You are on page 1of 17

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

/)*0(&#1234456347#
!"#$$%&'()*"+,-'-.,%)/-'"0#()
#$%&'()%*+*",'*+-.-%/+"0+/%1$+2"

!"#$%&'()#&*#%'+,#-%#.*-(/#'0&+*.(#-%#1(#23*4(#
"
,+(+"3+$$+4"5('$*67"2+"8+26+"*'"9'*%6+/%.$"'(+":$+"/+(+/6'(;)6%/+")1<(')+2%'$6'"*'"
$:')6(+"=>1/+?"@"/191">'$)+("('A:%'('":$"6%'9>1">(1>%17"'2"6%'9>1"6+9<%=$"')6B"
+8'/6+*1C")%"'2"'$61$/')">(')%*'$6'")'">(1$:$/%+")1<('":$1)"+)')%$+61)"/191"
&'(*+*'(1)">1)%6%&1)"D"+"21)"/%$/1"9%$:61)"'2"8%)/+2"*%/'"A:'")1$"8+2)1)7"$1")'">:'*'"
)'E+2+("'$"')1":$+"/1$6(+*%//%.$7">:')"4+<(B"A:%'$"2'"4+-+"/+'("'$"/:'$6+"+":$1"
*'"A:'"D+"$+*%'")'"1/:>+"*'"/1)+)"A:'"1/:((%'(1$"4+/'"6+$61?"01)"9%$6%'(1$"A:'"'2"
82:F1"&'21G"*'"2+"%$81(9+/%.$")'"/1((')>1$*;+"/1$":$+"2%-'('G+"*'2">'$)+9%'$617"/1$"
:$+"8+26+"*'"6%'9>1">+(+"4+/'("F:%/%1)?"H+)"/1)+)")'"+/'2'(+$7"'8'/6%&+9'$6'7">'(1"
>1("'2"+/'2'('"*'"A:%'$')"/(''$"A:'"2+"%$81(9+/%.$"')"'A:%&+2'$6'"+2"/1$1/%9%'$61?"
I$"('+2%*+*7"$+*+"*'"21"A:'"1/:(('"4+"91*%8%/+*1"2+"6'9>1(+2%*+*">(1>%+"*'"2+"
/1$)6(://%.$"*'"/(%6'(%1)?"J%"<%'$"2+"%$81(9+/%.$"82:D'"9B)"(B>%*17"2+"/+>+/%*+*"*'"
>(1/')+(2+")%-:'")%'$*1"'K+/6+9'$6'"2+"9%)9+"A:'"2+"*'"21)">(%9'(1)"1('()+-2#%.+)
+-2#%.+?"LJ%"619B(+91)"+":$"419<('"A:'"&%&%."MN"9%2"+E1)"+6(B)"D"21"/121/B(+91)"
*')*'"):"$+/%9%'$61"'$"2+")1/%'*+*"+/6:+27"+>('$*'(;+"21"9%)91"A:'"61*1)"21)"
*'9B)7"D")'(;+":$"-'$%1"1":$"%*%16+7"1"21"A:'")'+7">'(1"$1"*%8'(%(;+"'$"21"')'$/%+2O"
PQ419)RDS?"T'"9+$'(+"A:'"')+"4%)61(%'6+"*'"A:'"$1)"61/+"/1(('(7"'$"('+2%*+*"')6B"
*'-(+*+$*1"'2"/1$1/%9%'$61"D"')6B"6(+$)81(9+$*1"2+)"('2+/%1$')"'$6('"$1)16(1)?"
U('$6'"+"')6'">+$1(+9+7"VA:=">1)%/%1$')")'"+):9'$W"I)":):+2"2+">1)%/%.$"*'"2+"
A:'F+7"*'"2+"*'$:$/%+?"I)+">1)%/%.$"X$'/')+(%+7"4+)6+"/%'(61">:$61X"')7"$1"
1<)6+$6'7">+(+*.F%/+?"H+"$:'&+"$1(9+7">1("'F'9>217")%'9>('"$1)"/1-'"Y/1$"21)"
/+2G1$')"+<+F1Z"['$"61*1"$%&'2C"*')*'"2+"'*:/+/%.$"<B)%/+"4+)6+"2+":$%&'()%6+(%+\?"
5$6')"*'"'22+"$1"')6B<+91)"*%)/:6%'$*17"/1$)6%6:D=$*1$1)"X+2"9'$1)"/191"
>1)%<%2%*+*X"'$">+(')"&B2%*1)"*'2"-1<%'($1?"I)6+91)"+"2+")+-+"*'"2+"]26%9+"
2'-%)2+/%.$?"5:$A:'"$1"$'/')+(%+9'$6'"2+"4'91)"2';*17")+<'91)"A:'"'K%)6'":$+"
$1(9+"('/%'$6'7"/1$1/'91)"21)"81(9+61)"A:'"$1)"1<2%-+"+"22'$+("D"('/%6+91)"2+)"
/1$)%-$+)"A:'"')"81(G1)1"')-(%9%("'$"):"/1$6(+"[1"+"):"8+&1(\?"J%'9>('"'$":$+"2.-%/+"
)'-]$"2+"/:+2"21"]26%91"A:'")'"')6B"*%/%'$*1"')"21"9B)"%9>1(6+$6'?"

!"
"
I)+">1)%/%.$"*'"A:'F+7"')+">1)%/%.$"*'9+$*+$6'7"')":$+"2&-3'4,#5-C")%"'2":$1"
$1"4+/'7"'2"16(1"$1"6%'$'"*'"A:="A:'F+()'?"3+D">'()1$+)"A:'")'"*'>(%9'$")%"$1"
6%'$'$"/1$"A:%=$">'2'+(?"J%"$1"6%'$'$":$"'$'9%-17"')6B$"/+22+*1)?"I$"Q1219<%+7">1("
'F'9>217":$+"&'G"+$%A:%2+*+"2+"%GA:%'(*+"+$6%^/+>%6+2%)6+7"2+")1<('&%&%'$6'"')"2+"+$6%^
-1<%'($%)6+C"A:="*%F1"'2"-1<%'($1">+(+"1>1$'()'"[Y*'"A:="')6B$"4+<2+$*17">+(+"
/1$6(+*'/%(Z\_")%"$1"*%F1"$+*+7")'"A:'*+"/+22+*+?",1("')17">+(+"A:%'$")'"A:'F+7"'2"
91*'21"+")'-:%("')"+A:'221"*'"21"A:'")'"A:'F+"[`')6B"%*'$6%8%/+*1"/1$"=2a\?"01"')"*'"
'K6(+E+(7"'$61$/')7"A:'"4+-+"21"9%)91"/:+$*1"21"(''9>2+G+"'$"'2"-1<%'($1?"T'"6+2"
9+$'(+C"2+"A:'F+"')":$+">(+-9B6%/+"A:'"'K/2:D'"2+"16('*+*C").21"$'/')%6+"+2"16(1"
>+(+"A:'F+()'?"I$"'2"81$*17"'2"A:'")'"A:'F+"*'/2+(+"$1"*')'+(?"
,1("/1$6(+)6'"/1$"2+"A:'F+7"2+">1)%/%.$"0%+%-.,%)')":$+"2($6,#5-"X$1":$+"
>(+-9B6%/+X"D7"/191"6+27"%$/2:D'"+2"16(1C"+A:'2"'$"('2+/%.$"/1$"'2"/:+2")'"6'$*(;+"
A:'"%$6'(+/6:+("XD"$1"$'/')+(%+9'$6'"'$"21)"9'F1(')"6=(9%$1)X">+(+"A:'")'"
>(1*:G/+"+2-1"*'2"1(*'$"*'"21">1)%<2'?",'(17"V6%'$'"2:-+("2+"%*'+"*'"0%+%("'$"
'*:/+/%.$W"
I2"*%)>1)%6%&1"'*:/+6%&17"9B)"+22B"*'"2+"+$=/*16+"*'"2+"=>1/+7"')6B"'*%8%/+*1"'$"
('2+/%.$"/1$"'2"+-7%&?"5"')+"')/+2+7"$1"%$6'(')+">('/%)+("*'"A:="6%>1"*'"('2+/%.$")'"
6(+6+7"1")%"')'")+<'("')"F:)61"1"$17")%"')6B"1"$1"Y+/6:+2%G+*1Z???"%$*'>'$*%'$6'9'$6'"
*'"')+)"&+(%+<2')"XA:'"):'2'$"*+("2:-+("+"2+"A:'F+X"2+"%*'+"')"A:'"'2"*%)>1)%6%&1"
-%(+"+2('*'*1("*'2")+<'(?",1("')17">')'"+"A:'"/+*+"&'G"9B)")'"6%'$*'"+"$1"'$)'E+("
$+*+"'$"2+"')/:'2+7"2+)"+)%-$+6:(+)"X+2"9'$1)"4+)6+"+41(+X"/1$6%$]+$"22+9B$*1)'"
b9+6'9B6%/+)c7"b/%'$/%+)")1/%+2')c7"b/%'$/%+)"$+6:(+2')c7"b4%)61(%+c7"b8;)%/+c7"bA:;9%/+c7"
b8%21)18;+c7"'6/?7"$19<(')"*'"0#+5#2$#.-+)8"%)2&(0"5%.)+-7%&?"T%-1"A:'"Y)'"6%'$*'"+"
$1"'$)'E+("$+*+Z">1(A:'"+41(+"4+D":$+")'(%'"*'"*%)/:()1)"D"*'">(1D'/61)"
Y6(+$)&'()+2')Z"A:'"9:'&'$"+"16(1"6%>1"*'"+/6%&%*+*')"D"/1$&1/+$"16(1"6%>1"*'"
*%)/:()1)"'$"2+"')/:'2+C"+91(7"*%&'()%.$7"%$/2:)%.$7"&+21(')7"+:61')6%9+7")'K:+2%*+*"
(')>1$)+<2'7"(')>'61">1("2+"$+6:(+2'G+7"'6/?"I)61">1$'"/1$6'$61)"+"9:/41)C"*'":$"
2+*17">1(A:'"2+"*%)6(%<:/%.$"*'"6+2"6%>1"*'"+/6%&%*+*')"$1"')"4191-=$'+7">:')")'"
>(')'$6+">(%$/%>+29'$6'"'$"2+"')/:'2+">]<2%/+"*'"<+F1)"('/:()1)_"D7"*'"16(1"2+*17"
>1(A:'"/%'(61"*%)/:()1"+/6:+2")'"'$/:'$6(+"+22;"+"):)"+$/4+)C"+"2+"2:G"X1"+"2+"
)19<(+X"*'"2+)"6+2')"Y/19>'6'$/%+)Z")'"&+"4+/%'$*1"/%'(617"`A:%=$"21"/('D'(+a7"'2"
&%'F1"*%)/:()1"9+$%A:';)6+")'-]$"'2"/:+2"*'"2+"')/:'2+":$1)")+2'$"+"-1<'($+("D"16(1)"
+")'("-1<'($+*1)"D"+"+<(%("G+$F+)_"2+)"/19>'6'$/%+)"X1F+2B"Y/%:*+*+$+)ZX">+(+"21)"
A:'"6%'$'$">1/1"/+>%6+2")%9<.2%/1"D"/:26:(+27"D"21)"/1$1/%9%'$61)">+(+"21)"A:'");"
&+21(+$"')1)"/+>%6+2')?"

M"
"
Q1$"61*17"'2"*%)>1)%6%&1"')/12+("61*+&;+"')6B"1(-+$%G+*1"X+2"9'$1)"
81(9+29'$6'X"'$"('2+/%.$"/1$"'2")+<'(?"@">+(+"')1"4+D">(18')1(')7"9+')6(1)_"D">1("
')17">+(+"6(+<+F+("'$"2+"')/:'2+7")'"2')">%*'"+/('*%6+("+2-]$")+<'(?"H1)"2:-+(')"$1"
('8'(%*1)">(1>%+9'$6'"+"*%)/%>2%$+)")'"21)"('9%6'"+"'22+)"X+"$19<('"*'"/:+2A:%'("
%$6'$/%.$"Y412;)6%/+Z7"Y%$6'-(+*1(+Z7"%$/2:)1"Y*'91/(B6%/+ZX7"9'*%+$6'">+2+<(+)"
6+2')"/191"%$6'(^*%)/%>2%$+(%'*+*7"9:26%^*%)/%>2%$+(%'*+*7"6(+$)^*%)/%>2%$+(%'*+*7"
'6/=6'(+e"+:$A:'"D+")'"(')>%(+":$+"+69.)8'(+"*'"*')*=$">1("'2")+<'("A:'"'9>%'G+"
+">+)+("+"21)"Y/1$6'$%*1)Z"*'"21"A:'"61*+&;+"6%'$'"$19<('"*'"*%)/%>2%$+7"D"+"21)"
$19<(')"9%)91)7"/:+$*1")'"6%'$'"%$/%*'$/%+")1<('"2+"('')6(:/6:(+/%.$"*'"21)"
>2+$')"*'"')6:*%1?"

5"#6789)*&+%:#;#64<(-)89)*&+%:#
"
I$"2+"9%6121-;+"(19+$+7"f+$1"[9-."+7"'$"2+6;$\"')"4%F1"*'":$"*%1)"[5>121\"D"*'":$+"
9:F'("[Q(':)+7"4%F+"*'"I('/6'17"('D"*'"56'$+)\?"Q('/%."'$"T'281)7"+2'F+*1"*'"2+"
9+*('7"A:%'$"2:'-1")'"/+)."/1$"'2"91(6+2"g%8'1?"Q191"$1">1*;+$"6'$'("4%F1)7"=2"
/1$):26. +2"1(B/:217"/:D1"/1$)'F1"8:'")'/:')6(+("+2">(%9'("$%E1"A:'")'"2'"/(:G+(+"+2"
*;+")%-:%'$6'7"'2"/:+2"('):26.")%'$*1"f+$1?"H2'-."+")'(":$"-:'(('(1"D"9+(/4."+"
/1$A:%)6+("h6+2%+7"*1$*'"8:$*.":$+"/%:*+*C"f+$;/:2+?"I$"):"('%$1")'"('8:-%."J+6:($1"
/:+$*1"f]>%6'("21"*')6(1$."D"'K>:2)."*'2"i2%9>1?"I$"+-(+*'/%9%'$617"/1$&%(6%."+"
f+$1"'$"*%1)"D"2'"*%1"*1)"(1)6(1)"[>1("')1"')"Y<%^8(1$6'Z\">+(+"&'("
>+)+*1"D"8:6:(17"D">1*'("+);"619+("*'/%)%1$')")+<%+)"D"F:)6+)?"#$"
(1)6(1"9%(+"4+/%+"1(%'$6'7"2+">:'(6+"*'"'$6(+*+">+(+"2+)"+29+)"A:'"
22'-+$"+"2+"6%'((+"[1(%'$6'"&%'$'"*'"(&#&#+7"$+/'(e"*'"+4;"&%'$'"
Y1(%:$*1Z\_"'2"16(1"9%(+"4+/%+"1//%*'$6'7"2+">:'(6+">1("*1$*'"2+)"
+29+)"+<+$*1$+$"21)"/:'(>1)"8;)%/1)"[Y1//%*'$6'Z"&%'$'"*'"
Y1//%)1Z\?"52"9%(+("4+/%+"')1)"*1)">:$61)"/+(*%$+2')7"f+$1"'A:%2%<(+"'2"/1)91)_"+<('"
1"/%'((+"61*1")1<('"2+"6%'((+"/1$"):"&12:$6+*"D"/1$6(12+"'2"/%'21"D"'2"9+(e"4+)6+"2+"
(16+/%.$"*'2"/1)91)?"I)"'2"*%1)"*'"2+)">:'(6+)7"21)"/19%'$G1)"D"21)"8%$+2')?",1("')61"
2'"8:'"/1$)+-(+*1"'2">(%9'("9')"*'2"+E1C"*'2"2+6;$"9-."+7"1<6'$'91)"h+$:+(%:)"
[f+$:+(D7"f+$'%(17"'$'(1\?"H+)">:'(6+)"*'"):"6'9>21">'(9+$'/;+$"+<%'(6+)7"9%'$6(+)"
*:(+(+"2+"-:'((+?"Q:+$*1"j19+"')6+<+"'$">+G7"2+)">:'(6+)")'"/'((+<+$?"5"&'/')7"2+)"
('>(')'$6+/%1$')"*'"f+$1"6%'$'$":$+"22+&'"[+<('"2+">:'(6+"*'2"+E1\"D":$"<+)6.$"
[>(')%*'"21)"/+9%$1)\?"k+9<%=$"')":$"4=(1'"/:26:(+2C")'"2'"+6(%<:D'"2+"%$&'$/%.$"*'2"
*%$'(17"2+)"2'D')"D"2+"+-(%/:26:(+?"

d"
"
H1)"6'9>21)"A:'"'$"j19+")'"*'*%/+(1$"+"')6'"*%1)")1$"*'"*1)"6%>1)C"9-.()
*#:&(.+"D"9-.();"-0&#:&(.+?"Q1$1/'91)"')+"91$:9'$6+2"/1)6:9<('"+(A:%6'/6.$%/+"
*'"21)"+(/1)?"I2"+(/1"*'2"6(%:$81"'$",+(;)7">1("'F'9>21?"m'$'(+29'$6'"6%'$'$"*1)"
'$6(+*+)?",'(1"6+9<%=$"4+D"+(/1)"A:'"9%(+$"4+/%+"21)"/:+6(1">:$61)"/+(*%$+2')?""
J1$"/191":$"/:<1"/1$"'$6(+*+)"'$"/+*+":$+"
*'"):)">+('*')?"I$"'2"U1(1"n1+/%17"'$"j19+7"
')6B"'2"+(/1"Q:+*(%8(1$6'"*'"f+$1?"J'">%'$)+"
A:'"21)"/:+6(1"8(1$6%)"%$*%/+$"'2"$]9'(1"*'"2+)"
')6+/%1$')"*'2"+E1"[D"'2"4'/41"*'"A:'"/+*+"
:$1"6'$-+"6(')"&'$6+$+)">+('/'":$+">(:'<+7"
>:')")'(;+$"21)"6(')"9')')"*'"/+*+"')6+/%.$\?"
,1("')617"f+$1"+>+('/'"/+2%8%/+*1"*'"
Y/:+*(%8(1$6'Z"'$"'2">1'9+"YH;9%6')Z"*'"f1(-'"H:%)"n1(-')C"
"
T'"')6+)"/+22')"A:'"+41$*+$"'2">1$%'$6'7" ,+(+")%'9>('"/'((+)6'"+2-:$+">:'(6+"
:$+"4+<(B"[$1")="/:B2\"A:'"4'"('/1((%*1" D"4+D":$"')>'F1"A:'"6'"+-:+(*+"'$"&+$1_"
D+">1("]26%9+"&'G7"%$*%8'('$6'" 2+"'$/(:/%F+*+"6'">+('/'"+<%'(6+"
D")%$"+*%&%$+(217")19'6%*1" D"2+"&%-%2+7"/:+*(%8(1$6'7"f+$1?"
" "
+"A:%'$">('8%F+"19$%>16'$6')"$1(9+)" 3+D7"'$6('"61*+)"6:)"9'91(%+)7":$+"
D":$+")'/('6+"D"(;-%*+"9'*%*+" A:'")'"4+">'(*%*1"%(('>+(+<2'9'$6'_"
+"2+)")19<(+)7"21)"):'E1)"D"2+)"81(9+)" $1"6'"&'(B$"<+F+("+"+A:'22+"8:'$6'"
A:'"*')6'F'$"D"6'F'$"')6+"&%*+?" $%"'2"<2+$/1")12"$%"2+"+9+(%22+"2:$+?"
" "
J%">+(+"61*1"4+D"6=(9%$1"D"4+D"6+)+" 01"&12&'(B"6:"&1G"+"21"A:'"'2">'()+"
D"]26%9+"&'G"D"$:$/+"9B)"D"12&%*1" *%F1"'$"):"2'$-:+"*'"+&')"D"*'"(1)+)7"
VA:%=$"$1)"*%(B"*'"A:%=$7"'$"')6+"/+)+7" /:+$*1"+2"1/+)17"+$6'"2+"2:G"*%)>'()+7"
)%$")+<'(217"$1)"4'91)"*')>'*%*1W" A:%'(+)"*'/%("%$12&%*+<2')"/1)+)?"
" "
k(+)"'2"/(%)6+2"D+"-(%)"2+"$1/4'"/')+" V@"'2"%$/')+$6'"j.*+$1"D"'2"2+-17"
D"*'2"+261"*'"2%<(1)"A:'":$+"6(:$/+" 61*1"')'"+D'(")1<('"'2"/:+2"41D"9'"%$/2%$1W"
)19<(+"*%2+6+">1("2+"&+-+"9')+7" k+$">'(*%*1"')6+(B"/191"Q+(6+-1"
+2-:$1"4+<(B"A:'"$1"2''('91)"$:$/+?" A:'"/1$"8:'-1"D"/1$")+2"<1((."'2"2+6%$1?"
" "
3+D"'$"'2"J:("9B)"*'":$">1(6.$"-+)6+*1" Q('1"'$"'2"+2<+"1;(":$"+6+('+*1"
/1$"):)"F+((1$')"*'"9+9>1)6'(;+" (:91("*'"9:26%6:*')"A:'")'"+2'F+$_"
D"6:$+)7"A:'"+"9%">+)1"')6B"&'*+*1" )1$"21"A:'"9'"4+"A:'(%*1"D"12&%*+*1_"
/191")%"8:'(+":$+"2%61-(+8;+?" ')>+/%1"D"6%'9>1"D"n1(-')"D+"9'"*'F+$?"
"

l"
"
01")'"6(+6+"+A:;"*'"+$+2%G+("'2">1'9+7">'(1">1*'91)"&'(7"'$"2+"')6(18+"
(')>'/6%&+7"+2-:$1)"*'"21)"+):$61)"+6(%<:%*1)"+2"*%1)C"2+">:'(6+"D"2+"'$/(:/%F+*+?"5"
>(1>.)%61"*'"2+">:'(6+7")+<'91)"A:'"9-.()<-,"$+#("X+>'(6:(+X"')6B"*'2+$6'"*'"2+)"
>:'(6+)"D"A:'"9-.()=$"+#>#("X/2+:):(+(7"5$(+%X"')6B"*'2"16(1"2+*1"*'"2+)">:'(6+)?"
,1("):">+(6'7"Y'$/(:/%F+*+Z"P8%F+*1"'$"/(:GS"')"'2"2:-+("'$"*1$*'")'"/(:G+$"*1)"1"
9B)"/+9%$1)?"I2"+(/1"/:+*(%8(1$6'")'(;+"2+"9+6'(%+2%G+/%.$"9%)9+"*'"2+"'$/(:/%F+*+C"
+);"$1"4:<%'(+":$">+("*'"/+9%$1)"A:'")'"/(:G+$7"'2"+(/1"21)">('8%-:(+?"#$+"
'$/(:/%F+*+"$1)">:'*'">+('/'("+<%'(6+"[V)%$"2;9%6'W\7">'(1"'$"('+2%*+*"$-)>#3#$-?)
5"-0&#:&(.,%?)9-.(? "
e">(')%*%("'2"/+9%$1e"+<(%("2+">:'(6+e"9+$'F+("'2"6%'9>1e")'(":$"4=(1'"A:'"
%$&'$6+">+(+"'2"16(1"+):$61)"*'"2+"/:26:(+e">1$'("2;9%6')e")1$"+/61)"A:'"6%'$'$"
A:'"&'("/1$"'2"9+')6(1?"p+91)"+">(1>1$'("A:'7"/191"'2"f+$1"*'"n1(-')7"'2"9+')6(1"
6%'$'"l"/+(+)?"

="#>('#4<(+)*#4()('#-%1#.(%'+)*#
"
H+"8:$/%.$"*'2"9+')6(1"'$"('2+/%.$"/1$"'2")+<'("')"9]26%>2'?"T%('91)"A:'"6%'$'"
/:+6(1"/+(+)7"A:'"')"5"-0&#:&(.,%7"+:$A:'"')+)"/+(+)")'+$"4+)6+"/%'(61">:$61"
%$/19>+6%<2')"'$6('");_"2+"8:$/%.$"*'2"9+')6(1")'(;+7"'$"')6'")'$6%*17"*'":$+"
/19>2'F%*+*"'$1(9'7">:')"')6B")12%/%6+*1"*')*'"2.-%/+)"'K/2:D'$6')?"T'"6+2"
9+$'(+7"'2"+):$61"$1")'(;+"/.91"'2%9%$+("2+"/1$6(+*%//%.$7")%$1"/191"'$/1$6(+()'"
'$"'2"')6+6:61"*'"+2-1"/1$6(+*%/61(%1?"H+"81(9+/%.$"*'2"*1/'$6'7"V21">1$'"8('$6'"+"
')+"/1$6(+*%//%.$"1"2'"9:')6(+":$"/+9%$1"*'">'2*+E1)"A:'"/1$*:/'"+":$+"/])>%*'W"
H+)"/:+6(1"/+(+)"*'2"9+')6(1")'(;+$"2+)")%-:%'$6')C"
• qU:$/%1$+(%1r7"
• q,(18')1(r7"
• qI$)'E+$6'r7"
• qJ+<%1r?"
#
$)8.%)(#4()(/#%1#?@<&48*&()8*A#
"
s:'"21)"1<F'6%&1)"'*:/+6%&1)")'"('2+/%1$+$"/1$"'2")+<'(7"')"+2-1"&%)%<2'"/2+(+9'$6'"
'$"21)"/:((;/:21)"D"21)">2+$')"*'"')6:*%1?",'(1"2+)">'()1$+)"$1"/1$82:D'$"+"2+"
')/:'2+">1(":$"/1$6(+61"/1-$%6%&17")%$1">1(":$+"/1$)%-$+C"YD+"6%'$')"2+"'*+*Z7"Y'2"
I)6+*1"21"1(*'$+Z7"Y*'<')")'(":$"419<('"*'"<%'$Z7"'6/?"J'"6(+6+"*'"'$:$/%+*1)"

o"
"
>(18'(%*1)"*')*'":$"2:-+("*'"9+$*1?"@"/:+$*1")'"22'-+"+"2+"')/:'2+7"'22+"4+/'"61*1"
6%>1"*'"('A:%)%/%1$')"+"61*1)"21)"A:'"%$6'(&%'$'$"'$"):")'$1C"Y4+D"A:'"4+/'("')61Z7"
Y4+D"A:'"4+/'("21"16(1Z_"D7">+(+"A:'"'2"+):$61"8:$/%1$'7">+(+"A:'"4+D+"
%$6'(21/:61(')"*'"6+2')">'*%*1)7"')"8:$*+9'$6+2"*'/2+(+("'K%)6'$6'"2+"')/:'2+7"
*'/2+(+(7"*;+"6(+)"*;+7"A:'"2+)"+/6%&%*+*')"/19%'$G+$?"@"A:%'$"619+"2+">+2+<(+">+(+"
('+2%G+(":$+"*'/2+(+/%.$7"21"4+/'"*')*'":$"2:-+("*'"9+$*1_"D"21)"+:*%61(')"21"
%$&%)6'$"6+9<%=$"*'"21"$'/')+(%1">+(+"')6+("+4;?"@"$1"$'/')+(%+9'$6'")'"*'/2+(+"
/1$"Y%$6'$/%.$"/19:$%/+6%&+Z7">:')"+"&'/')")'"A:%'('"16(+"/1)+e"H+"/1$6%$:%*+*"*'"
2+"%$)6%6:/%.$"4+/'"A:'"2+)">+2+<(+)"/1<('$"-'$'(+29'$6'"'2"')6+6:61"*'"
')6'('16%>17"*'"/1$)%-$+?"
I2"9+')6(1">1$'"1(*'$7"('-:2+"'2"6%'9>17"+2G+"2+"&1G7"22+9+"2+"+6'$/%.$7"/:%*+"+2"
:$1"D"&%-%2+"+2"16(1?"@-5%)+%&7"9'*%+$6'"'2"4+/'(^4+/'("+"16(1)?"I$"2+"')/:'2+7"61*1)"
)+<'$"A:'7"%$*'>'$*%'$6'9'$6'"*'"21"A:'")'"*%-+7"2+"/+$6+2'6+"')">(1>%+"*'"/%'(61)"
(12')7"2:-+(')"D"919'$61)?"01")'"6(+6+"*'"2+">'()1$+7")%$1"*'2"2:-+(7"*'"2+"/1$)%-$+"
[6+$61"+);"A:'"/:+$*1"'2"/12'-+"+):9'":$"/+(-17">:'*'"&=()'21"6(+$)81(9+*1\?"J'"
')>'(+"*'2"')6:*%+$6'"A:'")'>+"1<'*'/'(7"A:'")'>+"YA:="4+D"A:'"4+/'(Z?"V01"')"
')+"2+">('-:$6+"6;>%/+"*'2"')6:*%+$6'"'$"/2+)'7"*'2">(18')1("'$"(':$%.$7"*'2"*%('/6%&1"
*1/'$6'"+$6'"2+)"+:61(%*+*')"'*:/+6%&+)7"*'"=)6+)"+$6'"'2"n+$/1"u:$*%+2W"
I$61$/')7"61*1"21"A:'"6%'$'"A:'"&'("/1$"'2"*%)/:()1"('-:2+6%&1"*'2"9+')6(1"
/1$)6%6:D'"):"/+(+"*'"qU:$/%1$+(%1r?"
,1*'91)"*'/%(7"'$61$/')7"A:'"%.)$-)%0"5-5#A.)(2%&-),(0()%$),#%'2()".)0#+5"&+()
0%)'-.0(_"')"'2"/+)1"*'"2+"/+(+"*'2"9+')6(1"A:'"6%'$'"A:'"&'("/1$"2+"*%)/%>2%$+"
[0#+5#2"$#.-"'(+"'2"('F1"/1$"'2"A:'")'"/+)6%-+<+"+"21)"*%)/;>:21)\?"5);7"2+"'*:/+/%.$"4+"
*'")'("'$6'$*%*+"/191":$+"+(6%/:2+/%.$7"/191":$+"6'$)%.$">'(9+$'$6'7"'$6('":$"
>(1>.)%61"%$)6(://%1$+2"[)+<'(\"D":$1)">(1/'*%9%'$61)"('-:2+6%&1)"[*%)/%>2%$+\?"52"
')6:*%+$6'")'"2'"*%/'C"Yk%'$')"A:'"1>'(+("*'"')6+"9+$'(+Z7"D"')1"+>2%/+">+(+"'2"
+>('$*%G+F'7">+(+"'2"6(+61"/1$"'2"16(17">+(+"2+"('2+/%.$"/1$"2+"+:61(%*+*7">+(+"'2"
F:'-17">+(+"2+"/:)61*%+"*'"21)"<%'$')"*'"2+"')/:'2+7">+(+"'2"/:%*+*1"*'");7"'6/?"J%")'"
>('-:$6+"YV>1("A:=WZ7"'$"]26%9+)"4+D":$+")12+"(')>:')6+7">1("9'*%+*+"A:'"')6=C"
Y>1(A:'"D1"P'2"2:-+("*'"9+$*1S"21"*%-1Z?"
541(+"<%'$7")%"4+D"A:'"-1<'($+("')">1(A:'7"*'"'$6(+*+7"4+D"+2-1"A:'"$1")'"
*19%$+"+");"9%)91C"V4+<(;+"A:'"22+9+("2+"+6'$/%.$"*1$*'"$+*%'"912')6+W7"V>1$'("
6+('+)"+22;"*1$*'"2+"-'$6'"A:%'('"4+/'("2+)"/1)+)W"J%"4+D"A:'"1<2%-+("+"21)"$%E1)"+"%("+"
2+"')/:'2+7"')">1(A:'"$1"A:%'('$_")%"4+D"A:'"*%)/%>2%$+(21)"')">1(A:'"A:%'('$"')6+("
*%)%>+*1)?"I$61$/')7")%"<%'$"2+)"/1$)%-$+)"%$6'$6+$"4+/'("A:'"'2"16(1"4+-+"+2-17"')+"
1>'(+/%.$"6%'$'":$"(')61?"k1*1"*%)/:()1">(1&1/+"(')61)"$1"('/%/2+<2')?"52"6%'9>1"

t"
"
A:'")'">(1*:/'$"<%'$')"*'"/1$):917"6+9<%=$")'">(1*:/'"+2/1412%)917"
*(1-+*%//%.$7"%$*%-'$/%+7"<+):(+e"H+"')/:'2+">(1*:/'"')6:*%17">'(1"6+9<%=$"
>(1*:/'">'('G+7"(')%)6'$/%+7"%$*%)/%>2%$+?"I)"$16+<2'"A:'":$1"*'"21)"1<F'6%&1)"*'"21)"
')6:*%+$6')")'+"/.91"+>+('$6+("1<'*%'$/%+"D7"$1"1<)6+$6'7")+2%()'"/1$"2+"):D+?"H1)"
')6:*%+$6')"+"A:%'$')")'"+*9%$%)6(+"j%6+2%$+w"+"2+"'$6(+*+"*'"2+"')/:'2+7"+"/+:)+"*'"
):"):>:')6+"4%>'(+/6%&%*+*7"*')8%2+$"6(%:$8+$6')"8('$6'"+"21)"Y$'(*)Z?"
H+"'*:/+/%.$"')"8:$*+9'$6+2"'$"2+"91*'(+/%.$"*'"2+)">:2)%1$')7"'$"'2"')8:'(G1"
*'"4+/'(2+)">+)+(">1("2+">+2+<(+7">1("'2">(1D'/61"/12'/6%&17">1("'2">(1D'/61">'()1$+2"
*'"2+"):>'(+/%.$7"*'"2+"/1$A:%)6+"*'"2+)"4'((+9%'$6+)">+(+"+<(%()'">+)1"'$"21")1/%+27"
'$"'2"/+9>1"*'2"16(1")1/%+2?"H+)"6+('+)">:'*'$")'("81(9+*1(+)"'$")'$6%*1"/1-$%6%&17"
>'(1"')">(%91(*%+2"1(*'$+("4+/'(2+)7"D"')"$'/')+(%1"A:'"')+"1(*'$")%-$%8%A:'"+2-1"
>+(+"+A:'2"A:'"&+"+"4+/'("'2"6(+<+F1?"@"')"%9>'(%1)1"*'6'$'("/%'(6+)"+//%1$')"*'2"
+>('$*%G?"H+"('+2%G+/%.$"*'"2+">:2)%.$"9:/4+)"&'/')"$1"*+"2:-+("+"')>'(+)7"*'"
9+$'(+"A:'"$1")'"6(+6+"*'"9'*%+("/1$":$")+<'("[1"/1$"b+8'/61c\7"/1$":$+"
+(-:9'$6+/%.$"A:'"A:%GB"22'-:'"6+(*'"+$6'"2+">'('$61(%'*+*"*'2"+/61?"5$6'"2+"9+$1"
>(1&%)6+"*'":$"+2+9<('7"/+9%$1"+2"'$/4:8'7"')"/+(*%$+2"*+(":$"-(%61C"Y`$1aZ_"/1$"
)'-:(%*+*7"2+"'2'/6(1/:/%.$"22'-+">(%9'(1"A:'"2+"%$6'(21/:/%.$?"
,1("):>:')617"'$"2+"')/:'2+"4+D"16(1)"')>+/%1)7"16(1)"*%)/:()1)7">'(1"2+"
/1$)6%6:/%.$"*'2"*%)>1)%6%&1"')/12+("D"):"9+$6'$%9%'$617"')6B$"2%-+*1)"+2"*%)/:()1"
A:'"9+$*+C"41(+(%1)7"6+('+)7"2;9%6')7"(')>1$)+<%2%*+*')7":$%81(9')7"/1$*%/%1$')"+"
A:'")'")19'6'$"2+)"('2+/%1$')e"I2"9+')6(1"')":$1"9B)"X61*1)"'$"2+")1/%'*+*"21"
)1$7"*'"+2-:$+"9+$'(+X"*'"A:%'$')"%$6'$6+$"('-:2+("2+">:2)%.$?"H+"'*:/+/%.$"4+/'"
/%&%2"[/%&%2%G+\"+2"):F'617"21"('-:2+">+(+"A:'"/%(/:2'")1/%+29'$6'?"
,'(1")%"<%'$":$+"Y2.-%/+Z"*'2"k1*1"[/1$6(12+(21"61*17"A:'"61*1"8:$/%1$'"<%'$7"
+$6%/%>+("61*+">1)%<2'"'&'$6:+2%*+*7"'6/?\"')"%$+>2%/+<2'7"$1")'"6(+6+")%9>2'9'$6'"*'"
:$"+):$61"*'"'K/')1"*'"+:61(%6+(%)91?"H+"/+(+"*'"qU:$/%1$+(%1r"')":$"+):$61"
')6(:/6:(+2C"$1">:'*'"$1"4+<'(":$+"*%9'$)%.$"('-:2+6%&+"'$"2+"')/:'2+?",'(1"
9%'$6(+)"2+">12%/;+"D"2+"F:)6%/%+"('-:2+$"*'"9+$'(+"*%('/6+"[D"+$6%/%>+$"2+)"('+//%1$')"
>(1&'D=$*1)'"*'"+(9+)"D"*'"/B(/'2')\7"2+"')/:'2+"('-:2+"*'"81(9+"%$*%('/6+C"')":$+"
('-:2+/%.$"')>'/;8%/+"5-'#.()-$)+-7%&?"k1*1"'2")'$6%*1"*'2"*%)/:()1"*'"
qU:$/%1$+(%1r"')"+F:)6+(":$"')>+/%1"'$"'2"A:'"2+"%$)6(://%.$")'+">1)%<2'C"B-)$%,&-)
5(.)+-.3&%)%.,&-?"@")%"$:'&+)"=>1/+)"):6%2%G+$"2+)")+$/%1$')7"$1"/+9<%+$"9:/41"2+"
/1$*%/%.$"A:'"%9>:)1"X)'-]$"2+"=>1/+X"'2"/+)6%-1"8;)%/1?"I2"')6+6:61"')6:*%+$6%2"
[*+"21"9%)91")%")'"22+9+"Y9+$:+2"*'"/1$&%&'$/%+Z\"9:')6(+"21"A:'"2+"%$)6%6:/%.$"
')6B"*%)>:')6+"+"1<2%-+("+"4+/'(7"D"21"A:'"/+2/:2+"A:'"21)"')6:*%+$6')">:'*'$"
'9>('$*'("'$"):"/1$6(+"[21)"(')61)\?"T'"+4;"A:'">+('G/+":$"/.*%-1"*'">12%/;+?"

v"
"
,+('/'"(+G1$+<2'7"'$61$/')7"18('/'("Y<%'$')6+("')6:*%+$6%2Z7"/1$"'2"8%$"*'"
/19>'$)+("'2"9+2')6+(">(1*:/%*17"'$"6+$61"X'$"'2"81$*1X")+<'91)"A:'"21"A:'"+22;"
1/:(('"$%"')":$+"8%')6+7"$%")'"+*9%6'"8B/%29'$6'"[>1("')1"4+D"A:'"%$)%)6%(C"%+)2(&),")
2&(2#()7#%.\?"J'"6(+6+7"'$"/1$)'/:'$/%+7"*'"2+"*'8'$)+"*'2"*%)>1)%6%&17"$1"*'":$+"
9'(/'*"+)%)6%*+">1("2+"<:'$+"&12:$6+*?"
5/6:+29'$6'7"2+"')/:'2+"'$8('$6+"+):$61)"*'"*(1-+7"&%12'$/%+7"'9<+(+G1)"
6'9>(+$1)7">+$*%22+)?"5$6'"')617")'"2'">%*'":$+"('-:2+/%.$"*%('/6+"X/191"2+"A:'"
4+/'"2+">12%/;+Xe"61*1"+"$19<('"*'":$+"Y81(9+/%.$"%$6'-(+2Z?"T1)")+2%*+)">+('/'$"
4+<'()'"%$6'$6+*1C"
• u+')6(1)"D"*%('/6%&1)"*1/'$6')")'"619+$"'$")'(%1"')6+"2+<1("+#.)%$)2-+()2(&)%$)
+-7%&"D"/19%'$G+$"+"'F'(/'("*'">12%/;+)_">'(17"/1$6(+(%1"+"21)">(1>.)%61)7"'2"
'8'/61"')"'2"%$/('9'$61"*'"2+"+-(')%.$"D"*'"2+"8+26+"*'"(')>'61_"21)"F.&'$')")'"
+(9+$7"%$/2:)1"/19'6'$"/(;9'$')"*'$6(1"D"8:'(+"*'"2+"')/:'2+?"@">:'*'"A:'")'"
/('+"A:'"21"A:'"8+26+"')"8(:$/%("9B)"'2"/'E1"*'"2+"/+(+"*'2"qU:$/%1$+(%1r_"
'$61$/')7")'"+:9'$6+$"2+)">'$+)7"+>+('/'$"2+)"/B9+(+)7"2+)"$:'&+)"
2'-%)2+/%1$')7"2+)"('A:%)+)7"2+"&%)%6+")1(>(')%&+"*'"2+">12%/;+">+(+"%$/+:6+("+(9+)"
A:'"1/:>+$"'2"2:-+("A:'"+$6')"22'$+<+$"21)"b]6%2')c7"+41(+"%$]6%2')?"H1)"*1)"
<+$*1)")'"'A:%>+$"/1$81(9'"+"2+"')6(+6'-%+"<=2%/+?"
• H+"16(+")+2%*+"X*'"91*+"'$"/%'(61)"B9<%61)X"')">'$)+("A:'"61*1")'"
)12:/%1$+(;+"/1$"*'91/(+6%G+/%.$"D"*'('/41)_"A:'"2+"')/:'2+"')"('>(')1(+"D"A:'"
2'"&'$*(;+"9:D"<%'$"2+"2%<'(6+*?"I$"/1$/1(*+$/%+"/1$"2+"):>:')6+"/+;*+"*'"21)"
9+/(1^('2+61)7")'"*')&+$'/'7"'$61$/')7"'2"*%)/:()1"('-:2+6%&17")'"Y*+Z"2+"
>+2+<(+7")'"/1$):26+"+2"16(1e">'(17"%-:+29'$6'7")'">(1*:/'$"('):26+*1)"
/1$6(+(%1)"+"21)"')>'(+*1)C"+41(+"D+"$+*%'"A:%'('"4+/'("$+*+?"
I$"/1$)'/:'$/%+7"61*1)")'">('-:$6+$"A:="4+/'("D")'"A:'F+$"*'"A:'"+41(+"21)"
')6:*%+$6')"9+$*+$7"*'6'(9%$+$"
'2"8:$/%1$+9%'$61"*'"2+"')/:'2+7"
'"%$/2:)1"21)">2+$')"*'"')6:*%1?"
,1("')'"/+9%$17"6+9<%=$"+>+('/'"
'2"6'91("*'"A:'")12%/%6+("2+"
>(')'$/%+"*'":$"+/:*%'$6'"D+"$1"
>(1*:/'"2+"'K>'/6+6%&+"*'":$+"
22+9+*+"*'"+6'$/%.$">+(+"'2"
')6:*%+$6'e"`)%$1">+(+"'2"
*1/'$6'a"

x"
"
@"/191"2+"+-(')%.$"%$)%)6'7")'"'/4+"*'"9'$1)":$+"Y*%9'$)%.$"=6%/+Z"*'"2+"
81(9+/%.$?"5);7"+"$19<('"*'"2+"Y81(9+/%.$"%$6'-(+2Z7")'"'9%6'$"/%'(61)"*%)/:()1)"
*:(+$6'"2+)"8%')6+)">+6(%+)"D")'">(1-(+9+$":$">+("*'"/:()1)"'$"21)"A:'"2+"9%2%6+$/%+"
8:$*+9'$6+2%)6+"*'2"9+')6(1"%$6'$6+"%9>1$'(":$+)"/'(6'G+)"91(+2')"'$"8:$/%.$"
*%('/6+"+2">')1"*'2"%*'+2"A:'"('>(')'$6+$"[*'"2+<%1)">+(+"+8:'(+\?",'(17"V'$"A:=")'"
*%8'('$/%+"')61"*'"2+"(:6%$+"*'2"/+9<%1"*'"-:+(*%+"'$"2+"')6+/%.$"*'">12%/;+W"J'"6(+6+"
*'":$"*%)/:()1"A:'"+/19>+E+"[A:'"+*1($+\"+2"+/61"A:'">('6'$*'"%$6'(&'$%("*'"
9+$'(+"*%('/6+")1<('"21"%$*19+<2'"*'2"16(1e"$1"*'"21)"+/61)"A:'">('6'$*'$"4+/'("
>1)%<2'"+2-1"*'2"1(*'$"*'2")+<'(?"01"')":$"/:((;/:21"%$6'-(+*17")%$1"-3&%3-0("
Pn'($)6'%$S_"$1"')":$+"Y81(9+/%.$"%$6'-(+2Z7")%$1"-'(.,(.-0-?"
541(+"<%'$7"V4+D"'$"')61":$"'((1("A:'">:'*+"/1(('-%()'">+(+7"+41(+");7"4+/'("2+)"
/1)+)"<%'$W"k+2"&'G"$1?"s:%'$"+);"%$6'$6+"6(+$)81(9+("2+)"/1)+)7"V*'9:')6(+"A:'"')"
>1)%<2'"9+$%>:2+("+"&12:$6+*"2+)"*%9'$)%1$')"*'2")'("4:9+$1W"Y01"')"A:'(%'$*1"'2"
<%'$"*'"2+"-'$6'"/191")'"21"+2/+$G+???"2+"9+D1(">+(6'"*'2"6%'9>1"')"%$/2:)1"+2"('&=)Z"
PH+/+$S?"I$"2+"')/:'2+"$1")'">:'*'"%$)6+:(+("2+"2'D"$%"9'*%+$6'"*'91/(+/%+"$%"
9'*%+$6'"+:61(%6+(%)91C"*'":$"2+*17"4+D":$+)"/1$*%/%1$')"$1(9+6%&+)"<B)%/+)"<+F1"
2+)"/:+2')"2+"')/:'2+"):(-%."D"8:$/%1$+"+]$"PJ+2*+((%+-+S7"A:'"$1")'")19'6'$"+"2+"
*'/%)%.$"*'"21)"+>('$*%/')"[+"$1")'("A:'")'"-+(+$6%/'"A:'"&+$"+"*'/%("21"A:'"
$1)16(1)"A:'('91)\?"@7"*'"16(17"2+*17"%$'&%6+<2'9'$6'"'2"+:61(%6+(%)91">(1*:/'"
(')61)"[(')>:')6+)7"(')%)6'$/%+)7"('6+2%+/%1$')\"A:'"$1")'">:'*'$"*'6'$'(7"D"A:'")%"
)'"<:)/+$"/1$6(12+("/1$"9B)"+:61(%6+(%)917">(1*:/'$"$:'&1)"(')61)e"D"+);"
):/')%&+9'$6'?",1*(;+"%$6'$6+()'"4+/'("8:$/%1$+("21"%$)6(://%1$+2"<+F1"2+"=-%*+"
'K/2:)%&+"*'2"*%)/:()1"*'"9+$*1"[*'"4'/41"')"+);"'$"9:/41)"/+)1)\_">'(1"')'"$1"')"
'2")'$6%*1"*'"2+"')/:'2+?"@"$1")'"6(+6+"*'"A:'"$1"4+D+"+:61(%*+*7")%$1"*'"A:'"=)6+"
6'$-+"'2")'$6%*1"A:'"2'"*+(;+":$"*%)>1)%6%&1"['2"')/12+(\"A:'"+>:$6+"+2")+<'(?"
"
B%C<&-(#4()(/#%1#?$)*9%'*)A#
"
H+">+2+<(+"b>(18')1(c"&%'$'"*'"0%5$-&-&?"J'"')"q,(18')1(r"/:+$*1")'"')"+-'$6'"*'":$"
)+<'("%C2"%+,(C">+(+"')1")'"6%'$'"A:'"6'$'("+2-1"A:'"*'/%(7")'"6%'$'"A:'"2&(:%+-&"
+2-1?"31D"')1">+('/'"')6+("'$"/(%)%)7">:')"'2"9+')6(1">:'*'")'("+A:'2"A:'"2''"*'"
:$+">(')'$6+/%.$"'$",1z'(",1%$67"+A:'2"A:'">('-:$6+"+"21)"')6:*%+$6')"A:="
A:%'('$"+>('$*'(7"+A:'2"A:'"21)"9+$*+"+"Y/1$):26+(Z7"+A:'2"A:'"21)">1$'"+"1>%$+("
D"A:'7"+"21"):917"4+/'"+2"8%$+2":$+"6+<2+"*'"/1^'K%)6'$/%+"*'"1>%$%1$')?"@+"')">1)%<2'"
6'$'("9+')6(1)"A:'"$1")+<'$7"9+')6(1)"A:'"*'$%-(+$"*'2")+<'(7"A:'")'"*'8%'$*'$"
*'"2+"Y+/:)+/%.$Z"*'"#.,%$%5,"-$%+"[)1$"21)"A:'"'$6%'$*'$"2+"'K>(')%.$"

y"
"
Y+/+*'9%/%)6+Z"/191"%$F:(%+\7"A:'")'")%'$6'$"('>(')'$6+*1)"'$"2+"'K>(')%.$"
Y8+/%2%6+*1(')Z?"
Q1$"61*1"')617"$1")'"'$6%'$*'">1("A:="2')")%-:'$">+-+$*17")%")'")%'$6'$"9'$1)"
A:'":$"q,(18')1(r7")'")%'$6'$"+2"$%&'2"*'":$"6:61(7"2'F1)"*'"2+"5/+*'9%+e"
8+/%2%6+*1(')?"H+"%*'+"*'":$+"YH'//%.$"[%$+:-:(+2\Z"')"'K>1$'(":$+"'2+<1(+/%.$7"$1"
:$+"9'(+"1>%$%.$?"q,(18')1(r"')"'2"A:'"'$/+($+":$+">'()>'/6%&+"'$"('2+/%.$"/1$":$"
)+<'(7"'2"A:'"6%'$'"+2-1"A:'"*'/%("D"A:'7"'$61$/')7"21"2&(:%+-?"I$"')6'")'$6%*17"$+*+"
6%'$'"*'"8+/%2%6+*1(?"T+"/:'$6+"*'":$"6(+<+F1">('&%1"A:'"4+"4'/41_"$1"*'"2+"8+91)+"
Y>('>+(+/%.$"*'"/2+)'Z7")%$1"*'"2+"%$9'()%.$"'$":$"/+9>1"*'")+<'(?"
J%")'">(')'$6+"')6+">1)6:(+7"'2"9+')6(1"')":$"('>(')'$6+$6'"X>+(/%+2X"*'"2+"
/:26:(+"[`*'"2+"6(+*%/%.$a\"A:'"2+"')/:'2+"<:)/+"2&(0"5#&"'$"'2"16(1?"I2"q,(18')1(r"')7"
>1("*'8%$%/%.$7":$"6(+*%/%1$+2%)6+?"@"')+"/:26:(+"D"')+"6(+*%/%.$"$1"')6B$"'$"'2"
+2:9$1C">1("9:/41"A:'"+41$*'91)"'$"):)"Y>('/1$/'>61)Ze">1("9:/41"A:'"
%$*+-:'91)">1("):)"$'/')%*+*')e"$1"4+22+('91)"'2"6'1('9+"*'",%6B-1(+)7"'2"
;"#D(,%"1"'2"('6;/:21"'$*1>2+)9B6%/1?",1*'91)"+8%(9+("A:'"2+")'2'//%.$"/:((%/:2+("
')"+(<%6(+(%+7"1//%*'$6+27"':(1/=$6(%/+"['F'9>21C"'$"/2+)'"*'"8%21)18;+"Y:$%&'()+2Z"'$"
('+2%*+*")'"&'$">(B/6%/+9'$6'"+:61(')"*'"m('/%+7"52'9+$%+7"h$-2+6'((+"D"U(+$/%+\?"
I$"/:+2A:%'("/+)17"*%-1"A:'")'"6(+6+"*'":$+")'2'//%.$"%.)&%$-5#A.)5(.)%$)+-7%&_"A:'"
')"'2")+<'("21"A:'"')6B"'$"F:'-1"[$1"A:'"')+")'2'//%.$"')6="<%'$"4'/4+"1"A:'")'+"
F:)6+\?"5);7"'2"q,(18')1(r"('>(')'$6+":$")+<'("*'2+$6'"*'"')+)">'()1$+)"A:'"')6B$"
+4;7"A:'"2'"4+$")%*1"'$/19'$*+*+)?"@"')'"4'/41"*'"('>(')'$6+("'2")+<'(7"*'"
'K>1$'(":$")+<'("+$6'"'2"16(17">:'*'"4+/'("A:'"'2"16(1"2'"):>1$-+":$")+<'("+2"
9+')6(17"A:'"A:%'(+"&12&'("+"')/:/4+(21">1(A:'">%'$)+"A:'"6%'$'"+2-:$+"16(+"/1)+"
A:'"*'/%(C"Y/1$"A:="$1)"%(B"+")+2%(Z7"Y/.91"%(B"+"%$6'(>('6+("')6+)"$:'&+)"/1)+)Ze"
3+D":$+"'K>'/6+6%&+7":$+"):>1)%/%.$"*'")+<'(?"52")+<'("'K>:')61"2'"/1((')>1$*'":$"
)+<'("):>:')61?"
I$"')'"$%&'27"2+"('2+/%.$"'$6('"'2"9+')6(1"D"'2"+>('$*%G"$+*+"6%'$'"*'"%-:+2%6+(%+"
1"*'"*'91/(B6%/+_"')":$+"('2+/%.$"4'6'(1-=$'+7"A:'"$1"6%'$'"A:'"&'("/1$"2+"
%-:+2*+*"1"21)"*'('/41)?"Q:+$*1"+2-:%'$">(18')+"+2-17"2+"9+$'(+"9B)"'&%*'$6'"*'"
&'("2+"61$6'(;+"*'"2+"=>1/+"X+*'9B)"*'"2+"*'"/1$6')6+("'2"/'2:2+("'$"9'*%1"*'"2+"
/4+(2+"1"*'"2+"/2+)'7"A:'"D+"$%")%A:%'(+">('):>1$'"2+"+/'>6+/%.$"*'2"/1$6(+61"*'"
/19:$%/+/%.$7">:')"'2"):F'61"')6B"+22;").21"'#%.,&-+)$%),#'7&-)%$),%$E:(.(X"')"A:'"
/:+2A:%'(+")'">:'*'">+(+("+"*'/%("YD1"1>%$1"16(+"/1)+Z?"I2">(%9'(1")'"4+"-+)6+*1":$"
6%'9>1">+(+"'2+<1(+("+2-1"D"'2")'-:$*1"):>:')6+9'$6'")'"21"1<F'6+")%$"4+<'("
4'/41"$%$-]$"')8:'(G17")%$"4+<'("2';*1":$+")12+"2'6(+7")12+9'$6'"9'*%+$6'"2+"
'K%-'$/%+"*'2"*'('/41"+"4+<2+(?"I2"*'('/41"X+2-1"*'"21"('-:2+6%&1X">:-$+">1("'2"

!N"
"
/19+$*17"/:+$*1"'$"')6+"/%(/:$)6+$/%+"*'2")+<'("'K>:')61"6'$'91)"'2"/19+$*1"
*'2")+<'(?"52"*'/%("A:'"'2"q,(18')1(r"('>(')'$6+"2+"/:26:(+"'$"('2+/%.$"/1$"'2")+<'(7"
$1"')6+91)"4+<2+$*1"*'"Y*'('/41)Z")%$1"*'",&-7-D(?",+(+8(+)'+$*1"+"T%'-1"m%27"
>+(+")'("q,(18')1(r"$1"4+D"A:'"')81(G+()'7"1-F)8"%)1-7%&+%)%+:(&G-0(?"H+">(%9'(+"
/+(+7"'$61$/')7"6%'$'"A:'"&'("/1$"'K>1)%/%.${):>1)%/%.$7"'$"2+"9'*%*+"'$"A:'")'"
1/:>+":$"2:-+("'$"2+"/:26:(+?",1("61*1"')617")'"')>'(+"A:'"21)">2+$')"*'"')6:*%1"21)"
4+-+$"21)"q,(18')1(')r_"/:+$*1"+22;"'$6(+$"21)"+2:9$1)7">1*'91)"%$8'(%("A:'"')6'"
(1)6(1"*'2"9+')6(1")'"')6B")1/+&+$*1?"
I2")+<'("'K>:')61"*'2"q,(18')1(r">1$'"+"6(+<+F+("2+"*%9'$)%.$">:2)%1$+2"*'"):)"
')6:*%+$6')?"I)"+">+(6%("*'"):)"Y'$'(-;+)Z"'$81/+*+)"'$"'2"')6:*%1"[/+)%"A:'")'"6(+6+"
*'":$+"8(+)'"*'"9+')6(1\"A:'")'"&+"+">(1*:/%(":$"):F'61C"419<('"*'"<%'$7"
+)6(.$1917"')>'/%+2%)6+"'$e"`">(1>%'*+*')"A:'"=2"$1"6'$;+"+$6')a"I)6'"*%)/:()1"'$"
'2"A:'"/19+$*+"'2")+<'("')"'2"'$/+(-+*1"*'">(1*:/%("+2"):F'61"A:'"+$6')"$1"6'$;+"
/%'(61)"+6(%<:61)"*'")+<'("[*'">(1$61"6'$;+"X)'-]$"'2"9+')6(1X"/+('$/%+)"D"&%/%1)\?"
541(+"<%'$7")'">(1*:/'"')'"):F'61"'$"6+$61"(')61C"+41(+7"=2"$1"&+"+">1*'("*'/%("YD1"
>%'$)1"A:'eZ7")%$1"A:'"6'$*(B"A:'"*'/%(C"Y)'-]$"6+2')"D"6+2')"%$&')6%-+/%1$')7")'"
>:'*'"*'/%("A:'eZ?"T:(+$6'"61*1"'2">+)1">1("'2"*%)>1)%6%&1"')/12+(7"2+">'()1$+"$1"
')"9B)"A:'"+A:'221"A:'"')6B"Y'$"81(9+/%.$Z7"21"A:'")'"&+"+">(1*:/%("0%+2"E+_"
9%'$6(+)"6+$61C")+/(%8%/%1?"
,1("')17"+"2+"41(+"*'"/+(+/6'(%G+("2+"')/:'2+7"9+')6(1)"D"+2:9$1)"('/:((%91)"
/1$"9:/4+"8('/:'$/%+"+"'K>(')%1$')"A:'"4+<2+$"*'2"+>('$*%G"/191":$"1<F'61C"
b81(9+(c7"b6(+$)81(9+(c7"b'*:/+(c7"b)+/+(c7"b>'(8%2c?"Q1$"%$*'>'$*'$/%+"*'"2+"
%$6'$)%*+*"*'"2+"6'($:(+"*'"$:')6(+"6'1(;+">'*+-.-%/+7"4+D"+2-1"*'2"*%)>1)%6%&1"A:'"
$1)"9:'&'"+"')+">'()>'/6%&+"Y'$"6'(/'(+">'()1$+Z"P016S7"'$"2+"A:'"'2"+2:9$1"')":$"
1<F'61">+(+")'("6(+$)81(9+*17":$+"('8'('$/%+"*'"2+)">+2+<(+)"[$1":$"%$6'(21/:61(\C"
Y')">1("'2"<%'$"*'"'221)Z?"I)61"$1"21"('9'*%+$"21)"%$6'$61)"*'"%$6(1*:/%("$:'&+)"
'K>(')%1$')"'$"2+)"A:'"):>:')6+9'$6'"+>+('/'":$+"*%9'$)%.$"*%+21-+$6'"P016S"*'2"
*%)>1)%6%&1"')/12+(C"'K>(')%1$')"/191"b-:%+(c7"b1(%'$6+(c7"b8+/%2%6+(ce">'(9%6'$"
%2:9%$+("+>'$+)":$+">1(/%.$"9:D"2%9%6+*+"*'"2+"+//%.$"')/12+(?""
3+D"+2-1"A:'"):>:')6+9'$6'"0%7%")'("'$)'E+*17"9B)"+22B"*'"21"A:'"A:%'(+$"21)"
+>('$*%/')7"9B)"+22B"*'"):)"%$6'(')')_"$1"'$"&+$17"'2"u%$%)6'(%1"*'"I*:/+/%.$"*%/'"
A:'":$"Y')6B$*+("'*:/+6%&1Z"%C2&%+-)$()8"%)0%7%)1-5%&+%)F)$()7#%.)8"%)0%7%)
1-5%&+%?"
,'(1"A:'*+("/1$)%*'(+*1"'K/2:)%&+9'$6'"[/191")%"$1"4:<%'(+"16(+)"
*%9'$)%1$')\"/191":$+"8:'$6'"*'"'$'(-;+">+(+">(1*:/%(":$"'-(')+*1"')"+2-1"
%$)1>1(6+<2'_">1("')17"*'":$"2+*17")'"<(%$*+":$"(+61"*'"')>+(/%9%'$61"*')>:=)"*'"2+"

!!"
"
/2+)'C">1(A:'"'$"'22+"$1")'"'K>'(%9'$6+"')+"9%)9+")'$)+/%.$?"V5/+)1"21)"
')6:*%+$6')"*')/+$)+$"*'2"F:'-1">1$%=$*1)'"+"')6:*%+(W"T%/'"|:2'6+"A:'7"*')*'"2+"
>(%9+(%+7"21)"')/12+(%G+*1)"+>('$*'$"(B>%*+9'$6'"+2-1"A:'"$+*%'")'">(1>1$'"
'$)'E+(2')C"A:'"2+"/2+)'"')"+<:((%*1(+"D"'2"('/('1"')"/4=&'('?"H1)"9+')6(1)"X9B)"
>1("18%/%1"A:'">1("/1$&%//%.$X"%$)%)6%91)"61*1"'2"6%'9>1"'$"2+"/+$6%$'2+"*'"A:'"'2"
/1$1/%9%'$61"')":$+"8%')6+7">'(1"$1"4'91)"21-(+*1"A:'7"+"2+"41(+"'$"A:'"8%$+2%G+"2+"
/2+)'"D"/19%'$G+"'2"*')/+$)17")'"1%-+":$"2+9'$61_"$%"A:'7"+"2+"41(+"'$"A:'"8%$+2%G+"
'2"*')/+$)1"D"/19%'$G+"2+"/2+)'7")'"1%-+$"'K>(')%1$')"*'"F]<%21?"@7"*'"16(1"2+*17">1("
')1"2+"')/:'2+"%$/1(>1(+":$"Y<%'$')6+("')6:*%+$6%2ZC"V+/+)1"21)"')>+/%1)"A:'"$1"
>'(6'$'/'$"+"')+")'//%.$"*'"2+"%$)6%6:/%.$"*%)>'$)+$"9+2')6+(W"[%*=$6%/+">('-:$6+"
1>'(+">+(+"'2"/+)1"*'"2+)"YQ+F+)"*'"Q19>'$)+/%.$ZC"/19>'$)+(7"VA:=WC"6'$'("A:'"
(')+(/%("+2"6(+<+F+*1(7"%$*'9$%G+(21???"')"('/1$1/'("A:'")'"2'"4+"*')>1F+*1"*'"+2-1\?""
Q1$"61*17")'"6(+6+"+A:;"*'"*+(2'":$"2:-+("+"')6+">'()>'/6%&+"*'"2+"'$)'E+$G+7"$1"
*'"+(-:9'$6+("+"8+&1("*'"2+"%*'+"*'"*'91/(+6%G+("2+"')/:'2+">1("2+"&;+"*'"$1"'(%-%("
')6+"*%9'$)%.$"*'2")+<'(?"
"
D%)4%)(#4()(/#%1#?E&'%F(&+%A#
"
H+"6'(/'(+"/+(+"*'2"9+')6(1"+>+('/'">1("'2"4'/41"*'"A:'"=2"$1"4+<2+"+$6'"):)">+(')C"
$1"')":$"A:;9%/1"4+<2+$*1"*'2+$6'"*'"A:;9%/1)7"$1"')":$")1/%.21-1"4+<2+$*1"
*'2+$6'"*'"16(1)")1/%.21-1)e"4+<2+"*'2+$6'"*'"21)"+2:9$1)?"J%"4+<2+(+"'$"6+$61">+("
*'"):)"*')6%$+6+(%1)7"'$"'2"9'F1("*'"21)"/+)1)"2')"*+(;+"/1$8'('$/%+)7">'(1"$1")'(;+"
:$"qI$)'E+$6'r">+(+"'221)?"
H+"16(+"/+(+"*'2"9+')6(1"')"A:'"=2"'$/+($+"XD"91&%2%G+X"+2-1"*'2"*')'1?",'(17"
+"*%8'('$/%+"*'"2+"/+(+"+$6'(%1(7"')61"$1"')"+2-1"A:'")'"*%/'"'$"'2">(1-(+9+7"$1"')"
+2-1"A:'"'2"9+')6(1"'K>1$-+_"')"+2-1"A:'")'"'$/+($+"+#)+%),#%.%?"H1)"')6:*%+$6')"
>'(/%<'$"(B>%*+9'$6'"2+">1)6:(+"*'2"9+')6(1C")%"')6B"+4;">1("-+$+()'"'2"*%$'(1"1")%"
'2"+):$61"21"/19>(19'6'7")%"Y/1$"'2">(18')1("g")'">:'*'"4+/'("/1>%+Z7")%"Y/1$"'2"
>(18')1("@"4+D"A:'"1>%$+("/:+2A:%'("/1)+Z7")%"Y/1$"'2">(18')1("|")'">:'*'$"<+F+("2+)"
/1)+)"*'"%$6'($'6Z7"'6/?"I)'"')"'2"'8'/61">(+-9B6%/1?",'(1"'$"')6+"16(+"/+(+7"'2"
9+')6(1"'$/+($+"*'2+$6'"*'"21)"')6:*%+$6')":$+"('2+/%.$"*'"*')'1"/1$"'2")+<'(7"
/1)+"A:'"$1")'"-+(+$6%G+")%9>2'9'$6'">(18')+$*1_"D"')61"1/:(('")%"+):9'":$+"
>1)6:(+"%$&')6%-+6%&+e">'(1"$1">1(A:'"2+"+:61(%*+*"2'"*%-+"A:'"6%'$'"A:'"
%$&')6%-+(7"1">1(A:'"):"/1$6(+61"*%-+"A:'"')":$">(18')1(^%$&')6%-+*1(e"I)">1(A:'"
$1">:'*'"+-:+$6+()'"2+)"-+$+)"*'"4+/'(21"[%$*'>'$*%'$6'9'$6'"*'2"6%>1"*'"
%$&')6%-+/%.$"*'"A:'")'"6(+6'\?"@"'$/+($+("2+">1)6:(+"*'"*')'1"8('$6'"+2")+<'("

!M"
"
%9>2%/+"$1">1*'("1/:26+("2+":-$,-"*'2+$6'"*'2"16(17"+);")'"A:%'(+?"I)+"')"2+"%*'+"
/:+$*1"4+<2+91)"*'"2+"%.+%H-.G-"A:'"$1)"*'F.":$"9+')6(1C"$1"4+<2+91)"*'"
6'9+)7"*'"%$81(9+/%.$7")%$1"*'"A:'"=2"'$/+($."+2-1">+(+"$1)16(1)?"
I$"2+"$1&'2+"I#%'2(+)0#:65#$%+"*'"T%/R'$)"X*'*%/+*+">(B/6%/+9'$6'"+2"6'9+"*'"
2+"'*:/+/%.$X"'2"$+((+*1("*%/'C"J#)1"7#%+%)-2&%.0#0()-$3".-+)5(+-+)'%.(+?)1-7&6-)
%+,-0()%.)+#,"-5#A.)0%)%.+%H-&)'"51-+)5(+-+)'4+?)0%)".-)'-.%&-)#.:#.#,-'%.,%)
'%D(&?"`s:=")+<%*:(;+"2+"*'2"')/(%61(a",+('/'"/1$6(+*%/61(%1"A:'")+<'(":$">1/1"
9'$1)"/+>+/%6'">+(+"'$)'E+(":$">1/1"9B)e">'(1"$1C"T%/R'$)"')6B"4+<2+$*1"*'2"
*')'1C")%")'"'$/+($+"'2"61*1^)+<'("*'2+$6'"*'2"16(1"[)%")'"+):9'")12+9'$6'"2+"
>(%9'(+"/+(+\7")'"')"/+>+G"*'"/19:$%/+("%$81(9+/%.$_">'(1"+);"')"+26+9'$6'"
>(1<+<2'"A:'"$1")'"6(+$)9%6+$"2+)"-+$+)7">:')"'2"16(1"A:'*+"+>2+)6+*1">1("2+"
616+2%*+*"A:'"'2"*1/'$6'"('>(')'$6+"'$"('2+/%.$"/1$"'2")+<'(?",'(1")%"'$/+($+"2+"
('2+/%.$"/1$"'2")+<'("9'*%+$6'"2+"8+26+"X$1"9'*%+$6'"2+"*'/2+(+/%.$"'K>2;/%6+"*'"
%-$1(+$/%+X7"D"2+"'$/+($+">1(A:'"6%'$'"2+"+/6%6:*"%$&')6%-+6%&+7"'$61$/')"21"A:'"
+>+('/'">+(+"'2"16(1"')"2+"9:')6(+"*'"A:'"4+D":$"/+9%$1">1)%<2'">+(+"'2"*')'17"%.)
&%$-5#A.)5(.)%+%)+-7%&?"i6(1)"*%)>1)%6%&1)"21"4+/'$"'$"('2+/%.$"/1$"16(1)"1<F'61)e"
'2"/2:<"*'>1(6%&17">1("'F'9>21?"
T')*'"')6+">'()>'/6%&+7"$1"')"6+$"*')/+<'22+*+"2+">(')'$/%+"*'"6+$6+)"
+)%-$+6:(+)"'$"2+"'*:/+/%.$"<B)%/+"D"9'*%+?"V,+(+"A:="&'("9+6'9B6%/+)7"/%'$/%+)"
$+6:(+2')7"/%'$/%+)")1/%+2')7"2%6'(+6:(+7"%*%19+)7"8%21)18;+eW"J'"1D'"*'/%("A:'"2+"
')/:'2+"')6B"*'"')>+2*+)"+"2+"&%*+">1(A:'"*%GA:'"'$"2+"&%*+"$1"&+91)"+"$'/')%6+("
61*+)"')+)"/1)+)?"5);7")'">(')'$6+"2+"A:'F+"*'"A:'")%"6'$'91)"%$/2%$+/%.$">1("2+"
2%6'(+6:(+7"V>+(+"A:="&'("B2-'<(+7"<%121-;+7"A:;9%/+7"8;)%/+W_"D"A:'")%"&+91)"+")'("
%$-'$%'(1)7"V*'"A:=")%(&'$"2+"4%)61(%+7"2+"2%6'(+6:(+7"2+"8%21)18;+W"I)"A:'"')+)"
+)%-$+6:(+)"$1"')6B$"+4;"9'(+9'$6'">+(+"A:'"'2"')6:*%+$6'"2+)"+>('$*+e")%$1"
8:$*+9'$6+29'$6'">+(+"A:'7")%'$*1">+(6'"*'2"/:'$61"*'"2+"/:26:(+"A:'"2')"')6+91)"
'/4+$*17"4+D+">'()1$+)"A:'"'$/+($'$":$+">1)%/%.$"*'"*')'1"8('$6'"+"/+*+":$+"*'"
'22+)"D7"'$61$/')7"'2"+2:9$1"9:'(*+"+2-]$"+$G:'21?",1("):>:')617")'"$'/')%6+"
+2-:%'$"A:'")'>+7"D"A:'"*')''")+<'("+A:'221"A:'">(18')+?"I2"*')'1"*'")+<'("')":$+"
%-$1(+$/%+"0(5,-e"$1":$+"%-$1(+$/%+"5&-+-?"T')*'"')6+"/+(+7"21)"%$6'(21/:61(')"[+"
21)"A:'"4+D"A:'"'$)'E+(\"$1")1$">+(')"'$"('2+/%.$"/1$"'2")+<'(7"+:$A:'"'2"9161("
*'2"6(+<+F1")'+"2+"%*'+"*'"A:'">:'*+$"22'-+("+")'(21?"@7"*'"16(1"2+*17"Y>'*+-1-%G+(Z"
'$"+:)'$/%+"*'")+<'("XA:'"')"6+2"&'G"4+/%+"*1$*'"6'$*'91)"41DX"')"'$)%22+("
+$6')"*'"6'$'("2+)"<')6%+)?"
H+"=>1/+"+/6:+2"$1"')"*%)6%$6+">1(A:'"+$6')"+"21)"')6:*%+$6')"$1")'"2')"1/:((;+"
>'-+(2'"+2">(18')1("1"%$6%9%*+(")'K:+29'$6'"+"2+">(18')1(+"[/%(/:2+"'$"D1:6:<'":$"

!d"
"
&%*'1"*1$*'":$"')6:*%+$6'"2'"<+F+"21)"/+2G1$')"+"2+"9+')6(+"/:+$*1")'"&126'+"+"
')/(%<%("'$"'2"6+<2'(1e"D">+(+"')17"16(1"6:&1"A:'"4+<'("')6+*1"8%29+$*1\?"01C"+"21)"
')6:*%+$6')")%'9>('")'"2')"4+"1/:((%*1"')'"6%>1"*'"/1)+)e"%$/2:)1"16(+)">'1(')?"H+"
*%8'('$/%+"')6B"'$"A:'7"+$6')7"'2"')6:*%+$6'"%$6'(>1$;+"+2-1"D"$1"('+2%G+<+"')'"+/61?"
01"')"A:'"4:<%'(+":$+"$1(9+"'K>2;/%6+"A:'"21">(14%<%'(+"D"A:'">1("')1"$1"21"
4%/%'(+$?",1*;+"')6+("2+"$1(9+7"'2"/+)1"'(+"A:'"'2"')6:*%+$6'"0%5#06-"$1">+)+("+2"
+/61?"}2"9%)91")'"*'6'$;+?"I2"'8'/61"*'"2+"('2+/%.$"*'2">(18')1("/1$"'2")+<'("
>(1*:/;+"'$"'2"16(1":$+"6(+$)8'('$/%+7"$1"*'"%$81(9+/%.$7")%$1"*'"('2+/%.$"/1$"'2"
)+<'("D7"'$61$/')7")'"'(%-;+$":$1)"0#8"%+?"T'"9+$'(+"A:'")'">1*;+$">'$)+("/1)+)"
/191C"Y01"9'"-:)6+"')+"+)%-$+6:(+7">'(1"'2">(18')1(")+<'"):"9+6'(%+"D"D1"2'"
')6:*%1Z7"Y01"9'"&1D"+"*'*%/+("+"')17">'(1"')":$+"2.-%/+"9:D"%$6'(')+$6'"2+"A:'"
>(1>1$'Z7"'6/?"J'"6(+6+"*'"'8'/61)"*'"2+"('2+/%.$7">1(A:'"4+<;+":$+"9'*%+/%.$C"'"
)+<'(?"31D"')6B"*')+>+('/%'$*1"2+"9'*%+/%.$"D7"'$"):"2:-+(7"+>+('/'"'2"/1$6(+61C"
8%(9+("'2"9+$:+2"*'"/1$&%&'$/%+7"/19>(19'6'()'">1("')/(%61"+"9'F1(+("2+"*%)/%>2%$+"
1"'2"*')'9>'E17"'6/?"i")'+7"/191"$1"4+D"2'D"[2+"2'D"')"F:)6+9'$6'"21"A:'"/+:)+"'2"
*')'1\7"/191"$1"8:$/%1$+":$")%)6'9+"*'"('-:2+/%.$"*'2"):F'617"*'"+:61(('-:2+/%.$7"
'$61$/')"+41(+"21"A:'"4+D"')"/1$6(+61?"
J./(+6')"')":$"<:'$"'F'9>21"*'"qI$)'E+$6'r?"5:$A:'"$1"A:%'('"91)6(+()'"+);7"
=2"+/6]+"/191"+-'$6'"*'2"*%)/:()1_")%$"):"9+$'(+"*'"')6+("+4;7"*'">('-:$6+(7"*'"
>1$'("+"6(+<+F+("+2"16(17"$1"6'$*(;+91)"9+D=:6%/+e"6'$*(;+91)7"*'">(1$617":$"
*%)/:()1")18%)6+?"I)"+-'$6'7">'(1"=2"$1"')"A:%'$"6(+<+F+C"A:%'$"6(+<+F+"')"):"
%$6'(21/:61(7"A:'"6%'$'"2+">1)%/%.$"*'":$"+91"8('$6'"+"21">1A:%61"A:'")+<'"1"+"21"
9:/41"A:'">('6'$*'")+<'(C"21")+<'"/1$"/'(6'G+?"J./(+6')7"'$"/+9<%17"*%/'"Y).21")="
A:'"$+*+")=Z7">'(1"$1"+2"')6%21"*'":$+"8+2)+"91*')6%+?"I$61$/')7"%$6'((1-+"2-&-)8"%)
+%)2&(0"G5-)".)>-56(e"'2")+<'(">(1>%+9'$6'"&+"+"')6+("'$">1)%/%.$"*'"(')61C"6(+)"
41(+)"*'"*%)/:)%.$")1<('"2+"<'22'G+7"$:')6(1"8%2.)181"/1$/2:D'7"*%(%-%=$*1)'"+"3%>%+)"
u+D1(C"Y2+)"/1)+)"<'22+)")1$"*%8;/%2')Z?"k1*1"21"A:'")'"4+">(1*:/%*17"&+"+"*+("+2"
/')61"*'"2+"<+):(+?"H1"]$%/1"A:'"2'"%9>1(6+"+"J./(+6')"')"4+<'(">:')61"+"6(+<+F+("+2"
16(1"D"A:'"*:*'?"I)+"8%-:(+"*'2"J./(+6')"X%$&'$6+*+">1(",2+6.$X"A:'"%$6'((1-+7"
A:'"$1")'"+>(1&'/4+"'2"'((1("*'2"16(17"A:'"*1/:9'$6+"2+)"/(''$/%+)"9B)")%9>2')"
[$1"')"A:'"'2"16(1")'+"61$617">:')"16(1)7"%$/2:)1"*'"('$19<('7"4+$">'$)+*1"/191"
=2\7"A:'"')>'(+"'2"919'$61"F:)61">+(+"%$6(1*:/%(":$"'2'9'$61"$:'&1e"')+"')":$+"
*'"2+)"/+(+)"*'2"9+')6(1C"2+"*'"qI$)'E+$6'r?"541(+"<%'$7"$1"'$)'E+">1("4+/'(":$"
8+&1(7")%$1"A:'"4+D"+2-1"*'"):"-1/'"/19>(19'6%*1"'$"')+"'2'//%.$"[A:'"')1"6'$-+"
'8'/61)")1/%+2')"')":$"Y&+21("+-('-+*1Z\?"
I)6+"/+(+"*'2"9+')6(1"21"4+/'":$"Y/19>2%/+*1(Z7":$"Y*%8%/:26+*1(Z?"

!l"
"
"
G<()+(#4()(/#%1#?B(H8*A#
"
H+"16(+"/+(+"*'2"9+')6(1"')"2+"A:'"6%'$'"2:-+("/:+$*1"4+D":$"+-7%&)%.)&%+%&>-?"
J'("9+')6(1"$1"')"1<2%-+61(%+9'$6'"')>'6+("'2")+<'("A:'")'"6%'$'7"4+/'(21"'K>2;/%61"
*'2+$6'"*'2"16(17"'$6('"16(+)"/1$"'2"8%$"*'")19'6'(21?"H+"%*'+"*'"Y>('>+(+("/2+)'Z"
')6B":$%*+"+"2+"%*'+"*'"(')>1$*'("'$":$"/1$6'K617">'(1"$1"$'/')+(%+9'$6'")'"6(+6+"
*'":$+"('2+/%.$"/1$"2+"/:26:(+"'$"-'$'(+2?"
3+D"+2-1"*'2")'("*'"9+')6(1"A:'"6%'$'"A:'"&'("/1$"2+"'K>'/6+6%&+"*'"2+"A:'"$1)"
4%G1"/+'("'$"/:'$6+"U(':*C"'2"9+')6(1"$1"21"*%/'"61*17")%'9>('"-:+(*+"+2-17">+('/'"
')>'(+("2+"1>1(6:$%*+*">+(+"A:'":$")+<'("6'$-+")'$6%*17"-(+/%+)"+":$+"/1D:$6:(+"
')>'/;8%/+7"-(+/%+)"+":$"%$6'(=)")%$-:2+(?"I)'"9+')6(1"+2"A:'")'"&+"+"')/:/4+(">1(A:'"
)'">%'$)+"A:'")%'9>('"6%'$'"+2-1"$1&'*1)1">+(+"*'/%(7">+(+"%$&'$6+(7"')":$"9+')6(1"
/:D1")+<'("')6B"X+2"9'$1)">+(/%+29'$6'X"'$"(')'(&+?"I)"+2-:%'$"+"A:%'$")'"A:%'('"
('/:((%(">+(+"'$/1$6(+("/2+&')"+/'(/+"*'":$+">('-:$6+"A:'"%$A:%'6+?"5A:'2"A:'"4+/'"
>'(6%$'$6'"'2")+<'(7"+"/1$*%/%.$"*'")+<'("/:B$*1"4+<(;+"A:'"'K>1$'(217"'$"A:="
9'*%*+"4+<(;+"A:'"'K>2%/%6+(21?"H+")+<%*:(;+"+6(%<:%*+"+2"9+')6(1"6%'$'"A:'"&'("9B)"
/1$"21"A:'")'"2'"%9>:6+"A:'"/1$"21"A:'"4+"*%/41"[>'(1"$1")'"2+"-+$+">1("')6+("'$"
)%2'$/%1\?"J%")'"2%9%6+(+"+"21"*%/417"$1"4+<(;+"A:'"&12&'(")1<('"=2?"J%")'"6(+6+(+"*'"21"
*%/417"$1"4+<(;+"2+"*%9'$)%.$"*'"2+"'$:$/%+/%.$7"*'"2+">1)%/%.$"8('$6'"+"21"*%/417"
A:'"')"2+"A:'"8%$+29'$6'"/1$)6%6:D'"):"')6+6:61"*'"):F'61"qI$)'E+$6'r?"T'"16(+"
81(9+7"'2"9+')6(1"4+<(;+")%*1"6(1/+*1">1("2+"(+*%17">1("'2"/%$'7">1("2+"6'2'&%)%.$7">1("
2+"9:26%9'*%+7">1("2+"h$6'($'6?"J%"')61)"%$6'$61)"X>1(A:'"')'"):'E1"616+2%6+(%1"
)%'9>('"4+"')6+*1">(')'$6'"/:+$*1"+>+('/'":$"$:'&1"9'*%1"*'"6(+$)9%)%.$"D{1"
+29+/'$+9%'$61"*'"%$81(9+/%.$X"4+$"8(+/+)+*1"')">1(A:'"2+"4'6'(1-'$'%*+*"*'2"
)+2.$"*'"/2+)'"'$"('+2%*+*"')"%(('*:/6%<2'7"+);"2+)"9'*%*+)"*'"4191-'$%G+/%.$"
A:'*'$")+6%)8'/4+)"/1$"'2"+>2+$+9%'$61"A:'"+2/+$G+$"+">(1*:/%(?"
,+(+"'2"*%)/:()1"('-:2+6%&1"'$"2+"')/:'2+7"$1"')">1)%<2'"4+/'("A:'"2+)"/1)+)"
8:$/%1$'$"*')*'"21")%$-:2+("D"21"%$')6+<2'7"'$":$"9:$*1"*1$*'"$+*+"'A:%&+2'"+"
16(+"/1)+?",1("')1"('/4+G+"2+)")12:/%1$')"21/+2')"D"<:)/+"'A:%&+2'$/%+)"[9'*%+$6'"2+"
'&+2:+/%.$7">1("'F'9>217"D"/1$"+D:*+"*'"/%'$/%+)"/191"2+">)%/121-;+"*'2"*')+((1221\7"
>1("')1"<:)/+":$%&'()+2')?"
5"')/+2+"*'2"):F'617"21"A:'")'">(')'$6+"')"2+")%$-:2+(%*+*7"$1")'("%-:+2"+"$%$-]$"
16(1?"5);7"21"A:'")'"2'">(')'$6+"+":$">(18')1("X:$"/1$F:$61"*'"')6:*%+$6')X"')"
:$+"1%,%&(3%.%#0-0)'K$,#2$%?"I2"*%)>1)%6%&1"619+(B"')6'"#.2","D"21">(1/')+(B7"*'"
+/:'(*1"/1$"):">(1>%+"$+6:(+2'G+C"2+"'*:/+/%.$"6'$*'(B"+"+>2%/+(":$"1>'(+*1("A:'"

!o"
"
>1*(;+91)"22+9+("2(0%&)0%)5$-+#:#5-5#A.?",('/1$*%/%.$">+(+"'221"')"+):9%("A:'"')1)"
1<F'61)">:'*'$"/19>+(+()'?"I$"6+$61"*'/%)%.$"5(.>%.5#(.-$7"$1"%$6'(')+")%"21)"
1<F'61)"('+29'$6'"'A:%&+2'$7")%$1"A:%=$"*'/%*'"6(+6+(21)"+);"D"/1$"A:="8%$')?""
I2"(",2","*'"2+"')/:'2+"')":$")'("9'*%*17"9+(/+*17"'&+2:+*1?"I2"*%)>1)%6%&1"
619+"4'6'(1-'$'%*+*"D"2+"/1$&%'(6'"'$"4191-'$'%*+*7"9'*%+$6'"'2"1>'(+*1("*'2"
>1*'("*'"/2+)%8%/+/%.$?"Q+*+"&'G"9B)"2+"1>'(+/%.$"):>1$'"A:'"21)">+(6%/%>+$6')")1$"
%-:+2')_"D">1("')1"+>+('/'"'2"/1$6(+617"'$"'2"A:'"61*1"')6B"+/1(*+*1"D"21"A:'"$1")'"
>(14;<'"'K>2;/%6+9'$6'"$1"')6B">'(9%6%*1?"T'"6+2"9+$'(+7")'">('):>1$'"A:'"2+"
1>'(+/%.$"$1">(1*:/'"(')61)e">1("'2217"61*1"'2"*%)>1)%6%&1")'"'(%-'"'$"$19<('"*'"2+"
%:#5-5#-?"J'"1<(+"<+F1"2+">('9%)+"*'"2+"'K%)6'$/%+"*'":$">(1<2'9+"A:'"4+"*'")'("
)12:/%1$+*17"9'*%+$6'"2+"):)6%6:/%.$"*'"2+">+(6'"Y9+2+Z">1("16(+"<:'$+C"$1"4+<(;+"
(')61"D"'2"/1$F:$61")'">(')'(&+(;+?"
J%"21)">+(6%/%>+$6')"$1")1$"%-:+2')7"D"'2")%2'$/%1"8:$/%1$+7"'$"6+$61"A:'"21"$1"
>(14%<%*17"')6B">'(9%6%*17"4+D"2:-+("+2"*')'1?"H+"%*'+"*'2"Y>(1<2'9+Z"')"')6(:/6:(+2"
'$"2+"')/:'2+C"'$"&+$1")'"%$6'$6+"(''9>2+G+(21">1("16(+"/1)+7"):>1$%'$*1"A:'"$1"
A:'*+(;+"(')61?",'(17"+"&'/')7"$1")'"6(+6+"*'"&%+($>%&"D"2+")12:/%.$">:'*'")'("2+"$1^
)12:/%.$7"'2"/+22'F.$")%$")+2%*+7">'(1"+):9%*17"/1$)'$6%*1?""
5A:;"$1"4+D")+2&+*1(')"+$6'":$">B$%/1"/('+*1"[YQ1219<%+"A:'*."*'">'$]26%91"
'$"2+)"'&+2:+/%1$')"%$6'($+/%1$+2')Z\7")%$1"=6%/+"+$6'":$"4'/41"')6(:/6:(+2?"3+/'("
'8%/+G"+":$"):F'61"')"A:%6+(2'"'2");$619+"D">'(9%6%(2'"Y+*+>6+()'Z7"')"*'/%(7"<1((+()'"
<+F1"21)")%-$%8%/+$6')"+91)?"

I"#E1#3(&*)(.(#
"
Q:+$*1"2+"('2+/%.$"/1$"'2"16(1"')6B"9'*%+*+">1("'2")+<'(7"2+"8:$/%.$"*'2"9+')6(1"
')"'$"('2+/%.$"5(.)%$)+-7%&"X>'(*1$'$"2+"('*:$*+$/%+X7".()5(.)$(+)%+,"0#-.,%+C"
A:'('(21)7"/19>('$*'(21)7"%$/2:%(21)7">+-+(">+(+"A:'"+2"9'$1)">:'*+$"619+("
+-:+>+$'2+e"')1)"$1")1$"):)"+):$61)"')>'/;8%/1)?"H1")1$"*'"16(1"6%>1"*'"
%$)6%6:/%1$')7"$1"*'2"*%)>1)%6%&1"')/12+(?"01"1<)6+$6'7"'2"*%)/:()1"*'"91*+"$1)"21)"
4+"%9>:')61e"8+/%2%6+*1"6+2"&'G">1("'2"4'/41"*'"A:'"2+"('2+/%.$"*'2"*1/'$6'"/1$"'2"
)+<'(")'"4+"'9>1<('/%*1?"3'91)"%*1"('9>2+G+$*1"'2"*%)>1)%6%&1"')/12+(">1(":$"
*%)>1)%6%&1"A:'"1)/%2+"'$6('":$"/'$6(1"+)%)6'$/%+2"D":$+"/+F+"*'"/19>'$)+/%.$?"
I)6+91)"4+/%'$*1"*')+>+('/'("):"')>'/%8%/%*+*?"31D"$1)">+('/'":$"21-(1"-+(+$6%G+("
A:'"21)"$%E1)"$1")'"A:'*'$"'$"2+"/+22'"D"A:'"619'$"'2"('8(%-'(%1"-(+6:%61?""
Q:+$*1"2+"('2+/%.$"')6B"9'*%+*+">1("'2")+<'("X*'/;+91)X7"/:+$*1"$1"4+D":$+"
('2+/%.$"*%('/6+"/1$"'2"16(17"+>+('/'$"%:%5,(+"/191"21)"*'2"(')>'617"'2"%$6'(=)?"H1)"

!t"
"
9+')6(1)"$1"'$)'E+$"(')>'61"X/191")'"%$6'$6+"4+/'("41D"'$"*;+X")%$1"A:'"21"
#.:".0%."X:)1"2+"'K>(')%.$"*'"+$6+E1Xe")'"3-.-."'2"(')>'617")'"4+/'$"(')>'6+("
2(&)+"),&-7-D(?"I2"9+')6(1">:'*'")'(":$+"+:61(%*+*"91(+2"2%&()2(&)+")&%$-5#A.)5(.)
%$)+-7%&e"$1">1(A:'7"+2"4+<2+("*'"Y/19>'6'$/%+)"/%:*+*+$+)Z7"9'$/%1$'"2+"
1<'*%'$/%+"/191":$"&+21("8:$*+9'$6+2?"
I2"(')>'61"D"'2"%$6'(=)"XA:'"6+$61"'/4+91)"*'"9'$1)"41DX")1$"+"72&(0"5,(+)
0%)$-)-55#A.7"/191"*%/'"I)6+$%)2+1"5$6'21?"I)"/+(%/+6:(')/1"6'$'("'2">(1>.)%61"*'"
A:'"'2"16(1"$1)"(')>'6'?"I)"6(%)6'"A:'"'2"9+')6(1"+41(+"6'$-+"'2"1<F'6%&1"81(9+6%&1"
*'"A:'"21)"')6:*%+$6')"[21\"(')>'6'$?",1*(;+"6(+<+F+("'$"('2+/%.$"/1$"'2")+<'("*'"2+"
9'F1("9+$'(+">1)%<2'">+(+"=2_"D")%"+2"8%$+2"+"+2-:%'$")'"2'"1/:(('"(')>'6+(217"')"+2-1"
/1$6%$-'$6'7"+2-1"A:'"$1")'">:'*'"/+2/:2+(e"61*1"'2"6%'9>1"A:'"2'"*'*%A:'"+"
>(1>.)%61)"*'"')'"6%>17"$1").21"')"6%'9>1"A:'"2'"A:%6+"+2"6(+<+F1">(1>%+9'$6'"
*%/417")%$1"A:'"')">=(*%*+"*'"6%'9>1C"V+/+)1"41D"XA:'"6'$'91)"'2"*%)/:()%61"*'"
2+)"/19>'6'$/%+)"/%:*+*+$+)7"*'2"(')>'617"*'"21)"&+21(')7"*'"2+"%$/2:)%.$eX"4+D"
9'F1(')"('2+/%1$')"'$6('"$1)16(1)W"
52"'9>1<('/'()'"2+"('2+/%.$"/1$"'2")+<'(7"+2"*')+>+('/'("2+"9'*%+/%.$"*'2"
)+<'(7"21"A:'"+>+('/'"')"'2"16(1?"541(+"')61D"/+(+"+"/+(+"/1$"=2?"5$6')7"'$6('"21)"*1)"
')6+<+"'2")+<'(7"+41(+"')6+91)"8('$6'"+"8('$6'?"01")'"$1)"4+-+"(+(17"'$61$/')7"A:'"
2+"$:'&+"6'(9%$121-;+"[+91(7"/19>('$)%.$7"%$/2:)%.$7"612'(+$/%+\"')6="61*+"('8'(%*+"
+"')6'"4'/41"*'"A:'"'2"16(1"')":$")'9'F+$6'7":$"%-:+2?",'(1"F:)6+9'$6'">1("')1"
/1$6')6+"'2"/'2:2+("'$"/2+)'7">1("')1"/(''"6'$'("*'('/41"+"1>%$+(7">1("')1")'")%'$6'"
+:61(%G+*1"+"1<F'6+(":$">2+$"*'"')6:*%1)"A:'"$%")%A:%'(+"/1$1/'?"I)"*'/%(7")'"'(%-'"
'$"6+$61")'9'F+$6'7">1(A:'"$1"4+D"8('$6'"+"=2":$+"18'(6+"*'")+<'("['$"('2+/%.$"/1$"
2+"/:+2"$1"')":$">+(\7")%$1":$")'9'F+$6'"X'2"9+')6(1"+:61('<+F+*1X"A:'")'"A:%'('"
-+$+("):"+6'$/%.$"[/1)+"A:'"4+/'$"9'F1("/%'(61)"+>+(+61)e"D">1("')1"A:'('91)"
9'6'(21)"+"2+"')/:'2+\7":$")'9'F+$6'"A:'"A:%'('"2%9%6+("2+"+-(')%.$"[>'(1"A:'"$1"
18('/'"$+*+"+"/+9<%1e")121"/+$6+2'6+\?"
T'2"]26%91"/1$/:()1"'$"'2"T%)6(%61"Q+>%6+27"4+$"('$:$/%+*1"/'(/+"*'"9%2"
9+')6(1)e"V>1(A:'")1$"21)"A:'"$1"6%'$'$"81(9+/%.$">'*+-.-%/+7"21)">(18')%1$+2')"
$1"2%/'$/%+*1)"A:'"'2"uI0"')6B"*%)>:')61"+"+/'>6+("'$"2+"/+(('(+"*1/'$6'W"X/191"
'K>2%/+$"21)"A:'"'$/+($+$"2+">1)%/%.$"*'"2+"A:'F+Xe"k+2"&'G"')+"$1"')"2+"(+G.$"*'"
>')1_"('$:$/%+$">1(A:'"$1")1>1(6+$"'2"/2%9+"*'"2+)"%$)6%6:/%1$')">]<2%/+)C"+-(')%.$7"
%((')>'617"*(1-+7"+:)'$/%+"616+2"*'"-+$+)"*'"')6:*%+(e"21)"A:'"6%'$'$":$+">(18')%.$"
*%)6%$6+"*'"2+"*1/'$/%+7"$1"2')"61/+"A:'*+()'"+22;"+-:+$6B$*1)'21"D"&+$"+"('<:)/+()'"
'$"16(+">+(6'?"J%"21)"2%/'$/%+*1)"$1")'"&+$7"$1"')">1(A:'"')6=$"9'F1(">('>+(+*1)7"
)%$1">1(A:'"$1"6%'$'$"+26'($+6%&+?"

!v"
"

You might also like