:>4C<B<346<34Z<><341PH:4B:D
3::@=74264I><M6:Q?4:34Q\34M9:@4I?>?4PH543:>D
E9>\@74}4I?>C9>4B:43H34I><I9?34:SI:>9:@A9?34
E936HQM>?4PH:439>E?@4:@4C>:34:3A:@?>9<3R
G7D4“?>?46:;9C9Q?>4H@4I><N:AC<4N?4A<@D
A:>C?B<T4A<Q<4<AH>>9Y4:@46?46:;936?CH>?4
o+T4PH:4W9A9:><@43H34Z<><34:3C?C?6:34N4>:D
;9<@?6:3T4I:><4W?MJ?4H@4?AH:>B<4I>:B:Z9@9D
B<4bblrHgc_7
F7D4“?>?439QI6:Q:@C:4UH3C9Z9A?>4:64I?3<4
ݵ

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

B:46<34B9IHC?B<34I<>46?4]\Q?>?4N41:@C<@D
A:34E?@4?4B:U?>4QHAW<34A9:@C<3T4C?64E:X4Q9D
6:34B:4W<U?34Q\34I?>?4PH:4@?B9:46?34:3CHD
B9:T4I<>PH:4@<4C:@;<46?4Q:@<>4BHB?4B:4PH:4
6<346:;936?B<>:34?ACH?6:34@<4W?@4:3CHB9?B<4
@?B?4:@4:3C:43:@C9B<=74
!7D4[9@?6Q:@C:4PH:4@<439>E?@4@94I?>?4
:3<4@94I?>?4@?B?7
1264:3A:@?>9<4:34E:>B?B:>?Q:@C:4I?C5D
C9A<T4QHN4B:3<6?B<>74264>HQM<4B:6423C?B<4
Q:S9A?@<4:@4:64\QM9C<4B:46?4AH6CH>?43:4W?4
:SC>?E9?B<4C:>>9M6:Q:@C:74o<4Q\34C>93C:4:34
PH:4B:4I><@C<4:64I>:39B:@C:4B:46?4K:ILM69D
A?4?@H@A9?4PH:46?4W93C<>9?4<Z9A9?643:4C:>Q9D
@Y74%<4354394?6;H9:@46<4A>:?T46?4E:>B?B4:34
PH:46?4W93C<>9?4<Z9A9?64?W<>9C?4:34UH3C?Q:@D
C:4PH:46?4AH6CH>?4@<4C9:@:49QI<>C?@A9?T4@9@D
;L@43:@C9B<T4:SA:IC<4I?>?4I><Q<E:>4CH>J3D
C9A?Q:@C:4?64I?J34N4A<@A:M9>6<4A<Q<4H@?4
Q:>A?@AJ?4PH:4IH:B?4E:@B:>3:4?4@9E:649@D
C:>@?A9<@?67= 
<B<346<34B93AH>3<34N4W:AW<3T4?;>:;?T4
E?@4:@4:3:43:@C9B<R48:3Q9C9Z9A?>4I:>3<@?D
U:34W93CY>9A<3T4B:3Q?@C:6?>49@3C9CHA9<@:34<4
B:3?A>:B9C?>43H34ZH@A9<@:34B:46?349@3C9CHD
A9<@:3T4:CA5C:>?7423C<46<4E9@AH6?4A<@46?34>:D
A9:@C:34B:3A?69Z9A?A9<@:34?46?4o:N4[:B:>?64
3<M>:4 <@HQ:@C<34N4<@?34}>PH:<6Y;9D
A<3T4}>CJ3C9A<34:493CY>9A<3T4PH:43:4W?4A<@D
39B:>?B<419@A<@3C9CHA9<@?6=4?4>?JX4B:46?4
Z?669B?4B:A6?>?C<>9?4B:46?4<M>?4B:4 ?>J?4XD
PH9:>B<4A<Q<4Q<@HQ:@C<4@?A9<@?64E:>4
>:AH?B><37

¹ jáj€klm€mänlopäm
z94M9:@4]<CC<Q4>:A<@<A:4PH:4C>?346?4>:Z<>D
Q?4?64#q4]<@3C9CHA9<@?64:34@:A:3?>9?4H@?4
6:N4;:@:>?64B:4AH6CH>?4I<>PH:4B:M:@4B93C>9D
MH9>3:46?34A<QI:C:@A9?34B:4:3C?B<3T4QH@9D
A9I9<34N4;<M9:>@<4Z:B:>?6T4I?>?4B:C:>Q9@?>4
PH546:4A<>>:3I<@B:4W?A:>4?4A?B?4H@<T4W?4
39B<4H@4A>JC9A<4B:46?4I>:C:@39Y@4B:4B?>41:64
B:>:AW<4B:4?AA:3<4?46?4AH6CH>?=74]<QH6;?4
Q\34A<@46?49B:?4B:64:U:>A9A9<4B:46<34B:>:D
AW<34AH6CH>?6:34N4>:AH:>B?4PH:4B:4W:AW<4:64
;<M9:>@<4Q:S9A?@<4W?4Z9>Q?B<4B<AHQ:@D
C<34B:4B:>:AW<49@C:>@?A9<@?64A<QI><Q:D
C95@B<3:4?4AHQI69>6<37
2@4:3:43:@C9B<4:SI>:3?43H4I>:<AHI?D
A9Y@4I<>PH:4:64I><N:AC<4B:46:N4PH:4]<@D
3H:6<4z\9X?>T4I>:39B:@C?4B:64]<@?AH6C?T4W?4
B9AW<4:3C\4:6?M<>?@B<4A<@43H43:A>:C?>9<4
[:>@?@B<4z:>>?@<4 9;?66Y@T4@<4A<@C:QD
I6:4:3?4I?>C:R44
1 :4I>:<AHI?4I<>PH:4:@4:3?49@3C9CHA9Y@4
@<4:@AH:@C><4?4;:@C:4PH:43:I?4B:64?3H@C<T4
?Q5@4B:4PH:4:3C5@4A<@3H6C?@B<4?4<3AH>?34
<4?4:3A<@B9B?34?6;H@?34<C>?34;:@C:34B:46?4
(%} T4I>:A93?T4@<4Q:4A?M:4BHB?74z:>J?4
C:>>9M6:T4IH:34:@4PH54C5>Q9@<343:4E?4?4A<@3D
C>H9>4:3C?46:NT4I<>PH:4H@?4A?>?AC:>J3C9A?4B:4
6<34B:>:AW<34AH6CH>?6:34:34PH:46?43<A9:B?B4
:U:>X?46?4B:Z:@3?4B:43H34B:>:AW<34?@C:4:64I<D
B:>T4:@4AH?6PH9:>?4B:43H34:SI>:39<@:37=
“:><49;H?6Q:@C:4@<4E:46HA:34:@4:64]<@D
;>:3<4N4@<4E:439PH9:>?4A6?>9B?B4:@46?34B9>:AD

C>9A:34I?>?46<34Z<><374{HX;?4PH:46<4Q\34I><D
M?M6:4:34PH:4@H:E?Q:@C:43:4B54H@?4A?3A?B?4
B:49B:?34N4:64C:Q<>4:34PH95@4393C:Q?C9X?>\4
C<B?4:3?49@Z<>Q?A9Y@T4PH95@4B:Z9@9>\46H:;<4
6<4I>9<>9C?>9<T46<4H>;:@C:T46<4@:A:3?>9<74~ 416<4
Q\34>9BJAH6<=4?43H4UH9A9<4:346?4I>:C:@39Y@4B:4
?I><M?>46?46:N4I<>PH:41C<B<4C9:@:4PH:43?69>4
:@46?4Z:AW?4B:64)9A:@C:@?>9<=R
1%<34:@A<@C>?Q<343<Q:C9B<34<C>?4E:X4
?46<34C9:QI<34I<6JC9A<3.4@<4?46<34C9:QI<34
>:?6:37423<4:34?M3H>B<74~46<4W?A:@4I<>PH:4
@<4Z?6C?4;:@C:4I?>?4W?A:>4AH?6PH9:>4A<3?T4
I:><439@4BHB?43:>\@46<34>:3I<@3?M6:34B:4
PH:4:3C:4A?<34@<43Y6<4@<43:4>:3H:6E?T439@<4
3:4EH:6E?4A?B?4E:X4I:<>7=
K:AH:>B?4:@C<@A:34PH:46<4QJ@9Q<4PH:4
B:M:4W?A:>4:34B93AHC9>4A<@46?43<A9:B?B46<34
I><N:AC<34B:46:N43:?4:64B:4z\9X?>4<4:64B:64
o:;936?C9E<4<4AH?6PH9:>4<C><T4IH:34:346?4
PH:4Q?@B?T4N4394@<43:4W?A:41@<43:4:3C\4>:D
3<6E9:@B<4@9@;H@?4@:A:39B?B=43<A9?67
8:3B:46?466:;?B?4B:46?4I?@93C?4¿:@9?4
oYI:X4K?M?B\@4?46?4I>:39B:@A9?4B:46?4]<D
Q939Y@4B:4]H6CH>?T43:4?@C9A9IY4PH:439:@D
B<4C?QM95@4I?@93C?4:64;<M9:>@<4Z:B:>?643:4
?I><M?>J?4H@4I><N:AC<4B:46:N4N?4A<@A:>C?D
B<74]<CC<Q4A<9@A9B:4:@4PH:4:34QHN4I><M?D
M6:4PH:4?3J43:?T4I:><4?y?B:4PH:4@<4:343Y6<4
I<>4?AH:>B<34:@C>:4I?@93C?374}3J4A<Q<4:@4:64
\QM9C<4I<6JC9A<4W?N41?69?@X?34:SC>?y?3=T4:@4
:64AH6CH>?64C?QM95@4W?N49@C:>:3:34A<QH@:34N4
:@4:64UH:;<4:@C>?@46<4Q93Q<4:64“K84PH:4:64
“}%T4:64“K4<4AH?6PH9:>4<C><4I?>C9B<7

GKHQ»`\cXUMPVQ

|K»|M[»VM»Ä QNXL MNOQH 

@1243 34EE

Ã

NQ»HM»UN_KJUVKr»GQOOQL

¦‡“¨ –“Ž—‡‡•‡— —Ž¢‡“‡¦—•‡’—Ý
¦’’‘—‘• “•‡³‡Ã “ŽÊ“‡5¾‘ŽÝ
³—‡’— Ž“‡¦“‡³’¦“Ž“ —Ž‘“‡³‡Ã —Ý
¨  —‡·Ž Ê• ‘’—‡“‡ —³“‡¦“‡—ÜŽ“‡
–‘’ Ž‘’“‡³‡¦“‡“Ž ‘• “¡‡—‡‘Ÿ“¦‘³“‡¦“‡õ£‡
即Ž“¦‡•—ÜŽ‡Ã —¨  —•‡£‡—“•‡·ŽÝ 
—¦¢‘’—•¡‡·Ž Ê• ‘’—•‡‡‘• Ž‘’—•¡‡–Ž—Ý
¨ ¦¢“³“‡‡ÛÞß¡‡£‡—‡’Ž“‡œŽ‘•–Ž³Ý
’‘“‡Ž•–’ —‡³‡¦—•‡“Ž Ê’¦—•‡‡í“‡•‘³—‡
’“¦‘‘’“³—•‡’—¨ —‡‘’—• ‘ ’‘—“¦•‡–—Ž‡—‡
–ŽŸŽ‡¦‡³Ž’í—‡³‡“³‘’‘“
·•Ê‡¦—‡ë–¦‘’“‡‡ ŽŸ‘• “‡’—‡• ‡•Ý
¨ ““Ž‘—‡¦‡¨ “• Ž—‡‡³Ž’í—‡’—• ‘ ’‘—Ý
“¦‡£‡“³¨ ‘‘• Ž“ ‘Ÿ—‡£‡•–’‘“¦‘• “‡‡¦¢‘•Ý
¦“’‘‡’¦ Ž“¦‡ð—¦£‡ž—  —¨ ¡‡‘Ÿ• ‘¢“³—Ž‡
³‡¦“‡²‘Ž’’‘‡³‡”• ³‘—•‡‘• Ž‘’—•‡³¦‡
5• ‘  —‡è“’‘—“¦‡³‡· Ž—–—¦—¢Ê“‡‡‘• —Ý
Ž‘“‡65è·7¡‡‘‡–Ž’‘•“‡‡’‘Ž “¨  ‡
퓇í“Ü‘³—‡’“•—•‡‡¦—•‡’“¦•‡³‘’퓇¦£‡•‡
³’¦“Ž‡‘’—• ‘ ’‘—“¦¡‡ç–“Ž“‡¦“‡–“Ž ‡³‡

†È¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

³’¦“Ž“ —Ž‘“•è¡‡–Ž—‡í“‡í“Ü‘³—‡ “¨ ܑ¤‡ŽÝ
•—¦’‘—•‡‡¦‡• ‘³—‡’— Ž“Ž‘—
ۓŽ“‡’Ž“Ž‡ÎŽ‘•–Ž³’‘“‡•ŽÊ“‡’•“Ž‘—‡
•‡³‘’ “Ž“‡’‘’—‡’“•—•‡‘‘ ŽŽ¨ –‘³—•‡’—‡
‘³¤ ‘’“‡Ž•—¦’‘‡ž‘ “‡ —’•‡¦‡’—¨ Ý
‘’“³—‡8Þ¡‡³¦‡ÛB‡³‡“ÜŽ‘¦‡³‡ßææ8¡‡¨ ³‘“Ý
 ‡¦‡’“¦‡¦“‡ –Ž¨ “‡ž—Ž ‡³‡œ• ‘’‘“‡³‡¦“‡
蓒‘‡6 žœè7‡‘—Ž¨ “‡‡¦“‡õ£‡•—ÜŽ‡Ã —Ý
¨  —•‡ç•‡’—• ‘ ’‘—“¦è‡Ž•–’ —‡³‡‡
’“•—‡‡ ‘¦“—¡‡¥““Ν“ —¡‡£‡³• “’“æ
çõ—•‡¨ ‘‘• Ž—•‡³‡¦“‡ÛŽ‘¨ Ž“‡ “¦“‡³¦‡
·¦ —‡ÅŽ‘ܝ“¦‡¢“Ž—‡“•Ê‡‡“¨ –“Ž—‡“‡‡ 
Î—•—‡‡–¦“ “Ü“‡‡³‘’í—‡—Ž³“Ý
¨ ‘ —‡Ž“‡‘’—• ‘ ’‘—“¦¡‡“¦‡—‡–Ž’‘•“Ž‡
’¨ —‡‡–“Ž ‘’¦“Ž‡–—³ŽÊ“‡³³Ž•‡³‡
¦“‡³’¦“Ž“ —Ž‘“‡³‡Ã —¨  —‡‘• Ž‘’—‡³‡
‡‘¨ Ü¦‡³‡•‡–Ž—–‘³“³‡õ—•‡¨ ‘‘•Ý
 Ž—•‡–Ž’‘•“Ž—‡‡•‡‘¢“ܦ‡‡•Ê‡í“£‡
‡¨ ³‘—‡³‡³•“‡’— Ž“‡¦“‡³ Ž¨ ‘“Ý
’‘‡–—Ž‡¦—‡‡³•’í“Ž—‡¦‡“¨ –“Ž—è

”‡—–‘‘‡³¦‡“Ü—¢“³—‡£‡“ Ž—–¦—Ý
¢—¡‡³’‘Ž‡‡¦“‡¦£‡•‡¦“‡£‡–—Ž‡‡³Ý
³“‡¦“‡–Ž¨ “’‘“‡³‡¦“•‡‘• ‘ ’‘—•‡‡
¦“‡“–¦‘’“¡‡‡• ‡’“•—‡¦—•‡‘• ‘  —•‡“Ý
’‘—“¦•‡³‡· Ž—–—¦—¢Ê“‡‡‘• —Ž‘“‡65è·7‡
£‡³‡ð¦¦“•‡·Ž •‡65èð·7¡‡•‡–—Ž‡¦—‡¨ —•‡
‘ŽŽ•–—•“ܦ¡‡–•‡•‘‡Ü‘‡í“£‡–Ž—ܦ¨ “•‡ 
‡³Ü‡Ž•—¦ŸŽ•‡£‡í“‡í“Ü‘³—‡–Ž—–•Ý
 “•‡‡•‡• ‘³—¡‡—‡•‘¢‘‘’“‡¦‡‘‡³‡
 —³“‡“‡ Ž“³‘’‘‡‘• ‘ ’‘—“¦
ێ’‘•“‡‡‡“¢—• —‡³‡Ûò¡‡³Ž“Ý
 ‡¦‡¢—Ü‘Ž—‡³‡ž“Ž¦—•‡ “¦‘“•‡³‡¥—ŽÝ
 “Ž‘¡‡–“Ž“‡’—ŽŽ¢‘Ž‡¦‡Ÿ“’Ê—‡‡ Ê“‡¦“‡õ£‡
³‡Ã —¨  —•‡£‡— Ž—•‡—Ž³“¨ ‘Ý
 —•‡Ž•–’ —‡³¦‡³Ž’í—‡³‡“³‘’‘“¡‡•‡
–Ž—¨ ¦¢‡¦“‡õ£‡å³Ž“¦‡³‡ÛŽ—’³‘¨ ‘Ý
 —‡·³¨ ‘‘• Ž“ ‘Ÿ—¡‡‡³“‡“‡¦—•‡’‘³“³“—•‡
¦¨  —•‡³‡³•“‡·‡¦¦“‡Î• “¨  ‡
“¦³‡¦‡’—¨ ‘’“³—‡³‡¦“‡ žœè
²Ž“ ‡‡ ‘¨ –—¡‡Ž’Ž³“¡‡•‡–¦‡

4º•4‰Ž

–—Ž‡¦“•‡¦£•‡’— Ÿ‘Ž“‡‡•Ê‡¨ ‘•¨ “•‡
¦‡³Ž’í—‡³‡“³‘’‘“¡‡–Ž—‡‘“¦¨  ‡
•‡³ Ž¨ ‘‡£‡“’– ‡‡Ž“‡Ÿï¦‘³“‡’—Ý
¨ —‡¦£‡•–¦ —Ž‘“‡¤• “‡³‡ÛŽ—’³‘¨ ‘ —‡
·³¨ ‘‘• Ž“ ‘Ÿ—
5³‘’“‡‡“‡‡¦‡’“•—‡³‡‡“‡
–“Ž ‡³‡¦“‡¦£‡•‡³’¦“Ž“Ž“‡‘’—• ‘ ’‘—Ý
“¦¡‡—‡•‘¢‘‘’“ŽÊ“‡¦“‡¦‘³“³‡³‡ —³“‡¦“‡³‘•Ý
–—•‘’‘‡ž“³—‡•‡“•Ê‡•‡•ö“¦“‡¦“‡–“Ž ‡
Ÿ‘—¦“ —Ž‘“‡³‡¦“‡ž—• ‘ ’‘‡£‡•‡–Ž—’³‡“‡
•‡Ž—Ž¨ “‡—‡•‡“³‘’‘—“‡¦“‡¦£¡‡ë’¦•‘Ÿ“Ý
¨  ‡‡•“‡–“Ž 
õ¢—‡³‘• ‘¢‡‡¦—•‡’—¦’’‘—‘• “•‡
³‡¦“‡—ÜŽ“‡³‡Ã “ŽÊ“‡5¾‘Ž³—‡–Ž• “Ž—‡
¦‡“¨ –“Ž—‡–“Ž“‡‘Ÿ“¦‘³“Ž‡¦“‡³’¦“Ž“ —Ž‘“‡³‡
à —¨  —‡£‡³¨ “³“Ž‡¦“‡‘’—• ‘ ’‘—Ý
“¦‘³“³‡³‡¦“‡¦£ñ‡¦‡–Ž‘¨ Ž‡ ¤Ž¨ ‘—‡¦—‡¢““Ý
Ž—¡‡–Ž—‡¦‡•¢³—‡•‡•—ÜŽ•£‡·í—Ž“¡‡
³‘’¡‡¦‡5è𷇳Ü‡‘—Ž¨ “Ž‡•‘‡ ‘‡ —³“ŸÊ“‡
“¦¢ê‡Ž’Ž•—‡¦¢“¦‡–“Ž“‡“–¦“Ž‡—‡•‡í“‡’Ý
ŽŽ“³—‡³‘‘ ‘Ÿ“¨  ‡¦‡Î‘’‘—
”¦‡“ Ž—–¦—¢—‡“’¦“Ž“‡ “¨ ܑ¤‡‡¦“‡
¦‘³“³‡‡¦“‡³’¦“Ž“ —Ž‘“‡³‡¦“‡—ÜŽ“‡³‡Ã “Ý
ŽÊ“‡5¾‘Ž³—‡—‡“’ “‡³‡‘¢“‡¨ “Ý
Ž“‡¦“‡³’¦“Ž“ —Ž‘“‡³‡¨ —¨  —‡³‡¦“‡—ÜŽ“‡
³‡— Ž—•‡“Ž ‘• “•¡‡ —³—•‡¦¦—•‡£“‡“¦¦’‘³—•‡
6œ—•¤‡Ã “ŽÊ“‡Œ¦“•’—¡‡ “ Ž‘—‡ŽŽï¡‡¥Ý
Ž“Ž³—‡Ã Ž‘¦¦—‡
åþþã0¡‡œ—•¤‡ž¦¨  ‡§Ž—¾Ý
’—¡‡²‘¢—‡´‘ŸŽ“¡‡²“Ÿ‘³‡·¦“Ž—‡ ‘‘Ž—•¡‡

9@C:>5349@3C9CHA9<@?6R4Q8Y@B:4:3C\4>:?6Q:@D
C:4:649@C:>534I<>4:643HM3:AC<>4AH6CH>?R=
~4@<46:43<>I>:@B:4PH:4@<43Y6<4@<4W?D
N?4H@?49@E:3C9;?A9Y@43<M>:46<4IHM69A?B<T4
39@<4PH:4)\:X4W?N?4A<M9U?B<4?4z?HA:B<T4
@<QM>\@B<6<43H4?3:3<>74“:><46?Q:@C?4PH:4
:3C:4C9I<4B:4?3H@C<34A<@C?Q9@:4?L@4Q\34
6?34AH:3C9<@:34B:4J@B<6:49@3C9CHA9<@?64N43:4
?E?@A:4Q:@<34:@46?43<6HA9Y@4B:46<34I><D
M6:Q?374

„sjàálàl€áäoâsämjál

oH:;<4B:4PH:43:4:AWY4I?>?4?C>\346?4B:A6?>?D
C<>9?4B:4 ?>J?4XPH9:>B<4N43:4IH3<4:@4AH:3D
C9<@?Q9:@C<4C?@C<46?46:;936?A9Y@43<M>:4I?C>9D
Q<@9<4A<Q<4?46<34Q93Q<349@3C9CHC<34%}4
:4%)}T43:4I>:;H@C?4AYQ<4:34I<39M6:4PH:4
6<34>:3I<@3?M6:34B:64Y>;?@<4UH>JB9A<4B:4:3D
C?349@3C9CHA9<@:34@<4A<@<XA?@T4I<>4:6:Q:@D
C?64>9;<>T46<34I><A:B9Q9:@C<34B:4H@4UH9A9<4?3J7
264I><M6:Q?4:34PH:4AH?@B<43:4?@?69D
X?@46<34?3H@C<34@<43:4W?M6?4B:64I><A:B:>4
B:4I:>3<@?34A<@A>:C?34N43:4?AH3?4?46?349@3D
C9CHA9<@:34B:43:>46?34PH:4@<4ZH@A9<@?@74~ 4:64
IH@C<4:34PH:43:4IH:B:4A?:>4:@4UH3C9Z9A?>46<34
B93AH>3<34B:64I<B:>R4
1z94I?>C9AH6?>9X?Q<34N43:y?6?Q<34PH95@4
:3C\4A<Q:C9:@B<46<34:>><>:3T4?NHB?Q<34?46?4
9@3C9CHA9Y@T4394@<T43Y6<4;:@:>?Q<349@A:>C9D
BHQM>:7423<4I:>UHB9A?4:64ZH@A9<@?Q9:@C<4
B:6423C?B<74“<>PH:T4QPH5439;@9Z9A?4:3C<4:@4
C5>Q9@<34B:46?4A>93934B:6423C?B<R4z9;@9Z9A?4

PH:4:6423C?B<4Z>?@A?Q:@C:4:349@A?I?X4B:4
AHQI69>4?AA9<@:34:@4@9@;H@<4B:46<34\QD
M9C<3T46?4A<@C>?IH:3C?4:3R4IH:34?E?@A:Q<34
:@4I>9E?C9X?>4:3C<34>?Q<3T4B:Q<34:@C>?B?4
?49@C:>:3:34I>9E?B<3T4I<>PH:4:6423C?B<4@<4
:34A?I?X7=
8Q?N4:@C<@A:34H@4?M?@B<@<4B:69M:>?B<R
64@<46<4BHB?4H@49@3C?@C:74K:Z9:>:4PH:4
AH?@B<43:4I>:;H@C?4PH54@:A:39B?B4W?N4B:4
A<@E:>C9>4?4]W9AW5@4CX\4<4:<C9WH?A?@4:@4
:3A:@?>9<34QH39A?6:34I?>?4:E:@C<34PH:4@<4
C9:@:@4>:6?A9Y@4A<@43H4@?CH>?6:X?4A<Q<4M9:D
@:34AH6CH>?6:374Q“<>4PH546<34:@A?>;?B<34B:4
A<@A6H9>4:64>:;6?Q:@C<4B:46?4o:N4”:@:>?64B:4
)9:@:34%?A9<@?6:34I?>?4B93C9@;H9>4:64H3<4I?D
>?4?AC9E9B?B:34AJE9A?34N4AH6CH>?6:34@<46<4W?@4
W:AW<R44Q“<>4PH54?4:3C?34?6CH>?34@<4:S93C:4?L@4
:64>:;6?Q:@C<4B:46?46:N4<>;\@9A?4B:64%}4
PH:4B?C?4B:4G"!"$4<4AH?@B<43:4>:QH:E:4B:4
3H34A?>;<34?4ZH@A9<@?>9<34PH:4:3C?M?@4B:3D
:QI:y\@B<3:4:Z9A?XQ:@C:R44~ 43:y?6?R4
1 :4B9;<T4:3C<4@<4IH:B:43:>4A?3H?6T4
@<4IH:B:43:>4?AA9B:@C?6T4:34B:69M:>?B<7774
%<4:3496H3?46?49B:?74o<4PH:4:3C\43HA:B9:@D
B<4A<@46?349@3C9CHA9<@:34AH6CH>?6:34:34I?>?4
B:M969C?>6?3T4I?>?4:E9B:@A9?>4PH:4@<4W?A:@4
@?B?T4PH:4@<4:3C\@4ZH@A9<@?@B<4N4PH:4:34
@:A:3?>9<4<C><4Q<B:6<7=4
}46?4E<X4B:642U:AHC9E<4PH:4?3:;H>?43:4
?A?MY46?4W93C<>9?4<Z9A9?6T43:4W?43HQ?B<4>:D
A9:@C:Q:@C:46?4B:4<C><349@C:6:ACH?6:34A<Q<4
{<>;:4]?3C?y:B?4N45AC<>4};H96?>4]?QJ@T4
<42@>9PH:4¿>?HX:4N4K<;:>4)?>C>?T4PH9:@:34

?+*!--#X%P*0#"&!#%

z:46:4I>:;H@C?4:@C<@A:343949@C:>I>:D
C?>J?4:@4:3:43:@C9B<46?43?69B?4B:64\>:?4
B:4,9@AH6?A9Y@4]H6CH>?64B:64]<@?AH6D
C?4B:4}>CH><4z?HA:B<T4:S?3:3<>4B:64;>HD
I<4I?>6?Q :@C?>9<4B:64“K84:@46?4]<Q 9D
39Y@4B:4]H6CH>?4:@46:;936?CH>?34I?3?B?3T4
I?>?4H@9>3:4?64:PH9I<4B:64I>993C?4}>Q ?@D
B<4)\:X74K:A9:@C:Q :@C:43:4IHM69AY4:@46?4
I>:@3?4PH:4z?HA:B<4I>9E96:;9?M?4A<@41>:D
AH>3<34:C9PH:C?B<3=4I><N:AC<34I:>>:B93D
C?34N4M:@:Z9A9Y4?43H43<A9<4:@46?4I><BHAD
A9Y@4B:4E9B:<3T4]?>6<34{<3:69@<4):A:>>?T4
A<@4>:AH>3<34B:4:3?4B:I:@B:@A9?T4N?439:@D
B<4ZH@A9<@?>9<4B:64]<@?AH6C?7
264?@C><IY6<;<4B:3C?A?4PH:4A?B?4H@<4
B:A9B:4BY@B:4C>?M?U?>4<4@<T4N4B:U?4:@4A6?><4
PH:4@<4A<@<A:46<34I><M6:Q?34A<@4z?HA:D
B<T4I:><4?A:IC?4A<@<A:>413H4?ACH?A9Y@4:@4
C5>Q9@<34B:43H4ZH@A9<@?Q9:@C<4I<6JC9A<T4N4
:@4:3C:4A?3<4:3I:AJZ9A<4A>:<4PH:4C9:@:4QHD
AW?46Y;9A?4I:@3?>4PH:4W?4A?QM9?B<4B:4H@4
\QM9C<4?4<C><4UH3C?Q:@C:4I?>?4<I:>?>4I<6JD
C9A?Q:@C:4H@4I><N:AC<7
123<4B:QH:3C>?46<4PH:46:4?A?M<4B:4B:D
A9>74}PHJ4@<43:4C>?C?4B:4H@4A<6<>4I?>C9B93D
C?T439@<4B:49@C:>:3:34A<QH@:34?4H@4I><N:AD
C<748:3?Z<>CH@?B?Q:@C:46<4PH:4B:M<4B:A9>4
:34PH:4A?B?4E:X43:4I9:>B:4Q\346?4?HC<>9B?B4
Q<>?64I?>?4A<@E<A?>74]H?@B<46?4A<@E<A?C<D
>9?4:349@Q<>?6T4:64>:3H6C?B<4C9:@:4PH:43:>4:64
Q93Q<7423?4:346?4I>:<AHI?A9Y@4ZH@B?Q:@D
C?6R4Q8Y@B:4:3C\@46<34I>9@A9I9<34M\39A<3R4
Q8Y@B:4:649@C:>534@?A9<@?6R4Q8Y@B:4:3C\4:64

³“—‡–“Ž“‡‘ Ž–—Ž‡‡Ž’Ž•—‡³‡“¨ Ý
–“Ž—‡‡¦‡’“•—‡³‡¦“‡³’¦“Ž“ —Ž‘“‡•‡³‡
û懳ʓ•‡Û“•“³—‡•‡ ¤Ž¨ ‘—‡£“‡—‡–Ž—Ý
’³¡‡‘³‘’
ۓŽ“‡’—’¦‘Ž¡‡¦‡¦¢‘• “‡í“’‡ŸŽ‡‡
¦“‡õ£‡•—ÜŽ‡Ã —¨  —•‡—‡“  “‡’—Ý
 Ž“‡¦‡’—¦’’‘—‘•¨ —‡—‡¦‡¨ Ž’“³—‡³¦‡“ŽÝ
 ¡‡•‘¨ –Ž‡‡¤• —•‡•“‡¦¢“¦•‡•‡
–Ž—–•‘ —‡•‡•“¦Ÿ“¢“Ž³“Ž‡¦“‡—ÜŽ“‡³‡ Ž“Ý 
‘’“ •¡‡•““³—Ž•‡£‡³• Ž’’‘‡³¦‘Ý
܍Ž“³“‡ó‡“¢Ž¢“‡‡ë‘• ‡‡¦‡¨ Ý
³—‡Ÿ“Ž‘“•‡¦¢‘•¦“’‘—•‡‡–Ž— ¢‡¦“•‡
³’‘•‘—•‡•—܍Ž““•‡³‡¦—•‡”• “³—•‡³‡
–Ž•ŽŸ“Ž‡“¦¦“•‡—ÜŽ“•‡‡•‡’—•‘³Ý
Ž“‡³‡Ÿ“¦—Ž‡•–Ž¨ —¡‡‡Ü‘’‘—‡³‡•‡
–—ܦ“’‘¡‡³¦‡Ü‘‡’—¨ êæ
çۗŽ‡‡ —³“•‡–“Ž •‡³¦‡¨ ³—‡
¦‡”• “³—‡•‘¨ –Ž‡ ‘‡‡‘ Ž¤•‡•–ŽÝ
¨ —‡–—Ž‡’‘¨ “‡³¦‡‘ Ž¤•‡–Ž‘Ÿ“³—‡ó‡í“£‡
¦‘¨ ‘ “’‘—•‡“‡¦“‡“’ “’‘‡³¦‡”• “³—‡ 
‡“‡Ÿ’•‡•‡‘Ž‡•—ÜŽ–“•“Ž¡‡–Ý
1ç8 
64«E 4 8Š ¬4t7›6uv Ž—‡• “‡¦£‡—‡“  “‡’— Ž“‡¦“‡–Ž—–‘³“³‡
–Ž‘Ÿ“³“¡‡£‡‡• ‡’“•—‡—‡•‡• ï‡ëÝ
厑³“‡?“í¦—‡£‡–“Ž ‡³‡¦“‡—ÜŽ“‡³‡´¨ ³‘—•‡ –Ž—–‘“³—‡“³“¡‡• ï‡¦‘¨ ‘ “³—‡³Ž’í—•‡
Œ“Ž—¡‡–Ž—–‘³“³‡³¦‡Ã •—‡³‡·Ž ‡Ã —³ŽÝ “£‡‡‘ Ž¤•‡–êܦ‘’—‡‡•‡“•–’ —è
õ—‡‡•Ê‡–—‡‡ ¦“‡³‡Î‘’‘—‡¦‡¦¢‘•Ý
—7¡‡–•‡“³¨ ³‡ Ž“ “Ž•‡³‡–Ž—’•—•‡
³‘Ž •¡‡ç•—‡í’í—•‡’—•¨ “³—•¡‡³Ý  “‡•‡¦“‡—Ž¨ “‡‡‡¦—•‡Ž•–—•“ܦ•‡³¦‡
“‡ÎŽÊ³‘’“‡³¦‡5è𷇦¦Ÿ“Ž—‡¦‡’“•—‡³‡
’¦“Ž“ —Ž‘“•‡£“‡ë–³‘³“•è‡í“’‡ ‘¨ –—‡
à “ŽÊ“‡5¾‘Ž³—‡‡
”¦‡ ‘¨ –—‡‡•‡’—’³‡“‡‡’‘³“Ý

†˜

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

GKHQ»`\cXUMPVQ

hGPU
HU
H
MN»MJ»HUHOML K»VM»RPQOMYYUSN

»»»»VM»L QNXL MNOQHir»GKJJMdKH

Ã

AE3034aF`EF423244

¦‡“¦¦—‡—Ü ‘³—‡“‡“Ÿ—Ž‡³‡Ÿ“Ž‘—•‡
’—¦’’‘—‘• “•‡³‡“Ž ‡¨ ë‘’“Ý
—‡6 Ž‡¦¦—•‡·³Ž¤•‡ð¦“‘• ¡‡
à “Ž‘““‡Û¤Ž¾‡·¨ —Ž‡£‡·¦Î“Ý
³Ž—‡5 ŽÜ7‡’— Ž“‡¦“‡³’¦“Ž“ —Ž‘“‡³‡Ã —Ý
¨  —‡·Ž Ê• ‘’—‡³‡ —³“‡¦“‡—ÜŽ“‡–‘’ Ž‘Ý
’“‡³‡¦“‡“Ž ‘• “‡Ã “ŽÊ“‡5¾‘Ž³—‡4³¦‡’“¦‡
•‡³‘—‡— ‘’‘“‡‡• “•‡–“•‡¦“‡•¨ “Ý
“‡–“•“³“4¡‡‡““¦‘¾“³—‡–—Ž‡¦‡³—’Ý
 —Ž‡ž¤•“Ž‡ð³‘’ —‡ž“¦¦Î“•¡‡³‘Ž’ —Ž‡³¦‡
¨ ‘“Ž‘—‡³‡ÛŽ—–‘³“³‡5 ¦’ “¦‡³‡¦“‡
哒¦ “³‡³‡²Ž’í—‡³‡¦“‡‘ŸŽ•‘³“³‡
蓒‘—“¦‡· —¨ “‡³‡Ã ¤ë‘’—‡6è·Ã 7
œ¦‡“¦¦—‡‡’— Ž“‡³‡¦“‡õ£‡å³Ý
Ž“¦‡³‡Ã —¨  —•‡£‡—“•‡·Ž—¦¢‘Ý
’—•¡‡·Ž Ê• ‘’—•‡‡‘• Ž‘’—•‡³‡ÛÞß¡‡–ŽÝ
¨ ‘ ‡“¦‡³—’ —Ž‡ž“¦¦Î“•‡’“¦‘‘’“Ž‡“‡¤• “‡³‡
琓’‘—“¦‘• “è‡Ã ’‘—“‡‡—‡³‡••‡
³’ —•‡•‡‡‡ç—‡¢“Ž“ ‘¾“‡¦—•‡³ŽÝ
’í—•‡³‡¦“•‡–Ž•—“•‡‡–“Ž ‘’¦“Ž¡‡‘Ý
’¦£³—‡“‡¦—•‡’—¦’’‘—‘• “•è¡‡£‡‡ç¦‡
•‘• ¨ “‡‡ ¨ —•‡—‡’—’‘¦‘“‡¦‡³Ý
Ž’í—‡³‡¦“‡•—’‘³“³‡“¦‡“’’•—‡“¦‡“Ž ¡‡£‡
¦‡³Ž’í—‡³‡–Ž—–‘³“³‡³‡¦—•‡–Ž—–‘ “Ý
Ž‘—•‡³‡¦“•‡—ÜŽ“•‡³‡“Ž è
42žï³—‡•‡• “ܦ’‡ÎŽ‘•–Ž³’‘“3
4“£‡ÎŽ‘•–Ž³’‘“‡’“³—‡‡ Ž‘ܝÝ
“¦‡“¦¦“‡‡¦‡¨ ‘•¨ —‡• ‘³—¡‡³‡¨ “Ž“‡
‘‘ ŽŽ¨ –‘³“‡’‘’—‡Ÿ’•¡‡•‘‡‡í“£“‡
‘¢ê‡“¦¦—‡‡’— Ž“‡ž“³—‡• —‡•Ý
’³¡‡¦“‡Ž•—¦’‘‡—Ž¨ “‡’Ž‘ Ž‘—‡–“Ž“‡•‡
 Ž‘ܝ“¦‡£‡–“Ž“‡¦—•‡‘Ž‘—Ž•‡”‡¦‡’“•—‡
³‡¦“‡õ£‡å³Ž“¦‡³‡Ã —¨  —•¡‡ë‘•Ý
 ‡‡ŽŽ—Ž¡‡£“‡‡ Ž“ “‡“‡ —³—•‡¦—•‡¨ —Ý
¨  —•¡‡“Ž—¦¢‘’—•¡‡“Ž Ê• ‘’—•‡‡í‘• Ý
Ž‘’—•¡‡³‡¨ “Ž“‡‘¢“¦¡‡•‘‡³‘• ‘’‘‡Û—Ž‡
¦—‡¨ ‘•¨ —¡‡¦“‡‘’—• ‘ ’‘—“¦‘³“³‡³‡¦—•‡
“Ž Ê’¦—•‡–³‡Ÿ‘’¦“Ž•‡’—‡ —³—‡¦‡–“Ý
 Ž‘¨ —‘—‡£‡¦¦—‡³Ž‘Ÿ“‡‡‡¦‡•‘• ¨ “‡³‡
¨ —¨  —•‡•‡–—‡‡’Ž‘•‘•
ž—‡Ü“•‡‡‡“‡¦£‡•‡¨ ‘ ‡
–“Ž“‡“’‘¦‘ “Ž‡£‡–Ž—¨ —ŸŽ‡¦‡Ü‘• “Ž‡•—Ý
’‘“¦¡‡¦“‡’—• ‘ ’‘‡³‡œŽ‘•–Ž³’‘“‡•‡
³‡¢Ž“‡‘¨ –—Ž “’‘“‡–—Ž¡‡ë–¦‘’“‡ž“Ý
¦¦Î“•¡‡³Ü‘¦‘ “‡•‡’‘—“¨ ‘ —‡£‡’¨ Ý
–¦‘¨ ‘ —‡·¦‡í“܍Ž•‡“¦¦“³—‡¦—•‡’‘’—‡
’“•—•‡³‡“¨ –“Ž—‡“‡“Ÿ—Ž‡–—Ž‡¦“‡õ£‡
³‡Ã —¨  —•¡‡—‡–ŽŸ¤‡¦‡³Ž’í—‡³‡
“³‘’‘“‡‡•ö“¦“‡¦‡“Ž Ê’¦—‡Ûò‡³‡¦“‡
ž—• ‘ ’‘¡‡¦‡ÎŽ‘• “‡³‘’‡‡ç퓣‡“‡
’Ž‘•‘•‡‡¦“‡¦£‡£‡• Ž—‡•‘• ¨ “‡³‡–Ž—Ý
 ’’‘‡•‡³Ü¦‡í“• “‡‡•‡¦‡‘ Ý
¢Ž‡¦‡³Ž’í—‡³‡“³‘’‘“è
·¢Ž¢“‡‡“¦‡³’¦“Ž“Ž‡‘’—• ‘ ’‘—Ý

†™¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

“¦•‡¦—•‡“Ž Ê’¦—•‡Ü¡‡B¡‡Û懣‡Û߇¡‡£‡’‘’—‡
“¨ –“Ž—•‡‡’— Ž“‡³‡¦“‡¦£‡“¦¦“³—•‡“‡“Ý
Ÿ—Ž‡³‡¦—•‡³¨ “³“ •‡6V6 ‰6‡ÛÞÜæ7¡‡
¦“‡¦¢‘•¦“’‘‡’¦ Ž“¦‡³‡Ã ¤ë‘’—‡Ž‘Ž‡
³‡“‡Ž• Ž’ Ž“’‘‡‘’“¾ 
“• “‡“í—Ž“¡‡¦“‡—ÜŽ“‡³’¦“Ž“³“‡Ã —Ý
¨  —‡·Ž Ê• ‘’—‡–Ž ’‡“‡•‘ ‡“ŽÝ
 ‘• “•‡£“‡“¦¦’‘³—•æ‡œ—•¤‡Ã “ŽÊ“‡Œ¦“•’—¡‡
“ Ž‘—‡ŽŽï¡‡¥Ž“Ž³—‡Ã Ž‘¦¦—¡‡²‘¢—‡
´‘ŸŽ“¡‡œ—•¤‡ž¦¨  ‡§Ž—¾’—¡‡²“Ÿ‘³‡·¦Ý 
“Ž—‡ ‘‘Ž—•¡‡åŽ‘³“‡?“í¦—‡£‡¦“‡–Ž—–‘“‡5¾Ý 
‘Ž³—‡ •‡’Ž“’‘—•‡—‡–³‡•“¦‘Ž‡
³¦‡–“Ê•‡•‘‡–Ž¨ ‘•—‡‘‡•Ž‡Ÿ³‘³“•‡‡¦‡
ë Ž“ÎŽ—‡” —’•‡•‡¦‡–Ž¢ “æ
4 ‘‡“¦¢‘‡ ‘‡“‡—ÜŽ“‡³‡åŽ‘³“¡‡
²‘¢—‡—‡’“¦‘Ž“‡³‡• —•‡’Ž“³—Ž•¡‡
2–³‡‘Ÿ—’“Ž‡¦“‡œŽ‘•–Ž³’‘“‡£‡ëÝ
–—Ž “Ž‡–Ž¨ “ ¨  ‡¦“•‡—ÜŽ“•3
4ō¢—‡¨ ‘•‡³³“•‡–—Ž‡—‡•‡–Ý
³‡“–¦‘’“Ž‡¦“‡¦£‡‡–ŽÎ‘’‘—‡³‡–Ž•—“‡
“¦¢“¡‡£‡•‘‡•‡“–¦‘’“‡Ž Ž—•–’ ‘Ÿ“¨  ‡
£“‡í“£‡¨ ’í—•‡³Ž’í—•‡“³‘Ž‘³—•‡õ—•‡
 Ž‘ܝ“¦•‡–³‡í“’Ž¦—‡•‘‡í“£‡‡“ŽÝ
¢¨  —‡“³’“³—
”¦‡“Ü—¢“³—‡‡‘ ŽŽ—¢“³—‡ “¨ Ý
ܑ¤‡•—ÜŽ‡¦“•‡“¦ Ž“’‘—•‡³‡¦—•‡Ý
’‘—“Ž‘—•‡³¦‡5• ‘  —‡è“’‘—“¦‡³‡ðÝ
¦¦“•‡·Ž •‡65èð·7‡’—‡Ž•–’ —‡“¦‡–“¢—‡
—ܦ‘¢“ —Ž‘—‡³‡¦“‡‘“¾“‡‡ ‘‡‡
퓒Ž‡¦—•‡’—¦’’‘—‘• “•‡“¦‡ë–—Ž “Ž‡
 ¨ –—Ž“¦¨  ‡‡¨ —¨  —‡“Ž Ê• ‘Ý
’—‡ž—‡Ü“•‡‡¦“‡‘—Ž¨ “’‘‡³¦‡’—Ý
¦’’‘—‘• “‡·³Ž¤•‡ð¦“‘• ‡£‡³¦‡³‘Ž’Ý
 —Ž‡³¦‡¨ •—‡²—¦—Ž•‡§¦¨ ³—¡‡ž“Ž¦—•‡
Û푦¦‘–•‡§ ¦¨ ³—‡6V6 ‰6‡ÛÜßÞ7¡‡• “‡ 
‘“¾“‡•‡•• ‘ £‡’—‡‡’— Ž“ —‡³‡
’—¨ —³“ —‡‡•‡Ž“¦‘¾“‡’—‡¦‡5è𷇣‡
’—Ÿ‘Ž ‡“‡¦“‡‘• ‘ ’‘‡‡¦“‡Ž•–—Ý
•“ܦ‡³¦‡Ž —Ž—‡³‡¦“•‡–‘¾“•‡ ‘‡•—ŽÝ
–Ž•“¡‡ž“¦¦Î“‡—–‘“æ
çõ“‡¦£‡•‡‘‘’‘ ‡õ“‡“ —Ž‘³“³‡
•“܍‡‡—‡’‘—“¡‡–—Ž‡•—‡í“’‡“¦Ý
 Ž“’‘—•‡”¦‡5è𷇦—‡•“܍‡£‡“•¨ ‡¦‡
Ž‘•¢—‡³‡‡—‡Ž¢Ž•‡¦“‡—ÜŽ“è
ž—¨ —‡’—’¦•‘‡£‡‡ŽŽ’‘“‡“‡¦“‡
’—•ŽŸ“’‘‡³¦‡–“ Ž‘¨ —‘—¡‡¦‡’“ ³ŽïÝ
 ‘’—‡³‡¦“‡è·Ã ‡³‘’æ
ç藇• ï‡Ü‘‡‡—•‡³¨ —•‡•‘‡
–“ Ž‘¨ —‘—‡•¦—‡–—Ž‡í“£‡‡Ÿ‘’‘—‡¦Ý
¢“¦‡—‡“‡¦£‡¨ “¦“‡“£‡‡Ÿ‘’‘—‡‡¦“‡“’Ý
 “’‘‡³‡¦“‡“ —Ž‘³“³‡õ“‡¦£‡—‡ ‘‡
‡¨ “Ž’—‡ÎŽÊ³‘’—‡“–Ž—–‘“³—‡–“Ž“‡“³‘æ‡
‘‡–“Ž“‡¦‡¢—Ü‘Ž—‡‘‡–“Ž“‡¦“‡•—’‘³“³‡‘‡
–“Ž“‡¦—•‡–Ž—–‘ “Ž‘—•臇

4º•4‰Ž
3<3C9:@:@4PH:46?49B:@C9B?B4:34H@46?3C>:74~4
<C><34Q\34PH:4AH:3C9<@?@4:64@?A9<@?693Q<4
A<Q<4?6;<4?@?A>Y@9A<74o<>:@X<4 :N:>4W?4
B9AW<4PH:4:3C<34I6?@C:?Q9:@C<343<@4A<Q<4
1Q?@9Z9:3C<34@:<69M:>?6:3=4I?>?4UH3C9Z9A?>4
:64393C:Q?4;6<M?69X?B<>4N4B:469M>:4Q:>A?B<7
1}3J4:3742S?AC<48B9A:4]<CC<Q874]<@4
C<B<4>:3I:C<4?4PH9:@:34I6?@C:?@4:3?349B:?3T4
6<4I>9Q:><4PH:4B:M:>J?@4W?A:>4:34B:A9>D
@<34PH54:@C9:@B:@4I<>49B:@C9B?B4N4B93AHD
C9>4>:?6Q:@C:43<M>:49B:@C9B?B74%9@;H@?4A<D
QH@9B?BT4@9@;L@43HU:C<T4@9@;H@?43<A9:B?B4
E?4I<>4:64QH@B<4IH6H6?@B<439@4?6;L@4:6:D
Q:@C<49B:@C9C?>9<7423<4A<Q<4IH@C<4B:4I?>D
C9B?4:3C\43<M>:46?4Q:3?7
12@43:;H@B<46H;?>T4A<Q<4B:AJ?4{<D
354,?3A<@A:6<3T4:34QHN4Z\A964B:3B:46<34:3D
A>9C<>9<3T4B:3B:46<34;?M9@:C:34B:A9B9>4PH54
:34N4PH54@<T4I:><4<C>?4A<3?4:34:@Z>:@C?>3:4
?46?4>:?69B?B74 :4;H3C?>J?4PH:4PH9:@:34B9D
A:@4PH:46?49B:@C9B?B4@<439>E:4I?>?4@?B?T4PH:4
3:4W?4I:>B9B<4N4PH:4:64I><M6:Q?4B:4 5S9A<4
:343H4I?3?B<T4@<34B9U:>?@4A<@A>:C?Q:@C:4:@4
PH5742@4:3C:4I>:A93<4Q<Q:@C<4N<46:34B9>J?4
PH:4394?6;<43:4:3C\43<3C:@9:@B<4:346?4I>:3:@D
A9?4B:4 5S9A<4:@4:64QH@B<T4:34I>:A93?Q:@D
C:46?49@:>A9?4B:4QHAW<34B:43H34?3I:AC<34W93D
CY>9A<3T4A<@3C>H9B<34?4ZH:>X?4B:4C>?M?U<T4B:4
6HAW?3T4B:46?43?@;>:4B:4QHAW?4;:@C:4PH:4W?4
A<6<A?B<4?64I?J34:@4H@4@9E:64B:C:>Q9@?B<4:@4
C5>Q9@<34B:49B:@C9B?B7=
}y?B:4:@3:;H9B?4PH:4@<4UHX;?4394:64I?D
3?B<4:34MH:@<4<4Q?6<T4I:><4:349@@:;?M6:46?4
I>:3:@A9?4B:4:6:Q:@C<34PH:4W?@4A<@Z<>Q?B<4
@H:3C><43:>4A<QI6:U<74z943:4I9:>B:46?49B:@C9B?B4
IH:34139QI6:4N43:@A966?Q:@C:4@<34B:A6?>?Q<34
<M>:><34B:64QH@B<T4<M>:><34B:64A?I9C?693Q<T4N4
@<34?E<A?Q<34?4I><BHA9>4Q:>A?@AJ?34I?>?4:64
A<@3HQ<4Z:69X4B:46?4WHQ?@9B?B=7 
?3C?4I:>A9M:4H@?4A<@C>?B9AA9Y@4:@4
:3<34B93AH>3<3T4IH:34I>:;H@C?4I?>?4PH54:@D
C<@A:34I>:<AHI?>3:4I<>46?4>:Z<>Q?4B:6423D
C?B<T46?4>:Z<>Q?4:BHA?C9E?T4:64ZHCH><4B:64
I?J3T43946<34Q:S9A?@<34E?@4?43:>4<M>:><34
B:64QH@B<74K:C?4IH:3T4?4PH9:@:34@9:;?@46?4
9B:@C9B?BT4?49>4?46?34A<QH@9B?B:34?4E:>4394
6?4;:@C:4@<4C9:@:4:6:Q:@C<34B:49B:@C9B?B4
1PH:43<3C9:@:@43H4:3I:>?@X?=7
~4W?M6?@B<4B:4:3I:>?@X?T43:46:4I>:D
;H@C?4Z9@?6Q:@C:4PH54ZHCH><4E936HQM>?4394
3:4?I>H:M?4:64Q?>A<4UH>JB9A<4B:64]<@?AH6D
C?4NT4394M9:@4@<4B:3?I?>:A:@T43:43<Q:C?@4?4
3H34B:39;@9<34:64%}4N4:64%)}74
K:3I<@B:4PH:T4?Z<>CH@?B?Q:@C:T416?4E9D
B?4B:4H@4I?J34:34QHAW<4Q\34PH:4:64ZH@A9<@?D
Q9:@C<4B:6423C?B<T43H346:N:34N43H349@3C9CHA9<D
@:34:@4C5>Q9@<34MH><A>\C9A<3=74} 3JT4A<@ZJ?4@<4
3Y6<4:@46<3413HU:C<34I:@3?@C:3=4PH:4C>?M?U?@4
B:@C><4N4ZH:>?4B:4:3C?349@3C9CHA9<@:34N4PH:4>:D
?AA9<@?>\@74,:4QHAW<34:3I?A9<34B:4B939B:@D
A9?4:@46?43<A9:B?BT4I:>A9M:4C?QM95@4PH:4QHD
AW?346:N:343:4?I>H:M?@4N4B:3IH534@?B?4I?3?74
}WJ4:3C\@4I<>4:U:QI6<46?4o:N4B:6469M><4N46?4
PH:4A<QM?C:4B:4<Z9A9<46?4I9>?C:>J?T4AH?@B<4
53C?439;H:49@E?B9:@B<46?34A?66:37 
?M>\4PH54:3I:>?>4?43:IC9:QM>:4I?>?4
E:>4PH543HA:B:744

XN»
YKQHr
{UJKPȀ MVUNK 

š8ˆ4
7 ›8š

Ä g]UYQ»MN»yxKNTKUf

|K»KPOUHOKf»OPKH»PMYQPPMP»RKHQ»K»RKHQ»JQH»VMHKOUNQH»VM»
JQH»eXNYUQNKPUQH»MNYKPTKVQH»VM»QPTKNU\KP»JK»RKPOUYURKZ
YUSN»VM»Ä g]UYQ»MN»JK»Ã]RQHUYUSN»zNU_MPHKJ»VM»yxKNZ
TKUf»GxUNKf»KYKWK»RQP»PMIPHM»[»OQL KPJQ»YQN»xXL QP^»{MPQ»
HX»»L KJMHOKP»MH»RPQeXNVQ»[»HM»JKL MNOK»VM»cXM»NXMHOPQ»
RKIH»xK[K»ePKYKHKVQ»MN»KJTQ»MN»JQ»cXM»HUML RPM»HM»VMHZ
OKYSf»MN»JK»RKPOUYURKYUSN»YXJOXPKJ»MN»MJ»L XNVQ^

| 

2314 3F32

w

>?4H@4A?66:UY@439@43?69B?=T4
B9A:4“96?>4 :B9@?4?64:SD
I69A?>46?34>?X<@:34I<>46?34
PH:43:4E9<4<M69;?B?4?4A?@D
A:6?>46?34ZH@A9<@:34PH:4C:D
@J?4I><;>?Q?B?34:@46?42SD
I<4zW?@;?94FVGV7
]<@E<A?B?4B:3B:4:64?y<4I?3?B<4I<>46?4
z:A>:C?>J?4B:4K:6?A9<@:342SC:>9<>:34I?>?4
I?>C9A9I?>4:@46?42SI<4zW?@;?94FVGV46<34BJ?34
F"4N4!V4B:4Q?N<4I>YS9Q<T46?4A<>:Y;>?Z?4N4
M?96?>9@?4“96?>4 :B9@?4B:3A>9M:4?4€‚ƒ„…‚4
:64I:>9I6<4B:4B:3<>;?@9X?A9Y@4N4:64A?<34PH:4
3:4E9<4?4<M69;?B?4?4>:A<>>:>4?@C:34B:4C<Q?>4
6?4Q:B9B?4B:Z9@9C9E?4B:4A?@A:6?>46?34ZH@A9<D
@:34B:43H4:3I:AC\AH6<4s^ccgqb`e
1[H:4H@?4I5>B9B?4B:4C9:QI<4Q93:>?M6:74
o?4z:A>:C?>J?4B:4K:6?A9<@:342SC:>9<>:343:4
B:369@B?M?4B:4C<B<7=
]<@4C<B?46?49@Z<>Q?A9Y@43<M>:43H4:3D
I:AC\AH6<488,84A<@4>:;93C><4A<QI6:C<T4
I6?@4B:46HA:3T4B93:y<4:3A:@<;>\Z9A<T4@:A:D
39B?B:34C5A@9A?384:@C>:;?B?4A<@4H@4?y<4B:4
?@C9A9I?A9Y@T4 :B9@?4:QI:XY4?4E9E9>4H@?4
Q?6?4A<Q:B9?4B:4:@>:B<3R46:4Q?@B?><@4
H@?4Z<C<4B:64C:?C><4B<@B:4:3C?>J?4I:><4:>?4
6?4B:4H@?4Q?PH:C?T46:4@:;?><@4:64?I<N<4I?D
>?4C>?@3I<>C?>46?4:3A:@<;>?ZJ?4?64?:><IH:>D
C<T46:43H;9>9:><@4PH:46?4Q:C9:>?4A<Q<4:PH9D
I?U:4N4I?;?>?4:66?4Q93Q?4:643<M>:I:3<7
1264;<M9:>@<4Q:S9A?@<4Q:4A<@E<A?4I?D
>?4>:I>:3:@C?>6<4N46H:;<4Q:4B9A:4PH:466:D
;H:4A9@A<4W<>?34?@C:34B:46?4ZH@A9Y@4?64?:D
><IH:>C<4I?>?4PH:4?>>:;6:4N<4Q93Q?46<4B:4
Q94:3A:@<;>?ZJ?4N4PH:46H:;<4kQ:4>::QM<6D
3?>J?@4:64B9@:><l74“?>?46?34E93?34N<4CHE:4PH:4
9>4?4W?A:>4A<6?4N4N<46?34I?;H5T4A?B?4H@?4B:4
:66?34Q:4A<3CY4V4I:3<37
1~<4I:@354PH:46<49Q I<>C?@C:4:>?4Q <3D
C>?>4Q 94<M>?4ZH:>?T4I:><4A<@4A<@B9A9<@:34

Q J@9Q ?34I?>?4PH:43?6;?4M9:@74?A:4B<34
BJ?34Q ?@B?><@4H@4Q :@3?U:4B:4?66\4B9A9:@D
B<4PH:4C:@J?Q <34H@43<6<4C5A@9A<4N4H@43<D
6<4C>?Q <N93C?74~<466:;?M?4:64F&4B:4Q ?N<4N4
:64Q <@C?U:4:3C?M?4?;:@B?B<4I?>?4:64F"74~4
@<34B?M?@43:934W<>?34I?>?4Q <@C?>6<4C<B<7
1z94B:4H@4E9?U:4?4]H:>@?E?A?466:;?34A<@4
:64AH:>I<4:@CHQ9B<T49Q?;J@?C:46<4PH:43<@4G4
W<>?34B:4EH:6<4N4E:C:4B:49@Q:B9?C<4?64C:?C><4?4
Q<@C?>T4M?96?34N4C:4E?34I<>PH:4@<4W?N4B9@:><4
I?>?4PH:466:;H:34?@C:34N4CH4AH:>I<43:4?B?IC:74
%<4:@C9:@B:@46<4PH:4:346?4B?@X?7=
}B:Q\3T4?4 :B9@?46:4W9A9:><@466:;?>4
H@4A<>>:<4:6:AC>Y@9A<4B<@B:46:49@Z<>Q?D
M?@4PH:46?346\QI?>?34@<43:4I<BJ?@4Q<E:>T4
@<4A<@C?M?@4A<@4cdd^`rN4@<4W?MJ?4B9@:D
><4I?>?4>:@C?>6<34<4A<QI>?>6<34I<>PH:43HD
IH:3C?Q:@C:4 5S9A<4@<4C:@J?4I>:3HIH:3D
C<4I?>?4:66<7
1~<4Q?@B5T4W?A:4H@4?y<T46?4Z9AW?4C5A@9D
A?4A<@4:64B93:y<4B:4:3A:@<;>?ZJ?4>:?69X?B<4
I<>4{<>;:4)?669@?T4:64B93:y<43<@<><4PH:4W9D
X<4{<?PHJ@4oYI:X4]W?IQ?@4N4:64B93:y<4B:4
96HQ9@?A9Y@4B:4,JAC<>4?I?C:><74~<4Q?@B54
:64E9B:<4A<QI6:C<4N4:@45643:4E:4A6?>?Q:@D
C:4AYQ<43:4?C<>@966?46?4:3C>HACH>?4PH:4W9X<4
)?669@?74?A:4?I:@?34B<34BJ?34Q:4?E93?@4
PH:4@<43:4IH:B:4A6?E?>4@94?C<>@966?>4@?B?4
:@4:64C:?C><74264I93<4@<43:4IH:B:4I9@C?>4N4:34
A?Z574~ 4PH:4B:4I6?@<4:34QHN4B9ZJA964AHQI69>4
A<@46?34A<@B9A9<@:34B:46<;J3C9A?4PH:4A<@D
66:E?4:64:3I:AC\AH6<7=
o:4I><IH39:><@4:@C<@A:34E:>4W?3C?4
BY@B:43:4I<BJ?@439QI69Z9A?>46?34A<3?34I?>?4
PH:43:4I>:3:@C?>?46?4<M>?7
1 :4?E93?><@4PH:4@?B?4Q\343:4A<@C?M?4
A<@4H@4I><E::B<>4I?>?46<34:PH9I<34N4PH:4
W?MJ?4I><M6:Q?34A<@4:66<34I<>46<34I>:A9<3T4
6?34Q?>A?34N4Q<B:6<374@393C9:><@4:@4PH:46?4
6<;J3C9A?4:>?4QHN4A<QI69A?B?4N46<34C9:QD
I<34B:4Q<@C?U:4QHN4A<>C<37=
~4:@C<@A:34 :B9@?43:4W?>CY7

]<@4H@?46?>;?4C>?N:AC<>9?4:@4:64Q:B9<4
?>CJ3C9A<4Q:S9A?@<T4“96?>4 :B9@?43:44:BHD
AY4:@4QL6C9I6:34;5@:><34B:46?4B?@X?T4B:3B:4
6?4A6\39A?4N4I<IH6?>4:3I?y<6?4N4Z6?Q:@A?T4
N4:@4B9E:>3?34C5A@9A?34A<Q<46?4B:4 ?>CW?4
”>?W?Q4N46?4:SI>:39Y@4A<>I<>?64A<@42HD
;:@9<4)?>M?74}B:Q\34W?49@AH>39<@?B<4:@4
A9@:4N4C:?C><4:@4:64C:>>:@<4?AC<>?674zH4:SD
I:>9:@A9?4:@4Z:3C9E?6:34@?A9<@?6:34:49@C:>D
@?A9<@?6:34C?QM95@4:34I><ZH3?7
89A:4?4€‚ƒ„…‚÷
1~<4@<4E<N4?4CH>93C:?>4?4]W9@?74,<N4
?4Q <3C>?>4H@4:3I:AC\AH6<43:>9<4N4I><ZH@D
B<4:@4:3C:4Q <Q :@C<4PH:4@<34W?4C<A?B<4
E9E9>74z94@<43:4IH:B:4:3C\4M9:@T4I:><4:34
H@?4I:@?4PH:4Q :4W?;?@4I:>B:>4:64C9:Q I<4
B:4:3?4Q ?@:>?74?3C?4:3C?34?6CH>?34@<4C:@D
;<4H@?43<6?4A?>C?4<Z9A9?64B:4Q 943?69B?4B:64
?:><IH:>C<74~<4N?4W:4:3C?B<4:@4Z:3C9E?6:34
;>?@B:3T4@<4IH:B:34:@C>?>4A<@4CH34A<3?34394
@<466:E?346<34B<AHQ :@C<34A<>>:3I<@B9:@D
C:34N4Q :@<34?W<>?4A<Q <43:4B?@46?34A<3?34
:@4:64Q H@B<7
1%:A:39C?M?4C:@:>4:64@<QM>:4B:46?4?HD
C<>9B?B4A<@3H6?>4PH:4Q:49M?4?4>:A9M9>4N46?4
z:A>:C?>J?4B:4K:6?A9<@:342SC:>9<>:34@<43:4
W9X<4A?>;<4B:4@?B?74oH934o:B:3Q?T4:@A?>D
;?B<4B:4>:3<6E:>4@H:3C>?34@:A:39B?B:3T4@<4
W9X<4@?B?4I?>?4?NHB?>@<37=
~43:@C:@A9?R
123C<4W?439B<4H@?4I5>B9B?4B:4C9:QD
I<4Q93:>?M6:74~4B?@4H@?34;?@?34C>:Q:@D
B?34B:4B:A9>4N?4M?3C?74%<4W?N4H@4>:3I:C<T4
H@4<MU:C9E<T4H@?4A<@A:@C>?A9Y@43<M>:46<34
I><N:AC<374]?@A:65439QI6:Q:@C:T4@<4IH:D
B<4?>>9:3;?>4Q94C>?M?U<4@94?4Q94:PH9I<4?@D
C:4C?@C<4A?<37=
}64Z9@?6466:;Y4H@4A<>>:<4B:4K@;:64}@D
A<@?4B9A9:@B<4PH:41C<B<4IHB<4W?M:>4:3C?D
B<4Q:U<>7774~ 4W?3C?46?43:Q?@?4I?3?B?4:3C?M?4
3<>I>:@B9B<4B:4PH:466:E?>?4:3A:@<;>?ZJ?=7 
@A6H3<42BH?>B<48<@UH?@T4A<<>B9@?D
†Ç

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

A
ˆ 494ˆ4V8Š6

4º•4‰Ž

B<>4B:4I><BHAA9Y@4B:46?4?;:@B?4AH6CH>?64
B:4 5S9A<4:@46?42SI<DzW?@;?94Q?@BY4H@?4
?;:@B?4A<@4Z:AW?34:PH9E<A?B?34I:@3?@B<4
PH:4:64:E:@C<43:>J?4I?>?4UH@9<7
K@;:64}@A<@?4C>?M?U?4I?>?4“><4 5S9D
A<T49@3C9CHA9Y@4;HM:>@?Q:@C?64PH:4C9:@:4:64
<MU:C9E<4B:41I6?@:?>T4A<<>B9@?>4N4:U:AHC?>4
6?4:3C>?C:;9?4I?>?4?C>?:>49@E:>39Y@4:SC>?@U:D
>?4B9>:AC?T49QIH63?>46?4:SI<>C?A9Y@4B:4I><D
BHAC<34Q:S9A?@<34N4I><Q<E:>46?49@C:>@?D
A9<@?69X?A9Y@4B:46?34:QI>:3?34Q:S9A?@?34
I?>?4A<@C>9MH9>4?64B:3?>><66<4:A<@YQ9A<4N4
3<A9?64B:4 5S9A<7=

“><4 5S9A<4:34B9>9;9B<4I<>4)>H@<4[:D
>>?>94”?>A9?4B:4}6M?T4PH9:@4AH>3Y469A:@D
A9?CH>?4:@46?423AH:6?4o9M>:4B:48:>:AW<4
B:4 5S9A<4A<@4Q :@A9Y@4W<@<>JZ9A?T4N469D
A:@A9?CH>?4N4B<AC<>?B<4:@4B:>:AW<4A?@YD
@9A<4:@4:64]:@C><4}A?B5Q 9A<4K<Q ?@<4
B:46?4z?@C?4]>HX4:@4K<Q ?T4C?69?74}B:D
Q \34:3CHB9Y4H@?4Q ?:3C>J?4:@4A9:@A9?34B:64
Q ?C>9Q <@9<4N46?4Z?Q 969?4:@46?4“<@C9Z9A9?4
(@9E:>39B?B4o?C:>?@:@3:T4:@4K<Q ?74 
?QM95@4W?4C<Q?B<4AH>3<34:@46?423AH:D
6?4B:4%:;<A9<34B:46?4(@9E:>39B?B4B:4 JAW9D
;?@T46?423AH:6?4B:4%:;<A9<34¿:66<;T46?4(@9D

(+"S8*10"ZSJ ! x!*#0"#J 0>!"\-+J

ÃzÅGzz{f»yÃz^Z»è“’‘³—‡‡žÝ
ܓ¡‡¦‡³“¾‡•‡¦‡Ü“‘¦‡–—–¦“Ž‡
¨ ‘¨ –—Ž “ ‡³‡Ã ¤ë‘’—‡è—‡í“£‡
‡•—¦—‡• “³—‡³¦‡–“Ê•‡³—³‡—‡•‡
–Ž“’ ‘‡£‡••‡“‘’‘—“³—•‡“¨  “‡ë–—Ý
’‘“¦¨  ‡³Ê“‡“‡³Ê“
”•‡ “ “‡¦“‡Ÿí¨ ’‘“‡–—Ž‡Ü“‘¦“Ž¦—‡£‡–—Ž‡
•¢‘Ž‡’—‡’‘³“³—‡••‡Ž¨ “ •¡‡‡’‘ —•‡
³‡–Ž•—“•‡•‡Ž‘Ž—‡‡• ‡–Ž —‡–“Ý
Ž“‡¦¦Ÿ“Ž‡“‡’“Ü—‡”¦‡|}~}þéîåúý þ
êÿ4îÿä1þäÿþä0þ
úäåã—‡¦—•‡¨ Î—Ž•‡Ü“‘¦“³—Ž•‡³‡³¦¢“Ý
’‘—•‡–Ž ’‘ •‡“‡ß߇• “³—•
§Ž¢“‘¾“³—‡–—Ž‡¦‡ž Ž—‡è“’‘—“¦‡³‡5Ÿ•Ý
 ‘¢“’‘‡£‡²‘•‘‡³¦‡²“¾¡‡·ž‡6žè5²²·ž7¡‡
“’‘³—‡“‡–“Ž ‘Ž‡³‡¦“‡“¢Ž–“’‘‡ÅŽ•‡¥Ž“’‘—Ý
•‡³‡²“¾‡£‡³‘Ž‘¢‘³—‡–—Ž‡Ã ‘¢¦‡±¢¦‡“Ý
¨ ³‘—‡·Ü³“¦“‡³•³‡¦“‡¨ Ž ‡³‡•‡¨ “³Ž¡‡¦“‡
¢Ž“‡³“¾—Ž“‡´—•“‡·Ü³“¦“¡‡¦‡•–’ ï’¦—‡
•‡ê‘’—‡‡•‡¢¤Ž—‡£‡’—•‘• ‘¡‡‡• “‡—’“Ý
•‘¡‡‡‡¨ “Ž“ ‡³‡“’ ‘Ÿ‘³“³•æ‡’“ Ž—‡Ü“‘Ý

’¦ Ž“¦‡³‡¦—•‡ŸŽ“’Ž¾“—•¡‡“–—£“Ž‡¦“‡’Ž“ ‘Ÿ‘Ý
³“³‡£‡³‘ŸŽ•‘³“³‡–Ž—–‘“•¡‡“’‘¦‘ “Ž‡¦‡‘ Ž’“¨ ܑ—‡
Ž•– —•—‡£‡’—• Ž’ ‘Ÿ—¡‡‡’— Ž‘ܝ£“‡ “ —‡
“‡¦“‡’—Ÿ‘Ÿ’‘“‡’‘Ÿ‘¦‘¾“³“‡£‡–“’Ê‘’“‡’—¨ —‡“‡¦“‡
Ž“¦‘¾“’‘‡‘³‘Ÿ‘³“¦‡£‡’—¦’ ‘Ÿ“¡‡–“Ž“‡Ÿ“¦—Ž“Ž‡¦“•‡
ë–Ž•‘—•‡’¦ Ž“¦•‡³‡— Ž—•‡–Ü¦—•
緕‘¨ ‘•¨ —¡‡“–Ž—Ÿ’í“Ž‡¦“•‡–— ’‘“¦‘³“Ý
³•‡‡¦‡Ÿ“• —‡–“ Ž‘¨ —‘—‡’¦ Ž“¦‡³‡ŒŽ“Ý
’Ž¾‡—Ž’‡–“Ž“‡¦“‡Ž“’ ‘Ÿ“’‘‡’—¨ ‘’“¡‡¦“‡
’Ž“’‘‡³‡¨ –¦—•‡£‡¦‡’—¨ ܓ ‡“‡¦“‡–—ÜŽÝ
¾“¡‡“‡–“Ž ‘Ž‡³‡–Ž—£’ —•‡³‡Ž’Ž“’‘‡£‡³‘Ý
•‘‡“Ž Ê• ‘’“è
󇓢Ž¢“æ
甦‡³“¾¡‡’“•‘‡“‡¦“‡–“Ž‡³‡•‡“’‘¨ ‘ —‡
‡žÜ“¡‡í“’‡Ûû懓ö—•¡‡¦¦¢‡“‡ ‘ŽŽ“•‡¨ ë‘Ý
’““•¡‡•‘³—‡ŒŽ“’Ž¾‡¦‡¦¢“Ž‡³—³‡’—¨ Ý
¾‡“‡ —¨ “Ž‡’“Ž“’ ŽÊ• ‘’“•‡ — “¦¨  ‡–—–¦“Ý
Ž•‡¢Ž“’‘“•‡“‡•‡ŽÊ ¨ ‘’“‡“Ž‘’““‡6¦‡’‘‘¦¦—7
甐‡ŒŽ“’Ž¾¡‡–Ž —¡‡•‡’—¨ ¾‡“‡³“Ž‡•‡
–Ž—’•—‡³‡ Ž“•’¦ Ž“’‘‡¨ ³‘“ ‡¦‡’“¦‡¦‡
³“¾‡‡Ÿ—¦Ÿ‘¤³—•‡’“³“‡Ÿ¾‡¨ ¨ ë‘’“Ý
—¡‡¢Ž“’‘“•‡“‡¦“‡—Ž¨ “’‘‡³‡“¢Ž–“’‘—•‡‡
Î’ “Ü“‡³“¾—•‡³‡¨ “Ž“‡¨ £‡–’¦‘“Ž¡‡“‡
¦“•‡’“¦•‡•‡¦•‡¦¦“¨ ‡’—‡¦‡ ¤Ž¨ ‘—‡³þ
êÿ4îì
ÿäåêþ4ë–Ž•‘‡‡•‘¢‡Ÿ‘¢ 
甦‡³“¾‡•‡‡¦¨  —‡Ÿ‘Ÿ—‡³‡¦“‡’¦ Ý
Ž“‡–—–¦“Ž‡³‡ŒŽ“’Ž¾¡‡“‡³‘Ž’‘“‡³‡žÜ“¡‡
‡³—³‡“‡• “•‡“¦ Ž“•‡¦‡³“¾‡•‡–“Ž ‡³‡
¦“‡¦“Ü—Ž‡’¦ Ž“¦‡³‡Ž•’“ ‡³‡¦“•‡ Ž“³‘’‘—•‡
”‡Ã ¤ë‘’—‡•‡³—³‡• ‡¢¤Ž—‡Ÿ‘Ÿ‡£‡• ï‡
ë–Ž‘¨  “³—‡‡Ž“’‘¨ ‘ —¡‡’—‡ŒŽ“’Ž¾‡
“‡¦“‡’“܍¾“è
¦•‡³‡¢“¦“‡’—‡³“¾—Ž“•‡’—¨ —‡¦“‡³‡·’Ž‘Ý
ۗŽ‡‡ŒŽ“’Ž¾¡‡“‘Ž¨ “‡“¨ ³‘—¡‡ç¢Ž“Ý
“¡‡²‘¨ “•¡‡õ“‡Û¦“£“‡£‡ÅŽ•‡¥Ž“’‘—•ñ‡‡
’‘“•‡“¦‡“’‘¨ ‘ —‡³‡¦—•‡’¦Ü•‡³‡³“¾‡£‡¦“‡
’—’‘Ž —‡³‡Î“¾¾‡“‡–“Ž ‘Ž‡³¦‡³“¾ñ‡’—ŽÝ ‘¢Ž“‡’“³“‡Ÿ¾‡¨ ‘¨ –—Ž “ ‡³¦‡–Ž—¨ — —Ž‡
’‘“•¡‡’Ž•—•‡£‡¦“‡ Ž¢“‡³‡‡Ž’——’‘¨ ‘ —‡“‡ ’¦ Ž“¦¡‡¦‡³“¾‡•‡í“‡’—ŸŽ ‘³—‡‡“‡–ŽÝ
¦“‡’‘“• “‡Ã “ŽÊ“‡è—Ÿ“Ž—¡‡Ž“¦‘¾“³—Ž“‡³‡¦“‡’‘ “‡ •’‘“‡’— ‘³‘““‡‡Ü“‡–“Ž ‡³‡¦“‡Ÿ‘³“‡’¦Ý

êÿ40ÿ‡6ÛÛ7‡‡–Ž— “¢—‘¾‡Ã “ŽÊ“‡´—Η
 Ž“¦è¡‡‡¦—‡’“¦‡•‡í“‡¦—¢Ž“³—‡çÜ’“¨  ‡’“¨ Ý
ۓŽ“‡“¨ ³‘—‡¦‡¤ë‘ —‡—Ü ‘³—‡•‡“ Ž“¦¡‡ ܑ“³—‡¦“•‡¨ “Ž“•‡•—’‘“¦•‡³‡³‘• Ž‘ܝ’‘‡³‡
•‘ ‡“¦‡³“¾‡’—¨ —‡•£—‡£‡–—Ž‡¦¦—‡í“‡³Ý
¦—•‡Ü‘•‡’¦ Ž“¦•è
’‘³‘³—‡–Ž—–—Ž‡“‡‘‘’‘“ ‘Ÿ“‡–“Ž“‡‡¦‡Ü“‘Ý
󇎍¨ “ “æ
¦‡•“‡³’¦“Ž“³—‡Û“ Ž‘¨ —‘—‡ž¦ Ž“¦‡³¦‡”• “Ý
甦‡³“¾¡‡’—¨ —‡–“ Ž‘¨ —‘—‡’¦ Ž“¦‡‘¨ “Ý
³—‡³‡ŒŽ“’Ž¾
 Ž‘“¦¡‡•‡ Ž“•¨ ‘ ‡³‡¢Ž“’‘‡‡¢Ž“’‘¡‡
•‡Ž’Ž“³—‡’—• “ ¨  ‡–—Ž‡¦“•‡’—¨ ‘³“Ý
³•‡£‡¢Ž–—•‡‡’‘‡³‡•‡ —Ž—¡‡•‡‘Ý
 Ž“’’‘‡’—‡¦“‡“ Ž“¦¾“‡£‡•‡í‘• —Ž‘“‡”‡¦—•‡
¢ê‡³—’¨  —•‡ Ž¢“³—•‡–—Ž‡“¨ ³‘—‡
¢Ž–—•‡‘³‡‡• ‘¨ ‘ —‡³‡‘³ ‘³“³‡£‡
“‡V6 ‰6‡¦‡Û¦“‡ŒŽ“’Ž¾“—‡³‡²•“ŽŽ—¦¦—‡
³‡’—¨ ‘³“³‡ÛŽ—¨ Ÿ‡¦‡Ž•– —‡³‡¦“‡³‘ŸŽÝ
ßææÜÝßæÛ懍• “ܦ’‡’—¨ —‡‡¦‘“¨ ‘ —‡•Ý
•‘³“³‡’¦ Ž“¦‡£‡¦“‡’Ž“ ‘Ÿ‘³“³‡í¨ ““‡ž¨ –¦‡
 Ž“ ¤¢‘’—‡‡¨ “ Ž‘“‡³‡”³’“’‘¡‡ž¦ Ž“¡‡´Ý ¦—•‡‘¨ –Ž“ ‘Ÿ—•‡³‡Ž•– —‡¨  —‡ Ž‡¦“•‡’—Ý
’Ž“’‘‡£‡²–—Ž ‡ç¦‡–Ž•ŽŸ“Ž‡¦“•‡ë–Ž•‘—Ý
¨ ‘³“³•¡‡¢Ž–—•‡‡‘³‘Ÿ‘³—•¡‡£‡³‡³•“ŽŽ—Ý
•‡‡’“Ž“’ Ž‘¾“‡£‡’——Ž¨ “‡¦“‡‘³ ‘³“³‡ ¦¦—‡•—• ‘ܦ臇

{PQRQNMN»KJ»VKN\SN»YQL Q

{KOPUL QNUQ 
2314 3F32

GXJOXPKJ»VM»yMPKYPX\

y

†©¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

…j€âàâãâj€âpj

E:>39B?B4B:4zC?@Z<>BT46?423AH:6?4B:4%:;<A9<34
B:4?>E?>BT4:64@3:?B4N4W:4S W?>C<@4zAW<<67
264@<QM>:4B:46?4?AC9E9B?B4:@46?4AH?64I?>D
C9A9I?>J?46?4M?96?>9@?4N4A<>:Y;>?Z?4:342@AH:@D
C><4@C:>@?A9<@?64B:4]H6CH>?34B:64“:@3?Q9:@D
C<T416?4:SI<39A9Y@4Q\34;>?@B:4PH:43:4W?N?4
W:AW<4:@46?4W93C<>9?4B:46?4WHQ?@9B?B=T4B9A:7
~43:46?Q:@C?R
1“<>4@:;69;:@A9?4B:4I?>C:4B:46<34:@A?>D
;?B<34B:46?4<>;?@9X?A9Y@43:4I9:>B:4H@?4E:X4
Q\346?4A?I?A9B?B4B:4Q<3C>?>4:64?>C:4PH:43:4
W?A:4?PHJT439:@B<4PH:43<Q<34H@4I?J34PH:4394
?6;<4C9:@:4M9:@4:34:3<7=44

„m€ä

”‡¦“‡•’“‡‘ Ž“’‘—“¦‡
³¦‡“Ž ‡’— ¨ –—Žï—¡‡“¦Ý
¢—•‡’—¦’’‘—‘• “•‡í“‡•‘³—‡
’“–“’•‡³‡³ —“Ž‡¦“‡’—•Ý
Ñà€àäpl€ãloäããâlàân‚ l€  Ž’’‘‡³‡íŽ’‘“•‡’¦ Ž“¦•‡
³‡¢Ž“‡‘„‡’‘“‡” Ž‡¦¦—•¡‡
áäo€jm€ä€‚ äƒâãjàl
¦‡–Ü¦‘’‘• “‡ží“Ž¦•‡ ““ ’í‘¡‡ 
‘¡‡“‡–Ž‘’‘–‘—•‡³‡¦“‡³¤Ý
AE3034aF`EF4
’“³“‡³‡¦—•‡“ö—•‡—Ÿ “¡‡“¦‡ 
23244
“–—£“Ž‡¦‡–—•‘’‘—“¨ ‘ —‡³‡
¦‡“¦¦—‡“‡“Ÿ—Ž‡³‡·³Ž¤•‡ ¦—•‡¦¢“΍•‡–—• ’—’– “¦•‡
𦓑• ‡£‡— Ž—•‡’—¦’’‘—Ý ³¦‡¢Ž–—‡‡“í—Ž“‡•‡’——’‡
‘• “•‡³‡“Ž ‡¨ ë‘’“—‡ ’—¨ —‡¦—•‡œŸ•‡·Ž ‘• “•‡ðŽ‘Ý 
‡•‡“¨ –“Ž“Ž—‡’— Ž“‡¦“‡²Ý  ï‘’—•‡4󗝐¢‡ðŽ‘ ‘•í‡·Ž ‘• •‡
6óð·•7¡‡ Ž‡¦—•‡‡•‡’ “‡
’¦“Ž“ —Ž‘“‡³‡ —³“‡¦“‡—ÜŽ“‡–‘’Ý
 Ž‘’“‡³‡Ã “ŽÊ“‡5¾‘Ž³—‡’—¨ —‡ “‡²“¨ ‘‡‘Ž• 4¡‡¦—¢Ž‡—‡•¦—‡
à —¨  —‡·Ž Ê• ‘’—‡6V6 ‰6‡ ³ú‡‘Ž‡¦“•‡ ³’‘“•‡’Ž“ ‘Ÿ“•‡
£‡’—¨ Ž’‘“¦•‡³¦‡ý êâÿ1ãåäêý ‡
ÛÞÜæ7¡‡¢Ž“‡“‡’—£ Ž“‡
•‘—‡ “¨ ܑ¤‡’—ŸŽ ‘Ž‡“‡õ—Ý
¨ £‡–—•‘ ‘Ÿ“‡–“Ž“‡Ž• Ž’ Ý
³Ž•‡‡—‡³‡¦—•‡–Ž‘’‘–“¦•‡
Ž“Ž‡¦“‡Ž¦“’‘‡‡ë‘• ‡‡
à ¤ë‘’—‡ Ž‡¦“‡“³¨ ‘‘• Ž“’‘‡ ’ Ž—•‡³‡¦“‡’“Ž —¢Ž“ʓ‡“Ž Ê• ‘Ý
’“‡“’ “¦
¢ÜŽ“¨  “¦¡‡¦“•‡–—¦Ê ‘’“•‡
·‡–•“Ž‡³‡¦“‡‘¨ –—Ž “’‘“‡
’¦ Ž“¦•‡£‡¦‡¨ Ž’“³—‡³¦‡“Ž ‡ 
‡ ‘‡¦—•‡’—¦’’‘—‘• “•‡‡
¨ —³Ž—‡£‡’— ¨ –—Žï—
¦“‡’“³“‡³‡Ÿ“¦—Ž‡³¦‡•‘• ¨ “‡
”•’‘“¦•‡£‡³‡¢Ž“‡ ‘¦‘Ý
“Ž Ê• ‘’—¡‡‡Ã ¤ë‘’—‡—‡ë‘• ‡
³“³‡‡¦‡³Ÿ‘Ž‡³¦‡•‘• ¨ “‡
“Ž Ê• ‘’—¡‡¦—•‡’—¦’’‘—‘• “•‡ ‘Ý “‡• Ž’ Ž“‡¦¢“¦‡‡—¨ Ý
‡¦“‡’“–“’‘³“³‡³‡‘¨ –“’ “Ž‡  ‡•‡“’ ‘Ÿ‘³“³‡£‡Ž¢¦‡•‡’—Ý
‡¦‡Ü‘• “Ž‡’—¨ ‘’—‡³‡ —–Ž“’‘‡’—‡¦“‡“³¨ ‘‘• Ž“’‘‡
¢ÜŽ“¨  “¦‡²‘Ÿ‘³‘³—‡‡³—•‡
¦—•‡’Ž“³—Ž•ñ‡‡¦“‡Ž’–Ž“Ý
¨ —³¦—•‡–—Ž‡¦‡‘¨ –“’ —‡³‡¦“‡
’‘¡‡’—•ŽŸ“’‘‡£‡³‘•‘‡
³¦‡–“ Ž‘¨ —‘—ñ‡‡¦“‡’—• Ž’Ý õ£‡å³Ž“¦‡³‡Ã —¨  —•‡£‡ 
—“•‡·Ž—¦¢‘’—•¡‡·Ž Ê• ‘’—•‡
’‘‡³¦‡Ÿ“¦—Ž‡¦¢‘ ‘¨ “ —Ž‘—‡£‡
’—¨ Ž’‘“¦‡³¦‡“Ž ñ‡£‡‡¦“‡³ú‡Ý ‡‘• Ž‘’—•¡‡¦‡’—¦’’‘—‘•¨ —‡
‘’‘‡³‡¦“‡‘¨ “¢Ý¨ “Ž’“‡³‡ ³¦‡“Ž ‡¨ —³Ž—‡•‡¨ “ ‘‡
 Ž‡³•–Ž’‘—•‡‘• ‘ ’‘—“¦•‡
“‡’‘³“³‡—‡–“Ê•

|

ÃJ»TPKN»PMOQ»VM 

šˆ 7 9Š 

£‡—ܦ‘¢“’‘—•‡¦¢“¦•¡‡¨ ‘Ý
 Ž“•‡¦‡’—¦’’‘—‘•¨ —‡³¦‡“Ž ‡
’— ¨ –—Žï—‡¢—¾“‡ “ —‡³‡
¦“‡“³¨ ‘Ž“’‘‡•—’‘“¦‡’—¨ —‡³¦‡
“–—£—‡¨ •Ê• ‘’—‡¢ÜŽ“¨ Ý
 “¦‡²‘Ž’‘“‡¦“¨  “ܦ¡‡•—ÜŽ‡
 —³—‡–—Ž‡¨ ‘ Ž“•‡¦‡–Ž‘¨ Ž—‡
퓇—– “³—‡–—Ž‡¦‡Ž‘•¢—‡³¦‡í“Ý
¦¦“¾¢—‡£‡•‡í“‡•–’‘“¦‘¾“³—‡‡
¦‡“Ž ‡¨ ë‘’“—¡‡¦‡•¢³—‡•‡
’“Ž“’ Ž‘¾“‡–—Ž‡¦“‡“’¨ ¦“’‘‡
³‡ú‡Ž¨ “•‡‘ Ž“’‘—“¦•‡³‡’—Ý
 ‘¾“’‘‡•¢Ž“
”‡• ‡’— ë —¡‡¦‡“¨ –“Ž—‡ 
‡¢“‡—‡³‡¦—•‡–Ž‘’‘–“Ý
¦•‡’—¦’’‘—‘• “•‡³‡“Ž ‡¨ —Ý
³Ž—‡¨ ë‘’“—¡‡Ž•’“ “³—Ž‡³‡
“ —Ž•‡’—¨ —‡·¦—•—‡Ã ‘’퍦‡£‡
à “ŽÊ“‡5¾‘Ž³—¡‡£‡³‘Ÿ¦¢“³—Ž‡³‡
¦“‡’Ž“’‘‡“’‘—“¦‡“‡ Ž“Ÿ¤•‡³‡

–Ž¤• “¨ —•‡‘ Ž“’‘—“¦•‡£‡³¦‡
¨ –¦“¾“¨ ‘ —‡–Ž¨ “ ‡³‡
•‡“’ŽŸ—‡‡¦‡ž Ž—‡ž¦ Ž“¦‡ 
‘ŸŽ•‘ “Ž‘—‡Å¦“ ¦—¦’—¡‡¢Ž“‡
‡“¨ ܑ ‡–Ž—–‘’‘—‡–“Ž“‡ŽÝ
• Ž’ Ž“Ž‡£‡—Ž³“Ž‡¦“‡Ž¦“’‘‡ 
‡ë‘• ‡ Ž‡¦‡’—¦’’‘—‘•Ý
¨ —‡£‡¦“•‡–—¦Ê ‘’“•‡’¦ Ž“¦•
—¦’‘—“Ž‡¦“‡Ž¢¦“¨  “Ý
’‘‡‘’—• ‘ ’‘—“¦‡³‡¦“‡–Ž—Ý
–‘³“³‡–Ž‘Ÿ“³“¡‡³‘•ö“Ž‡“‡
¦¢‘•¦“’‘‡“’—Ž³‡’—‡¦“‡’‘ŽÝ
’¦“’‘‡‡ë‘¢‡¦‡•‘• ¨ “‡
“Ž Ê• ‘’—‡¢¦—Ü“¦¡‡—Ž¨ “Ž‡¦“•‡’—Ý
¦“Ü—Ž“’‘—•‡ Ž‡’—¦’’‘—Ý
‘• “•‡£‡¨ •—•¡‡£‡—¨  “Ž‡¦“‡
 Ž“•–“Ž’‘“‡³¦‡’—¦’’‘—‘•Ý
¨ —‡¨ ë‘’“—‡•—‡“¦¢—•‡“•Ý
–’ —•‡‡³Ü‡³ú‡‘Ž¦—‡‡¦‡
 ŽŽ—‡“Ž Ê• ‘’—‡³‡í—£‡‡

yXHKNK»aKPR
y 
A4V0

…†‡ˆ‡‰Š‡‹Œ‰Œ‹†ˆŽ‡‰ˆ‰‘‰’‘ˆ‰
“‡‰”‡ˆ•‡‰–ˆ—˜ˆ’‡‰•‰™ š†’‡‰•“‰
›†Ž‡•‘‰•‰œ ‡‡’‡‰†…‰‘’Ž‡‘‰ž‰
Ÿ  †‰‹’ˆŽ‰¡¢‰9 âþãâäååêþ£î0þþ|‰
¤¥¦…ˆ•‡‰§‹‘•…’’‘ˆ†‰¥¨ ™ ©ªª«¬­‰••®
’‡•‘‰‡‰œ ‡‡’‡¯
°›†Ž‘ž‰Ÿ …ž‰’‘ˆŽˆŽ‡‰’‘ˆ‰†Ž‰ˆ…‘‰
•†’‘‰Œ‘‹¦…‰†‰±‡†Ž‡ˆŽ‰‡‹‡•‘‰ž‰†Ž‘ž‰
²‡’ˆ•‘‰“‘‰¦…‰Ÿ  †‰Ÿ ‰³…†Ž‡­‰’‡ˆŽ‡‹“‰‡‰
œ ‡‡’‡´­‰‡†³…‹‡‰“‡‰—‡Ÿ ‘†‡‰‘’‡“†Ž‡µ
°¶‘‰Ÿ ‰†ˆŽ‘‰Ÿ …ž‰‡—‘‹Ž…ˆ‡•‡‰•‰²‡±‹‰
ˆ‡’•‘‰ˆ‰œ ‡‡’‡‰ž‰‡²‘‹‡‰Ÿ ‰Ž‘’‡‰‹³‹®
†‡‹“‰‡“³‘‰•‰‡¦…“‰‡Ÿ ‘‹‰¦…‰Ÿ ‰²‡‰±‹ˆ•‡®
•‘‰‡‰Ž‹‡·†‰•‰“‡†‰³‹‡±‡’‘ˆ†‰•‰9 âþãâäååꉞ‰
•‰“‘†‰’‘ˆ’‹Ž‘†‰ˆ‰“‡‰–‡“‡‰¸ ¹‡²…‡“’˜ž‘Ž“‰
ž‰ˆ‰¡‘ž‘‡’ ˆµ´

›“‰Œ‹Ÿ ‹‘‰Žˆ•‹ ‰“…³‡‹‰†Ž‰•‘Ÿ ˆ³‘‰
º»‰‡‰“‡†‰¼½‰²‘‹‡†‰ž‰“‰•‰¡‘ž‘‡’ ˆ‰†Ž ‰Œ‹‘®
³‹‡Ÿ ‡•‘‰Œ‡‹‡‰…ˆ‰•¾‡‰•‰¿…ˆ‘µ
À‡‰•‘’ˆ‡‰•‰ŽŸ ‡†‰•‰†Ž‰ “±…Ÿ ‰°ˆ®
’“…žˆ‰
âî1þÿúÿëêþý úäåäþž‰“‘†‰•Ÿ  †‰¦…‰
ˆ‘†‰—‡“Ž‡‹‘ˆ‰ˆ‰“‰Œ‹Ÿ ‹‰•†’‘‰9 âþãâäååê´­‰‹®
³†Ž‹‡•‘‰ˆ‰ºªªº‰’‘ˆ‰“‡‰’Ž‡•‡‰°±‡ˆ•‡‰’‘®
ˆ‘‰•‰œ ‡‡’‡´‰¦…‰•‹³‰†…‰±‡Ž…Ž‡‰ŽŽ…®
“‡‹‰›“†‘‰™ ‡‹Ž¾ˆ¹­‰’‘ˆ‰°Ÿ  †‰•‰½ª‰Ÿ š†’‘†‰
ˆŽ·‹Œ‹Ž†‰•‰†ˆ—‘ˆ¾‡†‰ž‰•‰Ÿ š†’‡‰Œ‘Œ…®
“‡‹­‰¦…‰†‰“‘‰¦…‰²‡’ˆ‰’‘ˆŸ ³‘´µ
Š¿‡‰•‰Œ‡•‹‰“±‡ˆ·†‰ž‰Ÿ ‡•‹‰‘‡‡¦…®
Á‡­‰–…†‡ˆ‡‰Š‡‹Œ‰‡‹‹‡ˆ’˜‰ˆ‰¼««Â‰’‘ˆ‰“‰¡¢‰
Ã3úäÿ ꉤˆ‘Ÿ ±‹‰•‰“‡‰‡†‘’‡’˜ˆ‰’“­‰‡‹Ž¾†®
Ž’‡‰ž‰’…“Ž…‹‡“‰—…ˆ•‡•‡‰Œ‘‹‰““‡‰‡¦…“‰‡Á‘¬µ‰–®
³…‹‘ˆ‰Ä7ä0äþ5åÅú­‰ååâíêþ ä0þëâä0Cîåꭉ

éêÿ êÿ î1þ äþ7íêÿîþëêÿëâîÿä1þêöåîý äüâì
ëêÿê1þ2þîãåî1þëîÿ úåî1‰¤ÆÇÈÉÊËÈ̼Íά­‰ž‰
ˆ‰ºªª«‰
äþ î0 îåâî1þ2þûä0îåâî1‰’‘ˆ‰“‡‰–ˆ—˜®
ˆ’‡‰•“‰Ïˆ†ŽŽ…Ž‘‰§‘“Ž·’ˆ’‘‰¸‡’‘ˆ‡“‰¤Ï§¸¬µ
§‡‹‡‰–…†‡ˆ‡‰“‰’‘ˆ’‹Ž‘‰•‰†Ž‰•‘®
Ÿ ˆ³‘‰ˆ‰“‡‰¸ ¹‡²…‡“’˜ž‘Ž“‰‹Œ‹†ˆŽ‡‰
°Ÿ ‰³‹‡ˆ‰‹Ž‘´­‰‡—‹Ÿ ‡¯
°§‹†ˆŽ‡‹Ÿ ‰‡²¾‰Œ‘‹‰’…‡‹Ž‡‰¹‰†³®
ˆ—’‡‰““ˆ‡‹“‡µ‰¡…†Ž‡‰Ÿ …’²‘‰Ž‹‡±‡¿‘‰

†Ý

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

wÐll€€â€Ñ 
2E34Ee

Ð

îîãþ úâ㇍•‡“‡—ÜŽ“‡³‡
 “ Ž—‡‡“Ü—Ž³“‡¦‡Ž“Ý
’‘•¨ —‡³‡¦—•‡¨ ë‘’“—•‡
‡”• “³—•‡‘³—•‡ ‡• Ž‡
‡¦—•‡•  “‡Ü“Η‡¦“‡³‘Ž’’‘‡
³‡õ‘•‡Œ“¦³¾¡‡£‡‡Û8ۇ¤¦‡
¦“‡’—Ÿ‘Ž ‘‡‡–¦Ê’¦“‡’—‡‡
¤ë‘ —‡Ž— ³—‡·í—Ž“‡Œ“¦³¾‡‡
‘Ÿ‘ “³—‡–—Ž‡¦“‡ž—¨ –“öʓ‡è“Ý
’‘—“¦‡³‡Å“ Ž—‡–“Ž“‡³‘Ž‘¢‘Ž¦“‡‡
• Ž—‡–“Ê•¡‡£‡–—Ž‡–Ž‘¨ Ž“‡Ÿ¾‡
•‡–Ž• “‡‡•–“ö—¦‡‡¦‡
 “ Ž—‡œ“‡´‘¾‡³‡·¦“Ž’‡‡
’—–Ž—³’’‘‡’—‡¦“‡è·Ã 
Òîîãþ úâ㇎ —¨ “‡¦‡’“•—‡³¦‡
–“’흒—‡Ž£‡´£“‡£‡•‡¢ŽÝ
–—‡³‡“¨ ‘¢—•¡‡’“³—‡‡Ûò߇ 
Ž—‡‘Î• “¨  ‡“ŽŽ• “³—•‡
’—‡–ŽÜ“•‡’‘Ž’• “’‘“¦•‡
£‡Ÿ‘“³—•‡“‡¦“‡’¦‡³‡ “‡
𝑐 Ê‡‡“Ü—¢“³—‡£‡“‡–Ý
Ž‘—³‘• “‡¦’퓐‡–—Ž‡•‡¦‘܍Ž“’‘‡
£‡³’‘“‡•‡“’ —‡Ž“’‘• “‡
·‡ —³“‡¦“‡“¨ ܑ “’‘¡‡£‡
•—‡•‡¦—‡‘ Ž•“ ¡‡•‡Ü‘’“‡
‡¦—•‡’“Ž “¡‡¦“‡Ž“¦‘³“³‡•‡
¨ ‡“’ “¦¡‡•—ÜŽ‡ —³—‡í—£‡
’—‡¦“‡¦£‡·Ž‘¾—“‡‡–Ž “ 

š 9Š‰Â4 7 4847 ¶6

Òîîãþ úâãþ•‡‡³Ž“¨ “‡¨ •‘Ý
’“¦‡’“܍¾“³—‡–—Ž‡¦‡ç”•–ÊŽ‘ ‡
–“’흒—衇‘ Ž–Ž “³—‡‡¦“‡–Ý
¦Ê’¦“‡–—Ž‡”³Æ“Ž³‡œ“¨ •‡§¦¨ —•‡
£‡“í—Ž“‡–—Ž‡”Ž‘‡·ŽŽ—¦“¡‡ 
‘‡•“¦‡“Ÿ“ ‡Ú¦‡•‡“ŽŽ“³—Ž‡
£‡–Ž•—“΍‡³‡• “‡í‘• —Ž‘“‡”Ý
 Ž“‡£‡•“¦‡³‡¦“‡Ž“¦‘³“³‡õ¦Ÿ“‡“¦‡
•–’ “³—Ž‡“¦‡–“•“³—‡–“Ž“‡ëÝ
–¦‘’“Ž‡¦—•‡í’í—•¡‡³ ‘‡¦“‡“’Ý
’‘‡–“Ž“‡’—ŽŽ¢‘Ž‡—‡–“Ž“‡³‘ “Ž‡
’—•“•‡‡—‡•—‡³‡•‡‘ Ž¤•ñ‡
•Ž‡•‡³• Ž’’‘‡£‡•‡‘’—ŽÝ
–—Ž“‡–“Ž“‡³“Ž—•‡Ÿ“Ž‘—•‡ú“¦•‡
ۓŽ’‘Ž“‡‡¦“‡—ÜŽ“‡•‡³‘ï¨ ‘Ý
’“‡£‡¦¦“‡³‡“’’‘—•ñ‡£‡•Ê¡‡í“£‡
¨ ’í—•‡Ü“‘¦•‡£‡¨ —Ÿ‘¨ ‘ —•‡
•’¤‘’—•¡‡–Ž—‡¦“‡¢Ž“‡’“ ‘³“³‡
³‡“’— ’‘¨ ‘ —•‡“ŽŽ“³—•¡‡£‡
¦“‡’— ë “¦‘¾“’‘‡–Ž‘—³Ê• ‘’“‡
³‡¦“‡¢ŽŽ“¡‡¦“‡³•³Ž“¨ “ ‘¾“‡
”• —‡•‡“’Ž’‘ “¡‡ “¦‡Ÿ¾¡‡–—ŽÝ 
‡‡¦“‡–“Ž ‡’¦¨ ‘“ ‡³‡
¦“‡—ÜŽ“‡4³—³‡Ž£‡´£“¡‡¦‡

¦…‰“‘†‰†Œ‡’‘†‰‹†‹‡•‘†‰Œ‡‹‡‰‘‹¦…†®
Ž‡†‰†ˆ—˜ˆ’‡†‰†‰‡±‹‡ˆ‰‡‰‡‹Ž†Ž‡†‰•‰Ÿ š†®
’‡‰Ž‹‡•’‘ˆ‡“‰Ÿ ’‡ˆ‡­‰ž‰ˆ‰Ÿ ‰’‡†‘‰²‡‰
‘’…‹‹•‘µ‰¶‘‰ˆ‘‰Ÿ ‰Œ…•‘‰¦…¿‡‹‰ž‰Œ‘‹‰“‘‰
Ÿ †Ÿ ‘‰†ˆŽ‘‰¦…‰†‰Ÿ ‰‹Ž‹±…’˜ˆ‰‡³‹‡®
•’‹‰““‡ˆ•‘‰Œ‹‘•…’’‘ˆ†‰³‹‡ˆ•‘†‡†‰‡‰
“‡‰Ô¸ ՙ ‰‘‰‡“‰§‘“µ‰
°Õ‰Ÿ •‡•‘†‰‘‰—ˆ‡“†‰•‰¿…ˆ‘‰²‡‹®
Ÿ ‘†‰“‡‰Œ‹†ˆŽ‡’˜ˆ‰•‰9 âþãâäååêþ|‰ˆ‰“‰Ö˜®
’‡“‘‰•‰¡‘ž‘‡’ ˆ‰‡±‹Ž‡‰‡“‰Œš±“’‘µ‰–Ÿ ®
Œ‹‰²‡³‘‰‡†¾‰’‘ˆ‰Ÿ †‰•†’‘†­‰‘ž‰‡‰Ž‡Ž‹‘†‰
’‹‹‡•‘†‰•‰±‘“Ž‘†‰Ž‹Ÿ ‡•‡Ÿ ˆŽ‰±‡®
‹‡Ž‘†‰ž‰•†Œ…·†‰’‡ˆŽ‘‰ˆ‰Œ“‡¹‡†‰Œš±“’‡†‰
³‹‡Ž…Ž‡Ÿ ˆŽµ´
À‡±‘‹‰•…‹‡­‰³‹‡Ž—’‡ˆŽ¯
°¢…‹‡ˆŽ‰“‘†‰’‘Ÿ ˆ¹‘†‰•‰Ÿ ‰’‡‹‹®
‹‡‰‹‡‰Ÿ …ž‰‘•‘†‘‰¦…‰†‰…†‡±‡‰²…Œ“‰‘‰Œ‘‹‰
’‡ˆŽ‡‹‰ˆ‰¹‡Œ‘Ž’‘‰…‰‘Ž‹‘‰“ˆ³…‡¿‰ˆ•¾³ˆ‡‰
—‘‹¹‘†‡Ÿ ˆŽ‰†‰Ÿ ‰‹“‡’‘ˆ‡±‡‰’‘ˆ‰‡“³šˆ‰
Œ‡‹Ž•‘‰Œ‘“¾Ž’‘­‰‘‰’‘ˆ‰…ˆ‡‰Œ‘†’˜ˆ‰†‘’‡“µ‰‰
°§‘’‘‰‡‰Œ‘’‘‰²Ÿ ‘†‰“‘³‹‡•‘‰‡±‹‹‰‘Œ®
’‘ˆ†‰’…“Ž…‹‡“†‰ˆ‰†Œ‡’‘†‰¦…‰Ž˜‹’‡®
Ÿ ˆŽ‰ˆ‘‰Žˆ•‹¾‡ˆ‰Œ‘‹‰¦…·‰‡±‹‹†‰ž‰ˆ‰“‘†‰
’…‡“†‰†Ž¾‡‰Ÿ …’²‡‰’‹‹‡¹˜ˆµ‰™ ‰³‹‡ˆ‰³‡®
ˆ‡‰²‡‰†•‘‰•Ÿ ‘†Ž‹‡‹‰¦…‰ˆ…†Ž‹‘‰‹Œ‹Ž‘®

††¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

õ“‡•’—¢Ž“ʓ‡³‡ Ž¢‘—‡
Œ‘¦¦¢“•¡‡“–—£“³“‡–—Ž‡¦“‡“’Ž “Ý
³“‡‘¦¨ ‘“’‘‡³‡Ã “ Ê“•‡¥—Ž¦Ý
Ž—¡‡•‡’‘—“¦‡£‡• ¤ ‘’“ñ‡ ‘¦‘Ý
¾“‡³‘Ž •‡‘Ÿ¦•‡£‡—Ü΍ —•‡
•‘¢‘ú’“ ‘Ÿ—•‡õ“‡¨ ꕑ’“‡•‡³‡
²“‘¦‡Œ“¦³¾¡‡¦“‡¨ ‘•¨ “‡¨ Ý
–¦“³“‡‡¦“‡–¦Ê’¦“懨 “¨ ܗ¡‡
³“¾¡‡—뇠Ž— ¡‡ Ž‡— Ž“•¡‡ 
‡’“Ž¢“‡³‡Ÿ‘ “¦‘³“³‡“‡¦“‡—ÜŽ“
Òîîãþ úâãþ•‡‡•–’ ï’¦—‡
³‡–Ž‘¨ Ž‡‘Ÿ¦þþ“‡–Ž—–• “‡
–Ž— “¢—‘• “¡‡£‡•‡’— Ž“– —‡ ‡•¢Ž“¨  ‡ ³Žï‡¢Ž“‡
”¦‡Û“’흒—‡ Ž“‡‡’Ž‘•‘•4¡‡—‡ Ž•—“’‘“‡‡• Ž“‡’—¨ ‘Ý
•‡¦—¢Ž“‡¦“‡‘ ‘¨ ‘³“³‡£‡¦“‡³•—¦“Ý ³“³‡²’‘“‡‡“’ —‡‡•‡
’‘‡•ú’‘ ‡–“Ž“‡‡¦‡•Ý
Ÿ‘Ÿ‡’— ‘³‘““¨  ‡‡”•Ý
–’ “³—Ž‡’“‘¢“‡¨ —’‘—“¦¨  ‡  “³—•‡‘³—•‡£‡‡Ž•¦ “‡
’—‡¦¦—•
“¦“Ž¨ “ ‡‡û懓ö—•‡³•Ý
õ“‡–• “‡‡•’“‡•‡¦¦“Ý
–¤•‡—‡•¦—‡•‘¢“‡‘¢“¦¡‡•‘—‡
¨ “ ‘Ÿ“¡‡¦¦“‡³‡¨ ꕑ’“‡£‡Ü“‘¦•¡‡ –—Ž‡‡
³—³‡¦‡¨ “Î—‡³‡¢Ž–—•‡‡¦‡
•’“Ž‘—‡•‡•–’ “’¦“Ž‡”ë Ž“Ý
ö“‡‡–—’—‡¦“‡³‘Ž’’‘‡³‡“’Ý
 —Ž•‡³—³‡•‡“–—• ‡¨ –—Ž‡
¦—•‡–Ž•—“΍•‡ ‘–—‡‡–—Ž‡¦—•‡
•Ž•‡í¨ “—•‡·•Ê¡‡¦—•‡–Ž•—“Ý
΍•‡Ž•¦ “‡‘¨ –—• “³—•¡‡’—‡‡ Ñà€kmlÓä€j€äà€äo€Ólml
 ——‡³‡Ÿ—¾‡¨ £‡“¦ —‡£¡‡–—Ž‡ “ —¡‡
¨ —•‡ŸŽ—•Ê¨ ‘¦•‡”¦‡’“•—‡ë ŽÝ 314A30@
¨ —‡•‡¦“‡ë—Ÿ‘“‡³¦‡–Ž— “¢—‘•Ý
 “‡è—‡•’³‡“•Ê‡‡¦‡ Ž“ܓΗ¡‡
’‘¤‡³•¨ ܓŽ’“³—‡‡
–—Ž‡Î¨ –¦—¡‡³‡¦—•‡íŽ¨ “—•‡³‡
¦“‡–Ž‘•‘‡³—³‡³ÜŽï‡ 
Ž£‡´£“¡‡‘ Ž–Ž “³—•‡–—Ž‡
–Ž¢“Ž‡“‡–“‡³‡•‘•‡
õ‘•‡õ•íŽ‡£‡¥“ÜŽ‘¦“‡ð “Ý
“ö—•‡–—Ž‡‡³¦‘ —‡’— Ž“‡¦“‡“Ý
’—Ž ¡‡Ü‘‡’“Ž“’ Ž‘¾“³—•‡“‡–“Ž ‘Ž‡  —Ž‘³“³¡‡¦‡Î—Ÿ‡Ã “¦‘攦‡²ÎÜÝ
³‡¦“‡“ Ž“¦‘³“³‡
“‡6œ퓎‡´“푨 7‡³Ü‡’—¨  Ž‡

‹‘­‰ž‰Ž‘•‡‰“‡‰Œ‡‹Ž‰’…“Ž…‹‡“‰¦…‰Ÿ ‰Œ…•‡‰
‡’‘Ÿ Œ‡Á‡‹‰’‘Ÿ ‘‰‡‹Ž‰•‰—“³‹‡ˆ‡­‰†‡‰…ˆ‰
‹±‘¹‘‰•‰†•‡‰‘‰Ÿ ‰Ž‹‡¿‰•‰Ž²…‡ˆ‡µµµ‰Œ‘®
†‰…ˆ‰‡“‘‹‰Ÿ Œ‘‹Ž‡ˆŽ‰ˆ‰†¾‰Ÿ †Ÿ ‘µ´
›Œ“’‡¯
°›†‰“‡‰Ÿ †Ÿ ‡‰²†Ž‘‹‡­‰†‘ˆ‰Œ‹‘ž’Ž‘†‰‡‰
“‘†‰’…‡“†‰ˆˆ³šˆ‰Ÿ Œ‹†‡‹‘‰‡Œ‘†Ž‡‹¾‡‰Œ…†‰
†…Œ…†Ž‡Ÿ ˆŽ‰×ˆ‘‰ˆ•ˆØ‰ž‰†‰Œˆ†‡‰¦…‰
“‘‰’…“Ž…‹‡“‰†‰†ˆ˜ˆŸ ‘‰•‰‡±…‹‹•‘Ù‰Œ‹‘‰²‡‰
†•‘‰…ˆ‰ˆ‘‹Ÿ ‰³…†Ž‘‰‹‘Ÿ Œ‹‰‡¦…““‘†‰Ÿ ®
Ž‘†‰ž‰Œ‹¿…’‘†­‰Œ‹†ˆŽ‡ˆ•‘‰Œ‹‘•…’’‘ˆ†‰
±ˆ‰²’²‡†­‰±ˆ‰’…•‡•‡†‰ž‰’‘ˆ‰Ÿ …’²‘‰
’‡‹Á‘­‰Œ‘‹¦…‰†‰†ˆŽ‰’…‡ˆ•‘‰Žš‰†Ž †‰Œ‘®
ˆˆ•‘‰“‰’‘‹‡¹˜ˆ‰ˆ‰’‡•‡‰Œ‹‘•…’’˜ˆµ´
À‘†‰‹†…“Ž‡•‘†‰°†Ž ˆ‰‡‰“‡‰†Ž‡´­‰¿Ÿ ®
Œ“—’‡‰–…†‡ˆ‡‰Š‡‹Œ¯‰
°›“‰‡Á‘‰Œ‡†‡•‘‰’‘Ÿ ‘‰¥¦…ˆ•‡­‰Õµ¡µ­‰““®
ˆ‡Ÿ ‘†‰“‡‰–‡“‡þ¸¹‡²…‡“’˜ž‘Ž“‰•‘†‰—’²‡†‰
’‘ˆ‰“‡‰”‡ˆ•‡‰Ú“‡‹Ÿ ˜ˆ’‡‰Ïˆ—‡ˆŽ“‰ž‰Û…ˆ“‰•“‰
¡’‡Ÿ ‰¤¡ˆŽ‹‘‰•‰¡‡Œ‡’Ž‡’˜ˆ‰ž‰¢†‡‹‹‘““‘‰
•‰¡…“Ž…‹‡‰™ ¬­‰¦…‰Ž‹‡¿Ÿ ‘†‰•†•‰–‡ˆ®
Ž‡‰™ ‡‹¾‡‰©“‡²…“Ž‘Œ’‰ˆ‰“‡‰†‹‹‡‰Ÿ ‰‘‡‡®
¦…Á‡‰‰ˆŽ‡•‘†‰†Œ’‡“†‰•“‰¡¢‰ îÿä1þ
äþãâäååêþ2þÿúí䭉“‰Žˆ‘‹‰Ú‹ˆ‡ˆ•‘‰•‰“‡‰™ ‘®
‹‡‰ž‰“‰Œ‡ˆ†Ž‡‰Š·’Ž‘‹‰Ïˆ—‡ˆ¹˜ˆµ‰§‘†Ž‹‘‹®

8$)0 $+: #0%$0

äj€ml

‚âàä

{

Ÿ ˆŽ‰—…Ÿ ‘†‰³‹‡Ž†‰‡‰…ˆ‡‰Œ“‡ˆ‡•‡‰ˆ‘‹®
Ÿ ‰•“‰Ï§¸­‰‡“‰ˆ‘‹Ž‰•‰“‡‰¡…•‡•‰•‰™ ·’‘­‰
ž‰—…‰Ÿ Œ‹†‘ˆ‡ˆŽ­‰†‰‡±‡‹‹‘Ž˜µ‰
°¸ …†Ž‹‘‰•†’‘‰ îÿä1þ äþãâäååêþ2þÿúì
íäÜ ‰†Ž…‘‰Ž‹†‰Ÿ ††‰ˆŽ‹‰“‘†‰¼ª‰Ÿ ¿‘‹‰
ˆ••‘†‰•‰Žˆ•‡†‰™ ®…Œµ‰Õ’Ž…‡“Ÿ ˆ®
Ž‰ˆ‰“‰¡’‡Ÿ ‰†‰†Ž ‰²‡’ˆ•‘‰…ˆ‰’ˆŽ‹‘‰
•‰—‘Ž‘’‘Œ‡•‘‰¦…‰Ž‡ˆŽ‘‰ˆ’†Ž‡ˆ‰“‘†‰Îªª‰
‡“…Ÿ ˆ‘†‰ž‰“‡†‰Ž‹†‰±‡ˆ•‡†‰•‰“‡‰†’…“‡‰Œ‡‹‡‰
†…†‰Œ‡‹ŽŽ…‹‡†­‰‡’‡±‡ˆ‰•‰’‘Ÿ Œ‹‡‹‰…ˆ‰¦…®
Œ‘‰•‰‡…•‘‰¤áááþü3úäÿ êþâÿö´
ÝÞ¡˜Ÿ ‘‰†‰Ÿ ‡ˆŽˆ‰…†Ž•‰‘ŒŽŸ †Ž‡‰ž‰
’‡ˆŽ‡‹‰’‘ˆ‰Ž‡ˆŽ‡‰—‹†’…‹‡ß
ݖ‹ ‰¦…‰Ÿ ‰‡“Ÿ ˆŽ‡‰“‰¦…‰‡…ˆ‰†‰•®
±‘‰Œ‡†‡‹‰†Ÿ ‡ˆ‡†‰ˆ‰“‡‰¡…•‡•‰•‰™ ·’‘‰
Œ‘‹‰’…†Ž‘ˆ†‰•‰Ž‹‡±‡¿‘­‰’‘ˆ†Ž‡ˆŽŸ ˆŽ‰
‹³‹†‘‰‡‰Ÿ ‰Ž‹‹‡‰ž‰†‘‰†‰‡“³‘‰¦…‰Ÿ ‰““®
ˆ‡‰•‰ˆ‹³¾‡µ
°À‡‰‹•‡•‰¦…‰ž‘‰Ÿ ‰†ˆŽ‘‰Ÿ …ž‰‡—‘‹®
Ž…ˆ‡•‡‰•‰²‡±‹‰ˆ‡’•‘‰ˆ‰œ ‡‡’‡­‰•‰²‡®
±‹‰Žˆ•‘‰“‡‰‘Œ‘‹Ž…ˆ•‡•‰•‰ˆ…Ž‹‹Ÿ ‰’…“®
Ž…‹‡“Ÿ ˆŽ‰‡““ ‰ž‰‡²‘‹‡‰Ÿ ‰Ž‘’‡‰‹³‹†‡‹‰
‡“³‘‰•‰Ž‘•‘‰“‰‡Ÿ ‘‹‰‡‰Ÿ ‰Ž‹‹‡µ‰¸ ‘‰Ÿ ‰
³…†Ž‡‰¦…¿‡‹Ÿ ­‰†ˆ‘‰Ž‹‡±‡¿‡‹‰ˆ‰“‘‰¦…‰
Ÿ  †‰‡Ÿ ‘µ´‰‰

‡’Ž‘¨ ‡•‘‡‘Ž‡–Ž¨ “’Ž‡
’—‡Ÿ‘³“‡·’ —‡•¢‘³—¡‡•‡
’—Ÿ‘Ž ‡‡“‡•–’‘‡³‡•Ý
’¦“Ÿ—‡³‡ž¤•“Ž‡6葍¦•‡·Ž• Ž–7¡‡
΍‡³‡¦“‡Ü“³“‡³‡’—Ž•—•‡‡
—–Ž“‡‡¦‡Ž’¦•—Ž‘—‡·“¦Ý 
“܍ “¡‡•‘‡“¨ ‘¦‘“‡‘‡“¨ ‘¢—•¡‡
à “¦‘ć“³Ÿ‘Ž ‡–Ž— —‡‡¦“‡¦£‡
³¦‡¨ ‘ ¦‘¢ ‡Ž•¦ “‡¨ 
ú‡’“¾‡‡¦“‡³¦‡¨ Ž 
6ÿþåîöäãê‡66ÿþåîCäãäñ‡
厓’‘“Ý𤦢‘’“¡‡ßææ7‡—‡•‡
“‡–¦Ê’¦“‡’“Ž’¦“Ž‘“‡¨ ‡
 “¨ –—’—‡•‡—‡³‡•—•‡í—Ý
¨ “΍•‡“¦‡’‘‡³‡“’’‘‡“¨ Ý
Ž‘’“—‡‡“¦¢—•‡’‘“• “•‡ 
Ž“’••‡•‡’—¨ –¦“’‡‡
퓒Ž‡Û“Ž“‡œ“’•‡·³‘“Ž³¡‡
³‘Ž’ —Ž‡³‡¦“‡’‘ “¡‡¦“‡–—ܦ“’‘‡
³‡–Ž•—•‡—Ž¨ “³“‡–—Ž‡ïŽ“܍•¡‡
’—Ž•—•¡‡¢Ž—•¡‡Ž“’••¡‡•‡¦“‡
¨  ï—Ž“‡³‡¦“‡Ÿ“‡•—’‘³“³‡ 
Ž“’•“ñ‡•‘‡‘³ ‘³“³‡–Ž—–‘“‡
’“³—‡‘‘’‘“‡•‡• ’‘“¡‡Ã “Ý
¦‘殍–Ž• “‡¦‡Ÿ—‡¨ —³¦—‡
³‡í—¨ ܎‡‡³Ü‡’—• ‘ ‘ŽÝ
•‡“‡•Ê‡¨ ‘•¨ —‡ Ž‡³—•‡Ž¢ÊÝ
¨ •‡‡’í—’“‡ Ž‡•Ê懍¦‡
³‡“‡•—’‘³“³‡¦¢“¦¡‡‡–Ž‘Ý
’‘–‘—¡‡–Ž—‡‘¾ï‡£“‡—Ü•—¦ “¡‡ 
Ž ‡“‡“‡Ÿ“‡¨ “Ž“‡³‡ 
’‘—“Ž¡‡³‡í’í—¡‡‡• “Ý
ܦ’‡•‡¦£‡“‡–“Ž ‘Ž‡³¦‡’Ž‘¨ ‡
£‡³¦‡“Ž’— Žïú‡’—
” Ž‡¨ Ž—•‡³‡’¦³“•‡
’¦“• Ž—Ü‘’“•¡‡•—ÜŽ‡’í“Ž’—•‡
³‡•“¢Ž¡‡¢—¦–‘¾“•‡£‡¦’í“•‡³‡
–—³Ž‡³‡³‘ŸŽ•—•‡¢Ž–—•‡¤ ‘Ý
’—•‡‘¨ –Ž¢“³—•‡³‡¦“‡ —Ž —•“‡
푕 —Ž‘“‡³¦‡–“•“³—‡’—¦—‘“¦‘• “‡ 
Ž“’¤•¡‡Ã “¦‘捨 –Ž³‡¦‡’“Ý
¨ ‘—‡í“’‘“‡“‡‘³ ‘³“³‡–Ž—Ý
–‘“‡”• ‡¨ “¢ŽÜʇ³•“ŽŽ“‘¢“³—¡‡ 

Šª6 44ˆ 498Á 4‰6  
4 9 ‰

•‘‡¦¢“Ž‡–Ž—–‘—¡‡•‡•‘ “’‘‡
–Ž“ñ‡œ“’•‡·³‘“Ž³¡‡‡•‡
¨ —¨  —‡• ³‘“ ‡³‡¦ Ž“•‡
£‡ú‡¦—•—ʓ‡‡¦“‡ —ŽÜ—“¡‡•Ý
¢Ž“¨  ‡Ÿ—’“‡Ž•—“’‘“•‡
³¦‡–•“¨ ‘ —‡•“Ž Ž‘“—‡‡¦‡
–Žú‡¦‡í‘• Ž‘’—‡³‡Ã “¦‘Ä¡‡‡•‡
’—• Ž£‡“‡ Ž“Ÿ¤•‡³¦‡“’ “Ž
ۍ•‡“¦‡’—‡³‡—’‘—•‡
“Ü• Ž“’ “•‡‡¦“‡’—’–’‘‡
³‡¦“‡ Ž“¨ “¡‡Ã “¦‘ć•‡–Ž•—“‡
³‡’“Ž‡£‡í•—ñ‡¨ “¦¦ï‡³¦‡
 “¦ —‡–“Ž“‡’— “Ž‡“‡í‘• —Ý
Ž‘“‡¦¦“‡³‡ŸŽ‘’ —•‡’—¨ —‡¦“‡
“Ž‘ ’ Ž“‡³‡¦“‡–Ž‘•‘¡‡·Ý
³‘“Ž³‡–“Ž ‡³‡‡– —‡’Ž—¡‡
à “¦‘ć•‡—‡³‡ “ —•‡ Ž‡
¦—•‡’‘ —•‡³‡¨ ‘¦•‡³‡ÎŸ•‡
“Ž¢¦‘—•¡‡—‡í“£‡“ ’³ •‡ 
‡“’‘‡••‡’“¦‘³“³•ñ‡
•‘ “’‘—•‡“¦‡ú‡¦—‡³‡¦“‡Ž“¦‘³“³¡‡
–Ž—³’ —‡³‡¦“‡¨ “‘“Ž‘“‡³¦‡
–—³Ž¡‡£‡¦“‡Ž•–• “‡Ž ‡“‡
¦¦“•‡¦—‡Ÿ“‡³ú‡‘³—
ۓŽ“‡œ“’•‡·³‘“Ž³¡‡Ã “Ý
¦‘攦‡²ÎÜ“‡•‡‡–Ž— “‡—‡
–—Ž‡–Ž³‘‡“‡Ž¦‘¢‘¡‡
•‘—‡–—Ž‡“’‘“‡‡Ÿ—‡
• Ž— ‘–—‡´•¦ “‡•‘¢‘ú‡’“ ‘Ý
Ÿ—‡‡¦‡³‘Ž’ —Ž‡ ‘¦‘’‡‡¦“•‡
 ŽŸ‘• “•‡• ‡ ¤Ž¨ ‘—‡‡Ÿ¾‡
³‡“Ž ‘–—ñ‡–—Ž‡í¨ ““‡‡
•“‡¦“‡ú‡¢Ž“‡³‡Ã “¦‘Ä¡‡•‘¨ –Ž‡
퓣‡“¦¢—‡ŽÊ¢‘³—‡‡’“¦‘Ž‡ ‘–—‡
•—’‘“¦‡•‘‡— Ž“‡—–’‘‡¨ ‡
¦“‡³‡•Ž‡•—¨  ‘³—‡—‡•—¨  Ž
·‡³‘Ž’‘“‡³¦‡’‘‡’“Ž’Ý
¦“Ž‘—‡£‡³‡¨ “ú‡—•—•‡“¨ Ž‘’“—¡‡
6ÿþåîöäãꇐ—‡¢¦—Ž‘ú‡’“‡¦“‡Ÿ‘—¦Ý
’‘“‡‘‡¦‡–—³Ž‡‘‡¦‡³‘Ž—¡‡•‘—‡ 
‡•’³Ž‘ö“‡¦—•‡¨ ’“‘•¨ —•‡
‡Î¢—‡–“Ž“‡“³‘Ž‘Ž‡¦“‡¦‘܍ŽÝ
 “³ñ‡‘• “’‘“•‡’——’‘³“•‡’—¨ —‡
’¨ –¦‘Ž‡¦“‡’—³“‡£‡Ž—Ž¨ “ŽÝ
•¡‡—‡“–Ž³Ž‡³‡¦“‡•’¦“‡³¦‡
’Ž‘¨ ‡£‡’—ŸŽ ‘Ž•‡‡‡–—Ž‡
³¦‘’ ¡‡—‡Ü“• “ñ‡¦—‡³‘ÊÝ
’‘¦‡•‡¦“‡³—¦—Ž—•“‡’—• Ž’’‘‡
³‡¦“‡’—’‘’‘“¡‡’“¦•‘Ž“‡ 
‡•“‡¦“•‡’—•’’‘“•¡‡‡
 —³—‡’“•—‡—‡’•“Ž‘“¨  ‡
—– “Ž‡–—Ž‡¦‡Ü‘
·³‘“Ž³‡¦—‡¨ • Ž“‡–Ž‘Ý
’‘–“¦¨  ‡’—‡³—•‡ ¨ “•æ‡¦‡
’— Ž“• ‡ Ž‡¦‡³• ‘—‡³¦‡
 ¨ ‘ܦ‡ž¤•“Ž‡£‡¦‡³¦‡–Ž— “ñ‡¦‡
— Ž—¡‡¨ • ‘¦¡‡¦‡“ “•¨ “‡³¦‡
 ‘–—‡‡Ã “¦‘栝Ÿ—‡‡“••‘“Ž‡
£‡‡•‡’—Ÿ‘Ž ‡‡“‡•–Ý
’‘‡³‡“¨ ‘¢—‡Ê ‘¨ —ñ‡¦“‡–“Ž“³—Ý
Γ‡‡’—Ÿ‘Ž ‡‡’—ú‡³ ‡
“‡•‡–Ž—–‘“‡ŸÊ’ ‘¨ “¡‡•‡¦“‡ê‘’“‡
¨ “Ž“‡‡• ‡“••‘—‡ç–—Ž‡
•‘ “’‘è‡6—‡–—Ž‡“’’‘³ 7‡Ý
’ Ž“‡–“Ž“‡“¦‘Ÿ‘“Ž‡¦“‡’¦–“

·‡¦“‡Ü“‡“’ Ž“‡£‡¦‡
íïܑ¦‡¨ “Î—‡³¦‡••–•—‡’—Ý
¦—’“Ž—‡“‡6ÿþåîöäãꇍ‡¦“‡’“ŽŽÝ
Ž“‡³¦‡§•’“Ž¡‡“‡¨  ï—Ž“‡ “‡
••–‘’“¾¡‡“‡³•“¡‡•—ÜŽ‡
¦“‡•—’‘³“³‡“’ “¦¡‡—‡•—¦—‡‡
厓’‘“¡‡•‘—‡‡¦‡¨ ³—‡ Ý
Ž—¡‡³•’“¦‘ú‡’“Ü“‡â1îþöêëã¦‡
 Ž“ܓΗ‡³‡œ“’•‡·³‘“Ž³‡‡

…âsmln
…j€kämpämnâàà€
áä€oj€€lkáj 
a4 @a@b342V113

‚

—¨  “‡õ—“Ž³—‡Û“Ý
³Ž“‡6õ“‡“Ü““¡‡žÜ“‡
ÛÜÜ7‡‡¦“‡•¨ ‘¦¦“‡
³‡•‡¨ Ž’‘ ‡—Ÿ¦“¡‡ÿ0þ
Cîý íåäþ3úäþêý êíêþêþ0î1þäååî1þ
6ŝ• •‡”³‘ —Ž•‡ž—¦‡·³“Ý
¾“•‡è—‡Þææñ‡Ã ¤ë‘’—¡‡ßæÛæ‡ÜÞæ‡
–7¡‡•Ž¢‘‡’“³—‡Ÿ‘•‘ ‡¦“‡’“•“‡
‡‡Ÿ‘Ÿ‘‡£‡‡“••‘“³—‡
õ‡ÅŽ— •Ä‘‡‡ž—£—“’ۓŽ“‡
¦‡•’Ž‘ —Ž‡’Ü“—‡¤• “‡Ž“‡ç ‡
‡¨ —¨  —‡“‡¦“‡¾—¾—ÜŽ“¡‡¦‡
¨ ‘³—‡£‡¦“‡Ÿ‘’ —Ž‘“‡³¦‡—³‘—臝‡
¦‡–Ž¨ ‘ ‘‡çŽ„‡ë‘—“Ž‡•—ÜŽ‡¦“‡
–ŽŸŽ•‘‡³‡¦“‡¢Ž“‡ —–Ê“‡³¦‡
•‘¢¦—‡@@¡‡•‡–Ž—’•—‡‡¦‡‡
¨ ’í—•‡‘Ÿ‘Ž ‘Ž—‡••‡•–Ý
Ž“¾“•‡£‡ “ —•‡í¨ —•‡–Ž³‘³—‡
•ö—•¡‡“ö—•‡£‡í“• “‡•“¢Ž‡£‡
Ÿ‘³“è
õ“‡“ŽŽ“’‘‡Ž¦“ “‡³‡¨ “Ý
Ž“‡–—Ž¨ —Ž‘¾“³“‡¦‡“••‘Ý
“ —‡³‡ÅŽ— •Ä‘‡5‘’‘“‡’“³—‡
5Ÿï¡‡‡’Ü“—¡‡’——’‡“‡´“Ý
¨ ‡Ã Ž’“³Ž‡‡¦“‡‘•¦“‡£‡•Ý
 “ܦ’‡“‡“¨ ‘• “³‡ž—‡¦‡
 ‘¨ –—‡¦‡•¢³—‡³’‘³‡ŽŸÝ
¦“Ž¦‡••‡•’Ž —•æ‡‡“••‘‡
“‡ÅŽ— •Ä‘‡–—Ž‡—Ž³‡³‡  “¦‘¡‡ 
‡–Ž–“Ž“³—‡–—Ž‡¦“‡–—¦‘’Ê“‡•Ý
’Ž “‡Ž•“‡£‡¦“‡¨ “Ž“‡‡‡
–Ž– Ž‡¦‡í—¨ ‘’‘³‘—‡õ“•‡‘Ý
’ŽÊܦ•‡ŽŸ¦“’‘—•‡¦—‡¦¦Ÿ“‡“‡
•’Ž‘Ü‘Ž¦“•‡–“Ž“‡³Î“Ž‡‡ • ‘Ý
¨ —‘—‡³‡¦—‡‡—’ŽŽ‘‡õ“‡í‘•Ý
 —Ž‘“‡•‡“¦ Ž“‡’—‡¦“‡Ÿ‘³“‡³¦‡
’“Ž‘܍ö—‡Ü“Η‡ç¦‡Ž¤¢‘¨ ‡•—Ý
’‘“¦‘• “至‡å‘³¦‡ž“• Ž—¡‡³—³‡
•Ž‡í“¨ ܎‡£‡¨ “Ž¢‘“’‘
”‡¦“•‡Ž„‡ë‘—•‡³‡Û“Ý
³Ž“¡‡¦“‡‘‡ —Ÿ‘¤ ‘’“‡’—•Ý
 ‘ £‡¦“‡¢Ž“‡•–Ž“¾“‡–“Ž“‡
¨ ’í—•¡‡–—Ž‡Ž–Ž• “Ü“‡
¦‡ Ž‘—‡³‡¦—•‡—³‘³—•‡£‡¦‡
‘‘’‘—‡³‡¦“‡’—• Ž’’‘‡³‡“‡

•—’‘³“³‡³‘Ž ¡‡‡¦“‡‡
–Ž‘Ÿ“ŽÊ“‡¦“‡¦‘܍Ž “³¡‡¦“‡‘³“³‡£‡
¦“‡–¦Ž“¦‘³“³‡ ‘‡¨ ܓŽ¢—¡‡¦“•‡
“¨ ܑ’‘—•‡³‡–—³Ž‡£‡Ž‘¾“‡
’—ŽŽ—¨ –‘Ž—‡¦‡–Ž—£’ —‡³•Ý
³‡¦‡‘‘’‘—‡·¦‡¨ —Ž‘Ž‡õ‘¡‡¦“‡
–ŽŸŽ•‘‡“¨  ‡£‡•‡³•“Ý
 ‡“‡¦’퓇–—Ž‡¦‡¨ “³—¡‡‡
¢“‡  “¦‘¡‡–—Ž‡¨ ³‘—‡³‡¦“‡
¦‘¨ ‘“’‘‡³‡••‡—–— •‡—‡
¦“‡ë–¦•‘‡³‡¦“‡´ ‡”¦‡“
³‡“’Ž’ “Ž‡•‡–—³ŽÊ—‡¦¦Ý
Ÿ‡“‡–Ž•¢‘Ž‡£‡“’•“Ž‡“‡ —³—‡
•—•–’í—•—‡³‡³‘•‘³’‘“‡£‡’“Ý
¦‘ú‡’“Ž¦—‡³‡““Ž‘• “‡—‡ Ž— •Ä‘•Ý
 “‡·•Ê‡•‡•¨ ܎‡¦‡¨ ‘³—‡Ý
 Ž‡¦“‡–—ܦ“’‘‡£‡’——Ž¨ ‡“‡ 
—Ž¨ “‡³‡¢—Ü‘Ž—‡‡³•’“Ý
•“Ü“‡‡¦“‡³¦“’‘¡‡¦“‡Ÿ‘¢‘¦“Ý
’‘“¡‡¦‡’“• ‘¢—‡£‡¦“‡¦‘¨ ‘“’‘
õ“‡“¦ “‡³‡“‡–—•‘’‘‡’ŽÊ ‘Ý
’“¡‡¦“‡‘¢‘³“³¡‡¦‡’— ÜŽ‘—‡‡
‘³ ‘ú‡’“’‘‡’—‡¦—•‡’—¨ ‘• “•‡
‡¦‡–—³Ž‡–Ž—Ÿ—’“Ž—‡¦“‡“’– “Ý
’‘‡³‡¦“‡“ŽÜ‘ Ž“Ž‘³“³‡£‡¦‡“••‘Ý
“ —‡–—Ž‡–“Ž ‡³‡¦“‡‘¾‘Ž³“‡õ“‡
Ν• ‘ú‡’“’‘‡“‡¦“‡‡Ž’ŽŽ‘Ž—‡
‘³ ‘ú‡’‡“‡¦—•‡“ “¢—‘• “•‡’—¨ —‡
ܝŽ¢••‡£‡¨ ‘¢—•‡³¦‡–Ž—¦Ý
 “Ž‘“³—‡‡Ü•’“Ü“‡³• Ž‘Ž‡“‡¦“‡
•—’‘³“³‡•—’‘“¦‘• “‡· ‡¦“•‡‘ ‘Ý
¨ ‘³“’‘—•‡í“Üʓ‡‡“‘‘¦“Ž‡“¦‡
¨ ‘¢—‡•‘‡‘¢ê‡ ‘–—‡³‡–‘Ý
³“³‡õ“‡–“ Ž“ö“‡’“•‡¨ ³‡ßæ‡
¨ ‘¦¦—•‡³‡ŸÊ’ ‘¨ “•‡”¦‡’ÜŽ‘Ý
¨ ‘ —‡³‡•—•‡ ŽŽ‘ܦ•‡í’í—•‡
¦¦Ÿ“‡“‡³• “’“Ž‡“‡“¦¦—•‡í—¨ Ý
܎•‡‡¨ “ Ÿ‘Ž—‡“‡–—•Ý
 Ž“‡¤ ‘’“‡³‡³³Ž‡¦“‡¦‘܍Ž “³‡
£‡³’‘“Ž—‡¦“‡‘¢—¨ ‘‘“‡’—¨ —‡
¥—Ž¢‡§ŽÆ¦¦¡‡·Ž íŽ‡?—• ¦Ž¡‡
·³Ž¤‡¥‘³¡‡ŒÊ’ —Ž‡ Ž¢¡‡œ—•¤‡
´Ÿ¦ “•¡‡§’ “Ÿ‘—‡Û“¾
ÿ0þCîý íåäþ3úäþêý êíêþêþ0î1þ 
äååî1‡•‡“‡ë’¦ ‡—Ÿ¦“¡‡
‡¦“‡’“¦‡³• “’“‡¦‡ Ž“ܓΗ‡³‡
‘Ÿ• ‘¢“’‘‡•Ž‘—‡³‡Û“³Ž“‡£‡¦‡
³•“ŽŽ—¦¦—‡³‡“‡• Ž“ ¢‘“‡“ŽŽ“Ý
 ‘Ÿ“‡“•’‘“ ‡è—‡—Ü• “ ¡‡¦‡ú‡Ý
“¦‡³‡¦“‡ Ž“¨ “‡“¦¦“¡‡–—Ž‡¦‡ ‘–—‡³‡
¦’’‘‡‡Ž“¦‘¾“‡¦‡–Ž— “¢—‘•Ý
 “‡5Ÿï¡‡£‡’—³‡“¦‡¦’ —Ž‡‡

†¿

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

ÃJ»GK\KJH»KNOU[KNcXU»MHOPMNK

w‚èâãlémjàáäÑ
|K»PMOUPKVK»VM»{KNYxQ»yUJJK»
xMPUVQ»OPKH»UN_KVUP»GQJXL Z
WXH»MH»MJ»RXNOQ»VM»RKPOUVK»
VMJ»eUJL M»L åH»PMYUMNOM»VM»
äMJURM»GK\KJH^»|Q»MHOPMNKZ
På»MN»XNK»HML KNK^»ÃH»XN»
L QL MNOQ»xUHOSPUYQ»RMPQ»
OKL WUgN»MH»XNK»UNOMPRPMZ
OKYUSN»xUHOSPUYK»JQ»L åH»
KRMTKVK»K»JK»_UHUSN»YPIOUZ
YK»VMJ»PMKJU\KVQPf»cXUMN»
_K»K»YQNOPKRMJQ»VM»JK»xUHZ
OQPUK»QeUYUKJ^»ÃH»XNK»RMZ
JIYXJK»VM»JK»JMKJOKVf»VUYMf»
RMPQ»OKL WUgN»VM»JK»UVMNZ
OUVKVf»cXM»VMHVM»XN»RPUNZ
YURUQ»HM»RPQRXHQ»KWQPVKP»
MJ»KNOU[KNcXUHL Q^

Ã

GÇ|zÄ bÅ»yãz~`{»Âû|Å»äzÃ} ~Ã

64 :SI:>9Q:@C?B<4 A9@:?3C?4
Q:S9A?@<4[:69I:4]?X?634A>::4
PH:43H4@H:E<46?>;<Q:C>?U:4
*m_jdecgtfbT4M?3?B<4:@4H@4
>:6?C<43<M>:46?46:?6C?B4?64E9D
6693Q<4B:64:3A>9C<>4N4I:>9<D
B93C?4W9B?6;H:@3:4K9A?>B<4”?>9M?NT4I<B>J?4
1>:?@9Q?>4:643:@C9Q9:@C<4?@C9N?@PH94PH:4
@H@A?4W?4B:U?B<4B:4:S93C9>4:@4:64I?J3=7
o?4I:6JAH6?T4PH:43:4:3C>:@?4:64I>YS9Q<4
E9:>@:34F&4:@46?4]9HB?B4B:4 5S9A<T4”H?D
B?6?U?>?4N4 <@C:>>:N4A<@4Q\34B:4GVV4A<D
I9?34:@4]9@5I<693T4]9@:Q:ST4]9@:Q?>4N4
6<34A9@:34oHQ9â>:T4>:AH:>B?46?49@E?39Y@4?4 
5S9A<4B:46?4Q969A9?4:3C?BH@9B:@3:4A<@D
Z<>Q?B?4I<>4Q\34B:44Q964W<QM>:34:@4
G"Gx4A<@416?43:A>:C?4?I><M?A9Y@4B:4,:D
@H3C9?@<4]?>>?@X?=4I?>?4?C>?I?>4?64;:@:>?64
[>?@A93A<4,966?T4PH9:@43:4:@A<@C>?M?4:3D
A<@B9B<4:@46?439:>>?4<ÓW97
]?X?63T4PH9:@4W?4><B?B<4A:>A?4B:4Fx4
Z96Q:3T4>:A>:?T4C>?346?4Z>H3C>?B?49@E?39Y@4
?4]<6HQMH3T4%H:E<4 5S9A<T46?4>:C9>?B?4
B:64*btaghcdrfbqr'dcab4AH?@B<4:@4]9HB?B4
”H:>>:><4:34W:>9B<4:@4H@?4I9:>@?4I<>4C><D
I?34A?>>?@A93C?3$4:@4C?@C<T4:64E9;539Q<4<AD
†î¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

C?E<4I>:39B:@C:4B:423C?B<34(@9B<3T4:64B:D
QYA>?C?4S <<B><Ó4S 963<@T4:@EJ?4C><I?34
?64C:>>9C<>9<4Q:S9A?@<4BH>?@C:46?466?Q?B?4
12SI:B9A9Y@4“H@9C9E?=T4?64Q?@B<4B:64;:D
@:>?64£qgjÑr|gjÑ4“:>3W9@;4:64Q93Q<4PH:4
A<Q?@B?>?46?34ZH:>X?34:3C?BH@9B:@3:34:@4
6?4“>9Q:>?4”H:>>?4 H@B9?6T4W?3C?4xVV49D
6YQ:C><34?643H>4B:4]W9WH?WH?7
}@C:4:64?A<3<T4,966?4B93I:>3?4?43H343:D
;H9B<>:3T4I:><4>:PH9:>:4B:4?393C:@A9?4Q5D
B9A?4H>;:@C:7
o?4C>?Q?4B:46?4A9@C?43:4:@Z<A?4:@4]W9A<D
;>?@B:4I><C?;<@9X?B<4I<>48?Q9\@4} 6A\X?>T4
H@4E96693C?4PH:4>:A9M:46?4:@A<Q9:@B?4B:64I><D
I9<4U:Z:4>:E<6HA9<@?>9<4B:4MH3A?>4N466:E?>6:4H@4
B<AC<>4I?>?4PH:46<4?393C?742@43JT46?4A9@C?4@?>>?4
6?4W93C<>9?4B:4:3C:4W5><:4?@Y@9Q<T4]W9A<;>?@D
B:T4PH9:@4Z9:64?64Q<E9Q9:@C<4?>Q?B<4B:A9B:4
?>>9:3;?>43H4E9B?4A<@4:64Z9@4B:4PH:43:46<;>:@4
6<349B:?6:34B:46?4K:E<6HA9Y@4 :S9A?@?7
“?>?4:64>:?69X?B<>4B:4*gtdgT4pqrghgti
fdT4bg`rmd¨h_gtjm_`T4bgr!æbcgrvdfcii
ehbgT4bd`r^da_ud`rfbrbhgT4Hhrgqabggr`bcbi
ti`_^gT4«_etg­ rmg`agrbqrçqa_^drgq_btadrN4
bg`ruhbqag`rfbqrj_ac_qqdT439:QI>:4W?4:S93C9D
B<4H@?419@C><Q939Y@4B:46<34:3C?BH@9B:@3:34
:@4:64I?J3T4?W<>?4C:@:Q<343H34C>?3@?A9<@?D
6:3=74~4>:Q:Q<>?4:@4:@C>:E93C?R

12@4G"#4ZH:46?4I>9Q:>?49@C:>E:@A9Y@74
]H?@B<4:64I>:39B:@C:4B:423C?B<34(@9B<34
{?Q:34¿@<S4“<64PH93<4I>:3:>E?>4:64:3C?D
B<4B:4:S?3T4:@E9Y4?43H4:U5>A9C<74oH:;<4ZH:4
6?4B:4G"G#T4A<@4]?>>?@X?T4AH?@B<46?4C<Q?4
B:4,:>?A>HX74o?4C:>A:>?43HA:B9Y4:@4G"Gx4N4
6?4A<QI?yJ?4Q969C?>4:3CHE<4GG4Q:3:3T4?BHD
U<4PH:4C:@J?@4:64?AH:>B<4A<@4]?>>?@X?T4:3<4
ZH:4QHN4?QM9;H<4N4<3AH><T4@?B9:4IH:B:4
B:Q<3C>?>4PH:4]?>>?@X?46:34I:>Q9C9Y4:3C?>4
B:@C><4B:64C:>>9C<>9<4Q:S9A?@<7=
}y?B:R
1z9@4:QM?>;<T4B:3IH534B:4:3?4:SI:D
>9:@A9?T4:@4C9:QI<34B:64I>:39B:@C:4“6HC?>A<4
26J?34]?66:34N4:64I>:39B:@C:4K6E?><47M>:D
;Y@T466:;?><@46<34:3C?BH@9B:@3:34?46?4A<@D
A6H39Y@4B:4PH:46?349@C:>E:@A9<@:34?>Q?B?34
:@4 5S9A<4@<4C:@J?@4N?4QHAW<43:@C9B<$4
I:><423C?B<34(@9B<34W?4<IC?B<4I<>4<C><4C9D
I<4B:49@C:>E:@A9Y@T4PH:4:346?4:A<@YQ9A?T4
N?4PH:46:4>:3H6C?4QHAW<4Q\34I><ZH@B?4N4
QHAW<4Q\34>:B9CH?M6:7=
]?X?63T4@?A9B<4:64F&4B:4UH69<4B:4G"!4
:@46?4]9HB?B4B:4 5S9A<T4:SC:>@?4PH:4UH3C<4
:@4:64?y<4B:64]:@C:@?>9<4B:46?4K:E<6HA9Y@4 
:S9A?@?T4*m_jdecgtfb4IH:B:4PH:4>:D
@?XA?4:3?4:Q<A9Y@4?@C9N?@PH9T41PH:T43:?D
Q<34W<@:3C<3T4:S93C:=T4IH:3C<4PH:416?34A9>D

ˆ‘ˆ•a4º’
C<B<346<34:3C?BH@9B:@3:343<@4A<Q<4:64Q?D
N<>4{7 74)HCAW48?@9:64 ?>CJ@:XT4N4:3<4
@<4:34E:>B?B7
82@4AH?@C<4?46?49B:@C9B?BT43:4?I>:A9?4
:@4:64Z96Q:4PH:4B:3B:4:@C<@A:343:4:@AH:@D
C>?4QHN4Z>?ACH>?B?4:@4 5S9A<T4Q?4PH546<4
?C>9MHN:R
82@4 5S9A<4B:UY4B:4:S93C9>46?4I?>C:4>HD
>?64B:4Z<>Q?4QHN4E9<6:@C?74o?4:SI6<39Y@4
B:Q<;>\Z9A?4ZH:4C>:Q:@B?4:@46?4B5A?B?4B:4
6<343:3:@C?4B:6439;6<4I?3?B<$4I<>4Q\34PH:4
:64]<@3:U<4%?A9<@?64B:4“<M6?A9Y@4W9X<46<4
PH:4IHB<T4@<4WHM<4>:Q:B9<7
12@C<@A:3T4:64A?QI<T4PH:4:>?46?4I?>C:4
B<@B:4E9EJ?46?4;>?@4Q?N<>J?4B:46<34Q:S9D
A?@<3T4B:UY4B:43:>43H4ZH:@C:4B:49@;>:3<4N4
3HI:>E9E:@A9?T4N4B:64A?QI<43:4C>?36?B?D
><@4?46?34A9HB?B:374~4:@4:3C?B<4B:4B:3;>?D
A9?4:A<@YQ9A?4A<Q:@X?><@4?4A>:?>4?3:@C?D
Q9:@C<34C>?C?@B<4B:43<M>:E9E9>49@E?B9:@B<4
6<34:3I?A9<34H>M?@<3T4N4?66J43:4:3C?M6:A9Y4
H@?4@<C?M6:4B9Z:>:@A9?43<A9?64:@C>:4:3C:4
A?QI<4B:3I6?X?B<4N46<34A9C?B9@<34PH:4N?4
:3C?M?@49@3C?6?B<34N4E:J?@4?64 5S9A<4>H>?64
A<Q<4?6;<4QHN46:U?@<7
12@46<34?y<343:3:@C?4A<Q:@XY4:3:4
3:@C9Q9:@C<4B:4:3C?>49@E?B9B<374%<43Y6<4
9>>HQI9:><@46<34A:@C><34H>M?@<34B:64I?J3T4
C?QM95@43:4W?@4B:3I6?X?B<4?423C?B<34(@9D
B<34Q?39E?Q:@C:74~4?66J4:34B<@B:46?4Z>?AD
CH>?4:@4C5>Q9@<34B:49B:@C9B?B43:4W9X<4C<B?D
EJ?4Q\34?A:@CH?B?7=

êKPUWK[
0½68446‰47 896‰

AH@3C?@A9?34A<>>:@4I?>?6:6?Q:@C:4?46<4PH:4
?A<@C:A:4W<N4:@4BJ?4:@4}>9X<@?=7
82@4:646?>;<Q:C>?U:43:4I:>A9M:4:3?49QD
I>:39Y@4?@C9N?@PH9T4QZH:43H49@C:@A9Y@4B:3D
B:4H@4I>9@A9I9<R
8zJ74o<4PH:43HA:B:4:34PH:4?I?>C:4B:43:>4
H@?4I:6JAH6?43<M>:46?46:?6C?BT4:34H@?4I:6JD
AH6?43<M>:46?49B:@C9B?B7
1%<4C<B<346<34:3C?BH@9B:@3:343<@4
9;H?6:3T4Q9:@C>?34?6;H@<343<@4C>:Q:@B?D
Q:@C:4>?A93C?3T4<C><34@<T4I:><4?46?4E:X4C9:D
@:@4H@?4Z<>Q?A9Y@4QHN43:E:>?4:@4C5>Q9D
@<34B:46<4PH:4:346?4Q<>?64N46?45C9A?T4N4Q:4
I?>:A9Y49@B93I:@3?M6:4:@46?4C>?Q?7423<4@<4
I:>C:@:A:4?64AH:@C<4B:4”?>9M?NT4:3<46<49@D
A6HN<4N<T4PH:4:@C>:46<34B<34@<>C:?Q:>9A?D
@<34B:46?4A9@C?4WHM9:>?4B9Z:>:@A9?343H3C?@D
A9?6:343<M>:4:64Q<B<4B:4:Z:ACH?>46?34A<3?3T4
B:4Q?@:>?4C?64PH:4?64Z9@?64B:646?>;<Q:D
C>?U:4H@<4B:4:66<34@<43?M:4QHN4M9:@4I<>4
PH54>:?69X?46<4PH:4E?4?4>:?69X?>T4I:><439:@D
C:4:64B:M:>4B:4I:>I:C>?>6<$4:@4C?@C<4:64<C><4
3:4A<QI<>C?4A<Q<4H@4Q969C?>T4<MA:A?B<4N4
:PH9E<A?B<T4I<>43HIH:3C<7=
8Q2>?4@:A:3?>9<46?4M?6?@X?T4I<@:>4H@4
;>9@;<4Q?6<4N4H@<4MH:@<R
8zJT4B:46<4A<@C>?>9<4WHM9:>?439B<4:SA:D
39E?Q:@C:4:3PH:Q\C9A<T4A<Q<43:y?6?>4PH:4 

?A9?4Q?N<4B:4G"&T4*m_jdecgtfb49M?4?4
><B?>3:4:@4z<@<>?T4I:><4 ?>;?>9C?4oYI:X4
“<>C966<T4:@C<@A:34B9>:AC<>?4B:4K?B9<T4:D
6:E939Y@4N4]9@:Q?C<;>?ZJ?4B:46?4z:A>:C?>J?4
B:4”<M:>@?A9Y@T4A?@A:6Y4:64I><N:AC<439@4
<Z>:A:>6:4?6;H@?4:SI69A?A9Y@4?64>:?69X?B<>4 
€‚ƒ„…‚4GVF7
”?>9M?N4:3A>9M9Y4A<@4]?X?634:64I>9Q:>4
C>?C?Q9:@C<4B:64;H9Y@7
8QOH546:466?QY46?4?C:@A9Y@4B:64AH:@C<4B:4
”?>9M?N4I?>?466:E?>6<4?46?4I?@C?66?4;>?@B:R

8<B<46<4:3A>9C<4I<>4”?>9M?N4:>?4QHN4
B93C9@C<4?46<4PH:4A>:?M?@4@<E:693C?34N4AH:@D
C93C?34W?A:4?6;H@<34?y<374z9:QI>:4:@A<@D
C>54:@4:3C:4:3A>9C<>4H@?4A?I?A9B?B4I?>?4>:D
A>:?>46?4?CQY3Z:>?4N4:64>:?693Q<4B:4QHAW<34
6H;?>:34B:4 5S9A<T4A<@4H@?4I>:A939Y@43<D
M>:4C<B<4:@4:64Q<B<4B:4W?M6?>T4:@46<34;9><34
9B9<Q\C9A<34N4:@46<34Q<B93Q<3T4?4I?>C:4B:4
H@?4;>?@4E9>H6:@A9?T4QHN4A?>?AC:>J3C9A?4B:4
K9A?>B<T4N4AH?@B<4Q:4B9<4?46::>4:64AH:@C<4
B:4*m_jdecgtfb4I:@354PH:4:E9B:@C:Q:@C:4
:>?4H@?4?@5AB<C?4PH:4W?MJ?4:3AHAW?B<4:@4
:64@<>C:4B:64I?J34:@4H@<4B:43H34E9?U:37
1o<4?C>?AC9E<4:>?4PH:4:@4:64C:SC<4?I?D
>:AJ?4Q HAW<4:64:3IJ>9CH4B:46?43<69B?>9B?B4
A<@4:64E96693Q <T4A<Q <4PH:4@<4:>?4C?@49Q D
I<>C?@C:4,966?T4?H@PH:4:>?4:64Q <C9E<4A:@D
C>?674234B:A9>T46?46:?6C?B4?64E96693Q <4:>?4
H@?4ZH:>X?4:3I:A9?64:@4:64>:6?C<T4H@?46:?6D
C?B4PH:4@<4?@?69X?M?4,966?4@949@C:@C?M?4
?3:@C?>6<4A<Q <4H@4W<Q M>:49Q I:A?M6:T4:34
Q \3T4:64I:>3<@?U:4B:4]W9A<;>?@B:4B:AJ?4
PH:4:>?4H@4><M?E?A?3T4I:><46<4PH:4B:3C?D
A?M?4”?>9M?NT4N4:3<4Q :49@C:>:3?M?4I<@:>D
6<4:@46?4I:6JAH6?T4:34PH:4:>?@4;:@:>?A9<D
@:34B:4I:<@:34?C><I:66?B?3T4B:3I<U?B?3T4
B:4H@?4E9B?4Q 93:>?M6:4?46<34AH?6:34,966?4
W?MJ?4>:3A?C?B<7
1z9@4Q?N<>4>:Z6:S9Y@T4:3<4:>?43HZ9A9:@D
C:4N439;@9Z9A?M?4I?>?4]W9A<;>?@B:4B:M:>6:T4
@<46?4E9B?T439@<43H4:S93C:@A9?7=
82@4*m_jdecgtfb43:4I:>A9M:46?4:C?I?4
I<3>:E<6HA9<@?>9?T4QC?QM95@4ZH:43H49@C:@D
A9Y@4Q<3C>?>4:3:4I:>J<B<R
823?4:C?I?4@<4:3C\4C?@4I>:3:@C:4:@4:64
:3A>9C<4B:4K9A?>B<74o<4PH:43HA:B:4:34PH:4
6?4A9@C?4C>?@3AH>>:4:@4:64<A?3<4B:4,966?7423D
C\4A?394I<>4A<@A6H9>46?4:C?I?4B:46?4>:E<6HD
A9Y@4?>Q?B?74}66J4Q:4I:>Q9CJ4?y?B9>4H@4
:I93<B9<4PH:4@<4:3C\4:@4:64AH:@C<T439@<4I?>D
C:4B:4H@?4@?>>?A9Y@4B:4K?Z?:64[:69I:4 HD
y<XT4bg`rjhbcfg`rfbr^_rebtbcgqT4B<@B:4:@D
C>:3?PH54I:PH:y?346J@:?34PH:4Q:439>E9:><@4
I?>?49@A6H9>46?4>:Z6:S9Y@4B:46<34W<QM>:34B:4
?>Q?3T4<M>:;<@93C?34N4A?>>?@X93C?3T4Z>:@C:4
?64B:A69@?>4B:64E96693Q<7

†µ

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

hyUbQHcXMH»
HK»KJ»[»RKPKI
HQir
MJ»M]UJUQ»MHRKìQJ

|

} `{Å»z`yÃzÅ
“‡Ÿ‘³“‡³‡‡–Ž•—“΍‡–—’—‡’—Ý
—’‘³—‡‡¦“‡í‘• —Ž‘“‡³‡Ã ¤ë‘’—¡‡
¥‘¦ÜŽ —‡ð—••¡‡¦‡³‘–¦—¨ Ý
’—‡¨ ë‘’“—‡‡•“¦Ÿ‡‘¨ Ý
Ž“ܦ•‡Ÿ‘³“•‡³Ž“ ‡¦‡ë‘¦‘—‡•–“ö—¦¡‡•‡
¦‡ ¨ “‡³¦‡³—’¨  “¦‡£â1êþê0þêåê11‡
õ‘¦¦‘“‡õ‘܍Ž¨ “¡‡–Ž—¢Ž“¨ “³—‡³ Ž—‡³¦‡
Ÿ—‡å• ‘Ÿ“¦‡³‡ž‘‡²‘• Ž‘ “¦‡’“–‘ “¦‘—
¥‘¦ÜŽ —‡ð—••‡ “¦³ÊŸ“Ž‡6Û8ßÝ
ÛÜ7¡‡‘‡‡’•¦‡¢Ž“¦‡³‡Ã ¤ë‘’—‡
‡åŽ“’‘“¡‡“£³‡‡¦‡¢—Ü‘Ž—‡³‡õモÝ
Ž—‡žïŽ³“•‡“‡¦—•‡ë‘¦‘“³—•‡³‡¦“‡³‘’ “³Ž“‡
³‡åŽ“’‘•’—‡åŽ“’—¡‡ Ž‡Ž–Ü¦‘’“—•¡‡
Ν³Ê—•¡‡•—’‘“¦‘• “•¡‡’—¨ ‘• “•‡£‡–Ž•¢‘Ý
³—•‡–—Ž‡¦‡“¾‘•¨ —
瞎—‡‡£â1êþê0þêåê11•‡‘¨ –—ŽÝ
 “ ‡–—Ž‡í“ܦ“‡³‡‡Ã ¤ë‘’—‡³‘• ‘Ý
 —¡‡•—ÜŽ‡ —³—‡‡• —•‡ ‘¨ –—•‡‡¦—•‡ 
‡–“Ž’‡‡¦‡–“Ê•‡’“‡í“Üʓ‡• “Ý
³—‡ “‡¨ “¦¡‡í“ܦ“‡³‡‡–“Ê•‡‡ Ê“‡‡
• ‘³—‡£‡³—³‡’—‘’‘³Ê“‡‘³—¦¢‘’“Ý
¨  ‡¦‡–Ü¦—‡£‡¦“‡–—¦Ê ‘’“‡³‡“‡¨ “Ý
Ž“‡¨ “Ž“Ÿ‘¦¦—•“¡‡£‡•—‡•‡¦—‡Ž•’“ “ܦè¡‡
³‘’‡¦“‡’‘“• “
”¦‡‘¦¨ ¡‡‡• Ÿ—‡—¨ ‘“³—‡‡¦“‡
’“ ¢—ŽÊ“‡³‡²—’¨  “¦‡Ã ë‘’“—‡³¦‡
单 ‘Ÿ“¦‡5 Ž“’‘—“¦‡³‡ž‘‡³‡¥“³“Ý
¦“ΓŽ“‡• ‡“ö—¡‡“ŽŽ“‡¦—•‡í’í—•‡—’ŽŽ‘Ý
³—•‡ Ž‡Ûû‡£‡Ûòû‡³•³‡¦“‡Ÿ—¾‡£‡–Ý
 —‡³‡Ÿ‘• “‡³¦‡¨ ‘•¨ —‡ð—••¡‡“•Ê‡’—¨ —‡
³‡–Ž— “¢—‘• “•‡£‡“¨ ‘¦‘“Ž•‡³‡í—¨ ܎•‡
£‡¨ ÎŽ•‡“£³“³—•‡–—Ž‡¤¦‡
” Ž‡¦—•‡ ŽŸ‘• “³—•‡•‡’ Ž“‡
¦‡í‘• —Ž‘“³—Ž‡• “³‘³•‡åŽ‘³Ž‘’í‡
?“ ¾ñ‡åŽ“³—‡ ŽŽ“—¡‡“’ “¦‡•’Ž “Ý
Ž‘—‡’¦ Ž“¦‡£‡“Ž Ê• ‘’—‡³¦‡ž—Î—‡è“’‘—“¦‡

¿È¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

–“Ž“‡¦“‡ž¦ Ž“‡£‡¦“•‡·Ž •‡6ž—“’¦ “7¡‡£‡¦‡
–—¦‘ ¦—¢—‡õ—‡’莨 “
ő‡“‡³Ž“’‘‡³‡Ûæ8‡¨ ‘ —•‡£‡
•‡’—–Ž—³’‘³—‡–—Ž‡¦‡å—³—‡³‡ÛŽ—³’Ý
’‘‡³‡ž‘‡³‡ž“¦‘³“³‡6嗖Ž—’‘7‡£‡ÛŽ—Ý
³’’‘—•‡è5Åó·‡õ“‡‘Ÿ• ‘¢“’‘¡‡¦“‡³‘Ý
Ž’’‘‡£‡¦‡¢‘‡’—ŽŽ‘Ž—‡–—Ž‡–“Ž ‡³‡
õ‘܍Ž¨ “¡‡‘‡•ö“¦“æ
甦‡¦“Ž¢—¨  Ž“΍‡¦¦Ÿ“‡“‡•’Ý
’‘“¡‡³•³‡¦—•‡“ ’³ •¡‡¦‡“–—£—‡³‡
à ¤ë‘’—‡“‡¦“‡Ž–êܦ‘’“‡•–“ö—¦“¡‡¦‡• “Ý
³—‡³‡ŽÜ¦‘‡³‡åŽ“’—¡‡ ‘‡ —³—‡‡
¨ “Ž’—‡í‘• Ž‘’—‡è—‡•—£‡í‘• —Ž‘“³—Ž“¡‡–Ý
Ž—‡“–Ž³Ê‡¨ ’í—‡¨ ‘ Ž“•‡í‘’‡• ‡ Ž“Ý
ܓΗ‡“£‡‡¢Ž“Ÿ‡–Ž—ܦ¨ “‡‡Ã ¤ë‘’—‡£‡
•‡‡³•’——’¨ —•‡• Ž“‡í‘• —Ž‘“‡£‡
“‡–Ž•—“΍•‡‡ “¦‡Ÿ¾‡—‡•—‡Ž’——’‘Ý
³—•‡“í—Ž“¡‡–Ž—‡‡•‘‡³³“‡“£³“Ž—‡“‡
• Ž—‡–“Ê•‡£‡“‡— Ž—•
çۗŽ‡•—¡‡•‡“‡–¦Ê’¦“‡³³‘’“³“‡“‡
 —³—‡¦‡–êܦ‘’—¡‡–Ž—‡‡•–’‘“¦‡“‡¦—•‡ÎÝ
Ÿ•¡‡–—Ž‡¦“‡í‘• —Ž‘“‡‡’ “‡•‡³‡
‡Ã ¤ë‘’—‡‡–“Ž’‡‡£“‡—‡ë‘• è
”‡ŽŽ’‘“‡“‡¥ ‘¦ÜŽ —‡ð—••¡‡
’—¨  “æ
çõ—‡’——’ʇ‡Ûß¡‡’“³—‡¨ ‡‘Ÿ‘Ý
 “Ž—‡“‡¦“‡‘• “‡³‡•‡’¨ –¦“ö—•‡ê¨ Ž—‡
Ûæ懣‡‡¨ “Ž“Ÿ‘¦¦—•—¡‡“íʇ¦‡–Ž—–•‡¦“‡Ý
 ŽŸ‘• “‡‡•‡Ž“¦‘¾‡‡³‘ŸŽ•“•‡Ÿ‘•‘ “•‡
£‡‡•‡’—Ÿ‘Ž ‘‡‡• “‡–¦Ê’¦“‡”•‡‡
헨 ܎‡‡ Ž“Ê“‡“‡¦’퓇–ŽŸ‘“‡£‡“‡
’—’–’‘‡í¨ “‘• “‡‡ Ž“³Î—‡“¦‡³Ý
Ž’í—‡‘ Ž“’‘—“¦‡è—‡í“£‡¨ ’í—•‡–ŽÝ
•—“΍•‡‡‘•–‘Ž‡£‡¤¦‡‘•–‘Ž“‡“‡ —³—¡‡‡
 ‘–—‡’—‡“‡•’‘¦¦¾‡£‡’“¦‘³“³‡í¨ ““‡
‘¨ –Ž•‘—“ •è
õ‘¦¦‘“‡õ‘܍Ž¨ “‡’Ž•‡¦‘ Ž“ Ž“‡Ž“Ý
’•“‡‡¦“‡‘ŸŽ•‘³“³‡è“’‘—“¦‡· —Ý
¨ “‡³‡Ã ¤ë‘’—¡‡“‡¨ “• ŽÊ“‡‡¦‘¢íʕ ‘’“‡
£‡‡–—•¢Ž“³—‡‡’‘’‘“•‡³‡¦“‡‘—Ž¨ “Ý
’‘‡‡åŽ“’‘“¡‡£‡“‡•‡Ž¢Ž•—‡“‡Ã ¤ë‘Ý
’—‡Ž“¦‘¾‡• ³‘—•‡’‘¨ “ —¢Žï‘’—•‡‡¦“‡
¨ ‘•¨ “‡è·Ã ‡
ێŸ‘—‡“¦‡¦“Ž¢—¨  Ž“΍¡‡í‘¾—‡“‡•Ý
Ž‘‡³‡’‘’—‡Ÿ‘³—•‡³’“ ‘Ÿ—•‡’—‡ ¨ “•‡
’—¨ —‡¦“‡–ŽŸ’‘‡³¦‡“ܝ•—‡•ë“¦¡‡¦‡
¨ “¦ Ž“ —‡“‡‘ö—•¡‡¨ ܓŽ“¾—‡“³—¦•’ ‡£‡
–ŽŸ’‘‡³‡“³‘’’‘—•‡åŽ—‡‘“Ý
’‘“³—•‡–—Ž‡¦“‡ ’Ž “ŽÊ“‡³‡”³’“’‘‡ÛêÝ
ܦ‘’“¡‡¦“‡ ³•—¦‡£‡¦‡å—³—‡è“’‘—“¦‡–“Ý
Ž“‡¦“‡ž¦ Ž“‡£‡¦“•‡·Ž •‡6嗐’“7¡‡£‡Ž—‡
 Ž“•¨ ‘ ‘³—•‡‡–“Ê••‡³‡·¨ ¤Ž‘’“‡õ“ ‘“¡‡ 
¢ŽÊ“‡£‡´¨ “‘“
£â1êþê0þêåê11‡–Ž• “Žï‡’—¨ —‡
–“Ž ‡³‡²‘• Ž‘ “¦¡‡‡‘‘’‘“‡• “‡•¨ “Ý
“ñ‡¦“‡’‘‡³‡• Ž—‡•Žï‡¦‡ß‡³‡
¨ “£—‡õ“‡’“Ž ¦Ž“‡–³‡’—•¦ “Ž•‡‡
áááþ â1ãåâãê0þý üþþ

*m_jdecgtfb4 8I><BHA9B?4 I<>4 z9:D
>>?4}6C?4[96Q 3T4:64@3C9CHC<4 :S9A?@<4B:4
]9@:Q ?C<;>?ZJ?T4:64[<@B<4B:4@E:>39Y@4
N423CJQ H6<4?64]9@:T4766J@4zCHB9<T4[<D
C<¿:Q 4[96Q T49C>?4]?69Z<>@9?4N42PH9ID
Q :@C4ë 4[96Q 48:39;@843:4><BY4:@48H>?@;<4
:@4FVV"74~4C?Q M95@49@C:>E9:@:@46<34?AC<D
>:34{H?@4 ?@H:64):>@?64Q 5B9A<4;>9@;<T4
)>H@<4)9AW9>4ž>3H6<4?I9?T4}6:U?@B><4
]?6E?4[>?@A93A<4,966?T4:@<AW4H:>C?4 
B<AC<>4:>\@T4o93?47Ó:@4{?@9A:T4“?C>9D
A9?4K:N:34zIJ@B<6?4o?4z?@B<E?6T4”H3C?D
E<4z\@AW:X4“?>>?4z??E:B>?4N4{<>;:4\D
>?C:4,9:U<>:3:@B:XT4:@C>:4Q HAW<34<C><37
8QOH546:4I?>:A:4PH:4:64;<M9:>@<4?ACH?64
@<4W?;?45@Z?3934:@4:64]:@C:@?>9<4B:46?4K:D
E<6HA9Y@4 :S9A?@?R
8o?34B<34L6C9Q?34?BQ9@93C>?A9<@:374
23C\4A6?>J39Q<T4W?M6?>4B:64A?QI<T46?4:Q9D
;>?A9Y@T4:64B:3I6?X?Q9:@C<43<A9?6T4:@4Z9@T4
I:>C:@:A:4?4H@?4C:>Q9@<6<;J?4PH:4@<4:34
H3H?64I?>?4:66<37
1234H@4A<QI><Q93<4I?>?4:64;<M9:>@<4
?ACH?643?69>4B:6?@C:4B:4:3C?34Z:3C9E9B?B:34
AH?@B<4:@4:64Z<@B<4@<46:349@C:>:3?4?M3<6HD
C?Q:@C:4@?B?7=

GUNM»VM»KePMNOKH
8Q]YQ<4W?49@Z6H9B<46?4W93C<>9?4B:4 5S9A<4
:@4:64A>:?B<>4]?X?63R
82@4Z<>Q?4B:C:>Q9@?@C:74}4QJ4Q:4W?4
Z?3A9@?B<439:QI>:46?4W93C<>9?4B:4 5S9A<74
]>:<4PH:4:S93C:@4I?3?U:34:@4:66?4?M3<6HC?D
Q:@C:4:SC>?<>B9@?>9<374 5S9A<4:34H@4:@D
A6?E:4B<@B:4W?@43HA:B9B<46?34A<3?34Q\34
@<C?M6:34PH:43:4IH:B?4H@<49Q?;9@?>74~4@<4
@:A:3?>9?Q:@C:43<@46?34:3C?CH?34PH:4:3C\@4
:@4“?3:<4B:46?4K:Z<>Q?7
1o<343HA:3<3439:QI>:4Q:4W?@49@C:>:3?D
B<4A?394?4C>?E534B:46?49@Z<>Q?A9Y@4B:46?4I>:@D
3?4<4B:4>:6?C<34W93CY>9A<374]<@39B:><4?4*gi
tdg4H@4:I93<B9<4@?A9<@?6T49;H?64bd`r^da_ud`r
fbrbhg4N4«_etg­ rmg`agrbqrçqa_^drgq_btad74~4
394CHE9:>?4F4?y<34B:4:B?BT4?W<>?4:64:I93<D
B9<4@?A9<@?643:>J?46?4QH:>C:4B:46<34:3CHB9?@D
C:34B:4 <@C:>>:NT4Q:4I?>:A:>J?49@B93I:@3?D
M6:439CH?>6<34A9@:Q?C<;>\Z9A?Q:@C:7=
8Q[H:4A<QI69A?B<466:E?>4?46?4I?@C?66?4
;>?@B:46?4W93C<>9?4@?A9<@?6R
8zJ74%<43Y6<43:4C>?C?4B:466:E?>4?64A9@:46?4
W93C<>9?T439@<4B:4I<3::>4I:>3<@?6Q:@C:4H@4
IH@C<4B:4E93C?4A>JC9A<4?64>:3I:AC<74%?B9:4
IH:B:4<Z>:A:>46?4E:>B?BT4:3:4W?439B<4:64:>><>4
B:46?4W93C<>9?4<Z9A9?6T4A<@C?>6?4A<Q<4394ZH:>?4
6?4E:>B?B4?M3<6HC?4<4B9A9:@B<4:3C<4:34M6?@A<4
N4:3C<4:34@:;><T4:3C:4:34:64MH:@<4N4:3C:4:34:64
Q?6<7423<4@<4ZH@A9<@?7423<4@<34W?466:E?4?46?4
?M<Q9@?A9Y@4B:46?4W93C<>9?4B:64I?J37
8Q23:4IH@C<4B:4E93C?4A>JC9A<4W?4?Z:AC?D
B<43H4A?>>:>?R
8zJT4I<>PH:4B93CH>M?4?4?6;H@<374“<>43HD
IH:3C<T49@PH9:C?4?4?6;H@?349@3C9CHA9<@:34N4
I<>PH:4:343?69>3:4B:64A?>>9674%<4@:A:3?>9?D
Q:@C:43:4?Z:AC?4H@?4Z>?@U?4B:4I:@3?Q9:@D
C<4<4H@?4Z>?@U?4AH6CH>?6T4@9439:QI>:43:>\46?4
Q93Q?T4@<74*gtdgT43:;L@4B9A:@T4?Z>:@CY4?4

ˆ‘ˆ•a4º’
6?4?6AH>@9?4I<M6?@?$4«_etg­ rmg`agrbqrçqi
a_^drgq_btad4?Z>:@CY46?49QI?>C9A9Y@4B:4UH3D
C9A9?4B:64“K84:@4:64893C>9C<4[:B:>?6$4pqr
ghgtfd4?Z>:@CY46?4:3C>HACH>?4Q969C?>4N4B:4
>:A6H39Y@4:@4?PH:64C9:QI<4M?U<4:64Q?@B<4
B:64“K4:@4:64I<B:>T4:@4Z9@7
1:4C:@9B<4M><@A?34A<@46<34H@<34<4A<@4
6<34<C><3T4I:><4:349@:E9C?M6:T4I<>PH:4:64
?C><I:66<4:34:E9B:@C:T4N4?PHJ4B:46<4PH:43:4
C>?C?4:34PH:4W?4W?M9B<4B:Q?39?B<34?C><I:D
66<34:@4:3C?46?>;?4W93C<>9?4B:46?4@?A9Y@7=
8Q2S93C:4?6;L@4I:>J<B<4W93CY>9A<4PH:4
@<4W?N?4I<B9B<4C>?@3I<>C?>4?64A9@:R
8>?M?U54BH>?@C:4QHAW<34?y<34B<34:I9D
3<B9<34@?A9<@?6:34PH:4Q:49@C:>:3?M?@4QHD
AW<T4I:><4:64C9:QI<4N?4Q:4;?@Y4N46<34A<3C<34
N?4Q:4>:M?3?><@74(@<4:>?43<M>:4:64)?C?66Y@4
B:4z?@4“?C>9A9<T4:64I?3<4B:46<349>6?@B:3:34
I<>4 5S9A<4:@4G&#T4N4:64<C><4:>?4H@?4E9D
39Y@4B:64I?J34BH>?@C:4!V4?y<34?4C>?E534B:4B<34
I:>3<@?U:34PH:4CHE9:><@4I?>C:4B:A939E?4:@46?4
A<@3C>HAA9Y@4B:64 5S9A<4Q<B:>@<T4A<Q<4
”<@X?6<4%?C9E9B?B4z?@C<37
8“:><4H3C:B4:34H@4A>:?B<>4A<@3C?@C:T4
Q:3<46:4W?4A<3C?B<4QHAW<R
8?439B<4QHN4A<QI6:U<T4I<>PH:4W?N46<4
3HZ9A9:@C:4C<B<346<34BJ?34I?>?43:@C9>3:4B:D
>><C?B<4N4A<@4;?@?34B:4?M?@B<@?>4C<B<T4
:3<4:346<4PH:4B:3C>HN:4?46<34A9@:?3C?34:@4
:3C:4I?J374234:@Z>:@C?>46?4B:>><C?4C<B<346<34
BJ?34PH:43:4I>:3:@C?4A<@4Q\3A?>?34B9E:>D
3?3T4I:><4C<B?34?;>:39E?3R4>:H@9>46<34A?I9D
C?6:3T4A<@E:@A:>4?46?349@3C9CHA9<@:34N4?46<34
?AC<>:3T46<;>?>4I<@:>4B:4I9:46?4I:6JAH6?T46<D
;>?>4Z96Q?>6?T4?6A?@X?>4?4:B9C?>6?4N4E:>46H:D
;<4AYQ<43:4IH:B:4B93C>9MH9>7

{QYQ»RïWJUYQ
264:3C>:@<4B:4*m_jdecgtfb41:34:@4A<@B9D
A9<@:34@<>Q?6:34A<Q<4AH?6PH9:>4<C><46?>D
;<Q:C>?U:=T49@B9A?748:3B:4:64I>9@A9I9<43:4
B:A9B9Y4PH:4]>:?@B<4[96Q34C>?C?>?4B9>:AC?D
Q:@C:4A<@46<34:SW9M9B<>:3R
1%9439PH9:>?43:4MH3AY4B93C>9MH9B<>7423D
C?Q<34A<@C>?4:64:3IJ>9CH4B:46?4B93C>9MHA9Y@4
:@4 5S9A<4N4B:A9B9Q<34C<Q?>4@H:3C><34
I><I9<34>9:3;<374264A9@:4Q:S9A?@<4I?3?4
I<>4H@?4:C?I?4QHN4B9ZJA964B:4>:A:IA9Y@4B:4
ILM69A<4N43<Q<34A<@3A9:@C:34B:4:66<7=
8Q}4PH543:4B:M:4:3?439CH?A9Y@R
8o6:E?Q<34FV4?y<34B:4:3C?>4?M>HQ?B<34
I<>4:64A>:C9@93Q<4B:46?34A<Q:B9:C?34:3C?BHD
@9B:@3:34N4B:46<34:Z:AC<34:3I:A9?6:34PH:4B:3D
6HQM>?@4?64:3I:AC?B<>7423<49@Z6HN:4QHAW<4
:@4:64ILM69A<T4PH:4I<>4A9:>C<43:4W?4A<@E:>D
C9B<4:@4H@4A<@3HQ9B<>$439@4:QM?>;<T4A<@39D
B:>?Q<34PH:4C<B?EJ?4:S93C:4;:@C:4Q:S9A?@?4
PH:46:4;H3C?43H4A9@:T4B<@B:4@<43:4:@C>:C9:@:4
QHAW<4I:><4>:Z6:S9<@?4N439:@C:74*m_jdecgti
fb4:3C\4A<@3C>H9B?43<M>:46?4:Q<A9Y@7
1%<4<M3C?@C:T4C<B<4:3I:AC?B<>4Q:S9A?D
@<43?M:4PH:46?34I:6JAH6?34:3C?BH@9B:@3:34
A?39439:QI>:43<@4M<M?B?37=
8Q“:><4:64ILM69A<4@<4:@A?>?4:3<R
8o?4I>:@3?4C9:@:4QHAW<46?4AH6I?4?64:3C?>4
?E?3?66?@B<4B9?>9?Q:@C:4A<@4@<C9A9?34?C><D

A:374?A:4PH:46?4;:@C:T4PH:4B:4C<B<34Q<D
B<346:J?4I<A<46?4I>:@3?T4?W<>?4@<43:4PH9:D
>:4?3<Q?>4:@4:66?T4I<>PH:4A?B?4BJ?46?4@<C9A9?4
PH:439;H:4:34C<B?EJ?4Q\34:3I:6HX@?@C:4PH:4
6?4B:64BJ?4?@C:>9<>74K:A<@<XA<4PH:46?4I>:@3?4
C9:@:46?4<M69;?A9Y@4B:49@Z<>Q?>4:49@Z<>Q?T4
6<4PH:43HA:B:4:34PH:4@<4Q?C9X?4@94>:Z6:S9<D
@?43H49@Z<>Q?A9Y@742@C<@A:3T4:643:@3?A9<D
@?693Q<4W?4B<Q9@?B<4:64?3H@C<74~4@<4PH9:D
>:@4E:>4:3<4:@4:64A9@:4@?A9<@?67
1 94@9:C?4Q:4B:AJ?R4k?A:4H@<34?y<34C<D
B<345>?Q<34:64`hcjd^gtfgtab4J gcjd`T4W<N4
C<B<343<Q<346?4@9y?4“?H6:CC:l74P234C:>>9M6:O=
2SI69A?4?B:Q\34<C><34I><M6:Q?3R
1%<4W?N4Q?@:>?4B:4IHM69A9C?>4@H:3D
C><34Z96Q:34N4I<@:>6<34?64Q93Q<4@9E:64PH:4
6?4A<QI:C:@A9?74~46?4;:@C:4@<43:4:@C:>?4B:4
6<4PH:43:4<Z>:A:7
1?QM95@49@Z6HN:4PH:4I?>?4H@?4Z?Q969?4
?AHB9>4?64A9@:4:34;?3C?>4VV4I:3<3T4Q\34:64

:3C?A9<@?Q9:@C<T4:34QHAW<4B9@:><T4N4?6;HD
@?34E:A:346<4I9:@3?@74234B9ZJA967=
8QOH5439:@C:4]?X?634AH?@B<43:4B9A:4
PH:4E?>9<34B:43H346?>;<Q:C>?U:343<@4A6\39D
A<3T4A<Q<4*gtdgR
8P~<46<4BHB<O4 94>:?AA9Y@4:34BHB?>6<74~ 4
6<4W:4B9AW<T4@<4E:<4Q934I:6JAH6?34Z>:AH:@C:D
Q:@C:4I<>PH:4Q:4A?H3?@4I?E<>T4B9;<R41OH54
M?>M?>9B?BT4AYQ<4:Z:ACH54:3<4?66J4:@46H;?>4
B:4W?M:>4>:?69X?B<4:3C<4N4:3C<=74?N4A9@C?34
Q:U<>4>:?69X?B?34PH:4<C>?374?N46?>;<Q:D
C>?U:34PH:4C<B?EJ?4I>:@B:@4?64:3I:AC?B<>439@4
9QI<>C?>43H4:B?B4N4W?N4I:6JAH6?34PH:4@<4B:D
MJ4W?M:>4Z96Q?B<T4I:><4Q94I><Z:39Y@4:343:>4
B9>:AC<>4B:4A9@:T4B:4:3<4A<Q<7
~4?3J4C:>Q9@?46?4:@C>:E93C?R
12@C<@A:3T4@<4:3AHI<43<M>:4:66?374234
Q94C>?M?U<T4PH9X\4@<46<4>:?69A546<4Q:U<>4I<D
39M6:T4I:><4C>?C5T4N4?64Z9@?64B:4AH:@C?34@<4
Q?C54?4@?B9:7=

hGUNM»[»PM_QJXYUSNi

î

MN»yKN»`JVMeQNHQ

• ‡¨ “Ž •‡ß܇•‡‘“‡¢Ž“‡¦“‡
¨ • Ž“‡5âÿäþ2þåäûî0úëâ0ÿ¡‡—ŽÝ
¢“‘¾“³“‡–—Ž‡¦‡5• ‘  —‡Ã ë‘Ý
’“—‡³‡ž‘¨ “ —¢Ž“ʓ‡65¨ Ý
’‘7‡’—‡“–—£—•‡³¦‡¢—Ü‘Ž—‡³‡ 
“’“ ’“•¡‡¦“‡è·Ã ¡‡¦‡¥—Ü‘Ž—‡³¦‡
²‘• Ž‘ —‡å³Ž“¦‡£‡¦‡ž—“’¦ “¡‡‡—’í—‡
•“¦“•‡³¦‡· ‘¢—‡ž—¦¢‘—‡³‡ “‡5¦³Ý 
—•—‡6œ• —‡ ‘ŽŽ“‡ÛB¡‡ž Ž—‡‘• Ž‘Ý
’—7¡‡“‡¦“•‡ßææææ‡í—Ž“•
5âÿäþ2þåäûî0úëâ0ÿ‡–Ž—–—‡“‡ŽÝ
Ÿ‘•‘‡•—ÜŽ‡¦“•‡‘¨ •‡’‘¨ “ —Ý
¢Žï‘’“•‡‡“‡¦—‡¦“Ž¢—‡³‡‡•‘¢¦—‡•‡
퓐‡–Ž—³’‘³—‡‡ —Ž—‡“‡¦“‡´Ÿ—¦’‘‡
à ë‘’““
ۓŽ“‡¦“‡ë–—•‘’‘‡³• “’“‡³—•‡
‘• “¦“’‘—•‡“‡’“Ž¢—‡³‡¦—•‡’‘“• “•‡
葒—¦ï•‡”’퍟“ŽŽÊ“‡£‡”¦‘•“‡Ã ‘¦¦Ž‡·³Ý
¨ ‡òæ懗Ü΍ —•‡³‡¦—•‡“Ž’í‘Ÿ—•‡³‡
5¨ ’‘¡‡å‘¦¨ — ’“‡³‡¦“‡è·Ã ¡‡å³“Ý
’‘‡ž“Ž¨ ‡Å—•’“—‡£‡Å¦Ÿ‘•“¡‡¦Ý
¢‘³—•‡³‡ Ž‡¨ ‘¦‡ûæ懕’’‘“•‡³‡
–¦Ê’¦“•¡‡Ü‡¨ ‘¦‡— —¢Ž“¨ “•¡‡û‡¨ ‘¦‡‘¨ ïÝ
¢•¡‡ßæ懗 —¨ — “΍•¡‡Ž¢‘• Ž—•‡•—Ý
—Ž—•‡Ÿ“Ž‘—•¡‡³‘•’—¢Ž“ʓ¡‡Ÿ•Ý
 “Ž‘—•¡‡’“Ž ¦•¡‡–Ž‘³‘’—•¡‡
‘–—•‡£‡¢‘—•‡ʦ¨ ‘’—•
œ¨ ܑ¤‡•‡¦¦Ÿ“Žï‡“‡’“Ü—‡
‡’‘’¦—‡³‡’í“Ž¦“•‡‘ ‘ ¦“³—‡
5îÿûäå1êÿ îþëîÿþ0î1þäüäåì
ãî1¡‡Ü“Η‡¦‡•‘¢‘ ‡–Ž—¢Ž“Ý
¨ “æ‡ç”¦‡’‘‡“ ‘¢—‡³‡¦“‡
´Ÿ—¦’‘è¡‡’—‡¦—•‡‘Ÿ•Ý
 ‘¢“³—Ž•‡œ“‡å¦‘–‡õ“¦¡‡
²“Ÿ‘³‡ ——³‡£‡¦‡í‘• —Ž‘“³—Ž‡
±¢¦‡Ã ‘¦‡6¨ “Ž •‡Û‡³‡ÎÝ

‘—7‡çõ“‡¨ ‘Ž“³“‡ë Ž“ÎŽ“衇’—‡´“Ý 
“¦‡Ã —Ž—¡‡ðŽ³‡“•ÜŽ¢Ž¡‡±¦Ÿ“Ž—‡
Œï¾¾‡Ã “ ’¡‡£‡õ—“Ž³—‡¥“Ž’Ê“‡
ŕ“—¡‡³‘Ž’ —Ž‡³‡¦“‡ž‘ ’“‡è“’‘—“¦‡
68‡³‡Î‘—7¡‡£‡çõ“‡¨ ꕑ’“‡‡¦‡’‘‡³‡
¦“‡´Ÿ—¦’‘è¡‡’—‡¦‡³—’¨  “¦‘• “‡
”¨ ‘¦‘—‡Žï³¾¡‡¦‡’—¨ –—•‘ —Ž‡· —Ý
‘—‡åŽï³¾‡´—•¡‡¦‡“ —Ž‡¢—‡õ“Ž“‡
£‡¦—•‡’Ž—‘• “•‡³‡’¦ Ž“‡–—–¦“Ž‡Û“ܦ—‡
妗Ž•¡‡œ•ê•‡å¦—Ž•‡£‡”•’“¦“ ‡6Û܇³‡
͐‘—7¡‡“‡¦“•‡ÛÞæûæ‡í—Ž“•
·•‘¨ ‘•¨ —¡‡¦‡¨ ‘¤Ž’—¦•‡û懳‡ÎÝ
‘—‡•‡–Ž• “Žï‡¦“‡’‘ “‡ÿ0þûâê äþãåâúÿì
öê0¡‡“ŽŽ“’‘‡’‘¨ “ —¢Žï‘’“‡’—¨ –‘¦“Ý
³“‡–—Ž‡ “¦Ÿ“³—Ž‡Å—•’“—‡6ÛææÝÛûæ7¡‡
’—‡¦“‡–“Ž ‘’‘–“’‘‡³‡Ã “Ž‘“‡  “ŸÝ
퓢¡‡³‘Ž’ —Ž“‡³¦‡5• ‘  —‡Ã ë‘’“Ý
—‡³‡ž‘¨ “ —¢Ž“ʓñ‡ŒŽ‘’“‡Ý
 ‡Å—•’“—¡‡–Ž•‘³ “‡³‡¦“‡å³“’‘‡
ž“Ž¨ ‡Å—•’“—ñ‡¦‡— ¢Ž“—‡Û“ܦ—‡
§Ž ‘¾‡Ã —“• Ž‘—¡‡£‡²“Ÿ‘³‡ ——³
5âÿäþ2þåäûî0úëâ0ÿ‡–Ž¨ “’Ý
Žï‡‡ “‡5¦³—•—‡í“• “‡¦‡ß܇³‡ÎÝ
¦‘—‡tVv4

¿˜

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

ÅYMPYK»VM»
©5œ™Ÿ¡–ˆœ—–dŸ—–œ
2¸64 
Š6

…

‡Ž¢—‡‘’¦‘Ž‡¦‡•‘¢‘ ‡
¨ •“΍‡‡¦“‡•’’‘‡ê0êíåêþ äþ 
äëãîåþŽ•–’ —‡“¦‡“Ž Ê’¦—‡ ‘ ¦“³—þ 
êþúãêþëê1ãêþ³‡œ“Ÿ‘Ž‡ ‘’‘¦‘“¡‡ 
‡•‡–Ü¦‘’‡‡V6 ‰6‡ÛÞÜæ‡
”• ‘¨ “³—¡‡“–Ž’‘“³—¡‡¨ £‡ 
Ž‘³—‡œ“Ÿ‘Ž‡ ‘’‘¦‘“æ
²•³‡“Ž“‡³‡¦“‡5¢¦•‘“‡
’“ ¦‘’“¡‡‡’£—‡•—‡í“Ü‘ “‡
“¦¢“•‡³‡¦“•‡–Ž•—“•‡‡¨ ‡
•—‡¨ Ž‘³“•¡‡¦—‡’—¨ —Ý
Ÿ‘³“‡•‡“Ž Ê’¦—‡³¦‡ÛB‡³‡¨ “£—‡
ž—¨ —Ÿ‘³“‡í“• “‡¦“•‡ Ž“ö“•¡‡‡•‡³’‘Ž‡¦“•‡
¦ï¢Ž‘¨ “•
à ‡“’ “‡•–’‘“¦¨  ‡¦‡Ž Ž“ —‡‡í“’‡
• ³‡³‡žŽ‘• —¡‡•‡–—ÜŽ‡³‡–—ÜŽ‡£‡³•¢“ŽŽ“Ý
³“‡ ê‘’“¡‡•—¨  ‘³—‡4‡ë–Ž•‘‡•£“‡‡—‡
’—¨ –Ž³—‡“‡’“Ü“¦‘³“³4‡“‡¦“‡ç‘ Ž“¨ ³“‘³“³è‡
甕‡žŽ‘• —‡67‡—‡³³‘‡“³“臣‡ç“•¨ ‘ ‡
 —³—‡¦‡¨ “¦‡Ž ‡“‡¦“‡¨ ³“‘³“³‡³‡¦—•‡–—Ý
³Ž•è‡”•‡žŽ‘• —‡–“Ž“‡¨ ʇ “‡“΍—‡“‡¦“‡5¢¦•‘“‡
’“ ¦‘’“¡‡ “‡Ž“³‘’“¦¨  ‡‘¢—Ž“³—‡–—Ž‡¦¦“‡Ú•‡
“¦‡‡£—‡–—³ŽÊ“‡“ÜŽ“¾“Ž‡’—‡¦“‡¨ ‘•¨ “‡‘ •‘Ý
³“³‡’—‡¦“‡‡“ÜŽ“¾—‡“‡¦—•‡Ü—•¡‡í—• —•‡
’“ ¦‘’—•‡“‡‘•‡“¨ —‡£‡“‡‘•‡¨ ‡‡“‡
퍎¨ “³“³‡“’“•—‡ç‘ Ž“¨ ³““è
²•³‡“íÊ¡‡³•³‡¦‡‘ Ž‘—Ž‡³¦‡¨ ³—‡–Ž—‡
¨ £‡¦Î—•‡³‡¦“‡5¢¦•‘“‡£‡••‡ÎŽ“ŽÊ“•¡‡¦‡–‘³—‡
’—•‘³Ž“Ž‡Ü“Η‡“‡Ÿ“‡¦¾‡¦“‡¨  ï—Ž“‡‡
¨ –¦“‡–“Ž“‡³‘‘Ž‡“‡•“‡‘• ‘ ’‘‡‡• —•‡
 ‘¨ –—•‡³‡ŸŽ¢—¾—•“‡ë–—•‘’‘‡–êܦ‘’“‡õ‡
–‘³—¡‡¨ ܑ¡‡Ž’—•‘³Ž“Ž‡¦“‡–Ž‘¨ Ž“‡–“Ž ‡³‡
¦“‡¨  ï—Ž“‡§¡‡•‘‡• ³‡¢• “¡‡ŽŸ‘•“Ž‡¦“‡’— Ž“Ý
³‘’’‘‡‘íŽ ‡“‡¦“‡¨  ï—Ž“‡ Ž“æ‡ç¦“‡– “‡
’“• “è 
• ³‡ŽŽÊ“‡“‡¦“‡5¢¦•‘“‡’“• “¡‡—‡– “‡
õ“•‡– “•‡–—’—‡ ³Žï¡‡‘¾ï¡‡³‡’“• ‘³“³‡
‘‡¨ ܓŽ¢—‡4¦—‡³‘¢—‡’—‡–¦“‡’—Ÿ‘’’‘4¡‡
 ‘³‡¨ ’í—‡•—ÜŽ‡í¨ “‘³“³‡” ‘³¡‡
‡–“Ž ‘’¦“Ž¡‡¦—‡‡³‡í¨ “‘³“³‡í“Ü‘ “‡‡
• “‡¨ ‘ “³‡³‡¦¦“‡‡•—¨ —•‡ —³“•‡¦“•‡¨ ÎŽ•‡
“܍¡‡–—Ž‡Î¨ –¦—¡‡³¦‡’Ž–—‡‘Ÿ“³‘³—‡£‡•—Ý
¨  ‘³—¡‡³¦‡’Ž–—‡•’‘³‘³—‡£‡Ž“¢¨  “³—¡‡³¦‡
’Ž–—‡Ÿ‘—¦ “³—¡‡³¦‡’Ž–—‡“³—¦—Ž‘³—‡£‡¨ “‘Ý
–¦“³—‡ “܍‡ “¨ ܑ¤¡‡‘¾ï‡‡³¨ “•Ê“¡‡•—ÜŽ‡
¦“•‡Ž“¢‘¦‘³“³•‡£‡¦“•‡–ŽŸŽ•‘—•‡³‡¦—•‡–—ÜŽ•‡
¨ “’í—•‡ “܍¡‡•‘‡³³“‡•—ÜŽ“³“¨  ¡‡¦—‡‡
•‡•Ž‡¨ “³Ž•‡£‡³‡’¨ —‡³Ü‡“•¨ ‘Ž‡¦“‡Ž–Ž—Ý
³’’‘‡’— ‘³‘““¡‡¦“Ü—Ž‘—•“‡‡‘’“•“ܦ‡³‡¦“‡
–Ž—¦‡ž——’‡¦—•‡•“¦“Ž‘—•‡‡—‡“¦’“¾“‡£‡
¦“•‡“¦ Ž“ ‘Ÿ“•‡–—Ž‡³¨ ‘•‘’‘ •‡ “܍‡
¨ —• Ž“Ž‡£‡‡—’¦ “Ž‡·‡³‘Ž’‘“‡³‡¦“•‡ÎŽ“ŽÊ“•‡
¨ ³““•‡6—‡‘ Ž“¨ ³““•7‡³‡¦“‡5¢¦•‘“¡‡•—‡
¦¦“•‡‘•‡•—¡‡Ž“¦¨  ¡‡¨ “• Ž“•‡‡íÝ
¨ “‘³“³‡
·‡ —³—‡¦¦—‡³ÜŽï‡“ö“³‘Ž•‡‡ “¨ ܑ¤‡í“£‡
– —•‡è—‡’—Ÿ‘‡—¦Ÿ‘³“Ž¦—‡”¦¦—•‡ ³Žï‡•¢Ý
Ž“¨  ‡–“Ž ‡‡• ‡Ü“ ‡³‡•“Ü‘³ŽÊ“
”•‡–—Ž‡•—¡‡–—Ž‡•—‡•¦—¡‡ Ž“ö“ܦ‡•ö—Ž‡
‘’‘¦‘“¡‡‡¦‡–‘³—‡Ž’—•‘³Ž“Ž‡¦“‡¨  ï—Ž“‡£¡‡³‡
•Ž‡–—•‘ܦ¡‡ —¨ “Ž‡³‘• “’‘“‡³‡¦¦“¡‡–—Ž‡¨ ’퓇
“ —Ž‘³“³‡“–—’“¦Ê– ‘’“‡‡¦“‡“•‘• “‡²•–¤•‡³‡
 —³—¡‡¦“•‡– “•‡’—¨ –“Ž ‡’—‡¦“•‡ŸÊ’ ‘¨ “•‡³‡¦“‡

¿™¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼÈ

¦“‡Ü—³“³‡³¦‡Û“³Ž¡‡‡³—³‡• ï‡¦“‡•“¦Ÿ“’‘‡
³‡¦“‡5¢¦•‘“‡£‡³‡’“³“‡—‡³‡—•— Ž—•
žŽ“¡‡Ž‘³“‡¥¦—Ž‘“‡”¦“¡‡‡•‡³•³‡“¦¦Ê‡
³•³‡³—³‡³—¦—Ž—•“¨  ‡í“ܦ—¡‡£‡³•³‡“¦¦Ê¡‡
‡¨ ‘‡–—ÜŽ‡’—³‘’‘‡³‡í—¨ ܎‡£‡³‡’“ ¦‘’—¡‡
•‡‡–‘³—‡–Ž³‡–—Ž‡¦“•‡í¨ ‘¦¦“’‘—•‡‡í‡
–³Ž“• ‘“‡’¦Ž‘’“¦‡¦“‡’—³‘’‘‡
³‡—Ü΍ —‡³‡•—¡‡“•Ê‡’—¨ —¡‡í“• “‡ ‘¦‘¢‘³—¡‡£‡–Ž³‡4‡¦“‡•–Ž“¾“‡‡“¦¢ê‡³Ê“‡
¨ ‘‡5¢¦•‘“‡’ Ž‡¦“‡’—¨ ‘‡‡žŽ‘• —4‡–—Ž‡
“í—Ž“¡‡¦“‡–Ž‘Ÿ“’‘‡³‡•‡’—³‘Ý
¦“•‡í¨ ‘¦¦“’‘—•‡‡¦¦“¡‡’“³—‡í“‡’—ŽŽ—¨ –‘³—‡
’‘‡³‡•Î —•‡
ۗŽ‡•–• —¡‡“³“‡³‡¦—‡“Ý ¦‡”Ÿ“¢¦‘—¡‡í“‡í’í—‡“‡¦“•‡¨ ÎŽ•¡‡“‡¦—•‡‘ö—•¡‡
 Ž‘—Ž‡–—‡‡’• ‘‡¦“‡ ‘¦‘³“³‡ “‡¦“•‡–Ž—• ‘  “•‡£‡“‡ —³—•‡“¦¦—•‡‡‡•‡³Ý
³¦‡’—’– —‡³‡ç–Ž—• ‘ ’‘è‡‘‡ ܑ¦‘³“³‡í“‡Ü•’“³—‡Ž¢‘—‡‡••‡ Ž“ö“•
ðñòóñôõ òóñò
‘¢“‡¦“‡ë •‘‡‘‘¨ “¢‘“ܦ‡³¦‡ 
ô4û 1òùôûûöøø 
¨ —‡Û—•‘ܦ¨  ‡¦—‡‡ 
ôúòùûþú3ú÷úô
‡¦‡—³—‡³¨ “³—‡³‡• ³‡•‡
“‡³‘•’¦–“‡“‡– “•¡‡¨ Ž Ž‘’•‡
£‡–Ž—• ‘  —•‡•–’‘“¦‘¾“³—•¡‡“•Ê‡
’—¨ —‡“‡ —³“•‡¦“•‡¨ ÎŽ•
藇•¤‡•‘‡ ‘‡• ³‡¨ ’í—•‡—‡
––µ¤ ™ ¦š¡œ¡£–Ÿ 
–—’—•‡¦’ —Ž•‡Û³—‡“•¢Ž“Ž¦¡‡ ©—¤—˜¡
•‘‡¨ ܓŽ¢—¡‡‡“‡–•“Ž‡³‡¦—•‡
˜™—£Ÿ–¤—–¶–š¡œ¡–˜0¡0¤–0¤— 
“Ü‘•¨ —•‡‡¨ ‡•–“Ž“‡³‡• ³¡‡£—‡¨ ‡’ —‡
 Ž‡¦¦—•‡£‡¦‡–Ž—•—‡‡Ž•– —‡ “‡•‘’Ž—‡£‡
“•—¨ ܎“³—‡’—¨ —¡‡‡—’“•‘—•¡‡³•’—’Ž “³— 2¸64 
Š6
à ‘‡“ÜŽ“¾—‡¨ ’撚³—‡‡í¨ “‘³“³‡4‡—‡
‡íŽ¨ “³“³‡’¦•‘ï• ‘’“
‡•—¦‘’‘ “¨ —•‡–Ü¦‘’“Ž‡¦“‡•‘¢‘ ‡’“Ž “
ðñòóñôõ òóñò
ð“Η‡“‡•–• “‡³’‘“‡“‘¨ “¡‡¦‡
ö÷øùúôûü÷òóôûýòùóô÷ 헢“Ž‡³‡¦“‡Ÿ‘³“‡œ—“‘“‡·£“¦“‡ží“–“ŽŽ—¡‡
þôóûÿ ú01ò÷û2ú3ô÷3ø4û5÷ô÷6ôó Ü‘’“³—‡‡ð“Ü—Ž‘¢“¨ ¡‡¥“³“¦–‡£‡ž“¦Ÿ—¡‡
ÿ 78ú3ø4û9
û
ží‘흓흓¡‡‡“¦¦““³—‡¦‡–“•“³—‡Û‡³‡“ÜŽ‘¦‡–—Ž‡
ñøõ ô ô  6ùøú0
óòñ
õ 8 Ÿ“Ž‘—•‡¨ ‘¦‘ “Ž•‡
”¦‡ ‘ ‡åŽ“³—‡·ŽŽ—£—‡§’Î—¡‡¦‡•“ŽÝ
¢ —‡·Ü¦‡ —¦Ê•‡ ïŽ¾‡£‡¦‡•—¦³“³—‡§¨ “Ž‡ 
Žï³¾‡¥—¾ï¦¾¡‡“•Ê‡’—¨ —‡— Ž—•‡’ ‘Ÿ—•¡‡
‰ ›¤ £–¦Ø–¬¡Ÿ¡˜¡œ¡–
“³•’Ž‘ —•‡ —³—•‡“¦‡ßû‡ðÛ¡‡‘ŽŽ¨ –‘Ž—‡‡¦‡³—¨ ‘Ý
’‘¦‘—‡’—‡¦Î—‡³‡Ÿ‘—¦’‘“
·‡³—ö“‡ží£‡£‡“‡•‡“¨ ‘¢“‡ –íï‡¦“•‡
2¸64 
Š6
’í“Ž—‡³‡¦“‡’“•“‡õ—•‡í‘Η•‡³‡¦“‡–Ž‘¨ Ž“¡‡
ðŽ Ê¡‡œ—¦‡£‡õ—“Ž³—¡‡³‡ßÛ¡‡ßB‡£‡ûۇ“ö—•‡4íÝ
Ž¨ Ê “¨ ‡–Ü¦‘’“Ž‡¦“•‡•‘¢‘ •‡¦Ê“•
ŽŽŽ—•‡³‡—‘’‘—4‡Ž’‘Ü‘Ž—‡–“ “³“•‡£‡Ž‘¦“¾—•‡‡
à £‡Ž‘³“‡¥¦—Ž‘“‡”¦“æ‡Ã ‘¦‡¢Ž“’‘“•‡–—Ž‡
Ž—• Ž—‡£‡’—• ‘¦¦“•‡–—Ž‡‘  “Ž‡ŸŽ‡“‡••‡“¢Ž•—Ž•
•‡’“Ž “‡Ã ‡’—¨ —Ÿ‘‡–Ž—³“¨  ‡”‡¦¦“‡
õ—•‡¨ ‘¦‘’—•‡“³“‡’— Ž“Ž—¡‡–Ž—‡•‡Ž—Ý
¨ ‡–‘³‡¡‡‡—¨ ܎‡³¦‡•Ž‘¨ ‘ —‡³‡¦“•‡
–Ž—• ‘  “•‡£‡³‡¨ ’í“•‡¨ ÎŽ•¡‡Ž’—•‘³Ž‡¦“‡ ܓŽ—‡’¦¦“Ž•¡‡“‡¦“–Ý —–¡‡Ž¦—΍•‡£‡¦‘ Ž“•¡‡
“ ‘¢“‡Ž¨ ¦“‡’—‡¦“‡‡¦“‡ Ž“³‘’‘‡³‘‡“‡¦“‡ £‡“‡õ—“Ž³—‡¦—‡ Ž“•¦“³“Ž—‡£‡–Ž• “Ž—‡“¦‡
à ‘‘• Ž‘—‡Ûêܦ‘’—‡³Ž“¦‡‡Û“ŽŽ“¦¡‡’—¨ —‡•‘‡
5¢¦•‘“¡‡ç5ê1ãêì9 äåäãåâü衇‡¨ ‡•‘ŽŸ‘‡³‡Ü“•‡
íÜ‘Ž“‡•‘³—‡³ ‘³—‡‡¦“‡’“¦¦¡‡“‡Ü—Ž³—‡³‡‡
–“Ž“‡•’Ž‘Ü‘Ž‡¦‡“Ž Ê’¦—‡‡ “‡“¨ —Ž—•“¨ Ý
Ÿíʒ¦—‡£‡‡–—••‘‡³‡¨ “Ž‘¢““¡‡’—’“ʐ“‡
 ‡’—¨  “‡Ã ‘‡‘ ’‘¡‡“¦‡•“Ž¦“¡‡’“‡‡
£‡Ÿ“Ž‘“•‡“Ž¨ “•‡Ÿ³“³“•‡·‡‡¦‡ Ž“£’ —‡
³•–Ž’‘“Ž¦“•‡4¦“‡¨ Î—Ž‡“¨ ‘¢“‡³‡œ•ê•¡‡Ã “ŽÊ“‡
•‡¦‡ —Ž Ž‡£‡“¨ “¾‡–“Ž“‡‡“’– “Ž“‡•‡
à “¢³“¦“¡‡Ž“‡“‡³‡¦¦“•4¡‡’—¨ —‡ “¨ –—’—‡
’¦–“¡‡õ—“Ž³—‡¢‡¦“‡‘“¨ ‘“‡“ ‡¦‡Ã Û¡‡£‡
³•–Ž’‘“Ž‡“‡¦—•‡–Ž—• ‘  —•‡‘‡“‡“³‘‡‡¦“‡
’“³—‡•‡¨ “³Ž‡–³—‡í“ܦ“Ž‡’—‡¤¦¡‡“–“•‡
’—ŽŽ–’‘‡³‡¦—•‡–—³Ž•‡í¨ ‘¦¦“‡£‡‡’£—•‡
•Ž‘¨ ‘ —•‡í“Ü‘ “‡¦‡’Ž–—‡¦“’Ž“³—‡³‡žŽ‘• —‡ –—³Ê“‡¨ —ŸŽ•
”¦‡“¢ ‡³¦‡Ã ‘‘• Ž‘—‡Ûêܦ‘’—‡5•¨ “¦‡”¦Ê“•‡
蓳“‡¨ ¦Î—•‡³‡¨ ʇ
ðŽ“Ÿ—‡£‡¦‡¨ ¤³‘’—‡¨ ‘¦‘ “Ž‡”¦’“³‘—‡ “¦“•‡õ–¾‡
”•“‡Ž¨ ¦“‡£‡¨ ‘‡“Ž Ê’¦—‡‡¦“‡’—¨  “‡
³ ’ “Ž—‡í¦¦“•‡³‡¦—•‡¢—¦–•¡‡–Ž—‡œ“‘¨ ‡
 ‘‡— Ž“‡‘ ’‘‡‡¨ ‡‘¨ –‘³‡Ž’—•‘³Ý
Ž“Ž¦“懨 —• Ž“Ž‡‡¦‡–’“³—‡•‡–“Ž ‡³‡¦“‡5¢¦•‘“‡ ”Ž‘‡·Ž“³“¡‡¨ ¤³‘’—‡³‡ ¢Ž‘³“³‡Ûêܦ‘’“¡‡¦—‡
4—‡•¦—‡³‡‘•¡‡Ü“Η‡¦‡–—³Ž‡‡•‡¦•‡í“‡ ’Ž ‘‘’‡•‘‡¦•‘—•‡“–“Ž •
à ’í—‡³‡• —‡’—’Ž³“‡’—‡¦‡‘—Ž¨ ‡
’—’³‘³—¡‡í¨ ‘¦¦“‡“‡— Ž—•¡‡£‡’£“‡“¦ “¡‡–—Ž‡¦—‡
“¨ –¦‘“³—‡‡‡ßæ懎‘³‘‡¦‡ Ü’—¨ ‘ ¤‡–“Ž“‡¦“‡
¨ ‘•¨ —¡‡•‡¨ “£—Ž‡‡¦“‡³‡— Ž—•¡‡•‘—‡³‡’“³“‡
ێŸ’‘‡³‡¦“‡Å—Ž Ž“‡³‡¦“‡§è¡‡‡¦‡• ‘³—‡
•Ž‡í¨ “—‡‡–“Ž ‘’¦“Ž‡·¦‡•’Ž‘Ü‘Ž‡–•“Ü“‡
³‡‡“¢ •‡¨ ‘‘• Ž‘“¦•‡ —Ž Ž“‡“‡³ ‘³—•‡
 “¨ ܑ¤‡‡¨ Ê¡‡‡¨ ‘•‡“¦ “•¡‡‡¨ ‘•‡–Ž—• ‘ ’‘—Ý
•æ‡£—‡ “¨ ܑ¤‡•—£‡“‡– “‡—‡‡– —‡è‘¢“‡ –“Ž“‡“ŽŽ“’“Ž¦•‡’—•‘—•‡‡–“•“‡“‡•Ž‡
£‡‘¢—‡³‡—• Ž—6“7•‡–³‡• “Ž‡“¦‡“ÜŽ‘¢—‡³‡ –ŽÜ“•¡‡‡ “ —‡‡“¦¢—•‡¨ ¤³‘’—•‡Ž’‘܍‡
Ž³•‡³‡“¦•‘‘’“Ž‡’Ž ‘‘’“³—•‡–“Ž“‡’ÜŽ‘Ž‡
¦¦—‡ó‡“³‘¡‡’—¨ —‡¦—‡í“‡–Ž ³‘³—‡‘Ÿ—’“Ý
“ܝ•—•
³“¨  ‡¦“‡‘• ‘ ’‘‡’¦Ž‘’“¦¡‡–³‡Ž•“Ž’‘Ž¦—‡
ۗŽ‡¦—‡“ Ž‘—Ž¡‡Ž¦‘¢‘—•—•¡‡’—¨ Ž’‘“ •¡‡
–—Ž‡•Ê‡¨ ‘•¨ —¡‡•‘—‡“‡ Ž“Ÿ¤•‡‡‘¨ ‘ “³—‡¦‡“¨ —Ž‡
³¦‡’Ž’‘‘’“³—¡‡‡‡¦“‡‘ Ž“¨ ³“‘³“³‡ —¨ ‡ ¨ “• Ž—•‡£‡í“Ü‘ “ •‡³‡ð“Ü—Ž‘¢“¨ ‡•—• ‘‡
–“Ž“‡•Ê‡ —³—•‡¦—•‡¨ “¦•‡—¡‡–“Ž“‡³’‘Ž¦—‡’—‡¦“‡íŽÝ ‡õ—“Ž³—‡•‡‘—’ ‡Å“ —‡¤¦‡’—¨ —‡•‡“Ý
¨ —•“‡£‡ ŽŽ‘ܦ‡Ž“•‡³‡ “‡Û“ܦ—¡‡‡ç•‡í‘¾—‡ ¨ ‘¦‘“‡•—‡Ž’——’‘³—•‡’—¨ —‡¢ ‡í—• “¡‡‡
•‡í“‡Ž•‘• ‘³—‡“¦‡¢“ö—•—‡“ Ž“’ ‘Ÿ—‡³¦‡‘¦Ê’‘ —‡
–’“³—‡–—Ž‡—•— Ž—•è‡”•‡“¦¦Ê¡‡‡•“‡³Ü‘¦‘³“³¡‡
‡•“‡–—ÜŽ¾“¡‡‡•“‡í¨ ‘¦³“³¡‡‡—‡³‘Ý ¨ Î—Ž‡–“¢“³—‡‡“¦¦“•‡¦“ ‘ ³•‡
”•‡‘¨ –Ž“ ‘Ÿ—‡‡‡• ‡’“•—‡•‡í“¢“‡Î•Ý
³‡“³“¡‡‡“•¨ ‡ —³—‡‡¦‡“¨ —Ž‡£‡•‡“ÜŽ‡“‡

…

}

‘ŽºŽd‰Ž©ˆºˆ•’‰
 ‘’‘“‡ÛŽ—¡‡2£‡¦“‡³Ž—¢“‡£‡“Ž¨ “•‡‡¦—•‡¨ ‘¦‘ “Ž•‡
•‘¨ ܎“‡“‡‘—’ •3‡2²‡³³‡•“¦¡‡‘¤‡
¦“•‡“³¨ ‘‘• Ž“3‡2 ‡Ü‘’‘“‡¢Ž–—•‡—‡ —³—‡•‡
’—’ Ž“‡£‡Ž–“Ž ‡³•³‡“ŽŽ‘Ü“3‡
—‡¤• “•‡–Ž¢ “•‡‡ “¨ ܑ¤‡•–Ž“‡
Ž•–• “‡65êåãêþåä1úý â êþ7
ðñòóñôõ òóñò 
1÷úøûÿ øùô÷ò û1úøóò
!ú!1ô!1ô4û !ú!

‰˜œ–š––5™˜¤š›œ¡Ÿ˜™—
¤—˜Ÿ`¦¡£™›Ÿ–¤£™Ÿ¡¥–¦™

ŸŽ•‘‡“¦’“¾‡¦“‡’‘Ž“‡³‡’‘‡¨ ‘¦‡–•—•
·‡–•“Ž‡³‡‡³—ö“‡õ¾‡•‡¨ “ Ÿ—‡í“’‘Ý
³—‡¦—•‡–“¢—•‡¨ •“¦•‡“¦‡5—“Ÿ‘ ¡‡“³¨ ³‡
’ÜŽ‘Ž‡¦—•‡Ž’‘Ü—•‡³‡¦¾¡‡“¢“‡£‡–Ž³‘“¦‡– “¦Ý
¨  ¡‡·Ž¨ “³—‡¥—¾ï¦¾‡£‡•‡•–—•“¡‡“¦ “³—‡
“¦‡’—¨ –Ž—¨ ‘•—‡³¦‡ Ž“•–“•—¡‡¨  “Ž³‡•‡¢“Ý
Ž—‡“‡Ž’‘Ü‘Ž‡¦‡³‘Ž—‡£‡³¨ “³“Ž—‡“‡¨ ‘‡“ܝ¦“
”¦‡–•³—“Ü—¢“³—‡´““¦‡ “¦Ÿ“³—Ž‡Ã ³—¾“‡
¦‡ÜŽ‘³‡“‡¨ ‘‡“¨ ‘¦‘“Ž‡“‡“••—ŽÊ“‡³‘’‘ ‡
“ ‡¦—•‡³Ž“³“³—Ž•¡‡£‡¤• —•‡£‡¦‡“Ü—¢“³—‡õ‘•‡
±Ÿ‘¦“‡¥—¾ï¦¾‡¦—¢Ž“Ž—‡¦“‡Î’’‘‡³¦‡³•“¦—Η‡
¦‡–“•“³—‡ß8‡³‡“ÜŽ‘¦¡‡“‡Ü“•‡³‡¦“‡’—¨ –Ž“‡³‡
•ŽŸ‘³—Ž•‡–êܦ‘’—•‡³¦‡Î¾¢“³—‡£‡“’ “Ž‘—•
ŗ³—•‡¦—•‡Ÿ’‘—•‡•“܍‡‡• —‡‡‡

2¸64 
Š64

Ѝ ŽŽ¢“Ž
“ ‡¨ ••‡•–Ž¤‡‡¦“‡¨ –Ž•“‡¥—‡¨ ‡
“‡ —³—•‡¦—•‡³—’¨  —•‡ŽŽ‘³—•‡–“Ž“‡

•’Ž‘ Ž“Ž‡£‡ÎŽ’Ž‡‡’Ž¤³‘ —‡‡—‡•¦—‡• “Ü“‡
–Ž“ —Ž‘¾“³—¡‡•‘—‡–“¢“³—‡‡¨ ³¦‡Üæ" ¡‡’—‡
¦‡‘‡³‡“³‘Ž‘Ž‡“‡Ÿ‘Ÿ‘³“‡‡¦‡Ž“’’‘—“Ý
¨ ‘ —‡ð—“ ŽŽ“‡³¦‡–Ž —‡³‡ŒŽ“’Ž¾
õ“‡“’ ‘ ³‡³‘¦“ —Ž‘“‡³¦‡–Ž•—“¦‡³‡•’Ž‘ Ž“Ý
’‘¡‡‡—‡¨ ‡Ÿ‘‡¦—•‡–“–¦•‡“¦ “ •¡‡’¦¨ ‘‡
Ž’‘ ¨  ‡’—‡¦“‡“¨ “¾“‡³‡‡–—³Ê“‡•Ž‡
’“’¦“³“‡¦“‡—–Ž“’‘¡‡–•‡“‡‡ ¢—‡“–“Ž “³—‡
‡‘¨ Ü¦‡³•³‡¦“‡–ŽŸ “‡’ “³“‡‡Ž—‡
³‡ßææ
2²‡¤‡•‘ŽŸ‡‡¦—•‡³‘Ž’ ‘Ÿ—•‡³‡¥—‡
‘Ÿ‘Ž “‡‡–Ž—¨ —’‘‡–“Ž“‡¦“‡’—¨ Ž’‘“¦‘¾“’‘‡
³‡Ÿ‘Ÿ‘³“•‡£‡–Ž• ‡•‡–Ž—¢Ž“¨ “‡5ê1êþéýëâ0¡‡
•‘‡¦—•‡¨ –¦“³—•‡³‡•’Ž‘ Ž“’‘‡‡ð—“ ŽŽ“¡‡
ŒŽ“’Ž¾¡‡Ÿ“‡‡• ‘³—‡’— Ž“Ž‘—‡“‡¦“•‡–—¦Ê ‘’“•‡
³‡¦“‡¨ –Ž•“¡‡–•‡“³¨ ³‡‘’¨ –¦‘Ž‡••‡
—ܦ‘¢“’‘—•‡–Ž ³‡³Î“Ž‡’“Ž‡“‡—–Ž“’‘‡
•¢Ž“3‡ 
“¢—‡‡–êܦ‘’—‡¦¦“¨ “³—‡“‡¦—•‡³‘Ž’ ‘Ÿ—•‡
³‡¥—‡–“Ž“‡‡ —¨ ‡’“Ž “•‡‡¦‡“• —‡‡
‘¨ –‘³“‡‡¦“‡“’ ‘ ³‡³‡•‡–Ž•—“¦‡“’ ‡••‡
–Ž—¢Ž“¨ “•‡³‡Ÿ “
ðñòóñôõ òóñò
#$3ñøùû5øùùò
÷úòóñòûòû ô ô ûöòø
#òùô3ù14û#òù

‘¡¦ž¤ £¡˜¡–—œ£Ÿ– ›– ™
¦¤—–˜– –¦Œ—¶™—–¬¡£
2¸64 
Š64

…

‡Ž¢—‡–Ü¦‘’“Ž‡¦“‡–Ž• ‡’“Ž “‡–“Ž“‡•—¦‘’‘ “Ž‡
“¦‡–Ž•‘³ ‡å¦‘–‡ž“¦³Ž¡‡“¦‡5—“Ÿ‘ ‡£‡“‡¦“•‡
“ —Ž‘³“³•‡Î³‘’‘“¦•‡³‡Û“’흒“¡‡‘³“¦¢—¡‡¦“‡
ŽŸ‘•‘‡³‡‡’“•—‡³‡³•–—Η‡‡’— Ž“‡³‡¨ ‘‡
“ܝ¦“‡õ¾‡±ÜŽ¢—‡·Ž‘“•
‡ Ž“ “‡³¦‡³•–—Η‡³‡“‡’“•“‡Ü‘’“³“‡‡
¦“‡’—¦—‘“‡ž“¨ –• Ž‡Œ‘¦¦“•‡³¦‡±¦“¨ —¡‡Û“’흒“¡‡ 
‡‡’—•¨ “³—‡¦‡–“•“³—‡ß8‡³‡“ÜŽ‘¦‡’— Ž“‡
¨ ‘‡“¨ ‘¦‘“Ž¡‡“‡“’‘““‡³‡8‡“ö—•‡³‡³“³¡‡–—Ž‡
‡³Ž“³“³—Ž‡‡Ÿ‘Ÿ‡‡œ“¦ –’¡‡”• “³—‡³‡
à ¤ë‘’—¡‡·Ž¨ “³—‡¥—¾ï¦¾¡‡£‡¦‡“Ü—¢“³—‡³‡
¤• ¡‡õ‘•‡±Ÿ‘¦“‡¥—¾ï¦¾
ۗŽ‡¦‡ Ž“•–“•—‡³‡•“‡’“•“‡³¦‡5—“Ÿ‘ ¡‡
¦“•‡–Ž•—“•‡¨ ’‘—“³“•‡Ž’‘Ü‘Ž—‡ò܇¨ ‘¦‡
–•—•‡–“Ž“‡Ž“¦‘¾“Ž‡¦‡ Žï¨ ‘ ‡“ ‡“‡— “ŽÊ“‡£‡
 Ž¢“Ž‡‡–—³Ž‡•–’‘“¦‡‘ŽŽŸ—’“ܦ‡“‡Ÿ¾‡
“³‘Ž‘³—•‡¦—•‡³Ž’í—•¡‡¨ ‘‡“ܝ¦“‡–“¢‡’—‡••‡
“í—ŽŽ—•‡¦“•‡¨ •“¦‘³“³•‡—‡’Ü‘Ž “•‡³‡ÛB‡
“‡Û¡‡£‡Ž¨ —³¦‡¦“‡Ÿ‘Ÿ‘³“¡‡–—Ž‡¦—‡‡•‡‘Ý 

Ž“³‡£¡‡–—Ž‡¦—‡ “ —¡‡Ž–ŽÜ“‡• “‡‘Î• ‘’‘“¡‡
–•‡¨ ‘‡“ܝ¦“‡ ‘‡³‘•’“–“’‘³“³•‡–Ž—–‘“•‡
³‡•‡³“³¡‡¨ ‘ Ž“•‡¦“•‡–Ž•—“•‡‘³‘’“³“•‡¦“‡
³•–—ΓŽ—¡‡’—‡ —³—‡¦‡³—¦—¡‡³‡•‡ê‘’—‡–“ Ž‘Ý
¨ —‘—¡‡“Ž¢¨  “³—‡‡¦•‡³Ü‡“¦Ž³³—Ž‡
³‡ÛÜ懨 ‘¦‡–•—•¡‡¦—‡’“¦‡•‡“¦•—¡‡£‡–—³¨ —•‡
³¨ —• Ž“Ž¦—
ۗŽ‡•—‡•—¦‘’‘ “¨ —•‡“¦‡–Ž•‘³ ‡ž“¦³Ž¡‡
“¦‡5—“Ÿ‘ ‡£‡“‡¦“•‡“ —Ž‘³“³•‡Î³‘’‘“¦•‡³‡
ۓ’흒“‡‡‡• ‡’“•—‡•‡í“¢“‡“‡–Ž— “‡
Ν• ‘’‘“‡65êåãêþåä1úý â êþ7
ðñòóñôõ òóñò
%1ûÿ ôù$ôûøùùô û&3!øô 
ô3!13ô4û'úô÷0ø

Ä åH»HQWPM»MJ»`RUY[O
©—¤—˜¡–— £¤¦¡–—£ ¤—˜œ¡š–
0™ £¡œ¡—›£¡£¤¦¦œ¦¡Ÿ˜£™Ÿ

•¦—‡Ü•’“‡ŽŸ“’퓇‡
’— Ž“‡³‡¦—•‡íŽ¨ “—•‡
ōŽŽ—•¡‡•‘‡–Ž—’Ž“Ž‡
¦‡Ü‘’‘—‡³‡¦“‡‘•Ý
2¸64 
Š6
 ‘ ’‘‡£‡³‡••‡• Ý
³‘“ •‡
‡Ž¦“’‘‡’—‡¦“‡’“Ž “‡–Ü¦‘’“³“‡‡¦“‡–ïÝ 
¨ —•‡•‘³—‡—Ü΍Ý
¢‘“‡Þ8‡³‡V6 ‰64ÛÞò¡‡•‘¢“³“‡ Ž‡— Ž—•‡  —‡³‡Ž–Ž•“¦‘“•¡‡•‡
–—Ž‡¦‡³‘Ž’ —Ž‡¢Ž“¦‡³¦‡5• ‘  —‡Û— —•‘—‡³‡ —•‡• ï‡’—“Ž “³—‡
5Ÿ• ‘¢“’‘‡ž‘ Ê‘’“‡£‡Å’—¦¢‘’“‡65–‘’£ 7¡‡ ¦“‡¦‘܍Ž “³‡³‡¦¢‘Ž‡
³—’ —Ž‡²“Ÿ‘³‡´Ê—•‡œ“Ž“¡‡¦—•‡“ܓΗ‡‘Ž¨ “ •¡‡
³‘Ž’ —Ž‡³‡ •‘•¡‡‡
• ³‘“ •‡³¦‡¢Ž–—‡³‡“—’‘’‘“•‡£‡
‘’¦•‘Ÿ‡•‡—•‡í“‡
“— ’—¦—¢Ê“‡‡¦‘³Ž“Ü“‡¦—•‡³—’ —Ž•‡
³‘’í—‡‡—‡•‡–ŽÝ 
¨ ܍Ž —‡£‡Ã “Ž‘’‘—‡ÅŽŽ—•‡Ã “¦³—“³—¡‡¦‡
¨ ‘ ‘Žï‡¦‡‘¢Ž•—‡³‡
–³‘¨ —•‡–Ü¦‘’“Ž‡¦“‡•‘¢‘ ‡³’‘“‡
Ÿ—•‡• ³‘“ •‡
”‡–Ž‘¨ Ž‡¦¢“Ž¡‡ë–Ž•“¨ —•‡• Ž—‡ — “¦‡ “‡• Ž—‡¢Ž–—‡³‡
³•“’Ž³—‡’—‡¦“•‡³’‘•‘—•‡‡¦‡³—’ —Ž‡
‘Ÿ• ‘¢“’‘‡”‡¦“‡
´Ê—•‡œ“Ž“‡í“‡“³—– “³—‡–“Ž“‡“Ž— “Ž‡¦—•‡–Ž—Ý
¨ ‘•¨ “‡¦Ê“¡‡•‡í“‡
ܦ¨ “•‡³¦‡5–‘’£ ¡‡¦—•‡’“¦•‡’—³ÎŽ—‡“¦‡
–Ž ³‘³—‡—Ž¾“Ž‡¦“‡
³•–‘³—‡‘Î• ‘‘’“³—‡³‡¦—•‡³—’ —Ž•‡ÅŽŽ—•‡ “•‘¢“’‘‡³‡¦—•‡
£‡“‡‡¦‡“’ “¦‡“¨ ܑ ‡•“‡¨ £‡í—• ‘¦‡–“Ž“‡ ³—’ —Ž•‡œ—•¤‡õ‘•‡
 Ž“ܓΓŽ‡£‡’—’ Ž“Ž—•‡‡• Ž—•‡• ³‘—• ´—³ŽÊ¢¾‡õ–¾¡‡´—¨ õ–¾‡ “³—Ÿ“¦‡
²•³‡ßææ8¡‡¦‡³—’ —Ž‡´Ê—•‡œ“Ž“‡—‡í“‡
£‡“Ž ‡ž—³Ž“ ‘“‡´—•‡6’‘³“³“—‡Ž¨ “—7‡
“ ³‘³—‡¦“‡–Ž—ܦ¨ ’“‡“’“³¤¨ ‘’“‡‡‡
’—¨ —‡• Ž—•‡“••—Ž•‡£‡–Ž—•—Ž•
—•‡í“¦¦“¨ —•‡•¨ Ž¢‘³—•‡‘‡í“‡–• —‡“¦ —‡“‡
ۍ•‡“‡‡•‡í“‡–Ž• “³—‡³’‘“•‡
¦“•‡‘ ‘¨ ‘³“’‘—•¡‡“’—•—•‡£‡“¨ “¾“•‡³‡‡ “ ‡¦“•‡“ —Ž‘³“³•‡’—¨ –  •¡‡¦“‡‘¨ –‘Ý
퓐‡•‘³—‡ŸÊ’ ‘¨ “•‡“¦¢—•‡³‡• Ž—•‡’—¨ Ý
³“³‡–ŽŸ“¦’‡£‡—‡•‡í“’‡“³“‡”• —‡—‡•¦—‡
–“öŽ—•‡
—•‡³•‘¦•‘—“‡’—¨ —‡’‘³“³“—•¡‡•‘—‡‡
藕— Ž—•‡‘¢Ž•“¨ —•‡“¦‡5–‘’£ ‡6’ Ž—‡³¦‡
—•‡• ï‡“’ “³—‡‡• Ž“‡‘ ¢Ž‘³“³‡–•‘Ý
ž—“’£ 7‡–“Ž“‡í“’Ž‡‘Ÿ• ‘¢“’‘‡³‡Ž— Ž“‡ ’—¦¢‘’“¡‡–•‡‡¦‡5–‘’£ ‡‘¨ –Ž“‡¦‡¨ ‘³—
£‡—Ü Ž‡• Ž—‡³—’ —Ž“³—‡‡¦‡¢Ž–—‡³‡¦—•‡
”¦‡í’í—‡•‡‡• Ž—•‡ Ž“ܓΗ•‡³‡
퍎¨ “—•‡ÅŽŽ—•‡Ã “¦³—“³—¡‡“‡Ž“ʾ‡³¦‡¢Ž“‡ ‘Ÿ• ‘¢“’‘‡£‡ ¨ “•‡³‡ •‘•¡‡³•–¤•‡³‡
‘¨ –¦•—‡‡¦¦—•‡¦‡³‘Ž—‡“¦‡’“¨ –—‡³‡¦“•‡
Ÿ“Ž‘—•‡“ö—•‡³‡ Ž“ܓΗ¡‡•‡’ Ž“‡‡“‡
“—’‘’‘“•‡£‡¦“‡“— ’—¦—¢Ê“‡‡Ã ¤ë‘’—‡£‡  — “¦‡‘’Ž ‘³¨ ܎¡‡£‡• Ž—‡ Ž—‡“’“³¤¨ ‘’—‡
“‡‘Ÿ¦‡‘ Ž“’‘—“¦
‡Ž‘•¢—‡–—Ž‡¦“‡‘– ‘ ³‡³¦‡³—’ —Ž‡´Ê—•‡œ“Ž“‡
·í—Ž“‡•‡—•‡í“‡–Ž—í‘Ü‘³—‡‘ Ž“’ “Ž‡’—‡ “¦‡Ž ‡³¦‡5–‘’£ ‡65êåãêþåä1úý â êþ7
¦¦—•‡–“Ž“‡•“’“Ž‡“³¦“ ‡• Ž—•‡ ¨ “•‡³‡
 •‘•¡‡‡‡“¦¢—•‡’“•—•‡£“‡• ï‡–Žï’ ‘’“Ý
ðñòóñôõ òóñò
¨  ‡ Ž¨ ‘“³—•¡‡‡ “ —‡‡¦‡³—’ —Ž‡´Ê—•‡
ü ñ1úôóñò ûòûóôóø3úòó3úô ûûóôóøñò3óø÷ø(
œ“Ž“‡³•’——’‘‡¦—•‡“’Ž³—•‡‡¤¦‡¨ ‘•¨ —‡
0$ô)ûðôù*óûÿ øùò÷ø ûö*õ ò4 
‘Ž¨ ‡‡Ž—‡³‡ßæÛæ‡6ŸŽ‡‘—Ž¨ “’‘‡‡
ð÷ú3úôûü÷úô+òñ!û !,òûö1ô-ôùø4ûý÷ôó3ôû
í  –æ‹‹“—³¦“ܦ—¢•–— ’—¨ ‹7¡‡£‡•‡í“‡³³‘Ý
ð13òóôûö*õ òû.øù$01ò4û ùú ñô÷ûÿ ôùñ$óòû
’“³—‡“‡³•‘ ¢Ž“Ž‡¦‡¢Ž–—‡³‡“—’‘’‘“•‡£‡
/+,ò4û00ôùûü1ôùøûöùô3úôûü 6úóø4ûø 7û
“— ’—¦—¢Ê“¡‡“•Ê‡’—¨ —‡“‡—Ü• “’¦‘¾“Ž‡•Ý 
ôùú+ûð÷3ôùôûü 6úóø ô4ûø 17û&ùñúûÿ òúóô4û
 Ž—‡ Ž“ܓΗ‡³‡‘Ÿ• ‘¢“’‘ 
1÷úøû 7 ôùû !ô3*óû5øùùò 4û1ôóû ôù÷ø ûöôù3$ôû
藇’—•‘³Ž“¨ —•‡Î• —‡‡¦“‡‘ŸŽ•‘‡
öô÷÷ò0ø 4û1ôóû ôù÷ø ûÿ òúóôû%÷ôõ ô 4ûÿ ú01ò÷û 
‡í“’‡¦‡–“Ê•‡‡• Ž“•‡Ü’“•‡ž—“’£ ‡
1ó0ò÷ûò÷ô0úøû ÷øùò 4û.ô2ôò÷ûÿ ôùñ$óòûöøùú÷÷ø4û
£‡–Ž—£’ —•‡³‡‘Ÿ• ‘¢“’‘‡•‡ ‘Ž‡“‡¦“‡Ü“Ý
.øø÷2øû%úõ ôû1,ùò4û#úúôóôûò!ø,ûöøó,÷òû
•Ž“‡–—Ž‡’“–Ž‘’í—‡³‡“‡•—¦“‡–Ž•—“‡‡
#ò÷,31òûû4ò õ úóûôóò3ôñ÷ûýòùóô÷

|

¿Ç

»»¼½¾¼»¿»ÀÁ»ÂÃ»Ä ÅÆÇ»ÂûÀȼȻ»»

Sign up to vote on this title
UsefulNot useful