You are on page 1of 316

($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.

0123

(=>?@AB&1CB@?8=?CB&D=&%7E?787F?B
4*5%&6"6&(7$"8%'&%$"(6&(4*5%*'*9%"(:(474

*78&9:-&;7<&9:&&&GBHIGJ8IK9:L

!7D7@&D=&'=H@BC2
"&%7E?787F?B&.7M7&"CA=@BHBA7&)HA=8=EAJB8

!"#$%&'()*"+,%-&%,.),#,/)"&'01#)."2&,&#$/"+,&+$&3()/45&!)##%&6!!"#$%&'()*+,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6!-",.-/'.0123
(1%&N&($*)%5"&1("%)#$)("&+$&%,.),#,/)"&
0 ! ! ! ! ! ! ! ! !
)%%;&&&&KL:OPQR9O

G%$&>*$%"(I!&8><*(0122J0123K
B$&8%6&,>& 0C(4&5$&>E$%*
)C8S@&"8=HEBC&U?CM7&1BCC=?CB-&TU. $M?8&"8W=CA&%7W7AAXB-&'T.P(%
2C(D%5&(B$&8%6&,>& G%$&>*$&8
%7CBSB&!BC?B&*BCFB@&.7CA=@-&TU(/% "HB&#J?@B&UBS=A&%B88B@-&TU'(
0C(D%5&(B$&8%6&,>& "HDCY&'=C=?CB&17A=8\7-&TU(G
"HF=8B&!BC?B&.BCH=?C7&"CB_b7-&T;)."!' .BC87@&1=H=D?A7&!BCA?H@-&TH1
4&5$&>E$%*(!&$"' (=HBH&%aC?HF=C&D=&UC=?AB@-&TU!/
#J?]&.8BJD?7&#7JC=HV7-&TU1"& !BCE7@&.Y@BC&"8>BC=]-&T%'
F&8*/$&%$* )*,8&'+*(H%85"'
"HA7H?7&.C?@A?BH&%BCB?>B&'B?>B-&TU. !BC?B&$DJBCDB&DB&!7AB&(7E\B-&TU'$
2C(4&5$&>E$%* (=HBA7&%YCF?7&D=&#?MB-&U1%'
(7F=C?7&'C7=HVB&#=?A=-&TU% !BC?B&)]BW=8&D=&!=D=?C7@&*B88=-&TU"!&

B/#'%5";<*(4&A&8>$"'(6"(4L)M=GNG=(7ON4MP=MON(G=(4L)MLPL!MN(:(474
)**$6&,";<*(=6%>*$%"' "CAJC7&!7CBA7-&TH?><&1BCE=87HB
)C8S@&1BCC=?CB-&TU.& .BC87@&1=H=D?A7&!BCA?H@-&TH1
.BC87@&U7CAJHB-&TH?><&.7?MWCB
=6%>*$(&?&5/>%@* .=@BC&1BCC=?CB-&TU.
(7F=C?7&'C7=HVB&#=?A=-&TU%& UCBH]&G7@=[&1C^@=X=-&TU%&
/BWC?=8&.7\H-&T%'&
)*A%88<*(=6%>*$%"' GBE7W&#?MB-&TU%.BC87@
%7CBSB&!BC?B&*BCFB@&.7CA=@-&TU(/% G7@Y&!BE\BD7&'B?@-&).%I#?@W7B&
.=8?&%EB87H-&TU(G& G7@Y&*?E=HA=&5B>BC=@-&TU(/%
$M?8&%7W7AAXB-&'T.P(% G7@Y&(?EBCD7&(BMB8\7-&TU(G
(=HBA7&%YCF?7&D=&#?MB-&U1%' #_E?7&,8?>=C&.7@A?88B-&T;"!-&!Y`?E7
57M&+ZS=C-&T;)."!'& !BCE7@&.Y@BC&"8>BC=]-&T%'
!BCFBC=A\&"CE\=C-&$'U#P&TH?>=C@?AS&7[&3BC>?EX
)*,8&'+*(=6%>*$%"' !BC?B&%A=8B&/C7@@?-&TH1&
"WD=8B[?D&4BM7JE\-&TH?>=C@?DBD=&D=&#?88=&) !?E\=8&1JCBZ7S-&1=CX=8=S&TH?>=C@?AS
"HB&#J?@B&UBS=A&%B88B@-&TU'( (=HBH&%aC?HF=C&D=&UC=?AB@-&TU!/
"HDCY&'=C=?CB&17A=8\7-&TU(G %YCF?7&"D7CH7-&T%'

4&5$&>E$%"(6&(=6%>*$%"Q&%?M7H=&"CBJb7 G%"9$"A";<*"!"D?8MB&&!=H=]=@&
O&@%8<*"!(BcJ=8&!=?@A=C&d7&UC=?ABF& )"R""!"88BH&*=?FB&(B[B=8&

& (%12&(=>?@AB&1CB@?8=?CB&D=&%7E?787F?B&I&%7E?=DBD=&1CB@?8=?CB&
D=&&%7E?787F?B& P& %1%<& N& *78<& :-& H<:& ebBH<IbJ8<& K9:LfP& <& N&
%=CF?a=2&%1%-&K9:LP&
& %=M=@ACB8
& & )%%;&&KL:OPQR9O
&&&
& :<& %7E?787F?B& N& '=C?gD?E7@<& )<& %7E?=DBD=& 1CB@?8=?CB& D=&
%7E?787F?B
.+T&L:he9R:f

U?E\B&.BAB87FCi[?EB&=8BW7CBDB&a=8B&TU%

!"#$%&'()*"+,%-&%,.),#,/)"&'01#)."2&,&#$/"+,&+$&3()/45&!)##%&6!!"#$%&'()*+,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

%JMiC?7

=6%>*$%"'
1S )C8S@&1BCC=?CB&

T"'&8(B$%@"6*8U(4*5%*'*9%"(BV#'%5"Q(*('&9"6*(6&(W$%9+>(T%''8
23 /BWC?=8&.7\H&

)*,>$%#/%;X&8(>&Y$%5"8(&(Z(R&8[/%8"(&AR\$%5"(6"(4*5%*'*9%"(Z8(R*'\>%5"8(RV#'%5"8
3S %7CBSB&*BCFB@&.jCA=@

O&^'&?X&8(8*#$&("(%,>&$,"5%*,"'%_";<*((6"(4*5%*'*9%"(#$"8%'&%$"!!
S] 57M&+ZS=C&

F$"#"'+*(&(*8(6&8"^%*8(6"(R&8[/%8"(8*5%*'Y9%5"
`a G7@Y&(?EBCD7&(BMB8\7

L(5*>%6%",*(&("(R$E>%5"("$>&8","'(6"(R&8[/%8"
21] G7@Y&!BE\BD7&'B?@&

=A(6&^&8"(6"(8*5%*'*9%"(Q(*(&5*,*A%5%8A*(&("(%,@%8%#%'%6"6&(6"8(5'"88&8(8*5%"%8!
20a G=@@Y&%7J]B

N$>&8",">*(6*(8"#&$(,"(%6&%"(6&(/,%@&$8%6"6&Q(5*AR"$";X&8(%,>&$,"5%*,"%8
2Sa UCBH]&G7@=[&1C^@=X=

O&6&8(&(A*@%A&,>*8(8*5%"%8(R$*b&>",6*(*(^/>/$*
2`] )8@=&%E\=C=CP3BCC=H

D%*'c,5%"(6%^/8"U(A&6*(&(%,8&9/$",;"Q(N8(A"$5"8($&5&,>&8(6"(5$/&'6"6&
02a #$%&'!(&'')*'&

O&@%8%>",6*(*8(^/,6"A&,>*8(6"8(A*6&$,%6"6&8(R&$%^e$%5"8Q(6E6%@"U(A&$5"6*(&(R"5>*(
0d3 5*'*,%"'
'BJ87&4=HC?cJ=&!BCA?H@&

L(>$"#"'+*(%,>&'&5>/"'(8*#("(YR>%5"(6*("$>&8",">*(&("(5%6"6&(5*A*(5"AR*(6&(R&8[/%8"(
0]S )C8S@&1BCC=?CB

0a] O&8/A*8.N#8>$"5>8.(O&8/A&8(

320 )*,>&,>8

323 4*AA"%$&

!"#$%&'()*"+,%-&%,.),#,/)"&'01#)."2&,&#$/"+,&+$&3()/45&!)##%&6!!"#$%&'()*+,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6!-",.-/'.0123

!"#$%&'()*"+,%-&%,.),#,/)"&'01#)."2&,&#$/"+,&+$&3()/45&!)##%&6!!"#$%&'()*+,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

+',-%!.,)/0&'!1*'23!(&'')*'&
B$&8%6&,>&(6"(474(

$+)5,()"#

!"#$%&$'&(#%)*%$'+',-&#+"$,%$%.%/0%1+-)+#'$#)*%2%+*3'2$43%$'$
5"+#%,',%$6/'1#2%#/'$,%$5"+#"2"7#'$8$565$+32*#0"3$"$,%1%9"$,%$
+/#':;"$,%$3&$<%/#=,#+"$+"&<'*>0%2$+"&$"1$<',/?%1$,'1$,#0%/8
1'1$<3(2#+':?%1$)'$@/%'A$
B$#,%#'$,%$3&$<%/#=,#+"$+'<'C$,%$,'/$0'C;"$D$</",3:;"$1"+#"8
2=7#+'$9@$0#)E'$7')E'),"$+"/<"$'"$2")7"$,"1$')"1F$+")1*#*3#),"$
3&'$%1<G+#%$,%$1")E"$43%$1%$."#$*%+%),"$,%$."/&'$'/*%1')'2$%$
2'("/#"1'A$ H%1,%$ IJJKF$ '$ %0#,%)+#'$ ,%$ '&<2'1$ <%143#1'1$ %$ %)8
1'#"1$*%&@*#+"1F$,#.3),#,"1$,3/')*%$"1$+")7/%11"1$,'$%)*#,',%F$
9@$'<")*'0'$'$)%+%11#,',%$,%$'+/%1+%/F$D$<3(2#+':;"$,%$2#0/"1F$
3&$)"0"$+')'2$,%$%L</%11;"$,"$1'(%/$1"+#"2=7#+"A
B$M%0#1*'$6/'1#2%#/'$,%$5"+#"2"7#'$#)+"/<"/'81%$'$3&$'+%/0"$
%,#*"/#'2$+")1#1*%)*%$43%$</"0G&$,'$</",3:;"$/%732'/$,%$2#0/"1$
%$,'$%,#:;"$,"$+',%/)"$%2%*/N)#+"$565$M%1%)E'1A$B7/%7'$*'&8
(G&$'$%L<%/#-)+#'$,%$<3(2#+':?%1$,#.3),#,'$)"$1#*%$,'$%)*#,',%$
43%$+")*G&$*","1$"1$*%L*"1$'</%1%)*',"1$)"1$+")7/%11"1A!
OL</%11'$*'&(G&$'$M%0#1*'$6/'1#2%#/'$,%$5"+#"2"7#'$'$+"),#8
:;"$ #)'373/'2$ ,%$ 3&$ <%/#=,#+"$ %1<%+#'2#C',"F$ '<"#'),"81%$ )"$
+")*%L*"$ ,%$ </",3:?%1$ %,#*','1$ )'$ @/%'A$ H%$ .'*"F$ '$ %L<')1;"$
,"1$<%/#=,#+"1$)"$6/'1#2$*%&$1#,"$&'/+')*%$)"1$P2*#&"1$')"1F$
#)1%/#),"81%$)"$43',/"$,%$+/%1+#&%)*"$,'1$<%143#1'1$%$)"$+")8
*%L*"$,"1$1#1*%&'1$,%$</",3:;"$+#%)*>.#+'$'11"+#',"1$'$+/#*G/#"1$

$+)5,()"#&6&M$'f8(N'&,5"$(H%$A*(7"$$&%$"
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

,%$'0'2#':;"$,%$</",3*#0#,',%A$Q%11%$1%)*#,"F$'$M%0#1*'$6/'1#2%#/'$,%$
5"+#"2"7#'$/%.2%*%$<'/*#+32'/&%)*%$"$,%1%)0"20#&%)*"$+#%)*#.#+"$,'1$
+#-)+#'1$1"+#'#1$)"$R'>1F$%&$1#)*")#'$+"&$"3*/"1$'&(#%)*%1$+#%)*>.#+"1$
#)*%/)'+#")'#1A$
S)+"/<"/'),"$'$'7%),'$,"1$,%1'.#"1$1"+#'#1$+")*%&<"/T)%"1F$"$<%8
/#=,#+"$</%*%),%$*'&(G&$0'2"/#C'/$"$1'(%/$1"+#"2=7#+"$+"&"$</@*#+'$
</"+%113'2A$R%143#1'1$%&$'),'&%)*"$%$%L<%/#&%)*"1$1"+#"2=7#+"1$%&$
.'1%$ ,%$ &'*3/':;"$ 1%/;"$ +")0"+',"1$ D$ <3(2#+':;"F$ $ <%)1'),"$ "$ +"8
)E%+#&%)*"$+"&"$<',/;"$+3&32'*#0"$,%$%L<%/#-)+#'1A$Q%11%$1%)*#,"F$
'$M%0#1*'$6/'1#2%#/'$,%$5"+#"2"7#'$$1%73%$'$/"*#)'$,%$"3*/'1$@/%'1$'+'8
,-&#+'1$*'#1$+"&"$+"&"$1'P,%$%$+#-)+#'1$%L'*'1$)'1$43'#1$'$<%/1<%+8
*#0'$%L<%/#&%)*'2$G$0'2"/#C','F$'7#2#C'),"$'$*/"+'$&'#1$&'#1$0%2"C$,%$
#)."/&':?%1A$
U$'*3'2$&"&%)*"$)"$43'2$"$<%/#=,#+"$G$+/#',"$G$('1*')*%$</"<>+#"$
D$/%'2#C':;"$,%1*'$%&</%#*','$#)*%2%+*3'2F$3&'$0%C$43%$'$1"+#"2"7#'$
*%&$1#,"$'20"$,%$#)*%/%11%$+','$0%C$&'#"/F$%&$.3):;"$,%$3&'$1G/#%$
,%$/'C?%1A$Q'$%1.%/'$'+',-&#+'$%$,%$%)1#)"F$'$/%+%)*%$'</"0':;"$<%2"$
VOW$,'$"(/#7'*"/#%,',%$,"$%)1#)"$,'$,#1+#<2#)'$)"$Q>0%2$VG,#"$%$"$
&"0#&%)*"$+/%1+%)*%$,%$,%1+%)*/'2#C':;"$,"1$</"7/'&'1$,'$@/%'$,%$
W#-)+#'1$ 5"+#'#1$ 1;"$ .'*"/%1$ 43%$ 0%&$ #&<321#")'),"$ "$ <'*/#&N)#"$
,"1$%1*3,"1$,%$+'/@*%/$1"+#"2=7#+"$%&$)"11"$<'>1A$B"$&%1&"$*%&<"F$G$
#)%7@0%2$"$.'*"$,%$43%$+','$0%C$&'#1$'$1"+#%,',%$(/'1#2%#/'$'</%1%)*'$
"$,%1'.#')*%$+")*%L*"$,"1$</"+%11"1$#)*%/)"1$%$/%+%)*%1$,%$&"(#2#C'8
:;"$%$23*'1$<"/$+#,',')#'F$*"/)'),"$+','$0%C$&'#1$+"&<2%L'1$'1$*%#'1$
#)*%/'*#0'1$43%$%)0"20%&$'1$,#0%/1'1$%1.%/'1$,'$0#,'$)'+#")'2$)"$T&8
(#*"$%+")N&#+"F$<"2>*#+"F$+#%)*>.#+"F$+32*3/'2$%$/%2#7#"1"A
B$#,%#'$,%$3&$<%/#=,#+"$."&%)*',"$%$<'*/"+#)',"$<%2'$565$(318
+'$ '*%),%/$ D1$ ,%&'),'1$ ,%$ 3&$ +/%1+%)*%$ )P&%/"$ ,%$ <%11"'1$ #)*%8
/%11','1$ %&$ ,#1+3*#/F$ '0'2#'/$ %$ #)*%/0#/$ )'1$ */')1."/&':?%1$ 43%$ 1%$
</"+%11'&$ )'$ 0#,'$ +")*%&<"/T)%'A$ H%&'),'1$ 43%$ 1%$ %.%*#0'&$ 1%9'$
</",3C#),"$#,%#'1$'$<'/*#/$,'1$,#0%/1'1$*%"/#'1$1"+#"2=7#+'1$%L#1*%)8
*%1F$1%9'$%)."+'),"$"1$</"(2%&'1$%$<"11>0%#1$1"23:?%1$</"*'7")#C','1$
<"/$ '7%)*%1F$ +")*/#(3#),"F$ '11#&F$ <'/'$ "$ ,%('*%$ ,%$ *%&'1$ %$ '113)8
*"1$#),#1<%)1@0%#1$<'/'$*","1$)=1F$1"+#=2"7"1$%$+#%)*#1*'1$,'$@/%'$,'1$

$+)5,()"#&6&M$'f8(N'&,5"$(H%$A*(7"$$&%$"
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

E3&')#,',%1A$ S)+23%&81%$ *'&(G&F$ )%11'$ #)*%/2"+3:;"$ %L*%)1#0'$ ,%$


2%#*"/%1$%1*3,')*%1F$9"/)'2#1*'1F$93/#1*'1$%$'*#0#1*'1$1"+#'#1A
B$+").#73/':;"$,#'2=7#+'$,"$<%/#=,#+"$13<?%$"$%1*'(%2%+#&%)*"$,%$
/%.2%L?%1$'+%/+'$,%$*%&'1$<"2-&#+"1F$'(/#),"$'$<"11#(#2#,',%$,%$'38
*"/%1$ +"&$ <%/1<%+*#0'1$ *%=/#+'1$ ,#1*#)*'1F$ +")*/#(3#),"$ ,%11'$ ."/&'$
<'/'$'$'&<2#':;"$,"$,%('*%$1"+#"2=7#+"A$O&$1>)*%1%F$'$M%0#1*'$6/'1#8
2%#/'$,%$5"+#"2"7#'$(31+'$%L<2"/'/$)"$T&(#*"$)'+#")'2$%$#)*%/)'+#")'2$
'1$<"*%)+#'2#,',%1$,'$1"+#"2"7#'$%$@/%'1$'.#)1$<'/'$+"&</%%)1;"F$')@8
2#1%$%$#)*%/0%):;"$)'$1"+#%,',%$+")*%&<"/T)%'A$

$+)5,()"#&6&M$'f8(N'&,5"$(H%$A*(7"$$&%$"
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

$+)5,()"#&6&M$'f8(N'&,5"$(H%$A*(7"$$&%$"
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

.453')%

X'(/#%2$W"E)
H"3*"/$ %&$ 5"+#"2"7#'F$ !!YWZ[\5R$ ]^_`^a$ %$ </".%11"/$ Y#0/%8
8,"+%)*%$ %&$ 5"+#"2"7#'$ !!YWZ[\5R$ ]^_``aF$ G$ R/".%11"/$ %&G8
/#*"$ ,'$ !!YWZ[\5R$ ]IJ^^aA$ !"#$ </%1#,%)*%$ ,'$ B11"+#':;"$ ,"1$
5"+#=2"7"1$,"$O1*',"$,%$5;"$R'32"$]^_bK8bcad$R/%1#,%)*%$,'$5"8
+#%,',%$ 6/'1#2%#/'$ ,%$ 5"+#"2"7#'$ e$ 565$ ]^_bc8b`aF$ %$ R/%1#,%)8
*%$,'$BQRUW5$]IJJc8IJJfaA$!"#$%,#*"/$,'$/%0#1*'$Y3'$Q"0'$,"$
WOHOW$ ]^__^8IJJKa$ %$ '*3'2&%)*%$ G$ R/".%11"/$ g#1#*')*%$ 5-)#"/$
)'$\QS!O5R$8$\)#0%/1#,',%$!%,%/'2$,%$5;"$R'32"F$)'$O1+"2'$,%$
!#2"1".#'F$Y%*/'1$%$W#-)+#'1$Z3&')'1F$<%2"$R/"7/'&'$R/".%11"/$
g#1#*')*%$Q'+#")'2$5-)#"/$,'$WBRO5A$53'$@/%'$,%$'*3':;"$'+'8
,-&#+'$G$*%"/#'$1"+#'2$+"&$-).'1%$%&$*%"/#'$,'$':;"$]V'L$h%8
(%/a$%$%&$i%"/#'$W/>*#+'$,'$5"+#%,',%

5"/'j'$g'/7'1$W"/*%1
REH$%&$5"+#'2$R"2#+j$'),$B,&#)#1*/'*#")$8$Y"),")$5+E""2$".$
O+")"&#+1$ '),$ R"2#*#+'2$ 5+#%)+%F$ %&$ ^__cF$ '*3'2&%)*%$ G$ </"8
.%11"/'$ ,"$ H%<'/*'&%)*"$ %$ R/"7/'&'$ ,%$ R=18X/',3':;"$ %&$
5"+#"2"7#'$,'$\!MX5F$R%143#1',"/'$,"$WQRkF$%$+""/,%)',"/'$
',93)*'$,"$W"&#*-$,%$B0'2#':;"$,'$R=18X/',3':;"$,'$W'<%1F$)'$
53(8l/%'$,%$5"+#"2"7#'A$$OL%/+%$'$^m$g#+%8R/%1#,%)*%$,'$5"+#%8
,',%$6/'1#2%#/'$,%$5"+#"2"7#'$8565A$53'1$'*#0#,',%1$,%$,"+-)+#'$
%$<%143#1'$+")+%)*/'&81%$)'$@/%'$,%$1"+#"2"7#'F$+"&$-).'1%$%&$
1"+#"2"7#'$<"2>*#+'$%$<"2>*#+'1$<P(2#+'1A$

i"&$Hnj%/$
H"3*"/$%&$5"+#"2"7#'$<%2'$$o+"2%$,%1$Z'3*%1$o*3,%1$%)$5+#%)+%1$
5"+#'2%1$ ]^_`baF$ <"18,"3*"/',"$ <%2'$ \)#0%/1#*j$ U.$ W')*%/(3/j$
]^_bKa$%$<"18,"3*"/',"$<%2'$W"/)%22$\)#0%/1#*j$]^__JaA$B*3'2&%)*%$
G$</".%11"/$*#*32'/$,"$H%<'/*'&%)*"$,%$5"+#"2"7#'$,'$\)#0%/1#,',%$

%7E?=DBD=&1CB@?8=?CB&D=&%7E?787F?B&N&%1%
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

21

O1*',3'2$,%$W'&<#)'1F$2>,%/$,"$Y'("/@*"/#"$S)*%/,#1+#<2#)'/$S)."/&@*#+'$%$
5"+#%,',%$]\)#+'&<aF$&%&(/"$,"$OL%+3*#0%$W"&&#**%%$,'$S)*%/)'*#")'2$
5"+#"2"7#+'2$B11"+#'*#")$]IJ^J8IJ^paA$!"#$</%1#,%)*%$,'$5"+#%,',%$6/'8
1#2%#/'$,%$5"+#"2"7#'$]565a$IJJc8IJJ_A$g#+%$R/%1#,%)*%$]Y'*#)$B&%/#+'aF$
M%1%'/+E$W"&&#**%$Kp$8$5"+#"2"7j$".$q"3*E$8$S)*%/)'*#")'2$5"+#"2"7#+'2$
B11"+#'*#")F$IJJf8IJ^JA$i%&$%L<%/#-)+#'$)'$@/%'$,%$5"+#"2"7#'F$'*3'),"$
</#)+#<'2&%)*%$)"1$1%73#)*%1$*%&'1r$1"+#"2"7#'$,"$*/'('2E"F$'+#,%)*%1$,"$
*/'('2E"F$1"+#%,',%$,%$#)."/&'+'"F$#)."/&'*#+'$%$#)*%/,#1+#<2#)'/#,',%A$

s"1G$M#+'/,"$M'&'2E"
H"3*"/$%&$W#-)+#'$R"2>*#+'$]\5RF$^_b`aF$+"&$<=18,"3*"/',"$%&$S)*%/8
)'*#")'2$W%)*/%$!"/$Y'("3/$5*3,#%1$\)#0%/1#*j$U.$V')+E%1*%/$]^__faF$
)"$ 6%22'7#"$ 5*3,j$ W%)*%/$ 8$ iE%$ M"+t.%22%/$ !"3),'*#")$ ]IJJpa$ %$ h#18
1%)1+E'.*1C%)*/3&$6%/2#)$.u/$5"C#'2."/1+E3)7$]IJJ`aA$$o$</".%11"/$*#8
*32'/$ $ ,"$ R/"7/'&'$ ,%$ R=18X/',3':;"$ %&$ 5"+#"2"7#'$ %$ B)*/"<"2"7#'$
]RRX5Ba$,'$\!Ms$%$<%143#1',"/$,"$WQR4A$5%3$*%&'$."+'2$,%$<%143#1'$
G$*/'('2E"$%$,%1%)0"20#&%)*"A$$

s"1G$B)*=)#"$V'+E',"$,'$5#20'$R'#1
H"3*"/$%&$5"+#"2"7#'$<%2"$5"+#"2"7#'$<%2"$S5WiO$8$S)1*#*3*"$\)#0%/8
1#*@/#"$,%$Y#1("'F$R"/*37'2$]^__^aA$R"113#$O1<%+#'2#C':;"[R=18X/',3'8
:;"$%&$5"+#"2"7#'$<%2'$\)#0%/1#,',$B3*")"&'$,%$V',/#,F$O1<')E'$
]^_bKa$%$'*3'2&%)*%$G$R/".A$B11"+#',"$W")0#,',"$e$S5WiOF$"),%$,%8
1%)0"20%$<%143#1'1$%$<3(2#+'$1"(/%$5"+#"2"7#'$,"$W"*#,#')"F$,'$O,38
+':;"$%$,'$W32*3/'A$

s%11%$s"1%$!/%#/%$,%$5"3C'
H"3*"/$ %&$ 5"+#"2"7#'$ <%2'$ v'/2$ M3</%+E*$ \)#0%/1#*w*$ Z%#,%2(%/7F$
B2%&')E'$ ]^__^a$ %$ 2#0/%$ ,"+-)+#'$ %&$ 1"+#"2"7#'$ <%2'$ \)#0%/1#*w*$
!2%)1(3/7F$B2%&')E'$]IJJfaA$M%'2#C"3$%1*@7#"1$<=18,"3*"/'#1$)'$Q%n$
5+E""2$."/$5"+#'2$/%1%'/+E$,%$Q"0'$S"/43%F$O\B$]^__p8^__ca$%F$+"&"$
R/".%11"/$ 0#1#*')*%F$ )'$ \)#0%/1#*w*$ 6/%&%)F$ B2%&')E'$ ]^___8IJJJaA$
B*3'2&%)*%$G$R/".%11"/$*#*32'/$,%$1"+#"2"7#'$,'$\!s!$%$+""/,%)',"/$
7%/'2$,"$WOROHO5[\!s!$]W%)*/"$,%$<%143#1'$1"(/%$,%1#73'2,',%$1"8
+#'2aA$U$."+"$,-1$13'$'("/,'7%&$'+',-&#+'$/%+'#$1"(/%$'$*%"/#'$1"+#'2$
+/>*#+'F$0"2*','$<'/'$'$&",%/)#,',%$+%)*/'2$%$<%/#.G/#+'A$

%7E?=DBD=&1CB@?8=?CB&D=&%7E?787F?B&N&%1%
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

22

!/')C$s"1%.$6/u1%t%
H"3*"/$RE#2$<%2'$\)#0%/1#,',%$,%$Vu)1*%/F$B2%&')E'$]^_bIaF$+"&$<=18
8,"3*"/',"$ $ )'$ i%+E)#1+E%$ \)#0%/1#*w*$ 6%/2#)$ ]IJ^IaA$ !"#$ +""/,%)',"/$
,%$ ,%<'/*'&%)*"$ ,'$ g"2t1E"+E1+E32%$ Z'&&F$ B2%&')E'$ ]^_bI8^_b`aF$
<%/#*"$ #)*%7/',"$ ,"$ WSV[Xix$ ]^_b`8^__JaF$ </".%11"/$ ,'$ \)#0%/1#,',%$
!%,%/'2$,"$R'/@$]^_b`8^__`aF$,'$\)#0%/1#,',%$!%,%/'2$,%$5')*'$W'*'/#)'$
]^__b8IJJfaA$B*3'2&%)*%F$G$</".%11"/$)'$\)#0%/1#,',%$!%,%/'2$,%$5%/7#8
<%F$"),%$'*3'$)"$RRX5$%$+""/,%)'$"$7/3<"$,%$<%143#1'$5"+#%,',%F$W#8
-)+#'$%$iG+)#+'A$o$<%143#1',"/$,"$WQR4$%$*%&$+"&"$."+"$,%$<%143#1'$'$$
*G+)#+'$&",%/)'$%$13'1$/%2':?%1$+"&$'$1"+#%,',%$+")*%&<"/T)%'F$*%),"$
<3(2#+',"$,#0%/1"1$2#0/"1$)'$B2%&')E'$%$)"$6/'1#2$1"(/%$'$*%&@*#+'A$

S21%$5+E%/%/8h'//%)
H"3*"/'$%&$5"+#"2"7#'$<%2'$\)#0%/1#*G$,%$R'/#1$yF$Q')*%//%$]^_`KaF$+"&$$
<"18,"3*"/',"$)'$\)#0%/1#,',%$,%$Y"),/%1$]^_bf8b`aA$R%143#1',"/'$g#8
1#*')*%$)'$\Q6$]IJJp8Jca$%$</".%11"/'$',93)*"$)'$\!Ms$]^_`p8b^aA$B*38
'2&%)*%$G$</".%11"/$*#*32'/$,'$\)#0%/1#,',%$!%,%/'2$,%$5')*'$W'*'/#)'A$
i%&$%L<%/#-)+#'$)'$@/%'$,%$5"+#"2"7#'F$+"&$-).'1%$%&$5"+#"2"7#'$%1<%8
+#'#1F$'*3'),"$</#)+#<'2&%)*%$)"1$1%73#)*%1$*%&'1r$&"0#&%)*"1$1"+#'#1F$
/%,%1F$ +#,',')#'F$ 72"('2#C':;"F$ ':?%1$ +"2%*#0'1F$ ,%&"+/'+#'F$ <'/*#+#<'8
:;"F$%L+231;"$%$#)+231;"$1"+#'2$F$,#/%#*"1$E3&')"1$%$&32*#+32*3/'2#1&"

W%1'/$6'//%#/'
H"3*"/$ %&$ 5"+#"2"7#'$ <%2'$ \)#0%/1#,',%$ ,%$ 5;"$ R'32"$ ]^_b`aF$ +"&$
<=18,"3*"/',"$<%2'$o+"2%$,%1$Z'3*%1$o*3,%1$%)$5+#%)+%1$5"+#'2%1$8$
R'/#1$]^__Ja$%$<=18,"3*"/',"$<%2"$S)1*#*3*"$,%$W#-)+#'1$5"+#'#1$8$Y#18
("'$]IJJbaA$R/".%11"/$i#*32'/$%&$5"+#"2"7#'$,"$H%<'/*'&%)*"$,%$W#-)8
+#'1$5"+#'#1$%$,"$R/"7/'&'$,%$R=18X/',3':;"$%&$5"+#"2"7#'$,'$\!WF$
+""/,%)'$"$Y'("/'*=/#"$,%$O1*3,"1$,'$g#"2-)+#'$,'$\!WA$R%143#1',"/$
,"$WQR4F$."#$H#/%*"/$,'$BQRUW5$]^_bf8^_bbaF$5%+/%*@/#"$OL%+3*#0"$
]^__`8$IJJ^a$%$R/%1#,%)*%$,'$5"+#%,',%$6/'1#2%#/'$,%$5"+#"2"7#'$e$565$
]IJJ^8$IJJKa$$!"#$</".%11"/$0#1#*')*%$)'$\)#0%/1#,',%$Y3&#G/%$Yj")$
I$]$IJJJa$%$H#/%*"/$X%/'2$,'$B+',%&#'$O1*',3'2$,%$5%73/'):'$RP(2#+'$
,"$ W%'/@$ ]IJ^^8IJ^IaA$ B*3'$ )'1$ Y#)E'1$ ,%$ <%143#1'r$ 5"+#"2"7#'$ ,'$
0#"2-)+#'$%$,"1$+").2#*"1$1"+#'#1d$5%73/'):'$RP(2#+'$%$5"+#%,',%d$R"8
,%/$%$</"+%11"1$1"+#'#1$'7/@/#"1A$

%7E?=DBD=&1CB@?8=?CB&D=&%7E?787F?B&N&%1%
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

20

R'32"$Z%)/#43%$V'/*#)1
H"3*"/$ %&$ 5"+#"2"7#'$ 8$ \)#0%/1#*%$ ,%$ R'/#1$ S$ ]R')*E%")85"/("))%a$
]^_bJ$%$^__^a$+"&$R=18,"3*"/',"$)'$\)#0%/1#,',%$,%$R'/#18Q')*%//%$
]IJJ^ad$o$R/".%11"/$i#*32'/$,%$5"+#"2"7#'$,'$\!RO$%$'*3'2$R/%1#,%)*%$
,'$B11"+#':;"$Y'*#)"8B&%/#+')'$,%$5"+#"2"7#'$]BYB5a$]IJ^^8IJ^KaA$
o$g#+%8R/%1#,%)*%$,'$B11"+#':;"$V"0#&%)*"$B)*#8\*#2#*'/#1*'$)'1$W#8
-)+#'1$5"+#'#1$]VB\55a$%$W""/,%)',"/$,"$Q\WOV$]QP+2%"$,%$W#,'8
,')#'$%$R/"+%11"1$,%$V3,'):'$]\!ROaA$o$<%143#1',"/$,"$WQR4$%$*%8
&%&$</",3:;"$'+',-&#+'$)'$@/%'$,%$5"+#"2"7#'F$<'/*#+32'/&%)*%$)'1$
@/%'1$,%$i%"/#'$5"+#"2=7#+'$%$O1*3,"1$R=18W"2")#'#1F$O1*3,"1$1"(/%$'$
H@,#0'd$5"+#"2"7#'$,'$5'P,%$%$5"+#"2"7#'$,"$R",%/A!

S/2j1$6'//%#/'
H"3*"/'$%&$5"+#"2"7#'$<%2'$\5R$]^_bbaF$+"&$$R=18,"3*"/',"$)'$o+"2%$
,%1$Z'3*%1$o*3,%1$%)$5+#%)+%1$5"+#'2%1$]R'/#1F$^__Ja$%$)"$S)1*#*3*"$,%$
W-)+#'1$5"+#'#1$SW5$,'$\)#0%/1#,',%$,%$Y#1("'$]IJJbaA$o$</".%11"/'$
*#*32'/$,%$1"+#"2"7#'$,"$R/"7/'&'$,%$R=187/',3':;"$%&$5"+#"2"7#'$,'$
\)#0%/1#,',%$!%,%/'2$,"$W%'/@$%$<%143#1',"/'$,"$WQR4A$R/#"/#C'$%&$
13'1$<%143#1'1$"$%1*3,"$,"1$/#*3'#1F$</@*#+'1$<"2>*#+'1$%$0'2"/%1$1=+#"8
8+32*3/'#1$%&$,#.%/%)*%1$+")*%L*"1A$B*3'2&%)*%F$G$'$R/%1#,%)*%$,'$5"8
+#%,',%$6/'1#2%#/'$$,%$5"+#"2"7#'$e$565$]IJ^^8IJ^Ka

%7E?=DBD=&1CB@?8=?CB&D=&%7E?787F?B&N&%1%
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

23

6&7'*),!#38/!

!"#$%&'()*"+,%-&%,.),#,/)"&'01#)."
,&#$/"+,&+$&3()/45&!)##%

U1$E"&%)1$')1%#'&F$)"$&3),"$'*3'2F$<"/$3&'$z43'2#,',%$,%$
%1<>/#*"{$ 43%$ 2E%1$ <%/&#*'$ z<%/+%(%/$ "$ 43%$ %1*@$ "+"//%),"$ )"$
&3),"$%$"$43%$<",%$%1*'/$'+")*%+%),"$,%)*/"$,%2%1$&%1&"1{A$
R"1*'$%&$31"$+"&$'$,%0#,'$23+#,%CF$%11'$43'2#,',%$G$'$z#&'7#)'8
:;"$1"+#"2=7#+'{A$U$E"&%&$43%$E@$<"3+"$&'#1$,%$&%#"$1G+32"$
%1+/%0%3$#11"F$)3&$&')#.%1*"$%&$</"2$,'$#&'7#)':;"$/'+#")'28
&%)*%$%L%/+#,'F$G$/%+")E%+#,"$+"&"$3&$,"1$&'#1$#&<"/*')*%1$
1"+#=2"7"1$ ,%$ &%',"1$ ,"$ 1G+32"$ <'11',"A$ i')*"$ 43%F$ 43'),"$
'$ S)*%/)'*#")'2$ 5"+#"2"7#+'2$ B11"+#'*#")$ </"&"0%3F$ %&$ ^__`F$
D1$0G1<%/'1$,"$1%3$+#)43%)*%)@/#"F$3&'$%)43%*%$%)*/%$1%31$'18
1"+#',"1$ <'/'$ #),#+'/$ "1$ z6""t1$ ".$ *E%$ W%)*3/j{$ )'$ @/%'F$ iE%$
5"+#"2"7#+'2$S&'7#)'*#")$"(*%0%$)','$&%)"1$,"$43%$c_$0"*"1F$"$
43%$"$+"2"+'0'$)"$1%73),"$237'/$)'$+2'11#.#+':;"$7%/'2F$/%.%/%)8
*%$'$*>*32"$%$);"$'$'3*"/A$Q;"$E@$13/</%1'$)'$</#&%#/'$+"2"+':;"F$
,%$V'L$h%(%/F$+"&$_c$0"*"1$<'/'$O+")"&#'$%$5"+#%,',%F$%$&'#1$
p`$,#1*/#(3>,"1$<"/$"3*/'1$"(/'1$13'1F$"$43%$2E%$,@F$+"&"$'3*"/F$
3&$*"*'2$,%$^pI$#),#+':?%1A$o$0%/,',%$43%$"$'/43#',0%/1@/#"$,%$
h/#7E*$V#221F$i'2+"**$R'/1")1F$1"&"3$ff$#),#+':?%1F$&'1$,#1*/#8
(3>,'1$<"/$^^$*>*32"1F$,"1$43'#1$)%)E3&$+E%7"3$<%/*"$,"$"(*#,"$
<"/$S&'7#)':;"$5"+#"2=7#+'A$]O$"1$"3*/"1$,"#1$<"/43#)E"1$,'$*/>8
',%$.'&"1'|$H3/tE%#&$%$V'/L$.#+'&$2")7%F$%&<'*',"1$+"&$II$
0"*"1$ +','aA$ O1*/')E"$ /%+")E%+#&%)*"F$ G$ </%+#1"$ ',&#*#/A$ R"#1$

!"#$%&'()*"+,%-&%,.),#,/)"&'01#)."2&,&#$/"+,&+$&3()/45&!)##%&6!!"#$%&'()*+,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6!-",.-/'.0123

2d

V#221$43'1%$);"$G$&'#1$2%&(/',"$%$);"$1%/;"$<"3+"1$"1$%1*3,')*%1$
43%$ &'2$ 1'(%&$ ,'$ 13'$ %L#1*-)+#'A$ R'/%+%$ 43%$ 13'$ </%1%):'F$ %&$ %18
<%+#'2$)"$+")*%L*"$)"/*%8'&%/#+')"F$'#),'$1%$,@$,%$&","$,#.31"$%&$
*",'$3&'$7%/':;"$."/&','$)"$%&('*%$43%$%2%$131*%)*"3$%&$,3'1$./%)8
*%1F$'$,"$z%&<#/#1&"$'(1*/'*"{$%$'$,'$z7/'),%$*%"/#'{A
V#)E'$'/73&%)*':;"$1%/@$(#./")*%A$R%2"$2',"$23&#)"1"$131*%)*'/%#$
43%$"$</"7/'&'$,%$*/'('2E"$</"<"1*"$<"/$V#221$&%/%+%F$'43#$%$'7"/'F$
&3#*"$&'#1$'*%):;"$,"$43%$2E%$*%&$1#,"$,','A$i')*"$G$'11#&$43%$&%$
'*/%0"$'$'.#/&'/$43%$'$0"*':;"$,','$D$"#$%#&#'%$(&!)*('%+(,%#+$]%F$<"/$
%L*%)1;"F$ '"$ +")93)*"$ ,'$ "(/'$ ,%$ V#221a$ %L</#&%$ '$ <%/+%<:;"F$ '#)8
,'$43%$,#.31'F$,%$43%$%11%$2#0/"$GF$1#&F$3&$+2@11#+"F$&%1&"$43'),"$
,%$</"<"/:?%1$&'#1$z'/*%1')'#1{$e$&'1$);"$."/'&$z'/*%1;"1{$*","1$"1$
7/'),%1$+2@11#+"1|$R%2"$2',"$1"&(/#"F$',&#*#/%#$43%$%2%$);"$2"7/"3$2%8
0'/$'*G$"$.#&$'$13'$</"<"1*'F$)%&$<",%/#'$.'C-82"F$,','$'$13'$)'*3/%C'$
%$'1$+"),#:?%1$)'1$43'#1$%2'$1%$'</%1%)*'0'A$S11"$&%$2%0'/@$'$'.#/&'/$
43%$"1$'0'):"1$43%$"3*/"1$*%)*'/'&$"(*%/$'<=1$%2%F$<"/$'2*'&%)*%$&%8
/#*=/#"1$43%$1%9'&F$);"$+'<*3/'&$"$<"*%)+#'2$,'$13'$<"1#:;"$(@1#+'r$
'43%2'$1%73),"$'$43'2$+'(%$D$#&'7#)':;"$1"+#"2=7#+'$+'<*'/$zE#1*=/#'$
%$(#"7/'.#'$%$'1$/%2':?%1$%)*/%$'&('1$)"$#)*%/#"/$,'$1"+#%,',%{d$"3F$
%&$ %)3)+#',"$ '2*%/)'*#0"F$ +'<*'/$ z"1$ </"(2%&'1$ ,'$ 13'$ #)*%/1%+:;"$
)"$#)*%/#"/$,'$%1*/3*3/'$1"+#'2{A$!"/&32':;"$<",%/"1'F$*'20%C$'$&'#1$
."/*%$,'$5"+#"2"7#'$)'$13'$G<"+'A$Q#)73G&$')*%1$1%$'*/%0%/'$'$<"/$)'$
&%1'$</"<"1*'$,%11'$"/,%&$,%1,%$'$*/')1#:;"$,"$1G+32"$ySy$<'/'$"$
yyF$&'#1$</%+#1'&%)*%F$,%1,%$H#2*E%jF$%2%$</=</#"$'/43#',0%/1@/#"$,'$
5"+#"2"7#'$)"$%1*#2"$,3/tE%#&#')"F$43%F$)"$%)*')*"F$*%/#'$'</%+#',"$'$
<"1#:;"$,%$V#221$%F$'"$1%3$&","F$5#&&%2A$R/"<?%81%$)%2'$43%$E#1*=/#'$
%$(#"7/'.#'$1;"$#)1%<'/@0%#1F$)3&$1%)*#,"$&3#*"$."/*%A$Q;"$1%$*/'*'$1"8
&%)*%$,%$'<")*'/$/%2':?%1$%)*/%$%2'1F$&'1$+E%7'81%$'$#,%)*#.#+'/$3&'$
/%2':;"$%1<%+>.#+'F$43%$G$13'$#)*%/1%+:;"$)3&$+'&<"$*'&(G&$%1<%+>8
.#+"F$'$%1*/3*3/'$1"+#'2A$W"&$#11"F$0'#81%$'2G&$,%$&%/'1$/%.%/-)+#'1$'"1$
</"+%11"1$,%$1"+#'2#C':;"$"3$'"1$'7%)*%1$)"$#)*%/#"/$,'$1"+#%,',%A$Q'$
/%'2#,',%F$'(/%81%$"$+'&#)E"$<'/'$32*/'<'11'/$"$</"(2%&'$,"$+")*/'1*%$
%)*/%$%1*/3*3/'$%$'7-)+#'F$'"$1%$/%1%/0'/$D$%1*/3*3/'$1"+#'2$'$+"),#:;"$
,%$+%)@/#"$)"$43'2$1%$</"9%*'&$'1$/%2':?%1$%)*/%$E#1*=/#'$%$(#"7/'.#'A

!"#$%&'()*"+,%-&%,.),#,/)"&'01#)."2&,&#$/"+,&+$&3()/45&!)##%&6!!"#$%&'()*+,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

2S

O11'$P2*#&'$'.#/&':;"$+%/*'&%)*%$G$'//#1+','A$R'/'$+").#/&@82'$,%$
&","$+'('2$1%/#'&$)%+%11@/#"1$'$V#221$+")+%#*"1$&'#1$<",%/"1"1$,%$
E#1*=/#'$%$(#"7/'.#'$,"$43%$"1$,#1<")>0%#1$)'$(#(2#"7/'.#'$+"//%)*%$%$
/%+3/1"1$')'2>*#+"1$);"$&%)"1$<",%/"1"1$<'/'$%1*'(%2%+%/$'1$/%2':?%1$
<"1*32','1$<%2'$*%"/#'A$O$);"$1%$<",%/#'$%L#7#/$,%$3&$'3*"/$43%F$</'8
*#+'&%)*%$#1"2',"F$);"$1"&%)*%$</"<31%11%$+"&$."/:'$+"&"$*'&(G&$
+"&<2%*'11%$*'/%.'$,%$*'2$&'7)#*3,%A$V%#"$1G+32"$,%<"#1$'#),'$<"3+"$
'0'):'&"1F$ <"/$ 43'243%/$ T)732"F$ )'43#2"$ 43%$ '43%2'$ </"<"1*'$ %)8
+%//'F$43%$G$3&'$*%"/#'$,'$%L<%/#-)+#'$1"+#'2$'931*','$'"$1%3$*%&<"A$
W"&"$ %1<%/'/$ #11"$ ,%$ 3&$ '/*%1;"$ %&$ <2%)'$ G<"+'$ ,'$ </",3:;"$ %&$
&'11'|$B/*%1')'*"F$'.#)'2F$%/'$'$('),%#/'$(/'),#,'$<"/$V#221$%&$,%8
.%1'$ ,%$ 3&'$ +#-)+#'$ 1"+#'2$ +'<'C$ ,%$ %)./%)*'/$ '43#2"$ 43%$ 3&$ '3*"/$
43%$%2%$+")E%+#'$&3#*"$(%&$,%1#7)'0'$+"&"$z"$1%&(2')*%$1%0%/"$,'$
G<"+'{$ 1%&$ +'#/$ )'1$ <%/0%/1?%1$ (3/"+/@*#+'1F$ *%+)"+/@*#+'1$ %$ *%"/"8
+/@*#+'1$]1%$&%$<%/&#*%&$"$,%1%2%7')*%$)%"2"7#1&"a$D1$43'#1$".%/%+#'$
+"&('*%A$ B/*%1')'*"F$ +")*3,"F$ );"$ G$ */'('2E"$ 1"2#*@/#"A$ 53'$ &'/+'$
);"$G$"$#1"2'&%)*"$%$1#&$'$#),#0#,3'2#,',%$."/&','$)"$%L%/+>+#"$+3#8
,',"1"$,'$+/#'*#0#,',%A$W3#,',"1"F$)%1*%$+")*%L*"F$/%.%/%81%$);"$'<%8
)'1$'"$%1&%/"$)'$%L%+3:;"$,'$"(/'F$)'$$-(.,*(+/0%1$*')*"$</%C','$
<"/$V#221F$&'1$*'&(G&$'"$,%10%2"$)'$'*%):;"$'"$"(9%*"F$43%$);"$<",%$
1%/$ )%72#7%)+#',"$ %&$ )"&%$ ,%$ '273&'$ ."/&'$ ,%$ )'/+#1#1&"$ '+',-8
&#+"A$B$%L</%11;"$$-(.,*(+/0%1F$'2#@1F$*%&$2")7'$E#1*=/#'$)'$2>)73'$
#)72%1'A$V'#1$,"$43%$3&'$."/&'$,%$"/7')#C':;"$,"$*/'('2E"F$%2'$,%8
1#7)'$'$%L+%2-)+#'$,"$</",3*"$%$'$43'2#,',%$,"$%1."/:"$e$)"$+'1"F$'$
#&'7#)':;"$1"+#"2=7#+'$e$)%2%$#)+"/<"/',"A$o$&3#*"$+'/'+*%/>1*#+"$,%$
V#221$43%$"$'/*%1')'*"$1%9'$+")*/'<"1*"$D$<%143#1'$43%$Y'C'/1.%2,$e$
1%3$+"2%7'$%&$W"23&(#'$%$/%1<%#*@0%2$',0%/1@/#"$e$%&$"3*/"$+")*%L*"$
,%)"&#)'/#'$ z',&#)#1*/'*#0'{F$ +")*/'<"),"8'$ D$ z+/>*#+'{F$ 43%$ V#221$
</%.%/#/#'A$S&<"/*'F$1"(/%*3,"F$43%$%11%$+")*/'1*%$1%$.'C#'$%&$*%/&"1$
,'$43'2#,',%$%F$%&$%1<%+#'2F$,'$/%2%0T)+#'$,'$/%.2%L;"$)"$*"+')*%$D1$
7/'),%1$43%1*?%1$,'$1"+#%,',%F$.#+'),"$"1$/%<'/"1$D$"/7')#C':;"$%$'"1$
/%132*',"1$,'$1"+#"2"7#'$+"//%)*%$13("/,#)',"1$'$%11%$*%&'$+%)*/'2A$
B$'11"+#':;"$,'$#&'7#)':;"$1"+#"2=7#+'$'"$'/*%1')'*"$#)*%2%+*3'2$
'11#&$+")+%(#,"$<%/&#*%$'$V#221$%&</%1*'/$D$#&'7#)':;"$3&'$<"*-)8

!"#$%&'()*"+,%-&%,.),#,/)"&'01#)."2&,&#$/"+,&+$&3()/45&!)##%&6!!"#$%&'()*+,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6!-",.-/'.0123

2g

+#'$43%F$1%$);"$G$'$,'$&%/'$/#7#,%C$,"$&G*","F$*'&<"3+"$G$2#0/%$9"7"$
,'$.')*'1#'A$o$z.')*'1#'$%L'*'{F$)'$%L</%11;"$,%$g'2G/j$,%<"#1$%&</%18
*','$<"/$B,"/)"$%F$%)*/%$)=1F$<"/$W%21"$!3/*',"A$o$."/&'$'</%),#,'$,%$
1%)1#(#2#,',%r$ .2%L#(#2#,',%F$ &"(#2#,',%F$ /%+%<*#0#,',%$ +"&$ *#&(/%$
/'+#")'2A$ 5%3$ %L%/+>+#"$ %L#7%$ 3&'$ ,#1+#<2#)'$ <%+32#'/r$ %)+E'/+'/81%$
)"$*%&'F$+32*#0'/$'$#&%/1;"$'*%)*'F$1%&F$+")*3,"F$<%/,%/$'$+'<'+#,'8
,%$,"$')'2#1*'F$43%$G$'$,%$&')*%/$'43%2%$,#1*')+#'&%)*"$43%$<%/&#*'$
%)*%),%/$'$"(9%*#0#,',%$</%+#1'&%)*%$+"&"$/%1<%#*"$'"$"(9%*"A$M"1%$
X"2,1%)F$+"2'("/',"/'$,%$V#221$%&$<%143#1'$%&$('#//"$,%$#&#7/':;"$
<"/*"8/#43%)E'F$/%2'*'$+"&"$%2%$<%/+"//#'1$'1$/3'1F$);"$<'/'$.'C%/$%)8
*/%0#1*'1$"3$'27"$,"$7-)%/"F$&'1$<'/'$'11#&#2'/$<"/$*","1$"1$<"/"1$"$
'&(#%)*%$)"$43'2$1%$&"0#'&$'1$<%11"'1$D1$43'#1$1%$,#/#7#'$'$<%143#1'A$
R/"+%,#&%)*"1$+"&"$%11%$2E%$<%/&#*#'&$+'<*'/$1#)'#1$,%$&3,'):'1$
%$ +/#1%1$ )'43#2"$ 43%$ %/'$ 1%3$ ."+"$ ,%$ '*%):;"F$ %0%)*3'2&%)*%$ /%'2#8
C'),"$"$43%$,%)"&#)'0'$z&3,'):'$,%$<%/1<%+*#0'{A$O11%$P2*#&"$*%/8
&"$ %0"+'/@$ )"1$ 2%#*"/%1$ (/'1#2%#/"1$ ,%$ !2"/%1*')$ !%/)'),%1$ /%+3/1"$
43%$%1*%$31'0'$%&$&"&%)*"1$+/3+#'#1$,%$*/'('2E"1$1%31F$%&$%1<%+#'2$
)%11%$&",%2"$,%$#&'7#)':;"$1"+#"2=7#+'$43%$G$2!%+,3'-(45#!6#!+3'-#!
+(! /#$%36(63! 63! $&(//3r$ '$ z/"*':;"$ ,%$ <%/1<%+*#0'{A$ Q;"$ 1%$ */'*'$ ,%$
</"+%,#&%)*"1$#,-)*#+"1$%$+"&"$+")+%<:;"$1;"$#),%<%),%)*%1F$&'1$
'$'.#)#,',%$G$+2'/'F$)"$&>)#&"$)'$'(%/*3/'$%$&"(#2#,',%$#)*%2%+*3'2A$$
B$ </"<=1#*"F$ '$ /%.%/-)+#'$ '$ !2"/%1*')$ <%/&#*%$ %0"+'/$ &'#1$ 3&$ +'1"$
,%$,%1%)0"20#&%)*"$<'/'2%2"$,%$+")+%<:?%1$%$%1*#2"1$,%$*/'('2E"F$+"&$
<',/;"$')@2"7"r$'11#&#2':;"$+/>*#+'$,%$7/'),%$+2@11#+"$)'$@/%'$])"$+'1"F$
&'#1$V'/L$,"$43%$h%(%/a$%$#&</%7)':;"$<"/$</"(2%&'1$,'$1"+#%,',%$
2"+'2A$i/'*'81%$,%$U+*'0#"$S'))#F$43%$)"$1%3$&","$,%$*/'('2E'/$<'/%+%/#'$
%1*'/$31'),"$2#*%/'2&%)*%$'$</"<"1*'$,%$'/*%1')'*"$#)*%2%+*3'2$,%$V#221F$
%&("/'$"$.#C%11%$#)*%#/'&%)*%$<"/$13'$+")*'A$B&("1F$'2#@1F$!2"/%1*')$
%$S'))#F$93)*"$+"&$"3*/"1$#)*%2%+*3'#1$2'*#)"8'&%/#+')"1$,%$%143%/,'F$
);"$<"3<'/'&$V#221$,%$+/>*#+'1$<"/$"+'1#;"$,"$#&<"/*')*%$1%&#)@/#"$
"/7')#C',"$<"/$Y3#C$W"1*'$R#)*"F$)"$M#"$,%$s')%#/"F$%&$^_c_F$1"(/%$"$
7/'),%$*%&'$,"$&"&%)*"F$z/%1#1*-)+#'1$D$&3,'):'{A$$$$
k3'2$GF$'.#)'2F$"$,G.#+#*$&'#1$1'2#%)*%$,'$1"+#"2"7#'$+")0%)+#")'2|$
o$'$#)+'<'+#,',%$,%$#,%)*#.#+'/$%$."/&32'/$,"$&%2E"/$&","$"1$1-#7

!"#$%&'()*"+,%-&%,.),#,/)"&'01#)."2&,&#$/"+,&+$&3()/45&!)##%&6!!"#$%&'()*+,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

2]

8&3*(/$/%2%0')*%1$)3&'$"/,%&$1"+#'2A$R"#1$G$,#11"$43%$1%$*/'*'A$U1$
*/')1*"/)"1$</#0',"1$%$'1$43%1*?%1$<P(2#+'1$);"$%1*;"$'>$,',"1$+"&"$
%0#,-)+#'1r$G$'$#&'7#)':;"$(%&$+"),3C#,'$43%$<%/&#*%$,%*%+*@82"1$%$
+")0%/*%/$"1$2':"1$%)*/%$'&("1$%&$</"(2%&'A$k3'),"$1%$.'2'$%&$."/8
&32'/$z,"$&%2E"/$&","{F$"$43%$%1*@$%&$9"7"$G$%11%$'1<%+*"$,%+#1#0"$
,'$'*#*3,%$,%$V#221r$"$/%1<%#*"$<%2"1$%)0"20#,"1$)"$</"(2%&'$,%*%+8
*',"A$ Q;"$ <"/$ '+'1"F$ %)*;"F$ 43'),"$ %2%$ 1%$ 93)*'$ '$ Z')1$ X%/*E$ <'/'$
.'C%/$3&'$z<1#+"2"7#'$,'1$#)1*#*3#:?%1$1"+#'#1{$%$43'),"$9@$E'0#'$#,"$
'$V%',$<'/'$(31+'/$#)*3#:?%1$(@1#+'1$<'/'$13'$"(/'F$"$43%$0%&$D$*")'$
G$'$#,%#'$,%$z+'/@*%/{$&'#1$,"$43%$,%$z<%/1")'2#,',%{A$W'/@*%/F$)'$13'$
/'#C$7/%7'F$/%&%*%$'"$43%$G$</=</#"$,"1$E"&%)1$)'1$13'1$'11"+#':?%1F$
"$1%3$3,0#/A$R"/$%11%$T)732"F$'$1"+#"2"7#'$</"<"1*'$<"/$V#221$*%&$.3)8
,'$#&</%7)':;"$G*#+'d$&'#1$.3),'$,"$43%$'43%2'$43%$1%$%)+")*/'$)'1$
"(1%11?%1$)"/&'*#0'1$,%$R'/1")1A$k3%$"$13(*>*32"$,"$2#0/"$9(-:,3-!3!
3/,-;,;-(!/#$%(&$*'&(G&$);"$1%9'$*"&',"$,%&'1#',"$'"$<G$,'$2%*/'r$
);"$G$,%$z<1#+"2"7#'$1"+#'2{$43%$1%$*/'*'F$&'1$%L'*'&%)*%$,%$z+'/@*%/{F$
,"$*#&(/%$1"+#'2$43%$/%11"'$%&$+','$#),#0>,3"A$B11#&$+"&"F$,%$/%18
*"F$1%/#'$</%+#<#*',"$#)*%/</%*'/$+"&"$&%/'$'(%//':;"$z<1#+"2"7#1*'{$
"$*>*32"$,',"$<"/$'&("1$D$#)*/",3:;"$'$*%L*"$+2@11#+"$,%$V'L$h%(%/F$
43%$.#+"3$zR1#+"2"7#'$1"+#'2$,'1$/%2#7#?%1$&3),#'#1{$])"$237'/$,'$/%.%8
/-)+#'$"/#7#)'2$D$zG*#+'$%+")N&#+'{aA$W/%#"$1%/$<"11>0%2$131*%)*'/$43%F$
)'$+'(%:'$,%2%1F$%&$%1<%+#'2$)'$,%$V#221F$'$*/')1#:;"$,'43#2"$43%$,%8
)"&#)'&$<1#+"2"7#'$1"+#'2$D43#2"$43%$h%(%/$,%)"&#)'0'$G*#+'$]3&'$
"/#%)*':;"$<%/1#1*%)*%$,%$+"),3*'$+"&<'/*#2E','$<"/$&3#*"1a$1%$.'C#'$
1%&$</"(2%&'A$$$$$$$
5'(%&"1$ )"$ 43%$ #11"$ 0'#$ ,%1%&("+'/F$ %&$ *%/&"1$ </"7/'&@*#+"1A$
i'20%C$'$,#1*#):;"$&'#1$./3*>.%/'$+"&$43%$"<%/'$'$#&'7#)':;"$1"+#"8
2=7#+'F$%1+/%0%$V#22F$1%9'$%)*/%$z*/')1*"/)"1$<%11"'#1{$%$z43%1*?%1$<P8
(2#+'1{A$U1$*/')1*"/)"1$%&$43%1*;"$1;"$<%11"'#1$)3&$1%)*#,"$&3#*"$
</%+#1"A$H#C%&$/%1<%#*"$D$<%11"'F$);"$+"&"$#),#0>,3"$#1"2',"$%$1#&$
+"&"$+'/@*%/F$0'2%$,#C%/F$'"$#),#0>,3"$1"+#'2&%)*%$."/&',"A$5;"$</#8
0',"1$'"$1%$/%1*/#)7#/%&$'"$T&(#*"$,'1$13'1$/%2':?%1$+"&$"$&%#"$&'#1$
</=L#&"$ )"$ #)*%/#"/$ ,"$ 43'2$ 1%$ &"0%&A$ s@$ '1$ 43%1*?%1$ *-&$ >),"2%$
<P(2#+'F$)"$1%)*#,"$,%$*%&'1$+")*/"0%/1"1F$<"*%)+#'2&%)*%$+").2#*38

!"#$%&'()*"+,%-&%,.),#,/)"&'01#)."2&,&#$/"+,&+$&3()/45&!)##%&6!!"#$%&'()*+,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6!-",.-/'.0123

2`

"1"1$]43%$V#221$'11"+#'$'$'&%':'1$'$0'2"/%1$+32*#0',"1aA$M%&%*%&$'"$
T&(#*"$ &'#"/$ ,'1$ #)1*#*3#:?%1F$ 43%$ 32*/'<'11'&$ "1$ 2#&#*%1$ </#0',"1$
</%+#1'&%)*%$'"$<%/&#*#/%&F$)'$13'$+"),#:;"$,%$"/7')#C':;"$,%$<'8
<G#1F$'$<'11'7%&$,"$</#0',"$'"$<P(2#+"A$i%&"1F$'11#&F$,"#1$<'/%1$,%$
,#1*#):?%1A$R"/$3&$2',"F$E#1*=/#'$%$(#"7/'.#'d$<%2"$"3*/"F$*/')1*"/)"1$
%$ 43%1*?%1A$ k3'2$ G$ '$ /%2':;"$ %)*/%$ %2%1F$ %$ )"$ #)*%/#"/$ ,%$ +','$ 43'2|$
Z#1*=/#'$%$(#"7/'.#'$1;"$+'*%7"/#'1$,%$7/'),%$'&<2#*3,%$%$%)*/%$%2'1$
E@$3&'$E%*%/"7%)%#,',%$,%$%1+'2'$43%$);"$',&#*%$/%2':;"$,#/%*'$e$'*G$
<"/43%$V#221$);"$</"<?%$)','$,"$*#<"$,%$/%2':;"$+'31'2F$&%)"1$'#)8
,'$,%$E"&"2"7#'$%1*/3*3/'2A$V'1$E@F$1#&F$3&'$/%2':;"$."/*%F$43%$);"$
1"&%)*%$#)+#,%$1"(/%$'1<%+*"$.3),'&%)*'2$,"$<%)1'&%)*"$,%$V#221F$
+"&"$*'&(G&$1"(/%$"$&","$+"&"$%2%$1"3(%$'(1"/0%/$+")*/#(3#:?%1$
,"1$ 7/'),%1$ &%1*/%1$ ,'1$ +#-)+#'1$ 1"+#'#1$ ]"3$ ,"1$ %1*3,"1$ 1"+#'#1F$
+"&"$ %2%$ '+%#*'/#'$ ,%$ ("&$ 7/',"aA$ zB1$ <%/73)*'1$ &'#1$ #&<"/*')*%1$
'$.'C%/F$%&$43'243%/$%1.%/'$,'$1"+#%,',%F$1;"r$43%$*#<"1$,%$E"&%)1$%$
&32E%/%1$*%),%$'$+/#'/F$43%$%1*#2"1$,%$0#,'$<%11"'#1$#)+32+'$%$/%."/:'{F$
%1+/%0#'$%2%F$%&$^_cKF$(%&$')*%1$,'1$13'1$"(/'1$</#)+#<'#1A$S&<"11>8
0%2$);"$<%/+%(%/$)%11'$<'11'7%&$'$&'/+'$,%$'3*"/$43%$%&$&"&%)*"1$
+/3+#'#1$%1*@$</%1%)*%$)"$&","$,%$<%)1'/$,%$V#221F$1%9'$<"/$#)1<#/':;"$
,#/%*'$"3$<"/$z'.#)#,',%$%2%*#0'{A$V'L$h%(%/F$)"$%1+/#*"$1"(/%$'$#1%):;"$
0'2"/'*#0'$)'1$+#-)+#'1$1"+#'#1r$zQ'$'0'2#':;"$,%$*",'$%$43'243%/$"/,%8
)':;"$,'1$/%2':?%1$1"+#'#1F$1%9'$43'2$."/$1%3$."/&'*"F$+3&</%$*'&(G&$
#)43#/#82'$1"(/%$"$,%1#!0;*(+#$'"$43'2$%2'F$)"$</"+%11"$,%$1%2%:;"$,%$
&"*#0"1$%L*%/)"1$"3$#)*%/)"1F$".%/%+%$"<"/*3)#,',%1$=*#&'1$<'/'$"+38
<'/$<"1#:;"$,"&#)')*%{A$O11'$<",%/"1'$<'11'7%&$,%$h%(%/$e$)"$&%3$
%)*%),%/$'$&'#1$#&<"/*')*%$)'$13'$*%"/#'$]<'/'$'2G&$,'$&%*","2"7#'$%$
43'),"$'11"+#','$D$#,%#'$,%$+"),3:;"$,'$0#,'a$e$%1*@$</%1%)*%F$+"&"$
/%.%/-)+#'$#&<2>+#*'F$%&$&"&%)*"1$+/3+#'#1$)'$"(/'$,%$V#221A$H%$+%/*'$
."/&'F$ '*/'0%11'$ *",'$ 13'$ /%+")1*/3:;"$ ,"$ 3)#0%/1"$ ,'$ +2'11%$ &G,#'$
)"/*%8'&%/#+')'$%&$<0%,3!9#&&(-$%$);"$<",%/#'$%1*'/$'31%)*%F$)'$<"1#8
:;"$+%)*/'2$43%$/%1%/0'$D$1%2%:;"$,"1$,"&#)')*%1F$%&$=03!>#?3-!@&%,3!
A$%11%$&')#.%1*"$,'$<'/',"L'2$&%1+2'$,%$V#221F$43%F$D$.'2*'$,%$&%2E"/$
*%/&"F$ <",%/#'$ 1%/$ ,%)"&#)','$ z%2#*#1&"$ ,%&"+/@*#+"{A$ R"#1$ V#221$
+")1%73#3$#11"r$.3),#/$%2#*#1&"$*%=/#+"$%$<'#L;"$,%&"+/@*#+'$</@*#+'A$

!"#$%&'()*"+,%-&%,.),#,/)"&'01#)."2&,&#$/"+,&+$&3()/45&!)##%&6!!"#$%&'()*+,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

2a

R'/',"L'2F$1#&F$&'1$+'/'+*%/>1*#+"$,%$3&$&","$,%$<%)1'/$%$,%$1%/$
&3#*"$<%+32#'/F$43%$*/')1<'/%+%$'"$2")7"$,%$*",'$'$13'$"(/'F$&'/+'8
,'$<"/$%11'$.#73/'$/%*=/#+'$43%$"$+/>*#+"$2#*%/@/#"$1%3$+")*%&<"/T)%"F$
v%))%*E$ 63/t%F$ ,%1#7)'0'$ +"&"$ z<%/1<%+*#0'$ <"/$ #)+")7/3-)+#'{A$
]V%/%+%$'*%):;"F$'2#@1F$'$'.#)#,',%F$&'#1$<"/$+")*'$,%$3)#0%/1"$#)*%8
2%+*3'2$+"&<'/*#2E',"$,"$43%$<"/$43'243%/$'</"L#&':;"$%.%*#0'F$%)8
*/%$V#221$%$63/t%aA$O11'$&%1&'$z<%/1<%+*#0'$<"/$#)+")7/3-)+#'{F$43%$
93)*'$ </"0%#*"1'&%)*%$ *%&'1$ "<"1*"1F$ 1%$ %)+")*/'F$ '2#@1F$ %&$ "3*/"$
*(B3-%$C$,'$0#,'$#)*%2%+*3'2$)"/*%8'&%/#+')'$,"$<%/>","$,%$."/&':;"$
,%$V#221F$iE"/1*%#)$g%(2%)A$o$'$%2%$43%$1%$,%0%$'$%L</%11;"$z#)+'<'+#8
,',%$*/%#)','{F$."/9','$+"&"$43%$<"/$%)+"&%),'$<'/'$+'/'+*%/#C'/$'$
1"+#"2"7#'$+")0%)+#")'2$/%9%#*','$<"/$V#22A$
o$)"$&%1&"$%1*#2"$,%$<%)1'&%)*"$43%$v%))%*E$63/t%$."/9"3$"$+")8
+%#*"$ ,%$ z0"+'(32@/#"$ ,%$ &"*#0"1{$ <'/'$ ,%1#7)'/$ "$ E"/#C")*%F$ )3&$
+")*%L*"$,',"F$,'$+'<'+#,',%$#),#0#,3'2$<'/'$,'/$%L</%11;"$2#)73>18
*#+'$]%F$<"/$%11'$0#'F$1#7)#.#+',"a$'"$&3),"$43%$<%/+%(%$%$D$13'$':;"$
)%2%A$ O11%$ +")+%#*"$ %1*@$ </%1%)*%$ %&$ V#221$ )3&'$ 0'/#':;"$ ,"$ *%&'$
,%$h%(%/$43%$0#&"1$')*%1$e$'27"$43%$<",%$137%/#/F$,%$/%1*"F$43')*"$
"$<%)1'&%)*"$,%$V#221$G$3&'$1>)*%1%$E%*%/=+2#*'$,'$*%"/#'$%3/"<%#'F$
%1<%+#'2&%)*%$h%(%/$%$"$%2#*#1&"F$%$,"$</'7&'*#1&"$)"/*%8'&%/#+')"$
)'$*/',#:;"$,%$V%',$%$H%n%jA$S11"$"+"//%$)'$)*('%+(45#!/#$%#&D'%$(F$
43'),"$%2%$%1+/%0%$43%$z'1$&"*#0':?%1$,"1$E"&%)1F$%$&%1&"$'1$</"8
<"/:?%1$ )'1$ 43'#1$ "1$ ,#.%/%)*%1$ *#<"1$ ,%$ E"&%)1$ %1*;"$ *#<#+'&%)*%$
+")1+#%)*%1$,%2'1F$,%0%&$1%/$+"&</%%),#,'1$%&$*%/&"1$,"1$0"+'(38
2@/#"1$,%$&"*#0"1$43%$</%,"&#)'&$)3&'$1"+#%,',%$%$,%$&",#.#+':?%1$
1"+#'#1$%$+").31?%1$%)*/%$%11%1$0"+'(32@/#"1{A$
B$/%2%0T)+#'$,%11'$#,%#'$<'/'$%)*%),%/$"$<%)1'&%)*"$,%$V#221$.#+'$
<'*%)*%$'"$2")7"$,%$13'$"(/'$1"(/%$'$+2'11%$&G,#'$)"/*%8'&%/#+')'F$
*'20%C$"$1%3$*%L*"$&'#1$/%.#)',"$"3F$<%2"$&%)"1F$&'#1$</=L#&"$D$13'$
</"<"1*'$*%=/#+'A$O2'$'93,'$'$%)*%),%/$"$&","$+"&"$%2%$1%$</%"+3<'$
+"&$'$032)%/'(#2#,',%$,"1$#)*%7/')*%1$,%11%$%1*/'*"$1"+#'2$D$z'2#%)'8
:;"{A$5"(/%*3,"F$'<2#+'81%$D1$&'#1$)"*@0%#1$+")+231?%1$43%$V#221$*#/'$
,'1$13'1$')@2#1%1$)%11'$@/%'F$%&$%1<%+#'2$'43%2'$/%2'*#0'$D$</"<%)1;"$
D$ %+6%.3-3+4($ +"&"$ 3&$ ,"1$ .%)N&%)"1$ 1"+#'#1$ &'#1$ </%"+3<')*%1A$

!"#$%&'()*"+,%-&%,.),#,/)"&'01#)."2&,&#$/"+,&+$&3()/45&!)##%&6!!"#$%&'()*+,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6!-",.-/'.0123

01

Q%11%$<")*"$+'(%$"30#/$3&$,"1$1%31$&%2E"/%1$+"&%)*',"/%1F$!/%,$ZA$
623&$])'$#),#1<%)1@0%2$"(/'$+"2%*#0'$%&$E"&%)'7%&$'$h/#7E*$V#221$
%,#*','$ <"/$ S/0#)7$ YA$ Z"/"n#*CF$ =03! E3?! "#$%#&#'Far$ zO2%$ 0#3$ +2'/'8
&%)*%$43%$'$'2#%)':;"F$%$'$'(,#+':;"$,'$/'C;"$)%2'$#&<2>+#*'F$<",%8
/#'$1%/$*;"$1%0%/'$'"$<")*"$,%$&')#.%1*'/81%$)'$."/&'$,%$#)1')#,',%A$
}O)+")*/'&"18)"1$%&$3&$&"&%)*"$+3/#"1"$)'$E#1*=/#'$,'$#)1')#,',%$
E3&')'~F$ %1+/%0%3$ %2%$ )'43%2%$ 2#0/"$ #&</%11#")')*%$ )"$ 43'2$ */'*'$
,'1$z+'31'1$,'$*%/+%#/'$73%//'$&3),#'2{A$}O&$)"&%$,"$/%'2#1&"$"1$
E"&%)1$ %1*;"$ #)*%#/'&%)*%$ 2"3+"1F$ %$ </%+#1'&%)*%$ '43#2"$ 43%$ +E'8
&'&$ ,%$ 3*=<#+"$ G$ '7"/'$ '$ +"),#:;"$ ,'$ 1"(/%0#0-)+#'$ E3&')'~A$ O2%$
')'2#1"3$+"//%*'&%)*%$'1<%+*"1$,%+#1#0"1$,'$#)1%)1#(#2#,',%$,"$)"11"$
*%&<"$%&$*%/&"1$,%$3&'$+")1+#-)+#'$%143#C"./-)#+'A$O2%$1"3(%$,#18
+%/)#/$3&'$}'*&"1.%/'$<'/')"#,%$,%$&%,"~$)"$#&<321"$+'<#*'2#1*'$'$#/$
'"$<%/#7"$%L*/%&"F$%$'$'(,#+':;"$'$43'243%/$<'<%2$<"11>0%2$,'$/'C;"$
%$&%1&"$,'$1')#,',%$)"1$)%7=+#"1$E3&')"1$%/'$3&$.'*"$+%)*/'2$,"$
43'2$*#)E'$+")1+#-)+#'{A$
O11'$<"1#:;"$,%$V#221$<%/&#*#382E%$+E%7'/$'"$2#&#*%$,'$')@2#1%$1"8
+#"<1#+"2=7#+'$,%$"/#%)*':;"$</'7&'*#1*'$)'$13'$G<"+'A$H%$<'11'7%&F$
<%/&#*#382E%$+3)E'/$./'1%1$43%$B,"/)"$<",%/#'$*%/$'+"2E#,"$%&$G%7
+%*(!G#-(&%(H!W"&"$43'),"F$'"$')'2#1'/$"1$*#<"1$<"2'/%1$,%$/%2':;"$
+"&$"$,#)E%#/"$%&$<'11'7%&$,%$=03!>#?3-!@&%,3F$+")+23#$"$,#'7)=18
*#+"$ ,"$ <%/,32@/#"F$ %&$ +")*/'1*%$ +"&$ "$ '0'/"F$ %1+/%0%),"$ 43%$ z%2%$
+")1"&%$+")1<#+3'&%)*%$<'/'$&"1*/'/$43%$%1*@$'+#&'$,'1$+")1#,%8
/':?%1$<%+3)#@/#'1F$%$)#11"$/%0%2'$43')*"$'1$</%C'{A$O)+")*/'&81%$)'$
(#(2#"7/'.#'$ /%.%/-)+#'1$ '"$ %.%#*"$ %&$ V#22$ ,"$ +")*'*"$ +"&$ "1$ %L#2'8
,"1$,'$i%"/#'$W/>*#+'$,'$5"+#%,',%F$%&$<'/*#+32'/$)'43#2"$43%$*')7%$
D$ ')@2#1%$ ,'$ 1"+#%,',%$ %$ ,'$ +32*3/'$ z,%$ &'11'1{$ ]+")*/'<"1*'1F$ %&$
V#221F$D1$z,%$<P(2#+"{aA$Z@F$<"/G&F$'.#)#,',%$&3#*"$&'#1$.3),'$%)*/%$
"$7#7')*%1+"$*%L')"$%$"$,#&#)3*"$./')t.3/*#')"$B,"/)"A$B&("1F$<"/$
,%*/@1$,"$1%3$'/$1%0%/"F$+"&<'/*#2E'0'&$.3),'$1%)1#(#2#,',%$<'/'$'1$
&'#1$13*#1$0#(/':?%1$)"$&3),"$1"+#'2$%$&'2$+")*#,'$+"&<'#L;"$<%2"1$
%.%#*"1$,'$"/,%&$1"+#'2$1"(/%$"$+3/1"$,'$0#,'F$)'$(#"7/'.#'$,"1$1%31$
#)*%7/')*%1A$U3:'81%$V#221$.'2'),"$,'$+"&3)#+':;"$%&$&'11'r$zU$#)8
,#0>,3"$*"/)'81%$"$%1<%+*',"/$,%$*3,"F$&'1$*%1*%&3)E'$E3&')'$,%$

!"#$%&'()*"+,%-&%,.),#,/)"&'01#)."2&,&#$/"+,&+$&3()/45&!)##%&6!!"#$%&'()*+,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

02

)','{A$U3F$1%$43#1%/&"1$#/$'*G$"$.#&F$zE"9%$'$+"&<'#L;"$1%&$'&'/73/'$
%$*%//"/$G$&%/"$1%)*#&%)*"$,%$&"+#)E'$%$);"$,#7)"$,%$3&$E"&%&$
#)*%#/'&%)*%$',32*"{F$+"&"$%1+/%0%3$)"$2#0/"$1"(/%$'1$+'31'1$,'$*%/8
+%#/'$73%//'$&3),#'2A$$$$!
R%/1<%+*#0'$ <"/$ #)+")7/3-)+#'F$ 1#&F$ &'1$ +"&$ 3&'$ *%)1;"$ %)*/%$
"1$,"#1$*%/&"1$43%$+").%/%$1#)732'/$<3)7-)+#'$D$')@2#1%A$O&$<0%,3!
9#&&(-$V#221$%1+/%0%r$zR"#1$"$</"(2%&'$,'$'<'*#'$<"2>*#+'F$0#1*"$1"+#"8
2"7#+'&%)*%F$G$<'/*%$,"$</"(2%&'$&'#1$'&<2"$,'$'3*"'2#%)':;"$%$+'8
/-)+#'$1"+#'2$,%$1#7)#.#+',"A$O2'$/%<"31'$)3&'$'31-)+#'$,%$2%7#*#&'8
:?%1$.#/&%1$%F$<"/*')*"F$,%$/%+"&<%)1'1$'+%#*'1$%$,3/@0%#1$<"/$<'<G#1$
,%1%&<%)E',"1$ e$ %F$ *",'0#'F$ )"$ %L%/+>+#"$ +")*#)3',"F$ +"&<321#0"$
&%1&"F$,%11%1$<'<G#1{A$$B</"L#&'81%F$)%11%$<'/*#+32'/F$'"$+E'&',"$
7/3<"$,%$R'2"$B2*"F$43%$,%1%)0"20%3F$)'$&%1&'$G<"+'F$+")+%#*"$'11#8
&#2@0%2$<"/$%2%$1%&$/%1%/0'1F$+"&"$1%$<",%$,#1+%/)#/$)'1$')@2#1%1$,'$
+2'11%$&G,#'$%$)"1$1%31$,%1,"(/'&%)*"1r$"$,%$,3<2"$0>)+32"F$6#;8&3!
8%+6A$M%.%/%81%$%2%$'$,#2%&'1$+"&3)#+'*#0"1$%&$43%$'$<%11"'$.#+'$<'8
/'2#1','$,#')*%$,%$%L#7-)+#'1$&3*3'&%)*%$#)+"&<'*>0%#1$D1$43'#1$);"$
+")1%73%$%1+'<'/$'$);"$1%/$<"/$3&'$/"*'$,%$.37'$43%$'&%':'$2%0@82'$
'"$2#&#*%$,'$%143#C"./%)#'A$]zg"+-$G$)%7/"F$+'/'A$g@$2@$%$&"1*/'$43%$G$
(/')+"{aA$B$1"23:;"$<'/'$%11'$'/'<3+'$<1#+"11"+#'2$+")1#1*%$%&$<%/8
+%(%/$43%$"1$,"#1$*%/&"1$,"$%)3)+#',"$%1*;"$%&$)>0%#1$,#.%/%)*%1$,%$
1#7)#.#+',"$%$43%$);"$E@$1"23:;"$2#)%'/$<'/'$'$13'$931*'<"1#:;"$,#/%*'A$
V3#*"$,"$43%$V#221$,%)"&#)'$z'2#%)':;"{$'11%&%2E'81%$'$#11"A$$$$$$$$$$$$$$$$$$$$
$$$$!'2%#$')*%1$,"$z%2#*#1&"$,%&"+/@*#+"{$,%$V#221A$k3')*"$D$43%1*;"$
,'$%2#*%F$V#221$)3)+'$+")*%1*"3$'$*%1%$,'$*%),-)+#'$D$+")+%)*/':;"$,"$
<",%/$ ]%)*%),#,"$ +"&"$ +'<'+#,',%$ ,%$ ,%+#1;"a$ )"$ *"<"F$ 0#)+32','$
D$ &'#"/$ +'<'+#,',%$ ,%$ '+%11"$ '"$ <",%/$ ,'1$ &#)"/#'1$ ,%*%)*"/'1$ ,%$
/%+3/1"1$1"+#'#1F$%+")N&#+"1$%$+32*3/'#1A$Z@$&3#*"$)'$13'$+")1*/3:;"$
,'$')@2#1%$,'$z%2#*%$,"$<",%/{$43%$%0"+'$"$*%&'$</"<"1*"$<"/$V'/L$
)"$%L'&%$,"$z^b$6/3&@/#"$,%$Y3>1$Q'<"2%;"{F$,'$$#,3-%3F$,"$<%43%)"$
7/3<"$+"&<'+*'&%)*%$2#7',"$<"/$/%2':?%1$%$#)*%/%11%1$+"&3)1F$43%$
%)*/%$)=1$."#$'11#&#2',"$)'1$')@2#1%1$<"2>*#+'1$,%$U2#0%#/"1$!%//%#/'A$
S11"$ 131+#*'$ ,%$ #&%,#'*"$ '$ 43%1*;"$ ,"$ <",%/A$ OF$ <"/$ %11%$ </#1&'F$
'$ +"%/-)+#'$ <'/%+%$ <%/.%#*'$ %)*/%$ '$ #)+"/<"/':;"$ ,%$ %2%&%)*"1$ +%)8

!"#$%&'()*"+,%-&%,.),#,/)"&'01#)."2&,&#$/"+,&+$&3()/45&!)##%&6!!"#$%&'()*+,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6!-",.-/'.0123

00

*/'#1$,'$*%"/#'$,'1$%2#*%1$%$"$%)*%),#&%)*"$<"/$V#221$,"$<",%/F$+"&"$
+'<'+#,',%$,%$,%+#1;"$')*%1$,"$43%$,%$,"&#)':;"A$O)*/%*')*"F$#11"$
);"$1%$.'C$1%&$'$#)*/",3:;"$,%$<%/*3/(':?%1$43%$'<")*'&$<'/'$"3*/"$
1%)*#,"A$Q'$<%/1<%+*#0'$,'$1"+#"2"7#'$<"2>*#+'$43%$2E%$G$</=</#'F$V#221$
0#)+32'$"$<",%/$'$z43'#143%/$,%+#1?%1$43%$"1$E"&%)1$*"&'&$'$/%18
<%#*"$,"1$'//')9"1$1"($"1$43'#1$0#0%&$%$,"1$%0%)*"1$43%$+")1*#*3%&$
'$ E#1*=/#'$ ,"1$ 1%31$ *%&<"1{A$ O$ '+/%1+%)*'r$ zQ'$ &%,#,'$ %&$ 43%$ *'#1$
,%+#1?%1$1;"$*"&','1F$"$</"(2%&'$,%$43%&$%1*@$%)0"20#,"$%&$.'C-82'1$
G$"$</"(2%&'$(@1#+"$,"$<",%/A$Q'$&%,#,'$%&$43%$<",%/#'&$*%/$1#,"$
.%#*'1$&'1$);"$"$."/'&F$"$</"(2%&'$+")0%/*%81%$)"$,%$43%&$,%#L'$,%$
.'C-82'1{A$B$43%1*;"$+%)*/'2$)#11"$*3,"$G$"$,'$,%+#1;"$+"&"$)P+2%"$,'$
43%1*;"$,"$<",%/A$H%+#1;"F$&'#1$,"$43%$13</%&'+#'$"3$,"&#)':;"A$
g'2%$,#C%/F$3&$&","$,%$#)*%/0%):;"$'*#0'$&'#1$,"$43%$3&$%1*',"$,%$
+"#1'1A$H"&#)')*%1$1;"$'43%2%1$43%$,%*-&$'$+'<'+#,',%$,%$,%+#1;"A$
O$"$*%/&"$G$2%0',"$'$1G/#"r$')*%1$,'$+'<'+#,',%$,%$%1*'(%2%+%/$+"&"$
0@2#,'$%$0#7%)*%$3&'$"<:;"$)"$#)*%/#"/$,%$3&$+")93)*"$%&$,#1<3*'F$
,%+#,#/$#&<2#+'$+'<'+#,',%$,%$1%<'/'/F$,%$,#1+%/)#/F$,%$1%2%+#")'/A$U$
</"(2%&'$,"$<",%/F$43%$)3&'$%0%)*3'2$1"+#%,',%$,%$<P(2#+"1$%43#8
<"*%)*%1$,#/#'$/%1<%#*"$D$+'<'+#,',%$,#1*/#(3>,'$<"/$*","$"$+")93)*"$
1"+#'2F$ '</%1%)*'81%F$ )3&'$ 1"+#%,',%$ +"&<2%L'$ ,%$ &'11'1F$ +"&"$ "$
,"$<',/;"$,%$1%2%:;"$,"1$1%2%+#")',"/%1F$,'43%2%1$43%$+"&<"/;"$'1$
%2#*%1$1%*"/#'#1$%$"$1%3$+")93)*"A$U),%$43%/$43%$1%$%)+")*/%$+")+%)8
*/':;"$ ,%$ /%),'$ %$ ,%$ <",%/$ <"2>*#+"$ %)+")*/'81%$ '$ +")+%)*/':;"$ ,'$
+'<'+#,',%$,%$1%2%:;"$,%$"<:?%1$%$,%$,%+#1;"$%&$+>/+32"1$+','$0%C$
&%)"/%1$,%$%2#*%1A$$o$)#11"$43%$V#221$',"*'$"$+/#*G/#"$z%2#*#1*'{$,%$')@8
2#1%A$Q;"$<'/'$.'C%/$,%2%$"$1%3F$*",'0#'F$%$1#&$<'/'$&%2E"/$,%1+/%0%/$
3&'$/%'2#,',%$1"+#'2$,','$%$*"/)@82'$'+%11>0%2$'"$%L'&%$/'+#")'2$%$D$
+/>*#+'$<"/$*","1$"1$+")+%/)#,"1A$
O)+")*/'&"1$')*%1$,"#1$<'/%1$,%$*%/&"1$'$1%/%&$/%2'+#")',"1A$O)8
*/%$43%1*?%1$</#0','1$%$<P(2#+'1$E@$3&$#)*%/&%,#@/#"F$'1$#)1*#*3#:?%1A$
O1*'1F$ <"/$ 13'$ 0%CF$ 1;"$ +"&<"1*'1$ <"/$ <'<G#1F$ <"/$ ,%1%&<%)E"1$ ,%$
'7%)*%1$ 1#*3',"1A$ R'<G#1$ "/7')#C'&$ 1"+#'2&%)*%$ '1$ +"),3*'1F$ '11#&$
+"&"$#)1*#*3#:?%1$"/7')#C'&$<'<G#1A$U$%2%$,%+#1#0"F$<"/*')*"F$G$,',"$
<%2"1$ <'<G#1A$ B$ 43%1*;"$ G$ &'#1$ +"&<2%L'$ 43'),"$ 1%$ */'*'$ ,%$ /%2'8

!"#$%&'()*"+,%-&%,.),#,/)"&'01#)."2&,&#$/"+,&+$&3()/45&!)##%&6!!"#$%&'()*+,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

03

+#")'/$(#"7/'.#'$%$E#1*=/#'A$S11"$1%$,%0%F$%&$<'/*%F$<%2"$,%1+"&<'11"$
%)*/%$"1$,"#1$*%/&"1$)"$<%)1'&%)*"$,%$V#221A$R/%"+3<',"$+"&"$%2%$
%1*@$+"&$'$.#73/'$,"$#),#0>,3"$)'$13'$+").#73/':;"$1"+#'2$,%$<%11"'$%$
+'/@*%/F$13'$+")+%<:;"$,%$(#"7/'.#'$G$&'#1$,%)1'$,"$43%$'$,%$E#1*=/#'F$
43%$'+'('$/%,3C#,'$D$&3,'):'$1"+#'2A$$B$7/'),%$"<"1#:;"F$*'2$+"&"$
%1+/%0%$ )'$ )*('%+(45#! /#$%#&D'%$(F$ G$ %)*/%$ z"/,%&$ %$ &3,'):'F$ "3$
1%9'F$ %1*/3*3/'$ %$ E#1*=/#'{A$ V3,'):'$ G$ *%/&"$ *-)3%$ ,%&'#1$ <'/'$ ,'/$
+")*'$ ,"$ </"(2%&'$ ,'$ E#1*=/#'A$ o$ 0%/,',%$ 43%$ *'&(G&$ );"$ +'(%/#'$
(31+'/$ 1"23:;"$ )"$ +32*3/'2#1&"$ E#1*=/#+"$ ,%$ 3&$ H#2*E%jF$ '<%1'/$ ,'$
13'$+")*/#(3#:;"$)"$%1*3,"$,'$+")%L;"$%)*/%$E#1*=/#'$%$(#"7/'.#'$<%2'$
0#'$,'$+32*3/'A$Q;"$1%/@$)%2%$43%$%)+")*/'/%&"1$3&'$0%/1;"$,%)1'$%$
'"$&%1&"$*%&<"$.2%L>0%2$$$$,"$+")+%#*"$,%$E#1*=/#'A$R"#1$)'$."/&32'8
:;"$*%=/#+'$,'$43'2$%2%$G$/%</%1%)*')*%$%&#)%)*%F$'$E#1*=/#'$'<'/%+%$
+"&"$ ,','$ )'$ +")1*/3:;"$ ,'$ (#"7/'.#'F$ );"$ G$ %2'$ </=</#'$ +")1*/3>8
,'A$O&$V#221$'$+")%L;"$</"+3/','$*%),%$&'#1$'$+'&#)E'/$)"$1%)*#8
,"$"<"1*"$%$&'#1$</"&#11"/F$,'$7/','*#0'$+")1*/3:;"$,'$E#1*=/#'$<%2"$
%)*/%2':'&%)*"$ ,%$ (#"7/'.#'1$ 1#*3','1$ )%11%$ +%)@/#"$ %1<%+>.#+"$ 43%$
G$ '$ %1*/3*3/'$ 1"+#'2A$ zi%/$ +")1+#-)+#'$ ,'$ #,%#'$ ,%$ %1*/3*3/'$ 1"+#'2$ %$
3*#2#C@82'$+"&$1%)1#(#2#,',%$G$1%/$+'<'C$$,%$#,%)*#.#+'/$'1$2#7':?%1$%)8
*/%$3&'$7/'),%$0'/#%,',%$,%$'&(#%)*%1$,%$<%43%)'$%1+'2'A$5%/$+'<'C$
,%$ 31'/$ #11"$ G$ <"113#/$ #&'7#)':;"$ 1"+#"2=7#+'{F$ %1+/%0%$ %2%F$ 9@$ )"1$
</#&%#/"1$<'11"1$,'$13'$"(/'A$B$#,%#'$,'$&32*#<2#+#,',%$,%$/%2':?%1$
G$&3#*"$#&<"/*')*%F$&'1$,%$"),%$/%*#/'&$%2'1$13'$,#)T&#+'|$O&("/'$
%1*/3*3/'$);"$1%9'$%&$V#221$3&$%)*%$%1*@*#+"F$E@$3&$0@+3"$%)*/%$%2'$
%$'$E#1*=/#'A$V#221$"<%/'$+"&$*/-1$)>0%#1$'/*#+32',"1$,%$"/7')#C':;"r$
<'<G#1$+"&"$"/7')#C':;"$,'$+"),3*'F$#)1*#*3#:?%1$+"&"$"/7')#C':;"$
,%$<'<G#1$%$%1*/3*3/'$+"&"$"/7')#C':;"$,%$#)1*#*3#:?%1A$O$'$E#1*=/#'F$G$
"/7')#C','$+"&"|$O$"/7')#C'$"$43-|$i'20%C$1%$<3,%11%$'0'):'/$)%11%$
<")*"$&%,#')*%$"$31"$,%$</"<"1*'1$*%=/#+'1$,"$&'/L#1&"F$&'1$);"$G$
%11%$"$%143%&'$,%$/%.%/-)+#'$,%$V#221F$%$);"$+'(%/#'$%L#7#82"$,%2%F$'*G$
<"/43%$);"$E@$7'/')*#'$,%$43%$/%1"20%11%$"$#&<'11%A$
V%2E"/$ 1%/#'F$ %)*;"F$ /%*"&'/$ "1$ ,"#1$ <'/%1$ ,%$ *%/&"1$ %$ <%/73)8
*'/$1"(/%$'$+")%L;"$%)*/%$%2%1$]%$);"$&'#1$)"$#)*%/#"/$,%$+','$43'2aA$
W"&"$1%$+")%+*'$"$<'/$E#1*=/#'[(#"7/'.#'$'"$<'/$,#1*P/(#"1[43%1*?%1|$

!"#$%&'()*"+,%-&%,.),#,/)"&'01#)."2&,&#$/"+,&+$&3()/45&!)##%&6!!"#$%&'()*+,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6!-",.-/'.0123

0d

R"/$'43#2"$43%$*/'C$'$&'/+'$#)+").3),>0%2$,'$E%/'):'$</'7&'*#1*'$,%$
V#221r$ '$ ."/&32':;"$ %&$ *%/&"1$ ,%$ 1-#8&3*(A$ i/'*'81%F$ %&$ </#&%#/"$
237'/F$,%$/%.%/-)+#'1$E%3/>1*#+'1A$O2'1$'<")*'&$<'/'$</"(2%&'1$%$);"$
<'/'$1"23:?%1A$W'(%$D$#&'7#)':;"$1"+#"2=7#+'$%L%/+%/$13'$+'<'+#,',%$
</=</#'$ <'/'$ 43%$ </"(2%&'1$ /%2%0')*%1$ <"11'&$ 1%/$ ."/&32',"1$ %$ "$
+"&<2%L"$+")93)*"$,%$/%2':?%1$%)*/%$)>0%#1$,%$"/7')#C':;"$%$,%1%)8
0"20#&%)*"1$'"$2")7"$,"$*%&<"$7')E%$1%)*#,"F$);"$1=$<'/'$"$<%143#8
1',"/$+"&"$]<'/'$31'/$*%/&"$+%)*/'2$%&$V#221a$<'/'$"$<P(2#+"A$B$+#-)8
+#'$1"+#'2$);"$G$3&$%&</%%),#&%)*"$'3*"//%.%/#,"A$i%&$#&<"/*T)+#'$
<"2>*#+'$,#/%*'F$%$1=$*%&$#&<"/*T)+#'$43'),"$2%0'$#11"$%&$+")*'A$zU$
<'<%2$%,3+'+#")'2$%$<"2>*#+"$,'$+#-)+#'$1"+#'2$)3&'$,%&"+/'+#'$+")8
1#1*%$%&$'93,'/$)"$+32*#0"$%$)'$+")1*#*3#:;"$,%$<P(2#+"1$%$#),#0>,3"1$
43%$1%9'&$+'<'C%1$,%$,%1%)0"20%/$,%.#)#:?%1$',%43','1$,%$/%'2#,'8
,%1$<%11"'#1$%$1"+#'#1F$,%$0#0%/$+"&$%2'1$%$,%$'7#/$1"(/%$%2'1{F$%1+/%0%$
%2%A$o$)%11%$1%)*#,"$43%$z,%0%&"1$'7#/$+"&"$#)*%2%+*3'#1$<"2>*#+"1{$%$
)"1$3)#/&"1$'"1$#)*%2%+*3'#1$%&$*","$237'/A$O1*'$P2*#&'$."/&32':;"$
1"'$+"&"$3&'$%0"+':;"$ <"2#*#C','$ ,'$ +"&3)#,',%$ #2#&#*','$ ,%$ %18
*3,#"1"1$ )'$ 43'2$ <%)1'0'$ R%#/+%$ ]43%$ V#221$ %1*3,"3$ ('1*')*%F$ 93)*"$
+"&$13'$/%.%/-)+#'$&'#1$</=L#&'F$H%n%jF$'"$%1+/%0%/$"#$%#&#'F!(+6!
>-('*(,%/*aA$
V#221$ 1"3(%$ *#/'/$ <2%)"$ </"0%#*"$ ,'$ 0#*'2#,',%$ %$ ,'$ #)*%)1#,',%$
,"$ %)0"20#&%)*"$ 1"+#'2$ 43%$ 1%$ %)+")*/'$ )'1$ 7/'),%1$ +"//%)*%1$ ,"$
</'7&'*#1&"$)"/*%8'&%/#+')"F$);"$1=$,%$3&$H%n%j$+"&"$'*G$,%$3&$
h#22#'&$s'&%1F$+"&$13'$'(%/*'$"<"1#:;"$'"$%L<')1#")#1&"$,"1$O\B$
,%$iE%","/$M""1%0%2*A$R'/'$s'&%1F$'$<"1#:;"$<23/'2#1*'$%/'$%11%)+#'2d$
<'/'$H%n%jF$"$.3),'&%)*"$#)%43>0"+"$,"$<%)1'&%)*"$%$,'$':;"$%/'$
'$ ,%&"+/'+#'A$ R'/'$ '&("1F$ +"&"$ ,%<"#1$ <'/'$ V#221F$ #11"$ );"$ 1%$ /%8
13&#'$)3&$43',/"$#)1*#*3+#")'2A$W")1#1*#'$)3&'$<"1#:;"$<%/')*%$"$
&3),"$%$)3&$.3),'&%)*"$<'/'$'$':;"A$!'2'),"$,'$,%&"+/'+#'F$s"E)$
H%n%jF$+#*',"$<"/$V#221F$%1+/%0%r$zU/'F$%1*'$#,%#'$);"$<",%$1%/$'<2#8
+','$ '$ *","1$ "1$ &%&(/"1$ ,%$ 3&'$ 1"+#%,',%F$ %L+%*"$ "),%$ '$ /%2':;"$
,"$E"&%&$+"&$"$E"&%&$1%9'$&P*3'$%$"),%$E'9'$',%43','$</"0#1;"$
<'/'$'$/%+")1*/3:;"$,"1$E@(#*"1$%$#)1*#*3#:?%1$1"+#'#1$<"/$&%#"$,%$'&8
<2"$%1*>&32"$43%$,%/#0'$,%$#)*%/%11%1$%43#*'*#0'&%)*%$,#1*/#(3>,"1A$O$

!"#$%&'()*"+,%-&%,.),#,/)"&'01#)."2&,&#$/"+,&+$&3()/45&!)##%&6!!"#$%&'()*+,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

0S

#1*"$1#7)#.#+'$3&'$1"+#%,',%$,%&"+/@*#+'{A$W"&%)*'),"$%11'$<'11'8
7%&F$Z%2">1'$!%/)'),%1$."/&32'$'/73&%)*"$.3),'&%)*'2$])"$0"23&%$
43%$"/7')#C"3$)'$+"2%:;"$zX/'),%1$W#%)*#1*'1$5"+#'#1ar$zOF$,"$&%1&"$
&","F$,%&"+/'+#'$9@$);"$G$&'#1$3&'$."/&'$,%$/%7#&%$<"2>*#+"F$&'1$
3&$*#6#!63!/3-F$3&!*#6#!63!B%6(r$'43%2%$43%$<%/&#*%$'$+")1*')*%$/%8
"/7')#C':;"$,'$%L<%/#-)+#'A$S,G#'$43%$+'2#(/'$*",'$'$"(/'$,%$V#221$e$);"$
1=$)'$13'$+/>*#+'$D$1"+#%,',%$'&%/#+')'$%$1"0#G*#+'$+"&"$)"1$1%31$</"8
7/'&'1$</@*#+"1$,%$&3,'):'{A$i'20%C$1%$<"11'$/%.#)'/$%11'$."/&32':;"$
&%,#')*%$'$'.#/&':;"$,%$43%$'$#,%#'$43%$+'2#(/'$*","$"$<%)1'&%)*"$,%$
V#221$G$'$,%$3I13-%J+$%($%$43%$G$'$<'/*#/$,%1*'$43%$%2%$+"2"+'$'$,%&"8
+/'+#'F$)"1$*%/&"1$'<")*',"1$<"/$Z%2"#1'F$)"$+%)*/"$,'$13'$'*%):;"$%$
,"1$1%31$%1."/:"1A$Q;"$<"/$&%/'1$/'C?%1$,%$%.#+#-)+#'F$&'1$<"/43%$G$
1"&%)*%$<"/$%11'$0#'$43%$1%$<",%/@$13<%/'/$'$z#),#.%/%):'$,%$&'11'{$
%$'$z#)1%)1#(#2#,',%$&"/'2{$]"$*%/&"$z&"/'2{$1%),"$31',"$&3#*"$&'#1$
)"$1%)*#,"F$+%)*/'2$<'/'$V#221F$,%$/%1<")1@0%2$,"$43%$,%$)"/&'*#0"$
+"1*3&%#/"aA
B$ /%.%/-)+#'$ D$ /%1<")1'(#2#,',%$ +"&"$ /%.%/-)+#'$ .3),'&%)*'2F$
)"$&%1&"$)>0%2$43%$'3*")"&#'$%$2#(%/,',%$%$,%$,%&"+/'+#'$+"&"$"$
&%#"$)"$43'2$'&('1$1%$/%'2#C'&F$+").%/%$)#*#,%C$'"$7/'),%$</"9%*"$,%$
V#221F$,%$3&'$1"+#"2"7#'$<P(2#+'F$+'<'C$,%$%2%0'/$"$)>0%2$,%$<%/+%<8
:;"$%$,%$/'+#")'2#,',%$)"$#)*%/#"/$,'$+#,',')#'F$1%&$/%1*/#:?%1A$R"/$
#11"$'$-).'1%$)"$<P(2#+"r$);"$+"&"$"2E'/$)"1*@27#+"$%$1#&$$$+"&"$'20"$
'$1%/$<%/1%73#,"$)3&'$/%+")1*/3:;"$,'$%L<%/#-)+#'$1"+#'2F$)'$43'2$'$
5"+#"2"7#'$*%&$13'$<'/*%A$$$
O)+%//','$'$<'/*#+#<':;"$,#/%*'$,%$h/#7E*$V#221$+"&$13'$&"/*%$%&$
^_fIF$ 1%3$ 7/'),%$ </"9%*"$ ,%$ 3&'$ 1"+#"2"7#'$ '*%)*'$ '"$ 1%3$ +"&</"8
&#11"$<P(2#+"$'&%':'0'$<%/,%/81%$)'43%2%1$')"1$,%$+")./")*':;"$%$
#)1%73/'):'$)"$+%)@/#"$)"/*%8'&%/#+')"$]+/#1%$,"1$&>11%#1$%&$W3('$
%)*/%$"1$O\B$%$'$\M55F$'11'11#)'*"$,%$s"E)$v%))%,jF$%17"*'&%)*"$
,"$&",%2"$,%$1"+#%,',%$%1*@0%2$'<=1$'$1%73),'$7/'),%$73%//'$%$'$,'$
W"/%#'F$+E%7','$D$#,',%$',32*'$,'$+""/*%$,"$8(8F!8##*F$+"#)+#,#),"$
+"&$ '$ &"(#2#C':;"$ <%2"1$ ,#/%#*"1$ %$ "$ %)0"20#&%)*"$ )"$ g#%*);aA$ H'8
,'1$'1$*%),-)+#'1$,%$,%1%)0"20#&%)*"$)'$@/%'F$+"//#'$"$/#1+"$,%$1%/$
13."+',"$<%2'$%L<')1;"$,"$*(%+/,-3(*!1"+#"2=7#+"F$,#0#,#,"$%)*/%$'$

!"#$%&'()*"+,%-&%,.),#,/)"&'01#)."2&,&#$/"+,&+$&3()/45&!)##%&6!!"#$%&'()*+,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6!-",.-/'.0123

0g

E%7%&")#'$%1*/3*3/'28.3)+#")'2$&'+/"$%$'1$&",'2#,',%1$%&%/7%)*%1$
,%$#)*%/'+#")#1&"$&#+/"A$O11'$1#*3':;"$1"&%)*%$<",%/#'$1%/$/"&<#,'$
<"/$'273G&$+"&$<%/.#2$&3#*"$<%+32#'/F$43%$'11"+#'11%$,%1%)0"2*3/'$*%8
=/#+'$%&$'&('1$%11'1$+"//%)*%1$D$/%+")E%+#,'$+")*/#(3#:;"$%&$@/%'1$
+%)*/'#1$,'$<%143#1'$%&<>/#+'d$%&$%1*3,"1$,%$"/7')#C':;"$,"$*/'('2E"$
%$,'$(3/"+/'+#'F$<"/$%L%&<2"A$B1$P2*#&'1$#),#+':?%1$$9@$1#)'2#C'&$$"$
)"&%$43%$*%)E"$%&$&%)*%$+"&"$13+%11"/$D$'2*3/'$]%&("/'$);"$".#8
+#'2&%)*%a$,%$h/#7E*$V#221A$i/'*'81%$,%$B20#)$hA$X"32,)%/F$*'20%C$"$
&'#1$(/#2E')*%$1"+#=2"7"$)"/*%8'&%/#+')"$,'$13'$7%/':;"F$43%F$D$1%8
&%2E'):'$,%$V#221F$*'&(G&$);"$%1*@$*;"$</%1%)*%$)"$+%)@/#"$/%+%)*%$
%$ +")*%&<"/T)%"$ +"&"$ &%/%+%/#'A$ ]B2#@1F$ )"$ 2%0')*'&%)*"$ ,'$ S5B$
"(*%0%$&'7/'1$43'*/"$#),#+':?%1F$)%)E3&'$,%2'1$'"$2#0/"$43%$0'#$)"1$
#)*%/%11'/$'43#aA
H"C%$')"1$'<=1$=03!"#$%#&#'%$(&!)*('%+(,%#+F$"$2#0/"$,%$X"32,)%/F$
,%$^_`JF$1"(/%$=03$9#*%+'!9-%/%/!#.!<3/,3-+!"#$%#&#'FK$*%&$"3*/"$*"&F$
+"&"$1%3$*>*32"$9@$#),#+'A$O1*'&"1$&'#1$,#')*%$,%$3&$,#'7)=1*#+"F$&#8
2#*')*%$1%&$,P0#,'F$<"/G&$)3&$%1<>/#*"$43%$9@$1%$&')#.%1*'$)'$'(%/8
*3/'$,"$2#0/"A$Q','$,%$z</"&%11'{F$+"&"$'#),'$1%$%)+")*/'$%&$V#221A$
Y"7"$)'$'(%/*3/'$*%&"1$3&$%)+'&#)E'&%)*"$z<'/'$'$+/>*#+'$,'$5"+#"8
2"7#'{$<'/'$1=$)"$.#)'2$%)+")*/'/&"1$3&$+'<>*32"$</"7/'&@*#+"A$B<=1$
^_fbF$X"32,)%/$<#1'0'$%&$*%//%)"$&'#1$%1+"//%7',#"$,"$43%$V#22$)'$
0#/','$,"1$')"1$cJA$B$5"+#"2"7#'$*(%+/,-3(*$</"11%73#'$1%&$7/'),%1$
'('2"1d$&'1$D$%143%/,'$,'$1"+#%,',%$%$,'$'+',%&#'$)"0'1$."/:'1$1%$
'0"23&'0'&$%$'1$+")./")*':?%1$1%$*"/)'0'&$+','$0%C$&'#1$'(%/*'1A$o$
1#7)#.#+'*#0"$43%$3&$2#0/"$,'$&'#1$%2%0','$/$0#&(-/0%1!,#/#7#,"$'$3&$
<P(2#+"$'+',-&#+"$)"/*%8'&%/#+')"$)'43%2%$&"&%)*"$*#0%11%$+"&"$
</#&%#/'$+#*':;"$)"$*%L*"$3&'$./'1%$,"$/#%I(+,370;%,(-6$H')#%2$W"E)8
86%),#*A$Q','$&%)"1$,"$43%$z*%=/#+"1$1;"$/#,>+32"1{$e$$G$0%/,',%$43%$
1%73#,'$,'$</"+2'&':;"$,%$43%F$,#')*%$,"$E#'*"$%)*/%$*%"/#'$%$</@*#8
+'F$ z%1*'&"1$ *%)*'),"$ ,%1%)0"20%/$ 3&'$ *%"/#'{A$ S73'2&%)*%$ 1#7)#.#8
+'*#0"$G$43%F$+"&$7/'),%$.(%-!1&(F$,%$/%1*"F$/%2'*%$'1$,3/'1$<'2'0/'1$
,#/#7#,'1$'"1$<'/*#+#<')*%1$,"$%)+")*/"$,'$B11"+#':;"$B&%/#+')'$,%$
5"+#"2"7#'F$%&$6"1*")F$%&$'7"1*"$,%$^_fbF$<%2"$<"/*'80"C$,"1$9"0%)1$
,#11#,%)*%1$)'$</".#11;"F$V'/*#)$Q#+"2'31$]+39"$)"&%$'+'("3$*%),"$

!"#$%&'()*"+,%-&%,.),#,/)"&'01#)."2&,&#$/"+,&+$&3()/45&!)##%&6!!"#$%&'()*+,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

0]

<"1#:;"$'11%73/','$<%2'$</"%C'$#)*%2%+*3'2$,'$*/',3:;"$<'/'$"$#)72-1$
,"1$L-;+6-%//3$,%$V'/LaA$O&$z*"&$7G2#,"$%$&%,#,"{F$/%2'*'$X"32,)%/F$
"1$</%1%)*%1$"30#/'&$+"#1'1$+"&"$z'$</".#11;"$,%$1"+#=2"7"$G$3&$13(8
</",3*"$,"$*/',#+#")'2#1&"$%$+")1%/0')*#1&"$%3/"<%3$)"0%+%)*#1*'$
+'1',"$+"&$"$2#(%/'2#1&"$,'1$+"/<"/':?%1$'&%/#+')"$,"$1G+32"$yy$
]AAAa$"1$"2E"1$</".#11#")'#1$,"$1"+#=2"7"$,#/#7%&81%$'"$<"0"$,%$('#L"$%$
13'$<'2&'$</".#11#")'2$%1*%),%81%$<'/'$"$<"0"$,%$+#&'$]AAAa$%2%$G$3&$
R'#$i"&@1$);"$'<%)'1$<'/'$%1*%$7"0%/)"$%$%1*'$+2'11%$,#/#7%)*%F$&'1$
<'/'$*","1{A$
O1*@$%&$9"7"F$<"/*')*"F$'$+/>*#+'$/',#+'2$,'$5"+#"2"7#'A$B$<"1#:;"$,%$
X"32,)%/$G$+2'/'A$W")1#1*%$%&$'.#/&'/$"$+'/@*%/$,%1%9@0%2$,'$+/>*#+'$
/',#+'2F$ 2%&(/'),"$ '"$ &%1&"$ *%&<"$ %&$ 43%$ 13'$ 0%/1;"$ &'#1$ 1G/#'$
],%#L'),"$ ,%$ 2',"$ "$ ')*#8#)*%2%+*3'2#1&"$ *"1+"a$ </"0G&$ ,"$ </=</#"$
+'&<"$1"+#"2=7#+"A$zV%3$'/73&%)*"$GF$%)*;"F$43%$'$5"+#"2"7#'$<",%$
</",3C#/$ %$ );"$ &%/'&%)*%$ /%+/3*'/$ /',#+'#1d$ 43%$ %2'$ <",%$ 7%/'/F$ %$
);"$ 1#&<2%1&%)*%$ *"2%/'/F$ /',#+'2#C':;"{F$ %1+/%0%$ %2%A$ R"1*"$ #11"F$ '$
43%1*;"$43%$1%$<?%$<'/'$X"32,)%/$+")1#1*%$%&$32*/'<'11'/$"$T&(#*"$
,%$'<")*'/$'1$2#&#*':?%1$,'$5"+#"2"7#'$ +")0%)+#")'2F$ <'/'$ +E%7'/$ '$
'11#)'2'/$ "1$ <")*"1$ )"1$ 43'#1$ %2'$ 1%$ '(/%$ <'/'$ "$ )"0"F$ '"$ #)0G1$ ,%$
<%/,%/81%$ %&$ 2'(#/#)*"1$ +/#',"1$ <"/$ %2'$ &%1&'A$ H#')*%$ ,#11"F$ )"11'$
43%1*;"$Gr$<'/'$"),%$+"),3C$"$%1."/:"$,%$X"32,)%/$%$%&$43%$&%,#,'$
%2%$/%</%1%)*'$3&$'0'):"$%&$/%2':;"$'$h/#7E*$V#221|
X"32,)%/$*%&$3&'$0')*'7%&$#&<"/*')*%$%&$/%2':;"$'$&3#*"1$+/>8
*#+"1$ ,'$ 0%/*%)*%$ ,"&#)')*%$ )'$ 5"+#"2"7#'$ )"/*%8'&%/#+')'$ )"$ *%/8
:"$ .#)'2$ ,"$ 1G+32"$ <'11',"A$ B2G&$ ,%$ +")E%+-82'$ %&$ </".3),#,',%F$
*%&$+")*/#(3#:;"$"/#7#)'2$)"$+'&<"$,'$*%"/#'$%$,'$<%143#1'$,%$>),"2%$
.3)+#")'2#1*'F$ 1%&$ <%/,%/81%$ )'$ "/*","L#'A$ S11"$ "$ +"2"+'$ )"$ &%1&"$
<2')"$,%$3&$Y"+tn"",F$<"/$%L%&<2"A$O)43')*"$Y"+tn"",$,%#L'0'$
13'$&'/+'$'"$%2'("/'/$'$,#1*#):;"$%)*/%$#)*%7/':;"$1"+#'2$%$#)*%7/':;"$
1#1*-&#+'F$X"32,)%/$(31+'0'$'(/#/$%$"L#7%)'/$'$*%"/#'$'$<'/*#/$,%$1%31$
'/*#7"1$ M3$%1-#$%,F! (+6! 2;,#+#*F! %+! N;+$,%#+(&! =03#-FF$ ,%$ ^_c_F$ %$
=03!E#-*!#.!M3$%1-#$%,FF$,%$^_fJA$\&$%L'&%$+/>*#+"$,'1$+")+%<:?%1$
,%$+"&<2%&%)*'/#,',%$%$#)*%/,%<%),-)+#'$)'$*%"/#'$.3)+#")'2$"/*"8
,"L'$ 2%0'8"$ '$ </"<"/$ '1$ +")+%<:?%1$ '2*%/)'*#0'1$ ,%$ /%+#</"+#,',%$ %$

!"#$%&'()*"+,%-&%,.),#,/)"&'01#)."2&,&#$/"+,&+$&3()/45&!)##%&6!!"#$%&'()*+,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6!-",.-/'.0123

0`

,%$'3*")"&#'$.3)+#")'2A$631+'F$+"&$#11"F$'2#0#'/$'$+'/7'$,"$1#1*%&'$
+"&"$%)*%$3)#*@/#"F$+39"1$%2%&%)*"1$1%$0#)+32'&$+"&"$+"&<2%&%)8
*'/%1$%)*/%$1#$)3&$%143%&'$,%$,%<%),-)+#'$&P*3'$43%$"1$.'C$#)*%8
7/'2&%)*%$13("/,#)',"1$'"$1#1*%&'$%)0"20%)*%A$B$#,%#'$,%$'3*")"&#'$
.3)+#")'2$G$/%'2&%)*%$#)"0',"/'F$<%2'$<%/1<%+*#0'$43%$',"*'A$i/'*'8
81%$,%$'*/#(3#/$&'#1$/%2%0"$D1$<'/*%1$+"&<")%)*%1$,"$43%$'"$1#1*%&'$
+"&"$3)#,',%$,','F$%$,%$0%/$'1$+")%L?%1$%)*/%$%2'1$+"&"$0'/#@0%#1$%$
</"(2%&@*#+'1F$+"&$7/'31$,#.%/%)*%1$,%$,%<%),-)+#'$"3$'3*")"&#'A$
o$,%$/%+")E%+%/81%$43%$#11"$#)*/",3C$3&$'</%+#@0%2$7/'3$,%$.2%L#(#2#8
,',%$)3&'$*%"/#'$313'2&%)*%$*#,'$+"&"$/>7#,'F$43'),"$);"$1#&<2%18
&%)*%$+")1%/0',"/'A$B2G&$,#11"F$'$'*%):;"$'"$</"(2%&'$,'$/%+#</"+#8
,',%$*"/)"3$X"32,)%/$&'#1$/%+%<*#0"$D$%L<')1;"$,%$&",'2#,',%1$,"$
#)*%/'+#")#1&"$%)*;"$%&$+3/1"F$+"&$0%/*%)*%1$*;"$,#0%/1'1$+"&"$'1$,%$
X"..&')$%$X'/.#)t%2A$]B43#F$);"$/%1#1*"$'$*/'C%/$%<#1=,#"$)'//',"$<%2"$
</=</#"$X"32,)%/A$5'#),"$,%$3&'$%,#*"/'$+"&$1%3$'&#7"$X"..&')F$%2%$
+"&%)*'r$zg"+-$0#3$+"&"$%2%1$)"1$*/'*'&$+"&"$&%/+',"/#'1|{A$M%*/3+'$
X"..&')r$zR"/$&#&$*3,"$(%&F$,%1,%$43%$1%9'$&%/+',"/#'$+'/'{aA
R"/$43%$#)*/",3C#/$)%1*%$<")*"$%11'1$/%.%/-)+#'1$'$/%&"*"1$'0'):"1$
*%=/#+"1|$ 5#&<2%1&%)*%$ <"/43%$ %2'1$ <%/&#*%&$ 0#13'2#C'/$ '$ %1*/'*G7#'$
',"*','$<"/$X"32,)%/$'"$2")7"$,%$*",'$13'$"(/'$<'/'$+"),3C#/$3&'$+/>8
*#+'$#)*%/)'$'"$<',/;"$,"&#)')*%$,%$5"+#"2"7#'F$'*G$<%/&#*#/82E%$."/&38
2'/$3&'$</"<"1*'$</"7/'&@*#+'F$43%$,%<"#1$%)+")*/'/#'$13<"/*%F$'#),'$
43%$#),#/%*"F$)'$#&<"/*')*%$/%0#1*'$43%$.3),"3$%&$^_`pF$=03#-F!(+6!
"#$%3,FF$ +"&$ "$ 1#7)#.#+'*#0"$ 13(*>*32"$M3+3?(&! (+6! $-%,%O;3! %+! /#$%(&!
,03#-FA$R"#1$G$#11"$43%$%1*@$%&$9"7"$<'/'$X"32,)%/r$+/>*#+'$'$1%/0#:"$,'$
/%)"0':;"A$U$*%/&"$/%)"0':;"$G$+%)*/'2A$o$%2%$43%$#)."/&'$13'$/%+")18
*/3:;"$,'$</%1%):'$)'$5"+#"2"7#'$,"$<%)1'&%)*"$/"&T)*#+"$]<%2"$43'2$
);"$%1+"),%$1#&<'*#'$%$)"$43'2F$+2'/"F$#)+23#$h/#7E*$V#221aF$)"$1%3$#&8
<"/*')*%$'/*#7"$$M#*(+,%$%/*!(+6!9&(//%$%/*P!6331!/,-;$,;-3/!%+!/#$%(&!
"$%3+$3!$]<3(2#+',"$)'$13'$+"2%*T)%'$,%$'/*#7"1$N#-!"#$%#&#'FaA$\&$,"1$
7/'),%1$*%&'1$,"$<%)1'&%)*"$1"+#'2$+/>*#+"$G$'11"+#',"F$)%11%$'/*#7"F$
'"$/"&')*#1&"F$43'),"$X"32,)%/$2E%$'*/#(3#$+'/@*%/$z%&')+#<',"/{A$
o$ )%11'$ </@*#+'$ ,%$ */'('2E'/$ <"/$ ,%)*/"F$ )'$ (31+'$ ,%$ '<%/.%#:"'8
&%)*"1$ )'$ *%"/#'$ 1"+#'2$ &'#1$ ,"$ 43%$ )"$ %)+'2:"$ ,%$ +")+%<:?%1$ '28

!"#$%&'()*"+,%-&%,.),#,/)"&'01#)."2&,&#$/"+,&+$&3()/45&!)##%&6!!"#$%&'()*+,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

0a

*%/)'*#0'1F$43%$/%1#,%&$'$."/:'$%$*'&(G&$'$,%(#2#,',%$,'$<"1#:;"$,%$
X"32,)%/A$ B$ ."/:'$ 1%$ %)+")*/'$ )'$ 13'$ '*%):;"$ D1$ +"),#:?%1$ E#1*=/#8
+'1$]#)+23#),"$)#11"$"$</%1%)*%a$43%$#)."/&'&$'$</",3:;"$,%$+")E%8
+#&%)*"$ 1"+#'2$ <%2"$ T)732"$ ,"$ %1*#2"$ ,%$ <%)1'/$ %$ ,%$ .'C%/$ ,"1$ 1%31$
</",3*"/%1A$X"32,)%/$2%0'$&3#*"$'$1G/#"$43%$'$1"+#"2"7#'$G$.%#*'$<"/$
1"+#=2"7"1A$S)*%/%11'&82E%$'$"/7')#C':;"$,"$*/'('2E"$]);"$."11%$%11'$
@/%'$3&'$,'1$43%$</#&%#/"$%L<2"/"3$+"&"$<%143#1',"/a$%$'$."/&':;"$
%$#)1%/:;"$1"+#'2$,"$1"+#=2"7"$e$%11'$.#73/'$43%F$<'/'$'2G&$,%$1%/$3&$
</".#11#")'2$%1<%+#'2#C',"F$G$3&$#)*%2%+*3'2$%)0"20#,"F$43%#/'$"3$);"F$
)"1$7/'),%1$,%('*%1$1"(/%$'$."/&'$</%1%)*%$%$'1$*%),-)+#'1$,'$1"+#%8
,',%A$Q;"$1%/@$<"/$'+'1"$43%$13'1$P2*#&'1$"(/'1$%)./%)*'&$<"/$0@/#"1$
T)732"1$"$</"(2%&'$,"1$#)*%2%+*3'#1$+"&"$+'*%7"/#'$1"+#'2A$5"(/%$#11"$
%2%$*%&$&3#*"$'$,#C%/F$&%1&"$%&$*%/&"1$('1*')*%$1%0%/"1F$43'),"$1%$
/%.%/%$D$</".#11;"$1"+#"2=7#+'$+"&"$+','$0%C$&'#1$.3),#,'$'"$'<'/'*"$
,"$O1*',"$,%$(%&8%1*'/F$*"/)'),"81%$z3&'$%1<G+#%$'$&'#1$,%$43',/"$
<%/#*"$%$(3/"+/'*'{A$o$0%/,',%$43%$13'$-).'1%$)'$+%)*/'2#,',%$,"$O1*'8
,"$,%$(%&8%1*'/$)"/*%8'&%/#+')"F$%&$=03!9#*%+'!9-%/%/F$'11#&$+"&"$
13'$'<"1*'$)'$+")0%/7-)+#'$%)*/%$1"+#"2"7#'$+")0%)+#")'2$%$&'/L#18
&"F$/%0%2"381%$%43#0"+','$%$+")1*#*3#$"$<")*"$./'+"$13(1*')*#0"$,'$
13'$"(/'$]+"&"$,%&")1*/"3$6/'1#2#"$5'223&$s/AF$%&$&%1'$)'$B)<"+1F$
%&$IJJpF$%F$%&$1%73#,'F$)'$/%0#1*'$<"/*373%1'$"#$%#&#'%(K!>-#8&3*(/!3!
>-:,%$(/$e$*>*32"$(%&$'$</"<=1#*"$<'/'$)"11"$*%&'aA$S11"$);"$'.%*'F$<"8
/G&F$"$+%/)%$,"$1%3$*/'('2E"A$W'/'+*%/>1*#+"$)%2%$G$"$P2*#&"$<'11"$43%$
);"$E%1#*'$%&$,'/$)'$13'$')@2#1%F$43'),"$+")+%)*/'$*",'$'$'*%):;"$
)3&'$/%)"0':;"$,'$5"+#"2"7#'$)'$.#73/'$,"$1%3$</'*#+')*%A$53'$</"8
<"1*'$,%$3&'$5"+#"2"7#'$M%.2%L#0'$'+'('$&3#*"$&'#1$+%)*/','$)'$.#8
73/'$,"$1"+#=2"7"$,"$43%$)'$#&'7#)':;"$/%+2'&','$<"/$V#221A$zB$&#18
1;"$E#1*=/#+'$,%$3&'$5"+#"2"7#'$M%.2%L#0'$+"&"$'$+")+%("$1%/#'$'$,%$
,-(+/.#-*(-$"$1"+#=2"7"F$,%$<%)%*/'/$</".3),'&%)*%$)'$13'$0#,'$%$)"$
1%3$*/'('2E"$+"*#,#')"F$%)/#43%+%),"8"1$+"&$)"0'1$1%)1#(#2#,',%1F$%$
,%$%2%0'/$'$'3*"8<%/+%<:;"$,"$1"+#=2"7"$'$3&$)"0"$)>0%2$E#1*=/#+"{F$
%1+/%0%$%2%A$Q%1*%$<'11"F$'$,#&%)1;"$<P(2#+'$,'$5"+#"2"7#'$<'/%+%$1%/$
+")+%(#,'$+"&"$#)*%/)'2#C','$<%2"$1"+#=2"7"F$1%&</%$43%$%2'$%L%/:'$
'$/%.2%L#(#2#,',%$43%$'$+#-)+#'$1"+#'2$D$'2*3/'$,"$1%3$*%&<"$</"<#+#'A$

!"#$%&'()*"+,%-&%,.),#,/)"&'01#)."2&,&#$/"+,&+$&3()/45&!)##%&6!!"#$%&'()*+,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6!-",.-/'.0123

31

O11'$'<"1*'F$3&$*')*"$z/"&T)*#+'{$*'20%CF$)'$/%)"0':;"$,'$5"+#"2"7#'$
<%2'$0#'$,'$/%)"0':;"$,"$1"+#=2"7"F$'$,%1<%#*"$,%$0#/$)"$("9"$,%$3&'$
')@2#1%$(/#2E')*%F$'+'('$);"$931*#.#+'),"$'$%1<%/'):'$,%$/%'2$'0'):"$
%&$ /%2':;"$ D$ </"&%11'$ ,%$ h/#7E*$ V#221A$ i%&F$ +")*3,"F$ "$ &G/#*"$ ,%$
%L<2#+#*'/$3&$,"1$*%/&"1$,'$%43':;"$43%$1%$0'#$+")1*/3#),"$<'/'$,'/$
13<"/*%$'$3&'$5"+#"2"7#'$+/>*#+'$+"&$%.%*#0'$</%1%):'$1"+#'2A$s@$*%&"1$
'$#&'7#)':;"$%$'$/%.2%L;"A$!'2*'$*/'C%/$D$+%)'$"$*%/+%#/"$+"&<")%)*%$
,'$</"&%11'F$'$,#&%)1;"$<P(2#+'A$
U),%$h/#7E*$V#221$0#'$3&'$5"+#"2"7#'$D$43'2$.'2*'0'$#&'7#)':;"$
%$B20#)$X"32,)%/$'$0#'$+'/%)*%$,%$/%.2%L#(#2#,',%F$V#+E'%2$63/'n"j$
0-$ 43'*/"F$ ,'1$ 43'#1$ 3&'$ G$ )"0'$ %$ </"<"1*'$ <"/$ %2%A$ Q'$ /%'2#,',%F$
*/'*'81%$,%$43'*/"$+"//%)*%1$)"$#)*%/#"/$,'$&%1&'$+#-)+#'F$43%$1%$,#18
*#)73%&$%)*/%$1#$<%2'$"/#%)*':;"$#&</#&#,'$'"$*/'('2E"$%$<%2"$*#<"$,%$
#)*%/2"+3*"/%1$+"&$"1$43'#1$+")*'&F$"3$<%2"$&%)"1$43%$%1<%/'&$*%/A$
B$5"+#"2"7#'$RP(2#+'F$,'$43'2$%2%$G$"$</#)+#<'2$."/&32',"/$%$<'2',#8
)"F$,%1,%$&%&"/@0%2$,#1+3/1"$</%1#,%)+#'2$)'$B11"+#':;"$B&%/#+')'$
,%$5"+#"2"7#'F$%&$IJJcF$'</%1%)*'81%$+"&"$3&'$%1<G+#%$,%$<")*"$,%$
+"),%)1':;"$ ,"$ +")93)*"A$ s3)*"$ +"&$ %2'$ %1*;"$ '$ 0%/*%)*%$ </".#11#"8
)'2$ ]'$ 5"+#"2"7#'$ '+',-&#+'$ +")0%)+#")'2aF$ '$ 0"2*','$ <'/'$ <"2>*#+'1$
<P(2#+'1$93)*"$'$#)1*#*3#:?%1$,%$,#0%/1'$)'*3/%C'$%$'$0%/*%)*%$+/>*#+'F$
43%$1%$</%"+3<'$+"&$"$'2+')+%$D1$#&<2#+':?%1$,'$*%"/#'$%$,'$</@*#+'$
1"+#"2=7#+'1A
$ 63/'n"j$ G$ <%143#1',"/$ /%+")E%+#,"$ )3&$ +'&<"$ )%0/@27#+"$ ,'$
</".#11;"F$ "$ %1*3,"$ ,'$ "/7')#C':;"$ %$ ,'1$ /%2':?%1$ ,%$ */'('2E"$ ]+'(%$
2%&(/'/$43%$h/#7E*$V#221$%$X"32,)%/$*'&(G&$"$./%43%)*'/'&aA$Q;"$
1%/@$,%$+'31'/$%1<')*"F$%)*;"F$43%$%2%$0%9'$"$%&</%%),#&%)*"$1"+#"8
2=7#+"$+"&$"2E'/$'*%)*"$%$*'&(G&$+/>*#+"$D1$."/&'1$,%$43'2#.#+':;"$
%$,#0#1;"$,%$*/'('2E"A$U/7')#C':;"F$</"+%11"$%$</",3*"$<'/%+%&$1%/$
"1$/%7#1*/"1$43%$)"/*%#'&$1%3$%1+/3*>)#"F$+/>*#+"$%&$*","1$"1$<'11"1A$
U$43%$%/'$'$5"+#"2"7#'$#)*%#/'$%&$V#221$0#/'$</".#11#")'2d$"$43%$%/'$
]"3$,%0%/#'$1%/a$/%.2%L#0"$%&$X"32,)%/$0#/'$ +/>*#+'d$"$%)0"20#&%)*"$
%L*%/)"$,'$<%143#1'$0#/'$"/#%)*':;"$<'/'$<"2>*#+'1$<P(2#+'1d$%$"$%)0"28
0#&%)*"$+"&$1%7&%)*"1$(%&$,%.#)#,"1$,'$1"+#%,',%$+"&$0#G1$%&')8
+#<',"/$."/&'$"$+'&<"$,'$5"+#"2"7#'$RP(2#+'$</"</#'&%)*%$,#*'A$

!"#$%&'()*"+,%-&%,.),#,/)"&'01#)."2&,&#$/"+,&+$&3()/45&!)##%&6!!"#$%&'()*+,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

32

U$43%$E@$,%$<P(2#+"$)'$1"+#"2"7#'$<P(2#+'$]<'/'$'2G&$,'$<'/*#+#<'8
:;"$%&$<"2>*#+'1F$<"/$%L%&<2"a|$W/%#"$43%$'$/%1<"1*'$&'#1$,#/%*'$G$43%$
%2'$1%$</"<?%$'$%L#7-)+#'$(@1#+'$,%$,#/#7#/81%$'$<P(2#+"1$]@/%'1$%$"/7'8
)#C':?%1$,'$1"+#%,',%a$+"&"$%+,3-&#$;,#-($%$);"$+"&"$<'/+%#/'$)3&'$
/%2':;"$<%/#*"8+2#%)*%F$&%)"1$'#),'$+"&"$E#%/'/43#+'&%)*%$,#.%/%)8
+#','F$'+#&'$"3$'('#L"A$Q%11%$1%)*#,"F$13'$#)*%/2"+3:;"$(@1#+'$G$%L*/'8
8'+',-&#+'$&'#1$,"$43%$)"$#)*%/#"/$,"$+'&<"$,"1$<'/%1$</".#11#")'#1A$
i3,"$#11"F$+2'/"F$1%&$*"/)'/81%$,#2%*')*%$%$'"$&%1&"$*%&<"$(31+'),"$
#),%<%),-)+#'$%&$/%2':;"$'"1$+")1*/')7#&%)*"1$#)*/'8'+',-&#+"1$%$
,'1$'7-)+#'1$<",%/"1'1$%L*%/)'1A$\&$+")93)*"$1%0%/"$,%$%L#7-)+#'1F$
<"/$ +%/*"A$ Q;"$ ',&#/'$ 43%$ *%)E'$ 131+#*',"$ #&%,#'*'1$ +")*%1*':?%1A$
B"$#)0G1$,%$/%1"20%/$"1$<")*"1$,%$./'*3/'$)"$#)*%/#"/$,'$,#1+#<2#)'$'$
5"+#"2"7#'$RP(2#+'$1=$.'C$<#"/@82"1F$131*%)*'&$'3*"/%1$+"&"$s")'*E')$
i3/)%/F$)"1$O\BF$%$s"E)$5+"**F$)'$S)72'*%//'d$);"$',#')*'$,#/#7#/81%$'$
<P(2#+"1$43%$1;"$%$+")*#)3'/;"$13/,"1$"3$#),#.%/%)*%1$'"$43%$'$5"8
+#"2"7#'$ 2E%1$ 43%#/'$ ,#C%/F$ %&%),'$ 5+"**$ ])%11'$ 2#)E'F$ <",%/#'&$ *%/$
'0%)*',"$"$/#1+"$,%$43%$1%31$</'*#+')*%1$<'11'11%&$'$1=$1%$,#/#7#/$'$
<P(2#+"1$'&#1*"1"1ad$'$E"1*#2#,',%$D$5"+#"2"7#'$9@$</%1%)*%$)"$#)*%/#"/$
,'$1"+#%,',%$%$'$,%1+").#'):'$%&$/%2':;"$'$</%7':?%1$#,%"2=7#+'1$1=$
.'/;"$'3&%)*'/F$131*%)*'&$%11%1$"<"1#*"/%1$%$*')*"1$"3*/"1A$O&$<"1#:;"$
&'#1$ .'0"/@0%2F$ 3&$ '3*"/$ +"&"$ i"3/'#)%$ ]'"$ 43'2$ %1."/:"1$ ,%11'$ )'8
*3/%C'$)3)+'$."/'&$'2E%#"1a$0-$)'$5"+#"2"7#'$RP(2#+'$3&'$%1<G+#%$,%$
<")*'$'0'):','$)"$%L%/+>+#"$,'43#2"$43%$2E%$<'/%+%$</=</#"$,'$&%2E"/$
5"+#"2"7#'F$43%$+")1#1*%$%&$,%1%)0"20%/$3&$%1*3,"$,%$'*"/%1F$%&$+")8
*/'1*%$+"&$1#1*%&'1F$/3&"$'"$/%+")E%+#&%)*"$,%$139%#*"1$,%$,#/%#*"1$)"$
#)*%/#"/$,%$&"0#&%)*"1$%$"/7')#C':?%1A$]Q;"$*%)*'/%#$'43#$'</%1%)*'/$
"3$,#1+3*#/$'$5"+#"2"7#'$RP(2#+'A$S11"$0%&$1%),"$.%#*"$%L%&<2'/&%)*%$
%)*/%$)=1$<"/$'3*"/%1$+"&"$M3j$6/'7'A$g%9'81%F$<"/$%L%&<2"F$"$,"11#-$
)"$)P&%/"$cf[IJJ_$,"$9(63-+#!9MQ$%$*'&(G&$"$)P&%/"$b`[IJ^I$,%$
R;(!E#B(aA$
B$5"+#"2"7#'$RP(2#+'$/%</%1%)*'$3&'$</"<"1*'$0#7"/"1'$%$,#7)'$,'$
&'#"/$'*%):;"A$$</#&%#/'$0#1*'F$1%/#'$'$<2%)'$%L<2#+#*':;"$,"$<"*%)8
+#'2$,%$</"7/'&'1$,%$*/'('2E"$+"&"$"1$,%$V#221$%$X"32,)%/A$H#.>+#2F$
+")*3,"F$%0#*'/$'$#&</%11;"$,%$43%$'#),'$);"$%1*'&"1$,#')*%$,'$/%'2#8

!"#$%&'()*"+,%-&%,.),#,/)"&'01#)."2&,&#$/"+,&+$&3()/45&!)##%&6!!"#$%&'()*+,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6!-",.-/'.0123

30

C':;"$,%$3&'$</"&%11'$,%$E@$&%#"$1G+32"A$R%2"$+")*/@/#"F$'$1%)1':;"$
G$,%$43%$'27"$1%$<%/,%3$)"$+'&#)E"A$W"&<'/','$+"&$"$43%$1%$<",%8
/#'$%1<%/'/$,%2'F$'$</"<"1*'$,'$5"+#"2"7#'$RP(2#+'$*%&$'27"$,%$,%1%)8
+'/)',"F$%L+%11#0'&%)*%$."+',"F$3)#2'*%/'2$&%1&"A$H%$"),%$0#/@$%11'$
#&</%11;"|$i'20%C$13'$.")*%$%1*%9'$)3&'$<"2'/#C':;"$&'2$/%1"20#,'A$
R"/$3&$2',"F$%2'$1%$,#/#7%$+"&$*",'$'$."/:'$<'/'$"$,%('*%$)"$#)*%/#"/$,"$
+'&<"$1"+#"2=7#+"d$<%2"$"3*/"F$+")+%)*/'$*",'$'$'*%):;"$)"1$<P(2#+"1$
%L*%/)"1A$!'2*'$'$+")%L;"$*%=/#+'$%$,%$&G*","$43%$<",%/#'$*/')1."/&'/$
%11'$<"2'/#C':;"$%&$*%)1;"$.%+3),'F$+/#'*#0'$e$%L'*'&%)*%$"$43%$h/#8
7E*$V#221$</"+3/'0'A$V#221$);"$%1*@$</#&"/,#'2&%)*%$</%"+3<',"$%&$
,%1#7)'/$*'/%.'1$<'/'$'$5"+#"2"7#'F$&'1$%&$O;(&%.%$:7&(!]z3&'$43'2#,'8
,%$,"$%1<>/#*"{aF$*')*"$43')*"$X"32,)%/$%1*@$0"2*',"$<'/'$-3+#B:7&(A$
H#')*%$,#11"F$63/'n"j$,@$"$<'11"$43%$2E%$<'/%+%$,%+#1#0"r$*/'*'81%$,%$
1#&%,%S:7&(A$Q"$+'&#)E"$<'/'$#11"F$%2%$1%$0-$,#')*%$,'$*'/%.'$,%$3&'$
</%1*':;"$,%$+")*'$+"&$"$0%2E"$&%1*/%A$U$/%132*',"$G$3&$,"+3&%)*"$
)"*@0%2F$43%$&%/%+%$'*%):;"$](%&$&'#"/$,"$43%$2E%$1%/@$,','$'43#aA
O&$IJJbF$63/'n"j$<3(2#+'F$)'$/%0#1*'$,%$z7%"7/'.#'$/',#+'2{$#)72%8
1'$+"&$"$(%2"$*>*32"$2+,%1#63$3&'$T13+!R3,,3-!,#!9H!<-%'0,!G%&&/$]%&$
1%73#,'$<3(2#+','$%)*/%$)=1$)'$/%0#1*'$T;,;8-#aA$U$*"&$,'$+'/*'$G$,%$
/%1<%#*"$%$',&#/':;"F$*%&<%/',"1$<"/$3&'$<")*'$,%$+"),%1+%),-)8
+#'A$V#221$."#$0>*#&'$,%$'273&'1$#231?%1F$',0%/*%$%2%A$B$</#&%#/'$1%/#'$
'$,%$9327'/$43%$"$+")E%+#&%)*"$G$2#(%/',"/A$zg"+-$<%)1'0'$43%F$1%$"1$
1"+#=2"7"1$ ."11%&$ #),%<%),%)*%1F$ '$ 13'$ #&'7#)':;"$ 1"+#"2=7#+'$ 1%8
/#'$2#(%/',"/'A$Q;"$G$)%+%11'/#'&%)*%$'11#&{A$o$0%/,',%F$</"11%73%F$
43%$ z+"&</%%),%/$ '$ /%2':;"$ %)*/%$ *%&%3;$ %$ %1*/3*3/'$ <",%$ );"$ 1%/$
2#(%/',"/$,%$<%/$1#F$&'1$(%&$<",%$1%/$)%+%11@/#"$<'/'$*'2$2#(%/':;"A$
B,%&'#1$ ,%$ #&'7#)':;"$ 1"+#"2=7#+'$ *'&(G&$ 1%$ .'C$ )%+%11@/#'$ 3&'$
%*('%+(45#!1#&U,%$({A$V#221$*#)E'$%&$&%)*%$3&$</"7/'&'$<"2>*#+"F$('8
1%',"$)3&$<'/*#,"$*/'('2E#1*'F$+")*/"2%$,'$</",3:;"$<%2"1$*/'('2E'8
,"/%1$ %$ <2')%9'&%)*"$ ,%&"+/@*#+"F$ '.#/&'$ 63/'n"jF$ <'/'$ +"&%)*'/$
43%$%11%$%/'$,%$.'*"$3&$</"7/'&'$/',#+'2F$&'#1$,%$#&<"11>0%2$/%'2#C'8
:;"A$z53'$#&'7#)':;"$<"2>*#+'$%/'$3*=<#+'{F$%1+/%0%$%2%F$<'/'$+")+23#/r$
z53'$#&'7#)':;"$<"2>*#+'$);"$2"7/'0'$+")%+*'/$,#1*P/(#"1$<%11"'#1$'$
43%1*?%1$<P(2#+'1{A$B43#$E@$3&$%0#,%)*%$,%12"+'&%)*"A$V#221$.'2'0'$

!"#$%&'()*"+,%-&%,.),#,/)"&'01#)."2&,&#$/"+,&+$&3()/45&!)##%&6!!"#$%&'()*+,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

33

,'$#&'7#)':;"$/#$%#&D'%$($%$2E%$'*/#(3>'$+%/*'$+'<'+#,',%A$63/'n"j$
);"$1%$</")3)+#'$1"(/%$"$13+%11"$"3$);"$,'43%2%$%&<%)E"A$$H%12"+'F$
%)*/%*')*"F$'$%L#7-)+#'$<'/'$"$+'&<"$<"2>*#+"F$+"&"$1%$."11%$E"&=2"8
7"$'"$1"+#"2=7#+"$)"$*"+')*%$'$#11"A$B)*%1$,%$,#1+3*#/$'$z#&'7#)':;"$
<"2>*#+'{F$+")*3,"F$+'(%/#'$,#1+3*#/$1%$."#$+3&</#,'$'$&#11;"$,'$#&'8
7#)':;"$1"+#"2=7#+'$*'2$+"&"$</"<"1*'$<"/$V#221A$Q"$+'1"$'.#/&'*#0"F$
+"&"d$)"$+'1"$)%7'*#0"F$1%$'#),'$&%/%+%$'*%):;"A$
\&$1%73),"$<")*"$)"$43'2$63/'n"j$%)+")*/'$7/'0%$#)13.#+#-)+#'$
%&$V#221$+")1#1*%$%&$43%F$%&("/'$1%),"$3&$<#")%#/"$,'$1"+#"2"7#'$
<P(2#+'F$z13'$0#1;"$'#),'$%1*@$</%1'$)"$<'11',"{A$B$#&'7%&$,"$1"+#8
=2"7"$43%$#)1<#/'$V#221$G$%43#0"+','F$'.#/&'$%2%A$zg"2*'),"81%$<'/'$
"1$+2@11#+"1$,"$1G+32"$ySy$%$131*%)*'),"$'$&#*"2"7#'$,"$#)*%2%+*3'2$
,%10#)+32',"$%$1%&$'&'//'1F$0"+-$)"1$'</%1%)*'$"$1"+#=2"7"$(#./")8
*%$ e$ "2E'),"$ <'/'$ ."/'$ %1*@$ "$ #)*%2%+*3'2$ #),%<%),%)*%$ ,#/#7#),"81%$
1"(%/')'&%)*%$'$<P(2#+"1$%$'$/%#1F$"2E'),"$<'/'$,%)*/"$%1*@$"$'/*%1;"$
'(1"/0#,"$%&$1#$&%1&"$%$'.'1*'),"$'1$<'*"2"7#'1$,'$</".#11#")'2#C'8
:;"{A$Z"9%$G$,#.%/%)*%F$</"11%73%A$zB7"/'$)=1$13(1*#*3>&"1$"$1%3$&N8
)','$#),#0#,3'2$<"/$3&'$,#0#1;"$,%$*/'('2E"$1"+#"2=7#+"$e$3&'$&'8
*/#C$,%$1"+#"2"7#'1$e$</".#11#")'2F$2#7','$'$<"2>*#+'1F$+/>*#+'$%$<P(2#+'$
eF$)'$43'2$"$.2"/%1+#&%)*"$,%$+','$3&'$,%<%),%$,"$.2"/%1+#&%)*"$,%$
*",'1F$3&'$&'*/#C$43%$(31+'$3&'$#)*%/,%<%),-)+#'$"/7T)#+'$%F$<%2"$
&%)"1$ )"1$ O1*',"1$ \)#,"1F$ 23*'$ +")*/'$ '$ E%7%&")#'$ ,'$ 1"+#"2"7#'$
</".#11#")'2$%$,'$2#7','$D1$<"2>*#+'1{A$$
i%L*"$/%1<%#*"1"F$&'1$%&$0@/#'1$<'11'7%)1$D$(%#/'$,'$#)931*#:'F$43'8
1%$ ,#/#'$ ,%12%'2,',%A$ U$ 43%$ '+")*%+%3$ )%11%$ <%/>","$ <'/'$ *'&')E"$
,%1%)+")*/"|$R"/$43%$/%+")E%+%/$43%$'$</"<"1*'$1"(/%$'$+")%L;"$,%$
&'2%1$</#0',"1$%$43%1*?%1$<P(2#+'1$'#),'$G$,#7)'$,%$'*%):;"$]13<?%8
81%$43%$<'/'$'2G&$,%$z%)*"','$+"&"$&')*/'{F$<'/'$31'/$%L</%11;"$,%$
63/'n"ja$<'/'$%&$1%73#,'$/%+2'&'/$43%$%11'$+")%L;"$);"$G$/%1"20#,'$
)3&'$13<"1*'$#&'7#)':;"$<"2>*#+'$,%$V#221|$R"/$43%$1%43%/$1%$+"7#*'$
'$43%1*;"$,%$+"&"$2%0'/$',#')*%$</"9%*"$*;"$."/*%$)"$1%3$+'&<"$%1<%8
+>.#+"F$'$5"+#"2"7#'|$R"#1$G$</%+#1'&%)*%$,#11"$,%$43%$1%$*/'*'A$V#221$
);"$*%0%$+"),#:?%1$<'/'$/%1"20%/$"$</"(2%&'$43%$</"<N1$%F$z&')*/'1{$
D$<'/*%F$)#)73G&$/%'2&%)*%$1%$%&<%)E"3$'$.3),"$)#11"F$&%1&"$+"&$

!"#$%&'()*"+,%-&%,.),#,/)"&'01#)."2&,&#$/"+,&+$&3()/45&!)##%&6!!"#$%&'()*+,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6!-",.-/'.0123

3d

"1$)"0"1$/%+3/1"1$*%=/#+"1$%$')'2>*#+"1$<"1*%/#"/%1$D$13'$"(/'A$S11"$);"$
1%$/%1"20%$</'*#+'),"$'$z,#0#1;"$,%$*/'('2E"{$]."/,#1*'|a$)'$/%.2%L;"$%$
)'$<%143#1'A$ B$ 5"+#"2"7#'$'#),'$ );"$ %)+")*/"3$ 1"23:;"F$ )'1$ +"),#8
:?%1$+")*%&<"/T)%'1F$<'/'$'$43%1*;"$,%$"$43%$/%'2&%)*%$1#7)#.#+'$'$
,#&%)1;"$1V8&%$($,"$1%3$*/'('2E"d$+"#1'$43%$);"$1%$.'/@$1%&$/%*"&'/$
%&$</".3),#,',%$'$43%1*;"$,%+#1#0'$,'$-3&3BW+$%(!,'$<%143#1'A$Y#&#8
*'/81%$'$<%/73)*'/$z<'/'$43%{$%$z<'/'$43%&{$<",%$.'+#2&%)*%$/%132*'/$
%&$&'#1$3&'$z&')*/'{A$
R'/%+%$ 43%$ ,%$ V#221$ <'/'$ +@$ "$ ,%('*%$ 1"(/%$ '1$ 43%1*?%1$ +%)*/'#1$
,'$+#-)+#'$1"+#'2$);"$'0'):"3$)'$&%1&'$</"<"/:;"$43%$'$%L<')1;"$
#)1*#*3+#")'2$,%11'$@/%'$,"$+")E%+#&%)*"$]%$"$'3&%)*"$,"1$+")*/"8
2%1$#)1*#*3+#")'#1$1"(/%$%2'aA$O)43')*"$#11"F$'$'*%):;"F$+"&"$0#&"1F$
*%),%$'$#)+#,#/$1"(/%$'$.#73/'$,"$1"+#=2"7"$)'1$13'1$&"*#0':?%1F$/%8
.%/-)+#'1$ %$ +'<'+#,',%$ /%.2%L#0'A$ O)43')*"$ ,%#L'/&"1$ ,%$ 2',"$ 3&'$
</"<"1*'$ 13(1*')*#0'F$ /%2'*#0'$ '"$ )P+2%"$ ,3/"$ ,'$ 5"+#"2"7#'$ +"&"$
<%143#1'$+#%)*>.#+'$%$</@*#+'$1"+#'2$+"&"$'$,%$h/#7E*$V#221F$%$'7#/&"1$
+"&"$1%$%2'$<3,%11%$1%/$73'/,','$)'$1'2'$,%$*/".G31$,%$%/'1$<'11','1$
%&$)"&%$,"$/%'2#1&"$,'$,#0#1;"$,"$*/'('2E"F$)"1$%1+'<'/@$'$+E')+%$
,%$</"&"0%/$/%'#1$'0'):"1$)"1$.3),'&%)*"1$,"$+")E%+#&%)*"$1"+#'2$
%$)'$13'$</@*#+'A$6'1*'F$<'/'$#11"F$3&$<%43%)"$'*"$,%$+"/'7%&r$"$,%$
',&#*#/$43%$'$</"<"1*'$,'$z#&'7#)':;"$1"+#"2=7#+'{$%1*@$2")7%$,%$*%/$
1#,"$/%1"20#,'$%$,%0%$1%/$/%*"&','$)"1$)"0"1$*%&<"1F$<"/$,#.>+#2$43%$
1%9'A$5%$'$43%1*;"$G$"$2%7',"$,%$V#221F$%2%$%1*@$'>$#)*%#/"$%$0#0"F$<'/'$
43%&$*#0%/$."/:'$]%$#&'7#)':;"a$<'/'$/%+"2E-82"A$$$$$$$$$$$$$$$$$$$

N$>%9*($&5&#%6*(&A(b/'+*(6&(0123((h((NR$*@"6*(&A("9*8>*(6&(0123(

!"#$%&'()*"+,%-&%,.),#,/)"&'01#)."2&,&#$/"+,&+$&3()/45&!)##%&6!!"#$%&'()*+,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

3S

93'&-&!:&';&%!#<'5)%

.,;5()1T)kl$%&5$m()."%&$&n&'$%oT)%"&
$!'p()."&+"&%,.),#,/)"&n%&',#p5)."%&
'01#)."%&&

S)*/",3:;"$

B$5"+#"2"7#'$G$3&'$,'1$,#1+#<2#)'1$+")1*#*3*#0'1$,"$+'&<"$#)8
*%/,#1+#<2#)'/$,%$')@2#1%$,%$<"2>*#+'1$<P(2#+'1A$R"/$3&$2',"F$'1$
*%"/#'1$1"+#"2=7#+'1$".%/%+%&$#)1*/3&%)*"1$')'2>*#+"1$%&</%7'8
,"1$ <%2"1$ %1*3,#"1"1$ ,'1$ <"2>*#+'1$ ]1#&%$%3/aA$ W#%)*#1*'1$ <"2>*#8
+"1$43%$1%$,%,#+'&$'"$%1*3,"$,'1$<"2>*#+'1$/%+"//%&$+"&$&'#"/$
./%43-)+#'$D1$.%//'&%)*'1$*%=/#+'1$,'$>#&%$F!2+(&F/%/$]5U\xBF$
IJJfa$,"$43%$D1$,#1<")#(#2#C','1$<%2'1$*%"/#'1$1"+#"2=7#+'1$+")8
*%&<"/T)%'1A$O)*/%*')*"F$&%1&"$)'$@/%'$,%$W#-)+#'$R"2>*#+'F$%18
*3,"1$1"(/%$<"2>*#+'1$<P(2#+'1$43%$*/'*'&$,%$/%,%1$1"+#'#1$]V'/8
43%1F$IJ^Ja$"3$43%$#)+"/<"/'&$0'/#@0%#1$+"7)#*#0'1$D$')@2#1%$,%$
<"2>*#+'1$<P(2#+'1$]!BMSBF$IJJKd$VOQSW\WWS$%$6MB5SYF$IJ^Ja$
/%+")E%+%&$ %L<2#+#*'&%)*%$'$#&<"/*T)+#'$ ,'$ 5"+#"2"7#'$ M%2'8
+#")'2$ %$ ,"1$ #&<%/'*#0"1$ +32*3/'#1$ )'$ %L<2#+':;"$ ,"1$ <',/?%1$
%1*/3*3/',"1$,%$':;"$#),#0#,3'2$%$+"2%*#0'A$
R"/$"3*/"$2',"F$)"$6/'1#2F$'$5"+#"2"7#'$*'&(G&$*%&$1%$,%,#8
+',"$'$%L'&#)'/$'1$<"2>*#+'1$<P(2#+'1$<'/'2%2'&%)*%$D$<%143#1'$
1"(/%$ "$ *%&'$ 43%$ 1%$ ,%1%)0"20%$ %&$ "3*/'1$ @/%'1$ '+',-&#+'1A$
k3'),"$,%$13'$#)1*#*3+#")'2#C':;"$'+',-&#+'$)"$<'>1F$'$,#1+#8
<2#)'$*%0%$)"$+%)*/"$,%$13'1$</%"+3<':?%1$"$&","$+"&"$'1$/%8
2':?%1$<"2>*#+'1$,%$T&(#*"$1"+#%*'2$%L<2#+'0'&$'1$+'/'+*%/>1*#+'1$

.,;5()1T)kl$%&5$m()."%&$&n&'$%oT)%"&$!'p()."&+"&%,.),#,/)"&n%&',#p5)."%&'01#)."%&6&4*$"f"(D"$9"8()i$>&8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

3g

.3),'&%)*'#1$,'1$#)1*#*3#:?%1$<"2>*#+'1$%$,"$O1*',"$(/'1#2%#/"1A$5%$"$
&%1&"$);"$1%$0%/#.#+'$'*3'2&%)*%F$,','$D$,#0%/1#,',%$,"1$#)*%/%11%1$
,%$ <%143#1'$ ,"1$ 1"+#=2"7"1$ +")*%&<"/T)%"1F$ '#),'$ '11#&$ ("'$ <'/*%$
,'1$<%143#1'1$)'$@/%'$,%$5"+#"2"7#'$*/'*'$,%$<"2>*#+'1$<P(2#+'1$"3$,%$
*%&'1$&3#*"$+"//%2'*"1F$*'#1$+"&"$'$,%&"+/'+#'F$'$<'/*#+#<':;"$1"+#'2F$
'1$<"2>*#+'1$1"+#'#1$%$'1$/%2':?%1$1"+#%,',%$%$O1*',"A$$
U$ '/*#7"$ %1*@$ "/7')#C',"$ %&$ ,3'1$ 1%:?%1A$ Q'$ </#&%#/'F$ 1;"$ '</%8
1%)*','1$*/-1$,#&%)1?%1$')'2>*#+'1$<'/'$'1$43'#1$'$5"+#"2"7#'$".%/%8
+%$+")*/#(3#:;"$*%=/#+'$<'/'$"$+'&<"$,'1$<"2>*#+'1$<P(2#+'1r$'43%2'1$
43%$%L'&#)'&$"$<'<%2F$)'1$1"+#%,',%1$+")*%&<"/T)%'1F$,"1$'-;1#/!
/#$%(%/F$ ,"1$ %*13-(,%B#/! $#'+%,%B#/! 3! +#-*(,%B#/$ %$ ,'1$ %+/,%,;%4X3/! 3!
3/,-;,;-(/!/#$%(%/H$Q'$1%73),'F$'</%1%)*'&81%$%0#,-)+#'1$,%$+"&"$'$
43%1*;"$,'1$<"2>*#+'1$<P(2#+'1$%1*@$</%1%)*%$)"$+%)*/"$,'$'7%),'$,%$
<%143#1'1$,'$5"+#"2"7#'$)"$6/'1#2A$

W")*/#(3#:;"$,'$5"+#"2"7#'$<'/'$'$')@2#1%$,%$<"2>*#+'1!

W"&"$."#$,%&")1*/',"$%&$"3*/'1$"+'1#?%1$]WUMiO5F$1[,d$WUMiO5$
$YSVBF$IJ^IaF$'$+")*/#(3#:;"$,'$,#1+#<2#)'$<'/'$'$')@2#1%$,%$<"2>*#+'1$
<P(2#+'1$%)+")*/'81%$</#)+#<'2&%)*%$)'$-).'1%$,'$,#1+#<2#)'$)"$<"2"$
1"+#%*'2$,'1$/%2':?%1$%)*/%$O1*',"$%$5"+#%,',%A$S11"$);"$43%/$,#C%/$43%$
'*"/%1$%1*'*'#1F$</"+%11"1$<"2>*#+"1$%$%1*/3*3/'1$."/&'#1$%$/%'#1$,%$<",%/$
%L#1*%)*%1$)'1$"/7')#C':?%1$,"$O1*',"$);"$1%9'&$"(9%*"1$,%$<%143#1'A$
R'/'$"$1"+#=2"7"F$3&'$</#)+#<'#1$43%1*?%1$,%$<%143#1'F$43'),"$1%$%)8
."+'$"$#)*%/#"/$,"$O1*',"F$G$%)*%),%/$+"&"$'1$/%2':?%1$<"2>*#+'1$%)*/%$
7/3<"1$%$#)1*#*3#:?%1$1"+#'#1F$"+"//'&$%2'1$)"$%1<':"$1"+#%*'2F$%1*'*'2$
"3$)'$+")%L;"$%)*/%$'&("1F$#&<'+*'&$)'1$<"2>*#+'1$<P(2#+'1A
Q%11%$1%)*#,"$'$+")*/#(3#:;"$,'$5"+#"2"7#'$G$<'/*#+32'/&%)*%$/%8
2%0')*%$ <'/'$ '1$ ')@2#1%1$ 1"(/%$ "1$ '-;1#/! /#$%(%/A$ U$ *%/&"$ 43%$ '43#$
1%$/%.%/%$,%$&","$7%)G/#+"$'"1${+"2%*#0"1{$."/&',"1$<"/$1%+:?%1$,'$
1"+#%,',%F$43%$1;"$,%)"&#)',"1$,%$,#.%/%)*%1$&')%#/'1$+")."/&%$"$

^$ $O1*'$1%:;"$'</%1%)*'$*/%+E"1$%$'/73&%)*"1$43%$9@$."/'&$,%1%)0"20#,"1$%&$"3*/"1$
,"#1$%1*3,"1$]W"/*%1F$1[,d$W"/*%1$$Y#&'F$IJ^IaA$

.,;5()1T)kl$%&5$m()."%&$&n&'$%oT)%"&$!'p()."&+"&%,.),#,/)"&n%&',#p5)."%&'01#)."%&6&4*$"f"(D"$9"8()i$>&8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

3]

</"(2%&'$ ,%$ <%143#1'$ +")1*/3>,"$ "3$ '$ *%"/#'$ 1"+#'2$ %&</%7','A$ U1$
7/3<"1$1"+#'#1$."+'2#C',"1$)%1*%$'/*#7"$1%$/%.%/%&$'$*/-1$*#<"1$,%$0%/8
*%)*%1$ ')'2>*#+'1$ ,'$ 5"+#"2"7#'$ 43%$ ."/)%+%&$ #)1*/3&%)*'2$ *%=/#+"$
<'/'$"$%L'&%$,'1$<"2>*#+'1$<P(2#+'1r$'$,'1$}#,%)*#,',%1$1"+#'#1~F$'$,"1$
}'*"/%1~$%$'$,'1$}/%,%1$1"+#'#1~A$
B$</#&%#/'$0%/*%)*%$%)72"('$%1*3,"1$43%$%L'&#)'&$'$+")1*#*3#8
:;"$,%$7/3<"1$1"+#'#1$43%$<",%&$,%&'),'/$"3$1%/$"(9%*"$,%$<"2>*#8
+'1$%$43%F$%&$7%/'2F$'+%)*3'&$"$+'/@*%/$/%2'+#")'2$,'$+")1*/3:;"$,%$
#,%)*#,',%1$1"+#'#1A$B$</",3:;"$,%$3&'$#,%)*#,',%$%1<%+>.#+'$%1*@$
0#)+32','$'"$+"&<'/*#2E'&%)*"$,%$3&'$&'*/#C$+"7)#*#0'$%$)"/&'8
*#0'$43%$G$.")*%$,%$+"%1;"$7/3<'2$%$,"$%1*'(%2%+#&%)*"$,%$./")*%#/'1$
+"&$"3*/"1$7/3<"1$#,%)*#*@/#"1$]V\YYOM$%$5\MOYF$IJJIaA$B1$*%"8
/#'1$,"$/%+")E%+#&%)*"$%$,'$+")1*/3:;"$,%$#,%)*#,',%1$%$'2*%/#,',%1$
1"+#'#1$*-&$+"2'("/',"$<'/'$"$%)*%),#&%)*"$,"$.%)N&%)"F$<"#1$*/'8
*'&$,'1$/%2':?%1$#)*%/13(9%*#0'1$)'1$43'#1$139%#*"1$1%$#&<?%&$%$1%$
+")*/'<?%&$'$"3*/"1F$'.#/&'),"$#,%)*#,',%1$#),#0#,3'#1$%$+"2%*#0'1$
]!SX\OSMOHUF$ IJJbd$ !MB5OMF$ IJJ^d$ ZUQQOiZF$ IJJKd$ iBqYUMF$
^__paA$ O1*3,"1$ 1"(/%$ <"2>*#+'1$ <P(2#+'1F$ %&$ 7%/'2$ #)1<#/',"1$ <%2"$
}+")1*/3+#")#1&"$1"+#'2~F$%L'&#)'&$'1$#,%#'1$,%11%1$'*"/%1F$"1$,#18
+3/1"1$ </",3C#,"1$ <"/$ %$ 1"(/%$ %2%1F$ 13'$ ':;"$ <"2>*#+'$ %$ "$ </=</#"$
</"+%11"$,%$+")1*/3:;"$,%11%1$7/3<"1$'$<'/*#/$,'$':;"$%1*'*'2$43%$"1$
/%+")E%+%F$E#%/'/43#C'$%$"1$#)1*#*3#$+"&"$(%)%.#+#@/#"1$,%$<"2>*#+'1$
%$+"&"$'*"/%1$1"+#%*'#1$]SQXMBV$%*$'2##F$IJJ`aA$$
B$ 0%/*%)*%$ ')'2>*#+'$ ,"1$ }'*"/%1~$ *%&$ %&</%7',"$ ./%43%)*%&%)*%$ "1$
+")+%#*"1$,%$'*"/%1$%1*'*'#1$%$1"+#%*'#1$e$1"+#'#1$%$,%$&%/+',"$e$<'/'$,%8
)"&#)'/$"1$7/3<"1$1"+#'#1$43%$'7%&$)'$%1.%/'$<"2>*#+'A$O&("/'$*%)E'&$
%&%/7#,"$,'$#)*%/.'+%$%)*/%$"1$,%('*%1$1"(/%$1"+#%,',%$+#0#2F$&"0#&%)8
*"1$1"+#'#1$%$'$*%"/#'$,%&"+/@*#+'$]WUZOQ$%$BMBiUF$^__IaF$13'$.")*%$*%8
=/#+'$1;"$"1$%1*3,"1$,%$X/'&1+#$]IJJpaF$i"3/'#)%$]^_b^a$%$V%23++#$]^_bca$
1"(/%$'$1"+#%,',%$+#0#2$%F$</#)+#<'2&%)*%F$'$+")+%<:;"$,%2#(%/'*#0'$,'$
%1.%/'$<P(2#+'$,%$Z'(%/&'1$]^_b_a$%$1%31$1%73#,"/%1$]WUZOQ$%$BMBiU$
^__IF$WUZOQF$IJJKaA$U$+")+%#*"$,%$'*"/%1$%1*'*'#1$'('/+'$#),#0>,3"1$%$
7/3<"1$43%$"+3<'&$+'/7"1$,%$,#/%:;"$%&$"/7')#C':?%1$7"0%/)'&%)*'#1$
,"$OL%+3*#0"$%$,%$"3*/"1$<",%/%1A$U$+")+%#*"$,%$'*"/%1$1"+#%*'#1$+"&</%8

.,;5()1T)kl$%&5$m()."%&$&n&'$%oT)%"&$!'p()."&+"&%,.),#,/)"&n%&',#p5)."%&'01#)."%&6&4*$"f"(D"$9"8()i$>&8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

3`

%),%$*')*"$"1$'*"/%1$1"+#'#1$+"&"$"1$,%$&%/+',"A$O)43')*"$"1$</#&%#/"1$
%1*;"$'11"+#',"1$'"$+")+%#*"$,%$1"+#%,',%$+#0#2F$"1$1%73),"1$%1*;"$/%2'8
+#")',"1$+"&$'$)":;"$,%$%+")"&#'$,%$&%/+',"A$U1$'*"/%1$1"+#'#1$);"$
0#1'&$*"&'/$"$<",%/$,"$O1*',"$"3$"/7')#C'/$'$</",3:;"F$&'1F$1#&F$
z%L%/+%/$#).23-)+#'$<"/$&%#"$,'$<'/*#+#<':;"$%&$'11"+#':?%1$%$&"0#8
&%)*"1$,%&"+/@*#+"1{$]WUZOQF$IJJKF$<A$pI`aA$U1$'*"/%1$%1*'*'#1$%$,%$
&%/+',"$1%/#'&$+"&<%2#,"1$'$'7#/$%&$'&(#%)*%1$/%7#,"1$<%2"$<",%/$%$
<%2"$,#)E%#/"F$</"+3/'),"$+")*/"2'/$%$',&#)#1*/'/$'$</",3:;"$%$&'8
L#&#C'/$1%31$23+/"1$)"$'&(#%)*%$,%$*/"+'1$&%/+')*#1$]WUZOQF$IJJKaA$
B$*%/+%#/'$0%/*%)*%$,%$')@2#1%1$*/'*'$,'1$}/%,%1$1"+#'#1~A$$Q'1$P2*#8
&'1$,3'1$,G+','1$,"$1G+32"$yyF$'$5"+#"2"7#'$*%&$</#0#2%7#',"$"$%18
*3,"$,%$/%,%1$1"+#'#1$]WB5iOYY5F$^___d$VWBHBVF$IJJKd$VOYY\WSF$
IJJ^d$ 5WZOMOM8hBMMOQF$ ^__KaF$ +")+%#*"$ ,#.3),#,"$ )'$ 1"+#"2"7#'$
+")*%&<"/T)%'$<%2'$"(/'$,%$O2#'1$]^__pF$IJJJaA$B$)":;"$,%$}/%,%~$1%$
*"/)"3$<'/',#7&@*#+'F$*')*"$)'$5"+#"2"7#'$43')*"$)'$')@2#1%$,%$<"2>8
*#+'1$<P(2#+'1A$Q"1$')"1$^__JF$<'/'2%2'&%)*%$'"$13/7#&%)*"$,%$3&'$
5"+#"2"7#'$M%2'+#")'2$]OVSM6BqOMF$^__`aF$)'$@/%'$,%$<"2>*#+'1$<P(2#8
+'1$"$*%/&"$+3,?#-C$1%$*"/)"3$z"$)"0"$<'/',#7&'$<'/'$'$'/43#*%*3/'$
,'$+"&<2%L#,',%{$]6MxOYF$^__bF$<A^aA$B*"/%1$}%&$/%,%~$);"$<",%&$
1%/$<"1#+#")',"1$/#7#,'&%)*%$)"$O1*',"F$)"$&%/+',"$"3$)'$1"+#%,',%$
+#0#2A$H%)"&#)',"1$z+"&"$*/#T)732"1$,%$.%//"F$)#+E"1$*%&@*#+"1F$13(8
1#1*%&'1$<"2>*#+"1F$/%,%1$*%&@*#+'1{$]iM\OF$sUQO5$%$6B\VXBMiQOMF$
IJJ`F$ <A$ ^c`8baF$ +")."/&'&81%$ +"&"$ +"&3)#,',%1$ ,%$ %1<%+#'2#1*'1$
43%$'*3'&$%&$+'&<"1$%1<%+>.#+"1$,%$<"2>*#+'1$<P(2#+'1F$'*/'0%11'),"$
./")*%#/'1$%1*'*'#1$%$1"+#%*'#1A$
U$ "3*/"$ +")93)*"$ ,%$ +")*/#(3#:?%1$ ,'$ 5"+#"2"7#'$ <'/'$ '$ ')@2#1%$
,%$<"2>*#+'1$<P(2#+'1$1%$/%.%/%$'"1$%*13-(,%B#/!$#'+%,%B#/!3!+#-*(,%7
B#/F$ +")0%):?%1F$ /%7/'1$ %$ %L<%+*'*#0'1$ #)1*#*3%&$ '1$ )"/&'1$ 1"+#'#1F$
43%$1;"$+"),#:;"$<'/'$"1$/%2'+#")'&%)*"1$%$<'/'$%1*/3*3/':;"$,%$/%8
,%1$43%$.3)+#")'&$+"&"$"1$z%143%2%*"1{$,%$+'&<"1$)"1$43'#1$1#&%7
$%3/$1%$,%1%)0"20%&A$i%&'$+2@11#+"$,'$5"+#"2"7#'F$+%)*/'2$)'$"(/'$,%$
H3/tE%#&$%$,%$h%(%/F$'1$)"/&'1$1"+#'#1$."/'&$,%.#)#,'1$,%$&')%#/'1$
,#0%/1'1$+")."/&%$'1$'("/,'7%)1$*%=/#+"8%<#1*%&"2=7#+'1$,"1$')'2#1*'1A$
OL#1*%&$,#0%/7-)+#'1$(@1#+'1$1"(/%$1%$)"/&'1$1;"$/%7/'1F$"/#%)*':?%1$

.,;5()1T)kl$%&5$m()."%&$&n&'$%oT)%"&$!'p()."&+"&%,.),#,/)"&n%&',#p5)."%&'01#)."%&6&4*$"f"(D"$9"8()i$>&8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

3a

"3$/%732'/#,',%1$%&<>/#+'1F$1%$%2'1$%)0"20%&$)%+%11'/#'&%)*%$#&<%8
/'*#0"1$&"/'#1$]!OYHF$IJJId$hSY5UQF$^__Ka$"3$1"(/%$43%$7/3<"1$1;"$
<"/$%2'1$(%)%.#+#',"1A$V'1F$#),%<%),%)*%&%)*%$,'$<%/1<%+*#0'$*%=/#+'$
',"*','F$);"$E@$,P0#,'$%)*/%$"1$1"+#=2"7"1$,%$43%$'1$)"/&'1$1"+#'#1F$
</#)+#<'2$.")*%$,%$"/,%&$1"+#'2$%$</%,#*#(#2#,',%F$1;"$+'/'+*%/#C','1$
<%2'$/%732'/#,',%$,%$+"&<"/*'&%)*"$%$<"/$1'):?%1$D43%2%1$43%$);"$
'1$1%73%&$]!OYHF$IJJIaA$
Q"$+'&<"$,'1$<"2>*#+'1$<P(2#+'1F$1;"$1"(/%*3,"$"1$'3*"/%1$#,%)*#8
.#+',"1$ +"&$ '$ +"//%)*%$ ,"$ )%"#)1*#*3+#")'2#1&"$ 1"+#"2=7#+"$ 43%$ *-&$
*/'*',"$'1$+'*%7"/#'1$+"7)#*#0'1$%$,'1$)"/&'1$1"+#'#1$+"&"$%L<2#+'*#0'1$
,'$</"<%)1;"$D$#)"0':;"$%$,'1$*/',#:?%1$<"2>*#+'1A$Q%11'$2#*%/'*3/'F$'1$
+'*%7"/#'1$)"/&'*#0'1$1;"$313'2&%)*%$*/'*','1$+"&"$#)1*#*3#:?%1$);"$
."/&'2#C','1F$'1$/%7/'1$,"$9"7"$#)."/&'#1F$43%$+")1*#*3%&$%$/%732'&$"$
+"&<"/*'&%)*"$1"+#'2$]HSVBXXSUF$^__pd$U5iMUVF$IJJ`aA$U1$#&<%8
/'*#0"1$+"7)#*#0"1$1;"$,%/#0',"1$,"1$<'/',#7&'1$+"7)#*#0"1F$"1$43'#1$
1;"$z,%1+/#:?%1$%$')@2#1%1$43%$%1<%+#.#+'&$/%2':?%1$,%$+'31'$%$%.%#*"$
+")1#,%/','1$+"&"$#)43%1*#")@0%#1{$],(C3+7.#-7'-(+,36a$]WBVR6OYYF$
IJJIF$<A$IIaA$U1$#&<%/'*#0"1$)"/&'*#0"1$%1*;"$'11"+#',"1$'"1$43',/"1$
,%$/%.%/-)+#'$)"/&'*#0"1F$%$D1$#,%#'1$)"/&'*#0'1F$43%$z+")1#1*%&$%&$
</%113<"1*"1$#)43%1*#")@0%#1$1"(/%$0'2"/%1F$'*#*3,%1F$#,%)*#,',%1$%$%L8
<%+*'*#0'1$ +"2%*#0'&%)*%$ +"&<'/*#2E','1{$ ]WBVR6OYYF$ IJJIF$ <A$ IKaA$$
U$)%"#)1*#*3+#")'2#1&"$1"+#"2=7#+"$+E'&"3$'*%):;"$,"1$')'2#1*'1$,%$
<"2>*#+'1$ <P(2#+'1$ <'/'$ <"11#(#2#,',%$ ,'1$ "/7')#C':?%1$ <"2>*#+'1$ ,%/#8
0'/%&$1%31$&",%2"1$,%$.3)+#")'&%)*"$,"1$#&<%/'*#0"1$+32*3/'#1$</"8
0%)#%)*%1$,"$'&(#%)*%$1"+#%*'2$$]VSYYOM$%$6BQB5xBv8ZUYYF$IJJcaA$$
B$ #).23-)+#'$ ,'$ 5"+#"2"7#'F$ '*/'0G1$ ,'$ '*/#(3#:;"$ ,%$ +'<'+#,',%$
%L<2#+'*#0'$<'/'$%2%&%)*"1$%)+")*/',"1$)"$1%*"/$1"+#%*'2$e$'*"/%1$1"8
+#%*'#1$%$#&<%/'*#0"1$+"7)#*#0"1$%$)"/&'*#0"1$eF$&')#.%1*'81%$*'&(G&$
%)*/%$"1$%1*3,#"1"1$43%$%L'&#)'&$+"&"$+%/*"1$}</"(2%&'1~$<'11'&$
.'C%/$ <'/*%$ ,'$ '7%),'$ 7"0%/)'&%)*'2$ ]vSQXHUQF$ IJJ_d$ V\YYOM$
%$ 5\MOYF$ IJJId$ 5B6BiSOM$ %$ sOQvSQ585VSiZF$ ^__Kd$ 5B6BiSOM$ O$
hOS6YOF$IJJ`aA$V%1&"$43%$',&#*'&$43%$"1$+")1*/')7#&%)*"1$#)18
*#*3+#")'#1$ %$ %0%)*"1$ &'+/"%1*/3*3/'#1$ 2#&#*%&$ '1$ <"11#(#2#,',%1$ ,%$
</"(2%&'1$ 1%$ *"/)'/%&$ "(9%*"$ ,%$ <"2>*#+'F$ %11%1$ ')'2#1*'1F$ %&$ +%/*'$

.,;5()1T)kl$%&5$m()."%&$&n&'$%oT)%"&$!'p()."&+"&%,.),#,/)"&n%&',#p5)."%&'01#)."%&6&4*$"f"(D"$9"8()i$>&8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

d1

&%,#,'F$%L'&#)'&$"1$</"+%11"1$+"7)#*#0"1$%$'1$,#&%)1?%1$)"/&'8
*#0'1$%)0"20#,'1$)'$."/&':;"$,'$'7%),'$7"0%/)'&%)*'2A$S11"$<"/8
43%$+")1#,%/'&$43%$}</"(2%&'1~$);"$1;"$,',"1F$&'1$1#&$+")1*/38
>,"1$%&$3&$</"+%11"$'*/'0G1$,"$43'2$'1$<%11"'1$"1$,%.#)%&$+"&"$
*'2$]vSQXHUQF$^__caA$B*"/%1$,'$1"+#%,',%$+")1*/"%&$,%*%/&#)','1$
43%1*?%1$ +"&"$ </"(2%&@*#+'1$ %$ </"+3/'&$ ,%1<%/*'/$ "$ #)*%/%11%$ ,"1$
,%+#1"/%1$ <"2>*#+"1$ <'/'$ %2'1$ ]5B6BiSOM$ %$ sOQvSQ585VSiZF$ ^__KaA$
i'2$</"+%11"$,%<%),%$,"1$0'2"/%1F$+/%):'1F$<"1#:?%1$%F$*'&(G&F$,"1$
#)*%/%11%1$,%$'*"/%1$43%$,#1<3*'&$'$13'$,%.#)#:;"$8$'"$</"+3/'/$43'8
2#.#+@82"1$ 1"($ 3&$ T)732"$ <'/*#+32'/$ %$ ."/&32'/$ +%/*'1$ %L<2#+':?%1$ %$
1"23:?%1$<'/'$%2%1$e$0#1'),"$'$13'$'1+%)1;"$D$'7%),'$7"0%/)'&%)*'2$
]5B6BiSOM$%$hOS6YOF$IJJ`aA$
O1*3,"1$1"(/%$3/,-;,;-(!/#$%(&F$%1*/'*#.#+':;"$%$,%1#73'2,',%$1"8
+#'2$ %$ 13'1$ /%2':?%1$ +"&$ '1$ #)1*#*3#:?%1$ <"2>*#+'1$ 0-&$ 1%),"$ "(9%8
*"$ ,%$ ')@2#1%$ ,'$ 5"+#"2"7#'$ ,%1,%$ "1$ +2@11#+"1A$ \&$ ,"1$ /%132*',"1$
,%11'1$ #)0%1*#7':?%1$ ."#$ '$ +")1*'*':;"$ ,%$ 43%$ %L#1*%&$ "<"/*3)#,'8
,%1$ ,%1#73'#1$ ,%$ '+%11"$ '$ (%)1$ %$ 1%/0#:"1$ #),#0#,3'#1$ %$ +"2%*#0"1$
%$43%$,#11"$,%+"//%&$<"11#(#2#,',%1$,#.%/%)+#','1$,%$%L%/+>+#"$,%$
#).23-)+#'$1"(/%$"1$</"+%11"1$<"2>*#+"1A$5%$<"/$3&$2',"F$"$&'/L#1&"$
'*/#(3#$'"$1#1*%&'$%+")N&#+"$+'<#*'2#1*'$'$%L<2#+':;"$.3),'&%)*'2$
<'/'$*'#1$,%1#73'2,',%1F$*%"/#'1$1"+#"2=7#+'1$#)1<#/','1$)'$"(/'$,%$
H3/tE%#&$%$h%(%/$'1$'11"+#'&F$/%1<%+*#0'&%)*%F$'$</"+%11"1$,%$,#8
.%/%)+#':;"$1"+#'2$43%$'11%73/'&$'$#)*%7/':;"$.3)+#")'2$,'1$1"+#%8
,',%$%$'$.'*"/%1$%+")N&#+"1$%$%L*/'%+")N&#+"1$+"&"$1*'*31$1"+#'2$
%$'.#2#':;"$<"2>*#+"$<'/*#,@/#'A$Q"$%)*')*"F$&%1&"$'1$0%/*%)*%1$*%=8
/#+'1$)%"&'/L#1*'1$#)+"/<"/'&$"1$}/%+3/1"1$,%$<",%/~F$,%/#0',"1$,'$
%1.%/'$<"2>*#+'F$)'$%L<2#+':;"$,%$'2*%/':?%1$)'$%1*/'*#.#+':;"$1"+#'2$
)'1$ 1"+#%,',%1$ +")*%&<"/T)%'1$ ]vUMRSF$ IJJJd$ U!!OF$ ^_b_d$ iU\8
MBSQOF$ ^_b^aA$ S11"$ <"/43%$ +")1#,%/'&$ 43%$ '$ ':;"$ <"2>*#+'$ '&<2#'$
"1$/%+3/1"1$"/7')#C'*#0"1$,"1$*/'('2E',"/%1$"3$,"1$&"0#&%)*"1$1"8
+#'#1$ %$ '11#&F$ '*/'0G1$ ,'$ ':;"$ +"2%*#0'F$ "1$ #)*%7/')*%1$ ,%$ %1*/'*"1$
1"+#'#1$#).%/#"/%1F$'"$'3&%)*'/$1%3$7/'3$,%$#).23-)+#'$<"2>*#+'$)'1$
,%&"+/'+#'1F$<",%&$</",3C#/$<"2>*#+'1$43%$.'0"/%:'&$'$/%,3:;"$,%$
,%1#73'2,',%1$1"+#'#1A$$

.,;5()1T)kl$%&5$m()."%&$&n&'$%oT)%"&$!'p()."&+"&%,.),#,/)"&n%&',#p5)."%&'01#)."%&6&4*$"f"(D"$9"8()i$>&8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

d2

R'/'$ %L<2#+'/$ '$ </",3:;"F$ /%</",3:;"$ %$ &3,'):'1$ %&$ 1#1*%&'1$


1"+#'#1$ %1*/'*#.#+',"1F$ 1"+#=2"7"1$ +")*%&<"/T)%"1$ +"&"$ 6"3/,#%3$
]^_b_aF$X#,,%)1$]^_b_a$%$Y3E&'))$]^__^a$')'2#1'&$+"&$2%)*%1$*%=/#8
+'1$,#0%/1'1F$+"&"$"1$0@/#"1$}+'&<"1~"F$1#1*%&'1$%$13(1#1*%&'1$1"+#'#1$
1%$#)1*#*3%&$+"&"$%1*/3*3/'1$1"+#'#1$'11#&G*/#+'1$('1%','1$%&$+/#*G8
/#"1$ %1<%+#'2#C',"1F$ <%/*#)%)*%1$ '"$ +")*%P,"$ %&$ 43%1*;"$ ]%,3+':;"$
13<%/#"/F$E"1<#*'#1F$<"/$%L%&<2"aF$%$%&$/%7/'1$,%$,#1*#):;"$%)*/%$"1$
43%$ "+3<'&$ <"1#:?%1$ )%11'1$ %1*/3*3/'1A$ U1$ +/#*G/#"1$ ,%$ ,#.%/%)+#'8
:;"$%$,%$%1*'(%2%+#&%)*"$,%$E#%/'/43#'1$1"+#'#1$1;"$+")1#,%/',"1F$%&$
7%/'2F$+"&"$.3),'&%)*',"1$)'$<"11%$,%1#73'2$,%$/%+3/1"1$%$<"1#:;"$
1"+#'2$43%$"1$#),#0>,3"1$%$7/3<"1$"+3<'&$3)1$%&$/%2':;"$'"1$"3*/"1$
)'1$%1*/3*3/'1$1"+#'#1A$O&$7%/'2F$'43%2%1$43%$%1*;"$)"$*"<"$,'1$E#%8
/'/43#'1$1"+#'#1$,%$3&$,',"$+'&<"F$1#1*%&'$"3$13(1#1*%&'$*-&$&'#1$
.'+#2#,',%$,%$"+3<'/$<"1#:?%1$13<%/#"/%1$%&$"3*/"1F$'*/'0G1$,%$&%8
+')#1&"1$,%$+")0%/1;"$,%$1%31$%1*"43%1$,%$/%+3/1"1$'*/'0G1$,%$./")8
*%#/'1$1#1*-&#+'1$]RSOYYUQF$^___aA$O11%1$#),#0>,3"1$%$7/3<"1$<",%&$
&'#1$.'+#2&%)*%$%L</%11'/$13'1$</%.%/-)+#'1F$%L%/+%/$#).23-)+#'$1"(/%$
"1$ ,%+#1"/%1$ <"2>*#+"1$ %&$ &'+/"11#1*%&'1$ "3$ 13(1#1*%&'1$ <"2>*#+"1F$
<'/*#+#<'/$ ,'$ ."/&':;"$ ,%$ '7%),'1$ 7"0%/)'&%)*'#1$ %$ %L%/+%/$ +%/*"$
+")*/"2%$1"(/%$"$&","$+"&"$1;"$#&<2%&%)*','1$'1$<"2>*#+'1$<P(2#+'1A$
!3),'&%)*'#1$<'/'$'$')@2#1%F$."/&32':;"$%$#&<2%&%)*':;"$,%$<"8
2>*#+'1$<P(2#+'1F$#)1*#*3#:?%1$<",%&$*')*"$,%1#7)'/$)"/&'1$1"+#'#1$%&$
1#$&%1&'1F$}/%7/'1~F$z</%1+/#:?%1$+"&<'/*#2E','1$],%0%F$);"$,%0%F$"3$
<",%a$43%$1;"$&3*3'&%)*%$%)*%),#,'1$%$</%0#1#0%2&%)*%$#&<2%&%)8
*','1$%&$1#*3':?%1$<'/*#+32'/%1$<"/$'7%)*%1$/%1<")1@0%#1$<"/$&")#8
*"/'/$'$+"),3*'$%$<"/$#&<"/$1'):?%1{$]U5iMUVF$IJJ`F$<A$IKa$+"&"$
"/7')#C':?%1$/%1<")1@0%#1$<"/$#)+32+'/$)"/&'1$1"+#'#1$%&$#),#0>,3"1$
%$7/3<"1A$
U$ %1*3,"$ ,%$ #)1*#*3#:?%1$ +"&"$ "/7')#C':?%1F$ &'1$ *'&(G&$ +"&"$
)"/&'1$ 1"+#'#1F$ *%&$ /%.%/-)+#'1$ #&<"/*')*%1$ )'$ 5"+#"2"7#'$ +")*%&8

I$ \&$%1<':"$+39'1$+'/'+*%/>1*#+'1$1;"$,%.#)#,'1$<%2'$+").#73/':;"$,'1$#)*%/8/%2':?%1$
%)*/%$ '*"/%1$ #),#0#,3'#1$ %$ +"2%*#0"1F$ #)*%/%11',"1$ %$ '*3')*%1$ )%11%$ +'&<"F$ %$
<%2'1$ 23*'1$ */'0','1$ <"/$ %11%1$ '*"/%1$ '"$ ,#1<3*'/%&$ <"/$ <"1#:?%1$ 13<%/#"/%1$ )'$
+").#73/':;"$]ZBMvOM$%*$'2AF$^__Jd$UhOQ85VSiZ$%$RUhOYYF$IJJbaA

.,;5()1T)kl$%&5$m()."%&$&n&'$%oT)%"&$!'p()."&+"&%,.),#,/)"&n%&',#p5)."%&'01#)."%&6&4*$"f"(D"$9"8()i$>&8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

d0

<"/T)%'A$B$"(/'$,%$X"..&')$]^_c_F$^_f^a$%$,%$!"3+'32*$]^_`_F$^_b`aF$
%&("/'$*%)E'&$/'>C%1$*%=/#+'1$+")*/'1*')*%1$e$X"..&')F$,3/tE%#&#'8
)"F$ %$ !"3+'32*F$ <=18%1*/3*3/'2#1*'$ eF$ +"&<'/*#2E'&$ ,'$ </%"+3<':;"$
%&$+")1*/3#/$%L<2#+':?%1$<'/'$"$&","$+"&"$"1$#),#0>,3"1$1;"$%$'7%&$
)'1$1"+#%,',%1$+")*%&<"/T)%'1A$S)1*#*3#:?%1$1"+#'#1$+"&<%2%&$"1$#)8
,#0>,3"1$'$'113&#/%&$<'<G#1$1"+#'#1$'$%2'1$',%43',"1F$%$'$1"+#%,',%$
'$1%$&')*%/$#)*%7/','$]XU!!VBQF$^_c_aF$%$<"/$&%#"$,"$<",%/$,#18
+#<2#)'/$%$,"$(#"<",%/$+")1*/')7%&$'1$<%11"'1$'$1%/%&$)"/&'#1F$%$'$
1"+#%,',%$'$'3&%)*'/$13'$</",3*#0#,',%$)'1$.@(/#+'1F$)'$</",3:;"$,"$
1'(%/F$,%$1%/0#:"1$,%$1'P,%$]!U\WB\YiF$^_b`aA$R"/G&F$"1$#),#0>,3"1$
43%$'113&%&$<'<G#1$%$<"1#:?%1$%&$E#%/'/43#'1$1"+#'#1$)'1$,#.%/%)*%1$
#)*%/':?%1$ %&$ 43%$ 1%$ %)0"20%&F$ </"+3/'&$ '.#/&'/$ %$ </%1%/0'/$ 13'$
'3*")"&#'$%$,#7)#,',%$<%11"'2$,#')*%$,"$<",%/$,%$."/:'1$%1*/3*3/'#1F$
&%,#')*%$3&'$0'/#%,',%$,%$<%43%)'1$%1*/'*G7#'1$,%$/%1#1*-)+#'F$&%18
&"$43%$);"$+")1#7'&$"(*%/$3&$'3*","&>)#"$'(1"23*"$,%$1%31$'*"1$
]VBMiSQ5F$IJJbd$WUYYSQ5F$^__paA$
H','$ '$ <%/1<%+*#0'$ &#+/"11"+#"2=7#+'$ ,%$ ("'$ <'/*%$ ,%11%1$ %1*38
,"1$e$&%1&"$1%$'$,#&%)1;"$&#+/"11"+#'2$G$0#1*'$+"&"$/%.2%L"$,%$&'8
+/"%1*/3*3/'1$eF$"1$#)1*/3&%)*"1$*%=/#+"1$<"/$%2%1$,%1%)0"20#,"1$1;"$
<'/*#+32'/&%)*%$P*%#1$<'/'$"$%L'&%$,%$</"+%11"1$,%$#&<2%&%)*':;"$
,%$<"2>*#+'1$<P(2#+'1A$R",%&$1%/$3*#2#C',"1$<'/'$')'2#1'/$'1$/%2':?%1$
%)*/%$"1$/%1<")1@0%#1$,#/%*"1$<%2'$".%/*'$,%$(%)1$%$1%/0#:"1$<P(2#+"1$
%$(%)%.#+#@/#"1A$U3F$'#),'F$<'/'$"$%1*3,"$,%$(3/"+/'+#'1$7"0%/)'&%)8
*'#1$"3$#)1*#*3+#")'#1A$$
R%/1<%+*#0'1$ *%=/#+'1$ &3#*"$ #).23%)*%1$ )'$ ')@2#1%$ ,%$ <"2>*#+'1$
<P(2#+'1F$43%$'*/#(3%&$+'31'2#,',%$D1$&'+/"%1*/3*3/'1F$+")+%(%&$
+"&$#)1*#*3#:?%1$'1$/%7/'1F$+")0%):?%1$%$%L<%+*'*#0'1$,%$+"&"$'7#/A$
S)1*#*3#:?%1$ ,%.#)%&$ '1$ ':?%1$ +")1#,%/','1$ '</"</#','1$ %$ '1$ <"1#8
:?%1$ ,%$ #),#0>,3"1$ %$ 7/3<"1$ %&$ %1*/3*3/'1$ 1"+#'#1$ E#%/'/43#C','1F$
*/'*','1$+"&"$1#1*%&'1$&'+/"<"2>*#+"1F$+'&<"1F$1#1*%&'1$"3$13(8
1#1*%&'1$1%*"/#'#1$]ZUhYOii$%$MBVO5ZF$^__bd$VWWUUYF$^__bd$
UMMF$IJJfd$5B6BiSOMF$^_bbd$hUM5ZBVF$^__baA$$
U1$ &",%2"1$ ')'2>*#+"1$ )%"#)1*#*3+#")'2#1*'1$ 1;"$ </"0'0%2&%)*%$
E"9%$'$/%.%/-)+#'$*%=/#+'$&'#1$#&<"/*')*%$<'/'$"$%1*3,"$,%$<"2>*#+'1$

.,;5()1T)kl$%&5$m()."%&$&n&'$%oT)%"&$!'p()."&+"&%,.),#,/)"&n%&',#p5)."%&'01#)."%&6&4*$"f"(D"$9"8()i$>&8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

d3

<P(2#+'1A$O2%1$0#1'&$%)*%),%/$"$<'<%2$,'$'/43#*%*3/'$#)1*#*3+#")'2$e$
43%$%1*/3*3/'$'1$#)*%/':?%1$%$'1$*/')1':?%1$43%$'+")*%+%&$)'$'/%)'$
<"2>*#+'$e$)'$,%*%/&#)':;"$,%$/%132*',"1$1"+#'#1$%$<"2>*#+"1A$U$</%18
13<"1*"$+%)*/'2$G$"$,%$43%$'1$/%7/'1$#)1*#*3+#")'#1F$"1$</"+%,#&%)*"1$
%$'1$+")0%):?%1$&"2,'&$'1$</%.%/-)+#'1$#),#0#,3'#1$%$%1*#&32'&$"3$
2#&#*'&$'1$"<:?%1$,%$+"&<"/*'&%)*"$ ,%$ #),#0>,3"1$ %$ "/7')#C':?%1$
<"/$ &%#"$ ,%$ +%/*"1$ &%+')#1&"1$ ,%$ #)+%)*#0"$ "3$ ,%$ 1'):;"$ ]ZBYY$
%$ iBqYUMF$ ^__fd$ SVVOMX\iF$ ^__bd$ U5iMUVF$ IJJ`d$ 5WZBMR!F$
^__`aA$ U$ )%"#)1*#*3+#")'2#1&"$ 1"+#"2=7#+"$ *%&$ 3&'$ #)*%/2"+3:;"$
&'#1$ #)*%)1'$ +"&$ '$ 5"+#"2"7#'F$ )'$ &%,#,'$ %&$ 43%$ '+%)*3'$ "$ <'8
<%2$,"1$#&<%/'*#0"1$+32*3/'#1$)'$+")1*/3:;"$,%$<"2>*#+'1$<P(2#+'1$
]VSYYOM$%$6BQB5xBv8ZUYYF$IJJcaA$O)*/%*')*"F$'1$,#.%/%)*%1$'("/8
,'7%)1$)%"#)1*#*3+#")'2#1*'1$*-&$+/%1+%)*%&%)*%$/%+")E%+#,"$43%$"1$
'*"/%1F$'1$#)1*#*3#:?%1$+"&$'1$43'#1$%2%1$"<%/'&$%$"$1%)1"$+"&3&$43%$
#)."/&'$'$':;"$1;"$+"),#+#")',"1$<"/$#&<%/'*#0"1$+"7)#*#0"1$%$)"/8
&'*#0"1$]ZBYY$%$iBqYUMF$^__baA$
Q%1*'$1%:;"$."/'&$,%1*'+',"1$*/-1$*#<"1$,%$+")*/#(3#:;"$43%$'$5"8
+#"2"7#'$".%/%+%$<'/'$"$+'&<"$,'$')@2#1%$,%$<"2>*#+'1$<P(2#+'1r$'$43%$
%L'&#)'$"1$7/3<"1$1"+#'#1F$<'/*#+32'/&%)*%$'1$+"//%)*%1$43%$"1$*/'8
*'&$+"&"$}'7%)*%1~$43%$#).23%)+#'&$'$."/&':;"$%$#&<2%&%)*':;"$,%$
<"2>*#+'1d$'$43%$'+%)*3'$'$#&<"/*T)+#'$,"1$#&<%/'*#0"1$+32*3/'#1$43%$
<'/*#+#<'&$)'$</",3:;"$,'1$1#&%$%3/d$%$'$43%$/%11'2*'$'$/%2%0T)+#'$,'1$
%1*/3*3/'1$1"+#'#1$%$,'1$#)1*#*3#:?%1$)'$+")1*/3:;"$%$,%1%)0"20#&%)*"$
,%$<"2>*#+'1A$R"/G&F$)"$6/'1#2F$'1$<"2>*#+'1$<P(2#+'1$*'&(G&$*-&$1#,"$
%1*3,','1$)"$#)*%/#"/$,"$+'&<"$,#1+#<2#)'/$,'$5"+#"2"7#'F$,%$&","$
43%$'$+")*/#(3#:;"$,'$,#1+#<2#)'$0%/#.#+'81%$'#),'$)'$+")1*/3:;"$,%$
3&$+"/<31$,%$+")E%+#&%)*"$%&<>/#+"$1"(/%$'1$<"2>*#+'1$%$*%&'1$+"/8
/%2'*"1F$*'#1$+"&"F$O1*',"F$<"2>*#+'1$<P(2#+'1F$#)1*#*3#:?%1$%$,%&"+/'8
+#'F$+"&"$1%/@$0#1*"$'$1%73#/A$

.,;5()1T)kl$%&5$m()."%&$&n&'$%oT)%"&$!'p()."&+"&%,.),#,/)"&n%&',#p5)."%&'01#)."%&6&4*$"f"(D"$9"8()i$>&8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

dd

R"2>*#+'1$<P(2#+'1$)"$+%)*/"$,'$'7%),'$,%$<%143#1'1$,'$
5"+#"2"7#'$)"$6/'1#2$

Q"$6/'1#2F$1"&%)*%$'$<'/*#/$,"1$')"1$^__JF$'$5"+#"2"7#'$e$%$*'&(G&$
'$W#-)+#'$R"2>*#+'$e$#)+23#3$'1$<"2>*#+'1$<P(2#+'1F$%$"1$,%('*%1$*%=/#8
+"1$%1<%+>.#+"1$,%11%$+'&<"$,#1+#<2#)'/F$)"$+%)*/"$,%$13'$'7%),'$,%$
<%143#1'A$R'/',"L'2&%)*%F$'$5"+#"2"7#'$)"$6/'1#2$+")1*#*3#81%$#)#+#'28
&%)*%$+"&"$3&'$5"+#"2"7#'$R"2>*#+'F$</%"+3<','$+"&$'1$<"2>*#+'1$%$
+"&$"$</"+%11"$<"2>*#+"$]MOS5F$^__fd$5BYY\V$sMAF$IJJIaA$B<%)'1$,%8
<"#1$,'$&%*',%$,"1$')"1$^_fJ$G$43%$'$5"+#"2"7#'$%$'$W#-)+#'$R"2>*#+'$
+"&%:'/'&$'$1%/$%)1#)','1$+"&"$+'&<"1$,%$+")E%+#&%)*"$,#1*#)*"1A$$
5%73),"$ M%#1$ ]^__faF$ '$ );"$ ,#.%/%)+#':;"$ 0%/#.#+','$ ')*%/#"/&%)*%$
/%.2%*#'$'"$&%1&"$*%&<"$3&$('#L"$7/'3$,%$%1<%+#'2#C':;"$'+',-&#+'$
%$ 3&'$ 0#1;"$ '2*'&%)*%$ <"2#*#C','$ ,'$ 1"+#%,',%A$ O)7'9',"1$ )"$ </"8
9%*"$ +")1*/3:;"$ ,'$ )':;"$ %$ ,"$ O1*',"$ %F$ </#)+#<'2&%)*%$ ,%<"#1$ ,'$
1%73),'$&%*',%$,"1$')"1$^_fJF$+"&$'$</"&":;"$,"$,%1%)0"20#&%)*"$
]5BYY\V$sMAF$IJJIaF$"1$+#%)*#1*'1$1"+#'#1$(/'1#2%#/"1$</",3C#'&$3&'$
5"+#"2"7#'$<"2#*#C','A$U1$%1*3,"1$z1"(/%$%1*/'*#.#+':;"$%$&"(#2#,',%$
1"+#'2F$ 3/(')#C':;"F$ #),31*/#'2#C':;"F$ &#7/':;"$ /3/'283/(')'$ "3$ "38
*/"1$.%)N&%)"1$1"+#'#1$313'2&%)*%$'+%)*3'0'&$'1$#&<2#+':?%1$<"2>8
*#+'1$,"1$</"+%11"1$1"+#%*'#1{$]MOS5F$^__fF$<A$b^aA$
U$ '2*"$ 7/'3$ ,%$ <"2#*#C':;"$ ,"$ ,%('*%$ +"&(#)',"$ D$ 7/'),%$ #).238
-)+#'$ ,"$ V'/L#1&"F$ &%1&"$ 43%$ ,%$ 3&$ V'/L#1&"$ }%)/#43%+#,"~$
]5BYY\V$sMAF$IJJIF$<A$bpaF$%$'$/%1#1*-)+#'$'"$M%7#&%$V#2#*'/$.'0"/%8
+%/'&$D$</"2#.%/':;"$,%$#)*%/</%*':?%1$43%$+")1#,%/'0'&$'1$<"2>*#+'1$
<P(2#+'1$+"&"$%1*/3*3/'2&%)*%$"</%11#0'1$,'1$+2'11%1$13('2*%/)'1$"3$
.3)+#")'#1$D$&')3*%):;"$,"$/%7#&%$'3*"/#*@/#"$%$'$<%/&')-)+#'$%$/%8
</",3:;"$,"$1#1*%&'$+'<#*'2#1*'A$R"3+'$'*%):;"$%/'$,#/%+#")','$D1$/%8
7/'1$#)1*#*3+#")'#1F$'"1$#&<%/'*#0"1$)"/&'*#0"1$"3$+"7)#*#0"1F$D1$,#18
<3*'1$<"2>*#+'1$43%$"+"//%&$)"$#)*%/#"/$,"$'<'/%2E"$%1*'*'2$"3$D1$<"18
1#(#2#,',%1$ ,%$ %L#1*-)+#'$ ,%$ +")%L?%1$ %)*/%$ '*"/%1$ %1*'*'#1$ %$ 1"+#'#1A$
U$#)"0',"/$+")+%#*"$,%$')G#1$(3/"+/@*#+"1F$%&</%7',"$<"/$W'/,"1"$
]^_`IaF$<",%$1%/$%)*%),#,"$+"&"$&%+')#1&"$,%$2#7':?%1$,%$'*"/%1$%&$
/%,%A$i/'*'81%F$<"/G&F$,%$+")%L?%1$%1*'(%2%+#,'1$%)*/%$'$(3/"+/'+#'$

.,;5()1T)kl$%&5$m()."%&$&n&'$%oT)%"&$!'p()."&+"&%,.),#,/)"&n%&',#p5)."%&'01#)."%&6&4*$"f"(D"$9"8()i$>&8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

dS

%1*'*'2F$,"$7"0%/)"$"3$,%$13'1$%&</%1'1F$+"&$'$(3/"+/'+#'$,"$1%*"/$
</#0',"F$ %&</%1'1F$ 1#),#+'*"1F$ '7-)+#'1$ )'+#")'#1$ %$ #)*%/)'+#")'#1A$
O0%)*3'#1$/%2'+#")'&%)*"1$%)*/%$'*"/%1$%1*'*'#1$%$1"+#'#1$8$,'$1"+#%,'8
,%$+#0#2$e$1"&%)*%$<'11'/'&$'$1%/$',&#*#,"1$+"&"$<"11>0%#1$43'),"$
'("/,'7%)1$7/'&1+#')'1F$)"1$')"1$^_bJ$]WU\iSQZU$%$QUX\OSMBF$
^_bcd$XUVO5F$IJ^JaF$%)/#43%+%/'&$'1$')@2#1%1$</%,"&#)')*%&%)*%$
&'/L#1*'1$,"$O1*',"$%$,'1$<"2>*#+'1A$
Q"$6/'1#2F$'$+")1*#*3#:;"$,'$')@2#1%$,%$<"2>*#+'1$<P(2#+'1$+"&"$3&$
+'&<"$,%$+")E%+#&%)*"$%1<%+>.#+"$/%&")*'$'"$.#)'2$,"1$')"1$^__JA$B*G$
%)*;"F$ "(1%/0'0'81%$ 3&'$ ./'7&%)*':;"$ "/7')#C'+#")'2$ %$ *%&@*#+'F$ %&$
*"/)"$,%$<"3+"1$+%)*/"1$,%$</",3:;"$'+',-&#+'F$+"&$,%1*'43%$<'/'$"$
QP+2%"$,%$O1*3,"1$,%$R"2>*#+'1$RP(2#+'1F$.3),',"$%&$^_bIF$1"($'$+""/,%8
)':;"$,%$5")#'$H/'#(%F$93)*"$D$!'+32,',%$,%$O+")"&#'$,'$\QSWBVR$%$
93)*"$D1$z(3/"+/'+#'1$<P(2#+'1{$]VOYUF$^___F$<A$ffaA$R'11','$<"3+"$&'#1$
,%$3&'$,G+','F$%11'$'</%+#':;"$);"$<'/%+%$&'#1$/%*/'*'/$'$/%'2#,',%$,'$
@/%'$]!BMSBF$IJ^^aA$U$+'&<"$);"$'<%)'1$1%$#)1*#*3#3$+"&"$1%$%L<'),#3$
&3#*"A$ B$ &3,'):'$ ."#$ #&<321#")','F$ %)*/%$ "3*/'1$ /'C?%1F$ <%2"$ +/%1+#8
&%)*"$,%$)"0"1$<'/',#7&'1$*%=/#+"1$)'1$+#-)+#'1$1"+#'#1F$43%$/%,3C#/'&$'$
#&<"/*T)+#'$,'1$'("/,'7%)1$&'/L#1*'1F$%$<%2'$/%2%0T)+#'$43%$'113&#3$
)'$'7%),'$7"0%/)'&%)*'2$'$43%1*;"$,'$</"&":;"$,"$,%1%)0"20#&%)8
*"$ +")937',"$ '$ <"2>*#+'1$ 1"+#'#1$ ]HMBS6O$ %$ MSO5WUF$ IJJ_aA$ Z"30%$
*'&(G&$%L</%11#0"$'3&%)*"$,"1$%&</%7"1$)'$',&#)#1*/':;"$<P(2#+'$
"3$%&$"/7')#C':?%1$);"$7"0%/)'&%)*'#1$%$</#0','1#F$%1<%+#'2&%)*%$
)'43%2'1$%)0"20#,'1$)'$</"0#1;"$,%$1%/0#:"1$1"+#'#1A$R'/'2%2'&%)*%$'$
#11"$1%$"(1%/0"3$'$%L<')1;"$'+%2%/','$,'$."/&':;"$7/',3','$%$<=18
87/',3','$)'$@/%'$,%$<"2>*#+'1$<P(2#+'1$]!BMSBF$IJ^^aA$

K$ O&$^__IF$pFc$,'1$<%11"'1$"+3<','1F$+"&$,%C$')"1$"3$&'#1F$%1*'0'&$%&</%7','1$
)"$1%*"/$<P(2#+"F$%)43')*"$%&$IJJ`$"$<%/+%)*3'2$13(#3$<'/'$bFf$]S6XOF$RQBHF$
IJJbaA$Q"$%)*')*"F$E@$&3#*"$&'#1$<%11"'1$"+3<','1$%&$'*#0#,',%1$/%2'+#")','1$D$
</"0#1;"$,%$1%/0#:"1$"3$(%)1$<P(2#+"1F$3&'$0%C$43%$7/'),%$<'/*%$,%11'$</"0#1;"$G$
/%'2#C','$<"/$"/7')#C':?%1$,'$1"+#%,',%$+#0#2$%$,%$&%/+',"A$U1$<"1*"1$,%$*/'('2E"$
,"$7/3<'&%)*"$z%,3+':;"F$1'P,%F$1%/0#:"1$1"+#'#1F$',&#)#1*/':;"$<P(2#+'F$,%.%1'$
%$1%73/#,',%$1"+#'2{F$3*#2#C',"$<%2"$S6XO$]IJ^JaF$/%</%1%)*'0'&$I^Fc$,"$*"*'2$
,%$ <%11"'2$ "+3<',"F$ %&$ IJJ`F$ )"$ 6/'1#2A$ U$ 7/3<'&%)*"$ %1*'0'$ %)*/%$ "1$ 43%$
'</%1%)*'0'&$"1$&'#"/%1$)>0%#1$,%$/%),#&%)*"$%$*%0%$3&$'3&%)*"$,%$IF`$)"1$
<"1*"1$,%$*/'('2E"F$%)*/%$IJJc$%$IJJfA$

.,;5()1T)kl$%&5$m()."%&$&n&'$%oT)%"&$!'p()."&+"&%,.),#,/)"&n%&',#p5)."%&'01#)."%&6&4*$"f"(D"$9"8()i$>&8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

dg

B$ %L<')1;"$ '+%2%/','$ ,'1$ <"2>*#+'1$ <P(2#+'1$ )"$ 6/'1#2F$ )"1$ ')"1$


IJJJ$]!BMSBF$IJ^^aF$*%&$1%$</"+%11',"$+"&$'$<'/*#+#<':;"$,%$,#0%/8
1'1$,#1+#<2#)'1$+"//%2'*'1A$B$+2'11#.#+':;"$,%$@/%'1$,"$+")E%+#&%)*"$
,"$W")1%2E"$Q'+#")'2$,%$H%1%)0"20#&%)*"$W#%)*>.#+"$%$i%+)"2=7#+"$
]WQR4a$+")1#,%/'$'1$<"2>*#+'1$<P(2#+'1$+"&"$3&'$13(@/%'$,'$W#-)+#'$
R"2>*#+'A$H%$.'*"F$13'$#)1*#*3+#")'2#C':;"$&'#1$+")1#1*%)*%$"+"//%3$93)8
*"$'$%11'$@/%'$,#1+#<2#)'/F$E'9'$0#1*'$'$+/%1+%)*%$%1*/3*3/':;"$,'$@/%'$
*%&@*#+'$}O1*',"$%$R"2>*#+'1$RP(2#+'1~$93)*"$D$B11"+#':;"$6/'1#2%#/'$,%$
W#-)+#'$ R"2>*#+'A$ R"/G&F$ "$ Xi$ R"2>*#+'1$ RP(2#+'1$ ,'$ B11"+#':;"$ Q'8
+#")'2$,%$R=18X/',3':;"$%$R%143#1'$%&$W#-)+#'1$5"+#'#1$]BQRUW5aF$
%&$ .3)+#")'&%)*"$ ,%1,%$ IJJ^F$ *%&$ 1%$ +")1*#*3>,"$ +"&"$ 3&$ <"2"$
#//',#',"/$,"$,%('*%$#)*%/,#1+#<2#)'/$1"(/%$'$*%&@*#+'$]ZUWZVBQ$
%*$'22F$IJJ`aA$Q'$@/%'$,%$5"+#"2"7#'$."#$+/#',"$3&$Xi$,%$5"+#%,',%$%$
R"2>*#+'1$RP(2#+'1$)"$ygS$W")7/%11"$6/'1#2%#/"$,%$5"+#"2"7#'F$43%$1%$
/%'2#C'/@$ %&$ IJ^KA$ U$ +'/@*%/$ #)*%/,#1+#<2#)'/$ ,"$ *%&'$ &')#.%1*'81%$
*'&(G&$)'$,#1<%/1;"$,"1$+3/1"1$,%$<"2>*#+'1$%$,%$7%1*;"$<P(2#+'1$<%8
2'1$,#0%/1'1$@/%'1$,%$'0'2#':;"$,'$W'<%1$]WBRO5F$IJ^Ka$%$)"1$,#.%/%)8
*%1$,%<'/*'&%)*"1$,%$#)1*#*3#:?%1$,%$%)1#)"$13<%/#"/$%$,%$<%143#1'$
%)0"20#,'1$)'$,"+-)+#'$%$)'$#)0%1*#7':;"A$
B$5"+#"2"7#'$)"$6/'1#2$*%&$<'/*#+#<',"$,'$+")1"2#,':;"$,"$+'&<"$
,'1$<"2>*#+'1$<P(2#+'1$)"$<'>1F$%&("/'$'#),'$1%9'$#)+#<#%)*%$)"$'&8
(#%)*%$'+',-&#+"$,'$,#1+#<2#)'$'$+")937':;"$,'1$*%"/#'1$1"+#"2=7#+'1$
+")*%&<"/T)%'1$+"&$"1$,%('*%1$*%=/#+"1$,'$>#&%$F!2+(&F/%/A$Q"$%)8
*')*"F$+"&"$!2#71*%#)$%$V+B,'&$]IJ^Ia$"$,%&")1*/'/'&F$%11%$#1"2'8
&%)*"$,#1+#<2#)'/$);"$G$<%+32#'/#,',%$,'1$W#-)+#'1$5"+#'#1$)"$6/'1#2A$
o$3&'$+'/'+*%/>1*#+'$,"$&","$+"&"$1%$%1*/3*3/'/'&$'1$/%2':?%1$%)8
*/%$%11'1$,#1+#<2#)'1F$43%$1"&%)*%$'7"/'$0%&$1%),"$&",#.#+',"F$)"$
1%)*#,"$,%$#)*%7/'/$'("/,'7%)1$*%=/#+'1$1"(/%$"1$&%1&"1$.%)N&%)"1$
1"+#'#1$43%$1%$,%1%)0"20%/'&$,%$&","$<'/'2%2"A$
V%1&"$43%$3*#2#C'),"$/%+3/1"1$*%=/#+"1$43%$#)+"/<"/'&$2#&#*'8
,'&%)*%$ '1$ +")*/#(3#:?%1$ ,'$ >#&%$F! 2+(&F/%/F$ <'/+%2'$ +")1#,%/@0%2$
,'$ <%143#1'$ 1"+#"2=7#+'$ )"$ 6/'1#2$ %1*@$ 0"2*','$ '"$ %L'&%$ ,%$ *%&'1$
,#/%*'$"3$#),#/%*'&%)*%$/%2'+#")',"1$'"$+'&<"$,'1$<"2>*#+'1$<P(2#8
+'1A$ O0#,-)+#'1$ ,#11"$ 1;"$ '1$ 2#)E'1$ ,%$ <%143#1'$ ,"1$ </"7/'&'1$ ,%$

.,;5()1T)kl$%&5$m()."%&$&n&'$%oT)%"&$!'p()."&+"&%,.),#,/)"&n%&',#p5)."%&'01#)."%&6&4*$"f"(D"$9"8()i$>&8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

d]

<=187/',3':;"$,'$@/%'$,%$5"+#"2"7#'$%$"1$*/'('2E"1$'</%1%)*',"1$)"1$
W")7/%11"1$,'$5"+#%,',%$6/'1#2%#/'$,%$5"+#"2"7#'A$$
B$<=187/',3':;"$%L</%11'$"$%1*',"$,'$'/*%$,%$3&'$,#1+#<2#)'F$<"/8
43%$"1$*%&'1$43%$"/7')#C'&$"1$%1."/:"1$,%$<%143#1'1$%$'1$,#1+#<2#)'1$
&#)#1*/','1$ #),#+'&$ '1$ *%),-)+#'1$ %&$ *%/&"1$ ,%$ #)0%1*#7':;"$ %$ ,%$
."/&':;"$,%$</".#11#")'#1$E'(#2#*',"1$'$+'<'+#*'/$"3*/"1$</".#11#")'#1$
%&$)>0%2$,%$<=187/',3':;"$%$,%$7/',3':;"A$B$'0'2#':;"$,'$<=187/',38
':;"$%&$5"+#"2"7#'$%$W#-)+#'1$5"+#'#1$)'$W'<%1F$%&$IJ^KF$G$#)*%7/','$
<"/$cp$$</"7/'&'1$%&$W#-)+#'1$5"+#'#1F$%&$5"+#"2"7#'F$%&$5"+#"2"7#'$
R"2>*#+'F$%&$R2')%9'&%)*"$%$R"2>*#+'1$RP(2#+'1$%$%&$5"+#"2"7#'$%$B)8
*/"<"2"7#'A$B$')@2#1%$'43#$%&</%%),#,'$1"(/%$^JJ$2#)E'1$,%$<%143#1'1$
1%$/%.%/%$1"&%)*%$'$^b$R/"7/'&'1$,%$5"+#"2"7#'%$%$'$3&$,%$5"+#"2"7#'$
%$ B)*/"<"2"7#'A$ U$ "(9%*#0"$ ,%11'$ /%,3:;"$ ."#$ "$ ,%$ #1"2'/$ '$ %0%)*3'2$
,#1*"/:;"$43%$"$."+"$,#1+#<2#)'/$%&$W#-)+#'$R"2>*#+'$<",%/#'$</",3C#/A$
U$ X/@.#+"$ ^$ '</%1%)*'$ '$ ,#1*/#(3#:;"$ ,'1$ ^JJ$ 2#)E'1$ ,%$ <%143#1'$
<"/$II$*%&@*#+'1A$W"&"$3&'$2#)E'$<",%$'("/,'/$*%&'1$0'/#',"1F$c`$
2#)E'1$."/'&$+2'11#.#+','1$%&$3&'$P)#+'$+'*%7"/#'$*%&@*#+'F$&'1$KK$
."/'&$+2'11#.#+','1$%&$,3'1F$1%*%F$%&$*/-1$%$*/-1$%&$43'*/"$*%&'1$,%$
#)0%1*#7':;"$,#.%/%)*%1F$<%/.'C%),"$3&$*"*'2$,%$^cf$+2'11#.#+':?%1A$U$
*%&'$}O1*',"F$R"2>*#+'1F$S)1*#*3#:?%1$%$H%&"+/'+#'~F$,#/%*'&%)*%$/%2'8
+#")',"$ D1$ <"2>*#+'1$ <P(2#+'1F$ ."#$ "$ &'#1$ ./%43%)*%F$ </%1%)*%$ %&$ II$
,'1$^JJ$2#)E'1$')'2#1','1A$Q"1$^_$RRX1$%L'&#)',"1F$."#$"$*%&'$&'#1$
/%+"//%)*%F$ %)+")*/',"$ %&$ ^f$ ,%2%1A$ 5%$ +")1#,%/'/&"1$ 43%$ }O+")"8
&#'F$H%1%)0"20#&%)*"~$%1*@$&3#*"$/%2'+#")',"$D1$<"2>*#+'1$<P(2#+'1F$
*%/>'&"1$$'$</%1%):'$,'$43%1*;"$%&$^b$,"1$^_$RRX1A$W")1#,%/%81%$'#)8
,'$43%F$,','$'$*/')10%/1'2#,',%$,"$*%&'$<"2>*#+'1$<P(2#+'1F$G$<"11>0%2$
13<"/$43%$'$43%1*;"$1%9'$'("/,','$%&$%1*3,"1$/%'2#C',"1$%&$"3*/'1$
2#)E'1$,%$<%143#1'A$

p$ 5;"$ cp$ R/"7/'&'1$ '*#0"1$ %$ "$ R/"7/'&'$ ,%$ 5"+#"2"7#'$ R"2>*#+'1$ ,'$ \!VXF$ %&$
%L*#):;"A$$$
c$ 5;"$^_$R/"7/'&'1$,%$5"+#"2"7#'F$&'1$)"$&"&%)*"$,'$<%143#1'$"$1#*#"$)'$#)*%/)%*$
,"$R/"7/'&'$,'$\!VX$%1*'0'$#)'+%11>0%2A$

.,;5()1T)kl$%&5$m()."%&$&n&'$%oT)%"&$!'p()."&+"&%,.),#,/)"&n%&',#p5)."%&'01#)."%&6&4*$"f"(D"$9"8()i$>&8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

d`

/Ci[?E7& :<& +?@AC?WJ?Vq7& DB@& 8?H\B@& D=& a=@cJ?@B& D7@& 'C7FCBMB@& D=& 'g@P/CBDJBVq7& =M& %7E?787F?B& =&
%7E?787F?B&=&"HAC7a787F?B&a7C&KK&A=MB@&D=&?H>=@A?FBVq7&N&1CB@?8-&K9:L&&

!")*%r$ 5#*%1$ ,"1$ ^b$ RRX1$ %&$ 5"+#"2"7#'$ %$ ,"$ RRX$ %&$ 5"+#"2"7#'$ %$ B)*/"<"2"7#'$ ,'$ l/%'$ ,%$
B0'2#:;"$W'<%1$}5"+#"2"7#'$%$W#-)+#'1$5"+#'#1~F$%&$IJ^KA$$

U$X/@.#+"$I$&"1*/'$'$,#1*/#(3#:;"F$<"/$II$*%&@*#+'1F$,"1$c^K$*/'('8
2E"1$'</%1%)*',"1$%&$X/3<"1$,%$i/'('2E"1$]Xi1a&'$,3/')*%$"$yg$W")8

f$ XiJ^r$B$43%1*;"$'7/@/#'$)"$6/'1#2$+")*%&<"/T)%"r$/%,%.#)#:?%1$*%=/#+'1$%$,#2%&'1$
<"2>*#+"1d$XiJIr$W#-)+#'F$*%+)"2"7#'$%$#)"0':;"$1"+#'2d$XiJKr$W").2#*"1$1"+#"'&(#%)8
*'#1d$XiJpr$W")13&"$%$W#,',')#'d$XiJcr$H%1#73'2,',%$%$O1*/'*#.#+':;"$5"+#'2d$XiJ`r$
O,3+':;"$%$5"+#%,',%d$XiJfr$O+")"&#'$1"+#'2$%$1"2#,@/#'r$'2*%/)'*#0'1$,%$*/'('2E"F$
<'/*#+#<':;"$%$&"(#2#C':;"$+"2%*#0'd$XiJbr$O,3+':;"$53<%/#"/$)'$5"+#%,',%$+")*%&8
<"/T)%'d$XiJ_r$O)1#)"$,%$5"+#"2"7#'d$Xi^Jr$X%/':?%1$%$W")*%&<"/')%#,',%d$Xi^^r$
V%&=/#'$%$5"+#%,',%d$Xi^Ir$V%/+',"1$S2>+#*"1$%$R/"+%11"1$,%$W/#&#)'2#C':;"r$,%8
1'.#"1$ &%*","2=7#+"1d$ Xi^Kr$ V"0#&%)*"1$ 5"+#'#1$ )'$ '*3'2#,',%r$ /%+").#73/':?%1$
,'1$</@*#+'1$%$)"0"1$,%1'.#"1$*%=/#+"1d$$Xi^pr$V"0#&%)*"1$1"+#'#1F$"/7')#C':?%1$,%$
/%</%1%)*':;"$%$23*'1$<"/$,#/%#*"1$)"$+'&<"d$Xi^cr$Q"0'1$+").#73/':?%1$,"$*/'('2E"$
)"1$%1<':"1$3/(')"$%$/3/'2d$Xi^fr$Q"0'1$5"+#"2"7#'1r$<%143#1'1$#)*%/1%++#")'#1$.%8
&#)#1*'1F$<=18+"2")#'#1$%$43%%/d$Xi^`r$U+3<':?%1$%$</".#11?%1d$Xi^br$R%)1'&%)*"$
5"+#'2$)"$6/'1#2d$Xi^_r$M%2#7#;"$%$V",%/)#,',%d$XiIJr$5'P,%$%$5"+#%,',%d$XiI^r$
5%7/%7':;"$1"+#'2F$<"2>*#+'1$<P(2#+'1$%$,#/%#*"1$E3&')"1d$XiIIr$5%L3'2#,',%1F$+"/8
<"/'2#,',%1$%$*/')17/%11?%1d$XiIKr$5"+#"2"7#'$,'$B/*%d$XiIpr$5"+#"2"7#'$,'$W32*38
/'d$XiIcr$5"+#"2"7#'$,"$+")E%+#&%)*"$%$&%*","2"7#'1$43'2#*'*#0'1d$XiIfr$5"+#"2"8
7#'$,"$%1<"/*%d$XiI`r$5"+#"2"7#'$%$S&'7%&d$XiIbr$5"+#"2"7#'$%$s30%)*3,%r$43%1*?%1$
%$%1*3,"1$+")*%&<"/T)%"1d$XiI_r$5"+#"2"7#'$O+")N&#+'d$XiKJr$i%"/#'$1"+#"2=7#+'d$
XiK^r$i/'('2E"F$5#),#+'2#1&"$%$B:?%1$W"2%*#0'1d$XiKIr$g#"2-)+#'$%$5"+#%,',%A$$

.,;5()1T)kl$%&5$m()."%&$&n&'$%oT)%"&$!'p()."&+"&%,.),#,/)"&n%&',#p5)."%&'01#)."%&6&4*$"f"(D"$9"8()i$>&8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

da

7/%11"$6/'1#2%#/"$,%$5"+#"2"7#'A$i'&(G&$)%1*%$+'1"F$+"&"$"1$*/'('2E"1$
<",#'&$*%/$#)*%/.'+%1$+"&$*%&'1$0'/#',"1F$I`J$."/'&$+2'11#.#+',"1$%&$
3&'$P)#+'$+'*%7"/#'$*%&@*#+'F$I^c$%&$,3'1F$I`$%&$*/-1F$3&$%&$43'*/"F$
%&$3&$*"*'2$,%$`bc$+2'11#.#+':?%1A$U$*%&'$}O1*',"F$R"2>*#+'1F$S)1*#*3#8
:?%1$%$H%&"+/'+#'~$."#$"$43'/*"$&'#1$./%43%)*%&%)*%F$</%1%)*%$%&$`^$
,"1$c^K$*/'('2E"1F$1%),"$13<%/',"$<%2'1$*%&@*#+'1$}W32*3/'~F$}S,%)*#,'8
,%F$M':'F$X-)%/"F$Q'+#")'2#,',%F$V#7/':?%1~$%$}i/'('2E"F$5#),#+'2#1&"F$
R/".#11?%1~F$%)+")*/','1$%&$bJF$`p$%$`I$,"1$%1*3,"1F$/%1<%+*#0'&%)*%A$
O)*/%*')*"F$'7/%7'),"81%$'1$+'*%7"/#'1$}O1*',"F$R"2>*#+'1F$S)1*#*3#:?%1$%$
H%&"+/'+#'~$%$}O+")"&#'$%$H%1%)0"20#&%)*"~F$'$*%&@*#+'$%1*'/#'$</%8
1%)*%$%&$^^f$*/'('2E"1$]^KI$+2'11#.#+':?%1F$&%)"1$^f$*/'('2E"1$+2'11#8
.#+',"1$)'1$,3'1$+'*%7"/#'1aA$W"&"$'$%&%)*'$%$'$,%)"&#)':;"$,%$Xi1$
*%),%&$'$#),3C#/$"1$'3*"/%1$'$'</%1%)*'/$*/'('2E"1$43%$'$%2'1$1%$+")8
."/&%&F$</"0'0%2&%)*%$'$<'/*#/$,"$</=L#&"$W")7/%11"F$+"&$'$+/#':;"$
,"$ Xi$ 5"+#"2"7#'$ %$ R"2#*#+'1$ RP(2#+'1F$ +/%1+%/@$ '$ </"<"/:;"$ ,%$ '</%8
1%)*':?%1$,%$%1*3,"1$1"(/%$<"2>*#+'1$<P(2#+'1A$V'1$1%$#11"$/%'2&%)*%$
'+")*%+%/@F$1"&%)*%$1'(%/%&"1$.3*3/'&%)*%A$

/Ci[?E7&K<&+?@AC?WJ?Vq7&D7@&ACBWB8\7@&BaC=@=HABD7@&H7@&/5@&D7&DJCBHA=&7&r*&.7HFC=@@7&1CB@?8=?C7&
D=&%7E?787F?B-&a7C&KK&A=MB@&D=&?H>=@A?FBVq7&N&1CB@?8-&K9::&&

!")*%r$5#*%$,"$yg$W")7/%11"$6/'1#2%#/"$,%$5"+#"2"7#'F$IJ^KA$

.,;5()1T)kl$%&5$m()."%&$&n&'$%oT)%"&$!'p()."&+"&%,.),#,/)"&n%&',#p5)."%&'01#)."%&6&4*$"f"(D"$9"8()i$>&8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

S1

B$+")+%)*/':;"$,%$<%143#1'1$%&$43%1*?%1$/%2'+#")','1$D$%1.%/'$,'$
<"2>*#+'$+E'&'$'$'*%):;"A$V%1&"$);"$*/'*'),"$,#/%*'&%)*%$,%$}<"2>8
*#+'1$ <P(2#+'1~F$ '$ 5"+#"2"7#'$ )"$ 6/'1#2$ +"2'("/'$ +"&$ '$ +")1"2#,':;"$
,%11%$+'&<"$,%$%1*3,"1$'"$#)0%1*#7'/$"(9%*"1$."/*%&%)*%$/%2'+#")',"1$
'$<"2>*#+'1$1%*"/#'#1F$*'#1$+"&"$"$*/'('2E"F$'1$</".#11?%1F$'$%,3+':;"F$
'$0#"2-)+#'F$'$+#-)+#'$%$*%+)"2"7#'F$'$1'P,%F$"$&%#"$'&(#%)*%F$"$/3/'2$
%$"$3/(')"A$B2G&$,#11"F$*')*"$)'1$2#)E'1$,%$<%143#1'$,"1$R/"7/'&'1$
,%$R=18X/',3':;"$+"&"$)"1$*/'('2E"1$'</%1%)*',"1$)"$W")7/%11"$,'$
565$,%$IJ^^F$E@$*%&'1$,%$<%143#1'$1"+#"2=7#+'$*/')10%/1'#1$43%$*/'8
*'&$ ,'$ +"%1;"$ 1"+#'2F$ '#),'$ 43%$ 1%7&%)*','F$ %$ ,'$ %1*/3*3/':;"$ ,'1$
1"+#%,',%1$ %&$ %1*/'*"1$ E#%/'/43#C',"1F$ *'#1$ +"&"$ '1$ ,%1#73'2,',%1$
%$'$%1*/'*#.#+':;"$1"+#'2F$'$&"(#2#,',%$1"+#'2F$'1$#,%)*#,',%1$1"+#'#1F$
1%9'&$%2'1$/%2'+#")','1$D1$+2'11%1$1"+#'#1F$D$/':'F$'"$7-)%/"$"3$D1$)'8
+#")'2#,',%1F$+39"$"$%L'&%$G$#),#1<%)1@0%2$<'/'$'$')@2#1%$,%$<"2>*#+'1$
<P(2#+'1A$

W")+231?%1$

U$'/*#7"$*/'*"3$,'$+")*/#(3#:;"$,'$5"+#"2"7#'$<'/'$'$')@2#1%$,%$<"2>8
*#+'1$<P(2#+'1A$H%1*'+"3$'$#&<"/*T)+#'$,"1$/%+3/1"1$*%=/#+"1$43%$'$,#18
+#<2#)'$".%/%+%$'"$."+'2#C'/$%&$1%31$%1*3,"1$"$<"2"$1"+#%*'2$,'1$/%2':?%1$
%)*/%$O1*',"$%$1"+#%,',%A$O&("/'$*%)E'&$1#,"$&%)+#")','1$'1$/'>C%1$
+2@11#+'1$,"1$%1*3,"1$43%$*/'*'&$,"1$7/3<"1$1"+#'#1F$,"1$#&<%/'*#0"1$
+32*3/'#1$%$,'1$#)1*#*3#:?%1$%$%1*/3*3/'1$1"+#'#1F$'$')@2#1%$,%1*'+"3$'1$
<%/1<%+*#0'1$ +")*%&<"/T)%'1A$ !"/'&$ /%11'2*','1$ *'&(G&$ '1$ +")0%/8
7-)+#'1$%)*/%$*%"/#'1$1"+#"2=7#+'1$+")*%&<"/T)%'1F$"$)%"#)1*#*3+#")'8
2#1&"$ 1"+#"2=7#+"$ %$ '1$ *%"/#'1$ ,'$ ."/&':;"$ ,'$ '7%),'$ )'$ &%,#,'$ %&$
%11'1$'("/,'7%)1$*%=/#+'1$*-&$+E'&',"$'*%):;"$<'/'$"1$</"+%11"1$,%$
2%7#*#&':;"$1"+#'2$,%$,%*%/&#)','1$."/&'1$,%$+")+%(%/$%$%L<2#+'/$</"8
(2%&'1$%$,%$+")1#,%/'/$&"/'2&%)*%$'+%#*@0%#1$+%/*'1$':?%1$%$<"2>*#+'1A$
U(1%/0"381%$'#),'$43%$"(9%*"1$,%$<%143#1'$/%2'+#")',"1$D1$<"2>8
*#+'1$<P(2#+'1$*-&$237'/$/%2%0')*%$)'$'7%),'$,%$<%143#1'1$,'$5"+#"8
2"7#'$)"$6/'1#2A$W")1*'*"381%$43%$*%&'1$+"&"$}O1*',"F$R"2>*#+'1F$S)18
*#*3#:?%1$ %$ H%&"+/'+#'~$ %$ }O+")"&#'$ %$ H%1%)0"20#&%)*"~$ '<'/%+%&$

=>:+9?.!(=.9+@>+=.!A>!9B#+B@B6+.!C!./3!DEF!:3,!DEF!G3H!DE!C!-",.-/'.0123
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

S2

/%+"//%)*%&%)*%$*')*"$)'1$2#)E'1$,%$<%143#1'$,"1$R/"7/'&'1$,%$R=18
8X/',3':;"$%&$5"+#"2"7#'F$%&$IJ^KF$+"&"$%)*/%$"1$*/'('2E"1$43%$."8
/'&$'</%1%)*',"1$)"$yg$W")7/%11"$6/'1#2%#/"$,%$5"+#"2"7#'F$%&$IJ^^A$
U1$%1*3,"1$1"+#"2=7#+"1$1"(/%$<"2>*#+'1$<P(2#+'1$);"$1;"$'0'2#':?%1$
,%$}<"2>*#+'1~r$1;"$')@2#1%1$,'$1"+#%,',%$%$,"$O1*',"$%$,'1$/%2':?%1$1"8
+#'#1$%$<"2>*#+'1A$W"&"$*'2F$);"$</",3C%&$/%+"&%),':?%1$"3$</"<"18
*'1$'+'(','1$,%$1"23:;"$<'/'$}</"(2%&'1~$#,%)*#.#+',"1$<"/$7%1*"/%1$
"3$ ')'2#1*'1$ ,%$ <"2>*#+'1$ <P(2#+'1$ "3$ "/7')#C':?%1A$ 5%31$ </#)+#<'#1$
"(9%*#0"1$ 1;"$ "1$ ,%$ ,%1+/%0%/F$ %L<2#+'/$ "3$ +"&</%%),%/$ "(9%*"1$ 1"($
<%/1<%+*#0'1$*%=/#+'1$,'$5"+#"2"7#'A$O)*/%*')*"F$1;"$%L'*'&%)*%$%11%1$
%1*3,"1$43%$*-&$'$+'<'+#,',%$,%$</",3C#/$')@2#1%1$1"(/%$'$/%'2#,',%$
1"+#'2$%$<"2>*#+'$43%F$%&$'273&'$&%,#,'F$/%+")1*#*3'&$'$+"&<2%L#8
,',%$,%$)"11'1$1"+#%,',%1$".%/%+%),"$'11#&$'"1$')'2#1*'1$%$7%1*"/%1$
,%$<"2>*#+'1$<P(2#+'1$#)."/&':?%1$%$#)*%/</%*':?%1$1"(/%$*'2$/%'2#,',%$
43%$<%/&#*'&$'"1$&%1&"1$.'C%/$%1+"2E'1$+")1#1*%)*%1$1"(/%$'1$<"2>*#8
+'1$1"(/%$'1$43'#1$*-&$<",%/$,%+#1=/#"A$

M%.%/-)+#'1

6MxOYF$ iA$ ]^__baF$ zU/7')#C#)7$ 6'(j2")r$ ")$ *E%$ H#.%/%)*$ W")+%<8


*#")1$".$R"2#+j$Q%*n"/t1{A$$>;8&%$!26*%+%/,-(,%#+K$0A$`fF$)A$IF$<<A$IcK8
I`KA$

6U\MHSO\F$RA$]^_b_aF$T!1#63-!/%*8D&%$#H!Y#1("'r$H#.%2[6%/*/'),A$

92G>Y@RRFsAYA$]IJJIaFZ)63(/K!>#&%,%$/K!(+6!>;8&%$!>#&%$F[H!2++;(&!M3B%3?!
#.!"#$%#&#'FF$0A$IbF$<<A$I^8KbA

WBMHU5UF$!%/)'),"$Z%)/#43%A$]^_`caF$B3*"/#*'/#1&"$%$H%&"+/'*#8
C':;"A$M#"$,%$s')%#/"r$R'C$%$i%//'A$

WBRO5F$ ]IJ^KaA$ V32*#,#1+#<2#)'/r$ S)*%/,#1+#<2#)'/r$ W#-)+#'1$ Z3&'8


)'1F$ W#-)+#'$ Z3&')'1$ %$ 5"+#'#1F$ W#-)+#'1$ 5"+#'#1$ B<2#+','1$ %$ W#8
-)+#'1$5"+#'#1$%$Z3&')'1$E**<r[[+")*%3,"n%(A+'<%1A7"0A(/[+")*%38
,"n%([R/"9%*"M%2'+'"W3/1"15%/02%*|'+'"<%143#1'/S%1+",#7"B/%
'_J^JJJJJ,%1+/#+'"B/%'V\YiSHS5WSRYSQBM,%1+/#+'"B/
%'W")E%+#&%)*"SQiOMHS5WSRYSQBM,%1+/#+'"B/%'B0'2#'+'"S
QiOMHS5WSRYSQBMd$ W#-)+#'1$ Z3&')'1r$ W#-)+#'$ R"2>*#+'F$ 5"+#"2"8

.,;5()1T)kl$%&5$m()."%&$&n&'$%oT)%"&$!'p()."&+"&%,.),#,/)"&n%&',#p5)."%&'01#)."%&6&4*$"f"(D"$9"8()i$>&8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

S0

7#'$ E**<r[[+")*%3,"n%(A+'<%1A7"0A(/[+")*%3,"n%([R/"9%*"M%2'+'"W3/1"15
%/02%*|'+'"<%143#1'/B/%'+",#7"X/'),%B/%'`JJJJJJJ,%1+/#+'"X/'
),%B/%'WSWBQWSB5Z\VBQB5$U)$Y#)%A$B+%11"$%&$^p$,%$'(/#2$
,%$IJ^KA$

WB5iOYY5F$VA$]^___aF$"#$%36(63!3*!-363H!2!3-(!6(!%+.#-*(45#P!3$#7
+#*%(K!/#$%36(63!3!$;&,;-(A$5;"$R'32"r$R'C$%$i%//'A

WUZOQF$sA$]IJJKaF$z5"+#%,',%$+#0#2$%$72"('2#C':;"r$/%<%)1'),"$+'*%8
7"/#'1{A$\(6#/!A!M3B%/,(!63!9%J+$%(/!"#$%(%/K!0A$pfF$)A$KF$<<A$p^_8pc_A

WUZOQF$sAd$BMBiUF$BA$]^__IaF$9%B%&!/#$%3,F!(+6!1#&%,%$(&!,03#-FA$W'&8
(/#,7%r$VSi$R/%11A

WUYYSQ5F$ MA$ ]^__paF$ N#;-! "#$%#&#'%$(&! =-(6%,%#+/H$ UL."/,r$ UL."/,$


\)#0%/1#*j$R/%11A

WUMiO5F$5AgA$]1[,aA$z5"+#"2"7#'$%$R"2>*#+'1$RP(2#+'1{A$S)r$VBMk\O5F$
OAd$!BMSBF$WABA$]"/71AaA$B$<"2>*#+'$<P(2#+'$+"&"$+'&<"$&32*#,#1+#<2#8
)'/A$Q"$</%2"A

WUMiO5F$5AgAd$YSVBF$YAYA$$$]IJ^IaF$B$+")*/#(3#:;"$,'$1"+#"2"7#'$<'/'$
'$')@2#1%$,%$<"2>*#+'1$<P(2#+'1A$R;(!E#B(F$$5;"$R'32"F$$)A$b`A$$$

WU\iSQZUF$WAQAd$QUX\OSMBF$VA$]%,1AaA$]^_bcaF$L-(*/$%!3!(!2*]-%7
$(!R(,%+(A$M#"$,%$s')%#/"r$R'C$%$i%//'A

HSVBXXSUF$ RA$ ]^__pAaFzW32*3/%$ '),$ %+")"&j{A$ S)r$ 5VOYOMF$ QAd$


5hOOH6OMXF$MA$]"/71AaA$$Q(+68##C!#.!@$#+#*%$!"#$%#&#'FH!R/#)+%*")F$
Qsr$R/#)+%*")$\)#0%/1#*j$R/%11A$

HMBS6OF$5AVAd$MSO5WUF$VA$]IJJ_aF$@&!@/,(6#!63!Y%3+3/,(-!"#$%(&!3+!
2*]-%$(! R(,%+(H! ^*(! +;3B(! 3/,-(,3'%(! 63! 63/(--#&&#H$ V',/#,r$ !3)8
,'+#=)$W'/"2#)'A$

OYSB5F$ QA$ ]^__paF$ 2! /#$%36(63! 6#/! %+6%BU6;#/H$ M#"$ ,%$ s')%#/"r$ s"/7%$
x'E'/A

OVSM6BqOMF$VA$]^__`aF$zV')#.%1*"$."/$'$M%2'*#")'2$5"+#"2"7j{A$=03!
2*3-%$(+!_#;-+(&!#.!"#$%#&#'FF$0A$^JKF$)A$IF$<<A$Ib^8K^`A

!BMSBF$WABARA$]IJJKaF$zS,G#'1F$W")E%+#&%)*"$%$R"2>*#+'1$RP(2#+'1r$\&$
S)0%)*@/#"$53+#)*"$,'1$R/#)+#<'#1$g%/*%)*%1$B)'2>*#+'1$M%+%)*%1{A$M37
B%/,(!Y-(/%&3%-(!63!9%J+$%(/!"#$%(%/K!0A$^bF$)A$c^F$<<A$I^8KJA

.,;5()1T)kl$%&5$m()."%&$&n&'$%oT)%"&$!'p()."&+"&%,.),#,/)"&n%&',#p5)."%&'01#)."%&6&4*$"f"(D"$9"8()i$>&8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

S3

!BMSBF$WABARA$$]IJ^^aF$zS&<2%&%)*':;"r$'#),'$"$}%2"$<%/,#,"~$,'$B)@8
2#1%$,%$R"2>*#+'1$RP(2#+'1$)"$6/'1#2|{$i/'('2E"$'</%1%)*',"$)"$Kc$O)8
+")*/"$B)3'2$,'$BQRUW5A$Xi$R"2>*#+'1$RP(2#+'1A$W'L'&(3A$$

!OYHF$ 5AYA$ ]IJJIaF$ zU)$ *E%$ %&%/7%)+%$ ".$ 1"+#'2$ )"/&1{A$ 9#+,3*1#7
-(-F!"#$%#&#'FF$0A$K^F$)A$fF$<<A$fKb8fpJA$

!YSX5iOSQF$QAd$VWBHBVF$HA$]IJ^IaF$2!=03#-F!#.!N%3&6/A$Q%n$q"/tr$
UL."/,$\)#0%/1#*j$R/%11A

!SX\OSMOHUF$BA$YA$gA$]IJJbaF$zU$W'&#)E"$k3#2"&("2'r$S)*%/</%*':;"$
+")1*#*3+#")'2$%$/%+")E%+#&%)*"$,%$,#/%#*"1$G*)#+"1{A$i%1%$,%$H"3*"8
/',"A$M#"$,%$s')%#/"r$S\RMsA$

!U\WB\YiF$VA$]^_b`aF$`%'%(-!3!>;+%-P!E(/$%*3+,#!6(!1-%/5#A$M#"$,%$
s')%#/"r$g"C%1A

!U\WB\YiF$VA]^_`_aF$G%$-#.U/%$(!6#!1#63-A$M#"$,%$s')%#/"r$X/''2A

!MB5OMF$QA$]IJJ^aF$zH'$/%,#1*/#(3#:;"$'"$/%+")E%+#&%)*"|$H#2%&'1$
,'$ 931*#:'$ )'$ %/'$ R=181"+#'2#1*'{A$ S)r$ 5U\xBF$ sA$ ]"/7aA$ \3*#$-($%(!
0#a3A$6/'1>2#'r$\)6A

XSHHOQ5F$BA$]^_b_aF$2!$#+/,%,;%45#!6(!/#$%36(63A$5;"$R'32"r$V'/*#)1$
!")*%1A

XU!!VBQF$ OA$ $ ]^_f^aF$ 2/F&;*/P! @//(F/! #+! ,03! "#$%(&! "%,;(,%#+! #.!
G3+,(&!>(,%3+,/!(+6!T,03-!)+*(,3/H!Q%n$q"/tr$H"3(2%,'j$B)+E"/A

XU!!VBQF$OA$]^_c_aF$=03!>-3/3+,(,%#+!#.!"3&.!%+!@B3-F6(F!R%.3A$Q%n$
q"/tr$B)+E"/$6""t1A$

XUVO5F$gAUA$]IJ^JaF$U1$#)*G/</%*%1$,%$X/'&1+#$)"$6/'1#2r$3&$%1*3,"$
1"(/%$'$'</"</#':;"$,"$+")+%#*"$,%$/%0"23:;"$<'11#0'A$W"&3)#+':;"$
5%&#)@/#"$S)*%/)'+#")'2$}X'&1+#$%$"1$V"0#&%)*"1$R"<32'/%1~A$Q#*%8
/=#F$!O\!!A

XMBV5WSF$BA$]IJJpaF$9(63-+#/!6#!9:-$3-3H$M#"$,%$s')%#/"r$W#0#2#C'8
:;"$6/'1#2%#/'A$

ZB6OMVB5F$ sA$ ]^_b_aF$ =03! ",-;$,;-(&! =-(+/.#-*(,%#+! #.! ,03! >;8&%$!


"103-3H$W'&(/#,7%r$VSi$R/%11A$

ZBYYF$RAd$iBqYUMF$MA$]^__faF$zR"2#*#+'2$5+#%)+%$'),$*E%$iE/%%$Q%n$
S)1*#*3*#")'2#1&1{A$>#&%,%$(&!",;6%3/K$0A$ppF$)A$KF$<<A$_Kfe_c`A

.,;5()1T)kl$%&5$m()."%&$&n&'$%oT)%"&$!'p()."&+"&%,.),#,/)"&n%&',#p5)."%&'01#)."%&6&4*$"f"(D"$9"8()i$>&8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

Sd

ZBMvOMF$MAF$VBZBMF$WAF$hSYvO5F$WA$]^__JaF$2+!)+,-#6;$,%#+!,#!,03!
<#-C! #.! >%3--3! Y#;-6%3;P! ,03! 1-($,%$3! #.! ,03#-FH$ Y"),/%1r$ V'+&#22')$
R/%11A

ZUWZVBQF$XAF$BMMOiWZOF$VAF$VBMk\O5F$O$]%,1AaA$]IJJ`aF$R"2>*#8
+'1$RP(2#+'1$)"$6/'1#2A$M#"$,%$s')%#/"r$O,#*"/'$!#"+/3CA$

ZUQQOiZF$BA$]IJJKaF$R;,(!1#-!M3$#+03$%*3+,#P!(!'-(*:,%$(!*#-(&!
6#/!$#+.&%,#/!/#$%(%/H!5;"$R'32"r$O,A$KpA$

ZUhYOiiF$ VAd$ MBVO5ZF$ VA$ ]^__baF$ zR"2#+j$ 13(1j1*%&$ +").#73/'8


*#")1$'),$<"2#+j$+E')7%r$"<%/'*#")'2#C#)7$*E%$<"1*<"1#*#0#1*$')'2j1#1$
".$*E%$<"2#*#+1$".$*E%$<"2#+j$</"+%11{A$>#&%$F!",;6%3/!_#;-+(&K$0A$IfF$)A$
KF$<<Apff8pb^A

SVVOMX\iF$OA$]^__baF$ziE%$iE%"/%*#+'2$W"/%$".$*E%$Q%n$S)1*#*3*#")8
'2#1&{A$>#&%,%$/!(+6!"#$%3,FF$0A$IfF$)A$^F$<<A$c8KpA

SQXMBVF$ ZAd$ 5WZQOSHOMF$ BA$ YAd$ HOYOUQF$ RA$ ]IJJ`aF$ z5"+#'2$ +")8
1*/3+*#")$'),$<"2#+j$,%1#7){A$S)r$5B6BiSOMF$RA$BA$]"/7AaA$=03#-%3/!#.!
,03!1#&%$F!1-#$3//H$W'&(/#,7%F$VBr$h%1*0#%n$R/%11A$

b)EL\TEF$sA$hA$]cddefK! $ 2'3+6(/F$ 2&,3-+(,%B3/!(+6!>;8&%$!>#&%$%3/H$Q%n$


q"/tr$B,,#1")F$h%12%j$Y")7&')A

vUMRSF$ hA$ ]IJJJaF$ ziE%$ <"n%/$ /%1"3/+%1$ &",%2{A$ S)r$ WB5iYO5F$ !Ad$
RSOM5UQF$WA$]"/71AaA$=03!?3&.(-3!/,(,3!-3(63-H$W'&(/#,7%r$W'&(/#,7%$
R"2#*j$R/%11A$

Y\ZVBQQF$QA$]^__^aF$"%/,3*(/!/#$%#&D'%$#/P!&%+3(*3+,#/!1(-(!;+(!
,3#-U(!'3+3-(&H!V',/#r$B2#')C'$O,#*"/#'2[\)#0%/1#,',$S(%/"'&%/#+')'A$
VBMk\O5K! @H9H! ghicifK! M363/! /#$%(%/K! /3'-3'(45#! 3! 1#8-3S(H! "5#! >(;&#P!
^+3/1H

VBMiSQ5F$WA$]IJJbaF$zQ"*'1$1"(/%$"$1%)*#&%)*"$,%$%&('/':"$%&$O/8
0#)7$X"..&'){A$M3B%/,(!Y-(/%&3%-(!63!9%J+$%(/!"#$%(%/K!0AIKF$)A$fbF$<<A$
^K`8^ppA$

V+BHBVF$HA$]IJJKaF$z6%j"),$1*/3+*3/'2$')'2j1#1r$*"n'/,$'$&"/%$,j8
)'&#+$ 3),%/1*'),#)7$ ".$ 1"+#'2$ &"0%&%)*1{A$ S)r$ HSBQSF$ VAd$ V+BH8
BVF$HA$]"/71aA$"#$%(&!*#B3*3+,/!(+6!+3,?#-C/P!-3&(,%#+(&!(11-#($03/!
,#!$#&&3$,%B3!($,%#+H$UL."/,r$UL."/,$\)#0%/1#*j$R/%11A

V+WUUYF$ HA$ ]^__baF$ ziE%$ 13(1j1*%&$ .'&#2j$ ".$ +")+%<*1r$ '$ +/#*#43%$
'),$'$</"<"1'2{A$>#&%,%$(&!M3/3(-$0!j;(-,3-&FF$0A$c^F$)A$IF$<<A$cc^8c`JA

.,;5()1T)kl$%&5$m()."%&$&n&'$%oT)%"&$!'p()."&+"&%,.),#,/)"&n%&',#p5)."%&'01#)."%&6&4*$"f"(D"$9"8()i$>&8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

SS

VOYUF$VA$BA$]^___aF$zO1*',"F$X"0%/)"$%$R"2>*#+'1$RP(2#+'1{A$S)r$VS8
WOYSF$ 5A$ ]"/7AaA$ T! O;3! &3-! +(! 9%J+$%(! "#$%(&! Y-(/%&3%-(! gcdki7cddefH!
9%J+$%(!>#&U,%$(K!`#&H)))H!5;"$R'32"r$53&'/G[$B)<"+1W'<%1A

VOY\WWSF$BA$$]IJJ^aF$2!%+B3+45#!6#!1-3/3+,3P!*#B%*3+,#/!/#$%(%/!+(/!
/#$%36(63/!$#*1&3I(/H!R%*/=<"2#1r$g"C%1A

VOY\WWSF$ BA$ ]^_bcaF$ ziE%$ 5j&("2#+$ WE'22%)7%$ ".$ W")*%&<"/'/j$


V"0%&%)*1{A$"#$%(&!M3/3(-$0F$0A$cKF$)A$pF$<<A$`_b8b^fA$$

VOQSW\WWSF$iAVAXAd$6MB5SYF$!AHA$]IJ^JaF$W")1*/3:;"$,%$'7%),'1$%$
#)"0':?%1$#)1*#*3+#")'#1r$')@2#1%$+"&<'/'*#0'$,'$/%."/&'$1')#*@/#'$%$
,'$/%."/&'$3/(')'A$@/,;6#/!63!"#$%#&#'%(F$0A$^cF$<A$Kf_8K_fA

VSYYOMF$OA$BAd$6BQB5xBv8ZUYYF$sA$]IJJcaF$Z9#'+%,%B3!(+6!E#-*(,%B3!
\3,3-*%+(+,/!#.!",(,3!>#&%$F!G(C%+'!Y30(B%#-P!R3//#+/!.-#*!,03!"#$%#&#'%$(&!
)+/,%,;,%#+(&%/*[H!>;8&%;/K!0A$KcF$)A$IF$<<A^_^eI^fA

V\YYOMF$RAd$5\MOYF$qA$]IJJIaF!2!(+:&%/3!63!1#&U,%$(/!1V8&%$(/A$R%2"8
*'1r$O,3+'*A

Q%#2$!2#71*%#)$'),$H"37$V+B,'&A$]IJ^IaF$2!=03#-F!#.!N%3&6/A$Q%n$q"/tr$
UL."/,$\)#0%/1#*j$R/%11A$H"37$V+B,'&$'),$Z#2'/j$6"3,%*A$IJ^IA

U!!OF$WA$]^_b_aF$9(1%,(&%/*#!63/#-'(+%S(6#H!=-(+/.#-*(4X3/!$#+,3*7
1#-W+3(/!6#!,-(8(&0#!3!6(!1#&U,%$(H!5;"$R'32"r$6/'1#2#%)1%A$

UMMF$5A$]IJJfaF$zR"2#+j$13(1j1*%&1$'),$/%7#&%1r$"/7')#C%,$#)*%/%1*1$
'),$+2#&'*%$+E')7%$<"2#+j{A$=03!>#&%$F!",;6%3/!_#;-+(&K$0A$KpF$)A$IF$<<A$
^p`8^f_A

U5iMUVF$OA$]IJJ`aF$zS)1*#*3*#")'2$/'*#")'2$+E"#+%{A$S)r$5B6BiSOMF$RA$
]"/7AaA$=03#-%3/!#.!,03!1#&%$F!1-#$3//H$W'&(/#,7%F$VBr$h%1*0#%n$R/%11A$

UhOQ85VSiZF$ sAd$ RUhOYYF$ hA$ hA$ ]IJJbaF$ zQ%*n"/t1$ '),$ S)1*#*38


*#")1{A$ S)r$ XMOOQhUUHF$ MAd$ UYSgOMF$ WAd$ 5BZYSQF$ vAd$ 5\HHB6qF$
MA$]"/71AaA$=03!"('3!0(+68##C!#.!#-'(+%S(,%#+(&!%+/,%,;,%#+(&%/*A$Y")8
,")r$5'7%$R3(2#+'*#")1A$

RSOYYUQF$VA]^___aF$z6"3/,#%3~1$!#%2,$'),$*E%$5"+#"2"7j$".$h%2.'/%{A$
_#;-+(&!#.!"#$%(&!>#&%$FF$0A$I`F$)A$IF$<<A$I^KeII_A

MOS5F$OA$]^__faF$zR"2#*#+'2$5"+#"2"7j$#)$6/'C#2r$V't#)7$5%)1%$".$Z#18
*"/j{A$9;--3+,!"#$%#&#'FA$gA$ppF$)A$KF$<<A$b^8^J`A

.,;5()1T)kl$%&5$m()."%&$&n&'$%oT)%"&$!'p()."&+"&%,.),#,/)"&n%&',#p5)."%&'01#)."%&6&4*$"f"(D"$9"8()i$>&8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

Sg

5B6BiSOMF$ RA$ ]^_bbaF$ zB)$ ',0"+'+j$ +"'2#*#")$ ./'&%n"/t$ ".$ <"2#+j$


+E')7%$'),$*E%$/"2%$".$<"2#+j8"/#%)*%,$2%'/)#)7$*E%/%#){A$>#&%$F!"$%7
3+$3/K$0A$I^F$)A$I8KF$<<A$^I_8^fbA

5B6BiSOMF$RAd$sOQvSQ585VSiZF$ZA$$]^__KaF$>#&%$F!$0(+'3!(+6!&3(-+7
%+'P!(+!(6B#$($F!$#(&%,%#+!(11-#($0H$6"32,%/r$h%1*0#%nA

5B6BiSOMF$ RAd$ hOS6YOF$ WA$ VA$ ]IJJ`aF$ ziE%$ ',0"+'+j$ +"'2#*#")$ ./'&%8
n"/tr$#))"0'*#")$'),$+2'/#.#+'*#")1{A$S)r$5B6BiSOMF$R$]"/7AaA$=03#-%3/!#.!
,03!1#&%$F!1-#$3//H$W'&(/#,7%F$VBr$h%1*0#%n$R/%11A$

5BYY\V$sMAF$6/'1#2#"A$]IJJIaF$zQ"*'1$1"(/%$"$13/7#&%)*"$,'$1"+#"2"8
7#'$<"2>*#+'$%&$5;"$R'32"{A$>#&U,%$(!l!"#$%36(63A$)A$^F$<<A$`K8bfA

5WZBMR!F$!A$hA$]^__`aF$L(*3/!M3(&!2$,#-/!>&(FP!2$,#-793+,3-36!)+/,%,;7
,%#+(&%/*!%+!>#&%$F!M3/3(-$0H$6"32,%/F$WUr$h%1*0#%n$R/%11A$

5WZOMOM8hBMMOQF$ SA$ ]^__KaF$ M363/! 63! G#B%*3+,#/! "#$%(%/H! 5;"$


R'32"r$Y"j"2'A

5U\xBK! !"#$%&&'()#*+,-./012#+34-5012r$3&'$ 678529,$,'$2#*%/'*3/'{A$"#$%#&#7


'%(/F$')"$bF$)A$^fF$<<!"#$%&'!

iBqYUMF$WA$]^__paF$G;&,%$;&,;-(&%/*#P!3I(*%+(+6#!(!1#&U,%$(!63!-3$#7
+03$%*3+,#H!Y#1("'r$S)1*#*3*"$R#'7%*A

iU\MBSQOF$ BA$ ]^_b^aF$ =03! B#%$3! (+6! ,03! 3F3P! 2+! (+(&F/%/! #.! /#$%(&!
*#B3*3+,/A$W'&(/#,7%r$W'&(/#,7%$\)#0%/1#*j$R/%11A

iM\OF$sAYd$sUQO5F6AHAd$6B\VXBMiOQOMF$!AMA$]IJJ`aF$zR3)+*3'*%,8
O43#2#(/#3&$iE%"/jr$OL<2'#)#)7$5*'(#2#*j$'),$WE')7%$#)$R3(2#+$R"2#8
+j$V't#)7{A$S)r$5B6BiSOMF$RABA$]"/7AaA$=03#-%3/!#.!,03!>#&%$F!>-#$3//A$
6"32,%/F$WUr$h%1*0#%n$R/%11A

hSY5UQF$sA$]^__KaF$ziE%$V"/'2$5%)1%r$R/%1#,%)*#'2$B,,/%11F$B&%/#8
+')$R"2#*#+'2$5+#%)+%$B11"+#'*#"){A$=03!2*3-%$(+!>#&%,%$(&!"$%3+$3!M37
B%3?F$0A$b`F$)A$^F$<<A$^8^^A

hUM5ZBVF$sA$]^__baF$zh'0%/#)7$%43#2#(/#3&1r$13(1j1*%&$,j)'&#+1$
'),$'7%),'$+")*/"2{A$2*3-%$(+!>#&%,%$/!j;(-,3-&FF$0A$IfF$)A$pF$<<A$pbc8
c^IA
N$>%9*($&5&#%6*(&A(A"%*(6&(0123((h((NR$*@"6*(&A(b/'+*(6&(0123(

.,;5()1T)kl$%&5$m()."%&$&n&'$%oT)%"&$!'p()."&+"&%,.),#,/)"&n%&',#p5)."%&'01#)."%&6&4*$"f"(D"$9"8()i$>&8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

S]

?32!AI-)'J

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&
+"&%,.),#,/)"&1("%)#$)("

S)*/",3:;"

U$ B3/G2#"$ ,%.#)%$ {#)*%/)'+#")'2#C':;"{$ +"&"$ z"$ '*"$ "3$ %.%#*"$


,%$ #)*%/)'+#")'2#C'/81%{F$ }i"/)'/81%$ #)*%/)'+#")'2{A$ B$ <'2'0/'$
z#)*%/)'+#")'2{$+"&<"/*'$43'*/"$,%.#)#:?%1r$zk3%$1%$/%'2#C'$%)8
*/%$ )':?%1A$ M%2'*#0"$ D1$ /%2':?%1$ %)*/%$ )':?%1A$ k3%$ 1%$ %1<'2E'$
<"/$0@/#'1$)':?%1A$W39"$/%)"&%$1%$%1*%),%$'$,#0%/1'1$)':?%1A{$
]^_bfF$_c_a$H%)*/"$,%1*'$,%.#)#:;"F$7"1*'/#'$,%$/%.2%*#/$1"(/%$'$
#)*%/)'+#")'2#C':;"$,'$5"+#"2"7#'$(/'1#2%#/'F$1"(/%$1%3$<'11',"$
%F$*'&(G&F$'<")*'/$+'&#)E"1$<'/'$"$.3*3/"A$
U$</#&%#/"$<")*"$G$'$#,%#'$,%$z)':;"{$43%F$)"$+'1"$(/'1#2%#/"F$
+"//%1<"),%F$43'1%$^JJF$$'"$O1*',"8)':;"A$O&$&3#*"1$"3*/"1$
<'>1%1F$ +"&"$ O1<')E'F$ ),#'F$ MP11#'$ %$ '*G$ "1$ O\BF$ $ %1*%$ 7/'3$
,%$+"//%1<"),-)+#'$G$(%&$&%)"/A$O)*;"F$G$</%+#1"$,#C%/$43%$"$
1%)*#,"$43%$1%$,'$D$#)*%/)'+#")'2#C':;"$,%<%),%$,"$+")*%L*"A$
Q"$+'1"$(/'1#2%#/"F$"$*%/&"$1%&</%$1%$/%.%/%$D1$)"11'1$/%2':?%1$
+"&$+#%)*#1*'1$1"+#'#1$%$+"&$'1$W#-)+#'1$5"+#'#1$,%$"3*/"1$<'>8
1%1A$o$3&$</"+%11"$,%F$<"/$3&$2',"F$#&<"/*':;"$,%$1'(%/%1$%$,%$

$ U$ '3*"/$ 7"1*'/#'$ ,%$ '7/',%+%/$ &3#*"$ '$ '93,'$ ,%$ O37-)#"$ 6/'7'$ ]S6XOa$ %$
V'/#'$ Y>7#'$ 6'/("1'$ ]\!MsaF$ *'&(G&$ ,%$ R'*/#+>'$ X#&%)"$ ]SROBaA$ \&'$
<'/*%$#&<"/*')*%$,%1*%$'/*#7"$G$,%/#0','$,#/%*'&%)*%$,%$Hnj%/$]IJ^JaA$

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

S`

/%+%(#&%)*"$,%$'23)"1$%$</".%11"/%1$%F$<"/$"3*/"$2',"F$,%$%L<"/*':;"$
,%$1'(%/F$</".%11"/%1$%$'23)"1F$'11#&$+"&"$,%$+""<%/':;"$%&$%&</%8
%),#&%)*"1$#)*%/)'+#")'#1A

S&<"/*':;"$8$!")*%1$#)*%/)'+#")'#1$)'$5"+#"2"7#'$(/'1#2%#/'

\&'$</#&%#/'$,#&%)1;"$,'$#)*%/)'+#")'2#C':;"$1%$/%.%/%$'"$2"+'2$
"),%$."/'&$.%#*"1$"1$%1*3,"1$13<%/#"/%1A$O&$IJJ_F$3&$/;-B3F$."#$'<2#8
+',"$%)*/%$"1$'11"+#',"1$,'$5"+#%,',%$6/'1#2%#/'$,%$5"+#"2"7#'$]565aA$
O)*/%$"1$/%1<"),%)*%1F$$IFf$*#)E'&$.%#*"$"1$%1*3,"1$,%$7/',3':;"$
."/'$ ,"$ <'>1F$ _FK$ *#)E'&$ .%#*"$ "$ &%1*/',"$ ])pcpa$ %$ ^fFc$ 1%31$
,"3*"/',"1$ ])p^baA$ U3$ 1%9'F$ "1$ 1"+#=2"7"1$ (/'1#2%#/"1$ 1;"$ %11%)8
+#'2&%)*%$</",3*"1$,%$3)#0%/1#,',%1$(/'1#2%#/'1A$R"/*')*"F$%L#1*%$3&$
+")*#)7%)*%$&3#*"$1#7)#.#+'*#0"$,%$</".%11"/%1F$3&$%&$+','$1%*%$'18
1"+#',"1F$43%$+"&<2%*"3$1%3$,"3*"/',"$)"$%L*%/#"/A$5'(%&"1$43%$'1$
+#/+3)1*T)+#'1$,%1*%1$%1*3,"1$."/'&$'1$&'#1$,#0%/1'1A$B273)1$."/'&$
/%'2#C',"1$+"&$("21'1$,%$'7-)+#'1$(/'1#2%#/'1$]43%$1"./%/'&$3&'$."/*%$
/%,3:;"$ '$ <'/*#/$ ,"1$ ')"1$ ^_bJaF$ "3*/"1$ +"&$ ("21'1$ ,%$ #)1*#*3#:?%1$
%1*/')7%#/'1F$'273)1$,"1$<%143#1',"/%1$%1*'0'&$)"$%L>2#"$%$"3*/"1$."8
/'&$'"$%L*%/#"/$<"/$0")*',%$</=</#'A$O1*%1$</".#11#")'#1F$<"/$+'31'$,%$
13'1$%L<%/#-)+#'1$<%11"'#1F$*-&$3&'$'(%/*3/'$D$#)*%/)'+#")'2#C':;"$
43%$);"$G$.%#*'$'*/'0G1$,"1$2#0/"1F$&'1$'*/'0G1$,'$0#0-)+#'F$"3$1%9'F$
,%$3&'$%L<%/#-)+#'$#)*%/)'+#")'2$&3#*"$,#.%/%)*%$,'$,%$1%31$+"2%7'1$
."/&',"1$)"$<'>1A$

B$/%+%<*#0#,',%$,'1$#,%#'1$e$'$#)*%/)'+#")'2#C':;"$#&<"/*':;"

\&'$1%73),'$,#&%)1;"$,'$#)*%/)'+#")'2#C':;"$#).23%)+#'$'$'*#0#8
,',%$+#%)*>.#+'$%$'$+")1*/3:;"$,"1$</"(2%&'1$,%$<%143#1'A$U$/;-B3F$
'<2#+',"$%)*/%$"1$'11"+#',"1$,'$565$&"1*/'$43%$%2%1$*/'('2E'&$+"&$
*",'$ '$ 7'&'$ +2@11#+'$ ,%$ </"(2%&'1$ %$ *%&'1$ ,'$ 1"+#"2"7#'A$ B"$ %L'8
&#)'/$'1$(#(2#"7/'.#'1$%&</%7','1$<%2"1$+"2%7'1$)"1$1%31$%1+/#*"1F$G$
<"11>0%2$"(1%/0'/$43%$%L#1*%F$+"&"$<',/;"F$3&$7/'),%$31"$,%$'3*"/%1$
%1*/')7%#/"1A$H%1,%$'$,G+','$,%$^_KJF$."/&"381%F$)"$<'>1F$'$*/',#:;"$

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

Sa

,%$#&<"/*'/$2#0/"1$%1*/')7%#/"1A$B$2%#*3/'$#)*%)1#0'$,%11%1$2#0/"1$."#$
.%#*'$ %$*%)*"381%F$'$<'/*#/$ ,%2'F$0%/$ '$ '<2#+'(#2#,',%$ ,'1$ #,%#'1$ '</%8
1%)*','1$<'/'$'$+"&</%%)1;"$,'$1"+#%,',%$(/'1#2%#/'A$U$*/'('2E"$,%$
!2"/%1*')$!%/)'),%1$G$%L%&<2'/$)%1*%$43%1#*"F$9@$43%$D1$&3#*'1$.")8
*%1$ )'+#")'#1$ 43%$ %2%$ %&</%7"3$ ."/'&$ '+/%1+%)*','1$ "3*/'1$ ,'$ 1"8
+#"2"7#'$#)*%/)'+#")'2F$*'#1$+"&"$W"&*%F$5<%)+%/F$H3/tE%#&F$h%(%/F$
5"&('/*F$i))#%1F$V'))E%#&F$V%/*")$%$"3*/"1F$1%&$%143%+%/$'3*"/%1$
#)*%/)'+#")'#1$%$)'+#")'#1$,'$*/',#:;"$&'/L#1*'A$U3$1%9'F$'$1"+#"2"7#'$
(/'1#2%#/'$(%(%$%&$&3#*'1$.")*%1F$&'1$43'1%$*",'1F$43'),"$);"$1;"$
(/'1#2%#/'1$ "3$ 2'*#)"8'&%/#+')'1F$ 1;"$ ,'$ O3/"<'$ "+#,%)*'2$ "3$ )"/*%8
8'&%/#+')'1A$B*G$E"9%F$%1*'$"/#%)*':;"$%L#1*%$)"$+"/':;"$,'$."/&':;"$
1"+#"2=7#+'$)"$<'>1A$V')3%2$R'2'+#"1$,'$W3)E'$%$V%22"$]^___F$<A$`c8fa$
+").#/&'$#1*"$'"$,%&"1*/'/$43%$%)*/%$"1$,%C$'3*"/%1$&'#1$+#*',"1$%&$
*%1%1$(/'1#2%#/'1$%&$W#-)+#'1$5"+#'#1F$+#)+"$%/'&$./')+%1%1F$,"#1$'2%8
&;%1F$,"#1$(/'1#2%#/"1$%$3&$)"/*%$'&%/#+')"A$U$#)7/%11"$)"1$</"7/'8
&'1$,%$<=187/',3':;"$.#+'$,%<%),%)*%$,'$E'(#2#,',%$,"$'23)"$,%$2%/$
%&$3&'$"3$,3'1$2>)73'1$%1*/')7%#/'1A$$O1*'$"(/#7'*"/#%,',%$<%/&#*%$
'"1$</".%11"/%1$%&</%7'/%&$3&$2%43%$'&<2"$,%$.")*%1$%1*/')7%#/'1$
%$ ,'/$ 3&'$ "/#%)*':;"$ +"1&"<"2#*'$ '$ 1%31$ '23)"1A$ W"&$ ./%43-)+#'F$
&#1*3/'&81%$ /#+'1$ (#(2#"7/'.#'1$ #)*%/)'+#")'#1$ %$ )'+#")'#1A$ V#)E'1$
</=</#'1$"(1%/0':?%1$D$1"+#"2"7#'$(/'1#2%#/'$1;"$&'#1$'(%/*'1$'$0'/#'8
,'1$#).23-)+#'1$%1*/')7%#/'1$,"$1%$+"1*3&'$0%/$)'$&'#"/#'$,"1$<'>1%1$
')72=.")"1F$./')+=.")"1$%$E#1<')=.")"1A$U3$1%9'F$*%)E"$'$#&</%11;"$
,%$43%$)"11"1$*/'('2E"1$1;"$#).23%)+#',"1$<"/$3&'$(#(2#"7/'.#'$#)*%/8
)'+#")'2$&'#1$'&<2'$,"$43%$'$43%$#).23%)+#'$"1$*/'('2E"1$,"1$'3*"/%1$
,'43%2'1$+"&3)#,',%1$2#)73>1*#+'1$%$*/',#:?%1A

6#(2#"*%+'1

$ B273)1$ '23)"1$ (/'1#2%#/"1$ "(1%/0'&$ 43%$ %1*%1$ (')+"1$ ,%$ ,',"1$


#7)"/'&F$<"/$%L%&<2"F$3&'$7/'),%$<'/*%$,'$</",3:;"$#)*%2%+*3'2$2'8
*#)"8'&%/#+')'$%F$<"/$%1*'$/'C;"F$43%1*#")'&$13'$2%7#*#&#,',%A$B2#+%$
B(/%3$"(1%/0"3$43%$'<%)'1$K$,'1$/%0#1*'1$,%$1"+#"2"7#'$#),%L','1$
)"$R(,%+63I$'<'/%+%&$)"$)+/,%,;,3!.#-!"$%3+,%.%$!)+.#-*(,%#+$]S5SF$'$#)18

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

g1

*#*3#:;"$ 43%$ </",3C$ '$ "#$%(&! "$%3+$3! 9%,(,%#+! )+63Ia$ B(/%3$ ]IJJ`aA$
O1*%$%)0#%1'&%)*"$&%$.%C$,%+#,#/$);"$*/'('2E'/$+"&$"1$,',"1$,"$S5S$
'"$+")1*/3#/$&#)E'$/%.2%L;"$1"(/%$'$#)*%/)'+#")'2#C':;"$,'$1"+#"2"8
7#'$(/'1#2%#/'A$i","1$)=1$1'(%&"1$43%$$"$&3),"$G$,%1#73'2A$S)*%/)'8
+#")'2#C'/$'$</",3:;"$1"+#"2=7#+'$(/'1#2%#/'$/%43%/$43%$"1$&%&(/"1$
,%$)"11'$,#1+#<2#)'$(3143%&$%1*/'*G7#'1F$#),#0#,3'#1$"3$+"2%*#0'1F$,%$
+"&('*%$'$%1*%$*/'*'&%)*"$,%1#73'2A$

V"0#&%)*"1$+"2%*#0"1$%$+")*/'8E%7%&N)#+"1

R"/$+'31'$,"1$</"(2%&'1$43%$'+'(%#$,%$%2%)+'/F$'3*"/#,',%1$+#%)8
*>.#+'1$ %$ <%143#1',"/%1$ %&$ 0@/#"1$ <'>1%1$ %2'("/'/'&$ <"2>*#+'1$ <'/'$
+")1*/3#/$13'1$</=</#'1$('1%1$,%$,',"1A$!/'):'F$WE#)'$%$R"2N)#'$%18
*;"$ %)*/%$ %2%1A$ i%&"1$ "$ &'#1$ */',#+#")'2$ zY'*#),%L{$ ]nnnA2'*#),%LA
3)'&A&LaF$ %$ )'$ P2*#&'$ ,G+','$ 13/7#3$ zM%,$ ,%$ M%0#1*'1$ W#%)*>.#+'1$
,%$B&G/#+'$Y'*#)'$j$%2$W'/#(%F$O1<''$j$R"/*37'2{$8$M%,'2j+$]E**<r[[
/%,'2j+A3'%&%LA&La$3&$"3*/"$#),%L',"/A$Q"$6/'1#2F$"$5WSOYU$]E**<r[[
nnnA1+#%2"A(/a$G$/%132*',"$,%$3&$7/'),%$%1."/:"$<'/'$,#1<")#(#2#C'/$'$
</",3:;"$)'+#")'2$%$#)*%/)'+#")'2$")82#)%A$Q'$&%,#,'$%&$43%$(')+"1$
,%$,',"1$'2*%/)'*#0"1$1%$.#/&'&F$+/%1+%&$%$'3&%)*'&$"1$)P&%/"1$,%$
.")*%1$#),%L','1$%$,%$313@/#"1$%$G$<"11>0%2$#&'7#)'/$'$%&%/7-)+#'$,%$
#)G,#*"1$ E"/#C")*%1$ <'/'$ '$ #)*%/)'+#")'2#C':;"$ ,'1$ W#-)+#'1$ 5"+#'#1A$
R"/G&F$'$+'<'+#,',%$,"1$1#1*%&'1$E"9%$,"&#)')*%1$,%$/%'7#/$%$#)+"/<"8
/'/$"1$%&%/7%)*%1$</"9%*"1$);"$,%0%$1%/$,%1</%C','A$

OL<"/*':;"$%$#)*%/+T&(#"$e$B$S)*%/)'+#")'2#C':;"$%1*/%#*'

B$#)*%/)'+#")'2#C':;"$,'$5"+#"2"7#'$(/'1#2%#/'$*%&$0@/#'1$,#&%)8
1?%1F$%)*/%$'1$43'#1$'$43%$+E'&"$,%$z#)*%/)'+#")'2#C':;"$%1*/%#*'{F$$
43%$1%$/%2'+#")'$</#"/#*'/#'&%)*%$+"&$"1$<'>1%1$</=L#&"1F$%&$*%/8
&"1$7%"7/@.#+"1$"3$2#)73>1*#+"1A$U3$1%9'F$G$3&'$%1*/'*G7#'$&3#*"$,#8
.%/%)*%$,'$z#)*%/)'+#")'2#C':;"$'&<2'{F$43%$(31+'$<3(2#+'/$$%$#)*%8
/'7#/$+"&$"1$+%)*/"1$,%$<",%/F$9@$43%$%2'$+"//%$%&$<'/'2%2"$'$%1*%1$$
+%)*/"1A

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

g2

B$0#,'$'11"+#'*#0'$G$3&$$#&<"/*')*%$'/*#+32',"/$,'$#)*%/)'+#")'2#8
C':;"$%1*/%#*'A$B$B11"+#':;"$Y'*#)"8'&%/#+')'$,%$5"+#"2"7#'$]BYB5a$
*%0%$3&$<'<%2$#&<"/*')*%$'"$2")7"$,"1$P2*#&"1$cJ$')"1F$1%9'$)"$<%/>"8
,"$,'1$,#*',3/'1F$1%9'$)"1$<%/>","1$,%&"+/@*#+"1A$H3/')*%$'$,#*',3/'F$
<%/&#*#3$'"1$1"+#=2"7"1$(/'1#2%#/"1$&')*%/$+")*'*"1$/%732'/%1$+"&$+"8
2%7'1$2'*#)"8'&%/#+')"1$%F$)"$,%+"//%/$,"$</"+%11"$,%$/%,%&"+/'*#C'8
:;"F$%1*'(%2%+%3$3&$%1<':"$<'/'$1%$,%('*%/$'$.3),"$'1$,#0%/1'1$*/')8
1#:?%1$ D$ ,%&"+/'+#'$ 43%$ "+"//%/'&$ ,%$ &","$ 43'1%$ 1#&32*T)%"$ %&$
)"11'$/%7#;"A$g@/#"1$'/*#7"1F$2#0/"1$%$#)*%/+T&(#"1$."/'&$</",3C#,"1$
)%1*%$<%/>","A$]iMSQSHBHO$%*$'2##F$IJJfa$Z"9%F$'$,%&"+/'+#'$1%$+")8
1"2#,"3$+"&"$."/&'$,%$7"0%/)"$%&$43'1%$*",'$'$/%7#;"$%F$%&$0@/#"1$
<'>1%1F$+#%)*#1*'1$1"+#'#1$<'11'/'&$'$.'C%/$<'/*%$,'1$%2#*%1$<"2>*#+'1A$
$$OL#1*%&$,3'1$@/%'1$7%"7/@.#+'1$)"$6/'1#2F$&3#*"$,#.%/%)*%1$%)*/%$
1#F$,%$"),%$1%$<",%$%1<%/'/$3&'$+")1*/3:;"$,%$,#1*#)*'1$'7%),'1$,%$
%)1#)"$%$<%143#1'$#)*%/)'+#")'#1A$B$</#&%#/'$G$'$/%7#;"$<')8'&'CN8
)#+'$%$'$1%73),'$G$'$/%7#;"$,%$./")*%#/'$,"1$<'>1%1$,"$+")%$132A$\&'$
'11"+#':;"$/%7#")'2F$*'2$+"&"$'$BYB5F$%$"3*/'1$#)1*T)+#'1F$%1<%+#'28
&%)*%$'$W2'1+"$%$'$!2'+1"F$<%/&#*%&$'$+")1*/3:;"$,%$3&$%1<':"$+"8
&3&A$\)#0%/1#,',%1$,%$0@/#"1$<'>1%1$1%$"/7')#C'/'&$%$+")1*#*3%&$%18
<':"1$."/&'2#C',"1$<'/'$%1*'$+""<%/':;"$/%7#")'2r$)'$/%7#;"$)"/*%F$'$
B11"+#':;"$,'1$\)#0%/1#,',%1$B&'CN)#+'1$]\)'&'Ca$%F$)"$+")%$132F$
"$W")1%2E"$,%$M%#*"/%1$,'$B11"+#':;"$,%$\)#0%/1#,',%1$X/3<"$V")8
*%0#,G3$ ]B\XVaA$ B$ ."/&':;"$ ,%$ '23)"1F$ "1$ #)*%/+T&(#"1$ %)*/%$ ,"8
+%)*%1$%$3&'$&32*#<2#+#,',%$,%$+")*'*"1$1%$.'C%&F$'273)1$,"1$43'#1$
#)1*#*3+#")'2#C',"1$%$"3*/"1$&%)"1A$B#),'$&%$<'/%+%$+%,"$<'/'$.'2'/$
)'$+")1*/3:;"$,%$'7%),'1$%1<%+>.#+'1$,%$%)1#)"$%$<%143#1'$%&$5"+#"8
2"7#'F$&'1F$%&$43%1*?%1$<")*3'#1F$*'#1$+"&"$&#7/':;"F$#)*%/+32*3/'2#8
,',%F$*/@.#+"$$,%$,/"7'1$%$&%#"$'&(#%)*%$G$<"11>0%2$<%/+%(%/$"$%1<':"$
<'/'$%1*'$+""<%/':;"A

B$+")1*/3:;"$,%$3&'$#)*%/)'+#")'2#C':;"$231=.")'

Q'$2>)73'$.#+'$"$+"/':;"$,'1$+32*3/'1$%$,'1$/%2':?%1$%)*/%$"1$<"0"1A$
U$,%1%)0"20#&%)*"$,'1$W#-)+#'1$5"+#'#1$231=.")'1$/%.2%*%$3&'$%1*/'8

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

g0

*G7#'$,%$#)*%/)'+#")'2#C':;"$%&$('1%1$2#)73>1*#+'1A$W/#',"$%&$IJJcF$
"$R/"7/'&'$,%$W""<%/':;"$%&$W#-)+#'1$5"+#'#1$<'/'$"1$R'>1%1$,%$Y>)8
73'$ R"/*373%1'$ +")*'$ +"&$ "$ '<"#"$ ,"$ WQR4A$ $ M%)'*"$ Y%11'$ ]IJJ_a$
'0'2#"3$"$</"7/'&'$)3&'$%)*/%0#1*'r$z);"$%1*'&"1$</%<'/',"1$'#),'$
<'/'$'+%#*'/$"$.'*"$e$);"$'$#,%#'F$"$.'*"$e$,%$43%$'$2>)73'$<"/*373%1'$
G$ 3&'$ 2>)73'$ #)*%/)'+#")'2F$ 3&'$ 2>)73'$ 43%$ +")%+*'$ +"&3)#,',%1$
#)*%2%+*3'#1$ ,#.%/%)*%1F$ 43%$ </'*#+'&$ &",'2#,',%1$ ,#.%/%)*%1$ '*G$ ,"$
<"/*373-1F$*%&$1%)1#(#2#,',%1$,#.%/%)*%1F$*/'*'&$,%$"(9%*"1$,#.%/%)*%1F$
*%&$,#0%/1#,',%$*%=/#+'$#)*%/)'F$"3$1%9'F$*%&$"1$/%43#1#*"1$&>)#&"1$
<'/'$ 0"+-$ +E'&'/$ ,%$ +"&3)#,',%$ +#%)*>.#+'$ #)*%/)'+#")'2AAAA{$ B+/%8
,#*"$ 43%$ '#),'$ G$ +%,"$ <'/'$ .'2'/$ ,'$ +")1*/3:;"$ ,%$ 3&$ &%#"$ "),%$ '$
3)#,',%$2#)73>1*#+'$<%/&#*%$"$%1*'(%2%+#&%)*"$,%$3&'$+"&3)#,',%$
1"+#"2=7#+'$231=.")'A$R"/G&F$%L#1*%$3&$&"0#&%)*"$#)*%2%+*3'2$%$#)1*#8
*3+#")'2F$'"$&%1&"$*%&<"F$#,%)*#*@/#"$%$')*#8E%7%&N)#+"F$43%$(31+'$
+/#'/$%1*'$+"&3)#,',%$]BYVOSHBF$^__baA$s@$."/'&$"/7')#C',"1$")C%$
+")7/%11"1$(#%)'#1$Y31"8B./"86/'1#2%#/"1$,%$W#-)+#'1$5"+#'#1A$OL#1*%$
3&'$ +")1+#-)+#'$ ,%$ 43%$ 1%/#'$ )%+%11@/#"$ %1*#&32'/$ <%143#1'1$ +"&8
<'/'*#0'1$ %)*/%$ %1*%1$ <'>1%1F$ '0'):'/$ )"$ #)*%/+T&(#"$ ,%$ ,"+%)*%1$ %$
'23)"1$%$#)0%1*#/$)'$43'2#,',%$,"$9"/)'2$+#%)*>.#+"$M3B%/,(!=-(B3//%(/H!$
U$1#1*%&'$5+#%2"$G$3&$$/%+3/1"$43%$+")*/#(3#$<'/'$"$."/*'2%+#&%)*"$
,"$&"0#&%)*"$231=.")"F$<"/43%$G$+")1*/3>,"$%&$<"/*373-1A$B$)"0'$
zB11"+#':;"$S)*%/)'+#")'2$,%$W#-)+#'1$5"+#'#1$%$Z3&')'1$%&$Y>)73'$
R"/*373%1'~{$]E**<r[[nnnA'#2<A#+1A32A<*a$."#$.3),','$<"/$"+'1#;"$,'$^^'$
%,#:;"$,%1*%$+")7/%11"F$%&$IJ^^F$%&$5'20',"/F$6BF$%$."#$/%7#1*/','$%&$
&'/:"$,%$IJ^IA

B$%L<"/*':;"$%$"$#)*%/+T&(#"$e$B$}S)*%/)'+#")'2#C':;"$
z'&<2'{

B$'&<2'$#)*%/)'+#")'2#C':;"$,'$1"+#"2"7#'$</%113<?%$3&'$+"&38
)#+':;"$E3&')'$+39"1$2#&#*%1$1;"$)%72#7%)+#',"1$)'$&'#"/#'$$,'1$/%8
.2%L?%1$+"),3C#,'1$1"(/%$"$*%&'A$Q'1$+#-)+#'1$)'*3/'#1$%$%L'*'1F$%&$
43%$ '$ ."/&'2#C':;"$ G$ &3#*"$ &'#"/$ %$ )'1$ 43'#1$ &3#*"1$ "(9%*"1$ +#%)8
*>.#+"1$ #),%<%),%&$ ,"$ +")*%L*"$ +32*3/'2F$ '$ +"&3)#+':;"$ 1%$ .'C$ <"/$

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

g3

%43':?%1F$*'L")"&#'1$%$.=/&32'1$43%$.'C%&$<'/*%$,%$1%3$<'*/#&N)#"$
+"&3&$%$"$#)72-1$*%&$"$<'<%2$,%$2>)73'$./')+'A$
5%73),"$"$>),#+%$=-(+/&(,%#+;*F$,'$\QO5WUF$z'$2>)73'$'$<'/*#/$,'$
43'2$1%$*/',3C$&'#1F$,%1,%$^_`_F$G$'$#)72%1'$]b^KF`K_$"(/'1aF$1%73#,'$
<%2'$./')+%1'$]^cpF`K_$"(/'1aF$<%2'$'2%&;$]^KfFc_`$"(/'1a$%F$,%<"#1F$
<%2'1$2>)73'1$/311'F$#*'2#')'$%$%1<')E"2'A$B<%1'/$,%$'$2>)73'$#)72%1'$
1%/$'$</#)+#<'2$2>)73'$'$<'/*#/$,'$43'2$1%$*/',3CF$0%/#.#+'81%$43%F$'"$
&%1&"$*%&<"F$&3#*"$<"3+"$1%$*/',3C$<'/'$"$#)72-1A$B1$2>)73'1$<'/'$
'1$43'#1$1%$*/',3C$+"&$&'#"/$./%43-)+#'$1;"$'$'2%&;$]Ip^FKfp$"(/'1aF$
'$ %1<')E"2'$ ]^bKFpIJ$ "(/'1aF$ '$ ./')+%1'$ ]^fpFKff$ "(/'1a$ %$ '$ #)72%1'$
]^JIFKff$ "(/'1aF$ 1%73#,'1$ <%2'1$ 2>)73'1$ 9'<")%1'F$ E"2'),%1'F$ <"/*38
73%1'$%$/311'{$]WBYgOiF$IJJ`F$<A$cI8Ka$U3$1%9'F$"$<%)1'&%)*"$]43%$
1%9'&$/"&')+%1F$+#-)+#'1$1"+#'#1$"3$2#0/"1$,%$'3*"8'93,'a$<3(2#+',"$
%&$#)72-1$%&$."/&'$,%$2#0/"1$1%$%1<'2E'$<%2"$&3),"F$%)43')*"$"$<%)8
1'&%)*"$%2'("/',"$%&$"3*/'1$2>)73'1$);"$*%&$'$&%1&'$/%+%<*#0#,',%$
)"$&3),"$')72=.")"A$
Y%%3n%)$%*$'2F$]IJJ^a$%L'&#)'/'&$$/%0#1*'1$#)+23>,'1$)'$"$%3+$3!
9%,(,%#+! )+63I$ ]5WSa$ ,'$ S5SA$ H%1+"(/#/'&$ 43%$ *%L*"1$ <3(2#+',"1$ %&$
2>)73'1$ ,#.%/%)*%1$ ,'$ #)72%1'$ *-&$ 3&$ #&<'+*"$ &3#*"$ '('#L"$ ,"$ #&8
<'+*"$,"1$'/*#7"1$<3(2#+',"1$%&$#)72-1A$U$.'*"$/%<%/+3*%$,%$&')%#/'$
)%7'*#0'$ 1"(/%$ '$ '0'2#':;"$ ,'1$ #)1*#*3#:?%1F$ "$ 43%$ '+'('$ ."/:'),"$ '$
<3(2#+':;"$ %&$ /%0#1*'1$ #),%L','1$ %$ <3(2#+','1$ %&$ #)72-1A$ Q'$ ('1%$
,'$ ')@2#1%$ ,'1$ <3(2#+':?%1$ %&$ 3&'$ .'+32,',%$ ,%$ &%,#+#)'$ '2%&;F$
"(1%/0"381%$ 43%F$ '</"L#&','&%)*%F$ bJ$ ,'1$ .")*%1$ #),%L','1$ 1;"$
<3(2#+','1$%&$#)72-1A
Q"$6/'1#2F$M%)'*"$U/*#C$]IJJfF$IJJba$%2'("/"3$3&'$/%.2%L;"$</".3)8
,'$%$1".#1*#+','$1"(/%$'$43%1*;"$,'$2>)73'$./')+'$)'1$W#-)+#'1$5"+#'#1A$
5%3$/'+#"+>)#"$2%0'8)"1$'$+")+23#/$43%$G$#&<"11>0%2$,%1%)0"20%/$+#-)8
+#'1$1"+#'#1$,%$43'2#,',%$'*/'0G1$,%$/%+3/1"$'$3&'$2>)73'$./')+'A$R'/'$
%L<2#+'/$'$1"+#"2"7#'$43%$1%$.'C$%&$3&$<'>1$<'/'$'273G&$,%$"3*/"$<'>1$
G$)%+%11@/#"$</%1*'/$'*%):;"$D$)'//'*#0'$%$'"$,%1%)0"20#&%)*"$+")+%#8
*3'2$%$1#*3'/$"1$,"#1$%&$1%31$+")*%L*"1$2#)73>1*#+"1$%$1=+#"8E#1*=/#+"1A$
\&$ /%132*',"$ </@*#+"$ ,%1*'$ /%.2%L;"$ G$ '$ )%+%11#,',%$ ,%$ ',":;"$ ,%$
3&'$%1*/'*G7#'$&3#*"$&'#1$+"&<2%L'$,%$#)*%/)'+#")'2#C':;"$,"$43%$"$

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

gd

z*3,"$%&$#)72-1{$43%$%)0"20'F$'<%1'/$,%$*","1$"1$+31*"1$.#)')+%#/"1$%$
,'1$,#.#+32,',%1$%)0"20#,'1F$"$%&</%7"$,%$3&'$&#1*3/'$,%$/%+3/1"1$
*%+)"2=7#+"1$%$*/',3:?%1$,%$'2*'$43'2#,',%A$

B$B11"+#':;"$S)*%/)'+#")'2$,%$5"+#"2"7#'$]S5Ba$$%$'$43%18
*;"$2#)73>1*#+'

O&("/'$'$S5B$*%)E'$"$%1<')E"2$%$"$./')+-1$+"&"$13'1$2>)73'1$".#8
+#'#1F$G$"$#)72-1$43%$.3)+#")'$+"&"$'$2>)73'$,"&#)')*%$%&$*",'1$'1$
#)1*T)+#'1$ ,'$ %)*#,',%r$ %&$ 43'1%$ *","1$ "1$ +"&#*-1$ ,%$ <%143#1'F$ )'$
7/'),%$&'#"/#'$,'1$'</%1%)*':?%1F$)'$,#/%:;"$%$)'1$/%0#1*'1$#)*%/)'8
+#")'#1A$B$43%1*;"$2#)73>1*#+'$*%&$1#,"$$"(9%*"$,%$,%('*%$)'$S5B$$,%18
,%$')*%1$,%$^__bF$43'),"$B2'#)$i"3/'#)%$</%1#,#3$3&'$+"&#11;"$43%$
</%<'/"3$ 3&$ /%2'*=/#"$ 1"(/%$ '$ 43%1*;"A$ B$ +"&#11;"$ '2%/*"3$ 1"(/%$ "$
,3<2"$/#1+"$,%$+/#'/F$,%$3&$2',"F$3&'$*"//%$,%$6'(%2$%F$,%$"3*/"F$3&'$
%L+231;"$2#)73>1*#+'A$OL#1*%$3&'$*%)1;"$<%/&')%)*%$%&$*"/)"$,%1*%1$
,"#1$ $ <"2"1AzR'/'$ %0#*'/$ "$ #1"2'&%)*"F$ </".%11"/%1$ %$ %1*3,')*%1$ ,%$
*","1$"1$<'>1%1$,%0%&$'</%%),%/$"$#)72-1$%$<%2"$&%)"1$&'#1$3&'$2>)8
73'$%1*/')7%#/'AAAA$'"$%1*3,'/$3&$'3*"/$"3$%1+"2'$,%$<%)1'&%)*"F$'38
*"/#,',%1$3)#0%/1#*@/#"1$%$,%$+%)*/"1$,%$<%143#1'$,%0%&$7'/')*#/$43%$
*-&$+")E%+#&%)*"$13.#+#%)*%F$<%2"$&%)"1$<'11#0"F$,'$2>)73'$)'$43'2$'1$
"(/'1$"/#7#)'#1$."/'&$<3(2#+','1A{$$]i"3/'#)%F$^__bF$^K<A|a$B2#@1F$43%&$
<%/,%$+"&$"$&")"2#)73#1&"$1;"$'1$<%11"'1$%$'1$1"+#"2"7#'1$43%$1;"$$
&")"2#)73>1*#+'1A$R'/'$%2'1F$.'2*'$*3,"r$'+%11"$'$*%L*"1$);"$*/',3C#,"1F$
'$ )":;"$ ,%$ '2*%/#,',%$ 2#)73>1*#+'F$ 3&'$ #,%#'$ 1"(/%$ '1$ +"&<2%L#,',%1$
,'$+"&3)#+':;"$E3&')'$%$3&'$'<3/':;"$+")+%#*3'2A$\&$/%2'*=/#"$,'$
Y-%,%/0!2$(63*F$+")1*'*"3$43%$z'$.'2*'$,%$+'<'+#,',%$2#)73>1*#+'$#).2#7%$
3&'$/%'2$,%10')*'7%&$$%&$'+',-&#+"1$%&$&3#*'1$<'/*%1$,"$1#1*%&'$
3)#0%/1#*@/#"$(/#*T)#+"F$%$,#&#)3#$'$+'<'+#,',%$+"&<%*#*#0'$,"$1#1*%&'$
+"&"$3&$*","A{]6/#*#1E$B+',%&jF$IJJ_a$i"3/'#)%$]^__bF$^Ja$,@$3&'$
#231*/':;"r$zV3#*'1$0%C%1$31'&"1$'$&%1&'$<'2'0/'$<'/'$/%'2#,',%1$,#8
.%/%)*%1A$U$43%$</"0"+'$/%<%*#,"1$%$1G/#"1$%//"1$%$*'&(G&$"(1*@+32"1$
D$+"&3)#+':;"A$",(,3K!@,(,K!",((,K!@/,(6#$);"$1%$/%.%/%&$D$&%1&'$/%8
'2#,',%AAAA$B$,#.#+32,',%$<",%$1%/$0%)+#,'$<%2"$31"$,%$)":?%1$)'$13'$

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

gS

2>)73'$"/#7#)'2A$O&$*","1$"1$<'>1%1$,%0%&"1$.'2'/$,%$Q(+63&+K!",(+6K!
-(%/#+!6m@,(,K!$#+/$%3+$3!$#&&3$,%B3!63/(--#&%/*#K!@/,(8&%/0*3+,K!60(-7
*($%*+A{$
$ Q'$ 0#1;"$ ,'$ +"&#11;"F$ '$ S5B$ *'&(G&$ ,%0%$ .'+#2#*'/$ "$ ,%1%)0"28
0#&%)*"$ ,%$ /%2'+#")'&%)*"1$ %)*/%$ <'>1%1$ );"8"+#,%)*'#1F$ 1"(/%*3,"$
'*/'0G1$,"$+"&<'/*#2E'&%)*"$,%$<%/1<%+*#0'1$%$,%$<%143#1'1$+"&<'8
/'*#0'1A$B$5"+#"2"7#'$G$3&'$,#1+#<2#)'$+"&$+'<'+#,',%$,%$%1+2'/%+%/$"$
43%$<",%$1%/$*/')1&#*#,"$,%$3&'$+32*3/'$<'/'$"3*/'$%F$*'&(G&F$"$1#7)#8
.#+',"$,%$3&$&%1&"$*%/&"$]%LA$0#"2-)+#'F$930%)*3,%F$#,"1"a$%&$+32*38
/'1$,#.%/%)*%1A$i'&(G&$*%&$+'<'+#,',%$,%$%1+2'/%+%/$+"&"$'$'*#0#,',%$
#)*%2%+*3'2$G$+")*#)7%)*%$%$/%<"31'$1"(/%$'$1"+#%,',%$%$'$E#1*=/#'$,"$
237'/$"),%$G$</",3C#,'A$Q'$0#1;"$,'$+"&#11;"F$'$S5B$,%0%$."/&'/$3&$
7/3<"$%)+'//%7',"$,%$#)0%1*#7'/$%1*%1$*%&'1$%F$'$<'/*#/$,#11"F$+")*/#(3#/$
)'$$/%,%.#)#:;"$,'$/%2':;"$%)*/%$"$3)#0%/1'2$%$"$<'/*#+32'/A$

B$S5B$%$"$6/'1#2

B$ S5B$ $ ."#$ %1*'(%2%+#,'$ )"$ +2#&'$ ,"$ <=181%73),'$ 7/'),%$ 73%//'$


%$ '$ \QO5WU$ *%0%$ 3&$ <'<%2$ .3),'&%)*'2$ )"1$ 1%31$ </#&%#/"1$ ')"1A$
\&$ ,"1$ ./3*"1$ ,'$ .3),':;"$ ,'$ S5B$ ."#$ 3&$ %1*>&32"$ D$ ."/&':;"$ ,%$
1"+#%,',%1$ +#%)*>.#+'1$ ,%$ 1"+#"2"7#'$ %&$ ('1%1$ )'+#")'#1A$ U$ "(9%*#0"$
."#$'3&%)*'/$'$+""<%/':;"$+#%)*>.#+'$%)*/%$'1$)':?%1$%$'$+"&</%%)1;"$
&P*3'A$Q"$</#&%#/"$&"&%)*"F$'1$'11"+#':?%1$."/'&$.3),','1F$</#)8
+#<'2&%)*%F$)'$O3/"<'A$B$565$)'1+%3$%&$^_cJF$'<=1$'$5"+#%,',%$,%$
5"+#"2"7#'$,%$5;"$R'32"$*%/$/%+%(#,"$3&'$+'/*'$,'$S5BF$+")0#,'),"8'$
'$.3),'/$3&'$1"+#%,',%$)'+#")'2$%$'$1%$'11"+#'/A$
Q"1$P2*#&"1$+")7/%11"1$&3),#'#1$,%$1"+#"2"7#'$"/7')#C','1$<%2'$
S5BF$ 3&'$ ,'1$ &'#"/%1$ ,%2%7':?%1$ *%&$ 1#,"$ '$ (/'1#2%#/'r$ %&$ X"*%&8
(3/7"F$ )"$ ')"$ ,%$ IJ^JF$ ."#$ '$ )")'$ +"&$ ^bc$ #)1+/#*"1F$ %&$ H3/(')F$
%&$IJJfF$."#$'$1G*#&'$+"&$^J_$#)1+/#*"1$%$%&$6/#1(')%F$%&$IJJIF$'$
"#*'0'$+"&$`b$#)1+/#*"1A$Q"11'1$'7-)+#'1$,%$."&%)*"$'<"#'&$&3#*"$
7%)%/"1'&%)*%$%1*'$<'/*#+#<':;"A$O&$IJJIF$"$)P&%/"$,%$(/'1#2%#/"1$
'11"+#',"1$ '$ S5B$ %/'$ `cF$ %&$ IJ^IF$ $ +E%7"3$ '$ IcJA$ O)43')*"$ '$ S5B$
*%0%$3&$'3&%)*"$7%/'2$,%$fK$)"$)P&%/"$,%$'11"+#',"1F$%)*/%$IJJI$

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

gg

%$IJ^IF$"1$'11"+#',"1$(/'1#2%#/"1$+/%1+%/'&$%&$IKKF$3&'$,'1$*'L'1$
,%$ +/%1+#&%)*"$ &'#1$ %L</%11#0'1$ )"$ &3),"A$ ].")*%r$ ,',"1$ ,'$ S5Ba$
X%/':?%1$ ,%$ 9"0%)1$ <%143#1',"/%1$ ,"$ &3),"$ #)*%#/"$ 1%$ #)#+#'&$ )'$
1"+#"2"7#'$#)*%/)'+#")'2$'*/'0G1$,"1$+")7/%11"1$,'$S5B$%$*'&(G&$,'$
<'/*#+#<':;"$)'1$/%3)#?%1$')3'#1$"3$(#%)'#1$,"1$+"&#*-1$,%$<%143#8
1'$*%&@*#+"1A$B"$2")7"$,"1$')"1F$1"+#=2"7"1$(/'1#2%#/"1$."/'&$%2%#*"1$
<'/'$'$,#/%:;"$,%$0@/#"1$+"&#*-1$,%$<%143#1'$,'$S5B$%F$*'&(G&F$<'/'$
'$,#/%:;"$,'$%)*#,',%A$V%&(/"1$,'$'2*'$,#/%:;"$,'$S5B$*-&$1#,"$+")8
0#,',"1$<'/'$"1$+")7/%11"1$(#%)'#1$,'$565$,%1,%F$<%2"$&%)"1F$"$,%$
6/'1>2#'F$%&$^___A

U3*/'1$#)#+#'*#0'1$,%$#)*%/)'+#")'2#C':;"$'&<2'

U$'/+'("3:"$#)*%/)'+#")'2$,%1+/#*"$'*G$'7"/'$);"$+")*%&<2"3$*","1$
"1$*#<"1$,%$'<"#"$,%$'7-)+#'1$7"0%/)'&%)*'#1$D$#)*%/)'+#")'2#C':;"F$
)%&$'1$"3*/'1$."/&'1$43%$'1$1"+#%,',%1$+#%)*#.#+'1$(31+'&$<'/'$%1*#8
&32'/$"$#)*%/+T&(#"$%)*/%$<%143#1',"/%1$%$%1*3,')*%1$,%$,#.%/%)*%1$
<'>1%1A$U$'<"#"$'"$.#)')+#'&%)*"$(31+'$%1*#&32'/$#)*%/+T&(#"1$+"&$
3)#0%/1#,',%1$%$+%)*/"1$)"1$<'>1%1$/#+"1F$&'1$</"<"/+#")'$&3#*"$<"38
+"$'1$*/"+'1$1328132A$Z@$+@*%,/'1$<'/'$,"+%)*%1$(/'1#2%#/"1$%&$0@/#'1$
3)#0%/1#,',%1$)"$)"/*%$%$"1$'+"/,"1$*'#1$+"&"$WBRO5$8HBBH8WQR4$%$
W'<%18W".%+3($(31+'&$#)+%)*#0'/$<'/+%/#'1$%)*/%$3)#0%/1#,',%1A$
S,%)*#.#+'&"1$3&'$7/'),%$%1*/3*3/'$,%$<",%/$%$,%$'<"#"F$'2G&$,%$
'273)1$ %2%&%)*"1$ +/3+#'#1$ )"$ 1#1*%&'A$ B7"/'F$ /%1*'$ 1'(%/$ $ +"&"$ "1$
1"+#=2"7"1$ (/'1#2%#/"1$ 1%$ +"&<"/*'&A$ B$ ,#/%*"/#'$ ,'$ 565F$ )'$ 7%1*;"$
IJJ`8IJJ_F$ ,%+#,#3$ +")E%+%/$ &%2E"/$ 3&$ +")93)*"$ ,%$ '1<%+*"1$ ,%$
1%31$'11"+#',"1A$R'/'$#11"F$/%'2#C"3$3&$/;-B3F!#+7&%+3!+"&$*","1$"1$
_^^$ '11"+#',"1F$ )"$ </#&%#/"$ 1%&%1*/%$ ,%$ IJJ_A$ Q"$ ."/&32@/#"F$ </%8
%)+E#,"$0#'$#)*%/)%*F$+")1*'0'&$K_$<%/73)*'1F$/%1<"),#,'1F$*"*'2$"3$
<'/+#'2&%)*%F$<"/$p``$&%&(/"1F$"3$1%9'F$3&$<"3+"$&'#1$43%$'$&%*'8
,%$]cIa$,"1$'11"+#',"1$,'$G<"+'A$W"&$('1%$)'1$/%1<"1*'1$,"$<%/.#2$
7%/'2$,"1$'11"+#',"1F$G$<"11>0%2$,#C%/$43%$G$$3&$7/3<"$</%,"&#)')*%8
&%)*%$+")1*#*3>,"$<"/$'+',-&#+"1A$$

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

g]

H#.#+32,',%1$,%$1%$<3(2#+'/$%&$#)72-1

B$1"+#"2"7#'$<3(2#+','$%&$2>)73'$#)72%1'F$%&$0%C$,%$1%$('1%'/$)'1$
"(/'1$,%$3&'$+"&3)#,',%$<"2#72"*'$43%$+/3C'$'1$./")*%#/'1$2#)73>1*#8
+'1F$G$&")"72"*'$%$%1*/%#*'F$'<%1'/$,%$1%/$+")1#,%/','${#)*%/)'+#")'2{A$$
O1*'$ G$ 3&'$ %43':;"$ 43%$ );"$ .%+E'F$ <%2'$ 43'2$ "1$ &%)"1$ #)*%/)'+#"8
)'2#C',"1F$ 1%$ *"&'&"1$ '$ $ 0'/#%,',%$ ,%$ .")*%1$ 31','1$ +"&"$ +/#*G/#"$
,%$#)*%/)'+#")'2#C':;"F$1;"$+")1#,%/',"1$"1$&'#1$#)*%/)'+#")'2#C',"1$
<"/43%$<3(2#+'&$%&$#)72-1A$o$3&'$43%1*;"$43%$$*%&$$<"3+"$'$0%/$+"&$
"$&G/#*"F$%$$&'#1$+"&$"$<",%/$,%$,%.#)#/$"$43%$G$&G/#*"A$U$')*/"<=2"7"$
<"/*373-1$ R#)'$ W'(/'2$ %L<2#+'$ '$ 1#*3':;"$ ,%$ &')%#/'$ 13+#)*'$ %$ 43%$
G$+"),#C%)*%$+"&$'$%L<%/#-)+#'$,%$&3#*"1$+"2%7'1$(/'1#2%#/"1A$zU/'F$
<",%/81%8#'$,#C%/$43%$1=$G$<"11>0%2$32*/'<'11'/$'$.'2*'$,%$.3*3/#,',%$
$<3(2#+'),"$%$1%),"$+#*',"$)"$>),#+%$S5S{$]RSQB$WB6MBYF$IJJ`F$
<A$IKca$R'/'$"$'3*"/F$"1$2#&#*%1$)'$+'<'+#,',%$,%$<3(2#+'/$,'43%2%1$
+#%)*#1*'1$ 1"+#'#1$ 43%$ );"$ .'C%&$ <'/*%$ ,"$ +#/+3#*"$ ,%$ <",%/$ +%)*/'2$
1;"$,',"1$)"1$+%)*/"1$,%$<",%/A$zQ;"$('1*'$,%1+"(/#/$+"#1'1$#&<"/8
*')*%1$ <'/'$ 7')E'/$ </G&#"1$ Q"(%2$ %$ .'C%/$ <'*%)*%1$ &#2#")@/#'1$ $ %$
)'1$ +#-)+#'1$ 1"+#'#1$ <"/$ &'#"/#'$ ,%$ /'C;"A$ B$ '+*#0#,',%$ +#%)*>.#+'AAA$
G$3&'$'+*#0#,',%$1"+#'2$%$+"&"$*'2$%1*@$#&%/1'$%&$*","$3&$%143%&'$
,%$ /%</",3:;"$ 43%$ <'11'$ <%2'$ %L#1*-)+#'$ ,%$ E%7%&")#'1$ $ "$ <",%/$
&#2#*'/F$<"2>*#+"F$%+")=&#+"$%$"$<",%/$+32*3/'2F$#)*%2%+*3'2$%$+#%)*>.#+"$
+/3C'&81%A$Q;"$('1*'$<3(2#+'/$"(/'1$+")1#,%/','1$,%$0'2"/$%&$2>)73'$
#)72%1'$<'/'$'11%73/'/$'$.3*3/#,',%$,"$43%$<3(2#+'&"1A$V'#1$+%,"$"3$
&'#1$*'/,%$1%$/%0%2'$43%$'1$+"#1'1$43%$"1$+"2%7'1$+#*'&$]%$43%F$<"/*')*"F$
*-&$.3*3/#,',%a$*-&$&%)"1$'$0%/$+"&$"$43%$2@$%1*@$%1+/#*"$%$&'#1$'$0%/$
+"&$"$43%$%2%1$</=</#"1$7')E'&$'"$+#*@82'1AAAA$R"/$%L%&<2"F$G$&'#1$
#)*%/%11')*%[+E#43%$+#*'/$!"3+'32*$]%$#1*"$<"/43%$!"3+'32*$G$'$+"43%238
+E%$'&%/#+')'F$)','$'$0%/$+"&$./')+".#2#'a$,"$43%$iE'2%1$,%$BC%0%,"F$
&%1&"$43'),"$"$43%$1%$%1*@$'$,#C%/$*%&$&'#1$'$0%/$+"&$'$(/#2E')*%$
"(/'$,%1*%$P2*#&"$$43%F$'2#@1F$'$&'#"/#'$,%$)=1$1#&<2%1&%)*%$,%1+"8
)E%+%A{$]RSQB$WB6MBYF$IJJ`F$<A$IKc8fa$
O2%$*'&(G&$"(1%/0'F$93)*"$+"&$+"2%7'1$(/'1#2%#/"1F$43%$&3#*'1$0%8
C%1F$&%1&"$1%),"$3&$#)*%2%+*3'2$+39'$"(/'$G$<3(2#+','$%&$#)72-1F$'"$

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

g`

%)0#'/$ '/*#7"1F$ %2%$ G$ ./%43%)*%&%)*%$ '0'2#',"$ <"/$ '11%11"/%1$ $ 43%$ );"$


*-&$3&$)>0%2$13.#+#%)*%$<'/'$.'C%/$3&$*/'('2E"$1G/#"A$S11"$.'C$+"&$43%$"1$
'/*#7"1$1%9'&$'0'2#',"1$z+"&"$1%$."11%&$"(/'1$,%$#)#+#')*%1{A$zi%&"1$,%$
</",3C#/$"(/'1$,%$%2%0',"$)>0%2$+#%)*>.#+"F$%&<#/#+'&%)*%$+"//%+*'1$%$
*%"/#+'&%)*%$+")1%43%)*%1F$<2%)'1$,'$&%2E"/$/$0#&(-/0%1A$i'2F$<"/G&F$
);"$+E%7'$<'/'$'11%73/'/$43%$'$)"11'$"(/'$*%)E'$.3*3/#,',%A$R'/'$#11"F$
*%/%&"1$1%&</%$,%$<'11'/$<"/$3&$*/'('2E"$,%$+")1*#*3#:;"$1"+#'2F$<"/8
43%$'$+#-)+#'$G$3&'$'+*#0#,',%$1"+#'2A{$]RSQB$WB6MBYF$IJJ`F$<A$IKfa$

\&'$</".%+#'$43%$1%$'3*"8/%'2#C'

B$."/&32':;"$7%)#'2$,%$hA$SA$iE"&'1F$,%$43%F$1%$'1$<%11"'1$,%.#8
)%&$ 3&'$ 1#*3':;"$ +"&"$ 1%),"$ /%'2F$ 1%/@$ /%'2$ )'1$ 13'1$ +")1%43-)8
+#'1F$+")*/#(3#$<'/'$%L<2#+'/$"$/%,3C#,"$)>0%2$,%$#)*%/)'+#")'2#C':;"$
,'$1"+#"2"7#'$(/'1#2%#/'A$Q;"$<3(2#+'&"1$%&$#)72-1$<"/43%$1'(%&"1$
43%$'1$+'/*'1$%1*;"$&'/+','1$+")*/'$)=1$%F$43'),"$<3(2#+'&"1F$%L#1*%$
3&'$ 7/'),%$ </"('(#2#,',%$ ,%$ 43%$ "$ *%L*"$ 1%/@$ #7)"/',"A^$ 53(&%*%/$
43'243%/$'/*#7"$<'/'$<3(2#+':;"$G$1%&</%$3&$*/'('2E"$43%$%L#7%$&3#8
*"$*%&<"$%$</%<'/'/$'/*#7"1$)3&'$2>)73'$%1*/')7%#/'$/%43%/$,%1<%1'1$
#&<"/*')*%1$%&$*/',3:;"$%$/%0#1;"A$R"/G&F$'43%2'1$/%0#1*'1$+#%)*>.#8
+'1$43%$31'&$3&$1#1*%&'$,%$z'11%11"/%1$$')N)#&"1{$8&%+6!-3.3-33/$
);"$<%/&#*%&$'"$'3*"/$*%/$3&$7/'3$/'C"@0%2$,%$+%/*%C'$,%$43%$%2%$'28
+'):'/@$1%3$"(9%*#0"A$Q;"$1"&"1$'*"/%1$#)7-)3"1F$1'(%&"1$43%$&3#*"$
,"$ /#+"$ +")*%L*"$ ,'$ 1"+#%,',%$ (/'1#2%#/'$ );"$ #)*%/%11'$ $ D43%2%1$ 43%$
,%*-&$"$<",%/$,%$,%.#)#/$$"$z3)#0%/1'2~{$%&$*%/&"1$,"$<'/',#7&'$"+#8
,%)*'2$,"&#)')*%A$R"/$%1*'$/'C;"F$+"2%7'1$%)L%/7'&$'$<3(2#+':;"$%&$
#)72-1$+"&"$);"$1%),"$3&$"(9%*#0"$/%'2#1*'A
5%$'1$<%11"'1$,%.#)#11%&$'$<3(2#+':;"$#)*%/)'+#")'2$+"&"$3&$%&8
</%%),#&%)*"$,#.>+#2F$@/,3"F$&'1$43%$,%0%$1%/$3&$"(9%*#0"$,%$43'28
43%/$+#%)*#1*'F$"$/%132*',"F$+")."/&%$'$0#1;"$,%$hA$SA$$iE"&'1$1%/#'$"$

^! "#!$%!$&'()#*+#!#(!+(#,!#-*#!#-,),!,.$%#!%',/$*0$%#%!(+!1)*2$0!3-(!*),!/*00,4!51)*2$0$*+$%#%67!
8-,9!+()&*009!:,%',/$*009!#-,!&(),!;<+$()!(+,%=!3)$#,!$>+()$+>!1)*2$0$*+!')(4</#$(+?!*+4!
!"#$"#%$&'(#)"')*+,$#,-.,#./*#,-"$*#"0#,-*#)*',/.1#)"%',/&*$#,"#2,#,-*&/#3/&,&'($#.4"%,#5/.6&1#
&',"#.#$%++"$*!17#8&',*/'.,&"'.19#:4%,#%$%.117#;"/,-#<=*/&).'>#+*/$+*),&?*@#

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

ga

"<"1*"F$"3$1%9'F$/%132*'/#'$%&$%1*>&32"$'"$*/'('2E"$%$3&'$'(%/*3/'$'"$
,#@2"7"$#)*%/)'+#")'2$'&<2"A

U$#&<'+*"$$#)*%/)'+#")'2$,'$5"+#"2"7#'$6/'1#2%#/'

Z@$'273)1$')"1F$'$B11"+#':;"$S)*%/)'+#")'2$,%$5"+#"2"7#'$.%C$3&'$
0"*':;"$ ,'1$ &'#1$ #&<"/*')*%1$ "(/'1$ ,"$ 1G+32"$ IJA$ B<%)'1$ 3&$ '38
*"/$(/'1#2%#/"$%1*'0'$%)*/%$"1$</#&%#/"1$+%&A$U$2#0/"$%1+"2E#,"$);"$G$
,%$)%)E3&$,"1$z*/-1$<"/43#)E"1{F$43%$."/'&$<"3+"$*/',3C#,"1$%&$
#)72-1$%$'*G$E"9%$1;"$<"343>11#&"$+")E%+#,"1$)"1$+%)*/"1$&%*/"<"8
2#*')"1AI$U$2#0/"$zH%<%),-)+#'$%$H%1%)0"20#&%)*"$)'$B&G/#+'$Y'*#8
)'~{F$,%$!%/)'),"$Z%)/#43%$W'/,"1"F$%&$+"'3*"/#'$+"&$O)C"$!'2%**"$
]^_`JaF$%&<'*"3$)'$pJ'$<"1#:;"$+"&$2#0/"1$,%$X#,,%)1F$5+E3*CF$6"3/8
,#%3F$H'E/%),"/.F$v')*%/$%$X"..&')AK$O1*%$2#0/"F$%$"3*/"1$,%$*%=/#+"1$
,'$ ,%<%),-)+#'F$ *#0%/'&$ 3&$ 7/'),%$ #&<'+*"$ )'1$ W#-)+#'1$ 5"+#'#1$
"+#,%)*'#1$)'$,G+','$,%$`JA$
Q%#2$5&%21%/$%1+/%0%3r$zAAA2#)E'1$,%$*%"/#'$+")1*#*3>/'&$3&$'11'28
*"$)'$0'2#,',%$3)#0%/1'2$,'$*%"/#'$,'$&",%/)#C':;"A$g@/#'1$*%"/#'1$
1"(/%$"$,%1%)0"20#&%)*"$)'$B&G/#+'$Y'*#)'$]!/')tF$^_f`d$W'/,"1"$
%$!'2%**"F$^_`_a$'/73&%)*'/'&$43%$"$</"+%11"$,%$,%1%)0"20#&%)*"F$
"3$'$.'2*'$,%1*%F$);"$,%0%$1%/$,%1+"(%/*"$)"1$&%+')#1&"1$#)*%/)"1$
D$ 1"+#%,',%$ ]%LA$ %&</%%),%,"/#1&"F$ '$ /%1#1*-)+#'$ ,'1$ #)1*#*3#:?%1$
*/',#+#")'2#1*'1a$ &'1F$ %&$ 0%C$ ,#11"F$ )'$ 1#*3':;"$ #)*%/)'+#")'2$ ,"$
<'>1$1"($#)0%1*#7':;"A$O1*%1$*%=/#+"1$'/73&%)*'/'&$43%$"$</"+%11"$
,%$,%1%)0"20#&%)*"$)'1$1"+#%,',%1$,%<%),%)*%1$]')*#7'1$+"2N)#'1F$
<'>1%1$,%$,%1%)0"20#&%)*"$/%+%)*%a$%/'$./%',"$%$."/&'*',"$+"&$./%8
43-)+#'$<%2"$.'*"$,%$43%$'1$1"+#%,',%1$,"&#)')*%1$]O\B$%$O3/"<'$

I$ \&'$(31+'$)'$B&'C")A+"&$/%0%2'$'$*/',3:;"$<'/'$"$#)72-1$'<%)'1$,"1$0"23&%1$
'$1%73#/r$R/',"$9)/AF$WA$iE%$W"2")#'2$6'+t7/"3),$".$V",%/)$6/'C#2A$!\)#0%/1#*j$
".$W'2#."/)#'$R/%11F$^_f`d$Z"2'),'F$5A$6A$,%$$M""*1$".$6/'C#2F$."#$<3(2#+',"$<%2'$
</#&%#/'$0%C$%&$#)72-1$%&$"3*3(/"$,%$IJ^I$<%2"$v%22"77$S)1*#*3*%$".$S)*%/)'*#")'2$
5*3,#%1d! "#$%&'()! *'&+'&$ iE%$ V'1*%/1$ '),$ *E%$ 52'0%1r$ B$ 5*3,j$ #)$ *E%$ H%0%2"<8
&%)*$".$6/'C#2#')$W#0#2#C'*#")F$."#$<3(2#+',"$%&$^_b`A$O&$IJ^I$z6/'C#2$')$S)*%/8
</%*'*#")$z$."#$/%<3(2#+',"$'<=1$43'1%$_$,G+','1A$
K# 5""A$#"0#,-*#B*',%/7@#-,,+CDD333@&$.E$")&"1"(7@"/(D4""A$D?,D4A?FGGG@-,=

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

]1

U+#,%)*'2a$+")1*/')7%/'&$13'1$%+")"&#'1F$"1$1#1*%&'1$,%$+2'11%$%$
"$1#1*%&'$<"2>*#+"$'*/'0G1$,%$<"2>*#+'1$,%$,"&#)':;"F$,'$<%)%*/':;"$
,%$+"/<"/':?%1$&32*#8)'+#")'#1$%$,'$&')#<32':;"$,%$+'<#*'2$#)*%/8
)'+#")'2$%$,"$+/G,#*"AAAA$U1$%L%&<2"1$*'&(G&$,%&"1*/'&$'$)'*3/%C'$
,'$*%)*'*#0'$%$'$./'7#2#,',%$,"1$%1."/:"1$)'1$+#-)+#'1$1"+#'#1$'$7%/'/$
+")E%+#&%)*"$43%$'*#)7%$"$1*'*31$,%$'<2#+'(#2#,',%$#)*%/)'+#")'2A{$
]5VOY5OMF$^__^F$I_a$U3$1%9'F$3&'$,'1$7/'),%1$+")*/#(3#:?%1$,%1*%$
+'1"$,%$#)*%/)'+#")'2#C':;"$,"$+")E%+#&%)*"$1"+#"2=7#+"$(/'1#2%#/"$
."#$,%&"1*/'/$43%$'$</%*%)1'$3)#0%/1'2#,',%$,'$*%"/#'$,%$&",%/)#C'8
:;"F$*;"$+'/'$D$1"+#"2"7#'$"+#,%)*'2F$%/'$.'21'A
O)43')*"$3&'$)"0'$%$#&<"/*')*%$#)"0':;"$*%=/#+'$.%#*'$)"$6/'1#2$
);"$ +E%7'/$ '"1$ "30#,"1$ ,'$ z5"+#"2"7#'$ &3),#'2{F$ 1"&"1$ "(/#7',"1$
'$ .'2'/$ ,"$ #&<'+*"$ #)*%/)'+#")'2$ ,'$ 5"+#"2"7#'$ (/'1#2%#/'$ '*/'0G1$ ,%$
"3*/"1$ &%#"1r$ <3(2#+':?%1$ ,%$ '/*#7"1$ #),%L',"1$ %$ <'/*#+#<':?%1$ %&$
+")7/%11"1$#)*%/)'+#")'#1A$
"#$%#&#'%$(&!28/,-($,/$G$"$&'#1$+"&<2%*"$(')+"$,%$,',"1$,"$&3)8
,"$,%$'/*#7"1$<3(2#+',"1$%&$/%0#1*'1$,%$W#-)+#'1$5"+#'#1$%$,%$1(13-/$
'</%1%)*',"1$%&$+")7/%11"1$1%2%+#")',"1A$B$7/'),%$&'#"/#'$,'1$<38
(2#+':?%1$#)+23>,'1$G$%&$2>)73'$#)72%1'A$B"$%L'&#)'/$,3'1$,#&%)1?%1$
,'$</%1%):'$,'$5"+#"2"7#'$(/'1#2%#/'$)%1*'1$('1%1F$"3$1%9'F$"$)P&%/"$
,%$ '3*"/%1$ /',#+',"1$ )"$ 6/'1#2$ %$ "$ )P&%/"$ ,%$ '/*#7"1$ +2'11#.#+',"1$
+"&"$*%),"$"$6/'1#2$+"&"$1%3$'113)*"F$+")1%73#&"1$.'C%/$3&$+@2+32"$
+/3$1"(/%$"$<%1"$,'$</",3:;"$(/'1#2%#/'$%$1"(/%$"$6/'1#2$,%)*/"$,"$*"8
*'2$,"1$'/*#7"1$%$1(13-/$#),%L',"1A$B$i'(%2'$^$G$./3*"$,%1*%1$+@2+32"1A

5BW=8B&:&P&1CB@?8&H7&%7E?787F?EB8&"W@ACBEA@&:uQ9PK9:9v

Q"$,%$'3*"/%1$,%$ $,%$*",'1$ Q"$,%$'/*#7"1[ $,%$*","1$"1$


'/*#7"1[<'<%/1$ '1$</",3:?%1$ <'<%/1$+39"$'113)*"$ '/*#7"1[<'<%/1$
/',#+',"1$)"$6/'1#2$ #),%L','1$)"$')"$ G$6/'1#2$ #),%L',"1$)"$')"
^_bJ IJ JF^I p^ JFIc
^__J _` JFpp ^KI JFfJ
IJJJ IcJ JF_J KK_ ^FII
IJ^J If_ JFpp _f_ ^Fc_

p$$ O1*'$ <%143#1'$ ."#$ .%#*'$ ,%$ &')%#/'$ $ 1#&<2%1F$ ")82#)%F$ 1%2%+#")'),"$ '1$ 0'/#@0%#1$
}#)1*#*3#:;"$,"$'3*"/$6/'1#2~$%$}'113)*"$6/'C#2~$%$')"*'),"$'1$+")*'7%)1A

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

]2

O&("/'$"$)P&%/"$(/3*"$,%$'3*"/%1$43%$*/'('2E'&$%&$#)1*#*3#:?%1$
(/'1#2%#/'1$*%)E'$'3&%)*',"$&'#1$,%$^K$0%C%1$%)*/%$^_bJ$%$IJ^JF$'$
<"/+%)*'7%&$43%$%2%1$/%</%1%)*'&$%)*/%$*","1$"1$'3*"/%1$#),%L',"1$
)3)+'$ +E%7"3$ '$ 32*/'<'11'/$ ^$ <"/$ +%)*"$ ,"$ *"*'2A$ U(1%/0'&"1$ 3&$
%)"/&%$+/%1+#&%)*"$)"$)P&%/"$,%$*%L*"1$+39"$'113)*"$G$"$6/'1#2$]3&$
'3&%)*"$,%$43'1%$Ic$0%C%1$)"$<%/>","aA$$U1$,',"1$137%/%&$43%$%1*%$
+/%1+%)*%$#)*%/%11%$<%2"$6/'1#2$);"$G$'+"&<')E',"$<"/$3&$'3&%)*"$
%43#0'2%)*%$ ,%$ <3(2#+':?%1$ <"/$ '3*"/%1$ 43%$ */'('2E'&$ %&$ #)1*#*3#8
:?%1$(/'1#2%#/'1$U3$1%9'F$%&$*%/&"1$/%2'*#0"1F$'$+")+231;"$</"0#1=/#'F$
+"&$('1%$%&$3&'$*'(%2'$43%$</%+#1'/#'$1%/$/%+")1*/3>,'$$+"&$$3&'$
'<3/':;"$&'#1$%L'31*#0'F$G$,%$43%$'$1"+#"2"7#'$(/'1#2%#/'$G$+','$0%C$
&%)"1$/%2%0')*%$+"&"$</",3*"/$,%$+")E%+#&%)*"$#),%L',"$#)*%/)'8
+#")'2&%)*%$1"(/%$"$6/'1#2$
R'/'$*%)*'/$%L'&#)'/$&'#1$</".3),'&%)*%$,#&%)1?%1$,'$#)*%/)'8
+#")'2#C':;"$,'$5"+#"2"7#'$(/'1#2%#/'F$/%+"//#$'"$/;-B3F!.%#*"$%&$IJJ_$
+"&$"1$'11"+#',"1$,'$565A

5BW=8B&K2&'JW8?EBVq7&BEBDwM?EB&H7@&_8A?M7@&:9&BH7@-&a7C&A?a7&D=&>=xEJ87-&H7&1CB@?8&7J&H7&=`A=C?7C
$$$$$$$
Q;"$ M%1<"1*'1
R3(2#+"3
<3(2#+"3 $0@2#,'1
R%/#=,#+"1$)'+#")'#1 KcJ ``Fp ^JI IIFf pcI
R%/#=,#+"1$)"$%L*%/#"/ ^IJ I`FK KIJ `IF` ppJ
W'<>*32"1$)'+#")'#1 KIc `pFp ^^I IcFf pK`
W'<>*32"1$)"$%L*%/#"/ ^I^ I`Fb K^p `IFI pKc
Y#0/"1$)'+#")'#1 IIf c^Fb I^^ pbFI pK`
Y#0/"1$)"$%L*%/#"/ KJ fF_ pJp _KF^ pKp

R%/73)*"381%$'$/%1<%#*"$,'$<3(2#+':;"$,%$'/*#7"1F$+'<>*32"1$%$2#0/"1$
)"$6/'1#2$%$)"$%L*%/#"/$'"$2")7"$,'$P2*#&'$,G+','A$O&$*"/)"$,%$`J$
,"1$ '11"+#',"1$ <3(2#+'/'&$ '/*#7"1$ %$ `J$ <3(2#+'/'&$ +'<>*32"1$ )"$
6/'1#2F$<"/G&$'<%)'1$Ic$*%&$</",3:;"$#)*%/)'+#")'2$%&$+','$3&'$
,%1*'1$&",'2#,',%1F$)"$*"*'2$f^F`$);"$<3(2#+'/'&$)','$)"$%L*%/#"/$
%&$3&'$,G+','$U$/;-B3F!/%0%2"3$43%$G$7/'),%$"$)P&%/"$,%$&%&8
(/"1$ +"&$ '/*#7"1$ %$ +'<>*32"1$ <3(2#+',"1$ )"$ <'>1r$ IIf$ ,"1$ &%&(/"1$
<3(2#+'/'&$2#0/"1$)"$6/'1#2F$KJ$)"$%L*%/#"/d$KIJ$+'<>*32"1$,%$2#0/"1$)"$
6/'1#2$%$^^b$)"$%L*%/#"/d$Kp^$'/*#7"1$%&$/%0#1*'1$'+',-&#+'1$)'+#")'#1$

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

]0

%$^IJ$)"$%L*%/#"/A$U3$1%9'F$1"+#=2"7"1$(/'1#2%#/"1$,;"$&'#"/$#&<"/*T)8
+#'F$,%$&","$<'/%+#,"$'$1"+#=2"7"1$%&$"3*/"1$<'>1%1F$D$<3(2#+':;"$,%$
'/*#7"1$%$+'<>*32"1$)"$1%3$</=</#"$<'>1$%$2>)73'A$O1*'$"<:;"$<",%$1%/$
#)*%/</%*','$,%$,#0%/1'1$&')%#/'1A$R",%$1%/$0#1*'$+"&"$<'/*%$,'$*/'8
,#:;"$(/'1#2%#/'$,%$43%/%/$1%/$/%2%0')*%$)"$</=</#"$<'>1F$"3$<",%$1%/$
0#1*'$+"&$3&'$.37'$,"$/#7"/F$,'1$+'/*'1$&'/+','1$%$,'1$<"11>0%#1$E38
&#2E':?%1$,%$3&'$'0'2#':;"$#)*%/)'+#")'2$,%$1%3$*/'('2E"A$U3F$1#&8
<2%1&%)*%F$,'$'+%#*':;"$,%$'/*#7"1$%$+'<>*32"1$<"/$'11%11"/%1$(/'1#2%#8
/"1$43'),"$%1*%1$);"$1;"$1"2#+#*',"1$"3$'</"0',"1$)"$%L*%/#"/A$\&'$
<%43%)'$ <'/*%$ ,%1*'$ </",3:;"$ )"$ <'>1$ +#/+32'$ #)*%/)'+#")'2&%)*%F$
1%9'$)"$&3),"$231=.")"F$1%9'$%)*/%$(/'1#2#')#1*'1$'2"9',"1$)'1$3)#0%/8
1#,',%1F$1"(/%*3,"$)"/*%8'&%/#+')'1A$R"/G&F$/%1*'$1'(%/$&'#1$1"(/%$'$
)'*3/%C'$z#)*%/)'+#")'2{$,%$)"11'$</",3:;"$+#%)*>.#+'A$
S)*%/)'+#")'2#C'/$"$+")E%+#&%)*"$</",3C#,"$)"$6/'1#2$0#/"3$3&'$
</#"/#,',%$,'1$&'#1$,#0%/1'1$'3*"/#,',%1$)'$@/%'$,'$+#-)+#'$%$*%+)"8
2"7#'F$#)+231#0%$<'/'$'1$W#-)+#'1$5"+#'#1A$B*G$'7"/'F$,%&"1*/'&"1$43%$
*/-1$ 43'/*"1$ ,"1$ '11"+#',"1$ ,'$ 565$ <3(2#+'&$ ,%)*/"$ ,'1$ ./")*%#/'1$
)'+#")'#1A$O&$'273&'1$<"3+'1$,#1+#<2#)'1$]%LA$&'*%&@*#+'F$.>1#+'a$"$
7/'3$ ,%$ #)*%/)'+#")'2#C':;"$ e$ &%,#,'$ %&$ +#*':?%1$ <"/$ '/*#7"c$ e$ 1%$
'</"L#&'$,'43%2%$"(1%/0',"$)"1$<'>1%1$,%1%)0"20#,"1$,%$2>)73'$#)8
72%1'A$R"/G&F$)'1$+#-)+#'1$1"+#'#1F$%1*'&"1$&3#*"$,#1*')*%1$,%1*'$1#*38
':;"A$B$</",3:;"$)'+#")'2$%$#)*%/)'+#")'2$0'/#'$,%$&')%#/'$1#1*%&@8
*#+'F$);"$1'(%&"1$<"/$43%F$)%&$+"&"A$
R'/%+%8&%$ 43%$ E@$ 3&'$ '11#&%*/#'$ )>*#,'$ %)*/%$ "1$ 1"+#=2"7"1$ 43%$
1%$."/&'/'&$%&$3&'$#)1*#*3#:;"$)'+#")'2$%$3&'$#)*%/)'+#")'2A$O1*%1$
P2*#&"1$ *-&$ E"/#C")*%1$ &'#1$ '&<2"1$ %$ &'#"/$ .'&#2#'/#,',%$ +"&$ '1$
2#)73'7%)1$%$"1$+=,#7"1$%)0"20#,"1$+"&$'1$'*#0#,',%1$%&$'&(#%)*%$
#)*%/)'+#")'2F$*'&(G&$*-&$/%,%1$,%$+")*'*"1$43%$2%0'&$'$+")0#*%1A$
\&'$ +")1%43-)+#'$ ,#11"$ G$ 43%$ 1%/;"$ &'#1$ &"*#0',"1$ '$ <3(2#+'/$ %$
<'/*#+#<'/$ %&$ +")7/%11"1$ <"/43%$ 1'(%&$ &'#1F$ '"$ %)0#'/$ 1%31$ */'('8

c$$ B1$ *%)*'*#0'1$ ,%$ 43')*#.#+':;"$ +E%7'&$ '"$ /#,>+32"F$ %1*'*>1*#+'1$ 1%&$ 1%)*#,"F$ '1$
43'#1$1%$'*/#(3#$1%)*#,"A$S).%2#C&%)*%$"1$+#%)*>.#+"1$,"$&3),"$#)*%#/"$1%$%)*/%7'&$
'"$,"&>)#"$,"1$#),#+',"/%1$%F$+"&$#1*"F$1%$)"/&'2#C'$*3,"A$o$</%+#1"$43%(/'/$%1*%$
,"&>)#"$,"1$#),#+',"/%1$%$,'1$(3/"+/'+#'1$+#%)*>.#+'1A$

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

]3

2E"1F$'$/%1<%#*"$,'1$+E')+%1$/%'#1$,%$13'$<3(2#+':;"$"3$'+%#*':;"$#)8
*%/)'+#")'2A$U$+")*/'1*%$+"&$"1$+"2%7'1$."/&',"1$)"$<'>1$G$7/'),%r$
)%&$+")E%+#&%)*"F$)%&$/%,%1$,%$+")*'*"1F$)%&$."/&':;"$)"$<',/;"$
#)*%/)'+#")'2$'$&'#"/#'$<'/%+%$*%/A$
5%<'/%#$'$'&"1*/'$%&$,"#1$7/3<"1F$'43%2%1$+"&$&%1*/',"$%["3$,"38
*"/',"$ )"$ %L*%/#"/F$ %$ '43%2%1$ +39'$ ."/&':;"$ ."#$ .%#*'$ )"$ <'>1A$ H%<"#1F$
(3143%#$ ,%1+"(/#/$ 1%$ "1$ </#&%#/"1$ *#)E'&$ 3&'$ #)1%/:;"$ #)*%/)'+#")'2$
,#.%/%)*%$,"1$,%&'#1A$B1$0'/#@0%#1$%1+"2E#,'1$<'/'$&%)13/'/$"$7/'3$,%$
#)*%/)'+#")'2#C':;"$."/'&r$<3(2#+':;"$%&$2#0/"1$#)*%/)'+#")'#1F$<3(2#+'8
:;"$%&$/%0#1*'1$#),%L','1$)"$%L*%/#"/$%$<3(2#+':;"$,%$2#0/"1$)"$%L*%/#"/A$
H%1+"(/#$43%F$%&$*","1$"1$+'1"1F$*%/$3&$,#<2"&'$13<%/#"/$)"$%L*%/#"/$
%1*@$'11"+#',"$,%$&')%#/'$1#7)#.#+'*#0'$+"&$3&'$&'#"/$#)*%/)'+#")'2#8
C':;"$,'$</",3:;"A$

5BW=8B&L2&.BaxAJ87@&D=&8?>C7@&aJW8?EBD7@&H7&=`A=C?7C&`&87EB8&D=&ag@PFCBDJBVq7&D7&BJA7C

R3(2#+'$)"$ Q;" WE#


i"*'2
%L*%/#"/ $<3(2#+' 43',/',"
R=187/',$S)*%/)'+#")'2$ K_ cI Kf pb `c IfFK_b$$^$,.
R=1$6/'1#2$ bI IIFb I`b ``FI KfJ RAJJJ
i"*'2 ^I^ 8 K^p 8 pKc

5BW=8B&v2&"CA?F7@&?HD=`BD7@&aJW8?EBD7@&H7&=`A=C?7C&`&87EB8&D=&ag@PFCBDJBVq7&D7&BJA7C

R3(2#+'$)"$ Q;" WE#


i"*'2
%L*%/#"/ $<3(2#+' 43',/',"
R=187/',$S)*%/)'+#")'2$ K_ cJFf Kb p_Fp `` IcF`^p$^$,.
R=1$6/'1#2$ b^ IIFK IbI ``F` KfK RAJJJ
i"*'2 ^IJ $8$ KIJ $8 ppJ

5BW=8B&R2&#?>C7@&aJW8?EBD7@&H7&=`A=C?7C&`&87EB8&D=&ag@PFCBDJBVq7&D7&BJA7C

R3(2#+'$)"$ Q;" WE#


i"*'2
%L*%/#"/ $<3(2#+' 43',/',"
R=187/',$ ^cF`p
^K ^`Ff f^ bIFp `p
#)*%/)'+#")'2$ ^$,.
R=1$6/'1#2$ ^` pF` KpK _cFK KfJ R$AJJJ
i"*'2 KJ 8 pJp 8 pKp

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

]d

B273&'1$')@2#1%1$&'#1$'<3/','1$."/'&$.%#*'1F$$%L+23#),"81%$"1$^`$
%1*3,')*%1$ '11"+#',"1$ '$ 565$ ,"$ +@2+32"A$ O&$ </#&%#/"$ 237'/F$ ,%1+"8
(/#381%$ 43%$ fI$ ,"1$ &%&(/"1$ ,'$ 565$ );"$ *#)E'&$ <3(2#+',"$ )','$
."/'$,"$<'>1$)"1$P2*#&"1$^J$')"1$B</"L#&','&%)*%$^[K$]I`$%&$`Ia$
,'43%2%1$ 43%$ 1%$ ."/&'/'&$ )"$ %L*%/#"/$ *#)E'&$ ,"#1$ "3$ &'#1$ *#<"1$ ,%$
<3(2#+':?%1$ #)*%/)'+#")'#1$ ]+'<>*32"1F$ '/*#7"1$ "3$ 2#0/"1aF$ +")*/'$ '<%8
)'1$^c$]cK$%&$Kpba$,'43%2%1$."/&',"1$)"$6/'1#2A$H%1*%1$."/&',"1$)"$
<'>1F$f`Fc$);"$<3(2#+'/'&$)','$)"$%L*%/#"/$)"1$P2*#&"1$^J$')"1F$%)8
43')*"$KK$,'43%2%1$."/&',"1$)"$%L*%/#"/$*#0%/'&$%1*%$.#&A$$U3$1%9'F$
'$+"//%2':;"$%)*/%$."/&':;"$)"$%L*%/#"/$%$<3(2#+':;"$)"$%L*%/#"/$G$'2*'A$
OL#1*%$3&'$0'1*'$(#(2#"7/'.#'$#)*%/)'+#")'2$43%$%L'&#)'$"1$</"(2%8
&'1$%$'1$,#.#+32,',%1$,"$</"+%11"$,%$#)*%/)'+#")'2#C':;"$,"$+")E%+#8
&%)*"$1"+#"2=7#+"r$'$.'2*'$,%$,"&>)#"$,'$2>)73'$#)72%1'F$'1$,#.%/%):'1$
%)*/%$"1$<',/?%1$,%$</",3:;"$+#%)*>.#+'$%1*'(%2%+#,"1$)"1$<'>1%1$+%)8
*/'#1$%$)"1$<'>1%1$,%$<%/#.%/#'F$'$.'2*'$,%$3&'$"31','$</",3:;"$*%=/#+'$
%$+#%)*>.#+'$(/'1#2%#/'F$'$(3/"+/'*#C':;"$,'$0#,'$3)#0%/1#*@/#'$)"$<'>1$
"3F$1#&<2%1&%)*%F$.'2'/$,'$/%1#1*-)+#'$D$+")+"//-)+#'$+#%)*>.#+'$#)*%/8
)'+#")'2A$U$*%"/$,%1*'$(#(2#"7/'.#'$,#C$/%1<%#*"$D1$7/'),%1$,#.#+32,'8
,%1$%)./%)*','1$<"/$#)*%2%+*3'#1$,"1$<'>1%1$%&$,%1%)0"20#&%)*"$<'/'$
<3(2#+'/$)'1$</#)+#<'#1$/%0#1*'1$%,#*','1$)"1$<'>1%1$+%)*/'#1F$&%1&"$
43'),"F$+"&"$G$"$+'1"$,'$),#'$%$"3*/'1$')*#7'1$+"2N)#'1$(/#*T)#+'1F$
'1$ <%11"'1$ ,"&#)'&$ '$ 2>)73'$ #)72%1'A$ ]UUVBQF$ ^__^F$ 5VOY5OMF$
^__^$O$IJJKF$HhqOMF$IJ^JF$B6MO\F$IJ^^a
H%$3&$2',"F$'$<"2>*#+'$+#%)*>.#+'$)'+#")'2$</#0#2%7#'$'$."/&':;"$)"$
<'>1$%F$,%$"3*/"$2',"F$'$#)*%/)'+#")'2#C':;"$,'$,#11%&#)':;"$,'$+#-)+#'A$
U1$,',"1$,%&")1*/'&$43%F$<'/'$'$1"+#"2"7#'F$)'$&%,#,'$%&$43%$'$."/8
&':;"$G$.%#*'$+','$0%C$&'#1$)"$<'>1F$,%0%81%$%1<%/'/$3&'$</",3:;"$1"8
+#"2=7#+'$'"$&%1&"$*%&<"$&'#1$)'+#")'2$%$&%)"1$#)*%/)'+#")'2AfR'/%+%$
43%$%1*'&"1$,#')*%$,%$3&$#&<'11%F$,#.%/%)*%$,'1$+E'&','1$+#-)+#'1$

f$$ O&("/'$);"$+")1*#*3'$3&$"(9%*#0"$,%1*%$'/*#7"F$%L#1*%$3&$7/3<"$,%$'11"+#',"1$,'$
565F$'$7/'),%$&'#"/#'$."/&','$)"$<'>1F$43%$);"$<3(2#+"3$'(1"23*'&%)*%$)','$)"1$
P2*#&"1$^J$')"1A$H%1*%1F$'273)1$<'/*#+#<'&$%&$+")7/%11"1$)'+#")'#1$%$#)*%/)'+#"8
)'#1$%$"3*/"1$);"$<'/*#+#<'&$%&$)%)E3&$%0%)*"$+#%)*>.#+"A$o$</%+#1"$.'C%/$3&'$
#)0%1*#7':;"$'</".3),','$'$/%1<%#*"$,'1$+'31'1$8$,%1*'$.'2*'$,%$</",3*#0#,',%A

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

]S

%L'*'1$%&$43%$'1$%43':?%1$%$'27"/#*&"1$13(1*#*3%&$"$0%/)@+32"$+"&"$
&%#"$,%$%L</%11;"A
$V'1$"),%$1%$<3(2#+'$#)*%/)'+#")'2&%)*%$%$"$43%$#1*"$,#C$1"(/%$'$
5"+#"2"7#'$(/'1#2%#/'|$W")1*/3>,'$'$<'/*#/$,'$#),#+':;"$,%$'*G$*/-1$/%8
0#1*'1$#)*%/)'+#")'#1$<"/$+','$%)*/%0#1*',"F$'$*'(%2'$f$*%)*'$'0%/#73'/$
1%$#1*"$%1*@$'+")*%+%),"A$B1$<"/+%)*'7%)1$1;"$+'2+32','1$'$<'/*#/$,"$
*"*'2$,'1$/%0#1*'1$&%)+#")','1$%$+39"$)"&%$."#$#,%)*#.#+',"$,3/')*%$"$
</"+%11"$,%$*'(32':;"$])^IJaA$$

5BW=8B&h&P&(=>?@AB@&?HA=CHBE?7HB?@&&HB@&cJB?@&7@&B@@7E?BD7@&DB&%1%&aJW8?EBCBM&D7?@&BCA?F7@&7J&MB?@

R%/#=,#+"1$#)*%/)'+#")'#1$"),%$&'#1$1%$<3(2#+"3 U+"//-)+#'1
M%0#1*'$Y'*#)"'&%/#+')'$,%$O1*3,#"1$,%2$i/'('9"$]BYB5ia c KFc
M%0#1*'$W/>*#+'$,%$W#-)+#'1$5"+#'#1$]R"/*37'2a c KFc
5"+#"2"7#'$e$R/"(2%&'1$%$R/@*#+'1$]R"/*37'2a p IFb
W'E#%/1$,3$6/G1#2$W")*%&<"/'#)$]!/'):'a I ^Fp
H'%,'231$]O1*',"1$\)#,"1a I ^Fp
O1*3,#"1$5"+#"2=7#+"1$]VGL#+"a I ^Fp
O\MO$]WE#2%a I ^Fp
S)*%/)'*#")'2$s"3/)'2$".$5"+#"2"7j$".$B7/#+32*3/%$'),$!"",$]S5B8MWa I ^Fp
S)*%/)'*#")'2$s"3/)'2$".$\/(')$'),$M%7#")'2$M%1%'/+E$]!\M5F$\va I ^Fp
Y'*#)$B&%/#+')$R%/1<%+*#0%1$]O1*',"1$\)#,"1a I ^Fp
V#7/'*#")1$5"+#G*G$]!/'):'a I ^Fp
RE#2"1"<Ej$".$*E%$5"+#'2$5+#%)+%1$]W')',@a I ^Fp
R/#1&'1$]B/7%)*#)'a I ^Fp
M%0#1*'$S(%/"'&%/#+')'$,%$O,3+'+#=)$]UOSa I ^Fp
M%03%$,3$V'311$]!/'):'a I ^Fp
M%03%$i#%/1$V"),%$]!/'):'a I ^Fp
5"+#"2"7>'$,%2$i/'('9"$]O1<')E'a I ^Fp
5"+#"2"7#%$,3$i/'0'#2$]!/'):'a I ^Fp
$
B$ i'(%2'$ f$ /%0%2'$ 3&'$ )>*#,'$ </%.%/-)+#'$ <"/$ <3(2#+':;"$ %&$ /%8
0#1*'1$/%7#")'#1$]c$,'1$/%0#1*'1$1;"$%1<%+#'2#C','1$)'$B&G/#+'$Y'*#)'$
"3$ )"$ 6/'1#2a$ %$ */%C%$ 1;"$ %&$ 2>)73'1$ 2'*#)'1r$ 43'*/"$ 1;"$ <3(2#+','1$
%&$ %1<')E"2F$ +#)+"$ %&$ ./')+-1F$ ,3'1$ %&$ <"/*373-1$ %$ ,3'1$ 1;"$ (#8
2>)73%1F$%1<')E"28<"/*373-1A$B<%)'1$+#)+"$,'1$^b$/%0#1*'1$</%.%/#,'1$
1;"$<3(2#+','1$%&$2>)73'$#)72%1'$43%F$<"/$&%2E"/$"3$<#"/F$0#/"3$'$2>)8

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

]g

73'$./')+'$,'$5"+#"2"7#'$&3),#'2A$W"&$3&'$%L+%:;"$]H'%,'231aF$'1$
/%0#1*'1$&%)+#")','1$1;"$%1<%+#'2#C','1A$O1*'$,3<2'$.'+%F$,%$&3#*'1$
<3(2#+':?%1$%&$*","1$"1$*#<"1$,%$0%>+32"1$)'+#")'#1$%$'$<3(2#+':;"$
#)*%/)'+#")'2$+")+%)*/','$%&$2>)73'1$2'*#)'1F$+")*/#(3#$<'/'$%1+")8
,%/$'$5"+#"2"7#'$(/'1#2%#/'$,"$+/#0"$,%$3&$<P(2#+"$#)*%/)'+#")'2A
R'/%+%$43%$'$1#*3':;"$G$+"&<2#+','F$"1$1"+#=2"7"1$(/'1#2%#/"1$<38
(2#+'&$&3#*"$<"3+"$)'1$/%0#1*'1$#)*%/)'+#")'#1$#),%L','1$<%2'$"#$%#7
&#'%$(&!28/,-($,/$%$43'1%$*","1$#7)"/'&$'1$&'#1$+")+%#*3','1$/%0#1*'1$
#)*%/)'+#")'#1F$ <"/$ %L%&<2"F$ 31'&$ <"3+"$ %1*'$ (#(2#"7/'.#'$ %&$ 1%31$
+3/1"1A$ B1$ (#(2#"7/'.#'1$ ,"1$ </"7/'&'1$ ,%$ <=187/',3':;"$ *%1*%&38
)E'&$"$.'*"A$$X/"11"$&","F$)"11'$</",3:;"$#),%L','F$&%1&"$1%),"$
<%43%)'F$',43#/%$<"3+'$0#1#(#2#,',%$."/'$,%$)"11'$0#C#)E'):'F$<"/43%$
);"$G$<3(2#+','$)"1$0%>+32"1$,%$&'#"/$</%1*>7#"$%$%&$2>)73'$#)72%1'`A
B7"/'F$0"3$<'11'/$'$0%/#.#+'/$1%$'1$#)1*T)+#'1$43%$/%732'&$'$1"+#"2"8
7#'$&3),#'2$,;"$'273&$1#)'2$,%$%1*'/$+#%)*%1$,"1$#&<'11%1$,%*%+*',"1A$
O2">1'$V'/*>)F$')*"<=2"7'$%$</".%11"/'$,'$\!Ms$$G$%,#*"/'$,'$/%0#1*'$9;-7
-3+,!"#$%#&#'FK$]S5BaF!%1+/%0%3r$"$z<#-&6!"#$%(&!"$%3+$3!M31#-,!]\QO5WUF$
IJ^JF$<A^pK8pF$^cKa$)"*"3$43%$'$#)*%/)'+#")'2#C':;"$,'1$<3(2#+':?%1$.'8
0"/%+%3$'1$/%7#?%1$,"&#)')*%1r$O3/"<'$%$"1$O\BA$H%$.'*"F$&'#1$43%$bJ$
,'1$/%0#1*'1$'+',-&#+'1$)'1$+#-)+#'1$1"+#'#1$1;"$<3(2#+','1$%&$2>)73'$
#)72%1'F$,%$,"#1$*%/:"1$,'1$<3(2#+':?%1$&'#1$#).23%)*%1$)'$@/%'$1;"$<3(2#8
+','1$%&$'<%)'1$43'*/"$<'>1%1r$O\BF$S)72'*%//'F$Z"2'),'$%$B2%&')E'A$
O&$&%1&"$*%&<"$U+%')#'F$B&G/#+'$Y'*#)'$%$'$B./#+'$+")*/#(3%&$&%)"1$
43%$ c$ ,"1$ '/*#7"1$ )"$ &3),"A{! 9;--3+,! "#$%#&#'F!*%&$ '+"&<')E',"$
%1*'$*%),-)+#'A$R"/G&F$%2'$)"*"3$43%$f$,"1$'3*"/%1$,'$/%0#1*'$%/'&$,'$
B&G/#+'$Y'*#)'F$KFI$'./#+')"1$%$I$,"$U/#%)*%$VG,#"$%F$)"$1%3$<'<%2$
,%$%,#*"/'F$%2'$'113&#3$"$+"&</"&#11"$,%$*"/)'/$"$9"/)'2$+','$0%C$&'#1$

`$$ R'/'$ &3#*'1$ '7-)+#'1$ ,%$ ."&%)*"$ ,"$ &3),"F$ '$ </#)+#<'2$ &%,#,'$ ,%$ </%1*>7#"$
E"9%$ G$ "$ }.'*"/$ ,%$ #&<'+*"{r$ 5+#86j*%1$ Z#7E2#7E*%,$ s"3/)'21r$ 5"+#"2"7jF$ $ s32j$
^ ` F $ I J ^ ^ F $ 2 # 1 * " 3 $ + # ) + " $ / % 0 # 1*'1$ +"&$ $ "$ &'#"/$ z!'*"/$ ,%$ $ #&<'+*"z!
) ' $ 5 " + # " 2 " 7 # ' r $ B&%/#+')$ 5"+#"2"7#+'2$ M%0#%nF$ B))3'2$ M%0#%n$ ".$ 5"+#"2"7jF$
B&%/#+')$ s"3/)'2$ ".$ 5"+#"2"7jF$ X%),%/$ $ 5"+#%*j$ %$ 5"+#"2"7#+'2$ V%*E",1$ $
M%1%'/+EA$ E**<r[['/+E#0%A1+#%)+%n'*+EA+"&[,/[1+#[^^[932^`8^^^[$ ]'+%11"$ %&$
cAJpA^Ka$ B1$ /%0#1*'1$ $ )'1$ 43'#1$ "1$ 1"+#=2"7"1$ (/'1#2%#/"1$ &'#1$ <3(2#+'&$ 1;"$
'31%)*%1$,%1*'$2#1*'

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

]]

<23/'2$ %$ '(%/*"$ ,"$ <")*"$ ,%$ 0#1*'$ 7%"7/@.#+"A$ ]V'/*#)F$ IJ^Ka$ 5;"$ &3#8
*"$<"3+'1$/%0#1*'1$43%$*-&$3&'$<"2>*#+'$%L</%11'$,%$'<"#'/$'*#0'&%)*%$
'3*"/%1$+39'$2>)73'$&'*%/)'$);"$G$"$#)72-1Fb$'$+")+%#*3','$)+,3-+(,%#+(&!
_#;-+(&!#.!^-8(+!(+6!M3'%#+(&!M3/3(-$0$G$3&'$,%2'1$"),%$'3*"/%1$(/'1#8
2%#/"1$<3(2#+'&A
Q"$+")7/%11"$V3),#'2$,%$5"+#"2"7#'F$%&$H3/(')F$%&$IJJfF$'</%)8
,%&"1$ 43%F$ <'/'$ <3(2#+'/$ {#)*%/)'+#")'2&%)*%{F$ )"11"1$ +"2%7'1$ #18
/'%2%)1%1$1;"$"(/#7',"1$'$%1+/%0%/$1"(/%$'$P)#+'$+"#1'$43%$#)*%/%11'$
'$+E'&','$}5"+#"2"7#'$#)*%/)'+#")'2~F$"$+").2#*"$%)*/%$"1$<"0"1$#1/'8
%2%)1%$ %$ <'2%1*#)"A$ B11#&F$ *%&'1$ */',#+#")'2&%)*%$ #&<"/*')*%1$ ,%$
<")*"$,%$0#1*'$,'$</",3:;"$,%$+")E%+#&%)*"$%$,'$."/&32':;"$,%$<"8
2>*#+'1$<P(2#+'1$<%/,%&$%1<':"$<"/43%$);"$/%132*'&$%&$<3(2#+':?%1$
43%${+")*'&$<")*"1{$]BxBMqBF$IJJfaA$O&$i'#<%#F$'</%),#F$%&$3&'$
/%3)#;"$,%$</%1#,%)*%1$,'1$'11"+#':?%1$)'+#")'#1$,%$1"+#"2"7#'$<'*/"8
+#)','$<%2'$B11"+#':;"$S)*%/)'+#")'2$,%$5"+#"2"7#'$]S5BaF$%&$IJJcF$
43%$"1$1"+#=2"7"1$."/&',"1$)"1$O1*',"1$\)#,"1$1;"$43'1%$"1$P)#+"1$
43%$+")1%73%&$<3(2#+'/$)'43%2'1$/%0#1*'1$43%$'$'7-)+#'$,%$'0'2#':;"$
)'+#")'2$+")1#,%/'$+"&"${#)*%/)'+#")'#1{F$"3$1%9'F$'1$<3(2#+':?%1$,%$
43'2#,',%$ #)*%/)'+#")'2$ ,"1$ +#%)*#1*'1$ 1"+#'#1$ ."/&','1$ )"$ </=</#"$
i'#n')F$)'$!/'):'F$)'$B2%&')E'$"3$)"$s'<;"$);"$1;"$/%+")E%+#,'1$
+"&"$#)*%/)'+#")'#1A$]WZBQX$%*$'2#A$IJ^Ja
Q"$ 2#0/"$ "#;,03-+! =03#-FK$ M'%nj)$ W"))%22$ /%.2%*%$ 1"(/%$ +"&"$
<%143#1',"/%1$"/#7#)@/#"1$,%$<'>1%1$,'$<%/#.%/#'F$&%1&"$43'),"$,"8
&#)'&$"$#)72-1F$+"&"$G$"$+'1"$,"1$1%31$+"&<'*/#"*'1$'31*/'2#')"1F$
%)./%)*'&$1%0%/'1$,#.#+32,',%1$%&$1%$.'C%/$"30#/$)"1$,%('*%1$#)*%/8
)'+#")'#1$%$<3(2#+':?%1$]1"(/%*3,"$,%$2#0/"1aA$O2'$%1+/%0%F$z*%L*"1$1;"$
*'&(G&$"(9%*"1$&'*%/#'#1$</",3C#,"1$<"/$%,#*"/'1$%$139%#*"1$D$2%7#18
2':;"$,%$,#/%#*"1$'3*"/'#1A$B43%2'1$"(/'1$<3(2#+','1$)'$<%/#.%/#'$1%&8
</%$+")E%+%/'&$,#.#+32,',%1$,%$+#/+32'/$)"1$+%)*/"1$&%*/"<"2#*')"1$
%$%&$"3*/'1$<'/*%1$,'$<%/#.%/#'A{$]WUQQOYYF$IJJ`F$<A$I^_a$

b$ E**<r[[nnnA#93//A"/7[5</#)7("'/,h%(B<<[31%/.#2%1[#93//[.#2%[Y')73'7%
5*'),'/,1R"2#+jA<,.$

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

]`

W")7/%11"1$%$'$#)*%/)'+#")'2#C':;"

Q'$*'(%2'$`F$<",%&"1$0%/$43%$'$'&<2'$&'#"/#'$,"1$'11"+#',"1$,'$
565$<'/*#+#<"3$,%$+")7/%11"1$)'+#")'#1$%$#)*%/)'+#")'#1$'"$2")7"$,'$
P2*#&'$,G+','A$$V'#1$43%$,"#1$*%/:"1$<'/*#+#<'/'&$'*#0'&%)*%$)"1$+")8
7/%11"1$,'$BQRUW5$%["3$,'$565A$\&'$</"<"/:;"$2#7%#/'&%)*%$&%)"/$
'</%1%)*"3$ 1(13-/$ %&$ +")7/%11"1$ #)*%/)'+#")'#1F$ "3$ 1%9'F$ "$ )P&%/"$
(/3*"$,%$<%11"'1$43%$'</%1%)*'/'&$%&$+")7/%11"1$%$1%&#)@/#"1$G$&'#1$
43%$"$,"(/"$,'43%2%1$43%$<3(2#+'/'&$#)*%/)'+#")'2&%)*%$%&$<%/#=,#8
+"1$"3$+'<>*32"1$,%$2#0/"1A
B*G$'7"/'F$0#&"1$43%$'$<3(2#+':;"$#)*%/)'+#")'2$G$,#.>+#2$<'/'$'43%8
2%1$<%143#1',"/%1$43%$/%1#,%&$)"$6/'1#2F$%1<%+#.#+'&%)*%F$%$)'$<%/#.%/#'$
,"$1#1*%&'$,%$</",3:;"$+#%)*>.#+'F$,%$&')%#/'$&'#1$7%/'2A$R"/G&F$&3#8
*"$&%)"1$,#.>+#2$G$<'/*#+#<'/$%&$%0%)*"1$#)*%/)'+#")'#1A$S).%2#C&%)*%F$"$
/;-B3F$);"$<%/&#*%$1'(%/$1%$"1$1%&#)@/#"1$%$+")7/%11"1$#)*%/)'+#")'#1$
1;"$ /%7#")'#1F$ 2#)73>1*#+"1$ "3$ 1%$ *-&$ 3&'$ '(/')7-)+#'$ #)*%/)'+#")'2$
&'#"/A$o$)%+%11@/#"$<%/73)*'/$'$/%1<%#*"$,%$1%3$#&<'+*"$1"(/%$'$+32*3/'$
7%/'2$,"1$+"2%7'1$%$,"$<")*"$,%$0#1*'$,'$'(%/*3/'$#)*%2%+*3'2A$U3$1%9'F$
1%$'$%L<"1#:;"$#)*%2%+*3'2$)%1*%1$+")7/%11"1$+")*/#(3#$<'/'$.'C%/$3&'$
,#.%/%):'$)'$0#,'$#)*%2%+*3'2$,"$<%143#1',"/A$$B2G&$,#11"F$</%+#1'&"1$
+"&</%%),%/$'$)'*3/%C'$,'$2#7':;"$%)*/%$%1*'1$<'/*#+#<':?%1$%$'$#)*%/8
)'+#")'2#C':;"$,"1$+")E%+#&%)*"1$</",3C#,"1$<%2'$1"+#"2"7#'$(/'1#2%#8
/'A$S).%2#C&%)*%F$);"$*%&"1$%0#,-)+#'1$,%$43%$%1*'1$'</%1%)*':?%1$1;"$
*/')1."/&','1$%&$<3(2#+':?%1$#)*%/)'+#")'#1A$
5BW=8B&O&'BCA?E?aBVq7&=M&=>=HA7@&E?=HAx[?E7@

R'/*#+#<':;"$'*#0'$)"1$%)+")*/"1$
!/%43-)+#' R"/+%)*'7%&
</"&"0#,"1$<%2'$565$"3$BQRUW5
Q;" ^^b I`FI
5#& K^f `IFb
i"*'2 pKp ^JJFJ

B</%1%)*':;"$,%$*/'('2E"1$+")7/%11"1$
"3$1%&#)@/#"1$)"$%L*%/#"/ !/%43-)+#' R"/+%)*'7%&
Q;" ^cI KncFc
5#& I`f fpFc
i"*'2 pIb ^JJFJ

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

]a

B</"L#&','&%)*%$^p$,"1$'11"+#',"1$);"$<'/*#+#<'/'&$)"1$P2*#8
&"1$')"1$)%&$,%$%0%)*"1$#)*%/)'+#")'#1$*'&<"3+"$,%$%0%)*"1$)'+#"8
)'#1A$H"1$43%$<'/*#+#<'&$,%$+")7/%11"1$)'+#")'#1F$`J$$*'&(G&$<'/*#8
+#<'&$%&$%0%)*"1$$#)*%/)'+#")'#1A$R"/G&F$"$&%1&"$);"$<",%$1%/$,#*"$
<'/'$<3(2#+':?%1F$'$&'#"/#'$,'43%2%1$43%$<3(2#+'&$)'+#")'2&%)*%$);"$
<3(2#+'&$#)*%/)'+#")'2&%)*%A$Q"$*"*'2F$,%1+"(/#&"1$43%F$%L+23#),"8
81%$"1$'23)"1F$pI$,"1$'*#0"1$%&$%0%)*"1$)'+#")'#1$%$#)*%/)'+#")'#1F$
);"$<3(2#+'&$)"$%L*%/#"/A$5%$<'/*#+#<'/$%&$+")7/%11"1$#)*%/)'+#")'#1$
%$)'+#")'#1F$'1$+E')+%1$,%$);"$<3(2#+'/$)"$%L*%/#"/$1;"$pId$_f$,'8
43%2%1$43%$);"$<'/*#+#<'&$,%$%0%)*"1$)'+#")'#1$%$#)*%/)'+#")'#1F$);"$
<3(2#+'&$)"$%L*%/#"/$]H%1*%$P2*#&"$7/3<"F$p`$);"$<3(2#+'&$)"$<'>1F$
%)43')*"$%)*/%$'43%2%1$43%$<'/*#+#<'&$,"1$,"#1$*#<"1$,%$+")7/%11"$
'<%)'1$c$);"$<3(2#+'&$)"$<'>1F$%1*%1$1;"$"1$43%$&'#1$<3(2#+'&$%&$
*",'1$'1$K$&",'2#,',%1$)'+#")'#1F$c_aA$_b$,'43%2%1$43%$);"$<38
(2#+'/'&$)','$)"1$P2*#&"1$^J$')"1$%/'&$."/&',"1$)"$<'>1F$%)43')*"$
'<%)'1$I$,'43%2%1$."/&',"1$."/'$.'C#'&$<'/*%$,%1*%$7/3<"A$$
U1$,',"1$,%&"1*/'&$43%$'$<'/*#+#<':;"$%&$%0%)*"1$)'+#")'#1$%$#)8
*%/)'+#")'#1$G$'2*'&%)*%$+"//%2'+#")','$+"&$'$."/&':;"$#)*%/)'+#"8
)'2A$S1*"$137%/%$43%$,%0%&"1$#)#+#'/$,3'1$#)0%1*#7':?%1$&'#1$'&<2'1F$
3&'$1"(/%$'1$"3*/'1$,#1+#<2#)'1$<'/'$0%/$%&$43'2$&%,#,'$0'/#'&$,"$
<',/;"$ ,'$ 1"+#"2"7#'F$ %$ "3*/'$ 1"(/%$ '1$ %1*/'*G7#'1$ %$ '1$ 43'2#.#+':?%1$
,'43%2%1$ ."/&',"1$ )"$ <'>1$ 43%$ *-&$ 3&'$ #)1%/:;"$ #)*%/)'+#")'2A$ B$
i'(%2'$b$,%&")1*/'$3&$1#7)#.#+'*#0"$7/'3$,%$+"//%1<"),-)+#'$%)*/%$"$
'11"+#',"$*%/$1#,"$."/&',"$)"$%L*%/#"/$%$13'$<'/*#+#<':;"$%&$+")7/%18
1"1$ #)*%/)'+#")'#1A$ i",'0#'F$ &%1&"$ %)*/%$ "1$ '11"+#',"1$ 43%$ );"$ 1%$
."/&'/'&$)"$%L*%/#"/F$E@$3&$'2*"$7/'3$,%$<'/*#+#<':;"$#)*%/)'+#")'2F$
fJ$,%2%1$'</%1%)*'/'&$<%2"$&%)"1$3&$*/'('2E"$%&$3&$+")7/%11"$
#)*%/)'+#")'2$)"1$P2*#&"1$,%C$')"1A$

5BW=8B&Q&5CBWB8\7@&BaC=@=HABD7&=M&=>=HA7@&?HA=CHBE?7HB?@

5#& Q;" i"*'2 WE#$43',/',"


R=187/',$S)*%/)'+#")'2$ f^ bcF_ ^J ^pF^ `^ ^`FJ`$^$,.
R=1$)'+#")'2 I^c fJFI ^pI K_Fb Kc` RAJJJ
i"*'2 I`f 8 ^cI 8 pIb

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

`1

\&$)"0"$E"/#C")*%$,'$}#)*%/)'+#")'2#C':;"$&'#1$'&<2'~$8$
+"&$<'>1%1$);"$"+#,%)*'#1

B$%&%/7-)+#'$,'$)":;"$,"$z532$X2"('2{$2%0"3$'$3&$+%/*"$/%,#/%+#"8
)'&%)*"$,'$#)*%/)'+#")'2#C':;"$,'$5"+#"2"7#'$(/'1#2%#/'$43%$+E'&"$
,%$z#)*%/)'+#")'2#C':;"$'#),'$&'#1$'&<2'{A$U$2#0/"$zH#@2"7"1$i/"<#8
+'#1r$ 6/'1#2$ %$ ),#'{$ ."#$ </%+3/1"/$ ,%$ 3&'$ 1G/#%$ ,%$ %1."/:"1$ 43%$ '38
&%)*'/'&$'"$2")7"$,"1$P2*#&"1$')"1A$U1$"/7')#C',"/%1$1%$#)1<#/'&$
%&$3&$*%L*"$,%$X#2(%/*"$!/%j/%$43%$+"&<'/'$'$),#'$]1"(/%*3,"$X"'a$
%$"$6/'1#2F$z"1$)3&%/"1"1$"/#%)*'2#1&"1$,#11"20#,"1$)"$+"&<2%L"$(/'8
1#2%#/"$,'$+32*3/'A$V'#1$)3&%/"1"1$,"$43%$'$43%$7%/'2&%)*%$13<"&"1A$
]a$H"),%$"$(/'1#2%#/"$0#/$%)+")*/'/$)'$),#'$'$#&'7%&$,%$&3#*"$*/'8
:"$,%$13'$+32*3/'$%$&3#*"$0'2"/$,%$13'$<'#1'7%&A{$]^_bJF$Icf$%$If^a$
O2%1$+"&%)*'&$43%$$G$3&'$z*%1%$"/#7#)'2$43%$&%/%+%$'$+")1#,%/':;"$
1G/#'F$&3#*"$'2G&$,%$231"*/"<#+'2#1&"1$,%$E#1*"/#',"/%1$%$+#%)*#1*'1$
1"+#'#1A{$]YU\QHU$%$VS55OF$IJJKF$<A^fa$$Q'$"+'1#;"$,"$ySS$$W")7/%18
1"$6/'1#2%#/"$,%$5"+#"2"7#'$]W65aF$3&'$1"+#=2"7'$#),#')'F$539'*'$R'8
*%2F$</".%/#3$3&'$,'1$+").%/-)+#'1F$$%&$43%$(31+"3$%L<"/$%2%&%)*"1$
,'$*%"/#'$1"+#'2$#),#')'F$)'$%1<%/'):'$,%$%1*'(%2%+%/$3&$,#@2"7"$+"&$
"$6/'1#2$]RBiOYF$IJJfaA$
S&%,#'*'&%)*%$'<=1$"$.#&$,"$B<'/*E%#,F$E"30%$3&$#)*%/%11%$&P*3"$
,%$$1"+#=2"7"1$,'$l./#+'$,"$532$%$,"$6/'1#2$%&$+")E%+%/$"1$<'>1%1$&%8
2E"/A$H%)*/%$'1$43%1*?%1$+#%)*>.#+'1$43%$<%/&#*%&$#&'7#)'/$<%143#1'1$
+"&<'/'*#0'1$%)*/%$%1*%1$<'>1%1F$,%1#73'2,',%1F$/':'F$%,3+':;"F$0#"2-)8
+#'$%$*/'('2E"$1%$,%1*'+'0'&A$B$.3),':;"$,"$!=/3&$,%$,#@2"7"$S6B5F$
3&'$'11"+#':;"$<"2>*#+'$,%$*/-1$,'1$&'#"/%1$,%&"+/'+#'1$&32*#+32*38
/'#1$ %)*/%$ "1$ <'>1%1$ %&$ ,%1%)0"20#&%)*"$ e$ ),#'F$ 6/'1#2$ %$ l./#+'$ ,"$
532$ eF$ '93,"3$ '$ +")1"2#,'/$ '$ #,%#'$ ,%$ 43%$ 1%/#'$ <"11>0%2$ ,%1%)0"20%/$
)"0"1$E"/#C")*%1$,%$+""<%/':;"$]E**<r[[nnnA#(1'8*/#2'*%/'2A"/7aA$B"$#)8
*/",3C#/$"$2#0/"$z5*'*%1$".$V"(#2#1'*#")|{F$"1$"/7')#C',"/%1$%1+/%0%/'&$
zH','1$'1$'&<2'1$1#&#2'/#,',%1$,%$%1*/3*3/'1$<"2>*#+'1$,%&"+/@*#+'1F$
'1$ %+")"&#'1$ %&%/7%)*%1$ 43%$ .'C%&$ "1$ */-1$ %1*',"1$ ,%$ /%),'$ &G,#'$
)'$</%1%):'$,%$,%1#73'2,',%1$<%/1#1*%)*%1$)%1*%1$<'>1%1F$3&'$')@2#1%$
,%$/%2':?%1$%)*/%$'$1"+#%,',%$%$"$%1*',"$)"1$<'>1%1$S6B5$*%&$3&$0'2"/$

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

`2

<'/'$ '$ +"&</%%)1;"$ ,%$ +"&"$ ,%&"+/'+#'1$ <",%&$ 1%/$ '</".3),','1$


<'/'$*/')1."/&'/$'$+'<'+#,',%$,%$/%1<"1*'$,"1$%1*',"1$D1$,%&'),'1$,'$
+#,',')#'A{$]VUZBQiqF$iZUVR5UQ$%$WUOYZUF$IJ^JF$<A$^8Ia
O&$ IJJ`F$ )"$ ySSS$ W65F$ 3&'$ &%1'$ /%,"),'$ ,#1+3*#3$ '$ z5"+#"2"7#'$
)"1$<'>1%1$6MSW5{A$B11#&F$'(/#381%$3&$+'&<"$,%$#)*%/2"+3:;"$+"&$'$
MP11#'F$WE#)'$%$l./#+'$,"$532$]);"$E'0#'$/%</%1%)*':;"$#),#')'$</%0#18
*'aA$O1*%$%1."/:"$*%0%$,%1,"(/'&%)*"1$)"$ySg$W65F$43'),"$Y#$R%#2#)F$
%)*;"$ </%1#,%)*%$ ,'$ 5"+#%,',%$ WE#)%1'$ ,%$ 5"+#"2"7#'F$ </".%/#3$ 3&'$
+").%/-)+#'$1"(/%$"1$&#7/')*%1$$)'$WE#)'F$1%3$1*'*31$%+")N&#+"$%$0#1;"$
,%$&3),"F$%$,%&")1*/"3$"$%L+%2%)*%$)>0%2$*G+)#+"$,'$1"+#"2"7#'$+E#)%8
1'$]YS$%$YSF$IJ^^a$H%1,%$13'$0#),'$'"$6/'1#2F$"$,#@2"7"$%)*/%$1"+#=2"7"1$
,"1$ <'>1%1$ 6MSW5$ 1%$ #)*%)1#.#+"3$ %$ 2%0"3$ '$ 3&'$ 1G/#%$ ,%$ </"9%*"1$ ,%$
<3(2#+':;"F$,'$43'2$"$</#&%#/"$2#0/"$9@$1'#3$%&$#)72-1$]YS$%*$'2#A$IJ^Ka$
%$&'),'/#&A$V'#1$,"#1$2#0/"1$%1*;"$1%),"$<2')%9',"1$%$'$S5B$'+"2E%3$
</"<"1*'1$,%$&%1'1$/%,"),'1$$1"(/%$%1*%1$</"9%*"1$)"$+")7/%11"$,%$X"8
*%&(3/7"$]IJ^Ja$%$q"t"E'&'$]IJ^paA$$B1$'11"+#':?%1$+#%)*>.#+'1$,%$5"8
+#"2"7#'$ %&$ +','$ <'>1$ &%&(/"$ %1*;"$ '<"#'),"$ '$ #)*%)1#.#+':;"$ ,%1*%$
,#@2"7"A$ B11#&F$ '(/%81%$ 3&'$ )"0'$ %$ <"11>0%2$ #)*%/2"+3:;"F$ 3&$ )"0"$
+'&<"$,%$,#@2"7"$#)*%/)'+#")'2A
B$#)*%/2"+3:;"$+"&$'$WE#)'$%$'$MP11#'$,%&"1*/'$43%$"$*%&'$,'$2>)73'$
<",%$1%/$*/'*',"$,%$&')%#/'$,#.%/%)*%A$k3'),"$'1$,#1+311?%1$1;"$&32*#8
2'*%/'#1$/%+"//%81%$'"$#)72-1$<'/'$%0#*'/$'$i"//%$,%$6'(%2A$R"/G&F$%&$*/-1$
,"1$+#)+"$<'>1%1$6MSW5F$"$,"&>)#"$,'$2>)73'$#)72%1'$G$&'#1$'$%L+%:;"$,"$
43%$'$/%7/'F$&%1&"$%)*/%$"1$#)*%2%+*3'#1A$Q'$"+'1#;"$,"$2'):'&%)*"$,'$
0%/1;"$%&$&'),'/#&$,"$2#0/"$zO1*/'*#.#+':;"$5"+#'2$)"1$R'>1%1$6MSW{F$'$
B+',%&#'$,%$W#-)+#'1$5"+#'#1$"/7')#C"3$3&$1%&#)@/#"$%&$R%43#&F$)"$
&-1$,%$"3*3(/"$,%$IJ^^A$B1$,%2%7':?%1$/311'$%$(/'1#2%#/'$%/'&$'</"L#8
&','&%)*%$,"$&%1&"$*'&')E"F$3&'$&%#'$,PC#'$,%$<%11"'1$+','F$%$'$
+E#)%1'$&3#*"$&'#"/A$U(1%/0%#$43%$3&$<")*"$,%$+")0%/7-)+#'$."#$%1*'(%8
2%+#,"A$B"$1%$.'2'/$%&$#)72-1F$"1$%//"1$,%$3&$%$,%$"3*/"$'+'('0'&$1%),"$
)#0%2',"1F$<"/$#1*"F$E"30%$&'#1$0")*',%$,%$.'2'/$<"/43%F$)'$'31-)+#'$,%$
<%143#1',"/%1$')72=.")"1F$E"30%$&%)"1$&%,"$,%$%//'/A
R"/G&F$<'/'$</",3C#/$3&$("&$)>0%2$,%$,#@2"7"$+#%)*>.#+"F$/%+"//%/$
D$*/',3:;"$<'/%+%$1%/$3&'$%1*/'*G7#'$)%+%11@/#'F$1"(/%*3,"F$%&$,#@8

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

`0

2"7"1$(#2'*%/'#1A$O&$,%C%&(/"$,%$IJ^IF$3&$"3*/"$1%&#)@/#"$,%$,"#1$
,#'1$."#$"/7')#C',"$%&$R%43#&$<'/'$,#1+3*#/$"1$</#&%#/"1$/%132*',"1$
,%$ 3&$ /;-B3F$ +"&<')/',"$ 1"(/%$ 0'2"/%1F$ %1*#2"1$ ,%$ 0#,'$ %$ E"/#C")8
*%1$,%$9"0%)1$3)#0%/1#*@/#"1$+E#)%1%1$%$(/'1#2%#/"1A$5%#1$<%143#1',"8
/%1$+"&<3)E'&$'$,%2%7':;"$(/'1#2%#/'F$%)*/%$"1$43'#1$'<%)'1$*/-1$*#8
)E'&$.23-)+#'$%&$#)72-1A$Q'1$/%3)#?%1$</%<'/'*=/#'1$<'/'$%1*%$</"9%*"$
/%+"//%381%$ D$ */',3:;"$ +")1%+3*#0'$ <"/*373-18&'),'/#&8<"/*373-1F$
<'/'$7'/')*#/$'$43'2#,',%$,'$#)*%/2"+3:;"A$Q"$1%&#)@/#"F$'$%1*/'*G7#'$
%/'$'$&%1&'F$'11#&F$+','$3&$*#)E'$"$,#/%#*"$,%$1%$%L</#&#/$)'$13'$2>)8
73'$&'*%/)'F$&#1*3/'),"$<"%1#'$%$E3&"/$+"&$.23-)+#'$]"$43%$G$&3#*"$
,#.>+#2$,%$1%$.'C%/$%&$"3*/'$2>)73'aF$1%$%L</#&#),"$,'$&%2E"/$&')%#/'$
<"11>0%2A$Q%1*%$1%&#)@/#"F$"1$&%&(/"1$,'$,%2%7':;"$(/'1#2%#/'$1=$31'8
/'&$"$#)72-1$<'/'$1%$+"&3)#+'/$%&$"+'1#?%1$1"+#'#1$B$i"//%$,%$6'8
(%2$G$1%&</%$3&$7/'),%$/#1+"$)"1$</"+%11"1$,%$#)*%/)'+#")'2#C':;"F$
*'&(G&$'$%1*/'*G7#'$,%$z*3,"$$%&$#)72-1{$+'//%7'F$+"&"$0#&"1F$/#1+"1$
,%$"3*/'$)'*3/%C'A$B&('1$'1$%1*/'*G7#'1$2%0'&$D$z#)+"&3)#+':;"{$e$D$
#&<"11#(#2#,',%$,'$+"&3)#+':;"$]hUYiUQF$IJJ_aA$o$)%1*%$+")*%L*"$
43%$"1$*/',3*"/%1$%L%/+%&$1%3$<'<%2$%1*/'*G7#+"A
U$</%:"$,'$72"('2#C':;"$+32*3/'2$G$"$,%$*%/&"1$43%$)"1$+"&3)#8
+'/$ +"&$ "$ "3*/"A$ R"/$ *",'$ <'/*%$ 1%$ %)*%),%$ "$ ,#@2"7"$ %)*/%$ +#%)*#18
*'1$+"&"$3&'$)%+%11#,',%$<'/'$"$,%1%)0"20#&%)*"$,%$+#-)+#'1$&'#1$
/"(31*'1$ %$ ,%$ 3&$ &3),"$ &%)"1$ ./'7&%)*',"A$ g#&"1$ 43%$ '$ "<:;"$
,%$#)*%/)'+#")'2#C':;"$z*3,"$%&$#)72-1{$2%0"3$D$#)+"&3)#+':;"$)'1$
+#-)+#'1$1"+#'#1A$B$'(%/*3/'$,%$)"0'1$./%)*%1$,%$#)*%/)'+#")'2#C':;"$
,'$1"+#"2"7#'$43%$);"$1%$+"&3)#+'$)%&$%&$<"/*373-1$]+"&"$)"$&%#"$
231=.")"aF$)%&$%&$%1<')E"2$"3$z<"/*3)E"2{$]+"&"$)'1$/%2':?%1$+"&$
'$O1<')E'$%$B&G/#+'$Y'*#)'aF$)%&$%&$#)72-1$]+"&"$)'$72"('2#C':;"$
'&<2'aF$'(/%$)"0'1$<"11#(#2#,',%1$,%$#)*%/2"+3:;"A$Q"$.3*3/"$</=L#8
&"F$ '273)1$ +#%)*#1*'1$ 1"+#'#1$ (/'1#2%#/"1$ %$ ,"1$ "3*/"1$ <'>1%1$ 6MSW5$
0;"$'</%),%/$'1$2>)73'1$,"1$"3*/"1$%F$*')*"$'$#)*%/2"+3:;"$43')*"$'$
+"&</%%)1;"$<'11'/;"$'$3&$"3*/"$)>0%2A
g@/#'1$ "(/'1$ (/'1#2%#/'1$ 9@$ ."/'&$ */',3C#,'1$ <'/'$ "$ &'),'/#&$ %$
)"11"1$+"2%7'1$+E#)%1%1$9@$2%/'&$'3*"/%1F$*'#1$+"&"$W%21"$!3/*',"F$i%8
"*N)#"$,"1$5')*"1$%$!%/)'),"$Z%)/#43%$W'/,"1"A$U1$+#%)*#1*'1$1"+#'#1$

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

`3

+E#)%1%1$+")E%+%&$&%2E"/$"$6/'1#2$,"$43%$)=1$+")E%+%&"1$'$WE#)'$
B+/%,#*"$43%$%1*%$&'#"/$+")E%+#&%)*"$,@$D$WE#)'$3&'$0')*'7%&$1"8
(/%$"$6/'1#2$)"1$)%7=+#"1$%$%&$*",'1$'1$."/&'1$,%$$)%7"+#':?%1$(#2'8
*%/'#1A$s@$%L<31$2")7'&%)*%$1"(/%$"$*/'('2E"$,%$53)$Y%<#)7$43%$'+E"$
/%2%0')*%$<'/'$'$+")1*/3:;"$,"$+")E%+#&%)*"$1"(/%$"$6/'1#2$]HhqOMF$
IJ^IaA$Q"$.3*3/"F$*%/%&"1$&'#1$#)*%/+T&(#"A$Q"0'1$<%143#1'1$+"&<'8
/','1$1%/;"$%2'("/','1A$B"$'</%),%/$1"(/%$"1$"3*/"1F$'<%%),%/%&"1$
1"(/%$)=1$&%1&"1A$R"/$%L%&<2"F$'23)"1$,%$<=187/',3':;"$)'$WE#)'$
1;"$"(/#7',"1F$+"&"$<'/*%$,%$13'$."/&':;"F$'$.'C%/$*/',3:?%1$/%."/8
:'),"$"$&%/+',"$%,#*"/#'2A$R"/43%$);"$1%$',"*'$3&'$<"2>*#+'$<'/%+#,'$
)'1$)"11'1$<=187/',3':?%1|$i%&"1$&3#*"$'$'</%),%/

W")+231;"

B$2%7#*#&#,',%$,'$1"+#"2"7#'$(/'1#2%#/'$,%<%),%$);"$'<%)'1$,%$13'$
+'<'+#,',%$,%$*/'C%/$+")*/#(3#:?%1$<'/'$'$$+"&</%%)1;"$,"$<'>1A$V%$
<'/%+%$ 43%$ '$ $ #)*%/)'+#")'2#C':;"$ ,'$ 1"+#"2"7#'$ (/'1#2%#/'$ *%/#'$ 43%$
1%$<'3*'/$)'$(31+'$,%$/%1<"),%/$'$,"#1$,%1'.#"1r$(31+'/$+")1*/3#/$"$
&'#1$'2*"$)>0%2$,%$,#@2"7"$+#%)*>.#+"F$*%=/#+"$%$&%*","2=7#+"$+"&$"1$
1"+#=2"7"1$]%$"3*/"1$+#%)*#1*'1a$)'1$&'#1$0'/#','1$/%7#?%1$,"$&3),"d$
%$'93,'/$'*"/%1$1"+#'#1$(/'1#2%#/"1$/%2%0')*%1$'$+"&</%%),%/$%$'$'7#/$
)%1*%$)"0"$%$+"&<2%L"$&3),"$)"$43'2$E'(#*'&"1A$
Q"1$+%)*/"1$*/',#+#")'#1$,%$<",%/$)"$&3),"F$'1$,%.#)#:?%1$%$"1$+/#8
*G/#"1$ ,%$ %L+%2-)+#'$ +#%)*>.#+'$ <'/%+%&$ 1%/$ ,%.#)#,"1F$ &3,'):'1$ 1%/;"$
)"/&'2&%)*%$#)+/%&%)*'#1F$,%$0%C$%&$43'),"$3&'$)"0#,',%$$'<'/%+%/@$
%&$$+%)'A$R'32"$!/%#/%$%$!%/)'),"$Z%)/#43%$W'/,"1"$1;"$%)*/%$"1$<"3+"1$
+#%)*#1*'1$1"+#'#1$(/'1#2%#/"1$43%$+")1%73#/'&$</"9%*'/$3&'$#,%)*#,',%$
#)*%2%+*3'2$'*/'%)*%F$/%1<"1*'1$D1$7/'),%1$43%1*?%1$,"1$1%31$*%&<"1F$3&'$
'&(#:;"$*%=/#+'$%$0#1;"$,"$&3),"$e$"3$1%9'$*%/$#).23-)+#'$1"(/%$"$&"0#8
&%)*"$,'1$#,%#'1A$U$+'&#)E"$&'#1$1%73/"$,%$#)*%/)'+#")'2#C':;"$+#%)*>8
.#+'$G$$'</%%),%/$'$9"7'/$"$9"7"F$,%1%)0"20%/$3&$'2*"$)>0%2$,%$+"&<%*-)8
+#'1$*%=/#+'1$%$&%*","2=7#+'1F$+"2"+'/$43%1*?%1$43%$%1*#&32'&$<%143#1'1$
+"&<'/','1$%$,#@2"7"1$*%=/#+"1F$%$]'7"/'$43%$"$6/'1#2$%1*@$)'$&",'a$.#+'/$
'*%)*"$D1$,%&'),'1$#)*%/)'+#")'#1$,%$+")E%+#&%)*"$1"(/%$"$6/'1#2A

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

`d

i')*"$"1$</".%11"/%1$43')*"$"1$'23)"1$0;"$+")*#)3'/$'$(31+'/$z%L8
<%/#-)+#'1$#)*%/)'+#")'#1$'&<2'1{F$)"$+"&%:"$'$&'#"/#'$0'#$.'0"/%+%/$
"1$+%)*/"1$*/',#+#")'#1$,%$<",%/A$B273)1$0;"$"<*'/$<'/'$3&'$#)*%/)'8
+#")'2#C':;"$%1*/%#*'F$43'),"$.%#*'$%&$)"&%$,%$'2*"1$0'2"/%1$+#%)*>.#+"1$
"3$)'$(31+'$,'$+")1*/3:;"$,'$+"&</%%)1;"$#)*%/+32*3/'2F$%1*'$"<:;"$1%$
931*#.#+'$<2%)'&%)*%A$R"/G&F$1%$);"$&3,'&"1$"$)"11'$<',/;"$,%$</"8
,3:;"$+#%)*>.#+'$<"3+"1$0;"$*%/$3&'$#).23-)+#'$#)*%/)'+#")'2$'&<2'A$
Q"1$ P2*#&"1$ ')"1F$ 7/'),%1$ %$ /@<#,'1$ &3,'):'1$ 72"('#1$ 43%$ 13/8
</%%),%/'&$'$*","1F$3&$)"0"$E"/#C")*%$1%$'(/%$e$3&'$z#)*%/)'+#"8
)'2#C':;"$&'#1$'&<2'{A$Q"$</#&%#/"$&"&%)*"$$,%0%&"1$+")E%+%/$%$
'</%),%/$+"&$)"11"1$<'/+%#/"1A$B$2%7#*#&#,',%$#)*%/)'$,%1*'$#)*%/)'8
+#")'2#C':;"$ 0'#$ ,%<%),%/$ ,'$ +'<'+#,',%$ ,'$ 1"+#"2"7#'$ '3&%)*'/$ '$$
+"&</%%)1;"$43%$"1$'*"/%1$1"+#'#1$(/'1#2%#/"1$/%2%0')*%1$*%&$,"$)"0"$
%$+"&<2%L"$&3),"$)"$43'2$E'(#*'&"1A$

M%.%/-)+#'1

B6MO\F$BA$B$]5*/")7|a$g"#+%$./"&$*E%$5"3*E|$Y'*#)$B&%/#+')$5"+#"28
"7j$i",'jF$9;--3+,!"#$%#&#'FK0"2A$c^$)"A$^F$<<A$$c^8`IF$IJJKA

BYVOSHBF$BA$QA$HA$]"/7Aa$=3--(!E#/,-(P!>-3,3I,/!.#-!R;/#10#+FH!WE'28
2%)7%1F$ W")*/"0%/1#%1$ '),$ Y')73'7%1$ ."/$ 5"+#"2"7j$ '),$ *E%$ 5"+#'2$
5+#%)+%1$#)$*E%$I^1*$W%)*3/jA$V',/#,F$S)*%/)'*#")'2$5"+#"2"7#+'2$B18
1"+#'*#")A$ ^__bA$ E**<r[[nnnA#1'81"+#"2"7jA"/7[+"2&%&([)'*#")'2'11"8
+#'*#")1[%)[&%%*#)71[/%<"/*1[231"<E")%n"/2,AE*&2

BxBMqBF$gA$B+',%&#+$OL+%22%)+%$'),$5"+#'2$M%2%0')+%r$O0'23'*#")$".$
1"+#"2"7j$#)$S1/'%2#$\)#0%/1#*#%1A$H3/(')F$R'<%/$</%1%)*%,$'*$S)*%7/'*#0%$
5%11#")$JI8IF!n`)!<#-&6!9#+'-3//!#.!"#$%#&#'FF$IJJfA

6MSWOU8YoUQF$ MA$ $ %$ 5"))*'7F$ ZA$ 5"+#"2"7j$ #)$ Y'*#)$ B&%/#+'A$


WE'22%)7%1F$ W")*/"0%/1#%1$ '),$ Y')73'7%1$ ."/$ 5"+#"2"7j$ '),$ *E%$
5"+#'2$5+#%)+%1$#)$*E%$I^1*$W%)*3/jA$V',/#,F$S)*%/)'*#")'2$5"+#"8
2"7#+'2$ B11"+#'*#")A$ ^__bA$ E**<r[[nnnA#1'81"+#"2"7jA"/7[+"2&%&([
)'*#")'28'11"+#'*#")1[%)[&%%*#)71[/%<"/*1[Y'*#)IJB&%/#+')IJ
5"+#"2"7jA<,.

6/#*#1E$B+',%&jF$R(+';('3!G(,,3-/K$]/%2'*=/#"aF$IJJ_A!E**<r[[nnnA(/#8
*'+A'+A3t[<"2#+j[2')73'7%8&'**%/1A+.&

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

`S

6YBQWUF$BA$$W#-)+#'1$1"+#'#1$)"$W")%$532$%$'$7-)%1%$,%$3&'$%2#*%$
#)*%2%+*3'2$ ]^_pJ8^_fcaA$ =3*1#! "#$%(&F$ g"2^_$ )"$ ^F$ IJJ`A$ %&! E**<r[[
nnnA1+#%2"A(/[<,.[*1[0^_)^['Jf0^_)^A<,.

W'(/'2F$sA$,%$RA$Y>)73'$%$E%7%&")#'$)'1$+#-)+#'1$1"+#'#1$2+:&%/3!"#7
$%(&K$0"2A$^bIF$IKK8IK`A$$IJJ`$

WBYgOi$YA8sAF$$Y'$&"),#'2#1'*#")$'3$.#2*/%$,%1$*/',3+*#")1$F$Q3-*o/K$
)p_F$R'/#1F$WQM5$o,#*#")1F$<A$pc8c`A$IJJ`A$

WBMHU5UF$ !A$ ZA$ !'2%**"F$ OA$ \313+6J+$%(! 3! \3/3+B#&B%*3+,#! +(!


2*]-%$(!R(,%+(P!@+/(%#!63!)+,3-1-3,(45#!"#$%#&D'%$(H$M#"$,%$s')%#/"r$
O,#*"/'$YiWF$^_`JA$

WBMHU5UF$!A$ZA$%$!'2%**"F$OA$\313+63+$F!(+6!\3B3&#1*3+,!%+!R(,%+!
2*3-%$(H$6%/t%2%jF$\)#0%/1#*j$".$W'2#."/)#'$R/%11A$^_`_A

WUQQOYYF$MA$"#;,03-+!=03#-FP!=03!'&#8(&!6F+(*%$/!#.!C+#?&36'3!%+!
/#$%(&!-3/3-$0H$W/"n1$Q%1*F$B31*/'2#'F$B22%)$$\)n#)A$IJJ`A$

HhqOMF$iA$U)$*E%$S)*%/)'*#")'2#C'*#")$".$6/'C#2#')$B+',%&#+$5"8
+#"2"7jF$#)$63/'n"jF$V#+E'%2A$WE')7F$V'38t3%#$$%$Z1#%EF$V#+E%22%$
!%#8j3$$N($%+'!(+!^+3O;(&!<#-&6P!90(&&3+'3/!.#-!(!L&#8(&!"#$%#&#7
'FA$$i'#<%#F$]i'#n')a$S)1*#*3*%$".$5"+#"2"7jF$B+',%&#'$5#)#+'$W"3)8
+#2$ ".$ Q'*#")'2$ B11"+#'*#")1$ ".$ *E%$ S)*%/)'*#")'2$ 5"+#"2"7#+'2$ B18
1"+#'*#")F$g"23&%$^F$<<A$bp8^JKA$IJ^JA$

HhqOMF$iA$B$WE#)'$%$"$6/'1#2$V3,'):'1$%$R%/&')-)+#'1$%$H%1'8
.#"1$<'/'$'$5"+#"2"7#'$6/'1#2%#/'F$%&$$G;6(+4(/!3!\3/(.%#/K$5+'2")F$
WAF$M'1#'F$sA$VA$%$5'22'1F$BA$YA$]"/71aA$M#"$,%$s')%#/"F$`$Y%*/'1$%$5"8
+#%,',%$6/'1#2%#/'$,%$5"+#"2"7#'A$<<A$^`_8IJIA$IJ^IA

!MBQvF$ BA$ XA$ 9(1%,(&%/*! (+6! \3B3&#1*3+,! %+! R(,%+! 2*3-%$(H$ Q%n$
q"/tF$V")*E2j$M%0#%n$R/%11A$^_f`A$

ZSVVOY5iMBQHF$\A$iE%$M"2%$".$*E%$S5B$#)$S)*%/)'*#")'2#C#)7$5"+#8
"2"7jA$9;--3+,!"#$%#&#'FF$0"2$K_r$bc8^JJF$^__^A

YO55BF$MA$63!2H!g!M#"$,%$s')%#/"$WRHUW[!Xgd$YB\[S!W5[\!Msd$S5W8
iO[S\YF$IJ^JA$Kf$<A$$631#%*3+,#!63!hiidfH!0,,1Ppp$16#$H.'BH8-p/%,3/p637
.(;&,p.%&3/p$%3+,%/,(/q/#$%(%/p-3+(,#q&3//(p=-(+/$-%$(#M3+(,#R3//(H16.

YOO\hOQF$iA$QA$0')$$F$V"%,F$ZA$!AF$i#911%)F$MA$sA$hA$FgS55OMF$VA$$5A$
%$M'')F$BA$!A$sA$0')F$!Y')73'7%$(#'1%1$#)$*E%$+"0%/'7%$".$*E%$5+#%)+%$
W#*'*#")$ S),%L$ '),$ #*1$ +")1%43%)+%1$ ."/$ #)*%/)'*#")'2$ +"&<'/#1")1$

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

`g

".$)'*#")'2$/%1%'/+E$<%/."/&')+%A$"$%3+,#*3,-%$/K$g"2A$c^F$Q"A$^F<<A$
KKceKpfF$IJJ^A

YSF$RA$%$Y#F$hA$U$1*'*31$%+")N&#+"$%$'1$'*#*3,%1$1"+#'#1$,"1$*/'('2E'8
,"/%1$&#7/')*%1$)'$WE#)'A$S)$Hnj%/F$i"&$%*$'2#A$]"/71a$9#+/3+/#/!3!
9#+,-#B]-/%(/H$ 5"+#%,',%$ 6/'1#2%#/'$ ,%$ 5"+#"2"7#'$ %$ i"&"$ O,#*"/#'2F$
R"/*"$B2%7/%A$<<A$K^8p_A$IJ^^A

YSF$RF$5+'2")F$WAF$X"/1Et"0F$VAvF$%$5E'/&'F$vA$]"/71a$Q(+68##C!#+!"#7
$%(&!",-(,%.%$(,%#+!%+!,03!YM)9!9#;+,-%3/!"W#)7'<3/'F$h"/2,$B+',%&#+$
R/%11A$IJ^KA

VBMiQF$ ZA$ iE%$ WE'22%)7%$ ".$ S)*%/)'*#")'2#C#)7$ 5"+#"2"7jA$ L&#8(&!


\%(&#';3K$0"2A$KF$)"A$IA$IJ^KA$E**<r[[nnnA#1'81"+#"2"7jA"/7[72"('28,#'8
2"73%[IJ^K[JI[*E%8+E'22%)7%8".8#)*%/)'*#")'2#C#)781"+#"2"7j[

VUZBQiqF$MAF$iE"&<1")F$YA$%$W"%2E"F$gA$5F$",(,3/!#.!*#8%&%/(,%#+r!
2!$#*1(-%/#+!#.!*#63/!#.!%+,3-($,%#+!83,?33+!/,(,3/!(+6!/#$%(&!($,#-/!
%+! )+6%(K! Y-(S%&! (+6! "#;,0! 2.-%$(H! 6%220#22%F$ ]5"3*E$ B./#+'aF$ B./#+')$
W%)*/%$."/$W#*#C%)1E#<$'),$H%&"+/'+j$A$IJ^JA

UUVOQ$F$iA$vA$S)*%/)'*#")'2#C'*#")$".$5"+#"2"7jr$B$g#%n$./"&$H%0%28
"<#)7$W"3)*/#%1F"9;--3+,!"#$%#&#'FK$K_r$f`8bpF$V'/+E$^__^A

UMiSxF$MA$$G;+6%(&%S(45#!"(83-3/!3!9-3+4(/H$5;"$R'32"F$6/'1#2#%)1%A$
IJJfA

UMiSxF$MA$2!6%B3-/%6(63!6#/!/#,(O;3/P!#!%+'&J/!3!(/!$%J+$%(/!/#$%(%/H$
5;"$R'32"r$6/'1#2#%)1%F$IJJbA

RBiOYF$5A$R'/'$'2G&$,%$3&$R%)1'&%)*"$6#)@/#"r$k3%1*?%1$<'/'$3&'$
5"+#"2"7#'$'3*"8/%.2%L#0'A$%&$"#$%#&#'%(!3!M3(&%6(63P!>3/O;%/(!/#$%(&!
+#!/]$;&#!nn)H$6/'1>2#'F$O,#*"/'$,'$\)6A$$R"/*"F$VA$5A$XA$%$Hnj%/F$iA$
]"/71aA$<<A$K`8cJF$IJJfA

5VOY5OMF$ QA$ sA$ R/"(2%&'*#+1$ #)$ *E%$ S)*%/)'*#")'2#C'*#")$ ".$ 5"+#'2$


5+#%)+%$v)"n2%,7%A$9;--3+,!"#$%#&#'FK!K_F$^__^A

5VOY5OMF$QA$sA$U)$W"&<'/'*#0%$B)'2j1#1F$S)*%/,#1+#<2#)'/#*j$'),$S)8
*%/)'*#")'2#C'*#")$#)$5"+#"2"7jA$)+,3-+(,%#+(&!"#$%#&#'FK$^bF$IJJKA

iMSQSHBHOF$ZA$W#-)+#'1$5"+#'#1$)"$6/'1#2$%&$<%/1<%+*#0'r$.3),':;"F$
+")1"2#,':;"$%$%L<')1;"A$S)$i/#)#,',%F$ZA$%*$'2#$]%,a$2/!9%J+$%(/!"#7
$%(%/!+(!2*]-%$(!R(,%+(!3*!>3-/13$,%B(!9#*1(-(6(!cdsi7hiieH$R"/*"$
B2%7/%F$O,#*"/'$,'$\!MX5A$<<A$`^8^f_A$IJJ`A$
!

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

`]

VOYUF$ VA$ RA$ ,'$ WA$ j;3*! 3I1&%$(! #! Y-(/%&r$ s3#C$ ,%$ !"/'F$ O,#*"/'$ ,'$
\)#0%/1#,',%$!%,%/'2$,%$s3#C$,%$!"/'A$^___A

RBiOYF$5A$R'/'$'2G&$,%$3&$R%)1'&%)*"$6#)@/#"r$k3%1*?%1$<'/'$3&'$
5"+#"2"7#'$B3*"8/%.2%L#0'F$"#$%#&#'%(!3!M3(&%6(63P!>3/O;%/(!/#$%(&!+#!
/]$;&#!nn)H$6/'1>2#'F$O,#*"/'$,'$\)6A$V'/#'$5*%2'$X/"11#$R"/*"$%$i"&$
Hnj%/$]"/71aA$IJJfA

iU\MBSQOF$ BA$ "#$%(&! b+#?&36'3! (+6! ,03! G;&,%1&%$%,F! #.! R(+';('3/!


(+6! 9;&,;-3/H$ M%<"/*$ </%1%)*%,$ '*$ *E%$ ^p*E$ h"/2,$ 5"+#"2"7j$ W").%/8
%)+%F$ V")*/%'2A$ ^__bA$ E**<r[[nnnA#1'81"+#"2"7jA"/7[<3(2[1"+#'2t)"8
n2%,7%'2'#)*"3/'#)^__bA<,.

iMSQSHBHOF$ZA$%*$'2#$]%,a$2/!9%J+$%(/!"#$%(%/!+(!2*]-%$(!R(,%+(!3*!
>3-/13$,%B(!9#*1(-(6(!cdsi7R"/*"$B2%7/%F$O,#*"/'$,'$\!MX5A$<<A$`^8
^f_A$IJJcA$

hUYiUQF$HA$$)+.#-*3-!+m3/,!1(/!$#**;+%O;3-H$R'/#1F$WQM5$O,#*#")1A$
IJJ_A

N$>%9*($&5&#%6*(&A(b/'+*(6&(0123((h((NR$*@"6*(&A("9*8>*(6&(0123(

($U#$rl$%&%,1($&"&);5$(;".),;"#)s"kt,&+"&%,.),#,/)"&1("%)#$)("&6&F*A(Gjf&$
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

`a

K3%$!=*0&'L3!=&2&,83

5("1"#4,&$&,%&+$%"U),%&+"&'$%oT)%"&
%,.),#m/)."

B)@2#1%1$1"+#"2=7#+'1$1"(/%$1#*3':?%1$,%$&3,'):'$)'$1"+#%,'8
,%$+")*%&<"/T)%'$);"$<",%&$</%1+#),#/$,'$,#1+311;"$1"(/%$'$
+")*>)3'$#&<"/*T)+#'$,"$*/'('2E"$)'$0#,'$1"+#'2A$W/#1%1$,"$1#18
*%&'$,%$</",3:;"$+'<#*'2#1*'$)'1$P2*#&'1$,G+','1F$'$#)*/",3:;"$
,%$)"0"1$&%+')#1&"1$,%$+")*/"2%$,"$*/'('2E"$%$,%$"/7')#C':;"$
,'1$%&</%1'1F$"$31"$,%$*%+)"2"7#'1$,'$#)."/&':;"F$'$13(&#11;"$
,'1$'*#0#,',%1$%+")N&#+'1$D$2=7#+'$,%$3&$&%/+',"$72"('2#C',"F$
/%132*'/'&$%&$'2*%/':?%1$1#7)#.#+'*#0'1$)'1$."/&'1$,%$%&</%7"$
'11'2'/#',"F$ +2@11#+"F$ %$ )'$ ,#11%&#)':;"$ ,%$ "+3<':?%1$ &'/+'8
,'1$<"/$3&'$'*#<#+#,',%$%$</%+'/#%,',%$]%&$*%&<"$<'/+#'2F$%&$
,"&#+>2#"F$<"/$*%&<"$,%*%/&#)',"F$&32*#.3)+#")'2aA$
U$<%/.#2$,"$&%/+',"$,%$*/'('2E"$1%$'2*%/"3$%&$.3):;"$,'$#&8
<2')*':;"$,%$3&$)"0"$<',/;"$,%$/%2':?%1$43%$13/7#3$+"&"$/%18
<"1*'$D$+/#1%$,%$</",3*#0#,',%$,"$<',/;"$."/,#1*'$%$43%$1%$'<"#'$
)'$.2%L#(#2#,',%$,"1$</"+%11"1$%$,"1$&%/+',"1$,%$*/'('2E"F$,"1$
</",3*"1$%$<',/?%1$,%$+")13&"A$]+.A$Z'/0%jF$^__IF$<A$^pJ$%)*/%$
"3*/"1aA$O$"$+/%1+#&%)*"$,'$<'/*#+#<':;"$.%&#)#)'F$'$#)."/&'2#,'8
,%F$'1$%L#7-)+#'1$,%$43'2#.#+':;"$%$,%$+"&</"&#11"$+"&$"1$"(9%8
*#0"1$,'1$%&</%1'1F$%&$3&$+")*%L*"$43%$+"&(#)'$#)*%)1#.#+':;"$
,"$*/'('2E"$+"&$#)1%73/'):'$)"$%&</%7"F$/%+"2"+'/'&$)"$,%('*%$
1"(/%$"$*/'('2E"$E"9%$"$1%3$+'/@*%/$,%$."/&',"/$,%$#,%)*#,',%$%$
,%$."/:'$<"2>*#+'$#)1*#*3+#")'2#C','$,%$+")*%1*':;"$1"+#'2A$

5("1"#4,&$&,%&+$%"U),%&+"&'$%oT)%"&%,.),#m/)."&&6&&-*8e(O%5"$6*(O"A"'+*
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

a1

S)*%/</%*'/$ %11'1$ */')1."/&':?%1$ %L#7%$ ,'$ 5"+#"2"7#'$ ],"$ */'('2E"a$


3&'$/%)"0':;"$,'$<%143#1'$%&<>/#+'$%$3&'$'*%):;"$%1<%+#'2$D1$)"0'1$
%1*/'*G7#'1$ ,%$ +")*/"2%$ ,'1$ %&</%1'1$ %$ ,"1$ %&</%7',"/%1$ %$ D1$ )"0'1$
&')#.%1*':?%1$,%$/%1#1*-)+#'$<"/$<'/*%$,"1$43%$0#0%&$,"$*/'('2E"A$U$
13(1*')*#0"$+"/<"$*%=/#+"$+")1*/3>,"$'$<'/*#/$,%$#)0%1*#7':;"$1"(/%$'$
%1*/3*3/':;"$ ,"1$ %1<':"1$ .'(/#1$ %$ 1"(/%$ "$ %1*'(%2%+#&%)*"$ ,%$ ."/&'1$
,%$+")*/"2%$,"$</"+%11"$,%$*/'('2E"$*%&$%)+")*/',"$,#.#+32,',%1$<'/'$
%L<2#+'/F$)"1$,#'1$'*3'#1F$'$0'/#%,',%$,'1$)"0'1$."/&'1$,%$,"&#)':;"$
.'(/#1$%$);"$.'(/#1F$'$.2%L#(#2#C':;"$+"&"$%2%&%)*"$+%)*/'2$,'1$/%2'8
:?%1$,%$*/'('2E"$%$'$13(+")*/'*':;"$,%$*#<"$z</%+@/#"{F$'2G&$,"1$'/738
&%)*"1$43%$+").%/%&$D1$z2%#1$,"$&%/+',"{$"$<",%/$,%$/%732':;"$,"$%&8
</%7"$%&$"<"1#:;"$'$2%#1$*/'('2E#1*'1$%1*'(%2%+#,'1$%&$"3*/'1$G<"+'1^A$
B1$'2*%/':?%1$"+"//#,'1$)"1$P2*#&"1$')"1$)"$3)#0%/1"$,"$*/'('2E"$
*#0%/'&$ *'&(G&$ "$ %.%#*"$ ,%$ +"2"+'/$ %&$ L%43%$ '1$ "/7')#C':?%1$ ,"1$
*/'('2E',"/%1$ %$"1$&%+')#1&"1$ ,%$ /%1#1*-)+#'$ %$ +")*%1*':;"$ %1*'(%8
2%+#,"1$)"1$%&('*%1$<"2>*#+"1$,%)*/"$,"1$%1<':"1$/%1*/#*"1$,'$</",38
:;"$"3$)"$%1<':"$<P(2#+"$,%$/%#0#),#+':?%1$+"2%*#0'1A$U1$1#),#+'*"1$
'0'2#'&$E"9%$'$)%+%11#,',%$,%$/%<%)1'/$13'1$</@*#+'1$%$(31+'/$)"0'1$
."/&'1$,%$'*3':;"A$U$'+P&32"$<"2>*#+"$"(*#,"$'"$2")7"$,"$1G+32"$yy$
);"$*%&$1#,"$13.#+#%)*%$<'/'$</%1%/0'/$13'$+'<'+#,',%$,%$/%':;"$,#')8
*%$,"1$&%+')#1&"1$/%)"0',"1$,'$'+3&32':;"$+'<#*'2#1*'d$%$'$(31+'$,%$
%1*/'*G7#'1$#)"0',"/'1$<'/'$%)./%)*'/$%11'$+")93)*3/'$*%&$%L#7#,"$3&$
#)*%)1"$</"+%11"$,%$,#1+311;"$1"(/%$'$."/&'$,%$&')*%/$'$#)1*#*3#:;"$
+"&"$3&$<"2"$,%$+")*%1*':;"$%$/%732':;"$,'1$'*#0#,',%1$2'("/'#1A$
Q"$+'1"$,"$6/'1#2$%$,'$B&%/#+'$Y'*#)'F$"3*/'1$43%1*?%1$1%$+"2"+'&$
<'/'$'$#)0%1*#7':;"$1"+#"2=7#+'A$U$.'*"$,%$("'$<'/*%$,'$2#*%/'*3/'$1"(/%$
*/'('2E"$*%/$1#,"$./3*"$,%$<%143#1'$('1%','$)'1$1"+#%,',%1$#),31*/#'#1$
%3/"<%#'1$%$)"/*%8'&%/#+')'1$/%0%2'$43%$"1$%1*3,"1$%$"/#%)*':?%1$*%8
=/#+'1$,'$5"+#"2"7#'$%$,'$%+")"&#'$<"2>*#+'$*-&$%1*',"$/%.%/#,"1$'"1$
+")*%L*"1$,%$&%/+',"1$,%$*/'('2E"$."/&'2#C',"1$%$,%$1"+#%,',%1$%18

^$ O1*%$ *%L*"$ ."#$ %2'("/',"$ '$ <'/*#/$ ,%$ /%132*',"1$ <'/+#'#1$ ,%$ </"9%*"1$ ,%$ <%143#1'$
'<"#',"1$<%2"$W")1%2E"$Q'+#")'2$,%$H%1%)0"20#&%)*"$W#%)*>.#+"$%$i%+)"2=7#+"$
e$ WQR4$ %$ <%2'$ !3),':;"$ ,%$ B&<'/"$ D$ R%143#1'$ ,"$ O1*',"$ ,"$ M#"$ ,%$ s')%#/"$ e$
!BROMsF$'*/'0G1$,"$R/"7/'&'$W#%)*#1*'1$,"$Q"11"$O1*',"A

5("1"#4,&$&,%&+$%"U),%&+"&'$%oT)%"&%,.),#m/)."&&6&&-*8e(O%5"$6*(O"A"'+*
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

a2

*/3*3/','1$'$<'/*#/$,'$+")1"2#,':;"$,'$#),P1*/#'$%$,'1$7/'),%1$%&</%8
1'1A$U$</"+%11"$,%$72"('2#C':;"$,'$%+")"&#'F$)"$%)*')*"F$,%1<%/*"3$
"3*/"1$ *#<"1$ ,%$ +3/#"1#,',%F$ </#)+#<'2&%)*%$ <"/43%$ "$ %)L37'&%)*"$
,'1$%&</%1'1$."/:"3$'$+/#':;"$,%$%1*/'*G7#'1$,%$%.#+@+#'$%+")N&#+'$43%$
<'11'/'&$'$#)+23#/$%)*/%$13'1$</#"/#,',%1$"$,%12"+'&%)*"$7%"7/@.#+"$%$
"$'</"0%#*'&%)*"$,%$0')*'7%)1$+"&<'/'*#0'1$".%/%+#,'1$<"/$)"0'1$/%7#8
?%1$%$2"+'2#,',%1$43%$1%$*/')1."/&'/'&$%&$z)=1{$,'1$+',%#'1$</",3*#0'1$
72"('#1A$O1*'1$')@2#1%1$1%&</%$1%/0#/'&$,%$/%.%/-)+#'$*%=/#+'$#),#1<%)8
1@0%2$<'/'$'$1"+#"2"7#'$,"$*/'('2E"$,%1%)0"20#,'$)"$6/'1#2F$&%1&"$43%$
3*#2#C','1$+"&$'$,%0#,'$+'3*%2'$<%2"$.'*"$,%$*%/%&$1#,"$%2'("/','1$%&$
"3*/"$+")*%L*"$%$,%$1%/%&$#)+'<'C%1$,%$+'<*'/$'1$%1<%+#.#+#,',%1$,"$
%&</%7"F$,"$</"+%11"$,%$#),31*/#'2#C':;"$*'/,#"F$,%$3&$&%/+',"$,%$
*/'('2E"$&'/+','&%)*%$#)."/&'2F$"3$,'$"/7')#C':;"$1#),#+'2A$
\&$,"1$</#)+#<'#1$,%1'.#"1$,'$5"+#"2"7#'$(/'1#2%#/'$]%$2'*#)"8'&%/#8
+')'a$G$931*'&%)*%$#)0%1*#7'/$'$43%1*;"$,"$*/'('2E"$*%),"$+"&"$<')"$
,%$ .3),"F$ 3&'$ 1#*3':;"$ 1"+#'2$ &'/+','$ <%2'$ </%+'/#%,',%$ ,"1$ 2':"1$
,%$%&</%7"$"3$<%2'$%L#1*-)+#'$<%/&')%)*%$,"$*/'('2E"$z);"$+2@11#+"{A$
U$.'*"$,'$ 5"+#"2"7#'$,"$i/'('2E"F$,%1,%$ 13'$ "/#7%&F$ *%/$ 1%$ ,%,#+',"$
'$%1*3,'/$</#)+#<'2&%)*%$"$*/'('2E',"/$#),31*/#'2$,'$7/'),%$%&</%1'$
)'1$13'1$,#0%/1'1$/%%1*/3*3/':?%1$.%C$+"&$43%$<"3+'$'*%):;"$."11%$,%8
,#+','$'"1$*/'('2E',"/%1$,%$"3*/"1$1%*"/%1$]#)+231#0%$,"$1%*"/$/3/'2a$,%$
z*'2$ &')%#/'$ 43%$ '$ &'#"/#'$ ,"1$ +")+%#*"1$ ."/&32',"1$ <%2'$ ,#1+#<2#)'$
1%73%&$'//'1*'),"$13'1$"/#7%)1$#),31*/#'#1$%$&",%/)'1A{$]HO$YB$XBM8
xBF$IJ^^F$<A$^IaA$$R'/'$%1*%$'3*"/F$'$/%'2#,',%$1"+#'2$*%&$&"1*/',"$43%$
z"$%&</%7"$)'$#),P1*/#'$*%&$,#&#)3>,"$%&$.'0"/$,"1$1%/0#:"1F$'1$&#+/"$
%$<%43%)'1$%&</%1'1$)"$i%/+%#/"$V3),"$);"$,#&#)3>/'&F$"1$*/'('2E"1$
</%+@/#"1$'3&%)*'/'&$93)*"$+"&$'$'<'/#:;"$,'1$)"0'1$43'2#.#+':?%1F$
"3$1%9'F$+/%1+%3$'$#&<"/*T)+#'$,"1$*/'('2E"1$);"8+2@11#+"1A{
\&'$ )"0'$ ,%&'),'F$ <"/*')*"F$ 1%$ +"2"+'$ 43'),"$ '1$ %2'("/':?%1$
,'1$*%"/#'1$+2@11#+'1$,'$5"+#"2"7#'$,"$i/'('2E"$);"$+"&<"/*'&$'1$%18
<%+#.#+#,',%1$,"1$237'/%1$%$,"1$+")*%L*"1$%+")N&#+"1$%$,"$*/'('2E"F$
+"&"F$<"/$%L%&<2"F$'$%&%/7-)+#'$,%$1%/0#:"1$&",%/)"1$%$</%+@/#"1$%$
,%$"3*/'1$'*#0#,',%1$</%+@/#'1$'11'2'/#','1$"3$);"A$H%$'+"/,"$+"&$H%$
2'$X'/C'$]IJ^^F$<A$^`aF$

5("1"#4,&$&,%&+$%"U),%&+"&'$%oT)%"&%,.),#m/)."&&6&&-*8e(O%5"$6*(O"A"'+*
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

a0

1%$3&'$<'/*%$,"1$1%/0#:"1$#&<2#+'$43%$"$</",3*"$);"$G$1%<'/@8
0%2$,%$43%&$"$</",3C$"3$43%&$"$+")1"&%$AAAF$#1*"$#&<2#+'$%&$
3&'$/%."/&32':;"$,%$43%&$1;"$"1$'*"/%1$)"$</"+%11"$</",3*#8
0"A$5%$"$1%/0#:"$G$+'<#*'2#1*'$1%73#/;"$</%1%)*%1$*/'('2E',"/%1$
'11'2'/#',"1$%$%&</%1@/#"1$AAA$&'1$3&$*%/+%#/"$'*"/$%)*/'/@$,%$
&')%#/'$,#/%*'$)"$</"+%11"$,%$</",3:;"$43%$);"$1%$'</%1%)*'$
)%&$+"&"$'11'2'/#',"$)%&$+"&"$<'*/;"F$43%$G$"$+")13&#,"/F$
"$313@/#"F$AAAA$

U1$%1*3,"1$1"(/%$*/'('2E"$<'11'/'&$*'&(G&$'$/%+")E%+%/$'$)%8
+%11#,',%$ ,%$ /%+/#'/$ <'/+%/#'1$ +"&$ "3*/'1$ */',#:?%1$ ,%$ ')@2#1%$ 1"8
+#'2F$'&<2#'),"$"$1%3$%1+"<"$,%$#)0%1*#7':;"$<'/'$+")*%L*"1$%L*/'8
.'(/#1A$B$2=7#+'$,'$72"('2#C':;"$%+")N&#+'F$<"/$%L%&<2"F$'*/#(3#$/%8
2%0T)+#'$'"1$z*%//#*=/#"1$</",3*#0"1{F$D1$2"+'2#,',%1$%$D1$/%7#?%1$)'$
%1*/3*3/':;"$%&$/%,%$,'1$%&</%1'1$%$#)*/",3C$%2%&%)*"1$<'/'$3&'$
#)0%1*#7':;"$1"(/%$'$':;"$,"1$'*"/%1$%+")N&#+"1$%$<"2>*#+"1$43%$1%$
/%"/7')#C'&$)%11%1$%1<':"1A$$O1*#&32','$<"/$<%143#1'1$,'$7%"7/'8
.#'F$ ,'$ E#1*=/#'F$ ,'$ %+"2"7#'F$ ,'$ ')*/"<"2"7#'F$ ,'$ +#-)+#'$ <"2>*#+'$ %$
,'$%+")"&#'F$%)*/%$"3*/'1F$'$1"+#"2"7#'$],"$*/'('2E"a$*%&$+"),#:;"$
,%$);"$1=$,#'2"7'/$+"&$%11'1$,#1+#<2#)'1F$+"&"$,%$'</".3),'/$"$1%3$
+")E%+#&%)*"$ 1"(/%$ '$ <'/*#+#<':;"$ ,"$ &3),"$ ,"$ */'('2E"F$ "$ 43%$
#)+23#$ */'('2E',"/%1$ %$ 1#),#+'*"1F$ )'$ +")1*#*3#:;"$ ,%$ )"0'1$ "/,%8
)':?%1$%+")N&#+'1$2"+'#1$%$/%7#")'#1F$)'$%1*/3*3/':;"$,"$&%/+',"$
,%$*/'('2E"F$)'1$#)1*T)+#'1$,%$."/&':;"$</".#11#")'2$%$)"$<",%/$,%$
#).23-)+#'$'*/'0G1$,'1$,#1+311?%1$<P(2#+'1$1"(/%$</"9%*"1$,%$,%1%)8
0"20#&%)*"$%+")N&#+"IA$

\&'$<'3*'$,%$<%143#1'$1"(/%$"$*/'('2E"$)'1$1"+#%,',%1$
+")*%&<"/T)%'1

W"&"$."/&'$,%$%1*#&32'/$'$<%143#1'$%$,%$+"2'("/'/$<'/'$'$."/&38
2':;"$ ,%$ 3&'$ <'3*'$ <'/'$ ,#1+311;"$ 1"(/%$ '1$ <%/1<%+*#0'1$ ,'$ '*#0#8

I$ $W.A$M'&'2E"F$IJJbd$IJ^^$%$IJ^IA

5("1"#4,&$&,%&+$%"U),%&+"&'$%oT)%"&%,.),#m/)."&&6&&-*8e(O%5"$6*(O"A"'+*
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

a3

,',%$,"$*/'('2E"$.'+%$D1$*/')1."/&':?%1$,"1$P2*#&"1$')"1F$%)3&%/"$
'$1%73#/$'273&'1$+")1#,%/':?%1$%$137%1*?%1$+"&"$+")*/#(3#:;"$<'/'$
.3*3/'1$#)0%1*#7':?%1$1"+#"2=7#+'1A

B$43%1*;"$,'$.2%L#(#2#,',%

$U$,%('*%$1"(/%$'$+")1"2#,':;"$,%$3&$<',/;"$.2%L>0%2$)'$"/7')#C'8
:;"$,'1$%&</%1'1$%$)'1$/%2':?%1$,%$*/'('2E"$*"/)"381%$3&$,"1$</#)+#8
<'#1$'113)*"1$<'/'$'$<%143#1'$%$'$</"(2%&'*#C':;"$)'$@/%'$,%$%1*3,"1$
2'("/'#1F$ <%2"$ 1%3$ +'/@*%/$ <"2-&#+"$ %$ <%2'$ %23+#,':;"$ ,%$ <")*"1$ ,%$
0#1*'$ ,#.%/%)+#',"1$ 1"(/%$ '1$ +")1%43-)+#'1$ 1"+#'#1$ ,%11'1$ )"0'1$ ,#8
)T&#+'1A$
B$,%.%1'$,'$.2%L#(#2#,',%$7')E"3$/%2%0T)+#'$)'$</@*#+'$%$)"$,#18
+3/1"$%&</%1'/#'2$+"&$"$'/73&%)*"$,%$43%$'$',":;"$,'$&32*#.3)8
+#")'2#,',%$)"$*/'('2E"$0'2"/#C'0'$"$$*/'('2E',"/A$O&("/'$"$%&</%8
7"$#),31*/#'2$+")*#)3%$'$1%/$3&'$/%.%/-)+#'$#&<"/*')*%$)"$&%/+',"$
,%$*/'('2E"F$%1*'*>1*#+'1$/%+%)*%1$&"1*/'&$43%$E"30%$3&'$/%,3:;"$
)%11'1$ "+3<':?%1$ %$ "$ z%&'7/%+#&%)*"{$ ,'1$ .@(/#+'1$ .%C$ "$ 1%*"/$ ,%$
1%/0#:"1$ '11"+#',"1$ D$ #),P1*/#'$ +/%1+%/$ ,%$ &","$ 13(1*')*#0"F$ '2*%8
/'),"$"$<%/.#2$,"1$*/'('2E',"/%1$%)0"20#,"1$%&$*","$"$</"+%11"$,%$
&')3.'*3/'A$B$-).'1%$)"$+'/@*%/$<"1#*#0"$,%11'1$&3,'):'1$/%132*"3$
*'&(G&$ )'$ +")1*/3:;"$ ,%$ 3&'$ +/>*#+'$ %$ 3&$ ,#1+3/1"$ 1"+#"2=7#+"$
,#0%/7%)*%A$ B1$ #)*%/</%*':?%1$ 43%$ ',"*'&$ "$ *%/&"$ z</%+'/#C':;"{$
<'/'$#,%)*#.#+'/$'1$&3,'):'1$'*3'#1$'0'2#'&$43%$%11%$</"+%11"F$)'$
0%/,',%F$ /%'.#/&'$ %$ 1".#1*#+'$ ."/&'1$ ,%$ %L<2"/':;"$ %$ ,"&#)':;"$
9@$ %L#1*%)*%1$ )"1$ &%+')#1&"1$ ,%$ +")*/"2%$ %&</%1'/#'2$ %$ +"&$ #11"$
'</".3),'&$'$%L+231;"$1"+#'2A$H'$&%1&'$."/&'F$')@2#1%1$,"1$)"0"1$
</"+%11"1$ ,%$ */'('2E"$ *-&$ +")1*'*',"$ 43%F$ 1%$ <"/$ 3&$ 2',"$ E@$ 3&$
'3&%)*"$,'$&'/7%&$,%$#),%<%),-)+#'$,"1$*/'('2E',"/%1$)"$43%$,#C$
/%1<%#*"$D$"/7')#C':;"$,"$*/'('2E"F$+"&"$/%132*',"$,"$,%1%)0"20#8
&%)*"$,%$)"0'1$*%+)"2"7#'1F$,"1$#)0%1*#&%)*"1$%&$*/%#)'&%)*"1$%$
,'1$7%1*?%1$&'#1$<'/*#+#<'*#0'1F$<"/$"3*/"$2',"F$"(1%/0'81%$"$'7/'0'8
&%)*"$,'$13("/,#)':;"F$'*/'0G1$,'$13(+")*/'*':;"$%$,%$0@/#"1$*#<"1$
,%$+")*/'*"$*%&<"/@/#"$]W.A$MBVBYZUF$IJ^^aA$

5("1"#4,&$&,%&+$%"U),%&+"&'$%oT)%"&%,.),#m/)."&&6&&-*8e(O%5"$6*(O"A"'+*
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

ad

i%&<"$,%$*/'('2E"

\&'$ ,'1$ +'/'+*%/>1*#+'1$ &'#1$ &'/+')*%1$ ,"$ '*3'2$ +")*%L*"$ ."#$ '$
'2*%/':;"$,'$+")+%<:;"$,%$z*%&<"$,%$*/'('2E"{A$Q'$&%,#,'$%&$43%$
'$ 9"/)','$ ,%$ */'('2E"$ /%732','$ <%2'$ 2%7#12':;"$ ."#$ 1%),"$ 7/','*#0'8
&%)*%$(3/2','$<%2'$%L#7-)+#'$,%$'*#0#,',%1$43%$1%$%1*%),%&$<"/$E"8
/@/#"1$<"3+"$+"&3)1F$"+"//%3$3&'$#)*%)1#.#+':;"$,"$*/'('2E"$%$3&$
%)+3/*'&%)*"$ ,"$ *%&<"$ <'/'$ '$ %L%+3:;"$ ,'1$ *'/%.'1$ %L#7#,'1$ <%2'1$
%&</%1'1A$ O1*'$ )"0'$ 1#*3':;"$ +").#/&'$ '$ #&<"/*T)+#'$ '*/#(3>,'$ '"$
z+")*/"2%$,"$*%&<"{$<"/$<'/*%$,"1$%&</%7',"/%1$%$+"2"+'$%&$,%('*%$'$
'3*")"&#'$/%'2$,"1$#),#0>,3"1$<'/'$,%+#,#/$1"(/%$"$1%3$*%&<"$,%$*/'8
('2E"$%$+"&(#)@82"$+"&$"3*/'1$%1.%/'1$,'$0#,'A$O)43')*"$'$%1*/3*3/'$
,'$</",3:;"$1%$13("/,#)'$'"$z,%1<"*#1&"$,"$&%/+',"{$]6\MBhUqF$
^_bcaF$'$0"2'*#2#,',%$,'$,%&'),'$'.%*'$,#/%*'&%)*%$'$"/7')#C':;"$,"$
*/'('2E"F$'<%/*'),"$"1$E"/@/#"1$%$'3&%)*'),"$'$</%11;"$1"(/%$"1$*/'8
('2E',"/%1A$Q"1$)"0"1$<',/?%1$"/7')#C'+#")'#1F$"$*%&<"$,%$*/'('2E"$
1%$*/')1."/&"3$%&$3&'$0'/#@0%2$43%$1%$'931*'$D1$%L#7-)+#'1$,'$</",38
:;"F$%$<'/'$"1$*/'('2E',"/%1F$'$./")*%#/'$%)*/%$"$*%//#*=/#"$,"$*/'('2E"$%$
"$*%//#*=/#"$,'$0#,'$</#0','F$,'$+'1'F$,'$.'&>2#'$1%$*"/)"3$&'#1$<"/"1'F$
&%)"1$+2'/'A$]W.A$WBMHU5UF$IJJ_aA
O11'$&%1&'$1#*3':;"$1%$/%</",3C$%&$"3*/'1$<'/*%1$,"$&3),"$%F$)"$
6/'1#2F$',43#/%$3&$+")*"/)"$'7/'0',"$<%2'$</%1%):'$,"$%&</%7"$);"$
."/&'2#C',"$%$,'1$."/&'1$</%+@/#'1$%$'*G$,%7/',')*%1$,%$*/'('2E"A$Q"$
%)*')*"F$"$43%$'<'/%+%$+"&"$<")*"$'$1%/$,#1+3*#,"$G$'$+"&<2%L#,',%$
,"$+")*/"2%$,"$*%&<"$,%$*/'('2E"$%$'$."/&'$+"&"$."/'&$+/#',"1$)"8
0"1$ &%+')#1&"1$ ,%$ 13("/,#)':;"A$ i","1$ %11%1$ '1<%+*"1$ /%0%2'&$ "1$
,%*'2E%1$,'1$)"0'1$%1*/'*G7#'1$,%$+")*/"2%$7%/%)+#'2$%$1%$*"/)'&$'20"1$
#)%0#*@0%#1$ ,%$ #)0%1*#7':;"$ *')*"$ ,"$ <")*"$ ,%$ 0#1*'$ ,'1$ %&</%1'1$ %$
,'$2=7#+'$,'$</",3:;"$+"&"$,"$<")*"$,%$0#1*'$,"1$*/'('2E',"/%1$%$,%$
1%31$=/7;"1$,%$/%</%1%)*':;"A$]W.A$MBVBYZUF$IJ^^aA

5("1"#4,&$&,%&+$%"U),%&+"&'$%oT)%"&%,.),#m/)."&&6&&-*8e(O%5"$6*(O"A"'+*
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

aS

i/'('2E"$.'(/#2

Q%11%$+'1"F$,#')*%$,'$#&<2')*':;"$,%$%1*/'*G7#'1$7%/%)+#'#1$+"&$'$
2=7#+'$,'$.2%L#(#2#,',%$%$,'$',":;"$,%$)"0'1$*%+)"2"7#'1F$3&'$43%1*;"$
,%$<%143#1'$43%$1%$'</%1%)*'$%1*@$/%.%/#,'$);"$1=$'"$,%10%),'&%)*"$
,"1$&%+')#1&"1$,%$+")*/"2%$,"$*/'('2E"F$&'1$*'&(G&$D$#)0%1*#7':;"$
1"(/%$ 1%3$ #&<'+*"$ )'1$ </@*#+'1$ ,%$ /%1#1*-)+#'$ "<%/@/#'$ +")1*/3>,'1$ %$
+")1"2#,','1$)"$<%/>","$."/,#1*'A$
5%$<"/$3&$2',"$E@$%L<%/#-)+#'1$43%$#),#+'&$3&$'3&%)*"$)'$&'/8
7%&$,%$#),%<%),-)+#'$,"1$*/'('2E',"/%1$)"$43%$1%$/%.%/%$D$"/7')#8
C':;"$ ,"$ */'('2E"F$ <"/$ "3*/"$ 2',"F$ +")1*'*'81%$ 3&$ '7/'0'&%)*"$ ,'$
13("/,#)':;"F$</#)+#<'2&%)*%$)"1$)"0"1$*#<"1$,%$+")*/'*"$*%&<"/@8
/#"1F$'3&%)*'),"$"$<",%/$,%$#).23-)+#'$,'$%&</%1'$1"(/%$"$+"&<"/8
*'&%)*"$"<%/@/#"A$B"1$'/73&%)*"1$1"(/%$'1$0')*'7%)1$,%$3&'$&'#"/$
'3*")"&#'$ +")*/'<?%81%$ '$ %1*/'*G7#'$ ,%$ /%,%.#)#:;"$ ,'$ '/*#+32':;"$
%)*/%$ "$ +"2%*#0"$ %$ "$ #),#0#,3'2F$ '11#&$ +"&"$ <"/$ */@1$ ,'$ /%,%.#)#:;"$
,%$ +"2%*#0"F$ ,%$ '3*")"&#'F$ %1*'/#'$ "+"//%),"$ 3&'$ /%'</"</#':;"$ ,'$
'3*")"&#'$,"1$'11'2'/#',"1$<"/$<'/*%$,'1$7%/-)+#'1$]W.A$YSQZBMHiF$
^__fd$WU\iMUiF$^__bd$BRRBqF$^__Kd$^__`aA
B$ +3/#"1#,',%$ #)%/%)*%$ '$ %1*%$ '1<%+*"$ ,"$ +")*/"2%$ .'(/#2$ %1*@$ )'$
#,%)*#.#+':;"$ ,%$ +"&"$ "+"//%$ "$ </"+%11"$ ,%$ /%+")1*#*3#:;"$ ,%$ 3&'$
+32*3/'$"<%/@/#'$,%$/%1#1*-)+#'$<"2>*#+'$)%11%$)"0"$+")*%L*"r$,%$43%$
&","$'$%L#7-)+#'$,%$&'#1$%1+"2'/#C':;"$%$43'2#.#+':;"$%$,%$3&'$+%/8
*'$'3*")"&#'$)'1$,%+#1?%1$+"2%*#0'1$/%2'*#0'1$'"$</"+%11"$</",3*#0"F$
0#1*'1$+"&"$3&'$%1*/'*G7#'$<'/'$'3&%)*'/$'$13("/,#)':;"$%$"$<",%/$
,%$ #).23-)+#'$ ,'$ %&</%1'$ 1"(/%$ "$ +"&<"/*'&%)*"$ "<%/@/#"F$ <",%&$
*'&(G&$ .3)+#")'/$ +"&"$ 3&'$ "<"/*3)#,',%$ <'/'$ 1%$ %1*'(%2%+%/$ 3&$
31"$,#.%/%)+#',"$%$+")*%1*'*=/#"$,"$1%)*#,"$,%$+"2%*#0#,',%$#&<"1*"$
<%2'1$%&</%1'1$%$'11#&$/%+3<%/'/$3&$<",%/$,%$/%#0#),#+':;"$43%$1%$
%)./'43%+%3$+"&$'1$*/')1."/&':?%1$,"$&3),"$,"$*/'('2E"A

5("1"#4,&$&,%&+$%"U),%&+"&'$%oT)%"&%,.),#m/)."&&6&&-*8e(O%5"$6*(O"A"'+*
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

ag

i/'('2E"$);"$+2@11#+"$

U$,%1%)0"20#&%)*"$*%=/#+"$,'$1"+#"2"7#'$,"$*/'('2E"$</#0#2%7#"3$)'$
&'#"/$<'/*%$,"1$+'1"1$'$#)0%1*#7':;"$1"(/%$&%/+',"1$,%$*/'('2E"F$</"8
+%11"1$,%$*/'('2E"$%$'$/%732':;"$,"$*/'('2E"$'11'2'/#',"F$%$#),3C#3$"1$
<%143#1',"/%1$'$);"$'*/#(3>/%&$'$#&<"/*T)+#'$,%0#,'$D$z%L*%)1;"$,'1$
'*#0#,',%1$);"$'11'2'/#','1F$'11#&$+"&"$'$%L*%)1;"$,"1$*/'('2E"1$#)8
."/&'#1F$</%+@/#"1F$#)1%73/"1F$.2%L>0%#1F$);"$%1*/3*3/',"1F$'*><#+"1{F$"3$
%&$"3*/"1$*%/&"1$"$+E'&',"$z*/'('2E"$);"$+2@11#+"{A$R'/'$H%$2'$X'/C'$
]IJ^^F$<A$^^8^IaF$%1*%$,%1+3#,"$/%132*"3$%&$);"$1%$+")1#,%/'/$%11'1$+'8
*%7"/#'1$')*#7'1$%$)"0'1$,%$*/'('2E',"/%1$+"&"$+'<'C%1$z,%$+")1*#*3#/$
#,%)*#,',%1$ +"2%*#0'1F$ </"9%*"1$ "3$ 139%#*"1$ +"2%*#0"1{F$ 0#123&(/'),"$
3&$.3*3/"$,%$./'7&%)*':;"$%$/%,3:;"$'"$#),#0#,3'2A$$R'/'$%1*%$'3*"/F$
'$43%1*;"$43%$1%$+"2"+'$'7"/'$G$z%L<2#+'/$'1$.")*%1$,'$#,%)*#,',%$%$,'$
':;"$ +"2%*#0'$ %)*/%$ */'('2E',"/%1$ 1#*3',"1$ %&$ /%2':?%1$ );"$ +2'/'1$ ,%$
'11'2'/#'&%)*"{F$%$'"$);"$1%$/%1*/#)7#/$'"$*/'('2E"$'11'2'/#',"$,#1+3*#/$
3&$+")+%#*"$'&<2#',"$,%$*/'('2E"{A$

i/'('2E"$#&'*%/#'2

U3*/"$ '1<%+*"$ 43%$ '.%*'$ '$ ')@2#1%$ %$ '1$ <%/+%<:?%1$ .3*3/'1$ 1"(/%$
"$ */'('2E"$ 1%$ /%2'+#")'$ '"$ */'('2E"$ #&'*%/#'2A$ 5%73),"$ H%$ 2'$ X'/C'$
]IJ^^F$ <A$ ^c8^faF$ z1%$ E@$ '27"$ 43%$ +'/'+*%/#C'$ %$ &",#.#+'$ "1$ +")+%#8
*"1$ ')*%/#"/%1$ ,%$ */'('2E"$ %$ </"+%11"$ ,%$ */'('2E"$ ,"$ .#&$ ,"$ 1G+32"$
IJF$G$'$%L*%)1;"$,'$</",3:;"$#&'*%/#'2$%$'$*/')1."/&':;"$%$7%/':;"$
,%$ "(9%*"1$ <3/'&%)*%$ 1#&(=2#+"1A{$ U$ </",3*"$ ,"$ */'('2E"$ #&'*%/#'2$
+"&</#&%$z'1$.'1%1$%+")N&#+'1$*/',#+#")'#1$,%$</",3:;"F$+#/+32':;"$
%$ +")13&"$ %&$ 3&$ 1=$ '*"{F$ +"&<2%L#.#+'),"$ '1$ /%2':?%1$ 1"+#'#1$ ,%$
</",3:;"$ '"$ .'C%/$ #)*%/0#/$ z3&$ *%/+%#/"$ 139%#*"{$ ]"$ +")13&#,"/a$ )"$
</"+%11"$,%$</",3:;"$93)*"$'"$*/'('2E',"/$%$1%3$<'*/;"A$
R'/'$ R"+E&'))$ ]IJ^IF$ <A$ ^aF$ %11%$ z*/'('2E"$ +39"$ /%132*',"$ );"$ G$
'27"$+")+/%*"F$<'2<@0%2F$+"&"$"$43%$</%,"&#)"3$)'$')*#7'$+2'11%$*/'8
('2E',"/'$&'*%/#'2F$43%$%)0"20#'$'$#),P1*/#'F$'$'7/#+32*3/'$%$'$+")18
*/3:;"$+#0#2{F$*"/)"381%$'$('1%$<'/'$'$."/&':;"$,%$3&$*#<"$,#.%/%)*%$

5("1"#4,&$&,%&+$%"U),%&+"&'$%oT)%"&%,.),#m/)."&&6&&-*8e(O%5"$6*(O"A"'+*
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

a]

,%$*/'('2E',"/A$U$+/%1+#&%)*"$,%11%$*#<"$,%$'*#0#,',%$*/"3L%$*'&(G&$
3&'$,%1+")%L;"$+"&$'$/%732':;"$<P(2#+'$,"$*/'('2E"A$R'/'$%1*%$'3*"/F$

"$,#/%#*"$,"$*/'('2E"$*'2$+"&"$"$+")E%+%&"1F$2%0'$%&$+")*'$"$
2"+'2$ %1<%+>.#+"$ ,%$ '*3':;"$ ,"$ */'('2E',"/A$ U1$ ,#/%#*"1$ */'('8
2E#1*'1$]9"/)','$,%$*/'('2E"F$,%1+')1"$1%&')'2F$.G/#'1F$'+#,%)8
*%1$,%$*/'('2E"F$%*+Aa$0'2%&$1"&%)*%$43'),"$'$<%11"'$%1*@$%L%/8
+%),"$ 1%3$ */'('2E"$ )"$ 2"+'2$ ,%1#7)',"$ <'/'$ #11"A$ k3'),"$ %2'$
);"$%1*@$)%11%$2"+'2F$"1$,#/%#*"1$);"$%1*;"$+")%+*',"1$+"&$%2'A$
W"&"$"$*/'('2E"$#&'*%/#'2$0%&$1%),"$/%'2#C',"$,%$."/&'$+','$
0%C$&'#1$,#1*')*%$,"$%1<':"$%&$43%1*;"F$E@$3&$,%1+"2'&%)*"$
,'$/%732':;"$<P(2#+'A

X-)%/"$%$*/'('2E"$

M%2':?%1$ ,%$ */'('2E"$ .2%L>0%#1$ '2*%/'/'&$ "$ +"*#,#')"$ %$ '$ "/7')#8


C':;"$ ,'1$ .'&>2#'1$ %$ #)*/",3C#/'&$ ,%$ ."/&'$ ,%.#)#*#0'$ '$ 43%1*;"$ ,%$
7-)%/"$)'$<'3*'$,"1$<%143#1',"/%1$,"$*/'('2E"A$W")+231?%1$,%$3&'$
#)0%1*#7':;"$ /%+%)*%$ /%'2#C','$ )'$ O3/"<'$ ,%&")1*/'/'&$ '$ ."/*%$ #)8
*%/.%/-)+#'$,"$31"$,"$*%&<"$)"$%43#2>(/#"$%)*/%$'$0#,'$%$"$*/'('2E"$
]hUMv5F$IJJbaA$U$&%1&"$1%$'<2#+'$'$,%*%/&#)',"1$*#<"$,%$%&</%7"$
)"$6/'1#2$%$)'$B&G/#+'$Y'*#)'A$!#+'$,%&")1*/',"$43%$"$z*/'('2E"$%&$
*%&<"$ <'/+#'2{$ %1*@$ )"$ +%)*/"$ ,"$ ,%('*%$ 1"(/%$ .2%L#(#2#,',%$ <"/$ 1%/$
+")1#,%/',"$3&'$,#1<"1#:;"$43%$.'C$'3&%)*'/$"1$)>0%#1$,%$%&</%7"F$
%&$<'/*#+32'/$"$,'1$&32E%/%1A$H"$&%1&"$&","$1%$/%+3<%/'$"$*/'('8
2E"$'$,"&#+>2#"F$+"&3&$)"1$</#&=/,#"1$,'$/%0"23:;"$#),31*/#'2A$5%8
73),"$Z"2C&'))$]IJJ`F$<A$KIfaF$z"$*/'('2E"$#),31*/#'2$%&$,"&#+>2#"$
/%113/7%$+"&"$%L<%,#%)*%$,"$+'<#*'2$<'/'$.2%L#(#2#C'/$"$31"$,'$."/:'$
,%$*/'('2E"{F$+")1#1*#),"$z%&$*'/%.'1$1#&<2%1$%$/%<%*#*#0'1F$<'/*%$"3$
%*'<'$,'$</",3:;"$,%$3&$</",3*"$+"&<2%L"F$/%'2#C',"$,#/%*'&%)*%$
<'/'$3&'$%&</%1'$43%$</",3C'$"3$&")*%$"$</",3*"$.#)'2{A
O&("/'$ %11%$ )"0"$ <%/.#2$ ,"$ &%/+',"$ ,%$ */'('2E"$ <"11'$ 1%/$ 0#1*"$
<"1#*#0'&%)*%$<"/$<'/*%$,'1$&32E%/%1F$<"/$<%/&#*#/$+")+#2#'/$"$%&8
</%7"$ +"&$ "3*/'1$ /%1<")1'(#2#,',%1$ ,"&G1*#+'1F$ 43'),"$ 1%$ ,#1+3*%$

5("1"#4,&$&,%&+$%"U),%&+"&'$%oT)%"&%,.),#m/)."&&6&&-*8e(O%5"$6*(O"A"'+*
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

a`

'$+")+#2#':;"$%)*/%$*/'('2E"$%$)%+%11#,',%1$,'$.'&>2#'F$'$&'#"/#'$,'1$
&32E%/%1$*%&$</"(2%&'1$<'/'$2#,'/$+"&$'1$)"0'1$,%&'),'1A$i/'*'/$
,"1$ &%+')#1&"1$ ,%$ ,"&#)':;"$ '*/'0G1$ ,"$ */'('2E"$ )"$ 43%$ ,#C$ /%18
<%#*"$ D$ 0#,'$ .'&#2#'/$ %$ D$ <'/*#+#<':;"$ .%&#)#)'$ *"/)"381%F$ <"/*')*"F$
3&$<")*"$,%$,%('*%$%$,%$<%143#1'$%11%)+#'2F$)"$1%)*#,"$,%$<%/&#*#/$
'0'2#'/$'$#)0'1;"$,"$+")*/"2%$,"$*%&<"$,%$*/'('2E"$%&$"3*/'1$%1.%/'1$
,'$0#,'$1"+#'2F$/%,%.#)#),"$,#.%/%):'1$*/',#+#")'#1$1"(/%$"$<'<%2$,'1$
&32E%/%1$)'$.'&>2#'$%$)"$%&</%7"A

i/'('2E"F$<"(/%C'$%$%L+231;"$1"+#'2$

B1$&3,'):'1$)"$3)#0%/1"$,"$*/'('2E"$137%/%&$*'&(G&$3&'$#)%8
0#*@0%2$'/*#+32':;"$+"&$'1$+"),#:?%1$1"+#'#1$<'/'$'2G&$,"1$&3/"1$,'$
.@(/#+'F$'11"+#'),"$'1$)"0'1$+'/'+*%/>1*#+'1$,%$"+3<':;"$%$%&</%7"$
D1$43%1*?%1$/%2'*#0'1$D$<"(/%C'$%$D$%L+231;"$1"+#'2A$Q%1*%$+'1"F$%1*@$
%&$9"7"$"$43%1*#")'&%)*"$,'$.3):;"$#)*%7/',"/'$,"$*/'('2E"$)'$1"8
+#%,',%F$ ./%)*%$ D$ /%,3:;"$ ,'$ </%1%):'$ ,"$ O1*',"$ %$ ,"1$ 1#1*%&'1$ ,%$
</"*%:;"$,"$%&</%7"$%$'$.2%L#(#2#C':;"$,'1$2%#1$2'("/'#1A$W/#'81%F$)%18
1%$+")*%L*"F$3&'$,#.%/%)+#':;"$1"+#'2$#&<"/*')*%$%)*/%$"$*/'('2E',"/$
%&</%7',"$%$"$*/'('2E',"/$<"(/%F$+"&$/%<%/+311;"$1"(/%$,#.%/%)*%1$
1%*"/%1$,'$0#,'$1"+#'2A$
R'/'$ Y#%,t%$ ]IJJ`F$ <A$ KII8IKaF$ z'1$ ,%1+")*#)3#,',%1$ ,'1$ '*#0#,',%1$
,%$*/'('2E"$%$"1$2")7"1$<%/>","1$,%$,%1%&</%7"$+"),3C%&$D$,%1%1*/38
*3/':;"$,%$0>)+32"1$1"+#'#1$"3*/"/'$,3/',"3/"1F$)"$*/'('2E"$%$)'$0#,'$
1"+#'2{A$$5%73),"$W'1*%2$]^__bF$<A$KpaF$"$*/'('2E"$);"$<",%$1%/$<%)1',"$
z%)43')*"$/%2':;"$*G+)#+'$,%$</",3:;"F$&'1$+"&"$3&$13<"/*%$</#0#2%8
7#',"$,%$#)1+/#:;"$)'$%1*/3*3/'$1"+#'2{A$R'/'$%2%F$%L#1*%$z3&'$."/*%$+"//%8
2':;"$%)*/%$"$237'/$"+3<',"$)'$,#0#1;"$1"+#'2$,"$*/'('2E"$%$'$<'/*#+#<':;"$
)'1$ /%,%1$ ,%$ 1"+#'(#2#,',%$ %$ )"1$ 1#1*%&'1$ ,%$ </"*%:;"$ 43%$ }'&<'/'&~$
3&$ #),#0>,3"$ ,#')*%$ ,"1$ '+'1"1$ ,'$ %L#1*-)+#'{F$ <"11#(#2#*'),"$ zC")'1$
,%$ +"%1;"$ 1"+#'2{A$ B11#&F$ '11"+#'/$ */'('2E"$ %1*@0%2[#)1%/:;"$ /%2'+#")'2$
1=2#,'$0'#$+'/'+*%/#C'/$3&'$@/%'$,%$#)*%7/':;"d$%)43')*"$'$'31-)+#'$,%$
<'/*#+#<':;"$%&$43'243%/$'*#0#,',%$</",3*#0'$%$"$#1"2'&%)*"$/%2'+#")'2$
0;"$*%/$+"&"$+")1%43-)+#'$"1$%.%#*"1$)%7'*#0"1$,'$%L+231;"A$

5("1"#4,&$&,%&+$%"U),%&+"&'$%oT)%"&%,.),#m/)."&&6&&-*8e(O%5"$6*(O"A"'+*
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

aa

O11'$)"0'$2=7#+'$%L#7%$&'#1$<%143#1'r$zB$</"(2%&@*#+'$,'$+"%1;"$
1"+#'2$);"$G$'$,"$&%/+',"F$'$1"2#,'/#%,',%$);"$1%$+")1*/=#$%&$*%/&"1$
,%$+"&<%*#*#0#,',%$%$,%$/%)*'(#2#,',%{$]WB5iOYF$^__`F$<A$^fc8^ffd$
X\SVBMO5F$IJJKaA$

i/'('2E"$%$,#/%#*"1$E3&')"1

B$ '/*#+32':;"$ ,'1$ '*#0#,',%1$ %&</%1'/#'#1$ %&$ /%,%1$ </",3*#0'1F$


&3#*'1$,%$+'/@*%/$)'+#")'2$%$72"('2F$%$'$1#*3':;"$,%$</%+'/#C':;"$,"1$
2':"1$ ,%$ */'('2E"$ '&<2#','$ <%2'1$ )"0'1$ </@*#+'1$ ,'$ .2%L#(#2#C':;"F$
%&("/'$'</%1%)*','1$+"&"$</"<"1*'1$,%$&",%/)#C':;"$,'$%+")"&#'F$
);"$ %//',#+'/'&$ '1$ 1#*3':?%1$ %L*/%&'1$ ,%$ %L<2"/':;"$ ,"$ */'('2E"$ %$
'$<%/&')-)+#'$#)931*#.#+@0%2$,%$*/'('2E"$#).')*#2$%$,%$."/&'1$,%$*/'8
('2E"$ +"%/+#*#0'1$ %$ ')@2"7'1$ D$ %1+/'0#,;"A$ O1*'$ /%'2#,',%$ (/'1#2%#/'F$
+"&3&$ *'&(G&$ '$ "3*/"1$ <'>1%1F$ %$ 43%$ 1%$ '</%1%)*'$ *')*"$ %&$ @/%'1$
3/(')'1$+"&"$%&$@/%'1$/3/'#1F$/%<?%$"$,%('*%$1"(/%$"$31"$,%11%$*#<"$
,%$</@*#+'$43%$);"$1=$+").#/&'$'$+")*#)3#,',%$,%$%1*/'*G7#'1$,%$,"8
&#)':;"$1"(/%$"$*/'('2E"F$+"&"$*'&(G&$/%0%2'$'$.'+%$,%$%1*/'*G7#'1$
43%$);"$/%1<%#*'&$,#/%#*"1$E3&')"1$(@1#+"1A$
Q"$ 6/'1#2F$ ,%$ '+"/,"$ +"&$ O1*%/+#$ %$ !#73%#/'$ ]IJ^^aF$ '"$ 2")7"$ ,'1$
,G+','1$,%$^_bJ$%$^__JF$'$,#1+311;"$1"(/%$z*/'('2E"$%1+/'0"{$7')E"3$
3&'$"3*/'$,#&%)1;"$<"2>*#+'$'"$1%/0#/$+"&"$+'*%7"/#'$<'/'$z,%1#7)'/$
*",'$ 1"/*%$ ,%$ %L'+%/(':;"$ ,'$ %L<2"/':;"F$ ,'$ #)931*#:'$ %$ ,'$ ,%1#73'28
,',%$%)*/%$"1$1%/%1$E3&')"1$)'1$/%2':?%1$,%$*/'('2E"{A$U1$%L%&<2"1$
,%$,%7/',':;"$,"$*/'('2E"$1%$*"/)'/'&$*;"$#)931*#.#+@0%#1$43%$"$*%/&"$
%1+/'0#,;"$ '+'("3$ 1%/0#),"$ +"&"$ ,%)P)+#'$ ,%$ z3&'$ ."/&'$ ,%$ ,%1#8
73'2,',%$)"$2#&#*%$,'$,%13&')#C':;"d$%1<G+#%$,%$&%*@."/'$,"$#)'+%#*@8
0%2{F$'.%*'),"$'$1"+#%,',%$+"&$3&$1%)*#&%)*"$,%$#),#7)':;"$%$43%$1=$
/%+%)*%&%)*%$z."#$+'<*3/',"$<"/$2%7#12',"/%1$%$#)+"/<"/',"$D1$2%#1{A$Q"$
.#)'2$,"1$')"1$^__J$E"30%$3&$'0'):"$)'$#)*%/</%*':;"$1"(/%$z*/'('2E"$
%1+/'0"{$ )"$ 1%)*#,"$ ,%$ z+/#&#)'2#C'/$ +"),3*'1{$ '#),'$ );"$ #)+23>,'1F$
2%7'2&%)*%F$)'$+'*%7"/#'$,%$+/#&%1$43%$%/'&F$*",'0#'F$z&'#1$)"+#0'1{$
43%$ '43%2'1$ 9@$ 2%7'2&%)*%$ +/#&#)'2#C','1A$ R'/'$ %1*%1$ '3*"/%1F$ )'1$ #)8
*%/</%*':?%1$."/&'#1$%$+")1%/0',"/'1$,"$,#/%#*"F$"$+")+%#*"$93/>,#+"$,%$

5("1"#4,&$&,%&+$%"U),%&+"&'$%oT)%"&%,.),#m/)."&&6&&-*8e(O%5"$6*(O"A"'+*
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

211

%1+/'0#,;"$ %1*'0'$ '*/%2',"$ 3)#+'&%)*%$ '"$ +/#*G/#"$ ,'$ 2#(%/,',%$ ."/8


&'2A$!'C#'81%$)%+%11@/#"$#)+23#/F$)'$+")+%#*3':;"$,"1$+/#&%1F$"3*/'1$
</@*#+'1F$+"&"$'1$43%$'*%)*'&$+")*/'$'$,#7)#,',%$,'$<%11"'A

i/'('2E"$%$5#),#+'*"$

B$/%%1*/3*3/':;"$,'1$%&</%1'1$+"&$0#1*'1$'$&%2E"/$+"&<%*#/$%&$
&%/+',"1$72"('2#C',"1F$'2G&$,%$*%/$.2%L#(#2#C',"$/%2':?%1$*/'('2E#1*'1F$
*/'C%),"$ #)1%73/'):'$ %$ </%+'/#%,',%$ ,%$ +")*/'*"1F$ '*#)7#3$ *'&(G&$
'1$':?%1$1#),#+'#1A$B$43%1*;"$,%$<%143#1'$43%$1%$+"2"+'$G$'0'2#'/$'1$
'2*%/)'*#0'1$<"2>*#+'1$,'$#)1*#*3#:;"$1#),#+'2$)%11'$)"0'$+")93)*3/'A$
k3'243%/$,#1+311;"$*%=/#+'$1"(/%$</"+%11"1$,%$':;"$+"2%*#0'$'11"+#'8
,"1$D$+2'11%$*/'('2E',"/'$.'(/#2$%$1"(/%$"$1#),#+'*"$</%+#1'$2%0'/$%&$
+")*'$ 43%$ ')*#7'1$ </@*#+'1$ <"2>*#+'1$ 1%$ &"1*/'/'&$ ,%.'1','1$ ,#')*%$
,'1$)"0'1$%1*/'*G7#'1$7%/%)+#'#1$%$,#')*%$,"$&","$+"&"$1%$/%+")1*#8
*3#3$"$&%/+',"$,%$*/'('2E"d$%$43%$)"0'1$</@*#+'1$+"2%*#0'1$%)./%)*'&$
'1$ ,#.#+32,',%1$ /%2'*#0'1$ '$ 3&'$ ,%1.#73/':;"$ 7/','*#0'$ ,"$ */'('2E"$
+"&"$.'*"/$.3),'&%)*'2$<'/'$'$."/&':;"$,%$3&'$#,%)*#,',%$%$,%$3&$
1%)*#&%)*"$,%$<%/*%)+#&%)*"$1"+#'2A
S)0%1*#7':?%1$1"+#"2=7#+'1$1"(/%$1#),#+'*"1$/%'2#C','1$)"1$P2*#&"1$
')"1$ 9@$ '<")*'&$ <'/'$ '$ %L#1*-)+#'$ ,%$ '2*%/':?%1$ )'$ <'3*'$ 1#),#+'2F$
/%0%),"$</@*#+'1$')*%/#"/%1$%$%2'("/'),"$"3*/'1$."/&'1$,%$2#,'/$+"&$
'$0#,'$,"$*/'('2E',"/$%&$13'$*"*'2#,',%A$B$)"0'$)'*3/%C'$,"$*/'('2E"$
*%&$'</"L#&',"$'1$#)1*#*3#:?%1$,%$,%.%1'$,"1$*/'('2E',"/%1$,%$"3*/'1$
%1.%/'1$,'$0#,'$1"+#'2F$%&$<'/*#+32'/$'43%2'1$43%$1%$"/7')#C'&$+"&$
('1%$ )"1$ #)*%/%11%1$ ,"1$ */'('2E',"/%1$ )"1$ 237'/%1$ "),%$ 0#0%&A$ Q"1$
O1*',"1$\)#,"1$.'2'81%$,%$3&'$)"0'$."/&'$,%$%L%/+%/$"$<",%/$+"2%*#8
0"$]vBYYO6OMXF$IJJKaF$43%$/%</%1%)*'/#'$"$%L%/+>+#"$,"$#)*%/%11%$,%$
+2'11%$);"$/%1*/#*"$D$</",3:;"F$&'1$%&$+")93)*"$+"&$"$#)*%/%11%$,%$
+")13&#,"/%1$43%$&"/'&$%&$2"+'2#,',%1A$
W")1*'*'81%$3&'$1%)1#(#2#,',%$%F$+','$0%C$&'#1F$3&'$</%"+3<':;"$
+"&$"1$,%1*#)"1$%$'$7%1*;"$,'1$+#,',%1$%$,'1$/%7#?%1F$+"&$"$&%#"$'&8
(#%)*%F$'$1'P,%F$'$%,3+':;"$%*+A$S11"$#)+23#F$'2G&$,%$3&'$<%/1<%+*#0'$
,#.%/%)*%$,%$"/7')#C':;"$%$&"(#2#C':;"F$'$<'/*#+#<':;"$%&$.=/3)1$,%$

5("1"#4,&$&,%&+$%"U),%&+"&'$%oT)%"&%,.),#m/)."&&6&&-*8e(O%5"$6*(O"A"'+*
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

212

,%('*%1$%$'$</"<"1#:;"$,%$*%&'1F$+"&"$"$<'<%2$,'1$%&</%1'1$)'$1"+#%8
,',%F$"1$</"(2%&'1$,'$%,3+':;"F$"1$#)0%1*#&%)*"1$%+")N&#+"1$%$'1$
43%1*?%1$/%7#")'#1F$'11"+#','1$D$</%"+3<':;"$+%)*/'2$+"&$'$*%&@*#+'$
,"$*/'('2E"$]MUHMSX\O5d$MBVBYZUF$IJJ`aA$i/'*'81%F$<"/*')*"F$,'$
)%+%11#,',%$ ,%$ 0"2*'/$ '"1$ 1#),#+'*"1$ <'/'$ #,%)*#.#+'/$ 13'$ ','<*':;"$
'"1$ )"0"1$ +")*%L*"1$ %$ 13'$ &3,'):'$ ,%$ /3&"1$ <"2>*#+"8"/7')#C'+#"8
)'#1$%$'0'2#'/$)"0'1$."/&'1$,%$':;"$+"2%*#0'F$+"&"$'$/%*"&','F$<"/$
%L%&<2"F$,"$*/'('2E"$,%$('1%$'*/'0G1$,'1$+"&#11?%1$,%$.@(/#+'$+"&"$
."/&'$,%$%)./%)*'/$'$+")93)*3/'$,%1.'0"/@0%2A

i/'('2E"$%$&"0#&%)*"1$1"+#'#1$

B$,#1+311;"$1"(/%$*/'('2E"$%$%&</%7"$%&$+")*%L*"1$&'/+',"1$<"/$
&3,'):'1$)"$</"+%11"$</",3*#0"$%$'$</%"+3<':;"$,"1$1#),#+'*"1$+"&$
"$#&<'+*"$,'1$)"0'1$%1*/'*G7#'1$%&</%1'/#'#1$1"(/%$'$0#,'$,'1$<"<32'8
:?%1$43%$0#0%&$%&$2"+'2#,',%1$'*#)7#,'1$<%2'$/%%1*/3*3/':;"$*-&$1#78
)#.#+',"$ 3&'$ (31+'$ ,#.%/%)+#','$ ,%$ &%+')#1&"1$ ,%$ /%1#1*-)+#'$ %$ ,%$
+")./")*"$ <"2>*#+"F$ *%),"$ %&$ 0#1*'$ '1$ ,#.#+32,',%1$ #&<"1*'1$ <%2"$ ,%8
1%&</%7"$%$<%2'$/%,3:;"$,"1$<"1*"1$,%$*/'('2E"A$Q%11%$1%)*#,"F$)"0'1$
."/&'1$,%$+"2'("/':;"$<"2>*#+'$*-&$1#,"$'/*#+32','1$<'/'$/%#0#),#+'/$,#8
/%#*"1$1"+#'#1$%$,#/%#*"1$,%$+#,',')#'A$B11#&F$<"/$%L%&<2"F$&"0#&%)*"1$
"/7')#C',"1$%&$.3):;"$,%$,%&'),'1$'&(#%)*'#1F$,%$&%2E"/%1$+"),#8
:?%1$,%$0#,'$3/(')'$]1%73/'):'F$1'P,%F$%,3+':;"aF$1%$*"/)'&$<'/+%#/"1$
)'*3/'#1$,"1$7/3<"1$43%$,%.%),%&$"1$,#/%#*"1$,"$*/'('2E"A$H'$&%1&'$
."/&'F$&"0#&%)*"1$1"+#'#1$43%$'*3'&$)'1$@/%'1$/3/'#1F$%&$+")./")*"$
+"&$'1$%1*/'*G7#'1$,'1$7/'),%1$</"</#%,',%1$0"2*','1$<'/'$"$&%/+',"$
&3),#'2F$%)+")*/'&$3&'$#,%)*#.#+':;"$<"2>*#+'$+"&$'1$23*'1$,"1$*/'8
('2E',"/%1$/3/'#1$%$3/(')"1$<%2"$.'*"$,%$%1*'/%&$*'&(G&$%)./%)*'),"$
3&'$&%1&'$2=7#+'$43%$*%&$'$&'/+'$</%,"&#)')*%$,"1$#)*%/%11%1$,"$
&%/+',"$+'<#*'2#1*'A$X')E'$/%2%0T)+#'F$)%11%$+")*%L*"F$3&'$#)0%1*#7'8
:;"$1"(/%$%11'1$)"0'1$."/&'1$,%$&')#.%1*':;"$%$1"(/%$'1$<"11#(#2#,',%1$
,%$43%$'$/%3)#;"$,%$,#.%/%)*%1$/%<%/*=/#"1$,%$+")*%1*':;"$<"11'&$/%8
132*'/$%&$)"0'1$."/&'1$,%$</%11;"$1"+#'2$43%$%)0"20'&$*/'('2E',"/%1$
%$+#,',;"1A$

5("1"#4,&$&,%&+$%"U),%&+"&'$%oT)%"&%,.),#m/)."&&6&&-*8e(O%5"$6*(O"A"'+*
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

210

i/'('2E"F$%1<':"$%$*%//#*=/#"1$</",3*#0"1

B$ #&<"/*T)+#'$ ,%$ )"0'1$ %L<%/#-)+#'1$ #)1*#*3+#")'#1$ %1*#&32','1$


<%2'$#)+"/<"/':;"$,'1$2"+'2#,',%1$%$,%$13'1$0')*'7%)1$+"&<'/'*#0'1$
D1$%1*/'*G7#'1$,'1$%&</%1'1$43%$1%73%&$3&'$2=7#+'$#)*%/)'+#")'2F$'18
1#&$+"&"$'1$43%1*?%1$/%2'*#0'1$'"$<'<%2$,'1$<%43%)'1$%$&G,#'1$%&8
</%1'1$)"$&%/+',"$72"('2#C',"F$#)1%/%$)'$,#1+311;"$,"1$%1*3,"1$,"$
*/'('2E"$'$43%1*;"$,"$%1<':"$%$,%$13'$+")1*/3:;"$1"+#'2A$H"$&%1&"$
&","F$'$43%1*;"$,"$*/'('2E"$%$,"$%&</%7"$1%$*"/)'$%11%)+#'2$)"$,%('*%$
'*3'2$1"(/%$"1$%1<':"1$3/(')"1F$<"#1F$+"&"$'.#/&'&$W"++"$3,!(&H$]^___F$
<$IK8IpaF$z'$*/')1.%/-)+#'$,"$}237'/~$,'$</",3:;"$<'/'$"1$*%//#*=/#"1$,'1$
+#,',%1$%L*/'<"2'$'$2"+'2#C':;"$%1*/#*'&%)*%$</#0','$+'/'+*%/>1*#+'$,"$
/%7#&%$,%$'+3&32':;"$."/,#1*'A$B.#)'2F$"$%1<':"$,'$</",3:;"F$'"$,%#L'/$
'$.@(/#+'$%$<'11'/$'$1%$/%.%/%)+#'/$)'$+#,',%$])"$*%//#*=/#"aF$7')E'$3&'$
+")"*':;"$<P(2#+'$#)%L#1*%)*%$')*%/#"/&%)*%{A
B1$ 2"+'2#,',%1$ %$ '1$ /%7#?%1$ %L<%/#&%)*'&$ ,%$ &","$ ,#.%/%)*%$ "1$
%.%#*"1$ %+")N&#+"1$ ,'1$ &3,'):'1$ "+"//#,'1$ )'1$ %&</%1'1d$ )"$ %)8
*')*"F$%11'$)"0'$+")93)*3/'$.%C$+/%1+%/$"$,%('*%$1"(/%$%1*/'*G7#'1$,%$
,%1%)0"20#&%)*"$%+")N&#+"$%$1"+#'2F$"/'$<'/'$,%(%2'/$'$+/#1%$%$,%+'8
,-)+#'F$ "/'$ <'/'$ %0#*'/$ '$ #&<2%&%)*':;"$ ,%$ </@*#+'1$ 7%/%)+#'#1$ 43%$
/%132*%&$ %&$ /%,3:;"$ ,%$ <"1*"1$ ,%$ */'('2E"$ %$ ,%$ ,%1%&</%7"A$ O11%$
</"+%11"$,%&")1*/'$43%$'$43%1*;"$,"$*/'('2E"$<",%$1%/$*/'*','$*'&8
(G&$ '*/'0G1$ ,'$ <'/*#+#<':;"$ ,"1$ /%</%1%)*')*%1$ ,"1$ 43%$ 0#0%&$ ,"$
*/'('2E"$)'$+")1*#*3#:;"$,%$)"0"1$&%+')#1&"1$,%$"/7')#C':;"$#)1*#8
*3+#")'2$'11"+#',"1$D$</"(2%&@*#+'$%+")N&#+'$%$<"2>*#+'$/%7#")'2d$)'$
'&<2#':;"$,"$+")+%#*"$,%$+#,',')#'d$)'$,%&"+/'*#C':;"$,%$,%+#1?%1$
<"2>*#+'1d$ %$ )'$ &'#"/$ <'/*#+#<':;"$ ,'$ 1"+#%,',%$ +#0#2F$ "$ 43%$ 137%/%$
3&'$)"0'$/%2':;"$%)*/%$"$<P(2#+"$%$"$</#0',"F$('1%','$)'$)%7"+#':;"$
%$)'$/%1<")1'(#2#,',%$1"+#'2$,"1$0@/#"1$'*"/%1$<'/'$+"&$'$/%7#;"A$$

5("1"#4,&$&,%&+$%"U),%&+"&'$%oT)%"&%,.),#m/)."&&6&&-*8e(O%5"$6*(O"A"'+*
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

213

W")+231;"

R%143#1'/$%$,#1+3*#/$"$*/'('2E"$)'$1"+#%,',%$+")*%&<"/T)%'$<%/8
&')%+%$3&'$*'/%.'$%11%)+#'2$<'/'$"1$+#%)*#1*'1$1"+#'#1$</%"+3<',"1$
%&$+"&</%%),%/$'$&3,'):'$1"+#'2A$U1$)"0"1$31"1F$'$+"&<2%L#.#+':;"$
,'$,#0#1;"$,"$*/'('2E"F$'$.2%L#(#2#C':;"$,'1$'*#0#,',%1$</",3*#0'1F$);"$
/%,3C#/'&$'$13'$#&<"/*T)+#'$+"&"$.'*"/$%11%)+#'2$,%$&')3*%):;"$,"$
1#1*%&'$+'<#*'2#1*'$%$%&$,#.%/%)*%1$+")*%L*"1F$"$*/'('2E"$&')*G&$1%3$
+'/@*%/$ ."/&',"/$ ,%$ #,%)*#,',%1$ ,%$ +2'11%A$ R"/$ "3*/"$ 2',"F$ "1$ %.%#8
*"1$ ,'$ #)*/",3:;"$ ,%$ )"0'1$ %1*/'*G7#'1$ %&</%1'/#'#1$ %$ '$ #&<"1#:;"$
,'$.2%L#(#2#,',%$+"&"$3&$)"0"$<',/;"$)'1$/%2':?%1$+'<#*'2[*/'('2E"$
+"2"+'/'&$%&$L%43%$%$%)./'43%+%/'&$'$/%1#1*-)+#'$,"1$*/'('2E',"/%1$
%$1#),#+'*"1$'"$31"$+")*#)3',"$,%$</@*#+'1$,%$%&</%7"$</%+@/#"$%$,%18
</"*%7#,"$,%$/%732':;"$2%7'2A$Q"$%)*')*"F$)"0'1$<'3*'1$."/'&$#)*/",38
C#,'1$%$43%1*?%1$/%2'*#0'1$'$."/&'1$,%$':;"$+"2%*#0'$%$,%$'/*#+32':;"$
#)1*#*3+#")'2$%$<"2>*#+'$<'/'$'113)*"1$/%2'*#0"1$'"$*/'('2E"$%&$*%//#8
*=/#"1$</",3*#0"1$1%$*"/)'/'&$<'/*%$#&<"/*')*%$,'1$)"0'1$%1*/'*G7#'1$
,'1$#)1*#*3#:?%1$,%$/%</%1%)*':;"$,"1$*/'('2E',"/%1A$
O&$/%13&"F$"$)"0"$+")*%L*"$,%#L'$<'/'$"1$<%143#1',"/%1$"$,%1'8
.#"$,%$/%0%/$+")+%#*"1$%$(31+'/$)"0'1$#)*%/</%*':?%1$1"(/%$"$.3)+#"8
)'&%)*"$,%11%$<',/;"$</",3*#0"$%$,'1$."/&'1$,%$/%1#1*-)+#'$43%$1%$
+")1*/"%&$)"1$%1<':"1$,%$*/'('2E"$/%."/&32',"1A$

M%.%/-)+#'1$
BRRBqF$6%'*/#+%A$]^__KaF$S),#0#,3%2$%*$+"22%+*#.r$43%1*#")1$D$2'$1"+#"8
2"7#%$,3$*/'0'#2F$%*$,%1$</".%11#")1r$2~'3*")"&#%$+")*/N22G%A$9(0%3-!6;!
L@\)""=F$)A$fF$<<A$IJ8I^A

A$$]^__`aF$R/G+'/#1'*#")$1"+#'2%$%*$/%1*/3+*3/'*#")1$</",3+*#0%1A$
S)r$B<<'jF$6%'*/#+%d$iEG('3,8V")jF$B))#%A$]U/7AaA$>-]$(-%/(,%#+!/#7
$%(&3K!,-(B(%&!3,!/(+,]A$R'/#1r$S/%1+"F$<<A$cIc8cIfA

6\MBhUqF$V#+E'%2A$]^_bcaF$=03!1#&%,%$/!#.!1-#6;$,%#+A$Y"),")r$g%/1"A

WBMHU5UF$BAWA$]$IJJ_aA$=3*1#/!63!,-(8(&0#K!=3*1#/!63!+5#7,-(8(&7
0#A$5;"$R'32"F$B))'(23&%A

5("1"#4,&$&,%&+$%"U),%&+"&'$%oT)%"&%,.),#m/)."&&6&&-*8e(O%5"$6*(O"A"'+*
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

21d

WB5iOYF$M"(%/*A$]^__`aF$B1$*/')1."/&':?%1$,'$43%1*;"$1"+#'2A$S)$\37
/%';(&6(63! 3! (! O;3/,5#! /#$%(&H$ WB5iOYF$ M"(%/*d$ hBQHOMYOqF$ Y3#C$
O,3'/,"d$ 6%2.#"/%8h'),%/2%jF$ V'/#')7%2'$ ]U/7aA! 5;"$ R'32"r$ OH\WF$
<<A^fc8^ffA

A$ ]^__baF$ 2/! *3,(*#-.#/3/! 6(! O;3/,5#! /#$%(&P! 3&'$ +/N)#+'$ ,"$


1'2@/#"A$M#"$,%$s')%#/"r$g"C%1A

WUWWUF$X#31%<<%d$XBYgUF$B2%L'),%/$R'*%Cd$5SYgBF$V#/%22'$,%$W'/8
0'2E"A$ ]^___aF$ $ H%1%)0"20#&%)*"$ 2"+'2$ %$ %1<':"$ <P(2#+"$ )'$ *%/+%#/'$
S*@2#'A$S)F$@*1-3/:-%#/!3!3*1-3'#/!+#/!+#B#/!,3--%,D-%#/!1-#6;,%B#/P"#!
$(/#!6(!,3-$3%-(!),:&%(A$WUWWUF$X#31%<<%d$\MBQSF$B),/Gd$XBYgUF$
B2%L'),%/$R'*%C$]U/7AaA$M#"$,%$s')%#/"r$HRBF$<<A$IK8IpA

WU\iMUiF$iE"&'1A$]^__baF$Rm3+,-31-%/3!+]#7&%8]-(&3K!+#;B3&&3!;,#1%3!
9(1%,(&%/,3r!R'/#1r$o,#*#")1$,%$2'$HG+"30%/*%A

HO$YB$XBMxBF$OA$]IJ^^aF$W")1*/3++#=)$,%$2'$#,%)*#,',$j$'++#=)$+"8
2%+*#0'$%)*/%$*/'('9',"/%1$)"$+2@1#+"1$+"&"$</"(2%&'F$#)$=-(8(a#!+#!
$&:/%$#!A!#-'(+%S($%D+!F!($$%D+!$#&3$,%B(H!W#,',%$,"$V%L#+"r$R2'C'$j$
g'2,%1$O,#*"/%1$%$\BVA

O5iOMWSF$ Q%#,%$ $ !SX\OSMBF$ M#+'/,"$ ]IJ^^aF$ $ O.%#*"1$ 2%7'#1$ %$


#)1*#*3+#")'#1$ ,'1$ 23*'1$ +")*/'$ '1$ ."/&'1$ '*3'#1$ ,%$ %1+/'0#,;"$ )"$
6/'1#2$F$#)$\%-3%,#!N363-(&F$B)"$IJF$QP&%/"$ffF$6/'1>2#'A

X\SVBMO5F$ Q',j'A$ ]IJJKaF$ R"/$ 3&'$ 1"+#"2"7#'$ ,"$ ,%1%&</%7"r$


+")*%L*"1$ 1"+#%*'#1F$ +")1*/3:?%1$ )"/&'*#0'1$ %$ %L<%/#-)+#'1$ 13(9%8
*#0'1A$S)r$2&]*!6(!.:8-%$(A$5BQiBQBF$V'/+"$B3/G2#"d$MBVBYZUF$
s"1G$M#+'/,"$]U/71AaA$5;"$R'32"r$6"#*%&<"F$<<A^`_8I^IA$

ZBMgOqF$H'0#,A$]^__IaF$9#+6%45#!>D/7G#63-+(A$5;"$R'32"F$O,#:?%1$
Y"j"2'A

ZUYxVBQF$ Y"/%)'$ ]IJJ`aF$ g%/(%*%$ =M2Y2RQT$ %&$ ,"&#+#2#"A$ S)$


BAW'**')#$$YA$Z"2C&'))$]"/71aF$\%$%#+:-%#!63!=-(8(&0#!3!=3$+#&#'%(A$
R"/*"$B2%7/%r$\!MX5$O,#*"/'A

SZ\$e$U)$Y#)%A$]IJ^Ia$zU1$1#),#+'*"1$*%/&#)'&$,%.%),%),"$&'#1$"$
<'11',"$ ,"$ 43%$ 1%),"$ </"*'7")#1*'1$ ,"$ .3*3/"{A$ O)*/%0#1*'$ %1<%+#'2$
+"&$V'/+#"$R"+E&'))F$I_[Jp[IJ^IA

vBYYO6OMXF$B/)%A$]IJJKaF$!2%L#(2%$.#/&1$'),$2'("/$&'/t%*$1%7&%)8
*'*#")r$%..%+*1$".$n"/t<2'+%$/%1*/3+*3/#)7$")$9"(1$'),$n"/t%/1A$<#-C!
(+6!T$$;1(,%#+/F$0A$KJF$)A$IF$<<A$^cp8^`cA

5("1"#4,&$&,%&+$%"U),%&+"&'$%oT)%"&%,.),#m/)."&&6&&-*8e(O%5"$6*(O"A"'+*
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

21S

YSOHvOF$OA$]IJJ`aA$g%/(%*%$iMB6BYZUA$S)$BAW'**')#$$YA$Z"2C&'))$
]"/71aF$\%$%#+:-%#!63!=-(8(&0#!3!=3$+#&#'%(A$R"/*"$B2%7/%r$\!MX5$O,#8
*"/'A

YSQZBMHiF$HA$]^__faF$5"3../')+%$S),#0#,3%22%$%*$B+*#")$W"22%+*#0%A$
S)r$H\MBQHF$sA$RA$]U/7AaF$R3!"F+6%$(&%/*3!(;!N;,;-A$R'/#1r$5j/"1F$<Afp8
ffA

MBVBYZUF$ s"1G$ M#+'/,"A$ ]IJJbaF$ Q"0'1$ ./")*%#/'1$ ,%$ <%143#1'$ )'$


1"+#"2"7#'$ ,"$ */'('2E"A$ >#&U,%$(! l! "#$%36(63F$ !2"/#')=<"2#1F$ )A$ ^KF$
<<AII_8Ip_A

A$]IJ^^aF$5"+#"2"7#'$,"$i/'('2E"r$'$)%+%11#,',%$,%$/%0%/$+'8
&#)E"1$%$*/',#:?%1F$#)$2/!9%J+$%(/!"#$%(%/!+#!*;+6#!$#+,3*1#-W+3#A$
X31*'0"$Y#)1$M#(%#/"F$B)'$VA$!%/)'),%1F$W'/2"1$6A$V'/*#)1F$h#21")$iA$
!#2E"$e$U/71A$6/'1#2#'F$O,#*"/'$,'$\)6[Y%*/'1$Y#0/%1A

A$]IJ^IaF$R%143#1'),"$"$*/'('2E"$)"$&3),"$+")*%&<"/T)%"A$
5;"$R'32"F$HSOO5OA

MUHMSX\O5F$S/'&d$MBVBYZUF$s"1G$MA$]IJJ`aF$=-(8(&0#!3!/%+6%$(,#!
3*!(+,%'#/!3!+#B#/!,3--%,D-%#/!1-#6;,%B#/A$5;"$R'32"r$B))'(23&%A

hUMv5A$]IJJba$<#-C%+'!,%*3K!'3+63-!(+6!?#-C7&%.3!8(&(+$3A$Y"),")r$
h"/t1F$IJJbA!]iE%&'*#+$M%<"/*$hR$^IaA

N$>%9*($&5&#%6*(&A(^&@&$&%$*(6&(0123((h(NR$*@"6*(&A("#$%'(6&(0123(

5("1"#4,&$&,%&+$%"U),%&+"&'$%oT)%"&%,.),#m/)."&&6&&-*8e(O%5"$6*(O"A"'+*
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

21g

5("1"#4,&$&,%&+$%"U),%&+"&'$%oT)%"&%,.),#m/)."&&6&&-*8e(O%5"$6*(O"A"'+*
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

21]

K3%$!M&08&L3!N&*%!

,&.,5)+)";,&$&"&'(y5)."&"(5$%";"#&+"&
'$%oT)%"

Q'$ </@*#+'$ '/*%1')'2$ ,%$ <%143#1'F$ "$ 43%$ 1%$ /%+2'&'$ G$ ,%$ 3&'$
1%)1#(#2#,',%$ 1"+#"2=7#+'$ '*%)*'$ D1$ %L<%/#-)+#'1$ ,'$ 0#,'$ +"*#8
,#')'A$U$<'/'2%2"$+"&$'$</",3:;"$'/*%1')'2$G$%L%&<2#.#+',"$'"$
1%$%L<2"/'/%&$"1$/3'-36#/!63!(&*#.(6(!,'1$/%),%#/'1$,%$(#2/"1A$
U$1"+#'2$1#*3',"F$+"&$'$13'$*/'&'$,%$#)*%/':?%1F$G$'$(&*#.(6($
,%$'.'C%/%1$,'$5"+#"2"7#'$,'$0#,'$+"*#,#')'F$%&$43%$1%$/3+,(*$
"1$ /%),#2E',"1$ ,'$ 0#,'$ 1"+#'2A$ B1$ */'&'1$ ,'$ +/#'*#0#,',%$ <'18
1'&$ <"/$ 3&'$ '</%),#C'7%&$ </"+%113'2$ %$ /%.2%L#0'F$ +")937')8
,"$#&'7#)':;"$1"+#"2=7#+'$+"&$/#7"/$&%*","2=7#+"A$k3%&$+/#'$
'</%),%$ +"&$ "$ 43%$ 0'#$ +/#'),"A$ B11#&$ '+")*%+%$ )'$ </",3:;"$
'/*%1')'2$,'$5"+#"2"7#'F$%&$43%$"$+")E%+#&%)*"$G$/%132*',"$,%$
'/*%1$,%$<%)1'/F$,%$43%1*#")'/$%$,%$.'C%/F$+39'$&'*G/#'8</#&'$G$
3&'$%1<G+#%$,%$('//"$1"+#'2A$O&$13'$."/&'$&'#1$(/3*'$%$/%'2#1*'F$
%11%$('//"$G$"$+"*#,#')"A$W"&$%2%$1%$(#2/'&$*%L*"1$%$#,%#'1A

V%&=/#'1$/%),#2E','1r$"$1'(%/$,'$%L<%/#-)+#'

O&$&#)E'1$&%&=/#'1$,%$#).T)+#'$E@$3&'$#&'7%&$/%'0#0'8
,'$ %&$ <'11%#"1$ ,%$ (%#/'8&'/A$ H%2'$ .'C%&$ <'/*%$ &32E%/%1$ +"&$
'2&".','1$'"$+"2"F$+'&<"$,%$3&$9"7"$+"&$<'3C#)E"1$+39'$.#)'8
2#,',%$);"$'2+'):'0'A$g#&$&'#1$*'/,%$'$,%1+"(/#/$43%$"1$1")1$
,'$('*#,'$,"1$(#2/"1F$,%,#2E',"1$+"&$<%/>+#'F$%+"'0'&$3&'$'/*%$

,&.,5)+)";,&$&"&'(y5)."&"(5$%";"#&+"&'$%oT)%"&&6&-*8e(T"5+"6*(B"%8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

21`

%&$2'("/':;"F$'$/%),'$,%$(#2/"1A$O&$R"/*37'2F$'$</",3:;"$,%1*'1$/%)8
,'1$ 1%&</%$ 1%$ +")+%)*/"3$ )'$ "/2'$ &'/>*#&'$ ]g#2'$ ,"$ W"),%F$ g#')'$
,"$W'1*%2"F$Q'C'/GF$R%)#+E%F$5%*P('2a$%$)'1$#2E'1$]V',%#/'$%$B:"/%1aF$
931*#.#+'),"$"$'."/#1&"$43%$'11%73/'$43%$#+63!0:!-363$0:!-3+6(H$Q;"$
',&#/'$43%$'1$'/*%1$,%$(#2/"1$*%)E'&$+E%7',"$'"$6/'1#2$)'1$&;"1$,%$
&32E%/%1$ ,%$ <%1+',"/%1$ %$ &'/#)E%#/"1$ <"/*373%1%1F$ ,#11%&#)'),"8
81%$ <%2"$ 2#*"/'2$ )"/,%1*#)"$ %$ &'/7%)1$ ,"1$ /#"1$ #)*%/#"/')"1$ ]+"&"$ "$
5;"$!/')+#1+"aF$%1*%),%),"81%$'"$132F$%1<%+#'2&%)*%$'$5')*'$W'*'/#8
)'F$/%7#;"$,%$."/*%$+"2")#C':;"$':"/#')'A$s@$+"&"$1"+#=2"7"F$+"&%+%#$
'$'</%+#'/$'$'/*%$,%$(#2/"1$+"&$"3*/"1$"2E"1F$%L<2"/'),"$"1$0>)+32"1$
1"+#'#1$43%F$)'$</@*#+'$'/*%1')'2F$1%$%1*'(%2%+%&$%)*/%$43%&$</",3C$
%$"$43%$1%$</",3CA$U$43%$,%1+"(/#$."#$43%$'1$/%),%#/'1$1;"$&32E%/%1$
+39'1$0#,'1$1%$.#2#'&$)"1$.#2'&%)*"1$,%$/%),'$43%$0;"$.'C%),"F$%2'1$
+"&<?%&$)"0%2'1$/%),','1$%&$0%C$,%$%1+/%0-82'1A$Q%11'1$)"0%2'1$,%$
0#,'$E@$&%&=/#'1$/%),#2E','1$43%$1%$%)/"2'&$%&$%)/%,"1$,%$E#1*=8
/#'1$,%$0#,'$<%11"'#1$%$+"&3)#*@/#'1A$
O)43')*"$ 1%31$ E"&%)1$ '),'0'&$ )'$ .'#)'$ ,"$ &'/F$ '1$ /%),%#/'1$
%1<%/'0'&8)"1$/%),'),"$)'+"1$,%$/%'2#,',%1$.'&#2#'/%1F$+"&"$'1$,'$
</'#'r$ /%),'1$ ,%$ '27'1F$ +")+E'1F$ 2'<'1F$ <%#L%1F$ (PC#"1F$ %1*/%2'18,"8
8&'/$ i'&(G&$ )"$ 6/'1#2F$ "1$ <',/?%1$ */'('2E',"1$ %L</%11'&$ /%'2#8
,',%1$,'$)'*3/%C'$"(1%/0','$]-3+6(!1]!63!$#3&0#K!8%$#!6(!8(-(,%+0(K!
-3+6(!63!$#3+,-#K!-(8#!63!1(B5#K!3+,-3*3%#/!63!a%8#%(K!-3+6(!$];!3/7
,-3&(6#a$%$,%$1%)*#&%)*"1$,%$0#,'$]-3+6(!6#!(*#-!63/136(4(6#K!6#!$#7
-(45#!63/3+$#+,-(6#K!-3+6(!6(!3/1#/(!"3!&3*8-37/3!63!*%*aA$U3$1%9'F$
"1$&"2,%1$,%$/%),'$/%.2%*%&$%L<%/#-)+#'1$,%$0#,'$43%$%)*/%2':'&$E%8
/'):'1$+32*3/'#1$)3&$+"*#,#')"$0#0#,"A$B11#&$1%),"F$'1$/%),'1$);"$
1;"$'<%)'1$%)*/'):'&%)*"1$,%$.#"1$,%$'27",;"$"3$,%$2#)E"F$1;"$*'&8
(G&$93):?%1$,%$.#"1$,%$0#,'$*%+#,"1$)'$3/,#,3/'$,'$%L<%/#-)+#'A$R"/$
*'2$ /'C;"F$ )"1$ *#,%B#/$ ,'1$ /%),'1$ %)+")*/'&"1$ -(SX3/$ 1"+#"2=7#+'1$
43%$"1$%L<2#+'&A$U$*/':',"$,'1$ /%),'1$ );"$ 1%$ */',3C$ '<%)'1$ )3&'$
,#0%/1#,',%$,%$<")*"1F$/%</",3C$%L<%/#-)+#'1$,%$0#,'F$*/':'$*'&(G&$
,%1*#)"1$</"0@0%#1$,%$31"$+"&$&'/+'1$1"+#'#1A$B$/%),'$&'#1$'+%11>0%2$
'"1$<"(/%1$G$,%1#7)','$,%$2&3'-%(!63!>#8-3F$+"&$&",%2"1$1#&<2%1$%$
,%$/@<#,'$%L%+3:;"A$R%+E#)+E'$G$*'&(G&$'$/%),'$"(85#!$#*!L:/F$3)1$

,&.,5)+)";,&$&"&'(y5)."&"(5$%";"#&+"&'$%oT)%"&&6&-*8e(T"5+"6*(B"%8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

21a

43')*"1$%L%&<2'/%1$0%),#,"1$7'/')*#'&$D$/%),%#/'$'$+"&</'F$)'$.%#/'$
1%&')'2F$,%$1'(;"$%$7@1$]43%/"1%)%a$<'/'$'$2'0'7%&$,'$/"3<'$%$'$#238
&#)':;"$,'$+'1'$]XSMUF$IJJIF$<A$_caA$U3*/'1$/%),'1$43%$%1+"'&$(%&$
)'1$0%),'1$e$%$<"/$#11"$&%1&"$<"<32'/%1$e$7')E'&$)"&%1$+"&"r$2$#7
63!>-3$%/5#K!9#*1-(!9(.]K!2a;6(!>#8-3F$Y%$#!6#!>#B#!"3!903'(!(!=#6#/A$
s@$'1$/%),'1$'/#1*"+/@*#+'1$/%#0#),#+'&$)"&%1$/%43#)*',"1F$43%/$'1$,%$
-3+(/$3+4($]/%),'1$`(+!\F$CF$,%$>;F$%$,%$9&;+FaF$43%/$'1$,%$*(&0(/!63!
8%&-#/$]/%),'1$90(+,%&&F$"3$R%&&FaA
B43#$+E%7',"1F$'$<%/73)*'$43%$1%$#&<?%r$43'2$"$</"<=1#*"$,%$3&'$
</@*#+'$'/*%1')'2$,%$<%143#1'|$k3'),"$1%$/%#0#),#+'$3&$&","$'/*%8
1')'2$,%$</",3:;"$1"+#"2=7#+'$);"$1%$%1*@$</"</#'&%)*%$'$+")1#,%/'/$
"$'/*%1')'*"$+"&"$3&'$#,%"2"7#'$"3$3&'$%1*G*#+'F$'<%)'1$3&'$."/&'$
,%$"/7')#C':;"$,"$*/'('2E"F$3&'$+")93):;"$,"$z1'(%/$+"&$"$.'C%/{F$
3&'$+")0%/7-)+#'$,'$z+")+%<:;"$+"&$'$%L%+3:;"{$]YOSiOF$IJJcF$<A$
KfaF$ 3&$ +")93)*"$ ,%$ +")E%+#&%)*"1$ %$ +"&<%*-)+#'1F$ '/*%1$ ,%$ .'C%/$
43%$e$#&(3>,'1$)3&'$G*#+'$,%$*/'('2E"$e$<'/*%&$,%$3&$+")E%+#&%)*"$
</@*#+"F$')+"/',"$'$"(1%/0':?%1$,"$+"*#,#')"A$B$/%+3<%/':;"$,"$z%18
<>/#*"$,"$'/*%1')'*"{$]5OQQOiiF$IJJba$<'/'$"$+'&<"$,'$5"+#"2"7#'$
<'11'$ <"/$ 3&'$ 0'2"/#C':;"$ ,'$ %L<%/#-)+#'A$ i'&(G&$ V#221$ ]^_fcF$ <A$
I^^8IpKa$)"1$'2%/*'$<'/'$'$)%+%11#,',%$,%$);"$1%<'/'/&"1$"$".>+#"$,%$
1"+#=2"7"$,'1$%L<%/#-)+#'1$,%$0#,'F$'</%),%),"$'$31@82'1$+"&"$3&$
'/*%1;"$#)*%2%+*3'2A$H'>$,%+"//%$43%$)'$</@*#+'$'/*%1')'2$,'$<%143#1'$
1%$ /%#0#),#43%$ 3&'$ 1%)1#(#2#,',%$ 1"+#"2=7#+'$ 43%$ 0'2"/#C%$ '1$ %L<%8
/#-)+#'1$ &3),')'1$ ,'$ 0#,'$ +"*#,#')'F$ *"&'),"8'1$ +"&"$ 3&'$ .")*%$
,%$#)1<#/':;"$<'/'$'$/%.2%L;"$1"+#"2=7#+'$]RBS5F$IJJ_aA$U2E'/$"$1"+#'2$
'*/'0G1$,"$+"*#,#')"$)"1$,@$%)1%9"$,%$%)*/%2':'/$%L<%/#-)+#'1$,%$0#,'$
]WYSQiUQF$^___a$+"&$0"+':;"$1"+#"2=7#+'$]hO6OMF$^_b_aA$
B$ %L<%/#-)+#'$ G$ ('1%$ .3),'&%)*'2$ ,"$ +")E%+#&%)*"$ +"*#,#')"A$
o$3&$+")E%+#&%)*"$,%$.'+*3'2#,',%1$%$1#*3':?%1$43%$(31+'$"$$#*#$
,"$43%$'+")*%+%A$R'/'$<%/+%(%/$"$1#-O;J$,%$$#*#$'$0#,'$'+")*%+%F$"$
+")E%+#&%)*"$1"+#"2=7#+"$);"$<",%$*'&(G&$,%#L'/$,%$1%$&"0%/$)"$
&3),"$,'1$%L<%/#-)+#'1$+"*#,#')'1A$o$%1*'$,%0"23:;"$,"$&3),"$,'$
0#,'$'"$&3),"$,"$+")E%+#&%)*"$"(9%*#0"$43%$V%/2%'38R")*j$]^_pca$
/%#0#),#+'$)'$13'$N3+#*3+#&#'%(!6(!>3-$345#F$'"$,%.%),%/$43%$"$'*"$

,&.,5)+)";,&$&"&'(y5)."&"(5$%";"#&+"&'$%oT)%"&&6&-*8e(T"5+"6*(B"%8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

221

&%*=,#+"$ );"$ 1%$ %L</#&%$ )3&'$ '*#*3,%$ 2"7"+-)*/#+'F$ ,',"$ */#2E'/$ "$
+'&#)E"$ 43%$ G$ +'&#)E',"$ <%2"$ 139%#*"$ +"7)"1+%)*%$ ,"$ &3),"$ 43%$
E'(#*'$ %$ 43%$ </"+3/'$ %)*%),%/A$ B$ %L<%/#-)+#'$ +"*#,#')'$ G$ %0#,%)*%8
&%)*%$,#.%/%)*%$,'$%L<%/#-)+#'$1"+#"2=7#+'F$&'1$%1*'F$+"&"$'+")*%+%$
+"&$'$%L<%/#-)+#'$,"$'/*%1;"F$<",%$#)1<#/'/81%$)'43%2'A$U1$'/*%1;"1$
*-&$%11'$+'<'+#,',%$,%$0%/*%/%&$%L<%/#-)+#'1$,%$0#,'$)'$</",3:;"$
'/*%1')'2A$ U3$ 1%9'F$ '$ </",3:;"$ '/*%1')'2$ 13/7%$ +"&"$ 3&'$ /%+/#':;"$
,'$0#,'$+"*#,#')'$%$%1*'$+"&"$3&'$%L*%)1;"$,'$".#+#)'A$B1$<%:'1$,%$
'/*%1')'*"$ </",3C#,'1$ /%0%2'&$ %L<%/#-)+#'1$ ,"$ +"*#,#')"F$ z<%,':"1$
,'$0#,'$,#@/#'F$,'1$</@*#+'1$/%2#7#"1'1F$,'1$+/%):'1F$,'1$.%1*'1F$,'1$*'8
/%.'1$ ,"&G1*#+'1F$ ,'$ ,3/'$ 23*'$ <%2'$ 1"(/%0#0-)+#'{$ ]BYOXMOF$ ^__pF$
<A$^KfaA$Z@$*%&<"1$0#1#*%#$3&'$+")E%+#,'$+%/'&#1*'$<'/'73'#'F$M"1'$
6/>*%CF$%&$13'$+'1'$,%$*%//'$('*#,'F$%&$S*@A$53/</%%),%38&%$'$+"2%:;"$
,%$.#73/#)E'1$,%$('//"$'+'1'2','1F$/%</",3C#),"$"$'*"$1%L3'2$%&$0'8
/#',>11#&'1$<"1#:?%1A$R%/73)*%#82E%$,%$"),%$2E%$*#)E'$0#),"$'$#,%#'A$
B$ /%1<"1*'F$ 1"//#,%)*%F$ ."#$ %23+#,'*#0'r$ z@/! *%! 3I13-%3+$%(! 63! B%6(K!
,3+'#!,-3$3!0%a#/{A$o$+%/*"$43%F$+"&$'$.'&'$43%$0#/#'$'$7')E'/F$'$</%18
1;"$z&%/+',"2=7#+'{$]YOSiOF$IJJca$,%382E%$'1'1$D$#&'7#)':;"A$W"&$
'273&'$./31*/':;"F$0#&$'$1'(%/$43%$"$&%3$/'/>11#&"$'+%/0"$,%$0#)*%$
<"1#:?%1$."/'$2'/7'&%)*%$13<%/',"$<"/$3&'$0'1*'$+"2%:;"$,%$&'#1$,%$
3&'$ +%)*%)'$ ,%$ .#73/#)E'1$ %/=*#+'1F$ 2"7"$ ':'&('/+','1$ <%2"$ /%#$ HA$
s3')$W'/2"1F$43'),"$'1$0#3$)'$OL<"$,%$5%0#2E'F$%&$^_bIA$W"&"$43%/$
43%$1%9'F$%$'43#$43%/#'$+E%7'/F$."#$'$%L<%/#-)+#'$,%$0#,'$,%$M"1'$6/>*%C$
43%$2E%$,%1<%/*"3$'$+/#'*#0#,',%A
U$43%$2%0"3$h/#7E*$V#221$'$%1+/%0%/$1"(/%$'1$%2#*%1|$U$</=</#"$+")8
.%11'$43%$1%$#)1<#/"3$%&$6'2C'+F$)'$</%"+3<':;"$43%$%1*%$*#)E'$%&$
/%7#1*'/$"1$*#<"1$1"+#'#1$43%$#'$%)+")*/'),"$]^_fcF$<A$I^faA$W"&"$)'$
</",3:;"$'/*%1')'2F$E@$43%$1%$0'2"/#C'/$'$0#,'$+"*#,#')'$*'2$+"&"$'$
%)+")*/'&"1$)'$%L<%/#-)+#'$%$)'$"(1%/0':;"A$!"/'&$%L<%/#-)+#'1$,%$
0#,'$,'$',"2%1+-)+#'$43%$2%0'/'&$6"3/,#%3$]IJJpa$'$'(/':'/$'$5"+#"8
2"7#'A$B$+")0%/1;"F$+"&"$"$</=</#"$"$/%+")E%+%F$,%381%$43'),"$,%+#8
,#3$<%143#1'/$"1$('#2'/#+"1$43%$"+"//#'&$%)*/%$9"0%)1$,%$&%#"$/3/'2F$
,%$"),%$%2%$</=</#"$%/'$"/#7#)@/#"F$+"&$"$</"<=1#*"$,%$43%1*#")'/$"$
+%2#('*"$,"1$</#&"7-)#*"1$]6U\MHSO\F$IJJIaA$R'/'$%11'$z+")0%/1;"{F$

,&.,5)+)";,&$&"&'(y5)."&"(5$%";"#&+"&'$%oT)%"&&6&-*8e(T"5+"6*(B"%8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

222

&3#*"$ .#+"3$ '$ ,%0%/$ '$ M'j&"),$ B/")$ 43%$ "$ #)*/",3C#3$ )'$ .%)"&%8
)"2"7#'F$'*/'0G1$,%$5+E3*CA$O3$</=</#"$&%$#)*%//"7"$<"/$43-$'(/'+%#$
'$5"+#"2"7#'$*%),"$."/&':;"$%&$O+")"&#'A$i'20%C$<"/43%$1%&</%$&%$
,%#L%#$'*/'#/$<"/$+3/#"1#,',%1F$#)43#%*3,%1$%$131<%#*'1$131+#*','1$<"/$
"(1%/0':?%1$,"$+"*#,#')"A$O&$&#)E'$&%)#)#+%$2#1("%*'$<'11'0'$*'/,%1$
'"$*/#+#+2"F$)'$0'/'),'$,%$+'1'F$,%$"2E"$%&$*3,"$"$43%$<3,%11%$<%/*3/8
('/$'$*/')43#2#,',%$,'$/3'A$H%11'1$"(1%/0':?%1$,%$('2+;"$e$+"&"$'1$,"$
</"1*/',"$s%..F$,'$_(+3&(!)+6%/$-3,($,%$Z#*+E+"+t$e$&%$*%/@$0#),"$'$#)18
<#/':;"$,%$3&$&G*","$43%$31"$%&$&#)E'1$<%143#1'1$1"+#"2=7#+'1A$U1$
<#)*"/%1$ z.3*3/#1*'1{$ +32*#0'0'&8)"A$ k3'),"$ <#)*'0'&$ 3&'$ +'1'F$ '"$
0%/$3&'$<%11"'$,%(/3:','$1"(/%$3&'$0'/'),'F$13(#'&$'*G$%2'$<'/'$%L8
<%/#&%)*'/%&$'1$1%)1':?%1$<2@1*#+'1$43%$1%$,%1+"(/%&$43'),"$'273G&$
1%$,%(/3:'$)"$('2+;"$,%$3&'$0'/'),'A$5%)*',"$)"$&%3$*/#+#+2"F$+"&%8
+%#$'$*%/$'<%*#*%$,%$/3'A$V'#1$*'/,%F$9@$1"+#=2"7"F$1%)*#8&%$3&$%*)=7/'."$
3/(')"$]RBS5F$IJJbd$IJ^JaF$,%'&(32'),"$<%2'1$+#,',%1$%&$(31+'$,%$
3&$+")E%+#&%)*"$,%$1%20'$](-(+6V!C(,FaF$+"&"$%/'$,%1#7)',"$<%2"1$
>),#"1$ 73'/')#$ "$ +")E%+#&%)*"$ .%#*"$ ,%$ %L<%/#-)+#'1$ %$ "(1%/0':?%1$
,#/%*'1A$Q;"$<"11"$*'&(G&$,%10'2"/#C'/$'$&#)E'$%L<%/#-)+#'$)3&'$
('),'$,%$7'/'7%&F$"1$"#+'m/!Y#F/H$O&$('#2%1$,%$+"2%*#0#,',%1$<"<32'8
/%1$);"$+")1%73#'$,%10#'/$"$"2E'/$,"$1'2;"$,%$,'):'F$%143',/#)E'),"$
"1$/#*"1$,%$'</"L#&':;"$%$'1$%1*/'*G7#'1$,%$1%,3:;"F$*%&'$,%$3&$,"1$
&%31$</#&%#/"1$2#0/"1F$1"(/%$/#*3'#1$,%$7'2')*%/#'$]RBS5F$^_bfaA$V3#8
*'1$,%$&#)E'1$<%143#1'1$13/7#/'&$,%$3&'$,%$z+3/#"1#,',%$%1<")*T8
)%'{$]!MOSMOF$^__`F$<A$_`8_baF$"3$z"+#"1'{F$+"&"$'$,%1#7)'0'$g%(2%)$
]6BMBBQUF$^__KaA$Q'$5"+#"2"7#'F$+"&"$)"$'/*%1')'*"$"3$)'$'/*%F$"$
#&<"/*')*%$);"$G$'<%)'1$(31+'/$G$*'&(G&$</%+#1"$+/#'/$,#1<")#(#2#8
,',%$<'/'$%)+")*/'/A$U$+"*#,#')"$G$3&'$.")*%$,%$/%0%2':;"$,"$1"+#'2A

5%7/%,"1$,%$'2&".','

B1$ /%),'1$ ,%$ (#2/"1$ 1;"$ %L%+3*','1$ )3&'$ '2&".','$ "),%$ 1%$ #)18
+/%0%&$ "1$ <',/?%1A$ o$ )%2'$ 43%$ G$ /3+,(6(! (! -3+6($ ]XSMUF$ ^_bpaF$
#1*"$GF$G$)%2'$"),%$'1$/%),%#/'1$*/'&'&$'1$.#73/':?%1$,%$13'$'/*%A$B1$
&",%2'7%)1$ ]1%O;3/a$ 1;"$ .%#*'1$ +"&$ <'<%2;"$ "3$ +'/*;"$ 7/"11"F$ ',%8

,&.,5)+)";,&$&"&'(y5)."&"(5$%";"#&+"&'$%oT)%"&&6&-*8e(T"5+"6*(B"%8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

220

43','&%)*%$<%/.3/',"$+"&$"$,%1%)E"$43%$1%$</%*%),%$#)1+/%0%/A$B1$
<%/.3/':?%1$1;"$+")13&','1$+"&$"$43%$&'#1$1%$%)+")*/'$D$&;"A$Q"$
6/'1#2$31'0'&81%$%1<#)E"1$,%$&'),'+'/3$%$L#43%L#43%F$1%),"$"1$.#"1$
%)/"2',"1$%&$"11"1$"3$%1<#)E'1$,%$<%#L%$%$"1$(#2/"1$.%#*"1$,"$./3*"$
,'$ <'2&%#/'$ ,%$ *3+3&;F$ +'/":"1$ ,%$ (3/#*#F$ &'+'P('F$ %*+A$ U1$ 1%O;3/$
"3$1%+%$(6#/$'#),'$E"9%$.'C%&$31"$,"1$+'/*?%1$,%$+'#L'1$,%$1'<'*"1A$
k3'),"$ );"$ 1%$ 31'&$ +=<#'1$ ,%$ &",%2"1$ 9@$ +/#',"1F$ '1$ <%/.3/':?%1$
1;"$3&$</%)P)+#"$,%$+/#'*#0#,',%A$U$*'2%)*"$'<'/%+%$'11"+#',"$D$'/*%$
,%$83&%/$(-!#!1(13&5#F$+"&"$"$/%+")E%+%$3&'$/%),%#/'$,"$)"/,%1*%$
(/'1#2%#/"r$zk3'),"$+E%7'$7%)*%F$&'),'$%3$}(%2#1+'/~$"$<'<%2;"A$B7"/'$
&%1&"F$*%&$3&$<%,':"$<'/'$%3$}#)0%)*'/~$<'<%2;"$,%$+'&#1%*'$%$,%$
%)*/','$,%$(')E"$A$g"3$%)*;"$}(%2#1+'),"~F$%$,%<"#1$,%$}(%2#1+')8
,"~$G$43%$0"3$,%1%)E'/{$]!YO\MqF$IJJIF$<A$If_aA
O1*'(%2%+%),"$3&$<'/'2%2#1&"$+"&$'$5"+#"2"7#'F$'$'/*%$,%$83&%/$(-$
%)+")*/'81%$</%1%)*%$%&$&3#*"1$%)1'#"1$,%$5#&&%2F$)"1$1%31$/+(17
/0#,/F$/%*/'*"1$#)1*')*T)%"1$,'$/%'2#,',%$43%$e$43'#1$1%O;3/$"3$1%+%7
$(6#/$e$<%/&#*%&$+E%7'/$D1$."/&'1$%2%&%)*'/%1$,'$#)*%/':;"$1"+#'2A$
R'/'$5#&&%2F$"$,%1'.#"$,'$5"+#"2"7#'$G$'$,%1+"(%/*'$%$#,%)*#.#+':;"$
,'1$."/&'1$,%$0#,'$1"+#'2A$O&$1%31$%)1'#"1$1"(/%$'$'&#C',%F$'$+"43%8
*%/#'F$'$7/'*#,;"F$'$+").#'):'$"3$'$,%<%),-)+#'$/%0%2'$3&'$#)1<#/':;"$
+/#',"/'$)"$&","$+"&"$"1$+"&<"/*'&%)*"1$1%$#)1+/%0%&$)3&'$7-)%8
1%$1"+#'2F$'"$1%/%&$2#,"1$+"&"$."/&'1$1"+#'#1$,%$%L#1*-)+#'$43%$3)%&$
"$ <'11',"$ '"$ </%1%)*%F$ "$ 1#&(=2#+"$ '"$ /%'2A$ W"&"$ '$ /%),%#/'$ "3$ "$
"2%#/"$43%$(31+'&$%&$1%31$&"2,%1$."/&'1$+/#'*#0'1F$*'&(G&$5#&&%2$
G$3&$'/*%1;"$43%$+E%7'$D$#,%#'$,%$z1"+#%,',%{$*/'('2E'),"$,#1*#)*'1$
."/&'1$ ,%$ z1"+#':;"{$ ]YOgSQOF$ ^_`^aA$ Q"/(%/*$ O2#'1$ );"$ %/'$ #),#.%8
/%)*%$'$%1*%$."/&#1&"$'"$'&'27'&'/$"$1"+#'2$+"&$('//"$+")+%<*3'2$
,%$13'1$#&'7#)','1$$#+.%';-(4X3/!/#$%(%/$]YUqBYd$k\SYYOqF$IJJpaA
Q"$6/'1#2F$%)+E#,'1$+"&$%1*"<'$"3$<'2E'$,%$(')')%#/'F$'1$'2&".'8
,'1$*-&$"1$+E'&',"1$#;B%6#/F$"),%$43'1%$*3,"$1%$'//%+','r$(#2/"1$%L8
+%,%)*%1F$2#)E'1F$*%1"3/'F$%*+A$]XSMUF$^_ffF$`aA$Q'$5"+#"2"7#'$+"&"$
</",3:;"$'/*%1')'2F$"1$#;B%6#/$,'1$)"11'1$'2&".','1$,%$*/'('2E"$1;"$
('P1$"),%$1%$73'/,'&$"(1%/0':?%1$43%$)"1$2%0'&$D$,%1+"(%/*'$,'1$
13(9%*#0#,',%1$+"*#,#')'1A$O2'1$)"1$+E%7'&$'*/'0G1$,%$&P2*#<2"1$+'8

,&.,5)+)";,&$&"&'(y5)."&"(5$%";"#&+"&'$%oT)%"&&6&-*8e(T"5+"6*(B"%8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

223

)'#1$,%$+"&3)#+':;"F$3&'$0%C$43%$'$13(9%*#0#,',%$G$3&$.%)N&%)"$
#)*/'&3),')"$ %$ );"$ E@$ +"&3)#+':;"$ 1%&$ #)*%/13(9%*#0#,',%A$ o$ )"$
+"*#,#')"$ 43%$ 1%$ ,@$ 3&'$ '</%%)1;"$ 1#7)#.#+'*#0'$ ,"$ +")E%+#&%)*"$
#)*%/13(9%*#0"$]5WZixF$^_ffaA$o$)'$%L<%/#-)+#'$+"*#,#')'$43%$,%18
+"(/#&"1$ "$ +")E%+#&%)*"$ *@+#*"$ ,'1$ #)*%/':?%1$ 1"+#'#1A$ U1$ #;B%6#/$
/%7#1*'&$*",'1$'1$#)."/&':?%1$<%/*#)%)*%1$<'/'$'$,%+#./':;"$,"$43%$
1%$</%*%),%$#)*%/</%*'/r$%)*/%0#1*'1F$"(1%/0':?%1F$,"+3&%)*"1$<%11"8
'#1F$."*"7/'.#'1F$%*+A$H'$&%1&'$."/&'$43%$'1$/%),%#/'1$.'(/#+'&$(#2/"1$
+"&$ +'/":"1$ ,%$ (3/#*#$ "3$ %1<#)E'1$ ,%$ <%#L%F$ *'&(G&$ '$ 5"+#"2"7#'$
<",%$ </",3C#/$ +")E%+#&%)*"$ '*/'0G1$ ,%$ <%43%)"1$ '+E',"1$ ,"$ +"*#8
,#')"A$O&$'273&'1$<%143#1'1F$*%)E"$,%#*',"$&;"$,%$2#1*'1$*%2%.N)#+'1F$
7/'.#*%1F$&%)1'7%)1$,%$<'+"*%1$,%$':P+'/F$/3&"/%1F$."."+'1F$'<%2#,"1F$
')P)+#"1$ <3(2#+#*@/#"1$ "3$ ',%1#0"1$ +"&$ ,#*"1$ +"2"+',"1$ )"1$ 0#,/"1$
*/'1%#/"1$,"1$'3*"&=0%#1$]RBS5F$IJ^JaA$5;"$./'7&%)*"1$,"$+"*#,#')"$
,%1*%$ *#<"$ 43%$ &%$ <%/&#*%&F$ ,%$ ."/&'$ #&</%0#1*'F$ %1(":'/$ &3#*'1$
<%143#1'1A$H#7"$(%&r$%1(":'/$<%143#1'1A$Q'$2=7#+'$,%$,%1+"(%/*'F$0'2%$
&'#1$"$3/8#4#$,"$43%$"$1-#a3,#A$U$("&$'/*%1;"$%)*%),%$'$#&<"/*T)8
+#'$,"$%1(":"$]5OQQOiiF$IJJbaF$)'$&%,#,'$%&$43%$%1*@$/%+%*#0"$D1$
+")*#)7-)+#'1$%$2#&#*':?%1$,"$</"+%11"$</",3*#0"F$43%F$,%11%$&","F$
G$ 3&$ +'&<"$ ,%$ &%*'&"/."1%1A$ U$ /%'2$ +/#'$ </"(2%&'1F$ &'1$ *'&(G&$
"<"/*3)#,',%1$+/#'*#0'1A$Q'$2=7#+'$,%&")1*/'*#0'F$43'),"$2%0','$'"$
%L*/%&"$<%2'$5"+#"2"7#'$,%$<%),"/$&'#1$<"1#*#0#1*'$"$43%$1%$43%1*#"8
)'$ G$ *3,"$ "$ 43%$ 1%$ </%113<?%A$ i","$ "$ </"9%*"$ G$ .%#*"$ ,%$ +")+231?%1$
</%&'*3/'1A$B$"(1%11;"$<%2"1$/%132*',"1$</%0#1*"1F$'#),'$'$'2+'):'/F$
#&<%,%$,%1+"(%/*'1$#&</%0#1*'1F$,%1+"(%/*'1$,%$*%//%)"A$R"/$#11"F$"$
("&$'/*%1;"$'11%)*'$"$1%3$0'2"/$)'$%L<%/#-)+#'$e$)'$%L<%/#-)+#'$,%$
*/'('2E"$%$)'$%L<%/#-)+#'$,%$0#,'A
U$*/'('2E"$,"$'/*%1;"$,#'2"7'$+"&$'$13'$*/'9%*=/#'$,%$0#,'A$B2#@1F$
'$0#,'$G$3&$7%/P),#"F$&3#*"$&'#1$43%$3&$<'/*#+><#"r$3&$.($%3+6;*$
&3#*"$&'#1$43%$3&$.($,;*F$3&'$%L#1*-)+#'$</".3),'&%)*%$')+"/','$
'$%L<%/#-)+#'1$1%)1>0%#1$"3$'11#&#2','1A$R"/$43%$531')$5")*'7$1%$#)8
13/7%$+")*/'$'$#)*%/</%*':;"|$R"/43%$'$+32*3/'$+")*%&<"/T)%'$G$3&'$
+32*3/'$,%$%L+%11"F$,%$1"(/%</",3:;"F$'&"/*%+%),"$'1$)"11'1$.'+328
,',%1$1%)1"/#'#1A$B)*%1$,%$*%)*'/$<%/+%(%/$"$43%$'$/%'2#,',%$1#7)#.#+'$

,&.,5)+)";,&$&"&'(y5)."&"(5$%";"#&+"&'$%oT)%"&&6&-*8e(T"5+"6*(B"%8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

22d

G$)%+%11@/#"$&"1*/'/$z+"&"$G$43%$"$G{A$U3$1%9'F$E@$43%$1%$/%+3<%/'/%&$
"1$1%)*#,"1F$&%/732E'/$1"+#"2"7#+'&%)*%$)"$+"*#,#')"F$'</%),%),"$z'$
0%/$&'#1F$"30#/$&'#1F$1%)*#/$&'#1{$]5UQiBXF$IJJpF$<A$KIaA$W"&"$"$43%$
1%$%L<%/#&%)*'$+"&"$<%11"'$1%$</"9%*'$)'$</",3:;"$,%$+")E%+#&%)*"$
1"+#"2=7#+"|$ B*/'0G1$ ,'$ +'<*3/'$ ,%$ <%)1'&%)*"1$ &'/7#)'#1r$ z0@/#'1$
#,%#'1$43%$<",%&$1%/$13(</",3*"1$,'$0#,'$,#@/#'F$*/%+E"1$,%$+")0%/1'$
"30#,"1$)'$/3'{$]VSYY5F$^_fcF$<A$I^Ia$%$<"/$'>$."/'A$i3,"$0'#$<'/'/$
'"1$#;B%6#/!6(!(&*#.(6($"),%$1%$3/,%$'$</@*#+'$'/*%1')'2$,'$</",3:;"$
1"+#"2=7#+'A$V#221$137%/%$'$+")1*#*3#:;"$,%$'/43#0"1$"),%$1%$')"*%&$
"(1%/0':?%1F$#)*%//"7':?%1$%$#,%#'1F$,%$&","$'$43%$1%$,%1%)0"20'&$
E@(#*"1$,%$'3*"//%.2%L;"A$O11%$."#$*'&(G&$"$&G*","$131*%)*',"$<"/$
R'32"$!/%#/%$]^__`F$<A$_ba$'"$,%.%),%/$'$$;-%#/%6(63!3/1#+,W+3(r$

\&$/3>,"F$<"/$%L%&<2"F$<",%$</"0"+'/$&#)E'$+3/#"1#,',%A$U(8
1%/0"$ "$ %1<':"$ "),%$ <'/%+%$ 43%$ 1%$ %1*@$ 0%/#.#+'),"A$ B73:"$ "$
"30#,"A$R/"+3/"$+"&<'/'/$+"&$"3*/"$/3>,"$+39'$/'C;"$,%$1%/$9@$
+")E%:"A$ S)0%1*#7"$ &%2E"/$ "$ %1<':"A$ B,&#*"$ E#<=*%1%1$ 0@/#'1$
%&$*"/)"$,'$<"11>0%2$"/#7%&$,"$/3>,"A$O2#&#)"$'273&'1$'*G$43%$
+E%7"$'$13'$%L<2#+':;"A

i",'1$'1$/%),'1$*-&$3&$<")*"$#)#+#'2$+E'&',"$,-#$(6#A$U$<")*"$
,%$<'/*#,'$G$"$+E'&'&%)*"$,"$&"0#&%)*"$,"1$(#2/"1$,"$43'2$/%132*'$
3&'$&32*#<2#+#,',%$,%$$-;S(6#/$%$,#-$%6#/F$0'/#',>11#&"1$1#+,#/$43%$
,#.%/%)+#'&$'1$/%),'1$%)*/%$1#$]XSMUF$^_bpF$<A$^KaA$B$+/#'*#0#,',%$
1%$%1(":'$)"1$<',/?%1$,"1$*%+#,"1$%$)"1$2'):"1$,%$2#)E'1$%$.#73/'1$
7%"&G*/#+'1r$C#73%C'73%1F$2#)E'1$+/3C','1$"3$43%(/','1F$43',/',"1$
%&<'/%2E',"1$ +"&$ 2"1')7"1F$ )3&'$ ,#0%/1#,',%$ ,%$ 1#+,#/r$ ('/'*'F$
*#9"2"F$(%1"3/"F$'/')E'F$+'//%#/'$,%$.#2=F$<")*"$,%$2=F$('*343%F$/%)8
7'2E"F$<')"$'(%/*"F$.%+E',"F$*/':',"$]XSMUF$IJJIF$<A$_paA$k3'2$
G$"$1#+,#!63!1(-,%6($,'$5"+#"2"7#'$+"&"$'/*%1')'*"$#)*%2%+*3'2|$$oF$
+2'/'&%)*%F$'$#)*%//"7':;"$1"+#"2=7#+'F$"1$%)#7&'1$,"$+"*#,#')"$43%$
)"1$#&<%2%&$D$13'$,%+#./':;"$]RBS5F$IJJ_aA$s@$)"$*%//%)"$,%$<%143#8
1'F$"$1#+,#!63!1(-,%6($1%$,@$)3&$*%//%)"$,%$*/"+'1F$,%$/%.2%L#0#,',%F$
,%$+"&3*':;"A$U$,-#$(6#$G$'$#)*%/13(9%*#0#,',%$43%F$+"&"$'*/@1$1%$

,&.,5)+)";,&$&"&'(y5)."&"(5$%";"#&+"&'$%oT)%"&&6&-*8e(T"5+"6*(B"%8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

22S

137%/#'F$ "+"//%$ +"*#,#')'&%)*%$ )"$ ,"&>)#"$ ,'$ +"&3)#+':;"$ %$ ,'$


#)*%/</%*':;"A
U$1"+#'2$1#*3',"F$+"&$'$13'$*/'&'$,%$#)*%/':?%1F$G$'$)"11'$(&*#.(7
6($,%$'.'C%/%1$"),%$1%$/3+,(*$"1$/%),#2E',"1$,'$0#,'$1"+#'2A$V'1$"$
43%1*#")'&%)*"$,%1*'$);"$1%$%17"*'$%&$&%/"1$(%2#1+"1$,%$#)*%/</%*'8
:;"$&#+/"11"+#"2=7#+'A$Z@$43%$1%$*%/$%&$+")*'$"1$*#&63/$1"+#'#1F$"1$
+E'&',"1$1%O;3/$43%$)"1$<%/&#*%&$0%/$+"&"$"$1"+#'2$1%$/%.2%*%$)'$
0#,'$,"1$#),#0>,3"1F$)"1$.#"1$1"+#'#1$43%$%2%1$0;"$*%+%),"$%&$#)*%/'8
:;"A$R'/'$'$5"+#"2"7#'$1"&%)*%$E@$.'*"1$,%)*/"$,%$3&$&'/+"$+")+%<8
*3'2$%1<%+>.#+"A$B2#@1F$"$&%1&"$1%$<'11'$)'$0#,'$+"*#,#')'$+"//%)*%A$
B1$"+"//-)+#'1$,"$+"*#,#')"$'<'/%+%&$#)+"/<"/','1$%&$%1*/3*3/'1$,%$
+")7/3-)+#'$%$1#7)#.#+',"F$'<2#+','1$</'7&'*#+'&%)*%$D$0#,'$+"*#,#'8
)'F$ 43%$ 5+E3*C$ ]^_ffd$ IJJ^F$ <A$ IIp8IKca$ ,%1#7)'0'$ ,%$ ,%1%.%$(4X3/r$
&'<'1$,%$1#7)#.#+':;"$*#<#.#+','$43%$1%$/%2'+#")'&$+"&$<',/?%1$*#8
<#.#+',"1$ ,%$ +"&<"/*'&%)*"F$ &'1$ *'&(G&$ +"&$ */'9%*=/#'1$ ,%$ 0#,'$
.%#*'1$,%$C#73%C'73%1F$2#)E'1$+/3C','1$"3$43%(/','1F$,;-+%+'!1#%+,/F$
/%2':?%1$%&<'/%2E',"1$)3&'$,#0%/1#,',%$,%$/%,%1$1"+#'#1A$B1$,%1%.%7
$(4X3/$43%$'$5"+#"2"7#'$%)+")*/'$)'$0#,'$+"*#,#')'F$%+!/%,;F$1;"$'1$43%$
5+E3*C$,%1#7)'$,%$$#+/,-;4X3/$63!1-%*3%-(!#-63*F$'$<'/*#/$,'1$43'#1$
1%$+E%7'$D1$63!/3';+6(!#-63*F$'1$,"$3)#0%/1"$+")+%<*3'2$1"+#"2=7#8
+"$]QBiBQ5UQF$^_bfaA$U3$1%9'F$"1$+")+%#*"1$1"+#"2=7#+"1$,%0%&$1%/$
2'("/#"1'&%)*%$*/'('2E',"1$)3&'$/%2':;"$,%$#)*%2#7#(#2#,',%$+"&$'1$
#)*%):?%1$1#7)#.#+'*#0'1$43%$,;"$1%)*#,"$D1$#)*%/':?%1$+"*#,#')'1A$U1$
,',"1$1"+#"2=7#+"1$*-&$,%$1%$',%43'/$'$+")*%L*"1$,%$1#7)#.#+',"F$"1$
43%$(/"*'&$,'1$%L<%/#-)+#'1$,"$+"*#,#')"A$R"/$#11"$&%1&"F$'$&@L#&'$
/(83*#/! *(%/! 6#! O;3! $#+/3';%*#/! 3I1&%$(-$ 73#'$ '$ #&'7#)':;"F$ );"$
'<%)'1$)'$</",3:;"$,"$+")E%+#&%)*"$*@+#*"$]RUYBQSF$^_bKF$<A$JpaF$
&'1$*'&(G&$)'$</",3:;"$,"$+")E%+#&%)*"$1"+#"2=7#+"A

6#2/'/$*%L*"1$%$#,%#'1

Q'$ </",3:;"$ 1"+#"2=7#+'F$ *3,"$ "$ 43%$ 1%$ 73'/,'$ )"1$ #;B%6#/! 6(!
(&*#.(6(F$0%/*#,"$,'1$%1+3*'1$,"$+"*#,#')"F$*%),%$'$1%/$+")0%/*#,"$
%&$ *%L*"1$ ')'2>*#+"1A$ B$ %1+/#*'$ G$ *'&(G&$ 3&'$ </",3:;"$ '/*%1')'2$

,&.,5)+)";,&$&"&'(y5)."&"(5$%";"#&+"&'$%oT)%"&&6&-*8e(T"5+"6*(B"%8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

22g

+"&"F$ '2#@1F$ &3#*"1$ %1+/#*"/%1$ "$ /%+")E%+%&A$ X'(/#%2$ X'/+#'$ V@/8


43%CF$)3&$,#1+3/1"$</")3)+#',"$%&$W'/*'7%)'$,'1$),#'1F$);"$*%0%$
<%9"$%&$+").%11'/$43%$13'$+/#'*#0#,',%$1%$+").#)'0'$'"$+%)@/#"$,%$
3&$43'/*"$)'$+"&<')E#'$,'1$Ib$2%*/'1$,"$'2.'(%*"$]"1$1%31$(#2/"1a$%$
,'1$.%//'&%)*'1$,%$43'243%/$'/*%1;"r$"1$,%,"1$,'$&;"$]VBMiQOxF$
IJJ_F$ <A$ ^baA$ B1$ %1*/'*G7#'1$ <'/'$ 2#,'/$ +"&$ z'$ ')7P1*#'$ ,'$ <@7#)'$
%&$(/')+"{$/%&%*%&F$)'$"<#)#;"$,%$'273)1$%1+/#*"/%1$<"/*373%1%1F$
<'/'$ 3&'$ </@*#+'$ ,%$ '/*>.#+%A$ V'/7'/#,'$ g'2%$ ,%$ X'*"$ +").%11'r$ z"$
*%L*"$G$3&$('//"$./%1+"$43%$%3$%1*"3$1%&</%$'$*/')1."/&'/A{$]5SYgBF$
IJ^JF$<A$IKaA$s";"$i"/,"$/%."/:'$'$#,%#'$,'$'/*%$,'$%1+/#*'$+"&"$3&$
</"+%11"$,%$*/')1."/&':;"$%$'<%/.%#:"'&%)*"r$zR/%.#/"$1%&</%$.'C%/$
3&'$</#&%#/'$0%/1;"$%&$(/3*"F$'$'/7'&'11'$,"$2#0/"F$%$,%<"#1F$43')8
,"$'+'("F$/%.'C%/$*3,"F$+'<>*32"$'$+'<>*32"{$]5SYgBF$IJ^JF$<A$IpaA$O$
+"&"$+E%7'&$'1$#,%#'1|$O2'1$13/7%&$*;"$%1<")*')%'&%)*%$43%$3/7%$
<"31@82'1$)"$<'<%2$<'/'$43%$);"$.39'&A$ZG2#'$W"//%#'$'.#/&'r$z5"3$
+'<'C$,%$%1+/%0%/$<@7#)'1$#)*%#/'1$,"1$&%31$/"&')+%1$%&$+',%/)"1$
<%43%)"1F$%&$/%("/,"1$,%$/%0#1*'1$"3$)"$43%$1%9'A$k3'),"$'$#,%#'$
<'/'$3&$*%L*"$1%$#)*%)1#.#+'F$);"$'$43%/"$<%/,%/$<"/$)','$%$31"$"$
43%$E"30%/{$]5SYgBF$IJ^JF$<A$IIaA$
Q'$</",3:;"$'/*%1')'2$,'$5"+#"2"7#'F$"(1%/0':?%1$,"$+"*#,#')"$9328
7','1$/%2%0')*%1$<"/$3&'$1%)1#(#2#,',%$*%=/#+'$43%$1%$',43#/%$&3#8
*"$ &'#1$ <%2'$ %L<%/#-)+#'$ ,"$ 43%$ <%2"1$ &')3'#1$ ,%0%&$ *'&(G&$ 1%/$
')"*','1$ )"$ 43%$ %1*%9'$ &'#1$ D$ &;"r$ .#+E'1F$ 73'/,')'<"1$ ,%$ <'<%2F$
'7%),'1$"3$.'*3/'1$,%$/%1*'3/')*%A$U1$#;B%6#/!6(!(&*#.(6(K$"),%$'$
</",3:;"$1"+#"2=7#+'$1%$</"+%11'F$,%$("&$7/',"$'+"2E%&$<%)1'&%)8
*"1F$ #,%#'1$ %$ ,',"1$ %&$ 43%$ 1%$ ('1%#'$ '$ /%.2%L;"$ 1"+#"2=7#+'A$ Q;"$ G$
&@$#,%#'$73'/,'/$1%&</%$)"$("21"$,"$+'1'+"$3&$<%43%)"$(2"+"$<'/'$
')"*':?%1$"3$3&$,#@/#"$,%$+'&<"F$+"&"$*'&(G&$</"<3)E'$h/#7E*$
V#221A$O&$13'$(#"7/'.#'F$43'),"$R'*/#+t$W"22#)1")$]IJ^^a$."#$#),'7'8
,"$1"(/%$"$&G*","$,%$#)0%1*#7':;"$43%$31'0'F$'+'("3$<"/$+").%11'/$
43%$ );"$ *#)E'$ )%)E3&$ &G*","F$ '<%)'1$ 3&$ +'#L"*%$ +"&$ 3&$ &")*%$
,%$#)."/&':?%1$1%2%+#")','1A$Q'$0%/,',%F$"$1%3$&G*","$+")1#1*#'$%&$
%L'&#)'/$*3,"$"$43%$/%&"*'&%)*%$<3,%11%$+")1#,%/'/$/%2%0')*%$<'/'$
'1$13'1$<%143#1'1A$

,&.,5)+)";,&$&"&'(y5)."&"(5$%";"#&+"&'$%oT)%"&&6&-*8e(T"5+"6*(B"%8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

22]

B$/%+3<%/':;"$,%$<%,':"1$,%$*%+#,"$,%$"3*/"1$*/'('2E"1$,%$+"1*38
/'$G$</@*#+'$+"//%)*%$,'1$*%+%,%#/'1$,%$+"2+E'1A$V'1$'$+"2%*'$%$'//38
&':;"$,"1$&'*%/#'#1$G$.%#*'$+"&$+/#*G/#"F$"(%,%+%),"$'$1#1*%&'1$,%$
+'*%7"/#C':;"$ '</"</#','F$ )'$ ('1%$ ,'$ %L<%/#-)+#'$ +"*#,#')'F$ ,%$ 3&$
+")E%+#&%)*"$</@*#+"A$Q"11"1$'23)"1$*%),%&$'$1%)*#/$,#.#+32,',%1$)'$
*/')1<"1#:;"$<'/'$'$</@*#+'$,'$<%143#1'$%&<>/#+'$,"1$%)1#)'&%)*"1$
43%$'(1"/0%&$,"1$&')3'#1$,%$5"+#"2"7#'$1"(/%$"1$</"+%,#&%)*"1$,%$
,%.#)#:;"$,%$+'*%7"/#'1$<"/43%$2E%1$.'2*'$%11%$+")E%+#&%)*"$</@*#+"A$
O)*/%$'1$*%+%,%#/'1$,%$+"2+E'1F$'$"/7')#C':;"$,"1$&'*%/#'#1$%&$+'*%8
7"/#'1$G$+/#*%/#"1'F$1"($#)1<#/':;"$,"$43%$2E%1$z0'#$)'$+'(%:'{A$O&8
("/'F$ +"&"$ "3*/"1$ '/*%1;"1F$ );"$ ,#1<")E'&$ ,%$ 3&'$ 2#)73'7%&$ 43%$
'1+%),'$'$1".#1*#+','1$'(1*/':?%1$%$7%)%/'2#C':?%1F$"$+%/*"$G$43%$"$43%$
'1$*%+%,%#/'1$</",3C%&$);"$G$'2E%#"$'"$43%$2E%1$z0'#$)'$+'(%:'{$<"/$
13+%11#0'1$&%,#':?%1$,'$%L<%/#-)+#'$+"*#,#')'A

R")E"$,%)*/"$,%$1'+"1$*","1$"1$<%,':"1$,%$*%+#,"$43%$'$43'243%/$
&"&%)*"$&%$<",%/;"$1%/$P*%#1A$k3'),"$9@$*%)E"$3&'$43')*#,'8
,%$+")1#,%/@0%2F$+"&%:"$'$+2'11#.#+'82"1A$H%<"#1F$1%<'/"8"1$<"/$
,#0%/1'1$+'#L'1F$*'2$+"&"$1%$1%$*/'*'11%$,%$3&$'/43#0"$]aA$W"2"$
3&'$%*#43%*'$%&$+','$3&'$,%2'1$%$')"*"$'$+"/$,"1$*%+#,"1F$"3$
%)*;"$%1+/%0"r$43',/',"1F$2#1*/'1$"3$'$."/&'$,"1$&"*#0"1F$43')8
,"$"1$<%,':"1$9@$."/'&$+"/*',"1$A$5%#$1%&</%$'43#2"$,%$43%$
</%+#1"$<'/'$.'C%/$"$43%$&%$0'#$)'$+'(%:'$]WUUROMd$6\!OMHF$
^_``$(1;6$$6OWvOMF$IJ^JF$<A$I^faA

i",'$'$&#)E'$+'1'$%1*@$E'(#*','$<"/$+%)*%)'1$,%$.#+E'1$+"&$')"8
*':?%1$%$"3*/'1$%&$(/')+"$D$%1<%/'$,%$#)1+/#:?%1A$i'&(G&$)"$<"/*'8
8230'1$,"$+'//"$"$43%$2@$73'/,"$);"$1;"$230'1F$'<%)'1$,"+3&%)*"1$%$
.#+E'1$<'/'$')"*'/$"(1%/0':?%1$"3$#,%#'1$43%$&%$13/7%&$)'$+'(%:'F$'"$
'0'):'/F$<'+E"//%)*'&%)*%F$)'1$.#2'1$%)7'//'.','1$,%$*/T)1#*"A$k3')8
,"$ /%P)"$ ("'1$ +"2%:?%1$ ,%$ .#+E'1$ 1%<'/"8'1$ <"/$ ,#.%/%)*%1$ &")*%1$
,%$+'*%7"/#'1$e$%/#,#1%(/F$+"&"$'1$,%.#)%$Z#%/)'3L$]^__`a$e$43%$0"3$
%1*%),%),"$ <%2'$ &%1'$ ,%$ */'('2E"F$ <'/'$ &%2E"/$ &%/732E'/$ %&$ </"8
.3),#,',%$)'$#)."/&':;"$/%3)#,'A$U$</"+%11"$('1%#'81%$)'$,%1+"(%/8

,&.,5)+)";,&$&"&'(y5)."&"(5$%";"#&+"&'$%oT)%"&&6&-*8e(T"5+"6*(B"%8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

22`

*'$,%$'.#)#,',%1$%)*/%$"1$+")*%P,"1$,'1$.#+E'1F$43%$<'11"$'$'+'1'2'/$
+"&"$"$.'C%&$'1$*%+%,%#/'1$,%$+"2+E'1$'"$*%+%/%&8)'1$+"&$<%,':"1$
,%$*%+#,"1$43%$0;"$93)*'),"$<"/$'.#)#,',%$"3$+")*/'1*%$,%$+"/%1A$B$
+"&<'/':;"$,"$".>+#"$#)*%2%+*3'2$'"$,'1$+"1*3/%#/'1$]UMiSxF$IJ^JF$<A$
^`b8^_ba$/%&%*%F$931*'&%)*%F$'$*/':"1$<'/*#2E',"1$,%$3&$1%&%2E')*%$
2'("/$'/*%1')'2r$3&'$%L<%/#-)+#'$ ,%$ %L%+3:;"d$ "<%/':?%1$ ,%$ +"/*%$ %$
/%+"/*%d$'2#)E'&%)*"$,%$('#)E'1$"3$,%$#,%#'1A$
Q%11%$*/'('2E"$,%$+"&<"1#:;"F$43'),"$</"+3/"$1%43%)+#'/$'1$.#+E'1$
,%$*/'('2E"$+"&"$</%)P)+#"$,%$3&$/%2'*"$"3$'/73&%)*"F$13/7%&8&%$
43%1*#")'&%)*"1$43%$0"3$')"*'),"$<'/'$.3*3/'1$/%.2%L?%1A$U1$%)1'#"1$
')'2>*#+"1$,%0%&$1%/$73#',"1$<"/$3&'$#),#1<%)1@0%2$1%)1#(#2#,',%$*%8
=/#+'F$1"($<%)'$,%$1%$'."7'/%&$)3&'$'+3&32':;"$#)+")7/3%)*%$,%$,'8
,"1A$5=$'11#&$G$<"11>0%2$#)1+/%0%/$'1$z#,%#'1$43%$)"1$0;"$)'$+'(%:'{$
]#&'7#)':;"$1"+#"2=7#+'a$)"$</"+%11"$,%$</",3:;"$,%$+")E%+#&%)*"A$
V'1$ '*%):;"$ '"1$ 31"1$ <%/0%/1"1$ ,'$ *%"/#'r$ G$ </%.%/>0%2$ 1%/$ @7#2$ %&$
</"+%11"1$,%$*%"/#C':;"$,"$43%$*%/$'$+'(%:'$+E%#'$,%$*%"/#'1F$#1*"$GF$,%$
#,%#'1$.%#*'1$'$43%$*%#&"1'&%)*%$)"1$'7'//'&"1A$!'C%/$*%"/#'$G$,#.%/%)8
*%$,%$31@82'$+"&"$3&$</",3*"$"3F$<#"/$'#),'F$+"&"$3&$+/%,"A$B$43'2#8
,',%$,%$3&$<%143#1',"/$0'2%$&'#1$<"/$13'$1%)1#(#2#,',%$D1$%L#7-)+#'1$
%1<%+>.#+'1$,%$3&$</"(2%&'$,"$43%$<"/$3&'$.#,%2#,',%$+%7'$'$*%"/#'1$
31','1$+"&$/#7#,%C$%$'+/#*#+'&%)*%A$
U1$ &3),"1$ ,'$ '/*%F$ #)+23#),"$ "1$ ,"$ '/*%1')'*"F$ %1*;"$ 139%#*"1$ '$
1#1*%&'1$ ,%$ +")0%):?%1F$ </"*"+"2"1$ +")1%)13'2#C',"1$ ,%$ ."/&'1$ ,%$
'7#/F$&","1$,%$.'C%/$+"&<'/*#2E',"1$43%$+'/'+*%/#C'&$E@(#*"1$,%$*/'8
('2E"A$ ]6OWvOMF$ IJ^JF$ <A$ cb8`_aA$ W")*3,"F$ )'$ </@*#+'$ '/*%1')'2$ ,%$
<%143#1'$43%$*"&'$"$+"*#,#')"$+"&"$'2'0')+'$,"$+")E%+#&%)*"F$'1$
/%+")1*/3:?%1$,%1+/#*#0'1$,'$/%'2#,',%$,%/#0'&$,%$3&'$0#)+32':;"$,"$
</%1+/#*#0"$],%$"/,%&$*%=/#+"8&%*","2=7#+'a$'"$1#*3'+#")'2$],%+#1?%1$
%1*/'*G7#+'1$*"&','1$)"$,%+3/1"$,%$3&$</"+%11"$,%$#)0%1*#7':;"aA$B$
,%1+").#'):'$,%$Q#1(%*$]^_`fa$<'/'$+"&$'43%2'1$*%"/#'1$43%$1%$'</%8
1%)*'&$+"&"$3&$+")93)*"$,#,@*#+"$,%$</#)+><#"1$%$+"/"2@/#"1$,%$+'8
/'+*%/$'(1*/'*"F$."/&'2$%$*"*'2#C',"/$/',#+'$)'$13'$1%&%2E'):'$'$3&'$
0%/1;"$</#&#*#0'$,'$&%*'.>1#+'A$H'>$"$'2%/*'$43%$)"1$.'C$<'/'$"$31"$#)8
7-)3"$%$/#*3'2#1*'$,'$</"0'$)'$</",3:;"$1"+#"2=7#+'A$B$T)1#'$,%&")18

,&.,5)+)";,&$&"&'(y5)."&"(5$%";"#&+"&'$%oT)%"&&6&-*8e(T"5+"6*(B"%8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

22a

*/'*#0'$);"$2%7#*#&'$'$0'2#,',%$'(1"23*'$,'1$*%"/#'1$43%$1%$31'&A$5%$
%1*'1$.'2E'&$%&$%L<2#+'/$'$/%'2#,',%$"$</"(2%&'$);"$GF$+%/*'&%)*%F$
,'$/%'2#,',%A
\&$7')E"$%&$z<%)1'/$1"(/%$"$<'<%2{$]hUYWUiiF$IJJ_a$G$"$,%$.38
7#/&"1$ '"1$ %L+%11"1$ ,%$ %/3,#:;"F$ D1$ +#*':?%1$ 1%&$ )%L"F$ D$ E#<%/*/".#'$
*%=/#+'A$ U$ 2'&%)*"$ .%#*"$ E@$ &'#1$ ,%$ &%#"$ 1G+32"$ <"/$ V#221$ ]^_fcF$ <A$
IKpa$ &')*G&81%$ '*3'2r$ zO&$ &3#*"1$ +>/+32"1$ '+',G&#+"1F$ E"9%F$ 43%&$
*%)*'/$%1+/%0%/$,%$."/&'$1#&<2%1&%)*%$#)*%2#7>0%2$G$+"),%)',"$+"&"$
}1#&<2%1$2#*%/'*"~$"3F$<#"/$'#),'F$}1#&<2%1$9"/)'2#1*'~{A$O1+/%0%/$,%$."/&'$
#)#)*%2#7>0%2$+")*#)3'$'$+").%/#/$/,(,;/$%)43')*"$5"+#"2"7#'$(%&$%1+/#*'$
G$#,%)*#.#+','$+"&"$z("&$9"/)'2#1&"{$]ZSM5WZF$^___aA$O143%+%81%$43%$
'$2#)73'7%&$1%/0%$<'/'$+"&3)#+'/A$R"/$#11"$&%1&"F$'$%)*/%0#1*'$,#/%*'$
%$ </%1%)+#'2$ G$ 3&$ #)1*/3&%)*"$ *;"$ 0'2"/#C',"$ <%2'$ 5"+#"2"7#'A$\(-! t!
&U+';($G$3&'$."/&'$'/*%1')'2$,%$+"&3)#+':;"F$3&$&%/732E"$,'$+"#1'$
)'//','$)'$0#,'$,"$)'//',"/$<'/'$2"7"$,%<"#1$1'#/$,%2%$+"&"$)'//':;"r$
zB11#&$1%$#&</#&%$)'$)'//'*#0'$'$&'/+'$,"$)'//',"/F$+"&"$'$&;"$,"$
"2%#/"$)'$'/7#2'$,"$0'1"{$]6OQsBVSVF$^_b`F<A$IJcaA
B$5"+#"2"7#'$)','$<%/,%$%&$1%73#/$'273&'1$,'1$*G+)#+'1$,%1+/#*#8
0'1$31','1$<%2'$2#*%/'*3/'A$R/"+%,#&%)*"1$)'//'*#0"1$+"&"$"1$,%$Z%)8
/#$s'&%1F$H"1*"j%01tjF$R/"31*$"3$s"j+%$<%/&#*%&8)"1$'+%,%/$#),#/%*'8
&%)*%$'$'1<%*"1$1%+/%*"1$%$13*#1$,'$0#,'$+"*#,#')'A$B2#@1F$'$+")1*#*3#8
:;"$,'$5"+#"2"7#'$+"&"$3&$,"&>)#"$+#%)*>.#+"$);"$'$#&<%,#3F$,%1,%$
'1$13'1$"/#7%)1F$,%$1%$#)1<#/'/$%&$*%&'1F$%1*#2"1$%$#&<321"1$+/#',"/%1$
</=</#"1$,'$2#*%/'*3/'F$,'$<#)*3/'F$,'$&P1#+'F$%).#&F$,%$&P2*#<2"1$/%8
+3/1"1$,"$,"&>)#"$'/*>1*#+"A$o$,%11%$&","$43%$1%$<",%&$2%/$/#43>18
1#&"1$/%*/'*"1$1"+#"2=7#+"1$,%$*#<"1$#,%'#1$]"$(3/73-1F$"$"<%/@/#"F$"$
#)*%2%+*3'2a$"3$<'#1'7%)1$1"+#'#1$]'1$&32*#,?%1F$"1$<"(/%1F$'1$.@(/#+'1F$
'1$*/#("1aA$R"/$#11"$&%1&"F$Q#1(%*$]^_`fa$.'2'8)"1$,'$5"+#"2"7#'$+"&"$
3&'$."/&'$,%$'/*%A$W")*3,"F$'$5"+#"2"7#'$);"$/%</",3C$"$0#1>0%2F$'<%8
)'1$*"/)'$0#1>0%2$'$/%'2#,',%A$V'1$E@$43%$1%$1'(%/$,%+#./'/F$'<3/'),"$
3&$ &","$ ,%$ "2E'/$ 43%F$ )'$ 2=7#+'$ ,'$ </@*#+'$ '/*%1')'2$ ,'$ <%143#1'F$
);"$<",%$,%#L'/$,%$1%/$%*)"7/@.#+"$]hUYWUiiF$IJJbaA$o$131<%#*"1'$'$
5"+#"2"7#'$43%$"2E'$<'/'$"$1"+#'2$+"&"$3&$%1<%+*',"/$#),#.%/%)*%F$,%$
3&'$#),#.%/%):'$&'/+','$<"/$z./#'2,',%{F$(%&$%0"+','$<"/$B,"/)"$

,&.,5)+)";,&$&"&'(y5)."&"(5$%";"#&+"&'$%oT)%"&&6&-*8e(T"5+"6*(B"%8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

201

]^__ca$43'),"$#,%)*#.#+'0'$'$<'11#0#,',%$43%$</"+%,%$,%$3&'$</%*%)8
1'$)%3*/'2#,',%$'L#"2=7#+'A$S1*"$);"$1#7)#.#+'$43%$'$5"+#"2"7#'$1%$,%0'$
*/')1."/&'/$)3&$%)1'>1&"$13<%/.#+#'2$%$%1<%+32'*#0"F$'2E%#"$'"$/#7"/$
&%*","2=7#+"$]WBiBUF$^__caA$H%12#C%1$</"0"+',"1$<"/$%L+%11"1$,%$
%)*31#'1&"$"3$)%72#7-)+#'$1;"$3&'$<%/&')%)*%$'&%':'F$%$)%&$,%2%1$
V#221$ 1%$ 2#0/"3$ 43'),"$ '$ 13'$ z#&'7#)':;"$ 1"+#"2=7#+'{$ ,%3$ 2'/7'1$ '$
3&'$*%),-)+#'$.#++#")#1*'F$+"&"$)"$2#0/"$43%$%1+/%0%3$1"(/%$'$/%0"8
23:;"$+3(')'$]VSYY5F$^_fJa$"3$)'1$+'/*'1F$%1+/#*'1$,"$M#"$,%$s')%#/"F$
'$3&$#&'7#)@/#"$+"2%7'$/311"$]VSYY5F$IJJJaA$W'/'+*%/>1*#+'$,"$'/*%8
1')'*"$ #)*%2%+*3'2F$ '$ 0#7#2T)+#'$ %<#1*%&"2=7#+'$ 1"(/%$ '$ </",3:;"$ ,"$
1'(%/$GF$1"(/%*3,"F$3&$1'(%/$1%/$3&$1%0%/"$+/>*#+"$,%$1#$&%1&"A$
Q'$</@*#+'$'/*%1')'2$,%$<%143#1'$E@$3&'$G*#+'$,%$*/'('2E"$43%$/%8
.2%*%$3&'$'*#*3,%$,%$0#,'A$g%9'81%$"$43%$,%.#)%$'$/%<3*':;"$,%$3&$("&$
'/*%1;"A$i"&'),"$"$%L%&<2"$,'1$/%),%#/'1F$'$13'$'/*%$);"$G$'<%)'1$
3&$1#&<2%1$*/'('2E"$,%$&;"1F$GF$1"(/%*3,"F$"(/'$z,%$&;"1$#)*%2#7%)8
*%1F$,"&#)','1$<%2'$+")1+#-)+#'$,%$E'0%/$,%$/%'2#C'/$3&$*/'('2E"$+'8
</#+E"1"$%$+'<'C$,%$1%/$%2"7#',"{$]USiSWSWBF$^_ffF$<A$K^aA$H'>$"$/%+"8
)E%+#&%)*"$%$'$',&#/':;"$<%2"$*/'('2E"$0#/*3"1"r$zX"1*"$,%11'$&3#G[$
R"/43%$%2'$G$&3#G$."/&"1'[$!'C$3&$(#2E%*%$(%&$.%#*"[$O$3&'$/%),'$
,#.#+32*"1'{$]<"%*'$,%1+")E%+#,"F$(1;6r$ZUYYBQHBF$IJJIF$<A$caA$
i'&(G&$ )'$ 5"+#"2"7#'$ '1$ 43%1*?%1$ ,"$ &G*","$ );"$ '<'/%+%&$ ,#11"8
+#','1$,%$3&'$0"+':;"$'11%)*%$%&$</#)+><#"1$G*#+"1F$,%$3&'$],%$(!6(!
-3/1#+/(8%&%6(63$+"&"$V'L$h%(%/$]^_b_a$'$,%1#7)"3A$k3'),"$V#221$
]IJJ_F$<A$`f8bJa$,#1+3*#'$"$3,0#/$,"$1"+#=2"7"$+"&"$'/*%1;"F$"$43%$"$
</%"+3<'0'$%/'F$931*'&%)*%F$3&'$G*#+'$,%$*/'('2E"F$3&$&","$,%$0#,'r$
"$1%)*#,"$,"$*/'('2E"$/%'2#C',"F$'$1'*#1.':;"$#)*/>)1%+'$+"&$"$43%$1%$
</",3CF$'$%1<")*')%#,',%$+/#'*#0'$1"(/%<"),"81%$D$%1*%/%"*#<#C':;"$
(')'2#C','F$ '$ %L<%/#-)+#'$ ,"$ 0#0#,"$ +"&"$ 0>)+32"$ ,"$ +")+%(#,"F$ "$
+")E%+#&%)*"$,"1$%)/%,"1$,'$</",3:;"$,"$1"+#'2$+"&"$%1*/'*G7#'$,%$
.37'$D1$'/&',#2E'1$,'$'2#%)':;"A$R"/$'43#$*'&(G&$<'11'$'$#&'7#)':;"$
1"+#"2=7#+'$+39"$3,0#/$);"$<",%$,#11"+#'/81%$,%$3&'$-3/1#+/(8%&%6(63!
/#$%(&$]ZSMUQSV\58hOQHid$hBYYBWOF$IJJ_aA$
k3'2$"$.3*3/"$,'$</@*#+'$'/*%1')'2$,%$<%143#1'|$5%$"$.3*3/"$G$1"&8
(/'$,"$<'11',"F$0'2%$'$<%)'$);"$<%/,%/$,%$0#1*'$"$<'/'2%2#1&"$+"&$"$

,&.,5)+)";,&$&"&'(y5)."&"(5$%";"#&+"&'$%oT)%"&&6&-*8e(T"5+"6*(B"%8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

202

'/*%1')'*"A$U$43%$1%$+")1*'*'$G$43%F$+"&$"$#),31*/#'2#1&"$%$'$13'$+/%18
+%)*%$#)1%/:;"$)"1$+#/+3#*"1$+"&%/+#'#1F$"$'/*%1')'*"$*/')1."/&"381%$
)3&'$ </",3:;"$ %&$ 1G/#%F$ )3&$ </",3*"$ t#*1+EA$ U$ t#*1+E$ *"/)"381%$
<'/*%$ #)*%7/')*%$ ,"$ 1#1*%&'$ ,%$ </",3:;"$ &%+T)#+"F$ '2'1*/'),"$ <"/$
,"&>)#"1$ ,'1$ +32*3/'1$ %/3,#*'$ %$ */',#+#")'2F$ '</"</#'),"81%$ ,%2'1F$
.'21#.#+'),"8'1F$#)1+/%0%),"8'1$)'1$%)7/%)'7%)1$,%$3&'$/%</",3:;"$
&'11#.#+','A$ Z'0%/@$ )'$ 5"+#"2"7#'$ 3&$ %43#0'2%)*%$ t#*1+E|$ i'20%CF$
</#)+#<'2&%)*%$43'),"$1%$%&<"2'&$,#1*T)+#'1$%&$/%2':;"$'"$43%$1%$
"(1%/0'$<'/'$'2+'):'/$3&$13<"/*%$,%$</%*%)1'$"(9%*#0#,',%d$43'),"$
1%$'<%2'$'$1".#1*#+',"1$*%1*%1$%1*'*>1*#+"1$<'/'$2%7#*#&'/$#)*%/</%*':?%1$
,30#,"1'1d$43'),"$1%$31'$3&'$2#)73'7%&$%1"*G/#+'$1=$'"$'2+')+%$,%$
43%&$'$.'2'd$43'),"$3&'$.'21'$%/3,#:;"$1%$</%*%),%$'.#/&'/$)3&$/"2$
,%$+#*':?%1$1%&$)%L"$)%&$1%)*#,"d$43'),"$'$','<*':;"$13("/,#)','$
#&<%,%$'$+/#':;"$#)13("/,#)','A$g%9'81%$"$43%$1%$<'11'$+"&$'273)1$
/%<%)*#1*'1$ 1%/*')%9"1A$ U$ /%1<%#*"$ D1$ &G*/#+'1$ <"G*#+'1$ +")1'7/','1F$
"3$'#),'$"1$0%/1"1$,%$'27#(%#/'$43%$1%$*-&$D$&;"$<'/'$,'/$'/%1$,%$3&'$
7%)3>)'$#&</"0#1':;"F$<",%&$*/')1."/&'/$'1$/%7/'1$)3&$"(9%*#0"$%&$
1#$&%1&"A$k3'),"$*'2$'+")*%+%F$'$+/#':;"$<"G*#+'$<",%$<%/,%/$"$1%3$
%)+')*"$%$)'*3/'2#,',%F$+")0%/*%),"81%$)3&$</",3*"$,%$'3*"&'*#18
&"1$ ]5UYOMF$ ^__cF$ <A$ ^Jp8^JfaA$ U$ &%1&"$ '+")*%+%$ 43'),"$ '$ #&'8
7#)':;"$1"+#"2=7#+'$1%$'+"&",'$D$C")'$ ,%$+")."/*"$ ,%$#)43%1*#")@8
0%#1$</"*"+"2"1$&%*","2=7#+"1$%$*%=/#+"1$]6UZVd$ROBiF$^_b_aA$Q%1*%$
+'1"F$<",%$13/7#/$3&'$#)*%/.%/-)+#'$)%7'*#0'$+"&$"$2#0/%$9"7"$,'$&%)8
*%F$%11%)+#'2$)"$</"+%11"$,%$+/#'*#0#,',%A$Q'$'/*%F$+"&"$)'$+#-)+#'F$
1%73%&81%$/"*#)'1$+")0%)+#")'#1F$&'1$'$"/#7#)'2#,',%$</%113<?%$,%18
</%),#&%)*"1$+#/+3)1*')+#'#1$%&$/%2':;"$'"1$&"2,%1$+")0%)+#")'#1A$
B$'/*%$,"$'/*%1')'*"$e$+"&"$'$,'$</",3:;"$1"+#"2=7#+'$e$%1*@$)'$13'$
+'<'+#,',%$,%$1%$%L+%,%/F$,%$+")1%73#/$'2+'):'/$/%132*',"1$,#1*#)*"1$
,"1$ </%0#1*"1$ ]VU\QWOF$ ^__^aA$ k3')*"$ &'#1$ 1%$ +")+%(%$ "$ &G*","$
+"&"$3&'$13+%11;"$/>7#,'$,%$<'11"1F$&'#1$,%+#1?%1$1%$*"&'/;"$1%&$
)"1$'<%/+%(%/&"1$,"1$1%31$%.%#*"1$<%/0%/1"1$]vMSxF$^_bbF$<A$^K^aA$R"/$
"3*/"$2',"F$'1$*G+)#+'1$1"+#"2=7#+'1$,%$<%143#1'$);"$,%0%&$1%/$"(9%*"$
,%$3&'$%L'2*':;"$.%*#+E#1*'r$%2'1$1;"$'<%)'1$3&$0'2#"1"$#)1*/3&%)*"$
,%$ */'('2E"F$ 3&$ &%#"$ 43%$ );"$ ,%0%$ 1%/$ +")0%/*#,"$ )3&$ .#&$ %&$ 1#$

,&.,5)+)";,&$&"&'(y5)."&"(5$%";"#&+"&'$%oT)%"&&6&-*8e(T"5+"6*(B"%8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

200

&%1&"d$+'1"$+")*/@/#"F$'$/%'2#,',%$%1*3,','$*"/)'/81%8#'$3&$'/*%.'*"$
,'1$ *G+)#+'1$ 31','1$ <'/'$ '$ 13'$ +"&</%%)1;"A$ U$ /#7"/$ &%*","2=7#+"$
);"$G$#)+"&<'*>0%2$+"&$'$#&'7#)':;"$1"+#"2=7#+'A
$
M%&'*'),"

Q"$ </=2"7"$ ,"$ 1%3$ +")E%+#,"$ 2#0/"$ 1"(/%$ "$ '/*>.#+%F$ '"$ ,#1+"//%/$
1"(/%$ '$ +")+%<:;"$ 1E't%1<%'/#')'$ ,%$ 43%$ z+','$ 3&$ G$ +/#',"/$ ,%$ 1#$
&%1&"{F$5%))%**$&"1*/'8)"1$43%$'$#,%#'$,"$'/*%1')'*"$0'#$&3#*"$<'/'$
'2G&$,"$*/'('2E"$&')3'2$%1<%+#'2#C',"A$O2'$G$'<2#+@0%2$'$43%&$*/'('8
2E'$)"$+'&<"$,'$</"7/'&':;"$#)."/&@*#+'F$,'$&%,#+#)'F$,'$'/*%$%F$+%/8
*'&%)*%F$,'$5"+#"2"7#'A$O$#1*"$<"/$43-|$R"/$,3'1$/'C?%1A$O&$</#&%#/"$
237'/F$<"/43%$"$'/*%1')'*"$/%</%1%)*'F$1%73),"$5%))%**F$3&$#&<321"$
,3/',"3/"$%$(@1#+"$43%$1%$%L</%11'$)"$,%1%9"$,%$/%'2#C'/$(%&$3&'$
*'/%.'A$ H'>$ ,%/#0'$ 3&$ 1%)*#&%)*"$ ,%$ "/732E"$ )"$ */'('2E"$ /%'2#C',"F$
'$+")1+#-)+#'$,%$3&$("&$,%1%&<%)E"$%$,%$3&$+"&</"&#11"$G*#+"A$
O&$1%73),"$237'/F$<"/43%$"$*/'('2E"$,"$'/*%1;"$'11%)*'$)"$,"&>)#"$
43%$%2%$*%&$,"$</"+%11"$,%$</",3:;"A$R"/$#11"F$V#221$]^_fca$</"<?%$'$
/%'(#2#*':;"$,"$z'/*%1;"$#)*%2%+*3'2$,%1</%*%)1#"1"{F$"$43%$0'#$'</%)8
,%),"$+"&$"$43%$+/#'$%$"$43%$0'#$+/#'),"$+"&$"$43%$'</%),%F$<"#1$
<'/'$"$'/*%1;"$'1$/"*#)'1$);"$1;"$%1*@*#+'1F$%0"23+#")'&F$'93,'),"8
8"$ '$ </"7/%,#/F$ )'$ ('1%$ ,'1$ 13'1$ %L<%/#-)+#'1$ +"*#,#')'1A$ B1$ */'&'1$
,'$+/#'*#0#,',%$<'11'&$<"/$%11'$'</%),#C'7%&$</"+%113'2$%$/%.2%L#8
0'A$k3%&$+/#'$'</%),%$+"&$"$43%$0'#$+/#'),"A$o$%11%$+")E%+#&%)*"$
</@*#+"F$ ,"$ +"*#,#')"F$ 43%$ <%/&#*%$ 43%$ "$ &%1&"$ '0')+%$ 43'),"$ 1%$
&#/'$'"$%1<%2E"$,"$43%$0'#$</",3C#),"A$B11#&$'+")*%+%$)'$</",3:;"$
'/*%1')'2$,'$5"+#"2"7#'F$%&$43%$"$+")E%+#&%)*"$G$/%132*',"$,%$'/*%1$
,%$<%)1'/F$,%$43%1*#")'/$%$,%$.'C%/F$+39'$&'*G/#'8</#&'$G$3&'$%1<G+#%$
,%$('//"$1"+#'2A$O&$13'$."/&'$&'#1$(/3*'$%$/%'2#1*'F$%11%$('//"$G$"$+"8
*#,#')"F$.")*%$,%$/%0%2':;"$,"$1"+#'2A$
O$<"/43%$'11#&$GF$)'$)"11'$(&*#.(6($,%$*/'('2E"$e$)"1$1%31$#;B%7
6#/$e$E@$43%$73'/,'/$'1$.'2'1$,"$,#'8'8,#'F$'<')E','1$%&$+")*%L*"1$
)'*3/'2>1*#+"1F$ <39')*%1$ ,%$ 1#7)#.#+',"F$ </",3*"/'1$ ,%$ 1%)*#,"1A$ B1$
<'2'0/'1$1;"$'/*%.'*"1$,%$13(9%*#0#,',%$'"$1%/%&$*/#+"*','1$)'1$#)*%/'8

,&.,5)+)";,&$&"&'(y5)."&"(5$%";"#&+"&'$%oT)%"&&6&-*8e(T"5+"6*(B"%8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

203

:?%1$+"*#,#')'1A$W"&"$)"1$137%/%$V#221$]^_fcF$<A$I^caF$z,'/$1#&<2%18
&%)*%$)"&%$'$3&'$%L<%/#-)+#'$0#0#,'$)"1$+")0#,'$'$%L<2#+'82'{A$U1$
)"&%1$,;"$,%11'$."/&'$"/#7%&$'$+")+%#*"1$1%)1#(#2#C')*%1$]6Y\VOMF$
^_f_aA$Z@$43%$1%$0%/$+"&"$"1$)"&%1$/","<#'&$1%)*#,"1$)"$2#)73'/%9"$
,'$ 0#,'$ +"*#,#')'A$ U$ +")E%+#&%)*"$ ,"$ +"*#,#')"$ );"$ %L#1*%$ ."/'$ ,'$
#)*%/13(9%*#0#,',%F$<"/$#11"$&%1&"$G$3&$+")E%+#&%)*"$1"+#'2&%)*%$
<'/*#2E',"F$43%/$ 1%$%L</%11%$%&$2#)73'7%&F$ 1#7)#.#+',"1$ 1#&(=2#+"1$
"3$%&$+=,#7"1$,%$+"),3*'A$5%$"$"(9%*"$,'$5"+#"2"7#'$G$"$1"+#'2$%$1%$
);"$E@$1"+#'2$1%&$#),#0>,3"1F$+"&"$<",%/#'$'$5"+#"2"7#'$,%1</%C'/$
"$+"*#,#')"|$B$5"+#"2"7#'$,"$+"*#,#')"$+%)*/'81%$)"1$#),#0>,3"1$<'/'$
&%2E"/$,'/$+")*'$,%$+"&"$"$1"+#'2$1%$/%.2%*%$)'$0#,'$,%2%1F$&'1$1%&$
<%/,%/$,%$0#1*'$'$E#1*"/#+#,',%$,"$+"*#,#')"$]ZOYYOMF$^_`Id$YO!O68
gMOF$^_b^d$VBMiSQ5F$IJJId$IJJbd$IJ^^aF$43%$)"1$<%/&#*%$+"&</%8
%),%/$+"&"$'1$1"+#%,',%1$,"1$#),#0>,3"1$1%$*/')1."/&'&$<"/$."/:'$
+")93)*'$,%$%1*/3*3/'1$1"+#'#1$%$</%,#1<"1#:?%1$#),#0#,3'#1A$
B$1"+#%,',%$,"1$#),#0>,3"1$+"&%:"3$'$1%/$0'2"/#C','$'$.#)'#1$,'$
S,',%$VG,#'F$+"&$'$</@*#+'$,%$,#11%+':;"$,%$+',@0%/%1F$"$/#*3'2$,'$
+").#11;"$ /%2#7#"1'F$ '$ ,#.31;"$ ,"$ %1<%2E"A$ U$ </=</#"$ */'9%$ '<'/%+#'$
%1*/%#*'&%)*%$2#7',"$'"$>)*#&"F$<"),"$%&$%0#,-)+#'$%*'<'1$,'$0#,'F$
,#1*T)+#'1$%)*/%$"1$1%L"1F$,#1*#):?%1$%)*/%$'1$+2'11%1$1"+#'#1F$E#%/'/8
43#'1$ ,%$ &"/'2#,',%1A$ !"/*'2%+%381%$ %)*;"$ '$ 0")*',%$ #),#0#,3'2$ ,%$
,#1*#):;"A$B$z#)0%):;"$,%$1#$&%1&"{$/%43%/%3$"$'</%),#C',"$,"$+%/#8
&")#'2$%$,'$%*#43%*'$]BMS5d$H\6qF$^_bc8b`aA$V'1$1%$'$5"+#"2"7#'$,"$
+"*#,#')"$1%$+%)*/'$)"1$#),#0>,3"1$%$13'1$#)*%/':?%1F$);"$<",%$,%#L'/$
,%$0%/$+"&"$"$1"+#'2$1%$*/',3C$)'$0#,'$,%2%1A$O1*%$G$3&$,"1$7/'),%1$
,%1'.#"1$)'$</@*#+'$'/*%1')'2$,'$<%143#1'r$"$,%$*/'('2E'/F$'/*#+32','8
&%)*%F$+"&$&"2,%1$]*%=/#+"1$%$+")+%#*3'#1a$%$</@*#+'1$1"+#'#1$]%L<%8
/#-)+#'1$,%$0#,'aA$R'/'$*')*"F$E@$43%$1%$/%#0#),#+'/$3&'$E#1*"/#+#,',%$
,"$+"*#,#')"A$B2#@1F$'1$."/&'1$,'$%L<%/#-)+#'$*-&$1#,"$+/%1+%)*%&%)8
*%$*/'('2E','1$)"$+'&<"$,'$E#1*=/#'$1"+#'2$%&$+39'$".#+#)'$1%$/%1*'38
/'&$&')3'#1$,%$+#0#2#,',%F$/"&')+%1$,%$+"1*3&%1F$,#@/#"1F$@2(3)1$,%$
."*"7/'.#'1F$ +"//%1<"),-)+#'$ <%11"'2F$ ,"+3&%)*"1$ 43%$ <"11#(#2#*'&$
)"0'1$."/&'1$,%$+")+%(%/$"$1"+#'2$]YOROiSiF$^__caA$R'/'2%2'&%)*%F$'$
+"&</%%)1;"$,'1$%1*/3*3/'1$1"+#'#1$*%&$0#),"$'$+")*%&<2'/F$+/%1+%)8

,&.,5)+)";,&$&"&'(y5)."&"(5$%";"#&+"&'$%oT)%"&&6&-*8e(T"5+"6*(B"%8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

20d

*%&%)*%F$'1$&')#.%1*':?%1$+32*3/'#1$,'$0#,'$+"*#,#')'r$'$'2#&%)*':;"F$
"$0%1*3@/#"F$"1$+"/<"1F$'$#)*#&#,',%F$"1$'.%*"1F$'1$1"+#'(#2#,',%1F$"1$
/3>,"1F$"1$","/%1F$"1$+")13&"1F$"1$2'C%/%1F$'1$%&":?%1F$"1$1%)*#&%)8
*"1A$Q;"$+"&"$3&'$#)0%)*'/#':;"$,%$+3/#"1#,',%1$')=,#)'1$%$*/#0#'#1F$
&'1$ +"&$ 3&'$ P)#+'$ </%"+3<':;"F$ '$ ,'$ +"&</%%)1;"$ ,"$ 1"+#'2A$ H%$
43%$&","|$W%/C#),"$%1*/3*3/'1$%$':;"F$</"+%11"1$%$%L<%/#-)+#'A

M%.%/-)+#'1
BHUMQUF$iE%","/$hA$]^__c$^_ffaA$E3'(,%B3!\%(&3$,%$/A$Q%n$q"/tr$
W")*#)33&$R/%11A

BYOXMOF$5j20#'$R"/*"$]^__paA$G5#/!63!G3/,-3H!),%+3-:-%#/!6(!2-,3!3!6(!
=-(6%45#A$5;"$R'32"r$O,#*"/'$V'2*%1%A

BMS5F$RE#2#<<%$%$H3(jF$X%"/7%1$]^_bc8^_b`aA$Q%/,#%-3!63!&(!`%3!>-%7
B]3A$R'/#1r$Y%$5%3#2$]c$0"23&%1aA

6BMBBQUF$V'/7'/#*'$]^__KaA$ziE"/1*%#)$g%(2%)r$3)$'2%7'*"$%)$.'8
0"/$,%$2'$+#%)+#'{A$!M3B%/,(!@/1(u#&(!63!)+B3/,%'($%#+3/!"#$%#&D'%$(/F$
)$f^F$<<A$IJ^8I^IA

6OWvOMF$ Z"n'/,$ 5A$ ]IJ^J$ ^_bIaA$ G;+6#/! 6(! 2-,3A$ Y#1("'r$ Y#0/"1$
Z"/#C")*%A

6OQsBVSVF$ h'2*%/$ ]^_b`aA{V'7#'$ %$ *G+)#+'F$ '/*%$ %$ <"2>*#+'{F$ T8-(/!


@/$#&0%6(/A$5;"$R'32"r$6/'1#2#%)1%$]Km$%,#:;"aA

6Y\VOMF$ZA$]^_f_a$^_cpA!zhE'*$#1$n/")7$n#*E$1"+#'2$*E%"/j|{$W'<A$
bF$<<A$^pJ8^cIA$S)r$623&%/F$ZAF$"F*8#&%$!)+,3-($,%#+%/*P!>3-/13$,%B3!(+6!
G3,0#6/A$O)72%n"",$W2#..1F$QAsAr$R/%)*#+%8Z'22F$S)+A$

6UZVF$H'0#,$%$R%'*F$!A$H'0#,$]^_b_aA$"$%3+$3K!T-63-!(+6!9-3(,%B%,FA$
Q%n$q"/tr$M"3*2%,7%A

6U\MHSO\F$R#%//%$]IJJIaA$R3!Y(&!63/!9]&%8(,(%-3/H!R(!$-%/3!63!&(!/#$%]7
,]!1(F/(++3!3+!Y](-+A$R'/#1r$5%3#2A

6U\MHSO\F$ R#%//%$ ]IJJpaA$ @/O;%//3! 1#;-! ;+3! 2;,#7(+(&%/F3A$ R'/#1r$


M'#1")1$,~B7#/A

WBiBUF$ X")C'2"$ ]^__caA$ R(! (-,3/(+U(! %+,3&3$,;(&A$ 6"7"*@r$ \RQ$ j$


R2'C'$l!s')G1A

,&.,5)+)";,&$&"&'(y5)."&"(5$%";"#&+"&'$%oT)%"&&6&-*8e(T"5+"6*(B"%8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

20S

WYSQiUQF$MA$]^___aA$zO'/$'1$j"3$2%'/)A$W"))%+*#")1$(%*n%%)$,"#)7$
43'2#*'*#0%$n"/t$'),$2#0#)7$,'#2j$Y#.%{A$ S)r$X2'11)%/F$6'//j$ $Z%/*CF$
M"1'))'$]O,1AaF$j;(&%,(,%B3!"#$%#&#'F!(/!@B3-F6(F!R%.3A$Y"),")r$5'7%F$
<<A$p^8pbA

WUYYSQ5UQF$ R'*/#+t$ ]IJ^^aA$ =03! Q%/,#-F! #.! (! Q%/,#-F! G(+P! T-K! ,03!
=?3+,%73,0! 93+,;-F! `%3?36! .-#*! (! "(.3! \%/,(+$3A$ h"",(/#,7%F$ 53.8
."2tr$6"j,%22$'),$6/%n%/$."/$*E%$WE3/+E$".$O)72'),$M%+"/,$5"+#%*jA

!YO\MqF$W'*E%/#)%$B//3,'$O22n')7%/$]IJJIaA$M3+6(!63!Y%&-#/K!M3+6(!
6(!=3--(K!M3+6(!6#!93(-:P!(!@I1-3//5#!2-,U/,%$(!63!;*!>#B#A$5;"$R'38
2"r$B))'(23&%d$!"/*'2%C'r$5%+32*A

!MOSMOF$R'32"$]^_``aA$>36('#'%(!6(!2;,#+#*%(H!"(83-3/!+3$3//:-%#/!
t!>-:,%$(!@6;$(,%B(A$5A$R'32"r$O,#*"/'$R'C$%$i%//'A

XSMUFg'2,%2#+%$W'/)%#/"$]^_ffaA$2!M3+6(!63!Y%&-#/!3!/3;/!2-,U.%$3/A$
!"/*'2%C'F$W%'/@r$V31%3$,"$S)1*#*3*"$,%$B)*/"<"2"7#'$,'$\)#0%/1#,'8
,%$!%,%/'2$,"$W%'/@A$

XSMUFg'2,%2#+%$W'/)%#/"$]^_bpaA$M3+6(!63!Y%&-#/A$!"/*'2%C'A$W%'/@r$
O,#:?%1$\)#0%/1#,',%$!%,%/'2$,"$W%'/@A$

XSMUFg'2,%2#+%$W'/)%#/"$]IJJIaA$zM%),'1$%$/%),%#/'1$,"$W%'/@{A$S)$
WE'0%1F$X#2&'/$]"/7AaF$93(-:!\3!9#-1#!3!2&*(P!;*!#&0(-!$#+,3*1#-W7
+3#!63!es!(;,#-3/!/#8-3!(!,3--(!6(!&;SH!M#"$,%$s')%#/"r$M%23&%$H3&'8
/@d$!"/*'2%C'F$WOr$S)1*#*3*"$,"$W%'/@$]Z#1*=/#+"F$X%"7/@.#+"$%$B)*/"<"8
2=7#+"aF$<<A$_K8$_fA

ZOYYOMF$l7)%1$$]^_`IaA$Q%/,#-%(!F!`%6(!9#,%6%(+(H!VGL#+"r$X/#9'2("F$
^_`IA

ZSOMQB\yF$ s%')$ R#%//%$ ]^__`aA$ zB)@2#1%$ %1*/3*3/'2$ ,%$ +")*%P,"1$ %$


&",%2"1$ +32*3/'#1r$ '<2#+':;"$ '$ &'*%/#'#1$ 0"23&"1"1{A$ S)r$ B2('/%22"F$
Y3+$ 3,! (&HK! >-:,%$(/! 3! G],#6#/! 63! )+B3/,%'(45#! 3*! 9%J+$%(/! "#$%(%/A$
Y#1("'r$X/',#0'A

ZSMUQSV\58hOQHiF$ M"(%/*$ sA$ %$ h'22'+%F$ Y"/'$ O(%/*$ ]IJJ_aA$ ziE%$


1"+#"2"7#+'2$#&'7#)'*#")$'),$1"+#'2$/%1<")1#(#2#*j{F$=3($0%+'!"#$%#&7
#'FF$0"2A$K`F$IJJ_F$`f8bbA

ZSM5WZF$R'32$VA$]^___aA$zk3'2#*'*#0%$1"+#"2"7j$'),$7"",$9"3/)'2#1&$'1$
,%&j1*#.#%/1{A$S)$$X2'11%/F$6'//j$$Z%/*CF$M"1'))'$]O,1aA$j;(&%,(,%B3!"#$%7
#&#'F!(/!@B3-F6(F!R%.3A$Y"),")r$5'7%F$<<A$Ic^8$IcbA

,&.,5)+)";,&$&"&'(y5)."&"(5$%";"#&+"&'$%oT)%"&&6&-*8e(T"5+"6*(B"%8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

20g

ZUYBQHBF$g#"2%*'$V'/#'$,%$5#43%#/'$]IJJIaA$G%+0(!M3+6(K!M3+6(!
G%+0(H!^*!@/,;6#!/#8-3!(/!=-(+/.#-*(4X3/!+#!G#6#!63!=-(8(&0#!6(!
ZG;&03-!M3+63%-([P!#!9(/#!6(!>-(%+0(p9@H!N#-,(&3S(F$H#11%/*':;"$,%$
V%1*/',"$e$W%)*/"$,%$Z3&')#,',%1F$R/"7/'&'$,%$R=18X/',3':;"$%&$
5"+#"2"7#'$,'$\)#0%/1#,',%$!%,%/'2$,"$W%'/@F$,'*#2"A

vMSxF$ su/7%)$ ]^_bbaA$ N($,/! (+6! 2-,3.($,/! %+! "#$%(&! "$%3+$3H! 2+! @1%/7
,3*#&#'%$(&!(+6!G3,0#6#&#'%$(&!2+(&F/%/!#.!@*1%-%$(&!"#$%(&!"$%3+$3!
M3/3(-$0!=3$0+%O;3/A$Q%n$q"/tr$V'+$X/"n8Z#22A

Y%.%(0/%F$Z%)/#$]^_b^aA$Y'$9-%,%O;3!63!&(!`%3!j;#,%6%3++3H!\3!&(!G#7
63-+%,]!(;!G#63-+%/*3!g>#;-!;+3!G],(10%&#/#10%3!6;!j;#,%6%3+fH$R'8
/#1r$Y~B/+E%A

YOSiOF$M"7G/#"$R/"%):'$]IJJcaA$zV","1$,%$0#,'$%$</",3:;"$'/*%1')'2r$
%)*/%$</%1%/0'/$%$+")13&#/{A$S)r$B3*"/%1$g@/#"1F$T&0(-3/!),%+3-(+,3/P!
M3.&3IX3/!/#8-3!2-,3/(+(,#!3!9#+/;*#!6(!=-(6%45#F$W',%/)"1$B/*%5"2$
^A$5;"$R'32"r$B/*%1')'*"$5"2#,@/#"[$W%)*/'2$B/*%5"2F$<<A$I`8p^A

YOROiSiF$6%/)'/,$$]H#/Aa$]^__caA$R3/!N#-*3/!63!Rm@I13-%3+$3P!;+3!2;7
,-3!Q%/,#%-3!"#$%(&A$R'/#1r$B2(#)$V#+E%2A$

YOgSgOF$ H")'2,$ ]O,Aa$ ]^_`^aA$ "%**3&P! T+! )+6%B%6;(&%,F! (+6! "#$%(&!


N#-*/A$WE#+'7"r$WE#+'7"$\)#0%/1#*j$R/%11A

YUqBY$5Ad$k\SYYOq$5A$]IJJpaA$=03!"#$%#&#'F!#.!E#-83-,!@&%(/H!W'&8
(/#,7%r$W'&(/#,7%$\)#0%/1#*j$R/%11A

VBMiQOxF$ V#73%2$ 5A$ g'22%1$ ]IJJ_aA$ zZ'+%/1%$ #)0%1*#7',"/$ 1"+#'2r$


*%1*#&")#"1$,%2$".#+#"$j$'/*%1')>'$#)*%2%+*3'2$,%2$1"+#=2"7"{F$>#&U,%$(!F!
"#$%36(6F$0"2A$pfF$)$KF$<<A$^K8KfA

VBMiSQ5F$ Z%2">1'$ Z%2%)'$ iA$ ,%$ 5"3C'$ ]IJJpaA$ zV%*","2"7#'$ 43'2#8


*'*#0'$,%$<%143#1'{F$@6;$(45#!3!>3/O;%/(F$5;"$R'32"F$0A$KJF$)$IF$<<A$
Ib_8KJJA

VBMiSQ5F$s"1G$,%$5"3C'$]IJJIaA$";8V-8%#H!`%6(!$#,%6%(+(!3!Q%/,D-%(!+#!
/;8V-8%#!6(!9%6(63!63!"5#!>(;&#A$5;"$R'32"r$Z3+#*%+[O,#*"/'$,'$\)%1<A

VBMiSQ5F$s"1G$,%$5"3C'$]IJJbaA$2!"#$%(8%&%6(63!6#!Q#*3*!"%*1&3/A$
9#,%6%(+#! 3! Q%/,D-%(! +(! G#63-+%6(63! 2+v*(&(A$ 5;"$ R'32"r$ O,#*"/'$
W")*%L*"A

VBMiSQ5F$s"1G$,%$5"3C'$]IJ^^aA$^*(!2-O;3#&#'%(!6(!G3*D-%(!"#$%(&H!
2;,#8%#'-(.%(!63!;*!G#&3O;3!63!N:8-%$(A$5;"$R'32"r$B*%2#-$O,#*"/#'2A

,&.,5)+)";,&$&"&'(y5)."&"(5$%";"#&+"&'$%oT)%"&&6&-*8e(T"5+"6*(B"%8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

20]

VOMYOB\8RUQiqF$ V'3/#+%$ ]^_pcaA$ >0]+#*]+#&#'%3! 63! &(! >3-$317


,%#+A$R'/#1r$X'22#&'/,A$

VSYY5F$WA$h/#7E*$]^_fJaA$R%/,3+!w(+C33H!=03!M3B#&;,%#+!%+!9;8(A$W"8
23&(31$]UZar$V+X/'n$Z#22$R3(2#1E#)7A$

VSYY5F$ WA$ h/#7E*$ ]^_fca$ ^_c_A$ 2! )*('%+(45#! "#$%#&D'%$(A$ M#"$ ,%$


s')%#/"r$x'E'/A

VSYY5F$v'*E/j)$%$V#221F$R'&%2'$]IJJJaA$9H!<-%'0,!G%&&/P!R3,,3-/!(+6!2;7
,#8%#'-(10%$(&!<-%,,%+'/A$6%/t%2%j$]W'ar$\)#0%/1#*j$".$W'2#."/)#'$R/%11A$

VSYY5F$WA$h/#7E*$]IJJ_aA$"#8-3!#!2-,3/(+(,#!)+,3&3$,;(&!3!T;,-#/!@+7
/(%#/A$M#"$,%$s')%#/"r$x'E'/A

VU\QWOF$BA$UA$]^__^aA$zB/*$'),$W/'.*{F$Y-%,%/0!_#;-+(&!#.!23/,03,%$/F$
0"2A$K^F$)$KF$s32E"$,%$^__^F$<<A$IKJ8IpJA

QBiBQ5UQF$V'3/#+%$]^_bfaA$2+(,#*FP!2!",;6F!%+!,03!>0%&#/#10F!#.!
2&.-36!"$0;,SF$S),#')'$\)#0%/1#*j$R/%11F$62""&#)7*")A

QS56OiF$M"(%/*$]^_`faA$"#$%#&#'F!(/!(+!2-,!N#-*A$UL."/,r$UL."/,$\)#8
0%/1#*j$R/%11A

USiSWSWBF$!/')+#1+"$,%$R'32'$Y%#*%$]^_ffaF$zB$'/*%$,%$/%),'$)"$)"/8
,%1*%{F$Y#&3,%*!6#!)+/,%,;,#!_#(O;%*!E(8;$#!63!>3/O;%/(/!"#$%(%/F$M%8
+#.%F$)$^cF$^_ffF$<<A$_8f^A

UMiSxF$M%)'*"$]IJ^JaA$=-(a3,#/!3!G3*D-%(/A$5;"$R'32"r$O,#*"/'$6/'1#8
2#%)1%A$

RBS5F$s"1G$V'+E',"$]^_bfaA$2-,3/!63!2*(-!6(!Y;-';3/%(H!2!)*('3*!6(!
G;&03-!3!#/!M%,;(%/!63!L(&(+,3-%(!+#/!G3%#/!Y;-';3/3/!6#!"]$H!n)n!3*!
>#-,;'(&A$Y#1("'r$S&</%)1'$,%$W#-)+#'1$5"+#'#1A

RBS5F$s"1G$V'+E',"$]IJJbaA$E#/!M(/,#/!6(!"#&%65#H!\3(*8;&(4X3/!"#7
$%#&D'%$(/A$R"/*"r$&('/A

RBS5F$s"1G$V'+E',"$]IJJ_aA$"#$%#&#'%(!6(!`%6(!j;#,%6%(+(H!=3#-%(/K!
G],#6#/! 3! @/,;6#/! 63! 9(/#A$ Y#1("'r$ S&</%)1'$ ,%$ W#-)+#'1$ 5"+#'#1$
O,#:;"$(/'1#2%#/'r!`%6(!9#,%6%(+(P!@+%'*(/!3!M3B3&(4X3/A$5;"$R'32"r$
W"/*%CF$IJJKA

RBS5F$s"1G$V'+E',"$]IJ^JaA$R;.(7&;.(!j;#,%6%(+(H!@+/(%#/!/#8-3!9%7
6(63K!9;&,;-(!3!`%6(!^-8(+(A$Y#1("'r$S&</%)1'$,%$W#-)+#'1$5"+#'#1A

,&.,5)+)";,&$&"&'(y5)."&"(5$%";"#&+"&'$%oT)%"&&6&-*8e(T"5+"6*(B"%8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

20`

RUYBQSF$V#+E'%2$]^_bKaA$=03!=($%,!\%*3+/%#+A$X2"3+%1*%/$]VBar$R%8
*%/$5&#*EA

5WZixF$B2./%,$]^_ffaA$9#&&3$,36!>(13-/P!",;6%3/!%+!>03+#*3+#&#'%7
$(&!>0%&#/#10FF$0"23&%$SSS$]%,#*',"$<"/$S21%$5+E3*CaA$Y'$Z'j'r$V'/*#8
)31$Q#9E"..A$

5WZ\ixF$B2./%,$%$Y3+t&'))F$iE"&'1$]IJJ^a$^_`KA$R(/!@/,-;$,;-(/!
63&!G;+6#!63!&(!`%6(A$63%)"1$B#/%1r$B&"//"/*3$O,#*"/%1A

5OQQOiiF$M#+E'/,$]IJJbaA$=03!9-(.,/*(+A$Q%n$Z'0%)r$q'2%$\)#0%/8
1#*j$R/%11A

5SYgBF$s"1G$V@/#"$]IJ^JaA$zB$')7P1*#'$,"$<'<%2$%&$(/')+"{A$S)r$M3B%/7
,(!x+%$(F$@I1-3//#F$,%$^f$,%$U3*3(/"$,%$IJ^JF$Y#1("'A

5UYOMF$Y3>1F$T-%'3+/!y-(83/!+#!N#&$&#-3!6#!"3-,5#!Y-(/%&3%-#A$!2"/#'8
)=<"2#1r$O,#*"/'$,'$\!5WA

5UQiBXF$ 531')$ IJJp$ ^_f^A$ 9#+,-(! (! )+,3-1-3,(45#! 3! T;,-#/! @+7


/(%#/A$Y#1("'r$X=*#+'A

hO6OMF$V'L$]^_b_a$^_IIA$"$%3+$3!(/!(!`#$(,%#+$]O,A$R"/$R%*%/$Y'18
1&')$%$S/0#)7$g%2",j$+"&$Z%/&>)#"$V'/*#)1aA$Y"),/%1r$\)n#)$Zj8
&')A

hUYWUiiF$Z'//j$!A$]IJJ_aA$<-%,,%+'!^1!j;(&%,(,%B3!M3/3(-$0A$iE"38
1'),$U't1$]W'ar$5'7%A$

hUYWUiiF$ ZA$ !A$ ]IJJbaA$ @,0+#'-(10FP! 2! <(F! #.! "33%+'A$ R2j&"3*E$


]\var$B2*'&#/'$R/%11A

N$>%9*($&5&#%6*(&A(6&_&A#$*(6&(0120((h((NR$*@"6*(&A(^&@&$&%$*(6&(0123(

,&.,5)+)";,&$&"&'(y5)."&"(5$%";"#&+"&'$%oT)%"&&6&-*8e(T"5+"6*(B"%8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

20a

K)%%$!934O&

$!&+$U$%"&+"&%,.),#,/)"2&,&
$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&
.#"%%$%&%,.)")%z

U$ "(9%*#0"$ ,%1*%$ *%L*"$ G$ /%.2%*#/$ '+%/+'$ ,'1$ '11#&$ +E'&','1$


z+2'11%1$<"<32'/%1{$)"$6/'1#2$+")*%&<"/T)%"A$i",'$#)*%/0%):;"$
)"$+'&<"$,'1$#,%#'1$1%$,@F$)"$%)*')*"F$,%)*/"$,%$3&$+")*%L*"$
9@$ +")1*#*3>,"$ +"&$ 3&'$ 1%&T)*#+'$ %$ 3&$ +")93)*"$ ,%$ )":?%1$
,"&#)')*%1A$R%/+%(%/$#11"$G$%1<%+#'2&%)*%$#&<"/*')*%$43'),"$
1%$*/'*'$,'$43%1*;"$&'#1$.3),'&%)*'2$<'/'$'$%1*/3*3/'$%$2%7#*#8
&':;"$,%$*",'$'$"/,%&$1"+#'2r$"$*%&'$,'$</",3:;"$%$/%</",3:;"$
,'1$ +2'11%1$ 1"+#'#1A$ Q;"$ %L#1*%$ 43%1*;"$ &'#1$ #&<"/*')*%$ <'/'$ '$
+"&</%%)1;"$',%43','$,%$43'243%/$"/,%&$1"+#'2$<"1*"$43%r$^a$
G$"$<%/*%)+#&%)*"$,%$+2'11%$43%$)"1$%1+2'/%+%$'+%/+'$,"$'+%11"$
<"1#*#0'$"3$)%7'*#0'&%)*%$</#0#2%7#',"$'$43'243%/$*#<"$e$&'*%/#'2$
"3$#,%'2$e$,%$/%+3/1"$1"+#'2$%1+'11"d$%F$Ia$,',"$43%$'$1"+#%,',%$
&",%/)'$1%$2%7#*#&'$)'$&%,#,'$%&$43%$z'<'/%+%{$+"&"$931*'$%$
#73'2#*@/#'F$1;"$'1$931*#.#+'*#0'1$<'/'$'$,%1#73'2,',%$%.%*#0'$%)*/%$
'1$+2'11%1$43%$."/&'&$"$)P+2%"$,'$2%7#*#&':;"$1"+#'2$%$<"2>*#+'$
43%$<%/&#*%&$43%$'$1"+#%,',%$&",%/)'$<"11'$1%/$'+%#*'$+"&"$
931*'$*'&(G&$<%2"1$#)931*#:',"1$%$E3&#2E',"1$<"/$%2'A$
k3'),"$,#C%&"1$43%$"$<%/*%)+#&%)*"$,%$+2'11%$G$'$43%1*;"$
&'#1$ #&<"/*')*%$ ,'$ 0#,'$ 1"+#'2$ G$ <"/43%$ %2'$ );"$ ,%.#)%$ '<%8
)'1$"$'+%11"$</#0#2%7#',"$'$*","$*#<"$,%$z(%&$&'*%/#'2{F$+"&"$

$ B7/',%:"$ '$ V'/#'$ i%/%1'$ W'/)%#/"$ %$ M#+'/,"$ g#11%/$ <%2'1$ +/>*#+'1$ %$


+"&%)*@/#"1$'$%1*%$*%L*"A$$

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

231

'$+"&</'$,"$+'//"$,"$')"$%$,"$'<'/*'&%)*"$+"&$0'/'),'A$O11%$<%/8
*%)+#&%)*"$</G8,%+#,%$*'&(G&$"$,%1*#)"$,"1$/%+3/1"1$%1+'11"1$z#,%8
'#1{$+"&"$/%1<%#*"F$'3*"%1*#&'F$/%+")E%+#&%)*"F$z+32*3/'{F$</%1*>7#"F$
z+E'/&%{F$"1$43'#1$0;"$<%/&#*#/F$<"/*')*"F$);"$1=$"$'+%11"$,#.%/%)+#'2$
'$z%&</%7"1$,%$</%1*>7#"$%$(")1$1'2@/#"1{F$&'1F$*'&(G&F$"$'+%11"$'$
+%/*"1$'&#7"1F$D$z+")43#1*'{$(%&$13+%,#,'$,%$+%/*"$*#<"$,%$&32E%/$"3$
,%$E"&%&F$%$'$*3,"$'43#2"$43%$,%1%9'&"1$%$1")E'&"1$'+"/,',"1$"3$
,"/&#),"$*",'1$'1$Ip$E"/'1$,"$,#'A$B11#&F$+"&</%%),%/$'$</",3:;"$
%$'$/%</",3:;"$,'1$+2'11%1$1"+#'#1$G$'$z+E'0%$&%1*/'{$<'/'$"$,%10%2'8
&%)*"$,"$z&#1*G/#"{$,"$.3)+#")'&%)*"$,'$1"+#%,',%$+"&"$3&$*","A
U$</"(2%&'$G$43%$"$,%1+"(/#&%)*"$,"$z&#1*G/#"{$'+%/+'$,"$&%+'8
)#1&"$,%$.3)+#")'&%)*"$,'$/%'2#,',%$1"+#'2$*%&$0@/#"1$%$<",%/"1"1$
#)#&#7"1A$ i","1$ "1$ #)*%/%11%1$ %$ <",%/%1$ 43%$ z%1*;"$ 7')E'),"{$ *-&$
#)*%/%11%$)'$/%</",3:;"$,'$1"+#%,',%$#)931*'$%$,%1#73'2$*'2$+"&"$%2'$
G$ %$ '$ 2%7#*#&'&F$ <"/$ %L%&<2"F$ ,#C%),"$ 43%$ *","$ </#0#2G7#"$ 0%&$ ,'$
#,%"2"7#'$ e$ ,'$ 43'2$ */'*'/%&"1$ %&$ ,%*'2E%$ &'#1$ *'/,%$ e$ ,"$ z&G/#*"$
#),#0#,3'2{A$i",'1$'1$</"<'7'),'1$,%$+#7'//"$"3$+'//"F$*","1$"1$z6%1*$
5%22%/1{$0%),#,"1$+"&"$/"&')+%F$_J$,"1$.#2&%1$,%$7/'),%$(#2E%*%8
/#'F$ *",'1$ '1$ *%2%)"0%2'1F$ '2G&$ ,%$ *",'$ '$ <%/+%<:;"$ ./'7&%)*','$ ,'$
/%'2#,',%$+"*#,#')'$43%$+").3),%$"$</#)+#<'2$%$"$1%+3),@/#"$%$.#+'&$
)'$13<%/.>+#%$,%$*",'$/%'2$+"&</%%)1;"$,"$&3),"$1"+#'2$*'&(G&$'938
,'&$<'/'$'$&')3*%):;"$,'$"<'+#,',%$1"+#'2A$
V'1$43%&$*%/&#)'$<"/$.%+E'/$"$+>/+32"$43%$+")1*/=#$'$)"11'$z+%8
73%#/'{$'+%/+'$,"$%.%*#0"$.3)+#")'&%)*"$,'$1"+#%,',%$1;"$'1$z+#-)+#'1$
,'$"/,%&{F$"3$1%9'F$'1$z+#-)+#'1{$43%$+3&</%&$<'<%2$1%&%2E')*%$D1$
</"<'7'),'1$,%$+#7'//"F$D1$*%2%)"0%2'1F$%$D$./'7&%)*':;"$,'$+")1+#-)8
+#'$+"*#,#')'A$B1$+#-)+#'1$,'$"/,%&$<%/.'C%&$bJ$"3$_J$,"$43%$1%$
<'11'$<"/$+#-)+#'F$1%9'$)"$6/'1#2F$1%9'$."/'$,%2%A$B1$+#-)+#'1$,'$"/,%&$
z#&#*'&{$'$z+#-)+#'$0%/,',%#/'{$'<%7'),"81%$'"1$z'/*#.>+#"1$,%$+#%)8
*#.#+#,',%{F$ %L%&<2'/&%)*%$ '$ <'/*#/$ ,'$ z43')*#.#+':;"$ ,'$ /%'2#,',%{$
e$'.#)'2F$"1$)P&%/"1$2%&(/'&$%L%&<2'/&%)*%$'1$+#-)+#'1$)'*3/'#1$e$
+"&$%43':?%1$%$7/@.#+"1A$V'1$%2'1$);"$1;"$z+#-)+#'1$,%$0%/,',%{F$<%2"$
1#&<2%1$.'*"$,%$43%$z+#-)+#'$0%/,',%#/'{$G$'<%)'1$'$z+#-)+#'$+/>*#+'{$
,%1*'$&%1&'$/%'2#,',%A$B<%)'1$'$+#-)+#'$+/>*#+'$G$+'<'C$,%$%L<2#+#*'/$

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

232

*","1$"1$+")+%#*"1$43%$31'$e$<'/'$);"$+")*/'('),%'/$)":?%1$,"$1%)1"$
+"&3&$+"&</"&%*#,'1$+"&$'$&')3*%):;"$,'$"/,%&$e$%F$,%11%$&","F$
1%/$+'<'C$,%$z/%+")1*/3#/$'$1"+#%,',%{$)"$<%)1'&%)*"$+"&"$3&$*","A$
o$'<%)'1$,%1*%$&","$43%$<",%&"1$/%1*#*3#/$'$z+"&</%%)1#(#2#,',%{$
/"3(','$ <%2"1$ #)*%/%11%1$ ,'$ &')3*%):;"$ %$ /%</",3:;"$ ,%$ *","1$ "1$
<",%/%1$43%$%1*;"$7')E'),"A$B$+#-)+#'$1"+#'2$*%&$43%$1%/$+/>*#+'$,'$
/%'2#,',%$ 1"+#'2$ 1%);"$ );"$ G$ 0%/,',%#/'A$ 5%);"$ %2'$ '<%)'1$ /%.2%*%$ %$
/%."/:'$+"&$"$z</%1*>7#"$,'$+#-)+#'{$"1$&%1&"1$</%+")+%#*"1$1"+#'#1$
43%$</",3C%&$%$/%</",3C%&$'$,"&#)':;"$1"+#'2$%$13'$2%7#*#&':;"A$$$$
V#)E'$ *%1%$ G$ 43%$ "$ *%&'$ ,'$ </",3:;"$ %$ /%</",3:;"$ ,'1$ +2'11%1$
1"+#'#1$)"$6/'1#2$e$"$*%&'$43%$<",%/#'$%1*/3*3/'/$3&'$+")+%<:;"$0%/8
,',%#/'&%)*%$ +/>*#+'$ 1"(/%$ "$ 6/'1#2$ +")*%&<"/T)%"$ e$ G$ ,"&#)'),"$
<"/$ 3&'$ 2%#*3/'$ z%+")"&#+#1*'{$ %$ /%,3*"/'$ ,'$ /%'2#,',%$ 1"+#'2A$ $ R"/$
z%+")"&#+#1*'{$%3$);"$#&'7#)"$e$7"1*'/#'$43%$."11%$"+#"1"$,#C%/$#11"F$
&'1$#).%2#C&%)*%$);"$G$e$'27"$43%$G$'*/#(3*"$,%$z%+")"&#1*'1{A$Q;"$
%1*"3$,%$&","$'273&$%&$3&'$+/3C','$+"/<"/'*#0#1*'$43%$"<"/#'$z1"8
+#=2"7"1{$'$z%+")"&#1*'1{$'*G$<"/43%$'$&'#"/$<'/*%$,"1$&%31$+"2%7'1$
1"+#=2"7"1$1;"F$%2%1$</=</#"1F$"3$z%+")"&#+#1*'1{$"3$',%<*"1$,'$,%18
.#73/':;"$ ,'$ /%'2#,',%$ 1"+#'2$ 43%$ '$ ./'7&%)*':;"$ ,'$ ,#1+#<2#)'$ %&$
#)+")*@0%#1$z@/%'1$,%$#)*%/%11%{$</"0"+'A$V'1$);"$1;"$'<%)'1$%+")"8
&#1*'1$%$1"+#=2"7"1$43%$1;"$%+")"&#+#1*'1A$i",'$'$/%'2#,',%$1"+#'2$G$
z%+")"&#+#1*'{$<"1*"$43%$G$+")1*/3>,'$<'/'$/%+%(%/$ %$+")13&#/$+"8
)E%+#&%)*"$13<%/.#+#'2$%$+").3),#/$#)."/&':;"$+"&$/%.2%L;"A$
S/%&"1$ %1+"2E%/$ ,"#1$ ,"1$ &'#1$ %&#)%)*%1$ %+")"&#1*'1$ (/'1#2%#/"1$
<'/'$+/#*#+'/$"$z%+")"&#+#1&"{$%$<%/+%(%/$13'1$<"11#(#2#,',%1$%$2#&#8
*%1F$1#&<2%1&%)*%$<%2"$.'*"$,%$43%$'$%+")"&#'$*"/)"381%$'$+#-)+#'$,'$
"/,%&$z".#+#'2{F$#)+231#0%$*"&'),"$<'/'$1#$*%&'1$')*%1$*><#+"1$,%$"38
*/'1$+#-)+#'1F$+"&"$"$*%&'$,'1$+2'11%1$%$,'$,%1#73'2,',%$1"+#'2A$H3'1$
/'C?%1$1;"$,%+#1#0'1$<'/'$"$)"0"$<'<%2$,'$O+")"&#'$%$,"1$%+")"&#18
*'1r$^a$'$%1.%/'$%+")N&#+'$G$'$%1.%/'$1"+#'2$&'#1$z0#1>0%2{$e$"$43%$);"$
1#7)#.#+'$&'#1$#&<"/*')*%$e$)"1$1%31$%.%#*"1$1"(/%$'$1"+#%,',%d$%F$Ia'$
%+")"&#'$2"7/"3$+")1*/3#/$<'/'$1#$e$'$<'/*#/$,%$13'$."/&'2#C':;"$&'*%8
&@*#+'$+")1%43%)*%$e$3&'$z'<'/-)+#'{$,%$+#%)*#.#+#,',%$,%/#0','$,'1$
+#-)+#'1$)'*3/'#1A

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

230

W%/*'&%)*%$'$O+")"&#'$*%&$&3#*"$'$+")*/#(3#/$<'/'$"$%1+2'/%+#8
&%)*"$,'$/%'2#,',%$1"+#'2$+").31'A$V'1$%2'$z'<'/%)*'{$,'/$&'#1$+"#8
1'1$,"$43%$%.%*#0'&%)*%$,@A$O2'$</"&%*%$+"#1'1$43%$);"$%)*/%7'A$B>$
*%&"1$"$z%+")"&#+#1&"{r$3&'$0#1;"$%&<"(/%+#,'$%$'&%143#)E','$,'$
/%'2#,',%F$+"&"$1%$."11%$z*",'{$'$/%'2#,',%$1"+#'2A$g'&"1$%L'&#)'/$'$
"(/'$/%+%)*%$,%$,"#1$,"1$&'#1$.%1*%9',"1$%$/%+")E%+#,"1$%+")"&#1*'1$
(/'1#2%#/"1F$ "1$ </".%11"/%1$ V@/+#"$ R"+E&'))^$ %$ V'/+%2"$ QG/#IF$ <'/'$
*%)*'/$+"&</"0'/$)"11'$E#<=*%1%A$5%$&#)E'$E#<=*%1%$%1*#0%/$+"//%*'F$
<",%/%&"1F$)'$1%73),'$<'/*%$,%1*%$'/*#7"F$'$<'/*#/$,'$,%&")1*/':;"$
</%+#1'&%)*%$,'43#2"$43%$"$z%+")"&#+#1&"{$%1+"),%$"3$z);"$%)*/%8
7'{F$/%+")1*/3#/$3&$,#'7)=1*#+"$&'#1$+"&<2%*"$,%$)"11"1$</"(2%&'1$
%$ ,%1'.#"1$ ,"$ 43%$ "1$ 43%$ %1*;"$ ,#1<")>0%#1$ E"9%$ %&$ ,#'$ )"$ ,%('*%$
<P(2#+"$(/'1#2%#/"A

Y#&#*%1$%$<"11#(#2#,',%1$,"$O+")"&#+#1&"

B"$2%/$"$2#0/"$,"$R/".A$R"+E&'))$.3#$13/</%%),#,"$+"&$"$.'*"$,%$
43%$%1*%$'3*"/F$*;"$1G/#"$%$+"&<%*%)*%F$*%/$.%#*"$3&'$'231;"K$'"$&%3$
2#0/"$zU1$('*'2E',"/%1$(/'1#2%#/"1r$+2'11%$&G,#'$"3$+2'11%$*/'('2E',"8
/'|$\!VXF$IJ^J{F$+"&"$1%),"$3&$,'43%2%1$43%$*%/#'&$'11"+#',"$'$
'11#&$+E'&','$z+2'11%$W{$'"$z+")+%#*"$,%$+2'11%$&G,#'$'1+%),%)*%{pA$
O&$+")1#,%/':;"$D$+'<'+#,',%$,%$#)*%/</%*':;"$,"$R/".A$R"+E&'))F$
%3$</%13&"$43%$%2%$);"$2%3$"$2#0/"$%$1%43%/$'*%)*"3$'"$*>*32"F$"$43'2$
9@$ ')*%+#<'$ "$ ,%('*%$ </%+#1'&%)*%$ +")*/'$ %11'1$ &%1&'1$ #)*%/</%*'8
:?%1$'1$43'#1$%2%$&%$0#)+32'F$*'20%C$)'$T)1#'$,%$<N/$*","1$"1$'3*"/%1$
43%$%1+/%0%/'&$1"(/%$"$*%&'$%&$3&'$&%1&'$7'0%*'A$Q;"$%L#1*%$3&'$
1=$0>/732'$%&$*","$"$*%L*"$+"2%*#0"$,"$2#0/"$43%$<"11'$*%/$2%0',"$R"8
+E&'))$'$%11'$+")+231;"A$U$+")*/@/#"$G$"$+'1"A$H3/')*%$*","$"$2#0/"$

^$ R"+E&'))F$ V'/+#"F$ E#B(! $&(//3! *]6%(r$ U$ */'('2E"$ )'$ ('1%$ ,'$ <#/T&#,%$ 1"+#'2$
(/'1#2%#/'F$6"#*%&<"F$IJ^IA$
I$ QG/#F$V'/+%2"F$2!+#B(!$&(//3!*]6%(r$"$2',"$(/#2E')*%$,'$('1%$,'$<#/T&#,%F$5'/'#0'F$
IJ^IA
K$ 5"3C'F$s%11G$%*$'22#F!T/!8(,(&0(6#-3/!8-(/%&3%-#/r$)"0'$+2'11%$&G,#'$"3$)"0'$+2'11%$
*/'('2E',"/'F$O,A$\!VXF$IJ^JA$
p$ R"+E&'))F$%8%6F$<A$KJ

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

233

+")1*/3>&"1$"$+")+%#*"$,%$3&'$z+2'11%$*/'('2E',"/'$</%+'/#C','{$%&$
."/&':;"F$ 3*#2#C'),"F$ <'/'$ #11"F$ *')*"$ */'('2E"$ *%=/#+"$ e$ ,%$ &","$ '$
+"&</%%),%/$%11'$."/&':;"$+"&"$2#7','$'$,%1%)0"20#&%)*"1$/%+%)8
*%1$ ,"$ +'<#*'2#1&"$ #)*%/)'+#")'2$ eF$ 43')*"$ */'('2E"$ %&<>/#+"$ 43'2#8
*'*#0"$,%$*/'('2E',"/%1$,"$1%*"/$,%$1%/0#:"1F$+"&G/+#"F$'7/#+32*3/'$%$
#),P1*/#'$'/*%1')'2$,%$*",'1$'1$7/'),%1$/%7#?%1$(/'1#2%#/'1A$B$0%/,',%$
G$43%$')*%+#<'&"1$%&$IJ^J$'$+")+231;"$</#)+#<'2$,"$*/'('2E"$,"$</=8
</#"$R/".A$R"+E&'))$,"#1$')"1$&'#1$*'/,%r$"3$1%9'F$%&$13'1$</=</#'1$
<'2'0/'1F$43%$'$13<"1*'$+2'11%$W$)'$0%/,',%$z/%</%1%)*'$3&'$/%+").#8
73/':;"$,%$<'/*%$1#7)#.#+'*#0'$,'$+2'11%$*/'('2E',"/'{cA$$$$
k3'#143%/$ 43%$ *%)E'&$ 1#,"$ "1$ &"*#0"1$ 43%$ 2%0'/'&$ R"+E&'))$
*')*"$ '$ *%/$ #),3C#,"$ "$ 1%3$ 2%#*"/$ %&$ %//"$ 43')*"$ '$ );"$ /%+")E%+%/$
43%$13'$*%1%$</#)+#<'2$9@$E'0#'$1#,"$."/&32','$')*%1F$);"$43%/"F$'43#F$
#)+"//%/$ )"$ &%1&"$ %)7')"A$ U$ */'('2E"$ ,%$ R"+E&'))F$ %&$ 1%3$ 2#0/"$
/%+%)*%F$/%</%1%)*'$<'/'$&#&$3&'$,'1$')@2#1%1$%1*'*>1*#+'1$&'#1$</%8
+#"1'1$'+%/+'$,%$*","$"$,%1%)0"20#&%)*"$,'1$/%2':?%1$,%$*/'('2E"$)"$
6/'1#2$ +")*%&<"/T)%"A$ U$ .'*"$ ,%$ *%/$ %L'&#)',"$ *","$ "$ ,%1%)0"20#8
&%)*"$/%+%)*%$,'$%1*/3*3/'$,'1$/%2':?%1$,%$*/'('2E"$)"$+'<#*'2#1&"$
(/'1#2%#/"$,%1,%$"1$')"1$`J$<%/&#*#3$43%$R"+E&'))$<3,%11%$<%/+%(%/$
*%),-)+#'1$,%$,%1%)0"20#&%)*"$.3),'&%)*'#1$<'/'$43'243%/$')@2#1%$
,'1$/%2':?%1$,%$+2'11%$)%1*%$<%/>","A$B11#&F$"$2%#*"/$*%&$3&'$#,%#'$
+2'/'$%$(%&$+")1*/3>,'$'+%/+'$,%$</'*#+'&%)*%$*",'1$'1$0'/#@0%#1$#&8
<"/*')*%1$ ,'1$ */')1."/&':?%1$ %1*/3*3/'#1$ ,"$ +'<#*'2#1&"$ (/'1#2%#/"A$
OL%&<2"1$,#11"$1;"$"1$%1*3,"1$1"(/%$ '$ %0"23:;"$ ,'$ +"&<"1#:;"$ 1%8
*"/#'2$ ,'1$ "+3<':?%1F$ '$ %0"23:;"$ ,"$ 1'2,"$ 2>43#,"$ &G,#"$ ')3'2$ ,'1$
"+3<':?%1$7%/','1F$'2G&$,%$3&'$</%+#"1'$')@2#1%$%&$,%*'2E%$'+%/+'$
,'$/%)"0':;"$"+3<'+#")'2$,'$('1%$,'$<#/T&#,%$1"+#'2$)"$6/'1#2$)"1$
P2*#&"1$,%C$')"1F$43%$G$"$'1<%+*"$&'#1$'</".3),',"$%&$*","$"$2#0/"A$
U$<")*"$*'20%C$&'#1$/%2%0')*%$,%$*",'$'$<%143#1'$<'/'$"1$)"11"1$.#)1$
'43#$G$'$*%1%$,%$43%$*","$"$&"0#&%)*"$<"1#*#0"$,'$<#/T&#,%$1"+#'2$(/'8
1#2%#/'F$)'$</#&%#/'$,G+','$,"$1G+32"$yySF$)'$0%/,',%$%)0"20%3$<"1*"1$
,%$*/'('2E"$43%$1%$%)+")*/'&$)'$('1%$,'$<#/T&#,%$1"+#'2A$Q%1*'F$"1$&"8

c$ S(#,F$<A$^IKA

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

23d

0#&%)*"1$&'#1$#&<"/*')*%1$#),#+'&$'$+/#':;"$,%$43'1%$,"#1$&#2E?%1$,%$
"+3<':?%1$'(%/*'1$')3'2&%)*%F$%&$&G,#'F$<'/'$"1$*/'('2E',"/%1$+"&$
/%&3)%/':;"$&%)1'2$,%$'*G$^Fc$1'2@/#"1$&>)#&"1F$%$,%$f^f$&#2$<"1*"1$
,%$*/'('2E"$')3'#1$%&$&G,#'F$<'/'$'$<'/+%2'$,%$"+3<',"1$<%/*%)+%)*%1$
D$.'#L'$,%$/%),#&%)*"$%)*/%$^Fc$%$K$1'2@/#"1$&>)#&"1fA$Q'$&'#"/$<'/*%$
,%$1%3$%1*3,"F$R"+E&'))$1%$,%,#+'$'$&"1*/'/$%&$&'#"/$,%*'2E%$"$3)#8
0%/1"$"+3<'+#")'2$</%+#1'&%)*%$,%11%1$*/'('2E',"/%1A
U$*/'('2E"$,%$Q%/#F$'11#&$+"&"$"$,%$R"+E&'))F$G$*'&(G&$"$*/'('8
2E"$,%$3&$0#/*3"1"$)"$31"$,%$,',"1$%1*'*>1*#+"1A$B$&#/>',%$,%$,',"1$
,"1$=/7;"1$+%)1#*@/#"1$%$,%$<%143#1'$,"$7"0%/)"$G$*"/)','$+"&</%%)8
1>0%2$ %$ '7/3<','$ ,%$ &","$ '$ %1*'(%2%+%/$ /%2':?%1$ %1*'*>1*#+'1$ #&<"/8
*')*%1A$O1*'&"1$*/'*'),"$'43#$+"&$<%143#1',"/%1$43'2#.#+',"1F$#)*%8
2#7%)*%1$ %$ ,%$ 7/'),%$ #)0%)*#0#,',%A$ B."/'$ 3&'$ ,#.%/%):'$ ,%$ z*"&{F$
);"$%L#1*%$)%)E3&'$,#.%/%):'$13(1*')+#'2$%)*/%$'$')@2#1%$%1*'*>1*#+'$
,%$R"+E&'))$%$'$')@2#1%$,%$Q%/#$%&$1%3$&'#1$/%+%)*%$*/'('2E"$43%$
%1*"3$31'),"$<'/'$.#)1$,%$+")*/'<"1#:;"A$B&("1F$#)+231#0%F$2"30'&$
"1$ &%1&"1$ '1<%+*"1$ </#)+#<'#1$ ,%1*%1$ .%)N&%)"1$ /%+%)*%1$ 43%$ 1;"F$
<'/'$"1$,"#1F$'$%L<')1;"$,"$%&</%7"$."/&'2$+"&$+'/*%#/'$'11#)','`F$
"$<"*%)+#'2$,%$&"(#2#,',%$'1+%),%)*%$'+"&<')E'),"$,%$#)+231;"$)"$
&%/+',"$,%$(%)1$%$+")13&"b$%$'$,#&#)3#:;"$,'$'(#11'2$,%1#73'2,',%$
(/'1#2%#/'_A$B*G$"1$.'*"/%1$+'31'#1$,%11'$&3,'):'$1;"$<%/+%(#,"1$<"/$
'&("1$,"$&%1&"$&","F$)'$&%,#,'$%&$43%$"1$7')E"1$,%$1'2@/#"$/%'2$
%$'3&%)*"$/%'2$,"$1'2@/#"$&>)#&"F$<"/$3&$2',"F$%$"$13+%11"$,"$6"21'$
!'&>2#'$%$,"$&#+/"8+/G,#*"F$<"/$"3*/"$2',"F$1;"$+"&</%%),#,"1$+"&"$
%2%&%)*"1$,%+#1#0"1A$$
W"&"$'$.")*%$,"1$,',"1$<'/'$"1$,"#1$G$&3#*"$1%&%2E')*%F$&3#*"$
,'$ '<'/%)*%$ ,#.%/%):'$ <",%$ 1%/$ %1+2'/%+#,'$ <%2"$ .'*"$ ,%$ R"+E&'))$
')'2#1'/$"$7')E"$#),#0#,3'2F$%)43')*"$'$.'&>2#'$%$1%31$/%),#&%)*"1$
'7/%7',"1$ G$ '$ 3)#,',%$ (@1#+'$ ,'$ ')@2#1%$ %1*'*>1*#+'$ ,%$ Q%/#^JA$ B."/'$

f$ S(#,F$<'7A$^_A
`$ R"+E&'))F$#(#,F$<'7A$Kb$%$Q%/#F$#(#,F$<'7A$^bKA
b$ R"+E&'))F$#(#,F$<'7A$pf$%$Q%/#F$#(#,F$<'7A$bcA
_$ R"+E&'))F$#(#,F$<'7A$K^$%$QG/#F$#(#,F$<'7A$c_A
^J$ R"+E&'))F$#(#,F$<'7A$$^_$%&$,#')*%F$%$QG/#F$#(#,F$<'7Ab^

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

23S

#11"F$'1$')@2#1%1$,%$'&("1$<"113%&$"1$&%1&"1$<")*"1$."/*%1$%$./'+"1r$
%L+%2%)*%$*/'*'&%)*"$%1*'*>1*#+"$,"1$,',"1F$<"/$3&$2',"F$%$+'/-)+#'$,%$
43'243%/$."/:'$%L<2#+'*#0'$&'#1$</".3),'$,"$.%)N&%)"$')'2#1',"F$<"/$
"3*/"A$ B$ P)#+'$ ,#.%/%):'$ %.%*#0'&%)*%$ "(1%/0@0%2$ G$ 43%$ R"+E&'))$
%).'*#C'$ "$ .'*"$ ,%$ 43%$ %1*'&"1$ .'2'),"$ ,'$ ('1%F$ ,'$ +2'11%$ */'('2E'8
,"/'F$ ,"$ z1%*"/$ ,%$ ('#L"{$ ,'$ <"<32':;"$ (/'1#2%#/'$ e$ "3$ 1%9'F$ /%<%*%F$
z1%&$+#*'/{F$"$43%$E'0>'&"1$,#*"$')*%1$,%2%$e$%)43')*"$Q%/#$%).'*#C'$
"$+'/@*%/$z&%,#')"{$%$'1+%),%)*%$,%1*%$&%1&"$7/3<"A$B#),'$43%$"$
&","$+"&"$,%)"&#)'&"1$"1$.%)N&%)"1$1"+#'#1$1%9'$#&<"/*')*%F$9@$
43%$'$."/&'$+"&"$%2%1$1;"$#)*%/</%*',"1$1"+#'2&%)*%$,%<%),%$,#11"F$
);"$('1*'F$)"$%)*')*"F$z,%)"&#)'/{$"1$.%)N&%)"1$1"+#'#1$<'/'$+"&8
</%%),-82"1A$$$
O.%*#0'&%)*%$'$+")1*/3:;"$,"$+")+%#*"$,%$3&'$z)"0'$+2'11%$&G,#'{$
<"/$ V'/+%2"$ Q%/#$ +'/%+%$ ,%$ 43'243%/$ /%.2%L;"$ '</".3),','A$ Q%/#$ 1#&8
<2%1&%)*%$*"&'$"$z/%),#&%)*"$&G,#"{$+"&"$#),#+',"/$,'43#2"$43%$%2%$
+E'&'$$,%$+2'11%$W$"3$z)"0'$+2'11%$&G,#'{A$O&$1%73#,'$e$#&'7#)'),"$
+"&$#11"$+")*"/)'/$*",'1$'1$,#.#+32,',%1$,%1*'$)":;"$e$,#C$43%$);"$%1*@$
.'2'),"$,%$z+2'11%$1"+#'2{F$13<"1*'&%)*%$<'/'$*/')43#2#C'/$"1$z1"+#=2"8
7"1{F$&'1$1#&$,%$z+2'11%1$%+")N&#+'1{^^A$U$+")+%#*"$,%$z+2'11%$%+")N&#8
+'{$G$'(13/,"$,%$.#"$'$<'0#"F$9@$43%$"3$</%113<?%$43%$'1$,%*%/&#)':?%1$
%+")N&#+'1$1;"$'1$P)#+'1$0'/#@0%#1$/%'2&%)*%$#&<"/*')*%1$<'/'$"$+")8
+%#*"$,%$+2'11%$e$"$43%$%3$13<")E"$43%$1%9'$%.%*#0'&%)*%$"$+'1"F$'#),'$
43%$"$'3*"/$);"$*%)E'$'$+"/'7%&$,%$',&#*#/^I$8$"3F$+'1"$+")*/@/#"F$,%0%/#'$
1#&<2%1&%)*%$1%$/%.%/#/$'$z.'#L'1$,%$/%),'{$%$);"$'$z+2'11%1{A$O1*'$P2*#8
&'$"<:;"$);"$G$'$,%$Q%/#F$'*G$<"/43%$z.'#L'1$,%$/%),'{$);"$<"113%&$"$
&%1&"$'<%2"$)"$#&'7#)@/#"$,'1$<%11"'1$,"$43%$z+2'11%{A$B"$+")*/@/#"F$
Q%/#$31'$'1$*'#1$z+2'11%1$%+")N&#+'1{$+"&"$1%$."11%&$z+2'11%1$1"+#'#1{$
%&$1%)*#,"$%1*/#*"F$9@$43%$"$<")*"$,%+#1#0"$);"$G$"$z&","$+"&"$%2%$'1$
)"&%#'{F$&'1$1#&$"$z237'/$43%$%2'1$'113&%&$,%$.'*"$)'$13'$')'2#1%[H!O!
1"($%1*%$'1<%+*"!1;"$%2'1F$'1$+2'11%1$1"+#'#1F$%$);"$'1$.'#L'1$,%$/%),'F$43%$

^^$ $QG/#F$%8%6F$<'7A$^`A
^I$ $ W"&"$ '1$ /%+"//%)*%1$ &%):?%1$ ,%$ QG/#$ '"$ z("21"$ +"&"$ <'/*%$ &'#1$ 1%)1>0%2$ ,"$
+"/<"$E3&')"{$,%#L'&$%)*/%0%/A$QG/#F$%8%6F$<'7A$^`A

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

23g

/5#!#!.;+6(*3+,#!$3+,-(&!1(-(!,#6(/!(/!0%1D,3/3/$+")1*/3>,'1$<"/$Q%/#$
<'/'$z%L<2#+'/{$"$6/'1#2$+")*%&<"/T)%"$%$1%31$,#2%&'1$%$,%1'.#"1A
U$</"(2%&'$G$43%F$'<%1'/$,%$13'$#)*%):;"$%L<2>+#*'F$'$')@2#1%$,%$
R"+E&'))$);"$G$.3),'&%)*'2&%)*%$,#.%/%)*%$,'$,%$Q%/#A$B"$+")*/@8
/#"F$ <'/'$ '2G&$ ,'1$ ,#.%/%):'1$ 13<%/.#+#'#1$ 9@$ '<")*','1F$ R"+E&'))$
+"&<'/*#2E'$,%$*","1$"1$.3),'&%)*"1$%11%)+#'#1$,'$')@2#1%$,%$Q%/#A$
R"+E&'))$'+/%1+%)*'F$%&$/%2':;"$'$Q%/#F$3&$%1*3,"$&'#1$,%*'2E',"$
,'1$z"+3<':?%1{$43%$7')E'/'&$,#)'&#1&"$)"$P2*#&"$&"&%)*"$%+"8
)N&#+"$ %$ +").%/%$ &%)"1$ -).'1%$ '"1$ ,',"1$ ,%$ +")13&"A$ B11#&F$ <"8
,%/>'&"1$,#C%/F$3*#2#C'),"$'1$13(,#0#1?%1$+")1'7/','1$<"/$v'/2$V'/L$
'+%/+'$,'$%1.%/'$%+")N&#+'F$43%$Q%/#$</'*#+'$3&$z%+")"&#+#1&"{$,'$
z,#1*/#(3#:;"{F$ %)43')*"$ R"+E&'))$ </'*#+'$ 3&$ z%+")"&#+#1&"{$ ,'$
z</",3:;"{A$V'1$"$</#)+#<'2F$"$z%+")"&#+#1&"{F$"3$1%9'F$'$+/%):'$%L8
<2>+#*'$"3$#&<2>+#*'F$,%$43%$'$0'/#@0%2$%+")N&#+'$<"/$1#$1=$%1+2'/%+%$
*",'$ '$ /%'2#,',%$ 1"+#'2F$ %1*@$ </%1%)*%$ )"1$ ,"#1$ '3*"/%1$ %$ +")*'&#)'$
*",'1$'1$13'1$E#<=*%1%1$%$+")+231?%1A$
B11#&F$ '#),'$ 43%$ %3$ +")+"/,%$ +"&$ 13'1$ +/>*#+'1F$ ,#/#7#,'1$ </"0'8
0%2&%)*%$ '"$ </=</#"$ Q%/#F$ )'$ #)*/",3:;"$ ,"$ 1%3$ 2#0/"F$ );"$ '+E"$ 43%$
R"+E&'))$'+/%1+%)*%$43'243%/$<")*"$%L<2#+'*#0"$,%+#1#0"$%&$/%2':;"$
'$Q%/#$43%$<"11'$<N82"$)"$"3*/"$<"2"$,"$,%('*%$(/'1#2%#/"$'+%/+'$,%11'1$
43%1*?%1$.3),'&%)*'#1A$W#*%&"1$"$</=</#"$R"+E&'))$2#*%/'2&%)*%r

O&$1>)*%1%r$%)*%),%81%$43%$);"$1%$*/'*'$,'$%&%/7-)+#'$,%$3&'$
)"0'$+2'11%$e$&3#*"$&%)"1$,%$3&'$+2'11%$&G,#'A$U$43%$E@F$,%$
.'*"F$G$3&'$"/#%)*':;"$'2#%)')*%$1%&$.#&F$"/43%1*/','$<'/'$"$1%8
4u%1*/"$,"$,%('*%$1"(/%$'$)'*3/%C'$%$'$,#)T&#+'$,'1$&3,'):'1$
%+")N&#+'1$%$1"+#'#1F$#)+'<'C$,%$<%/&#*#/$'$<"2#*#C':;"$+2'11#1*'$
,"$.%)N&%)"$,%$*/')1."/&':;"$,'$%1*/3*3/'$1"+#'2AA^KA

B11#&$+"&"$<'/'$R"+E&'))F$&%3$#)*%/%11%$&'#"/$G$</%+#1'&%)8
*%$%1*#&32'/$+"&$z&%#"1$,"$%1+2'/%+#&%)*"$+#%)*>.#+"{$'$z<"2#*#C':;"$
+2'11#1*'{$ ,'1$ */')1."/&':?%1$ 1"+#'#1$ )"$ 6/'1#2$ /%+%)*%A$ U$ 43%$ );"$

^K$ $R"+E&'))F!%8%6F$<'7A$b

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

23]

'+/%,#*"$G$43%$"$*/'('2E"$,%$R"+E&'))$e$&'27/',"$'1$</%+#"1'1$z#)8
."/&':?%1{$43%$"$*/'*'&%)*"$1G/#"$%$43'2#.#+',"$,"1$,',"1$%1*'*>1*#+"$
</"<"/+#")'$e$*%)E'$%.%*#0'&%)*%$+")*/#(3>,"$,%$."/&'$13(1*')+#'2$
<'/'$%1*%$,%1#,%/'*"A$B.#)'2F$);"$G$1#&<2%1&%)*%$'</%1%)*'),"$"1$,'8
,"1$e$'#),'$43%$&3#*"$(%&$'7/3<',"1$%$%1+2'/%+#,"1$e$,'$%1*/3*3/'$
"+3<'+#")'2$43%$1%$+")E%+%$%$1%$+"&</%%),%$'27"$/%2%0')*%$'+%/+'$,'$
,#)T&#+'$,'1$23*'1$,%$+2'11%$,"$6/'1#2$+")*%&<"/T)%"A
O11%$<")*"$+"),%)1'$</%+#1'&%)*%$*","$"$('2'):"$+/>*#+"$43%$7"18
*'/#'$ ,%$ .'C%/$ ,'$ "(/'$ ,%11%1$ ,"#1$ '3*"/%1r$ '#),'$ 43%$ "$ */'*'&%)*"$
%1*'*>1*#+"$,"1$,',"1F$1%9'$)"$)>0%2$,'$</",3:;"F$+"&"$%&$R"+E&'))F$
1%9'$ </#"/#*'/#'&%)*%$ )"$ )>0%2$ ,"$ +")13&"F$ +"&"$ %&$ Q%/#F$ 1%9'$ %L8
*/%&'&%)*%$(%&$.%#*"$)"1$,"#1$+'1"1F$</"<"/+#")'),"$z#)."/&':?%1{$
0'2#"1'1$ <'/'$ 43'243%/$ z#)*%/</%*':;"{$ 43%$ 1%$ 43%#/'$ .'C%/$ ,'$ /%'2#8
,',%F$%&$'&("1$"1$+'1"1F$*%&"1$z'<%)'1{$#11"r$#)."/&':?%1$0'2#"1'1$
<'/'$3&'$z<"1*%/#"/{$#)*%/</%*':;"A$U$43%$"1$,"#1$'3*"/%1$</",3C%&$
'93,'$'$z&'<%'/{$3&$+'&<"$z'$1%/$%L<2"/',"{$<%2"$<%)1'&%)*"$/%8
.2%L#0"$%$#)*%/</%*'*#0"$+"&$"$31"$,%$+")+%#*"1$43%$<%/&#*%&F$%1*%1$
1#&F$</"(2%&'*#C'/$'$/%'2#,',%$%&$*",'$'$13'$/%'2#,',%A$B>$%1*;"F$%&$
&#)E'$"<#)#;"F$'1$<"11#(#2#,',%1$%$"1$2#&#*%1$,"$z%+")"&#+#1&"{$%$,%$
*","$+")E%+#&%)*"$%1*'*>1*#+"A$
W"&"$z#)."/&':;"{$</%2#&#)'/$);"$%L#1*%$+")E%+#&%)*"$&'#1$0'8
2#"1"F$*')*"$43%$3*#2#C'&"1F$)=1$&%1&"1F$,',"1$%1*'*>1*#+"1$,%$%1*38
,"1$')*%/#"/%1F$*')*"$,"$</=</#"$Q%/#F$43')*"$,"$</=</#"$R"+E&'))$
]%$,"$SROBaF$<'/'$%1+"2E%/$'273)1$,"1$z*#<"1$1"+#'#1{$,%$)"11'$P2*#&'$
7/'),%$<%143#1'$43'2#*'*#0'A$U1$,',"1$%1*'*>1*#+"1$<%/&#*%&$"$'+%11"$
D$7/'),%C'$%$D$1#7)#.#+':;"$43')*#*'*#0'$,"1$%2%&%)*"1$43%$#)."/&'&$
'$*/')1."/&':;"$,"1$.%)N&%)"1$1"+#'#1A$H'>$13'$#&<"/*T)+#'$.3),'8
&%)*'2A$ S)*%/</%*'/$ '$ /%'2#,',%$ 1%&$ %11'$ '93,'$ <",%$ 1%/$ ,%1'1*/"1"A$
W").3),#/$'$'</%1%)*':;"$,%11%1$,',"1F$)"$%)*')*"F$+"&$3&'$%.%*#8
0'$z+"&</%%)1;"{$,'$/%'2#,',%F$&3#*"$%1<%+#'2&%)*%$,"1$&%'),/"1$
43%$%)0"20%&$'$z2%7#*#&':;"$,"$<",%/$1#&(=2#+"{$#),#1<%)1@0%2$<'/'$
43'243%/$,"&#)':;"$1"+#'2$(%&$13+%,#,'$e$"(9%*#0"$43%$<'/%+%$%1*'/$
)"$+%)*/"$,'1$'*%):?%1$*'&(G&$,%$R"+E&'))$e$GF$<'/'$,#C%/$"$&>)#8
&"F$&3#*"$#)7-)3"A$

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

23`

V'1$'43#$%3$);"$43%/"$'<%)'1$z,#C%/{$'$+/>*#+'A$O3$43%/"$%)./%)*'/$
"$,%1'.#"$,%$z+"&</"0@82'{$+"&$"$&%#"$*><#+"$,"$,%('*%$+#%)*>.#+"$<"/$
%L+%2-)+#'$43%$G$'$+"&<%*#:;"$%)*/%$'/73&%)*"1A$S11"$<'/%+%$1%/$=(8
0#"F$&'1F$#).%2#C&%)*%F$);"$"$GA$O)*/%$)=1$+").3),%81%$"$*%&<"$*","$"$
<",%/$#)*%/</%*'*#0"$,"1$+")+%#*"1$+"&$'1$<"1#:?%1$<"2>*#+'1$<%11"'#1$
e$"3F$'#),'$<#"/F$'1$<"1#:?%1$<'/*#,@/#'1$e$,"1$'3*"/%1$43%$'1$%)3)+#'&$
+"&$/%132*',"1$</%0#1#0%2&%)*%$2'&%)*@0%#1A$R"/$%L%&<2"F$5G/7#"$638
'/43%F$43%$)"$1%3$2#0/"$&'#1$#&<"/*')*%F$zM'>C%1$,"$6/'1#2{^pF$+/#"3$
'$.'21'$"<"1#:;"$%)*/%$O1*',"$+"//3<*"$%$&%/+',"$0#/*3"1"$%$"$.'21"$
*%&'$ ,"$ z<'*/#&")#'2#1&"$ %1*'*'2{$ +"&"$ &'#"/$ </"(2%&'$ )'+#")'2F$
+")1*/3#),"$'1$('1%1$#,%'#1$&",%/)'1$,%$3&$2#(%/'2#1&"$*;"$+%7"$%$
<%/0%/1"$43')*"$"$(/'1#2%#/"F$G$*#,"F$<"/$*%/$1#,"F$)"$.#)'2$,'$0#,'F$3&$
,"1$.3),',"/%1$,"$RiF$+"&"$3&$%1+/#*"/$z</"7/%11#1*'{A$U$</"7/'&'$
,"$ <'/*#,"$ 2#(%/'2[+")1%/0',"/$ (/'1#2%#/"$ &'#1$ #&<"/*')*%F$ "$ R5H6F$
)"$%)*')*"F$GF$)"$1%3$)P+2%"$</#)+#<'2$,%$,%.%1'$,"$O1*',"$&>)#&"$%$
+"&('*%$D1$13<"1*'1$"2#7'/43#'1$<'*/#&")#'#1F$'$&'#1$<%/.%#*'$/%'2#C'8
:;"$#)1*#*3+#")'2$%$<'/*#,@/#'$,'1$#,%#'1$,%$63'/43%A$R%/73)*"$'"$2%#8
*"/r$43%&$G$"$63'/43%$&'#1$/%2%0')*%F$'.#)'2r$"$+#,',;"$43%$'11#)"3$
'$.#+E'$,%$#)1+/#:;"$,%$3&$<'/*#,"$,%$*/'('2E',"/%1$"3$"$+/#',"/$,%$
3&'$#,%#'$43%$1%$%L<'),#3$<"/$*","$"$<'>1$%$1%$#)1*#*3+#")'2#C"3$%&$
<'/*#,"1F$=/7;"1$,%$#&</%)1'F$1%)1"$+"&3&$,#1+3*#,"$)'1$/3'1F$%*+A|
U$&%1&"$<",%/#'$1%/$,#*"$,%$M'#&3),"$!'"/"F$"3*/'$z0'+'$1'7/'8
,'{$,"$)"11"$<')*%;"$,%$7/'),%1$<%)1',"/%1$#)*"+@0%#1F$+39'$+/>*#+'$
'+#//'$=,#"1$,%$&3#*"1$+"&"$1%$%2%$."11%$3&$%)*%$'+#&'$,"1$&"/*'#1$
%$ '+#&'$ ,'$ +/>*#+'A$ !'"/"F$ )'$ 0%/,',%F$ '<%)'1$ +")*#)3"3$ "$ */'('2E"$
,%$63'/43%$%$#).23%)+#"3$,%+#1#0'&%)*%$'$"(/'$,%$'273)1$,%$)"11"1$
<%)1',"/%1$+")1%/0',"/%1$&'#1$%&#)%)*%1$e$'43%2%1$43%$2%7#*#&'&$
+"&$&%#"1$<1%3,"+#%)*>.#+"1$'$/%</",3:;"$,%$*","1$"1$</#0#2G7#"1$#)8
931*"1$e$+"&"$5#&")$5+En'/*1&'))F$6"2>0'/$Y'&"3)#%/$"3$M"(%/*"$
H'V'**'A$O3$'#),'$&%$2%&(/"F$',"2%1+%)*%F$,'$',&#/':;"$43%$1%)*#'$
<"/$!'"/"$+"&"$</%1#,%)*%$,'$UB6$)'$23*'$<%2'$/%,%&"+/'*#C':;"$,"$
6/'1#2A$\&$2#(%/'2[+")1%/0',"/$23*'),"$+")*/'$3&'$,#*',3/'$<",%$,%8

^p$ $63'/43%F$5G/7#"F$M'>C%1$,"$6/'1#2F$+"&<')E#'$,'1$2%*/'1F$IJJKA

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

23a

&")1*/'/$)"*@0%2$+"/'7%&$<%11"'2F$&'1$#11"$);"$*"/)'$'1$13'1$#,%#'1$
z</"7/%11#1*'1{$"3$0%/,',%#/'&%)*%$+/>*#+'1A$
V'1$'$+").31;"$%)*/%$<%11"'$%$"(/'$G$./3*"$,'$<"3+'$#)1*#*3+#")'8
2#C':;"$,'$%1.%/'$+#%)*>.#+'$%F$<"/*')*"F$,'$./'7#2#,',%$,"$&3),"$,'1$
#,%#'1$%)*/%$)=1A$B#),'$E"9%F$'$#&%)1'$&'#"/#'$,"1$)"11"1$#)*%2%+*3'#1$$
<%)1'$43%$43%&$*%&$3&'$("'$#,%#'$,%0%$z/%'2#C@82'{F$%$*"/)@82'$z</@8
*#+'{$)"$O1*',"A$W"&"$1%$E"30%11%$3&$'(#1&"$%)*/%$z#,%#'{$%$z</@*#8
+'{F$43'),"F$)'$0%/,',%F$'1$#,%#'1$1;"$z<%/."/&'*#0'1{F$"3$1%9'F$%2'1$1;"$
%&$1#$z':;"{F$%$z<%)1'/{$"$&3),"$,%$&","$'2*%/)'*#0"F$"3$+")*/#(3#/$
)"$&3),"$,'1$#,%#'1$<'/'$3&'$<%/+%<:;"$+/>*#+'$,%1*%$&3),"$9@$GF$%&$
'273&'$ &%,#,'$ 0'/#@0%2F$ &3,@82"A$ o$ <"/$ #11"$ 43%$ "$ ,%('*%$ ,%$ #,%#'1$
+#%)*>.#+'1$G$'$</#&%#/'$*/#)+E%#/'$,'$23*'$<"2>*#+'$%$,'$23*'$,%$+2'11%1^cA$
O$ '>F$ "$ 43%$ </%+#1'&"1$ G$ ,%$ #,%#'1$ 43%$ *%)E'&$ "$ <",%/$ ,%$ z/%+")18
*/3#/{$"$&3),"$)"$<%)1'&%)*"$,%$"3*/"$&","$,%$+"&"$%2%$1%$'</%1%)*'$
D$)"11'$+")1+#-)+#'A$B$/%2':;"$%)*/%$+#-)+#'$%$<"2>*#+'$);"$G$%L*%/)'F$
+"&"$ 1%$ ."11%&$ <"11>0%#1$ z<"1#:?%1$ </"7/%11#1*'1{$ +"&$ +")+%#*"1$
32*/'<'11',"1$%$2#&#*',"1A$B"$+")*/@/#"F$'$/%2':;"$G$#)*%/)'$D$</=</#'$
+#-)+#'$%$,%<%),%$,'$."/:'$'/73&%)*'*#0'$%$,"$'2+')+%$#)*%/</%*'*#0"$
,%$1%31$+")+%#*"1A$$$
R'/'$"$2%#*"/$'*%)*"$%L#1*%$3&$&G*","$#).'2>0%2$,%$<%/+%(%/F$&%1&"$
);"$ 1%),"$ %1<%+#'2#1*'F$ 43'),"$ %2%$ %1*@$ ,#')*%$ ,%$ 3&'$ <%/1<%+*#0'$
+#%)*>.#+'$ +/>*#+'$ e$ ,'43%2'1$ 43%$ /%+")1*/"%&$ "$ &3),"$ +").31"$ %&$
<%)1'&%)*"F$2E%$+").%/#),"$+"&</%%)1#(#2#,',%$e$"3$,#')*%$,%$3&'$
'("/,'7%&$&%)"1$'&(#+#"1'$%$<'11>0%2$,%$1%/$+"2")#C','$<%2'1$)"8
:?%1$,%$1%)1"$+"&3&A$o$43%$*",'$'("/,'7%&$0%/,',%#/'&%)*%$+/>*#+'$
*%&$43%$</%1*'/$+")*'$,%$1%31$</%113<"1*"1A$\&$%L%&<2"$,"$)"11"$
*%&'$%&$,#1+311;"$<",%$,%#L'/$%11%$<")*"$+%)*/'2$&'#1$+2'/"A$R"+E8
&'))$+/#*#+'$)'$#)*/",3:;"$,%$1%3$2#0/"$'$'("/,'7%&$,%$Q%/#$e$'#),'$
43%$);"$"$)"&%#%$,#/%*'&%)*%$e$<"/43%$%2'$1%/#'$z#)+'<'C$,%$<%/&#*#/$
'$<"2#*#C':;"$+2'11#1*'$,"$.%)N&%)"$,%$*/')1."/&':;"$,'$%1*/3*3/'$1"8

^c$ B$+#-)+#'$E%/,'$("'$<'/*%$,"$</%1*>7#"$,'1$7/'),%1$/%2#7#?%1$%$);"$%L#1*%$'113)*"$
)'$%1.%/'$<P(2#+'$43%$,#1<%)1%$'$</%1%):'$,%$3&$z%1<%+#'2#1*'$+#%)*>.#+"{A$i",'1$
'1$#,G#'1$43%$&"0#&%)*'&$<'/*#,"1F$#&</%)1'F$#)1*#*3#:?%1F$</@*#+'1$1"+#'#1F$."#$
"3$G$+/#':;"$,%$#)*%2%+*3'#1$%&$1%)*#,"$2'*"A$$$$

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

2d1

+#'2AAAA$,"$6/'1#2{^fA$W")+"/,"$%&$7-)%/"F$)P&%/"$%$7/'3$+"&$'$+/>*#+'$
,%$ R"+E&'))$ '$ Q%/#A$ O3$ 1=$ );"$ +")+"/,"$ +"&$ 43%$ R"+E&'))$ .':'$
'43#2"$43%$+/#*#+'F$)%&$+"&$43%$%2%$%L<2#43%$',%43','&%)*%$"$43%$$
%)*%),%$<"/$z%1*/3*3/'$1"+#'2{A
U$43%$GF$'.#)'2F$z%1*/3*3/'$1"+#'2{$%F$&'#1$#&<"/*')*%$'#),'F$"$43%$'$
%1*/3*3/'$1"+#'2$*%&$'$0%/$+"&$'1$z+2'11%1$1"+#'#1{|$R"/$43%$3&$%1*3,"$
*;"$ (%&$ .%#*"$ +"&"$ "$ ,%$ R"+E&'))$ '+%/+'$ ,'$ %1*/3*3/'$ "+3<'+#")'2$
,"$6/'1#2$)"1$P2*#&"1$pJ$')"1$'</%1%)*'$2#&#*%1$43%$"$,%#L'&$</=L#&"$
,"$%1*3,"$&'#1$13<%/.#+#'2$,%$Q%/#$&'27/',"$'$#)*%):;"$,%$1%3$'3*"/|$
OF$'#),'F$+"&"$1%$<",%$#/$'2G&F$)'$0%/,',%$&3#*"$'2G&F$,"$43%$'&("1$
"1$ '3*"/%1$ ".%/%+%/'&|$ O11'1$ 1;"$ '1$ */-1$ 43%1*?%1$ '1$ 43'#1$ 43%/"$ &%$
,%,#+'/$'$1%73#/A$$

R'/'$#/$'2G&$,"$O+")"&#+#1&"

k3'#1$ 1;"$ "1$ </%113<"1*"1$ ,'$ ')@2#1%$ ,%$ R"+E&'))F$ 43%$ %2%$ );"$
%L<2#+#*'F$%$43'#1$13'1$2#&#*':?%1$<'/'$<%/+%(%/$*')*"$"$*%&'$,'$%18
*/3*3/'$1"+#'2$43')*"$,'$23*'$,%$+2'11%1|$$R"+E&'))$3*#2#C'$%&$1%3$
%1*3,"$)":?%1$&'/L#1*'1$+%)*/'#1$%$G$<'/*#/$,"$31"$+")1%43%)*%$,%11'1$
)":?%1$43%$%2%$</%*%),%$0#123&(/'/$'$z%1*/3*3/'$1"+#'2{$,"$6/'1#2$&"8
,%/)"$%$'1$/%2':?%1$,%$+2'11%1$43%$%2'$%)1%9'A$B$)":;"$+%)*/'2$,%$z+'8
<#*'2{F$,%.#)#,'$<"/$V'/LF$1%73#),"$H'0#,$M#+'/,"F$+"&"$%L</%11;"$
,%$z*/'('2E"$'+3&32',"{$^`F$1%/0#'$'$V'/L$</%+#1'&%)*%$<'/'$+"&</%8
%),%/$'$z%1*/3*3/'$1"+#'2{$%$'$,#)T&#+'$,%$+2'11%1$<"/$%2'$+/#','F$<'/'$
'2G&$,'$0'7'$%$./'7&%)*','$#,%#'$43%$*%&"1$,%2'$)"$1%)1"$+"&3&A$
W'<#*'2$9@$%/'F$<'/'$V'/LF$3&$+")+%#*"$z/%2'+#")'2{F$"3$1%9'F$"$+'<#*'2$
1=$ ,%1%)0"20%$ 13'1$ 0#/*3'2#,',%1$ ,%$ '</"</#':;"$ ,%$ </#0#2G7#"1$ %&$
3&'$z1#*3':;"$1"+#'2{$+")+/%*'A$B11#&F$'$</"</#%,',%$,"1$z&%#"1$,%$
</",3:;"{F$+'<#*'2$.#L"F$</",3*"$%2%$</=</#"$,%$*/'('2E"$'+3&32',"$
')*%/#"/$z&"/*"{$%$&'*%/#'2#C',"$)%2%F$,%.#)%$'$+2'11%$,"1$+'<#*'2#18

^f$ R"+E&'))F$%8%6F$<'7A$bA
^`$ V'/LF$v'/2F$H'1$v'<#*'2F$=#*#!)F$#)r$V'/C8O)7%21$h%/t%F$g"23&%$IKF$6%/2#)$"/#%)*'2$
^_cKA

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

2d2

*'1A$B$+2'11%$,"1$,%1<"113>,"1$,"1$&%#"1$,%$</",3:;"$,%$1%3$</=</#"$
*/'('2E"$*%&$43%$0%),%/$'$P)#+'$&%/+',"/#'$43%$<"113#F$"$*/'('2E"$
z0#0"{F$ <'/'$ 1%/$ %&</%7',"$ %$ %L<2"/',"$ <%2"$ +'<#*'2#1*'$ 43%$ /%+%(%$
3&$'27"$z'$&'#1{$,"$43%$#)0%1*#3F$1%9'$<%2"1$&%#"1$,%$</",3:;"$43%$
',43#/#3F$1%9'$<%2"$*/'('2E"$43%$+"&</"3$1"($'$."/&'$1'2'/#'2A
i'&(G&$'$z43'2#.#+':;"$,"$*/'('2E"{$<'/'$V'/L$G$3&$</",3*"$,%$
z*/'('2E"$'+3&32',"{$')*%/#"/A$B11#&F$"$0'2"/$&'#"/$<'7"$'"$*/'('2E"$
&'#1$43'2#.#+',"F$)'$0%/,',%F$<'7'/#'$"$*%&<"$,%$*/'('2E"$#)0%1*#,"$
)'$ 13'$ ."/&':;"A$ O11'$ ,#.%/%):'$ )'$ z43'2#,',%{$ ,"$ */'('2E"$ 1%/#'$ '$
</#)+#<'2$/%1<")1@0%2$<%2'$%1*/'*#.#+':;"$1"+#'2$#)*%/)'$,'$+2'11%$*/'8
('2E',"/'A$ O$ G$ </%+#1'&%)*%$ "$ %1*3,"$ ,'1$ 0'/#':?%1$ %1*'*>1*#+'1$ ,'$
%1*/'*#.#+':;"$#)*%/)'$,'$+2'11%$*/'('2E',"/'$(/'1#2%#/'$,"1$P2*#&"1$pJ$
')"1$43%$<%/.'C$"$+%/)%$,"$*/'('2E"$,%$V@/+#"$R"+E&'))A$
$B#),'$43%$v'/2$V'/L$*%)E'$1#,"$3&$'3*"/$7%)#'2$%$"$<'#$,%$*",'$'$
+#-)+#'$1"+#'2$+/>*#+'F$'1$+#-)+#'1$1"+#'#1$);"$<'/'/'&$%&$^bbK$43'),"$
V'/L$&"//%3A$B"$+")*/@/#"F$%2'1$1%$,%1%)0"20%/'&$%$1%$1".#1*#+'/'&$e$
<%2"$&%)"1$'$&%3$0%/$e$'$3&$<")*"$%&$43%$'1$7/'),%1$43%1*?%1$&'/L#18
*'1$+2@11#+'1$<3,%/'&$1%/$/%1<"),#,'1$,%$&","$&3#*"$&'#1$+")0#)+%)*%A$
U$+")+%#*"$+%)*/'2$,%$z+'<#*'2{F$<"/$%L%&<2"F$."#$,%1%)0"20#,'$<"/$"3*/"1$
'3*"/%1F$ +"&"$ "$ 1"+#=2"7"$ ./')+-1$ R#%//%$ 6"3/,#%3F$ +"&$ 3&$ <"*%)+#'2$
+/#'*#0"$&3#*"$&'#1$<%)%*/')*%F$%1+2'/%+%,"/$%$1".#1*#+',"$,"$43%$1%3$31"$
<"/$V'/LA$O&$</#&%#/"$237'/F$z+'<#*'2{$,%#L'$,%$1%/$'<%)'1$3&'$+'*%7"8
/#'$z%+")N&#+'{F$&'1$<'11'$'$#)+23#/$*3,"$'43#2"$43%$<'11'$'$1%/$,%+#1#0"$
<'/'$'11%73/'/$"$'+%11"$</#0#2%7#',"$'$*","1$"1$(%)1$%$/%+3/1"1$%1+'11"1$
%&$,#1<3*'$)'$+"&<%*#:;"$1"+#'2A$B#),'$43%$6"3/,#%3$/%+")E%:'$43%$
"$+'<#*'2$%+")N&#+"$G$,%+#1#0"$<'/'$'11%73/'/$0')*'7%)1$<%/&')%)*%1$
)%1*'$,#1<3*'F$%2%$);"$%1*@$1"C#)E"A$
R'/'$ '2G&$ ,"$ +'<#*'2$ %+")N&#+"F$ 3&'$ ,'1$ &'#"/%1$ ,%1+"(%/*'1$ ,%$
6"3/,#%3$<'/'$'$+#-)+#'$1"+#'2$+/>*#+'$."#$'$,%1+"(%/*'$,'$#&<"/*T)+#'F$
*;"$+%)*/'2$+"&"$'$,"$+'<#*'2$%+")N&#+"F$,"$z+'<#*'2$+32*3/'2{A$W'<#*'2$
+32*3/'2F$<'/'$6"3/,#%3F$G$*3,"$43%$'43#2"$43%$2"7/'&"1$z'</%),%/{$%$
);"$'<%)'1$"1$*>*32"1$%1+"2'/%1A$U$z+")E%+#&%)*"{F$'$z+#-)+#'{F$9@$%/'&$
.3),'&%)*'#1$<'/'$V'/LF$9@$43%$'$/%</",3:;"$,"$+'<#*'2#1&"$,%<%),%$
,%$+")E%+#&%)*"F$1%9'$<'/'$z43'2#.#+'/{$13'$."/:'$,%$*/'('2E"F$1%9'$<'/'$

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

2d0

'3.%/#/$7')E"1$%&$</",3*#0#,',%$%&$#)"0':?%1$*G+)#+'1$'<2#+','1$'"1$
&%#"1$,%$</",3:;"A$V'1$V'/L$%/'$3&$E"&%&$,"$1G+32"$ySy$%$<%)1'0'$
"$</"+%11"$,%$'</%),#C',"$+"&"$"$,%$3&$139%#*"$z9@$</")*"{$43%$z',#8
+#")'{$+%/*"$*#<"$,%$+")E%+#&%)*"$D$13'$z('7'7%&{F$+"&"$'273G&$%)+E%$
3&$+%1*"$0'C#"$43'),"$0'#$D$.%#/'$,"$1@(',"A$Q%1*'$+")+%<:;"F$"$z+"8
)E%+#&%)*"{$1%$'2"9'$)'$z+'(%:'{$,"$139%#*"$%$1%3$+"/<"$G$3&$&%/"$&%#"$
<'/'$.'C-82"$+'&#)E'/$%$1%73/'/$'$z+'(%:'{$43%$%)0"20%$1%3$%1<>/#*"A$$$$
O11'$ G$ '$ +")+%<:;"$ z+'/*%1#')'{$ ,"$ 139%#*"F$ 43%$ %/'$ '2*'$ .#2"1".#'$
)"$1G+32"$ygSS$%$43%$E"9%$G$1%)1"$+"&3&$%$('1%$,'1$+#-)+#'1$,'$"/8
,%&A$i')*"$43%$R"+E&'))$%$Q%/#F$E"&%)1$,"$1G+32"$yySF$31'&$%11'1$
</G8)":?%1$ +"&"$ .3),'&%)*"$ );"$ %L<2#+#*',"$ ,%$ 1%31$ </=</#"1$ */'8
('2E"1A$O2%1$*'&(G&$<'/*%&$,%$E"&%)1$%$&32E%/%1$9@$."/&',"1$43%$
1%/;"$'7/3<',"1F$1%9'$%&$,#.%/%)*%1$z'7/3<'&%)*"1$"+3<'+#")'#1{F$)"$
+'1"$,%$R"+E&'))F$1%9'$%&$,#1*#)*"1$z7/3<"1$,%$/%),'{F$)"$+'1"$,%$
QG/#A$ B"),%$ /%1#,%F$ )%11'$ ,#1+311;"$ ,"1$ </%113<"1*"1$ ,'$ ')@2#1%F$ '$
z+%73%#/'$,%$*",'$."/&'$,%$%+")"&#+#1&"{|$R'/'$&#&F$/%1#,%$)"$.'*"$
,%$ );"$ <%/+%(%/$ 43%$ '$ .'+%*'$ &'#1$ #&<"/*')*%$ ,"$ z+'<#*'2$ +32*3/'2{$
G$"$.'*"$,%$%2%$1%/$3&'$z#)8+"/<"/':;"{F$2#*%/'2&%)*%F$z*"/)'/81%$+"/8
<"{F$,%$*",'$3&'$."/&'$,%$1%$+"&<"/*'/$%$,%$'7#/$)"$&3),"F$'$43'2$
G$z+"&</%%),#,'{$<"/$*","1$,%$&","$#)'/*#+32',"$%$);"$/%.2%*#,"A$U$
z'0'):"$+#%)*>.#+"{$'43#$G$'$13<%/':;"$,'$"<"1#:;"$%)*/%$+"/<"$%$%18
<>/#*"F$%&$43%$"$+"/<"$G$<%)1',"$+"&"$z&'*G/#'$1%&$0#,'{$%$1%&$z%18
<>/#*"{F$%&$.'0"/$,%$3&'$+")+%<:;"$%&$43%$"$+"/<"$G$+"&</%%),#,"$
+"&"$3&$z%&#11"/$,%$1#)'#1{$%$+"&"$</%)E%$,%$1#7)#.#+',"1$1"+#'#1^bA$
o$</%+#1'&%)*%$%11%$z'0'):"$+#%)*>.#+"{$43%$<%/&#*%$<%/+%(%/$"$*/'8
('2E"$,'$7-)%1%$%$,'$/%</",3:;"$,'1$+2'11%1$1"+#'#1$%F$<"/*')*"F$,'$
</",3:;"$,#.%/%)+#'2$,"1$1%/%1$E3&')"1$43%$%2'$+")1*#*3#$<'/'$'2G&$
,'$z+%73%#/'{$,'$<%/+%<:;"$3)#2'*%/'2$%$'&%143#)E','$,'$,%*%/&#)'8
:;"$%+")N&#+'$1%9'$)'$</",3:;"$1%9'$)"$+")13&"A$$$$
O11%$z'0'):"$+#%)*>.#+"{$43%$#&<2#+'$'$<%/+%<:;"$,%$"3*/"$*#<"$,%$

^b$ O11'$z0#/','$%<#1*%&"2=7#+'{$)'1$'("/,'7%)1$&'#1$1".#1*#+','1$,'1$+#-)+#'1$1"+#'#1$,'$
1%73),'$&%*',%$,"$1G+32"$yy$GF$&3#*'1$0%C%1$+E'&','$,%$z/%0"23:;"$h#**7%)1*%#)#')'{A$
g%/F$<"/$%L%&<2"F$i'j2"/F$WE'/2%1F$i"$!"22"n$'$M32%F$#)r$W'2E"3)F$W/'#7F$%*$'22#A$]"/71a$
Y#;-6%3;r$+/#*#+'2$,%('*%1F$WE#+'7"F$^__KA$$

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

2d3

z+'<#*'2{$.3),'&%)*'2$43%$);"$'<%)'1$"$%+")N&#+"$%1+2'/%+%F$#)+238
1#0%F$'$</=</#'$':;"$,"$+'<#*'2$%+")N&#+"$%$'$13'$/%2':;"$+"&$"3*/'1$
."/&'1$ ,%$ +'<#*'2A$ B.#)'2F$ "$ +'<#*'2$ %+")N&#+"$ 9'&'#1$ %1*@$ 1"C#)E"$
+"&"$'$z+%73%#/'$%+")"&#+#1*'{$#&'7#)'A$U$<")*"$,%+#1#0"$'43#$G$43%$
"1$#),#0>,3"1$1;"$+")1*#*3>,"1F$%&$1%31$2#&#*%1$%$<"11#(#2#,',%1$)'$
+"&<%*#:;"$1"+#'2F$,%$&","$&3#*"$,#1*#)*"$,%<%),%),"$,%$1%3$<")8
*"$,%$<'/*#,'$,%$+2'11%A$O11%$<")*"$,%$<'/*#,'$%)0"20%F$('1#+'&%)*%F$
z*/-1$+'<#*'#1{r$"$%+")N&#+"F$"$+32*3/'2$%$"$1"+#'2A$U1$,"#1$</#&%#/"1$
1;"F$)'1$1"+#%,',%1$&",%/)'1F$"1$&'#1$#&<"/*')*%1A
B11#&F$3&'$.'&>2#'$,%$z+2'11%$&G,#'{F$43%$*%&$&%)"1$+'<#*'2$%+"8
)N&#+"$ 43%$ '$ z+2'11%$ '2*'{F$ 1=$ <",%$ '11%73/'/$ '$ /%</",3:;"$ ,%$ 1%31$
</#0#2G7#"1$e$+"&"$%&</%7"1$,%$&'#"/$</%1*>7#"$%$1'2@/#"$1%9'$)"$&%/8
+',"$ 1%9'$ )"$ O1*',"$ e$ 1%$ '$ .'&>2#'$ <"113#/$ '273&$ +'<#*'2$ %+")N&#+"$
<'/'$z+"&</'/{$"$z*%&<"$2#0/%{$,"1$.#2E"1F$43%$);"$</%+#1'&$*/'('2E'/$
+%,"$+"&"$"1$.#2E"1$,'1$+2'11%1$<"<32'/%1F$<'/'$"$%1*3,"$,%$2>)73'1$"3$
,%$+'<#*'2$+32*3/'2$*G+)#+"$"3$2#*%/@/#"$&'#1$1".#1*#+',"A$S11"$&"1*/'$'$
#&<"/*T)+#'$,"$+'<#*'2$%+")N&#+"$&%1&"$<'/'$'1$+2'11%1$43%$);"$1%$
/%</",3C%&$&'9"/#*'/#'&%)*%$'$<'/*#/$,%2%F$+"&"$'1$+2'11%1$'2*'1A$B"$
&%1&"$ *%&<"F$ '$ +"&<%*#:;"$ 1"+#'2$ );"$ +"&%:'$ )'$ %1+"2'A$ R'/'$ 43%$
<"11'&"1$*%/$*')*"$"$z,%1%9"{F$43')*"$'$z+'<'+#,',%{$,%$'(1"/:;"$,%$
+")E%+#&%)*"$/'/"$%$1".#1*#+',"F$G$)%+%11@/#"$*%/$*#,"F$%&$+'1'F$)'$1"8
+#'2#C':;"$+"&$"1$<'#1$"3$43%&$"+3<%$%11%$237'/F$"$%1*>&32"$z'.%*#0"{$
e$'.#)'2F$)"1$*"/)'&"1$z1%/%1$E3&')"1{$#&#*'),"$'$43%&$'&'&"1$e$
<'/'F$<"/$%L%&<2"F$'$z+")+%)*/':;"{$)"1$%1*3,"1F$"3$'$<%/+%<:;"$,'$
0#,'$+"&"$z."/&':;"$+")*>)3'{F$%&$43%$"$43%$1%$43%/$1%/$)"$z.3*3/"{$
G$&'#1$#&<"/*')*%$43%$"$43%$1%$G$)"$z</%1%)*%{A
U1$.#2E"1$,'1$+2'11%1$&G,#'1F$+"&$7/'),%$</"('(#2#,',%F$<"113%&$
%11%1$z%1*>&32"1{$%&"+#")'#1$%$'.%*#0"1F$ "3$1%9'F$ <"113%&$%11%$ z+'8
<#*'2$+32*3/'2{F$$"$43%$#/@$7'/')*#/$'$13'$/%</",3:;"$,%$+2'11%$+"&"$
z+2'11%$ </#0#2%7#','{$ %&$ ,"#1$ 1%)*#,"1A$ O&$ </#&%#/"$ 237'/F$ 0;"$ +E%8
7'/$+"&"$z0%)+%,"/%1{$)'$%1+"2'$%F$,%<"#1F$)"$&%/+',"$,%$*/'('2E"$
%$"+3<'/$%1<':"1$43%$'1$z+2'11%1$<"<32'/%1{$e$+2'11%$*/'('2E',"/'$%$
z/'2G{$8$);"$<",%/;"$'2+'):'/d$%&$1%73),"$237'/F$/%</",3C%&$*'&(G&$
'$z#)0#1#(#2#,',%{$,"$</"+%11"$1"+#'2$,%$</",3:;"$,%$</#0#2G7#"1$e$43%$

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

2dd

1%$/%'2#C'&$)'$</#0'+#,',%$,"1$2'/%1$e$%$43%$<",%&$z'<'/%+%/{F$<"1*"$
43%$ 13'$ 7-)%1%$ G$ %)+"(%/*'F$ +"&"$ z&G/#*"$ #),#0#,3'2{$ %F$ <"/*')*"F$
+"&"$z&%/%+#&%)*"{$ ,"1$.#2E"1$ ,'1$ +2'11%1$ &G,#'1A$ k3%$ "$ z</#0#2G8
7#"{$'<'/%:'$+"&"$z&%/%+#,"{$G$'$."/&'$%1<%+#.#+'&%)*%$+'<#*'2#1*'$
%$ &",%/)'$ ,%$ 2%7#*#&':;"$ ,'$ ,%1#73'2,',%$ 1"+#'2A$ B$ z+%73%#/'{$ ,"$
%+")"&#+#1&"$GF$<"/*')*"F$,3<2'r$%2'$G$+%7'$%&$/%2':;"$'"1$'1<%+*"1$
,%+#1#0"1$43%$/%</",3C%&$*","1$"1$</#0#2G7#"1d$%$G$+%7'F$*'&(G&F$%&$
/%2':;"$D$.'21'$931*#.#+':;"$1"+#'2$,%$*","1$"1$</#0#2G7#"1A$O&$"3*/'1$
<'2'0/'1F$ "$ %+")"&#+#1&"$ G$ +")7%)#*'&%)*%$ z+")1%/0',"/{F$ <"1*"$
43%$9"7'$@73'$)"$&"#)E"$,'$/%</",3:;"$)"$*%&<"$,%$*","1$"1$</#0#8
2G7#"1$#)931*"1F$9@$$43%$%2%$);"$<"113#$&%#"1$z+#%)*>.#+"1{$,%$+/#*#+'/$'$
#,%"2"7#'$,"$&G/#*"$#),#0#,3'2A
V'1$"1$2#&#*%1$,"$%+")"&#+#1&"$);"$<'/'&$'>A$U$%+")"&#+#1&"$G$
#)+'<'C$'*G$,%$<%/+%(%/$',%43','&%)*%$"$</=</#"$+'<#*'2$%+")N&#+"A$
B$ /%</",3:;"$ ,'1$ +2'11%1$ '2*'1$ e$ 43%$ *-&$ )"$ +'<#*'2$ %+")N&#+"$ 1%3$
%2%&%)*"$</#)+#<'2$)'$23*'$<%2"1$/%+3/1"1$1"+#'#1$%1+'11"1$e$*'&(G&$
,%<%),%$%&$("'$&%,#,'$,%$"3*/"1$+'<#*'#1A$$R"/$%L%&<2"F$3&$/#+"$1%&$
z+'<#*'2$+32*3/'2{$,%$'273&'$%1<G+#%$e$)%&$43%$1%9'$'43%2'$%1<G+#%$,%$
z+32*3/'{$43%$1#7)#.#+'$1'(%/$"1$)"0"1$237'/%1$z%+{$)"$5"E"$%&$Q"0'$
S"/43%F$"$0#)E"$,'$E"/'F$"3$43'2$#2E'$)"$U+%')"$),#+"$G$'7"/'$'$2%7'2$
<'/'$1%$2%0'/$'$'&')*%$e$);"$G$2%0',"$'$1G/#"$<"/$1%31$<'/%1A$B"$z/#+"$
(/")+"{$%1*;"$0%,','1$);"$'<%)'1$'1$#&<"/*')*%1$/%2':?%1$%)*/%$"$+'8
<#*'2$%+")N&#+"$%$"$+'<#*'2$+32*3/'2F$"$43'2$<"11#(#2#*'$'$z)'*3/'2#,',%{$
'$z2%0%C'{F$"$z+E'/&%$<%11"'2{F$*;"$#&<"/*')*%$)"$&3),"$,"1$)%7=+#"1$
+"&"$ %&$ 43'243%/$ "3*/"$ 237'/A$ V'1$ '$ %2%$ %1*;"$ 0%,','1$ *'&(G&$ '1$
/%2':?%1$ +"&$ 3&'$ *%/+%#/'$ ."/&'$ #&<"/*')*%$ ,%$ +'<#*'2$ e$ '#),'$ 43%$
1%+3),@/#'$%&$/%2':;"$'"1$%1*3,',"1$')*%/#"/&%)*%$e$43%$G$"$z+'<#*'2$
1"+#'2$,%$/%2':?%1$<%11"'#1{^_A$o$%1*%$+'<#*'2$43%$<%/&#*%$'43%2%$'&@28
7'&'$%1<%+>.#+"$%)*/%$z#)*%/%11%1$%$'.%*"1{F$*;"$#&<"/*')*%1$<'/'$'$7-8
)%1%$%$/%</",3:;"$,'1$'&#C',%1F$+'1'&%)*"1$%$'2#'):'1$,%$*","$*#<"$)"$

^_$ 6"3/,#%3F$ R#%//%F$ 2! \%/,%+45#F$ x"3t[O,31<F$ IJ^J$ %$ 6"#t%F$ M%E(%#)$ %$ !/E2#+EF$


X%/E'/,F$6"3/,#%3$Z'),(3+Er$Y%(%)F$h%/t%F$h#/t3)7F$sA6A$V%*C2%/F$IJJ_F$<'71A$
^Kp$%$1%73#)*%1F$

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

2dS

#)*%/#"/$,%$3&'$+2'11%$"),%$'$/%</",3:;"$,"1$,#/%#*"1$,%$</"</#%,',%$
G$*;"$,%+#1#0'A$$$$$$$$$$$$$$$$$$$$$
$U$%+")"&#+#1&"$GF$<"/*')*"F$+%7"$%&$/%2':;"$*')*"$D$z%1*/3*3/'$
1"+#'2{F$43%$#&<2#+'$'$+")1#,%/':;"$,%$+'<#*'#1$43%$);"$1%$/%1*/#)7%&$
'"$%+")N&#+"F$+"&"$G$+%7"$%&$0#1*'$,"$<")*"$0%/,',%#/'&%)*%$,%+#8
1#0"$%&$/%2':;"$D1$+2'11%1$1"+#'#1r$'$."/&'$z0%2','{$%$z%)+"(%/*'{$,%$
+"&"$'1$+2'11%1$1"+#'#1$1;"$</",3C#,'1$%$/%</",3C#,'1A$5%$"$%+")"8
&#+#1&"$G$#)+'<'C$,%$<%/+%(%/$'$7-)%1%$%$'$/%</",3:;"$,'1$+2'11%1F$
%2%$ G$ #)+'<'C$ e$ <%2'1$ ,%.#+#-)+#'1$ );"$ ,'1$ z<"1#:?%1$ </"7/%11#1*'1{$
<%11"'#1$,%$1%31$,%.%)1"/%1F$&'1$<%2'$13<%/.#+#'2#,',%$,%$1%3$'<'/'*"$
+")+%#*3'2$e$,%$+"&</%%),%/$43'243%/$.'*"$/%'2&%)*%$#&<"/*')*%$%&$
/%2':;"$D$,#)T&#+'$,'1$+2'11%1$1"+#'#1A$O2%$<",%$'*G$z.'2'/{$,%$+2'11%1$
1"+#'#1F$&'1$13'$+"&</%%)1;"$,%1*%$.%)N&%)"$*;"$,%+#1#0"$%$+%)*/'2$
,#.%/%$&3#*"$<"3+"$,'$."/&'$+"&"$"$1%)1"$+"&3&$]);"a$<%/+%(%$'1$
+2'11%1A$ o$ #11"$ 43%$ <%/&#*%$ 43%$ R"+E&'))$ */'*%$ '<%)'1$ ,"$ &3),"$
,'1$"+3<':?%1$%$<%)1%$%1*'/$".%/%+%),"$3&'$')@2#1%$0%/,',%#/'&%)*%$
+"&</%%)1#0'$,'1$/%2':?%1$,%$+2'11%$)"$6/'1#2$&",%/)"A$o$#11"$43%$
<%/&#*%$ *'&(G&$ QG/#$ .'2'/$ ,%$ z+2'11%1$ %+")N&#+'1{$ e$ %)0"20%),"$
'<%)'1$.'#L'1$,%$/%),'$%$E@(#*"1$,%$+")13&"$8$%$'+E'/$43%$%1*@$z#)8
*%/</%*'),"{$'1$)"0'1$/%2':?%1$,%$+2'11%$,"$6/'1#2$+")*%&<"/T)%"A$$$
W"&"$R"+E&'))$])%&$QG/#a$1%43%/$<?%$+"&"$</"(2%&'$%L<2#+'/$'$
</",3:;"$,%$1%/%1$E3&')"1$,#.%/%)+#'2&%)*%$'<'/%2E',"1F$<%2'$E%/')8
:'$ .'&#2#'/$ 43%$ G$ 1%&</%$ *'&(G&$ 3&'$ E%/'):'$ ,%$ +2'11%$ e$ "3$ 1%9'F$ '$
+")1*/3:;"$ ,"$ z+'<#*'2$ +32*3/'2{$ %1<%+>.#+"$ '$ +','$ +2'11%$ 1"+#'2$ e$ <'/'$
'$+"&<%*#:;"$1"+#'2F$%)*;"$"$</%113<"1*"$,%$43%$%1*'&"1$*/'*'),"$+"&$
3&$z139%#*"$7%)G/#+"{F$#73'2$%&$*",'1$'1$+2'11%1F$G$#)%1+'<@0%2A$R"/$+")8
*'$,#11"F$'$#)0%1*#7':;"$1"(/%$'$%1*/3*3/'$"+3<'+#")'2$);"$,#C$)','$,%$
0%/,',%#/'&%)*%$/%2%0')*%$'+%/+'$,'$,#)T&#+'$,%$+2'11%1$,"$6/'1#2$&"8
,%/)"$<"/43%$)','$1%$1'(%$'+%/+'$,%$13'$7-)%1%$)%&$,%$13'$/%</",3:;"$
)"$*%&<"A$
R"+E&'))$);"$/%1<"),%$e$)'$0%/,',%F$)%&$1%43%/$'*%)*'$e$<'/'$
"$ .'*"$ ,%$ 43%$ '$ 43%1*;"$ </#)+#<'2$ <'/'$ "$ </"(2%&'$ 43%$ %2%$ </=</#"$
43%/$/%1"20%/$G$'$43%1*;"$'+%/+'$,"$z<"/$43%|{$</%+#1'&%)*%$z'43%2'$
+2'11%{$%1*@$+"),%)','$'$%L%/+%/$'43%2%$*#<"$,%$"+3<':;"$%$43'#1$1;"$

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

2dg

"1$.'*"/%1$43%$'$%*%/)#C'&$)%2'A$Q;"$1;"$'1$"+3<':?%1$43%$+/#'&$'1$
+2'11%1$1"+#'#1F$+"&"$<'/%+%$<%)1'/$R"+E&'))F$&'1$G$"$<%/*%)+#&%)8
*"$'$+%/*'$+2'11%$43%$</G8,%+#,%$'$z%1+"2E'{$<"/$+%/*"$*#<"$,%$"+3<'8
:;"A$ V'1$ 1=$ 3&$ %1*3,"$ e$ *%=/#+"$ %$ %&<>/#+"$ e$ ,'$ #)+"/<"/':;"$ ,"1$
,#0%/1"1$*#<"1$,%$z+'<#*'2$+32*3/'2{$<",%$%1+2'/%+%/$"$*#<"$%1<%+>.#+"$
,%$ 1"+#'2#C':;"$ 43%$ <%/&#*%F$ "3$ &%2E"/F$ </G8,%+#,%F$ '$ z%1+"2E'{$ ,%$
</%+#1'&%)*%$D43%2%$*#<"$,%$"+3<':;"A$
5%&$3&$%1*3,"$,'$z1"+#'2#C':;"$')*%/#"/{F$43%$%L<2#+'$'$#)+"/<"8
/':;"$,%$+%/*"$*#<"$,%$+'<#*'2$+32*3/'2F$*%&81%$43%F$)%+%11'/#'&%)*%F$
</%113<"/$43%$*","1$1;"$z#73'#1{F$3&$z0#*#!3$#+#*%$;/{$43%$/%'7%$
1%&</%$,"$&%1&"$&","F$3&$z139%#*"$7%)G/#+"{F$"$43'2$GF$)"$.3),"F$"$
139%#*"$*><#+"$,"$2#(%/'2#1&"$+2@11#+"$e$1%&$<'11',"F$1%&$1"+#'2#C':;"$
</G0#'$%F$<"/*')*"F$1%&$+2'11%$e$43%$"$%+")"&#+#1*'$%)7'9',"$+"&</'$
1%&$1'(%/A$B$1#&<2%1$#)0%1*#7':;"$43')*#*'*#0'$,"$E"/#C")*%$"+3<'8
+#")'2$);"$)"1$%1+2'/%+%$%&$)','$'+%/+'$,"$43%$G$/%'2&%)*%$/%2%0')8
*%F$'#),'$43%$1%9'$3&'$z#)."/&':;"$#&<"/*')*%{$)%1*%$+'&#)E"A$$$$$$$$$$$$$
U$%)7')"$,%$QG/#$G$+"&<2%&%)*'/A$5'(%/$43%$'$<"<32':;"$(/'1#8
2%#/'$1%$,#0#,%$%&$,','1$.'#L'1$,%$/%),'$G$3&'$#)."/&':;"$/%2%0')*%$
<'/'$ 3&'$ <"1*%/#"/$ ')@2#1%$ ,'1$ %1*/3*3/'1$ ,%$ +2'11%$ )"$ 6/'1#2A$ V'1$
z'<%)'1{$#11"A$R"/43%$*'&(G&$QG/#$1%43%/$'*%)*'$e$'$+%73%#/'$+")7-8
)#*'$,%$*",'$<%/+%<:;"$/%,3*"/'&%)*%$%+")"&#+#1*'$,'$/%'2#,',%$1"8
+#'2$e$43%$'$43%1*;"$+%)*/'2$<'/'$"$43%$%2%$43%/$1'(%/$e$%$);"$1'(%$e$G$
<"/$43%$</%+#1'&%)*%$'43%2%$<"/+%)*3'2$,%$#),#0>,3"1$2"7/"3$'1+%)8
,%/$'$"3*/"1$<'*'&'/%1$,%$+")13&"F$%)43')*"$"3*/"1$<%/&')%+%/'&$
"),%$%1*'0'&A$U$*'&')E"$,"$z("21"{$G$3&'$#)."/&':;"$</%2#&#)'/$
/%2%0')*%F$&'1$1%43%/$*"+'$)"$</#)+#<'2A$B$+#-)+#'$,'$1"+#%,',%$*%&$
+"&"$13'$43%1*;"$+%)*/'2$1'(%/$<"/$43%$'1$<%11"'1$1%$+"&<"/*'&$,#8
.%/%)+#'2&%)*%IJA$5%$1'(%&"1$,#11"F$<",%&"1$z')'2#1'/{$%$z#)*%/</%8
*'/{$ '$ 1"+#%,',%F$ ,#C%/$ "),%$ %1*;"$ 1%31$ </"(2%&'1$ %$ <'/'$ "),%$ %2'$
*%),%$#/A$V'1$);"$1'(%&"1$3&$&#2>&%*/"$'$&'#1$'+%/+'$,%1*'$43%1*;"$
1%$+")E%+%&"1$'$&'7)#*3,%$43')*#*'*#0'$,'1$.'#L'1$,%$/%),'$"3$,'$

IJ$ O11'$G$'$,%.#)#:;"$+2@11#+'$,%$V'L$h%(%/$%$1%73#,'$<"/$6"3/,#%3A$g%/$h%(%/F$V'LF$
h#/*1+E'.*$3),$X%1%221+E'.*F$sAWA6A$V"E/F$^_bcF$<'71A$^[KJA

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

2d]

%1*/3*3/'$"+3<'+#")'2F$'#),'$43%$%11'1$#)."/&':?%1$1%9'&$/%2%0')*%1$
+"&"$#)."/&':;"$z</%2#&#)'/{A$

\&'$#)*%/</%*':;"$);"$%+")"&#+#1*'$,'1$+2'11%1$
<"<32'/%1$)"$6/'1#2$W")*%&<"/T)%"

W"&"$#/81%$'2G&$,'$<%/+%<:;"$2#&#*','$%$13<%/.#+#'2$,"$+'<#*'2$%+"8
)N&#+"$%$+"&$#11"$</",3C#/$3&'$<%/+%<:;"$0%/,',%#/'&%)*%$+/>*#+'$,'$
/%'2#,',%$1"+#'2$(/'1#2%#/'|$O11%$."#$</%+#1'&%)*%$"$,%1'.#"$43%$)"1$</"8
<31%&"1$)'1$,3'1$<%143#1'1$43%$/%,3),'/'&$%&$,"#1$*/'('2E"1$<3(2#8
+',"1$13(1%43%)*%&%)*%r$3&$*/'('2E"$1"(/%$"1$z&3#*"$</%+'/#C',"1{$
1"+#'2&%)*%F$43%$+E'&'&"1$</"0"+'*#0'&%)*%$,%$z/'2G{I^d$%$"$*/'('2E"$
1"(/%$"1$z('*'2E',"/%1{IIF$"3$1%9'F$"1$*'&(G&$</%+'/#C',"1$1"+#'2&%)8
*%F$&'1$+"&$&'#"/%1$/%+3/1"1$%$<"11#(#2#,',%$,%$'1+%)1;"$1"+#'2A$
U1$ ,"#1$ %1*3,"1$ ,%0%&$ 1%/$ ')'2#1',"1$ ,%$ &","$ +"&(#)',"r$ 1=$ 1%$
<",%$z+"&</%%),%/{$<"/43%$'273)1$(/'1#2%#/"1$'1+%),%/'&$1"+#'2&%)8
*%$1%$+"&</%%),%&"1$*'&(G&$'1$/'C?%1$43%$#&<"11#(#2#*'/'&$"3*/"1$
(/'1#2%#/"1$,%$'1+%),%/$"3$,%$*%/%&$*#,"$'1+%)1;"$&%)"/A$U1$,"#1$%18
*3,"1$/%</%1%)*'&F$<"/*')*"F$3&$%1."/:"$,%$+"&</%%),%/$%$/%1<"),%/$
D43%2'$43%1*;"$+%)*/'2$e$'$P)#+'$0%/,',%#/'&%)*%$.3),'&%)*'2$e$,%#8
L','$,%$2',"$<%2"$%+")"&#+#1&"F$1%9'$,'$</",3:;"F$1%9'$,"$+")13&"r$
(.%+(&K!#!O;3!]!O;3!.(S!$#*!O;3!(&';+/!(/$3+6(*!3!#;,-#/!+5#r$O11'$G$
'$43%1*;"$,%+#1#0'F$<"1*"$43%$'<%)'1$%2'$<",%$z+"&</%%),%/{$%$z%L<2#8
+'/{$'1$z/'C?%1$</".3),'1F$*')*"$,'$'1+%)1;"F$43')*"$,'$&'/7#)'2#,',%$
1"+#'2{F$'27"$43%$"1$,',"1$%$)P&%/"1$e$43%$1;"$z#)."/&':?%1{$#&<"/8
*')*%1F$&'1F$9'&'#1F$z#)*%/</%*':?%1{$8$<"/$1#$1=$9'&'#1$<",%/;"$.'C%/A
S11"$);"$1#7)#.#+'F$"(0#'&%)*%F$43%$"$+")E%+#&%)*"$%1*'*>1*#+"$);"$
1%9'$.3),'&%)*'2A$R%2"$+")*/@/#"F$)=1$+")1*/3>&"1$)"11"1$z*#<"1$#,%'#1{$
,'1$+2'11%1$<"<32'/%1F$)'1$,3'1$<%143#1'1F$+"&$('1%$%&$+")E%+#&%)*"$
%1*'*>1*#+"F$<"/$3&$2',"F$%$<%2"$1%3$z<"*%)+#'2$1#7)#.#+'*#0"{F$<"/$"3*/"$

I^$ 5"3C'F$s%11GF$%*$'22#F$2!-(&]!8-(/%&3%-(r$43%&$G$%$+"&"$0#0%F$\!VXF$IJJ_A
II$ 5"3C'F$ s%11GF$ %*$ '22#F$ T/! 8(,(&0(6#-3/! Y-(/%&3%-#/r$ Q"0'$ +2'11%$ &G,#'$ "3$ )"0'$
+2'11%$*/'('2E',"/'F$\!VXF$IJ^JA

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

2d`

2',"A$B11#&F$<"/$%L%&<2"F$%1*3,'&"1$'1$%&</%7','1$,"&G1*#+'1F$)"$2#8
0/"$,'$z/'2G{F$<"1*"$43%$^b$,"$*/'('2E"$.%&#)#)"$D$G<"+'$%/'$*/'('2E"$
,"&G1*#+"A$W"&"$43'1%$*",'1$%2'1$%/'&$,'$z/'2G{F$43%$)"$)"11"$%1*3,"$
%1*'*>1*#+"$%1<%+#'2&%)*%$%)+"&%),',"$<'/'$%1*%$2#0/"$'(/')7#'$^[K$,'$
<"<32':;"IKF$#11"$1#7)#.#+'0'$43%$&'#1$,'$&%*',%$,'1$&32E%/%1$,'$/'2G$
%L%/+#'&$'273&'$%1<G+#%$,%$*/'('2E"$,"&G1*#+"A$Q%1*%$+'1"F$+"#)+#,#'$
z1#7)#.#+':;"$ %1*'*>1*#+'{$ %$ z1#7)#.#+':;"$ E%3/>1*#+'{A$ V'1$ )=1$ %1*3,'8
&"1F$*'&(G&F$"1$z+'*',"/%1$,%$<'<%2$%$2#L"{F$<"/$%L%&<2"F$);"$<"/43%$
%2%1$1;"$%1*'*#1*#+'&%)*%$/%2%0')*%1F$&'1$<"/43%$1%3$%1*3,"$&"1*/'F$,%$
&","$%1<%+#'2&%)*%$z%0#,%)*%{F$"3$1%9'F$3&'$1#7)#.#+':;"$zE%3/>1*#+'{F$
,%1*#)','$'$*"/)'/$+2'/'$'$E3&#2E':;"$1"+#'2F$'$.')*'1#'$+"&<%)1'*=/#'$
%$"$'('),")"$,%11'$+2'11%$</%1%)*%$%&$0@/#'1$,'1$"+3<':?%1$&'#1$E38
&#2E')*%1$,'$z/'2G{A
B11#&F$"$+")E%+#&%)*"$%1*'*>1*#+"$G$3&$z&%#"{$%$);"$3&$z.#&$%&$
1#{F$<"1*"$43%$%1*@$z'$1%/0#:"{$,'$)%+%11#,',%$z#)*%/</%*'*#0'{F$"3$1%9'F$
,'43#2"$43%$0'#$<%/&#*#/$/%+")1*/3#/$3&'$/%'2#,',%$43%$);"$G$0#1>0%2$'$
"2E"$)3$,%$&","$)"0"$%$#)G,#*"A$U$43%$E@$,%$)"0"$%$#)G,#*"$)"$2#0/"$
,'$z/'2G{$%$+"&"$%2%$'93,'$'$+"&</%%),%/$&%2E"/$'$'1+%)1;"$1"+#'2$,%$
1%*"/%1$ 1#7)#.#+'*#0"1$ ,'1$ +2'11%1$ <"<32'/%1F$ %)43')*"$ "3*/"1$ .#+'/'&$
<'/'$*/@1|$B$&%3$0%/F$"$43%$E@$,%$)"0"$%$#)G,#*"$)"$%1*3,"$,"1$,%1+2'18
1#.#+',"1$(/'1#2%#/"1$GF$')*%1$,%$*3,"F$'$<%/+%<:;"$,%$43%$%2%1$."/&'&$
3&'$z+2'11%$1"+#'2$%1<%+>.#+'{IpF$+"&$7-)%1%F$/%</",3:;"$%$z.3*3/"$</"8
0@0%2{$1%&%2E')*%A$i')*"$"$1%)1"$+"&3&$+"&"$'$+#-)+#'$,"&#)')*%$
%)*/%$)=1$,%#L'&$,%$<%/+%(%&$%11'$+2'11%$z%)43')*"$+2'11%{$'"$./'78
&%)*@82'$'"$<")*"$,%$*"/)@82'$#//%+")E%+>0%2A$V'1$G$<"11>0%2$,%.#)#82'F$
1%9'$)'$<%/#.%/#'$,'1$7/'),%1$+#,',%1$,"$53,%1*%F$1%9'F$<"/$%L%&<2"F$)"$
1%/*;"$,"$Q"/,%1*%F$+"&"$'$+2'11%$1"+#'2$/%,3C#,'$D$z%)%/7#'$&31+32'/{F$

IK$ 5"3C'F$s%11G$3,!(&&%F$IJJ_F$<'71A$pfK[pb^A
Ip$ k3%$);"$1%$+").3),'$+"&$"1$,#0%/1"1$*/'('2E"1$1"(/%$'$<"(/%C'$%$"1$<"(/%1A$U$
*/'('2E"$')*%/#"/$&'#1$#&<"/*')*%$1"(/%$3&'$+2'11%$,%$,%1+2'11#.#+',"1$%)*/%$)=1$
G$"$+2@11#+"$,%$!2"/%1*')$!%/)'),%1F$B$#)*%7/':;"$,"$)%7/"$)'$1"+#%,',%$,%$+2'11%1F$
*#+'F$^_`bA$Q%1*%$(/#2E')*%$+2@11#+"$,'$5"+#"2"7#'$(/'1#2%#/'F$!2"/%1*')$*%/&#)'$
<"/$+").3),#/$/':'$%$+2'11%$1"+#'2$"$43%$2#&#*'$,%$&","$,%+#1#0"$"$'2+')+%$,%$1%3$
*/'('2E"A$$R'/'$+")E%+%/$&#)E'$+/>*#+'$%&$,%*'2E%F$0%/$5"3C'F$s%11GF$2!$#+/,-;45#!
/#$%(&!6(!/;8$%6(6(+%(F$I$%,#:;"F$+"&$</%.@+#"$,%$BL%2$Z"))%*EF$\!VXF$<'71A$$
^cK$%$1%73#)*%1A

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

2da

<"1*"$43%$);"$,#1<?%$e$"3$);"$,#1<?%$%&$&%,#,'$1#7)#.#+'*#0'$e$,'1$
</G8+"),#:?%1$<'/'$'$z#)+"/<"/':;"$,"$+'<#*'2$+32*3/'2{$#),#1<%)1@0%2$
)"$+'<#*'2#1&"$&",%/)"$<'/'$"$*/'('2E"$)"$&%/+',"$+"&<%*#*#0"A
O11'$+2'11%$GF$<"/*')*"F$z&",%/)'{$<"1*"$43%$."/&','$<%2'$#)+'8
<'+#,',%$%1*/3*3/'2$)'$13'$1"+#'2#C':;"$.'&#2#'/$e$1%&</%$,%$+2'11%$
e$ ,%$ ,#1<"/$ ,"1$ %1*>&32"1$ '.%*#0"1$ %$ ,'1$ </G8+"),#:?%1$ <1>43#+'1F$
+"7)#*#0'1$%$%&"+#")'#1$43%$<"11#(#2#*'&$'$#)+"/<"/':;"$,"$z+")E%8
+#&%)*"$P*#2{$)%+%11@/#"$D$/%</",3:;"$,"$+'<#*'2#1&"$+"&<%*#*#0"A$
W"&"$"$%+")"&#+#1&"F$'//"7')*%&%)*%$&>"<%F$<'/*%$,"$#),#0>,3"$
1%&$<'11',"F$9@$',32*"$%$#73'2$'$*","1$%F$<"/*')*"F$1%&$+2'11%F$%1*'$
43%1*;"$+%)*/'2$1%43%/$G$<%/+%(#,'$+"&"$/%2%0')*%F$'#),'$43%$%2'$0@$
,%+#,#/F$#)+231#0%F$43%$*#<"$,%$139%#*"$%+")N&#+"$1%/@$+/#',"$<%2'1$
,#1*#)*'1$E%/'):'1$,%$+2'11%A$$U$z+'<#*'2$+32*3/'2{$G$+")1*#*3>,"$<"/$
'&('1$ '1$ +"#1'1r$ *')*"$'1$</G8+"),#:?%1$'.%*#0'1$%$<1>43#+'1$<'/'$"$
'</%),#C',"F$ 43')*"$ <%2"$ '</%),#C',"$ %&$ 1#$ ,"$ +")E%+#&%)*"$ 9328
7',"$P*#2A$Q"$+'1"$,'$z/'2G{F$'$+'/-)+#'$%$"$'('),")"$1;"$*'&')E"1$
43%$'$43%1*;"$</#)+#<'2$G$'$,'$'31-)+#'$e$%&$&'#"/$"3$&%)"/$&%,#,'$
e$,"1$</=</#"1$</%113<"1*"1$#),#1<%)1@0%#1$'"$'</%),#C',"$,"$<'<%2$
1"+#'2$,%$z</",3*"/$P*#2{$)"$+")*%L*"$,'$%+")"&#'$+"&<%*#*#0'A$
o$#11"$*'&(G&$43%$.'C$+"&$43%$%11'$+2'11%$);"$1%9'$<'11>0%2$,%$1%/$
+").3),#,'$+"&$"$z23&<%)</"2%*'/#',"{$&'/L#1*'F$"$.'&"1"$z%LG/+#*"$
,%$/%1%/0'$,"$+'<#*'2{F$<"1*"$43%$)"$+'<#*'2#1&"$,"$*%&<"$,%$V'/L$
'$43')*#,',%$,%$z#)+"/<"/':;"$,%$+")E%+#&%)*"{$)%+%11@/#'$'"$*/'8
('2E',"/$%/'$&>)#&'F$*')*"$43%$'*G$+/#'):'1$<",#'&$/%'2#C'/$"$*/'('8
2E"$,'1$*%+%2'7%)1$,%$V')+E%1*%/A$W"&$"$,%1%)0"20#&%)*"$,'1$."/:'1$
</",3*#0'1$,"$+'<#*'2#1&"F$)"$%)*')*"F$ '$ #)+"/<"/':;"$ +/%1+%)*%$ ,%$
+")E%+#&%)*"$'"1$&%#"1$,%$</",3:;"$%L#7%$*'&(G&$43%$43%&$"<%/'$
'1$ &@43#)'1$ e$ <"/$ %L%&<2"F$ "1$ /"(N1$ ,'$ #),P1*/#'$ '3*"&"(#2>1*#+'$
&",%/)'$e$*'&(G&$1%9'$z<%/<'11',"{$<"/$3&'$+%/*'$%+")"&#'$%&"8
+#")'2$%$<"/$+")E%+#&%)*"$*G+)#+"A$U$*/'('2E',"/$&",%/)"$,"$1%*"/$
+"&<%*#*#0"$*%&$43%$*%/$z#)+"/<"/',"{F$"3$1%9'F$*"/)',"$z+"/<"{F$/%8
.2%L"$'3*"&@*#+"$%$)'*3/'2#C',"F$*')*"$'$,#1+#<2#)'$%$"$'3*"+")*/"2%$
)%+%11@/#"$'"$z/#*&"$,'1$&@43#)'1{F$+"&"$"$+")E%+#&%)*"$<'/'$13'$
"<%/':;"$(%&$13+%,#,'A$

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

2S1

o$%11%$*#<"$,%$z#)+"/<"/':;"$,%$+'<#*'2$+32*3/'2{$43%$+'/'+*%/#C'$'1$
+2'11%1$*/'('2E',"/'1$&",%/)'1$%$43%$/%%)+")*/'&"1$)"1$z('*'2E',"8
/%1{$,%$)"11'$<%143#1'A$B$z/'2G{F$'"$+")*/@/#"$e$'#),'$43%$'1$./")*%#/'1$
%)*/%$ '1$ ,#0%/1'1$ +2'11%1$ <"<32'/%1$ )'$ /%'2#,',%$ +")+/%*'$ 1%9'&$ )'$
#&%)1'$&'#"/#'$,"1$+'1"1$&3#*"$.23>,'$eF$<",%$1%/$,%.#)#,'F$<'/'$.#)1$
')'2>*#+"1F$+"&"$'$+2'11%$z'('#L"{$,'$+2'11%$*/'('2E',"/'F$<"1*"$43%$
G$+'/'+*%/#C','F$<'/'$.#)1$')'2>*#+"1F$<%2'$'31-)+#'$,"1$</%113<"1*"1$
'+#&'$ ,%.#)#,"1A$ S11"$ );"$ 1#7)#.#+','F$ "(0#'&%)*%F$ 43%$ %1*'$ +2'11%$
*'&(G&$ );"$ 1%9'$ %L<2"/','A$ O2'$ "$ G$ ,%$ &","$ #)+231#0%$ &3#*"$ &'#1$
+/3%2F$9@$43%$G$9"7','$)'1$z./')9'1$,"$&%/+',"$+"&<%*#*#0"{F$+"),%8
)','$ '$ %L%/+%/$ *","1$ "1$ */'('2E"1$ &'#1$ ,3/"1F$ E3&#2E')*%1F$ 139"1F$
<%1',"1$%$<%/#7"1"1A$!"/'&$%11%1$z*/'('2E',"/%1$*"/)',"1$</%+@/#"1{$
43%$%1*3,'&"1$,3/')*%$"1$43'*/"$')"1$,'$<%143#1'A$
B$+"&</%%)1;"$,'$</".3),#,',%$,'$%L<2"/':;"$1#1*%&@*#+'$,%11%1$
*/'('2E',"/%1$ <%2'1$ +2'11%1$ ,"$ </#0#2G7#"$ )"$ 6/'1#2$ e$ '1$ +2'11%1$ &G8
,#'1$43%$#)+"/<"/'&$+'<#*'2$+32*3/'2$/'/"$%$1".#1*#+',"F$%$'1$+2'11%1$
'2*'1$43%$/%</",3C%&F$')*%1$,%$*3,"F$+'<#*'2$%+")N&#+"$1"($'$."/&'$
,%$ ,#/%#*"$ ,%$ </"</#%,',%$ e$ ."#F$ *'20%CF$ "$ )"11"$ </#)+#<'2$ /%132*',"$
,%$<%143#1'A$S11"$#&<2#+'$1#&<2%1&%)*%$z<",%/$<%/+%(%/{$'$z23*'$,%$
+2'11%1{$)"$+"*#,#')"$,%$*","1$)=1F$"),%$%2'$"<%/'$,%$&","$0%2',"F$
z)'*3/'2#C',"{$%&$z</@*#+'1{$1"+#'#1$1%&$,#1+3/1"$%$1%&$'/*#+32':;"$
+")1+#%)*%F$%F$<"/$#11"$&%1&"F$&3#*"$&'#1$%.#+'C%1$1"+#'2&%)*%A$$
B1$+2'11%1$,"$</#0#2G7#"$%L<2"/'&$%11%$%LG/+#*"$,%$<%11"'1$,#1<"8
)>0%#1$'$.'C%/$,%$43'1%$*3,"A$H%1,%$"$&"*"$("j$43%$%)*/%7'$<#CC'F$'"$
2'0',"/$,%$+'//"1F$'"$*/'('2E',"/$43%$+'//%7'$'$&3,'):'$)'1$+"1*'1F$
'$</"1*#*3*'$<"(/%$43%$0%),%$1%3$+"/<"$<'/'$1"(/%0#0%/F$"3$"$%LG/+#*"$
,%$1%/0#:'#1$,"&G1*#+"1$43%$.'C%&$'$+"&#,'$%$+3#,'&$,"1$.#2E"1$,'$
+2'11%$&G,#'$%$'2*'$43%F$'11#&F$<",%$1%$,%,#+'/$'$%1*3,"1$"3$*/'('2E"1$
&'#1$/%)*@0%#1A$o$%1*%$*%&<"$z/"3(',"{$,%$"3*/'$+2'11%$43%$<%/&#*%$
/%</",3C#/$%$%*%/)#C'/$3&'$/%2':;"$,%$%L<2"/':;"$43%$+"),%)'$3&'$
+2'11%$#)*%#/'$'"$'('),")"$%$'$E3&#2E':;"F$%)43')*"$7'/')*%$'$/%</"8
,3:;"$)"$*%&<"$,'1$+2'11%1$,"$</#0#2G7#"A$
zY3*'$,%$+2'11%1{$);"$G$'<%)'1$'$z7/%0%$1#),#+'2{F$"3$'$/%0"23:;"$
1')7/%)*'$)'1$/3'1$43%$*","1$<%/+%(%&A$O2'$GF$')*%1$,%$*3,"F$"$%L%/8

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

2S2

+>+#"$1#2%)+#"1"$,'$%L<2"/':;"$+")1*/3>,'$%$+")1%)*#,'$1"+#'2&%)*%F$
#)+231#0%$<"/$'("/,'7%)1$+#%)*>.#+'1$43%$e$&'27/',"$'$#)*%):;"F$+"&"$
)"$+'1"$,"$</".A$R"+E&'))$e$);"$,#1<?%$,"1$&%#"1$z+#%)*>.#+"1{$',%8
43',"1$ '$ %11'$ <%/+%<:;"A$ Q;"$ G$ '$ /%</",3:;"$ %1*'*>1*#+'F$ <"/$ &'#1$
(%&$.%#*'F$,'1$"+3<':?%1$(/'1#2%#/'1$ 43%$ 0'#$z<%/&#*#/$ '$<"2#*#C':;"$
+2'11#1*'$ ,"$ .%)N&%)"$ ,%$ */')1."/&':;"$ ,'$ %1*/3*3/'$ 1"+#'2AAA$ ,"$
6/'1#2{Ic$)"$6/'1#2$+"&"$G$'$#)*%):;"$,"$R/".A$R"+E&'))A$B$<%/+%<:;"$
,'$z23*'$,%$+2'11%1{$%L#7%$"1$&%#"1$+#%)*#.#+'&%)*%$',%43',"1$'$#11"A$
OL#7%$*"/)'/$0#1>0%2$'$."/&':;"$%$'$7-)%1%$,'1$+2'11%1$1"+#'#1$e$%F$<"/8
*')*"F$,"$+")93)*"$,%$$+'<#*'#1$43%$#/;"$</G8,%+#,#/$*",'$'$+"&<%*#:;"$
1"+#'2$<"/$/%+3/1"1$%1+'11"1$e$2@$"),%$%2'1$1;"$+")1*#*3>,'1$,%$&","$
&3#*"$%1<%+>.#+"A$
W"&"$'1$+2'11%1$%1*;"$#)*%//%2'+#")','1F$G$'<%)'1$'$<%/+%<:;"$,%$
13'$7-)%1%$%$,%$13'1$/%2':?%1$%1<%+>.#+'1$,%$/%</",3:;"$%$%L<2"/':;"$
e$</%+#1'&%)*%$+"&"$</"+3/'&"1$&"1*/'/$e$43%$<",%$'<"/*'/$+")E%8
+#&%)*"$);"$0#1>0%2$'$"2E"$)3$%F$<"/*')*"F$<%/+%(%/$+").2#*"1$1#1*%&'8
*#+'&%)*%$&'1+'/',"1A$O1*%$G$"$<")*"$,%+#1#0"A$B$*%1%$+%)*/'2$,"$2#0/"$
,'$z/'2G{$G$43%$'$z23*'$,%$+2'11%1$&'#1$#&<"/*')*%{$%F$'"$&%1&"$*%&<"F$
'$&'#1$%1+'&"*%','$%$#)0#1>0%2$,"$6/'1#2$+")*%&<"/T)%"$G$'$%L<2"/'8
:;"$1#1*%&@*#+'$%$+"*#,#')'$,"1$)"11"1$,%1+2'11#.#+',"1$1"+#'#1F$"$43%$
'<%)'1$+")*/#(3#$<'/'$13'$/%</",3:;"$)"$*%&<"A$Q;"$%L#1*%$)%)E3&$
z</"(2%&'$/%'2{$43%$1%9'$%1<%+>.#+"$,"$6/'1#2$%$,%$<'>1%1$%&$+"),#:;"$
1%&%2E')*%$43%$);"$',0%)E'$,"$'('),")"$,%1*'$+2'11%IfA$$$$
\1'&"1$"$&%1&"$&G*","$)"$%1*3,"$,'$+2'11%$43%$+E'&'&"1$,%$
z('*'2E',"/%1{A$ B43#$ '$ 43%1*;"$ ."#$ *%)*'/$ <%/+%(%/$ +"&"$ G$ <"11>0%2$
/%0%/*%/$"$+>/+32"$0#+#"1"$,%$'(31"$1%L3'2$7%)%/'2#C',"F$#)1*/3&%)8
*'2#C':;"$,"1$&'#1$./'+"1$<%2"1$&'#1$."/*%1F$('#L'$'3*"%1*#&'F$('#L'$
+'<'+#,',%$ ,%$ +")+%)*/':;"$ %$ '3*"+")*/"2%F$ %*+AF$ 43%$ +'/'+*%/#C'$ "$
+"*#,#')"$,%$&3#*'1$,'1$.'&>2#'1$,'$z/'2G{F$%$'1$+"),%)'&$'$3&'$0#,'$
1%&$.3*3/"$%$1%&$%1<%/'):'A$zB1+%),%/$1"+#'2&%)*%{$1=$G$<"11>0%2$'$

Ic$ R"+E&'))F$%8%6F$<'7A$bA
If$ k3%$1%$<%)1%$)'$]#)a1%73/'):'$<P(2#+'F$)"$z7'/7'2"$,'$&;"$,%$"(/'$43'2#.#+','{F$
)"1$</"(2%&'1$,'$1'P,%$%$,'$%,3+':;"$<P(2#+'1F$%*+A$$

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

2S0

43%&$2"7/'$#)+"/<"/'/$'1$</G8+"),#:?%1$43%$"$+'<#*'2#1&"$'*3'2$</%18
13<?%&$<'/'$'$+/%1+%)*%$#)+"/<"/':;"$,%$,#1*#)*'1$."/&'1$,%$+")E%8
+#&%)*"$%$,%$+'<#*'2$+32*3/'2$+"&"$z<"/*'$,%$%)*/','{$%&$43'243%/$,%$
1%31$1%*"/%1$+"&<%*#*#0"1A$B$z./")*%#/'{$%)*/%$z/'2G{$%$z('*'2E',"/%1{$
e$'$43'2$G$1%&</%$.23>,'$)'$/%'2#,',%$+")+/%*'F$%&("/'F$')'2#*#+'&%)8
*%F$<'/'$%.%#*"1$,%$+"&</%%)1;"F$1%9'$#&<"/*')*%$%).'*#C'/$"$+")*/'1*%$
e$%1*@$1#*3','$</%+#1'&%)*%$)'$<"11#(#2#,',%$,'$#)+"/<"/':;"$<%2"1$
('*'2E',"/%1$,"1$</%113<"1*"1$<'/'$"$'</%),#C',"$%$"$*/'('2E"$43%$
.'2*'&$D$z/'2G{A
V'1$<"/$43%$.'2*'$'$3)1$"$43%$G$<"11>0%2$'$"3*/"1$)'1$.23>,'1$./")8
*%#/'1$,'1$+2'11%1$<"<32'/%1|$B$/%1<"1*'$,%11'$43%1*;"$%L#7%$"$<'11"$
*%=/#+"$43%$*"&'&"1$)'$)"11'$<%143#1'$,%$+/#*#+'/$%$+"&<2%&%)*'/$"$
%143%&'$z3*#2#*'/#1*'{$,"1$+'<#*'#1$%&$6"3/,#%3A$B#),'$43%$'$0%/1;"$
%)/#43%+#,'$,"1$+'<#*'#1$%&$6"3/,#%3$<"11#(#2#*%$43%$1%$+"&</%%),'$
"$z+@2+32"{$%$'$z%1*/'*G7#'{$,%$#),#0>,3"1$%$+2'11%1$)"$+'<#*'2#1&"F$"$
+"&<"/*'&%)*"$1"+#'2$);"$G$'<%)'1$z3*#2#*@/#"{A$B1$<%11"'1$*'&(G&$
</%+#1'&$,"*'/$13'$0#,'$,%$z1%)*#,"{F$,%$"),%$/%*#/'&$*')*"$'$'3*"8
%1*#&'$43')*"$"$/%+")E%+#&%)*"$1"+#'2$<'/'$"$43%$1;"$%$"$43%$.'C%&A$$
Q"$%1*3,"$,'1$+2'11%1$<"<32'/%1$%11'$,#&%)1;"$G$.3),'&%)*'2r$<"/$
43%$ "$ 43%$ 1%$ /%*#/'$ ,"1$ ,"&#)',"1$ 1"+#'2&%)*%$ );"$ 1;"$ '<%)'1$ "1$
z&%#"1$&'*%/#'#1{A$U$,"&>)#"$<%/&')%)*%$,%$+2'11%1$1"(/%$"3*/'1$%L#8
7%$43%$'1$+2'11%1$,"&#)','1$1%$0%9'&$+"&"$z#).%/#"/%1{F$</%73#:"1'1F$
&%)"1$+'<'C%1F$&%)"1$#)*%2#7%)*%1F$&%)"1$G*#+'1F$</%+#1'&%)*%$"$43%$
/%%)+")*/'&"1$%&$*",'1$'1$)"11'1$%)*/%0#1*'1A$5%$"$,"&#)',"$1"+#'28
&%)*%$ );"$ 1%$ +")0%)+%$ ,%$ 13'$ #).%/#"/#,',%$ );"$ %L#1*%$ ,"&#)':;"$
1"+#'2$<"11>0%2I`A$$
R/%+#1'&%)*%$<'/'$<%/+%(%/&"1$',%43','&%)*%$'$,"/$%$"$1"./#8
&%)*"$E3&')"1$%)0"20#,"1$)%1*'$+"),#:;"F$)=1$'+/%1+%)*'&"1$e$D$
,#&%)1;"$ ("3/,#%31#')'$ z3*#2#*'/#1*'{$ ,'$ *%"/#'$ ,"1$ +'<#*'#1$ 43%$
);"$ 1%$ /%,3C%&$ '"$ +'<#*'2$ %+")N&#+"$ e$ '$ ,#&%)1;"$ z0'2"/'*#0'{$
,"$43%$'1$1"+#%,',%1$&",%/)'1$9327'&$1%/$'$z("'$0#,'{A$o$'$)":;"$
z</@*#+'{$,%$z("'$0#,'{$43%$,%.#)%$"$43%$G$'$z0#/*3,%{$%F$<"/*')*"F$

I`$ O11'$*'&(G&$G$3&'$*%1%$+2@11#+'$,%$V'L$h%(%/A$g%/$h%(%/F$%8%6F$<'71A$^II[^`fA

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

2S3

"$43%$<%/.'C$3&$#),#0>,3"$,#7)"$,%$/%1<%#*"$"3$,%$,%1</%C"A$O11'$
,#&%)1;"$G$#&<2>+#*'$%$);"$'/*#+32','F$&'1$*","1$)=1$)"1$9327'&"1$
%$9327'&"1$"1$"3*/"1$('1%',"1$)%2'$'1$Ip$E"/'1$,"$,#'A$\*#2#C'&"1$
'$/%+")1*/3:;"$,"$.#2=1"."$1"+#'2$+')',%)1%$WE'/2%1$i'j2"/IbF$43%$
&"1*/'F$+"&"$)%)E3&$"3*/"F$'$/%2%0T)+#'$,%11'1$+'*%7"/#'1$43%$1%$
*"/)'/'&$ z#)1*#*3#:?%1{$ %F$ <"/*')*"F$ z</@*#+'$ )'*3/'2#C','{$ %$ #//%8
.2%*#,'$)"$&3),"$&",%/)"A$R'/'$i'j2"/F$'11#&$+"&"$<'/'$V'L$h%8
(%/I_F$9327'&"1$1"+#'2&%)*%$3)1$'"1$"3*/"1$('1%',"1$)'1$.#73/'1$,"$
z</",3*"/$P*#2{$%$,'$z<%/1")'2#,',%$1%)1>0%2{A$U$z%.%#*"$,%$,#1*#)8
:;"{$ </",3C#,"$ <%2'$ )":;"$ #&<2>+#*'$ ,%$ z<%/1")'2#,',%$ 1%)1>0%2{$
."#$'$('1%$,"$%1*3,"$&'#1$(/#2E')*%$,%$6"3/,#%3$'+%/+'$,'1$23*'1$
,%$+2'11%$)'$!/'):'KJA$$$$$$
Q"1$)"11"1$%1*3,"1$,'1$+2'11%1$<"<32'/%1$(/'1#2%#/'1F$</"+3/'&"1$
*"/)'/$"<%/'+#")'2$"$+")+%#*"$,%$z,#7)#,',%{$,"$</",3*"/$P*#2A$zH#78
)#,',%{F$'43#F$G$3&$+")+%#*"$z</"+%,3/'2{$%$);"$13(1*')*#0"F$"3$1%9'F$
%2%$);"$zG{$3&$z0'2"/$&"/'2$%1<%+>.#+"{F$&'1$3&$z+")93)*"$,%$+'/'+8
*%/>1*#+'1$<1#+"11"+#'#1$#)+"/<"/','1$</'*#+'&%)*%{$'.%*#0'1F$%&"+#"8
)'#1$ %$ +"7)#*#0'1$ 43%$ .'C%&$ +"&$ 43%$ *')*"$ '$ z'3*"%1*#&'{$ <%11"'2F$
43')*"$ "$ z/%+")E%+#&%)*"{$ 1"+#'2$ 1%9'&$ <"11>0%#1A$ o$ %11'$ z1%2%:;"$
</@*#+'{$43%$43'243%/$%)*/%0#1*'$,%$%&</%7"$)"$&%/+',"$"3$43'243%/$
</"0'$,%$+")+3/1"$<P(2#+"$</"+3/'$.'C%/A$o$'$&%1&'$1%2%:;"$43%$.'C%8
&"1$*","1$"1$,#'1$'+%/+'$,%$43%&$'<%/*'&"1$'$&;"$"3$,%$43%&$%0#8
*'&"1$'*G$'$31'/$'$&%1&'$+'2:','A$O11'$,#&%)1;"$G$*;"$z%)+"(%/*'{$%$
z%1+'&"*%','{$43')*"$'$,#&%)1;"$,"1$+'<#*'#1$);"$%+")N&#+"1A$H'>$
43%$'$/%'2#,',%$1"+#'2$*%)E'$43%$1%/$z/%+")1*/3>,'{$,%$&","$)"0"$%&$
<%)1'&%)*"$<'/'$43%$.':'$1%)*#,"A
B1$+2'11%1$<"<32'/%1$);"$1;"$'<%)'1$,%1<"113>,'1$,"1$+'<#*'#1$43%$
</G8,%+#,%&$'$E#%/'/43#'$1"+#'2A$R'#/'$1"(/%$'1$+2'11%1$<"<32'/%1$*'&8

Ib$ i'j2"/F$WE'/2%1F$5"3/+%1$".$*E%$1%2.r$*E%$&'t#)7$".$&",%/)$#,%)*#*jF$Z'/0'/,F^_b_A$
I_$ B1$+G2%(/%1$.#73/'1$,"$z%1<%+#'2#1*'$1%&$%1<>/#*"{$%$,"$zE%,")#1*'$1%&$+"/':;"{F$
)"$ .#)'2$ ,"$ 2#0/"$ 1"(/%$ '$ G*#+'$ </"*%1*')*%F$ /%.%/%&81%$ '$ <'<G#1$ 1"+#'#1$ &3#*"$
</=L#&"1$'"$,%1%)0"20#,"1$<"/$i'j2"/A$g%/F$h%(%/F$V'LF$H#%$</"*%1*')*#1+E%$O*E#t$$
3),$,%/$X%#1*$,%1$t'<#*'2#1&31F$sAWA6A$V"E/F$^_pbA
KJ$ 6"3/,#%3F$R#%//%F$2!6%/,%+45#F$x"3t[OH\5RF$IJ^JA$$

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

2Sd

(G&$"$.')*'1&'$,%$13'$#)+'<'+#,',%$,%$z1%/$7%)*%{$%$"$%1*#7&'$,%$1%/$
z#),#7)"{F$ ,/'&'$ </%1%)*%$ %&$ 2#*%/'2&%)*%$ *",'1$ '1$ %)*/%0#1*'1A$ B1$
+2'11%1$+"&$%11'$z#)1%73/'):'$7%)%/'2#C','{F$+"&"$'$z/'2G{$%$("'$<'/*%$
,"1$z('*'2E',"/%1{F$%1*;"$,#0#,#,'1$#)*%/)'&%)*%$%)*/%$"$z<"(/%$E")%18
*"{F$43%$'+%#*'$'1$/%7/'1$,"$9"7"$43%$"$%L+23#F$%$"$z<"(/%$,%2#)43%)*%{F$"$
('),#,"$)"$+'1"$,"$E"&%&F$%$'$</"1*#*3*'$)"$+'1"$,'$&32E%/A$B$&'#"8
/#'$ %1&'7',"/'$ ,'1$ .'&>2#'1$ <"(/%1$ +")0#0%$ +"&$ %11'$ 1"&(/'$ %$ +"&$
%11'$'&%':'F$+"&"$'$&;%$,'$</"1*#*3*'$43%$'$131*%)*'0'$%$43%$,#C#'$D$
.#2E'$%&$3&'$,#1+311;"r$z9@$.#C$,%$*3,"$)'$0#,'F$&#)E'$.#2E'F$&'1$<3*'$
%3$)3)+'$.3#{K^A$W"&"$"$z%1*#7&'$,'$#),#7)#,',%{$'&%':'$'$*","1F$0'2%$
43'243%/$+"#1'$+")*/'$43%&$43%/$43%$1%9'$<'/'$1%$+")1%73#/$3&$'2>0#"$
&"&%)*T)%"$,%$*'&')E'$0#"2-)+#'$1#&(=2#+'A$$
B11#&F$ '1$ +2'11%1$ ,"$ </#0#2G7#"$ );"$ ,#1<?%&$ '<%)'1$ ,"1$ +'<#*'#1$
',%43',"1$ <'/'$ 0%)+%/$ )'$ ,#1<3*'$ 1"+#'2$ <"/$ /%+3/1"1$ %1+'11"1F$ &'1$
,#1<?%&$*'&(G&$,'$'3*"+").#'):'$,%$43%&$*%0%$*","1$"1$+3#,',"1$)'$
.'&>2#'F$,%$43%&$z1'(%{$43%$./%43%)*"3$'$&%2E"/$%1+"2'F$43%$<"113#$'$
z)'*3/'2#,',%{$<'/'$z.'2'/$(%&{$2>)73'1$%1*/')7%#/'1F$43%$+")*'$+"&$'1$
%+")"&#'1$,"$<'#$<'/'$43'243%/$%0%)*3'2#,',%$"3$./'+'11"F$43%$+")*'$
+"&$z%L%&<2"1$(%&$13+%,#,"1{$)'$.'&>2#'A$i3,"$#11"$G$*'&(G&$.")*%$
,%$ /%+3/1"1$ z0'2"/'*#0"1{$ +"&"$ '$ z+/%):'$ %&$ 1#$ &%1&"{F$ </",3*"$ ,%$
3&'$ '3*"+").#'):'$ ,%$ +2'11%F$ *;"$ )%+%11@/#'$ <'/'$ %)./%)*'/$ *",'1$ '1$
#)%0#*@0%#1$#)*%&<G/#%1$%$./'+'11"1$%0%)*3'#1$,'$0#,'$1%&$+'#/$)"$'28
+""2#1&"$ %$ )"$ ,%1%1<%/"F$ %$ 313./3#/$ ,"$ z/%+")E%+#&%)*"$ 1"+#'2{$ ,"1$
"3*/"1$+"&"$'27"$*;"$)'*3/'2$+"&"$43%&$/%1<#/'A$$$$
B1$+2'11%1$<"<32'/%1F$'"$+")*/@/#"F$);"$,#1<?%&$,%$)%)E3&$,"1$</#8
0#2G7#"1$,%$)'1+#&%)*"$,'1$+2'11%1$&G,#'$%$'2*'A$B$1"+#'2#C':;"$.'&#2#'/$
G$&3#*'1$0%C%1$,#1/3<*#0'F$'$%1+"2'$G$<#"/$%F$&3#*'1$0%C%1F$+")1%73%$#)8
+3*#/$+"&$13+%11"$z#)1%73/'):'{$)'$</=</#'$+'<'+#,',%KIF$"1$%L%&<2"1$
(%&$13+%,#,"1$)'$.'&>2#'$1;"$&3#*"$&'#1$%1+'11"1F$43'),"$);"$#)%L#18
*%)*%1F$43'1%$*","1$)%+%11#*'&$*/'('2E'/$&3#*"$+%,"$%$);"$,#1<?%&$,%$

K^$ g%/$ */'('2E"$ ,%$ R'*/>+#'$ V'**"1$ %&$ 5"3C'F$ s%11G$ %*$ '22#F$ %8%6F$ IJJ_F$ <'71A$ ^`K$ %$
1%73#)*%1A$
KI$ g%/$ i/'('2E"$ ,%$ Y"/%)'$ !/%#*'1$ %&$ 5"3C'F$ s%11G$ %*$ '22#F$ %8%6F$ IJJ_F$ <'71A$ Ib^$ %$
1%73#)*%1A

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

2SS

*%&<"$<'/'$%1*3,"1F$"$'2+""2#1&"F$./3*"$,"$,%1%1<%/"$+"&$'$0#,'F$"3$"$
'(31"$1%L3'2$1#1*%&@*#+"$1;"$*'&(G&$z1"(/%/%</%1%)*',"1{$)'1$+2'11%1$
<"<32'/%1A$ U1$ %.%#*"1$ ,%11%$ <")*"$ ,%$ <'/*#,'$ '+'//%*'&$ 43%$ '$ #)+"/8
<"/':;"$,'$*/>',%$$,#1+#<2#)'F$'3*"+")*/"2%$%$<%)1'&%)*"$</"1<%+*#0"F$
43%$%1*@$</%113<"1*'$*')*"$%&$43'243%/$</"+%11"$,%$'</%),#C',"$)'$%18
+"2'$43')*"$%&$43'243%/$*/'('2E"$</",3*#0"$)"$&%/+',"$+"&<%*#*#0"F$
1%9'$<'/+#'2$%$#)+"&<2%*"$"3$'*G$#)%L#1*%)*%A$
5%&$,#1+#<2#)'$%$'3*"+")*/"2%$G$#&<"11>0%2F$<"/$%L%&<2"F$1%$z+")8
+%)*/'/{$)'$%1+"2'd$,'>$43%$"1$&%&(/"1$,'$z/'2G{F$43%$')'2#1'&"1$)"$
)"11"$2#0/"$')*%/#"/$1"(/%$%11'$+2'11%F$,#C#'&$/%<%*#,'&%)*%$43%$z.#8
*'0'&{$"$43',/"$)%7/"$<"/$E"/'1$'$.#"$1%&$'</%),%/A$O11'$z0#/*3,%{$
);"$ G$ )'*3/'2F$ +"&"$ <%)1'$ "$ %+")"&#+#1&"F$ &'1$ 3&$ z'</%),#C',"$
,%$+2'11%{A$$R"/$"3*/"$2',"F$1%&$<%)1'&%)*"$</"1<%+*#0"$e$"3$1%9'F$'$
0#1;"$,%$43%$"$.3*3/"$G$&'#1$#&<"/*')*%$43%$"$</%1%)*%$e$);"$%L#1*%$
1%43%/$'$<"11#(#2#,',%$,%$+"),3:;"$/'+#")'2$,'$0#,'$<%2'$#&<"11#(#8
2#,',%$,%$+@2+32"$%$,%$<2')%9'&%)*"$,'$0#,'$<%2'$</#1;"$)"$z'43#$%$
'7"/'{A$$
Q"$ +")*%L*"$ ,'1$ +2'11%1$ <"<32'/%1F$ )"11"$ %1*3,"$ ,"1$ ('*'2E',"8
/%1$1%$+")+%)*/"3$)'$,%*%/&#)':;"$,'1$./")*%#/'1$43%$"1$1%<'/'&$,'$
z/'2G{F$<"/$3&$2',"F$%$,'$+2'11%$&G,#'$0%/,',%#/'F$<"/$"3*/"A$U(1%/0'8
&"1F$<"/$%L%&<2"F$.")*%1$#&<"/*')*%1$,%$z'3*"+").#'):'{$#),#0#,3'2$
%$,%$1"2#,'/#%,',%$.'&#2#'/$('1%','$)'$1"+#'2#C':;"$/%2#7#"1'F$*%&'1$
)%7',"1$<"/$%1*3,#"1"1$+")1%/0',"/%1KKA$U$*#<"$,%$/%2#7#"1#,',%$<%)8
*%+"1*'2F$ +/%1+%)*%&%)*%$ #&<"/*')*%$ )'1$ +2'11%1$ <"<32'/%1$ (/'1#2%#8
/'1F$*%),%$'$1%/F$)"1$z('*'2E',"/%1{F$,"&#)',"$<%2'1$,%)"&#)':?%1$
&'#1$ zG*#+'1{$ e$ '"$ +")*/@/#"$ ,'$ z/'2G{F$ %&$ 43%$ </%,"&#)'&$ '1$ ,%8
)"&#)':?%1$&'#1$z&@7#+'1{$,"$<%)*%+"1*'2#1&"$e$%&$43%$'$z/%732'8
:;"$ /'+#")'2$ ,'$ 0#,'$ +"*#,#')'{$ %$ '$ z+/%):'$ )'$ </=</#'$ +'<'+#,',%{$
<'11'&$'$1%/$"$0'2"/$&@L#&"KpA$S11"$#&<2#+'F$)"1$&%2E"/%1$+'1"1F$)'$

KK$ g%/$&#)E'$+/>*#+'$'"$*/'('2E"$,%$Y'&"3)#%/F$6"2>0'/$%$5"3C'F$B&'3/jF$2!$&(//3!
*]6%(!8-(/%&3%-(r$'&(#:?%1F$0'2"/%1$%$</"9%*"1$,%$1"+#%,',%F$W'&<31[WQSF$IJ^JF$
%&$5"3C'F$s%11G$%*$'22#F$#(#,F$IJ^JF$<'71$Kp_$%$1%73#)*%1A$
Kp$ g%/$"$*/'('2E"$,%$B/%)'/#F$6/'),$%$H3*/'F$M"(%/*"F$%&$5"3C'F$s%11G$%*$'22#F$%8%6F$
IJ^JF$<'71A$K^^$%$1%73#)*%1A

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

2Sg

<"11#(#2#,',%$ ,%$ 1%$ +")43#1*'/$ *'/,#'&%)*%$ %1*>&32"1$ &"/'#1$ %$ '.%8


*#0"1$ 43%F$ )'1$ +2'11%1$ ,"$ </#0#2G7#"F$ G$ ,',"$ <%2"$ E"/#C")*%$ .'&#2#'/$
%&$*%)/'$#,',%A$U$(%2"$%1*3,"$,%$V'/#'$,%$Y"3/,%1$V%,%#/"1$&"1*/'$
+"&"$ *'&(G&$ '$ #7/%9'$ +'*=2#+'$ )"$ #)*%/#"/$ ,"$ Q"/,%1*%$ <",%$ 1%/0#/$
,%$ #)+"/<"/':;"$ ,%$ 1=2#,'$ G*#+'$ ,"$ */'('2E"$ <'/'$ &3#*'1$ .'&>2#'1KcA$
B$/%2#7#;"$*'&(G&$<",%$1%/$$.3),'&%)*'2$)'$/%,%.#)#:;"$,'$G*#+'$,"$
*/'('2E"$,%$&32E%/%1$43%$"$/'+#1&"$E'0#'$+"),%)',"$'"$,%1*#)"$,%$
"(9%*"$1%L3'2KfA$$$$
B11#&F$,"$&%1&"$&","$43%$'$);"$#)+"/<"/':;"$.'&#2#'/F$%1+"2'/$%$
1"+#'2$,"1$</%113<"1*"1$,%$43'243%/$'</%),#C',"$%$*/'('2E"$&",%/)"$
G$ "$ 43%$ </",3C$ %$ /%</",3C$ '$ /'2GF$ "1$ z('*'2E',"/%1{$ /%</%1%)*'&$ '$
./':;"$ ,'1$ +2'11%1$ <"<32'/%1$ 43%$ 2"7/'/'&$ 1'#/$ ,%1*%$ +>/+32"$ 0#+#"8
1"A$W"&"$'1$./")*%#/'1$'43#$1;"$&3#*"$.23>,'1F$#11"$1#7)#.#+'$43%$);"$
%L#1*%$ z+2'11%$ +"),%)','{$ <'/'$ 1%&</%A$ W"&$ +"),#:?%1$ <"2>*#+'1$ %$
%+")N&#+'1$.'0"/@0%#1F$"1$1%*"/%1$43%$2"7/'/'&$#)+"/<"/'/F$1%9'$<"/$
1"+#'2#C':;"$/%2#7#"1'$*'/,#'F$1%9'$<"/$<%/*%)+%/%&$'$.'&>2#'1$+"&<'8
/'*#0'&%)*%$ &'#1$ (%&$ %1*/3*3/','1$ e$ &'27/',"$ "$ <")*"$ ,%$ <'/*#,'$
,%10')*'9"1"$ +"&3&$ '$ *",'1$ '1$ +2'11%1$ <"<32'/%1$ e$ '$ #)+"/<"/':;"$
,'1$</G8+"),#:?%1$<'/'$"$,%1%&<%)E"$,"$<'<%2$1"+#'2$,"$z*/'('2E'8
,"/$P*#2{F$<",%&$'1+%),%/$1"+#'2&%)*%A$$
B2G&$,'$#&<"/*T)+#'$#)%7@0%2F$<'/'$+2'11%1$1"+#'2&%)*%$*;"$./@7%#1F$
,'$ 0'/#@0%2$ /%2#7#"1'F$ </"+3/'&"1$ <%/+%(%/$ '$ ,#)T&#+'$ %$ "1$ %.%#*"1$
,'$#)+"/<"/':;"F$'#),'$43%$*'/,#'F$.'&#2#'/$%$%L*/'.'&#2#'/F$,"1$</%18
13<"1*"1$%&"+#")'#1F$'.%*#0"1F$&"/'#1$%$+"7)#*#0"1$<'/'$'$z':;"$%+"8
)N&#+'$/'+#")'2{$)'1$+2'11%1$<"<32'/%1A$O1*%$G$"$+'&#)E"$"<"1*"$,%$
*",'$."/&'$,%$%+")"&#+#1&"$43%$1#&<2%1&%)*%$z</%113<?%{$%F$<"/8
*')*"F$z)'*3/'2#C'{$"$z'*"/$%+")N&#+"$3)#0%/1'2{F$%1+"),%),"$'$z23*'$
,%$+2'11%1{$43%$#&<2#+'F$</%+#1'&%)*%F$3&'$#)+"/<"/':;"$,#.%/%)+#'2$
%$1%2%*#0'$,%11%1$</%113<"1*"1A$B$&'#"/$<'/*%$,"$2#0/"F$#)+231#0%F$1%$
,%,#+'$'$+"&</%%),%/F$2%0'),"$%&$+")*'$'1$,%10')*'7%)1$,"$<")*"$

Kc$ g%/$ "$ */'('2E"$ ,%$ V'/#'$ ,%$ Y"3/,%1$ ,%$ V%,%#/"1F$ %&$ 5"3C'F$ s%11G$ %*$ '22#F$ %8%6F$
IJ^JF$<'71A$^__$$%$1%73#)*%1A
Kf$ g%/$"$*/'('2E"$,%$H9'&#2'$U2#0G/#"F$%&$5"3C'F$s%11G$%*$'22#F$%8%6K$IJ^JF$<'71A^`K$%$
1%73#)*%1A

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

2S]

,%$<'/*#,'$,'1$+2'11%1$<"<32'/%1r$+"&"$1%$'</%),%F$)'$z</@*#+'{F$+"&$
%//"1$%$'+%/*"1F$<"/$%L%&<2"F$'$z1%/$3&$*/'('2E',"/{$"3$'$+'2+32'/$%$'$
',&#)#1*/'/$3&$<%43%)"$)%7=+#"$,%$3&$*/'('2E',"/$'3*N)"&"K`|$U3F$
'#),'F$)'$,#&%)1;"$&'#1$<"2>*#+'$%$1"+#'2F$*%)*'/$/%1<"),%/$D$43%1*;"$
'+%/+'$,'1$('1%1$,'$1"2#,'/#%,',%$.'&#2#'/$</%113<"1*'$)'1$<%43%)'1$
3)#,',%1$</",3*#0'1A$U3$'#),'$,%$+"&"$"$*/'('2E',"/$."/&'2F$&'1F$
</%+@/#"F$%1<%+#'2&%)*%$,"1$1%/0#:"1$%$,"$+"&G/+#"KbF$G$*"/)',"$/%.G&$
,%$3&'$2%7#*#&':;"$,%$3&$)"0"$*#<"$,%$+'<#*'2#1&"$43%$1%$%L<'),%$
</%+#1'&%)*%$<'/'$%11'1$@/%'1$,"$+'<#*'2#1&"$&",%/)"K_A
U$)"11"$2#0/"$*/'*"3$,'$'1+%)1;"$1"+#'2F$<"/*')*"F$+"&"$3&$+")8
+%#*"$ z/%2'+#")'2{A$ k3'),"$ 1%$ */'*'$ "$ *%&'$ ,'$ '1+%)1;"$ ,%$ &')%#/'$
/%2'+#")'2$ G$ <"11>0%2$ <%/+%(%/F$ <"/$ %L%&<2"F$ +"&"$ '$ '1+%)1;"$ *'&8
(G&$*/'C$+")1#7"$1"./#&%)*"F$%1."/:"F$'11#&$+"&"$"$</=</#"$&%,"$,%$
3&'$ <"11>0%2$ ,%1+2'11#.#+':;"$ 1"+#'2$ .3*3/'A$ 5%$ */'*'&"1$ "$ *%&'$ ,'$
'1+%)1;"$1"+#'2$,%1*'$&')%#/'F$."#$<'/'$,%&")1*/'/$43%$'1+%)1;"$);"$
G$3&'$+'*%7"/#'$2#)%'/$,%$3&$<")*"$'"$"3*/"F$+"&"$3&$z*/%&$1"+#'2{$
43%$1%$<%7'$,%$3&'$+2'11%$D$"3*/'A$O2'$);"$G$3&'$z('2'{$43%$0'#$,%$3&$
<")*"$'$"3*/"$1%&$%)+")*/'/$"(1*@+32"A$$k3'243%/$%)*/%0#1*'$)"$2#0/"$
+"&</"0'$#11"A$R'/'$2%0'/$"$+")+%#*"$'$1G/#"F$*%&"1$43%$+")1#,%/'/$'$
'1+%)1;"$1"+#'2$+"&"$3&'$</@*#+'$%&$+")1*')*%$/%'.#/&':;"F$3&$9"7"$
1"+#'2F$+39"1$<'/*#+#<')*%1$1;"$<"1*"1$D$</"0'$'$*","$"$&"&%)*"$+"&$
"$.')*'1&'$,'$43%,'$1"+#'2$%$,'$,%1+2'11#.#+':;"$1%&</%$D$%1</%#*'A$
V'1$*%&"1$'$+2'/'$+"&</%%)1;"$,%$43%$"$)"11"$</=</#"$*/'('2E"$
."#$'<%)'1$3&'$</#&%#/'$'</"L#&':;"$)%1*%$E"/#C")*%$*;"$)"0"$%$*;"$
,%1+")E%+#,"A$ 5%/#'$ &3#*"$ ,%1%9@0%2$ 1%$ "1$ %1*3,"1$ %1*'*>1*#+"1$ (%&$
.%#*"1$<3,%11%&$1%/$'11"+#',"1$'$*/'('2E"1$1"+#"2=7#+"1$&'#1$/%.#)'8
,"1$<'/'$"1$%1*3,"1$<"1*%/#"/%1$,"1$,#0%/1"1$z'&(#%)*%1$1"+#'#1{F$"1$
z&#22#%31pJ{$"3$z./':?%1$,%$+2'11%{$%&$&"0#&%)*"$)'$)"11'$1"+#%,',%A$

K`$ g%/$"$*/'('2E"$,%$!'(/>+#"$V'+#%2$%&$%&$5"3C'F$s%11G$%*$'22#F$%8%6F$IJ^JF$<'71A^`K$
%$1%73#)*%1
Kb$ g%/$"$*/'('2E"$,%$M#+'/,"$g#11%/F$%&$5"3C'F$s%11G$%*$'22#F$%8%6F$IJ^JF$<'71Af^$%$1%73#)*%1A$
K_$ g%/$&%3$+'<>*32"$#)#+#'2$%&$5"3C'F$s%11G$%*$'22#F!%8%6K$IJ^JF$<'71A^_$%$1%73#)*%1A$$
pJ$ g%/F$'+%/+'$,'$#&<"/*T)+#'$,"1$,#0%/1"1$z'&(#%)*%1$1"+#'#1{$"3$z&#22#%31{$<'/'$'$
/%</",3:;"$,%$3&'$+2'11%$1"+#'2F$"$2#0/"$+2@11#+"$,%$g%1*%/F$V#+E'%2$%*$'22#F$5"C#'2%$
V#2#%31$#&$X%1%221+E'.*2#+E%)$5*/3t*3/n'),%2F$53Et'&<F$IJJ^A$

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

2S`

B<%)'1$'11#&$1%/#'$<"11>0%2$<%/+%(%/$%$*%/$3&'$#,%#'$&'#1$+2'/'$,"1$
.'*"/%1$43%$%1*;"$%&$9"7"F$*')*"$)'$'1+%)1;"F$43')*"$)'$%1*'7)':;"$"3$
,%+',-)+#'$1"+#'2$,"1$,#0%/1"1$1%*"/%1$,'1$+2'11%1$<"<32'/%1$(/'1#2%#8
/'1$)"$'*3'2$&"&%)*"$,"$+'<#*'2#1&"$&3),#'2A$
U$43%$.'C$3&'$+")+%<:;"$z*/#3).'2#1*'{$,'1$+2'11%1$<"<32'/%1$)"$
6/'1#2F$+"&"$'$,%.%),#,'$<%2"$R/".A$V'/+%2"$QG/#$e$"),%$'<%)'1$'18
+%)1;"$1"+#'2$%$z.%2#+#,',%{p^$1;"$<%/+%(#,"1$e$1%/$*;"$+#%)*#.#+'&%)*%$
13<%/.#+#'2$%$<"2#*#+'&%)*%$+")1%/0',"/'$G$</%+#1'&%)*%$$'$)%7':;"$
1#1*%&@*#+'$,%$1"./#&%)*"$%$,'$,"/$,"$,"&#)',"$%$,"$E3&#2E',"$1"8
+#'2&%)*%A$ B.#)'2F$ G$ '<%)'1$ +")E%+%),"$ %$ /%+")E%+%),"$ '$ ,"/$ %$ "$
1"./#&%)*"$#)931*"1$43%$<",%&"1$&#*#7@82"A$zO).%#*@82"{$%$)%7@82"$GF$
'"$+")*/@/#"F$'$&%2E"/$&')%#/'$,%$*"/)@82"$%*%/)"A$H%$+%/*"F$'<%)'1F$'$
+%/*%C'$,%$43%$3&$6/'1#2$&%2E"/$1%$.'C$z"2E'),"$)"11"1$</"(2%&'1$%$
&'C%2'1$)"1$"2E"1{F$,#.>+%#1$%$,%1'.#',"/%1$+"&"$%2%1$1;"A$Q;"$%L#1*%$
)%)E3&$"3*/"$+'&#)E"$<'/'$"$'<%/.%#:"'&%)*"$#),#0#,3'2$"3$+"2%*#8
0"A$B$%1+"2E'$G$)"11'A

N$>%9*($&5&#%6*(&A(A"$;*(6&(0123((h((NR$*@"6*(&A(A"%*(6&(0123(

p^$ U$.'*"$,"$zE'(#*31{F$"3$1%9'F$"$+")93)*"$,"1$%143%&'1$,%$'0'2#':?%1$%$<%/+%<:;"$,"$
&3),"F$z#)+"/<"/',"{$)"1$139%#*"1F$);"$1%/$+")1+#%)*%$'$%2%1$#&<2#+'$43%$'$')@2#1%$
%&<>/#+'$,"1$139%#*"1$);"$<",%$*%/$'$#)7%)3#,',%$,'$<%143#1'$1"(/%$z.%2#+#,',%{$
,"1$(/'1#2%#/"1$+#*','$0@/#'1$0%C%1$<%2"$R/".A$QG/#$+"&$*')*"$'/,"/A$o$43%F$+"&"$)"*'$
V'L$h%(%/F$'$)%+%11#,',%$</#&@/#'$,"1$1%/%1$E3&')"1$);"$G$z,#C%/$'$0%/,',%{F$
&'1$1#&$'$,%$z2%7#*#&'/$'$</=</#'$0#,'{$43%$2%0'&A$Q;"$*%/$+")1+#-)+#'$,#11"$$G$
+"//%/$"$/#1+"$,%$1G/#'$#)7%)3#,',%$'+%/+'$,'$0#,'$1"+#'2A$B)*%1$,"$zE#<E"<{$%$,"$
z!3)t{F$'*G$W'/*"2'$,#C#'$+"&"$"$z&"//"{$%/'$&%2E"/$43%$"$z'1.'2*"{F$&'#1$'2%7/%$
%$ &'#1$ E3&')"A$ H"$ &%1&"$ &","F$ '1$ </"1*#*3*'1$ ,'$ )"11'$ <%143#1'$ .')*'1#'0'&$
3&'$0#,'$.'&#2#'/$#,>2#+'$%$1=$,%<"#1F$)'1$%)*/%0#1*'1$13(1%43%)*%1$8$43%$.'C#'&$
<'/*%$,"$&G*","$+/>*#+"$43%$+")1*/3>&"1$8$G$43%F$<"/$%L%&<2"F$"$'(31"$1%L3'2$,"$
<'#$%$'$+"&<%*#:;"$+"&$&;%$.#+'0'&$%L<2>+#*"1A$U$,#1+3/1"$#)#+#'2F$)%11%1$+'1"1F$G$
1%&</%$3&'$z.')*'1#'$+"&<%)1'*=/#'F$3&'$z)%+%11#,',%$*/')1."/&','$%&$%1+"2E'{F$
E3&')'F$ ,%&'1#',"$ E3&')'F$ <'/'$ 43%&$ *%&$ )%7',"F$ +"&"$ )"$ +'1"$ ,'1$ +2'11%1$
<"<32'/%1F$ 0@/#"1$ ,"1$ .3),'&%)*"1$ ,%$ 3&'$ 0#,'$ ,#7)'$ 43%$ <",%&$ </"<"/+#")'/$
'3*"%1*#&'$%$/%+")E%+#&%)*"$1"+#'2A$U$43%$);"$G$+"&</%%)1>0%2$G$3&'$+#-)+#'$*;"$
#)7-)3'$$e$"$.'*"$,%$'1$<%143#1'1$1%/%&$z#)*%/)'+#")'#1{$<'/%+%$43%$.3)+#")'$+"&"$
3&'$%1<G+#%$,%$z+'/*%#/','{$"3$z.%*#+E%$+#%)*>.#+"{$<'/'$)"11"1$<%143#1',"/%1$8$43%$
,%1+")E%:'$%11%$.'*"$*;"$(@1#+"A

$!&+$U$%"&+"&%,.),#,/)"2&,&$.,;,!).)%!,&$&"&);*)%)1)#)+"+$&+"%&.#"%%$%&%,.)")%&6(-&88e(4*/_"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

2Sa

1'&/O!K3%)P!('Q%)R)

"(5$%";"5,&+,&%"1$(&;"&)+$)"&
+$&T;)*$(%)+"+$2&.,!'"("kl$%&
);5$(;".),;")%

R/%+3/1"/%1r$'1$'+',%&#'1

k3'),"$+"&%:'$'$E#1*"/#'$,'1$3)#0%/1#,',%1|$B<%1'/$,"$31"$,"$
*%/&"$z\)#0%/1#,',%{$9@$)"$1G+32"$ySF$<'/%+%$'$13'$E#1*=/#'$&'#1$
2")7'$ '#),'F$ <"#1$ "$ *%/&"$ z'+',%&#'{F$ 43%$ ./%43%)*%&%)*%$ 1%$
+").3),%$+"&$"$*%/&"$z3)#0%/1#,',%{F$+")E%+%&"1$,%1,%$'$')8
*#73#,',%$7/%7'A$O&$Kb`$'AWA$R2'*;"F$,%<"#1$,"$%1*#2"$#)."/&'2$%$
,#'2"7'2$,"$1%3$&%1*/%$5=+/'*%1$,%$.#2"1".'/$]#)."/&'2F$<"#1$%1*%$
)%&$*#)E'$%1+"2'$)%&$,%#L"3$*%L*"1$%1+/#*"1$+"&$13'1$#,%#'1aF$
#)"0"3$%$+"&</"3$3&$*%//%)"F$)'$0%/,',%$3&$<%43%)"$("143%F$
%&$ B*%)'1F$ %$ +")1*/3#3$ 2@$ '$ </#&%#/'$ '+',%&#'r$ !"#$%&'(#A$ $ U$
)"&%$ '+',%&#'$ ,%/#0'81%$ ,"$ )"&%$ ,%11%$ ("143%F$ +")1'7/',"$
'"$Q3-#/!(,,%$#!2C(63*#/A$H%1,%$Kb`$'AWA$+E'&'&"1F$%)*;"F$"1$
'23)"1$,%$R2'*;"$,%$z'+',-&#+"1{A
$B$'+',%&#'$1%$*"/)"3$3&$237'/$/;%!'3+3-%/$,"$<%)1'&%)*"$
7/%7"$%$+")1%73#3$1"(/%0#0%/$,%)*/"$,'$+32*3/'$,"$#&<G/#"$/"8
&')"$'*G$'$*%"2"7#'$+/#1*;$1%$*"/)'/$E%7%&N)#+'A$B*G$Ifb$'AWA$"$
+3//>+32"$ '(/')7%$ '1$ 1%73#)*%1$ ,#1+#<2#)'1r$ &%*'.>1#+'F$ ")*"2"8
7#'F$ *%"/#'$ ,"$ +")E%+#&%)*"F$ ,#'2G*#+'F$ G*#+'F$ *%"/#'$ ,"$ %1*',"F$
7%"&%*/#'F$'1*/")"&#'F$+"1&"2"7#'F$.>1#+'$%$.#2"1".#'$*%"2=7#+'A$
B$<'/*#/$,%$Ifb$'AWA$+"&%:'$3&'$)"0'$.'1%$,'$'+',%&#'F$+39"1$
2>,%/%1$ ]%1+"2'/%1a$ /',#+'2#C'&$ '1$ *G+)#+'1$ ,'$ 6%/1;,(,%#$ %$ ,'$

"(5$%";"5,&+,&%"1$(&;"&)+$)"&+$&T;)*$(%)+"+$2&.,!'"("kl$%&);5$(;".),;")%&&6&&H$",_(-*8&^(7$k8&l&
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

2g1

,P0#,'$ &%*=,#+'d$ +/>*#+"1$ ,#C%&$ 43%F$ ,%$ ."/&'$ *'/,#'F$ 0%)+%/'&$ "1$
1".#1*'1F$43%$2%0'/'&$'$'+',%&#'$'$3&$+%*#+#1&"$&%/'&%)*%$/%*=/#+"A$
O&$ bf$ 'AWA$ "1$ /"&')"1F$ 1"($ +"&'),"$ ,%$ 5322'F$ ,%0'1*'&$ "$ ("143%$
,'$'+',%&#'A$W"&$#11"F$,%<"#1$,%$3&'$*/',#:;"$,%$43'1%$KJJ$')"1F$'$
'+',%&#'$13+3&(%$,%.#)#*#0'&%)*%F$+39'1$.3),':?%1$<",%&"1$0#1#*'/$
'#),'$E"9%A$$Q"$1G+32"$g$*%&"1$3&'$*%)*'*#0'$,%$/%%/73%/$'$'+',%&#'$
<2'*N)#+'F$&'1$"$+/#1*#')#1&"$9@$*#)E'$1%$*"/)',"$/%2#7#;"$,%$O1*',"$%$
"1$)%"8<2'*N)#+"1F$+"&"$R/"t2"1F$*"/)'&81%$3&$.%)N&%)"$#&<"/*')8
*%F$*",'0#'$#1"2',"F$)'$E#1*=/#'$,"$<%)1'&%)*"$"+#,%)*'2A$i%)*'*#0'1$
,%$/%')#&'/$'$#,%#'$,'$'+',%&#'$<2'*N)#+'$+")E%+%&"1$,%1,%$"$1G+A$
ygF$&'1$'$/%<%*#:;"$,'$E#1*=/#'$,"$<%)1'&%)*"$7/%7"$."#$#&<"11>0%2F$
0"2*'),"$'$')*#73#,',%$<'/'$'$<'3*'$%3/"<%#'$)'$."/&'$,"1$1%31$'38
*"/%1F$+"&$B/#1*=*%2%1$%&$</#&%#/"$237'/A$Q'$0%/,',%F$%11%$</"+%11"$
9@$*#)E'$1%3$#)>+#"$*/-1$1G+32"1$')*%1F$+"&$'$.3),':;"$,'1$</#&%#/'1$
3)#0%/1#,',%1$%3/"<%#'1$'$<'/*#/$,"$1G+32"$ySA$

B1$3)#0%/1#,',%1$&%,#%0'#1

B$</#&%#/'$z3)#0%/1#,',%{$."#$.3),','$%&$R'/&'F$)'$S*@2#'F$)"$')"$
^JfcA$O)*;"$)3&$*%&<"$43%$%1*'&"1$'+"1*3&',"1$,%$+E'&'/$S,',%$
VG,#'^A$W%)*"$%$)"0%$')"1$,%<"#1F$%&$^^`cF$1%73%&$'1$3)#0%/1#,',%1$
,%$6"2"7)'$%$V",%)'$%F$'$<'/*#/$,'>F$'+")*%+%&$0@/#'1$.3),':?%1$%&$
,#.%/%)*%1$<'>1%1F$"3$&%2E"/F$+#,',%1F$,'$O3/"<'A$R@,3'$]^IIIaF$Q'8
<"2#$]^IIpaF$5#%)'$]^IpJaF$V'+%/'*'$]^I_Ja$)'$S*@2#'d$)'$!/'):'F$R'/#1$
]^^`ca$%$i"32"31%$]^II_ad$)'$O1<')E'F$5'2'&')+'$]^I^baF$g'22',"2#,$
]^IcJad$ %&$ R"/*37'2F$ Y#1("'$ ]^I_Ja$ %$ W"#&(/'$ ]^I_Jad$ )'$ S)72'*%//'F$
W'&(/#,7%$]^II_aF$UL."/,$]^Ip_ad$)'$B2%&')E'F$+"&$3&$+%/*"$'*/'1"F$
R/'7'$]^KpbaF$g#%)'$]^KfcaF$Z%#,%2(%/7$]^KbfaF$W"2N)#'$]^KbbaF$O/.3/*$
]^K_IaA$B$B2%&')E'F$<"/$%)43')*"$)"$.#&$,'$.#2'F$+")1%73#3$'*G$"$.#&$
,"$ 1G+32"$ ygSSS$ .3),'/$ 43'1%$ cJ$ 3)#0%/1#,',%1$ %$ '113&#3$ '$ <'/*#/$

^$ R'/'$3&'$')@2#1%$,#.%/%)+#','$,'$S,',%$VG,#'F$%&$%1<%+#'2$13'$+32*3/'$#)*%2%+*3'2F$
/%+"&%),'&"1r$ YO$ XU!!F$ s'+43%1$ ]^_c`[^__caA$,-! #.(&$&/(01#-! .1! 2313&! 453#1A$
5;"$R'32"r$O,#*"/'$6/'1#2#%)1%A$OF$,"$&%1&"$'3*"/r$YO$XU!!F$s'+43%1$]^_fp[IJJcaA$6!
/#7#$#819:)!3)!)/#3&.(&!;&3#&71$A$6'3/3F$5Rr$OH\5WA

"(5$%";"5,&+,&%"1$(&;"&)+$)"&+$&T;)*$(%)+"+$2&.,!'"("kl$%&);5$(;".),;")%&&6&!H$",_(-*8&^(7$k8&l&
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

2g2

,'>F$)'$O3/"<'F$'$2#,%/'):'$)"$+'&<"$,'$."/&':;"$'+',-&#+'$#)1*#8
*3+#")'2#C','A$W"&$#11"F$'$B2%&')E'$'2+'):'$3&$)P&%/"$,%$3)#0%/8
1#,',%1$ 43%$ .#+"3$ </'*#+'&%)*%$ +")1*')*%$ '*G$ "1$ &%',"1$ ,"$ 1G+32"$
0#)*%A$5"&%)*%$'$<'/*#/$,%$^_cJF$+"&$"$13/7#&%)*"$,'$3)#0%/1#,',%$
,'1$&'11'1F$%11%$)P&%/"$,"(/"3$&'#1$3&'$0%CA$
B1$</#&%#/'1$3)#0%/1#,',%1$*#)E'&$<"3+"$&'#1$,"$43%$IJJ$%1*38
,')*%1$ %$ 3&'$ ,PC#'$ ,%$ </".%11"/%1A$ U$ 1G+32"$ 0#)*%F$ )'$ 13'$ </#&%#8
/'$&%*',%F$9@$+")E%+%$3)#0%/1#,',%1$7/'),%1$+"&$IJJJF$KJJJ$"3$'*G$
pJJJ$'23)"1F$)P&%/"1$43%$)"1$<'/%+%&$E"9%$&#)P1+32"1F$<"#1F$);"$
/'/"F$ 3&'$ 3)#0%/1#,',%$ 32*/'<'11'$ '*3'2&%)*%$ "$ )P&%/"$ ,%$ pJJJJ$
'23)"1$&'*/#+32',"1A$O&$*",'1$'1$%1*'*>1*#+'1$#)*%/)'+#")'#1$<",%&"1$
#,%)*#.#+'/$%11%$1'2*"$43')*#*'*#0"r$)"1$O\BF$9@$)"1$')"1$cJF$%$)'1$,3'1$
,G+','1$1%73#)*%1$%&$*","1$"1$<'>1%1$,"$&3),"A$U$*%/&"$z3)#0%/1#8
,',%$&'11#.#+','{$"3$z3)#0%/1#,',%1$,'1$&'11'1{$13/7%$%F$G$E"9%$3&'$
/%.%/-)+#'$/%+"//%)*%$43%$1#)'2#C'$3&'$</".3),'$&3,'):'$)'$+")+%<8
:;"$%$/%'2#,',%$,'43#2"$43%$+E'&'&"1$3)#0%/1#,',%A
B1$</#&%#/'1$3)#0%/1#,',%1$,%1%)0"20%/'&81%$)3&$+")*%L*"$/%2#8
7#"1"F$&'#1$</%+#1'&%)*%$)"$+")*%L*"$,'$#7/%9'$+'*=2#+'A$W"&$#11"$'$.'8
+32,',%$,%$*%"2"7#'$*#)E'$3&'$<"1#:;"$,%$2#,%/'):'$1"(/%$'1$,%&'#1F$'$
.'+32,',%$93/>,#+'$%$'$,'$&%,#+#)'A$V'#1$*'/,%$13/7#3$'$.'+32,',%$,'1$
'/*%1$2#(%/'#1F$43%$%/'F$<"/$13'$0%CF$"$)'1+%,"3/"$,'$.'+32,',%$,'$.#2"8
1".#'$%$,'1$+#-)+#'1$&'*%&@*#+'1$%$)'*3/'#1A$B1$3)#0%/1#,',%1$1%&</%$
"1+#2'/'&$)'$13'$,%<%),-)+#'$,"1$<",%/%1$+2%/#+'#1$"3$%1*'*'#1$%F$);"$
"(1*')*%F$+")1%73#/'&$+"&$&'#1$"3$&%)"1$13+%11"$*%/$/%+")E%+#,'1$
13'$'3*")"&#'$%$1%3$,#/%#*"$D$'3*"',&#)#1*/':;"A$B$#,%#'$,'$2#(%/,'8
,%$,'$<%143#1'$%$,"$%)1#)"$%/'F$,%1,%$"$#)>+#"F$0#)+32','$D$#,%#'$,'$
3)#0%/1#,',%F$2#(%/,',%$43%$./%43%)*%&%)*%$%/'$7'/')*#,'$<%2'$</=8
</#'$#7/%9'A$i'&(G&$'1$."/&'1F$,#7'&"1$,#,@*#+'1F$,'1$3)#0%/1#,',%1$
,"1$1G+32"1$^I$%$^K$%/'&F$13/</%%),%)*%&%)*%F$<'/'$'273G&$43%$1%$
'+"1*3&"3$,%$0%/$)%1*%1$1G+32"1$'$#,',%$,'1$*/%0'1F$'(%/*'A!R3$,%#$%$
6%/1;,(,%#F$'$2%#*3/'$+"&$'$1%73#)*%$,#1<3*':;"$1"(/%$"$1%)*#,"$,'43#2"$
43%$."#$2#,"F$</"&"0%/'&$'$,#1+"/,T)+#'$'/73&%)*'*#0'$%$%)+")*/'0'&$
1%31$&%1*/%1$%&$E"&%)1$+"&"$i"&@1$,%$B43#)"F$</".%11"/$0#1#*')*%$
)'$\)#0%/1#,',%$,%$R'/#1F$%$1%3$+")*%&<"/T)%"$O+t'/*F$</".%11"/$+")8

"(5$%";"5,&+,&%"1$(&;"&)+$)"&+$&T;)*$(%)+"+$2&.,!'"("kl$%&);5$(;".),;")%&&6&&H$",_(-*8&^(7$k8&l&
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

2g0

0#,',"$ ,'$ &%1&'$ #)1*#*3#:;"A$ Q"&%1$ +"&"$ B('2'%/,F$ H3)1$ O1+"*31$


%$"3*/"1$*%1*%&3)E'0'&$43%$'1$3)#0%/1#,',%1$&%,#%0'#1$*#)E'&$23C$
</=</#'$%$1%31$</"*'7")#1*'1F$('1*')*%$+"/'7%&$<'/'$%)./%)*'/$*')*"$'$
#7)"/T)+#'$E3&')'$+"&"$,"3*/#)'1$+")1'7/','1A
$ V3#*"1$ ,"1$ )"11"1$ +"1*3&%1$ '+',-&#+"1$ *-&$ )"1$ 1G+32"1$ ^K$ %$
^p$13'$"/#7%&A$U1$)"11"1$*>*32"1$*('%/,3-!(-,%;*F$"$&%1*/%$,'1$'/*%1$
2#0/%1F$ "3$ "$ 6#$,#-! 10%&#/#10%(3F$ "$ *>*32"$ 43%$ *'&(G&$ "$ ,"3*"/$ %&$
1"+#"2"7#'$/%+%(%F$/%&")*'&$'$%11%$*%&<"A$OF$43%&$,#/#'F$3&'$,%.%1'$
,%$3&'$*%1%$,%$,"3*"/',"$'+")*%+%$)'1$."/&'1$43%$E%/,'&"1$,'$3)#8
0%/1#,',%$&%,#%0'2$%$,'$5')*'$S)43#1#:;"F$)'$G<"+'$./%43%)*%&%)*%$
+"&<"1*'$<"/$&%&(/"1$,'$.'+32,',%$,%$*%"2"7#'$%$%L'&#)',"/%1$%L8
*%/)"1$0#),"1$,%$M"&'$"3$,'$&%*/=<"2%$&'#1$</=L#&'A$H%.%),%&"1$
3&'$*%1%$<"/43%$%1*'&"1$1%),"$43%1*#")',"1$"3F$<"/$0%C%1F$'*'+',"1$
<%2"1$/%</%1%)*')*%1$,'$,"3*/#)'$".#+#'2A$H%.%),%/81%$(%&$%/'$#&<"/8
*')*%$)%1*%1$*%&<"1F$+"&"$1'(%&"1d$,"&#)'/$'$/%*=/#+'F$'$2=7#+'F$"$(-7
';*3+,;*$%$'1$*G+)#+'1$,'$6%/1;,(,%#$<",#'$,%+#,#/$1"(/%$1%3$.3*3/"A$
B$+"/'7%&$,%$%)./%)*'/$"1$"3*/"1$%$"1$<",%/"1"1F$"$*(%+/,-3(*F$+"&"$
,#/>'&"1$E"9%F$"1$3)#0%/1#*@/#"1$E%/,'/'&$,"1$1%31$')+%1*/'#1F$,"1$'+'8
,-&#+"1A$5=+/'*%1F$'+31',"$,%$<%/*3/('/$'$"/,%&$<P(2#+'$%$,%$1%,3C#/$
"1$9"0%)1F$</%.%/#3$'+%#*'/$'$1%)*%):'F$"$13#+>,#"$'*/'0G1$,"$%)0%)%)'8
&%)*"F$%&$0%C$,%$'(,#+'/$,'1$13'1$*%1%1A
O1*%$+"&</"&#11"F$D1$0%C%1$(%#/'),"$"$.')'*#1&"d$%1*%$+"&</"&#18
1"$ 43%$ "1$ '+',-&#+"1F$ "1$ #)*%2%+*3'#1F$ *-&$ +"&$ '$ (31+'$ ,'$ 0%/,',%F$
+"&$ '$ ,%.%1'$ ,'$ *%1%$ +%/*'F$ <%/&%#'$ '$ E#1*=/#'$ ,'1$ 3)#0%/1#,',%1$ ,%$
."/&'$ <'/*#+32'/A$ zB$ 0%/,',%{F$ *%/&"$ *;"$6]*#6]$ )"1$ *%&<"1$ '*3'#1F$
<%/1%73%$"1$3)#0%/1#*@/#"1F$*'&(G&$43'),"$%1*%1$,%#L'&$,%$<%/1%73#8
82'A$U$&3),"$,'$+#-)+#'F$43%$7')E"3$+")*"/)"1$+','$0%C$&'#1$)>*#,"1$
93)*"$ +"&$ "$ ,%1%)0"20#&%)*"$ #)1*#*3+#")'2$ ,'1$ 3)#0%/1#,',%1F$ );"$ G$
"$&3),"$,'$.GF$)%&$,'$'3*"%)7')':;"$%$&3#*"$&%)"1$,'$&%)*#/'A$B$
0%/,',%$.'1+#)'$*')*"$"$/%2#7#"1"$+"&"$"$+#%)*#1*'F$&'1$G$<'/'$%1*%$P2*#8
&"$3&'$%*%/)'$(31+'$,%$'27"$43%$%2%$)3)+'$0'#$'2+'):'/$<2%)'&%)*%A$
B</"L#&':?%1$ %$ </"('(#2#,',%1$ ,%#L'&$ '$ 0%/,',%$ */')1<'/%+%/F$ &'1$
1;"$1"&%)*%$#11"r$'</"L#&':?%1$%$</"('(#2#,',%1A$i'&(G&$"$+"//%*"F$
43%$"1$+"2%7'1$,'1$+#-)+#'1$%L'*'1$<"/$0%C%1$+").3),%&$+"&$'$0%/,'8

"(5$%";"5,&+,&%"1$(&;"&)+$)"&+$&T;)*$(%)+"+$2&.,!'"("kl$%&);5$(;".),;")%&&6&!H$",_(-*8&^(7$k8&l&
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

2g3

,%F$);"$/%1"20%$"$,#2%&'$,"$)"11"$3)#0%/1#*@/#"A$$B$0%/,',%F$%11'$%1*/%2'$
43%$73#'$'$+'&#)E','$,"$<%143#1',"/F$.#+'$1%&</%$."/'$,"$'2+')+%$,'1$
)"11'1$&;"1$%$,'1$%L<%/#&%)*':?%1$+#%)*>.#+'1A$B$/%2':;"$43%$"1$'+'8
,-&#+"1$*-&$+"&$'$0%/,',%$G$1%&</%$3&'$/%2':;"$,%$(31+'A$k3%&$+"8
&%:'$'$,%.%),%/$0%/,',%1$%&$0%C$,%$*%1%1$,%#L'$,%$1%/$3&$'+',-&#+"$
%$*"/)'81%$3&$#,%=2"7"A$U$#,%=2"7"$1'(%$"$+%/*"$%$</"&327'$#11"$+"&"$
1%$ ."11%$ "$ 0%/,',%#/"A$ U$ #,%=2"7"$ 1'(%$ 43%$ "$ </G8+")+%#*"$ G$ 1%&</%$
,"1$"3*/"1F$%$+"2"+'$'$#,%#'$,'$931*#:'$"3$,'$#73'2,',%$)"$237'/$"),%$"$
+#%)*#1*'$1"&%)*%$"<%/'$+"&$'$,P0#,'$&%*=,#+'F$E%/,','$,%$5=+/'*%1$
%$H%1+'/*%1A$V'1$'11#&$<",%$<%/73)*'/$'273G&r$'$0%/,',%$%)*;"$);"$
%L#1*%F$ %2'$ G$ /%2'*#0'F$ %2'$ G$ %0%)*3'2&%)*%$ 3&'$ +")1*/3:;"|$ O$ '11#&$
/%1<"),%&"1r$'$%1*/%2'$)"$.#/&'&%)*"$);"$%L#1*%|$O2'$%L#1*%A$OL#1*%&$
+"#1'1$43%$)=1$);"$'2+'):'&"1F$&'1$43%$%L#1*%&d$%L#1*%&$+"#1'1$43%$
)=1$);"$+")1*/3>&"1F$&'1$43%$)"1$')*%+%,%&$%$43%$)"1$*/')1+%),%&A$
O$'$0%/,',%$G$3&'$,%11'1$+"#1'1F$3&'$%1*/%2'F$3&$73#'F$'27"$43%$*/')18
+%),%$"1$.'*"1$%$'1$%1*'*>1*#+'1A
R"#1$'1$3)#0%/1#,',%1$&%,#%0'#1F$+%)*/"1$,'$,#1<3*'$%)*/%$2%#*3/'1$
,#.%/%)*%1F$%)*/'/'&$+"&$"$."/&'2#1&"$,'$%1+"2@1*#+'$*'/,#'F$)"$.#&$
,"$ 1G+A$ ^pF$ )3&'$ .'1%$ ,%$ ,%+2>)#"$ 43%$ 1"&%)*%$ "$ /%)'1+#&%)*"$ %$ '$
/%."/&'$+")1%73#/'&$13<%/'/F$<'/'$,'/$237'/$'$3&$)"0"$+#+2"$,%$+%/*'$
<'11#0#,',%F$)"$.#&$,"$1G+A$^`$%$#)>+#"$,"$1G+A$^bF$'"$<")*"$43%$R'"8
2"$M"11#$]^__`[IJJ^aF$)"$1%3$%1*3,"$E#1*=/#+"$1"(/%$"$)'1+#&%)*"$,'$
+#-)+#'$&",%/)'$)'$O3/"<'F$<",%$,#C%/r$zB$+#-)+#'$&",%/)'$)'1+%3$
."/'$,'1$3)#0%/1#,',%1AAA{$]MU55SF$^__`8IJJ^F$<A$^JaA
!3),':?%1$ ,%$ 3)#0%/1#,',%1$ ,%$ 3&$ )"0"$ *#<"$ ]v'3.&'))F$ ^bbbd$
^b_fa$ +"&%:'/'&$ '$ 13<%/'/$ '$ %1*'7)':;"$ 43'),"$ '$ <%143#1'$ %&<>8
/#+'F$ "1$ %L<%/#&%)*"1$ %$ '1$ "(1%/0':?%1$ 7')E'/'&$ 1*'*31$ </#0#2%7#'8
,"A$B11#&F$+"&$'1$3)#0%/1#,',%1$,%$Z'22%$]^f_pa$%$X**#)7%)$]^`KfaF$
"),%$'1$#,%#'1$,"$#23&#)#1&"$&'/+'/'&$*",'$3&'$7%/':;"F$0#381%$"$
#)>+#"$ ,%$ 3&'$ )"0'$ G<"+'$ ,'$ E#1*=/#'$ ,'1$ 3)#0%/1#,',%1A$ U$ +"/"'8
&%)*"$,%11'$+")+%<:;"$,%$3)#0%/1#,',%F$#23&#)#1*'$%$+#%)*>.#+'F$G$'$
.3),':;"$,'$3)#0%/1#,',%$,%$6%/2#)F$%&$^b^JF$1"($2#,%/'):'$,%+#1#0'$
,%$h#2E%2&$0")$Z3&("2,*A

"(5$%";"5,&+,&%"1$(&;"&)+$)"&+$&T;)*$(%)+"+$2&.,!'"("kl$%&);5$(;".),;")%&&6&&H$",_(-*8&^(7$k8&l&
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

2gd

B$3)#0%/1#,',%$,%$5+E2%#%/&'+E%/$%$h#2E%2&$0")$Z3&("2,*

s@$ %&$ ^bJbF$ !/#%,/#+E$ 5+E2%#%/&'+E%/$ *#)E'$ </%<'/',"$ "$ *%//%)"$


+"&$'$<3(2#+':;"$,"$1%3$%1*3,"$</"7/'&@*#+"$z>3+/(*3+,#/!#$(/%#7
+(%/! /#8-3! ;+%B3-/%6(63/! +#! /3+,%6#! (&3*5#{$ ]5WZYOSOMVBWZOMF$
^bJbaF$'/73&%)*'),"$'$.'0"/$,%$3&'$,#1*#):;"$%)*/%$%1+"2'F$3)#0%/8
1#,',%$%$'+',%&#'A$B$%1+"2'$1%/#'$'$+")0#0-)+#'$,"1$&%1*/%1$+"&$"1$
'</%),#C%1d$'$3)#0%/1#,',%$1%/#'$'$+"&3)#,',%$,"1$&%1*/%1$+"&$"1$
L3/3&&3+$]"1$'</%),#C%1$'0'):',"1a$%$'$'+',%&#'F$.#)'2&%)*%F$1%/#'$'$
3)#;"$,"1$&%1*/%1$+"&$"1$&%1*/%1A$B>F$)'$'+',%&#'F$G$"$237'/$"),%$"1$
&%1*/%1$,'$+#-)+#'$</",3C%&$"(/'1F$43%$+")*/#(3%&$<'/'$"$</"7/%11"$
,"$+")E%+#&%)*"A$5"&%)*%$'1$"(/'1$43%$*/'C%&$)"0#,',%1$,%0%/#'&$
1%/$%L<"1*'1$'$3&$<P(2#+"$&'#"/F$,%0%/#'&$1%/$<3(2#+','1A$B1$%1+"8
2'1F$)'$('1%$,%11'$E#%/'/43#'F$,%0%&$%1*'/$1"($2#,%/'):'$,%$<%11"'1$
+#%)*#.#+'&%)*%$."/&','1F$&'1$%2'1$&%1&'1$,%0%&$1%$'(1*%/$,'$</"8
,3:;"$+#%)*>.#+'A$i",'0#'F$'$%1+"2'$*%&$'$*'/%.'$)"(/%$,%$</%<'/'/$"1$
9"0%)1$<'/'$'$+#-)+#'F$)'$&%,#,'$%&$43%$%2'$'</%1%)*'$*","$E"/#C")*%$
,"$+")E%+#&%)*"F$+"&$13'1$,#0%/1'1$,#1+#<2#)'1F$%$#)*/",3CF$)'$13'$
0%/1;"$7#)'1#'2F$"$<%)1'&%)*"$1#1*%&@*#+"$%$'(1*/'*"A$B$&'*%&@*#+'$%$
'$7/'&@*#+'$1%/#'&$'1$,#1+#<2#)'1$+"&$'$&'#"/$0"+':;"$<'/'$#)*/",38
C#/$"$'23)"$)"$<%)1'&%)*"$&%*=,#+"A$
B$ 3)#0%/1#,',%$ /%</%1%)*'$ <'/'$ 5+E2%#%/&'+E%/$ '$ 3)#,',%$ #)1*#8
*3+#")'2$,%$*",'1$'1$+#-)+#'1d$%2'$G$"$237'/$,'$*"*'2#,',%$,"$+")E%+#8
&%)*"A$Q%2'$,%1%)0"20%81%$)"$%1*3,')*%$'$+'<'+#,',%$,%$<%143#1'/$
%$,%$#)"0'/$<"/$+")*'$</=</#'A$B#),'$'11#&$%2'$G$</%<'/"$%$%L%/+>+#"F$
);"$"(1*')*%F$)"$)>0%2$,'$+#-)+#'$+")*%&<"/T)%'A$6%&$)"$%1<>/#*"$,'$
13'$G<"+'F$#A%A$,"$#,%'2#1&"$'2%&;"F$$5+E2%#%/&'+E%/$0-$)'$3)#0%/1#8
,',%$"$237'/$,"$,%1<%/*'/$,'$#,%#'$,"$+")E%+%/F$,'$+")1+#-)+#'$,'$/'8
C;"$+"&"$</#)+><#"$)"/*%',"/$,"$E"&%&$+32*"$]5WZYOSOMVBWZOMF$
^bJbF$ <A$ KpaA$ Q"$ </"+%11"$ <%,'7=7#+"$ /%0%2'&81%$ +','$ 0%C$ &'#1$ "1$
*'2%)*"1$%$0"+':?%1A$Q"$#)>+#"F$43'),"$"$'23)"$'#),'$%1*@$%&$."/&'8
:;"$,"1$1%31$#)*%/%11%1$%$E'(#2#,',%1F$,%0%&$1%/$".%/%+#,'1$'1$&P28
*#<2'1$."/&'1$,"$+")E%+#&%)*"$<'/'$<"11#(#2#*'/$%1+"2E'1$<"1*%/#"/%1$
9@$&'#1$%1<%+>.#+'1A$R'/'$"1$'23)"1$%$%1*3,')*%1$43%$);"$&"1*/'&$'$

"(5$%";"5,&+,&%"1$(&;"&)+$)"&+$&T;)*$(%)+"+$2&.,!'"("kl$%&);5$(;".),;")%&&6&!H$",_(-*8&^(7$k8&l&
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

2gS

0"+':;"$%$'$E'(#2#,',%$+#%)*>.#+'1$,%0%/#'$1%/$'(%/*"$"$+'&#)E"F$);"$
&%)"1$E")/"1"F$)'$,#/%:;"$,'1$'/*%1$*G+)#+'1$"3$&')3'#1F$*;"$)%+%18
1@/#'1$ <'/'$ '$ 1"+#%,',%$ +"&"$ '$ +#-)+#'A$ B$ '+',%&#'F$ .#)'2&%)*%F$ G$
1"&%)*%$<'/'$<"3+"1A$5+E2%#%/&'+E%/$/%+"&%),'F$<'/'$'$B2%&')E'$
,%$^bJbF$3&'$"3$)"$&@L#&"$,3'1$,%11'1$'+',%&#'1A$
Q'$ G<"+'$ ,%$ 5+E2%#%/&'+E%/$ %L#1*#'&$ )'1$ 3)#0%/1#,',%1$ ,'$ B2%8
&')E'$ 43'*/"$ .'+32,',%1F$ %/'&$ %2'1r$ '$ *%"2=7#+'F$ '$ 93/>,#+'F$ '$ ,'$
&%,#+#)'$%$'$.#2"1=.#+'A$U1$%1*3,')*%1$%/'&$13(&%*#,"1$'"1$%L'&%1$
.#)'#1F$+"//%1<"),%),"$'"$7/'3$,%$G('%/,3-!2-,%;*$%$\#$,#-K$&'1$*#8
)E'&$ <2%)'$ 2#(%/,',%$ ,%$ +"&<"/F$ <"/$ +")*'$ </=</#'F$ 1%3$ +3//>+32"A$
B<%1'/$ ,"1$ ,%10#"1$ ,%$ +"),3*'$ ./%43%)*%1$ ,%)*/%$ 3&'$ &#)"/#'$ ,"1$
%1*3,')*%1$ 43%$ '(31'/'&$ ,%$ *'2$ </#0#2G7#"F$ 5+E2%#%/&'+E%/$ ,%.%),%$
+"&$.%/0"/$'$2#(%/,',%$'+',-&#+'F$)%+%11@/#'$<'/'$."/&'/$3&$%1<>/#*"$
+#%)*>.#+"$'3*N)"&"$%&$+','$3&A$W"&$'$&%1&'$+")0#+:;"$,%.%),%$
'$ '3*")"&#'$ ,'$ 3)#0%/1#,',%$ %&$ /%2':;"$ '"$ O1*',"F$ #),%<%),-)+#'$
#73'2&%)*%$ #&<"/*')*%$ <'/'$ 7'/')*#/$ "$ ,%1%)0"20#&%)*"$ +#%)*>.#+"$
1%&$/%1*/#:?%1F$%&$%L%/+>+#"$2#0/%$,'1$.'+32,',%1$+#%)*>.#+'1A$Q"$%18
+/#*"$ ,%$ 5+E2%#%/&'+E%/$ ,%$ ^bJb$ ')3)+#'&81%$ '1$ #,%#'1$ %$ /%."/&'1$
</"<"1*'1$<"/$Z3&("2,*$43%$,%0%/#'&$,%.#)#/$"1$/3&"1$,'1$3)#0%/8
1#,',%1$'2%&;%1$,3/')*%$*","$1G+32"$ySy$'*G$"$#)>+#"$,"$1G+32"$yyF$
+"&$+")1%43-)+#'1$<'/'$'$#,%#'$%$/%'2#,',%$,'$3)#0%/1#,',%$'2G&$,'1$
./")*%#/'1$ ,'$ B2%&')E'F$ 43%$ )%1*'$ G<"+'F$ 0'2%$ 2%&(/'/F$ '#),'$ )%&$
%L#1*#'$+"&"$O1*',"$)'+#")'2F$&'1$%)43')*"$+")72"&%/',"$,%$,PC#'1$
,%$*%//#*=/#"1$#),%<%),%)*%1A
Z3&("2,*F$"$.3),',"/$,'$\)#0%/1#,',%$,%$6%/2#)$43%$+'//%7'$'*G$
E"9%$1%3$)"&%F$/%</%1%)*'$+"&"$)#)73G&$3&'$#,%#'$,'$3)#0%/1#,',%$
43%F$'<%1'/$,%$43'1%$#//%+")E%+>0%2$)'1$3)#0%/1#,',%1$,%$&'11'$,%$
E"9%F$,%.#)#3$%63(&%,3-$%$-3(&%,3-$"$237'/$"),%$'$+#-)+#'$&",%/)'$%)8
+")*/"3$3&$%1<':"$/;%!'3+3-%/H!o$+")E%+#,"$43%$'$/%."/&'$E3&("28
,*#')'$);"$'(/#3$&;"$,"$#,%@/#"$#23&#)#1*'F$1#*3'),"81%F$'11#&F$'#),'$
2")7%$,%$3&$/'+#")'2#1&"$%$&'*%/#'2#1&"$/',#+'2$43%$&'#1$*'/,%$*"8
&"3$+")*'$,'$&'#"/$<'/*%$,'1$+#-)+#'1F$43%$)'1+%/'&F$);"$"(1*')*%F$
%&$"3*/"$+")*%L*"A$$Z3&("2,*$,%,#+'$'$13'$3)#0%/1#,',%$zB"$6%&F$'"$
6%2"$ %$ '"$ g%/,',%#/"{$ %F$ ,%11%$ &","F$ +"&</"&%*%$ '$ +#-)+#'$ &"/'28

"(5$%";"5,&+,&%"1$(&;"&)+$)"&+$&T;)*$(%)+"+$2&.,!'"("kl$%&);5$(;".),;")%&&6&&H$",_(-*8&^(7$k8&l&
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

2gg

&%)*%$]'"$6%&aF$%1*%*#+'&%)*%$]'"$6%2"a$%$.#2"1".#+'&%)*%F$<'/'$);"$
,#C%/$*/')1+%),%)*'2&%)*%$]'"$g%/,',%#/"aA$

k3'#1$%/'&$'1$</#)+#<'#1$#,%#'1$,%$Z3&("2,*$1"(/%$'$3)#8
0%/1#,',%|
$
Z3&("2,*F$ 43%$ )3)+'$ 0#1#*"3$ 3&'$ %1+"2'$ <P(2#+'$ "3$ <'/*#+32'/F$
<"#1$."#$%,3+',"$<"/$</".%11"/%1$</#0',"1$%&$+'1'F$9@$.'2'0'$7/%7"$%$
2'*#&$+"&$*/%C%$')"1$,%$#,',%A$B$%2'1$1%$'11"+#'/'&$,3/')*%$13'$0#,'$
"3*/'1$2>)73'1F$43%$%1*3,"3$1#1*%&'*#+'&%)*%F$+")1*/3#),"$%&$0@/#"1$
%1*3,"1$%$<3(2#+':?%1$"1$.3),'&%)*"1$,'$2#)73>1*#+'$+")*%&<"/T)%'A$
h#2E%2&$ 0")$ Z3&("2,*$ %/'$ "$ #/&;"$ &'#1$ 0%2E"$ ,%$ B2%L'),%/$ 0")$
Z3&("2,*F$ 3&$ ,"1$ &'#1$ #231*/%1$ <%143#1',"/%1$ ,'$ B&G/#+'$ ,"$ 532F$$
+")E%+%3$<%11"'2&%)*%$X"%*E%$%$!/#%,/#+E$5+E#22%/F$+"&$43%&$*%0%$
,3/')*%$')"1$+")*'*"1$'&#7@0%#1$#)*%)1"1F$%$."#$</".3),'&%)*%$&"28
,',"$<%2"1$#,%'#1$,"$#23&#)#1&"A$$R"2#*#+'&%)*%$<",%$1%/$0#1*"$+"&"$
3&$2#(%/'2F$<"#1$,%.%),%3$)'$13'$'*3':;"$',&#)#1*/'*#0'$%$,#<2"&@8
*#+'$'$2#(%/,',%$+"&"$'$+"),#:;"$.3),'&%)*'2$,'$%0"23:;"$E3&')'$
%$ ,"$ </"7/%11"$ ,'$ +#-)+#'A$ 5%&$ &3#*"$ -L#*"$ )"$ <2')"$ <"2>*#+"F$ <"#1$
13'1$ #,%#'1$ +")*/'1*'0'&$ +"&$ "$ %1<>/#*"$ /%1*'3/'*#0"$ ,'$ &")'/43#'$
</311#')'$ ,'$ G<"+'F$ ,%#L"3F$ );"$ "(1*')*%F$ 3&$ 2%7',"$ #&<"/*')*%r$ '$
/%."/&'$</311#')'$,"$1#1*%&'$,%$%,3+':;"$%F$)"$1%3$*"<"F$'$.3),':;"$
,'$\)#0%/1#,',%$,%$6%/2#)$%&$^b^JA
5%73#),"$ '$ </"<"1*'$ ,%$ Z3&("2,*F$ ."#$ #)*/",3C#,'$ '$ %1+"2'$ %2%8
&%)*'/$,%$*/-1$')"1F$1%73#,'$<%2"$7#)@1#"$+"&$,3/':;"$,%$,%C$')"1$
%$43%$,%0%/#'$</%<'/'/$"$9"0%&$<'/'$'$3)#0%/1#,',%A$W%)*/'2$)'$+")8
+%<:;"$ ,%$ Z3&("2,*$ %/'$ &')*%/$ '$ 3)#0%/1#,',%$ 2#0/%$ ,'$ #).23-)+#'$
"3$,%<%),-)+#'$*')*"$,"$O1*',"$+"&"$,'1$#7/%9'1A$S)*%/%11%1$%&</%8
1'/#'#1F$ *'&(G&F$ ,%0%/#'&$ .#+'/$ 2")7%$ ,%11'$ 3)#0%/1#,',%F$ +"&</"8
&%*#,'$ +"&$ 3&'$ +#-)+#'$ %)*%),#,'$ +"&"$ 0'2"/$ </=</#"A$ U$ #,%'2$ ,%$
."/&':;"$%$%,3+':;"$,%$Z3&("2,*$]Y%&6;+'/%63(&a$'(/')7%3$&'#1$,"$
43%$3&$&%/"$+3//>+32"$,"$+")E%+#&%)*"$,"1$.'*"1$&'#1$#&<"/*')*%1$
"3$ ,'1$ *G+)#+'1$ #)0%1*#7'*#0'1$ &'#1$ '</"</#','1d$ Z3&("2,*$ '2&%9'8
0'$3&'$%,3+':;"$,"$%1*3,')*%$)"$%1<>/#*"$+#%)*>.#+"F$+"&</"&%*#,"$

"(5$%";"5,&+,&%"1$(&;"&)+$)"&+$&T;)*$(%)+"+$2&.,!'"("kl$%&);5$(;".),;")%&&6&!H$",_(-*8&^(7$k8&l&
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

2g]

+"&$'$(31+'$,'$0%/,',%$%$#,%'#1$G*#+"1$%$%1*G*#+"1F$+39'1$.")*%1$Z3&8
("2,*$2"+'2#C'0'$)'$')*#73#,',%$7/%7'$%$/"&')'A$O,3+':;"$3)#0%/1#*@8
/#'$#&<2#+'0'$*'&(G&$)'$."/&':;"$,'$<%/1")'2#,',%$,"$%1*3,')*%F$)'$
&%,#,'$%&$43%$%2%$%/'$#),3C#,"$'$'(1"/0%/$'$$;&,;-($,"1$(3/73%1%1$,'$
G<"+'F$43%$1%$,%1%&<%)E'0'&$<'/'$13<%/'/$'1$/%1*/#:?%1$,"1$E"&%)1$
+"&3)1F$1%9'&$%2%1$,%$"/#7%&$'/#1*"+/'*'$"3$<"<32'/F$".%/%+%),"81%$
+"&"$)"0'$%2#*%A$O11'$%2#*%$(3/73%1'$'7#3$)'$+")1+#-)+#'F$43%$%1*'0'$
)"$*"<"F$<"/43%$&%/%+#'$%1*'/$2@A$OL<'),#),"$%11'$+")+%<:;"$<'/'$'$
3)#0%/1#,',%F$"$&3),"$%&</%1'/#'2F$'$+'//%#/'$&#2#*'/$%$</'*#+'&%)*%$
43'243%/$"3*/"$+'&<"$,'$0#,'$1"+#'2F$"$,%1%&<%)E"$#),#0#,3'2$*"/8
)"381%$"$+/#*G/#"$<'/'$13+%11"$%$#)13+%11"$,'$0#,'$#),#0#,3'2A$W'/'+8
*%/>1*#+'$,%11'$+")+%<:;"F$,'$43'2$E%/,'&"1$1%&$,P0#,'$'$0'2"/':;"$
<"1#*#0'$,"$,%1%&<%)E"F$%/'$3&$'&@27'&'$,%$%2%&%)*"1$#)"0',"/%1$
%$'"$&%1&"$*%&<"$+")1%/0',"/%1A$O)*/%$#23&#)#1&"$%$')*#73#,',%$."#$
+")1*/3>,'$3&'$<")*%$#&'7#)@/#'F$43%$13<"/*"3$%)43')*"$#)1*#*3#:;"F$
%$,#7'&"1F$+3/#"1'&%)*%F$'$&'/+E'$0#*"/#"1'$,'1$+#-)+#'1$&",%/)'1$
,"$1G+32"$ySy$%$,"$#)>+#"$,"$1G+32"$yyA
Q"1$*%&<"1$,%$Z3&("2,*F$'$.#2"1".#'$*#)E'$1%$%&')+#<',"$,"$1%3$
<'<%2$ ,%$ z1%/0#,"/'$ ,'$ *%"2"7#'{$ %$ 1%$ *"/)"3$ '$ z&;%$ ,'1$ +#-)+#'1{F$
+/#'),"$'11#&$3&$+2#&'$,%F$,#/>'&"1$E"9%F$#)*%/,#1+#<2#)'/#,',%F$43%$
.'+#2#*'0'$'$%0"23:;"$,'1$9"0%)1$+#-)+#'1F$1%9'&$%2'1$)'*3/'#1$"3$E38
&')'1A$\&$(/%0%$"2E'/$)'$."/&':;"$,%$7/'),%1$)"&%1$,'1$+#-)+#'1$
+").#/&'$'$0%/1'*#2#,',%$,%1*%1$%&$0@/#"1$+'&<"1$,"$1'(%/A$V'/L$].#8
2"1".#'F$%+")"&#'aF$!/%3,$]&%,#+#)'F$<1#+"2"7#'aF$h%(%/$],#/%#*"F$%+"8
)"&#'F$1"+#"2"7#'a$%F$+"&"$9@$G$)"*=/#'F$'$#)+2#)':;"$,"1$.>1#+"1$/%2'8
*#0#1*'1$%$43T)*#+"1$<'/'$'$.#2"1".#'$+"&"$Z%#1%)(%/7F$O#)1*%#)F$6"/)F$
R2')+t$e$*","1$."/&',"1$)'1$3)#0%/1#,',%1$E3&("2,*#')'1A$
5'(%&"1$+"&$h%(%/$43%$'1$#)*%):?%1$,%$3&$'*"/$1;"$3&'$+"#1'$%$
"1$/%132*',"1$,%11'$&%1&'$':;"$1;"$./%43%)*%&%)*%$"3*/"1A$5%/@$43%$'$
/%."/&'$3)#0%/1#*@/#'$,%$Z3&("2,*$*%&$3&$%.%#*"$+"2'*%/'2$);"$#)*%)8
+#")',"|$5%/@$43%$'$-).'1%$%$'$<"1#:;"$,%$,%1*'43%$43%$Z3&("2,*$,%3$D$
.'+32,',%$,%$.#2"1".#'$+")*/#(3>/'&$,%+#1#0'&%)*%$<'/'$"$8##*$,'$3)#8
0%/1#,',%$'2%&;"$)"$1G+A$ySy$%$<'/'$'$"),'$,%$)"0#,',%1$]#)+231#0%$,%$
</-&#"1$Q"(%2a$)"$#)>+#"$,"$1G+A$yy|$5%/@$43%$'$'3*")"&#'$,%11'$3)#8

"(5$%";"5,&+,&%"1$(&;"&)+$)"&+$&T;)*$(%)+"+$2&.,!'"("kl$%&);5$(;".),;")%&&6&&H$",_(-*8&^(7$k8&l&
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

2g`

0%/1#,',%$*')*"$,'$#7/%9'$+"&"$,"$7"0%/)"$+/#"3$'$('1%$,%$3&'$<%143#1'$
</#&%#/"$2#0/%$%$<"1*%/#"/&%)*%$,%1%)./%','F$'(/#),"$'1$<"/*'1$<'/'$*"8
,'1$'1$<"11#(#2#,',%1$*G+)#+'1|$B)*%1$,%$,#1+3*#/$"$#,%'2$,'$3)#0%/1#,',%$
E3&("2,*#')'$)"$+")*%L*"$,"$)"11"$*%&<"F$+")132*'),"$'3*"/%1$+"&"$
v'/2$s'1<%/1F$V')./%,$O#7%)F$Z')18X%"/7$X','&%/$%$su/7%)$Z'(%/&'1F$
43%/%&"1$ ,%#L'/$ +2'/"$ 43%$ Z3&("2,*$ %).'*#C'0'$ )'$ 13'$ /%."/&'$ */-1$
</#)+><#"1$(@1#+"1$,'$3)#0%/1#,',%F$1%),"$%2%1r$^a$'$2#(%/,',%$,'$<%143#8
1'$%$,"$%)1#)"d$Ia$'$3)#,',%$,'$<%143#1'$%$,"$%)1#)"d$Ka$'$</#&'C#'$,'$
%,3+':;"$+32*3/'2$]Y%&6;+'a$1"(/%$'$."/&':;"$</".#11#")'2A

B$#,%#'$,'$3)#0%/1#,',%r$v'/2$s'1<%/1

O&$^_pfF$v'/2$s'1<%/1$'</%1%)*'$3&'$z#,%#'$,'$3)#0%/1#,',%{F$43%$
*%)*'$%)./%)*'/$'$+/#1%F$<'/'$);"$,#C%/$'$,%1*/3#:;"F$,'$3)#0%/1#,',%$
'2%&;$,3/')*%$"$z*%/+%#/"$M%#+E{$]^_KK8^_pcaA$s'1<%/1$/%'*#0'$'$E%/')8
:'$E3&("2,*#')'F$(31+'),"$)3&'$'/73&%)*':;"$+")1%/0',"/'$+E;"$
.#/&%$ <'/'$ ,%.%),%/$ '$ #,%#'$ ,%$ 3&'$ #)1*#*3#:;"$ 43%$ *#)E'$ </"0',"$
<"3+"$*%&<"$')*%1$13'$'(1"23*'$#)+'<'+#,',%$%)43')*"$,%.%)1"/'$,'$
2#(%/,',%$,"$<%)1'&%)*"A$R'/'$%2%F$)'$*/',#:;"$,%$Z3&("2,*F$'$3)#8
0%/1#,',%$ );"$ G$ "$ 237'/$ ,'$ &%/'$ #)1*/3:;"$ ,%$ E'(#2#,',%1$ *G+)#+'1A$
W"&"$237'/$,'$+#-)+#'F$'$3)#0%/1#,',%$0#0%$,%$3&'$<"1*3/'$+#%)*#.#+'$
43%$#)+23#$z'$+'<'+#,',%F$'$.'0"/$,"$+")E%+#&%)*"$"(9%*#0"F$,%$1318
<%),%/$'1$</=</#'1$0'2"/':?%1$<"/$3&$&"&%)*"F$,%$<",%/$'(1*/'#/$,"$
<'/*#,"$</=</#"F$,'$</=</#'$0")*',%$&"&%)*T)%'F$'$.'0"/$,%$3&'$')@8
2#1%$#&<'/+#'2$,"1$.'*"1{$]s'1<%/1F$^_pfF$<A$KpaA$B$%,3+':;"$+#%)*>.#+'F$
);"$"(1*')*%F$);"$G$3&$&%/"$*/%#)'&%)*"$,"$+")E%+#&%)*"$1#1*%&@8
*#+"F$%2'$0'#$'2G&F$<'/'$s'1<%/1F$)'$&%,#,'$%&$43%$'$<"1*3/'$+#%)*>8
.#+'$%L#7%$'$+"&3)E;"$,%$0'2"/%1A$$W"&$"3*/'1$<'2'0/'1r$'$%,3+':;"$
+#%)*>.#+'$3)#0%/1#*@/#'$G$."/&':;"$<'/'$'$/'C"'(#2#,',%$]Y%&6;+'!S;-!
`3-+;+.,aA$O11'$/'C"'(#2#,',%$#)+23#$'$,#1<"1#:;"$<'/'$'$'3*"+/>*#+'F$'$
+")1+#-)+#'$,"1$2#&#*%1$%$,'$*%&<"/'2#,',%$,"$+")E%+#&%)*"$%$3&'$
0")*',%$ #)+')1@0%2$ ,%$ 43%/%/$ 1'(%/A$ U$ 1'(%/$ '(1"23*"F$ *",'0#'F$ .#+'$
."/'$ ,"$ '2+')+%$ ,%11%$ %&</%%),#&%)*"$ %F$ );"$ "(1*')*%F$ '43#2"$ 43%$
*/')1+%),%$ "1$ .'*"1$ 1#)732'/%1$ %$ "1$ ,%2#&#*',"1$ +'&<"1$ +#%)*>.#+"1F$

"(5$%";"5,&+,&%"1$(&;"&)+$)"&+$&T;)*$(%)+"+$2&.,!'"("kl$%&);5$(;".),;")%&&6&!H$",_(-*8&^(7$k8&l&
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

2ga

#23&#)'$"$E"/#C")*%$,'$<%143#1'$%$</"*%7%8'$+")*/'$3&$<%/,%/81%$)'$
z#).#)#*3,%$,'1$0'/#%,',%1{$]sB5ROM5F$^_pfF$<A$I`aA
Q"$1%3$%)*%),#&%)*"$,'$3)#0%/1#,',%$s'1<%/1$13("/,#)'$'$<%143#8
1'$%$"$%)1#)"$D$."/&':;"$"3$%,3+':;"$<'/'$3&'$<"1*3/'$,%,#+','$D$
(31+'$,'$0%/,',%F$)"$%1<>/#*"$,'$/'C"'(#2#,',%A$B11#&$1;"$*/-1$'1$*'8
/%.'1$,'$3)#0%/1#,',%r$<%143#1'F$%)1#)"$%$%,3+':;"$]sB5ROM5F$^_pfF$
<A$KbaA$53(2#)E'&"1r$'$*%/+%#/'$.3):;"$G$'$%,3+':;"$%$);"$'$%L*%)1;"A$
W"&$ %11'$ -).'1%$ )'$ ."/&':;"$ ,%$ 3&'$ <"1*3/'$ ]a$ +#%)*>.#+'F$ s'1<%/1$
%1<%/'0'$ ,'/$ '$ /%1<"1*'$ ',%43','$ D$ %L<%/#-)+#'$ *"*'2#*@/#'$ /%+%)*%F$
43%$<"/$3&$2',"$&"1*/"3$43%$E'(#2#,',%1$*G+)#+'1F$%$'$#)*%2#7-)+#'$
+#%)*>.#+'$+"//%1<"),%)*%F$<",%&$1%/$&')#<32','1$<'/'$43'243%/$.#8
)'2#,',%F$%$43%$"$%)./'43%+#&%)*"$,"1$0'2"/%1$E3&')#1*'1$'(/#3$'1$
<"/*'1$<'/'$3&$,%1'1*/%$+#0#2#C'*=/#"$1%&$</%+%,%)*%1A

Z3&("2,*F$s'1<%/1$%$1%31$+/>*#+"1$.'+%$D$3)#0%/1#,',%$,%$
&'11'1

Q"$ #)>+#"$ ,"$ 1G+32"$ ySy$ &%)"1$ ,"$ 43%$ ^$ ,"1$ '23)"1$ ,'$ &%18
&'$#,',%$%1*3,'0'&$)3&'$3)#0%/1#,',%A$O11'$<%/+%)*'7%&$+/%1+%3$
0%/*#7#)"1'&%)*%$)'1$P2*#&'1$,G+','1F$'"$<")*"$,%$43%$E"9%F$)'$B2%8
&')E'F$%1*3,'&$K_$,"1$'23)"1$,"$&%1&"$7/3<"$%*@/#"A$B2#@1F$+"&$
%43#2>(/#"$ %)*/%$ "1$ ,"#1$ 1%L"1A$ B$ /%2':;"$ %)*/%$ "$ )P&%/"$ ,%$ KbAJJJ$
</".%11"/%1$ %$ ,"1$ 43'1%$ ,"#1$ &#2E?%1$ ,%$ %1*3,')*%1$ G$ e$ )%11%$ <'>1$
"),%$3)#0%/1#,',%1$<'/*#+32'/%1$."/&'&$3&'$%L+%:;"$e$,%$^rcIF$%$)'$
@/%'$,'1$+#-)+#'1$E3&')'1F$,%$'</"L#&','&%)*%$^r^JJA$W"&$#11"F$*%8
&"1$1%*%$0%C%1$&%)"1$</".%11"/%1$<"/$%1*3,')*%$)'$@/%'$,'1$+#-)+#'1$
E3&')'1$,"$43%$)"1$*%&<"1$,%$Z3&("2,*A$$\&'$')@2#1%$,"$,%1%)0"28
0#&%)*"$,"1$1'2@/#"1$,"1$</".%11"/%1$*'&(G&$&"1*/'$3&'$+2'/'$*%)8
,-)+#'r$)"1$')"1$0#)*%F$3&$</".%11"/$3)#0%/1#*@/#"$7')E'0'$,%C$0%C%1$
&'#1$,"$43%$'$&G,#'$,"1$'11'2'/#',"1d$)"1$')"1$+#)43%)*'$%$1%11%)*'F$
+#)+"$0%C%1$&'#1d$)"1$')"1$1%*%)*'d$IFc$0%C%1$&'#1d$%$E"9%F$1"&%)*%$
^Ff$0%C%1$&'#1$,"$43%$'$&G,#'$]ZO55OF$IJJbaA
Q"$6/'1#2F$3&$<'>1$+"&$&'#1$,"$43%$"$,"(/"$,'$<"<32':;"$,'$B2%8
&')E'F$*%&"1$%&$IJ^J$"$)P&%/"$,%$fF`$&#2E?%1$,%$%1*3,')*%1$3)#8

"(5$%";"5,&+,&%"1$(&;"&)+$)"&+$&T;)*$(%)+"+$2&.,!'"("kl$%&);5$(;".),;")%&&6&&H$",_(-*8&^(7$k8&l&
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

2]1

0%/1#*@/#"1F$,"1$43'#1$'$7/'),%$&'#"/#'F$'$1'(%/$`pF$%1*3,'$%&$3)#8
0%/1#,',%1$ <'/*#+32'/%1A$ Q"$ 6/'1#2F$ +%/+'$ ,%$ cIAJJJ$ </".%11"/%1$ ,;"$
+")*'$ ,%$ ^_JAJJJ$ %1*3,')*%1$ )"$ )>0%2$ ,%$ &%1*/',"$ %$ ,"3*"/',"A$ U$
43%$1#7)#.#+'F$<'/'$"$)>0%2$,%$<=187/',3':;"F$3&'$/%2':;"$,%$KFc$</"8
.%11"/%1$<"/$'23)"d$3&'$/%2':;"$'<'/%)*%&%)*%$&3#*"$&%2E"/$,"$43%$
)'$B2%&')E'F$43%F$*",'0#'F$</%+#1'$1%/$/%2'*#0#C','F$<"#1$"$*%&<"$,%$
"+3<':;"$,"1$</".%11"/%1$)'$<=187/',3':;"$G$1"&%)*%$<'/+#'2A$
Z')18X%"/7$X','&%/$'<")*'$+"&"$</"(2%&'$</#)+#<'2$,'1$3)#0%/8
1#,',%1F$*')*"$)'$B2%&')E'$+"&"$%&$%1+'2'$&3),#'2F$'$z%L<2"1;"$,'1$
&'11'1{$ ]XBHBVOMF$ ^_bbF$ <A$ ^JaF$ 43%$ */')1."/&"3$ /',#+'2&%)*%$ '$
%L#1*-)+#'$'+',-&#+'$%$);"$%)+")*/"3$'*G$E"9%$3&'$/%1<"1*'$#)1*#*38
+#")'2$',%43','A$Q%1*%$+")*%L*"F$"$13+%11"/$)'$+',%#/'$,%$v'/2$s'1<%/1$
,'$3)#0%/1#,',%$,%$Z%#,%2(%/7$%$'23)"$,%$V'/*#)$Z%#,%77%/$#,%)*#.#+'$
*/-1$ </"(2%&'1$ </#)+#<'#1r$ 'a$ "$ .#&$ ,'$;+%B3-/%,(/! /$0#&(-;*F$ ,'$ +"8
&3)#,',%$'+',-&#+'$</"</#'&%)*%$,#*'$+"&$13'$/%2':;"$%1*/%#*'$%)*/%$
'23)"1$</".%11"/%1d$(a$"$.#&$,'$;+%B3-/%,(/!&%,3-(-;*F$,'$3)#,',%$%$,"$
,#@2"7"$%)*/%$'1$,#0%/1'1$+#-)+#'1F$2#,%/','1$<%2'$.#2"1".#'d$%$+a$"$.#&$
,'$-3/!1;8&%$(!&%,3-(-%($F$,'$z0#,'$)"$&3),"$,'1$#,%#'1{F$,"1$2#0/"1F$,'1$
(#(2#"*%+'1F$,'$2#*%/'*3/'A$\&'$1"23:;"$<'/'$%11%1$</"(2%&'1$.#+'$."/'$
,"$'2+')+%$,'1$/%.2%L?%1$,%$X','&%/A$O2%$/%+"&%),'F$*",'0#'F$3&'$/%8
,%.#)#:;"$,'$2#(%/,',%$'+',-&#+'$1"($+"),#:?%1$,'1$E#<%/#)1*#*3#:?%1$
&'11#.#+','1$%$%1*#&32'$'$(31+'$,%$)"0"1$z%1<':"1$,%$2#(%/,',%{F$"),%$
3&$<%43%)"$3)#0%/1"$'+',-&#+"$+")*/#(3#$<'/'$'$+")1*/3:;"$,%$z)"8
0'1$1"2#,'/#%,',%1{$]XBHBVOMF$^_bbF$<A$IIaA
h"2.$Y%<%)#%1$0-$%L'*'&%)*%$)'$<%/,'$,'$.3):;"$"/#%)*',"/'$,'$
.#2"1".#'$%$,'$.'+32,',%$,%$.#2"1".#'$<'/'$'$3)#0%/1#,',%$'27"$,%+#1#0"$
%$'27"$%1<%+#'2&%)*%$#)+#1#0"$<'/'$'$3)#0%/1#,',%$'2%&;F$43%$,%$.'*"$
'.'1*"381%$7/',3'2&%)*%$%$+','$0%C$&'#1$,'$13'$#)1<#/':;"$E3&("28
,*#')'A$W"&$3&'$%L*/'"/,#)@/#'$+")*/#(3#:;"$<'/'$0@/#'1$@/%'1$+#%)*>8
.#+'1$'#),'$)"$#)>+#"$,"$1G+32"$yyF$"$43%$*'&(G&$1%$%1<%2E'$)'1$%1*'8
*>1*#+'1$,"1$7')E',"/%1$,"$</-&#"$Q"(%2F$%$0#)+32','$'$)"&%1$+"&"$
O#)1*%#)F$V'L$R2')+tF$Z%#1%)(%/7F$V'L$h%(%/F$V'/*#)$Z311%/2$%$"38
*/"1F$<",%&"1$+")1*'*'/$3&$/3<*3/'$1%&$0"2*'F$)'$,G+','$,"1$')"1$
*/#)*'$'*G$"1$')"1$+#)43%)*'[1%11%)*'F$43'),"$z%L<2",%&$'1$&'11'1{$

"(5$%";"5,&+,&%"1$(&;"&)+$)"&+$&T;)*$(%)+"+$2&.,!'"("kl$%&);5$(;".),;")%&&6&!H$",_(-*8&^(7$k8&l&
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

2]2

]XBHBVOMF$^_bbaA$U$</=</#"$V'/*#)$Z%#,%77%/F$43%F$%&$^_I`F$+"&$
'$<3(2#+':;"$,%$"3-!3!=3*1#F$+")1%73#3$&'#1$3&'$0%C$%2%0'/$'$&%,#8
,'$,'$*/',#:;"$.#2"1=.#+'$,'$B2%&')E'F$*"/)"381%F$)'$/%*/"1<%+*#0'F$"$
P2*#&"$z7/'),%$.#2=1"."{$'2%&;"$+"&$#&<'+*"$#)*%/)'+#")'2$,%$3&'$
2#)E'$43%$0'#$,%$Y%#()#CF$v')*F$5+E%22#)7F$5+E"<%)E'3%/F$Q#%*C1+E%F$
'*G$Z311%/2$%$&3#*"1$"3*/"1d$Z%#,%77%/F$%)*;"F$<",%$1%/$0#1*"$+"&"$3&'$
%L</%11;"$ #)0"23)*@/#'$ ,%11'$ &3,'):'A$ zB$ +#-)+#'$ );"$ <%)1'{$ G$ 1%3$
2'+N)#+"$ +"&%)*@/#"$ 1"(/%$ '$ 3)#0%/1#,',%$ %)43')*"$ %&</%%),#&%)8
*"$%&$43%$<%143#1',"/%1$"+3<',>11#&"1F$'11#&$,#C$Z%#,%77%/F$z.'C%&$
,%&'#1$%$<%)1'&$,%$&%)"1{IA$R"#1$"/#%)*':;"$%1<%/'0'&$1%31$2%#*"/%1$
%$'23)"1$%&$0;"F$'$<"/$%2%$</"<'7','$z'3*%)*#+#,',%{$%/'$3&$+")+%#*"$
0'C#"$%$'11#&$./'+"$,%&'#1$<'/'$'.#/&'/$0'2"/%1$+#0#2#C'*=/#"1$"+#,%)8
*'#1F$#)+231#0%$'+',-&#+"1F$43'),"$&'#1$</%+#1@0'&"1KA
U$%+2#<1%$,'$/'C;"$]Z"/tE%#&%/a$)"$1G+32"$yy$*%&$'27"$'$0%/$+"&$'$
%L<%+*'*#0'$%L'7%/','$,%$43%$"$E"&%&$<",%/#'$/%1"20%/$*","1$"1$1%31$
</"(2%&'1$/'+#")'2&%)*%A$B)*%1$,"$+%*#+#1&"$,%$h%(%/$43%$z9"7"3$@73'$
)"$0#)E"{$,%11%$"*#&#1&"F$'1$9"0%)1$+#-)+#'1$,'$1"+#%,',%$]W"),"/+%*F$
W"&*%F$V'/La$+")*/#(3>/'&$&3#*"$<'/'$3&'$+/%):'$)'$/'C"'(#2#,',%$
,"$E"&%&A$B$E#1*"/#C':;"F$'$/%2'*#0#C':;"$%$'$z,%1)'*3/'2#C':;"{$1;"$
'1$'/&'1$+"&$'1$43'#1$'$+#-)+#'$,%1&#1*#.#+"3$"$&3),"A$O2'$1"&%)*%$
%143%+%3F$ +")+"/,'),"$ +"&$ 3&'$ +"2"+':;"$ ,%$ Y%<%)#%1F$ ]Y%<%)#%1F$
^_bbF$<A$fKaF$,%$'<2#+'/$%1*%1$#)1*/3&%)*"1$'$1#$&%1&'A$k3%$"$*(%+/,-37
(*$,'1$+#-)+#'1$1"+#'#1$+"&3)7'$+"&$%1*%$</"(2%&'$'*G$E"9%$&"1*/'&$
"1$ 7/3<"1$ ,%$ </%11;"$ '+',-&#+"1F$ 43%$ ,%)3)+#'&$ +%/*"1$ .%)N&%)"1$
1"+#'#1$ +"&"$ 1%),"$ &%/'1$ +")1*/3:?%1$ +32*3/'#1F$ &'1$ );"$ <%/+%(%&$
43%$%2%1$&%1&"1$%$13'1$z+'31'1$931*'1{$1;"$<'11'7%#/"1F$,%$0'2"/%1$1"8
&%)*%$/%2'*#0"1$%$%1*/')E"1A$B$1"+#"2"7#'$43%$1%$".%/%+%3$)'$.'1%$<=18
873%//'$ +"&"$ 13(1*#*3*'$ ,'$ .#2"1".#'$ %)43')*"$ ,#1+#<2#)'$ "/#%)*',"/'$
);"$+")1%73#3$,%0"20%/$'$3)#,',%$D$3)#0%/1#,',%F$43%$1%$<%/,%3A$$B$
,#1+#<2#)'$5"+#"2"7#'$^F$".%/%+#,'$)"$6/'1#2$<'/'$%1*3,')*%1$,%$U,")8

I$ zQ=1$.'C%&"1$,%&'#1$%$<%)1'&"1$,%$&%)"1{A$ZOSHOXXOMF$VA$]^_cp[^__Iad$zB$
+#-)+#'$);"$<%)1'{A$ZOSHOXXOMF$VA$]^_cp[^__paA
K$ g%9'$'$+/>*#+'$1'7'C$%$<"/$0%C%1$%L'7%/','$,%$iE%","/$hA$B,"/)"$]^_fp[^_f_aA

"(5$%";"5,&+,&%"1$(&;"&)+$)"&+$&T;)*$(%)+"+$2&.,!'"("kl$%&);5$(;".),;")%&&6&&H$",_(-*8&^(7$k8&l&
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

2]0

*"2"7#'F$O,3+':;"$!>1#+'$%$W")*'(#2#,',%F$'2G&$,%$&3#*'1$"3*/'1F$%0"+'$
E"9%$./%43%)*%&%)*%$'$<%/73)*'r$<"/43%$*%&"1$43%$%1*3,'/$1"+#"2"7#'|$
R'/'$su/7%)$Z'(%/&'1F$'273G&$43%$*%)*'F$+"&"$v'/2$s'1<%/1F$/%%/73%/$
'$#,%#'$E3&("2,*#')'$,%$3)#0%/1#,',%F$);"$<'11'$,%$3&$z%1<>/#*"$,%.%)8
1#0"$,%$3&'$+/>*#+'$+32*3/'2$E"1*#2$D$&",%/)#C':;"{$]ZB6OMVB5F$^_bbr$
<A$^p^aA$R'/'$%2%F$'1$2%#1$,'$&",%/)#C':;"$1"+#'2$*'&(G&$'.%*'&$"$,%1%)8
0"20#&%)*"$,'1$3)#0%/1#,',%1d$'$+")1+#-)+#'$*/',#+#")'2$*%/#'$1"&%)*%$
3&$0'2"/$+"&<%)1'*=/#"A$Q;"$"(1*')*%F$%2%$'.#/&'F$%)43')*"$'1$3)#0%/8
1#,',%1$'#),'$&')*-&$3&$&>)#&"$,%$3)#,',%$#)*%/)'$%$"$0>)+32"$+"&$
"$&3),"$,'$0#,'F$z'$#,%#'$,'$3)#0%/1#,',%$);"$<",%$%1*'/$*"*'2&%)*%$
&"/*'{$]ZB6OMVB5F$^_bbF$<A$^p_aA$R/#)+#<'2&%)*%$'1$."/&'1$+"&3)#8
+'*#0'1F$,'$'/73&%)*':;"$+#%)*>.#+'$&%1&"F$7'/')*#/#'&$"1$</"+%11"1$,%$
'</%),#C',"$)'$3)#0%/1#,',%$%$13'$3)#,',%A$zB1$,#1+#<2#)'1$+#%)*>.#+'1$
+")1*#*3%&$<P(2#+"1$,#1+#<2#)'/%1$#)*%/)"1$%$1"&%)*%$)%11'1$%1*/3*3/'1$
<",%&$&')*%/$13'$0#*'2#,',%A$U1$<P(2#+"1$,#1+#<2#)'/%1$93)*'&81%$%$1%$
,%1,"(/'&$ %&$ %0%)*"1$ '(%/*"1$ <'/'$ *",'$ '$ 3)#0%/1#,',%{$ ]Z'(%/&'1F$
^_bbF$<A$^f_aA$Z'(%/&'1F$+"&"$&3#*"1$,"1$1%31$+"2%7'1F$"1+#2'$<"/$3&$
2',"$%)*/%$'$/%),#:;"$D$*%),-)+#'$,"1$z1#1*%&'1{$,%$%)0"20%/$'$3)#0%/8
1#,',%$)"$</"+%11"$,'$&",%/)#C':;"F$&'11'+/'),"$"1$z&'),'/#)1{F$"1$
</".%11"/%1$+'*%,/@*#+"1$,"1$0%2E"1$*%&<"1$%F$<"/$"3*/"$2',"F$%)*/%$'$%18
<%/'):'$,%$<",%/$%)+")*/'/$'#),'$)%11'$&%1&'$3)#0%/1#,',%$3&'$+"8
&3)#+':;"$'(%/*'$%$,#1<3*'1$,#1+3/1#0'1$+"&$'/73&%)*"1$13/</%%),%)8
*%1A$zB1$<"/*'1$%1*;"$'(%/*'1F$%&$43'243%/$&"&%)*"$3&$)"0"$/"1*"$<",%$
'<'/%+%/F$3&$)"0"$<%)1'&%)*"$%)*/'/{$]ZB6OMVB5F$^_bbF$<A$^`JaA

B1$3)#0%/1#,',%1$(/'1#2%#/'1r$#),#+',"/%1$,%$</",3*#0#,',%

B1$3)#0%/1#,',%1$+")*%&<"/T)%'1$1;"$./3*"$,%$3&'$2")7'$*/',#:;"r$
,%1,%$'1$'+',%&#'1$<2'*N)#+'1$,'$')*#73#,',%F$,'1$</#&%#/'1$3)#0%/8
1#,',%1$)'$S,',%$VG,#'$%$,'$/%."/&32':;"$,'$13'$+")+%<:;"$<"/$5+E8
2%#%/&'+E%/$%$Z3&("2,*$)"$#)>+#"$,"$1G+32"$ySyF$%1*%),%&81%$%L<%/#8
-)+#'1$#)1*#*3+#")'#1$43%$+"2"+'/'&$'$<%143#1'$%$"$%)1#)"F$)"$1%3$)>0%2$
&'#1$+"&<2%L"F$)"$+%)*/"$,'1$13'1$'*%):?%1A$B$3)#0%/1#,',%$&'11#.#+'8
,'$+")*%&<"/T)%'$<'/%+%F$%&$&3#*"1$,"1$1%31$'1<%+*"1F$#)+"&<'*>0%2$

"(5$%";"5,&+,&%"1$(&;"&)+$)"&+$&T;)*$(%)+"+$2&.,!'"("kl$%&);5$(;".),;")%&&6&!H$",_(-*8&^(7$k8&l&
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

2]3

+"&$'$#,%#'$#)#+#'2$,%$3)#0%/1#,',%d$)%1*'$1#*3':;"F$+"&$'$43')*#.#+'8
:;"$,'$43'2#.#+':;"F$-(+C%+'/!#)*%/)'+#")'#1$*%)*'&$/%"/,%)'/$"$+'&<"$
,'$+#-)+#'$%$,'$."/&':;"$,%$9"0%)1$+#%)*#1*'1F$+"&$/%132*',"1$<"/$0%C%1$
=(0#"1F$<"/$0%C%1$,30#,"1"1A$B1$%L<%/#-)+#'1$3)#0%/1#*@/#'1$(/'1#2%#/'1$
+"&<'/*#2E'&$ '$ */',#:;"$ 3)#0%/1#*@/#'$ %3/"<%#'$ %F$ <"/$ 1%/%&$ *'/,#'1F$
+")./")*'&81%F$1"(/%*3,"F$+"&$"1$</"(2%&'1$,'$13'$P2*#&'$.'1%r$'$3)#8
0%/1#,',%$%&$%L<')1;"$43')*#*'*#0'A
U$31"$,%$#),#+',"/%1$<'/'$'$'0'2#':;"$,%$,%1%&<%)E"$*%&$3&$%.%#*"$
+3/#"1"A$$Q'$1#*3':;"$')*%1$,'$#)*/",3:;"$,"1$#),#+',"/%1F$%2'1$*-&$1#&$
3&$+%/*"$0'2"/F$<"#1$%L</%11'&$*%),-)+#'1$%$</"('(#2#,',%1F$+'<*','1$
,%$."/&'$43')*#*'*#0'F$9@$43%$"$,%1%&<%)E"F$%)43')*"$.%)N&%)"$%&8
<>/#+"F$ *'&(G&$ ,%#L'$ /'1*/"1$ 43')*#*'*#0"1A$ B11#&F$ 3&$ 7/'),%$ '3*"/$
</",3C$1%&</%F$+"&$'2*"$7/'3$,%$</"('(#2#,',%F$3&$+%/*"$)P&%/"$,%$
<@7#)'1F$ %L'*'&%)*%$ 43')*#.#+@0%#1A$ i'&(G&$ 3&$ E"1<#*'2F$ %.#+#%)*%F$
(%&$%43#<',"$%$,#1<"),"$,%$%L+%2%)*%1$</".#11#")'#1F$/%,3C$"$)P&%8
/"$,%$=(#*"1$<"/$&#2$<'+#%)*%1$'"$&>)#&"d$%1*'$/%2':;"$G$%L'*'&%)*%$
&%)13/@0%2$%$%)43')*"$,',"$%1*'*>1*#+"F$+"&<'/@0%2$+"&$"$,%1%&<%8
)E"$,%$"3*/"1$E"1<#*'#1A$Q;"$"(1*')*%F$<%/,%&$"1$#),#+',"/%1$1%3$0'8
2"/$ #)."/&'*#0"$ 43'),"$ 1;"$ #)*/",3C#,"1$ +"&$ "$ #)*3#*"$ ,%$ 7%/%)+#'/$
"3$'*G$"*#&#C'/$"$,%1%&<%)E"$,'43#2"$43%$&%,%&Ap$$Q'$1#*3':;"$1#/,!
-3*!1'(%&$"1$'*"/%1$43%$%1*;"$1%),"$&")#*"/',"1$43')*#*'*#0'&%)*%$
%$','<*'&$1%3$+"&<"/*'&%)*"$D$)"0'$1#*3':;"A$U$</".%11"/F$43%$G$3&$
("&$</".%11"/F$&'1$*'&(G&$43%/$1%/$3&$7/'),%$'3*"/F$+"&%:'$'$</"8
,3C#/$3&$+%/*"$)P&%/"$,%$<@7#)'1F$<"#1$);"$G$%1*%$)P&%/"$,%$<@7#)'1$
</",3C#,'1$43%$+'/'+*%/#C'$"$7/'),%$'3*"/$43')*#*'*#0'&%)*%|$U$/%1328
*',"$GF$"(0#'&%)*%F$43%$"$<%43%)"$'3*"/$%$"$7/'),%$'3*"/$0;"$'<'/%+%/$
)'$ %1*'*>1*#+'$ )"$ &%1&"$ )>0%2$ ,%$ </",3*#0#,',%F$ '"$ <")*"$ 43%$ '*G$ "$
7/'),%$'3*"/$]43%$*'&(G&$1'(%$43%$%1*@$1%),"$'0'2#',"$43')*#*'*#0'8
&%)*%a$+"&%:'$'$%1+/%0%/$&'#1$,"$43%$43%/#'A$O11'$+"//#,'$43')*#*'*#0'$
'3&%)*'$"$%1*/%11%$,"1$%)0"20#,"1F$*')*"$,"$7/'),%$+"&"$,"$<%43%)"F$
&'1$);"$*/')1."/&'$"$P2*#&"$%&$3&$'3*"/$#&<"/*')*%A$

p$ WE'/2%1$X"",E'/*F$9@$%&$^_`cF$&"1*/"3$%11'$</"(2%&@*#+'$)'$@/%'$,"$<2')%9'&%)*"$
&'+/"%+")N&#+"$]XUUHZBMiF$^_`caA

"(5$%";"5,&+,&%"1$(&;"&)+$)"&+$&T;)*$(%)+"+$2&.,!'"("kl$%&);5$(;".),;")%&&6&&H$",_(-*8&^(7$k8&l&
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

2]d

S),#+',"/%1$,%$</",3*#0#,',%$%$/')t#)71$#)*%/)'+#")'#1

R'/%+%$.@+#2$&"1*/'/$'1$+")1%43-)+#'1$<"/$0%C%1$'(13/,'1$,"1$#)8
,#+',"/%1$,%$</",3*#0#,',%F$+"&"$%1*;"$1%),"$31',"1F$*'&(G&F$)'1$
3)#0%/1#,',%1$(/'1#2%#/'1$,%$E"9%A$Q"$%)*')*"F$"$43%$+"2"+'/$)"$237'/$
,%2%1|$OL#1*%&$#),#+',"/%1$43'2#*'*#0"1|$W"&"$<"11"$&%,#/$'$#&<"/8
*T)+#'$ ,%$ 3&$ '/*#7"F$ 1%$ );"$ '*/'0G1$ ,"$ 1%3$ z#&<'+*"{$ &%,#,"$ <%2"$
$%,(,%#+!U+63I|$W"&"$0"3$43'2#.#+'/$'$#&<"/*T)+#'$,%$3&'$/%0#1*'$%&$
,%*/#&%)*"$,%$"3*/'F$1%$%3$);"$1%#$43%$%11'$G$B^$%$'$"3*/'$6I|$W"&"$
0"3$'/73&%)*'/$43%$3&$</"7/'&'$,%$<=187/',3':;"$G$&'#1$#&<"/*')8
*%$,"$43%$"$"3*/"F$1%$);"$</",3C"$%1*'*>1*#+'1$,'$13'$</",3:;"$43')8
*#*'*#0'|$W"&"$0"3$1'(%/$43%$3&'$<%11"'$1'(%$&'#1$,"$43%$'$"3*/'$1%$
);"$%1*"3$1%),"$#)."/&',"$<%2"$+'/*;"$,%$0#1#*'$43%$%2'$<"113#$*>*32"$
,%$,"3*"/|$O11%$*>*32"$,%$,"3*"/$GF$1#&F$'<%1'/$,%$1%/$&3#*"$')*#7"F$
3&$#),#+',"/$,%$43'2#,',%A$k3%&$<"113#$3&$*>*32"$,%$,"3*"/$1'(%$
&'#1$,"$43%$"1$"3*/"1A$U3$'273G&$1%$'*/%0%$'$'.#/&'/$"$+")*/@/#"|
B$,#1+311;"$1"(/%$"1$#),#+',"/%1$,%$</",3*#0#,',%$1%$*"/)'$&'#1$
,#.>+#2$'#),'$43'),"$<%/+%(%&"1$43%F$,%)*/%$"1$&'#"/%1$+/>*#+"1$,%18
1%1$ #),#+',"/%1F$ %)+")*/'&"1F$ 0#'$ ,%$ /%7/'F$ '43%2%1$ 43%$ *-&$ <"3+'$
<'/*#+#<':;"$)'$0#,'$'+',-&#+'A$5%/@$43%$'$+/>*#+'$)'1+%F$)%1*%1$+'8
1"1F$,'$</=</#'$#)+'<'+#,',%$,%$'2+'):'/$"1$#,%'#1$,'$'+',%&#'$43%$
%2'$&%1&'$1%$#&<?%|$5%/@$43%$'$+/>*#+'$'"$z</",3*#0#1&"{$G$3&$')*#8
8#)*%2%+*3'2#1&"$D1$'0%11'1|$
U$+'&<"$'+',-&#+"$G$E"9%F$#A%AF$%&$*%&<"1$,%$3&'$3)#0%/1#,',%$&'18
1#.#+','F$"(1+3/"F$+E%#"$,%$+")*/',#:?%1$%$+/3C',"$<"/$#)*%/%11%1$&'#1$
,#0%/1"1A$$Q;"$"(1*')*%F$);"$43%/%&"1$.37#/$,%$2%0')*'/$'273&'1$z*%1%1{$
1"(/%$'$1#*3':;"$&3#*"$<%+32#'/$,'$3)#0%/1#,',%$(/'1#2%#/'$,%$E"9%A$
5%$+")132*'/&"1$"1$/')t#)71$,'1$3)#0%/1#,',%1$&3),#'#1$<",%&"1$
+")1*'*'/$43%F$%)*/%$"1$</#&%#/"1$cJ$+"2"+',"1F$%)+")*/'&"1$<"3+'1$
3)#0%/1#,',%1$43%$);"$1%9'&$')72"81'LN)#+'1A$R"3+'1$3)#0%/1#,',%1$
,'$O3/"<'$+")*#)%)*'2F$&%)"1$,'$l1#'F$3&'$"3$"3*/'$,'$B&G/#+'$Y'8
*#)'$%$</'*#+'&%)*%$)%)E3&'$,'$l./#+'$%1*;"$)"$*"<"A$B&<2#%&"1$'$
.'#L'$<'/'$'1$</#&%#/'1$KJJ$"3$cJJ$3)#0%/1#,',%1$%$<",%&"1$0%/$43%$"$
+")*#)%)*%$)"/*%8'&%/#+')"$%1*@$/%</%1%)*',"$<"/$'</"L#&','&%)*%$

"(5$%";"5,&+,&%"1$(&;"&)+$)"&+$&T;)*$(%)+"+$2&.,!'"("kl$%&);5$(;".),;")%&&6&!H$",_(-*8&^(7$k8&l&
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

2]S

#73'2$)P&%/"$,%$3)#0%/1#,',%1$,%$<")*'$+"&"$"$+")*#)%)*%$%3/"<%3F$
1%73#,"$<"/$9"0%)1$3)#0%/1#,',%1$'1#@*#+'1F$%$<"/$'273&'1$,'$B&G/#+'$
Y'*#)'A$O)*/%$%2'1$1%&</%$'$\5R$%$'$\)#0%/1#,',%$Q'+#")'2$B3*N)"&'$
,"$VGL#+"A$W"&$#11"A$"$6/'1#2$%1*@$2#*%/'2&%)*%$."/'$,"1$+#/+3#*"1$#)8
*%/)'+#")'#1$'+',-&#+"1F$/%.%/%)*%$D$<%143#1'$%$%)1#)"$,%$43'2#,',%A$

5BW=8B&:&N&(BHX?HF&DB@&M=8\7C=@&TH?>=C@?DBD=@&D7&MJHD7

B$3)#0%/1#,',%$s#'"$i")7F$,%$5E')7E'#F$+2'11#.#+'$)"$1%3$-(+C%+'!
^JJJ$3)#0%/1#,',%1F$,"1$43'#1$1"&%)*%$cJJ$%)*/'&$)"$7/3<"$,'$+2'18
1#.#+':;"$.#)'2A$U$-(+C%+'$%L#1*%$,%1,%$IJJK$%$G$3&$,"1$&'#1$,#.%/%)8
+#',"1d$);"$"(1*')*%F$);"$G$2#0/%$,%$,#1*"/:?%1A$Q%11%$+")*%L*"F$"$."/*%$
<%1"$ '*/#(3>,"$ D1$ <3(2#+':?%1$ ,'1$ /%0#1*'1$ E(,;-3! l! "$%3+$3$ 2%0'$ '$
3&'$1"(/%0'2"/#C':;"$,%$'/*#7"1$)'$@/%'$,'1$+#-)+#'1$%L'*'1$%$,%$2>)8
73'$#)72%1'F$%&$,%*/#&%)*"$,%$<3(2#+':?%1$%&$"3*/'1$2>)73'1$%$</#)8
+#<'2&%)*%$)'$@/%'$,'1$+#-)+#'1$E3&')'1A$B$%L+231;"$,%$#)1*#*3*"1$,%$
<%143#1'$);"$3)#0%/1#*@/#"1F$+"&"$"$V'L8R2')+t8S)1*#*3*%$,'$B2%&'8

"(5$%";"5,&+,&%"1$(&;"&)+$)"&+$&T;)*$(%)+"+$2&.,!'"("kl$%&);5$(;".),;")%&&6&&H$",_(-*8&^(7$k8&l&
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

2]g

)E'F$,#1*"/+%$'$/%'2$,#1*/#(3#:;"$,'$<%143#1'$,%$<")*'$%)*/%$"1$<'>1%1A
U3*/"1$-(+C%+'/$+")1#,%/'&$"1$+/#*G/#"1$&'#1$0'/#',"1$%$#)+23%&F$
<A%AF$ "$ </%1*>7#"$ ,'1$ 3)#0%/1#,',%1$ ,%)*/%$ "1$ <%143#1',"/%1$ %$ "1$ %18
*3,')*%1F$ +"2%+#")'),"$ z)"*'1{$ ,','1$ <"/$ %1*%1d$ "3*/"1$ %L+23%&$ "1$
&G/#*"1$ ')*#7"1$ %$ 1%$ +")+%)*/'&$ 1"&%)*%$ )"$ ,%1%&<%)E"$ ,"1$ P2*#8
&"1$')"1d$"3*/"1$,%1*'+'&$'$43'2#,',%$,%$%)1#)"$%&$,%*/#&%)*"$,'$
<%143#1'$%$&%,%&$'$.'+#2#,',%$,%$'+%11"$'$(#(2#"*%+'1F$/%1*'3/')*%1$
3)#0%/1#*@/#"1$%$&"/',#'d$"3*/"1$,%1*'+'&$"$7/'3$,%$#)*%/)'+#")'2#8
C':;"$ ,"$ +"/<"$ ,"+%)*%$ %$ '$ ,%&'),'$ #)*%/)'+#")'2$ <%2"1$ %1*3,')8
*%1F$%$'11#&$<"/$,#')*%A$B1$3)#0%/1#,',%1$)'+#")'#1$./%43%)*%&%)*%$
1"(%&$ ,%$ <"1#:;"$ 43'),"$ 7/'),%1$ 9"/)'#1$ "3$ #)1*#*3*"1$ ,%$ <%143#8
1'$ +/#'&$ -(+C%+'/$ ,'1$ 3)#0%/1#,',%1$ ,"$ </=</#"$ <'>1d$ ,%*%/&#)',"1$
,%<'/*'&%)*"1$ "3$ ,#1+#<2#)'1$ *'&(G&$ <",%&$ 13(#/$ #1"2','&%)*%$
)"$ -(+C%+'F$ 43'),"$ '</%1%)*'&$ 3&'$ &G,#'$ '+#&'$ ,'1$ "3*/'1$ @/%'1$
,'$</=</#'$3)#0%/1#,',%A$o$)%+%11@/#"F$%)*;"F$+'3*%2'$%$3&'$')@2#1%$
'73,'$,'$&%*","2"7#'$'<2#+','$43'),"$1%$*/'*'$,%$-(+C%+'/$3)#0%/8
1#*@/#"1A$ O$ 3&'$ +"&<'/':;"$ +/>*#+'$ %)*/%$ 0@/#"1$ -(+C%+'/$ G$ 1%&</%$
#),#+','A$ Q;"$ "(1*')*%F$ <",%&"1$ 0%/#.#+'/$ 7/'),%1$ *%),-)+#'1$ 43%$
/%%)+")*/'&"1$ %&$ </'*#+'&%)*%$ *","1$ %2%1A$ R/#&%#/"F$ '$ 13</%&'+#'$
,'1$3)#0%/1#,',%1$)"/*%$'&%/#+')'1F$%&$%1<%+#'2$,'$Z'/0'/,$\)#0%/8
1#*jF$43'),"$1%$*/'*'$,"$*"<"$,'$2#1*'A$5%73),"F$3&'$+")+%)*/':;"$,'1$
&%2E"/%1$3)#0%/1#,',%1F$43'),"$1%$*/'*'$,'1$</#&%#/'1$*/%C%)*'1$+"8
2"+':?%1F$)'$B&G/#+'$,"$Q"/*%$%$)'$O3/"<'A$i%/+%#/"F$'$2>)73'$#)72%1'$
GF$E"9%F$<'/'$'1$3)#0%/1#,',%1F$"$43%$"$2'*#&$%/'$'273)1$1G+32"1$'*/@1r$
'$2>)73'$3)#0%/1'2$,'1$+#-)+#'1A$S11"$1#7)#.#+'$"$1%73#)*%$<'/'$"$+"/<"$
,"+%)*%r$43%&$);"$<3(2#+'$)'$2>)73'$#)72%1'$%1*@$."/'$,"1$+#/+3#*"1$
'+',-&#+"1$&'#1$(','2',"1A$k3'/*"F$<",%&"1$+")1*'*'/$3&'$</%1%)8
:'$+/%1+%)*%$,%$3)#0%/1#,',%1$'1#@*#+'1F$</#)+#<'2&%)*%$,"$s'<;"F$,'$
WE#)'$%$,'$W"/%#'$,"$532A$
B$1#*3':;"$,%$,%1*'43%$,"1$)"/*%8'&%/#+')"1$1%$+").#/&'$43'),"$
31'&"1$"3*/"1$<'/T&%*/"1$<'/'$&%,#/$'$+'<'+#,',%$#)"0',"/'$,'1$3)#8
0%/1#,',%1$%$,%$#)1*#*3*"1$,%$<%143#1'$);"83)#0%/1#*@/#"1F$."/'$,"$6/'8
1#2$./%43%)*%&%)*%$0#)+32',"1$'$7/'),%1$%&</%1'1A$S),#+',"/$+"&3&$
'43#$G$"$)P&%/"$,%$<'*%)*%1$/%7#1*/','1A$$O)*/%$"1$6MSW5F$1"&%)*%$'$

"(5$%";"5,&+,&%"1$(&;"&)+$)"&+$&T;)*$(%)+"+$2&.,!'"("kl$%&);5$(;".),;")%&&6&!H$",_(-*8&^(7$k8&l&
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

2]]

WE#)'$ '2+'):'$ )>0%2$ %3/"<%3F$ '#),'$ '11#&$ &3#*"$ '*/@1$ ,"1$ O\BF$ ,"$
s'<;"$%$,'$B2%&')E'A$

/(yU).,&:&N&(=F?M=&?HA=CHBE?7HB8&D=&aBA=HA=@&=M&aBx@=@&@=8=E?7HBD7@

O&$ "3*/"$ <")*"F$ ./%43%)*%&%)*%$ "30#&"1$ 43%$ "1$ </"(2%&'1$ )"$


1#1*%&'$ %,3+'+#")'2$ (/'1#2%#/"$ /%132*'&$ ,"1$ <"3+"1$ #)0%1*#&%)*"1$
)"$ 1%*"/A$ \&'$ +"&<'/':;"$ #)*%/)'+#")'2$ &"1*/'$ 43%$ %11'$ '0'2#':;"$
G$ #)+"//%*'A$ W")."/&%$ 1%$ <",%$ "(1%/0'/$ %&$ '273)1$ ,',"1F$ "$ 6/'1#2$
#)0%1*%$cF^$,"$1%3$RS6$)'$%,3+':;"A$W"&$#11"F$"$<'>1$%1*@$D$./%)*%$
,'$B2%&')E'$%$,"$s'<;"F$%$2#7%#/'&%)*%$'('#L"$,"1$O\BF$,'$!/'):'$%$
,"$M%#)"$\)#,"A$$i%&"1$43%$+")1*'*'/$43%$"$6/'1#2$7'1*'$</"<"/+#"8
)'2&%)*%$*')*"$<'/'$1%3$1#1*%&'$%,3+'+#")'2$43')*"$"1$<'>1%1$&'#1$
+"&<%*#*#0"1A$

"(5$%";"5,&+,&%"1$(&;"&)+$)"&+$&T;)*$(%)+"+$2&.,!'"("kl$%&);5$(;".),;")%&&6&&H$",_(-*8&^(7$k8&l&
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

2]`

/Ci[?E7&K&N&/B@A7@&=M&=DJEBVq7-&a=@cJ?@B&=&D=@=H>78>?M=HA7&=M&C=8BVq7&B7&')1

Q;"$ "(1*')*%F$ )'$ @/%'$ ,'$ <%143#1'$ <",%&"1$ 0%/$ 3&$ 1#7)#.#+')*%$
,%10#"$ ,"$ 6/'1#2$ )"$ <',/;"$ ,%1*%1$ <'>1%1r$ +"&$ ^F^$ ,"$ 1%3$ RS6$ #)8
0%1*#,"$%&$<%143#1'F$"$<'>1$#)0%1*%$&%)"1$,"$43%$'$&%*',%$,"1$O\BF$
W"/%#'$ ,"$ 532F$ B2%&')E'$ %$ s'<;"A$ B11#&F$ +")+23>&"1r$ "$ 6/'1#2$ *%&$
3&$,%1%43#2>(/#"$."/*%$%)*/%$7'1*"1$,%1*#)',"1$D$%,3+':;"$%$'43%2%1$
,%1*#)',"1$D$<%143#1'F$"$43%$%L<2#+'$%&$<'/*%$'$('#L'$</",3:;"$,%$
<'*%)*%1$%$)"0#,',%1A
Q"$+'&<"$,'$(#"*%+)"2"7#'F$@/%'$43%$,%0%/#'$#)*%/%11'/$'"$6/'1#2$
<"/$ +'31'$ ,'$ 13'$ 13<%/.>+#%$ '/@0%2$ %L*/'"/,#)@/#'$ %$ ,'$ 13'$ '2*'$ (#"8
,#0%/1#,',%F$<",%&"1$0%/$"1$/%132*',"1$,'$.'2*'$,%$#)0%1*#&%)*"$%&$
<%143#1'F$43%$1%$%)+")*/'F$<"/$%L%&<2"F$)3&'$<"1#:;"$2#7%#/'&%)*%$D$
./%)*%$,'$S/2'),'$%$3&$<"3+"$'('#L"$,'$Q"0'$x%2T),#'A$

"(5$%";"5,&+,&%"1$(&;"&)+$)"&+$&T;)*$(%)+"+$2&.,!'"("kl$%&);5$(;".),;")%&&6&!H$",_(-*8&^(7$k8&l&
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

2]a

/Ci[?E7&L&N&)H>=@A?M=HA7@&=M&W?7A=EH787F?B&=M&C=8BVq7&B7&')1

Q"$6/'1#2F$"1$7'1*"1$<'/'$<%143#1'$+")+%)*/'&81%$*/',#+#")'2&%)8
*%$)'$&;"$,"$O1*',"A$Q"1$<'>1%1$&'#1$+"&<%*#*#0"1$*%&"1$3&'$."/*%$
<'/*#+#<':;"$ *'&(G&$ ,"$ 1%*"/$ </#0',"$ )%1*%1$ #)0%1*#&%)*"1F$ "$ 43%$
);"$+")1*'&"1$)"$6/'1#2A$!'2*'$%)*;"$,%1%&<%)E"$,'1$%&</%1'1$(/'8
1#2%#/'1|$H#7'&"1$43%$1#&$%$);"F$<"#1$"$6/'1#2$</'*#+'$3&'$,'1$&'#1$
'2*'1$*'L'1$,"$&3),"$1"(/%$'1$'*#0#,',%1$%&</%1'/#'#1F$,#0#,#,'$%)*/%$
0@/#"1$#&<"1*"1$,#/%*"1$%$#),#/%*"1F$"$43%$%L<2#+'$%&$*%/&"1$'$.'2*'$
,%$&"*#0':;"$,'1$%&</%1'1$%&$+")*/#(3#/$'#),'$&'#1$<'/'$*'/%.'1$);"$

"(5$%";"5,&+,&%"1$(&;"&)+$)"&+$&T;)*$(%)+"+$2&.,!'"("kl$%&);5$(;".),;")%&&6&&H$",_(-*8&^(7$k8&l&
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

2`1

,#/%*'&%)*%$</",3*#0'1A$B2G&$,"$&'#1F$*%&"1$)"$6/'1#2$3&$%&</%1'8
/#',"$'+"1*3&',"$+"&$'$."/*%$,%<%),-)+#'$,"$"/:'&%)*"$,'$3)#;"F$
'2G&$,%$1%/$'1.#L#',"$<"/$3&'$(3/"+/'+#'$<"3+"$%.#+#%)*%F$+"&$%L+%8
:;"$,'$(%&$"/7')#C','$&@43#)'$,'$/%+%#*'$.%,%/'2A$$B$('#L'$*'L'$,%$
#)0%1*#&%)*"$%&$<%143#1'F$1%9'$,%$"/#7%&$<P(2#+'$"3$</#0','F$+"),%8
)'$"$<'>1$'$3&'$1#*3':;"$,%$#&"(#2#,',%$43%$);"$+"//%1<"),%$'"$1%3$
237'/$,%$1%L*'$%+")"&#'$&3),#'2A
O11%$(/%0%$"2E'/$1"(/%$"$,%1+"&<'11"$%)*/%$#)0%1*#&%)*"1$'2*"1$%&$
%,3+':;"$%$"1$('#L"1$#)0%1*#&%)*"1$%&$<%143#1'F$+"&$'1$+")1%43-)+#'1$
,%$"+3<'/$3&$,"1$P2*#&"1$237'/%1$43'),"$1%$*/'*'$,"$/%7#1*/"$,%$<'*%)8
*%1F$)"1$/%&%*%$)"0'&%)*%$D1$3)#0%/1#,',%1A$R'/%+%$43%$6/'1#2$<%)1'$'1$
13'1$3)#0%/1#,',%1$'$<'/*#/$,'$7/',3':;"F$237'/$,"$%)1#)"F$%$);"$'$<'/*#/$
,'$<=187/',3':;"F$237'/$,"$%)1#)"$%$,'$<%143#1'A$U$<"*%)+#'2$,%$<%143#8
1',"/%1$43%$"$6/'1#2$+")1%73#3$+")+%)*/'/$)"1$')"1$bJ$%$_J$%&$'273&'1$
<=187/',3':?%1$,"1$&'#"/%1$+%)*/"1$3/(')"1$,"$<'>1$%1*@$1%),"$31',"$
&3#*"$'('#L"$,"$1%3$<"*%)+#'2F$"3$9@$%0'<"/"3$'*/'0G1$,%$'<"1%)*',"/#'1F$
./%43%)*%&%)*%$</%+"+%1F$"3$%1*@$1%),"$"+3<',"$1%&$)%+%11#,',%$)"$
%)1#)"$,%$7/',3':;"A$Q'$0%/,',%F$'$<%143#1'$)"$6/'1#2$1=$.3)+#")'$(%&$
"),%$"1$<%143#1',"/%1$%1*;"$2")7%$,'$7/',3':;"F$+"&"$)'$OV6MBRBF$
)"$SiBF$)"$SQROF$)"$V31%3$O&>2#"$X"%2,#$%$%&$"3*/'1$<"3+'1$#)1*#*3#8
:?%1$,%11%$<%/.#2A$$B$1#*3':;"$1%$*"/)'$,/'&@*#+'$43'),"$)"1$2%&(/'&"1$
43%$'$7/'),%$&'#"/#'$,"1$%1*3,')*%1$(/'1#2%#/"1$%1*3,'$%&$#)1*#*3#:?%1$
<'/*#+32'/%1F$ 43%$ 0%7%*'&$ '+',%&#+'&%)*%$ 2")7%$ ,%$ 43'243%/$ <%143#8
1'$,#7)'$,%11%$)"&%A$$5'(%&"1$43%$%)*/%$'1$3)#0%/1#,',%1$<'/*#+32'/%1$
*'&(G&$%L#1*%&$%L+%:?%1F$+"&"$3&'$"3$"3*/'$R\WF$"3$+"&"$)"$+'1"$,'$
')*#7'$\)#0%/1#,',%$WT),#,"$V%),%1$+"&$1%3$S\ROMsF$43%$+")*/#(3#3$
('1*')*%$<'/'$'1$+#-)+#'1$1"+#'#1$)"$<'>1F$'*G$%)*/'/$%&$+/#1%A$
Q3&'$1#*3':;"$%&$43%$3&$<'>1F$/%</%1%)*',"$<"/$1%3$V#)#1*G/#"$
,'$O,3+':;"$%$,"$V#)#1*G/#"$,'$W#-)+#'$%$i%+)"2"7#'F$'*/'#$</'*#+'8
&%)*%$*","1$"1$<%143#1',"/%1$<'/'$"$1%*"/$%1*'*'2F$'1$3)#0%/1#,',%1$
.%,%/'#1F$ 1%&$ '(/#/$ %1<':"$ #)1*#*3+#")'2$ ',%43',"$ <'/'$ '$ <%143#1'F$
);"$13/</%%),%$43%$"1$/%132*',"1$1%9'&$%11%1r$<"3+'1$<'*%)*%1$%$#)"8
0':?%1F$ <"3+'1$ +#*':?%1$ %$ <"3+'$ </%1%):'$ %&$ +#/+3#*"1$ #)*%/)'+#"8
)'#1F$%F$%&$+"&<%)1':;"F$&3#*'$/%,3),T)+#'$%$#//%2%0T)+#'A$

"(5$%";"5,&+,&%"1$(&;"&)+$)"&+$&T;)*$(%)+"+$2&.,!'"("kl$%&);5$(;".),;")%&&6&!H$",_(-*8&^(7$k8&l&
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

2`2

Q"$ +'&<"$ ,'1$ +#-)+#'1$ E3&')'1$ %)./%)*'&"1F$ '2G&$ ,%11%1$ </"8


(2%&'1$ %1*/3*3/'#1$ %$ #)1*#*3+#")'#1F$ </"(2%&'1$ 43%$ *-&$ 13'$ "/#7%&$
)"$<2')"$+3//#+32'/$,"1$+3/1"1$%$,'$"/#%)*':;"$#,%"2=7#+'$,%$&3#*"1$
,"1$1%31$</".%11"/%1F$43%$<'/%+%&$);"$+")1%73#/$,%1+"(/#/$)"0#,',%1$
<"/43%$*-&$13'$+'(%:'$%1*'+#")','$%&$'273&$237'/$,"1$')"1$1%11%)*'$
"3$1%*%)*'A$B1$.'+32,',%1$,'1$+#-)+#'1$E3&')'1$)'$O3/"<'$%$)"1$O\B$
<'11'/'&F$9@$)"$.#&$,'$,G+','$,%$1%*%)*'F$<%2'$z+/#1%$,"$&'/L#1&"{$%$
*/'('2E'/'&8)'$'+',%&#+'&%)*%F$'"$<'11"$43%$1%31$<'/%1$)'$B&G/#+'$
Y'*#)'$#7)"/'/'&$*'2$+/#1%$%$'#),'F$&%1&"$,%<"#1$43%$%11'$+/#1%$*%)E'$
1%$*"/)',"$,/'&'*#+'&%)*%$</@*#+'$+"&$"$,%1&"/")'&%)*"$,'$\)#;"$
5"0#G*#+'$%$'$'(%/*3/'$%+")N&#+'$,'$WE#)'F$</%.%/#/'&$/%<%*#/$0%2E'1$
+/%):'1$%&$0%C$,%$<%143#1'/$)"0'1$/%'2#,',%1$%$<%/1<%+*#0'1A$B$13(18
*#*3#:;"$ <'/+#'2$ ,%$ #,%"2"7#'1$ &'/L#1*'1$ <"/$ #,%"2"7#'1$ &'#1$ )"0'1F$
</"&"0#,'1$<"/$7/3<"1$,%$</%11;"$"/#3),"1$,"$+'&<"$,'$&#2#*T)+#'$
.%&#)#1*'F$E"&"11%L3'2$"3$/'+#'2F$);"$&3,"3$3&'$1#*3':;"$+'/'+*%/#8
C','$<"/$%1*/%#*'&%)*"$*%&@*#+"$,'$<%143#1'F$<"(/%C'$,%$,"&>)#"$(#8
(2#"7/@.#+"F$31"$,#1*"/+#,"$,"1$&G*","1$%&<>/#+"1$%$'2*'$/%,3),T)+#'$
'/73&%)*'*#0'A$$B"$#)0G1$,%$1%/$237'/$,'$/%.2%L;"$1"(/%$'$<"2>*#+'F$'1$
+#-)+#'1$E3&')'1$)"$6/'1#2F$+"&$<"3+'1$%L+%:?%1F$*"/)'/'&81%$<'2+"$
,'$ <"2>*#+'A$ B11#&F$ );"$ 13/</%%),%$ 43%$ "1$ P2*#&"1$ 7/'),%1$ )"&%1$
,'1$+#-)+#'1$1"+#'#1$(/'1#2%#/'1$,'*%&$,"1$')"1$KJ$,"$P2*#&"$1G+32"$
"3$*%)E'&F$E"9%F$3&'$#,',%$'2G&$,'$'<"1%)*',"/#'$+"&<321=/#'A$Q'1$
P2*#&'1$,G+','1F$)','$43%$1%$,%1*'43%A$
\&$"3*/"$'1<%+*"F$0#)+32',"$+"&$%1*%$</#&%#/"F$<",%$%0%)*3'2&%)8
*%$+")*/#(3#/$&'#1$'#),'$<'/'$'$+"&</%%)1;"$,"$,#2%&'$%&$43%$'1$3)#8
0%/1#,',%1$(/'1#2%#/'1F$%$%&$%1<%+#'2$'1$E3&')#,',%1F$1%$%)+")*/'&A$
O1*%$'1<%+*"$*')7%$,#/%*'&%)*%$'"$*>*32"$43%$%1+"2E%&"1$<'/'$"$)"18
1"$*%L*"r$z'$#,%#'$,'$3)#0%/1#,',%AAA{A$$R'/%+%8&%$43%$+','$0%C$&%)"1$
<%11"'1$1'(%&$"$43%$%/'$"3$"$43%$'#),'$G$3&'$3)#0%/1#,',%A$R"#1F$'*G$
'+%#*'),"$3&'$2'/7'$%1+'2'$<'/'$,%.#)#/$'$13'1$+'/'+*%/>1*#+'1$,%1%9'8
,'1F$'273)1$%2%&%)*"1$)3)+'$<",%&$.'2*'/F$1%&$,%1+'/'+*%/#C'/$'$13'$
%11-)+#'$<"/$+"&<2%*"A$$k3%&$43%1*#")'$'1$,%.#)#:?%1$&'#1$+2@11#+'1F$
<'/'$);"$,#C%/$(3/73%1'1F$,'$3)#0%/1#,',%F$0'#$+")+"/,'/F$'11#&$%1<%8
/'&"1F$<%2"$&%)"1$+"&$#11"r$'$3)#0%/1#,',%$G$"$237'/$,'$+#-)+#'A$O11'$

"(5$%";"5,&+,&%"1$(&;"&)+$)"&+$&T;)*$(%)+"+$2&.,!'"("kl$%&);5$(;".),;")%&&6&&H$",_(-*8&^(7$k8&l&
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

2`0

+#-)+#'$%)1#)','$%$+32*#0','$)'$<%143#1'$G$'$/'C;"$,%$1%/$,%11'$#)1*#*3#8
:;"A$k3'),"$'$+#-)+#'$%$'1$</@*#+'1$+#0#2#C'*=/#'1$%L#7#,'1$<"/$%2'$);"$
*-&$&'#1$%1<':"F$<",%&"1$+E'&'/$,%$z3)#0%/1#,',%{$'27"$*')*'1$0%C%1$
43%$)=1$43%#/'&"1F$&'1$%11%$z'27"{$)3)+'$0'#$1%/$3&'$3)#0%/1#,',%A$
B11#&F$ G$ %1*/')E"$ ,#C%/$ #11"F$ *%&"1$ 43%$ %L</%11'/$ +2'/'&%)*%$ 43%$ '$
3)#0%/1#,',%$);"$G$3&$237'/$<'/'$')'2.'(%*"1A$k3'),"$"30#&"1$43%$
%L#1*%&$%1*3,')*%1$43%$)%&$,"&#)'&$13'$2>)73'$&'*%/)'F$);"$1'(%&$
%1+/%0%/$)%&$1%$%L</%11'/$+"//%*'&%)*%F$/%1*'$1"&%)*%$3&'$<"11>0%2$
/%':;"r$/%,#/%+#")'/$"1$')'2.'(%*"1$<'/'$+3/1"1$,%$'2.'(%*#C':;"A$B$3)#8
0%/1#,',%$);"$G$"$237'/$<'/'$#11"A$OF$'$</"<=1#*"$,"$')'2.'(%*#1&"r$%&$
+"&<'/':;"$#)*%/)'+#")'2$"1$'2*"1$7'1*"1$<'/'$'$%,3+':;"$);"$+"//%18
<"),%&$+"&$'$*'L'$'#),'$'2*'$,%$')'2.'(%*"1$',32*"1A$W"&"$&"1*/'&$
<%143#1'1$+"&<'/'*#0'1F$"$6/'1#2$*%&$43'1%$^J$,%$')'2.'(%*"1$',328
*"1d$"$)P&%/"$G$<%/*"$,%$I$)'$B/7%)*#)'F$43%$7'1*'$"$%43#0'2%)*%$'"$
6/'1#2$)"$43%1#*"$%,3+':;"F$%$43'1%$f$)'$WE#)'F$43%$#)0%1*%$1"&%)*%$
<"3+"$&'#1$,"$43%$I$,"$1%3$RS6$)'$%,3+':;"A$M%132*',"r$)"$1%*"/$,%$
%,3+':;"F$"$6/'1#2$7'1*'$+"&<'/'*#0'&%)*%$&3#*"$%$7'1*'$&'2A$U3$%L#18
*%$'273&'$"3*/'$%L<2#+':;"$<'/'$#11"|

/Ci[?E7&v&N&(=8BVq7&=HAC=&?H>=@A?M=HA7@&=M&$DJEBVq7-&aC7a7CE?7HB8&B7&')1-&=&AB`B&D=&BHB8[BW=A?@M7

"(5$%";"5,&+,&%"1$(&;"&)+$)"&+$&T;)*$(%)+"+$2&.,!'"("kl$%&);5$(;".),;")%&&6&!H$",_(-*8&^(7$k8&l&
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

2`3

B$.3):;"$1"+#'2$,'$3)#0%/1#,',%

Q"$+")*%L*"$,'$/%.2%L;"$1"(/%$'$3)#0%/1#,',%$%$1%3$<'<%2$%)43')*"$
#)1*#*3#:;"$,%$%)1#)"$%$<%143#1'F$13/7%$'$<%/73)*'r$'$3)#0%/1#,',%$);"$
*%&$ 3&'$ .3):;"$ 1"+#'2|$ o$ %0#,%)*%$ 43%F$ +"&"$ 43'243%/$ "3*/'$ #)1*#8
*3#:;"F$'$3)#0%/1#,',%$<"113#$3&'$.3):;"$1"+#'2F$%$%11'$.3):;"$G$(%&$
%1<%+>.#+'A$O2'$+")1#1*%$('1#+'&%)*%$%&$1%/$3&$237'/$#)1*#*3+#")'2$43%$
'113&%$.3):?%1$43%$"3*/'1$#)1*#*3#:?%1$);"$<",%&$+3&</#/d$%2'$."/)%8
+%$D$1"+#%,',%$</".#11#")'#1$'2*'&%)*%$43'2#.#+',"1$43%$%1*'$)%+%11#*'$
<'/'$1%3$<2%)"$.3)+#")'&%)*"A$i3,"$"$43%$3&'$"3*/'$#)1*#*3#:;"$<",%$
/%1"20%/$);"$+'(%$D$3)#0%/1#,',%A$O2'F$'$3)#0%/1#,',%F$G$"$237'/$,'$+#-)8
+#'$%$,'$."/&':;"$,%$</".#11#")'#1$43%$</%+#1'&$,'$+#-)+#'$<'/'$%L%/+%/$
',%43','&%)*%$13'$</".#11;"A$B11#&F$G$*><#+"$<'/'$'$3)#0%/1#,',%$."/8
&'/$&G,#+"1$%$.'C%/$<%143#1'$)'$@/%'$,'$&%,#+#)'F$."/&'/$</".%11"/%1$
,%$ &'*%&@*#+'F$ (#"2"7#'F$ .#2"1".#'$ %*+AF$ <"#1$ %11%1$ </".%11"/%1$ 0;"$ 1%/$
,#0327',"/%1$,%11'1$+#-)+#'1$)"$.3*3/"A
B$ T)1#'$ ,%$ /%1"20%/$ )'$ 3)#0%/1#,',%$ </"(2%&'1$ 1"+#'#1$ 43%$ 0;"$
'2G&$,"1$</"(2%&'1$,'$+#-)+#'$%$,'$."/&':;"$,%$<%11"'1$%&$3&$/%18
*/#*"$)P&%/"$,%$</".#11?%1$7%/"3$'$*%),-)+#'$,%$1"(/%+'//%7'/$'$3)#8
0%/1#,',%$ (/'1#2%#/'$ %$ ,%$ +"2"+'/$ %&$ /#1+"$ "$ ',%43',"$ %L%/+>+#"$ ,'$
13'$.3):;"$1"+#'2$%1<%+>.#+'A$B$9@$&%)+#")','$,#1*"/:;"$,%$<%)1'/$'$
3)#0%/1#,',%$'$<'/*#/$,'$7/',3':;"$1%$93)*"3$+"&$'$*%),-)+#'$,%$*%)*'/$
/%1"20%/$</"(2%&'1$43%$);"$+'(%&$D$3)#0%/1#,',%F$&'1F$)%1*%$+'1"F$'"$
7#)@1#"$"3$'"$1%73),"$7/'3A$O1*'&"1$E"9%$)3&'$1#*3':;"$%&$43%$.'C%8
&"1$./%43%)*%&%)*%$)'$3)#0%/1#,',%$"$43%$')*#7'&%)*%$'+")*%+%3$)"$
1%73),"$7/'3A$H%11%$&","F$'$3)#0%/1#,',%$);"$G$"$237'/$<'/'$'</%),%/$
#)72-1d$"$%1*3,"$,"$#)72-1$,%0%$'+")*%+%/$&3#*"$')*%1F$)"$1%73),"$7/'3$
"3$'*G$)"$%)1#)"$.3),'&%)*'2F$43'),"$"$+G/%(/"$'#),'$'(1"/0%$+"&$
.'+#2#,',%$"3*/"1$#,#"&'1A$Q'$3)#0%/1#,',%$1%$%1<%/'$43%$"$%1*3,')*%$
9@$ ,"&#)%$ '$ 2>)73'$ #)72%1'$ ]%$ );"$ 1"&%)*%$ %2'aF$ <'/'$ <",%/$ #/$ '2G&$
,"$'2+')+%$,'$13'$2>)73'$&'*%/)'$)"1$1%31$%1*3,"1$(#(2#"7/@.#+"1$%F$
%0%)*3'2&%)*%F$%&$#)*%/+T&(#"1$#)*%/)'+#")'#1$.3*3/"1A$
o$)%+%11@/#"$*#/'/$3&'$<'/*%$,"$<%1"$,'1$3)#0%/1#,',%1F$43%$*%)8
*'&$ 1%&$ 13+%11"$ +"&<%)1'/$ ,%.#+#-)+#'1$ ,'1$ %*'<'1$ ')*%/#"/%1$ ,"$

"(5$%";"5,&+,&%"1$(&;"&)+$)"&+$&T;)*$(%)+"+$2&.,!'"("kl$%&);5$(;".),;")%&&6&&H$",_(-*8&^(7$k8&l&
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

2`d

1#1*%&'$ ,%$ %)1#)"A$ O1*@$ )'$ E"/'$ ,%$ ,%0"20%/$ <'/'$ "$ %)1#)"$ .3),'8
&%)*'2$%$<'/'$"$%)1#)"$&G,#"$"1$</"(2%&'1$+39'$1"23:;"$*%&$'>$"$
1%3$237'/A$$5%&$3&$%L+%2%)*%$1%73),"$7/'3F$);"$%L#1*%&$3)#0%/1#8
,',%1$43%$&%/%:'&$%11%$)"&%A$o$#)+"&</%%)1>0%2$<'/'$3&$"(1%/8
0',"/$%L*%/)"$43%$"$7"0%/)"$,"$6/'1#2$'3&%)*%$"$)P&%/"$,%$0'7'1$
)'1$3)#0%/1#,',%1$1%&$7'/')*#/$+'),#,'*"1$+"&<%*%)*%1$<'/'$%2'1$%F$
%)*;"F$.'C%/$,'1$3)#0%/1#,',%1$"$<'2+"$,%$<"2>*#+'1$+"&<%)1'*=/#'1$
43%$1"&%)*%$+'&3.2'&$'1$,%.#+#-)+#'1$,"$1#1*%&'$%,3+'+#")'2$43%$
</%+%,%$'$3)#0%/1#,',%A
Y=7#+"$ %$ )%+%11@/#"$ 1%/#'$ +"&%:'/$ +"&$ 3&'$ /%."/&'$ </G8%1+"2'/$
'(/')7%)*%F$43%$1%$%1*%),'$)'*3/'2&%)*%$<'/'$"$%)1#)"$(@1#+"F$<'/'$
<%/+"//%/$"$%)1#)"$&G,#"$%$<'/'$)"1$,'/$"1$./3*"1$)'$E"/'$,"$0%1*#(38
2'/A$$k3%$#11"$,%&"/%$43#)C%$')"1$"3$&'#1|$5#&F$,%&"/'F$&'1$G$,%11'$
."/&'$43%$<'>1%1$+"&$&'#1$,%10')*'7%)1$#)#+#'#1$,"$43%$"$6/'1#2$/%8
1"20%/'&$1%31$</"(2%&'1A$$
B2G&$,%$*/')1.%/#/$<'/'$'1$3)#0%/1#,',%1$<'/*%$,'1$*'/%.'1$,"$1%8
73),"$7/'3$%F$%&$1%43-)+#'F$<'/'$'$<=187/',3':;"$'1$*'/%.'1$,'$7/'8
,3':;"F$'1$3)#0%/1#,',%1$1"./%&$,%$"3*/'$1"(/%+'/7'$"/#3),'$,%$3&$
%)*%),#&%)*"$,#1*"/+#,"$,%$."/&':;"$</".#11#")'2#C')*%$"3$*G+)#+'A$
B$3)#0%/1#,',%$);"$G$"$237'/$,'$</".#11#")'2#C':;"$*G+)#+'$'43G&$,"$
)>0%2$,'1$%)7%)E'/#'1A$R'/'$'$</".#11#")'2#C':;"$*G+)#+'F$'1$1"+#%,'8
,%1$+")*%&<"/T)%'1$,#1<?%&$,%$%1+"2'1$%$+3/1"1$%1<%+>.#+"1F$+"&$'28
73)1$%2%&%)*"1$*%=/#+"1$%$&3#*"1$%L%/+>+#"1$)'$</@*#+'F$#)+231#0%$+"&$
'$<'/*#+#<':;"$)'$/"*#)'$%&</%1'/#'2$"3$'/*%1')'2A$$R/"0'0%2&%)*%$%18
*'&"1$'43#$./%)*%$'$3&$</"(2%&'$+%)*/'2r$"$6/'1#2$+'/%+%$,%$3&'$."/*%$
*/',#:;"$'/*%1')'2F$'"$<")*"$43%$'*G$'$<'2'0/'$<"/*373%1'$z'/*%1')'2{$
)"1$/%&%*%$D1$.%#/'1$*3/>1*#+'1$"),%$'&(32')*%1$0%),%&$"$'/*%1')'*"A$
V'1$);"$%1*'&"1$.'2'),"$1"(/%$0'1"1$,%$('//"$"3$+E'<G31$,%$<'2E'A$
U$'/*%1;"F$"$+")1*/3*"/$,'1$+'*%,/'#1$&%,#%0'#1F$G$"$%2%&%)*"8+E'0%$
)"$ </"+%11"$ ,"$ ,%1%)0"20#&%)*"$ ]*G+)#+"a$ ,'1$ 1"+#%,',%1$ +")*%&8
<"/T)%'1A$U),%$%2%$%L#1*%F$%$%2%$%L#1*%$*'&(G&$."/'$,'$O3/"<'F$+"&"$
)"$s'<;"F$,%1%)0"20%&81%$1"+#%,',%1$*G+)#+'$%$%+")"&#+'&%)*%$%&$
<"3+"$%1<':"$,%$*%&<"A$U$6/'1#2$);"$*%&$+2'/%C'$1"(/%$13'1$,%.#+#8
-)+#'1$ )"$ <2')"$ ,'1$ +"&<%*-)+#'1$ *G+)#+'1$ %F$ %&$ +")1%43-)+#'F$ ,@$

"(5$%";"5,&+,&%"1$(&;"&)+$)"&+$&T;)*$(%)+"+$2&.,!'"("kl$%&);5$(;".),;")%&&6&!H$",_(-*8&^(7$k8&l&
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

2`S

%//")%'&%)*%$-).'1%$'$3&'$."/&':;"$3)#0%/1#*@/#'$'(1*/'*'F$43%$'<'8
/%)*%&%)*%$/%1"20%$*3,"A$Q'$/%'2#,',%F$);"$1%$+")43#1*'$%&$&3#*"1$
+3/1"1$ ,%$ 7/',3':;"$ )%&$ +"&<%*-)+#'$ *%=/#+'$ %$ )%&$ +"&<%*-)+#'$
*G+)#+'A$ $ B$ 3)#0%/1#,',%$ %)*;"F$ <'/'$ <",%/$ %L%/+%/$ '1$ 13'1$ .3):?%1$
%1<%+>.#+'1F$</%+#1'$,%0"20%/$'1$%L<%+*'*#0'1$,%$1%/$"$237'/$,'$</".#18
1#")'2#C':;"$*G+)#+'$%$,%#L'/$+2'/"$43%$"3*/'1$#)1*#*3#:?%1$%$</@*#+'1$
</".#11#")'2#C')*%1$ 1;"$ )%+%11@/#'1$ <'/'$ ."/&'/$ "1$ '/*%1?%1$ ,%$ E"9%A$
O1*%1$*G+)#+"1$<",%&$*%/$'$+%/*%C'$43%$1;"F$)"$&>)#&"F$*;"$#&<"/*')8
*%1$<'/'$'$1"+#%,',%$43')*"$"1$+#%)*#1*'1A

M%.%/-)+#'1
BHUMQUF$ iE%","/$ hA$ ]^_fp[^_f_fK! \3-! _(-'#+! 63-! @%'3+,&%$0C3%,A$
!/')t.3/*r$53E/t'&<A

OSXOQF$ V')./%,A$ ]^_bbaF$ \%3! \3;,/$03! ^+%B3-/%,z,! A! `%3&.(&,! 63-!


N#-*3+K!@%+.(&,!63-!M3.#-*3+A$S)r$OSXOQ$3,!(&A$\%3!)633!63-!^+%B3-7
/%,z,H! `3-/;$0! 3%+3-! ",(+6#-,83/,%**;+'A$ 6%/2#)r$ 5</#)7%/8g%/2'7F$
<A$`K8^^IA

OSXOQF$V')./%,$%*A$'2A$\%3!)633!63-!^+%B3-/%,z,!A!`3-/;$0!3%+3-!",(+7
6#-,83/,%**;+'H!6%/2#)F$Z%#,%2(%/7r$5</#)7%/8g%/2'7F$^_bbA

XBHBVOMF$ Z')1$ X%"/7A$ ]^_bbaF$ \%3! )633! 63-! ^+%B3-/%,z,7! '3/,3-+K!


03;,3K!*#-'3+A$S)r$OSXOQ$3,!(&A$\%3!)633!63-!^+%B3-/%,z,H!`3-/;$0!3%+3-!
",(+6#-,83/,%**;+'A$6%/2#)r$5</#)7%/8g%/2'7F$<A$^8IIA

XUUHZBMiF$ WE'/2%1A$ ]^_`caF$ >-#8&3*/! #.! G#+3,(-F! G(+('3*3+,P!


=03!^b!@I13-%3+$3A$M%1%/0%$6')t$".$B31*/'2#'A

ZB6OMVB5F$su/7%)A$]^_bbaF$\%3!)633!63-!^+%B3-/%,z,!A!R3-+1-#S3//3A$
S)r$OSXOQ$3,!(&A$\%3!)633!63-!^+%B3-/%,z,H!`3-/;$0!3%+3-!",(+6#-,83/7
,%**;+'A$6%/2#)r$5</#)7%/8g%/2'7F$<A$^K_8^`KA

ZOSHOXXOMF$ V'/*#)A$ ]^_cp[^__paF$ \%3! N-('3! +($0! 63-! =3$0+%CA$ S)r$$


ZOSHOXXOMF$VA$`#-,-z'3!;+6!2;./z,S3A$5*3**7'/*r$Q%1t%A

ZOSHOXXOMF$ V'/*#)A$ ]^_cp[^__IaF$ <(/! 03%//,! \3+C3+r$ iu(#)7%)r$


V'L$Q#%&%j%/A

ZO55OF$s')8U*&'/A$]IJJbaF$\3;,/$03-!Q%/,#-%C3-,('F$H/%1,%)r$B)'#1F$
<A$^J`A

"(5$%";"5,&+,&%"1$(&;"&)+$)"&+$&T;)*$(%)+"+$2&.,!'"("kl$%&);5$(;".),;")%&&6&&H$",_(-*8&^(7$k8&l&
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

2`g

Z\V6UYHiF$h#2E%2&$0")A$]IJJbaF$"#8-3!(!T-'(+%S(45#!)+,3-7
+(!3!@I,3-+(!6(/!)+/,%,;%4X3/!9%3+,U.%$(/!";13-%#-3/!3*!Y3-&%*A$
S)r$ WB5iSYZUF$ !Ad$ 5UBMO5F$ BA$ XA$ iA$ T! 9#+$3%,#! 63! ^+%B3-/%7
6(63!+#!1-#a3,#!6(!^+%$(*1A$W'&<#)'1r$O,#*"/'$,'$\)#+'&<A$
]i/',3:;"$,%$!'31*"$W'1*#2E"a

sB5ROM5F$v'/2A$]^_pfaF$\%3!)633!63-!^+%B3-/%,z,A$6%/2#)r$5</#)7%/$
g%/2'7A

vB\!VBQQF$X%"/7A$]^bbb$%$^b_faF$L3/$0%$0,3!63-!\3;,/$03+!
^+%B3-/%,z,3+A$5*3**7'/*r$W"**'1+E%$63+EE'),23)7F$SS$0"23&%1A

YO$XU!!F$s'+43%1A$]^_c`[^__caF$T/!%+,3&3$,;(%/!+(!)6(63!G]6%(A$
5;"$R'32"r$O,#*"/'$6/'1#2#%)1%A

YO$XU!!F$s'+43%1A$]^_fp[IJJcaF$2!$%B%&%S(45#!6#!#$%63+,3!*36%37
B(&A$6'3/3F$5Rr$OH\5WA

YOROQSO5F$ h"2.A$ ]^_bbaF$ \%3! )633! 63-! 63;,/$03+! ^+%B3-/%,z,! A!


3%+!Y&%$C!B#+!(;//3+A$S)r$OSXOQ$3,!(&A$\%3!)633!63-!^+%B3-/%,z,H!
`3-/;$0! 3%+3-! ",(+6#-,83/,%**;+'A$ 6%/2#)r$ 5</#)7%/8g%/2'7F$ <A$
p^8`IA

MU55SF$ R'"2"$ ]^__`[IJJ^aA$ T! +(/$%*3+,#! 6(! $%J+$%(! *#63-+(!


+(!@;-#1(A$6'3/3F$5Rr$OH\5WA

5WZYOSOMVBWZOMF$]IJJfaF$!/#%,/#+EA$L3&3'3+,&%$03!L36(+C3+!
{83-!^+%B3-/%,z,3+!%+!\3;,/$03*!"%++A$6%/2#)r$M%'21+E32(3+E8
E'),23)7F$^bJb[^_J_A$M%</#)*r$B,'&')*$V%,#'$W"/<"/'*#")A

5U\xBF$s%11%A$]IJJJaF$2!*#63-+%S(45#!/3&3,%B(P!;*(!-3%+,3-1-37
,(45#!6#!6%&3*(!8-(/%&3%-#A$6/'1>2#'r$O,#*"/'$,'$\Q6A

N$>%9*($&5&#%6*(&A(A"$;*(6&(0123((h((NR$*@"6*(&A(A"%*(6&(0123(

"(5$%";"5,&+,&%"1$(&;"&)+$)"&+$&T;)*$(%)+"+$2&.,!'"("kl$%&);5$(;".),;")%&&6&!H$",_(-*8&^(7$k8&l&
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

2`]

!+,%)!908)')'ST&'')/

($+$%&$&!,*)!$;5,%&%,.)")%&
'(,G$5";+,&,&UT5T(,

U1$%1*3,"1$1"+#"2=7#+"1$1"(/%$"1$,#0%/1"1$&"0#&%)*"1$1"+#'#1$
)"$ 6/'1#2F$ ,%1,%$ 1%31$ </#&=/,#"1F$ *#0%/'&$ */'9%*=/#'1$ ('1*')*%$
%1<%+#'2#C','1F$ +','$ 3&'$ '<")*'),"$ <'/*#+32'/#,',%1$ ,%$ 1%31$
"(9%*"1$,%$%1*3,"A$B11#&F$*%&"1$1"+#"2"7#'1$<'/'$"1$&"0#&%)8
*"1$&%11#T)#+"1F$+'&<")%1%1F$"<%/@/#"1F$1#),#+'#1F$3/(')"1F$/38
/'#1F$ 7-)%/"F$ /':'$ %$ %*)#'1F$ 7%/'+#")'#1F$ 930%)*3,%F$ %+"2=7#+"1F$
/%2#7#"1"1F$+32*3/'#1F$1'P,%F$%,3+':;"F$+")*/'$'$0#"2-)+#'$%$<%2'$
<'CF$<%2'$,%&"+/'+#'$%$0@/#"1$"3*/"1$,%1,"(/'&%)*"1$%&$13(8
8*%&@*#+'1^A$g@/#"1$,"11#-1$*%&@*#+"1$*'&(G&$*-&$,#0327',"$%18
1'1$*/'9%*=/#'1$')'2>*#+'1A$
R"/G&F$%11%1$%)."43%1$*%&@*#+"1$)"$1G+32"$<'11',"$*#0%/'&F$
./%43%)*%&%)*%F$ '273)1$ %)+")*/"1$ )'$ %1+"2E'$ ,'1$ '("/,'7%)1$
*%=/#+'1F$+"&$,%1*'43%F$#)#+#'2&%)*%F$<'/'$"$&'/L#1&"$]%$"1$0@8
/#"1$<=1$%$)%"&'/L#1&"1aId$'<=1F$'$*%"/#'$,"1$)"0"1$&"0#&%)8

^$ \&'$1>)*%1%$,%$'273&'1$,%11'1$'("/,'7%)1$*%&@*#+'1$<",%$1%/$%)+")*/',"$
%&$ $ X"E)F$ V"0#&%)*"1$ 1"+#'#1$ %$ /%,%1$ ,%$ &"(#2#C':?%1$ +#0#1$ )"$ 6/'1#2$
+")*%&<"/T)%"F$IJ^JA
I$ O&$ %1*3,"1$ ')*%/#"/%1$ ,%*'2E%#$ '273&'1$ ,%11'1$ '("/,'7%)1F$ 0#,%$
%1<%+#'2&%)*%$V"0#&%)*"1$1"+#'#1r$3&$%)1'#"$,%$#)*%/</%*':;"$1"+#"2=7#+'F$
O,$ ,'$ \!5WF$ ^_bKF$ ^'A$ %,A$ %$ M%,%1$ ,%$ &"0#&%)*"1$ 1"+#'#1F$ $ O,A$ Y"j"2'F$
^__KF$^'A$%,A

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

2``

*"1$ 1"+#'#1KF$ '1$ '("/,'7%)1$ #)1*#*3+#")'2#1*'1p$ %F$ &'#1$ /%+%)*%&%)*%F$


'1$')@2#1%1$)3&'$<%/1<%+*#0'$,'1$/%,%1$1"+#'#1A$O11'$P2*#&'$0%&$'$1%/$
%L'&#)','$)"$</%1%)*%$*%L*"A$
U$%1*3,"$,"1$&"0#&%)*"1$1"+#'#1$)3&'$<%/1<%+*#0'$"3$&%*","2"8
7#'$,%$')@2#1%$,%$/%,%1F$)'$1"+#"2"7#'$%["3$)'1$+#-)+#'1$1"+#'#1$(/'1#8
2%#/'F$+"&%:"3$'$*%/$'273&$,%1*'43%$)'$2#*%/'*3/'$'<%)'1$)'1$P2*#&'1$
,G+','1$,"$1G+32"$yyF$"+'1#;"$%&$43%$<'11'$*'&(G&$'$1%/$3*#2#C','$
)"$ ,#1+3/1"$ <"2>*#+"$ ,%$ '*"/%1$ ,"1$ </=</#"1$ &"0#&%)*"1$ 1"+#'#1A$ o$
)%11'$,#/%:;"$43%$*/'('2E'&"1$)'$%2'("/':;"$,"$</#&%#/"$2#0/"$)%11%$
'113)*"$ )"$ 6/'1#2$ ]5WZOMOM8hBMMOQF$ ^__KacF$ 43%$ (31+"3$ /%*/'*'/$
)"0'1$."/&'1$,%$"/7')#C':;"$,'$1"+#%,',%$+#0#2A$U(1%/0"381%$43%$)'$
</@*#+'$%$)'$*%"/#'$"+"//#'F$)'43%2%$&"&%)*"F$3&'$*/')1#:;"$,'$0'2"8
/#C':;"$<"2>*#+'F$#,%"2=7#+'$%$#)*%/</%*'*#0'$,'1$"/7')#C':?%1$,%$('1%$
]'-(//-##,/!#-'(+%S(,%#+/aF$*')*"$<"/$<'/*%$,"1$&"0#&%)*"1$<"<32'/%1F$
,%$1%31$&%,#',"/%1$%$#)*G/</%*%1F$/3&"$'"$,%1%)0"20#&%)*"$,%$3&$
,#1+3/1"$ 1"(/%$ '$ /%2%0T)+#'$ <"2>*#+'$ ,'1$ '/*#+32':?%1F$ #)*%/+T&(#"1$
%$."/&':;"$,%$/%,%1$*%&@*#+'1$%$"/7')#C'+#")'#1$]+3,?#-C!#-'(+%S(7
,%#+/a$]5WZOMOM8hBMMOQF$^__KF$<A$_a$&'#1$'&<2'1F$1%9'$)"1$<2')"1$
/%7#")'#1$%$)'+#")'#1F$+"&"$)"$)>0%2$*/')1)'+#")'2A
Y'0'22%$%*$'2A$]IJJpF$<A$ppa$"(1%/0'/'&$43%$931*'&%)*%$)%11%$<%/>"8
,"$E'0#'$3&$/%.23L"$,"1$%1*3,"1$,"1$&"0#&%)*"1r

K$ U1$ </#&%#/"1$ %1*3,"1$ 1"(/%$ "1$ )"0"1$ &"0#&%)*"1$ 1"+#'#1$ )'$ B&G/#+'$ Y'*#)'F$
<",%&$ 1%/$ +").%/#,"1$ )'1$ "(/'1r$ 5+E%/%/8h'//%)F$ S$ $ v/#1+Et%F$ R$ ]"/71AaF$ \&'$
M%0"23:;"$)"$W"*#,#')"|$U1$)"0"1$&"0#&%)*"1$1"+#'#1$)'$B&G/#+'$Y'*#)'F$^_b`d$
W'2,%/=)F$!A$%$5')*"1F$VA$]+"&<AaF$Y"1$+").2#*"1$<"/$2'$+")1*#*3+#=)$,%$3)$)3%0"$
"/,%)F$^_b`d$5')*"1F$6$,%$5F$R%2'$&;"$,%$B2#+%F$^__cF$,%)*/%$"3*/"1A
p$ U$ %)."43%$ )"$ z#)1*#*3+#")'2#1&"{$ (/'1#2%#/"F$ ,#.%/%)*%&%)*%$ ,'$ /%1<%+*#0'$
'("/,'7%&$'&%/#+')'$)"1$&"0#&%)*"1$1"+#'#1F$*%&$3&$2%7',"$E#1*=/#+"$,%$/%.2%L?%1$
+/>*#+'1$%$%&')+#<'*=/#'1F$"$43'2$,%$'+"/,"$+"&$R%/%#/'F$IJJ`F$'$<'/*#/$,'$,G+','$
,%$cJF$*%&$+"&"$/%</%1%)*')*%1$,%11%$<%)1'&%)*"$0@/#"1$#)*%2%+*3'#1$(/'1#2%#/"1F$
+"&"$RA$!/%#/%F$BA$i%#L%#/'F$HA$M#(%#/"F$VA$X',"**#F$HA$5'0#')#F$VA$i/'7*%)(%/7$%$WA$
6/'),;"A$\&$/%17'*%$,%*'2E',"$,%11'1$+")*/#(3#:?%1$&%/%+%$1%/$.%#*"$)"$+'&<"$,'1$
*%"/#'1$,"1$&"0#&%)*"1$1"+#'#1A
c$ O&$IJ^^$."#$<3(2#+','$'$c'A$O,#:;"$,"$Y#0/"$M%,%1$,%$V"0#&%)*"1$5"+#'#1F$<%2'$
O,#:?%1$Y"j"2'A

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

2`a

R"/$%L%&<2"F$1%$+")1#,%/',"1$*","1$"1$)P&%/"1$<3(2#+',"1$)'1$
,G+','1$,%$^_bJ$%$^__J$,'1$/%0#1*'1$H',"1F$Q"0"1$O1*3,"1F$Y3'$
Q"0'F$ M%0#1*'$ 6/'1#2%#/'$ ,%$ W#-)+#'1$ 5"+#'#1$ ]M6W5a$ %$ 6"2%*#&$
,%$ S)."/&':?%1$ 6#(2#"7/@.#+'1$ ]6S6aF$ '$ </",3:;"$ 0"2*','$ <'/'$ '$
')@2#1%$,"1$&"0#&%)*"1$1"+#'#1$+'#$<%2'$&%*',%$%)*/%$"$</#&%#/"$
%$"$1%73),"$<%/>","F$<'11'),"$,%$IJ$<'/'$^J$'/*#7"1A$]<A$pp8caf

M%7#1*/'/'&F$<"/G&F$43%$)"0"1$,%1'.#"1$')'2>*#+"1$13/7#'&F$<"#1$E'0#'$
&",#.#+':?%1$/%2%0')*%1$)'1$."/&'1$,%$"/7')#C':;"$,'$1"+#%,',%$+#0#2r

Q'$ (31+'$ ,"1$ &"0#&%)*"1F$ '$ <%143#1'$ ,%<'/"381%$ +"&$ "3*/"$


*#<"$,%$'*"/$,%$/%+%)*%$+/#':;"F$*'&(G&$+'/'+*%/#C',"$<"/$13'$
)"*@0%2$ +%)*/'2#,',%$ %$ +'<'+#,',%$ ,%$ #)*%/2"+3:;"$ )"$ +'&<"$
,"1$ '*"/%1$ ,'$ 1"+#%,',%$ +#0#2r$ '1$ '/*#+32',"/'1AAA`$ R"/$ +%/*"F$ 1%$
*/'*'$,%$#)"0':;"$#)1*#*3+#")'2$,'1$&'#1$/%2%0')*%1F$<"#1$&"1*/'$
'$+'<'+#,',%$,'$1"+#%,',%$+#0#2$<'/'$"/#%)*'/$"$</"+%11"$,'$13'$
,#.%/%)+#':;"$#)*%/)'$,%$&","$'$#)+/%&%)*'/$"1$'2+')+%1$,'$+"8
"/,%)':;"$,%$':?%1$,%$/%</%1%)*':;"$,%$#)*%/%11%1$)"$1%3$1%#"A$
]YBgBYYO$%*$'2AF$IJJpF$<A$cKa

H%*'2E'),"$%11'$)"0'$'("/,'7%&F$B+#"2#$]IJJ`a$,%1*'+'$43%$'$')@8
2#1%$,"1$&"0#&%)*"1$1"+#'#1$)"$6/'1#2F$'$<'/*#/$,%$3&'$<%/1<%+*#0'$,%$
13'1$"/7')#C':?%1$%&$/%,%F$+"&</%%),#'$*/-1$31"1$<'/'$'$+'*%7"/#'$/%8
,%1$1"+#'#1r$&%*'.=/#+"F$')'2>*#+"$%$*%+)"2=7#+"r$

f$ Y'0'22%$%*$'2A$'+/%1+%)*'&$43%rzR%143#1',"/%1$+"&</"&%*#,"1$,%$2")7'$,'*'$+"&$
'$*%&@*#+'$,"1$&"0#&%)*"1$1"+#'#1$+")*#)3'/'&$+"&$13'1$'7%),'1$,%$<%143#1'F$
0%/F$<"/$%L%&<2"r$5+E%/%/8$h'//%)F$S21%A$M%,%1$,%$&"0#&%)*"1$1"+#'#1A$5+E%/%/8
h'//%)F$ S21%A$ zV"0#&%)*"1$ 1"+#'#1$ %&$ +%)'r$ AAA$ %$ '1$ *%"/#'1F$ <"/$ "),%$ '),'&|{A$
W")*3,"F$ "1$ &"0#&%)*"1$ 1"+#'#1$ 1'>/'&$ ,%$ +%)'$ ,"$ ,%('*%$ 1"+#"2=7#+"$ &'#1$
'&<2"{$]<A$ppa
`$ B/*#+32',"/'1$ );"$ /'/"$ 1;"$ /"*32','1$ +"&"$ UQX1F$ &'1$ '$ ,#.%/%)+#':;"$ %)*/%$
'&("1$ "1$ *#<"1$ ,%$ '*"/$ );"$ '<%)'1$ G$ <%/*#)%)*%$ %&$ *%/&"1$ 1"+#"2=7#+"1F$ +"&"$
*'&(G&$ %&<#/#+'&%)*%$ 131*%)*@0%2$ &%,#')*%$ '$ ')@2#1%$ ,%$ '*/#(3*"1$ 1#&<2%1$ "3$
,%$ &%,#,'1$ </=</#'1$ D$ ')@2#1%$ ,%$ /%,%1A$ OL%&<2"1$ ,%$ '/*#+32',"/'1$ #)+23>,'1$ )'$
'&"1*/'$ 1;"r$ B(")7$ e$ B11"+#':;"$ 6/'1#2%#/'$ ,%$ UQX1d$ M%(/'.$ e$ M%,%$ 6/'1#2%#/'$
,%$ O)*#,',%1$ B11#1*%)+#'#1$ !#2')*/=<#+'1d$ M%,%$ Q'+#")'2$ !%&#)#1*'$ ,%$ 5'P,%$ ,%$
H#/%#*"1$ 5%L3'#1$ %$ M%</",3*#0"1d$ W""<%/'<#+$ e$ W""<%/'*#0'$ ,%$ B11"+#':?%1$ ,%$
R/"&":;"$D$W#,',')#'A$]<A$pfaA

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

2a1

B$ '("/,'7%&$ &%*'.=/#+'$ %1*'/#'$ 0"2*','$ D$ .#2"1".#'$ ,%$ /%,%$ "3$


'#),'$'$3&'$'</"L#&':;"$+")+%#*3'2d$3&'$')'2>*#+'$+%)*/','$)'$
&%*","2"7#'$,%$')@2#1%$,%$/%,%1F$%F$3&'$*%+)"2=7#+'F$+39'$</%"8
+3<':;"$ %1*@$ 0"2*','$ <'/'$ '1$ /%,%1$ ,%$ +")%L?%1F$ <'/'$ '1$ <"11#8
(#2#,',%1$43%$1%$+"2"+'&$%&$/%2':;"$D1$#)*%/':?%1$<"11>0%#1$)'$
1"+#%,',%$'*/'0G1$,%$/%,%1$%2%*/N)#+'1F$,%$#)."/&':?%1F$#)*%/"/8
7')#C'+#")'#1$]<A$^aA
$
O&$ /%2':;"$ '$ %11'1$ '("/,'7%)1F$ '$ '3*"/'$ (31+'$ %L%&<2"1$ ,%$ 13'$
"+"//-)+#'$%&$%1*3,"1$,%$<%143#1',"/%1$,#0%/1"1A$R'/'$'$'("/,'7%&$
*3,(.D-%$(K!#)#+#'2&%)*%$ '11"+#','$ '$ %1*3,"1$ ')*/"<"2=7#+"1F$ +"2"+'$
43%$zB$#,%#'$43%$<%/&%#'$'$&%*@."/'$,%$/%,%1F$G$'$,%$#),#0>,3"1$%&$
1"+#%,',%F$2#7',"1$<"/$2':"1$1"+#'#1F$"1$43'#1$<",%&!1%/$/%."/:',"1$"3$
%)*/'/%&$%&$+").2#*"$%)*/%$1#{$]BWSUYSF$#(#,F$<A$KaA
s@$<'/'$"$%1*3,"$,'$%&')+#<':;"$+#,',;$'*/'0G1$,"$*/'('2E"$*%=/#8
+"F$'$<'/*#/$,%$3&$"2E'/$1"(/%$'$</@*#+'$<"2>*#+'$%$)'$."/&'$,%$+")1*#8
*3#:;"$,"1$'*"/%1$1"+#'#1$%&$139%#*"1$+/>*#+"1F!V#1"+Ctj$]IJJ_a$'.#/&'$
43%$'$'("/,'7%&$&%*'.=/#+'$,%$/%,%$<",%$'3L#2#'/$)'$."/&32':;"$,%$
3&$1'(%/$+/>*#+"F$'$<'/*#/$,"$1%73#)*%$</"+%,#&%)*"$,#1+3/1#0"$%$#)8
*%/</%*'*#0"r

$\&$+'&#)E"$<'/'$'$2#(%/*':;"$,'$)":;"$,%$/%,%1$GF$<"/*')*"F$"$
/%*"/)"$ D$ &%*@."/'F$ /%+3/1"$ ,#1+3/1#0"$ 43%$ <"11#(#2#*'$ '$ /%0%2'8
:;"$,%$&32*#<2#+#,',%1F$,%12"+'&%)*"1$%$/3<*3/'1A$AAA$R'/'$43%$
'$)":;"$,%$/%,%1$<"11'$1%/$31','$,%$&","$+"%/%)*%$43'),"$"1$
"(9%*"1$,%$%1*3,"1$."/%&$&"0#&%)*"1$1"+#'#1$,%$+")*%1*':;"$D$/%8
</",3:;"$,"1$"/,%)'&%)*"1$,"$1#1*%&'$,"$+'<#*'2$G$</%+#1"$43%$
%2'$ </=</#'$ 1%9'$ 2#(%/*','$ ,'1$ '&'//'1$ ,'1$ '("/,'7%)1$ *%=/#+'1$
</",3C#,'1$<"/$%11%1$&%1&"1$"/,%)'&%)*"1$%$<'/'$13'$<%/<%*38
':;"A$]<A$^^`ca
$
M%+"//%),"$'$V#2*")$5')*"1F$B+#"2%$'+/%1+%)*'F$'#),'F$43%$'1$/%,%1$
*%/#'&$ 3&$ &"0#&%)*"$ ,#'2G*#+"$ ,%$ "<"1#:?%1F$ +")./")*"$ %$ '2#'):'1$
8$#)+23#),"$"1$1#1*%&'1$,%$<",%/A$5%/#'&$0#/*3'#1$%$/%'#1d$$*G+)#+'$%$

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

2a2

1"+#'#1d$ '1$ 0%C%1$ %1*@0%#1F$ &'1$ *'&(G&$ ,#)T&#+'1d$ #)+23#),"$ %&$ 1#$
&%1&'1$3&$&"0#&%)*"$1"+#'2$,%$,#)T&#+'1$'"$&%1&"$*%&<"$2"+'#1$
%$ 72"('#1$ %$ #)*%7/'),"$ %$ ,%1#)*%7/'),"$ *%//#*=/#"1A$ ]<A$ `a$ $ R"/*')*"F$
5')*"1$9@$)"1$'</%1%)*'$3&$&",%2"$#)*%/</%*'*#0"$43%$(31+'$<'11'/$
,'1$&%*@."/'1$'$3&'$&%*","2"7#'$,%$')@2#1%$,"$&"0#&%)*"$,%$"/7'8
)#C':;"$ ,"1$ %1<':"1$ %$ ,%$ +")1*/3:;"$ ,%$ *%//#*=/#"1$ 43%$ 1;"$ 1%&</%$
&%,#',"1$<%2"$<",%/A
5"(/%$'$'("/,'7%&$(+(&U,%$(F$B+#"2%$]IJJ`F$<A$`a$/%+"//%$'$3&$,%$
)"11"1$*/'('2E"1$]5WZOMOM8hBMMOQF$^__KF$<A$^JaF$"),%$G$'.#/&',"$
43%$z'$')@2#1%$%&$*%/&"1$,%$/%,%1$,%$&"0#&%)*"1$#&<2#+'$(31+'/$'1$
."/&'1$,%$'/*#+32':;"$%)*/%$"$2"+'2$%$"$72"('2F$%)*/%$"$<'/*#+32'/$%$"$
3)#0%/1'2F$%)*/%$"$3)"$%$"$,#0%/1"F$)'1$#)*%/+")%L?%1$,'1$#,%)*#,',%1$
,"1$'*"/%1$+"&$"$<23/'2#1&"{bA$B43#$&%/%+%$1%/$'+/%1+%)*',"$43%$<'/'$
'$')@2#1%$,"1$&"0#&%)*"1$1"+#'#1$%&$/%,%$'$1"+#"2"7#'F$)3&'$<%/1<%+8
*#0'$&'#1$#)*%/,#1+#<2#)'/F$<",%$1%$0'2%/$,%$<%2"$&%)"1$3&'$*/#<2%$,#8
&%)1;"$')'2>*#+'$]0#,%F$,%)*/%$"3*/"1F$5WZOMOM8hBMMOQF$IJJc'F$(d$
IJ^I'F$(ar
!" #"3/1($%(&%6(63$]+"&$*%//#*"/#'2#,',%1$,%$)"0"1$*#<"1F$0#/*3'#1$
%$</%1%)+#'#1$$%$'1$+")%L?%1$%)*/%$'&('1aF$"3$+")."/&%$+"2"+'$
V'+E',"$]IJJ`F$<A$I`_ar$zAAA$)'1$/%2':?%1$1"+#'#1$&%,#','1$<"/$
+"&<3*',"/%1F$"1$+").2#*"1$%$</"+%11"1$,%$&3,'):'$/%0%/(%/'&$
%$ 1%$ ,#.3),%&$ )'1$ /%,%1$ *%2%&@*#+'1$ '*G$ '2+'):'/$ "$ +"*#,#')"$
,'1$<%11"'1$%$}+")43#1*'/~$13'1$&%)*%1A{$S11"$<%/&#*%$);"$'<%8
)'1$ '$ 0#1#(#2#,',%$ &%,#@*#+'$ ,"1$ '*"/%1$ +"2%*#0"1F$ &'1$ '$ +")18
*/3:;"$,%$#,%@/#"1$%$</"<"1*'1$<"2>*#+'1$*/')18"/7')#C'+#")'#1$%$
*/')182"+'#1aA
!" #",3*1#-(&%6(63$]+"&$+"&3)#+':;"$%&$/%,%$%&$*%&<"$/%'2F$&'1$
43%$<%/&#*%$'$+")%L;"$%$,#@2"7"$,%$*%&<"1$1"+#'#1$,#1*#)*"1F$+"&$
/%17'*%$,%$%2%&%)*"1$+32*3/'#1$*/',#+#")'#1$%$43%$.'+#2#*'$3&'$/%2%#8
*3/'$'11"+#','$'$+/>*#+'1$<=1$%["3$')*#+"2")#'#1$"3$<=1$%["3$')*#$*%"8
/#'1$,'$&",%/)#,',%aA$B$}*/',#:;"~F$"$}</%1%)*%~$%$"$}.3*3/"~$)"1$&"8
0#&%)*"1$1"+#'#1$<",%&$%$%1*;"$1%),"$*/',3C#,"1$./%43%)*%&%)*%$

b$ g"2*'/%&"1$'$%11'1$."/&32':?%1$)"$,%+"//%/$,%11%$*%L*"A

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

2a0

)3&$#,%@/#"$+"&3&$,%$&3,'):'$1"+#'2F$&'1$/%0#1*"F$/%'*3'2#C',"F$
/#*3'2#C',"$%$<"2#*#C',"F$+")."/&%$%L'&#)'/%&"1$&'#1$',#')*%aA
!" #"/#$%(8%&%6(63$]43%$'*/'0G1$,%$/%,%1F$%1<%+#'2&%)*%$'1$,%$+'/@8
*%/$<"2>*#+"F$<%/&#*%$+")%+*'/$0@/#"1$*#<"1$,%$/%2':?%1$%$0>)+32"1$
1"+#'#1F$,"1$&'#1$</#&@/#"1$'"1$1%+3),@/#"1F$+"&$%2"1$."/*%1$"3$
./'+"1F$ ,"$ +"*#,#')"$ D$ %1.%/'$ <P(2#+'_A$ H"$ <")*"$ ,%$ 0#1*'$ ,"1$
&"0#&%)*"1$1"+#'#1F$'$"/7')#C':;"$%&$/%,%1$<%/&#*%$'$/%'.#/&'8
:;"$,%$."/&'1$,%$1"+#'(#2#,',%1$E#1*=/#+'1F$,%$+/#':;"$,%$)"0'1$
."/&'1$,%$1"+#'(#2#,',%1$*/')18#,%)*#*@/#'1$e$<"/$%L%&<2"F$'/*#8
+32'),"$,#1+3/1#0'&%)*%$'1$"</%11?%1$,%$+2'11%F$/':'$%$7-)%/"$%$
"3*/'1$8$<'/'$'$+")1*/3:;"$,%$3*"<#'1$%&')+#<'*=/#'1F$)'$+32*38
/'$%$)'$<"2>*#+'aA

X"E)F$+"&$'&<2'$</",3:;"$)'$@/%'$ ,"1$&"0#&%)*"1$1"+#'#1F$/%8
+%)*%&%)*%$]IJJb$%$IJ^Ja$#)+23#3$'$*%&@*#+'$,'1$/%,%1$%&$13'1$+")8
1#,%/':?%1$')'2>*#+'1r$zM%,%$%$&"(#2#C':;"$1"+#'2$1;"$,3'1$+'*%7"/#'1$
,%$,%1*'43%$43%$+"&<?%&$"$)"0"$,#+#")@/#"$1"+#"<"2>*#+"A$O2'1$*-&$
1#,"$3*#2#C','1$<%2"1$')'2#1*'1F$<"/$2#,%/'):'1$,%$&"0#&%)*"1$1"+#'#1$
%$<%2"1$."/&32',"/%1$,'1$<"2>*#+'1AAA{$]IJJbF$<A$pcIaF$&'1$/%+")E%+%$
*'&(G&$ 1%3$ 31"$ +"&"$ 3&$ )"0"$ #)1*/3&%)*"$ ,%$ ')@2#1%$ ,"1$ &"0#8
&%)*"1$1"+#'#1$%$,'1$/%1<%+*#0'1$."/&'1$,%$'*3':;"$)'$%1.%/'$<P(2#+'r

Q'1$ +#-)+#'1$ 1"+#'#1F$ "$ 31"$ ,%$ /%,%1$ 1"+#'#1$ *'&(G&$ G$ ')*#7"F$
%&("/'$ *%)E'$ 1#,"$ /%0#7"/',"$ )"1$ P2*#&"1$ *%&<"1$ +"&"$ #)18
*/3&%)*"$ ,%$ ')@2#1%$ %$ '/*#+32':;"$ ,%$ <"2>*#+'1$ 1"+#'#1$ ]!")*%1F$
IJJfd$ Y'0'22%$ %*$ '2AF$ IJJfd$ V'/43%1F$ IJJKF$ IJJ`a$ "3$ /%,%1$ ,%$
&"(#2#C':?%1$%$&"0#&%)*"1$1"+#'#1$)'$1"+#"2"7#'F$*'#1$+"&"$%&$
g#22'1')*%$]IJJIa$%$5+E%/%/8h'//%)F$]^__KF$^___F$IJJ`aA$]XUZQF$
IJ^JF$<A$KKaA

_$ R'/'$ 3&$ ,%*'2E'&%)*"$ ,%11'$ <%/1<%+*#0'$ ,%$ ')@2#1%$ ,'1$ /%,%1$ 1"+#'#1F$ 0#,%$ "$
2#0/"$,%$!")*%1F$IJ^IF$%&$43%$"$'3*"/$'2%/*'$43%$);"$#)*%/%11'$D$')@2#1%$,%$/%,%1$
"$ +"&<"/*'&%)*"$ #),#0#,3'2F$ &'1$ +"&"$ #),#0>,3"1$ #)*%/'7%&$ +"&$ "3*/"1$ 1%$
<"1#+#")'),"$)3&'$%1*/3*3/'$/%*#+32'/$]<A$^bbaA

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

2a3

R"/$.#&F$"$31"$,3$+#&D'%$#$G$+")1#,%/',"F$<"/$B+#"2#$]IJJ`aF$+"&"$
3&$,"1$&'#1$,#1+3*#,"1$'*3'2&%)*%$%$)%11%$+'&<"$#)+23#$"$z)P+2%"$
,%$*%+)"2"7#'1$,'$#)."/&':;"$8$/%,%1$,%$#)."/&':?%1F$/%,%1$,%$+")%8
L?%1$"3$/%,%1$*%&@*#+'1F$/%,%1$#)*%/"/7')#C'+#")'#1F$"3$1%9'F$7/3<"1$
43%$3*#2#C'&$"$*%/&"$/%,%$)"$1%)*#,"$,%$&%#"$,%$'+%11"$'$#)."/&'8
:?%1{$]<A$baA$
B$ -).'1%$ )'$ ')@2#1%$ ,"$ 31"$ #)1*/3&%)*'2$ ,'1$ )"0'1$ *%+)"2"7#'1$
<%2'$1"+#%,',%$%&$7%/'2$%F$%&$<'/*#+32'/F$<%2"1$&"0#&%)*"1$1"+#'#1$G$
3&'$,'1$43%$&'#1$*%&$1%$,%1*'+',"$)'$2#*%/'*3/'$+#%)*>.#+'$)"$+'&<"$
,'1$E3&')#,',%1A$V'+E',"$]IJJ`F$<A$I`b8_a$+")*/#(3#$)%11'$,#/%:;"r

g@/#"1$'*"/%1$1"+#'#1$13/7%&$%$1%$."/&'&$'<"#',"1$%&$/%,%1$%$
13(8/%,%1$ &%)"/%1F$ %1<G+#%1$ ,%$ +G232'1$ z,"/&%)*%1{F$ 43%$ <"8
,%&$1%/$'*#0','1$'$43'243%/$&"&%)*"F$1%73),"$3&'$2=7#+'$/%8
2'+#")','$'$%2%&%)*"1$#,%)*#*@/#"1F$0'2"/%1$%$#,%"2"7#'1A$i/'*'8
81%$,%$3&$9"7"$%&$43%$'1$&P2*#<2'1$#,%)*#,',%1$1"+#'#1F$#)*%/%18
1%1$%$#,%#'1$1%$'/*#+32'&$%$1%$+"&(#)'&$+"&$7/'),%$,#)'&#1&"$
%&$*"/)"$,%$"(9%*#0"1$%$.#)1$%1<%+>.#+"1$%$,%*%/&#)',"1AAA$W"&$
"$'3&%)*"$,"$31"$,'1$*%+)"2"7#'1$,%$#)."/&':;"$%$+"&3)#+'8
:;"F$ *'#1$ /%<%/*=/#"1$ 1;"$ +','$ 0%C$ &'#"/%1A$ OL<%/#-)+#'1F$ &"8
,%2"1$ 1"+#'#1F$ 0'2"/%1$ %$ 1#7)"1$ 1;"$ +','$ 0%C$ &'#1$ ,#.3),#,"1F$
+")./")*',"1$%$+"&<'/*#2E',"1F$+/#'),"$3&$'&<2"$E"/#C")*%$,%$
*/')1."/&':;"$1#&(=2#+'$%$1"+#'2A$

V"3/'$%$5#20'$]IJJbF$<A$c^a$*'&(G&$"(1%/0'&$'$<"11#(#2#,',%$43%$
%11'1$*%+)"2"7#'1$".%/%+%&$<'/'$"$31"$,%$)"0"1$#)1*/3&%)*"1$&%*"8
,"2=7#+"1$ <'/'$ '$ ')@2#1%$ ,'$ '*3':;"$ ,%$ '*"/%1$ 1"+#'#1$ )"$ +'&<"$ ,'$
<'/*#+#<':;"$<"2>*#+"8#)1*#*3+#")'2r

"$+'&<"$,%$%1*3,"1$1"(/%$1"+#%,',%$+#0#2$%F$&'#1$%1<%+#.#+'&%)*%F$
1"(/%$'1$/%2':?%1$%)*/%$"1$'*"/%1$1"+#'#1$%$"$+'&<"$<"2>*#+"8#)1*#*38
+#")'2$'#),'$'</%1%)*'$3&'$'&<2'$'7%),'$,%$#)0%1*#7':;"$%&<>/#8
+'$%$%2'("/':;"$*%=/#+"8&%*","2=7#+'$'$1%/$,%1%)0"20#,'A$o$+"&"$
+")*/#(3#:;"$<'/'$%11%$,%1%)0"20#&%)*"F$43%$<"11#(#2#*%$3&$'0')8

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

2ad

:"$,"1$.3*3/"1$%1*3,"1$'$<'/*#/$,"$1#7)#.#+'*#0"$'+P&32"$,%$+")E%8
+#&%)*"$9@$</",3C#,"$'*G$"$&"&%)*"F$43%$'$'("/,'7%&$,'1$/%,%1F$
1%9'$<"/$&%#"$,"$+")+%#*"$,%$/%,%1$,%$<"2>*#+'1F$1%9'$<"/$&%#"$,'$
&%*","2"7#'$,%$')@2#1%$,%$/%,%1$1"+#'#1F$<'/%+%$'</%1%)*'/81%$+"&"$
#)1*/3&%)*"$P*#2$%$.G/*#2$<'/'$"1$<%143#1',"/%1$(/'1#2%#/"1A

U$31"$#)1*/3&%)*'2$,'$+'*%7"/#'$,%$/%,%1$1"+#'#1$G$&3#*"$/%+"//%)8
*%$ )"1$ %1*3,"1$ %&<>/#+"1$ ,'1$ +#-)+#'1$ 1"+#'#1F$ %1<%+#'2&%)*%$ *%),"$
%&$0#1*'$'$')@2#1%$,"$<"*%)+#'2$<"2>*#+"$,%11'1$)"0'1$."/&'1$,%$&"8
(#2#C':;"A$Q%11'$,#/%:;"F$M#7#*')"$]IJJKF$<A$baF$+"&$('1%$)3&$%1*3,"$
%&<>/#+"F$'+/%1+%)*'$43%$"$$%83-(,%B%/*#$+")*/#(3#$<'/'$"$,%1%)0"20#8
&%)*"$%$%&<",%/'&%)*"$,%$3&$)"0"$*#<"$,%$'*#0#1&"r

B$'</"</#':;"$,'1$)"0'1$*%+)"2"7#'1F$+"&"$'$S)*%/)%*F$<"/$%11'1$
"/7')#C':?%1$ %&$ /%,%$ .'C$ 13/7#/$ 3&'$ )"0'$ ."/&'$ ,%$ '*#0#1&"r$ "$
+#(%/'*#0#1&"A$B1$<"11#(#2#,',%1$43%$13/7%&$+"&$%11'$%&%/7-)+#'$
,"$'*#0#1&"$,#7#*'2$1;"$#)P&%/'1A$B$<'/*#/$,'$'*3':;"$,%$#),#0>8
,3"1$%$7/3<"1$%&$/%,%$%$)'$M%,%F$G$<"11>0%2$'&<2#'/$'1$/%#0#),#8
+':?%1d$,#.3),#),"$#)."/&':?%1$%$,#1+311?%1$%&$(31+'$,%$'<"#"$
<'/'$3&'$+'31'd$"/7')#C'),"$%$&"(#2#C'),"$<'/'$':?%1$")82#)%$%$
"..82#)%d$#)0',#),"$<@7#)'1$,%$z#)#&#7"1{$%$+")7%1*#")'),"$1%/0#8
,"/%1A$R%2"$%L%&<2"$)'$"/7')#C':;"$%$'*3':;"$,"$W%)*/"$,%$V>,#'$
S),%<%),%)*%$]"(9%*"$,%$')@2#1%$,'$'3*"/'a$G$<"11>0%2$#,%)*#.#+'/$
43%$'$S)*%/)%*$1%$+")1*#*3#$3&'$<%:'8+E'0%$<'/'$"$)"0"$'*#0#1&"A$
$
B#),'$1"(/%$%11%$*#<"$,%$'*#0#1&"F$W'/0'2E"$%$R'%1$%$5#20'$]IJ^IaF$
+"&$/%.%/-)+#'$D$M%,%$6/'1#2%#/'$,%$s31*#:'$B&(#%)*'2$]M6sBaF$,%1*'8
+'&$+"&"$'$+'*%7"/#'$/%,%1$1"+#'#1F$'2G&$,%$"<%/'/$+"&"$3&$/%2%0')8
*%$ #)1*/3&%)*"$ *%=/#+"$ <'/'$ "1$ &"0#&%)*"1$ 1"+#'#1F$ <"113#$ 3&$ 1%)8
*#,"$#)1*/3&%)*'2$%$</@*#+"$)'1$/%,%1$'*3'#1F$#&<2#+'),"$)3&'$)"0'$
."/&'$,%$"/7')#C':;"$,'1$23*'1F$+")."/&%$/%2'*"$'('#L"r$

B$M6sB$%$"1$&"0#&%)*"1$43%$,%2'$<'/*#+#<'&$%1*'/#'&$#)1%/#,"1$
)'$</",3:;"$,%$3&'$'2*%/)'*#0'$D$72"('2#C':;"$)%"2#(%/'2$'*/'0G1$

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

2aS

,'$23*'$+")*/'$'$%L+231;"$%$'$,#1+/#&#)':;"$43%$%&</%%),%&$%&$
,#.%/%)*%1$ 2"+'2#,',%1$ ,"$ <'>1F$ '$ )>0%2$ )'+#")'2$ %$ #)*%/)'+#")'2F$
2%0'),"$'$43%$*%&@*#+'1$+"&"$*%//#*=/#"F$#,%)*#,',%F$</@*#+'1$+328
*3/'#1$%*+A$1%9'&$'("/,','1$%$,%1%)0"20#,'1$'$0@/#'1$%1+'2'1$%$1"($
,#.%/%)*%1$<%/1<%+*#0'1$]<A$^aA

R"/*')*"F$

'1$ /%,%1$ +")1*#*3%&81%$ );"$ 1"&%)*%$ %&$ 3&$ #&<"/*')*%$ #)1*/38


&%)*"$*%=/#+"F$&'1$%&$3&'$."/&'$,%$'/*#+32':;"$43%$0#'(#2#C'$%$
."&%)*'$"$,%1+%)*/'&%)*"$,'1$23*'1F$'$E"/#C")*'2#,',%$%$'$&32*#8
<2#+#,',%F$(%&$+"&"$'$+")*#)7-)+#'$,'$,#0%/1#,',%F$1%&$1%$,%18
+3#,'/$,"1$2#&#*%1$%)./%)*',"1$<"/$*",'$."/&'$,%$"/7')#C':;"$1"8
+#'2A$B$M6sB$G$3&'$%1*/3*3/'$</%,"&#)')*%&%)*%$&'/+','$<%2'$
E"/#C")*'2#,',%F$<%2'$);"$E#%/'/43#C':;"$%$<%2'$'31-)+#'$,%$3&'$
+%)*/'2#,',%$ "/7')#C'+#")'2F$ </#0#2%7#'),"$ "$ <23/'2#1&"$ %$ '$ ,#8
0%/1#,',%$,'1$+32*3/'1$]WBMgBYZU$%$RBO5$O$5SYgBF$IJ^IF$<A$^aA

Q%11'$&%1&'$,#/%:;"F$,%0%$'#),'$1%/$,%1*'+','$'$%.#+@+#'$%&$*%/8
&"1$,%$&"(#2#C':;"$<P(2#+'$0#'$2#1*'1$0#/*3'#1$<'/'$3&'$',0"+'+#'$%&$
/%2':;"$'$,%&'),'1$&'#1$3)#0%/1'#1F$+"&"$)"$%L%&<2"$'('#L"r

B$%)*#,',%$#)*%/)'+#")'2$B0''CF$"/7')#C':;"$);"87"0%/)'&%)8
*'2$43%$/%'2#C'$+'&<')E'1$%&$,#0%/1"1$<'>1%1F$%)*/%7"3$)"$R'8
2@+#"$ ,"$ R2')'2*"$ )%1*'$ 43#)*'8.%#/'$ 3&$ '('#L"8'11#)',"$ +"&$
^F_$ &#2E;"$ ,%$ '11#)'*3/'1F$ +"2%*','1$ )"$ &3),"$ *","F$<%,#),"$
D$</%1#,%)*%$H#2&'$M"311%..$43%$0%*%$"$</"9%*"$,%$2%#$,"$W=,#7"$
!2"/%1*'2A$ U$ ,"+3&%)*"$ ."#$ %)*/%73%$ <%2"$ ,#/%*"/$ ,%$ +'&<')E'1$
,'$B0''CF$R%,/"$B(/'&"0'jF$'"1$&#)#1*/"1$X2%#1#$Z"..&'))$]W'1'$
W#0#2aF$ X#2(%/*"$ W'/0'2E"$ ]5%+/%*'/#'8X%/'2$ ,'$ R/%1#,-)+#'a$ %$ SC'8
(%22'$i%#L%#/'$]V%#"$B&(#%)*%aA$]H%&G*/#"$h%(%/F$&'#"$,%$IJ^IaA^J$
]+#*':;"$,'$<'7#)'$n%($%1*@$)'$)"*'$,%$/",'<G$)A$^Ja

^J$ g#,%r$ E**<r[[(/A)"*#+#'1Aj'E""A+"&[")78%)*/%7'8^8_8&#2EWKBK"8'11#)'*3/'18


+WK6K,#7"8.2"/%1*'28^cJ`^Kc_^AE*&2$B+%11"r$s')A$IJ^KA

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

2ag

5%&$%17"*'/$"$'113)*"F$%11%1$1;"$'273)1$,"1$<'11"1$*/#2E',"1$'*G$"$
&"&%)*"$<'/'$'$')@2#1%$%$</@*#+'$,"1$&"0#&%)*"1$1"+#'#1$'$<'/*#/$,%$
3&'$<%/1<%+*#0'$,'1$/%,%1$1"+#'#1F$)"$6/'1#2A$B$1%73#/F$%L'&#)'/%&"1$
'273)1$,%1'.#"1$<'/'$"1$%1*3,"1$.3*3/"1$1"(/%$'1$/%,%1$,%$&"0#&%)*"1$
1"+#'#1$)"$&3),"$+")*%&<"/T)%"A

U2E'),"$<'/'$"$.3*3/"r$"1$)"0"1$,%1'.#"1$<'/'$'$')@2#1%$
,'1$/%,%1$,%$&"0#&%)*"1$1"+#'#1$

5%$ )'$ %/'$ %&$ 43%$ </%,"&#)'/'&$ "1$ %1*3,"1$ *%&@*#+"1$ ,%$ &"8
0#&%)*"1$ 1"+#'#1$ %1<%+>.#+"1F$ +")."/&%$ /%11'2*'&"1$ )"$ #)>+#"$ ,%18
*%$*%L*"F$E"30%$'$/%+"//-)+#'$'$+%/*"1$<'/',#7&'1$*%=/#+"1$('1*')*%$
/%+")E%+#,"1$%$E%7%&N)#+"1$)'$1"+#"2"7#'$"+#,%)*'2$<'/'$"$%1*3,"$
,"1$&"0#&%)*"1$1"+#'#1$e$"1$43'#1$*/')1#*'/'&$,"$&'/L#1&"$'"1$)%"$
%$<=1$&'/L#1&"1$%$<=1$%1*/3*3/'2#1&"1F$,'1$*%"/#'1$,'$13(9%*#0#,'8
,%$ %$ 1#&(=2#+'1$ D1$ *%"/#'1$ ,"1$ )"0"1$ &"0#&%)*"1$ 1"+#'#1F$ ,'1$ *%"8
/#'1$ ,'$ &"(#2#C':;"$ ,%$ /%+3/1"1$ %$ ,'1$ "<"/*3)#,',%1$ <"2>*#+'1$ ,%$
<'/*#+#<':;"$D1$0@/#'1$*%"/#'1$1"(/%$'$<'/*#+#<':;"$#)1*#*3+#")'2$,"1$
&"0#&%)*"1$1"+#'#1$"3$"3*/"1$'*"/%1$,'$1"+#%,',%$+#0#2^^$eF$,#0%/1'8
&%)*%F$'1$*%"/#'1$,'1$/%,%1$<'/'$'$')@2#1%$,"1$&"0#&%)*"1$1"+#'#1$
1%$ +")+%)*/'/'&$ %&$ ("'$ &%,#,'$ )"$ %1+2'/%+#&%)*"$ +")+%#*3'2$ ,'$
+'*%7"/#'$/%,%$1"+#'2F$"3$)'$,%.#)#:;"$,%$#)1*/3&%)*"1$&%*","2=7#8
+"1$<'/'$'$')@2#1%$%&<>/#+'$,'1$/%,%1F$)'$2#)E'$,"$43%$."#$,%('*#,"$
)"$#*%&$'+#&'A$$
O&$ %1*3,"1$ ')*%/#"/%1F$ %1<%+#'2&%)*%$ "1$ &'#1$ /%+%)*%1^IF$ *%)E"$
&%$,%,#+',"$'$<%)1'/$1"(/%$'$<"11#(#2#,',%$,%$3&$+'&#)E"$*%=/#+"8
8&%*","2=7#+"$<'/'$'$#)*%/</%*':;"$,"$'7#/$,"1$&"0#&%)*"1$1"+#'#1$'$

^^$ R'/'$ 3&'$ 1>)*%1%$ ,%11'1$ */'9%*=/#'1$ *%=/#+'1$ )"$ U+#,%)*%$ %$ 13'$ <%)%*/':;"$ )"$
6/'1#2F$0#,%$"$2#0/"$,%$X"E)F$i%"/#'$,"1$&"0#&%)*"1$1"+#'#1F$^__`A
^I$ g#,%$%11'$*/'9%*=/#'$,%$%1."/:"$*%=/#+"F$%1<%+#'2&%)*%$%&$&%31$2#0/"1r$M%,%1$,%$
&"0#&%)*"1$1"+#'#1F$^__Kd$W#,',')#'$1%&$./")*%#/'1F$^___d$M%,%1$%&')+#<'*=/#'1F$
IJ^I($%$*/%1$*%L*"1$/%+%)*%1r$R'/'$3&'$'("/,'7%&$<=18+"2")#'2$%$%&')+#<'*=/#'$,"1$
&"0#&%)*"1$1"+#'#1F$IJ^^'d$M%,%1$,%$&"0#&#%)*"$j$*%//#*"/#"1r$2'1$&%,#'+#")%1$
%)*/%$2"$72"('2$j$2"$2"+'2F$IJ^I'$$%$M%,%1$$%$#)+#,-)+#'$)'1$<"2>*#+'1$<P(2#+'1r$%)*/%$
'1$1#)732'/#,',%1$%$'1$3)#0%/1'2#,',%1F$IJ^I+A

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

2a]

<'/*#/$,"$532$72"('2$%F$&'#1$%1<%+#.#+'&%)*%F$'$<'/*#/$,"$+'1"$(/'1#2%#8
/"^KA$R'/'$%)./%)*'/$"$,%1'.#"$*%=/#+"$&%)+#")',"F$/%*"&'/%#$'273&'1$
,%11'1$#,%#'1F$*%)*'),"$/%0-82'1F$'*3'2#C@82'1$%$'0'):'/$)%11'$9"/)','F$
);"$,%$."/&'$1"2#*@/#'F$&'1$'<"#','$%1<%+#'2&%)*%$)'$2#*%/'*3/'$+/>*#8
+'$,"$532$2'*#)"8'&%/#+')"$1"(/%$"$*%&'A$
S)#+#'/%#$/%0%),"$'273)1$</%113<"1*"1$,'$z/%,3:;"$1"+#"2=7#+'{F$,%$
X3%//%#/"$M'&"1$]^__faF$</%+3/1"/$,"1$%1*3,"1$<=18+"2")#'#1$)'$B&G8
/#+'$Y'*#)'^pF$43%$<",%/;"$+")*/#(3#/$<'/'$'$+")1*/3:;"$,%$3&$<%)1'8
&%)*"$1"+#'2$,%1+"2")#C',"/$%$%&')+#<'*=/#"r$
!" $%"&'()*+,"-,./,012/.#"3")4"5&,.'--,"('".,67'./4'68,"'")4#"
'*#*3,%$ &%*=,#+'F$ 43%$ (31+'$ ,'/$ +")*'$ ,"1$ 1#7)#.#+',"1$ &'#1$
</".3),"1$,'$/%'2#,',%$1"+#'2AAA$#)0%/*-82"1$+"&$"$.#&$,%$.'C%/$
,"$+")E%+#&%)*"$3&'$.%//'&%)*'$<'/'$'$%&')+#<':;"$1"+#'2A{$
]!SYX\OSMB5F$IJ^IF$<A$KcKaA^c
!" 9'--#"(/&'*+,:")4#"-,./,0,2/#"(,-"4,;/4'68,-"-,./#/-"(';'&/#"
13(0%/*%/$"1$+")E%+#&%)*"1$+"2")#C',"1$'+/>*#+"1$43%$/%</",38
C#/'&$<"/$1G+32"1$"$1#1*%&'$,%$,"&#)':;"$%+")N&#+'F$<"2>*#+'$
%$+32*3/'2$)'$B&G/#+'$Y'*#)'F$'0'2#'),"$"$%)/%,'&%)*"$,%11%1$
13(1#1*%&'1$)'$/%</",3:;"$1"+#'2A$
!" $%"&'#0/(#('"-,./#0"3"(,8#(#"('"-'68/(,:"'"-+,"-)#-".,6'<='-"('"
1%)*#,"$43%$%1*'(%2%+%&$'1$1#7)#.#+':?%1$1"+#'#1AAA$*/'*'81%$,%$
'(1"/0%/$%11'1$0'2"/':?%1$+"&$"$"(9%*#0"$,%$+"&</%%),%/$&%8
2E"/$ "1$ 0>)+32"1$ 43%$ "1$ .%)N&%)"1$ 1"+#'#1$ 73'/,'&$ %)*/%$ 1#A{$
]!SYX\OSMB5F$#(#,F$<AKcpaA
!" >&#8#?-'"('"@)-.#&"6#-"A,&4#*='-"/('68/8B&/#-"(,-"4,;/4'68,-"
%&$ /%,%1$ e$ <'/*#+32'/&%)*%$ '$ <'/*#/$ ,%$ 13'1$ 2%#*3/'1$ ,'1$ +")8
,#:?%1$,%$+2'11%F$,%$7-)%/"$%$ /'+#'#1[G*)#+'1F$ 43%$ /%</%1%)*'&$

^K$ i/'*'81%$ ,%$ '("/,'7%)1$ </%2#&#)'/%1F$ 1"(/%$ '1$ 43'#1$ </%*%),"$ +")*#)3'/$ '$
%2'("/':;"F$ %1<%+#'2&%)*%$ '*/'0G1$ ,'$ +"2'("/':;"$ %$ ,"1$ ,%('*%1$ )"$ QP+2%"$ ,%$
R%143#1'$,%$V"0#&%)*"1$5"+#'#1$]QRV5[\!5WaA
^p$ i"&'/%&"1$ <"/$ ('1%$ '$ 1>)*%1%$ ')'2>*#+'$ $ +")1*/3>,'$ )'$ $ zM%1%)E'$ *%&@*#+'r$
X3%//%#/"$ M'&"1F$ '$ /%,3:;"$ 1"+#"2=7#+'$ %$ "$ #&'7#)@/#"$ <=18+"2")#'2{F$ <"/r$
!%/)'),"$,%$6'//"1$!#273%#/'1F$IJ^IA
^c$ i=<#+"1$('1%',"1$)'$"(/'$,%$MBVU5F$B2(%/*"$X3%//%#/"A$2!-36;45#!/#$%#&D'%$(A$
M#"$,%$s')%#/"r$O,A$\!MsF$^__fA

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

2a`

1#7)#.#+':?%1$ .3),')*%1$ ,"$ 1#1*%&'$ ,'1$ ,%1#73'2,',%1$ 1"+#'#1$


)'$B&G/#+'$Y'*#)'$e$'$<"11#(#2#,',%$,%$%1*'(%2%+%/$$(63%(/!63!
3O;%B(&J+$%(! ]+.A$ YBWYB\F$ IJJf$ %$ IJ^^a$ %)*/%$ 1%31$ ,#1+3/1"1$
%&')+#<'*=/#"1$<'/*#+32'/#C',"1F$)'$,#/%:;"$,'$+")1*/3:;"$."/8
&':?%1$*/')18#,%)*#*@/#'1$%$,%$#,%@/#"1$*/')10%/1'#1A^f
!" "$C"4)6(,"D)'".,67'.'4,-"'"'4"D)'"#2/4,-"3","E4@/8,"'4"D)'"
"1$#),#0>,3"1$%$"1$"(9%*"1$1%$%)+")*/'&$)3&'$#).#)#*'$%$+"&8
<2#+','$*/'&'$,%$/%.%/-)+#'1AAA$B$'*#0#,',%$#)*%/</%*'*#0'$</"<"/8
+#")','$<%2'$1"+#"2"7#'$,%0%$,'/$+")*'$,%$3&'$)":;"$,%$&3),"$
%&$ 43%$ "1$ "(9%*"1$ ,"$ +")E%+#&%)*"$ );"$ %1*;"$ ,#11"+#',"1$ ,"$
139%#*"$43%$</"+3/'$#)*%/</%*@82"1{A$]!SYX\OSMB5F$#(#,F$<A$KcpaA
!" 9'--#" (/&'*+,:" #" -,./,0,2/#" (,-" 4,;/4'68,-" -,./#/-" (';'&/#"
'0'2#'/$ +/#*#+'&%)*%$ '$ +")1*/3:;"$ ,%$ 3&$ <%)1'&%)*"$ 1"+#'2$
E%7%&N)#+"$ )'$ B&G/#+'$ Y'*#)'F$ %$ )"$ 6/'1#2$ %&$ <'/*#+32'/F$ %$
13'$/%2':;"$"3$);"$+"&$"1$0@/#"1$1'(%/%1$13('2*%/)"1$%L#1*%)8
*%1$%$43%$."/'&$+")*%1*'*=/#"1$%$,%$/%1#1*-)+#'$'"1$1#1*%&'1$,%$
,"&#)':;"A
!" $F#4,-"'-8/5)0#"D)'",",@G'8,"('"'-8)(,"6+,"5,('"'-8#&"('-0/2#8
,"$,%$1%3$+")*%L*"AAA$1"(/%*3,"$<%2'$+32*3/'F$'$43'2$%1*'(%2%+%$"$
+")*%P,"$,%$1%)*#,"AAA$%2'$'$1"+#"2"7#'$G$3&'$+#-)+#'$43%$1%$#)8
1%/%$)"1$13<"/*%1$+"2%*#0"1$,'$/%'2#,',%$1"+#'2A{$]!SYX\OSMB5F$
#(#,F$<A$KcpaA
!" H,&8#68,:"#"5'&-5'.8/;#"('"#6B0/-'"(#".)08)&#:"'"(#-"(/4'6-='-"
1#&(=2#+'1$ %$ ,'$ +")1*/3:;"$ ,'1$ 13(9%*#0#,',%1$ +"2%*#0'&%)*%$
+")1*/3>,'1F$+")."/&%$*/'*','1$<%2'1$z*%"/#'1$,"1$)"0"1$&"0#8
&%)*"1$1"+#'#1{F$,%0%/#'&$1%/$/%0#1#*','1F$&'1$'7"/'$'$<'/*#/$,%$
3&'$<%/1<%+*#0'$,%1+"2")#C',"/'A
!" $C" 8&#@#07," (," -,./10,2," 3" /6-'&/(," 6#" -,./'(#('" '4" D)'" '0'"
0#0%AAA$ %$ '$ 1"+#"2"7#'$ 1=$ G$ <"11>0%2$ %&$ 3&'$ 1"+#%,',%$ 43%$ '18
13&'$13'$'3*"+")1+#-)+#'$+"&"$</"+%11"$+"2%*#0"A{$]!SYX\OS8
MB5F$#(#,F$<AKcpaA

^f$ g#,%$ ,%1,"(/'&%)*"1$ ,%11'$ /%.2%L;"$ %&$ 5+E%/%/8h'//%)F$ $ IJ^I+A$ g"2*'/%&"1$ '$
%11'$43%1*;"F$&'#1$',#')*%A

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

2aa

!" H,('&I#4,-:"#D)/:"#.&'-.'68#&"#"/45,&8E6./#"('"-'&"('A/6/(,"#"
43%$$z'3*"+")1+#-)+#'$+"2%*#0'{$"$1"+#=2"7"$%1*@$1%$/%.%/%)+#')8
,"F$'$,"1$1'(%/%1$E%7%&N)#+"1$*/',#+#")'#1$"3$'$1'(%/%1$2#(%/8
*@/#"1$43%$"<%/'&$%&$)"&%$,'$#73'2,',%F$,'$,#0%/1#,',%$%$,'$
931*#:'$1"+#'2A
!" $%" &'()*+," -,./,012/.#" 6+," -'" ,5='" J" 8&#6-50#68#*+," ('" .,68
+%#*"1$%$+'*%7"/#'1$3)#0%/1'#1$.3),'&%)*'#1$$'"$+")E%+#&%)*"$
1"+#"2=7#+"F$&'1$%L#7%$43%$%2%1$1%9'&$13(&%*#,"1$'$+/#*G/#"1$,%$
1%2%*#0#,',%A$W")+%#*"1$%$+'*%7"/#'1$#&<"/*',"1$,%0%&$1%/$/%#)8
*%/</%*',"1$<%2'$+32*3/'$)'+#")'2F$,%$."/&'$'$',%43@82"1$'"$1%3$
+")*%P,"$,%$1%)*#,"A{$]!SYX\OSMB5F$#(#,F$<A$KcpaA
!" K#@':"5,&8#68,:"5&,4,;'&")4#"-,./,0,2/#"D)'"6+,"('/<'"('"(/#8
2"7'/$ +"&$ "$ U+#,%)*%$ ]Q"/*%$ X2"('2aF$ &'1$ 43%$ </"&"0'$ +','$
0%C$&'#1$"$,#@2"7"$5328532$%$43%F$1"(/%*3,"F$/%%1+/%0'$'1$E#18
*=/#'1$,%$13'1$+#0#2#C':?%1$'*/'0G1$,%$1'(%/%1$,%1+"2")#C',"1$%$
43%$/%17'*%$"1$1'(%/%1$,"1$&"0#&%)*"1$%&')+#<'*=/#"1A
!" $%"#8/8)('"&'()8,&#"5&'./-#"-'&"G)-8/A/.#(#"'"@#-'#(#"'4"'-A,&8
:"1$%2'("/',"1$,%$/%.2%L;"F$&"1*/'),"$'1$/'C?%1$<%2'1$43'#1$1%$
.3),'&%)*'A$B$/%,3:;"$1"+#"2=7#+'$GF$')*%1$,%$*3,"F$3&$&G*"8
,"$<'/'$"$+")E%+#&%)*"$,"$1"+#'2F$43%$,%0%$1%/$'3*"8/%.%/#,"$D$
+32*3/'$43%$"$+%/+'{A$]!SYX\OSMB5F$#(#,F$<A$KccaA
!" L6A/4:" ," 0'2#(," ('" F#4,-" /6-5/&#" #" .,6-8&)*+," ('" )4#" -,8
+#"2"7#'$ ,"1$ &"0#&%)*"1$ 1"+#'#1$ /%.2%L#0'F$ 43%$ (3143%$ 3&'$
/%.2%L;"$,%1+"2")#C','F$3&$<%)1'&%)*"$'3*N)"&"F$&'1$+"&8
</"&%*#,"$ +"&$ </"+%11"1$ +32*3/'#1$ %$ <"2>*#+"1$ %&')+#<'*=8
/#"1F$ /%</%1%)*'*#0"1$ ,%$ &#)"/#'1$ %&$ 1#*3':?%1$ E#1*=/#+'1$ ,%$
13('2*%/)#,',%A$Q%11'$,#/%:;"F$<'11'/%&"1$'$,%1%)0"20%/$3&$
&'/+"$#)*%/</%*'*#0"F$1%&</%$</"0#1=/#"F$<'/'$'$')@2#1%$,'1$/%8
,%1$ ,%$ &"0#&%)*"1$ 1"+#'#1$ 43%$ 1%$ #)1<#/%$ %$ ,#'2"73%$ +"&$ '1$
'("/,'7%)1$<=1F$)%"$%["3$,%1+"2")#'#1A
$
B1$<%/73)*'1$,%$<'/*#,'$<'/'$'$%2'("/':;"$,%$3&'$</"<"1*'$,%$#)8
0%1*#7':;"$1"(/%$"1$&"0#&%)*"1$1"+#'#1$)"$+")*%L*"$'*3'2$,%$13'1$/%8
2':?%1$+"&$"3*/"1$'*"/%1$,'$1"+#%,',%$)'+#")'2$])"$+'1"$*%),"$+"&"$

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

011

/%.%/-)+#'$ </#0#2%7#','$ "$ 6/'1#2aF$ )'1$ /%2':?%1$ 5328532$ ]+%)*/'),"81%$


)'$B&G/#+'$Y'*#)'a$%$)'1$/%2':?%1$5328Q"/*%$72"('#1$]%1<%+#'2&%)*%$
)"$"+#,%)*%aF$7#/'&$%&$*"/)"$,'1$1%73#)*%1$,#&%)1?%1$')'2>*#+'1r
^A$ W"&"$%L'&#)'/$%$'0'2#'/$"$+")*%L*"$E#1*=/#+"$%&$43%$"1$&"0#8
&%)*"1$+")*%&<"/T)%"1$%1*;"$#)1%/#,"1F$%$,%$+"&"$1%$/%.%/%)8
+#'&$'"$<'11',"F$</%1%)*%$%$.3*3/"$,%$13'1$%L<%/#-)+#'1$,%$0#,'$
%$/%'7%&$%["3$.'C%&$'$2%#*3/'$,%11'1$0@/#'1$*%&<"/'2#,',%1|
IA$ W"&"$'1$/%':?%1$&"0#&%)*'2#1*'1$1%$*/')1."/&'&$%&$/%</%1%)8
*':?%1$,#1+3/1#0'1$#,%)*#*@/#'1$%$+"&"$)'1$#)*%/':?%1$<"2>*#+'1$
#)*%/&"0#&%)*"1$ '/*#+32'&$ ,#1+3/1#0'&%)*%$ %11'1$ /%</%1%)*'8
:?%1F$+/#'),"$#,%)*#,',%1$*/')10%/1'#1$%$."/&'),"$/%,%1$,%$&"8
0#&%)*"1|$
KA$ W"&"$'1$/%,%1$,%$&"0#&%)*"$'/*#+32'&$,%&'),'1$%$#,%@/#"$,%$
&3,'):'1$ ]&'*%/#'#1F$ 1#&(=2#+"1$ %$ ,%$ %&<",%/'&%)*"aF$ +")18
*/3#),"$)"0"1$</"9%*"1$1"+#%*@/#"1$%$,%$</"9%:?%1$<'/'$"$.3*3/"$
,'$1"+#%,',%|
pA$ B$<'/*#/$,%11'1$/%2':?%1$*/')1#,%)*#*@/#'1$%$<23/#"/7')#C'+#")'#1F$$
"$43%$G$1%/$&"0#&%)*"$1"+#'2$E"9%$%$43'#1$'1$,#&%)1?%1$')'2>*#+'1$
'$1%/%&$+")*%&<2','1$)'$#)0%1*#7':;"|$

O&$/%2':;"$D$</#&%#/'$43%1*;"$e$#!$#+,3I,#!0%/,D-%$#!6#/!*#B%*3+7
,#/!/#$%(%/$e$"1$%1*3,"1$<=18+"2")#'#1$1;"$3&'$.%//'&%)*'$/%2%0')*%F$
)'$ &%,#,'$ %&$ 43%$ .'C%&$ '$ +/>*#+'$ ,'$ +"2")#C':;"$ ,"$ 1'(%/$ "+#,%)8
*'2F$)'$'+',%&#'$%$)'1$+32*3/'1$13('2*%/)'1A$O11'$+/>*#+'$0%&$1%),"$
%2'("/','$<"/$3&$+")93)*"$+")1#,%/@0%2$,%$<%143#1',"/%1F$*')*"$,"$
532$+"&"$,"$Q"/*%$72"('#1F$/%+'#),"$%&$0'/#',"1$'1<%+*"1$,'$/%&'8
)%1+-)+#'$,%$."/&'1$,%$<",%/$)%"+"2")#'2$)"1$,#0%/1"1$*%//#*=/#"1$,"$
&3),"$72"('2#C',"F$%1<%+#'2&%)*%$)'$B&G/#+'$Y'*#)'F$#231*/'),"81%$
+"&$'273)1$%L%&<2"1$%&(2%&@*#+"1r$
!" C"(#"'</-8M6./#"('")4"-/-8'4#?4)6(,:"'68'6(/(,".,4,"-/-8'8
&'$E#1*=/#+"$43%F$1%73),"$h'22%/1*%#)$]IJJ`aF$G$3&'$/%,%$#)8
*%7/','$,%$</"+%11"1$%+")N&#+"1F$<"2>*#+"1$%$+32*3/'#1F$&'1$
43%$);"$,%0%/#'$1%/$/%,3C#,"$'$3&$3)#0%/1'2#1&"$P)#+"$])"$
+'1"$"$%3/"<%3aF$%$1#&$)3&'$*/"+'$,#'2G*#+'$43%$<%/&#*%$3)#8

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

012

0%/1'2#C'/$ 0'2"/%1$ <'/*#+32'/%1$ %$ <'/*#+32'/#C'/$ 0'2"/%1$ 3)#8


0%/1'#1$]%)*/%$,#.%/%)*%1$*%//#*=/#"1$)'+#")'#1a$)3&'$%1<G+#%$
,%$z/%,%$,%$3)#0%/1'2#1&"$3)#0%/1'#1{A
!" C)"-'G#:".,4,"$.,0,6/#0/(#('"(,"5,('&N:"D)'"O)/G#6,"PQRRST"('8
.#)%$+"&"$3&$</"+%11"$E#1*=/#+"^`F$%&$43%$'$+")1*/3:;"$,'$)':;"$
%F$1"(/%*3,"F$,"$O1*',"8)':;"$."#$+")+%#*3'2#C','$+")*/'$'$&'#"8
/#'$,'$<"<32':;"$]>),#"1F$)%7/"1$%$&%1*#:"1aF$%$+39"$<",%/$'#),'$
%L%/+%$ 1%3$ ,"&>)#"F$ )'$ &'#"/$ <'/*%$ ,'$ B&G/#+'$ Y'*#)'F$ +")*/'$
'$,%&"+/'+#'F$'$+#,',')#'F$'$)':;"$%$+39'$<%/1<%+*#0'$,%$+"8
)E%+#&%)*"$"<%/'$+"&"$3&$%1<%2E"$43%$,#1*"/+%$"$43%$/%.2%*%F$
+"&"$."#$'$#&<"1#:;"$,%$3&'$#,%"2"7#'$,%$z,%&"+/'+#'$/'+#'2{$
43%$&'1+'/"3$'$0%/,',%#/'$,#1+/#&#)':;"$%$'$,"&#)':;"$+"2")#'2$
1"(/%$"1$)%7/"1F$+"&"$)"$6/'1#2F$)'$W"2N&(#'$%$)'$g%)%C3%2'A$
!" C)" &'--#08#6(," )4#" '5/-8'4'" 5#&#" #" 4)(#6*#:" .,4," #" /('/#"
,%$ */')1&",%/)#,',%F$ 43%F$ 1%73),"$ H311%2$ ]IJJcaF$ ,%0%$ 1%/$ '$
)%7':;"$ ,"$ &#*"$ ,'$ &",%/)#,',%$ "+#,%)*'2$ %$ '$ ,%1+"(%/*'$ ,%$
13'$.'+%$"+32*'F$'$<'/*#/$,%$3&$"3*/"$"2E'/r$"$&3),"$<%/#.G/#+"$
+"2")#'2F$"$>),#"$1'+/#.#+',"F$'$&32E%/$"</#&#,'F$'$+/#'):'$%$'$
+32*3/'$<"<32'/$'2#%)','1$%*+A
!" C):" #/6(#:" .,4," $5'6-#4'68," .&I8/.," ('" A&,68'/&#N:" D)':" 5#&#"
V#7)"2"$]IJJKaF$G$'$/%1<"1*'$%<#1*-&#+'$,"$13('2*%/)"$%)43')8
*"$/%*=/#+'$%&')+#<'*=/#'$,'$&",%/)#,',%A$V'#1$/%+%)*%&%)*%F$
1%3$2#0/"$ziE%$H'/t%/$5#,%$".$h%1*%/)$V",%/)#*j{$]IJ^^aF$$."#$
,%1+/#*"$+"&"$3&'$"(/'$%&$43%$V#7)"2"$z%L<2'#)1$*E'*$,%+"2"8
)#'2#*j$/%43#/%1$,%2#)t#)7$./"&$*E%$+"2")#'2$&'*/#L$".$<"n%/$3)8
,%/2j#)7$h%1*%/)$&",%/)#*j$*"$#&'7#)%$'),$(3#2,$72"('2$.3*3/%1$
#)$ nE#+E$ E3&')$ (%#)71$ '),$ *E%$ )'*3/'2$ n"/2,$ '/%$ )"$ 2")7%/$
%L<2"#*%,$#)$*E%$/%2%)*2%11$43%1*$."/$n%'2*E$'++3&32'*#"){^bA$

^`$ W.A$ X/"1."73%2$ ]IJ^IF$ <A$ Kp`aF$ z"$ +"2")#'2#1&"$ 72"('2$ 1%/#'$ 3&$ <%/>","$ ,%$
+"2")#'2#,',%$ ,"$ <",%/$ "3$ ,%$ /%2':?%1$ 1"+#'#1$ +"2")#'#1$ 1%&$ ',&#)#1*/',"/%1$
+"2")#'#1A$ AA$ %$ '1$ +"),#:?%1$ E#1*=/#+"81"+#'#1$ ,%$ <"11#(#2#,',%$ ,"1$ P2*#&"1$ cJ$
')"1$]^_pc8IJJIa$,%$+"2")#'2#,',%$72"('2$1;"$"1$pcJ$')"1$,%$+"2")#'2#1&"$72"('2$
]^p_I8^_pca{A
^b$ g#,%r$ E**<1r[[nnnA,3t%3</%11A%,3[W'*'2"7[g#%nR/",3+*A<E<|</",3+*#,^`^Jc$$
B+%11"r$s')A$IJ^KA

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

010

!" C)"5,&"4'/,"(#"&'0';#68'"-I68'-':"D)'".,68'450#"'--'-"#)8,&'-"
%$ <%)1'&%)*"1$ ,%1+"2")#C',"/%1$ ]+.A$ '+#&'aF$ .%#*'$ <"/$ X/"1."8
73%2$]IJJb$%$IJ^IaF$'$43'2$</"<?%$3&'$)"0'$%<#1*%&%F$+")+%#*"1$
%$2#)73'7%&$43%$<%/&#*'&$z%L<2#+'/$"$+"&<2%L"$%)/%,'&%)*"$
,'1$E#%/'/43#'1$,%$7-)%/"F$/'+#'#1F$1%L3'#1$%$,%$+2'11%$%L#1*%)*%1$
)"$#)*%/#"/$,"1$</"+%11"1$7%"<"2>*#+"1F$7%"+32*3/'#1$%$7%"%+")N8
&#+"1$,"$1#1*%&'8&3),"$+"2")#'2[&",%/)"AAA{$]IJJbF$<A$^K^ad$
!" U'G#:"'6A/4:"#8&#;3-"('"/6V4'&,-",)8&,-"#)8,&'-"(,"9,&8'"'"(,"
532$X2"('2F$+/>*#+"1$,"$2%7',"$+"2")#'2^_$%$*'&(G&$<"/$&%#"$,%$
7/3<"1$13('2*%/)"1$%$,%$1%31$&"0#&%)*"1$%&')+#<'*=/#"1IJA$
$
H"$<")*"$,%$0#1*'$,%$3&'$<"2>*#+'$%&')+#<'*=/#'$,"1$'*"/%1$+"2%*#0"1$
%$&"0#&%)*"1$1"+#'#1F$0'2%$D$<%)'$'+/%1+%)*'/$'273)1$%L%&<2"1$43%$<"8
,%&$1%/$/%.%/%)+#',"1$'$<%)1'&%)*"1$%$%<#1*%&"2"7#'1$,%1+"2")#'#1$</"8
<"1*'1$<"/$$X/"1."73%2$]IJJb$%$IJ^IaF$43%$"$'3*"/$,%)"&#)"3$,%$z+3&8
<2#+#,',%$13(0%/1#0'{r$%1*'1$%1*/'*G7#'1$<"2>*#+'1$);"$"+#,%)*'2#1*'1$0-&$
1%),"$</'*#+','1$<"/$,#.%/%)*%1$&"0#&%)*"1$1"+#'#1$%$139%#*"1$13('2*%/8
)"1$&3),"$'."/'F$+"&"$"1$&"0#&%)*"1$1"+#'#1$<"/*"8/#43%)E"1F$&'/*#8
)#43%)1%1F$#),>7%)'1F$'./"8'&%/#+')"1F$'./"8+'/#(%)E"1F$'./"8(/'1#2%#/"1F$
#12'&#*'1$ .%&#)#1*'1F$ C'<'*#1*'1F$ '1$ &;%1$ ,'$ R/':'$ ,%$ V'#"F$ "1$ "+3<'8
8.@(/#+'1$%$"1$<#43%*%#/"1$)'$B/7%)*#)'F$%)*/%$"3*/"1$139%#*"1$2"+'2#C',"1$
)"$2',"$13('2*%/)"$,'$,#.%/%):'$+"2")#'2A$]IJ^IF$<A$KcIaA
X/"1."73%2$+#*'$'#),'F$+"&"$%L%&<2"$<'/',#7&@*#+"$,%$3&'$%1*/'8
*G7#'$,%$z+3&<2#+#,',%$13(0%/1#0'{$,%$3&$<%)1'&%)*"$,%1+"2")#C'8
,"/F$'$'*3':;"$,%$V'/*#)$Y3*E%/$v#)7F$43'),"$%11%$*"&"3$"$,#1+3/1"$
E%7%&N)#+"$,'$z#73'2,',%{$%$"$/%11#7)#.#+"3F$%1*%),%),"8"$'$*%//#*=8
/#"1$#)+")+%(>0%#1$<'/'$"$<%)1'&%)*"$%3/"+-)*/#+"$]+"&"$%1*%),%/$'$

^_$ R'/'$ ,%1*'+'/$ '273&'1$ <3(2#+':?%1$ ,%$ '&<2'$ ,#0327':;"r$ !/')C$ !')")F$ ^_cI$ %$
^_f^d$5*3'/*$Z'22F$IJJKd$R'32$X#2/"jd$6"'0%)*3/'$,%$5"3C'$5')*"1F$IJJfd$W'/2"1$
V""/%F$IJJ`F$5%/7#"$W"1*'F$IJJf'$%$IJJf(F$$R'32"$Z%)/#43%$V'/*#)1F$IJ^I$%$0@/#'1$
+"2%*T)%'1$ +"&"$ '1$ "/7')#C','1$ <"/$ W'1*/"8X"&%C$ %*$ '2AF$ ^__bd$ O<#1*%&"2"7#'1$
,"$532$]M%0#1*'$W/>*#+'$,%$W#-)+#'1$5"+#'#1aF$IJJbd$M%0#1*'$O1*3,"1$,%$5"+#"2"7#'F$
IJ^JF$,%)*/%$"3*/'1A
IJ$ B$')@2#1%$1"(/%$'273)1$,%11%1$&"0#&%)*"1$<",%$1%/$%)+")*/','$%&$W'/2"1$X',%'F$
IJJpd$ 6/%)"$ 6/#)7%2F$ IJ^JF$ V'/#2#1%$ M%#1$ IJ^Jd$ V'/2#1%$ V'*"1F$ IJ^Jd$ H"&#*#2'$
W'j/%1F$IJ^Id$5+E%/%/8h'//%)F$IJ^^'$$%$IJ^I(d$,%)*/%$"3*/"1A

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

013

#73'2,',%$'$139%#*"1$)%7/"1F$2'*#)"1$%$#),>7%)'1$)"1$O1*',"1$\)#,"1aA$
U3*/"$%L%&<2"$,%$,%1+"2")#C':;"$1%/#'$"1$)%"C'<'*#1*'1F$43'),"$*"8
&'&$"$,#1+3/1"$,'$z,%&"+/'+#'{$%$"$/%11#7)#.#+'&$'$<'/*#/$,'1$*/',#8
:?%1$#),>7%)'1$2"+'#1$+"&$'$)":;"$,%$}&'),'/$"(%,%+%),"~$"3$}1"&"1$
*","1$#73'#1$<"/43%$1"&"1$*","1$,#.%/%)*%1~AAA$zU$<%)1'&%)*"$,%18
+"2")#'2$1%/#'$3&'$13(0%/1;"$#)*%/)'$,"$2',"$13("/,#)',"$,'$,#.%8
/%):'$+"2")#'2$AAA$i%/>'&"1$43%$)"1$'(/#/$'"$,#@2"7"$#)*%/8%<#1*-&#+"$
%$+")+%(%/$"$</"9%*"$,'$%143%/,'$+"&"$*/')1&",%/)"F$,%1+"2")#'2$
+"&$1%)*#,"1$<23/#0%/1"1${$]IJ^IF$<A$KccaA$R'/'$3&'$*/')17/%11;"$
'$%11%$<%)1'&%)*"$%$%<#1*%&%F$"$'3*"/F$%&$<'2%1*/'$]6OMYSVF$IJ^^aF$
.'C$'$+/>*#+'$D$*/',#:;"$z.3),'&%)*'2#1*'$%3/"+-)*/#+'{$,'1$+#-)+#'1$
1"+#'#1F$'1$43'#1$+")1*/3>/'&$3&$</%*%)1"$3)#0%/1'2#1&"$'$<'/*#/$,"$
<'/*#+32'/#1&"$,'$0#1;"$,"$1%L"$&'1+32#)"F$,%$+"/$(/')+'F$%3/"<%3F$
</",3*"/$,%$3&'$%<#1*%&%$/'+#1*'$%$1%L#1*'F$,%)"&#)','$<"/$'3*"/%1$
,"$<=18+"2")#'2#1&"$,%$zh%1*$'),$*E%$M%1*{I^$]"$zU+#,%)*%$%$"$M%1*"{$
,"$&3),"aA
5"(/%$%11%$<")*"F$5%/7#"$W"1*'$]IJJf(F$<A$^I^$aF$'+/%1+%)*'r

B$ ,%1+")1*/3:;"$ ,'$ ,#+"*"&#'$ M%1*[h%1*$ ]Ga$ '$ /%2%#*3/'$ <=18


8+"2")#'2$ ,'$ E#1*=/#'$ &",%/)'F$ (31+'$ /%#)1%/#/F$ /%#)1+/%0%/$ "$
+"2")#C',"$ )'$ &",%/)#,',%F$ );"$ +"&"$ "$ "3*/"$ ,"$ U+#,%)*%F$
1#)N)#&"$ ,"$ '*/'1"F$ ,"$ */',#+#")'2F$ ,'$ .'2*'F$ &'1$ +"&"$ <'/*%$
+")1*#*3*#0'$ %11%)+#'2$ ,'43#2"$ 43%$ ."#$ +")1*/3>,"F$ ,#1+3/1#0'8
&%)*%F$+"&"$&",%/)"A$S11"$#&<2#+'$,%1+")1*/3#/$'$E#1*=/#'$E%8
7%&N)#+'$,'$&",%/)#,',%F$%0#,%)+#'),"$'1$/%2':?%1$&'*%/#'#1$
%$1#&(=2#+'1$%)*/%$"$zU+#,%)*%{$%$"$z/%1*"{$,"$&3),"F$,%$1"/*%$
'$&"1*/'/$43%$*'#1$*%/&"1$+"//%1<"),%&$'$+")1*/3:?%1$&%)*'#1$
1%&$+"//%1<"),-)+#'$%&<>/#+'$#&%,#'*'A$
O11%$G$"$</"9%*"$<%/1%73#,"$<%2"$E#1*"/#',"/$#),#')"$,'$\)#0%/8
1#,',%$,%$WE#+'7"F$H#<%1E$WE't/'('/*jA
$

I^$ R'/'$3&'$')@2#1%$'$/%1<%#*"F$0#,%$5G/7#"$W"1*'F$zH%</"0#)+#'2#C#)7{$1"+#"2"7jr$*E%$
<"1*$+"2")#'2$+")*/#(3*#")$F$M%0A$6/'1A$W#A$5"+A$g"2AKF$5;"$R'32"$IJJ`A

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

01d

W'*E%/#)%$h'21E$]'<3,$UYSgOSMB$%$WBQHB\F$IJ^JF$<A$`aF$#)1<#/')8
,"81%$%&$!/')*C$!')")$]^_bKaF$#/@$/%2'+#")'/$+"2")#'2#1&"$D$z);"8%L#18
*-)+#'{$,"$139%#*"$13('2*%/)#C',"F$%&$"3*/'$<'2'0/'1F$zAAA$)%7'/$'"$"3*/"$
*","1$"1$'*/#(3*"1$,%$E3&')#,',%F$%$"(/#7'/$'1$<%11"'1$43%$%2%$,"&#)'$
'$ <%/73)*'/81%r$ %&$ /%'2#,',%$ 43%&$ %3$ 1"3|{$ ]!BQUQ$ '<3,$hBY5ZF$
IJJcF$<A$IIaA$R"/*')*"F$'$+"2")#'2#,',%$/%.%/%)+#'81%$%$+")1"2#,'81%$)"$
1#63-F$)"$/(83-$%$)"$/3-hhF$%$%11'1$1;"$,#&%)1?%1$/%2%0')*%1$<'/'$<%)8
1'/&"1$"1$&"0#&%)*"1$1"+#'#1$'*/'0G1$,%$3&'$%<#1*%&"2"7#'$,%1+"2"8
)#'2$%$3&'$&%*","2"7#'$,%$')@2#1%$,%$/%,%1F$+")."/&%$0%/%&"1$'$1%73#/A$
O&$/%2':;"$D$1%73),'$43%1*;"$e$/#8-3!(/!,-(+/.#-*(45#!6#/!6%/$;-7
/#/!%63+,%,:-%#/!3*!%63+,%6(63/!,-(+/B3-/(%/!+(/!-363/!63!*#B%*3+,#/$
eF$(31+'/%&"1$%L'&#)'/$+"&"$1%$,;"$'1$'/*#+32':?%1$,#1+3/1#0'1$43%$
<%/&#*%&$+/#'/$z+',%#'1$,%$%43#0'2-)+#'{$]Y'+2'3F$IJ^^a$%)*/%$13('28
*%/)#,',%1$#,%)*#*@/#'1$,%$+2'11%F$/':'[%*)#'F$7-)%/"$%*+F$"/#7#)'2&%)*%$
+")1*/3>,'1$ ,%$ ."/&'$ ,#1*#)*'1$ %$ /%.%/%)+#','1$ %&$ &'*%/#'2#,',%1$ %$
1#&("2"7#'1$*'&(G&$,#.%/%)+#','1A
O/)%1*"$Y'+2'3$]IJJf$%$IJ^^aF$/%.%/#),"81%$'$<"11#(#2#,',%1$,%$<"2>8
*#+'1$ %&')+#<'*=/#'1$ )"$ &3),"$ +")*%&<"/T)%"F$ </%0-$ 43%$ ,%&'),'1$
,#1*#)*'1F$'#),'$43%$/%.%/#,'1$'$<'/*#+32'/#,',%1$,%$,#.%/%)*%1$1%7&%)*"1$
1"+#'#1F$<",%&$+")1*/3#/$%&$+"&3&$3&$,#1+3/1"$&'#1$'&<2"$,%$+")8
*%1*':;"$"3$%)./%)*'&%)*"$'"$1#1*%&'F$)'$&%,#,'$%&$43%$z%2'1$<'11'&$
'$%1*'(%2%+%/$%)*/%$1#$3&'$-3&(45#!63!3O;%B(&J+$%([!'$43'2F$'"$,%1%)0"28
0%/$</"<"1*'1$&'#1$'&<2'1$%$,3/',"3/'1$%&$*"/)"$,%$3&$'*"/$+"2%*#0"F$
<",%$%1*'(%2%+%/$3&'$+',%#'$,%$%43#0'2-)+#'$"3$3&'$z-(S5#!1#1;&%/,([hs!
]S(#,F$IJJfF$<A$IKaA$R"/$13'$0%CF$7/3<"1$+"2%*#0"1$,%$'*#0#1*'1$43%$0#0%)8
+#'&$,#0%/1"1$*#<"1$,%$%L+231;"$%["3$13('2*%/)#,',%$],%$7-)%/"F$G*)#+'F$
%+")N&#+'$"3$"3*/'aF$'"$+")1*/3>/%&$3&$,#1+3/1"$%&')+#<'*=/#"$'/*#+38
2',"$%&$*"/)"$,%$3&'$+")*%1*':;"$%&$+"&3&$'$3&$/%7#&%$1"+#'2$+")8
1#,%/',"$+"&$"</%11"/$%["$%L+23,%)*%$'"$+")93)*"$,%$13'1$#,%)*#,',%1F$
<",%/;"$0#/$'$."/&'/$3&'$/%,%$,%$&"0#&%)*"$1"+#'2A$

II$ W")."/&%$U2#0%#/'$%$W'),'3F$IJ^JF$<A$_F$%11%1$1;"$+")+%#*"1$+%)*/'#1$,%)*/"$,"$</"9%*"$,%8
+"2")#'2#,',%F$,%$#)0%1*#7':;"$,"$7/3<"$zV",%/)#,',%[W"2")#'2#,',%{F$,"$43'2$$h'21E$.'C$
<'/*%F$93)*'&%)*%$+"&$0@/#"1$,"1$'3*"/%1$'+#&'$+#*',"1A
IK$ Q"$1%)*#,"$,%$1%/$z<"0"{A

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

01S

B$ <%143#1'$ ,%$ V'/#2#1%$ M%#1$ ]IJ^^a$ )"1$ '93,'$ '$ %L%&<2#.#+'/$ "1$
</%113<"1*"1$'43#$&%)+#")',"1A$i/'*'81%$ ,%$ 3&'$ <%143#1'$ 43%$ ,%3$
"/#7%&$D$13'$*%1%$,%$,"3*"/'&%)*"F$1"(/%$'$M%,%$,%$V32E%/%1$B./"8
8Y'*#)"8B&%/#+')'1F$B./"8W'/#(%)E'1$%$,'$H#@1<"/'$]MVBBHaIpA$H%)8
*/%$"3*/"1F$$'$'3*"/'$]IJ^^F$<A$^Jba$$,%1*'+'F$%&$</#&%#/"$237'/F$'$%L#18
*-)+#'$,'$,#)T&#+'$,'$+")1*/3:;"$,%$#,%)*#,',%1$*/')10%/1'#1$)3&'$
1#*3':;"$,%$3&'$/%,%$,%$/%,%1$&32*#8"/7')#C'+#")'#1$,#0%/1#.#+','1r

O11%1$ &"0#&%)*"1F$ '"$ %L*/'<"2'/%&$ ./")*%#/'1$ 1#&(=2#+'1$ %$


*%//#*"/#'#1F$0-&$+")1*#*3#),"F$)'$B&G/#+'$Y'*#)'$%$)"$W'/#(%F$
#,%)*#.#+':?%1$&P2*#<2'1$<"/$&%#"$,%$3&'$z'./",#'1<"/#+#,',%{$
43%$1%$+").#73/'/#'F$);"$%&$*"/)"$,%$%1*/3*3/'1$#,%)*#*@/#'1$.#8
L'1F$ />7#,'1$ %$ *%//#*"/#'2#C','1F$ &'1$ %&$ &",%2"1$ ,#1+3/1#0"1$ %$
,%$':;"$<"2>*#+'$('1%',"1$%&$%1*/3*3/'1$,%$#,%)*#.#+':?%1$&P28
*#<2'1F$./")*%#/#:'1$%$,%1*%//#*"/#'2#C','1A$$
$
W"&"$0%&$1%$+")1*#*3#),"$%11%$&"0#&%)*"$%&$/%,%F$,#.%/%)+#')8
,"81%$,%$%1*/'*G7#'1$&"0#&%)*'2#1*'1$*/',#+#")'#1F$*/')1#*'),"$,%$<"8
2>*#+'1$ 3)#8#,%)*#*@/#'1$ <'/'$ <"2>*#+'1$ +"&$ '/*#+32':?%1$ ,#1+3/1#0'1$
,%$ 3&'$ &'#"/$ ,#0%/1#,',%$ ]/':'F$ 7-)%/"F$ +2'11%F$ 7%/'+#")'2a|$ B$ '38
*"/'$ "(1%/0'$ 43%F$ 1%$ )"$ <'11',"$ "$ z&"0#&%)*"$ %1*%0%$ ('1%',"$ %&$
+'*%7"/#'1$+"&"$%*)#+#,',%$%$#,%)*#,',%F$43'1%$1%&</%$%L+231#0#1*'1F$
&'1+32#)'1$%$2"+'2#C','1$*%//#*"/#'2&%)*%F$)"$&"&%)*"$'*3'2F$'<")8
*'$<'/'$."/&'1$,%$"/7')#C':;"$<'3*','1$%&$#,%)*#.#+':?%1$E>(/#,'1$%$
%&$."/&'1$,#1+3/1#0'1$&P2*#<2'1F$&3#*"$&'#1$1#&(=2#+'1$%$,#1<%/1'1$
%&$/%,%{$]MOS5F$IJ^^F$<A$^IpaA$B$1%73#/$'+/%1+%)*'$43%$'$#)1%/:;"$,'$
<'/*#+#<':;"$930%)#2$%$"$+'/@*%/$*/')1)'+#")'2$,'$/%,%$1;"$"3*/"1$.%)N8
&%)"1$+/%1+%)*%1$)'$B&G/#+'$Y'*#)'r$

Ip$ W")."/&%$M%#1$]IJ^^F$<A$^^KaF$z%&$^__IF$."#$+")1*#*3>,'$'$M%,%$,%$V32E%/%1$B./"8
2'*#)"8'&%/#+')'1F$B./"8+'/#(%)E'1$%$,'$H#@1<"/'F$&%1&"$,#'$%&$43%$."#$+/#',"$
"$,#'$S)*%/)'+#")'2$,'$V32E%/$B./"82'*#)"8'&%/#+')'$%$B./"8+'/#(%)E'A$O11'$/%,%$
/%P)%$"/7')#C':?%1$,%$Ic$<'>1%1$,'$B&G/#+'$Y'*#)'$%$W'/#(%$%$)'1+%3$<'/'$'*3'/$
+")*/'$ "$ /'+#1&"F$ '$ ,#1+/#&#)':;"F$ '$ E"&"."(#'F$ '$ 2%1("."(#'$ %$ +")*/'$ *",'1$ '1$
."/&'1$,%$%L+231;"A

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

01g

Q'$ '/*#+32':;"$ <'/'$ "$ +"&('*%$ '"$ /'+#1&"F$ '$ M%,%$ ,%1*'+'$ '1$
'2#'):'1$%1*/'*G7#+'1$+"&$"3*/"1$&"0#&%)*"1$1"+#'#1F$'$#&<2%8
&%)*':;"$,"$R2')"$,%$B:;"$,%$H3/(')$%$"$'3&%)*"$,'$<'/*#8
+#<':;"$ ,'$ 930%)*3,%$ )"$ &"0#&%)*"$ ,%$ &32E%/%1$ )%7/'1A$ ]<A$
^^pa$AAA$Q"$43%$*')7%$'$,#)T&#+'$*/')1)'+#")'2$43%$+"&<?%$'$
MVBBHF$%1*'$%1*@$+'/'+*%/#C','$</#&%#/'&%)*%$<%2'1$&P2*#<2'1$
+")%L?%1$43%$+")1*#*3%&$1%$)%11%$*%//#*=/#"F$%$,%<"#1F$<%2"1$"(8
9%*#0"1F$<%/1<%+*#0'1$%$</#)+><#"1$43%$,;"$('1%$<'/'$"$,%1%)0"28
0#&%)*"$,'1$':?%1$<"2>*#+'1$,'$/%,%$%&$/%,%A$]<A$^^fa

W")+23#F$%).#&F$43%$G$"$,#1*')+#'&%)*"$,"1$%11%)+#'2#1&"1$%$%L8
+231#0#1&"1$ ,%$ #,%)*#,',%$ %$ '$ *"&','$ ,%$ +")1+#-)+#'$ ,%11'$ %L<%/#8
-)+#'$+"&3&F$"3$1%9'F$%11'1$/%0#0%1+-)+#'1F$43%$'<")*'&$<'/'$"$13/8
7#&%)*"$,"$,#@2"7"$,%11'$M%,%$+"&$'$'("/,'7%&$<=18+"2")#'2$%$43%$
'93,'$ '$ +"&<"/$ '$ 13'$ +")*/'$ )'//'*#0'$ %$ '$ 13'$ %1*G*#+'$ ,#'1<=/#+'A$
]IJ^^F$<A^^baA
S11"$)"1$/%&%*%$D$)"11'$*%/+%#/'$43%1*;"$e$$#*#!(/!-363/!63!*#B%7
*3+,#!(-,%$;&(*!63*(+6(/!3!%63:-%#!63!*;6(+4(/!g*(,3-%(%/K!/%*8D7
&%$#/!3!63!3*1#63-(*3+,#fF$+")1*/3#),"$)"0"1$</"9%*"1$1"+#%*@/#"1$%$
,%$</"9%:?%1$<'/'$"$.3*3/"$,'$1"+#%,',%|$\&'$,%11'1$<"11#(#2#,',%1$
<",%$ 1%/$ "(1%/0','$ )'$ +"&(#)':;"$ ,"$ ,#@2"7"$ %1*/'*G7#+"$ +")1*/3>8
,"$ '*/'0G1$ ,%$ /%,%1$ &"0#&%)*'2#1*'1$ <23/#"/7')#C'+#")'#1$ '<"#',"1$
)3&'$ %<#1*%&%$ %$ %&$ )'//'*#0'1$ ,%1+"2")#C',"/'1A$ Q"$ %L%&<2"$ ,'$
MVBBHF$M%#1$]IJ^^F$<A$^^_a$"(1%/0"3$43%r

B"$ /%*"&'/8/%0#1'/8,%12"+'/F$ '$ +")*/'$ )'//'*#0'$ ,'$ ,#@1<"/'$


,'$MVBBH$1%$#)1%/%$)'$<%/1<%+*#0'$+/>*#+'$,'1$"(/'1$<"/*'8
,"/'1$,%$3&$,#1+3/1"$,%$+'/@*%/$<=18+"2")#'2F$<"/43%$</"<?%$
43%$ .':'&"1$ 3&'$ /%2%#*3/'$ ,'$ +"2")#C':;"F$ +")+%(%),"8'$
+"&"$<'/*%$,%$3&$</"+%11"$*/')1)'+#")'2$%$*/')1+32*3/'2$72"8
('2$"$43%$#&<2#+'F$+"&"$+")1%43-)+#'F$/%%1+/%0%/$'1$')*%/#"8
/%1$ 7/'),%1$ )'//'*#0'1F$ </=</#'1$ ,"$ <%/>","$ +"2")#'2F$ *%),"$
+"&"$ 2=+31$ %)3)+#'*#0"$ '$ 1#*3':;"$ ,%$ ,#@1<"/'$ 0#0%)+#','$
<%2'1$<"<32':?%1$'./#+')'1A

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

01]

V'1$+"&"$.'C%/$'$*/')1#:;"$,%$%<#1*%&%1F$'*G$'$<"3+"$E%7%&N)#8
+'1$)'$2%#*3/'$1"(/%$%$<%2"1$&"0#&%)*"1$1"+#'#1$]*%"/#'1$,%$+2'11%F$
3)#8#,%)*#*@/#'1F$ %*+AaF$ <'/'$ 3&'$ *%"/#'$ 43%$ '/*#+32%$ '$ ,#0%/1#,',%$
,#1+3/1#0'$,%$&"0#&%)*"1$1"+#'#1$%&$/%,%|$H%$'+"/,"$+"&$'1$</"8
<"1*'1$<"2>*#+'1$,%1+"2")#C',"/'1$'</%1%)*','1$'+#&'F$%11'$%&')+#8
<':;"$,#1+3/1#0'$,%0%/@$1%/$.%#*'$'$<'/*#/$,'$,%1+")1*/3:;"$,%$%<#18
*%&%1$%3/"+%)*/','1$E%7%&N)#+'1$%$)'$+"&</%%)1;"$,%$+")*/'$)'/8
/'*#0'1$ +/>*#+'1$ ,%$ /%,%1$ %&')+#<'*=/#'1A$ \&$ ,"1$ 7/'),%1$ ,%1'.#"1$
G$ ,%$ +"&"$ '/*#+32'/$ "1$ +")E%+#&%)*"1$ %$ 1'(%/%1$ '+',-&#+"1$ +"&$
"1$1'(%/%1$<"<32'/%1$',0#),"$,"1$&"0#&%)*"1$1"+#'#1A$6"'0%)*3/'$
5')*"1$]IJJba$</"<?%$'$z%+"2"7#'$,%$1'(%/%1{$+"&"$."/&'$,%$'</"8
L#&':;"$,%11%1$,"#1$+'&<"1F$43%$<",%$1%/$*/'*','$'*/'0G1$,%$,"#1$
/%+3/1"1r$ "$ */'('2E"$ ,%$ */',3:;"$ #)*%/+32*3/'2F$ 43%$ <",%$ 1%/$ .%#*"$
'*/'0G1$,%$z1#)'#1F$1>&("2"1F$+")93)*3/'1F$%)#7&'1F$<#1*'1F$<%/73)8
*'1F$ <'/',"L"1F$ '&(#73#,',%1F$ %*+$ ]IJJbF$ <A$ I_ad$ %$ '$ '/*%1')#'$ ,'1$
</@*#+'1F$43%$"+"//%$43'),"$23*'1$+")*/'$'$,#1+/#&#)':;"$+"),3C%&$
'$ 3&'$ %+"2"7#'$ ,%$ 1'(%/%1$ </",3C#,"1$ <"/$ ,#.%/%)*%1$ &"0#&%)*"1$
1"+#'#1r$ .%&#)#1*'1F$ ')*#//'+#1*'1F$ ,%$ "/#%)*':;"$ 1%L3'2F$ ,%$ ,#/%#*"1$
E3&')"1F$#),>7%)'1F$'./",%1+%),%)*%1$%*+AF$%$%.%*3'$'$<'11'7%&$,%$
3&'$<"2>*#+'$,%$&"0#&%)*"1$1"+#'#1$<'/'$3&'$<"2>*#+'$,%$#)*%/&"8
0#&%)*"1$1"+#'#1$]IJJb$<A$KJ8K^aF$%&$"3*/'$<'2'0/'1F$'$3&'$<"2>*#+'$
,%$/%,%$,%$&"0#&%)*"1IcA
Q%11'$,#/%:;"F$V"E')*j$]'<3,$VBiU5F$IJ^JF$<A$``a$</"<?%$3&'$
<"2>*#+'$.%&#)#1*'$*/')1$"3$#)*%/+32*3/'2$43%$1%$%1."/:'11%$<"/$+")18
*/3#/$'1$+")%L?%1$%)*/%$"$.%&#)#1&"$'+',-&#+"$%$'1$"/7')#C':?%1$<"8
2>*#+'1$')*#+'<#*'2#1*'1$%$<"1+"2")#'#1A$s@$<'/'$V'/2#1%$V'*"1$]"<A$+#*F$
IJ^JaF$3&'$*%"/#'$+/>*#+"8%&')+#<'*=/#'$.%&#)#1*'$,%0%/#'$1%/$<%)1'8
,'$%&$*"/)"$,"1$%#L"1$%1*/3*3/')*%1$,'$931*#:'$1"+#'2$]'$#73'2,',%$%$'$
,#.%/%):'aF$+"&$z3&'$/%)"0','$-).'1%$%&$./")*%#/'1$#)*%/1%++#")'#1F$
*/')10%/1'#1$%$*/')1,#1+#<2#)'/%1$%)*/%$7-)%/"F$/':'F$1%L3'2#,',%F$+2'18
1%$%$7%/':;"$])"$9'/7;"$,%$!/'1%/r$)'1$,-(+/.-#+,3%-(/f!|!]%a$+"&$'$)%8

Ic$ R'/'$ 3&'$ ,%.#)#:;"$ ,%*'2E','$ %$ %L*%)1#0'$ ,'$ +'*%7"/#'$ z/%,%$ ,%$ &"0#&%)*"1$
1"+#'#1{F$+")132*'/$5+E%/%/8h'//%)F$IJ^I(A

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

01`

+%11#,',%$,%$*/')10%/1'2#C':;"$,"$+")E%+#&%)*"$%$'$*/')10%/1'2#,',%$
)'$,%&'),'$<"/$,#/%#*"1$]E3&')"1a$%$931*#:'$1"+#'2{$]S(#,F$<A$bf8`aA
O&$ <%143#1'$ 1"(/%$ .=/3)1$ %$ /%,%1$ #)*%/"/7')#C'+#")'#1$ ,'$ 1"+#%8
,',%$+#0#2$]5WZOMOM8hBMMOQF$IJ^I(aF$+")1*'*"381%$43%$E@$'1<%+8
*"1$13(1*')*#0"1$&'/+')*%1F$,%+"//%)*%1$,'$%L<%/#-)+#'$,%$0#,'$,"1$
'*"/%1F$43%$1;"$./%43%)*%&%)*%$2%&(/',"1$%$/%*"&',"1$)'1$'/*#+32'8
:?%1$,#1+3/1#0'1$43%$0;"$7/','*#0'&%)*%$+").#73/'),"$%$,'),"$1#78
)#.#+',"1$<"2>*#+"1$+"&<'/*#2E',"1$)'1$/%,%1$,%$&"0#&%)*"1$1"+#'#1A$
H%)*/%$%11%1$1%$,%1*'+'&$*/-1$,#&%)1?%1$43%$')#&'&$"1$</"*%1*"1F$'$
,%.#)#:;"$,'1$,%&'),'1$%$"1$#,%@/#"1$"3$3*"<#'1$%&')+#<'*=/#'1r$'$,'$
0#,'$&'*%/#'2F$'$1#&(=2#+'$%$,"$%&<",%/'&%)*"$<"2>*#+"A$
U1$&"0#&%)*"1$1"+#'#1F$'"$'*3'/%&$)'$."/&'$,%$/%,%1$#)*%/"/7')#8
C'+#")'#1$'*/'0G1$,'$*/"+'$,%$1'(%/%1F$0;"$."/&'),"$/%2':?%1$,%$%43#8
0'2-)+#'$,#1+3/1#0'$]Y'+2'3F$IJ^^aF$"1$43'#1F$&%1&"$.'+%$D$13'$,#0%/8
1#,',%$%$,#.%/%):'1F$%2'("/'&$<")*"1$,%$%)+")*/"$<'/'$1%31$</"9%*"1$
,%$&3,'):'$1"+#'2F$'11#&$1%),"Ifr
R/#&%#/"F$ %&$ /%2':;"$ D1$ +"),#:?%1$ &'*%/#'#1$ ,%$ %L#1*-)+#'F$ +"&$
('1%$ )'$ ,%1#73'2,',%F$ <"(/%C'F$ 1%7/%7':;"$ %1<'+#'2F$ 43'2#,',%$ ,%$
0#,'$ %*+AF! '1$ 1#)732'/#,',%1$ ,"1$ ,#0%/1"1$ &"0#&%)*"1$ <'11'&$ '$ 1%/$
2#,'1$'$<'/*#/$,%$</"+%11"1$E#1*=/#+"8%1*/3*3/'#1$,%$%L+231;"$%$,%$,%8
1#73'2,',%$ &'#1$ '&<2"1F$ +"&"$ "+"//%$ +"&$ '1$ 2%#*3/'1$ <=1$ "3$ )%"8
+"2")#'#1I`F$"3$'*/'0G1$,%$+/>*#+'1$,%1+"2")#C',"/'1$]V'/*#)1F$IJ^IaF$
%F$,%1*'$."/&'F$0;"$+")1*/3#),"$3&$,#1+3/1"$+"&<'/*#2E',"$"3$3&'$
%+"2"7#'$,"1$1'(%/%1F$+").#73/'),"$)"0'1$."/&'1$,%$1%/$&"0#&%)*"A$
5%73),"F$'1$'/*#+32':?%1$,#1+3/1#0'1$)'1$/%,%1$*'&(G&$<%/&#*%&$
'$+")1*/3:;"$,%$)%L"1$%)*/%$'1$+"),#:?%1$&'*%/#'#1$%1*/3*3/')*%1$,%$
3&'$ 1"+#%,',%$ %$ '$ 2%#*3/'$ ,'1$ +"),#:?%1$ 1#&(=2#+'1! )'$ /%</",3:;"$
1"+#'2$ ],#1+/#&#)':?%1F$ %1*#7&'1F$ ,%10'2"/#C':;"$ <%11"'2$ %$ +"2%*#0'$
%*+AaF! /%11#7)#.#+'),"8'1$ <"2#*#+'&%)*%$ %$ </",3C#),"$ )"0'1$ 13(9%*#8
0#,',%1$%$#,%@/#"1$%&')+#<'*=/#"1$'*/'0G1$,"1$139%#*"1$,%11'1$':?%1A$

If$ 5"(/%$ %11'$ <'/*%$ 0#,%$ &'#"/%1$ ,%1,"(/'&%)*"1$ %&$ 5+E%/%/8h'//%)F$ IJ^I($ %$
IJ^I+A
I`$ g#,%$"3*/"1$,%1,"(/'&%)*"1$%&$V'/*#)1$$5+E%/%/8h'//%)F$IJ^^A

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

01a

R"/$%L%&<2"F$%&$)"11'$)'$<%143#1'IbF$+")1*'*"381%$43%$'1$&32E%/%1$
#),>7%)'1$ %$ )%7/'1$ #)#+#'2&%)*%$ ,%1%)0"20%/'&$ 3&'$ +/>*#+'$ '"$ 1#18
*%&'$%&$/%2':;"$D1$13'1$1#)732'/#,',%1$)'$"</%11;"F$<"/G&F$'$<'/*#/$
,"$%)+")*/"$)'1$/%,%1$,%$&"0#&%)*"1F$<%/+%(%/'&$%43#0'2-)+#'1$%&$
*"/)"$,%$13'1$"/#7%)1$#,%)*#*@/#'1$+"2")#'#1$%$,"1$/%1<%+*#0"1$&%+'8
)#1&"1$,%$%L+231;"$1"+#'2F$<'11'),"$'11#&$'$."/&'/$3&'$+',%#'$,%$
1#7)#.#+',"1$<"2>*#+"1F$43%$,%)"&#)'/'&$,%$z'2#'):'$,%$<'/%)*%1+"{I_$
%)*/%$'1$&32E%/%1$)%7/'1$%$#),>7%)'1F$%&$"3*/'1$<'2'0/'1F$3&$<'+*"$
E#1*=/#+"$/%.%/%)*%$'$3&$&%1&"$2%7',"$+"2")#'2$"3F$+")."/&%$X/"18
."73%2$]IJJbaF3&'$z+3&<2#+#,',%$13(0%/1#0'{A$O11'$'2#'):'$"3$+3&8
<2#+#,',%$'<=1$1%$%1*%),%3$'$3&'$/%,%$&'#1$'&<2'F$'$B/*#+32':;"$,'1$
V32E%/%1$6/'1#2%#/'1$]BV6aKJA$
i%/+%#/"F$1"(/%$'1$+"),#:?%1$<"2>*#+'1$,%$%L+231;"$]13(+#,',')#'F$,%18
<",%/'&%)*"F$</%+'/#%,',%$)'$<'/*#+#<':;"$<"2>*#+'$%*+Aa<$"$*/#<G$8$':?%1$
1"(/%$'1$+"),#:?%1$&'*%/#'#1$%1*/3*3/')*%1$,"1$</"+%11"1$,%$%L+231;"$1"8
+#'2$%$+32*3/'2F$1"(/%$'$)%+%11#,',%$,%$1%$*/'('2E'/$<'/'$&3,'):'1$)'1$
&%)*'2#,',%1$%$1#&("2"7#'1$%$1"(/%$'$3/7-)+#'$%&$1%$*%/$"/7')#C':?%1$
<"2>*#+'1$&'#1$#)+231#0'1$1%&$,%#L'/$,%$1%/%&$<"2#*#+'&%)*%$+/>*#+'1$eF$
"(1%/0"381%$43%$)"1$,#1+3/1"1$%$)'1$</@*#+'1$,"1$.=/3)1$%$/%,%1$<%143#8
1',"1$%1*;"$1%),"$%1*'(%2%+#,'1$/%2':?%1$,%$%43#0'2-)+#'$%)*/%$'1$*/-1$
,#&%)1?%1$+#*','1$'+#&'$%$43%$"1$,#1+3/1"1$%&')+#<'*=/#"1$+"&<'/*#8
2E',"1$7%/'&$%&(2%&'1$<'/'$3&'$,%&"+/'*#C':;"$,"1$</"+%11"1$,%$#)8
1%/:;"$,'$1"+#%,',%$+#0#2$)'1$<"2>*#+'1$,%$O1*',"F$*'#1$+"&"r$'3*")"&#'$
<"2>*#+'$,"1$139%#*"1$%&$/%2':;"$D$<'/*#+#<':;"$#)1*#*3+#")'2F$,%&"+/'*#8
C':;"$,'$%1.%/'$<P(2#+'$%$<'/*#+#<':;"$/%</%1%)*'*#0'$,"1$&"0#&%)*"1F$
</"&":;"$,"1$,#/%#*"1$E3&')"1$);"$"(1%/0',"1$%$+/#':;"$,%$)"0"1$
,#/%#*"1$43%$#)+#,%&$%&$*/')1."/&':?%1$)'$0#,'$&'*%/#'2F$+32*3/'2$%$
,'$#)+231;"$'*/'0G1$,'$<'/*#+#<':;"$)'$<"2>*#+'$#)1*#*3+#")'2A

Ib$ R/"9%*"$ BV!O5$ ]B1$ &P2*#<2'1$ .'+%1$ ,'$ %L+231;"$ 1"+#'2aF\!5W[WQR4F$ 43%$ ,%3$
"/#7%&$'"$2#0/"$,%$5+E%/%/8h'//%)F$IJ^I(F$"$43'2$#)+23#$<%143#1'$%&<>/#+'$43%$
1%/0%$,%$'<"#'$D1$*%"/#C':?%1$'43#$'</%1%)*','1A
I_$ g#,%$ &'#"/%1$ ,%*'2E%1$ 1"(/%$ /%132*',"1$ <"2>*#+"1$ ,%11'$ '2#'):'$ $ %&$ 5+E%/%/8
h'//%)F$$IJJbF$$IJ^I(A
KJ$ U3*/"1$,%*'2E%1$1"(/%$%11%$,%1,"(/'&%)*"$,%$#,%)*#.#+':;"$)"$#)*%/#"/$,'$BV6$$
%)+")*/'&81%$%&$5+E%/%/8h'//%)F$IJ^I(A

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

021

k3')*"$D$P2*#&'$43%1*;"$8$#!O;3!]!/3-!*#B%*3+,#!/#$%(&!0#a3r$8$#)#8
+#'/%&"1$2%&(/'),"$43%F$)'$1"+#%,',%$+")*%&<"/T)%'F$,'$#)."/&':;"F$
#/!.#-*(,#/!#-'(+%S($%#+(%/!6(/!(4X3/!$#&3,%B(/$*'&(G&$,%1%&<%)E'&$
3&$<'<%2$,%+#1#0"$<'/'$'1$'/*#+32':?%1$,#1+3/1#0'1$,"1$&"0#&%)*"1$1"8
+#'#1F$#1*"$GF$'$%L#1*-)+#'$,%$3&$."/&'*"$,%$"/7')#C':;"$%&$/%,%1K^$,%0%$
1%/$*/'*','$*'&(G&$+"&"$3&'$</@*#+'$<"2>*#+'F$%L%&<2#.#+'),"r$+"&"$
3&'$</G8+"),#:;"$<'/'$43%$"$&"0#&%)*"$<"11'$,%1%)0"20%/$3&'$+'8
,%#'$,%$%43#0'2-)+#'$,%$&P2*#<2"1$</"9%*"1$<'/*#+32'/#C',"1A$R"/*')*"F$
'$/%,%$&"0#&%)*'2#1*'$+'/'+*%/#C'81%$<"/$1%3$1#7)#.#+',"$<"2>*#+"F$"$43%$
)"1$<%/&#*%$*%"/#+'&%)*%$*/'*@82'$+"&"$3&$z./'&%{$"/7')#C'+#")'2KIF$
"3$1%9'F$%2'$+")*G&$3&'$2=7#+'$,%$&"0#&%)*"$43%$1%$%L</%11'$%&r
!" C"D)'"3"$/3-{$3&$&"0#&%)*"$%&$/%,%|$H%.#)%81%$E"9%$<"/$1%3$
+'/@*%/$*;&,%7%63+,%,:-%#F$#)+23#),"$./%43%)*%&%)*%$139%#*"1$,%$
13(/%,%1$ "3F$ <%2"$ &%)"1F$ "$ /%+")E%+#&%)*"$ ,'1$ ,%&'),'1$ %[
"3$ 1#&("2"7#'1$ ,%$ "/7')#C':?%1$ .%&#)#1*'1F$ 7/3<"1$ G*)#+"1$ %$
')*#//'+#1*'1F$ +2'11#1*'1F$ 7%/'+#")'#1F$ <'+#.#1*'1F$ %+"2"7#1*'1F$ ,'$
%+")"&#'$1"2#,@/#'$%*+$%$,%$/%,%1$1&;-%#-'(+%S($%#+(%/F$#)+23#)8
,"$'1$"/7')#C':?%1$<"<32'/%1$,%$('1%F$+"&"$'11"+#':?%1$+#0#1$%$
&"0#&%)*"1$2"+'#1d$$'1$%)*#,',%1$&%,#',"/'1F$+"&"$"1$.=/3)1$
,'$1"+#%,',%$+#0#2F$UQX1F$+%)*/"1$,%$%,3+':;"$<"<32'/d$%$</@8
*#+'1$ &"(#2#C'*=/#'1$ <P(2#+'1$ &'#1$ '&<2'1F$ +"&"$ "1$ </"*%1*"1F$
<'11%'*'1F$ &')#.%1*':?%1F$ %$ '1$ )"0'1$ ."/&'1$ ,%$ &"(#2#C':?%1$
'*/'0G1$,'1$/%,%1$0#/*3'#1$%*+A$o$'$'/*#+32':;"$,#1+3/1#0'$,%11'1$
13(/%,%1$)3&'$</"<"1*'$%&')+#<'*=/#'$&'#1$'&<2'$%$&#)#&'8
&%)*%$#)*%7/','$%&$*"/)"$,%$#,%@/#"1$+"&3)1$<'/'$'$&3,'):'$
"$43%$0%&$'$+")1*#*3#/$3&'$/%,%$,%$&"0#&%)*"$1"+#'2$</"</#'8
&%)*%$,#*"F$)"$&3),"$+")*%&<"/T)%"A
!" K,4,"-'".,6-8/8)/","-')"$/(83-{$%)43')*"$&"0#&%)*"$%&$/%,%|$
U$z1'(%/{$1%$+")1*#*3#$'*/'0G1$,'1$'/*#+32':?%1$,#1+3/1#0'1$*/')18

K^$ R'/'$3&'$')@2#1%$,%*'2E','$1"(/%$'$"/7')#C':;"$,"1$&"0#&%)*"1$1"+#'#1$%&$/%,%1$
)"$6/'1#2F$0%/$5+E%/%/8h'//%)F$IJ^I'$%$IJ^I(A
KI$ $R",%&"1$+")+23#/$43%$"$.-(*3$"/7')#C'+#")'2$0'#$'2G&$,%$1%3$+'/@*%/$"<%/'+#")'2F$
%2%$z/%.%/%81%$7%)%/#+'&%)*%$'$."/&'$<%2'$43'2$"1$'*"/%1$$$$+"2%*#0"1$"/7')#C'&$%$
%L</%11'&$"1$1#7)#.#+',"1$,'$':;"$+"2%*#0'{$]+.A$R/3,%)+#"F$IJ^^aA

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

022

0%/1'#1$,"1$,#0%/1"1$%2"1$43%$+"&<?%&$'$/%,%F$+39'$,#'2=7#+'$)'$
,#0%/1#,',%$<%/&#*%$'$+")1*/3:;"$,%$)"0'1$,#&%)1?%1$+"7)#*#8
0'1F$*'#1$+"&"$'$63/.;+6(*3+,(&%S(45#!,%$<'/*#+32'/#1&"1$%["3$
'$ +/#':;"$ ,%$ ;+%B3-/(&%/*#/! /3*1-3! (83-,#/$ D$ 13'$ /%+")1*#*3#8
:;"d$"$63/$3+,-(*3+,#$,'1$#,%)*#,',%1$.%+E','1F$+/#'),"$%63:7
-%#/!*;&,%!#;!1&;-%7%63+,%,:-%#/d$*/')1#*'),"$,%$3//3+$%(&%/*#/!(#!
%+,3-$;&,;-(&%/*#! #;! ,-(+/$;&,;-(&%/*#$ %$ </"&"0%),"$ /%2':?%1$
6%(&D'%$(/$<'/'$'$</",3:;"$,%$1-:I%/!*#B%*3+,(&%/,(/!3*(+$%7
1(,D-%(/$%$63/$#&#+%S(6(/F$+")."/&%$9@$%L'&#)',"$'+#&'A
!" K,4,"-'".,6-8&1/","$3*1#63-(*3+,#{$'*/'0G1$,'1$/%,%1|$B1$%18
*/'*G7#'1$43%$+")*/#(3%&$<'/'$"$%&<",%/'&%)*"$"/7')#C'+#")'2$
0#)+32'&81%$'"1$*#<"1$,%$</@*#+'1$'/*#+32'*=/#'1$43%$'1$/%2':?%1$
%$'1$,#)T&#+'1$,'$'*3':;"$,%$/%,%1$<"11#(#2#*'&F$*'#1$+"&"r$'/8
*#+32'/$ ,#1+3/1#0'&%)*%$ '1$ /%,%1$ </%1%)+#'#1$ ]"/7')#C':?%1$ %$
&"0#&%)*"1$*%//#*"/#'2#C',"1a$+"&$'1$/%,%1$0#/*3'#1$].'+%(""tF$
*n#**%/F$%8&'#21$%*+aF$"$43%$<%/&#*%$<"*%)+#'2#C'/$'$0#1#(#2#,',%$
,%$13'1$,%&'),'1d$'/*#+32'/$#),#0>,3"1$]1#&<'*#C')*%1a$%$"$+"8
2%*#0"$ ]&#2#*')*%1aF$ '&<2#'),"$ '$ ('1%$ ,%$ '<"#"$ '"$ &"0#&%)*"d$
%)/%,'/$ "$ 2"+'2F$ "$ )'+#")'2$ %$ "$ 72"('2F$ <",%),"$ </",3C#/$ 3&$
%.%#*"$ (3&%/')73%$ ]v%+t$ $ 5#tt#)tF$ ^__baF$ 43%$ G$ '$ <"11#(#2#8
,',%$ ,%$ "/7')#C':?%1$ 2"+'#1$ '+#")'/%&$ /%,%1$ */')1)'+#")'#1F$
1%$."/*'2%+%),"$<'/'$'<=1$)%7"+#'/$+"&$"1$<",%/%1$)'+#")'#1d$
'</"L#&'/$139%#*"1$]&#2#*')*%1$%$#)*%2%+*3'#1a$,"$532$%$,"$Q"/*%$
72"('#1F$43%$0#1'&$'/*#+32'/$%$</"&"0%/$1'(%/%1$%$</"9%*"1$<'/'$
3&$.3*3/"$%&')+#<'*=/#"$%$,%1+"2")#C',"F$%).#&F$,'),"$0#1#(#8
2#,',%$'"1$139%#*"1$#)0#1>0%#1A$

R"/$.#&F$<",%/>'&"1$<%/73)*'/$1%$);"$1%/@$)'$'<"1*'$%&$3&'$'/8
*#+32':;"$ %$ ,#@2"7"$ ,%$ ,#0%/1"1$ 1'(%/%1F$ %)*/%$ /%,%1$ 1"+#'#1$ 43%$ 1%$
+"&<2%&%)*'&$e$'1$43'#1$0;"$,%$139%#*"1$%$&"0#&%)*"1$1"+#'#1$,%$238
*'1$%&')+#<'*=/#'1$D$+")*/#(3#:;"$,%$&%,#',"/%1$%$#)*G/</%*%1$,%11%1$
1'(%/%1F$ ,%)*/%$ "1$ 43'#1$ <",%/%&"1$ #)+23#/$ "$ 1"+#"2=7#+"$ eF$ 43%$ 3&$
.3*3/"$43#:@$&'#1$#73'2#*@/#"F$+"&$&'#"/$/%1<%#*"$D1$,#.%/%):'1$%$+"&$
&'#1$931*#:'$1"+#'2F$<",%/@$1%/$+")1*/3>,"A$

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

020

M%.%/-)+#'1

BWSUYSF$5N)#'A$]IJJ`aF$M363/!/#$%(%/!3!,3#-%(!/#$%(&P!-3B3+6#!#/!.;+6(7
*3+,#/!6#!$#+$3%,#H$Y"),/#)'r$S).AS).F$0A$^IA$

6MSQXOYF$6/%)"A$]IJ^Ja$B*#0#1&"$*/')1)'+#")'2F$"$%1*3,"$,"1$&"0#8
&%)*"1$1"+#'#1$%$'1$)"0'1$7%"7/'.#'1$<=18+"2")#'#1A$H"11#-r$\3/$#&#7
+%(&%6(63!3!+#B#/!'%-#/!31%/,3*#&D'%$#/H!M3B%/,(!@/,;6#/!63!"#$%#&#'%(K$
QP&%/"$O1<%+#'2r$RRX5$e$BYB5F$0A$^fF$)A$IF$<A$^bc8I^cA

WBYHOMQF$ !A$ %$ 5BQiU5F$ VA$ ]+"&<AaA$ ]^_b`a$ R#/! $#+.&%,#/! 1#-! &(!
$#+/,%,;$%D+!63!;+!+;3B#!#-63+A$63%)"1$B#/%1r$WYBW5UA

WB5iMU8XVOxF$ 5')*#'7"d$ VOQHSOiBF$ O,3'/,"$ j$ RUMMBF$ V#8


73%2$B)7%2$]%,1aA$]^__baF$=3#-%(/!/%+!6%/$%1&%+(P!2'*#)"'&%/#+')#1&"F$
<"1+"2")#'2#,',$j$72"('2#C'+#=)$%)$,'('*%AA$S)r$E**<r[[%)1'j"A/"&A37'[
+/#*#+'[*%"/#'[+'1*/"[$B+%11',"$%&$932E"$IJJ_A

WBMgBYZUF$Y#,#')%$,%d$RBO5$O$5SYgBF$Y'j1$Z%2%)'$]IJ^IaF$T!(*7
8%3+,3!3!!3!(!,3#-%(!6(/!-363/P!(!13-/13$,%B(!6(!_;/,%4(!2*8%3+,(&H$M6sB$
Y#1("'r$RBRJJfb%,A$R,.$e$52#,%$^A

WBqMO5F$H"&#*#2'$W"1*'A$]IJ^^aF$@+/(%(+6#!(1-#I%*(4X3/!63!'J+3-#!
3!-(4(!(!&;S!6#!#&0(-!1D/7$#&#+%(&H$MOBYS5!e$M%0#1*'$,%$O1*3,"1$B)8
*#\*#2#*'/#1*'1$%$R"1W"2")#'#1F$0A$^F$)A$IA

WU5iBF$5G/7#"A$]IJJf'aF$\#%/!2,&W+,%$#/H$i%"/#'$5"+#'2F$')*#8/'+#1&"F$
+"1&"<"2#*#1&"A$6%2"$Z"/#C")*%r$\!VXA$

A$]IJJf(aF$H%1</"0#)+#'2#C'),"$'$1"+#"2"7#'r$'$+")*/#(3#:;"$<=18
8+"2")#'2A$S)r$M3B%/,(!Y-(/%&3%-(!63!9%J+$%(/!"#$%(%/A$0"2AI^$)A$fJF$13<8
<2A$fJA$5;"$R'32"r$.%0A$<<A$^^`8^KpA

H\55OYF$ O)/#43%A$ ]IJJcaF$ O3/"<'F$ &",%/)#,',%$ %$ %3/"+%)*/#1&"A$2!


$#&#+%(&%6(63! 6#! /(83-P3;-#$3+,-%/*#! 3! $%J+$%(/! /#$%(%/H! >3-/13$,%B(/!
&(,%+#7(*3-%$(+(/H$O,7'/,"$Y'),%/$]"/7aA$W"2%++#=)$53/$53/F$WYBW5UF$
W#3,',$B3*=)"&'$,%$63%)"1$B#/%1F$B/7%)*#)'A$1%*%&(/"$A$<<A$cc8`JA$
S)r$ E**<r[[(#(2#"*%+'0#/*3'2A+2'+1"A"/7A'/['/[2#(/"1[2'),%/[<*[H311%2A
/*.$'+%11',"$%&$932E"$,%$IJJ_A

!BQUQF$!/')*CA$]^_bKaF$>3&3!E3'-(K!G:/$(-(/!Y-(+$(/H$M#"$,%$s')%#/"r$
!'*"/A

A$]^_fbaF$T/!$#+63+(6#/!6(!=3--(H$i/',A$s"1G$Y"3/-)#"$,%$V%2"A$
M#"$,%$s')%#/"r$W#0#2#C':;"$6/'1#2%#/'A$

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

023

!UQiO5F$6/%)"$B3731*"A$]IJ^IaF$M363/!/#$%(%/!3!1#63-!&#$(&H$M%+#.%r$
O,A$\)#0%/1#*@/#'$\!ROA

!MB5OMF$Q')+jA$]IJJ`aF$V'<%'),"$'$#&'7#)':;"$.%&#)#1*'r$,'$/%,#18
*/#(3#:;"$'"$/%+")E%+#&%)*"$%$D$/%</%1%)*':;"A$M3B%/,(!@/,;6#/!N3*%7
+%/,(/K!0A$^cF$)AIA$!2"/#')=<"2#1r$&'#['37A

!SYX\OSMB5F$!%/)'),"$,%$6'//"1A$]IJ^IaF$M%1%)E'$*%&@*#+'r$X3%//%#8
/"$M'&"1F$'$/%,3:;"$1"+#"2=7#+'$%$"$#&'7#)@/#"$<=18+"2")#'2F$9(63-+#!
9MQH$0"2AIcF$)A$fcA$5'20',"/r$&'#['37A$

XBHOBF$W'/2"1$BA$]IJJpaF$2$$%#+3/!$#&3$,%B(/!F!*#63-+%6(6!'&#8(&A$O2$
&"0#&#%)*"$)%"C'<'*#1*'A$i"23+'8VGL#+"r$O,A$\'%&A

XSYMUqF$R'32A$]IJJ^aF$T!2,&W+,%$#!E3'-#A$V",%/)#,',%$%$,3<2'$+")18
+#-)+#'A$5;"$R'32"F$M#"$,%$s')%#/"r$O,A$Kp[\)#0%/1#,',%$WT),#,"$V%)8
,%1F$W%)*/"$,%$O1*3,"1$B./"8B1#@*#+"1A$

XUZQF$VA$H'$X2=/#'A$]IJ^JaF$G#B%*3+,#/!/#$%(%/!3!-363/!63!*#8%&%S(4X3/!
$%B%/P$)"$6/'1#2$+")*%&<"/T)%"A$R%*/=<"2#1r$O,#*"/'$g"C%1A

A$]IJJbaF$B("/,'7%)1$*%=/#+'1$)"$%1*3,"$,"1$&"0#&%)*"1$1"+#'#1$
)'$B&G/#+'$Y'*#)'F$9(63-+#!9MZA

A$]^__`aF$=3#-%(/!6#/!*#B%*3+,#/!/#$%(%/H!5;"$R'32"r$Y"j"2'F

XUZQF$VA$,'$X2=/#'$$6MSQXOYF$6/%)"$VA$]U/71AaA$]IJ^IaF$G#B%*3+7
,#/!/#$%(%/!+(!3-(!'&#8(&H!R%*/=<"2#1r$g"C%1A

XMU5!UX\OYF$M'&=)A$]IJ^IaF$H%1+"2")#C'/$'1$%143%/,'1$"+#,%)*'8
2#C','1r$<'/'$'2G&$,'1$%143%/,'1$%3/"+-)*/#+'1$/3&"$'$3&'$%143%/,'$
*/')1&",%/)'$,%1+"2")#'2A$9#+,3*1#-W+3($e$M%0#1*'$,%$5"+#"2"7#'$,'$
\!5W'/A$5;"$W'/2"1r$0A$IF$)A$IF$9328,%CF$<<A$KK`8KfIA$

A$]IJJbaF$R'/'$,%1+"2")#C'/$"1$%1*3,"1$,%$%+")"&#'F$<"2>*#+'$%$"1$
%1*3,"1$ <=18+"2")#'#1r$ i/')1&",%/)#,',%F$ <%)1'&%)*"$ ,%$ ./")*%#/'$
%$+"2")#'2#,',%$72"('2F$M3B%/,(!9-U,%$(!63!9%J+$%(/!"#$%(%/F$bJF$&'/Ar$
^^c8^p`A

A$]IJ^KaF$S)r$q"3$i3(%r$\3$#&#+%S%+'!,03!^+%B3-/%,FA$I),$H%+"2"8
)#'2$H'j1F$6%/2#)$IJ^^A$B+%11"$%&$9')A$

ZBYYF$ 5*3'/*A$ ]IJJKaF$ \(! 6%:/1#-(P$ #,%)*#,',%1$ %$ &%,#':?%1$ +32*38


/'#1A$6%2"$Z"/#C")*%[6/'1>2#'r$\!VX[\QO5WUA$

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

02d

YBWYB\F$O/)%1*"A$]IJJfa$S)+231;"F$%L+231;"$%$'$+")1*/3:;"$,%$#,%)*#8
,',%1A$S)r$BVBMBYF$s/A$BG+#"d$6\MSiqF$s"')#2,"$]"/71AaA$)+$&;/5#!/#7
$%(&K!%63+,%6(63!3!6%.3-3+4(P!<%/1<%+*#0'1$<=18%1*/3*3/'2#1*'1$,%$')@2#8
1%$1"+#'2A$5;"$R'32"r$B))'(23&%F$<A$I^8K`A

A$]IJ^^a$@*(+$%1(45#!3!6%.3-3+4(H!W""/,%)':;"$%$/%0#1;"$*G+)#8
+'r$B2#+%$WA$Y"<%1$%$O2#C'(%*E$V'+%,"A$M#"$,%$s')%#/"r$O,\OMsA$

YBgBYYOF$ B,/#@)$ XAd$ WB5iOYYUF$ X/'C#%2'$ %$ 6SWZSM$ M%)'*'$ VA$


]IJJpaF$k3'),"$)"0"1$'*"/%1$1'%&$,%$+%)'A$W")*#)3#,',%1$%$&3,')8
:'1$)'$+%)*/'2#,',%$,"1$&"0#&%)*"1$1"+#'#1$A$>#&%,%$(!l!"#$%36(63F$)A$
cF$"3*A

vOWvF$ VAF$ 5SvvSQvF$ vA$ ]^__baF$ 2$,%B%/,/! Y3F#+6! Y#-63-/P$ B,0"+'+j$


Q%*n"/t1$#)$S)*%/)'*#")'2$R"2#*#+1A$S*E'+'$'),$Y"),")r$W"/)%22$\)#8
0%/1#*j$R/%11A$

VBWZBHUF$s"/7%$BA$5A$]IJJ`aF$B*#0#1&"$%&$/%,%$%$+")%L?%1$#,%)*#8
*@/#'1r$ )"0'1$ <%/1<%+*#0'1$ <'/'$ "1$ &"0#&%)*"1$ 1"+#'#1A! "#$%#&#'%(/F$
R"/*"$B2%7/%F$')"$_F$)"$^bF$932A[,%CA$<A$Ipb8IbcA

VBMk\O5F$ OA$ ]IJJ`aF$ M%,%1$ 1"+#'#1F$ 1%7/%7':;"$ %$ <"(/%C'$ %&$ 5;"$


R'32"A$5;"$R'32"r$\5R[!!YWZ$i%1%$,%$2#0/%8,"+-)+#'A

A$]IJJKaF$M363/!/#$%(%/K!%+/,%,;%4X3/!3!(,#-3/!1#&U,%$#/!+#!'#B3-+#!
6(!$%6(63!63!"5#!>(;&#H!5;"$R'32"r$B))'(23&%[!'<%1<A

VBMiSQ5F$R'32"$Z%)/#43%A!]IJ^IaF!R(!63$#&#+%(&%6(6!63!2*]-%$(!R(7
,%+(!F!&(!03,3-#,#1U(!63!;+(!$#*;+%6(6!63!63/,%+#!/#&%6(-%(A$63%)"1$
B#/%1r$!3),'+#=)$WSWW\5d$63%)"1$B#/%1r$O1*3,#"1$5"+#"2=7#+"1$O,#8
*"/'A

VBMiSQ5F$R'32"$Z%)/#43%$$5WZOMOM8hBMMOQF$S21%$]%,1AaA$]IJ^^aF$
H"11#-r$H%1+"2")#'2#,',%$%$)"0"1$7#/"1$%<#1*%&"2=7#+"1A$M3B%/,(!@/,;7
6#/!63!"#$%#&#'%(K$QP&%/"$O1<%+#'2r$RRX5$e$BYB5F$0A$^fF$)A$IA

VBiU5F$ V'/2#1%A$ ]IJ^JaF$ V"0#&%)*"$ %$ *%"/#'$ .%&#)#1*'r$ G$ <"11>0%2$


/%+")1*/3#/$'$*%"/#'$.%&#)#1*'$'$<'/*#/$,"$532$72"('2A$M3BH!"#$%#&#'%(!
>#&U,%$(A$W3/#*#('F$0A$^bF$)A$KfF$<A$f`8_IF$93)A

VSXQUYUF$h'2*%/A$]IJ^^aF$=03!\(-C3-!"%63!#.!<3/,3-+!G#63-+%,FP$
X2"('2$!3*3/%1F$H%+"2")#'2$U<*#")1A$H3t%$\)#0%/1#*j$R/%11A

A$]IJJKaF!Q%/,D-%(/!L&#8(%/p1-#a3,#/!R#$(%/H$W"2")#'2#,',%F$1'(%8
/%1$13('2*%/)"1$%$<%)1'&%)*"$2#&#)'/A$6%2"$Z"/#C")*%r$O,#*"/'$\!VXA$

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

02S

VS5UWxvqF$V'/#'$W%+#A$]IJJ_aF$B("/,'7%&$,%$/%,%1$)"$%1*3,"$,%$&"8
0#&%)*"1$1"+#'#1r$%)*/%$"$&",%2"$%$'$&%*@."/'A$M3B%/,(!63!26*%+%/,-(7
45#!>V8&%$(H!M#"$,%$s')%#/"r$pK]car^^p`8^^bJF$1%*A["3*A$

VUZBQiqF$ WA$ iA$ ]IJJKaF$ N3*%+%/*! <%,0#;,! Y#-63-/P$ H%+"2")#C#)7$


iE%"/jF$R/'+*#+#)7$5"2#,'/#*jA$H3/E')r$H3t%$\)#0%/1#*jA$

VUUMOF$W'/2"1A$]IJJ`aF$M($%/*#!3!/#$%36(63P$)"0'1$('1%1$%<#1*%&"8
2=7#+'1$<'/'$%)*%),%/$"$/'+#1&"A$6%2"$Z"/#C")*%r$V'CC'$O,#:?%1A$

VU\MB$F$s"')'$i%/%C'$g'C$,%$$5SYgBF$V'/+%2"$v3)/'*EA$]IJJbaF$B*"8
/%1$1"+#'#1$%&$%1<':"1$,%$$'&<2#':;"$,'$,%&"+/'+#'r$'1$/%,%1$1"+#'#1$
%&$<%/1<%+*#0'A$M3B%/,(!63!"#$%#&#'%(!3!>#&U,%$(K$0A$^fF$)P&%/"$13<2%8
&%)*'/r$pK8cp$'7"A

UYSgOSMBF$Y3#C$!%/)'),%1$,%$$WBQHB\F$g%/'$V'/#'$!%//;"A$]IJ^JaF$
R%,'7"7#'$,%+"2")#'2$%$%,3+':;"$')*#//'+#1*'$%$#)*%/+32*3/'2$)"$6/'1#2A$
@6;$H!-3BH$")2#)%A$0"2AIfF$)A^F$<<A$^c8pJA$

ROMOSMBF$h#22#'&$W%1'/$W'1*#2E"A$]IJJ`aF$V"0#&%)*"$#)1*#*3+#")'2#18
*'r$</#)+#<'#1$'("/,'7%)1F$@/,;6#/!3!>3/O;%/(/!3*!>/%$#&#'%(A$$\OMsF$
Msr$0A$`F$)A$^F$<A$^J8^_F$'(/A$$$

RM\HQWSUF$ v%22j$ W/#1*#)'$ ,%$ 5"3C'A$ ]IJ^^aF$ GU6%(! 3! 3/.3-(! 1V7


8&%$(! $#+,3*1#-W+3(P! (45#! 1#&U,%$(! +(! %+,3-+3,K$ W")7/%11"$ ,'$ 565F$
W3/#*#('A$ B+%11"$ %&$ "3*A$ IJ^^$ H#1<")>0%2$ %&r$ $ nnnA1(1"+#"2"8
7#'A+"&A(/[<"/*'2[#),%LA<E<|"<*#")+"&,"+&')*'1t+'*
0#%n7#,^_pS*%&#,^`^A

k\SsBQUF$ B)#('2A$ ]IJJcaF$ W"2")#'2#,',%$ ,"$ <",%/F$ %3/"+%)*/#1&"$ %$


B&G/#+'$Y'*#)'A$S)r$O,7'/,"$Y'),%/$]"/7aA$2!$#&#+%(&%6(63!6#!/(83-P!3;7
-#$3+,-%/*#! 3! $%J+$%(/! /#$%(%/H$ R%/1<%+*#0'1$ 2'*#)"8'&%/#+')'1A$ 63%)"1$
B#/%1r$W"2%++#=)$53/$53/F$WYBW5UA$<<A$II`8I`bA$

MBVU5F$B2(%/*"$X3%//%#/"A$]^__faF$2!-36;45#!/#$%#&D'%$(A$M#"$,%$s'8
)%#/"r$O,A$\!MsA

MOS5F$V'/#2#1%$YA$VA$,"1A$]IJ^^aF$g"C%1$%$<"2>*#+'1$,'$,#@1<"/'$)'$B&G8
/#+'$Y'*#)'$%$W'/#(%r$B$M%,$,%$$V39%/%1$B./"2'*#)"'&%/#+')'1F$B./"+'/#8
(%'1$j$,%$2'$H#@1<"/'$+"&"$&"0#&%)*"$*/')1)'+#")'2$'./",#'1<=/#+"A$
M3B%/,(!Y-(/%&3%-(!6#!9(-%83F$5;"$Y3#1F$0A$ySF$)A$IIA$9')893)F$<A$^J^8^K^$

5BQiU5F$6"'0%)*3/'$,%$5"31'A$]IJJbaF$B$.#2"1".#'$D$0%),'F$'$,"3*'$
#7)"/T)+#'$%$'$'<"1*'$,%$R'1+"'2A$M3B%/,(!9-U,%$(!63!9%J+$%(/!"#$%(%/F$
)A$bJF$&'/A$<A$^^8pK

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

02g

A$]^__caF$>3&(!*5#!63!2&%$3H!U$1"+#'2$%$"$<"2>*#+"$)'$<=18&",%/8
)#,',%A$5;"$R'32"r$W"/*%CA

5WZOMOM8hBMMOQF$S21%A$]IJ^I'aF$M%,%1$,%$&"0#&#%)*"$j$*%//#*"/#"1r$
2'1$&%,#'+#")%1$%)*/%$2"$72"('2$j$2"$2"+'2$F$@/$3+(-%#/!nn)!F$B"$SSSF$
QP&$^pA$5%<A8U+*A$

A$]IJ^I(aF$M363/!3*(+$%1(,D-%(/P!)'1$23*'1$+")*/'$'$%L+231;"$%$
<"/$,#/%#*"1$E3&')"1F$IJ^IF$W3/#*#('r$O,A$B<</#1A

A$ ]IJ^I+aF$ M%,%1$ $ %$ #)+#,-)+#'$ )'1$ <"2>*#+'1$ <P(2#+'1r$ %)*/%$ '1$


1#)732'/#,',%1$%$'1$3)#0%/1'2#,',%1A$S)r$R'32"$Z%)/#43%$V'/*#)1$%$W#8
(%2%$ M",/#73%1$ ]"/71AaA$N-#+,3%-(/! (83-,(/! 6(! 2*]-%$(! R(,%+/H$ M%+#.%r$
O,A$\)#0%/1#*@/#'$,'$\!ROA

A$]IJ^^'aF$R'/'$3&'$'("/,'7%&$<=18+"2")#'2#1&"$%$%&')+#<'*=/#'$
,"1$&"0#&%)*"1$1"+#'#1A$$S)r$S21%$5+E%/%/8h'//%)$%$Y>7#'$Z%2%)'$Z'E)$
Yu+E&'))$]"/7'1AaA$G#B%*3+,#/!/#$%(%/!3!1(-,%$%1(45#P!'("/,'7%)1$%$%L8
<%/#-)+#'1$)"$6/'1#2$%$)'$B&G/#+'$Y'*#)'A$!2"/#')=<"2#1r$O,#*"/'$\!5WA$

A$M%,%1$,'$1"+#%,',%$+#0#2r$',0"+'+j$%$#)+#,-)+#'1$<"11>0%#1A$S)r$
W@11#"$V'/*#)E"AAA%*$'2AA$`%6(!3*!-363P$+")%L?%1F$/%2'+#")'&%)*"1$%$$
+'&#)E"1$<'/'$3&'$)"0'$1"+#%,',%A$6'/3%/#F$5Rr$S)1*#*3*"$$WBF$IJ^^(A

A$ ]IJJbaF$ M%,%1$ ,%$ &"0#&%)*"1$ 1"+#'#1$ )'$ B&G/#+'$ Y'*#)'r$$


+'&#)E"1$<'/'$3&'$<"2>*#+'$%&')+#<'*=/#'|A$S)r$9(63-+#!9MQK$5'20'8
,"/F$0A$IF$)A$cpF$1%*A[,%CA$

A$ ]IJJ`aF$ M%,%1$ 1"+#'#1$ %$ ,%$ &"0#&%)*"1A$ V#)#1*G/#"$ ,"$ V%#"$


B&(#%)*%A$ @+$#+,-#/! 3! $(*%+0#/! A$ g"2A$ Ir$ !"/&':;"$ ,%$ %,3+',"/'1$
]%1a$'&(#%)*'#1$%$+"2%*#0"1$,%$%,3+',"/%1A$6/'1>2#'F$<A$KIc8KKIA

A$]IJJc'aF$M%,%1$1"+#'#1r$*/'9%*=/#'1$%$./")*%#/'1A$S)r$HSB5F$Y%#2'$
WE/#1*#)'d$5SYgOSMBF$M"7G/#"$YA$YA$,'$]U/71AaA$M363/K!/#$%36(63!3!,3--%7
,D-%#H!IA$%,A!5')*'$W/3C$,"$532r$OH\QS5WA

A$]IJJc(aF$M363/!/#$%(&3/!F!63!*#B%*%3+,#/!3+!&(!/#$%36(6!63!&(!
%+.#-*($%D+A$S)r$M3BA$E;3B(!"#$%36(6F$W'/'+'1F$)A$^_fF$&'/A$['(/A$$

A$ ]^___aF$ 9%6(6(+%(!/3*! .-#+,3%-(/! A! (4X3/! $#&3,%B(/! +(! 3-(! 6(!


'&#8(&%S(45#A!5;"$R'32"r$Z3+#*%+A

A$]^__baF$5WZOMOM8hBMMOQF$S21%A$G#B%*3+,#/!/#$%(%/!3*!$3+(P!
|!3!(/!,3#-%(/!1#-!#+63!(+6(*r!M3B%/,(!Y-(/%&3%-(!63!@6;$(45#A$5;"$
R'32"r$BQROHF$)P&%/"$_F$1%*[,%CA$

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

02]

A$ ]^__KdIJ^^aF$ M363/! 63! *#B%*3+,#/! /#$%(%1A$ 5;"$ R'32"F$


O,#:?%1$Y"j"2'F$^'A$%,$%$c'A$%,A

A$]^_bpaF$G#B%*3+,#/!/#$%(%/P$3&$%)1'#"$,%$#)*%/</%*':;"$
1"+#"2=7#+'A$!2"/#')=<"2#1F$O,A$H'$\!5WA

5WZOMOM8hBMMOQF$ S21%$ $ vMS5WZvOF$ R'32"$ ]O,1AaA$ ]^_b`aF$


^*(!-3B#&;45#!+#!$#,%6%(+#H!U1$)"0"1$&"0#&%)*"1$1"+#'#1$)'$
B&G/#+'$Y'*#)'A$5;"$R'32"F$6/'1#2#%)1%A

gSYYB5BQiOF$iA$]IJJIaF$M363/!3!(&,3-+(,%B(/!e$O1*/'*G7#'1$%$%18
*#2"1$+/#'*#0"1$)'$+"&<2%L#,',%$1"+#'2A$R%*/=<"2#1r$g"C%1A

hBYYOM5iOSQF$ S&&')3%2A$ ]IJJ`aF$ T! ;+%B3-/(&%/*#! 3;-#13;P!


(!-3,D-%$(!6#!1#63-A$i/',A$6'*/#C$V%,#)'A$5;"$R'32"r$6"#*%&<"A

N$>%9*($&5&#%6*(&A(^&@&$&%$*(6&(0123((h((NR$*@"6*(&A("#$%'(6&(0123(

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

02`

($+$%&$&!,*)!$;5,%&%,.)")%&'(,G$5";+,&,&UT5T(,&&6&&M'8&(45+&$&$JW"$$&,
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

02a

#$%&'!(&'')*'&
*),#{;.)"&+)UT%"-&!$+,&$&);%$/T(";k"2&"%&
!"(."%&($.$;5$%&+"&.(T$#+"+$

o$<"11>0%2$'11#)'2'/F$E"9%F$"$.'*"$,%$43%$"$,%('*%$1"(/%$0#"2-)+#'$
%1*@$ </%1%)*%$ %&$ *","1$ "1$ %1<':"1$ 1"+#'#1A$ B$ <'/*#,'$ ,%$ .3*%8
("2$ %)*/%$ '1$ 1%2%:?%1$ ,"$ 6/'1#2$ %$ ,"$ WE#2%F$ )"$ ,#'$ Ip$ ,%$ '(/#2$
,%$IJ^KF$*/"3L%$3&$,',"$#)31#*',"F$&'1$('1*')*%$+")*%&<"/T8
)%"A$B$%43#<%$(/'1#2%#/'$%)*/"3$%&$+'&<"$<"/*'),"$3&'$.'#L'$
43%$%L</%11'0'r$zR"/$3&$&3),"$1%&$'/&'1F$1%&$,/"7'1F$1%&$
0#"2-)+#'$ %$ 1%&$ /'+#1&"{A$ H%$ 9"7"1$ ,%$ .3*%("2F$ <'11'),"$ <"/$
</"7/'&'1$ ,%$ *%2%0#1;"$ D1$ +")0%/1'1$ %&$ 2"+'#1$ ,%$ */'('2E"F$ '$
<'2'0/'$ B%#&J+$%($ ,%1<%/*"3$ #)*%/%11%$ %&$ *","1F$ /%<%/+3*#),"$
,%$&","$,#.%/%)*%$)'1$<%11"'1$%$#)1*#*3#:?%1$3)#0%/1#*@/#'1F$1"8
+#'#1F$<"2>*#+'1F$%+")N&#+'1F$'2G&$,"1$&%#"1$,%$+"&3)#+':;"^A$
O1*%$ '1<%+*"$ %L</#&%$ "$ ,%1'.#"$ <'/'$ "1$ %1<%+#'2#1*'1$ ,%$ #)*%/8
</%*'/$'$)"0'$+").#73/':;"$,%1*%$.%)N&%)"F$')+"/',"$%&$2'/7'1$
&')#.%1*':?%1$%$</@*#+'1F$+2'11#.#+','1$+"&"$0#"2%)*'1A$O1*%$'/8
*#7"$*%)*'$,'/$+")*'$,%$'1<%+*"1$,#.%/%)*%1$43%$+#/+32'&$D$=/(#*'$
,'$*%&@*#+'F$*%),"$+"&"$13<"/*%$"3$#)1<#/':;"$"1$,%('*%1$"+"/8
/%)*%1$)"$6/'1#2F$#)+"/<"/'),"$'273&'1$/%.2%L?%1$9@$%)+%*','1$
<"/$&#&$%&$"3*/"1$*/'('2E"1A$U1$,%('*%1$'+%/+'$,"$'113)*"$9@$
."/'&$&"*#0"$,%$0@/#"1$+"&<-),#"1$%$('2'):"1$')'2>*#+"1$'$/%18

^$ O1*'$*%&@*#+'$."#$'("/,','$%&$3&'$+"2%*T)%'$"/7')#C','$<"/$o2+#"$6'*#1*'$
%$<"/$&#&$]6BMMOSMB$%$6BiS5iBF$IJ^^aA

*),#{;.)"&+)UT%"-&!$+,&$&);%$/T(";k"2&"%&!"(."%&($.$;5$%&+"&.(T$#+"+$&6&)e8"$(7"$$&%$"
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

001

<%#*"$,"$%1*',"$,'$'/*%$)'$+")*%&<"/')%#,',%$(/'1#2%#/'IA$5;"$%)1'#"1$
7%1*',"1$ %$ %2'("/',"1$ <"/$ ,#.%/%)*%1$ &"*#0"1F$ </#0#2%7#'),"$ +'*%7"8
/#'1$')'2>*#+'1$,#0%/1#.#+','1F$&')*%),"F$)"$%)*')*"F$3&$+'/@*%/$'+38
&32'*#0"$,%$3&$+'&<"$*%&@*#+"F$<"11#(#2#*'),"$3&$'+3/',"$'+"&<'8
)E'&%)*"$,'$</",3:;"$'+',-&#+'$)%1*%$1%*"/$,"$+")E%+#&%)*"A
O1*'$ /%.2%L;"$ %1*@$ 0"2*','F$ </#)+#<'2&%)*%F$ <'/'$ "$ %)*%),#&%)*"$
,"1$1#7)#.#+',"1$,'1$</@*#+'1$+2'11#.#+','1$+"&"$0#"2%)*'1F$(%&$'11#&$
,'1$%L<%/#-)+#'1$,%$#)1%73/'):'$#),#0#,3'2$%$/#1+"1$<'*/#&")#'#1$43%$
%)1%9'&$'$%L#1*-)+#'$,%$&%,"1$1"+#'#1A
R")*"$ ,%1*'+',"$ %&$ */'('2E"1$ ')*%/#"/%1$ ]6BMMOSMBF$ IJJbaF$ <"/$
%L%&<2"F$ /%.%/%81%$ D$ )%+%11#,',%F$ 1%&</%$ </%1%)*%F$ ,%$ +")1*#*3#/F$
1"+#'2$%$+32*3/'2&%)*%F$"$.%)N&%)"$,'$0#"2-)+#'A$5%$%1*'$<%/+%<:;"$
*%=/#+"8&%*","2=7#+'$ G$ %&$ 7/'),%$ <'/*%$ 1'+/'&%)*','$ )'1$ W#-)+#'1$
5"+#'#1F$ 43%$ <'/*%&$ ,'1$ /%</%1%)*':?%1$ +"&"$ ."/&'$ ,%$ %2'("/':;"$
,'$0#,'$1"+#'2F$)'1$<%143#1'1$+")+%/)%)*%1$D$0#"2-)+#'$%$'"1$+").2#8
*"1$ 1"+#'#1$ %2'$ 1%$ *"/)'$ +/3+#'2F$ +")1#,%/'),"81%$ 1%/$ %11%$ .%)N&%)"$
#)*%)1#0'&%)*%$ <%/&%',"$ <%2"$ &",#1&"$ %$ %&$ /'C;"$ ,"1$ '<%2"1$ ,'$
1"+#%,',%A
B"$2")7"$,"$*%&<"F$"1$%1*3,"1$+"),3C#/'&81%$+','$0%C$&'#1$<'/'$
"$*/'*"$/%1<%#*')*%$D$0#"2-)+#'$+"&$13<"/*%$)"1$0'2"/%1A$B1$<%143#1'1$
<"11#(#2#*'/'&$"$%)*%),#&%)*"$,%$."/&'1$,#.%/%)*%1$,%$%L</%11;"$,'$
0#"2-)+#'$)'1$1"+#%,',%1$+")*%&<"/T)%'1F$*/'C%),"$D$+%)'$,#0%/1'1$
+").#73/':?%1$,%$+").2#*"1$1"+#'#1$%$3&$0'/#',"$43',/"$,%$%)./%)*'8
&%)*"$"3$',&#)#1*/':;"$,%$%&('*%1$#)*%/<%11"'#1$%$<"2>*#+"1$]6BM8
MOSMBF$IJJbaA$
o$<"11>0%2$%L</%11'/$43%$&#)E'1$</#&%#/'1$#)+3/1?%1$'"$*%&'$"$*/'8
('2E'/'&$%&$1%3$+'/@*%/$&'#1$/',#+'2F$#&</#&#),"$-).'1%$'"1$+/#&%1$
,%$<#1*"2'7%&$"3$+/#&%1$,%$&'),"$]6BMMOSMBF$^__baF$(%&$+"&"$'"1$
'11'11#)'*"1$%&$7%/'2A$S1*"$&%$+"),3C#3$D$."/&32':;"$,%$3&$$#+,%7
+;;*$%)*/%$+").2#*"$%$0#"2-)+#'F$"$43'2F$<"1*%/#"/&%)*%F$,%+#,#$/%0%/$

I$ B3.%/%&$,%1*'43%$'1$/%0#1?%1$+/#*%/#"1'1$%$'(/')7%)*%1$,%$5G/7#"$B,"/)"$]^__KaF$
B2('$x'23'/$ ]^___aF$M"(%/*"$ v')*$,%$Y#&'F$V#+E%2$V#11%$%$B)'$R'32'$V#/'),'$
]IJJJaF$M%)'*"$Y#&'$]IJ^^a$%$5G/7#"$B,"/)"$%$WG1'/$6'//%#/'$]IJ^JaA

*),#{;.)"&+)UT%"-&!$+,&$&);%$/T(";k"2&"%&!"(."%&($.$;5$%&+"&.(T$#+"+$&6&)e8"$(7"$$&%$"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

002

+"&$ '<"#"$ %&$ 3&$ %)."43%$ </#0#2%7#'),"$ "1$ 0'2"/%1$ 43%$ +")+%,%&$
1%)*#,"$D1$</@*#+'1$,%$,%2#*"$%$D1$+")*/'0%):?%1A
U$/%+"/*%F$'11%)*',"$)"1$"1$0'2"/%1F$.3),'&%)*'81%$*%"/#+'&%)*%$
)'1$ /%.2%L?%1$ ,%$ 5#&&%2$ ]^__IaF$ 43'),"$ '+%)*3'$ '$ %L</%11;"$ #),38
(#*@0%2$%$1"+#"2=7#+'$,"$+").2#*"F$)'$&%,#,'$%&$43%$%2%$G$<'/*%$.3)8
,'&%)*'2$,'1$/%2':?%1$1"+#'#1A$U$'3*"/$%0#,%)+#'$'$#,%#'$,%$43%$*",'$
1"+#%,',%$)%+%11#*'$,%$3&'$43')*#,',%$1#&32*T)%'$,%$E'/&")#'$%$,%$
,%1'/&")#'F$'&"/$%$=,#"F$'*/':;"$%$/%<321;"F$)%7'),"$'$%L#1*-)+#'$,%$
1#*3':?%1$'(1"23*'&%)*%$E'/&N)#+'1$#),3*"/'1$,%$z<3/'$3)#;"{A$$U1$
%2%&%)*"1$,#11"+#',"/%1$=,#"$%$#)0%9'F$&#1G/#'$%$+"(#:'F$1;"$*'&(G&$
3&'$0#'$<'/'$'$3)#,',%A$R'/'$%2%F$"$'*"$,%$%L<2#+#*'/$3&'$'2*%/':;"$9@$
G$3&'$,#1*%)1;"$,'1$."/:'1$',0%/1@/#'1A$B1$/%.2%L?%1$,%$5#&&%2$+")8
.%/%&$%2%&%)*"1$,%$#)1<#/':;"$<'/'$1%$<%)1'/$+"&"$%$%&$43'#1$1#*3'8
:?%1$"1$%&('*%1$1;"$0#0#,"1F$1%)*#,"1$"3$%L<2#+#*',"1$+"&"$0#"2%)*"1A$
\&$'1<%+*"F$)%1*%$<'11"$%0#,%)+#',"F$G$43%$'$*%&@*#+'$0#"2-)+#'[
+").2#*"$ /%+%(%$ ."/:'$ )'$ </",3:;"$ '+',-&#+'$ )"$ 6/'1#2F$ </#)+#<'28
&%)*%F$)'1$43'*/"$P2*#&'1$,G+','1F$+").#73/'),"81%$%&$1#7)#.#+'*#0"$
'<%2"$ 1"+#'2$ %$ +"&$ T)+"/'$ )'$ 23*'$ <%2"1$ ,#/%#*"1$ 1"+#'#1F$ <"2>*#+"1$ %$
%+")N&#+"1F$"$43%$,%&'/+'F$%&$("'$&%,#,'F$3&'$%1<%+#.#+#,',%KA$
U$<')"/'&'$<"2>*#+"$,"1$,%1'+'*"1$'"1$,#/%#*"1$E3&')"1$%$'$./'8
7#2#,',%$,%$+#,',')#'F$(%&$+"&"$'1$,%1#73'2,',%1$1"+#'#1F$#&<321#"8
)'/'&F$%&$("'$<'/*%F$%11%1$%1*3,"pA$O&$,%+"//-)+#'$,%$3&'$1#&(#"1%$
%)*/%$+/%1+#&%)*"$,'$0#"2-)+#'$%$,%$'<%2"1$1"+#'#1F$'$#231;"$,"$1'(%/$
#&%,#'*"$]6U\MHSO\F$^_b_a$,@$%)1%9"$D$)%+%11#,',%$,%$43%$%1*'$*%8

K$ U$ &"0#&%)*"$ .%&#)#1*'F$ <"/$ %L%&<2"F$ 43%$ ,%$ +"&%:"$ *#)E'$ +"&"$ *%&@*#+'$ '$
,%1#73'2,',%$1"+#'2F$<'11"3$'$"+3<'/81%$+"&$'1$,%)P)+#'1$,%$0#"2-)+#'$+")*/'$'1$
&32E%/%1A$U$&"0#&%)*"$)%7/"F$"$&"0#&%)*"$,%$*/'('2E',"/%1$/3/'#1$%$'43%2%1$,%$
('#//"1$ %$ .'0%2'1$ <'11'/'&$ '$ 1#*3'/$ '$ 0#"2-)+#'$ )"$ +%)*/"$ ,'1$ '*%):?%1A$ B"$ 2',"$
,"1$ &"0#&%)*"1$ 1"+#'#1F$ '1$ %)*#,',%1$ 0"2*','1$<'/'$'$23*'$<"/$,#/%#*"1$E3&')"1$
"+3<'/'&$ 237'/$ #&<"/*')*%$ )'$ ,%)P)+#'$ ,'$ 1#*3':;"$ ,"1$ </%1>,#"1F$ ,'$ 0#"2-)+#'$
+")*/'$+/#'):'1$%$',"2%1+%)*%1$<"(/%1$%$'$/%+"//-)+#'$,"$31"$,'$*"/*3/'F$<"/$<'/*%$
,"1$=/7;"1$,%$1%73/'):'$<P(2#+'A
p$ U1$ %1*3,"1$ '*#)%)*%1F$ +"&$ '273&'1$ %L+%:?%1F$ );"$ "+3<'0'&F$ ')*%/#"/&%)*%F$
3&$ 237'/$ +%)*/'2$ )"1$ */'('2E"1$ %$ )'1$ <%143#1'1$ '+',-&#+'1A$ Q%1*'$ <%/1<%+*#0'F$
G$#&<"/*')*%$/%'0%/$'273)1$'3*"/%1F$+"&"F$<"/$%L%&<2"r$X#2(%/*"$!/%j/%$]^___aF$
B)*N)#"$W'),#,"$]^_`caF$V'/#'$5j20#'$,%$W'/0'2E"$!/')+"$]^__`aF$V'/#'$S1'3/'$
R%/%#/'$,%$k3%#/"CF$O,7'/$W'/")%$]^_f_a$%$M3#$!'+=$]IJJ_aF$,%)*/%$"3*/"1A

*),#{;.)"&+)UT%"-&!$+,&$&);%$/T(";k"2&"%&!"(."%&($.$;5$%&+"&.(T$#+"+$&6&)e8"$(7"$$&%$"
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

000

&@*#+'$ 1%9'$ +")1*#*3>,'$ +"&$ *","$ "$ /#7"/$ %$ #&'7#)':;"$ 1"+#"2=7#+'F$


+"&$%1+"<"$,%$13<%/'/$"1$&",#1&"1$%$'$*%)*':;"$,%$/%1<"1*'$D1$,%8
&'),'1$1"+#'#1A$$
U$%)1'#"F$)%1*'$<%/1<%+*#0'F$*%)*'/@$/%.2%*#/$);"$1=$+"&$</"+%,-)8
+#'$)"1$*/'('2E"1$9@$/%.%/#,"1F$'$/%1<%#*"$,"$%1*',"$,'$'/*%F$&'1$+")1#8
,%/'$*'&(G&$+"&"$)"/*%$'273)1$%#L"1$')'2>*#+"1r$'$0#"2-)+#'$,#.31'F$
':?%1$#)*%)1'1$+2'11#.#+','1$+"&"$z+/3%2,',%{$%$'1$)"0'1$</@*#+'1$,%$
1"+#'(#2#,',%F$<%/&%','1$,%$&%,"$%$#)1%73/'):'A

W%)@/#"1$/%+%)*%1$%$,#.31"1$,'$0#"2-)+#'
$$$$
B$ 0#"2-)+#'$ );"$ G$ .%)N&%)"$ ,%$ <"3+"$ *%&<"$ O1*'$ '.#/&':;"$ "3$
&@L#&'$%1*@$</%1%)*%$%&$+")0%/1'1$#)."/&'#1F$(%&$+"&"$)"1$%&('*%1$
'+',-&#+"1A$B$+")1*'*':;"$G$,#.3),#,'F$%&$'273)1$+")*%L*"1F$E'9'$0#18
*'$'$(31+'$,%$<"11>0%#1$%L<2#+':?%1$E#1*=/#+'1F$1%/0#),"$*'&(G&$<'/'$
)'*3/'2#C'/$"$.%)N&%)"A$5"($"$%1<%+*/"$#)1*#*3+#")'2F$"$,#1+3/1"$'+%/+'$
,'$/%+"//-)+#'$,%$'*"1$0#"2%)*"1$"(9%*#0'$/%2'*#0#C'/$"3$&#)"/'/$'$#)%8
.#+@+#'$,'1$</@*#+'1$%1*'*'#1F$+"&"$*'&(G&$%L</#&#/$3&'$*/')43#2#,'8
,%$"3$<'C$1"+#'2F$%&$"<"1#:;"$D$#)1%73/'):'$/%#)')*%A$o$.3),'&%)*'2$
/%11'2*'/F$%)*/%*')*"F$'43#2"$43%$+").%/%$%1<%+#.#+#,',%$E#1*=/#+'$D$0#"8
2-)+#'F$+").#73/',"$)"$.'*"$,%$43%$1%$/%.%/%&$D1$."/&'1$'*3'#1$,%$13'1$
&')#.%1*':?%1F$ </"0"+'),"$ &3,'):'$ )'1$ '("/,'7%)1$ 1"+#"2=7#+'1$ %F$
</#)+#<'2&%)*%F$+").#73/'),"$)"0'1$</@*#+'1$,%$1"+#'(#2#,',%A
R'/'$X#2(%/*"$g%2E"$]^__fF$<A$^JaF$)"$2#0/"$9%6(6(+%(!3!`%#&J+$%(r

B$0#,'$1"+#'2F$%&$*",'1$'1$."/&'1$43%$+")E%+%&"1$)'$%1<G+#%$E38
&')'F$);"$%1*@$#&3)%$'"$43%$1%$,%)"&#)'F$"$1%)1"$+"&3&F$,%$
0#"2-)+#'F$#1*"$GF$"$31"$'7/%11#0"$,'$."/:'$.>1#+'$,%$#),#0>,3"1$"3$
7/3<"1$+")*/'$"3*/"1A$g#"2-)+#'$);"$1%$2#&#*'$'"$31"$,'$."/:'$.>1#+'F$
&'1$'$<"11#(#2#,',%$"3$'&%':'$,%$31@82'$+")1*#*3#$,#&%)1;"$.3)8
,'&%)*'2$,%$13'$)'*3/%C'A

B*3'2&%)*%$G$&'#1$<2'31>0%2$'$<"11#(#2#,',%$"3$'&%':'$,%$1%/%&$
</'*#+',"1$'*"1$0#"2%)*"1F$%&$,#.%/%)*%1$+")*%L*"1$%$%&$,#0%/1#.#+','1$

*),#{;.)"&+)UT%"-&!$+,&$&);%$/T(";k"2&"%&!"(."%&($.$;5$%&+"&.(T$#+"+$&6&)e8"$(7"$$&%$"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

003

1#*3':?%1F$%)0"20%),"$3&$+"&<2%L"$+','$0%C$&'#1$'&<2"$,%$139%#*"1$
"3$'7%)*%1$1"+#'#1A$U1$237'/%1$1%73/"1$%$<%11"'1$&%)"1$032)%/@0%#1$D1$
</@*#+'1$+2'11#.#+','1$+"&"$0#"2%)*'1$<'11'&$<"/$3&'$43',/'$,%$#)8
,%.#)#:;"cA$B1$032)%/'(#2#,',%1$1"+#'#1$7/')9%#'&$"3*/'1$,#&%)1?%1F$
<"#1$"1$z237'/%1$<%/#7"1"1{$%$'1$z0>*#&'1$</%.%/%)+#'#1{$1%$.'C%&$+','$
0%C$&'#1$+"&<2%L"1A$U1$+")*"/)"1$,%$1%73/'):'$1;"$1%&</%$&'#1$*-8
)3%1$ %$ #),%.#)#,"1F$ &%1&"$ 43%$ );"$ 1%$ <"11'$ )%7'/$ '$ %L#1*-)+#'$ ,%$
z0>*#&'1$%$237'/%1$</%.%/%)+#'#1{$,%$</@*#+'1$0#"2%)*'1d$+")43')*"$"1$
237'/%1$%$0>*#&'1$1%9'&$,%2#&#*',"1$<%2"$+#)*3/;"$,%$<"(/%C'A
B1$ )"*>+#'1$ 9"/)'2>1*#+'1$ ,%#L'&$ */')1<'/%+%/$ '$ 032)%/'(#2#,',%$
,"1$ */')1%3)*%1F$ '$ +/3%2,',%$ ,'1$ ':?%1F$ (%&$ +"&"$ '$ #&</%0#1#(#2#8
,',%$,'1$</@*#+'1$,%2#*3"1'1F$+"&"$&"1*/'$'$/%<"/*'7%&$,"$H#@/#"$,"$
Q"/,%1*%F$!"/*'2%C'F$]^I[JI[IJ^^ar

zs"0%&$G$('2%',"$%$('),#,"1$#&<%,%&$1"+"//"{A$AAA$0"2*'0'$,"$
*/'('2E"$)'$2#)E'$R2')'2*"$Bj/*")$5%))'[R'/')7'('A$k3'),"$"$
N)#(31$<'11"3$<%2"$S)1*#*3*"$R/%1>,#"$R/".%11"/$U2'0"$U2#0%#/'$
]SRRUUa$SF$)"$S*'<%/#F$,"#1$',"2%1+%)*%1$43%$%1*'0'&$)"$0%>+32"$
')3)+#'/'&$"$'11'2*"A$\&$,%2%1$%1*'0'$'/&',"$+"&$/%0=20%/$%$
'+'("3$'*#/'),"$%&$h%(1*%/A$!"#$3&$P)#+"$*#/"F$'+#&'$,"$2',"$
%143%/,"$,"$<%#*"A$5%73),"$*%1*%&3)E'1F$"$9"0%&$)%&$+E%7"3$
'$/%'7#/A$B$P)#+'$+"#1'$43%$*%/#'$.%#*"$."#$"2E'/$<'/'$"1$'11'2*')8
*%1A$B#),'$,%$'+"/,"$+"&$,%<"#&%)*"1$,%$*%1*%&3)E'1F$"1$'18
1'2*')*%1$#&<%,#/'&$43%$'$0>*#&'$."11%$1"+"//#,'A$k3'),"$h%8
(1*%/$."#$2%0',"$<'/'$'*%),#&%)*"$&G,#+"F$9@$%/'$*'/,%A$U$9"0%&$
,%$^f$')"1F$43%$&'*"3$%$43%$+").%11"3$*%/$'*#/',"$)'$0>*#&'A$
zB*#/%#$<"/43%$%2%$]h%(1*%/a$0%#"$</'$+#&'F$/%'7#3{F$'.#/&"3A$U$
',"2%1+%)*%$,#11%$'#),'$43%$%1*@$'//%<%),#,"$,"$+/#&%A$zi'0'$
)"$N)#(31$#),"$<'/'$'$+'1'$,%$3&'$1"(/#)E'A$Q'$E"/'F$&%$,%3$
3&'$ },"#,'~$ %$ /%1"20#$ '11'2*'/A{$ U1$ +'1"1$ /%+%)*%1$ %)0"20%),"$

c$ Q'$ ')*%11'2'$ ,%$ 3&$ +")132*=/#"$ &G,#+"F$ 3&'$ 1%)E"/'$ /%2'*'F$ +"&$ &3#*'$
#),#7)':;"F$3&$'11'2*"$1"./#,"$<"/$3&'$%&</%7','$,"&G1*#+'$'<=1$/%+%(%/$"$1%3$
1'2@/#"A$Y"7"$%&$1%73#,'F$"3*/'$1%)E"/'$#)*%/.%/%F$,#C%),"r$zE"9%$G$'11#&$&%1&"F$
"1$&'/7#)'#1$/"3('&$%$&'*'&$);"$#&<"/*'$'$43%&{A

*),#{;.)"&+)UT%"-&!$+,&$&);%$/T(";k"2&"%&!"(."%&($.$;5$%&+"&.(T$#+"+$&6&)e8"$(7"$$&%$"
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

00d

'11'2*"1$'$N)#(31$*-&$,%#L',"$<'11'7%#/"1$'1131*',"1A$5"&%)*%$
%1*'$1%&')'F$*/-1$9"0%)1$."/'&$'11'11#)',"1$,3/')*%$'11'2*"1$'$
*/')1<"/*%1$+"2%*#0"1$)'$W'<#*'2A$U$+'1"$,%$")*%&$#&</%11#")'$
<%2'$+/3%2,',%$,"1$'11'2*')*%1A

U$ z,#.31"{$ /%2'+#")'81%F$ +2'/'&%)*%F$ +"&$ '$ <"11#(#2#,',%$ ,%$ 43%$


*","1F$ #),%<%),%)*%&%)*%$ ,%$ 1%L"F$ #,',%$ "3$ +2'11%$ 1"+#'2F$ <"11'&$
1%/$0>*#&'1$,%$</@*#+'1$+2'11#.#+','1$+"&"$0#"2%)*'1F$</%1%)*%1$%&$,#8
0%/1#.#+','1$1#*3':?%1$1"+#'#1A$U$1%)1"$+"&3&$G$<%/1<#+'C$%$#/N)#+"F$
43'),"$</"<'2'$%1*%$2',"$z,%&"+/@*#+"{$,'$0#"2-)+#'A
\&$*#<"$,%$E"&#+>,#"$43%$1%$</"<'7'$'&#P,%$G$"$31"$,"1$&'*',"/%1$
,%$'2373%2$)'1$/%1"23:?%1$,%$+").2#*"1$#)*%/<%11"'#1F$+").#73/'),"F$+2'8
/'&%)*%F$%1*'$0#"2-)+#'$,#.31'A$B1$<%143#1'1$43%$E@$'273&$*%&<"$2%0"$'$
%.%#*"$1"(/%$&'*',"/%1$,%$'2373%2$%$"1$+/#&%1$,%$<#1*"2'7%&$]6BMMOSMBF$
IJJ_a$ +"),3C#/'&8&%$ '$ <%/+%(%/$ 43%$ '$ 7/'),%$ #)+#,-)+#'$ ,%11'1$ </@8
*#+'1$);"$G$&'#1$)"$&%#"$/3/'2F$"+"//%),"$</#)+#<'2&%)*%$)'1$7/'),%1$
+#,',%1A$B$."/&'$,#.31'F$*'2$+"&"$'+")*%+%F$'<")*'$3&$0'1*"$+'&<"$,%$
%)./%)*'&%)*"$"3$',&#)#1*/':;"$,%$<%43%)'1$/#L'1F$+"&"$(/#7'1$,%$0#8
C#)E"1$%$,%1'0%):'1$.'&#2#'/%1F$#)+23#),"$*'&(G&$'$',&#)#1*/':;"$,'1$
,#1<3*'1$<"2>*#+'1$%$%+")N&#+'1$43%$,%.#)#'&$')*%/#"/&%)*%F$%&$43'1%$
13'$*"*'2#,',%F$"1$&"*#0"1$,'1$+")*/'*':?%1$,"1$&'*',"/%1$,%$'2373%2A
W"*#,#')'&%)*%$1;"$0%#+32','1F$%&$9"/)'#1F$+%)'1$,%$0#"2-)+#'$3/8
(')'F$ %L<2#+#*'),"$ '$ <'/*#+#<':;"$ ,%$ <#1*"2%#/"1F$ (%&$ +"&"$ "1$ 1%31$
&"*#0"1$#&<321#")',"/%1r

B$<"2>+#'$/%7#1*/"3F$%)*/%$1%73),'F$^JF$%$43'/*'8.%#/'F$^IF$*/-1$+/#8
&%1$+")*/'$+"&%/+#')*%1$+"&$+'/'+*%/>1*#+'1$,%$<#1*"2'7%&F$"+"/8
/#,"1$)'$X/'),%$!"/*'2%C'A$U$P2*#&"$,%2%1$'+")*%+%3$)"$Z%)/#43%$
s"/7%F$43'),"$B)*N)#"$W2%")#2,"$,%$B&"/#&$."#$&"/*"$'$*#/"1$,%$
/%0"20%/$)"$('/$,%$13'$</"</#%,',%A$i%1*%&3)E'1$,#C%&$43%$,"#1$
E"&%)1$%1*'0'&$%&$3&'$&"*"A$]U$R"0"F$!"/*'2%C'F$^p[^J[IJJcaA$$$

B$ '&<2#':;"$ ,"$ 3)#0%/1"$ ,'1$ ':?%1$ </'*#+','1$ )"$ #)*%/#"/$ ,"1$


+/#&%1$ <"/$ %)+"&%),'F$ +"&$ 1%)1>0%2$ #)1%/:;"$ )"1$ +").2#*"1$ #)*%/8

*),#{;.)"&+)UT%"-&!$+,&$&);%$/T(";k"2&"%&!"(."%&($.$;5$%&+"&.(T$#+"+$&6&)e8"$(7"$$&%$"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

00S

<%11"'#1F$/%,%.#)%$%1<':"1$1"+#'#1$%$%+")N&#+"1$<'/'$'1$</#)+#<'#1$
<%/1")'7%)1$,"$1#1*%&'$,%$<#1*"2'7%&A$i'#1$</@*#+'1$&%$2%0'/'&$'$
/%.2%*#/$)"$*"+')*%$D1$)"0'1$+").#73/':?%1$,'1$</@*#+'1$,"1$&'*',"8
/%1$,%$'2373%2$)"$T&(#*"$,'1$/%2':?%1$+").2#*3"1'1A$
U1$+/#&%1$,%$'2373%2F$'*G$'$,G+','$,%$bJ$,"$1G+32"$yyF$%1*'0'&F$%&$
7/'),%$<'/*%F$+#/+3)1+/#*"1$D1$,#1<3*'1$<%2'$/%</%1%)*':;"$<"2>*#+'$%$D1$
43%1*?%1$,%$*%//'F$&%,#','1F$%&$("&$43#)E;"F$<"/$z(/#7'1$,%$.'&>2#'{A$$
B$*%//'$%$"$0"*"$'<'/%+#'&$+"&"$"1$7/'),%1$#)7/%,#%)*%1$"3$.%#*"1$%2%8
&%)*"1$,%.#)#,"/%1$,"$31"$,'$<#1*"2'7%&$]6BMMOSMBF$^__baA
Q"$ 3)#0%/1"$ 1#&(=2#+"$ ,"1$ +/#&%1$ ,%$ &'),"F$ 1;"$ +").#73/',"1$
,"#1$'1<%+*"1r$"$,%1'<'/%+#&%)*"$,"1$z7/'),%1$&'*',"/%1{F$+")E%+#8
,"1$<%2'1$z</"%C'1{$%$,%C%)'1$,%$+/#&%1$+"&%*#,"1F$%F$'*3'2&%)*%F$'$
</"2#.%/':;"$,%$<#1*"2%#/"1A$B$&32*#<2#+':;"$,%$z</".#11#")'#1{$+").#/8
&'$"$,#1+3/1"$,"1$=/7;"1$,%$1%73/'):'F$'.#/&'),"$43%$zE"9%$43'243%/$
<#/')73%#/"$G$<#1*"2%#/"{fA$
U1$<#1*"2%#/"1$13/7%&$%$0;"$'&<2#'),"$13'1$':?%1F$)'*3/'2&%)*%F$
)'1$.#113/'1$,%$3&$,%1"/,%)',"$&")"<=2#"$,'$0#"2-)+#'A$U1$%1<':"1$
<'/'$ ',&#)#1*/':;"$ ,%$ +").2#*"1$ #)*%/<%11"'#1F$ <"2>*#+"1$ %$ %+")N&#8
+"1F$ 43%$ 32*/'<'11'&$ '1$ </@*#+'1$ #)1*#*3+#")'#1F$ +")*/#(3%&$ <'/'$ '$
+")1"2#,':;"$,%$3&'$0#"2-)+#'$,#.31'A
B$'*3':;"$,"1$&'*',"/%1$,%$'2373%2F$)'1$/%1"23:?%1$,"1$+").2#*"1$
#)*%/<%11"'#1$%$,%$*%/+%#/"1F$%0#,%)+#'$3&$+"*#,#')"$43%$+").#73/'$'$
0#"2-)+#'$,#.31'A$Q"1$+").2#*"1$#)*%/<%11"'#1F$+"&"$'+%)*3%#$'$<"3+"F$
"$43')*#*'*#0"$,%$0>*#&'1$G$(%&$&'#1$'&<2"F$<",%),"$'*#)7#/$3&$0#C#8
)E"F$3&'$+"&<')E%#/'F$3&$,%0%,"/F$*%),"$+"&"$.',"$#&<321#")',"/$
'$+"),#:;"$,%$,%1'.%*"$,"$&'),')*%F$<"11>0%2$<'/*%$,%$3&'$+',%#'$,%$
0#)7'):'A$
Q'$/%'2#,',%$E"9%F$G$#&<"/*')*%$,%1*'+'/$"$.'*"$,%$43%$);"$1"&%)*%$
"1$&'),')*%1$%$"1$&'*',"/%1$,%$'2373%2$1;"$"(9%*"$,%$&3*':?%1F$&'1$
*'&(G&$'1$0>*#&'1F$);"$&'#1$',1*/#*'1$D1$,#1<3*'1$<"2>*#+'1$%$'7/@/#'1A$
O11'1$0>*#&'1$0;"$1%$+").#73/'),"$+"&"$*'#1F$%&$3&$+")*%L*"$+")*%&8

f$ zR#/')73%#/"{$ G$ 31',"$ )"$ 1%)*#,"$ (%&$ %L<2>+#*"$ ,%$ /%2%1F$ ,%1</%C>0%2$ %$


&%143#)E"A$

*),#{;.)"&+)UT%"-&!$+,&$&);%$/T(";k"2&"%&!"(."%&($.$;5$%&+"&.(T$#+"+$&6&)e8"$(7"$$&%$"
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

00g

<"/T)%"F$&'/+',"$<"/$3&'$0#"2-)+#'$,#.31'$)"$43'2$1%$,%1*'+'$'$':;"$
,"1$&'*',"/%1$,%$'2373%2A
B$*%&@*#+'$,'$0#"2-)+#'$%$,"1$+").2#*"1$G$+','$0%C$&'#1$#)1*#7')8
*%F$,#0%/1#.#+'),"81%F$*"/)'),"81%$&'#1$+"&<2#+','$%$"(*%),"$)"0'1$
+").#73/':?%1A$B$0#"2-)+#'$930%)#2F$%&$,#.%/%)*%1$1#*3':?%1$,%$+2'11%$
1"+#'2F$'$43%$1%$',#+#")'$"$*/@.%7"$,%$,/"7'1F$"+3<'$,#2'*',"$%1<':"$)"$
*%//%)"$,%$</@*#+'1$%$,#1+3/1"1A$U$'11'11#)'*"$,"$>),#"$X'2,#)"F$<"/$
%L%&<2"F$"+"//#,"$%&$6/'1>2#'F$%&$^__`F$%)0"20%),"$9"0%)1$,%$+2'11%$
&G,#'8'2*'F$'&<2#"3$'$/%.2%L;"$1"(/%$'$0#"2-)+#'$930%)#2$<"/$"3*/"$<'8
*'&'/F$+"&$)"0"1$+")*"/)"1$1"+#'#1F$1%),"$#)+"/<"/',"1$'"1$%1*3,"1$
"3*/"1$1%*"/%1$1"+#'#1F$')*%1$/%1*/#*"1$'"1$*/'('2E"1$+"&$9"0%)1$)%7/"1$
%$ E'(#*')*%1$ ,'1$ <%/#.%/#'1$ ,'1$ 7/'),%1$ +#,',%1A$ U1$ %1*3,"1$ /%1<%#8
*')*%1$D1$</@*#+'1$930%)#1$+"&</%%),#,'1$+"&"$0#"2%)*'1F$)'1$%1+"2'1$
<P(2#+'1$ %$ <'/*#+32'/%1F$ *"&'&F$ *'&(G&F$ 3&$ 237'/$ #&<"/*')*%$ )'1$
')@2#1%1$%1<%+>.#+'1A
U$ */@.#+"$ ,%$ ,/"7'1$ '7"/'$ 13/7%$ +"&"$ "$ 7/'),%$ /%1<")1@0%2$ <%2"$
'3&%)*"$ ,"1$ E"&#+>,#"1$ %$ <%2'$ #)1%73/'):'$ /%#)')*%F$ %&$ %1<%+#'2F$
)"1$ +%)@/#"1$ 3/(')"1A$ B$ *>*32"$ ,%$ %L%&<2"F$ "1$ =/7;"1$ ,%$ 1%73/'):'$
<P(2#+'$,"$W%'/@$'<")*'&$"$.'*"$,%$43%$_J$,"1$E"&#+>,#"1$"+"//#8
,"1F$'*3'2&%)*%F$)"$O1*',"$%1*;"$,#/%*'&%)*%$2#7',"1$'"$+"&G/+#"$,%$
13(1*T)+#'1$#2>+#*'1A$$O11%$*/@.#+"$+'//%#'$7/'0%1$</"(2%&'1$)"$+%)@/#"$
3/(')"A$
\&$ ,%2%1$ %1*@$ )"$ .'*"$ ,%$ "1$ 9"0%)1$ <'11'/%&$ '$ 1%/$ "$ z(/':"$ '/8
&',"{$,"1$7/'),%1$*/'.#+')*%1$)'1$/%1"23:?%1$"3$%)./%)*'&%)*"1$,"1$
+").2#*"1$1"+#'#1F$</#)+#<'2&%)*%$%&$2#*>7#"1$,%$+"(/'):'1$,%$,>0#,'1A$

zR"2>+#'$ ("*'$ )'$ +',%#'$ '11'11#)"1$ 43%$ &'*'&$ %&$ )"&%$ ,"$
*/@.#+"{A$B$</#1;"F$)'$P2*#&'$43'/*'8.%#/'F$,%$3&$9"0%&$,%$Ip$
')"1F$)"$('#//"$O22%/jF$<",%$2%0'/$'$R"2>+#'$W#0#2F$'*/'0G1$,'$13'$
H#0#1;"$,%$Z"&#+>,#"1$%$R/"*%:;"$D$R%11"'$]HZRRaF$'$%1+2'/%8
+%/F$ <%2"$ &%)"1F$ IJ$ '11'11#)'*"1$ "+"//#,"1$ )'$ C")'$ U%1*%$ ,%$
!"/*'2%C'$ ,%1,%$ "3*3(/"$ ,"$ ')"$ <'11',"A$ R/#1?%1$ +"&"$ %1*'1$
%1*;"$1%),"$/%'2#C','1$<%2'$RVF$+"&$"$'<"#"$,"1$"/7')#1&"1$
,%$S)*%2#7-)+#'F$)"$1%)*#,"$,%$%1*')+'/$'$"),'$,%$E"&#+>,#"1$

*),#{;.)"&+)UT%"-&!$+,&$&);%$/T(";k"2&"%&!"(."%&($.$;5$%&+"&.(T$#+"+$&6&)e8"$(7"$$&%$"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

00]

)'$ W'<#*'2$ +%'/%)1%$ %$ %&$ 13'$ /%7#;"$ &%*/"<"2#*')'A$ H%1,%$ "$


#)>+#"$ ,"$ ')"F$ "1$ 1%*"/%1$ ,%$ S)*%2#7-)+#'$ ,'$ R"2>+#'$ V#2#*'/$
'3L#2#'&$ '$ R"2>+#'$ W#0#2$ )'1$ #)0%1*#7':?%1$ <'/'$ '$ +'<*3/'$ ,%$
('),#,"1$ '<")*',"1$ +"&"$ &'*',"/%1$ '$ 1%/0#:"$ ,"$ */@.#+"$ ,%$
,/"7'1A$ O&$ 7%/'2F$ 1;"$ 9"0%)1$ /%+/3*',"1$ <%2"1$ */'.#+')*%1$ ,%$
+','$('#//"$<'/'$%L%+3*'/$"1$0#+#',"1$43%$%1*;"$+"&$,>0#,'1$"3$
"3*/"1$*/'.#+')*%1$43%$*%)*'&$*"&'/$"$+")*/"2%$,"1$<")*"1$,%$
0%),'1$,%$,/"7'1$)"1$('#//"1$,'$<%/#.%/#'$,%$!"/*'2%C'{$]H#@/#"$
,"$Q"/,%1*%F$!"/*'2%C'FJbAJpAIJ^KaA

B$'/&'$,%$."7"$);"$+").#73/'F$E"9%F$1"&%)*%$3&$#)1*/3&%)*"$2%*'2F$
&'1$*'&(G&$'$13'$<"11%$,%2#&#*'$3&$'1<%+*"$,%$<",%/$<'/'$"$7/'),%$
*/'.#+')*%$%$<'/'$"$9"0%&$43%$'$&')#<32'$]5lF$IJ^JaA$B$7/'),%$+#/8
+32':;"$,%$'/&'$,%$."7"F$&%1&"$+"&$'1$<"2>*#+'1$,%$,%1'/&'&%)*"F$
(%&$'11#&$+"&$"$+/%1+#&%)*"$,'1$'</%%)1?%1F$<"/$<'/*%$,"1$=/7;"1$
,%$1%73/'):'$<P(2#+'F$,%2#&#*'F$%&$("'$<'/*%F$"$'3&%)*"$,'1$*'L'1$,%$
E"&#+>,#"1A$O11%$*#<"$,%$'/&'$%$"$+"&G/+#"$,%$,/"7'1$#2>+#*'1$+").#8
73/'&F$%&$("'$&%,#,'F$"$'<')@7#"$,"$+%)@/#"F$'*3'2&%)*%F$,"1$E"8
&#+>,#"1A$
$O0#,%)+#"$"$.'*"$,%$43%$"$'3&%)*"$,'$0#"2-)+#'$%$,'1$*'L'1$,%$E"8
&#+>,#"$);"$<",%$1%/$%L<2#+',"$'<%)'1$<%2"$*/@.#+"$,%$,/"7'1F$<"#1$"$
.%)N&%)"$1%$#)1%/*'$%&$3&$+%)@/#"$&'#1$'&<2"F$43%$<'11'F$)%+%11'8
/#'&%)*%F$<%2'$."/&'$,%$%)./%)*'&%)*"$,"1$+").2#*"1$1"+#'#1$%F$&'#1F$
%1<%+#.#+'&%)*%F$<%2'$/%1"23:;"$,"1$%&('*%1$#)*%/<%11"'#1$)'$1"+#%8
,',%$(/'1#2%#/'F$(%&$+"&"$<%2'$'31-)+#'$,%$3&'$<"2>*#+'$,%$1%73/')8
:'$ <P(2#+'$ )'+#")'2F$ &'1$ %.#+#%)*%$ %$ *'&(G&$ /'+#")'2A$ \&$ '1<%+*"$
#&<"/*')*%F$)%1*%1$%)./%)*'&%)*"1F$G$'$13(1*#*3#:;"$,'$'/&'$(/')+'$
<%2"$'/&'&%)*"$,%$."7"$+"&"$#)1*/3&%)*"$,"$+/#&%`A$i'2$13(1*#*3#8

`$ U1$ ,%<"#&%)*"1$ ,"1$ </".#11#")'#1$ ,'$ @/%'$ ,'$ 1'P,%$ 1;"$ ('1*')*%$ %23+#,'*#0"1$
,%1*'1$ &3,'):'1A$ R'/'$ %1*%1F$ ,%$ ,%C$ +'1"1$ 43%$ %)0"20#'&$ 0>*#&'1$ ,%$ '7/%11?%1$
.>1#+'1F$ 43%$ %)*/'0'&$ )"1$ <"1*"1$ ,%$ 1'P,%F$ ,'1$ @/%'1$ <%/#.G/#+'1$ ,'$ +#,',%$ ,%$
!"/*'2%C'F$ '*G$ '$ ,G+','$ ,%$ ^_bJF$ )"0%$ "+"//-)+#'1$ *#)E'&$ +"&"$ #)1*/3&%)*"$
'$ '/&'$ (/')+'$ %$ 1"&%)*%$ 3&$ %/'$ ./3*"$ ,%$ '/&'$ ,%$ ."7"A$ Z"9%$ G$ 2#*%/'2&%)*%$ "$
#)0%/1"F$1%),"$)"0%$+'1"1$43%$%)0"20%&$'$'/&'$,%$."7"$%$1"&%)*%$3&$*%&$+"&"$
#)1*/3&%)*"$'$'/&'$(/')+'A

*),#{;.)"&+)UT%"-&!$+,&$&);%$/T(";k"2&"%&!"(."%&($.$;5$%&+"&.(T$#+"+$&6&)e8"$(7"$$&%$"
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

00`

:;"$);"$1=F$,%&")1*/'$"$'3&%)*"$,%1*%$*#<"$,%$%L<%,#%)*%$2%*'2F$+"&"$
*'&(G&$'$&"/*'2#,',%$,'1$':?%1A
$ \&$ ,',"$ /%2%0')*%F$ )%1*%$ +%)@/#"F$ G$ '$ ,#&#)3#:;"$ ,'$ .'#L'$ %*@8
/#'$ ,'1$ 0>*#&'1$ ,%1*'1$ '7/%11?%1F$ '<")*'),"F$ +','$ 0%C$ &'#1F$ <'/'$ '$
%)*/','$ </%+"+%$ ,"1$ 9"0%)1$ )"$ &3),"$ ,"$ +/#&%F$ +"&"$ '7/%11"/$ %F$
</#)+#<'2&%)*%F$+"&"$0>*#&'bF$,%#L'),"$*/')1<'/%+%/F$)"0'&%)*%F$'$
032)%/'(#2#,',%$,"$9"0%&$)%1*%$T&(#*"$,%$0#"2-)+#'$,#.31'A
Q"$#)*%/#"/$,%1*'$1#&(#"1%$%)*/%$'/&'F$,/"7'$#2>+#*'$%$/%1"23:;"$0#"8
2%)*'$,"1$+").2#*"1$#)*%/<%11"'#1F$"1$&'11'+/%1$+")1*')*%1$)'1$7/')8
,%1$+#,',%1$*"&'&$3&$237'/$'2'/&')*%F$'20"$,%$,%1&%,#,'$</%"+38
<':;"_A$U+"//%&$&'11'+/%1$43%$%)0"20%&$&%&(/"1$,%$3&'$&%1&'$
.'&>2#'F$ &'1$ *'&(G&$ 7/3<"1$ ,%$ +/#'):'1$ %$ ',"2%1+%)*%1A$ Z"9%F$ );"$
1;"$ &'#1$ &"/*%1$ ')3)+#','1F$ %$ 1#&$ &'11'+/%1$ </"<'7',"1F$ 43%$ );"$
<'11'&$<"/$)%)E3&$'1<%+*"$,%$2%7'2#,',%$"3$)%7"+#':;"F$/%</",38
C#),"81%$D$&'/7%&$,'$2%#F$'<'/%+%),"$,"$&","$&'#1$+/3%2$<"11>0%2A$
5%$%1*%1$&"/*#+>)#"1$*-&$+"&"$.32+/"$+"&3&F$<'/'$"1$=/7;"1$,%$1%8
73/'):'$<P(2#+'F$'$,#1<3*'$<"/$<")*"1$,"$+"&G/+#"$,%$,/"7'1F$'1$13'1$
/%<%*#:?%1$7')E'&F$<"/$<'/*%$,"1$&%#"1$,%$+"&3)#+':;"$1"+#'2F$3&'$
'3/G"2'$ ,%$ (')'2#C':;"$ ,'$ 0#,'F$ %)1%9'),"F$ )"$ 1%#"$ ,'$ <"<32':;"F$
3&'$#),#7)':;"$1"+#'2A$O1*'1$+%)'1$,;"$'C"$'$3&$,#1+3/1"$'$.'0"/$,"$
31"$,'$."/:'$#2>+#*'$<"2#+#'2r$z('),#,"F$&'/7#)'2$*%&$43%$1%/$&"/*"{$"3$
z('),#,"$("&$G$('),#,"$&"/*"{A$B1$+E'+#)'1$1;"$*'&(G&$'&<2#','1F$
%&$3&$+%)@/#"$,%$0#"2-)+#'$,#.31'F$<'/'$"1$&%),#7"1$%$"1$&"/',"/%1$
,%$/3'A$B$%L+231;"$1"+#'2F$#&<"1*'$'$3&'$7/'),%$.'#L'$,'$1"+#%,',%F$
G$13(1*#*3>,'$<%2'$%L+231;"$.>1#+'F$3&'$#)0%/1;"$,%$0'2"/%1$%&$43%$"1$
<"(/%1F$"1$&%),#7"1F$);"$*-&$&'#1$,#/%#*"$D$0#,'A

b$ 5%73),"$ '273)1$ </".#11#")'#1$ ,'$ @/%'$ ,'$ 1'P,%F$ '*G$ "$ .#)'2$ ,"$ 1G+32"$ <'11',"F$
"$ '*%),#&%)*"$ %/'$ /%'2#C',"$ %&$ <%11"'1$ ,%$ &'#1$ ,%$ KJ$ ')"1A$ B*3'2&%)*%F$ %2%1$
1"+"//%&F$+"&$7/'),%$#)+#,-)+#'F$)"1$<"1*"1$&G,#+"1F$</#)+#<'2&%)*%$,'1$@/%'1$
<%/#.G/#+'1$,'1$7/'),%1$+#,',%1F$<%11"'1$]9"0%)1a$,%$&'#1$,%$^p$')"1A
_$ $ B3.%/%&$ )'+#")'2$ 0#1;"$ <P(2#+'F$ )"*#+#',"1$ <%2"1$ &%#"1$ ,%$ +"&3)#+':;"F$ "1$
&'11'+/%1$"+"//#,"1$)'$+#,',%$,%$5;"$R'32"A

*),#{;.)"&+)UT%"-&!$+,&$&);%$/T(";k"2&"%&!"(."%&($.$;5$%&+"&.(T$#+"+$&6&)e8"$(7"$$&%$"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

00a

B$+/3%2,',%$%$'$'&<2#':;"$,%$+'*%7"/#'1$')'2>*#+'1

U$'3&%)*"$"3$'$/%<%*#:;"$,'1$*/3+#,':?%1F$43%$%)0"20%&$+"&<"8
)%)*%1$,%$3&'$&%1&'$.'&>2#'$%F$</#)+#<'2&%)*%F$'$%1+'2','$+/%1+%)8
*%$,%$</@*#+'1$,%$2'*/"+>)#"1F$'&<2#'&$'1$+'*%7"/#'1$')'2>*#+'1$,%1*%$
+'&<"A$5%F$')*%1F$"$&"*"$+")*#)3"$%/'$%)*/%$+").2#*"$1"+#'2$%$0#"2-)8
+#'F$'*3'2&%)*%$G$+").#73/','$3&'$)"0'$&')#.%1*':;"F$,%)"&#)','$
z+/3%2,',%{A$O1*'$+'*%7"/#'F$+"&$#)*%)1"$+"&<")%)*%$)'*#0"F$/%</%8
1%)*'$"1$+/#&%1$<%/<%*/',"1$."/'$,%$3&'$2=7#+'$%L<2#+'*#0'$"3$,%$3&'$
931*#.#+':;"$ 1"+#'2$ ]BMOQHiF$ IJJJaA$ 5;"$ ':?%1$ 43%$ 1%$ /%</",3C%&$
1%&$931*#.#+'*#0'$)"$+'&<"$,"1$0'2"/%1r$"1$E%7%&N)#+"1$%$"1$,%$+")8
*/'0%):;"A$B273)1$+/#&%1$0#"2%)*"1F$+"&"F$<"/$%L%&<2"F$"1$,%$E")/'F$
,%$ 0#)7'):'$ '11"+#',"1$ '$ ,#1<3*'1$ .'&#2#'/%1F$ 1;"$ <'11>0%#1$ ,%$ 3&'$
%2'("/':;"$)"$#)*%/#"/$,'$'L#"2"7#'$1"+#'2F$#)1*#*3#),"$/'C?%1F$'7%)*%1$
%$0%/,',%1$%&$43%1*;"A$s@$"1$,%2#*"1$+2'11#.#+',"1$+"&"$,%$+/3%2,',%$
1;"F$ %&$ </#)+><#"F$ 1#*3',"1$ D$ &'/7%&$ ,%$ 3&$ 3)#0%/1"$ 931*#.#+',"/F$
/%."/:'),"$*'&(G&$'$#,%#'$,%$3&'$0#"2-)+#'$,#.31'$)"$T&(#*"$,'$%L8
<2#+':;"$1"+#"2=7#+'^JA$
$ U1$ +/#&%1F$ +2'11#.#+',"1$ +"&"$ ,%$ +/3%2,',%F$ ,%1+"/*#)'&$ "3*/'$
<%/1<%+*#0'$ 1"+#"2=7#+'F$ ,#.%/%)*%$ ,'1$ ')@2#1%1$ +/#1*'2#C','1$ )'1$ W#8
-)+#'1$5"+#'#1F$43%$0#13'2#C'0'&$'1$':?%1$0#"2%)*'1$+"&$('1%$%&$0>8
*#&'1$ +/#'):'1F$ &32E%/%1$ %$ #,"1"1F$ <%/+%(#,'1$ +"&"$ </%.%/%)+#'#1$ %$
032)%/@0%#1A
U1$+/#&%1$,%$+/3%2,',%$%1*;"$/%+"//%)*%&%)*%$)"1$</"7/'&'1$*%8
2%0#1#0"1$ %$ &'*G/#'1$ 9"/)'2>1*#+'1F$ ,%$ "/,%&$ 7%/'2$ ,%$ &>,#'F$ %)0"28
0%),"$ 2'*/"+>)#"1F$ 43'),"$ '$ 0>*#&'$ 9@$ /%),#,'F$ E'0%),"$ #)+231#0%$
%)*/%7',"$"1$1%31$<%/*%)+%1$GF$%&$1%73#,'F$%L%+3*','A$W"&"$%L<2#8
+'/$'$+/3%2,',%$,%11'1$':?%1$43%$%1+'<'&$'"$,#'7)=1*#+"$n%(%/#')"$
,'$/'+#")'2#,',%|

^J$ X')E'&$ )"*"/#%,',%$ "1$ '11'11#)'*"1$ %&$ 1G/#%F$ "+"//#,"1F$ </#)+#<'2&%)*%F$ )"1$
O1*',"1$\)#,"1F$&'1$*'&(G&$)"$6/'1#2A$5;"$'11'11#)'*"1$%)0"20%),"F$7%/'2&%)*%F$
+/#'):'1$%&$O1+"2'1F$<"/$3&$2#0/%$'*#/',"/A

*),#{;.)"&+)UT%"-&!$+,&$&);%$/T(";k"2&"%&!"(."%&($.$;5$%&+"&.(T$#+"+$&6&)e8"$(7"$$&%$"
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

031

B,"2%1+%)*%1$+").%11'&$*%/$&'*',"$7'/"*'{A$W/3%2,',%A$O11%$."#$
"$*%/&"$31',"$<%2'$R"2>+#'$<'/'$%L<2#+'/$"$&"*#0"$,"$'11'11#)'8
*"$,'$',"2%1+%)*%$B),/%C'$v%22j$,"$Q'1+#&%)*"F$^cF$%)+")*/','$
&"/*'$<"/$%1*/')732'&%)*"F$)"$#)>+#"$,'$&')E;$,%$")*%&F$)'$
\)#,',%$,%$M%+%<:;"$Y3#1$6'//"1$V")*%)%7/"F$)"$('#//"$U2'0"$
6#2'+A$O&$,%<"#&%)*"$D$,%2%7','$S"2'),'$!")1%+'F$,'$H%2%7'+#'$
,'$W/#'):'$%$,"$B,"2%1+%)*%$]HWBaF$,3'1$,'1$*/-1$',"2%1+%)*%1$
43%$1%$%)+")*/'0'&$)"$&%1&"$43'/*"$,%$B),/%C'$+").%11'/'&$
"$+/#&%F$#)+231#0%$+"&$*","1$"1$,%*'2E%1$,%$+"&"$."#$</'*#+',"A$
\&'$ ':;"$ %L*/%&'&%)*%$ +/3%2A$ B$ +").#11;"$ ,"$ +/#&%$ "+"//%3$
,3/')*%$"$#)*%//"7'*=/#"A$zO2'1$&'*'/'&$<"/$<3/'$&'2,',%{F$/%8
13&#3$"$,#/%*"/$,"$HROA$H%$'+"/,"$+"&$"$,%<"#&%)*"$,'1$,3'1$
7'/"*'1F$"$&"*#0"$*%/#'$1#,"$"$.'*"$,%$43%$%2'1$E'0#'&$93/',"$,%$
&"/*%$"3*/'$',"2%1+%)*%$+"&$43%&$E'0#'&$(/#7',"$)"$W%)*/"$
O,3+'+#")'2$B2,'+#/$6'/("1'F$)"$('#//"$B)*N)#"$6%C%//'A$W"&"$
'$z#)#&#7'{$);"$."#$*/')1.%/#,'F$%2'1$93/'/'&$&'*'/$43%&$+E%8
7'11%$)"$43'/*"$,%2'1A$\&'$,'1$7'/"*'1$*'&<"3$'$("+'$,%$B)8
,/%C'$+"&$'1$&;"1F$%)43')*"$'$"3*/'$'$%17')"3$*'&(G&$+"&$'1$
&;"1A$R'/'$*%/$'$+%/*%C'$,%$43%$'$0>*#&'$%1*'0'$&"/*'F$%2'1$'#),'$
,#11%/'&$)"$,%<"#&%)*"$*%/$31',"$3&$2%):"2$<'/'$%)."/+@82'A$
H%<"#1F$/%*#/'/'&$3&$<%,':"$,%$'C32%9"$,'$<'/%,%$%$/#1+'/'&$
'1$+"1*'1$,'$B),/%C'$<'/'$1%$+%/*#.#+'/%&$,'$&"/*%A$]H#@/#"$,"$
Q"/,%1*%F$!"/*'2%C'F$Ib[^J[IJJbaA$

H#'/#'&%)*%$ 1;"$ %1*'&<','1$ )"*>+#'1F$ +"&"$ %1*'F$ )"1$ </#)+#<'#1$


9"/)'#1F$/%*/'*'),"$+/#&%1$0#"2%)*"1F$+"&$'$,#1*#):;"$,'$+/3%2,',%A$B$
,%1*'+','$&'/+'$,'1$&'*G/#'1$G$"$%1<%*@+32"F$,%&'/+'),"$*","1$"1$
%2%&%)*"1$<'/'$1%$*"/)'/$3&$.'*"$9"/)'2>1*#+"$e$%1+'),'2"1"F$+/3%2$"3$
#)31#*',"A
B1$&'*G/#'1$1%$%)43',/'&$)"1$z%<#1=,#"1$+39'$/%<%/+311;"$931*#.#8
+'81%$e$+"&"$,#C$O2#1'(%*E$M"),%22#$e$<%2'$/%0%2':;"$,%$"3*/'1$43%18
*?%1$43%$);"$%1*;"$</"</#'&%)*%$)%2%1{A$]^__bF$<A$^pfaA$U$+")*%P,"$
,"1$9"/)'#1$)"1$<"11#(#2#*'$&")*'/$3&'$*#<"2"7#'$,%$</@*#+'1$0#"2%)*'1$
%$+")./")*"1$#)*%/<%11"'#1$+"&$13<"/*%$%&$'1<%+*"1$,#.%/%)*%1r$)'*38

*),#{;.)"&+)UT%"-&!$+,&$&);%$/T(";k"2&"%&!"(."%&($.$;5$%&+"&.(T$#+"+$&6&)e8"$(7"$$&%$"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

032

/%C'$,"$+").2#*"F$<%11"'1$%)0"20#,'1F$/%2':?%1$,%$'</"L#&':;"F$237'8
/%1$"),%$"+"//%/'&$'1$</@*#+'1F$'/&'1$3*#2#C','1$%*+A
S&<"/*'F$)%11%$1%)*#,"F$/%11'2*'/$+"&"$3&$,"1$%#L"1$/%.%/%)+#'#1$
,%$')@2#1%$'$</",3:;"$,'$0#"2-)+#'$+"&"$,#&%)1;"$#)1%<'/@0%2$,'1$
/%</%1%)*':?%1$%1*'(%2%+#,'1$%&$1%3$)"&%$]hSOgSUMvBF$^__`aA$$5;"$
/%</%1%)*':?%1F$1"+#'2&%)*%$%2'("/','1F$0%#+32','1$<%2"1$*36%(F$+")8
*/#(3#),"$<'/'$'$/%</",3:;"$,%$2#)73'7%)1$,'$0#"2-)+#'$]MUQHOYYSF$
^__baA

s"0%&$G$%)+")*/',"$,%7"2',"$)"$g#2'$g%2E'{A$\&$9"0%&$,%$IJ$
')"1F$ 0#+#',"$ %&$ ,/"7'F$ '+31',"$ ,%$ E"&#+>,#"1$ %$ %)0"20#,"$
+"&$3&'$7')73%$."#$&"/*"$,%$&')%#/'$+/3%2$)"$('#//"$g#2'$g%8
2E'A$U*'+#')"$V'/*#)1$,"1$5')*"1$%/'$+")E%+#,"$<"/$W;"C#)E"$
,"$ S).%/)#)E"A$ U$ +"/<"$ ,%2%$ ."#$ %)+")*/',"$ ,%7"2',"$ +"&$ "1$
"2E"1$ .3/',"1F$ ,%,"1$ ,%+%<',"1$ %$ "/%2E'1$ +"/*','1$ %$ ,%3$ %)8
*/','F$")*%&$,%$&',/37','F$)'$R%/>+#'$!"/%)1%A$R'/'$'$R"2>+#'F$
U*'+#')"$."#$*"/*3/',"$')*%1$,%$1%/$%L%+3*',"A$U$+'1"$%1*@$1%)8
,"$'<3/',"$<%2'$H%2%7'+#'$,"$^`$H#1*/#*"$R"2#+#'2$]g#2'$g%2E'aA$
B$ R"2>+#'$ '#),'$ );"$ 1'(%$ 43%&$ ."/'&$ "1$ %L%+3*"/%1A$ 5'(%81%$
%)*;"$43%$%/'$93/',"$,%$&"/*%$<"/$3&'$7')73%$,'$B2'&%,'$,"1$
s'/,#)1$*'&(G&$)"$g#2'$g%2E'{A$]U$R"0"F$!"/*'2%C'F$^c[J`[IJ^Ia

S&<?%81%$+E'&'/$'$'*%):;"F$)%1*%$<")*"F$<'/'$"$.'*"$,%$43%$G$3&$
+/#&%F$+2'11#.#+',"$+"&"$+/3%2F$"3$,%2#&#*',"F$1#&<2%1&%)*%F$+"&"$
z':;"$,%$+/3%2,',%{F$%&$0%C$,%$1%/$,%.#)#,"$&"/'2&%)*%F$+"&$"/#7%&$
)"1$139%#*"1$%)0"20#,"1F$</#0#2%7#'$'$."/&'$+"&"$G$<%/<%*/',"A$i/'*'8
81%$,%$3&'$*'L#")"&#'$43%$);"$1%$+")*/'<?%$'$3&'$,%.#)#:;"$1"+#"2=8
7#+'$,'$0#"2-)+#'F$)"$%)*')*"F$931*'<?%$'1<%+*"1$,"$1%)1"$+"&3&$%$"$
,',"$%1<%*'+32'/$,'$+").#73/':;"$,%$3&$.'*"$9"/)'2>1*#+"A
$$

*),#{;.)"&+)UT%"-&!$+,&$&);%$/T(";k"2&"%&!"(."%&($.$;5$%&+"&.(T$#+"+$&6&)e8"$(7"$$&%$"
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

030

V%,"$%$S)1%73/'):'r$)"0'1$</@*#+'1$,%$1"+#'(#2#,',%1

B$0#1#(#2#,',%$%$"$'3&%)*"$,'$0#"2-)+#'$%$,'$+/#&#)'2#,',%$)"$6/'8
1#2$%F$%1<%+#'2&%)*%F$)'1$7/'),%1$&%*/=<"2%1F$&'#1$/%+%)*%&%)*%$)'1$
*36%($%$'*G$%&$<%43%)'1$+#,',%1F$</"0"+'&$1%)1':;"$#)*%)1#0'$,%$
#)1%73/'):'$%$&%,"A$OL#1*%$</%"+3<':;"$)"1$%1*3,"1$'+',-&#+"1$%&$
,%*%+*'/$<"11>0%2$/%2':;"$%)*/%$"$1%)*#&%)*"$,%$#)1%73/'):'$%$"$)>0%2$
,%$0#"2-)+#'A$S1*"$);"$G$<2'31>0%2A$W")1#,%/"$#&<"/*')*%$%1*'$/%.2%L;"F$
<"/$*/'C%/$%2%&%)*"1$)%+%11@/#"1$<'/'$"$'2+')+%$,"$43%$G$"$*36#F$"$
*36#!/#$%(&$%$"$43%$/%</%1%)*'&$'1$,#1*#)*'1$/%1<"1*'1$#),#0#,3'#1$%[
"3$+"2%*#0'1$%2'("/','1$%$2%7#*#&','1$<%/')*%$'$1%)1':;"$,%$*%&"/A
O&$<%143#1'$/%'2#C','$%&$!"/*'2%C'F$1"(/%$s30%)*3,%$%$0#"2-)+#'F$
3&$9"0%&$E'(#*')*%$,'$<%/#.%/#'$,'$+#,',%F$')'2#1'),"$%1*'$0#0-)+#'$
+"&$"$&%,"F$'+%)*3'$</%"+3<',"r$z0#0%/$+"&$&%,"$G$0#0%/$<%2'$&%8
*',%{$ ]6BMMOSMB$ %*$ '2##F$ ^___aA$ O1*'$ +"&":;"$ ,%$ #)*/')43#2#,',%$ %$
#)1%73/'):'$+").#73/'F$%&$7/'),%$<'/*%F$'1$)"11'1$</@*#+'1$,%$1"+#'8
(#2#,',%1$%$<'11'$'$.'C%/$<'/*%$,"$)"11"$+"*#,#')"F$'2#&%)*',"F$,#'/#'8
&%)*%$<%2"1$&%#"1$,%$</"<'7':;"$+"2%*#0'^^A
o$+/%1+%)*%$"$,%1*'43%F$)"1$%1*3,"1$1"+#"2=7#+"1F$,'$(31+'$,%$+"&8
</%%)1;"$,"$&%,"$+"&"$'1<%+*"$#)*/>)1%+"$,"$+'&<"$,'$0#"2-)+#'F$
(%&$+"&"$,'1$</@*#+'1$1"+#'#1$+")*%&<"/T)%'1A
Y3C#'$!@*#&'$6'#%/2$'11#)'2'$43%$"$&%,"F

W"&"$1%)*#&%)*"F$/%2'+#")'81%$+"&$"1$1%)*#,"1F$+"&$'$.'+32,',%$
"3$E'(#2#,',%$43%$"1$139%#*"1$<"113%&$,%$<%/+%(%/F$')'2#1'/$%$+2'18
1#.#+'/$'1$+"#1'1$)"$&3),"$/%'2A$U3$1%9'F$3&$+")93)*"$,%$+%)'1F$
#&'7%)1F$ 1#*3':?%1$ %$ .'*"1$ +"*#,#')"1$ ,%1<%/*'&$ 1%)*#&%)*"1$ ,%$
'2%7/#'F$ .%2#+#,',%F$ #/'F$ <'#L;"F$ &%,"F$ /'#0'F$ */#1*%C'F$ '&"/F$ +"&8
<'#L;"F$%1<%/'):'F$%*+A$B2%/*'$<'/'$1%)*#&%)*"1$</'C%/"1"1$"3$,%$
%1</%#*'$%$,%$&%,"A$H#C$/%1<%#*"$D1$."/&'1$+"&"$'1$<%11"'1$1;"$'.%8
*','1$%&$/%2':;"$'$+%)'1F$1#*3':?%1$%$'+")*%+#&%)*"1$]IJJpF$<A$KbaA

^^$ R'/'$ 6'//j$ X2'11)%/F$ zi",'$ ')@2#1%$ ,'$ +32*3/'$ ,"$ &%,"$ 43%$ #7)"/%$ '$ ':;"$ ,'$
#&</%)1'$.#+'/#'$%0#,%)*%&%)*%$#)+"&<2%*'{$]IJJKF$<AKKaA

*),#{;.)"&+)UT%"-&!$+,&$&);%$/T(";k"2&"%&!"(."%&($.$;5$%&+"&.(T$#+"+$&6&)e8"$(7"$$&%$"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

033

i3')$]IJJca^IF$')'2#1'),"$%1*%$.%)N&%)"F$+"2',"$D1$/%':?%1$)%3/"8
.#1#"2=7#+'1$$%).'*#C'$)"$.'*"$,%$43%$"$&%,"$G$

AAA$3&$1%)*#&%)*"$+"&<2%L"F$)"$43'2$1%$,#1*#)73%&$+2'/'&%)8
*%$ ,"#1$ +"&<")%)*%1r$ 1#)'2$ ,%$ '2'/&%$ %$ ')1#%,',%A$ U$ 1#)'2$ ,%$
'2'/&%$G$,%*")',"$<"/$3&$%0%)*"$#)%1<%/',"$)"$&%#"$'&(#%)8
*%A$AAA$R"/$"3*/"$2',"F$'$')1#%,',%$G$3&$</%11%)*#&%)*"$,%$<%/#8
7"$43'),"$)','$%L#1*%$)'1$</"L#&#,',%1$43%$931*#.#43%$"$&%,"A$
]IJJcF$<A$^JaA

R'/'$i3')$]IJJcaF$)"11'1$z&%)*%1$.G/*%#1{$</",3C%&$+3/#"1#,',%1$
%&$43%$"$+")E%+%/$2%0'$'$&'#1$,%1+"(%/*'1F$7%/',"/'1$,%$&'#1$&%,"A$
o$#&<"/*')*%$,%1*'+'/F$)"$%)*')*"$"$.'*"$,%$43%$'1$</@*#+'1$+")*%&<"8
/T)%'1$,%$1"+#'(#2#,',%1$2%0'&$%&$+")1#,%/':;"$'1$':?%1$,%$1%$</%0%)#/$
%$,%$.37#/$,"$<%/#7"F$*%),"$+"&"$<'/T&%*/"$"$);"$+")E%+#,"A$B$',&#18
1;"$'"1$%1<':"1$%$+=,#7"1$1"+#'#1$,%1+")E%+#,"1$2%0'$D$#)1%73/'):'$%$
'"$&%,"F$%)1%9'),"$')1#%,',%1$%$<T)#+"1A$U1$%1<':"1$1"+#'#1$<'11'&$
'$1%/$+",#.#+',"1r$1%73/"$e$#)1%73/"F$*/')43#2"$e$<%/#7"1"A$Q%1*'$<%/18
<%+*#0'F$"$&%,"$G$3&$1#)'2$,%$'2%/*'$43%$</%0#)%$'1$<%11"'1$'+%/+'$,%$
<%/#7"1F$&'1$G$*'&(G&$3&$%2%&%)*"$</"<321"/$,%$')1#%,',%1$%$':?%1$
#//'+#")'#1A$
Q'$#)*%2#7-)+#'$,%$6'#%/2F$z%1*3,'/$"$&%,"$G$'0'2#'/$+"&"$%2%$G$
</",3C#,"$,%$&')%#/'$1#)732'/8+"2%*#0'$%&$+")*%L*"1$1"+#'#1$%$#),#8
0#,3'#1$E#1*"/#+'&%)*%$1#*3',"1{A$]IJJpF$<A$pbaA$B$'3*"/'$')'2#1'$"1$
&%,"1$1"+#'#1$+"&"$3&$*#<"$,%$z&%,"$+")1*/3>,"$1"+#'2&%)*%F$AAA$
43%$*%&$13'$7-)%1%$)'$</=</#'$,#)T&#+'$,'$1"+#%,',%A$V%,"$1-#6;7
S%6#! 3! $#+/,-;U6#! 3*! 63,3-*%+(6#/! $#+,3I,#/! /#$%(%/! 3! %+6%B%6;(%/K!
1#-!63,3-*%+(6#/!'-;1#/!#;!13//#(/{A$]<A$pbaA$
H%$'+"/,"$+"&$V'*"1$s3)#"/F

AAA$"1$&%,"1$1"+#'#1$);"$<",%&$1%/$<%)1',"1$+"&"$+'*%7"/#'1$
%1*@*#+'1F$&'1$+"&"$1%)*#&%)*"1$/%2'+#")',"1$D1$)":?%1$,%$%18

^I$ B7/',%:"$'$W2","&#/$V'*"1$sP)#"/$'$#),#+':;"$,%11%1$,"#1$'3*"/%1A

*),#{;.)"&+)UT%"-&!$+,&$&);%$/T(";k"2&"%&!"(."%&($.$;5$%&+"&.(T$#+"+$&6&)e8"$(7"$$&%$"
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

03d

<':"$%$*%&<"$43%$'</%1%)*'&$,#.%/%)*%1$&'*/#C%1$7%/',"/'1A$AAA$
U1$&%,"1$1"+#'2&%)*%$%$,#.%/%)+#'2&%)*%$+")1*/3>,"1F$13'1$,#18
*#)*'1$'.%*':?%1$)"1$#),#0>,3"1$%$+"2%*#0#,',%1$%$13'$43'2#,',%$
%)43')*"$ 1%)*#&%)*"$ )"1$ 2%0'$ '$ <%/+%(%/$ 43%$ "1$ &%1&"1$ );"$
<",%&$1%/$+").3),#,"1$+"&$13'1$/%':?%1$1"+#'#1A$]IJJ_F$<A$^J`aA$

6'//j$X2'11)%/F$')'2#1'),"$zE#1*=/#'1$#)'+/%,#*@0%#1$%$%1*'*>1*#+'1$
%L'7%/','1{F$%L</#&%$'$)":;"$,%$43%F

AAA$1%$"$&#1*G/#"$1"(/%$<T)#+"1$#).3),',"1$#)+23#$"$.'*"$,%$+"&"$
%2%1$1;"$0%),#,"1$'$<%11"'1$43%$1"./%&$<%/#7"1$/%'#1$+"&$"1$43'#1$
1%$</%"+3<'/F$)"$+'1"$,%$*%&"/%1$&'#1$931*#.#+@0%#1$'$43%1*;"$G$
3&$<"3+"$,#.%/%)*%A$Q=1$*%&"1$,%$*%/$</%"+3<':?%1$+"&$'$+/#8
&#)'2#,',%F$"$+")13&"$,%$,/"7'1F$"$'(31"$,%$+/#'):'1$%$"3*/'1$
+'2'&#,',%1A$B$43%1*;"$Gr$+"&"$)"1$'*/'<'2E'&"1$*')*"$1"(/%$'$
0%/,',%#/'$)'*3/%C'$%$%L*%)1;"$,%11%1$</"(2%&'1|$]IJJKF$<A$`caA

o$0'2#,"$,#C%/$43%$"$1%)*#&%)*"$,%$#)1%73/'):'$%$,%$&%,"$G$3&'$
</@*#+'$ 1"+#'2$ 3)#0%/1'2&%)*%$ +")1*#*3>,'A$ O1*'$ </@*#+'F$ )"$ %)*')*"F$
G$ %2'("/','$ *%),"$ +"&"$ 13(1*/'*"$ "$ *%&<"$ %$ "$ %1<':"A$ Q%1*'$ <%/18
<%+*#0'F$13'$#)*%)1#,',%$1%$+").#73/'$'$<'/*#/$,%$1#*3':?%1$+")+/%*'1$
0#0#,'1F$%&$+")*%L*"1$%$032)%/'(#2#,',%1$1"+#'#1F$*'2$+"&"$"(1%/0"3$
S/2j1$6'//%#/'$]IJ^^ar

U$&%,"$)'$+#,',%$<",%$1%/$0#1*"$+"&"$'$#)+'<'+#,',%$,%$,"&#)'/$
"1$ +=,#7"1$ ,%$ +")0#0-)+#'A$ B$ ."/*%$ ,%&'),'$ .%#*'$ ,%$ 0#7#2T)+#'F$
.%#*'$D1$#)1*#*3#:?%1F$%1*@$</%1%)*%$%&$0@/#"1$,#1+3/1"1$%$,%)P)+#'1$
,'$<"<32':;"A$B$+%/*%C'$,"$#/$%$0#/F$43%$+'/'+*%/#C'0'$'$+/%):'$)"$
.3)+#")'&%)*"$,'1$'*#0#,',%1$+"*#,#')'1$G$7/','*#0'&%)*%$13(1*#8
*3>,'$<%2'$1%)1':;"$,%$032)%/'(#2#,',%A$]IJ^^F$<A$__aA

B$ /%2':;"$ %)*/%$ 0#"2-)+#'$ %$ &%,"$ G$ /%</%1%)*','$ +"&"$ 3&$ *#,#$


$#+,%+;#$%)*/%$0#"2-)+#'[&%,"[0#"2-)+#'A$Q'1$/%2':?%1$1"+#'#1F$+")1*#8
*3>,'1$<%2'$G7#,%$,'$#)1%73/'):'$%$,"$&%,"F$G$,%1*'+',"$"$.'*"$,%$43%$

*),#{;.)"&+)UT%"-&!$+,&$&);%$/T(";k"2&"%&!"(."%&($.$;5$%&+"&.(T$#+"+$&6&)e8"$(7"$$&%$"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

03S

'$0#"2-)+#'$</"<#+#'$3&$&%,"$%$%1*%$#&<321#")'$&'#1$0#"2-)+#'A$Q%18
*%$ ,#'<'1;"F$ +").#73/'81%$ 3&$ +>/+32"$ 0#+#"1"$ %&$ 43%$ '$ 7/'),%$ &%*'$
+"2%*#0'F$)'$(31+'$,'$0"2*'$D$)"/&'2#,',%$1"+#'2F$G$/"&<%/$+"&$%1*%$
+>/+32"A$B$%1*%$+>/+32"F$E"9%F$G$'<"/*','$&'#1$+"&<2%L#,',%F$<'11'),"$
%2%$ '$ 1%/$ ')'2#1',"$ +"&"$ 3&'$ %1<#/'2F$ )'$ &%,#,'$ %&$ 43%$ '$ 0#"2-)8
+#'$</"<"/+#")'$3&$&%,"F$43%$1%$*/')1&3*'$)'$)%+%11#,',%$,%$&'#1$
+")*/"2%$%$)"/&'1$&'#1$/>7#,'1F$,%#L'),"$*/')1<'/%+%/$)"0'1$."/&'1$
,%$ ,"&#)':;"$ %$ <",%/A$ O1*'1$ /%2':?%1$ &'#1$ +"&<2%L'1$ 1"+#'2&%)*%F$
/%132*',"$,'$%L#1*-)+#'$,%$</@*#+'1$0#"2%)*'1$%$&%,"1F$*/'C%&$+"&"$
/%132*',"$ ,#.%/%)*%1$ ."/&'1$ ,%$ &')#.%1*':?%1$ ,%$ 0#"2-)+#'F$ ,%$ &'#1$
,#.>+#2$+"&</%%)1;"$%$&'#1$+31*"1"1$1#*3':;"$%$+")*/"2%A$B1$('1%1$,%$
131*%)*':;"F$)"$1%)*#,"$n%(%/#')"F$.#+'&$1%&</%$&'#1$+"&<2%L'1$%$
,%$2'("/#"1'$%L*%)1;"A$5%$"$</#&%#/"$<'11"$<'/'$,"&'/$,%*%/&#)','1$
</@*#+'1$G$"$+")*/"2%$%$"$%)*%),#&%)*"$,%$13'1$('1%1$,%$131*%)*':;"F$
"$.%)N&%)"$,'$0#"2-)+#'$G$/%0%1*#,"$,%$3&'$+'<'$</"*%*"/'$</'*#+'8
&%)*%$#)*/')1<")>0%2A$
Q%1*'$<%/1<%+*#0'$%.%*#0'81%$

AAA$3&'$<23/'2#,',%$,%$)"/&'1$1"+#'#1F$'27"$&'#1$,"$43%$"$</=8
</#"$ <23/'2#1&"$ 93/>,#+"F$ 2%0'),"8)"1$ '$ 0%/$ '$ 1#&32*')%#,',%$
,%$<',/?%1$,%$"/#%)*':;"$,'$+"),3*'$&3#*'1$0%C%1$,#0%/7%)*%1$
%$ #)+"&<'*>0%#1F$ +"&"F$ <"/$ %L%&<2"F$ '$ 0#"2-)+#'$ +").#73/','$
+"&"$2#)73'7%&$%$+"&"$)"/&'$1"+#'2$<'/'$'273&'1$+'*%7"/#'1$
1"+#'#1F$%&$+")*/'<")*"$D43%2'1$,%)"&#)','1$,%$)"/&'1$+#0#2#8
C','1F$&'/+','1$<%2"$'3*"+")*/"2%$%$<%2"$+")*/"2%$1"+#'2$#)1*#8
*3+#")'2#C',"A$]iBgBMO5$HU5$5BQiU5F$^___F$<A$I^aA$

B$0#"2-)+#'$,#.31'$%$'$1%)1':;"$,%$#)1%73/'):'$43%$&'/+'&$</"8
.3),'&%)*%$'1$/%2':?%1$1"+#'#1$)'$+")*%&<"/')%#,',%$<"/*'&$)"0'1$
</@*#+'1$ ,%$ 1"+#'(#2#,',%1F$ (%&$ +"&"$ "3*/"1$ +%)@/#"1$ 3/(')"1A$ B1$
1"+#'(#2#,',%1F$ '*3'2&%)*%F$ %&$ 7/'),%$ <'/*%$ 1;"$ +"),3C#,'1$ %$ ,%2#8
&#*','1$<%2"$&%,"$%$<%2'$1%)1':;"$,%$#)1%73/'):'$</%0'2%+%)*%A$B$
0#"2-)+#'$%1*@$',%1*/'),"$"1$+"&<"/*'&%)*"1$1"+#'#1F$,%2#&#*'),"$"$
43%$G$<"11>0%2$%$"$#&<"11>0%2F$"$<%/&#*#,"$%$"$)%7',"F$"$</"#(#,"$%$

*),#{;.)"&+)UT%"-&!$+,&$&);%$/T(";k"2&"%&!"(."%&($.$;5$%&+"&.(T$#+"+$&6&)e8"$(7"$$&%$"
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

03g

"$'+%#*"$1"+#'2&%)*%A$B1$+2'11#.#+':?%1$&"/'#1$,"1$237'/%1$<%/#7"1"1$
1;"$+','$0%C$&'#1$+/#0','1$,%$+3#,',"1$%$</"#(#:?%1F$#)*%)1#0'&%)8
*%$+")1*#*3>,'1$%$('1%','1$%&$</%+")+%#*"1F$%1*#7&'1$%$%1*%/%=*#<"1A$
g#0%)+#'81%$3&$&"&%)*"$,%$)%7':;"$,%$3&'$'*#*3,%$8&(/]F$)"&%'8
,'$<"/$5#&&%2F$+'/'+*%/#C','$ <"/$3&$+"&<"/*'&%)*"$,#1*/'>,"F$#)8
,#.%/%)*%$%$+")*%&<2'*#0"A$Z"9%$"$+"&<"/*'&%)*"$G$'11#)'2',"$<%2'$
'*%):;"$%$<%2"$+3#,',"A$B$0#1;"$'*%)*'$%$0#7#2')*%F$(%&$+"&"$"$'),'/$
</%"+3<',"F$+").#73/'$"$+"&<"/*'&%)*"$,'$<%11"'$&",%/)'F$+")*/@8
/#'$D$'*#*3,%$8&(/]F$&%1&'$."/&'$43%$"$+')*',"$%$,%+')*',"$.&W+3;-F$
,%$WE'/2%1$6'3,%2'#/%A
$Q%1*%$+'&<"F$*%&$1'2#-)+#'$'$'&<2#':;"$,%$</@*#+'1$930%)#1$43%$
<'11'&$'$1%/$,#0#1','1$+"&"$'*"1$,%2#*3"1"1F$<'11#0%#1$,%$<3)#:;"A$B$
#)*"2%/T)+#'$."/)%+%$"1$+")*"/)"1$,%$</@*#+'1$,#.%/%)*%1$43%$'2:'&$D$
7/'),%C'$,%$':?%1$+/#&#)'#1A
$Q'$2#:;"$,%$V#+E%2$V#11%$]IJJfaF$'$139%#:;"$+/#&#)'2$'//#&'81%$)'r

AAA$ */')17/%11;"F$ +39'$ +/#&#)':;"$ G$ 1"+#'2&%)*%$ 931*#.#+@0%2F$


,%12#C'$<'/'$'$13(9%*#0#,',%$,"$*/')17/%11"/$%$<'/'$13'$#),#0#8
,3'2#,',%F$ /%#.#+'),"81%$ 1"+#'2&%)*%$ +"&"$ +'/@*%/$ "3$ %)43'8
,/'),"8"$)3&$*#<"$1"+#'2$)%7'*#0"A$O11'$)":;"$<'/%+%8&%$*')*"$
&'#1$ #)*%/%11')*%$ 43')*"$ &'#"/$ ."/$ '$ +'<'+#,',%$ ,"$ <",%/$ ,%$
,%.#)#:;"$,%$')*%+#<'/$]"3$</%0%/a$'$',%43':;"$,'$#)+/#&#)':;"$
'$ 3&$ #),#0>,3"$ %$ ,%$ +")1*/3>82"$ +"&"$ <%/*%)+%)*%$ '$ 3&$ *#<"$
1"+#'2A$B&<2#'81%$'$139%#:;"$+/#&#)'2$+"&"$3&'$<"*%)+#'2#,'8
,%$,%$*","1$"1$#),#0>,3"1$43%$<"113'&$'*/#(3*"1$</=L#&"1$"3$
'.#)1$,"$*#<"$1"+#'2$'+31',"A$]IJJfF$<A^`caA

U$);"$/%1<%#*"$D$,#.%/%):'F$'$#)*"2%/T)+#'$%$"1$</%+")+%#*"1$<'38
*'&$"1$%1<':"1$,%$z1"+#':;"{F$)"$1%)*#,"$,%$5#&&%2F$+"&$"$,#.%/%)*%$
1%),"$ /%</%1%)*',"$ +"&"$ <%/#7"1"A$ U1$ +%)@/#"1$ 3/(')"1$ 1;"$ "(9%*"$
,%$</".3),'1$&3,'):'1$%&$13'1$%1*G*#+'1$0#13'#1A$U1$&3/"1$'2*"1F$'1$
+%/+'1$%2G*/#+'1$%$'1$7/',%1$<%1','1$<',/")#C'&$'1$'/43#*%*3/'1$3/('8
)'1A$U$,#.%/%)*%$G$E"&"7%)%#C',"F$(31+'),"81%$3&'$1%73/'):'$</#8
0','$,'$.'&>2#'$"3$#),#0#,3'2A$o$'$</"*%:;"$,'$0#,'$%$,"$<'*/#&N)#"$

*),#{;.)"&+)UT%"-&!$+,&$&);%$/T(";k"2&"%&!"(."%&($.$;5$%&+"&.(T$#+"+$&6&)e8"$(7"$$&%$"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

03]

43%$)"/*%#'$'1$':?%1$#),#0#,3'#1A$O1*'1$</"*%:?%1F$%&$)"&%$,%$3&'$
1%73/'):'F$*'&(G&$,%.#)%&$)"0'1$</@*#+'1$,%$+")0#0-)+#'1$1"+#'#1A$
U$&%,"$%$'$1%)1':;"$,%$#)1%73/'):'$<%/&')%)*%$2%0'/'&$'1$<%11"'1$
'$<"1#:?%1$%L*/%&'1$,%$(31+'$<%2"$#1"2'&%)*"$%$</"*%:;"$<%11"'2A
B$ %,#.#+':;"$ ,%$ +"),"&>)#"1$ .%+E',"1$ %$ '$ %2%0':;"$ ,"1$ &3/"1F$
'2G&$,'$+")*/'*':;"$,%$1%/0#:"1$</#0',"1$,%$1%73/'):'F$<'11'/'&$'$
/%1<"),%/$'$&3#*"1$,"1$')1%#"1$,'1$+2'11%1$&G,#'1$%$'2*'1A$O1*'1$z'28
*%/)'*#0'1{$1;"$&3#*'1$0%C%1$+/#*#+','1$<%2"$+"&",#1&"$%$<%2'$'31-)8
+#'$,%$/%1<")1'(#2#C':;"$#),#0#,3'2F$%&$.'+%$,'$1#*3':;"$,%$+/#1%$,'1$
."/&'1$,%$+")0#0-)+#'$1"+#'2$1"2#,@/#'1A$B1$</@*#+'1$#),#0#,3'2#1*'1$%$
'1$1'>,'1$+"2%*#0'1$1;"$+")./")*','1F$(%&$+"&"$'1$"<:?%1$<'/*#+32'8
/%1$%$<P(2#+'1A
i'0'/%1$,"1$5')*"1$]^___a$,%1*'+'F$%&$13'1$')@2#1%1$1"(/%$'$%&%/8
7-)+#'$,"$.%)N&%)"$,'$0#"2-)+#'$%$"1$2#&#*%1$,'$."/&':;"$<"2>*#+'$,'$
V",%/)#,',%F$3&'$)"0'$&"/."2"7#'$,"$1"+#'2$

AAA$</",3C#,'$<%2"$</"+%11"$,%$."/&':;"$,'$1"+#%,',%$72"('2$43%$
'</%1%)*'$&P2*#<2'1$,#&%)1?%1F$'1$43'#1$<",%&$1%/$'11#&$1#)*%*#8
C','1r$</",3C#/'&81%F$'2G&$,'$&%*'&"/."1%$,'1$+2'11%1$1"+#'#1F$
"3*/'1$*/')10%/1'2#,',%1$)'$</",3:;"$,'$"/7')#C':;"$1"+#'2F$*'#1$
+"&"$'1$/%2':?%1$,%$7-)%/"F$'1$/%2':?%1$/'+#'#1F$'1$/%2':?%1$%)*/%$
7/3<"1$+32*3/'#1$%$%)*/%$,#1<"1#*#0"1$<",%/81'(%/A$]^___F$<A$IJaA

Q'$13'$+"&</%%)1;"F$

H%1%)E'81%$3&$%1<':"$1"+#'2$+")1*#*3>,"$<"/$%1*/3*3/'1F$<"1#:?%1$
%$*/'9%*=/#'1$,%$'7%)*%1F$<"/*')*"F$+"&<2%L"$%$&32*#,#&%)1#")'2A$
AAA$ V32*#<2#+'/'&81%$ '1$ ."/&'1$ ,%$ "/7')#C':;"$ ,"1$ 7/3<"1$ 1"8
+#'#1F$ <'/'$ '2G&$ ,"1$ #)*%/%11%1$ 1"+#"</".#11#")'#1F$ &%,#')*%$ '1$
#).#),@0%#1$<"11#(#2#,',%1$,%$'11"+#':?%1F$%&$*"/)"$,%$#)*%/%11%1$
%$,%$"(9%*#0"1$0'/#',"1A$AAA$H%1%)+',%#'&81%$</"+%11"1$0'/#',"1$
,%$."/&':;"$%$,%$+")1"2#,':;"$,"$*%+#,"$1"+#'2F$<"/$7/3<"1$43%$
"/7')#C'&$+").2#*#0'&%)*%$1%31$#)*%/%11%1$<'/*#+32'/%1$%$1%$'/*#8
+32'&$%&$<"2#."/&%1$+")*/'*"1$,%$1"+#'(#2#,',%A$]^___F$<A$IJaA$

*),#{;.)"&+)UT%"-&!$+,&$&);%$/T(";k"2&"%&!"(."%&($.$;5$%&+"&.(T$#+"+$&6&)e8"$(7"$$&%$"
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

03`

Q%1*'$<%/1<%+*#0'F$1;"$'<")*','1$</".3),'1$&3,'):'1$)'1$</#)+#8
<'#1$#)1*#*3#:?%1$/%1<")1@0%#1$<%2"1$</"+%11"1$,%$1"+#'2#C':;"F$+"&"$
'$.'&>2#'$%$'$%1+"2'A$i'#1$#)1*#*3#:?%1$1;"$'20"$,%$#)*%)1"1$</"+%11"1$
,%$,%1#)1*#*3+#")'2#C':;"A$
o$.'*"$43%$'1$%1*'*>1*#+'1$,%&")1*/'&$3&$+/%1+#&%)*"$1#7)#.#+'*#8
0"F$)"$6/'1#2F$,'1$*'L'1$,%$+/#&#)'2#,',%$%&$7%/'2$%F$1"(/%*3,"F$,'1$
/%2'*#0'1$'"1$'11'11#)'*"1A
o$#&<"/*')*%$<'/'$1%$/%.2%*#/$1"(/%$"$.%)N&%)"$,'$0#"2-)+#'$"$.'*"$
,%$43%$'1$1"+#%,',%1$,#*'1$z+#0#2#C','1{$/%,3C#/'&$'+%)*3','&%)*%$
"1$ +/#&%1$ 43%$ '*%)*'&$ +")*/'$ '$ 0#,'$ e$ "$ )P&%/"$ ,%$ '11'11#)'*"1$ G$
</'*#+'&%)*%$#)1#7)#.#+')*%F$<"/$%L%&<2"F$)"1$<'>1%1$%1+'),#)'0"1$eF$
'2G&$,%$+")1%73#/%&$%1*'(#2#C'/$"1$+/#&%1$+")*/'$"$<'*/#&N)#"A
Q"$+'1"$,'$1"+#%,',%$(/'1#2%#/'$+")*%&<"/T)%'F$'$43%1*;"$.3),'8
&%)*'2$<'/'$'$')@2#1%$,%$3&$<"11>0%2$+"&<"/*'&%)*"$0#"2%)*"$G$"$.'*"$
,%$%L#1*#/$3&'$*%),-)+#'$,%2#)%','$,%$'3&%)*"$,"1$>),#+%1$7%/'#1$,%$
+/#&#)'2#,',%F$*')*"$<'/'$"1$+/#&%1$+")*/'$'$0#,'F$43')*"$<'/'$'43%8
2%1$2%1#0"1$'"$<'*/#&N)#"F$<'/'$"1$P2*#&"1$IJ$')"1A$

B273)1$%2%&%)*"1$<'/'$<%)1'/$'$0#"2-)+#'$,#.31'

B1$*'L'1$%2%0','1$,%$E"&#+>,#"1F$(%&$+"&"$"1$>),#+%1$,%$,%2#*"1$
+")*/'$"$<'*/#&N)#"F$'"$43%$',#*"$'$#)*%)1'$1%)1':;"$,%$#)1%73/'):'$
%$&%,"F$1#*3'&$)'$"/,%&$,"$,#'$'$*%&@*#+'$,'$0#"2-)+#'$%F$%1<%+#'28
&%)*%F$"$0#0%)+#'/$,%$3&'$0#"2-)+#'$,#.31'A$U$0"23&%$,%$<%/73)*'1F$
+"&$3&'$("'$<'/*%$1%&$/%1<"1*'F$#)*/')43#2#C'$'$<"<32':;"$(/'1#2%#8
/'F$,'),"$+")+/%*3,%$'$3&'$<"11>0%2$z+32*3/'$,"$&%,"{A
k3'#1$1;"$'1$+")1%43-)+#'1$1"+#'#1$%$<1>43#+'1$<'/'$'1$<%11"'1$1"8
+#'(#2#C','1$+"&$'$<%/<%*3':;"$,%1*%$43',/"$,%$#)1%73/'):'$%$&%,"|$
k3%$/'C?%1$#&<%,%&$"$%1*'(%2%+#&%)*"$,%$3&$</"+%11"$,%$<'+#.#+'8
:;"$1"+#'2|$
5;"$<%/73)*'1$,#.>+%#1$,%$/%1<"),%/$"3$%L<2#+'/$,%$&","$<2'31>0%2A$
!"/'&F$%&$7/'),%$<'/*%F$)"$%)*')*"F$%1*'1$43%1*?%1$43%$</"0"+'/'&$
"$#)*%/%11%$,%$3&$+")93)*"$,#0%/1#.#+',"$,%$#)1*#*3#:?%1$1"+#'#1F$<"2>8
*#+'1$%$%+")N&#+'1F$%&$%1<%+#'2F$"1$2'("/'*=/#"1F$)P+2%"1$%$#)1*#*3*"1$

*),#{;.)"&+)UT%"-&!$+,&$&);%$/T(";k"2&"%&!"(."%&($.$;5$%&+"&.(T$#+"+$&6&)e8"$(7"$$&%$"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

03a

0#)+32',"1$ D1$ 3)#0%/1#,',%1F$ <'/'$ %&</%%),%/$ <%143#1'1$ %&<>/#+'1$


'$/%1<%#*"$,"$</"(2%&'$,"$+/%1+#&%)*"$,'$0#"2-)+#'$%$13'1$+")%L?%1$
+"&$'$1%)1':;"$,%$#)1%73/'):'$%$&%,"A$
i",'$3&'$</",3:;"$,%$+")E%+#&%)*"$('1%','$%&$,',"1$43')*#*'*#8
0"1$%$43'2#*'*#0"1$."#$'*#0','$<'/'$*%)*'/$+"&</%%),%/$%$%L<2#+'/$"$.%)N8
&%)"$,'$0#"2-)+#'$%$13'1$+")%L?%1$+"&$"$+'&<"$1"+#'2d$3&'$</",3:;"$
43%$'0'):'$"3$'<")*'$<'/'$'273&'1$+")+231?%1F$<",%),"$1%/$,%1*'+',"$
"$.'*"$,%$43%$'$+'31'2#,',%$,'$0#"2-)+#'$9'&'#1$,%+"//%$,%$3&$1=$.'*"/F$
&'1$1%&</%$,%$3&$+")93)*"$,%$,%*%/&#)')*%1$.'*"/%1$%&$+")*%L*"1$
</%+#1"1F$1"+#'2$%$+32*3/'2&%)*%A$\&$,',"$)"0"$%$('1*')*%$%L<2"1#0"$
+"#)+#,%$+"&$'1$,#.%/%)*%1$&')#.%1*':?%1$,%$</@*#+'1$,%$3&'$0#"2-)+#'$
,#.31'F$'1$43'#1$</",3C%&$('//%#/'1$1"+#'#1$%$/%."/:'&$"1$%1*#7&'1F$*%)8
,"$+"&"$/%132*',"$'$+/#':;"$,%$"3*/'1$('1%1$,%$1"+#'(#2#,',%1F$+").#738
/'),"$"$#)*"2%/@0%2F$"$<%/#7"1"$%F$</#)+#<'2&%)*%F$"$#)+")*/"2@0%2A
B$1%)1':;"$,%$#)1%73/'):'$%$"$&%,"$1"+#'2$)"$6/'1#2$*-&$</".3),'$
/%2':;"$+"&$"$+/%1+#&%)*"$,"1$E"&#+>,#"1$%$,'$+/#&#)'2#,',%F$+"&$'$
+").#73/':;"$,%$3&'$0#"2-)+#'$,#.31'F$&%1&"$&')*%),"$"$43',/"$,%$
%L#1*-)+#'$,%$z0>*#&'1$</%.%/%)+#'#1{$%$'$+2'11#.#+':;"$,%$z+/3%2,',%{$
,'1$</@*#+'1$+/#&#)"1'1A$U$+%)@/#"$0#"2%)*"$*%&F$)"$%)*')*"F$3&'$/%8
2':;"$,#/%*'F$*'&(G&F$+"&$'$'&<2#':;"$,"$%1<%+*/"$,'$+/#&#)'2#C':;"$
,%$</@*#+'1$1"+#'#1A$W"2E%F$)%1*%$<2')"F$3&'$,#&%)1;"$<'/',#7&@*#+'$
,%1*%$.%)N&%)"$'$+/#&#)'2#C':;"$,%$</@*#+'1$930%)#1A
U$*%/&"$z,#.31"{F$*/'('2E',"$)"$'/*#7"F$<%/&#*%$43'2#.#+'/F$.3),'8
&%)*'2&%)*%F$"$.%)N&%)"$,'$0#"2-)+#'$)'$+")*%&<"/')%#,',%F$'1138
&#),"$3&'$,#&%)1;"$<"2#.N)#+'F$,#/%+#")'),"$<'/'$3&'$z1%)1':;"$
,#.31'$ ,%$ #)1%73/'):'{F$ (%&$ +"&"$ <'/'$ z,#.31"1$ &%,"1$ 1"+#'#1{A$ U$
,#.31"$+").#73/'$+2'/'&%)*%$"$#)+")*/"2@0%2$%$"$#&<"),%/@0%2A$
U$,#.31"$&%,"$1"+#'2$<%/.'C$*'&(G&$#)1*/')1<")>0%#1$('//%#/'1$1"8
+#'#1F$'*#)7#),"$,#/%*'&%)*%$"1$</#)+><#"1$,%$+#,',')#'A$o$#&<"/*')*%$
);"$)%7'/F$%)*/%*')*"F$"$.'*"$,%$43%$%1*@$1%),"$7%1*','F$)"$6/'1#2F$3&'$
1"+#%,',%$&'#1$+")1+#%)*%$,"1$1%31$,#/%#*"1F$+"&$</#)+><#"1$,%$+#,'8
,')#'$%$'&<2#':;"$,"1$,#/%#*"1$1"+#'#1$%$<"2>*#+"1A$
!#)'2#C'),"F$G$#&<"/*')*%$,%1*'+'/$'$#,%#'$,%$43%$'$+"&</%%)1;"$
1"+#"2=7#+'$,'$0#"2-)+#'$%L#7%$);"$1#*3@82'$%&$"<"1#:;"$"3$<"2"$%L8

*),#{;.)"&+)UT%"-&!$+,&$&);%$/T(";k"2&"%&!"(."%&($.$;5$%&+"&.(T$#+"+$&6&)e8"$(7"$$&%$"
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

0d1

*/%&"$ D$ <'+#.#+':;"d$ )%&$ '$ 0#1;"$ ,%$ 3&$ </"0#1=/#"$ $#+,%+;;*K$ 43%$
13<?%$"$1%3$.#&F$+"&$"/#7%&$)'273&$&"&%)*"d$*'&<"3+"$'$0%/1;"$,%$
3&'$<"2'/#,',%$1"+#"2=7#+'$43%$'11"+#'$'$0#"2-)+#'$'$43'243%/$."/&'$
,%$z'8)"/&'2#,',%{A$U$+")+%#*"$,%$0#"2-)+#'$,#.31'$'7/%7'81%$'$3&'$
)%+%11#,',%$ ,%$ %)*%),%/$ '$ /',#+'2#,',%$ ,"1$ +").2#*"1$ )'$ 1"+#%,',%$
+")*%&<"/T)%'A

M%.%/-)+#'1
BHUMQUF$5G/7#"A$]^__KaF$B$+/#&#)'2#,',%$3/(')'$0#"2%)*'$)"$6/'1#2r$
3&$/%+"/*%$*%&@*#+"A$SQr$6S6A$Y#&3,%*!Y%8&%#'-:.%$#!3!)+.#-*(,%B#!3*!
9%J+$%(/!"#$%(%/F$5;"$R'32"F$0A$KcF$<A$K8IpA

BMOQHiF$Z'))'EA$]IJJJaF$"#8-3!(!`%#&J+$%(A$M#"$,%$s')%#/"r$M%23&%$
H3&'/@A

6BSOMYF$ Y3C#'$ !@*#&'A$ ]IJJpaF$ G36#! "#$%(&r$ ,'$ 0#"2-)+#'$ 0#1>0%2$ '"$
#)0#1>0%2$,'$0#"2-)+#'=$5;"$R'32"r$W"/*%CA

6BMMOSMBF$WG1'/A$BHUMQUF$5G/7#"A$]IJ^JaF$B$g#"2-)+#'$)'$5"+#%,'8
,%$6/'1#2%#/'A$S)$Q#-%S#+,3/!6(/!9%J+$%(/!"#$%(%/!+#!Y-(/%&r$1"+#"2"7#'[$
W""/,%)',"/$ X%/'2$ W'/2"1$ 6%)%,#*"$ V'/*#)1d$ W""/,%)',"/$ ,%$ @/%'$
Z%2"#1'$Z%2%)'$iA$,%$5"3C'$V'/*#)1$e$5;"$R'32"r$BQRUW5A

6BMMOSMBF$WG1'/A$]IJJ_aF$i3%3/1$D$7'7%1$%*$+").2#*1$#)*%/<%/1"))%21$
,')1$2%$6/G1#2$3/('#)r$,$')+#%))%1$</'*#43%1$/%+")1#,G/G%1A$9(0%3-/!
)+,3-+(,%#+(;I!63!"#$%#&#'%3F$0A$^F$<A$K^c8KK`

6BMMOSMBF$ WG1'/A$ ]IJJbaF$ 9#,%6%(+#! \3/136(4(6#! 7! 93+(/! 63! ;*(!


B%#&J+$%(!6%.;/(A$5;"$R'32"r$R")*%1$O,#*"/'A

6BMMOSMBF$ WG1'/A$ ]^__baF$ 9-%*3/! 1#-! 3+$#*3+6(>! '$ <#1*"2'7%&$ )"$


+%)@/#"$(/'1#2%#/"A$W"2%:;"$B)*/"<"2"7#'$,'$R"2>*#+'F$M#"$,%$s')%#/"F$
O,A$M%23&%$H3&'/@A

6BMMOSMBF$WG1'/$%$%*$'2A$]^___aF$R%'(6#!+(!'(&3-(!A!a;B3+,;63K!B%#7
&J+$%(!3!$%6(6(+%(!+(!$%6(63!63!N#-,(&3S(A$6/'1>2#'r$O,#:?%1$\QO5WU$
6/'1#2A

6BMMOSMBF$S/2j1A$]IJ^^aF$B$+#,',%$%$"$&%,"A$SQr$g%+f"3';-(+4(!3!"#7
$%36(63!A!,-3S3!&%4X3/A$W'&<#)'1r$O,#*"/'$R")*%1A

6BMMqF$X2'11)%/A$]IJJKaF$9;&,;-(!6#!G36#H$5;"$R'32"r$!/')+#1A

*),#{;.)"&+)UT%"-&!$+,&$&);%$/T(";k"2&"%&!"(."%&($.$;5$%&+"&.(T$#+"+$&6&)e8"$(7"$$&%$"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

0d2

6U\MHSO\F$R#%//%A$]^_b_aF$T!>#63-!"%*8D&%$#A$Y#1("'r$HS!OYA

WQHSHUF$ B)*N)#"A$ ]^_`caF$ T/! 1(-$3%-#/! 6#! M%#! Y#+%,#H$ 5;"$ R'32"r$
Y#0/'/#'$H3'1$W#,',%1A

WBMUQOF$O,7'/$]^_f_aF$2!>-%*3%-(!M31V8&%$(A$5;"$R'32"F$O,A$H#.31;"$
O3/"<G#'$,"$Y#0/"A

!BWF$ M3#A$ ]IJJ_aF$ 9(+'($3%-#/! 3! .(+:,%$#/P! 'J+3/3! 3! &;,(/A$ M#"$ ,%$


s')%#/"r$O,#*"/'$\!MsA

!MBQWUF$V'/#'$5j20#'$WA$]^__`aF$Q#*3+/!&%B-3/!+(!#-63*!3/$-(B#7
$-(,(A$5;"$R'32"F$!3),':;"$%,#*"/'$,'$\QO5RA$

!MOqMOF$X#2(%/*"A]^___aF$9(/(!L-(+63!3!"3+S(&(F$M#"$,%$s')%#/"$[$5;"$
R'32"F$%,AM%+"/,A$

vBQi$ HO$ YSVBF$ M"(%/*"d$ VS55OF$ V#+E%2d$ VSMBQHBF$ B)'$ R'32'A$


]IJJJaF$ g#"2-)+#'F$ +/#&#)'2#,',%F$ 1%73/'):'$ <P(2#+'$ %$ 931*#:'$ +/#&#8
)'2$)"$6/'1#2r$3&'$(#(2#"7/'.#'A$6S6A$M3B%/,(!Y-(/%&3%-(!63!)+.#-*(45#!
Y%8&%#'-:.%$(!3*!9%J+$%(/!"#$%(%/K$M#"$,%$s')%#/"F$0A$cJF$<A$pc8^IKA

YSVBF$M%)'*"F$5A$]IJ^^aF$@+,-3!>(&(B-(/!3!EV*3-#/>!0#"2-)+#'F$,%&"8
+/'+#'$%$1%73/'):'$<P(2#+'$)"$6/'1#2A$5;"$R'32"r$B2'&%,'$O,#*"/#'2A

VBiU5$ s\QSUMF$ W2","&#/A$ ]IJJbaF$ g#"2%)+#'F$ 9%6(6(+%(!3!G36#>!


0#0%)+#'1$ 3/(')'1$ %&$ !"/*'2%C'A$ \)#0%/1#,',%$ !%,%/'2$ ,"$ W%'/@r$
R/"7/'&'$,%$R=18X/',3':;"$%&$5"+#"2"7#'F$]V#&%"aA

VS55OF$V#+E%2A$]IJJfaF$9-%*3!3!`%#&J+$%(!+#!Y-(/%&!9#+,3*1#-W+3#r$
O1*3,"1$,%$5"+#"2"7#'$,"$W/#&%$%$,'$g#"2-)+#'$\/(')'A$M#"$,%$s')%#8
/"r$Y3&%)$s3/#1A

k\OSMUxF$V'/#'$SA$]^_``aF$RA$T/!9(+'($3%-#/A$5;"$R'32"F$H3'1$W#,'8
,%1$O,#*"/'A

MUQHOYYSF$O2#C'(%*EA$]^__baF$S&'7%)1$,'$g#"2-)+#'r$</@*#+'1$,#1+3/8
1#0'1A$ M%0#1*'$ ,%$ 5"+#"2"7#'$ ,'$ \5Rr$ =3*1#! "#$%(&A$ 0A^JF$ )$ IF$ 5;"$
R'32"A

5lF$ Y%")'/,"$ ]IJ^JaF$ H'&'1+%)"$ ,%A$ X3%//'F$ G;+65#! 3! 9#+/%63-(7


45#H!^*(!3,+#'-(.%(!6(/!-3&(4X3/!/#$%(%/!6#/!a#B3+/!+#!"3-B%&;SH!R/"8
7/'&'$,%$R=18X/',3':;"$%&$5"+#"2"7#'r$\)#0%/1#,',%$!%,%/'2$,"$W%8
'/@F$]&#&%"aA$

*),#{;.)"&+)UT%"-&!$+,&$&);%$/T(";k"2&"%&!"(."%&($.$;5$%&+"&.(T$#+"+$&6&)e8"$(7"$$&%$"
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

0d0

5SVVOYF$X%"/7A$]^__IaF$R3!9#+.&%,A$R'/#1F$o,#*#")1$W#/+GA

iBgBMO5$ ,"1$ 5BQiU5F$ s"1G$ g#+%)*%A$ ]^___aF$ Q"0"1$ </"+%11"1$ 1"8


+#'#1$72"('#1$%$0#"2-)+#'A$"5#!>(;&#!>3-/13$,%B(K$$5;"$R'32"F$$0A$^KF$$)A$
KF$5%<*A$A

i\BQF$q#8!3A$]IJJcaF$>(%/('3*!6#!G36#H$5;"$R'32"r$\QO5RA

gOYZUF$ X#2(%/*"A$ ]^__faF$ g#"2-)+#'F$ /%+#</"+#,',%$ %$ ,%1#73'2,',%r$


3&'$ <%/1<%+*#0'$ ')*/"<"2=7#+'A$ SQr$ 9%6(6(+%(! 3! B%#&J+$%(F$ X#2(%/*"$
g%2E"$ %$ V'/+"1$ B20#*"$ ]U/7AaA$ M#"$ ,%$ s')%#/"r$ %,#*"/'$ \!Ms$ r%,#*"/'$
!XgA

hSOgSUMvBF$V#+E%2A$]^__`aF$U$)"0"$<'/',#7&'$,'$0#"2-)+#'A$M%0#1*'$
,%$5"+#"2"7#'$,'$\5Rr$=3*1#!"#$%(&H$0A$_F$)$^F$5;"$R'32"A

xBY\BMF$ B2('A$ ]^___aF$ \&$ ,%('*%$ ,#1<%/1"r$ g#"2-)+#'$ %$ +/#&%$ )"$


6/'1#2$,'$/%,%&"+/'*#C':;"A$"5#!>(;&#!3*!>3-/13$,%B(=$5;"$R'32"F$0A$
^KF$)AKF$<A$JK8^`F$^___A$

N$>%9*($&5&#%6*(&A(b",&%$*(6&(0123((h((NR$*@"6*(&A(A"$;*(6&(0123(

*),#{;.)"&+)UT%"-&!$+,&$&);%$/T(";k"2&"%&!"(."%&($.$;5$%&+"&.(T$#+"+$&6&)e8"$(7"$$&%$"(
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

0d3

N&4,3!U)/'*V4)!M&'5*/%

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&
!,+$(;)+"+$%&'$()U|()."%2&+y+)*"-&
!$(."+,&$&'".5,&.,#,;)"#

Y=7#+'1$,'$+"2")#C':;"$%$+E"43%1$+32*3/'#1

Q"11'$ /%.2%L;"$ 1"(/%$ '1$ &",%/)#,',%1$ %&$ 1"+#%,',%1$ +"&"$ '1$


2'*#)"8'&%/#+')'1$ %$ '$ (/'1#2%#/'$ )"$ #)*%/#"/$ ,"$ 1#1*%&'8&3),"$$
]h'22%/1*%#)F$ IJJpF$ IJ^^a$ 1%$ ('1%#'$ )"$ ,%1%)0"20#&%)*"$ /%+%)8
*%$,'1$*%1%1$<=18+"2")#'#1$%$,%1+"2")#'#1$]H\55OYF$^__K$%$IJJcd$
YBQHOMF$IJJcd$k\SsBQUF$IJJJ$%$IJJcd$VSXQUYUF$IJJcF$5BQ8
iU5F$ IJJbd$ XMU5!UX\OYF$ IJ^JaF$ 43%$ '<")*'&$ <'/'$ '$ #&<"/8
*T)+#'$,%$1%$/%0%/$'$1"+#%,',%$72"('2$'$<'/*#/$,%$3&'$<23/'2#,',%$
,%$ +")*%L*"1$ ]<=18+"2")#'2#,',%a$ %$ ,%$ 1%$ ,%1+")1*/3#/$ "1$ &#*"1$
%$+/%):'1$43%$.3),'&$"$%3/"+%)*/#1&"$+"&"$%1.%/'$*%2%"2=7#+'$
,"$ ,%1%)0"20#&%)*"$ E3&')"$ ],%1+"2")#'2#,',%aA$ O).#&F$ '1$ W#8
-)+#'1$ 5"+#'#1$ *-&$ "$ ,%1'.#"$ ,%$ %)*%),%/$ '1$ <'/*#+32'/#,',%1$ %$
,#.%/%):'1$,%$&",%2"1$,%$,%1%)0"20#&%)*"$%$,%$%L<%/#-)+#'1$,%$
&",%/)#,',%1$)"1$*%//#*=/#"1$<%/#.G/#+"1$%$%1*%$*%L*"$"(9%*#0'$*/'8
C%/$ '273&'1$ /%.2%L?%1$ )%1*'$ ,#/%:;"$ '$ <'/*#/$ ,'1$ 1#)732'/#,',%1$
,"1$</"+%11"1$+"2")#'#1A$B1$*%1%1$,%1+"2")#'#1$"3$63$#&#+%(&3/^F$

^$ U$*%/&"$,%+"2")#'2$1%$#)1<#/'$,'43%2%$./')+-1$6]$#&#+%(&H$BA$k3#9')"$</%.%/%$
31'/$%1*%$*%/&"$$D$,%1+"2")#'2$43%F$)"$1%3$%)*%),%/F$%1*@$2#&#*',"$<"/$3&$
%)*%),#&%)*"$+/")"2=7#+"$,"$+"2")#'2A$H#.%/%)*%&%)*%F$"$*%/&"$,%+"2")#'2$
%L</%11'$&'#1$+2'/'&%)*%$'$)":;"$,%$,%1+")1*/3:;"F$43%$*'&(G&$/%0%2'$'$
."/:'$,'$.#2"1".#'$./')+%1'$+")*%&<"/T)%'$,%$!"3+'32*F$H%//#,'F$H%2%3C%$%$
"3*/"1$)'1$'("/,'7%)1$<=18+"2")#'#1A$Q%1*%$*%L*"F$2"7"F$43'),"$.'2'&"1$,%$

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

0dd

%&$<'/*#+32'/F$'0'):'&$)'$+/>*#+'$/',#+'2$D$3*"<#'$&",%/)'$,"$+/%1+#8
&%)*"$ %+")N&#+"$ #2#&#*',"F$ /%+31'),"$ '$ #,%#'$ ,'$ +"2")#C':;"$ +"&"$
3&$ </"+%11"$ 3)#,#/%+#")'2$ </",3C#,"$ <%2'$ %L<')1;"$ ,"$ &"0#&%)*"$
%3/"+-)*/#+"A$U$/%+")E%+#&%)*"$,'$,#.%/%):'$);"$G$3&$0'2"/$1%+3),@8
/#"F$&'1F$'"$+")*/@/#"F$3&$<'11"$,%+#1#0"$<'/'$1%$%)*%),%/$'1$0'/#','1$%$
+")%+*','1$."/&'1$,%$"/7')#C':;"$,'1$&",%/)#,',%18&3),"A$
\&$ ,"1$ </#&%#/"1$ '3*"/%1$ '$ 1%$ <"1#+#")'/$ %L<2#+#*'&%)*%$ 1"(/%$
"$ '113)*"$ ."#$ "$ <'2%1*#)"$ OA$ 5'#,$ ]^_`_aF$ 43'),"$ ,%&")1*/"3$ 43%$ '$
"/#%)*'2#C':;"$ ."#$ 3&'$ <%/1<%+*#0'$ +")1*/3>,'$ <%2"$ U+#,%)*%$ <'/'$
%L<2#+'/$ '$ </%1%):'$ ,"$ ,#.%/%)*%$ )3&$ +")*%L*"$ ,%$ ,#.#+32,',%1$ ,"$
%3/"<%3$%&$2#,'/$+"&$'$."/:'$,'$+32*3/'$z"/#%)*'2{A$H%$.'*"F$*'2$/%+"8
)E%+#&%)*"$,"$,#.%/%)*%$1%$/%'2#C"3$)'$=*#+'$,'$,"&#)':;"$+"2")#'2$%$
<"/$3&'$E#%/'/43#'$'L#"2=7#+'$43%$+"2"+'$%&$237'/$</#"/#*@/#"$"1$'*/#8
(3*"1$,"$%3/"+%)*/#1&"$e$+"&"$'43%2%1$,'$</%*%)1'$13<%/#"/#,',%$,'$
/':'$(/')+'F$,'$,"&#)':;"$&'1+32#)'F$,"$+/#1*#')#1&"$%$,"$/'+#")'8
2#1&"$+'/*%1#')"$e$1"(/%$"1$'*/#(3*"1$,%$+32*3/'1$);"$%3/"<%#'1A$U38
*/"1$'3*"/%1F$,%1,%$%)*;"F$<'11'/'&$'$*/'('2E'/$+"&$'$*%1%$,'1$&P2*#8
<2'1$&",%/)#,',%1$]O#1%)1*',*F$IJJ^d$k3#9')"F$IJJcd$5+E&#,*F$IJJfaF$
(31+'),"$,#.%/%)+#'/$"+#,%)*'2#C':;"$%$&",%/)#,',%$%$+"&</%%),%/$
"1$,#.%/%)*%1$</"+%11"1$,%$&",%/)#C':;"$,"$1#1*%&'8&3),"A$
U$/%+")E%+#&%)*"$,'$%L#1*-)+#'$,%$,#0%/1"1$&","1$,%$*%+%/$"$&"8
,%/)"$ ,%)*/"$ ,"$ </"+%11"$ ,%$ U+#,%)*'2#C':;"$ ,"$ &3),"$ G$ &3#*"$ /%8
2%0')*%$<'/'$1%$%)*%),%/$'1$)"0'1$&",'2#,',%1$,%$43%1*#")'&%)*"$%$
,%$/%"/7')#C':;"$,'$0#,'$1"+#'2$)%1*%$+")*%L*"$,%$/%'931*%1$,"$1#1*%&'$
72"('2A$Z@$3&$*%L*"$%&(2%&@*#+"$<'/'$#231*/'/$%1*'$+"&<2%L#,',%$,'$
%&%/7-)+#'$,"$&",%/)"$'$<'/*#/$,'$+")1#,%/':;"$,"$%2%&%)*"$+"2")#'2F$
'$1'(%/F$c}dhH!T!3+$#8-%*3+,#!6#!T;,-#P!(!#-%'3*!6#!*%,#!6(!*#63-7
+%6(63K!%1+/#*"$<"/$OA$H311%2H!Q%1*%$2#0/"F$"$'3*"/$43%1*#")'$'$*%1%$,%$
43%$'$&",%/)#,',%$G$3&$.%)N&%)"$%L+231#0'&%)*%$%3/"<%3F$(31+')8
,"$ ,%&")1*/'/$ '$ #&<"/*T)+#'$ ,'$ /%2':;"$ ,#'2G*#+'$ %)*/%$ %3/"<%3$ %$ "$

<=18+"2")#'2F$%1*'&"1$)"1$/%.%/#),"$);"$'$3&'$+/")"2"7#'$,%<"#1$,'$+"2N)#'F$&'1$
'$ 3&$ <%)1'&%)*"$ +/>*#+"$ 43%$ 0#1'$ ,%1+")1*/3#/$ '$ +"2")#'2#,',%F$ 1%73#),"$ 3&'$
*%),-)+#'$%&$%L<')1;"$)"1$%1*3,"1$<=18+"2")#'#1$]V'/*#)1F$IJ^IaA

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

0dS

);"$%3/"<%3A$H311%2$</"<?%F$%)*;"F$'$'.#/&':;"$,%$3&'$'2*%/#,',%$,"$
U3*/"F$,%$&","$'$#)+23#/$'43%2%1$43%$."/'&$)%7',"1$<%2"$</"+%11"$+"8
2")#'2$%$137%/%$#73'2&%)*%$1%$<%)1'/$'$,-(+/*#63-+%6(63$+"&"$</"9%*"$
&3),#'2$,%$2#(%/*':;"$]H\55OYF$^__Kr$^b`aA$
!'2'/$ ,%$ &P2*#<2'1$ &",%/)#,',%1$ #&<2#+'$ ,%$ #&%,#'*"$ ',"*'/$
)":?%1$%1*/'*G7#+'1$+"&"$'43%2'1$,%$*/',3:;"$]+")0%/1;"$"3$','<8
*':;"$,%$#,%#'1$%$#&'7%)1$%)*/%$2=7#+'1$+32*3/'#1$,#0%/1'1aF$C")'1$
,%$+")*'*"$]%1<':"1$,%$+")./")*':;"$%$,%$)%7"+#':;"$%)*/%$'*"/%1$
<%/*%)+%)*%1$ '$ #&'7#)@/#"1$ 1"+#'#1$ %$ E#1*=/#+"1$ ,#.%/%)*%1a$ "3$ E#8
(/#,#1&"$]&%1+2'$,%$%2%&%)*"1$+32*3/'#1$,#0%/1"1aF$43%$0-&$1%),"$
,#0327','1$ <"/$ <%)1',"/%1$ <=18+"2")#'#1$ ]6E'(E'F$ IJ^Jd$ 5')*"1F$
IJJbaF$+")*/#(3#),"$<'/'$/%<%)1'/$'1$*%"/#'1$,"1$+").2#*"1$'$<'/*#/$
,"1$ z+E"43%1$ +32*3/'#1{$ #)*/",3C#,"1$ <%2'$ +"2")#'2#,',%A$ U1$ &"8
&%)*"1$ .3),',"/%1$ ,'$ +"2")#C':;"$ <2')%*@/#'$ )"1$ <%/&#*%&$ 0%/$
'$ #&<"/*T)+#'$ 1=+#"8E#1*=/#+'$ ,%11%1$ +E"43%1$ +32*3/'#1$ 43%$ *#0%8
/'&$ 237'/$ %&$ ,#0%/1'1$ C")'1$ ,%$ +")*'*"1?$ '(%/*'1$ <%2'$ +")43#1*'$
,'$ l1#'F$ l./#+'$ %$ B&G/#+'F$ %$ +"&"$ *'#1$ +E"43%1$ +")*/#(3%&$ <'/'$
"$ %)*%),#&%)*"$ ,'$ <23/'2#,',%$ ,%$ &",%/)#,',%1$ %&%/7%)*%1$ )"1$
P2*#&"1$1G+32"1A$O1*%1$+E"43%1$+32*3/'#1$#).23%)+#'/'&$."/*%&%)*%$
'$,#/%:;"$,'$+"2")#C':;"r$"1$&%+')#1&"1$,%$</",3:;"$,%$#,%)*#,'8
,%1$%$,%$0'2"/#C':;"$,%$%*)#'1$%$7-)%/"1F$'$."/&':;"$,"$<",%/$(3/"8
+/@*#+"$+"2")#'2F$'$+")1*#*3#:;"$,'1$E#%/'/43#'1$,%$/%+")E%+#&%)*"F$
'$'</"</#':;"$%$,#1*/#(3#:;"$,"1$*%//#*=/#"1$%$,'1$/#43%C'1$)'*3/'#1$
%$E3&')'1A$U1$&"&%)*"1$#)#+#'#1$ ,'$ .3),':;"$ ,"$ <'+*"$ +"2")#'2$
/%0%2'&F$ %&$ %1<%+#'2F$ '$ +"&<2%L#,',%$ ,"1$ %2%&%)*"1$ /%2#7#"1"1F$
+32*3/'#1F$2#)73>1*#+"1F$<"2>*#+"1$%$%+")N&#+"1$43%$#)*%/0#%/'&$)'$
+")1*/3:;"$1"+#'2$,'$/%'2#,',%$%$43%$%L<2#+'&$'1$%1<%+#.#+#,',%1$
#)*%/+32*3/'#1$,%$+','$1#*3':;"$+")+/%*'A$

I$ 5%73),"$"$1"+#=2"7"$<"/*373-1$6"'0%)*3/'$,%$5"31'$5')*"1F$'$*%"/#'$<=18+"2")#'2$);"$
<",%$2#&#*'/$'$,%.#)#:;"$,'$)":;"$,%$C")'$,%$+")*'*"$'"1$%)+")*/"1$,%$*"*'2#,',%1$
+32*3/'#1$+"&"$"$.'C%&$,#0%/1"1$'3*"/%1A$o$</%+#1"$*'&(G&F$%L<2#+'$%2%F$*/'('2E'/$+"&$
'1$,#.%/%):'1$+32*3/'#1$<'/*#+32'/%1$%$+"&</%%),%/$43%$%1*'1F$%&$3&$,%*%/&#)',"$
%1<':"8*%&<"F$<",%&$%)*/'/$%&$+"&<%*#:;"$<'/'$,'/$1%)*#,"$'$+%/*'$"/#%)*':;"$,%$
':;"$]5')*"1F$IJJbr$^KJaA

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

0dg

$ B$ #)*%)1#,',%$ %$ "$ /#*&"$ ,"1$ +E"43%1$ +32*3/'#1$ 0'/#'/'&$ <'/'2%8


2'&%)*%$D$,#0%/1#,',%$,'1$%L<%/#-)+#'1$+"2")#'#1$%$D$#)*%)1#,',%$,"$
+")./")*"$#,%"2=7#+"$43%$,'>$/%132*"3A$B1$':?%1$+"2")#C',"/'1$%&$/%8
7#?%1$ +"&"$ '$ WE#)'F$ '$ ),#'F$ "$ O7#*"F$ "$ Z'0'>$ %$ "$ 6/'1#2$ &"1*/'&$ '$
</%1%):'$,%$+E"43%1$+32*3/'#1$%$%+")N&#+"1$+"&3)1$43%$1%$/%.%/%&$
+")*/',#*"/#'&%)*%$'"$,#1+3/1"$,'$3)#."/&#C':;"$<2')%*@/#'$,"$U+#8
,%)*%F$ "$ 43'2F$ <'/'$ '273)1F$ */')1."/&"381%$ %&$ 3&'$ &@43#)'$ 1"+#'2$
1%&$+")*/"2%$]YBiU\WZOF$^_b_aA$$B$#,%#'$,%$&P2*#<2'1$&",%/)#,'8
,%1$*%&$/%2':;"F$2"7"F$+"&$'$/%':;"$,"$U3*/"$%)+"(%/*"$<%2"$O7"$%38
/"<%3$]H\55OYF$^__KaF$43%$1%$/%0%2"3$<"/$/%':?%1$('1*')*%$,#.%/%)*%1$
'"$</"9%*"$,%$"+#,%)*'2#C':;"F$"(%,%+%),"$D1$<'/*#+32'/#,',%1$E#1*=8
/#+'1$ ,%$ +','$ 1"+#%,',%$ %$ +','$ +32*3/'A$ Z@F$ 2"7"F$ ,"#1$ &"0#&%)*"1$
<'/'2%2"1$'$1%/%&$/%7#1*/',"1$43%$%L<2#+'&$'$,#'2G*#+'$,'1$&",%/)#8
,',%1$<23/'#1r$"$,"$#&<'+*"$,'$+")43#1*'$%3/"+-)*/#+'$1"(/%$'1$+328
*3/'1$2"+'#1$'$<'/*#/$,'$2=7#+'$,%$+"2")#'2#,',%F$%F$)"$2',"$+")*/@/#"F$
'43%2%$,'1$/%':?%1$%$#&<'+*"1$+32*3/'#1$#)0%/1"1$,'1$<%/#.%/#'1$1"(/%$
"$+%)*/"F$"$43%$'2*%/"3$#)+231#0%$'$+").#73/':;"$+32*3/'2$,%1*%$'$<'/*#/$
,'$#)*/",3:;"$,%$%1<%+#'/#'1F$7'1*/")"&#'1F$*%+)"2"7#'1$%$/%.%/-)+#'1$
+32*3/'#1$,#0%/1'1A$
W','$+")*'*"$+32*3/'2$%)*/%$%3/"<%31$%$);"$%3/"<%31$,%1%)+',%"3$
%L<%/#-)+#'1$<%+32#'/%1$,%$#)*%/+T&(#"1$&'*%/#'#1$%$/%+")E%+#&%)*"1$
/#*3'2#C',"1d$,%$E#(/#,#1&"1$43%$1;"$+")%+*',"1F$&'1$+39"1$%2%&%)8
*"1$ )%&$ 1%&</%$ 1;"$ /%,3*>0%#1$ %)*/%$ 1#A$ i"&%&"1$ '<%)'1$ 3&$ +'1"$
,"$</"+%11"$+"2")#'2F$"$,'$zB&G/#+'$Y'*#)'{F$+39'$%)3)+#':;"$G$3&'$
0#"2-)+#'$1%&T)*#+'$+")*/'$"1$<"0"1$"/#7#)@/#"1$'"$%2%7%/$"$)'0%7')*%$
B&G/#+"$g%1<P+#"$%$'$%*)#'$,"1$2',#)"1$+"&"$&'/+'1$*%//#*"/#'#1$%$<"8
2>*#+'1$]V'/*#)1F$IJ^IaA$B11#&F$%&$'273&'1$1#*3':?%1$,"$</"+%11"$,'$
+"2")#C':;"$#(G/#+'$)"$)"0"$*%//#*=/#"$#)#+#'2&%)*%$+E'&',"$,%$z)8
,#'1{$e$')*%1$,%$*"/)'/81%$zB&G/#+'$Y'*#)'{$8F$"$#&<'+*"$+"2")#C',"/$
+")1#1*#3$ )'$ %2#&#)':;"$ 8$ <"/$ &%#"$ ,%$ 0#"2-)+#'$ .>1#+'$ "3$ 0#"2-)+#'$
+32*3/'2$e$,%$1G/#%1$#)*%#/'1$,%$<"<32':?%1$#),>7%)'1F$+"&"$."#$0%/#.#8
+',"$%&$<'>1%1$+"&"$B/7%)*#)'F$WE#2%$%$6/'1#2A$O&$"3*/'1$1#*3':?%1F$
%)*/%*')*"F$+"&"$)"1$B),%1$<%/3')"F$%43'*"/#')"$%$("2#0#')"F$"3$)'$
X3'*%&'2'$ %$ )"$ VGL#+"F$ "1$ '3*=+*")%1$ +")1%73#/'&$ </%1%/0'/$ 13'1$

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

0d]

&%&=/#'1$%$*/',#:?%1F$'<%1'/$,'$0#"2-)+#'$+"2")#C',"/'F$%$#1*"$+")1*#*3#$
E"9%$3&$.'*"/$#&<"/*')*%$,%$&"(#2#C':;"$<"2>*#+'$%$+32*3/'2A$O&$"3*/'1$
<'/*%1$,"$<2')%*'F$1"(/%*3,"$)"$+")*'*"$+"&$+#0#2#C':?%1$')*#7'1$%$+")8
1"2#,','1F$+"&"$),#'F$WE#)'$%$s'<;"F$"1$%3/"<%31$%)./%)*'/'&$,#.#+328
,',%1$#&<"/*')*%1$<'/'$'$%L<')1;"$+"2")#'2A$W'1"$%&(2%&@*#+"$G$"$,"1$
<"/*373%1%1$ )"$ s'<;"F$ "),%$ ."/'&$ /%+E':',"1$ #)P&%/'1$ 0%C%1$ <%2'1$
)"(/%C'1$&#2#*'/%1$2"+'#1F$1%&$+")1%73#/%&$%1*'(%2%+%/F$<"/$+")1%73#)8
*%F$'1$('1%1$,'$+"2")#C':;"$#(G/#+'$)'43%2'$/%7#;"$'1#@*#+'A$O&$+','$3&$
,%11%1$&"&%)*"1F$"$43%$1%$0%/#.#+"3$."#$"$,%12#C'&%)*"$1%&T)*#+"$,"$
+")+%#*"$,%$O3/"<'$)"$&"0#&%)*"$,%$%1*/3*3/':;"$,"$1#1*%&'$z+%)*/"8
8<%/#.%/#'{$]H\55OYF$IJJcF$p`aA
B$1%73#/F$0'&"1$)"1$,%*%/$)'$'</%+#':;"$,'$+"2")#C':;"$)'$B&G8
/#+'$Y'*#)'$<'/'$<",%/$+"&</%%),%/$&'#1$,%$<%/*"$'273&'1$<'/*#+38
2'/#,',%1$,"$</"+%11"$,%$+"2")#'2#,',%A$O1*'$/%.2%L;"$);"$*%&$'<%)'1$
0'2"/$E%3/>1*#+"F$1%),"$#&<"/*')*%$<'/'$ 1%$ +"&</%%),%/$ '$ )'*3/%C'$
,"$<",%/$%$,'$,"&#)':;"$)'$'*3'2#,',%$,'1$1"+#%,',%1$<=18+"2")#'#1$
)'$/%7#;"A

B$'0%)*3/'$+"2")#'2$)'1$z),#'1{r$,@,#0'F$/%2#7#;"$%$&%/+',"

U1$</#&%#/"1$%)+")*/"1$%)*/%$"1$+")43#1*',"/%1$#(G/#+"1$%$'1$+"8
&3)#,',%1$"/#7#)@/#'1$,"1$*%//#*=/#"1$,'1$z),#'1{$1;"$&3#*"$/%2%0')8
*%1$<'/'$1%$%)*%),%/$"1$1%)*#,"1$,'$+"2")#C':;"$)%1*'$<'/*%$,"$&3),"$
43%$ +E'&'&"1$ ,%$ B&G/#+'$ Y'*#)'A$ B$ '0%)*3/'$ +"2")#'2$ %)+%//'$ #)8
."/&':?%1$43%$1;"$&3#*"$#&<"/*')*%1$<'/'$'$+"&</%%)1;"$*%=/#+'$,"$
<'+*"$+"2")#C',"/$)%11'1$1"+#%,',%1$,"$532$%$*'#1$#)."/&':?%1$<",%&$
1%/$1#)*%*#C','1$%&$*/-1$)":?%1$+%)*/'#1r$,@,#0'F$/%2#7#;"$%$&%/+',"A$
R'/'$&%2E"/$%)*%),%/$'$#&<"/*T)+#'$,%1*'$*%"/#C':;"$1"(/%$'$)'*38
/%C'$,'1$)"0'1$C")'1$,%$./")*%#/'1$.3),','1$<%2"$#&<'+*"$+"2")#'2F$
G$</%+#1"$#)*%7/'/$3&'$'("/,'7%&$&'#1$'</".3),','$,'1$/%2':?%1$,%$
."/:'$'43#$</%1%)*%1F$'$43'2$'<%)'1$<",%$1%/$+"&</%%),#,'$'*/'0G1$,'$
')@2#1%$,"1$1#1*%&'1$,%$*/"+'$%$,%$,@,#0'F$+"&"$,#1+3*#/%&"1$&'#1$D$
./%)*%A$B*/'0G1$,'$,@,#0'$<",%&81%$#,%)*#.#+'/$"1$+E"43%1$+32*3/'#1$
43%$/%.2%*%&$'1$</%1%):'1$,%$,"#1$#&'7#)@/#"1$')*'7")#1*'1r$<"/$3&$

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

0d`

2',"F$"$#&'7#)@/#"$/'+#")'2#1*'$%3/"<%3F$('1%',"$)'$1%<'/':;"$")*"8
2=7#+'$ %)*/%$ Z"&%&$ %$ Q'*3/%C'd@A! <"/$ "3*/"$ 2',"F$ "$ #&'7#)@/#"$ %L8
</%11#0"$%$E"2>1*#+"$,"1$<"0"1$"/#7#)@/#"1F$43%$#,%)*#.#+'$3&'$/%2':;"$
"/7T)#+'$%)*/%$"$1%/$E3&')"$%$'$)'*3/%C'$'&(#%)*'2$%$%1<#/#*3'2A$Q%18
*%$P2*#&"$#&'7#)@/#"F$W32*3/'$%$Q'*3/%C'$1;"$+'*%7"/#'1$")*"2=7#+'1$
43%$1%$&#1*3/'&$%$)%2%$"$1%/$E3&')"$'<%)'1$"/7')#C'$13'$#,%)*#,',%$
)"$ &3),"$ %)43')*"$ ."/$ +'<'C$ ,%$ #)*%/'7#/$ ,#'2"7#+'&%)*%$ +"&$ "1$
,%&'#1$1%/%1$0#0"1F$+"&"$'1$<2')*'1$%$"1$')#&'#1A$U3$1%9'F$);"$E@$1%8
<'/':;"$")*"2=7#+'$%)*/%$+32*3/'$%$)'*3/%C'$%F$<"/$#11"F$E@$3&$1#1*%&'$
1#&(=2#+"$#)*%7/',"$%$&3#*"$%L</%11#0"F$."/&',"$<"/$,#0%/1'1$+2'11%1$
,%$1%/%1$43%$#)*%/'7%&$/#*3'2&%)*%$)'$"/7')#C':;"$,"$&3),"A$U$1%/$
E3&')"$ +")1*#*3#F$ )%1*%$ #&'7#)@/#"F$ '<%)'1$ 3&'$ ,%11'1$ +2'11%1$ ,%$
1%/%1$]gSgOSMU5$HO$WB5iMUF$IJJpaA$
Q"11'$E#<=*%1%$GF$'11#&F$43%$);"$1%$<",%$+"&</%%),%/$'$0%/,',%#8
/'$#&<"/*T)+#'$1=+#"8E#1*=/#+'$,"$+")*'*"$+32*3/'2B$.3),',"/$,"$<'+*"$
+"2")#'2$)'$B&G/#+'$Y'*#)'$+'1"$);"$13<%/%&"1$,"#1$/%,3+#")#1&"1$

K$ O1*'$/%</%1%)*':;"$,3'2#1*'$'#),'$*;"$0#0'$E"9%$)"$#&'7#)@/#"$%3/"<%3$&",%/)"$
."#$/%132*',"$,'$+")+%<:;"$+/#1*;$,%$3&$&3),"$"/7')#C',"$'$<'/*#/$,'$1%<'/':;"$
(! 1-%#-%$ %)*/%F$ <"/$ 3&$ 2',"F$ ,%31$ e$ 43%$ E'0#'$ +/#',"$ '1$ +"#1'1$ e$ %$ "$ E"&%&$
]E3&')"a$e$43%$E'0#'$1#,"$+/#',"$<"/$,%31F$&'1$43%$);"$%/'$,%31$e$%F$<"/$"3*/"F$$
'$ )'*3/%C'$ e$ 43%$ );"$ %/'$ 3&'$ %L</%11;"$ ,#0#)'$ &'1$ 43%$ <",%/#'$ 1%/$ "(9%*"$ ,%$
&')#<32':;"$<%2"$,#0#)"$'*/'0G1$,"$E"&%&$]Y'),%/F$IJJcr$Ip8IcaA$Q;"$G$)"11"$
"(9%*#0"$'43#$'</".3),'/$%1*'$,#1+311;"$+/>*#+'$,"$,3'2#1&"$")*"2=7#+"$,'$+32*3/'$
%3/"<%#'$%$,%$1%3$"(9%*#0#1&"$+#%)*>.#+"F$<"#1$#1*"$9@$."#$.%#*"$,#0%/1'1$0%C%1$<"/$
0@/#"1$'3*"/%1F$%$,%$."/&'$&'7#1*/'2$<"/$V%/2%'38R")*j$%&$1%3$>0]+#*]+#&#'%3!
63! &(! >3-$31,%#+! ]V%/2%'38R")*jF$ ^_pcaA$ Q"1$ 2#&#*%1$ ,'$ '("/,'7%&$ <=18+"2")#'2$
43%$ ,#1+3*#&"1$ '43#F$ ,%1%9'&"1$ 1#&<2%1&%)*%$ 13(2#)E'/$ 43%$ %1*'$ ,3'2#,',%$
+")1*#*3*#0'$,"$#&'7#)@/#"$%3/"<%3$#).23%)+#"3$,%+#1#0'&%)*%$"$+E"43%$+32*3/'2$
)'$'0%)*3/'$+"2")#'2A$B1$C")'1$,%$+")*'*"$%)*;"$%1*'(%2%+#,'1$."/'&$'('2','1$<"/$
"2E'/%1$%$1"//#1"1F$&'1$*'&(G&$<"/$%L</%11?%1$+"2G/#+'1F$'7/%11?%1$.>1#+'1$%$':?%1$
1')73#)@/#'1A$B$43%1*;"$%/'$1'(%/$+"&"$,'/$+")*#)3#,',%$'$3&'$'0%)*3/'F$'$,"$
U+#,%)*'2#1&"F$43%$#/#'$#).23%)+#'/$"1$,%1*#)"1$,%$*","1$'43%2%1$#&<2#+',"1A$
p$ Q;"$<",%&"1$%143%+%/$#73'2&%)*%$'$#&<"/*T)+#'$,%$M"7%/$6'1*#,%$)'$%L<2"/':;"$
,%11'1$ C")'1$ ,%$ +")*'*"A$ 53'1$ <%143#1'1$ +")1'7/','1$ D1$ /%2':?%1$ #)*%/G*)#+'1$
%$ '"1$ .%)N&%)"1$ /%2#7#"1"1$ './"8(/'1#2%#/"1$ ."/'&$ ,%+#1#0'1$ <'/'$ </"(2%&'*#C'/$
3&'$%*)"2"7#'$43%$</'*#+'0'$'$z13<%/1*#:;"$,"$</#&#*#0"{A$g%/$1"(/%$%1*%$'113)*"$
"1$*%L*"1$,"$+"2=43#"$1"(/%$M"7%/$6'1*#,%F$"+"//#,"$%&$W%/#1j82'85'22%$%&$^__I$
]Y'(3/*E%8i"2/'F^__paA$H"$&%1&"$&","F$);"$<",%&"1$)%72#7%)+#'/$'$+")*/#(3#:;"$
,%$VA$h%(%/$<'/'$'$+")1*/3:;"$,%$%)."43%1$&32*#8E#1*=/#+"1$%$<=18+"2")#'#1$+"&$
13'$*%1%$,'1$&P2*#<2'1$/'+#")'2#,',%1$,'$':;"$1"+#'2F$<%/&#*#),"$%)*%),%/$43%$'$
/%'2#,',%$G$+")1*#*3>,'$<"/$0@/#'1$2=7#+'1$43%$);"$1;"$/%,3*>0%#1$%)*/%$1#$]h%(%/F$
^_`_d$v'2(%/7F$IJ^JaA$

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

0da

*%=/#+"1A$U$</#&%#/"$/%,3+#")#1&"$</"+3/'$2#&#*'/$"$</"+%11"$+"2")#8
C',"/$)'$B&G/#+'$Y'*#)'$'$3&$%&</%%),#&%)*"$%+")N&#+"$%$%L<"/8
*',"/F$,%10#)+32',"$,"1$%2%&%)*"1$+32*3/'#1$%$E#1*=/#+"1$<'/*#+32'/%1A$
O1*'$ 2%#*3/'$ 2#&#*','$ ,'$ /%'2#,',%$ )%72#7%)+#'$ "$ 43%$ )"1$ %)1#)'/'&$
V'311$%$R"2')j#$1"(/%$'1$/%2':?%1$+"&<2%L'1$,'$%+")"&#'$+"&$"3*/'1$
,%*%/&#)':?%1$1"+#"2=7#+'1$%$')*/"<"2=7#+'1$%$*'&(G&$1"(/%$"$%)*%)8
,#&%)*"$,'$%+")"&#'$,%$&%/+',"$+"&"$3&$.'*"$+32*3/'2$E#1*"/#+'8
&%)*%$,%2#&#*',"C=$$B$'0%)*3/'$+"2")#C',"/'$);"$<",%$1%/$+"&</%8
%),#,'$ '<%)'1$ <%2'1$ '("/,'7%)1$ %+")N&#+'1$ */',#+#")'#1$ </"<"1*'1$
<%2'$1"+#"2"7#'$%3/"<%#'F$43%$*%&$</#0#2%7#',"$'1$,%*%/&#)':?%1$&%/8
+')*#2#1*'1$ )'$ "/7')#C':;"$ ,"$ </"+%11"$ ,%$ +"2")#C':;"A$ R"/G&F$ *'&8
(G&$G$#&<"/*')*%$);"$+'#/$%&$"3*/'$2%#*3/'$1#&<2#.#+','F$)'$43'2$1%$
13(1*#*3#$'$,%*%/&#)':;"$%+")N&#+'$<"/$43'243%/$"3*/'$,%*%/&#)':;"$
&")",#&%)1#")'2F$+"&"$G$"$+'1"$,"$%1*/3*3/'2#1&"$2G0#81*/'311#')"F$
43%$13(1*#*3#$"$,%*%/&#)#1&"$&'*%/#'2#1*'$<%2"$,%*%/&#)#1&"$+32*38
/'2$%$1#&(=2#+"A$i","$,%*%/&#)#1&"$*%),%$'"$%11%)+#'2#1&"F$)%72#7%)8
+#'),"$"$0'2"/$#)1*#*3#)*%$,'$':;"$E3&')'$"3$'1$z23*'1$,"1$E"&%)1{F$
*%/&"$31',"$<"/$WA$Y%."/*$)'$+/>*#+'$'$%1*/3*3/'2#1&"$'#),'$)"$')"$,%$
^_c^$]YO!UMiF$^_`_aA
U3*/"$ /%,3+#")#1&"$ #,%"2=7#+"$ /%</%1%)*'$ "$ &"&%)*"$ +"2")#C'8
,"/$+"&"$"$+")./")*"$%)*/%$3&'$+#0#2#C':;"$</%*%)1'&%)*%$'0'):'8
,'$%$3&'$1G/#%$,%$1"+#%,',%1$z1%20'7%)1{$%$#).%/#"/%1F$+39'1$#&'7%)1$
%L+#*'/'&$ "1$ </#&%#/"1$ +")43#1*',"/%1$ %$ '2#&%)*'/'&$ "$ #&'7#)@/#"$
%3/"+-)*/#+"$,3/')*%1$1G+32"1A$O1*%$/'+#"+>)#"$2%0'$D$+")+231;"$<%/8
0%/1'$1"(/%$'$3)#2'*%/'2#,',%$,'$&",%/)#,',%$43%$9@$,%)3)+#'&"1$)"$
#)>+#"$,"$'/*#7"F$'$1'(%/F$'$,%$43%$'$&",%/)#,',%$G$1%&</%$%3/"<%#'$
%$43%$'$."/&':;"$,'1$1"+#%,',%1$+"2")#'#1$."#F$1"(/%*3,"F$"$/%132*',"$
,#/%*"$,'$."/:'$+#0#2#C',"/'$,"1$+")43#1*',"/%1A$Q"$%)*')*"F$%1*'$+")8
+231;"$13<%/.#+#'2$);"$/%1#1*%$'"$+")./")*"$+"&$'$/%'2#,',%$%&<>/#+'$
43%$)"1$G$/%0%2','$<%2'1$)'//'*#0'1$,'$+"2")#C':;"A$Q'43%2%1$&"&%)8

c$ 5%73),"$ V'311$ ]^___a$ %$ R"2')j#$ ]^_ppaF$ '$ "<%/':;"$ &%/+',"2=7#+'$ G$ 1%&</%$


,%*%/&#)','$<"/$.'*"/%1$+32*3/'#1F$*')*"$)'1$1"+#%,',%1$*/',#+#")'#1F$43')*"$)'1$
1"+#%,',%1$&",%/)'1A

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

0S1

*"1$#)#+#'#1$,'$+"2")#C':;"$<2')%*@/#'F$."/'&$"(1%/0',"1$#&<'+*"1$1#78
)#.#+'*#0"1$,%$+'/@*%/$#)*%/+32*3/'2$%&$0@/#'1$<'/*%1$,"$72"("A$S1*"$G$
*%1*%&3)E',"F$<"/$%L%&<2"F$<"/$VA$5'E2#)1F$'"$,%1+/%0%/$"$+")*'*"$
%)*/%$ "1$ #)72%1%1$ +"&'),',"1$ <%2"$ W'<#*;"$ W""t$ %$ "1$ #),>7%)'1$ ,"$
Z'0'>$]5BZYSQ5F$IJJKaF$"3$<"/$iA$i","/"0F$%&$13'$')@2#1%$,"$+")8
./")*"$%)*/%$%1<')E=#1$%$<"<32':?%1$'&%/>),#'1$]iUHUMUgF$^_bbaA$
Q'$B&G/#+'$Y'*#)'F$'$."/:'$&#2#*'/$,"1$+")43#1*',"/%1$+%/*'&%)*%$
+")*/#(3#3$<'/'$'$./'7&%)*':;"$,"1$1#1*%&'1$1"+#'#1$2"+'#1F$#)+23#)8
,"$"1$,%$+#0#2#C':?%1$&'#1$'0'):','1F$+"&"$"1$'1*%+'1F$)"$VGL#+"F$
%$ "1$ #)+'1F$ )"$ R%/3A$ Q"$ %)*')*"F$ %11'$ ./'7&%)*':;"$ );"$ #&<2#+"3$
'3*"&'*#+'&%)*%$'$%2#&#)':;"$,"1$1#1*%&'1$1"+#'#1F$+32*3/'#1$%$/%2#8
7#"1"1$2"+'#1A$O1*%1$1"(/%0#0%/'&$,%$,#0%/1'1$&')%#/'1$'"1$#&<'+*"1$
+32*3/'#1$%$&#2#*'/%1$%L=7%)"1F$1%9'$<%2'$(31+'$,%$</%1%/0'/$"$%1<>8
/#*"$,'$*/',#:;"F$+"&"$"(1%/0'&"1$)"1$<"0"1$,"$'2*#<2')"$("2#0#'8
)"$%$<%/3')"F$1%9'$<"/$%L<%/#-)+#'1$1#)+/G*#+'1$%$E>(/#,'1F$43%$1;"$
('1*')*%$0#1>0%#1$)'1$&')#.%1*':?%1$'/*>1*#+'1$%$/%2#7#"1'1$%$)'1$*%+8
)"2"7#'1$,"$+3#,',"A$U$/%+")E%+#&%)*"$,"$0'2"/$<"2>*#+"$%$+32*3/'2$
,%1*'1$ /%':?%1$ G$ E"9%$ %L'2*',"$ )'$ %1+"2'$ +"2"&(#')'$ ,%$ 1"+#"2"7#'$
<"/$'3*"/%1$43%$</"<?%&$3&'$%+"1".#'$,'$1'(%,"/#'F$"3$1%9'F$"$</"8
<=1#*"$,%$/%<%)1'/$"$&3),"$,'$0#,'$'$<'/*#/$,'$0'2"/#C':;"$,'$.%1*'$
%$ ,'$ ,#11#,-)+#'$ %1*G*#+'F$ '1$ 43'#1$ /%11#7)#.#+'&$ '1$ ."/&'1$ 1"+#'#1$
+"2")#'#1$%&$)"0'1$23*'1$,'$+#,',')#'$]MO5iMORUF$IJ^JaA$
Q"$,%1%)0"20#&%)*"$,%1*%$'/*#7"$GF$%)*;"F$#&<"/*')*%$'</%1%)*'/$'1$
#)*%/</%*':?%1$*%=/#+'1$/%,3+#")#1*'1$<'/'$&%2E"/$+"&</%%),%/$'$)'*38
/%C'$+"&<2%L'$,'1$/%2':?%1$%)*/%$+'<#*'2#1&"$%$+"2")#C':;"F$%)*/%$2=8
7#+'$&%/+')*#2#1*'$%$2=7#+'$1#&(=2#+"8/%2#7#"1'$,'$,"&#)':;"$+"2")#'2A$
Q%1*'$,#/%:;"F$"(1%/0'&"1$43%$'1$/%'2#,',%1$,'1$C")'1$,%$+")*'*"1$."8
/'&$<'2+"1$,%$7%1*"1$,%$'&#C',%$/'<#,'&%)*%$13(1*#*3>,"1$<"/$7%1*"1$
,%$</"*%1*"1$%$,%$/%+31'$,"$"3*/"$%$0#+%80%/1'A$U3$1%9'F$1%$)3&$</#&%#/"$
&"&%)*"$ "$ &",%2"$ ,%$ ,"&#)':;"$ #&<2')*',"$ <%2"1$ +")43#1*',"/%1$
"(%,%+#'$'$3&'$<23/'2#,',%$,%$2=7#+'1F$)3&$1%73),"$&"&%)*"$%2'$1%$
,%1,"(/"3$%&$3&$&"0#&%)*"$,%$*%)1?%1$%$+").2#*"1F$/%0%2'),"$'$23*'$
<%2'$E%7%&")#'$,"$&",%2"$+/#1*;"8&%/+',"2=7#+"$%3/"<%3A$O&$13&'F$
'$+"2")#'2#,',%$%0"23#3$)'1$*%)1?%1$%)*/%$,@,#0'F$/%2#7#;"$%$&%/+',"A

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

0S2

B$,#.#+32,',%$,"1$%1*/')7%#/"1$%3/"<%31$%&$'+%#*'/$"1$/#*3'#1$1'8
+/#.#+#'#1$,'1$%*)#'1$2"+'#1$*%0%$13'$+")*/'<'/*#,'$E#1*=/#+'$)'1$/%1#18
*-)+#'1$%$)'1$*%)*'*#0'1$,%$</%1%/0'/$&%&=/#'1$%$*/',#:?%1A$R%143#1'1$
/%0%2'&$'$#&<"/*T)+#'$,'1$/%1#1*-)+#'1$<"2>*#+'1$%$+32*3/'#1$'"$<",%/$
+"2")#'2$<"/$<'/*%$,'1$<"<32':?%1$"/#7#)@/#'1$"3$','<*','1A$Q'$,')8
:'F$)'$&P1#+'F$)'$/%2#7#;"F$)'$</%1%/0':;"$,%$&%&=/#'1$"3$,%$/#*3'#1$
1%+/%*"1$%$+"&3)#*@/#"1$/%</",3C#,"1$%&$'2,%#'1$#),>7%)'1$"3$%&$')8
*#7"1$z43#2"&("1{$1%$"(1%/0'$'$</%1%):'$'*3'2#C','$,'$*/',#:;"$);"8
8"+#,%)*'2A$$H"$&%1&"$&","F$%+")"&#'1$);"$&")%*@/#'1$('1%','1$)'$
/%+#</"+#,',%$ %$ )'$ ,>0#,'F$ 43%$ %L#1*#'&$ ')*%1$ ,'$ +E%7','$ ,"1$ +")8
43#1*',"/%1F$ *'&(G&$ +")*#)3'&$ '$ 1%$ /%</",3C#/$ E"9%F$ +"&"$ &"1*/'$
O&>2#'$!%//'/"$'$<'/*#/$,"$+'1"$%43'*"/#')"$]!OMMBMUF$IJJpafA$
B$+"&<2%L#,',%$,%1*%$+")*%L*"$,"$<'+*"$.3),',"/$,"$</"+%11"$+"8
2")#'2$%L#7%F$'11#&F$'$',":;"$,%$3&'$<%/1<%+*#0'$*%=/#+'$&'#1$+"&<2%8
L'F$43%$.'+#2#*%$%)*%),%/$"1$/3&"1$,'1$&",%/)#,',%1$<%/#.G/#+'1$%)*/%$
"$#)*%/%11%$&%/+')*#2F$<"/$3&$2',"F$%$'$0'/#%,',%$,%$&"*#0"1$+32*3/'#1$
%$,%$/%':?%1$<"2>*#+'1$43%$%1*#0%/'&$</%1%)*%1$%$43%$1%$/%</",3C%&$
)'1$ C")'1$ ,%$ +")*'*"$ %$ )"1$ %1<':"1$ ,%$ */',3:;"$ 1%&#"2=7#+"1F$ <"/$
"3*/"A$ Q%1*%$ 1%)*#,"F$ %)*%),%&"1$ 43%$ '$ +/>*#+'$ <=18+"2")#'2$ 1%$ %)8
/#43%+%$+"&$"$,#@2"7"$&'#1$'&<2"$+"&$'$'("/,'7%&$')*#3*#2#*'/#1*'$
43%$137%/%$+")1#,%/'/$'$/%2':;"$%)*/%$&"*#0':?%1$%+")N&#+'1$%$);"$
%+")N&#+'1$]WBSYYo$%$WZBQSBYF$IJ^JaA$B$'11"+#':;"$,'$+/>*#+'$,%18
,%$"$Q"/*%$+"&$'43%2'$,%1,%$"$532$]VBMiSQ5F$IJ^Ia$.'+#2#*'$1%$."/8
&32'/%&$1"23:?%1$*%=/#+'1$#)*%/%11')*%1$<'/'$"$'2'/7'&%)*"$,'$('1%$
')'2>*#+'$,"$</"+%11"$,%$+"2")#'2#,',%A$B43#F$G$</%+#1"$2%&(/'/$43%$"$
<'/',#7&'$,'$,@,#0'$<%/&#*%$'$1>)*%1%$,%1*'1$'("/,'7%)1F$)'$&%,#,'$
%&$43%$.'+#2#*'$'$+"&</%%)1;"$,'$<23/'2#,',%$,%$&"*#0"1$<'/'$'$':;"$

f$ Q"$ +'&<"$ '+',-&#+"F$ <",%81%$ ,#C%/$ 43%$ '1$ #)*%/</%*':?%1$ 3*#2#*'/#1*'1$ %$


%+")N&#+'1$ /%1*/#*#0'1$ ,"$ </"+%11"$ +"2")#C',"/$ e$ '7/#+32*3/'$ ,%$ %L<"/*':;"F$
."/&':;"$,'$(3/"+/'+#'$+"2")#'2F$*/'('2E"$%1+/'0"F$%)*/%$"3*/"1$e$1;"$#&<"/*')*%1?$
&'1$&3#*"$2#&#*','1$<'/'$%L<2#+'/$'$+"&<2%L#,',%$,"$#&'7#)@/#"$1=+#"8E#1*=/#+"$
,'$ +"2")#C':;"A$ U1$ %1."/:"1$ ,%$ '+32*3/':;"$ ,"1$ 2"+'#1$ 1%&</%$ 7%/'/'&$ /%':?%1$
+")*/@/#'1$#&<"/*')*%1F$+"&"$0%&"1$E"9%$+"&$"1$&"0#&%)*"1$1"+#'#1$%$+32*3/'#1$
43%$43%1*#")'&$</".3),'&%)*%$"$%3/"+%)*/#1&"F$+"&"$"1$&"0#&%)*"1$#),>7%)'1$
%$'&(#%)*'2#1*'17

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

0S0

)'$</=</#'$,%1+/#:;"$,'$*/"+'$,%$(%)1$%$,'$+#/+32':;"$,%$"(9%*"1$43%$
+")1*#*3%&$"$z.'*"$1"+#'2$*"*'2{A$B11#&F$'$,@,#0'$'<'/%+%$+"&"$+%)*/'2$
<'/'$%1*'$/%0#1;"$*%=/#+'F$)'$&%,#,'$%&$43%$'93,'$'$/%11#*3'/$'$*/"+'$
&%/+')*#2$%&$3&$43',/"$,%$*/"+'$z*"*'2{$&'#1$2'/7"$%$/%7#,"$<"/$3&'$
1G/#%$,%$/'C?%1$43%$32*/'<'11'&$'$2=7#+'$%+")N&#+'$]VB\55F$^___aA$

U$<'/',#7&'$,'$,@,#0'$%$'$+/>*#+'$*%=/#+'$'"$%0%)*"$+"2")#'2

U$ <'/',#7&'$ &'311#')"$ ,'$ ,@,#0'$ ]XUH6U\i$ %$ WBSYYoF$ ^__Id$


WBSYYGF$IJJJF$IJJc$%$IJJ_d$XUH6U\iF$IJJJ$%$IJJ`d$VBMiSQ5F$IJJc$
%$IJJba$'<'/%+%$+"&"$3&'$'("/,'7%&$,%+#1#0'$<'/'$'$,%1+")1*/3:;"$
*%=/#+'$,"$<'+*"$+"2")#'2$%$<'/'$.'C%/$'0'):'/$'$+/>*#+'$,%1+"2")#'2A$U1$
%1*3,"1$1"(/%$'$,@,#0'$<%/&#*%&$ '$ "/7')#C':;"$ ,%$ 3&'$ '("/,'7%&$
*/')1,#1+#<2#)'/$,'$':;"$43%$)"1$2%0%$'$+")1#,%/'/$'$%&</%1'$+"2")#'2$
+"&"$ '27"$ &'#1$ +"&<2%L"$ 43%$ "$ 1#&<2%1$ #)*%/%11%$ &%/+')*#2#1*'A$ U$
<'/',#7&'$,'$,@,#0'$<%/&#*%$/%0%2'/$'1$+'/'+*%/>1*#+'1$,"$<'+*"$+"8
2")#'2$"/#7#)',"$'$<'/*#/$,"$+E"43%$%)*/%$"$#&'7#)@/#"$%3/"+-)*/#+"$
,"$ +")43#1*',"/$ %$ "$ #&'7#)@/#"$ +"1&"+-)*/#+"$ ,'1$ <"<32':?%1$ '38
*=+*")%1$%$/%0%2'F$*'&(G&F$'$#&<"/*T)+#'$,%1*%$<'+*"$<'/'$"$%)*%)8
,#&%)*"$,"$<=18+"2")#'2$E"9%A$R'/'$43%$'$,@,#0'$1%9'$#)*%7/','$+"&"$
3&'$ /%.%/-)+#'$ *%=/#+"8&%*","2=7#+'$ +%)*/'2$ )%1*%$ %1."/:"$ ,%$ %1+2'8
/%+#&%)*"$,'1$"/#7%)1$&>*#+'1$,'$+"2")#C':;"F$G$</%+#1"$,%&")1*/'/$
43%$"$<'+*"$+"2")#'2$'#),'$+")1*#*3#$3&'$0#"2-)+#'$%<#1*-&#+'$+")*/'$
'1$+32*3/'1$2"+'#1F$#),%<%),%)*%&%)*%$,"1$+")*%L*"1$E#1*=/#+"1$<'/*#8
+32'/%1A$O11'$0#"2-)+#'F$%L<2#+'$W'1*/"$X"&%1$]IJJcaF$G$'$)%7':;"$,'$
,#.%/%):'F$43%$."#$931*#.#+','$<"/$3&'$)"/&'$/%2#7#"1'$]"$(%&$+/#1*;"$
+")*/'$"$&'2$<'7;"a$%$3&'$)"/&'$%+")N&#+'$]"$#)*%/%11%$&%/+')*#2$%$
&")%*@/#"$+")*/'$'$%+")"&#'$,%$*/"+'$);"$&")%*@/#'aA$
U$1#1*%&'$,'$,@,#0'$0'2"/#C'$'$&"/'2$,"$#)*%/%11%$<'/'$'$0'2"/#C'8
:;"$,'$</@*#+'$1"+#'2F$&'1$"$#)1+/%0%$)3&$+'&<"$&'#1$'&<2"$,%$&"*#8
0':?%1$43%$#)+231#0%$#)+23%&$&","1$,#0%/1"1$,%$#)*%/%11%$]&'*%/#'#1F$
<"2>*#+"1F$ <1#+"2=7#+"1F$ %1<#/#*3'#1a$ %$ 1%)*#,"1$ *'&(G&$ 0'/#',"1$ ]#)8
*%/%11%$<"/$&#&$%$#)*%/%11%$<%2"$"3*/"aF$'&<2#'),"$"$%)*%),#&%)*"$
,"$</"+%11"$,%$'11"+#':;"A$O2'$%L<2#+'$43%$%1*'$/%,3:;"$1#1*%&@*#+'$

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

0S3

,'$</@*#+'$1"+#'2$'"$P)#+"$9"7"$,"$#)*%/%11%$3*#2#*@/#"$G$#)131*%)*@0%2F$
<"#1$*'2$/%,3+#")#1&"$,%#L'$%1+'<'/F$,%.#)#*#0'&%)*%F$"$%11%)+#'2$,'8
43#2"$43%$#&<"/*'$'"1$E3&')"1$9@$43%$zG$<"/43%$'1<#/'&$&'#1$'$1%/$
/%+")E%+#,"1$ 43%$ '$ '+3&32'/$ 43%$ "1$ E"&%)1$ );"$ 1;"$ /%,3*>0%#1$ D$
.#73/'$ 3*#2#*'/#1*'$ ,"$ 0#*#! 3$#+#*%$;/{$ ]WBSYYoF$ IJJ_r$ caA$ O1*'$ +'8
<'+#,',%$,%$+"&</%%),%/$43%$'$':;"$E3&')'$G$/%7#,'$<"/$,#0%/1'1$
,%*%/&#)':?%1$ <'/',"L'#1$ ]#)*%/%11%$ L$ ,%1#)*%/%11'&%)*"`$ %$ "(/#7'8
:;"$L$2#(%/,',%a$)"1$+")0#,'$'$0%/$)"$</"+%11"$+"2")#'2$3&$+'&<"$
'&<2#',"$,%$+")1*/3:;"$,#1+3/1#0'F$43%$+"&(#)'$.'*"/%1$%+")N&#+"1$
#&(/#+',"1$+"&$"3*/"1$+32*3/'#1$%$/%2#7#"1"1A$OF$'"$)"1$,%(/3:'/&"1$
1"(/%$"1$/#*3'#1$,"$<'+*"$.3),',"/F$<%/+%(%&"1$,%$#&%,#'*"$43%$'$,@8
,#0'$."#$'$+"),#:;"$)%+%11@/#'$<'/'$"/7')#C'/$"$+")*'*"$+32*3/'2$%)*/%$
"1$%3/"<%31$%$"1$<"0"1$"/#7#)@/#"1A$U1$,#0%/1"1$/#*3'#1$%1*'(%2%+#,"1$
)'1$C")'1$,%$+")*'*"$#)#+#'2&%)*%$.#73/',"1$<%2'1$*/"+'1$,%$.'+'1$%$
')C=#1$<"/$<%)'1$+"2"/#,'1$,%$<@11'/"1$*/"<#+'#1$"3$<"/$&#2E"$%$"38
*/"1$'2#&%)*"1F$."/'&$,%+#1#0"1$<'/'$1%$+/#'/$3&$%1<':"$,%$*/',3:;"$
,%$#,%#'1$%$,%$</"&":;"$,%$,#@2"7"$%)*/%$'1$<'/*%1A$V'1$'$/%0%2':;"$
,"1$/#*3'#1$1'+/#.#+#'#1$0%#"$'$+")1*#*3#/$&'#1$*'/,%$3&$#&<%,#&%)*"$
);"$ */',3C>0%2$ %)*/%$ "1$ ')*'7")#1*'1F$ '(/#),"$ "$ +'&#)E"$ <'/'$ '$ /%8
</%11;"$&#2#*'/$%$/%2#7#"1'$+"),3C#,'$<%2"1$+")43#1*',"/%1$+")*/'$'1$
<"<32':?%1$2"+'#1A$

`$ Q'$ '</%1%)*':;"$ ,"$ '/*#7"$ ,%$ BA$ W'#22GF$ #)*#*32',"$ zU$ H"&$ %)*/%$ S)*%/%11%$ %$
zH%1#)*%/%11'&%)*"{F$43%$."#$2'):',"$)'$+"2%*T)%'$R"2#.")#'$,"$H"&F$"/7')#C','$
<"/$ RA$ ZA$ V'/*#)1$ %$ MA$ W'&<"1$ ]O,#*"/'F$ ,'$ \!ROF$ IJJfaF$ "1$ "/7')#C',"/%1$
%L<2#+'&$ 9@$ )"$ /",'<G$ #)#+#'2$ 43%$ '$ <'2'0/'$ 6]/%+,]-3//3*3+,F$ %&$ ./')+-1F$
1#7)#.#+'$ ,%1</%),#&%)*"$ ,%$ *","$ #)*%/%11%$ <%11"'2A$ U1$ *%/&"1$ &'#1$ </=L#&"1$
<'/'$/%</%1%)*@82'$)"$<"/*373-1$1;"$'2*/3>1&"F$7%)%/"1#,',%$%$,%1</%),#&%)*"A$
B$ <'2'0/'$ ,%1#)*%/%11%F$ )"$ )"11"$ 0%/)@+32"F$ GF$ <"/G&F$ '&(>73'F$ <"#1$ *')*"$
1#7)#.#+'$,%1</%),#&%)*"$%$7%)%/"1#,',%$+"&"$.'2*'$,%$#)*%/%11%A$R'/'$+")*"/)'/$
'$ ,#.#+32,',%$ 43%$ 1%/#'$ 7%/','$ <"/$ %1*'$ P2*#&'$ #)*%/</%*':;"F$ )"1$ ,%./")*'&"1$
+"&$,3'1$'2*%/)'*#0'1r$3&'$,%2'1$31'/$'$<'2'0/'$,%1</%),#&%)*"$43%$1%$'</"L#&'$
,"$ 1%)*#,"$ "/#7#)'2$ ,"$ *%/&"F$ %&$ ./')+-1A$ V'1$ )%11%$ +'1"F$ <%/,%81%$ '27"$ 43%$ G$
.3),'&%)*'2$<'/'$1%$+"&</%%),%/$"$<%)1'&%)*"$)%"&'311#')"$,%$B2'#)$W'#22GF$
'$ 1'(%/F$ 43%$ %&("/'$ *'2$ ,%1</%),#&%)*"$ /%0%2%$ 3&'$ +%/*'$ %1<")*')%#,',%$
,%1#)*%/%11','F$%2%$+")*#)3'F$*",'0#'F$,%$'273&$&","$0#)+32',"$'"$#)*%/%11%$e$F$
);"$&'#1$'<%)'1$"$#)*%/%11%$%&$]#)1*/3&%)*'2aF$&'1$"$#)*%/%11%$<"/$]"3*/"aA$B11#&F$
<'/'$ </%1%/0'/$ "$ 1%)*#,"$ "/#7#)'2$ ,"$ *%/&"$ ,%+#,#&"1$ %&</%7'/$ "$ )%"2"7#1&"$
63/%+,3-3//(*3+,#K$,%$&","$'$<%/&#*#/$'"$2%#*"/$+"&</%%),%/$'$+'/7'$1%&T)*#+'$
,'$%L</%11;"$"/#7#)'2A

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

0Sd

U$<'/',#7&'$,'$,@,#0'$*%&$3&$<'<%2$#&<"/*')*%$)'$/%#)*%/</%*'8
:;"$,'1$&",%/)#,',%1F$3&'$0%C$43%$+")*/#(3#$<'/'$,%1*'+'/$"1$%2%8
&%)*"1$ 1#&(=2#+"1F$ $ '$ ,#0%/1#,',%$ ,"1$ &"*#0"1$ ,"$ +"&<"/*'&%)*"$
E3&')"$%$'$<23/'2#,',%$,%$/'+#")'2#,',%1$43%$#)*%/0#%/'&$)"$#&'7#8
)@/#"$+"2")#'2#1*'$%$43%$1%$/%</",3C%&$'#),'$E"9%A$B$'11"+#':;"$,"$
<'/',#7&'$,'$,@,#0'$+"&$'1$*%"/#'1$<=18+"2")#'#1$]VBMiSQ5F$IJ^Ja$
<%/&#*%$#73'2&%)*%$3&'$&'#"/$+"&</%%)1;"$*%=/#+'$,"$</"+%11"$+"8
2")#C',"/$)'$&%,#,'$%&$43%$,%1&'1+'/'$"$&#*"$,'$13<%/#"/#,',%$+328
*3/'2$,'$O3/"<'$]'20"$,'$+/>*#+'$<=18+"2")#'2a$%$"$&#*"$,'$')*%/#"/#,'8
,%$'(1"23*'$,'1$,%*%/&#)':?%1$%+")N&#+'1$)'$+"2")#C':;"$]'20"$,'$
+/>*#+'$')*#3*#2#*'/#1*'a$<'/'$/%0%2'/$%1*'$+"&<2%L#,',%$7%"<"2>*#+'$,"$
<')"/'&'$&3),#'2A$O1*'$'("/,'7%&$'93,'$'$%)*%),%/$+"&"$"1$<'+*"1$
,%$<",%/$%$,"&#)':;"$7%/'/'&$1%)*#&%)*"1$,%$#).%/#"/#,',%$%)*/%$"1$
<"0"1$"</#&#,"1$)'1$1"+#%,',%1$+"2")#'#1F$"1$43'#1$'#),'$E"9%$1%$/%8
</",3C%&$)'1$</@*#+'1$+32*3/'#1$,"1$13('2*%/)"1A$B$/%2%#*3/'$,"1$.'*"8
/%1$%+")N&#+"1$+"&$0'/#@0%#1$&'#1$'&<2'1F$*%),"$%&$+")*'$"1$.'*"/%1$
1#&(=2#+"1F$&"/'#1F$+32*3/'#1$%$/%2#7#"1"1F$'(/%$3&$)"0"$"2E'/$1"(/%$'$
)'*3/%C'$,"1$1#1*%&'1$,%$,"&#)':;"$+"2")#'#1$%$<=18+"2")#'#1F$*')*"$
)'$<%/1<%+*#0'$E#1*=/#+'$+"&"$1"+#"2=7#+'$%$')*/"<"2=7#+'A$O1*'$/%2%#8
*3/'$ %1+"),%$ *'&(G&$ +%/*"$ #)*%/%11%$ '/43%"2=7#+"F$ <"#1$ 1%$ */'*'$ ,%$
,%1%)*%//'/$"1$0%1*>7#"1$,"$</=</#"$&#*"$+"2")#'2$<'/'$/%0%2'/$'1$*/',#8
:?%1$43%$."/'&$<%/,#,'1F$'('),")','1$"3$/%</#&#,'1A
B$ ,%1+")1*/3:;"$ +/>*#+'$ ,'$ +32*3/'$ +'<#*'2#1*'$ %$ +"2")#'2$ /%43%/F$
<"/$+")1%73#)*%F$3&'$+"&</%%)1;"$&'#1$+"&<2%L'$*')*"$,%$13'$1#78
)#.#+':;"$#&'7#)@/#'$%$&"/'2$e$%1+"),#,'$<"/$*/@1$,"$,#1+3/1"$%+")N8
&#+"$]+/>*#+'$')*#3*#2#*'/#1*'a$eF$43')*"$,"1$&"*#0"1$43%$2%0'/'&$'1$1"8
+#%,',%1$"</#&#,'1$'$/%'7#/$<'/'$</%1%/0'/$13'1$&%&=/#'1$%$*/',#:?%1$
]+/>*#+'$<=18+"2")#'2aA$W%/*'&%)*%F$#11"$%L#7%$3&'$/%#)*%/</%*':;"$,"1$
'+")*%+#&%)*"1$ <'/'$ +'<*'/$ 1#7)"1$ %$ #)."/&':?%1$ 43%$ )"1$ <'/%:'&$
,%+#1#0"1$<'/'$"$%)*%),#&%)*"$,'$<'11'7%&$,%$3&$</#&%#/"$&"&%)8
*"$,%$1#&%*/#'$/%2'+#")'2$%$,%$/#*3'2#C':?%1$'&#7@0%#1$%)*/%$"1$7/3<"1$
')*'7")#1*'1$ <'/'$ 3&$ 1%73),"$ &"&%)*"$ '11#&G*/#+"F$ )"$ 43'2$ </"18
<%/'/'&$'1$73%//'1F$"1$%L*%/&>)#"1$%$'1$<"2>*#+'1$,%$13('2*%/)#C':;"A$
B11#&F$ 1%$ '$ 2=7#+'$ &%/+')*#2#1*'$ %L<2#+'$ '$ '&(#:;"$ &'*%/#'2#1*'$ ,"1$

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

0SS

%3/"<%31F$ %2'$ '(1"23*'&%)*%$ );"$ %1+2'/%+%$ '$ #)*%)1#,',%$ ,'$ 73%//'$


%$'$+/3%2,',%$,'$,"&#)':;"$%1+/'0'7#1*'$43%$1%$&'*%/#'2#C"3$%&$3&$
1%73),"$ &"&%)*"A$ B$ &%/+')*#2#C':;"$ );"$ %L<2#+'F$ <"/$ %L%&<2"F$ '1$
%L*/%&'1$,%1#73'2,',%1$1"+#'#1$,%$E"9%F$43%$&'1+'/'&$</%+")+%#*"1$
0'/#',"1$,%$%*)#'$%$7-)%/"A$B1$,%1#73'2,',%1$1"+#'#1$%$%+")N&#+'1$%18
+"),%&F$,%$.'*"F$,#1<"1#*#0"1$/'+#1*'1$+"2")#'#1$'*3'2#C',"1$<%2"$<"8
,%/$+"2")#'2$%$43%$(31+'&$1%<'/'/$"1$(/')+"1$,"1$);"$(/')+"1$])%7/"1$
%$<"0"1$"/#7#)@/#"1aA$Z@$,#1<"1#*#0"1$/'+#1*'1$43%$."/'&$"/7')#C',"1$
<'/'$0'2"/#C'/$%*)#+'&%)*%$"1$+")43#1*',"/%1F$'11#&$+"&"$E@$<"2>*#8
+'1$/%2#7#"1'1$,#1+/#&#)'*=/#'1$#&<2#+','1$%&$#&<"/$"$3)#0%/1'2#1&"$
,"$,%31$+/#1*;"$1"(/%$"3*/'1$,#0#),',%1$);"$+/#1*;1A$$
U$/'+#1&"$43%$931*#.#+'$'$,%1#73'2,',%$%+")N&#+'$%$1"+#'2$1%$/%0%2'$
<"/$3&'$'("/,'7%&$,%1+"2")#'2$e$,%1+")1*/3+#")#1*'$%$/%+")1*/3+#"8
)#1*'$)'1$<%/1<%+*#0'1$,'$*%"/#'$%$,'$</@*#+'$,'$,@,#0'$e$43%$'/*#+32'$
')*#3*#2#*'/#1&"$%$<=18+"2")#'2#1&"DA$o$</%+#1"$,%)3)+#'/$+"&$"1$*%=/#8
+"1$<=18+"2")#'#1$'$0#1;"$%L+%11#0'&%)*%$%3/"+-)*/#+'$,'$&",%/)#,'8
,%F$43%$+")*/#(3#$<'/'$)'*3/'2#C'/$'$,"&#)':;"$+"2")#'2$<%2'$E#%/'/43#'$
z/'+#'2{$43%$1%<'/"3$+"2")#C',"/%1$(/')+"1F$,%$3&$2',"F$%$+"2")#C',"1$
);"$(/')+"1F$,%$"3*/"E=$R"#1$%1*%$/'+#1&"$'93,"3F$%L<2#+'8)"1$k3#9')"$
]IJJcaF$'$.3),'/$'$,"&#)':;"$&%/+')*#2$%$&'/+"3$'$+"&<2%L#,',%$,"$

b$ OA$ Y'),%/$ %L<2#+'$ 43%$ "$ */'('2E"$ ,%$ ,%1+")1*/3:;"$ +")1*#*3#$ 3&$ %1."/:"$
%L*/'"/,#)@/#"$#)*/",3C#,"$<%2"1$*%=/#+"1$<=18+"2")#'#1$%&$,#0%/1"1$%1<':"1$%$'$
<'/*#/$,%$,#0%/1'1$<"11#(#2#,',%1$*%&@*#+'1r$'$+/>*#+'$.%&#)#1*'F$"1$/;8(&,3-+!/,;6%3/F$
'$ +/>*#+'$ './#+')'$ ,'$ &",%/)#,',%F$ '$ +/>*#+'$ 2'*#)"8'&%/#+')'$ ,'$ +"2")#'2#,',%F$
%)*/%$ "3*/"1$ ]Y'),%/F$ IJJcr$ IKaA$ B$ %1*'1$ *%"/#'1$ G$ </%+#1"$ 1"&'/$ '$ </",3:;"$ ,"$
VB\55$]V"0#&%)*"$B)*#8\*#2#*'/#1*'$)'1$W#-)+#'1$5"+#'#1aF$43%$."#$.3),',"$%&$
^_b^A$i'2$+/>*#+'$#)1<#/'$0'1*'&%)*%$'$+")1*/3:;"$,%1*%$*%L*"A
_$ Q%1*%$ 1%)*#,"F$ G$ </%+#1"$ )"*'/$ '$ %L#1*-)+#'$ ,%$ 3&'$ 1G/#%$ ,%$ <%143#1'1$ %&$
+3/1"$ )%1*%$ &"&%)*"F$ +39"$ "(9%*#0"$ G$ '$ ,%1)'*3/'2#C':;"$ ,"$ %3/"+%)*/#1&"A$ o$
#&<"/*')*%$+")1*'*'/$43%$&3#*'1$,%11'1$+/>*#+'1$1;"$</",3C#,'1$'$<'/*#/$,'$+/>*#+'$
*%=/#+'$ ,%$ ,#0%/1'1$ %L<%/#-)+#'1$ +"2")#C',"/'1$ +"&"$ '43%2'1$ ,'$ l1#'$ ]5'#,F$
^_`_d$ WE'*%/9%%F$ IJJbd$ 5<#0'tF$ IJJcaF$ ,'$ l./#+'$ ]V%&&#SF$ ^_bcd$ !')")F$ ^_fcd$
X#2/"jF$ ^__Ka$ %$ ,'$ B&G/#+'$ Y'*#)'$ ]5+E2"1(%/7F$ IJJpd$ Y'),%/F$ IJJcd$ k3#9')"F$
IJJcd$ O1+"('/F$ IJJbaF$ %)*/%$ "3*/'1A$ S11"$ G$ #&<"/*')*%$ '$ .#&$ ,%$ ,%1)'*3/'2#C'/$ '$
+/%):'F$<'/*#2E','$%)*/%$"1$%+")"&#1*'1$%$"1$1"+#=2"7"1$,'$&",%/)#C':;"F$,%$43%$
'$ %L<%/#-)+#'$ ,"$ +"2")#C',"/$ 1%/#'F$ <"/$ </#)+><#"F$ 13<%/#"/$ D1$ %L<%/#-)+#'1$ ,"1$
+"2")#C',"1A$O11'1$)"0'1$*%"/#C':?%1$%1*;"$*/'C%),"$3&$)"0"$%)*%),#&%)*"$,'$
&",%/)#,',%$%$,'$/%2':;"$%)*/%$+'<#*'2#1&"$%$+"2")#'2#1&"F$"$43%$G$#&<"/*')*%$
<'/'$"$'</".3),'&%)*"$,'$+/>*#+'$,"$+'<#*'2#1&"$+"&"$&",%2"$+32*3/'2$%$&"/'2A

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

0Sg

</"+%11"$+"2")#'2F$'$43'2$,#.#+#2&%)*%$<",%$1%/$%L<2#+','$<%2"1$&",%8
2"1$'(1*/'*"1$,"1$%+")"&#1*'1$%$1"+#=2"7"1$,'$&",%/)#C':;"A$o$</%+#1"$
+")1#,%/'/F$ +"&$ "1$ ')*#3*#2#*'/#1*'1F$ 43%$ '$ +/>*#+'$ ,"$ +'<#*'2#1&"$ );"$
,%0%$2#&#*'/81%$D$,%)P)+#'$,'$1#&<2#.#+':;"$,'$/'+#")'2#,',%$3*#2#*'/#18
*'$%$+'2+32#1*'$0"2*','$<'/'$"$</"+%11"$&%/+')*#2A$
U$%)*%),#&%)*"$,'$+"&<2%L#,',%$,'1$&P2*#<2'1$&",%/)#,',%1$)'18
+#,'1$,"$+")*'*"$%)*/%$%3/"<%31$%$);"$%3/"<%31$%L#7%$43%$1%$#)*%7/%$3&'$
+/>*#+'$&"/'2$#&<"/*')*%$,'$2=7#+'$,'$'+3&32':;"$+'<#*'2#1*'F$,%$&","$
'$1%$/%0%2'/$"1$&%+')#1&"1$<'*"2=7#+"1$43%$%1*;"$</%1%)*%1$)'$&%)*'2#8
,',%$,"$E"&%&$%7">1*'A$R'/'$%11%1$'3*"/%1F$'$+/>*#+'$')*#+'<#*'2#1*'$,%0%$
+"&%:'/$'$<'/*#/$,"$#)*%/#"/F$,%1,%$1%31$.3),'&%)*"1$&"/'#1$%$#,%"2=7#8
+"1$3*#2#*'/#1*'1A$B11#&F$'$*%"/#'$')*#3*#2#*'/#1*'$,'$':;"$'0'):'$%&$0@/#'1$
,#/%:?%1$<'/'$#23&#)'/F$'$<'/*#/$,'$+/>*#+'$&"/'2$,"$+'<#*'2#1&"F$'1<%+*"1$
#&<"/*')*%1$,'1$1"+#%,',%1$&",%/)'1$/%2'+#")',"1$D1$&"*#0':?%1$"(9%8
*#0'1$%$13(9%*#0'1$<'/'$'$':;"A$i'#1$&"*#0':?%1$'*/'0%11'&$#73'2&%)*%$"1$
<2')"1$,"$*/'('2E"F$,'$"/7')#C':;"$.'(/#2F$,'$(3/"+/'+#'F$,'$.'&>2#'F$,'$
<"2>*#+'F$,'$/%2#7#;"F$%)*/%$"3*/"1$]WZBQSBYF$IJJbaA$
B$*%"/#'$')*#3*#2#*'/#1*'$,'$':;"F$#)1<#/','$)'$,@,#0'$%$*'&(G&$/%8
."/:','$<%2"$%)*%),#&%)*"$,'$/%'2#,',%$%)43')*"$3&$%&'/')E',"$,%$
&P2*#<2'1$+")%L?%1$+'31'#1$43%$%L#7%&$3&$#)*%/&#)@0%2$*/'('2E"$,%$
&",%2'7%&$,'1$/'+#")'2#,',%1$]h%(%/F$^_`_d$v'2(%/7F$IJ^JaF$<%/&#*%$
0#13'2#C'/$ '$ +"&<2%L#,',%$ ,'1$ */"+'1$ ,%$ (%)1$ 1#&(=2#+"1$ %$ &'*%/#'#1$
%)*/%$ "1$ +")43#1*',"/%1$ %$ '1$ <"<32':?%1$ 2"+'#1A$ O2'$ .'+#2#*'$ %L<2#+'/$
+"&"$%11'1$*/"+'1$%0"23>/'&$%&$,3'1$,#/%:?%1r$,%$3&$2',"F$'$/%<321;"$
D$,@,#0'$+"&3)#*@/#'$1'+/#.#+#'2$43%$+"&<3)E'$'$0#,'$%1<#/#*3'2$,"1$
'&%/>),#"1d$ ,%$ "3*/"$ 2',"F$ '$ %&')+#<':;"$ ,'$ ,@,#0'$ <'*/#&")#'2#1*'$
#)1<#/','$)'$*/',#:;"$.%3,'2#1*'$%3/"<%#'F$43%$."#$'$('1%$,"$O1*',"$+"8
2")#'2$43%$1%$"/7')#C"3$'"$2")7"$,"$</"+%11"$+"2")#'2A$
U$<%)1'&%)*"$+/>*#+"F$<=18+"2")#'2$%$')*#3*#2#*'/#1*'F$+%)*/',"$)'$,@8
,#0'F$*%&$43%$+")1#,%/'/$"1$%2%&%)*"1$%L*%/)"1$%$#)*%/)"1$,"$<'+*"$+"8
2")#'2$<'/'$%&')+#<'/$13'$+/>*#+'$&"/'2A$H%0%$+")1#,%/'/$'1$+")%L?%1$
%)*/%$"1$.'*"/%1$E#1*=/#+"1F$2#)73>1*#+"1F$/%2#7#"1"1$%$+32*3/'#1$43%$+")8
,#+#")'/'&$'$+"2")#C':;"$+"&"$3&$'+")*%+#&%)*"$E#1*=/#+"$%$72"('2#8
C',"F$+"&$3&'$0'/#%,',%$,%$'//')9"1$43%$%L<2#+'&$'1$&P2*#<2'1$.'+%1$

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

0S]

,'$&",%/)#,',%A$O1*%$%)*%),#&%)*"$63/$#&#+%(&$,'1$<'/*#+32'/#,',%1$
,"$+E"43%$+32*3/'2F$%+")N&#+"$%$&#2#*'/$,"$<",%/$+"2")#C',"/$1"(/%$'$
+")1*#*3#:;"$%1<%+>.#+'$,%$+','$1"+#%,',%$+"2")#'2$G$.3),'&%)*'2$<'/'$
1#)'2#C'/$"$+'/@*%/$'3*"/#*@/#"$,"1$<'+*"1$ ,%$ <",%/$ %1*'(%2%+#,"1$ %$ '1$
+'/'+*%/>1*#+'1$,'1$/%':?%1$')*#+"2")#'#1$,3/')*%$"$</"+%11"$,%$"+#,%)8
*'2#C':;"$,"$&3),"F$,%1,%$"$#)>+#"$%$'*G$E"9%A$
B11#&F$'2G&$,'$(31+'$,%1%)./%','$,"$+'<#*'2#1&"$&%/+')*#2$<"/$
/#43%C'1$)'*3/'#1$e$"3/"F$</'*'$%$&',%#/'$eF$0%/#.#+"381%F$#73'2&%)8
*%F$)"$<2')"$,'$13(9%*#0#,',%$3&$</"7/%11#0"$</"+%11"$,%$)%7':;"$
/',#+'2$ ,'$ +"),#:;"$ E3&')'$ ,"1$ #),>7%)'1$ <%2"1$ +")43#1*',"/%1F$
1%),"$%1*'$'$('1%$,'$%&%/7-)+#'$,%$3&$<",%/$'3*"/#*@/#"$+"2")#'2A$
B1$ /%2#7#"1#,',%1$ ,"$ U3*/"$ ."/'&$ </"7/%11#0'&%)*%$ /%+31','1$ <"/$
,#0%/1'1$/'C?%1F$1%),"$3&'$,'1$&'#1$#&<"/*')*%1$'$/%+31'$,"1$%38
/"<%31$D$</%1%):'$,'$,@,#0'$1'+/#.#+#'2$E3&')'$%$,"$+')#('2#1&"A$
B$ /%9%#:;"$ /',#+'2$ ,"$ U3*/"$ )'$ B&G/#+'$ Y'*#)'$ e$ 1"(/%*3,"$ <"0"1$
"/#7#)@/#"1$%$'./#+')"1$','<*',"1$e$."#$'$+"),#:;"$<'/'$"$13/7#&%)*"$
,'43#2"$43%$k3#9')"$+E'&"3$,%$z+"2")#'2#,',%$,"$<",%/{F$"3$1%9'F$
3&'$0#"2-)+#'$%<#1*-&#+'$P*#2$<'/'$'$"/7')#C':;"$,%$3&'$E#%/'/43#'$
,%$ ,"&#)':;"$ '"$ &%1&"$ *%&<"$ /%2#7#"1'$ %$ &%/+')*#2#1*'A$ B*/'0G1$
,%11'$E#%/'/43#'F$"1$&",%/)"1$%3/"<%31$</"&"0%/'&$'1$,#.%/%):'1$
/'+#'#1$ %)*/%$ %3/"<%31F$ )%7/"1F$ >),#"1$ %$ &%1*#:"1$ ]k3#9')"F$ IJJcr$
IIbaF$,#1*#)73#),"$%)*/%$%2%#*"1$%$13('2*%/)"1F$%1+/'0"1$%$);"$%1+/'8
0"1A$B"$&%1&"$*%&<"F$%1*'0'&$2'):','1$'1$('1%1$<'/'$"3*/"1$</"8
+%11"1$,%$*/',3:;"$,"$&",%/)"F$43%$<'11'0'&$'$#)+23#/$"$,#.%/%)*%F$
"$ %L+%,%)*%F$ "$ ('//"+"F$ /%0%2',"1$ <%2"$ <23/'2#1&"$ /%2#7#"1"F$ <%2'1$
/%1#1*-)+#'1$ +32*3/'#1F$ <%2'1$ &%&=/#'1$ %$ 1'3,',%1$ 43%$ &'/+'&$ '1$
&",%/)#,',%1$<%/#.G/#+'1A$

U/#7%)1$,'$&",%/)#,',%$)'$B&G/#+'$Y'*#)'r$%)*/%$,@,#8
0'1$%$')*#8,@,#0'1

U$&"&%)*"$,'$+")43#1*'$G$+%)*/'2$<'/'$'$+"&</%%)1;"$,"1$*/':"1$
+'/'+*%/>1*#+"1$,"$<'+*"$.3),',"/$,'$+"2")#C':;"F$<'/*#+32'/&%)*%$'1$
%L<%+*'*#0'1$%$"1$1%)*#&%)*"1$,"1$</"*'7")#1*'1$,'1$C")'1$,%$+")*'*"A$

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

0S`

U1$/%2'*"1$,'$G<"+'$/%0%2'&$43%$'$'&(#:;"$&%/+')*#2#1*'$1%$931*#.#+'0'$
)'$+/%):'$/%2#7#"1'$%$'$%L<%+*'*#0'$,%$/%,%1+"(%/*'$,"$<'/'>1"$<%/,#,"$
%/'$'27"$43%$#).2'&'0'$"1$1")E"1$,"1$+")43#1*',"/%1A$B11#&F$"$*%/&"!
+#B(/!~+6%(/K!<"/$%L%&<2"F$);"$G$)%3*/"F$/%0%2'),"$'$#&<"/*T)+#'$,'$
&%*@."/'$z),#'{$)"$#&'7#)@/#"$&%/+')*#2#1*'F$&#2#*'/$%$/%2#7#"1"$%3/"8
<%3A$B$'(%/*3/'$,%$)"0'1$/"*'1$<%2"$"%1*%$<'/%+#'$,%+#1#0'$<'/'$%)+3/8
*'/$"$+'&#)E"$'*G$'$),#'$%$1%3$#&'7#)@/#"$,%$%1<%+#'/#'1A$Q%1*%$+")8
*%L*"F$'$<'2'0/'$Y-(/%&$G$'$1>)*%1%$,%$3&'$%L<%+*'*#0'$&>*#+'$('1*')*%$
."/*%$%)*/%$"1$)'0%7',"/%1$,'$G<"+'FGF$%$43%$%/'$3&$&"*#0"$#&<"/*')8
*%$<'/'$0#'9'/$<"/$/%7#?%1$,%1+")E%+#,'1A$R",%&"1F$'11#&F$</"<"/$43%$
"1$ +")*"/)"1$ ,"$ <'+*"$ +"2")#'2$ ."/'&$ */':',"1$ %&$ ,"#1$ &"&%)*"1A$
S)#+#'2&%)*%F$"1$+")43#1*',"/%1$%$"1$)'*#0"1$.#C%/'&$+#/+32'/$</%1%)*%1$
,%$."/&'$/%+></"+'A$O&$3&'$1%73),'$%*'<'F$"1$+")43#1*',"/%1$/%</#&#8
/'&$%$/%9%#*'/'&$'1$+32*3/'1$%$'1$+"&3)#,',%1$2"+'#1A

R/#&%#/"$&"&%)*"$,"$<'+*"$#)1*#*3#)*%$,'$&",%/)#,',%$
<%/#.G/#+'r$',&#/':;"$%$<%/<2%L#,',%

B1$,#.%/%):'1$")*"2=7#+'1$%)*/%$"1$#&'7#)@/#"1$'&%/>),#"$%$%3/"8
<%3$."/'&$&#)#&#C','1$%&$3&$</#&%#/"$&"&%)*"$<%2"$.'1+>)#"$,'$
)"0#,',%$%$<%2'$)%+%11#,',%$,%$%1*'(%2%+%/$'1$('1%1$,'$)"0'$C")'$,%$
./")*%#/'A$V'1$%1*%$.'1+>)#"$9@$%/'F$%2%$</=</#"F$'$</#&%#/'$%L</%11;"$
,%$3&$+E"43%$+32*3/'2$43%$1%/#'$1%73#,"$<"/$0@/#"1$"3*/"1A$Q%1*'$</#8
&%#/'$.'1%F$"1$+")43#1*',"/%1$'+/%,#*'0'&$)'$/%,%1+"(%/*'$,"$<'/'>1"$

^J$ $ B$ <'2'0/'$ Y-(S%&$ "+32*'$ '$ </%1%):'$ ,%$ 3&$ &#*"$ &3#*"$ ,#.3),#,"$ D$ G<"+'$ ,'$
</G8+"2")#C':;"$ %$ 43%$ %0"+'$ '$ %L#1*-)+#'$ ,%$ 3&$ &3),"$ (%&8'0%)*3/',"A$ B1$
*/',#:?%1$.%)>+#'1$%$#/2'),%1'1$*#)E'&$+")1'7/',"$'$%L#1*-)+#'$,'1$#2E'1$,'$6%&8
'0%)*3/'):'F$43%$1%$%)+")*/'/#'&$'$"%1*%$,"$&3),"$+")E%+#,"A$U1$.%)>+#"1$'1$
+E'&'0'&$Y-((S!%$"1$&")7%1$#/2'),%1%1F$QF!Y-(S%&!]WE'3>F$IJJJaA$!O)*/%$^KIc$
%$^pbKF$"1$&'<'1$/%7#1*/'0'&$'$)+/;&&(!63!Y-(S%&!'$"%1*%$,"1$B:"/%1A$B$+'/*'$,%$
R%/"$g'C$,%$W'&#)E'$'"$/%#$,%$R"/*37'2$43'),"$,'$+E%7','$,'$./"*'$+"&'),','$
<"/$ R%,/"$ l20'/%1$ W'(/'2$ %&$ ^cJJ$ /%.2%*%$ %1*%$ +2#&'$ ,%$ ',&#/':;"$ )'*3/'2#1*'$
'11"+#',"$D$'&(#:;"$&%/+')*#2#1*'$,"1$+")43#1*',"/%1r$zg#1*'$,%1,%$"$&'/F$%1*'$
*%//'$)"1$<'/%+%$&3#*"$7/'),%$%$G$+E%#'$,%$.2"/%1*'1A$Q%1*'$*%//'F$);"$<",%&"1$
1'(%/$'#),'$1%$E@$"3/"F$</'*'$"3$43'243%/$"3*/'$+"#1'$,%$&%*'2$"3$,%$.%//"A$V'1$'$
*%//'$<'/%+%$*%/$3&$+2#&'$'7/',@0%2$+"&$0%)*"1$./#"1$%$*%&<%/',"1$+"&"$'43%2%1$
,%$O)*/%8H"3/"$%$V#)E"{$]WB5iMUF$IJJ_r$^^caA$

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

0Sa

+/#1*;"$<%/,#,"F$%$"1$#),>7%)'1F$+"&$13'$)3,%C$%$%1<")*')%#,',%F$1%$
%)43',/'0'&$<%/.%#*'&%)*%$)"$&#*"$"/#7#)'2FFA
B$<%/<2%L#,',%$%1*'0'$<"/$*",'$<'/*%$)"1$</#&%#/"1$+")*'*"1$,"1$
0#'9')*%1$+"&$"1$)'*#0"1A$U1$/%2'*"1$,'$+E%7','$,"1$<"/*373%1%1$'"$
6/'1#2$+").#/&'&$'$',&#/':;"$,"1$&%1&"1$<%2"$'&(#%)*%$<'/',#1>'8
+"$%&$43%$%1*%1$<"0"1$#),>7%)'1$0#0#'&A$B$'&(#:;"$+'<#*'2#1*'$%$"$%18
<>/#*"$&#2#*'/$1%$&#1*3/'0'&$'"$1%)*#&%)*"$/%2#7#"1"F?A$U$%1+/#0;"$,"$
/%#F$R%/"$g'C$,%$W'&#)E'F$43%$%1*'0'$)'$./"*'$,%$R%,/"$l20'/%1$W'(/'2F$
43%$+E%7"3$'$R"/*"$5%73/"$%&$^cJJF$%L+2'&"3r$z%2%1$);"$1;"$+#/+3)8
+#,',"1F$&'1$'<%1'/$,#11"$%2%1$1;"$+"&"$)=1{$]WB5iMUF$IJJ_r$_`aA$
Q%11%1$ &"&%)*"1$ #)#+#'#1F$ '1$ 7%)%/"1#,',%1$ %1+"),#'&$ %L<%+*'*#8
0'1$,#0%/1'1A$U$#&<%/',"/$V")*%C3&'F$)"$VGL#+"F$<"/$%L%&<2"F$*#)E'$
1%)*#&%)*"1$('1*')*%$'&(#0'2%)*%1$%&$/%2':;"$'"1$/%+G&8+E%7',"1A$R"/$
3&$2',"F$%2%$*%&#'$'$'&%':'$,%1*%$'+")*%+#&%)*"d$<"/$"3*/"$2',"F$%2%$
"1$1'3,'0'F$<"/43%$'$*/',#:;"$.'2'0'$,"$/%*"/)"$,"$')*#7"$/%#$k3%*C'28
+='*2$]VBZQ8YUiF$^__Jr$Kpa^KA$ U1$</=</#"1$%3/"<%31$*%&#'&$'$%L<%8
/#-)+#'$,"$,%1+")E%+#,"A$O/'$</%+#1"$1%/$</3,%)*%$e$,"$<")*"$,%$0#1*'$
&#2#*'/$e$%$/%1<%#*"1"$e$,"$<")*"$,%$0#1*'$,"1$1%)*#&%)*"1$+/#1*;"1$.'+%$
D$,%1+"(%/*'$,"$<'/'>1"A$H#0%/1"1$/%7#1*/"1$/%2'*'&$%1*'$,%1+"(%/*'A$
Q"$+'1"$(/'1#2%#/"F$R%/"$g'C$,%$W'&#)E'F$%1+/#0;"$,"$/%#$,%$R"/*37'2F$
13(2#)E'$ 43%F$ 43'),"$ "1$ <"/*373%1%1$ '*/'0%11'/'&$ 3&$ /#"$ ]%&$ 3&'$
</'#'$'"$132$,"$'*3'2$%1*',"$,'$6'E#'aF$"1$'3*=+*")%1$1%$&#1*3/'/'&$'$
%2%1$,%$3&'$."/&'$&3#*"$)'*3/'2A$zO)*;"$%2%1$]"1$<"0"1$2"+'#1a$".%/%8
+#'&$'/+"1$%$.2%+E'1$%$&')#.%1*'0'&$1%3$,%1%9"$<%2"1$+'<3C%1$,%$2#)E"$
"3$<"/$43'243%/$"3*/'$+"#1'$'$1%/$,','{F$,#C$%2%$]W'1*/"F$IJJ_r$^J^aA$H%$

^^$ !H#0%/1'1$0%C%1F$"$#&<%/',"/$'1*%+'$V")*%C3&'$%)0#"3$1%31$/%</%1%)*')*%1$'"1$
%1<')E=#1$ ,%$ W"/*GC$ <'/'$ 2E%1$ ".%/%+%/$ </%1%)*%1$ %$ '11#&$ 2E%1$ <%/73)*'/$ 1%$ "1$
%1*/')7%#/"1$ %/'&$ '$ %)+'/)':;"$ ,%$ k3%*C'2+='*2F$ +39"$ /%*"/)"$ %/'$ %1<%/'),"$
,%1,%$*%&<"1$#&%&"/#@0%#1$]V'E)8Y"*F$^__Jr$KpaA
^I$ !R%/"$g'C$,%$W'&#)E'$+")*'$43%$'1$<%11"'1$%/'&$*;"$#)"+%)*%1$%$,%1<#,'1$,%$+/%):'1F$
43%$1%$<",%/#'$/'<#,'&%)*%$+")0%/*-82"1$'"$+/#1*#')#1&"$1%$'</%),-11%&"1$13'$
2>)73'$]W'1*/"F$IJJ_r^^^a$
^K$ !O1*'$+/N)#+'$1"(/%$"$/%*"/)"$,"1$,%31%1$*'&(G&$."#$"(1%/0','$)"$+'1"$,'$+E%7','$
,"1$#)72%1%1$'"$Z'0'>A$U$+'<#*;"$W""t$."#$#)#+#'2&%)*%$1'3,',"$+"&"$3&$,%31$
')+%1*/'2$'"1$"2E"1$,"1$/%2#7#"1"1$2"+'#1$]5'E2#)1F$IJJKr$^JaA$H%<"#1F$<'11"3$'$1%/$
43%1*#")',"$%)*/'),"$%&$+").2#*"1$43%$"$2%0'/'&$D$&"/*%A

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

0g1

13'$ <'/*%F$ "$ E"2'),-1$ Z')1$ 5*',%)$ 2%&(/'$ 43%$ "1$ >),#"1$ */"3L%/'&$
&3#*"1$'2#&%)*"1F$</",3*"1$,%$+':'$%$<%1+'F$43%$%2%1$*/"+'/'&$<"/$')8
C=#1$]ZBQ5$5iBHOQF$IJJ_r$c^aA$Q"$+'1"$,"$VGL#+"F$"1$E#1*"/#',"/%1$
+").#/&'&$%0%)*"1$1#&#2'/%1A$U$#&<%/',"/$V")*%C3&'F$<"/$%L%&<2"F$
%)0#"3F$,#0%/1'1$0%C%1F$%&#11@/#"1$+"&$</%1%)*%1F$%1<%+#'2&%)*%$9"#'1F$
'"1$+")43#1*',"/%1$%1<')E=#1$%$<%,#3$'$1%31$'/*#1*'1$<'/'$.'C%/%&$/%8
*/'*"1$,"1$)'0#"1$%$,"1$&'/#)E%#/"1$]VBZQ8YUiF$^__Jr$K^8KKaA$
Q"$ %)*')*"F$ D$ &%,#,'$ 43%$ "1$ /#*3'#1$ /%2#7#"1"1$ #),>7%)'1$ ."/'&$
1%),"$,%10%),',"1F$"1$%3/"<%31$<'11'/'&$,'$1#&<'*#'$D$')*#<'*#'F$,'$
,@,#0'$D$')*#,@,#0'F$,'$</%13&#,'$#)"+-)+#'$'"$+"),%)@0%2$z<%+',"$
&"/*'2{A$H%$.'*"F$'$(>(2#'$,%$s%/31'2G&$)"1$%L<2#+'$43%$1%$#)#+#'2&%)*%$
E"30%$3&$%1*',"$,%$#)"+-)+#'$"/#7#)'2F$%1*%$."#$0#"2',"$<%2"$<%+',"F$
"$43%$."#$<3)#,"$<%2"$,%31$+"2G/#+"A$B$,%1+"(%/*'$,"1$/#*3'#1$,%$1'+/#.>8
+#"$,"1$'&%/>),#"1$<'/%+%3$+").#/&'/$%1*'$E#<=*%1%F$%$3&$,"1$.'*"1$43%$
&'#1$+")*/#(3>/'&$<'/'$')32'/$'$#&'7%&$<'/',#1>'+'$."#$"$+')#('2#1&"F$
43%$G$&'#1$+")E%+#,"$+"&"$')*/"<".'7#'A$O1*%$/#*3'2$,%$,%0"/':;"$,"$
+"/<"$E3&')"$."#$"(1%/0',"$%&$,#0%/1"1$237'/%1F$+"&"$%)*/%$"1$6#)8
,%/n3/1$,'$),#'$!"#$%&'F$"1$R'<3'$,'$Q"0'$X3#)G$%$%&$0@/#'1$*/#("1$
,"$)"0"$+")*#)%)*%$'&%/#+')"A$o$3&'$</@*#+'$&3#*"$')*#7'$)'$E#1*=/#'$
,'$E3&')#,',%A$B2#@1F$'$,%0"/':;"$,'$+'/)%$E3&')'$"3$);"$E3&')'$
);"$ %/'$ '27"$ <'/*#+32'/$ '"1$ '&%/>),#"1A$ X"j'F$ )"$ 1%3$ +G2%(/%$ 43',/"$
z5'*3/)"$,%0"/'),"$'$3)$E#9"{F$/%2%&(/'$%1*'$*/',#:;"$&>*#+'$7/%7'$%&$
43%$WE/")"1$]5'*3/)"$)'$*/',#:;"$/"&')'aF$+/#',"/$,"$*%&<"F$,%0"/'8
0'$1%31$.#2E"1F$+3&</#),"$'11#&$'$.3):;"$1#&(=2#+'$,'$,%0"/':;"$,%$
*3,"$43%$%L#1*%F$#)+231#0%$"$1%/$E3&')"F$<%2"$*%&<"FBA

^p$ !W%/*'&%)*%$*",'1$'1$."/&'1$,%$+')#('2#1&"$%$*'&(G&$,%$,%0"/':;"$,%$1%/%1$0#0"1$
,%0%/#'&$1%/$#)*%/,#*','1F$.'0"/%+%),"$3&'$+32*3/'$&'#1$%+"2=7#+'A$S).%2#C&%)*%F$
'$ +32*3/'$ 7'1*/")N&#+'$ %3/"<%#'$ +")*/#(3#3$ <'/'$ )'*3/'2#C'/$ '$ ,%0"/':;"$ '$ *'2$
)>0%2$43%$E"9%$.#+'$,#.>+#2$1%$%)+")*/'/$/%1*'3/')*%1$0%7%*'/#')"1A$R"/G&F$)"$43%$
,#C$ /%1<%#*"$ D$ 43%1*;"$ ,"$ +')#('2#1&"$ 1'+/#.#+#'2$ #),>7%)'F$ "$ 43%$ #)*/#7'$ );"$ G$
1"&%)*%$ '$ /%':;"$ ')*#+')#('2#1*'F$ &'1$ '$ '*#*3,%$ '3*"/#*@/#'$ %$ /%'+#")@/#'$ ,"1$
+"2")#C',"/%1$ .'+%$ D1$ +32*3/'1$ 2"+'#1A$ O2%1$ '*'+'/'&$ %$ /%9%#*'/'&$ ."/*%&%)*%$
'1$ */',#:?%1$ +32*3/'#1$ #),>7%)'1$ %&$ )"&%$ ,"$ ,%31$ +/#1*;"F$ %$ '$ /%+31'$ ,"$ ,"&$
1'+/#.#+#'2$,%3$237'/$'$3&$&'11'+/%$&#2#*'/$%$'$3&'$/%</%11;"$/%2#7#"1'$,%$7/'),%1$
</"<"/:?%1A$Q;"$<",%&"1$&#)#&#C'/$%1*%$.'*"F$<"#1$%1*'$/%9%#:;"$%1*@$)'$('1%$,'$
+32*3/'$1%+32'/$,'$E3&#2E':;"$,%11'1$)':?%1$%$*'&(G&$%&$/%':?%1$+32*3/'#1$%$
<"2>*#+'1$#&<"/*')*%1$)%1*%$&"&%)*"$)"$+")*#)%)*%$2'*#)"8'&%/#+')"A

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

0g2

U$ +/#1*#')#1&"$ 13(1*#*3#3$ "$ 1'+/#.>+#"$ E3&')"$ <%2"$ 1'+/#.>+#"$ ,%$


')#&'#1F$+"&"$0%&"1$)'1$)'//'*#0'1$,%$V"#1G1$%F$&'#1$',#')*%F$"$%2%8
&%)*"$1'+/#.#+#'2F$)'$*/',#:;"$+'*=2#+'F$<'11"3$'$1%/$/%</%1%)*',"$<%2"$
31"$,"$0#)E"$13(1*#*3#),"$"$1')73%$,"$#)"+%)*%$1'+/#.#+',"$]W#1*"aA$
Q"$.3),"F$%1*%$/#*3'2$1'+/#.#+#'2$/%0%2'$'$</%1%):'$,%$3&$+"&<2%L"$1#18
*%&'$,%$,@,#0'1$<%2"$43'2$"1$1%/%1$E3&')"1$(31+'&$,'/$'"1$,%31%1$
13'1$</"0'1$,%$2%'2,',%$%$+"/'7%&$%&$*/"+'$,%$</"*%:;"$.>1#+'$+")*/'$
"1$#)#&#7"1$%$+")*/'1$"1$.2'7%2"1$)'*3/'#1$+"&"$1%+'1$%$#)3),':?%1A$
U$E"//"/$,'$O3/"<'$+/#1*;$.'+%$'"$1'+/#.>+#"$<'7;"$+%/*'&%)*%$/%&%*%$
'$<',/?%1$'/+'#+"1A$V'1$"$.'*"$G$43%$%2%1$1%$0#/'&$&"/'2&%)*%$'*#)7#8
,"1$<%2'$,%1+"(%/*'$,%1*%$*#<"$,%$/#*3'2$1'+/#.#+#'2F$43%$/%0%2'0'$3&'$
2=7#+'$,%$,"&$'7")>1*#+"F$%$+"&%:'/'&$'$%)L%/7'/$"1$)'*#0"1$+"&"$
#),#0>,3"1$1%&$'2&'A$
U1$+")43#1*',"/%1$'+E'/'&$*%//>0%2$'$<"11#(#2#,',%$,%$3&$1%/$E38
&')"$1%/$1'+/#.#+',"$%&$3&'$+"&<%*#:;"$'7")>1*#+'$%&$43%$"$*/".G3$
%/'$'$+')#('2#C':;"$,"$#)#&#7"A$V'1$<'/'$'2G&$,%$1%3$+'/@*%/$/%<321#8
0"$]<'/'$'$+32*3/'$+/#1*;aF$E@$)"$/#*3'2$')*/"<".@7#+"$3&$'1<%+*"$1'+/#8
.#+#'2$/%2%0')*%$'$1%/$+")1#,%/',"F$<"#1F$+"&"$%L<2#+'$W'#22GF$"$1'+/#.>8
+#"$G$'$<"11#(#2#,',%$,%$%)+%)'/$3&'$z+'31'2#,',%$</"</#'&%)*%$1#&8
(=2#+'$43%$'.#/&'$'$13'$</#&'C#'$1"(/%$'$+'31'2#,',%$.>1#+'{$]WBSYYoF$
IJJJr$^KbaA$5%$'+%#*'/&"1$%11'$</#&'C#'F$0%/%&"1$43%$<"/$*/@1$,%11%$
/#*3'2$ E@$ 3&'$ +%2%(/':;"$ ,"$ <",%/$ ,"1$ 0%)+%,"/%1F$ ,"1$ 73%//%#/"1$
&'#1$."/*%1F$43%$+")*/#(3>'$<'/'$'*3'2#C'/$"$')*'7")#1&"$+32*3/'2$</%8
0'2%+%)*%$%$"1$&","1$,%$+%2%(/':;"$,'$%L<%/#-)+#'$/%2#7#"1'A$
U$.'*"$G$43%$'$/%0%2':;"$,"1$/#*3'#1$')*/"<".@7#+"1$7%/"3$/%':?%1$
<"/$ <'/*%$ ,"1$ +")43#1*',"/%1$ %$ ,"1$ /%2#7#"1"1$ 9%13>*'1$ 43%$ '+"&<'8
)E'0'&$'1$./"*'1A$U1$/%2'*"1$'*/#(3>,"1$'$3&$0#'9')*%$E"2'),-1F$Z')1$
5*',%)$]IJJ`aF$43%$'<"/*"3$+"&"$'0%)*3/%#/"$%&$&%',"1$,"$1G+32"$
ygSF$ 137%/%&$ '$ #&<"/*T)+#'$ ,%$ 1%$ %)*%),%/$ '$ ')*/"<".'7#'F$ )"$ 6/'8
1#2F$<%2'$<%/1<%+*#0'$,'$,@,#0'F$<%2'$#&<"/*T)+#'$,'$,%&")1*/':;"$,'$
+"/'7%&$ )%1*%$ &3),"$ <'/'$ 1%$ "(*%/$ '$ </"*%:;"$ ,"1$ ,%31%1A$ OL<2#+'$
'43%2%$ 0#'9')*%$ 43%$ "1$ 1%/%1$ E3&')"1$ 1'+/#.#+',"1$ %/'&F$ %&$ 7%/'2F$
'43%2%1$#)#&#7"1$&'#1$+"&('*%)*%1$%$+"/'9"1"1$%$);"$"1$&'#1$./'+"1F$
);"$1%$,%0"/'),"$"$+"/<"$,"$#)#&#7"$+"0'/,%F$<"#1F$'+/%,#*'0'&$%2%1F$

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

0g0

'$,%0"/':;"$2E%1$<%/&#*#/#'$/%+%(%/$'$'2&'$,"$#)#&#7"$0'2"/"1"A$Z'8
0#'F$%)*;"F$'43#F$'27"$,%$/%1<%#*"$%$',&#/':;"$<%2"$"3*/"$%$*'&(G&$'$
+/%):'$43%$%1*'$'2&'$)"(/%$0#/#'$%)/#43%+%/$'$."/:'$%1<#/#*3'2$%$.>1#+'$
,"1$,%0"/',"/%1A$O1*%$%L%&<2"$)"1$/%0%2'$'$+"&<2%L#,',%$,'1$C")'1$
,%$+")*'*"$%$,'1$*/',3:?%1$,"1$%143%&'1$1#&(=2#+"1$,"1$')*'7")#1*'1$
)"$9"7"$,'$+"2")#C':;"A$B$'11"+#':;"$%)*/%$/%2#7#;"$%$,@,#0'$GF$'11#&F$
.3),'&%)*'2$<'/'$%L<2#+'/$"1$,#1<"1#*#0"1$,%$/%+")E%+#&%)*"$&P*3"$
#)1*'2',"1$#)#+#'2&%)*%$<%2"1$,"#1$2',"1$'*/'0G1$,'1$*/"+'1$,%$</%1%)8
*%1$%$,%$1#7)"1$,%1*#)',"1$'$%1*'(%2%+%/$3&$,#@2"7"$#)*%/+32*3/'2$)'1$
C")'1$,%$+")*'*"1$,'$+"2")#C':;"$%$<'/'$%L<2#+'/$+%/*"1$*/':"1$'*3'#1$
,'1$<"<32':?%1$13('2*%/)'1A$
B$<'/*#/$,%11%1$*%1*%&3)E"1F$<",%&"1$+")+23#/$43%$%1*%$</#&%#/"$
&"&%)*"$ /%0%2'$ 3&'$ *%)1;"$ '&(>73'$ ,%$ /%+")E%+#&%)*"$ &P*3"$ '$
43'2$."#$&'*%/#'2#C','$<"/$7%1*"1$1#&<@*#+"1$%$<"/$</%1%)*%1$43%$%18
+"),#'&$ </%11@7#"1F$ *%&"/%1F$ &'1$ *'&(G&$ "(/#7':?%1$ ]/%2#7#"1'1a$ %$
#)*%/%11%1$]&%/+')*#2#1*'1aA$Y"7"F$%1*'1$*/"+'1$,%$</%1%)*%1$);"$%/'&$
*"*'2&%)*%$ ,%1#)*%/%11','1F$ &'1$ /%0%2'0'&$ *'&(G&$ '1$ "(/#7':?%1$
/%2#7#"1'1$+"&$/%2':;"$D$1#7)#.#+':;"$,"$,%1+")E%+#,"$)'1$C")'1$,%$
+")*'*"A$H%1*%$<")*"$,%$0#1*'F$"1$,"#1$2',"1$%1*'0'&$#)*%/%11',"1$)'$
+/#':;"$,%$+=,#7"1$,%$*/',3:;"$2#)73>1*#+"1$'$.#&$,%$+')'2#C'/$"1$+E"8
43%1$+32*3/'#1$%$<",%/$+")1*/3#/$3&$,#@2"7"$%$3&$+")E%+#&%)*"$/%8
+></"+"A$ i/'*'0'81%$ ,%$ "/7')#C'/$ '2#'):'1$ <"11>0%#1$ %)*/%$ 3)#0%/1"1$
+32*3/'#1$&3#*"$,#.%/%)*%1A$B11#&F$'$*/"+'$#)#+#'2$,%$</%1%)*%1$."#$#&8
<321#")','$<"/$%1*'$+3/#"1#,',%$,%$+")E%+%/$3)1$'"1$"3*/"1F$,%$+"&"$
/%732'/$"$+")*'*"$+32*3/'2F$+"&"$,#'2"7'/$+"&$"$,%1+")E%+#,"A$V'1$
43'),"$%11'1$*/"+'1$32*/'<'11'/'&$"1$2#&#*%1$<%/&#*#,"1$<%2"1$+E"8
43%1$+32*3/'#1F$<'11"381%$,'$<'C$D$73%//'A

5%73),"$&"&%)*"$,"$<'+*"$#)1*#*3#)*%$,'$&",%/)#,',%$
<%/#.G/#+'r$'$*/'#:;"$,'$+").#'):'$

U$1%73),"$&"&%)*"$,%$#)1*#*3#:;"$,"$<'+*"$+"2")#C',"/$1%$/%0%2'$
<%2'$#)*/')1#7-)+#'$,"1$+/#1*;"1$%&$/%2':;"$'"$43%$%2%1$+")1#,%/'0'&$
z<'7')#1&"{F$43%$G$3&'$#)*%/</%*':;"$%43#0"+','F$<"#1$*",'$+32*3/'$

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

0g3

E3&')'$+")E%+#,'$*%&$3&'$#)1<#/':;"$)"$1'7/',"A$U3$1%9'F$)'$</@8
*#+'$E'0#'$"$+")./")*%$,%$#&'7#)@/#"1$/%2#7#"1"1$,#1*#)*"1r$3&$+/#1*;"F$
"$"3*/"F$);"8+/#1*;"A$!/%#$g#+%)*%$,"$5'20',"/$]IJJbaF$43%$%1+/%0%3F$
%&$^fI`F$*/'*',"$#&<"/*')*%$1"(/%$'$E#1*=/#'$,"$6/'1#2F$)'//'$3&$.'*"$
+3/#"1"F$"$,%$3&$)'*#0"$43%$."#$<%7"$,'),"$(-):;"1$+"&$"$/#*3'2$+'8
*=2#+"$,'$@73'$(%)*'$%$43%F$<"/$#11"F$."#$,%<"/*',"$<'/'$"1$+'2'("3:"1$
,"$/%#)"$,%$R"/*37'2A$U$43%$E"//"/#C"3$"1$<',/%1$."#$'$"31',#'$,%$3&$
#),#0>,3"$1%&$'2&'$*%)*'/$#&#*'/$/#*3'#1$</=</#"1$'$#),#0>,3"1$+"&$
'2&'1A$B11#&F$'$73%//'$/%2#7#"1'$%$&#2#*'/$+"),3C#,'$<%2"1$%1*/')7%#8
/"1$+")*/'$"1$)'*#0"1$1%$.%C$<%2'1$'/&'1F$&'1$*'&(G&$<%2'$+/3CF$"3$
1%9'F$<%2'1$%1*/'*G7#'1$,%$+")0%/1;"$,"1$2"+'#1$'"$+/#1*#')#1&"F$"$43%$
%1+"),#'$ /%</%1%)*':?%1$ %*)"+-)*/#+'1$ %$ E#%/@/43#+'1$ %$ '$ /%+31'$ ,"$
#&'7#)@/#"$E"2>1*#+"$'&%/>),#"FCA$R'/'$"1$%3/"<%31F$"$1'+/#.>+#"$E3&'8
)"F$&3#*"$,#.3),#,"$%)*/%$"1$#),>7%)'1F$%/'$3&$2#&#*%$#)*/')1<")>0%2A$
B$,%1+"(%/*'$,%1*'1$</@*#+'1$)"1$/#*3'#1$'&%/>),#"1$2%0"3$"1$/%+G&8
8+E%7',"1$'$/%':?%1$%&"+#")'#1$%$<3)#*#0'1$%$D$(31+'$,%$,%1*#*3#/$"1$
'3*=+*")%1$,%$13'$+"),#:;"$,%$E3&')"1FHA$
R/"7/%11#0'&%)*%F$'$2=7#+'$+"2")#'2#1*'$&3,"3$,%$,#/%:;"A$B"$/#8
*3'2$1'C")'2$%$2#&#*',"$,"$1'+/#.>+#"$E3&')"$'&%/>),#"$"<N181%$"$/#8
*3'2$#2#&#*',"$,'$0#)7'):'$%$,"$*%//"/A$R"/$+")1%73#)*%F$'$)%7':;"$,'$
,@,#0'$'7")>1*#+'$%$1'+/#.#+#'2$/%132*"3$)'$</",3:;"$,%$3&'$+32*3/'$
'3*"/#*@/#'$43%$%L#1*%$'#),'$E"9%$]WZB\F$IJJJa$%$43%$/%,3C$"1$z"38
*/"1{$'$1%/%1$#).%/#"/%1$%$13("/,#)',"1$%$43%$&'/+'$'$"/7')#C':;"$,"$
<",%/$+"2")#'2$%$<'*/#&")#'2A$B$C")'$,%$+")*'*"$#)#+#'2&%)*%$+/#','$
,%$ &","$ %1<")*T)%'$ <%2'1$ */"+'1$ ,%$ </%1%)*%1$ %$ 7%)*#2%C'1$ ."#$ </"8

^c$ ! 5"(/%$ %1*'$ E#%/'/43#'$ &"/'2$ )'1+#,'$ )%1*%$ #)1*')*%$ .3),',"/F$ V'/#2%)'$ WE'3>$
%L<2#+'$ 43%$ %2'$ 1%$ 2%7#*#&'$ %&$ 3&'$ *%"/#'$ ,"$ ,#/%#*"$ )'*3/'2$ 43%$ +")1#,%/'$ "$
&3),"$ 3&$ </",3*"$ ,%$ 3&$ ,%31$ 2%7#12',"/$ %$ 13</%&"$ 43%$ "/7')#C"3$ "1$ 1%/%1$
E#%/'/43#+'&%)*%F$1%73),"$1%3$7/'3$,%$<%/.%#:;"$%$,%$<",%/A$W")1%43%)*%&%)*%F$
'$ %1+/'0#,;"$ ,"1$ )%7/"1$ %$ ,"1$ >),#"1$ ."#$ 3&$ /%132*',"$ z)'*3/'2{$ ,'$ 1%<'/':;"$
%)*/%$,%31$%$"1$,#'("1$)'$"/,%&$+"2")#'2$,"$&3),"$]WE'3>F$IJJJr$fK8ffaA
^f$ ! O)*/%$ "1$ "+#,%)*'#1F$ "$ 1'+/#.>+#"$ *"/)"381%$ "$ %.%#*"$ '+#,%)*'2$ "3$ ,%1%9',"$ ,%$
':?%1$,%$/'+#")'2#C':;"$%$,%$<2')#.#+':;"$,%$3&$&3),"$<%/#7"1"$<"/$%L+%2-)+#'A$
53</#&#381%$ 13'$ ,#&%)1;"$ &@7#+'$ %$ /#*3'2$ <'/'$ /%."/:'/$ 1%3$ 2',"$ 3*#2#*'/#1*'r$
1'+/#.#+'81%$"3$);"$"$"3*/"$%&$.3):;"$,"1$#)*%/%11%1$,"$&%/+',"$"3$,"1$,"7&'1$
&"/'#1$43%$+"),#+#")'&$'$0#,'$1"+#'2$%$+32*3/'2A

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

0gd

7/%11#0'&%)*%$13(1*#*3>,'$<%2'$':;"$&#2#*'/$%$/%2#7#"1'$0"2*','1$<'/'$
'$,%1*/3#:;"$,'1$+32*3/'1$)'*#0'1A$B11#&F$'$E#1*=/#'$,'$+"2")#C':;"$GF$
<"/$ *",'$ <'/*%F$ 3&'$ E#1*=/#'$ ,%$ &'11'+/%1F$ *"/*3/'1$ %$ E3&#2E':?%1A$
i3,"$#11"$.%#*"$%&$)"&%$,"$,%31$+/#1*;"$%$,"$,%31$+'<#*'2#1*'A
U1$ )'*#0"1F$ 43%$ ."/'&$ /%</%1%)*','1$ #)#+#'2&%)*%$ +"&"$ <'7;"1$
')7%2#+'#1F$ ."/'&$ /%11#7)#.#+',"1$ )"$ #&'7#)@/#"$ ,"1$ +")43#1*',"/%1$
+"&"$ <'7;"1$ ,#'(=2#+"1A$ U$ 1%)*#&%)*"$ ,%$ ("),',%$ 1%$ */')1."/&"3$
%&$ 3&$ 1%)*#&%)*"$ ,%$ /%9%#:;"F$ ,%$ *'2$ &","$ 43%$ '$ 2=7#+'$ &#2#*'/$ %$
&%/+')*#2#1*'$<'11"3$'$/%,%.#)#/$"$<'<%2$,"$+/#1*#')#1&"$)'$'0%)*3/'$
+"2")#'2$%$)'$"/7')#C':;"$,'1$&",%/)#,',%1$<%/#.G/#+'1A$U$,%1,"(/'8
&%)*"$ ,"1$ '+")*%+#&%)*"1$ #&<'+*"3$ *'&(G&$ 1"(/%$ "$ <'+*"$ +"2")#8
C',"/$%)0"20%),"$&#2#*'/%1$%$/%2#7#"1"1A$B11#&F$</"7/%11#0'&%)*%F$'$
S7/%9'$W'*=2#+'$*%0%$,%$1%$','<*'/$D$2=7#+'$&#2#*'/$,'$+"2")#C':;"$<'/'$
</%1%/0'/$1%3$%1<':"$,%$<",%/A$
U1$ )'*#0"1F$ <"/$ 13'$ 0%CF$ /%1<"),%/'&$ '"1$ +")43#1*',"/%1$ ,%)*/"$
,"1$2#&#*%1$*%+)"2=7#+"1$%$&#2#*'/%1$<"11>0%#1A$R'11"381%$,'$<'C$D$73%//'$
%$'$%&</%1'$+"2")#'2$%)*/"3$)3&'$.'1%$,%$/%</%11;"$,'1$+32*3/'1$2"+'#1$
<%2'1$."/:'1$%1*/')7%#/'1$0#1'),"$'$+")1*/3#/$3&$1#1*%&'$,%$,"&#)':;"$
,%$('1%$E#%/@/43#+'$%$<'*/#&")#'2#1*'A$U$1%73),"$&"&%)*"$."#$&'/+'8
,"$%)*;"$<"/$3&$+E"43%$+32*3/'2$,%$7/'),%$'&<2#*3,%$43%$'('2"3$"$#*#8
)%/@/#"$,'$+"2")#C':;"$'"$2")7"$,"1$1G+32"1A$B$/%+31'$<%2"1$%3/"<%31$
,"$1#1*%&'$+"1&"7N)#+"$%$,'$,@,#0'$'7")>1*#+'$'&%/>),#'$8$43%$%/'$"$
+#&%)*"$,'$0#,'$+"&3)#*@/#'$2"+'2$8$1#7)#.#+"3F$)'$</@*#+'F$'$*/'#:;"$,'$
+").#'):'$&P*3'$43%$E'0#'$1#,"$%1(":','$%&$3&$</#&%#/"$&"&%)*"A$
U1$2"+'#1$*'&<"3+"$%)*%),%/'&$'$#)1#1*-)+#'$,"1$+")43#1*',"/%1$%&$
."/:@82"1$'$',"/'/$"$,%31$+/#1*;"F$/%9%#*'),"$1%31$/#*3'#1$%$+/%):'1F$%$'1$
</@*#+'1$1#)+/G*#+'1$/%0%2'&$'1$*%)*'*#0'1$,%$&')*%/$13'1$*/',#:?%1$)"1$
2#&#*%1$<"11>0%#1$,"$#&'7#)@/#"$+"2")#'2$%$<=18+"2")#'2A$
i3,"$ #1*"$ +").#/&'$ "$ #)*%/%11%$ ,'$ ,#1+311;"$ ,'$ <'11'7%&$ ,%$ 3&$
</#&%#/"$&"&%)*"$,%$/%+#</"+#,',%$<"1#*#0'$'*/'0G1$,%$</%1%)*%1F$'$
3&$&"&%)*"$,%$1'43%1$%$%1+/'0#C':;"$,"1$<"0"1$#),>7%)'1$%$,%$/%8
</%11;"$,%$1%3$1#1*%&'$1#&(=2#+'$%$+32*3/'2$43%$&'/+"3$'$E#1*=/#'$,'$
+"2")#'2#,',%$'*G$"1$,#'1$'*3'#1A$U1$%0%)*"1$+").#/&'&F$1"(/%*3,"F$"$
%)*%),#&%)*"$43%$'$%&</%1'$+"2")#'2$);"$<",%$1%/$/%,3C#,'$D$&%/'$

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

0gS

&"*#0':;"$%+")N&#+'F$%L#7#),"$3&$%)*%),#&%)*"$&'#1$+"&<2%L"$,"$
<'+*"$1"+#'2$%$+32*3/'2$43%$.3),'$"$</"+%11"$+"2")#C',"/F$<"#1$E@$3&'$
/%2':;"$,#/%*'$%)*/%$+/%):'$/%2#7#"1'F$#)*%/%11%$&%/+')*#2$%$<",%/$<"2>8
*#+"$)'$"/7')#C':;"$,'$+"2")#'2#,',%$#(G/#+'A$
B2G&$,"$/%+")E%+#&%)*"$,'$#&<"/*T)+#'$,%$3&'$'("/,'7%&$&328
*#,#1+#<2#)'/$ ,'$ +"2")#'2#,',%$ G$ <'/*#+32'/&%)*%$ /%2%0')*%$ 2%&(/'/$
43%$"$<'+*"$+"2")#'2$/%132*"3$)3&'$E#%/'/43#'$&"/'2F$%&$43%$"1$+"8
2")#C',"/%1$<'11'/'&$'$1%/$"1$"/7')#C',"/%1$,"$</"+%11"$+#0#2#C'*=/#"$
%$ "1$ +"2")#C',"1$ .#+'/'&$ )'$ +"),#:;"$ ,%$ <"<32':?%1$ E3&#2E','1$ '$
1%/0#:"$,'$%&</%1'$&%/+')*#2A$B$E3&#2E':;"$+32*3/'2$G$3&$%2%&%)8
*"$ 43%$ #&<%,%$ '$ %&%/7-)+#'$ ,'$ +#,',')#'$ /%<3(2#+')'$ +"&"$ '$ +"8
)E%+%&"1F$<"#1$/%*#/'$,"$#),#0>,3"$'$<"11#(#2#,',%$,%$*%/$0"C$%$0%CA$
R"/$#11"F$'#),'$</%+#1'&"1$/%'2#C'/$'273&'1$/%.2%L?%1$1"(/%$"$*%&'$,'$
*/'#:;"$')*%1$,%$+")+23#/$<'/'$%)*%),%/&"1$&'#1$+2'/'&%)*%$+"&"$'$
,@,#0'$"/#7#)@/#'$+"&3)#*@/#'$."#$13(0%/*#,'F$,'),"$237'/$'$3&'$2=7#8
+'$+"2")#'2$43%$G$%1*/3*3/'2&%)*%$<%/0%/1'A
O1*'$ "<%/':;"$ ,%$ %2#&#)':;"$ ,'$ ,@,#0'$ "/#7#)'2$ <%2'$ */'#:;"$ <"/$
<'/*%$ ,"1$ +")43#1*',"/%1$ <",%$ 1%/$ %L%&<2#.#+','$ <"/$ */-1$ /%2'*"1r$ '$
*/'#:;"$ ,"$ #&<%/',"/$ '1*%+'$ V")*%C3&'$ <%2"$ %1<')E"2$ W"/*GCF$ )"$
VGL#+"d$'$*/'#:;"$,"$#)+'$B*'E3'2<'$<%2"$%1<')E"2$R#C'//"F$)"$R%/3d$%$
'$*/'#:;"$,'1$+"&3)#,',%1$i3<#)#43#&$%$i3<#)'&(@$<%2"1$./')+%1%1$
%$<"/*373%1%1F$)"$6/'1#2A$
B$*/'#:;"$,'$+").#'):'$*%0%$237'/$%&$*",'$<'/*%A$O&$i%)=+E*#*2')F$
E"9%$W#,',%$,"$VGL#+"F$"1$%1<')E=#1$."/'&$'+"&",',"1$+"&"$+")0#8
,',"1$,"$#&<%/',"/$)'$+'1'$,%$1%3$<'#A$V'1F$%&$1%73#,'F$W"/*GC$.%C$
,%$ V")*%C3&'$ 1%3$ </#1#")%#/"F$ "(/#7'),"8"$ '$ 93/'/$ 2%'2,',%$ '"$ /%#$
W'/2"1$g$%$'$,'/82E%$"1$*%1"3/"1$#&<%/#'#1A$O&$W'9'&'/+'F$)"$R%/3F$R#8
C'//"$+")0#,"3$B*'E3'2<'$<'/'$3&'$/%3)#;"A$k3'),"$%1*%$+E%7"3$'"$
2"+'2$,"$%)+")*/"F$"$+")43#1*',"/$'</#1#")"3$B*'E3'2<'$%$."/:"38"$'$
%)0#'/$%&#11@/#"1$<'/'$"1$43'*/"$+')*"1$,"$#&<G/#"$<'/'$+"2%*'/$"3/"$
%$</'*'A$i')*"$%&$3&$+'1"$+"&"$)"$"3*/"F$'$+"0'/,#'$,"1$+")43#1*'8
,"/%1$."#$&'1+'/','$<%2'$#),#7)':;"$&"/'2A$
Q"$+'1"$&%L#+')"F$'$</#1;"$,%$V")*%C3&'$."#$</%+%,#,'$<"/$&'8
)#.%1*':?%1$ ,%$ #),#7)':;"$ ,%$ W"/*GC$ ,#')*%$ ,'$ </%1%):'$ ,%$ #)1*/38

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

0gg

&%)*"1$,#'(=2#+"1$)"$*%&<2"$1'7/',"A$Q"$+'1"$,"$R%/3F$"$,"&#)#+')"$
g'20%/,%$43#1$."/:'/$B*'E3'2<'$'$'+%#*'/$'$.G$+/#1*;$)"$&"&%)*"$%&$
43%$%1*%$1%$%)+'&#)E'0'$'"$%)+")*/"$,%$R#C'//"A$5%73),"$/%2'*"1F$"$
#&<%/',"/$ #)+'$ /%+31"3$ '$ "/,%&F$ 9"7"3$ '$ 6>(2#'$ <"/$ *%//'$ %F$ %&$ 1%8
73#,'F$."#$'+31',"$,%$1'+/#2G7#"A$Q%1*%$&"&%)*"F$"1$1"2,',"1$43%$1%$
%)+")*/'0'&$%1+"),#,"1$13/7#/'&F$&'*'/'&$13'$73'/,'$%$"$.#C%/'&$
</#1#")%#/"$]VBZQ8YUiF$^__Jr$pJ$%$cKaA$Q"$6/'1#2F$"1$<"/*373%1%1$%$
"1$ ./')+%1%1$ 9"7'/'&$ +"&$ '$ 2=7#+'$ ,"$ +')#('2#1&"F$ #)+%)*#0'),"$ "1$
>),#"1$'$1'+/#.#+'/$"1$</#1#")%#/"1$,"$+'&<"$#)#&#7"A$!'C#'81%$"$9"7"$
,'$ */'#:;"$ <'/'$ 1%$ '</"</#'/$ &'#1$ .'+#2&%)*%$ ,'1$ /#43%C'1$ )'*3/'#1$
%$ <'/'$ %L<2"/'/$ &;"$ ,%$ "(/'$ #),>7%)'A$ O11'1$ */'#:?%1$ <%/&#*#/'&$ '$
+/#':;"$ ,%$ "3*/"$ *#<"$ ,%$ ,"&F$ +/#1*;"$ %$ '/#1*"+/@*#+"F$ E#%/@/43#+"$ %$
%L+231#0"A
Q"*%81%$ 43%$ '$ */'#:;"$ ,'$ +").#'):'$ 8$ 43%$ 1#7)#.#+'$ '$ /%9%#:;"$ ,'$
,@,#0'$ */',#+#")'2$ 8F$ ."#$ 1%73#,'$ <%2'$ #)1*#*3#:;"$ ,%$ &%+')#1&"1$ ,%$
E3&#2E':;"$%$,%$,%1*/3#:;"$,'1$*/',#:?%1F$*/':"1$+32*3/'#1$%$+/%):'1$
+"2%*#0'1$,'$+"&3)#,',%A$O11'$*/'#:;"$*'&(G&$)"1$<%/&#*%$+"&</%8
%),%/$'$)'*3/%C'$,'1$':?%1$/%</%11#0'1$,"1$+"2")#C',"/%1$'"$2")7"$,"1$
1G+32"1F$<"/$3&$2',"F$%$'$#)*%)1#,',%$,'1$."/:'1$1"+#'#1$43%$(31+'&$
2#(%/*'/81%$)%1*%$&"&%)*"$,%$/%</%11;"$+32*3/'2F$1#&(=2#+'$%$<"2>*#+'F$
<"/$"3*/"$2',"A$o$</%+#1"$+")1#,%/'/$"$.'*"$,%$43%$"$<'+*"$+"2")#'2$%$'$
%L<')1;"$*%//#*"/#'2$,'$,"&#)':;"$&%/+')*#2#1*'$*#0%/'&$237'/$'<=1$"$
13/7#&%)*"$,%$3&'$%1<G+#%$,%$,@,#0'$,%1#73'2$"3$<%/0%/1'F$<%2'$43'2$
"1$*/'#,"/%1$1%$*"/)'/'&$)"0"1$,"',"/%1$%$"1$*/'>,"1F$,")'*@/#"1A$B$
<%/0%/1;"$,'$,@,#0'$G$'$"<%/':;"$%&$43%$"$.'21"$,")'*@/#"$#)#+#'2$]"$
+")43#1*',"/F$)"$+'1"$2'*#)"8'&%/#+')"a$1%$*"/)'$,"',"/$2%7'2F$+")18
*/3#),"$3&$)"0"$1#1*%&'$,%$,"':;"$'$<'/*#/$,'$'</"</#':;"$3)#2'*%8
/'2$ %$ */'#:"%#/'$ ,"1$ /%+3/1"1$ &'*%/#'#1$ %$ 1#&(=2#+"1$ ]*%//'1F$ <2')*'1F$
&#)%/'#1$ %*+Aa$ %$ <%2"$ 31"$ ,'$ ."/:'$ .>1#+'$ <'/'$ 13(&%*%/$ "$ "3*/"A$ B$
<%/0%/1;"$1%$&'*%/#'2#C'$%&$,"#1$/%7#1*/"1r$'$%1+/'0#,;"$,"$')*#7"$,"8
',"/$2%7>*#&"$%$'$13(1*#*3#:;"$,'$+").#'):'$<%2'$E3&#2E':;"$+"&"$0'8
2"/$+%)*/'2$,"$</"+%11"$,%$+"2")#C':;"A$U$,"&$<'*/#&")#'2$<%/0%/1"$
%1*@$)'$"/#7%&$,%$3&'$+32*3/'$,%$#).%/#"/#,',%$43%$'#),'$E"9%$&'/+'$
7/'),%&%)*%$ '$ 0#,'$ ,'1$ <"<32':?%1$ 13('2*%/)'1$ )%11'1$ /%7#?%1$ 43%$

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

0g]

."/'&$ "(/#7','1$ '$ ,'/$ 13'1$ /#43%C'1F$ 1%31$ +"/<"1$ %$ 13'1$ 0#,'1$ <'/'$
/%</",3C#/$3&$1#1*%&'$,%$&'),"$43%$2E%1$%/'$%1*/')E"7
R%2'$*/'#:;"$,'$+").#'):'$%$'$/%9%#:;"$,"$,"&$+"&3)#*@/#"F$'43%8
2%1$43%$);"$*#)E'&$)%)E3&'$*%//'F$"1$%3/"<%31F$13/7#/'&$+"&"$"1$
</"</#%*@/#"1$ %$ '43%2%1$ 43%$ %/'&$ <"113#,"/%1$ ,%$ *%//'1F$ "1$ <"0"1$
"/#7#)@/#"1F$*"/)'/'&81%$1%31$%1+/'0"1$%$13('2*%/)"1A$Q"$+'1"$2'*#)"8
8'&%/#+')"F$ %1*'$ <'11'7%&$ 1#)'2#C'$ '$ ."/&':;"$ ,'1$ %2#*%1$ +/#"32'1$ %$
&%1*#:'1F$43%$."/'&$/%1<")1@0%#1$<%2'$+/#':;"$,%$1#1*%&'1$,%$,"&#8
)':;"$'3*"/#*@/#"1$'"$2")7"$,"1$1G+32"1A

W")+231;"

R'/'$ .#)'2#C'/&"1$ )"11'$ /%.2%L;"F$ 7"1*'/>'&"1$ ,%$ 2%&(/'/$ 43%$ '$


%.%*#0':;"$ ,%$ 3&'$ +/>*#+'$ *%=/#+'$ ,%1+"2")#'2F$ '"$ &%1&"$ *%&<"$ ')8
*#3*#2#*'/#1*'$ %$ <=18+"2")#'2F$ %$ #)1<#/','$ )'$ ,@,#0'$ 43%$ %1+2'/%:'$ "1$
.3),'&%)*"1$ 1"+#"2=7#+"1$ ,'1$ &",%/)#,',%1$ &P2*#<2'1$ )'1$ ')*#7'1$
<%/#.%/#'1F$,%0%$+")1#,%/'/$'273)1$<")*"1A
R/#&%#/'&%)*%F$'$+/#':;"$,%$C")'1$,%$+")*'*"1$)"$&"&%)*"$,'$+")8
43#1*'$."#$#)#+#'2&%)*%$<"11>0%2$7/':'1$'"$1#1*%&'$,%$,@,#0'1F$#1*"$GF$,%$
*/"+'1$,%$</%1%)*%1F$7%)*#2%C'1$%$7%1*"1$'&#1*"1"1$%)*/%$"1$%3/"<%31$%$
"1$<"0"1$"/#7#)@/#"1F$"$43%$/%."/:'$'$*%1%$,%$43%$'$</#&%#/'$2=7#+'$#)18
*#*3#)*%$,'$0#,'$1"+#'2$G$'$2#0/%$'11"+#':;"$%)*/%$"1$1%/%1$E3&')"1A$B$
,@,#0'$%L#1*%$%&$*",'$<'/*%F$2%&(/'8)"1$V'311$]^___aF$%$%1*%$&"&%)*"$
,%$+"2")#C':;"$G$3&$%L%&<2"$+")+/%*"$,"$0'2"/$,%1*'$'.#/&':;"A$U1$
+E"43%1$+32*3/'#1$,"$&"&%)*"$#)'373/'2$,'$+"2")#C':;"$/%0%2'/'&$"1$
+")*'*"1$#)%0#*@0%#1$%)*/%$,#.%/%)*%1$#&'7#)@/#"1$1=+#"8E#1*=/#+"1r$"$E"8
2>1*#+"$'&%/>),#"F$,%$3&$2',"F$%$"$#&'7#)@/#"$,3'2#1*'$+/#1*;"F$,%$"3*/"A$
O1*%1$+E"43%1$%L<2#+'&$%1<%+#'2&%)*%$"$9"7"$%$'1$*%)1?%1$%L#1*%)*%1$
%)*/%$ */-1$ 2=7#+'1$ 43%$ %1*;"$ </%1%)*%1$ )'1$ "/#7%)1$ ,"$ <'+*"$ +"2")#C'8
,"/$%$,"$</"+%11"$,%$&",%/)#C':;"$<%/#.G/#+"r$'$2=7#+'$&%/+')*#2#1*'F$
'$2=7#+'$,'$,@,#0'$<'*/#&")#'2F$('1%','$)'$,>0#,'$E#%/@/43#+'$+/#1*;F$%$
'43%2'$,"$,"&$'7")>1*#+"$%$+"&3)#*@/#"F$('1%',"$)'$,>0#,'$1'+/#.#+#'2$
'&%/>),#'A$U1$/%2'*"1$)"1$&"1*/'&$'$</%1%):'$,%$3&$,"&$<'7;"$'7"8
)>1*#+"$%$+"&3)#*@/#"F$,%$3&$2',"F$%$3&$,"&$%$+/#1*;"$%$'/#1*"+/@*#+"F$

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

0g`

,"$"3*/"F$%&$<%/&')%)*%$*%)1;"$'*G$"1$,#'1$,%$E"9%F$#)*%/.%/#),"$1"(/%$
'$"/7')#C':;"$,"$<",%/$%1*'*'2$%$1"(/%$'$'</"</#':;"$%$,#1*/#(3#:;"$,'1$
</"</#%,',%1$%$/#43%C'1$+"2%*#0'1A
O&$ 1%73#,'F$ G$ )%+%11@/#"$ %).'*#C'/$ 43%$ "$ <'+*"$ +"2")#'2$ ."#$ %1*'8
(%2%+#,"$%&$,"#1$&"&%)*"1r$#)#+#'2&%)*%F$"$+")43#1*',"/$%1*'0'$%)8
+')*',"$<%2'$,%1+"(%/*'$,"$<'/'>1"$<%/,#,"$+/#1*;"F$43%$%/'$3&'$/%8
.%/-)+#'$1#&(=2#+'$,"$#&'7#)@/#"$,'$+"2")#C':;"d$,%<"#1F$"1$%3/"<%31$
/'<#,'&%)*%$'('),")'/'&$'$E#<=*%1%$1#&<@*#+'$,"$<'/'>1"$<%/,#,"$
%$ '*'+'/'&$ '1$ <"<32':?%1$ 2"+'#1$ <'/'$ 13('2*%/)#C@82'1A$ O1*'$ /%','<8
*':;"$ ,'1$ *@*#+'1$ ,"1$ +"2")#C',"/%1$ +/#1*;"1$ 2E%1$ <%/&#*#3$ +")+#2#'/$
"$"(9%*#0"$%+")N&#+"$%$"$"(9%*#0"$%1<#/#*3'2$,'$+"2")#C':;"A$R",#'81%$
&'*'/F$ %1+/'0#C'/$ %$ E3&#2E'/$ 1%&$ </"(2%&'1$ ,%$ +")1+#-)+#'$ &"/'2F$
<"#1$*/'*'0'81%$,%$'<2#+'/$3&$+%/*"$z,#/%#*"$)'*3/'2{$."/9',"/$,%$3&'$
E#%/'/43#'$ &"/'2$ 43%$ 1%<'/'$ E"&%)1$ ,%$ '2&'1$ ]+/#1*;"1a$ %$ E"&%)1$
1%&$'2&'$]);"$+/#1*;"1aF$"$43%$2%0'$'$,#.%/%)*%1$)>0%#1$,%$0'2"/#C':;"$
%$/%+")E%+#&%)*"$&"/'2$,"1$#),#0>,3"1$%$7/3<"1$1"+#'#1A
o$</%+#1"$*'&(G&$,%#L'/$+2'/"$43%F$)'$<%/1<%+*#0'$,'$,@,#0'F$%1*'$
<'11'7%&$,"$&"&%)*"$<'/',#1>'+"$'"$&"&%)*"$,'$E3&#2E':;"$1#7)#8
.#+"3$3&'$*/'#:;"$,'$+").#'):'$,"1$<"0"1$#),>7%)'1$<%2"1$+")43#1*'8
,"/%1F$"$43%$*%&$#&<'+*"$1"(/%$"$+'/@*%/$/'+#1*'$,'$&#1+#7%)':;"F$43%$
&'/+'$'$&')#.%1*':;"$,'$&",%/)#,',%$<%/#.G/#+'$)%1*'$@/%'$,%$+"2"8
)#C':;"A$B$43%(/'$,%$+").#'):'$/"&<%3$+"&$'$*/"+'$%1<")*T)%'$,%$
,@,#0'1$%$'(/#3$+'&#)E"$D$.'1%$&'#1$+/3%2$,'$+"2")#C':;"$)'$B&G/#+'$
Y'*#)'F$43'),"$"1$+"2")#C',"/%1$/%</#&#/'&$"$,"&$+"&3)#*@/#"$'7"8
)>1*#+"$%$1'+/#.#+#'2$43%$'2#$%L#1*#'$<'/'$#&<"/$'$2=7#+'$+/#1*;$%$&%/+')8
*#2A$V'1$%1*%$</"+%11"$',43#/#3$.%#:?%1$+"&<2%L'1$,%0#,"$D1$/%':?%1$
')*#+"2")#'#1$%$*'&(G&$<"/$+'31'$,'1$*/',3:?%1$<'/*#+32'/%1$43%$"1$
<"0"1$"/#7#)@/#"1$%$"3*/"1$%1+/'0#C',"1$.#C%/'&$,'$+32*3/'$,"$,"&#8
)',"/F$/%#)'373/'),"$&')#.%1*':?%1$%1*G*#+'1$%$<"2>*#+'1$<'/*#+32'/%1A
R'/'$+")+23#/F$,%0%&"1$2%&(/'/$43%F$%&$237'/$,"$,"&$+"&3)#*@/#"$
/%9%#*',"F$"1$+")43#1*',"/%1$#&<31%/'&$3&$1#1*%&'$,%$,@,#0'$<'*/#8
&")#'2#1*'$ E#%/@/43#+"F$ ,%,#+',"$ '$ (%)%.#+#'/$ "1$ '2#',"1$ ,"$ M%#$ ],%$
R"/*37'2$%$O1<')E'a$%$'$S7/%9'$M"&')'A$i/'*'81%$,%$3&'$,@,#0'$<%/8
0%/1'F$<"#1$13'$'.#/&':;"$."#$.%#*'$'*/'0G1$,'$/%</%11;"$,"1$1#1*%&'1$

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

0ga

+32*3/'#1$%$/%2#7#"1"1$*/',#+#")'#1F$'*/'0G1$,'$'</"</#':;"$,'$/#43%C'$
%$,'$*%//'F$%$<%2'$13('2*%/)#C':;"$,'1$<"<32':?%1$2"+'#1A$B*/'0G1$,'$
,@,#0'$ <'*/#&")#'2F$ "1$ +"2")#C',"/%1$ *"&'/'&$ "$ 237'/$ ,"1$ '3*=+*"8
)%1$+"&"$,"',"/%1$,'$'0%)*3/'$+"2")#'2A$O$'1$<"<32':?%1$2"+'#1F$43%$
%/'&$"1$,"',"/%1$,%$.'*"F$*"/)'/'&81%$,")'*@/#"1A$
R"/$#11"F$<",%&"1$+")+23#/$43%$'$'</"</#':;"$,"1$(%)1$,"1$'3*=+8
*")%1$]/#43%C'1$)'*3/'#1F$&'*%/#'#1$%$+32*3/'#1a$<%2"1$+")43#1*',"/%1$
#)'373/"3$'$#&<2')*':;"$,%$3&$,"&$&%)"/F$<'*/#&")#'2#1*'F$43%$."#$
.3),'&%)*'2$<'/'$'$"/7')#C':;"$,'1$/%2':?%1$<'*/#'/+'#1$,%$,"&#)'8
:;"$%$<'/'$"$%1*'(%2%+#&%)*"$,"$<",%/$+"2")#'2F$%&$</#&%#/"$237'/F$
%$ ,"$ O1*',"$ &",%/)"F$ <"1*%/#"/&%)*%A$ B11#&F$ "$ ."/*%$ %2%&%)*"$ ,%$
,%1#73'2,',%$</%1%)*%$)'1$1"+#%,',%1$2'*#)"8'&%/#+')'1$GF$%&$2'/7'$
&%,#,'F$#).23%)+#',"$<"/$3&'$E#%/'/43#'$&"/'2$43%$.3),'$3&'$,#18
*T)+#'$*#,'$+"&"$#)*/')1<")>0%2$)"$#)*%/#"/$,'$2=7#+'$+"2")#'2A$R"/G&F$
'$ 1"+#%,',%$ 72"('2F$ /%"/7')#C'),"$ '1$ &",%/)#,',%1$ +%)*/'#1$ %$ <%/#8
.G/#+'1$%&$3&$+'&<"$*/')1)'+#")'2F$)"$,#C%/$,%$H311%2$]^_`_aF$*%&$
+")*/#(3>,"$<'/'$/%':?%1$'2*%/81#1*-&#+'1$#&<"/*')*%1F$43%$'<")*'&$
<'/'$ '$ /3<*3/'$ ,"$ <'+*"$ +"2")#'2$ .3),',"/$ %$ <'/'$ '$ %&%/7-)+#'$ ,%$
)"0"1$<'+*"1$43%$0'2"/#C'&$'$&32*#<2#+#,',%$,%$%L</%11?%1$#,%)*#*@8
/#'1$%$'1$23*'1$1"+#'#1$<"/$/%+")E%+#&%)*"$%$<"/$#73'2,',%$)"1$<2')"1$
)'+#")'2$%$*/')1)'+#")'2A

M%.%/-)+#'1
6ZB6ZBF$ZA$]IJ^JaF$T!&#$(&!6(!$;&,;-(A$6%2"$Z"/#C")*%r$O,A$,'$\!VXA$

W'#22GF$BA$]IJJJa$2+,0-#1#&#'%3!6;!6#+P!&3!,%3-/!1(-(6%'*3H!R'/#1r$H%18
+2G%$,%$6/"3n%/A

]IJJcaF$\]713+/3-!&m]$#+#*%O;3P!9#+,-3!&3!.(,(&%/*3H!R'/#1r$Y'$
HG+"30%/*%[VB\55A

$]IJJ_aF$=0]#-%3!(+,%7;,%&%,(-%/,3!63!&m($,%#+P!.-('*3+,/!6m;+3!
/#$%#&#'%3!']+]-(&3H!R'/#1r$Y'$HG+"30%/*%A

W'#22GF$BA$%$WE')#'2F$RA$]IJ^JaF$R/G.'+%r$W"&&%)*$<%3*8")$])%$<@1a$-*/%$
n%(%/#%)|$S)r$v'2(%/7F$5A$R3/!%6]3/K!&3/!B(&3;-/!3,!&3/!%+,]-J,/H!R'/#1r$Y'$
HG+"30%/*%[VB\55A

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

0]1

W'#/"F$ZA$%$X/"1."73%2F$MA$]IJ^JaF$\3/$#&#+%S(-!&(!*#63-+%6(6K!63/7
$#&#+%S(-! @;-#1(H! ^+! 6%:&#'#! @;-#1(72*]-%$(! R(,%+(H! V',/#,r$ SO8
RBYBA

W'1*/"F$5A$]IJJ_aF$2!$(-,(!63!>3-#!`(S!63!9(*%+0(H!R"/*"$B2%7/%r$YRVA

W'1*/"8X"&%1F$5A$]IJJcaF$W#%)+#'1$1"+#'2%1F$0#"2%)+#'$%<#1*G&#+'$j$%2$
</"(2%&'$,%$2'$z#)0%)+#=)$,%2$"*/"{$S)$OA$Y'),%/$]U/7Aad$2!$#&#+%(&%7
6(63!6#!/(83-P!@;-#$3+,-%/*#!3!$%J+$%(/!/#$%(%/H!>3-/13$,%B(/!&(,%+#(7
*3-%$(+(/H!63%)"1$B#/%1r$W2'+1"A

WE')#'2F$RA$]IJJbaF$R(!/#$%],]!B;3!6;!\#+P!G(+;3&!63!/#$%#&#'%3!(+,%7
;,%&%,(-%/,3!(11&%O;]3H!R'/#1r$Y'$HG+"30%/*%[VB\55A

WE'*%/9%%F$RA$]IJJbaF$R(!+(,%D+!3*!,%3*1#!03,3-#'J+3#!F!#,-#/!3/,V6%#/!
/;8(&,3-+#/H!63%)"1$B#/%1r$5#72"$yyS[WYBW5UA

WE'3>F$VA$]IJJJaF$Y-(/%&P!G%,#!.;+6(6#-!3!/#$%36(63!(;,#-%,:-%(H!5;"$
R'32"r$O,#*"/'$!3),':;"$R%/1%3$B(/'&"A

H311%2F$OA$]^__KaF$c}dhH!T!3+$#8-%*3+,#!6#!T;,-#P!(!#-%'3*!6#!*%,#!
6(!*#63-+%6(63H$R%*/=<"2#1r$g"C%1A

]IJJcaF$ O3/"<'F$ &",%/)#,',%$ %$ %3/"+%)*/#1&"A$ S)r$ OA$ Y'),%/$


]U/7Aad$ 2! $#&#+%(&%6(63! 6#! /(83-P! @;-#$3+,-%/*#! 3! $%J+$%(/! /#$%(%/H!
>3-/13$,%B(/!&(,%+#(*3-%$(+(/H!63%)"1$B#/%1r$W2'+1"A

O#1%)1*',*F$5AQA$]IJJ^aF$V",%/)#,',%1$VP2*#<2'1A$S)r$"#$%#&#'%(K!1-#7
8&3*(/!3!>-:,%$(/K!)A$KcF$<<A$^K_8^fK

O1+"('/F$BA$]IJJbaF$=3--%,#-%3/!#.!6%..3-3+$3P!1&($3K!*#B3*3+,/K!&%.3K!-37
63/H!H3t%$\)#0%/1#*jr$H3/E'&$'),$Y"),")A

!')")F$!A$]^_fcaF$>3(;!+#%-K!*(/O;3/!8&(+$/H!R'/#1r$O,#*#")1$,3$5%3#2A

!%//'/"F$ OA$ ]IJJpaF$ M3$%1-#$%6(6K! \#+! F! 63;6(H! N#-*(/! F! -3&($%#+3/!


63!%+,3-$W*8%#/!3*!&#/!2+63/!63!@$;(6#-P!&(! $#*;+%6(6! 63!>3/%&&#H!
k3#*"r$!2'+1"$O43',"/A

X#2/"jF$RA$]^__KaF$=03!8&($C!(,&(+,%$HG#63-+%,F!(+6!6#;8&3!$#+/$%3+$3H!
W'&(/#,7%$VBr$Z'/0'/,$\)#0%/1#*j$R/%11A

X",("3*F$sA$%$W'#22GF$BA$]^__IaF$Rm3/1-%,!6;!6#+H!R'/#1r$Y'$HG+"30%/*%A

X",("3*F$sA$]IJJJaF$R3!6#+K!&(!63,,3!3,!&m%63+,%,]H!R'/#1r$Y'$HG+"30%/*%A

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

0]2

$]IJJfaF$93!O;%!$%-$;&3!3+,-3!+#;/P!6#++3-K!-3$3B#%-K!-3+6-3H!R'/#1r$
5%3#2A

X/"1."73%2F$MA$]IJ^JaF$H%1+"2")#C'/$2"1$3)#80%/1'2#1&"1$"++#,%)*'2%1r$
%2$<23/#80%/1'2#1&"$*/')1&",%/)"$,%+"2")#'2A$S)r$W'#/"$Z$'),$X/"18
."73%2$M$]O,1Aa$\3/$#&#+%S(-!&(!*#63-+%6(6K!63/$#&#+%S(-!@;-#1(P!;+!
6%:&#'#!@;-#1(72*]-%$(H!V',/#,r$SORBYBF$<<A$^p`8^`JA

Z')1$5*',%)$]IJJ`aF$\;(/!B%('3+/!(#!Y-(/%&P!1-%*3%-#/!-3'%/,-#/!/#8-3!
#!Y-(/%&H!R"/*"$B2%7/%r$YRVA

v'2(%/7F$5A$]IJ^JaF$R3/!%6]3/K!&3/!B(&3;-/!3,!&3/!%+,]-J,/H!R'/#1r$Y'$HG+"38
0%/*%[VB\55A

Y'(3/*E%8i"2/'F$RA$]^__paF$M#'3-!Y(/,%63!#;!&3!-]a#;%//3*3+,!63!&m(8*3H!
R'/#1r$Z'/&'*')A

Y'),%/F$OA$]IJJcaF$W#-)+#'1$5"+#'#1r$1'(%/%1$+"2")#'#1$%$%3/"+-)*/#+"1A$
S)r$OA$Y'),%/$]U/7Aad$2!$#&#+%(&%6(63!6#!/(83-P!@;-#$3+,-%/*#!3!$%3+7
$%(/!/#$%(%/H!>3-/13$,%B(/!&(,%+#(*3-%$(+(/H!63%)"1$B#/%1r$W2'+1"A

Y'*"3+E%F$5A$]^_b_aF$Rm#$$%63+,(&%S(,%#+!6;!*#+63H!R'/#1r$B7'2&'[Y'$
HG+"30%/*%A

Y%."/*F$WA$]^_`_aF$B$i/"+'$%$'$Y3*'$,"1$Z"&%)1A$S)r$2/!N#-*(/!6(!Q%/7
,D-%(r$6/'1#2#%)1%F$5;"$R'32"F$I^8KcA

V'E)82"*F$VA$]^__JaF$2!$#+O;%/,(!6(!2*]-%$(!@/1(+0#&(H!W'&<#)'1r$
5;"$ R'32"A$ ]O,#:;"$ ./')+%1'$ "/#7#)'2r$ R(! $#+O;J,3! 63! &m2*]-%O;3! @/7
1('+#&3H!R'/#1r$R\!F$^_`paA

V'/*#)1F$RZ$]IJJcaF$B$5"+#"2"7#'$H%$V'/+%2$V'311r$H@,#0'F$1#&("8
2#1&"$%$'11"+#':;"$SQ$M3B%/,(!9-U,%$(!63!9%J+$%(/!"#$%(%/A$F$0A`KF$<Apc$
e$ffA

$]IJJbaF$H%$YG0#85*/'311$'$VABA\A5A5A$e$V"0#&%)*"$B)*#8\*#2#*'8
/#1*'$)'1$W#-)+#'1$5"+#'#1r$"$#*#)%/'/#"$,"$,"&$SQ$M%0#1*'$6/'1#2%#/'$,%$
W#-)+#'1$5"+#'#1F$0"2AIKF$)AffF$.%0%/%#/"$,%$IJJbF$RRA$^Jc8^KJA

$]IJ^IaF$R(!63$#&#+%(&%6(6!63!2*]-%$(!R(,%+(!F!&(!03,3-#,#1U/!63!
;+(! $#*;+%6(6! 63! 63/,%+#! /#&%6:-%(H! 63%)"1$ B#/%1r$ O,#+#")%1$ WSW8
W\5[$O1*3,#"1$5"+#"2=7#+"1$O,#*"/'A

V'/*#)1F$RZ$%$W'&<"1F$MA$]IJJfaF$>#&%.#+%(!6#!6#*H!M%+#.%r$O,#*"/'$,'$
\!ROA

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

0]0

V'311F$VA$]^___aF$5"+#"2"7#%$%*$')*E/"<"2"7#%A$b'$%,#:;"A$R'/#1r$R\!A

V%&&#F$BA$]^_bcaF$R"/*/'#*$,3$+"2")#1GF$</G+G,G$,%$<"/*/'#*$,3$+"2"8
)#1'*%3/r$%*$,~3)%$</G.'+%$,%$s%')8R'32$5'/*/%A$R'/#1r$X'22#&'/,A

V%/2%'38R")*jF$ VA$ ]^_pcaF$ >0]+#*]+#&#'%3! 63! &(! 13-$31,%#+H! R'/#1r$


X'22#&'/,A

V#7)"2"F$hA$]IJJcaF$=03!%63(!#.!R(,%+!2*3-%$(H!Y&($C?3&&!>;8&%/0%+'H!
G(&63+pTI.#-6H
R"2')j#F$vA$]^_ppaF$=03!L-3(,!=-(+/.#-*(,%#+P!=03!>#&%,%$(&!(+6!@$#+#7
*%$!T-%'%+/!#.!T;-!=%*3A$Q"0'$q"/tr$!'//'/$$M#)%E'/*F$S)+

k3#9')"F$ BA$ ]IJJJaF$ O2$ .')*'1&'$ ,%2$ ,%1'//"22"$ %)$ B&G/#+'$ Y'*#)'A$
S)r$ M3B%/,(! `3+3S;3&(+(! 63! @$#+#*U(! F! 9]+$%(/! "#$%(&3/F$ 0"2AfF$ )AI$
&'j"8'7"1*"F$<<A`K8_JA

$ ]IJJcaF$ W"2")#'2#,',$ ,%2$ <",%/F$ %3/"+%)*/#1&"$ j$ B&G/#+'$ Y'8


*#)'H$S)r$OA$Y'),%/$]U/7Aad$2!$#&#+%(&%6(63!6#!/(83-P!@;-#$3+,-%/*#!3!
$%3+$%(/!/#$%(%/H!>3-/13$,%B(/!&(,%+#(*3-%$(+(/H!63%)"1$B#/%1r$W2'+1"A

M%1*/%<"F$ XA$ ]IJ^JaF$ O+")"&#'F$ +/%&'*>1*#+'$ j$ %+"1".>'A$ S)r$ @/,;6%#/!


63!"#$%#&#'U(H!M3B%/,(!6#!>-#'-(*(!63!>D/7L-(6;(45#!3*!"#$%#&#'%(!
6(!^N>@H!<<Ac`8`IA

5'E2#)1F$VA$]IJJKaF$)&0(/!63!Q%/,D-%(H!M#"$,%$s')%#/"r$s"/7%$x'E'/A

5'#,A$]^_`_aF$T-%3+,(&%/*HW"23&(#'$\)#0%/1#*jA

5')*"1F$65$]IJJbaF$2!'-(*:,%$(!6#!,3*1#P!1(-(!;*(!+#B(!$;&,;-(!1#7
&U,%$(H!hH!@6%45#H!5;"$R'32"r$W"/*%C$O,#*"/'A

5+E&#,*F$gAZA$]IJJfaF$V32*#<2%$V",%/)#*#%1$"/$g'/#%*#%1$".$V",%/)#8
*j|$S)r$9;--3+,!"#$%#&#'FH!g"2A$cp$)"A$^F$<A"kk7dk

5+E2"1(%/7F$sA$]IJJpaF$R(!$-U,%$(!1#/#$$%63+,(&!F!&(!*#63-+%6(6H!k3#*"r$
\)#0%/1#,',$ 5#&")$ 6"2#0'/[O,#+#")%1$ B(j'8q'2'[W"/<"/'+#=)$ O,#*"8
/#'2$Q'+#")'2A

5<#0'tF$XA$]IJJcaF$W')$*E%$13('2*%/)$1<%'t|$S)r$B1+E/".*F6AF$X/#..#*E1F$
XA$%*$i#..#)F$ZA$]"/7')#1'*%3/1a$=03!1#/,7$#&#+%(&!/,;6%3/!-3(63-H!IA$O,#8
*#")H!Y"),")$'),$Q%n$q"/tr$M"3*2%,7%A

i","/"0F$iA$]^__KaF$2!$#+O;%/,(!6(!2*]-%$(H!2!O;3/,5#!6#!#;,-#H!5;"$
R'32"r$V'/*#)1$!")*%1A

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

0]3

g#+%)*%$,"$5'20',"/F$!/%#A$]IJJbaF$Q%/,D-%(!6#!Y-(S%&P!ceii7chk$]%&$
<"/*373-1aA$W3/#*#('r$s3/3@F$IJJbA$Kcf$<A$]36%45#!-3B%/,(!1#-!9(1%/,-(7
+#!63!28-3;!3*!cdca

g#0%#/"1$,%$W'1*/"F$OA$]IJJpaF$Y%$,")$%*$2%$,"))Gr$*/"#1$)')"8%11'#1$13/$
2'$<'/%)*G$%*$2'$&'7#%A$S)A$@,0+#'-(10%O;3/H!$QA$f$e$)"0%&(/%$]E**<r[[
nnnA%*E)"7/'<E#43%1A"/7[IJJp[a

h'22%/1*%#)F$SA$]IJJpaF$<#-&67"F/,3*/!2+(&F/%/P!2+!)+,-#6;$,%#+A$H3/8
E'&F$Q"/*E$W'/"2#)'r$H3t%$\)#0%/1#*j$R/%11A
$ ]IJJfaF$ @;-#13(+! ^+%B3-/(&%/*P! =03! M03,#-%$! #.! >#?3-A$ Q%n$
q"/tr$Q%n$R/%11A$

$]IJ^^aF$=03!*#63-+!?#-&67/F/,3*!%B!P!$3+,-%/,!&%83-(&%/*,-%;*7
10(+,!gckd7cdc}fK!6%/t%2%j8Y"1$B)7%2%18Y"),")$r$\)#0%/1#*j$".$W'8
2#."/)#'$R/%11A

hO6OMF$VA$]^_`_aF$G(I!<383-H!"#$%#&#'%(A$W"2%:;"$X/'),%1$W#%)*#18
*'1$5"+#'#1A$5;"$R'32"r$l*#+'A

N$>%9*($&5&#%6*(&A(A"%*(6&(0123((h((NR$*@"6*(&A(b/'+*(6&(0123(

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123(

0]d

($*)%)5";+,&,%&UT;+"!$;5,%&+"%&!,+$(;)+"+$%&'$()U|()."%&&6&&B"/'*(m&,$%[/&(T"$>%,8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

0]S

+',-%!(&'')*'&

,&5("1"#4,&);5$#$.5T"#&%,1&"&m'5)."&+,&
"(5$%";"5,&&$&"&.)+"+$&.,!,&."!',&&+$&
'$%oT)%"&

Q"$&"&%)*"$%&$43%$%1*3,')*%$,%$+#-)+#'1$1"+#'#1F$)"1$#,"1$,%$
^_`JF$ 2#$ "$ *%L*"$ ,%$ h/#7E*$ V#221$ ,%)"&#)',"$ '/*%1')'*"$ #)*%8
2%+*3'2$ %&$ 13'$ "(/'F$ 2! %*('%+(45#! /#$%#&D'%$(K$ *"&%#$ 13'1$ /%8
.2%L?%1$ ,%$ ."/&'$ &'#1$ </'7&@*#+'r$ 2#:?%1$ 1"(/%$ "$ +"&"$ .'C%/$
<'/'$ /%'2#C'/$ 3&'$ #)0%1*#7':;"$ 1"+#"2=7#+'A$ 5=$ <"1*%/#"/&%)*%$
<%/+%(#$43%$"$'/*%1')'*"$);"$%/'$%L+231#0'&%)*%$3&'$."/&'$,%$
"/7')#C'/$"$&'*%/#'2$%&<>/#+"F$+")1*#*3#),"81%$*'&(G&$)'$'.#/8
&':;"$,%$3&'$<%/1<%+*#0'$&%*","2=7#+'$%$*%=/#+'$'11"+#','$'$
3&$ /%7#&%$ ,%$ */'('2E"$ %$ 3&$ *%&<"A$ U$ 1%)*#,"$ ,"$ '/*%1')'*"$
#)*%2%+*3'2$%&$h/#7E*$V#221$+"&"$'/43#0"$%1<%+#'2#C',"$,'$</"8
,3:;"$'+',-&#+'$13<?%$'$1"+#"2"7#'$+"&"$3&$".>+#"F$3&$1%)1"$
P*#2$<'/'$'$'<2#+':;"$,"$&G*","$%$,'$*%"/#'$+"&"$<'/*%1$#)*%/,%8
<%),%)*%1$,%$3&'$*"*'2#,',%A$
\&'$/%2%#*3/'$1"(/%$"$1%)*#,"$,%$ '/*%1')'*"$ #)*%2%+*3'2$ %&$
h/#7E*$V#221F$+"*%9'),"$13'1$#,%#'1$+"&$'$%L<%/#-)+#'$<%11"'2$
,%$ <%143#1'$ ,'$ '3*"/'F$ /%'2#C','$ %&$ +")*%L*"1$ 3/(')"1$ <'/%8
+%$#)*%/%11')*%F$%0#,%)+#'),"$</"L#&#,',%1$%$,#1*')+#'&%)*"1$
)'1$."/&'1$,%$+")1*/3:;"$,%$'/43#0"1$43%$1%$%.%*#0'&$'"$2")7"$
,"$*%&<"A
$$$B$<%/1<%+*#0'$,"$'/*%1')'*"$#)*%2%+*3'2$+"&"$%L%/+>+#"$,"$
2'("/$ '+',-&#+"$ <%/&#*%$ *'&(G&$ /%.2%*#/$ 1"(/%$ '1$ +"),#:?%1$
'*3'#1$,"$*/'('2E"$,%$#)0%1*#7':;"$,"$1"+#=2"7"A$U$'/*#7"$#)#+#'$

,&5("1"#4,&);5$#$.5T"#&%,1&"&m'5)."&+,&"(5$%";"5,&&$&"&.)+"+$&.,!,&."!',&&+$&'$%oT)%"&6&!M$'f8(7"$$&%$"8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

0]g

+"&$'$'</%1%)*':;"$,"$<%)1'&%)*"$,%$V#221$1"(/%$"$'/*%1')'*"$#)*%8
2%+*3'2F$%L<"),"$%&$1%73#,'$'$%2'("/':;"$,%$'/43#0"1$*%),"$'$+#,',%$
+"&"$/%.%/-)+#'A$M%.2%*%F$.#)'2&%)*%F$1"(/%$'1$+"),#:?%1$'*3'#1$,%$%2'8
("/':;"$,"$*/'('2E"$'+',-&#+"A

V#221$%$'$*%+%2'7%&$,"1$'/43#0"1$)'$$</@*#+'$'/*%1')'2

U$ '3*"/$ /%2'+#")'$ 0#,'$ %$ */'('2E"$ +"&"$ </@*#+'1$ #),#11"+#@0%#1F$


+")1#,%/'),"$43%$'$'*#0#,',%$#)*%2%+*3'2$GF$1"(/%*3,"F$3&'$2'("/#"1'$
+")1*/3:;"$</"+%113'2F$#&<"),"$'"1$1%31$#)*%/2"+3*"/%1$,%,#+':;"$%$
"/7')#C':;"A$U$1"+#=2"7"$*%/#'$"$$+3#,',"$+"&$'$&%)*%$%$+"&$'$*%18
1#*3/'$,'1$#,%#'1F$+"&3&$)"1$%1+/#*"/%1$43%F$'"$+")*/@/#"$,"$E"&%&$
&",%/)"F$0'2"/#C'&$'1$&%)"/%1$%L<%/#-)+#'1F$73'/,'),"8'1$%&$1%3$
'/*%.'*"$&%&"/#'2$<'/'$*/')1."/&@82'1$%&$*%L*"A$$B$#,%#'$,%$'/*%1')'*"$
%&%/7%F$<"/*')*"F$)'$/%.2%L;"$,%$V#221$+"&"$+%)*/'2$%$.3),')*%$<'/'$
"$.'C%/$<%/&')%)*%$,"$#)*%2%+*3'2F$43%$'2#'$<'11',"$%$</%1%)*%$+"&"$
<")*'1$3)#,'1$<%2"$.#"$,'$%L<%/#%)+#'$+"*#,#')'A
Q"$1%)*#,"$,%$+").%/#/$</'*#+#,',%$D1$13'1$#,%#'1F$V#221$137%/%$'"$
1"+#=2"7"$ '$ +")1*/3:;"$ ,%$ 3&$ '/43#0"$ )"$ 43'2$ 1%/#'&$ %1+/#*'1$ %2'8
("/':?%1$1#1*%&@*#+'1F$1"($'$."/&'$,%$3&$,#@/#"F$1%),"$%1*%$0%>+32"$
,%$#)1+/#:;"$,'$)%+%11@/#'$%$<%/&')%)*%$/%.2%L;"$43%$'+"&<')E'$'$
*'/%.'$'+',-&#+'A$U$'/43#0"$%L</%11'/#'$'$93):;"$%)*/%$"$43%$"$#)*%8
2%+*3'2$%1*@$.'C%),"$%$"$43%$%1*@$0#0%)+#'),"$)'$+"),#:;"$,%$139%#*"$
#)1+/#*"$%&$3&$*%&<"$%$%1<':"A$R%/&#*#/#'$'$+'<*3/'$,%$<%)1'&%)*"1$
&'/7#)'#1F$"3$'#),'$</%&'*3/"1F$1%/0#),"$,%$+")*/"2%$<'/'$%0#*'/$/%8
<%*#:?%1$)"$*/'('2E"A$i/%+E"1$')"*',"1F$+")0%/1'1$%$1")E"1F$%).#&F$
%1+/#*"1$0@/#"1$'+%/+'$,%$1#*3':?%1$"(1%/0','1$$1%/0#/#'&$,%$&'*%/#'2$
<'/'$"$%L%/+>+#"$+"*#,#')"$,'$/%.2%L;"A$
B$/%2%0')+#'$#)*%2%+*3'2$,'1$')"*':?%1$%1*'/#'F$<"/*')*"F$'11"+#','$
'$3&'$%L<%/#-)+#'$,#/%*'$%$<%/&')%)*%A$U$<%)1'&%)*"F$$'"$1%/$+328
*3',"$ %&$ ."/&'$ ,%$ %1+/#*'F$ .'/#'$ +"&$ 43%$ 0#0-)+#'1$ '<'/%)*%&%)*%$
#)1#7)#.#+')*%1$7')E'11%&$,%)1#,',%A$5%&</%$43%$%L<%/#&%)*'&"1F$
,#C#'$V#221F$1%)1':?%1$1#7)#.#+'*#0'1$1"(/%$'+")*%+#&%)*"1$"3$#,%#'1F$
,%0%&"1$/%7#1*/@82'1$%F$'"$.'C%/$#11"F$*"/)'&"1$'1$."/&32':?%1$%L</%18

,&5("1"#4,&);5$#$.5T"#&%,1&"&m'5)."&+,&"(5$%";"5,&&$&"&.)+"+$&.,!,&."!',&&+$&'$%oT)%"&6&&M$'f8(7"$$&%$"((
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

0]]

1#0'1$%$+")%+*','1$,%$&","$</",3*#0"A$H%11'$&')%#/'F$1%/#'$+32*3',"$
"$ E@(#*"$ ,%$ %1+/%0%/F$ <"#1F$ ,#C#'$ %2%F$ <'/'$ 43%$ "$ <%143#1',"/$ *"/)%$
0#0'$ '$ '*#0#,',%$ #)*%2%+*3'2$ $ z);"$ G$ <"11#0%2$ $ &')*%/$ ,%1%&('/':'8
,'$'$&;"{A$B$%1+/#*'$,%1%)0"20%/#'$'$+'<'+#,',%$,%$%L<2#+#*':;"$,'1$
#,%#'1F$0#'(#2#C'),"$'$%L<%/#%)+#'$73#','$)"$+#/+3#*"$%)*/%$&;"$%$+'8
(%:'$43%$+").#73/'$'$%L<%/#-)+#'$'/*%1')'2A
U$'/43#0"F$+"&<"1*"$,%$')"*':?%1$*%=/#+'1$%$'113)*"1$</"0%)#%)8
*%1$,%$.")*%1$0'/#','1F$.3),'&%)*"381%F$<"/$"3*/"$2',"F$)'$+/>*#+'$,%$
V#221$ ,#/#7#,'$ D43%2%1$ 43%$ );"$ <3)E'&$ 3&$ %1<>/#*"$ +/>*#+"$ ,#')*%$
,%$#)."/&':?%1$9@$+'*'2"7','1A$W")*/'$'$13<"1*'$%0#,%)+#'$,"1$/%7#18
*/"1F$"$+'/@*%/$1"+#"2=7#+"$,'$<%143#1'$,%0%/#'$%)72"('/$13+%11#0"1$
%1*3,"1$ +'<'C%1$ ,%$ /%2'*#0#C'/$ "1$ ,',"1$ ,%$ 0#1#(#2#,',%$ #&%,#'*'A$$
R%/+%<:?%1$7%/'#1$1"(/%$'1<%+*"1$#)*%/%11')*%1$,"$*%&'$%&$."+"$#)8
+23#/#'&$ "(1%/0':?%1$ 1"(/%$ 13'1$ ."/&'1$ ,%$ %L</%11;"$ %$ *%),-)+#'$
E#1*=/#+'A$
U<"),"81%$D$,#11"+#':;"$%)*/%$"$,',"$%&<>/#+"$%$'$<%143#1'$*%=8
/#+'F$"$'3*"/$</"<3)E'$3&'$$')@2#1%$('1%','$)'$E#1*=/#'$,'1$#,%#'1A$
W/>*#+"$ ,'$ <%143#1'$ %&<>/#+'$ 1%<'/','$ ,'$ /%.2%L;"$ *%=/#+'F$ "$ '3*"/$
+%)*/'0'$1%31$'*'43%1$'"$z%&<#/#1&"$'(1*/'*"{$43%$+'/'+*%/#C'0'F$1"8
(/%*3,"F$"$'/+'("3:"$*%=/#+"$,%$i'2+"**$R'/1")1A$$V#221$+")1*'*"3$43%$
"$ ("&$ */'('2E"$ )'$ +#-)+#'$ 1"+#'2$ );"$ <",%/#'$ 1%/$ .%#*"$ '<%)'1$ +"&$
#)0%1*#7':;"$ %&<>/#+'$ +2'/'&%)*%$ ,%2#)%','A$ R%)1'),"$ '$ <%143#1'$
+"&"$</"+%11"F$"$'3*"/$'.#/&'0'$43%$'$,%+#1;"$1"(/%$"$43%$%1*3,'/F$
*%),"$<"/$('1%$3&$+")93)*"$,%$/%7#1*/"1F$);"$<",%/#'$1%/$*"&','$%)8
43')*"$"$&'*%/#'2$);"$."11%$/%*/'('2E',"$1"($"$</#1&'$,%$E#<=*%1%1$
7%/'#1A$Z#<=*%1%1$'$1%/%&$+")1*/3>,'1$<"/$+','$#)0%1*#7',"/F$1%73),"$
13'$%L<%/#-)+#'$%$."/&':;"$*%=/#+'A
R%/+"//%),"$2%#*3/'1F$')"*':?%1$%$43%1*#")'&%)*"1F$$V#221$#),'7'8
0'$'$/%1<%#*"$,"$&","$+"&"$'$#&'7#)':;"$<",%/#'$$*%/$1%3$2#0/%$+3/1"A$
\&'$ #&'7#)':;"$ #)1*/3&%)*'2#C','$ 1%/#'$ */')1."/&','$ %&$ /%7#1*/"$
,%$#,%#'1$"3$,',"1F$1%&$'$%L+231;"$,'1$#)P&%/'1$<"11#(#2#,',%1$,%$
'("/,'7%&$,%$3&$*%&'A$W/>*#+"$,"$43%$)"&%'0'$%&<#/#1&"$'(1*/'*"F$
V#221$);"$'(,#+'0'$,"$1'(%/$1"+#"2=7#+"$43%$,#.%/%)+#'0'F$<"/$%L%&8
<2"F$"$#)*%2%+*3'2$%$+#%)*#1*'$1"+#'2F$,"$9"/)'2#1*'A

,&5("1"#4,&);5$#$.5T"#&%,1&"&m'5)."&+,&"(5$%";"5,&&$&"&.)+"+$&.,!,&."!',&&+$&'$%oT)%"&6&!M$'f8(7"$$&%$"8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

0]`

B$#&'7#)'+;"$1"+#"2=7#+'$+'<'+#*'/#'$1%3$<"113#,"/$'$+"&</%%)8
,%/$"$+%)'/#"$E#1*"/#+"$&'#1$'&<2"$,%$#)1+/#:;"$,"1$'+")*%+#&%)*"1$
%$1%3$1#7)#.#+',"$<'/'$'$0#,'$>)*#&'$%$+'//%#/'$%L*%/#"/$,%$#)3&%/"1$
#),#0#,3"1A$]VSYY5F$^_f_F$<A$^^aA$$W")1#1*#/#'$'$#&'7#)':;"$1"+#"2=7#8
+'$)'$+'<'+#,',%$,%$<'11'/$,%$3&'$<%/1<%+*#0'$<")*3'2$'$"3*/'$&'#1$
'(/')7%)*%$%$%1*'(%2%+%/$3&'$0#1;"$,'$1"+#%,',%$%&$13'$*"*'2#,',%r$
'1$'/*#+32':?%1$<"11>0%#1$%)*/%$(#"7/'.#'$%$E#1*=/#'A$5%/#'$)"$+3/1"$,'$
#&'7#)'+;"$1"+#"2=7#+'$.3),'&%)*','$%&$3&'$1"2#,%C$*%=/#+'$43%$1%$
2#7'/#'&$$.'*"/%1$'<'/%)*%&%)*%$,%1+")%L"1$,'$0#,'$+"*#,#')'A$
B$#&'7#)'+;"$1"+#"2=7#+'$*%/#'$3&'$,#&%)1;"$+3&32'*#0'F$1%),"$$
./3*"$,%$3&$*/'('2E"$.%#*"$)'$+"&(#)':;"$%$',%)1'&%)*"$,%$#,%#'1A$
i/'('2E"$*'&(G&$/%'2#C',"$<"/$&%#"$,%$<%143#1'$.%#*'$)"1$'/43#0"1F$
,"*','$ ,%$ +%/*'$ '2%'*"/#%,',%r$ '1$ <'1*'1$ +")*%),"$ #)."/&':?%1$ <"8
,%/#'&$1%/$&#1*3/','1$1"($)"0"1$+")*%P,"1F$$0#'(#2#C'),"$"$%&%/7#/$
/%<%)*#)"$,%$*%&'1$);"$13("/,#)',"1$'$3&$<2')%9'&%)*"$</G0#"A
B$(31+'$,'1$<'2'0/'1$%$"$/%7#1*/"$ ,"1$0@/#"1$1%)*#,"1$'$%2'1$'*/#8
(3>,"1F$ '1$ &3#*'1$ <"11#(#2#,',%1$ ,%$ +2'11#.#+':;"$ %$ '$ +")1*/3:;"$ ,%$
*#<"2"7#'1F$ ('1%','1$ %&$ 13(*%&'1F$ <%/&#*#/#'&$ "<%/'+#")'2#C'/$ '$
#&'7#)':;"$D$&",'$,%$3&$+'2%#,"1+=<#"A$$Q%11%$&","$,%$$"/7')#C'/$
"1$,',"1$%)*/'/#'&$$+"&"$<'/*%$,'$<%143#1'$"1$,#+#")@/#"1F$,#1+3/1"1$
</"0%)#%)*%1$,%$0@/#'1$.")*%1$%$#)*%/2"+3:?%1$%$<")*"1$,%$0#1*'$+2'11#8
.#+',"1$%&$+'*%7"/#'1$+'<'C%1$,%$%&</%1*'/$0#1#(#2#,',%$'$%143%&'1$
'#),'$);"$%0#,%)*%1$)"$+3/1"$#)#+#'2$,'$#)0%1*#7':;"A
U1$ ,#'7/'&'1$ %)43')*"$ &",%2"1$ </G0#"1$ ,%$ "/7')#C':;"$ ,'1$ #)8
."/&':?%1$<%/&#*#/#'&$<%)1'/$+"&$&'#"/$+2'/%C'$,',"1$#)#+#'2&%)*%$
,%1+")%L"1F$ 1%),"$ '1$ +2'11#.#+':?%1$ +'*%7=/#+'1$ %2'("/','1$ 1%73),"$
+'/'+*%/>1*#+'1$+"&3)1$D$7/'&@*#+'$+/3C','$,'$#&'7#)':;"A$B$+"&<'8
/':;"F$<"/$+")*/'1*%F$'3L#2#'/#'$)'$."/&32':;"$,%$$*#<"2"7#'1F$#1"2'),"$
<")*"1$+"&3)1$%$+2'11#.#+'),"$<%/1<%+*#0'1$,#.%/%)*%1A$B$%L<"1#:;"$,%$
<%/+%<:?%1$')*'7N)#+'1$.'+#2#*'/#'$$*'&(G&$'$0#13'2#C':;"$,%$+")0%/8
7-)+#'1$%$)3')+%1$#&<"/*')*%1$)'$,%1+/#:;"$%$,%2#&#*':;"$,"1$"(9%*"1$
,%$#)0%1*#7':;"A
$ $ B2G&$ ,"$ &'#1F$ <")*3'0'$ 1'(#'&%)*%$ V#221F$ 1%/#'$ #&<"/*')*%$ +")8
*/'1*'/$<")*"1$,%$0#1*'$,%$."/&'$'$+"2E%/$"1$0@/#"1$T)732"1$<"11>0%#1$)"$

,&5("1"#4,&);5$#$.5T"#&%,1&"&m'5)."&+,&"(5$%";"5,&&$&"&.)+"+$&.,!,&."!',&&+$&'$%oT)%"&6&&M$'f8(7"$$&%$"((
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

0]a

*/'*'&%)*"$,%$3&$"(9%*"A$$Q%11%$1%)*#,"F$%1*'/$'$<'/$,'$2#*%/'*3/'$1"(/%$
'$43%1*;"$%&$."+"$%$1'(%/$#,%)*#.#+'/$"1$z',0%/1@/#"1{$$%$$z'&#7"1{$$,%8
*%)*"/%1$,%$*","1$"1$<")*"1$,%$0#1*'$%L#1*%)*%1$1"(/%$3&'$*%&@*#+'$%&$
9327'&%)*"$1%/#'$,%$7/'),%$/%2%0T)+#'A$
$$$$U$+")*/"2%$,%$3&'$$%1+'2'$*#<"2=7#+'F$)'$+"),#:;"$,%$</%+%,%/$
D1$%1*'*#1*#+'1F$%1*'/#'$$13(&%*#,"$'"$+/#0"$,'$#&'7#)':;"$,"$<%143#8
1',"/F$1%&</%$+/>*#+"$)'$(31+'$,%$1"(/%<"/$'1$#,%#'1$'"1$)P&%/"1A$B$
*>*32"$,%$%L%&<2"F$#),'7'0'$V#221r$z43%$'1<%+*"1$,%0%/#'&$*%/$'1$'28
,%#'1$')'2.'(%*'1F$+")1#,%/'),"81%$$3&'$<"<32':;"$,%$*/#)*'$&#2E?%1$
,%$E'(#*')*%1|{$]VSYY5F$^_f_F$<A$IK^a$
B$ ,#&%)1;"$ +32*3/'2$ #)+/31*','$ )"1$ ,',"1$ %&<>/#+"1$ <%/&#*#/#'$
%2#&#)'/$'$%L+231#0#,',%$+").%/#,'$D$#)."/&':;"$%1*'*>1*#+'d$%1*'$1%&8
</%$13("/,#)','$'"$+3/1"$,'$#&'7#)':;"$%$,'1$%0#,-)+#'1$E#1*=/#+'1A
Q"$</"<=1#*"$,%$+"&</%%)1;"$,"1$%2%&%)*"1$')*%+%,%)*%1$,"1$,',"1$
%&<>/#+"1F$V#221$</"<3)E'$'$+"&<'/':;"$,%$+'1"1$1%73),"$3&'$%1+'2'$
*%&<"/'2A$$W")1#,%/'0'$#&<"/*')*%$,#/%+#")'/$"$"2E'/$<'/'$"$&"&%)*"$$
E#1*=/#+"$,'$"+"//-)+#'1$,%$43%1*?%1$,'$<%143#1'$)"$+3/1"$,'$+#0#2#C':;"F$
*%),"$%&$0#1*'$'$(31+'$,%$+E'0%1$<'/'$"$%)*%),#&%)*"$1"+#"2=7#+"A$
$$$B$#)*%2%7#(#2#,',%$%$'$+2'/%C'$1%/#'&$*'&(G&$.3),'&%)*'#1$)"$
,%+3/1"$,"$*/'('2E"$#)*%2%+*3'2A$U$'3*"/$+/#*#+'0'$*')*"$"$9'/7;"$1"8
+#"2=7#+"$+"&"$"$+32*"$D$%1+/#*'$,#.>+#2A$B.#/&'0'$'11#&$'$#&<"/*T)+#'$
,%$2%0'/$%&$+")*'F$,%$')*%&;"F$'$43%$<P(2#+"$"$*%L*"$1%$,#/#7#'F$#&'8
7#)'),"$'$)%+%11#,',%$,%$3&$,#1+3/1"$,"*',"$,%$#)*%/2"+3:;"F$);"$
.%#*"$%L+231#0'&%)*%$<'/'$"1$<'/%1A
$$$B$#,%#'$,"$*/'('2E"$#)*%2%+*3'2$+"&"$2'("/F$,'>$"$1%)*#,"$&%*'.=8
/#+"$,"$'/*%1')'*"F$+")1#1*#/#'$)"$%L'&%$%$/%%L'&%$,%$3&$'/43#0"$.%#8
*"$,%$')"*':?%1$%$/'1+3)E"1$43%$+")."/&'/#'&$3&$<%43%)"$&3),"$
"/7')#C',"$+"&$('1%$%&$$*=<#+"1$%$*%&'1A$U$#)*%2%+*3'2$'/*%1;"$,%0%$
z0#0%/$ )%11%$ &3),"$ +")1*/3#,"$ %$ 1'(%/$ "$ 43%$ G$ )%+%11'/#"r$ #,%#'1F$
.'*"1F$#,%#'1F$)3&%/"1F$#,%#'1$]AAAAa$B11#&$,%1+"(/#/%&"1$%$,%1+/%0%/%8
&"1$.#L'),"$"1$*#<"1$<'/'$'$"/,%)':;"$,"$43%$."#$,%1+"(%/*"{$]VSYY5F$
^_f_F$<A$IK_aA$
$$$$U$+'/@*%/$/%2'+#")'2$,"1$#*%)1$%$"1$1%)*#,"1$'+#")',"1$)"$,%+3/1"$,"$
/%7#1*/"$,%$1#*3':?%1$%$%L<%/#-)+#'1$."/&'/#'&$3&'$%1<G+#%$,%$&",%2"$

,&5("1"#4,&);5$#$.5T"#&%,1&"&m'5)."&+,&"(5$%";"5,&&$&"&.)+"+$&.,!,&."!',&&+$&'$%oT)%"&6&!M$'f8(7"$$&%$"8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

0`1

.3)+#")'2A$zR%)1'/$%$23*'/$<'/'$#&<"/$"/,%&$%$'"$&%1&"$*%&<"$'('/+'/$
"$&'#"/$)P&%/"$<"11>0%2$,%$'1<%+*"1{$]VSYY5F$"<A$+#*F$<AIpJaA$$R"/$%11%$
&"*#0"F$<"1*32'0'$"$'3*"/$1"(/%$'$)%+%11#,',%$,"$*%&<"$,%$%2'("/':;"$
,'1$ #,%#'1F$ *%),"$ %&$ 0#1*'$ );"$ 1%/$ <"11>0%2$ <'/'/$ ,%$ <%)1'/$ 1"(/%$ 3&$
*%&'$,%&'1#','&%)*%$+%,"F$')*%+#<'),"$'$&'*3/':;"$,"1$,',"1A$i'&8
<"3+"$,%#L'/$43%$"$<%)1'&%)*"$+")*#)3'11%$1%&$3&'$,#/%*/#C$*%&<"/'2F$
#),#.%/%)*%$D$)%+%11@/#'$1#1*%&'*#C':;"$<%/#=,#+'$,%$+")*%P,"1A$U$</=8
</#"$'&',3/%+#&%)*"$,'1$#,%#'1$+"),3C#/#'$D$,%1+"(%/*'$,"$*%&<"$#,%'2$
,%$"/7')#C':;"$$%$%L<"1#:;"$<P(2#+'$,"$+")E%+#&%)*"$'+3&32',"A
B1$."/&32':?%1$,%$V#221$);"$<",%&$1%/$*"&','1$+"&"$3&$&')3'2$
,%$&%*","2"7#'F$+")1#,%/'),"81%$43%$'$#&'7#)':;"$1"+#"2=7#+'$,%$+','$
<%143#1',"/$+"),3C#/#'$"$+3/1"$,%$13'$#)0%1*#7':;"A$i'&<"3+"$%11'$#&'8
7#)':;"$'113&#/#'$'$+"),#:;"$,%$0#/*3,%$<%11"'2$,"$<%143#1',"/F$1%),"$'$
1"+#"2"7#'$3&'$+#-)+#'$%L<2#+'*#0'$,"$.3)+#")'&%)*"$,"$&3),"$1"+#'2$'$
%L#7#/$.3),'&%)*':;"$*%=/#+'$#)*%/</%*'*#0'$,"1$.'*"1$1"+#'#1A
B$#,%#'$,%$'/*%1')'*"$#)*%2%+*3'2$#)13/7#381%$*'&(G&$+")*/'$'$/#8
7#,%C$,'1$&%*","2"7#'1$+")0%)+#")'#1A$i%+%/$"1$.#"1$,"$<%)1'&%)*"$
13<3)E'$ 43%$ '$ *%"/#'$ %$ &%*","2"7#'$ 1%$ +3/0'11%&$ ,#')*%$ ,'$ </@*#8
+'$ %L<%/#%)*%$ ,"$ '/*%1;"A$ B$ *%11#*3/'$ ,%11%1$ .#"1$ %L#7#/#'$ *'&(G&$ '$
#)1%/:;"$,"1$/%7#1*/"1$,%$'&(#%)*%1$&#+/"11"+#'#1$ %&$*"*'2#,',',%1$
&'#1$'(/')7%)*%1A$B$1"+#"2"7#'$0#'(#2#C'/#'$"$<%)1'&%)*"$+"&<'/',"$$
.3),',"$)'1$%1*/3*3/'1$1"+#'#1$$,"$43'2$%&%/7%/#'$'$'/*#+32':;"$%)*/%$
(#"7/'.#'$%$E#1*=/#'A$
B$'3*")"&#'$&"/'2$%$<"2>*#+'$,'$</",3:;"$1"+#"2=7#+'$%1*'/#'$*'&8
(G&$.3),','$)'$+")1*/3:;"$,%$3&$'/43#0"$);"$13(&%*#,"$'$'7%),'1$
#)1*#*3+#")'#1A$5"($'$."/:'$,'$#&'7#)':;"$%$,"$+"&</"&#11"F$"$'/43#8
0"$1%/#'$3&$</",3*"$,'$%L<%/#-)+#'$<%/&')%)*%$,"$.'C%/$#)*%2%+*3'2A
$$B1$#,%#'1$,%$V#221$<"113%&$*'&(G&$<")*"1$,%$1%&%2E'):'$+"&$'$
<%/1<%+*#0'$,%$#)0%1*#7':;"$%&$6%+t%/$]^__KaF$<'/'$43%&$G$#&<"/*')8
*%$z3&$&",%2"$'/*%1')'2$,%$+#%)+#'F$)'$43'2$+','$*/'('2E',"/$</",3C$
'1$*%"/#'1$%$&G*","1$)%+%11@/#"1$<'/'$"$*/'('2E"$43%$%1*@$1%),"$.%#*"{$
]6OWvOMF$^__KF$<A$^IaA$S)13/7#),"81%$+")*/'$3&'$<%/1<%+*#0'$,%$<%18
43#1'$D$&",'$,%$3&$/%+%#*3@/#"F$6%+t%/$*'&(%&$0'2"/#C'0'$'$"/7T)#+'$
+")%L;"$%)*/%$,',"1$%&<>/#+"1$%$%L<2#+':;"$*%=/#+'A

,&5("1"#4,&);5$#$.5T"#&%,1&"&m'5)."&+,&"(5$%";"5,&&$&"&.)+"+$&.,!,&."!',&&+$&'$%oT)%"&6&&M$'f8(7"$$&%$"((
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

0`2

B1$#,%#'1$,%$V#221$#)1<#/'/'&$&3#*"1$#)*%2%+*3'#1F$1%/0#),"$E"9%$,%$
/%.%/-)+#'$<'/'$1%$<%)1'/$1"(/%$'1$."/&'1$+")*%&<"/T)%'1$,%$+")1*/3:;"$
,%$'/43#0"1$,%$<%143#1'F$+")1#,%/'),"81%$'$0#7-)+#'$,%$+")1*/')7#&%)8
*"1$*%&<"/'#1$%$'1$,#1<"1#:?%1$#)1*#*3+#")'#1$43%$#)*%/.%/%&$)'1$<"11#(#8
2#,',%1$%$2#&#*%1$,"$.'C%/$'/*%1')'2A$
i%),"$<"/$('1%$'$+#,',%$$+"&"$%1<':"$<"*%)+#'2$,%$/%7#1*/"$,%$%L8
<%/#-)+#'1$+"*#,#')'1F$%L<")E"F$'$1%73#/F$"$&","$+"&$.3#$+")1*/3#),"$
3&$'/43#0"$,%$<%143#1'1$)'$@/%'$3/(')'A$5;"$'/43#0"1$43%$,%2#&#*'&$
"$ &","$ +"&"$ 0%)E"$ '2#&%)*'),"$ #)0%1*#7':?%1F$ *"&'),"$ '$ +#,',%$
+"&"$<'2+"$.3),'&%)*'2$,%$')"*':?%1$%$/%7#1*/"1$1#1*%&@*#+"1A$B$%L8
<%/#-)+#'$ ."/)%+%/@$ 13(1>,#"1$ #&<"/*')*%1$ '$ 3&'$ /%.2%L;"$ <"1*%/#"/$
1"(/%$ '1$ ."/&'1$ +")*%&<"/T)%'1$ ,%$ </",3:;"$ ,"$ +")E%+#&%)*"$ )'$
@/%'$,%$+#-)+#'1$1"+#'#1A

B$+#,',%$+"&"$<'2+"$,%$'/43#0"1

U$%1<':"$3/(')"$+"&"$2"+'2$"),%$1%$</"<'7'&$%L<%/#-)+#'1$+"*#8
,#')'1$'11"+#','1$'$</"+%11"1$&#+/"$"3$&'+/"11"+#'#1$+")1*#*3#$3&$
#&%)1"$<"*%)+#'2$$,%$/%7#1*/"1$,%$<%143#1'
B</%1%)*"$ &%3$ '/43#0"$ +"&$ ('1%$ %&$ ,"#1$ 13(+")93)*"1F$ '11#&$
+2'11#.#+',"1r$-%,;(%/!6(!1#&U,%$(!+(!$%6(63$%$$%6(63!$#*#!(1-3/3+,(7
45#!3!-31-3/3+,(45#A$i/'*'81%$,%$#)."/&':?%1$1#1*%&'*#C','1$'"$2")7"$
,"$*%&<"F$43%$."/'&$1%$+").#73/'),"$1%&$$<2')%9'&%)*"$</G0#"F$1%)8
,"$"/7')#C','1$)'$&%,#,'$%&$43%$3&$+")93)*"$,%$2%#*3/'1$+")937'8
0'81%$'$#)0%1*#7':?%1$&%,#','1$<"/$13<"/*%1$#)1*#*3+#")'#1A$$
U$"2E'/$#)1<#/',"/$,%$V#221$<%/&#*%8&%$/%0#1#*'/$'/43#0"1$43%$."/'&$
%&('2',"1$<"/$+#/+3)1*T)+#'1$0'/#','1A$U$<%/+3/1"$,%2#)%',"$%)*/%$3&$
1%)*#,"$'2%'*=/#"$%$"3*/"$&'#1$,#/%*#0"$+"),3C#3$'$"/7')#C':;"$,%$/%7#18
*/"1$%$<3(2#+':?%1$+39"1$+")*%P,"1$1%/;"$'</%1%)*',"1$'$1%73#/A

M#*3'#1$,'$R"2>*#+'$)'$+#,',%

U$ +")93)*"$ ,%$ #)."/&':?%1$ 0"2*','1$ <'/'$ "$ /%7#1*/"$ ,%$ %0%)*"1$ %[


"3$/#*3'#1$'11"+#',"1$'$,#)T&#+'1$%2%#*"/'#1$,%3$"/#7%&$'"$'/43#0"$43%$

,&5("1"#4,&);5$#$.5T"#&%,1&"&m'5)."&+,&"(5$%";"5,&&$&"&.)+"+$&.,!,&."!',&&+$&'$%oT)%"&6&!M$'f8(7"$$&%$"8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

0`0

*%0%$"$%1<':"$3/(')"$%$'$<"2>*#+'$+"&"$<')"$,%$.3),"A$W")1#,%/%#$43%F$
)"$&"&%)*"$,'1$%2%#:?%1F$"1$/#*3'#1$,%$+'&<')E'$"<%/'0'&$)"$+")8
*%L*"$3/(')"$<"/$&%#"$,%$,%2#&#*':?%1$%1<'+#'#1$43%$,'0'&$+")*"/)"$
D1$,#1<3*'1A$B1$C")'1$,%$-3$#+03$%*3+,#$%$13-,3+$%*3+,#$,%$+'),#,'8
*"1$$%.%*#0'0'&F$%&$<2')"$&'#1$'&<2"F$'$&'*%/#'2#C':;"$&%*'.=/#+'$,'$
z<"2>*#+'$%&$&"0#&%)*"{A$B$43%$z1'>'$,"$+%)*/"$3/(')"F$<%/+"//%),"$
'1$/3'1{F$+")1*/3#),"$)%1*%$*/'9%*"$'*"1$,%$2%7#*#&':;"$)"$1%)*#,"$,%$
h%(%/$]^__paA$
W")1*'*%#$*'&(G&$)'1$')"*':?%1$1"(/%$"1$/#*3'#1$43%$13'1$&'/+'1$)"$
%1<':"$+#*',#)"F$+','$0%C$&'#1$./%43%)*%1F$%)72"('0'&F$'2G&$,%$</"8
+%11"1$,%$,#1<3*'$%2%#*"/'2F$,#1*#)*"1$."/&'*"1A$5%/#'$<"11>0%2$+2'11#.#+'/$
"1$/#*3'#1$1"($"$</#1&'$,'$+")*%1*':;"F$,'$+"&<%*#:;"$%$,'$+")1'7/'8
:;"$,%$%1.%/'1$#)1*#*3>,'1$,"$<",%/A$B1$%L</%11?%1$,%$</"*%1*"F$)"*'(#8
2#C','1$%&$&'/+E'1^F$+'&#)E','1$%$"3*/'1$&')#.%1*':?%1F$'<")*'0'&$
'$ 0#1#(#2#,',%$ +"&"$ 3&$ ,"1$ %2%&%)*"1$ %1*/'*G7#+"1$ ,%$ '.#/&':;"$ ,%$
,%&'),'1$%$#)*%/':?%1$%1*'(%2%+#,'1$%)*/%$,#1*#)*"1$'*"/%1$1"+#'#1$)"$
%1<':"$<P(2#+"A$
Q'$"+'1#;"$,%$+")1*/3:;"$,%11%1$'/43#0"1F$'$/%,%$,%$<%143#1'$'/*#8
+32','$'"$R/")%L$,%)"&#)','$B)*/"<"2"7#'$,'$R"2>*#+'I$#).23%)+#"3$
'$'("/,'7%&$%$+'*'2"7':;"$,'1$#)."/&':?%1F$'<")*'),"$"1$/#*3'#1$%$
%0%)*"1$+"&"$+E'0%1$,%$2%#*3/'$<'/'$#)*%/</%*'/$'1$."/&'1$,%$%L#(#:;"$
<P(2#+'$,%$</'*#+'1$<"2>*#+'1$'11"+#','1$'$2#)73'7%)1$%$&')#.%1*':?%1$
1#&(=2#+'1A
U$/%7#1*/"$,"1$/#*3'#1$)'$+#,',%$%/'F$1"(/%*3,"F$%0"+'*#0"$,%$237'8
/%1A$B$</%1%):'$,'$<"2>*#+'$)"$+")*%L*"$3/(')"$);"$"+"//%/#'$1%&$'$
%L#1*-)+#'$,%$3&$+")93)*"$,%$1#7)#.#+':?%1$*/')1&3*','1$%&$>+")%1$
+#*',#)"1r$"$+%)*/"$,'$+#,',%$+"&"$237'/$,%$&'/+':;"$,%$%0%)*"1F$"1$

^$ 5"(/%$"$31"$,%$&'/+E'1$+"&"$%L</%11;"$1#&(=2#+'F$0%/$B2%)+'/$WE'0%1F$]IJJJaA
I$ $U$QP+2%"$,%$B)*/"<"2"7#'$,'$R"2>*#+'$]Q3'<[R/")%LaF$,#/%+#")"3$1%31$"(9%*#0"1$
)'$')@2#1%$,'1$#)*%/1%:?%1$%)*/%$'$z<"2>*#+'{F$<%/+%(#,'$,%$&","$+(,%B#F!'11"+#','$
'$"3*/"1$,"&>)#"1$,'$0#,'$1"+#'2$%$+32*3/'2F$#)+"/<"/'),"$%*)"7/'.#'1$,%$%0%)*"1F$
1#*3':?%1F$/#*3'#1F$,/'&'1$%$</"+%11"1$1"+#'#1A$U$Q3'<[R/")%LF$1"($+""/,%)':;"$
7%/'2$ ,"$ R/".%11"/$ V"'+#/$ R'2&%#/'$ ]V31%3$ Q'+#")'2[\!Msa$ *%0%$ ,#0%/1#.#+','$
#)1%/:;"$ #)1*#*3+#")'2F$ <%/&#*#),"$ '$ <3(2#+':;"$ <%/#=,#+'$ ,%$ 2#0/"1$ +")*%),"$ "$
</",3*"$.#)'2$,%$0@/#'1$<%143#1'1A$

,&5("1"#4,&);5$#$.5T"#&%,1&"&m'5)."&+,&"(5$%";"5,&&$&"&.)+"+$&.,!,&."!',&&+$&'$%oT)%"&6&&M$'f8(7"$$&%$"((
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

0`3

('#//"1$<"<32'/%1$+"&"$%1<':"$,%$0#1#*':;"$,"1$<"2>*#+"1$%$'$+")1*/38
:;"$<"*%)+#'2$,%$z+2#%)*%2'1{F$%0"+','1$)"$&"&%)*"$,%$/%'2#C':;"$,%$
+"&>+#"1A$
B$+#,',%$+"&"$+")*%L*"$)"$43'2$'1$+"#1'1$z%/'&$0#1*'1{F$<"/43%$&%8
&"/#C','1$%$/%11#7)#.#+','1$<"/$&%#"$,%$)'//'*#0'1$9"/)'2>1*#+'1F$+")18
*#*3#3F$)"$/%7#1*/"$,'1$#)."/&':?%1$+'*'2"7','1F$3&$<'2+"$,%$&P2*#<2"1$
/#*3'#1$</%1%)*%1$)'$0#,'$+")*%&<"/T)%'A$i/'*'0'81%$,%$3&$%1<':"$,%$
+")1'7/':;"$,%$</@*#+'1$<"2>*#+'1$"3$%L</%11;"$,"$43%$,%1#7)%#$,%$1(7
+#-(*(!*DB3&!6(/!$(*1(+0(/!1#&U,%$(/$]6BMMOSMBF$^__baA
U1$/%7#1*/"1$"/7')#C',"1$%&$,#.%/%)*%1$1%7&%)*"1$%)."+'/'&$+'&8
<')E'1$ %2%#*"/'#1$ %&$ 0@/#'1$ +")93)*3/'1F$ 1%<'/','1$ 1%73),"$ 3&'$
('1%$ ,%$ 2%#*3/'$ ,%$ 9"/)'#1$ %$ </"7/'&'1$ *%2%0#1#0"1F$ )"1$ 43'#1$ ."/'&$
+'*'2"7',"1$,#1+3/1"1F$+"&>+#"1F$+'&#)E','1$%$"3*/"1$%0%)*"1A
B1$ +'&<')E'1$ <"2>*#+'1$ %&$ 13'1$ /#*3'2#,',%1$ ."/'&$ #),3*"/'1$ ,%$
+")+%<:?%1$1"(/%$'$+#,',%$</%1%)*%1$%&$+2'11#.#+':?%1$]$%6(63!/(;6:7
B3&K! $%6(63! 63*#$-:,%$(K! $%6(63! 6%B%6%6($ %*+AaA$ i'&(G&$ </@*#+'1$ 43%$
%L</%11'0'&F$,%$&","$0#1>0%2F$'$"+3<':;"$,"1$%1<':"1r$'$<"2>*#+'$$(7
*%+0(+6#F$ 1%$ .'C%),"$ &'11'F$ /%'2#C'),"$ '$ #,%#'$ ,%$ +")43#1*'$ +"&"$
1#&("2"7#'$'.#/&',"/'$,"$<",%/A$
Q%11'$+").#73/':;"F$'$<%/#.%/#'$,'$+#,',%F$"3$1%9'F$"1$('#//"1$<"8
<32'/%1F$ %/'&$ +")1*')*%&%)*%$ )"&%',"1$ +"&"$ 2"+'#1$ ,%$ z%143%+#8
&%)*"{$ <"/$ <'/*%$ ,"1$ <"2>*#+"1F$ *"/)'),"$ '$ </%1%):'$ ,%$ <"*%)+#'#1$
/%</%1%)*')*%1F$ )'1$ ,#0%/1'1$ +'&<')E'1F$ 3&'$ %1<G+#%$ ,%$ </"&%11'$
,%$#)0%/1;"$,'$1#*3':;"A$i'2$+"&"$'+")*%+#'$)"1$<"0"',"1$,%$+#,',%1$
#)*%/#"/')'1F$ 1%73),"$ "$ */'('2E"$ ,%$ <%143#1'$ ,%$ Z%/%,#'$ %$ R'2&%#8
/'$]^__caKF$"1$('#//"1$,'$<%/#.%/#'$,'1$&%*/=<"2%1$/%</%1%)*'0'&F$)'1$
1#*3':?%1$"(1%/0','1F$%1<':"1$,%$'723*#)':;"$,%$,%&'),'1F$0#/'),"$
%1<G+#%1$,%$z+%)*/"{$,'$,#1<3*'$%2%#*"/'2A
O&$ *%/&"1$ ,%$ "/7')#C':;"$ ,"1$ ,',"1F$ +")1#,%/%#$ "$ &"&%)*"$ ,'1$
+'&<')E'1$+"&"$+")1*#*3#:;"$,%$3&$)"0"$*/':',"$7%"7/@.#+"$43%$2#7'0'$
1#&("2#+'&%)*%$'1$C")'1$'.'1*','1$,%$@/%'1$3/(')'1$+%)*/'#1A$U1$N)#(31F$

K$ RBYVOSMBF$ VA$ %$ ZOMOHSBF$ 6A$ zU1$ +"&>+#"1$ %$ '$ <"2>*#+'$ ,%$ .'+:?%1{A$ 2+;:-%#!
2+,-#1#&D'%$#[_pA$M#"$,%$s')%#/"r$^__cA

,&5("1"#4,&);5$#$.5T"#&%,1&"&m'5)."&+,&"(5$%";"5,&&$&"&.)+"+$&.,!,&."!',&&+$&'$%oT)%"&6&!M$'f8(7"$$&%$"8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

0`d

43%$*/')1<"/*'&$"1$')#&',"/%1$,%$+'&<')E'F$1'#),"$,"1$+"&#*-1$"3$,"$
+%)*/"$,'$+#,',%F$'1$+'&#)E','1$%$"1$%0%)*"1$%L%&<2#.#+'/'&$"$/%"/,%8
)'&%)*"$,%$<%/+3/1"1$+").#73/',"1$<"/$%11'$7%"7/'.#'$%2%#*"/'2A
V#)E'1$/%.2%L?%1$ ,%$ <%143#1'$ 0"2*'/'&81%$ </#)+#<'2&%)*%$ <'/'$ '$
')@2#1%$,"1$/#*3'#1$,'$<"2>*#+'F$"(1%/0'),"$"1$&"&%)*"1$%2%#*"/'#1$1"($
'$ <%/1<%+*#0'$ ,"1$ 0'2"/%1$ %$ 1>&("2"1$ 43%$ 13(1#,#'&$ '1$ </@*#+'1$ ,%$
/%</%1%)*':;"A$B$')@2#1%$,"1$/#*3'#1$%)+")*/"3$.3),'&%)*"1$)'$<%/8
+%<:;"$,%$43%$%0%)*"1$43%$"+"//#'&$)"$+"*#,#')"$,'1$&')#.%1*':?%1$
<"2>*#+'1$);"$+")1*#*3%&$&%/"1$',"/)"1A$B)*%1$,%$*3,"F$#)*%7/'&$"$
z.'C%/$<"2>*#+'{F$/%</",3C#),"$%2"1$%)*/%$"$43%$+"1*3&'$1%/$,%1#7)',"$
,%$1#63-$%$/#$%36(63H!
O2%7%),"$'$#&<"/*T)+#'$,"$E#'*"$43%$"1$</"+%11"1$<"2>*#+"1$*%)*'&$
/%+3<%/'/$ )"$ *%&<"$ ,'1$ %1+"2E'1$ %2%#*"/'#1F$ '1$ ')"*':?%1$ ,"$ '/43#8
0"$ 0"2*'/'&81%$ <'/'$ ')'2#1'/$ "$ +")93)*"$ ,%$ '2%7"/#'1$ %$ %)+%)':?%1$
%L</%11#0'1$,%$%1*/'*G7#'1$</=</#'1$,'$,#)T&#+'$%2%#*"/'2A$O1*/'*G7#'1$
43%$ <%/&#*#'&F$ )%11%1$ &"&%)*"1$ %1<%+#'#1F$ '*3'2#C'/$ 0'2"/%1F$ +2'18
1#.#+'/$%$'11#)'2'/$,#1*#):?%1F$</%1%)*%1$);"$1=$)"$+'&<"$,'$<"2>*#+'$
(/'1#2%#/'F$&'1$*'&(G&$%&$"3*/'1$%1.%/'1$,'$0#,'$1"+#'2A$
B$+2'11#.#+':;"$,%$/#*3'#1$1%73),"$237'/%1$%$,%$'+"/,"$+"&$."/&'1$
,%$'</%1%)*':;"F$%1<%+#.#+#,',%1$,"1$%0%)*"1$,%$+'&<')E'F$#)'3738
/':?%1F$0#1#*'1$%$/%3)#?%1$."/&'*"3$3&$+")93)*"$,%$,',"1$+"&$<"18
1#(#2#,',%1$ ,%$ %L<2"/':?%1$ ,#0%/1'1A$ \&'$ 2%#*3/'$ ,"1$ /#*"1$ 3/(')"1$
<%/&#*#3$"(1%/0@82"1$+"&"$'*"1$,%$+")1*/3:;"$1#&(=2#+'$,'$+#,',%$%$
,'$<"2>*#+'A$Q%11%$1%)*#,"F$"1$/#*3'#1$<"2>*#+"1$)'$+#,',%$%$"1$/#*3'#1$,'$
+#,',%$%)+")*/'/'&$%1<':"1$,%$+"&<2%&%)*'/#,',%F$+"&<"),"$3&$
'/43#0"$,%$&P2*#<2'1$%)*/','1$%$<"11#(#2#,',%1$')'2>*#+'1pA$

B$+#,',%$+"&"$'</%1%)*':;"$/%</%1%)*':;"

B$+#,',%$+"&"$'</%1%)*':;"$%$/%</%1%)*':;"$+")1*#*3#3$3&$/%+"/8
*%$,%$<%143#1'$43%$%&%/7#3$+"&"$,%1,"(/'&%)*"$,"$'/43#0"$')*%/#"/A$

p$ R'/*%$1#7)#.#+'*#0'$,%11%$&'*%/#'2$,%$<%143#1'$."#$<3(2#+','$)"$2#0/"$90;B(!63!>(13%/K!
-%,#/!3!$(*1(+0(/!3&3%,#-(%/!+#!Y-(/%&F$M%23&%$H3&'/@F$M#"$,%$s')%#/"F$^__bA

,&5("1"#4,&);5$#$.5T"#&%,1&"&m'5)."&+,&"(5$%";"5,&&$&"&.)+"+$&.,!,&."!',&&+$&'$%oT)%"&6&&M$'f8(7"$$&%$"((
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

0`S

B1$'231?%1$D$+#,',%F$</%1%)*%1$%&$&"&%)*"1$%2%#*"/'#1$&3)#+#<'#1F$
9@$E'0#'&$1#)'2#C',"$3&$</#&%#/"$"2E'/$1"(/%$"$%1<':"$3/(')"$+"&"$
#)1*T)+#'$,%$/%</%1%)*':;"$,#1+3/1#0'A$Q"$T&(#*"$,%$+'&<')E'1$<"8
2>*#+'1F$"1$+'),#,'*"1$</"&%*#'&$(%)%.>+#"1$<'/'$'$+#,',%F$1%),"$%1*'$
'</%1%)*','$ <"/$ &%#"$ ,%$ #&'7%)1$ 43%$ 1%$ "<3)E'&F$ ('2#C','1$ <%2'$
+")+"//-)+#'A$$\&'$,'1$&')%#/'1$,%$.'2'/$,'$+#,',%$/%.%/#'81%$'"$'18
<%+*"$</"(2%&@*#+"$,'$0#,'$3/(')'F$'+"&<')E',"$,%$+/>*#+'1$D$,%1#8
73'2,',%$ "3$ D$ #)%.#+@+#'$ ,%$ 1%/0#:"1$ <P(2#+"1F$ '2G&$ ,'$ +'/-)+#'$ ,%$
&"/',#'A$W")*/@/#'$'$%11'$0%/1;"F$<"1*32')*%1$'$+'/7"1$,%$/%</%1%)*'8
:;"$2#7',"1$D$1#*3':;"$'</%1%)*'0'&$'$+#,',%$&",#.#+','$<"/$#)*%/8
0%):?%1$/%'2#C','1$%$"(/'1$43%$z)%+%11#*'0'&$,%$+")*#)3#,',%{A$\&$
<'11',"$</"(2%&@*#+"$%["3$3&$.3*3/"$</"&#11"/$<'/%+#'&$+"&<"/$'$
2=7#+'$ ,#1+3/1#0'$ ,%$ <2%#*%')*%1$ &3)#+#<'#1F$ #)*%/%11',"1$ %&$ %L<"/$
%1*/'*G7#'1$,%$<%/13'1;"$%$',%1;"cA$
\&$1%73),"$&"&%)*"$,%$#)+3/1;"$)"$*%&'$,'$+#,',%$+"&"$"(9%*"$
,%$,#1+3/1"1$%$/%</%1%)*':?%1$+'/'+*%/#C"381%$<%2'$+")1*'*':;"$,%$43%$
'1$#&'7%)1$'231#0'1$D$+#,',%$<",%/#'&$#)*%7/'/$3&$%1+"<"$&'#1$'(/')8
7%)*%$%$&%)"1$/%+"/*',"$'"$*%&<"$,'$<"2>*#+'A$O&%/7#3$,%11'$<%/+%<:;"$
3&$)"0"$+")93)*"$,%$E#<=*%1%1$%$<"11#(#2#,',%1$')'2>*#+'1$0"2*','1$<'/'$
<%)1'/$'$+#,',%$+"&"$"(9%*"$,%$,#1+3/1"1$%$&%&=/#'1$0'/#','1$)"$*%&<"A$
O2%7%),"$ "$ *%&'$ z)'//'*#0'1$ ,'$ +#,',%{$ +"&"$ +E'0%$ ,%$ 2%#*3/'F$
+")*%),"$/%</%1%)*':?%1$,#0%/1'1$1"(/%$"$%1<':"$3/(')"F$);"$/%1*/#8
*'1$'"$&"&%)*"$%2%#*"/'2F$'$<%143#1'$#)+"/<"/"3$#)#+#'2&%)*%$0#1?%1$
,%$#)*%2%+*3'#1F$9"/)'2#1*'1$%$7%1*"/%1$1"(/%$'1$*/')1."/&':?%1$,%$+")8
*%L*"1$+#*',#)"1A$
B$+#,',%$+"&"$2"+'2$#),3*"/$,%$/%</%1%)*':?%1$*%0%$"3*/"1$'+/G18
+#&"1$*%=/#+"1$%$%&<>/#+"1$/%'2#C',"1$+"&$('1%$)'$"(1%/0':;"$,'$&'8
)%#/'$+"&"$"$<'11',"$%$"$</%1%)*%$%/'&$%0"+',"1$%&$</"<"1*'1$,%$
0'2"/#C':;"$,"$<'*/#&N)#"F$+"&$'+%)"1$D$+/#':;"$,%$C")'1$,%$</%1%/8
0':;"$E#1*=/#+'$%&$!"/*'2%C'A$

c$ OL<2"/%#$ %11'$ #,%#'$ %&$ <%143#1'$ 1"(/%$ +'&<')E'1$ %2%#*"/'#1$ &3)#+#<'#1$ ,'$
43'2$ /%132*"3$ "$ '/*#7"$ 6'//%#/'F$ S/2j1$ ]^__`aF$ 2! $%6(63! 3*! $&#/3! ;17! %*('3+/! 3!
(1-#1-%(4X3/!6#!3/1(4#!3*!$(*1(+0(!3&3%,#-(&H

,&5("1"#4,&);5$#$.5T"#&%,1&"&m'5)."&+,&"(5$%";"5,&&$&"&.)+"+$&.,!,&."!',&&+$&'$%oT)%"&6&!M$'f8(7"$$&%$"8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

0`g

U1$/%7#1*/"1$1"(/%$6%/2#&F$%&$IJJ^F$+").%/#,"1$<%2'$("21'$,%$%1*38
,"1$W'<%1[HBBHF$'3L#2#'/'&$)'$,%.#)#:;"$,%$3&$%1+"<"$,%$#)0%1*#8
7':;"A$B$+'<#*'2$,'$B2%&')E'F$&'/+','$)"$<'11',"$<%2'$+")*#)7-)+#'$
,%$,#1<3*'1$#,%"2=7#+'1$%)*/%$&%&=/#'1F$<%/&#*#3$3&'$#)+3/1;"$#)*%8
/%11')*%$1"(/%$"$*%&'$,'1$)'//'*#0'1A$B</%1%)*'/$6%/2#&$'"1$0#1#*')*%1$
)"$ &"&%)*"$ ,%$ '(%/*3/'$ ,'$ B2%&')E'$ <'/'$ "$ /%1*')*%$ ,'$ O3/"<'F$
'<=1$'$43%,'$,"$&3/"F$%)1%9"3$,#1+3/1"1$43%$<'11'/'&$'$.'C%/$<'/*%$
,'1$%1*/'*G7#'1$,%$%L<"/*':;"$,%$#&'7%)1F$%)/#43%+%),"$'$*%&@*#+'$,%$
#)0%1*#7':;"A$O1*'F$'7"/'$0"2*','$<'/'$%)*%),%/$"$&","$+"&"$+#,',%1$
%/'&$'</%1%)*','1$'"1$"3*/"1F$"1$*3/#1*'1A
B$+")1*/3:;"$,%$'/43#0"1$+")*%),"$73#'1F$/%,3/F$<"1*'#1F$%$,#1+3/8
1"1$*%),"$+"&"$+E'0%$,%$2%#*3/'$"$*%&'$,%)"&#)',"$<"/$z)'//'*#0'1$
,%$+#,',%1{$</"11%73#3$+"&$)"0"1$'+/G1+#&"1F$*%),"$+"&"$13<"/*%$"$
'+"/,"$W'<%1[W".%+3(F$/%'2#C',"$%&$IJJ^[IJJIF$%)*/%$'$\)#0%/1#,',%$
!%,%/'2$,"$W%'/@$%$\)#0%/1#*G$Y3&#/%$Yj")$SS$]!/'):'aA$B$#)0%1*#7'8
:;"$%&$Yj")$0"2*"381%$<'/'$')'2#1'/$'$+")1*/3:;"$,'$#&'7%&$,'$+#8
,',%F$'+"&<')E','$,"1$</"+%11"1$,%$/%43'2#.#+':;"$0#'(#2#C',"1$%&$
1%3$+%)*/"$E#1*=/#+"A$B1$)'//'*#0'1$/%7#1*/','1$)'$"+'1#;"$'*%)*'/'&$
<'/'$'$'</%1%)*':;"$,%11%$%1<':"$3/(')"$+"&"$%L</%11;"$/%7#")'2$,"$
<'*/#&N)#"F$1#7)#.#+'*#0"$)'$E#1*=/#'$,"$W")*#)%)*%$O3/"<%3A$
O&$Y#1("'F$3&$%1*@7#"$,%$<=18,"3*"/',"$%.%*#0',"$%&$IJJbF$<"/$
3&$<%/>","$,%$1%#1$&%1%1F$<%/&#*#3$'+/%1+%)*'/$%$+")1"2#,'/$#)."/&'8
:?%1$1"(/%$'1$z)'//'*#0'1$,'$+#,',%{$<%/+%(#,'1$%&$,#.%/%)*%1$,#&%)8
1?%1A$S&</%11"1$1"(/%$'$+#,',%$]')*#7"1$73#'1$%$/"*%#/"1aF$'11#&$+"&"$
/%</%1%)*':?%1$%2'("/','1$<"/$*3/#1*'1F$<%/+%<:?%1$1"(/%$('#//"1$%18
<%+>.#+"1$,'$+'<#*'2$<"/*373%1'$%L<2#+#*','1$<"/$&"/',"/%1$]B2.'&'a$
,%/'&$."/*%1$13(1>,#"1$<'/'$"$,%1%)0"20#&%)*"$,'1$#)0%1*#7':?%1$')8
*%/#"/%1A
B$<'/*#+#<':;"$)'$/%,%$6/'1#28R"/*37'2$,%$%1*3,"1$3/(')"1f$%)0"28
0%),"$'$\)#0%/1#,',%$,%$W"#&(/'F$'$\)#0%/1#,',%$!%,%/'2$,%$5%/7#<%$
%$\!W$+")1"2#,"3$3&$%1<':"$#)1*#*3+#")'2$,%$'&',3/%+#&%)*"$*%=/#8

f$ B$/%,%$,%$<%143#1'$."#$+""/,%)','$<"/$W'/2"1$!"/*3)'$,"$WO5$,'$\)#0%/1#,',%$,%$
W"#&(/'$%$M"7G/#"$R/"%):'$Y%#*%$,'$\)#0%/1#,',%$!%,%/'2$,%$5%/7#<%A

,&5("1"#4,&);5$#$.5T"#&%,1&"&m'5)."&+,&"(5$%";"5,&&$&"&.)+"+$&.,!,&."!',&&+$&'$%oT)%"&6&&M$'f8(7"$$&%$"((
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

0`]

+"$,'1$#,%#'1$,'$<%143#1'F$0#'(#2#C'),"$*/"+'$,%$/%.2%L?%1$%$%L<%/#-)8
+#'$%)*/%$<%143#1',"/%1A
B1$</'*#+'1$,%$'</%1%)*':;"$,'$+#,',%$%$"1$,#1+3/1"1$"/43%1*/',"1$
%&$*"/)"$,%$3&'$/'+#")'2#,',%$*3/>1*#+'$<'11'/'&F$'11#&F$'$#)1<#/'/$
3&$237'/$,%$<%143#1'$&'#1$,#/%+#")',"F$'7/%7'),"81%F$'"1$<"3+"1F$'$
#)+3/1?%1$ .%#*'1$ %&$ &#)E'$ </=</#'$ +#,',%F$ !"/*'2%C'A$ U$ 43%$ <'/%+#'$
3&'$"/7')#C':;"$,%$,',"1$.%#*'$,%$."/&'$<")*3'2$#)*%7/"3$3&$+")8
93)*"$'/*#+32',"$,%$/%7#1*/"1$+'<'C$,%$,'/$,%)1#,',%$'"$'/43#0"A
B$ +E'0%$ ,%$ 2%#*3/'$ #)*%/</%*'*#0'$ ,'$ +#,',%F$ .%#*'$ +"&$ ('1%$ )"$
+")+%#*"$,%$)'//'*#0'F$*'&(G&$13(1#,#','$<%2'$("21'$,%$<%143#1'$,"$
WQR4F$*/',3C#3F$<"/*')*"F$'$3&'$#)0%1*#7':;"$,%$2")7'$,3/':;"F$%)8
*/%&%','$<"/$#)*%/0'2"1$43%F$2")7%$,%$'//%.%+%/%&$ '$1#1*%&'*#C':;"$
,'1$"(1%/0':?%1F$."/'&$'+/%1+%)*'),"F$'"$2")7"$,"$*%&<"F$)"0"1$13(8
1>,#"1$')'2>*#+"1A
B$<%143#1'$,#/%+#")'),"$"$"2E'/$<'/'$'$'</%1%)*':;"$,%$+#,',%1$
<"/$ &%#"$ ,%$ )'//'*#0'1$ %$ "$ &","$ +"&"$ %2'1$ 1%,#&%)*'0'&$ 31"1$ %$
#)*%/.%/-)+#'1$)"$%1<':"$3/(')"F$'11"+#'),"81%$'$</"+%11"1$+32*3/'#1$
%$<"2>*#+"1F$+")1*#*3#3$'$</#)+#<'2$."/&'$,%$"/7')#C':;"$%$1#1*%&'*#C'8
:;"$,'1$#)."/&':?%1A$
U$&'*%/#'2$."#$"/7')#C',"$%&$*/-1$%#L"1$')'2>*#+"1A$U$</#&%#/"$,%8
2%1$."#$('1%',"$)"$%L'&%$,%$73#'1F$+'*@2"7"1$%$."2E%*"1$*3/#1*>+"1$#)8
,#+'*#0"1$,"$&","$+"&"$'1$+#,',%1$%/'&$'</%1%)*','1A$M%*=/#+'1$,'$
%1<'+#'2#,',%F$,%$)'*3/%C'$&'#1$"3$&%)"1$3*#2#*@/#'F$'11"+#','1$'$%18
*#2"1$2#*%/@/#"1F$+"&<31%/'&$3&$+")93)*"$,%$)'//'*#0'1$0"2*','1$<'/'$
'$'</%1%)*':;"$,%$%1<':"1$3/(')"1A$
B$+#/+32'/#,',%$%)*/%$)'//'*#0'1$%$13'1$'</"</#':?%1$)'*#0'1$+")8
1#1*#3$)"$/%7#1*/"$,%$,#1+3/1"1$%2'("/',"1$1"(/%$'1$+#,',%1$<"/$0#1#*')8
*%1$%$$</".#11#")'#1$,%,#+',"1$D$</@*#+'$,%$/"*%#/"1$*3/>1*#+"1A$B$#,%#'$
,%$ +#/+32'/#,',%$ <%/&#*#3$ '723*#)'/$ *')*"$ '$ /#*3'2#,',%$ ,"1$ /"*%#/"1$
,%$0#1#*':;"F$+"&"$$'$</",3:;"$%$,#.31;"$,%$#&'7%)1$#+")"7/@.#+'1F$'$
%L%&<2"$,%$+'/*?%1$<"1*'#1$%&$!"/*'2%C'A
B$*%/+%#/'$+2'11#.#+':;"$,"$&'*%/#'2$<%143#1',"$#)+23#3$&"&%)*"1$
+")*%L*3'#1$ 1#7)#.#+'*#0"1$ ,%$ +")1*/3:;"$ ,%$ )'//'*#0'1A$ Q%2%1$ ."/'&$
%)."+',"1$%L<%/#-)+#'1$+")+/%*'1$,%$%.%/0%1+-)+#'$,%$,#1+3/1"1$('1%8

,&5("1"#4,&);5$#$.5T"#&%,1&"&m'5)."&+,&"(5$%";"5,&&$&"&.)+"+$&.,!,&."!',&&+$&'$%oT)%"&6&!M$'f8(7"$$&%$"8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

0``

',"1$)'$$,%.%1'$,%$%1<':"1$3/(')"1$z'&%':',"1{F$+")*%),"$'231?%1$
'$<"2>*#+'1$,%$</%1%/0':;"$,%$<'*/#&N)#"A$B$0#1#(#2#,',%$,%$1#*3':?%1$
<%+32#'/%1$ <"1*'1$ )"$ +%)@/#"$ <P(2#+"$ <"/$ ,#.%/%)*%1$ '*"/%1$ 1"+#'#1F$
#)+23#),"$ '$ #&</%)1'$ %$ '$ %2'("/':;"$ ,%$ </"7/'&'1$ ,%$ </%1%/0':;"F$
</"<#+#'0'$'$"(1%/0':;"$,%$)'//'*#0'1$<%/&%','1$,%$/%</%1%)*':?%1$
1"(/%$"$<'11',"F$</%1%)*%$%$.3*3/"A$z6'#//"1$E#1*=/#+"1{F$%&$*'2$+").#8
73/':;"F$'113&#'&$3&$+'/@*%/$,%$&%*")>&#'F$0#/'),"$'$%L</%11;"$,%$
3&'$*"*'2#,',%$+#*',#)'A
W")1#,%/%#$)'$/%.2%L;"$1"(/%$"$&'*%/#'2$,'$#)0%1*#7':;"$'$%+")"8
&#'$ #)*%/)'$ ,"1$ &'*%/#'#1$ #&</%11"1$ ]2#)73'7%&F$ ,%1*#)'*@/#"$ %$ '38
*"/#'aF$0%/#.#+'),"$'$+")1*/3:;"$2#*%/@/#'$,%$/"*%#/"1$%L</%11#0"1$,'1$
)'//'*#0'1$,%$+#,',%1A
B$%L<"1#:;"$7%)G/#+'$,%11%1$'/43#0"1$43%$13(1#,#'/'&$<'/*%$1#7)#8
.#+'*#0'$,%$&#)E'1$<%143#1'1$);"$</%*%),%$,%$."/&'$'273&'$%/#7#/81%$
%&$&",%2"F$1"(/%*3,"$13<"),"81%$43%$'$"/7')#C':;"$,%$43'243%/$&'*%8
/#'2$,%$#)0%1*#7':;"$+"&<?%81%$,%$+#/+3)1*T)+#'1F$#)*%/%11%1$%$<"11#(#2#8
,',%1$%.%*#0'1$,%$#)+"/<"/':;"$,%$,',"1$1%73),"$.")*%1$*%=/#+'1$0'/#'8
,'1A$O&$*'2$<%/1<%+*#0'F$'1$%L<%/#-)+#'1$#),#0#,3'#1F$"1$'<"/*%1$*%=/#+"1$
%$'1$"<"/*3)#,',%1$#)1*#*3+#")'#1$#)*%/.%/%&$."/*%&%)*%$)"$%L%/+>+#"$,'$
#)0%1*#7':;"A
5%$'$,#0%/1#,',%$,%$/%7#1*/"1$%)+")*/'81%$'11"+#','$D$%L<%/#-)+#'$
%$*/'9%*=/#'$#),#0#,3'2$,'$<%143#1',"/'F$G$#&<"/*')*%$*'&(G&$<%)1'/$
1"(/%$'$+#,',%$+"&"$*%2'$,%$/%.%/%)+#'$*%=/#+'$%$%&<>/#+'r$3&$#&%)1"$
2'("/'*=/#"$,%$</@*#+'1$1"+#'#1$43%$#)1<#/"3$"$1'(%/$1"+#"2=7#+"$,%1,%$
1%31$</#&=/,#"1A$$B$+#,',%$<%)1','$+"&"$*"*'2#,',%$GF$)'$/%'2#,',%F$
'$ +")93):;"$ ,%$ ,#)T&#+'1$ E#1*=/#+'1F$ 1%),"$ +")1#,%/','$ 3&'$ /%,%$
,%$ #)*%/':?%1$ "3$ </"9%:;"$ )"$ %1<':"$ ,%$ /%2':?%1$ 1"+#'#1`A$ U1$ +%)@8
/#"1$3/(')"1$1#)732'/#C'&$*/"+'1F$1"+#'(#2#,',%1F$#)1%/:;"$%$%L+231;"F$
'11#&$ +"&"$ C")'1$ ./")*%#/#:'1$ ,%$ 1"+#'(#2#,',%$ ]5#&&%2F$ ^_`^aA$ U1$
</"+%11"1$,%$*/"+'F$'1$*/')1':?%1$%.%*#0','1$%&$0@/#"1$+")*%L*"1$,'$
0#,'$3/(')'$%$'1$%L<%/#-)+#'1$,%$1"+#'(#2#,',%$)"$%1<':"$<P(2#+"$".%8

`$ i'2$+"&"$<%)1"3$Y%.%(0/%$]IJJJa$1"(/%$'$,#)T&#+'$,'$0#,'$3/(')'$)'$1"+#%,',%$
&",%/)'A

,&5("1"#4,&);5$#$.5T"#&%,1&"&m'5)."&+,&"(5$%";"5,&&$&"&.)+"+$&.,!,&."!',&&+$&'$%oT)%"&6&&M$'f8(7"$$&%$"((
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

0`a

/%+%&$+"),#:?%1$$<'/'$"$/%7#1*/"$,%$#)0%1*#7':?%1$)'1$43'#1$0;"$%1*'/$
</%1%)*%$</"+%11"1$+32*3/'#1$,%$,#.%/%)*%1$"/,%)1A
U1$ '/43#0"1$ '43#$ %L<"1*"1$ 1#)'2#C'/'&$ *'&(%&$ "$ .'*"$ ,%$ 43%$ '1$
+#,',%1$ 1;"$ "(9%*"$ ,%$ ,#1+3/1"1$ +'/'+*%/#C',"1$ <"/$ ."/&32':?%1$ ,#8
0%/1'1$%$*%)*'*#0'1$,%$+")+%(%/$"$%1<':"$3/(')"$,"*','1$,%$1%)*#,"F$
*"*'2#,',%$%$<23/'2#,',%A$$B<")*'/'&$'$/%+/#':;"$%$+")1*/3:;"$,"$%18
<':"$3/(')"$%&$13'$%L</%11;"$1#&(=2#+'F$+")*/#(3#),"$<'/'$."/&'/$
#&'7%)1$,%$+#,',%1$'11"+#','1$'$+/")"2"7#'1F$'</"</#':?%1$,"$<'11'8
,"$%$</@*#+'1$+32*3/'#1$%$<"2>*#+'1A$
5%9'$)'$+"),#:;"$,%$/%7#1*/"$,%$</"+%11"1$&'+/"11"+#'#1F$"3$0#0-)8
+#'1$+"*#,#')'1$43%$13<?%&$237'/%1F$'*"/%1$%$,#)T&#+'1$%1<%+>.#+'1F$'$
+#,',%$<",%$1%/$<%/+%(#,'$+"&"$3&$#&%)1"$2'("/'*=/#"$,%$#)1+/#:?%1$
,%$%0%)*"1$)'$43'2$1%$*"/)'$<"11>0%2$'$</@*#+'$'/*%1')'2$,"$.'C%/$1"+#"8
2=7#+"A$!'C%/$43%$1%$%)+")*/'$'*3'2&%)*%$13(&%*#,"$'$"<"/*3)#,',%1$
#)1*#*3+#")'#1F$+")1*/')7#&%)*"1$*%&<"/'#1$%$%L<%/#-)+#'$#),#0#,3'2$
,"$<%143#1',"/A$U$'/*%1')'*"$#)*%2%+*3'2$&"0%81%$)%11%$+'&<"$/%2'8
+#")'2$+"&<2%L"A

U$'/*%1')'*"$#)*%2%+*3'2$E"9%r$i%&<"F$"<"/*3)#,',%$%$*%)8
1?%1$#)1*#*3+#")'#1

U$ %L'&%$ ,"1$ /%7#1*/"1$ ,%$ <%143#1'$ '</%1%)*',"1$ 131+#*'$ 3&'$ /%8


.2%L;"$1"(/%$'1$+"),#:?%1$'*3'#1$,%$</",3:;"$#)*%2%+*3'2F$'*%)*'),"$
<'/'$'1$<"11#(#2#,',%1$%$"1$&","1$%.%*#0"1$,%$+")1*/3:;"$,%$'/43#0"1A$
o$ #&<"/*')*%$ /%11'2*'/$ 43%$ '$ </",3:;"$ ,%$ #)0%1*#7':;"$ %&$ ."/&'*"$
,%$/%,%$%L</%11'$'*3'2&%)*%$3&'$."/&'$,%$%2'("/':;"$'/*#+32','$,"$
+")E%+#&%)*"F$#&<2#+'),"$%&$*/"+'1F$#)*%/':?%1$+")*>)3'1$%$<"11#(#8
2#,',%1$,%$'+3&32':;"$,"$1'(%/$%1<%+#'2#C',"A$O1*%F$&%)"1$('1%',"$
)"$1%)*#,"$,%$"/#7#)'2#,',%$#),#0#,3'2$%$&'#1$.3),'&%)*',"$)"$'&'8
,3/%+#&%)*"$</"7/%11#0"$,%$#,%#'1$43%$1%$</"+%11'&$+"2%*#0'&%)*%A$
U1$1%&#)@/#"1F$+")7/%11"1$%$"3*/"1$%0%)*"1$43%$+'/'+*%/#C'&$E"9%$
'$."/&'$,%$</",3:;"$%$,#.31;"$,"$+")E%+#&%)*"$)'$@/%'$,%$+#-)+#'1$
1"+#'#1$'<")*'&$<'/'$'$%2'("/':;"$<%/&')%)*%$,%$1>)*%1%1$,%$#)0%1*#7'8
:;"F$13<"),"$<"*%)+#'2#,',%1$,%$'/43#0"1$%&$<%/&')%)*%$'2#&%)*':;"A$$

,&5("1"#4,&);5$#$.5T"#&%,1&"&m'5)."&+,&"(5$%";"5,&&$&"&.)+"+$&.,!,&."!',&&+$&'$%oT)%"&6&!M$'f8(7"$$&%$"8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

0a1

i/'*'81%$,'$0#7-)+#'$,%$3&$+")93)*"$,%$"<"/*3)#,',%1$);"$#1%)*'$,%$
/%1*/#:?%1$,%$"/,%&$#)1*#*3+#")'2A$
M%0%),"$&%31$'/43#0"1$<"11"$"(1%/0'/$43%$'1$,%&'),'1$#)1*#*38
+#")'#1$,"1$.#)')+#',"/%1$#&<31%/'&$</'C"1F$)%&$1%&</%$+"),#C%)8
*%1$+"&$"$.'C%/$'/*%1')'2F$".%/%+%),"F$<"/$"3*/"$2',"F$"<"/*3)#,',%1$
/#+'1$,%$<%143#1'A$5"($"$+/#0"$,%$3&$*%&<"$#)1*#*3+#")'2$'11"+#',"$
'$<'3*'1$,%$%,#*'#1$%$/%2'*=/#"1F$"$'/*%1')'*"$*'&(G&$*%+%3$1%31$.#"1A$
O&'/')E',"1F$ <"/$ 0%C%1F$ &'1$ +3&32'*#0"$ %$ ('1*')*%$ 1"+#'2#C',"$ %&$
/%,%1$,%$#)0%1*#7':;"A$B$<%/1<%+*#0'$,%$3&$<%143#1',"/$&'#1$+"2%*#8
0"$43%$1%$+"&3)#+'$%&$/%,%1$0%&$+").%/#),"$'"$+")E%+#&%)*"$3&'$
,#.31;"$>&<'/F$'3L#2#'),"$)'$.%#*3/'$%$/%7#1*/"1$,%$+2'11#.#+':?%1$,%$#)8
."/&':?%1A$
R%/+%(%81%$*'&(G&F$)"$T&(#*"$,'$+")1*/3:;"$,"$1'(%/F$3&'$*%)8
,-)+#'$ D$ %1<%+#'2#C':;"$ ,"$ +")E%+#&%)*"$ 1"($ '$ #).23-)+#'$ ,"1$ %18
<':"1$ </".#11#")'#1$ %$ #)1*#*3#:?%1$ 43%$ ,%&'),'&$ %1<%+#'2#C':?%1$ %$
+"&<%*-)+#'1A$Q%11%$1%)*#,"F$"$7/'),%$,%1'.#"$G$'2#'/$"1$+")E%+#&%)8
*"1$%1<%+>.#+"1$+"&$'$E#1*=/#'$+")1*/3>,'$,'1$+#-)+#'1$1"+#'#1$%$1%31$
&P2*#<2"1$ %)/#43%+#&%)*"1A$ U1$ +#%)*#1*'1$ +2@11#+"1$ ,'$ @/%'$ ,%$ +#-)8
+#'1$1"+#'#1$."/'&$/#+"1$')'2#*#+'&%)*%$<"/43%$'&<2#'/'&$13'1$/%.2%8
L?%1$<'/'$'2G&$,"$%1*"43%$,#1<")>0%2$,%$#)0%1*#7':;"A$
$$i'20%C$3&$,"1$7/'),%1$,#2%&'1$<"1*"1$E"9%$<'/'$'1$+#-)+#'1$1"8
+#'#1$ 1%9'$ '$ <"11#(#2#,',%$ ,%$ '11"+#'/$ '$ +3&32'*#0#,',%$ ,"$ +")E%+#8
&%)*"$ +"&$ '1$ ".%/*'1$ #)1*#*3+#")'#1$ 43%$ 1#&32*')%'&%)*%$ ,%.#)%&$
"<"/*3)#,',%1$,%$'+%11"F$&'1F$'"$&%1&"$*%&<"F$<")*3'&$'$'7%),'$
,"$<%143#1',"/A$B$<%/&')-)+#'$,"$<%)1'&%)*"$+/>*#+"$43%$1#)732'/#8
C"3$'1$+#-)+#'1$1"+#'#1$,%1,%$"1$1%31$</#&=/,#"1$<",%$1%$*"/)'/$0328
)%/@0%2$ .'+%$ '273)1$ ,"1$ +")1*/')7#&%)*"1$ #)1*#*3+#")'#1$ 43%$ #&<2#8
+'&$)'$#),3:;"$,%$*%&@*#+'1A$
$$U$&","$'*3'2$,%$</",3:;"$,"$+")E%+#&%)*"$*/'C$*'&(G&$&3,')8
:'1$ )'$ <%143#1'F$ &3#*'1$ 0%C%1$ "/#%)*','$ <"/$ 3&$ #,%'2$ ,%$ 3*#2#,',%A$
Q'1$P2*#&'1$,G+','1F$9@$<%/+%(%&"1F$)"1$."/&32@/#"1$,"1$<'/%+%/#1*'1$
,%$</"9%*"1$,%$<%143#1'F$#),'7':?%1$1"(/%$'$'<2#+'(#2#,',%$,"$+")E%8
+#&%)*"$+"&"$3&$,"1$/%43#1#*"1$<"1#*#0"1$)'$'0'2#':;"$,"1$&%1&"1A$
i/'*'81%$,%$3&'$'<2#+'(#2#,',%$43%$<",%$137%/#/$3&'$,#/%:;"$3*#2#*@8

,&5("1"#4,&);5$#$.5T"#&%,1&"&m'5)."&+,&"(5$%";"5,&&$&"&.)+"+$&.,!,&."!',&&+$&'$%oT)%"&6&&M$'f8(7"$$&%$"((
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

0a2

/#'F$)%&$1%&</%$+"),#C%)*%$+"&$'1$."/&'1$,%$#)0%1*#7':;"$,'1$+#-)8
+#'1$1"+#'#1A$Q%11'$,#/%:;"F$6/3)"$Y'*"3/$]^__pd$^__`a$/%.%/%81%F$<"/$
%L%&<2"F$D$%L#1*-)+#'$,%$/%,%1$1"+#"*G+)#+'1$43%$1%$'/*#+32'&$'$3&$
+")93)*"$+"&<2%L"$%$&P2*#<2"$,%$<%143#1',"/%1F$+#%)*#1*'1F$*G+)#+"1$
,'1$'7%)+#'1$.#)')+#',"/%1F$%&</%1@/#"1$%$&%&(/"1$,'$1"+#%,',%$43%$
#)*%/.%/%&$ )'$ ."/&32':;"$ %$ +")1*/3:;"$ ,%$ </"(2%&'1A$ 5%$ %11%$ .'*"$
%1*%0%$ &'#1$ E#1*"/#+'&%)*%$ </%1%)*%$ )'1$ +#-)+#'1$ %L'*'1$ %$ )'*3/'#1F$
E"9%$ +")1*#*3#$ *'&(G&$ 3&'$ ,%&'),'$ </%1%)*%$ )'$ @/%'$ ,%$ +#-)+#'1$
1"+#'#1A$ S&<?%81%F$ )%11%$ +")*%L*"F$ '$ /%.2%L;"$ 1"(/%$ '$ '3*")"&#'$ ,"$
+")E%+#&%)*"F$ '11#&$ +"&"$ '$ ,#1<3*'$ <"/$ E%7%&")#'$ )"$ %1<':"$ ,"$
1'(%/$+#%)*>.#+"A
o$#&<"/*')*%$&%)+#")'/$43%$'$<%/+%<:;"$,%$V#221$1"(/%$"$*/'('2E"$
'+',-&#+"F$ 1%73),"$ '$ 2=7#+'$ ,"$ .'C%/$ '/*%1')'2F$ "<3)E'81%$ *'&(G&$ D$
,#&%)1;"$</'7&@*#+'$,'$#)0%1*#7':;"A$$5%73),"$V#221F$3&'$,'1$<#"/%1$
+"#1'1$ 43%$ '+")*%+%&$ '"$ +#%)*#1*'$ 1"+#'2$ G$ 1=$ 1%)*#/$ '$ )%+%11#,',%$ ,%$
%1+/%0%/$3&$</"9%*"$,%$#)0%1*#7':;"$<"/$"+'1#;"$,%$1"2#+#*':;"$,%$.3)8
,"1A$ i'&(G&$ /%.%/#'81%$ V#221F$ ,%$ ."/&'$ )%7'*#0'F$ '"$ 43%$ ,%)"&#)'0'$
,%$%&<#/#1&"$'(1*/'*"r$'$<%143#1'$13(&%*#,'$'"1$<'/T&%*/"1$,'$*G+)#+'$
43%$#&</#&#/#'$3&'$."/&'$%$3&$/#*&"$,%$</",3:;"A$O&$"<"1#:;"F$V#221$
+")0"+'0'$ "$ ,"&>)#"$ ,'$ &'*3/#,',%$ ,%$ <%)1'&%)*"$ %L#7#,'$ )"$ */'*'8
&%)*"$,"1$</"+%11"1$+"&<2%L"1$,'$0#,'$1"+#'2A$i/'*'81%$,%$<%)1'/$1"(/%$
"$*%&<"$+"&"$3&$,"1$%2%&%)*"1$,%.#)#,"/%1$,'$</",3:;"$#)*%2%+*3'2A$

i%&<"$%$'/*%1')'*"

B1$%L<%/#-)+#'1$#),#0#,3'#1$%$'1$"<"/*3)#,',%1$#)1*#*3+#")'#1$#)8
*%/.%/%&$ E"9%$ ."/*%&%)*%$ )"$ %L%/+>+#"$ ,'$ #)0%1*#7':;"F$ +/#'),"$ *%)8
1?%1$ %)*/%$ '1$ %L#7-)+#'1$ ,'$ ,#.31;"$ ,'$ <%143#1'$ %$ '$ &'*3/':;"$ ,'1$
#)."/&':?%1A
Q%11%$1%)*#,"F$0'2%$'$<%)'$/%.2%*#/$1"(/%$'$*%&<"/'2#,',%$)'$</",3:;"$
#)*%2%+*3'2A$U$1%)*#,"$,%$'/*%1')'*"$</%113<?%$'$,#&%)1;"$2'("/#"1'$,"$
.'C%/$%&$*%&<"$2%)*"F$'$*%11#*3/'$,%$'*"1$'0%11"1$D$+"),#:;"$,%$/%</"8
,3:;"$%&$1G/#%A$Q%11'$<%/1<%+*#0'F$'$<%143#1'$1%$'</"L#&'/#'$,'$'/*%F$
%0#,%)+#'),"$3&'$'3*"/#'F$"3$*/'('2E"$,"*',"$,%$#),#0#,3'2#,',%A$

,&5("1"#4,&);5$#$.5T"#&%,1&"&m'5)."&+,&"(5$%";"5,&&$&"&.)+"+$&.,!,&."!',&&+$&'$%oT)%"&6&!M$'f8(7"$$&%$"8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

0a0

B$*%+%2'7%&F$9@$%0"+','$<"/$6%)9'&#)b$<'/'$<%)1'/$1"(/%$'$</@*#+'$
,'$)'//'*#0'F$/%&%*%$'$3&$"3*/"$&"&%)*"$,'$E#1*=/#'$)"$43'2$'$%1+3*'F$
"$*/'('2E"$%$"$1%3$</",3*"$*/')1#*'0'&$%&$3&$+#/+3#*"$#)*%/,%<%),%)8
*%A$O&$+")+%<:;"$1%&%2E')*%F$/%','<*','$'"$*%&<"$</%1%)*%F$5%))%**$
]IJ^Ia$ *%),"$ <"/$ ('1%$ '$ .#73/'$ ,"$ '/*>.#+%F$ ')'2#1'$ '$ </",3:;"$ ('1%'8
,'$)"$'/*%1')'*"F$'.#/&'),"$"$0>)+32"$13(1*')+#'2$%)*/%$&;"$%$+'(%:'$
+'<'C$ ,%$ '3L#2#'/$ )"$ ,%1%)0"20#&%)*"$ ,%$ E'(#2#,',%1$ 1".#1*#+','1r$ "$
'&',3/%+#&%)*"$)"$E@(#*"$%$)"$'</%),#C',"$2%)*"_A$U$'/73&%)*"$,"$
'3*"/$G$"$,%$43%$"$')#&'2$2'("/%)1$G$*'&(G&$+'<'C$,%$<%)1'/F$%1*'),"$
"$<%)1'&%)*"$%$"$1%)*#&%)*"$+")%+*',"1$'"$</"+%11"$,"$.'C%/A
B$E'(#2#,',%$'/*%1')'2$z,%1#7)'$3&$#&<321"$E3&')"$(@1#+"$%$<%/8
&')%)*%F$"$,%1%9"$,%$3&$*/'('2E"$(%&$.%#*"$<"/$1#$&%1&"$]5OQQOiiF$
<A^_a{F$+")1*/3#),"$"$%2"$%)*/%$<"2"1$13<"1*'&%)*%$')*'7N)#+"1F$+"&"$'$
&%)*%$%$"$+"/<"F$"$<%)1'&%)*"$%$'$':;"F$'$*%"/#'$%$'$</@*#+'A$53<?%F$+")8
+/%*'&%)*%$'$</@*#+'$'/*%1')'2$"$*/'*"$+"&$"$&%#"$'&(#%)*%F$'$%)7%)E'8
/#'$%$"$+")93)*"$'&<2"$,%$</@*#+'1$1"+#'#1$)"$&3),"$+")*%&<"/T)%"A$U$
*%+%2;"$')*#7"F$%L%&<2#.#+',"$%&$Z%.%1*"F$,%31$,"1$'/*>.#+%1F$%)+")*/'/#'$
3&'$%L</%11;"$&",%/)'$)"1$313@/#"1$,%$</"7/'&'1$,%$+"&<3*':;"$+"&$
+=,#7"$'(%/*"$]Y#)3LaF$+'<'C$,%$0#'(#2#C'/$3&'$<'/*#+#<':;"$<3(2#+'$,'$
+"&3)#,',%$('1%','$)'$(31+'$,%$43'2#,',%$%$'+%11"A$
U$1#1*%&'$"<%/'+#")'2$Y#)3L$<",%/#'F$)'$<%/+%<:;"$,%$5%))%**F$*%/$
'93,',"$h/#7E*$V#221$%&$1%3$</"<=1#*"$,%$0'2"/#C':;"$,'$<'/*#+#<':;"$
,'$ +"&3)#,',%$ )'$ %L<%/#&%)*':;"$ ,"$ */'('2E"$ '/*%1')'2A$ i"&'),"$
'$ &%*@."/'$ ,'$ ".#+#)'F$ 5%))%**$ <%)1'$ )'$ <"11#(#2#,',%$ ,%$ .3)+#")'8
&%)*"$ ,%$ 2'("/'*=/#"1$ +#%)*>.#+"1$ 1"($ "$ </#1&'$ ,'$ +"2'("/':;"F$ )"$
43'2$ <%11"'1$ ,%$ ,#.%/%)*%1$ E'(#2#,',%1$ */'('2E'/#'&$ %&$ .3):;"$ ,%$
</"(2%&@*#+'1$+"&3)1A

b$ g%/$6%)9'&#)F$$h'2*%/F$G('%(!3!=]$+%$(K!2-,3!3!>#&U,%$(!]^_bfaA
_$ U$<'/',"L"1$,"1$,')"1$43%$"$E"&%&$#).2#7%$'$1#$&%1&"$)'1$+"#1'$43%$</",3CF$
'$%L%&<2"$,'$("&('$'*N&#+'$%$,"$&#*"$,%$<'),"/'F$1;"$/%*"&',"1$<%2"$'3*"/F$
+")1#,%/'),"$ '$ +'<'+#,',%$ ,%$ /%<%)1'/$ '1$ +"#1'1$ &'*%/#'#1$ %$ 13'1$ </@*#+'1$
+")+/%*'1$,%$."/&'$);"$,#+"*N&#+'A$W/#*#+'),"$'$13</%&'+#'$,'$.'2'$%$,"$<%)1'/$
1"(/%$ "$ */'('2E"$ %&$ Z'))'$ B/%),*F$ $ 5%))%**$ $ .3),'&%)*'$ 1%3$ '/73&%)*"$ )'$
+'<'+#,',%$,%$1%$.'C%/$(%&$'1$+"#1'1F$1"($'$=<*#+'$,"$*/'('2E"$'/*%1')'2$]5%))%**F$
T!2-,U.%$3F$IJ^IaA

,&5("1"#4,&);5$#$.5T"#&%,1&"&m'5)."&+,&"(5$%";"5,&&$&"&.)+"+$&.,!,&."!',&&+$&'$%oT)%"&6&&M$'f8(7"$$&%$"((
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

0a3

R%)1'/$"$*/'('2E"$#)*%2%+*3'2$1"($'$=*#+'$,"$'/*%1')'*"$*/'C$%)"/8
&%1$ ,%1'.#"1$ +")1#,%/'),"$ '1$ +"),#:?%1$ %.%*#0'1$ ,%$ %2'("/':;"$ ,'$
<%143#1'$%$'1$,%1+")*#)3#,',%1$%)*/%$"$*%&<"$,%$#)0%1*#7':;"F$,%$%L8
<"1#:;"$%$,%$%1+/#*'A$V#221$/%.%/#'81%F$<"/$%L%&<2"F$D$)%+%11#,',%$,%$
+")1*/3:;"$,%$&'/+',"/%1$*%&<"/'#1$#&<"/*')*%1A$i/'*'81%$,'$1%<'/'8
:;"$%)*/%$"$43%$,%1#7)'0'$z+")*%L*"$,'$,%1+"(%/*'{F$'#),'$&'/+',"$
<%2'$ #),#0#,3'2#,',%$ ,"$ <%143#1',"/F$ %$ z+")*%L*"$ ,'$ '</%1%)*':;"{$
13(&%*#,"$'$3&'$."/&'$+"2%*#0'$%$"(9%*#0'$,%$,#.31;"$,'$#)0%1*#7':;"A
o$ #&<"/*')*%$ /%11'2*'/$ 43%$ "$ *%L*"$ ,%$ V#221$ 1#)'2#C'$ 3&'$ *%&<"8
/'2#,',%A$U$&"&%)*"$)"$43'2$"$#)*%2%+*3'2$/3&#)'0'$13'1$#,%#'1$3&$
<"3+"$&'#1$'.'1*',"$,'1$</%&-)+#'1$'*3'#1$</"0%)#%)*%1$,%$z,%1%)8
+'#L%1{$%)*/%$*%&<"$%$%1<':"F$<'/'$31'/$3&'$%L</%11;"$,%$X#,,%)1$
]^__^aF$131+#*',"1$<"/$,%&'),'1$,%$*/'('2E"$+"),#+#")','1$'$'0'2#'8
:?%1$#)1*#*3+#")'#1A$
U$'/43#0"$+")*%&<"/T)%"$,"$#)*%2%+*3'2$G$+"&<"1*"$,%$'*#0#,',%1$
,#,@*#+'1F$<'/*#+#<':;"$%&$1%&#)@/#"1F$+")7/%11"1$%$,%&'),'1$&P28
*#<2'1A$i/'*'81%$,%$%L<%/#-)+#'1$43%$#&</#&%&$3&'$0%2"+#,',%$)%&$
1%&</%$+"&<'*>0%2$+"&$'$13<"1*'$&'*3/':;"$,'1$#,%#'1A$U$.'C%/$'/*%8
1')'2$G$'*3'2&%)*%$13(&%*#,"$'$3&'$'7%),'$)'$43'2$%1+/#*"1$0#0%&$'$
,%1+")*#)3#,',%$,'1$%L#7-)+#'1$,%$%L<"1#:;"$%$<3(2#+':;"A
R"/$"3*/"$2',"F$"$&"&%)*"$,'$%1+/#*'$,"$*%L*"$,%$h/#7E*$V#221$$1"8
(/%$"$'/*%1')'*"$#)*%2%+*3'2$</%+%,%$'"$31"$1#1*%&@*#+"$,"$+"&<3*'8
,"/F$E"9%$#)1*/3&%)*"$+"*#,#')"$3*#2#C',"$)"$*/'('2E"$#)*%2%+*3'2A$B$
."/&'$,%$%2'("/':;"$%$+2'11#.#+':;"$,%$'/43#0"1$137%/#,"1$<"/$V#221$
<",%$ <"*%)+#'2&%)*%$ &'*%/#'2#C'/81%$ )'$ "/7')#C':;"$ ,"1$ ,',"1$ ,%$
<%143#1'$+"&$"$'3L>2#"$,'$#)."/&@*#+'F$$<%/&#*#),"$&'#"/$'7#2#,',%$
D1$)"*'1$,%$<%143#1'$1%73),"$+/#*G/#"1$'&<2"1$,%$+2'11#.#+':;"A$
$$$Q"$%)*')*"F$1%$E"9%$*%&"1$'$<"11%$.@+#2$,'$&@43#)'$%F$+"&$#11"F$
z7')E'&"1$*%&<"{F$'1$."/&'1$,%$</",3C#/$*'&(G&$%L#7#/'&$3&'$0%8
2"+#,',%$43%F$&3#*'1$0%C%1F$%1('//'$)"$&"&%)*"$)%+%11@/#"$,%$&'8
*3/':;"A$$U1$%,#*'#1$43%$#&<?%&$'$.%#*3/'$,%$</"9%*"1$13(&%*#,"1$'$
+/")"7/'&'1$ %$ '1$ '0'2#':?%1$ ,%$ </",3*#0#,',%$ <'/%+%&$ *"/)'/$ ')'8
+/N)#+'1$'1$#,%#'1$,%$V#221$'$/%1<%#*"$,'$&'*3/':;"$*%=/#+'A$i/'('2E'8
&"1$E"9%$+"&$/#*&"$%$'7#2#,',%1$)%&$1%&</%$+")."/&',"1$'"$/%7#1*/"$

,&5("1"#4,&);5$#$.5T"#&%,1&"&m'5)."&+,&"(5$%";"5,&&$&"&.)+"+$&.,!,&."!',&&+$&'$%oT)%"&6&!M$'f8(7"$$&%$"8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

0ad

<%/&')%)*%$%$+/>*#+"$,'1$%L<%/#-)+#'1$+"*#,#')'1$</",3C#),"$'273)1$
,%1%)+'#L%1A$$R%/+%("$"$,%1%)+'#L%$%&$0@/#"1$<2')"1r$"$*%&<"$,'$%18
+/#*'$%$"$*%&<"$,'$,#.31;"$,"$+")E%+#&%)*"d$'$,%1+")*#)3#,',%$%)*/%$
'*#0#,',%1$,"$*/'('2E"$'+',-&#+"$43%$#&<%,%&$'$'2#&%)*':;"$+")8
*>)3'$,%$'/43#0"1d$%).#&F$'$1%<'/':;"$%)*/%$'1$"(/#7':?%1$,#,@*#+'1F$
'$ %1+/#*'F$ '$ <%143#1'$ %$ '1$ '*#0#,',%1$ /%.%/%)*%1$ '"$ +3&</#&%)*"$ ,%$
.3):?%1$*G+)#+'1$%$(3/"+/@*#+'1A$o$#&<"/*')*%$/%11'2*'/$43%$'/43#0"1$
1;"$<%/<'11',"1$<"/$%11%1$,%1%)+'#L%1$'+"&",',"1$<"/$%1*/'*G7#'1$,%$
'</"0%#*'&%)*"$,%$"<"/*3)#,',%1$)%&$1%&</%$0#'(#2#C','1^JA
O&$*'#1$+"),#:?%1F$);"$1%/#'$%L'7%/',"$'.#/&'/$'$%L#1*-)+#'$,%$3&$
&","$,%$</",3:;"$,"$+")E%+#&%)*"$43%$G$#),#11"+#@0%2$,'1$,%&')8
,'1$#)1*#*3+#")'#1F$<"),"$%&$%0#,%)+#'$3&'$/%2':;"$+"&<2%L'$%)*/%$
'$'&<2#':;"$,%$"<"/*3)#,',%1$,%$.#)')+#'&%)*"$%$'1$*%)1?%1$,'$'0'8
2#':;"$1%73),"$%L#7-)+#'1$<%/&')%)*%1$,%$</",3*#0#,',%A$$
B$%1+/#*'$1"+#"2=7#+'$+")*%&<"/T)%'$+")1*#*3#$'$'.#/&':;"$,%$3&$
+'&<"$,%$1'(%/$</=</#"$,%$3&$&3),"$+','$0%C$&'#1$&"0#,"$<%2'$*%+8
)"2"7#'$%$/%7#,"$<%2"$</#1&'$,'1$"<"/*3)#,',%1A$5%$'1$+#-)+#'1$1"+#'#1$
,"$#)>+#"$,"$1G+32"$yy$%&%/7#'&$%&$3&'$,#)T&#+'$</"<"1#*#0'F$E"9%$
'$'3*")"&#'$,'1$+#-)+#'1$1"+#'#1$%.%*#0'81%$%&$3&$+")*%L*"$,#.%/%)*%F$
+/#'),"$"3*/'1$</"(2%&@*#+'1$&'#1$+"&<2%L'1$,"$43%$'43%2'1$'$43%$
h%(%/$]^_fba$/%.%/#'8$1%$43'),"$(31+'0'$,#.%/%)+#'/$"$&3),"$#)*%2%+8
*3'2$,"$&3),"$<"2>*#+"A$$
$$$$$$g#1'),"$'$</%1%/0':;"$,%$'3*")"&#'$,"$+")E%+#&%)*"F$6"3/8
,#%3$]^_b_a$/%.2%*#3$)'$&%1&'$,#/%:;"$1"(/%$'$)%+%11#,',%$,%$</%1%/8
0':;"$,%$3&$%1<%+>.#+"$+'&<"$,"$1'(%/$,'1$+#-)+#'1$1"+#'#1F$.3),'8
&%)*'2$ <'/'$ "$ ,%1%)0"20#&%)*"$ ,"$ +")E%+#&%)*"$ )'$ @/%'A$ $ O&$ 1%3$
%1+/#*"$ 1"(/%$ "$ ".>+#"$ ,"$ 1"+#=2"7"$ ]6"3/,#%3F$ ^___aF$ 1%&$ 1%$ '*%/$ D$
#,%#'$$&'#1$+")+/%*'$,%$%2'("/':;"$,%$3&$'/43#0"F$'</%1%)*"3$3&'$
*%"/#'$ </@*#+'$ ,'$ 1"+#"2"7#'$ +")937','$ '"$ 43%1*#")'&%)*"$ 1"(/%$ '1$
#&'7%)1$,"$1%)1"$+"&3&$%$'1$/3<*3/'1$)%+%11@/#'1$+"&$"$</".%*#18

^J$ $!'2"F$<"/$%L%&<2"F$,'$<"11#(#2#,',%$,%$&#)#1*/'/$+3/1"1$1"(/%$*%&'1$,%$<%143#1'F$
,'$ '</%1%)*':;"$ ,%$ */'('2E"1$ ,%$ #)0%1*#7':;"$ %&$ +")7/%11"1$ %$ ,'1$ ."/&'1$ ,%$
*%)*'/$.'C%/$+"#)+#,#/$"1$</"+%11"1$&'*3/':;"$%$%1+/#*'$,%$'/43#0"1$13(&%*#,"1$
'"1$+'2%),@/#"1$,%$.#)')+#'&%)*"$%$'0'2#':;"$,%$</",3*#0#,',%A

,&5("1"#4,&);5$#$.5T"#&%,1&"&m'5)."&+,&"(5$%";"5,&&$&"&.)+"+$&.,!,&."!',&&+$&'$%oT)%"&6&&M$'f8(7"$$&%$"((
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123((

0aS

&"A$B1$,#.#+32,',%1$,%$%L%/+>+#"$,"$".#+#"$%1*'/#'&$931*"$)'$,#1*T)+#'$
%)*/%$"$43%$1%$#&<?%$+"&"$=(0#"$%$"$43%$,%0%$1%/$/%."/&32',"$1"(/%$
"$+/#0"$,'$/%+")1*/3:;"$,"$</"(2%&'$1"+#"2=7#+"A$
$$B1$+"&<2%L#,',%1$+")*%&<"/T)%'1$,"$*/'('2E"$'+',-&#+"$131+#8
*'&$3&$"/,%)'&%)*"$,'$,#.>+#2$%43':;"$43%$<"2'/#C'$+")1*/')7#&%)8
*"1$ ,%$ '7%),'1$ %$ "<"/*3)#,',%1$ #)1*#*3+#")'#1A$ B$ 0#7%)+#'$ ,%$ /%,%1$
#)*%/'*#0'1$,"$+")E%+#&%)*"$+")1*#*3#$3&$7')E"$%0#,%)*%$</"<#+#',"$
<%2"1$'<"#"1$#)1*#*3+#")'#1A
$$B$<"1*3/'$*%=/#+'$%$&%*","2=7#+'$,%$h/#7E*$V#221$*"/)"381%$+2@18
1#+'F$1%),"$*'&(G&$,%$3&'$'*3'2#,',%$13/</%%),%)*%F$+")0"+'),"$'$
3&'$/%.2%L;"$+/>*#+'$1"(/%$"$&","$,%$1%$.'C%/$1"+#"2"7#'F$,%1,%$13'1$
<"*%)+#'2#,',%1$E%3/>1*#+'1A$5%$'$<%/1<%+*#0'$,%$'/*%1')'*"$%&$V#221$
13<?%$3&'$&')%#/'$#,%'2$,%$</",3:;"$,"$+")E%+#&%)*"F$);"$*"*'28
&%)*%$+"),#C%)*%$+"&$"1$*%&<"1$'*3'#1F$'1$/%.%/-)+#'1$.3),'&%)*'#1$
1"(/%$"$+32*#0"$<%/&')%)*%$,'$1%)1#(#2#,',%$%$"$&","$,%$"/7')#C':;"$
,'1$#,%#'1$<%/&')%+%&$+"&"$(P11"2'A$\&'$#),#+':;"$%$'2%/*'$<'/'$1%$
<%)1'/$1"(/%$"$.'C%/$+"*#,#')"$,"$+#%)*#1*'$1"+#'2A$$$
$$$
M%.%/-)+#'1
BYOQWBM$WZBgO5F$WE/#1*#)%$]IJJJa$2!G(-$0(!E($%#+(&!6#/!"3*7
7,3--(P!;*!3/,;6#!/#8-3!(!.(8-%$(45#!6#!/#$%(&A$M#"$,%$s')%#/"r$M%23&%8
8H3&'/@$[$Q3BRF$W"2%:;"$B)*/"<"2"7#'$,'$R"2>*#+'A$

6BMMOSMBF$S/2j1$B2%)+'/$!A$]^__baF$90;B(!63!>(1]%/A$M%23&%$H3&'8
/@A$M#"$,%$s')%#/"A

6BMMOSMBF$S/2j1$B2%)+'/$!A$]^__`aF$z2!$%6(63!3*!$&#/3!;17%*('3+/!3!
(1-#1-%(4X3/!6#!3/1(4#!3*!$(*1(+0(!3&3%,#-(&H

6OQsBVSQF$ h'2*%/A$ ]^_bfaF$ G('%(! 3! =]$+%$(K! 2-,3! 3! >#&U,%$(A$ W"2A$


U(/'1$%1+"2E#,'1F$i/',A$5A$RA$M"3')%*A$5;"$R'32"r$6/'1#2#%)1%A

6U\MHSO\F$R#%//%H!$]^_b_aF$T!1#63-!/%*8D&%$#H$Y#1("'r$H#.%2A

6U\MHSO\F$R#%//%d$WZBV6UMOHUQF$s%')$W2'3,%d$RB55OMUQF$s%')$
W2'3,%$]^___aF$2!1-#.%//5#!6#!/#$%D&#'#K!1-3&%*%+(-3/!31%/,3*#&D'%$#/A$
g"C%1r$R%*/=<"2#1A

,&5("1"#4,&);5$#$.5T"#&%,1&"&m'5)."&+,&"(5$%";"5,&&$&"&.)+"+$&.,!,&."!',&&+$&'$%oT)%"&6&!M$'f8(7"$$&%$"8
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

0ag

XSHHOQ5F$ B)*E")jA$ ]^__^aF$ 2/! $#+/3O{J+$%(/! 6(! *#63-+%6(63H$


\)%1<r$5;"$R'32"A

YBiU\MF$6A$%$hUUYXBMF$5A$]^__`aA$2!B%6(!63!&(8#-(,D-%#P!(!1-#6;7
45#!6#/!.(,#/K!$%3+,U.%$#/H!M#"$,%$s')%#/"r$M%23&%$H3&'/@A$

YBiU\MF$6A$$]^__paF$_(*(%/!.#*#/!*#63-+#/P3+/(%#!63!(+,-#1#&#'%(!
/%*],-%$(H$M#"$,%$s')%#/"r$%,#*"/'$KpA

YO!O6gMOF$Z%)/#A$]IJJJaF$R(!1-#6;$,%#+!63!R3/1($3H$R'/#1r$B)*E/"8
<"1A

VSYY5F$WF$h/#7E*A$]^_f_aF$2!%*('%+(45#!/#$%#&D'%$(A$M#"$,%$s')%#/"r$
x'E'/$%,#*"/%1A

RBYVOSMB$V"'+#/d$ZOMOHSB$6%'*/#CA$]^__caF$zU1$W"&>+#"1$%$'1$R"8
2>*#+'1$,%$$$$$$$!'+:?%1{A$M#"$,%$s')%#/"r!2+;:-%#!2+,-#1#&D'%$#F$)A$_pA

5OQQOiiF$M#+E'/,A$]IJ^IaF$T!(-,%.%$3H!M#"$,%$s')%#/"r$M%+"/,A

5SVVOYF$X%"/7A$]IJJ^aF$zB$&%*/=<"2%$%$'$0#,'$&%)*'2{$#)$!"/*3)'$W'/8
2"1$]"/7aF9%6(63K!9;&,;-(!3!L&#8(&%S(45#A$U%#/'18$R"/*37'2r$W%2*'A

A$]^_bfaF$"#$%#&#'U(!I$@/,;6%#/!/#8-3!&(/!.#-*(/!63!/#$%(&%S($U7
#+A$V',/#,r$B2#')C'$O,#*"/#'2A

hO6OMF$ V'LA$ ]^_bfaF$ 9%J+$%(! 3! 1#&U,%$(r$ ,3'1$ 0"+':?%1A$ 5;"$ R'32"r$


W32*/#LA

A$]^__paF$@$#+#*%(!w!"#$%36(6K!@/8#S#!63!"#$%#&#'%(!9#*1-3+7
/%B(H!VGL#+"r$!"),"$,%$W32*3/'$O+")"&#+'F$gA^A

N$>%9*($&5&#%6*(&A(^&@&$&%$*(6&(0123((h((NR$*@"6*(&A("#$%'(6&(0123(

,&5("1"#4,&);5$#$.5T"#&%,1&"&m'5)."&+,&"(5$%";"5,&&$&"&.)+"+$&.,!,&."!',&&+$&'$%oT)%"&6&&M$'f8(7"$$&%$"((
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

0a]

=)%423%W.7%5'&05%W!=)%42)%

VBYO5$RMSgBHU5F$5UWSUYUXSB$R6YSWBr$U$YOXBHU$
HO$hMSXZi$VSYY5
X'(/#%2$W"E)

MO5\VU$
U$B/*%1')'*"$S)*%2%+*3'2$%/'$'$('),%#/'$(/'),#,'$<"/$V#221$%&$,%.%1'$
,%$3&'$+#-)+#'$1"+#'2$+'<'C$,%$%)./%)*'/$'43#2"$43%$3&$'3*"/$43%$%2%$
+")E%+#'$&3#*"$(%&$,%1#7)'0'$+"&"$z"$1%&(2')*%$1%0%/"$,'$G<"+'{$
1%&$+'#/$)'1$<%/0%/1?%1$(3/"+/@*#+'1F$*%+)"+/@*#+'1$%$*%"/"+/@*#+'1$]1%$
&%$ <%/&#*%&$ "$ ,%1%2%7')*%$ )%"2"7#1&"a$ D1$ 43'#1$ ".%/%+#'$ +"&('*%A$
B/*%1')'*"F$+")*3,"F$);"$G$*/'('2E"$1"2#*@/#"A$53'$&'/+'$);"$G$"$#1"8
2'&%)*"$%$1#&$'$#),#0#,3'2#,',%$."/&','$)"$%L%/+>+#"$+3#,',"1"$,'$
+/#'*#0#,',%A$ W3#,',"1"F$ )%1*%$ +")*%L*"F$ /%.%/%81%$ );"$ '<%)'1$ '"$ %18
&%/"$)'$%L%+3:;"$,'$"(/'F$)'$$-(.,*(+/0%1$*')*"$</%C','$<"/$V#221F$
&'1$*'&(G&$'"$,%10%2"$)'$'*%):;"$'"$"(9%*"F$43%$);"$<",%$1%/$)%72#8
7%)+#',"$%&$)"&%$,%$'273&'$."/&'$,%$)'/+#1#1&"$'+',-&#+"A
R'2'0/'18WE'0%r$B/*%1')'*"$#)*%2%+*3'2A$h/#7E*$V#221A$5"+#"2"7#'$RP(2#+'A$$

RMSgBiO$\QOB5OF$R\6YSW$5UWSUYUXqr$iZO$YOXBWq$
U!$hMSXZi$VSYY5
X'(/#%2$W"E)

B65iMBWi
S)*%22%+*3'2$ W/'.*1&')1E#<$ n'1$ *E%$ +")+%<*$ <'/',%,$ (j$ V#221$ #)$ E#1$
,%.%)+%$".$'$1"+#'2$1+#%)+%$+'<'(2%$".$/%1<"),#)7$*"$nE'*$")%$'3*E"/$
E%$t)%n$0%/j$n%22$+'22%,$z*E%$1%0%/%$1%&(2')+%$".$*E%$<%/#",{$n#*E"3*$
13++3&(#)7$*"$*E%$(3/%'3+/'*#+F$*%+E)"+/'*#+$'),$*E%"/"+/'*#+$]#.$*E%$
/%',%/$n#22$<'/,")$*E#1$#)%2%7')*$)%"2"7#1&a$,#1*"/*#")1$E#1$'<</"'+E$
2""t%,$*"$+")./")*A$W/'.*n"/tF$E"n%0%/F$#1$)"*$'$1"2#*'/j$'+*#0#*jA$S*$#1$
&'/t%,$)"*$(j$#1"2'*#")$(3*$(j$')$#),#0#,3'2#*j$."/&%,$#)$*E%$+'/%.32$
%L%/+#1%$ ".$ +/%'*#0#*jA$ W'/%.32F$ #)$ *E#1$ +")*%L*F$ /%.%/1$ )"*$ ")2j$ *"$ *E%$
1t#22$ #)$ .'1E#")#)7$ *E%$ n"/tF$ *E%$ +/'.*1&')1E#<$ 1"$ E#7E2j$ 0'23%,$ (j$
V#221F$ (3*$ '21"$ *E%$ +")+%/)$ *"$ /%&'#)$ '**%)*#0%$ *"$ *E%$ "(9%+*F$ 1"&%8
*E#)7$*E'*$+'))"*$(%$)%72%+*%,$#)$*E%$)'&%$".$1"&%$t#),$".$'+',%&#+$
)'/+#11#1&A
v%jn"/,1r$S)*%22%+*3'2$W/'.*1&')1E#<A$h/#7E*$V#221A$R3(2#+$5"+#"2"7jA$$

%7E?=DBD=&1CB@?8=?CB&D=&%7E?787F?B&N&%1%
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

0a`

VB\y$RMSgo5F$YB$5UWSUYUXSO$R\6YSk\OF$Y~ZoMSiBXO$HO$
hMSXZi$VSYY5
X'(/#%2$W"E)

Mo5\Vo
Y~'/*#1')'*$ #)*%22%+*3%2$ G*'#*$ 2~G*%),'/,$ (/'),#*$ <'/$ V#221$ <"3/$ 2'$ ,G.%)1%$
,~3)%$1+#%)+%$1"+#'2%$+'<'(2%$,~'../")*%/F$+%$43~3)$'3*%3/$43~#2$+"))'#11'#*$
*/1$(#%)F$,G1#7)'#*$+"&&%$$2~'1<%+*$1G0/%$,%$2~G<"43%$$1')1$*"&(%/$,')1$
2%1$<%/0%/1#")1$(3/%'3+/'*#43%1F$*%+E)"+/'*#43%1$%*$*EG"+/'*#43%1$]1#$9%$<3#1$
&%$ <%/&%**/%$ +%$ )G"2"7#1&%$ <%3$ G2G7')*a$ '3L43%22%1$ #2$ "../'#*$ 2%$ +"&('*A$
Y~'/*#1')'*F$+%<%),')*F$)~%1*$<'1$3)$*/'0'#2$1"2#*'#/%A$5'$&'/43%$)~%1*$<'1$+%22%$
,%$2~#1"2%&%)*F$&'#1$+%22%$,%$2~#),#0#,3'2#*G$."/&G%$,')1$2~%L%/+#+%$'**%)*#.$,%$
2'$+/G'*#0#*GA$B**%)*#.F$,')1$+%$+")*%L*%$)%$1%$/G./%$<'1$3)#43%&%)*$'3$1"#)$
,%$2~%LG+3*#")$,%$2~30/%F$D$2'$+/'.*&')1E#<$1#$+E/%$D$V#221F$&'#1$'311#$'3$
C2%$,%$2~'**%)*#")$D$2~"(9%*F$43#$)%$<%3*$-*/%$)G72#7G$'3$)"&$,~3)%$43%2+")8
43%$."/&%$,%$)'/+#11#1&%$'+',G&#43%A
V"*18+2G1r$B/*#1')'*$#)*%22%+*3%2A$h/#7E*$V#221A$5"+#"2"7#%$<3(2#43%A
$

WUQiMS6\S O5$iOMSWB5$O$$RO5k\S5B$OVRMSWB$HB$
5UWSUYUXSB$5$RUYiSWB5$R6YSWB5
5"/'j'$g'/7'1$WN/*%1

MO5\VU
B$5"+#"2"7#'$G$3&'$,'1$,#1+#<2#)'1$+")1*#*3*#0'1$,"$+'&<"$#)*%/,#1+#<2#)'/$
,%$')@2#1%$,%$<"2>*#+'1$<P(2#+'1A$Q%11%$1%)*#,"F$'$</"<"1*'$,'$</%1%)*%$/%8
.2%L;"$G$'</%1%)*'/F$#)#+#'2&%)*%F$*/-1$,#&%)1?%1$')'2>*#+'1$<'/'$'1$43'#1$'$
5"+#"2"7#'$".%/%+%$+")*/#(3#:;"$*%=/#+'$<'/'$"$+'&<"$,'1$<"2>*#+'1$<P(2#+'1A$
O)*/%$%1*'1F$'43%2'1$43%$%L'&#)'&$"$<'<%2F$)'1$1"+#%,',%1$+")*%&<"/T)%'1F$
,"1$7/3<"1$1"+#'#1F$,"1$#&<%/'*#0"1$+"7)#*#0"1$%$)"/&'*#0"1$%$,'1$#)1*#*3#8
:?%1$ %$ %1*/3*3/'1$ 1"+#'#1A$ O&$ 1%73#,'F$ </"<?%81%$ '</%1%)*'/$ %0#,-)+#'1$ ,%$
+"&"$'$43%1*;"$,'1$<"2>*#+'1$<P(2#+'1$%1*@$</%1%)*%$)"$+%)*/"$,'$'7%),'$,%$
<%143#1'1$,'$5"+#"2"7#'$)"$6/'1#2A$
R'2'0/'18WE'0%r$5"+#"2"7#'A$R"2>*#+'$RP(2#+'A$B)@2#1%A$

iZOUMOiSWBY$WUQiMS6\iSUQ5$BQH$OVRSMSWBY$
MO5OBMWZ$SQ$5UWSUYUXq$UQ$R\6YSW$RUYSWSO5
5"/'j'$g'/7'1$WN/*%1

B65iMBWi
5"+#"2"7j$#1$")%$".$*E%$,#1+#<2#)%1$&'t#)7$3<$*E%$#)*%/,#1+#<2#)'/j$.#%2,$".$
')'2j1#1$ ".$ <3(2#+$ <"2#+#%1A$ iE#1$ #)$ &#),F$ *E%$ '/*#+2%$ .#/1*2j$ </%1%)*1$ *E/%%$
')'2j*#+$,#&%)1#")1$nE%/%$5"+#"2"7j$"..%/1$'$*E%"/%*#+'2$+")*/#(3*#")$*"$*E%$

%7E?=DBD=&1CB@?8=?CB&D=&%7E?787F?B&N&%1%
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

0aa

.#%2,$".$<3(2#+$<"2#+#%1A$iE%1%$#)+23,%$%L'&#)#)7$*E%$/"2%$".$1"+#'2$7/"3<1$#)$
+")*%&<"/'/j$1"+#%*#%1F$'1$n%22$'1$*E"1%$".$+"7)#*#0%$'),$)"/&'*#0%$#&<%/'8
*#0%1$'),$1"+#'2$#)1*#*3*#")1$'),$1*/3+*3/%1A$Q%L*$*E%$*%L*$</%1%)*1$%0#,%)+%$
".$E"n$*E%$43%1*#")1$".$<3(2#+$<"2#+#%1$#1$."3),$'*$*E%$+%)*/%$".$*E%$/%1%'/+E$
'7%),'$".$5"+#"2"7j$#)$6/'C#2A
v%jn"/,1r$5"+#"2"7jA$R3(2#+$R"2#+jA$B)'2j1#1A$

HO5$WUQiMS6\iSUQ5$iZoUMSk\O5$Oi$MOWZOMWZO5$
OVRSMSk\O5$HO$YB$5UWSUYUXSO$B\y$RUYSiSk\O5$
R\6YSk\O5
5"/'j'$g'/7'1$WN/*%1

Mo5\Vo
Y'$1"+#"2"7#%$%1*$3)%$,%1$,#1+#<2#)%1$+")1*#*3*#0%1$,3$+E'&<$#)*%/,#1+#<2#8
)'#/%$,%$2~')'2j1%$,%1$<"2#*#43%1$<3(2#43%1A$H')1$+%$1%)1F$)"*/%$/G.2%L#")$%1*$
,%$</G1%)*%/F$#)#*#'2%&%)*F$*/"#1$,#&%)1#")1$')'2j*#43%1$<"3/$2%143%22%1$2'$
1"+#"2"7#%$"../%$3)%$+")*/#(3*#")$*EG"/#43%$,')1$2%$,"&'#)%$,%1$<"2#*#43%1$
<3(2#43%1A$R'/&#$+%1$,%/)#/%1F$+%22%1$43#$%L'&#)%)*$2%$/N2%$,')1$2%1$1"+#G*G1$
+")*%&<"/'#)%1F$,')1$,%1$7/"3<%1$1"+#'3LF$,%1$#&<G/'*#.1$+"7)#*#.1$%*$)"/8
&'*#.1$'#)1#$43%$,')1$,%1$#)1*#*3*#")1$%*$1*/3+*3/%1$1"+#'2%1A$O)13#*%F$</G1%)8
*%/$,%1$</%30%1$,%$2'$&')#/%$,")*$2'$43%1*#")$,%1$<"2#*#43%1$<3(2#43%1$%1*$
</G1%)*%$'3$+%)*/%$,%$2~'7%),'$,%$/%+E%/+E%$,%$2'$1"+#"2"7#%$'3$6/G1#2A$$
V"*18+2G1r$5"+#"2"7#%A$R"2#*#43%$<3(2#43%A$B)'2j1%A

MO!YOy O5$5U6MO$B$SQiOMQBWSUQBYSxBU$$HB$
5UWSUYUXSB$6MB5SYOSMB
i"&$Hnj%/

MO5\VU
\&$ ,"#1$ +31*"1$ ,'$ 72"('2#C':;"$ +32*3/'2$ G$ "$ ,%$ *%/&"1$ 43%$ )"1$ +"&3)#8
+'/$+"&$"$"3*/"A$R"/$*",'$<'/*%$1%$%)*%),%$"$,#@2"7"$%)*/%$+#%)*#1*'1$+"&"$
3&'$ )%+%11#,',%$ <'/'$ "$ ,%1%)0"20#&%)*"$ ,%$ +#-)+#'1$ &'#1$ /"(31*'1$ %$ ,%$
3&$&3),"$&%)"1$./'7&%)*',"A$B$"<:;"$,%$#)*%/)'+#")'2#C':;"$<%2'$0#'$,'$
2>)73'$ #)72%1'$ 2%0"3$ D$ #)+"&3)#+':;"$ )'1$ +#-)+#'1$ 1"+#'#1A$ B$ '(%/*3/'$ ,%$
)"0'1$./%)*%1$,%$#)*%/)'+#")'2#C':;"$,'$1"+#"2"7#'$43%$);"$1%$+"&3)#+'$)%&$
%&$<"/*373-1$]+"&"$)"$&%#"$231=.")"aF$)%&$%&$%1<')E"2$"3$z<"/*3)E"2{$
]+"&"$)'1$/%2':?%1$+"&$'$O1<')E'$%$B&G/#+'$Y'*#)'aF$)%&$%&$#)72-1$]+"&"$
)'$72"('2#C':;"$'&<2'aF$'(/%$)"0'1$<"11#(#2#,',%1$,%$#)*%/2"+3:;"A$O1*%$'/*#8
7"$,#1+3*%$%11%1$</"+%11"1$%$'<")*'$<'/'$3&'$/%.2%L;"$'+%/+'$,'$)%+%11#,',%$
,%$'&<2#':;"$,"1$)>0%#1$,%$#)*%/)'+#")'2#C':;"A$
R'2'0/'18WE'0%r$S)*%/)'+#")'2#C':;"A$5"+#"2"7#'$(/'1#2%#/'A$R/",3:;"$+#%)*#.#+'A$

%7E?=DBD=&1CB@?8=?CB&D=&%7E?787F?B&N&%1%
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

311

MO!YOWiSUQ5$UQ$iZO$SQiOMQBiSUQBYSxBiSUQ$U!$6MB8
xSYSBQ$5UWSUYUXq
i"&$Hnj%/

B65iMBWi
U)%$".$*E%$+"1*1$".$+32*3/'2$72"('2#C'*#")1$#1$*E'*$n%$E'0%$*"$+"&&3)#+'*%$
n#*E$*E%$"*E%/A$O0%/jnE%/%$,#'2"73%$(%*n%%)$1+#%)*#1*1$#1$3),%/1*"",$*"$(%$'$
)%+%11#*j$."/$*E%$,%0%2"<&%)*$".$&"/%$/"(31*$1+#%)+%1$'),$'$2%11$./'7&%)*%,$
n"/2,A$iE%$"<*#")$*"$#)*%/)'*#")'2#C%$*E/"37E$*E%$O)72#1E$2')73'7%$E'1$2%,$
*"$'$2'+t$".$+"&&3)#+'*#")$#)$*E%$1"+#'2$1+#%)+%1A$iE%$,%0%2"<&%)*$".$)%n$
'2*%/)'*#0%$ ."/&1$ ".$ #)*%/)'2#C#)7$ 1"+#"2"7j$ *E'*$ '/%$ )"*$ +"&&3)#+'*%,$ #)$
R"/*373%1%$]'1$#)$*E%$Y31"<E")%$%)0#/")&%)*a$"/$#)$5<')#1E$"/$}R"/*3)#1E~$
]'1$#)$*E%$/%2'*#")1$(%*n%%)$5<'#)$'),$Y'*#)$B&%/#+'a$"/$#),%%,$#)$O)72#1E$
]'1$#)$72"('2#C'*#")$&"/%$(/"',2ja$'.."/,1$)%n$<"11#(#2#*#%1$."/$#)*%/2"+3*#")A$
iE#1$'/*#+2%$,#1+311%1$*E%1%$</"+%11%1$'),$<"#)*1$*"$'$/%.2%+*#")$")$*E%$)%%,$
*"$%L<'),$*E%$2%0%21$".$#)*%/)'*#")'2#C'*#")A$
v%jn"/,1r$S)*%/)'*#")'2#C'*#")A$6/'C#2#')$5"+#"2"7jA$5+#%)*#.#+$R/",3+*#")A$

Mo!YOySUQ5$5\M$Y~SQiOMQBiSUQBYS5BiSUQ$HO$YB$
5UWSUYUXSO$6Mo5SYSOQQO
i"&$Hnj%/

Mo5\Vo
\)$ ,%1$ +"*1$ ,%$ 2'$ &"),#'2#1'*#")$ +32*3/%22%$ %1*$ +%23#$ ,%$ +"&&3)#43%/$
'0%+$2~'3*/%A$R'/*"3*F$2%$,#'2"73%$%)*/%$1+#%)*#.#43%1$%1*$+"&</#1$+"&&%$3)%$
)G+%11#*G$ <"3/$ 2%$ ,G0%2"<<%&%)*$ ,%$ 1+#%)+%1$ <231$ /"(31*%1$ %*$ ,~3)$ &")8
,%$ &"#)1$ ./'7&%)*GA$ Y#)*%/)'*#")'2#1'*#")$ <'/$ 2'$ 2')73%$ ')72'#1%$ +"),3#*$
D$2'$)")$+"&&3)#+'*#")$,')1$2%1$1+#%)+%1$1"+#'2%1A$Y~"30%/*3/%$,%$)"30%8
'3L$./")*1$,#)*%/)'*#")'2#1'*#")$,%$2'$1"+#"2"7#%$43#$)%$+"&&3)#43%$)#$%)$
<"/*37'#1$]+"&&%$,')1$2%$&"),%$231"<E")%aF$)#$%)$%1<'7)"2$"3$$<"/*378
)"2$$]+"&&%$,')1$2%1$/%2'*#")1$'0%+$2~O1<'7)%$%*$2~B&G/#43%$Y'*#)%aF$)#$%)$
')72'#1$]+"&&%$,')1$2%$&"),%$72"('2#1GaF$<%/&%*$,%$)"30%22%1$<"11#(#2#*G1$
,#)*%/2"+3*#")A$W%*$'/*#+2%$*/'#*%$,%$+%1$</"+%1131$%*$&")*/%$2#)*G/-*$,3)%$
/G.2%L#")$13/$2'$)G+%11#*G$,G*%),/%$2%1$)#0%'3L$,#)*%/)'*#")'2#1'*#")A
V"*18+2G1$r$S)*%/)'*#")'2#1'*#")A$5"+#"2"7#%$(/G1#2#%))%A$R/",3+*#")$1+#%)*#8
.#43%A

%7E?=DBD=&1CB@?8=?CB&D=&%7E?787F?B&N&%1%
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

312

iMB6BYZU$O$U5$HO5B!SU5$HB$RO5k\S5B$5UWSUYXSWB
s"1G$M#+'/,"$M'&'2E"

MO5\VU
H#1+3*#/$"$*/'('2E"$)'$1"+#%,',%$+")*%&<"/T)%'$G$+"),#:;"$%11%)+#'2$<'/'$
43'243%/$')@2#1%$1"+#"2=7#+'$1"(/%$</"+%11"1$,%$&3,'):'$1"+#'2A$W/#1%1$/%8
+%)*%1$,"$1#1*%&'$,%$</",3:;"$+'<#*'2#1*'F$'$#)*/",3:;"$,%$)"0"1$&%+')#18
&"1$,%$+")*/"2%$,"$*/'('2E"$%$,%$"/7')#C':;"$)'1$%&</%1'1F$"$31"$,%$*%+8
)"2"7#'1$,'$#)."/&':;"F$'$13(&#11;"$,'1$'*#0#,',%1$%+")N&#+'1$D$2=7#+'$,%$
3&$&%/+',"$72"('2#C',"F$/%132*'/'&$%&$'2*%/':?%1$1#7)#.#+'*#0'1$)'1$."/&'1$
,%$%&</%7"$'11'2'/#',"$%$)'$,#11%&#)':;"$,%$"+3<':?%1$&'/+','1$<"/$'*#8
<#+#,',%$%$</%+'/#%,',%A$B$</"<"1*'$,"$*%L*"$G$#,%)*#.#+'/$%$</"(2%&'*#C'/$
"1$</#)+#<'#1$,%1'.#"1$,%$#)*%/</%*':;"$%$'1$</#)+#<'#1$./")*%#/'1$+"2"+','1$
<'/'$'$1"+#"2"7#'$],"$*/'('2E"a$)%11%$)"0"$+")*%L*"$%$137%/#/$3&'$/%0#1;"$,%$
%)."43%1$%$,%$*%&'1$,%$<%143#1'A
R'2'0/'18WE'0%r$i/'('2E"A$5"+#"2"7#'A$S)*%/</%*':;"A$

YB6U\M$BQH$iZO$WZBYYOQXO5$U!$5UWSUYUXSWBY$
MO5OBMWZ
s"1G$M#+'/,"$M'&'2E"

B65iMBWi
H#1+311#")$".$2'("3/$#)$+")*%&<"/'/j$1"+#%*j$#1$')$%11%)*#'2$+"),#*#")$."/$')j$
1"+#"2"7#+'2$')'2j1#1$".$</"+%11%1$".$1"+#'2$+E')7%A$M%+%)*$+/#1%1$#)$*E%$+'<#*'2#1*$
</",3+*#")$1j1*%&F$*E%$#)*/",3+*#")$".$)%n$+"/<"/'*%$&%+E')#1&1$."/$+")*/"22#)7$
2'("3/$'),$"/7')#C'*#")F$*E%$31%$".$#)."/&'*#")$*%+E)"2"7#%1F$*E%$13(9%+*#")$".$
%+")"&#+$'+*#0#*#%1$*"$*E%$2"7#+$".$'$72"('2#C%,$&'/t%*F$E'0%$/%132*%,$#)$1#7)#.#+')*$
'2*%/'*#")1$*"$*E%$."/&1$".$<'#,$n"/t$'),$*E%$1</%',$".$"++3<'*#")1$#)0"20#)7$
#//%732'/#*j$'),$3)+%/*'#)*jA$iE%$*%L*$1%%t1$*"$#,%)*#.j$'),$</"(2%&'*#C%$*E%$&'#)$
#)*%/</%*'*#0%$+E'22%)7%1$'),$*E%$</#)+#<'2$./")*#%/1$<"1%,$."/$'$1"+#"2"7j$".$2'8
("3/$#)$*E#1$)%n$+")*%L*$'),$1377%1*1$'$/%0#%n$".$/%1%'/+E$'<</"'+E%1$'),$*"<#+1A
v%jn"/,1r$h"/tA$5"+#"2"7jA$S)*%/</%*'*#")A$

YO$iMBgBSY$Oi$YO5$Ho!S5$HO$YB$MOWZOMWZO$
5UWSUYUXSk\O
s"1G$M#+'/,"$M'&'2E"

Mo5\Vo
R'/2%/$,3$*/'0'#2$,')1$3)%$1"+#G*G$+")*%&<"/'#)%$%1*$2'$+"),#*#")$%11%)*#%22%$
<"3/$)~#&<"/*%$43%22%$')'2j1%$1"+#"2"7#43%$13/$2%1$</"+%1131$,%$+E')7%&%)*$
1"+#'2A$Y%1$/G+%)*%1$+/#1%1$,3$1j1*&%$,%$</",3+*#")$+'<#*'2#1*%F$2~#)*/",3+*#")$
,%$ )"30%'3L$ &G+')#1&%1$ ,%$ +")*/N2%$ ,3$ */'0'#2$ %*$ ,%$ 2~"/7')#1'*#")$ ,')1$
2%1$%)*/%</#1%1F$2~3*#2#1'*#")$,%$*%+E)"2"7#%1$,%$2~#)."/&'*#")F$2'$1"3&#11#")$

%7E?=DBD=&1CB@?8=?CB&D=&%7E?787F?B&N&%1%
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

310

,%1$ '+*#0#*G1$ G+")"&#43%1$ D$ 2'$ 2"7#43%$ ,~3)$ &'/+EG$ &"),#'2#1G$ '$ %)*/'#8
)G$,%1$+E')7%&%)*1$1#7)#.#+'*#.1$,%1$%&<"#1$/G&3)G/G1$%*$2'$,#11G&#)'*#")$
,~"++3<'*#")$'*j<#43%1$%*$</G+'#/%1A$Y'$</"<"1#*#")$,3$*%L*%$%1*$,~#,%)*#.#%/$
%*$,%$</"(2G&'*#1%/$2%1$</#)+#<'3L$,G.#1$,%$2~#)*%/</G*'*#")$%*$2%1$</#)+#<'2%1$
./")*#/%1$<2'+G%1$$<'/$2'$1"+#"2"7#%$],3$*/'0'#2a$,')1$+%$)"30%'3$+")*%L*%$%*$
,%$1377G/%/$3)%$/G0#1#")$,%$+#(2%1$%*$,%$*E&%1$,%$/%+E%/+E%A
V"*18+2G1$r$i/'0'#2A$5"+#"2"7#%A$S)*%/</G*'*#")A
$

U$WUiSHSBQU$O$B$RMliSWB$BMiO5BQBY$HB$RO5k\S5B
s"1G$V'+E',"$R'#1

MO5\VU
Q'$</@*#+'$'/*%1')'2$,%$<%143#1'F$"$43%$1%$/%+2'&'$G$,%$3&'$1%)1#(#2#,',%$
1"+#"2=7#+'$'*%)*'$D1$%L<%/#-)+#'1$,'$0#,'$+"*#,#')'A$U$<'/'2%2"$+"&$'$</"8
,3:;"$'/*%1')'2$G$%L%&<2#.#+',"$'"$1%$%L<2"/'/%&$"1$/3'-36#/!63!(&*#.(6(!
,'1$/%),%#/'1$,%$(#2/"1A$U$1"+#'2$1#*3',"F$+"&$'$13'$*/'&'$,%$#)*%/':?%1F$G$
'$(&*#.(6($,%$'.'C%/%1$,'$5"+#"2"7#'$,'$0#,'$+"*#,#')'F$%&$43%$1%$/3+,(*$
"1$ /%),#2E',"1$ ,'$ 0#,'$ 1"+#'2A$ B1$ */'&'1$ ,'$ +/#'*#0#,',%$ <'11'&$ <"/$ 3&'$
'</%),#C'7%&$ </"+%113'2$ %$ /%.2%L#0'F$ +")937'),"$ #&'7#)':;"$ 1"+#"2=7#+'$
+"&$/#7"/$&%*","2=7#+"A$k3%&$+/#'$'</%),%$+"&$"$43%$0'#$+/#'),"A$B11#&$
'+")*%+%$ )'$ </",3:;"$ '/*%1')'2$ ,'$ 5"+#"2"7#'F$ %&$ 43%$ "$ +")E%+#&%)*"$ G$
/%132*',"$,%$'/*%1$,%$<%)1'/F$,%$43%1*#")'/$%$,%$.'C%/F$+39'$&'*G/#'8</#&'$G$
3&'$%1<G+#%$,%$('//"$1"+#'2A$O&$13'$."/&'$&'#1$(/3*'$%$/%'2#1*'F$%11%$('//"$G$
"$+"*#,#')"A$W"&$%2%$1%$(#2/'&$*%L*"1$%$#,%#'1A
R'2'0/'18WE'0%r$W"*#,#')"A$R/@*#+'A$5"+#'2A$i/'&'A$B/*%1')'*"

OgOMqHBq$YS!O$BQH$iZO$WMB!iSQX$U!$MO5OBMWZ
s"1G$V'+E',"$R'#1

B65iMBWi
S)$*E%$/%1%'/+E$+/'.*F$nE'*$#1$,%&'),%,$#1$'$1"+#"2"7#+'2$1%)1#(#2#*j$'**%)*#0%$
*"$*E%$%L<%/#%)+%1$".$%0%/j,'j$2#.%A$iE%$<'/'22%2$n#*E$+/'.*n"/t$#1$%L%&<2#8
.#%,$ #)$ *E%$ %L<2"/'*#")$ ".$ *E%$ $;/0%#+! /3$-3,/$ ".$ ("((#)$ 2'+%$ &'t%/1A$ iE%$
1#*3'*%,$ 1"+#'2$ n"/2,F$ n#*E$ #*1$ n%($ ".$ #)*%/'+*#")1F$ #1$ *E%$ $;/0%#+$ ".$ *'1t1$
".$'$5"+#"2"7j$".$%0%/j,'j$2#.%$")$nE#+E$*E%$2'+%,$,%1#7)1$".$1"+#'2$2#.%$'/%$
/3(,36A$ iE%$ n%'0#)71$ ".$ +/%'*#0#*j$ #)0"20%$ '$ </"+%113'2$ '),$ /%.2%L#0%$ '<8
</%)*#+%1E#<F$+"&(#)#)7$1"+#"2"7#+'2$#&'7#)'*#")1$n#*E$&%*E","2"7#+'2$/#8
7"3/A$iE%$<%/1")$+/%'*#)7$2%'/)1$./"&$nE'*$*E%j$'/%$+/%'*#)7A$iE#1$#1$nE'*$
E'<<%)1$#)$*E%$+/'.*#)7$".$5"+#"2"7jF$nE%/%$t)"n2%,7%$/%132*1$./"&$*E%$'/*1$
".$*E#)t#)7F$43%1*#")#)7$'),$&'t#)7F$*E%$</#&'/j$&'*%/#'2$".$nE#+E$#1$'$t#),$
".$1"+#'2$+2'jA$S)$#*1$/'n%1*$'),$&"1*$/%'2#1*$."/&F$*E#1$+2'j$#1$*E%$%0%/j,'jA$
h#*E$#*$/%1%'/+E%/1$2'+%$*%L*1$'),$#,%'1A
v%jn"/,1r$O0%/j,'j$Y#.%A$R/'+*#+%A$5"+#'2A$h%'0#)7A$W/'.*n"/tA

%7E?=DBD=&1CB@?8=?CB&D=&%7E?787F?B&N&%1%
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

313

YO$k\UiSHSOQ$Oi$YB$RMBiSk\O$BMiS5BQBYO$HO$YB$
MOWZOMWZO
s"1G$V'+E',"$R'#1

Mo5\Vo
H')1$ 2'$ </'*#43%$ '/*#1')'2%$ $ ,%$ 2'$ /%+E%/+E%F$ 3)%$ 1%)1#(#2#*G$ 1"+#"2"7#43%$
'**%)*#0%$'3L$%L<G/#%)+%1$,%$2'$0#%$43"*#,#%))%$%1*$)G+%11'#/%A$Y%$<'/'222%$
'0%+$ 2'$ </",3+*#")$ '/*#1')'2%$ %1*$ #2231*/G$ <'/$ 2%L<2"/'*#")$ ,%1$ 1%+/%*1$ ,%$
+"311#)$,%1$,%)*%22#/%1A$Y%$1"+#'2$1#*3GF$'0%+$$1'$*/'&%$,~#)*%/'+*#")1F$+~%1*$
2%$ +"311#)$ ,%1$ '+*#0#*G1$ ,%$ 2'$ 1"+#"2"7#%$ ,%$ 2'$ 0#%$ 43"*#,#%))%$ 13/$ 2%43%2$
1~'11"#%)*$2%1$%)*/%2'+1$,%$2'$0#%$1"+#'2%A$Y%1$*/'&%1$,%$2'$+/G'*#0#*G$<'11%)*$
<'/$ 3)$ '<</%)*#11'7%$ </"+%113%2$ %*$ /G.2%L#.F$ +")9373')*$ #&'7#)'*#")$ 1"+#"8
2"7#43%$%*$/#73%3/$&G*E","2"7#43%A$k3#$+/G%$'<</%),$%)$+/G')*A$W~%1*$'#)1#$
,')1$2'$</",3+*#")$'/*#1')'2%$,%$2'$1"+#"2"7#%$"$2'$+"))'#11')+%$%1*$2%$/G8
132*'*$,%1$'/*1$,%$<%)1%/F$43%1*#"))%/$%*$.'#/%$%*$,")*$2'$&'*#/%$$</%&#/%$%1*$
3)%$%1<+%$,~'/7#2%$1"+#'2%A$$H')1$1'$."/&%$2'$<231$(/3*%$%*$/G'2#1*%F$+%*$'/7#2%$
%1*$2%$43"*#,#%)A$B0%+$23#$1%$*#11%$*%L*%1$%*$#,G%1A
V"*18+2G1$r$k3"*#,#%)A$R/'*#43%$A$5"+#'2%Ai/'&%AB/*#1')'*

OV$HO!O5B$HB$5UWSUYUXSBr$U$OWUQUVSWS5VU$O$B$
SQgS5S6SYSHBHO$HB5$WYB55O5$5UWSBS5
s%11G$5"3C'

MO5\VU
U$ *%L*"$ ,#1+3*%$ %$ +/#*#+'$ '273&'1$ ,'1$ 0%/1?%1$ &'#1$ #&<"/*')*%1$ ,'$ 2%#*3/'$
,'1$+2'11%1$1"+#'#1$(/'1#2%#/'1$+")*%&<"/T)%'1$1%73),"$3&$0#G1$z%+")"&#8
+#1*'{A$R"/$%+")"&#+#1*'$%)*%),%81%$'$2%#*3/'$,'$/%'2#,',%$1"+#'2$43%/$<'/*%$
,"$<"1*32',"F$1%9'$#&<2>+#*"$1%9'$%L<2>+#*"F$,%$43%$'<%)'1$'$+")1#,%/':;"$,"1$
%1*>&32"1$%+")N&#+"1$9@$%L<2#+'$"$+"&<"/*'&%)*"$1"+#'2$%&$13'$*"*'2#,',%A$
i"&'&81%$"1$*/'('2E"1$,%$V'/+#"$R"+E&'))$%$,%$V'/+%2"$Q%/>$+"&"$%L%&8
<2"1$,%$2%#*3/'$%+")"&#+#1*'F$)'$13'$0%/1;"$&'/L#1*'$%$2#(%/'2$/%1<%+*#0'&%)8
*%$%$+/#*#+'81%$'$3)#2'*%/'2#,',%$%$13<%/.#+#'2#,',%$,%1*%$*#<"$,%$<%/1<%+*#0'A$
Q'$1%73),'$<'/*%$,"$*/'('2E"F$+")*/'<?%&81%$/%132*',"1$,%$<%143#1'1$%&<>8
/#+'1$)'+#")'#1$+"&$'1$+2'11%1$<"<32'/%1$(/'1#2%#/'1$,%$&","$'$1%$&"1*/'/$'1$
0')*'7%)1$,%$3&$%)*%),#&%)*"$'2*%/)'*#0"A$B$/#43%C'$,'$E%/'):'$*%=/#+'$%$
%&<>/#+'$,'$1"+#"2"7#'$+/>*#+'$G$"$.#"$+"),3*"/$<'/'$3&'$<%/+%<:;"$&'#1$/#+'$
%$&32*#.'+%*','$,'$/%'2#,',%$1"+#'2A$$$
R'2'0/'18WE'0%r$W2'11%1A$O+")"&#+#1&"A$S)0#1#(#2#,',%A

%7E?=DBD=&1CB@?8=?CB&D=&%7E?787F?B&N&%1%
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

31d

SQ$HO!OQWO$U!$5UWSUYUXqr$OWUQUVSWS5V$BQH$iZO$
SQgS5S6SYSiq$U!$iZO$5UWSBY$WYB55O5
s%11G$5"3C'

B65iMBWi
iE%$ *%L*$ ,#1+311%1$ '),$ +/#*#+#C%1$ 1"&%$ ".$ *E%$ &"1*$ #&<"/*')*$ /%',#)71$ ".$
+")*%&<"/'/j$ 6/'C#2#')$ 1"+#'2$ +2'11%1$ ./"&$ ')$ }%+")"&#+#1*~$ (#'1A$ 6j$ %+"8
)"&#+#1*$ S$ &%')$ ')$ #)*%/</%*'*#")$ ".$ 1"+#'2$ /%'2#*j$ *E'*$ 1%*1$ "3*$ ./"&$ *E%$
</%&#1%$e$#&<2#+#*$"/$%L<2#+#*$e$*E'*$*E%$+")1#,%/'*#")$".$%+")"&#+$1*#&32#$(j$
#*1%2.$#1$13..#+#%)*$*"$%L<2'#)$1"+#'2$(%E'0#"3/$'1$'$nE"2%A$i't#)7$*E%$n"/t1$
".$V'/+#"$R"+E&'))$'),$V'/+%2"$Q%/>$'1$%L'&<2%1$".$13+E$')$%+")"&#+#1*$
/%',#)7F$/%</%1%)*#)7$#*1$V'/L#1*$'),$2#(%/'2$0%/1#")1$/%1<%+*#0%2jF$*E%$'/*#8
+2%$+/#*#+#C%1$*E%$3)#2'*%/'2#*j$'),$13<%/.#+#'2#*j$".$*E#1$t#),$".$'<</"'+EA$S)$
*E%$1%+"),$<'/*$".$*E%$n"/tF$S$+")*/'1*$*E%1%$n#*E$*E%$.#),#)71$./"&$)'*#")'2$
%&<#/#+'2$ 1*3,#%1$ n#*E$ *E%$ 6/'C#2#')$ <"<32'/$ +2'11%1$ #)$ "/,%/$ *"$ 1E"n$ *E%$
',0')*'7%1$ ".$ ')$ '2*%/)'*#0%$ 3),%/1*'),#)7A$ iE%$ n%'2*E$ ".$ *E%$ *E%"/%*#+'2$
'),$%&<#/#+'2$2%7'+j$2%.*$(j$+/#*#+'2$1"+#"2"7j$</"0#,%1$*E%$./'&%n"/t$."/$'$
/#+E%/$'),$&"/%$&32*#.'+%*%,$<%/+%<*#")$".$1"+#'2$/%'2#*jA
v%jn"/,1r$W2'11%1A$O+")"&#+#1&A$S)0#1#(#2#*jA

RU\M$YB$Ho!OQ5O$HO$YB$5UWSUYUXSO$r$Y~oWUQUVS5VO$
Oi$Y~SQgS5S6SYSio$HO5$WYB55O5$5UWSBYO5A
s%11G$5"3C'

Mo5\Vo
Y%$*%L*%$*/'#*%$%*$+/#*#43%$43%243%183)%1$,%1$</#)+#<'2%1$0%/1#")1$,%$2'$2%+*38
/%$,%1$+2'11%1$1"+#'2%1$(/G1#2#%))%1$+")*%&<"/'#)%1$1%2")$3)$(#'#1$$G+")"8
&#+#1*%$A$R'/$G+")"&#+#1*%$#2$.'3*$+"&</%),/%$2'$2%+*3/%$,%$2'$/G'2#*G$1"+#'2%$
43#$<'/*$,3$<"1*32'*F$1"#*$#&<2#+#*%$1"#*$%L<2#+#*%F$43%$1%32$2~%L'&%)$,%1$1*#8
&32'*#")1$G+")"&#43%1$%L<2#43%$2%$+"&<"/*%&%)*$1"+#'2$,')1$1'$*"*'2#*GA
Q"31$'0")1$</#1$2%1$*/'0'3L$,%$V'/+#"$R"+E&'))$%*$,%$V'/+%2"$Q%/#$+"&&%$
%L%&<2%1$ ,%$ 2%+*3/%$ G+")"&#+#1*%$ ,')1$ 2%3/$ 0%/1#")$ /%1<%+*#0%&%)*$ &'/8
L#1*%$ %*$ 2#(G/'2%$ %*$ $ +/#*#43")1$ 2~3)#2'*G/'2#*G$ %*$ 2'$ 13<%/.#+#'2#*G$ ,%$ +%$ *j<%$
,%$<%/1<%+*#0%A$H')1$2'$1%+"),%$<'/*#%$,3$*/'0'#2F$)"31$'0")1$+")./")*G$2%1$
/G132*'*1$ ,%$ /%+E%/+E%1$ %&<#/#43%1$ )'*#")'2%1$ ,%1$ +2'11%1$ <"<32'#/%1$ (/G8
1#2#%))%1$,%$&')#/%$D$&")*/%/$2%1$'0')*'7%1$$,~3)%$'3*/%$+"&</GE%)1#")A$
Y'$/#+E%11%$,%$2~EG/#*'7%$*EG"/#43%$%*$%&<#/#43%$,%$2'$1"+#"2"7#%$+/#*#43%$%1*$
2%$.#2$+"),3+*%3/$<"3/$3)%$<%/+%<*#")$<231$/#+E%$%*$&32*#."/&%$,%$2'$/G'2#*G$
1"+#'2%A
V"*18+2G$r$W2'11%1A$o+")"&#+#1&%A$S)0#1#(#2#*GA

%7E?=DBD=&1CB@?8=?CB&D=&%7E?787F?B&N&%1%
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

31S

BMiO5BQBiU$HU$5B6OM$QB$SHOSB$HO$\QSgOM5SHBHOr$
WUVRBMB O5$SQiOMQBWSUQBS5
!/')C$s"1%.$6/u1%t%

MO5\VU
B1$3)#0%/1#,',%1$+")*%&<"/T)%'1$1;"$./3*"$,%$3&'$2")7'$*/',#:;"r$,%1,%$'1$
'+',%&#'1$<2'*N)#+'1$,'$')*#73#,',%F$,'1$</#&%#/'1$3)#0%/1#,',%1$)'$S,',%$
VG,#'$%$,'$/%."/&32':;"$,'$13'$+")+%<:;"$<"/$5+E2%#%/&'+E%/$%$Z3&("2,*$
)"$#)>+#"$,"$1G+32"$ySyF$%1*%),%&81%$%L<%/#-)+#'1$#)1*#*3+#")'#1$43%$+"2"8
+'/'&$'$<%143#1'$%$"$%)1#)"F$)"$1%3$)>0%2$&'#1$+"&<2%L"F$)"$+%)*/"$,'1$13'1$
'*%):?%1A$B$3)#0%/1#,',%$&'11#.#+','$+")*%&<"/T)%'$<'/%+%$%&$&3#*"1$,"1$
1%31$'1<%+*"1$#)+"&<'*>0%2$+"&$'$#,%#'$#)#+#'2$,%$3)#0%/1#,',%d$)%1*'$1#*38
':;"F$ +"&$ '$ 43')*#.#+':;"$ ,'$ 43'2#.#+':;"F$ -(+C%+'/! #)*%/)'+#")'#1$ *%)*'&$
/%"/,%)'/$"$+'&<"$,'$+#-)+#'$%$,'$."/&':;"$,%$9"0%)1$+#%)*#1*'1F$+"&$/%8
132*',"1$<"/$0%C%1$=(0#"1F$<"/$0%C%1$,30#,"1"1A$B1$%L<%/#-)+#'1$3)#0%/1#*@8
/#'1$(/'1#2%#/'1$+"&<'/*#2E'&$'$*/',#:;"$3)#0%/1#*@/#'$%3/"<%#'$%F$<"/$1%/%&$
*'/,#'1F$+")./")*'&81%F$1"(/%*3,"F$+"&$"1$</"(2%&'1$,'$13'$P2*#&'$.'1%r$'$
3)#0%/1#,',%$%&$%L<')1;"$43')*#*'*#0'A
R'2'0/'18+E'0%r$\)#0%/1#,',%A$R%143#1'A$O)1#)"A$Z3&("2,*A$M(+C%+'/H

vQUhYOHXO$WMB!i$SQ$iZO$SHOB$U!$iZO$\QSgOM5Siqr$
SQiOMQBiSUQBY$WUVRBMS5UQ5
!/')C$s"1%.$6/u1%t%

B65iMBWi
W")*%&<"/'/j$3)#0%/1#*#%1$'/%$*E%$/%132*$".$'$2")7$*/',#*#")r$./"&$*E%$R2'*"8
)#+$'+',%&#%1$".$B)*#43#*jF$*E%$.#/1*$3)#0%/1#*#%1$".$*E%$V#,,2%$B7%1$'),$*E%$
/%."/&32'*#")$".$*E%#/$,%1#7)$(j$5+E2%#%/&'+E%/$'),$Z3&("2,*$'*$*E%$1*'/*$
".$*E%$)#)%*%%)*E$+%)*3/jF$#)1*#*3*#")'2$%L<%/#%)+%1$n%/%$,%0%2"<%,$*E'*$<2'8
+%,$/%1%'/+E$'),$*%'+E#)7$'*$*E%#/$&"1*$+"&<2%L$2%0%2$'*$*E%$+%)*/%$".$*E%#/$
'**%)*#")1A$iE%$+")*%&<"/'/j$&'11$3)#0%/1#*j$1%%&1F$#)$&')j$'1<%+*1F$#)8
+"&<'*#(2%$n#*E$*E%$#)#*#'2$#,%'$".$*E%$3)#0%/1#*jr$#)$*E#1$)%n$1#*3'*#")F$n#*E$
*E%$43')*#.#+'*#")$".$43'2#.#+'*#")F$#)*%/)'*#")'2$/')t#)71$'**%&<*$*"$/%"/,%/$
*E%$.#%2,$".$1+#%)+%$'),$*E%$*/'#)#)7$".$j"3)7$1+#%)*#1*1$n#*E$1"&%*#&%1$"(8
0#"31$'),$1"&%*#&%1$,3(#"31$/%132*1A$6/'C#2#')$3)#0%/1#*j$%L<%/#%)+%1$E'0%$
%0"20%,$./"&$*E%$O3/"<%')$3)#0%/1#*j$*/',#*#")$'),F$(%#)7$&"/%$/%+%)*F$</#8
&'/#2j$+")./")*$*E%$</"(2%&1$".$#*1$2'1*$<E'1%r$*E%$3)#0%/1#*j$#)$43')*#*'*#0%$
%L<')1#")A
v%jn"/,1r$\)#0%/1#*jA$M%1%'/+EA$i%'+E#)7A$Z3&("2,*A$M')t#)71H

%7E?=DBD=&1CB@?8=?CB&D=&%7E?787F?B&N&%1%
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

31g

Y~BMiS5BQBi$H\$5BgUSM$HBQ5$Y~SHoO$HO$Y~\QSgOM5Sio
WUVRBMBS5UQ5$SQiOMQBiSUQBYO5
!/')*C$s"1%.$6/31%t%

Mo5\Vo
Y%1$3)#0%/1#*G1$+")*%&<"/'#)%1$1")*$2%$./3#*$,~3)%$2")73%$*/',#*#")$r$,%<3#1$
2%1$ '+',G&#%1$ <2'*")#+#%))%1$ ,%$ 2~')*#43#*GF$ 2%1$ </%&#/%1$ 3)#0%/1#*G1$ ,3$
V"j%)$ 7%$ %*$ ,%$ 2'$ /%."/&32'*#")$ ,%$ 2%3/$ +")+%<*#")$ <'/$ 5+E2%#%/&'+E%/$
%*$Z3&("2,*$'3$,G(3*$,3$ySy%$1#+2%F$2%1$%L<G/#%)+%1$#)1*#*3*#"))%22%1$43#$
")*$&#1$2'$/%+E%/+E%$%*$2~%)1%#7)%&%)*$D$3)$)#0%'3$<231$+"&<2%L%F$'3$+%)*/%$
,%$*"3*%1$2%3/1$'**%)*#")1F$1G*%),%)*A$Y~3)#0%/1#*G$,%$&'11%$+")*%&<"/'#)%$
1%&(2%F$ <'/$ (%'3+"3<$ ,%$ 1%1$ '1<%+*1F$ #)+"&<'*#(2%$ '0%+$ 2~#,G%$ #)#*#'2%$ ,%$
2~3)#0%/1#*G$d$,')1$+%**%$1#*3'*#")F$'0%+$2'$43')*#.#+'*#")$,%$2'$43'2#.#+'*#")F$
2%1$/')t#)71$#)*%/)'*#")'3L$%11'#%)*$,%$/G"/7')#1%/$2%$+E'&<$,%$2'$1+#%)+%$
%*$ ,%$ 2'$ ."/&'*#")$ ,%1$ 9%3)%1$ 1+#%)*#.#43%1F$ '0%+$ ,%1$ /G132*'*1$ *')*N*$ G0#8
,%)*1F$*')*N*$,"3*%3LA$Y%1$%L<G/#%)+%1$3)#0%/1#*'#/%1$(/G1#2#%))%1$<'/*'7%)*$
2'$*/',#*#")$3)#0%/1#*'#/%$%3/"<G%))%$%*$<'/+%$43%$*'/,#0%1F$%22%1$1%$0"#%)*$
+")./")*G%1$ 13/*"3*$ '3L$ </"(2&%1$ ,%$ 1'$ ,%/)#/%$ <E'1%$ r$ 2~3)#0%/1#*G$ %)$
%L<')1#")$43')*#*'*#0%A
V"*8+2G$r$\)#0%/1#*GA$M%+E%/+E%A$O)1%#7)%&%)*A$Z3&("2,*A$M')t#)71

MOHO5$O$VUgSVOQiU5$5UWSBS5$RMUsOiBQHU$U$!\i\MU
S21%$5+E%/%/8h'//%)

MO5\VU
O1*%$ '/*#7"$ *%&$ ,"#1$ "(9%*#0"1$ </#)+#<'#1r$ #)#+#'2&%)*%F$ ,#1+3*#/$ +"&"$ 13/8
7#/'&$%$1%$,%1%)0"20%/'&$)'$1"+#"2"7#'$%$)'1$+#-)+#'1$E3&')'1$(/'1#2%#/'1$
%1*3,"1$1"(/%$&"0#&%)*"1$1"+#'#1$'*/'0G1$,'1$'("/,'7%)1$,'1$/%,%1$1"+#'#1$%$
43'#1$1%31$</#)+#<'#1$%)+'&#)E'&%)*"1$*%=/#+"1d$%&$1%73),"$237'/F$,%1%)8
0"20%/$ 3&'$ </"<"1*'$ *%=/#+"8&%*","2=7#+'$ <'/'$ '$ ')@2#1%$ ,"1$ &"0#&%)*"1$
1"+#'#1$+")*%&<"/T)%"1F$%1<%+#'2&%)*%$1#*3',"1$)"$532$72"('2$%F$%&$<'/*#8
+32'/$)'$B&G/#+'$Y'*#)'A$R'/'$*')*"$/%&%*%381%$D1$+")*/#(3#:?%1$,"1$%1*3,"1$
,%1+"2")#'#1$%$,'1$/%,%1$1"+#'#1F$%L'&#)'),"$+"&"$%11%1$<",%&$1%$+"&<2%8
&%)*'/F$ +""<%/'),"$ &3*3'&%)*%$ <'/'$ '$ +")1*/3:;"$ ,%$ )"0'1$ 1>)*%1%1$ "3$
&",%2"1$ #)*%/</%*'*#0"1$ ,'1$ ,#0%/1'1$ &",'2#,',%1$ ,"$ '*#0#1&"$ +")*%&<"8
/T)%"A
R'2'0/'18WE'0%r$M%,%1A$V"0#&%)*"1$5"+#'#1A$S)*%/</%*':;"A$B*#0#1&"A

%7E?=DBD=&1CB@?8=?CB&D=&%7E?787F?B&N&%1%
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

31]

QOihUMv5$ BQH$ 5UWSBY$ VUgOVOQi5$ RMUsOWiSQX$ iZO$


!\i\MO
S21%$5+E%/%/8h'//%)

B65iMBWi
iE#1$ '/*#+2%$ E'1$ *n"$ &'#)$ "(9%+*#0%1r$ .#/1*2j$ *"$ ,#1+311$ E"n$ 1*3,#%1$ ".$ 1"8
+#'2$&"0%&%)*1$%&%/7%,$'),$,%0%2"<%,$#)$6/'C#2#')$1"+#"2"7j$'),$E3&')$
1+#%)+%1$*E/"37E$')'2j1%1$".$1"+#'2$)%*n"/t1$'),$nE'*$*E%$&'#)$*E%"/%*#+'2$
',0')+%1$E'0%$(%%)d$1%+"),2j$*"$,%0%2"<$'$*E%"/%*#+'28&%*E","2"7#+'2$</"8
<"1'2$ ."/$ *E%$ ')'2j1#1$ ".$ +")*%&<"/'/j$ 1"+#'2$ &"0%&%)*1F$ %1<%+#'22j$ *E"1%$
1#*3'*%,$#)$*E%$72"('2$5"3*E$'),$#)$<'/*#+32'/$Y'*#)$B&%/#+'A$S)$*E%$</"+%11$
*E%$'/*#+2%$/%.%/1$*"$+")*/#(3*#")1$./"&$1*3,#%1$".$,%+"2")#C'*#")$'),$./"&$1"8
+#'2$)%*n"/t1F$%L'&#)#)7$E"n$*E%1%$+')$+"&<2%&%)*$%'+E$"*E%/F$+""<%/'*#)7$
&3*3'22j$*"n'/,1$*E%$+")1*/3+*#")$".$)%n$1j)*E%1%1$"/$#)*%/</%*'*#0%$&",%21$
".$*E%$,#0%/1%$&",'2#*#%1$".$+")*%&<"/'/j$'+*#0#1&A
v%jn"/,1r$Q%*n"/t1A$5"+#'2$V"0%&%)*1A$S)*%/</%*'*#")A$B+*#0#1&A

Mo5OB\y$Oi$VU\gOVOQi5$5UWSB\y$RMUsOiBQi$
Y~BgOQSM
S21%$5+E%/%/8h'//%)

Mo5\Vo
W%*$'/*#+2%$'$,%3L$"(9%+*#.1$</#)+#<'3L$r$*"3*$,~'("/,F$*/'#*%/$2'$&')#/%$,")*$
")*$13/7#$%*$1%$1")*$,G0%2"<<G%1$%)$1"+#"2"7#%$%*$,')1$2%1$1+#%)+%1$E3&'#)%1$
(/G1#2#%))%1F$2%1$G*3,%1$13/$2%1$&"30%&%)*1$1"+#'3L$D$<'/*#/$,%1$'<</"+E%1$%)$
*%/&%1$,%$/G1%'3L$1"+#'3L$%*$43%21$%)$1")*$2%3/1$</#)+#<'3L$+E%&#)%&%)*1$
*EG"/#43%1A$ O)13#*%F$ ,G0%2"<<%/$ 3)%$ </"<"1#*#")$ *EG"/#+"8&G*E","2"7#43%$
<"3/$ 2~')'2j1%$ ,%1$ &"30%&%)*1$ 1"+#'3L$ +")*%&<"/'#)1F$ </#)+#<'2%&%)*$
+%3L$ 1#*3G1$ ,')1$ 2%$ 53,$ 72"('2$ %*$ %)$ <'/*#+32#%/$ %)$ B&G/#43%$ 2'*#)%A$ R"3/$
+%2'F$)"31$</G1%)*")1$2%1$G*3,%1$,%$2'$,G+"2")#1'*#")$%*$,%1$/G1%'3L$1"+#'3LF$
%)$%L'&#)')*$+"&&%)*$#21$<%30%)*$1%$+"&<2G*%/$%*$+""<G/%/$&3*3%22%&%)*$D$
2'$+")1*/3+*#")$,%$)"30%22%1$1j)*E1%1$"3$&",2%1$#)*%/</G*'*#.1$,%1$,#0%/1%1$
&",'2#*G1$,3$&#2#*')*#1&%$+")*%&<"/'#)A
V"*8+2Gr$V"30%&%)*1$1"+#'3LA$S)*%/</%*'*#")A$B+*#0#1&%A
$

gSUYQWSB$HS!\5BF$VOHU$O$SQ5OX\MBQBr$B5$VBMWB5$
MOWOQiO5$HB$WM\OYHBHO
WG1'/$6'//%#/'

MO5\VU
U$ ,%('*%$ 1"(/%$ 0#"2-)+#'$ %1*@$ </%1%)*%$ %&$ *","1$ "1$ %1<':"1$ 1"+#'#1F$ /%<%/8
+3*#),"$,%$&","$,#.%/%)*%$)'1$<%11"'1$%$#)1*#*3#:?%1$3)#0%/1#*@/#'1F$1"+#'#1F$

%7E?=DBD=&1CB@?8=?CB&D=&%7E?787F?B&N&%1%
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

31`

<"2>*#+'1F$ %+")N&#+'1F$ '2G&$ ,"1$ &%#"1$ ,%$ +"&3)#+':;"A$ U$ *%&'$ */")'81%F$


'11#&F$3&$,%1'.#"$<'/'$"1$%1<%+#'2#1*'1$,%$#)*%/</%*'/$'$)"0'$+").#73/':;"$
,%1*%$.%)N&%)"F$')+"/',"$%&$2'/7'1$&')#.%1*':?%1$%$</@*#+'1F$+2'11#.#+','1$
+"&"$0#"2%)*'1A$B*%)*'81%F$,"$<")*"$,%$0#1*'$*%=/#+"8&%*","2=7#+"F$D$)%+%18
1#,',%$,%$1%$+")1*/3#/$1"+#'2$%$+32*3/'2&%)*%$"$.%)N&%)"$,'$0#"2-)+#'F$)'1$
<%143#1'1$ +")+%/)%)*%1$ D$ 0#"2-)+#'$ %$ '"1$ +").2#*"1$ 1"+#'#1F$ +")1#,%/'),"$
1%/$%11%$.%)N&%)"$#)*%)1#0'&%)*%$<%/&%',"$<%2"$&",#1&"$%$%&$/'C;"$,"1$
'<%2"1$,'$1"+#%,',%A$O1*%$'/*#7"$*%)*'$,'/$+")*'$,%$'1<%+*"1$,#.%/%)*%1$43%$
+#/+32'&$D$=/(#*'$,'$*%&@*#+'F$*%),"$+"&"$13<"/*%$"3$#)1<#/':;"$"1$,%('*%1$
"+"//%)*%1$)"$6/'1#2F$#)+"/<"/'),"$'273&'1$/%.2%L?%1$9@$%)+%*','1$<"/$&#&$
%&$"3*/"1$*/'('2E"1A
R'2'0/'18WE'0%r$g#"2-)+#'A$W").2#*"$5"+#'2A$V')#.%1*':?%1A$R/@*#+'1A

HS!!\5O$gSUYOQWOF$!OBM$BQH$SQ5OW\MSiqr$iZO$MOWOQi$
VBMv5$U!$WM\OYiq
WG1'/$6'//%#/'

B65iMBWi
iE%$ ,%('*%$ ")$ 0#"2%)+%$ <%/&%'*%1$ '22$ 1"+#'2$ 1<'+%1F$ n#*E$ '$ /')7%$ ".$ ,#..%8
/%)*$#&<'+*1$")$<%"<2%F$3)#0%/1#*#%1F$'),$"*E%/$1"+#'2F$<"2#*#+'2$'),$%+")"8
&#+$#)1*#*3*#")1F$'1$n%22$'1$+"&&3)#+'*#")1$&%,#'A$iE%$#113%$*E31$<"1%1$'$
+E'22%)7%$*"$1<%+#'2#1*1$2""t#)7$*"$#)*%/</%*$*E%$)%n$+").#73/'*#")1$".$*E#1$
<E%)"&%)")F$/""*%,$#)$2'/7%81+'2%$&')#.%1*'*#")1$'),$</'+*#+%1$+2'11#.#%,$'1$
0#"2%)*A$!/"&$*E%$*E%"/%*#+'28&%*E","2"7#+'2$0#%n<"#)*F$*E%$'/*#+2%$."+31%1$
")$*E%$)%%,$*"$1"+#'22j$'),$+32*3/'22j$+")1*/3+*$*E%1%$<E%)"&%)'$#)$1*3,#%1$
".$0#"2%)+%$'),$1"+#'2$+").2#+*1F$/%+"7)#C#)7$*E'*$*E%$#113%$#1$#)*%)1%2j$'..%+8
*%,$(j$.23+*3'*#")1$#)$<3(2#+$"<#)#")$'),$*E%$,%&'),1$".$1"+#%*jA$S$%L'&#)%$
0'/#"31$'1<%+*1$".$*E%$*"<#+F$13<<"/*%,$"/$#)1<#/%,$(j$*E%$,%('*%1$*'t#)7$<2'8
+%$#)$6/'C#2F$'),$#)+"/<"/'*#)7$1"&%$/%.2%+*#")1$'2/%',j$#)#*#'*%,$(j$&j1%2.$
#)$"*E%/$n"/t1A
v%jn"/,1r$g#"2%)+%A$5"+#'2$W").2#+*A$V')#.%1*'*#")1A$R/'+*#+%1A

gSUYOQWO$HS!!\5OF$RO\M$Oi$SQ5oW\MSior$YO5$VBMk\O5$
MoWOQiO5$HO$YB$WM\B\io
WG1'/$6'//%#/'

Mo5\Vo
Y%$,G('*$13/$2'$0#"2%)+%$%1*$</G1%)*$,')1$*"31$2%1$%1<'+%1$1"+#'3LF$'j')*$3)%$
/G<%/+311#")$,#..G/%)*%$13/$2%1$<%/1"))%1$%*$2%1$#)1*#*3*#")1$3)#0%/1#*'#/%1F$
1"+#'2%1F$<"2#*#43%1F$G+")"&#43%1F$'#)1#$43%$13/$2%1$&"j%)1$,%$+"&&3)#+'8
*#")A$Y%$*E&%$%1*$'#)1#F$3)$,G.#$<"3/$2%1$1<G+#'2#1*%1$43#$,"#0%)*$#)*%/</G*%/$
2'$)"30%22%$+").#73/'*#")$,%$+%$<EG)"&)%F$')+/G$,')1$,%$2'/7%1$&')#.%18
*'*#")1$%*$</'*#43%1F$+2'11G%1$+"&&%$0#"2%)*%1A$U)$1#)*G/%11%F$,3$<"#)*$,%$

%7E?=DBD=&1CB@?8=?CB&D=&%7E?787F?B&N&%1%
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

31a

03%$*EG"/#+"8$&G*E","2"7#43%F$D$2'$$)G+%11#*G$,%$+")1*/3#/%$1"+#'2%&%)*$%*$
+32*3/%22%&%)*$2%$<EG)"&)%$,%$0#"2%)+%F$,')1$2%1$/%+E%/+E%1$+")+%/)')*$2'$
0#"2%)+%$%*$2%1$+").2#*1$1"+#'3LF$%)$+")1#,G/')*$43%$+%$<EG)"&)%$%1*$#)*%)8
1G&%)*$*/'0%/1G$<'/$2'$&",%$%*$2%1$,%&'),%1$,%$2'$1"+#G*GA$W%*$'/*#+2%$*%)*%$,%$
/%),/%$+"&<*%$,%1$,#..G/%)*1$'1<%+*1$43#$+#/+32%)*$'3*"3/$,%$2'$*EG&'*#43%F$
%)$ </%)')*$ +"&&%$ 13<<"/*$ "3$ #)1<#/'*#")$ 2%1$ ,G('*1$ 43#$ 1%$ </",3#1%)*$ '3$
6/G1#2F$%*$%)$#)+"/<"/')*$43%243%183)%1$,%1$/G.2%L#")1$43%$9'#$,G9D$%)7'7G%1$
,')1$,~'3*/%1$*/'0'3LA
V"*18+2G1$r$g#"2%)+%A$W").2#*$1"+#'2A$V')#.%1*'*#")1A$R/'*#43%1
$

MOgS5SiBQHU$U5$!\QHBVOQiU5$HB5$VUHOMQSHBHO5$
ROMS!oMSWB5r$HlHSgBF$VOMWBHU$O$RBWiU$WUYUQSBY
R'32"$Z%)/#43%$V'/*#)1

MO5\VU$
B1$ <'/*#+32'/#,',%1$ ,'1$ &",%/)#,',%1$ )'1$ '*3'#1$ 1"+#%,',%1$ <=18+"2")#'#1$
)'$B&G/#+'$Y'*#)'$1%$%L<2#+'&$'$<'/*#/$,'$')@2#1%$,"$+'/@*%/$$<'/',"L'2$,"1$
<'+*"1$+"2")#'#1A$i'#1$<'/',"L"1$/%132*'&$,'$0'/#%,',%$,%$2=7#+'1$#)1*#*3#)*%1$
,"$#&'7#)@/#"$1=+#"8E#1*=/#+"$,'$+"2")#C':;"F$%&$<'/*#+32'/$'43%2'1$,'$,@,#8
0'$%$,"$#)*%/%11%$&%/+')*#2F$43%$#).23>/'&$1"(/%$"1$</"+%11"1$,%$,%1%)0"20#8
&%)*"$<%/#.G/#+"1A$H#/>'&"1$43%$'$+"2")#'2#,',%$+")*/#(3#3$+"&$1%3$</=</#"$
'/*%1')'*"$<'/'$'$+").#73/':;"$,'$1"+#%,',%$72"('2$%$43%$%2'$+")*#)3'$1%),"$
#&<"/*')*%$<'/'$%)*%),%/$+%/*'1$<'/*#+32'/#,',%1$,"$,%1%)0"20#&%)*"$,"$+'8
<#*'2#1&"$ %$ ,'1$ <"11#(#2#,',%1$ ,%$ /%':;"$ '2*%/1#1*-&#+'1$ '"$ +'<#*'2#1&"$ )"$
1#1*%&'8&3),"A
R'2'0/'18WE'0%r$V",%/)#,',%A$W"2")#'2#,',%A$B/*%1')'*"A$5"+#%,',%$X2"('2A

MOgS5SiSQX$iZO$!U\QHBiSUQ5$U!$ROMSRZOMBY$VUHOM8
QSiSO5r$XS!i5F$VBMvOi5$BQH$iZO$WUYUQSBY$RBWi
R'32"$Z%)/#43%$V'/*#)1

B65iMBWi
iE%$1<%+#.#+$."/&1$'113&%,$(j$&",%/)#*j$#)$+")*%&<"/'/j$<"1*+"2")#'2$1"8
+#%*#%1$#)$Y'*#)$B&%/#+'$+')$(%$%L<2'#)%,$*E/"37E$')$')'2j1#1$".$*E%$<'/'8
,"L#+'2$)'*3/%$".$+"2")#'2$<'+*1A$iE%1%$<'/',"L%1$/%132*$./"&$*E%$0'/#%*j$".$
2"7#+1$#)."/&#)7$*E%$1"+#"E#1*"/#+'2$#&'7#)'/j$".$+"2")#C'*#")F$#)$<'/*#+32'/$
*E"1%$".$*E%$7#.*$'),$&'/t%*$#)*%/%1*F$nE#+E$E'0%$E%'0#2j$#).23%)+%,$</"+%18
1%1$".$<%/#<E%/'2$,%0%2"<&%)*A$h%$+"32,$1'j$*E'*$+"2")#'2#*j$+")*/#(3*%,$#*1$
"n)$+/'.*$*"$*E%$+").#73/'*#")$".$72"('2$1"+#%*j$'),$*E'*$#*$+")*#)3%1$*"$(%$
#&<"/*')*$ #)$ *%/&1$ ".$ 3),%/1*'),#)7$ 1<%+#.#+$ .%'*3/%1$ ".$ *E%$ ,%0%2"<&%)*$
".$+'<#*'2#1&$'),$*E%$<"11#(#2#*#%1$."/$'2*%/1j1*%&#+$/%1<")1%1$*"$+'<#*'2#1&$
n#*E#)$*E%$n"/2,$1j1*%&A
v%jn"/,1r$V",%/)#*jA$W"2")#'2#*jA$W/'.*A$X2"('2$5"+#%*jA

%7E?=DBD=&1CB@?8=?CB&D=&%7E?787F?B&N&%1%
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

321

MOgUSM$YO5$!UQHOVOQi5$HO5$VUHOMQSio5$RoMSRZoMS8
k\O5r$HUQF$VBMWZo$Oi$RBWiO$WUYUQSBY
R'32"$Z%)/#43%$V'/*#)1

Mo5\Vo
Y%1$<'/*#+32'/#*G1$,%1$&",%/)#*G1$,')1$2%1$1"+#G*G1$<"1*+"2")#'2%1$'+*3%22%1$
,%$ 2B&G/#43%$ 2'*#)%$ 1~%L<2#43%)*$ D$ <'/*#/$ ,%$ 2~')'2j1%$ ,3$ +'/'+*/%$ <'/'8
,"L'2$ ,%1$ <'+*%1$ +"2")#'3LA$ H%$ *%21$ <'/',"L%1$ /G132*%)*$ ,%$ 2'$ 0'/#G*G$ ,%1$
2"7#43%1$#)1*#*3')*%1$,%$2~#&'7#)'#/%$1"+#"E#1*"/#43%$,%$2'$+"2")#1'*#")F$%)$
<'/*#+32#%/$ +%22%1$ ,3$ ,")$ %*$ ,%$ 2~#)*G/-*$ &%/+')*#2%$ 43#$ ")*$ #).23%)+G$ $ 2%1$
</"+%1131$,%$,G0%2"<<%&%)*$<G/#<EG/#43%1A$Q"31$,#/")1$43%$2'$+"2")#'2#*G$'$
+")*/#(3G$'0%+$1")$</"</%$'/*#1')'*$D$+").#73/%/$2'$1"+#G*G$72"('2%$%*$43~%22%$
/%1*%$%)+"/%$#&<"/*')*%$<"3/$+"&</%),/%$+%/*'#)%1$<'/*#+32'/#*G1$,3$,G0%8
2"<<%&%)*$,3$+'<#*'2#1&%$%*$,%1$<"11#(#2#*G1$,%$/G'+*#")1$'2*%/$1j1*G&#43%1$
'3$+'<#*'2#1&%$,')1$2%$1j1*&%$&"),%
V"*18+2G1$r$V",%/)#*GA$W"2")#'2#*GA$B/*#1')'*A$5"+#G*G$72"('2%
$

U$iMB6BYZU$SQiOYOWi\BY$5U6$B$RiSWB$HU$2M=@"27
E2=T!!O$B$WSHBHO$WUVU$WBVRU$HO$RO5k\S5B
S/2j1$6'//%#/'

MO5\VU
B$#,%#'$,%$*"&'/$'$+#,',%$%$13'1$<"*%)+#'2#,',%1$,%$/%7#1*/"$%&$."/&'$,%$'/8
43#0"F$*%),"$+"&"$/%.%/-)+#'$"$+")+%#*"$,%$'/*%1')'*"$#)*%2%+*3'2$,%$h/#7E*$
V#221F$.3),'&%)*'$"$"(9%*#0"$,%1*%$'/*#7"A$$B$'/*#+32':;"$%)*/%$'/*%1')'*"$%$
%1<':"$3/(')"$13<?%$$<%)1'/$'$+#,',%$+"&"$3&$#&%)1"$<"*%)+#'2$,%$+/#'8
:;"$,%$'/43#0"1$)"1$43'#1$1%$</"<'7'&$%L<%/#-)+#'1$+"*#,#')'1$'11"+#','1$'$
</"+%11"1$&#+/"$"3$&'+/"11"+#'#1A$U$*%L*"$'</%1%)*'$/%.2%L?%1$1"(/%$"$1%)8
*#,"$,%$'/*%1')'*"$#)*%2%+*3'2$,%$h/#7E*$V#221F$+"*%9'),"$13'1$#,%#'1$+"&$'$
%L<%/#-)+#'$<%11"'2$,%$<%143#1'$,'$'3*"/'F$/%'2#C','$)"$+")*%L*"$3/(')"A$U$
</#)+><#"$,"$'/*%1')'*"$#)*%2%+*3'2$<%/&#*%$*'&(G&$/%.2%*#/$1"(/%$'1$+"),#8
:?%1$'*3'#1$,"$*/'('2E"$'+',-&#+"$,"$1"+#=2"7"A
R'2'0/'18WE'0%r$O1<':"$\/(')"A$B/*%1')'*"$S)*%2%+*3'2A$h/#7E*$V#221A

SQiOYYOWi\BY$hUMv$!MUV$iZO$gSOhRUSQi$U!$WMB!8
ihUMv$BQH$iZO$WSiq$B5$B$MO5OBMWZ$!SOYH
S/2j1$6'//%#/'

B65iMBWi
iE%$ #,%'$ (%E#),$ *E#1$ '/*#+2%$ #1$ *"$ '<</"'+E$ *E%$ +#*j$ '1$ ')$ '/+E#0%F$ *'t#)7$
'1$ '$ /%.%/%)+%$ <"#)*$ h/#7E*$ V#221~1$ +")+%<*$ ".$ #)*%22%+*3'2$ +/'.*1&')1E#<A$
iE%$ +"))%+*#")1$ (%*n%%)$ +/'.*$ '),$ 3/(')$ 1<'+%$ '22"n$ 31$ *"$ +")1#,%/$ *E%$
+#*j~1$#&&%)1%$<"*%)*#'2$."/$+/%'*#)7$'/+E#0%1$#)$nE#+E$%0%/j,'j$%L<%/#%)8

%7E?=DBD=&1CB@?8=?CB&D=&%7E?787F?B&N&%1%
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

322

+%1$'11"+#'*%,$n#*E$&#+/"$"/$&'+/"1"+#'2$</"+%11%1$'/%$</"<'7'*%,A$iE%$*%L*$
</%1%)*1$%L<2"/%1$h/#7E*$V#221~1$)"*#")$".$#)*%22%+*3'2$+/'.*1&')1E#<F$+"&8
(#)#)7$E#1$#,%'1$n#*E$&j$"n)$<%/1")'2$/%1%'/+E$%L<%/#%)+%F$+"),3+*%,$#)$
')$3/(')$+")*%L*A$iE%$</#)+#<2%$".$#)*%22%+*3'2$+/'.*1&')1E#<$'21"$%)'(2%1$
'$/%.2%+*#")$")$*E%$+3//%)*$+"),#*#")1$".$*E%$'+',%&#+$n"/t$".$1"+#"2"7#1*1A
v%jn"/,1r$\/(')$5<'+%A$S)*%22%+*3'2$W/'.*n"/tA$h/#7E*$V#221A

YO$iMBgBSY$SQiOYYOWi\OY$5U\5$Y~URiSk\O$HO$
Y~BMiS5BQBi$Oi$YB$gSYYO$WUVVO$WZBVR$HO$MOWZOM8
WZO
S/2j1$6'//%#/'

Mo5\Vo
Y~#,G%$ ,%$ </%),/%$ 2'$ 0#22%$ %*$ 1%1$ <"*%)*#'2#*G1$ ,%$ /%7#1*/%$ 1"31$ 2'$ ."/&%$
,~'/+E#0%F$ 'j')*$ +"&&%$ /G.G/%)+%$ 2%$ +")+%<*$ ,%$ 2~'/*#1')'*$ #)*%22%+*3%2$ ,%$
h/#7E*$V#221F$."),%$2~"(9%+*#.$,%$+%*$'/*#+2%A$Y~'/*#+32'*#")$%)*/%$'/*#1')'*$%*$
%1<'+%$3/('#)$13<<"1%$<%)1%/$2'$0#22%$+"&&%$3)$#&&%)1%$<"*%)*#%2$,%$+/G'8
*#")$,~'/+E#0%1$,')1$2%143%22%1$1%$</"<'7%)*$,%1$%L<G/#%)+%1$$43"*#,#%))%1$
'11"+#G%1$'3$</"+%1131$&#+/"$"3$&#+/"$1"+#'3LA$Y%$*%L*%$</G1%)*%$,%1$/G.2%8
L#")1$13/$2%$1%)1$,%$2~'/*#1')'*$#)*%22%+*3%2$,%$h/#7E*$V#221$+")./")*')*$1%1$
#,G%1$'0%+$2~%L<G/#%)+%$<%/1"))%22%$,%$/%+E%/+E%$,%$2~'3*%3/F$/G'2#1G%$,')1$
2%$ +")*%L*%$ 3/('#)A$ Y%$ </#)+#<%$ ,%$ 2~'/*#1')'*$ #)*%22%+*3%2$ <%/&%*$ '311#$ ,%$
/G.2G+E#/$'3L$+"),#*#")1$'+*3%22%1$,3$*/'0'#2$'+',G&#43%$,3$1"+#"2"73%A
V"*18+2G1$r$O1<'+%$3/('#)A$B/*#1')'*$#)*%22%+*3%2A$h/#7E*$V#221A

%7E?=DBD=&1CB@?8=?CB&D=&%7E?787F?B&N&%1%
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

320

.,;5$;5%&

6MBxSYSBQ$sU\MQBY$U!$5UWSUYUXq
U.$iE%$6/'C#2#')$5"+#%*j$".$5"+#"2"7j

$
=6%>*$%"'
1S )C8S@&1BCC=?CB&

B$%@">&(/,&"8&U(R/#'%5(8*5%*'*9fQ(>+&('&9"5f(*^(W$%9+>(T%''8
23 /BWC?=8&.7\H&

F+&*$&>%5"'(5*,>$%#/>%*,8(",6(&AR%$%5"'($&8&"$5+(%,(4*5%*'*9f(*,(R/#'%5(R*'%5%&8
3S %7CBSB&*BCFB@&.jCA=@

O&^'&5>%*,8(*,(>+&(%,>&$,">%*,"'%_">%*,(*^(7$"_%'%",(4*5%*'*9f(!
S] 57M&+ZS=C&

P"#*/$(",6(>+&(5+"''&,9&8(*^(8*5%*'*9%5"'($&8&"$5+
`a G7@Y&(?EBCD7&(BMB8\7

=@&$f6"f('%^&(",6(>+&(5$"^>%,9(*^($&8&"$5+
21] G7@Y&!BE\BD7&'B?@&

M,(6&^&,5&(*^(4*5%*'*9fQ(&5*,*A%5%8A(",6(>+&(%,@%8%#%'%>f(*^(>+&(8*5%"'!5'"88&8!
20a G=@@Y&%7J]B

n,*j'&69&(5$"^>(%,(>+&(%6&"(*^(>+&(/,%@&$8%>fQ(%,>&$,">%*,"'(5*AR"$%8*,8
2Sa UCBH]&G7@=[&1C^@=X=

o&>j*$l8(",6(8*5%"'(A*@&A&,>8(R$*b&5>%,9(>+&(^/>/$&
2`] )8@=&%E\=C=CP3BCC=H

G%^^/8&(@%*'&,5&U(^&"$(",6(%,8&5/$%>fQ(>+&($&5&,>(A"$l8(*^(5$/&'>f
02a #$%&'!(&'')*'&

O&@%8%>%,9( >+&( ^*/,6">%*,8( *^( R&$%R+&$"'( A*6&$,%>%&8Q( 9%^>8U( A"$l&>8( ",6( >+&(
0d3 5*'*,%"'(R"5>
'BJ87&4=HC?cJ=&!BCA?H@&

M,>&''&5>/"'(j*$l(^$*A(>+&(@%&jR*%,>(*^(5$"^>j*$l(",6(>+&(5%>f("8("($&8&"$5+(^%&'6(
0]S )C8S@&1BCC=?CB

0a] O&8/A*8.N#8>$"5>8.(O&8/A&8!

320 )*,>&,>8

323 4*AA"%$&

%7E?=DBD=&1CB@?8=?CB&D=&%7E?787F?B&N&%1%
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

323

%,!!")($

M658MOg\O$6Mo5SYSOQQO$HO$5UWSUYUXSO
5"+#G*G$6/G1#2#%))%$,%$5"+#"2"7#%8565

B$e^"5&
1S )C8S@&1BCC=?CB

T"/?(R$%@e8U('"(8*5%*'*9%&(R/#'%[/&Q('p+e$%>"9&(6&(WOM!mF(TMPP4
23 /BWC?=8&.7\H&
G&8( 5*,>$%#/>%*,8( >+e*$%[/&8( &>( $&5+&$5+&8( &AR%$%[/&8( 6&( '"( 8*5%*'*9%&( "/?(
3S R*'%>%[/&8(R/#'%[/&8
%7CBSB&*BCFB@&.jCA=@
Oe^'&?%*,8(8/$('p%,>&$,">%*,"'%8">%*,(6&('"(8*5%*'*9%&(#$e8%'%&,,&
S] 57M&+ZS=C

P&(>$"@"%'(&>('&8(6e^%8(6&('"($&5+&$5+&(8*5%*'*9%[/&
`a G7@Y&(?EBCD7&(BMB8\7

P&([/*>%6%&,(&>('"(R$">%[/&("$>%8","'&(6&('"($&5+&$5+&
21] G7@Y&!BE\BD7&'B?@

B*/$('"(6e^&,8&(6&('"(8*5%*'*9%&(Q(Ppe5*,*A%8A&(&>('p%,@%8%#%'%>e(6&8(5'"88&8(8*5%"'&8q
20a G=@@Y&%7J]B

Pp"$>%8",">(6/(8"@*%$(6",8('p%6e&(6&('p/,%@&$8%>eQ()*AR"$"%8*,8(%,>&$,">%*,"'&8
2Sa UCBH]&G7@=[&1C^@=X=

Oe8&"/?(&>(A*/@&A&,>8(8*5%"/?(R$*b&>",>('p"@&,%$
2`] )8@=&%E\=C=CP3BCC=H

D%*'&,5&(6%^^/8&U(R&/$(&>(%,8e5/$%>eQ('&8(A"$[/&8($e5&,>&8(6&('"(5$/"/>e
02a .Y@BC&1BCC=?CB
O&@*%$( '&8( ^*,6&A&,>8( 6&8( A*6&$,%>e8( Re$%R+e$%[/&8Q( 6*,U( A"$5+e( &>( R"5>&(
0d3 5*'*,%"'
'BJ87&4=HC?cJ=&!BCA?H
P&(>$"@"%'(%,>&''&5>/&'(8*/8('p*R>%[/&(6&('p"$>%8",">(&>('"(@%''&(5*AA&(5+"AR(6&(
0]S $&5+&$5+&
)C8S@&1BCC=?CB

0a] O&8/A*8.N#8>$"5>8.(O&8/A&8(

320 )*,>&,>8!

323 4*AA"%$&(

%7E?=DBD=&1CB@?8=?CB&D=&%7E?787F?B&N&%1%
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

32d

;,(!"%&'"("&%T1!)%%t,&+$&"(5)/,%&n&($*)%5"&
1("%)#$)("&+$&%,.),#,/)"

B$ M%0#1*'$ 6/'1#2%#/'$ ,%$ 5"+#"2"7#'$ e$ M65$ <3(2#+'$ '/*#7"1$ %&$ W#8


-)+#'1$5"+#'#1F$%$</%.%/%)+#'2&%)*%$%&$5"+#"2"7#'A$U1$*%L*"1$,%0%&$
/%.2%*#/$'$</",3:;"$'+',-&#+'$%$+#%)*#.#+'$'+%/+'$,'$/%'2#,',%$(/'1#8
2%#/'$%$&3),#'2$+")*%&<"/T)%'1A$B1$&'*G/#'1$0%#+32','1$)'$M%0#1*'$
,%0%/;"$#)+23#/$'/*#7"1$,%$)'*3/%C'$'+',-&#+'$%$,#,@*#+'F$/%7#1*/')8
,"$%0%)*3'#1$/%%,#:;"$,%$*%L*"1$+2@11#+"1F$2#*%/'*3/'$+"&%)*','$1"(/%$
'113)*"1$0'/#',"1F$*%L*"1$,%$&%*","2"7#'$%$/%.2%L;"$1"(/%$+")+%#*"1$
"3$'3*"/%1F$E"9%$#&</%1+#),>0%#1$'"$</".#11#")'2$,"$%)1#)"$&G,#"$%$
13<%/#"/A$Q%11'$,#)T&#+'$#)*%/'*#0'$,%$</",3:;"$%$,#.31;"$,"$+")E%8
+#&%)*"$'1$%,#:?%1$,"$<%/#=,#+"$,%1*'+'/;"$+")*%P,"1$0"2*',"1$<'/'$
<%)1'/$ ,#)T&#+'1$ 1=+#"8%+")N&#+'1F$ ,#2%&'1$ ,'$ 131*%)*'(#2#,',%$ %$
%L<%/#-)+#'1$ #)"0',"/'1$,%$7%1*;"$ ,%$ /%+3/1"1F$ +"&$ 0#1*'1$ '$ +")*/#8
(3#/$<'/'$&%2E"/$%)*%),%/&"1$'$,#)T&#+'$,'1$'*3'#1$*/')1."/&':?%1$
)"$&3),"$+")*%&<"/T)%"A
B$M%0#1*'$G$1%&%1*/'2$%$'+%#*'$</"<"1*'$,%$H"11#-1A$W")1#,%/'),"$'$
,%1%9','$&')3*%):;"$,"$'2*"$<',/;"$,%$43'2#,',%$%$%1<%+#'2#,',%$,"$
<%/#=,#+"F$*","1$"1$'/*#7"1$'$1%/%&$<3(2#+',"1$,%0%/;"$1%/$/%+%(#,"1$
&%,#')*%$ +E'&','$ <P(2#+'A$ i')*"1$ "1$ '/*#7"1$ 13(&%*#,"1$ %&$ .23L"$
+")*>)3"$43')*"$'43%2%1$43%$#)*%7/'/;"$,"11#-1$,%0%/;"$1%/$'0'2#',"$
<%2"$1#1*%&'$,%$<'/%1A$
U$%)0#"$%1<")*T)%"$,%$43'243%/$+"2'("/':;"$#&<2#+'$'3*"&'*#+'8
&%)*%$'$+%11;"$#)*%7/'2$,"1$,#/%#*"1$'3*"/'#1$D$M65A$B$/%0#1*'$);"$1%$
"(/#7'$'$,%0"20%/$"1$"/#7#)'#1$,'1$+"2'("/':?%1$%)0#','1A$

$$
!" C-"#&8/2,-"-)@4'8/(,-"(';'4"-'&"/63(/8,-"'"(';'4"#--/4"5'&8
&')%+%/$,3/')*%$'$'0'2#':;"A$$H%0%&$1%/$%)0#',"1$<'/'$"$%8&'#2$

%7E?=DBD=&1CB@?8=?CB&D=&%7E?787F?B&N&%1%
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

32S

/%0#1*'1(1"+#"2"7#'A+"&A(/A$U1$'/*#7"1$);"$,%0%&$32*/'<'11'/$
cJ$&#2$+'/'+*%/%1$+"&$%1<':"F$#)+23#),"$'$(#(2#"7/'.#'A$$U$'/*#7"$
,%0%$ *%/$ /%13&"$ ,%$ _JJ$ +'/'+*%/%1$ +"&$ %1<':"$ %$ K$ ]*/-1a$ <'8
2'0/'18+E'0%1A$H%0%$'+"&<')E'/F$%&$'/43#0"$1%<'/',"F$Q"&%$
+"&<2%*"$ ,"]1a$ '3*"/%1]1aF$ *#*32':;"F$ 0#)+32"$ #)1*#*3+#")'2F$ %)8
,%/%:"A$

!" H&,5,-8#-" ('" W,--/M-" (';'4" -'&" '6;/#(#-" .,4" #" #5&'-'68#*+,"
,'$*%&@*#+'F$13'$/%2%0T)+#'$%$'(/')7-)+#'$<'/'$"$+'&<"$,"1$%18
*3,"1$1"+#"2=7#+"1A$B$</"<"1*'$,%0%$0#/$'+"&<')E','$,"1$,'8
,"1$,"1$</"<")%)*%1r$)"&%$+"&<2%*"$,"]1a$'3*"/%1]1aF$*#*32':;"F$
0#)+32"$#)1*#*3+#")'2F$%),%/%:"A$

!" B/*#7"1$'</"0',"1$<'/'$<3(2#+':;"$,%0%&$1%/$%)0#',"1$/%13&"F$
*#*32"$,"$'/*#7"F$%$<'2'0/'18+E'0%1$%&$<"/*373-1F$#)72-1$%$!/')8
+-1A$W'1"$*%)E'&$.#73/'1$]#&'7%)1$%["3$7/@.#+"1aF$%1*'1$,%0%&$
1%/$%)0#','1$1%<'/','&%)*%F$)3&%/','1$)'$1%43-)+#'$%&$43%$
'<'/%+%&$%$+"&$#),#+':;"$+2'/'$'"$2")7"$,"$*%L*"$,"1$2"+'#1$%&$
43%$,%0%$1%/$#)+23>,'1A$B1$.#73/'1$,%0%&$</%.%/%)+#'2&%)*%$1%/$
%&$ ."/&'*"$ iS!!$ ]1%&$ +"&</%11;"a$ %$ /%1"23:;"$ ,%$ KJJ,<#$ )"$
*'&')E"$ .#)'2$ </%*%),#,"$ <'/'$ '$ #&</%11;"A$ Y'/73/'$ &@L#&'r$
^I$+&d$'2*3/'$&@L#&'r$^f$+&$]"3$^p^`L^b_J$1%I3&/aA

!" %-" &'4/--='-" @/@0/,2&BA/.#-" 6," .,&5," (," 8'<8," ,)" &'A'&'6./#-"
'<=1$+#*':?%1$'$'3*"/%1F$,%0%&$1%73#/$'$."/&'$]B3*"/F$,'*'a$"3$
]B3*"/F$ ,'*'F$ <@7#)'aF$ +"&"$ )"1$ %L%&<2"1r$ ]VSYY5F$ ^_fJa$ "3$
]6OQsBVSVF$^_b`F<A$IJcaA$5%$E"30%/$&'#1$,%$3&$*>*32"$,"$&%18
&"$'3*"/$)"$&%1&"$')"F$%2%1$1;"$,#.%/%)+#',"1$<"/$3&'$2%*/'$
'<=1$'$,'*'r$5SVVOYF$^_fc'aF$]5SVVOYF$^_fc(a$%*+A$

IJ*JIKLM26N!O2OP2,"IQ*2M6N>
YSgMU5r
iU\MBSQOF$ BA$ ]^_b^aF$ =03! B#%$3! (+6! ,03! 3F3P! 2+! (+(&F/%/! #.! /#$%(&!
*#B3*3+,/A$W'&(/#,7%r$W'&(/#,7%$\)#0%/1#*j$R/%11A$

%7E?=DBD=&1CB@?8=?CB&D=&%7E?787F?B&N&%1%
($*)%5"&1("%)#$)("&+$&%,.),#,/)"&6&*78&9:-&;7<&9:&6&-",.-/'.0123

32g

BMiSXU5r
!OYHF$5AYA$]IJJIaF$zU)$*E%$%&%/7%)+%$".$1"+#'2$)"/&1{A$9#+,3*1#-(-F!"#7
$%#&#'FF$0A$K^F$)A$fF$<<A$fKb8fpJA$

WUYOiQOB5r
SQXMBVF$ZAd$5WZQOSHOMF$BA$YAd$HOYOUQF$RA$]IJJ`aF$z5"+#'2$+")1*/3+*#")$
'),$<"2#+j$,%1#7){A$S)r$5B6BiSOMF$RA$BA$]"/7AaA$=03#-%3/!#.!,03!1#&%$F!1-#$3//A$
W'&(/#,7%F$VBr$h%1*0#%n$R/%11A$

iO5O5$BWBHVSWB5r
!UMi\QBF$W'/2"1A$]^_bbaF$=0-3(6%+'!=0-#;'0P!9#,,#+!>-#6;$,%#+K!9#&#+%(&!
G#S(*8%O;3! (+6! "3*%13-%103-(&! >#-,;'(&! %+! ,03! <#-&67@$#+#*FH!i%1%$ ,%$
H"3*"/',"A$5*'*%$\)#0%/1#*j$".$Q%n$q"/t$e$6#)7E'&*")A$

"E=@@=&7&@?A=&=&B&>=C@q7&=8=ACjH?EB&DB&(1%2&
\AAa2IIZZZ<@W@7E?787F?B<E7M<WCIC=>?@ABI?HD=`<a\aI(1%I

%7E?=DBD=&1CB@?8=?CB&D=&%7E?787F?B&N&%1%

You might also like