You are on page 1of 397

Jeep ®

Commander
MA N U A L D O P R O P RI E T Á RI O
 

1?2?J]9: $ "J2>‘?3" @"2 5$2 $:E"Ka>3" 4# b$$@M
12$@?2?#": $:5$ &?94?K @?2? Ka$ @$2#>5>2 ?@2$E>?2 ?: Y4?K>3?3$: 3$:5$ W$VE4K"\ Y4$ D"> @$9:?3" @?2? ? 45>K>X?;<"
Y4"5>3>?9? $ @?2? 45>K>X?;[$: $:@$EVD>E?:\ @$2#>5>93"\ ?::>#\ @$2E42:": $ 45>K>X?;[$: $# ‘$2?K 9<" ?3?@5?3": ?":
52?3>E>"9?>: W$VE4K":M - ?K>9a?#$95" $ ? 3>2>‘>J>K>3?3$ :<" 3>D$2$95$: 3? #?>"2 @?25$ 3": "452": W$VE4K":\ $# $:52?3?
9"2#?K "4 $# @$2E42:": D"2? 3$ $:52?3?c @"25?95"\ ] ?E"9:$Ka_W$K >9W$:5>2 5"3" " 5$#@" 9$E$::_2>" @?2? E"9a$E$2 ?
3>9d#>E? 3" W$VE4K"M
12"::$‘4>93" 9? K$>542? 3$:5$ &?94?K\ $9E"952?2_ >9D"2#?;[$:\ E"9:$Ka": $ ?W>:": >#@"25?95$: @?2? " 4:" 3"
W$VE4K"\ Y4$ " ?^43?2<" ? ?@2"W$>5?2 ?: Y4?K>3?3$: 5]E9>E?: 3" :$4 b$$@M e 2$E"#$93_W$K KZAK" E"# ?5$9;<" ?95$: 3$
:$ @2$@?2?2 @?2? ? @2>#$>2? W$X 9? E"934;<"\ 3$ #"3" ? D?#>K>?2>X?2A:$ E"# ": E"#?93": $# @?25>E4K?2\ E"# ":
2$K?5>W": ?": D2$>":\ f 3>2$;<" $ ?" Ed#J>"c ?" #$:#" 5$#@"\ @"3$2_ E"#$;?2 ? E"#@2$$93$2 " E"#@"25?#$95" 3"
W$VE4K" 9?: W_2>?: :4@$2DVE>$: 3? $:52?3?M
!" >95$2>"2 3$:5$ 3"E4#$95" $9E"952?2_ E?2?E5$2V:5>E?:\ @?25>E4K?2>3?3$: $ >9D"2#?;[$: $::$9E>?>: @?2? " E4>3?3"\
? #?945$9;<" ?" K"9‘" 3" 5$#@"\ ? :$‘42?9;? 3$ E"934;<" $ 3$ D49E>"9?#$95" 3" :$4 b$$@M ’@g: 5ZAK" E"9:4K5?3"\
?E"9:$Ka?#": ? E"9:$2W?2 " @2$:$95$ &?94?K 9" >95$2>"2 3" W$VE4K"\ @?2? D?E>K>5?2 ? :4? E"9:4K5? $ @?2? Y4$ $:5$^? ?
J"23" 3" #$:#" $# E?:" 3$ W$93?M
!" )>W2" 3$ R?2?95>?\ D"29$E>3" 9" h>5 3$ J"23" 3" W$VE4K"\ $9E"952?2_ ?>93? ? 3$:E2>;<" 3": ,$2W>;": 3$
’::>:5Z9E>? Y4$ ? b$$@ "D$2$E$ ?": :$4: 8K>$95$:\ " 8$25>D>E?3" 3$ R?2?95>? $ " 3$5?Ka$ 3": 5$2#": $ 3?: E"93>;[$:
@?2? ? #?945$9;<" 3? #$:#?M C$E"#$93?A:$ 5?#J]# ? K$>542? 3" &?94?K B_:>E" 3$ ,$‘42?9;? 9" .2d9:>5"\ Y4$
52?5? 3$ 5$#?: >#@"25?95$: E"#" ?: 9"2#?: 3$ E>2E4K?;<"\ ?: >9D2?;[$: $ @$9?K>3?3$: @2$W>:5?: 9" 8g3>‘" 3$ .2d9:>5"
B2?:>K$>2"\ 3>2$;<" 3$D$9:>W? $ 9";[$: 3$ @2>#$>2": :"E"22": $# E?:" 3$ ?E>3$95$\ ?K]# 3$ E"9E$>5":\ 3$D>9>;[$: $
:>9?K>X?;<" J_:>E? 3$ 52d9:>5"M - &?94?K B_:>E" 3$ ,$‘42?9;? 9" .2d9:>5" $:5_ 3>:@"9VW$K 9" :>5$ iiiM^$$@ME"#MJ2
Aj 12"@2>$5_2>": Aj &?94?K 3$ ,$‘42?9;? 9" .2d9:>5"M
+:5?#": E$25": Y4$ $:5?: @4JK>E?;[$: >2<" D?XZAK" $952?2 $# :>95"9>? E"# " :$4 9"W" W$VE4K" $ ?@2$E>?2 ": :$2W>;":
5]E9>E": 3? b$$@ Y4$ $:5<" 3>:@"9VW$>: @?2? :4? ?::>:5Z9E>?M
B"? K$>542?\ $95<"\ $ J"? W>?‘$#N
!
"
 !

  "

    #

   !  " $

!! %

!!   ! &

" !  "#! ’

"!  ! "    (

! $ )

 !!%$ *J

)+=.(C’ -BC=R’.TC=’ M M M M M M M M M M M M M M ’A7 !
(.=)=P’/0- *- &’!(’) M M M M M M M M M M M M M ’AH
’*U+C.k!8=’, + !-.’, M M M M M M M M M M M M M M ’AH
,l&B-)-, M M M M M M M M M M M M M M M M M M M M M M ’AI
&-*=O=8’/m+,n’).+C’/m+, *-
U+l8()- M M M M M M M M M M M M M M M M M M M M M M M ’AI

#
#
    =:5" ] >#@"25?95$ @?2? #?95$2 "
J"# D49E>"9?#$95" $ 3$:$#@$9a" 
  3" #"5"2 $\ @2>9E>@?K#$95$\ $W>5?2 !49E? 45>K>X?2 J>"3>$:$K @42"
!
3>D>E4K3?3$: 9" :>:5$#? 3$ @?25>3? 3" p7GGtq "4 ?3>E>"9?2 #?>: J>"3>$:$K
!%!"  "& ?" 5?9Y4$\ $oE$3$93" ": W?K"2$: @2$A
#"5"2M
% W>:5": 9? )$‘>:K?;<" O$3$2?K W>‘$95$
"  '() ?J?:5$E$2 " W$VE4K" "   ') C$?J?:5$E$2 " 5?9A f ]@"E? 3? D?J2>E?;<" 3" W$VE4K"M -
?@$9?: E"# R?:"K>9? 5>@" 8 :$# Y4$ 3" W$VE4K" 45>K>X?93" :"#$95$ 4:" 3$ "452": @2"345": "4 #>:542?:
Ea4#J" "4 $5?9"K $5VK>E" a>32?5?3"  ' 12 - ,
  , -'  @"3$ 3?9>D>E?2 >22$W$2:>W$K#$95$ "
E"#J4:5VW$K $# Y4?KY4$2 @2"@"2;<"M  (3 
  .- 12
 ,
#"5"2 $\ $# E"9:$Y4Z9E>?\ ?94K?2 ?
’ ?3>;<" 3$ "452" 5>@" 3$ ‘?:"K>9?   , -'  4  ' , 3
 ‘?2?95>? @$K": 3?9": E?4:?3":M
9" 5?9Y4$\ 9<" a"#"K"‘?3? @?2? 4:" *   5 '67  ' * &
?45"#"5>W"\ @"3$ @2"W"E?2 3?9": >2A 5  8 9 ,  34 ,67  *+& 1?2? #?>"2$: 3$5?Ka$: :"J2$ 45>K>A
2$W$2:VW$>: ?" W$VE4K"M ,-': X?;<" 3" E"#J4:5VW$K E"22$5"\ W$2 $:A
@$E>D>E?;[$: $# r)"9‘? >9?5>W>3?3$
1?2? ": W$VE4K": $Y4>@?3": E"# 3" W$VE4K"r $ r’J?:5$E>#$95":rM
#"5"2$: *>$:$K\ $:5_ @2$W>:5" " E?5?A
K>:?3"2 :$K$5>W" @?2? go>3": 3$ !>52"A
!!  "
!#! ‘Z9>" ?5>W" E"# ’C)’ HL p,8CqM -
 *+,-' .-  ,

& ?J?:5$E>#$95" E"# ’C)’ HL 3$W$2_ 8$25>D>E?2A:$ 3$ Y4$ " D2$>" 3$ $:5?A
 % /'(0\ E?:" W"EZ "@5$ :$2 $D$54?3" ?52?W]: 3? 5?#@? $:A E>"9?#$95" $K]52>E" $:5$^? ?E>"9?3"
@"2 ?J?:5$E$2 " :$4 W$VE4K" $oEK4:>A @$EVD>E? $ :$‘4>93" ": @2"E$3>#$9A $ Y4$ ? ?K?W?9E? 3" Ed#J>" $:5$^?
W?#$95$ E"# $5?9"K\ ] 2$E"#$93?3" 5": >93>E?3": 9" E?@V54K"% 1’C.=*’ 9? @":>;<" p+:5?E>"9?#$95"q "4
" ?J?:5$E>#$95" E"#@K$5" 3" 5?9Y4$ + -1+C’/0-\ 9? :$;<" r1C-8+*=A  p1"95" #"25"q\ @>:?2 9" @$3?K 3"
3$ E"#J4:5VW$K E"# ‘?:"K>9? p9" #VA &+!.- *+ ’B’,.+8=&+!.- *+ D2$>"c $# :$‘4>3?\ @2$::>"9?2 " J"5<"
9>#" 4# 5?9Y4$q ? E?3? 7GMGGG h# ’R+!.+ C+*(.-C )ls(=*- 1’C’ 3" 3>:@":>5>W" 3$ @?25>3?M
@?2? 2$34X>2 @2"W_W$>: E"95?#>9?9A C+*(/0- *+ 1-)(+!.+, p’C)’
5$: @2"E$3$95$: 3" $5?9"KM HLq pU+C,m+, *=+,+)qM !!" %
"!! !"

#$!
*42?95$ " D49E>"9?#$95"\ " E"9A "! !& 3" Y4$ "452": ? E?@"5?2 E?:" :?>? 3"
W$2:"2 E?5?KV5>E" ?5>9‘$ 5$#@$2?542?: "!! E"952"K$ 3" #"5"2>:5?M
$K$W?3?:M 1"2 >::"\ 9<" $:5?E>"9?2 "
(#? E"22$5? #?945$9;<" @$2#>5$ 1"25?95"\ $952?2 E"# E?45$K? $#
W$VE4K" $# E>#? 3$ D"Ka?: :$E?: "4
E"9:$2W?2 >9?K5$2?3": 9" 5$#@" ": E42W?: D$Ea?3?: $ $W>5?2 #?9"J2?:
"452" #?5$2>?K >9DK?#_W$K% @$2>‘" 3$
2$93>#$95": 3" W$VE4K" $ ?: E?2?E5$A J24:E?: "4 "452?: E"93>;[$: 3$
>9EZ93>"M
2V:5>E?: 3$ :$‘42?9;?\ 2$:@$>5?93" " E"934;<" 9<" :$‘42?: Y4$ @"3$2>?#
#$>" ?#J>$95$ $ #?95$93" J?>o": ": @2"W"E?2 ? @$23? 3$ E"952"K$ 3"
   " !"%& E4:5": 3$ D49E>"9?#$95"M W$VE4K"M ’ >9"J:$2Wd9E>? 3?: @2$:A
 E2>;[$: @"3$2>? @2"W"E?2 >9E>3$95$:\
- W$VE4K" $:5_ $Y4>@?3" E"# 4# !#! % ! & E?@"5?#$95" 3" W$VE4K" $ K$:[$: ‘2?A
:>:5$#? Y4$ @$2#>5$ 4# 3>?‘9g:5>E" !" W$: "4 #"25?>:M ’54?2 E"# E?45$K?M
E"95V94" 3": E"#@"9$95$: 2$K?E>"A ’ 9<" 45>K>X?;<" 3": E>95": 3$ :$A
- 2>:E" 3$ E?@"5?#$95" @?2? ":
9?3": E"# ?: $#>::[$: @?2? ‘?2?95>2 ‘42?9;? ] ? E?4:? @2>9E>@?K 3$ K$:[$:
W$VE4K": D"2? 3$ $:52?3? ] :>‘9>D>E?A
4# #$Ka"2 2$:@$>5" @$K" #$>" ?#J>A ‘2?W$: "4 #"25?>:M +# E?:" 3$ E?@"A
5>W?#$95$ #?>: $K$W?3" Y4$ ? Y4?KA
$95$M 5?#$95"\ 4# @?::?‘$>2" :$# E>95" 3$
Y4$2 "452" 5>@" 3$ W$VE4K"M +:5$ W$VA
E4K" ] E?2?E5$2>X?3" @"2 4#? #?>"2 :$‘42?9;? ?@$25?3" 5$# #4>5" #?>:
; !" $ ?K542? 3" :"K" $ @"2 4# E$952" 3$ @2"J?J>K>3?3$: 3$ :"D2$2 K$:[$: #"2A
!< ‘2?W>3?3$ #?>: ?K5" 2$K?5>W?#$95$ ? 5?>: 2$K?5>W?#$95$ ? 4# @?::?‘$>2"
#4>5": "452": W$VE4K": @?2? " 52?9:A Y4$ " 4:$ E"22$5?#$95$M (:$ :$#@2$
,$\ ?@g: ? E"#@2? 3" W$VE4K"\ 3$A
@"25$ 3$ @?::?‘$>2":\ E?2?E5$2V:5>E?: ": E>95": 3$ :$‘42?9;?M
:$^?2 >9:5?K?2 ?E$::g2>": Y4$ 9$E$::>A
5$# 3$ ?K>#$95?;<" $K]52>E? pE"# " Y4$ @$2#>5$# 3$:$#@$9a": #$Ka"A
2>:E" 3$ 3$:E?22$‘?2 ‘2?34?K#$95$ ? 2$: 94#? ?#@K? ‘?#? 3$ ?@K>E?;[$:
J?5$2>?q\ 3>2>^?A:$ f   ! = & 3$ D"2? 3$ $:52?3?M
,  > Y4$ ?W?K>?2_ ? ?J:"2;<" $K]A !" $95?95"\ ?3"5?93" 4# $:5>K" 3$
52>E? 5"5?K $ W$2>D>E?2_ :$ " :>:5$#? 3" E"934;<" @$2>‘":"\ ] @"::VW$K @$23$2
W$VE4K" $:5_ $# E"93>;[$: 3$ :4:5$9A " E"952"K$ 3" W$VE4K"M
5?2 ? E?2‘? 9$E$::_2>?M
*$W>3" ?" E$952" 3$ ‘2?W>3?3$
#?>: ?K5"\ " W$VE4K" $:5_ #?>: :4^$>5"
#$"
        &$2E?3": $:@$EVD>E": "4 W$2:[$: $:A
@$EVD>E?: 9<" :<" >3$95>D>E?3?: E"#"
   5?>: 9" 5$o5"% ] 9$E$::_2>" E"9:>3$2?2 !
!?  !! )$93" $:5$ &?94?K 3$ (:" $ &?A ?@$9?: ?: >9D"2#?;[$: 2$K?5>W?: ?"
945$9;<" $9E"952?2_ 4#? :]2>$ 3$ $Y4>@?#$95"\ #"5"2>X?;<" $ W$2:<"
,$#@2$ Y4$ D"2$# D"29$E>3?: >93>A 3" W$VE4K" 3$ :4? @2"@2>$3?3$M +W$9A
E?;[$: 3$ 3>2$;<" 2$K?5>W?: ?" W$VA ’*U+C.k!8=’, 3$:5>9?3?: ? $W>5?2
54?>: E"95$u3": >952"34X>3": 342?95$
E4K" p$:Y4$23?n3>2$>5? "4 D2$95$n52_:q\ @2"E$3>#$95": Y4$ @"3$2>?# 3?9>D>A
? W>3? @2"345>W? 3" #"3$K"\ #?: >9A
$:5?: 3$W$# :$2 $95$93>3?: E"#" 2$A E?2 " :$4 W$VE4K"M
3$@$93$95$: 3" @$3>3" $o@2$::" 3$
K?5>W?: f @$2E$@;<" 3$ 4# "E4@?95$ ’K]# 3>::"\ $:5<" @2$:$95$: !-A E"95$u3": "@E>"9?>: 9" #"#$95" 3?
:$95?3" 9" K4‘?2 3" #"5"2>:5?M 8?A .’, ? :$‘4>2 ?5$95?#$95$ @?2? $W>5?2 ?Y4>:>;<"\ :$2<" >3$95>D>E?3": E"# ?
:": @?25>E4K?2$:\ Y4$ :$^?# 4#? $oA 4#? 45>K>X?;<" >9?3$Y4?3? 3": E"#A >93>E?;<" p:$ $Y4>@?3"qM
E$;<" ? $:5? >93>E?;<"\ :$2<" "@"2A @"9$95$: 3" W$VE4K"\ Y4$ @"3$2>?#
549?#$95$ ?::>9?K?3": 9" 5$o5"M E?4:?2 ?E>3$95$:M

’: D>‘42?: >93>E?3?: ?" K"9‘" 3" 1"2 $:5$ #"5>W"\ 2$:@$>5?2 2>‘"2"A
&?94?K 5Z# 4#? D49;<" >93>E?5>W?% -: 3?3": E"95>3": 9$:5? @4JK>E?A
:?#$95$ 5"3?: ?: 2$E"#$93?;[$: 3$
>:5" @"3$ :>‘9>D>E?2 Y4$ ?K‘49: 3$A ;<" 3$W$# :$2 $95$93>3": E"#" 3$:A
’*U+C.k!8=’ $ !-.’, #$9E>"9?A
5?Ka$: 2$@2$:$95?3": 9? >#?‘$# 9<" 5>9?3": ? E"934X>AK" E"22$5?#$95$ 9?
3?: ?" K"9‘" 3" 5$o5"M
E"22$:@"93?# ?" Y4$ @"3$2_ $9E"9A 45>K>X?;<" 3" W$VE4K"M ’ ,.+))’!A
52?2 9" :$4 W$VE4K"M .=, $:5_ $#@$9a?3? 94# @2"E$::" 3$
 1?2? :$‘42?9;? 3?: @$::"?:M ?@$2D$>;"?#$95" E"95V94" 3": W$VE4A
1?2? >3$95>D>E?2 " E?@V54K" $# Y4$  1?2? >95$‘2>3?3$ 3" W$VE4K" K": @2"34X>3":\ 2$:$2W?93"A:$\ ?::>#\
$:5<" E"95>3?: ?: >9D"2#?;[$: @2$A  1?2? @2"5$;<" 3" #$>" ?#J>$95$ " 3>2$>5" 3$ $D$54?2 #"3>D>E?;[$: 9"
5$93>3?:\ @"3$ E"9:4K5?2 " V93>E$ ?KA #"3$K" 3$:E2>5" @"2 #"5>W": 3$ 9?A
D?J]5>E" :>54?3" 9" D>9?K 3" @2$:$95$ 542$X? 5]E9>E? $n"4 E"#$2E>?KM 1?2?
&?94?K 3$ (:" $ &?945$9;<"M  #?>: >9D"2#?;[$:\ 3>2>‘>2A:$ f C$3$
!$:5$ &?94?K 3$ (:" $ &?94A 3$ ’::>:5Z9E>? b$$@M
5$9;<" $:5<" 3$:E2>5?: 5"3?: ?: W$2A
:[$: 3$ :$4 b$$@M 8"95$u3": "@A
E>"9?>:\ $Y4>@?#$95": 3$3>E?3": ?
#$%
! 52>E? @$2#?9$95$ p?45"22_3>"\ ?95>A E"#$93?#": >9:5?K?2 :"#$95$ ?E$:A
D425" @"2 :?5]K>5$\ $5EMq "4 Y4$ ?D$5$# :g2>": ‘$94V9": b$$@\ f 3>:@":>;<" 9?
+# ?K‘49: E"#@"9$95$: 3" W$VA " J?K?9;" $K]52>E"\ 3>2>‘>2A:$ f    ! = ,  > M
E4K" $:5<" @2$:$95$: $5>Y4$5?: E"K"2>A  ! = ,  > \ Y4$ W$2>D>E?2_
3?:\ E4^? :>#J"K"‘>? >93>E? @2$E?4A :$ " :>:5$#? $K]52>E" 3" W$VE4K" 5$# ’ >9:5?K?;<" 3$ 2_3>":\ ?K?2#$:\
;[$: >#@"25?95$: ? "J:$2W?2 9? 45>K>A E?@?E>3?3$ @?2? :4@"25?2 ? E?2‘? :"A 2?:52$?3"2$: "4 Y4?KY4$2 "452" ?E$:A
X?;<" 3" @2g@2>" E"#@"9$95$M K>E>5?3?\ "4 :$ ] 9$E$::_2>" >95$‘2_AK" :g2>" $K$52v9>E" 9<" ‘$94V9" @"3$2_
E"# 4#? J?5$2>? 3$ #?>"2 E?@?E>A "E?:>"9?2 E"9:4#" $oE$::>W" 3$
1"2 J?>o" 3" E?@v 3" #"5"2 $o>:5$ E?2‘? 3? J?5$2>?\ @"3$93" @2"W"E?2
?>93? 4#? $5>Y4$5? 2$E?@>54K?5>W? 3": 3?3$M
" 9<" D49E>"9?#$95" 3" W$VE4K" $ ?
:V#J"K":M @$23? 3? ‘?2?95>?M

12$D>2? :$#@2$ ’E$::g2>": R$94VA
 "  9": b$$@M .?95" " W$VE4K" E"#" 
# $# :$4: $Y4>@?#$95": E"9:"#$# $9$2A 12$:5?2 ?5$9;<" 9? #"95?‘$# 3$
‘>? 3? J?5$2>? #$:#" 3$:K>‘?3":% ] 2"3?: $ E?K"5?: 3$ 2"3? 9<" ‘$94V9?:%
 ! " 3$9"#>9?3" wE"9:4#" $# :5?93xA @"3$# 2$34X>2 ? W$95>K?;<" 3": D2$>":
s4?KY4$2 #"3>D>E?;<" "4 ?K5$2?A JxyM 8"#" ? J?5$2>? @"::4> 4# K>#>5$ $ @"25?95" ? :4? $D>E>Z9E>? $# E"9A
;<" 3" W$VE4K" @"3$ E"#@2"#$5$2 #_o>#" 3$ E"9:4#" @?2? ‘?2?95>2 ? 3>;[$: 3$ D2$9?‘$9: J24:E?:\ E"9:A
‘2?W$#$95$ ? :$‘42?9;? $ @2"W"E?2 @?25>3? 3" #"5"2\ 3$W$A:$ 3>#$9:>"A 5?95$: "4 2$@$5>3?:\ E"#" $# K"9‘?:
?E>3$95$:\ E"# 2>:E": ?5] #$:#" 9?2 " E"9:4#" 3": $Y4>@?#$95": 3$ 3$:E>3?:M 8$25>D>E?2A:$ 5?#J]# 3$
#"25?>: @?2? ": "E4@?95$:M ?E"23" E"# $::? #?2‘$#M Y4$ 9?3? p@"2 $oM 5?@$5$:q @"::? >9A
5$2D$2>2 9" E42:" 3": @$3?>:M

!< " ! 



,$\ ?@g: ? ?Y4>:>;<" 3" W$VE4K"\ !#!
3$:$^?2 >9:5?K?2 ? J"23" ?E$::g2>": 1?2? ?::$‘42?2 ? Y4?K>3?3$ $ " @$2A
Y4$ 9$E$::>5$# 3$ ?K>#$95?;<" $K]A D$>5" D49E>"9?#$95" 3" W$VE4K"\ 2$A

#$&
!!    ?4:Z9E>? 3$ E"9D"2#>3?3$ E"# ?: $Y4>@?# " W$VE4K"\ E"#@2"#$5$93"
$@A >93>E?;[$: D"29$E>3?:M ? :$‘42?9;? 3" #$:#"M
-: 3>:@":>5>W": $K]52>A ,$\ 9" >95$2>"2 3" W$VE4K" $n"4 !
E":n$K$52v9>E": >9:5?K?3": ?@g: ? !"    @2go>#" 3? Ea?W$ $K$52v9>E?\
?Y4>:>;<" 3" W$VE4K" $ 9" d#J>5" ! $:5>W$2$# @2$:$95$: 3>:@":>5>W":
3" :$2W>;" @g:AW$93? 3$W$# 5$2 ? E"#" E$K4K?2$:\ E"#@45?3"2$:
#?2E? M -: ?@?2$Ka": 2?3>"52?9:#>::"2$: @"25_5$>:\ :#?25@a"9$: "4 5?JK$5:\
p8B\ 2?3>"?#?3"2$: $ :>#>K?2$:q 9<" @"3$ W$2>D>E?2A:$ 4#? 2$34;<" 3$
’ ,.+))’!.=, ?45"2>X? ? #"9A @"3$# :$2 45>K>X?3": 9" >95$2>"2 3" 3$:$#@$9a" 3" :>:5$#? 1?::>W$
5?‘$# 3$ 3>:@":>5>W": 2$E$@5"2$:A W$VE4K"\ ? 9<" :$2 Y4$ :$ 45>K>X$ +952xnz$xK$:: +952xA!AR"M
52?9:#>::"2$: 3$:3$ Y4$ ?: >9:5?K?A 4#? ?95$9? :$@?2?3? #"95?3?
;[$: :$^?# 3$W>3?#$95$ $D$54?3?: $o5$29?#$95$M
94# E$952" $:@$E>?K>X?3"\ 2$:@$>A
’ $D>E>Z9E>? 3$ 52?9:#>::<" $ 3$
5?93" ?: >93>E?;[$: 3" D?J2>E?95$M
2$E$@;<" 3$:5$: ?@?2$Ka": @"3$ D>E?2
@2$^43>E?3? @$K" $D$>5" 3$ JK>93?‘$#
 3? E?22"E$2>? 3" W$VE4K"M !" Y4$
’ #"95?‘$# 3$ 3>:@":>5>W": Y4$ E"9E$29$ ?" 4:" 3": E$K4K?2$: pR,&\
E"#@"25$# #"3>D>E?;[$: 3?: E?2?EA R1C,\ (&.,\ ).+q E"# a"#"K"‘?A
5$2V:5>E?: 3" W$VE4K" @"3$ 3$5$2#>9?2 ;<" "D>E>?K\ 3$W$# :$2 2>‘"2":?#$95$
>9D2?;[$: 3$ 52d9:>5" $ ? $W$954?K ?94A 2$:@$>5?3?: ?: >9:524;[$: D"29$E>3?:
K?;<" 3? ‘?2?95>? 2$K?5>W?#$95$ ?": @$K" D?J2>E?95$ 3" E$K4K?2M
3?9": E?4:?3": @$K? 2$D$2>3? #"3>D>A
E?;<"\ 3>2$5? "4 >93>2$5?#$95$M 
’ ,.+))’!.=, 3$EK>9? Y4?KY4$2 - 4:" 3$::$: 3>:@":>5>W": 9" >9A
2$:@"9:?J>K>3?3$ @"2 3?9": 2$:4KA 5$2>"2 3" a?J>5_E4K" p:$# ?95$9? $oA
5?95$: 3? >9:5?K?;<" 3$ ?E$::g2>": 5$29?q @"3$ E?4:?2 3?9": f :?u3$ 3":
9<" D"29$E>3": "4 2$E"#$93?3": @?::?‘$>2": $ D49E>"9?#$95": >22$A
@$K? ,.+))’!.=, $ >9:5?K?3": 9? ‘4K?2$: 9": :>:5$#?: $K$52v9>E": Y4$

#$’
#
!   %" 
U=,.’, *- U+l8()- M M M M M M M M M M M M M M M M BA7

"

(
(
   !
! 1
!

"

7 8"#@?25>#$95" 3" #"5"2 I 19$4:nC"3?:


L O?2g>: 3>?95$>2": 6 +:@$Ka": 2$52"W>:"2$: $o5$29":
H 1?2?AJ2>:? F 1"25?:

($!
! B
!!

7 )4X$: 52?:$>2?: H 1"25?A#?K?:


L )>#@?3"2nK?W?3"2 3" W>32" 52?:$>2"

($"
! C
!  "

"

7 8"#?93": 3?: K4X$: $o5$29?: I U"K?95$


L *>D4:"2$: 3$ ?2 6 s4?32" 3$ >9:524#$95":
H ’K?W?9E? $:Y4$23? :"J " W"K?95$ pE"#?93": F ’K?W?9E? 3$ E"#?93": 3":
3$ D?2"K ?K5"nJ?>o" $ K4X$: >93>E?3"2?: 3$ 3>2$A K>#@?3"2$:nK?W?3"2$: 3": W>32":
;<"q { 1"25?AK4W?:

($%
! D


7 8"#?93": 3": W>32": $K]52>E": I 8"#?93": EK>#?5>X?;<"


L B?9E": 6 1?>9$K 3$ J"5[$: 3$ E"#?93"
H ’K?W?9E? 3" Ed#J>" ?45"#_5>E" F ,>:5$#? (E"99$E5

($&
 &    ! 8’1| *- &-.-C M M M M M M M M M M M M M M M M 8A67
1-C.’A&’)’, M M M M M M M M M M M M M M M M M M M 8A6L
=!.C-*(/0- M M M M M M M M M M M M M M M M M M M M 8A7
+s(=1’&+!.-, =!.+C!-, M M M M M M M M M M M 8A6~
8S’U+, M M M M M M M M M M M M M M M M M M M M M M M M 8A7
C’8z *+ .+.-  ,+ +s(=1’*- M M M M M M M M 8AF6
8-&(.’*-C *+ =R!=/0- M M M M M M M M M M M M 8AF
1C-.+/0- *- ’&B=+!.+ M M M M M M M M M M M M 8AFF
,=,.+&’ *+ 1’C.=*’ C+&-.’ p,$
$Y4>@?3"q M M M M M M M M M M M M M M M M M M M M M M M 8A{ ’1)=8’.=U- 8’C. p:$ $Y4>@?3"q M M M M M M M M M 8AF~

,=,.+&’ +)+.C|!=8- *+ 1C-.+/0- *- #


U+l8()- M M M M M M M M M M M M M M M M M M M M M M M 8A}
,=,.+&’ *+ 1C-.+/0- ’!.=O(C.- M M M M M M M 8A~
1-C.’, M M M M M M M M M M M M M M M M M M M M M M M 8A77
B’!8-, M M M M M M M M M M M M M M M M M M M M M M 8A7F
’1-=’A8’B+/’, M M M M M M M M M M M M M M M M M M 8ALH
*=C+/0- M M M M M M M M M M M M M M M M M M M M M M 8ALI
+,1+)S-, M M M M M M M M M M M M M M M M M M M M M 8AL6
)(P+, +¡.+C!’, M M M M M M M M M M M M M M M M M 8AL{
)(P+, =!.+C!’, M M M M M M M M M M M M M M M M M 8AHL
)=&1’*-C+, + )’U’*-C+, *-,
U=*C-, M M M M M M M M M M M M M M M M M M M M M M M 8AHH
8)=&’.=P’/0- M M M M M M M M M M M M M M M M M M 8AH~
U=*C-, +)e.C=8-, M M M M M M M M M M M M M M M M 8AI{
.+.- ,-)’C M M M M M M M M M M M M M M M M M M M M 8AI~

)
)

8"#$;? ?Y4> " E"9a$E>#$95" 3$
!#! !#!
:$4 9"W" W$VE4K"M
’: Ea?W$: $Y4>@?3?: E"# E"952"K$ 1?2? ?: W$2:[$: $Y4>@?3?: E"# E?2A
- #?94?K $o@K>E? 3$ D"2#? :>#@K$: 2$#"5" @"::4$# $# :$4 >95$2>"2 4#? 2$‘?3"2 :$# D>"\ ? Ea?W$ $K$52v9>E?
$ 3>2$5? E"#" ] D$>5" $ E"#" D49E>"9? J?5$2>? Y4$\ :$ >9‘$2>3?\ @"3$ E?4:?2 !0- 3$W$ :$2 @":>E>"9?3? :"J2$ "
1"2 >::"\ ] ?E"9:$Ka_W$K E"9:4K5_A D$2>#$95": >95$29": ‘2?W$: $# 4# @$A #$:#"\ "4 ? 4#? 3>:5d9E>? >9D$2>"2 ?
K" $:5?93" E"9D"25?W$K#$95$ :$95?3" 2V"3" 3$ 34?: a"2?:\ @"3$93" K$W?2 f 76 E# 3" E?22$‘?3"2 :$# D>"M
? J"23"\ 3$ #"3" ? @$2#>5>2 W$2>D>E?2 #"25$M +# E?:" 3$ >9‘$:5<" ?E>3$9A
- @":>E>"9?#$95" 3? Ea?W$ $K$A
#
>#$3>?5?#$95$ ?: @?25$: 3$:E2>5?: 9" 5?K 3? #$:#?\ @2"E42?2 ?5$93>#$95"
#]3>E" >#$3>?5?#$95$M 52v9>E? $# 4#? 3>:5d9E>? >9D$2>"2 ?
#?94?KM 76 E# 3" E?22$‘?3"2 :$# D>" "4 :"A
&?95$2 ? J?5$2>? p9"W? "4 4:?3?q J2$ " #$:#" @"3$ 3?9>D>E?2 " E"9A
D"2? 3" ?KE?9E$ 3$ E2>?9;?:M 52"K$ 2$#"5" 3? #$:#? $ >#@$3$ Y4$
& " :>:5$#? 3$ @?25>3? 3" W$VE4K" 2$E"A
!": E?:": $# Y4$ 9<" D"2 @"::VA
! A! 9a$;? ? Ea?W$\ 9<" :$93" @"::VW$K
W$K D>o?2 E"22$5?#$95$ ? J?5$2>? 9"
3?2 ? @?25>3? 9" W$VE4K"M
>95$2>"2 3? Ea?W$\ @?::?2 ? 45>K>X?2 ?
Ea?W$ 2$:$2W? 3" W$VE4K" $ 3>2>‘>2A:$
f  !  , ' > ?::># Y4$  
 EF'   &&
!#! @"::VW$KM ,$#@2$ Y4$ D"2 9$E$::_A
=#@?E5": W>"K$95": @"3$# 3?9>D>A 2>? ? 45>K>X?;<" 3" E"2@" #$5_K>E" 3?
E?2 ": E"#@"9$95$: $K$52v9>E": E"9A Ea?W$\ D>9?K>X?3? :4? 45>K>X?;<"\ @"A
5>3": 9? Ea?W$M :>E>"9?2 " #$:#" $# :4? :$3$ 9"
E"2@" 3? Ea?W$ @?2? $W>5?2 " ?E$::"
-J:$2W$ :$#@2$ ?: 2$E"#$93?A
f J?5$2>? 3? #$:#?M
;[$: 3$:5$ #?94?KM

)$!
7M ’54?2 9" J"5<" 3$ K>J$2?;<" 3?
Ea?W$
LM +o52?>2 ? Ea?W$ #$Ed9>E?

)$"
G*  5 67 & - 6H ,  
’ :$‘4>2\ $:5<" 2$:4#>3?: ?: @2>9E>@?>: D49;[$: Y4$ @"3$# :$2 ?5>W?3?: 45>K>X?93" ? Ea?W$ 3$ >‘9>;<"M

!4 -   
 
G*  *
      *
    
 &
'

8a?W$ $K$52v9>E? 12$::<" 9" J"5<" 12$::<" 9" J"5<" 12$::<" 34@K? 9" J"5<"
)?#@$^": 3": >93>E?3"2$: 3$
3>2$;<" p@?2? Ea?W$ E"# L K?#@$^": 7 K?#@$^" L K?#@$^":
E"952"K$ 2$#"5"q #

)$%
!!" ! !  "93?: $K$52"#?‘9]5>E?: $#>5>3?: @"2

! !" !  !&"!! D"95$: $o5$29?:c " $:5?3" 3$ E?2‘? 3?
J?5$2>? $ ? @2$:$9;? 3$ "J^$5": #$5_A =9:$2>2 $ ‘>2?2 ? Ea?W$ 9? D$Ea?342?
12$::<" J2$W$ 9" J"5<" % 3$:A 3? @"25? 3" #"5"2>:5? 52?W? $oEK4:>A
K>E": @2go>#": 3? Ea?W$ 3" W$VE4K"M
52?W?#$95" 3?: @"25?:\ 3? 5?#@? 3" W?#$95$ $::? @"25?M
!" $95?95"\ ] @"::VW$K $D$54?2 ? ?J$2A
@"25?A#?K?:\ ?E$93>#$95" 5$#@"2>A
542? #?94?K 3" W$VE4K" 45>K>X?93" "
X?3" 3? K4X >95$29? $ :>9?K>X?;<" K4A
$9E?>o$ #$5_K>E" 3? Ea?W$\ >952"34A !  ! !&
#>9":? 3": >93>E?3"2$: 3$ 3>2$;<"M
X>93" " E"2@" #$5_K>E" 9? D$Ea?342? !
e @"::VW$K @2$::>"9?2 $ :"K5?2 " J"A 3? @"25? 3" K?3" 3" E"9345"2M
5<" 3$ 3$:52?W?#$95" 9" E"952"K$ 2$A G* ' I ,
#"5" 4#? u9>E? W$X @?2? 3$:52?W?2 ? 1?2? ‘?2?95>2 ? >‘9>;<" 3" #"5"2 $
@"25? 3>?95$>2? 3" K?3" 3" #"5"2>:5? !!" ! !  !
!" !  !&"!! " E"22$5" D49E>"9?#$95" 3" W$VE4K"\
"4 34?: W$X$: 9" $:@?;" 3$ 6 :$‘49A ] 9$E$::_2>" 45>K>X?2 $oEK4:>W?#$95$
3": @?2? 3$:JK"Y4$?2 5"3?: ?: @"25?: 12$::<" J2$W$ 9" J"5<" % 52?W?A Ea?W$: $K$52v9>E?: 3$W>3?#$95$ E"A
$ ? 5?#@? 3" @"25?A#?K?:M #$95" 3?: @"25?:\ 3? 5?#@? 3" @"25?A 3>D>E?3?: @?2? " :>:5$#? $K$52v9>E"
e\ 9" $95?95"\ @"::VW$K #43?2 ? 3$A #?K?: E"# 3$:K>‘?#$95" 3? K4X >9A 3" W$VE4K"M
D>9>;<" ?54?K 3$ #"3" Y4$ " :>:5$#? 5$29? $ :>9?K>X?;<" K4#>9":? 3": >9A
3>E?3"2$: 3$ 3>2$;<"M ,$ 4#? Ea?W$ $K$52v9>E? 5>W$2 :>3"
3$:52?W$ ?@$9?: ? @"25? 3" E"9345"2 E"3>D>E?3? @?2? 4# W$VE4K"\ 9<"
"4 5"3?: ?: @"25?: f @2>#$>2? @2$::<" 1?2? W$VE4K": $Y4>@?3": E"# Ea?A @"3$ :$2 45>K>X?3" $# 9$9a4# "452"M
3" J"5<" 9" E"952"K$ 2$#"5"M 1?2? W$: $K$52v9>E?:\ :$ 4#? "4 #?>: @"2A
#?>: >9D"2#?;[$:\ E"9:4K5?2 ?: >93>A 5?: $:5>W$2$# ?J$25?:\ " 52?W?#$95"
E?;[$: D"29$E>3?: 9" :4@K$#$95" 3" ] $D$54?3"\ 3$ Y4?KY4$2 D"2#?M +9A
:>:5$#? (E"99$E5M 52$5?95"\ ?: @"25?: :$2<" 3$:52?W?3?:
?45"#?5>E?#$95$ E?:" ? Ea?W$ :$^? !#!
3$>o?3? 3$952" 3" W$VE4K"M 8?3? Ea?W$ D"29$E>3? @"::4> 4#
 Eg3>‘" @2g@2>"\ 3>D$2$95$ 3$ 5"3":
- D49E>"9?#$95" 3" E"952"K$ ": "452":\ Y4$ 3$W$ :$2 @2$W>?#$95$
2$#"5" 3$@$93$ 3$ W_2>": D?5"2$:\ #$#"2>X?3" @$K? E$952?K $K$52v9>E?
E"#" ? $W$954?K >95$2D$2Z9E>? 3$ 3" :>:5$#?M

)$&
-J:$2W$ :$#@2$ ?: 2$E"#$93?A  =9:$2>2 4#? 9"W? J?5$2>?\ E"#
;[$: 3$:5$ #?94?KM ?5$9;<" @?2? 2$:@$>5?2 ?: @"K?A 
2>3?3$:M ’ "@$2?;<" 3$ :4J:5>54>;<" 3? J?A
 C$#"95?2 ?: 34?: @?25$: 3? Ea?W$ 5$2>? 3$W$ :$2 $D$54?3? E"# E4>3?3"\
 ! ! ! 3$ #"3" ? 9<" 3?9>D>E?2 ? Ea?W$ $K$A
$K$52v9>E?\ E$25>D>E?93"A:$ 3$ Y4$
8?:" :$^? 9$E$::_2>" @$3>2 4#? D>E?# E"22$5?#$95$ JK"Y4$?3?:M 52v9>E?M
9"W? Ea?W$ $K$52v9>E?\ 3>2>‘>2A:$ f  C$E"K"E?2 " E"2@" #$5_K>E" 9"
  ! = ,  > K$W?93" >95$2>"2 3? Ea?W$M 
E"9:>‘" 4# 3"E4#$95" 3$ >3$95>D>A
E?;<" @$::"?K $ " 3"E4#$95" 3" W$VA
1?2? 3?2 ? @?25>3? 9" W$VE4K" E"# #
? J?5$2>? 3? Ea?W$ 3$:E?22$‘?3?\
E4K"M
?@">?2 ? $o52$#>3?3$ ?22$3"93?3? 3?
Ea?W$ $K$52v9>E? pK?3" "@":5" ?" 3"
% ! %!! ! E"2@" #$5_K>E"q 9" J"5<" 3" 3>:@":>A
! A! 5>W" 3$ @?25>3? $ @2$::>"9?2 " @2g@2>"
J"5<" ?52?W]: 3? Ea?W$ $K$52v9>E?M
1?2? :4J:5>54>2 ? J?5$2>?\ @2"E$3$2
3" :$‘4>95$ #"3"%

 +o52?>2 " E"2@" #$5_K>E" @2$:$95$


9" >95$2>"2 3? Ea?W$ $K$52v9>E?M
 ’54?93" E"# ?5$9;<"\ >952"34A
X>2 ? @"95? 3" E"2@" #$5_K>E" 9?
:$3$ 1 3? Ea?W$\ 3$ #"3" ? :$A
@?2?2 ?: 34?: @?25$: Y4$ ? E"#A
@[$# p$# ?K5$29?5>W? ?" E"2@"
#$5_K>E"\ ] @"::VW$K >952"34X>2 ?
@?25$ @K?9? 3? Ea?W$ 3$ D$93?
?@2"@2>?3?qM
 C$#"W$2 ? J?5$2>? B
)$’
  @"25?:\ ?K?2#$\ $5EMq $:5<"\
E"9543"\ 3>:@"9VW$>:M
    % @":>;<" 3$ #?2Ea?M ."A !#!
! A! &  
 3": ": 3>:@":>5>W": $K]52>E": $:A ’95$: 3$ :?>2 3" W$VE4K"\ ?E>"A
EF'   && 5<" 3>:@"9VW$>:M e @"::VW$K @?:A 9?2 "  " D2$>" 3$ $:5?E>"9?A
:?2 @?2? $:5$ $:5?3" @2$::>"9?93" #$95"M !?: W$2:[$: $Y4>@?3?: E"#
4#? W$X " J"5<" 3" E"#45?3"2 Ed#J>" ?45"#_5>E"\ 3$:K"E?2 ? ?K?A
3$ >‘9>;<"\ :$# @2$::>"9?2 " @$A W?9E? 3$ Ed#J>" @?2? ? @":>;<"
3?K 3" D2$>"M p+:5?E>"9?#$95"q $ @2$::>"9?2 " E"A
  /,
 9  3  0 % @?25>3? #45?3"2 3$ >‘9>;<" @?2? 3$:K"E_AK"
3" #"5"2M @?2?  M
s4?93" :?>2 3" W$VE4K"\ JK"Y4$?2
 :$#@2$ 5"3?: ?: @"25?: @2$::>"9?93"
1?2? ?5>W?2 " E"#45?3"2 3$ >‘9>;<" " 2$:@$E5>W" J"5<" pE"9:4K5?2 ? "@;<"
8"# " #"5"2 K>‘?3"\ ] @"::VW$K
] 9$E$::_2>" Y4$ ? Ea?W$ $K$52v9>E? r1?::>W$ +952xr 9" @?2_‘2?D" r1"25?:rqM
?J?93"9?2 " W$VE4K" K$W?93" E"9A
$:5$^? @2$:$95$ 9" >95$2>"2 3" a?J>5_A
:>‘" ? Ea?W$ $K$52v9>E?\ ?::># " #"A
E4K"M
5"2 E"95>94?2_ K>‘?3"M - W$VE4K" ?:A
- E"#45?3"2 3$ >‘9>;<" ?5>W?A:$ :>9?K?2_ ? ?4:Z9E>? 3? Ea?W$ 9" a?A
5?#J]# :$ ? Ea?W$ $K$52v9>E? :$ $9A J>5_E4K" 3$@">: 3$ D$Ea?3? ? @"25?M !#!
E"952?2 9" >95$2>"2 3" @"25?A#?K?: "4
1?2? ?: W$2:[$: $Y4>@?3?: E"# :>:A
9? E"J$2542? 3" @"25?A#?K?:M 1?2? #?>"2$: >9D"2#?;[$: :"J2$ ? 5$#? z$xK$:: +95$2A!AR"\ 9<" 3$>o?2
- E"#45?3"2 3$ >‘9>;<" @"3$ ?:A @?25>3? 3" #"5"2 W$2 E?@V54K" r1?25>3? ? Ea?W$ $K$52v9>E? 9" >95$2>"2 "4 @2gA
:4#>2 ": :$‘4>95$: $:5?3":% $ "@$2?;<"r o>#" 3" W$VE4K" "4 94# K"E?K ?E$:A
:VW$K f: E2>?9;?:M !<" 3$>o?2 " W$VA
  @ % #"5"2 3$:K>‘?3"\ E4K" E"# " 3>:@":>5>W" 3$ >‘9>;<" 9?
JK"Y4$>" 3? 3>2$;<"M ’K‘49: @":>;<" M
3>:@":>5>W": $K]52>E": p@"2 $oM\
D$Ea?#$95" E$952?K>X?3" 3?:
)$*
(#? E2>?9;? @"3$2>? ?E>"9?2 ": K$A " J! ! !! &
W?95?3"2$: 3": W>32": $K]52>E":\ "4A "!
52": E"#?93": "4 E"K"E?2 " W$VE4K" !#!
  5-  ,  6H &
$# #"W>#$95"M
*
      .-  *+& b?#?>: 3Z >9VE>" f @?25>3? 2$#"5?
,-' ,   ' K     & $# 4#? ‘?2?‘$# D$Ea?3? "4 Y4?KA

 
 ) Y4$2 ?#J>$95$ E"9D>9?3" "4 @"4E"
  '  8d#J>" $# p+:5?E>"9?#$95"qM W$95>K?3"M -: ‘?:$: 3$ $:E?@$ E"9A
   (   1"25?:\ E?@v 3" #"5"2 $ 5?#@? 5Z# &"9go>3" 3$ 8?2J"9" p8-q\ Y4$
)*+,- 3" @"25?A#?K?: D$Ea?3":M ] >9"3"2" $ >9E"K"2M - &"9go>3" 3$ #
8?2J"9" ] W$9$9":" $\ :$ >9?K?3"\
 )4X$: 3$ $#$2‘Z9E>? 3$:K>‘?3?:M
+:5$ :>:5$#? @$2#>5$ 3?2 ? @?25>3? @"3$ E?4:?2 ‘2?W$: E"9:$Y4Z9E>?:\
9" #"5"2 @$K" K?3" 3$ D"2? 3"  1$3?K 3$ D2$>" 9<" ?E>"9?3"M ?5] #$:#" ? #"25$M
W$VE4K"\ ?52?W]: 3? Ea?W$ $K$52v9>E?\  B?5$2>? E"# 4# 9VW$K ?E$>5_W$K
@2"@"2E>"9?93" E"9W$9>Z9E>? $ 3$ E?2‘?M &?95$9a? ?: Ea?W$: D"2? 3" ?KA
#?95$93" ? :4? :$‘42?9;?M - E?9E$ 3?: E2>?9;?:M ’ "@$2?;<" 3"
 ,>:5$#? 3$ @?25>3? 2$#"5? 9<"
?KE?9E$ #_o>#" ] 3$ ?@2"o>#?3?A ,>:5$#? 3$ 1?25>3? C$#"5?\ W>32":\
3$:?5>W?3" $# $W$95" ?95$2>"2M
#$95$ 7GG #M 52?W?: 3?: @"25?: "4 "452": E"#?9A
 =93>E?3"2 3" :>:5$#? 3$ ?K?2#$ 3": @"3$ "E?:>"9?2 ‘2?W$: ?E>3$95$:M
W$>E4K?2 @>:E?93" p?K?2#$
 ?5>W?3"qM
B?22$>2?: DV:>E?: $952$ " W$VE4K" $  8"#45?3"2 3$ >‘9>;<" 9? @":>;<" 
? Ea?W$ $K$52v9>E? @"3$# "J:524>2 ?  @ M
8?:" " W$VE4K" D?Ka$ $# $o$E45?2
E"#49>E?;<" $ 2$34X>2 " ?KE?9E$ 3"  8"#J4:5VW$K 9" 9VW$K #V9>#" 2$A ? @?25>3? "4 :?>? @2$#?542?#$95$
:>:5$#?M Y4$2>3"M 3" #"3" 3$ @?25>3? 2$#"5?\ ?
#$9:?‘$# E"22$:@"93$95$ ?" >#@$A
3>#$95" $9E"952?3" :$2_ $o>J>3? 9"
Y4?32" 3$ >9:524#$95":M

)$+
’ #$9:?‘$# @$2#?9$E$2_ :$93" 1"2 4#? Y4$:5<" 3$ :$‘42?9;?\ ?E4:?2 " 2$E$J>#$95" 3$ 4#? 5$95?A
$o>J>3? ?5] Y4$ ? >‘9>;<" :$^? E"K"A ": W>32": $K]52>E": $ 5$5" :"K?2 $K]A 5>W? W_K>3? 3$ 1?25>3? C$#"5?M
E?3? 9? @":>;<" @ M 52>E" p:$ $Y4>@?3"q D>E?# 3$:?J>K>5?A
3": Y4?93" " W$VE4K" $:5_ 9" &"3"
3$ 1?25>3? C$#"5?M  
     
 
   
     
  5  *+,-'
’ @?25>3? 3" #"5"2 @"3$2_ :$2 $D$A
12$::>"9?2 34?: W$X$: 2?@>3?#$95$ 54?3? 2$#"5?#$95$ @"2 34?: W$X$: *42?95$ " E>EK" 3$ 76 #>945":\ $9A
" J"5<" 3$ 1?25>3? C$#"5? 9? E"9:$E45>W?:M +952$5?95"\ 4# E>EK" 52$ 9" W$VE4K" @"25?93" 4#? Ea?W$
Ea?W$ $K$52v9>E?M ’: @"25?: 3" W$VA 3? >‘9>;<" 3$W$2_ :$2 $o$E45?3" W_K>3? $ @2$::>"9$ " J"5<" 3" E"#4A
E4K" :<" 52?W?3?: $ ?: K4X$: 3$ $:5?A p@2$::>"9?93" 34?: W$X$: " J"5<" 5?3"2 3$ >‘9>;<"M - #"3" 3$ @?25>3?
E>"9?#$95" @>:E?#M !? :$Y4Z9E>?\ ,.’C.n,.-1q @?2? Y4$ :$^? @"::VW$K 2$#"5? :$2_ $9E$22?3" $ " W$VE4K" $:A
? @?25>3? 3" #"5"2 :$2_ $D$54?3? $ 2$?K>X?2 ? @?25>3? 4#? 5$2E$>2? W$XM 5?2_ @2"95" @?2? :$2 E"934X>3" 9"2A
" W$VE4K" @$2#?9$E$2_ 9" &"3" 3$ #?K#$95$M
1?25>3? C$#"5? @"2 4# E>EK" 3$ 76
#>945":M  
     


 5  *+,-'  .
 12$::>"9?2 34?: W$X$: 2?@>3?#$95$   '
" J"5<" 3$ 1?25>3? C$#"5? 9?
,$ 3$5$E5?3? Y4?KY4$2 D?Ka? 9" #"A
Ea?W$ $K$52v9>E? "4 ?‘4?23?2 " E>EK"
  !
5"2 "4 J?>o" 9VW$K 3$ E"#J4:5VW$K\ "
#"5"2 :$2_ 3$:K>‘?3" ?@g: 7G :$‘49A
3$ 76 #>945": E"# " #"5"2 $# D49A L EL M
E>"9?#$95"M
3":M - :>:5$#? ,$952x z$x >#@$3$ ?
45>K>X?;<" 9<" ?45"2>X?3? 3" W$VE4K"\
 3$:?5>W?93" ? @?25>3? 3" #"5"2M
’: K4X$: 3$ $:5?E>"9?#$95" :$2<"
K>‘?3?: $ ?::># :$2<" #?95>3?: 34A 1?2? $W>5?2 3$:K>‘?#$95": 9<" >9A - :>:5$#? 9<" 9$E$::>5? 3$ a?J>A
2?95$ 5"3" " @$2V"3" $# Y4$ " W$VA 5$9E>"9?>:\ " :>:5$#? :$2_ 3$:?J>K>A K>5?;<"n?5>W?;<"% " D49E>"9?#$95" ]
E4K" $:5>W$2 9" &"3" 3$ 1?25>3? C$A 5?3" E"# 4#? @2$::<" :>#@K$: 3" J"A ?45"#_5>E"\ >93$@$93$95$#$95$ 3"
#"5?M 5<" 3$ 1?25>3? C$#"5? 9? Ea?W$ D?5" 3?: @"25?: 3" W$VE4K" $:5?2$#
$K$52v9>E? $# ?5] 3">: :$‘493": ?@g: JK"Y4$?3?: "4 3$:JK"Y4$?3?:M

)$,
8"K"E?93" " E"#45?3"2 3$ >‘9>A Ea?W$ $K$52v9>E? p:$ $Y4>@?3"q 3" @2"W"E?2 @2"JK$#?: 3$ @?25>3? $ ?
;<" 9? @":>;<"  \ " :>:5$#? ,$9A J"5<" ,.’C.n,.-1 $ @2$::>"9_AK" 3$:?5>W?;<" 3? D49;<" 3$ @2"5$;<"M
52x z$x >3$95>D>E? " Eg3>‘" 52?9:#>A @?2? 4#? 9"W? 5$95?5>W? 3$ @?25>3?\
."3?: ?: Ea?W$: D"29$E>3?: E"# "
5>3" @$K? Ea?W$M ,$ " Eg3>‘" D"2 2$E"A "4 E"K"E?2 " E"#45?3"2 3$ >‘9>;<"
W$VE4K" D"2?# @2"‘2?#?3?: $# D49A
9a$E>3" E"#" W_K>3"\ " :>:5$#? ,$9A 9? @":>;<"  @ $ 9"W?#$95$
;<" 3" :>:5$#? $K$52v9>E" @2$:$95$
52x z$x ?45"2>X? ? @?25>3? 3" #"5"2M $#  c :$ " JK"Y4$>" @$2:>:5>2\
9" @2g@2>" W$VE4K"M
U"K5?93" ? E"K"E?2 " E"#45?3"2 W"K5?2 ? 5$95?2 E"# ?: "452? Ea?W$:
D"29$E>3?:M ,$ ?>93? 9<" D"2 @"::VW$K 8?3? Ea?W$ @"::4> 4# Eg3>‘" @2gA
3$ >‘9>;<" 9? @":>;<"  @ \ "
K>‘?2 " #"5"2\ 3>2>‘>2A:$ f   @2>" Y4$ 3$W$ :$2 #$#"2>X?3" @$K?
:>:5$#? ,$952x z$x 3$:?5>W? ? E$952?K
! = ,  > M E$952?K 3" :>:5$#?M 1?2? ? #$#"2>A #
Y4$ E"952"K? " #"5"2\ >#@$3>93"\
X?;<" 3$ 9"W?: Ea?W$:\ 3>2>‘>2A:$ f
?::>#\ ? @?25>3? 3" #$:#"M ,$ " VE"9$ D"2 W>:4?K>X?3" 34A C$3$ 3$ ’::>:5Z9E>? b$$@M
1?2? ": @2"E$3>#$95": 3$ @?25>3? 2?95$ ? #?2Ea?\ :>‘9>D>E? Y4$ " :>:A
3" #"5"2 E"22$5":\ E"9:4K5?2 " @?2_A 5$#? $:5_ $D$54?93" 4# ?45"3>?‘A
9g:5>E" p3$W>3"\ @"2 $o$#@K"\ ? 4#?
‘2?D" w1?25>3? 3" #"5"2y 9" E?@V54K"
Y4$3? 3$ 5$9:<"qM ,$ ? W>:4?K>X?;<"
  '
r1?25>3? $ -@$2?;<"rM
@$2:>:5>2\ 3>2>‘>2A:$ f   ! &    "
= ,  > M
!!" / .- 0
!!  &
!" - ?K?2#$ ] @2$W>:5" $# ?3>;<" ?
 5"3?: ?: D49;[$: 3" 5$K$E"#?93" ^_
,$\ 342?95$ ? @?25>3?\ " Eg3>‘"
!<" W>"K?2 " :>:5$#? ,$952x z$x ?95$2>"2#$95$ 3$:E2>5?:M
3? Ea?W$ 9<" 5>W$2 :>3" 2$E"9a$A
M +W$954?>: #"3>D>E?;[$:n?K5$2?;[$:
E>3" E"22$5?#$95$\ 9" Y4?32" 3$
@"3$# @2"W"E?2 ? 3$:?5>W?;<" 3?
>9:524#$95": ] W>:4?K>X?3" " VE"9$   !!"
D49;<" 3$ @2"5$;<"M
pE"9:4K5?2 ? :$;<" w)4X$: 3$
- :>:5$#? ,$952x z$x 9<" ] E"#@?A - ?K?2#$ >95$2W]# 9": :$‘4>95$:
?3W$25Z9E>?: $ #$9:?‘$9:y 9"
5VW$K E"# ?K‘49: :>:5$#?: 3$ >‘9>;<" E?:":%
E?@V54K" r8"9a$E$93" " :$4 @?>9$K
3$ >9:524#$95":rqM +:5? E"93>;<" f 3>:5d9E>? 3>:@"9VW$>: 9" #$2E?3"M
>#@K>E? 9? @?2?3? 3" #"5"2 ?@g: L ’ 45>K>X?;<" 3$:5$: 3>:@":>5>W": @"3$  ’J$2542? 9<" ?45"2>X?3? 3$ 4#?
:$‘493":M !$:5$ E?:"\ ?@2"o>#?2 ? "4 #?>: @"25?:\ 3" E?@v 3" #"A
)$-
5"2 "4 3? 5?#@? 3" @"25?A#?K?: $o5$29" 3? @"25?M 1?2? #?>: >9D"2#?A

p@2"5$;<" @$2>#$52?KqM ;[$:\ E"9:4K5?2 ? "@;<" w1?::>W$ +9A
- :>:5$#? 3$ ?K?2#$ ?45"#"5>W" ] 52xy 9" @?2_‘2?D" w1"25?:yM
 ’E>"9?#$95" 3" E"#45?3"2 3$
4# :>:5$#? E"#@K$#$95?2 3$ :$‘4A
>‘9>;<" p45>K>X?;<" 3$ 4#? Ea?W$ 8"# $oE$;<" 3$ ?K‘49: #$2E?A
2?9;? 3$:$9W"KW>3" @?2? 3>D>E4K5?2 ?
9<" 2$E"9a$E>3? @?2? ? @":>;<" 3":\ ?: :$5?: $D$54?# 4#? :>9?K>X?A
"E"22Z9E>? 3$ D425" 3" W$VE4K"\ J$#
qM ;<" K4#>9":? :>#@K$:\ 4#? :>9?K>X?A
E"#" ? ?;<" "4 ?5" 3$ W?93?K>:#"
3$ 5$2E$>2":M ;<" ?Eu:5>E? $ ?5>W? " 52?W?#$95" 3?:
’ >95$2W$9;<" 3" ?K?2#$ @2"W"E? @"25?:M
" ?E>"9?#$95" 3? :>2$9$ $ 3": >93>A
E?3"2$: 3$ 3>2$;<"M 8"# " ?K?2#$ K>‘?3"\ 9" Y4?32"

3$ >9:524#$95": E"#$;? ? @>:E?2 ?
- :>:5$#? 3$ ?K?2#$ $K$52v9>E" 9<" K4XA$:@>? !
 #"9>5"2? ? Y4$J2? 3$ W>32": $ ? #"A
W>#$95?;<" 3$ 4#? $W$954?K >9W?:<"
’ D49;<" 3$ JK"Y4$>" 3" #"5"2 ] 9" >95$2>"2 3" W$>E4K"M
‘?2?95>3? @$K" :>:5$#? ,$952x z$x¢\
Y4$ :$ ?5>W? ?45"#?5>E?#$95$\ $oA
52?>93" ? Ea?W$ 3" 3>:@":>5>W" 3$ >‘A !!  !!"
9>;<" "4\ 9?: W$2:[$: $Y4>@?3?: E"#
- ?K?2#$ :"#$95$ :$2_ ?5>W?3"
:>:5$#? z$xK$:: +95$2A!AR"\ :?>93"
E"# @"25?: $ E?@v D$Ea?3": $ " E"A
3" W$VE4K" K$W?93" E"9:>‘" ? Ea?W$
#45?3"2 3$ >‘9>;<" 9? @":>;<" 
$K$52v9>E? $ $D$54?93" " JK"Y4$>" 3?:
"4 $o52?V3?M
@"25?:M
1?2? ?5>W?2\ @":>E>"9$ ? Ea?W$ $# ’ ?5>W?;<" 3" ?K?2#$ ] @2$E$3>3?
3>2$;<" ?" W$VE4K"\ 3$@">: @2$::>"9$ @"2 4#? D?:$ 3$ ?45"3>?‘9g:5>E"M
 $ :"K5$ " J"5<" M 1?2? W$2:[$:
- ?K?2#$ ] ?3$Y4?3" 3$ "2>‘$# f: !" E?:" $# Y4$ :$^? 3$5$E5?3?
E"# Ea?W$ $K$52v9>E?\ ? ?5>W?;<" 3"
9"2#?: 3": 3>D$2$95$: @?V:$:M 4#? ?9"#?K>?\ ] $#>5>3" 4#? :>9?K>A
?K?2#$ @"3$ 5?#J]# :$2 $D$54?3?
X?;<" ?Eu:5>E?M
?52?W]: 3? @2$::<" 3" J"5<" rJK"A
Y4$>" 3$ @"25?:r :>54?3" 9" @4o?3"2

)$!.
,$ D"2 $#>5>3? 4#? :$‘493? :>A 1?2? W$2:[$: E"# Ea?W$ $K$52v9>E?\ '
9?K>X?;<" ?Eu:5>E? ?@g: ? ?5>W?;<" ? 3$:?5>W?;<" 3" ?K?2#$ @"3$ 5?#A
3" ?K?2#$\ 3$:?5>W_AK" @2$::>"9?93" J]# :$2 $D$54?3? @$K" @2"@2>$5_2>" 3? !!"@!!"
" J"5<" \ W$2>D>E?2 " D$Ea?#$95" Ea?W$ :$‘42?93" 94# 3": @4o?3"2$: !J! ! !
E"22$5" 3?: @"25?:\ 3" E?@v 3" #"A 3>?95$>2":M 1?2? #?>: >9D"2#?;[$:\  
5"2 $ 3? 5?#@? 3" @"25?A#?K?:c $# E"9:4K5?2 ? "@;<" w1?::>W$ +952xy 9"
,$ 5"3?: ?: @"25?: $:5>W$2$# E"22$A
:$‘4>3?\ 2$?5>W?2 " :>:5$#? @2$::>"A @?2_‘2?D" w1"25?:yM
5?#$95$ D$Ea?3?:\ D>E?2<" 52?W?3?:
9?93" " J"5<" M ?45"#?5>E?#$95$ ?" 4K52?@?::?2 ?
,$ " ?K?2#$ $#>5>2 4# :>9?K :"9"2"  W$K"E>3?3$ 3$ ?@2"o>#?3?#$95$ LG #
#$:#" E"# ?: @"25?:\ E?@v $ 5?#@? h#na pD49;<" r’45"EK":$rqM
’E>"9?93" ? ?J$2542? E$952?K>X?3?
3" @"25?A#?K?: E"22$5?#$95$ D$Ea?A ?52?W]: 3" E"2@" #$5_K>E" 3? Ea?W$\ 12$::>"9?2 " J"5<" 9" @?>9$K
3":\ :>‘9>D>E? Y4$ D"> 3$5$E5?3? 4#? " ?K?2#$ 9<" :$ 3$:K>‘?M 3? @"25? 3" K?3" 3" E"9345"2 "4
?9"#?K>? 9" D49E>"9?#$95" 3" :>:A 3" K?3" 3" @?::?‘$>2" @?2? $D$54?2
5$#?% 9$:5$ E?:"\ 3>2>‘>2A:$ f   " 52?W?#$95" 3?: @"25?:\ 5?#@? 3"
! = ,  > : N  !!" @"25?A#?K?: $ 5?#@? 3$ E"#J4:5VW$KM
1?2? $oEK4>2 5"5?K#$95$ " ?K?2#$ 8"# ?: @"25?: 52?W?3?:\ @2$::>"9?2
!!  !!" p@"2 $o$#@K"% $# E?:" 3$ >9?5>W>A
" J"5<" @?2? $D$54?2 " 3$:52?W?A
3?3$ @2"K"9‘?3? 3" W$VE4K"q $D$54?2
12$::>"9?2 " J"5<" 9? Ea?W$M #$95" 3?: @"25?:\ 5?#@? 3" @"25?A
" D$Ea?#$95" 3$ D"2#? #?94?K\ 45>A
#?K?: $ 5?#@? 3$ E"#J4:5VW$KM
,<" $D$54?3?: ?: :$‘4>95$: ?;[$: K>X?93" ? Ea?W$ 9? D$Ea?342?M
pE"# $oE$;<" 3$ ?K‘49: #$2E?3":q%

 *">: J2$W$: ?E$93>#$95": 3": >9A s4?93" :$ 3$:E?22$‘?2$# ?:
3>E?3"2$: 3$ 3>2$;<"M @>Ka?: 3? Ea?W$ E"# 5$K$E"#?93"\
 *">: J2$W$: :>9?>: ?Eu:5>E": @?2? 3$:?5>W?2 " ?K?2#$\ @":>E>"9?2
p"93$ @2$:$95$:q ? Ea?W$ pK?3" "@":5" 3? Ea?W$ 3$
 *$:52?W?#$95" 3?: @"25?:M $#$2‘Z9E>?q 3" W$VE4K" @2go>#" ?"
J"5<" 3$ >‘9>;<" ,.’C.n,.-1M
)$!!
 *
 @ *
 
 -' D$Ea?3?: $ ? 5?#@? 3" @"25?A#?K?: EL &&  !
?J$25?M (#? W$X @2$::>"9?3" " J"A L
- 52?W?#$95" >93>W>34?K 3?: @"2A
5?: @"3$ 5?#J]# :$2 $D$54?3" ?54A 5<" 9? Ea?W$\ $:5?2_ @2$3>:@":5"
?93" 9" J"5<" 3$ 52?W?#$95" :"J2$ " 52?W?#$95" 3$ 5"3?: ?: @"25?:\
? #?;?9$5? 3$ ?J$2542? 3?: @"25?:M >9EK4>93" ? 5?#@? 3" @"25?A#?K?:
?J$25?M s4?93" ? 5?#@? 3" @"25?A !#!
1?2? 3$:52?W?2 ?: @"25?: D2"95?>:\ #?K?: D"2 D$Ea?3?\ :$2_ JK"Y4$?3? $ - D49E>"9?#$95" 3" :>:5$#? 3$ 2$A
@4o?2 ? #?;?9$5? 3$ ?J$2542? 3?: ^_ 9<" :$ @"3$2_ ?J2>2 @$K" $o5$2>"2M E"9a$E>#$95" 3$@$93$ 3$ W_2>": D?A
@"25?: ?5] " @2>#$>2" J?5$95$ "4 ?54?2 5"2$: E"#"\ @"2 $o$#@K"\ ? $W$954?K
9" J"5<" 3$ 52?W?#$95" :"J2$ ? #?A >95$2D$2Z9E>? 3$ "93?: $K$52"#?‘9]5>A
;?9$5?M 1?2? 3$:52?W?2 ?: @"25?: 52?A E?: $#>5>3?: @"2 D"95$: $o5$29?: p@"2
:$>2?:\ ?54?2 9" J"5<" 3$ 52?W?#$95" $oM E$K4K?2$:q\ " $:5?3" 3$ E?2‘? 3?
:"J2$ ? #?;?9$5? 3? @"25? $# Y4$:A !#! J?5$2>? 3? Ea?W$ $K$52v9>E? $ ? @2$A
5<"M 8$25>D>E?2A:$ 3$ Y4$ 5$# E"9:>‘" ? :$9;? 3$ "J^$5": #$5_K>E": 9? @2"o>A
Ea?W$ 9" #"#$95" 3" D$Ea?#$95" #>3?3$ 3? @2g@2>? Ea?W$ "4 3" W$VA
3? @"25? "4 3? 5?#@? 3" @"25?A#?K?:\ E4K"M
!!"@!!" 3$ #"3" ? $W>5?2 D$Ea?2 ? @2g@2>?
! !  N Ea?W$ 9" >95$2>"2 3" W$VE4K"M !$:5$: E?:":\ ]\ E"9543"\ @"::VW$K
 *
     ' (& $D$54?2 " 3$:JK"Y4$>" 3?: @"25?: 45>A
(#? W$X D$Ea?3? 9" >95$2>"2\ ? K>X?93" " E"2@" #$5_K>E" @2$:$95$ 9"
 ) E"# @"25?: D$Ea?3?:\ @2$::>"9?2
Ea?W$ :g @"3$ :$2 2$E4@$2?3? E"# >95$2>"2 3? Ea?W$ $K$52v9>E?M
" J"5<" 9? Ea?W$M ? 45>K>X?;<" 3? :$‘493? Ea?W$ D"29$A
E>3?M - :>:5$#? 1?::>W$ +952x ] E?@?X 3$
 >3$95>D>E?2 ? @2$:$9;? 3$ 4#? Ea?W$
 *
     ' (& $K$52v9>E? 9? @2"o>#>3?3$ 3?: @"25?:
=9:$2>2 $ ‘>2?2 ? Ea?W$ 9? D$Ea?342?
3? @"25? 3" #"5"2>:5? 52?W? $oEK4:>A   ) @2$::>"9?2 " J"5<" 9? $ 3? 5?#@? 3" @"25?A#?K?:M
W?#$95$ $::? @"25?M Ea?W$ "4 >9:$2>2 $ ‘>2?2 " E"2@" #$A
- :>:5$#? @$2#>5$ 52?W?2n3$:52?W?2
5_K>E" p@2$:$95$ 9" >95$2>"2 3? Ea?W$q
?: @"25?: p"4 ? 5?#@? 3" @"25?A#?K?:q
9? D$Ea?342? 3? @"25? 3" K?3" 3"
- 52?W?#$95" 3?: @"25?: @"3$
#"5"2>:5?M
?>93? :$2 ?5>W?3" E"# 5"3?: ?: @"25?:
)$!"
:$# 5$2 Y4$ @2$::>"9?2 9$9a4# J"5<" ?5>W?2_ 5?#J]# " ?K?2#$ p:$ $Y4>A

9? Ea?W$ $K$52v9>E?M @?3"qM
,$ $:5>W$2 4:?93" K4W?: "4 :$ 5>W$2
,$ " :>:5$#? >3$95>D>E?2 E"#" W_A Ea"W>3" $ " @4o?3"2 3? @"25? $:5>W$2
K>3? ? Ea?W$ $K$52v9>E? 3$5$E5?3? 9" #"Ka?3"\ ] @"::VW$K Y4$ ? :$9:>J>K>A
$o5$2>"2 3" W$VE4K"\ J?:5? E"K"E?2 ? 3?3$ 3$ ?5>W?;<" 3" 1?::>W$ +952x D>A
#<" $# 4# 3": @4o?3"2$: 3?: @"2A Y4$ 2$34X>3? $\ E"9:$Y4$95$#$95$\
5?: 3>?95$>2?: @?2? 3$:?5>W?2 " ?K?2#$ " 5$#@" 3$ 2$?;<" 3? D49;<" :$^?
$ 3$:52?W?2 " #$E?9>:#" 3$ ?J$2542? #?>: K"9‘"M
3?: @"25?: $ 3? 5?#@? 3" @"25?A#?K?:M #
-93$ ? D49E>"9?K>3?3$ $:5>W$2 @2$A 8"K"E?93" ? #<" 9" @4o?3"2 3?
:$95$\ E"K"E?93" ? #<" 9" @4o?A @"25? 3" K?3" 3" @?::?‘$>2"\ 5"3?: ?:
3"2 3? @"25? 3" E"9345"2\ ] @"::VW$K @"25?: $ ? 5?#@? 3" @"25?A#?K?: :$ !0- E"K"E?2 ? #<" :"J2$ " @4o?A
3$:52?W?2 ?@$9?: ? @"25? 3" K?3" 3" 3$:52?W?#M 3"2 3? @"25? @?2? @2$::>"9?2 " J"5<"
#"5"2>:5? "4 5"3?: ?: @"25?: $# D49A 3$ 52?W?#$95"M .?K ?;<" @"3$ 3$:A
;<" 3? #"3?K>3?3$ 3$D>9>3? ?54?93"  *
     52?W?2 ?E>3$95?K#$95$ ?: @"25?:M
9" #$94 "4 9" :>:5$#? (E"99$E5£
1?2? $D$54?2 " 52?W?#$95" 3?: @"2A
p@?2? #?>: >9D"2#?;[$:\ E"9:4K5?2 "
5?:\ @2"E$3$2 E"#" >93>E?3" ? :$‘4>2%
:4@K$#$95" $:@$EVD>E"qM
 8$25>D>E?2A:$ 3$ Y4$ 5$# E"9:>‘"
? Ea?W$ $K$52v9>E? $ Y4$ :$ $9A
E"952? @2go>#" 3" @4o?3"2 3?
@"25? 3" K?3" 3" #"5"2>:5? "4 3"
@?::?‘$>2"M
 12$::>"9?2 " J"5<" r.2?W?#$95"
3?: @"25?:r :>54?3" 9" @4o?3"2\
3$:5$ #"3"\ :$2<" 52?W?3?: 5"3?: 
?: @"25?: $ ? 5?#@? 3" @"25?A *$@">: 3$ 5$2 @2$::>"9?3" " J"5<"
#?K?:M - 52?W?#$95" 3?: @"25?: 3$ r52?W?#$95" 3?: @"25?:r\ ] 9$E$:A
)$!%
:_2>" ?‘4?23?2 L :$‘493": ?95$: 3$ r8a?W$:r 3$:5$ #$:#" E?@V54K"M =9A J"5<" 9? #"K342? >95$29? 3" @?>A
@"3$2 9"W?#$95$ 3$:52?W?2 ?: @"25?: :$2>2\ $# :$‘4>3?\ " E"2@" #$5_K>E" 9$K 3? @"25?\ 4#? W$X D$Ea?3?: 5"3?:
?52?W]: 3" @4o?3"2M ’54?93" 9" @4A 3? Ea?W$ 9? D$Ea?342? 3? @"25? 3" ?: @"25?: ?J$25?:\ " W$VE4K" $D$54? 4#
o?3"2 3? @"25? 9" $:@?;" 3$ L :$A K?3" 3" #"5"2>:5? $ ‘>2_AK" @?2? 3$:A E"952"K$ >95$29" $ $o5$29" @?2? W$2>A
‘493": ]\ ?::>#\ @"::VW$K W$2>D>E?2 :$ 52?W?2 ? @"25?M D>E?2 ? $W$954?K @2$:$9;? 3$ Ea?W$:
" W$VE4K" $:5_ E"22$5?#$95$ D$Ea?3"\ $K$52v9>E?: a?J>K>5?3?:M
:$# Y4$ ?: @"25?: :$^?# 9"W?#$95$
3$:52?W?3?:M 
,$\ 9" >95$2>"2 3" W$VE4K"\ D"2 3$A
- E"2@" #$5_K>E" 3? Ea?W$ 9<" 5$E5?3? 4#? 3?: Ea?W$: $K$52v9>E?: $
’: @"25?: $ ? 5?#@? 3" @"25?A#?K?: 5$# 4# :$95>3" 3$ >9:$2;<" "J2>‘?5gA 9$9a4#? "452? D"2 3$5$E5?3? 9" :$4
3" W$VE4K" @"3$# :$2\ 3$ Y4?KY4$2 2>"c @"3$\ ?::>#\ :$2 >952"34X>3" >9A $o5$2>"2\ ? D49;<" 1?::>W$ +952x 3$:A
D"2#?\ 52?W?3?: @2$::>"9?93" " J"5<" 3>D$2$95$#$95$ 9" >95$2>"2 3? D$Ea?A 52?W? ?45"#?5>E?#$95$ 5"3?: ?: @"2A
9? Ea?W$ $K$52v9>E? "4 9" @?>9$K 342?M 5?:\ $#>5$ 52Z: :>9?K>X?;[$: ?Eu:5>E?:
>95$29" 3? @"25? 3" W$VE4K"M $ ?E>"9? ": >93>E?3"2$: 3$ 3>2$;<"M
 ,$\ @$K" E"952_2>"\ 9" >95$2>"2
!4 -   
 5= ,     3" a?J>5_E4K"\ :$ $9E"952?2$#
’ D># 3$ $W>5?2 3$>o?2 >9W"K495?2>?A
 ' 
  4#? "4 #?>: Ea?W$: $K$52v9>E?:\
#$95$ ? Ea?W$ $K$52v9>E? 9" >95$2>"2
,$ ? Ea?W$ $K$52v9>E? 9<" D49E>"A 3" W$VE4K"\ ? D49;<" 1?::>W$ +952x @2$::>"9?93"A:$ " J"5<" \ " D49A
9?2\ @"2 $o$#@K"\ $# E?:" 3$ J?5$A $:5_ $Y4>@?3? E"# 4#? D49;<" ?45"A E>"9?#$95" 3?: Ea?W$: 9" >95$2>"2
2>? 3$:E?22$‘?3? 3? Ea?W$ $K$52v9>E? #_5>E? 3$ 3$:52?W?#$95" 3?: @"25?: 3" a?J>5_E4K" :$2_ 5$#@"2?2>?#$95$
"4 3" @2g@2>" W$VE4K"\ ]\ 9" $95?95"\ Y4$ D49E>"9? :$ " E"#45?3"2 3$ >‘A 3$:?5>W?3"M
@"::VW$K 45>K>X?2 " E"2@" #$5_K>E" 3$ 9>;<" $:5>W$2 9? @":>;<"  M 1?2? 2$?5>W?2 " :$4 E"22$5" D49E>"A
$#$2‘Z9E>? @2$:$95$ 9" >95$2>"2 3? 9?#$95"\ @2$::>"9?2 " J"5<" M
Ea?W$ @?2? ?E>"9?2 " 3$:52?W?#$95"
3? @"25? 3" K?3" 3" #"5"2>:5?M 
,$ 4#? 3?: @"25?: 3" W$VE4K" $:5>A 
1?2? $o52?>2 " E"2@" #$5_K>E"\ @2"A
W$2 ?J$25? $ D"2 @2$::>"9?3" " J"5<"
E$3$2 E"#" >93>E?3" $# r)>J$2?;<" ’: @"25?: :g :$2<" 3$:52?W?3?:
rJK"Y4$>" 3?: @"25?:r :>54?3" 9": @4A
3? Ea?W$ 3$ $#$2‘Z9E>?r 9? :$;<" Y4?93" 5>W$2$# :>3" D$Ea?3?: @2$:A
o?3"2$: 3?: @"25?: 3>?95$>2?:\ "4 "
)$!&
:>"9?93" " J"5<" r.2?W?#$95" 3?: >9D"2#?;[$:\ E"9:4K5?2 " :4@K$#$95"  *
   
   &
@"25?:r K"E?K>X?3" 9": @4o?3"2$: $:@$EVD>E"qM
'
3?: @"25?: 3>?95$>2?:\ "4 " J"5<" 1?2? $D$54?2 " 52?W?#$95" 3" @"25?A
9? #"K342? >95$29? 3" @?>9$K 3? !,   &
' #?K?:\ @2$::>"9?2 " J"5<" 9?
@"25?\ Y4?93" 4#? Ea?W$ $K$52v9>E? Ea?W$ $K$52v9>E? "4 9" @?>9$K >95$29"
W_K>3? D"2 2$E"9a$E>3? 9" >95$2>"2 3"  3$ 4#? @"25? 3>?95$>2?M +::? ?;<"
W$VE4K" $\ 9" $o5$2>"2 3" W$VE4K"\ ,$ ? Ea?W$ $K$52v9>E? D"2 $:Y4$E>3? 5?#J]# >2_ JK"Y4$?2 5"3?: ?: @"25?:
9<" D"2 3$5$E5?3? 9$9a4#? "452? 9" >95$2>"2 3" @"25?A#?K?:\ " 52?W?A 3" W$VE4K"M
Ea?W$ $K$52v9>E?M #$95" 3? 5?#@? 9<" :$2_ $D$54?3"\ ? #
9<" :$2 Y4$ $:5$^? @2$:$95$ 9" $o5$A ! *67@ *67   

1"2 :4? W$X\ " W$VE4K" 9<" 3$:JK"A 2>"2 4#? "452? Ea?W$ $K$52v9>E? 2$E"A
Y4$?2_ ?: @"25?: ?" W$2>D>E?2A:$ 4#? 9a$E>3? 9? @2"o>#>3?3$ 3" W$VE4K"M - :>:5$#? 1?::>W$ +952x @"3$ :$2
3?: :$‘4>95$: E"93>;[$:% ?5>W?3"n3$:?5>W?3" ?52?W]: 3" &$94
8"# " W$VE4K" JK"Y4$?3"\ ?" :$ 3" 3>:@K?x "4 3" :>:5$#? (E"99$E5£
$D$54?2 " 3$:52?W?#$95" ?@$9?: 3? p@?2? #?>: >9D"2#?;[$:\ E"9:4K5?2 "
 ’: @"25?: 5>W$2$# :>3" D$Ea?3?:
5?#@? 3" @"25?A#?K?:\ $ 9" @":5$2>"2 :4@K$#$95" $:@$EVD>E"qM
#?94?K#$95$ 45>K>X?93" ": @4A
D$Ea?#$95" D"2 3$5$E5?3? 4#? Ea?W$
o?3"2$: 3$ 52?W?#$95" 3?: @"25?:
9" :$4 >95$2>"2\ 5"3?: ?: @"25?: :$2<"
p"4 " E"2@" #$5_K>E" 3? Ea?W$\    !!
3$:52?W?3?: $ ?: K4X$: @>:E?2<" 34?:
?@$9?: @?2? ? @"25? 3" #"5"2>:5?qM !! !!
W$X$:M
 .>W$2 :>3" 3$5$E5?3? 9" $o5$2>"2
4#? Ea?W$ $K$52v9>E? 9?: @2"o>A
#>3?3$: 3" W$VE4K"M 
’95$: 3$ E"K"E?2 " W$VE4K" $# #"A !#!
,$ ? D49;<" 1?::>W$ +952x D"2 3$:?A W>#$95"\ E$25>D>E?2A:$ 3$ Y4$ " @"25?A (5>K>X?2 :$#@2$ $:5$ 3>:@":>5>W"
5>W?3? ?54?93" 9" &$94 3" 3>:@K?x #?K?: $:5$^? E"22$5?#$95$ D$Ea?3"M Y4?93" 52?9:@"25?2 E2>?9;?:M
"4 9" :>:5$#? (E"99$E5£\ ?: @2"5$A
;[$: @?2? $W>5?2 3$>o?2 >9W"K495?2>?A *$@">: 3$ 5$2 ?E>"9?3" " 3>:@":>A
#$95$ ? Ea?W$ $K$52v9>E? 9" >95$2>"2 5>W" $# ?#J?: ?: @"25?: 52?:$>2?:\ W$A
3" W$VE4K" 3$:?5>W?#A:$ p@?2? #?>: 2>D>E?2 ? :4? $D$5>W? ?5>W?;<" ?54?93"

)$!’
9" @4o?3"2 >95$29" 3$ ?J$2542? 3?: 3$:52?W?#$95" $K]52>E" 3?:
@"25?:M @"25?:M
!#!
)"E?K>X?3": @2go>#": ?": 52>9E":
-: 2$W$:5>#$95": 5Zo5$>: 3": J?9A
3?: @"25?: 52?:$>2?:\ >#@$3$# :4?   E": $:5<" 3>#$9:>"9?3": @?2? 2$:>:5>2
?J$2542? @$K" >95$2>"2M
!  %! 342?95$ #4>5" 5$#@" ?" 3$:‘?:5$ 2$A
- 3>:@":>5>W" :g @"3$ :$2 ?E$::?3" :4K5?95$ 3? 45>K>X?;<" 9"2#?K 3" W$VA
-: J?9E": 3>?95$>2": @"3$# :$2
$ ?5>W?3" E"# ?: @"25?: ?J$25?:M 1?2? E4K"M
2$‘4K?3": 3$ #"3" ? ‘?2?95>2 " #_A
>::"\ 45>K>X?2 4#? Ea?W$ 3$ D$93?
o>#" E"9D"25" 3": "E4@?95$:M !" $95?95"\ ] 9$E$::_2>" $W>5?2
?@2"@2>?3? $ ‘>2_AK"%
’ 2$‘4K?‘$# 3" J?9E" 3" E"9345"2 D2>E;[$: $oE$::>W?: $n"4 @2"K"9‘?A
3$W$ :$2 $D$54?3? "J:$2W?93"A:$ Y4$\ 3?: E"# ?E$::g2>": 3$ W$:54_2>"\ 5?>:
?" #?95$2 ?: E":5?: J$# ?@">?3?: E"#" D>W$K?: #$5_K>E?:\ ?@K>E?;[$:\
E"952? " $9E":5"\ ": @4K:": 3$W$# D>o?3"2$: $# W$KE2" $ :$#$Ka?95$:\
@"3$2 ?5>9‘>2 ? @?25$ :4@$2>"2 3" ?2" 4#? W$X Y4$ ": #$:#":\ ?54?93"
3" W"K?95$M 3$ #"3" K"E?K>X?3" $ E"# 4#? $K$A
W?3? @2$::<" 9": D>":\ @"3$# @2"W"A
’K]# 3>::"\ 3$W$ :$2 @"::VW$K @>:?2 E?2 ? 24@542? 3": #$:#":\ E"# E"9A
9" @$3?K 3" D2$>" ?5] " :$4 D># 3$ :$Y4$95$: 3?9": 9" 2$W$:5>#$95"M
E42:"M
%! !  !!&
 ’5] ? @":>;<" % 3>:@":>5>W"

?5>W" p@"25? JK"Y4$?3?qc
 ’5] ? @":>;<" % 3>:@":>5>W" ’K‘4#?: W$2:[$: $:5<" $Y4>@?3?:
!#! E"# 2$‘4K?‘$# #$Ed9>E? @?2? "
3$:K>‘?3" p? @"25? @"3$ :$2 ?J$25?
@$K" >95$2>"2qM s4?KY4$2 2$‘4K?‘$# 3$W$ :$2 $D$A J?9E" 3>?95$>2" 3" @?::?‘$>2"M
54?3? :"#$95$ E"# " W$VE4K" @?2?3"M
- :>:5$#? @$2#?9$E$
?5>W" #$:#" ?" $D$54?2 " *>2>^? :$#@2$ E"# :$‘42?9;?M

)$!*
5-'5
    ' 5 - ' 5-'5
 ,' 67   & 9<" 3>D>E4K5?2 " :$4 #"W>#$95" $ E?4A
, :?2 3?9": ?": :>:5$#?: 3$ 2$‘4K?‘$#M
)$W?95?2 ? ?K?W?9E? ! $ $#@422?2
" J?9E" @?2? ? D2$95$ "4 @?2? 52_:M ’54?2 9? ?K?W?9E? %\ ?E"#@?A ’K]# 3>::"\ "J^$5": 3$>o?3": 3$A
9a?93" " $9E":5" E"# " #"W>#$95" J?>o" 3" J?9E" @"3$# K>#>5?2 " #"A
3" 52"9E" p#?95$2 ? ?K?W?9E? ?E>"A W>#$95" 3" #$:#"M
9?3? ?5] ?5>9‘>2 ? @":>;<" 3$:$^?3? $
3$@">: :"K5_AK?qM ’52?W]: 3$:5$: J"5[$: ] @"::VW$K 2$A
‘4K?2 ? ?K542?\ ? @":>;<" 9" :$95>3"
%!  "! @ K"9‘>543>9?K $ ? >9EK>9?;<" 3" $9A #
!! " !" E":5"M
$! / .- 0
5-'5
    ' 5 - '
’K‘4#?: W$2:[$: @"3$# $:5?2 $Y4>A
@?3?: E"# 2$‘4K?‘$# $K]52>E? @?2? " +#@422?2 " >95$224@5"2 @?2? ? D2$95$
J?9E" 3" #"5"2>:5? $n"4 J?9E" 3" "4 @?2? 52_: @?2? 3$:K"E?2 " J?9E"
@?::?‘$>2"M -: >95$224@5"2$: $K]52>E": 9? 3>2$;<" E"22$:@"93$95$M - J?9E"
@?2? ": J?9E": 3>?95$>2": p2$‘4K?‘$# #"W$2_ 9? 3>2$;<" 3" >95$224@5"2M
@?2? " ?::$95" $ @?2? " $9E":5"q $:5<" )>J$2$ " >95$224@5"2 Y4?93" ? @":>;<"
!#!
K"E?K>X?3": 9": K?3": $o5$29": 3": 3$:$^?3? D"2 ?KE?9;?3?M
(#? W$X ?E>"9?3? ? ?K?W?9E?
J?9E":\ @2go>#": ?" ?::"?Ka"M (:$A
3$ 2$‘4K?‘$#\ W$2>D>E?2 :$#@2$ :$
": @?2? $D$54?2 ": ?^4:5$:M 5-'5

'- 
" J?9E" $:5_ JK"Y4$?3" 9?: ‘4>?:\
5$95?93" 3$:K"E_AK" @?2? ? D2$95$ $ 14o?2 "4 $#@422?2 " >95$224@5"2
@?2? 52_:M @?2? #"3>D>E?2 ? ?K542? 3" ?::$95" 3"
J?9E"M - J?9E" :$ #"W$2_ 9? 3>2$A
’ ?4:Z9E>? 3$:5$ JK"Y4$>" @"3$2_ ;<" 3" >95$224@5"2M )>J$2$ " >95$224@A
!#!
@2"W"E?2 " 3$:K"E?#$95" >9$:@$2?3" 5"2 Y4?93" ? @":>;<" 3$:$^?3? D"2 ?KA
3" J?9E" $ E?4:?2 ? @$23? 3$ E"9A !<" E"K"E?2 "J^$5": @"2 J?>o" 3"
J?9E" E"# 2$‘4K?‘$# $K]52>E? @?2? E?9;?3?M
52"K$ 3" W$VE4K"M

)$!+
5-'5
 ,' 67    %! ! 
 % !
14o?2 "4 $#@422?2 ? @?25$ D2"95?K
3" >95$224@5"2 @?2? #"3>D>E?2 " d9A -: J?9E": 52?:$>2": :<" J>@?25>3":
‘4K" 3$ >9EK>9?;<" 3? ?K#"D?3? 3" $ E"# $9E":5": 2$EKV9_W$>:M 1?2? "
?::$95"M - J?9E" :$ #"W$2_ 9? 3>2$A J?9E" J?9E" A L⁄ D>K$>2? $:5_ @2$W>:5"
;<" 3" >95$224@5"2M " 3$:K"E?#$95" K"9‘>543>9?K @?2?
D2$95$ @?2? $952?3? 3$ @?::?‘$>2":
@?2? " J?9E" 52?:$>2" A H⁄ D>K$>2?M
5-'5
'
4 '9 , & 
.-  %! ! & BO !
’54?2 9" >95$224@5"2% @?2? D2$95$ "4 - J?9E" 52?:$>2" L⁄ D>K$>2? 5$# " $9A
@?2? 52_: @?2? ?4#$95?2 "4 3>#>94>2 E":5" 2$EK>9_W$K $ @"3$ :$2 3$:K"E?3"
" :4@"25$ 3? X"9? K"#J?2c @?2? E>#? @?2? D2$95$\ 3$:K>X?93" :"J2$ " 52>Ka"\
"4 @?2? J?>o" @?2? :4J>2 "4 3$:E$2 ? @?2? @$2#>5>2 ? $952?3? 3$ @?::?‘$>A
@":>;<" 3" :4@"25$ K"#J?2M 2": @?2? ": J?9E": 3? 5$2E$>2? D>K$>2?M
5-'5
 ,' 67   &
1?2? "J5$2 ? $o@?9:<" 3? _2$? 3$
,
E?2‘? 3" W$VE4K"\ E?3? @?25$ 3"
+#@422?2 " >95$224@5"2 @?2? ? D2$95$ J?9E" 52?:$>2" 3? L⁄ D>K$>2? @"3$ :$2
"4 @?2? 52_: @?2? >9EK>9?2 " $9E":5" 5"5?K#$95$ 2$EK>9?3? pJ>@?25>3" FG
9? 3>2$;<" E"22$:@"93$95$M - $9A "4 IGqM =::" @$2#>5$ ? $o5$9:<" 3"
E":5" 3" J?9E" :$ #"W$2_ 9? 3>2$A $:@?;" @?2? 52?9:@"25$ 3$ E?2‘?
;<" 3" >95$224@5"2M )>J$2$ " >95$224@A pE"# ": J?9E": 3? H⁄ D>K$>2? 5?#J]#
5"2 Y4?93" ? @":>;<" 3$:$^?3? D"2 ?KA 2$J?5>3":q\ $9Y4?95" #?95]# ?K‘4#
E?9;?3?M $:@?;" @?2? "E4@?95$: 9" J?9E"
52?:$>2"\ E"9D"2#$ ? E"9D>‘42?;<"
3$:$^?3?M

)$!,
',
  ' 5 - '  
    5     CO
3 '  !#!
1?2? 3$:K"E?2 " J?9E" 52?:$>2" A L⁄ ’" 3$:K"E?2 " J?9E" @?2? D2$95$\
D>K$>2? @?2? ? $952?3? 3" @?::?‘$>2" ?E"#@?9a$ " #"W>#$95" K$95?A
@?2? ? H⁄ D>K$>2?\ $D$54?2 " :$‘4>95$ #$95$ E"# ?: #<":M
@2"E$3>#$95"%
8$25>D>Y4$ Y4$ $W$954?>: "J:5_E4A
K":\ 9<" >2<" :$ >95$2@"2 9" E42:" 3"
 14o?2 ? ?K?W?9E? ! 9? @?25$
J?9E" ?5] :$4 @$2D$>5" 52?W?#$95"M
#
:4@$2>"2 3" $9E":5" 3" J?9E"M


8$25>D>E?2A:$ 3$ Y4$ " E>95" 3$ :$A
‘42?9;? 9<" $:5$^? "J:524>93" " #"A
W>#$95" 3" J?9E" ?95$: 3$ >9>E>?2
" 3$:K"E?#$95" @?2? D2$95$M &?95$2
:$#@2$ ": E>95": @":>E>"9?3": 9?:
@2$:>Ka?: ?@2"@2>?3?:M

 +#@422?2 " J?9E" pJ>@?25>3" FG


 C$EK>9?2 4# @"4E" " $9E":5" "4 IGq @?2? D2$95$ ?5] " D># 3"
@?2? D2$95$M E42:"\ E"9D"2#$ ? :$5?\ @?2? Y4$
 1?2? 2$5"29?2 " J?9E" @?2? ? @"A
3$:K>X$ :"J2$ " 52>Ka" $ :"K5?2 ?
:>;<" "2>‘>9?K\ $#@422?2 " J?9E"
?K?W?9E?M
@?2? 52_: E"9D"2#$ ? :$5? $\ ? :$A
‘4>2\ 2$5"29?2 " $9E":5" @?2? :4?
@":>;<"M

)$!-
:>#>K?2 @?2? ": 3">: K?3": p@?::?‘$>2" 1?2? 2$J?5$2 " $9E":5" 3" J?9E"
$ #"5"2>:5?qM 52?:$>2"AL⁄ D>K$>2?\ $D$54?2 " :$‘4>95$
@2"E$3>#$95"%
5-'5
' 5 - '  4 ,
 BO 3 ' 
’E>"9?2 ? ?K?W?9E? >93>E?3? @$K?
:$5? $ $#@422?2 " J?9E" @?2? D2$95$ !#!
"4 @?2? 52_: @?2? 2$‘4K?2 K"9‘>543>A ’95$: 3$ 2$J?5$2 " $9E":5"\ 2$#"A
9?K#$95$M W$2 Y4?KY4$2 "J^$5" @2$:$95$ 9" ?:A
:$95" 3" J?9E"M
-J:$2W$ :$#@2$ ?: 2$E"#$93?A
;[$: 3$:5$ #?94?KM
!#!
’" 2$5"29?2 " J?9E" @?2? :4? @"A
:>;<" "2>‘>9?K\ ?E"#@?9a$ " #"W>A 
#$95" K$95?#$95$ E"# ?: #<":M ."3": ": ?@">?AE?J$;?: 3$W$2<"
$:5?2 ?J?>o?3": ?95$: 3$ 2$J?5$2 "
8$25>D>Y4$ Y4$ $W$954?>: "J:5_E4A $9E":5" 3" J?9E"M
K": p"J^$5": :"K5": "4 #$:#" ": @]:
3": @?::?‘$>2":q\ 9<" >2<" :$ >95$2@"2  ’E>"9?2 ? ?K?W?9E? % 9? @?25$ K?A
9" E42:" 3" J?9E" ?5] :$4 @$2D$>5" 5$2?K 3" J?9E" 52?:$>2"AL⁄ D>K$>2?\
4
    ,  4 ,
52?W?#$95"M @?2? E>#?M
  &BO 3 ' 
- J?9E" 52?:$>2"AL⁄ D>K$>2? ] J>@?2A
 5>3" $ @"::4> 2$J?5>#$95" 3" $9E":5"M
- @2"E$3>#$95" 3$ 3$:K"E?#$95"
8?3? $9E":5" 3" J?9E" 52?:$>2" pFG
3": J?9E": 3? L⁄ D>K$>2? @?2? ? $952?3?
"4 IGq @"3$ :$2 5"5?K#$95$ 2$EK>9?3"\
3$ @?::?‘$>2": @?2? ? H⁄ D>K$>2? ]
E"9D"2#$ ? E"9D>‘42?;<" 3$:$^?3?M

)$".
+:5? @2_5>E? $W>5? Y4$\ $# E?:" 3$
D2$9?‘$# J24:E?\ ": $9E":5": @":A
:?# :$2 @2"^$5?3": @?2? ? D2$95$\ E?4A
:?93" D$2>#$95": ?": @?::?‘$>2":M

5-'5
P-Q*'   , 
4 , & BO 3 ' 
-: $9E":5": 3": J?9E": 52?:$>2": L⁄
D>K$>2? @"3$# :$2 2$EK>9?3": @?2? 52_:M #
1?2? $D$54?2 $::$ 2$J?5>#$95"\ $D$A
 C$J?5$2 " $9E":5" 3" J?9E" @?2? 54?2 " :$‘4>95$ @2"E$3>#$95"%
D2$95$\ E"9D"2#$ ? :$5? pJ>@?25>3" 
FG "4 IGqM ’" 2$J?5$2 " $9E":5" 3" J?9E"
 ’E>"9?2 ? ?K?W?9E? 3$ 2$‘4K?‘$#
52?:$>2"AL⁄ D>K$>2? pJ>@?25>3" FGq\
3" $9E":5" % 9? @?25$ K?5$2?K 3"
E$25>D>E?2A:$ Y4$ " @"25?AE"@": 9<"
J?9E" 52?:$>2" @?2? E>#?M
$:5$^? ?J$25" $# @":>;<" 3$ 4:"M

 1?2? 2$5"29?2 " $9E":5" 3" J?9E"\


@4o_AK" @?2? E>#? $ ?E"#@?9a?2
" #"W>#$95" ?5] Y4$ " #$:#"
$:5$^? 52?W?3" $# :4? @":>;<"
"2>‘>9?KM

 ’E"#@?9a?2 " #"W>#$95" ?5]


!#!
Y4$ " $9E":5" 3" J?9E" $9E":5$
9" ?::$95"M 8$25>D>E?2A:$ 3$ Y4$ ": $9E":5":
$:5$^?# E"22$5?#$95$ 52?W?3":M  C$J?5$2 " $9E":5" 3" J?9E" @?2?
52_:\ E"9D"2#$ ? :$5?\ ?E"#@?A
)$"!
9a?93" " #"W>#$95" E"# :$‘4A

2?9;? $ :"K5?2 ? ?K?W?9E? Y4?93"
?5>9‘>2 ? @":>;<" 3$:$^?3?M ."3": ": ?@">?AE?J$;?: 3$W$2<"
$:5?2 ?J?>o?3": ?95$: 3$ 2$J?5$2 "
$9E":5" 3" J?9E"M

8$25>D>E?2A:$ Y4$ 9$9a4#? E?2‘?  14o?2 ? ?K?W?9E?  9? @?25$
E"K"E?3? 9" @"25?A#?K?: "J:524? " :4@$2>"2 3" $9E":5" 3" J?9E"M
3$:K"E?#$95" 3" $9E":5" 3" J?9E"M

%! ! & CO !  ’E"#@?9a?2 " #"W>#$95" 3$


- J?9E" 52?:$>2"AH⁄ D>K$>2? ] J>@?2A 3$:E>3? 3" $9E":5" ?5] Y4$ "
5>3" p6Gn6Gq $ @"::4> 2$J?5>#$95" 3" #$:#" $9E":5$ 9" ?::$95"M
$9E":5" >93>W>34?K#$95$M
1?2? "J5$2 ? $o@?9:<" 3? _2$? 3$
E?2‘? 3" W$VE4K"\ " $9E":5" 3$ E?3?
J?9E" 52?:$>2" @"3$ :$2 5"5?K#$95$
2$EK>9?3"M =::" @$2#>5$ ? $o5$9:<" 3"
$:@?;" @?2? 52?9:@"25$ 3$ E?2‘?\ $9A  C$J?5$2 " $9E":5" 3" J?9E" @?2?
Y4?95" #?95]# ?K‘4# $:@?;" @?2? D2$95$\ E"9D"2#$ ? :$5?M
"E4@?95$: 9" J?9E" 52?:$>2"\ E"9A
D"2#$ ? E"9D>‘42?;<" 3$:$^?3?M
1?2? 2$J?5$2 " $9E":5" 3" J?9E"
52?:$>2"AH⁄ D>K$>2?\ $D$54?2 " :$‘4>95$
@2"E$3>#$95"% 1?2? 2$5"29?2 " $9E":5" 3" J?9E"\
@2"E$3$2 E"#" ? :$‘4>2%

)$""
 ’J2>2 ? 5?#@? 52?:$>2? 3" @"25?A 5-'5
P-Q*'   ,  1?2? 2$‘4K?2 ? ?K542?\ K$W?95?2 "
#?K?:M 4 , & CO 3 '  ?@">?AE?J$;? ?5] "4W>2 " 2$:@$E5>W"
 14o?2\ 45>K>X?93" ?: E"22$>?: 3>:A 24V3" 3$ JK"Y4$>"M
’E>"9?2 ? ?K?W?9E? \ $#@422?2 "
@"9VW$>:  9? @?25$ 52?:$>2? 3" $9E":5" $ :"K5?2 ? ?K?W?9E? ?::># Y4$ 1?2? ?J?>o_AK":\ @2$::>"9?2 " J"5<"
J?9E" H⁄ D>K$>2?\ @?2? E"K"E_AK": ?5>9‘>2 ? @":>;<" 3$:$^?3?M 3$ ?^4:5$M
9? @":>;<" "2>‘>9?KM

' 
%! ! #
1?2? ?4#$95?2 ? :$‘42?9;? 3":
@?::?‘$>2":\ ": ?@">?AE?J$;?: :<" 2$A
‘4K_W$>: $# ?K542?M

! !&!%! !
!#!
5-'5 
 ’E"#@?9a?2 " 2$5"29" 3" J?9E" )$#J2$A:$ Y4$ ": ?@">?AE?J$;?:
E"# :$‘42?9;? ?5] Y4$ $:5$^? 52?A 3$W$# :$2 2$‘4K?3": $oEK4:>W?#$95$ 1?2? ": K4‘?2$: 52?:$>2": pL⁄ D>K$>2?q
W?3" 9? @":>;<" "2>‘>9?KM E"# " W$VE4K" @?2?3" $ 3$ #?9$>2? $:5<" @2$W>:5": 52Z: ?@">": 3$ E?J$;?\
Y4$ ? 94E?\ $ 9<" " @$:E";"\ :$ :$93" ": K?5$2?>: 2$‘4K_W$>: $# 3">:
?@">$ 9$K$:M 9VW$>: 3$ ?K542? $ " E$952?K 2$‘4K_W$K
 $# 4# 9VW$K 3$ ?K542?M
8$25>D>E?2A:$ Y4$ 9$9a4#? E?2‘? ,"#$95$ 9$:5? @":>;<" @"3$#
@2"5$‘ZAK" $# E?:" 3$ E"K>:[$:M 1?2? ": K4‘?2$: 52?:$>2": pH⁄ D>K$>2?q
E"K"E?3? 9" @"25?A#?K?: "J:524? "
$:5<" @2$W>:5": 3">: ?@">?AE?J$;?:
2$5"29" 3" $9E":5"M
E"# 2$‘4K?‘$# $# 4# 9VW$K 3$ ?KA
542?M

)$"%
 12$::>"9?2 ": J"5[$:\ 3$ ?^4:5$ $  
3$ K>J$2?;<"\ ?" K?3" 3": 3">:
:4@"25$: !"  !
 1"2 D>#\ 2$#"W$2 ":
?@">?AE?J$;?: @4o?93"A": ?5]
2$5>2?2 ?: a?:5$: 3?: :$3$: 9":
$9E":5": 3": J?9E":M !#!
’: 2$‘4K?‘$9: ?@$9?: 3$W$# :$2 2$A
?K>X?3?: E"# " W$VE4K" $:5?E>"9?3"
7M B"5<" 3$ K>J$2?;<"  $ " #"5"2 3$:K>‘?3"M
LM B"5<" 3$ ?^4:5$ -: ?@">?AE?J$;?: 52?:$>2":\ 4#?
,"#$95$ ?::># @"3$2_ :$2 ‘?2?9A
W$X 2$#"W>3":\ 3$W$# :$#@2$ :$2
5>3? ? :$‘42?9;?M
C$‘4K?‘$# @?2? E>#?% $K$W?2 " 2$@":>E>"9?3": E"22$5?#$95$ ?95$:
?@">" 3$ E?J$;? ?5] "4W>2 " 2$:@$EA 3$ @2"E$3$2 f 9"2#?K 45>K>X?;<" 3"
5>W" 24V3" 3$ JK"Y4$>"M W$VE4K"M C$>952"34X>2 ?: a?:5$: 3"
?@">?AE?J$;?: 9?: 2$:@$E5>W?: :$3$:\
C$‘4K?‘$# @?2? J?>o"% @2$::>"9?2 #?95$93" @2$::>"9?3": ": J"5[$: 3$ !#!
" J"5<" 3$ ?^4:5$ $ ?J?>o?2 " ?@">" ?^4:5$ $ 3$ K>J$2?;<"M +# :$‘4>3?\
3$ E?J$;?M e 5$2#>9?95$#$95$ @2">J>3? Y4?KA
2$@":>E>"9?2 ": ?@">?AE?J$;?: Y4$2 >95$2W$9;<" $# @g:AW$93?\ E"#
E"9D"2#$ ?: 9$E$::>3?3$:M E"9:$Y4$95$: 3?9": 9? 3>2$;<" "4

67
9? E"K49? 3$ 3>2$;<" p@"2 $oM #"9A
1?2? 2$#"W$2 ": ?@">?AE?J$;?:\ 5?‘$# 3$ :>:5$#? ?95>D425"qM
@2"E$3$2 E"#" >93>E?3" ? :$‘4>2%
’: >95$2W$9;[$: @"3$# E?4:?2\
?K]# 3? 3>#>94>;<" 3" 3$:$#@$9a"
 )$W?95?2 ": ?@">?AE?J$;?: ?5] f
3" :>:5$#? $ @$23? 3? ‘?2?95>?\
?K542? #_o>#?
‘2?W$: @2"JK$#?: 3$ :$‘42?9;?M
 C$J?5$2 ": $9E":5": 3" J?9E"\
?E>"9?93" ?: ?K?W?9E?: K?5$2?>:

)$"&
- W"K?95$ @"3$ :$2 2$‘4K?3" $#  '&    N&
?K542? $ $# @2"D493>3?3$% 
   A&
*$:K"E?2 ? ?K?W?9E? >93>E?3? @?2? 5-'5
'9 ,
"
J?>o" p$# 3>2$;<" ?" ?::"?Ka"qM
’ 2$‘4K?‘$# ] @"::VW$K :"#$95$
- $:@$Ka" 2$52"W>:"2 >95$29" ]
E"# " E"#45?3"2 3$ >‘9>;<" 9? @"A
$Y4>@?3" E"# 4# 3>:@":>5>W" E"952?
:>;<"  M
?E>3$95$: Y4$ " 3$:@2$93$ $# E?:"
3$ Ea"Y4$M
- $:@$Ka" $K$52"E2v#>E" ] E?@?X #
3$ #"3>D>E?2 ?45"#?5>E?#$95$ ? E?A
@?E>3?3$ 2$DK$5"2? @?2? $W>5?2 " "D4:A
E?#$95" 3" E"9345"2
- $:@$Ka" $K$52"E2v#>E" @"::4>
4#? 5$EK? @ @?2? ? ?5>W?A
;<"n3$:?5>W?;<" 3? D49;<" $K$52"E2vA
+D$54?2 ? 2$‘4K?‘$# 3" W"K?95$M #>E? ?95>"D4:E?#$95"M
 ’A 1":>;<" 9$452?
C$5"29?2 ? ?K?W?9E? f @":>;<" "2>A
‘>9?K @?2? 52?W?2 " W"K?95$ 9"W?A  BA ,$K$;<" 3" $:@$Ka" $:Y4$23"
#$95$M  8A 8"952"K$ 3? @":>;<" 3": $:@$A
Ka":M
 *A ,$K$;<" 3" $:@$Ka" 3>2$>5"
 +A C$E"Ka>#$95" $K]52>E" 3": 2$A
52"W>:"2$: p:$ $Y4>@?3"q


.$2#>9?3? ? 2$‘4K?‘$#\ ‘>2?2 " J"A
5<" 3$ :$K$;<" 3" $:@$Ka" @?2? ? @"A

)$"’
:>;<" 9$452? @?2? $W>5?2 3$:K"E?#$9A :>E>"9?2 " E"#45?3"2 3$ >‘9>;<" 9?    ! "&
5": ?E>3$95?>:M @":>;<"  @?2? E"K"E?2 ": $:@$A ! / .- 0
Ka": 9? @":>;<" 3$ #?2Ea?M 8?3? @?2?A:"K a_ 4# $:@$Ka" 3$
E"25$:>? >K4#>9?3"M 1?2? 4:?2 " $:@$A
 Ka"\ ‘>2?2 " @?2?A:"K @?2? J?>o" $ K$A
!#! W?95?2 ? E"J$2542?M ’: K4X$: :$ ?E$9A
*42?95$ ? #?2Ea?\ ": $:@$Ka": 3$A
s4?KY4$2 2$‘4K?‘$# 3$W$ :$2 $D$A 3$# ?45"#?5>E?#$95$ $ :<" 3$:K>‘?A
W$# :$2 #?95>3": :$#@2$ ?J$25":\
54?3? :"#$95$ E"# " W$VE4K" @?2?3"M 3?: ?" E"J2>2 9"W?#$95$ " $:@$Ka"M
949E? 3$W$# $:5?2 3"J2?3":M
*>2>^? :$#@2$ E"# :$‘42?9;?M
,'G
  -
Q ,  &
 *   / .- 0
+:5_ 3>:@"9VW$K\ @?2? ?K‘4#?: W$2A
!#! :[$:\ " 2$E"Ka>#$95" ?45"#_5>E" 3":
2$52"W>:"2$: $o5$29":M
’: K$95$: 3": $:@$Ka": 2$52"W>:"A
2$: :<" @?2?JgK>E?: $ ?4#$95?# " 1":>E>"9?2 " E"#45?3"2 3$ >‘9>;<"
E?#@" 3$ W>:<"M 9? @":>;<"  @?2? E"K"E?2 ": $:A
@$Ka": 9? @":>;<" 3$ #?2Ea?M
!" $95?95"\ 3>#>94$# " 5?#?9a" 7M 8"J$2542? 3" $:@$Ka" 3$ E"25$A
3? >#?‘$#\ 3?93" ? >#@2$::<" 3$ +:5? D49;<" @$2#>5$ #?>"2$: $:@?A :>?M
Y4$ " "J^$5" 2$DK$5>3" $:5_ #?>: 3>:A ;": $952$ ": W$VE4K": $# $:5?E>"9?A
5?95$ 3" Y4$ ? 2$?K>3?3$M #$95": $ @2"5$‘$ ": 2$52"W>:"2$: E"9A
52? ?E>3$95$:M
,'G
  '9 ,
1?2? 2$E"Ka$2 ": $:@$Ka":\ ‘>2?2 "
J"5<" :$K$5"2 @?2? ? @":>;<" 3$ 2$E"A
Ka>#$95" $K]52>E" "4 ?E>"9?2 ? 52?W?
$K]52>E? @$K? Ea?W$ $K$52v9>E?M 1"A

)$"*
 / 
"!  J
- E"#45?3"2 3$ K4X$:\ K"E?K>X?3"
9" K?3" $:Y4$23" 3" @?>9$K 3$ >9:524A
#$95":\ E"#?93? " D49E>"9?#$95"
3": D?2g>:\ 3?: K4X$: 3$ @":>;<"\ 3?:
K4X$: 3$ 2"3?‘$# 3>429?\ 3": D?2g>:
J?>o": $ 3?: K4X$: 3$ 9$JK>9? 3>?9A #
5$>2?:M
’ >K4#>9?;<" $o5$29? 3" W$VE4K"
5$# :4?: @2>9E>@?>: D49;[$: $o$E45?A
3?: Y4?93" " E"#45?3"2 3$ >‘9>;<"
$:5_ 9? @":>;<"  $ K4X$: 3$ $:5?A
E>"9?#$95" Y4?93" " E"#45?3"2 3$
>‘9>;<" $:5_ 9? @":>;<"  @M

)$"+
 6H  ,
-
’ 5?J$K? ? :$‘4>2 >93>E? ? E"93>;<" 3?: K4X$: A  p?E$:"q n  p?@?‘?3"q A 3$ ?E"23" E"# ? @":>;<" 3? ?K?W?9E?
3" E"#45?3"2 3$ K4X$:M

- ,  
   '-K /,
 ,
-  5 67 
0

-   67  -K   67 -K   67
-K ::: -K  ',  ' 4 (
'-K ,
-       

-! -OO -! -OO -OO

-! -OO -! -! -OO

-OO -! -! -! -!

’(.- A &-*-
-! -OO -! -OO -OO
*=’
’(.- A &-*-
-OO -! -! -! -!
!-=.+

!#!
8"# " E"#45?3"2 3$ >‘9>;<" $# ,.-1n-OO $ " E"#45?3"2 3$ K4X$: 9? @":>;<" \ ?: K4X$: 3$ @":>;<" E"95>94?2<"
?E$:?:M ’" ?J2>2 ? @"25? 3>?95$>2? $:Y4$23?\ 4# ?W>:" :"9"2" :$2_ ?5>W?3"\ >93>E?93" Y4$ ?: K4X$: 3$ @":>;<" $:5<"
?E$:?:M
1?2? ?@?‘_AK?:\ @":>E>"9?2 " E"#45?3"2 3$ K4X$: $# !\ "4 $# M

)$",
!< %!N J  %! J   "  &
 !
R>2?2 " E"#45?3"2 3$ K4X$: @?2? ? - >95$224@5"2 3?: K4X$: 3$ 9$JK>9?
@":>;<" @?2? ?E$93$2 ?: K4X$: 3$ $:5_ >95$‘2?3" 9" E"#45?3"2 3$ K4A ’E$93$#A:$ ?" @":>E>"9?2 " E"A
@":>;<"\ ?: K4X$: 3" Y4?32" 3$ >9:A X$:M #45?3"2 3$ K4X$: 9? @":>;<" :$A
524#$95": $ 5?#J]# ": D?2g>: J?>o":M 12$::>"9?2 " J"5<" @?2? ‘4>3" 3" :$4 3$:K>‘?#$95" "4\ ?@g:
K>‘?2n3$:K>‘?2 ?: K4X$: 3$ 9$JK>9?M 3$:K>‘?2 " W$VE4K"\ 52?9:>5?2 @?2? @"A
:>;<" M ’::>#\ 9" Y4?32" 3$ >9:A
J  !" !
524#$95": ?E$93$A:$ ? K4XA$:@>? :V#A
/:::  
   0 " J!  !& J"K" M #
"  !<
1?2? 3$:?5>W?2 ? D49;<"\ ] 9$E$::_A
+:5? D49;<" ?52?:? " 3$:K>‘?#$95" 2>" #43?2 " E"#45?3"2 3$ K4X$: 3?
!#! 3": D?2g>:M ’ 5$#@"2>X?;<" @"3$ @":>;<" @?2? Y4?KY4$2 "452? @"A
’: K4X$: 3>429?: 9<" :4J:5>54$# :$2 2$‘4K?3? ?54?93" 9" #$94 3" :>;<"M
": D?2g>: J?>o": 342?95$ ? E>2E4K?;<" 3>:@K?x "4 9" :>:5$#? (E"99$E5£\
9"5429? "4 $# 5u9$>:M :$93" E"9D>‘42_W$K $# G\ HG\ FG "4
~G :$‘493": p@?2? #?>: >9D"2#?;[$:\ !< !
- 4:" 3?: K4X$: 3>429?: ] 2$‘4A E"9:4K5?2 " :4@K$#$95" $:@$EVD>E"qM 1?2? K>‘?2 ": D?2g>: ?K5":\ $#@422?2
K?#$95?3" @$K" Eg3>‘" 3$ 52d9:>5"M
? ?K?W?9E? p$# 3>2$;<" ?" @?>9$K 3"
-J:$2W?2 ?: @2$:E2>;[$:M - 67 -    ,  -,-' W$VE4K"qM - E"#45?3"2 3$ K4X$: 3$W$
&?95$2 " E"#45?3"2 3$ K4X$: 9? :$2 ‘>2?3" @?2? ? @":>;<" ! "4
8"# " E"#45?3"2 3$ >‘9>;<" 9?
@":>;<" ! $\ $# :$‘4>3?\ 3$:K>A M
@":>;<"  $ " E"#45?3"2 3$ K4X$:
9?: @":>;[$: !\ "4 \ ?: K4A ‘?2 " W$VE4K"M -: D?2g>: @$2#?9$E$A ’ @":>;<" >9:5_W$K ?5>W?A:$
X$: 3$ 2"3?‘$# 3>429? $:5?2<" ?5>W?A 2<" ?E$:": @$K" 5$#@" E"9D>‘42?3" @4o?93" ? ?K?W?9E? $# 3>2$;<" ?"
3?: p9? @":>;<" ! a_ ? 3$@$9A @2$W>?#$95$M W"K?95$M
3Z9E>? E"# ? >K4#>9?;<" ?#J>$95$qM 8"# " D?2"K ?K5" K>‘?3"\ 9" Y4?A
32" 3$ >9:524#$95": ?E$93$A:$ ? K4XA
$:@>? M

)$"-
p@?2? #?>: >9D"2#?;[$:\ E"9:4K5?2 " E"952?:5$: 3$ K4X @"3$# >9DK4$9E>?2
:4@K$#$95" (E"99$E5£q M ? E?@?E>3?3$ 3$ 2$E"9a$E>#$95" 3"
:$9:"2M
!" @2>#$>2" ?E>"9?#$95" 3" D?A
2"K ?K5" p$#@422?93" ? ?K?W?9E? $:A ’ _2$? ?" 2$3"2 3" :$9:"2 9<"
Y4$23?q\ ?5>W?A:$ ? D49;<" p?E$93$A:$ 3$W$ :$2 E"J$25? E"# ?3$:>W": "4
? K4XA$:@>? 3$ E"2 W$23$ 9" Y4?32" Y4?KY4$2 "452" "J^$5"M
3$ >9:524#$95": qM !<" ?34K5$2?2 "4 $o$E45?2 Y4?KA
,$ ": D?2g>: ?K5": $:5>W$2$# ?E$:":\ Y4$2 "@$2?;<" 9? _2$? 3" @?2?AJ2>:?
- D?2"K ?K5" 3$:K>‘?A:$ W"K5?93" ? ?E$93$A:$ 5?#J]# ? K4XA$:@>? 3$ E"2 ?" 2$3"2 3" :$9:"2M
E"K"E?2 ? ?K?W?9E? 9? @":>;<" E$952?K ?X4K 9" Y4?32" 3$ >9:524#$95":M )>#@?2 E"2@": $:52?9a":\ E"#" $oA
$:5_W$KM
1?2? 3$:?5>W?2 ? D49;<" ?45"#_A E2$#$95": 3$ @_::?2":\ >9:$5":\ 9$W$
’ K4XA$:@>? ?@?‘?A:$ 9" Y4?32" 5>E?\ ‘>2?2 " ?2" 3" E"#45?3"2 3$ K4A "4 ‘$K" 9" @?2?AJ2>:?M (:$ 3$5$2‘$9A
3$ >9:524#$95":M X$: @?2? ? @":>;<" "4 3$:?J>K>A 5$: $:@$EVD>E": $ @?9": K>#@": @?2?
5?2 ? D49;<" 9" :>:5$#? (E"99$E5£ $W>5?2 ?22?9a?2 " @?2?AJ2>:?M
 R  ' -
Q , / .- & p@?2? #?>: >9D"2#?;[$:\ E"9:4K5?2 "
0 :4@K$#$95" $:@$EVD>E"q M !   
’ D># 3$ 9<" "D4:E?2 "452": E"9A !
345"2$: 9? $:52?3? " D?2"K :$ 3$:?A
 8"K"E?2 ? ?K?W?9E? $:Y4$23? 9?
5>W? ?45"#?5>E?#$95$ 9": E?:" $#
’.+!/¥- @":>;<" $:5_W$K%
Y4$ E24X?2 E"# "452": W$VE4K": "4
E?:" $:5$^? ?52_: 3$ "452" W$VE4K" 9" ’ D49E>"9?K>3?3$ @"3$ :$2 K>#>5?3?
#$:#" :$95>3" 3$ #?2Ea?M  1?2? E>#?% ?5>W?;<" 3" >93>E?3"2
"4 " :>:5$#? @"3$ 9<" D49E>"9?2 :$
3$ 3>2$;<" 3>2$>5"M
+:5? D49;<" ?5>W?A:$ ?54?93" 9" " :$9:"2 $:5>W$2 "J:524V3"M
 1?2? J?>o"% ?5>W?;<" 3" >93>E?3"2
&$94 3" 3>:@K?x "4 9" :>:5$#? - :>:5$#? @"3$ 5$2 :4? "@$2?;<" 3$ 3>2$;<" $:Y4$23"M
(E"99$E5 $ E"# " E"#45?3"2 3$ K>#>5?3? "4 9<" D49E>"9?2 $# E"9A
K4X$: ‘>2?3" @?2? ? @":>;<" ! 3>;[$: EK>#_5>E?: E"#" Ea4W? D"25$\
‘2?9>X" $ 9$W"$>2" $:@$::"M O"25$:

)$%.
!" @?>9$K 3$ >9:524#$95": !!"  !<     67  3 R 
>K4#>9?A:$ E"# >95$2#>5Z9E>? ?
  67  3 ( '-
 O49E>"9? ?@$9?: E"# " E"#45?3"2
K4XA$:@>? "4 M
3$ >‘9>;<" 9? @":>;<"  M
(#? E"22$5? "2>$95?;<" 3": D?2g>:
-: >93>E?3"2$: 3$ 3>2$;<" 1?2? $D$54?2 ? 2$‘4K?‘$#\ ‘>2?2 "
] 4# D?5"2 3$5$2#>9?95$ @?2? " E"9A
3$:?5>W?#A:$ ?45"#?5>E?#$95$ ?"
D"25" $ ? :$‘42?9;?\ 9<" :g 3" E"9A :$K$5"2 %
2$@"2 " W$VE4K" 9? @":>;<" 3$
345"2\ #?: 5?#J]# 3": "452": #"5"A
#?2Ea? 2$5>KV9$? "4 E?:" " E"9345"2
2>:5?: 3? $:52?3?M ’3$#?>:\ $:5? J"?  1":>;<" Gn7% 4#? "4 34?: @$::"?:
2$5"29$ ? ?K?W?9E? 3? $:Y4$23? f
@2_5>E? 2$:@$>5? ?: 9"2#?: 3" 8g3>‘" 9": J?9E": 3>?95$>2":M
@":>;<" E$952?K $:5_W$KM
3$ .2d9:>5" B2?:>K$>2"M #
 1":>;<" L% 5"3": ":
- 67   G 5 /
- 6  1?2? ‘?2?95>2 ? :> #$:#" $ ?": "4A J?9E": "E4@?3": ƒ E?2‘?
3 (0 52": ?: #$Ka"2$: E"93>;[$: 3$ W>:>J>A 49>D"2#$#$95$ 3>:52>J4V3? 9"
K>3?3$ ?" W>?^?2 E"# ": D?2g>: ?E$:":\ @"25?A#?K?:M - @$:" 5"5?K
,$#@2$ Y4$ :$ @2$5$93? ?::>9?K?2 " W$VE4K" 3$W$ 5$2 4#? "2>$95?;<" 3$ "E4@?95$: 3" W$VE4K" $
4#? #43?9;? 3$ D?>o?\ E"K"E?2 ? ?K?A E"22$5? 3": D?2g>:M E?2‘? 9<" 3$W$ 4K52?@?::?2 ?
W?9E? $:Y4$23? 9? @":>;<" >9:5_W$K E?@?E>3?3$ #_o>#? 3$ E?2‘? 3"
@"2 #$9": 3$ #$>" :$‘493"M *>2>‘>2A:$ 2$‘4K?2#$95$ f  
W$VE4K"M
! = ,  > @?2? " E"952"K$ $ ?
- >93>E?3"2 3$ 3>2$;<" 3" K?3" $W$954?K 2$‘4K?‘$#M  1":>;<" H% #"5"2>:5? ƒ E?2‘? 49>A
:$K$E>"9?3" >2_ :$ ?5>W?2 342?95$ 6 D"2#$#$95$ 3>:52>J4V3? 9" @"25?A
K?#@$^": @?2? 3$@">: :$ 3$:K>‘?2 ?4A - W$VE4K" ] $Y4>@?3" E"# 4# #?K?:M - @$:" 5"5?K 3" #"5"2>:5?
5"#?5>E?#$95$M 3>:@":>5>W" 3$ 2$‘4K?‘$# $K]52>E? 3": 3" W$VE4K" $ E?2‘? 9<" 3$W$ 4KA
D?2g>:\ u5>K Y4?93" :$ ?K5$2? " @$:" "4 52?@?::?2 ? E?@?E>3?3$ #_o>#?
? 3>:@":>;<" 3$ E?2‘?: 9" W$VE4K"M 3$ E?2‘? 3" W$VE4K"M


8"952"K?2 ? @":>;<" 3$ ?K>9a?A
#$95" 3": D?2g>: :$#@2$ Y4$ #43?2
" @$:" 3? E?2‘? 52?9:@"25?3?M

)$%!
!  !<  @"25?: @?2? @2"@"2E>"9?2 #?>: ?‘>K>A
%! 3?3$ 9? $952?3? 9" W$VE4K"M
1?2? " E"952"K$ $ ? $W$954?K 2$‘4A
K?‘$#\ 3>2>‘>2A:$ f   ! = & -K      & BO 3 ' 
,  > :
+:5<" 3>:@"9VW$>: 3">: E"9^495": 3$
K4X$: ! :>54?3": K?5$2?K#$95$ p:"J2$
   ?: ?K;?: 3$ :$‘42?9;? 3?: @"25?: 52?A
:$>2?:qM
-K      

- E"9^495" 3? K4X >95$29? 3>?9A ’95$: 3$ :?>2 3" W$VE4K"\
5$>2? @"::4> H :>54?;[$: 3>:5>95?:\ 3$ E$25>D>E?2A:$ 3$ Y4$ ?: Kd#@?3?: 3"
?E"23" E"# ? @":>;<" 3" >95$224@5"2% E"9^495" >95$29" $:5$^?# ?@?‘?3?:c
1":>;[$: 3" >95$224@5"2 E$952?K% 3$:5$ #"3"\ $W>5?A:$ ? 3$:E?2‘?
3? J?5$2>?\ 3$@">: 3$ D$Ea?3?: ?:
  67 ,  ') ?: K4X$: >95$29?: @"25?:M *$ Y4?KY4$2 D"2#?\ :$ :$
?E$93$# $ ?@?‘?# E"# ? ?J$2A $:Y4$E$2 3$ 4#? Kd#@?3? ?E$:?\
542? $ D$Ea?#$95" 3?: @"25?: ?@2"o>#?3?#$95$ 76 #>945": ?@g:
" #"5"2 5$2 :>3" 3$:K>‘?3"\ $K?
  67 ) ?: K4X$: >95$29?: ?@?‘?A:$ ?45"#?5>E?#$95$M
@$2#?9$E$# :$#@2$ 3$:K>‘?3?:M
  67 ) ?: K4X$: >95$29?: @$2A 
 K67  '-K  
#?9$E$# :$#@2$ ?E$:?:M
+# ?K‘4#?: W$2:[$:\ E"# ? >K4#>A
’: K4X$: ?E$93$#n?@?‘?#A:$ 3$ 9?;<" >95$29? 9? @":>;<" 9$452?\ $#
#?9$>2? @2"‘2$::>W?M $:@$E>?K $# K4‘?2$: @"4E" >K4#>9?A
3":\ ?E$93$A:$ ? Kd#@?3? 3? K4X >9A
-: >95$224@5"2$: K?5$2?>: ?E$93$# 5$29? Y4?93" ] 3$:52?W?3? 4#? 3?:
$ ?@?‘?# ?: K4X$: 3$ K$>542?M

)$%"
’: K4X$: ?E$93$#A:$ ?" ?J2>2 ?:   67 ,  ' % ? Kd#@?3?  '  
@"25?: 52?:$>2?:M ?E$93$A:$ $ ?@?‘?A:$ Y4?93" :$
- ?E$93>#$95" 3"p:q E"9^495" p:q ?J2$# "4 :$ D$Ea?# ?: @"25?:M    
3$ K4X p$:q >95$29?p:q 52?:$>2?p:q "E"22$   67 % ? Kd#@?3? @$2#?A 
5?#J]# ^495?#$95$ E"# ": $W$95": 9$E$ :$#@2$ ?@?‘?3?M
" !  !! 
Y4$ 3$5$2#>9?# " ?E$93>#$95" 3"   67 % ? Kd#@?3? @$2#?A !!&%!   !
E"9^495" 3$ K4X >95$29? 3>?95$>2?M 9$E$ :$#@2$ ?E$:?M

-K      & CO 3 '  !" ! !


#
!#!
- >95$224@5"2 ! ?E$93$n?@?‘? ? "!  ;!  &
"   !" !<" 3$W$ :$2 ?@K>E?3" 9" @?2?A
Kd#@?3? 3" E"9^495" 3? K4X >95$29? J2>:? n W>32" 52?:$>2" 9$9a4# 5>@" 3$
52?:$>2?  %?  "!
@2"345" a>32"22$@$K$95$ "4 a>32"DgA
8"# ?: K4X$: 3$ @":>;<" "4 ": D?A J>E"\ >9EK4>93" E2>:5?K>X?;<"M
2g>: ?E$:":\ ‘>2?2 " :$K$5"2 @?2? E>#?
@?2? ?4#$95?2 ? >95$9:>3?3$ 3? >K4A ’ ?@K>E?;<" 3$:5$: @2"345": 2$A
#>9?;<" 3" Y4?32" 3$ >9:524#$95": 34X ? $D>E>Z9E>? 3" :>:5$#? 3$ K>#A
$ 3": ‘2?D>:#": 3": J"5[$: 3$ E"A @?3"2$:\ @"3$93" E?4:?2 52$@>3?;<"\
#?93" "4 @?2? J?>o" @?2? 3>#>94VA 24V3" $ #_ W>:>J>K>3?3$\ J$# E"#"
K?M "E?:>"9?2 4# 3$:‘?:5$ @2$#?542" 3?
J"22?Ea? 3?: @?Ka$5?: 3": K>#@?3"A
2$:M

’ ?K?W?9E? 3>2$>5? :"J " W"K?95$


1":>;<" 3" >95$224@5"2 ! 2$u9$ 5"3": ": E"#?93": @?2? ? K>#A
@$X? 3" @?2?AJ2>:? $ 3" W>32" 52?:$>2"M

)$%%
" !  !!  O49E>"9? :"#$95$ E"# " E"#45?A *$:K"E?93" ? ?K?W?9E? @?2? E>#?
!!&%! 3"2 3$ >‘9>;<" 9? @":>;<"  M p@":>;<" >9:5_W$Kq\ ?5>W?A:$ ? D49;<"
- ,  
  % " D49E>"9?#$95" $:5_ K>#>A
5?3" ?" 5$#@" $# Y4$ :$ #?95]#
#?94?K#$95$ ? ?K?W?9E? 9$:5? @":>A
;<"M ’ :"K5?2 ? ?K?W?9E?\ $:5? W"K5?
!#! f :4? @":>;<" @?2?93" ?45"#?5>E?A
#$95$ " K>#@?3"2 3" @?2?AJ2>:?M +:5?
!<" 45>K>X?2 " K>#@?3"2 @?2? " 2$5>A
D49;<" ] u5>K @?2? 2$#"W$2\ @"2 $o$#A
2?2 9$W$ "4 ‘$K" ?E4#4K?3": 9" @?2?A
@K"\ @$Y4$9?: ?E4#4K?;[$: 3$ :4A
J2>:?M !$:5?: E"93>;[$:\ :$ " K>#@?A
^$>2? 3" @?2?AJ2>:?\ "4 " "2W?Ka" #?A
3"2 3" @?2?AJ2>:? D"2 :4J#$5>3" ? 4#
5>9?KM
$:D"2;" $oE$::>W"\ ?5>W?A:$ ? @2"5$A
- ?2" $o5$29" 3? ?K?W?9E? @"3$
;<" 3" #"5"2\ Y4$ >9>J$ " :$4 D49E>A
?::4#>2 ?: :$‘4>95$: @":>;[$:%
"9?#$95" 342?95$ ?K‘49: :$‘493":M 
,$ ? D49E>"9?K>3?3$ 9<" D"2 @":5$A 7M % K>#@?3"2 3" @?2?AJ2>:? ’5$9;<"% $:5? D49;<" 9<" ?5>W? "
2>"2#$95$ 2$:5?J$K$E>3?\ #$:#" ?@g: 3$:K>‘?3" K?W?3"2 3" @?2?AJ2>:?M 1?2? $:‘4>Ea?2
4#? 9"W? @?25>3? 3" W$VE4K"\ E"95?A " KVY4>3" 3" K?W?3"2 9" @?2?AJ2>:?\ ]
LM % D49E>"9?#$95" >95$2#>5$95$
5?2 ?   ! = ,  > M 9$E$::_2>" 4:?2 ? D49;<" 3$ K?W?‘$#M
p$# >95$2W?K": 3$ 7G :$‘493":qM
HM % D49E>"9?#$95" >95$2#>5$95$ - 67  '*5
' 5 
pJ?:$?3" 9? W$K"E>3?3$ 3" W$VA
E4K"qM 14o?2 ? ?K?W?9E? @?2? " W"K?95$
!#! IM S) D49E>"9?#$95" E"95V94" p@":>;<" >9:5_W$Kq @?2? ?E>"9?2 " K?A
e ?E"9:$Ka_W$K 9<" ?E>"9?2 " K>#A K$95"M W?3"2 3" @?2?AJ2>:?M
@?3"2 3" @?2?AJ2>:? E"# ?: @?Ka$5?: 6M ) D49E>"9?#$95" ’" #?95$2 ? ?K?W?9E? @4o?3?\
K$W?95?3?:M E"95V94" 2_@>3"M ?5>W?A:$ ?45"#?5>E?#$95$\ E"# 4#
u9>E" #"W>#$95"\ " ^?5" 3" K?W?3"2
+:5? ?5>543$ @2$:$2W? ": K>#@?3"A
3" @?2?AJ2>:? $ " @2g@2>" K>#@?3"2M
2$:M

)$%&
- D49E>"9?#$95" 3" K>#@?3"2 3" ’ D49;<" :g @"3$ :$2 ?5>W?3? 9" " !  !!  &
@?2?AJ2>:? E"95>94? ?@g: 3$:K>‘?A $:@?;" 3$ L #>945": ? @?25>2 3? @?:A  !
#$95" 3? ?K?W?9E? $ $o$E45? 52Z: :?‘$# 3" E"#45?3"2 3$ >‘9>;<" @?2?
! *67
@?::?3?: D>9?>:M ? @":>;<"  M
- K>#@?3"2 52?:$>2" ] ?E>"9?3" 3$
1?2? @"3$2 ?5>W?2 ? D49;<"\ E"K"E?2
* 
   'G  '
& 3>D$2$95$: #?9$>2?:%
? ?K?W?9E? W>2?3? @?2? E>#? p@":>;<"
   &4  /3- 67 T & >9:5_W$Kq 342?95$ @$K" #$9": #$>"
* ,    T0 :$‘493"M  !" #"3" >95$2#>5$95$ Y4?93" "
K>#@?3"2 3" @?2?AJ2>:? 9<" $:5_
’ D49;<" r:$2W>E$ @":>5>"9r @$2A 1?2? E?3? ?5>W?;<" W_K>3? 3? D49A $# D49E>"9?#$95" #
#>5$ ?" #"5"2>:5? $D$54?2 ? :4J:5>A ;<"\ ?: @?Ka$5?: 3$:K"E?#A:$ @?2?
54>;<" 3?: @?Ka$5?: 3" K>#@?3"2 3"  !" #"3" :>9E2"9>X?3" pE"# ?
?::>9?K?2 ? E"22$5? ?Y4>:>;<" 3" E"A #$5?3$ 3? D2$Y4Z9E>? 3" K>#@?A
@?2?AJ2>:? #?>: D?E>K#$95$\ @$2#>A #?93"M
5>93" ?>93? @2"5$‘ZAK?: $# E?:" 3$ 3"2 3" @?2?AJ2>:?q Y4?93" " K>#A
‘$K"M - E"#?93" @"3$ :$2 2$@$5>3" ?5] @?3"2 3" @?2?AJ2>:? $:5_ $# D49A
4# #_o>#" 3$ 52Z: W$X$:M ’ Y4?25? E>"9?#$95"
! *67  3- 67) @?2? ?5>W?2 ] 2$@$5>;<" 3" E"#?93" 3$:?5>W? ? D49A  !? #"3?K>3?3$ E"95V94?M
9$E$::_2>" 3$:?5>W?2 " K>#@?3"2 3" ;<"M
@?2?AJ2>:? p?2" ! 9? @":>;<" q ?95$:  U$VE4K" E"# ? #?2Ea? ? 2] $9A
3$ E"K"E?2 " E"#45?3"2 3$ >‘9>;<" ,$\ ?@g: 5$2 45>K>X?3" ? D49;<"\ W"KA ‘?5?3?% E?:" " E"#?93" 3" K>#A
9? @":>;<"  M 5?2 ? E"K"E?2 " E"#45?3"2 3$ >‘9>;<" @?3"2 3>?95$>2" $:5$^? ?5>W"\ 4#
9? @":>;<"  E"# ?: @?Ka$5?: $# E>EK" 3" K>#@?3"2 52?:$>2" :$2_ 2$A
4#? @":>;<" 3>D$2$95$ 3? 3$ 2$@"4:" ?K>X?3"M
p9? J?:$ 3" @?2?AJ2>:?q\ $:5?: :g :$A
2<" E"K"E?3?: 3$ 9"W" 9? @":>;<" 3$
2$@"4:" ? :$‘4>2 ? 4# E"#?93" $D$A
54?3" ?52?W]: 3? ?K?W?9E? p3$:K"E?A
#$95" 3? ?K?W?9E? @?2? E>#?\ @?2?
4#? @":>;<" >9:5_W$Kq "4 ?" 4K52?@?:A
:?2 ? W$K"E>3?3$ 3$ 6 h#naM

)$%’
2$5"29?93" f 9"2#?K>3?3$ Y4?93" ? >#@42$X?:\ 5?>: E"#"% 5$22?\ J?22"\
?K?W?9E? ] K>J$2?3?M ?2$>? $5EM\ :"J @$9? 3$ :$ 3?9>D>E?2$#
? J"22?Ea? $ " @2g@2>" W>32"M
% ! !!
-4 - 67  'G  '
&
)>#@?2\ @$2>"3>E?#$95$\ ? @?25$ 3$    &4 
J"22?Ea? 4:?93" @2"345": ?3$Y4?A
3":M ,4J:5>54>2 ?: @?Ka$5?: :$ " K>#A
@?3"2 3$ J"22?Ea? $:5>W$2 3$D"2#?3"
R>2$ " ?2" >95$29" 3? ?K?W?9E? ?5] "4 ‘?:5"M +# 5"3" E?:"\ ?E"9:$Ka?A
? @2>#$>2? @":>;<" @?2? D49E>"A :$ ? :4J:5>54>AK?: 4#? W$X @"2 ?9"M
9?#$95" >95$2#>5$95$ pJ?>o? W$K"E>A
3?3$q $ ?5] ? :$‘493? @?2? D49E>A
"9?#$95" E"95V94" K$95"M
+#@422?93" ? ?K?W?9E? @?2? " @?>A !#!
9$K p@":>;<" >9:5_W$Kq ?E>"9?A:$ " ^?5"
U>?^?2 E"# ?: @?Ka$5?: 3" K>#@?A
3" K?W?3"2 52?:$>2"M
3"2 3" @?2?AJ2>:? 3$:‘?:5?3?: 2$@2$A
,$ ? ?K?W?9E? D"2 $#@422?3? 34A :$95? 4# ‘2?W$ 2>:E" $ 2$34X$# ? W>A  )$W?95?2 " J2?;" ! 3" K>#@?3"2
2?95$ " #"3" >95$2#>5$95$\ " K>#@?A :>J>K>3?3$ $# E?:" 3$ #_: E"93>;[$: 3" @?2?AJ2>:? $ @":>E>"9?2 ? @?A
3"2 "@$2? E"95>94?#$95$ @"2 ?K‘49: ?5#":D]2>E?:M Ka$5? 3$ #?9$>2? Y4$ @$2#>5? ?
E>EK":\ 2$5"29?93" $# :$‘4>3? ?" >9A :4? 2$5>2?3?M
5$2W?K" 3$ D49E>"9?#$95" "2>‘>9?KM 8"934X? :$#@2$ E"# :$‘42?9;?M
 C$5>2?2 ? @?Ka$5? % @2$::>"9?93"
? 52?W? 3? @?Ka$5?M
   &"95?2 ? @?Ka$5? 9"W?
!<" K>‘?2 ": K>#@?3"2$: 3" @?2?A >952"34X>93"A? 9? 2$:@$E5>W?
8"#" #$3>3? 3$ @2"5$;<"\ ?
J2>:? $ 3" W>32" 52?:$>2" :"J2$ " W>32" :$3$ 3" J2?;"\ E$25>D>E?93"A:$ 3$
J"#J? 3" K>#@?3"2 @?2? 3$ "@$2?2
:$E"M ,"#$95$ 3$W$# :$2 45>K>X?3": Y4$ D>Y4$ J$# 52?W?3?M
:$ ? ?K?W?9E? @$2#?9$E$2 $#@42A
2?3? @"2 #?>: 3$ LG :$‘493":\ :g $:5?93" " W>32" #"Ka?3" $ K>W2$ 3$

)$%*
 &"95?2 ? 9"W? @?Ka$5?
 >952"34X>93"A? 9? 2$:@$E5>W?
!<" @4o?2 ? ? @?Ka$5? @$K? @$;? :$3$ 3" J2?;"\ $#@422?93"A?
3$ J"22?Ea?M @?2? 3$952"M 8$25>D>Y4$A:$ 3$ Y4$
Y4$ ? #$:#? $:5$^? J$# 52?W?3?M
-4 - 67  'G  '

 *     

,$ " ^?5" 9<" :?>2\ ?95$: 3$ 543"\
W$2>D>E?2 :$ a_ KVY4>3" 9" 2$:$2W?5gA
#
2>"c W$2 @?2_‘2?D" wU$2>D>E?;<" 3":
9VW$>:yM -: K?W?3"2$: 3>?95$>2": $ " 52?:$>2"
! ^_ W$$# E"# ? 3>2$;<" 3": $:‘4>A
Ea": 2$‘4K?3?:\ 9<" :$93" 9$E$::_A
2>? 9$9a4#? ?;<" ?3>E>"9?KM

  ! / .- 0

 )$W?95?2 " J2?;" ! 3" K>#@?3"2 +:5_ K"E?K>X?3" ?52_: 3" $:@$Ka" 2$A
3" W>32" 52?:$>2" ?5] " D>9?KM 52"W>:"2 >95$29"\ $# E"95?5" E"# "
@?2?AJ2>:? $ $:5_ $# E"93>;[$: 3$ 3$A
 C$5>2?2 ? @?Ka$5? %\ @4o?93"A? 9"
5$E5?2 ? @2$:$9;? 3? Ea4W? $\ E"9:$A
E$952" 3? #$:#? p@$;? @K_:5>E?q\
Y4$95$#$95$\ ?E>"9?2 ? K>#@$X? 3"
9" :$95>3" 3? :$5?M
@?2?AJ2>:? $# D49;<" 3? _‘4? @2$A
:$95$ 9" W>32"M
 - :$9:"2 5$# 4# E?#@" 3$ 2$A
!<" @4o?2 ? ? @?Ka$5? @$K? @$;? ‘4K?‘$# Y4$ W?2>? @2"‘2$::>W?#$95$
3$ J"22?Ea?M 3$ K>#@?3"2 @?2?3" p9$9a4#? @?:A
:?3?q Y4?93" " W>32" $:5_ :$E"\ @?2?
)$%+
K>#@?3"2 3$ @?2?AJ2>:? 9? L⁄ W$K"E>A p@?2? #?>: >9D"2#?;[$:\ E"9:4K5?2 " #?>"2 3$ :$9:>J>K>3?3$\ ] ?::>9?K?3?
3?3$ E"95V94? pD49E>"9?#$95" E"9A :4@K$#$95" (E"99$E5£q 4#? r@?::?3?r 3" K>#@?3"2M +::?
5V94" 2_@>3"q E"# Ea4W? >95$9:?M @?::?3? ] 5?#J]# $o$E45?3? E"# "
(#? W$X a?J>K>5?3"\ " D49E>"9?A
@?2?AJ2>:? :$E"M
#$95" 3" #"3" ?45"#_5>E" 3" K>#A
4 ' 67   *67    @?3"2 3$ @?2?AJ2>:? $:5?2_ ?5>W" ‘>A
2?93" " ?2" $o5$29" 3? ?K?W?9E? 3$  *67
@":>;<" @?2? ? @":>;<" 7 "4 LM 1?2? 3$:?5>W?2 " :$9:"2\ ?54?2 9"
!#! O$>5" >::"\ ] ?::>9?K?3? 4#? @?:A &$94 3" 3>:@K?x p"4 9" :>:5$#?
:?3? 3" K>#@?3"2 3$ @?2?AJ2>:? >93>A (E"99$E5£qM 1?2? 3$:?5>W?2 " D49E>A
!<" ?5>W?2 " :$9:"2 3$ Ea4W? 34A "9?#$95" ?45"#_5>E" 3" K>#@?3"2
2?95$ ? K?W?‘$# 3" W$VE4K" $# 4# E?93" Y4$ " #"3" ?45"#_5>E" $:5_
?5>W"M 3$ @?2?AJ2>:?\ @":>E>"9?2 " E"#45?A
:>:5$#? 3$ K?W?‘$# ?45"#_5>E?M 3"2 3$ >‘9>;<" $#  @ "4
1"3$2>? E?4:?2 ?W?2>?: 9" :$9:"2M ‘>2?2 " ?2" $o5$29" 3? ?K?W?9E? @?2?
 ? @":>;<" M
&?95$2 K>#@" " W>32" 9? 2$‘><" 3" ,$ " E"#45?3"2 3$ >‘9>;<" D"2 3$>A
:$9:"2M o?3" 9? @":>;<"  @ $ " ?2"
!#! $o5$29" 3? ?K?W?9E? 3$>o?3" 9? @":>A
+*'    4 '      ;<" 7 "4 L \ 9? @?25>3? :$‘4>95$
,$ D"2 W$2>D>E?3? ? @2$:$9;? 3$ ‘$K"
,G-* pE"#45?3"2 3$ >‘9>;<" 9? @":>;<"
"4 J?22" 9" @?2?AJ2>:?\ E$25>D>E?2A:$
3" 3$:K>‘?#$95" 3" 3>:@":>5>W"M ’: @":>;[$: 7 $ L E"22$:@"9A  q " D49E>"9?#$95" ?45"#_5>E"
3$# 5?#J]# ?" 7 $ L 9VW$K 3$ 3" K>#@?3"2 3$ @?2?AJ2>:? Ea4W? :g
+:5? @2_5>E? @2$:$2W? ": K>#@?3"A :$9:>J>K>3?3$ 3" :$9:"2 3$ Ea4W? :$2_ 2$:5?J$K$E>3" Y4?93" " W$VE4K"
2$:M pY4?93" $:5$ ] ?5>W?3" ?52?W]: 3" ?5>9‘>2 4#? W$K"E>3?3$ :4@$2>"2 ?
&$94 3" 3>:@K?x "4 9" :>:5$#? 6z#na\ 9$:5$ E?:" 9<" ] W$2>D>E?3?
’54?93" 9" &$94 3" 3>:@K?x "4 9" (E"99$E5£qM 4#? @?::?3? 3" K>#@?3"2 3$ @?2?A
:>:5$#? (E"99$E5£\ ] @"::VW$K a?A J2>:? @?2? ?::>9?K?2 :4? ?5>W?;<"M
J>K>5?2n3$:?J>K>5?2 " :$9:"2 3$ Ea4W?M ,$ ? W?2>?;<" 3? :$9:>J>K>3?3$\ 34A
2?95$ " D49E>"9?#$95" 3" :$9:"2\ D"2 ’5] Y4$ ? E"93>;<" 3$:E2>5? ?E>#?
3$ 4# 9VW$K #$9"2 @?2? 4# 9VW$K :$^? ?5>9‘>3? 9<" :$2_ $D$54?3" E>EK"
)$%,
3$ K>#@$X?\ #$:#" 9? @2$:$9;? 3$   

Ea4W?M
+# E?:" 3$ ?W?2>? 9" :$9:"2 " K>#A "!J! !"
=::" $W>5? ?5>W?;[$: >9W"K495_2>?: @?3"2 3$ @?2?AJ2>:? ?>93? D49E>"9?2_
3" :$9:"2 3$ Ea4W? $# D?:$ 3$ ?E>"A 3$ D"2#? #?94?KM ’ ?W?2>? 3" :$9:"2 %H   ' 3  '
9?#$95" 3" #"5"2 p@"2 $oM 342?95$ ? @"3$ :$2 ?::>9?K?3? 9" 3>:@K?x $# ?KA
K?W?‘$# 3" @?2?AJ2>:?\ JK"Y4$>" 3?: ‘4#?: W$2:[$:M
@?Ka$5?: 9" W>32" 3$W>3" ?" ‘$K"qM


#
*$:K"E?93"A:$ " E"#45?3"2 3$ >‘A !#!
9>;<" @?2? ? @":>;<"  @ E"# ,$ D"2 9$E$::_2>" K>#@?2 " @?2?A
" ?2" " ?2" $o5$29" 3? ?K?W?9E? 9? J2>:?\ W$2>D>E?2 :$#@2$ :$ " 3>:@":>A
@":>;<" 7 "4 L \ 9? @?25>3? :$A 5>W" $:5_ 3$:K>‘?3"M
‘4>95$ pE"#45?3"2 3$ >‘9>;<" @":>A
+W>5$ 2>:E":M %H  '  , , & 
;<" q " 2$:5?J$K$E>#$95" " D49A
.- 
E>"9?#$95" ?45"#_5>E" 3" K>#@?3"2
3$ @?2?AJ2>:?\ @"3$ :$2 D$>5" ‘>2?93"
" ?2" $o5$29" 3? @":>;<" 7 @?2?
\ $ $# :$‘4>3? W"K5?93" @?2? ?
@":>;<" 7 M C$?K>X?93" $:5$ @2"E$A
3>#$95"\ " D49E>"9?#$95" ?45"#_A
5>E" $:5?2_ ?5>W" >93$@$93$95$#$95$
3? W$K"E>3?3$ 3" W$VE4K"M !$:5$
E?:"\ W$2>D>E?A:$ 4#? @?::?3? 3" K>#A
@?3"2 3$ @?2?AJ2>:?\ >93$@$93$95$A
#$95$ 3?: E"93>;[$: 3" W>32"\ @?2?
?::>9?K?2 ? ?D$5>W? ?5>W?;<" 3? D49E>A
"9?K>3?3$ 3" :$9:"2 3$ Ea4W?M
)$%-
"! #$95"n3$:$#J?;?#$95" 3": W>32": - :>:5$#? #?95]# E"9:5?95$ "
52?:$>2":M E"9D"25" 3" a?J>5_E4K" $ E"#@$9:?
1  B"5<" 3$ ?5>W?;<" 3? D49;<"
?: $W$954?>: W?2>?;[$: 3?: E"93>A
&’¡ ’n8M 12$::>"9?2 @?2? #43?2 ? W  B"5<" 3$ ?4#$95" 3? 5$#@$A
;[$: EK>#_5>E?: $o5$29?:M
E"9D>‘42?;<" 3" EK>#?5>X?3"2M 12$:A 2?542? 3" K?3" 3" @?::?‘$>2"M
:>"9?93" 9"W?#$95$\ ? "@$2?;<" 3"
X  B"5<" 3$ 2$34;<" 3? 5$#@$A
EK>#?5>X?3"2 $952?2_ $# #"3" #?A 
2?542? 3" K?3" 3" @?::?‘$>2"M
94?KM
1?2? 4#? ‘$:5<" >3$?K 3" E"9D"25"\
Y  B"5<" 3$ ?5>W?;<" 3? D49;<"
B  B"5<" ?5>W?;<"n3$:?5>W?;<" 3" ? 5$#@$2?542? 3$ 2$D$2Z9E>? ] LL8
,Q!8 p?K>9a?#$95" 3?: 5$#@$2?542?:
E"#@2$::"2 3" EK>#?5>X?3"2M 12$::>A p{LOqM
3$D>9>3?:q 3" #"5"2>:5?n @?::?‘$>2"M
"9?2 @?2? #43?2 ? E"9D>‘42?;<" 3"
EK>#?5>X?3"2M 12$::>"9?93" 9"W?A 12  C$‘4K?3"2 3? W$K"E>3?3$ 3" -: @?2d#$52": $ ?: D49;[$: E"9A
#$95$\ ? "@$2?;<" 3" EK>#?5>X?3"2 W$95>K?3"2M 52"K?3?: ?45"#?5>E?#$95$ :<"%
$952?2_ $# #"3" #?94?KM
11  B"5[$: 3$ :$K$;<" $ 3>:52>A
C  B"5<" 3$ ?5>W?;<"n3$:?5>W?;<" J4>;<" 3" ?2M  .$#@$2?542? 3" ?2 9": 3>D4:"2$:
3? 2$E>2E4K?;<" 3$ ?2M K?3" #"5"2>:5?n@?::?‘$>2"M
1B  B"5<" 3$ ?5>W?A
 *>:52>J4>;<" 3" ?2 9": 3>D4:"2$:
D  B"5<" 3$ ?5>W?;<" 3? D49;<" ;<"n3$:?5>W?;<" 3" EK>#?5>X?3"2M
K?3" #"5"2>:5?n@?::?‘$>2"M
’(.- pD49E>"9?#$95" ?45"#_5>E"qM
1C  B"5<" 3$ 2$34;<" 3? 5$#@$A  U$K"E>3?3$ 3" W$95>K?3"2 pW?2>?A
U  B"5<" 3$ ?5>W?;<" 2?542? 3" K?3" 3" E"9345"2M ;<" E"95V94? 3" DK4o" 3$ ?2qM
3? D49;<" 3$ 3$:E"9‘$K?A
1D  B"5<" 3$ ?4#$95" 3? 5$#A  ’5>W?;<" 3" E"#@2$::"2 p@?2? "
#$95"n3$:$#J?;?#$95" 3": W>32":
@$2?542? 3" K?3" 3" E"9345"2M 2$:D2>?#$95"n3$:4#>3>D>E?;<" 3"
3>?95$>2":M ’5>W?93" $:5? D49;<"\ ?
?2qM
W$K"E>3?3$ 3" W$95>K?3"2 ?4#$95?2_
- EK>#?5>X?3"2 ?45"#_5>E" *4?KA  C$E>2E4K?;<" 3" ?2M
$ " EK>#?5>X?3"2 $952?2_ $# #"3"
X"9$ 2$‘4K? ?: 5$#@$2?542?: 3" ?2 9"
#?94?KM
a?J>5_E4K" $# 34?: X"9?:% K?3" 3" ."3?: $:5?: D49;[$: :<" #"3>D>E_A
V  B"5<" 3$ ?5>W?;<" E"9345"2 $ K?3" 3" @?::?‘$>2"M W$>: #?94?K#$95$\ >95$2W>93" 9" :>:A
3? D49;<" 3$ 3$:E"9‘$K?A 5$#? $ :$K$E>"9?93" 4#? "4 W_2>?:

)$&.
D49;[$: @?2? #"3>D>E?2 ": :$4: @?2dA ’ 5$#@$2?542? 3" ?2 >952"34X>3" ] "'   3- ,  
  
#$52":M :$#@2$ E"952"K?3? ?45"#?5>E?#$95$\ ,'
 K
$# D49;<" 3?: 5$#@$2?542?: :$K$E>"A
’: :$K$;[$: #?94?>: 5Z# :$#@2$ - :>:5$#? @"3$ :$2 ?5>W?3" 3$ D"2A
9?3?: 9" 3>:@K?x p$oE$5" Y4?93" "
@2>"2>3?3$ :"J2$ " ?45"#?5>:#" $ :<" #?: W_2>?:\ E"9543"\ ] ?E"9:$Ka_W$K
:>:5$#? $:5_ 3$:K>‘?3" "4 $# ?K‘4A
#$#"2>X?3?: ?5] Y4$ " 4:4_2>" @2$:A @2$::>"9?2 " J"5<" ’(.- $ $95<" 3$A
#?: E"93>;[$: Y4?93" " E"#@2$::"2
:>"9$ " J"5<" ! \ $oE$5" 9": E?A D>9>2 ?: 5$#@$2?542?: 3$:$^?3?:M
$:5_ 3$:?5>W?3"qM
:": $# Y4$ " :>:5$#? >95$2W$9a? @"2 *$:5$ #"3"\ " :>:5$#? E"#$;?2_
#"5>W": 3$ :$‘42?9;? $:@$EVD>E":M - :>:5$#? @$2#>5$ :$K$E>"9?2 "4
? D49E>"9?2 3$ #"3" E"#@K$5?#$95$
’: :$‘4>95$: "@$2?;[$: 9<" 3$:?5>A
#"3>D>E?2 #?94?K#$95$%
?45"#_5>E" 2$‘4K?93" 5$#@$2?542?\ #
W?# ? D49;<" ’(.-% Y4?95>3?3$ $ 3>:52>J4>;<" 3" ?2 >9A
 .$#@$2?542?: 3" ?2 @?2? " K?3" 52"34X>3" 9" a?J>5_E4K" $ ‘$2>93" ?
3" E"9345"2 $ @?::?‘$>2" D49;<" 3$ 2$E>2E4K?;<" $ ? ?5>W?;<"
 ’5>W?;<"n3$:?5>W?;<" 3? 2$E>2E4A
K?;<"M  U$K"E>3?3$ 3" W$95>K?3"2 pW?2>?A 3" E"#@2$::"2 3" E"93>E>"9?3"2M
;<" E"95V94?q
 ’5>W?;<"n3$:?5>W?;<" 3" *42?95$ " D49E>"9?#$95" ?45"#_A
E"#@2$::"2M  *>:52>J4>;<" 3" ?2 @?2? 3>D$2$95$: 5>E"\ ] @"::VW$K W?2>?2 ?: 5$#@$2?A
@":>;[$: p@?2? D49;<" ’(.-qM 542?: :$K$E>"9?3?:\ ?5>W?2n3$:?5>W?2 "
 ’5>W?;<" 3? D49;<" ,Q!8M
 ’5>W?;<" 3" E"#@2$::"2M W>32" 52?:$>2" 5]2#>E"\ ?5>W?2 ? D49A
 ’5>W?;<"n3$:?5>W?;<" 3" W>32"
52?:$>2" 5]2#>E"M  O49;<" 3$:E"9‘$K?#$95" $ 3$A ;<" ,Q!8\ ?5>W?2 $ 3$:?5>W?2 " E"#A
:$#J?;?#$95" 3": W>32":M @2$::"2 $ ? 2$E>2E4K?;<"\ ?54?93" ?
’ :$K$;<" #?94?K 3$ 4#? D49;<"  C$E>2E4K?;<" 3" ?2M Y4?KY4$2 #"#$95" 9": 2$:@$E5>W":
9<" @2$^43>E? " E"952"K$ 3?: "452?:  U>32" 52?:$>2" 5]2#>E"M J"5[$: $ #?9"@K?:% " :>:5$#? #"3>A
$# ?45"#_5>E"M ’ Y4?95>3?3$ 3$ D>E?2_ ?45"#?5>E?#$95$ ?: 3$D>9>;[$:
 *$:?5>W?;<" 3" :>:5$#?M
?2 >952"34X>3? 9" a?J>5_E4K" ] >93$A @?2? :$ ?3?@5?2 ?": 9"W": @$3>3":M
@$93$95$ 3? W$K"E>3?3$ 3" W$VE4K"\ *$:5$ #"3"\ " EK>#?5>X?3"2 E"95>A
:$93" 2$‘4K?3? @$K" W$95>K?3"2 E"9A 94?2_ ? E"#?93?2 ?45"#?5>E?#$95$
52"K?3" $K$52"9>E?#$95$M 5"3?: ?: D49;[$: $oE$5" ?: Y4$
@"3$# :$2 #43?3?: #?94?K#$95$M

)$&!
’ W$K"E>3?3$ 3" W$95>K?3"2 ] u9>E?  ,?V3? 3$ ?2 3": 3>D4:"2$: D2"9A 5-'5
 *',   *  &
@?2? 5"3? ? X"9? 3" a?J>5_E4K"M 5?>: E$952?>: $ K?5$2?>: $ 3": 3>D4A '
:"2$: 3? 2$‘><" 3": @]: 3>?95$>A R>2?2 ? #?9"@K? 12 "4 @2$::>"9?2
5-'5
 
 -    2":M ": J"5[$: W>254?>: E"22$:@"93$95$:
12$::>"9?2 ": J"5[$: 1D "4 1C @?2?  ,?V3? 3$ ?2 3": 3>D4:"2$: 3? 9? 5$K? 3" (E"99$E5£ @?2? ?4#$9A
2$‘4K?2 ? 5$#@$2?542? 3" ?2 9? X"9? 2$‘><" 3": @]: 3>?95$>2":M 5?2n3>#>94>2 ? W$K"E>3?3$ 3" W$95>K?A
3>?95$>2? $:Y4$23? $ ": J"5[$: W "4  ,?V3? 3$ ?2 3": 3>D4:"2$: 3? 3"2 p@?2? #?>: >9D"2#?;[$:\ E"9:4KA
X @?2? 2$‘4K?2 ? 5$#@$2?542? 3" ?2 9? 2$‘><" 3": @]: 3>?95$>2":\ @?2?A 5?2 " :4@K$#$95" $:@$EVD>E"qM ’ ?5>W?A
X"9? 3>?95$>2? 3>2$>5? 3" a?J>5_E4K"M J2>:?: $ W>32": K?5$2?>:M ;<" ] ?::>9?K?3? @$K? >K4#>9?;<" 3":
’: 5$#@$2?542?: :$K$E>"9?3?: :<" W>A )+*: :>54?3": 9? 2$‘><" 3? #?9"@K?M
:4?K>X?3?: 9" 3>:@K?xM !? #"3?K>3?3$ ’(.-\ " EK>#?5>A
X?3"2 E"#?93? ?45"#?5>E?#$95$ ?  U$K"E>3?3$ #_o>#? 3" W$95>K?A
12$::>"9?2 " J"5<" ,Q!8 @?2? ?K>A
3>:52>J4>;<" 3" ?2 $ ? W$K"E>3?3$ 3" 3"2 § 5"3": ": )+*: ?E$:":M
9a?2 ? 5$#@$2?542? 3" ?2 $952$ ?:
34?: X"9?:M W$95>K?3"2 p": )+*: 9" J"5<" 3$ :$K$A  U$K"E>3?3$ #V9>#? 3" W$95>K?3"2
;<" D>E?2<" ?@?‘?3":qM ’ 3>:52>J4>;<" § 4# )+* ?E$:"M
1?2? W"K5?2 f ‘$:5<" :$@?2?3? 3?: 3" ?2\ Y4?93" :$K$E>"9?3? #?94?KA
5$#@$2?542?: 3" ?2 9?: 34?: X"9?:\ #$95$\ ] W>:4?K>X?3? ?52?W]: 3? K>‘?A
@2$::>"9?2 9"W?#$95$ " J"5<" ,Q!8 ;<" 3": )+*: 9" J"5<" 3$ :$K$;<"M 
"4 ?K5$2?2 ? 5$#@$2?542? 3" K?3" 3" 1?2? 2$:5?J$K$E$2 " E"952"K$ ?45"A
@?::?‘$>2"M 1?2? 2$:5?J$K$E$2 " E"952"K$ ?45"A
#_5>E" 3? W$K"E>3?3$ 3" W$95>K?3"2
#_5>E" 3? 3>:52>J4>;<" 3" ?2 ?@g:
?@g: 4#? 2$‘4K?‘$# #?94?K\ @2$::>A
4#? :$K$;<" #?94?K\ @2$::>"9?2 "
'67    4- 67   "9?2 " J"5<" ! M
J"5<" ’(.-M
12$::>"9?93" ": J"5[$: 11 ] @":A
:VW$K 3$D>9>2 #?94?K#$95$ 4#? 3?: %7 !
3>:52>J4>;[$: @"::VW$>: 3" ?2% 12$::>"9?93" " J"5<" ! p)+*
9" J"5<" ?E$:"q\ " EK>#?5>X?3"2 ?94K?
 ,?V3? 3$ ?2 3": 3>D4:"2$: E$9A 5"3?: ?: 2$‘4K?‘$9: #?94?>: ?95$2>"A
52?>: $ K?5$2?>:M 2$: $ 2$‘4K? ?45"#?5>E?#$95$%

)$&"
 ’ Y4?95>3?3$ $ ? 3>:52>J4>;<" 3" %7 L - #"3" 3$ 2$E>2E4K?;<" >95$29?
?2 >952"34X>3" 9" a?J>5_E4K"M @"3$ :$2 4:?3" Y4?93" E"93>;[$:
12$::>"9?2 " J"5<" L p)+* 9"
 - E"#@2$::"2 3" EK>#?5>X?3"2M $o5$29?: E"#" D4#?;?\ "3"2$:\ @"A
J"5<" ?E$:"q @?2? ?K>9a?2 ? 5$#@$2?A
 ’ 2$E>2E4K?;<" 3" ?2M $>2? "4 ?K5? 4#>3?3$ $:5>W$2$# @2$A
542? 3" ?2 K?3" 3" @?::?‘$>2" f 3"
:$95$: 9" ?#J>$95$\ @"2]# " 4:"
K?3" 3" #"5"2>:5?M
E"95V94" 3" #"3" 3$ 2$E>2E4K?;<"
+:5? E"93>;<" ] ?::>9?K?3? @$K" +:5? D49;<" D?E>K>5? ? 2$‘4K?‘$# 3? >95$29? @"3$ 5"29?2 " ?2 @2$:$95$
?E$93>#$95" 3" )+* 9" J"5<" ! 5$#@$2?542? 9? @2$:$9;? ?@$9?: 3" 9" >95$2>"2 3" a?J>5_E4K" 3" W$VA
M #"5"2>:5?M E4K" ?J?D?3"\ "E?:>"9?93" " $#J?A
=95$2W>93" #?94?K#$95$ 9? 3>:52>A ;?#$95" 3": W>32":M - 4:" @2"K"9A #
1?2? W"K5?2 f ‘$:5<" :$@?2?3? 3?:
J4>;<" 3$ ?2 "4 9? W$K"E>3?3$ 3" 5$#@$2?542?: $ 3? 3>:52>J4>;<" 3" ?2\ ‘?3" 3" #"3" 3$ 2$E>2E4K?;<" >9A
W$95>K?3"2\ ?@?‘?A:$ " )+* @?2? ?::>A ?K5$2?2 ? 5$#@$2?542? 3" K?3" 3" @?:A 5$29? 9<" ] 2$E"#$93?3"M
9?K?2 Y4$ " EK>#?5>X?3"2 ^_ 9<" E"9A :?‘$>2"M +# EK>#? D2>"\ " 4:" 3" #"3" 3$
52"K? ?45"#?5>E?#$95$ 5"3?: ?: D49A
2$E>2E4K?;<" >95$29? @"3$ E?4:?2 "
;[$:M
, ,-'67   $#J?;?#$95" $oE$::>W" 3": W>32":
3" W$VE4K"M
12$::>"9$ " J"5<" \ K"E?K>X?3"
 9" @?>9$K D2"95?K\ @?2? ?K5$2?2 " - #"3" 3$ 2$E>2E4K?;<" >95$29?
,$ " :>:5$#? 9<" E"9:$‘4>2 ‘?2?9A :>:5$#? $952$ " #"3" 3$ 2$E>2A @"3$ 9<" $:5?2 3>:@"9VW$K\ E?:" :$A
5>2 " ?KE?9E$n#?945$9;<" 3? 5$#@$A E4K?;<" >95$29? $ " #"3" 3$ ?2 ^?# >3$95>D>E?3?: E"93>;[$: Y4$ @":A
2?542? @$3>3? 9?: W_2>?: X"9?: 3" a?A $o5$29" p" >93>E?3"2 3" #"3" 3$ :?# E2>?2 $#J?;?#$95" 9? D?E$ >9A
J>5_E4K"\ ? 5$#@$2?542? 3$D>9>3? K?#A 2$E>2E4K?;<" >95$29? $ " >93>E?3"2 5$29? 3" @?2?AJ2>:?M
@$^? 342?95$ ?K‘49: :$‘493":M 3" ?2AE"93>E>"9?3" :$2<" ?E>"9?3":
Y4?93" " J"5<" 3$ 2$E>2E4K?;<" D"2
1?2? 2$:5?J$K$E$2 " E"952"K$ ?45"A @2$::>"9?3"qM 
#_5>E" 3" :>:5$#? 3$@">: 3$ 4#? "4 ’ $:52?5]‘>? 3$ 2$E>2E4K?A
- ?2AE"93>E>"9?3" @"3$2_ :$2 3$A ;<"n2$9"W?;<" 3" ?2 D49E>"9? 3$
#?>: :$K$;[$: #?94?>:\ @2$::>"9?2 "
:?5>W?3" #?94?K#$95$ :$# Y4$ " #"3" ?45"#_5>E" :$93" E"952"K?3"
J"5<" ! M
#"3" 3$ 2$E>2E4K?;<" :$K$E>"9?3" @"2 ?K‘"2>5#": Y4$ @$2#>5$# 4#?
:$^? ?K5$2?3"M

)$&%
#$Ka"2 $o@$2>Z9E>? @?2? ": "E4@?9A 94?K#$95$ ? W$K"E>3?3$ 3" W$95>K?A 
46
  - , 5'&
5$: 3" W$VE4K"M 3"2M
   *      9
,
s4?93" " E"#@2$::"2 ] ?5>W?3" $ 12$::>"9?2 " J"5<" ! @?2?
+# ?K‘4#?: W$2:[$:\ " #"3" 3$ " #"5"2 $:5_ K>‘?3"\ ? W$95>K?;<" #?A ?5>W?2 p)+* 9" J"5<" ?E$:"q " 3$:$#A
2$E>2E4K?;<" >95$29? 5?#J]# @"3$2_ 94?K 9<" @"3$ J?>o?2 3? W$K"E>3?3$ J?;?#$95" "4 3$:E"9‘$K?#$95" 3"
:$2 ?E>"9?3" @2$::>"9?93" " J"5<" #V9>#? p?@$9?: 4# )+* ?E$:"qM W>32" 52?:$>2" 5]2#>E"M
‘2_D>E" @2$:$95$ 9? 5$K? 3? E$952?K
(E"99$E5M ’ D49;<" 3$:?5>W?A:$ ?45"#?5>E?A
 #$95$ ?@g: E$2E? 3$ 7G #>945": "4
- #"3" 3$ 2$E>2E4K?;<" >95$29? Y4?93" 3$:K>‘?2 " #"5"2 $ 9<" :$
5?#J]# 9<" @"3$2_ :$2 ?E>"9?3" 8"# " E"#@2$::"2 3$:K>‘?3"\ 9<"
2$?5>W? 9? @?25>3? :$‘4>95$M 12$::>"A
@$K" J"5<" ‘2_D>E"\ E?:" :$^?# ] @"::VW$K >952"34X>2 9" a?J>5_E4K" ?2
9?93" $:5$ J"5<" 9"W?#$95$\ 6 #>A
>3$95>D>E?3?: E"93>;[$: Y4$ @"::?# E"# 5$#@$2?542? >9D$2>"2 f 5$#@$2?A
945": :$2<" ?3>E>"9?3": ?" 3$:$#A
E2>?2 $#J?;?#$95" 9? D?E$ >95$29? 542? $o5$2>"2M ’K]# 3>::"\ $# E"9A
J?;?#$95" "4 3$:E"9‘$K?#$95" 3"
3" @?2?AJ2>:?M 3>;[$: ?#J>$95?>: $:@$EVD>E?:\ ": W>A
W>32" 52?:$>2"M
32": @"3$# D>E?2 $#J?;?3": 2?@>3?A

  ,'
 K #$95$ @"2Y4$ " ?2 9<" @"3$ :$2 3$A
:4#>3>D>E?3"M 
12$::>"9?2 " J"5<" !@ @?2? K>A
‘?2n3$:K>‘?2 " E"#@2$::"2 p? ?5>W?;<" !<" ?@K>E?2 ?3$:>W": 9": D>K?#$9A

46
  - , 5'& 5": $K]52>E": 9? @?25$ >95$29? 3"
] ?::>9?K?3? @$K" ?E$93>#$95" 3"
   *      
)+* 9" @2g@2>" J"5<"qM ’ 3$:?5>W?A W>32" 52?:$>2" 5]2#>E"\ @?2? $W>5?2
;<" 3" E"#@2$::"2 @$2#?9$E$ #$A 12$::>"9?2 " J"5<" "!N @?2? 3?9>D>E_AK"\ @2$^43>E?93" " :$4
#"2>X?3? #$:#" 3$@">: 3$ 3$:K>‘?2 ?5>W?2 p)+* 9" J"5<" ?E$:"q " 3$:$#A D49E>"9?#$95"M
" #"5"2M J?;?#$95" "4 3$:E"9‘$K?#$95" 3" 1?2? ? ?5>W?;<" 3? D49;<" 3$ 3$A
@?2?AJ2>:? $ 3": W>32": K?5$2?>:M :$#J?;?#$95" "4 3$:E"9‘$K?#$95"
1?2? 2$:5?J$K$E$2 " E"952"K$ ?45"A
#_5>E" 3? ?5>W?;<" 3" E"#@2$::"2\ 3" W>32" 52?:$>2" 5]2#>E"\ " #"5"2
@2$::>"9?2 9"W?#$95$ " J"5<" !@ 3$W$ $:5?2 K>‘?3"M
"4 " J"5<" ! M 8"# " E"#@2$:A
:"2 3$:K>‘?3"\ ] @"::VW$K 2$>9>E>?2 #?A

)$&&
 *67  ,'
 K  ' K67  ,'
 K   !  !%&

12$::>"9?2 " J"5<"  M ’ 45>K>X?;<" E"9:5?95$ 3"
?2AE"93>E>"9?3" @"3$ 2$:4K5?2\ -: 3>D4:"2$: @"3$# :$2 "2>$95?3":
8"# " EK>#?5>X?3"2 3$:?5>W?3"%
E"# " 5$#@"\ 9? D"2#?;<" 3$ ?‘>93" 9": 2$K?5>W": 3>:@":>5>W": 3$
#?4 Ea$>2" 3$W>3" ?" ?Eu#4K" #"3" ? "2>$95_AK": @?2? ? @":>;<"
 ’ 2$E>2E4K?;<" 3" ?2 ] ?5>W?3?\
3$ @"$>2? $ 4#>3?3$ 9" :>:5$#? 3$:$^?3?M
>:"K?93" ?::># " a?J>5_E4K" 3"
3$ ?2AE"93>E>"9?3"\ D?E>K>5?93" ?
$o5$2>"2M
@2"K>D$2?;<" 3$ D49‘": $ J?E5]2>?:M  3-    '  
 - E"#@2$::"2 ] 3$:?5>W?3"M
1?2? #>9>#>X?2 " @2"JK$#? 3$ #?4 #
 - W$95>K?3"2 ] 3$:K>‘?3"M
Ea$>2"\ ] 2$E"#$93?3"\ :$#?9?KA
 e @"::VW$K ?5>W?2n3$:?5>W?2 " W>32" #$95$\ 3$:K>‘?2 " ?2AE"93>E>"9?3"
52?:$>2" 5]2#>E"M $ K>‘?2 " ?Y4$E$3"2\ 9" #_o>#"\
E$2E? 3$ 6 ? 7G #>945": ?95$: 3$
$:5?E>"9?2 " W$VE4K"\ @?2? Y4$ ?

4#>3?3$ 3" :>:5$#? :$^? $K>#>9?3?M
’ E$952?K 3" EK>#?5>X?3"2 #$#"A
2>X? ?: 5$#@$2?542?: 3$D>9>3?: ?9A - D>K52" 3" ?2AE"93>E>"9?3"\ $o>:A
5$: 3? 3$:?5>W?;<" $ 2$:5?J$K$E$A?: 5$95$ 9" :>:5$#?\ 3$W$ :$2 :4J:5>54V3"
Y4?93" :$ @2$::>"9? 4# J"5<" Y4?KA E"# #?>"2 D2$Y4Z9E>? :$ " W$VE4K"
Y4$2 3" :>:5$#?M 52?9:>5?2 E"9:5?95$#$95$ $# $:52?3?:
3$ #4>5? @"$>2? "4 D>E?2 $:5?E>"9?3"
 *67  ,'
 K 3$J?>o" 3$ _2W"2$:M

1?2? W"K5?2 ? K>‘?2 " EK>#?5>X?3"2 8"9:4K5?2 " r1K?9" 3$ #?945$9;<"


$# E"93>;[$: ?45"#_5>E?:\ @2$::>"A @2"‘2?#?3?r @?2? E"9a$E$2 ": >95$2A
9?2 " J"5<" ! M W?K": 3$ #?945$9;<" E"22$5":M
! *>D4:"2$: 3$ ?2 K?5$2?>: D>o":
pK?3" 3" E"9345"2 $ K?3" 3" @?::?A

)$&’
‘$>2"q @?2? 3$:$#J?;?2 W>32": K?5$A  ' A @":>;<" ?J$25?  12$::>"9?2 " J"5<"  @?2? ?4#$9A
2?>:M  2 A @":>;<" D$Ea?3? 5?2 ? W$K"E>3?3$ 3" W$95>K?3"2M
% A *>D4:"2$: 3$ ?2 K?5$2?>: 2$‘4K_A
W$>: $ "2>$95_W$>:%  A *>D4:"2 3$ ?2 :4@$2>"2 D>o" @?2? 
3$:$#J?;?2 " @?2?AJ2>:?M
- E"#?93" 3$ E"952"K$ 3$ W$K"E>A
 ’54?2 9" 3>:@":>5>W"  @?2? "2>$9A 3?3$ 3" ?2AE"93>E>"9?3" 9? :$‘493?
5?2 " 3>D4:"2 9? 3>2$;<" 3$:$^?3?M  3-      
D>K$>2? @$2#>5$ ?K5$2?2 " DK4o" 3$ ?2
 R>2?2 " :$K$5"2  @?2? 2$‘4K?2 " $# I "@;[$: 3$ W$K"E>3?3$:\ #?: ?:
DK4o" 3$ ?2M W$K"E>3?3$: !0- :<" E"9:5?95$:\ W?A
2>?93" 3$ ?E"23" E"# ? W$K"E>3?3$
 3-    ,    3? E?>o? 3$ ?2 @2>9E>@?KM 1?2? 5$2 "
DK4o" 3$ ?2 9? :$‘493? D>K$>2?\ " ?2A
E"93>E>"9?3" 3$W$ $:5?2 K>‘?3" 9?
E?>o? 3$ ?2 @2>9E>@?KM


! A *>D4:"2$: 3$ ?2 52?:$>2": 2$‘4A - E"952"K$ 3? W$K"E>3?3$ 3" W$9A
K_W$>:\ "2>$95_W$>: $ E"# E"952"K$ 3$ 5>K?3"2 3" 3>D4:"2 52?:$>2" 5?#J]#
W$K"E>3?3$ 3" W$95>K?3"2% @"3$ :$2 $D$54?3" @$K? E$952?K #4KA
5>#V3>?\ ?E$::?93" ? D49;<" r8"9A
! A *>D4:"2$: 3$ ?2 E$952?>: 2$‘4K_A  ’54?2 9" 3>:@":>5>W" % @?2? "2>$9A D"25"r 9" #$94 @2>9E>@?KM
W$>: $ "2>$95_W$>:% 5?2 " 3>D4:"2 9? 3>2$;<" 3$:$^?3?
 R>2?2 " :$K$5"2  @?2? 2$‘4K?2 "
 ’54?2 9" 3>:@":>5>W" % @?2? "2>$9A DK4o" 3" ?2M
5?2 " 3>D4:"2 9? 3>2$E<" 3$:$^?3?  12$::>"9?2 " J"5<"  @?2? 3>#>A
 R>2?2 " :$K$5"2  @?2? 2$‘4K?2 " 94>2 ? W$K"E>3?3$ 3" W$95>K?3"2M
DK4o" 3" ?2M

)$&*
!49E? 3$>o$ E2>?9;?: :"X>9a?: 9"
  0  W$VE4K"M
!! $ 
 O49E>"9?# E"# " E"#45?3"2 3$
>‘9>;<" 9? @":>;<"  $ 342?95$
E$2E? 3$ 7 #>945" ?@g: ? @?::?‘$#
@?2? ? @":>;<"  @ p"4 5?#A
!#! J]# ?@g: ? 2$5>2?3? 3? Ea?W$ #$EdA
- 4:" >#@2g@2>" 3": K$W?95?3"2$: 9>E?\ @?2? W$VE4K": $Y4>@?3": E"#
$K]52>E": 3": W>32": @"3$ :$2 @$2>A Ea?W$ #$Ed9>E? E"# 5$K$E"#?93"qM  ’J$2542?nD$Ea?#$95" 3": W>32": #
‘":"M ’J2>93" 4#? 3?: @"25?: 3>?95$>2?:\ 3>?95$>2":M O49E>"9?#$95"
$:5$ D49E>"9?#$95" ] 3$:?5>W?3"M rE"95V94" ?45"#_5>E"r $# D?:$
’95$: $ 342?95$ " ?E>"9?#$95"\ 3$ ?J$2542?nD$Ea?#$95" 3" W>32"
W$2>D>E?2 :$#@2$ :$ ": @?::?‘$>2": $ :>:5$#? 3$ ?95>$:#?‘?#$95"

         
9<" $:5<" $o@":5": ?" 2>:E" 3$ K$:[$: ?5>W"M
' 
 
@2"W"E?3?: 5?95" 3>2$5? "4 >93>2$5?A
 ’J$2542?nD$Ea?#$95" 3": W>32":
#$95$ @$K": W>32": $# #"W>#$95"\ -: J"5[$: $:5<" @":>E>"9?3": 9?
52?:$>2":M O49E>"9?#$95" rE"95VA
E"#" @"2 "J^$5": @$::"?>: ?22?:5?3": #"K342? 3" @?>9$K 3? @"25?M ’ @?25>2
94" ?45"#_5>E"r $# D?:$ 3$ ?J$2A
"4 ^"‘?3": @$K": #$:#":M 3" @?>9$K 3? @"25? 3" K?3" 3" #"5"A
542? 3" W>32" $ :>:5$#? ?95>$:#?A
2>:5? ] @"::VW$K E"#?93?2%
‘?#$95" ?5>W"M

!#!
’" :?>2 3" W$VE4K"\ 2$5>2$ :$#@2$
? Ea?W$ 3? >‘9>;<" @?2? $W>5?2 Y4$
": K$W?95?3"2$: $K]52>E": 3": W>32":\
?E>"9?3": >9?3W$25>3?#$95$\ E"9:5>A
54?# @$2>‘" @?2? Y4$# @$2#?9$E$ ?
J"23"M

)$&+
)$W?95?2 ": J"5[$: @?2? D$Ea?2 " D$Ea?#$95" $\ E"9D"2#$ ? @":>;<"
W>32" 3$:$^?3"M 3" W>32"\ >9W$25$ " :$4 #"W>#$95"M
’ D?:$ 3$ D$Ea?#$95" 3" W>32" +:5$ 3>:@":>5>W" ]\ @"25?95"\ u5>K
"E"22$ :$‘493" ?: #$:#?: Kg‘>E?: 5?#J]# $# E?:" 3$ $W$954?K ?E>"9?A
3$:E2>5?: @?2? ? D?:$ 3$ ?J$2542?M #$95" >9W"K495_2>" 3": K$W?95?3"2$:
1?2? ": W>32": 3?: @"25?: 52?:$>2?: 3$ W>32": @"2 @?25$ 3$ E2>?9;?: @2$A
$:5_ @2$W>:5" ?@$9?: " D$Ea?#$95" :$95$: 9" W$VE4K"M
rE"# >95$224@;[$:rM ’ D49;<" ?95>$:#?‘?#$95" $:5_
 ’5>W?;<"n3$:?5>W?;<" 3": ?5>W? 342?95$ " D49E>"9?#$95"
8"#?93": 3? @"25? 3>?95$>2? 3"
E"#?93": 3": K$W?95?3"2$: 3$ #?94?K "4 ?45"#_5>E" 3" W>32"M
K?3" 3" @?::?‘$>2"n@"25?: 52?:$>2?:%
W>32": 3?: @"25?: 52?:$>2?:M
!? #"K342? 3" @?>9$K 3? @"25? ’@g: ? >95$2W$9;<" 3" :>:5$#? ?95>A
3>?95$>2? 3" K?3" 3" @?::?‘$>2" $:5<" $:#?‘?#$95" ] >95$22"#@>3" 3$ >#$A
’J$2542? 3": W>32":% 3>?5" " E42:" 3" W>32"M +# :$‘4>3?\
@2$:$95$: ": J"5[$: @?2? " E"#?93"
12$::>"9?2 ": J"5[$: @?2? ?J2>2 " 3" 2$:@$E5>W" W>32"M " E42:" 3" W>32" ] ?45"#?5>E?#$95$
W>32" 3$:$^?3"M >9W$25>3" $ " #$:#" W"K5? ? 3$:E$2
E$2E? 3$ 6 E# 2$K?5>W?#$95$ f @":>A
12$::>"9?93" J2$W$#$95$ Y4?KA     *  5-  6   &
;<" 3$ @2>#$>2? @?2?3?M *42?95$ $:5$
Y4$2 J"5<" 3$ ?J$2542?\ Y4$2 9?: @"2A
5
   *      &
5$#@" 9<" ] @"::VW$K ?E>"9?2 " W>32"M
5?: 3>?95$>2?: "4 9?: @"25?: 52?:$>2?:\ @  
"J5]#A:$ " E42:" rE"# >95$224@;[$:r
!" W$VE4K" $:5_ ?5>W? ? D49;<" 3$
3" W>32"\ $9Y4?95" Y4$ $o$2E$93" 
?95>$:#?‘?#$95" 9? D?:$ 3$ :4J>3?
4#? @2$::<" @2"K"9‘?3? ?5>W?A:$ " ,$ ? @2"5$;<" ?95>$:#?‘?#$95"
3": W>32": 3>?95$>2":n52?:$>2":M
?E>"9?#$95" rE"95V94" ?45"#_5>E"rM D"2 ?E>"9?3? H W$X$: E"9:$E45>W?:
+:5$ :>:5$#? 3$ :$‘42?9;? ] E?@?X
- W>32" @?2? 9? @":>;<" @2$5$9A 9" $:@?;" 3$ 7 #>945" "4 $:5>W$2 $#
3$ 2$E"9a$E$2 ? $W$954?K @2$:$9;?
3>3? @2$::>"9?93" 9"W?#$95$ " 2$:A ?W?2>?\ ] >9>J>3" " D49E>"9?#$95"
3$ 4# "J:5_E4K" 342?95$ " #"W>A
@$E5>W" J"5<"M ?45"#_5>E" 3" W>32" $# :4J>3?\
#$95" 3$ D$Ea?#$95" 3" W>32"M ’:A
@$2#>5>93"A" :"#$95$ @"2 2$::?K5":\
O$Ea?#$95" 3": W>32":% :>#\ " :>:5$#? >95$22"#@$ " E42:" 3$
E"# K>J$2?;[$: :4E$::>W?: 3" J"5<"

)$&,
@?2? ? #?9"J2? :$‘4>95$M 1?2?  
@"3$2 2$:5?J$K$E$2 " E"22$5" D49E>"A
9?#$95" 3" :>:5$#? ] 9$E$::_2>"  ! $ / .- & !#!
$D$54?2 4#? #"W>#$95?;<" @?2? 0
- 5$5" :"K?2 3$W$ :$2 D$Ea?3" #?A
J?>o" 3" W>32" $9W"KW>3"M
94?K#$95$ :$#@2$ Y4$ " W$VE4K" D"2
52?9E?3"M
 , ' K67   
  *  
'9 , !#! - 5$5" :"K?2 9<" @"::4> :>:5$#?
’" :?>2 3" W$VE4K"\ 2$#"W$2 :$#@2$ 3$ D$Ea?#$95" E$952?K>X?3"\ E"#"
’ :$‘4>2 f 3$:?5>W?;<" 3? ?K>#$9A
? Ea?W$ 3$ >‘9>;<" 3$ :$4 >95$2>"2M "E"22$ E"# ": W>32": 3?: @"25?:\ $
#
5?;<" $K]52>E?\ ] 9$E$::_2>" >9>E>?K>A
9<" :$2_ D$Ea?3" 9" 52?W?#$95" 3?:
X?2 9"W?#$95$ " D49E>"9?#$95" ?4A +:5? @2_5>E? ?^43? ? $W>5?2 Y4$
@"25?: @$K?: Ea?W$:M
5"#_5>E" 3": K$W?95?3"2$: 3$ W>32":M " 5$5" :"K?2\ ?E>"9?3" >9?3W$25>3?A
#$95$\ E"9:5>54? 4# @$2>‘" @?2?
- @2"E$3>#$95" 3$ >9>E>?K>X?;<" - 5$5" :"K?2 $K]52>E" ] E"#@":5"
Y4$# @$2#?9$E$ 3$952" 3" W$VE4K"M
3$W$ :$2 $D$54?3" E"# ?: @"25?: D$A @"2 3">: @?>9]>: 3$ W>32"\ 3": Y4?>: "
Ea?3?: $ $# E?3? @"25?% 3>?95$>2" ] #gW$K $ " 52?:$>2" ] D>o"\
$ $:5_ $Y4>@?3" E"# E"25>9? 3$ @2"A
 ’E>"9?2 " E"#?93" 3" W>32" ?5] 5$;<" E"952? " :"K 3$ #"W>#$95?;<"
:$4 D$Ea?#$95" E"#@K$5"M 1$2A !#! $K]52>E?M
#?9$E$2 ?E>"9?93" " E"#?93" - 4:" >#@2g@2>" 3" 5$5" :"K?2 @"3$ - D49E>"9?#$95" 3" 5$5" $ 3? E"2A
@?2? D$Ea?#$95" @"2 #?>: L :$A :$2 @$2>‘":"M 5>9? :g :$ W$2>D>E? E"# " E"#45?3"2
‘493":M
’95$: $ 342?95$ ? :4? #"W>#$9A 3$ >‘9>;<" 9? @":>;<" M
 12$::>"9?2 " E"#?93" 3" W>32"
5?;<"\ E$25>D>E?2A:$ Y4$ ": @?::?‘$>A
D>2#$#$95$ ?5] :4? ?J$2542? E"#A
2": 9<" $:5$^?# $o@":5": ?" 2>:E" 3$
@K$5?M 1$2#?9$E$2 ?E>"9?93" E"A
K$:[$: @2"W"E?3?: @$K" #"W>#$95"
#?93" @?2? ?J$2542? @"2 #?>: L
3$ ?J$2542?nD$Ea?#$95" 3" 5$5" :"K?2
:$‘493":M
"4 @$K" ?22?:5?#$95" 3$ "J^$5": Y4$
@"::?# E"K>3>2 E"# ": #$:#":M

)$&-
!%! !"  TT & !%! 
 
’ @?25>2 3? @":>;<" 3$ ?J$2542? 5"A
5?K\ @4o?2 " J"5<" B $ " @?>9$K 3>?9A 1?2? E"K"E?2 " 5$5" 9? @":>;<"
5$>2" :$2_ D$Ea?3" E"#@K$5?#$95$M r:@">K$2r\ @2$::>"9?2 $ :"K5?2 " J"5<"
CM
’ #"W>#$95?;<" ?45"#_5>E? @"3$
:$2 >95$22"#@>3? $# Y4?KY4$2 @":>A *42?95$ ? #"W>#$95?;<" @?2?
;<"\ @4o?93" 9"W?#$95$ " J"5<" B M ?5>9‘>2 ? ?J$2542? 3$ ?J$2542? 3"
:@">K$2\ 4#? @":5$2>"2 @2$::<" 9"
J"5<" C >95$22"#@$ " #"W>#$95" 3"
12$::>"9?93" " J"5<" B " @?>9$K 3$ ""! ! ! 5$5" :"K?2M
W>32" 3>?95$>2" :$2_ ?J$25" E"#@K$5?A
12$::>"9?2 " J"5<" 1 $ ? E"25>9? :$
#$95$M
#"W>#$95?2_ ?5] " @2>#$>2" $:5_‘>"
  !"!!&
3$ ?J$2542?M ’" :$‘493" 5"Y4$ 9"
"
J"5<" 1 \ ? E"25>9? :$ #"W>#$95?2_
@?2? ? @?25$ 52?:$>2? 3" W$VE4K"\ ?5] ? - 5$5" :"K?2 $:5_ $Y4>@?3" E"# 4#
!#! @":>;<" 3$ ?J$2542? 5"5?KM :>:5$#? 3$ :$‘42?9;? ?95>$:#?‘?A
!? @2$:$9;? 3$ J?‘?‘$>2" 52?9:A #$95" E?@?X 3$ 2$E"9a$E$2 ? $W$9A
8"# ? E"25>9? E"#@K$5?#$95$
W$2:?K\ 9<" ?J2>2 " 5$5" :"K?2M 54?K @2$:$9;? 3$ 4# "J:5_E4K" 34A
?J$25?\ @4o?2 " J"5<" 1 $ ? E"25>9? :$
2?95$ " #"W>#$95" 3$ D$Ea?#$95" 3"
!<" ?J2>2 " 5$5" 9? @2$:$9;? 3$ #"W>#$95?2_ @?2? " @2>#$>2" $:5_‘>"
W>32"c Y4?93" :$ W$2>D>E? $:5$ $W$95"\
9$W$ "4 ‘$K"\ @">: " #$:#" @"3$2_ 3$ D$Ea?#$95"M 14o?93" 9"W?#$95$
" :>:5$#? >95$22"#@$ $ >9W$25$
:$2 3?9>D>E?3"M " J"5<" 1 \ ? E"25>9? :$ #"W>#$95?2_
>#$3>?5?#$95$ " E42:" 3" W>32"M
@?2? ? @?25$ 3>?95$>2? 3" W$VE4K"\ ?5]
? @":>;<" 3$ D$Ea?#$95" 5"5?KM
’ #"W>#$95?;<" ?45"#_5>E? @"3$
:$2 >95$22"#@>3? $# Y4?KY4$2 @":>A 1?2? >95$22"#@$2 " #"W>#$95" 3? 
;<"\ @2$::>"9?93" 9"W?#$95$ " J"A E"25>9? 342?95$ ?: D?:$: 3$ ?J$2542? $ ’@g: 52Z: 5$95?5>W?: 3$ D$Ea?#$95"
5<" B M D$Ea?#$95" ?45"#_5>E"\ ?54?2 9"W?A 3" 5$5" :"K?2 >95$22"#@>3?: @$K" :>:A
#$95$ 9" J"5<" 1 M 5$#? 3$ :$‘42?9;?\ " 3>:@":>5>W" ?9A
5>$:#?‘?#$95" :$2_ 3$:?J>K>5?3" $\
)$’.
?@g: ?::$‘42?2 ? >9$o>:5Z9E>? 3$ "J:A
5_E4K":\ " 5$5" :"K?2 3$W$2_ :$2 D$A
Ea?3" @4o?93" " J"5<" B ?5] " D>#
3" E42:" 3" @?>9$KM

'.  
!%!
 ’E>"9?2 ? ?K?W?9E? :"J " E?@v\ #
@4o?93"A? @?2? " K?3" $:Y4$23"
!#! pK?3" 3" @?::?‘$>2"q $ K$W?95_AK"M
!#!
(#? E"K"E?;<" >9E"22$5? 3? W?2$5? )$W?95?2 " E?@v 45>K>X?93" ?#J?:
@"3$ @2"W"E?2 ? Y4$3? W>"K$95? 3" ?: #<":M
E?@vM ’95$: 3$ @2"E$3$2 ?" K$W?95?A
8$25>D>Y4$A:$ 3" E"22$5" 52?W?A #$95"\ E$25>D>E?2A:$ 3$ Y4$ ": J2?;":
#$95" 3? W?2$5? 9" 3>:@":>5>W"M 3": K>#@?3"2$: 3" @?2?AJ2>:? 9<"
$:5$^?# K$W?95?3": $ $# D49E>"9?A
#$95" $ 3$ Y4$ " W$VE4K" $:5$^?
@?2?3" $ " D2$>" 3$ $:5?E>"9?#$95"
?E>"9?3"M
!#!
."3? ? #?9"J2? 3$ K$W?95?#$95" 12"E$3$2 3" :$‘4>95$ #"3"%
3? W?2$5? 3$W$ :$2 D$>5? ?52?W]: 3"
>:"K?3"2 5]2#>E"\ 3$:5?E?3" 9? @":>A  14o?2 ? ?K?W?9E? >95$29? 3$ K>J$A
;<" ! 3? >#?‘$# :$‘4>95$M 2?;<" 3" E?@v\ K"E?K>X?3? :"J "
+:5$^? :$#@2$ ?5$95" f: 2$E"#$9A @?>9$KM
3?;[$: 3$:5$ #?94?KM

)$’!
!"  B?>o?2 " E?@v ? E$2E? 3$ HG E$9A  ’E>"9?93" " J"5<" 3$ ?J$2A
5V#$52": 3" W<" 3" #"5"2c $# 542? 3" @"25?A#?K?: 9? Ea?W$ $K$A
:$‘4>3?\ 3$>o_AK" E?>2 $ E$25>D>E?2A 52v9>E?M
:$ 3$ Y4$ $:5$^? E"#@K$5?#$95$  1?2? W$VE4K": E"# " "@E>"9?K
!#! D$Ea?3" $ 9<" ?@$9?: $9‘?5?3" rS?93: D2$$r\ @?::?93" " @] :"J "
1"2 #"5>W": 3$ :$‘42?9;?\ " E?@v 9? @":>;<" 3$ :$‘42?9;?M 8?:" @?2?AEa"Y4$ 52?:$>2" pW$2 @2"E$A
3$W$ #?95$2A:$ J$# D$Ea?3" 342?95$ $:5$^? ?@$9?: $9‘?5?3"\ 9<" $o$2A 3>#$95" 9$::$ E?@>54K" 9? :$;<"
? #?2Ea?M 1"25?95"\ W$2>D>E?2 :$#A E$2 @2$::<" 9" E?@v\ #?: W"K5?2 ? r1"25?A#?K?: E"# ?J$2542? a?93:
@2$ " D$Ea?#$95" E"22$5" 3" E?@v\ K$W?95_AK" $ 2$@$5>2 ? #?9"J2?M D2$$ p#<": K>W2$:qrM
E$25>D>E?93"A:$ 3$ Y4$ $:5$^? J$# 52?A  ’E>"9?93" " J"5<" 9" E"9^495"
W?3"M 3>?95$>2" 3$ K4X$: >95$29?:M

,$\ 342?95$ ? #?2Ea?\ @$2E$J$2 U$2>D>E?2 :$#@2$ " D$Ea?#$95" E"2A  ’E>"9?93" " J"5<" $o5$29" 9?
Y4$ 9<" $:5_ @$2D$>5?#$95$ 52?W?3"\ 2$5" 3" E?@v\ @?2? $W>5?2 Y4$ :$ ?J2? 5?#@? 52?:$>2?\ ?E>#? 3? @K?E?M
@?2?2 >#$3>?5?#$95$ $ D$Ea?2 " E?@v $# #"W>#$95"M  ’E>"9?93" " J"5<" K"E?K>X?3" 9?
3$ #"3" E"22$5"M K?5$2?K $:Y4$23?\ 3$952" 3" @"25?A
#?K?:M +:5$ J"5<" D$Ea? ? 5?#@?
' 3" @"25?A#?K?: $ >9W$25$ " :$95>3"
Y4?93" ?E>"9?3" 9" #"#$95"
!4 - @3,G
  3$ ?J$2542?nD$Ea?#$95"M - J"5<"
!#!
’: 52?W?: #?94?>: 3?: @"25?: 9<" 9<" ?J2$ ? 5?#@? 3" @"25? #?K?:
+o$E45?2 ?: "@$2?;[$: ?@$9?: E"#
52?9E?# ? 5?#@? 3" @"25?A#?K?:M Y4?93" $:5_ 5"5?K#$95$ D$Ea?3?M
" W$VE4K" @?2?3"M
- JK"Y4$>"n3$:JK"Y4$>" 3" @"25?A  *$:52?W?93" ? 52?W? 3$ $#$2‘Z9A
+:5$^? :$#@2$ ?5$95" f: 2$E"#$9A E>? E"# 4#? Ea?W$ 3$ D$93?\
#?K?: ] $K]52>E" $ :g D49E>"9? E"# "
3?;[$: 3$:5$ #?94?KM @$K" K?3" 3$ 3$952" 3" @"25?A
W$VE4K" @?2?3"\ "4 :$^?\ " E"#?93"
] 3$:?5>W?3" E"# " W$VE4K" $# #"A #?K?:M
12"E$3$2 3" :$‘4>95$ #"3"% W>#$95"M
- @"25?A#?K?: @"3$ :$2 ?J$25" 3?:
:$‘4>95$: #?9$>2?:%
)$’"
!&"!! " !!&
 
" $ / .- 0
’@g: ? 52"E?\ 2$E"9$o<" "4 2$E?2A ’ 5?#@? 3" @"25?A#?K?: 5$2_ :$4
2$‘?#$95" 3? J?5$2>? 3" W$VE4K"\ ? !4 -   3,G
  '9 ,  :$95>3" 3$ ?J$2542? "4 D$Ea?#$95"
E$952?K $K$52v9>E? 3" W$VE4K" ] 2$>A  &
' >9W$25>3" E?:" $9E"952$ ?K‘4#? 2$:>:A
9>E>?K>X?3? $ E"9:>3$2? " $:5?3" >9>A 12$::>"9?93" " J"5<" 9" E"9A 5Z9E>? ?" #"W>#$95" $#@2$$93>3"M
E>?K 3" @"25?A#?K?: E"#" 52?W?3"M 52"K$ 2$#"5" "4 9" E"9^495" 3$ K4X 8?:" #uK5>@K?: "J:524;[$: :$^?# $9A
1?2? " :$4 3$:52?W?#$95"\ ] 9$E$:A >95$29?\ ? 5?#@? 3" @"25?A#?K?:% E"952?3?: 9" #$:#" E>EK"\ " #"W>A
:_2>" @2$::>"9?2 " J"5<" 9? Ea?W$ #$95" :$2_ >95$22"#@>3"M
$K$52v9>E? "4 E"K"E?2 ? #<" 9" @4A  ’J2>2_ Y4?93" 5"5?K#$95$
#
1"25?95"\ 3$W$A:$ :$#@2$ 3$>o?2 "
o?3"2 3? @"25? 3" E"9345"2 E"# ? D$Ea?3?M E?#>9a" 3? 5?#@? K>W2$\ 3>:@$9:?93"
Ea?W$ $K$52v9>E? @2go>#? ?" @4o?A
 O$Ea?2_ Y4?93" 5"5?K#$95$ Y4?KY4$2 ?4oVK>" #?94?K ?" @2"E$3>A
3"2 "4 @$K" >95$2>"2 3" W$VE4K"\ ?52?A
?J$25?M #$95" ?45"#_5>E"M
W]: 3": J"5v$: 9" @?>9$K 3? @"25?
3" K?3" 3" E"9345"2 "4 3" K?3" 3"  =9W$25$2_ " :$95>3"\ Y4?93" $#
@?::?‘$>2" "4 E?:" ? Ea?W$ $K$52vA #"W>#$95"M

9>E? $:5$^? @2go>#? f _2$? $o5$29? 3? ,$ ? 5?#@? 3" @"25?A#?K?: D"2 3$>A
5?#@? 3" @"25?A#?K?: $ @2$::>"9?2 " ’@g: #uK5>@K?: "J:524;[$: 9"
o?3? ?J$25? @"2 4# K"9‘" 5$#@"\ "
J"5<" 3$ ?J$2542? 9? @2g@2>? 5?#@? #$:#" E>EK"\ ? 5?#@? 3" E"#A
:>:5$#? 3$ D$Ea?#$95" $K]52>E" @"3$
3" @"25?A#?K?:M @?25>#$95" 3$ J?‘?‘$9: >2_ @?2?2
:$ 3$:?5>W?2\ :$93" 9$E$::_2>" E"9A
?45"#?5>E?#$95$ $ 3$W$ :$2 ?J$25?
EK4>2 " @2"E$3>#$95" #?94?K#$95$
"4 D$Ea?3? #?94?K#$95$M
@?2? 2$>9>E>?2 ? D49E>"9?K>3?3$M
S_ 5?#J]# :$9:"2$: D>o?3": 9?
K?5$2?K 3? 5?#@? 52?:$>2?M (#? K$W$
@2$::<" $# Y4?KY4$2 K4‘?2 ?" K"9‘" 
3$::?: D?>o?: D?2_ E"# Y4$ ? 5?#@? 3" (# ?W>:" :"9"2" ] $#>5>3" 9?
E"#@?25>#$95" 3$ J?‘?‘$9: 2$5"29$ ?J$2542?nD$Ea?#$95" 3? 5?#@? 3"
f @":>;<" ?J$25?M @"25?A#?K?:M

)$’%
E"# ": @]: @?2? 3$952" p3$J?>o" 3" 5>3" 4# :"#\ ?: K4X$: 3$ $#$2‘Z9E>?
W$VE4K"q $ @?2? D"2? ?J?>o" 3? @K?E? @>:E?2<" $ ? 5?#@? 3" @"25?A#?K?:
!#! 52?:$>2?M ’ X"9? 3$ ?5>W?;<" ] 3$ ?J2>2_ ?@g: ?@2"o>#?3?#$95$ 4# :$A
E$2E? 3$ 6G E# 3$ K?3" ? K?3"M !<" ‘493" "4 D$Ea?2_ ?@g: ?@2"o>#?3?A
*42?95$ ? "@$2?;<" $K]52>E? 3?
#"W? " @] @?2? " K?3" "4 $# #"W>A #$95$ 52Z: :$‘493":M
5?#@? 3" @"25?A#?K?:\ @$::"?: "4
#$95": 3$ W?22$342? "4 ": :$9:"2$:
"J^$5": @2go>#": @"3$# :"D2$2 ’ ?5>W?;<"n3$:?5>W?;<" 3$:5$ 2$A
@"3$# 9<" 3$5$E5?2 " #"W>#$95"M
D$2>#$95": $ 3?9":M E42:" @"3$ :$2 E"9D>‘42?3? 9" (E"9A
9$E5M
’95$: 3$ ?5>W?2 ? D49;<"\
E$25>D>Y4$A:$ 3$ Y4$ " E?#>9a"
3? 5?#@? $:5_ K>W2$\ "J:$2W?93" 
" @":>E>"9?#$95" 3$ E?2‘?: $ ’J2>2 "4 D$Ea?2 " @"25?A#?K?: E"#
#?95$93"A:$ ?5$95" f @2$:$9;? 3$ $::$ 2$E42:" 2$Y4$2 Y4$ ? Ea?W$ $K$A
@$::"?: 9?: @2"o>#>3?3$:M 52v9>E? 1?::>W$ +952x W_K>3? $:5$^? K"A
E?K>X?3? 3$952" 3$ 7\6 # 3? #?;?A
9$5? 3? 5?#@?M ,$ ? Ea?W$ $K$52v9>E?
 &
' ,
4 -   
9<" $:5>W$2 ? #$9": 7\6 #\ " @"25?A
Z  3 [ /
7&' * 0 & 
#?K?: 9<" 2$:@"93$2_ ? 9$9a4# #"A
.- 
W>#$95" 3": @]:M +::?: E"9D>‘42?;[$:
1?2? ?K‘4#?: W$2:[$:\ $:5_ 3>:@"9VA @"3$# :$2 a?J>K>5?3?: "4 3$:?J>K>5?A
W$K 4# :>:5$#? 3$ ?J$2542? 3" @"25?A 3?: ?52?W]: 3$ (E"99$E5M
#?K?: 3" 5>@" a?93: D2$$\ 45>K>X?93"  +:5$ 2$E42:" 3$ ?J$2542? 3? 5?#@?
" #"W>#$95" 3": @]: $# 4#? 2$A
’ X"9? 3$ ?5>W?;<" ] ? #$:#? 3" @"25?A#?K?: 3$W$ :$2 3$:K>‘?3"
‘><" 3$K>#>5?3? @"2 J?>o" 3" @?2?A
@?2? W$VE4K": E"# "4 :$# 2$J"Y4$ 342?95$ " K$W?95?#$95" 3" W$VE4K"
Ea"Y4$ 52?:$>2" 3" W$VE4K" $ @2go>#"
$Y4>@?3"M @?2? 52"E? 3$ @9$4:\ K?W?‘$# #?94?K
3? @K?E?M
$ :$2W>;": 3$ #?945$9;<"M
1?2? ?J2>2 "4 D$Ea?2 ? 5?#@? 52?A s4?93" 4# #"W>#$95" 3": @]: +:5$ 2$E42:" @"3$ :$2 ?5>W?3" @"2
:$>2? 3" @"25?A#?K?: 4:?93" $::$ 2$A @?2? ?J$2542? 3? 5?#@? 3" @"25?A Y4?KY4$2 "J^$5" #$5_K>E" D?X$93"
E42:"\ 4:$ 4# #"W>#$95" 3$ Ea45$ #?K?: W_K>3" D"2 E"9EK4V3"\ :$2_ $#>A
)$’&
4# #"W>#$95" :$#$Ka?95$ @?2? :$ 3$ 2$#"W$2 Y4?KY4$2 ?Eu#4K" 3$ 8$25>D>Y4$A:$ 3$ Y4$ " E?#>9a" 3$
3$952" $ @?2? D"2? :"J ? @K?E? 9$W$ "4 ‘$K" 3? 5?#@? 52?:$>2? ?95$: 3$:K"E?#$95" 3? 5?#@? 52?:$>2?
52?:$>2?\ @"2 3$J?>o" 3" W$VE4K"M 3$ ?J2>AK?M $:5$^? K>W2$ ?95$: 3$ ?5>W_AK?M
- 3>:@":>5>W" :g D49E>"9?2_ :$ ? ,$ ? 5?#@? 3" @"25?A#?K?: D"2 3$>A 8$25>D>Y4$A:$ 3$ Y4$ ? 5?#@? 3"
52?9:#>::<" $:5>W$2 9? @":>;<" 1 o?3? ?J$25? @"2 4# K"9‘" @$2V"3" @"25?A#?K?: $:5$^? D$Ea?3? $ 52?W?3?
p1?2hqM p?@2"o>#?3?#$95$ 4#? a"2?q\ @"3$ ?95$: 3$ @?25>2M
:$2 9$E$::_2>" D$Ea_AK? #?94?K#$95$
,$ ?K‘" "J:524>2 ? $K$W?;<" 3?
@?2? 2$3$D>9>2 ? D49E>"9?K>3?3$ 3" -: ?#"25$E$3"2$: ? ‘_: :4:5$95?#
5?#@? 3" @"25?A#?K?: $9Y4?95"
$K? $:5>W$2 ?J2>93" "4 D$Ea?93"\ "
:>:5$#?M ? 5?#@? 3" @"25?A#?K?: 9? @":>;<" #
:>:5$#? >2_ 2$W$25$2 " #"W>#$95" ?4A ?J$25?M !" $95?95"\ E"#" ? @2$::<"
5"#?5>E?#$95$\ 3$:3$ Y4$ $9E"952$ 3" ‘_: E?> E"# ? 5$#@$2?542?\ @"3$
2$:>:5Z9E>? :4D>E>$95$M :$2 9$E$::_2>" 4# ?4oVK>" ?": :4@"2A
!#! 5$: ?" ?J2>2 ? 5?#@? $# 5$#@" D2>"M
+o>:5$# :$9:"2$: K"E?K>X?3": ?"
K?3" 3? ?J$2542? 3? 5?#@? 52?:$>2?M *>2>‘>2 E"# ? 5?#@? 52?:$>2? ?J$25?
(# K$W$ 5"Y4$ $# Y4?KY4$2 K4‘?2 @"3$ @$2#>5>2 Y4$ ‘?:$: 3$ $:E?@?A 
?" K"9‘" 3$::?: D?>o?: D?2_ E"# #$95" W$9$9":": $952$# $# :$4 W$VA
1$2#>5? Y4$ " :>:5$#? ?J2? ? 5?#@?
Y4$ ? 5?#@? 3" E"#@?25>#$95" 3$ E4K"M
3" @"25?A#?K?: ?5] " D>9?KM +#@422?2
J?‘?‘$9: 2$5"29$ f @":>;<" ?J$25?M &?95$9a? ? 5?#@? 3" @"25?A#?K?: "4 @4o?2 #?94?K#$95$ ? 5?#@? 52?A
,$ ? 5?#@? 52?:$>2? $K]52>E? $9E"9A :$#@2$ D$Ea?3? Y4?93" $:5>W$2 "@$A :$>2? @"3$ ?5>W?2 " 2$E42:" 3$ 3$5$EA
52?2 W_2>?: "J:524;[$: 9" #$:#" E>A 2?93" " W$VE4K"M ;<" 3$ "J:5_E4K" 3? 5?#@? 52?:$>2?
EK"\ " :>:5$#? >2_ @?2?2 ?45"#?5>E?A $ >95$22"#@$2 ? "@$2?;<" "4 >9W$25$2
#$95$M ,$ >::" "E"22$2\ ? 5?#@? 3" :4? 3>2$;<"M
@"25?A#?K?: 3$W$2_ :$2 "@$2?3? #?A
94?K#$95$M
!#!
’ 5?#@? 52?:$>2? $K]52>E? :$2_ K>J$A *42?95$ ? "@$2?;<" $K]52>E?\
2?3?\ #?: 9<" :$2_ ?J$25?\ $# 5$#@$A @"3$# "E"22$2 3?9": f E?2‘? "4
2?542?: ?J?>o" 3$ LI 8M 8$25>D>Y4$A D$2>#$95": f: @$::"?: @2go>#?:M

)$’’
!!!  !&  8"# 2$J?5>#$95" 3": 3">: $9E":A 12"E$3$2 :$‘4>93" ?: 2$E"#$93?A
"!! 5": 3": J?9E": 3? H⁄ D>K$>2? 3$ ;[$: 3? :$;<" rB?9E":r 9" E?@V54K"
J?9E": 52?:$>2":M r8"9a$E$93" " :$4 W$VE4K"rM
'   , 5
- :>:5$#? 3" @K?9" 3$ E?2‘? @":A  8"# 2$J?5>#$95" 3" $9E":5" 3$  (67  
K 
   , 5
:4> 4#? E?@?E>3?3$ #_o>#? 3$ 7}G 4# 3": J?9E": pJ>@?25>3" IG "4
h‘M !<" E?22$‘?2 "J^$5": E"# @$:" !" >95$2>"2 3" @"25?A#?K?: $:5<"
FGq 3? L⁄ D>K$>2? #?>: " 2$J?5>A
:4@$2>"2 ?" 3>#$9:>"9?3"M K"E?K>X?3": ‘?9Ea": @?2? ? ?9E"2?A
#$95" 3" J?9E" 3? H⁄ D>K$>2?M
‘$# 3$ E?J": $ D>o?;<" 3?: E?2A
 8"# 2$J?5>#$95" 3": $9E":5": ‘?:\ ‘?2?95>93" #?>"2 $:5?J>K>3?3$
!
' 67   &
' 3": 3">: J?9E": pJ>@?25>3" IG $ ?": W"K4#$: 52?9:@"25?3":M
FGq 3? L⁄ D>K$>2? #?>: " 2$J?5>A
#$95" 3" J?9E" 3? H⁄ D>K$>2?M
!#!
’95$: 3$ 2$J?5$2 " $9E":5"\ 2$#"A !#!
W$2 Y4?KY4$2 "J^$5" @2$:$95$ 9" ?:A ,$ "E"22$2$# D2$?3?: J24:E?:\ "4
:$95" 3" J?9E"M 4#? E"K>:<"\ 4# 3$:K"E?#$95" 2$A
@$95>9" 3? E?2‘? @"3$2>? E2>?2 4#?
-J:$2W$ :$#@2$ ?: 2$E"#$93?A
:>54?;<" 3$ @$2>‘" @?2? " #"5"2>:5?
;[$: 3$:5$ #?94?KM
$ " @?::?‘$>2"c @"2 $:5$ #"5>W"\ ?9A
5$: 3$ #"W>#$95?2 " W$VE4K"\ @2"A
’ ?#@K>?;<" 3" @"25?A#?K?: @"3$
W>3$9E>?2 ? E"22$5? D>o?;<" 3? E?2‘?
:$2 D$>5? 3?: :$‘4>95$: #?9$>2?:%
"4 J?‘?‘$9: 45>K>X?93" ": ‘?9Ea":
3$ ?#?22?;<" 3$ E?2‘? 9?: J"23?:
 8"# 2$J?5>#$95" 3" $9E":5" 3$ ’ ?#@K>?;<" 3" @"25?A#?K?:\ 2$J?A 3? E?;?#J? $n"4 ": ?9]>: 3$ D>o?;<"
4# 3": J?9E": 3? H⁄ D>K$>2? 3$ 5$93" ?@$9?: 4# $9E":5" 3": J?9E": 3>:@":5": 9" @>:" 3" E"#@?25>#$95"
J?9E": 52?:$>2":M $# E?3? D>K$>2?\ @$2#>5$ 52?9:@"25?2 3$ E?2‘?M
@?::?‘$>2": 9?: @?25$: 9<" 2$J?5>3?:
3": J?9E": 52?:$>2":M 1?2? Y4$ ? "@$2?;<" :$^? D$>5? 3$
D"2#? :$‘42?\ :"#$95$ 45>K>X?2 E?J":\
)$’*
E"23?: "4 E"22$>?: ?3$Y4?3?: f D>o?A %!  !&"!!
;<" 3" #?5$2>?K Y4$ :$2_ 52?9:@"2A ',67  ,4 -    &
5?3"M
'

    ’ E"J$2542? $:5_ K"E?K>X?3? 9" W<"


@"25?A"J^$5":\ 3$J?>o" 3" E?2@$5$ 9"
*">: E$:5": @?2? ?2#?X$9?#$95" @"25?A#?K?:M
3$ @$Y4$9": "J^$5": $:5<" >9:5?K?3":
9?: K?5$2?>: 52?:$>2?: 3" W<" 3$ E?2‘?M
 #
1?2? ? 45>K>X?;<" 3" E"9^495" 3$

E"J$2542? 3" @"25?A#?K?:\ " J?9E"  1":>E>"9?2 " E"9^495" 9": :4A
+# ?K‘4#?: W$2:[$:\ 3$W>3" ?" 52?:$>2" A H⁄ D>K$>2? 3$W$2_ $:5?2 2$J?A @"25$: K?5$2?>:\ E$25>D>E?93"A:$ 3"
:>:5$#? 3$ :"# >9:5?K?3"\ a_ ?@$9?: 5>3" @?2? ?#@K>?;<" 3" @"25?A#?K?:M E"22$5" 52?W?#$95"M
4# E$:5" 9" W<" 3$ E?2‘?M
12"E$3$2 E"9D"2#$ ? :$‘4>2%

 ’J2>2 " @"25?A#?K?: @?2? ?E$::"


?" E"9^495" 3$ E"J$2542?
3" @"25?A#?K?: 9" W<"
@"25?A"J^$5":M
 C$5>2?2 " E"9^495" 3$ E"J$2542?
3" @"25?A#?K?: $ 2$J?5$2 " $9A
E":5" J?9E" 3? H⁄ D>K$>2?M

 14o?2 ? ?K;? 3? E"25>9? @2>9E>@?K


3$ E"J$2542? !\ 3$:K>X?93" ?: $oA
52$#>3?3$: 3? W?2$5? 52?9:W$2:?K
9?: ‘4>?: K?5$2?>: % 9" @"25?A
)$’+
#?K?: $ $9E?>o_AK? E"22$5?#$95$
$# :4? @":>;<"M


67  ,4 -    &

'
12"E$3$2 E"9D"2#$ ? :$‘4>2%

 ’J2> ? 5?#@? 52?:$>2? 3" @"25?A


#?K?:M
 14o?2 ? ?K;? 3? E"J$2542? 3"
@"25?A#?K?: ! 4# @"4E" @?2?
D"2? $\ ? :$‘4>2\ 3$>o?2 3$:K>X?2
?: $o52$#>3?3$: 3? W?2$5? 52?9:A
W$2:?K 3$952" 3?: ‘4>?: K?5$2?>: %  *$>o?2 Y4$ ? E"J$2542? :$^?
9" :$95>3" 3$ 2$E"Ka>#$95" 3? 2$E"Ka>3?\ :$‘42?93"A? $
E"25>9?M ?E"#@?9a?93"A? ?5] " 5"5?K
 ,$ D"2 9$E$::_2>" 45>K>X?2 ?: E"25>A 2$E"Ka>#$95"M
9?: ?4o>K>?2$: pIGnFGq\ @4o_AK?: $
$9E?>o?2 ?: @2$:>Ka?:  9": 5>2?9A  ,$ ?: E"25>9?: 3$ 2$E"J2>#$95"
5$: 3": ?@">?AE?J$;?:M ?4o>K>?2$: pIGnFGq $:5<" :$93" 45>A
K>X?3?:\ :"K5?2 ?: @2$:>Ka?: 
)$’,
3": 5>2?95$: 3": ?@">?AE?J$;?: $ 1 ' 
?E"#@?9a?2 ?5] :$4 5"5?K 2$E"Ka>A
#$95"M  
!J!
-: $Y4>@?#$95": $:5<" 3>:52>J4VA
3": 9" a?J>5_E4K" 3" W$VE4K" E"9A
D"2#$ ? :$‘4>2M

#
!&!
 C$E"K"E?2 " E"9^495" 3$ E"J$2A
542? 3" @"25?A#?K?: $# :$4 K"A
E?K ?@2"@2>?3"\ E$25>D>E?93"A:$ 3$
Y4$ $:5$^? J$# @":>E>"9?3" $ 52?A !#!
 14o?2 ?: 52?W?:  p4#? 3$ E?3? W?3"M !<" W>?^?2 E"# ? 5?#@? 3" @"25?A
K?3"q 3" E"9^495" 3$ E"J$2542? K4W?: ?J$25?M
3" @"25?A#?K?: 9" :$95>3" >93>A
+# E?:" 3$ ?E>3$95$\ @"3$ D$2>2 ":
E?3" @$K? :$5?\ @?2? 2$5>2_AK" 3":
"E4@?95$: 3": K4‘?2$: 3>?95$>2":M
:4@"25$: K?5$2?>:M
- @"25?AK4W?: $:5_ K"E?K>X?3" 9"
@?>9$K 3$ >9:524#$95":\ K?3" 3" @?:A
:?‘$>2"M ’54?2 9" @4o?3"2 D2"95?K
@?2? ?J2>2 " E"#@?25>#$95"M

)$’-
!? @?25$ 3$ 52_: 3" @?2?A:"K $o>:A
5$# $:@$Ka": 3$ E"25$:>? >K4#>9?A
3":\ Y4$ @$2#>5$# ? :4? 45>K>X?;<"
#$:#" $# E"93>;[$: 3$ D2?E? K4#>A
9":>3?3$M
1?2? ?E$::?2 " $:@$Ka"\ K$W?95?2 ?
E"J$2542? 1 M

"!!   / .- &


 0
!<" >9:$2>2 9" @"25?AK4W?: "J^$5": 
  ,       &
3$ 3>#$9:[$: 5?>: Y4$ 9<" @$2#>5?#    , '
" D$Ea?#$95" E"#@K$5"M ’K]# 3>::"\ +:5_ :>54?3? 9? @?25$ 52?:$>2? 3"
342?95$ ? #?2Ea?\ E$25>D>E?2A:$ 3$ E"9:"K$ E$952?KM O49E>"9? ?@$9?:
Y4$ " @"25?AK4W?: $:5_ @$2D$>5?#$95$ E"# " E"#45?3"2 3$ >‘9>;<" 9? @"A
D$Ea?3"M :>;<"  :$ 2"54K?3? E"# 4# :V#A
!&< / .- 0
J"K" 3$ Ea?W$M ."#?3?: 2"54K?3?:
!!& +:5_ @2$W>:5" 4# @"25?AgE4K": K"E?A E"# 4# :V#J"K" 3$ J?5$2>?\ @"2 $:5?A
K>X?3" ?E>#? 3? @"25? 3" #"5"2>:5?M 2$# E"9$E5?3?: 3>2$5?#$95$ f J?5$2>?
-: @?2?A:g>: $9E"952?#A:$ ?" K?3" 3" W$VE4K"\ D49E>"9?# " 5$#@" 5"3"M
3" $:@$Ka" 2$52"W>:"2 >95$29"M 1"3$#
:$2 "2>$95?3?: @?2? ? D2$95$ $ @?2? ":
K?3":M 
1?2? "2>$95?2 9" :$95>3" K?5$2?K\ ."3": ": ?E$::g2>": E"9$E5?3": f:
2$5>2_AK? 3" ‘?9Ea" 3" K?3" 3" $:@$A 5"#?3?: E"# :V#J"K" 3$ wJ?5$2>?y
Ka" 2$52"W>:"2 >95$29" $ ‘>2_AK" @?2? ? 3$W$# :$2 2$#"W>3": "4 3$:K>‘?3":
^?9$K? K?5$2?KM Y4?93" " W$VE4K" 9<" $:5>W$2 $#

)$*.
4:" @?2? @2"5$‘$2 ? J?5$2>? E"952? 
  ,     &
' 
 *  
3$:E?2‘?M +:5_ :>54?3? 9? @?25$ $:Y4$23? 3$9A - W$VE4K" $:5_ $Y4>@?3" E"# 4#?
52" 3" @"25?A#?K?:M 1"3$ D49E>"9?2 5"#?3? >9W$2:"2? 3$ 776 W"K5: "4 LLG
?@$9?: E"# " E"#45?3"2 3$ >‘9>;<" W"K5: $ 76G i?55: p:$ $Y4>@?3"q ! \ K"A
9? @":>;<"  "4 E"9:5?95$#$95$ E?K>X?3? 9? @?25$ 52?:$>2? 3" E"9:"K$
!#! ?K>#$95?3? @$K? J?5$2>?M 8"9:4K5$ ? E$952?K @?2? E"9W$25$2 ? E"22$95$ *8
’95$: 3$ >9:5?K?2 4# ?E$::g2>"\   ! = ,  > @?2? #?>"A $# E"22$95$ ’8M +:5? 5"#?3? @"3$
2$E"#$93?A:$ W$2>D>E?2 9?  2$: 3$5?Ka$:M ?K>#$95?2 5$K$D"9$: E$K4K?2$:\ $K$52vA
!  , ' > ? 3>:@"9>J>K>3?3$ 9>E": $ "452": 3>:@":>5>W": 3$ J?>o? #
3$ ?E$::g2>": "2>‘>9?>: a"#"K"‘?3": @"5Z9E>? Y4$ 2$Y4$2$# @"5Z9E>? 3$
$ :4? E"#@?5>J>K>3?3$ @?2? 4:" $# ?5] 76G ¤?55:M
:$4 W$VE4K" b$$@M
=9:5?K?2 :"#$95$ ?E$::g2>": "2>‘>A
9?>: b$$@M


!<" >952"34X>2 9?: 5"#?3?: ?@?2$A
Ka": E"# @"5Z9E>? :4@$2>"2 ? 76G ¤M
’K]# 3>::"\ 9<" 3?9>D>E?2 ? 5"#?3? 1?2? K>‘?2 ? 5"#?3? 3" >9W$2:"2
4:?93" ?@?2$Ka": >9?3$Y4?3":M 3$ $9$2‘>?\ J?:5? E"9$E5?2 " 3>:@":>A
5>W"M ’ 5"#?3? 3$:K>‘? ?45"#?5>E?A
#$95$ Y4?93" " 3>:@":>5>W" ] 3$:E"A
9$E5?3"M
- >9W$2:"2 3$ $9$2‘>? ] @2"^$5?3"
E"# @2"5$;<" E"952? :"J2$E?2‘? $#A

)$*!
J45>3?M ,$ ? EK?::>D>E?;<" 3$ $9$2‘>? !   %! ! ! !&%!@ !& 
3$ 76G ¤?55: D"2 $oE$3>3?\ " >9W$2A  %! ! & BO &
+:5_ K"E?K>X?3" $952$ ": J?9E": 3>A
:"2 3$ $9$2‘>? :$2_ 3$:K>‘?3" ?45"A ! / .- 0
?95$>2":M
#?5>E?#$95$M ’::># Y4$ " 3>:@":>A +# ?K‘4#?: W$2:[$:\ $:5_ @2$W>:5"
5>W" $K]52>E" D"2 2$#"W>3" 3? 5"#?3?\ - ?@">" 3$ J2?;": ] 2$‘4K_W$K 9"
4# ?@">?AJ2?;"n@"25?AE"@": 9?
" >9W$2:"2 3$W$ 2$>9>E>?2 ?45"#?5>A :$95>3" K"9‘>543>9?K @?2? @2"@"2E>"A
J?9E" 52?:$>2"M
E?#$95$M 1?2? $W>5?2 :"J2$E?22$‘?2 9?2 " #_o>#" 3$ E"9D"25"M
" E>2E4>5"\ W$2>D>Y4$ ?: EK?::>D>E?;[$: 1?2? 45>K>X_AK"\ @4o?2 ? D>5?\
3$ $9$2‘>? $# 3>:@":>5>W": $K]52>E": ?E"#@?9a?93"A? E"# ? #<" ?5] ?
?95$: 3$ 4:?2 " >9W$2:"2M @":>;<" 3$ 45>K>X?;<"M

!#!
!<" >9:>2? 9$9a4# "J^$5" 9": 2$A
E$@5_E4K": $ 9<" 5"Y4$ E"# ?: #<":
#"Ka?3?:M O$Ea$ ? 5?#@? Y4?93"
9<" $:5>W$2 $# 4:"M
!" >95$2>"2 3" ?@">" 3$ J2?;" $:5_
,$ $:5? 5"#?3? D"2 #?94:$?3? >9A @2$:$95$ 4# W<" @"25?A"J^$5":M 1?2?
E"22$5?#$95$\ @"3$ E?4:?2 Ea"Y4$ 5$2 ?E$::"\ ?54?2 9" 3>:@":>5>W" 3$  !&%> 
$K]52>E" $ D$2>#$95": ‘2?W$:M 52?W?#$95" $ K$W?95?2 " ?@">" 3$ %!  ! 
J2?;"M !! / .- 0
+# ?K‘4#?: W$2:[$:\ @"2 J?>o"
3" ?::$95" 3" J?9E" 3" @?::?‘$>2"
$9E"952?A:$ 4# W<" @"25?A"J^$5":M

)$*"
14o?2 $ 2$J?5$2 ? ?K#"D?3?\ -   , 
?E"#@?9a?93"A? E"# ? #<"\ @?2?
 ,$# K4X% ? J?:$ 3$ E?22$‘?#$95"
?E$::?2 " W<" @"25?A"J^$5": M
$:5_ "E>":? "4 @2"E42?93" 4#
3>:@":>5>W"M
 )4X ?X4K% " 3>:@":>5>W" D"> 3$5$EA
5?3" $ $:5_ E?22$‘?93"M
 )4X W$2#$Ka?n@>:E?93"% $22" >9A
5$29" "4 "J^$5" $:52?9a" 3$5$EA
5?3"M #
,$4 5$K$D"9$ E$K4K?2 3$W$ :$2 @2"^$A  )4X W$23$% 3>:@":>5>W" 7GGt E?2A
5?3" @?2? E?22$‘?#$95" :$# D>"M ,$ " 2$‘?3" pE"#@?5VW$K :"#$95$ @?2?
5$K$D"9$ 9<" $:5>W$2 $Y4>@?3" E"# ? ?K‘49: ?@?2$Ka": E$K4K?2$:qM
D49E>"9?K>3?3$ 3$ E?22$‘?#$95" :$#
!! S !! D>"\ 4#? E?@? 3$ 2$@":>;<" "4 4#?
! ! ! / .- & @K?E? 52?:$>2? $:@$E>?K>X?3? @"3$ :$2 
0 ?3Y4>2>3? $# :4? "@$2?3"2? 3$ E$K4A ’ J?:$ 3$ E?22$‘?#$95" :$# D>"
1?2? ?K‘4#?: W$2:[$:\ $:5_ 3>:@"A K?2M 8"9:4K5$ " #?94?K 3" @2"@2>$A 9<" D49E>"9?2_ :$ ?K‘4#? 3?: Y4?A
9VW$K 4# E?22$‘?3"2 :$# D>" ! @?2? 5_2>" 3" :$4 5$K$D"9$ @?2? "J5$2 #?>: 52" @"25?: $:5>W$2 ?J$25?\ #$:#" :$
?@?2$Ka": E$K4K?2$:\ K"E?K>X?3" 9" >9D"2#?;[$:M " #"5"2 $:5>W$2 D49E>"9?93"M ’J2>2
E"9:"K$ E$952?K 3" W$VE4K"M ? 5?#@? 3" E"#@?25>#$95" 3$ J?A
’ J?:$ 3$ E?22$‘?#$95" :$# D>" ]
‘?‘$9: 9<" >95$2D$2$ 9? "@$2?;<" 3?
$Y4>@?3? E"# 4# 5?@$5$ ?95>3$22?A
J?:$ 3$ E?22$‘?#$95"M
@?95$\ 4#? J?:$ ?^4:5_W$K @?2? :$‘4A
2?2 " :$4 5$K$D"9$ E$K4K?2 $ 4# >93>A - 4:" 3$ 4#? E?@? 3$ 5$K$D"9$
E?3"2 )+*M @"3$ >95$2D$2>2 9" E?22$‘?#$95" :$#
D>"M

)$*%
9a$;? ? Ea?W$\ 9<" :$93" @"::VW$K ! %

3?2 ? @?25>3? 9" W$VE4K"M ’: @"25?: (,B $:5<" K"E?K>X?3?: 9"
- 5$#@" 3$ E?2‘? 3$@$93$2_ 3"
5>@" 3$ ?@?2$Ka" 45>K>X?3" $ 3?: D49A E"9:"K$ E$952?KM +:5$ 2$E42:" @$2#>5$
;[$: ?5>W?: 342?95$ " 5$#@" 3$ E?2‘?M Y4$ 4# 3>:@":>5>W" $o5$29" :$^? E"A
9$E5?3" 9?: @"25?: (,B "4 ’(¡M
!#! 8"9$E5?2 4# 3>:@":>5>W"
 - E?22$‘?3"2 i>2$K$:: 4:? ? 5$E9"A :#?25@a"9$ ? 4#? @"25? (,B ?5>W?2_
+# E?:" 3$ :4@$2?Y4$E>#$95" 3" K"‘>? 3$ >934;<" @?2? D?X$2 " E?22$A ": 2$E42:": ’932">3 ’45"£ "4 ’@@K$
3>:@":>5>W"\ " E?22$‘?#$95" :$2_ >9A ‘?#$95" 3$ 3>:@":>5>W": E"#@?5VW$>: 8?21K?x¢\ :$ $Y4>@?3"M 1?2? "J5$2
5$22"#@>3" $ " )+* D>E?2_ W$2#$Ka" E"# $::? 5$E9"K"‘>?M #?>: >9D"2#?;[$:\ E"9:4K5$ w’9A
$ @>:E?93"M 32">3 ’45" £y "4 w’@@K$ 8?21K?x¢y
e ?J:"K45?#$95$ @2">J>3" ?K"E?2
9" #?94?K 3? E$952?K #4K5>#V3>?M
Y4?>:Y4$2 #?5$2>?>: #$5_K>E": :"J2$
? _2$? 3$ E?22$‘?#$95"M

!#!
 *">: 3>:@":>5>W": @"3$# :$2 E"A
1?2? ?: W$2:[$: $Y4>@?3?: E"# E?2A 9$E5?3": ?" #$:#" 5$#@" $ ?#J?:
2$‘?3"2 :$# D>"\ ? Ea?W$ $K$52v9>E? 1?2? #?>"2 $D>E>Z9E>? 3$ E?22$‘?A
?: @"25?: D"29$E$2<" 2$E42:": 3$ E?2A
!0- 3$W$ :$2 @":>E>"9?3? :"J2$ " #$95" ] 2$E"#$93?3" #?95$2 " 3>:A
2$‘?#$95"M ’@$9?: 4#? @"25? @"3$
#$:#"\ "4 ? 4#? 3>:5d9E>? >9D$2>"2 ? @":>5>W" 9" E$952" 3? _2$? 3$ E?22$A
52?9:D$2>2 3?3": @?2? " :>:5$#? @"2
76 E# 3" E?22$‘?3"2 :$# D>"M ‘?#$95"M 8?:"\ 342?95$ ? 3>2$;<"\ "
W$XM
3>:@":>5>W" :?>? 3? _2$? 3$ E?22$‘?A
- @":>E>"9?#$95" 3? Ea?W$ $K$A #$95"\ " E?22$‘?3"2 @"3$ >95$22"#A
52v9>E? $# 4#? 3>:5d9E>? >9D$2>"2 ? @$2 " @2"E$::" 3$ E?2‘?M 1"2 $o$#@K"\ :$ 4# 3>:@":>5>W" $:A
76 E# 3" E?22$‘?3"2 :$# D>" "4 :"A 5>W$2 E"9$E5?3" f @"25? (,B .>@" ’
J2$ " #$:#" @"3$ 3?9>D>E?2 " E"9A $ "452" 3>:@":>5>W" $:5>W$2 E"9$E5?3"
52"K$ 2$#"5" 3? #$:#? $ >#@$3$ Y4$ f @"25? (,B .>@" 8\ 4#? #$9:?‘$#
" :>:5$#? 3$ @?25>3? 3" W$VE4K" 2$E"A ?@?2$E$2_ $ @$2#>5>2_ Y4$ W"EZ :$K$A
E>"9$ " 3>:@":>5>W" ? :$2 4:?3"M

)$*&
@?25$ 52?:$>2? @?2? ": @?::?‘$>2": 3"  ,   , 5  4  
J?9E" 3? H⁄ D>K$>2?\ 45>K>X?3? @?2? E?2A 
2$‘?2 4# 3>:@":>5>W" $o5$29"M  , 
 3 5- 67
Q(
  , 5 &

\5
U$VE4K" E"# {
@$::"?: ƒ G h‘ 3$
6G
J?‘?‘$# 9" @"25?A
#?K?:

7M 1"25? (,B 5>@" 8 U$VE4K" E"# { #


@$::"?: ƒ 7G h‘ 3$
LM 1"25? (,B 5>@" ’ IG
J?‘?‘$# 9" @"25?A
#?K?:
1?2? ?K‘4#?: W$2:[$:\ $:5_ 3>:@"A U$VE4K" E"# {
9VW$K 4#? :$‘493? @"25? (,B K"E?A @$::"?: ƒ LG h‘ 3$
HG
J?‘?‘$# 9" @"25?A
K>X?3? 9? @?25$ 52?:$>2? 3" E"9:"K$
E$952?K\ 45>K>X?3? @?2? E?22$‘?2 4# 2   3 #?K?:
U$VE4K" E"# {
3>:@":>5>W" $o5$29"M  1 ' @$::"?: ƒ HG h‘ 3$
LG
J?‘?‘$# 9" @"25?A
+# ?K‘4#?: W$2:[$:\ " W$VE4K" @":A #?K?:
:4> J?22?: K"9‘>543>9?>: Y4$ @"3$# U$VE4K" E"# {
:$2 45>K>X?3?:\ E"# " ?E2]:E>#" 3$ @$::"?: ƒ IG h‘ 3$
7G
?E$::g2>": $:@$EVD>E":\ @?2? " 52?9:A J?‘?‘$# 9" @"25?A
@"25$ 3$ E?2‘? E"9D"2#$ 5?J$K? ? :$A #?K?:
‘4>2M U$VE4K" E"# {
@$::"?: ƒ 6G h‘ 3$
G
J?‘?‘$# 9" @"25?A
#?K?:
U$VE4K" E"# F "4
#$9": @$::"?: ƒ6G
6G
1?2? ?K‘4#?: W$2:[$:\ $:5_ 3>:@"A h‘ 3$ J?‘?‘$# 9"
9VW$K 4#? @"25? (,B K"E?K>X?3? 9? @"25?A#?K?:

)$*’
1?2? #?>: >9D"2#?;[$:\ 3>2>‘>2A:$ f
  ! = ,  > : 
.2?D$‘?2 E"# " :>:5$#? 3$ $:E?@?A
!#! #$95" #"3>D>E?3" "4 3?9>D>E?3"\
!" :$4 D49E>"9?#$95"\ " E"9W$2A
'  :"2 E?5?KV5>E" $ D>K52" 3$ @?25VE4K?:
?K]# 3$ ?4#$95?2 E"9:>3$2?W$KA
#$95$ " 9VW$K 3$ 24>3" 3" W$VE4K"
   p*1Oq ?5>9‘$# $K$W?3?: 5$#@$2?54A p@"K4>;<" :"9"2?q\ E"9:5>54> 4#?
2?:M >9D2?;<" ?" 8g3>‘" !?E>"9?K 3$
"! J!
.2d9:>5"M
 H '( 1"25?95"\ 9<" $:5?E>"9?2 " W$VE4K"
:"J2$ #?5$2>?K >9DK?#_W$K p@"2 $oM
-: :>:5$#?: 45>K>X?3": @?2? 2$34X>2 2$KW?\ D"Ka?: :$E?:\ ?‘4Ka?: 3$ @>A   !!   / &
?: $#>::[$: 3": #"5"2$: OK$o :<"% 9a$>2"\ $5EMq% @$2>‘" 3$ >9EZ93>"M '   ,-'  ' 0
E"9W$2:"2 E?5?KV5>E"\ :"93? K?#J3? $
:>:5$#? ?95>$W?@"2?;<"M - *>$:$K 1?25>E4K?5$ O>K5$2 ] 4# D>KA
52" #$Ed9>E"\ >952"34X>3" 9" :>:5$#?
 H  ' 3$ 3$:E?2‘?\ Y4$ E?@542? D>:>E?#$95$
!#! ?: @?25VE4K?: 3$ E?2J"9" @2$:$95$:
-: :>:5$#?: 45>K>X?3": @?2? 2$34X>2 ’K5$2?;[$: D$>5?: 9" W$VE4K" E"# " 9": ‘?:$: 3$ 3$:E?2‘? 3" #"5"2 *>$A
?: $#>::[$: 3": #"5"2$: *>$:$K\ :<"% "J^$5>W" 3$ ?4#$95?2 " :$4 3$:$#A :$KM
E"9W$2:"2 E?5?KV5>E" "o>3?95$ p*-8q\ @$9a"\ 5?>: E"#" 2$5>2?3? 3" E?5?K>A
:>:5$#? 3$ 2$E>2E4K?;<" 3": ‘?:$: ’ ?3";<" 3" D>K52" 3$ @?25VE4K?:
:?3"2 $n"4 #"3>D>E?;[$: 9" :>:5$#?
3$ $:E?@$ p+RCq\ D>K52" 3$ @?25VE4K?: 5"29?A:$ 9$E$::_2>? @?2? $K>#>9?2
3$ >9^$;<" $K$52v9>E?\ ?K]# 3$ E"9A
p*1Oq $ E?5?K>:?3"2 :$K$5>W" @?2? go>A Y4?:$ 5"5?K#$95$ ?: $#>::[$: 3$ @?2A
52>J4V2$# @?2? ?4#$95?2 3$:9$E$::?A
3": 3$ !>52"‘Z9>" ?5>W" E"# ’2K? HL 5VE4K?: 3$ E?2J"9" $# :>95"9>? E"#
2>?#$95$ ? @"K4>;<" ?5#":D]2>E?\ @"A
p,8CqM ?: ?54?>:nD4542?: 9"2#?: K$‘>:K?5>W?:M
3$# 2$:4K5?2 9" E?9E$K?#$95" 3? ‘?A
2?95>? 3": E"#@"9$95$: $9W"KW>3":M *42?95$ " 4:" 9"2#?K 3" W$VE4K"\ ?
49>3?3$ E$952?K 3$ E"952"K$ 3" #"5"2
-J:$2W$ :$#@2$ ?: 2$E"#$93?A ‘2?W? 4#? :]2>$ 3$ 3?3": >9$2$95$:
;[$: 3$:5$ #?94?KM ?" 4:" p@$2V"3" 3$ 4:"\ 5>@" 3$ @$2A
E42:"\ 5$#@$2?542?: ?5>9‘>3?:\ $5EMq $
)$**
3$5$2#>9? ? Y4?95>3?3$ 3$ @?25VE4K?: 3$ #?2Ea? K$95?\ ?5>W?;<" 3" $K$A

?E4#4K?3?: 9" D>K52"M 52"W$95>K?3"2\ ?4#$95" K>#>5?3" 3":
’.+!/0-% ?" 2$?K>X?2 " @2"E$A ‘?:$:\ $K$W?3?: 5$#@$2?542?: 9? 3$:A
8"#" " D>K52" E"9:>:5$ 94# :>:5$#? 3>#$95" E"# " W$VE4K" $# #?2Ea? E?2‘?M
3$ ?E4#4K?;<"\ 3$W$ :$2 2$‘$9$2?3" K$95?\ 949E? $:5?E>"9?2 $# K"E?>: D$A
pK>#@"q @$2>"3>E?#$95$ Y4$>#?93" Ea?3": "4 :"J2$ #?5$2>?K >9DK?#_A +:5?: :>54?;[$: 9<" 3$W$# :$2 >9A
?: @?25VE4K?: 3$ E?2J"9"M W$K\ $# 2?X<" 3" ?Y4$E>#$95" $K$A 5$2@2$5?3?: E"#" ?9"#?K>?: $ 9<"
W?3" 3" E?5?K>:?3"2\ 3$E"22$95$ 3" ?D$5?# " D49E>"9?#$95" 9"2#?K 3"
s4?93" :?542?3"\ " :>:5$#? ?E>A
D49E>"9?#$95" 9"2#?K 3" #"5"2M ’ W$VE4K" 9$# " ?#J>$95$M +# E?:" 3$
"9? 4#? K4XA$:@>? $ $o>J$ 4#? #$9A
:?‘$# 9" @?>9$K 3$ >9:524#$95":\ >9A ?K5? 5$#@$2?542? ?5>9‘>3? @$K" E?5?K>A W>:4?K>X?;<" 3? #$9:?‘$# 3$3>E?3? #
:?3"2 @"3$2_ ‘$2?2 2>:E" 3$ >9EZ93>"\ 9" 3>:@K?x\ E"9:4K5?2 " @?2_‘2?D" r)4A
3>E?93" ? 9$E$::>3?3$ 3$ $K>#>9?2
Y4?93" $# E"95?5" E"# #?5$2>?K >9A X$: 3$ ?3W$25Z9E>?: $ #$9:?‘$9:r 9"
@?25VE4K?: @"K4$95$: 2$5>3?: 9" D>K52"M
DK?#_W$K p@"2 $oM 2$KW?\ D"Ka?: :$E?:\ E?@V54K" r8"9a$E$93" :$4 @?>9$K 3$
e 9$E$::_2>" #?95$2 " W$VE4K" $# ?‘4Ka?: 3$ @>9a$>2"\ $5EMqM U>3$ w12"A >9:524#$95":rM
#"W>#$95" ?5] " 5]2#>9" 3? 2$‘$9$A 5$;<" 3" ?#J>$95$y 9" E?@V54K" w8"A ’ ?4:Z9E>? 3? 2$?K>X?;<" 3" E>EK"
2?;<"M s4?93" ? K4XA$:@>? :$ ?@?‘?\ 9a$E$93" :$4 W$VE4K"y $ w,>:5$#? 3$ K>#@$X? 3" D>K52" 3$ @?25VE4K?: *1O
] $o>J>3? 9" @?>9$K 4#? #$9:?‘$# 3$ $:E?@?#$95"y 9" E?@V54K" w&?A 3$ D"2#? ?3$Y4?3?\ ^495?#$95$ E"#
>93>E?93" " 5]2#>9" 3" @2"E$::" 3$ 945$9;<" $ E4>3?3": E"# " :$4 W$VA ? 9<" "J:$2Wd9E>? 3": ?W>:": >93>E?A
2$‘$9$2?;<"M E4K"yM 5>W": 9" @?>9$K 3$ >9:524#$95": 3"
+oE$@E>"9?K#$95$\ E?:" 9<" :$^? W$VE4K"\ @"3$2_ ?E$K$2?2 " @2"E$::"
@"::VW$K #?95$2 " W$VE4K" $# #"W>A - @2"E$3>#$95" 3$ 2$‘$9$2?;<" 3$ 3$‘2?3?;<" 3" gK$" 3" #"5"2M ’
#$95"\ ? K>#@$X? 3" D>K52" 3$ @?25VA ] E"952"K?3" ?45"#?5>E?#$95$ @$K? K4XA$:@>? 3" gK$" 3" #"5"2 ?E$93$2_
E4K?: *1O @"3$2_ :$2 2$?K>X?3? E"# E$952?K 3$ E"952"K$ 3" #"5"2 $# D49A E?:" " :>:5$#? E"9:5?5$ Y4$ " gK$" D">
" W$VE4K" $# #?2Ea? K$95? ?5] Y4$ ;<" 3" $:5?3" 3$ ?E4#4K?;<" 3" D>KA 3$‘2?3?3" >93>E?93" ? 9$E$::>3?3$
? K4XA$:@>? :$ ?@?‘4$ $ ? #$9:?‘$# 52" $ 3?: E"93>;[$: 3$ 45>K>X?;<" 3" 3? 52"E?M !$:5$ E?:"\ @2"E42$ >#$A
>93>E?93" " 5]2#>9" 3" @2"E$::" 3$ W$VE4K"M 3>?5?#$95$ 4#? 3?: E"9E$::>"9_2>?:
2$‘$9$2?;<" ?@?2$;? 9" @?>9$K 3$ 3?   ! = ,  > @?2? ?
*42?95$ ? 2$‘$9$2?;<"\ ] @"::VW$K
>9:524#$95":M W$2>D>E?;<" $ :4J:5>54>;<" 3" gK$" 3"
Y4$ :$ W$2>D>Y4$# ": D$9v#$9": :$A
‘4>95$:% ?4#$95" K>#>5?3" 3" 2$‘>#$ #"5"2M

)$*+
 ! "?  & ? " " 
+:5$ W$VE4K" $:5_ $# E"9D"2#>3?3$ E"# ?: C$:"K4;[$: 8-!’&’ p8"9:$Ka" !?E>"9?K 3" &$>" ’#J>$95$q W>‘$95$:
9? 3?5? 3$ :4? @2"34;<"M
-: V93>E$: 3$ D4#?;? $# ?E$K$2?;<" K>W2$ $:5<" $o@2$::": $# #A7 pE"$D>E>$95$ 3$ ?J:"2;<" 3$ K4Xq E"9D"2#$
$9:?>": 2$?K>X?3": E"# E"#J4:5VW$K 3$ 2$D$2Z9E>?\ $:@$E>D>E?3" 9?: C$:"K4;[$: W>‘$95$: 3" 8-!’&’M
+:5$ V93>E$ ] 4#? 2$D$2Z9E>? @?2? W$2>D>E?;<" Y4?95" ?" $:5?3" 3$ #?945$9;<" 3" W$VE4K"M

  ,   ,  
,' 67 ' * 
 H B:2  '

}6G 2@# p?2AE"93>E>"9?3" 3$:K>‘?3"q


C"5?;<" &?2Ea? )$95?
~LG 2@# p?2AE"93>E>"9?3" K>‘?3"q
C"5?;<" 3$ 8"25$ 6GGG 2@#
A7
l93>E$ 3$ "@?E>3?3$ $# ?E$K$2?;<" K>W2$ p# q p$# Y4?KY4$2 ?K5>543$
G\IG
?5] LGGG #q

)$*,
'    W?;<"\ ?‘4?23?2 9" #V9>#" F a"2?:
@?2? ? @2>#$>2? 45>K>X?;<" 3" :$2W>;"M
(4 )*+,-
! !   1?2? #?>: >9D"2#?;[$: :"J2$
" ?@K>E?5>W" 8’C.\ E"9D>2#?2 ?
8’C. ] 4# ?@K>E?5>W" Y4$ @$2#>5$ - W$VE4K" ] E"#$2E>?K>X?3" E"#
E"#@?5>J>K>3?3$ E"# ? E$952?K
?" E"9345"2 3" W$VE4K" $D$54?2 " @?A $:5$ :$2W>;" 3$:?J>K>5?3" $ E?:" :$^?
#4K5>#V3>? 3" :$4 W$VE4K" $
‘?#$95" 3$ @2"345": $ :$2W>;": "D$A 3$ >95$2$::$ 3" @2"@2>$5_2>" ?5>W_AK"\
?5>W?;<"n:4J:5>54>;<" 3" ?3$A
2$E>3": @"2 $#@2$:?: @?2E$>2?: 3$ @2"E$3$2 E"9D"2#$ >93>E?3" ? :$‘4>2%
:>W"n45>K>X?;<" 3" :$2W>;" 3$
#?9$>2? @2_5>E? $ >9"W?3"2?M - ?@K>A @?‘?#$95" ?45"#_5>E" 3$ $:5?A
#
E?5>W" 8’C. @"3$ :$2 45>K>X?3" ?52?A  B?>o?2 " ?@K>E?5>W" Z![M E>"9?#$95":n@$3_‘>":\ ?E$::?2 "
W]: 3$ :#?25@a"9$\ E"# :>:5$#? "@$A  C$?K>X?2 " 2$‘>:52" 9" ?@K>E?5>W"M :>5$ iiiME?25M?@@MJ2 "4 ? 8$952?K
2?E>"9?K ’932">3 "4 >-, $\ Y4?93"  8?3?:52?2 4# E?25<" 3$ E2]3>5" 3$ ’^43?\ 3>:@"9VW$K 9" @2g@2>"
E"#@?5VW$K\ 5?#J]# ?52?W]: 3? E$9A @?2? @?‘?#$95"M ?@K>E?5>W"M
52?K #4K5>#V3>? 3" W$VE4K" 9? Y4?K ?:
 !? ?J? w+:5?E>"9?#$95" $ 1$3_A
D49;[$: ’932">3 ’45" $ ’@@K$ 8?2A
‘>"y\ :$‘4>2 " @?::" ? @?::" @?2?
1K?x $:5>W$2$# 3>:@"9VW$>:M
D?X$2 ? E"952?5?;<" 3$ 4# 3":
+952$ ": :$2W>;": 3>:@"9>J>K>X?3": @K?9": 3>:@"9VW$>:M
@$K" ?@K>E?5>W" 8’C. $:5_ " @?‘?A
#$95" ?45"#_5>E" Y4$ @"3$ :$2 45>A
K>X?3" $# $:5?E>"9?#$95": $ @$3_A 
‘>":M 1?2? Y4$ $:5$ :$2W>;" @"::? :$2 -: E4:5": 2$D$2$95$: f #$9:?K>3?3$
45>K>X?3"\ $:5_ 3>:@"9VW$K 9" @?2?A $ 2$E?2‘? 3$ E2]3>5": @?2? 45>K>X?A
J2>:? 3$ ?K‘49: W$VE4K": " ?3$:>W"\ ;<" 3": :$2W>;": :<" 3$ 2$:@"9:?J>K>A
>93>E?3" ? :$‘4>2% 3?3$ 3" @2"@2>$5_2>" 3" W$VE4K"\ J$#
E"#" $W$954?>: E4:5": @?2? :4J:5>54>A
;<" 3" ?3$:>W"M +# 2"3"W>?: K"E?K>A
X?3?: D"2? 3" $:5?3" 3$ ,1\ ?@g: ?5>A

)$*-
)
 &    ' 
  
1’=!+) *+ =!,.C(&+!.-, M M M M M M M M M M M M *A7
*=,1)’Q M M M M M M M M M M M M M M M M M M M M M M M *A}
)(P+, *+ ’*U+C.k!8=’, +
&+!,’R+!, M M M M M M M M M M M M M M M M M M M M *A7L
,=,.+&’ *+ *=’R!T,.=8- *+ B-C*- M M M M *AH7

/
/
'    
" 
’ 3>:@"9>J>K>3?3$ $ ? @":>;<" 3": >9:524#$95": $ 3": :>9?K>X?3"2$: @"3$# W?2>?2 $# D49;<" 3": >5$9: "@E>"9?>:
?3Y4>2>3":n3>:@"9VW$>:M

7A *>D4:"2$: D>o": 3$ ?2 K?5$2?>: LA *>D4:"2$: K?5$2?>: "2>$95_W$>: HA U"K?95$ IA 8$952?K (E"99$E5 6A 1"25?AK4W?: FA
*>D4:"2$: E$952?>: "2>$95_W$>: {A 8"9^495" 3$ E"#?93": 3" @?>9$K }A 8"#?93": 3" ?2AE"93>E>"9?3" ~A ’K?W?9E?
3>2$>5? pE"#?93" 3$ K>#@$X?nK?W?‘$# 3": W>32":q 7GA ’K?W?9E? $:Y4$23? 3$ E"#?93" 3$ D?2"K ?K5"nJ?>o" $ K4X$: 3$
3>2$;<"q 77A B"5[$: 3$ E"#?93"M

/$!
;!  "
;-   5 '

/$"
7M 8"95?A‘>2":c LM *>:@K?xc HM U$K"EV#$52"c IM =93>E?3"2 3" 9VW$K 3$ E"#J4:5VW$Kc 6M =93>E?3"2 3? 5$#@$2?542? 3"
KVY4>3" 3$ ?22$D$E>#$95" 3" #"5"2M

/$%
"  % +o>J$ #$9:?‘$9: 3$ ?E"23" E"# ?: #$9:?‘$# 9" 3>:@K?x $ 4#? :>9?K>A
E"93>;[$: ?@2"@2>?3?: $ ?: $:E"Ka?: X?;<" ?Eu:5>E?\ Y4?93" " W"K4#$ 3$
1:  &5 
3" E"9345"2M E"#J4:5VW$K Ea$‘? f 2$:$2W?M
=93>E?\ $# 2"5?;[$: @"2 #>945"
p2@# o 7GGGq\ ? W$K"E>3?3$ ?9‘4K?2 C: ',+
 
3" #"5"2M - @"95$>2" :"J2$ ": 9u#$A 
2": F pW$VE4K": *>$:$Kq $ { pW$VE4K": )"E?K>X?3" 9" Y4?32" 3$ >9:524A +# E?:" 3$ ?E$93>#$95" 3? K4XA
OK$oq\ >93>E? 4# 2$‘>#$ 3$ 2"5?;[$: #$95":\ 5$# ? D49;<" 3$ >93>E?2 ? $:@>? $ >93>E?;<" 9?: 34?: J?22?: >9A
#4>5" $K$W?3"\ Y4$ @"3$ E?4:?2 3?A W$K"E>3?3$ 3$ 3$:K"E?#$95" 3" W$VA D$2>"2$: 3? $:E?K? 3" >93>E?3"2\ $D$A
9": ?" #"5"2 $\ @"25?95"\ 3$W$ :$2 E4K"M 54?2 " ?J?:5$E>#$95" 3$ E"#J4:5VW$K
$W>5?3"M 1?2? ?K5$2?2 " 5$#? 3" W$K"EV#$A " #?>: 2?@>3?#$95$ @"::VW$KM
52" 3$ 3>‘>5?K @?2? ?9?Kg‘>E" $ W>E$A
W$2:?\ 9" #$94 r*>2$;<"r $ 9" :4JA
#$94 rU$K"EV#$52"r\ #?95$2 @2$::>"A
9?3" " J"5<" r-zr 9" W"K?95$M
!#! !#!
- :>:5$#? 3$ E"952"K$ 3? >9^$A !<" W>?^?2 E"# " 5?9Y4$ Y4?:$
D:   ,  +*'  ,
4-&
;<" $K$52v9>E? >95$22"#@$ " DK4o" 3$ W?X>"M
+*'
E"#J4:5VW$K Y4?93" " #"5"2 $:5>W$2
E"# $oE$::" 3$ 2"5?;[$:M - >93>E?3"2 3>‘>5?K 9" 3>:@K?x >9A ’: $W$954?>: D?K5?: 3$ ?K>#$95?;<"
3>E? ? Y4?95>3?3$ 3$ E"#J4:5VW$K @"3$# 3?9>D>E?2 " E?5?K>:?3"2M
+:5? >95$224@;<" ?E?22$5? $# E"9A @2$:$95$ 9" 5?9Y4$M
:$Y4$95$ @$23? 3$ @"5Z9E>? 3" @2gA
@2>" #"5"2M - 52>d9‘4K" @2$:$95$ 9" K?3" 3>A 
2$>5" 3" :V#J"K" >93>E? " K?3" 3" +W$954?K W?2>?;<" #"#$95d9$? 9?
W$VE4K" 9" Y4?K $:5_ @2$:$95$ " J"E?K >9D"2#?;<" ?@2$:$95?3? @$K" >93>A
 @?2? " ?J?:5$E>#$95" 3$ E"#J4:5VA E?3"2 3$ E"#J4:5VW$K\ 9<" E?2?E5$A

 2"5?;[$: @"2 #>945"M W$KM 2>X? 4#? ?9"#?K>? $# :$4 D49E>"A
9?#$95"\ 4#? W$X Y4$ 5?K W?2>?;<"
’ K4XA$:@>? ?E$93$A:$\ ^495?A
B:   'F @"3$ $:5?2 2$K?E>"9?3? ? D?5"2$: $oA
#$95$ E"# ? W>:4?K>X?;<" 3$ 4#?
5$29":\ 5?>: E"#"% @":>;<" 3" W$VE4K"
/$&
$# ?EK>W$: "4 3$EK>W$:c W?2>?;[$: 3$ 3? 5$#@$2?542? 3" KVY4>3" 3$ ?22$D$A O49E>"9?# :"#$95$ E"# " E"#4A
5$22$9"\ $5EM +:5? @$2E$@;<" @"3$ E>#$95" 3" #"5"2M 5?3"2 3$ >‘9>;<" 9? @":>;<" 
:$2 #?>: $W>3$95$ K"‘" ?@g: " 2$?A 1?2? ?K‘4#?: D49;[$:\ Y4?93"
!": E?:": ?E>#? 3$:E2>5":\ @?2?2 "
J?:5$E>#$95" 3" W$VE4K"\ $952$5?95"\ 4#? D49;<" ] K>‘?3?\ ?E$93$A:$ ?
#"5"2 $ 3>2>‘>2A:$ f   ! = &
] >#@"25?95$ 2$::?K5?2 Y4$ " :>:5$#? K4XA$:@>? E"22$:@"93$95$ :>54?3?
,  > M
@"::4> #"9>5"2?#$95" 3$::?: W?2>?A 9" Y4?32" 3$ >9:524#$95":M 1?2?
;[$: $ ?54? ‘2?3?5>W?#$95$\ @2"@"2A 3$:K>‘?2\ J?:5? @2$::>"9?2 " J"5<"
E>"9?93" ? E"22$;<" 3?: >9D"2#?;[$: 9"W?#$95$M
?@2$:$95?3?: 9" @?>9$K 3$ >9:524#$9A
5":M !#! -: J"5[$: $:5<" K"E?K>X?3": 9" @?>A
,$ " #"5"2 D49E>"9?2 :$# " KVY4>3" 9$K E$952?K\ ?J?>o" 3? E$952?K #4K5>A
U:   ,  
 -   3$ ?22$D$E>#$95"\ :$4 W$VE4K" :"D2$2_ #V3>?M
'+.-    3,
  
 3?9": 3$ ‘2?93$ ‘2?W>3?3$M
$
’K‘49: J"5[$: @"::4$# 4# )+*
’ K4XA$:@>? "4\ $# D49;<" 3?: W$2A Y4$ >93>E? ? ?5>W?;<"n3$:?5>W?;<" 3?
-: 2$@?2":\ 9$:5$: E?:":\ 9<" :$2<"
:[$:\ " >93>E?3"2 3>‘>5?K 9" 3>:@K?x\ D49;<"%
E"J$25": @$K? R?2?95>?M
>93>E? ? 5$#@$2?542? 3" KVY4>3" 3$
?22$D$E>#$95" 3" #"5"2M  O49;<" 3$:?J>K>5?3?% )+* ?E$:"M
%?  "!  O49;<" a?J>K>5?3?% )+* ?@?‘?3"M
!? 45>K>X?;<" 9"2#?K 3" W$VE4K"\ ?
$:E?K? 3>‘>5?K @"3$ @":>E>"9?2A:$ 9?: %H  ,
    '
3>W$2:?: @":>;[$: 3$952" 9" $:@?;" 
3$ >93>E?;<" $# 2$K?;<" f: E"93>A
-: J"5[$: @"3$# ?@2$:$95?2 D49A
;[$: 3$ 4:" 3" W$VE4K"M
;[$: $ @":>;[$: 3>D$2$95$:\ 3$@$9A
3$93" 3? W$2:<" $ 3? E"9D>‘42?;<"
 3": "@E>"9?>: ?3Y4>2>3":M
- ?E$93>#$95" 3" :V#J"K" 9"
3>:@K?x ?::>9?K? " ?4#$95" $oE$::>W"

/$’
!&  ] / .- 0 &  
  *   3
  &  
  \  &   
 3 (  5
/    & ,  
  / .- 0
B"5<" @?2? ?5>W?2n3$:?5>W?2 " :>:A
-  S 5 F
& S0 /
5$#? ,5?25',5"@ #?94?K#$95$M ’ 3$A B"5<" @?2? ?5>W?2n3$:?5>W?2 " :>:A
.- 0
:?5>W?;<" 3" :>:5$#? ,5?25',5"@ ] >9A 5$#? 1?2h:$9:$M
3>E?3? @"2 4#? #$9:?‘$# $o>J>3? B"5<" @?2? ?5>W?2n3$:?5>W?2 " :>:A
’ >93>E?;<" 3$ ?5>W?A
9" 3>:@K?x $n"4 9" Y4?32" 3$ >9:A 5$#?M
;<"n3$:?5>W?;<" ] :$#@2$ ?E"#A
524#$95": p3$@$93$93" 3? W$2:<"qM
- :>:5$#? $#>5$ 4# ?K$25? E?:" " @?9a?3? 3? W>:4?K>X?;<" 3$ 4#?
s4?93" " :>:5$#? ] 3$:?5>W?3"\ "
W$VE4K" :$^? 3>2$E>"9?3" @?2? ": K>A #$9:?‘$# $:@$EVD>E? W>:4?K>X?3? 9"
)+* K"E?K>X?3" :"J " J"5<" ] K>‘?3"M
#>5$: 3? D?>o? 3$ #?9$>2? 9<" >95$9A 3>:@K?x 3" Y4?32" 3$ >9:524#$95":M
E>"9?KM
%&  
  /',  , 4 ' F
  '0 / .- 0 
 ’ D49;<" ] :$#@2$ ?5>W?3?M ’
B"5<" @?2? ?5>W?2n3$:?5>W?2 ": :>:5$A
#?: ’,C $ +,8M p3$@$93$93" 3? W$2A ’ D49;<" ] :$#@2$ ?5>W?3?M ’ K4X >93>E?3"2? 9" J"5<" D>E?2_ ?E$:?
:<"qM 1?2? #?>"2$: 3$5?Ka$:\ E"9:4KA K4X >93>E?3"2? 9" J"5<" D>E?2_ ?E$:? Y4?93" ? D49;<" $:5>W$2 3$:?5>W?3?M
5?2 " E?@V54K" r,$‘42?9;?r 9? :$;<" Y4?93" ? D49;<" $:5>W$2 3$:?5>W?3?M
r8?2?E5$2V:5>E?: 3$ ,$‘42?9;? ’5>W?rM &  
  \  , *  \
& -K  
 5= ,    / .- 0
- :>:5$#? +,8 #$Ka"2? " E"952"K$
3>2$E>"9?K $ $:5?J>K>3?3$ 3" W$VE4K" B"5<" @?2? ?5>W?2n3$:?5>W?2 ?: K4X$: B"5<" @?2? ?5>W?2n3$:?5>W?2 " :>:A
:"J 3>W$2:?: E"93>;[$: 3$ E"934A 3$ $#$2‘Z9E>? 3" W$VE4K"M 5$#? 1?2h:$9:$ ?E5>W$ @?2h ?::>:5M
;<"M8"22>‘$ " :"J2$$:5$2;" $ " :4J$:A 8"# ?: K4X$: 3$ $#$2‘Z9E>? K>A 1?2? ?5>W?2 " :>:5$#?\ @2$::>"9$
5$2;"\ ?@K>E?93" " D2$>" $# 4#? 3?: ‘?3?:\ "J5]#A:$ ? >95$2#>5Z9E>? 3?: ? 5$EK? E"22$:@"93$95$M" 3>:@K?x 3"
2"3?: @?2? E"952?2>?2 " #"W>#$95" Y4?32" 3$ >9:524#$95": $o>J>2_ ?:
K4X$:A$:@>?
>93$:$^?3" $ #?95$2 " W$VE4K" 9? 52?A >9:524;[$: 9$E$::_2>?: @?2? ? 2$?K>X?A
^$5g2>? $:@$2?3?\ E"9:>3$2?93" ? @"A ;<" 3? #?9"J2?M
:>;<" 3" W"K?95$M

/$*
& ! 45  '  5  -: J"5[$: $:5<" K"E?K>X?3": 9" &    / .- 0
E"9:"K$ E$952?K\ 9? @?25$ @":5$2>"2 3?
1?2? ? 3$:?5>W?;<" 3": ?>2J?‘:\ B"5<" @?2? ?5>W?2n3$:?5>W?2 ? D49A
#"K342? 3" Ed#J>"M
?54?2 9" &$94 3" 3>:@K?x pE"9:4KA ;<" ,@"25M
5?2 " @?2_‘2?D" w*>:@K?xy 9" E?@V54K" ’K‘49: J"5[$: @"::4$# 4# )+*
12$::>"9?93" " J"5<" ,1-C.\ ?
w8"9a$E$93" " :$4 @?>9$K 3$ >9:524A Y4$ >93>E? ? ?5>W?;<"n3$:?5>W?;<" 3?
D49;<" ] ?5>W?3? $ "J5]#A:$ 4# @2"A
#$95":yqM D49;<"%
‘2?#? 3$ E"934;<" $:@"25>W? E?2?EA
5$2>X?3? @"2 4#? 2$:@":5? #?>: 2_A
%H  ,
   , '  O49;<" 3$:?J>K>5?3?% )+* ?E$:"M @>3? 3$ ?E$K$2?;<" $ 4# $:D"2;" 9"
,  ' / .- 0  O49;<" a?J>K>5?3?% )+* ?@?‘?3"M W"K?95$\ Y4$ @2"@"2E>"9?# ?" E"9A
345"2 4#? 3>2>‘>J>K>3?3$ #?>: @2?X$A
2":?M
 $
-: J"5[$: @"3$# ?@2$:$95?2 D49A & DS ^ / .- 0
;[$: $ @":>;[$: 3>D$2$95$:\ 3$@$9A
3$93" 3? W$2:<" $ 3? E"9D>‘42?;<" B"5<" @?2? ?5>W?2n3$:?5>W?2 ? D49A
3": "@E>"9?>: ?3Y4>2>3":M ;<" I¤* )"iM
I¤* )-¤ $9D?5>X? ": 3$:$#@$A
& !- ' / .- 0 9a": r"DDA2"?3r 3" W$VE4K" $# 5"3?:
B"5<" @?2? ?5>W?2n3$:?5>W?2 ? D49A ?: #"3?K>3?3$: 3$ E"934;<"M
O49E>"9?# :"#$95$ E"# " E"#4A ;<" ’45" a"K3M
>&  '' ,  ,  ' / .- 0
5?3"2 3$ >‘9>;<" 9? @":>;<"  12$::>"9?2 " J"5<" @?2? K>‘?2 ? D49A
;<" ’45" S"K3M ’ K4XA$:@>? :$ ?E$93$ B"5<" @?2? ?5>W?2n3$:?5>W?2 ? D49A
1?2? ?K‘4#?: D49;[$:\ Y4?93"
9" 3>:@K?xM s4?93" ? D49;<" ’45" ;<" S>KK 3$:E$95 E"952"KM
4#? D49;<" ] K>‘?3?\ ?E$93$A:$ ?
K4XA$:@>? E"22$:@"93$95$ :>54?3? S"K3 $:5_ ?5>W? ?95$: 3? >‘9>;<" :$2 - :>:5$#? #?95]# " W$VE4K" ? 4#?
9" Y4?32" 3$ >9:524#$95":M 1?2? 3$:K>‘?3?\ $K? E"95>94?2_ ?5>W? ?@g: W$K"E>3?3$ E"9:5?95$ 342?95$ 4#?
3$:K>‘?2\ J?:5? @2$::>"9?2 " J"5<" K>‘?2 ? >‘9>;<" 9"W?#$95$M 3$:E>3?\ ?54?93" 3$ D"2#? ?45v9"#?
9"W?#$95$M $ 3>D$2$9E>?3? 9": D2$>":M

/$+
E& DS ,\ / .- 0 %?  "!  E) @2$::>"9?2 " J"5<" @?2? 5$2
?E$::"n:$K$E>"9?2 ?: 5$K?: 3$
B"5<" @?2? ?5>W?2n3$:?5>W?2 ? D49A +:5<" K"E?K>X?3": 9" K?3" $:Y4$23"
>9D"2#?;[$: "4 ": :4J#$94:
;<" I¤* )"EhM 3" W"K?95$M
3$ 4#? "@;<" 3" &$94
1$2#>5$ ? 3$:?5>W?;<" 3? D49;<" 3$ @2>9E>@?KM &?95$2 " J"5<"
3$:?E"@K?#$95" 3" $>o" 3$ 52?9:#>:A @2$::>"9?3" 342?95$ 7 :$‘493"
:<"\ ‘?2?95>93" ? >#$3>?5? 3>:@"9>J>A @?2? 2$3$D>9>2 ?: D49;[$:
K>3?3$ 3" 5"2Y4$ ?" ?E"@K?#$95" 52?A W>:4?K>X?3?:n:$K$E>"9?3?:M
:$>2"M +:5? D49;<" ] :$K$E>"9_W$K 9?  % @2$::>"9?2 " J"5<" 3$
#"3?K>3?3$ ! $ ?45"#_5>E? 9?: 2$E"9a$E>#$95" 3$ W"X @?2?
"452?: #"3?K>3?3$: 3$ E"934;<"M >9>E>?2 9?W$‘?;<"\ >9>E>?2
"4 ?5$93$2 4#? Ea?#?3?
5$K$Dv9>E?M 1?2? #$Ka"2$:
 '5 3$5?Ka$:\ E"9:4K5?2 " :4@K$#$95"
, 67 3? E$952?K #4K5>#V3>?M
1$2#>5$# :$K$E>"9?2 $ >95$2?‘>2  % @2$::>"9?2 " J"5<" @?2? D>9?A
- W$VE4K" $:5_ $Y4>@?3" E"# 3>:A E"# ?: "@;[$: 3" r&$94 @2>9E>@?Kr K>X?2 4#? Ea?#?3? 3$ 5$K$D"9$M
@K?x 3>‘>5?K E?@?X 3$ "D$2$E$2 >9D"2A 3" 3>:@K?x pE"9:4K5?2 " @?2_‘2?D"
#?;[$: u5$>: ?" E"9345"2 342?95$ ? r&$94 @2>9E>@?KrqM  % @2$::>"9?2 " J"5<" @?2?
E"934;<" 3" W$VE4K"M ?E$::?2 ?: @_‘>9?: 3" #$94M

!" Y4?32" 3$ >9:524#$95": 3>‘>5?K\  n % @2$::>"9?2 $ :"K5?2 ":


!,  -4
 -) 3$@">: 3$
E"# ? Ea?W$ 3$ >‘9>;<" 9? @":>;<" J"5[$: @?2? 5$2 ?E$::" ?" &$94
5$2 :$K$E>"9?3" ? "@;<" 3$ &$94
,.-1\ E"# ? ?J$2542? $ D$Ea?#$95" @2>9E>@?K $ @?2? @$2E"22$2 @?2?
E>#? "4 @?2? J?>o" ?: W_2>?: "@A 3$:$^?3?\ @2$::>"9?2 " J"5<" @?2?
3?: @"25?: ] W>:4?K>X?3? :"#$95$ ?
;[$: 3" &$94 $ 3": :4J#$94:M 5$2 ?E$::" ?": W_2>": :4J#$94:M
Y4>K"#$52?‘$# 5"5?K @$2E"22>3?M
 n % @2$::>"9?2 $ :"K5?2 ": +  " - , ') @2$::>"A
J"5[$: @?2? 5$2 ?E$::" f: 5$K?: 3$ 9?2 " J"5<" M
>9D"2#?;[$: "4 ?": :4J#$94: 3$
4#? "@;<" 3" &$94 @2>9E>@?KM

/$,
"  !  ?  "  3 *+,-' / 3
6H 4  
  *+,-'0:
- &$94 @2>9E>@?K ] E"#@":5" @"2 - #$94 ] E"9:5>54V3" @$K?: :$‘4>9A
4#? :]2>$ 3$ "@;[$: E4^? :$K$;<"\ 5$: "@;[$:% +:5? "@;<" 3$ #$94 @$2#>5$ W>:4?A
2$?K>X_W$K ?52?W]: 3": J"5[$: 3$ E"A K>X?2 9" 3>:@K?x% ?: >9D"2#?;[$: 2$K?A
#?93"\ @$2#>5$ " ?E$::" ? 3>W$2:?:  *=C+/0- 5>W?: ?" r$:5?3"r 3" W$VE4K" pE"9:4KA
"@;[$: 3$ $:E"Ka? $ 3$D>9>;<" >93>A  =!O- U+l8()- 5?2 >93>E?;[$: ?J?>o"qM
E?3?: ? :$‘4>2M
 =!O-C&’/T+, .C=1
 +E"9"#>?% W>:4?K>X?;<" 3": 3?A
 -OO C-’* 3": 3$ $E"9"#>? 3$ E"#J4:5VW$KM
  “(*=-  1?>9$K 3$ >9:524#$95":
’ #"3?K>3?3$ 3$ W>:4?K>X?;<" 3?:  &+!,’R+!,  !VW$K 3$ ’C)’ HL pW$2:[$: *>A
"@;[$: 3" &$94 p>93>E?;[$: #?>u:A
E4K?: "4 #>9u:E4K?:q W?2>? $# D49A
 8-!O=R(C’/m+, $:$Kq% 9VW$K 3" ?‘$95$ 2$345"2 KVA $
;<" 3" 5>@" 3$ 3>:@K?xM Y4>3" @?2? 2$34;<" 3$ @"K4$95$:M
 67 U>:4?K>X?;<" 3" 9VW$K 3" ’C)’
HL @2$:$95$ 9" 2$:$2W?5g2>"M
+:5? "@;<" 3$ #$94 @$2#>5$ W>:4A
 ?K>X?2%  12$::<" 3": @9$4: p:$ $Y4>@?3"q%
1?2? ?K‘4#?: $952?3?: $:5_ @2$W>:5" W>:4?K>X?;<" 3?: >9D"2#?;[$:
4# :4J#$94M  U$K"EV#$52"% @2$::>"9$ " J"5<" 2$K?5>W?: ?" :>:5$#? .1&,
-z @?2? ?K5$29?2 $952$ ": #"3": p:$ $Y4>@?3"q p@?2? #?>:
3$ W>:4?K>X?;<" ?9?Kg‘>E" $ 3>‘>A >9D"2#?;[$:\ E"9:4K5?2 "
 E?@V54K" r,$‘42?9;?rqM
5?KM
!? @2$:$9;? 3$ :>:5$#? (E"9A  ,5"@',5?25 p:$ $Y4>@?3"q% :5?54:
9$E5£\ ?K‘4#?: "@;[$: 3" &$94  *2>W$ ’::>:5M% $:5$ #$94 >9D"2#?
?: E"9D>‘42?;[$: W>‘$95$: 3" 3" :>:5$#?
:<" W>:4?K>X?3?: $ ‘$2>3?: 9" 3>:@K?x
3$:5$ uK5>#" $ 9<" 9" 3>:@K?x 3" Y4?A 824>:$ 8"952"K ’3?@5?5>W" $
32" 3$ >9:524#$95": pE"9:4K5$ ?: >9A )*¤, p’W>:" 3$ ?D?:5?#$95"
3>E?;[$: 9" :4@K$#$95" $:@$EVD>E"qM 3$ D?>o? 3$ 2"3?‘$#qM ’:
>9D"2#?;[$: ?@2$:$95?3?:
3$@$93$# 3" $:5?3" 3" :>:5$#?M
/$-
 3
6H  / !@ %0  .$#@" 3$ W>?‘$# ’K‘4#?: >9D"2#?;[$: W>:4?K>X?3?:
pa"2?:n#>945":n :$‘493":qM :<"%
- E"#@45?3"2 3$ J"23"\ "4 r52>@
=93>E? " 5$#@" 3$E"22>3" 3$:3$
E"#@45$2r\ @$2#>5$ W>:4?K>X?2\ E"#
" >9VE>" 3? W>?‘$#M  rC_3>" p’& "4 O&qr% W>:4?K>X?;<"
" E"#45?3"2 3$ >‘9>;<" 9? @":>;<"
 \ ?: #$3>3?: 2$K?5>W?: ?" $:5?3" 3" 9"#$ 3? $:5?;<" 3$ 2_3>" p:$
3$ D49E>"9?#$95" 3" W$VE4K"M 1?2? $D$54?2 ? 2$>9>E>?K>X?;<" 3?: 3>:@"9VW$Kq\ D2$Y4Z9E>? $ VE"9$
#$3>3?:\ @2$::>"9?2 $ #?95$2 @2$::>A ‘2_D>E"
+:5? D49;<" E?2?E5$2>X?A:$ @"2 34?: "9?3" " J"5<" E 9": E"#?93": 9"  r(,Br% W>:4?K>X?;<" 3" 5V54K" "4
#$#g2>?: :$@?2?3?:\ 3$9"#>9?3?: W"K?95$M 3" 9u#$2" 3? D?>o? $# 2$@2"34A
r.2>@ ’r $ r.2>@ Br\ 9?: Y4?>: :<" 2$A ;<"M
‘>:52?3": ": 3?3": 3?: r#>::[$: E"#A
@K$5?:r 3" W$VE4K" pW>?‘$9:q\ 3$ #"3"   r>1"3r% W>:4?K>X?;<" 3" 5V54K" 3?
>93$@$93$95$ 49: 3": "452":M D?>o? p:$ 3>:@"9VW$KqM
-: W?K"2$: r’45"9"#>?r $ r8"9A
:4#" >9:5?95d9$"r 9<" @"3$# :$2 X$A  BK4$5""5a
’#J?: ?: #$#g2>?: @"3$# :$2 2$>A
9>E>?3?:% 2$:$5 A >9VE>" 3$ 4#? 9"W? 2?3":M
" 5 
W>?‘$#M
33  / .- 0 +:5? "@;<" 3$ #$94 @$2#>5$ W>A
’: >9D"2#?;[$: W>:4?K>X?3?: 9"
+:5$ #$94 >9D"2#? ?: E"9D>‘42?A :4?K>X?2 9" 3>:@K?x ?: #$9:?‘$9: 3$
3>:@K?x\ @?2? " .2>@ ’ $ @?2? " .2>@
;[$: @?2? ? E"934;<" -DD C"?3 p,5?A >9D"2#?;<"n?W?2>? #$#"2>X?3?: @$K"
B\ :<"%
54: 3" :$K$E 5$22?>9q W$VE4K"M

 *>:5d9E>? ph# "4 #>Ka?:qM >93>E?


? 3>:5d9E>? @$2E"22>3? 3$:3$ " -  / -' K67  3
6H 
>9VE>" 3? W>?‘$#M Q- 0
- r1K?9" 3$ &?945$9;<" 12"‘2?A
 8"9:4#" #]3>" p#@‘\ "4 +:5? "@;<" 3$ #$94 @$2#>5$ W>:4A #?3?r @2$WZ ? #?945$9;<" 3" W$VA
Kn7GGh# "4 h#nKqM C$@2$:$95? ? ?K>X?2\ 9" 3>:@K?x 3" Y4?32" 3$ >9:A E4K" $# >95$2W?K": @2$$:5?J$K$E>3":
#]3>? 3": E"9:4#": 3$:3$ " 524#$95":\ ?: >9D"2#?;[$: @2$:$95$: pE"9:4K5?2 " E?@V54K" r&?945$9;<" $
>9VE>" 3? 9"W? W>?‘$#M 9" 3>:@K?x 3" :>:5$#? (E"99$E5£M E4>3?3": E"# " :$4 W$VE4K"rqM

/$!.
’ #$9:?‘$# 9" 3>:@K?x 3$  3 5- 6H
wC$W>:<"y ] E"#@K$#$95?2 fY4$K?:
+:5? "@;<" 3$ #$94 @$2#>5$ W>:4?A
E"95>3?: 9$::$ #?94?K 9" E?@V54K"
K>X?2 9" 3>:@K?x ?: >9D"2#?;[$: 2$K?A
w&’!(.+!/0- + 8(=*’*-,
5>W?: f E"9D>‘42?;<" 3? 5$K? $ 3" W$VA
8-& ,+( U+l8()-y $ 9" w&’A E4K"%
!(’) *+ R’C’!.=’ + &’!(.+!A
/’-yM e +,,+!8=’) ? W$2>D>E?;<"
 ’>2J?‘ A ?5>W?;<"n3$:?5>W?;<"
3$:5$ E?@V54K" $ 3" &?94?K 3$ R?A
2?95>? $ &?945$9;<" @?2? ? E"22$5? r1?::$9‘$2 ’=CB’Rr% ?5>W?;<" $
#?945$9;<" $ ‘?2?95>? 3" W$VE4K"M 3$:?5>W?;<" 3" ?>2J?‘ 3" K?3" 3"
@?::?‘$>2"M 67  &
s4?93" ? #?945$9;<" @2"‘2?A 5   *) ?E$93>#$95"\ E"#
#?3? pr2$W>:<"rq $:5_ @$25" 3" @2?X" K4X D>o?\ 3" )+*  K"E?K>A $
@2$W>:5" p$# 3>?: "4 Y4>K"#$52?‘$#q\ X?3" 9" @?>9$K 3$ >9:524#$95":M
3$:K"E?93" " E"#45?3"2 3$ >‘9>;<" 67  5   &
@?2? ? @":>;<"  \ 9" 3>:@K?x ?@?A *) ?E$93>#$95"\ E"# K4X D>o?\
2$E$ ? >93>E?;<" rC$W>:<"r :$‘4>3? 3" )+*  K"E?K>X?3" 9"
3" 9u#$2" 3$ Y4>Kv#$52":n#>Ka?: $ @?>9$K 3$ >9:524#$95": p:$ $Y4>A
3>?: Y4$ D?K5?# @?2? ? #?945$9;<" @?3"qM
3" W$VE4K"M 8"95?5?2 ?  
 ’W>:" 3$ W$K"E>3?3$ p:$
! = ,  > Y4$ 2$?K>X?2_\ ?K]#
$Y4>@?3"q A ’5>W?;<"n3$:?5>W?;<"
3?: "@$2?;[$: 3$ #?945$9;<"
@2$W>:5?: 9" r1K?9" 3$ #?945$9;<"  S>KK ,5?25 ’::>:5 A
@2"‘2?#?3?r " X$2?#$95" 3? 2$D$A ’5>W?;<"n3$:?5>W?;<"
2>3? W>:4?K>X?;<" p2$:$5qM

/$!!
       
- ?E$93>#$95" 3?: K4X$: 3$ ?3W$25Z9E>? pK4X$:A$:@>?q $:5_ ?::"E>?3" ? #$9:?‘$9: $n"4 ?W>:": ?Eu:5>E":\ E"9D"2#$
E"9D>‘42?;[$: $:@$EVD>E?:M +::$: :>9?>: :<" :>95]5>E": $ 3$ ?W>:" $ 9<" 3$W$# :$2 E"9:>3$2?3": E"#@K$5": "4 E"#"
?K5$29?5>W?: f: >9D"2#?;[$: 3$:5$ &?94?K 3$ (:" $ &?945$9;<"\ Y4$ 3$W$ :$2 K>3" :$#@2$ E"# #4>5? ?5$9;<"M
+# E?:" 3$ :>9?K>X?;<" 3$ ?W?2>?\ :$#@2$ E"9:4K5$ " E"95$u3" >93>E?3" 9" @2$:$95$ E?@V54K"M


’: :>9?K>X?;[$: 3$ ?W?2>? Y4$ ?@?2$E$# 9" 3>:@K?x :<" :4J3>W>3>3?: $# 34?: E?5$‘"2>?:% ?9"#?K>?: ‘2?W$: $
?9"#?K>?: #$9": ‘2?W$:M ’: ?9"#?K>?: ‘2?W$: ‘$2?# 4# E>EK" 3$ #$9:?‘$9: 2$@$5>3" @"2 4# 5$#@" @2"K"9‘?3"\
$9Y4?95" " 5$#@" 3" E>EK" 3$ #$9:?‘$9: @?2? ?: #$9": ‘2?W$: ] #?>: E425"M ’: K4X$:A$:@>? @$2#?9$E$# ?E$:?:
$9Y4?95" 9<" D"2$# $K>#>9?3?: ?: E?4:?: 3?: ?W?2>?: E"22$:@"93$95$:M


’: K4X$:A$:@>? :<" W>:4?K>X?3?: 9" 3>:@K?x $n"4 9" Y4?32" 3$ >9:524#$95":\ 3$@$93$93" 3? W$2:<" ?3Y4>2>3?M
’K‘4#?: K4X$:A$:@>? @"3$# 9<" $:5?2 @2$:$95$: @?2? ?K‘4#?: W$2:[$:M

-K&   , *
'G
-K&   .-  5 3 ,  .- 3K

    @   !!&


" $ !!
1":>E>"9?93" " E"#45?3"2 3$ >‘9>;<" @?2? ? @":>;<" 
\ ? K4XA$:@>? ?E$93$A:$\ #?: 3$W$ ?@?‘?2A:$ ?@g: ?K‘49: :$A
‘493":M

/$!"
-K&   .-  5 3 ,  .- 3K

'-   3   -3 ,   C$:5?J$K$;? " 9VW$K 3" DK4>3" 3": D2$>": $\ $# :$‘4>3?\ W$2>D>A
’ K4XA$:@>? ?E$93$A:$ Y4?93" " 9VW$K 3" DK4>3" 3": D2$>": Y4$ :$ ? K4XA$:@>? :$ ?@?‘?M
9" 2$:$2W?5g2>" 3$:E$ ?J?>o" 3" 9VW$K #V9>#"\ 3$W>3" ? 4#? ,$ ? K4XA$:@>? @$2#?9$E$2 ?E$:?\ 3>2>‘>2A:$ f   ! &
@"::VW$K @$23? 3$ KVY4>3" @$K" E>2E4>5"M = ,  > M
*$:$9‘?5?2 " D2$>" 3$ $:5?E>"9?#$95" $K]52>E" $ W$2>D>E?2 :$ ?
    ,  
  '9 , ,  
K4XA$:@>? :$ ?@?‘?M
’ K4XA$:@>? ?E$93$A:$ E"# " D2$>" $K]52>E" 3$ $:5?E>"9?A
,$ ? K4XA$:@>? @$2#?9$E$2 ?E$:?\ 3>2>‘>2A:$ f   ! &
#$95" ?E>"9?3"M
= ,  > M
!!! !  !!
R>2?93" " E"#45?3"2 3$ >‘9>;<" @?2? ? @":>;<"  \ ?
K4XA$:@>? ?E$93$A:$\ #?: 3$W$ ?@?‘?2A:$ ?@g: ?K‘49: :$‘49A
3":M $
,$ ? K4XA$:@>? @$2#?9$E$2 ?E$:?\ @"3$ 9<" :$ W$2>D>E?2 " *>2>‘>2A:$\ K"‘" Y4$ @"::VW$K\ f   ! = ,  > M
$D$>5" 3? 3>2$;<" ?::>:5>3? $ " $:D"2;" 9" W"K?95$ @"3$2_
?4#$95?2 :$9:>W$K#$95$\ $#J"2? :$ #?95$9a? ? @"::>J>K>3?3$
3$ W>2?2 " W$VE4K"M
+# ?K‘4#?: W$2:[$:\ " 3>:@K?x W>:4?K>X? ? #$9:?‘$# $:@$EVA
D>E?M

/$!%
-K&   .-  5 3 ,  .- 3K


,$ ? K4XA$:@>? 9<" :$ ?E$93$2 ?" 3$:K"E?2 " E"#45?3"2
3$ >‘9>;<" @?2? ? @":>;<"  "4 @$2#?9$E$2 ?E$:" 342?95$
? #?2Ea? p^495?#$95$ E"# ? #$9:?‘$# W>:4?K>X?3? @$K"
3>:@K?xq\ ] @"::VW$K Y4$ $o>:5? 4#? ?9"#?K>? 9": :>:5$#?: 3$
!!! !%!
?>2J?‘:c 9$::$ E?:"\ ": ?>2J?‘: "4 ": @2]A5$9:>"9?3"2$: @"3$#
R>2?93" " E"#45?3"2 3$ >‘9>;<" @?2? ? @":>;<"  \ ? 9<" :$ ?5>W?2 $# E?:" 3$ ?E>3$95$ "4\ 94# 9u#$2" 3$ E?:":
K4XA$:@>? ?E$93$A:$\ #?: 3$W$ ?@?‘?2A:$ ?@g: ?K‘49: :$‘49A #?>: K>#>5?3"\ ?5>W?2A:$ 3$ #"3" $22?3"M ’95$: 3$ @2"::$‘4>2\
3":M - ?E$93>#$95" 3? K4XA$:@>? E"# K4X D>o? >93>E? 4#? 3>2>‘>2A:$ f   ! = ,  > @?2? " >#$3>?5" E"952"K$
?W?2>? 9" :>:5$#? 3$ ?>2J?‘M 3" :>:5$#?M
- 3>:@K?x #":52? ? #$9:?‘$# $:@$EVD>E?M
’ ?W?2>? 3? K4XA$:@>? ] ?::>9?K?3? @$K" ?E$93>#$95" 3"
VE"9$ 9" 3>:@K?x 3" Y4?32" 3$ >9:524#$95":M !$::$ E?:"\
? K4XA$:@>? @"3$ 9<" ?::>9?K?2 $W$954?>: ?9"#?K>?: 9" :>:A
5$#? 3$ ?>2J?‘M ’95$: 3$ @2"::$‘4>2\ 3>2>‘>2A:$ f   !&
 = ,  > @?2? " >#$3>?5" E"952"K$ 3" :>:5$#?M
  !!  !!
1?2? ? 3$:?5>W?;<" @$2#?9$95$ 3" :>9?K :"9"2" 3" :>:5$#?
’ K4XA$:@>? ?E$93$A:$ 3$ #"3" D>o" E"# " W$VE4K" @?2?3" $ ,MBMCM p,$?5 B$K5 C$#>93$2q\ 3>2>^?A:$ f   ! = , 
" E>95" 3$ :$‘42?9;? 3" E"9345"2 ?D>W$K?3"M > M
’ K4XA$:@>? ?E$93$A:$ 3$ D"2#? >95$2#>5$95$\ ^495?#$95$ E"# e @"::VW$K 2$?5>W?2 " :>:5$#? ?52?W]: 3" &$94 3$ 8"9D>‘42?A
4#? :>9?K>X?;<" ?Eu:5>E? Y4?93"\ E"# " W$VE4K" $# #"W>A ;<"M
#$95"\ " E>95" 3" E"9345"2 9<" $:5_ E"22$5?#$95$ ?D>W$K?3"M

/$!&
-K&   .-  5 3 ,  .- 3K


, 
 ,G 
') @?2?2 " W$VE4K"\ 3$:K>‘?2 " #"A
5"2 $ E$25>D>E?2A:$ 3$ Y4$ " 9VW$K 3" KVY4>3" 3$ ?22$D$E>#$95"
9" >95$2>"2 3" 3$@g:>5" 9<" $:5$^? ?J?>o" 3" 9VW$K 3$ 2$D$A
2Z9E>? &=!M ,$ D"2 $::$ " E?:"\ ?‘4?23?2 " ?22$D$E>#$95" 3"
#"5"2c $# :$‘4>3?\ ?J2>2 K$95?#$95$ $ E"# E4>3?3" " 5?#A
@<"\ 2$@"2 " KVY4>3" 3$ ?22$D$E>#$95"\ E$25>D>E?93"A:$ 3$ Y4$
$:5$ $:5$^? E"#@2$$93>3" $952$ ?: 2$D$2Z9E>?: &=! $ &’¡
$o>:5$95$: 9" @2g@2>" 3$@g:>5"M ’K]# 3>::"\ W$2>D>E?2 W>:4?KA
N! " !!  ;  !& #$95$ ? @2$:$9;? 3$ $W$954?>: @$23?: 3$ KVY4>3"M ,$\ 9" ?2A
"  " 2?9Y4$ :$‘4>95$\ ? K4XA$:@>? p"4 " VE"9$ 9" 3>:@K?xq :$ ?E$9A
*$:K"E?93" " E"#45?3"2 >‘9>;<" @?2? ? @":>;<" \ ? K4XA 3$2 9"W?#$95$\ E"95?5?2 ?   ! = ,  > M
$:@>? ?E$93$A:$\ #?: 3$W$ ?@?‘?2A:$ ?@g: ?K‘49: :$‘493":M 
,  - ' K67 *   *+,-') 2$34X>2 ? #?2Ea?
$\ E?:" ? K4XA$:@>? @$2#?9$;? ?E$:?\ @?2?2 " W$VE4K"M O>E?2
’ K4XA$:@>? p"4\ $# ?K‘4#?: W$2:[$:\ " VE"9$ 9" 3>:@K?xq
?E$93$A:$ Y4?93" " #"5"2 $:5>W$2 E"# 5$#@$2?542? $oE$:A @?2?3" 342?95$ L "4 H #>945":\ #?95$93" " #"5"2 D49E>"A $
:>W?M - 3>:@K?x #":52? ? #$9:?‘$# $:@$EVD>E?M 9?93" $ K>‘$>2?#$95$ ?E$K$2?3"\ @?2? D?W"2$E$2 4#? E>2E4A
K?;<" #?>: ?5>W? 3" KVY4>3" 3$ ?22$D$E>#$95"c $# :$‘4>3?\
3$:K>‘?2 " #"5"2M U$2>D>E?2 " 9VW$K E"22$5" 3" KVY4>3"\ E"#"
3$:E2>5" ?95$2>"2#$95$M

+# E?:" 3$ @$2E42:": #4>5" 3>DVE$>:\ ] ?E"9:$Ka_W$K #?95$2
" #"5"2 K>‘?3" $ K>‘$>2?#$95$ ?E$K$2?3" @"2 ?K‘49: #>945":
?95$: 3$ " 3$:K>‘?2M

/$!’
-K&   , 
 ' _
4  .-    -
 
-K&   .-  5 3 ,  .- 3K

!!!    !!" $


*$:K"E?93" " E"#45?3"2 3$ >‘9>;<" @?2? ? @":>;<"  \ ? *>2>‘>2A:$\ K"‘" Y4$ @"::VW$K\ f   ! = ,  > M
K4XA$:@>? ?E$93$A:$\ #?: 3$W$ ?@?‘?2A:$ ?@g: ?K‘49: :$‘49A
3":M 
’ K4XA$:@>? ?E$93$A:$ Y4?93" ] 3$5$E5?3? 4#? ?W?2>? 9" !? @2$:$9;? 3$ ?W?2>?\ " D2$>" 3$ $:5?E>"9?#$95" $K]52>E"
D2$>" 3$ $:5?E>"9?#$95" $K]52>E"M 9<" $:5?2_ 3>:@"9VW$KM
- 3>:@K?x #":52? ? #$9:?‘$# $:@$EVD>E?M
!!!  "! !%
*$:K"E?93" " E"#45?3"2 3$ >‘9>;<" @?2? ? @":>;<"  \ ?
K4XA$:@>? ?E$93$A:$\ #?: 3$W$ ?@?‘?2A:$ ?@g: ?K‘49: :$‘49A
3":M
12"E$3$2 E"# @243Z9E>? $ 3>2>‘>2A:$ >#$3>?5?#$95$ f 
’ K4XA$:@>? ?E$93$A:$ Y4?93" " :>:5$#? ’B, :$ $9E"952?  ! = ,  > M
>9$D>E>$95$M !$::$ E?:"\ " :>:5$#? 3$ D2$>": ?>93? D49E>"9?2_
E"# " ?E>"9?#$95" 3" @$3?K\ @"2]# :$# " E"952"K$ $K$52vA
9>E" 3" :>:5$#? ’B, Y4$ @2$W>9$ " 52?W?#$95" 3?: 2"3?:M
- 3>:@K?x #":52? ? #$9:?‘$# $:@$EVD>E?M
!!!  "!  " !<" @2"::$‘4>2 " ?93?#$95" E"# 4# "4 #?>: @9$4: W?X>":\
’ K4XA$:@>? ?E$93$A:$ Y4?93" ] 3$5$E5?3? 4#? ?W?2>? 9" :>:A 3?3" Y4$ ? E"934;<" 3" W$VE4K" @"3$ $:5?2 E"#@2"#$5>3?M
5$#? .1&,M 8?:" "E"22? 4# #?4 D49E>"9?#$95" 3" :$9:"2\ 1?2?2 " W$VE4K" $W>5?93" D2$9?‘$9: $ #43?9;?: 3$ 3>2$;<"
? K4XA$:@>? @>:E?2_ @"2 4# 5$#@" $ K"‘" ?@g: @$2#?9$E$2_ J24:E?:M *>2>‘>2A:$ >#$3>?5?#$95$ f   ! = ,  >
?E$:?M M

/$!*
-K&   .-  5 3 ,  .- 3K

7  - -3 ,  


’ K4XA$:@>? ?E$93$A:$\ ^495?#$95$ E"# ? #$9:?‘$# W>:4A
?K>X?3? 9" 3>:@K?x\ @?2? ?::>9?K?2 Y4$ ? @2$::<" 3" @9$4 ]
>9D$2>"2 ?" W?K"2 2$E"#$93?3" $n"4 Y4$ :$ $:5_ W$2>D>E?93" +# Y4?KY4$2 E"93>;<" 9? Y4?K 9" 3>:@K?x :$^? W>:4?K>X?3? ?
4#? K$95? @$23? 3$ @2$::<"M !$::$: E?:":\ @"3$# 9<" $:A #$9:?‘$# rU$2 #?94?Kr\ E"9:4K5?2 -BC=R’.-C=’&+!.+ "
5?2 ‘?2?95>3?: ? #$Ka"2 342?;<" 3" @9$4 $ 4# E"9:4#" 3$ @?2_‘2?D" rC"3?:r 3" E?@V54K" r*?3": 5]E9>E":r\ 2$:@$>5?93"
E"#J4:5VW$K >3$?KM 2>‘"2":?#$95$ ?: >93>E?;[$: 9$K$ E"95>3?:M
8?:" 3">: "4 #?>: @9$4: $:5$^?# 94#? 3?: E"93>;[$: :4A
@2?E>5?3?:\ " 3>:@K?x #":52?2_\ $# :4E$::<"\ ?: >93>E?;[$:
2$K?5>W?: ? E?3? @9$4M
"! 
*$:K"E?93" " E"#45?3"2 3$ >‘9>;<" @?2? ? @":>;<"  \ ?
K4XA$:@>? ?E$93$A:$\ #?: 3$W$ ?@?‘?2A:$ ?::># Y4$ " #"5"2 $
:$ K>‘?2M
  * 67   
 
’ >95$2W$9;<" 3" :>:5$#? ] ?::>9?K?3? @$K? >95$2#>5Z9E>? 3?
K4XA$:@>?% ? :>9?K>X?;<" 3? >95$2W$9;<" >93>E? Y4$ " W$VE4K"
$:5_ $# E"93>;[$: E2V5>E?: 3$ $:5?J>K>3?3$ $ ?3$2Z9E>?M
!*    
 
,$ ? K4XA$:@>? 9<" :$ ?@?‘?2\ "4 :$ @$2#?9$E$2 ?E$:? E"#
" #"5"2 K>‘?3"\ :>‘9>D>E? Y4$ D"> 3$5$E5?3? 4#? ?W?2>? 9"
:>:5$#? +,8M !$:5$: E?:":\ 3>2>‘>2A:$ >#$3>?5?#$95$ 8   ! = , 
!*    
  ''   !  > M
- ?E$93>#$95" 3? K4XA$:@>? $# :>#4K5d9$" E"# ? W>:4?K>X?A
;<" 9" 3>:@K?x 3$ 4#? #$9:?‘$# 3$3>E?3?\ >93>E? ? ?W?2>?
9" :>:5$#? S>KK ,5?25 ’::>:5M

/$!+
-K&   .-  5 3 ,  .- 3K

!! !! @ !  "!  &


!! !
*$:K"E?93" " E"#45?3"2 3$ >‘9>;<" @?2? ? @":>;<"  \ ?
K4XA$:@>? ?E$93$A:$\ #?: 3$W$ ?@?‘?2A:$ ?::># Y4$ " #"5"2
:$ K>‘?2M
- ?E$93>#$95" 3? K4XA$:@>? ?::>9?K? Y4$ ?K‘49: :>:5$#?:
3$ :$‘42?9;? ?5>W": D"2?# @?2E>?K "4 5"5?K#$95$ 3$:?5>W?A
3":M 1?2? #?>: >9D"2#?;[$: :"J2$ ": :>:5$#?: 3$ :$‘42?9;?\
E"9:4K5?2 " @?2_‘2?D" r8?2?E5$2V:5>E?: 3$ :$‘42?9;? ?5>W?r 9"
E?@V54K" r,$‘42?9;?rM
C$?5>W?93" ": :>:5$#?: 3$ :$‘42?9;? ?5>W?\ ? K4XA$:@>?
?@?‘?A:$M
!!!  "! %@>

+# E"93>;[$: 9"2#?>:\ 3$:K"E?93" " E"#45?3"2 3$ >‘9>A
;<" @?2? ? @":>;<"  \ ? K4XA$:@>? ?E$93$A:$\ #?: 3$W$ ,$\ 3$:K"E?93" " E"#45?3"2 3$ >‘9>;<" @?2? ? @":>;<"
3$:K>‘?2A:$ ?::># Y4$ " #"5"2 D49E>"9?2M  \ ? K4XA$:@>? 9<" :$ ?E$93$2 "4 :$\ 342?95$ ?
#?2Ea?\ :$ ?E$93$2 E"# K4X D>o? "4 >95$2#>5$95$ p$# ?K‘4#?:
- D49E>"9?#$95" 3? K4XA$:@>? @"3$ :$2 W$2>D>E?3" ?52?W]: 3$ W$2:[$:\ ^495?#$95$ E"# ? #$9:?‘$# 9" 3>:@K?xq\ 3>2>‘>2A:$
3>:@":>5>W": ?3$Y4?3": @$K": ?‘$95$: 3$ E"952"K$ 3" 52_D$‘"M >#$3>?5?#$95$ f   ! = ,  > M
C$:@$>5$ ?: 9"2#?: W>‘$95$: 9" @?V: "93$ E>2E4K?M
!*    
  P67
,$ ? K4XA$:@>? @$2#?9$E$2 ?E$:? "4 :$ :$ ?E$93$2 342?95$
? #?2Ea?\ :>‘9>D>E? Y4$ " :>:5$#? 3$ >9^$;<" 9<" D49E>"9? !$:5?: E"93>;[$:\ ] @"::VW$K E"95>94?2 ? E"934X>2\ $W>5?93"\
E"22$5?#$95$M ’ K4XA$:@>? ?E$:? E"# K4X D>o? ?::>9?K? 4# 9" $95?95"\ $:D"2;": :$W$2": 3" #"5"2 "4 W$K"E>3?3$: $K$A
#?4 D49E>"9?#$95" 9" :>:5$#? 3$ ?K>#$95?;<"n>‘9>;<" Y4$ W?3?:M ’ 45>K>X?;<" @2"K"9‘?3? 3" W$VE4K" E"# ? K4XA$:@>?
@"3$ @2"W"E?2 $K$W?3?: $#>::[$: 9" $:E?@?#$95"\ @$23? ?E$:? 3$ D"2#? D>o? @"3$ @2"W"E?2 3?9":M
3$ 3$:$#@$9a"\ #_ 3>2>‘>J>K>3?3$ $ E"9:4#": $K$W?3":M +# *>2>‘>2A:$ >#$3>?5?#$95$ ? 4# E"9E$::>"9_2>" 3?  
?K‘4#?: W$2:[$:\ " 3>:@K?x W>:4?K>X? ? #$9:?‘$# $:@$EVD>E?M ! = ,  > M
’ K4XA$:@>? ?@?‘?A:$ :$ ? ?9"#?K>? 3$:?@?2$E$2\ #?: " :>:A
5$#? #$#"2>X? ? :>9?K>X?;<"M

/$!,
-K&   .-  5 3 ,  .- 3K

!!!  "!  >  ! &


 ; !!    /!!
CB0 /* H  '0
- :V#J"K" ?E$93$A:$\ ^495?#$95$ E"# ? K4XA$:@>? \ 9"
E?:" 3$ ?J?:5$E>#$95" 3" 2$:$2W?5g2>" 3" :>:5$#? 3$ >9^$;<"
3$ ’C)’ HL E"# 4# @2"345" Y4$ @"::4? E?2?E5$2V:5>E?: 3>A
D$2$95$: 3?: $:@$E>D>E?3?:\ "4 $95<"\ :$^? 3$5$E5?3? ?K‘4#?
?W?2>? 9" :>:5$#?M 8?:" ? ?W?2>? 9<" :$^? :"K4E>"9?3?\ " :>:A
5$#? ,8C @"3$2_ D?X$2 E"# Y4$ ? @?25>3? 3" #"5"2 D>Y4$ *>2>‘>2A:$ " >#$3>?5?#$95$ f   ! = ,  > M
>93>:@"9VW$KM


$
’95$: 3? @?25>3? 3" #"5"2 D>E?2 >93>:@"9VW$K\ :$2<" $o>J>3?:
9" Y4?32" 3$ >9:524#$95":\ #$9:?‘$9: 3$ ?K$25? Y4$ >93>E?#
? 9$E$::>3?3$ 3$ W$2>D>E?2 " :>:5$#? 3$ >9^$;<" 3$ ’C)’ HL
@?2? 2$34;<" 3$ @"K4$95$: p,8Cq $ ? ?45"9"#>? 2$:5?95$ 3"
W$VE4K" ?5] Y4$ ? @?25>3? 3" #"5"2 D>Y4$ >93>:@"9VW$KM
C$?J?:5$E$2 " 2$:$2W?5g2>" 3$ ’C)’ HL @?2? 2$34;<" 3$ @"A
K4$95$:\ E"9D"2#$ >93>E?3" 9" E?@V54K" w1?25>3? $ -@$2?A
;<"y\ :$;<" w12"E$3>#$95" 3$ ’J?:5$E>#$95" 3$ ?‘$95$ 2$A
345"2 KVY4>3" @?2? 2$34;<" 3$ @"K4$95$: p’2K? HLqy\ ?5] Y4$
:$ ?5>9^? " 9VW$K #_o>#" 3" #$:#"M ’@g: D>9?K>X?2 " 2$?J?:A
%!N   !  ; !! & 5$E>#$95"\ 2$?K>X?2 " E>EK" 3? Ea?W$ @"2 52Z: W$X$:\ :$# ?E>A
   /!! CB0 /* H  '0 "9?2 " @$3?K 3$ D2$>"\ @?2? Y4$ " :V#J"K" :$ ?@?‘4$M 8?3?
E>EK" 3$ Ea?W$ E"9:>:5$ $# @2$::>"9?2 " J"5<" 3$ @?25>3?
- ?E$93>#$95" 3" :V#J"K" $# E"9^495" E"# ? K4XA$:@>? @?2? E"K"E?2 " E"#45?3"2 3$ >‘9>;<" $#  $\ $# :$A
\ >93>E? Y4$ " 2$:$2W?5g2>" 3" :>:5$#? 3$ >9^$;<" 3" ’C)’ ‘4>3?\ @2$::>"9?2 9"W?#$95$ " J"5<" 3$ @?25>3? @?2? E"K"E?2
HL @?2? 2$34;<" 3$ @"K4$95$: p,8Cq $:5_ W?X>"M " E"#45?3"2 3$ >‘9>;<" $#  @M

8?:" " :V#J"K" 9<" :$ ?@?‘?2 ] :>9?K Y4$ $o>:5$ ?K‘4#?
?W?2>? 9" :>:5$#? 3$ >9^$;<" 3$ ’C)’ HL p,8CqM *>2>‘>2A:$ "
#?>: J2$W$ @"::VW$K f   ! = ,  > M

/$!-
-K&   .-  5 3 ,  .- 3K

,"K5?2 " @$3?K 3" ?E$K$2?3"2\ E"K"E?93" " #"5"2 ? J?>o":


!!!  "! %@> 2$‘>#$: 3$ 2"5?;[$:\ ?5] ? K4XA$:@>? @?2?2 3$ @>:E?2M
   ,'  12"::$‘4>2 ? #?2Ea? E"# 4#? W$K"E>3?3$ #"3$2?3?\ @2"E4A
,$ ? K4XA$:@>? :$ ?E$93$2 3$ D"2#? >95$2#>5$95$\ :>‘9>D>E? Y4$ 2?93" $W>5?2 E"93>;[$: 3$ E"934;<" Y4$ @"::?# @2"W"E?2
" E?5?K>:?3"2 @"3$ $:5?2 3?9>D>E?3"M #?>: >95$2#>5Z9E>?: $ 3>2>‘>2A:$ >#$3>?5?#$95$ f   !&
 = ,  > :
!  "%@!"! "!!
’ K4XA$:@>? p"4 " VE"9$ 9" 3>:@K?xq ?E$93$A:$ Y4?93" 9"
5?9Y4$ 2$:5?# E$2E? 3$ { ? ~ K>52": 3$ E"#J4:5VW$KM ,$ ? K4XA$:@>? p"4 " VE"9$ 9" 3>:@K?xq E"#$;?2 ? @>:E?2 34A
’" #$:#" 5$#@" Y4$ ? ?45"9"#>? >9D$2>"2 ? E$2E? 3$ 6G 2?95$ ? #?2Ea?\ 3>2>‘>2A:$ f   ! = ,  > M
h#\ $# ?K‘4#?: W$2:[$:\ 9" 3>:@K?x ] W>:4?K>X?3? 4#? #$9A
:?‘$# $:@$EVD>E?M
!;"  "%
’ K4XA$:@>? ?E$93$A:$ Y4?93" ] D$>5? 4#? 5$95?5>W? 3$ @?2A
5>3? E"# ? 5$#@$2?542? 3" E"#J4:5VW$K ?J?>o" 3$ E$2E? 3$
7F 8\ >93>E?93" Y4$ " :>:5$#? 9<" E"9EK4>4 " ?Y4$E>#$95"
$ ?@?‘?93"A:$ Y4?93" " E"#J4:5VW$K 5>W$2 ?5>9‘>3" ? 5$#@$A
2?542? >3$?KM
e @"::VW$K 3?2 @?25>3? 9" #"5"2 >#$3>?5?#$95$ ?::># Y4$ ?
K4XA$:@>? :$ ?@?‘?2M

+# E"93>;[$: 3$ 5$#@$2?542? ?#J>$95$ #"3$2?3? "4
$K$W?3?\ " ?E$93>#$95" 3? K4XA$:@>? @"3$ ?E$93$2A:$
2?@>3?#$95$\ E"# 342?;<" Y4?:$ >#@$2E$@5VW$KM
!!!  !;"  "%
’ >95$2#>5Z9E>? 3? K4XA$:@>? p$# ?K‘4#?: W$2:[$: ^495?#$95$ !$:5$ E?:"\ 3>2>^?A:$ " #?>: 3$@2$::? @"::VW$K f   !&
E"# ? W>:4?K>X?;<" 3$ 4#? #$9:?‘$# 9" 3>:@K?xq\ >93>E?  = ,  > M
4#? ?9"#?K>? 9" :>:5$#? 3$ @2$?Y4$E>#$95" 3" E"#J4:5VA
W$KM

/$".
-K&   , *   .-    -
 
-K&   .-  5 3 ,  .- 3K

J    !< %!N


’ K4XA$:@>? ?E$93$A:$ ?5>W?93" ?: K4X$: 3$ @":>;<" "4 ":
D?2g>: J?>o":M

 K67  ' 5
   3 R 
+:5? D49;<" @$2#>5$ #?95$2 ?: K4X$: ?E$:?: 342?95$ 4#
@$2V"3" 3$ HG\ FG "4 ~G :$‘493": ?@g: 5$2 E"K"E?3" "
E"#45?3"2 3$ >‘9>;<" 9? @":>;<"  M

!< ! !" / .- 0


’ K4XA$:@>? ?E$93$A:$ ?5>W?93" ": D?2g>: ?K5": ?45"#_5>E":M ’
K4XA$:@>? ?E$93$A:$ Y4?93" ? D49;<" 3$ D?2g>: ?K5": ?45"#_A
5>E": $:5_ ?5>W?M $

!<  %!
’ K4XA$:@>? ?E$93$A:$ Y4?93" :$ K>‘?# ": D?2g>: 3$ 9$JK>9?M

!   ;


’ K4XA$:@>? ?E$93$A:$ Y4?93" ? ?K?W?9E? 3$ E"#?93" 3":
>93>E?3"2$: 3$ 3>2$;<" p:$5?:q ] 3$:K"E?3? @?2? J?>o" "4\
^495?#$95$ E"# " >93>E?3"2 3$ 3>2$;<" 3>2$>5"\ Y4?93" :$
?E>"9? " J"5<" 3?: K4X$: 3$ $#$2‘Z9E>?M
!   
’ K4XA$:@>? ?E$93$A:$ Y4?93" ? ?K?W?9E? 3$ E"#?93" 3":
>93>E?3"2$: 3$ 3>2$;<" p:$5?:q ] 3$:K"E?3? @?2? E>#? "4\
^495?#$95$ E"# " >93>E?3"2 3$ 3>2$;<" $:Y4$23"\ Y4?93" :$
?E>"9? " J"5<" 3?: K4X$: 3$ $#$2‘Z9E>?M

/$"!
-K&   , K-'  .-    -
 
-K&   .-  5 3 ,  .- 3K

!< !
’ K4XA$:@>? ?E$93$A:$ ?5>W?93" ": D?2g>: ?K5":M

+
4'  , *
'G * -' K    'F
+
4'  .-  5 3 ,  .- 3K

  <  " 


- :V#J"K" ?E$93$A:$ E"# K4X D>o?\ ^495?#$95$ E"# ? #$9A
:?‘$# W>:4?K>X?3? 9" 3>:@K?x\ Y4?93" " :>:5$#? 3$5$E5?2
4#? @2$::<" >9:4D>E>$95$ 3" gK$" 3" #"5"2M 
 ,$ " :V#J"K" :$ ?E$93$2 342?95$ ? #?2Ea?\ 3$:K>‘?2
>#$3>?5?#$95$ " #"5"2 $ 3>2>‘>2A:$ f   ! = ,  > M
!<" 45>K>X?2 " W$VE4K" ?5] Y4$ ? ?W?2>? 5$9a? :>3" $K>#>9?3?M
- ?E$93>#$95" 3" :V#J"K" 9<" >93>E? ? Y4?95>3?3$ 3$ gK$"
@2$:$95$ 9" #"5"2% " E"952"K$ 3" 9VW$K 3$W$ :$2 :$#@2$
$D$54?3" #?94?K#$95$M

!!!  !!
- ?E$93>#$95" 3" :V#J"K" E"# " #"5"2 K>‘?3" >93>E? 4#? *>2>‘>2A:$\ K"‘" Y4$ @"::VW$K\ f   ! = ,  > M
?W?2>? 9" ?K5$29?3"2M

!" ! ! " 


- :V#J"K" ?E$93$A:$ Y4?93" 4#? "4 #?>: @"25?: 9<" :$ O$Ea?2 E"22$5?#$95$ 5"3?: ?: @"25?:M
$9E"952?# E"22$5?#$95$ D$Ea?3?:M 8"# ?: @"25?: ?J$25?: $ "
W$VE4K" $# #"W>#$95"\ ] $#>5>3" 4# :>9?K ?Eu:5>E"M

/$""
+
4'  .-  5 3 ,  .- 3K

!" "   ! A  "


- :V#J"K" ?E$93$A:$ Y4?93" " E?@v 3" #"5"2 9<" $:5_ O$Ea?2 E"22$5?#$95$ " E?@v 3" #"5"2M
E"22$5?#$95$ D$Ea?3"M 8"# " E?@v 3" #"5"2 ?J$25" $ "
W$VE4K" $# #"W>#$95"\ ] $#>5>3? 4#? :>9?K>X?;<" ?Eu:5>E?M
!" "  ! !" !  !&
"!! / .- 0
- :V#J"K" ?E$93$A:$ Y4?93" ? 5?#@? 3" @"25?A#?K?: 9<" O$Ea?2 E"22$5?#$95$ ? 5?#@? 3" @"25?A#?K?:
$:5_ E"22$5?#$95$ D$Ea?3?M 8"# ? 5?#@? ?J$25? $ " W$VE4K"
$# #"W>#$95"\ ] $#>5>3? 4#? :>9?K>X?;<" ?Eu:5>E?M
*>2>‘>2A:$ >#$3>?5?#$95$ f   ! = ,  > M

!!!  `"% !" 


$
- :V#J"K" ?E$93$A:$\ ^495?#$95$ E"# ? #$9:?‘$# W>:4A ’ E"934;<" E"# " :V#J"K" ?E$:" @"3$ @2"W"E?2 ‘2?W$:
?K>X?3? @$K" 3>:@K?x $ 4#? :>9?K>X?;<" ?Eu:5>E?\ Y4?93" ] 3?9": 9" Ed#J>" ?45"#_5>E"\ @2"W"E?93" ? :4? 24@542?M ’K]#
3$5$E5?3? 4#? ?W?2>? 9" Ed#J>" ?45"#_5>E" 3>::"\ @2"W"E?2 " :"J2$?Y4$E>#$95" 3" gK$"% " :$4 $W$954?K
E"95?5" E"# " #"5"2 Y4$95$ "4 E"# ": E"#@"9$95$: 3"
$:E?@$ ? ?K5? 5$#@$2?542? @"3$ @2"W"E?2 >9EZ93>":M

" !! N!  <  " 


- :V#J"K" ?E$93$A:$ $# E?:" 3$ :"J2$?Y4$E>#$95" 3" gK$" ,$ " :V#J"K" :$ ?E$93$2 342?95$ ? #?2Ea?\ @?2?2
3" #"5"2M >#$3>?5?#$95$ " W$VE4K" $ 3$:K>‘?2 " #"5"2M

/$"%
+
4'  , 
 ' _
4 * -' K    'F
+
4'  .-  5 3 ,  .- 3K

!!!  "! L EL @ !!  !&


"%!"
!*    
   F EF M
*>2>‘>2A:$\ K"‘" Y4$ @"::VW$K\ f   ! = ,  > M
- :V#J"K" ?E$93$A:$ @?2? ?::>9?K?2 ? ?W?2>? 3" :>:5$#? -
:V#J"K" ?E$93$A:$ @?2? ?::>9?K?2 ? ?W?2>? 3" :>:5$#? ,$952x
z$xM
  *   
4
 
- :V#J"K" ?E$93$A:$ ?" E"K"E?2 " E"#45?3"2 3$ >‘9>;<" 9?
@":>;<"  \ ^495?#$95$ E"# ? W>:4?K>X?;<" 3$ 4#? #$9A
:?‘$# $:@$EVD>E?\ @?2? ?::>9?K?2 Y4$ "E"22$4 4#? @"::VW$K
5$95?5>W? 3$ ?22"#J?#$95" 9? @2$:$9;? 3$ ?K?2#$M
  "!    "%& 1?2? " @2"E$3>#$95" 3$ 2$?5>W?;<" 3" :>:5$#? 3$ E"25$ 3$
 E"#J4:5VW$K\ E"9:4K5?2 ? :$;<" w,>:5$#? 3$ E"25$ 3$ E"#A
- :V#J"K" ?E$93$A:$ p^495?#$95$ E"# ? W>:4?K>X?;<" 3$ J4:5VW$Ky 9" E?@V54K" r+# E?:" 3$ $#$2‘Z9E>?rM ,$ 9<" D"2
4#? #$9:?‘$# $:@$EVD>E?q $# E?:" 3$ >95$2W$9;<" 3" :>:A @"::VW$K 2$:5?J$K$E$2 ? ?K>#$95?;<" 3$ E"#J4:5VW$K\ 3>2>‘>2A:$
5$#? 3$ E"25$ 3" E"#J4:5VW$KM f   ! = ,  > M

/$"&
+
4'  .-  5 3 ,  .- 3K

<  " !! / .- 0


 H  ') " :V#J"K" ] W>:4?K>X?3" 9" 3>:@K?x\ $# ?K‘4A
#?: W$2:[$: ^495?#$95$ E"# 4#? #$9:?‘$# $:@$EVD>E?M - *>2>‘>2A:$\ K"‘" Y4$ @"::VW$K\ f   ! = ,  > M
:V#J"K" @$2#?9$E$ W>:4?K>X?3" @"2 E>EK": 3$ H #>945": E"#
>95$2W?K": 3$ :V#J"K" ?@?‘?3" 3$ 6 :$‘493": ?5] Y4$ " gK$" 
:$^? :4J:5>54V3"M ’ @?25>2 3" #"#$95" $# Y4$ :$ ?E$93$ " :V#J"K"\ " gK$"
 H 5' ) " :V#J"K" ] W>:4?K>X?3" 9" 3>:@K?x ?@$9?: 3$‘2?3?3" 3" #"5"2 3$W$ :$2 :4J:5>54V3" K"‘" Y4$ @"::VW$K
342?95$ 4# >95$2W?K" 3$ 5$#@" K>#>5?3"M $ 949E? ?K]# 3$ 6GG h# ?@g: " @2>#$>2" ?E$93>#$95" 3"
:V#J"K"M !<" 2$:@$>5?2 ?: >9D"2#?;[$: ?E>#? >93>E?3?: @"3$
 E?4:?2 3?9": ‘2?W$: 9" #"5"2 $ ? ?94K?;<" 3? ‘?2?95>?M
’@g: ? @2>#$>2? :>9?K>X?;<"\ ? E?3? @?25>3? 3" #"5"2\ - ?E$93>#$95" 3$:5$ :V#J"K" 9<" $:5_ 2$K?E>"9?3" E"# ?
" :V#J"K" E"95>94?2_ ? ?E$93$2A:$ 9" #"3" >93>E?3" Y4?95>3?3$ 3$ gK$" @2$:$95$ 9" #"5"2c @"25?95"\ $# E?:" 3$
?95$2>"2#$95$ ?5] " gK$" :$2 :4J:5>54V3"M +# ?K‘4#?: W$2:[$:
" 3>:@K?x W>:4?K>X? 4#? #$9:?‘$# $:@$EVD>E?M
?E$93>#$95" >95$2#>5$95$ 3? #$:#?\ 9<" ] ?J:"K45?#$95$
9$E$::_2>" ?E2$:E$95?2 #?>: gK$" ?" #"5"2M
$
- ?E$93>#$95" 3" :V#J"K" 9<" 3$W$ :$2 E"9:>3$2?3" 4# 
3$D$>5" 3" W$VE4K"\ #?: ?::>9?K? Y4$ ? 45>K>X?;<" 9"2#?K ,$ " :V#J"K" @>:E?2 342?95$ ? #?2Ea?\ 3>2>‘>2A:$ f  
3" W$VE4K" K$W"4 f 9$E$::>3?3$ 3$ :4J:5>54>2 " gK$"M ’ ! = ,  > M
3$‘2?3?;<" 3" gK$" 3" #"5"2 ] ?E$K$2?3? @"2 4#? 45>K>X?;<"
3" W$VE4K" $# @$2E42:": J2$W$:\ >#@$3>93" Y4$ " #"5"2
?5>9^? ? 5$#@$2?542? 3$ 2$‘>#$M

’ @2$:$9;? 3$ _‘4? 9" E>2E4>5" 3$ ?K>#$95?;<" @"3$
!  !     /* H  & @2"W"E?2 ‘2?W$: 3?9": 9" :>:5$#? 3$ >9^$;<" $ >22$‘4K?2>3?3$:
'0 9" D49E>"9?#$95" 3" #"5"2M 8?:" " :V#J"K" :$^?
W>:4?K>X?3" 9" 3>:@K?x p^495?#$95$ E"# ? W>:4?K>X?;<" 3$
- :V#J"K" ?E$93$A:$ E"# K4X D>o? 342?95$ ? #?2Ea? p^49A
4#? #$9:?‘$# $:@$EVD>E?q\ 3>2>‘>2A:$ ?::># Y4$ @"::VW$K f
5?#$95$ E"# ? W>:4?K>X?;<" 3$ 4#? #$9:?‘$# 9" 3>:@K?xq
  ! = ,  > @?2? ? "@$2?;<" 3$ :?9‘2>?M ,$#@2$
@?2? ?::>9?K?2 ? @2$:$9;? 3$ _‘4? 9" >95$2>"2 3" D>K52" 3$ 3>$A
Y4$ ? #$:#? :>9?K>X?;<" :$ W$2>D>E?2 >#$3>?5?#$95$ ? :$‘4>2
:$KM
? 4# ?J?:5$E>#$95"\ ] @"::VW$K Y4$ 5$9a? :>3" >952"34X>3?
_‘4? 9" 5?9Y4$% 9$::$ E?:"\ 3$:K>‘?2 >#$3>?5?#$95$ " #"5"2
$ E"95?5?2 ?   ! = ,  > M

/$"’
+
4'  .-  5 3 ,  .- 3K

" J!   /3 '    +,-'0 


,-  /   * &
H  ' ,
 0
1":>E>"9?93" " E"#45?3"2 3$ >‘9>;<" @?2? ? @":>;<"  \
" :V#J"K" ?E$93$A:$\ #?: 3$W$ ?@?‘?2A:$ ?@g: ?K‘49: :$‘49A
3":M - :V#J"K" ?E$93$A:$ 3$ #"3" D>o" @?2? ?::>9?K?2 Y4$
" :>:5$#? *1O @2$E>:? 3$ $K>#>9?2 ?: :4J:5d9E>?: @"K4$95$: 
2$5>3?: p@?25VE4K?:q ?52?W]: 3" @2"E$::" 3$ 2$‘$9$2?;<"M ’ W$K"E>3?3$ 3$ #?2Ea? 3$W$ :$2 :$#@2$ ?3$Y4?3? f
- :V#J"K" 9<" :$ ?E$93$ :$#@2$ Y4$ " *1O :$ $9E"952? $# :>54?;<" 3" 52d9:>5" $ f: E"93>;[$: ?5#":D]2>E?:\ :$#@2$
2$‘$9$2?;<"\ #?: :"#$95$ Y4?93" ?: E"93>;[$: 3$ E"934A 2$:@$>5?93" K$>: W>‘$95$:M e @"::VW$K 3$:K>‘?2 " #"5"2 #$:#"
;<" $o>‘>2$# ? :>9?K>X?;<" ?" E"9345"2M 1?2? D?X$2 E"# Y4$ E"# ? K4XA$:@>? ?E$:?c @"2]#\ >95$224@;[$: 2$@$5>3?: 3"
" :V#J"K" :$ ?@?‘4$\ #?95$2 " W$VE4K" $# #"W>#$95" ?5] ? @2"E$::" 3$ 2$‘$9$2?;<" @"3$# E?4:?2 4#? 3$‘2?3?;<"
2$‘$9$2?;<" 5$2#>9?2M @2$E"E$ 3" gK$" 3" #"5"2M 1"2 $::$ #"5>W"\ ] :$#@2$
?E"9:$Ka_W$K ?‘4?23?2 Y4$ " :V#J"K" :$ ?@?‘4$ ?95$: 3$
’ 342?;<" 3" @2"E$::" ] 3$ 76 #>945":\ $# #]3>?M ’: E"9A 3$:K>‘?2 " #"5"2\ :$‘4>93" ?: >93>E?;[$: ?E>#? >93>E?3?:M
3>;[$: >3$?>: @?2? 5$2#>9?2 " @2"E$::" :<" ?5>9‘>3?: #?9A !<" ] ?E"9:$Ka_W$K E"9EK4>2 ? 2$‘$9$2?;<" 3" *1O E"# "
5$93" " W$VE4K" $# #?2Ea? ? FG h#na E"# 2$‘>#$ 3" #"5"2 W$VE4K" @?2?3"M
:4@$2>"2 ? LGGG 2@#M
- ?E$93>#$95" 3" :V#J"K" 9<" 3$W$ :$2 E"9:>3$2?3" 4#?
?9"#?K>? $\ @"2 >::"\ 9<" ] 9$E$::_2>" K$W_AK" f "D>E>9?M +#
?K‘4#?: W$2:[$:\ ^495?#$95$ E"# " ?E$93>#$95" 3" :V#A
J"K"\ " 3>:@K?x W>:4?K>X? ? #$9:?‘$# $:@$EVD>E?M

!!!  "!    "%


- :V#J"K" ?E$93$A:$\ ^495?#$95$ E"# ? W>:4?K>X?;<" 3$ *>2>‘>2A:$\ K"‘" Y4$ @"::VW$K\ f   ! = ,  > M
4#? #$9:?‘$#\ $# E?:" 3$ ?W?2>? 9" :>:5$#? 3$ E"25$ 3"
E"#J4:5VW$KM

!!!    "


*>2>‘>2A:$ >#$3>?5?#$95$ f   ! = ,  > @?2?
- :V#J"K" ?E$93$A:$ $# E?:" 3$ ?W?2>? 3" 3>:@":>5>W" ,@$$3 $K>#>9?2 ? ?W?2>?M
)>#>5$2M

/$"*
+
4'  .-  5 3 ,  .- 3K

!!!  !< ! !" / .- &


0 *>2>‘>2A:$ >#$3>?5?#$95$ f   ! = ,  > @?2?
- :V#J"K" ?E$93$A:$ @?2? ?::>9?K?2 ? ?W?2>? 3": D?2g>: ?K5": $K>#>9?2 ? ?W?2>?M
?45"#_5>E":M

" !! N!  <  `"% !&


"
- :V#J"K" ?E$93$A:$ $# E?:" 3$ :"J2$?Y4$E>#$95" 3" Ed#A ’‘4?23?2\ E"# " #"5"2 3$:K>‘?3" "4 9" #V9>#"\ ? 3$:?5>W?A
J>"\ ?@g: 4#? 45>K>X?;<" @?25>E4K?2#$95$ $o>‘$95$M ;<" 3" :V#J"K"M
!$::$ E?:"\ ] $D$54?3? 4#? K>#>5?;<" 3" 3$:$#@$9a" 3"
#"5"2M
C$?J?:5$E$2 " 2$:$2W?5g2>" 3$ ’2K? HL\ E"9D"2#$ >93>E?3"
%!N   !  ; !! &
   /!! CB0 /* H  '0
9" E?@V54K" w1?25>3? $ -@$2?;<"y\ :$;<" w12"E$3>#$95" 3$ $
’J?:5$E>#$95" 3$ ?‘$95$ 2$345"2 KVY4>3" @?2? 2$34;<" 3$
’ K4XA$:@>? ?E$93$A:$\ ^495?#$95$ E"# #$9:?‘$# $:@$EVD>E? @"K4$95$: p’2K? HLqyM
3$ ?K$25?\ >93>E?93" Y4$ " 9VW$K 3" 2$:$2W?5g2>" 3" :>:5$#?
3$ >9^$;<" 3$ ’C)’ HL $:5_ J?>o" $ ] 9$E$::_2>" 2$?J?:5$E$2 
" #$:#"M !": E?:": $# Y4$ ? @?25>3? 3" #"5"2 9<" $:5$^? 3>:@"9VW$K\
3$W>3" ?" J?>o" 9VW$K ’2K? HL\ 2$?J?:5$E$2 " #$:#" $ ?‘4?23?2

Y4$ ? K4XA$:@>? :$ ?@?‘4$ pE$2E? 3$ 3">: #>945":q $ 3?2 ?
’: #$9:?‘$9: 3$ ?K$25? @?::?# ? :$2 $o>J>3?: Y4?93" " @?25>3? 9" #"5"2 9"2#?K#$95$M
W$VE4K" @"::4> 4#? ?45"9"#>? >‘4?K "4 >9D$2>"2 ? LMIGG h#
$ W?2>?# 3$ ?E"23" E"# " 9VW$K 3$ ’C)’ HL @2$:$95$ 9" 
2$:$2W?5g2>"M ’: #$9:?‘$9: @"3$# >93>E?2 ? 9$E$::>3?3$ 3$ - , 
   '-K&  7 *  ,   
2$?J?:5$E>#$95" 3" 2$:$2W?5g2>" "4 ? ?45"9"#>? 2$:5?95$ 3" -
  
'  a  a 7 9 ,Q   5 & 8 
W$VE4K" ?5] Y4$ ? @?25>3? 3" #"5"2 D>Y4$ >93>:@"9VW$KM  ! = ,  > M

/$"+
+
4'  , 4  , * -' K    'F
+
4'  .-  5 3 ,  .- 3K

! " ! !!!


- :V#J"K" ?E$93$A:$ Y4?93" ] 4K52?@?::?3" " K>#>5$ 3$
W$K"E>3?3$ 3$D>9>3" p@"2 $oM 7LG h#naq ?52?W]: 3" &$94 3"
3>:@K?xM
+# ?K‘4#?: W$2:[$:\ ] W>:4?K>X?3? 4#? #$9:?‘$# $:@$EVD>E?
$ ] $#>5>3? 4#? :>9?K>X?;<" ?Eu:5>E?M

1?2? ?K‘4#?: W$2:[$:n#$2E?3":\ ?E$93$A:$ 5?#J]# 4#
"452" :V#J"K" 3$ E"2 W$2#$Ka?M
   / .- 0
+
4' , ,
'-K 3 () ?5>W?;<" 3" :>:5$#? S>KK *$:A
E$95 8"952"KM
+
4' , ,
'-K 
 ) 3$:?5>W?;<" 3" :>:5$#?
S>KK *$:E$95 8"952"KM

  A


- :V#J"K" ?E$93$A:$ $# E?:" 3$ ?5>W?;<" 3" 824>:$ 8"952"K
$K$52v9>E"M

  "
- :V#J"K" ?E$93$A:$ $# E?:" 3$ ?5>W?;<" 3" ,@$$3 )>#>5$2M

/$",
" 5  * -' K    'F
" 5

 .-  5 3 ,  .- 3K


   'F
!!! ! ! ! p:$ $Y4>@?3"q
*>2>‘>2A:$ >#$3>?5?#$95$ f   ! = ,  > @?2?
,+CU I¤* ’ #$9:?‘$# ?E$93$A:$ @?2? ?::>9?K?2 ? ?W?2>? 3" :>:5$#? 3$ $K>#>9?2 ? ?W?2>?M
52?;<" >95$‘2?KM
"! %&  " p:$ $Y4>@?3"q
%'.-    
!" 3>:@K?x ] W>:4?K>X?3? 4#? #$9:?‘$# $:@$EVD>E? $# E?:" )>J$2?2 " @?2?AEa"Y4$ 3$ $W$954?>: "J:5_E4K":\ K>#@?93"A"
3$ JK"Y4$>" 3" :$9:"2 3" :>:5$#? BK>93A:@"5 &"9>5"2>9‘M 3$ >#@42$X?:M
!$::$ E?:"\ ": )+*: K"E?K>X?3": 9": $:@$Ka": 2$52"W>:"2$:
$o5$29": $:5<" ?E$:": E"# K4X D>o?M

B)=!*A,1-.
e 5?#J]# $#>5>3" 4# :>9?K ?Eu:5>E"M $
&-!=.-A  
 7    +*'
C=!R ’ E?4:? 3$ #?4 D49E>"9?#$95" @"3$ 3$W$2A:$ f 5$9:<" >9:4A
D>E>$95$ 3? J?5$2>? "4 ? $W$954?>: ?W?2>?: 9" :>:5$#? $K]52>E"M ’ E?4:? 3$ #?4 D49E>"9?#$95" @"3$ 3$W$2A:$ f 5$9:<" >9:4A
8"95?5?2\ K"‘" Y4$ @"::VW$K\ ?   ! = ,  > @?2? D>E>$95$ 3? J?5$2>? "4 ? $W$954?>: ?W?2>?: 9" :>:5$#? $K]52>E"M
? W$2>D>E?;<" 3" :>:5$#? $K]52>E"M !" 3>:@K?x ] W>:4?K>X?3? 8"95?5?2\ K"‘" Y4$ @"::VW$K\ ?   ! = ,  > @?2?
4#? #$9:?‘$# $:@$EVD>E? $# E?:" 3$ JK"Y4$>" 3" :$9:"2 3" ? W$2>D>E?;<" 3" :>:5$#? $K]52>E"M
:>:5$#? BK>93A:@"5 &"9>5"2>9‘M !$::$ E?:"\ ": )+*: K"E?K>X?A
3": 9": $:@$Ka": 2$52"W>:"2$: $o5$29": $:5<" ?E$:": E"# K4X
D>o?M
"! !E
%'.-     
)>J$2?2 " @?2?AEa"Y4$ 3$ $W$954?>: "J:5_E4K":\ K>#@?93"A"
’ #$9:?‘$# ] W>:4?K>X?3? 9" 3>:@K?x $# E?:" 3$ JK"Y4$>" 3$ >#@42$X?:M
3": :$9:"2$: 3" :>:5$#? 1?2h,$9:$M
1’Cz,+!,+ e 5?#J]# $#>5>3" 4# :>9?K ?Eu:5>E"M

 
 7    +*' ’ E?4:? 3$ #?4 D49E>"9?#$95" @"3$ 3$W$2A:$ f 5$9:<" >9:4A
D>E>$95$ 3? J?5$2>? "4 ? $W$954?>: ?W?2>?: 9" :>:5$#? $K]52>E"M
!" 3>:@K?x ] W>:4?K>X?3? 4#? #$9:?‘$# $:@$EVD>E? $# E?:" 8"95?5?2\ K"‘" Y4$ @"::VW$K\ ?   ! = ,  > @?2?
3$ 9<" 3>:@"9>J>K>3?3$ 3" :>:5$#? 1?2h,$9:$M ? W$2>D>E?;<" 3" :>:5$#? $K]52>E"M

/$"-
" 5

 .-  5 3 ,  .- 3K


   'F

&+!,’R+!, "! !"!! /0


rC$W>:<"r s4?93" ? #?945$9;<" @2"‘2?#?3? pr2$W>:<"rq $:5_ @$25" 3" 8"95?5?2 ?   ! = ,  > Y4$ @2"E$3$2_\ @?2?
p&’!(.+!A @2?X" @2$W>:5"\ @":>E>"9?93" " E"#45?3"2 3$ >‘9>;<" @?2? ?K]# 3?: "@$2?;[$: 3$ #?945$9;<" @2$W>:5?: 9" r1K?9" 3$
/0- ? @":>;<"  \ 9" 3>:@K?x ?@?2$E$ ? >93>E?;<" rC$W>:<"r #?945$9;<" @2"‘2?#?3?r " X$2?#$95" 3? 2$D$2>3? W>:4?K>X?A
1C-RC’A :$‘4>3? 3" 9u#$2" 3$ Y4>Kv#$52": "4 3>?: p"93$ @2$W>:5"q ;<" p2$:$5qM
&’*’q Y4$ D?K5?# @?2? ? #?945$9;<" 3" W$VE4K"M

/$%.
     :>9?K>X?2 ? 9$E$::>3?3$ 3$ :4J:A - ?E$93>#$95" D>o" 3? K4XA$:@>?
5>54>2 ": E"#@"9$95$: 3$5$2>"2?A >93>E? #?4 D49E>"9?#$95" 9" :>:A
     3":M 5$#? 3$ ?K>#$95?;<"n>‘9>;<"\ Y4$
 @"3$2_ @2"W"E?2 ?4#$95" 3$ $#>:A
- :>:5$#? 3>:@[$ 5?#J]# 3$ 4# :[$: 3" $:E?@$\ @"::VW$K @$23? 3$ 3$A
"! % E"9$E5"2 Y4$ @$2#>5$ ? K$>542? 3": :$#@$9a"\ #_ 3>2>‘>J>K>3?3$ $ E"9A
- ,>:5$#? 3$ *>?‘9g:5>E" 3$ Eg3>‘": 3$ $22": #$#"2>X?3": 9? :4#": $K$W?3":M +# ?K‘4#?: W$2:[$:
B"23" p    
   q E$952?K $K$52v9>E?\ $# E"9^495" E"# " 3>:@K?x $o>J$ #$9:?‘$# $:@$EVA
$D$54? 4# 3>?‘9g:5>E" E"95V94" 3": 4#? :]2>$ 3$ @?2d#$52": $:@$EVD>E": D>E?M
E"#@"9$95$: 2$K?E>"9?3": E"# ?: 3$ 3>?‘9g:5>E" $ D49E>"9?#$95" 3" !$::?: E"93>;[$:\ ] @"::VW$K E"9A
$#>::[$: ‘?:":?: @2"34X>3?: @$K" #"5"2M .?K W$2>D>E?;<" ] @"::VW$K @?2? 5>94?2 ? 3>2>‘>2\ :$#@2$ $W>5?93" $:A
W$VE4K"M ’K]# 3>::"\ >93>E? @"2 #$>" ": ?‘$95$: $9E?22$‘?3": 3$ D>:E?K>X?A
;<" 3$ 52d9:>5"\ #$3>?95$ ? >95$2D?E$
D"2;": 3" #"5"2 $ ?K5?: W$K"E>3?3$:M $
3" ?E$93>#$95" 3? K4XA$:@>? 9" - 4:" @2"K"9‘?3" 3" W$VE4K" E"#
Y4?32" 3$ >9:524#$95":\ ?E"#@?A 3" :>:5$#? E"# >9:524#$95": ?3$A ? K4XA$:@>? ?E$:? @"3$ @2"W"E?2 3?A
9a?3? 3$ #$9:?‘$# 9" 3>:@K?x Y4?3":M 9":M !$::$ E?:"\ @2"E42$ ?  
p?K‘4#?: W$2:[$:q\ ? E"93>;<" 3$ ! = ,  > M
D?Ka? 3$ E"#@"9$95$: 3" :>:5$#? 3$ J& !  !!!  s4?93" " #?4 D49E>"9?#$95" 3$A
E"952"K$ 3" #"5"2M "!  !<  :?@?2$E$\ ?@?‘?A:$ ? K4XA$:@>?\ #?: "
- :>:5$#? -B* 5$# E"#" "J^$5>A %@  " :>:5$#? #$#"2>X? ? :>9?K>X?;<"M ,$ ?
W":% +# E"93>;[$: 9"2#?>:\ @":>E>"A K4XA$:@>? :$ ?E$93$ 3$ #"3" >95$2#>A
9?93" " E"#45?3"2 3$ >‘9>;<" @?2? ? 5$95$ ] >93>E?;<" 3$ @"::VW$K 3?9" 9"
 #?95$2 :"J E"952"K$ ? $D>E>Z9E>? @":>;<"  \ ? K4XA$:@>? p?#?A E?5?K>:?3"2M !" E?:" 3$ ?E$93>#$95"
3" :>:5$#?\ 2$K" d#J?2q :$ ?E$93$\ #?: Y4?93" >95$2#>5$95$\ :"K5?2 " @$3?K 3" ?E$A
 :>9?K>X?2 4# ?4#$95" 3$ $#>:A " #"5"2 D49E>"9?2 3$W$ ?@?‘?2A:$M ,$ K$2?3"2\ 2$34X>93" ? W$K"E>3?3$\ ?5]
:[$: 3$W>3" ? 4# D49E>"9?#$95" ? K4XA$:@>? @$2#?9$E$ ?E$:?\ "4 :$ Y4$ ? K4XA$:@>? :$ ?@?‘4$M 12"::>‘?
>22$‘4K?2 3" W$VE4K"\ $ ?E$93$2 342?95$ ? #?2Ea?\ ] >93>E?A ? #?2Ea? $# W$K"E>3?3$ 2$34X>3? $
;<" 3$ D49E>"9?#$95" >#@$2D$>5" 3" @2"E42$ ?   ! = ,  > M
:>:5$#? 3$ E"952"K$ 3" #"5"2M

/$%!
!#!
,$\ ?" :$ E"K"E?2 " E"#45?3"2 3$
>‘9>;<" 9? @":>;<" \ ? K4XA$:@>?
9<" :$ ?E$93$2\ "4 :$ ?E$93$2
3$ #"3" D>o"n>95$2#>5$95$ 342?95$ ?
#?2Ea?\ E"95?5?2 " Y4?95" ?95$: ?
  ! = ,  >
’ D49E>"9?K>3?3$ 3? K4XA$:@>?
@"3$ :$2 W$2>D>E?3? @$K": ?‘$95$: 3$
D>:E?K>X?;<" 3" 52d9:>5" "4 $# $W$9A
54?>: @2"‘2?#?: "D>E>?>: 3$ >9:@$;<"
3$ W$VE4K":M C$:@$>5$ ?: 9"2#?: W>A
‘$95$:M

/$%"
 
=!.C-*(/0- M M M M M M M M M M M M M M M M M M M M +A7
8’C’8.+Cl,.=8’, *+ ,+R(C’!/’ ’.=U’ M M M M +A7
8=!.-, *+ ,+R(C’!/’ M M M M M M M M M M M M M +ALF
’)+C.’ *+ !0- ’O=U+)’&+!.- *-, 8=!.-,
*+ ,+R(C’!/’ M M M M M M M M M M M M M M M M M M +AHG
1CeA.+!,=-!’*-C+, M M M M M M M M M M M M M M +AHL
,+R(C’!/’ 1’C’ 8C=’!/’, M M M M M M M M M M +AHH
,=,.+&’, *+ ,+R(C’!/’
,(1)+&+!.’C+, M M M M M M M M M M M M M M M M M +AIL

0
0
  S*8 pS>KK *$:E$95 8"952"Kq

 +B* p+K$52"9>E B2?h$ O"2E$ *>:A
- E?@V54K" ? :$‘4>2 ] #4>5" >#@"2A 52>J45>"9q ’K‘49: :>:5$#?: 9<" :<" 3$:?J>K>A
5?95$% ?Y4> :<" 3$:E2>5": ": :>:5$#?: 5?3": @"2 #"5>W" 3$ :$‘42?9;?M
 ’B, p’95>AK"Eh B2?h>9‘ ,x:5$#q
3$ :$‘42?9;? D"29$E>3": E"# " W$VA
E4K" $ D"29$E>3?: ?: >93>E?;[$: 9$A  ’B, p’95>AK"Eh B2?h>9‘ ,x:5$#q - :>:5$#? $:5?2_ 9? #"3?K>3?3$
E$::_2>?: :"J2$ E"#" 45>K>X_AK": E"2A -DD C"?3 r,>:5$#? a?J>K>5?3"r ? E?3? @?25>3?
2$5?#$95$M  B*¤ pB2?h$ *>:h ¤>@>9‘q 3" #"5"2M +:5$ #"3" 3$W$ :$2 45>K>A
 B.& pB2?h$ .$#@$2?542$ &"3$Kq X?3" 9? #?>"2 @?25$ 3$ :>54?;[$: 3$
 .,’ p.2?DD>E ,>‘9 ’::>:5q E"934;<"M
!    +,8 p+K$E52"9>E ,5?J>K>5x 8"952"Kq
    B,& pBK>93 ,@"5 &"9>5"2>9‘q 
   O8¤ pO"2i?23 8"KK>:>"9 e ?E"9:$Ka_W$K :$K$E>"9?2 ?: #"A
¤?29>9‘q 3?K>3?3$: r,>:5$#?: @?2E>?K#$95$ 3$A
 
 .,C p.2?DD>E ,>‘9 C$E"‘9>5>"9q :?J>K>5?3":r "4 r,>:5$#?: 3$:?J>K>5?A %
*$@$93$93" 3?: E"9D>‘42?;[$:  .1&, p.>2$ 12$::42$ &"9>5"2>9‘ 3":r ?@$9?: @"2 #"5>W": 3$ E"934A
3>:@"9VW$>:\ 9" W$VE4K" $:5<" @2$A ,x:5$#q ;<" $:@$EVD>E":M
:$95$: ": :$‘4>95$: 3>:@":>5>W": 3$
:$‘42?9;? ?5>W?% 1?2? " D49E>"9?#$95" 3": :>:5$A ’ 3$:?5>W?;<" 3" #"3" ?::>9?K?3?
#?:\ E"9:4K5?2 ?: @_‘>9?: :$‘4>95$:M @$K" ?E$93>#$95" 3? K4XA$:@>? 9"
 .8 p.2?E5>"9 8"952"Kq Y4?32" 3$ >9:524#$95": p$# ?K‘4#?:
 1B’ p1?9>E B2?h$ ’::>:5q 4 ' 67   
  5-& W$2:[$:\ ^495?#$95$ E"# ? W>:4?K>X?A
 6  * ;<" 3$ 4#? #$9:?‘$# 9" 3>:@K?xq
 ’,C p’95> ,K>@ C$‘4K?5>"9q
 B)* pB2?h$ )"Eh *>DD$2$95>?Kq +# D49;<" 3?: W$2:[$:\ IoL "4 1?2? 2$:5?J$K$E$2 " #"3" r,>:5$#?
 S,’ pS>KK ,5?25 ’::>:5q IoI\ @"3$# 5$2 3>D$2$95$: #"3": 3$ a?J>K>5?3"r 3$ D49E>"9?#$95"\ @2$:A
E"9D>‘42?;[$: @2$:$95$: 9" W$VE4K"M :>"9?2 9"W?#$95$ " J"5<" M
 *,. p*x9?#>E ,5$$2>9‘ ."2Y4$q
 +C& p+K$E52"9>E C"KK &>5>‘?5>"9q

0$!
%7 &  H D N B p«q ’@g: F6 h#na\ " ’,C ] a?J>K>A "!  / ,    '0
5?3" 9"W?#$95$ $ ": :>:5$#?: B)* $
s4?93" " J"5<" ] ?5>W?3"\ - :>:5$#? 3$ E"952"K$ 3$ 52?;<"
’B, -DD C"?3 :<" 3$:?J>K>5?3":M
" :>:5$#? #?o>#>X? ? #"52>E>3?3$ >95$2W]# ?45"#?5>E?#$95$ $# E?:"
3" W$VE4K" $# :4@$2DVE>$: 3$ J?>o? 3$ @?5>9?;<"\ 3$ @$23? 3$ ?3$2Z9E>?
%7 &  H D N D $# @>:" #"Ka?3" p?Y4?@K?9?‘$#q\
?3$2Z9E>? pK?#?\ E?:E?Ka"\ ?2$>?q $
?5>W? ? D49;<" B2?h$ )"Eh *>DD$2$95>?K s4?93" " J"5<" ] ?5>W?3"\ " ?E$K$2?;<" $# @>:": $:E"22$‘?3>":\
pB)*q 3? :$‘4>95$ #?9$>2?% :>:5$#? 3$:K>‘? " E"952"K$ 3$ 52?;<"\ E"# 9$W$ "4 ‘$K"\ $5EM 3$ 4#? "4
?::>#% #?>: 2"3?: #"52>X$:M
 ’@K>E?;<" 3$ 5"2Y4$ D2$9?95$ f +# D49;<" 3?: E"93>;[$: 3$ @?5>A
2"3? Y4$ 5$93$ ? ‘>2?2 K>W2$M  1$2#>5$ ?4#$95?2 " $:E"22$‘?A 9?;<"\ :<" ?5>W?3?: 34?: Kg‘>E?: 3$
 .2?9:D$2Z9E>? 3$ 5"2Y4$ 52?5>W"\ #$95" 3?: 2"3?: @?2? :>54?;[$: E"952"K$ 3>D$2$95$:%
$Y4>W?K$95$ ?" 5"2Y4$ D2$9?95$\ 3$ K?#?nJ?22" "4 45>K>X?;<" 3$
@?2? ? 2"3? 52?5>W?M E"22$95$: 9": @9$4:M  ,$ ? @?5>9?;<" $9W"KW$ #?>: 3$
 &?o>#>X?;<" 3? 52?9:D$2Z9E>? 3$ 4#? 2"3? #"52>X\ " :>:5$#? ’,C
5"2Y4$ $952$ ?: 2"3?: #"52>X$:M - ,  
  &  H D N D >95$2W]# 2$34X>93" ? @"5Z9E>?
7 7 52?9:#>5>3? @$K" #"5"2M
3-'
- ,  
  &  H D N B 4 * ' 5  ,$ ? @?5>9?;<" $9W"KW$ ?@$9?:
’,C -! ’,C -OO p«q ’,C -OO p«q 4#? 3?: 2"3?: #"52>X$:\
3-' 7 4 *
?5>W?A:$ ? D49;<" B)* pB2?h$
B)* -OO B)* -! p«q B)* -! p«q
’,C -! ’,C -OO p«q )>#>5$3 *>DD$2$95>?Kq 52?W?93"
’B, -OO ’B, -OO ?45"#?5>E?#$95$ ? 2"3?
B)* -OO B)* -! p«q ’B, -OO
C-’* -OO C-’* -OO
C-’* -OO
p«q p«q
Y4$ @?5>9? p] :>#4K?3"
’B, -OO C-’* ’B, -OO C-’*
-OO -! p«q " E"#@"25?#$95" 3$ 4#
+,8 -! +,8 -! +,8 -OOp«q
3>D$2$9E>?K ?45"JK"E?95$qM =:5"
+,8 -! +,8 -!
@2"W"E?2_ 4# ?4#$95" 3$
p«q ’@g: F6 h#na " +,8 $ ’,C :<" 52?9:D$2Z9E>? 3$ 5"2Y4$ #"5"2 9?
a?J>K>5?3": 9"W?#$95$ $ " :>:5$#? 2"3? Y4$ 9<" $:5_ @?5>9?93"M
B)* ] 3$:?J>K>5?3"M +::? D49;<" @$2#?9$E$ ?5>W?

0$"
#$:#" D"2$# :$K$E>"9?3?:
#"3?K>3?3$: r,>:5$#?:
@?2E>?K#$95$ 3$:?5>W?3":r $ !#! !#!
r,>:5$#?: 3$:?5>W?3":r pE"9:4K5?2
1?2? " E"22$5" D49E>"9?#$95" 3" - :>:5$#? .8 9<" ] E?@?X 3$ E"9A
?: @_‘>9?: :$‘4>95$:qM
:>:5$#? .8\ ] >93>:@$9:_W$K Y4$ ": 52?2>?2 ?: K$>: 9?542?>: 3? OV:>E? $ 9<"
@9$4: :$^?# 3? #$:#? #?2E? $ 3" ] E?@?X 3$ ?4#$95?2 ? ?3$2Z9E>? 3$A
  * 67   

#$:#" 5>@" $# 5"3?: ?: 2"3?:M @$93$95$ 3?: E"93>;[$: 3? $:52?3?M
’ >95$2W$9;<" 3" :>:5$#? ] ?::>9?A
’K]# 3>::"\ 3$W$# 5$2 @2>9E>@?KA *>2>^? :$#@2$ E"# @243Z9E>? $
K?3? @$K? >95$2#>5Z9E>? 3? K4XA$:@>?
#$95$ " 5>@" $ 3>#$9:[$: @2$:E2>5?: $ ?5$9;<"M
9" Y4?32" 3$ >9:524#$95":\ @?2?
$:5?2 $# @$2D$>5?: E"93>;[$: 3$ E"9A
>9D"2#?2 " E"9345"2 Y4$ " W$VE4K"
:$2W?;<" $ E"# ? @2$::<" 3": @9$4:
$:5_ $# E"93>;[$: E2V5>E?: 3$ $:5?J>A
3$ ?E"23" E"# " @2$W>:5" 9" #?94?KM
K>3?3$ $ ?3$2Z9E>?M
!#!
- :>:5$#? .8 9<" ] E?@?X 3$ $W>A %
5?2 ?E>3$95$:\ >9EK4>93" ": 3$W>3": ?
!#! $oE$::>W? W$K"E>3?3$ $# E42W?\ E"9A
!#!
’ @2$:$9;? 3" :>:5$#? .8 9<" 3$W$ 34;<" $# :4@$2DVE>$: 3$ J?>o? ?3$A
1?2? #?>"2 $D>E>Z9E>? 3" :>:5$#?
>934X>2 " E"9345"2 ? E"22$2 2>:E":M 2Z9E>? "4 ?Y4?@K?9?‘$#M
3$ E"952"K$ 3$ 52?;<" ] >93>:@$9:_W$K
Y4$ ": @9$4: $:5$^?# $# J"# $:5?3" - 5>@" 3$ E"934;<" 3$W$ :$2 :$#A *>2>^? E"# 2$:@"9:?J>K>3?3$ $ @24A
3$ E"9:$2W?;<"M @2$ ?3$Y4?3" f: E"93>;[$: 3" @>:" 3Z9E>?M
3? $:52?3?\ f W>:>J>K>3?3$ $ ?" 52d9A
O?;? ? >9:@$;<" @$2>g3>E? 3" @9$4
:>5"M ’ 2$:@"9:?J>K>3?3$ @$K? :$‘4A
@?2? W$2>D>E?2 " 3$:‘?:5$ $ " @2?X" 3$
2?9;? 9? $:52?3? ] :$#@2$ 3" E"934A
W?K>3?3$ @?2? ‘?2?95>2 ? :$‘42?9;? $
5"2M
? $D>E>Z9E>? 3" :>:5$#?M

0$%
5>E?#$95$ 3$:?5>W?3? $# W$K"E>3?3$ - :>:5$#? 1B’ 3$:?5>W?A:$ Y4?93"
:4@$2>"2 ? F6 h#naM :$ :"K5? " @$3?K 3" D2$>"M
!#!
’ E?@?E>3?3$ 3" :>:5$#? .8 949E? "! %! /  , % \ ! 0
3$W$ :$2 5$:5?3? 3$ D"2#? >22$:@"9:_A
- :>:5$#? 1B’ D"> E"9E$J>3" @?2? !#!
W$K $ @$2>‘":?M
"5>#>X?2 ? E?@?E>3?3$ 3$ D2$9?‘$#
’ @2$:$9;? 3" :>:5$#? 1B’ 9<"
+W>5$ E"#@2"#$5$2 ? @2g@2>? :$‘4A 3" W$VE4K" 342?95$ 4#? D2$9?‘$# 3$
3$W$ >934X>2 " E"9345"2 ? E"22$2 2>:A
2?9;? $ ? 3$ 5$2E$>2":M $#$2‘Z9E>?M
E":M - 5>@" 3$ E"934;<" 3$W$ :$2
- :>:5$#? 2$E"9a$E$ ? D2$9?‘$# :$#@2$ ?3$Y4?3" f: E"93>;[$: 3"
% /% \ ,\  33   '0 3$ $#$2‘Z9E>? #"9>5"2?93" ? W$K"A @>:" 3? $:52?3?\ f W>:>J>K>3?3$ $ ?"
E>3?3$ $ ? D"2;? E"# Y4$ ] @2$::>"A 52d9:>5"M ’ 2$:@"9:?J>K>3?3$ @$K? :$A
- B)* ] 4# :>:5$#? Y4$ @$2#>5$ 9?3" " @$3?K 3" D2$>" $\ E"9:$Y4$9A ‘42?9;? 9? $:52?3? ] :$#@2$ 3" E"9A
Y4$ " W$VE4K" 5$9a? 4# E"952"K$ 3$ 5$#$95$\ ?@K>E? ? @2$::<" >3$?K ?": 345"2M
52?;<" #?>: ?‘2$::>W" $# :>54?;[$: D2$>":M =::" @"3$ ?^43?2 ? 2$34X>2 ":
K$W$: 3$ "DDA2"?3\ "93$ ? 2"3? @"3$ $:@?;": 3$ D2$9?‘$# % " :>:5$#? 1B’ 84#@2? :$#@2$ ?: 2$‘2?: 3$ 52d9A
$:E"22$‘?2 $ >#@$3>2 Y4$ " W$VE4K" E"#@K$5?\ @"25?95"\ " :>:5$#? ’B,M :>5"\ 2$:@$>5?93" ?: W$K"E>3?3$: #_A
W$9;? " "J:5_E4K"M o>#?: @$2#>5>3?: $# E?3? W>?\ 2$34A
’ ?::>:5Z9E>? #_o>#? 3" :>:5$#? X>93" ? W$K"E>3?3$ Y4?93" ?: E"93>A
- :>:5$#? ?4o>K>? 9? #?9"J2? 3" 1B’ ] "J5>3? ?" @2$::>"9?2 #4>5" 2?A ;[$: EK>#_5>E?: D"2?# 3$:D?W"2_W$>:
W$VE4K" 3>:@"9>J>K>X?93" " 5"2Y4$ @>3?#$95$ " @$3?K 3" D2$>"M ’K]# E"#" Ea4W? $ K4#>9":>3?3$ 2$34A
D2$9?95$ >93>W>34?K 9$E$::_2>" 9? 3>::"\ @?2? "J5$2 ? #_o>#? D49E>A X>3? $ #?95$9a? 3>:5d9E>? 3$ :$‘4A
2"3? Y4$ $:5_ $:E"22$‘?93" $ ?::># "9?K>3?3$ 3" :>:5$#?\ ] 9$E$::_2>" 2?9;? 3": "452": W$VE4K":M
52?9:D$2>93" " 5"2Y4$ @?2? ? "452? @2$::>"9?2 E"95>94?#$95$ " @$3?K 3"
2"3? ?52?W]: 3" 3>D$2$9E>?KM D2$>" 342?95$ ? D2$9?‘$#\ $W>5?93"
- :>:5$#? @"3$ :$2 ?E>"9?3" "4 @>:?2 >95$2#>5$95$#$95$M
3$:?E>"9?3" @$K" #"5"2>:5? ? Y4?KA !<" 2$34X>2 ? @2$::<" 9" @$3?K 3"
Y4$2 #"#$95"\ @2$::>"9?93" " J"A !#!
D2$>" ?5] ? D2$9?‘$# 3$>o?2 3$ :$2
5<" 9" @?>9$KM ’ D49;<" ] ?45"#?A - :>:5$#? 1B’ 9<" @"3$ E"952?A
9$E$::_2>?M
2>?2 ?: K$>: 9?542?>: 3? OV:>E? $ 9<"
0$&
@"3$ ?4#$95?2 ? ?3$2Z9E>? 3$@$9A "! ! / ''   ! 0 #_o>#" 3$ L :$‘493":\ @$2#>5>93"
3$95$ 3?: E"93>;[$: 3? $:52?3?M ’4o>K>? " E"9345"2 ?" #?95$2 ? 3$:K"E?2 D?E>K#$95$ " @] 3>2$>5" 3"
@2$::<" a>32_4K>E? 9": D2$>": $# ?EK>A @$3?K 3" D2$>" @?2? " ?E$K$2?3"2M
&?95$9a?A:$ ?5$95" $ :$^? @24A
3$95$ ?" 3>2>‘>2M W$: :4@$2>"2$: ? 6t 3$ >9EK>9?;<"M 1?::?3": ": L :$‘493":\ #$:#"
&?95]# ? @2$::<" 3$ D2$9?‘$# Y4$ 9<" 5$9a? :>3" $D$54?3" ? @?2A
p@$K" 5$#@" #_o>#" 3$ L :$‘493":q 5>3?\ " :>:5$#? 3$:?5>W?A:$ ?45"#?5>A
?5] Y4$ " #"5"2 3>:@"9>J>K>X$ " 5"2A E?#$95$\ K>J$25?93" ‘2?34?K#$95$ ?
Y4$ 9$E$::_2>" @?2? >9VE>" 3" #"W>A @2$::<" 3$ D2$9?‘$#M
!#!
#$95"M +:5_ 3>:@"9VW$K 5?#J]# $# *42?95$ $:5? D?:$ 3$ K?2‘?3? ] @":A
- :>:5$#? 1B’ 9<" @"3$ $W>5?2 ?E>A
#?2Ea? 2]M :VW$K "4W>2 4# 24V3" 5V@>E" 3$ 3$:$9A
3$95$:\ >9EK4>93" ": 3$W>3": ? $oE$:A
:>W? W$K"E>3?3$ $# E42W?\ E"934;<" ‘?5$ #$Ed9>E" 3": D2$>":\ Y4$ >93>E?
$# :4@$2DVE>$: 3$ J?>o? ?3$2Z9E>? "4  !?: :4J>3?:% W$VE4K" $:5?E>"9?3" " #"W>#$95" >#>9$95$ 3" W$VE4K"M
?Y4?@K?9>9‘M $# $:52?3? E"# >9EK>9?;<" :4A
@$2>"2 ? 6t\ #"5"2 K>‘?3"\ D2$>"  *67   

*>2>^? E"# ?5$9;<" $ @243Z9E>?M @2$::>"9?3" $ Ed#J>" $# @"95" %
- :>:5$#? S>KK ,5?25 ’::>:5 @"3$ :$2
#"25" "4 4#? #?2Ea? 3>D$2$95$
3$:?5>W?3" ?54?93" 9" &$94 3" 3>:A
3? #?2Ea? ? 2] $9‘?5?3?M
@K?x pE"9:4K5?2 " @?2_‘2?D" w*>:@K?xy
 !?: 3$:E>3?:% W$VE4K" $:5?E>"A 9" E?@V54K" w8"9a$E$93" " :$4 @?>A
!#! 9?3" $# $:52?3? E"# >9EK>9?;<" 9$K 3$ >9:524#$95":yqM
:4@$2>"2 ? 6t\ #"5"2 K>‘?3"\ D2$>"
’ E?@?E>3?3$ 3" :>:5$#? 1B’
@2$::>"9?3" $ #?2Ea? ? 2] $9‘?A
949E? 3$W$ :$2 5$:5?3? 3$ D"2#?
5?3?M
>22$:@"9:_W$K $ @$2>‘":?M
!<" E"#@2"#$5? :4? @2g@2>? :$A !? D?:$ 3$ @?25>3?\ ? E$952?K 3" !#!
‘42?9;?\ 3": "452": "E4@?95$: @2$A :>:5$#? +,8 #?95]# ? @2$::<" 3$ - :>:5$#? S,’ 9<" ] 4# D2$>" 3$
:$95$: ? J"23" 3" W$VE4K" $ 3$ 5"3": D2$9?‘$# 9?: 2"3?: ?5] ?" ?KE?9E$ 3" $:5?E>"9?#$95"M
": "452": 45>K>X?3"2$: 3? $:52?3?M 5"2Y4$ 3" #"5"2 9$E$::_2>" f @?25>3?
!<" ?J?93"9?2 " W$VE4K" :$# 5$2
"4\ $# 5"3" " E?:"\ @"2 4# 5$#@"
?E>"9?3" " D2$>" 3$ $:5?E>"9?#$95"\
0$’
3$:K>‘?3" " #"5"2 $ @":>E>"9?3" " "!  /F 
,  5 @"9:?J>K>3?3$ 3? E"934;<" 3" W$VA
Ed#J>" 9? @":>;<" A 1’Cz p$:5?E>A  .-0 E4K"M
"9?#$95"q\ $:5?E>"9?93" " W$VE4K" ’ D49;<" >93>E? @?2? " #"5"2>:5?
$# E"93>;[$: 3$ :$‘42?9;? p@?2? ’ 2$:@"9:?J>K>3?3$ @$K? :$‘42?9;?
? 2$?;<" ?3$Y4?3? 3$ E"952?A$:5$2;" 9? $:52?3? @$25$9E$ :$#@2$ ?" E"9A
#?>: >9D"2#?;[$:\ E"9:4K5?2 " @?2_A 9" W"K?95$ $# :>54?;[$: 3$ D2$9?‘$9:
‘2?D" rO2$>" 3$ $:5?E>"9?#$95"r 9" 345"2M
E"# 3>D$2$95$: E"$D>E>$95$: 3$ ?52>5"
E?@V54K" r1?25>3? $ "@$2?;<"rqM $952$ ?: 2"3?:M
"! " /',  , '' "  &
’ D49;<" *,. ?@2"W$>5? ? >95$‘2?A 5  0
;<" 3" :>:5$#? +,8 E"# ? 3>2$;<"
?::>:5>3? $K]52>E? @?2? ?4#$95?2 " 9VA - :>:5$#? #"9>5"2? ? 5$93Z9E>?
!#! W$K 3$ :$‘42?9;? 3$ 5"3" " W$VE4K"M @?2? ? $K$W?;<" 3?: 2"3?: 3" :"K"
1"3$# $o>:5>2 :>54?;[$: $# @$Y4$A E?:" " E"9345"2 $D$54$ #?9"J2?: $oA
9?: >9EK>9?;[$: p>9D$2>"2$: ? }tq\ $# +# :>54?;[$: E2V5>E?: pD2$9?‘$# $# 52$#?:\ 5?>: E"#" $W>5?2 :4J>5?#$95$
E"93>;[$: 3$ W$VE4K" E?22$‘?3"\ $# @>:": E"# ?3$2Z9E>? 3>D$2$9E>?3?q\ " 4# "J:5_E4K"\ :"J2$543" $# E"93>A
Y4$ " :>:5$#? S>KK ,5?25 ’::>:5 @"3$ :>:5$#? +,8\ ?52?W]: 3? D49;<" *,.\ ;[$: 3$ $:52?3? 9<" >3$?>:M
9<" :$ ?5>W?2\ @2"W"E?93" 4# K>‘$>2" E"#?93? f 3>2$;<" ? ?54?;<" 3$ 4#
?4#$95" ?3>E>"9?K 3$ 5"2Y4$ 9" W"A ,$ D"2$# W$2>D>E?3?: $::?: E"93>A
2$E4"\ $ ?4#$95?93" " 2>:E" 3$ 4#?
K?95$ 3$:5>9?3" ? :4‘$2>2 ?" E"9345"2 ;[$:\ " :>:5$#?\ ?" >95$2W>2 9": D2$>":
E"K>:<" E"# 4# "452" W$VE4K" "4 "JA
? #?9"J2? #?>: E"22$5?M $ 9? @"5Z9E>? 3" #"5"2\ K>#>5? ? @":A
^$5"M
:>J>K>3?3$ 3$ ?: 2"3?: :$ K$W?95?2$#
’ ?;<" E""23$9?3? 3": D2$>": $ 3" :"K"M !" $95?95"\ 9<" ] @"::VA
!<" E"K"Y4$ $# @$2>‘" :4? :$‘4A
3? 3>2$;<" ?4#$95? ? :$9:?;<" 3$ W$K $W>5?2 ? 5$93Z9E>? @?2? " E?@"5?A
2?9;? $ ? 3$ "452?: @$::"?:M
:$‘42?9;? $ 3$ E"952"K$ 3" W$VE4K"M #$95" 3" W$VE4K" :$ " D$9v#$9" :$
3$W$2 ? E?4:?: E"#" ? E"934;<" $#
$K$W?3?: >9EK>9?;[$: K?5$2?>:\ " Ea"A
Y4$ E"952? "J^$5": "4 "452": W$VE4A
!#! K":M
- *,. E"9:5>54> ?4oVK>" f E"934A
;<" $ 9<" :4J:5>54> " E"9345"2 9? 2$:A

0$*
*$::$ #"3"\ ] ‘?2?95>3? ? $:5?J>A 4 ' 67   

K>3?3$ 3" W$VE4K" $ ? Y4>K"#$52?‘$#
1?2? a?J>K>5?2 " :>:5$#?\ @2$::>"9?2
!#! $# @K$9? :$‘42?9;?\ :"J2$543" $#
" J"5<"  9" E"9:"K$ E$952?K 3"
E"93>;[$: 3$ J?>o? ?3$2Z9E>? $ >9A
- 3$:$#@$9a" 3$ 4# W$VE4K" W$VE4K"M
EK>9?;[$: $K$W?3?:M
$Y4>@?3" E"# +C& 949E? 3$W$ :$2
@":5" f @2"W? 3$ #"3" >22$:@"9:_W$K ’ D49;<" $:5_ 3>:@"9VW$K $# W$K"A
$ @$2>‘":"M E>3?3$: ?J?>o" 3$ IG h#naM

!<" E"K"Y4$ $# @$2>‘" :4? :$‘4A ’ >95$2W$9;<" W?2>? E"9D"2#$ ?:


2?9;? $ 3$ "452?: @$::"?:M E"93>;[$: 3" @?W>#$95"\ @9$4: $
5$#@$2?542? 3" :>:5$#? 3$ D2$>":M
- :>:5$#? @"3$ $9E"952?2A:$ $#
"!  / '' ,   &
52Z: #"3?K>3?3$: 3>D$2$95$:%
 '0 / .- 0
e @?25$ >95$‘2?95$ 3" :>:5$#? +,8 $  ' 5 % " :>:5$#? $:5_ 3$:?5>A
5$# E"#" "J^$5>W" #?95$2 " W$VE4K" %
W?3"M
? 4#? W$K"E>3?3$ E"9:5?95$ 342?95$ - :>:5$#? a?J>K>5?A:$ :$ D"2$# :?A
  5) " :>:5$#? $:5_ ?5>W?3"
4#? 3$:E>3?\ ?54?93" 3$ D"2#? ?45vA 5>:D$>5?: ?: :$‘4>95$: E"93>;[$:%
$ @2"95" @?2? >95$2W>2 Y4?93" ?:
9"#? $ 3>D$2$9E>?3? 9": D2$>":M E"93>;[$: 3$ ?5>W?;<" $:5>W$2$#
 ,$ " J"5<" 9? #"3?K>3?3$ I¤*
- E"952"K$ 3$ 3$:E>3? ] 4#? D49A :?5>:D$>5?:M
)-¤ $:5>W$2 ?E>"9?3"M
;<" 3$ E"9D"25" Y4$ @$2#>5$ ?" 4:4_A  ! *) " :>:5$#? E"952"K? ?5>W?A
2>" " E"952"K$ ?45"#_5>E" 3$ D2$9?A  ’ W$K"E>3?3$ 3" W$VE4K" D"2 >9D$A
#$95$ ? W$K"E>3?3$ 3" W$VE4K"M
‘$# 342?95$ 3$:E>3?: $# :>54?;<" 2>"2 ? L6 h#naM
-OO C"?3\ E"9D"2#$ ? >9EK>9?;<" $  - D2$>" 3$ $:5?E>"9?#$95" $K]A
E"93>;[$: 3" :"K"M ’ 3$:E>3? E"952"A 52>E" p+1Bq $:5>W$2 3$:$9‘?5?3"M
K?3? @2"#"W$ 4#? #?>"2 :$‘42?9;?\  ’ @"25? 3" K?3" 3" E"9345"2 $:5>A
‘?2?95>93" " E"952"K$ 3? W$K"E>3?3$ W$2 D$Ea?3?M
3" W$VE4K"M

0$+
! *67   
  *67   
 ’ 3$:?5>W?;<" 3" :>:5$#? ] ?::>9?A
K?3? @$K" ?E$93>#$95"\ E"# K4X >9A
(#? W$X a?J>K>5?3"\ " :>:5$#? - :>:5$#? S*8 ] 3$:?5>W?3"\ #?:
S*8 ?5>W?A:$ ?45"#?5>E?#$95$ :$ " @$2#?9$E$ 3>:@"9VW$K\ :$ D"2 W$2>D>A 5$2#>5$95$\ 3" VE"9$ 9" 3>:@K?xM
W$VE4K" D"2 E"934X>3" 94#? 3$:E>3? E?3? 4#? 3?: :$‘4>95$: E"93>;[$:%
E"# >9EK>9?;<" :4D>E>$95$#$95$ ?K5?\
:4@$2>"2 ? }tM  ’ W$K"E>3?3$ 3" W$VE4K" 4K52?@?:A
’ ?5>W?;<" 3" :>:5$#? ] ?::>9?K?3? :?2 ": L6 h#na #?: @$2#?9$E$2 !#!
@$K" ?E$93>#$95"\ E"# K4X D>o?\ 3" >9D$2>"2 ? IG h#naM (#? 45>K>X?;<" @2"K"9‘?3? 3"
VE"9$ 9" 3>:@K?xM  - W$VE4K" $:5>W$2 94#? 3$:E>3? :>:5$#? @"3$ K$W?2 ?" :4@$2?Y4$E>A
E"# >9EK>9?;<" 9<" :4D>E>$95$\ #$95" 3" :>:5$#? 3$ D2$9?‘$#M
’ W$K"E>3?3$ 3$D>9>3? @?2? " :>:A >9D$2>"2 ? }t\ "4 $:5>W$2 $# 4#
5$#? S*8 @"3$ :$2 2$‘4K?3? ?52?W]: 5$22$9" @K?9" "4 94#? $:52?3? +# E?:" 3$ :4@$2?Y4$E>#$95" 3":
3" @$3?K 3" D2$>" $ 3" ?E$K$2?3"2 p9" $# :4J>3? D2$>":\ " :>:5$#? S*8\ :$ ?5>W"\ :$2_
>95$2W?K" 3$ 7 h#na ? L6 h#naqM (#? ‘2?34?K#$95$ 3$:?5>W?3" ?@g: "@"2A
 ’ ?K?W?9E? 3" Ed#J>" ?45"#_A
W$X ?5>9‘>3? ? W$K"E>3?3$ 3$:$^?3?\ 549? :>9?K>X?;<" ?" E"9345"2 p?@?‘?A
5>E" $:5>W$2 9? @":>;<" 1 p+:5?E>"A
:"K5?93" ?#J": ": @$3?>:\ " :>:5$#? :$ " )+* 9" J"5<"qc :g :$2_ @"::VA
9?#$95"qM
S*8 #?95$2_ ? W$K"E>3?3$ 3$D>9>3?M W$K 2$?5>W_AK" Y4?93" ? 5$#@$2?542?
*$::$ #"3"\ " E"9345"2 @"3$ 2$‘4A 3": D2$>": 5>W$2 3$:E>3" " :4D>E>$95$M
4 ' 67   
 ’ 3>:5d9E>? @$2E"22VW$K 3$@$93$ 3?
K?2 ? W$K"E>3?3$ $\ :$ 9$E$::_2>"\ 2$A
5"#?2 " E"952"K$ 3" W$VE4K"M  12$::<" 3" J"5<" pD>‘42? ?95$2>"2qM 5$#@$2?542? 3": D2$>": $\ ?::>#\ 3?
 ’5>W?;<" 3$ 4#? #"3?K>3?3$ 3>A >9EK>9?;<"\ 3? E?2‘? $ 3? W$K"E>3?3$
8"# ? ?K?W?9E? 3" Ed#J>" $#
D$2$95$ 3$ I¤* )-¤M 3" W$VE4K"M
@"95" #"25"\ ? 2$‘4K?‘$# 3? W$K"E>A
3?3$ ?52?W]: 3" @$3?K 3" ?E$K$2?3"2  ’J$2542? 3? @"25? 3" K?3" 3"
9<" $:5_ 3>:@"9VW$KM E"9345"2M
- E"9345"2 @"3$ ?94K?2 ? Y4?KY4$2  ,4@$2?;<" 3? W$K"E>3?3$ 3$ IG
h#na p:?V3? >#$3>?5? 3? D49;<" !#!
#"#$95" ? >95$2W$9;<" 3" :>:5$#?
S*8 @2$::>"9?93" ? D493" " @$3?K S*8qM - 3$:$#@$9a" 3$ 4# W$VE4K"
3" ?E$K$2?3"2 "4 3" D2$>"M $Y4>@?3" E"# S*8 949E? 3$W$ :$2

0$,
E"K"E?3" f @2"W? 3$ #"3" >9E?45" $ :4@$2DVE>$ E"# ?3$2Z9E>? 3>D$2$9E>A
@$2>‘":"M ?3? $952$ ?: 2"3?: 3" K?3" 3>2$>5" $
3" K?3" $:Y4$23" "4 9?: E42W?:M !#!
!<" E"K"Y4$ $# @$2>‘" :4? :$‘4A
2?9;? $ 3$ "452?: @$::"?:M 8"#@K$5? " :>:5$#?\ " :>:5$#? 1?2? 5$2 ? #_o>#? $D>E>Z9E>? 3"
+B* p+K$E52"9>E B2?h>9‘ D"2E$ :>:5$#? 3$ D2$9?‘$# ] 9$E$::_2>" 4#
*>:52>J45>"9q\ Y4$ @$2#>5$ 2$@?25>2 @$2V"3" 3$ ?::$95?#$95" 3$ ?@2"o>A
"! !% /!  &',\ % \ 5 ? ?;<" 3$ D2$9?‘$# $952$ ?: 2"3?: #?3?#$95$ 6GG h#M
F
0 3>?95$>2?: $ 52?:$>2?:M
*42?95$ $::$ @$2V"3" ] ?E"9:$Ka_A
.2?5?A:$ 3$ 4# :>:5$#?\ @?25$ >95$A
W$K 9<" $D$54?2 D2$9?‘$9: #4>5" J24:A
‘2?95$ 3" :>:5$#? 3$ D2$9?‘$#\ Y4$   * 67   

E?:\ 2$@$5>3?: $ @2"K"9‘?3?:M
$W>5?\ E"# Y4?>:Y4$2 E"93>;[$: 3" ’ >95$2W$9;<" 3" ’B, ] 3$5$E5_A
@>:" 3? $:52?3? $ 3$ >95$9:>3?3$ 3? W$K ?52?W]: 3$ 4#? K>‘$>2? @4K:?;<"
?;<" 3$ D2$9?‘$#\ " JK"Y4$>" $ ? 3" @$3?K 3" D2$>"\ ?E"#@?9a?3? 3$
E"9:$Y4$95$ @?5>9?;<" 3$ 4#? "4 24V3"% $:5$ ] 4# E"#@"25?#$95" @$2A
#?>: 2"3?:\ ‘?2?95>93"\ 3$:5$ #"3"\ D$>5?#$95$ 9"2#?K 3" :>:5$#? $# D?:$ !#! %
" E"952"K$ 3" W$VE4K" #$:#" 9?: D2$A 3$ >95$2W$9;<"M ,$ " ’B, >95$2W>$2\ ] :>9?K Y4$ :$
9?‘$9: 3$ $#$2‘Z9E>? $ "5>#>X?93" $:5_ ?5>9‘>93" " K>#>5$ 3$ ?3$2Z9E>?
": $:@?;": 3$ D2$9?‘$#M $952$ ": @9$4: $ " @>:" 3? $:52?3?M
- :>:5$#? >95$2W]# 9? D2$9?‘$#\ e 9$E$::_2>" 2$34X>2 ? W$K"E>3?3$
Y4?93" ?: 2"3?: $:5<" @2go>#?: 3" !#! @?2? ?3?@5?2 ? #?2Ea? f ?3$2Z9E>?
JK"Y4$>"\ 5>@>E?#$95$ $# E"93>;[$: 3>:@"9VW$KM
3$ D2$9?‘$9: 3$ $#$2‘Z9E>? "4 $# s4?93" " ’B, >95$2W>$2\ $ :$ :$95>2
E"93>;[$: 3$ J?>o? ?3$2Z9E>?\ "93$ ?: @4K:?;[$: 3" @$3?K 3" D2$>"\ 9<"
": JK"Y4$>": @"3$# :$2 #?>: D2$A ?K>W>?2 ? @2$::<"\ #?: #?95$2 " @$3?K
Y4$95$:M 5"5?K#$95$ @2$::>"9?3" :$# 2$E$>"M
*$::? D"2#?\ "J5]#A:$ 4# $:@?;" !#!
- :>:5$#? ?4#$95? 5?#J]# ? E"9A
52"K?J>K>3?3$ $ $:5?J>K>3?3$ 3" W$VA 3$ D2$9?‘$# >3$?K $ E"#@?5VW$K E"# - :>:5$#? ’B, 9<" @"3$ E"952?A
E4K" :$ ? D2$9?‘$# :$ W$2>D>E?2 94#? ?: E"93>;[$: 3" @>:" 3? $:52?3?M 2>?2 ?: K$>: 9?542?>: 3? OV:>E? $ 9<"

0$-
@"3$ ?4#$95?2 ? ?3$2Z9E>? 3$@$9A :"K" ?95$: 3" D49E>"9?#$95" 2$A
3$95$ 3?: E"93>;[$: 3? $:52?3?M ‘4K?2 3" :>:5$#? ’B,M
*>2>^? :$#@2$ E"# @243Z9E>? $ !#!  ’5>W?;<" 9" #"3" 3$ E"934;<"
?5$9;<"M 1?2? " E"22$5" D49E>"9?#$95" 3" ,’!*n&(* 3?: W$2:[$: I¤*M
:>:5$#? ’B,\ ] >93>:@$9:_W$K Y4$ ":  ’5>W?;<" @$K" J"5<" 9?: W$2A
@9$4: :$^?# 3? #$:#? #?2E? $ 3" :[$: L¤*M
#$:#" 5>@" $# 5"3?: ?: 2"3?:M
!#! ’K]# 3>::"\ ": @9$4: 3$W$# 5$2 %S /% \  \ S 50
- :>:5$#? ’B, 9<" @"3$ $W>5?2 ?E>A @2>9E>@?K#$95$ " 5>@"\ ?: 3>#$9:[$:\ +::$ :>:5$#? 5$# ? D49;<" 3$ 2$#"A
3$95$:\ >9EK4>93" ": 3$W>3": ? W$K"A $:5?2 E?K>J2?3": E"9D"2#$ 2$E"#$9A W$2 " D>K#$ 3$ _‘4? @2$:$95$ 9": 3>:A
E>3?3$ $oE$::>W? $# E42W?\ E"934A 3?3" 9$:5$ #?94?K $ $# @$2D$>5?: E": 3$ D2$>" $# E"93>;[$: 3$ Ea4W?%
;<" $# :4@$2DVE>$: 3$ J?>o? ?3$2Z9A E"93>;[$: 3$ E"9:$2W?;<"M
E>? "4 ?Y4?@K?9?‘$#M  1$2#>5>93" ? "5>#>X?;<" 3? D2$A
’ 2$:@"9:?J>K>3?3$ @$K? :$‘42?9;? !% 33  9?‘$#\ 2$#"W$93" " D>K#$ 3$
9? $:52?3? @$25$9E$ :$#@2$ ?" E"9A _‘4? @2$:$95$ $952$ ?: @?:5>Ka?:
’ D49;<" W>:? " 3$E2]:E>#" 3? $ " 3>:E" 3$ D2$>"M
345"2M 3>:5d9E>? 3$ D2$9?‘$# $# :4@$2DVE>$:
9<" @?W>#$95?3?: pE?:E?Ka"\ ?2$>?q  ’ Ea4W? ] 3$5$E5?3? @$K" #"W>A
3$ J?>o? ?3$2Z9E>? @"2 #$>" 3?% #$95" 3": K>#@?3"2$: 3$ @?2?A
J2>:?M
!#!  (5>K>X?;<" 3?: @2g@2>?: E?2?E5$A  ’54?;<" 3?: @?:5>Ka?: 3$ D2$>"
2V:5>E?: 3? :4@$2DVE>$ p:"K" 9<" E"# J?>o? @2$::<" ?5] " E"95?5"
’: E?@?E>3?3$: 3" :>:5$#? ’B,
E"#@?E5?3"q E"#" #$E?9>:#" E"# " 3>:E" 3$ D2$>"M
949E? 3$W$# :$2 5$:5?3?: 3$ D"2#?
>22$:@"9:_W$K $ @$2>‘":?M 3$ "5>#>X?;<" 3? D2$9?‘$#M
 1$2#>::<" 3" 52?W?#$95" 3?: 2"A
!<" E"K"Y4$ $# @$2>‘" :4? :$‘4A 3?: @"2 J2$W$: >9:5?95$: @?2? D"2A
2?9;? $ 3$ "452?: @$::"?:M #?;<" 3$ E49a?: 3" #?5$2>?K 3"

0$!.
%" /% \ 
 -  "'0 3?3$: ? @?25>2 3$ 7G h#na $ ?K$25? "
- :>:5$#? 3$ #"9>5"2?#$95" 3$ E"9345"2 :"J2$ "452": W$VE4K": 9$:A
5$#@$2?542? 3": D2$>": $:5?J$K$E$ K>A :?: _2$?:M
#>5$: 3?: >95$2W$9;[$: ?5>W?: @?2?
$W>5?2 2$34;<" 3$ $D>E>Z9E>? 3?: D2$A 
9?‘$9:M
- :>:5$#? B,& 9<" ?K$25? " E"9A
- #"3$K" ] $:5>#?3" $# >9D"2#?A 345"2 :"J2$ W$VE4K": :$ ?@2"o>#?93"
;[$: 3>:@"9VW$>: 9? 2$3$ 3" W$VE4K" ’@g: ? @?25>3? 3" #"5"2\ ?: K4X$: $# ?K5?: W$K"E>3?3$: "4 D"2? 3?: X"A
$ >9D"2#?;[$: >95$29?: 3? E$952?KM 3$ ?3W$25Z9E>? 3" :>:5$#? B,& 3$A 9?: 3$ 3$5$E;<"M
- :>:5$#? ‘?2?95$ Y4$ " #"5"2>:5? W$# :$ ?E$93$2 @"2 ?K‘49: >9:5?95$:
9<" 5$9a? :>54?;[$: 3$ 2$34;<" 3$ 9": 3">: 2$52"W>:"2$:\ E"9D>2#?93" 
$D>E>Z9E>? 3?: D2$9?‘$9: @2"@"2E>"A Y4$ " :>:5$#? $:5_ 3>:@"9VW$K $ "@$A
’: _2$?: E"J$25?: @$K" :>:5$#? B,&
9?3?: @"2 ?54?;[$:M 2?95$M
9<" :$ ?K5$2?# :$ " :$4 W$VE4K" $:5>A
- #"3$K" 5?#J]# ] 45>K>X?3" @?2? - :>:5$#? B,& "@$2? Y4?93" " W$2 2$J"E?93" Y4?KY4$2 5>@" 3$ ?52$A %
"5>#>X?;<" 3? E?K>J2?;<" 3$ D2$>" $# W$VE4K" $:5_ $# Y4?KY4$2 #?2Ea?\ >9A K?3"M 1"25?95"\ :$#@2$ W$2>D>Y4$ W>A
3>D$2$95$: 5$#@$2?542?:M EK4>93" ? 2]\ $ $952? $# #"3" 
 :4?K#$95$ ?: D?>o?: ?3^?E$95$: ?95$:
 Y4?93" ? ?K?W?9E? 3$ Ed#J>" ] 3$ 3?2 >9VE>" ? Y4?KY4$2 #?9"J2?
@":>E>"9?3? $# M E"# " W$VE4K" 9$::?: E"93>;[$:M
"! %" /%'    " &
50 / .- 0 ’: X"9?: E"J$25?: @$K" :>:5$#? E"A 8?:" ? $o5$9:<" K?5$2?K 3" W$VE4K"
J2$# ?@2"o>#?3?#$95$ ? K?2‘42? 3$ :$^? :4@$2?3? @$K" ?52$K?3"\ ? K4X
- W$VE4K" @"3$ $:5?2 $Y4>@?3" 4#? D?>o? 3$ 52_D$‘" 3$ E?3? K?3" 3" 3$ ?3W$25Z9E>? 3" :>:5$#? B,& :$
E"# :>:5$#? 3$ #"9>5"2?#$95" 3$ W$VE4K" pH\} #qM ’ E"J$2542? K"9‘>A #?95$2_ ?E$:? 342?95$ 5"3" " 5$#@"
@"95": E$‘": pB,&q\ Y4$\ ?52?W]: 3$ 543>9?K E"#$;? 9" 2$52"W>:"2 $o5$29" 3$ 3>2$;<"M
:$9:"2$: >9:5?K?3":\ 3$5$E5? W$VE4K": $ :$ $:5$93$ @"2 ?@2"o>#?3?#$95$
pE?22":\ E?#>9a[$:\ #"5"E>EK$5?:\ !<" ] @"::VW$K 3$:?5>W?2 " #"9>A
H #$52": ?K]# 3" @?2?AEa"Y4$: 52?A
$5Eq Y4$ $952?# 9?: X"9?: 3$ @"95": 5"2?#$95" 3$ @"95" E$‘" pB,&q\ $9A
:$>2"M - :>:5$#? #"9>5"2? ?: X"9?:
E$‘": ?52_:\ f D2$95$ "4 @$K?: K?5$2?>: Y4?95" " ,>:5$#? 3$ ?W>:" 3$ ?D?:A
3$:E2>5?: E"# " W$VE4K" $# W$K"E>A
3" E"9345"2M 5?#$95" 3$ D?>o? 3$ 2"3?‘$# p)?9$
0$!!
*$@?2542$ ¤?29>9‘ ,x:5$# A )*¤,q E?22":\ 2?Eh: 3$ J>E>EK$5?: "4 ?D>9:q$ :$2<" $#>5>3": 342?95$ $::$: 5>@": 3$
$:5>W$2 a?J>K>5?3"M #?95$9a?A" K>W2$ 3$ :4^$>2?:M $952?3? $# E?3? X"9?M
8"#" @?25$ 3" :>:5$#? ’E5>W$ )?9$
- :>:5$#? B,& @"3$ D>E?2 JK"Y4$A ,' K67    &?9?‘$#$95\ :$ " W$VE4K" E"#$;?2
?3" :$ 9$W$\ ‘$K"\K?#? "4 "452": 5>A ? :$ #"W>#$95?2 @?2? 4#? @>:5? ?3A
@": 3$ :4^$>2?: :$ ?E4#4K?2$# 9" ^?E$95$ Y4$ 5$# 4#? >93>E?;<" 3$
@?2?AEa"Y4$ 52?:$>2" "93$ ": :$9:"A )+* ?5>W?\ " )+* @>:E?2_ :$ " 5"2Y4$
2$: 3$ 2?3?2 $:5<" K"E?K>X?3":M - :>:A 3$ 3>2$;<" D"2 D"29$E>3"\ @?2? ‘4>?2
5$#? 5?#J]# @"3$ 3$5$E5?2 " JK"A " W$VE4K" 3$ W"K5? ?" E$952" 3? @>:5?M
Y4$>" :$ " W$VE4K" "@$2?2 $# _2$?:
E"# @$Y4$9? 2$DK$o<" 3$ "93?: 3$
2?3?2$:\ E"#" 4# 3$:$25" "4 @?2?A
K$K" ? 4#? ‘2?93$ Y4$3? 3$ $K$W?A
;<"M ,$ " JK"Y4$>" D"2 3$5$E5?3"\
" ?W>:"w1"95" E$‘" 5$#@"2?2>?#$95$
>93>:@"9VW$K\ :$9:"2 JK"Y4$?3"y :$2_
$o>J>3" 9" @?>9$K $ ?#J?: ?: K4A
X$: 3" $:@$Ka" ?E$93$2<"\ $ B,& $ !'    

C81 ?K$25?: 9<" "E"22$2<"M +:5? ] - :>:5$#? B,& $o>J$ 4# ?K$25?
4#? "@$2?;<" 9"2#?KM - :>:5$#? >2_ W>:4?K 9" 2$52"W>:"2 E"22$:@"93$95$ +,-'   (
  ' '&
:$ 2$E4@$2?2 $ 2$5"#?2 ?45"#?5>E?A ?" K?3" @$K" Y4?K :$ ?@2"o>#? "  
#$95$ ? D49E>"9?2 Y4?93" ? E"93>A W$VE4K" 3$5$E5?3" $ 4# ?K$25? :"9"2"
;<" D"2 $K>#>9?3? "4 Y4?93" 4# E>A Y4$ 5?#J]# $#43$E$ " _43>" 3"
EK" 3$ >‘9>;<" "E"22$2M 1?2? #>9>#>A :>:5$#? 3$ :"#\ E?:" $:5$^? K>‘?3"M
X?2 " :>:5$#? 3$ JK"Y4$>"\ 9<" JK"A
Y4$>$ ? _2$? 3" @?2?AEa"Y4$ "93$ ": - :>:5$#? #"9>5"2? ? X"9? 3$ 3$A
:$9:"2$: 3$ 2?3?2 $:5<" K"E?K>X?3": 5$E;<" 3$ 52Z: 3>D$2$95$: @"95": 3$
E"# "J^$5": $:52?9a": p?3$:>W": @?2? $952?3? pK?5$2?K\ 52?:$>2? $ D2$95$q $9A
Y4?95" " W$VE4K" ] E"934X>3" @?2?
?W?K>?2 ? 9$E$::>3?3$ 3$ ?K$25?:\ Y4$
0$!"
+,-'   (
    Q @":5$:\ #42":\ J?22?9E": 9" ?E":5?A
#$95"\ $5EMqM !" $95?95"\ $# ?K‘4A
#?: "E?:>[$:\ " :>:5$#? @"3$ ?5>W?2A
:$ 9? @2$:$9;? 3$::$: "J^$5":M +::$
E"#@"25?#$95" ] 9"2#?K $ 9<" >9A
3>E? 4#? ?W?2>? 3" :>:5$#?M

 Q35      

- :>:5$#? 3$5$E5? W$VE4K": Y4$ :$


?@2"o>#?# 3? @?25$ 52?:$>2? 3" W$VA
E4K" 3$ ?#J": ": K?3": $ $952?# 9?
_2$? 3$ 3$5$E;<" 52?:$>2? E"# 4#?
3>D$2$9;? 3$ W$K"E>3?3$ 2$K?5>W? ?"
@2g@2>" W$VE4K" >9D$2>"2 ? 6G h#naM
%
'  5  - :>:5$#? 9<" ?W>:? " #"5"2>:5? 3?
,$ W"EZ @?::?2 @"2 "452" W$VE4K" 4P 3 ( @2$:$9;? 3$ W$VE4K": Y4$ W>?^?# 9"
K$95?#$95$ E"# 4#? W$K"E>3?3$ 2$A :$95>3" E"952_2>" ?" 3" @2g@2>" W$VA
K?5>W? >9D$2>"2 ? LG h#na\ ? K4X 3$ E4K"\ 9?: D?>o?: 3$ 2"3?‘$# ?3^?E$9A
?W>:" :$2_ >K4#>9?3?M ,$ ? 3>D$2$9;? 5$:M
9? W$K"E>3?3$ $952$ ": 3">: W$VE4A
K": ] #?>"2 3" Y4$ LGh#na\ ? K4X 3$
?W>:" @"3$ 9<" ?E$93$2M
!#!
- :>:5$#? 3$ #"9>5"2?#$95" 3$
- :>:5$#? 9<" ?::>9?K? ? @2$:$9;? @"95": E$‘": pB,&q ] ?@$9?: 4# :4A
3$ "J^$5": D>o": p@"2 $oM @K?E?:\ @"25$ @?2? ?4o>K>?2 ? 3$5$E;<" 3$ "JA

0$!%
^$5": 9?: X"9?: 3$ @"95": E$‘":M - - :>:5$#? C81 E"952"K? ?: _2$?: 3$ 3$5$E5?2 @$3$:52$:\ E>EK>:5?: "4 ?9>A
:>:5$#? 9<" D"> 3$:$9W"KW>3" @?2? 3$A 3$5$E;<" 52?:$>2?: $# ?#J": ": K?A #?>:M ,$#@2$ W$2>D>Y4$ ? 52?:$>2? 3"
5$E5?2 @$3$:52$:\ E>EK>:5?: "4 ?9>#?>:M 3": 3" W$VE4K"\ @?2? 3$5$E5?2 ": "JA W$VE4K" @"2 E"#@K$5"\ "Ka$ ?52_: 3$
&$:#" " :$4 W$VE4K" :$93" $Y4>A ^$5": Y4$ :$ 3$:K"E?# @?2? ": K?3": W"EZ $ E$25>D>Y4$A:$ 3$ Y4$ 9<" a?^?
@?3" E"# " :>:5$#? B,&\ #?95$9a?A 3" W$VE4K" ? 4#? W$K"E>3?3$ #V9>#? @$3$:52$:\ ?9>#?>:\ "452": W$VE4K":\
:$ :$#@2$ ?5$95" ?": 2$52"W>:"2$:\ 3$ ?@2"o>#?3?#$95$ 6 h#na $ ": "JA "J:524;[$: $ "J^$5": 9": @"95": E$A
"Ka$ @?2? ": K?3": $ 4:$ ": >93>E?A ^$5": Y4$ :$ 3$:K"E?# ? 4#? W$K"E>A ‘": ?95$: 3$ 3?2 2]M
3"2$: 3$ 3>2$;<" ?95$: 3$ 52"E?: 3$ 3?3$ #_o>#? 3$ E$2E? 3$ HG h#na\
D?>o?:M E"#" "E"22$ ‘$2?K#$95$ 9": $:5?E>"A *$>o?2 3$ :$‘4>2 $::?: ?;[$: @"3$
9?#$95":M K$W?2 ? D$2>#$95": ‘2?W$: $ ?5] ?
*$>o?2 3$ :$‘4>2 $::?: ?;[$: @"3$ #"25$ 3": "E4@?95$: 3" W$VE4K" $n"4
K$W?2 ? D$2>#$95": ‘2?W$: $ ?5] ? ’ ?5>W?;<" 3" :>:5$#? ] ?::>9?K?3? 3$ 5$2E$>2":M
#"25$ 3": "E4@?95$: 3" W$VE4K" $n"4 ?" E"9345"2 ?52?W]: 3$ 4# >93>E?;<"
3$ 5$2E$>2":M W>:4?K $ ?Eu:5>E?\ E"# 2$34;<" 3" "'   3- ,  
 
W"K4#$ 3" 2_3>" Y4?93" K>‘?3"M
!?: E"9D>‘42?;[$: 3" :>:5$#?\ ]
 
  /   G &
@"::VW$K :$K$E>"9?2 ": #"3": 3$
,  0  ?K$25? $952$ ?: "@;[$: 3$ ?@$9?:
+:5$ :>:5$#? ?^43? " #"5"2>:5? 9?: ,$ ": :$9:"2$: $:5>W$2$# E"J$25": K4X$: 3$ ?K$25? W>:4?K\ K4X$: $ ?W>:":
#?9"J2?: $# #?2Ea? ? 2] $# E?:" @"2 "J:5_E4K": "4 @"2 W$VE4K":\ " :"9"2": E"#J>9?3": $ 5"3": ":
3$ W>:>J>K>3?3$ 2$34X>3?M :>:5$#? 9<" ?W>:?2_ " E"9345"2M ?K$25?: 3$:K>‘?3":M

!#!
- C81 9<" ] 4# :>:5$#? 3$ ?^43?
f #?2Ea? ? 2]M ,4? 3$:5>9?;<" ] :$2
4:?3" @?2? ?4o>K>?2 " E"9345"2 ? 3$A
5$E5?2 4# W$VE4K" W>93" $# :4? 3>A
2$;<" $ 9<" D"> 3$:$9W"KW>3" @?2?
0$!&
!   '  * -  *42?95$ ? $#>::<" 3? :>9?K>X?;<" _2$? 3" @?>9$K @?2?AEa"Y4$ $# 5"29"
?Eu:5>E?\ " W"K4#$ 3" (E"99$E5£ ] 3": :$9:"2$: JK"Y4$?3"M *$@">: 3$
s4?93" $:5? #"3?K>3?3$ $:5_
@":5$2>"2#$95$ 2$34X>3"M 2$#"W$2 " JK"Y4$>"\ 2$>9>E>$ " :>:A
?5>W?\ " :>:5$#? B,& $9W>? 4#?
:>9?K>X?;<" W>:4?K @?2? " $:@$Ka" 2$A 5$#? ?K5$29?93" ? >‘9>;<" 3$ )=A
52"W>:"2 K?5$2?K ?D$5?3" @$K? @2$:$9;? !'   * R’*- @?2? *+,)=R’*- $ $# :$A
3" "J^$5" 3$5$E5?3"M ‘4>3?\ )=R(+ 9"W?#$95$M
s4?93" " :>:5$#? ] 3$:?5>W?3"
!" $95?95"\ 342?95$ " D49E>"9?A p#"3?K>3?3$ r’W>:" 3$ d9‘4K" E$‘"r
#$95" 9? #"3?K>3?3$ C81\ " :>:A $# r-OOrq\ ": :>:5$#?: B,& "4 C81 "! S / ^  ''  
5$#? @2"34X ?K?2#$: W>:4?>: $ ?Eu:A 9<" $#>5>2<" 9$# :>9?K>X?;[$: ?Eu:A S 50 / .- 0
5>E": Y4?93" ] 3$5$E5?3? ? @2$:$9;? 5>E?: 9$# W>:4?>:M
- :>:5$#? 3$ ?K$25? 3$ E"K>:<" D2"9A
3$ 4# "J^$5" 9?: @2"o>#>3?3$:M - :>:5$#? B,& #$#"2>X?2_ ? #"A 5?K pO8¤q E?KE4K? ? @2"J?J>K>3?3$
s4?93" ] $#>5>3? ? :>9?K>X?;<" 3?K>3?3$ 3$ D49E>"9?#$95" $# 45>A 3$ 4#? E"K>:<" ?52?W]: 3" #"9>5"A
?Eu:5>E?\ " W"K4#$ 3" (E"99$E5£ ] K>X?;<" 9" #"#$95" 3? 3$:?5>W?;<" 2?#$95" 3? 3>:5d9E>? 3" W$VE4K" $#
2$34X>3"M 3" #"5"2M ’ E?3? @?25>3? 3" #"5"2\ #"W>#$95" ? "J:5_E4K": $\ 3$ ?E"23"
? #"3?K>3?3$ ?95$2>"2#$95$ #$#"A E"# ? :>54?;<" $ :4?: E"9D>‘42?;[$:\ %
2>X?3? :$2_ :$K$E>"9?3? $ 45>K>X?3?M ‘$2? ?W>:": :"9"2": $ W>:4?>: "2>$9A
!'  * -   ,b ,
5?93" ? >95$2W$9;<" 3" E"9345"2 $
s4?93" $:5? #"3?K>3?3$ $:5_   4'.- @"3$ ?54?2 9" :>:5$#? 3$ D2$>": @?2?
?5>W?\ " :>:5$#? B,& $9W>? 4#? 3?2 5$#@" :4D>E>$95$ ?" E"9345"2 3$
:>9?K>X?;<" W>:4?K @?2? " $:@$Ka" 2$A ,$ " :>:5$#? 3$5$E5?2 3$‘2?3?;<"
2$?‘>2 $ #>5>‘?2 ? @"5$9E>?K E"K>:<"M
52"W>:"2 K?5$2?K ?D$5?3" @$K? @2$:$9;? 3$ 3$:$#@$9a" 3$W>3" ? :4^$>2?: "4
3" "J^$5" 3$5$E5?3"M @"2 "J^$5": $:52?9a":\ 4#? #$9:?A 8?:" " :>:5$#? 9<" 3$5$E5$ 2$?;<"
‘$# >2_ ?W>:?2 Y4$ " :$9:"2 $:5_ JK"A 3" E"9345"2 $# 2$K?;<" ?": ?K$25?:
s4?93" "E"22$ ? ?5>W?;<" 3" >93>A Y4$?3" $ ": >93>E?3"2$: 3$ ?W>:" 9": @2"‘2$::>W":\ ": D2$>": :$2<" ?5>W?3":
E?3"2 3$ 3>2$;<" 9" K?3" E"22$:@"9A $:@$Ka": 2$52"W>:"2$: K?5$2?>: :$2<" @?2? ?^43?2 ? 2$34X>2 ? W$K"E>3?3$
3$95$ fY4$K$ "93$ D"> 3$5$E5?3" 4# >K4#>9?3":M-: >93>E?3"2$: 3$ ?W>:" 3" W$VE4K" $ #>5>‘?2 4#? @"5$9E>?K
"J:5_E4K"\ ] 5?#J]# $#>5>3? 4#? :>A @$2#?9$E$2<" >K4#>9?3": ?5] E"93>A E"K>:<" D2"95?KM 8?:" " E"9345"2 2$?^?
9?K>X?;<" ?Eu:5>E?M ;[$: 3$ K>J$2?;<" 3$ JK"Y4$>" :$A ?": ?K$25?: >9>E>?93" 4#? D2$9?‘$#\
^?# ?5$93>3?:M 12>#$>2"\ K>#@$ ? :$ " :>:5$#? 3$5$2#>9?2 Y4$ $o>:5$

0$!’
? >95$9;<" 3$ $W>5?2 ? E"K>:<" #?: :$2 3$:?5>W?3" @?2? @2$W$9>2 ?K$25?:

? D"2;? ?@K>E?3? 9": D2$>": 9<" ] 3$:9$E$::_2>":M
:4D>E>$95$\ 4#? D"2;? ?3>E>"9?K :$2_ ’ W$K"E>3?3$ #V9>#? @?2? ?5>W?A
@2"W>3$9E>?3?\ @2"W>3$9E>?93" 4#? ;<" 3" :>:5$#? O8¤ ] 3$ L h#naM
D2$9?‘$# ?3>E>"9?KM 
s4?93" " O8¤ pO"2i?23 8"KK>:>"9
,$ 4#? :>54?;<" 3$ ?K$25? 3$ E"A 
¤?29>9‘q ] 3$:?5>W?3"\ " 1+B p1$A
K>:<" D2"95?K E"#$;?2 ? 4#? W$K"E>A - :>:5$#? O8¤ @"3$ 3$5$E5?2 3$ 3$:52>?9 +#$2‘$9Ex B2?h>9‘q ] 3$:?A
3?3$ ?J?>o" 3$ E$2E? 3$ FL h#na\ " D"2#? $Y4>W"E?3? $ @2"W$2 ?W>:" :"A 5>W?3" ^495?#$95$ $ :"#$95$ @"3$2_
:>:5$#? @"3$ $o$E45?2 ? #_o>#? D2$A 9"2"\ J$# E"#" D2$9?‘$# 3>?95$ 3$ :$2 ?5>W?3" 9"W?#$95$\ :$ " O8¤ D"2
9?‘$# @"::VW$K @?2? #>5>‘?2 ? E"K>:<" "J^$5": $:5?E>"9_2>":\ E"#" ‘2?3$:\ ?5>W?3" @2>#$>2"M
$# @"5$9E>?KM 8?:" " W$VE4K" W$9a? ? #42$5?: $ @K?E?:\ $ 9<" ?@$9?: W$VA
:$2 @?2?3" E"#@K$5?#$95$\ " :>:5$#? E4K":M .?>: E"93>;[$: :<" @2$W>:5?: $   5
 
 5= ,  ,  
#?95$2_ " W$VE4K" @?2?3" @"2 3">: D?X$# @?25$ 3" D49E>"9?#$95" 9"2A   / % &   
 &
:$‘493": $ $95<" K>J$2?2_ ": D2$>":M #?K 3" :>:5$#?M 5 ,F % \ 50
- :>:5$#? 3$ D2$9?‘$# ?45"#_5>E?
 3$ $#$2‘Z9E>? @?2? #>5>‘?2 E"K>:[$:
!<" 5$:5?2 " :>:5$#? O8¤M 1?2? E"# 4:4_2>": 3" :>:5$#? 3$ 52d9:>5"
$W>5?2 " 4:" 3$:2$‘2?3"\ ?@g: Y4?52" ] 4#? 5$E9"K"‘>? 3$ :$‘42?9;? Y4$
$W$95": 3$ D2$9?‘$# ?5>W? ? D49E>"A D"29$E$ D2$9?‘$# ?45"#_5>E? @?2? "
9?K>3?3$ :$2_ 3$:?5>W?3? ?5] " @2gA W$VE4K"\ Y4?93" ": @$3$:52$: $:5<"
o>#" E>EK" 3$ Ea?W$M $# :4? 52?^$5g2>? $ " E"9345"2 9<"
5"#"4 #$3>3?: :4D>E>$95$: @?2? $W>A
5?2 4#? E"K>:<" >#>9$95$M
s4?93" " :>:5$#? 3$5$2#>9? Y4$ 
- :>:5$#? 45>K>X? >9D"2#?;[$: 3$
9<" $o>:5$ #?>: ? @"::>J>K>3?3$ 4#? - :>:5$#? O8¤ ] 3$:5>9?3" ?" 4:"
:$9:"2$: 3$ 2?3?2 $ Ed#$2?: 9? @?25$
E"K>:<" E"# " W$VE4K" f D2$95$\ ? 42J?9"M 1?2? " 4:" 3" W$VE4K" $#
3>?95$>2? 3" W$VE4K" @?2? ?@K>E?2 ?4A
#$9:?‘$# 9" 3>:@K?x :$2_ 3$:?5>A @$2E42:": "DDA2"?3\ " :>:5$#? 3$W$
5"#?5>E?#$95$ "4 E"#@K$#$95?2 ":
W?3?M D2$>": $# :>54?;[$: $# Y4$ ] 3$5$EA
0$!*
5?3" 4# 4:4_2>" 3" :>:5$#? 3$ 52d9A E>"9?#$95" $ Y4$ ?>93? :$ $9E"952$
:>5" p@$3$:52$:\ E>EK>:5?:\ $5EMq $# @$A 9" E?#@" 3$ W>:"2 3" :$9:"2M +:5$^?
2>‘" >#>9$95$ 3$ :$2 ?52"@$K?3" @$K" :$#@2$ ?5$95" $ @2"95" @?2? 5"#?2 "
W$VE4K"M E"952"K$ 3" W$VE4K"\ :$ 9$E$::_2>"M
-: E$9_2>": E"#49: 3$ ?54?;<" 3"
:>:5$#?\ "E"22$# Y4?93" ": 4:4_2>":
3" :>:5$#? 3$ 52d9:>5" $ " W$VE4K"
$:5<" 9?: :$‘4>95$: E"93>;[$:%

 - W$VE4K" $:5_ :$‘4>93" $# 


D2$95$ $ 4# @$3$:52$ ?52?W$::? ? ’ 5$E9"K"‘>? 3" :>:5$#? 3$ 3$5$EA
W>?M ;<" 3$ @$3$:52$: 52?J?Ka? :"#$95$
3$952" 3": K>#>5$: 3" :>:5$#?M -
#?>"2 E"9D"25" "D$2$E>3" @$K" 3$5$EA
5"2 3$ @$3$:52$: 9<" 3$W$ 949E? E"A  %
K"E?2 ? :$‘42?9;? $# 2>:E"\ :$93" ? - $:5?3" @2$3$D>9>3" 3" :>:5$#?
2$:@"9:?J>K>3?3$ @"2 D2$?2 $# 5$#@" 1+B ] :$#@2$ -! ?@g: E?3? E>EK" 3?
a_J>K ] :$#@2$ 3" E"9345"2M - 3$5$EA Ea?W$ 3$ >‘9>;<"M
5"2 3$ @$3$:52$: 9<" @"3$ $W>5?2 :"A
X>9a" ?E>3$95$: $ D$2>#$95": ‘2?W$:M !'   3  5
 -67 
3  

 - :>:5$#? O8¤ $o>J$ 4# ?K$25?


 - W$VE4K" W?> W>2?2 f 3>2$>5? $ 4#
- O8¤ @"3$ 2$?‘>2 ? W$VE4K": $# W>:4?K 9" 3>:@K?x $ 4# ?K$25? :"9"2"
@$3$:52$ ?52?W$::? ? W>?M
:>54?;[$: 3$ #"W>#$95" K$95" "4 @?A Y4$ 5?#J]# $#43$E$ " _43>" 3"
2?3"M 1"2 $o$#@K"\ " O8¤ @"3$ :>:5$#? 3$ :"#\ E?:" $:5$^? K>‘?3"M
?54?2 $# :>54?;[$: $# Y4$ " W$VE4K"
:$‘4>3" :?>2 3? :4? D?>o? @?2? #43?9A
;?: 3$ 3>2$;<" "4 $952?3?: $# $:5?A
0$!+
1"2 @?32<"\ " W$VE4K" :?> 3$ D_J2>E?
E"# ? E"9D>‘42?;<" 3$ :$9:>J>K>3?3$
!#! 3" O8¤ E"#" r&]3>?r\ J$# E"#"
" #"3" 3$ ?54?;<" E"#" r“43>" ƒ
- :>:5$#? O8¤ 9<" :$ 3$:5>9? O2$>"rM =::" @$2#>5$ Y4$ " :>:5$#?
? $W>5?2 4#? E"K>:<" :"X>9a"\ 5?#A ?K$25$ " E"9345"2 :"J2$ 4#? @"::VW$K
@"4E" ] E?@?X 3$ 3$5$E5?2 5"3": ": E"K>:<" E"# " W$VE4K" f D2$95$ ?52?W]:
5>@": 3$ @"5$9E>?>: E"K>:[$:M - E"9A 3$ ?K$25?: :"9"2": $ W>:4?>: $ ?@K>Y4$
345"2 ] >95$>2?#$95$ 2$:@"9:_W$K @"2 D2$9?‘$# ?45v9"#?M
!?: E"9D>‘42?;[$: 3" :>:5$#? $W>5?2 4#? E"K>:<" #?95$93" " E"9A
52"K$ 3" W$VE4K" W>? D2$>": $ 3>2$;<"M ’K5$2?93"A:$ " $:5?3" @?2? r)"9‘$r
O8¤\ 9" #$94 3" :>:5$#? (E"9A
@$2#>5$ Y4$ " :>:5$#? ?K$25$ " E"934A
9$E5\ ] @"::VW$K :$K$E>"9?2 ": #"3": !<" ?5$95?2 @?2? >::" @"3$ K$W?2 ? 5"2 :"J2$ 4#? @"::VW$K E"K>:<" E"#
3$ ?54?;<" $952$ ?: "@;[$:% D$2>#$95": ‘2?W$: $ ?5] ? #"25$ 3": " W$VE4K" f D2$95$ ?52?W]: 3$ ?K$25?:
"E4@?95$: 3" W$VE4K"M :"9"2": $ W>:4?>: Y4?93" $:5$ $:5_ ?
 r“43>" ƒ O2$>"r  @$2#>5>3": 4#? 3>:5d9E>? #?>"2 3" Y4$ 9? E"9A
?K$25?: $ D2$9?‘$# 3$ #?9$>2? .?#J]# ] @"::VW$K 3$D>9>2 ? :$9A D>‘42?;<" r&]3>?rM =::" @2"@"2E>"9?
?45v9"#? "4 E"#" :4@"25$ ?3>A :>J>K>3?3$ 3": ?K$25?: $# 2$K?;<" f " #_o>#" 3$ 5$#@" 3$ 2$?;<" @?2?
E>"9?K E?:" ? ?54?;<" 3" E"934A 3>:5d9E>? 3" W$VE4K" @?2? ": "J:5_E4A $W>5?2 4#? @"::VW$K E"K>:<"M
5"2 9": D2$>": 9<" :$ #":52$ :4A K": 3$5$E5?3":\ E"9D"2#$ 3$5?Ka?3"
D>E>$95$ $# $W$95": 3$ @"5$9E>?K ? :$‘4>2M ’K5$2?93"A:$ " $:5?3" @?2? r1$25"r
E"K>:<" D2"95?KM @$2#>5$ Y4$ " :>:5$#? ?K$25$ " E"934A
 ’@$9?: ?K$25?:  #?95]# ": ?K$2A 5"2 :"J2$ 4#? @"::VW$K E"K>:<" E"#
!'      4 '    
5?:\ #?: >#@$3$ Y4$ " :>:5$#? " W$VE4K" f D2$95$ ?52?W]: 3$ ?K$25?:
   67   

?54$ 9? D2$9?‘$# 3" W$VE4K" :"9"2": $ W>:4?>: Y4?93" $:5$ $:5_ ?
’: E"9D>‘42?;[$: 3$ "@$2?;<" $ ? 4#? 3>:5d9E>? #4>5" #?>: @2go>#?M
 *$:K>‘?3"  :$# ?K$25?: "4 Y4?KA :$9:>J>K>3?3$ 3" :>:5$#? O8¤ @"3$# =::" @2"@"2E>"9? #$9": 5$#@" 3$ 2$A
Y4$2 ?54?;<" 9? D2$9?‘$# 3" W$VA :$2 ?K5$2?3?: ?52?W]: 3" #$94 3" :>:A ?;<" 3" Y4$ ?: E"9D>‘42?;[$: r&]A
E4K"M 5$#? (E"99$E5 p@?2? #?>: >9D"2#?A 3>?r $ r)"9‘$r\ " Y4$ @$2#>5$ 4#? $oA
;[$:\ E"9:4K5?2 " :4@K$#$95" $:@$EVA @$2>Z9E>? 3$ 3>2$;<" #?>: 3>9d#>E?M
D>E"qM
0$!,
#$93_W$K E"9:4K5?2 ?   ! &
 
= ,  > @?2? Ea$E?2 " :>:5$#?M
- $:5?3" @2$3$D>9>3" 3" :>:5$#? ] - :>:5$#? O8¤\ ^495" E"# " ’88\
:$#@2$ -! ?@g: E?3? E>EK" 3? Ea?W$ @"3$ :$2 3$:?J>K>5?3" #":52?93" ?KA
3$ >‘9>;<"M ‘4#?: 3?: :$‘4>95$: 5$K?:% "! ! / 33 ,  5 ! 0 &
! = ,    , G,
  
- :>:5$#? 9<" 2$5]# ? uK5>#? E"9A
!'   -67 '
 ',   _   / .- 0
D>‘42?;<" :$K$E>"9?3? @$K" E"9345"2
?@g: " W$VE4K" :$2 3$:K>‘?3"M - :>:A 8?:" " 3>:@K?x 3" Y4?32" 3$ >9:A - ,>:5$#? 3$ 2$E"9a$E>#$95" 3$
5$#? :$#@2$ W"K5?2_ f E"9D>‘42?;<" 524#$95": @?::$ ? $o>J>2 4#? #$9:?A @K?E?: 3$ 52d9:>5" A .,’ p.2?DD>E ,>‘9
@?32<" pr1+B -9r $ ?K$25?: r“43>" ƒ ‘$# >93>E?93" D49E>"9?K>3?3$ K>#>A ’::>:5q 4:? 4#? Ed#$2? #"95?3?
O2$>"rq Y4?93" " W$VE4K" D"2 9"W?A 5?3?\ " W$VE4K" ?>93? @"3$ :$2 E"9A 9" @?2?AJ2>:?\ J$# E"#" 3?3":
#$95$ K>‘?3"M 34X>3" 9"2#?K#$95$M ’@$:?2 3>::"\ ? 3" #?@? Y4?93" " W$VE4K" $:5_
D2$9?‘$# ?5>W? @"3$ 9<" $:5?2 E"#A $Y4>@?3" E"# 9?W$‘?;<" p:"#$95$
@K$5?#$95$ 3>:@"9VW$KM (#? W$X Y4$ W$VE4K": $Y4>@?3": E"# (E"99$E5
 ? E"93>;<" 2$:@"9:_W$K @"2 K>#>5?2 ? C7 7GM7 S>‘aq\ @?2? 3$5$E5?2 :>9?>:
- :>:5$#? O8¤ @"3$ 2$?‘>2 3$ ?54?;<" 3" :>:5$#? 9<" $:5>W$2 #?>: 3$ 52d9:>5" 2$E"9a$EVW$>:\ E"#"% %
D"2#? $Y4>W"E?3? ? "J^$5": >22$K$A @2$:$95$\ :$4 $:5?3" 3$ @K$9" 3$A
W?95$:\ E"#" "J^$5": :4:@$9:": $# :$#@$9a" :$2_ 2$5"#?3"M 12"E42?2 ?  )>#>5$: 3$ W$K"E>3?3$
?K542? $K$W?3?\ 2$DK$5"2$: 9? W>?\ "JA   ! = ,  > :$ ? #$9A
^$5": D"2? 3" E?#>9a" 3" W$VE4K"\ :?‘$# @$2:>:5>2M
"J^$5": $:5_5>E": 3>:5?95$:\ 52_D$‘" 9" 
K?3" "@":5" 3? W>? "4 W$VE4K": f !'   *  - :>:5$#? .,’ $o>J>2_ ?45"#?5>A
D2$95$ Y4$ $:5$^?# f #$:#? W$K"E>A E?#$95$ " :>9?K 3$ $:52?3? 3$5$EA
3?3$ "4 #?>: 2_@>3":M 8?:" " :>:5$#? :$ 3$:K>‘4$ $ 3>:A 5?3" 9? 49>3?3$ 3$ #$3>3? p#@a "4
@K?x 3" Y4?32" 3$ >9:524#$95": @?::$ h#naq :$K$E>"9?3? 9?: E"9D>‘42?;[$:
? $o>J>2 4#? #$9:?‘$# 3$ >93>:@"A 3" (E"99$E5 "4 9" 3>:@K?x 3" Y4?A
9>J>K>3?3$ 3" :>:5$#? O8¤\ >::" >9A 32" 3$ >9:524#$95":M
3>E? Y4$ a_ 4#? D?Ka? >95$29? 9" :>:A
5$#?M +#J"2? " W$VE4K" ?>93? @"::? ,$ 9$9a4# :>9?K 3$ K>#>5$ 3$ W$A
:$2 E"934X>3" 9"2#?K#$95$\ ] 2$E"A K"E>3?3$ D"2 3$5$E5?3"\ " :>:5$#? 2$A

0$!-
W$25$2_ @?2? ": :>9?>: 3$ K>#>5$ 3$ W$A "   = ,       

K"E>3?3$ Y4$ $:5<" ?2#?X$9?3": 9"  _  
:>:5$#? 3$ 9?W$‘?;<"M ,$#@2$ Y4$ 4# ?K$25? :"9"2" ]
- .,’ 5$# 52Z: #"3": 3$ "@$2?;<" :"K>E>5?3" @$K" :>:5$#? .,’\ " 2_3>"
- :>:5$#? W$2>D>E? :$#@2$ ": :>9?>: :$K$E>"9_W$>: Y4$ $:5<" 3>:@"9VW$>: 5?#J]# ] :>K$9E>?3"M
3$ 52d9:>5" Y4$ >93>E?# ": :>9?>: 3$ ?52?W]: 3" :>:5$#? (E"99$E5M
K>#>5$ 3$ W$K"E>3?3$ ?54?>:M - :>:A  ! ' 5
5$#? ] E?@?X 3$ 2$E"9a$E$2 $ $o>J>2   -'
?5] 3">: :>9?>: 3$ 52d9:>5" 3>D$2$95$: s4?93" " :>:5$#? .,’ ]
s4?93" ? "@;<" rU>:4?Kr D"2 :$K$A 3$:K>‘?3"\ " :>:5$#? 9<"
9" 3>:@K?x 3" Y4?32" 3$ >9:524#$9A E>"9?3"\ " :>:5$#? ?K$25?2_ " #"A
5":M #":52?2_ 9$9a4# :>9?K
5"2>:5? Y4?93" ? W$K"E>3?3$ ?54?K 3$ 52d9:>5" p? #$9": Y4$
3" W$VE4K" $oE$3$2 " K>#>5$ 3$ :$K$E>"9?3" 9? 5$K? wS-&+y\
! *67   *67 W$K"E>3?3$ 3$5$E5?3" 3? $:52?3?\ Y4$ #":52?2_ ": :>9?>: 3$ K>#>5$
- :>:5$#? .,’ @"3$ :$2 ?5>W?3" #":52?93" 4# ‘2_D>E" 9" W>:"2 3" 3$ W$K"E>3?3$ 3$5$E5?3":q\ $
"4 3$:?5>W?3" 3$952" 3" :>:5$#? @?>9$K 3$ >9:524#$95":M 9$9a4# ?K$25? :$2_ $#>5>3" @?2?
(E"99$E5 ?52?W]: 3" #$94 w,$‘4A   -' c    " #"5"2>:5?M
2?9;?n’::>:5Z9E>? ?" &"5"2>:5?yM s4?93" ? "@;<" rU>:4?K ƒ :"A
- :>:5$#? ’.=U’*- ] :>9?K>X?3" 9"2?r D"2 :$K$E>"9?3"\ " :>:5$#?   ,6H    'F
@"2 :>9?>: 3$ 52d9:>5" #":52?3": 9" ?K$25?2_ " #"5"2>:5? Y4$ $K$ $:5_
3>:@K?x 3" Y4?32" 3$ >9:524#$95":M -: :>9?>: 3$ 52d9:>5" 3$5$E5?3":
$oE$3$93" " K>#>5$ 3$ W$K"E>3?3$
p:"#$95$ @K?E?: 3$ W$K"E>3?3$:q :<"
E"# 4#? >93>E?;<" W>:4?K 9" 3>:A
#":52?3": 9" 3>:@K?x 3" Y4?32" 3$
@K?x 3" Y4?32" 3$ >9:524#$95":
 >9:524#$95":\ 3$@$93$93" 3?: >9D"2A
$ :"?93" 4# ?K$25? :"9"2"M -
&$:#" :$ " :>:5$#? $:5>W$2 *+,’A #?;[$: 3>:@"9VW$>:M
?K$25? :"9"2" 342?2_ 7G :$‘49A
.=U’*-\ " :>9?K 3$ K>#>5$ 3$ W$K"A 3": $ " ?K$25? W>:4?K @$2#?9$A s4?93" 4# K>#>5$ 3$ W$K"E>3?3$
E>3?3$ :$2_ $o>J>3" Y4?93" " #"5"A E$2_ ?5>W" $9Y4?95" " W$VE4K" $:A 3$5$E5?3" 2$E$95$#$95$ ] #?>"2 3"
2>:5? " :$K$E>"9?2 9? 5$K? rS-&+rM 5>W$2 $oE$3$93" " K>#>5$ 3$ W$K"A Y4$ " K>#>5$ 3$ W$K"E>3?3$ ?54?K\ ?
E>3?3$M 5$K? :$2_ ?54?K>X?3? ^495" E"# 4#?
:$5? w@?2? E>#?yM

0$".
s4?93" 4# K>#>5$ 3$ W$K"E>3?3$ 3>;[$: EK>#_5>E?: E"#" Ea4W? D"25$\ :>W$ " :"J2$::?K$95$ $ 2$?K>X?2 ? E"2A
3$5$E5?3" 2$E$95$#$95$ ] >9D$2>"2 ?" ‘2?9>X" $ 9$W"$>2" $:@$::"M O"25$: 2$5? #?945$9;<" 3": #$:#":M
K>#>5$ 3$ W$K"E>3?3$ ?54?K\ ? 5$K? :$2_ E"952?:5$: 3$ K4X @"3$# >9DK4$9E>?2
?54?K>X?3? ^495" E"# 4#? :$5? w@?2? ? E?@?E>3?3$ 3$ 2$E"9a$E>#$95" 3" - :>:5$#? 9<" ?E4:? 4#? $W$954?K
J?>o"yM :$9:"2M ?W?2>? 3$ 4# @9$4M

’ _2$? ?" 2$3"2 3" :$9:"2 9<"


 3$W$ :$2 E"J$25? E"# ?3$:>W": "4
’: :$5?: @?2? E>#? "4 @?2? J?>o" Y4?KY4$2 "452" "J^$5"M
!#!
:$2<" $o>J>3?: @"2 ?5] E>9E" :$‘49A !<" ?34K5$2$ "4 $o$E45$ Y4?>:Y4$2 ’ @2$::<" 3": @9$4: 3$W$ :$2 W$2>A
3":M "@$2?;[$: 9? _2$? @?2?AJ2>:? ?" 2$3"2 D>E?3? E"# @9$4: D2>":c :$\ @"2 Y4?KA
3" :$9:"2M Y4$2 #"5>W"\ :$ W$2>D>E?2 ? @2$::<"

  *',  (,  )>#@$ E"2@": $:52?9a":\ E"#" $oA E"# ": @9$4: Y4$95$:\ 9<" 2$34X>2 ?
s4?93" ? W$K"E>3?3$ 3" W$VE4K" E2$#$95": 3$ @_::?2":\ >9:$5":\ 9$W$ @2$::<" #$:#" Y4$ :$^? :4@$2>"2 ?"
"4 ‘$K" 9" @?2?AJ2>:?M (:$ 3$5$2‘$9A W?K"2 @2$W>:5"M
$oE$3$ " K>#>5$ $# 6 h#na\ " :>9?K
3$ K>#>5$ 3$ W$K"E>3?3$ 9" 3>:@K?x 5$: $:@$EVD>E": $ @?9": K>#@": @?2?
%
C$@$5>2 " E"952"K$ E"# ": @9$4:
3" Y4?32" 3$ >9:524#$95": :$2_ W>:4A $W>5?2 ?22?9a?2 " @?2?AJ2>:?M
D2>":M
?K>X?3" 4# E"95"29" W$2#$Ka" @?2?
?K$25?2 " #"5"2>:5?M
 " /  -  "  5
F
0
 !#!
’.+!/0- 8?:" :$^?# #"95?3?: 4#? "4 #?>:
’ D49E>"9?K>3?3$ @"3$ :$2 K>#>5?3? !#! 2"3?: :$# :$9:"2 p@"2 $oM $# E?:" 3$
"4 " :>:5$#? @"3$ 9<" D49E>"9?2 :$ >9:5?K?;<" 3? 2"3? :"J2$::?K$95$q\ "
’ @2$:$9;? 3" :>:5$#? .1&, 9<"
" :$9:"2 $:5>W$2 "J:524V3"M :>:5$#? 3$>o?2_ 3$ $:5?2 3>:@"9VW$KM
>:$95? " E"9345"2 3$ 2$‘4K?2#$95$
- :>:5$#? @"3$ 5$2 :4? "@$2?;<" W$2>D>E?2 ? @2$::<" 3": @9$4:\ >9EK4A +# ?K‘4#?: W$2:[$: :$2_ $o>J>3?
K>#>5?3? "4 9<" D49E>"9?2 $# E"9A 4#? #$9:?‘$# 3$ ?W>:" ?5] :$2$#

0$"!
#"95?3?: 9"W?#$95$ ?: 2"3?: E"# f E$952?K 3$ E"952"K$ ?: >9D"2#?;[$:
:$9:"2$:M 2$K?5>W?: f @2$::<" 3$ E?3? @9$4
!#!
’ W>:4?K>X?;<" 9" 3>:@K?x "E"22$
’: "@$2?;[$: 3$ #"95?A
3? :$‘4>95$ #?9$>2?%
‘$#n3$:#"95?‘$# 3": @9$4:
!#! $n"4 2"3?: 2$Y4$2$# @2$E?4;[$:
- :>:5$#? .1&, 9<" ] E?@?X 3$ @?25>E4K?2$:M 1?2? $W>5?2 3?9>D>E?2 "4
?::>9?K?2 @$23?: >#@2$W>:5?: 3? @2$:A #"95?2 >9E"22$5?#$95$ ": :$9:"2$:\
:<" 3": @9$4: p@"2 $oM $# E?:" 3$ ? :4J:5>54>;<" 3": @9$4: $n"4 2"3?:
D42": $# 4# @9$4qM :g 3$W$ :$2 $D$54?3? @"2 @$::"?K
$:@$E>?K>X?3"M 8"95?5?2 ?  
!$::$ E?:"\ @?2?2 " W$VE4K" D2$A ! = ,  > :
?93" E"# E?45$K? $ :$# $D$54?2 #?A
9"J2?: J24:E?:M 8?K>J2?2 ": @9$4: E"9D"2#$ 2$E"A
#$93?3" 9$:5$ #?94?KM
’ @2$::<" 3$ $9Ea>#$95" W?2>?
- W$VE4K" @"3$ $:5?2 $Y4>@?3" E"# J?:$ 9? 5$#@$2?542? 3$
E"# :>:5$#? 3$ #"9>5"2?;<" 3? E$2E? 3$ G\G{ J?2 p7 @:>q ? E?3?
!#!
@2$::<" 3": @9$4: .1&, p.>2$ 12$:A F\68 p7LOqM =:5" :>‘9>D>E? Y4$ f
’ @2$::<" 3": @9$4: @"3$ W?2>?2 :42$ &"9>5"2>9‘ ,x:5$#q\ E?@?X 3$ 3>#>94>;<" 3? 5$#@$2?542? $o5$29?
$# D49;<" 3? 5$#@$2?542? $o5$29?M ?::>9?K?2 ?" E"9345"2 4#? $W$954?K E"22$:@"93$ ? 4#? 3>#>94>;<" 3?
- :>:5$#? @"3$ >93>E?2 5$#@"2?2>A @2$::<" >9:4D>E>$95$ 3": @9$4: E"# @2$::<" 3": @9$4:M C$‘4K?2 :$#@2$ ?
?#$95$ 4#? @2$::<" >9:4D>E>$95$M J?:$ 9? @2$::<" ? D2>" >93>E?3? 9" @2$::<" 3$ $9Ea>#$95" 3": @9$4: ?
!$::$ E?:"\ E"952"K?2 ? @2$::<" E?@V54K" r*?3": 5]E9>E":rM D2>"M +:5? uK5>#? ] 3$D>9>3? E"#" ?
3": @9$4: ? D2>" $\ :$ 9$E$::_2>"\ - :>:5$#? ] E"9:5>54V3" @"2 4# @2$::<" 3": @9$4: ?@g: @$K" #$9":
2$:5?J$K$EZAK? E"9D"2#$ 2$E"#$9A :$9:"2 52?9:#>::"2 3$ 2?3>"D2$Y4Z9A H a"2?: 3$ >9?5>W>3?3$ 3" W$VE4K" "4
3?3" 9$:5$ #?94?KM E>? #"95?3" $# E?3? 2"3? p9? 2"3? 4#? Y4>K"#$52?‘$# >9D$2>"2 ? 7\F
9" >95$2>"2 3" @9$4q\ E?@?X 3$ $9W>?2 h# ?@g: 4# >95$2W?K" 3$ H a"2?:M

0$""
’ @2$::<" 3$ $9Ea>#$95" ? D2>" - :>:5$#? ?54?K>X?A:$ ?45"#?5>E?A #?: ? K4XA$:@>? @$2#?9$E$2_\ 3$
9<" 3$W$ :$2 :4@$2>"2 f #_o>#? >9A #$95$ $ ? K4XA$:@>? ?@?‘?A:$ ?:A Y4?KY4$2 D"2#?\ ?E$:?M !$::? :>54?A
3>E?3? 9? @?25$ @":5$2>"2 3" @9$4% :># Y4$ " :>:5$#? 2$E$J$ ?: @2$::[$: ;<"\ ? K4XA$:@>? :g :$ ?@?‘?2_ 3$@">:
@?2? #?>: >9D"2#?;[$:\ E"9:4K5?2 " 3$ $9Ea>#$95" ?54?K>X?3?:M 1"3$ 3": @9$4: $:5?2$# Ea$>": ?" W?K"2
@?2_‘2?D" rC"3?:r 9" E?@V54K" r*?A :$2 9$E$::_2>" E"934X>2 " W$VE4K" 3$ @2$::<" ? D2>" @2$:E2>5" @?2? " W$VA
3": 5]E9>E":rM @"2 ?@2"o>#?3?#$95$ LG #>945": ? E4K"M
4#? W$K"E>3?3$ E"9:5?95$ :4@$2>"2 ?
’ @2$::<" 3": @9$4: ?4#$95? 34A
E$2E? 3$ L6 h#na ?5] Y4$ " :>:5$#?
2?95$ ? E"934;<" 3" W$VE4K"M e 4#? 
.1&, @"::? 2$E$J$2 $:5?: >9D"2#?A
E"93>;<" 9"2#?K $ 9<" 2$Y4$2 Y4?KA
;[$:M - :>:5$#? .1&, D"> E"9E$J>3"
Y4$2 2$‘4K?‘$# 3? @2$::<"M
@?2? ?: 2"3?: $ ": @9$4: "2>‘>9?>:M
- :>:5$#? .1&, ?::>9?K? ?" E"9A (
'   ,  ' ’: @2$::[$: @2$:E2>5?: $ ": E"9:$A
345"2 ? $W$954?K @2$:$9;? 3$ 4#? Y4$95$: K>#>5$: 3$ ?K?2#$ 3$D>9>3":
E"93>;<" 3$ @2$::<" 3$ $9Ea>#$95" =#?‘>9?93" Y4$ ? @2$::<" 3$ $9A
E"# " :>:5$#? .1&, D"2?# $:5?A
>9:4D>E>$95$ :$ $:5? 3$:E$2 ?J?>o" 3" Ea>#$95" ? D2>" p?::>#\ E"# " W$VE4K"
J$K$E>3": E"# J?:$ 9? 3>#$9:<"
K>#>5$ 3$ ?3W$25Z9E>? @"2 Y4?KY4$2 @?2?3" a_ @$K" #$9": H a"2?:q @2$:A
3": @9$4: #"95?3": 9" W$VE4K"M ’ %
#"5>W"\ >9EK4>93" ": $D$>5": 3? J?>o? E2>5? :$^? >‘4?K ? L\H J?2 pHH @:>q\ :$
45>K>X?;<" 3$ @9$4: :"J2$::?K$95$:
5$#@$2?542? $ ? 9"2#?K @$23? 3$ ? 5$#@$2?542? ?#J>$95$ D"2 3$ LG8
3$ 3>#$9:<"\ 5>@" $n"4 3$:$9a" 3>A
@2$::<" 3" @9$4M pF}Oq $ ? @2$::<" 3": @9$4: 3$5$EA
D$2$95$: 3": "2>‘>9?>: @"3$ :$2 E?4:?
5?3? D"2 3$ 7\~6 J?2 pL} @:>q\ 4#? 3$:A
- :>:5$#? .1&, @?2?2_ 3$ ?::>9?A 3$ D49E>"9?#$95" ?9v#?K" 3"
E>3? 3? 5$#@$2?542? @?2? A{8 pLGOq
K?2 ? E"93>;<" 3$ @2$::<" >9:4D>E>$95$ :>:5$#? "4 3$ 3?9": 9": :$9:"2$:M
@2"W"E? 4#? 3>#>94>;<" 3? @2$::<"
Y4?93" $:5? D"2 9"W?#$95$ >‘4?K "4 ’: 2"3?: #"95?3?: $# @g:AW$93?
3": @9$4:\ $# E$2E? 3$ 7\F6 J?2 pLI
:4@$2>"2 f 3$ $9Ea>#$95" ? D2>" @2$:A @"3$# @2"W"E?2 3?9": 9": :$9:"2$:M
@:>qM +:5? @2$::<" ] :4D>E>$95$#$95$
E2>5?M ,$ D"2 ?::>9?K?3? 4#? @2$::<" ’ 45>K>X?;<" 3$ W$3?95$: @?2? @9$4:
J?>o?\ ?5>W?93" ? K4XA$:@>? M
$# @g:AW$93? @"3$ @2"W"E?2 3?9":
>9:4D>E>$95$ 3": @9$4: pK4XA$:@>?
- ?Y4$E>#$95" 3": @9$4: 3$W>3" 9" :$9:"2 3" :>:5$#? 3$ E"952"K" 3?
?E$:? 9" Y4?32" 3$ >9:524#$95":q\
f E"934;<" 3" W$VE4K" @"3$ @2"A @2$::<" 3": @9$4: p.1&,qM ’ :$‘4>2 f
?4#$95?2\ ?::>#\ ? @2$::<" 3$ $9Ea>A
W"E?2 4# ?4#$95" 3? @2$::<" 3": 45>K>X?;<" 3$ W$3?95$ @?2? @9$4: $#
#$95" ?5] ?5>9‘>2 " W?K"2 ? D2>" @2$:A
@9$4: ?5] E$2E? 3$ 7\~6 J?2 pL} @:>q\ @g:AW$93?\ ] ?E"9:$Ka_W$K 3>2>‘>2A:$
E2>5"M
f   ! = ,  > @?2?
0$"%
#?93?2 $D$54?2 " E"952"K$ 3": :$9:"A " 5
 * 3 ,67  "  *>:5u2J>": ? 2?3>"D2$Y4Z9E>? @?2A
2$:M ’@g: " E"952"K$ "4 ? 2$‘4K?‘$# 5>E4K?2#$95$ >95$9:": @"3$# >9>A
!? @2$:$9;? 3$ ?W?2>? 9" :>:5$#?\
3? @2$::<" 3$ $9Ea>#$95"\ 2$#"95?2 J>2 " E"22$5" D49E>"9?#$95" 3"
?K]# 3$ $#>5>2 4# :>9?K ?Eu:5>E"\ ?
:$#@2$ " 5?#@<" 3? W_KW4K? @?2? :>:5$#? .1&,M +:5? E"93>;<" :$2_
K4XA$:@>? @>:E? 342?95$ {6 :$‘49A
$W>5?2 ? >9D>K52?;<" 3$ a4#>3?3$ $ :4A :>9?K>X?3? @"2 4#? #$9:?‘$#
3": $ 3$@">: @$2#?9$E$ ?E$:? E"#
^$>2? Y4$ @"3$2>?# 3?9>D>E?2 " :$9:"2 $:@$EVD>E? 9" 3>:@K?xM ’ :>9?K>A
K4X D>o?M M
3$ E"952"K$ 3? @2$::<" 3": @9$4:M X?;<" 3$:?@?2$E$2_ ?45"#?5>E?A
+# ?K‘4#?: W$2:[$:\ ] W>:4?K>X?3? #$95$ ?::># Y4$ ?: >95$2D$2Z9A
 ' K67  7 -3 ,   ? #$9:?‘$# r&?945$9;<" ,>:5$#?r E>?: 3? 2?3>"D2$Y4Z9E>? 3$>o?2$#
 - 3$952" 3" #$94 r=9D" U$VE4K"r 9" 3>:A 3$ >95$2D$2>2 E"# " :>:5$#?M
@K?x $ 52?;": p q :<" $o>J>3": 9" K4A  ’@K>E?;<"\ $# ?D5$2#?2h$5\ 3$
,$ D"2 3$5$E5?3" 4# W?K"2 3$ @2$:A ‘?2 3" W?K"2 3? @2$::<"\ ?::>9?K?93" @$KVE4K?: E"K"2>3?: $# W>32": Y4$
:<" >9:4D>E>$95$ $# 4# "4 W_2>": 3$::? D"2#? ? >#@"::>J>K>3?3$ 3$ 3$A >95$2D$2$# E"# ?: "93?: 3$ 2_3>"
@9$4:\ ?E$93$A:$ ? K4XA$:@>? 9" 5$E5?2 " :$9:"2M !" #$94 r&$9:?‘$9: $#>5>3?: @$K" :>:5$#? .1&,M
Y4?32" 3$ >9:524#$95": $ 9" 3>:@K?x ’2#?X$9?3?:r ? #$9:?‘$# rU$2>D>A
:<" W>:4?K>X?3?: ?: #$9:?‘$9: $:@$A  (5>K>X?;<" 3$ E"9^495":
E?2 :>:5$#? @2$::<" @9$4:r ] $o>J>3?M
EVD>E?:M - :>:5$#? $W>3$9E>? ?>93? 2"3?n@9$4 :$# :$9:"2$: @?2?
3$ D"2#? ‘2_D>E? ? @":>;<" 3" @9$4 8"K"E?93" " E"#45?3"2 3$ >‘9>A :>:5$#? .1&,M
"4 3": @9$4: E?2?E5$2>X?3": @"2 4#? ;<" $#  $ 9"W?#$95$ $#  \  ’ 2"3? :"J2$::?K$95$ 9<" 3>:@[$
@2$::<" >9:4D>E>$95$M e 5?#J]# $#>A ? :$Y4Z9E>? 3$ :>9?K>X?;<" 2$@$5$A:$ 3$ :$9:"2 3$ E"952"K$ 3? @2$::<"
5>3" 4# :>9?K ?Eu:5>E"M "93$ ? ?W?2>? ?>93? $:5>W$2 @2$:$95$M 3" @9$4M 1"25?95"\ ? @2$::<"
’ K4XA$:@>? ?@?‘?A:$ $ ? #$9:?A 3" @9$4 9<" ] E"952"K?3? @$K"
!$::$ E?:"\ @?2?2 " W$VE4K"\ W$A
‘$# 9" 3>:@K?x ] 3$:?5>W?3? Y4?93" :>:5$#?M
2>D>E?2 ? @2$::<" 3$ $9Ea>#$95" 3$
E?3? @9$4 $ $9EaZAK": ?" W?K"2 E"2A ? E"93>;<" 3$ ?W?2>? 3$:?@?2$E$ $\
2$5" 3$ @2$::<" ? D2>" >93>E?3" @$K? $# ?K‘4#?: W$2:[$:\ $# W$X 3$ 52?A 
#$9:?‘$# W>:4?K>X?3? 9" 3>:@K?x "4 ;":\ ] 9"W?#$95$ W>:4?K>X?3" " W?K"2
- W$VE4K" @"3$ $:5?2 $Y4>@?3"
9" #$94 3$3>E?3" ?" :>:5$#? .1&,M 3$ @2$::<"M
E"# 2"3? :"J2$::?K$95$ E"# "4 :$#
1"3$2>? W$2>D>E?2A:$ 4#? ?9"#?K>? :$9:"2 .1&, "2>‘>9?K @?2? #$3>2 ?
3" :>:5$#? 9": :$‘4>95$: E?:":% @2$::<" 3": @9$4:M

0$"&
’ 2"3? :"J2$::?K$95$ @"3$ 9<" $:A E"# :$9:"2 .1&, "2>‘>9?KM ’::>#\ "
5?2 $Y4>@?3? E"# 4# :$9:"2 .1&,M 
:>:5$#? ] 2$:5?J$K$E>3"\ E"# ? K4XA
(#? W$X #"95?3?\ 342?95$ ? #?2A $:@>? :$ ?@?‘?93"\ ? #$9:?‘$# +# E?:" 3$ :4J:5>54>;<" 3": @9$4:\
Ea?\ ?E$93$A:$ ? K4XA$:@>? p>95$2A 3$ @2$::<" 9<" 3>:@"9VW$K 3$>o?93" ?" E"934X>2 " W$VE4K" 342?95$ J2$W$:
#>5$95$ 342?95$ E$2E? 3$ {6 :$‘49A :$ :$2 #":52?3? $ " W?K"2 3? @2$::<" @$2V"3":\ @"3$ :$2 9$E$::_2>" 4#
3": $ 3$@">: ?E$:? E"# K4X D>o?q\ ? 3? 2"3? W"K5?93" ? :$2 $o>J>3" @"4E" 3$ 5$#@" ?95$: Y4$ " :>:5$#?
#$9:?‘$# r&?945$9;<" ,>:5$#?r ] :$^? 2$:5?J$K$E>3"M
C"3? :"J2$::?K$95$ 3$ 3>#$9:[$:
#":52?3? 9" 3>:@K?x $ 52?;": p q :<"
9"2#?>: pE"# :$9:"2 .1&,q% 4#?  *67   
  "
$o>J>3": 9" K4‘?2 3" W?K"2 3? @2$::<"
W$X #"95?3?\ @"3$ :$2 9$E$::_2>"
$# 5"3?: ?: 2"3?:M !" #$94 r&$9:?A - :>:5$#? .1&, @"3$ :$2 3$:?5>A
E"934X>2 " W$VE4K" @"2 ?@2"o>#?A
‘$9: ’2#?X$9?3?:r ? #$9:?‘$# rU$A W?3" :4J:5>54>93" ?: 2"3?: $Y4>@?3?:
3?#$95$ LG #>945": ? 4#? W$K"E>A
2>D>E?2 :>:5$#? @2$::<" @9$4:r ] $o>A E"# :$9:"2$: .1&, @"2 "452?: Y4$
3?3$ E"9:5?95$ :4@$2>"2 ? E$2E? 3$
J>3?M +::? E"93>;<" E"95>94? ?5] Y4$ 9<" ?: @"::4?#M +# :$‘4>3?\ E"934A
L6 h#na\ @?2? Y4$ ?::># ? K4XA$:@>?
:$^? #"95?3? 9" W$VE4K" 4#? 2"3? X>2 @"2 ?@2"o>#?3?#$95$ LG #>945":
$Y4>@?3? E"# :$9:"2 .1&, "2>‘>9?KM ?@?‘4$A:$\ ? #$9:?‘$# 3$ @2$:A
? 4#? W$K"E>3?3$ E"9:5?95$ :4@$2>"2
C"3? :"J2$::?K$95$ 3$ 3>#$9:[$:
:<" 9<" 3>:@"9VW$K 3$>o$ 3$ :$2 #":A
? E$2E? 3$ L6 h#naM
%
52?3? $ " W?K"2 3? @2$::<" 3? 2"3?
9"2#?>: p:$# :$9:"2 .1&,q% 4#? W$X W"K5$ ? :$2 $o>J>3"M - :>:5$#? .1&, $#>5>2_ 4# :>9?K
#"95?3?\ 342?95$ ? #?2Ea?\ ?E$93$A :"9"2"\ ? K4XA$:@>? D>E?2_ >95$2#>A
:$ ? K4XA$:@>? p>95$2#>5$95$ 34A 5$95$ 342?95$ E$2E? 3$ {6 :$‘493":
2?95$ E$2E? 3$ {6 :$‘493": $ 3$@">: 
$\ $# :$‘4>3?\ @$2#?9$E$2_ ?E$:?
?E$:? E"# K4X D>o?q\ ? #$9:?‘$# &?A +# 5"3": ": E?:": ?E>#? >93>E?A E"# K4X D>o? $ 9" 3>:@K?x 3" Y4?A
945$9;<" ,>:5$#?r ] #":52?3? 9" 3>:A 3":\ ] ?E"9:$Ka_W$K W$2>D>E?2 ? @2$:A 32" 3$ >9:524#$95": :$2_ W>:4?K>X?3?
@K?x $ 52?;": p q :<" $o>J>3": 9" K4A :<" 3$ $9Ea>#$95" 3" @9$4 :"J2$:A ? #$9:?‘$# rU$2>D>E?;<" 3" :>:5$#?
‘?2 3" W?K"2 3? @2$::<" $# 5"3?: ?: :?K$95$ ?95$: 3$ E"#$;?2 ? E"934X>2 .1&,r $ 52?;": p q 9" K4‘?2 3": W?A
2"3?:M !" #$94 r&$9:?‘$9: ’2#?A " W$VE4K"M K"2$: 3$ @2$::<"M
X$9?3?:r ? #$9:?‘$# rU$2>D>E?2 :>:A
5$#? @2$::<" @9$4:r ] $o>J>3?M +::? ’ @?25>2 3" E>EK" 3$ @?25>3? :$A
E"93>;<" E"95>94? ?5] Y4$ :$^? #"9A ‘4>95$\ " :>:5$#? .1&, 9<" $#>5>2_
5?3? 9" W$VE4K" 4#? 2"3? $Y4>@?3? Y4?KY4$2 :>9?K>X?;<" ?Eu:5>E? $ 9"

0$"’
3>:@K?x 9<" :$2_ #?>: W>:4?K>X?3? ? - E"9345"2 3$W$ 2$:@$>5?2 p$ D?X$2
#$9:?‘$# rU$2>D>E?;<" 3" :>:5$#? 2$:@$>5?2 ? 5"3": ": @?::?‘$>2":q ?:
.1&,r\ #?: ": 52?;": p q @$2#?9$A !#! 3>:@":>;[$: K$‘>:K?5>W?: K"E?>: 2$K?5>A
E$2<" W>:4?K>X?3": 9" K4‘?2 3" W?K"2 W?: f "J2>‘?;<" $ D"2#?: 3$ 45>K>X?A
’ $D>E>Z9E>? 3" :>:5$#? +,8 9<" ;<" 3": E>95": 3$ :$‘42?9;?M
3? @2$::<"M
3$W$ K$W?2 " #"5"2>:5? ? E"22$2 2>:E":M
’@$25?2 :$#@2$ ": E>95": 3$ :$‘4A
’ E"9345? ? #?95$2 ?" W"K?95$ 2?9;? ?95$: 3$ >9>E>?2 ? W>?‘$#M
"!   A&
3$W$ :$#@2$ :$2 ?3$Y4?3? f: E"93>A
  !%! & 
;[$: ?5#":D]2>E?: $ 3? $:52?3?\ f W>A
/',  , 4 ' F   '0 /
:>J>K>3?3$\ ?" 52d9:>5" $ f: 9"2#?: 3$ 
.- 0
E>2E4K?;<"M 12$:5?2 ? #_o>#? ?5$9;<" f: >9A
e 4# :>:5$#? 3$ E"952"K$ 3? $:5?J>A D"2#?;[$: D"29$E>3?: 9?: @_‘>9?: :$A
K>3?3$ 3" W$VE4K"\ Y4$ ?^43? ? #?9A ‘4>95$:M *$ D?5"\ ] 3$ D493?#$9A
5$2 " E"952"K$ 3>2$E>"9?K $# E?:" 3$     5?K >#@"25d9E>? Y4$ ": :>:5$#?: 3$
@$23? 3$ ?3$2Z9E>? 3": @9$4:M @2"5$;<" :$^?# 45>K>X?3": 3" #"3"
 
’ ?;<" 3" :>:5$#? +,8 ]\ @"25?95"\ E"22$5" @?2? ‘?2?95>2 ? #_o>#? :$‘4A
."3": ": K4‘?2$: 9": J?9E": 3" 2?9;? @"::VW$K ?" E"9345"2 $ ?": @?:A
$:@$E>?K#$95$ u5>K Y4?93" #43?# ?:
W$VE4K" $:5<" $Y4>@?3": E"# E>95": :?‘$>2":M
E"93>;[$: 3$ ?3$2Z9E>? 3" @>:" 3?
3$ :$‘42?9;? E"# 52Z: @"95": 3$
$:52?3?M
D>o?;<"\ E"# 2$:@$E5>W" $92"K?3"2M
8"# " +,8\ ?K]# 3" ’,C pE"9A 
- #$E?9>:#" 3" $92"K?3"2 >95$2A
52"K$ 3? 52?;<" E"# >95$2W$9;<" 9": 1?2? ?E$::" ? 3$:E2>;<" :"J2$ ? 2$A
W]# JK"Y4$?93" " E>95" $# E?:" 3$
D2$>": $ 9" #"5"2q 52?J?Ka? $# E"9A ‘4K?‘$# 3": ?@">": 3$ E?J$;?\ E"9A
D2$9?‘$# J24:E? "4 3$ D"25$ 3$:?E$A
^495" E"# W_2>": "452": :>:5$#?: E"# :4K5?2 w’@">?AE?J$;?:y 9" E?@V54K"
K$2?;<" 3$W>3" ? 4# Ea"Y4$M +:5?
" "J^$5>W" 3$ ‘?2?95>2 " #$Ka"2 E"9A w8"9a$E$93" " :$4 W$VE4K"yM
E?2?E5$2V:5>E? @$2#>5$\ $# E"93>;[$:
52"K$ 3$ $:5?J>K>3?3$ 3" W$VE4K"M
9"2#?>:\ " K>W2$ 3$:K>X?#$95" 3? E"2A
2$>? 9" E>95"\ 3$ #"3" ? ?3?@5?2A:$
@$2D$>5?#$95$ ?" E"2@" 3" "E4@?95$M

0$"*
J!       5-  6    & BO +# E?:" 3$ ?E>3$95$\ ? 9<" 45>K>X?A
!! 3 '  ;<" 3" E>95" 3$ :$‘42?9;? @"3$ E?4A
:?2 D$2>#$95": ‘2?W$: $ ?5] ? #"25$
   5-  6    
3": "E4@?95$: 3" W$VE4K"M
8"K"E?2 " E>95" 3$ :$‘42?9;? #?9A
5$93" " 52"9E" $2$5" $ ?@">?3" E"9A
52? " $9E":5"M
1?2? ?@$25?2 ": E>95":\ :$‘42?2 9? !#!
K>9‘4$5? 3$ $9‘?5$ $ >952"34X>AK? 9? ,$ "E"22$2 E"K>:<"\ ": @?::?‘$>2":
:$3$ 3? D>W$K? ?5] "4W>2 4# $:5?K>3" 3": J?9E": 52?:$>2": Y4$ 9<" $:5>W$A
3$ JK"Y4$>"M 2$# 4:?93" ": E>95":\ ?K]# 3$ $:5?A
   5-  6    & CO 2$# >9D2>9‘>93" ?: K$>: 3$ 52d9:>5" :$A
3 '  2<" $o@":5": ? 4# ‘2?93$ 2>:E"M
’ 9<" 45>K>X?;<" 3": E>95": 52?:$>A
2": E"9:5>54> $# 4# @$2>‘" 5?#J]# %
@?2? ": "E4@?95$: 3": J?9E": 3>?9A
5$>2": 3" W$VE4K"M

8"# " W$VE4K" $:5?E>"9?3" $# $:A


52?3?: E"# D"25$ >9EK>9?;<"\ " $92"A
,$\ 342?95$ ? $o52?;<" 3" E>95"\ K?3"2 @"3$ JK"Y4$?2\ " Y4$ ] 9"2#?KM
$:5$ :$ JK"Y4$?2\ ] 9$E$::_2>" 3$>o_A ’K]# 3>::"\ " #$E?9>:#" 3" $92"K?A
K" $92"K?2 4# @"4E" $ @4o_AK" 9"W?A 3"2 JK"Y4$>? " E>95" ? E?3? $o52?;<"
#$95$ $W>5?93" #?9"J2?: J24:E?:M 2_@>3? "4 $# E?:" 3$ D2$9?‘$9: J24:A
E?:\ Ea"Y4$: "4 E42W?: ? W$K"E>3?3$
1?2? 3$:?@$25?2 " E>95"\ @2$::>"9?2
!#! $K$W?3?M
" J"5<" $ ?E"#@?9a?2 " E>95" 34A
2?95$ :$4 2$E"Ka>#$95" 3$ #"3" ? !<" 3$:?D>W$K?2 " E>95" 3$ :$‘4A
$W>5?2 Y4$ D>Y4$ 5"2E>3"M 2?9;? 342?95$ ? #?2Ea?M
0$"+
1?2? 3$:K"E?2 " @49a" @?2? E>#?\ ! !! ! J!
 J?:5? $#@422_AK" ?5] ? @":>;<" 3$:$A    !!
’" W"K5?2 ? E"K"E?2 " J?9E" @":5$A ^?3?\ :$# @2$::>"9?2 " J"5<"M
2>"2 3? @":>;<" 2$J?5>3? 9? 3$ 45>K>X?A
;<" 9"2#?K\ @2$:5?2 ?5$9;<" f 2$@"A
:>;<" E"22$5? 3" E>95" 3$ :$‘42?9;?\ !#!
3$ #"3" ? ‘?2?95>2 4#? >#$3>?5? 3>:A 1?2? ‘?2?95>2 ? #_o>#? @2"5$A
@"9>J>K>3?3$M ;<" ?": "E4@?95$: 3" W$VE4K"\
2$E"#$93?A:$ #?95$2 " $9E":5" 9?
!" " !!  @":>;<" #?>: $2$5? @"::VW$K $ " E>95"
  !! !& J$# ?3$2$95$ ?" 5g2?o $ f J?E>?M
 1?2? ‘?2?95>2 " E"22$5" D49E>"9?A
C$‘4K?2 :$#@2$ ? ?K542? 3": E>9A #$95" 3" E>95"\ 9<" 45>K>X?2 " J?9E"
5": 3$ :$‘42?9;?\ ?3?@5?93"A": ?": $oE$::>W?#$95$ 2$EK>9?3" 342?95$ ":
": @?::?‘$>2":\ 2$34X E"9:>3$2?W$KA @$2E42:": 3$ 45>K>X?;<" 3" W$VE4K"M
!#! 8$25>D>E?2A:$ Y4$ 5"3": ": "E4@?95$:
#$95$ " 2>:E" 3$ K$:[$: $# E?:" 3$
’ 2$‘4K?‘$# $# ?K542? 3": E>95": 3" W$VE4K" $:5$^?# 45>K>X?93" " E>95"
Ea"Y4$M
3$ :$‘42?9;? 3$W$ :$2 D$>5? E"# " 3$ :$‘42?9;?M U>?^?2 :$# 45>K>X?2 ":
W$VE4K" @?2?3"M ’ 2$‘4K?‘$# E"22$5? "J5]#A:$ E>95": ?4#$95? " 2>:E" 3$ K$:[$: ‘2?A
Y4?93" " E>95" @?::? @2go>#" f W$:\ "4 3$ #"25$\ $# E?:" 3$ E"K>:<"M
*>2>^? :$#@2$ E"# :$‘42?9;?M
#$5?3$ 3? 3>:5d9E>? $952$ ? $o52$#>A
3?3$ 3" "#J2" $ " @$:E";"M
1?2? $D$54?2 ? 2$‘4K?‘$# $# ?K542?\
3$ E>#? @?2? J?>o"\ ] 9$E$::_2>"
@2$::>"9?2 " J"5<" 3$ 3$:52?W?#$95" !#!
$ D?X$2 3$:K>X?2 " @2g@2>" @49a" @?2? ,$ " E>95" 5>W$2 :>3" :4J#$5>3"
J?>o"M ? 4#? D"25$ :"K>E>5?;<" E"#"\ @"2
$o$#@K"\ ?@g: 4# ?E>3$95$\ "
#$:#" 3$W$ :$2 :4J:5>54V3" E"#A

0$",
@K$5?#$95$ ^495" E"# ?: D>o?;[$:\ 3" W$VE4K" p": @$3?>: $ " W"K?95$ #"3" ‘$2?K\ 9<" ?@$25?2 9$9a4# "JA
": @?2?D4:": $ " @2g@2>" :>:5$#? 3$W$# :$2 3$ D_E>K ?E$::>J>K>3?3$qM ^$5" f @$::"?M
@2]A5$9:>"9?3"2M ."3?W>?\ ] 9$E$::_2>" #?95$2 ?
#_o>#? 3>:5d9E>? @"::VW$K $952$ "
O?X$2 ? :4J:5>54>;<" #$:#" :$ " W$952$ $ " W"K?95$M "!   
E>95" 9<" 5>W$2 ?@2$:$95?93" 3?9": !!
W>:VW$>:\ @">: $:5$: $Y4>@?#$95": @"A
1?2? ? E"22$5? #?945$9;<" 3": E>9A
3$# 5$2 @$23>3" :4?: @2"@2>$3?3$:
5": 3$ :$‘42?9;?\ "J:$2W?2 ?5$95?A
3$ 2$:>:5Z9E>?M
#$95$ ": :$‘4>95$: ?W>:":%
C$:@$>5?2 p$ D?X$2 "J:$2W?2 ?": "E4A
 (5>K>X?2 :$#@2$ ": E>95": J$# $:A
@?95$: 3" W$VE4K"q 5"3?: ?: 3>:@":>A
5>E?3":\ 9<" 5"2E>3":c E$25>D>Y4$A
;[$: K$‘>:K?5>W?: K"E?>: 2$D$2$95$: f
:$ Y4$ $:5$: 3$:K>X$# K>W2$#$95$
"J2>‘?;<" $ f: #"3?K>3?3$: 3$ 45>K>A
:$# >#@$3>#$95":M
X?;<" 3": E>95":M ’@$25?2 :$#@2$ ":
 U$2>D>E?2 " D49E>"9?#$95" 3"
E>95": 3$ :$‘42?9;? ?95$: 3$ >9>E>?2 ’ E"22$>? 3" E>95" 3$ :$‘42?9;? E>95" 3$ :$‘42?9;? 3" :$‘4>95$
%
? W>?‘$#M 9<" 3$W$ $:5?2 5"2E>3?M ’ @?25$ :4@$A #"3"% $9‘?5?2 " E>95" $ @4o_AK"
- 4:" 3": E>95": ] 9$E$::_2>" 5?#A 2>"2 3$W$ @?::?2 9" "#J2" $ ?52?W$:A E"# D"2;?M
J]# @?2? ?: #4Ka$2$: ‘2_W>3?:% @?2? :?2 3>?‘"9?K#$95$ " 5g2?oM ’ @?25$
 ’@g: 4# ?E>3$95$ 3$ 4#? E$25?
$K?: $ @?2? " J$JZ " 2>:E" 3$ K$:[$:\ >9D$2>"2 3$W$ ?3$2>2 f J?E>? $ 9<" ?"
‘2?W>3?3$\ :4J:5>54>2 " E>95"
$# E?:" 3$ E"K>:<"\ ] #$9"2 :$ 5>W$A ?J3v#$9 3" "E4@?95$M !<" 45>K>X?2
3$ :$‘42?9;? 4:?3"\ #$:#"
2$# ": E>95": E"K"E?3":M 3>:@":>5>W": p#"K?:\ D$Ea":\ $5EMq Y4$
Y4$ ?@?2$95$#$95$ 9<" $:5$^?
>#@$;?# " E"95?5" 3": E>95": 3$ :$A
’: ‘2_W>3?: 3$W$# @":>E>"9?2 ? 3?9>D>E?3"M ,4J:5>54>2 5?#J]# "
‘42?9;? E"# " E"2@" 3": "E4@?95$:M
@?25$ >9D$2>"2 3" E>95" #4>5" $# E>95" 3$ :$‘42?9;? $# E?:" 3$
J?>o"\ 3$ #"3" Y4$ @?::$ :"J2$ ? 8?3? E>95" 3$ :$‘42?9;? 3$W$ :$2 ?5>W?;<" 3": @2]A5$9:>"9?3"2$:M
J?E>? $ :"J ? J?22>‘?M ‹ #$3>3? Y4$ 45>K>X?3" :g @"2 4#? @$::"?% 9<"  1?2? K>#@?2 ": E>95": 3$
? ‘2?W>3$X @2"::$‘4$\ ? E"9345"2? 52?9:@"25?2 E2>?9;?: ?" E"K" 3": @?:A :$‘42?9;? 9<" 45>K>X?2
3$W$ 2$‘4K?2 " J?9E" $ " W"K?95$ :?‘$>2": 45>K>X?93" ": E>95": 3$ :$‘4A 3$5$2‘$95$: ?‘2$::>W":\
3$ #"3" ? 5$2 " @K$9" E"952"K$ 2?9;? @?2? ? @2"5$;<" 3$ ?#J":M *$ J2?9Y4$?3"2$: "4 E"2?95$:
0$"-
$ Y4?KY4$2 "452? :4J:5d9E>? $ ?Eu:5>E?: pE"9:4K5?2 ": @?2_‘2?D": E"# ? >95$2#>5Z9E>? 3? K4XA$:@>?
Y4V#>E? Y4$ @"::? $9D2?Y4$E$2 :$‘4>95$:qM 342?95$ E$2E? 3$ 7G6 :$‘493":M
?: D>J2?: 3" E>95"M )?W_AK": f
#<" E"# _‘4? $ :?J<" 9$452"\ (#? W$X ?5>W?3"\ $:5$ E>EK" 3$ :>A
$9o?‘4_AK": $ 3$>o_AK": :$E?2 f " !" ! J& 9?K>X?;[$: @$2#?9$E$ ?5>W" @"2 5"3?
:"#J2?M  !    & ? :4? 342?;<" p>93$@$93$95$#$95$
!!  ! !& 3? W$K"E>3?3$ 3" W$VE4K"q "4 ?5] Y4$
 +W>5$ Y4$ ": $92"K?3"2$: :$^?# ": E>95": 3$ :$‘42?9;? :$^?# ?@$25?A

#"Ka?3":% " :$4 E"22$5" D49E>A 3":M
"9?#$95" ] ‘?2?95>3" :g :$ 9<" s4?93" " E"#45?3"2 3$ >‘9>;<"
:"D2$2$# >9D>K52?;[$: 3$ _‘4?M ] @":>E>"9?3" @?2? @":>;<" \ ? s4?93" ] ?E"@K?3? ? #?2Ea? ?
 ,4J:5>54>2 " E>95" 3$ :$‘42?9;? K4XA$:@>? ?E$93$A:$ 342?95$ ?KA 2]\ 342?95$ " E>EK" 3$ ?W>:":\ " :>9?K
Y4?93" $:5>W$2$# @2$:$95$: :>A ‘49: :$‘493":\ Y4?KY4$2 Y4$ :$^? " :"9"2" ] 3$:?5>W?3" $ ? K4XA$:@>?
9?>: 3$ 3$:‘?:5$ "4 E"25$:M $:5?3" 3": E>95": 3$ :$‘42?9;? 3>?9A ?E$93$A:$ E"# K4X D>o?M - E>EK" 3$
5$>2":M :>9?K>X?;[$: :$2_ 2$?5>W?3" ?::># Y4$
? W$K"E>3?3$ 4K52?@?::? 9"W?#$95$
8"# " W$VE4K" @?2?3"\ :$ " E>95"
   ": } h#naM
3$ :$‘42?9;? 3" K?3" 3" E"9345"2 D"2
"   3$:?D>W$K?3" "4 " E>95" 3$ :$‘42?9;?
3" K?3" 3" @?::?‘$>2" $:5>W$2 3$:?D>A 
    W$K?3" pE"# " @?::?‘$>2" :$95?3"q\ ? !?: W$2:[$: $Y4>@?3?: E"# 3>:A
  K4X @$2#?9$E$ ?E$:? E"# K4X D>o?M @K?x #4K5>D49E>"9?K\ $# E?:" 3$ E>95"
"! % / %' 
 0 ’::># Y4$ :$ 4K52?@?::? " K>#>5$ 3$ :$‘42?9;? 3$:?D>W$K?3"\ ?E$93$A
3": } h#na 342?95$ ?K‘49: :$‘493": :$ " VE"9$ M
- :>:5$#? ,BC ?K$25? ": @?::?‘$>A pW?2>_W$>: $# D49;<" 3?: E"93>;[$:
2": 3": K4‘?2$: 3>?95$>2": 3" 9<" ?D>A 3" W$VE4K"q\ E"# ": E>95": 3$ :$A
W$K?#$95" 3": E>95": 3$ :$‘42?9;? ‘42?9;? 3" K?3" 3" E"9345"2 "4 3"
?52?W]: 3$ :>9?K>X?;[$: W>:4?>: p?E$9A K?3" 3" @?::?‘$>2" pE"# " @?::?‘$>2"
3>#$95" 3$ K4XA$:@>? 9" Y4?32" 3$ :$95?3"q 3$:?D>W$K?3"\ ?5>W?A:$ 4#?
>9:524#$95": $ 3$ VE"9$: 9" 3>:@K?xq :>9?K>X?;<" ?Eu:5>E? $# :>#4K5d9$"

0$%.
" !"   -: VE"9$: W>:4?K>X?3": 9" 3>:@K?x 2?9;? 3": K4‘?2$: 52?:$>2": 3$:3$ ?
   !! >93>E?#% uK5>#? #43?9;? 3$ $:5?3" 3" E>95"%
 ! ! /
.- 0  ,$ " E>95" 3$ :$‘42?9;?
-: VE"9$: :<" W>:4?K>X?3": 9" 3>:A $:5>W$2 ?D>W$K?3"\ " VE"9$
@K?x ?@g: " E"#45?3"2 3$ >‘9>;<" :$2 E"22$:@"93$95$ :$2_ 3$ E"2 W$23$
E"K"E?3" 9? @":>;<"  "4 ?@g: "  ,$ " E>95" 3$ :$‘42?9;? $:5>W$2
D$Ea?#$95" 3$ @"25?% 3$:?D>W$K?3"\ " VE"9$ E"22$:@"9A
3$95$ :$2_ 3$ E"2 W$2#$Ka?M
 1"2 H6 :$‘493":\ :$ 5"3": ": E>9A
5": 52?:$>2": $:5>W$2$# ?D>W$K?3":M ,$ 4# E>95" 3$ :$‘42?9;? 52?:$>2"
 1"2 F6 :$‘493":\ :$ @$K" #$A D"2 3$:?D>W$K?3"\ ^495?#$95$ E"# "
!) E>95" 3$ :$‘42?9;? 3" K4‘?2 ?E$93>#$95" 3" 2$:@$E5>W" VE"9$ 9"
9": 4# E>95" 52?:$>2" $:5>W$2 ?D>A
52?:$>2" $:Y4$23"M 3>:@K?x\ :$2_ ?5>W?3" 5?#J]# 4# :>A
W$K?3"M
%) E>95" 3$ :$‘42?9;? 3" K4‘?2 52?A 9?K :"9"2"M
%
’ :$‘4>2 ? 4#? #43?9;? 3$ $:5?3"\ :$>2" E$952?KM - VE"9$ D>E?2_ W$23$ Y4?93" D"2
E?:" :$^? 3$ 3$:?D>W$K?#$95"\ ": VE"A ) E>95" 3$ :$‘42?9;? 3" K4‘?2 ?D>W$K?3" " 2$:@$E5>W" E>95" 3$ :$‘4A
9$: D>E?2<" ?5>W": @"2 F6 :$‘493":M 52?:$>2" 3>2$>5"M 2?9;?M
,$ D"2 3$ ?D>W$K?#$95"\ $95<" D>E?2<"
?5>W": @"2 H6 :$‘493":M
 
!?: W$2:[$: $Y4>@?3?: E"# 3>:A !" Y4$ 3>X 2$:@$>5" ?": J?9E":
 52?:$>2":\ ": VE"9$:\ $o>J>3": 9" 3>:A
@K?x #4K5>D49E>"9?K\ 9": E?:": $#
!?: :>54?;[$: ?E>#?\ ^495?#$95$ Y4$ " E>95" 3$ :$‘42?9;? $:5>W$2 3$A @K?x 3" Y4?32" 3$ >9:524#$95":\ >9A
E"# " ?E$93>#$95" 3" 2$:@$E5>W" :?D>W$K?3"\ ?E$93$A:$ " VE"9$ M 3>E?# ?@$9?: :$ ": E>95": 3$ :$‘4A
VE"9$ 9" 3>:@K?x 3" Y4?32" 3$ >9:A 2?9;? $:5<" 3$:?D>W$K?3": pVE"9$ W$2A
524#$95":\ :$2_ ?5>W?3" 5?#J]# 4# #$Ka"q "4 ?D>W$K?3": pVE"9$ W$23$q\
:>9?K :"9"2" 9" E?:" 3$ 3$:?D>W$K?A -: VE"9$: :<" W>:4?K>X?3": $# D49A
#?: 9<" >93>E? ? @2$:$9;? 3$ 4#
#$95" p>93$@$93$95$ 3? W$K"E>3?3$qM ;<" 3": 2$:@$E5>W": E>95": 3$ :$‘4A
$W$954?K @?::?‘$>2"M
0$%!
- @2]A5$9:>"9?3"2 9<" 9$E$::>5?
 '0 3$ Y4?KY4$2 #?945$9;<" "4 K4J2>D>A
’: K4X$:A$:@>?nVE"9$: @$2#?9$A    E?;<"% Y4?KY4$2 >95$2W$9;<" 3$ #"A
E$# ?@?‘?3": :$\ E"K"E?93" " 3>D>E?;<" 3?: :4?: E"93>;[$: "2>‘>A
E"#45?3"2 3$ >‘9>;<" 9? @":>;<" 
9?>: >9W?K>3? ? :4? $D>E>Z9E>?M
\ 5"3": ": E>95": p3>?95$>2": $ - W$VE4K" ] 3"5?3" 3$ @2]A
52?:$>2":q $:5>W$2$# ?D>W$K?3":M ,$\ 3$W>3" ? $W$95": 9?542?>: $oA
5$9:>"9?3"2$: @?2? ": E>95": 3$ :$A
E$@E>"9?>: p@"2 $oM% >9493?;[$:\ #?A
‘42?9;? 3>?95$>2": Y4$\ $# E?:" 3$
2]: Ea$>?:\ $5EMq\ " 3>:@":>5>W" 5>W$2
Ea"Y4$ D2"95?K W>"K$95"\ 2$E"Ka$# ?KA
 :>3" ?5>9‘>3" @"2 _‘4? $n"4 K?#?\ ]
‘49: E$95V#$52": ? E"22$>? 3": E>95":\
1?2? ": K4‘?2$: 52?:$>2":\ ": VE"A 9$E$::_2>" 3>2>‘>2A:$ f   ! &
‘?2?95>93" ?::># ? @$2D$>5? ?3$2Z9E>?
9$: ?5>W?#A:$ ?K‘49: :$‘493": ?@g: = ,  > @?2? @2"E$3$2 f :4? :4J:A
3": E>95": ?" E"2@" 3": "E4@?95$:\
? E"K"E?;<" 3" E"#45?3"2 3$ >‘9>A 5>54>;<"M
?95$: 3$ >9>E>?2 ? ?;<" 3$ 2$5$9;<"M
;<" 9? @":>;<" \ >93$@$93$95$A
#$95$ 3" $:5?3" 3": E>95": 3$ :$‘4A ’ ?5>W?;<" $D$5>W? 3": @2]A
5$9:>"9?3"2$: ] 2$E"9a$E>3? @$K" 
2?9;? p#$:#" Y4$ ": E>95": 3$ :$‘4A
2?9;? $:5$^?# 5"3": ?D>W$K?3":qM 2$E4" 3? E"22$>? 3" E>95" $# 3>2$;<" 1?2? 5$2 ? #_o>#? @2"5$;<" @$K?
?" $92"K?3"2M ?;<" 3" @2]A5$9:>"9?3"2\ 45>K>X?2 "
E>95" 3$ :$‘42?9;? #?95$93"A" J$#
’K]# 3>::"\ " W$VE4K" @"::4>
 ?3$2$95$ ?" 52"9E" $ f J?E>?M
4# :$‘493" 3>:@":>5>W" 3$ @2]A
."3?: ?: K4X$:A$:@>?nVE"9$: :$ 5$9:>"9?#$95" p>9:5?K?3" 9? _2$? 3"
?E$93$# Y4?93" @$K" #$9": 4# D2>:"q $ ? :4? ?5>W?;<" ] 2$E"9a$EVW$K
E>95" @?::? 3$ ?D>W$K?3" @?2? @$K" $9E425?#$95" 3" E?J" #$5_K>E"M
3$:?D>W$K?3" "4 W>E$AW$2:?M !#!
*42?95$ ? >95$2W$9;<" 3" @2]A
5$9:>"9?3"2 @"3$A:$ W$2>D>E?2 4#? - @2]A5$9:>"9?3"2 ] 45>K>X_W$K :"A
K>‘$>2? $#>::<" 3$ D4#?;? Y4$ 9<" ] #$95$ 4#? W$XM
9"E>W? $ 9<" >93>E? 4# @2>9EV@>" 3$ ’@g: ? :4? 45>K>X?;<"\ 3>2>^?A :$ f
>9EZ93>"M   ! = ,  > @?2? ? :4J:A

0$%"
5>54>;<" E"#@K$5? 3": 3>:@":>5>W":\ "!  !! U$2>D>Y4$ :$#@2$ ? K$‘>:K?;<" $#
>9EK4>93" ": E>95": 3$ :$‘42?9;?M W>‘"2 9" @?V: $ :4?: 3$5$2#>9?;[$:M
1?2? ?4#$95?2 ? @2"5$;<" $# E?:"
3$ ?E>3$95$\ ": $92"K?3"2$: 3":
E>95": 3$ :$‘42?9;? 3>?95$>2": $:5<"
$Y4>@?3":\ 9" :$4 >95$2>"2\ E"#
!#! 4# 3>:@":>5>W" Y4$ @$2#>5$ 3":?2
+# a>@g5$:$ ?K‘4#? 3$W$A:$ 3$:A ?3$Y4?3?#$95$ ? D"2;? Y4$ ?54? 9"
#"95?2 "4 >95$2W>2 9": E"#@"9$95$: 5g2?o $ 9": "#J2": 342?95$ ? ?;<"
3" 3>:@":>5>W" @2]A5$9:>"9?3"2M 3$ 2$5$9;<" 3": E>95": $# E?:" 3$
E"K>:<" D2"95?KM
s4?KY4$2 2$@?2?;<" 3$W$ :$2 D$>5?
@"2 @$::"?K Y4?K>D>E?3" $ ?45"2>X?3"M
12"E42$ :$#@2$ ?   ! = &   '
,  >
  
%
!   !! "
!!
!#! *$ ?E"23" E"# ? 2$‘4K?#$95?;<"
=95$2W$9;[$: Y4$ >#@K>E?# >#@?EA 3" 8"9:$Ka" !?E>"9?K 3$ .2d9:>5" !#!
5":\ W>J2?;[$: "4 ?Y4$E>#$95": K"E?A p8"952?9q\ W>‘$95$ f ]@"E? 3$ D?J2>E?A ! ) 949E? 45>K>A
K>X?3": p:4@$2>"2$: ? 7GG8q @"2 4#? ;<" 3" W$VE4K"\ @?2? 52?9:>5?2 $# W$VA X?2 3>:@":>5>W": 3$ 2$5$9;<" >9D?95>K
342?;<" #_o>#? 3$ F a"2?: 9? _2$? E4K": ?45"#"5"2$:\ ?: E2>?9;?: E"# W"K5?3": E"952? " :$95>3" 3$ #?2Ea?
@2go>#? ?" @2]A5$9:>"9?3"2 @"3$# >3?3$ >9D$2>"2 ? 3$X ?9": Y4$ 9<" 5$A 9" J?9E" 3>?95$>2" E"# " ?>2J?‘ 3"
@2"W"E?2 3?9": "4 ?5>W?;[$:M 9a?# ?5>9‘>3" 7\I6 # 3$ ?K542? 3$A K?3" 3" @?::?‘$>2" a?J>K>5?3"M
W$# :$2 52?9:@"25?3?: 9": J?9E": 52?A
*>2>‘>2A:$ f   ! = ,  :$>2": 4:?93" >93>W>34?K#$95$ E>95" ’ ?5>W?;<" 3" ?>2J?‘ $# E?:" 3$
> :$#@2$ Y4$ :$ 5>W$2 3$ >95$2W>2 3$ :$‘42?9;? "4 3>:@":>5>W" 3$ 2$5$9A E"K>:<" @"3$ "E?:>"9?2 K$:[$: ‘2?W$:
9$::$: E"#@"9$95$:M ;<" $Y4>W?K$95$M "4 #"25?>: f E2>?9;? 52?9:@"25?3?M

0$%%
9" J?9E" 3>?95$>2" E"# " :>:5$#?
 
3$ 2$5$9;<" ?@2"@2>?3" @?2? :$4
,"#$95$ " J?9E" 52?:$>2" 3$W$2_ @$:" $ ?K542?M !49E? 52?9:@"25?2 E2>?9;?: 9" E"K"
:$2 4:?3" @?2? " 52?9:@"25$ 3$ E2>A $ 949E? 45>K>X?2 " #$:#" E>95" @?2?
?9;?:\ @"2 :$ 52?5?2 3? @":>;<" #?>: @2"5$;<" 3$ #?>: 3$ 4# "E4@?95$ ?"
@2"5$‘>3?M  #$:#" 5$#@"M
U$2>D>Y4$ :$#@2$ ? K$‘>:K?;<" $#
W>‘"2 9" @?V: $ :4?: 3$5$2#>9?;[$:M
 
- 52?9:@"25$ 3$ E2>?9;?: 9" J?9E" 1?2? ? #$Ka"2 @2"5$;<" $# E?:" !<" @$2#>5>2 Y4$ ? E2>?9;? 45>K>X$ "
3>?95$>2" :g ] @$2#>5>3" $# E?:": 3$ E"K>:<"\ 5"3": ": "E4@?95$: 3$A E>95" 3$ :$‘42?9;? 3>?‘"9?K 3$J?>o"
@2$W>:5": E"9D"2#$ K$‘>:K?;<" $# W>A W$# W>?^?2 :$95?3": $ @2"5$‘>3": @$A 3": J2?;": "4 @"2 52_: 3?: E":5?:M
‘"2M !$::$: E?:":\ 3$W$2<" :$2 "J:$2A K": :>:5$#?: 3$ 2$5$9;<" ?3$Y4?3":
W?3?: ?: 2$E"#$93?;[$: 3$ 45>K>X?A pE>95": 3$ :$‘42?9;?\ 3>:@":>5>W": 3$
;<" $ #"95?‘$# @?2? E?3? ‘24@" 3$ 
2$5$9;<" >9D?95>K\ $5EMqM
3>:@":>5>W" 3$ 2$5$9;<" >9D?95>K\ E"9A *42?95$ 5"3": ": @$2E42:": 3$ 45>A
D"2#$ 3$5?Ka?3" 9? 5?J$K? 3$ #"95?A K>X?;<" 3" W$VE4K"\ ‘?2?95>2 Y4$ ? E2>A
‘$# 9" E?@V54K" :$‘4>95$% r’3$Y4?A  ?9;? @$2#?9$;? E"# ": E>95": ?3$A
;<" 3" 3>:@":>5>W" 3$ 2$5$9;<" >9D?9A 8?3? :>:5$#? 3$ 2$5$9;<" ] Y4?3?#$95$ ?D>W$K?3":M
5>KrM @2"^$5?3" $oEK4:>W?#$95$ @?2? ?
!" B2?:>K ?: $oE$;[$: :<"% :$‘42?9;? 3$ 4#? E2>?9;?c 949E? 
52?9:@"25?2 34?: "4 #?>: E2>?9;?:
8"9D>2? :$ " 3>:@":>5>W" 3$
 U$VE4K" 3"5?3" $oEK4:>W?#$95$ 9" #$:#" 3>:@":>5>W" 3$ 2$5$9;<"
2$5$9;<" >9D?95>K ] E"#@?5VW$K E"#
3$ J?9E": 3>?95$>2":M >9D?95>K ?" #$:#" 5$#@"M
:$4 W$VE4K" $ W$2>D>Y4$ 9? 5?J$K? 3$
 s4?95>3?3$ 3$ E2>?9;?: ? :$2$# #"95?‘$# ?: @":>;[$: @"::VW$>:
52?9:@"25?3?: $oE$3$2 " 9u#$2"  @?2? >9:5?K?;<"M ,>‘? E"22$5?#$95$
3$ ?::$95": 3": J?9E": 52?:$>2":M !<" @$2#>5>2 Y4$ ": E>95": 3$ :$A ?: >9D"2#?;[$: 3$ >9:5?K?;<"
!$::$ E?:"\ ? E2>?9;? 3$ #?>"2 ‘42?9;? :$ ?@">$# 9" @$:E";" 3? E"95>3?: 9" #?94?K 3$ #"95?‘$#
$:5?542? 3$W$2_ :$2 52?9:@"25?3? E2>?9;?M
0$%&
3>:@"9>J>K>X?3" @$K" D"29$E$3"2 3"

3>:@":>5>W" 3$ 2$5$9;<" >9D?95>KM
!<" #"W>#$95$ ": J?9E": 3" W$VA
E4K" E"# ? E2>?9;? ?K"^?3? $# :$4
 3>:@":>5>W" 3$ 2$5$9;<" >9D?95>KM C$?A
’E"9:$Ka?A:$ W$2>D>E?2 9?   K>X$ 5"3": ": ?^4:5$: ?95$: 3$ E"K"E?2
! = ,  > ? 3>:@"9>J>K>3?3$ ? E2>?9;? 9" 3>:@":>5>W" 3$ 2$5$9;<"
3$ 3>:@":>5>W": 3$ 2$5$9;<" >9D?95>K >9D?95>KM
3? )>9a? b$$@ ’E$::g2>":\ $:@$E>D>A
E?#$95$ 3$:$9W"KW>3": @?2? 4:" 9":

W$VE4K": b$$@M
+# E?:" 3$ ?E>3$95$\ :4J:5>54>2 "
3>:@":>5>W" 3$ 2$5$9;<" >9D?95>K @"2
 4# 9"W"M
!<" ?D>o$ "4 :"J2$@"9a? 9$9a4#
#?5$2>?K 9": 3>:@":>5>W": 3$ 2$5$9;<" %
>9D?95>KM .?K @2_5>E? @"3$ E"#@2"#$A
5$2 " D49E>"9?#$95" ?3$Y4?3" 3":
#$:#": $ "D$2$E$2 2>:E": f E2>?9;?M


&$:#" Y4?93" $:5<" 3$:"E4@?A
3":\ ": 3>:@":>5>W": 3$ 2$5$9;<" >9A
D?95>K 3$W$# $:5?2 E"22$5?#$95$ ?D>A
o?3": @?2? $W>5?2 :$4 3$:K"E?#$95"
9" >95$2>"2 3" W$VE4K"M ,$ @2$D$A
2>2\ 2$#"W?A": 3" >95$2>"2 3" W$VE4K"
Y4?93" 9<" $:5>W$2$# $# 4:"M

0$%’
!;!      !


!<" 45>K>X$ 3>:@":>5>W": 3$ 2$5$9;<" >9D?95>K Y4$ 9<" @"::?# :$2 E"22$5?#$95$ >9:5?K?3": $# :$4 W$VE4K"M +:5$: 3$W$#
$:5?2 3$W>3?#$95$ D>o?3": @$K": E>95": "4 @$K" :>:5$#? =,-O=¡n."@ .$5a$2 $ 9<" 3$W$# @"::4>2 >95$2D$2Z9E>? E"#
3$#?>: @?25$: >95$29?: 3" W$VE4K"M U$2>D>Y4$ :$#@2$ " #?94?K 3" $Y4>@?#$95" @?2? $D$54?2 ? #"95?‘$# E"22$5?#$95$M

4'  - ' K67


     @   
!;! !! ! !!


 -  1) 44= , 3  - , * +*' ’5] 7 ?9" 3$ >3?3$ "4 E"# @$:" ?5] 7H z‘ p«q

 -  B) , G ,4@$2>"2 ? 7 ?9" $ >9D$2>"2 "4 >‘4?K ? I ?9": 3$ >3?3$\ "4 E"# @$:" $952$ ~ $ 7} z‘ p«q
,4@$2>"2 ? I ?9": $ >9D$2>"2 "4 >‘4?K ? { ?9": $ :$>: #$:$:c "4 E2>?9;?: E"# ?5] 7\I6 # 3$ ?K542?
 -  C)    '*67
$ @$:" $952$ 76 ? HF z‘ p«q
,4@$2>"2 ? { ?9": $ :$>: #$:$: $ >9D$2>"2 "4 >‘4?K ? 7G ?9":c "4 E2>?9;?: E"# ?K542? :4@$2>"2 ?
 -  D) ,   5-  6  *+,-'
7\I6 #M

p«q 8"9D"2#$ K>#>5$ #_o>#" 3$D>9>3" @$K" D?J2>E?95$ 3" 3>:@":>5>W"M

0$%*
4' 
 5

% ,     % ,    & BO 3 '  % ,    & BO 3 ' 


5  % ,    & CO 3 ' 
/ 5 0 /  ,  '0 /  '  0

R24@" 7 ( p«q (7 (7 (O
7 7
R24@" L ( p««q ( ( (O

R24@" H ( p««q (7 (7 (O
 d  '67 ,
+*' ,
 
 - *   /- ' K   ,   5-  60:
 d  '67 ,
+*' ,
 
   67 - *   *        
 ,G  *+,-':
N d  4  
 5
  :
7 § - J?9E" 3" @?::?‘$>2" K"E?K>X?3" ? D2$95$ 3" 3>:@":>5>W" 3$ 2$5$9;<" >9D?95>K 3$W$2_ :$2 ?^4:5?3" 9? @":>;<" #?>: ? D2$95$ @"::VW$K @?2?
$W>5?2 " E"95?5" 3? E2>?9;? $ "4 3" 3>:@":>5>W" 3$ 2$5$9;<" >9D?95>K E"# " J?9E"M
p«q § &"W$2 " ?::$95" 3" @?::?‘$>2" D2"95?K 9? @":>;<" #?>: 2$E4?3? @"::VW$KM =9:5?K?;<" @$2#>5>3? :"#$95$ E"# ?>2J?‘ 3$:?5>W?3"M
p««q § &"W$2 " ?::$95" 3" @?::?‘$>2" D2"95?K @?2? ? @":>;<" >#$3>?5?#$95$ ? D2$95$ 3? E"K49? "93$ " E>95" ] D>o?3"\ ‘?2?95>93" Y4$ " E>95"
$:5$^? 5$9:>"9?3" ?@g: ? >9:5?K?;<" 3" 3>:@":>5>W" 3$ 2$5$9;<" >9D?95>KM ’ >9EK>9?;<" 3" ?::$95" 3$W$ :$2 2$‘4K?3? @?2? 2$#"W$2 Y4?>:Y4$2
D"K‘?: 342?95$ ? >9:5?K?;<" 3" 3>:@":>5>W"M %


1?2? E"22$5? >9:5?K?;<"\ @":>E>"9$ " ?@">?AE?J$;? 9? @":>;<" #?>: ?K5? "4 2$#"W?A" @?2? $W>5?2 >95$2D$2Z9E>? $952$
$K$ $ " 3>:@":>5>W" 3$ 2$5$9;<" >9D?95>KM 1?2? ?E$::" ? 3$:E2>;<" :"J2$ ? 2$‘4K?‘$# 3": ?@">?AE?J$;?:\ E"9:4K5?2
w’@">?AE?J$;?:y 9" E?@V54K" w8"9a$E$93" " :$4 W$VE4K"yM


+# E?:" 3$ 2$#";<" 3" ?@">?AE?J$;?:\ $:5$ 3$W$ :$2 2$E"K"E?3" :$#@2$ Y4$ " ?::$95" 9<" $:5>W$2 E"# ? E?3$>2>9a?
>9:5?K?3?M 8"9D>2? :$#@2$ ?: >9:524;[$: 3$ #"95?‘$# 3" #?94?K 3" 3>:@":>5>W" 3$ 2$5$9;<" >9D?95>KM 8"9D>2? :$#@2$
?: >9:524;[$: 3$ #"95?‘$# 3" #?94?K 3" 3>:@":>5>W" 3$ 2$5$9;<" >9D?95>KM

0$%+

’@g: >9:5?K?3" 4# 3>:@":>5>W" 3$ 2$5$9;<" >9D?95>K 9? :$‘493? D>K$>2?\ 5"3? #"W>#$95?;<" $ 2$‘4K?‘$# 3": ?::$95":
3$W$# :$2 $W>5?3?: $\ :$ 9$E$::_2>"\ 2$?K>X?3?: W$2>D>E?93" :$ " 3>:@":>5>W" @$2#?9$E$ $# #"95?‘$# E"22$5?\ :$#
D"K‘?: "4 >95$2D$2Z9E>?: E"# "452?: @?25$: 3" W$VE4K"M

!#!
RC’U+ 1+C=R-%
!49E? 45>K>X?2 3>:@":>5>W": 3$ 2$5$9;<" >9D?95>K W"K5?3": E"952? " :$95>3" 3$ #?2Ea? 9" J?9E" 3>?95$>2" E"# ?>2J?‘
3" K?3" 3" @?::?‘$>2"M

0$%,
! !!  " "! ,>‘? :$#@2$ ?: >9:524;[$: E"95>3?:
   !! 9" #?94?K 3$ >9:5?K?;<" 3" 3>:@":>A
!!$  N   5>W" 3$ 2$5$9;<" >9D?95>KM

1?2? >9:5?K?2 4# 3>:@":>5>W" 3$ 2$A
-: J?9E": 52?:$>2": 3" W$VE4K" pL⁄ 5$9;<" >9D?95>K =,-O=¡\ ] 9$E$::_2>"
D>K$>2?q $:5<" $Y4>@?3": E"# D>o?;[$: D>o_AK" f: 34?: d9E"2?: #$5_K>E?: !
=,-O=¡M K"E?K>X?3?: f D2$95$ 3" J?9E" 52?A
:$>2"\ 9" @"95" 3$ $9E"952" 3" ?:A
."3?: ?: 52Z: @":>;[$: @$2#>5$# ?
:$95" E"# " $9E":5"M
>9:5?K?;<" 3$ E?3$>2>9a?:M ’ 5V54K" 3$ 3$#"9:52?;<"\ ? D>‘42?
’ E?3$>2>9a? >9:5?K?3? 9? @":>;<" :$‘4>95$ ] 4# $o$#@K" 3$ E?3$>2>9a?
E$952?K\ >#@$3$ Y4$ "452?: E?3$>2>A 3$ E2>?9;? =,-O=¡ ‘24@" 49>W$2:?K 7M
9a?: :$^?# >9:5?K?3?:\ @">: 45>K>X? ?:
d9E"2?: 3$ D>o?;<" 3?: @":>;[$: K?5$A
2?>:M
%
+:5?: D>o?;[$: @$2#>5$# Y4$ W"EZ
#"95$ :>:5$#?: 3$ 2$5$9;<" >9D?95>K
=,-O=¡\ :$# 4:?2 ": E>95": 3$ :$A
‘42?9;? 3" W$VE4K"\ #?:\ ?^4:5?93"
" ?::$95" 3$ E2>?9;? 3>2$5?#$95$ f: +# :$‘4>3?\ @2$93$2 ? E"22$>?
52Z: d9E"2?: 3>:@"9VW$>: 9" W$VE4K"M :4@$2>"2   p3>:@"9VW$K $#
E"9^495" E"# ? E?3$>2>9a?q $# 4#? !<" 45>K>X$ " #$:#" ‘?9Ea" 3$
e @"::VW$K $D$54?2 ? #"95?‘$# 3$
3?: d9E"2?: % K"E?K>X?3?: 9? @?25$ ?9E"2?‘$# =,-O=¡ @?2? >9:5?K?2 #?>:
3>:@":>5>W": 3$ 2$5$9;<" >9D?95>K E"#
>9D$2>"2 52?:$>2? 3" ?::$95"\ @?2? 3$ 4# 3>:@":>5>W" 3$ 2$5$9;<" >9D?95>K
5$E9"K"‘>?: =,-O=¡ $ ": E"9W$9E>"A
4#? ?3$Y4?3? ?9E"2?‘$#M ?" #$:#" 5$#@"M
9?>: p45>K>X?93" E>95": 3$ :$‘42?9;?q
$# 3>D$2$95$: ?::$95": 3" #$:#" W$VA
E4K"\ 3$:3$ Y4$ 2$:@$>5?3?: ?: >9A
3>E?;[$: 3?: 5?J$K?: 3$ #"95?‘$#M

0$%-
W$VE4K"\ #"W$93" " 3>:@":>5>W" 3$ 2$A

5$9;<" >9D?95>K $ W$2>D>E?93" ": >93>A
’ D>‘42? ?95$2>"2 ] ?@$9?: >93>E?A E?3"2$: 3$ E"22$5? D>o?;<" @2$:$95$:
5>W? @?2? ? #"95?‘$#M ’ #"95?‘$# 9": 3>:@":>5>W": 3$ 2$5$9;<" >9D?95>KM
3$W$ :$2 2$?K>X?3? 3$ ?E"23" E"# ?:
>9:524;[$: E"95>3?: 9" 3>:@":>5>W" 3$ 1?2? D?E>K>5?2 ? >9:5?K?;<"\ >9EK>9?2
2$5$9;<" >9D?95>K $ :$4 #?94?K 3$ >9:A K$W$#$95$ " 3>:@":>5>W" 3$ 2$5$9;<"
5?K?;<"M - $9E?>o$ E"22$5" 3" 3>:@"A >9D?95>K\ 3$ D"2#? Y4$ ": ‘?9Ea":
:>5>W" =,-O=¡ ] $W>3$9E>?3" @"2 4# =,-O=¡ D>Y4$# #?>: J?>o": Y4$ ?
EK>Y4$M "452? $o52$#>3?3$M

-: "452": ‘24@": :<" E"J$25": @"2


?::$95": =,-O=¡ $:@$EVD>E":\ $ :"A
#$95$ @"3$# :$2 4:?3": :$ $:@$E>A
D>E?#$95$ 5$:5?3": @?2? $:5$ W$VE4K"
pE$25>D>Y4$A:$ 9" #?94?K 3" 3>:@":>A
5>W" 3$ 2$5$9;<" >9D?95>K :$ " #$:#"
] >93>E?3" @?2? $:5$ W$VE4K"qM


*>:@":>5>W": 3$ 2$5$9;<" >9D?95>K 3?
E?5$‘"2>? :$#>49>W$2:?K @"3$# 45>K>A
X?2 "452": #]5"3": ?95>22"5?;<" $#
:4J:5>54>;<" ? E"22$>? ."@ .$5a$2\ @"2
$o$#@K"\ @$29?: ?95>22"5?E>"9?>:M


8"9D>2? :$#@2$ :$ ": ‘?9Ea": =,-A
O=¡ $:5<" E"22$5?#$95$ D>o?3": ?"
0$&.
!;!  !  !! " !! !!  !! N
% ,    & % ,    BO
5  % ,     % ,    &
5        * BO 3 '  /  3 '  / 

   ' / 5 0 CO 3 ' 
,  '0 '  0
R24@" G p› 7G
+ =,-nC7 ¡ =) p««q =) p«««q ¡
h‘q
+ =,-nC7 ¡ =) p««q =) p«««q ¡
R24@" G ƒ p› 7H
* =,-nCL ¡ =) p««q =) p«««q ¡
h‘q
8 =,-nCH ¡ =) p«q p««q =) p«q p«««q ¡

* =,-nCL ¡ =) p««q =) p«««q ¡

8 =,-nCH ¡ =) p«q p««q =) p«q p«««q ¡


R24@" 7 p~ ? 7}
B =,-nOL ¡ =(O p««q =(O p«««q ¡
h‘q
B7 =,-nOL¡ ¡ =(O p««q =(O p«««q ¡ %
’ =,-nOH ¡ =(O p««q =(O p«««q ¡
¡ § 12">J>3? ? #"95?‘$# 3$ 3>:@":>5>W" E"# =,-O=¡ 9$::$ ?::$95"M
=) § =9:5?K?;<" E"#@?5VW$K E"# 3>:@":>5>W": =,-O=¡ 3$ E?5$‘"2>? :$#>49>W$2:?K\ a"#"K"‘?3": $:@$E>D>E?#$95$ @?2? $:5$ W$VE4K"M !$E$::_2>"
E"9:4K5?2 ? K>:5? 3$ W$VE4K": ?@2"W?3": 9" #?94?K 3" 3>:@":>5>W" 3$ 2$5$9;<" >9D?95>K @?2? E$25>D>E?2A:$ 3? @"::>J>K>3?3$ 3$ 4:" 9$:5$ W$VE4K"M
=)p«q § &"95?‘$# @"::VW$K #$3>?95$ 2$‘4K?‘$# 3" J?9E" ?95$2>"2M
=(O § =9:5?K?;<" E"#@?5VW$K E"# 3>:@":>5>W": =,-O=¡ E?5$‘"2>? 49>W$2:?K E"# #"95?‘$# "2>$95?3? @?2? ? D2$95$ 3" W$VE4K" a"#"K"‘?3": @?2?
$:5$ ‘24@" 3$ @$:"M
p««q § ’ #"95?‘$# ] @"::VW$K 45>K>X?93" ? ?9E"2?‘$# E$952?K $ E"#@?25>Ka?93" 4#? ?9E"2?‘$# 3" ?::$95" K?5$2?K 3" K?3" 3" #"5"2>:5?M ’
45>K>X?;<" 3" 3>:@":>5>W" 9? @":>;<" E$952?K >#@"::>J>K>5? ? #"95?‘$# 3" #$:#" 9" ?::$95" K?5$2?K 3" K?3" 3" #"5"2>:5?M
p«««q § ’ 45>K>X?;<" 3" 3>:@":>5>W" 9" ?::$95" K?5$2?K p34@K" FGq 3" K?3" 3" #"5"2>:5? >#@"::>J>K>5? ? #"95?‘$# 3" #$:#" 9" ?::$95" E$952?KM

8"9:4K5$ :$#@2$ ? K$‘>:K?;<" W>‘$95$ 9" @?V: 2$K?5>W? ?" 4:" 3$ 3>:@":>5>W": 3$ 2$5$9;<" >9D?95>KM

0$&!
   p,>3$ J?‘q 3" #"5"2>:5? $ 3" @?:A !%! !
:?‘$>2"M -: ?>2J?‘: D2"95?>: p#"5"2>:5?
  '  ’>2J?‘: K?5$2?>: @?2? ? @2"5$;<" $ @?::?‘$>2"q $ " ?>2J?‘ @?2? ":
  3? E?J$;? 3": "E4@?95$: 3": K4A ^"$Ka": 3" E"9345"2 p:$ $Y4>@?3"q
‘?2$: 3>?95$>2": $ 3": "E4@?9A @2"5$‘$# ": "E4@?95$: 3": K4‘?2$:
!%! 5$: 3": K4‘?2$: 52?:$>2": K?5$2?>: 3>?95$>2": 9?: E"K>:[$: D2"95?>: 3$
- W$VE4K" $:5_ $Y4>@?3"\ E"9D"2#$ p¤>93"i J?‘:qM ‘2?W>3?3$ #]3>?A?K5?\ ?52?W]: 3?
? W$2:<"\ E"#% >95$2@":>;<" 3? J"K:? Y4$ :$ >9DK?
’ @":>;<" 3": ?>2J?‘: $:5_ ?::>A $952$ " "E4@?95$ $ " W"K?95$ "4 "
9?K?3?\ 9" W$VE4K"\ E"# ? >93>E?A @?>9$K 3$ >9:524#$95":M
;<" r’=CB’Rr :>54?3? 9" E$952" 3"
’ 9<" ?5>W?;<" 3": ?>2J?‘: 9": "4A
W"K?95$\ 9" @?>9$K 3$ >9:524#$95":\
52": 5>@": 3$ Ea"Y4$ pK?5$2?K\ @":5$A
9" 2$W$:5>#$95" K?5$2?K "4 94#? $5>A
2>"2\ E?@"5?#$95"\ $5EMq 9<" ] @"2A
Y4$5? @2go>#" 3" @"95" 3$ ?J$2542?
5?95" :>9v9>#" 3$ D49E>"9?#$95" >2A
3" ?>2J?‘M
2$‘4K?2 3" :>:5$#?M
-: ?>2J?‘: D2"95?>: p#"5"2>:5? $
@?::?‘$>2"q 9<" :<" :4J:5>54VW$>:\ #?:
7M ’>2J?‘: D2"95?>: @?2? " #"5"A E"#@K$#$95?2$: ?" 4:" 3": E>95": 3$
!#!
2>:5?M :$‘42?9;?\ Y4$ ] "J2>‘?5g2>"\ E"#"
1?2? 9<" ?K5$2?2 ? :$9:>J>K>3?3$ @2$:E2>5" @$K? K$‘>:K?;<" W>‘$95$M
LM ’>2J?‘: D2"95?>: @?2? " @?::?A
3" :>:5$#? ?>2J?‘\ $W>5$ ? >9:5?K?;<"
‘$>2"M +# E?:" 3$ E"K>:<"\ 4#? @$::"?
9" W$VE4K"\ 3$ ?95$@?2":\ @2"5$;[$:
HM ’>2J?‘ 3$ ^"$Ka": @?2? " #"5"A D2"95?>: $n"4 K?5$2?>:\ ?E$::g2>": 9<" Y4$ 9<" 45>K>X$ ": E>95": 3$ :$‘4A
2>:5?M ‘$94V9": "4 9<" a"#"K"‘?3": "4 2?9;? ] @2"^$5?3? @?2? ? D2$95$ $ @"3$
#$:#" E"#@"9$95$: 9<" @2$E"9>X?A J?5$2 9? J"K:? ?>93? $# D?:$ 3$ ?J$2A
!'9
  
   +* a , & 3": @$K? D_J2>E?M 542?M !$::? :>54?;<"\ ? @2"5$;<" "D$A
3
  * 7) 2$E>3? @$K? J"K:? D>E? @2$^43>E?3?M
-J:$2W$ :$#@2$ ?: 2$E"#$93?A
 ’>2J?‘: K?5$2?>: 3>?95$>2": @?2? ?
;[$: 3$::$ #?94?KM
@2"5$;<" 3? J?E>?\ 5g2?o $ E":5?:
0$&"
-: ?>2J?‘: D2"95?>: @"3$# 9<" ! 45 3  ' '
  ! 45 3  '  '  &
?5>W?2A:$ 9": :$‘4>95$: E?:":% 5   , G   ,  6
e E"9:5>54V3" @"2 4#? J"K:? 3$
$9Ea>#$95" >9:5?95d9$" E"95>3? 94# - 52?9:@"25$ 3$ E2>?9;?: 9" J?9E"
 8a"Y4$: D2"95?>: E"952? "J^$5": W<" $:@$EVD>E" K"E?K>X?3" 9" E$952" 3>?95$>2" ] @2">J>3"\ :?KW" $oE$;[$:
#4>5" 3$D"2#_W$>:\ Y4$ 9<" ?D$A 3" W"K?95$M >93>E?3?: ?95$2>"2#$95$ 9$:5$ E?@VA
5?# ? :4@$2DVE>$ D2"95?K 3" W$VA 54K"M +# 5?>: E?:": $oE$@E>"9?>:\ ?:
E4K" p@"2 $oM\ >#@?E5" 3" @?2?A E?3$>2>9a?: Y4$ :$ #"95?# 9" :$9A
! 45 3  ' ' 5 
K?#?: E"952? #42$5?: "4 J?22?: 5>3" E"952_2>" ?" 3$ #?2Ea? 9<" 3$A
3$ :$‘42?9;? 3? W>?q e E"9:5>54V3" @"2 4#? J"K:? E"# W$# ! :$2 #"95?3?: 9" J?9E"
 +9E?>o$ 3" W$VE4K" :"J "452": $9Ea>#$95" >9:5?95d9$" E"95>3? 3>?95$>2" E"# ?>2J?‘ 3" K?3" 3" @?:A
W$VE4K": "4 J?22$>2?: 3$ @2"5$;<" 94# ?3$Y4?3" E"#@?25>#$95" :?‘$>2" ?5>W"\ 4#? W$X Y4$ ? ?5>W?;<"
p@"2 $o$#@K" :"J E?#>9a[$: "4 :>54?3" 9" @?>9$K 3$ >9:524#$95":\ 3" ?>2J?‘\ $# E?:" 3$ Ea"Y4$\ @"A
J?22?: K?5$2?>: 3? W>?qM E"# 4# #?>"2 W"K4#$ $# 2$K?;<" f 3$2>? @2"34X>2 K$:[$: #"25?>: 9? E2>A
3" K?3" 3" E"9345"2M ?9;? 52?9:@"25?3?M
’ 9<" ?5>W?;<" 9?: E"93>;[$:
?E>#? 3$:E2>5?: 3$W$A:$ ?" D?5" 3$ ! 45   P'G /\  450  %
": ?>2J?‘: @"3$2$# 9<" "D$2$E$2 ' 
 
Y4?KY4$2 @2"5$;<" ?3>E>"9?K 2$K?5>A - ?>2J?‘ @?2? ^"$Ka": ] E"9:5>54V3" !#!
W?#$95$ ?": E>95": 3$ :$‘42?9;? $\ @"2 4#? J"K:? 3$ $9Ea>#$95" >9:5?9A
@"2 >::"\ ? 2$:@$E5>W? ?5>W?;<" :$2>? ’K‘4#?: W$2:[$: 5Z# ?>2J?‘ D2"9A
5d9$" E"95>3? $# 4# W<" $:@$EVD>E"
>9"@"2549?M 5?K 3" K?3" 3" @?::?‘$>2" ,+&1C+
:>54?3" :"J ? E"J$2542? 3? E"K49? >9A
’.=U-M
’ 9<" ?5>W?;<"\ 9$:5$: E?:":\ 9<" D$2>"2 f ?K542? 3": ^"$Ka": 3" #"5"A
>93>E? 4#? ?W?2>? 3" :>:5$#?M 2>:5?M - z9$$ J?‘ D"29$E$ 4#? @2"5$A !$::$: E?:":\ ] @2">J>3" " 52?9:A
;<" ?3>E>"9?K ?" #"5"2>:5? $# E?:" @"25$ 3? E2>?9;? 9" J?9E" 3>?95$>2"M
3$ >#@?E5" D2"95?K W>"K$95"M
,$‘4>2 "  ?: 2$E"#$93?;[$:
@2$:$95$: 9? $5>Y4$5? :>54?3? 9" @?2?A
:"K 3" K?3" 3" @?::?‘$>2"M

0$&%
 *67   45 '  2?95$ ": @2>#$>2": :$‘493":\ " ?E$9A   45
5 )  45 3  '   45 3>#$95" 3": )+*: 9<" >93>E? " 2$?K ,<" E"9:5>54V3": @"2 3">: 5>@": 3$
' '    67  4, a  $:5?3" 3? @2"5$;<" 3" @?::?‘$>2"\ J"K:?: 9": $9E":5": 3": J?9E": 3>?9A
R (   , / .- 0 #?: 5$# ?@$9?: " "J^$5>W" 3$ W$2>D>A 5$>2": Y4$ @2"5$‘$# ? _2$? 3? J?E>?\
- 52?9:@"25$ 3$ E2>?9;?: 9" J?9E" E?2 " :$4 E"22$5" D49E>"9?#$95"M ’ 3" 5g2?o $ 3?: E":5?: 3": "E4@?95$:
3>?95$>2" ] @2">J>3"\ :?KW" $oE$;[$: :$‘4>2 ?" 5$:5$\ E"# ? 342?;<" 3$ ?KA $# E?:" 3$ E"K>:<" K?5$2?K 3$ ‘2?W>A
>93>E?3?: ?95$2>"2#$95$ 9$:5$ E?@VA ‘49: :$‘493":\ ": )+*: >93>E?2<" " 3?3$ #]3>?A?K5?M
54K"M +# 5?>: E?:": $oE$@E>"9?>:\ $:5?3" 3? @2"5$;<" 3" ?>2J?‘ 3" @?:A
:?‘$>2"M ,<" ?::>9?K?3": @$K? $5>Y4$5? r’=CA
E?:" :$^? 9$E$::_2>" 52?9:@"25?2 4#?
B’Rr E":542?3? 9" K?3" $o5$2>"2 3":
E2>?9;? 94#? E?3$>2>9a? W>2?3? 9" 67  5   *) " J?9E": 3>?95$>2":M
:$95>3" "@":5" ?" :$95>3" 3$ #?2Ea? )+*  ?E$93$A:$ E"# K4X D>o?M
9" J?9E" 3>?95$>2"\ ] 9$E$::_2>" 3$A
67  5   & S ^ 45
:?5>W?2 " ?>2J?‘ D2"95?K 3" K?3" 3"
@?::?‘$>2" $ " ?>2J?‘ K?5$2?K 3>?95$>2" *) " )+*  ?E$93$A:$ E"# e E"9:5>54V3" @"2 4#? J"K:? w3$
p,>3$ J?‘qM K4X D>o?M E"25>9?y ?K"^?3? @"2 52_: 3": 2$W$:5>A
1?2? ? 3$:?5>W?;<" 3": ?>2J?‘:\ -: )+*: @"3$# ?E$93$2A:$ E"# #$95": K?5$2?>: 3" 5$5" $ E"J$25? @"2
?54?2 9" &$94 3" 3>:@K?x pE"9:4KA >95$9:>3?3$: 3>D$2$95$:\ E"9D"2#$ ?: ?E?J?#$95": ?3$Y4?3":M
5?2 " @?2_‘2?D" w*>:@K?xy 9" E?@V54K" E"93>;[$: 3" W$VE4K"M ’ >95$9:>3?3$ .Z# " "J^$5>W" 3$ @2"5$‘$2 ? E?A
w8"9a$E$93" " :$4 @?>9$K 3$ >9:524A @"3$ W?2>?2 342?95$ " #$:#" E>EK" J$;? 3": "E4@?95$: 3>?95$>2": $ 52?A
#$95":yqM 3$ Ea?W$M :$>2": $# E?:" 3$ E"K>:<" K?5$2?K\ ‘2?A
!? #"K342?\ :>54?3? 9" @?>9$K ;?: f :4? ?#@K? :4@$2DVE>$ 3$ 3$:$9A
3$ >9:524#$95":\ $:5<" @2$:$95$: ": !%! !! / .- 0 W"KW>#$95"M
)+*:  $  M 1?2? ?4#$95?2 ? @2"5$;<" 3": "E4A +# E?:" 3$ Ea"Y4$: K?5$2?>: 3$
@?95$:\ $# E?:" 3$ Ea"Y4$ K?5$2?K\ J?>o? ‘2?W>3?3$\ ? ?5>W?;<" 3": ?>2A
8"K"E?93" " E"#45?3"2 3$ >‘9>A
" W$VE4K" $:5_ $Y4>@?3" E"# ?>2J?‘: J?‘: K?5$2?>: 9<" ] 9$E$::_2>?M
;<" 9? @":>;<"  \ ": 3">: )+*:
?E$93$#A:$ 342?95$ ?K‘49: :$‘49A K?5$2?>: 3>?95$>2": p,>3$ J?‘q $ ?>2J?‘: ’ #$Ka"2 @2"5$;<" @"2 @?25$ 3"
3":M 8?:" >::" 9<" ?E"95$;?\ 3>2>‘>2A 3$ E"25>9? p¤>93"i J?‘qM :>:5$#? $# E?:" 3$ E"K>:<" K?5$2?K
:$ f   ! = ,  > M *4A "J5]#A:$ #?95$93" 4#? E"22$5? @"A
0$&&
:>;<" 9" J?9E" @$2#>5>93"\ 3$::$ $:5$ @"::? $9Ea$2A:$ :$# $9E"952?2 5>3" 3$ #?2Ea?M ’K]# 3>::"\ " J?9E"
#"3"\ 4# E"22$5" 3$:3"J2?#$95" 3" "J:5_E4K":M 3>?95$>2" 3" @?::?‘$>2" 3$W$ :$2 2$A
¤>93"i J?‘M ‘4K?3" @?2? ? @":>;<" #?>: 2$E4?3?\
!<" E"934X>2 E"# " E"2@" 3$J24A @?2? $W>5?2 @"::VW$>: E"95?5": 3? E?A
;?3" @?2? ? D2$95$ #?: #?95$2 " $9A 3$>2>9a? @?2? E2>?9;?: E"# " @?>9$KM
E":5" 94#? @":>;<" $2$5?\ ?@">?93" C$?5>W?2 >#$3>?5?#$95$ " ?>2J?‘ 3"
J$# ?: E":5?:M @?::?‘$>2" ?::># Y4$ :$ 5>W$2 3$:>9:A
!#!
5?K?3" ? @2g@2>? E?3$>2>9a?M
!<" ?@K>E?2 ?3$:>W": "4 "452": "JA
^$5": 9" W"K?95$\ 9" @?>9$K 9? _2$?
3" ?>2J?‘ 3" K?3" 3" @?::?‘$>2"\ 9" !#!
2$W$:5>#$95" K?5$2?K 3" K?3" 3" 5$5"
$ 9": J?9E":M - 52?9:@"25$ 3$ E2>?9;?: 9" J?9E" !#!
3>?95$>2" ] @2">J>3"\ :?KW" $oE$;[$: 1?2? ? 3$:?5>W?;<" 3": ?>2J?‘:\ 45>A
!<" E"K"E?2 "J^$5": 9" @?>9$K 9" >93>E?3?: ?95$2>"2#$95$ 9$:5$ E?@VA K>X$ " &$94 3" Y4?32" 3$ >9:524#$9A
K?3" 3" @?::?‘$>2" p@"2 $o$#@K"\ E$A 54K"M +# 5?>: E?:": $oE$@E>"9?>:\ 9?
K4K?2$:q 4#? W$X Y4$ @"3$2>?# >95$2A @2$:$9;? 3$ ?>2J?‘ 3" K?3" 3" @?::?A
5": p:$ $Y4>@?3"qM %
D$2>2 E"# ? E"22$5? ?J$2542? 3" ?>2J?‘ ‘$>2" ?5>W?3"\ !0- >9:5?K?2 E?3$>2>A 8"9:4K5?2 " E?@V54K" w8"9a$E$93"
3" @?::?‘$>2" $\ @"2 "452" K?3"\ E?4A 9a? >9D?95>K W>2?3? 9" :$95>3" "@":5" " :$4 @?>9$K 3$ >9:524#$95":y 9"
:?2 K$:[$: ‘2?W$: ?": "E4@?95$: 3" ?" :$95>3" 3$ #?2Ea? 9" J?9E" 3>A @?2_‘2?D" w-@;[$: 3" #$94yM
W$VE4K"M ?95$>2"M +# E?:" 3$ E"K>:<"\ ? ?5>A
W?;<" 3" ?>2J?‘ @"3$ @2"34X>2 K$A
:[$: #"25?>: 9? E2>?9;? 52?9:@"25?3?\
>93$@$93$95$#$95$ 3? ‘2?W>3?3$ 3?
!#!
E"K>:<"M
!#! !<" @2$93$2 "J^$5": 2V‘>3": ?":
8"934X>2 #?95$93" :$#@2$ ?: 1"25?95"\ 3$:?5>W?2 :$#@2$ " ?>2A E?J>3$: $ f: ?K;?: 3$ :4:5$95?;<"M
#<": 9" W"K?95$\ 3$ #"3" Y4$\ J?‘ 3" K?3" 3" @?::?‘$>2" Y4?93"
$# E?:" 3$ ?5>W?;<" 3" ?>2J?‘\ 9" J?9E" 3>?95$>2" 3" @?::?‘$>2" :$ +::$: "J^$5": @"3$# >95$2D$2>2 E"#
>9:5?K? 4#? E?3$>2>9a? @?2? E2>?9;?: ? E"22$5? ?J$2542? 3": i>93"i J?‘:
#"95?3? 9" :$95>3" "@":5" ?" :$9A
0$&’
$\ @"2 "452" K?3"\ E?4:?2 K$:[$: ‘2?A ;<" @?2? ? @":>;<" \ "4 D>E?2 2": E"# 2$W$:5>#$95":\ E"J$2542?: "4
W$: ?": "E4@?95$: 3" W$VE4K"M ?E$:? 342?95$ ? #?2Ea?\ ] @"::VW$K E?@? @?2? J?9E":M
Y4$ $:5$^? @2$:$95$ 4#? ?9"#?K>?
9": :>:5$#?: 3$ 2$5$9;<"M +:5$: @"3$# @2$^43>E?2 " D49E>"A
9?#$95" 3" :>:5$#?M
!$::$ E?:"\ ": @2]A5$9:>"9?3"2$:
!#! "4 ": ?>2J?‘: @"3$# 9<" :$ ?5>W?2 $#
!<" ?@">?2 ? E?J$;?\ ": J2?;": "4 E?:" 3$ ?E>3$95$ "4\ $# 4# 9u#$2"
": E"5"W$K": 9? @"25?\ 9?: ^?9$K?: $ 3$ E?:": #?>: K>#>5?3"\ ?5>W?2A:$ 3$
!#!
9? _2$? 3" i>93"i J?‘M #"3" $22?3"M ’95$: 3$ @2"::$‘4>2\
E"95?5?2 ?   ! = ,  > !<" W>?^?2 E"# "J^$5": ?" E"K"\
+::?: @2$E?4;[$: 5Z# " "J^$5>W" @?2? " >#$3>?5" E"952"K$ 3" :>:5$#?M $# D2$95$ ?" 5g2?o 9$# E"# E?Ea>#A
$W>5?2 @"::VW$>: K$:[$: 342?95$ ? D?:$ J": "4 K_@>: 9? J"E?\ $5EM
3$ $9Ea>#$95"M
+# E?:" 3$ E"K>:<" E"# >95$2W$9A
;<" 3" ?>2J?‘\ @"3$2<" E?4:?2 3?9":
!#! ‘2?W$:M
+# ?K‘4#?: W$2:[$:\ $# E?:" 3$
!#!
?W?2>? 3" )+*  p:>54?3" 9?
!<" E"K"E?2 949E? ? E?J$;?\ ": #"K342? @2$:$95$ 9" @?>9$K 3$ >9:A
J2?;": $ ": E"5"W$K": D"2? 3?: ^?9$A !#!
524#$95":q\ ?E$93$A:$ ? K4XA$:@>?
K?:M
9" Y4?32" 3$ >9:524#$95":M ,$ " W$VE4K" 5>W$2 :>3" "J^$5" 3$
+W>5$ ?E>3$95$:M 2"4J" "4 5$95?5>W? 3$ 2"4J"\ :$ 5>W$2
’5$9;<" f: :>9?K>X?;[$:M
:"D2>3" ?5": 3$ W?93?K>:#"\ >9493?A
;[$: "4 ?K?‘?#$95":\ #?93?2 W$2>D>A
E?2 " :>:5$#? 3$ ?>2J?‘:M
!#! +::$ @2"E$3>#$95" 3$W$ :$2 2$?K>A
!#!
,$ ? K4XA$:@>? 9<" :$ ?E$93$2 X?3" 9?   ! = ,  > M
!? @2$:$9;? 3$ ,>3$ J?‘:\ 9<" E"A
@":>E>"9?93" " E"#45?3"2 3$ >‘9>A J2>2 " $9E":5" 3": J?9E": 3>?95$>A
0$&*
9$KM C$?5>W?2 >#$3>?5?#$95$ " ?>2A
J?‘ 3" @?::?‘$>2" ?::># Y4$ 5>W$2 3$A
!#! :>9:5?K?3" ? @2g@2>? E?3$>2>9a?M 1"2 !#!
D>#\ 2$E"23?2A:$ Y4$\ :$ " E"#45?3"2
8"# " E"#45?3"2 3$ >‘9>;<" 9? ’ >95$2W$9;<" 3" ?>2J?‘ $:5_
3$ >‘9>;<" :$ $9E"952?2 9? @":>;<"
@":>;<" \ #$:#" E"# " #"5"2 @2$W>:5? @?2? 5>@": 3$ E"K>:[$:
 \ 9$9a4# 3>:@":>5>W" 3$ :$‘4A
3$:K>‘?3"\ ": ?>2J?‘: @"3$# :$2 ?5>A 3$ ‘2?W>3?3$ :4@$2>"2 f 3": @2]A
2?9;? p?>2J?‘: "4 @2]A5$9:>"9?3"2$:q
W?3": 5?#J]# E"# " W$VE4K" @?2?3"\ 5$9:>"9?3"2$:M
] ?5>W?3" $# E?:" 3$ E"K>:<"c ? D?K5?
E?:" $:5$ :"D2? Ea"Y4$ 3$ "452" W$VA
3$ ?5>W?;<" 3$ 5?>: 3>:@":>5>W":\ 9$:A +# E"K>:[$: E"#@2$$93>3?: 9" >9A
E4K" $# #"W>#$95"M ’::>#\ #$:#"
5$: E?:":\ 9<" @"3$ :$2 E"9:>3$2?3? 5$2W?K" $952$ ": 3">: K>#>5$: 3$ ?5>W?A
E"# " W$VE4K" @?2?3"\ :$ $:5>W$2 @2$A
E"#" :>9?K 3$ ?W?2>? 3" :>:5$#?M ;<"\ ] 9"2#?K Y4$ :"#$95$ ": @2]A
:$95$ ?K‘4#? $oE$;<" @2$W>:5? 9? )$>
Y4$ ^4:5>D>Y4$ ? >9:5?K?;<" 3? E?3$>A 5$9:>"9?3"2$: $952$# $# D49E>"9?A
2>9a? 9" J?9E" 3>?95$>2"\ ?: E?3$>A #$95"M
2>9a?: 3$ E2>?9;?: Y4$ :$ #"95?#
9" :$95>3" "@":5" ?" :$95>3" 3? #?2A !#! %
Ea? ! 3$W$# :$2 >9:5?K?3?: 9" ’ ?W?2>? 3? K4XA$:@>? ] >93>E?3?
J?9E" 3>?95$>2" 3" @?::?‘$>2" 9? @2$A E"# " ?E$93>#$95"\ 9" 3>:@K?x 3" !#!
:$9;? 3$ ?>2J?‘ 3" @?::?‘$>2" ?5>W"M Y4?32" 3$ >9:524#$95":\ 3$ 4# VE"9$ - ?>2J?‘ 9<" :4J:5>54> ": E>95":
3$ ?W?2>? 3" ?>2J?‘ $ @$K? W>:4?K>A 3$ :$‘42?9;?\ #?: ?4#$95? ? :4?
1"25?95"\ 3$:?5>W?2 :$#@2$ " ?>2A
X?;<" 3$ 4#? #$9:?‘$# $:@$EVD>E?M $D>E_E>?M
J?‘ 3" K?3" 3" @?::?‘$>2" Y4?93"
!<" :<" 3$:?5>W?3?: ?: E?2‘?: @>2"A
9" J?9E" 3>?95$>2" 3" @?::?‘$>2" :$ *?3" Y4$ ": ?>2J?‘: D2"95?>: 9<"
5]E9>E?:M
>9:5?K? 4#? E?3$>2>9a? @?2? E2>?9;?: >95$2WZ# $# E?:" 3$ E"K>:[$: D2"95?>:
#"95?3? 9" :$95>3" "@":5" ?" :$9A ’95$: 3$ @2"::$‘4>2\ E"95?5?2 ? ? J?>o? W$K"E>3?3$\ E"K>:[$: K?5$2?>:\
5>3" 3$ #?2Ea?M ’K]# 3>::"\ " J?9E"   ! = ,  > @?2? " E"K>:[$: 52?:$>2?: "4 E?@"5?#$95":\
3>?95$>2" 3" @?::?‘$>2" 3$W$ :$2 2$A >#$3>?5" E"952"K$ 3" :>:5$#?M ": "E4@?95$: $:5<" @2"5$‘>3":\ ?K]#
‘4K?3" @?2? ? @":>;<" #?>: 2$E4?3?\ 3": $W$954?>: ?>2J?‘: K?5$2?>:\ @$K":
@?2? $W>5?2 @"::VW$>: E"95?5": 3? E?A E>95": 3$ :$‘42?9;? Y4$\ @"25?95"\
3$>2>9a? @?2? E2>?9;?: E"# " @?>A 3$W$# $:5?2 :$#@2$ ?@$25?3":M

0$&+
E"#@"25?2?#M - +*C D"> @2"^$5?3"
 
@?2? 2$‘>:52?2 3?3": 2$K?E>"9?3": f
!<" K?W?2 ": J?9E": E"# _‘4? "4 ."3?: ?: >95$2W$9;[$: 3$ E"952"K$\ 3>9d#>E? 3" W$VE4K" $ ?": :>:5$#?:
W?@"2 :"J @2$::<" pf #<" "4 9?: $:A 2$@?2?;<" $ :4J:5>54>;<" >9$2$95$: 3$ :$‘42?9;? @"2 4# E425" @$2V"3"
5?;[$: 3$ K?W?‘$# ?45"#_5>E?: @?2? ?": ?>2J?‘: 3$W$# :$2 $D$54?3?: 9? 3$ 5$#@" p9"2#?K#$95$ HG :$‘493":
J?9E":qM   ! = ,  > : "4 #$9":qM
- +*C 9$:5$ W$VE4K" ] @2"^$5?3"
  @?2? 2$‘>:52?2 3?3": E"#"%
’ ?5>W?;<" 3": ?>2J?‘: D2"95?>: $n"4 +# E?:" 3$ :4E?5$?#$95" 3" W$VA
K?5$2?>: ] @"::VW$K :$ " W$VE4K" D"2 E4K"\ 3>2>‘>2A:$ f   ! = ,   8"#" W_2>": :>:5$#?: $# :$4 W$VA
:4J#$5>3" ? D"25$: E"K>:[$: 2$K?E>"A > @?2? 3$:?5>W?2 " :>:5$#? 3$ ?>2A E4K" $:5?W?# "@$2?93"M
9?3?: f _2$? >9D$2>"2 3? E?22"E$2>? J?‘:M  ,$ ": E>95": 3$ :$‘42?9;? 3" #"A
p$oM E"K>:[$: W>"K$95?: E"952? ‘2?A 5"2>:5? $ 3" @?::?‘$>2" $:5?W?#
3$:\ @?::$>":\ Y4$3?: 3" W$VE4K" $# "4 9<" ?D>W$K?3":M
‘2?93$: J42?E": "4 3$@2$::[$: 3$ $:A 
 - Y4?95" " #"5"2>:5? $:5?W? @2$:A
52?3?\ $5EMqM ’ ?5>W?;<" 3$ @2]A5$9:>"9?3"2$: $
:>"9?93" " @$3?K 3" ?E$K$2?3"2
?>2J?‘: ] 3$E>3>3? 3$ #"3" 3>D$2$9A
$n"4 D2$>" pY4?93" ?E>"9?3"qM
E>?3"\ E"# J?:$ 9" 5>@" 3$ E"K>:<"M
 ’ 9<" ?5>W?;<" 3$ 4# "4 #?>: ?>2A  ’ W$K"E>3?3$ $# Y4$ " W$>E4K"
’ $952?3? $# D49E>"9?#$95" 3": J?‘: 9<" >93>E? 4# #?4 D49E>"9?A $:5?W? 52?D$‘?93"M
?>2J?‘: K>J$25? 4#? @$Y4$9? Y4?95>A #$95" 3" :>:5$#?M
3?3$ 3$ @g:% $:5$: 9<" :<" 9"E>W": $ +::$: 3?3": @"3$# ?^43?2 ? D"2A
9<" >93>E?# 4# @2>9EV@>" 3$ >9EZ9A 9$E$2 4#? #$Ka"2 E"#@2$$9:<" 3?:
3>"M !" $95?95"\ " @g @"3$2_ >22>5?2  !!  /0 E>2E49:5d9E>?: $# Y4$ ?E>3$95$: $ K$A
? @$K$ $ ": "Ka":% 9$:5$ E?:"\ K?W?2 +:5$ W$VE4K" $:5_ $Y4>@?3" E"# 4# :[$: "E"22$#M
E"# :?J<" 9$452" $ _‘4?M ‘2?W?3"2 3$ 3?3": 3$ $W$95": p+*CqM
- @2>9E>@?K "J^$5>W" 3$ 4# +*C ]
‘2?W?2 3?3": Y4$ ?^43?2<" ? $95$9A
3$2 E"#" ": :>:5$#?: 3" W$VE4K" :$

0$&,

-: 3?3": :<" ‘2?W?3": @$K" +*C
?@$9?: :$ "E"22$2 4#? :>54?;<" 3$
E"K>:<" 9<" 52>W>?KM !$9a4# 3?3"
] 2$‘>:52?3" @$K" +*C $# E"93>;[$:
9"2#?>: 3$ 3>2$;<" $ 9$9a4# 3?3"
@$::"?K p@"2 $o$#@K"% 9"#$\ :$o"\
>3?3$ $ K"E?K 3" ?E>3$95$qM !" $9A
5?95"\ "452?: @?25$: E"#" ?45"2>3?3$:
3$ ?@K>E?;<" 3? K$>\ @"3$# E"#J>9?2
": 3?3": ‘2?W?3": 9" +*C E"# ": 5>A
@": 3$ 3?3": 3$ >3$95>D>E?;<" @$:A
:"?K ?3Y4>2>3": 2"5>9$>2?#$95$ 34A
2?95$ 4#? >9W$:5>‘?;<" 3$ ?E>3$95$M
%
1?2? K$2 ": 3?3": ‘2?W?3": $# 4#
+*C ] 9$E$::_2>" $Y4>@?#$95" $:@$A
E>?K $ ?E$::" ?" W$VE4K"M ’K]# 3"
D?J2>E?95$ 3" W$VE4K"\ "452?: @?25$:\
E"#" ?45"2>3?3$: @"K>E>?>: Y4$ @":A
:4$# " $Y4>@?#$95" $:@$E>?K\ @"A
3$# K$2 ?: >9D"2#?;[$: :$ $K$: 5>W$A
2$# ?E$::" ?" W$VE4K" "4 ?" +*CM

0$&-
0
'   ' *=8’, *+ *=C+/0- M M M M M M M M M M M M M M M M OA}H

=!.C-*(/0- M M M M M M M M M M M M M M M M M M M M OA7
1’C.=*’ *- &-.-C M M M M M M M M M M M M M M M M OA7
C+8-&+!*’/m+, 1’C’ *+,)=R’C -
&-.-C M M M M M M M M M M M M M M M M M M M M M M M M OAI
OC+=- *+ +,.’8=-!’&+!.- M M M M M M M M M M M OA6
.C’!,&=,,0- ’(.-&“.=8’ M M M M M M M M M M OA7G
.C’/0- =!.+RC’) M M M M M M M M M M M M M M M M OA7{
*=C+/0- ’,,=,.=*’ M M M M M M M M M M M M M M M OAL7
&-*- *+ 8-!*(/0- ,1-C. M M M M M M M M M OAL7
,=,.+&’ ,.’C.',.-1 p,+ +s(=1’*-q M M M M M OALL
)=&=.’*-C *+ U+)-8=*’*+ M M M M M M M M M M OAL{
8-!.C-)+ *+ U+)-8=*’*+ M M M M M M M M M M OAL}
&
,=,.+&’ *+ ’U=,- *+ ’O’,.’&+!.- *’
O’=¡’ *+ C-*’R+& p,+ +s(=1’*-q M M M M M M OAH~
&-!=.-C *+ ,-!-)k!8=’ -( *=,.C’/0-
*- &-.-C=,.’ p*2>W>9‘ *2"i:9$:: ?93
*>:52?E5>"9q p,$ $Y4>@?3"q M M M M M M M M M M M M M OAIH
’,,=,.+!.+ *+ +,.’8=-!’&+!.- M M M M M M M OAII
8¥&+C’ *+ Ce M M M M M M M M M M M M M M M M M M M OAF~
C+’B’,.+8+!*- - U+l8()- M M M M M M M M M M OA{7
R’!8S- *+ C+B-s(+ A p:$ $Y4>@?3"q M M M M M OA{~
1
1
 5<" !@ @2$::>"9?3" 5"3" " E"# $#@422<"\ 2$J"Y4$ "4 ?@2"W$>A
5$#@" ?5] Y4$ " #"5"2 3Z ? @?25>3?M 5?93" ?: 3$:E>3?:M
+952$#": 9" rE"2?;<"r 3" W$VE4K"%
W$^?#": E"#" 45>K>X_AK" 3? #$Ka"2 +::?: #?9"J2?: @"3$# E?4:?2 "
D"2#? $# 5"3?: ?: :4?: @"5$9E>?K>3?A ?DK4o" 3$ E"#J4:5VW$K 9" E"9W$2:"2
3$:M !$:5$ E?@V54K" $:5<" 3$:E2>5": E?5?KV5>E" $ 3?9>D>E_AK" >22$#$3>?W$KA
@2"E$3>#$95": 3$ E"#" E"934X>AK" !#! #$95$M
$# :$‘42?9;? $# Y4?KY4$2 :>54?;<"M - #"5"2 E"9:"#$ "o>‘Z9>" $ K>J$2?
‘_: E?2Jv9>E"\ #"9go>3" 3$ E?2J"9"
$ "452": ‘?:$: 5go>E":M
'    e @$2>‘":" 3$>o?2 " #"5"2 D49E>"A !#!
 9?93" $# K"E?K D$Ea?3"M ’K‘49: E4>3?3": :<" 9$E$::_2>":
9" @2>#$>2" @$2V"3" 3$ W>?‘$#M
" !
!": @2>#$>2": 7FGG h#\ 9<" $o>A
’95$: 3$ K>‘?2 " W$VE4K"\ 2$‘4K?2 "
‘>2 " #_o>#" 3$:$#@$9a" 3" W$VA
J?9E"\ ": $:@$Ka": 2$52"W>:"2$: >95$2A
!#! E4K" p@"2 $oM\ ?E$K$2?;[$: $oE$::>W?:\
9": $ $o5$29": $ ?@$25?2 E"22$5?#$95$
+9Y4?95" " #"5"2 9<" $:5>W$2 K>A 3>:5d9E>?: 3$#?:>?3?#$95$ @2"K"9A
" E>95" 3$ :$‘42?9;?M
‘?3"\ " :$2W"D2$>" 9<" $:5_ ?5>W"M ‘?3?: 9": 2$‘>#$: #_o>#":\ D2$9?A &
1?2? ? @?25>3? 3" #"5"2\ 949E? ‘$9: $oE$::>W?#$95$ J24:E?:\ $5EMqM
@2$::>"9?2 " @$3?K 3" ?E$K$2?3"2M *>?95$ 3>::"\ ] 9$E$::_2>" $o$2E$2
4# $:D"2;" 9" @$3?K 3$ D2$>" #4>5"
,$ D"2 9$E$::_2>"\ 9" 3>:@K?x @"A #?>"2 3" Y4$ " a?J>54?KM
3$# W>:4?K>X?2A:$ #$9:?‘$9: Y4$ >9A
3>E?# " @2"E$3>#$95" @?2? $D$54?2 ? !#!
@?25>3?M 8"# " #"5"2 3$:K>‘?3"\ 9<" 3$>o?2
- W$VE4K" $:5_ $Y4>@?3" E"# 4# " E"#45?3"2 3$ >‘9>;<" 9? @":>;<"
!#!
:>:5$#? 3$ @?25>3? Y4$ D?X ? ‘$:A M
5<" ?45"#_5>E? 3" #"5"2 3$ @?25>3?\ 1?2? ": W$VE4K": E?5?K>:?3": 3$W$
9<" :$93" 9$E$::_2>" #?95$2 " J"A :$2 E"#@K$5?#$95$ $W>5?3" ? @?25>3?

1$!
+:5? ?5>543$ $W>5? " E"9:4#" >93$A !@! "4 @2$::>"9?2 "  +9‘?5?2 " D2$>" 3$ $:5?E>"9?#$95"
:$^_W$K 3$ $9$2‘>? 3? J?5$2>?M J"5<" !@ M $K]52>E" $ @":>E>"9?2 ? ?K?W?9E?
 ,$ " #"5"2 9<" K>‘?2\ W"K5?2 3$ Ed#J>" 9? @":>;<" p+:5?E>"A
" E"#45?3"2 3$ >‘9>;<" @?2? 9?#$95"q "4  p1"95" #"25"qM
" !! ?
? @":>;<"  ‘>2?93" ?  1>:?2 9" @$3?K 3$ D2$>"\ :$# @>:?2
N
Ea?W$ "4 @2$::>"9?93" " J"5<" 9" ?E$K$2?3"2M
’@g: ‘>2?2 ? Ea?W$ @?2? ? @":>A !@ $ ?‘4?23?2 7G76  R>2?2 ? Ea?W$ 9" E"#45?3"2 3$
;<" !@! "4 @2$::>"9?2 " J"A :$‘493": ?95$: 3$ 2$@$5>2 ? >‘9>;<" ?5] ? @":>;<" ! "4
5<" !@ \ " :>:5$#? >2_ ?5>A #?9"J2? 3$ @?25>3?M @2$::>"9?2 " J"5<" !@ M
W?2 " #"5"2 3$ @?25>3? @$K" 5$#@"
 ,$ " #"5"2 9<" K>‘?2\ W"K5?2
9$E$::_2>" ?" D49E>"9?#$95" 3" #"A
" !! ? " E"#45?3"2 3$ >‘9>;<" @?2?
5"2M +# E?:" 3$ 9<" D49E>"9?#$95"
 ? @":>;<"  ‘>2?93" ?
3" #"5"2\ " :>:5$#? >2_ >95$22"#@$2
Ea?W$ "4 @2$::>"9?93" " J"5<"
? 5$95?5>W? 3$ @?25>3? ?@g: 4# 5$#@"
!@ $ ?‘4?23?2 7G76
#_o>#" 3$ 7G :$‘493":\ "E?:><" $#
:$‘493": ?95$: 3$ 2$@$5>2 ?
Y4$ @"3$2_ :$2 $D$54?3? 4#? 9"W?
!#! #?9"J2? 3$ @?25>3?M
5$95?5>W? 3$ K>‘?2 " #"5"2M
- ?E$93>#$95" 3? K4XA$:@>? 3$
12"E$3$2 3" :$‘4>95$ #"3"% #"3" >95$2#>5$95$ ?@g: ? @?25>3? "4 
342?95$ 4#? E"934;<" @2"K"9‘?3?
 +9‘?5?2 " D2$>" 3$ $:5?E>"9?#$95" ,$\ E"# " E"#45?3"2 3$ >‘9>;<" 9?
?::>9?K? 4#? ?9"#?K>? 9" :>:5$#? 3$
$K]52>E" $ @":>E>"9?2 ? ?K?W?9E? @2$?Y4$E>#$95" 3?: W$K?:M @":>;<"  \ " :V#J"K" 9" 3>:A
3$ Ed#J>" 9? @":>;<" p+:5?E>"A @K?x @$2#?9$E$2 ?E$:" ^495?#$95$
9?#$95"q "4  p1"95" #"25"qM ,$ " #"5"2 K>‘?2\ ] @"::VW$K 45>K>X?2 E"# ? K4XA$:@>? \ W"K5?2 ? E"K"E?2
 1>:?2 9" @$3?K 3$ D2$>"\ :$# @>:?2 2$‘4K?2#$95$ " W$VE4K"\ #?: ] @2$A " E"#45?3"2 9? @":>;<"  @ $
9" ?E$K$2?3"2M E>:" 3>2>‘>2A:$ >#$3>?5?#$95$ f  3$@">: 9"W?#$95$ $#  M ,$ ? K4XA
 ! = ,  > : $:@>? p"4 " :V#J"K" 9" 3>:@K?xq @$2A
 R>2?2 ? Ea?W$ 9" E"#45?3"2
3$ >‘9>;<" ?5] ? @":>;<" #?9$E$2 ?E$:?\ W"K5?2 ? 5$95?2 E"# ?:
12"E$3$2 3" :$‘4>95$ #"3"% "452?: Ea?W$: D"29$E>3?:M ,$\ #$:#"

1$"
?::>#\ 9<" D"2 @"::VW$K K>‘?2 " #"5"2\ !<" 5$95?2 ? @?25>3? 3" #"5"2\ 2$A
 J"E?93" "4 $#@422?93" " W$VE4K"M
3>2>‘>2A:$ f   ! = ,  > M
(#? @?25>3? ?@g: >9?5>W>3?3$ @2"A +:5$ @2"E$3>#$95" @"3$ 3?9>D>E?2 "
K"9‘?3? 3" W$VE4K" @?25>E4K?2#$95$ Ed#J>" ?45"#_5>E"M
!! ! < !! 3>DVE>K\ @"3$ 5?#J]# :$2 @2"W"E?3?
!! @$K" @?2E>?K 3$:E?22$‘?#$95" 3? J?A +# E?:" 3$ J?5$2>? 3$:E?22$‘?3?\ ]
5$2>?M !$::$ E?:"\ E"9:4K5?2 " @?2_A @"::VW$K $D$54?2 4#? @?25>3? 3$ $#$2A
s4?93" " W$VE4K" 9<" D"2 K>‘?3" ‘Z9E>? K>‘?93"A?\ ?52?W]: 3$ E?J":
"4 E"934X>3" 342?95$ @$K" #$9": HG ‘2?D" r1?25>3? 3$ $#$2‘Z9E>?r 9" E?A
@V54K" r+# E?:" 3$ $#$2‘Z9E>?rM ?3$Y4?3":\ ? 4#? J?5$2>? ?4o>K>?2 "4
3>?:\ ] ?E"9:$Ka_W$K 5$2 ": :$‘4>95$: f J?5$2>? 3$ "452" W$VE4K"M ."3?W>?\
E4>3?3":M $:5? #?9"J2? @"3$ :$2 @$2>‘":? :$
1?2? K>‘?2 " #"5"2\ @2"E$3$2 3" !!  !!  " $D$54?3? 3$ #"3" >9E"22$5"M 8"9:4KA
:$‘4>95$ #"3"% 5?2 " @?2_‘2?D" r1?25>3? 3$ $#$2‘Z9A
!* 
E>?r 9" E?@V54K" r+# E?:" 3$ $#$2A
!<" 5$95?2 ? @?25>3? 3" #"5"2\ 3$>A ‘Z9E>?rM
 8"K"E?2 " E"#45?3"2 3$ >‘9>;<"
o?93" E"#J4:5VW$K "4 "452" KVY4>3"
9? @":>;<" !@! M
>9DK?#_W$K 9" >95$2>"2 3? 5"#?3? 3$    
 ,
4  
 ,$ " #"5"2 9<" K>‘?2 3$952" 3$ ?2 3" E"2@" 3$ J"2J"K$5?% $:5? "@$2?A
7G :$‘493":\ W"K5?2 ? E"K"E?2 " ,G* ' I , /EF'   &&
;<" @"3$ @2"W"E?2 3?9": 9" #"5"2 $ 0 , 5
E"#45?3"2 3$ >‘9>;<" 9? @":>;<" $# $W$954?>: @$::"?: Y4$ :$ $9E"9A &
 \ ?‘4?23?2 6 :$‘493": $ 52$# 9?: @2"o>#>3?3$:M ’ D?K5? 3$ 2$:@":5? 3" 3>:@":>5>W"
3$>o?2 ?22$D$E$2 " #"5"2 3$ @?2A 3$ @?25>3? ?" @2$::>"9?2 " 2$:@$E5>W"
5>3?c $# :$‘4>3?\ 2$@$5>2 " @2"E$A !<" 5$95?2 ? @?25>3? 3" #"5"2\ 2$A J"5<" @"3$ :>‘9>D>E?2 Y4$ ? J?5$2>? 3?
3>#$95" 3$ @?25>3?M J"E?93" "4 $#@422?93" " W$VE4K"M Ea?W$ $K$52v9>E? $:5$^? 3$:E?22$‘?3?M
 ,$ " #"5"2 9<" K>‘?2 ?@g: } 5$9A +:5?: #?9"J2?: @2"W"E?2>?# ? $9A ’::>#\ " :>:5$#? 9<" >2_ 3$5$E5?2 ?
5?5>W?:\ 3$>o?2 ?22$D$E$2 " #"5"2 52?3? 3$ E"#J4:5VW$K 9" E"9W$2:"2 @2$:$9;? 3? Ea?W$ $K$52v9>E? ? J"23"
3$ @?25>3? 342?95$ @$K" #$9": 7G E?5?KV5>E" Y4$\ 9? @?25>3? 3" #"5"2\ 3" W$VE4K" $ W>:4?K>X?2_ 9" 3>:@K?x
:$‘493": $\ $# :$‘4>3?\ 2$@$5>2 " :$ >9DK?#?2>?\ @2"W"E?93" " :"J2$?A 4#? #$9:?‘$# $:@$EVD>E?M
@2"E$3>#$95"M Y4$E>#$95" $ 3?9": 9" @2g@2>" E"9A
W$2:"2M !$:5$ E?:"\ ?@">?2 ? $o52$#>3?3$
?22$3"93?3? 3? Ea?W$ $K$52v9>E?

1$%
pK?3" "@":5" 2$K?5>W?#$95$ ?" Y4?K :$ !"  ?  #
$9E"952? " E"2@" #$5_K>E"q 9" J"5<" %
3" 3>:@":>5>W" 3$ @?25>3? $ @2$::>"A ’95$: 3$ 3$:K>‘?2 " #"5"2\ #?95ZA
'    
9?2 " @2g@2>" J"5<" ?52?W]: 3? Ea?W$ K" $# #?2Ea? K$95? 342?95$ ?K‘49: 
$K$52v9>E?M *$::$ #"3" ?E>"9?A:$ " #>945": 3$ #"3" ? @$2#>5>2 4#? K4A
3>:@":>5>W" 3$ @?25>3? 3" #"5"2M "
J2>D>E?;<" ?3$Y4?3? 3" 542J"E"#A
@2$::"2M +:5$ @2"E$3>#$95" ] @?2A 1?2? 3$:K>‘?2 " #"5"2\ @2"E$3$2 3"
!;"  " 5>E4K?2#$95$ ?E"9:$Ka?3" ?@g: 4#? :$‘4>95$ #"3"%
 ! < ! !! E"934;<" $o>‘$95$M
 +:5?E>"9?2 " W$VE4K" 94#? @":>A
12"E$3$2 3" :$‘4>95$ #"3"% ’@g: " D49E>"9?#$95" E"# @K$9?
;<" Y4$ 9<" E"9:5>54? @$2>‘" @?2?
E?2‘? "4\ $# 5"3" " E?:"\ E"# D"25$:
" 52d9:>5"M
 8"K"E?2 K$95?#$95$ " W$VE4K" $# :"K>E>5?;[$: 3$ @"5Z9E>?\ #?95$2 "
#"5"2 $# #?2Ea? K$95? 3$ H ? 6  1":>E>"9?2 ? ?K?W?9E? 3$ Ed#J>"
#"W>#$95"\ D?X$93" " #"5"2 2"A $# p+:5?E>"9?#$95"q M
3?2 $# 2$‘>#$ #]3>"\ :$# :"K>E>A #>945": ?95$: 3$ 3$:K>‘_AK"M
 ’E>"9?2 " D2$>" 3$
5?2 ?E$K$2?;[$: J24:E?: +:5$ @$2V"3" 3$ 5$#@" @$2#>5$ ?"
$:5?E>"9?#$95"M
 +W>5?2 @2"E42?2\ 3$:3$ ": @2>#$>A gK$" K4J2>D>E?95$ $ ?" KVY4>3" 3$ ?22$A
D$E>#$95" 3" #"5"2 $K>#>9?2 " E?K"2  8"# " #"5"2 $# #?2Ea? K$95?\
2": Y4>Kv#$52":\ " #_o>#" 3$ 3$A
$oE$::>W" 3? Ed#?2? 3$ E"#J4:5<"\ E"K"E?2 " E"#45?3"2 3$ >‘9>;<"
:$#@$9a"M e ?E"9:$Ka_W$K ?‘4?2A
2"K?#$95":\ E"#@"9$95$: >95$29": $ 9? @":>;<"  M
3?2 Y4$ " >93>E?3"2 3? 5$#@$2?A
542? 3" KVY4>3" 3$ ?22$D$E>#$95" 542J"E"#@2$::"2M
!* 
3" #"5"2 E"#$E$ ? :4J>2M
8"# " #"5"2 3$:K>‘?3"\ 9<" 3$>o?2
" E"#45?3"2 3$ >‘9>;<" 9? @":>;<"
M

1$&
G* ' I , /EF'   && ’J2>93" ? @"25? 3" K?3" 3" E"9A "     
0 345"2 E"# " Y4?32" 3$ >9:524#$95":
8"# W$K"E>3?3$ 3" W$VE4K" :4@$A
?E$:"\ :$2_ $#>5>3" 4# J2$W$ :>9?K  
?Eu:5>E"\ @?2? K$#J2?2 ?" E"9345"2   !!"
2>"2 ? } h#na ]\ $# 5"3" " E?:"\ @":A
Y4$ 3$:K>‘4$ " W$VE4K"M !" 3>:@K?x $ &  %  '  ,  \
:VW$K 3$:K>‘?2 " #"5"2\ #$:#" E"#
:$2_ W>:4?K>X?3? 4#? #$9:?‘$# $:A % \
? ?K?W?9E? 3$ Ed#J>" 94#? @":>A
@$EVD>E?M
;<" 3>D$2$95$ 3$ p+:5?E>"9?#$95"qM - W$VE4K" $:5_ $Y4>@?3" E"# 4#
!$:5$ E?:"\ @?2? 3$:K>‘?2 " #"5"2\ s4?93" " E"#45?3"2 3$ >‘9>;<" D2$>" 3$ $:5?E>"9?#$95" $K]52>E" +1B\
] 9$E$::_2>" @2$::>"9?2 @2"K"9‘?3?A $:5_ 9? @":>;<"  \ " D49E>"9?A Y4$ ‘?2?95$ 4# 3$:$#@$9a" >3$?KM
#$95$ " J"5<" 3" 3>:@":>5>W" 3$ @?2A #$95" 3": K$W?95?3"2$: 3": W>32":
5>3? "4 @2$::>"9_AK" H W$X$: E"9:$A $K]52>E": @$2#?9$E$ ?5>W" 342?95$ - D2$>" 3$ $:5?E>"9?#$95" $K]52>E"
E45>W?#$95$ 9" $:@?;" 3$ @"4E": :$A E$2E? 3$ H #>945":M ’ ?J$2542? 3$ $:5_ $Y4>@?3" E"# 4# >95$224@5"2\
‘493":M !$:5$ E?:"\ " #"5"2 3$:K>A 4#? 3?: @"25?: 3>?95$>2?: ?94K? $:5? K"E?K>X?3" 9" E"9:"K$ E$952?K\ 4#
‘?2_ $ " E"#45?3"2 3$ >‘9>;<" :$2_ D49;<"M #"5"2 E"# @>9;? @?2? E?3? 2"3?
@":>E>"9?3" $#  M 52?:$>2? $ 4# #g34K" 3$ E"952"K$
*$@">: 3$ 4# @$2E42:" 3$:‘?:A $K$52v9>E"M
8"# " :>:5$#? z$xK$:: +95$2A!A 5?95$\ ?95$: 3$ 3$:K>‘?2 " #"5"2\ 3$>A
R"\ ] @"::VW$K ?J?93"9?2 " W$VE4K" o?2 " #"5"2 $# #?2Ea? K$95? @?2?
E"# " #"5"2 K>‘?3"\ K$W?93" E"9:>‘" @$2#>5>2 Y4$ J?>o$ ? 5$#@$2?542? 9" &
? Ea?W$ $K$52v9>E?\ :$# Y4$ " #"A >95$2>"2 3" W<" 3" #"5"2M
5"2 :$ 3$:K>‘4$M - W$VE4K" ?::>9?K?2_
? @2$:$9;? 3? Ea?W$ ? J"23" 3" W$VA
E4K" ?@$9?: $# E?:" 3$ D$Ea?#$95"
3?: @"25?:M
*$:K>‘?93" " W$VE4K" p@?::?‘$# 3?
@":>;<"  @?2?  q\ ? ?K>#$9A
5?;<" 3": ?E$::g2>": ] #?95>3? 34A
2?95$ E$2E? 3$ H #>945":M

1$’
 &?94?K#$95$\ @4o?93" " >95$2A
 24@5"2 9" E"9:"K$ E$952?KM
’95$: 3$ ?J?93"9?2 " W$VE4K"\ $9A  ’45"#?5>E?#$95$ 9?: E"93>;[$:
‘?5?2 :$#@2$ " D2$>" 3$ $:5?E>"9?A !#!
3$ r 
r "4 3$ r    !(!8’ 3$>o?2 ?: E2>?9;?: 9" >9A
#$95" $K]52>E"M B2?h$rM 5$2>"2 3" W$VE4K" :$# W>‘>Kd9E>?\ 9$#
?J?93"9?2 " W$VE4K" E"# ?: @"2A
 !,  
 
 -'  3    5?: 3$:52?W?3?: 94# K"E?K D?E>K#$95$
1?2? $:5?E>"9?2 " W$VE4K"\ 3$:K>‘?2 ,  
  ?E$::VW$K f: E2>?9;?:M
" #"5"2\ ?E>"9?2 " D2$>" 3$ $:5?E>"9?A
8$25>D>E?2A:$ ?>93? 3$ Y4$ ?: E2>?9A
#$95"\ $ 3$>o?2 ?: 2"3?: W>2?3?: $#
;?: 9<" ?E>"9$# >9?3W$25>3?#$95$ "
3>2$;<" ?" #$>"AD>" p‘4>?:q 3" @?:A
!#! D2$>" 3$ $:5?E>"9?#$95" $K]52>E"\ "
:$>"M ,$ " W$VE4K" $:5>W$2 $:5?E>"9?3"
*42?95$ ?: #?9"J2?: 3$ $:5?E>"9?A @$3?K 3" D2$>" "4 ? ?K?W?9E? 3? Ed#A
$# 4#? 3$:E>3? V9‘2$#$\ ?E"9:$Ka?A
#$95" $# $:52?3?: E"# >9EK>9?;<"\ ] J>" ?45"#_5>E"M
:$ 5?#J]# ? 52?W?2 ?: 2"3?: E"# 4#
E?K;"\ E49a?: "4 @$32?: @":>E>"9?A >#@2$:E>93VW$K $9‘?5?2 " D2$>" 3$ $:A
3?: f D2$95$ 3?: 2"3?: p$# E?:" 3$ 5?E>"9?#$95"\ ? @2>#$>2? #?2Ea? :$
D"25$ >9EK>9?;<"qM .?#J]# @":>E>"A $:5>W$2 $# :4J>3?\ ? #?2Ea? ? 2] $#
9?2 :$#@2$ ? ?K?W?9E? 3$ Ed#J>" 9? 3$:E>3? p9? @2$:$9;? 3$ Ed#J>" ?4A !#!
@":>;<" p+:5?E>"9?#$95"qM 5"#_5>E"\ @":>E>"9?2 ? ?K?W?9E? $#
- D2$>" 3$ $:5?E>"9?#$95" $K]52>E"
r rq $ W>2?2 ?: 2"3?: 3>?95$>2?:M
3$W$ :$2 :$#@2$ $9‘?5?3" Y4?93" :$
,$ " W$VE4K" D"2 $:5?E>"9?3" $# ?J?93"9? " W$VE4K"M

>9EK>9?;[$: ?E$954?3?:\ JK"Y4$?2 ?:
+# E?:" 3$ ?W?2>? 9? J?5$2>? 3" ’54$ :$#@2$ E"# :$‘42?9;?M
2"3?: E"# 4# E?K;"M
W$VE4K"\ @?2? 3$:JK"Y4$?2 " D2$>" 3$
$:5?E>"9?#$95" $K]52>E"\ ] 9$E$::_A 1?2? $9‘?5?2 #?94?K#$95$ " D2$>"
2>" $D$54?2 ? :4J:5>54>;<" 3? J?5$2>?M 3$ $:5?E>"9?#$95" $K]52>E" E"# "
W$VE4K" @?2?3"\ @4o$ J2$W$#$95$ "
- D2$>" 3$ $:5?E>"9?#$95" $K]52>E" >95$224@5"2 K"E?K>X?3" 9" E"9:"K$
@"3$ :$2 $9‘?5?3" 3$ 34?: D"2#?:% E$952?KM

1$*
*42?95$ " $9‘?5$ 3" D2$>" 3$ $:5?A 5?9$?#$95$ >93>:@"9VW$K $ ? D2$9?A  5
 -'  3    &
E>"9?#$95" $K]52>E"\ @"3$ @$2E$J$2A ‘$# :"K>E>5?2 ?::>:5Z9E>? 3": #"5"2$: ,  
  '9 ,
:$ 4# K>‘$>2" 24V3" @2"W$9>$95$ 3? $K]52>E":M 1?2? 3$:$9‘?5?2 #?94?K#$95$ "
@?25$ 52?:$>2? 3" W$VE4K"M
’K]# 3>::"\ ?E$93$#A:$ ?45"#?A D2$>" 3$ $:5?E>"9?#$95"\ " E"#45?A
,$ $9‘?5?2 " D2$>" 3$ $:5?E>"9?A 5>E?#$95$ ?: K4X$: 3$ D2$>"\ E"#" 3"2 3$ >‘9>;<" 3$W$ $:5?2 9? @":>;<"
#$95" E"# " @$3?K 3" D2$>" @2$::>A ?E"95$E$2>? @?2? 4#? D2$9?‘$# 9"2A  M ’K]# 3>::"\ ] 9$E$::_2>" @>:?2
"9?3"\ @"3$ @$2E$J$2A:$ 4# K>‘$>2" #?K $D$54?3? ?52?W]: 3? @2$::<" 3" 9" @$3?K 3" D2$>"\ $ 3$@">: @2$::>"A
#"W>#$95" 3" @$3?KM @$3?K 3" D2$>"M 9?2 J2$W$#$95$ " >95$224@5"2 9" E"9A
:"K$ E$952?KM
1?2? >95$22"#@$2 ? :"K>E>5?;<" 3$
 D2$9?‘$# E"# " W$VE4K" $# #"W>A *42?95$ " 3$:$9‘?5$\ @"3$ :$2 @$2A
#$95"\ :"K5?2 " >95$224@5"2 9" E"9A E$J>3" 4# K$W$ 24V3" @2"W$9>$95$ 3?
+# E?:" 3$ ?E$93>#$95" 3?
:"K$ E$952?KM @?25$ 52?:$>2? 3" W$VE4K"\ J$# E"#"
K4XA$:@>? 3$ ?W?2>? 9" D2$>" 3$ $:5?E>A
4# K>‘$>2" #"W>#$95" 3" @$3?K 3"
"9?#$95" $K]52>E"\ ?K‘4#?: 3$ :4?: ,$\ ?52?W]: 3$:5$ @2"E$3>#$95"\ "
D2$>"M
D49E>"9?K>3?3$: :$2<" 3$:?5>W?3?:M W$VE4K" D"2 D2$?3" ?5] ?5>9‘>2 4#? W$A
!$:5$ E?:"\ " E"9345"2 ] 2$:@"9A K"E>3?3$ >9D$2>"2 ? ?@2"o>#?3?#$95$
:_W$K @$K" ?E>"9?#$95" 3" D2$>" H h#na $ " >95$224@5"2 D"2 #?95>3" @4A 
3$ $:5?E>"9?#$95" 3" W$VE4K" $# o?3"\ :$2_ $9‘?5?3" 3$D>9>5>W?#$95$
E"93>;[$: 3$ E"#@K$5? :$‘42?9;?M " D2$>" 3$ $:5?E>"9?#$95"M
!49E? 45>K>X?2 ? @":>;<" p+:5?E>A &
"9?#$95"q $# :4J:5>54>;<" 3" D2$>"
3$ $:5?E>"9?#$95" $K]52>E"M s4?93"
,$\ $# E>2E49:5d9E>?: $oE$@E>"A $:5?E>"9?2 " W$VE4K"\ $9‘?5?2 :$#@2$
9?>:\ D"2 9$E$::_2>" :"K>E>5?2 ? >95$2A 
" D2$>" 3$ $:5?E>"9?#$95" $K]52>E"
W$9;<" 3" D2$>" E"# " W$VE4K" $# ’ E"934;<" 3" W$VE4K" E"# "
@?2? $W>5?2 K$:[$: "4 3?9": @2"W"E?A
#"W>#$95"\ #?95$2 " >95$224@5"2 9" D2$>" 3$ $:5?E>"9?#$95" $K]52>E" $9A
3": @$K" #"W>#$95" >9E"952"K?3" 3"
E"9:"K$ E$952?K @4o?3" 342?95$ 5"3" ‘?5?3"\ "4 ? 45>K>X?;<" 2$@$5>3? 3"
W$VE4K"M
" 5$#@" $# Y4$ :$ @2$5$93$ ? >95$2A D2$>" 3$ $:5?E>"9?#$95" $K]52>E" @?2?
W$9;<" 3" @2g@2>" D2$>"M r?#?E>?2r " W$VE4K"\ @"3$2>?# @2"A
W"E?2 ‘2?W$: 3?9": 9" :>:5$#? 3$ D2$A
’ K4XA$:@>? @"3$ :$ ?E$93$2 :$ 9?‘$#M
" :>:5$#? a>32_4K>E" $:5>W$2 #"#$9A
1$+
- 67  * !^F !,  
   _
,

- D2$>" 3$ $:5?E>"9?#$95" @"3$ ,$#@2$ E$25>D>E?2A:$ 3$ Y4$ " D2$>" 8"# " W$VE4K" $# #"W>#$95"\ "
:$2 3$:?5>W?3" ?45"#?5>E?#$95$ 3$ $:5?E>"9?#$95" $:5$^? ?5>W?3"M D2$>" 3$ $:5?E>"9?#$95" $K]52>E" ] ?5>A
Y4?93" ? ?K?W?9E? 3$ Ed#J>" D"2 W?3" @4o?93" E"95>94?#$95$ " >9A
#"W>3? @?2? 4#? @":>;<" 3$ E"934A 5$224@5"2 342?95$ ? E"934;<"M ’: K4A
;<" p*2>W$ "4 C$W$2:$qM 1?2? >::"\ "!!  !& X$: 3$ D2$>" :$ ?E$93$2<" ?45"#?5>A
] 9$E$::_2>" Y4$ :$^? 3$5$E5?3? ? "    !& E?#$95$M 1?2? 3$:$9‘?5?2 " D2$>" 3$
@2$:$9;? 3" #"5"2>:5?\ #"5"2 K>‘?3" !" $ $:5?E>"9?#$95"\ J?:5? :"K5?2 " >95$2A
$ E>95" 3" #"5"2>:5? ?D>W$K?3"M 24@5"2M 8?:" " W$VE4K" 5$9a? :4? W$A
s4?93" " D2$>" 3$ $:5?E>"9?#$95"
K"E>3?3$ 2$34X>3? ? @"95" 3$ @?2?2
$:5>W$2 $9‘?5?3" $ ?@K>E?3" f: 2"3?:

 5 ,F % \ 5 E"#@K$5?#$95$\ ? @?25>2 3$ ?@2"o>A
$# Y4?KY4$2 4#? 3?: :$‘4>95$: #"A
#?3?#$95$ 6 h#na " D2$>" 3$ $:5?E>A
+# :>54?;[$: 3$ $#$2‘Z9E>?\ ?" 3?K>3?3$:\ ?E$93$A:$ " )+* 9" >95$2A
"9?#$95" E"95>94?2_ $9‘?5?3"M
?E>"9?2 $ #?95$2 @2$::>"9?3" " J"A 24@5"2 9" E"9:"K$ E$952?K ^495?#$95$
5<" 3$ D2$>" 3" +1B 4#? D2$9?‘$# 3$ E"# ? K4XA$:@>? 9" Y4?32" 3$ >9:A
524#$95":M  * !^F ' /  
$#$2‘Z9E>? ] >9>E>?3?\ :$# " 52?W?A
* H@
 ,a   * 0
#$95" 3?: 2"3?: 52?:$>2?:M ’@g: " D>#
3? >95$2W$9;<"\ " D2$>" 3$ $:5?E>"9?A !,  
  Q , - D2$>" 3$ $:5?E>"9?#$95" $K]52>E"
#$95" ] ?E>"9?3"M :$2_ 3$:?5>W?3" ?45"#?5>E?#$95$ :$
8"# " W$VE4K" @?2?3"\ " D2$>" 3$
" E>95" 3$ :$‘42?9;? 3" K?3" 3" #"A
$:5?E>"9?#$95" $K]52>E" @"3$ :$2 $9A
- 67 !- ! 'F 5"2>:5? $:5>W$2 ?@$25?3" $\ ?@g: @?2A
‘?5?3" @4o?93" 4#? u9>E? W$X " >9A
5>3? 9? >‘9>;<" $ ?K?W?9E? 3$ Ed#J>"
+::? D49;<" @$2#>5$ ? ?5>W?;<" 3" 5$224@5"2 K"E?K>X?3" 9" E"9:"K$ E$9A
E"K"E?3? $#  "4  \ D"2 D$>5? 4#?
D2$>" 3$ $:5?E>"9?#$95" ?" #"W$2 ? 52?KM 1"2 "452" K?3"\ @?2? 3$:$9‘?5_A
5$95?5>W? 3$ :?>2 E"# " W$VE4K"M
?K?W?9E? 3$ Ed#J>" @?2? 1’CzM ’ K"\ ?E>"9$ " >95$224@5"2 #?95$93" "
D49;<" @"3$ :$2 a?J>K>5?3? $ 3$:?J>K>A @$3?K 3" D2$>" @2$::>"9?3"M
5?3? ?52?W]: 3? E$952?K #4K5>#V3>?M e
9$E$::_2>" Y4$ :$^? 3$5$E5?3? ? @2$A
:$9;? 3" #"5"2>:5?M

1$,
!-  \ % \  U$K"E>3?3$ 3" W$VE4K" >9D$2>"2 ? ! 
H h#na
- D2$>" 3$ $:5?E>"9?#$95" $K]52>E" - ’45" S"K3 ] 4# D2$>" 3$ $:5?E>A
@"3$ :$2 @2"‘2?#?3" @?2? :$2 $9‘?A  !$9a4#? 5$95?5>W? 3$ @2$::<" 3" "9?#$95" Y4$ >#@$3$ Y4$ " W$VE4K"
5?3" ?45"#?5>E?#$95$ :$\ E"# ? W$A @$3?K 3" D2$>" "4 3" @$3?K 3" :$ 3$:K"Y4$ ?E>3$95?K#$95$ Y4?93"
K"E>3?3$ 3" W$VE4K" >9D$2>"2 ? H h#na\ ?E$K$2?3"2 3$5$E5?3? $:5_ @?2?3" "4 9" #"#$95" 3$ ?2A
? ?K?W?9E? 3" Ed#J>" D"2 3$:K"E?3?  8>95" 3$ :$‘42?9;? 3" #"5"2>:5? 2?9E?2M
@?2? ? @":>;<" p+:5?E>"9?#$95"qM 3$:?D>>W$K?3"
’::># Y4$ " W$VE4K" @?2? 3$ :$
+:5? #"3?K>3?3$ ] a?J>K>5?3? "4 3$A  1"25? 3" K?3" 3" #"5"2>:5? ?J$25? #"W$2 ?@g: ? D2$9?‘$#\ " :>:5$#?
:?J>K>5?3? 9" #$94 3$ E"9D>‘42?;[$:  ’K?W?9E? 3$ Ed#J>" D"2? 3? @"A #?95]# ? @2$::<" ?@K>E?3? 9": D2$>":
3" (E"99$E5 p@?2? #?>: >9D"2#?;[$:\ :>;<" p+:5?E>"9?#$95"q @$K" @$3?KM - ’45" S"K3 ?54? 3>2$5?A
E"9:4K5?2 " :4@K$#$95" $:@$EVD>E"qM
#$95$ 9": D2$>": 3" @$3?K\ 9<" :$93"
8?3? $9‘?5$ ?45"#_5>E" 3" D2$>" ’ D49;<" ,?D$S"K3 @"3$ :$2 3$A 9$E$::_2>"\ @?2? $::$ E?:"\ ?54?2 9"
3$ $:5?E>"9?#$95" @"3$ :$2 ?94K?3" :?J>K>5?3? @2$::>"9?93" " >95$224@5"2 D2$>" 3$ $:5?E>"9?#$95"M
@2$::>"9?93" " >95$224@5"2 9" E"9A 34?: W$X$: :$‘4>3?: 9" E"9:"K$ E$9A
s4?93" " E"9345"2 @2$::>"9?2 "
:"K$ E$952?K $\ ?" #$:#" 5$#@"\ 3$:A 52?K $\ ?" #$:#" 5$#@"\ @>:?93" 9"
?E$K$2?3"2\ " ’45" S"K3 K>J$2? ":
K"E?93" ? ?K?W?9E? 3" Ed#J>" ?45"A @$3?K 3" D2$>" $ #?95$93" ? @"25? 3"
D2$>": $ " W$VE4K" $:5?2_ K>W2$ @?2? :$
#_5>E" @?2? ? @":>;<" p+:5?E>"9?A K?3" 3" #"5"2>:5? ?J$25?M
#"W>#$95?2M
#$95"qM
(#? W$X #?94?K#$95$ $oEK4V3?\ ? &
’ 2$5$9;<" 3" W$VE4K" 5?#J]# :$2_
D49;<" :$2_ 2$?5>W?3? Y4?93" ? W$K"A
3' $9E$22?3? :$ ?: E"93>;[$: @?2? :$4
E>3?3$ 3" W$VE4K" ?5>9‘>2 ": LG h#na
D49E>"9?#$95" 9<" $:5>W$2$# :?5>:A
e 4#? D49;<" 3$ :$‘42?9;? Y4$ "4 Y4?93" " E"#45?3"2 3$ >‘9>;<"
D$>5?:M
$9‘?5? ?45"#?5>E?#$95$ " D2$>" 3$ D"2 3$:K"E?3? 9? @":>;<"  @
$:5?E>"9?#$95" $K]52>E" E?:" " W$VA $\ $# :$‘4>3?\ @?2?  M
 ,$ ? @"25? 3" E"9345"2 $:5_ D$A
E4K" :$ $9E"952$ 94#? E"93>;<" 9<" Ea?3?M
:$‘42? E"# ? >‘9>;<" K>‘?3?M - D2$>"
3$ $:5?E>"9?#$95" :$2_ $9‘?5?3" :$  ,$ " E>95" 3$ :$‘42?9;? 3" #"A
5"3?: ?: :$‘4>95$: E"93>;[$: D"2$# 5"2>:5? $:5_ ?D>W$K?3"M
$9E"952?3?:%  ,$ " W$VE4K" $:5_ @?2?3"

1$-
 ,$ D"> 3?3? ? @?25>3? 9" #"5"2M ' 5  3- 67 !- '    
 ,$ " Ed#J>" 9<" $:5>W$2 @":>E>"A 12$::>"9?2 " J"5<" E"22$:@"93$95$
9?3" $# M @?2? 3$:K>‘?2 ? D49;<" $ ? K4XA$:@>?
% 
 ,$ ? #?9"J2? 3$ $:5?E>"9?#$95" :$ ?@?‘?2_M 
?45"#_5>E" 3" 1?2h,$9:$ ’E5>W$
- D2$>" 3$ $:5?E>"9?#$95" $K$52vA - W$VE4K" @"3$ $:5?2 $Y4>@?3"
1?2h ’::>:5 ,x:5$# 9<" $:5_ ?5>A
9>E" ] K>‘?3" ?45"#?5>E?#$95$ @?2? E"# Ed#J>" ?45"#_5>E" E"#?9A
W?3?M
#?95$2 " W$VE4K" @?2?3"M 3?3" $K$52"9>E?#$95$\ 9" Y4?K ?
#43?9;? 3$ #?2Ea?: ?E"95$E$
 5  3- 67 !- ' ?45"#?5>E?#$95$ $# D49;<" 3$ @?A
12$::>"9?2 " J"5<" >93>E?3" ! &  2d#$52": >9:5?95d9$": 3$ 45>K>X?;<"
 9" E"9^495" 3$ J"5[$: 9" ,$ Y4?93" D"2 3$:K>‘?3? ? D49;<" 3" W$VE4K" pW$K"E>3?3$ 3" W$VE4K"\
E"9:"K$ E$952?K @?2? K>‘?2 ? D49;<" ’45" S"K3\ " @$3?K 3" D2$>" D"2 ?E>"A >9EK>9?;<" 3? $:52?3? $ @":>;<" 3"
’45" S"K3M ’ K4XA$:@>? :$ ?E$93$ 9?3"\ " D2$>" 3$ $:5?E>"9?#$95" $K$A @$3?K 3" ?E$K$2?3"2qM
9" 3>:@K?xM s4?93" ? D49;<" ’45" 52v9>E" 9<" :$ K>‘?2_M
’ @"::>J>K>3?3$ 3? :$K$;<" #?94?K
S"K3 $:5_ ?5>W? ?95$: 3? >‘9>;<" :$2 3?: #?2Ea?: 3$ W$K"E>3?3$ $:5_\ $#
3$:K>‘?3?\ $K? E"95>94?2_ ?5>W? ?@g: 5"3" " E?:"\ 3>:@"9VW$K 3$W>3" f @"A

K>‘?2 ? >‘9>;<" 9"W?#$95$M :>;<" r#"3?K>3?3$ :$Y4$9E>?Kr @?2?
’ 5$E9"K"‘>? 3" :>:5$#? ’45" S"K3
52?J?Ka? :"#$95$ 3$952" 3": K>#>5$: ? ?K?W?9E? 3$ Ed#J>"M
3" :>:5$#?M - #?>"2 E"9D"25" "D$A
2$E>3" @$K" ,>:5$#? ’45" S"K3 9<"  !L
3$W$ E"K"E?2 ? :$‘42?9;? $# 2>:E"M
+:5$^? ?5$95" ?" ?E$93>#$95" 3? K4XA - 3>:@K?x pW$2:[$: E"# 3>:@K?x
$:@>? @?2? 45>K>X?;<" 3" :>:5$#? ’45" #4K5>D49;[$:q "4 pW$2:[$: E"#
S"K3M - ’45" S"K3 9<" #?95]# :4?: 3>:@K?x #4K5>D49;[$: 2$E"9D>‘42_W$Kq
D49;[$: $# 5"3?: ?: E"93>;[$: 3$ @"3$ W>:4?K>X?2%
D2$9?‘$#M
 !? #"3?K>3?3$ ?45"#_5>E?% ? @"A
:>;<" :$K$E>"9?3? p1\ C\ !\ *qM

1$!.
 !? #"3?K>3?3$ 3$ E"934;<" &?A 5?#J]# 9" @$3?K 3" D2$>" pE"9:4K5?2
94?K p:$Y4$9E>?Kq% " $9‘?5$ 3? ? "@;<" r,>:5$#? 3$ >9>J>;<" 3" $9A
#43?9;? p:4@$2>"2 "4 >9D$2>"2q\ ‘?5$ 3$ #?2Ea?: :$# " @$3?K 3" D2$>"
$D$54?3" #?94?K#$95$\ ?52?W]: ?E>"9?3"r 9$:5$ E?@V54K"qM
3? >93>E?;<" 94#]2>E?M


!!!!  `"% !0- ?E$K$2?2 342?95$ ? @?::?‘$#
’ ?K?W?9E? @"3$ ?::4#>2 ?: :$A 3? @":>;<" p"4  q @?2? "452?
‘4>95$: @":>;[$:% ’ #?2Ea? $9‘?5?3? ] W>:4?K>X?3? @":>;<"M
9" 3>:@K?x p:"#$95$ Y4?93" $:5_ 9?
 1 § +:5?E>"9?#$95"M #"3?K>3?3$ :$Y4$9E>?KqM

 C § &?2Ea? ? 2]M 1?2? :$K$E>"9?2 4#? #?2Ea?\ @2$:A
*$@">: 3$ :$K$E>"9?2 4#? #?2Ea?\
 ! § 1"95" #"25"M :>"9?2 " J"5<" 3? ?K?W?9E? :$K$5"2?
?‘4?23?2 ?K‘49: :$‘493": ?95$: 3$
3$ #?2Ea?: $ 3$:K"E_AK? @?2? ? D2$95$
 * § *2>W$ p#?2Ea? @?2? ? D2$95$ ?E$K$2?2M +:5? @2$E?4;<" ] @?25>E4K?2A
"4 @?2? 52_:M
?45"#_5>E?qM #$95$ >#@"25?95$ E"# " #"5"2 D2>"M
 ’45",5>Eh% ƒ @?::?‘$# @?2? ? #4A !" E?:" 3$ 45>K>X?;<" 3" Ed#J>"
3?9;? :4@$2>"2 9? #"3?K>3?3$ 3$ 9? #"3?K>3?3$ r:$Y4$9E>?Kr\ ?5>W?3?

&
E"934;<" #?94?K p:$Y4$9E>?Kqc  3$:K"E?93" ? ?K?W?9E? 3$  p*2>W$q
@?::?‘$# @?2? ? #43?9;? >9D$A @?2? ? $:Y4$23?\ :<" ?KE?9;_W$>: ?: !<" 3>2>‘>2 " W$VE4K" E"# ? #<"
2>"2 9? #"3?K>3?3$ 3$ E"934;<" @":>;[$: @?2? ƒ "4 @?2? M +:5?: ?@">?3? 9? ?K?W?9E? 3$ Ed#J>"\ >::"
:$Y4$9E>?KM @":>;[$: :<" >9:5_W$>:M @"3$ K$W?2 ?%
1?2? :?>2 3? @":>;<" p+:5?E>"9?A A &43?9;? >9W"K495_2>? 3$ #?2Ea?
- $:Y4$#? @?2? " $9‘?5$ 3?: #?2A #$95"q\ "4 @?2? @?::?2 3? @":>;<" @$K" E"9345"2 @?2? ? @":>;<" !$452?K
Ea?: $:5_ >93>E?3" 9? #"K342? K"E?K>A  p1"95" #"25"q @?2? ? @":>;<"  p!q
X?3? ?" K?3" 3? ?K?W?9E? 3$ Ed#J>"M p*2>W$q "4  p&?2Ea? ? 2]q Y4?93" A - Ed#J>" @"3$ $95$93$2 #"#$9A
" W$VE4K" ] @?2?3" "4 :$ 3$:K"E? f 5?9$?#$95$ Y4$ $:5_ $# 4#? @":>;<"
J?>o? W$K"E>3?3$\ ] 9$E$::_2>" @>:?2 >95$2#$3>_2>? p9$9a4#? #?2Ea? $9A

1$!!
‘?5?3?q\ @"3$93" $952?2\ ?::>#\ $# ? ! !!!!

#"3" 3$ $#$2‘Z9E>?M U$2 >9D"2#?A ,  
  / 0
;[$: $# rO49;<" 3$ $#$2‘Z9E>? 3" !<" ] 2$E"#$93?3? ? @?::?‘$#
Ed#J>"r 9$::$ E?@V54K"M 3$ #?2Ea? 3$ ! @?2? * "4 3$ !
@?2? C E"# " W$VE4K" $# #"W>#$95"M
8?:" "E"22? ? 5$95?5>W? 3$ #4A !$:5?: E"93>;[$: ?@?2$E$2_ ? #$9:?A
!#!
3?9;? 3$ #?2Ea? 3$  @?2?  "4 ‘$# 9" @?>9$K 3$ >9:524#$95": w&
', 
-  '*  
- !49E? 45>K>X?2 ? @":>;<"
 E"# " W$VE4K" @?2?3" :$# @2$:A p+:5?E>"9?#$95"q $# :4J:5>54>;<" 3"
:>"9?2 " @$3?K 3$ D2$>"\ ? ?K?W?9E?   y "4 Z', 
-  '&
*  
-   [M D2$>" 3$ $:5?E>"9?#$95" $K]52>E"M
3$ Ed#J>" @"3$2_ 52?W?2 $ >#@$3>2 ?
#43?9;? 3$ @":>;<"M - 3>:@K?x 3? s4?93" :$ $:5?E>"9?2 " W$VE4K"\
?K?W?9E? 3" E"#?93" 3$ Ed#J>" $ %%!  "!!  ?E>"9?2 :$#@2$ " D2$>" 3$ $:5?E>"9?A
3$ >93>E?;<" 3$ #?2Ea? 3" @?>9$K D>A "!!  ! #$95" $K]52>E" @?2? $W>5?2 #"W>#$9A
E?2_ @>:E?93" $ :$2_ >9D"2#?3" 9" ’K]# 3? ?K?W?9E? 3$ Ed#J>"\ K"A 5": ?E>3$95?>: 3" W$VE4K"M
@?>9$K 3$ >9:524#$95": ? #$9:?‘$#% E?K>X?3? 9" E"9:"K$ E$952?K\ ?K‘4#?:
Z"-     
-   W$2:[$: 3>:@[$# 5?#J]# 3$ ?K?W?9A

 ,G P[: E?: 3" 5>@" rJ"2J"K$5?r\ K"E?K>X?3?:


8?:" :$^? 2$@$5>3? ? 5$95?5>W? 3$ ?52_: 3" W"K?95$\ Y4$ >2<" D49E>"9?2 !#!
#43?9;? 3$ #?2Ea? Y4?93" " 3>:A $# W$K"E>3?3$ :4@$2>"2 ? ~ h#na\
,$ ? @":>;<" p+:5?E>"9?#$95"q
@K?x 3" Ed#J>" $:5>W$2 @>:E?93"\ ? @2$::>"9?93"A?: E"952? " W"K?95$ 9?
9<" $:5>W$2 $9‘?5?3?\ " W$VE4K" @"3$
?K?W?9E? >2_ @$2#>5>2 ? @?::?‘$# @?2? @?25$ E$952?K 3?: #$:#?:M
3$:K"E?2A:$ $ @2"W"E?2 K$:[$: 9?:
$W>5?2 @"::VW$>: 3?9": ?" :>:5$#? $ +:5?93" " W$VE4K" $# #"W>#$95"\ @$::"?:M
": 3>:@K?x: E"95>94?2<" @>:E?93"M ,$ ?E>"9?2 ? ?K?W?9E? 5>@" rJ"2J"K$5?r
>:5" "E"22$2\ #43$ ? ?K?W?9E? 3$ 3>2$>5? @?2? >9:$2>2 4#? #?2Ea? :4A ’95$: 3$ :?>2 3" W$VE4K"\ E$25>D>E?2A
#?2Ea? @?2? ? @":>;<" 1 @?2? 2$5"2A @$2>"2 "4 ? ?K?W?9E? $:Y4$23? @?2? :$ 3$ Y4$ ? ?K?W?9E? 3$ Ed#J>"
9?2 ?" D49E>"9?#$95" 9"2#?K 3" :>:A >9:$2>2 4#? #?2Ea? >9D$2>"2M $:5_ 9? @":>;<" $ Y4$ " D2$>" 3$
5$#?M $:5?E>"9?#$95" $:5$^? ?E>"9?3"M

1$!"
+:5? @":>;<" >95$‘2? " D2$>" 3$ $:5?A  *$:K"E?2 E"#@K$5?#$95$ @?2? ?  
  /0
E>"9?#$95"\ JK"Y4$?93" " Ed#J>"M D2$95$ ? ?K?W?9E? 3$ Ed#J>"\ ?5]
8"# ? ?K?W?9E? 3$ Ed#J>" 9$:5? @"A ?" D># 3$ E42:"M
:>;<"\ ] @"::VW$K K>‘?2 " #"5"2M  8$25>D>E?2A:$ 3$ Y4$ 9" 3>:@K?x
?@?2$;? ? K$52? M !#!
!<" @":>E>"9?2 ? ?K?W?9E? 3$ #?2A
 Ea?: $#  p1"95" #"25"q\ 9$# 3$:A
8"# " @$3?K 3" D2$>" :"K5"\
!49E? 5$95?2 :$K$E>"9?2 ? @":>;<" E$25>D>E?2A:$ 3$ Y4$ ? ?K?W?9E? 3$ K>‘?2 " #"5"2 @?2? @$2E"22$2 4#? $:A
E"# " W$VE4K" $# #"W>#$95"M ’9A Ed#J>" 9<" :$ 3$:K"Y4$ 3? @":>;<" 52?3? $# 3$:E>3?M
5$: 3$ ?J?93"9?2 " W$VE4K"\ E"K"E?2 M
:$#@2$ ? ?K?W?9E? 3$ Ed#J>" 9$:5? +:5$ 5>@" 3$ E"934;<" ] @$2>‘":" $
@":>;<"\ ?E>"9?93" 5?#J]# " D2$>" 2$34X ? @"::>J>K>3?3$ 3$ >95$2W$9;<"
" ,G  9 /0 $# E?:" 3$ 2$@$95>9?: W?2>?;[$: 3"
3$ $:5?E>"9?#$95"M
,$K$E>"9?2 $:5? @":>;<" ?@$9?: DK4o" 3" 52_D$‘" "4 3? :4@$2DVE>$ 3?
’" $:5?E>"9?2 94# 5$22$9" @K?9"\ E"# " W$VE4K" E"#@K$5?#$95$ $:52?3?M 8"22$A:$ " 2>:E" 3$ @$23$2
E"K"E?2 @2>#$>2" ? ?K?W?9E? 3$ Ed#A @?2?3"M " E"952"K$ 3" W$VE4K" $ @2"W"E?2
J>" 9? @":>;<" $\ $# :$‘4>3?\ ?E>A ?E>3$95$:M
"9?2 " D2$>" 3$ $:5?E>"9?#$95"M
’" $:5?E>"9?2 $# :4J>3?\ ?95$: 3$
8"22$:@"93$ f @":>;<" 3$ @"95" &
#"25" 3$ 4# Ed#J>" #?94?KM 8"#
E"K"E?2 ? ?K?W?9E? 3$ Ed#J>" 9? @"A !#! ? ?K?W?9E? 9? @":>;<"  ] @"::VW$K
:>;<" \ ?E>"9?2 " D2$>" 3$ $:5?E>"9?A +9‘?5?2 ? #?2Ea? ? 2] ?@$9?: E"# K>‘?2 " #"5"2M
#$95"c E?:" E"952_2>"\ @"3$ :$2 3>DVA " W$VE4K" @?2?3"\ " #"5"2 $# #?2Ea?
E>K 3$:K"E?2 ? ?K?W?9E? 3$ Ed#J>" ? K$95? $ " ?E$K$2?3"2 5"5?K#$95$ :"K5"M +9‘?5?2 ? @":>;<"  $# E?:" 3$
@?25>2 3? @":>;<" M @?2?3?: @2"K"9‘?3?: E"# " #"5"2
+:5? ?;<" @"3$2_ @2$:$2W?2 ? E?>o? K>‘?3"M ’E>"9?2 5?#J]# " D2$>" 3$
1?2? W$2>D>E?2 " $D$5>W" $9‘?5$ 3? 3$ Ed#J>" $:5?E>"9?#$95" $K]52>E"M
@":>;<" %

1$!%
 * /0 & " ,G    3   !- ,\  "'  
-& 3>E?;<"  $ ƒ 9? #"K342?q "4 ?E>"9?2
-
Q ,  6
 -' /.- , '0 4#? 3?: J"2J"K$5?: ?52_: 3" W"K?95$
(5>K>X?2 $:5? @":>;<" $# E"93>;[$: +# E?:" 3$ D2$Y4$95$: #43?9;?: p:$ $Y4>@?3"qM !" 3>:@K?x :$2_ W>:4?A
3$ #?2Ea? 9"2#?>:M 3$ #?2Ea? p@"2 $oM Y4?93" :$ E"934X K>X?3? ? #?2Ea? $9‘?5?3?M
" W$VE4K" $# E"93>;[$: 3$ E?2‘? ’: 52"E?: 3$ #?2Ea?: @?::?# ? :$2
’ @?::?‘$# 3? @":>;<"  @?2?
@$:?3?\ $# $:52?3?: $# >9EK>9?;<"\ D$>5?: 9" 3$:K"E?#$95" 3? ?K?W?9E?
? @":>;<" p+:5?E>"9?#$95"q "4 
E"# D"25$ W$95" E"952_2>" "4 342?95$ 3$ Ed#J>" @?2? ? D2$95$ pq $ @?2? 52_:
p&?2Ea? ? 2]q :g 3$W$ "E"22$2 3$@">:
" 2$J"Y4$ 3$ ?52$K?3": @$:?3":q\ ] pƒq "4 9" ?E>"9?#$95" 3?: J"2J"K$A
3$ :"K5?2 " @$3?K 3" ?E$K$2?3"2\ E"#
?E"9:$Ka_W$K 45>K>X?2 ? #"3?K>3?3$ 5?: 3" K?3" $:Y4$23" pq $ 3>2$>5" pƒq
" W$VE4K" @?2?3" $ E"# " @$3?K 3"
’45":5>Eh p#43?9;? :$Y4$9E>?Kq @?2? ?52_: 3" W"K?95$M
D2$>" @2$::>"9?3"M
:$K$E>"9?2 $ #?95$2 4#? 2$K?;<" D>o?
+:5? @":>;<" ?::$‘42? " $9‘?5$ ?4A  *67
#?>: J?>o?M
5"#_5>E" 3?: 2$K?;[$: #?>: ?3$Y4?A 1?2? 3$:?5>W?2 ? #"3?K>3?3$ 3$
!$:5?: E"93>;[$:\ ? 45>K>X?;<" 3$
3?: f: $o>‘Z9E>?: 3$ #?2Ea? $ ? #_A E"934;<" :$Y4$9E>?K\ W"K5?2 ? E"K"A
4#? #43?9;? #?>: J?>o? #$Ka"2? "
o>#? $E"9"#>? $# 5$2#": 3$ E"9A E?2 ? ?K?W?9E? 3$ Ed#J>" 9? @":>;<"
3$:$#@$9a" 3" W$VE4K" $ @2"K"9‘? ?
:4#" 3$ E"#J4:5VW$KM  p*2>W$q p#"3?K>3?3$ 3$ E"934;<"
342?;<" 3" Ed#J>"\ K>#>5?93" ?: #4A
!$:5? @":>;<"\ " Ed#J>" $D$54? ?4A r?45"#_5>E?rq "4\ ?K]# 3>::"\ 5?#A
3?9;?: 3$ #?2Ea?: $ $W>5?93" D$9vA
5"#?5>E?#$95$ ?: #43?9;?: 3$ #?2A J]# @2$::>"9?2 ? J"2J"K$5? 3>2$>5? pƒq
#$9": 3$ :"J2$?Y4$E>#$95"M
Ea?:\ :$K$E>"9?93" ? 2$K?;<" #?>: ?5] Y4$ ? >93>E?;<"  W"K5$ ? ?@?A
e @"::VW$K @?::?2 3? @":>;<"  2$E$2 9" 3>:@K?x 3" @?>9$K 3$ >9:524A
?3$Y4?3? $952$ ?: 3>:@"9VW$>: @?2?
p32>W$q @?2? ? #"3?K>3?3$ :$Y4$9A #$95":M
? #?2Ea? f D2$95$\ ‘?2?95>93"\ ?:A
E>?K\ Y4?KY4$2 Y4$ :$^? ? W$K"E>3?3$
:>#\ E?2?E5$2V:5>E?: 3$ E"934;<" >3$A !* 
3" W$VE4K"M
?>: $# 5"3?: ?: #?>: EK_::>E?: E"93>A
;[$: 3$ 45>K>X?;<" 3" W$VE4K"M ! *67  +# :4@$2DVE>$: $:E"22$‘?3>?:\
8"# ? ?K?W?9E? 3$ Ed#J>" 9? @"A 9<" $D$54?2 2$34;[$: 3$
:>;<"  p*2>W$q\ @?2? ?5>W?2 ? #"3?A #?2Ea?:% ?: 2"3?: #"52>X$:
K>3?3$ 3$ E"934;<" :$Y4$9E>?K\ 3$:A @"3$# @$23$2 ?3$2Z9E>?\ E"#
K"E?2 ? ?K?W?9E? @?2? ? $:Y4$23? p>9A E"9:$Y4$95$ 2>:E" 3$ @?5>9?‘$#

1$!&
3" W$VE4K"\ Y4$ @"3$ @2"W"E?2 3?9": Ed#J>"\ ?5>W?A:$ ? D49;<" 3$  ’‘4?23?2 E$2E? 3$ 7G :$‘493":
?E>3$95$: "4 K$:[$: 9?: @$::"?:M r$#$2‘Z9E>? 3" Ed#J>"rM 3$@">: 3$ K>‘?2 " #"5"2M
 1?2? :$K$E>"9?2 ? #43?9;? E"2A !$:5? E"93>;<"\ " Ed#J>" @$2#?A  ,$K$E>"9?2 ? #?2Ea? @2$5$93>3?%
2$5? @?2? ? #_o>#? 3$:?E$K$2?A 9$E$ 9? I⁄ #?2Ea?\ >93$@$93$95$A :$ 9<" 3$5$E5?2 #?>: " @2"JK$#?\
;<" pD2$>" 3" #"5"2q\ J?:5? #?95$2 #$95$ 3? #?2Ea? :$K$E>"9?3? @":>A " Ed#J>" W"K5? ? D49E>"9?2 E"2A
@2$::>"9?3? ? ?K?W?9E? 3$ #?2A ;[$:% p+:5?E>"9?#$95"q\  p&?2Ea? 2$5?#$95$M
Ea?: @?2? ? D2$95$ pq "4 ? J"2J"A ? 2]q $  p1"95" #"25"q E"95>94?# ?
K$5? $:Y4$23? pq% " Ed#J>" @?::? D49E>"9?2M
@?2? 4#? #"3?K>3?3$ 3$ D49E>"A 
9?#$95" $# Y4$ ? 3$:?E$K$2?;<" !" 3>:@K?x @"3$ :$2 W>:4?K>X?3" " +# E?:" 3$ ?W?2>? 5$#@"2_2>?\ ]
3" W$VE4K" @"3$ :$2 $D$54?3? E"# :V#J"K" M ?E"9:$Ka_W$K 3>2>‘>2A:$ " #?>: 2?@>3?A
D?E>K>3?3$M #$95$ @"::VW$K f   ! = , 
+# E?:" 3$ $W$954?K r$#$2‘Z9E>?
 - W$VE4K" #?95$2_ ? 2$K?;<" :$K$A > M
3" Ed#J>"r\ 3>2>‘>2A:$ >#$3>?5?#$95$
E>"9?3? @$K" E"9345"2 ?5] Y4$ ?: f   ! = ,  > M
E"93>;[$: 3$ :$‘42?9;? " @$2#>A %;    &
5?#M =:5" :>‘9>D>E?\ @"2 $o$#@K"\ ’W?2>? 5$#@"2_2>?
  !!"
Y4$ " :>:5$#? @2"E42?2_ $W>5?2 +# E?:" 3$ ?W?2>? 5$#@"2_2>?\ ]
? 3$:?5>W?;<" 3" #"5"2\ 2$52"E$A @"::VW$K 2$:5?J$K$E$2 " E"22$5" D49A  H .-  ,
 

3$93" 3$ D"2#? ?45v9"#?\ E?:" E>"9?#$95" 3" Ed#J>" $# 5"3?: ?: EF'   &&) $:5? D49;<" 2$A &
" 2$‘>#$ 3" #"5"2 :$^? 3$#?:>A #?2Ea?: @?2? ? D2$95$ @2"E$3$93" 3" Y4$2 " @":>E>"9?#$95" 3? ?K?W?9E?
?3" J?>o"M :$‘4>95$ #"3"% 3$ #?2Ea?: $# p+:5?E>"9?#$95"qc
$# :$‘4>3?\ E"K"E?2 " E"#45?3"2 3$
 1?2?2 " W$VE4K"M >‘9>;<" 9? @":>;<"  M
  "#! 
`"% / .- 0  *$:K"E?2 ? ?K?W?9E? 3$ Ed#J>"
@?2? p+:5?E>"9?#$95"qM
’ D49;<" 3" Ed#J>" ] E"9:5?9A  8"K"E?2 " E"#45?3"2 3$ >‘9>;<"
5$#$95$ #"9>5"2?3? @?2? 3$5$E5?2 9? @":>;<"  M
$W$954?>: ?9"#?K>?:M ,$ 3$5$E5?2
4#? E"93>;<" Y4$ @"3$2>? @2"W"E?2

1$!’
"!  %  &  !<" $D$54?2 #43?9;?: 3$ #?2A ‘?2 " #"5"2M 8"# " E"#45?3"2
!  "!! "  ! Ea?: $952$ ?: @":>;[$: p+:5?E>A 3$ >‘9>;<" 9? @":>;<"  \ "
  !! "9?#$95"q\  p&?2Ea? ? 2]q\  Ed#J>" ] JK"Y4$?3" 9? @":>;<"
p1"95" #"25"q "4  p*2>W$q E"# p+:5?E>"9?#$95"q\ @?2? >#@$3>2
+:5$ :>:5$#? >#@$3$ " 3$:K"E?A
" #"5"2 K>‘?3" 94# 2$‘>#$ :4@$A $W$954?>: #"W>#$95": ?E>3$95?>:
#$95" 3? ?K?W?9E? 3$ #?2Ea?: 3?
2>"2 f #?2Ea? K$95?M 3" W$VE4K"M
@":>;<" p+:5?E>"9?#$95"q :$ 5>W$2
@>:?3" 9" @$3?K 3" D2$>"M  ’95$: 3$ $9‘?5?2 Y4?KY4$2 #?2A  s4?93" 3$:E$2 3" W$VE4K"\ 2$5>A
Ea?\ @>:?2 D493" 9" @$3?K 3" 2?2 :$#@2$ ? Ea?W$ $K$52v9>E? 3"
1?2? E"K"E?2 ?" Ed#J>" 94#? @":>A D2$>"M W$VE4K" $ D$Ea?2 5"3?: ?: @"25?:M
;<" 3>D$2$95$ 3$ p+:5?E>"9?#$95"q\ !49E? 3$>o?2 $W$954?>: E2>?9;?:
" E"#45?3"2 3$ >‘9>;<" 3$W$ $:5?2 9? :$# W>‘>Kd9E>? 9" >95$2>"2 3" W$VA
@":>;<"  p#"5"2 K>‘?3" "4 3$:A  E4K"M
K>‘?3"q $ " @$3?K 3" D2$>" 3$W$ $:5?2 &?95$2 @2$::>"9?3" " @$3?K 3"  !<" 3$>o?2 " 3>:@":>5>W" 3$ @?2A
@2$::>"9?3"M D2$>" $9Y4?95" :$ 3$:K"E? ? ?K?W?9E? 5>3? ?5>W?3"M (#? E2>?9;? @"3$
3?: #43?9;?: @?2? 4#? @":>;<" 3>D$A ?E>"9?2 ": K$W?95?3"2$: 3$ W>A
2$95$ 3? @":>;<" p+:5?E>"9?#$95"q 32": $K]52>E":\ "452": E"#?93":
! !
$ ’45",5>EhM "4 3?2 @?25>3? >9?3W$25>3?#$95$
’ >9"J:$2Wd9E>? 3?: >9:524;[$: D"2A " #"5"2M
9$E>3?: ? :$‘4>2 @"3$ @2"W"E?2 3?A  ’ #"W>#$95?;<" >9$:@$2?3? 3"
9": 9? E?>o? 3$ Ed#J>"%  e @$2>‘":" E"K"E?2 " Ed#J>"
W$VE4K" @"3$ @2"W"E?2 K$:[$: 9":
94#? @":>;<" 3>D$2$95$ 3$
"E4@?95$: "4 9?Y4$K$: Y4$ :$
p+:5?E>"9?#$95"q "4  p1"95"
 ,$K$E>"9?2 ? @":>;<" p+:5?E>"A @"3$# $9E"952?2 9?: @2"o>#>3?A
#"25"q 94# 2$‘>#$ 3" #"5"2
9?#$95"q ?@$9?: E"# " W$VE4K" 3$: >#$3>?5?:M !<" ?J?93"9?2
:4@$2>"2 f #?2Ea? K$95?M ,$
E"#@K$5?#$95$ @?2?3"M " W$VE4K" E"# " #"5"2 K>‘?3"%
9<" @>:?2 D493" 9" @$3?K 3"
 ,$K$E>"9?2 ? @":>;<"  p&?2Ea? ? ?95$: 3$ :?>2 3" a?J>5_E4K"\ ?E>A
D2$>"\ " W$VE4K" @"3$ ?E$K$2?2
2]q\ "4 @?::?2 3$  @?2? 4#? "452? "9?2 :$#@2$ " D2$>" 3$ $:5?E>"A
2?@>3?#$95$M +9‘?5?2 ? #43?9;?
@":>;<" ?@$9?: E"# " W$VE4K" 9?#$95" $K]52>E"\ 3$:K"E?2 ? ?K?A
?@$9?: E"# " #"5"2 9" 2$‘>#$
E"#@K$5?#$95$ @?2?3" $ " #"5"2 W?9E? 3?: #?2Ea?: @?2? ? @"A
3$ #?2Ea? K$95?\ @>:?93" D493"
$# #?2Ea? K$95?M :>;<" p+:5?E>"9?#$95"q\ 3$:K>A
9" @$3?K 3" D2$>"M

1$!*
 ,$ ? 5$#@$2?542? 3" Ed#J>" 4KA   ! !
52?@?::?2 ": K>#>5$: 3$ D49E>"9?A
’ 52?;<" 9?: Y4?52" 2"3?: #"52>X$:
#$95" 9"2#?>:\ ? E$952?K 3" Ed#A > !  DS  >
pI¤*q ] E"#@K$5?#$95$ ?45"#_5>E?
J>" @"3$ #"3>D>E?2 ? :$Y4Z9E>? !  DS S
9? #"3?K>3?3$ 3$ E"934;<" 9"2#?KM
3$ $9‘?5$ 3?: #?2Ea?: $ 2$34X>2
- W$VE4K" $:5_ $Y4>@?3" E"# 4#
" 5"2Y4$ #"52>XM
:>:5$#? E?@?X 3$ 52?9:D$2>2 @?2?
 +# E?:" 3$ :4@$2?Y4$E>#$95" 3? " $>o" 52?:$>2" 3$ #"3" E"#@K$A 
E?>o? 3$ Ed#J>"\ 9" 3>:@K?x ] 5?#$95$ ?45"#_5>E" 5"3? ? 52?;<" !<" ] @"::VW$K $D$54?2 ? #43?9;?
W>:4?K>X?3" " :V#J"K" M !$:5$ 9$E$::_2>? @?2? :$ 3$:@2$93$2 D?E>KA 3$ #"3?K>3?3$ Y4?93" " W$VE4K" 4KA
E?:"\ ? E?>o? 3$ Ed#J>" @"3$ #$95$ 3$ Y4?KY4$2 :>54?;<" ‘?2?9A 52?@?::?2 ? W$K"E>3?3$ 3$ 7LG h#naM
D49E>"9?2 3$ #"3" >9E"22$5" ?5] 5>93"\ ?" #$:#" 5$#@"\ $E"9"#>?
Y4$ ?22$D$;?M $# 5$2#": 3$ $#>::[$: $ E"9:4#":M ! *67   67 5 '
 *42?95$ ? 45>K>X?;<" 3" W$VE4K" ’ 52?9:#>::<" ] E"9:5>54V3? @"2 4# -: J"5[$: @?2? ? ?5>W?;<" 3? 52?A
$ 5$#@$2?542? $o5$29? $o52$#?A 3>:@":>5>W" 3$ 52?9:D$2Z9E>? 3$ @"5Z9A ;<" >95$‘2?K\ :$ 3>:@"9VW$>:\ $:5<" K"A
#$95$ J?>o?\ " D49E>"9?#$95" 3? E>? 1.( p1"i$2 .2?9:D$2 (9>5q E?@?X E?K>X?3": 9" E"9^495" 3$ J"5[$: $
E?>o? 3$ Ed#J>" @"3$ :"D2$2 W?A 3$ 3$:K>‘?2 5"3" " $>o" 52?:$>2" >#$A 9" J"5<" ,$K$EA.$22?>9£ @":>E>"9?A
2>?;[$: E"# J?:$ 9? 5$#@$2?542? 3>?5?#$95$ ?" E"#?93" 3" Ed#J>" 3": 9" E"9:"K$ E$952?K\ @$2#>5>93"
3" #"5"2 $ 3? E?>o? 3$ Ed#J>"\
J$# E"#" $# D49;<" 3? W$K"E>A
Y4?93" ?: E"93>;[$: " @$2#>5>2$# :$K$E>"9?2% &
p@"2 $oM $# E?:" 3$ #?2Ea? $# ?4A
3?3$ 3" W$VE4K"M 5"$:52?3?q $ @"2 4# ?E"@K?#$95" 52?A  I¤* )-8z pJ"5<" q% 3$:?5>W?
 ’ ?5>W?;<" 3? $#J2$?‘$# 3" :$>2" E?@?X 3$ #"34K?2 2?@>3?#$95$ ? D49;<" 3$ 3$:?5>W?;<" 3" $>o"
E"9W$2:"2 3$ 5"2Y4$ $ 3? }⁄ ? Y4?95>3?3$ 3$ 5"2Y4$ 9$E$::_2>" 3$ 52?9:#>::<"\ ‘?2?95>93" ? >#$A
"4 ~⁄ #?2Ea? ] >9>J>3? ?5] @?2? 3$:@2$93$2 " W$VE4K" "4 #$Ka"A 3>?5? 3>:@"9>J>K>3?3$ 3" 5"2Y4$
Y4$ " gK$" 3" Ed#J>" $:5$^? 2?2 ? :4? 3>2>‘>J>K>3?3$ $# @>:": 3$ ?" ?E"@K?#$95" 52?:$>2"M +:5?
E"22$5?#$95$ ?Y4$E>3"M - $:52?3? >22$‘4K?2$:M D49;<" ] :$K$E>"9_W$K 9? #"3?K>A
E"#@K$5" D49E>"9?#$95" 3" 3?3$ ! $ ?45"#_5>E? 9?: "4A
Ed#J>" :$2_ ?5>W?3" ?::># Y4$ ? 52?: #"3?K>3?3$: 3$ E"934;<"M
5$#@$2?542? 3" gK$" ?5>9‘>2 "
W?K"2 @2$$:5?J$K$E>3"M

1$!+
$# 5"3?: ?: #"3?K>3?3$: 3$ E"9A
34;<"M

 I¤* )-¤ pJ"5<" % $ :$K$5"2 


,$K$EA.$22?>9£q $9D?5>X? ": 3$A +# ?K‘4#?: W$2:[$:\ ? @2$::<" 3"
:$#@$9a": r"DDA2"?3r 3" W$VE4K" J"5<" DS S ?5>W? ?45"#?5>A
$# 5"3?: ?: #"3?K>3?3$: 3$ E"9A ’ D49;<" I¤* )-8z @"3$ E?#$95$ 5?#J]# ? D49E>"9?K>3?3$
34;<"M :$2 ?5>W?3? #$3>?95$ @2$::<" 3" I¤* )-8zM (#? @":5$2>"2 @2$::<"
2$:@$E5>W" J"5<" $ ? #43?9;? 3" 3" J"5<" DS S 3$>o?2_ ?5>W? ?
5>@" 3$ 5$22$9" @"3$ :$2 ?K5$2?3?\ D49E>"9?K>3?3$ I¤* )-8zM 1"2 "4A
#$3>?95$ ?E>"9?#$95" 3" :$K$5"2  52" K?3"\ ? 4#? @":5$2>"2 @2$::<" 3"
\ K"E?K>X?3" 9" E"9:"K$ E$952?K p:$ J"5<" DS E \ :$2<" 3$:?5>W?A
$Y4>@?3"q 9?: @":>;[$: ! @?2? 3?: ?#J?: ?: D49E>"9?K>3?3$:M
S@!@" "4 :$ " I¤*
)-¤ 9<" 5>W$2 :>3" ?95$2>"2#$95$
?5>W?3"M 
’ D49;<" I¤* )-¤ :g ] ?E"9:$A
’ ?5>W?;<" 3$ 4#? D49;<" p@"2
Ka_W$K @?2? @>:": 3$ $:52?3? >22$‘4K?A
$oM I¤* )-¤q 3$:?5>W? ?45"#?5>E?A
2$: $ $:E"22$‘?3>?:M
#$95$ ? "452?M
 I¤* )-¤ pJ"5<" % $ :$K$5"2
,$K$EA.$22?>9£q $9D?5>X? ": 3$A
:$#@$9a": r"DDA2"?3r 3" W$VE4K"
1$!,
!!@!! !

"!! DS S
,$ ?: E"93>;[$: @?2? $9‘?5?2 ? D49A
!#! ! *67 
'  DS S ;<" I¤* )-¤ 9<" D"2$# :?5>:D$>5?:\
- E"22$5" D49E>"9?#$95" 3? D49A 8"# " W$VE4K" @?2?3"\ E"#45?3"2 9" 3>:@K?x ] W>:4?K>X?3? 4#? #$9:?A
;<" I¤* 3$@$93$ 3": @9$4:% 3$W$# 3$ >‘9>;<" 9? @":>;<"  "4 E"# ‘$# $:@$EVD>E? >93>E?93" ?: >9:524A
:$2 5"3": 3?: #$:#?: 3>#$9:[$:\ 3" " #"5"2 K>‘?3"\ 3$:K"E?2 ? ?K?W?9E? ;[$: @?2? ? E"9EK4:<" 3? >952"34;<"
#$:#" 5>@" $ 3? #$:#? E>2E49D$2Z9A 3$ Ed#J>" @?2? ? @":>;<"  p*2>W$q\ :"K>E>5?3?M
E>?M  p&?2Ea? ? 2]q "4  p1"95" #"25"q
’ 45>K>X?;<" 3$ @9$4: E"# 3>#$9A $ @2$::>"9?2 4#? W$X " J"5<" DS
&!
:[$: 3>D$2$95$: 5$# $D$>5": 9$‘?5>W": S:
9" E"#@"25?#$95" 3>9d#>E" 3" W$VA - 3>:@":>5>W" ,$K$EA.$22?>9£ E"#A
+# ?K‘4#?: W$2:[$:\ E"# ? #"3?A
E4K"M J>9? ?: E?2?E5$2V:5>E?: 3": :>:5$#?:
K>3?3$ $9‘?5?3?\ 9" 3>:@K?x ] W>:4?A
3$ E"952"K$ 3" W$VE4K" E"# ? @"::>A
K>X?3? ? #$9:?‘$# rI¤* )-¤rM -
J>K>3?3$ 3$ >95$2W$9;<" 3" E"9345"2\
)+* K"E?K>X?3" 9" 3>:@":>5>W" ,$K$EA
3$ #"3" ? D"29$E$2 " #$Ka"2 3$:$#A
.$22?>9£ @"3$2>? D>E?2 >95$2#>5$95$
@$9a" $# Y4?KY4$2 5>@" 3$ 5$22$9"M
!#! ?5] ?" D>9?K 3" $9‘?5$M
!<" E"934X>2 ? W$K"E>3?3$: :4@$A
 *67 
'  DS  ! "!! 
&
2>"2$: f: @$2#>5>3?: @$K?: E"93>;[$:
S 
3? $:52?3?M
’ 3$:?5>W?;<" @"3$ "E"22$2 ? Y4?KA ."E?2 " :$K$5"2 @?2? E>#? "4 @?2?
*>2>^? :$#@2$ E"# :$‘42?9;?M
Y4$2 W$K"E>3?3$ E"#@2$$93>3? $952$ J?>o" @?2? :$K$E>"9?2 ? #"3?K>3?3$
G $ 7LG h#naM 3$:$^?3?M
+# ?K‘4#?: W$2:[$:\ 9" 3>:@K?x !'   
  , -67
? #$9:?‘$# rI¤* )-¤r ?@?‘?A:$
&43?9;? 3$ E?K>J2?;<" 3$ ?E"23"
4#? W$X E"9EK4V3? ? 3$:?5>W?;<"M
E"# " #"3" :$K$E>"9?3" 9" ,$K$E
!$:5$ E?:" " )+* 9" J"5<" DS 5$22?>9%
S $:5_ ?@?‘?3"M
1$!-
 -5>#>X?;<" 3?: >95$2W$9;[$:\ W>A 34?: 2"3?: #"52>X$:M +:5? #"3?A E"# 2$KW? #"Ka?3?M ’ 52?9:#>:A
:?93" ‘?2?95>2 ? #$Ka"2 52?;<" 3" K>3?3$ 2$34X ?>93? " E"9:4#" 3$ :<" ] 3$D>9>3? @?2? "D$2$E$2 ? #_A
W$VE4K" $# 3>D$2$95$: E"93>;[$:M E"#J4:5VW$K\ 4#? W$X Y4$ @$2A o>#? 52?;<"M
 O49E>"9?#$95" 9": #"3": #>5$ 3$:K>‘?2\ "93$ ?: E"93>;[$:
’(.-\ ,!-¤ + ,’!*n&(*M " @$2#>5>2$#\ " $>o" 3$ 52?9:#>:A !? @?25>3? 3" #"5"2\ ] ?45"#?5>A
:<"M 1?2? 5$22$9": ?E>3$95?3": "4 E?#$95$ :$K$E>"9?3? ? #"3?K>3?3$
- ?E>"9?#$95" 3" :$K$5"2\ :$ ? ?K5? @$2D"2#?9E$\ 2$E"#$93?A:$ ’(.- p)+* ?E$:" ?" K?3" 3? #$9A
D49E>"9?K>3?3$ I¤* )-¤ 9<" 5>A " 4:" 3?: 3$#?>: #"3?K>3?3$:\ :?‘$# ’(.-qM
W$2 :>3" ?95$2>"2#$95$ ?5>W?3?\ ?5>A E"9D"2#$ :4?: @?25>E4K?2>3?3$:M
R>2?93" " #?9V@4K" ! \ " )+*
W?2_ ?45"#?5>E?#?95$ ? D49E>"9?K>A  S /*0 % $:5? #"3?K>A ?" K?3" 3? #$9:?‘$# ’(.- @$2#?A
3?3$ I¤* )-8zM 3?3$ @$2#>5$ 5$2 #?>"2 $:5?J>K>A 9$E$ ?E$:"M 1"2 "452" K?3"\ ": "452":
3?3$ $# E"93>;[$: 3$ 5$#@" ?3A )+*: ?E$93$#A:$ :$Y4$9E>?K#$95$\
W$2:?:M (5>K>X?2 @?2? ? E"934;<" $# D49;<" 3": 2$::?K5": E"#49>E?A
 $# 52$Ea": D"2? 3$ $:52?3? :4@$2A 3": ?" @2g@2>" #?9V@4K" >93>E?93"\
!<" ] @"::VW$K $D$54?2 ? #43?9;? DVE>$: E"# J?>o? ?3$2Z9E>? E"#"\ ?::>#\ ?" E"9345"2 Y4?K ? 9"W? #"A
3$ #"3?K>3?3$ Y4?93" " W$VE4K" 4KA @"2 $o$#@K"\ @>:": 3? $:52?3? E"A 3?K>3?3$ @$3>3?M
52?@?::?2 ? W$K"E>3?3$ 3$ 7LG h#naM J$25": 3$ 9$W$M !? #"3?K>3?3$
,!-¤\ E"9D"2#$ ?: E"93>;[$: (#? W$X ?5>9‘>3? ? #"3?K>3?3$
 ! /!-
Q ,0 % ? #"3?A 3$ D49E>"9?#$95" $ @?2? W$2:[$: @2$5$93>3? p)+* ?" K?3" 3? 2$:@$EA
K>3?3$ 3$ 52?;<" 9?: Y4?52" 2"A E"# Ed#J>" ?45"#_5>E"\ $:5? uKA 5>W? #$9:?‘$# ?E$:"q\ J?:5? #?95$2
3?: #"52>X$: E"# D49E>"9?#$95" 5>#? @"3$2>? $9‘?5?2 ? L⁄ #?2Ea? " #?9V@4K" $# @":>;<" ?5] Y4$ "
E"95V94" $ E"#@K$5?#$95$ ?45"A p$# W$X 3? 7⁄q 342?95$ ? @?25>3?\ :>:5$#? ,$K$EA.$22?>9£ :$ ?5>W$ @?2?
#_5>E" @"3$ :$2 45>K>X?3? @?2? ? ? D># 3$ 2$34X>2 ?" #V9>#" ? 3$:A $D$54?2 " $9‘?5$ 3? #"3?K>3?3$ :$K$A
E"934;<" $# 2"3"W>?: ?:D?K5?3?: K>X?#$95" 3?: 2"3?:M E>"9?3?M
$ $:52?3?: 3$ 5$22?M +:5? #"3?K>A  !@" /  @'
0 % #"A +9Y4?95" " :>:5$#? 3$D>9$ " W$VA
3?3$ $Y4>K>J2? ? 52?;<" @?2? ‘?A 3?K>3?3$ 3$ E"934;<" D"2? 3$ $:A E4K" :$‘493" ? #"3?K>3?3$ @$3>3?\
2?95>2 #?9"J2?J>K>3?3$ $ ?E$K$A 52?3? @?2? ? 45>K>X?;<" $# :4@$2A " )+* 2$K?5>W" f @2g@2>? #"3?K>3?3$
2?;<" #$Ka"2?3?: 2$K?5>W?#$95$ DVE>$: E"# J?>o? ?3$2Z9E>?\ E"#" E"#$;? ? K?#@$^?2 p@"2 4# 5$#@"
? 4# W$VE4K" E"# 52?;<" E"# @>:": ?2$9":":\ K?#? "4 E"J$25": #V9>#" 3$ #$>" :$‘493" ?5] 4#

1$".
5$#@" #_o>#" 3$ E$2E? 3$ 6 :$‘49A        
3":qM
   '
s4?93" " )+* :$ ?E$93$ E"# K4X
D>o? $\ ?" #$:#" 5$#@"\ :$ ?@?‘? "  $!    / .- 0
3? #"3?K>3?3$ ’(.-\ :>‘9>D>E? Y4$ - :>:5$#? 3$ ?::>:5Z9E>? $K]52>E? 3? ! *67   *67
? 9"W? #"3?K>3?3$ :$K$E>"9?3? D"> 3>2$;<" 3_ ?" E"9345"2 J"?: 2$:@":A
E"22$5?#$95$ ?5>W?3?M 1?2? ?5>W?2n3$:?5>W?2 ? D49;<"\
5?: 3" W$VE4K" $ D?E>K>5? ? #?9"J2?J>A
@2$::>"9?2 " J"5<" $:@$EVD>E"  
8?:" 9<" :$^? @"::VW$K $D$54?2 ? K>3?3$ $# $:@?;": K>#>5?3":M - 9VW$K
% :>54?3" 9" E"9:"K$ E$952?KM
?5>W?;<" 3? #"3?K>3?3$ @$3>3? 3$9A 3$ ?::>:5Z9E>? ] W?2>_W$K @?2? "D$2$E$2
52" 3$ 6 :$‘493":\ " )+* 2$K?5>W" f #$9"2$: $:D"2;": $# #?9"J2?: 3$
@2g@2>? #"3?K>3?3$ 3$>o?2_ 3$ K?#A $:5?E>"9?#$95" $ D>2#$X? ?" 3>2>‘>2M
@$^?2\ $9Y4?95" " )+* 2$K?5>W" f #"A
3?K>3?3$ ?95$2>"2#$95$ ?5>W? p#"3?A
K>3?3$ ’(.-q E"95>94?2_ ?E$:"\ E"# 
K4X D>o?M 8?:" " :>:5$#? :"D2? ?K‘4#? >95$2A
24@;<" 3? ?::>:5Z9E>? @"2 D?Ka? 3$
.43" >:5" :$2_ >‘4?K#$95$ W_K>3" Y4?KY4$2 9?542$X?\ ?>93? :$2_ @"::VA
@?2? Y4?KY4$2 @?::?‘$# @":5$2>"2 $9A
52$ 3>D$2$95$: #"3?K>3?3$: 3" 3>:@"A
W$K "@$2?2 ? 3>2$;<" #?94?K#$95$M &
!" $95?95"\ " $:D"2;" $o>‘>3" @?2?
:>5>W" ,$K$EA.$22?>9£M #?9"J2?: 3$W$2_ ?4#$95?2 :4J:5?9A
E>?K#$95$M

,$ ?: E"93>;[$: 3$ D?Ka? @$2:>:5>A
-: J"5[$: @"3$# ?@2$:$95?2 D49A
2$#\ 3>2>^?A:$ f   ! = , 
;[$: $ @":>;[$: 3>D$2$95$:\ 3$@$9A
> M
3$93" 3? W$2:<" $ 3? E"9D>‘42?;<"
3": "@E>"9?>: ?3Y4>2>3":M

1$"!
’ ?5>W?;<" 3? D49;<" ] >93>E?3? !!  !! 

@$K? W>:4?K>X?;<" 3? K4XA$:@>? "!
,1-C. 9" Y4?32" 3$ >9:524#$95":M +# D?:$ 3$ ?E$K$2?;<"\ 45>K>X?93"
? D49;<" ,1-C.\ ] @"::VW$K :$95>2 W>A 1?2? ?5>W?2n3$:?5>W?2 " :>:5$#? #?A
12$::>"9?93" " J"5<" ,1-C.\ ? J2?;[$: 9? 3>2$;<"\ Y4$ :<" E?2?E5$A 94?K#$95$\ @2$::>"9$ " J"5<" M
D49;<" ] ?5>W?3? $ "J5]#A:$ 4# @2"A 2V:5>E?: 3$ 4# @2"‘2?#? $:@"25>W"M
‘2?#? 3$ E"934;<" $:@"25>W? E?2?EA
5$2>X?3? @"2 4#? 2$:@":5? #?>: 2_A
@>3? 3$ ?E$K$2?;<" $ 4# $:D"2;" 9" 
W"K?95$\ Y4$ @2"@"2E>"9?# ?" E"9A
345"2 4#? 3>2>‘>J>K>3?3$ #?>: @2?X$A 6 ' ( 
2":?M 1 '-
’ D49;<" ,1-C. @2"@"2E>"9? 4#?   "!
2$:@":5? #?>: 2_@>3? 3$ ?E$K$2?;<"\
4#? ?K5$2?;<" 9" 5$#@" 3$ #43?9A - :>:5$#? ,5?25',5"@ 3$:K>‘? ?45"A
;?: 3" E?#J>" @?2? 4# 2$‘>#$ #?>: #?5>E?#$95$ " #"5"2 :$#@2$ Y4$ "
$:@"25>W" $ 4# K>‘$>2" ?4#$95" 9" $:A W$VE4K" $:5>W$2 @?2?3" p?5$93$93" f: ’ 3$:?5>W?;<" 3" :>:5$#?
D"2;" 9? 3>2$;<"\ @?2? 3?2 4#? :$9A E"93>;[$: 3$ D49E>"9?#$95" 3" :>:A ,5?25',5"@ ] >93>E?3? @"2 4#? #$9A
:?;<" 3$ E"934;<" ?3$Y4?3?M +::$ 5$#?q $ 2$>9>E>? Y4?93" " E"9345"2 :?‘$# $o>J>3? 9" 3>:@K?x $n"4 9"
@2"‘2?#? 3$ E"934;<" $ u5>K $# 4#? 2$5>2? ? @2$::<" :"J2$ " @$3?K 3$ D2$>"M Y4?32" 3$ >9:524#$95": ?52?W]: 3?
$:52?3? :>94":? "93$ ? @2$E>:<" 3? K4XA$:@>? J2?9E? p3$@$93$93"
+:5$ @2"E$3>#$95" ?4#$95? ? $D>A
3>2$;<" $ #?>: 3$:$^?3?M 3? W$2:<"qM s4?93" " :>:5$#? ]
E>Z9E>? 3" W$VE4K" ?52?W]: 3? 2$34A
;<" 9" E"9:4#" 3$ E"#J4:5VW$K\ 2$A 3$:?5>W?3"\ " )+* K"E?K>X?3" :"J
12$::>"9?2 9"W?#$95$ " J"5<" @?2? " J"5<" ] K>‘?3"M
3$:?5>W?2 ? D49;<" $ 2$‘2$::?2 ?" @2"A 34X ?: $#>::[$: 3$ ‘?:$: 9"E>W": $ ?
‘2?#? 3$ E"934;<" 9"2#?KM @"K4>;<" :"9"2?M

1$""
  6H .- 4
   


 /!- 0
- 3$:K>‘?#$95" ?45"#_5>E" 3"
#"5"2 ] a?J>K>5?3" ?@$9?: 3$@">: 3$ 1"2 Y4$:5<" 3$ E"9D"25"\ 3$ 2$34A
:4@$2?2 4#? W$K"E>3?3$ 3$ E$2E? ;<" 3$ $#>::[$: $ 3$ :$‘42?9;?\ "
3$ 6 h#na\ @?2? $W>5?2 2$@$5>3": #"5"2 9<" ] 3$:K>‘?3" :"J ?: :$‘4>9A
3$:K>‘?#$95": 3" #"5"2 Y4?93" 5$: E"93>;[$:%
E"934X>2 ? 4#? W$K"E>3?3$ J?>o?M
 =9EK>9?;<" :4@$2>"2 ?" W?K"2 @2$A
" !-  /     -& $:5?J$K$E>3" @?2? ‘?2?95>2 ? :$‘4A
!"
Q ,0 2?9;? 3$ D49E>"9?#$95" 3" :>:A
5$#?M
_
4  -
Q , +# E?:" 3$ 52?9:#>::<" ?45"#_A
 - #"5"2 ?>93? $:5_ D2>"M
" !- /' 5
  -& 5>E?\ " #"5"2 ] ?45"#?5>E?#$95$ 2$A
K>‘?3" Y4?93" " E"9345"2 $D$54? 4#  - 9VW$K 3$ E?2‘? 3? J?5$2>?

Q ,0 ?J?>o" 3" K>#>5$ @2$$:5?J$K$E>3"M
3": :$‘4>95$: @2"E$3>#$95":%
+# W$VE4K": 3$ 52?9:#>::<" ?45"A  ’ @"25? 3" E"9345"2 9<" $:5_
#_5>E?\ :$ " :>:5$#? ,5?25',5"@ $:5_  s4?93" ? ?K?W?9E? 3$ W$K"E>3?A D$Ea?3?M
?5>W?3" $ " W$VE4K" ] @?2?3" p@?2?2 3$: ] #"W>#$95?3? "4 Y4?93" "  - E>95" 3$ :$‘42?9;? 3" #"5"A
@"2 4# 5$#@" :4D>E>$95$ @?2? " :>:A @$3?K 3$ D2$>" ] K>J$2?3"M 8"# 2>:5? 9<" $:5_ ?D>W$K?3"M &
5$#? ?54?2q " #"5"2 ] ?45"#?5>E?A ? D49;<" w,5?25',5"@y a?J>K>5?3?\  ’ #?2Ea? ? 2] D"> ?E>"9?3? p@"2
#$95$ 3$:K>‘?3" 9?: :$‘4>95$: E"9A K>J$2?2 " @$3?K 3" D2$>" @?2? @$2A $o$#@K"\ @?2? ?: #?9"J2?: 3$
3>;[$:% #>5>2 ? 2$@?25>3? 3" #"5"2\ 3$:3$ $:5?E>"9?#$95"qM
Y4$ " Ed#J>" $:5$^? 9? @":>;<"  -E"22$4 2$?J?:5$E>#$95"
 ’K?W?9E? 3$ W$K"E>3?3$: 9? @"A 3$ *2>W$ /0M 2$E$95$M +:5? E"93>;<" ]
:>;<" M
5$#@"2_2>? pW$2 ?3W$25Z9E>?:
 1$3?K 3" D2$>" @2$::>"9?3"M ,$ " Ed#J>" $9E"952?A:$ D"2? 3? 9" 5g@>E" w,>:5$#? DK$oy 9$:5$
@":>;<" 3$ *2>W$ p*q " W$VE4K" W?> E?@V54K"qM
@?25>2 ?45"#?5>E?#$95$M  - E?@v $:5_ ?J$25" "4 3$:52?A
W?3"M
1$"%
 - 2$:$2W?5g2>" 3$ E"#J4:5VW$K  U$VE4K" $# #"W>#$95"\ @"2 #$95":\ E"9D"2#$ ? W$2:<"\ ? #$9:?A
$:5_ 9? 2$:$2W?M $o$#@K"\ 9": E?:": 3$ $:5?2 ‘$# 3$ >93>:@"9>J>K>3?3$ 3" :>:5$#?M
 ’ K4XA$:@>? 3" :>:5$#? ,5?25',5"@ 52?D$‘?93" $# 3$:E>3?:M
$:5_ ?E$:?M  - #"5"2 D"> 3$:K>‘?3" ?52?W]: 3"
:>:5$#? ,5?25',5"@ @"2 ?@2"o>#?A
3?#$95$ 52Z: #>945":M

’ 45>K>X?;<" 3" ?2AE"93>E>"9?3"
@"3$ >9>J>2 " ?45":5"@ 3$ ?E"23" E"#
? "@;<" $:E"Ka>3? @$K" 4:4_2>"\ E"9A
D"2#$ 3$:E2>5" 9" E?@V54K" r8K>#?5>A !#!
X?;<"rM 1?2? " E"22$5" D49E>"9?#$95" 3"
:>:5$#? ,5?25',5"@\ " 9VW$K 3$ E?2‘?
  6H       
& 3? J?5$2>? 3$W$ $:5?2 ?E>#? 3" K>#>5$ " 
 /!- 0 @2$$:5?J$K$E>3"M !!

1"2 Y4$:5<" 3$ E"9D"25"\ 3$ 2$A U$2>D>E?2 ? E?2‘? 3? J?5$2>? 9": @$A *42?95$ " D49E>"9?#$95" 3"
34;<" 3$ $#>::[$: $ 3$ :$‘42?9;?\ 2V"3": >93>E?3": 9" 1K?9" 3$ #?94A ,5?25',5"@\ $# E"93>;<" 3$ ’45":A
" #"5"2 @"3$ 2$>9>E>?2 ?45"#?5>E?A 5$9;<" @2"‘2?#?3?M 5"@ p#"5"2 3$:K>‘?3"q\ ?" ?J2>2 ?
#$95$ :$# Y4?KY4$2 >95$2W$9;<" 3" @"25? $ 2$5>2?2 " @] 3" D2$>"\ "4 ?J2>2
E"9345"2\ :$ "E"22$2$# ?: :$‘4>95$: *42?95$ " ’45":5"@\ ? K4XA$:@>? ? @"25? $ 3$:?D>W$K?2 " E>95" 3$ :$‘4A
E"93>;[$:% 9? E"2 W$23$ D>E?2_ ?E$:? 9" Y4?32" 2?9;?\ " :>:5$#? >2_ ?E>"9?2 " D2$>" 3$
3$ >9:524#$95":\ E"#" >93>E?;<" 3$ $:5?E>"9?#$95" $K]52>E"\ :"K>E>5?93"
 !VW$K 3$ E?2‘? 3? J?5$2>? ?J?>o" Y4$ " #"5"2 D"> 3$:K>‘?3" @$K" :>:A ? >95$2W$9;<" 3" 4:4_2>" @?2? 2$@?2A
3" K>#>5$ @2$$:5?J$K$E>3"M 5$#? ,5?25',5"@M 5>3? 3" #"5"2 ?52?W]: 3$ 4#? #$9A
:?‘$# 9" Y4?32" 3$ >9:524#$95":M
 -E"22$4 ? 3$@2$::<" 3" :>:5$#? 1"2 #"5>W" 3$ :$‘42?9;?\ "
3$ D2$>"\ 3$W>3" ?" ?E>"9?#$95" ,5?25',5"@ @"3$2_ :$2 3$:?J>K>5?3"M
3" @$3?K 3$ D2$>" 2$@$5>3?: W$X$:M ,$2_ W>:4?K>X?3? 9" Y4?32" 3$ >9:524A

1$"&
!$:5$ E?:"\ 3>2>‘>2A:$ ?   !&

 = ,  > :
e @"::VW$K #?95$2 " #"5"2 $# D49A
E>"9?#$95"\ 3$:?J>K>5?93" " :>:5$#? !* = , 
,5?25',5"@M
 3- ,  
    

 ]  Q 3 , P- ,
, P
' ,R 
7 5 -+  > :
!#!
*42?95$ " D49E>"9?#$95" 3" :>:A
5$#? ,5"@',5?25\ " E"9345"2 3$W$ $:A !!    12$::>"9$ " J"5<" % 3" $9‘?5$
5?2 :$#@2$ ?5$95" ?" ?E>"9?#$95" 3" +# E?:": 3$ >9?5>W>3?3$ 3" W$VE4K" 2_@>3" @?2? :"K5_AK" 3" D?K:" @"K"M
@$3?K 3$ D2$>"M $:5$^? ?5$95" f E?2‘? 3? J?5$2>?M
*$W>3" ? 3>W$2:?: E"93>;[$:\ " +D$54?2 " :$‘4>95$ @2"E$3>#$95"%
#"5"2 @"3$2_ :$2 2$K>‘?3" $ " W$VE4K"
8?:" :$^? 9$E$::_2>" 3$:E"9$E5?2 "
@"3$2_ $952?2 $# #"W>#$95" E?:" "
E?J" #?::? pAq 3? J?5$2>?\ " #$:#"
D2$>" 9<" $:5$^? E"#@K$5?#$95$ @2$:A
:>"9?3"M
3$W$ :$2 D$>5" ?52?W]: 3" D?K:" @"K" &
9$‘?5>W" !\ E"#" ? :$‘4>2%

!!  &
!"
+# E?:" 3$ #?4 D49E>"9?#$95"\  C$#"W? " $9‘?5$ 2_@>3"  3"
" :>:5$#? ,5?25',5"@ ] 3$:K>‘?3"M - D?K:" @"K" 9$‘?5>W" M
E"9345"2 ] >9D"2#?3" 3? ?9"#?K>?
@$K? :>9?K>X?;<" 3? K4XA$:@>?\ ^495?A
#$95$ E"# 4#? #$9:?‘$# W>:4?K>A
X?3? 9" 3>:@K?x p?K‘4#?: W$2:[$:qM

1$"’
 
’ J?5$2>? @?2? W$VE4K": E"# :>:A ’95$: 3$ ?J2>2 " E?@v\ ] @2$E>:"
5$#? ,5?25',5"@ @"::4> E?2?E5$2V:5>A ?::$‘42?2A:$ 3$ Y4$ " W$VE4K" $:5$^?
E?: Y4$ :<" $:@$EVD>E?: @?2? $:5? W$2A 3$:K>‘?3" $ " E"#45?3"2 3$ >‘9>;<"
:<" $ W>:?# ‘?2?95>2 " @$2D$>5" D49E>A 9? @":>;<" -OOM e ?E"9:$Ka?3" 2$5>A
"9?#$95" 3" :>:5$#?M 1?2? :4J:5>54>A 2?2 ? Ea?W$ 3$ >‘9>;<" 3$ 3$952" 3"
;<" 3? J?5$2>?\ 3>2>^?A:$ >#@2$:E>93>A W$VE4K" Y4?93" " #$:#" $:5>W$2 @?A
W$K#$95$ f   ! = ,  > : 2?3" $ E"# "452?: @$::"?: @2$:$95$:
9" >95$2>"2M
 1?2? 2$E"K"E?2 " E?J"\ $#@422?2 !!  "#! *42?95$ " 2$?J?:5$E>#$95" 3$
9" :$95>3" E"952_2>" ?5] "4W>2 " E"#J4:5VW$K\ ?::$‘42?2A:$ 3$ Y4$ "
EK>Eh 3? 52?W?\ E$25>D>E?93"A:$ 3" +# E?:" 3$ @?25>3? 3$ $#$2‘Z9E>? W$VE4K" $:5$^? 3$:K>‘?3" E"# " E"A
52?W?#$95"M E"# J?5$2>? ?4o>K>?2\ 9<" E"9$E5?2 " #45?3"2 3$ >‘9>;<" 9? @":>;<" -OOM
E?J" 9$‘?5>W" pAq 3? J?5$2>? ?4o>K>?2
- :$9:"2 =B, ! 9<" @"3$ 949E?
?" 5$2#>9?K 9$‘?5>W"  3? J?5$2>? 3"
:$2 3$:E"9$E5?3" 3" @"K"\ $oE$5" !<" 2$#"W$2 " :$9:"2 =B, p,$9:"2
W$VE4K"M 8"9$E5?2 ? 4# @"95" 3$
9" E?:" 3$ :4J:5>54>;<" 3? J?5$A >95$K>‘$95$ 3? J?5$2>?q 3" @"K" 9$‘?A
#?::? #"5"2nEd#J>" p:>‘? " @2"E$3>A
2>?M 5>W" 3? J?5$2>? !\ @">: " :>:5$#? ,5?25
#$95" 3$ w1?25>3? E"# J?5$2>? ?4o>A
' ,5"@ @"3$2_ D>E?2 >9"@$2?95$M
K>?2yqM

’95$: 3$ E"95>94?2 E"# " @2"E$A
3>#$95"\ ?‘4?23$ @$K" #$9": 7 #>A
945" @?2? @":>E>"9?2 " E"#45?3"2 3$
>‘9>;<" 9? @":>;<"  M

1$"*
!!    !!   

’@g: :4J:5>54>;<" 3? J?5$2>? " :>:A ’5>W?;<" 3" 3>:@":>5>W"% @2$::>"9?2 1?2? 3$:?5>W?2 " 3>:@":>5>W"\ @2$:A
5$#? ,5?25',5"@ @"3$ D>E?2 5$#@"2?A " J"5<" "4 ": J"5[$: ,+. ƒ "4 :>"9?2 " J"5<" M
2>?#$95$ >93>:@"9VW$KM ,+.  9" W"K?95$M ’ ?5>W?;<" 3" 3>:A
@":>5>W" ] ?::>9?K?3? @$K? W>:4?K>X?A
;<" 3" :V#J"K" $ @"2 #$9:?‘$# 
     $:@$EVD>E? p:$ $Y4>@?3"q 9" 3>:@K?xM ’ ?5>W?;<" 3" 824>:$ 8"952"K $K$A
52v9>E" "4 3? D49E>"9?K>3?3$ S*8
  *$:?5>W?;<" 3" 3>:@":>5>W"% @2$::>A p       q @2"W"E?2_ ?
"9?2 " J"5<" !M ’ 3$:?5>W?;<" 3$:?5>W?;<" 3" 3>:@":>5>W"M
  3" 3>:@":>5>W" ] ?::>9?K?3? @$K? W>:4A
e 4# 3>:@":>5>W" Y4$ @$2#>5$ K>#>A ?K>X?;<" 3" :V#J"K" $ #$9:?‘$#
 *67 -
Q ,     &
5?2 ? W$K"E>3?3$ 3" W$VE4K" ? W?K"2$: $:@$EVD>E? p:$ $Y4>@?3"q 9" 3>:@K?xM
 *
@2"‘2?#_W$>: @$K" #"5"2>:5?M C$?5>W?;<" 3" 3>:@":>5>W"% @2$::>"A
- 3>:@":>5>W" 3$:?5>W?A:$ ?45"#?A
e @"::VW$K @2"‘2?#?2 ? W$K"E>3?3$ 9?2 " J"5<" M
5>E?#$95$ $# E?:" 3$ ?W?2>? 9" :>:A
#_o>#? E"# " W$VE4K" @?2?3" "4 ,$ " 824>:$ 8"952"K $K$52v9>E" 5>A 5$#?M !$:5$ E?:"\ 3>2>‘>2A:$ f 
E"# " W$VE4K" $# #"W>#$95"M ’ W$2 :>3" ?95$2>"2#$95$ ?5>W?3"\ ] 9$A  ! = ,  > M
W$K"E>3?3$ #V9>#? @2"‘2?#_W$K ] 3$ E$::_2>" @2$::>"9?2 34?: W$X$: " J"A &
HG h#naM 5<" M ’ @2>#$>2? @2$::<" 3$:K>‘? ?
!"! ! &
s4?93" " 3>:@":>5>W" $:5_ ?5>W"\ ? D49;<" ?95$2>"2#$95$ ?5>W?3?\ ? :$A
! "
W$K"E>3?3$ 3" W$VE4K" 3$@$93$ 3? ‘493? @2$::<" ?5>W? " ,@$$3 )>#>5$2M
@2$::<" 3" @$3?K ?E$K$2?3"2\ ?5] :$2 ’ W$K"E>3?3$ K>#>5$ @"3$ :$2 @2"A
?5>9‘>3? ? W$K"E>3?3$ K>#>5$ @2"‘2?A ‘2?#?3? :$# 9$E$::?2>?#$95$ ?5>W?2
#?3? pE"9:4K5?2 ? "@;<" r12"‘2?#?A " 3>:@":>5>W"M
;<" 3? W$K"E>3?3$ K>#>5$rqM 1?2? #$#"2>X?2 4# W?K"2 3$ W$A
K"E>3?3$ #?>: ?K5" 3" Y4$ " W>:4?A
K>X?3"\ @2$::>"9?2 J2$W$#$95$ " J"A
5<" ,+. ƒM ’ E?3? @2$::<" 3" J"5<"

1$"+
E"22$:@"93$ 4# ?4#$95" 3? W$K"E>A "#! ! ! Y4$ @$2#>5$ #?95$2 " W$VE4K" ? 4#?
3?3$ 3$ E$2E? 3$ 7 h#na $9Y4?95" !"!! W$K"E>3?3$ 3$:$^?3?\ :$# ? 9$E$::>A
Y4$\ #?95$93" " J"5<" @2$::>"9?3"\ 3?3$ 3$ @>:?2 9" @$3?K 3" ?E$K$2?A
’ W$K"E>3?3$ @2"‘2?#?3? E"#$;?
"J5]#A:$ 4# ?4#$95" 3$ 6 h#naM 3"2\ $ Y4$ ?3?@5? :4? W$K"E>3?3$ 3$
? K?#@$^?2 9": :$‘4>95$: E?:":%
?E"23" E"# " W$VE4K" $9E"952?3" f
1?2? #$#"2>X?2 4# W?K"2 #?>:
D2$95$\ 2$34X>93" ? W$K"E>3?3$ $ 2$A
J?>o" 3" Y4$ " W>:4?K>X?3"\ @2$:A  s4?93" :$ 5>W$2 @2$::>"9?3" "
5"#?93" ? @2$$:5?J$K$E>3? E?:" 9<"
:>"9?2 " J"5<" ,+.  M ’ E?3? @$3?K 3" ?E$K$2?3"2 $ ? W$K"E>A
a?^? 9$9a4# "J:5_E4K" 9" E?#>9a"M
@2$::<" 3" J"5<" E"22$:@"93$ 4#? 3?3$ 3" W$VE4K" 5>W$2 4K52?@?:A
8"9543"\ 9<" ] 4# :>:5$#? 3$ :$A
3>#>94>;<" 3? W$K"E>3?3$ 3$ E$2E? :?3" ? W$K"E>3?3$ @2"‘2?#?3?M
‘42?9;? $ 9<" D"> 3$:$9W"KW>3" @?2?
3$ 7 h#na $9Y4?95" Y4$\ #?95$93"  ’5>W?93" " :>:5$#? ?@g: 5$2 3$D>A @2$W$9>2 E"K>:[$:M
" J"5<" @2$::>"9?3"\ "J5]#A:$ 4#? 9>3" 4# K>#>5$ >9D$2>"2 f $D$5>W?
3>#>94>;<" 3$ 6 h#naM W$K"E>3?3$ 3" W$VE4K"M +:5$ :>:5$#? @"3$ :$2 45>K>X?3" ?
4#? W$K"E>3?3$ :4@$2>"2 ? HG h#na\
 s4?93" " 3>:@":>5>W" 9<" D"2 E?A
$# K"9‘": 52$Ea": 3$ $:52?3? 2$5":\
! !!" ! & @?X 3$ 2$34X>2 ? W$K"E>3?3$ 3"
:$E": $ E"# @"4E?: W?2>?;[$: 3$
! !"!! W$VE4K" 3$W>3" f >9EK>9?;<" 3?
W$K"E>3?3$ p@"2 $o$#@K" @$2E42:":
$:52?3?M
12$::>"9?93" " @$3?K 3" ?E$K$2?A $# ?45"$:52?3?:qM
3"2 5"5?K#$95$ ?5] " rD493"r pD># 3$  +# E?:" 3$ ?E$K$2?;<" J24:E?M
’ 45>K>X?;<" 3" 3>:@":>5>W" 9<" ]
E42:"q\ ] @"::VW$K 4K52?@?::?2 ? W$K"A W?95?^":? $# $:52?3?: $o52?42J?9?:
E>3?3$ @2"‘2?#?3? #$:#" Y4?93"
" 3>:@":>5>W" $:5_ ?5>W" p@"2 $oM $#     E"# #4>5" 52d9:>5"M !<" ] 2$E"#$9A
3?3" 45>K>X?2 " 3>:@":>5>W" 9? E>3?3$M
E?:" 3$ 4K52?@?::?‘$#qM  
- 3>:@":>5>W" ] 3$:?5>W?3" ?5] 2$A  !! !  &
34X>2 ? W$K"E>3?3$ ?J?>o" 3" K>#>5$ 
! / .- 0
3$D>9>3"\ $95<" :$ 2$?5>W? ?45"#?5>A ,$ 9<" D"2 3$5$E5?3" 4# W$VE4K" f
E?#$95$M - 8"952"K$ ’3?@5?5>W" 3$ U$K"A D2$95$\ " ’88 #?95$2_ 4#? W$K"E>A
E>3?3$ p’3?@5>W$ 824>:$ 8"952"K  3?3$ D>o? 3$D>9>3? @$K" E"9345"2M
’88q ] 4# :>:5$#? 3$ ?::>:5Z9E>?
f E"934;<"\ 3$ E"952"K$ $K$52v9>E"\
1$",
,$ D"2 3$5$E5?3" 4# W$VE4K" f :4? ?54?;<" K>#>5?3? 3>?95$ 3$
D2$95$\ " ’88 ?@K>E?2_ D2$9?‘$# "4 
E"93>;[$: ?3W$2:?: W>:>J>K>3?3$ f
?E$K$2?;<" K>#>5?3?: p:$# $oE$3$2 ? - ’88 ] 4# :>:5$#? 3$ E"9W$9>A 3>:5d9E>?M
W$K"E>3?3$ "2>‘>9?K#$95$ 3$D>9>3?q Z9E>?M +K$ 9<" ?54? E"#" :4J:5>545"
 !$# :$#@2$ 2$E"9a$E$ @K$9?A
?45"#?5>E?#$95$ @?2? #?95$2 ? ?" $9W"KW>#$95" ?5>W" Y4$ ? E"934A
#$95$ E"93>;[$: 3$ E"934;<"
3>:5d9E>? @2$3$D>9>3?\ #?95$93" ;<" 3$ 4# W$VE4K" $o>‘$M e :$#@2$ E"#@K$o?:\ " Y4$ @"3$ 2$:4K5?2
4#? W$K"E>3?3$ E"#@?5VW$K E"# ? 2$:@"9:?J>K>3?3$ 3" E"9345"2 $:5?2 $# ?W>:": >9E"22$5": "4 9<" $#>A
3" W$VE4K" ?3>?95$M ?5$95" f W>?\ ?" 52_D$‘" $ f: E"93>A 5>3":M
;[$: EK>#_5>E?:\ J$# E"#" f W$K"E>A
- 8"952"K$ 3$ U$K"E>3?3$ @"::4> 3?3$ 3" W$VE4K" $ ? 3>:5d9E>? @?2? ":
- :>:5$#? ’88 3$W$ :$2 3$:K>‘?3"%
3">: #"3": 3$ E"952"K$% 3$#?>:M ’E>#? 3$ 543"\ ] 3$K$ ? 2$:A
@"9:?J>K>3?3$ :"J2$ ? D2$9?‘$#\ @?2?
?::$‘42?2 ? "@$2?;<" :$‘42? 3" W$VA  s4?93" :"J 9$JK>9?\ Ea4W? D"25$\
 &"3" 8"952"K$ ’3?@5?5>W" 3$ U$A 9$W$\ ‘2?9>X"\ 52_D$‘" >95$9:" $
K"E>3?3$ @?2? #?95$2 4#? 3>:5d9A E4K" :"J 5"3? $ Y4?KY4$2 E"93>;<"M ’
E"#@K$5? ?5$9;<" 3" E"9345"2 ] $o>A :>54?;[$: E"#@K$o?: 3$ E"934A
E>? ?@2"@2>?3? $952$ W$VE4K":M ;<" p@"2 $o$#@K"\ $# X"9?: 3$
‘>3? @$2#?9$95$#$95$ @?2? ? #?94A
 &"3" U$K"E>3?3$ O>o? @?2? 2"3?2 "J2?: $# 2"3"W>?:qM
5$9;<" 3" E"952"K$ :"J2$ " W$VE4K"M
? 4#? W$K"E>3?3$ E"9:5?95$ @2$A  ’" $952?2 $# D?>o?: @?2? E"9W$2A
’ 9<" "J:$2W?;<" 3$::?: E"93>;[$:
3$5$2#>9?3?M 1?2? >9D"2#?;[$:
?3>E>"9?>:\ E"9:4K5?2 " @?2_‘2?D"
@"3$ K$W?2 ? ?E>3$95$: E"# D$2>#$9A :[$: "4 $# ?K;?: 3$ ?E$::"c ?" &
5": ‘2?W$: $ ?5] ? #"25$M E"934X>2 $# $:52?3?: :>94":?:\
r&"3" U$K"E>3?3$ O>o?r 9$:5? :$A E"J$25?: @"2 ‘$K" "4 9$W$\ $:E"2A
;<"M 2$‘?3>?: "4 Y4$ E"# ?EK>W$: "4
- :>:5$#? ’88%
3$EK>W$: #4>5" V9‘2$#$:M
e :$#@2$ @"::VW$K ?K5$29?2 $952$ ":  ’" 2$J"E?2 ?52$K?3": $# W>?: $#
 !<" 2$?‘$ ? @$3$:52$:\ W$VE4K":
#"3": ?52?W]: 3": J"5[$: 3" :>:5$#? 52$Ea": 3$ :4J>3?: "4 3$:E>3?:
52?D$‘?93" 9" :$95>3" "@":5" 3?
9" W"K?95$M -: 3">: #"3": 3$ E"9A V9‘2$#$:M
W>?M
52"K$ D49E>"9?# 3$ #?9$>2?: 3>D$2$9A
 1"3$ 9<" K$W?2 ?: E"93>;[$: 3?  s4?93" Y4?>:Y4$2
5$:M ,$#@2$ E"9D>2#$ Y4?K #"3" $:5_
W>?\ 3" 52_D$‘" $ 3" 5$#@" $# E>2E49:5d9E>?: >#@$3>2$# 4#?
:$K$E>"9?3"M
E"9:>3$2?;<"\ $ ?>93? @"3$ 5$2

1$"-
E"934;<" :$‘42? ? W$K"E>3?3$ LM -9n-DD
E"9:5?95$M HM ,+.ƒ  ’4#$95?2 W$K"E>3?3$
IM C+,  C$5"#?2 !#!
-: J"5[$: @?2? " E"#?93" 3" E"9A 6M ,+.A  *>#>94>2 W$K"E>3?3$ - 824>:$ 8"952"K @"3$ :$2 @$2>‘":"
52"K$ $K$52v9>E" 3$ W$K"E>3?3$ $:5<"
FM )>#>5?3"2 3$ W$K"E>3?3$ "93$ " :>:5$#? 9<" D"2 E?@?X 3$
K"E?K>X?3": 9" K?3" 3>2$>5" 3" W"A
{M *$D>9>2 3>:5d9E>?  ?4#$95?2 #?95$2 4#? W$K"E>3?3$ E"9:5?95$M
K?95$M
}M ’88 -9n-DD +# ?K‘4#?: E"93>;[$:\ ? W$K"E>A
1?2? ?::$‘42?2 4# D49E>"9?#$95"
3?3$ @"3$ :$2 $oE$::>W?\ E"# " 2>:E"
E"22$5"\ " E"952"K$ $K$52v9>E" 3$ W$A
3$ @$23$2 " E"952"K$ 3" W$VE4K" $ @2"A
K"E>3?3$ D"> E"9E$J>3" 3$ #"3" ?  W"E?2 ?E>3$95$:M !<" 4:?2 " 3>:@":>A
3$:K>‘?2A:$ $# E?:" 3$ ?E>"9?#$95"
s4?KY4$2 #"3>D>E?;<" 9" Ea?::>\ 5>W" $# E"93>;[$: 3$ 52d9:>5" >95$9:"
:>#4K5d9$" 3$ W_2>?: D49;[$:M !$:5$
9? :4:@$9:<" "4 9" 5?#?9a" 3": "4 $# $:52?3?: >22$‘4K?2$: :>94":?:\
E?:"\ ] @"::VW$K 2$?5>W?2 " :>:5$#?
@9$4: 3" W$VE4K" ?D$5?2_ " 3$:$#@$A E"9‘$K?3?:\ E"# 9$W$ "4 K?#?M
@2$::>"9?93" " J"5<" $ 2$3$D>A 9a" 3": :>:5$#?: ’88 $ O8¤ p’K$25?
9>93" ? W$K"E>3?3$ 3$:$^?3? 3" W$VA 3$ 8"K>:<" O2"95?KqM
E4K"M

!!    !#!


+# E?:" 3$ D49E>"9?#$95" 3$D$>54A
":" "4 ?W?2>? 3" 3>:@":>5>W"\ 3>2>‘>2A
:$ f   ! = ,  > :
!#!
’" 45>K>X?2 " E"952"K$ 3$ W$K"E>A *>2>^? :$#@2$ $# :$‘42?9;?M
3?3$\ "J:$2W?2 ?K‘49: E4>3?3":
#4>5" >#@"25?95$: E"# 2$K?;<" ?" 1?2? ?5>W?2 " 3>:@":>5>W"\ @2$::>"9?2
Ed#J>"M " J"5<" M
!<" @":>E>"9?2 ? ?K?W?9E? 3$ #?2A
7M 8’!8  8?9E$K?2 Ea?: $# @"95" #"25"M

1$%.
- :>:5$#? :g @"3$ :$2 ?5>W?3" :$ ?  O2$>" 3$ $:5?E>"9?#$95"  ! !
W$K"E>3?3$ 3" W$VE4K" $:5>W$2 ?E>#? ?E>"9?3"M >!!
3$ G h#naM  ’K?W?9E? 3$ 52?9:#>::<" $# \ 12"E$3$2 3" :$‘4>95$ #"3"%
’ W$K"E>3?3$ #V9>#? ? :$2 3$D>9>3?  "4 M
9" ’88 ] HG h#naM  U$K"E>3?3$ 3" W$VE4K" 9" #"A  ’5>W?2 " 3>:@":>5>W" pE"9:4K5?2 ?:
#$95" ?E>#? 3? D?>o? 3$ W$K"E>A >93>E?;[$: ?95$2>"2#$95$ 3$:E2>A
s4?93" " :>:5$#? ] ?5>W?3" $ $:5_
3?3$ :$K$E>"9?3?M 5?:qM
@2"95" @?2? :$2 4:?3"\ " 3>:@K?x 3"
Y4?32" 3$ >9:524#$95": $o>J$ ? #$9A  O2$>": :4@$2?Y4$E>3":M  s4?93" " W$VE4K" 5>W$2 ?5>9‘>3"
:?‘$# r’88 ’5>W"rM  1"25? 3" #"5"2>:5? ?J$25?M ? W$K"E>3?3$ 3$:$^?3?\ @2$::>"A
 8>95" 3$ :$‘42?9;? 3" #"5"2>:5? 9?2 " J"5<"  c p"4   q $
s4?93" " :>:5$#? ] 3$:?5>W?3"\ :"K5_AK" @?2? ?5>W?2 " 3>:@":>5>W"%
" 3>:@K?x $o>J$ ? #$9:?‘$# r1>K"5" 9<" ?D>W$K?3"M
?" :"K5?2 " ?E$K$2?3"2\ " W$VE4K"
?45"#_5>E" ?3?@5?5>W" p’88q 3$:K>A @2"::$‘4>2_ f W$K"E>3?3$ :$K$E>"A
‘?3"rM  9?3?M
- 3>:@":>5>W" 9<" ] E"#@?5VW$K
 E"# ?: D49E>"9?K>3?3$: I¤* )-¤ ’" $9D2$95?2 52$Ea": $# 3$:E>3? $
$ S*8M ,$ $:5?: D"2$# ?5>W?3?: $9A E"# " 3>:@":>5>W" ?5>W?3"\ ] @"::VA
e @$2>‘":" 3$>o?2 " 3>:@":>5>W" K>A
‘?3" Y4?93" 9<" $:5_ :$93" 45>K>A
Y4?95" $:5>W$2 45>K>X?93" " E"952"K$ W$K Y4$ ? W$K"E>3?3$ 3" W$VE4K" ?4A &
3$ W$K"E>3?3$\ " 3>:@":>5>W" :$2_ 3$A #$95$ K>‘$>2?#$95$ $# 2$K?;<" f :$A
X?3"M *$ D?5"\ $o>:5$ " 2>:E" 3$ ?5>W_A
:?5>W?3" ?45"#?5>E?#$95$M *42?95$ K$E>"9?3?M
K" >9W"K495?2>?#$95$ $ @$23$2 " E"9A
? 45>K>X?;<" 3$::?: D49;[$:\ " 824>:$
52"K$ 3" W$VE4K" 3$W>3" ? 4# $oE$::"
8"952"K $K$52v9>E" 9<" $:5?2_\ $#
3$ W$K"E>3?3$ >#@2$W>:5"M 
5"3" E?:"\ 3>:@"9VW$KM
’95$: 3$ @2$::>"9?2 ": J"5[$: 
- :>:5$#? ’88 9<" @"3$ :$2 ?5>A c p"4   q\ " W$VE4K" 3$W$ W>?^?2
W?3" :"J ?: :$‘4>95$: E"93>;[$:% ? W$K"E>3?3$ E"9:5?95$ $# 5$22$9"
9>W$K?3"M
 .2?9:#>::<" $# I¤* )-¤M
 1$3?K 3$ D2$>" ?E>"9?3"M
1$%!
!! ! !  ' K67      * 

 & #>94>2 ?5] :"K5?2 " J"5<"\ 3$@">: :$2_
 G #$#"2>X?3? ? 9"W? W$K"E>3?3$M
 !?: W$2:[$: $Y4>@?3?: E"# Ed#A 1"2 "452" K?3"\ ? E?3? @2$::<" 3"
’ @2$::<" 3" J"5<"  c p"4  J>" ?45"#_5>E"\ $# E?:" 3$ @$2E42:" J"5<"  & "J5]#A:$ ? 2$34;<" 3$
 q @$2#>5$ 3>#>94>2 "4 ?4#$95?2 ? $# #"95?9a?:\ " 3>:@":>5>W" @"3$ 2$A 7 h#na 3? W$K"E>3?3$ 3$D>9>3?M
W$K"E>3?3$ $# 7 h#na 3$D>9>3? ?52?A 34X>2 ?45"9"#?#$95$ ? W$K"E>3?3$
W]: 3" &$94 3" 3>:@K?x 3" Y4?32" $9‘?5?3? @?2? #?95$2 ? W$K"E>3?3$
3$ >9:524#$95":M 3$D>9>3?M "! !

+# $:52?3?: E"# D"25$ >9EK>9?;<"\ ,$ a"4W$2 9? #$#g2>? 3"


!-
   *',  :>:5$#? 4#? W$K"E>3?3$ 3$D>9>3?
? 3>#>94>;<" "4 " ?4#$95" 3$ W$K"A
(#? W$X ?5>W?3" " 824>:$ 8"952"K E>3?3$ @"3$ :$2 9"5_W$K $ ]\ @"25?95"\ ?95$2>"2#$95$\ @2$::>"9?2 " J"5<"
$K$52v9>E"\ ] @"::VW$K ?4#$95?2 ? W$A @2$D$2VW$K 3$:?5>W?2 " 3>:@":>5>W"M  $ :"K5_AK" @?2? W"K5?2 ?" W?K"2
K"E>3?3$ @2$::>"9?93" " J"5<"  c #$#"2>X?3"M
M

&?95$93" " J"5<" @2$::>"9?3"\ ?
- 3>:@":>5>W" #?95]# #$#"2>A
W$K"E>3?3$ 3$D>9>3? E"95>94?2_ ? ?4A
X?3? ? W$K"E>3?3$ #$:#" $# :4J>3? !#!
#$95?2 ?5] :"K5?2 " J"5<"\ 3$@">: :$2_
$ $# 3$:E>3?M (#? K>‘$>2? W?2>?;<"
#$#"2>X?3? ? 9"W? W$K"E>3?3$M C$5"#?2 4#? W$K"E>3?3$ Y4$ :$^?
3? W$K"E>3?3$ $# K$W$: :4J>3?: ]
1"2 "452" K?3"\ ? E?3? @2$::<" 3" #4>5" ?K5? "4 #4>5" J?>o? @?2? ?:
@$2D$>5?#$95$ 9"2#?KM
J"5<"  c "J5]#A:$ " ?4#$95" 3$ E"93>;[$: ?@2$:$95?3?: @"3$ D?X$2
7 h#na 3? W$K"E>3?3$ 3$D>9>3?M E"# Y4$ " W$VE4K" ?E$K$2$ "4 3$A

- 67  *',  :?E$K$2$ ?J24@5?#$95$\ E"#@2"#$A
8"# " 3>:@":>5>W" ?5>W?3"\ @?2? 5$93" ? :$‘42?9;? 3? "@$2?;<" $ @"A
3>#>94>2 ? W$K"E>3?3$\ @2$::>"9?2 " 3$93" K$W?2 ? ‘2?W$: ?E>3$95$:M
J"5<"   M
(:?2 ? D49;<" 3$ 2$5"#?3? 3$ W$A
&?95$93" " J"5<" @2$::>"9?3"\ ? K"E>3?3$ ?@$9?: :$ ?: E"93>;[$: 3$
W$K"E>3?3$ 3$D>9>3? E"95>94?2_ ? 3>A 52_D$‘" $ 3? W>? @$2#>5>2$#M

1$%"
 ! `!  *>:5d9E>? E425?
 e 
’ 3>:5d9E>? 3$ ?E"#@?9a?#$95" 1?2? 3>#>94>2 ? 3>:5d9E>? $:5?J$A
$:@$E>D>E?3? @?2? " ’88 @"3$ :$2 K$E>3?\ @2$::>"9?2 $ :"K5?2 " J"5<"
3$D>9>3? W?2>?93" " ?^4:5$ $952$ Y4?A r*>:5d9E>? 3$D>93?  3>#>94>2rM ’
52" J?22?: p#?>: K"9‘$q\ 52Z: J?22?: E?3? W$X Y4$ " J"5<" ] @2$::>"9?3"\
pK"9‘$q\ 34?: J?22?: p#]3>?q $ 4#? ? 3>:5d9E>? 3$D>9>3? 3>#>94> $# 4#?
J?22? pE425?qM (:?93" $:5? E"9D>‘4A J?22? p#?>: K"9‘?qM (#? W$X Y4$ ?
2?;<" $ ": W?K"2$: 3? W$K"E>3?3$ 3" *>:5d9E>? K"9‘? 3>:5d9E>? #?>: K"9‘? ] ?KE?9;?3?\ :$
W$VE4K"\ " ’88 E?KE4K? $ 3$5$2#>9? " J"5<" D"2 @2$::>"9?3" 9"W?#$95$\
? 3>:5d9E>? @?2? " W$VE4K" f D2$95$M ? 3>:5d9E>? W"K5?2_ f #?>: K"9‘? 3>:A
@"9VW$KM
8"9D>‘42?93" $:5? "@;<" 9" 3>:A
@K?x 3" @?>9$K 3$ >9:524#$95":% - W$VE4K" #?95$2_ ? W$K"E>3?3$ :$
9<" a"4W$2 "452" W$VE4K" f D2$95$M ,$
4# W$VE4K" 52?D$‘?93" $# #$9"2 W$A
K"E>3?3$ ] 3$5$E5?3" 9? #$:#? D?>o?\
:$2_ $o>J>3" " VE"9$ 3$ W$VE4K" 3$A
5$E5?3" 9" 3>:@K?x 3" @?>9$K 3$ >9:A
524#$95": $ " :>:5$#? ?^4:5?2_ ? W$K"A
&
*>:5d9E>? #]3>?
E>3?3$ 3" W$VE4K" ?45"#?5>E?#$95$
@?2? #?95$2 ? 3>:5d9E>? 3$D>9>3?\ >9A
3$@$93$95$#$95$ 3" W?K"2 3? W$K"A
E>3?3$ 3$D>9>3? 9" ’88M
*>:5d9E>? #?>: K"9‘?


- :>:5$#? ’88 3$:?E$K$2? " W$VA
E4K" ?5] @?2_AK" Y4?93" " W$VE4K"
Y4$ $:5_ :$93" :$‘4>3" @?2? E"#@K$A

1$%%
5?#$95$M ’@g: 3">: :$‘493":\ E"# " (# ?W>:" 3$ @2"o>#>3?3$ ?K$25? " $:5_ ?E>"9?93" ": D2$>": 3$ #?9$>2?
W$VE4K" @?2?3"\ " E"9345"2 @"3$ 2$?A E"9345"2 :$ " ’88 @2$WZ Y4$ " :$4 ?45v9"#?M 8"9:4K5$ ? :$;<" r,>:5$#?
5>W?2 " :>:5$#? @2$::>"9?93" " J"5<" 9VW$K #_o>#" 3$ D2$9?‘$# 9<" ] :4A O8¤r 9" E?@V54K" r,$‘42?9;?r @?2?
 "4 @>:?93" 9" ?E$K$2?3"2\ E"9A D>E>$95$ @?2? #?95$2 ? 3>:5d9E>? 3$A #?>: >9D"2#?;[$:M
:>3$2?93" ? uK5>#? W$K"E>3?3$ 3$D>A D>9>3?M 8?:" >::" "E"22?\ 4# ?K$25?
9>3?M W>:4?K 3$ D2$9?‘$# >2_ @>:E?2 9" 3>:A !-(+'  
-'  5

@K?x 3" @?>9$K 3$ >9:524#$95": $ 4#


?K$25? :"9"2" :$2_ $#>5>3" $9Y4?95" s4?93" $# E"934;<" E"# " ’88
- W$VE4K" #?95$2_ ? 3>:5d9E>? 3$A
" ’88 E"95>94? ?@K>E?2 :$4 9VW$K #_A ?5>W" $ :$‘4>93" 4# W$VE4K"\ @"3$
D>9>3? ?5] Y4$%
o>#" 3$ D2$9?‘$#M :$2 @2"W>3$9E>?3? 4#? ?E$K$2?;<"
?3>E>"9?K @?2? Y4$\ ?4#$95?93"A:$
 - W$VE4K" f D2$95$ ?E$K$2$ ?5] ? W$K"E>3?3$ @2$3$D>9>3? 9" :>:5$#?\
4#? W$K"E>3?3$ ?E>#? 3? W$K"A :$^? D$>5? ? 4K52?@?::?‘$#M
E>3?3$ 3$D>9>3?
 - W$VE4K" f D2$95$ :?>? 3? :4? - ?4oVK>" :$2_ @2"#"W>3" ? @?25>2
D?>o? "4 3" ?KE?9E$ 3" :$9:"2 3? ?5>W?;<" 3" >93>E?3"2 3$ 3>2$;<"
p:$5?q @?2? ? $:Y4$23? p$# K"E?>: E"#
 ’ 3>:5d9E>? 3$D>9>3? :$^? ?K5$2?3? 52_D$‘" @$K? 3>2$>5?q "4 3>2$>5? p$# K"A
 - :>:5$#? :$ 3$:?5>W$ E?>: E"# 52_D$‘" @$K? $:Y4$23?q $ :$2_
#?95>3" ?@$9?: 342?95$ ? 4K52?@?:A
’ D2$9?‘$# #_o>#? ?@K>E?3? @$K" :?‘$# @$K" K?3" $:Y4$23" "4 3>2$>5"\
’88 ] K>#>5?3?M !" $95?95"\ " E"9A 2$:@$E5>W?#$95$\ E"# " :>:5$#? 2$A
345"2 :$#@2$ @"3$ ?E>"9?2 ": D2$>": 
5"29?93" f W$K"E>3?3$ "2>‘>9?K#$95$
@"2 E"95? @2g@2>?\ :$ 9$E$::_2>"M - :>:5$#? 3$ ?K$25? 3$ E"K>:<" D2"9A $:5?J$K$E>3? ?" D>9?K 3? #?9"J2?M
5?K pO8¤q ?54? $# E"9^495" E"# "
E"952"K$ ?3?@5?5>W" 3$ W$K"E>3?3$M ’
 5$K? 3$ ?K$25? 3$ D2$9?‘$# 9" 3>:A 
’: K4X$: 3$ D2$>" :$#@2$ :$ ?E$9A @K?x 3" @?>9$K 3$ >9:524#$95": ] 4# s4?93" " W$VE4K" D>X$2 ? 52?9:>A
3$# Y4?93" " :>:5$#? ’88 @2"W>A ?K$25? @?2? Y4$ " E"9345"2 5"#$ ?: ;<" 3$ 4# K"E?K E"# 52_D$‘" @$K?
3$9E>? Y4?KY4$2 D2$9?‘$#M #$3>3?: 9$E$::_2>?: $ 9<" :>‘9>D>E? $:Y4$23? @?2? 4# K"E?K E"# 52_D$‘"
9$E$::?2>?#$95$ Y4$ " :>:5$#? O8¤ @$K? 3>2$>5? "4 W>E$AW$2:?\ " :>:5$#?
1$%&
’88 3$5$E5?2_ ?45"#?5>E?#$95$ "  ,$ ? D2$95$ 3" W$VE4K" D"2 3?9>D>A
 E?3? @"2 Y4?KY4$2 ?E>3$95$\ @2"A
:$95>3" 3" 52_D$‘"M
+# 2?2?: "E?:>[$:\ Y4?93" E42?2 ?   ! = ,  > M
!'  
 - 67 9$9a4# W$VE4K" $:5>W$2 :$93" 3$5$EA
5?3" $# :$4 E?#>9a"\ $:5$ ?K$25? s4?93" ?: E"93>;[$: Y4$ 3$:?A
!'   '
K    @"3$ ?@?2$E$2 5$#@"2?2>?#$95$M 5>W?2?# " :>:5$#? ’88 9<" $:5>W$A
- :>:5$#? @"3$ $o>J>2 4# ?K$25? 2$# #?>: @2$:$95$:\ " :>:5$#? W"K5?2_
W>:4?K 9" 3>:@K?x 3" @?>9$K 3$ >9:A ,$ ?: E"93>;[$: EK>#_5>E?: 9<" D"A ?" $:5?3" 3$ 3$:K>‘?3" $ 2$5"#?2_ "
524#$95": $ $#>5>2 4# ?W>:" :"9"2" 2$# 4# D?5"2\ " :$9:"2 3$W$2_ :$2 $o?A D49E>"9?#$95" 9"2#?K Y4?93" 2$?5>A
Ea?#?93" ? ?5$9;<" @?2? ? >93>:@"A #>9?3"\ @"3$93" 3$#?93?2 K>#@$X? W?3"M
9>J>K>3?3$ 3" :>:5$#? $ "2>$95?93" ? "4 ? 2$#";<" 3$ 4#? "J:524;<"M -
K>#@$X? 3" :$9:"2 D2"95?K 3" W$VE4K"% :$9:"2 $:5_ E$952?K>X?3" f D2$95$ 3"
W$VE4K"\ K"‘" ?J?>o" 3? ‘2?3$ >9D$A 
 +# E"93>;[$: 3$ W>:>J>K>3?3$ @2$A 2>"2M ,$ " ?K$25? 3$ K>#@$X? 3" :$9:"2
E_2>?:\ E"#" :"J 9$W$ "4 Ea4W? 1?2? #?95$2 " :>:5$#? ’88 "@$A "E"22$2 D2$Y4$95$#$95$\ :$# Y4?KA
D"25$ 2?93" E"22$5?#$95$\ ] >#@"25?95$ 9"A Y4$2 "J:524;<" W>:VW$K 3" :$9:"2\ @2"A
 s4?93" " :$9:"2 D"2 "J:524V3" 5?2 " :$‘4>95$% E42?2 ?   ! = ,  > M
@"2 K?#?\ :4^$>2?\ ‘$K" "4 ?D>9:
 s4?93" " W$VE4K" :$ $9E"952?2  &?95$2 :$#@2$ K>#@" " E"W$2 $# !'   '
K   &4  &
$# _2$?: 3$ ?K5": V93>E$: 3$ 2$A D2$95$ ?" :$9:"2\ K"E?K>X?3" 9" - :>:5$#? @"3$ $o>J>2 4#? #$9A
DK$o<" 3? K4X\ E"#" $# K"E?>: E$952" 3" @?2?AEa"Y4$ 3>?95$>2" :?‘$# 3$ ?K$25? :"J2$ ? K>#>5?;<"
E"# @K?E?: $ J?22$>2?: 2$DK$5>W?: ?J?>o" 3? ‘2?3$ >9D$2>"2\ 45>K>A 3$ :4? D49E>"9?K>3?3$ $ "2>$95?93"
"4 $# 2$‘>[$: E"J$25?: @"2 ‘$K" X?93" 4# @?9" #?E>"M ? K>#@$X? 3" @?2?AJ2>:? 3" W$VE4K"
"4 9$W$ p" :>:5$#? >2_ :$ 2$E4@$A  !<" >9:5?K?2 9$9a4# 5>@" 3$ 9" 3>:@K?x 3" @?>9$K 3$ >9:524#$9A
2?2 Y4?93" " W$VE4K" 3$>o?2 $::?: ?E$::g2>" @2go>#" ?" :$9:"2\ 5": $ $#>5>2 4# ?W>:" :"9"2" Y4?93"
_2$?:q >9EK4>93" #?5$2>?K 52?9:@?2$95$ ?: E"93>;[$: K>#>5?2$# :$4 3$:$#A
 !<" D?X$2 Y4?KY4$2 ?K5$2?;<" 9": @$9a" 5$#@"2?2>?#$95$M
E"#@"9$95$: "2>‘>9?>: @2go>#": =::" "E"22$ E"# #?>"2 D2$Y4Z9E>?
?" :$9:"2M $# #"#$95": :"J E"93>;[$: 3$ W>A
1$%’
:>J>K>3?3$ @2$E_2>?:\ E"#" :"J 9$W$\ #>9a"\ ? $o>J>;<" 3$::? #$9:?‘$# 8?:" >::" "E"22?\ ] 2$E"#$93_W$K
9$JK>9? "4 Ea4W? D"25$M @"3$ "E"22$2 5$#@"2?2>?#$95$M 5$95?2 ?5>W_AK" #?>: 5?23$\ @2$D$A
2$9E>?K#$95$ ?@g: " W$VE4K" :$2
- :>:5$#? 5?#J]# @"3$ D>E?2 K>A s4?93" ?: E"93>;[$: Y4$ K>#>A
3$:K>‘?3" $ K>‘?3" 9"W?#$95$M ,$ "
#>5?3" Y4?93" " @?2?AJ2>:? D"2 "J:A 5?2?# " D49E>"9?#$95" 3" :>:5$#?
@2"JK$#? @$2:>:5>2\ @2"E42?2 ? 
524V3" @"2 K?#?\ :4^$>2? "4 ‘$K" $ ’88 9<" $:5>W$2$# #?>: @2$:$95$:\
 ! = ,  > M
Y4?93" a"4W$2 9]W"? @"2 3$952" 3" " :>:5$#? W"K5?2_ ?" $:5?3" 3$ 3$:A
W>32"M !$::$: E?:":\ " 3>:@K?x 3" @?>A K>‘?3" $ 2$5"#?2_ " D49E>"9?#$95"
9$K 3$ >9:524#$95": ?@2$:$95?2_ 4#? 9"2#?K Y4?93" 2$?5>W?3"M ,-6H  , -67 ,
!
#$9:?‘$# 3$ ?K$25? :"J2$ ? K>#>5?A 4.-   '
;<" 3? D49E>"9?K>3?3$ $ "2>$95?93"
 *42?95$ ? E"934;<" E"# 2$J"Y4$
? K>#@$X? 3" @?2?AJ2>:? $ " :>:5$#?
,$ " ?K$25? 3$ K>#@$X? 3" @?2?A 3$ ?52$K?3":\ 9<" ] ?E"9:$Ka?3" "
5$2_ :$4 3$:$#@$9a" 2$34X>3"M
J2>:? "E"22$2 D2$Y4$95$#$95$\ :$# 4:" 3" ’88M
,$ ?: E"93>;[$: EK>#_5>E?: 9<" D"A
Y4?KY4$2 "J:524;<" W>:VW$K 3" @?2?A
2$# 4# D?5"2\ " @?2?AJ2>:? $ ? EdA
J2>:? "4 3? Ed#$2? >95$29?\ @2"E42?2
#$2? ?52_: 3" 2$52"W>:"2 >95$29" 3$A
?   ! = ,  > M
W$2<" :$2 $o?#>9?3":M .?KW$X :$^?
9$E$::_2>" K>#@?2 $::$: $Y4>@?#$9A
!'     67   

5": "4 2$#"W$2 ?K‘4#? "J:524;<"M
,$ " :>:5$#? :$ 3$:K>‘?2 $ @?::?2 ?
’ #$9:?‘$# 3$ ?K$25? 3$ K>#>5?A
$o>J>2 4# ?K$25? W>:4?K 9" 3>:@K?x 3"
;<" 3? D49E>"9?K>3?3$ @"3$ :$2 $o>A
@?>9$K 3$ >9:524#$95": "2>$95?93" ?
J>3? $# ?K‘49: #"#$95": $9Y4?95"
2$@?2?;<" 3" ’88nO8¤\ @"3$ a?W$2
" W$VE4K" ] E"934X>3" :"J E"93>A +,-' ',  3 (
4#? D?Ka? >95$29? 9" :>:5$#? "4 4#
;[$: EK>#_5>E?: ?3W$2:?:M - :>:5$#?
#?4 D49E>"9?#$95" Y4$ K>#>5? ? D49A - ’88 @"3$ 9<" 3$5$E5?2 "452"
’88 :$ 2$E4@$2?2_ ?::># Y4$ " W$VA
E>"9?K>3?3$ 3" ’88M W$VE4K" f D2$95$ 3$:K"E?3" 3? K>9a?
E4K" 3$>o?2 ? _2$? :"J 5?>: E"93>A
3$ :$4 @$2E42:"\ ?>93? Y4$ 9?
;[$:M +# 2?2?: "E?:>[$:\ Y4?93" ? +#J"2? " W$VE4K" E"95>94$ $#
#$:#? D?>o?\ ?::># E"#" W$VE4K":
Ed#$2? 9<" $:5_ 2?:52$?93" 9$9a4# E"93>;[$: 9"2#?>:\ " :>:5$#? $:5?2_
3$:K"E?93"A:$ K?5$2?K#$95$\ E"#"
5>@" 3$ W$VE4K" "4 "J^$5" $# :$4 E?A 5$#@"2?2>?#$95$ >93>:@"9VW$KM
"E"22$ 9? 49><" 3$ 34?: D?>o?: 3?
1$%*
@>:5?M 1"3$ 9<" a?W$2\ 9$::$: E?:":\

3>:5d9E>? :4D>E>$95$ @?2? " W$VE4K" f
D2$95$M - W$VE4K" 3$:K"E?3" @"3$ - 3$:$#@$9a" 3" ’88 @"3$ :$2
:$ #"W$2 9? K>9a? 3$ :$4 @$2E42:"\ K>#>5?3" $# E42W?: D$Ea?3?:M
" Y4$ @"3$ K$W?2 " :>:5$#? ? D2$?2
"4 ?E$K$2?2 " W$VE4K" 3$ #?9$>2?
>9$:@$2?3?M

"- 6  3 (
- ’88 @"3$ 9<" 3$5$E5?2 4# W$VA
E4K" ?5] Y4$ $K$ $:5$^? E"#@K$5?A
#$95$ 9? :4? D?>o?M !" #"#$95"
>K4:52?3" ?E>#?\ " ’88 ?>93? 9<"
 +* a ,' * - ,' *
3$5$E5"4 " W$VE4K" 2$?K>X?93" ? #4A
- ’88 @"3$ 9<" 3$5$E5?2 4# W$VA 3?9;? 3$ D?>o? $ @"3$ 9<" 3$5$E5_AK"
E4K" 9? :4? D?>o? Y4?93" ? W>? ?@2$A ?5] Y4$ :$^? 5?23$ @?2? Y4$ " ’88
- *  , * H :$95?2 3$:9VW$>: W$25>E?>:\ E"#" $# 5"#$ Y4?KY4$2 #$3>3?M 1"3$ 9<"
1"2 Y4$:5[$: 3$ $:5?J>K>3?3$\ " :>:A 2"3"W>?: E"# 52$Ea": #"95?9a":":M a?W$2 3>:5d9E>? :4D>E>$95$ @?2? " W$VA &
5$#? @"3$ 2$34X>2 ? W$K"E>3?3$ $ *$@$93$93" 3? W$K"E>3?3$\ 3? E?2‘? E4K" 52"E?93" 3$ D?>o?:M +:5$^? :$#A
?E$K$2?;<" 3" W$VE4K" $# E42W?: $ 3" W$VE4K"\ 3?: E"93>;[$: 3" 52_D$‘" @2$ ?5$95" $ @2"95" @?2? ?E>"9?2 ":
E"9W$2:[$: :$# Y4?KY4$2 W$VE4K" 3$A $ 3? >9EK>9?;<" 3" 5$22$9"\ " 3$:$#A D2$>":\ :$ 9$E$::_2>"M
5$E5?3" f D2$95$M (#? W$X D"2? 3? @$9a" 3" :>:5$#? @"3$ :$2 K>#>5?3"M
E42W?\ " :>:5$#? 2$5"#?2_ ? W$K"E>A
3?3$ "2>‘>9?K#$95$ $:5?J$K$E>3?M =:5"
] @?25$ 3" D49E>"9?#$95" 9"2#?K 3"
’88M

1$%+
 - E>95" 3$ :$‘42?9;? 3" E"9A
345"2 ] 3$:?D>W$K?3" $# J?>o?:
W$K"E>3?3$:
 ’ @"25? 3" K?3" 3" #"5"2>:5? ]
?J$25? $# J?>o?: W$K"E>3?3$:
 - :>:5$#? .,8 $952? $# ?;<"
 - E"9345"2 3$:K>‘? 5"5?K#$95$ "
:>:5$#? +,8
+,-'   
U$VE4K": $:52$>5":\ E"#" #"5"E>A !!    - :>:5$#? ] ?5>W?3" $ ? W$K"E>3?3$
EK$5?:\ 52?D$‘?93" @2go>#": ?": K>#>A - E"952"K$ 3$ W$K"E>3?3$ ] 3$:?5>A #$#"2>X?3? ] ?@?‘?3? 9": :$‘4>95$:
5$: 3? D?>o?\ "4 :$ 3$:K"E?93" K?5$A W?3"\ :$# Y4$ ? W$K"E>3?3$ #$#"A E?:":%
2?K#$95$ 9$::?: 2$‘>[$:\ 9<" :<" 3$A 2>X?3? :$ ?@?‘4$\ :"J ?: :$‘4>95$:
5$E5?3": ?5] Y4$ $:5$^?# E"#@K$5?A E"93>;[$:%  12$::>"9?93" " J"5<" 9" W"A
#$95$ 3$952" 3? D?>o?M 1"3$ 9<" a?A K?95$
W$2 3>:5d9E>? :4D>E>$95$ ?5] " W$VE4K"  - @$3?K 3" D2$>" ] @2$::>"9?3"  12$::>"9?93" " J"5<" 9" W"A
? D2$95$ @?2? $::$: W$VE4K":M K?95$
 - J"5<" ! ] @2$::>"9?3"
 - :>:5$#? 3": D2$>": ’B, $952?  - E"#45?3"2 3$ >‘9>;<" ] E"K"A
- ’88 9<" 2$?‘$ ? W$VE4K": @?A
$# ?;<" E?3" 9? @":>;<"  @
2?3":\ ? 9<" :$2 Y4$ " #$:#" :$^?
3$5$E5?3" ?>93? $# #"W>#$95"M 1"2  ’ ?K?W?9E? 3$ Ed#J>" ] #"W>3?  - #"3" 3$ 52?;<" I¤* )-¤ ]
$o$#@K"\ " ’88 9<" 5"#?2_ Y4?KA @?2? Y4?KY4$2 @":>;<" 3>D$2$95$ :$K$E>"9?3"
Y4$2 #$3>3? $# :>54?;[$: $# Y4$ 3? 
" W$VE4K" :$‘4>3" :?>2 3$ :4? D?>o?  - :>:5$#? +,8 ] ?5>W?3"
$ " W$VE4K" f D2$95$ $:5>W$2 9$K? @?A  - D2$>" 3$ $:5?E>"9?#$95" ] ?E>A
2?3" "4 @2$:5$: ? @?2?2M +:5$^? :$#A "9?3"
@2$ ?5$95" $ @2"95" @?2? ?E>"9?2 ":
D2$>":\ :$ 9$E$::_2>"M

1$%,
" ! N! 5d9E>?: #4>5" E425?:M +:5$^? :$#@2$ ;<" E"952_2>? @?2? 52?X$2 " W$VE4K"
?5$95" ?" #"3" 3$ E"952"K$ 3$ W$K"A @?2? ? D?>o?M
+# ?3>;<" ?" E"952"K$ ?3?@5?5>W"
E>3?3$ :$K$E>"9?3"M
3$ W$K"E>3?3$\ 4# #"3" 3$ E"952"K$
3$ W$K"E>3?3$ D>o? $:5_ 3>:@"9VW$K 
E"# " W$VE4K" $# W$K"E>3?3$: ?E>#? 12"E$3$2 E"9D"2#$ ?: "2>$95?;[$:
@?2? " ’88 Y4?95" ?": ?^4:5$: $ 1?2? D49E>"9?#$95" E"22$5" 3" :>:A
3$ HG h#naM
?K5$2?;<" 3? W$K"E>3?3$M 5$#?\ W$2>D>E?2 ? E"#@?5>J>K>3?3$ 3"
+:5$ #"3" "@$2? 3$ #?9$>2? :$#$A 3>:@":>5>W" E"# ? W>? 3$ 52_D$‘" ? :$2
Ka?95$ ?" E"952"K$ ?3?@5?5>W"\ :$# 45>K>X?3?M
Y4?KY4$2 4:" 3?: D49E>"9?K>3?3$: 3$    
3$5$E;<" 3$ W$VE4K": f D2$95$\ 3$
?K$25?: $ ?4oVK>" 3$ D2$9?‘$# $ 3$  "   
?^4:5$: ?45"#_5>E": 3$ W$K"E>3?3$ $  " /   s4?93" ?: E"93>;[$: 3$ "@$2?A
3$ 3>:5d9E>?M ;<" D"2$# ?5$93>3?:\ " :>:5$#? D?2_ "
 (  1  #"9>5"2?#$95" 3?: #<": 3" E"934A
1?2? #43?2 " #"3" 3$ E"952"K$
3$ W$K"E>3?3$\ @2$::>"9?2 " J"5<" '- 5"2 $ $#>5>2_ 4# ?K$25? :"9"2" :$ $K?:
9<" $:5>W$2$# @":>E>"9?3?: 9" W"A
@?2? 3$:K>‘?2 ": :>:5$#?: ?5>W": $\   67   
 K?95$M - :>:5$#? E?9E$K?2_ :4? ?54?A
$# :$‘4>3?\ @2$::>"9?2 " J"5<"
@?2? ?5>W?2 " E"952"K$ $K$52v9>E" 3$
- :>:5$#? 4:? 4#? Ed#$2? "2>$9A ;<" E?:" " E"9345"2 9<" 2$5"29$ E"# &
5?3? @?2? ? D2$95$ 9" :$95>3" 3$ #?2A :4?: #<": ?" W"K?95$M
W$K"E>3?3$ D>o?M Ea? @?2?\ ? W$K"E>3?3$: 3$ FG ? 7}G
h#na\ 3$5$E5?2 #?2E?;[$: 3$ D?>o?: ! *67   *67   

 3$ 2"3?‘$# $ #"9>5"2?2 ? @":>;<"  *   3
   3 ( 
3" W$VE4K" $# 2$K?;<" ? $K?:M 5
/    -  S 5
!$:5$ #"3" 3$ W$K"E>3?3$ D>o?\ "
F
& S0
:>:5$#? 9<" 2$?‘>2_ ? "452": W$VE4K": - :>:5$#? $#>5$ 4# ?K$25? W>:4?K $
f :4? D2$95$M *? #$:#? D"2#?\ 9$A 4# ?K$25? 5_5>K pW>J2?;<" 9" W"K?95$q - $:5?3" 3" :>:5$#? ] :$#@2$ ?5>A
9a4# ?K$25? "4 ?;<" 2$K?E>"9?3? f E?:" " W$VE4K" :$^? 3>2$E>"9?3" @?2? W?3" ?@g: E?3? E>EK" 3? Ea?W$ 3$ >‘A
@2"o>#>3?3$ 3$ 4# W$VE4K" f D2$95$ ": K>#>5$: 3? D?>o?M - :>:5$#? @"3$2_ 9>;<"M
$952?2_ $# ?;<"\ #$:#" $# 3>:A 5?#J]# $o$2E$2 4#? D"2;? 9? 3>2$A

1$%-
1?2? ?5>W?2 "4 3$:?5>W?2 " :>:5$#?\ "!"  !!
J?:5? @2$::>"9?2 34?: W$X$: " J"5<"  "!  ! 
 E"22$:@"93$95$M !!!"  !N! 
!"
- :>:5$#? >93>E?2_ ?: E"93>;[$:
?54?>: 3?: D?>o?: 3$ 2"3?‘$# 9" 3>:A
@K?x 3" @?>9$K 3$ >9:524#$95":M

  'F  5 ' + ' .-      3 (


s4?93" " :>:5$#? $:5_ ?5>W"% ?:  .-  ,
K>9a?: K>#V52"D$: 3? D?>o? 3$ 2"3?‘$#  s4?93" " :>:5$#? $:5_ ?5>W"\ ?
@"3$# ?@2$:$95?2 ?: :$‘4>95$: E"2$:% K>9a? $:Y4$23? :$ ?@2$:$95? 9?
E"2 E>9X? :gK>3" Y4?93" ? #?2A
(#? #$9:?‘$# 9" 3>:@K?x 3" @?>A  8>9X?% Y4?93" " :>:5$#? $:5_ E?;<" 9<" D"2 3$5$E5?3? "4 W$23$
9$K 3$ >9:524#$95": >93>E?2_ Y4$ " ?5>W" $ ?: K>9a?: 9<" @43$2?# :gK>3"\ Y4?93" ? #?2E?;<" D"2
:>:5$#? D"> ?5>W?3"M :$2 3$5$E5?3?:M 3$5$E5?3?M - >93>E?3"2 3? K>9a?
 U$23$% Y4?93" " :>:5$#? $:5_ 3>2$>5? D>E?2_ E>9X? $9Y4?95" ?
?5>W" $ ?: K>9a?: $:5<" :$93" 3$A D?>o? 3>2$>5? 9<" D"2 3$5$E5?3?M

5$E5?3?:M  s4?93" ? K>9a? $:Y4$23? :$ ?@2$A
- )+* ?E$:" 9" J"5<" 3$ ?5>W?A :$95? 9? E"2 W$23$ :gK>3"\ " :>:A
 ’#?2$K?% ?K$25? W>:4?K >93>E?93"
;<"n3$:?5>W?;<" >93>E? Y4$ ? D49;<" 5$#? $:5_ @2"95" @?2? D"29$E$2
?@2"o>#?;<" f K>9a? K>#V52"D$ 3?
$:5_ 3$:?J>K>5?3?M ?K$25?: 5_5$>: $ 4#? D"2;? 3$ ?:A
D?>o? 3$ 2"3?‘$#M
 ’#?2$K? $ @>:E?93"% ?K$25? W>:4?K :>:5Z9E>? 9? 3>2$;<"\ E?:" 4#?
>93>E?93" Y4$ " W$VE4K" E24X"4 :?V3? 3$ D?>o? "E"22$2 @?2? " K?3"
? K>9a? K>#V52"D$ $ :$ 3>2>‘$ @?2? ? $:Y4$23"M
D?>o? ?3^?E$95$M  s4?93" " :>:5$#? 3$5$E5?2 Y4$
" W$VE4K" :$ ?@2"o>#? 3? D?>o?
$:Y4$23?\ ? K>9a? $:Y4$23? 9"

1$&.
3>:@K?x 3" @?>9$K 3$ >9:524#$9A E>? 9? 3>2$;<" E?:" 4#? :?V3? 3$
5": ?@2$:$95?2_ 4#? E"2 ?#?2$K? D?>o? "E"22$2M
:gK>3? $ 4#? D"2;? 3$ ?::>:5Z9E>?  s4?93" " :>:5$#? 3$5$E5? 4#?
9? 3>2$;<" :$2_ 2$?K>X?3?M :>54?;<" 3$ :?V3? 3$ D?>o?\ ?:
 +o$#@K"% ?@2"o>#?93"A:$ 3" K>9a?: @?::?# ? ?@2$:$95?2 ? E"2
K?3" $:Y4$23" 3? D?>o? " W"K?95$ ?#?2$K" :gK>3" $ 4# 5"2Y4$ ]
W>2?2_ @?2? ? 3>2$>5?M ?@K>E?3" ?" W"K?95$ 9" :$95>3"
 s4?93" " :>:5$#? 3$5$E5?2 Y4$ " "@":5" 3" K>#>5$ 3? D?>o?M
W$VE4K" E24X"4 ? D?>o? $:Y4$23?\  +o$#@K"% Y4?93" " :>:5$#?
? K>9a? $:Y4$23? 3" 3>:@K?x 3"  3$5$E5?2 Y4$ " W$VE4K" :$
Y4?32" 3$ >9:524#$95": ?@2$:$9A - :>:5$#? "@$2? E"# " E"#@"2A ?@2"o>#? 3? D?>o? $:Y4$23?\ ?
5?2_ 4#? E"2 ?#?2$K? @>:E?93"\ 5?#$95" :>#>K?2 @?2? 4#? :?V3? @$K? K>9a? $:Y4$23? #43? 3$ W$23$
?K]# 3? D"2;? 3$ ?::>:5Z9E>? 9? D?>o? 3? 3>2$>5? Y4?93" ?@$9?: ? #?2A :gK>3" @?2? ?#?2$K" :gK>3" $ "
3>2$;<"\ 5?#J]# 4# ?K$25? 5_5>K E?;<" 3$ D?>o? 3? 3>2$>5? D"2 3$5$EA W"K?95$ W>2?2_ @?2? ? 3>2$>5?M
:$2_ 2$?K>X?3" Y4?93" ? "@;<" 5?3?M  s4?93" " :>:5$#? 3$5$E5?2 Y4$ "
rU>J2?;<" ƒ ’::>:5Z9E>? 3$ 3>2$A W$VE4K" E24X"4 ? D?>o?\ ?: K>9a?:
;<"r D"2 :$K$E>"9?3?M + ' .-   
4  @?::?# ? @>:E?2 9? E"2 ?#?2$K"\
 +o$#@K"% E24X?93"A:$ 3" K?3" 3 ( , ?K]# 3? D"2;? 3$ ?::>:5Z9E>? 9?
&
$:Y4$23" 3? D?>o? " W"K?95$ W>2?2_  s4?93" " :>:5$#? $:5_ ?5>W"\ ?: 3>2$;<"\ 5?#J]# 4# ?K$25? 5_5>K
@?2? ? 3>2$>5? $ 4#? W>J2?;<" 9" K>9a?: 3? D?>o?: #43?# 3$ E>9X? :$2_ 2$?K>X?3" Y4?93" ? "@;<"
W"K?95$ :$2_ 2$?K>X?3?M @?2? W$23$ @?2? >93>E?2 Y4$ ?#A rU>J2?;<" ƒ ’::>:5Z9E>? 3$ 3>2$A
J?: ?: #?2E?;[$: 3$ D?>o?: D"2?# ;<"r D"2 :$K$E>"9?3?M
3$5$E5?3?:M - >93>E?3"2 :$ ?@2$A  +o$#@K"% Y4?93" " :>:5$#?
:$95? 9? E"2 W$23$ :gK>3" Y4?93" 3$5$E5?2 Y4$ " W$VE4K" E24X"4 ?
?#J?: ?: D?>o?: D"2?# 3$5$E5?3?: D?>o? $:Y4$23?\ ? K>9a? $:Y4$23?
$ " :>:5$#? $:5_ r?2#?3"r @?2? #43? 3$ ?#?2$K" :gK>3" @?2?
D"29$E$2 ?K$25?: $ 4#? ?::>:5Z9A ?#?2$K" $ " W"K?95$ W>2?2_ @?2?
? 3>2$>5? $ 4#? W>J2?;<" 9"
W"K?95$ :$2_ 2$?K>X?3?M
1$&!
 s4?93" " :>:5$#? 3$5$E5? Y4$  s4?93" " :>:5$#? 3$5$E5? Y4$ ?
4#? :>54?;<" 3$ :?V3? 3$ D?>o?\ D?>o? :$ ?@2"o>#? $ :$ $:5_ $# 
?: K>9a?: $:@$::? $ $:52$>5? 3? $:A 4#? :>54?;<" 3$ :?V3? 3$ D?>o?\ ? - :>:5$#? "@$2? E"# " E"#@"2A
Y4$23? @?::?# ? :$ ?@2$:$95?2 K>9a? $:@$::? 3? $:Y4$23? @>:E? 5?#$95" :>#>K?2 @?2? 4#? :?V3? @$K?
$# ?#?2$K" :gK>3" $ " >93>E?3"2 $# ?#?2$K"\ ? K>9a? $:52$>5? 3? D?>o? 3? 3>2$>5?M
#43? 3$ W$23$ :gK>3" @?2? ?#?A $:Y4$23? @$2#?9$E$ $# ?#?2$K"
2$K" :gK>3"M !$:5$ #"#$95" 4# :gK>3" $ " >93>E?3"2 #43? 3$ !'       

5"2Y4$ ] ?@K>E?3" ?" W"K?95$ 9" ?#?2$K" :gK>3" @?2? ?#?2$K" >9A - :>:5$#? @"::4> E"9D>‘42?;[$:
:$95>3" "@":5" 3" K>#>5$ 3? D?>o?M 5$2#>5$95$M !$:5$ #"#$95" 4# @?2? ?^4:5?2 ? >95$9:>3?3$ 3" 5"2Y4$
 1"2 $o$#@K"% ,$ ?@2"o>#?93"A 5"2Y4$ ] ?@K>E?3" ?" W"K?95$ 9" 3" ?K$25? 5_5>K\ ? :$9:>J>K>3?3$ 3?
:$ 3" K?3" $:Y4$23" 3? D?>o? " :$95>3" "@":5" 3" K>#>5$ 3? D?>o?M X"9? 3$ ?5>W?;<" 3": ?K$25?: $ ?
W"K?95$ W>2?2_ @?2? ? 3>2$>5?M  1"2 $o$#@K"% ,$ ?@2"o>#?93"A D"2;? 3$ ?::>:5Z9E>? ? :$2 ?@K>E?3?
:$ 3" K?3" $:Y4$23" 3? D?>o? " ?" W"K?95$\ @?2? Y4$ $:5$: "E"22?#
W"K?95$ W>2?2_ @?2? ? 3>2$>5?M #?>: E$3" "4 #?>: 5?23$M .?>: E"9D>A
‘42?;[$: @"3$# :$2 D$>5?: ?52?W]: 3"
#$94 3$ ’*’, 9? E$952?K (E"99$E5M

1$&"
    - :>:5$#? @"3$ :$2 ?5>W?3" $ 3$:?A
 5>W?3" ?52?W]: 3" (E"99$E5\ :$K$E>"A
- 4:" 3": >93>E?3"2$: 3$ 3>2$;<"       9?93" " :$‘4>95$ 9? "23$#%
?95$: 3?: #?9"J2?: 3$ #43?9;? 3$
D?>o? :4@2>#$ ": ?K$25?: E"22$:@"9A
  
7M ’::>:5Z9E>? ?" &"5"2>:5?
3$95$:M   (7 8 LM *$5$E;<" 3$ #"5"2>:5?
94 44  , :"9"K$95"
 4
:
 - ( 
- :>:5$#? 9<" ?@K>E? 9$9a4# 5"2A )*+,- 
Y4$ 9" W"K?95$ Y4?93" Y4?KY4$2 :>:A
- :>:5$#? 9<" $o>#$ " E"9345"2 3?
5$#? 3$ :$‘42?9;? $952? $# ?54?;<" - #"9>5"2 3$ :"9"KZ9E>? "4 3>:52?A
2$:@"9:?J>K>3?3$ 3$ E"934X>2 " W$VA
p’B,\ .8\ +,8\ O8¤\ $5EMqM ;<" 3" #"5"2>:5? $#>5$ ?K$25?: @?2? "
E4K"M ,$ :$95>2 :"9"KZ9E>? "4 E?9:?;"
E"9345"2 Y4?93" >3$95>D>E? Y4$ " $K$
?" 3>2>‘>2\ @?2$ E"# :$‘42?9;? @?2?
$:5_ ?@2$:$95?93" :>9?>: 3$ @$23? 3$
 D?X$2 4#? @?4:?\ :$# $:@$2?2 @$K":
E"9E$952?;<"\ :"9"KZ9E>? "4 #$:#"
s4?93" " :>:5$#? )?9$ ,$9:$ D"2 ?W>:": 3" :>:5$#?M ,g W"K5$ @?2? ?
3"2#>93" ?" W"K?95$M
a?J>K>5?3"\ " :>:5$#? 3$ #"9>5"2?A $:52?3? Y4?93" $:5>W$2 $# E"93>;[$:
- :>:5$#? >3$95>D>E? ": @2>#$>2": DV:>E?: $ #$95?>: ?3$Y4?3?: @?2? $W>A
#$95" 3$ @"95" E$‘" pB,&q 5?#J]#
:$2_ a?J>K>5?3" ?45"#?5>E?#$95$M
:>9?>: 3$ :"9"KZ9E>? "4 3>:52?;<" $ 5?2 E"K"E?2 ? :> #$:#" $ ? "452": #"A &
$#>5$ ": ?K$25?: @?2? Y4$ " #"5"2>:5? 5"2>:5?: $# @$2>‘"M
D>Y4$ E>$95$ 3$::? :>54?;<" 3$ 2>:E"M

! *67   *67 


- :>:5$#? #"9>5"2? ?K‘49: @?2dA
 #$52": 3$ E"#@"25?#$95" 3" E"9A
- :>:5$#? ] @2$3$D>9>3" E"#" -! 345"2\ ?W?K>?93" E?:" :$ ?K5$2$# 3$
? E?3? E>EK" 3? Ea?W$ 3$ >‘9>;<"M D"2#? >9$:@$2?3? "4 wD"2? 3" @?A
32<"yM - :>:5$#? (5>K>X? 3?3": 3"
#"5"2>:5? $ 3" W$VE4K" @?2? E?KE4A

1$&%
K?2 Y4?93" " #"5"2>:5? $:5_ :$ :$9A D"2#? >9$:@$2?3? "4 wD"2? 3" @?A      
5>93" :"9"K$95"M ,$ " :>:5$#? 3$5$EA 32<"yM
5?2 Y4$ " #"5"2>:5? $:5_ :"9"K$95"\    
4#? #$9:?‘$# :$2_ $o>J>3? 9" 3>:A "! !E / .- 0
@K?x 3" Y4?32" 3$ >9:524#$95":M ,$ " 
E"9345"2 ?E$>5?2 ? :4‘$:5<" D"29$E>3? ’ 5$E9"K"‘>? 3" #"9>5"2 3$ :"9"A - W$VE4K" @"3$ $:5?2 $Y4>@?3"
@$K" :>:5$#?\ @2$::>"9?93" " J"5<" KZ9E>? "4 3>:52?;<" 3" #"5"2>:5? D49A E"# 4# :>:5$#? 3$ ?::>:5Z9E>? 3$ $:A
-z 9" W"K?95$\ ? #$9:?‘$# 3$:?@?A E>"9? :"#$95$ 3$952" 3": K>#>5$: 3" 5?E>"9?#$95" Y4$\ E"9D"2#$ ? W$2A
2$E$2_ 3" W>:"2M :>:5$#?M - #?>"2 E"9D"25" @2"@"2E>A :<"\ "D$2$E$ :>9?K>X?;[$: W>:4?>: $ :"A
"9?3" @$K" :>:5$#? 9<" 3$W$ #"5>W?2 9"2?: 3$ ?E"23" E"# ? @2"o>#>3?3$
8?:" " #"5"2>:5? 9<" 2$E"9a$;? 3$ "J:5_E4K": ?@$9?: 9? 52?:$>2? "4
? 4#? E"934;<" @$2>‘":?M
" ?W>:" D"29$E>3" @$K" :>:5$#?\ ? 9? 52?:$>2? $ 9? 3>?95$>2? 3" W$VE4K"M
#$9:?‘$# @$2#?9$E$2_ 9? 5$K? @"2
7 #>945"M ,>‘? :$#@2$ ?: :$‘4>95$: @2$:E2>A - :>:5$#? 1?2h,$9:$ ] ?5>W?3"
;[$:% Y4?93" ? #?2Ea? ? 2] 3" W$VE4K"
] $9‘?5?3? p$# W$2:[$: $Y4>@?3?:
  +# E"934;[$: #?>: K"9‘?:\ D?X$2 E"# :$9:"2$: 9? 3>?95$>2?\ " :>:5$#?
@?2?3?: 2$‘4K?2$: $ #?>: K"9‘?: 5?#J]# :$ ?5>W?2_ E"# " Ed#J>"
!" E?:" 3$ D?Ka? 3" :>:5$#?\ 4#? 9? @":>;<"  \ E"# D49E>"9?#$95"
#$9:?‘$# $:@$EVD>E? ?@?2$E$2_ 9" @?2? 3$:E?9:"M
$Y4>W?K$95$ @?2? "J:5_E4K": f D2$95$
Y4?32" 3$ >9:524#$95":\ ^495" E"#  ’ 2$:@"9:?J>K>3?3$ 3$ E"934X>2
3" W$VE4K"qM
4#? #$9:?‘$# $:@$EVD>E? 9" 3>:A E"# :$‘42?9;? ] :$#@2$ 3" E"9A
@K?xM 345"2M - :>:5$#? E"95>94?2_ ?5>W" ?5] Y4$
 - #"9>5"2 3$ :"9"KZ9E>? "4 3>:A ? W$K"E>3?3$ 3" W$VE4K" 4K52?@?::$ 77
52?;<" 3" #"5"2>:5? 9<" 2$E"A h#naM s4?93" >::" "E"22$\ " :>:5$#?
- ,  
  ] 3$:?5>W?3" $ 4# ?W>:" ] $o>J>3"
9a$E$ " E?9:?;" 3" E"9345"2 $#
- :>:5$#? #"9>5"2? ?K‘49: @?2dA 5"3?: ?: E>2E49:5d9E>?:M 9" 3>:@K?x\ >93>E?93" Y4$ " W$VE4K"
#$52": 3$ E"#@"25?#$95" 3" E"9A $:5_ #4>5" 2_@>3"M - :>:5$#? W"K5?2_
 ’5$95?2 @?2? ?: >93>E?;[$: 3" 3>:A
345"2\ ?W?K>?93" E?:" :$ ?K5$2$# 3$ ?" $:5?3" ?5>W" Y4?93" ? W$K"E>3?3$
@K?x $ :$‘4>2 :$#@2$ ?: >9:524;[$:
3$E?>2 @?2? 4# W?K"2 3$ ?@2"o>#?3?A
@2$:E2>5?: 9" #?94?KM
#$95$ ~ h#naM
1$&&
D>E?2c $W>5?2 ? 45>K>X?;<" 3$ @?9": :$A
E":\ _:@$2": "4 342":M -: :$9:"2$:
!#! 3$W$# :$2 K?W?3": E"# _‘4?\ $W$9A !#!
54?K#$95$ E"# ? ?3>;<" 3$ :a?#@""
’ 2$:@"9:?J>K>3?3$ @$K" $:5?E>"9?A 1?2? $W$954?>: >95$2W$9;[$: 9":
@?2? E?22"M
#$95" $ @"2 "452?: #?9"J2?:\ @"A :$9:"2$: K"E?K>X?3": 9" @?2?A
5$9E>?K#$95$ @$2>‘":?:\ ] :$#@2$ 3" !?: :>54?;[$: 3$ K?W?‘$# Y4$ 45>A Ea"Y4$\ 3>2>‘>2A:$ $oEK4:>W?#$95$ f
E"9345"2M K>X?# $Y4>@?#$95": E"# ^?5" 3$ W?A   ! = ,  > M
@"2 "4 3$ ?K5? @2$::<"\ K?W?2 2?@>3?A
’" $D$54?2 $:5?: #?9"J2?:\ =95$2W$9;[$: 9" @?2?AEa"Y4$ $D$A
#$95$ ": :$9:"2$: #?95$93" " J>E"
E$25>D>E?2A:$ :$#@2$ 3$ Y4$ 9<" $:A 54?3?: 3$ #"3" >9E"22$5" @"3$#\ 3$
@?2? ?K]# 3": 7G E# 3$ 3>:5d9E>?M
5<" @2$:$95$: @$::"?: p$:@$E>?K#$95$ D?5"\ E"#@2"#$5$2 " D49E>"9?#$95"
E2>?9;?:q 9$# ?9>#?>: ?" K"9‘" 3? 3": :$9:"2$: 3$ $:5?E>"9?#$95"M
52?^$5g2>? Y4$ :$ @2$5$93$ @$2E"22$2M
-: :$9:"2$: 3$ $:5?E>"9?#$95"  ' K67 ,b ,
E"9:5>54$# 4#? ?^43? @?2? " E"934A !#!
+9‘?5?93" ? #?2Ea? ? 2] $ 9"
5"2\ $#J"2? $:5$ 949E? 3$W? 2$34X>2 e 3$ $o52$#? >#@"25d9E>? W$2>D>E?2 E?:" 3$ @2$:$9;? 3$ 4# "J:5_E4K"
? :4? ?5$9;<" 342?95$ #?9"J2?: ? E"22$5? D>o?;<" 3? @K?E? 3>?95$>2? 52?:$>2"\ ] ?5>W?3? 4#? :>9?K>X?;<"
@"5$9E>?K#$95$ @$2>‘":?:\ #$:#" :$ 3" W$VE4K" 3$ #?9$>2? ? ‘?2?95>2 Y4$
$o$E45?3?: ? J?>o? W$K"E>3?3$M ? #$:#? $:5$^? J$# ?E"@K?3?\ @K?9?
?Eu:5>E? Y4$ W?2>? E"# ? 3>:5d9E>? &
3" "J:5_E4K" ?" @?2?AEa"Y4$M
$ D>o?3? E"# ? 45>K>X?;<" 3$ Y4?52"
@?2?D4:":M O2$Y4Z9E>? 3? :>9?K>X?;<" ?Eu:A
5>E?%
1K?E?: >9:5?K?3?: 3$ #?9$>2? >9E"2A
!#! 2$5?\ $#@$9?3?: "4 3?9>D>E?3?:\ @"A  ’4#$95? E"# ? 3>#>94>;<" 3?
1?2? @$2#>5>2 " D49E>"9?#$95" E"2A 3$# D?X$2 E"# Y4$ " :>:5$#? 3$ ?:A 3>:5d9E>? $952$ W$VE4K" $ "J:5_A
2$5" 3" :>:5$#?\ ] >93>:@$9:_W$K Y4$ :>:5Z9E>? 3$ $:5?E>"9?#$95" p,>:5$#? E4K"M
": :$9:"2$: $:5$^?# :$#@2$ K>#@": 3$ 1?2h:$9:$q ‘$2$ ?W>:": 3$ "J:5_E4K":
K?#?\ :4^$>2?\ 9$W$ "4 ‘$K"M *42?95$  ."29?A:$ E"95V94" Y4?93" ? 3>:A
3$ D"2#? >9E"22$5? "4 $22v9$?M
? K>#@$X? 3": :$9:"2$:\ 5$2 " #_o>#" 5d9E>? Y4$ :$@?2? " W$VE4K" 3"
E4>3?3" @?2? 9<" ": 2>:E?2 "4 3?9>A "J:5_E4K" ] >9D$2>"2 ? E$2E? 3$

1$&’
HG E# $ @?2? >#$3>?5?#$95$ :$ ? J?:$ 9? 3>:5d9E>? 3" "J^$5" $ 9? @"A   
3>:5d9E>? 3" "J:5_E4K" ?4#$95?2M :>;<" $# 2$K?;<" ?" W$VE4K"M ,$ " -: :$9:"2$: 3$ $:5?E>"9?#$95"\ 3$
 1$2#?9$E$ E"9:5?95$ :$ ? 3>:5d9A "J:5_E4K" D"2 3$5$E5?3" $# 4#? _2$? ?E"23" E"# ? W$2:<"\ $:5<" :>54?3":
E>? $952$ W$VE4K" $ " "J:5_E4K" E$952?K 9? 52?:$>2? "4 9? 3>?95$>2? 9" @?2?AEa"Y4$ 52?:$>2" "4 $# ?#A
@$2#?9$E$2 >9?K5$2?3?M ,$ $:5? p:$ $Y4>@?3"q 3" W$VE4K"\ 9" 3>:@K?x J": ": @?2?AEa"Y4$:M +K$: 5Z# ? D49A
:>54?;<" :$ W$2>D>E?2 @?2? ": :$9A :$2_ W>:4?K>X?3"\ E"# ? ?@2"o>#?;<" ;<" 3$ 3$5$E5?2 ? @2$:$9;? 3$ $W$9A
:"2$: K?5$2?>:\ " :>9?K ] >95$22"#A 3" "J:5_E4K"\ 4# ?2E" :gK>3" :$ #"A 54?>: "J:5_E4K": Y4$ :$ $9E"952$#
@>3" ?@g: ?@2"o>#?3?#$95$ H :$A W$93" $# 3>2$;<" ?" W$VE4K" f #$A @2go>#" 3? @?25$ 52?:$>2? "4 3>?9A
‘493": @?2? $W>5?2\ @"2 $o$#@K"\ 3>3? $# Y4$ " W$VE4K" :$ ?@2"o>#? 5$>2? 3" W$VE4K"M
:>9?K>X?;[$: $# E?:" 3$ #?9"J2? 3" "J:5_E4K"M
^495" ? @?2$3$: "4 #42":M -: :$9:"2$: ?W>:?# " E"9345"2
,$ " "J:5_E4K" D"2 3$5$E5?3" $# 3? @2$:$9;? 3$ "J:5_E4K":\ ?52?W]:
_2$?: K?5$2?>: $:Y4$23? $n"4 3>2$>5?\ 3$ 4# :>9?K :"9"2" >95$2#>5$95$ $\
s4?93" " :>:5$#? $#>5$ 4#? :>A 9? 3>?95$>2? p:$ $Y4>@?3"q "4 9? 52?A Y4?93" @2$:$95$:\ 5?#J]# E"# :>A
9?K>X?;<" ?Eu:5>E?\ " W"K4#$ 3" :>:A :$>2?\ 9" 3>:@K?x :$2_\ @"2 :4? W$X\ 9?K>X?;[$: W>:4?>: 9" 3>:@K?x 3" Y4?A
5$#? (E"99$E5\ :$ ?E>"9?3"\ ] ?45"A W>:4?K>X?3" 4# ?2E" >95$2#>5$95$ 9? 32" 3$ >9:524#$95":M
#?5>E?#$95$ 2$34X>3" @$K" :>:5$#? X"9? E"22$:@"93$95$ :$ #"W$93" $#
1?2h,$9:$M 3>2$;<" ?" W$VE4K" f #$3>3? $# Y4$
 
 ,
      
" W$VE4K" :$ ?@2"o>#?M
 ' K67    'F
+# ‘$2?K\ " W$VE4K" $:5_ #?>: @2gA
’: :>9?K>X?;[$: 2$K?5>W?: ?" :>:A o>#" 3" "J:5_E4K" Y4?93" 9" 3>:A
5$#? 1?2h,$9:$ :<" W>:4?K>X?3?: 9" @K?x ] W>:4?K>X?3" 4# u9>E" ?2E" >9A
3>:@K?x 3" Y4?32" 3$ >9:524#$95": 5$2#>5$95$ $ ? :>9?K>X?;<" ?Eu:5>E? :$
?@$9?: :$ ? 2$:@$E5>W? D49;<" 5>W$2 5"29?2 E"95V94?M
:>3" :$K$E>"9?3? 9" #$94 3" :>:5$#?
(E"99$E5M
- :>:5$#? ?::>9?K? ? @2$:$9;? 3$ ,>9?K ?Eu:5>E" u9>E"n?2E" :gK>3"
4# "J:5_E4K" W>:4?K>X?93" 4# u9>E"
?2E" 94#? 3?: _2$?: @"::VW$>:\ E"#

1$&*
,>9?K ?Eu:5>E" 2_@>3"n?2E" >95$2#>A
5$95$

,>9?K ?Eu:5>E" K$95"n?2E" :gK>3" ,>9?K ?Eu:5>E" K$95"n?2E" :gK>3"

,>9?K ?Eu:5>E" E"95V94"n?2E" >95$2A


#>5$95$

 
 ,
        
   
&?9"J2?: E"# ? #?2Ea? ? 2] $9A
‘2$9?3?% &
,>9?K ?Eu:5>E" K$95"n?2E" :gK>3" ,>9?K ?Eu:5>E" K$95"n?2E" :gK>3"

,>9?K ?Eu:5>E" u9>E"n?2E" :gK>3"

1$&+
,>9?K ?Eu:5>E" 2_@>3"n?2E" >95$2#>A ,>9?K ?Eu:5>E" 2_@>3"n?2E" >95$2#>A
5$95$ 5$95$

,$# :>9?K ?Eu:5>E"n?2E" :gK>3"

,>9?K ?Eu:5>E" 2_@>3"n?2E" >95$2#>A ,>9?K ?Eu:5>E" E"95V94"n?2E" >95$2A


5$95$ #>5$95$

 _ ,   ,67
,$ ": :$9:"2$: 3$5$E5?# 3>W$2:":
"J:5_E4K":\ ] K$W?3" $# E"9:>3$2?A
;<" ?@$9?: ?Y4$K$ Y4$ :$ $9E"952?
,$# :>9?K ?Eu:5>E"n?2E" >95$2#>A #?>: @2go>#" 3" W$VE4K"M
5$95$

,>9?K ?Eu:5>E" E"95V94"n?2E" >95$2A


#>5$95$

&?9"J2?: E"# " Ed#J>" 9? @":>A


;<"  %

1$&,
 ' K6H  !'    

!' 

*>:5d9E>? &?>"2 Y4$ LGG &$9"2 Y4$ HG


LGG76G E# 76G7LG E# 7LG7GG E# 7GGF6 E# F6HG E#
52?:$>2? E# E#
’2E": 
!$9a4# !$9a4# !$9a4# !$9a4# !$9a4# Lfi >95$2#>5$95$ 7fi >95$2#>5$95$
$:Y4$23?
’2E": 
!$9a4# Ffi :gK>3" 6fi :gK>3" Ifi :gK>3" Hfi >95$2#>5$95$ Lfi >95$2#>5$95$ 7fi >95$2#>5$95$
E$952"
’2E": 
!$9a4# !$9a4# !$9a4# !$9a4# !$9a4# Lfi >95$2#>5$95$ 7fi >95$2#>5$95$
3>2$>5?
’K$25? :"9"2" ?4#$95? f #$3>3? Y4$ ": "J^$5": :$ ?@2"o>#?# 3" W$VE4K"M s4?93" "
’K$25? :"9"2" !$9a4# 8"95V94"
"J^$5" $:5_ ? #$9": 3$ HG E#\ " ?K$25? :$2_ 4# 5"# E"95V94"M
U"K4#$ 3"
2_3>" 2$34X>3"
,># ,># ,># ,># ,># ,># ,>#
Y4?93" a_
?K$25? :"9"2"

 ' K6H  !'      &


!' 

*>:5d9E>? D2"95?K &?>"2 Y4$ 7LG E# 7LG7GG E# 7GGF6 E# F6HG E# &$9"2 Y4$ HG E#

’2E":  $:Y4$23? !$9a4# !$9a4# !$9a4# Lfi >95$2#>5$95$ 7fi >95$2#>5$95$

’2E":  E$952" !$9a4# Ifi :gK>3" Hfi >95$2#>5$95$ Lfi >95$2#>5$95$ 7fi >95$2#>5$95$

’2E":  3>2$>5? !$9a4# !$9a4# !$9a4# Lfi >95$2#>5$95$ 7fi >95$2#>5$95$

1$&-
!' 

’K$25? :"9"2"
?4#$95? f #$3>3?
’K$25? :"9"2" !$9a4# !$9a4# !$9a4# Y4$ ": "J^$5": :$ 8"95V94"
?@2"o>#?# 3"
W$VE4K"M
U"K4#$ 3" 2_3>"
2$34X>3" Y4?93" a_ ,># ,># ,># ,># ,>#
?K$25? :"9"2"

1$’.
!!@!! 12$::>"9?93" " J"5<" E"# " :>:A !J!  !"!!
5$#? $# ?W?2>?\ " )+* K?#@$^? 34A
1?2? ?5>W?2 $ 3$:?5>W?2 " :>:5$#?\ +W$954?>: ?9"#?K>?: 3": :$9:"2$:
2?95$ E$2E? 3$ 6 :$‘493":\ 3$@">:
@2$::>"9?2 " J"5<" >93>E?3"  9? 3$ $:5?E>"9?#$95" :<" ?::>9?K?3?:\
@$2#?9$E$ ?E$:" E"# K4X D>o?M
>#?‘$# ? :$‘4>2M 342?95$ " $9‘?5$ 3? #?2Ea? ? 2]\
’" @":>E>"9?2 " E"#45?3"2 3$ >‘A @$K? 2$:@$E5>W? #$9:?‘$# W>:4?K>A
9>;<" $#  \ " :>:5$#? 1?2h,$9:$ X?3? 9" 3>:@K?x pE"9:4K5?2 " @?2_A
#?95]# 9? #$#g2>? " uK5>#" $:A ‘2?D" w)4X$:A$:@>?: $ #$9:?‘$9:y 9"
5?3" p?5>W?3" "4 3$:?5>W?3"q @2$:$95$ E?@V54K" r8"9a$E$93" " @?>9$K 3$
Y4?93" "E"22$ 3$:?5>W?;<" 3" #"5"2M >9:524#$95":rq\ ?::># E"#" @"2 4#
:>9?K ?Eu:5>E"M


*$@">: 3$ 5ZAK" 3$:?5>W?3"\ " !" " %&
:>:5$#? 1?2h,$9:$ @$2#?9$E$ 9$:5? ;
E"93>;<" ?5] f @":5$2>"2 2$?5>W?;<"\
#$:#" $# E?:" 3$ @?::?‘$# 3" 
’ @?::?‘$# 3$ $:5?3" 3" :>:5$#?\
3$ ?5>W?3" @?2? 3$:?5>W?3" $ W>E$A E"#45?3"2 3$ >‘9>;<" 3$  @?2? *42?95$ ?: #?9"J2?: 3$ $:5?E>"A
W$2:?\ ]\ 3$ Y4?KY4$2 D"2#?\ :$#A  @ $ 3$@">: 9"W?#$95$ @?2? 9?#$95"\ @2$:5?2 :$#@2$ ? #_o>#?
@2$ ?E"#@?9a?3? 3? W>:4?K>X?;<"  M ?5$9;<" ?": "J:5_E4K": Y4$ :$ @":A &
3$ 4#? #$9:?‘$# $:@$EVD>E? W>:4?A :?# $9E"952?2 @"2 E>#? "4 @"2 J?>o"
K>X?3? 9" 3>:@K?x 3" Y4?32" 3$ >9:A 8?:" $:5$^? E"22$5?#$95$ ?5>W?3"\ 3" :$9:"2M -: "J^$5": E"K"E?3": ?
524#$95":M :>:5$#? ?5>W?A:$ ?45"#?5>E?#$95$ E425? 3>:5d9E>?\ $# ?K‘4#?: E>2E49:A
Y4?93" :$ $9‘?5? ? #?2Ea? ? 2]M 5d9E>?: 9<" :<" 3$5$E5?3": @$K" :>:A
s4?93" " :>:5$#? $:5_ ?5>W?3"\ " 5$#? $ @"25?95" @"3$# 3?9>D>E?2 "
)+* :>54?3" 9" J"5<" $:5_ ?@?‘?3"M ’" E"952_2>"\ " :>:5$#? 3$:?5>W?A:$
W$VE4K" "4 :$2 3?9>D>E?3":M
’" E"952_2>"\ :$ " :>:5$#? $:5>W$2 ?45"#?5>E?#$95$ 3$:K"E?93" ? ?K?A
3$:?5>W?3"\ " )+* $:5_ ?E$:" E"# K4X W?9E? 3$ #?2Ea?: @?2? 4#? @":>;<"
+o>:5$# ?K‘4#?: E"93>;[$: Y4$
D>o?M - )+* ?E$93$A:$\ 5?#J]# $# 3>D$2$95$ 3? #?2Ea? ? 2]M
@"3$# >9DK4$9E>?2 9" 3$:$#@$9a"
E?:" 3$ ?W?2>? 9" :>:5$#? 1?2h,$9:$ M 3" :>:5$#? 3$ $:5?E>"9?#$95"%

1$’!
 (#? :$9:>J>K>3?3$ 2$34X>3? 3" E?2‘? "4 #"3>D>E?;[$: E"# " "JA "!  !!  `&
:$9:"2 $ 3>#>94>;<" 3" 3$:$#A ^$5>W" 3$ 2$J?>o?2 " W$VE4K" ! !! / .- 0
@$9a" 3" :>:5$#? 3$ ?4oVK>" ?"  - ‘?9Ea" 3$ 2$J"Y4$ 9? ?4:Z9A
$:5?E>"9?#$95" @"3$A:$ 3$W$2 f E>? 3$ 2$J"Y4$ @"3$2>? >95$2D$A
@2$:$9;? 9? :4@$2DVE>$ 3" :$9:"2 2>2 E"# " E"22$5" D49E>"9?#$95"
3$ ‘$K"\ 9$W$ "4 K?#?M 3": :$9:"2$: 3$ $:5?E>"9?#$95"M !#!
 - :$9:"2 3$5$E5? 4# "J^$5" 9<" ’ >9:5?K?;<" 3" ‘?9Ea" 3$ 2$J"A 1?2? Y4$ " :>:5$#? D49E>"9$ E"2A
$o>:5$95$ pr>95$2D$2Z9E>? 3$ $E"rq Y4$ D>o" >#@$3$ ? @"::>J>K>3?3$ 2$5?#$95$\ ": :$9:"2$: 3$W$# $:5?2
@2"W"E?3" @"2 >95$2D$2Z9E>?: 3$ 3$ 4# D49E>"9?#$95" E"22$5" 3": K>#@": $ :$# W$:5V‘>" 3$ K?#?\ :4A
E?2_E5$2 #$Ed9>E"\ @"2 $o$#@K"% :$9:"2$: 3$ $:5?E>"9?#$95"M !" ^$>2?\ 9$W$ "4 ‘$K"M .$9a? E4>3?3"
K?W?‘$# 3" W$VE4K"\ Ea4W? pE"9A E?:" 3$ W$VE4K": $Y4>@?3": E"# @?2? 9<" 2>:E?2 "4 3?9>D>E?2 ": :$9A
3>;[$: $o52$#?: 3$ W$95"q\ ‘2?A ‘?9Ea" 3$ 2$J"Y4$ $o52?VW$K\ :$^? :"2$: ?" K>#@_AK":M +W>5$ 4:?2 @?9":
9>X"M "2>‘>9?K "4 >9:5?K?3" ?@g: ? ?Y4>A :$E":\ _:@$2": "4 342":M
 ’: :>9?K>X?;[$: $9W>?3?: :>;<" 3" W$VE4K"\ @?2? $W>5?2 4#
-: :$9:"2$: 3$W$# :$2 K?W?3":
@$K" :$9:"2 @"3$# :$2 D49E>"9?#$95" >9E"22$5" 3": :$9A
E"# _‘4? K>#@? $\ :$ 9$E$::_2>"\
>‘4?K#$95$ ?K5$2?3?: @$K? :"2$:\ ] 2$E"#$93_W$K 3$:$9‘?5_A
E"# :a?#@"" @?2? E?22":M !": :$2A
@2$:$9;? 9?: @2"o>#>3?3$: 3$ K" 3? 52?W$::? :$#@2$ Y4$ 9<" D"2
W>;": 3$ K?W?‘$# Y4$ 45>K>X?# W?@"2
:>:5$#?: 3$ 4K52?::"9: p@"2 9$E$::_2>" @?2? 2$J"E?2 4# ?52$A
"4 ^?5": 3$ ?K5? @2$::<"\ K>#@$ ": :$9A
$oM D2$>": @9$4#_5>E": 3$ K?3"M
:"2$: 2?@>3?#$95$\ #?95$93" " J>E"
W$VE4K": @$:?3": "4 #?25$K":  ’ @2$:$9;? 3$ ?3$:>W": 9": :$9A ? @$K" #$9": 7G E# 3": :$9:"2$:M
@9$4#_5>E":qM :"2$:M 12$:5?2 ?5$9;<" @?2? 9<"
 - 3$:$#@$9a" 3" :>:5$#? 3$ ?4A :"J2$@"2 Y4?KY4$2 ?3$:>W" 9":
oVK>" ?" $:5?E>"9?#$95" @"3$ :$2 @2g@2>": :$9:"2$:M
>‘4?K#$95$ >9DK4$9E>?3" @$K? @"A
:>;<" 3": :$9:"2$:\ @"2 $o$#A !#!
@K"\ W?2>?93" ": ?K>9a?#$95": s4?KY4$2 2$@>9542? "4 2$5"Y4$: 9?
p3$W>3" ?" 3$:‘?:5$ 3": ?#"2A @>9542? 9? _2$? 3": :$9:"2$: 3" @?2?A
5$E$3"2$:\ :4:@$9:[$:q "4 :4J:A Ea"Y4$: 3$W$# :$2 2$?K>X?3?: :"A
5>54>;<" 3": @9$4:\ $oE$::" 3$ #$95$ 9?   ! = ,  > M

1$’"
’ ?@K>E?;<" >9E"22$5? 3? @>9542? :>:5$#? ?::>:5$95$ 3$ $:5?E>"9?A
@"3$ ?D$5?2 ? "@$2?;<" 3": :$9:"2$: #$95" @"3$# ?E"95$E$2 @$K? @2$A
$:5?E>"9?#$95"M :$9;? 3$% ‘$K"\ 9$W$\ K?#? "4
E?#?3? $:@$::? 3$ 5>95? 9? :4A
’ D49;<" 3" :>:5$#? 3$ ?K$25? 3$ @$2DVE>$ 3" :$9:"2M
3>:5d9E>? K?5$2?K ] 3$5$E5?2 ? @2$:$9;?
3$ "J:5_E4K": @2go>#": f: K?5$2?>:  - :$9:"2 @"3$ 3$5$E5?2 4# "J:5_A
3" W$VE4K" ?52?W]: 3$ :$9:"2$: 3$ E4K" >9$o>:5$95$ pr>95$2D$2Z9E>? 3$
$:5?E>"9?#$95" K"E?K>X?3": 9" @?2?A $E"rq\ 3$W>3" ? >95$2D$2Z9E>?: #$A
Ea"Y4$ 3>?95$>2" $ 52?:$>2"M !!@!! Ed9>E?:\ E"#" 342?95$ K?W?‘$#
- :>:5$#? ?W>:? " #"5"2>:5? E"# - :>:5$#? E"9:$‘4$ D49E>"9?2 :"A 3" W$VE4K"\ 9" E?:" 3$ Ea4W?\
4# :>9?K :"9"2" $\ Y4?93" $Y4>@?3"\ #$95$ 3$@">: 3$ @$2E"22$2 4#? E425? pW$95" D"25$q $ ‘2?9>X"\ @"2 $o$#A
E"# >93>E?;[$: W>:4?>: 9? 5$K? 3" 3>:5d9E>? $ :$ ? W$K"E>3?3$ 3" W$VA @K"M
@?>9$K 3$ >9:524#$95":M E4K" $:5>W$2 $952$ G $ 77 h#naM
 -: :>9?>: $9W>?3": @$K" :$9:"2
- :>:5$#? @"3$ :$2 ?5>A 5?#J]# @"3$# :$2 ?K5$2?3": @$K?
W?3"n3$:?5>W?3" ?52?W]: 3" @2$:$9;? 3$ :>:5$#?: 4K52?::v9>A
2$:@$E5>W" #$94 9" :>:5$#? E": pE"#" :>:5$#?: 3$ D2$>" @9$4A
(E"99$E5 p@?2? #?>: >9D"2#?;[$:\ #_5>E" 3$ E?#>9a[$: "4 D42?3$>A &
E"9:4K5?2 " :4@K$#$95" $:@$EVD>E"qM 2?: @9$4#_5>E?:\ @"2 $o$#@K"q
@2go>#": ?" W$VE4K"M
"!? " !
’K‘4#?: E"93>;[$: @"3$# >9DK4A  - 3$:$#@$9a" 3" :>:5$#? ?::>:A
$9E>?2 " 3$:$#@$9a" 3" :>:5$#? 3$ 5$95$ 3$ $:5?E>"9?#$95" 5?#J]#
?K$25? 3$ 3>:5d9E>? K?5$2?K% @"3$ :$2 >9DK4$9E>?3" @$K? @":>A
;<" 3": :$9:"2$:\ ?K‘4#? ?K5$A
 (#? 2$34;<" 9? :$9:>J>K>3?3$ 2?;<" 9? E"9D>‘42?;<" 3" 52?^$5"
3" :$9:"2 $ 4#? E"9:$Y4$95$ pE?4:?3? @$K" 3$:‘?:5$ 3": ?#"2A
3>#>94>;<" 9" 3$:$#@$9a" 3" 5$E$3"2$:\ :4:@$9:<"q\ 52"E? 3$

1$’%
@9$4:\ :"J2$E?22$‘? 3" W$VE4K" ‘?9Ea" 3$ 2$J"Y4$ E"#" :$93"
"4 "@$2?;[$: 3$ ?^4:5$ Y4$ 2$A 4# "J:5_E4K"M
J?>o?# " W$VE4K"M  ’ @2$:$9;? 3$ $5>Y4$5?: 9": :$9A !#!
:"2$: @"3$ @2$^43>E?2 " E"22$5" .?95" ? J4:E? @"2 4#? W?‘? 3$ $:A
 ’ @2$:$9;? 3$ 4# ‘?9Ea" 3$ 2$A D49E>"9?#$95" 3" :>:5$#?M 1"2A 5?E>"9?#$95" Y4?95" ?: 2$:@$E5>W?:
J"Y4$ :$# " 2$:@$E5>W" 2$J"Y4$ 5?95"\ 9<" E"K"Y4$ ?3$:>W": 9": #?9"J2?: @?2? $:5?E>"9?2 3$W$# :$A
5?#J]# @"3$ >95$2D$2>2 9" E"22$5" :$9:"2$:M ‘4>2 ?: K$>: 3$ 52d9:>5" W>‘$95$:M
D49E>"9?#$95" 3": :$9:"2$: 3$
$:5?E>"9?#$95"M ’95$: 3$ 45>K>X?2 -J:$2W$ :$#@2$ ?: @2$:E2>;[$:
" :>:5$#? 1?2h,$9:$\ 2$E"#$93?A "! !E ! 3$::$ #?94?KM
:$ 2$#"W$2 3" W$VE4K" " E"9^495" !E ! / .- 0
3? $:D$2? 3" ‘?9Ea" 3$ 2$J"A
Y4$ $ ": 2$:@$E5>W": ?E$::g2>": 
Y4?93" $:5$ uK5>#" 9<" ] 45>A - :>:5$#? ’E5>W$ 1?2h:$9:$ ’::>:5
K>X?3" @?2? "@$2?;[$: 3$ 2$J"A !#! :$ "2>$95? @$K": W$VE4K": $:5?E>"9?A
Y4$M - 3$:E4#@2>#$95" 3$::? - $:5?E>"9?#$95" $ "452?: #?A 3":\ ‘4>?: 3$ E?K;?3?: "4 "452": "JA
2$E"#$93?;<" @"3$ K$W?2 ? D$A 9"J2?: @"5$9E>?K#$95$ @$2>‘":?: :<" ^$5":M ’5$9;<" @?2? Y4$ ": @9$4: $ ?:
2>#$95": @$::"?>: "4 3?9": ?" :$#@2$ 3$ 2$:@"9:?J>K>3?3$ 3" #"A 2"3?: 9<" :$^?# 3?9>D>E?3": 342?95$
W$VE4K" "4 "J:5_E4K":\ 4#? W$X 5"2>:5?M ’" $o$E45?2 $::?: "@$2?;[$:\ ?: #?9"J2?:M ,$ 9$E$::_2>"\ >95$2A
Y4$\ Y4?93" " :>9?K :"9"2" E"9A E$25>D>Y4$A:$ :$#@2$ Y4$ 9<" a_ "4A 2"#@? " @2"E$::" 3$ $:5?E>"9?#$95"
5V94" D"2 $#>5>3"\ ? $:D$2? 3" ‘?9A 52?: @$::"?: p$:@$E>?K#$95$ E2>?9;?:q $# 5$#@" a_J>K @?2? $W>5?2 3?9": ?"
Ea" 3$ 2$J"Y4$ $:5?2_ #?>: @2gA "4 ?9>#?>: 9" K"E?K "93$ W"EZ Y4$2 W$VE4K"\ @">: " #"5"2>:5? ] :$#@2$
o>#? 3" "J:5_E4K" Y4$ " @?2?A $:5?E>"9?2M 2$:@"9:_W$K @$K? #?9"J2? $ ? :$‘4A
Ea"Y4$ 52?:$>2"M ,$ Y4>:$2 3$>o?2 2?9;? 3" W$VE4K"\ #$:#" Y4?93" "
-: :$9:"2$: 3$ $:5?E>"9?#$95" ?4A
" ‘?9Ea" 3$ 2$J"Y4$ :$# " 2$A :>:5$#? $:5_ $# "@$2?;<"M ’ D?K5? 3$
o>K>?# " #"5"2>:5?\ #?: $:5$ ^?#?>:
J"Y4$\ ] ?E"9:$Ka_W$K @2"E42?2 ?5$9;<" 3" #"5"2>:5? @"3$ ?E?22$5?2
3$W$ 3$:W>?2 :4? ?5$9;<" 342?95$
?   ! = ,  > @?2? $# ?E>3$95$: E"#" E"K>:<" "4 3?9":
#?9"J2?: @"5$9E>?K#$95$ @$2>‘":?:\
?: "@$2?;[$: 3$ ?54?K>X?;<" 3" ?" W$VE4K"M
#$:#" ?: 2$?K>X?3?: $# J?>o? W$K"A
:>:5$#? 1?2h,$9:$\ ^_ Y4$ ": :$9A E>3?3$M
:"2$: E$952?>: @"3$# 3$5$E5?2 "
1$’&
!#! !#!
!<" ] 2$E"#$93?3" :$‘42?2 " =95$2W$9;[$: 9? _2$? 3": :$9:"2$:
W"K?95$ 342?95$ ? >95$2W$9;<" 3" 9" @?2?AEa"Y4$ 3$W$# :$2 2$?K>X?3?:
:>:5$#? 9? 3>2$;<"M C$E"#$93?A:$ :"#$95$ 9? C$3$ 3$ ’::>:5Z9E>? b$$@M
$:@$2?2 " W"K?95$ @?2?2 @?2? $95<"
:$‘42_AK"M ’ ?@K>E?;<" >9E"22$5? 3? @>9542?
@"3$ ?D$5?2 " D49E>"9?#$95" 3": :$9A
8?:" :$^? 9$E$::_2>" @?2?2 " W"A :"2$: 3$ $:5?E>"9?#$95"M
K?95$ E"# ?: #<": 342?95$ 4#? #?A ’: K4X$: 3$ )+* 5?#J]# :$ ?E$9A
9"J2?\ ] ?E"9:$Ka?3" @$‘_AK" D>2#$A - :>:5$#? ?^43? " #"5"2>:5? ? ?W?A 3$# 9" E?:" 3$ 4#? D?Ka? 9" :>:5$#?
#$95$ @$K" ?2" $o5$29"M !<" 5$95$ K>?2 4#? W?‘? 3$ $:5?E>"9?#$95" 3$ 1?2h,$9:$ ’E5>W$ 1?2h ’::>:5M ,$ ? 5$A
#?95$2 ?: #<": 9" ?2" >95$29" "4 :$A ?E"23" E"# ? K?2‘42? 3" W$VE4K" $ EK? ] @2$::>"9?3? 342?95$ 4#? ?W?2>?
‘42?2 ": 2?>":M ‘$2$9E>? ?45"#?5>E?#$95$ " #"W>A 9" :>:5$#?\ " )+* @>:E? @"2 E$2E? 3$
#$95" 3" W"K?95$ 342?95$ ? #?9"J2?M 6 :$‘493": $ 3$@">: ] 3$:?5>W?3?M

- :>:5$#? 45>K>X? ": :$9:"2$: 3>?9A - :>:5$#? 1?2h,$9:$ ’E5>W$ 1?2h


’::>:5 :$2_ 3$:?5>W?3" ?45"#?5>E?A
5$>2":\ 52?:$>2": $ K?5$2?>: 3" W$VE4K"
#$95$ Y4?93" Y4?KY4$2 4#? 3?: :$A &
!#! @?2? ?W?K>?2\ E?KE4K?2 $ #"9>5"2?2 ?:
3>:5d9E>?: 3": "452": W$VE4K": $ 3$A ‘4>95$: E"93>;[$: D"2 $9E"952?3?%
- D49E>"9?#$95" 3" :>:5$#?
J?:$>?A:$ $# W_2>": E"#@"9$95$:% #?>: "J:5_E4K": @2go>#":M
:$9:"2$: 3$ $:5?E>"9?#$95" 3>?9A  &?9"J2? 3$ $:5?E>"9?#$95"
5$>2": $ 52?:$>2":\ :$9:"2$: K?5$2?>:\ !!@!! E"#@K$5?c
:>:5$#? 3$ 3>2$;<"\ 2"3?:\ :>:5$#?  U$K"E>3?3$ 3" W$VE4K" ?E>#? 3$
1?2? ?5>W?2 " :>:5$#?\ @2$::>"9$ ?
3$ D2$>": $ @?>9$K 3$ >9:524#$95":M HG h#na 342?95$ ? J4:E? @"2 4#?
5$EK?  % " W>:"2 3" @?>9$K 3$ >9:A W?‘? 3$ $:5?E>"9?#$95"c
- #?4 D49E>"9?#$95" 3$ 4# 3$:A 524#$95": $o>J>2_ ?: >9:524;[$: 9$A
 U$K"E>3?3$ 3" W$VE4K" ?E>#? 3$
5$: E"#@"9$95$: @"3$ ?D$5?2 " D49E>A E$::_2>?: @?2? ? 2$?K>X?;<" 3? #?9"A
{ h#na 342?95$ ? ?54?;<" 3" :>:A
"9?#$95" 3" :>:5$#?M J2?M

1$’’
5$#? 9? 3>2$;<" @?2? ? $952?3?  ’K?W?9E? 3$ Ed#J>" 9? @":>;<" 5"2 $:5_ $# D49E>"9?#$95" $ ? 4#?
9? W?‘?c c W$K"E>3?3$ >9D$2>"2 ? HG h#naM
 U"K?95$ 5"E?3" 342?95$ ? ?54?A  8"#45?3"2 3$ >‘9>;<" 9? @":>;<" *42?95$ ? #?9"J2?\ $ 3>?95$ 3?
;<" 3" :>:5$#? 9? 3>2$;<" @?2? ? c 3$5$E;<" 3$ "J:5_E4K":\ " E"934A
$952?3? 9? W?‘?c  B"5<" 3" 1?2h,$9:$ ’E5>W$ 1?2h 5"2 5?#J]# 2$E$J$ >9D"2#?;[$: "D$A
 B"5<" 3" 1?2h,$9:$ ’::>:5 ?5>W?3"c 2$E>3?: @$K": :$9:"2$: 3$ $:5?E>"9?A
D2"95?Kn52?:$>2" @2$::>"9?3"c  1"25? 3" #"5"2>:5? D$Ea?3?c #$95" pF 3>?95$>2": $ I 52?:$>2":q Y4$
 1"25? 3" #"5"2>:5? ?J$25?c  .?#@? 3" @"25?A#?K?: D$Ea?3?c D"29$E$# >9D"2#?;[$: $o52?: :"J2$ ?
 .?#@? 3" @"25?A#?K?: ?J$25?c 3>:5d9E>? ? :$2 #?95>3? 3": "J:5_E4A
 U$K"E>3?3$ 3" W$VE4K" ?J?>o" 3$
K": f D2$95$ $ ?52_: 3" W$VE4K"M
 =95$2W$9;<" 3": :>:5$#?: L6 h#naM
+,8n’B,c ,$ ? D49;<" ’E5>W$ 1?2h,$9:$ D"2
 - :>:5$#? @$2#>5>2_ 4# #_o>#" ?5>W?3? 3$@">: 3$ 5$2 :>3" 3$:?5>W?3?\
 ": :$9:"2$: :<" ?5>W?3": #?>: 4#?
3$ :$>: 52"E?: $952$ ?: @":>;[$: 
$  9? ?K?W?9E? 3$ Ed#J>"M ,$ *42?95$ ? J4:E?\ ? W$K"E>3?3$ 3" W$X $ @$2#?9$E$# 9$:5? E"93>;<"
? #?9"J2? 9<" @43$2 :$2 E"#A W$VE4K" 9<" 3$W$ 4K52?@?::?2 ": HG :"#$95$ 342?95$ " #"W>#$95" 3"
@K$5?3? E"# $::?: :$>: 52"E?:\ " h#nac Y4?93" ?5>9‘>2 ": L6 h#na\ " $:5?E>"9?#$95"M
:>:5$#? E?9E$K?2_ :4? ?54?;<" $ " #"5"2>:5? 2$E$J$ 4# ?W>:" @?2? 3>#>A
3>:@K?x 9" @?>9$K 3$ >9:524#$95": 94>2 ? W$K"E>3?3$c E?:" ? W$K"E>3?3$   !!&
>9:524>2_ " E"9345"2 ? E"#@K$5?2 4K52?@?::$ ": HG h#na\ " :>:5$#? :$2_ " !!   &
? #?9"J2? #?94?K#$95$M 3$:?5>W?3" p9$:5$ E?:"\ $K$ @"3$ :$2 !
2$>9>E>?3" @2$::>"9?93" ? 5$EK? qM
1?2? $:5?E>"9?2 9? 3>2$;<" @?2?K$K?
- :>:5$#? ’E5>W$ 1?2h ’::>:5 ?" W$VE4K"\ ?5$9;<" ?": :$‘4>95$:
$952?2_ $# "@$2?;<" $ J4:E?2_ 4#? !"  "! @"95":%
W?‘? 3$ $:5?E>"9?#$95" ?@$9?: *42?95$ ? J4:E? @"2 4#? W?‘?
Y4?93" 5"3?: ?: :$‘4>95$: E"93>;[$: - :>:5$#? ] ?5>W?3" @2$::>"9?93"
3$ $:5?E>"9?#$95"\ " :>:5$#? 4:?
D"2$# $9E"952?3?% ? 5$EK? % 3$@">: 3$ :$K$E>"9?3"\
": :$9:"2$: K?5$2?>:\ Y4$ :<" ?5>W?A
" #"3" 3$ J4:E? D>E? ?5>W" 9" :>:A
3": ?45"#?5>E?#$95$ Y4?93" " #"A
5$#?M 8"9:>3$2?93" Y4$ " :>:5$#?
2$E"9a$E$ ?: W?‘?: 3$ $:5?E>"9?A
1$’*
#$95" #$:#" Y4?93" $:5? D49;<" @$2@$93>E4K?2 ?" :$95>3" 3? E"9A #?5>E?#$95$ J4:E?2_ 4#? W?‘? @$K"
9<" D"> :$K$E>"9?3?\ $K? @"3$ :$2 34;<"M K?3" 3" @?::?‘$>2"\ E?:" " >93>E?3"2
?5>W?3? >#$3>?5?#$95$ ?@g: " W$VA 3$ 3>2$;<" 9<" :$^? ?5>W?3"M
E4K" 5$2 @?::?3" @2go>#" ? 4#? W?‘? ,  
   ''
3$ $:5?E>"9?#$95" ?@2"@2>?3? @?2?
,$K$E>"9?3" " #"3" @?2?K$K"\ " 
$K$M - :>:5$#? $95<"\ ?52?W]: 3? 5$K?
:>:5$#? D?X\ ?52?W]: 3": :$9:"2$: - E"9345"2 3$W$ ?::$‘42?2 Y4$ ?
9" @?>9$K 3$ >9:524#$95":\ >9D"2#?2_
K?5$2?>:\ 4#? J4:E? E"95V94? @"2 W?‘? :$ #?95$9a? K>W2$ $ 3$:"J:A
?" #"5"2>:5? Y4?>: ": @2"E$3>#$95":
4#? W?‘? 3$ $:5?E>"9?#$95" Y4$ 524V3? p3$ @$3$:52$:\ J>E>EK$5?:\ $5EMq
@?2? ? 2$?K>X?;<" 3$ 4#? #?9"J2?
:$^? ?3$Y4?3? @?2? ?: 3>#$9:[$: 3" @?2? ? #?9"J2?M
E"22$5?M
W$VE4K"M
,'G     ,  
 

*42?95$ ? J4:E? $ ?5] Y4$ ? #?2A - E"9345"2 ] 2$:@"9:_W$K @"2
Ea? ? 2] :$^? $9‘2$9?3?\ @"3$A:$ :$A E$25>D>E?2A:$ Y4$ ? W?‘? :$K$E>"9?3?
K$E>"9?2 " 5>@" 3$ $:5?E>"9?#$95" ] E"#@?5VW$K E"# ? #?9"J2? ? :$2
3$:$^?3"M (#? #$9:?‘$# >93>E?93" 2$?K>X?3? $ $:5_ E"#@K$5?#$95$ K>A
? :$K$;<" 3" 5>@" 3$ W?‘? ? :$2 J4:A W2$\ >9EK4:>W$ 3$ J42?E":\ :?K>Z9E>?:
E?3? ?@?2$E$2_ 9" 3>:@K?x 3" @?>9$K $ @2"54J$2d9E>?: 3$ "J^$5":nW$VE4K": &
3$ >9:524#$95":\ ?: 5$EK?: 3$ 9?W$A @2go>#": pE"#" _2W"2$:\ $:E?3?:\
‘?;<" 9" W"K?95$ 3$W$# :$2 4:?3?: %-,  !, *  \  E?;?#J?:\ 5?#@?: 3$ @"25?A#?K?:\
@?2? 52"E?2 " 5>@" 3$ J4:E? $ ? 5$EK? 52?:$>2?: 3$ E?#>9a[$:\ v9>J4:\ $5EMqM
-z @2$::>"9?3? @?2? E"9D>2#?2 ? :$A
K$;<" $952$% 
*42?95$ ? J4:E? @"2 4#? W?‘? 3$ 
 r1?2?K$K"r% " W$VE4K" @2"E42?2_ $:5?E>"9?#$95"\ 4:$ " >93>E?3"2 3$ *42?95$ ? J4:E? @"2 4#? W?‘?
4#? W?‘? 3$ $:5?E>"9?#$95" @?A 3>2$;<" p:$5?q @?2? :$K$E>"9?2 " K?3" 3$ $:5?E>"9?#$95"\ " E"9345"2 3$W$
2?K$K? ?" :$95>3" 3? E"934;<"M 3" W$VE4K" @?2? " Y4?K ? #?9"J2? #?95$2 " W$VE4K" 5<" @?2?K$K" "4 @$2A
 r1$2@$93>E4K?2r% " W$VE4K" @2"E4A 3$ $:5?E>"9?#$95" 3$W$2_ :$2 D$>5?M @$93>E4K?2 p3$@$93$93" 3" 5>@" 3$
2?2_ 4#? W?‘? 3$ $:5?E>"9?#$95" - 1?2h,$9:$ ’E5>W$ 1?2h ’::>:5 ?45"A
1$’+
#?9"J2?q ?": "452": W$VE4K": Y4?95" 8"# " W$VE4K" $# @":>;<"\ " E"9A 5  ,     ,   
@"::VW$KM 345"2 :$2_ "2>$95?3" ? >95$22"#@$2 ,_
4  

:$4 #"W>#$95" $ 2$5>2?2 ?: #<": 3"
s4?93" " E"9345"2 E"K"E? ? ?K?A
W"K?95$M
 W?9E? 3$ Ed#J>" $# \ " :>:5$#?
@"3$ >9:524VAK" ? ?‘4?23?2 " #"W>A
’@$9?: ? uK5>#? W?‘? 3$ $:5?E>A
#$95" 3" W"K?95$ :$2 E"9EK4V3"M
"9?#$95" 3$5$E5?3? :$2_ >93>E?3?
p$o$#@K"% :$ @?::?93" @"2 3>W$2:?:
W?‘?: 3>:@"9VW$>: $# 4# $:5?E>"9?A
#$95"\ " :>:5$#? >93>E?2_ ?@$9?: ?
uK5>#? 3$5$E5?3? @?2? ? #?9"J2?qM

s4?93" 4#? W?‘? 3>:@"9VW$K ] $9A


E"952?3?\ :$ " W$VE4K" 9<" $:5>W$2 $# 5  ,        
@":>;<"\ " E"9345"2 :$2_ "2>$95?3" ? 
7  *' 
:$‘4>2 $# D2$95$ E"# " W$VE4K" @?2?
@":>E>"9_AK" @?2? 4#? :$Y4Z9E>? 3$ 8"# " W$VE4K" @?2?3" $ :$# ?:  3 ,      5-  
$:5?E>"9?#$95" @?2?K$K"M #<": 9" W"K?95$\ " E"9345"2 :$2_ , ,'-7 
*
   *' 
"2>$95?3" ? @":>E>"9?2 ? ?K?W?9E? 3$
- :>:5$#? $95<" >9:524>2_ " E"934A
Ed#J>" $# M
5"2 ? W$2>D>E?2 ": ?22$3"2$: 3" W$VE4K"
$ #"WZAK" @?2? 52_:M

5  ,     5 
3  

1$’,
52"E?: $952$ ?: @":>;[$:  $  3"
Ed#J>"M ,$ ? #?9"J2? 9<" @43$2
E"9EK4V3? E"# $::?: :$>: 52"E?:\ "
:>:5$#? :$2_ 3$:?5>W?3" $ " 3>:@K?x
3" @?>9$K 3$ >9:524#$95": "2>$95?2_ "
E"9345"2 ? E"95>94?2 #?94?K#$95$M


 3 ,     
*   3 ,      !
*+,-'    Q - :>:5$#? E?9E$K?2_ ? #?9"J2? :$
" W$VE4K" $oE$3$2 ? W$K"E>3?3$ 3$ {
h#na 342?95$ ? ?::>:5Z9E>? ?5>W? 3$ 
 $:5?E>"9?#$95"M - :>:5$#? ?K$25?2_ e 3$ 2$:@"9:?J>K>3?3$ 3" E"9345"2
e 3$ 2$:@"9:?J>K>3?3$ 3" E"9345"2 " E"9345"2 f W$K"E>3?3$ 3$ 6 h#na\ 4:?2 " D2$>" $ @?2?2 " W$VE4K"M - E"9A
" 4:" 3" D2$>" $ 3" ?E$K$2?3"2 34A "2>$95?93"A" ? 2$34X>2M - E"9345"2 345"2 3$W$ W$2>D>E?2 ": ?22$3"2$: 3"
2?95$ ? #?9"J2? 3$ $:5?E>"9?#$95" :$2_ 2$:@"9:_W$K @"2 E"#@K$5?2 ? #?A W$VE4K" $ $:5?2 @2$@?2?3" @?2? @?2_A
:$#>?45"#_5>E?M 9"J2? :$ " :>:5$#? D"2 3$:?5>W?3"M K" Y4?93" D"2 "2>$95?3" "4 Y4?93"
:4? >95$2W$9;<" D"2 9$E$::_2>?M
&
 
8"# " W$VE4K" @?2?3"\ " E"934A
s4?93" " :>:5$#? "2>$95? " E"9A ,$ " :>:5$#? D"2 3$:?5>W?3" 342?95$
5"2 :$2_ "2>$95?3" ? @":>E>"9?2 ? ?K?A
345"2 ? 2$5>2?2 :4?: #<": 3" W"K?95$\ ? #?9"J2? @"2 Y4?KY4$2 2?X<"\ "
W?9E? 3$ Ed#J>" $# M
" E"9345"2 3$W$ W$2>D>E?2 ": ?22$3"A E"9345"2 3$W$ 5"#?2 " E"952"K$ 3"
2$: 3" W$VE4K" $ E"#$;?2 ? #"WZAK" W$VE4K"M
@?2? 52_: K$95?#$95$M
s4?93" " W$VE4K" ?5>9‘$ " D># 3"
:$4 #"W>#$95" @?2? 52_:\ " :>:5$#?
 "2>$95?2_ " E"9345"2 ? W$2>D>E?2 ":
- :>:5$#? 1?2h,$9:$ ’E5>W$ 1?2h ?22$3"2$: $ @?2?2 " W$VE4K"M
’::>:5 @$2#>5>2_ 4# #_o>#" 3$ :$>:
1$’-
345"2 3$W$ W$2>D>E?2 ": ?22$3"2$: 3"
W$VE4K" $ $:5?2 @2$@?2?3" @?2? @?2_A
K" Y4?93" D"2 "2>$95?3" "4 Y4?93"
:4? >95$2W$9;<" D"2 9$E$::_2>?M

8"# " W$VE4K" @?2?3"\ " E"934A


5"2 :$2_ "2>$95?3" ? @":>E>"9?2 ? ?K?A
W?9E? 3$ Ed#J>" $# M
 3 ,       ,    3 ,     
* 
 ,_
4  
 *+,-'   3  
s4?93" " E"9345"2 @":>E>"9? ? s4?93" " W$VE4K" ?5>9‘>2 " D># 3"
?K?W?9E? 3$ Ed#J>" $# \ " :>:5$#? :$4 #"W>#$95" f D2$95$\ " :>:5$#?
@"3$ "2>$95_AK" ? ?‘4?23?2 " #"W>A "2>$95?2_ " E"9345"2 ? W$2>D>E?2 ":
#$95" 3" W"K?95$ :$2 E"9EK4V3"M ?22$3"2$: $ @?2?2 " W$VE4K"M

 3 ,       ,  
 ,_
4  

s4?93" " E"9345"2 @":>E>"9? ?
?K?W?9E? 3$ Ed#J>" $# \ " :>:5$#?
@"3$ "2>$95_AK" ? ?‘4?23?2 " #"W>A
#$95" 3" W"K?95$ :$2 E"9EK4V3"M
 3 ,      5-    3 ,      !
, ,'-7 
*
   *' 
- :>:5$#? $95<" "2>$95?2_ " E"9A 
345"2 ? W$2>D>E?2 ": ?22$3"2$: $ #"W$2
e 3$ 2$:@"9:?J>K>3?3$ 3" E"9345"2
" W$VE4K" f D2$95$M
4:?2 " D2$>" $ @?2?2 " W$VE4K"M - E"9A
1$*.
? @":>;<" 3" W$VE4K" $:5?E>"9?3"M ,$
" E"9345"2 $:5>W$2 :?5>:D$>5"\ 3$W$ @"A
:>E>"9?2 " Ed#J>" $# M (#? #$9:?A
‘$# E"9D>2#?93" Y4$ " :>:5$#? E"9A
EK4>4 ? #?9"J2? $ "2>$95?93" " E"9A
345"2 ? W$2>D>E?2 ? @":>;<" 3" W$VE4K"
:$2_ $o>J>3? @"2 ?K‘49: >9:5?95$:M
,$ 9$E$::_2>"\ 5$2#>9?2 3$ $:5?E>"A
 3 ,      5-   9?2 #?94?K#$95$M %-,  !, *  \ 
, ,'-7 
*
   *' 
- :>:5$#? $95<" "2>$95?2_ " E"9A 
345"2 ? W$2>D>E?2 ": ?22$3"2$: $ #"W$2
*42?95$ ? J4:E? @"2 4#? W?‘? 3$
" W$VE4K" @?2? 52_:M
$:5?E>"9?#$95"\ 4:$ " >93>E?3"2 3$
3>2$;<" p:$5?q @?2? :$K$E>"9?2 " K?3"
3" W$VE4K" @?2? " Y4?K ? #?9"J2?
3$ $:5?E>"9?#$95" 3$W$2_ :$2 D$>5?M
- 1?2h,$9:$ ’E5>W$ 1?2h ’::>:5 ?45"A
#?5>E?#$95$ J4:E?2_ 4#? W?‘? @$K" &
!, *  \  , ,'-+  *& K?3" 3" @?::?‘$>2"\ E?:" " >93>E?3"2
3 .-   67  *+,-' 3$ 3>2$;<" 9<" :$^? ?5>W?3"M

,  
     ,-'
 3 ,     
*  
,$K$E>"9?3" " #"3" @$2@$93>E4A
*+,-'    Q K?2\ " :>:5$#? D?X\ ?52?W]: 3": :$9A - E"9345"2 3$W$ ?::$‘42?2 Y4$ ?
:"2$: K?5$2?>:\ 4#? J4:E? E"95V94? W?‘? :$ #?95$9a? K>W2$ $ 3$:"J:A
- W$VE4K" $:5_ ?‘"2? 9? W?‘?
@"2 4#? W?‘? 3$ $:5?E>"9?#$95" Y4$ 524V3? p3$ @$3$:52$:\ J>E>EK$5?:\ $5EMq
@?2?K$K? ?" :$95>3" 3$ E"934;<"M
:$^? ?3$Y4?3? @?2? ?: 3>#$9:[$: 3" @?2? ? #?9"J2?M
s4?93" ? #?9"J2? $:5>W$2 E"#@K$5?\
" E"9345"2 :$2_ "2>$95?3" ? W$2>D>E?2 W$VE4K"M

1$*!
s4?93" 4#? W?‘? 3>:@"9VW$K ] $9A 5  ,        
 E"952?3?\ :$ " W$VE4K" 9<" $:5>W$2 $# 
7  *' 
- E"9345"2 ] 2$:@"9:_W$K @"2 E$2A @":>;<"\ " E"9345"2 :$2_ "2>$95?3" ?
5>D>E?2 Y4$ ? W?‘? :$K$E>"9?3? ] E"#A 8"# " W$VE4K" @?2?3" $ :$# ?:
:$‘4>2 $# D2$95$ E"# " W$VE4K" @?2?
@?5VW$K E"# ? #?9"J2? ? :$2 2$?A #<": 9" W"K?95$\ " E"9345"2 :$2_
@":>E>"9_AK" @?2? 4#? :$Y4Z9E>? 3$
K>X?3? $ $:5_ E"#@K$5?#$95$ K>W2$\ "2>$95?3" ? @":>E>"9?2 ? ?K?W?9E? 3$
$:5?E>"9?#$95" @?2?K$K"M
>9EK4:>W$ 3$ :?K>Z9E>?: $ @2"54J$A Ed#J>" $# M
2d9E>?: 3$ "J^$5":nW$VE4K": @2go>#":
pE"#" _2W"2$:\ $:E?3?:\ E?;?#J?:\
5?#@?: 3$ @"25?A#?K?:\ 52?:$>2?: 3$
E?#>9a[$:\ v9>J4:\ $5EMqM


*42?95$ ? J4:E? @"2 4#? W?‘?
3$ $:5?E>"9?#$95"\ " E"9345"2 3$W$
#?95$2 " W$VE4K" 5<" @?2?K$K" "4 @$2A 5  ,     5 
3  
5  ,     ,   
@$93>E4K?2 p3$@$93$93" 3" 5>@" 3$ 8"# " W$VE4K" $# @":>;<"\ " E"9A ,_
4  

#?9"J2?q ?": "452": W$VE4K": Y4?95" 345"2 :$2_ "2>$95?3" ? >95$22"#@$2
@"::VW$KM s4?93" " E"9345"2 E"K"E? ? ?K?A
:$4 #"W>#$95" $ 2$5>2?2 ?: #<": 3"
W?9E? 3$ Ed#J>" $# \ " :>:5$#?
W"K?95$M
@"3$ >9:524VAK" ? ?‘4?23?2 " #"W>A
 #$95" 3" W"K?95$ :$2 E"9EK4V3"M
’@$9?: ? uK5>#? W?‘? 3$ $:5?E>A
"9?#$95" 3$5$E5?3? :$2_ >93>E?3?
p$o$#@K"% :$ @?::?93" @"2 3>W$2:?:
W?‘?: 3>:@"9VW$>: $# 4# $:5?E>"9?A
#$95"\ " :>:5$#? >93>E?2_ ?@$9?: ?
uK5>#? 3$5$E5?3? @?2? ? #?9"J2?qM

1$*"
2?95$ ? #?9"J2? 3$ $:5?E>"9?#$95" :$2_ 2$:@"9:_W$K @"2 E"#@K$5?2 ? #?A
:$#>?45"#_5>E?M 9"J2? :$ " :>:5$#? D"2 3$:?5>W?3"M

 
s4?93" " :>:5$#? "2>$95? " E"9A ,$ " :>:5$#? D"2 3$:?5>W?3" 342?95$
345"2 ? 2$5>2?2 :4?: #<": 3" W"K?95$\ ? #?9"J2? @"2 Y4?KY4$2 2?X<"\ "
" E"9345"2 3$W$ W$2>D>E?2 ": ?22$3"A E"9345"2 3$W$ 5"#?2 " E"952"K$ 3"
 3 ,      5-   2$: 3" W$VE4K" $ E"#$;?2 ? #"WZAK" W$VE4K"M
, ,'-7 
*
   *'  @?2? 52_: K$95?#$95$M
s4?93" " W$VE4K" ?5>9‘$ " D># 3"
- :>:5$#? $95<" >9:524>2_ " E"934A :$4 #"W>#$95" @?2? 52_:\ " :>:5$#?
5"2 ? W$2>D>E?2 ": ?22$3"2$: 3" W$VE4K"  "2>$95?2_ " E"9345"2 ? W$2>D>E?2 ":
$ #"WZAK" @?2? 52_:M - :>:5$#? 1?2h,$9:$ ’E5>W$ 1?2h ?22$3"2$: $ @?2?2 " W$VE4K"M
’::>:5 @$2#>5>2_ 4# #_o>#" 3$ :$>:
52"E?: $952$ ?: @":>;[$:  $  3"
Ed#J>"M ,$ ? #?9"J2? 9<" @43$2
E"9EK4V3? E"# $::?: :$>: 52"E?:\ "
:>:5$#? :$2_ 3$:?5>W?3" $ " 3>:@K?x &
3" @?>9$K 3$ >9:524#$95": "2>$95?2_ "
E"9345"2 ? E"95>94?2 #?94?K#$95$M


 3 ,     
*   3 ,      !
- :>:5$#? E?9E$K?2_ ? #?9"J2? :$
*+,-'    Q
" W$VE4K" $oE$3$2 ? W$K"E>3?3$ 3$ {
h#na 342?95$ ? ?::>:5Z9E>? ?5>W? 3$

 $:5?E>"9?#$95"M - :>:5$#? ?K$25?2_
" E"9345"2 f W$K"E>3?3$ 3$ 6 h#na\ e 3$ 2$:@"9:?J>K>3?3$ 3" E"9345"2
e 3$ 2$:@"9:?J>K>3?3$ 3" E"9345"2 4:?2 " D2$>" $ @?2?2 " W$VE4K"M - E"9A
" 4:" 3" D2$>" $ 3" ?E$K$2?3"2 34A "2>$95?93"A" ? 2$34X>2M - E"9345"2
1$*%
345"2 3$W$ W$2>D>E?2 ": ?22$3"2$: 3"
W$VE4K" $ $:5?2 @2$@?2?3" @?2? @?2_A
K" Y4?93" D"2 "2>$95?3" "4 Y4?93"
:4? >95$2W$9;<" D"2 9$E$::_2>?M

8"# " W$VE4K" @?2?3"\ " E"934A


5"2 :$2_ "2>$95?3" ? @":>E>"9?2 ? ?K?A
W?9E? 3$ Ed#J>" $# M
 3 ,      5-    3 ,      !
, ,'-7 
*
   *' 
- :>:5$#? $95<" "2>$95?2_ " E"9A 
345"2 ? W$2>D>E?2 ": ?22$3"2$: $ #"W$2
e 3$ 2$:@"9:?J>K>3?3$ 3" E"9345"2
" W$VE4K" f D2$95$M
4:?2 " D2$>" $ @?2?2 " W$VE4K"M - E"9A
345"2 3$W$ W$2>D>E?2 ": ?22$3"2$: 3"
W$VE4K" $ $:5?2 @2$@?2?3" @?2? @?2_A
K" Y4?93" D"2 "2>$95?3" "4 Y4?93"
 3 ,       ,   :4? >95$2W$9;<" D"2 9$E$::_2>?M
 ,_
4  

8"# " W$VE4K" @?2?3"\ " E"934A
s4?93" " E"9345"2 @":>E>"9? ? 5"2 :$2_ "2>$95?3" ? @":>E>"9?2 ? ?K?A
?K?W?9E? 3$ Ed#J>" $# \ " :>:5$#? W?9E? 3$ Ed#J>" $# M
@"3$ "2>$95_AK" ? ?‘4?23?2 " #"W>A
#$95" 3" W"K?95$ :$2 E"9EK4V3"M  3 ,     
* 
*+,-'   3  
s4?93" " W$VE4K" ?5>9‘>2 " D># 3"
:$4 #"W>#$95" f D2$95$\ " :>:5$#?
"2>$95?2_ " E"9345"2 ? W$2>D>E?2 ":
?22$3"2$: $ @?2?2 " W$VE4K"M

1$*&
!#!
- E"9345"2 3$W$ :$2 E?45$K":"
342?95$ ?: #?9"J2?: 3$ $:5?E>"9?A
#$95" @?2?K$K" "4 @$2@$93>E4K?2\
#$:#" 45>K>X?93" " :>:5$#? 1?2hA
,$9:$ ’E5>W$ 1?2h ’::>:5M ,$#@2$
 3 ,       ,    3 ,     
*  W$2>D>Y4$ E4>3?3":?#$95$ ?: _2$?:
 ,_
4  
 *+,-'    Q ?52_: $ f D2$95$ 3" W$VE4K" $
s4?93" " E"9345"2 @":>E>"9? ? - W$VE4K" $:5_ ?‘"2? 9? W?‘? E$25>D>Y4$A:$ 3? ?4:Z9E>? 3$ @$3$:A
?K?W?9E? 3$ Ed#J>" $# \ " :>:5$#? @?2?K$K? ?" :$95>3" 3$ E"934;<"M 52$:\ ?9>#?>:\ "452": W$VE4K":\ "J:A
@"3$ "2>$95_AK" ? ?‘4?23?2 " #"W>A s4?93" ? #?9"J2? $:5>W$2 E"#@K$5?\ 524;[$: $ @"95": E$‘": ?95$: 3$ #"A
#$95" 3" W"K?95$ :$2 E"9EK4V3"M " E"9345"2 :$2_ "2>$95?3" ? W$2>D>E?2 W$2 " W$VE4K" @?2? D2$95$ $ @?2? 52_:M
? @":>;<" 3" W$VE4K" $:5?E>"9?3"M ,$
’ 2$:@"9:?J>K>3?3$ 3? 3>2$;<" ]
" E"9345"2 $:5>W$2 :?5>:D$>5"\ 3$W$ @"A
:$#@2$ E"9D>?3? ?" E"9345"2\ Y4$
:>E>"9?2 " Ed#J>" $# M (#? #$9:?A
3$W$ #?95$2 :$#@2$ ? ?5$9;<" ?":
‘$# E"9D>2#?93" Y4$ " :>:5$#? E"9A
?22$3"2$:M !<" D?XZAK" @"3$ K$W?2 &
EK4>4 ? #?9"J2? $ "2>$95?93" " E"9A
? ?E>3$95$: E"# D$2>#$95": ‘2?W$: $
345"2 ? W$2>D>E?2 ? @":>;<" 3" W$VE4K"
?5] #"25$M
:$2_ $o>J>3? @"2 ?K‘49: >9:5?95$:M
,$ 9$E$::_2>"\ 5$2#>9?2 3$ $:5?E>"A
9?2 #?94?K#$95$M 
 3 ,      5-   - :>:5$#? 1?2h,$9:$ ’E5>W$ 1?2h
!, *  \  , ,'-+  *&
, ,'-7 
*
   *'  ’::>:5 ] ?@$9?: 4# ?::>:5$95$ 3$ $:A
3 .-   67  *+,-'
5?E>"9?#$95" $ 9<" $:5_ ?@5" ? 2$A
- :>:5$#? $95<" "2>$95?2_ " E"9A
E"9a$E$2 5"3": ": "J:5_E4K":\ >9A
345"2 ? W$2>D>E?2 ": ?22$3"2$: $ #"W$2
EK4>93" @$Y4$9?: "J:524;[$:M 1?A
" W$VE4K" @?2? 52_:M
2?K$K$@V@$3": @"3$# :$2 3$5$E5?3":
1$*’
?@$9?: 5$#@"2?2>?#$95$ "4 :$Y4$2 Y4$ ? #?9"J2? :$^? 3$:$#@$9a?3?
:$2$# 3$5$E5?3":M -J:5_E4K": K"E?K>A E"22$5?#$95$M
X?3": ?E>#? "4 ?J?>o" 3": :$9:"2$:
’54?2 9" >93>E?3"2 3$ 3>2$;<" @?2?
9<" :$2<" 3$5$E5?3": Y4?93" #4>5"
:$K$E>"9?2 " K?3" @?2? " Y4?K " W$VA
@2go>#":M
E4K" 3$W$2_ :?>2\ ?5>W?93" ? :$5? @?2?
- W$VE4K" 3$W$ :$2 E"934X>3" K$9A ? 3>2$>5? "4 @?2? ? $:Y4$23?M
5?#$95$ Y4?93" " :>:5$#? 1?2h,$9:$
!? #?9"J2?\ " :>:5$#? "2>$95? ?
’E5>W$ 1?2h ’::>:5 $:5>W$2 $# 4:" @?2?
#43?9;? @?2? ? #?2Ea? ? 2] $ ? :$K$A  3 ,      5-  
Y4$ :$^? @"::VW$K @?2_AK" $# 5$#@"
;<" 3" K?3" 3$ :?V3? @$K" >93>E?3"2 , ,'-7 
*
   *' 
Y4?93" 4# "J:5_E4K" D"2 3$5$E5?3"M
3$ 3>2$;<"M )?2‘?2 " W"K?95$ $ 4:$
e ?E"9:$Ka_W$K Y4$ " E"9345"2 :$#A
?@$9?: ": @$3?>: $9Y4?95" " :>:5$#?
@2$ "Ka$ @?2? 52_: Y4?93" $:5>W$2
#?9$^? " W"K?95$ ?45"#?5>E?#$95$
4:?93" " :>:5$#?M
@?2? :?>2 3? W?‘?M ’ #?9"J2? :$2_ >9A
5$22"#@>3? E?:" " E"9345"2 #?95$A
!! ! !!  !!& 9a? ?;<"\ W"K495_2>? "4 9<"\ :"J2$ "
" W"K?95$ p5"E?93" "4 :$‘42?93" @?2?
>#@$3>2 :$4 #"W>#$95"qM

+:5? D49;<" 9<" @"3$ :$2 4:?3?
@?2? :?>2 3$ W?‘?: @$2@$93>E4K?2$:\  3 ,     
* 
?@$9?: 3$ W?‘?: @?2?K$K?:M *+,-'    Q

! *67  3- 67
1?2? ?5>W?2 ? D49;<"\ @2$::>"9?2 ?
5$EK? M ’@g: ? :$K$;<"\ " :>:5$#?
:$ ?5>W? $ >9D"2#? ?" E"9345"2 ?:
?;[$: Y4$ 3$W$# :$2 5"#?3?: @?2?  3 ,        
  
7  *' 

1$**
 3 ,      5-  
, ,'-7 
*
   *' 

 3 ,      !  3 ,       ,  


 ,_
4  


 3 ,     
* 
*+,-'   3  

&
 3 ,       ,  
 ,_
4  
  3 ,      5-  
, ,'-7 
*
   *' 

 3 ,      !

1$*+
‘$K"\ K?#? "4 5>W$2$# :>3" $E"q 3$W>3" ? 24V3": #$Ed9>E":\
2$@>95?3": $# E"#@?2?;<" E"# E"#" 342?95$ ? K?W?‘$# 3" W$VA
:4?: E"93>;[$: "2>‘>9?>:\ ? E4K"\ 9" E?:" 3$ Ea4W?\ W$95"
"@$2?;<" 3" :>:5$#? @"3$ @>"2?2 D"25$ $ ‘2?9>X"\ @"2 $o$#@K"M
32?:5>E?#$95$M e $o52$#?#$95$  -: :$9:"2$: @"3$# 9<" 3$5$E5?2
>#@"25?95$ Y4$ ": :$9:"2$: "J^$5": 3$ 4# 3$5$2#>9?3" D"2A
:$^?# #?95>3": :$#@2$ K>#@": #?5" $:@$EVD>E" "4 3$ 3$5$2#>9?A
@?2? Y4$ " :>:5$#? D49E>"9$ 3": #?5$2>?>: p@"K": #4>5" D>9":\
 3 ,     
*  ?3$Y4?3?#$95$M *42?95$ ? W>‘?: 3$ 2$J"Y4$:\ @?>9]>:\ 2$3$:\
*+,-'    Q K>#@$X? D>Y4$ ?5$95" @?2? 9<" J4Ea?:\ "J:5_E4K": @?2? 3$K>#>A
2>:E_AK": "4 3?9>D>E_AK":c $W>5$ 5?2 $:5?E>"9?#$95"\ @?W>#$95":\
’ #?9"J2? :$#>?45"#_5>E? 5$2A 4:?2 @?9": :$E": "4 _:@$2":M -: K?5?: 3$ K>o"\ W$VE4K": ? #"5"2\
#>9? Y4?93" ? #$9:?‘$# 3$ #?9"A :$9:"2$: 3$W$# :$2 K?W?3": E"# $5EMqM 12$:5$ :$#@2$ #4>5? ?5$9A
J2? E"9EK4V3? ?@?2$E$2 9" W>:"2M ’" _‘4? K>#@? $\ :$ 9$E$::_2>"\ ;<" :$ " W$VE4K" $ :4? 52?^$5g2>?
D>9?K 3? #?9"J2?\ " :>:5$#? 3$W"KW$ E"# :a?#@"" @?2? E?22":M :<" 2$?K#$95$ E"#@?5VW$>: E"# ?
" E"952"K$ 3" W$VE4K" ?" E"9345"2M !": :$2W>;": 3$ K?W?‘$# Y4$ W?‘? 3$ $:5?E>"9?#$95" >3$95>D>A
45>K>X?# ^?5": 3$ W?@"2 "4 3$ E?3? @$K" :>:5$#?M
"!? " ! ?K5? @2$::<"\ K>#@$ ": :$9:"2$:  - 4:" 3$ p4# "4 #?>:q @9$4:
 ,$ ": :$9:"2$: :"D2$2$# ?K‘4# 2?@>3?#$95$\ #?95$93" ": ^?5": "4 2"3?: 3$ 5?#?9a": 3>D$2$9A
>#@?E5" Y4$ ?K5$2? :4?: @":>;[$:\ 3$ W?@"2nJ>E": 3$ ?K5? @2$::<" ? 5$: 3?Y4$K$: D"29$E>3": E"# "
? "@$2?;<" 2$?K>X?3? @$K" :>:A @$K" #$9": 7G E# 3": :$9:"2$:M W$VE4K" @"3$# ?D$5?2 " D49E>"9?A
5$#? @"3$2_ @>"2?2 E"9:>3$2?W$KA  ’ @2"o>#>3?3$ E"# D"95$: 4K52?:A #$95" 3" :>:5$#?M
#$95$M :v9>E?: pD2$>": @9$4#_5>E": 3$  ,$ a"4W$2 ?K‘4# 2$J"Y4$ pE"# "
 - :>:5$#? ?5>9‘$ 4# 3$:$#@$A E?#>9a[$: "4 D42?3$>2?: @9$4A $9‘?5$ 3$W>3?#$95$ ?E"@K?3"q\ "
9a" :4@$2>"2 3$@">: Y4$ " W$VA #_5>E?:\ @"2 $o$#@K"q @"3$ >9DK4A :>:5$#? :$ 3$:?5>W?2_ ?45"#?5>E?A
E4K" @$2E"22$ E$2E? 3$ 6G h# $9E>?2 9$‘?5>W?#$95$ " 3$:$#@$A #$95$M
p:>:5$#? 3$ r?45"E?K>J2?;<"rqM 9a" 3" :$9:"2M
 !" #"3" rJ4:E? $# ?93?#$95"r\
 ,$ ": :$9:"2$: $:5>W$2$#  -: :$9:"2$: @"3$# 3$5$E5?2 4# " :>:5$#? @"3$ >3$95>D>E?2 4# K"A
:4^":\ E"J$25": @"2 9$W$\ "J:5_E4K" >9$o>:5$95$ p24V3" 3$ E?K $Y4>W"E?3" @?2? $D$54?2 ? #?A
1$*,
9"J2? p4# $952"9E?#$95"\ E?K;?A $5EMq $ >95$2W$9a? >#$3>?5?#$95$\ ;  0
3?:\ @"95": 3$ @?::?‘$# 9? 2"5?\ :$ 9$E$::_2>"M
$5EMqM  *42?95$ ?: #?9"J2?: 3$ $:5?E>"A `"!  $ !ES !
 ,$ 4#? #?9"J2? 3$ $:5?E>"9?A 9?#$95"\ @2$:5$ ?5$9;<" ?": E?2A %!E  / .- 0
#$95" $:5_ :$93" 2$?K>X?3? $952$ 2": Y4$ :$ ?@2"o>#?# @$K? 3>2$A ’ Ed#$2? 3$ 2] $:5_ :>54?3? 9?
3">: W$VE4K": ^_ $:5?E>"9?3": $# ;<" "@":5?M C$:@$>5$ :$#@2$ ?: 5?#@? 3" @"25?A#?K?:M
3$:?K>9a?#$95"\ " :>:5$#? @"3$ K$>: 3$ 52d9:>5"M
$:5?E>"9?2 " W$VE4K" 3$ D"2#? 3$A
:?K>9a?3? 9? W?‘?M

 !" E?:" 3$ #?9"J2?: @?2? $:5?A
E>"9?2 $# $:52?3?: $# 3$EK>W$\ !<" :$ ‘?2?95$ ? E"22$5? "@$2?;<" !#!
" 3$:$#@$9a" 3" :>:5$#? @"3$ 3" :>:5$#? :$ " W$VE4K" $:5>W$2 $Y4>A ’ 2$:@"9:?J>K>3?3$ @$K" $:5?E>"9?A
@>"2?2\ @"3$93" ?5] 3$:?5>W?2A:$M @?3" E"# E"22$95$: ?95>3$22?@?95$: #$95" $ @"2 "452?: #?9"J2?:\ @"A
"4 E"# $:5$@$ 5$#@"2_2>"M 5$9E>?K#$95$ @$2>‘":?:\ ] :$#@2$ 3"
 ,$ 4#? #?9"J2? 3$ $:5?E>"9?A
#$95" $:5_ :$93" 2$?K>X?3? $952$ #"5"2>:5?M ’" $D$54?2 $:5?: #?9"J2?:\
3">: W$VE4K": ^_ $:5?E>"9?3": 9?: " E"9345"2 3$W$ E$25>D>E?2A:$ :$#@2$
 3$ Y4$ 9" $:@?;" 3$ #?9"J2? 9<"
D?>o?: 3": 3">: K?3":\ @"3$ :$2 ’ D49;<" >9D"2#? ?" #"5"2>:5? ?@$A $:5$^?# @2$:$95$: @$::"?: p$:@$E>?KA
Y4$ " :>:5$#? K$W$ " W$VE4K" :"A 9?: :"J2$ ? uK5>#? W?‘? 3$ $:5?E>"9?A #$95$ E2>?9;?:q 9$# ?9>#?>:M &
J2$ ? D?>o?M #$95" @"::VW$K p@?2?K$K? "4 @$2@$9A
 1"3$ :$2 >#@"::VW$K 2$?K>X?2 ?K‘4A 3>E4K?2q 3$5$E5?3? @$K": :$9:"2$: 3$ ’ Ed#$2? E"9:5>54> 4#? ?^43? @?2?
#?: #?9"J2?: $# E42W?: #4>5" $:5?E>"9?#$95"M " E"9345"2\ $#J"2? $:5$ 949E? 3$W?
D$Ea?3?:M 2$34X>2 ? :4? ?5$9;<" 342?95$ ?:
 12$:5$ #4>5? ?5$9;<" @?2? ‘?A #?9"J2?: @"5$9E>?K#$95$ @$2>‘":?:\
2?95>2 Y4$ ?: E"93>;[$: E"95>A  #$:#" :$ $o$E45?3?: ? J?>o? W$K"A
94$# D?W"2_W$>: 342?95$ ? #?9"A ’K‘4#?: #$9:?‘$9: $o>J>3?: :<" E>3?3$M ’K]# 3>::"\ @2"::$‘4>2 :$#A
J2? 3$ $:5?E>"9?#$95" p"J:$2W$ ?E"#@?9a?3?: 3$ :>9?>: :"9"2":M @2$ ? 4#? W$K"E>3?3$ #"3$2?3?\ 3$
@"2 $o$#@K"\ :$ a_ @$::"?: $n"4 #"3" ? @"3$2 D2$?2 ? Y4?KY4$2 #"A
?9>#?>: 9? W?‘? 3$ $:5?E>"9?A #$95" 9" E?:" 3$ @2$:$9;? 3$ 4#
#$95"\ W$VE4K": $# #"W>#$95"\ "J:5_E4K"M
1$*-
’: >#?‘$9: :<" W>:4?K>X?3?: 9? 5$K? !J!?  "!
^495?#$95$ E"# 4#? #$9:?‘$# 3$   !L
!#! ?3W$25Z9E>?M
 -' K6H    'F
1?2? " D49E>"9?#$95" E"22$5"\ ] !?: E"9D>‘42?;[$: 3" :>:5$#?\ ]
’54?93" 9?: 3$D>9>;[$: 3" :>:5$#?
>93>:@$9:_W$K Y4$ ? Ed#$2? $:5$^? @"::VW$K ?5>W?2n3$:?5>W?2 ? $o>J>;<"
(E"99$E5£ ] @"::VW$K ?5>W?2 ? W>:4A
:$#@2$ K>#@? 3$ K?#?\ :4^$>2?\ 9$W$ 3?: >#?‘$9: 3? Ed#$2? 342?95$ 7G
?K>X?;<" $# K>9a?: ‘4>? 9" 3>:@K?xM
"4 ‘$K"M *42?95$ ? K>#@$X? 3? EdA :$‘493": ?@g: " 3$:$9‘?5$ 3? #?2A
,$ ?5>W?3?\ ? ‘2?3$ ] @":>E>"9?3? 9?
#$2?\ @2$:5?2 ? #_o>#? ?5$9;<" @?2? Ea? ? 2]M *42?95$ $::$: 7G :$‘493":\
>#?‘$# @?2? $W>3$9E>?2 ? K?2‘42? 3"
9<" 2>:E_AK? 9$# 3?9>D>E_AK?c $W>5?2 5?#J]# ] @"::VW$K >9>J>2 ? $o>J>;<"
W$VE4K" $ " @$2E42:" $# #?2Ea? ?
? 45>K>X?;<" 3$ @?9": :$E":\ _:@$2": ?52?W]: 3$ 4# J"5<" ‘2_D>E" 9? 5$K?
2] @2$W>:5" E"# J?:$ 9? @":>;<" 3"
"4 342":M (5>K>X?2 @?9": 3$ 9xK"9 "4 3" :>:5$#? 3$ _43>"M
W"K?95$ p@?2? #?>: >9D"2#?;[$:\ E"9A
?K‘"3<" :$# D>?@":M !?: :>54?;[$: ?J?>o" " 2_3>" 3$:?A :4K5?2 " :4@K$#$95" $:@$EVD>E"qM
’ Ed#$2? 3$W$ :$2 K?W?3? E"# 5>W?2_ ? $o>J>;<" 3?: >#?‘$9: 3? EdA
(#? K>9a? E$952?K 52?E$^?3? :"J2$A
_‘4? K>#@? $\ $W$954?K#$95$\ 4:?2 #$2?%
@":5? >93>E? " E$952" 3" W$VE4K" @?2?
:a?#@"" @?2? ?45"#gW$KM !?: $:A D?E>K>5?2 ?: #?9"J2?: 3$ $:5?E>"9?A
5?;[$: 3$ K?W?‘$# Y4$ 45>K>X?# #_A  8?:" " W$VE4K" 4K52?@?::$ ? W$K"A #$95" "4 " ?K>9a?#$95" E"# " ‘?9A
Y4>9?: E"# ^?5" 3$ W?@"2 "4 3$ ?K5? E>3?3$ 3$ 7H h#naM Ea" 3$ 2$J"Y4$M ’: 3>D$2$95$: 2$A
@2$::<"\ K>#@?2 2?@>3?#$95$ ? EdA  8?:" ? ?K?W?9E? 3$ #?2Ea?: $:A ‘>[$: E"K"2>3?: >93>E?# ? 3>:5d9E>?
#$2? #?95$93" " J>E" ? #?>: 3$ 7G 5$^? 9? @":>;<" M 3? @?25$ 52?:$>2? 3" W$VE4K"M
E# 3$ 3>:5d9E>?M ’K]# 3>::"\ 9<" E"A  8?:" " E"#45?3"2 3$ >‘9>;<" $:A
K"E?2 ?3$:>W": 9? Ed#$2?M U$^? ? :$‘4>2 ?: 3>:5d9E>?: ?@2"o>A
5$^? 9? @":>;<"  @ M
#?3?: @?2? E?3? 2$‘><"M
! *67@ *67  ,_
 
  5 7 
'G % G  HG E#
,$#@2$ Y4$ :$ ?E>"9? ? #?2Ea? 3$ 3>:5d9E>? 3? @?25$ 52?:$>2? 3"
’: >#?‘$9: W>:4?K>X?3?: 9? 5$K? @"A
? 2]\ 9" 2_3>" ] W>:4?K>X?3? ? _2$? W$VE4K"
3$# D>E?2 K>‘$>2?#$95$ 3$D"2#?3?:M
E>2E493?95$ f 52?:$>2? 3" W$VE4K"M

1$+.
 5 7 !
 ' % HG E#  L # 5$2V:5>E?: 3>W$2:?: 3?Y4$K?: @2$W>:5?:
3$ 3>:5d9E>? 3? @?25$ 52?:$>2? 3" 
@?2? " #$2E?3" J2?:>K$>2"\ ?K>?3" ?"
W$VE4K" ,$\ ? :$‘4>2 ? >95$2W$9;[$: 3$ 2$A D?5" 3$ :$2 45>K>X?3" $# ?K5>543$: $K$A
 5 7   % L # "4 #?>: @?2?;<"\ :$ 5"29?2 9$E$::_2>" W"KA W?3?:\ #4>5" ?E>#? 3" @?32<" J2?A
3$ 3>:5d9E>? 3? @?25$ 52?:$>2? 3" 5?2 ? @>95?2 ? @"25? 3" @"25?A#?K?:\ :>K$>2"\ " #$:#" @"3$2_ ?@2$:$95?2
W$VE4K" E$25>D>E?2A:$ 3$ Y4$ ? 5>95? 9<" $952$ D49E>"9?#$95" >22$‘4K?2 $ ?5] #$:#"
$# E"95?5" E"# ? Ed#$2?M "E"22$2 3?9": $# :$4: E"#@"9$95$:M
" 5     'F ’95$: 3$ $D$54?2 " ?J?:5$E>#$95"\
,$ ? 5?#@? 3" @"25?A#?K?: $:5>W$2  ] >#@"25?95$ E$25>D>E?2A:$ 3" 5>@" 3$
K$W?95?3?\ ? Ed#$2? 9<" >3$95>D>E?2_ *42?95$ ?: #?9"J2?: 3$ $:5?E>"A E"#J4:5VW$K E"22$5"M
Y4?KY4$2 "J:5_E4K" 9? @?25$ 52?:$>2? 9?#$95"\ @2$:5?2 :$#@2$ ? #_o>#? ’K]# 3>::"\ 3$:K>‘?2 " #"5"2 ?95$:
3" W$VE4K"M !" 3>:@K?x :$2_ W>:4?K>A ?5$9;<" ?": "J:5_E4K": Y4$ :$ @":A 3$ $D$54?2 " ?J?:5$E>#$95"M
X?3? 4#? #$9:?‘$# 3$ ?W>:" $:@$A :?# $9E"952?2 @"2 E>#? "4 @"2 J?>o"
EVD>E?M 3" E?#@" 3$ ?;<" 3? Ed#$2?M ,$ " #"5"2 ?@2$:$95?2 D49E>"9?A
#$95" >22$‘4K?2 "4 " W$VE4K" :"D2$2
!$:5$ E?:"\ J?>o?2 ? 5?#@? 3" :"K?W?9E": 342?95$ ? #?2Ea?\ ?
@"25?A#?K?: @2$::>"9?93" $# E"22$:A
@"93Z9E>? E"# ? D$Ea?342? ?5] "4A
    E?4:? @"3$2_ :$2 ? @2$:$9;? 3$ E"#A
J4:5VW$K 3$ Y4?K>3?3$ >9:4D>E>$95$
W>2 " $:5?K>3" 3? #$:#?M ! "4 J?>o? 9" 5?9Y4$M !$::$ E?:"\ &
" E"934X>2 " W$VE4K" f E"9E$::>"9_2>?
3?  !  , ' > #?>: @2gA
 1?2? ‘?2?95>2 ? @$2D"2#?9E$ 3" W$VA o>#?\ E"# W$K"E>3?3$ #"3$2?3? $
+# ?K‘4#?: E>2E49:5d9E>?:\ E"#"\ E4K"\ ? ?3$Y4?;<" $ E?K>J2?;<" 3" :$# $o>‘>2 #4>5" 3" #"5"2M ,$ $:5$:
@"2 $o$#@K"\ @2$:$9;? 3$ ‘$K"\ 9$W$ #"5"2 $ 3$#?>: E"#@"9$95$: :<" J?A >9E"9W$9>$95$: "E"22$2$# K"‘" ?@g:
"4 K?#? 9? :4@$2DVE>$ 3? Ed#$2?\ ? :$?3?: 9?: E?2?E5$2V:5>E?: K"E?>:\ " 4# 2$?J?:5$E>#$95" $# 4# @":5" 3$
:$9:>J>K>3?3$ 3? Ed#$2? @"3$ D>E?2 Y4$ >9EK4> ": E"#J4:5VW$>: 3>:@"9>J>A ‘?:"K>9?\ 3$:K>‘?2 >#$3>?5?#$95$ "
2$34X>3?M K>X?3": $ E"#$2E>?K>X?3": 9" B2?:>KM #"5"2 $ @2"E42?2 ?  !  , '
8?:" " W$VE4K" :$^? :4J#$5>3" f > "4 4#? "D>E>9? $:@$E>?K>X?3?\
45>K>X?;<" 3$ E"#J4:5VW$K E"# E?2?EA

1$+!
? D># 3$ $W>5?2 3?9": #?>"2$: ?"
#"5"2 $ "452": :>:5$#?: 3" W$VE4K"M
-: 3>:@":>5>W": ?95>@"K4$95$: $o>A !#! !#!
‘$# " 4:" $oEK4:>W" 3$ ‘?:"K>9? :$# 8$25>D>E?2A:$ 3? "2>‘$# 3" E"#J4:A  *+,-' .-  ,

&
Ea4#J"M 5VW$K $ 45>K>X?2 :"#$95$ E"#J4:5VW$K  % /'(0\ E?:" W"EZ "@5$
*$ ?E"23" E"# 2$‘4K?#$95?;<" E"# Y4?K>3?3$ E$25>D>E?3?\ ?3Y4>2>3" @"2 ?J?:5$E$2 " :$4 W$VE4K" $oEK4:>A
W>‘$95$ $:5?J$K$E>3? @$K? ’!1 $# @":5": 3? C$3$ 3$ *>:52>J4>3"2$: W?#$95$ E"# $5?9"K\ ] 2$E"#$93?3"
p’‘Z9E>? !?E>"9?K 3$ 1$52gK$"q ? Y4$ 3>:@[$# 3$ @2"‘2?#?: 3$ E$25>A " ?J?:5$E>#$95" E"#@K$5" 3" 5?9Y4$
‘?:"K>9? 9"2#?K#$95$ 3>:@"9VW$K 9" D>E?;<" 3$ Y4?K>3?3$ 52?9:@?2$95$:M 3$ E"#J4:5VW$K E"# ‘?:"K>9? p9" #VA
#$2E?3" J2?:>K$>2" 9<" 3$W$ E"95$2 9>#" 4# 5?9Y4$q ? E?3? 7GMGGG h#
(5>K>X?2 E"#J4:5VW$K E"# $:@$E>D>A @?2? 2$34X>2 @2"W_W$>: E"95?#>9?9A
Ea4#J" $# @2"@"2;[$: Y4$ @"::?# E?;<" >9?3$Y4?3? "4 3$ J?>o? Y4?A
E?4:?2 3?9": ?" E"9W$2:"2 E?5?KV5>E" 5$: @2"E$3$95$: 3" $5?9"KM
K>3?3$ @"3$2_ ?D$5?2 " 3$:$#@$9a"
3": ?45"#gW$>:M 3" W$VE4K"\ ?K]# 3$ E?4:?2 3?9": >2A =:5" ] >#@"25?95$ @?2? #?95$2 "
2$W$2:VW$>: ?" :>:5$#? 3$ >9^$;<" $ J"# D49E>"9?#$95" $ 3$:$#@$9a"
"452": @"::VW$>: 3?9": ?" #"5"2\ 9<" 3" #"5"2 $\ @2>9E>@?K#$95$\ $W>5?2
E"J$25": @$K? ‘?2?95>?M 3>D>E4K3?3$: 9" :>:5$#? 3$ @?25>3? 3"
!#! #"5"2M
!49E? >952"34X>2\ 9$# #$:#"
$# E?:": 3$ $#$2‘Z9E>?\ ? #VA
9>#? Y4?95>3?3$ 3$ ‘?:"K>9? E"# !#!
Ea4#J" 9" 5?9Y4$M !<" ?3>E>"9?2 "452" 5>@" 3$ ‘?:"A !#!
-J:$2W$ :$#@2$ ?: 2$E"#$93?A K>9? 9" 5?9Y4$ p$oM% ‘?:"K>9? 3$ ?W>A !<" 45>K>X?2 E"#J4:5VW$K E"# V9A
;[$: 3$:5$ #?94?KM ?;<"q\ 9<" a"#"K"‘?3? @?2? 4:" ?4A 3>E$ 3$ "E5?9?: #4>5" J?>o"M
5"#"5>W"M
- 4:" 3$::$ 5>@" 3$ E"#J4:5VW$K
-452": 5>@": 3$ ‘?:"K>9? @"3$# @"3$2_ @2"W"E?2 E"#J4:5<" 3$:E"9A
@2"W"E?2 3?9": >22$W$2:VW$>: 9" E"9A 52"K?3? $ ?E?22$5?2 3?9": ‘2?W$: ?"
W$2:"2 E?5?KV5>E"M

1$+"
#"5"2M ’ ‘?2?95>? 9<" E"J2>2_ $::$ ?" E?5?K>:?3"2\ >9^$5"2$:\ :$9:"2$: $ +W>5?2 5?#J]# ?@2"o>#?2 3$#?>:
5>@" 3$ 3?9":M ?" @2g@2>" #"5"2M " 2":5" 3" J"E?K\ @?2? 9<" >9?K?2
W?@"2$: 9"E>W":M
’ ‘?2?95>? 3" W$VE4K" 9<" E"J2>2_
$::$: 3?9":M

!#!
(5>K>X?2 :"#$95$ E"#J4:5VW$K E"# !#!
$:@$E>D>E?;<" $:5?J$K$E>3? @$K? ’!1 !<" 45>K>X?2 " E$K4K?2n:#?25@a"9$
!#!
p’‘Z9E>? !?E>"9?K 3" 1$52gK$"q\ a"A @2go>#" 3? J"#J? 3$ ?J?:5$E>#$95"
#"K"‘?3": @?2? 4:" ?45"#"5>W"M !<" E"K"E?2 9? $o52$#>3?3$ 3" 3$ E"#J4:5VW$KM
J"E?K 9$9a4# "J^$5"n5?#@<" 9<"
+W$954?>: 3?9": 9": E"#@"9$95$: @2$W>:5" 9" W$VE4K"M +:5? ?5>543$ @"3$ @2"W"E?2 >9EZ9A
3": :>:5$#?: 3$ $#>::[$:\ ?K>#$95?A 3>"M
;<" $ "452": 3?9": 9" @2g@2>" #"A ’ 45>K>X?;<" 3$ "J^$5":n5?#@[$:
5"2 E?4:?3": @$K" 4:" 3$ E"#J4:A 9<" E"9D"2#$: @"3$# @2"W"E?2 ?4A
5VW$K D"2? 3?: $:@$E>D>E?;[$:\ E"#A #$95": 3$ @2$::<" 9" >95$2>"2 3" 2$A
J4:5VW$K E"95?#>9?3"\ ?34K5$2?3" "4 :$2W?5g2>"\ E2>?93" E"93>;[$: 3$ @$A
2>‘"M !#!
E"# @2$:$9;? 3$ Ea4#J" "4 ?3>5>A
W": #$5_K>E": f J?:$ 3$ #?9‘?9Z: - E"9W$2:"2 E?5?KV5>E" >9$D>E>$95$ &
9<" :$2<" E"J$25": @$K? ‘?2?95>?M @2"W"E? $#>::[$: 9"E>W?: 9" $:E?A
@?#$95"M
!#! ’K]# 3>::"\ @"3$2_ @"K4>2 " #$>"
!<" :$ ?@2"o>#?2 3" J"E?K 3" 5?9A ?#J>$95$M
!#! Y4$ 3$ E"#J4:5VW$K E"# Dg:D"2": "4
!<" ?3>E>"9?2 ?3>5>W": 2$E"#$9A E>‘?22": ?E$:":\ @">: a_ @$2>‘" 3$ >9A
3?3": @?2? "452": 5>@": 3$ E"#J4:5VA EZ93>"M
W$K ?" 5?9Y4$ 3$ E"#J4:5VW$K 3" W$VA
E4K"\ @">: a_ 2>:E" 3$ 3?9": ‘2?W$:

1$+%
Y4$ " ?J?:5$E>#$95" :$^? D$>5" :"A !" 4:" 9"2#?K " :>:5$#? OK$o 9<"
#$95$ E"# ‘?:"K>9? Y4$ 9<" E"95$A 2$Y4$2 E4>3?3": "4 @2"E$3>#$95":
!#! 9a? Ea4#J" $# :4? E"#@":>;<"M $:@$E>?>:\ $oE$54?93" ? "J:$2W?;<"
3?: ?3W$25Z9E>?: 3$ 45>K>X?;<" @2$A
- W$VE4K" 3$W$2_ @$2#?9$E$2 3$:A :$95$: 9$:5$ E?@V54K" $ ": @"95": 3$
K>‘?3" $9Y4?95" $:5>W$2 :$93" ?J?:A "! N /,
4-+*'  ' #?945$9;<" $:@$EVD>E":M
5$E>3"M @- 5' 0
+::$ @2"E$3>#$95" W>:? ? ‘?2?95>2 - :>:5$#? O)+¡ D"> @2"^$5?3" @?2?
" D49E>"9?#$95" E"22$5" 3" :>:5$#? @2"@"2E>"9?2 5"5?K DK$o>J>K>3?3$ 9?
$ $W>5?2 $22": 3$ >93>E?;<" 3" >9:524A ?K>#$95?;<" 3" #"5"2 3" W$VE4K"\ !#!
#$95" 9" @?>9$KM @$2#>5>93" ? 45>K>X?;<" 3$ $5?9"K "4
!<" 45>K>X?2 E"#J4:5VW$>: 3>D$2$9A
3$ ‘?:"K>9? >93>:5>95?#$95$M - E"#A
5$: 3": $:@$E>D>E?3":M
J4:5VW$K @"3$ :$2 ?3>E>"9?3" 9" 2$A
 :$2W?5g2>" 9? @2"@"2;<" Y4$ " 4:4_A - :>:5$#? :"#$95$ $:5_ @2$@?2?3"
*42?95$ ? E"934;<"\ " ?E$93>A 2>" ^4K‘?2 E"9W$9>$95$ @?2? " 4:"M @?2? D49E>"9?2 E"# $5?9"K $ ‘?:"K>9?
#$95" 3? K4XA$:@>? @"3$ >93>E?2 ?45"#"5>W":M
8?J$2_ ?" 4:4_2>" ? ?9_K>:$ :"J2$
?W?2>? 9" :>:5$#? 3$ >9^$;<"n-B*
Y4?K @2"@"2;<" 3": 3">: E"#J4:5VA
"4 9" E?5?K>:?3"2\ E"# ?4#$95" 9"
W$>: ] #?>: E"9W$9>$95$ @?2? " :$4
E"9:4#" 3$ E"#J4:5VW$K\ 2$34;<"
5>@" 3$ 45>K>X?;<"\ E"9:>3$2?93" ?:
3? @"5Z9E>? 3" #"5"2 $ ?4#$95" 3"
3>W$2:?: W?2>_W$>: p@2$;" 3" E"#J4:A !#!
9VW$K 3$ $#>::[$:M 1?2? :?J$2 " Y4$
5VW$K\ E"9:4#"\ 3$:$#@$9a"\ $5EMqM
D?X$2 9$::$: E?:":\ K$2 r)4X$: 3$ ?3A  *+,-' .-  ,

&
W$25Z9E>? $ #$9:?‘$9:r\ 9" E?@V54K" ’ E$952?K $K$52v9>E? 3$ E"952"K$ 3$  % /'(0\ E?:" W"EZ "@5$
r8"9a$E$93" :$4 @?>9$K 3$ >9:524A >9^$;<" $:5_ @2$@?2?3? @?2? w‘$2$9A @"2 ?J?:5$E$2 " :$4 W$VE4K" $oEK4:>A
#$95":rM E>?2y ? >95$2?;<" $952$ ": 3">: 5>@": 3$ W?#$95$ E"# $5?9"K\ ] 2$E"#$93?3"
E"#J4:5VW$K p$5?9"K "4 ‘?:"K>9?q @":A " ?J?:5$E>#$95" E"#@K$5" 3" 5?9Y4$
:>J>K>5?93" 4# D49E>"9?#$95" :$#A 3$ E"#J4:5VW$K E"# ‘?:"K>9? p9" #VA
 @2$ 2$‘4K?2 $# 5"3?: ?: :>54?;[$: 3$ 9>#" 4# 5?9Y4$q ? E?3? 7GMGGG h#
,$ " W$VE4K" $:5>W$2 $# 52d9:>5" 45>K>X?;<"M
@"2 "452": @?V:$:\ E$25>D>Y4$A:$ 3$
1$+&
@?2? 2$34X>2 @2"W_W$>: E"95?#>9?9A " 

5$: @2"E$3$95$: 3" $5?9"KM - ,  
   4 ( 
 -&
’@g: 4# ?J?:5$E>#$95"\ " :>:5$#?
=:5" ] >#@"25?95$ @?2? #?95$2 " OK$o 9$E$::>5? 3$ 4# @$Y4$9" 5$#@" 
J"# D49E>"9?#$95" $ 3$:$#@$9a" 3$ ?3?@5?;<" p?@2"o>#?3?#$95$ 7G
3" #"5"2 $\ @2>9E>@?K#$95$\ $W>5?2 #>945":q E"# " W$VE4K" D49E>"9?93"\
3>D>E4K3?3$: 9" :>:5$#? 3$ @?25>3? 3" @?2? 2$E"9a$E$2 " E"#J4:5VW$K Y4$
#"5"2M !#!
$:5_ 9" 5?9Y4$ p$5?9"K "4 ‘?:"K>9?qM
(5>K>X?2 :"#$95$ " R'  ' &
+:5? 2$E"#$93?;<" ] >#@"25?95$\ , 3 , /120 3? K>9a? ?45"#"A
:"J2$543"\ Y4?93" 5$9a? "E"22>3" 5>W?M - 4:" 3$ "452": @2"345": "4
? 52"E? 3" E"#J4:5VW$K Y4$ $:5?W? #>:542?: @"3$ 3?9>D>E?2 3$ #"3" >2A
!#! :$93" 45>K>X?3" p$oM% $5?9"K $# W$X 2$#$3>_W$K " #"5"2 E"# ? E"9:$A
!<" ?3?@5?2 " W$VE4K" @?2? D49E>"A 3$ ‘?:"K>9?qM - W$VE4K" 3$W$ E4#@2>2 Y4$95$ @$23? 3? ‘?2?95>? @$K": 3?A
9?#$95" E"# R!U pR_: 9?542?K W$>A 4# @$2E42:" #V9>#" p@$K" 5$#@" ?9A 9": E?4:?3":M
E4K?2qM 5$2>"2#$95$ $:@$E>D>E?3"q @?2? Y4$ "
:>:5$#? ?::>#>K$ " 9"W" E"#J4:5VW$KM +# E?:" 3$ ?J?:5$E>#$95" ?E>3$9A
’: E?2?E5$2V:5>E?: 3" :>:5$#? O)+¡ 5?K E"# "452": 5>@": 3$ E"#J4:5VW$K\
9<" @"::>J>K>5?# ? E"9W$2:<"M +:5$ @2"E$3>#$95" >2_ #>9>#>X?2
9<" K>‘4$ " #"5"2 $ @2"E$3? ?" $:A
$W$954?>: @2"JK$#?: 9? @2go>#? @?2A
W?X>?#$95" 3" 2$:$2W?5g2>"M ,$\ @$K" &
5>3? 3" W$VE4K"\ @2>9E>@?K#$95$ :$ "
E"952_2>"\ " #"5"2 5>W$2 D49E>"9?3"
 #"5"2 $:5>W$2 D2>"M
#$:#" Y4$ @"2 4# @$2V"3" J2$WV:A
-: #"5"2$: DK$o @"3$# ?@2$:$95?2 :>#"\ ] >93>:@$9:_W$K $:W?X>?2\ ?K]#
9VW$>: 3$ 24V3": 3>D$2$95$:\ 3$@$9A 3" 2$:$2W?5g2>" 3$ E"#J4:5VW$K\ 5"3"
3$93" 3" E"#J4:5VW$K 45>K>X?3" p$5?A " E>2E4>5" 3$ ?K>#$95?;<"M
9"K "4 ‘?:"K>9?q J$# E"#" @$2E$9A
54?K 3$ #>:542?M +:5$ E"#@"25?#$95" 8"# 5$#@$2?542?: J?>o?:\ " ‘2?4
] 9"2#?K $ 9<" ?D$5? " 3$:$#@$9a" 3$ DK4>3$X 3" gK$" 3>$:$K @"3$ 5"29?2A
3" #"5"2M :$ >9:4D>E>$95$ 3$W>3" f D"2#?;<" 3$
@?2?D>9?:\ E"# " E"9:$Y4$95$ D49E>A

1$+’
"9?#$95" ?9"2#?K 3" :>:5$#? 3$ ?K>A !4 -   


#$95?;<" 3$ E"#J4:5VW$KM 1?2? $D$54?2 " ?J?:5$E>#$95"\ @2"A
8"9:4K5?2 ? K$‘>:K?;<" W>‘$95$M
+# E?:" 3$ ?J?:5$E>#$95" E"# E$3$2 E"#" >93>E?3" ? :$‘4>2%
gK$" 3>$:$K 9<" ?3$Y4?3" f 5$#@$A +W>5?2 @":5$2>"2$: "@$2?;[$: 3$
2?542? 3$ 45>K>X?;<"\ ] 2$E"#$93_W$K ?J?:5$E>#$95" Y4$ @"::?# @2"W"E?2
#>:542?2 " gK$" 3>$:$K E"# 4# ?3>A ?9"#?K>?: 9" :>:5$#? 3$ ?K>#$95?A
5>W" $:@$E>?K\ >952"34X>93" 9" 2$:$2A ;<"M
W?5g2>" @2>#$>2" " ?95>E"9‘$K?95$ $\
$# :$‘4>3?\ " gK$" 3>$:$KM
"  !%!&
!" E?:" 3$ 45>K>X?A
"  "%
;<"n$:5?E>"9?#$95" @2"K"9‘?3"
3" W$VE4K" $# 2$‘>[$: #"95?9a"A - r8?@K$:: O4$Kr ] 4# 3>:@":>A
:?:nD2>?:\ ] 2$E"#$93_W$K $D$54?2 " 5>W" :>54?3" 9" J"E?K 3" 3$@g:>5" 3$
 ’J2>2 ? 5?#@?\ ?54?93" 9" @"95"
?J?:5$E>#$95" E"# " gK$" 3>$:$K E"#J4:5VW$Kc $:5$ ?J2$A:$ $ W"K5? ?
>93>E?3" @$K? :$5?M
3>:@"9VW$K 9" K"E?KM ’K]# 3>::"\ D$Ea?2A:$ ?45"#?5>E?#$95$ ?Y4?93"
9$:5$: E?:":\ :4‘$2$A:$ #?95$2 3? >952"34;<"n$o52?;<" 3? @>:5"K? 3$
9" >95$2>"2 3" 2$:$2W?5g2>" 4#? ?J?:5$E>#$95"M  =9:$2>2 ? @>:5"K? 9" J"E?K 3$ ?J?:A
Y4?95>3?3$ 3$ E"#J4:5VW$K :4@$2>"2 5$E>#$95" % A W$2:[$: *>$:$K $ 
’ 5?#@? 3" E"#J4:5VW$K W$2:[$: OK$o $ @2"E$3$2 ?" ?J?:A
? 6Gt 3? E?@?E>3?3$ u5>KM
3$:JK"Y4$>?A:$ Y4?93" " D$Ea?A 5$E>#$95"M
#$95" E$952?K>X?3" 3?: @"25?: ] 1?2? ?: W$2:[$: 3>$:$K\ ? 2$D$2Z9A
!%!" 3$:K>‘?3" $ JK"Y4$>?A:$ ?45"#?A E>? ! >93>E? " J"E?K 3$ ?J?:5$A
5>E?#$95$ K>‘?93" " D$Ea?#$95" E>#$95" 3" 2$:$2W?5g2>" 3$ ’C)’
1?2? ‘?2?95>2 " 2$?J?:5$E>#$95" E$952?K>X?3"M
E"#@K$5" 3" 2$:$2W?5g2>"\ $D$54?2 HLM !": E?:" $# Y4$ "452" 5>@"
34?: "@$2?;[$: 3$ ?J?:5$E>#$95" 3$ DK4>3"\ 3>D$2$95$ 3" ’C)’ HL\
?@g: " @2>#$>2" $:5?K>3" 3? @>:5"K? D"2 >952"34X>3" 9" J"E?K 3$ ?J?:A
3$ ?J?:5$E>#$95"M 5$E>#$95" !\ 3>2>‘>2A:$ " >#$3>A
?5?#$95$ f   ! = , 
> M +:5$^? :$#@2$ ?5$95" ?"
1$+*
J"E?K 3$ ?J?:5$E>#$95" ? :$2 45>A  +# :$‘4>3?\ 2$5>2?2 ? @>:5"K? 3$  C$#"W$2 " J>E" 3$
K>X?3" 9" #"#$95" $# Y4$ D"2 ?J?:5$E>#$95" 3" J"E?K $ D$Ea?2 ?J?:5$E>#$95" 3" J"E?KM
2$?J?:5$E$2 " W$VE4K"M ? 5?#@?M  C$E"K"E?2 $ ?@$25?2 ? 5?#@? 3"
J"E?K 3$ ?J?:5$E>#$95" 3$ ’2K?
HL ’\ E"2 ?X4KM
"  !%!&
"  !   12$::>"9?2 $ :"K5?2 >#$3>?5?#$95$
; !!   " J"5<" 3$ @?25>3? 3" W$VE4K" 3$
 /!! CB0 /? D"2#? Y4$ " E"#45?3"2 3$ >‘A
0 9>;<" D>Y4$ $# w+9‘>9$y p9<" ]
9$E$::_2>" K>‘?2 " #"5"2 3" W$VA
1?2? $D$54?2 " ?J?:5$E>#$95" 3$ E4K"qM
’2K? HL\ @2"E$3$2 E"9D"2#$ >93>E?3"
 ’‘4?23?2 Y4$ ? K4XA$:@>? :$
? :$‘4>2%
?@?‘4$M
 +:5?E>"9?2 " W$VE4K" $# 4#? :4A  *?2 ? @?25>3? 9" #"5"2 3" W$VA
@$2DVE>$ @K?9? $ 3$:K>‘?2 " #"5"2M E4K"M
 ’J2>2 ? 5?#@? 3" J"E?K 3$ ?J?:A
5$E>#$95" 3$ E"#J4:5VW$KM 
 *$:?@$25?2 $ 2$#"W$2 ? 5?#@? 3"
&
+W>5?2 4K52?@?::?2 " 9VW$K #_o>#"
J"E?K 3$ ?J?:5$E>#$95" 3$ ’2K? 3" 2$:$2W?5g2>" 3" :>:5$#? 3$ >9^$;<"
HL !\ E"2 ?X4KM 3$ ?‘$95$ 2$345"2 KVY4>3" @?2? 2$34A
 .$2#>9?3" " ?J?:5$E>#$95"\ ?9A  =9:$2>2 " J>E" 3$ ?J?:5$E>#$95" ;<" 3$ @"K4$95$: p,8CqM
5$: 3$ 2$#"W$2 ? @>:5"K?\ ?‘4?2A 9" J"E?KM C$:@$>5$ :$#@2$ ?: @2$:E2>;[$:
3?2 @$K" #$9": 7G :$‘493": @?2?  12"E$3$2 " ?J?:5$E>#$95"M 3$:5$ #?94?KM
@$2#>5>2 Y4$ " E"#J4:5VW$K DK4?  ’E"#@?9a?2 " 9VW$K 3" 2$:$2W?A
9" >95$2>"2 3" 2$:$2W?5g2>"M 5g2>" @?2? $W>5?2 Y4$ " #$:#"
52?9:J"23$M 
!": E?:": $# Y4$ " ?J?:5$E>#$95"
:$^? 2$?K>X?3" 3$W>3" ?" 2$:$2W?5g2>"
1$++
3" :>:5$#? 3$ >9^$;<" ’C)’ HL $:A 3$ E"#J4:5VW$K\ 3>2>‘>2A:$ f  
5?2 W?X>"\ :$2_ 9$E$::_2>" " 2$?J?:5$A ! = ,  > M
E>#$95" #V9>#" 3$ :$>: K>52": p2$E"A !#!
#$93?3" " ?J?:5$E>#$95" 5"5?K @?2? e >#@"25?95$ $:5?2 ?5$95" ?" ?J?:A
+W>5?2 4K52?@?::?2 " 9VW$K #_o>#" 5$E$2 " 2$:$2W?5g2>"M
#?>"2 ?45"9"#>?q $ ?‘4?23?2 E$2E?
3" 2$:$2W?5g2>" 3" :>:5$#? 3$ >9^$;<"
3$ 3">: #>945": ?5] Y4$ ? K4XA$:@>?
3$ ?‘$95$ 2$345"2 KVY4>3" @?2? 2$34A
:$ ?@?‘4$ @?2? 3?2 @?25>3? 9" #"A
;<" 3$ @"K4$95$: p,8CqM
5"2M
C$:@$>5$ :$#@2$ ?: @2$:E2>;[$: !#!
3$:5$ #?94?KM ’ 45>K>X?;<" 3$ ?‘$95$ 2$345"2 KVA

Y4>3" Y4$ @"::4? E?2?E5$2V:5>E?: 3>A
’ E?@?E>3?3$ 3" 2$:$2W?5g2>" 3" D$2$95$: 3?: $:@$E>D>E?3?: $n"4 3$A
:>:5$#? 3$ >9^$;<" 3$ ’C)’ HL ] 3$ ‘2?3?3"\ @"3$ "E?:>"9?2 " ?E$93>A
7H K>52":M
!#! #$95" 3? K4XA$:@>? 9" Y4?32" 3$
>9:524#$95"M
!": E?:": $# Y4$ 2$?K>X?2 " ?J?:A +# E?:" 3$ 3$22?#?#$95" 3$
5$E>#$95" 3" 2$:$2W?5g2>" 3" :>:5$#? ’C)’ HL $# ?K‘4# E"#@"9$95$ 8"9:4K5?2 " E?@V54K" w8"9a$E$93"
3$ >9^$;<" 3$ ?‘$95$ 2$345"2 KVY4>3" 3" W$VE4K"\ K?W?2 >#$3>?5?#$95$ ? " :$4 @?>9$K 3$ >9:524#$95":y\ :$A
p’C)’ HLq\ $9W?:?3"\ 5"#?2 ?: :$A 2$‘><" E"# _‘4? E"22$95$M ;<" y)4X$: 3$ ’3W$25Z9E>?: $ &$9A
‘4>95$: @2$E?4;[$:% :?‘$9:yM
(5>K>X?2 #?5$2>?K ?J:"2W$95$ @?2?
2$E"Ka$2 " KVY4>3" Y4$ 5$9a? E?V3"
 U$2>D>E?2 " @2?X" 3$ W?K>3?3$ 3" 9" :"K"M
@2"345"M
 )$2 ?: 2$E"#$93?;[$: @2$:$95$: !#!
9? $5>Y4$5? 3? $#J?K?‘$# ?95$: !<" ?3>E>"9?2 ?3>5>W": $n"4 "452":
3$ >9>E>?2 " ?J?:5$E>#$95"M KVY4>3": ?" ?‘$95$ 2$345"2 KVY4>3"
!#!
 ’E"#@?9a?2 " 9VW$K 3" 2$:$2W?A @?2? 2$34;<" 3$ @"K4$95$: p’C)’
8?:" " ’C)’ HL 5$9a? :>3" ?3>E>A
5g2>" @?2? $W>5?2 Y4$ " #$:#" HLqM
"9?3" $22"9$?#$95$ 9" 2$:$2W?5g2>"
52?9:J"23$M

1$+,
-452": KVY4>3": 9<" $:@$E>D>E?3": +W>5?2 >9?K?2 $:5$: W?@"2$: ?" ?J2>2
?3>E>"9?3": ?" :>:5$#? 3$ >9^$;<" 3$ ? 5?#@? 3" J"E?K 3$ ?J?:5$E>#$95"M
’C)’ HL @"3$# 3?9>D>E?2 " :>:5$#?M !#!
!": E?:": $# Y4$ " 9VW$K ’C)’
HL $:5>W$2 J?>o"\ " E"9345"2 :$2_ >9A
D"2#?3" ?52?W]: 3" ?E$93>#$95" 3? !#!
!#! K4XA$:@>? \ ^495?#$95$ E"# #$9A - ’C)’ HL ] E"9:>3$2?3" 4# @2"A
+# E?:" 3$ 3?9": ?" :>:5$#? 3$ :?‘$# $:@$EVD>E? 3$ ?K$25?M 8"9:4K5?2 345" $:5_W$K $ E"# K"9‘? 342?;<"\ :$
>9^$;<" 3$ ’C)’ HL @?2? 2$34;<" 3$ " E?@V54K" w8"9a$E$93" " :$4 @?>A ?2#?X$9?3" $# 5$#@$2?542?: >9D$2>A
@"K4$95$: p,8Cq\ 3$W>3" ? 45>K>X?;<" 9$K 3$ >9:524#$95":y\ :$;<" y)4X$: "2$: ? HLfi 8M
3$ @2"345": 9<" $:@$E>D>E?3": ? ‘?A 3$ ’3W$25Z9E>?: $ &$9:?‘$9:yM
2?95>? :$2_ ?94K?3?M ,$‘4>2 :$#@2$ ?: 2$E"#$93?;[$:
- E"9:4#" 3" ?‘$95$ 2$345"2 @2$:$95$: 9? $5>Y4$5? 3? $#J?K?‘$#
C$:@$>5$ :$#@2$ ?: @2$:E2>;[$: KVY4>3" @?2? 2$34;<" 3$ @"K4$95$: 3" @2"345"M
3$::$ #?94?KM p’C)’ HLq @"3$2_ W?2>?2 3$ ?E"23"
E"# ?: E"93>;[$: 3$ 45>K>X?;<" 3"
W$VE4K"M  &  
1  (4 )* &
!#!
+,-
- 9VW$K 3" 2$:$2W?5g2>" 3$ ’2K? HL\
W>:4?K>X?3" ?52?W]: 3" Y4?32" 3$ >9:A !#! %;  !!
524#$95" 3" W$VE4K" p#$94 r=9D" U$VA ,$ " ’C)’ HL @2$:$95$ 9" 2$:$2A
E4K"rq 9<" ] ?54?K>X?3" :$ " W$VE4K" W?5g2>" :4@$2?Y4$E$2 ? #?>: 3$ 6Gfi
$:5>W$2 $:5?E>"9?3" $# :4@$2DVE>$: >9A 8 @"2 4# @$2V"3" @2"K"9‘?3" 3$
EK>9?3?:M 5$#@" p3$W>3" ? >22?3>?;<" :"K?2 3>A !#!
2$5?\ @"2 $o$#@K"q\ " #$:#" @"3$2_ - :>:5$#? ’B, E"# Y4$ " W$VE4K"
+:5?E>"9$ $# K"E?K @K?9" @?2? Y4$ :$ 3$E"#@"2\ @2"34X>93" W?@"2$: $:5_ $Y4>@?3" 9<" E"952"K? " :>:5$#?
@"::? "E"22$2 ? ?54?K>X?;<" 3" :>:A 3$ ?#"9V?E" " Y4?K @"::4> 4# "3"2 3$ D2$9?‘$# 3" 2$J"Y4$M
5$#?M D"25$M
1$+-
’::>#\ ] 9$E$::_2>" 5$2 4# E4>A
3?3" $:@$E>?K $# :4@$2DVE>$: $:E"2A  
2$‘?3>?:M 1?2? " 2$J"Y4$ 3$ ?52$K?3":\ " W$VA !": @$2E42:": $# 3$:E>3?\ $9‘?5$
E4K" 3$W$ 5$2 4# ‘?9Ea" 3$ 2$J"Y4$ 4#? #?2Ea? J?>o?\ $# W$X 3$ 4:?2
a"#"K"‘?3" $ 4# :>:5$#? $K]52>E" E"9:5?95$#$95$ " D2$>"M
?3$Y4?3"M ’ >9:5?K?;<" 3$W$ :$2 $D$A
54?3? @"2 @$::"?K $:@$E>?K>X?3"M
!#! 
!49E? #"3>D>E?2 " :>:5$#? 3$ D2$A - @$:" Y4$ " 2$J"Y4$ $o$2E$ 9"
9?‘$# 3" W$VE4K" @?2? " E"#?93"  ‘?9Ea" 3$ 2$J"Y4$ 3" W$VE4K"\ 2$A
3" D2$>" 3" 2$J"Y4$M 1?2? ? >9:5?K?;<" 3" 3>:@":>5>W" 3$ 34X $# >‘4?>: W?K"2$: ? E?@?E>3?3$
2$J"Y4$\ E"9:4K5?2 :$#@2$ ? K$‘>:K?A 3$ E?2‘? 3" @2g@2>" W$VE4K"M 1"2 4#?
- :>:5$#? 3$ D2$9?‘$# 3" 2$J"A ;<" W>‘$95$M Y4$:5<" 3$ :$‘42?9;? $ @?2? 9<" 4KA
Y4$ 3$W$ :$2 E"#@K$5?#$95$ >93$A 52?@?::?2 " @$:" #_o>#" 2$J"E_W$K\
@$93$95$ 3" :>:5$#? a>32_4K>E" 3" ] 9$E$::_2>" 5$2 $# E"95? " @$:" 3"
W$VE4K"M  2$J"Y4$ $# @K$9? E?2‘?\ >9EK4>93"
&"95?2 $W$954?K#$95$ $:@$Ka": ": ?E$::g2>": $ ?: J?‘?‘$9: @$::"?>:M
2$52"W>:"2$: $:@$EVD>E": $n"4 :4@K$A
#$95?2$: 2$:@$>5?93" ? K$‘>:K?;<"
W>‘$95$M 
!#!
C$:@$>5?2 ": K>#>5$: 3$ W$K"E>3?3$
’ ,.+))’!.=, 9<" :$ 2$:@"9:?J>A
@?2? ": W$VE4K": E"# ?52$K?3":M +#
K>X? @$K? ‘?2?95>? 3$ @$;?: $ ?E$::gA  5"3" " E?:"\ ? W$K"E>3?3$ #_o>#?
2>": 9<" ‘$94V9": >9:5?K?3": 9" W$VA
C$E"23?2 Y4$ " 2$J"Y4$ 3$ 4# 9<" 3$W$ 4K52?@?::?2 ": 7GG h#naM
E4K"M
?52$K?3" 2$34X ? @"::>J>K>3?3$ #_A
’ >9:5?K?;<" >9?3$Y4?3? 3$ @$;?: o>#? 3$ 4# W$VE4K" @?2? :4@$2?2 ?EK>A
$ ?E$::g2>": @"3$ ?E?22$5?2 3?9": f W$:\ ?4#$95? ": $:@?;": 3$ D2$9?‘$9: 
E?22"E$2>?\ 9<" :$93" @?::VW$>: 3$ $ ": 5$#@": @?2? 4#? 4K52?@?::?‘$# (# $W$954?K D2$>" $K]52>E" "4 "452"
E"J$2542? 3$ ‘?2?95>?M :$#@2$ $# 2$K?;<" ?" @$:" 5"5?K 3" p@"2 $oM ‘4>9Ea" $K]52>E"\ $5EMq 3$W$
#$:#"M :$2 ?K>#$95?3" 3>2$5?#$95$ @$K? J?A

1$,.
5$2>? ?52?W]: 3$ 4# E?J" E"# :$;<"
9<" >9D$2>"2 ? L\6 ##L M


’K]# 3?: 3$2>W?;[$: $K]52>E?: ] ?3A
#>5>3" K>‘?2 ?" :>:5$#? $K]52>E" 3"
W$VE4K" :g " E?J" @?2? ? ?K>#$95?A
;<" 3$ 4# $W$954?K D2$>" $K]52>E" $ "
E?J" @?2? 4#? Kd#@?3? 3$ >K4#>9?A
;<" >95$29? 3" ?52$K?3" E"# @"5Z9E>?
9<" :4@$2>"2 ? 76 ¤M 1?2? ?: E"9$A
o[$: 45>K>X?2 ? E$952?K @2]A>9:5?K?3?
E"# E?J" 3? J?5$2>? E"# :$;<" 9<"
>9D$2>"2 ? L\6 ## L M


=9:5?K?;[$: $K]52>E?: >22$‘4K?2$: &
$n"4 ?E$::g2>": E"# @"5Z9E>?
:4@$2>"2 ?" $:@$E>D>E?3" @"3$#
"E?:>"9?2 E425"AE>2E4>5": $ >9EZ93>"M


’ 45>K>X?;<" 3$ E?2‘?: ?4o>K>?2$:
3>D$2$95$: 3?: K4X$: $o5$29?: p@"2 $oM
D2$>" $K]52>E"\ ‘4>9Ea" $K]52>E"\ $5EMq
3$W$ :$2 2$?K>X?3? E"# " #"5"2 K>A
‘?3"M
1$,!
   3 (67   5  4.-
- 2$J"Y4$ 3$W$ :$2 >9:5?K?3" 9? 2$‘><" >93>E?3?: @$K?: :$5?: pK?3" 3>2$>5" $ $:Y4$23"q\ 45>K>X?93" ? @2$3>:@":>;<"
‘$94V9? 9" W$VE4K" @?2? 2$E$J$2 " 3>:@":>5>W"M
’: >93>E?;[$: ! $ % :<" 3": @"95": >93>E?3": @?2? ? D>o?;<" 3" 2$J"Y4$M +::$: @"95": 3$W$# :$2 :$#@2$
2$:@$>5?3": 9? >9:5?K?;<" @":5$2>"2 3" 3>:@":>5>W" 3$ 2$J"Y4$M


’: >93>E?;[$: @?2? " K?3" 3>2$>5" :<" :>#>K?2$: f: 3" K?3" $:Y4$23"M

1$,"
 ' K67  5- ,G      " - 67  *+,-'
- E"9^495" 3$ :4@"25$ $ ‘4>9Ea" ’: E"93>;[$: 3$ #?945$9;<" 3"

@"3$ :$2 >9:5?K?3" 9" W$VE4K" ? E2>A W$VE4K" 2$@2$:$95?# 4# D?5"2 #4>5"
5]2>" 3" @2"@2>$5_2>"M ,$ D"2 9$E$:A -: W$VE4K": D"2? 3$ $:52?3? :<" >#@"25?95$\ Y4$ >9E>3$ 3>2$5?#$95$
:_2>? ? :4? 45>K>X?;<"\ a_ 4# K"E?K E?2?E5$2>X?3": @"2 4#? #?>"2 ?K542? :"J2$ " E"9:4#" 3$ E"#J4:5VW$K\ ?
?@2"@2>?3" 9? @?25$ 52?:$>2? 3" W$VA ?" :"K" $ @"2 4#? W>? @2"@"2E>"9?KA 52?9Y4>K>3?3$ 3$ #?2Ea? $ ? @2g@2>?
E4K"\ 45>K>X?93" ? #$:#? @2$3>:@":>A #$95$ 2$34X>3?\ @?2? 5"29_AK": ?3$A W>3? u5>K 3" W$VE4K"M 1"2 $::$ #"5>W"\
;<" @?2? " 2$J"Y4$\ @?2? 2$E$J$2 " Y4?3": f: #?>: W?2>?3?: E"93>;[$: ] "@"2549" E4>3?2 3? #?945$9;<" D?A
3>:@":>5>W"M 1?2? 4#? 3$W>3? >9:5?K?A Y4$ 3>:5>9‘4$# ? E"934;<" D"2? 3$ X$93" E"# Y4$ " W$VE4K" @?::$ @$K?:
;<" 3" 3>:@":>5>W" 3$ :4@"25$ $ ‘4>9A $:52?3?M 2$W>:[$: $ "@$2?;[$: 3$ #?945$9;<"
Ea" ] 9$E$::_2>" 3$:#"95?2 $ #"95?2 @2$W>:5?: 9" r1K?9" 3$ #?945$9;<"
’: E?2?E5$2V:5>E?: 3$ @2"^$5" D?X$#
@$;?: 3" W$VE4K"\ 3$::? D"2#?\ ] 9$A @2"‘2?#?3?rM
E"# Y4$ " :$4 E$952" 3$ ‘2?W>3?3$
E$::_2>" E"9a$E>#$95" 5]E9>E" $ D$2A
:$^? #?>: ?K5" 2$K?5>W?#$95$ ?" 3":
2?#$95?: $:@$E>?>:M -
W$VE4K": 52?3>E>"9?>:M (#? 3?: W?9A
5?‘$9: "D$2$E>3?: @$K? #?>"2 ?K542? 8"952"K?2 @$2>"3>E?#$95$ ? @2$:A
?" :"K" ] ? #$Ka"2 W>:>J>K>3?3$ 3? $:A :<" 3": @9$4: E"# 4# >95$2W?K" 9<"
52?3?M :4@$2>"2 ?: I :$#?9?:% :$ ? @2$::<"
!#! $:5>W$2 #4>5" J?>o?\ ": E"9:4#": ?4A &
1?2? >9:5?K?;<" @":5$2>"2 3" 3>:@"A #$95?#\ @"2Y4$ ? 2$:>:5Z9E>? ?" 2"A
"!  "%
:>5>W" 3$ :4@"25$ $ ‘4>9Ea"\ @2"E42$ K?#$95" ] #?>"2M
:$#@2$ ?   ! = ,  > : ’ :$‘4>2 :<" >93>E?3?: ?K‘4#?:
:4‘$:5[$: u5$>: Y4$ @$2#>5$# "J5$2  5 b 
C$:@$>5$ ": 3?3": E"9:5?95$: 9?: 4#? $E"9"#>? 3$ E"#J4:5VW$K $ 4#?
>9:524;[$: 3$ #"95?‘$#n>9:5?K?;<" E"95$9;<" 3?: $#>::[$: 9"E>W?:M !<" W>?^?2 E"# " @"25?A#?K?: :"A
3" D?J2>E?95$ 3" :4@"25$ $ ‘4>9Ea"M J2$E?22$‘?3"M - @$:" 3" W$VE4K" $
+# E?:" 3$ >9:5?K?;<" >9E"22$5? 3" " :$4 ?K>9a?#$95" >9DK4$9E>?# D"25$A
3>:@":>5>W"\ a_ 2>:E" 3$ ?E>3$95$M #$95$ ": E"9:4#": $ ? $:5?J>K>3?3$M

1$,%
 &455 @  &.-  !,R    _
,  , 
 ,G
C$5>2?2 " J?‘?‘$>2" "4 " @"25?A - 4:" 3$ ?E$::g2>": ?$2"3>9d#>A .<" K"‘" ?: E"93>;[$: 3" 52d9:>5"
$:Y4>: 3" 5$5" 3$@">: 3$ 45>K>X?3":M E":\ 9<" E$25>D>E?3": @?2? 5?K D>#\ " @$2#>5?#\ 45>K>X?2 ?: #?2Ea?: #?>:
+:5$: ?E$::g2>": 3>#>94$# ? @$9$52?A @"3$ @2$^43>E?2 ? ?$2"3>9d#>E? $ ": ?K5?:M - 4:" 3$ #?2Ea?: J?>o?: @?2?
;<" ?$2"3>9d#>E? 3" W$VE4K"\ 5$93" E"9:4#":M "J5$2 4#? J"? 2$:@":5? 3" #"5"2
4#? >9DK4Z9E>? 9$‘?5>W? 9": E"9:4A @2"W"E? ?4#$95" >9$W>5_W$K 3" E"9A
#":M +# E?:" 3$ 52?9:@"25$ 3$ "JA :4#"M *? #$:#? D"2#?\ ? >9:>:5Z9E>?
^$5": $:@$E>?K#$95$ W"K4#":":\ 45>K>A    $# #?95$2 #?2Ea?: ?K5?: $# 52$Ea":
X?2 3$ @2$D$2Z9E>? 4# 2$J"Y4$M   * 67 3$ J?>o? W$K"E>3?3$\ ?K]# 3$ ?4#$9A
5?2 " E"9:4#" $ ? $#>::<" 3$ @"K4A
!<" 3$>o?2 ?Y4$E$2 " #"5"2 E"#
    * '9 , $95$:\ ?E$K$2? " 3$:‘?:5$ 3" #"5"2M
" W$VE4K" @?2?3" 9$# $# #?2Ea?
(5>K>X?2 ": 3>:@":>5>W": $K]52>E": K$95?\ 9$# $# 2$‘>#$ $K$W?3"% 9$:A
', 
Q(

?@$9?: 342?95$ " 5$#@" 9$E$::_2>"M 5?: E"93>;[$:\ " #"5"2 ?Y4$E$ #4>5"
- W>32" 52?:$>2" 5]2#>E"\ ": D?2g>: #?>: K$95?#$95$\ ?4#$95?93" ": - E"9:4#" 3$ E"#J4:5VW$K ?4A
:4@K$#$95?2$:\ ": K>#@?3"2$: 3": E"9:4#": $ ?: $#>::[$:M e ?E"9:$A #$95? @2"@"2E>"9?K#$95$ $# 2$K?A
W>32": $ ? W$95">9a? 3" :>:5$#? Ka_W$K @?25>2 K"‘" $ K$95?#$95$\ $W>A ;<" f W$K"E>3?3$ Y4$ " W$VE4K" 3$A
3$ ?Y4$E>#$95"\ ?J:"2W$# 4#? 5?93" 2$‘>#$: $K$W?3":\ 3$:5$ #"3"\ :$9W"KW$c E"#" $o$#@K"\ @"3$A:$
9"5_W$K Y4?95>3?3$ 3$ E"22$95$\ " #"5"2 ?Y4$E$2_ #?>: 2?@>3?#$95$M 3>X$2 Y4$ @?::?93" 3$ ~G ? 7LG
@2"W"E?93" @"2 E"9:$‘4>95$ 4# ?4A h#na\ " >9E2$#$95" 3$ E"9:4#" 3$
#$95" 3" E"9:4#" 3$ E"#J4:5VW$K " 4  b  E"#J4:5VW$K ] 3$ ?@2"o>#?3?#$95$
p?5] ƒL6t $# E>2E4K?;<" 42J?9?qM HGtM
+W>5?2 ?E$K$2?2 Y4?93" $:5>W$2 @?A
2?3" 9": :$#_D"2": "4 ?95$: 3$ 3$:A .$95?2 #?95$2 4#? W$K"E>3?3$ 49>A
'
 K D"2#$\ 3$952" 3" @"::VW$K\ $W>5?93"
K>‘?2 " #"5"2M +:5? #?9"J2? ] >9u5>K
’ 45>K>X?;<" 3" EK>#?5>X?3"2 @2"A $ @2"W"E? ?4#$95" 3": E"9:4#": $ D2$?3?: $ 2$5"#?3?: 3$:9$E$::_2>?:\
W"E? 4# ?4#$95" 3": E"9:4#":% 3? @"K4>;<"M Y4$ E"9:"#$# E"#J4:5VW$K $ ?4A
Y4?93" ? 5$#@$2?542? $o5$29? " @$2A #$95?#\ :>#4K5?9$?#$95$\ ? $#>:A
#>5>2\ 45>K>X?2 3$ @2$D$2Z9E>? ? :>#A :<" 3$ @"K4$95$:M ’E"9:$Ka?A:$ ?
@K$: W$95>K?;<"M ?3"5?2 4# #"3" 3$ 3>2>‘>2 @243$95$\

1$,&
52?5?93" 3$ ?95$E>@?2 ?: #?9"J2?:  -67   _    ,  67  3" a?J>5_E4K" @"3$ 5$2 E"9:$Y4Z9A
@?2? $W>5?2 @$2>‘" >#>9$95$ $ 3$ 2$:A *     E>?: ‘2?W$: "4 #$:#" #"25?>:M
@$>5?2 ? 3>:5d9E>? 3$ :$‘42?9;? $# 2$A - E"9:4#" $K$W?3" 3$ E"#J4:A
K?;<" ?": W$VE4K": Y4$ 52?D$‘?# K"‘" 5VW$K $:5_ K>‘?3" 3>2$5?#$95$ ? :>54A
? D2$95$M 
?;[$: 3$ 52d9:>5" >95$9:"\ :"J2$543"
!49E? W>?^?2 9" W<" 3$ E?2‘? >9A
9?: ‘2?93$: E>3?3$:\ "93$ :$ 52?D$‘?
!,' 67 5$29"M +# E?:" 3$ ?E>3$95$\ $W$954A
342?95$ ? #?>"2 @?25$ 3" 5$#@" 45>A
?>: @$::"?: Y4$ :$ $9E"952$# 9" >9A
’E$K$2?2 3$ D"2#? W>"K$95?\ >934A K>X?93" #?2Ea?: J?>o?: $ ?: @?2?3?:
5$2>"2 3" @"25?A#?K?: $:5?2>?# #?>:
X>93" " #"5"2 ? D49E>"9?2 $# 2"A $# :$#_D"2": :<" #4>5" D2$Y4$95$:M
$o@":5?: ?" 2>:E" 3$ K$:[$: ‘2?W$: "4
5?;[$: $K$W?3?:\ @$9?K>X? 9"5?W$KA .?#J]# ": @$2E42:": :>94":":\ #$:#" #"25?>:M
#$95$ " E"9:4#" 3$ E"#J4:5VW$K\ ?: E"#" $:52?3?: 3$ #"95?9a?\ "4
$#>::[$: 3$ @"K4$95$: $ ? @2g@2>? 34A 52$Ea": $# #?4 $:5?3" 3$ E"9:$2W?A
2?J>K>3?3$ 3" #$:#"c E"9W]# ?E$K$A ;<"\ >9DK4$9E>?# 9$‘?5>W?#$95$ " 
2?2 ‘2?34?K#$95$ $ 9<" 4K52?@?::?2 " E"9:4#"M 8$25>D>E?2A:$ 3$ Y4$ 5"3": ": "E4A
2$‘>#$ 3$ 5"2Y4$ #_o>#" 3" #"5"2M @?95$: 3" W$VE4K" 4:$# E"22$5?#$95$
  -  - 6H   _  : ": E>95": 3$ :$‘42?9;? $ Y4$ $W$954A
  6H  - ' K67 ?>: E2>?9;?: $:5<" E"22$5?#$95$ @":>A
*42?95$ ?: @?2?3?: @2"K"9‘?3?:\
.2?^$5": #4>5" E425": $ @?25>3?: D2$A #"5>W?3?: @"2 52d9:>5" >95$22"#@>3"\
E>"9?3?: 9?: 2$:@$E5>W?: E?3$>2>9a?:M &
Y4$95$: E"# " #"5"2 D2>" 9<" @$2#>A " #$Ka"2 ? D?X$2 ] 3$:K>‘?2 " #"5"2M
5$# Y4$ " #"5"2 ?5>9^? ? 5$#@$2?542? !   !"!
>3$?K 3$ D49E>"9?#$95"\ ?K]# 3$ :>‘A
9>D>E?2 4# >9E2$#$95" 3$ E"9:4#" !   !! ’ >95$2W$9;<" 3": ?>2J?‘: @"3$
$ 3$ $#>::<" 3$ :4J:5d9E>?: 9"E>W?: :$2 @$2>‘":? @?2? 4# ?9>#?K Y4$ :$
3? "23$# 3$ 76 ? HGtM  $9E"952$ 9" J?9E" 3>?95$>2"M ’::>#\
] ?E"9:$Ka_W$K E"K"E?2 ": ?9>#?>: 9"
e $o52$#?#$95$ @$2>‘":" 3$>o?2
J?9E" 52?:$>2"\ 9" >95$2>"2 3$ ‘?>"K?:
E2>?9;?: 9" >95$2>"2 3" W$VE4K" $:5?E>A
?3$Y4?3?: 2$5>3?: @$K": E>95": 3$
"9?3" Y4?93" ? 5$#@$2?542? $o5$2>"2
:$‘42?9;? 3" W$VE4K"M
D"2 #4>5" $K$W?3?M - E?K"2 9" >95$2>"2

1$,’
’K]# 3>::"\ K$#J2$A:$ ?>93? Y4$\ ? #"3?K>3?3$ 3$ 2$E>2E4K?;<" 3$ ,"K3?: ?J$25?: "4 E"9$o[$: 3$:?A
$# E?:" 3$ D2$9?‘$# J24:E? "4 3$ ?2M @$25?3?: @"3$# @$2#>5>2 >9D>K52?;[$:
?E>3$95$\ 4# ?9>#?K 9<" ?3$Y4?3?A  8?:" :$^? >93>:@$9:_W$K @$2#?A 3$ ‘?:$: 3$ 3$:E?2‘? 9" >95$2>"2 3"
#$95$ 2$5>3" @"3$2>? :$2 @2"^$5?3" 9$E$2 ? J"23" 3" W$VE4K" @?2?3" a?J>5_E4K"M
@?2? " >95$2>"2 3" a?J>5_E4K"\ E"# " E"# " #"5"2 K>‘?3"\ 2$‘4K?2 " :>:A U$2>D>E?2 " :>:5$#? 3$ 3$:E?2‘?
2>:E" 3$ :$ D$2>2 $ D$2>2 ": "E4@?95$: 5$#? 3$ W$95>K?;<"n?Y4$E>#$95" :$#@2$ Y4$ " W$VE4K" D"2 $K$W?3"
3" W$VE4K"M $ ?E>"9?2 " W$95>K?3"2 3$ #"3" @?2? "@$2?;[$: 3$ K4J2>D>E?;<" "4
? >952"34X>2 ?2 $o5$29" 9" a?J>5_A 3$ :4J:5>54>;<" 3" gK$"M ,4J:5>54>2 ":
!  !! E4K"M ’5>W?2 ? W$K"E>3?3$ #_o>#? E"#@"9$95$: E"9D"2#$ 9$E$::_2>"M
3" W$95>K?3"2M 1?2? $:5?: "@$2?;[$:\ 3>2>‘>2A:$ f
’: $#>::[$: 3? 3$:E?2‘? :<" #4>5"   ! = ,  > M
@$2>‘":?: $ @"3$# :$2 K$5?>:M *$ (#? #?945$9;<" ?3$Y4?3? 3"
D?5"\ E"95Z# #"9go>3" 3$ E?2J"9"\ :>:5$#? 3$ 3$:E?2‘? E"9:5>54> ? #$A
4# ‘_: >9E"K"2 $ >9"3"2" Y4$\ :$ Ka"2 @2"5$;<" E"952? >9D>K52?;[$: 3$ ? !! ! 
>9?K?3"\ @"3$ @2"W"E?2 3$:#?>": $ #"9go>3" 3$ E?2J"9" 9" a?J>5_E4K"M !  !!
$9W$9$9?#$95":M
,$ D"2 3$5$E5?3" 4# 24V3" ?9gA  ' K67   67 5 ' /DS
1?2? $W>5?2 >9?K?2 " #"9go>3" 3$ #?K" 3" :>:5$#? 3$ 3$:E?2‘?\ ? @2$A S0
E?2J"9"\ :$‘4>2 ?: >93>E?;[$: ?J?>o"% :$9;? 3$ ‘?:$: 3$ 3$:E?2‘? 9" >9A *42?95$ ? E"934;<" D"2? 3$ $:A
5$2>"2 3" a?J>5_E4K"\ "4 :$ ? E?22"A 52?3?\ @2$::>"9?2 " J"5<" I¤* )-¤\
 !<" #?95$2 " #"5"2 K>‘?3" $# E$2>? "4 ? @?25$ 52?:$>2? 3" W$VE4K" :$ $Y4>@?3"\ 9" 3>:@":>5>W" ,$K$EA
$:@?;": D$Ea?3":M $:5>W$2$# 3?9>D>E?3?:\ #?93?2 W$2>A .$22?>9£ @?2? "J5$2 4#? #?>"2 52?A
 ,$\ @"2 Y4?KY4$2 #"5>W" p@"2 $oM D>E?2 5"3" " :>:5$#? 3$ 3$:E?2‘? $ ;<" $ 4# #?>"2 E"952"K$ $# 5$2A
52?9:@"25$ 3$ E?2‘?: W"K4#":?:q\ ?: 2$‘>[$: 3? E?22"E$2>? ?3^?E$95$: 2$9": $:E"22$‘?3>": "4 >9?E$::VW$>:\
D"2 9$E$::_2>" E"934X>2 E"# ? @?2? >3$95>D>E?2 $W$954?>: E"#@"9$9A $# 3$:E>3? "4 $# :4J>3? $# >9EK>A
5?#@? 3" @"25?A#?K?: ?J$25?\ D$A 5$: @?25>3":\ 3?9>D>E?3":\ 3$5$2>"2?A 9?;[$: $ @?2? ?4#$95?2 ? 52?;<" ?
Ea?2 5"3": ": W>32": $ ?5>W?2 ? 3": "4 Y4$ 5$9a?# :"D2>3" 3$:K"E?A J?>o?: W$K"E>3?3$:M
W$K"E>3?3$ #_o>#? 3" W$95>K?A #$95": 2$K?5>W": f @":>;<" 3$ #"9A
3"2 3" EK>#?5>X?3"2M !0- ?5>W?2 5?‘$# E"22$5?M 1?2? $:5?: "@$2?;[$:\ ’ 45>K>X?;<" 3$:5? #"3?K>3?3$
3>2>‘>2A:$ f   ! = ,  > : 3$W$ $:5?2 K>#>5?3? ? :>54?;[$:

1$,*
$o52$#?:\ E"#" 9$W$\ K?#?\ ?2$>?\ ;<" 3$ 5"3": ": 9VW$>: 3": KVY4>3": E?4:?93" @?2?3? >#$3>?5?M .?K :>54?A
>:5" ]\ Y4?93" ] 9$E$::_2>" 3>:@"2 3": 2$:$2W?5g2>": 3" W<" #"5"2M ;<" 9<" ] E"J$25? @$K? ‘?2?95>?M
3$ 4#? #?>"2 @"5Z9E>? 3$ 2$J"Y4$
(5>K>X?2 " W$VE4K" @?2? ?52?W$::?2
? J?>o? W$K"E>3?3$M -J:$2W$ ?5$95?#$95$ ?: 2$E"#$9A
_2$?: ?K?‘?3?: "4 Eg22$‘": @"3$ @2"A
W"E?2 3?9": 9<" E"J$25": @$K? ‘?2?9A 3?;[$: 3$:E2>5?: ? :$‘4>2\ J$# E"#"
 *   ,R 5  Q  '5& 5>?M ?9?K>:$ ?5$95?#$95$ ?: E"93>;[$: 3?
 W>?\ ?95$: 3$ ?52?W$::?2 Eg22$‘": "4
_2$?: ?K?‘?3?:%
’@$:?2 3? @"::>J>K>3?3$ 3" W$VE4K"

?52?W$::?2 E42:": 3$ _‘4? $ 3$5$2A
#>9?3?: _2$?: E"# ?K?‘?#$95" 9<" ’95$: 3$ D?X$2 ? 52?W$::>? "J:$2W$
#4>5" @2"D493?: ] $o52$#?#$95$ >#A ?5$95?#$95$ ? D"2;? 3? E"22$95$X? $ ?
@"25?95$ 2$:@$>5?2 ?: 2$E"#$93?;[$: @2"D493>3?3$ 3? _‘4?M .2?D$‘?2 E"#
3$:5$ #?94?K\ ?::># E"#" " J"# " W$VE4K" @"2 K"E?>: ?K?‘?3": "4 Eg2A
:$9:" $# 2$K?;<" f :>54?;<" W>W$9E>A 2$‘": ] ?K5?#$95$ ?22>:E?3"\ >9EK4A
?3?M :>W$ @?2? ? :?u3$ DV:>E? 3": "E4@?9A
5$:\ ?K]# 3$ @"3$2 E?4:?2 :]2>": 3?A
e 9$E$::_2>" 2$:@$>5?2 ?: 2$E"#$9A 9": ?" W$VE4K"M
3?;[$: $ ?: E"93>;[$: 3? W>?\ @?2?
$W>5?2 3?9": #?5$2>?>: $\ @2>9E>@?KA 8"22$95$X?: #4>5" D"25$:\ ?>93?  ’ @2"D493>3?3$ % #_o>#? 3$ &
#$95$\ ‘?2?95>2 ? :$‘42?9;? 3": "E4A Y4$ @"4E" @2"D493?:\ @"3$# ?22?:A _‘4? @?2? 52?9:@"2 52$Ea": ?K?A
@?95$: 3" W$VE4K"M 5?2 " W$VE4K" D?X$93"A" @$23$2 52?;<" ‘?3": ] 3$ ?@2"o>#?3?#$95$ I}
$ K$W?93"A" @?2? K"E?>: E"# #?>"2 E# p? 2$D$2Z9E>? 3$ ?K542? 3" :"K"
)$>? ?5$95?#$95$ ?: 2$E"#$93?A @2"D493>3?3$\ D?E>K>5?93" ? ?J:"2;<" @"3$ W?2>?2 3$ ?E"23" E"# ? W$2A
;[$: 3$:5$ #?94?K @?2? $o$E4;<" 3? _‘4? @$K" #"5"2 3" W$VE4K"M :<" 3" W$VE4K"qM +# E?:" 3$ _‘4?
3$::$ 5>@" 3$ #?9"J2?M E"22$95$ $W>5$ @2"D493>3?3$: :4A
*$ D"2#? ?K‘4#? " #"5"2 @"3$
-@5?93" " E"9345"2 @"2 52?D$‘?2 ?3#>5>2 _‘4? :"J @$9? 3$ E?K;" a>A @$2>"2$: ? LL E#M -J:$2W$ Y4$
@"2 4# K"E?K ?K?‘?3" "4 ?52?W$::?2 32_4K>E" $ E"9:$Y4$95$ 52?W?#$95" Y4?95" #?>: E?22$‘?3"\ #$9"2
4# Eg22$‘"\ >#$3>?5?#$95$ ?@g: ? $ Y4$J2? 3$ E"#@"9$95$: >95$29":\ :$2_ ? ?K542? 3$ :"K" 3" W$VE4K"M ’
52?W$::>?\ :$2_ 9$E$::_2>? ? W$2>D>E?A E?2‘? #_o>#? 2$E"#$93?3? @?2?
52?W$::>? 3$ 52$Ea": ?K?‘?3": $
1$,+
Eg22$‘": ] 3$ LIG h‘\ Y4$ $Y4>A  ’5$95$A:$ @?2? ? W$K"E>3?3$ 3?  1?2? W$VE4K": IoI\ :$K$E>"9?2
W?K$ ? ?@2"o>#?3?#$95$ ? :"#?A E"22$95$X?\ @">: #$:#" :$93" ? #"3?K>3?3$ ?3$Y4?3? I¤*
5g2>? 3": @$:": 3" #"5"2>:5?\ 4# $# J?>o? @2"D493>3?3$ ? _‘4? )-¤ 342?95$ ? @?::?‘$# @"2
p7q @?::?‘$>2" $ #?>: {G h‘ 3$ @"3$2_ :4J>2 @$K" @?2?AEa"Y4$ Eg22$‘":\ _2$?: ?K?‘?3?: "4
J?‘?‘$9:M ?5] 4#? ?K542? :4@$2>"2 ?" K>#>5$ $9Ea$95$:M
 *$D>9? 4#? 2$D$2Z9E>? 9" #_o>#"\ @"::>J>K>5?93" ? ?J:"2A  ’95$: 3$ D?X$2 ? @?::?‘$# @$K?
@?2?AEa"Y4$ $ 2"3?: 3>?95$>2?: ;<" 3$ _‘4? @$K" #"5"2 3" W$VA _2$? ?K?‘?3?\ Eg22$‘" "4 $9Ea$9A
@?2? Y4$ 342?95$ ? @?::?‘$# E4K"M 5$: W$2>D>Y4$ @2$W>?#$95$ " E?#>A
@"::? E"9D$2>2 ? @2"D493>3?3$ 3?  ’ W$K"E>3?3$ #_o>#? ?" 52?D$‘?2 9a" ? :$2 @$2E"22>3"\ @">: >22$A
_‘4?M 1"2 #$3>3? 3$ :$‘42?9;?\ @"2 Eg22$‘":\ _2$?: ?K?‘?3?: "4 ‘4K?2>3?3$: 9" @>:" @"3$2<" ?4A
2$E"#$93?A:$ Y4$ ? ?K542? $9Ea$95$: 3$W$ :$2 3$ } h#naM #$95?2 ? @2"D493>3?3$ >9$:@$2?A
#_o>#? 3? _‘4? 9" #"#$95"  (5>K>X?2 ? 7 #?2Ea?M +# Ed#J>": 3?#$95$M U$2>D>Y4$ 5?#J]# :$
3? 52?W$::>? 9<" E4J2? ": D?2g>: ?45"#_5>E": :$K$E>"9?2 " #"3" $o>:5$# "J:5_E4K": >9:52?9:@"9VA
3$ 9$JK>9? \ >9:5?K?3": 9" #?94?K @?2? ?E>"9?2 ? 7⁄ #?2Ea?M W$>: :4J#$2:":\ E"#" 52"9E": 3$
@?2?AEa"Y4$ 3>?95$>2" 3"  !<" #43?2 3$ #?2Ea? 342?95$ _2W"2$ $ @$32?:M !<" :$93" @":A
W$VE4K"M ? @?::?‘$# @"2 Eg22$‘":\ _2$?: :VW$K ?W?K>?2 ?: 2$?>: E"93>;[$:
?K?‘?3?: "4 $9Ea$95$:M 3? W>?\ 2$E"#$93?A:$ 9<" D?X$2 ?
:4? 52?W$::>?\ :"J @$9? 3? "E"2A
  !<" ?E$K$2?2 3$#?:>?3?#$95$ " 2Z9E>? 3$ 3?9": 9" #"5"2\ ?::>#
’ ?K542? 3" :"K" W?2>? E"9D"2#$ ? W$VE4K"M (#? #?>"2 ?E$K$2?;<" E"#" 2>:E" f :?u3$ $ :$‘42?9;?
W$2:<" 3" W$VE4K"\ @"3$93" ?K5$2?2 ? @"3$2_ "E?:>"9?2 @$23? 3$ 52?A 3": "E4@?95$: 3" W$VE4K"M
>93>E?;<" :4‘$2>3? 9? >K4:52?;<" ?9A ;<"\ ?4#$95" 3?: W$K"E>3?3$ $
2"5?;<"M ’ #?>"2 2"5?;<" 3" #"A  ’ D"2#?;<" 3$ "93?: @"3$ ?4A
5$2>"2M 8$25>D>Y4$A:$ :"J2$ " @"95" 3$ #$95?2 ? @2"D493>3?3$ ?K]# 3":
2$D$2Z9E>? 3$ ?K542? 3" :"K" E"9D"2#$ 5"2\ @"2 :4? W$X\ ?4#$95? ? :4EA
;<" 3$ ?2 $ ? @2"J?J>K>3?3$ 3$ I} E# @?2? _‘4? @?2?3?: $ LL E#
? W$2:<" 3$ :$4 W$VE4K"M @?2? E"22$95$X?:M ’‘4?23$ ? _‘4?
>9‘$:5<" 3$ _‘4?\ ?E?22$5?93" :]A
2>": 3?9": ?" #"5"2 3" W$VE4K"\ $:5?J>K>X?2 @?2? D?X$2 ? @?::?‘$#M
 ’5$95$A:$ f :>54?;<" W>W$9E>?3?  *42?95$ ? 52?W$::>?\ $# 9$9a4#?
": Y4?>: 9<" :$2<" E"J$25": @$K?
$\ $:@$E>?K#$95$\ f: E"93>;[$: a>@g5$:$ ? _‘4? @"3$2_ @?::?2 @$A
‘?2?95>?M
3? W>?M K?: ?J$2542?: 3?: ‘2?3$: :4@$2>"2

1$,,
$ E$952?K ! 3" @?2?AEa"Y4$ 3>A 1?2? #?95$2 ? 3>2$;<" 3" W$VE4K"\ E"K"E?2 ?: #43?9;?: 94#? #?2Ea?
?95$>2" pU$2 >#?‘$# 9? @_‘>9? 9<" 2$34X>2 ? #?2Ea? #?>: 3" Y4$ " #?>: J?>o? $ :$K$E>"9?2 ? #"3?K>3?3$
?95$2>"2qM 9$E$::_2>"M I¤* )-¤M
+# :4J>3?: @?25>E4K?2#$95$ ?E$9A
 -67 
-4  54?3?:\ $9‘?5?2 ? 7⁄ #?2Ea? $ :$K$E>A

"9?2 ? #"3?K>3?3$ I¤* )-¤M
+# E?:" 3$ $9Ea$95$: E"# 2_@>3? $
>#@2$W>:5? @"::>J>K>3?3$ 3$ ?4#$95"
3$ @2"D493>3?3$ 3? _‘4? $ D"2#?;<" !#! 
3$ E"22$95$X?\ @?2? ‘?2?95>2 ? :$‘4A ,$ " #"5"2 3$:K>‘?2\ " W$VE4K" W>2?2 ,$ " W$VE4K" 3$:K>‘?2\ "4 @$23$2
2?9;? DV:>E? 3": "E4@?95$: ] 2$E"A "4 9<" :$ E"9:$‘4>2 ?W?9;?2 $# #?2A D"2;? #"52>X 94#? E"K>9? ?E$954?3?\
#$93?3" 9<" D?X$2 ? 52?W$::>? 3" K"A Ea? 2$5>KV9$? 9? @?25$ ?K5? 3? #"95?A $9‘?5?2 " #?>: 2?@>3?#$95$ @"::VA
E?KM !$::?: :>54?;[$: E"934X? " W$VA 9a? "4 3$ 4#? $:52?3? $# >9EK>9?A W$K ? #?2Ea? ? 2]\ @2"E42?93" 2$5"A
E4K" @?2? 4# K"E?K :$‘42" $ ?‘4?23$ ;<"\ 949E? 5$95?2 $D$54?2 4#? >9W$2A #?2 r#"52>E>3?3$n ?3$2Z9E>?r f: 2"A
? 3>#>94>;<" 3" 9VW$K 3$ _‘4? @?2? :<" 3$ #?2Ea?M 3?:\ $W>5?93" 5?95" Y4?95" @"::VW$K
>9>E>?2 ? 52?W$::>?M
+:5? "@$2?;<" @2"W"E?2>? " E?@"A >95$2W$9;[$: J24:E?: 9": D2$>": $ 9"
5?#$95" 3" W$VE4K"M C$E4?2 9" 52$A W"K?95$ $ #?95$93" 4#? 52?^$5g2>?
 -67 ,
*@'
@   ?3$Y4?3?M C$E4?2 K$95?#$95$ $#
!? @2$:$9;? 3$ 4#? $:@$::? E?A
Ea" $# >9EK>9?;<" @2"E$3$93" E"#
3$:E>3?\ #?95$93" :"J E"952"K$ ? &
" #_o>#" E4>3?3"\ E"K"E?93" ? ?K?A
#?3? 3$ 9$W$\ K?#? "4 ?2$>?\ :$ :$ W?9E? 3$ Ed#J>" 9? @":>;<" 3$ #?2A W$K"E>3?3$ 3" W$VE4K" ?@$9?: E"# ?
$:5>W$2 52?9:@"25?93" 4#? E?2‘? "4 Ea? ? 2]M !<" @$2E"22$2 4#? >9EK>A ?;<" 3" D2$>" 3" #"5"2M ,$\ @?2? #?9A
:$ @2$5$93$2 5$2 #$Ka"2 E"952"K$ 3" 9?;<" $# 3$:E>3? E"# " Ed#J>" $# 5$2 " E"952"K$ 3" W$VE4K"\ D"2 9$E$:A
W$VE4K" ? J?>o?: W$K"E>3?3$:\ $9‘?A @"95" #"25" $ ?@$9?: E"# " 4:" 3" :_2>" 2$E"22$2 ?": D2$>":\ ?@K>E?2 4#?
5?2 4#? #?2Ea? J?>o? $\ :$ 9$E$:A D2$>"M @2$::<" ‘2?34?K $ $W>5?2 JK"Y4$?2 "4
:_2>"\ :$K$E>"9?2 ? #"3?K>3?3$ 3" D?X$2 @?5>9?2 ?: 2"3?:M !49E? @2"E$A
:>:5$#? I¤* ?3$Y4?3? ?" 5$22$9" 3$2 9? 3>?‘"9?K $# 52$Ea": $# :4A
’95$: 3$ $9D2$95?2 4#? :4J>3?\ W$A
$# Y4$:5<" ?54?93" 9" 3>:@":>5>W" J>3? "4 $# 3$:E>3?\ 52?D$‘4$ :$#A
2>D>E?2 ?: E"93>;[$: 3" 5"@" $n"4
,$K$EA.$22?>9£M @2$ $# 3>2$;<" 2$5>KV9$?M ,$ ?: 2"3?:
3" "452" K?3"M ’95$: 3$ $9D2$9A
@$23$2$# ?3$2Z9E>? $9Y4?95" $:5>W$2
5?2 4#? :4J>3? E"# D"25$ >9EK>9?;<"\
1$,-
:$ ?@2"o>#?93" 3" 5"@" 3$ 4#? :4A ! R  , -67 
 ,G 3  3$:E?2‘? @?2? 3$5$E5?2 $W$954?>:
J>3?\ 3$:?E$K$2?2 $ #?95$2 ? #?2Ea?    3?9":M
E"9:5?95$ W>2?93" K$95?#$95$ ?: 2"A -: @$2E42:": D"2? 3$ $:52?3? :4A  =9:@$E>"9?2 " 2?3>?3"2 @?2?
3?: 3>?95$>2?: @?2? ? $:Y4$23? $ @?2? ^$>5?# " W$VE4K" ? :"K>E>5?;[$: :4@$A >3$95>D>E?2 $W$954?>: 2$:V34": 3$
? 3>2$>5?M +:5? #?9"J2? D?W"2$E$ ? 2>"2$: fY4$K?: ? Y4$ $:5?2>? :4^$>5" K?#? $n"4 3$52>5":% :$ @2$:$95$:\
?3$2Z9E>? $ ?::$‘42? ? 52?;<" 9$E$:A $# $:52?3?: 9"2#?>:M *$@">: 3$ $D$A 2$#"WZAK":M
:_2>? @?2? E"#@K$5?2 ? :4J>3?M 54?2 4# @$2E42:" D"2? 3$ $:52?3?\  8$25>D>E?2A:$ 3$ Y4$ ": $K$#$95":
E$25>D>E?2A:$ 3$ Y4$ " W$VE4K" 9<" :"A 3$ D>o?;<" p@?2?D4:":\ E?W>Ka?:q
 -67 
,  D2$4 3?9":M +# @?25>E4K?2\ W$2>D>E?2 " 3": E"#@"9$95$: 3? 52?9:#>::<"\
8"K"E?2 4#? #?2Ea? J?>o? $ " :$‘4>95$% 3? 3>2$;<"\ 3?: :4:@$9:[$: $ 3"
:>:5$#? I¤* 9? #"3?K>3?3$ I¤* Ea?::>: 9<" $:5<" 3$:?@$25?3":%
)-¤ "4 :$K$E>"9?2 " :>:5$#? S*8M :$ $:5>W$2$#\ 3>2>‘>2A:$ f  
*$>o?2 Y4$ " W$VE4K" 3$:;? K$95?A ! = ,  > :
#$95$ ?" K"9‘" 3? >9EK>9?;<" $ Y4$ !#!  8$25>D>E?2A:$ 3$ Y4$ 9<"
?: Y4?52" 2"3?: :>95?# ? ?;<" 3$ D2$A @$2#?9$;?# $92":E?3?: @K?95?:
’ @2$:$9;? 3$ #?5$2>?K ?J2?:>W"
9?‘$# 3" #"5"2M *$:5$ #"3"\ :$2_ "4 ?2J4:5":% 3$ D?5"\ @"3$2>?#
9": D2$>": @"3$ @2"W"E?2 4# 3$:‘?:5$
@"::VW$K #?95$2 :"J E"952"K$ ? W$K"A >9E$93>?2A:$ "4 @2"W"E?2
$oE$::>W" "4 E"#@2"#$5$2 " :$4 E"2A
E>3?3$ $ ? 3>2$;<" 3" W$VE4K"M $W$954?>: 3?9": 9?: 54J4K?;[$:\
2$5" D49E>"9?#$95"M
9?: ‘4?29>;[$: $ 9" $>o" 3$
s4?93" :$ @$2E"22$# 3$:E>3?: $#
,$ " W$VE4K" 5>W$2 :>3" E"934X>3" 52?9:#>::<"M
#"95?9a?:\ ? ?;<" 2$@$5>3? 9": D2$>":
@"3$ @2"W"E?2 " :$4 :"J2$?Y4$E>A $# ?#J>$95$: @?25>E4K?2#$95$ @"$>A  ’@g: 4#? 45>K>X?;<" @2"K"9‘?3?
#$95" ?5] E"#@2"#$5$2 5"5?K#$95$ ? 2$95":\ #?93?2 W$2>D>E?2 ": D2$>": $ $# 5$22$9": K?#?E$95":\ ?2$9"A
$D>E_E>? 3? ?;<" 3$ D2$9?‘$#M +W>5?2\ K>#@_AK":\ :$ 9$E$::_2>"M :":\ E"# E42:": 3$ _‘4? "4 :>A
:$ @"::VW$K\ D2$9?‘$9: J24:E?: "4 2$A #>K?2$:\ W$2>D>E?2 $ K>#@?2 " #?>:
@$5>3?: 2$34X>93" ?: W$K"E>3?3$:M  =9:@$E>"9?2 E4>3?3":?#$95$ ? 2?@>3?#$95$ @"::VW$K " 2?3>?3"2\
@?25$ 3? E?22"E$2>? 3" W$VE4K"M ? W$95">9a?\ ": 3>:E": $ ?: @?:5>A
U$2>D>E?2 ": @9$4:\ ? $:524542? Ka?: 3": D2$>":\ ?: E"93>;[$: 3":
3? E?22"E$2>?\ ? 3>2$;<"\ ?: @9$4:M
:4:@$9:[$: $ " :>:5$#? 3$
1$-.
 ,$\ ?@g: ? 45>K>X?;<" $# 5$22$9":
K?#?E$95":\ K"3":": "4 :>#>K?2$:\
:$ :$95>2$# W>J2?;[$:\ E$25>D>Y4$A
:$ 3$ Y4$ 9?: 2"3?: 9<" D>E?#
@2$:": E"2@": $:52?9a": Y4$ @"A
3$2>?# E"#@2"#$5$2 " :$4 $Y4>A
KVJ2>"M

&

1$-!
1
      
=!.C-*(/0- M M M M M M M M M M M M M M M M M M M M RA7
)(P+, *+ ’*U+C.k!8=’ *+ 1+C=R- M M M M M M M RA7
,(B,.=.(=/0- *+ )¥&1’*’, M M M M M M M M M M RAF
O(,lU+=, M M M M M M M M M M M M M M M M M M M M M M RA7H
.C-8’ *+ 1!+(, M M M M M M M M M M M M M M M M M RALH
1’C.=*’ *- &-.-C 8-& B’.+C=’
’(¡=)=’C M M M M M M M M M M M M M M M M M M M M M M RAHF
,=,.+&’ *+ 8-C.+ *+ 8-&B(,.lU+) M M M M M RAH~
,+ - &-.-C ,(1+C’s(+8+C M M M M M M M M M M RAI7
’)’U’!8’ *- 8¥&B=- ’(.-&“.=8- M M M M RAI7
)=B+C’!*- (& U+l8()- 1C+,- M M M M M M M M RAIL
C+B-8’!*- - U+l8()- M M M M M M M M M M M M RAIH
+¡.=!.-C *+ =!8k!*=-, M M M M M M M M M M M M RAI{

2
2
 E4K"q\ $ 5?#J]# 3>:@"9>J>K>X? >9D"2A K>X?3" 9" 2$52"W>:"2 >95$29" 3"
#?;[$: :"J2$ " $:5?3" 3" W$VE4K"\ W$VE4K"M
(# @9$4 D42?3" "4 4#? Kd#@?3? :4? K"E?K>X?;<"\ $952$ "452?:M
Y4$>#?3?fl +# E?:" 3$ 9$E$::>3?3$ 3$ ?E>"9?A
’ 45>K>X?;<" 3? D49;<" 3$ ?::>:5Z9A
1"3$ ?E"95$E$2 Y4$ ?K‘49: >9E"9A E>? ? J"23" ] 2$?K>X?3? ?52?W]: 3": #$95" 3" :$2W>;" 3$ $#$2‘Z9E>? #?A
W$9>$95$: @$2542J$# ? 9"::? W>?‘$#M J"5[$: >93>E?3": @$K?: :$5?:\ :$93" 94?K#$95$\ @2$::>"9?2 " J"5<" w,-,y
J"5<" 3? $:Y4$23? w,-,y $ " 3? 3>A @"2 E$2E? 3$ L :$‘493":\ " )+* E"2A
’: @_‘>9?: 3$3>E?3?: f $#$2‘Z9A 2$:@"93$95$ ?" J"5<" w,-,y D>E?2_
E>? @"3$# :$2 3$ ?^43? @?2? $9D2$95?2 2$>5? w’,,=,.y\ K"E?K>X?3": 9" $:@$A
Ka" 2$52"W>:"2 >95$29" 3" W$VE4K"M W$23$\ >93>E?93" Y4$ ? Ea?#?3? $:5_
52?9Y4>K?#$95$ ?: :>54?;[$: E2V5>E?:M :$93" $D$54?3? $ :$ ?@?‘?2_ ?::>#
+# :>54?;[$: 3$ $#$2‘Z9E>?\ ] Y4$ ? #$:#? D"2 D>9?K>X?3?M
?E"9:$Ka_W$K K>‘?2 @?2? " 9u#$2"
>93>E?3" 9" )>W2" 3$ R?2?95>?M

e 5?#J]# @"::VW$K K>‘?2 @?2? " 9uA ,$ " J"5<" w,-,y D"2 ?E>"9?3" 3$
#$2" 49>W$2:?K\ 9?E>"9?K "4 >95$29?A #?9$>2? $Y4>W"E?3?\ 3$952" 3$ 4#
E>"9?K @?2? @2"E42?2 ? C$3$ 3$ ’::>:A @$2V"3" 3$ 7G :$‘493":\ @2$::>"9?2
5Z9E>? #?>: @2go>#?M 9"W?#$95$ " #$:#" @?2? ?94K?2 ?
Ea?#?3?M

    * 6  
 5= ,  /0
’ E"#49>E?;<" E"# ? E$952?K
    '  ’ ?5>W?;<" 3" :$2W>;" 3$ $#$2‘Z9A 3$ ?5$93>#$95" :$2_ 2$?K>X?3? ’
E>? @"3$2_ :$2 D$>5? 3$ D"2#?% 45>K>X?93"A:$ " :>:5$#? 3$ _43>" 3"
!"!!   !"!!  W$VE4K" p:$ $Y4>@?3"qM
!#!  ’45"#_5>E? p:$ $Y4>@?3"q\ $#
8?:" 9<" :$^? @"::VW$K 2$?K>X?2 ?
1?2? ?K‘4#?: W$2:[$:\ $:5_ 3>:@"A E?:" 3$ >#@?E5" :>‘9>D>E?5>W"
Ea?#?3? 3$ W"X "4 ? #$:#? D"2 >9A
9VW$K ? D49;<" 3$ ?::>:5Z9E>? ? J"23" 2$‘>:52?3" @$K" :>:5$#?M
5$22"#@>3? 3$W>3" ? D?K5? 3$ E"J$2A
Y4$ D"29$E$ :4@"25$ $# E?:": 3$ ?E>A  &?94?K\ ?52?W]: 3? @2$::<" @2"A 542? 3" :>:5$#? 3$ 5$K$D"9>?\ " :>:A
3$95$ $n"4 $#$2‘Z9E>? p?W?2>? 3" W$VA K"9‘?3? 3" J"5<" w,-,y \ K"E?A 5$#? 5$95?2_ $952?2 $# E"95?5" E"#

2$!
? E$952?K 3$ ?5$93>#$95" @"2 4# @$A @$3>93" " E"22$5" D49E>"9?#$95" 3"

2V"3" 3$ 6 #>945":M #$:#"M
=‘9"2?2 ? :>9?K>X?;<" 3$ ?W?2>?
!": E?:": $# Y4$ a"4W$2 9$E$::>A $#>5>3? @$K" :>:5$#?\ @"3$ >#@":A
3?3$ 3? E$952?K 3$ ?5$93>#$95" $:A :>J>K>5?2 ? 45>K>X?;<" 3" :$2W>;" 3$
5?J$K$E$2 E"95?5" E"# " W$VE4K"\ " $#$2‘Z9E>? p,-,q Y4?93" 9$E$::_A
:>:5$#? 2$E$J$2_ 4#? Ea?#?3? Y4$ 2>"M !#!
:$2_ ?E$>5? ?45"#?5>E?#$95$M &$:#" Y4$ " :$2W>;" 3$ $#$2A
’" $D$54?2 ? Ea?#?3?\ :$2<" 52?9:A ‘Z9E>? p,-,q $:5$^? D49E>"9?93"
 E"22$5?#$95$\ D?5"2$: D"2? 3"
#>5>3": ?45"#?5>E?#$95$ f E$952?K
3$ ?5$93>#$95"\ ": :$‘4>95$: 3?3": !" E?:" 3$ 45>K>X?;<" 3" :$2W>;" E"952"K$ 3? ,.+))’!.=,\ E"#"
3" W$VE4K" 3$ ?E"23" E"# @2]W>? ?4A 3$ $#$2‘Z9E>? p,-,q\ ? Ea?#?3? :$2_ 3?9": :"D2>3": @$K" W$VE4K" 342?95$
5"2>X?;<" 3" EK>$95$M $9E?#>9a?3? ?45"#?5>E?#$95$ @?2? " >9E>3$95$\ 2$3$ 3$ 5$K$D"9>? 3?
4#? E$952?K 3$ ?5$93>#$95" @2>W?3?M "@$2?3"2? @?2E$>2? E"9‘$:5>"9?3?
 C$‘>:52" Y4$ " EK>$95$ 45>K>X"4 " "4 9<" 3>:@"9VW$K\ E"93>;[$: #$5$A
:$2W>;" 3$ $#$2‘Z9E>?M "2"Kg‘>E?: ?3W$2:?\ K"E?K>X?;<" 3"
 W$VE4K" $#n"4 @2go>#" ? $:524542?:
 &?2E? 3" W$VE4K"M +# E?:" 3$ @$2>‘" ?": "E4@?95$: Y4$ @"::?# E?4:?2 >95$2D$2Z9E>?\
 ’: uK5>#?: E""23$9?3?: 3$ R1, 3" W$VE4K" p>9EZ93>"\ @":>;<" @$2>A $952$ "452":\ @"3$# >95$2D$2>2 "4
E"9a$E>3?: 3" W$VE4K"M ‘":? 3" W$VE4K" 9? W>?\ $952$ "452":q\ >95$22"#@$2 ?: Ea?#?3?:M
9<" ?‘4?23?2 " E"95?5" E"# ? E$9A
!" E?:" 3$ " :>:5$#? 3$ ?::>:5Z9A 52?K 3$ ?5$93>#$95"M ,$ $:5>W$2 $# ,>‘? :$#@2$ ?: @2$:E2>;[$: 3" #?A
E>? ? J"23" ?@2$:$95?2 4#? ?W?2>?\ E"93>;[$:\ :?>2 3" W$VE4K" $ E"K"E?2A 94?KM
2$D$2$95$ ?" :$2W>;" 3$ $#$2‘Z9E>? :$ $# K"E?K :$‘42"M
p,-,q\ " )+* E"22$:@"93$95$ ?" J"A
5<" w,-,y D>E?2_ W$2#$Ka"M *>2>‘>2A:$
?::># Y4$ @"::VW$K ?   ! & 
!#!
= ,  > M ’ >9:5?K?;<" 3$ ?E$::g2>": 9<" a"A
#"K"‘?3": @$K? ,.+))’!.=, @"3$ 1?2? Y4$ " :$2W>;" 3$ $#$2‘Z9E>?
E?4:?2 >95$2D$2Z9E>? 9" :>:5$#?\ >#A p,-,q :$^? 3>:@"9>J>K>X?3" ] 9$E$::_A

2$"
2>" Y4$ :$^? D$>5? ? >9:E2>;<" 3" W$VA ’" :$ @2$::>"9?2 " J"5<" w’,,=,.y\ ’ E"#49>E?;<" E"# ? E$952?K
E4K"nEK>$95$M :$2<" $o>J>3": 3">: J"5[$: ‘2_D>E": 9? 3$ ?5$93>#$95" :$2_ 2$?K>X?3?
5$K? 3? E$952?K #4K5>#V3>? 3" W$VE4K"% 45>K>X?93"A:$ " :>:5$#? 3$ _43>" 3"
1?2? #?>"2$: >9D"2#?;[$: :"J2$ W$VE4K" p:$ $Y4>@?3"qM
" @2"E$3>#$95" @?2? a?J>K>5?;<"
 ,$2W>;": (E"99$E5  ?" 8?:" 9<" :$^? @"::VW$K 2$?K>X?2 ?
3" :$2W>;"\ @$2V"3" 3$ 3>:@"9>A
@2$::>"9_AK"\ " 4:4_2>" @"3$2_ Ea?#?3? 3$ W"X "4 ? #$:#? D"2 >9A
J>K>3?3$\ E"J$2542? $ $W$954?>:
:"K>E>5?2 >9D"2#?;[$: :"J2$ " 5$22"#@>3? 3$W>3" ? D?K5? 3$ E"J$2A
E4:5": 3$ 45>K>X?;<"\ ?E$::?2 " :>5$
W$VE4K"\ E"952?5?2 "4 E?9E$K?2 ": 542? 3" :>:5$#? 3$ 5$K$D"9>?\ " :>:A
iiiM^$$@ME"#MJ2M
:$2W>;": 3>:@"9VW$>:M 5$#? >2_ 2$?K>X?2 4#? 9"W? Ea?#?3?
 ’::>:5Z9E>? +#$2‘$9E>?K  @?2? $952?2 $# E"95?5" E"# ? E$952?K
 * 6  ! = ,  /!0
?" @2$::>"9_AK"\ " 4:4_2>" 3$ ?5$93>#$95"M
’ ?5>W?;<" 3" :$2W>;" 3$ ?::>:5Z9A @"3$2_ :"K>E>5?2 ": :$2W>;": 3$
E>? @"3$2_ :$2 D$>5? 3$ D"2#?% ?::>:5Z9E>? LI a"2?:\ 3>:@"9VW$>: ’" $D$54?2 ? Ea?#?3? :$2<" 52?9:A
9" #?94?K 3" 12>W>K$‘$ ,$2W>E$M #>5>3": ?45"#?5>E?#$95$ f E$952?K
3$ ?5$93>#$95"\ ": :$‘4>95$: 3?3":
 ’45"#_5>E? p:$ $Y4>@?3"q\ $#
3" W$VE4K" 3$ ?E"23" E"# @2]W>? ?4A
E?:" 3$ ?W?2>?: Y4$ >#@$;?# "
 5"2>X?;<" 3" EK>$95$M
W$VE4K" 3$ :$ K"E"#"W$2M
 &?94?K\ ?52?W]: 3? @2$::<" 3" e 9$E$::_2>" @2$::>"9?2 4# 3": J"A
5[$: ‘2_D>E":\ $o>J>3": 9? 5$K? 3? E$9A  C$‘>:52" Y4$ " EK>$95$ 45>K>X"4 "
J"5<" w’,,=,.y\ K"E?K>X?3" 9" 2$A
52?K #4K5>#V3>? 3" W$VE4K"\ @?2? 3?2 :$2W>;" 3$ ?::>:5Z9E>?M
52"W>:"2 >95$29" 3" W$VE4K"M
@2"::$‘4>#$95" f 2$?K>X?;<" 3? Ea?A  &?2E? 3" W$VE4K"M
+# E?:" 3$ 9$E$::>3?3$ 3$ ?E>"A #?3?M  ’: uK5>#?: E""23$9?3?: 3$ R1, ’
9?#$95" 3" :$2W>;" 3$ ?::>:5Z9E>?\ E"9a$E>3?: 3" W$VE4K"M
@2$::>"9?2 " J"5<" w’,,=,.y\ " )+*   - 5>@" 3$ ?W?2>? ?@2$:$95?3? @$K"
E"22$:@"93$95$ ?" J"5<" w’,,=,.y D>A W$VE4K" Y4$ ?5>W"4 ?45"#?5>E?A
,$ " J"5<" w’,,=,.y D"2 ?E>"9?3"
E?2_ W$23$\ >93>E?93" Y4$ ? Ea?#?3? #$95$ " :$2W>;" 3$ ?::>:5Z9E>? p:$
3$ #?9$>2? $Y4>W"E?3?\ @2$::>"9?2
$:5_ :$93" $D$54?3? $ :$ ?@?‘?2_ ?:A $Y4>@?3"qM
9"W?#$95$ " #$:#" @?2? ?94K?2 ?
:># Y4$ ? #$:#? D"2 D>9?K>X?3?M
Ea?#?3?M

2$%
!" E?:" 3$ " :>:5$#? 3$ ?::>:A @$3>93" " E"22$5" D49E>"9?#$95" 3" ,>‘? :$#@2$ ?: @2$:E2>;[$: 3" #?A
5Z9E>? ? J"23" ?@2$:$95?2 4#? ?W?A #$:#"M 94?KM
2>?\ 2$D$2$95$ ?" :$2W>;" 3$ ?::>:5Z9A
E>? p’,,=,.q\ " )+* E"22$:@"93$95$
?" J"5<" w’,,=,.y D>E?2_ W$2#$Ka"M 
*>2>‘>2A:$ ?::># Y4$ @"::VW$K ?  8?:" 4#? Ea?#?3? 3" :>:5$#? 3$
!#!
 ! = ,  > M $#$2‘Z9E>? p,-,q $:5$^? $# ?93?A
#$95" $ :$^? :"K>E>5?3? 4#? 9"W? 1?2? Y4$ " :$2W>;" 3$ ?::>:5Z9E>?
Ea?#?3? ?52?W]: 3" :>:5$#? 3$ ?::>:A p’,,=,.q :$^? 3>:@"9>J>K>X?3" ] 9$A
 5Z9E>? p’,,=,.q\ $:5? 9"W? Ea?#?3? E$::_2>" Y4$ :$^? D$>5? ? >9:E2>;<" 3"
=‘9"2?2 ? :>9?K>X?;<" 3$ ?W?2>? 9<" :$2_ 2$?K>X?3?M W$VE4K"nEK>$95$M
$#>5>3? @$K" :>:5$#?\ @"3$ >#@"::>A
1?2? #?>"2$: >9D"2#?;[$: :"J2$
J>K>5?2 ? 45>K>X?;<" 3" :$2W>;" 3$ ?::>:A
" @2"E$3>#$95" @?2? a?J>K>5?;<" 3$
5Z9E>? p’,,=,.q Y4?93" 9$E$::_2>"M
@?E"5$: 3$ :$2W>;":\ @$2V"3" 3$ 3>:A
!#! @"9>J>K>3?3$\ E"J$2542? $ $W$954?>:
 &$:#" Y4$ " :$2W>;" 3$ ?::>:5Z9A E4:5": 3$ 45>K>X?;<" ?E$::?2 " :>5$
E>? p’,,=,.q $:5$^? D49E>"9?93" E"2A iiiM^$$@ME"#MJ2M
+# E?:" 3$ @$2>‘" ?": "E4@?95$:
3" W$VE4K" p>9EZ93>"\ @":>;<" @$2>A 2$5?#$95$\ D?5"2$: D"2? 3" E"952"K$
‘":? 3" W$VE4K" 9? W>?\ $952$ "452":q\ 3? ,.+))’!.=,\ E"#" 3?9": :"D2>A 
9<" ?‘4?23?2 " E"95?5" E"# ? E$9A 3": @$K" W$VE4K"\ 2$3$ 3$ 5$K$D"9>?
-: :$2W>;": 3$ ?::>:5Z9E>? ? J"23"
52?K 3$ ?5$93>#$95"M ,$ $:5>W$2 $# 3? "@$2?3"2? @?2E$>2? E"9‘$:5>"9?3?
:<" 3>:@"9>J>K>X?3": @?2? 45>K>X?;<"
E"93>;[$:\ :?>2 3" W$VE4K" $ E"K"E?2A "4 9<" 3>:@"9VW$K\ E"93>;[$: #$5$A
?45"#?5>E?#$95$ ?" @":>E>"9?2 " E"A
:$ $# K"E?K :$‘42"M "2"Kg‘>E?: ?3W$2:?:\ K"E?K>X?;<" 3"
#45?3"2 3$ >‘9>;<" 3" W$VE4K" 9? @"A
W$VE4K" $#n"4 @2go>#" ? $:524542?:
:>;<" M
Y4$ @"::?# E?4:?2 >95$2D$2Z9E>?\ $9A
 52$ "452":\ @"3$# >95$2D$2>2 "4 >95$2A
’ >9:5?K?;<" 3$ ?E$::g2>": 9<" a"A 2"#@$2 ?: Ea?#?3?:M
#"K"‘?3": @$K? ,.+))’!.=, @"3$
E?4:?2 >95$2D$2Z9E>? 9" :>:5$#?\ >#A
2$&
4#? W>3? u5>K 3$ 6 ?9": ?@2"o>#?3?A Y4$ ? D49;<" ‘$"K"E?K>X?;<" $:5_
#$95$M 8?:" "E"22? ?K‘4#? D?Ka? 2$A ?5>W? $ @"3$ :$2 3$:?J>K>5?3? ?52?W]:
!#! K?E>"9?3? ?" :>:5$#? 3$ ?::>:5Z9E>? ? 3? @2g@2>? E$952?KM
J"23"\ " E"9345"2 :$2_ ?K$25?3" ?52?A
8?:" ? ?::>9?542? 3" :$2W>;" 3$
W]: 3? $o>J>;<" 3$ #$9:?‘$# $:@$A
$#$2‘Z9E>? p,-,q "4 3" :$2W>;" 3$ 
EVD>E? 9? E$952?K #4K5>#V3>? 3" W$VA
?::>:5Z9E>? p’,,=,.q\ $o@>2$\ ": #$:A s4?93" ? D49;<" ‘$"K"E?K>X?;<"
E4K" $ " #$:#" 3$W$2_ 3>2>‘>2A:$ ?
#": 9<" $:5?2<" #?>: 3>:@"9VW$>:M ] 3$:?J>K>5?3?\ ?52?W]: 3? E$952?K
  !  ,  > My
1?2? #?>"2$: >9D"2#?;[$: ?E$::?2 (E"99$E5\ ? K"E?K>X?;<" 3" W$VE4K"
" :>5$ iiiM^$$@ME"#MJ2M ’ ,.+))’!.=, E"K$5?\ 52?5? $ E"95>94? ? :$2 2$‘>:52?3? ?@$9?: @?2?
45>K>X? ": 3?3": @$::"?>: 3" EK>$95$ $ 45>K>X?;<" 3" :>:5$#? 3$ 9?W$‘?;<"\
- :>:5$#? 3$ ?::>:5Z9E>? ? J"23"\ 3" W$VE4K" $# E"9D"2#>3?3$ E"# ": :$‘42?9;?\ :$‘42" $ ?::>:5Z9E>? ?
:$2W>;" 3$ $#$2‘Z9E>? p,-,q $ :$2A 2$Y4>:>5": K$‘?>:M 1?2? #?>: >9D"2A E"934;<"\ Y4?93" 3>:@"9VW$>: $n"4
W>;" 3$ ?::>:5Z9E>? p’,,=,.q\ 45>K>X? #?;[$: :"J2$ " 52?5?#$95" $ :$4: E"952?5?3":M
4#? J?5$2>? >93$@$93$95$ Y4$ @$2A 3>2$>5": $# 2$K?;<" ? $:5$: 3?3":\
#>5$ ? 3>:@"9>J>K>3?3$ 3$ ?K‘49: :$2A ?E$::$ ? 1"KV5>E? 3$ 12>W?E>3?3$ 3? !-' K67   

W>;":\ #$:#" Y4$ ? J?5$2>? @2>9E>@?K ,.+))’!.=,\ 3>:@"9VW$K 9" :>5$ ’ ?54?K>X?;<" 3" :>:5$#? 3$ ?::>:A
3" W$VE4K" $:5$^? 3$:E"9$E5?3?M iiiM^$$@ME"#MJ2M 5Z9E>? ? J"23" $ 3? E$952?K (E"99$E5\
@"3$# :$2 2$?K>X?3": 3$ #?9$>2? 2$A
"  ',' K67 / .- & #"5?\ ? D># 3$ E"K"E?2 ? 3>:@":>;<"
 0: 3" EK>$95$ W$2:[$: 3$ :"D5i?2$ #?>:
- :>:5$#? 3$ ?::>:5Z9E>? ? J"23" 2$E$95$: Y4$ >9EK4?# 9"W?: D49E>"A ’
’ K"E?K>X?;<" 3" W$VE4K" $:5?2_
@"::4> 4#? J?5$2>? 3$ J?Eh4@\ ? Y4?K 9?K>3?3$: "4 #$Ka"2>?: 3?: D49E>"A
:$#@2$ ?5>W?\ :$^? @?2? ? 45>K>X?;<"
@$2#>5$ Y4$ " :>:5$#? @$2#?9$;? $# 9?K>3?3$: ^_ 3>:@"9VW$>:M
3" :$2W>;" 3$ $#$2‘Z9E>? p,-,q "4
D49E>"9?#$95" @"2 4# @$2V"3" K>#>A
@?2? ? 45>K>X?;<" 3" :$2W>;" 3$ ?::>:A +:5?: ?54?K>X?;[$: 3$ :"D5i?2$ 3$A
5?3" 3$ 5$#@" 9": E?:": $# Y4$ ?
5Z9E>? p’,,=,.qM W$# :$2 2$?K>X?3?: E"9D"2#$ "2>$9A
J?5$2>? @2>9E>@?K 3" W$VE4K" D"2 3$:A
E"9$E5?3?M ’ J?5$2>? 3$ J?Eh4@ 3" - VE"9$ \ @2$:$95$ 9? @?25$ :4A 5?3" @$K? ,.+))’!.=,M
:>:5$#? 3$ ?::>:5Z9E>? ? J"23" @"::4> @$2>"2 3? E$952?K (E"99$E5\ >93>E?

2$’
3$ ?::>:5Z9E>? p’,,=,.q\ " #$:#" 3$A +# E?:" 3$ D2$9?‘$# 3$ $#$2‘Z9A
 E>?\ ?E$93$#A:$ ?45"#?5>E?#$95$ $
W$2_ 3>2>‘>2A:$ ?   ! = , 
’ ?54?K>X?;<" 3$ :"D5i?2$ 3$ #?A > M 1?2? #?>"2$: >9D"2#?;[$: ?E$:A :>#4K5?9$?#$95$ ?: K4X$: 3$ D2$>" $
9$>2? 2$#"5? 3? E$952?K (E"99$E5 :"A :?2 " :>5$ iiiM^$$@ME"#MJ2M ": >93>E?3"2$: 3$ 3>2$;<" p:$5?:q $ 9"
#$95$ @"3$2_ :$2 2$?K>X?3? :$ " W$VA Y4?32" 3$ >9:524#$95": ?E$93$#A:$
E4K" $:5>W$2 5?#J]# $Y4>@?3" E"# ?: K4X$:A$:@>? M
" :>:5$#? 3$ ?::>:5Z9E>? ? J"23"M J  "#!
’: K4X$: 3$:K>‘?#A:$ ?45"#?5>E?A

  #$95$ 9" #"#$95" $# Y4$ ? D2$9?A
 12$::>"9?2 " J"5<" @?2? K>‘?2n ‘$# 9<" 5$# #?>: E?2_5$2 3$ $#$2A
’K‘4#?: 3?: ?54?K>X?;<" 3$ 3$:K>‘?2 ?: K4X$: 3$ $#$2‘Z9E>?M ‘Z9E>?M
:"D5i?2$ :$2<" 2$?K>X?3?: ?45"#?5>A
8"# ?: K4X$: 3$ $#$2‘Z9E>? K>A
E?#$95$\ "452?:\ @"2 :4? W$X\ :$2<"
‘?3?:\ "J5]#A:$ ? >95$2#>5Z9E>? 3?:
E"#49>E?3?: ?" EK>$95$ ?52?W]: 3$
K4X$:A$:@>? M
    
#$9:?‘$# $:@$EVD>E?\ $o>J>3? 9?
5$K? 3? E$952?K (E"99$E5\ 9? Y4?K ;'
] @"::VW$K E"9D>2#?2 "4 ?3>?2 5?K  "
?54?K>X?;<"M 1?2? #?>"2$: >9D"2A
- 4:" 3?: K4X$: 3$ $#$2‘Z9E>? ]  8$25>D>Y4$A:$ :$#@2$ 3$ Y4$ ?
#?;[$: :"J2$ " @2"E$3>#$95" 3$
2$‘4K?#$95?3" @$K" Eg3>‘" 3? 52d9A :4J:5>54>;<" 3?: Kd#@?3?: Y4$>A
?54?K>X?;<" 3$ :"D5i?2$ 3$ #?9$>2?
:>5" 3" @?V: "93$ :$ E>2E4K?% "J:$2W?2 #?3?: :$^?# $D$54?3?: @"2 "452?:
2$#"5?\ 3" :>:5$#? 3$ ?::>:5Z9E>?
?: @2$:E2>;[$:M 3" #$:#" 5>@" $ @"5Z9E>?M
? J"23" $ 3? E$952?K (E"99$E5\
?E$::?2 " :>5$ iiiM^$$@ME"#MJ2M  ’95$: 3$ :4J:5>54>2 4#? Kd#@?3?\
  5
 
 5= ,  E$25>D>Y4$A:$ Y4$ ": 2$:@$E5>W":
 *67   * 6  
 & ’: K4X$: 52?:$>2?: $#>5$# 4# :>9?K E"95?5": 9<" $:5$^?# "o>3?3":M
5= ,   ! = ,  K4#>9":" @?2? ": #"5"2>:5?: Y4$ $:A  s4?93" 4#? Kd#@?3? 9<"
5<" ?52_: 3" W$VE4K"\ @?2? >93>E?2 Y4$ D49E>"9?\ ?95$: 3$ :4J:5>54VAK?\
8?:" " EK>$95$ W$93? " :$4 W$VE4K" E$25>D>E?2A:$ 3$ Y4$ " D4:VW$K
D"> ?@K>E?3" 4#? D"2;? $K$W?3? 3$
? 5$2E$>2":\ "4 3$:$^$ 3$:?5>W?2 " :$2A E"22$:@"93$95$ $:5_ V95$‘2"%
D2$9?‘$# 9" W$VE4K"M
W>;" 3$ $#$2‘Z9E>? p,-,q $ " :$2W>;" @?2? ? K"E?K>X?;<" 3": D4:VW$>:\

2$*
E"9:4K5?2 rO4:VW$>:y 9$:5$ 2?: @"3$ $#J?;?2 $ D"2#?2 E"93$9A
E?@V54K"M :?;<" 9" >95$2>"2 3?: K$95$:M .2?5?A
!#! :$ 3$ 4# D$9v#$9" 9?542?K 3$W>3" f
3>D$2$9;? 3$ 5$#@$2?542? $ 4#>3?3$
’: Kd#@?3?: a?Kg‘$9?: 3$W$# :$2
$952$ " >95$2>"2 $ " $o5$2>"2 3? K$95$
#?94:$?3?: 5"E?93" $oEK4:>W?#$95$
Y4$\ 9" $95?95"\ 9<" >93>E? 4#?
!#! 9? @?25$ #$5_K>E?M ,$ " J4KJ" 52?9:A
?9"#?K>? $ 9<" E"#@2"#$5$ " 9"2A
&"3>D>E?;[$: "4 2$@?2?;[$: 3" :>:A @?2$95$ $952?2 $# E"95?5" E"# ": 3$A
#?K D49E>"9?#$95" 3": 3>:@":>5>W":
5$#? $K]52>E" 2$?K>X?3?: D"2? 3?  3":\ >:5" 2$34X ? >95$9:>3?3$ 3? K4X
3$ >K4#>9?;<"M ’ E"93$9:?;<" 3$:?A
 ! = ,  > \ 3$ #"3" >9E"2A $#>5>3? $ @"3$ 5?#J]# @2$^43>E?2 ?
@?2$E$ ?K‘49: #>945": ?@g: " ?E$9A
2$5" $ :$# 5$2 $# E"9:>3$2?;<" ?: E?A 342?;<" 3? Kd#@?3?M
3>#$95" 3": D?2g>:\ ? @?25>2 3" E$952"
2?E5$2V:5>E?: 5]E9>E?: 3" :>:5$#? @"A 3" 2$DK$5"2\ $:5$93$93"A:$ @2"‘2$::>A
+# E?:" 3$ E"95?5" ?E>3$95?K\ $:A
3$# E?4:?2 ?9"#?K>?: 3$ D49E>"9?A W?#$95$ @?2? ?: J"23?:M
D2$‘?2 ? Kd#@?3? E"# 4# @?9" E"#
#$95" $ @$2>‘" 3$ Y4$>#?342?:M
_KE""K $ 3$>o?2 :$E?2M
C>:E" 3$ >9EZ93>"M 
+D$54?2 ? "@$2?;<" 3$ :4J:5>54>;<"
3? Kd#@?3? ?@$9?: E"# " #"5"2
!#! 3$:K>‘?3"M 8$25>D>E?2A:$ ?>93? 3$ Y4$
!#! ’95$: 3$ @2"E$3$2 f :4J:5>54>;<" " @2g@2>" #"5"2 $:5_ D2>"\ @?2? $W>5?2
’: Kd#@?3?: a?Kg‘$9?: E"95Z# ‘_: 3?: Kd#@?3?:\ ?‘4?23?2 @?2? Y4$ :$ " @$2>‘" 3$ Y4$>#?342?:M
:"J @2$::<"M $:D2>$#M ’
+# E?:" 3$ 24@542?\ ] @"::VW$K ? 1+C=R- *+ s(+=&’*(C’,N
@2"^$;<" 3$ D2?‘#$95": 3$ W>32"M

s4?93" " EK>#? ] D2>" "4 u#>3" "4
?@g: Ea4W? D"25$ "4 K?W?‘$#\ ? :4A
@$2DVE>$ 3": D?2g>: "4 3?: K4X$: 52?:$>A

2$+
   '_
    *+,-'


   - 67  , 3 ,67 = , 

O?2"K J?>o"
)+* p8"95?5?2 ?  
O?2"K O?2"K ?K5" –
! = ,  > q
=93>E?3"2 3$ 3>2$;<" 3>?95$>2"
*C) p*?x5>#$ C499>9‘ )>‘a5q )+* p8"95?5?2 ?  
*C) p*?x5>#$ C499>9‘ )>‘a5q –
)4X$: 3$ @":>;<" 3>?95$>2? ! = ,  > q

C$@$5>3"2 K?5$2?K p9" 2$52"W>:"2 )+* p8"95?5?2 ?  


=93>E?3"2 3$ 3>2$;<" –
$o5$29"q ! = ,  > q
)+* p8"95?5?2 ?  
O?2"K 3$ 9$JK>9? O?2"K 3$ 9$JK>9? –
! = ,  > q
)4X 3$ @":>;<" 52?:$>2? )+* p8"95?5?2 ?  
)?95$29? D>o? –
=93>E?3"2 3$ 3>2$;<" 52?:$>2" ! = ,  > q

)4X 3$ D2$>" )+* p8"95?5?2 ?  


)?95$29? #gW$K –
)4X 3$ @":>;<" 52?:$>2? ! = ,  > q

)+* p8"95?5?2 ?  


)4X 3$ 2] )4X 3$ 2] –
! = ,  > q
)+* p8"95?5?2 ?  
)4X 3$ @K?E? )4X 3$ @K?E? –
! = ,  > q
)4X >95$29? 3>?95$>2? ¤6¤ BK4$ )?#@ 6¤
8"9^495" 3$ 5$5" )4X >95$29? L⁄ D>K$>2? ¤6¤ BK4$ )?#@ 6¤
)4X >95$29? H⁄ D>K$>2? ¤6¤ BK4$ )?#@ 6¤
)+* p8"95?5?2 ?  
.$2E$>2? K4X 3$ D2$>" pJ2?h$ K>‘a5q )4X 3$ D2$>" –
! = ,  > q
1"25?AK4W?: )4X 3" @"25?AK4W?: ¤6¤ BK4$ )?#@ 6¤

1"25?A#?K?: )4X 3" @"25?A#?K?: ¤6¤ BK4$ )?#@ 6¤

2$,

   - 67  , 3 ,67 = , 

1?2?A:g>: )4X 3$ E"25$:>? 9": $:@$Ka": 86¤ BK4$ )?#@ L\H ¤

2$-
%  "! `"&   < !
!! N!
1?2? :4J:5>54>2 ?: Kd#@?3?:\ @2"E$A
  < ! 3$2 E"#" >93>E?3" @?2? E?3? E"9A
^495"%
1?2? :4J:5>54>2 ?: Kd#@?3?:\ @2"E$A
3$2 E"#" >93>E?3" @?2? E?3? E"9A
^495"% 7M )?95$29?: D>o?n)?95$29?
#gW$Kn1K?E?n)4X 3$ D2$>"
 R  '@4 (@-K   &
67@  ,   67@ -: E"9^495": :<" 3$ )+*M 1?2?  (5>K>X?93" 4#? D$22?#$95? ?3$A
? :4J:5>54>;<"\ E"95?5?2 ?   Y4?3?\ 2$#"W$2 " E"9^495" 3$
-: E"9^495": :<" 3$ )+*M 1?2? ! = ,  > M K4X$: 3$ E"25$:>? 3>?95$>2?:M
? :4J:5>54>;<"\ E"95?5?2 ?  
 ,"K5?2 ?: 52?W?: $ ? :$3$ 3?: K4X$:
! = ,  > M
%  "! `"& E"9D"2#$ >93>E?3" @$K?: :$5?:M
   ' ' !! !  C$#"W$2 ?: Kd#@?3?: @4o?93"A
?: 3$ :4?: :$3$:M
-: 2$@$5>3"2$: K?5$2?>: :<" 3$ )+*M -K  ,      
1?2? ? :4J:5>54>;<"\ E"95?5?2 ?  1?2? 2$#"W$2 ?: Kd#@?3?:\ @2"E$A
 ! = ,  > M 3$2 3" :$‘4>95$ #"3"%

 '  4' 
-: D?2g>: 3$ 9$JK>9? :<" 3$ )+*M
1?2? ? :4J:5>54>;<"\ E"95?5?2 ? 
 ! = ,  > M

2$!.
-K      & BO 3 ' 
1?2? :4J:5>54>2 ?: Kd#@?3?:\ @2"E$A
3$2 3" :$‘4>95$ #"3"%

 B?>o?2 ? ?K;? 3$ :$‘42?9;?\ ?54A


?93" 9" :$95>3" >93>E?3" @$K?
:$5?\ $ 2$#"W$2 ? 5?#@?M
 ,4J:5>54>2 ? Kd#@?3?
7M .2?W?: 3$:@2$93$93"A? 3": E"95?5": -K    CO 3 ' 
LM ,$3$ 3?: Kd#@?3?: K?5$2?>:M
C$5>2?2 ? 5?#@? ! E"# $:@_54K?
 =9:$2>2 ? 9"W? Kd#@?3?\
@K_:5>E? ?@2"@2>?3? 9": @"95": >93>A
1?2? >9:5?K?2 ?: Kd#@?3?:\ @2"E$3$2 E$25>D>E?93"A:$ 3$ Y4$ $:5_
E?3": @$K?: :$5?:\ E4>3?93" @?2? 9<"
E"#" ? :$‘4>2% E"22$5?#$95$ JK"Y4$?3? $952$ ":
3?9>D>E?2 " @"25?AKd#@?3? "4 " 5$5"M
@2g@2>": E"95?5":M
 =9:$2>2 ?: 9"W?: Kd#@?3?:\  &"95?2 " E"9^495" 9? :4? @":>A
E$25>D>E?93"A:$ 3$ Y4$ D>E?2?# ;<" E"22$5?M
E"22$5?#$95$ 52?W?3?:M
 &"95?2 9"W?#$95$ ? :$3$ 3?:
Kd#@?3?: $ " E"9^495" 3?: K4A
X$: 3$ E"25$:>?\ ?::$‘42?93"A:$
3$ Y4$ D>Y4$# E"22$5?#$95$ 52?A ’
W?3":M

C$5>2?2 ? Kd#@?3? 3?9>D>E?3? %\


3$:K>X?93"A? 9? 3>2$;<" >93>E?3?
@$K? :$5?M

2$!!
-K   &
'
1?2? :4J:5>54>2 ?: Kd#@?3?:\ @2"E$A
3$2 3" :$‘4>95$ #"3"%

 ’J2>2 " @"25?A#?K?: $o52?>2 ? J?:$


3? Kd#@?3? ?54?93" 9" @"95"
>93>E?3" @$K? :$5?M
 *$:?E"@K?2 E"#@K$5?#$95$ ?
-K   &'-* J?:$ 3? Kd#@?3? 3$ :4? :$3$M

-K   'G  ,     & 1?2? :4J:5>54>2 ? Kd#@?3?\ @2"E$3$2


' E"#" >93>E?3" ? :$‘4>2%

1?2? :4J:5>54>2 ? Kd#@?3?\ @2"E$3$2  ’J2>2 " @"25?AK4W?:M


3" :$‘4>95$ #"3"%
 =9:$2>2 ": 3$3": 9" >95$2>"2 3?
:$3$ >K4:52?3? 9? D>‘42? :$‘4>95$\
 )$W?95?2 ? E"J$2542? 3" $:@$Ka" 1 2$5>2?2 ? Kd#@?3? $ :4J:5>54VAK?M
$ $o52?>2 ? E"J$2542? 3? Kd#@?3?
 =9:$2>2 ? 9"W? Kd#@?3?\
BM
E$25>D>E?93"A:$ 3$ Y4$ $:5_
 ,4J:5>54>2 ? Kd#@?3?\ K>J$2?93" ? E"22$5?#$95$ 52?W?3?M  R>2?2 ? J?:$ 3? Kd#@?3? @?2?
?95>‘? 3": E"95?5": K?5$2?>: $ $# :4J:5>54VAK?M
:$‘4>3? E$25>D>E?93"A:$ 3$ Y4$ ?
9"W? $:5$^? E"22$5?#$95$ JK"Y4$A
?3? $952$ ": #$:#":M
 C$>9:5?K?2 ? E"J$2542? 3? Kd#A
@?3?M
 1"2 D>#\ J?>o?2 ? E"J$2542? 3"
$:@$Ka"M

2$!"
" !
!! !#!
!" E?:" 3$ " D4:VW$K >95$22"#@$2A
:$ 9"W?#$95$\ 3>2>‘>2A:$ f  
!#! ! = ,  > M
!49E? :4J:5>54>2 4# D4:VW$K ?W?2>A C=,8- *+ =!8k!*=-M
?3" @"2 D>": #$5_K>E": "4 "452" #?A
 1"2 D>#\ 2$#"95?2 " E"9^495"M 5$2>?K 3$ 2$E4@$2?;<"M
C=,8- *+ =!8k!*=-M
!#!
!<" :4J:5>54>2 $# E?:" ?K‘4# 4#
D4:VW$K @"2 "452" 3$ E?@?E>3?3$ 3>D$A
!#! 2$95$ 3" $:@$E>D>E?3"M
,$ D"2 9$E$::_2>" $D$54?2 4#? K?W?A 1+C=R- *+ =!8k!*=-M
‘$# 3" E"#@?25>#$95" 3" #"5"2\ 5$2
E4>3?3" @?2? 9<" >9:>:5>2 3>2$5?#$95$
E"# " ^?5" 3$ _‘4? 9? E$952?K 3$ D4:VA
W$>: $ 3$#?>: E"#@"9$95$: $K]52>E"\
@">: $:5$: E"#@"9$95$: @"3$# :$2 !#! ’
3?9>D>E?3":M !" E?:" 3$ >95$2W$9;<" 3$ 4# D4A
:VW$K ‘$2?K 3$ @2"5$;<" p&’¡=AO(,+\
+W>5$ 3?9": ?": E"#@"9$95$:M &+R’AO(,+\ &=*=AO(,+q\ E"95?5?2 ?
  ! = ,  > M
1$::"?K $:@$E>?K>X?3" E"22>‘>2_ "
>9E"9W$9>$95$M

2$!%

67  
  ,  ' 
3-+* 
!#!  ’54?2 9?: 52?W?: >93>E?3?: @$K?:
’95$: 3$ :4J:5>54>2 4# D4:VW$K\ :$5?:M
E$25>D>E?2A:$ 3$ Y4$ :$ E"K"E"4 "  C$#"W$2 ? 5?#@? 3? E?>o? 3$
E"#45?3"2 3$ >‘9>;<" $#  \ :$ D4:VW$>:\ @4o?93"A? @?2? E>#?M
2$5>2"4 ? Ea?W$\ :$ #$Ed9>E?\ $ Y4$
:$ 3$:K>‘"4 $n"4 3$:$9‘?5"4 5"3": " 5
 
  ,  ' 
": ?E$::g2>":M 3-+* 
+W>5$ 3?9": f: >9:5?K?;[$: $K]52>E?:M

! ! 


-: D4:VW$>: $:5<" ?‘24@?3": $#
Y4?52" E$952?>: K"E?K>X?3?: 9" E"#A
@?25>#$95" 3" #"5"2\ @"2 J?>o" 3"
Y4?32" 3$ >9:524#$95": $ 9" >95$2>"2
3" @"25?A#?K?:M

C$E"K"E?2 ? 5?#@?\ "2>$95?93"A:$


! !&  @$K?: 52?W?: $ @2$::>"9_AK? @?2? J?>o"
" !"  " ?5] Y4$ $:5$^? J$# 52?W?3?M
’ E$952?K $:5_ :>54?3? 9" K?3" $:A
Y4$23" 3" E"#@?25>#$95" 3" #"5"2

2$!&
-+*   ,  '  ,
 
  
 f
R-' C!
&
 /!0     J!


OG7 – –

OGL 6 ’K>#$95?;<" 3" #g34K" 3$ E"952"K$ :>:5$#? IoIM pW$2:[$: E"# 52?;<" >95$‘2?Kq

OGH 6 ’K>#$95?;<" 3" :$K$5"2 3" Ed#J>" ?45"#_5>E"


&"5"2 LMG *>$:$K% ?K>#$95?;<" 3? E$952?K 3$ >9^$;<" $K$52v9>E?
OGI 7G &"5"2 7MH .42J"% ?K>#$95?;<" 3" :$9:"2 3$ $5?9"K p:"#$95$ @?2? W$2:<" OK$oq\ $K$52"W$95>K?3"2 3" 2?3>?3"2
$ W_KW4K? *4#@
&"5"2 LMG *>$:$K% ?K>#$95?;<" E"2@" 3$ J"2J"K$5?\ J"#J? 3$ gK$"\ +RC\ J"J>9? 2$K] JK"iAJx\ #$3>3"2 3$
OG6 76 DK4o" 3$ ?2 $ J"#J? 3$ 2$:D2>?#$95" (2$>?
&"5"2 7MH .42J"% J"J>9?: 3$ >‘9>;<"
&"5"2 LMG *>$:$K% ?K>#$95?;<" 3? E$952?K 3$ >9^$;<" $K$52v9>E?\ J"J>9? 2$K] E"#@2$::"2 3"
OGF LG
?2AE"93>E>"9?3"\ J"J>9? 2$K] ,$9:"2$: !"o :>:5$#? 42$>? $ J"J>9? 2$K] E$952?K 42$>?
OGF L6 &"5"2 7MH .42J"% ?K>#$95?;<" 3? E$952?K 3$ >9^$;<" $K$52v9>E?

OG{  

OG} {\6 ’K>#$95?;<" 3" E"#@2$::"2 3" ?2AE"93>E>"9?3"

OG~ 76 ’K>#$95?;<" 3? J"#J? 3$ E"#J4:5VW$K

O77 – – ’
O7L – –
’K>#$95?;<" @g:AEa?W$ 3? E$952?K 3$ >9^$;<" $K$52v9>E?\ E$952?K 3" Ed#J>" ?45"#_5>E" $ :$K$5"2 3" Ed#J>"
O7H 7G
?45"#_5>E"
O7I’ LG ’K>#$95?;<" 3? 5"#?3? 3$ 7L U K"E?K>X?3? 9" @"25?A#?K?: p?K>#$95?;<" @g:AEa?W$q

O7IB LG ’K>#$95?;<" 3? 5"#?3? 3$ 7L U K"E?K>X?3? 9" @"25?A#?K?: p’K>#$95?;<" 3>2$5? 3? J?5$2>?q

O76 76 ’K>#$95?;<" 3? J4X>9?

2$!’
&
 /!0     J!


O7F – –

O7{ HG ’K>#$95?;<" 3" 3$:$#J?;?3"2 3" W>32" 52?:$>2"

O7} – –

OL7 76 ’K>#$95?;<" 3? J"#J? 3$ E"#J4:5VW$K

OLH’ LG ’K>#$95?;<" 3? 5"#?3? 3$ 7L U K"E?K>X?3? 9? :$‘493? D>K$>2? p’K>#$95?;<" @g:AEa?W$q

OLHB LG ’K>#$95?;<" 3? 5"#?3? 3$ 7L U K"E?K>X?3? 9? :$‘493? D>K$>2? p’K>#$95?;<" 3>2$5? 3? J?5$2>?q

OLI IG ’K>#$95?;<" W$95>K?3"2 3" ?2AE"93>E>"9?3" 3? @2>#$>2? D>K$>2?M

OIL IG ’K>#$95?;<" 3" ?Y4$E$3"2 3" D>K52" 3>$:$K p:"#$95$ @?2? #"5"2 *>$:$Kq
’K>#$95?;<" 3" ?Y4$E$3"2 3" :>:5$#? 3$ 2$E>2E4K?;<" 3$ ‘?:$: rJK"i Jxr p:"#$95$ E"# #"5"2>X?;<"
OI6 {\6
*>$:$Kq
OIF – –

OI{ 6 ’K>#$95?;<" @g:AEa?W$ 3" $K$52"W$95>K?3"2 3" 2?3>?3"2 p:"#$95$ E"# #"5"2 *>$:$Kq

OI} LG ’K>#$95?;<" 3": :$9:"2$: !"o A :>:5$#? 42$>? p:"#$95$ E"# #"5"2 *>$:$Kq

OI~ LG ’K>#$95?;<" 3? J"#J? 3$ 42$>? p:"#$95$ E"# #"5"2 *>$:$Kq


,>9?K 3$ @?25>3? @?2? E$952?K 3$ >9^$;<" $ E$952?K $:5?J>K>X?3"2? 3$ 5$9:<" p:"#$95$ W$2:[$: E"#
O6I 7G
,5"@',5?25q
O76{ IG O4:VW$K 2$:$2W? p:$# E>2E4>5" 3$ @2"5$;<"q

2$!*
-+*   ,  '  ,
 
  
 &
R-' B%
&
 /!0     J!


O7L6 {G ’K>#$95?;<" E$952?K 3" @?>9$K 3$ >9:524#$95": pB"3x 8"#@45$2q

O7H6 {G ’K>#$95?;<" E$952?K 3" @?>9$K 3$ >9:524#$95": pB"3x 8"#@45$2q $ E?>o? 3$ D4:VW$>: 3" @"25?A#?K?:

OGHG {G ’K>#$95?;<" 3? E$952?K 3? 3>2$;<" $K]52>E?

OGH7 IG ’K>#$95?;<" 3? E$952?K 42$>? p:"#$95$ E"# #"5"2 *>$:$Kq

OGHL – –

OGHH 6G ’K>#$95?;<" 3?: W$K?: 3$ ?Y4$E>#$95" 3" #"5"2 p:"#$95$ E"# #"5"2 *>$:$Kq

OGH6 – –

OGH{ IG ’K>#$95?;<" 3" $:5?J>K>X?3"2 3$ 5$9:<" p,5"@',5?25q

OGH} HG ’K>#$95?;<" 3" #g34K" 3$ E"952"K$ 3$ 52?;<" IoI p:"#$95$ E"# #"5"2 *>$:$Kq

OGH~ LG ’K>#$95?;<" 3? E$952?K 3$ >9^$;<" $K$52v9>E? p:"#$95$ E"# #"5"2 7MH .42J"q

OGI7 – –

OG7~ HG ’K>#$95?;<" 3": E"#?93": 3? >‘9>;<"

OGFH – –

OGLG FG ’K>#$95?;<" 3? E$952?K 3" ’B, pJ"#J?q ’


OG6G IG ’K>#$95?;<" 3? E$952?K 3$ ’B, pW_KW4K?:q
’K>#$95?;<" 3" E"#?93" 3" 2$K] 3$ ?K>#$95?;<" @g:AEa?W$ 3" $K$52"W$95>K?3"2 3" 2?3>?3"2 p:"#$95$ E"#
O7H} {\6
#"5"2 *>$:$Kq
O7H~ – –

O7{G HG ’K>#$95?;<" 3" W$95>K?3"2 3" ?2AE"93>E>"9?3" 3? :$‘493? D>K$>2?

2$!+
&
 /!0     J!

’K>#$95?;<" 3? J"#J? 3$ _‘4? 3" :>:5$#? 3$ 2$:D2>?#$95" 3" ?2 3$ ?3#>::<" p:"#$95$ E"# #"5"2 7MH
OG67 76
.42J"q
OG6L 76 ’K>#$95?;<" 3? E$952?K 3" Ed#J>" ?45"#_5>E"

OG6H LG ’K>#$95?;<" 3? E$952?K 3? 5"#?3? 7L{ U "4 LHG U

OGLL 6 ’K>#$95?;<" 3" :$9:"2 3$ J?5$2>?

2$!,
! !& 
!  "
’ E$952?K $:5_ :>54?3? 9" K?3" $:A
Y4$23" 3? E"K49? 3$ 3>2$;<" $ ": D4A
:VW$>: :<" K>W2$#$95$ ?E$::VW$>: @$K?
@?25$ >9D$2>"2 3" @?>9$K 3$ >9:524#$9A
5":M
1?2? ? :4J:5>54>;<" 3$:5$: D4:VW$>:\
3>2>‘>2A:$ f   ! = ,  > M

2$!-
-+*   ,  '   '   -
 
&
 /!0     J!

’K>#$95?;<" @g:AEa?W$\ 2$K]: 3? E?>o? 3$ D4:VW$>: 3" E"#@?25>#$95" 3" #"5"2 pO49;[$:% 3$:$#J?;?3"2 3"
OH7 {M6
W>32" 52?:$>2"\ $K$52"W$95>K?3"2 3? E?>o? 3$ ?2 $ 5"#?3?: 7L Uq
OHH LG ’K>#$95?;<" 3" W>32" $K]52>E" 3" @?::?‘$>2" 3>?95$>2"

OHI LG ’K>#$95?;<" 3" W>32" $K]52>E" 3" #"5"2>:5?


’K>#$95?;<" E$952?K 3" ?2AE"93>E>"9?3"\ E"#?93": 3": W>32":\ 2_3>"\ (E"99$E5 B"o p.B&q\ @"25? (,B 9"
OHF 76
E"9:"K$ E$952?K $ E"9$E5"2 +-B*
’K>#$95?;<" @g:AEa?W$ 3" Y4?32" 3$ >9:524#$95":\ E$952?K 3" E"952"K$ 3$ E24X$>2" ?3?@5?5>W" $ #g34K" 3$
OH{ 7G
E"952"K$ 3$ 52?;<" IoI« A p«:"#$95$ E"# #"5"2 *>$:$Kq
OH} LG ’K>#$95?;<" 3?: 52?W?: $K]52>E?: 3?: @"25?:

OIL {M6 ’K>#$95?;<" @g:AEa?W$ E$952?K 3$ ’B, $ E$952?K 3$ 3>2$;<" $K]52>E?

OIH LG ’K>#$95?;<" #"5"2 $:‘4>Ea" 3": W>32": 3>?95$>2" $ 52?:$>2"M

OI{ LG ’K>#$95?;<" 3" W>32" $K]52>E" 52?:$>2" $:Y4$23"

OI} LG ’K>#$95?;<" 3" W>32" $K]52>E" 52?:$>2" 3>2$>5"


’K>#$95?;<" @g:AEa?W$ E$952?K :$9:"2 3$ $:5?E>"9?#$95"\ E$952?K 3$ ?W>:" 3$ @"95" E$‘"\ 2$52"W>:"2 >9A
OI~ {M6
5$29" $K$52"E2v#>E"\ $:5?J>K>X?3"2 3$ 5$9:<"« p«:"#$95$ @?2? W$VE4K": E"# ,5?25',5"@q
O6G {M6 ’K>#$95?;<" @g:AEa?W$ E$952?K 3$ ?>2J?‘
’K>#$95?;<" @g:AEa?W$ @$3?K 3$ D2$>" !MOM\ E$952?K 3" ?2AE"93>E>"9?3"\ E$952?K 3$ >95$224@5"2$: 9" @?>9$K
O67 {M6
$ E"9:"K$ E$952?K\ E"#?93": 3": D?2g>: $ E$952?K 3? Ed#$2? 3" @?2?AJ2>:?
’K>#$95?;<" 3? E$952?K z$xK$:: +952xA!AR"\ E"#?93" 3" D2$>" 3$ $:5?E>"9?#$95" $K]52>E"\ J"5<" 3$ @?2A
O6H {M6 5>3?\ E$952?K 3$ ?J$2542? 3" @"25?A#?K?: :$# ?: #<":\ @$3?K 3$ D2$>" !M’M\ :$9:"2 3$ Ea4W? $ E2$@4:E4K?2 $
Y4?32" 3$ =9:524#$95":
’K>#$95?;<" @g:AEa?W$ @?2? ?: 5"#?3?: (,B 3? :$‘493? $ 5$2E$>2? D>K$>2? $ E?22$‘?3"2 i>2$K$:: @?2?
O~I 76
?@?2$Ka": E$K4K?2$:

2$".
! !& 
!&"!!
1?2? 5$2 ?E$::" ?": D4:VW$>:\ 2$#"A
W$2 ? 5?#@? 9" K?3" $:Y4$23" 3"
@"25?A#?K?:M


U$VE4K": $Y4>@?3": E"# ?J$2542?
$K]52>E? 3? 5?#@? 52?:$>2? ?@2$:$95?#
4# D4:VW$K OG7 3$ HG ’#@†2$: E"#
:$3$ 9" :4@"25$ 3? E$952?K 3" @"25?A
#?K?:M

2$"!
-+*   ,  '   &
'
&
 /!0    & J!


O¡7 HG ’K>#$95?;<" 3? E$952?K 3" 2$J"Y4$ pE"95$u3" >9:5?K?3" 9?   ! = ,  > q

O¡L L6 ’K>#$95?;<" :>:5$#? 3$ :"# @2$#>4#

O¡H LG ’K>#$95?;<" 3? E$952?K 3" 5$5" :"K?2

O¡I HG ’K>#$95?;<" 3" ?^4:5$ 3" J?9E" $K]52>E" 3" @?::?‘$>2"

O¡6 HG ’K>#$95?;<" 3" ?^4:5$ 3" J?9E" $K]52>E" 3" #"5"2>:5?

O¡F {\6 ’K>#$95?;<" 3" ?^4:5$ K"#J?2 3" J?9E" $K]52>E" 3" #"5"2>:5? $ @?::?‘$>2"

O¡{  

O¡}  

2$""
  ' 
 !! !! %&
!#! !#!

’::>9?K?2 ? @2$:$9;? 3" W$VE4K" @?A !49E? >9:5?K?2 4# @9$4 52?3>E>"A
2?3" :$‘493" ?: 3>:@":>;[$: W>‘$9A 9?K 94#? 2"3? 3$:5>9?3? f 45>K>X?;<"
5$:% K4X$: 3$ $#$2‘Z9E>?\ 52>d9‘4K" E"#" 2"3? :"J2$::?K$95$M !<" ] @$2A
!#! 3$ :>9?K>X?;<"\ $5EM #>5>3" 45>K>X?2 :>#4K5?9$?#$95$ 34?:
"4 #?>: 2"3?: :"J2$::?K$95$:M
,$ 3$>o?3": 9" a?J>5_E4K"\ ? 2"3? ’: @$::"?: ? J"23" 3$W$# :?>2 3"
E"# " @9$4 D42?3" $ " #?E?E" E"9:A W$VE4K"\ $:@$2?93" Y4$ :$ $D$54$ ? C$:@$>5?2 :$#@2$ ?: 2$E"#$93?A
5>54> 4# :]2>" @$2>‘" @?2? ? :$‘42?9;? :4J:5>54>;<" $ ?D?:5?93"A:$ 3" @$2>‘" ;[$: 3$:5$ #?94?KM
3": "E4@?95$: $# E?:" 3$ ?E>3$95$: 3" 52_D$‘"M - W$VE4K" 3$W$ $:5?2
"4 3$ D2$9?‘$9: J24:E?:M 3$:E?22$‘?3"M
1"2 $::$ #"5>W"\ W"K5?2 ? E"K"E?2 "
#?E?E" $ ?: 3$#?>: D$22?#$95?: 2$:A !#!
@$E5>W" ?K"^?#$95" 9" @"25?A#?K?:\ 1?2? :"K5?2 $ ?@$25?2 ": @?2?D4:":
?::># E"#" " @9$4 D42?3"M !#! 3?: 2"3?:\ 45>K>X?2 ?@$9?: ? Ea?W$ 3$
- E"9^495" 2"3?n@9$4 :"J2$::?A 2"3? D"29$E>3? ^495" ?" W$VE4K"M
K$95$ :$ 3$:5>9? $oEK4:>W?#$95$ ?"
4:" 5$#@"2_2>"M ,>‘? :$#@2$ ?: @2$:E2>;[$: 3" #?A
94?KM
!#! &?93?2 2$@?2?2 $ 2$#"95?2 ? 2"3? ’
e $o52$#?#$95$ ?22>:E?3" 5$95?2 :4J:5>54V3? " #?>: 2?@>3?#$95$ @":A
:4J:5>54>2 4#? 2"3? 9" K?3" 3" W$VA :VW$KM
E4K" @2go>#" 3? D?>o? 3$ 2"3?‘$#M
!#!
8$25>D>E?2A:$ 3$ Y4$ " W$VE4K" $:5_ !49E? 45>K>X$ @?2?D4:": 3$ 2"3?
:4D>E>$95$#$95$ K"9‘$ 3? W>?\ @?2? Y4$ 9<" :$^?# $:@$E>D>E?3": @?2?
$W>5?2 :$2 ?5>9‘>3"M $:5$ W$VE4K"M

2$"%
1?2?D4:": 3$ 2"3? >9E"22$5": "4 E?: $ E42W?: $# ?K5? W$K"E>3?3$M ’ 3$W$ 3$ D"2#? ?K‘4#? :$2 2$#"W>3"
?@$25?3": >9?3$Y4?3?#$95$ @"3$2<" 342?J>K>3?3$ #]3>? 3" @9$4 :"J2$:A 9$# E"J$25"M !? 2"3? :"J2$::?K$95$
D?X$2 ? 2"3? :"K5?2A:$M :?K$95$ ] 3$ HMGGG h#M .2?9:E"22>3? 949E? :$ 3$W$ ?@K>E?2 9$9a4#? E?A
$::? Y4>K"#$52?‘$#\ " @9$4 3$W$ :$2 K"5? 3$ 2"3?M
:4J:5>54V3" @$K" "2>‘>9?K "4 @"2 "452"
:"J2$::?K$95$ E"# ?: #$:#?: E?2?EA
5$2V:5>E?: 3" Y4$ ‘4?29$E$ " W$VE4K"M
!#!
!<" K4J2>D>E?2 ?: 2":E?: 3": @?2?A !#!
D4:": ?95$: 3$ #"95?2 ": @9$4:\ @">: - #?E?E" ] 4#? D$22?#$95? $:A
$:5$: @"3$2<" :"K5?2A:$ $:@"95?9$?A 543?3? $ E"9E$J>3? ?@$9?: @?2? ?
#$95$ 342?95$ ? 45>K>X?;<" 3" W$VA !#! :4J:5>54>;<" 3$ 4#? 2"3?\ $# E?:"
E4K"N ’ 2"3? D"29$E>3? ] $:@$EVD>E? @?2? 3$ D42" "4 3?9": 9" 2$:@$E5>W" @9$4\
" W$VE4K"% 9<" 45>K>X_AK? $# 4# W$VA 9" W$VE4K" $# Y4$ ] D"29$E>3" "4 $#
+# 9$9a4#? E>2E49:5d9E>? ": @?A
E4K" 3$ #"3$K" 3>D$2$95$ 9$# 45>A W$VE4K": 3" #$:#" #"3$K"M !49E?
2?D4:": 3$W$# :$2 K4J2>D>E?3":M 1?2?A
K>X?2 2"3?: :"J2$::?K$95$: 3$ "452": 3$W$ :$2 45>K>X?3" 3$ "452?: D"2#?:
D4:": E"# >#@42$X?: 3$W$# :$2 K>#A
#"3$K": 9" W$VE4K"M ’ 2"3? :"J2$:A E"#"\ @"2 $o$#@K"\ @?2? K$W?95?2
@":M +# E?:" 3$ E"22":<" "4 2":Y4$A
:?K$95$ :g 3$W$ :$2 45>K>X?3? $# E?:" W$VE4K": 3$ "452": #"3$K": "4 "JA
?#$95" 3>DVE>K\ ": @?2?D4:": 3$W$#
3$ $#$2‘Z9E>?M ’ :4? 45>K>X?;<" 3$W$ ^$5": 3>D$2$95$:M +# 9$9a4# E?:"
:$2 :4J:5>54V3":M
:$2 2$34X>3? ?" #V9>#" >93>:@$9:_A 45>K>X_AK" @?2? "@$2?;[$: 3$ #?94A
W$K $ ? W$K"E>3?3$ 9<" 3$W$ 4K52?A 5$9;<" "4 2$@?2?;<" @"2 J?>o" 3"
@?::?2 ? W$K"E>3?3$ 3$ }G h#na\ >9A W$VE4K"M !49E? :$ @":>E>"9?2 @"2
3>E?3? 9? @2g@2>? 2"3? E"9D"2#$ " J?>o" 3" W$VE4K" $K$W?3"M
!#! #"3$K"nW$2:<"M
8?:" :$^? 9$E$::_2>" "@$2?2 @"2
8"# ? 2"3? :"J2$::?K$95$ #"9A !? 2"3? :"J2$::?K$95$ $9E"952?A:$ J?>o" 3" W$VE4K"\ 3>2>‘>2A:$ f  
5?3?\ " W$VE4K" 5$# :4?: E?2?E5$2V:5>A ?@K>E?3" 4# ?3$:>W" E"# ": @2>9E>A ! = ,  > M - @":>E>"9?#$95"
E?: 3$ E"934;<" ?K5$2?3?:M @?>: ?W>:": ?E$2E? 3? 45>K>X?;<" 3? >9E"22$5" 3" #?E?E" @"3$ @2"W"A
+W>5?2 ?E$K$2?;[$: $ D2$9?‘$9: W>A @2g@2>? 2"3? $ 3?: 2$:@$E5>W?: K>#>A E?2 ? Y4$3? 3" W$VE4K" K$W?95?3"%
"K$95?:\ #43?9;?: 3$ 3>2$;<" J24:A 5?;[$: 3$ 45>K>X?;<"M - ?3$:>W" 9<" 45>K>X_AK" ?@$9?: 9?: @":>;[$: >93>A

2$"&
E?3?:M !<" 45>K>X?2 " #?E?E" @?2?  )>‘?2 ?: K4X$: 3$ $#$2‘Z9E>?
$ ?E>"9?2 " D2$>" 3$ 
E?@?E>3?3$: :4@$2>"2$: f >93>E?3? 9?
$5>Y4$5? 9$K$ ?@K>E?3?M $:5?E>"9?#$95" $K]52>E"M 1?2? #?>: >9D"2#?;[$: $ ?3W$25Z9A
 8"K"E?2 ? ?K?W?9E? 3" Ed#J>" 9? E>?: :"J2$ " 4:" E"22$5" 3" E"9^495"
@":>;<" p+:5?E>"9?#$95"qM 2"3?n@9$4 :"J2$::?K$95$\ W$2 wC"3?:
$ 19$4:y 9" E?@V54K" w&?945$9;<" $
 *$:K>‘?2 ? >‘9>;<" ?95$: 3$ 3$:E$2 E4>3?3": E"# " :$4 W$VE4K"yM
!#! 3" W$VE4K"M - #"5"2 3$W$2_ :$2
#?95>3" 3$:K>‘?3" 342?95$ 5"3? ?
e ?J:"K45?#$95$ @2">J>3" #?94A !"!
"@$2?;<"M
:$?2 ? W_KW4K? 3$ $9Ea>#$95"M !<"
’: D$22?#$95?: $:5<" K"E?K>X?3?:
>952"34X>2 D$22?#$95?: 3$ Y4?KY4$2
3$J?>o" 3" @K?9" 3$ E?2‘? pE?2@$5$q\
$:@]E>$ $952$ ? 2"3? $ " @9$4M  3$952" 3" @"25?A#?K?:M
U$2>D>E?2 2$‘4K?2#$95$ ? @2$::<" 8?:" :$^? 9$E$::_2>" @?2?2 " W$VA
1?2? 5$2 ?E$::" f: D$22?#$95?:\ @2"A
3": @9$4: $ 3? 2"3? :"J2$::?K$95$\ E4K" @?2? ? 52"E? 3$ @9$4 " W$VE4K"
E$3$2 E"#" ? :$‘4>2%
2$:@$>5?93" ": W?K"2$: >93>E?3": 9" ?" K"9‘" 3$ 4#? $:52?3? >9EK>9?3?\
E?@V54K" r*?3": 5]E9>E":rM $:@$E>?K#$95$ :$ #4>5" ?E$954?3?\
"4 $# 4# 5$22$9" >9:5_W$K\ E?K;?2 ?:  ’J2>2 ? 5?#@? 52?:$>2? 3" @"25?A
2"3?: 3" W$VE4K" @?2? $W>5?2 " #"W>A #?K?:M
12"E$3$2 3" :$‘4>95$ #"3"%
#$95"M  14o?2 " @K?9" 3$ E?2‘? @?2? E>#?\
?54?93" 9" @4o?3"2 !M
 1?2?2 " W$VE4K" $# 4#? @":>;<" 1?2? >::"\ @2"W>3$9E>?2 $ @":>E>"A
$# Y4$ 9<" 2$@2$:$95$ 4# @$2>‘"
@?2? " 52d9:>5" $ @$2#>5? :4J:5>54>2
9?2 4# E?K;" ?52_: 3? 2"3? 3>?#$52?KA
#$95$ "@":5? f Y4$ :$2_ :4J:5>54V3?\

? 2"3? ?54?93" E"# :$‘42?9;?\ $W>5?93" ?::># #"W>#$95?;<" >93$A
" #?>: K"9‘$ @"::VW$K 3? J"23? :$^?3? 3" W$VE4K" $9Y4?95" ] K$W?9A
3? @>:5? 3? $:52?3?M - 5$22$9" 5?3" p@M $oM% E?K;?2 ? 2"3? 52?:$>2?
3$W$ $:5?2\ :$ @"::VW$K\ @K?9" $ 3>2$>5? ?" :4J:5>54>2 ? 2"3? 3>?95$>2?
:4D>E>$95$#$95$ E"#@?E5"M $:Y4$23?qM

2$"’
 3
6H
   4  

,,
 - #?E?E" 9<" 9$E$::>5? 3$ Y4?KA
Y4$2 2$‘4K?‘$#M
 - #?E?E" 9<" @"3$ :$2 2$@?A
2?3"% $# E?:" 3$ ?W?2>?\ 3$W$ :$2
:4J:5>54V3" @"2 "452" "2>‘>9?KM
 !$9a4#? D$22?#$95? ?K]# 3?
1) ? Ea?W$ 3$ 2"3?\ @?2? 3$:#"9A Ea?W$ 3$ 2"3? D"29$E>3? 3$W$ :$2
5?‘$#n?@$25" 3": @?2?D4:": 3? 2"3? #"95?3? 9" #?E?E"M
 C$5>2?2 ?: D$22?#$95?: 3" >95$2>"2 $ @?2? " ?E>"9?#$95" 3" #?E?E"M
3" @"25?A#?K?:M  _ 5-'  5-  6
B) " #?E?E"M
- .2>d9‘4K" 3$ :$‘42?9;? @?2? :>A
C) " D49>K ?3?@5?3"2 @?2? " 2$?J?:A
9?K>X?;<" $:5_ K"E?K>X?3" 9" @?>9$K
5$E>#$95" 3$ $#$2‘Z9E>?M
?52_: 3? 5?#@? 3" @"25?A#?K?:
D) ? Ea?W$ 3$ D$93? p:$ $Y4>@?3"qM
1?2? 2$5>2?2 " 52>d9‘4K"\ @2"E$3$2
U) " @>9" 3$ ?K>9a?#$95" 3?: 2"A E"#" ? :$‘4>2%
3?:M
V% " $o5$9:"2 @?2? 2$5>2?3? 3" $:A  ’E>"9?2 " @4o?3"2 % @?2? E>#?
5$@$M @?2? ?J2>2 ? 5?#@? 3" E"#@?25>A
#$95" 3" 52>d9‘4K"M -: :V#J"A
W% " ‘?9Ea" 3$ 2$J"Y4$M K": ?" K?3" 3" @4o?3"2 $
X% " E?K;" 3$ 2"3? pL @$;?:qM >93>E?#\ 2$:@$E5>W?#$95$\ ?: @"A
:>;[$: 3$ ?J$2542? $ D$Ea?#$95"
3? 5?#@? 3" E"#@?25>#$95"M

2$"*
 4 ' 
1?2? 5$2 ?E$::" f 2"3? :"J2$::?A
K$95$\ @2"E$3$2 3" :$‘4>95$ #"3"%

 ’J2>2 ? 5?#@? 52?:$>2?M


 C$5>2?2 ? 5?#@? @K_:5>E? %\
@4o?93"A? @?2? E>#?M

 ’J2>2 ? 5?#@? 3" E"#@?25>#$95"


@4o?93"A? @?2? E>#?\ E"9D"2#$
>93>E?;<" 3? :$5?M

 ’E"@K?2 " $o5$9:"2  9" @?2?D4:"


 3" 3>:@":>5>W"M ’
 ’E>"9?2 " 3>:@":>5>W"\ ‘>2?93" ?
Ea?W$ 9" :$95>3" a"2_2>" ?5] Y4$
? 2"3? ?@">$ 9" Ea<" $ :$^? :4A
D>E>$95$ @?2? ? 2$5>2?3? 3" #$A
 C$5>2?2 " 52>d9‘4K" $ @":>E>"9_AK" E?9>:#"  @?2? ? 45>K>X?;<" 3?
E"9D"2#$ K$‘>:K?;<" W>‘$95$M 2"3?M

2$"+
$ 2$?K>X?2 ": @2"E$3>#$95": 3$ E4K" Y4?93" $:5$ ] K$W?95?3" 3" :"K"\
:4J:5>54>;<" 3" @9$4 D42?3"M E"9D"2#$ $:Y4$#? ? :$‘4>2%

!! ! !
8"# " W$VE4K" $ ?: @$::"?: $# :$A
‘42?9;? E"9D"2#$ "2>$95?3" @2$W>?A
#$95$\ @2"E$3$2 3$ ?E"23" E"# ?:
>93>E?;[$: ? :$‘4>2%


 14o?2 ? 2"3? :"J2$::?K$95$ E4>3?A
3":?#$95$ @?2? D"2? 3" W$VE4K"\ ,$ D"2 "J2>‘?3" ? D?X$2 ? 52"E? 3$
E"9D"2#$ ? :$5?M @9$4 9" >95$2>"2 3? D?>o? 3$ 2"3?‘$#
"4 $# :4?: @2"o>#>3?3$:\ @2$:5?2
? #_o>#? ?5$9;<" ?": W$VE4K": $#
52d9:>5"M

8?:" :$^? "J2>‘?3" ? @?2?2 " W$VA


E4K" @?2? 52"E? 3$ @9$4\ @2"E42?2
4#? :4@$2DVE>$ @K?9? $ D>2#$\ ?E>"9?2
" D2$>" 3$ #<" $ $9‘?5?2 ? @2>#$>2?
#?2Ea? "4 ? #?2Ea? ? 2] p:$ D"2 ?4A
5"#_5>E"\ @":>E>"9?2 ? ?K?W?9E? 3$
#?2Ea? 9? @":>;<"
1":>E>"9?2 " E?K;" 9?: 2"3?: "@":A
5?: f Y4$ W?> :$2 :4J:5>54V3?\ @?2? $W>A
 *$:?E"@K?2 " 3>:@":>5>W"  \ 5?2 #"W>#$95": >93$:$^?3": 3" W$VA
@?::?93"A" @$K" E$952" 3? 2"3?
2$",
',67  ,'6   -4 - 67  

.-
  ,'6  67  - 3-    67  ,'6

*>?95$>2" pK?3" 3" #"5"2>:5?q

.2?:$>2" pK?3" 3" #"5"2>:5?q


1K?9" C"3? 3>?‘"9?K "@":5?
*>?95$>2" pK?3" 3" @?::?‘$>2"q

.2?:$>2" pK?3" 3" @?::?‘$>2"q

*>?95$>2" pK?3" 3" #"5"2>:5?q ’52_: 3" @9$4 3>?95$>2" $ 52?:$>2"


.2?:$>2" pK?3" 3" #"5"2>:5?q 1K?9"\ E"# K$W$ 3" K?3" 3" @?::?‘$>2"
>9EK>9?;<" ?:E$93$95$
*>?95$>2" pK?3" 3" @?::?‘$>2"q 9" :$95>3" 3$ #?2Ea? ’52_: 3" @9$4 3>?95$>2" $ 52?:$>2"
.2?:$>2" pK?3" 3" @?::?‘$>2"q 3" K?3" 3" #"5"2>:5?

*>?95$>2" pK?3" 3" #"5"2>:5?q !? D2$95$ 3" @9$4 3>?95$>2" $


.2?:$>2" pK?3" 3" #"5"2>:5?q 1K?9" E"# K$W$ 52?:$>2" 3" K?3" 3" @?::?‘$>2"
>9EK>9?;<" 3$:E$93$95$
*>?95$>2" pK?3" 3" @?::?‘$>2"q 9" :$95>3" 3$ #?2Ea? !? D2$95$ 3" @9$4 3>?95$>2" $
.2?:$>2" pK?3" 3" @?::?‘$>2"q 52?:$>2" 3" K?3" 3" #"5"2>:5?

2$"-
"  ! 


12$:5?2 @?25>E4K?2 ?5$9;<" f Ea?W$
 *$:K>‘?2 ? >‘9>;<" $ 2$5>2?2 5"3?: @?2? 3$:#"95?‘$# 3": @?2?D4:": 3?
?: @$::"?: 3$ 3$952" 3" W$VE4K" 2"3? 342?95$ :4? 45>K>X?;<"\ @">: $K?
@?2? Y4$ @"::? K$W?95_AK"M @"3$ 5$2 $o52$#>3?3$: @"95>?‘43?:M
 ’W>:?2 f: @$::"?: @2go>#?: Y4$
" W$VE4K" $:5_ @2$:5$: ? :$2 K$A
W?95?3"\ ?K$25?93" :$2 9$E$::_2>"
Y4$ :$ ?D?:5$# 3?: :4?: @2"o>#>A
3?3$: $\ :"J2$543"\ Y4$ 5$9a?#
" E4>3?3" 3$ 9<" 5"E?2 " W$VA
E4K" ?5] Y4$ :$^? ?J?>o?3" 9"W?A
#$95$M
 !<" K$W?95?2 " W$VE4K" ?K]# 3?
?K542? 9$E$::_2>? @?2? ? 2$5>2?3?
3? 2"3?M  =9:$2>2 ? Ea?W$ 3$ 2"3? 9" a$A
 8?K;?2 ?: 2"3?: @?2? $W>5?2 " 3$:A o_‘"9" 3" #?E?E" $ ‘>2_AK? 9"
K"E?#$95" 3" W$VE4K"M :$95>3" a"2_2>" ?5] >9:$2>2 D>2#$A
#$95$ " :4@"25$ 3" #?E?E" 9? 
 ’95$: 3$ K$W?95?2 " W$VE4K"\ ?K>A
X"9? 3$ $K$W?;<" 3? K"9‘?2>9?\ - K$W?95?#$95" 3" W$VE4K" ?K]#
W>?2\ :$# 2$#"W$2\ ": @?2?D4:":
5$93" " E4>3?3" 3$ #?95$2 ?K>A 3" 9$E$::_2>" @"3$ 5"29_AK" #$9":
9? 2"3? E"# " @9$4 W?X>" 45>K>A
9a?3" " @2g@2>" :4@"25$ E"# " $:5_W$K% @"3$ 3$:K>X?2 3" #?E?E"
X?93" ? Ea?W$ M +9Y4?95" ? 2"3?
$95?Ka$ >93>E?3" @$K" :V#J"K" $ D$2>2 ?: @$::"?: @2go>#?:M !<"
?>93? $:5_ ?@">?3? 9" :"K"\ J?:5?
9" 2$W$:5>#$95" @"2 J?>o" 3? K$W?95?2 " W$VE4K" ?K]# 3? ?K542?
2"3?2 ": @?2?D4:": 4#? W"K5? 9"
@"25?M 9$E$::_2>? @?2? ? 2$5>2?3? 3? 2"3?M
:$95>3" ?95>Aa"2_2>"M
 )$W?95?2 " W$VE4K" " :4D>E>$95$
@?2? @$2#>5>2 ? :4J:5>54>;<" 3?
2"3?M
2$%.
 C$#"W$2 ": @?2?D4:": $ ? 2"3?M  ’@$25?2 ": @?2?D4:":\ @?::?93" 2"3?M =:5" @"3$2_ E?4:?2 ?@$25" $oA
 C$#"W$2 " @>9" 3$ ?K>9a?#$95" ?K5$29?3?#$95$ 3$ 4# @?2?D4:" E$::>W" 3": @?2?D4:":M
D"29$E>3" $# E"9^495" E"# " @?2? " "@":5"\ :$‘493" ? "23$#
#?E?E" $ >9:$2>AK" 9" E4J" 3? 94#]2>E? >K4:52?3? 9? D>‘42? :$A
‘4>95$M +# E?:" 3$ 3uW>3?: :"J2$ 
2"3? @?2? ?4o>K>?2 9" $9E?>o$ 3?
2"3?M " 5"2Y4$ 3$ ?@$25" 3": @?2?D4:":\ 1?2?D4:": 3$ 2"3? E"22"V3": $ 3$
3>2>‘>2A:$ f   ! = ,  2":Y4$?#$95" 3>DVE>K 3$W$# :$2 :4J:A
 &"95?2 ? 2"3? :"J2$::?K$95$M
> M 5>54V3": ?95$: 3? W$2>D>E?;<" 3" 5"2A
 12"E$3$2 E"# " ?@$25" 3": @?2?A Y4$ 3$ ?@$25" $ ": D42": 2":Y4$_W$>:
D4:": ?@$9?: ?5] D>E?2$# D>2#$:\ 3" E4J" 3? 2"3? 3$W$# :$2 K>#@":M
:$# ?@$25_AK": 5"5?K#$95$M



+952$ $# E"95?5" E"# ?  !&
(5>K>X$ :"#$95$ ": @?2?D4:": 3$   , ' > " #?>: 2_@>3" @"::VW$K
2"3? $:@$E>D>E?3?: @?2? " :$4 W$VA @?2? W$2>D>E?2 " ?@$25" E"22$5" 3": @?A
E4K"M 1?2?D4:": 3$ 2"3? >9E"22$5?: "4 2?D4:": 3$ D>o?;<" 3?: 2"3?:\ 4:?93"
?@$25?3?: >9?3$Y4?3?#$95$ @"3$2<" 4#? Ea?W$ 3$ 5"2Y4$ E?K>J2?3? ?3$A
D?X$2 ? 2"3? :"K5?2A:$M Y4?3?#$95$M

 1?2? $W>5?2 K$:[$: $# @$::"?:\ "
8$25>D>E?2A:$ 3$ Y4$ ? 2"3? 9"2#?K
?@$25" D>9?K 3": @?2?D4:": :g 3$W$ ’
:$2 $D$54?3" Y4?93" " W$VE4K" 5>W$2
$:5_\ 9?: :4@$2DVE>$: 3$ E"95?5" E"# !#!
?: 2"3?: 9" :"K"\ @?2? $W>5?2 Y4$ "
" E4J"\ K>#@? $ :$# >#@42$X?: Y4$ 1?2?D4:": 3$ 2"3? ?@$25?3": 3$ #?A
@2g@2>" W$VE4K" E?>? 3" #?E?E"M
@"3$# E?4:?2 " ?D2"4o?#$95" 3": 9$>2? >9E"22$5? @"3$# :$ :"K5?2 34A
@?2?D4:": 3$ D>o?;<"M 2?95$ ? E"934;<" $ E?4:?2 ?E>3$95$:\
 D$2>#$95": ‘2?W$: $ @$23? 3$ E"952"K$
 ’E>"9?2 " #?E?E" $ ?J?>o?2 E"#A !49E? 4:$ D"2;? $o52? E"# ": @]: 3" W$VE4K"M
@K$5?#$95$ " W$VE4K"M 9$# 4:$ 4#? $o5$9:<" 9? Ea?W$ 3$
2$%!
,>‘? :$#@2$ ?: @2$:E2>;[$: 3" #?A D$Ea?2 ? 5?#@?M 8$25>D>Y4$A:$ 3$
94?KM 
Y4$ ? 5?#@? $:5$^? D$Ea?3? E"#
1?2? @"3$2 3$:D245?2 3? #$Ka"2 ? 52?W? 9? @":>;<" M
D"2#? 3?: W?95?‘$9: 3" @>:" 3? $:A
 52?3? 49>3>2$E>"9?K\ ] ?E"9:$Ka_W$K  C$@":>E>"9?2 E"22$5?#$95$ " 2$A
W"K5?2 ? E"K"E?2 " #?>: 3$@2$::? W$:5>#$95" 3" @"25?A#?K?:M
’: 2"3?: E"# @9$4 49>3>2$E>"9?K
:<" 2$E"9a$EVW$>: @"2 :$5?: 9" DK?9E" @"::VW$K 5"3?: ?: 2"3?: 9" :$95>3" 3$
3" @9$4\ Y4$ >93>E?# " :$95>3" 3$ #?2Ea? @2$W>:5"M  8"K"E?2 " @9$4 D42?3" 3$952" 3"
2"K?#$95" @2$W>:5"\ Y4$ 3$W$ :$2 ?JA @"25?A#?K?:M
:"K45?#$95$ 2$:@$>5?3"M ,g ?::># ":
@9$4: #?95Z# ?: :4?: E?2?E5$2V:5>E?:  - @9$4 D42?3" 3$W$ :$2 E"K"E?3"
$# 5$2#": 3$ ?3$2Z9E>?\ 24V3"\ 2$A 8$25>D>E?2A:$ 3$ Y4$ ? 2"3? :"J2$:A 9" W<" 3>:@"9VW$K pE?2‘" J"oq 9?
:>:5Z9E>? ?" 3$:‘?:5$ $ 32$9?‘$# $# :?K$95$ $:5_ #"95?3? E"# ? W_KW4K? @?25$ $:Y4$23? 3" @"25?A#?K?:M 1?2?
@>:" #"Ka?3"M W>2?3? @?2? D"2?M ’ 2"3? @"3$ D>A 2$5>2?2 $ ?E"93>E>"9?2 " 2$W$:5>#$95"
E?2 3?9>D>E?3? :$ #"95?3? >9E"22$5?A 3$ E"J$2542? 3" W<" 3$ E?2‘?: 9"
#$95$M K"E?K ?3$Y4?3"\ 2$?K>X?2 ?: :$‘4>95$:
 "@$2?;[$:\ E"9D"2#$ " E?:"%
,$\ ?@g: 4# D42"\ D"2 9$E$::_A ;-    ,  4 ,  CO
2>" #"95?2 4#? 2"3? 3$::$ 5>@" 9" 
3 '   * '* 
:$95>3" >9W$2:" ?" @2$W>:5"\ ] 2$E"A ,$ " W$VE4K" $:5>W$2 $Y4>@?3" E"#
#$93_W$K E"95>94?2 ? E"934X>2 E"# E"J2$AE4J" "4 E?K"5?\ 9<" 5$95?2
#"95_AK": 9? 2"3? :"J2$::?K$95$M  C$5>2?2 " 2$W$:5>#$95" 3$ E"J$2A
#4>5" E4>3?3"\ 4#? W$X Y4$\ 9$:A 542? 3" W<" 3$ E?2‘?\ ?54?93" 9"
5?: E"93>;[$:\ " 2$93>#$95" 3" @9$4 @4o?3"2M
] K>#>5?3"M +:5? @2$E?4;<" 3$W$ :$2 ! R    67)
K$W?3? $# E"9:>3$2?;<" :"J2$543"  8"K"E?2 " #?E?E" $ ?: "452?:
E"# @>:" 3? $:52?3? #"Ka?3"M D$22?#$95?: 9": :$4: 2$:@$E5>W":
K"E?>: 3$952" 3" @"25?A#?K?:M
 8"K"E?2 " 52>d9‘4K" 3$ :$‘42?9;?
3$952" 3$ :$4 E"#@?25>#$95" $

2$%"
;-    ,  4 ,  CO
3 '   * 4 

 C$5>2?2 " 2$W$:5>#$95" 3$ E"J$2A


542? 3" W<" 3$ E?2‘?\ ?54?93" 9"
@4o?3"2M

 8"K"E?2 ? 2"3? E"# " @9$4 D4A


2?3" 9" E?2‘" J"oM

 =9:$2>2 " 2$W$:5>#$95" $952$ " $9A 
E":5" 3" J?9E" 3? H⁄ D>K$>2? $ "
1?2? E"K"E?2 ? 2"3?n@9$4 D42?3"
E?2‘" J"oM
:"J2$ " E?2‘" J"o\ ": $9E":5": 3":
J?9E": 3? H⁄ D>K$>2? 9<" @"3$# $:5?2
2$J?5>3":M

2$%%
 U"K5?2 " $9E":5" 3" J?9E" 3? H⁄
D>K$>2? @?2? ? @":>;<" 9"2#?K 3$
4:"\ E$25>D>E?93"A:$ 3$ Y4$ $:5$^?
J$# 52?W?3"M
 =9:$2>2 " 2$W$:5>#$95" $952$ " $9A 
E":5" 3" J?9E" 3? H⁄ D>K$>2? $ "
 8"K"E?2 ? 2"3? E"# " @9$4 D4A +952$ $# E"95?5" E"# ?  !&
E?2‘" J"oM
2?3" 9" E?2‘" J"oM   , ' > " #?>: 2_@>3" @"::VW$K
@?2? W$2>D>E?2 " ?@$25" E"22$5" 3": @?A
2?D4:": 3$ D>o?;<" 3?: 2"3?:\ 4:?93"
 4#? Ea?W$ 3$ 5"2Y4$ E?K>J2?3? ?3$A
1?2? E"K"E?2 ? 2"3?n@9$4 D42?3" Y4?3?#$95$M
:"J2$ " E?2‘" J"o\ ": $9E":5": 3":
J?9E": 3? H⁄ D>K$>2? 9<" @"3$# $:5?2
2$J?5>3":M
!#!
1?2?D4:": 3$ 2"3? ?@$25?3": 3$ #?A
9$>2? >9E"22$5? @"3$# :$ :"K5?2 34A
2?95$ ? E"934;<" $ E?4:?2 ?E>3$95$:\
D$2>#$95": ‘2?W$: $ @$23? 3$ E"952"K$
3" W$VE4K"M

2$%&
,>‘? :$#@2$ ?: @2$:E2>;[$: 3" #?A "!" ! !  & ! R    67)
94?KM J! "!
 8"K"E?2 " #?E?E" $ ?: "452?:
,$‘4>93" " @2"E$3>#$95" ?95$2>"2A D$22?#$95?: 9": :$4: 2$:@$E5>W":
#$95$ 3$:E2>5"\ K$W?95?2 " W$VE4K" $ K"E?>: 3$952" 3" @"25?A#?K?:M
3$:#"95?2 ? 2"3? :"J2$::?K$95$M +#
!#! :$‘4>3?\ W"K5?2 ? #"95?2 ? 2"3? 3$  B?>o?2 " 3>:@":>5>W"\ E"9D"2#$
- E"9^495" 2"3?n@9$4 :"J2$::?A 45>K>X?;<" 9"2#?K @2"E$3$93" E"#" >9:524;[$: ?95$2>"2$:\ $ 2$@":>E>A
K$95$ :$ 3$:5>9? $oEK4:>W?#$95$ ?" 3$:E2>5" ? :$‘4>2% "9?2 " $:5$@$ @?2? :$2 K$W?95?3"M
4:" 5$#@"2_2>"\ $# E?:" 3$ $#$2A  )$W?95?2 " $:5$@$\ ‘>2?93" " @?A
‘Z9E>?M  8$25>D>E?2A:$ 3$ Y4$ ? 2"3? 9"2A 2?D4:" 9" :$95>3" ?95>Aa"2_2>" $
#?K $:5_\ 9?: :4@$2DVE>$: 3$ E"9A E$25>D>E?2A:$ 3$ $:5?2 J$# 52?W?3"M
’ 45>K>X?;<" 3$W$ :$2 2$34X>3? ?" 5?5" E"# " E4J"\ K>#@? $ :$#
#V9>#" >93>:@$9:_W$KM  C$E"K"E?2 ? 5?#@? 3$ 2$E"J2>A
>#@42$X?: Y4$ @"3$# E?4:?2 " #$95" 3" @?2?D4:"M
?D2"4o?#$95" 3": @?2?D4:": 3$
D>o?;<"M  C$@":>E>"9?2 E"22$5?#$95$ " 5?A
@$5$ 3$ 2$W$:5>#$95" 3" @"25?A
 =952"34X>2 ? 2"3? 9" E4J" $ ?@$2A #?K?:M
!#! 5?2 ": @?2?D4:": E"# ? Ea?W$ D"2A
- E"9^495" 2"3?n@9$4 :"J2$::?A 9$E>3?M
K$95$ :$ 3$:5>9? $oEK4:>W?#$95$ ?"  ’J?>o?2 " W$VE4K" $ 2$5>2?2 " #?A 
4:" 5$#@"2_2>"M E?E"M +952$ $# E"95?5" E"# ?  !&
&?93?2 2$@?2?2 $ 2$#"95?2 ? 2"3?
 ’52?W]: 3? 45>K>X?;<" 3? Ea?W$   , ' > " #?>: 2_@>3" @"::VW$K ’
D"29$E>3?\ ?@$25?2 ": @?2?D4:": @?2? W$2>D>E?2 " ?@$25" E"22$5" 3": @?A
:4J:5>54V3? " #?>: 2?@>3?#$95$ @":A
:$‘4>93" ? #$:#? "23$# ?95$A 2?D4:": 3$ D>o?;<" 3?: 2"3?:\ 4:?93"
:VW$KM
2>"2#$95$ >K4:52?3?M 4#? Ea?W$ 3$ 5"2Y4$ E?K>J2?3? ?3$A
 U"K5?2 ? >9:$2>2 " 5?#@<" 3? 2"3?M Y4?3?#$95$M

2$%’
2$5"% :$‘4>2 E"# ?5$9;<" ": @2"E$3>A
#$95": 3$:E2>5": ? :$‘4>2M
!#!
1?2?D4:": 3$ 2"3? ?@$25?3": 3$ #?A
9$>2? >9E"22$5? @"3$# :$ :"K5?2 34A
2?95$ ? E"934;<" $ E?4:?2 ?E>3$95$:\ !#!
D$2>#$95": ‘2?W$: $ @$23? 3$ E"952"K$ +W>5?2 ?J:"K45?#$95$ ? 45>K>X?;<"
3" W$VE4K"M 3$ 4# E?22$‘?3"2 3$ J?5$2>?: 2_@>3"
@?2? ? @?25>3? 3$ $#$2‘Z9E>?M
,>‘? :$#@2$ ?: @2$:E2>;[$: 3" #?A
94?KM -: :>:5$#?: $K$52v9>E": $ ?: E$9A
52?>: 3$ >‘9>;<" $ ?K>#$95?;<" 3" #"A 7M 1"K" @":>5>W"
5"2 @"3$2>?# D>E?2 3?9>D>E?3":M LM 1"K" 9$‘?5>W"
'   
    
/   !<" 45>K>X?2 4#? J?5$2>? ?4o>K>?2
"4 Y4?KY4$2 "452? D"95$ 3$ ?K>#$95?A !#!
!!  "#!
;<" $o5$29? E"# 4#? 5$9:<" :4@$2>"2 ’95$: 3$ ?J2>2 " E?@v 3" #"5"2\
+# E?:" 3$ J?5$2>? 3$:E?22$‘?3?\ ] ? 7L U% @"3$2>?# 3?9>D>E?2A:$ ? J?5$A 3$:K>‘?2 " W$VE4K"\ E$25>D>E?93" 3$
@"::VW$K $D$54?2 4#? @?25>3? 3$ $#$2A 2>?\ " #"5"2 3$ @?25>3?\ " ?K5$29?3"2 Y4$ " E"#45?3"2 3$ >‘9>;<" $:5$^? 9?
‘Z9E>? 45>K>X?93" E?J": $ ? J?5$2>? "4 " :>:5$#? $K]52>E" 3" W$VE4K"M @":>;<"  M C$:@$>5?2 " >93>E?3"
3$ 4# "452" W$VE4K" "4 :$2W>93"A:$ 9? @K?E? ?@K>E?3? :"J " E?@v 3" #"A
3$ 4#? J?5$2>? ?4o>K>?2M +# 5"3": ": +# E?:" 3$ @?25>3? 3$ $#$2‘Z9E>? 5"2M s4?93" :$ $9E"952?2$# "452?:
E?:":\ ? J?5$2>? 45>K>X?3? 3$W$ 5$2 E?A E"# J?5$2>? ?4o>K>?2\ 949E? K>‘?2 " @$::"?: 9" W$VE4K"\ ?E"9:$Ka?A:$ $oA
@?E>3?3$ >‘4?K "4 @"4E" :4@$2>"2 $# E?J" 9$‘?5>W" pq 3? J?5$2>? ?4o>K>?2 52?>2 :$#@2$ ? Ea?W$M - W$VE4K" 3$W$
2$K?;<" f 3$:E?22$‘?3?M ?" @"K" 9$‘?5>W" 3? J?5$2>? 3" W$VA :$2 ?J?93"9?3" :$#@2$ 3$@">: 3$ 5$2
’ @?25>3? 3$ $#$2‘Z9E>? @"3$ :$2 E4K"\ #?: :># ? 4# @"95" 3$ #?::? ? @"::$ 3? Ea?W$ "4 3$ ? 5$2 E"K"A
@$2>‘":? :$ $D$54?3? 3$ #"3" >9E"2A #"5"2nE?>o? 3$ Ed#J>"M

2$%*
E?3" " E"#45?3"2 3$ >‘9>;<" 9? @"A E"#45?3"2 3$ >‘9>;<" 9?
:>;<"  M @":>;<"  @ M
*42?95$ ?: "@$2?;[$: 3$ ?J?:5$A !#!  *$:K>‘?2 5"3": ": "452": ?E$::gA
E>#$95" 3$ E"#J4:5VW$K\ E$25>D>E?2A C$5>2?2 Y4?KY4$2 "J^$5" #$5_K>E" 2>": $K]52>E": @2$:$95$: 9" W$VA
:$ 3$ Y4$ " W$VE4K" $:5$^? 3$:K>‘?3" p@"2 $oM ?9]>:\ 2$Kg‘>":\ @4K:$>2?:q\ E4K"M
pE"#45?3"2 3$ >‘9>;<" 9? @":>;<" E?@?X 3$ @2"W"E?2 4# E"95?5" $K]A  ,$ 45>K>X?2 ? J?5$2>? 3$ "452" W$VA
 qM 52>E" ?E>3$95?KM E4K"\ $:5?E>"9?2 $:5$ uK5>#" ?" ?KA
E?9E$ 3": E?J": 45>K>X?3": @?2?
1$2>‘" 3$ ‘2?W$: K$:[$:N ? K>‘?;<"\ ?E>"9?2 " D2$>" 3$ $:5?A
!! " %!! !N& E>"9?#$95" $ E$25>D>E?2A:$ 3$ Y4$
! ? >‘9>;<" $:5_ 3$:K>‘?3?M
’ J?5$2>? 3" W$VE4K" $:5_ K"E?K>A
X?3? 9" E"#@?25>#$95" 3" #"5"2\ !#! 
?52_: 3" ‘24@" g@5>E" $:Y4$23"M ’: J?5$2>?: E"95Z# _E>3" Y4$ @"3$ !<" K>‘?2 3>2$5?#$95$ ": 5$2#>9?>:
Y4$>#?2 ? @$K$ "4 ": "Ka":M ’: J?5$A 9$‘?5>W": 3?: 34?: J?5$2>?:N ,$ ? J?A
2>?: ‘$2?# a>32"‘Z9>"\ D?E>K#$95$ >9A 5$2>? ?4o>K>?2 $:5>W$2 >9:5?K?3? $# "4A
DK?#_W$K $ $o@K":>W"M 52" W$VE4K"\ E$25>D>E?2A:$ 3$ Y4$ $952$
!#! ’::>#\ 9<" ?@2"o>#?2 Ea?#?: "4 $:5$ uK5>#" $ " W$VE4K" E"# ? J?5$2>?
!<" :$ ?@2"o>#?2 3? W$95">9a? 3>:@":>5>W": Y4$ @"::?# @2"W"E?2 3$:E?22$‘?3? 9<" $o>:5$# @?25$: #$A
3$ ?22$D$E>#$95" 3" 2?3>?3"2\ @">: D?V:E?:M 5_K>E?: ?E>3$95?K#$95$ $# E"95?5"\
" $K$52"W$95>K?3"2 @"3$ E"#$;?2 ? ^_ Y4$ @"3$ E2>?2A:$ 4#? K>‘?;<" f ’
D49E>"9?2 $ E?4:?2 K$:[$:M 12"E$3$2 3" :$‘4>95$ #"3"% #?::? E"# " 2>:E" 3$ @2"W"E?2 ‘2?A
W$: K$:[$: 9?: @$::"?: $W$954?K#$95$
C$:@$>5$ :$#@2$ ?: @2$:E2>;[$: @2$:$95$: 9?: @2"o>#>3?3$:M
3$::$ #?94?KM  ’E>"9?2 " D2$>" 3$
$:5?E>"9?#$95"\ 3$:K"E?2 ?
?K?W?9E? 3$ Ed#J>" @?2? ?
@":>;<" p+:5?E>"9?#$95"q
$\ $# :$‘4>3?\ E"K"E?2 "
2$%+
? 4#? #?::? 3" #"5"2 p4#?    ,4

@?25$ $# #$5?K 3" #"5"2 "4 3? (#? W$X K>‘?3" " #"5"2\ 2$5>2?2
,$ $D$54?3" 3$ #"3" >9E"22$5"\ "
E?>o? 3$ Ed#J>" E"# ? J?5$2>? ": E?J":\ :$‘4>93" ? "23$# >9W$2:?
@2"E$3>#$95" 3$:E2>5" ? :$‘4>2 @"3$
3$:E?22$‘?3?q K"9‘$ 3? J?5$2>? $ 2$K?5>W?#$95$ f ?E>#? 3$:E2>5?M
@2"W"E?2 ‘2?W$: K$:[$: ? @$::"?: "4 3" :>:5$#? 3$ >9^$;<" 3$ E"#A
3?9>D>E?2 " :>:5$#? 3$ 2$E?2‘? 3$ 4# ,$\ 3$@">: 3$ ?K‘4#?: 5$95?5>W?:\
J4:5VW$KM
"4 3$ ?#J": ": W$VE4K":M ,$‘4>2 E2>A " #"5"2 9<" K>‘?2\ 9<" >9:>:5>2 >945>KA
5$2>":?#$95$ ?: >93>E?;[$: D"29$E>A  )>‘?2 " #"5"2 3" W$VE4K" E"# J?A
#$95$\ #?: E"95?5?2 ?   ! &
3?: ? :$‘4>2M 5$2>? ?4o>K>?2\ 3$>o?93"A" D49E>A
= ,  > M
"9?2 ?K‘49: #>945": $# #?2Ea?
K$95?M +# :$‘4>3?\ K>‘?2 " #"5"2 8?:" :$^? 9$E$::_2>" 2$E"22$2 D2$A
 567  ,4
3" W$VE4K" E"# ? J?5$2>? 3$:E?2A Y4$95$#$95$ f @?25>3? 3$ $#$2‘Z9A
1?2? $D$54?2 ? @?25>3? 3$ $#$2‘Z9A 2$‘?3?M E>?\ #?93?2 W$2>D>E?2 ? J?5$2>? $ " :>:A
E>?\ @2"E$3$2 E"#" >93>E?3" ? :$A 5$#? 3$ 2$E?2‘? 3" W$VE4K" 9? 
‘4>2%  ! = ,  > M

 )>‘?2 4#? $o52$#>3?3$ 3" E?J"


!#! !! " "!%! 
45>K>X?3" @?2? " @":>5>W" pƒq ?"
!<" K>‘?2 " E?J" ?" 5$2#>9?K 9$A $!
5$2#>9?K @":>5>W" pƒq 3" W$VE4K"
E"# ? J?5$2>? 3$:E?22$‘?3?M ‘?5>W" pq 3? J?5$2>? 3$:E?22$‘?3?M ’ +W>5?2 ?J:"K45?#$95$ ? @?25>3? @"2
D?V:E? 2$:4K5?95$ @"3$2>? E?4:?2 ? $oA $#@422<"\ @"2 2$J"Y4$ "4 45>K>X?93"
 )>‘?2 4#? $o52$#>3?3$ 3" E?J"
@K":<" 3? J?5$2>? $ @2"W"E?2 K$:[$: ?: 3$:E>3?:M
45>K>X?3" @?2? " @":>5>W" pƒq ?"
‘2?W$:M
5$2#>9?K @":>5>W" pƒq 3" W$VE4K"
E"# ? J?5$2>? ?4o>K>?2M (5>K>X?2 $oEK4:>W?#$95$ " @"95" 3$

 )>‘?2 4#? $o52$#>3?3$ 3" E?J" #?::? $:@$EVD>E"c 9<" 45>K>X?2 Y4?KA
Y4$2 "452? @?25$ #$5_K>E? $o@":5?M +W$954?>: ?E$::g2>": p@"2 $oM E$K4A
45>K>X?3" @?2? " 9$‘?5>W" pq ?"
K?2$:\ $5EMq K>‘?3": f: 5"#?3?: 3$ E"2A
5$2#>9?K 9$‘?5>W" pq 3? J?5$2>?
2$95$ 3" W$VE4K" ?J:"2W$# E"22$95$
?4o>K>?2M
#$:#" Y4$ 9<" :$^?# 45>K>X?3":M ,$
 )>‘?2 ? $o52$#>3?3$ "@":5? 3" 3$>o?3": K>‘?3": #4>5" 5$#@" E"# "
E?J" 45>K>X?3" @?2? " 9$‘?5>W" pq
2$%,
#"5"2 3$:K>‘?3"\ @"3$# 3$:E?22$‘?2 +# ?K‘4#?: W$2:[$:\ ? >95$2W$9;<" 1?2? 2$:5?J$K$E$2 " E"22$5" D49E>A
? J?5$2>?\ E"# E"9:$Y4$95$ 2$34;<" 3" :>:5$#? ] ?::>9?K?3? @$K? W>:4?K>A "9?#$95" 3" W$VE4K"\ $D$54?2 " :$A
3? 342?;<" 3$:5? uK5>#? $n"4 >#@":A X?;<" 3$ 4#? #$9:?‘$# 9? 5$K?M *" ‘4>95$ @2"E$3>#$95" p$:5$ @2"E$3>A
:>J>K>3?3$ 3$ K>‘?2 " #"5"2M #$:#" #"3"\ 4#? #$9:?‘$# $:A #$95" 3$W$ :$2 >9>E>?3" $ E"9EK4V3"
@$EVD>E? 9" 3>:@K?x ?W>:? " E"9345"2 $# #$9": 3$ 7 #>945"q%
E?:" ? D49E>"9?K>3?3$ 3" :>:5$#? D>A
   Y4$ E"#@2"#$5>3?M
  !
!! 
=9:@$E>"9?2 E4>3?3":?#$95$ " W$VA
=95$2W]# $# E?:" 3$ Ea"Y4$ @2"A E4K" @?2? :$ E$25>D>E?2 3$ Y4$ 9<"
W"E?93"% $o>:5?# D4‘?: 3$ E"#J4:5VW$K\ @"2
$o$#@K" 9" E"#@?25>#$95" 3" #"A
 ’ >95$224@;<" 3? ?K>#$95?;<" 3$ 5"2\ :"J " W$VE4K" "4 9? @2"o>#>3?3$
E"#J4:5VW$K E"# E"9:$Y4$95$ 3? _2$? 3" 2$:$2W?5g2>"M *$@">: 3?
3$:?5>W?;<" 3" #"5"2M E"K>:<"\ 3$:K"E?2 " E"#45?3"2 3$ >‘A
 - 3$:52?W?#$95" ?45"#_5>E" 3?: 9>;<" @?2? ? @":>;<"  @?2? 9<"
@"25?:M 3$:E?22$‘?2 ? J?5$2>?M
 - ?E$93>#$95" 3?: K4X$: >95$2A
9?:M
 ’ 3$:?5>W?;<" 3? W$95>K?;<" 3" ’
EK>#?5>X?3"2M !#!
 ’E$93>#$95" 3?: K4X$: 3$ $#$2A *$@">: 3" >#@?E5"\ E?:" :$ :>95?
‘Z9E>? p@?2? 3$:?5>W?2 ?: K4X$:\ Ea$>2" 3$ E"#J4:5VW$K "4 :$ W$2>D>A
@2$::>"9?2 " J"5<" :>54?3" 9" @?>A Y4$# W?X?#$95": 9" :>:5$#? 3$ ?K>A
9$K 3$ >9:524#$95":qM #$95?;<"\ 9<" 2$?5>W?2 " :>:5$#?M
C>:E" 3$ >9EZ93>"N

2$%-
,
    4',  ,  3- ,  
   *+,-'

!6H   *'*  -' K67

8"# ? ?K?W?9E? 3": >93>E?3"2$: 3$ 3>2$;<" 9? @":>;<" 9$452?\


E"K"E?2 " E"#45?3"2 3$ >‘9>;<" 9? @":>;<"  M
*$:K"E?2 " E"#45?3"2 3$ >‘9>;<" @?2? ? @":>;<"  =93>E?3"2 3$ 3>2$;<" @?2? ? 3>2$>5? >95$2#>5$95$
=93>E?3"2 3$ 3>2$;<" @?2? ? $:Y4$23? >95$2#>5$95$c >93>E?3"2 3$
’5>W?2 " >93>E?3"2 3$ 3>2$;<" @?2? ? 3>2$>5?
3>2$;<" @?2? ? 3>2$>5? ?E$:" D>o"
=93>E?3"2 3$ 3>2$;<" @?2? ? 3>2$>5? >95$2#>5$95$c >93>E?3"2 3$ 3>2$;<"
’5>W?2 " >93>E?3"2 3$ 3>2$;<" @?2? ? $:Y4$23?
@?2? ? $:Y4$23? ?E$:" D>o"
=93>E?3"2 3$ 3>2$;<" @?2? ? $:Y4$23? >95$2#>5$95$c >93>E?3"2 3$
’5>W?2 " >93>E?3"2 3$ 3>2$;<" @?2? ? 3>2$>5?
3>2$;<" @?2? ? 3>2$>5? ?E$:" D>o"
’5>W?2 " >93>E?3"2 3$ 3>2$;<" @?2? ? $:Y4$23? ’#J": ": >93>E?3"2$: 3$ 3>2$;<" @$2#?9$E$# ?E$:": D>o":

*$:?5>W?2 " >93>E?3"2 3$ 3>2$;<" @?2? ? $:Y4$23? ’#J": ": >93>E?3"2$: 3$ 3>2$;<" ?@?‘?#A:$

*$:K"E?2 " E"#45?3"2 3$ >‘9>;<" @?2? ? @":>;<" 

*$:K"E?2 " E"#45?3"2 3$ >‘9>;<" @?2? ? @":>;<"  - :>:5$#? D"> 2$>9>E>?3" $ " #"5"2 @"3$ :$2 2$?5>W?3"

2$&.
    542? 9<" J?>o?2\ 3>2>‘>2A:$ ?::># Y4$

@"::VW$K f C$3$ 3$ ’::>:5Z9E>? b$$@ M
'1 ’ :?V3? 3$ KVY4>3" 3$ ?22$D$E>A
’ :$‘4>2\ $:5<" >93>E?3?: ?K‘4#?: #$95" 3" #"5"2 "4 3$ W?@"2 3" 2?A
" 3>?3"2 @"3$ @2"W"E?2 Y4$>#?342?:
:>54?;[$: ?3>E>"9?>: Y4$ D?W"2$E$# "
’" @$2E"22$2 52$Ea": E"#" ": 3$:A ?@?2$E>#$95" 3$ :>54?;[$: $oE$@E>"A ‘2?W$:M ,$ 9"5?2 W?@"2 @2"W$9>$95$
E2>5": ? :$‘4>2\ $ 9? @2$:$9;? 3$ E"9A 9?>: 3$ :4@$2?Y4$E>#$95" 3" #"5"2% 3" E"#@?25>#$95" 3" #"5"2\ "4 :$
3>;[$: EK>#_5>E?: $oE$@E>"9?>: Y4$ "4W>2 " 24V3"\ 9<" ?J2>2 " E?@v ?5]
@"::?# @2"W"E?2 " ?@?2$E>#$95" 3$ Y4$ " 2?3>?3"2 5$9a? 5>3" 5$#@" :4D>A
 ,$ " ?2AE"93>E>"9?3" $:5>W$2 K>A
D$9v#$9": 3$ :4@$2?Y4$E>#$95" 3" E>$95$ @?2? ?22$D$E$2M !49E? 5$95?2 5>A
‘?3"\ 3$:K>‘_AK"M - :>:5$#? 3$
#"5"2\ ?3"5?2 ?: :$‘4>95$: ?J"23?A 2?2 " 5?#@<" E"# " 2?3>?3"2 Y4$95$M
?2AE"93>E>"9?3" E"952>J4> @?2? "
‘$9:% :4@$2?Y4$E>#$95" 3" :>:5$#? 3$
?22$D$E>#$95" 3" #"5"2M
  -67 
 ) K>#>5?2 ?  
 C$‘4K?2 " ?Y4$E>#$95" 3" a?A
W$K"E>3?3$M
J>5_E4K" @?2? " #_o>#"\ "2>$9A  ; 
  -67 
*  - 4  /,

 _  0) E"# " W$VE4K" @?2?3"\


5?93" ? 3>:52>J4>;<" 3" ?2 @?2? % 
" @>:" "4 @?2? " $o5$2>"2 3" W$VA
E"K"E?2 " Ed#J>" $# @"95" E4K"\ E?:" ?: E"93>;[$: EK>#_A !!"  "#&
#"25" $ #?95$2 " #"5"2 9" 5>E?: $o5$29?: @$2#>5?# #?95$2 !
2$‘>#$ #V9>#"M ": W>32": K?5$2?>: ?J$25":c $# :$A +# E?:" 3$ ?W?2>?\ @?2? 3$:K"E?2 ?
‘4>3?\ ?5>W?2 " W$95>K?3"2 3" :>:A
5$#? 3$ EK>#?5>X?;<" f W$K"E>A
?K?W?9E? 3" Ed#J>" 3? @":>;<" p+:A ’
 5?E>"9?#$95"qM @2"E$3$2 3" :$‘4>95$
3?3$ #_o>#?M *$::$ #"3"\ " #"3"%
(# :>:5$#? 3$ 2$D2>‘$2?;<" :4@$A ?Y4$E$3"2 ?54?2_ E"#" 4# 2?3>A
2?Y4$E>3" @"3$ 3?9>D>E?2 " W$VE4K"M ?3"2 :4@K$#$95?2\ E"952>J4>93"
+# E?:" 3$ :4@$2?Y4$E>#$95"\ $9A  *$:K>‘?2 " #"5"2M
@?2? 3>::>@?2 " E?K"2 3" :>:5$#?
E":5?2 $ @?2?2 " W$VE4K"M O?X$2 D49E>A 3$ ?22$D$E>#$95" 3" #"5"2M  ’E>"9?2 " D2$>" 3$
"9?2 " #"5"2 $# #?2Ea? K$95? E"# " $:5?E>"9?#$95" $K]52>E"M
?2AE"93>E>"9?3" 3$:?5>W?3" ?5] Y4$
? 5$#@$2?542? J?>o$M ,$ ? 5$#@$2?A
2$&!
 ’54?93" E"# E4>3?3" 9" @"95" E"# " >954>5" 3$ K>J$2?2 ? _2$? 9"
>93>E?3" @$K? :$5?\ 2$#"W$2\ $95"29" 3?: 2"3?:M
K$W?95?93"A? @?2? E>#?\ ?  12$::>"9?2 $ :$‘42?2 " J"5<" 3?
#"K342? pE"# ? E">D?q 3? ?K?W?9E? 3" Ed#J>"M
?K?W?9E? 3$ Ed#J>"M
 8"#45?2 :4E$::>W?#$95$ $952$ ?:
@":>;[$:  $  $\ 342?95$ $:5$
@2"E$::"\ @2$::>"9?2 K$W$#$95$ "
?E$K$2?3"2M
 8"K"E?2 ? ?K?W?9E? 3$ Ed#J>" 9?
@":>;<"  p@"95" #"25"qM 
 U"K5?2 ? #"95?2 E"22$5?#$95$ ? .2"E?: $952$ ?: @":>;[$:  $  @"A
#"K342? $ ? E">D? 3? ?K?W?9E? 3$ 3$# :$2 D$>5?: E"# ?: 2"3?: $# W$A
Ed#J>"M K"E>3?3$ #_o>#? 3$ } h#naM ,$#@2$
 *?2 ? @?25>3? 9" #"5"2 E"# ? Y4$ ? 52?9:#>::<" ] #?95>3? 9? @"A
?K?W?9E? 3$ Ed#J>" 9? @":>;<" :>;<"  p@"95" #"25"q @"2 #?>: 3$ L
 12$::>"9?2 ? D493" " @$3?K 3"  p@"95" #"25"qM :$‘493":\ ] 9$E$::_2>" @2$::>"9?2 "
D2$>" $ #?95ZAK" @2$::>"9?3"M @$3?K 3$ D2$>" @?2? :$K$E>"9?2 ?: @"A
:>;[$:  "4  M
 =9:$2>2 @$2@$93>E4K?2#$95$ 4#?
@$Y4$9? Ea?W$ 3$ D$93? ?@2"A
   
@2>?3?\ "4 D$22?#$95? :>#>K?2\ 9" ! '  
D42" f 3>2$>5? 9? @?25$ @":5$2>"2 (:?2 " #V9>#" @"::VW$K 3$ @2$:A
,$ " W$VE4K" ?5"K?2 $# 4# 5$22$9"
3" E"9^495" $\ $# :$‘4>3?\ @2$:A :<" 9" ?E$K$2?3"2 >2_ #?95$2 " #"A
?2$9":"\ 3$ K?#? "4 9$W$\ @2"E$3$2
:>"9?2 $ :$‘42?2 ? ?K?W?9E? 3$ W>#$95" 3$ J?K?9;" 3$952" 3$ 4#?
3" :$‘4>95$ #"3"%
3$:52?W?#$95"M ?54?;<" $D>E>$95$\ :$# Y4$ ?: 2"3?:
 R>2?2 " W"K?95$ :4E$::>W?#$95$ ‘>2$# $# D?K:" "4 ?: 2"5?;[$: 3" #"A
@?2? ? 3>2$>5? $ @?2? ? $:Y4$23?\ 5"2 :$ $K$W$# $oE$::>W?#$95$M

2$&"
 
,$ 9$E$::_2>"\ @2$::>"9?2 " J"5<" (5>K>X?2 ?@$9?: J?22? 3$ 2$J"Y4$
r+,8 -DDr @?2? 3$:?J>K>5?2 @?2E>?KA 2V‘>3?M 8"9$E5?2 ? J?22? 3$ 2$J"Y4$
#$95$ " :>:5$#? +,8 ?95$: 3$ 3?2 >9VA ?" W$VE4K" ?52?W]: 3" ‘?9Ea" 3$ 2$A
E>" f "@$2?;<"M ’@g: K>J$2?2 " W$VA J"Y4$\ 9<" ?": @?2?AEa"Y4$:M
E4K"\ @2$::>"9?2 9"W?#$95$ " J"5<"
@?2? a?J>K>5?2 " :>:5$#? pE"9:4K5?2 ?
:$;<" r8?2?E5$2V:5>E?: 3$ :$‘42?9;? 
?5>W?r 9" E?@V54K" r,$‘42?9;?r @?2? C$:@$>5?2 ? K$‘>:K?;<" 3$ 52d9:>5"
#?>: >9D"2#?;[$:qM W>‘$95$ @?2? @2"E$3>#$95": 3$ 2$J"A
Y4$M

   
! s4?93" :$ D>o? " W$VE4K" 9? @K?5?A
!?  "#! D"2#? 3$ 4# E?#>9a<" 3$ 2$J"Y4$\
9<" 45>K>X?2 ": E"#@"9$95$: 3?: :4:A
!" @2$:$95$ 5g@>E" :<" 3$:E2>5": @$9:[$: 3>?95$>2? "4 52?:$>2? E"#"
": @2"E$3>#$95": @?2? " 2$J"Y4$ 3" @"95": 3$ D>o?;<"M (# 2$J"Y4$ $D$A
W$VE4K" $# :>54?;[$: 3$ $#$2‘Z9E>?M 54?3" 3$ #"3" >#@2g@2>" @"3$ @2"A
W"E?2 3?9": 9" W$VE4K"M


1?2? $D$54?2 " 2$J"Y4$\ ] 9$E$::_A
2>? 4#? J?22? 3$ 2$J"Y4$ 2V‘>3? 3$
#"3" ? $W>5?2 3?9>D>E?2 " W$VE4K"M

2$&%
4.-  *+,-' & ,  6H 5  

! !! /S0 ! ! /DS0

  %; ! !!   `"% !" `"% !"


C$J"Y4$ $# 4#? :4@$2DVE>$
!+!S(&’ !0- 1+C&=.=*- !0- 1+C&=.=*-
@K?9?

+K$W?;<" 3?: 2"3?: "4 2$J"Y4$ .C’,+=C-, !0- 1+C&=.=*- !0- 1+C&=.=*-
9" W$VE4K" *=’!.+=C-, -z !0- 1+C&=.=*-
U$VE4K" $# 4#? @K?5?D"2#? 3$
.-*-, &+)S-C &e.-*- &+)S-C &e.-*-
W$VE4K" 3$ :"E"22"

2$&&
? " ! !& +# :$‘4>3?\ @2$::>"9?2 9"W?#$95$

! /S0 " J"5<" 3$ @?25>3? @?2? E"K"E?2 "
+W>5?2 ? $K$W?;<" ?@$9?: 3?: 2"3?: E"#45?3"2 3$ >‘9>;<" 9? @":>;<"
 H ,
,_
4  -
Q , 3>?95$>2?: p"4 52?:$>2?:qM ’ $K$W?;<"  \ :$# ?J2>2 ? @"25? 3" W$VE4K"M
e 2$E"#$93_W$K 2$J"E?2 " W$VE4K" ?@$9?: 3?: 2"3?: 3>?95$>2?: p"4 52?A
E"# ?: Y4?52" 2"3?: +)+U’*’, 3" :$>2?:q 342?95$ " 2$J"Y4$ @"3$ @2"A
:"K" 9? @K?5?D"2#? 3$ 4# W$VE4K" 3$ W"E?2 3?9": 9? E?>o? 3$ Ed#J>"M
:"E"22"M
!#!
8?:" 9<" $:5$^? 3>:@"9VW$K 4# W$VA  *42?95$ " 2$J"Y4$\ K$#J2?2A:$
E4K" 3$ :"E"22" E"# @K?5?D"2#?\ " ,$ " W$VE4K" D"2 2$J"E?3" :$# 2$:A Y4$\ 9<" 5$93" ? ?^43? 3" :$2W"D2$>"
W$VE4K" 3$W$ :$2 2$J"E?3" E"# ?: @$>5?2 ": 2$Y4>:>5": ?E>#? >93>E?3":\ $ 3? 3>2$;<" ?::>:5>3? $K$52"#$EdA
2"3?: 3>?95$>2?: +)+U’*’, 3" :"K" @"3$# "E"22$2 3?9": ‘2?W$: 9? E?>o? 9>E?\ @?2? D2$?2 " W$VE4K" :$2_ 9$E$:A
p45>K>X?93" 4# W$VE4K" "4 4#? D$22?A 3$ Ed#J>"M -: 3?9": @2"W"E?3": @"2 :_2>" $o$2E$2 #?>: D"2;? 9" @$3?K
#$95? ?3$Y4?3? Y4$ @$2#>5? ? $K$A 4# 2$J"Y4$ $D$54?3" 3$ #"3" >#A 3$ D2$>" $ @?2? W>2?2 " W"K?95$ :$2_
W?;<" 3?: 2"3?: 3>?95$>2?:qM @2g@2>" 9<" $:5<" E"J$25": @$K? ‘?A 9$E$::_2>? 4#? ?;<" #?>: $9]2‘>E?M
2?95>?M !<" 45>K>X?2 E?J": DK$oVW$>: @?2? $D$A
? " ! & 54?2 " 2$J"Y4$ $ $W>5?2 ": $:5>E[$:M
! /DS0  `"% !& *42?95$ ?: "@$2?;[$: 3$ 2$J"Y4$\
%;   E$25>D>E?2A:$ 3$ Y4$ ? D>o?;<" 3" ?E"A
"
!  !  %; & @K?#$95" 9" W$VE4K" 9<" 3?9>D>Y4$
e 2$E"#$93_W$K 2$J"E?2 " W$VE4K" ": E"#@"9$95$: $# E"95?5"M
E"# ?: Y4?52" 2"3?: +)+U’*’, 3"
 ; ! ’
:"K"M ’" 2$J"E?2 " W$VE4K"\ ] "J2>‘?5g2>"
2$:@$>5?2 ?: 9"2#?: $:@$EVD>E?: 3$
e\ ?::>#\ @"::VW$K 2$J"E?2 " W$VA E>2E4K?;<" 2"3"W>_2>?\ 2$K?5>W?: 5?95"
E4K" $# 4#? @K?5?D"2#? 3$ 4# W$VA !#!
?" 3>:@":>5>W" 3$ 2$J"Y4$ Y4?95" ?"
E4K" 3$ :"E"22"\ #?: 9<" E"# 4#? 12$::>"9?2 " J"5<" 3$ @?25>3?\ :$#
E"#@"25?#$95" $# $:52?3?M ’95$: 3$
$o52$#>3?3$ $K$W?3? $ ? "452? $# 4# @>:?2 9" D2$>"\ @?2? E"K"E?2 " E"#4A
?@$25?2 " ‘?9Ea" 3$ 2$J"Y4$\ K>#@?2
E?22" 3$ 2$J"Y4$M 5?3"2 3$ >‘9>;<" 9? @":>;<"  M
E4>3?3":?#$95$ ? :$3$ 2":E?3?M

2$&’
!#! !#! !#!
-: ‘?9Ea": 3$ 2$J"Y4$ p:$ $Y4>A 1?2? " 3$:?5"K?#$95" 3" W$VE4K" ’95$: 3$ 52?D$‘?2 E"# 2$J"Y4$ $#
@?3"q 3$W$# :$2 45>K>X?3": :"#$95$ D"2? 3? W>? @?W>#$95?3?\ "4 :$^?\ $# "452" @?V:\ W$2>D>Y4$ ?: 3>:@":>;[$:
$# :>54?;[$: 3$ $#$2‘Z9E>?\ @?2? D>A E"93>;[$: 3$ J?22"\ ?2$>?\ @>:": $:A ‘$2?>: 3" #$:#" $# 2$K?;<" ?" 2$A
o?2 ? E>95? $ @?2? 3$:K"E?#$95" 3" E"22$‘?3>":\ $5EM\ #$3>?95$ " ?4oVA J"Y4$ 3$ ?52$K?3":M
W$VE4K" @?2? ? @2?9Ea? 3$ 2$J"Y4$M K>" 3$ "452" W$VE4K"\ :$#@2$ 45>K>X?2
4#? J?22? 3$ 2$J"Y4$ 2V‘>3?M ’9A C$:@$>5$ ": K>#>5$: 3$ W$K"E>3?3$
!<" 45>K>X?2 ": ‘?9Ea": 3$ 2$J"Y4$ 5$: 3$ >9>E>?2 ? "@$2?;<"\ 3$:"J:A $:@$EVD>E": 3$ E?3? @?V: @?2? ": W$VA
:$ ?: 2"3?: $:5>W$2$# 52?W?3?: "4 524>2 ?: 2"3?: $\ :$ "452": D?5"2$: >#A E4K": E"# 2$J"Y4$M
@?2? >;?2 " W$VE4K"\ @">: >::" @"3$2_ @$3>2$# ? 2$5>2?3? 3" W$VE4K" @"2
3?9>D>E_AK"M :4? @2g@2>? 52?;<"\ E"#"\ @"2 $o$#A
@K"\ @>:" $oE$::>W?#$95$ $:E"22$‘?A
3>"\ ?2$9":"\ K?#?\ $5EM\ 4# W$VE4K"
?@2"@2>?3" @?2? 2$J"Y4$ 3$W$ :$2 45>A
!#! K>X?3"M +# :$‘4>3?\ 3$@$93$93" 3?
C$:@$>5?2 ? K$‘>:K?;<" 3$ 52d9:>5" :>54?;<"\ E"K"E?2 " W$VE4K" $#  "4
W>‘$95$ @?2? ?: :>54?;[$: 3$ 2$J"Y4$M #?2Ea? 2] \ ?E$K$2?93" ‘2?3?5>W?A
#$95$ $ :>#4K5?9$?#$95$ ?" W$VE4K"
’" 2$J"E?2 " W$VE4K"\ 9<" 3?2 52?9A 4:?3" @?2? " 2$J"Y4$M
E": $ "4 ?22?9Y4$: Y4$ @"::?# 3?9>A
D>E?2 " W$VE4K" $ E"K"E?2 $# 2>:E" ?: +:5? "@$2?;<"  3$W$ :$2 2$?K>A
@$::"?: $9W"KW>3?: 9? "@$2?;<"M X?3? $# Y4?KY4$2 E"93>;<" 3$ 2>:E"
@?2? ": E"9345"2$: $ @$::"?: $9W"KA
W>3?:M

2$&*
/   
  
"!?
- $o5>95"2 3$ >9EZ93>": @"3$ :$2
?3Y4>2>3" 9?   ! = , 
> M
’ @?25$ 3>?95$>2? 3" J?9E" 3" #"A
5"2>:5? ! $:5_ @2$W>:5? @?2? ? >9:5?K?A
;<" 3" :4@"25$ @?2? D>o?;<" 3" $o5>9A
5"2 3$ >9EZ93>":M


C$E"#$93?#": K$2 ?: >9:524;[$:
>#@2$::?: 9" $Y4>@?#$95"

-J:$2W?2 E"# ?5$9;<" ? W?K>3?3$


3" $o5>95"2 p? 3?5? $9E"952?A:$ ‘2?A
!$ N !! %; /
.- 0
W?3? 9" E"2@" 3" E>K>932"q $ :$ " ’
@"95$>2" 3" #?9v#$52" $:5_ 3$952"
-: ‘?9Ea": 3$ 2$J"Y4$ $:5<" D>A 3? D?>o? 9"2#?K 3$ "@$2?;<"M
o?3": f E?22"E$2>? 3" W$VE4K"M +:A
5<" 3>:@"9VW$>: 3">: ‘?9Ea": 3$ 2$A
J"Y4$\ :$93" 4# 9? @?25$ 52?:$>2? !
$ "452" 9? @?25$ 3>?95$>2? %:

2$&+
2$&,
     
   !
=!.C-*(/0- M M M M M M M M M M M M M M M M M M M M SA7
,+CU=/-, ’R+!*’*-, M M M M M M M M M M M M M M SA7
8-&1’C.=&+!.- *- &-.-C M M M M M M M M M M SA~
C+8’CC+R’!*- ’ B’.+C=’ M M M M M M M M M M M SA7F
,+CU=/-, !’ 8-!8+,,=-!“C=’ M M M M M M M M SA7{
)+U’!.’!*- - U+l8()- M M M M M M M M M M M M SALF
1!+(, M M M M M M M M M M M M M M M M M M M M M M M SALF
)-!R’ =!’.=U=*’*+ *- U+l8()- M M M M M M SAH7
8’CC-8+C=’ M M M M M M M M M M M M M M M M M M M M SAHL
=!.+C=-C *- U+l8()- M M M M M M M M M M M M M M SAH6

3
3
 " 9VW$K 3": KVY4>3":\ ? @2$::<" 3": $:@$2?2 @$K? $o$E4;<" 3" @2go>#"
@9$4:\ $5EMqM E4@"#M
(#? E"22$5? #?945$9;<" @$2#>5$
- :$2W>;" 3$ &?945$9;<" 12"‘2?A
#?95$2 " 3$:$#@$9a" 3" W$VE4K" ?"
#?3? ] $D$54?3" @$K?   !& !? <!
K"9‘" 3" 5$#@"\ 2$34X>2 ": E4:5": 3$
 = ,  > \ E"# ": 5$#@": @2]A
D49E>"9?#$95" $ @2"5$‘$2 ? $D>E>Z9A ’ E?3? 7MGGG h# "4 ?95$: 3$ W>A
D>o?3":M ,$\ 342?95$ ? 2$?K>X?;<" 3$
E>? 3": :>:5$#?: 3$ :$‘42?9;?M ?‘$9: K"9‘?:\ E"952"K?2 $ $W$954?KA
E?3? >95$2W$9;<"\ ?K]# 3?: "@$2?A
!$:5$ E?@V54K"\ $o@K>E?A:$ E"#"M ;[$: @2$W>:5?:\ :$ ?@2$:$95?2 ? 9$E$:A #$95$ 2$:5?J$K$E$2%
:>3?3$ 3$ "452?: :4J:5>54>;[$: "4 2$A
@?2?;[$:\ ?: #$:#?: :g @"3$2<" :$2  - 9VW$K 3" KVY4>3" 3$ ?22$D$E>A
    $D$54?3?: E"# " $o@KVE>5" ?E"23" 3" #$95" 3" #"5"2
8K>$95$M (5>K>X?93" D2$Y4$95$#$95$  - 9VW$K 3" KVY4>3" 3": D2$>":M
 " W$VE4K" @?2? " 2$J"Y4$ 3$ ?52$K?A  - 9VW$K 3" KVY4>3" 3" K?W?3"2 3"
"! !"!! 3":\ 2$34X>2 " >95$2W?K" $952$ 4#? W>32" 52?:$>2" $ @?2?AJ2>:?M
#?945$9;<" @2"‘2?#?3? $ ? "452?M  12$::<" $ E"93>;[$: 3": @9$4:M
(#? E"22$5? #?945$9;<" ] 3$5$2A
#>9?95$ @?2? ‘?2?95>2 ?" W$VE4K" 4#?  - D49E>"9?#$95" 3" :>:5$#? 3$
K"9‘? 342?;<" $# E"93>;[$: >3$?>:M  >K4#>9?;<" pD?2g>:\ >93>E?3"2$:
1"2 >::"\ ? b$$@ 3$D>9>4 4#? :]A -: E4@"9: 3$ &?945$9;<" 12"‘2?A 3$ 3>2$;<"\ $#$2‘Z9E>?\ $5EMq
2>$ 3$ E"952"K$: $ 3$ >95$2W$9;[$: #?3? :<" @2$:E2>5": @$K? #"95?3"2?M  O49E>"9?#$95" 3" :>:5$#?
3$ #?945$9;<" $# >95$2W?K": @2$$:A ’ 9<" $o$E4;<" 3": #$:#": @"3$ K>#@?3"2nK?W?3"2 3"
5?J$K$E>3":\ E"#" 3$:E2>5" 9" 1K?9" E"#@"25?2 ? E$::?;<" 3? ‘?2?95>?M @?2?AJ2>:?nW>32" 52?:$>2" $
3$ &?945$9;<" 12"‘2?#?3?M @":>E>"9?#$95"n 3$:‘?:5$ 3?:
@?Ka$5?:M
’95$: 3$ Y4?KY4$2 >9:@$;<"\ ]\ 9"
$95?95"\ :$#@2$ 9$E$::_2>" 5$2 $#
  !VW$K 3$ ?‘$95$ 2$345"2 KVY4>3" (
e ?E"9:$Ka_W$K :>9?K>X?2 f   @?2? 2$34;<" 3$ @"K4$95$: p’2K?
?5$9;<" ?: >93>E?;[$: 3$:E2>5?: 9"
! = ,  > $W$954?>: @$Y4$9?: HLq p:"#$95$ @?2? ?: W$2:[$: 3>$A
1K?9" 3$ &?945$9;<" 12"‘2?#?3?
?9"#?K>?: 3$ D49E>"9?#$95"\ :$# :$KqM
p@"2 $oM W$2>D>E?2 @$2>"3>E?#$95$

3$!
’ E?3? C:222 h#\ W$2>D>E?2 $\ :$  +:52?3?: @"$>2$95?:\ ?2$9":?:\ K?A 52?9:#>::<"\ :$‘#$95":
9$E$::_2>"\ 2$:5?J$K$E$2% " 9VW$K 3$ #?E$95?:\ $5EM 2V‘>3": $ DK$oVW$>: 3?:
gK$" 3" #"5"2M  1$2E42:": J2$W$: p#$9": 3$ {A} 54J4K?;[$: p$:E?@$n?K>#$95?;<"
h#q $ 2$@$5>3": $n"4 E"# 5$#@$A 3$ E"#J4:5VW$KnD2$>":q
2?542?: J?>o?:M $K$#$95": 3$ J"22?Ea?
J! !  & pD"K$:n#?9‘?:nE?:Y4>Ka":\ $5EMqM
  &"5"2 Y4$ ‘>2? D2$Y4$95$#$95$
$# #?2Ea? K$95? "4 K"9‘": @$2A  8"952"K$ 3" $:5?3" 3$ E?2‘? $
+# E?:" 3$ ?E$93>#$95" 3" :V#A E42:": ? J?>o? W$K"E>3?3$\ >9EK>A 9VW$K 3" KVY4>3" 3? J?5$2>? p$K$A
J"K" p?#?2$K" d#J?2q 9" 3>:@K?x 9?;[$: ?E$954?3?: @"2 K"9‘": @$A 52gK>5"qM
pgK$" 3" #"5"2 3$‘2?3?3"q\ " gK$" 3" 2V"3": $n"4 ‘2?93$: ?K5>543$:M  8"952"K$ W>:4?K 3?: E"93>;[$: 3?:
#"5"2 3$W$ :$2 :4J:5>54V3" >#$3>?5?A E"22$>?: 3$ E"#?93" 3": ?E$::gA
 +# E?:" 3$ K"9‘? >9?5>W>3?3$ 3"
#$95$\ >93$@$93$95$ 3? Y4>K"#$52?A 2>":M
W$VE4K" p:4@$2>"2 ? HG 3>?:qM
‘$# @$2E"22>3? $n"4 5$#@" 3$ 4:"\
 8"952"K$ $ $W$954?K :4J:5>54>;<"
:"J @$9? 3$ 3?9": :$W$2": ?" #"5"2M
e 9$E$::_2>" $D$54?2 ?: :$‘4>95$: 3" gK$" 3" #"5"2 $ 3" D>K52" 3"
W$2>D>E?;[$: E"# #?>: D2$Y4Z9E>? 3" gK$"M
 Y4$ ? >93>E?3? 9" 1K?9" 3$ &?94A  8"952"K$ $ $W$954?K :4J:5>54>;<"
’.+!/0-% ": >95$2W?K": 3$ :4J:A 5$9;<" 12"‘2?#?3?% 3" D>K52" 3" ?2AE"93>E>"9?3"M
5>54>;<" 3$ gK$" 3" #"5"2\ :$^? @"2  8"952"K$ $ $W$954?K :4J:5>54>;<"
5$#@" "4 Y4>K"#$52?‘$#\ 3$W$# :$2  8"952"K$ 3?: E"93>;[$: $ 3$:A 3" D>K52" 3" ?2M
2$34X>3": f #$5?3$ 9": E?:": 3$ 45>A ‘?:5$ 3?: @?:5>Ka?: 3": D2$>": ?
K>X?;<" :$W$2? 3" W$VE4K"\ "4 :$^?\ 3>:E" 3>?95$>2":M ’: 2$W>:[$: 3$W$# :$2 2$?K>X?3?:
E?:" " W$VE4K" :$^? 45>K>X?3" @2$3"A  8"952"K$ 3" $:5?3" 3$ K>#@$X?  .- '
 5
-  
\
#>9?95$#$95$ $# 4#? "4 #?>: 3?: 3?: D$Ea?342?: 3" E?@v 3" #"A "4 :$^?\ ? E?3? 7LMGGG h# pW$VE4K":
:$‘4>95$: E"93>;[$:% 5"2 $ 3? 5?#@? 3" @"25?A#?K?:\ OK$oq "4 ? E?3? LGMGGG h# pW$VE4K":
K>#@$X? $ K4J2>D>E?;<" 3?: ?K?A *>$:$Kq\ "4 ? E?3? 7L #$:$: pOK$o $
 C$J"Y4$ 3$ ?52$K?3":\ 5_o>\ $9A W?9E?:M *>$:$Kq\ *',   .- , 
52$‘? 3$ @"25? $# @"25?\ $5EM  8"952"K$ W>:4?K 3?: E"93>;[$:%
 M
#"5"2\ E?>o? 3$ Ed#J>"\

3$"
’ 5"K$2d9E>? @$2#>5>3? @?2? ?  BO * 7% E?:" "E"22? @"2 Y4>A
$o$E4;<" 3?: 2$W>:[$: :$2<" 3$ K"#$52?‘$#\ 3$W$2_ :$2 2$?K>X?3?
7MGGG h# @?2? #$9": "4 @?2? #?>:\ $952$ 7~MGGG $ L7MGGG h# ! <
E?:" "E"22? @"2 Y4>K"#$52?‘$# "4 ? 7⁄ 2$W>:<"M &?: E?:" "E"22? @"2
HG 3>?: @?2? #$9": "4 @?2? #?>:\ 5$#@"\ 3$W$2_ :$2 2$?K>X?3? $952$
E?:" "E"22? @"2 5$#@"M 77 $ 7H #$:$: ! < ? 7⁄ 2$W>:<"M
(
' /*+,-' '(0)
! ! "!&
 1O * 7) E?:" "E"22? @"2 Y4>A 
K"#$52?‘$#\ 3$W$2_ :$2 2$?K>X?3? ’@g: ? 2$?K>X?;<" 3? uK5>#? 2$W>:<"
$952$ 77MGGG $ 7HMGGG h#M &?: >93>E?3? 9" 1K?9" 3$ &?945$9;<"\
E?:" "E"22? @"2 5$#@"\ 3$W$2_ :$2 E"9:>3$2?2 ? #$:#? D2$Y4Z9E>? @?2?
2$?K>X?3? $952$ 77 $ 7H #$:$:M :4J:5>54>;<" $ W$2>D>E?;<" 3$ E?3?
 BO * 7) E?:" "E"22? @"2 Y4>A >5$#M
K"#$52?‘$#\ 3$W$2_ :$2 2$?K>X?3?
$952$ 77MGGG $ 7HMGGG h# ! <
? 7⁄ 2$W>:<"M &?: E?:" "E"22? @"2
5$#@"\ 3$W$2_ :$2 2$?K>X?3? $952$
77 $ 7H #$:$: ! < ? 7⁄ 2$W>:<"M

(
' /*+,-'  '0)

 1O * 7% E?:" "E"22? @"2 Y4>A


K"#$52?‘$#\ 3$W$2_ :$2 2$?K>X?3? (
$952$ 7~MGGG $ L7MGGG h#M &?:
E?:" "E"22? @"2 5$#@"\ 3$W$2_ :$2
2$?K>X?3? $952$ 77 $ 7H #$:$:M

3$%
" 1:C 1V % N
* H
/gggg0 ! , 1B:222 \
-  , 1B "a *'&
1O BO CO DO UO VO WO XO YO 12O 11O 1BO 1CO 1DO 1UO
,   .- , 
  / R  b'
 * 7 ' &
K0

,4J:5>54>;<" 3" gK$" 3" #"5"2 $ D>K52" 3$ gK$" 3" #"5"2M p«q ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ

,4J:5>54>;<" 3" D>K52" 3$ E"#J4:5VW$KM p«q ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ


U$2>D>E?;<" 3" $K$#$95" 3" D>K52" 3$ ?:@>2?;<" 3$ ?2 3"
ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ
#"5"2M
,4J:5>54>;<" 3" $K$#$95" 3" D>K52" 3$ ?:@>2?;<" 3$ ?2 3"
ƒ ƒ ƒ ƒ ƒ ƒ ƒ
#"5"2M p««q
U$2>D>E?;<" 3": 9VW$>: 3": KVY4>3":nDK4>3": 3$ 5"3": ": :>:A
5$#?:% D2$>":\ K?W?3"2 3": W>32":\ ?22$D$E>#$95" 3" #"5"2 ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ
p9VW$K $ E"95?#>9?;[$:q\ $5EM
U$2>D>E?;<" 3?: @?:5>Ka?: 3$ D2$>" 3?: 2"3?: 3>?95$>2?: $
52?:$>2?:M
ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ
-B,M% 8?:" ? $:@$::42? u5>K 3?: @?:5>Ka?: :$^? #$9"2 3"
Y4$ 6 ##\ 3$W$A:$ :4J:5>54VAK?:
U$2>D>E?;<" 3" $:‘4>Ea" $ @?Ka$5?: 3": W>32": 52?:$>2": $
@?2?AJ2>:?\ E>95": 3$ :$‘42?9;?\ E"#?93": $K]52>E": 3": W>A
32": 3?: @"25?:\ :>:5$#? 3$ ?J$2542?nD$Ea?#$95" 3?: @"25?:M
ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ
,>:5$#? $K]52>E"n$K$52v9>E" p2_3>"\ ?K?2#$\ $5EMq $ >K4#>9?A
;<" >95$29? $ $o5$29? $ :>9?K>X?;<"M s4?32" 3$ >9:524#$9A
5": $ >93>E?3"2$:M +:5?3" 3? J?5$2>?M
U$2>D>E?;<" 3?: 54J4K?;[$: 3$ $:E?@?#$95"\ 3$ ?K>#$95?A
;<" 3$ E"#J4:5VW$K $ 3": D2$>":M 8"#@"9$95$: 3$ J"22?Ea?
3? @?25$ >9D$2>"2 3" W$VE4K"\ E">D?:\ ‘4?29>;[$:\ #?9‘4$>2?: ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ
$ @9$4: p3$:‘?:5$ $ @2$::<"q\ :4:@$9:[$:\ E?>o? 3$ 3>2$;<"
$ ^495? a"#"E>9]5>E?MM
U$2>D>E?;<" 3" D>K52" 3" ?2AE"93>E>"9?3"M p«q ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ

3$&
* H
/gggg0 ! , 1B:222 \
-  , 1B "a *'&
1O BO CO DO UO VO WO XO YO 12O 11O 1BO 1CO 1DO 1UO
,   .- , 
  / R  b'
 * 7 ' &
K0
)>#@$X? $\ :$ 9$E$::_2>"\ K4J2>D>E?;<" 3?: E?9?K$5?: $ E"#A
ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ
@"9$95$: #gW$>: 3" 5$5" :"K?2 p:$ $Y4>@?3"qM
U$2>D>E?;<" 3?: E"22$>?: 3": g2‘<": ?4o>K>?2$: 3" #"5"2M p«q ƒ ƒ ƒ ƒ ƒ ƒ ƒ
U$2>D>E?;<" 3" :>:5$#? 3$ >9^$;<"n>‘9>;<" 3" #"5"2M (5>K>A
X?2 " $Y4>@?#$95" 3$ 3>?‘9g:5>E"M C$:$5?2 " ?W>:" 3$ 2$W>A ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ
:[$:M
,4J:5>54>;<" 3" DK4>3" 3": D2$>":M ? E?3? LI #$:$: "4 ? E?3? HFMGGG h# p" Y4$ "E"22$2 @2>#$>2"q

U$2>D>E?;<" 3" D2$>" 3$ $:5?E>"9?#$95" p$K]52>E"qM ƒ ƒ ƒ ƒ ƒ


U$2>D>E?;<" 3" 9VW$K 3$ $#>::[$: 3": ‘?:$: 3$ $:E?@?A
ƒ ƒ ƒ
#$95"M
U$2>D>E?;<" 3" :>:5$#? $W?@"2?5>W" 3" 5?9Y4$ 3$ E"#J4:5VA
ƒ ƒ ƒ
W$KM p«««q
,4J:5>54>;<" 3?: E"22$>?: 3": g2‘<": ?4o>K>?2$: 3" #"5"2
ƒ
p"4 ? E?3? F ?9":\ " Y4$ "E"22$2 @2>#$>2"qM p«q
,4J:5>54>;<" 3?: W$K?: 3$ >‘9>;<" 3" #"5"2M ? E?3? FGMGGG h# p>93$@$93$95$ 3" 5$#@"q

=9:@$E>"9?2 $\ :$ 9$E$::_2>"\ :4J:5>54>2 ? W_KW4K? 1CUM p«q ƒ


,4J:5>54>;<" 3" KVY4>3" 3" :>:5$#? 3$ ?22$D$E>#$95" 3"
? E?3? 7LG #$:$: "4 ? E?3? LIGMGGG h# p" Y4$ "E"22$2 @2>#$>2"q
#"5"2M p«q
TK$" 3? E?>o? 3$ Ed#J>" ?45"#_5>E"M O"2 )>D$ p:$# 9$E$::>3?3$ 3$ :4J:5>54>;<"q
1?2? EK>$95$: Y4$ "@5$# @"2 ?J?:5$E$2 " :$4 W$VE4K" $oA (
EK4:>W?#$95$ E"# $5?9"K\ ] 2$E"#$93?3" " ?J?:5$E>#$95"
E"#@K$5" 3" 5?9Y4$ 3$ E"#J4:5VW$K E"# ‘?:"K>9? p9" #VA ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ
9>#" 4# 5?9Y4$q ? E?3? 7GMGGG h# @?2? 2$34X>2 @2"W_W$>:
E"95?#>9?95$: @2"E$3$95$: 3" $5?9"KM

3$’
* H
/gggg0 ! , 1B:222 \
-  , 1B "a *'&
1O BO CO DO UO VO WO XO YO 12O 11O 1BO 1CO 1DO 1UO
,   .- , 
  / R  b'
 * 7 ' &
K0
/g0   .- *
 -4 -+@* 3 , 
  K  ,a   *+,-' - ' K 
 
  
 
  a   a '
,  - 
,  6H *   - / 4.-a Q( a   5    
 a ,:0 - .-  G-* ' 5
 * :
/gg0   *+,-' - ' K 
 
  
    a     '
, a  '
   3 '    67   

 *  -4 -+ 


  * H:
/ggg0   *+,-' - ' K 
 
  
    a  9&3 '   ,  /3 ' c-40 *  -4 -+ 

 * H: 
,  (,     ,
  a ,-  ,
 
  5-'  *+,-'a ,-    !  , '
>     ,
 :
/gggg0 ! ' _ ,  
    (,-67  * H 9)
  C2   /  
  -  
 0 , ,   
:
  1222 \
/  
  -  
 0 , ,   .- '
 5
:

" B:2 & 


* H
/ggg0 ! , B2:222 \
-  , 1B "a *',   1O BO CO DO UO VO WO XO YO 12O 11O 1BO
.- , 
  / R  b'
 * 7 ' K0
,4J:5>54>;<" 3" gK$" 3" #"5"2 $ D>K52" 3$ gK$" 3" #"5"2M p«q
’5$9;<"% " #"3$K"  ' ] $Y4>@?3" E"# 4# :>:5$#? Y4$ #"A
9>5"2? ? E"93>;<" 3$ 3$‘2?3?;<" 3" gK$" 3" #"5"2\ @"25?95"\
?K]# 3?: >93>E?;[$: @"2 Y4>K"#$52?‘$# $ 5$#@" ^_ #$9E>"A
9?3?:\ ? :4J:5>54>;<" 3" gK$" 3" #"5"2 $ 3" D>K52" 3$ gK$" 3" ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ
#"5"2 3$W$2_ :$2 $D$54?3? >#$3>?5?#$95$ ?@g: ? :>9?K>X?;<" 3$
4#? K4XA$:@>? $:@$EVD>E? "4 4#? #$9:?‘$# 9" @?>9$K 3$ >9:524A
#$95": "E"22$2M 12"E42?2 ?  !  , ' > @?2? ? :4J:5>A
54>;<" 3" gK$" 3" #"5"2 $ 3" D>K52" 3$ gK$"M
,4J:5>54>;<" 3" D>K52" 3$ E"#J4:5VW$KM p«q ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ

3$*
* H
/ggg0 ! , B2:222 \
-  , 1B "a *',   1O BO CO DO UO VO WO XO YO 12O 11O 1BO
.- , 
  / R  b'
 * 7 ' K0
,4J:5>54>;<" 3" $K$#$95" 3" D>K52" 3$ ?:@>2?;<" 3$ ?2 3" #"5"2M
ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ
p«q
U$2>D>E?;<" 3": 9VW$>: 3": KVY4>3":nDK4>3": 3$ 5"3": ": :>:5$#?:%
D2$>":\ K?W?3"2 3": W>32":\ ?22$D$E>#$95" 3" #"5"2 p9VW$K $ E"95?A ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ
#>9?;[$:q\ $5EM
U$2>D>E?;<" 3?: @?:5>Ka?: 3$ D2$>" 3?: 2"3?: 3>?95$>2?: $ 52?:$>2?:M
-J:M% 8?:" ? $:@$::42? u5>K 3?: @?:5>Ka?: :$^? #$9"2 3" Y4$ 6 ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ
##\ 3$W$A:$ :4J:5>54VAK?:M p«q
U$2>D>E?;<" 3?: 54J4K?;[$: 3$ $:E?@?#$95"\ 3$ ?K>#$95?;<" 3$
E"#J4:5VW$K $ 3": D2$>":M 8"#@"9$95$: 3$ J"22?Ea? 3? @?25$ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ
>9D$2>"2 3" W$VE4K"\ E">D?:\ ‘4?29>;[$:\ #?9‘4$>2?: $ @9$4:M
U$2>D>E?;<" 3" $:‘4>Ea" $ @?Ka$5?: 3" @?2?AJ2>:? $ W>32" 52?A
:$>2"\ E>95": 3$ :$‘42?9;?\ :>:5$#? 3$ >K4#>9?;<" $ :>9?K>X?A
ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ
;<"\ E"#?93": $K]52>E": 3": W>32": 3?: @"25?:\ :>:5$#? 3$ ?J$2A
542?nD$Ea?#$95" 3?: @"25?:M
U$2>D>E?;<" 3" D>K52" 3" ?2AE"93>E>"9?3"M p«q ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ
U$2>D>E?;<" 3" :>:5$#? $K]52>E"n$K$52v9>E" p2_3>"\ ?K?2#$\ $5EMq\
J?5$2>? $ >K4#>9?;<" >95$29? $ $o5$29?M s4?32" 3$ >9:524#$95": ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ
$ >93>E?3"2$:M
U$2>D>E?;<" 3" :>:5$#? 3$ W$95>K?;<" 3" E_25$2 3" #"5"2 rJK"i
ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ
JxrM p«q
U$2>D>E?;<"nK>#@$X?nK4J2>D>E?;<" 3?: E?9?K$5?: $ E"#@"9$95$:
ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ
#gW$>: 3" 5$5" :"K?2 p:$ $Y4>@?3"qM
U$2>D>E?;<" 3" :>:5$#? 3$ >9^$;<"n>‘9>;<" 3" #"5"2M (5>K>X?2 "
(
ƒ ƒ ƒ ƒ ƒ ƒ
$Y4>@?#$95" 3$ 3>?‘9g:5>E"M
U$2>D>E?;<" 3" 9VW$K 3" gK$" 3? E?>o? 3$ Ed#J>" #$Ed9>E" p:$
ƒ ƒ ƒ ƒ ƒ
$Y4>@?3"qM

3$+
* H
/ggg0 ! , B2:222 \
-  , 1B "a *',   1O BO CO DO UO VO WO XO YO 12O 11O 1BO
.- , 
  / R  b'
 * 7 ' K0

U$2>D>E?;<" 3" D2$>" 3$ $:5?E>"9?#$95" p$K]52>E"qM ƒ ƒ ƒ ƒ ƒ ƒ

U$2>D>E?;<" 3" 9VW$K 3$ $#>::[$: 3": ‘?:$: 3$ $:E?@?#$95"M ƒ ƒ ƒ ƒ ƒ ƒ


,4J:5>54>;<" 3" DK4>3" 3": D2$>": pY4?93" 3>:@"9VW$K\ 3$W$A:$
5?#J]# :4J:5>54>2 " DK4>3" 3" :>:5$#? 3$ ?E>"9?#$95" a>32_4K>E" ’ E?3? LI #$:$: "4 ? E?3? FGMGGG h# p" Y4$ "E"22$2 @2>#$>2"q
3? $#J2$?‘$#qM
U$2>D>E?;<" 3?: E"22$>?: 3": g2‘<": ?4o>K>?2$: 3" #"5"2M p««q ƒ ƒ ƒ ƒ

,4J:5>54>;<" 3?: E"22$>?: 3": g2‘<": ?4o>K>?2$: 3" #"5"2M p«q ? E?3? I} #$:$: "4 ? E?3? FGMGGG h# p" Y4$ "E"22$2 @2>#$>2"q
,4J:5>54>;<" 3" gK$" 3? E?>o? 3$ Ed#J>" #$Ed9>E" p:$ $Y4>A
ƒ ƒ
@?3"qM
U$2>D>E?;<" 3? E"22$>? 3$95?3? 3" E"#?93" 3? 3>:52>J4>;<" 3"
ƒ ƒ ƒ
#"5"2M p««q
,4J:5>54>;<" 3? E"22$>? 3$95?3? 3" E"#?93" 3? 3>:52>J4>;<" 3"
? E?3? I} #$:$: "4 ? E?3? }GMGGG h# p" Y4$ "E"22$2 @2>#$>2"q
#"5"2M p«q
,4J:5>54>;<" 3" KVY4>3" 3" :>:5$#? 3$ ?22$D$E>#$95" 3" #"5"2 ? E?3? 7G ?9": "4 ? E?3? LIGMGGG h# p" Y4$ "E"22$2 @2>#$>2"q

TK$" 3? E?>o? 3$ Ed#J>" ?45"#_5>E" p:$ $Y4>@?3"qM O"2 )>D$ p:$# 9$E$::>3?3$ 3$ :4J:5>54>;<"q
/g0   .- *
 -4 -+@* 3 , 
  K  ,a   *+,-' - ' K 
 
  
 
  a   a '
,  - 
,  6H *   - / 4.-a Q( a   5    
 a ,:0 - .-  G-* ' 5
 * :
/gg0 
,  - ' K67  *+,-' 
 
  
    a    - '
, a 3- -
,  '  
 '
    ,    R 57 -( '   / &,  ,  @4
4 hQ5-@'  0a ,      '
     
, B2:222 \
- 1B
 a  ,Q a 3-  -4 - 6H:
/ggg0 ! ' _ ,  
    (,-67  * H 9)
  C2   /  
  -  
 0 , ,   
:
  1222 \
/  
  -  
 0 , ,   .- '
 5
:

3$,
'    
?
" 1:C 1V % N

7 ’J?:5$E>#$95" 3" gK$" 3" #"5"2 $ W?2$5? 3$ I 8?>o? 3$ D4:VW$>:


#$3>;<" 3$ 9VW$K 6 )VY4>3" 3$ ?22$D$E>#$95" 3" #"5"2
L )VY4>3" 3": D2$>": F )VY4>3" 3" K?W?3"2 3" @?2?AJ2>:?nK?W?3"2 3"
H B?5$2>? W>32" 52?:$>2"

3$-
" B:2 

7 O>K52" 3$ ?:@>2?;<" 3$ ?2 3" #"5"2 6 8?>o? 3$ D4:VW$>:


L ’J?:5$E>#$95" 3" gK$" 3" #"5"2 F )VY4>3" 3" K?W?3"2 3" @?2?AJ2>:?nK?W?3"2 3"
H )VY4>3" 3": D2$>": W>32" 52?:$>2"
I B?5$2>? { )VY4>3" 3$ ?22$D$E>#$95" 3" #"5"2
} U?2$5? 3$ E"952"K$ 3" 9VW$K 3" gK$" 3" #"5"2

3$!.
!   (# 2$?J?:5$E>#$95" E"# KVY4>3"
>9?3$Y4?3" @"3$ 3?9>D>E?2 ‘2?W$A
#$95$ " W$VE4K"M !#!
!#! - 9VW$K 3" gK$" 949E? 3$W$ :4@$A
<  " 2?2 ? 2$D$2Z9E>? &“¡M 8?:" " 9VW$K
!49E? D4#?2 342?95$ Y4?KY4$2 >9A
5$9a? :4@$2?3" ? 2$D$2Z9E>? &“¡ 9?
5$2W$9;<" 9" W<" 3" #"5"2M 8$25>D>E?2A:$ 3$ Y4$ " 9VW$K 3" gK$"
W?2$5?\ ?‘4?23?2 " #"5"2 $:D2>?2 $ 2$A
$:5_ E"#@2$$93>3" $952$ ": 9VW$>:
1"3$2<" $:5?2 @2$:$95$: ‘?:$: $ W?A 5>2?2 " gK$" $# $oE$::"M
&l! $ &“¡ 9? W?2$5? 3$ E"952"K$ M
@"2$: >9DK?#_W$>:\ E"# 2>:E" 3$ >9A
,$ " 9VW$K 3$ gK$" $:5>W$2 @2go>#" -J:$2W$ :$#@2$ ?: 2$E"#$93?A
EZ93>"M
"4 ?J?>o" 3? 2$D$2Z9E>? &=!\ ?3>E>A ;[$: 3$:5$ #?94?KM
"9?2 gK$" ?52?W]: 3" J"E?K 3$ $9Ea>A
#$95" ?5] ?5>9‘>2 ? 2$D$2Z9E>? &’¡M +o52?>2 ? W?2$5? 3$ E"952"K$ 3" 9VA
W$K 3$ gK$" 3" #"5"2\ K>#@_AK? E"#
!#! 4# @?9" Y4$ 9<" :"K5$ @$K" $ >9:$2>A
8"# #"5"2 Y4$95$\ ?54?2 E"# K? 9"W?#$95$M +o52?VAK? 4#? :$‘493?
#4>5" E4>3?3" 9" >95$2>"2 3" W<" 3" W$X $ E$25>D>E?2A:$ 3$ Y4$ " 9VW$K 3$
#"5"2M !#! gK$" 3" #"5"2 $:5_ E"#@2$$93>3" $9A
!" E?:" 3$ 2$@":>;<" 3" 9VW$K 3" 52$ ?: #?2E?: &=! $ &’¡ $o>:5$95$:
1$2>‘" 3$ Y4$>#?342?:M gK$" 3" #"5"2\ ?‘4?23?2 Y4$ " #"5"2 9? @2g@2>? W?2$5?M
$:D2>$ ?95$: 3$ ?54?2 9" 5?#@<" 3$
?J?:5$E>#$95"\ $:@$E>?K#$95$ @?2?
W$VE4K": E"# 5?#@<" 3$ ?K4#V9>" p:$ 
!#! $Y4>@?3"qM - gK$" 3" #"5"2 3$‘2?3?A:$ @"2
*42?95$ ": 2$?J?:5$E>#$95":\ 5$A
5$#@" $ @$23$ :4?: @2"@2>$3?3$: 3$ (
’.+!/0-% @$2>‘" 3$ Y4$>#?34A K4J2>D>E?;<"\ @"25?95" 3$W$ :$2 :4J:A
9a? ?5$9;<" @?2? 9<" E"9D493>2 ": 2?:N 5>54V3" 3$ ?E"23" E"# " @K?9" 3$
W_2>": 5>@": 3$ KVY4>3":% :<" 5"3": >9A
#?945$9;<"\ >93$@$93$95$#$95$ 3$
E"#@?5VW$>: $952$ :>N

3$!!
E">9E>3>2 E"# ?: 2$W>:[$: @2"‘2?#?A 1?2? ? :4J:5>54>;<" 3" gK$" $ 3": 5>@" $# 2$K?;<" ?" ^_ @2$:$95$ 9"
3?:M D>K52":\ ] ?E"9:$Ka_W$K 3>2>‘>2A:$ f >95$2>"2 3" 3$@g:>5"M - KVY4>3" 9<"
  ! = ,  > @"3$ :$2 #>:542?3" E"# Y4?KY4$2
C$E"#$93?A:$ $o@2$::?#$95$ Y4$
"452" 5>@" 3$ KVY4>3" ?95>E"9‘$K?95$M
? :4J:5>54>;<" 3" gK$" $ 3": D>K52":
:$^? D$>5? ?@$9?: 9? C$3$ 3$ ’::>:A ’ 5V54K" >93>E?5>W"\ " E"9:4#" #_A
+# E?:" 3$ 2$?J?:5$E>#$95" E"#
5Z9E>? b$$@M o>#" 3$ gK$" 3" #"5"2 ] 3$ IGG
4# @2"345" 9<" ?3$Y4?3"\ $W>5?2
‘2?#?: ? E?3? 7GGG h#M !" @2>A
?J:"K45?#$95$ K>‘?2 " #"5"2 $ 3>2>‘>2A
#$>2" @$2V"3" 3$ 45>K>X?;<" 3" W$VA
 -
  R' 
 :$ f   ! = ,  > M
E4K"\ " #"5"2 $:5_ $# D?:$ 3$ r?#?A
E>?#$95"r\ #"5>W" @$K" Y4?K " E"9A
:4#" 3$ gK$" 3" #"5"2 :g @"3$ :$2
!#! E"9:>3$2?3" $:5?J>K>X?3" 3$@">: 3$
5$2 @$2E"22>3" ": @2>#$>2": 6MGGG ? !#!
!<" ?E2$:E$95?2 gK$" E"# E?2?E5$A FMGGG h#M
2V:5>E?: 3>D$2$95$: 3?: 3" gK$" ^_ @2$A - :>:5$#? 3$ ?22$D$E>#$95" $:5_
:$95$ 9" #"5"2M @2$::42>X?3"M 8?:" :$^? 9$E$::_2>"
:4J:5>54>2 ? 5?#@? 3" 2$:$2W?5g2>" \
;  !"
(5>K>X?2 :$#@2$ @2"345": 2$E"#$9A 45>K>X?2 4#? @$;? ‘$94V9?\ E?:" E"9A
 "
3?3": pW$2 E?@V54K" r*?3": .]E9>A 52_2>" ? $D>E>Z9E>? 3" :>:5$#? @"3$ D>A
E":rqM ,$ " 9VW$K D"2 >9:4D>E>$95$\ 3$:?@$2A E?2 E"#@2"#$5>3?M
5?2 " 5?#@<" 3" 2$:$2W?5g2>" $ 3$:@$A
^?2 K$95?#$95$ " KVY4>3" 3$:E2>5" 9" 8"# " #"5"2 Y4$95$\ 9<" 2$5>2?2
E?@V54K" r*?3": 5]E9>E":rM " 5?#@<" 3" 2$:$2W?5g2>"% @$2>‘" 3$
Y4$>#?342?:M
!#!
- gK$" 3" #"5"2 4:?3" $ " D>K52" 3"
gK$" :4J:5>54V3" E"95Z# :4J:5d9E>?:
@$2>‘":?: @?2? " ?#J>$95$M !#!
1?2? $W$954?>: 2$?J?:5$E>#$95":
3" :>:5$#? 3$ ?22$D$E>#$95" 3"
#"5"2\ 45>K>X?2 4# KVY4>3" 3" #$:#"
3$!"
;  !!  8?:" >::" ?E"95$;?\ K?W?2 >#$3>?A
!!&%!@ !!  5?#$95$ E"# _‘4?M
 ! !#!
,$ " 9VW$K D"2 >9:4D>E>$95$\ K$W?95?2 ’K‘49: ?3>5>W": E"#$2E>?>: 3" KVA
" 5?#@<" 3" 2$:$2W?5g2>" $ ?J?:5$E$2 Y4>3" K?W?3"2 3" @?2?AJ2>:? :<" >9A
E"# " KVY4>3" $:@$E>D>E?3" 9" E?@VA DK?#_W$>: !#!
54K" r*?3": 5]E9>E":rM - DK4>3" 3": D2$>": ] W$9$9":" $ ?KA
- W<" 3" #"5"2 E"95]# @?25$:
’J?:5$E$2 E"# 9" #V9>#" G7 p4#q 5?#$95$ E"22":>W"M +# E?:" 3$ E"9A
Y4$95$: Y4$\ $# E"95?5"\ @"3$# @2"A
K>52" @?2? " 2$‘4K?2 D49E>"9?#$95" 3" 5?5" ?E>3$95?K\ K?W?2 >#$3>?5?#$95$
W"E?2 4# >9EZ93>"M
:>:5$#?M ?: @?25$: ?D$5?3?: E"# :?J<" 9$452"
$ $9o?‘4?2 E"# _‘4? ?J493?95$M
  
+# E?:" 3$ >9‘$:5<"\ 3>2>‘>2A:$ >#$A
8$25>D>E?2A:$ 3$ Y4$ " DK4>3" $:5_ 3>?5?#$95$ ? 4# #]3>E"M
!#! 9" 9VW$K #_o>#"M
!<" W>?^?2 E"# " 2$:$2W?5g2>" 3" ,$ " 9VW$K 3" DK4>3" 9" 2$:$2W?5g2>"
K?W?3"2 3" @?2?AJ2>:? W?X>"% ? ?;<" D"2 >9:4D>E>$95$\ 3$:?@$25?2 " 5?#@<"
3" K?W?3"2 3" @?2?AJ2>:? ] D493?A 3" 2$:$2W?5g2>" $ 3$:@$^?2 K$95?#$95$ !#!
#$95?K @?2? #$Ka"2?2 ? W>:>J>K>3?3$M " DK4>3" 3$:E2>5" 9" E?@V54K" r*?3": - :V#J"K" \ @2$:$95$ 9" 2$:$2A
5]E9>E":rM W?5g2>"\ >3$95>D>E? ": DK4>3": 3$ D2$>":
- D49E>"9?#$95" 2$@$5>3" 3" :>:A
5$#? 9? ?4:Z9E>? 3$ KVY4>3" @"3$ 3$ 5>@" :>95]5>E"\ 3>:5>9‘4>93"A": 3":
3?9>D>E?2 "4 3$5$2>"2?2 2?@>3?#$95$ 3$ 5>@" #>9$2?KM
?K‘4#?: @?25$: 3" :>:5$#?M OK4>3" 3$ D2$>" 3$ 5>@" #>9$2?K
!#! 3?9>D>E? >22$#$3>?W$K#$95$ ?: ^495?: (
+W>5?2 Y4$ " DK4>3" 3": D2$>":\ ?KA $:@$E>?>: $# J"22?Ea? 3" :>:5$#? 3$
5?#$95$ E"22":>W"\ $952$ $# E"95?5" D2$9?‘$#M
E"# ?: @?25$: @>95?3?:M

3$!%
%!! 3$ D2>" >95$9:"\ 2$5>2?2 ? J?5$2>? 3" (# E"952"K$ @$2>g3>E"\ $D$54?3"
W$VE4K" $ 52?9:@"25_AK? @?2? 4# K4‘?2 @$K?   ! = ,  > \ ]\
?Y4$E>3"M E"9543"\ 9$E$::_2>" @?2? W$2>D>E?2 ?
:4? $D>E>Z9E>?M
!#! 8"22$A:$ " 2>:E" 3$ E"9‘$K?#$95"M
- KVY4>3" $o>:5$95$ 9? J?5$2>? ] W$A -4 - 67  4 
9$9":" $ E"22":>W"M +W>5?2 " E"95?5"
E"# ? @$K$ $ ": "Ka":M
!#!
!<" :$ ?@2"o>#$ 3? J?5$2>? E"# !#!
Ea?#? "4 @"::VW$>: D"95$: 3$ D?V:E?:% ’" #?94:$?2 ? J?5$2>? "4 $# :4?:
@2"o>#>3?3$:\ 3$W$A:$ :$#@2$ @2"5$A .2"E? 3? J?5$2>? 3" W$VE4K"% ’ J?A
@$2>‘" 3$ $o@K":<" $ >9EZ93>"M
‘$2 ": "Ka":M 5$2>? 3" W$VE4K" D"> 3$:$9W"KW>3? @?2?
‘?2?95>2 " #$Ka"2 3$:$#@$9a"\ E"9A
(5>K>X?2 gE4K": ?@2"@2>?3": @?2? ? D>?J>K>3?3$ $ Y4?K>3?3$ @?2? " :$4
"@$2?;<"M W$VE4K"M .?#J]# D"> 3$:$9W"KW>3?
!#! :"J #$3>3? @?2? " K"E?K 3$ :4? >9:A
- D49E>"9?#$95" E"# " 9VW$K 3" 5?K?;<"\ ‘?2?95>93" 5"5?K :$‘42?9;?M
KVY4>3" #4>5" J?>o" 3?9>D>E? >22$@?A !" E?:" 3$ 9$E$::>3?3$ 3$ 52"E?\ ]
2?W$K#$95$ ? J?5$2>? $ @"3$ @2"W"E?2 !#! >#@2$:E>93VW$K Y4$ ? J?5$2>? :4J:5>A
? :4? $o@K":<"M 545? 5$9a? ?: #$:#?: $:@$E>D>E?;[$:
’: J?5$2>?: E"95Z# :4J:5d9E>?:
$ E?2?E5$2V:5>E?: 3? J?5$2>? "2>‘>9?K\
-J:$2W?2 :$#@2$ ?: 2$E"#$93?A #4>5" @$2>‘":?: @?2? " ?#J>$95$M
5?>: E"#"% 5$9:<" 9"#>9?K pUqc E?A
;[$: 3$:5$ #?94?KM 1?2? ? :4J:5>54>;<" 3? J?5$2>?\ @?E>3?3$ 9"#>9?K p’naqc E"22$95$ 3$
3>2>‘>2A:$ f   ! = ,  > M @?25>3? p’qc @"K?2>3?3$ p@":>;<" 3":
5$2#>9?>:q $ ?: 3>#$9:[$: p?K542?\ K?2A
’ J?5$2>? 9<" 9$E$::>5? 3$ ?J?:5$A ‘42? $ E"#@2>#$95"qM
!#! E>#$95": 3" $K$52gK>5" E"# _‘4? 3$:A +# E?:" 3$ 3uW>3?:\ @2"E42$ ?
,$ " W$VE4K" D>E?2 @?2?3" @"2 4# 5>K?3?M  !  , ' > M
@$2V"3" @2"K"9‘?3" $# E"93>;[$:
3$!&
+# E?:" 3$ 9$E$::>3?3$\ :4J:5>54>2  ’" $:5?E>"9?2 " W$VE4K"\
? J?5$2>? @"2 "452? "2>‘>9?K E"# ?: E$25>D>Y4$A:$ Y4$ ?: @"25?:\
#$:#?: E?2?E5$2V:5>E?:M 1?2? ? #?A E?@v\ 5?#@? 3" @"25?A#?K?: !#!
945$9;<" 3? J?5$2>?\ ] 9$E$::_2>" :$A $ @"25>9a"K?: $:5$^?# J$#
‘4>2 ?: >93>E?;[$: D"29$E>3?: @$K" D?A D$Ea?3":\ @?2? $W>5?2 Y4$ ?: (#? #"95?‘$# >9E"22$5? 3":
J2>E?95$ 3? J?5$2>?M K4X$: >95$29?: 3" a?J>5_E4K" ?E$::g2>": $K]52>E": $ $K$52v9>E":
@$2#?9$;?# ?E$:?:M @"3$ @2"W"E?2 3?9": ‘2?W$: 9"
W$VE4K"M
 ’@?‘?2 ?: K4X$: >95$29?:% 3$ Y4?KA

Y4$2 #"3"\ " W$VE4K" $:5_ $Y4>A ,$\ ?@g: ? ?Y4>:>;<" 3" W$VE4K"\ :$
’@g: ? :4J:5>54>;<" 3? J?5$2>? "4 @?3" E"# 4# :>:5$#? 3$ 3$:A @2$5$93$2 >9:5?K?2 ?E$::g2>": p@"2 $oM
3$:E"9$o<" 3" :$9:"2 3$ J?5$2>?\ 2$A K>‘?#$95" ?45"#_5>E" 3?: K4X$: ?95>D425"q\ 3>2>‘>2A:$ f   ! &
?K>X?2 " :$‘4>95$ @2"E$3>#$95" @?2? >95$29?:M = ,  > \ Y4$ >2_ :4‘$2>2 ": 3>:@"A
? E?K>J2?;<" 3" :>:5$#? ,5?25',5"@% :>5>W": #?>: ?3$Y4?3": $ :"J2$543"
 8"# " #"5"2 3$:K>‘?3"\ 9<" 3$>A
1?25>2 " W$VE4K" 9"2#?K#$95$ $ >9D"2#?2 :"J2$ ? 9$E$::>3?3$ 3$ 45>A
o?2 3>:@":>5>W": ?E$:": @"2 K"9‘"
3$:K>‘_AK"M 1":5$2>"2#$95$\ 2$5>2?2 ? K>X?2 4#? J?5$2>? E"# #?>"2 E?@?E>A
5$#@" p@"2 $oM ?45"22_3>"\ K4X$:
Ea?W$ 3? >‘9>;<"\ D$Ea?2 ?: @"25?:\ 3?3$M
3$ $#$2‘Z9E>?\ $5EMqM
3$:K>‘?2 ?: E?2‘?: $K]52>E?: $ 3$>o?2 "
W$VE4K" $# 2$@"4:" :$# ?E>"9?2 "  ’95$: 3$ Y4?KY4$2 >95$2W$9;<" 9"
?K?2#$M - W$VE4K" 3$W$ @$2#?9$E$2 :>:5$#? $K]52>E"\ 2$5>2?2 " E?J" 3" 
$# 2$@"4:" @"2 4# @$2V"3" #V9>#" @"K" 9$‘?5>W" 3? J?5$2>?M
’ J?5$2>? #?95>3? @"2 #4>5"
3$ I a"2?:M 5$#@" $# $:5?3" 3$ E?2‘? >9D$2>"2 ?
,$\ ?@g: ? ?Y4>:>;<" 3" W$VE4K"\ 6Gt :"D2$ 3?9": @"2 :4KD?5?;<"\ 2$A
 'G b    ' 5 @2$5$93$ >9:5?K?2 ?E$::g2>": $K]52>E": 34X>93" ? E?@?E>3?3$ $ ? ?@5>3<" f
- 67  4  Y4$ 9$E$::>5?# 3$ ?K>#$95?;<" $K]A @?25>3?M ’K]# 3>::"\ D>E? #?>: :4^$>5?
52>E? @$2#?9$95$ p@"2 $oM ?K?2#$\
1?2? $W>5?2 3$:E?22$‘?2 2?@>3?A $5EMq "4 ?E$::g2>": Y4$ ?D$5$# " J?A
f @"::>J>K>3?3$ 3$ E"9‘$K?#$95" (
#$95$ ? J?5$2>? $ @?2? @2$:$2W?2 ? p@"3$ "E"22$2 ? 7G8qM +# E?:" 3$
K?9;" $K]52>E"\ E"95?5?2 ?   @?2?3? @2"K"9‘?3?\ E"9:4K5?2 "
D49E>"9?K>3?3$ 9" 5$#@"\ :$‘4>2 2>A ! = ,  > \ E4^" @$::"?K Y4?A
‘"2":?#$95$ ?: :$‘4>95$: >93>E?;[$:% @?2_‘2?D" r=9?5>W>3?3$ @2"K"9‘?3?
K>D>E?3" ?W?K>?2_ ? ?J:"2;<" $K]52>E? 3" W$VE4K"r\ 9$:5$ E?@V54K"M
5"5?KM
3$!’
   !!

  C$E"#$93?A:$ 4#? 2$E?2‘? K$95? 1?2? $D$54?2 ? 2$E?2‘?\ @2"E$3$2
3$ J?>o? >95$9:>3?3$ 3$ E"22$95$\ 34A E"#" >93>E?3" ? :$‘4>2%
" 2?95$ E$2E? 3$ LI a"2?:M (#? E?2‘?
342?95$ #4>5" 5$#@" @"3$ 3?9>D>E?2  *$:K>‘?2 " 5$2#>9?K 3" @"K" 9$A
 ? J?5$2>?M ‘?5>W" 3? J?5$2>?M
’ 3$:E2>;<" 3" @2"E$3>#$95" 3$  )>‘?2 ?": @"K": 3? J?5$2>? ": E?A
2$E?2‘? 3? J?5$2>? $:5_ >93>E?3? 49>A J": 3" ?@?2$Ka" 3$ 2$E?2‘?\ 2$:A
E?#$95$ ? 5V54K" >9D"2#?5>W"M 1?2? ?  @$>5?93" ?: @"K?2>3?3$:M
$o$E4;<" 3$:5? "@$2?;<"\ 3>2>‘>2A:$ f e $::$9E>?K Y4$ ": E?J": 3" :>:A  )>‘?2 " ?@?2$Ka" 3$ 2$E?2‘?M
  ! = ,  > M 5$#? $K]52>E" :$^?# 9"W?#$95$ K>‘?A
 .$2#>9?3? ? 2$E?2‘?\ 3$:K>‘?2 "
3": E"22$5?#$95$ f J?5$2>?\ "4 :$^?\
?@?2$Ka" ?95$: 3$ " 3$:K>‘?2 3?
" E?J" @":>5>W" pƒq ?" 5$2#>9?K @":>A
 J?5$2>?M
5>W" $ " E?J" 9$‘?5>W" pq ?" 5$2#>9?K
’95$: 3$ @2"E$3$2 ?" E"25$ 3? ?K>A 9$‘?5>W"M -: 5$2#>9?>: 3? J?5$2>? $:A  )>‘?2 " 5$2#>9?K ?" @"K" 9$‘?5>W"
#$95?;<" $K]52>E? 3? J?5$2>?\ ?‘4?2A 5<" ?::>9?K?3": E"# ": :V#J"K": 3$ 3? J?5$2>?M
3?2 @$K" #$9": 4# #>945" ? @?25>2 5$2#>9?K @":>5>W" pƒq $ 5$2#>9?K 9$‘?A
3" @":>E>"9?#$95" 3" E"#45?3"2 3$ 5>W" pq $ $:5<" >93>E?3": 9? 5?#@? ! A!
>‘9>;<" $#  $ ? @?25>2 3" D$A 3? J?5$2>?M -: 5$2#>9?>: 3": E?J":
Ea?#$95" 3? @"25? 3" K?3" 3" E"9A 3$W$# 5?#J]# $:5?2 K>W2$: 3$ E"22"A (:?93" 9"2#?K#$95$ " W$VE4K"\
345"2M !" @":5$2>"2 2$:5?J$K$E>#$95" :<" $ D>o?3": D>2#$#$95$ ?": 5$2#>A 9<" ] @2$E>:" 5$2 @2$E?4;[$: $:@$E>A
3? ?K>#$95?;<" $K]52>E? 3? J?5$2>?\ 9?>:M ,$ D"2 45>K>X?3" 4# E?22$‘?3"2 ?>:M
E$25>D>E?2A:$ 3$ Y4$ " E"#45?3"2 3$ 3$ J?5$2>?: 3$ 5>@" r2_@>3"r E"# J?A +# E?:" 3$ >95$2W$9;[$: 9"
>‘9>;<" $:5$^? $#  $ Y4$ ? @"25? 5$2>? #"95?3? 9" W$VE4K"\ ?95$: 3$ :>:5$#? $K]52>E" "4 3$ @?25>3? 3$
3" K?3" 3" #"5"2>:5? $:5$^? D$Ea?3?M K>‘?2 " E?22$‘?3"2 3$ J?5$2>?:\ 3$:A $#$2‘Z9E>?\ ] 9$E$::_2>"\ @"2]#\
K>‘?2 ?#J": ": E?J": 3? J?5$2>? 3" :$‘4>2 E4>3?3":?#$95$ ?: >9:524;[$:
W$VE4K"M !<" 45>K>X?2 " E?22$‘?3"2 3$ :$‘4>95$:%
J?5$2>? 3$ 5>@" r2_@>3"r @?2? D"29$E$2
? 5$9:<" 3$ ?22?9Y4$M
3$!*
 !49E? 3$:K>‘4$ ? J?5$2>? 3" :>:A  *$:K>‘4$ ?: E$952?>: $K$52v9>E?: 3$# E?4:?2 ?9"#?K>?: 3$ D49E>"9?A
5$#? $K]52>E" E"# " #"5"2 $# 9" E?:" 3$ :"K3?: $K]52>E?: 9? #$95" E"# 2>:E": 3$ >9EZ93>"M
#"W>#$95"M E?22"E$2>?M C$#"WZAK?: $# E?:"
3$ 5$#@$2?542?: ?E>#? 3$ }G8 12"E42$ :$#@2$ ?   ! &
 *$:K>‘4$ ? J?5$2>? 3" :>:5$#? $K]A
p52?J?Ka": $:@$E>?>: 9? E?22"E$2>? = ,  > M
52>E" $# E?:" 3$ 2$E?2‘?M
 +# E?:" 3$ $#$2‘Z9E>?\ 949E? $5EMqM
$D$54$ ? @?25>3? E"# 4# E?22$‘?A     
3"2 3$ J?5$2>?\ #?: 45>K>X?2 4#?
J?5$2>? ?4o>K>?2M   % 
 ."#$ 4# E4>3?3" $:@$E>?K E"# !#! "  "!&
K>‘?;<" $952$ J?5$2>? $ :>:5$#? ’ >9:5?K?;<" 3$ ?E$::g2>": $K$52vA 
$K]52>E"\ W$2>D>E?93" 5?95" ? $o?5? 9>E": p2_3>"\ ?K?2#$\ $5EMq E"# $oA
@"K?2>3?3$\ E"#" ? $D>E>Z9E>? 3? E$;<" 3": "2>‘>9?>: 3$ D_J2>E?\ 9<"
@2g@2>? K>‘?;<"M s4?93" ? J?A 3$W$ $# a>@g5$:$ ?K‘4#?\ ?K5$2?2 ":
5$2>? ] 2$K>‘?3?\ ? E$952?K 3" :>:A Ea>E"5$: $K]52>E": 3": :>:5$#?: 3$ >9A !#!
5$#? 3$ >9^$;<"n>‘9>;<" 3$W$ 2$A ^$;<" $ >‘9>;<"M ’ #?945$9;<" $22?3? 3" W$VE4K"
?3?@5?2 ": @2g@2>": @?2d#$52": "4 ? 9<" $o$E4;<" 3$ >95$2W$9;[$: $
>95$29":c @"25?95"\ 9": @2>#$>A -J:$2W$ :$#@2$ ?: 2$E"#$93?A
;[$: 3$:5$ #?94?KM 2$@?2?;[$: pY4?93" 9$E$::_2>?:q @"A
2": Y4>Kv#$52": 3$ 4:"\ " W$VA 3$# E"#@"25?2 2$@?2?;[$: #?>: 3>:A
E4K" @"3$ ?@2$:$95?2 4# E"#A @$93>":?:\ 3?9": $# "452": E"#@"A
@"25?#$95" K$W$#$95$ 3>D$2$95$ 9$95$: "4 4# >#@?E5" 9$‘?5>W" 9"
3" ?95$2>"2M 3$:$#@$9a" 3" W$VE4K"M
 !<" K>‘4$ "4 3$:K>‘4$ ": 5$2A !#!
#>9?>: 3?: E$952?>: $K$52v9>E?: &?93?2 $o?#>9?2 >#$3>?5?#$95$
Y4?93" ? Ea?W$ 3$ >‘9>;<" $:A
&"3>D>E?;[$: "4 E"9:$25": 9" :>:A
$W$954?>: ?9"#?K>?: 3$ D49E>"9?A (
5$#? $K]52>E"\ $D$54?3": 3$ #?9$>2?
5>W$2 9? @":>;<" "!M #$95" 9?   ! = ,  > :
>9E"22$5? $ :$# 5$2 $# E"95? ?: E?A
 !<" W$2>D>Y4$ @"K?2>3?3$: $K]52>A 2?E5$2V:5>E?: 5]E9>E?: 3" :>:5$#?\ @"A
E?: E"# D?V:E?:M

3$!+
@?#$95" ?3$Y4?3"\ @$;?: ‘$94V9?: JK"E" ] $o52$#?#$95$ @2$^43>E>?K
$ ": KVY4>3": 9$E$::_2>":M @?2? " #"5"2M
!#! !<" $D$54?2 Y4?KY4$2 5>@" 3$ >95$2A 12$:5?2 ?5$9;<" @?2? #?95$2 4#
- W$VE4K" $:5_ $Y4>@?3" E"# KVY4>A W$9;<" :$ 9<" :$ @"::4>2 ? $o@$2>Z9A 9VW$K ?3$Y4?3"M
3": "5>#>X?3": @?2? @2"5$‘$2 " :$4 E>? 9$E$::_2>?M
3$:$#@$9a"\ 342?;<" $ @2"K"9‘?2 ": 1?2? ‘?2?95>2 4#? E"22$5? K4J2>D>A
:$4: >95$2W?K": 3$ #?945$9;<"M !<" ’: @_‘>9?: :$‘4>95$: E"95Z# ?: E?;<" 3" #"5"2\ ] >93>:@$9:_W$K Y4$
45>K>X?2 :4J:5d9E>?: Y4V#>E?: @?2? K?A 9"2#?: :"J2$ ? #?945$9;<" ,Q& " gK$" :$^? :$#@2$ #?95>3" ?" 9VA
W?2 $:5$: E"#@"9$95$:\ 4#? W$X Y4$  @2$W>:5? @$K" @$::"?K 5]E9>E" Y4$ W$K @2$:E2>5" pE"9:4K5?2 " @?2_‘2?D"
@"3$# 3?9>D>E?2 " #"5"2\ ? E?>o? 3$ @2"^$5"4 " W$VE4K"M r8"#@?25>#$95" 3" #"5"2r 9$:5$ E?A
Ed#J>" "4 " :>:5$#? 3$ EK>#?5>X?A @V54K"qM
;<"M +::$: 3?9": 9<" $:5<" E"J$25": ’K]# 3$:5?: >93>E?;[$: 3$ #?94A
@$K? ‘?2?95>? 3" W$VE4K"M 5$9;<" $:@$E>D>E?3?: 9? #?945$9;<" U$2>D>E?2 " 9VW$K 3" gK$" $# >95$2A
@2"‘2?#?3? 2$‘4K?2\ $:5<" @2$:$95$: W?K": 2$‘4K?2$:\ @"2 $o$#@K" ? E?3?
,$ D"2 9$E$::_2>" $D$54?2 4#? K?A "452": E"#@"9$95$: Y4$ @"3$# 9$A ?J?:5$E>#$95" 3$ E"#J4:5VW$KM
W?‘$# 3$W>3" f ?W?2>? 3$ 4# E"#A E$::>5?2 3$ >95$2W$9;[$: "4 :4J:5>54>A
’ W$2>D>E?;<" 3$W$ :$2 $D$54?3?
@"9$95$\ 45>K>X?2 $oEK4:>W?#$95$ " ;[$: 342?95$ " E>EK" 3$ W>3? 3" W$VA
E$2E? 3$ 6 #>945": ?@g: 5$2 3$:K>‘?3"
KVY4>3" $:@$EVD>E" @?2? 5?K @2"E$3>A E4K"M
" #"5"2\ 4#? W$X ?5>9‘>3? ? @K$9?
#$95"M
5$#@$2?542? 3$ D49E>"9?#$95"M -
<  " W$VE4K" 3$W$ ?>93? :$2 $:5?E>"9?3"
" #?>: @"::VW$K :"J2$ 4#? :4@$2DVE>$
  '  +*'  R' 
 @K?9?M
!#! O?X$2 E"# Y4$ " 9VW$K 3" gK$"
e ?E"9:$Ka_W$K E"9D>?2 ? #?945$9A :$ :>54$ :$#@2$ 9" >95$2>"2 3? :$;<"
;<" 3" W$VE4K" f   ! = & !#! 3? a?:5$ 3$ E"952"K$ E"#@2$$93>3?
,  > M 1?2? $D$54?2 @$::"?K#$95$ $952$ ": K>#>5$: 3$ #V9>#" $ #_o>#"M
(#? Y4?95>3?3$ $oE$::>W? "4
?: "@$2?;[$: @$2>g3>E?: $ ?: @$Y4$A
>9:4D>E>$95$ 3$ gK$" 9" >95$2>"2 3"
9?: >95$2W$9;[$: 3$ #?945$9;<" 9"
W$VE4K"\ ] ?E"9:$Ka_W$K 45>K>X?2 $Y4>A
3$!,
-4 - 67  R' 
 '
67  R' 
 5   !
   , * 3 ' 
8"9:4K5?2 " r1K?9" 3$ #?945$9;<"
@2"‘2?#?3?r @?2? E"9a$E$2 ": >95$2A 1?2? ? $K>#>9?;<" 3" gK$" 3" #"A
W?K": 3$ #?945$9;<" E"22$5":M 5"2 $ 3": 2$:@$E5>W": D>K52":\ 3>2>‘>2A !#!
:$ f: $95>3?3$: E"#@$5$95$: @?2? E"A
9a$E$2 ? 9"2#? K"E?KM - :>:5$#? 3$ >952"34;<" 3$ ?2 pD>KA
,'G     R' 

52" 3$ ?2\ 54J4K?;[$: 3$ J"22?Ea?\
1?2? ‘?2?95>2 3$:$#@$9a" g5>#" $ $5EMq @"3$ 3$:$#@$9a?2 4#? D49A
#_o>#? @2"5$;<" $# Y4?KY4$2 5>@"  ;<" 3$ @2"5$;<" $# E?:" 3$ 2$5"29":
3$ E"93>;<" 3$ D49E>"9?#$95"\ ] TK$" ‘?:5" $ D>K52": $K>#>9?3": 3$ 3$ Ea?#? 3" #"5"2M !0- C+&-A
?E"9:$Ka_W$K 45>K>X?2 $oEK4:>W?#$95$ D"2#? >9E"22$5? @"3$# @2"W"E?2 ‘2?A U+C $:5$ :>:5$#? ? 9<" :$2 @?2? @"A
gK$": 3" #"5"2 E$25>D>E?3": ’8+’ W$: 3?9": 9" ?#J>$95$M 3$2 @2"E$3$2 ? >95$2W$9;[$: 3$ 2$@?A
pE"9:4K5?2 " @?2_‘2?D" rOK4>3": "2>‘>A 2?;<" "4 3$ #?945$9;<"M
9?>: $ K4J2>D>E?95$:r 9" E?@V54K" r*?A
3": 5]E9>E":rqM   <  " ’95$: 3$ K>‘?2 " #"5"2\ E$25>D>E?2A:$
3$ Y4$ " :>:5$#? 9<" $:5_ 3$:#"9A
-4 - 67  3 '   R'  5?3"% ? >9"J:$2Wd9E>? 3$:5? @2$E?4A
!  *    R' 

 ;<" @"3$ @2"W"E?2 ‘2?W$: K$:[$:M
C$E"#$93?A:$ $:52>5?#$95$ 9<" - D>K52" 3" gK$" 3" #"5"2 3$W$
?E2$:E$95?2 ?3>5>W": p3>D$2$95$: 3": :$2 :4J:5>54V3" ? E?3? :4J:5>54>;<" 3" -4 - 67  3 '   
E"2?95$: 3$ 3$5$E;<" 3$ W?X?#$9A gK$" 3" #"5"2M
5":q ?" gK$" 3" #"5"2M 1?2? ? :4J:5>54>;<"\ ] 9$E$::_2>"
1?2? ? :4J:5>54>;<"\ ] ?E"9:$Ka_A 45>K>X?2 4#? @$;? ‘$94V9?\ $:@$E>A
- gK$" 3" #"5"2 ] 4# @2"345" W$K 45>K>X?2 4#? @$;? ‘$94V9?\ $:@$A D>E?#$95$ E"9E$J>3? @?2? $:5$ W$VA
$:@$E>D>E?#$95$ E"9E$J>3" @?2? " E>D>E?#$95$ E"9E$J>3? @?2? $:5$ W$VA E4K"M
W$VE4K" $ " :$4 3$:$#@$9a" @"3$ E4K"M -: >95$2W?K": 3$ #?945$9;<" 3$A (
D>E?2 3$5$2>"2?3" @$K" ?E2]:E>#" 3$
"452": ?3>5>W":M W$# :$2 "J:$2W?3": 9" w1K?9" 3$
&?945$9;<" @2"‘2?#?3?y 3$ ?E"23"
E"# " 5>@" 3$ 45>K>X?;<" 3" W$VE4K"M

3$!-
!&! & "!& Y4$ $o>^? ? 3$:?5>W?;<" 3?: 54J4K?A   "%
  "! ;[$: 3$W$ :$2 $D$54?3" @$K?  
1?2? ? :4J:5>54>;<"\ ] 9$E$::_2>"
! = ,  > M
45>K>X?2 4#? @$;? ‘$94V9?\ $:@$E>A
D>E?#$95$ E"9E$J>3? @?2? $:5$ W$VA
1?2? ‘?2?95>2 " #$Ka"2 3$:$#A E4K"M
!#! @$9a" @"::VW$K\ " :>:5$#? 3$
C$E"#$93?A:$ ? 45>K>X?;<" $oEK4A ?2AE"93>E>"9?3" 3$W$ :$2 E"952"K?3" -: >95$2W?K": 3$ #?945$9;<" 3$A
:>W? 3$ KVY4>3": 2$D2>‘$2?95$: $ K4J2>A $ :4J#$5>3" ? #?945$9;<" ^495" 3? W$# :$2 "J:$2W?3": 9" w1K?9" 3$
D>E?95$: @?2? E"#@2$::"2 ?@2"W?3":   ! = ,  > 9" >9VE>" &?945$9;<" @2"‘2?#?3?y 3$ ?E"23"
$ ?3$Y4?3": ?" $:@$EVD>E" :>:5$#? 3" W$2<"M E"# " 5>@" 3$ 45>K>X?;<" 3" W$VE4K"M
3$ ?2AE"93>E>"9?3" 3" W$VE4K"M ’KA
‘49: 2$D2>‘$2?95$: 9<" ?@2"W?3": :<"
 %! ! ! "<&
>9DK?#_W$>: $ @"3$# $o@K"3>2\ E"#
 ! !!
" 2>:E" 3$ E?4:?2 K$:[$:M !<" 45>K>X?2 :4J:5d9E>?: Y4VA
#>E?: @?2? K?W?2 " :>:5$#? 3" 8$25>D>E?2A:$ 3$ Y4$ ?: D$Ea?342?:
’ 45>K>X?;<" 3$ KVY4>3": 2$D2>‘$2?9A ?2AE"93>E>"9?3"\ 4#? W$X Y4$ ": $ ": @"95": 3$ ?25>E4K?;<" 3? E?2A
5$: "4 K4J2>D>E?95$: 9<" ?@2"W?3": E"#@"9$95$: >95$29": @"3$2>?# 2"E$2>?\ >9EK4>93" $K$#$95": E"#"
@"3$\ ?>93?\ E"#@2"#$5$2 ? $D>E>Z9A D>E?2 3?9>D>E?3":M *?9": 3$::? 9?54A ?: ‘4>?: 3": J?9E":\ ?: 3"J2?3>;?:
E>? 3" :>:5$#?\ 5"29?93" 9$E$::_2>?: 2$X? 9<" :<" E"J$25": @$K? ‘?2?95>?M 3?: @"25?: p$ ": 2$:@$E5>W": 2"K":q\
2$@?2?;[$: 3>:@$93>":?:M
? 5?#@? 3" @"25?A#?K?: $ " E?@v
-4 - 67  3 '   3" #"5"2 :<" K4J2>D>E?3?: @$2>"3>E?A
 &,  ,   / .- 0 #$95$ E"# ‘2?o? f J?:$ 3$ KV5>" @?2?
?::$‘42?2 " :$4 D49E>"9?#$95" E"2A
8"9:4K5?2 " r1K?9" 3$ #?945$9;<"
!#! 2$5" $ :>K$9E>":" $ @?2? @2"5$‘ZAK?:
@2"‘2?#?3?r @?2? E"9a$E$2 ": >95$2A
- :>:5$#? 3" ?2AE"93>E>"9?3" 3? D$224‘$# $ 3" 3$:‘?:5$M
W?K": 3$ #?945$9;<" E"22$5":M
E"95]# 2$D2>‘$2?95$ ? ?K5? @2$::<"M )>#@?2 3$W>3?#$95$ ?: @$;?: 3$
1?2? ? :4J:5>54>;<" 3" D>K52"\ 3>2>‘>2A
1?2? $W>5?2 3?9": $# @$::"?: "4 #"3" ? $K>#>9?2 Y4?KY4$2 W$:5V‘>"
:$ f   ! = ,  > M
9" :>:5$#?\ " $W$954?K ?E2]:E>#" 3$ 3$ @g $ :4^$>2?M ’@g: ? K4J2>D>E?;<"\
2$D2>‘$2?95$ "4 Y4?KY4$2 2$@?2?;<" $K>#>9?2 " gK$" "4 ? ‘2?o? $# $oA

3$".
E$::"M 12$:5?2 @?25>E4K?2 ?5$9;<" 5?#A :$ >9?K?3"\ @"3$ @2"W"E?2 3$:#?>": E"95$93" Ea4#J" 3?9>D>E?2>? >22$A
J]# ?": 3>:@":>5>W": 3$ D$Ea?#$95" $ $9W$9$9?#$95":M #$3>?W$K#$95$ " E?5?K>:?3"2 $ ?94A
3" E?@v 3" #"5"2\ @?2? ‘?2?95>2 " :$4 K?2>? ? D49;<" 3$ 2$34;<" 3?: $#>:A
E"22$5" D49E>"9?#$95"M *42?95$ ?: :[$: @"K4$95$:\ E"#@2"#$5$93" ‘2?A
"@$2?;[$: 9" E?@v 3" #"5"2 p$D$54?2 W$#$95$ " 3$:$#@$9a" 3" #"5"2\
E"# " #"5"2 D2>"q\ K$#J2?2A:$ 5?#A 3?9>D>E?93"A" 3$ #"3" >22$@?2_W$KM
!#!
J]# 3$ E"952"K?2\ K>#@?2 $ K4J2>D>E?2
": 2$:@$E5>W": 3>:@":>5>W": 3$ D$Ea?A - :>:5$#? 3$ $:E?@?#$95" @"3$ ,$ " #"5"2 9<" D49E>"9?2 E"22$5?A
#$95"\ 3$:$9‘?5$ $ 3$ :$‘42?9;?M ?5>9‘>2 $K$W?3?: 5$#@$2?542?: $ @"3$ #$95$\ @?25>E4K?2#$95$ $# E?:" 3$
@2"W"E?2 >9EZ93>" E?:" " W$VE4K" >‘9>;<" >22$‘4K?2 "4 3$ 4#? Y4$3?
)4J2>D>E?2 ": 5?#J"2$: 3?: D$Ea?A :$^? $:5?E>"9?3" :"J2$ #?5$2>?K >9A 3$ 3$:$#@$9a"\ 3>2>‘>2A:$ >#$3>?5?A
342?: $o5$29?: 34?: W$X$: @"2 ?9"M DK?#_W$KM ’::>#\ $2W?\ E?@>#\ #?5"\ #$95$ f   ! = ,  > M
’@K>E?2 4#? @$Y4$9? Y4?95>3?3$ 3$ "4 D"Ka?: :$E?:\ $# ‘$2?K\ @"3$# - D49E>"9?#$95" @2"K"9‘?3" $
K4J2>D>E?95$ 3$ ?K5? Y4?K>3?3$ 3>2$5?A >9E$93>?2A:$ :$ $952?2$# $# E"95?5" ?9v#?K" 3" #"5"2 @"3$ @2"W"E?2 "
#$95$ 9" 5?#J"2 3? D$Ea?342?M E"# " :>:5$#? 3$ $:E?@?#$95" 3" :"J2$?Y4$E>#$95" 3" E?5?K>:?3"2 $\
*>2>‘>2A:$\ :$ 9$E$::_2>"\ f   W$VE4K"M E"9:$Y4$95$#$95$\ @"::VW$>: 3?9":
! = ,  > M 9" #$:#" $ 9" W$VE4K"M
+W>5?2 $:5?E>"9?2 " W$VE4K" "4
45>K>X_AK" "93$ " :>:5$#? 3$ $:E?@?A (#? #?945$9;<" ?3$Y4?3? 3"
"!  ! !" #$95" @"::? $952?2 $# E"95?5" E"# :>:5$#? 3$ $:E?@?#$95" 3" #"5"2
#?5$2>?K >9DK?#_W$KM E"9:5>54> ? #$Ka"2 @2"5$E<" E"952?
>9D>K52?;[$: 3$ #"9go>3" 3$ E?2J"9"
9" a?J>5_E4K"M
!#!
,$ D"2 3$5$E5?3" 4# 24V3" ?9v#?K"
’: $#>::[$: 3" $:E?@?#$95" :<"
#4>5" @$2>‘":?: $ @"3$# :$2 K$5?>:M
!#! 3" $:E?@?#$95"\ "4 ? @2$:$9;? 3$ (
-: W$VE4K": E"# #"5"2>X?;<" DK$o\ D4#?;? 9" >95$2>"2 3" a?J>5_E4K"\ "4
*$ D?5"\ E"95Z# #"9go>3" 3$ E?2A $Y4>@?3": E"# E"9W$2:"2 E?5?KV5>E"\ :$ " D493" 3? E?22"E$2>? "4 ? @?25$
J"9"\ 4# ‘_: >9E"K"2 $ >9"3"2" Y4$\ Y4?93" ?J?:5$E>3": E"# ‘?:"K>9?\ 52?:$>2? 3" W$VE4K" 5>W$2$# D>E?3" 3?A
3$W$# 45>K>X?2 $oEK4:>W?#$95$ ‘?:"A 9>D>E?3":\ #?93?2 W$2>D>E?2 5"3" " :>:A
K>9? :$# Ea4#J"M (#? ‘?:"K>9?
3$"!
5$#? 3$ $:E?@?#$95" $ ?: _2$?: 3?  !<" 3$:K>‘?2 " #"5"2 "4 3$:K>‘?2  3 ,67  '+.-    3, &
E?22"E$2>? ?3^?E$95$: ^495" f  " E"#45?3"2 3$ >‘9>;<" E"# 4#?
  

 ! = ,  > @?2? >3$95>D>E?2 #?2Ea? ?E"@K?3? $ " W$VE4K" $#
U$2>D>E?2 " 9VW$K 3" KVY4>3" 3$ ?22$A
$W$954?>: E"#@"9$95$: @?25>3":\ 3?A #"W>#$95"M
D$E>#$95" :$#@2$ E"# " #"5"2 D2>"M
9>D>E?3":\ 3$5$2>"2?3": "4 Y4$ 5$A  !<" 5$95?2 K>‘?2 " #"5"2 E"#
9a?# :"D2>3" 3$:K"E?#$95": 2$K?5>A #?9"J2?: 3$ >9]2E>?M ,$\ 9" >95$2>"2 3" KVY4>3" 3$ ?22$D$A
W?#$95$ f @":>;<" 3$ #"95?‘$# E"2A E>#$95" 3" #"5"2 $o>:5>2$# >#@42$A
 !<" >9:>:5>2 9? 45>K>X?;<" 3" W$VA
2$5?M X?:\ $:W?X>?2\ K?W?2 $ ?J?:5$E$2 " :>:A
E4K" :$ " 2$‘>#$ 3$ #?2Ea? K$95?
5$#?% ] 9$E$::_2>" 3>2>‘>2A:$ f 
,"K3?342?: ?J$25?: "4 K>‘?;[$: 3$A D"2 #4>5" >22$‘4K?2 "4 ?: E"9A
 ! = ,  > M
:?@$25?3?: @"3$# @$2#>5>2 >9D>K52?A 3>;[$: 3$ D49E>"9?#$95" D"2$#
;[$: 3$ ‘?:$: 3$ $:E?@$ 9" >95$2>"2 #?9>D$:5?#$95$ >22$‘4K?2$:M U$2>D>E?2 ? @?25$ 3>?95$>2? 3" E"9A
3" a?J>5_E4K"M 3$9:?3"2 @?2? W$2>D>E?2 ? $W$954?K
?E4#4K?;<" 3$ >9:$5":\ D"Ka?: $ "4A
&?93?2 W$2>D>E?2 " :>:5$#? 3$ $:A "!  !" 52": 3$52>5":M ,$ $:5>W$2 :4^?\ K>#@_AK?
E?@?#$95" :$#@2$ Y4$ " W$VE4K" D"2 @4KW$2>X?93" 3$K>E?3?#$95$ _‘4?M
’ :?V3? 3$ KVY4>3" 3$ ?22$D$E>A
$K$W?3"M ,4J:5>54>2 ": E"#@"9$95$:
#$95" 3" #"5"2 "4 3$ W?@"2 3" 2?A U$2>D>E?2 ": 54J": DK$oVW$>: 3" :>:A
"93$ 9$E$::_2>" p@?2? $:5?: "@$2?A
3>?3"2 @"3$ @2"W"E?2 Y4$>#?342?: 5$#? 3$ ?22$D$E>#$95" 3" #"5"2 @?2?
;[$:\ 3>2>‘>2A:$ f   ! = , 
‘2?W$:M ‘?2?95>2 Y4$ ? J"22?Ea? 9<" $:5_ 3$A
> qM
,$ 9"5?2 W?@"2 @2"W$9>$95$ 3" W<" 5$2>"2?3? $ Y4$ 9<" $o>:5$# D$93?:\
+# E"93>;[$: 3$ D49E>"9?#$95" K?E$2?;[$:\ E"25$: $ "J:524;[$: 9":
3" #"5"2\ "4 :$ "4W>2 " :>KW"\ 9<"
9"2#?>:\ " E"9W$2:"2 E?5?KV5>E" 9<" 54J": 3" K?3" 3" 2$:$2W?5g2>" 3$ $oA
?J2>2 " E?@v ?5] Y4$ " 2?3>?3"2 5$9a?
2$Y4$2 #?945$9;<"% 5"3?W>?\ @?2? @?9:<" $ 3" K?3" 3" 2?3>?3"2M ,$
?22$D$E>3"M
?::$‘42?2 " E"22$5" D49E>"9?#$95" 5>W$2 3uW>3?: 2$K?5>W?#$95$ ? W?X?A
$ $W>5?2 Y4$ D>Y4$ 3?9>D>E?3"\ ] $oA #$95": 3" :>:5$#? p@"2 $oM 9? @2$A
52$#?#$95$ >#@"25?95$ Y4$ " #"5"2  :$9;? 3? 9$E$::>3?3$ 3$ ?J?:5$E>A
D49E>"9$ @$2D$>5?#$95$M #$95": D2$Y4$95$:q\ #?93?2 W$2>D>E?2
!49E? 5$95?2 5>2?2 ? 5?#@? 3" 2$A
1?2? 2$34X>2 ?" #V9>#" " 2>:E" :$2W?5g2>" 3$ $o@?9:<" Y4$95$M 1+A ? :4? $:5?9Y4$>3?3$ ^495" f  
3$ 3?9>D>E?2 " E"9W$2:"2 E?5?KV5>E"\ C=R- *+ s(+=&’*(C’,N ! = ,  > M
@2"E$3$2 3" :$‘4>95$ #"3"%
3$""
8"# " #"5"2 3$:K>‘?3" $ f 5$#@$A Y4$ " KVY4>3" 2$‘2$::$ ?" 2?3>?3"2 3"
2?542? 3$ D49E>"9?#$95" 9"2#?K\ W$A 
2$:$2W?5g2>" 3$ $o@?9:<"M
2>D>E?2 ? W$3?;<" 3" 2?3>?3"2 3" :>:A 1?2? " ?J?:5$E>#$95"\ 45>K>X?2 4#
KVY4>3" E"# ?: #$:#?: E?2?E5$2V:A U$2>D>E?2 @$2>"3>E?#$95$ ? 5?#@?
5$#? 3$ ?22$D$E>#$95"M
5>E?: >93>E?3?: $#rOK4>3": "2>‘>9?>: $ K>#@_AK? 3$ $W$954?>: E"2@": $:A
$ K4J2>D>E?95$:r pE"9:4K5?2 " E?@V54K" 52?9a": 3$@":>5?3": 9? :4@$2DVE>$ $oA
 r*?3": 5]E9>E":rqM 5$29?M
!0- 5>2?2 ? 5?#@? 3" 2$:$2W?5g2>"
3$ $o@?9:<" :$ " KVY4>3" $:5>W$2 ? 
D$2W$2% 1+C=R- *+ s(+=&’*(C’,N 
!<" 45>K>X?2 :"#$95$ _‘4?\ KVY4>A !49E? ?3>E>"9?2 KVY4>3" 3$ ?22$D$A
3": 3$ ?22$D$E>#$95" 3" #"5"2 f E>#$95" E"# " #"5"2 Y4$95$ "4 :"A
 J?:$ 3$ _KE""K\ >9>J>3"2$: 3$ E"22"A J2$?Y4$E>3"M
’95$: 3$ >95$2W>2 9? 3$:#"95?‘$# :<" "4 @2"345": ?95>D$224‘$# ?3>E>"A
3? 5?#@? 3" 2$:$2W?5g2>" 3" KVY4>3" 9?>:\ 4#? W$X Y4$ @"3$# :$2 >9E"#A

3$ ?22$D$E>#$95" 3" #"5"2\ ?‘4?23?2 @?5VW$>: E"# " KVY4>3" 3$ ?22$D$E>A
#$95" 3" #"5"2 $ @2"W"E?2 ? "J542?A !<" 5$95?2 ?22$D$E$2 4# #"5"2 :"A
Y4$ " :>:5$#? ?22$D$;?M
;<" 3" 2?3>?3"2M ’K]# 3>::"\ ] ?E"9A J2$?Y4$E>3" 3$:?@$25?93" "4 2$5>A
:$Ka_W$K ? 45>K>X?;<" 3$ KVY4>3" 3$ 2?93" ? 5?#@?M - E?K"2 @2"W"E?\ 3$
!4,
 @, 5@'*5
D?5"\ 4# 9"5_W$K ?4#$95" 3? @2$::<"
,
'+.-    3,
   ?22$D$E>#$95" f J?:$ 3$ #"9"$5>K$9"
‘K>E"K pW$2 E?@V54K" r*?3": 5]E9>E": A 9" :>:5$#? 3$ ?22$D$E>#$95"M


OK4>3": "2>‘>9?>: $ K4J2>D>E?95$:rqM
,$ " KVY4>3" 3$ ?22$D$E>#$95" 3"
#"5"2 $:5>W$2 :4^"\ #?93?2 $D$54?2 

   *R   (  7 (5>K>X?2 $oEK4:>W?#$95$ ? 5?#@?
>95$2W$9;[$: 3$ K>#@$X? $ K?W?‘$#
  
   3,
  
^495" f   ! = ,  > M


3" 2$:$2W?5g2>" 3$ $o@?9:<" @2$W>:5? (
@?2? " W$VE4K" @?2? $W>5?2 3?9": 9"
8"9:4K5?2 " r1K?9" 3$ #?945$9;<" #"5"2M
’ 5?#@? 3$W$ :$2 J$# D$Ea?3?
@2"‘2?#?3?r @?2? E"9a$E$2 ": >95$2A
@?2? $W>5?2 W?X?#$95" 3$ KVY4>3" 3$
W?K": 3$ #?945$9;<" E"22$5":M
?22$D$E>#$95" 3" #"5"2 $ ‘?2?95>2

3$"%
'
67  '+.-    3, & @2"W"E?2 3?9": 9" :>:5$#? 3$ D2$9?A


  
 5 ‘$#M
8"# " #"5"2 $ " :>:5$#? D2>":\ 9<"
’ $K>#>9?;<" 3" KVY4>3" 3$ 2$D2>‘$A ?3>E>"9?2 KVY4>3" 3$ ?22$D$E>#$95"
2?;<" 3" #"5"2 $:5_ :4^$>5? ? 9"2#?: ?K]# 3" 9VW$K #_o>#" >93>E?3" 9" 
K$‘?>:% 3>2>‘>2A:$ f: $95>3?3$: E"#@$A 2$:$2W?5g2>" 9" >95$2>"2 3" W<" 3" 1?2? " ?J?:5$E>#$95"\ 45>K>X?2 4#
5$95$: @?2? E"9a$E$2 ? 9"2#? K"E?KM #"5"2M KVY4>3" E"# ?: #$:#?: E?2?E5$2V:5>A
E?: >93>E?3?: $# rOK4>3": "2>‘>9?>:
 $ K4J2>D>E?95$:r pE"9:4K5?2 " E?@V54K"
"!  !"
1?2? $W>5?2 Y4$ " KVY4>3" :$^? >9‘$A r*?3": 5]E9>E":rqM
1?2? ‘?2?95>2 ? $D>E>Z9E>? 3" :>:A
2>3" @"2 E2>?9;?: "4 ?9>#?>:\ 9<" "
5$#? 3$ D2$9?‘$#\ W$2>D>E?2 @$2>"3>A
‘4?23?2 $# 2$E>@>$95$: ?J$25": $ 9<" 
E?#$95$ ": E"#@"9$95$:% @?2? $:5?
" 3$:E?22$‘?2 9" 5$22$9"M ,$ >9‘$A
"@$2?;<"\ 3>2>‘>2A:$ f   ! & +# E?:" 3$ ?J?:5$E>#$95"\ 45>K>X?2
2>3"\ E"95?5?2 >#$3>?5?#$95$ 4# #]A
= ,  > M ?@$9?: DK4>3" 3$ D2$>" 9"W" "4 E"9A
3>E"M +K>#>9?2 >#$3>?5?#$95$ $W$9A
5>3" $# 4# 2$E>@>$95$ @$2D$>5?#$95$
54?>: W$:5V‘>": 3$ KVY4>3" 3" 5$22$9"M 8"9:4K5?2 " r1K?9" 3$ #?945$9;<"
D$Ea?3"M (# DK4>3" 3$ D2$>" E"9A
@2"‘2?#?3?r @?2? E"9a$E$2 ": >95$2A
5>3" $# 4# 2$E>@>$95$ ?J$25" ?J:"2W$
W?K": 3$ #?945$9;<" E"22$5":M
 4#>3?3$% 5?K E"93>;<" @"3$ @2"W"A
s4?93" 9? @?2?3? 3" W$VE4K" ?@g: E?2 ? $J4K>;<" >#@2$W>:5? 3" DK4>3"
4# J2$W$ 52?^$5"\ 9"5?2A:$ ? :?V3? 3$  342?95$ D2$9?‘$9: J24:E?: $ @2"K"9A
W?@"2 @$K" K?3" D2"95?K 3" E?@v 3" 8"934X>2 E"# " @] ?@">?3" 9" @$A ‘?3?:\ @2"W"E?93" 4#? ?W?2>? >#A
#"5"2M .2?5?A:$ 3$ 4# D$9v#$9" 3?K 3" D2$>" @"3$ @2$^43>E?2 ? :4? $D>A @2$W>:5? 9": D2$>":\ " Y4$ @"3$ :$2
9"2#?K 3$W>3" f @2$:$9;? 3$ Ea4W?\ E>Z9E>?\ ?4#$95?93" " 2>:E" 3$ ?E>A E?4:? 3$ ?E>3$95$:M
9$W$ "4 D"25$ 4#>3?3$ 9? :4@$2DVE>$ 3$95$:M *42?95$ ? #?2Ea?\ 949E?
3" 2?3>?3"2M #?95$2 " @] 9" @$3?K 3" D2$>" $ 9<" 
:"K>E>5_AK" >945>K#$95$ @?2? $W>5?2 "
&?95$2 :$#@2$ " 5?#@<" 3" 2$:$2A
:"J2$?Y4$E>#$95" 3": D2$>":% " 3$:A
W?5g2>" 3" DK4>3" 3": D2$>": p@2$:$95$
‘?:5$ $oE$::>W" 3?: @?:5>Ka?: @"3$

3$"&
9" W<" 3" #"5"2q @$2D$>5?#$95$ D$A #?2Ea? $n"4 @2"W"E?2 W>J2?;[$: ?9vA

Ea?3"M #?K?: 3? @2g@2>? E?>o? 3$ Ed#J>"M
!<" 45>K>X?2 :4J:5d9E>?: Y4V#>E?:
(5>K>X$ :"#$95$ @2"345": @2$:E2>A @?2? K?W?2 ? E?>o? 3$ Ed#J>"\ 4#?
 5": @?2? :$4 W$VE4K" pW$2 E?@V54K" r3?A W$X Y4$ @"3$# 3?9>D>E?2 ": E"#@"A
(#? Y4?95>3?3$ $oE$::>W? 3$ 3": .]E9>E":rq 9$95$:M
DK4>3" 3$ D2$>" 9" >95$2>"2 3"
2$:$2W?5g2>" @"3$ @2"W"E?2 ? D4‘? (5>K>X?2 49>E?#$95$ 4# gK$" 3?  .-= ,    ,  R'
@?2? ?: @?25$: Y4$95$: 3" #"5"2\ E?>o? 3$ Ed#J>" E"# ?: #$:#?:
E?2?E5$2V:5>E?: >93>E?3?: $# rOK4>3": !?: E"93>;[$: 9"2#?>: 3$ D49E>"A
E"# " 2$:@$E5>W" 2>:E" 3$ >9EZ93>"M 9?#$95" 3" W$VE4K"\ 9<" ] 9$E$::_A
- DK4>3" 3$ D2$>" @"3$ 3?9>D>E?2 "2>‘>9?>: $ K4J2>D>E?95$:r pE"9:4K5?2 "
E?@V54K" r*?3": 5]E9>E":rqM 2>" :4J:5>54>2 " gK$" 3" Ed#J>"M
5?#J]# :4@$2DVE>$: @>95?3?: $ @?25$:
3$ @K_:5>E"% ?::>#\ @2$:5?2 @?25>E4K?2 ,$ D"2$# 9"5?3": W?X?#$95": 3$
?5$9;<"M !  *  ,   gK$" "4 :$ 3$5$E5?2$# ?9"#?K>?: 9"
D49E>"9?#$95" 3? E?>o? 3$ Ed#J>"\
!<" ?3>E>"9?2 Y4?KY4$2 5>@" 3$
+W>5?2 " E"95?5" 3" DK4>3" 3$ D2$>" #?93?2 $D$54?2 >#$3>?5?#$95$ "
?3>5>W": ?" gK$" 3" Ed#J>" ?45"#_A
E"# KVY4>3": f J?:$ 3$ @$52gK$"M ’: E"952"K$ ^495" f   ! = , 
5>E"M - gK$" @?2? " Ed#J>" ?45"#_A
‘4?29>;[$: 3$ W$3?;<" @"3$# D>E?2 > M
5>E" ]\ 3$ D?5"\ 4# @2"345" $:@$E>D>A
3?9>D>E?3?:\ E"# E"9:$Y4$95$ >9$D>A E?#$95$ E"9E$J>3" @?2? $:5$ W$VE4K"
E>Z9E>? 3": D2$>":M $ " 3$:$#@$9a" @"3$ D>E?2 @2$^43>A 
E?3" @$K" ?E2]:E>#" 3$ "452": ?3>5>A 8"934X>2 " W$VE4K" E"# 4# 9VW$K
`"% !" W":M 3$ gK$" >9:4D>E>$95$ @"3$ @2"W"E?2
+W>5?2 ? 45>K>X?;<" 3$ W$3?95$: ‘2?W$: 3?9": 9? E?>o? 3$ Ed#J>"M
@?2? E?>o?: 3$ Ed#J>"\ 4#? W$X Y4$
@"3$# E"#@2"#$5$2 ? $D>E_E>? 3?:
(
!#! ‘4?29>;[$: 3" Ed#J>" ?45"#_5>E"M
’ 45>K>X?;<" 3$ gK$" 3" Ed#J>"
3>D$2$95$ 3" @2$:E2>5" @"3$ E"#@2"A
#$5$2 ? Y4?K>3?3$ 3?: #43?9;?: 3$
3$"’
    (#? @2$::<" $22?3? @2"W"E? 4# "!? !
E"9:4#" ?9"2#?K 3": @9$4:%
!
  !
!#!
8?:" :$^? 9$E$::_2>" K$W?95?2 " W$VA - E"#@"25?#$95" $# $:52?3? 3"
E4K"\ 3>2>‘>2A:$ f   ! = ,  W$VE4K" 3$@$93$ 3? E"22$5? @2$::<"
> \ Y4$ $:5_ $Y4>@?3? E"# $K$W?A 3$ $9Ea>#$95" 3": @9$4:M
3"2$: 3$ J2?;": "4 $K$W?3"2$: 3$ "D>A
E>9?M 8"9:4K5$ ": W?K"2$: 3$ @2$::<" 9"
E?@V54K" r*?3": .]E9>E":rM

' 
"!? % ! & ! A @2$::<" 9"2#?K% J?93? 3$ 2"A
!! 3?‘$# ‘?:5? 3$ #"3" 49>D"2#$M !#!
(#? @2$::<" 3$#?:>?3" J?>o? @2"A
’95$: 3$ K"9‘?: W>?‘$9: $\ 3$ Y4?KA % A @2$::<" >9:4D>E>$95$% J?93? 3$
W"E? " :4@$2?Y4$E>#$95" 3" @9$4
Y4$2 D"2#?\ ? E?3? 34?: :$#?9?:\ 2"3?‘$# @?25>E4K?2#$95$ ‘?:5? 9?:
E"# @"::>J>K>3?3$ 3$ ‘2?W$: 3?9":
?@2"o>#?3?#$95$\ E"952"K?2 ? @2$:A J"23?:M
9" #$:#"M
:<" 3": @9$4:\ >9EK4>93" ? $W$954?K  A @2$::<" $oE$::>W?% J?93? 3$ 2"A
2"3? :"J2$::?K$95$M +D$54?2 " E"9A 3?‘$# @?25>E4K?2#$95$ ‘?:5? 9" E$9A (5>K>X$ ": W?K"2$: 3$ @2$::<" 3$:A
52"K$ E"# ": @9$4: D2>":M 52"M E2>5": 9" E?@V54K" r*?3": .]E9>E":rM
8"# ? 45>K>X?;<" 3" W$VE4K"\ ] 9"2A -: @9$4: 3$W$# :$2 :4J:5>54V3":
#?K Y4$ ? @2$::<" ?4#$95$ 3$W>3" Y4?93" ? $:@$::42? 3? D?>o? 3$ 2"K?A
?" ?Y4$E>#$95" 3": @9$4:c @?2? " #$95" D>E?2 2$34X>3? @?2? 7\F ##M
E"22$5" W?K"2 2$K?5>W" f @2$::<" 3$ !#!
$9Ea>#$95" 3" @9$4\ E"9:4K5?2 " @?A !? @2$:$9;? 3$ @9$4: r49>3>2$E>"A
2_‘2?D" wC"3?: $ @9$4:y 9" E?@V54K" 9?>:r\ 9<" $D$54?2 ? 52"E? $# E24X 3":
w*?3": 5]E9>E":yM @9$4:\ 3$:K"E?93"A": 3" K?3" 3>2$>5"

3$"*
3" W$VE4K" @?2? " $:Y4$23" $ W>E$A  8"952"K?2 @$2>"3>E?#$95$ :$ ": :_2>" Y4$ :$^?# E"952"K?3": @"2
W$2:?M @9$4: ?@2$:$95?# E"25$: 9": K?A @$::"?K $:@$E>?K>X?3"M 8"952"K?2
3":\ J"Ka?: "4 :$ ? D?>o? 3$ 2"K?A >‘4?K#$95$ E"# $:@$E>?K E4>3?3"
!? @2$:$9;? 3$:5$ 5>@" 3$ @9$4:\ #$95" $:5_ 3$:‘?:5?3? 3$ D"2#? ? 2"3? :"J2$::?K$95$M
:g ] @"::VW$K 3$:K"E?2 ?: 2"3?: 3" >22$‘4K?2M
$>o" 3>?95$>2" @?2? " $>o" 52?:$>2" $  +# E?:" 3$ :4J:5>54>;<"\ #"95?2
 +W>5?2 W>?^?2 E"# " W$VE4K" :"A :$#@2$ @9$4: 9"W":\ $W>5?93" ":
W>E$AW$2:?\ #?95$93"A?: 9" #$:#"
J2$E?22$‘?3"M ,$ D42?2 4# @9$4\ 3$ @2"W$9>Z9E>? 34W>3":?M
K?3" 3" W$VE4K"M
@?2?2 >#$3>?5?#$95$ $ :4J:5>54VA  ’" :4J:5>54>2 4# @9$4\ ] ?E"9A
K"M :$Ka_W$K :4J:5>54>2 5?#J]# ? W_KA
 e 2$E"#$93?3" ? E?3? 7GMGGG W4K? 3$ $9Ea>#$95"M
h#\ $D$54?2 " 2"3VX>" 3":
!#! @9$4: :$‘4>93" " $:Y4$#?
!<" $D$54?2 52?5?#$95": 3$ 9"W? 3$:E2>5" $# rC"3?: $ !  
@>9542? 3?: 2"3?: $# K>‘? K$W$ Y4$ @9$4:rnrC$E"#$93?;[$: :"J2$ " 1?2? " 5>@" 3$ 2"3?: $ @9$4: #"9A
9$E$::>5?# 3? 45>K>X?;<" 3$ 5$#@$2?A 2"3VX>" 3$ @9$4:rM 8?:" ": @9$4: 5?3": 9" W$VE4K"\ E"9:4K5?2 " @?2_A
542?: :4@$2>"2$: ? 76G8M :$^?# 3" 5>@" r49>3>2$E>"9?Kr\ ‘2?D" wC"3?: $ @9$4:y 9" E?@V54K"
D?X$2 " 2"3VX>" #?95$93"A": 3" w*?3": 5]E9>E":yM
’: E?2?E5$2V:5>E?: #$Ed9>E?: 3?:
#$:#" K?3" 3" W$VE4K" @?2? 9<"
2"3?: @"3$# D>E?2 E"#@2"#$5>3?:M
>9W$25$2 " :$95>3" 3$ 2"5?;<"M ’:
2"3?: E"# @>:" 49>3>2$E>"9?K :<" "!? %  &
1?2? $W>5?2 3?9": 9": @9$4:\ :$‘4>2 2$E"9a$EVW$>:M J  
?: :$‘4>95$: @2$E?4;[$:%
 -: @9$4: $9W$Ka$E$#\ #$:#" :$
@"4E" 45>K>X?3":M ’ @2$:$9;? 3$
 +W>5?2 D2$9?‘$9: $ @?25>3?:
2?Ea?342?: 9? J"22?Ea? 3? D?>o?
J24:E?:\ Ea"Y4$: W>"K$95":
3$ 2"K?#$95" $ 9": DK?9E": 3"
!#! (
E"952? @?::$>":\ J42?E": 3? -: #]5"3": 3$ 2"3VX>" 3?: 2"3?:
@9$4 E"9:5>54> 4# :>9?K 3$ $9A
$:52?3? $ "J:5_E4K": $ @$2E42:": >93>E?3": !0- 3$W$# :$2 ?3"5?3":
W$Ka$E>#$95"M +# 5"3" " E?:"\
@2"K"9‘?3": $# $:52?3?: $# E?:" 3$ 45>K>X?;<" 3$ @9$4: r49>A
:$ ": @9$4: 5>W$2$# :>3" #"95?A
>22$‘4K?2$:M 3>2$E>"9?>:rN (5>K>X?93" $:5$ 5>@" 3$
3": a_ #?>: 3$ F ?9":\ ] 9$E$:A

3$"+
@9$4:\ :g ] @"::VW$K 3$:K"E?2 ?: 2"3?: 4#? g5>#? #?9"J2?J>K>3?3$ 3" W$VA
3" $>o" 3>?95$>2" @?2? " $>o" 52?:$>2" E4K"M
$ W>E$AW$2:?\ #?95$93"A?: 9" #$:#"
+# E?:" 3$ 3$:‘?:5$ ?9"2#?K 3":
K?3" 3" W$VE4K"M
@9$4:\ >3$95>D>E?2 ? E?4:? $ E"22>‘>A
8"9:4K5?2 ?: @2$E?4;[$: 3$:E2>5?: K? ?::># Y4$ @"::VW$K\ 3>2>‘>93"A:$ f
9" @?2_‘2?D" r=9D"2#?;[$: ‘$2?>:r   ! = ,  > M
@?2? "J5$2 #?>: >9D"2#?;[$: ?
2$:@$>5"M

 H ,
 67 5 ' /DS0
-: @9$4: 3>?95$>2": $ 52?:$>2": $:A -: :$‘4>95$: #]5"3": 3$ 2"3VX>"
5<" :4^$>5": ? 3>D$2$95$: E?2‘?: $ :"A !0- 3$W$# :$2 ?3"5?3": $# E?:" 3$ - #]5"3" 3$ 2"3VX>" 3": @9$4:
K>E>5?;[$: 3$W>3" ? E42W?:\ #?9"J2?: 45>K>X?;<" 3$ @9$4: r49>3>2$E>"9?>:rN :4‘$2>3" @?2? ": W$VE4K": 3$ Y4?52"
$ D2$9?‘$9:M 1"2 >::"\ $:5<" :4^$>5": ? (5>K>X?93" $:5$ 5>@" 3$ @9$4:\ :g ] 2"3?: #"52>X$: ] rE24X?3" ?52_:r $ ]
4# 3$:‘?:5$ 9<" 49>D"2#$M @"::VW$K 3$:K"E?2 ?: 2"3?: 3" $>o" >93>E?3" 9? D>‘42? :$‘4>95$M
3>?95$>2" @?2? " $>o" 52?:$>2" $ W>E$A
1?2? $W>5?2 $:5$ @2"JK$#?\ ] @":A W$2:?\ #?95$93"A?: 9" #$:#" K?3"
:VW$K $D$54?2 " 2"3VX>" 3": @9$4: 3" W$VE4K"M 8"9:4K5?2 ?: @2$E?4;[$:
9" #"#$95" "@"2549"M 1"2 2"3VA 3$:E2>5?: 9" @?2_‘2?D" r=9D"2#?;[$:
X>" 3": @9$4: $95$93$A:$ " 3$:K"E?A ‘$2?>:r @?2? "J5$2 #?>: >9D"2#?;[$:
#$95" 3?: 2"3?: @?2? 4#? @":>;<" ? 2$:@$>5"M
3>D$2$95$\ 2$K?5>W?#$95$ ?" W$VE4K"M
8?3? 2"3? :$2_\ ?::># @":5? ? 52?J?A  H ,
 67    
Ka?2 $# 4# $>o" 3>D$2$95$ $\ :$#@2$ /S0
Y4$ @"::VW$K\ 9" K?3" "@":5" 3" W$VA
E4K"M - #]5"3" 3$ 2"3VX>" :4‘$2>3"
@?2? ? 52?;<" 3>?95$>2? ] rE24X?3" 
- 2"3VX>" 3": @9$4: E"952>J4> @?2? 9? D2$95$r $ ] >93>E?3" 9? D>‘42?
#?95$2 >9?K5$2?3?: ?: E?@?E>3?3$: 3$ - E"22$5" D49E>"9?#$95" 3?:
:$‘4>95$M W$2:[$: E"# Y4?52" 2"3?: #"52>X$:
?3$2Z9E>? $ 3$ 52?;<" $# $:52?3?:
#"Ka?3?: "4 E"# K?#?\ ?::$‘42?93" pI¤*q 3$@$93$ 3": @9$4:% 3$W$#

3$",
:$2 5"3": 3?: #$:#?: 3>#$9:[$:\ !!" !  !@  %!
3" #$:#" 5>@" $ 3? #$:#? - W$VE4K" 3$W$ $:5?2 E"# ?: $:A !? 2"3? :"J2$::?K$95$ 3" :$4 W$VA
E>2E49D$2Z9E>?M - 4:" 3$ @9$4: 3$ @$E>D>E?;[$: ‘$"#]52>E?: 3? :4:@$9A E4K" $9E"952?A:$ ?@K>E?3" 4# ?3$A
3>#$9:[$: 3>D$2$95$: @"3$ 3?9>D>E?2 :<" $# E"9D"2#>3?3$ E"# " D?J2>A :>W" J2?9E" E"# ": @2>9E>@?>: ?W>:":
" W$VE4K"M e 9$E$::_2>" :$‘4>2 " E?95$\ @">: ?::>#\ 9<" $:5?2_ :4^$>5" ?E$2E? 3? 45>K>X?;<" 3? @2g@2>? 2"3?
2"3VX>" 3": @9$4: @?2? "J5$2 4# ? :"D2$2 3$:$Y4>KVJ2>" 3?: D"2;?: Y4$ $ 3?: 2$:@$E5>W?: K>#>5?;[$: 3$ 45>K>A
3$:‘?:5$ $Y4>K>J2?3" 3$:5$:M ?54?# 9" W$VE4K" Y4?93" $# :$95>3" X?;<"M - ?3$:>W" 9<" 3$W$ 3$ D"2#?
3$ #?2Ea?\ $ E"9:$Y4$95$ 3$:‘?:5$ ?K‘4#? :$2 2$#"W>3" 9$# E"J$25"M
C$E"#$93?A:$\ ?@g: " 2"3VX>"\ W$A @2$#?542" 3": E"#@"9$95$: 3? :4:A !? 2"3? :"J2$::?K$95$ 949E? :$ 3$W$
2>D>E?2 " J?K?9E$?#$95" 3?: 2"3?: $ @$9:<" $ 3": @9$4:M ?@K>E?2 9$9a4#? E?K"5? 3$ 2"3?M
" ?K>9a?#$95" 3? 3>2$;<"M
+# E?:" 3$ 3$:‘?:5$ ?9"2#?K 3":
@9$4:\ @2"E42$ ?   ! = , 
%!!!" ! !
> @?2? ?K>9a?#$95" 3? 3>2$;<"M
’: 2"3?: 3" W$VE4K" D"2?# @2$W>A !#!
?#$95$ J?K?9E$?3?: @"2 "E?:><" 3? - E"9^495" 2"3?n@9$4 :"J2$::?A
#"95?‘$#\ 9" $95?95"\ ? 2"3?‘$# K$95$ :$ 3$:5>9? $oEK4:>W?#$95$ ?"
@"3$2_ @2"W"E?2 " :$4 3$:J?K?9E$?A 4:" 5$#@"2_2>"M
#$95"M !#!
- ’K>9a?#$95" 3$ 3>2$;<" $ " J?A ,>‘? :$#@2$ ?: @2$:E2>;[$: 3" #?A
(# 3": :>9?>: 3$ Y4$ ? 2"3? $:5_ K?9E$?#$95" 3": @9$4: 9<" :<" E"A 94?KM
3$:J?K?9E$?3? ] Y4?93" :$ @$2E$J$ J$25": @$K? R?2?95>? 3" W$VE4K"M
W>J2?;[$: 9? 3>2$;<"M - 3$:J?K?9E$A
?#$95" @2"W"E? 3$:‘?:5$ 3? 3>2$;<"\ .?#J]# 9<" :<" E"J$25": ":
3? :4:@$9:<" $ 3": @9$4:M $W$954?>: >9E"9W$9>$95$: 3$E"22$9A
’@g: ? #"95?‘$# 3$ 4# @9$4
5$: 3" D?5" 3$ " W$VE4K" 52?D$‘?2 D"2? !#! (
3?: $:@$E>D>E?;[$: D"29$E>3?: @$K? ’ W$K"E>3?3$ #_o>#? @$2#>5>3?
9"W" "4 $# E?:" 3$ D"25$ >#@?E5"
,.+))’!.=, 9" Y4$ :$ 2$D$2$ ? $::$: 342?95$ " 4:" 3? 2"3? :"J2$::?K$95$
9" @9$4 ] 9$E$::_2>" J?K?9E$?2 ?
>5$9:M ] 3$ }G h#na\ >93>E?3? 9? $5>Y4$5?
2$:@$E5>W? 2"3?M
3? @2g@2>? 2"3?M

3$"-
*>2>‘>2 E"# @243Z9E>? $ 9<" 4K52?A
@?::?2\ $# a>@g5$:$ ?K‘4#?\ " K>#>5$
3$ W$K"E>3?3$ @$2#>5>3"M !#! !#!
’: E?2?E5$2V:5>E?: 3$ E"934;<" 3" !49E? >9:5?K?2 4# @9$4 52?3>E>"A
 W$VE4K"\ E"# ? 2"3? :"J2$::?K$95$ 9?K 94#? 2"3? 3$:5>9?3? f 45>K>X?;<"
1?2? W$VE4K": E"# E"9^495" #"95?3?\ :<" ?K5$2?3?:M *$:5$ #"3"\ E"#" 2"3? :"J2$::?K$95$M !<" ] @$2A
2"3?n@9$4 :"J2$::?K$95$ 3$:$9W"KA 3$W$A:$ $W>5?2 ?E$K$2?;[$: $ D2$9?A #>5>3" 45>K>X?2 :>#4K5?9$?#$95$ 34?:
W>3" $oEK4:>W?#$95$ @?2? " 4:" ‘$9: W>"K$95?:\ #43?9;?: 3$ 3>2$A "4 #?>: 2"3?: :"J2$::?K$95$:M
5$#@"2_2>"\ ? W$K"E>3?3$ #_o>#? ;<" J24:E?: $ E42W?: ? ‘2?93$ W$K"E>A
3?3$M ’ 342?J>K>3?3$ #]3>? 3" @9$4 C$:@$>5?2 :$#@2$ ?: 2$E"#$93?A
3$ 45>K>X?;<" ] 3$ }G h#naM p+oM% ;[$: 3$:5$ #?94?KM
19$4: 2"3?95$: LL6nF6 C7{ $ @9$4 :"J2$::?K$95$ ] 3$ HGGG h#M
:"J2$::?K$95$ 7I6n{GC7{qM !<" .2?9:E"22>3? $:5? Y4>K"#$52?‘$#\
4K52?@?::?2\ $# a>@g5$:$ ?K‘4#?\ " " @9$4 3$W$ :$2 :4J:5>54V3" @$K" "2>A
K>#>5$ 3$ W$K"E>3?3$ @$2#>5>3"M ‘>9?K "4 @"2 "452" :"J2$::?K$95$ E"#
!#!
?: #$:#?: E?2?E5$2V:5>E?: 3" Y4$ $:5_
$Y4>@?3" 9" W$VE4K"M !<" K4J2>D>E?2 ?: 2":E?: 3": @?2?A
 D4:": ?95$: 3$ #"95?2 ": @9$4:\ @">:
+# E?:" 3$ 3uW>3? Y4?95" f :>54A $:5$: @"3$2<" :"K5?2A:$ $:@"95?9$?A
?;<" @2$:$95$ $# :$4 W$VE4K"\ E"9A #$95$ 342?95$ ? 45>K>X?;<" 3" W$VA
:4K5$ ? $5>Y4$5? ?3$:>W? J2?9E? ?@K>A E4K"N
E?3? 9? 2"3? :"J2$::?K$95$\ 9? Y4?K !#!
$:5_ $:@$E>D>E?3? ? W$K"E>3?3$ #_A - E"9^495" 2"3?n@9$4 :"J2$::?A +# 9$9a4#? E>2E49:5d9E>? ": @?A
o>#? @$2#>5>3? 3$ 4:"M K$95$ :$ 3$:5>9? $oEK4:>W?#$95$ ?" 2?D4:": 3$W$# :$2 K4J2>D>E?3":M 1?2?A
4:" 5$#@"2_2>"M D4:": E"# >#@42$X?: 3$W$# :$2 K>#A
*>2>‘>2 E"# @243Z9E>?M @":M +# E?:" 3$ E"22":<" "4 2":Y4$A
&?93?2 2$@?2?2 $ 2$#"95?2 ? 2"3? ?#$95" 3>DVE>K\ ": @?2?D4:": 3$W$#
:4J:5>54V3? " #?>: 2?@>3?#$95$ @":A :$2 :4J:5>54V3":M
:VW$KM

3$%.
$ E?K>J2?3" 9? @2$::<" >93>E?3?\ @?2? 9?#$95"\ $:5$ E"952"K$ 3$W$ :$2
Y4$\ $# E?:" 3$ $#$2‘Z9E>?\ $:5$^? 2$@$5>3" 52>#$:52?K#$95$M
!#! @2"95" @?2? :$2 45>K>X?3" 3$ D"2#? :$A  ,$ 9<" :$ 3$:K>‘?2 ? J?5$2>? 3"
‘42? $ ?3$Y4?3?M :>:5$#? $K]52>E"\ E"952"K?2 " :$4
- 9<" E4#@2>#$95" 3?: 2$:52>;[$:
3$ 4:" 3? 2"3? :"J2$::?K$95$ @"3$ $:5?3" 3$ E?2‘? ? E?3? 52>95? 3>?:M
E?4:?2 ?E>3$95$: E"# 2>:E" 3$ ‘2?W$:  )>#@?2 $ @2"5$‘$2 ?: @?25$: @>95?A
K$:[$: "4 #"25$M
     3?: ?@K>E?93" E$2?: @2"5$5"2?:M
  !  )>#@?2 $ @2"5$‘$2 ?: @?25$: #$A
,>‘? :$#@2$ ?: @2$:E2>;[$: 3" #?A
5_K>E?: J2>Ka?95$: E"# @2"345":
94?KM !?
$:@$EVD>E": 3>:@"9VW$>: 9" #$2A
,$ " W$VE4K" 5>W$2 3$ @$2#?9$E$2 E?3"M
 @?2?3" 342?95$ #?>: 3$ 4# #Z:\  +:@?Ka?2 @g 3$ 5?KE" 9?: @?Ka$A
"J:$2W?2 ?: :$‘4>95$: @2$E?4;[$:% 5?: $# J"22?Ea? 3" K>#@?3"2 3"
U$2>D>E?2 2$‘4K?2#$95$ ? @2$::<"
3": @9$4: "2>‘>9?K#$95$ >9:5?K?3": @?2?AJ2>:? $ 3" K>#@?3"2 3" W>A
$ 3" @9$4 :"J2$::?K$95$\ 2$:@$>5?93"  +:5?E>"9?2 " W$VE4K" $# @>:" 32" 52?:$>2" $ 3$>o_AK?: K$W?95?A
": W?K"2$: >93>E?3": 9$:5$ #?94?K\ @K?9"\ $# K"E?K E"J$25"\ :$E" 3?: 3": W>32":
9" E?@V54K" w*?3": 5]E9>E":yM $\ :$ @"::VW$K\ W$95>K?3" $ ?J2>2  8"J2>2 " W$VE4K" E"# 4#? E?@?
K>‘$>2?#$95$ ": W>32":M 3$ 5$E>3" "4 3$ @K_:5>E" @$2D4A
1?2? " E"9^495" 2"3?n@9$4 :"J2$:A  8?K;?2 ?: 2"3?:n@9$4: "4 @":>E>A 2?3"\ @2$:5?93" @?25>E4K?2 ?5$9A
:?K$95$ D"29$E>3" 5"5?K#$95$ :$# ?2\ "9?2 ? ?K?W?9E? $# pEd#J>" ;<" @?2? 9<" 3?9>D>E?2 ? :4@$2DVA
"4 $# E?:" 3$ $W$954?K $:W?X>?A ?45"#_5>E"q @?2? $W>5?2 " 3$:K"A E>$ @>95?3? ?22?:5?93" ? $W$954?K
#$95" 5"5?K\ $D$54?2 " $9Ea>#$95" E?#$95" 3" W$VE4K"M @"$>2? 9$K? ?E4#4K?3?M !<" 45>A
3" @9$4 :"J2$::?K$95$ ?5] ?KE?9;?2  8$25>D>E?2A:$ 3$ Y4$ " D2$>" 3$ K>X?2 E?@?: 3$ @K_:5>E" E"#@?E5"\
? @2$::<" @2$:E2>5? 9$:5$ #?94?K\ 9" $:5?E>"9?#$95" $K]52>E" 9<" $:5_ Y4$ 9<" @$2#>5$# ? $W?@"2?;<" (
E?@V54K" w*?3": 5]E9>E":yM $9‘?5?3"M 3? 4#>3?3$ @2$:$95$ 9? :4@$2DVA
 *$:K>‘?2 " 5$2#>9?K 9$‘?5>W" 3" E>$ 3" W$VE4K"M
- E"9^495" 2"3?n@9$4 :"J2$::?A
@"K" 3? J?5$2>? $ W$2>D>E?2 :$4 $:A  +9Ea$2 ": @9$4: ? 4#? @2$::<"
K$95$ 3$W$ $:5?2 :$#@2$ E"93>E>"A
5?3" 3$ E?2‘?M *42?95$ " ?2#?X$A 3$ ƒG\6 J?2 pƒ{\L6 @:>q :4@$2>"2
9?3" $# K"E?K ?3$Y4?3" 9" W$VE4K"

3$%!
$# 2$K?;<" f @2$:E2>5? $ E"952"K_A E"#J4:5VW$K @2$:$95$ 9" 5?9Y4$ 3$ $D>E?X#$95$ ? E?22"E$2>? 3? E"22"A
K? @$2>"3>E?#$95$M E"#J4:5VW$K ?5] ?E$93$2 ? K4XA$:@>? :<"M
 !<" $:W?X>?2 " :>:5$#? 3$ 2$D2>A 3$ 2$:$2W?M ’" K>‘?2 9"W?#$95$ "
+>: ?: @2>9E>@?>:%
‘$2?;<" 3" #"5"2M #"5"2 3$@">: 3$ 4# K"9‘" @$2V"3"\
 ,$#@2$ Y4$ :$ 3$>o?2 " W$VE4K" 2$?J?:5$E$2 >#$3>?5?#$95$ E"# 3>$A
 12"345": $ :>:5$#?: 3$ @>9542?
>9?5>W" 342?95$ 34?: "4 #?>: :$A :$K 9"W"M
Y4$ E"9D$2$# ?" W$VE4K" 2$:>:A
#?9?:\ E"# " #"5"2 $# #?2A 5Z9E>? f E"22":<" $ f ?J2?:<"M
Ea? K$95?\ ] 9$E$::_2>" K>‘?2 " :>:A 
5$#? 3$ ?2AE"93>E>"9?3" 342?95$  +#@2$‘" 3$ Ea?@?: ‘?KW?9>X?3?:
’95$: 3$ @2"E$3$2 ?" E"25$ 3? ?K>A
E$2E? 3$ 6 #>945":\ 2$‘4K?3"A" p"4 @2]A52?5?3?:q\ 3"5?3?: 3$ ?K5?
#$95?;<" $K]52>E? 3? J?5$2>?\ ?‘4?2A
@?2? ?2 $o5$29" $ E"# W$95">9a? 2$:>:5Z9E>? f E"22":<"M
3?2 @$K" #$9": 4# #>945" ? @?25>2
3$D>9>3? 9" #_o>#"M +::? "@$A
3" @":>E>"9?#$95" 3" E"#45?3"2 3$
2?;<" ‘?2?95>2_ 4#? K4J2>D>E?;<"
>‘9>;<" $#  $ ? @?25>2 3" D$A  .2?5?#$95" :@2?x E"# #?5$2>?>:
?3$Y4?3? 9" :>:5$#? 2$34X>93"\
Ea?#$95" 3? @"25? 3" K?3" 3" #"5"A @K_:5>E":\ E"# D49;<" 3$ @2"5$A
?::>#\ ?" #V9>#" ? $W$954?K>A
2>:5?M !" @":5$2>"2 2$:5?J$K$E>#$95" ;<"\ 9": @"95": #?>: $o@":5":%
3?3$ 3$ 3?9": 9" E"#@2$::"2
3? ?K>#$95?;<" $K]52>E? 3? J?5$2>?\ >95$2>"2 3" @?2?AK?#?:\ J"23?:\
Y4?93" " :>:5$#? D"2 9"W?#$95$
E$25>D>E?2A:$ 3$ Y4$ " E"#45?3"2 3$ $5EM
K>‘?3"M
>‘9>;<" $:5$^? $#  $ Y4$ ? @"25?
3" K?3" 3" E"9345"2 $:5$^? D$Ea?3?M  (:" 3$ E?>o?: w?J$25?:y\ @?2? $W>A
 5?2 ? E"93$9:?;<" $ ? ?Eu#4K" 3$
’.+!/0-% !" E?:" 3$ 4:" 3$ J>A _‘4?\ Y4$ @"3$# D?W"2$E$2 ? D"2A
"3>$:$K p@"2E$95?‘$# #_o>#? E"9A   #?;<" 3$ D$224‘$# 9" >95$2>"2M
D"2#$ @2$W>:5" 9? )$‘>:K?;<" O$3$2?K  !  !
W>‘$95$ f ]@"E? 3? D?J2>E?;<" 3" W$VA  (5>K>X?;<" 3$ @$KVE4K?: $:@$E>?>:
!"$
E4K"q ] 9$E$::_2>" @2"5$‘$2 " W$VE4K" E"# D49;<" @2"5$5"2? ?95>?J2?:<"
$# E?:" 3$ @?2?3?: @2"K"9‘?3?: pj - W$VE4K" ] 3"5?3" 3?: #$Ka"2$: 9": @"95": #?>: $o@":5": p@"2 $oM
7 #Z:qM ’95$: 3$ 4#? @?2?3? @2"K"9A :"K4;[$: 5$E9"Kg‘>E?: @?2? @2"5$‘$2 @?2?AK?#?: 52?:$>2"\ @"25?:\ $5EMqM
‘?3? 3" W$VE4K"\ 3$W$A:$ E"9:4#>2 "

3$%"
!!!  N  :$Ka_W$K 9<" 45>K>X?2 @2"345": ?J2?:>A
  ! !  W": $n"4 $9E$2?3"2$: @?2? " $#J$K$A
! !! X?#$95" 3" W$VE4K"M !#!
- W$VE4K" @"::4> 4#? ‘?2?95>? -J:$2W$ :$#@2$ ?: 2$E"#$93?A !?: $:5?;[$: 3$ K?W?‘$#\ $W>5?2 ?
E"952? ? @$2D42?;<"\ 3$W>3" f E"22"A ;[$: 3$:5$ #?94?KM K?W?‘$# 3" W$VE4K" E"# 2"K": $n"4
:<"\ 3$ Y4?KY4$2 $K$#$95" "2>‘>9?K $:E"W?:M )?W?2 " W$VE4K" $oEK4:>A
3? $:524542? "4 3? E?22"E$2>?M 1?2? +# E?:" 3$ ?J2?:[$: "4 D>::42?: W?#$95$ f #<" 45>K>X?93" @2"345":
?: E"93>;[$: ‘$2?>: 3$:5? ‘?2?95>?\ @2"D493?:\ 2$E"#$93?A:$ Y4$ :$^?# 3$5$2‘$95$: E"# 1S 9$452"c :$E_A
E"9:4K5?2 " &?94?K 3$ R?2?95>?M D$>5": 3$ >#$3>?5" ": 2$5"Y4$: 9$E$:A K" E"# 4# @?9" #?E>"\ 4#$3$A
:_2>":\ @?2? $W>5?2 ? D"2#?;<" 3$ D$2A E>3"M !<" 45>K>X?2 @2"345": ?J2?:>W":
24‘$#M $n"4 ?J2>Ka?95?3"2$: @?2? " $#J$K$A
! ! !!
X?#$95" 3" W$VE4K"M -: $oE2$#$95":
-  ’ #?945$9;<" 3? @>9542? E"9:>:5$ 3$ @_::?2": 3$W$# :$2 K?W?3": >#$3>A
9? K?W?‘$#\ E4^? @$2>"3>E>3?3$ 3$A ?5?#$95$ $ E"# E4>3?3"\ @">: ? :4?
@$93$ 3?: E"93>;[$: $ 3" ?#J>$95$ ?E>3$X ] @?25>E4K?2#$95$ ?‘2$::>W?M
3$ 45>K>X?;<"M 1"2 $o$#@K"\ 9?: 2$A
!#! ‘>[$: 3$ ‘2?93$ @"K4>;<" ?5#":D]A +W>5?2 p:$ 9<" D"2 >93>:@$9:_W$Kq $:A
2>E?\ ] ?E"9:$Ka_W$K K?W?2 " W$VE4K" 5?E>"9?2 " W$VE4K" 3$J?>o" 3$ _2W"A
-: 3$5$2‘$95$: :4^?# ?: _‘4?:M
E"# #?>"2 D2$Y4Z9E>?M 2$:c 2$#"W$2 >#$3>?5?#$95$ ?: :4J:A
)?W?2 " W$VE4K" :"#$95$ $# K"A 5d9E>?: 2$:>9":?: 3$ "2>‘$# W$‘$A
’K‘4#?: @?25$: 3" W$VE4K" @"3$#
E?>: $Y4>@?3": @?2? " 2$E"Ka>#$95" 5?K @"2Y4$\ 4#? W$X :$E?:\ @?2? ?
$:5?2 $Y4>@?3?: E"# 5>95? "@?E? Y4$\
$ ? 3$@42?;<" 3": KVY4>3": 45>K>X?3": :4? 2$#";<"\ @"3$ :$2 9$E$::_2>" "
@?2? :$2 @2$:$2W?3? E"#" 5?K\ 9$E$:A
@?2? ? K?W?‘$#M $#@2$‘" 3$ @2"345": ?J2?:>W": $n"4
:>5? 3$ E4>3?3": @?25>E4K?2$:% E"9:4KA
?J2>Ka?95?3"2$:\ @?25>E4K?2#$95$ 3$A
5?2 ? ?3W$25Z9E>? :$‘4>95$M
:?E"9:$Ka?3": @"2 :$2$# @"5$9E>?>: (
E?4:?: 3$ ?K5$2?;<" 3? E?2?E5$2V:5>E?
3$ "@?E>3?3$ 3? 5>95?M 1?2? ? K>#A
!#!
@$X? 3" @?2?AJ2>:? 3>?95$>2" $ 3" W>A
’ D># 3$ #?95$2 >95?E5?: ?: E?2?EA 32" 52?:$>2"\ 45>K>X?2 3$5$2‘$95$: $:A
5$2V:5>E?: $:5]5>E?: 3? @>9542?\ ] ?E"9A
3$%%
@$EVD>E": $ @?9": J$# K>#@": @?2? *42?95$ ? :$E?‘$#\ E4>3?2 :"J2$A
543" 3?: @?25$: #$9": W>:VW$>: p@"2 
9<" 2>:E?2 "4 ?K5$2?2 ? 52?9:@?2Z9E>?
3": #$:#":M $oM W<": 3?: @"25?:\ E?@v\ E"95"29" 1?2? 9<" 3?9>D>E?2 ?: 2$:>:5Z9E>?:
3": D?2g>:\ $5EMq "93$ ? _‘4? @"3$ @?A $K]52>E?: @2$:$95$: 9? :4@$2DVE>$ >9A
1?2? 4#? K?W?‘$# E"22$5? 3" W$VA 2?2 E"# #?>"2 D?E>K>3?3$M !<" K?W?2 5$29? 3" W>32" 52?:$>2" 5]2#>E"\ $:D2$A
E4K"\ :$‘4>2 $:5?: >93>E?;[$:% " W$VE4K" 3$@">: 3$ 4#? @?2?3? ?" ‘?2 3$K>E?3?#$95$ :$‘4>93" " :$9A
:"K "4 E"# " E?@v 3" #"5"2 Y4$95$% 5>3" 3?: 2$:>:5Z9E>?:M
 ,$ D"2 K?W?2 " W$VE4K" $# 4#? @"3$ ?K5$2?2 " J2>Ka" 3? 5>95?M
#_Y4>9? ?45"#_5>E?\ 2$5>2?2 ? ?9A   
’: @?25$: $o5$29?: 3$ @K_:5>E" 3$A
5$9? 3" 5$5"M W$# :$2 K>#@?: E"# " #$:#" @2"A (5>K>X?2 3$5$2‘$95$: $:@$EVD>E": $
 ,$ @?2? ? K?W?‘$# 3" W$VE4K" D"A E$3>#$95" 2$?K>X?3" @?2? ? K?W?‘$# @?9": J$# K>#@": @?2? 9<" ": 2>:E?2
2$# 45>K>X?3": W?@"2>X?3"2$: "4 9"2#?K 3" W$VE4K"M "4 ?K5$2?2 ? :4? 52?9:@?2Z9E>?M
K>#@?3"2$: 3$ ?K5? @2$::<"\ #?9A
5$2 4#? 3>:5d9E>? #V9>#? 3$ IG  R     
E# 3? E?22"E$2>? @?2? $W>5?2 3?A 
+W>5?2 " #?>: @"::VW$K $:5?E>"9?2 " (5>K>X?2 4# @?9" #?E>"\ 9<" :$E"\
9": "4 ?K5$2?;[$:M ’Eu#4K": 3$
W$VE4K" 3$J?>o" 3$ _2W"2$:c ?: :4J:A $#J$J>3" $# _‘4? $ :?J<" @?2? ?4A
_‘4?\ ? K"9‘" @2?X"\ @"3$# 3?A
5d9E>?: 2$:>9":?: E"9D$2$# 4# ?:A 5"#gW$>:M
9>D>E?2 " W$VE4K"M
 e @2$D$2VW$K #"Ka?2 ? E?22"E$2>? @$E5" "@?E" f 5>95? $ ?4#$95?# ?
E"# 4# ^?5" 3$ _‘4? 3$ J?>o? @"::>J>K>3?3$ 3$ E"22":<"M 
@2$::<"M !? "@$2?;<" 3$ K>#@$X? 3": 52?9:A
 1?::?2 :"J2$ ? E?22"E$2>?\ 4#?  @?2$95$: 3$ @K_:5>E" 3": D?2g>:\ 9<"
$:@"9^? E"# 4#? K>‘$>2? :"K4;<" +W$954?>: $oE2$#$95": 3$ @_::?2": 45>K>X?2 :4J:5d9E>?: ?2"#_5>E?: p@"2
3$5$2‘$95$\ $9o?‘4?93" D2$Y4$9A 3$W$# :$2 K?W?3": >#$3>?5?#$95$ $ $oM J$9X>9?q "4 Y4$5"9?: p@"2 $oM
5$#$95$ ? $:@"9^?M E"# E4>3?3"\ @">: ? :4? ?E>3$X ] ?E$5"9?qM
 +9o?‘4?2 J$# E"# _‘4? $ :$Y4$ @?25>E4K?2#$95$ ?‘2$::>W?M
E"# ^?5" 3$ ?2 "4 4# @?9" #?A +# E?:" 3$ K>#@$X? E"# 4#? #?9A
E>"M ‘4$>2? 3$ _‘4?\ #?95$2 " ^?5" 3$ _‘4?

3$%&
? 4#? 3>:5d9E>? 3$\ @$K" #$9":\ LG 5"29?2 9$E$::_2>"\ "J:$2W?2 ?: 2$E"A " #"5"2 $ E"#@"9$95$:\ :"J @$9? 3$
E# 3": D?2g>:M #$93?;[$: ? :$‘4>2% 3?9>D>E_AK":\ E?4:?93"\ >9EK4:>W$\ ?
2$5$9;<" 3$ @"$>2?M
7 
  ’ K?W?‘$# 3$W$ :$2 $D$54?3? E"#
" #"5"2 D2>" $ " E"#45?3"2 3$
’ K>#@$X? 3" E"#@?25>#$95" 3"
>‘9>;<" 9? @":>;<"  M
#"5"2\ 45>K>X?93" K?W?3"2? 3$ ?K5?
@2$::<"\ 9<" ] 2$E"#$93?3?M -: !#!
E"#@"9$95$: 3" #"5"2 @"::4$# @2"A  !<" 45>K>X$ :4J:5d9E>?: E_4:5>E?:\
- $#@2$‘" >9?3$Y4?3" 3$ ^?5":
5$;<" E"952? ? >9D>K52?;<" 3$ _‘4?\ @2"345": _E>3": "4 3$2>W?3": 3$
3·_‘4? @"3$ @2"W"E?2 3?9": 9?: E"KA
@"2]# ?: @2$::[$: ‘$2?3?: @$K? K?W?A @$52gK$"M
#$>?: 3" 2?3>?3"2 $ 9" #"5"2 $K]A
3"2? @"3$# 3?9>D>E_AK":M  +W>5$ ^?5": 3‡_‘4? 3>2$5?#$95$ :"A 52>E" 3" $K$52"W$95>K?3"2M
J2$ ": E"#@"9$95$: $K$52"$K$52vA
9>E": $ :$4: Ea>E"5$:M ’ K>#@$X? 3" $K$52"W$95>K?3"2 3"
 12"5$^? E"# @K_:5>E": " ?K5$29?A 2?3>?3"2 3$W$ :$2 D$>5? 2$:@$>5?93"
3"2\ ? E$952?K 3? >‘9>;<"n>9^$;<" ?: #$:#?: 2$E"#$93?;[$: @?2? ?
!#! K?W?‘$# 3" W<" 3" #"5"2M
$K$52v9>E?\ ? J?5$2>?\ ? J"J>9? $
,$ D"2 9$E$::_2>" $D$54?2 4#? K?W?A ? E$952?K 3" :>:5$#? ’B,M
‘$# 3" E"#@?25>#$95" 3" #"5"2\ 5$2
 12"5$^? 5?#J]# E"# @K_:5>E" "
E4>3?3" @?2? 9<" >9:>:5>2 3>2$5?#$95$
2$:$2W?5g2>" 3" DK4>3" 3$ D2$>"\    !
E"# " ^?5" 3$ _‘4? 9? E$952?K 3$ D4:VA
W$>: $ 3$#?>: E"#@"9$95$: $K]52>E"\
@?2? $W>5?2 ? :4? E"95?#>9?;<"M 
@">: $:5$: E"#@"9$95$: @"3$# :$2 !!
3?9>D>E?3":M ’@g: ? K?W?‘$#\ E$25>D>E?2A:$ 3$
Y4$ ?: W_2>?: @2"5$;[$: p@"2 $oM\ 5?#A
+W>5$ 3?9": ?": E"#@"9$95$:M @[$: 3$ J"22?Ea? $ @2"5$;[$: W_2>?:q\ (
9<" $:5<" 2$#"W>3?: "4 3?9>D>E?3?:M !#!
’ K?W?‘$# 3" E"#@?25>#$95" 3" ’@g: ? K?W?‘$#\ 9<" @4KW$2>X$ 9$A !49E? 45>K>X?2 @2"345": >9DK?#_A
#"5"2 ] 4# @2"E$3>#$95" Y4$ 3$W$ 9a4# 5>@" 3$ DK4>3" pgK$" 3>$:$K\ Y4$A W$>:\ E"#" ]5$2 "4 J$9X>9?\ @?2? ?
:$2 $W>5?3"M 1"2]#\ Y4?93" >:5" :$ 2":$9$\ gK$" 3$ #?#"9? $5EMq :"J2$

3$%’
K>#@$X? 3?: @?25$: >95$2>"2$: 3" W$VA U$2>D>E?2 @$2>"3>E?#$95$ " $:5?3" @$K? b$$@\ $W>5?93" #?5$2>?>: 9<" ?4A
E4K"M 3$ K>#@$X? 3": >95$2>"2$:\ @"2 J?>o" 5"2>X?3":M
3": 5?@$5$:\ Y4$ @"3$2>? @2"W"E?2 ?
’: E?2‘?: $K$52":5_5>E?: Y4$ :<" ‘$A "o>3?;<" 3? Ea?@?M
2?3?: 342?95$ ? "@$2?;<" 3$ K>#@$X?
@"3$# @2"W"E?2 >9EZ93>"M
!   !!  &

8$25>D>E?2A:$ Y4$ 9?3? p5?@$5$:\
!#! $5EMq >#@$;? " #"W>#$95" $ " E42:"
!<" @"25?2 $#J?K?‘$9: 3$ ?$2":A 3": @$3?>: 3" W$VE4K"M
:g>: 9" W$VE4K"% @$2>‘" 3$ $o@K":<"M
-: ?$2"::g>: 9<" 3$W$# $:5?2 $oA 
@":5": ? 4#? 5$#@$2?542? :4@$2>"2 ?
!#! 1?2? ? :$‘42?9;? 3" E"9345"2\ "
6G 8M !" >95$2>"2 3$ 4# W$VE4K" $oA
5?@$5$ 3$W$ :$2 D>o?3" 9?: @2$:>Ka?:
@":5" ?" :"K\ ? 5$#@$2?542? @"3$ :4A 8$25>D>E?2A:$ 3$ Y4$ ": 5?@$5$: $:5$A
>93>E?3?: @$K?: :$5?: !M
@$2?2 3$ D"2#? :>‘9>D>E?5>W? $::$: W?A ^?# :$#@2$ $:5$93>3": $ J$# @":>E>A
K"2$:M "9?3":M -J:$2W?2 ? K"E?K>X?;<" E"2A
2$5? $# E?3? 49>3?3$ $ :$4 2$:@$EA U$2>D>E?2 @$2>"3>E?#$95$ " $:5?3"
5>W" @":>E>"9?#$95"M ’K‘4#?: W$2A 3$ K>#@$X? 3": >95$2>"2$:\ @"2 J?>o"
:[$: 3>:@[$# 3$ @2$:>Ka?: 3$ D>o?;<"\ 3": 5?@$5$:\ Y4$ @"3$2>? @2"W"E?2 ?
>93>E?3?: @$K?: :$5?: !\ @?2? ?4o>K>?2 "o>3?;<" 3? Ea?@?M 1?2? ? :$‘42?9;?
!#! 9? :4? 2$5$9;<" 9" ?::"?Ka"M 9? E"934;<"\ 45>K>X?2 :"#$95$ 5?@$A
’ _2$? 3" @>:" :"J ? @$3?K$>2? 9<" 5$: ‘$94V9": b$$@M
3$W$ ?@2$:$95?2 "J:5_E4K":M ’ 3>:@":>;<" >93$W>3?\ "4 " 4:" 3$
4# 5?@$5$ 9<" a"#"K"‘?3"\ @"3$ :$
8$25>D>Y4$A:$ 3$ Y4$ $W$954?>: 5?A 5"29?2 4# "J:5_E4K" ?" ?E>"9?#$95"
@$5$: $:5$^?# :$#@2$ J$# $:5>E?3": 3": @$3?>:M (5>K>X?2\ $oEK4:>W?#$95$\
$ 9<" >95$2D>2?# E"# ": @$3?>:M 5?@$5$: "2>‘>9?>: $n"4 a"#"K"‘?3":

3$%*
%!  ! "  W?3":\ #$:#" $# J?>o?: E"9E$952?A #$95$ 4#$3$E>3" E"# _‘4?M e 3$:?A
+K>#>9?2 " @g E"# 4#? $:E"W? #?A ;[$:M E"9:$Ka?3" " $#@2$‘" 3$ K$9;": 3$
E>? "4 E"# 4# ?:@>2?3"2M 1?2? 4#? @?@$K Y4$ @"3$2>?# 3$>o?2 2$:V34":M
#$Ka"2 K>#@$X? 3": 2$W$:5>#$95": !    &
$# W$K43"\ ?E"9:$Ka?#": ? 4#$3$A ! ! ! " 
E$2 ? $:E"W?M +:D2$‘?2 ": J?9E": E"# / .- 0
4#? $:@"9^? 4#$3$E>3? $# 4#? :"A
K4;<" 3$ _‘4? $ 3$5$2‘$95$ 9$452"M 1?2? K>#@?2 $:5$: E"#@"9$95$:
!#! 4:?2 :g _‘4? $ :?J<" 9$452"M !49E?
45>K>X?2 _KE""K "4 @2"345": f J?:$ 3$
%! "  / .- & !<" 45>K>X?2 _KE""K\ J$9X>9? $ :$4:
_KE""KM
0 3$2>W?3": @?2? ? K>#@$X? 3" 52?9:A
@?2$95$ 3" Y4?32" 3$ >9:524#$95": $ ’95$: 3$ 4:?2 @2"345": $:@$EVD>A
+K>#>9?2 ? :4^$>2? :$E? E"# 4#? 3" @?>9$KM E": @?2? ? K>#@$X? 3": >95$2>"2$:\
DK?9$K? "4 4# @?9" u#>3"\ :$# $o$2A ?::$‘42?2A:$ Y4$ " @2"345" 9<" E"9A
E$2 3$#?:>?3? @2$::<"M C>:E" 3$ 3?9": ?": #?5$2>?>:M 5]# _KE""K $n"4 :4J:5d9E>?: E"# J?:$
C$5>2?2 ?: #?9Ea?: 3$ KVY4>3": "4 ?KE"gK>E?M
+D$54?2 ? K>#@$X? 3": @K_:5>E": >9A
3$ ‘"2342? E"# 4# @?9" :$E" ?JA
5$29": E"# 4# @?9" 3$ #>E2"D>J2?\
:"2W$95$\ :$# $:D2$‘?2M 1?::?2 $#
:$ @"::VW$K\ 4#$3$E>3" $# 4#? :"K4A
:$‘4>3? 4#? DK?9$K? "4 @?9" #?E>"
;<" 3$ _‘4? $ 3$5$2‘$95$ 9$452" 9<"
4#$3$E>3" E"# _‘4? $ :?J<" 9$4A
?J2?:>W"M
52"M ,$ ? #?9Ea? @$2:>:5>2\ 45>K>X?2
@2"345": $:@$EVD>E":\ 5$93" $:@$E>?K 1?2? K>#@?2 #?9Ea?: ‘"2342":?:
?5$9;<" f: >9:524;[$: 3$ 45>K>X?;<"M "4 2$:>:5$95$:\ 45>K>X?2 @2"345": $:A
@$EVD>E": :$# :"KW$95$: $ $:543?3": (
@?2? 9<" ?K5$2?2 " ?:@$E5" $ ? E"2 3":
 E"#@"9$95$:M
!<" 4:?2 949E? _KE""KM 8$25>D>E?2A
1?2? 2$#"W$2 " $W$954?K @g\ 45>K>A
:$ 3$ Y4$ ": @2"345": 45>K>X?3": @?2?
X?2 4# @?9" 3$ #>E2"D>J2?\ $W$954?KA
? K>#@$X? 9<" E"95Z# _KE""K $ 3$2>A
3$%+
3
 0 
=!.C-*(/0- M M M M M M M M M M M M M M M M M M M M =A7
*’*-, 1’C’ ’ =*+!.=O=8’/0- M M M M M M M M M =A7
&-.-C M M M M M M M M M M M M M M M M M M M M M M M M =AH
.C’!,&=,,0- M M M M M M M M M M M M M M M M M M M M =AI
OC+=-, M M M M M M M M M M M M M M M M M M M M M M M M =A6
,(,1+!,m+, M M M M M M M M M M M M M M M M M M M M M =A6
*=C+/0- M M M M M M M M M M M M M M M M M M M M M M M =AF
C-*’, + 1!+(, M M M M M M M M M M M M M M M M M M M =A{
+,1+8=O=8’/m+, *+ C-*’, + 1!+(, M M M M M M M =A~
*=&+!,m+, M M M M M M M M M M M M M M M M M M M M M =A77
1+,-, + 8’CR’, M M M M M M M M M M M M M M M M M M =A76
’B’,.+8=&+!.-, M M M M M M M M M M M M M M M M M M =A7F
,=,.+&’ +)e.C=8- M M M M M M M M M M M M M M M M M =A7{
O)(=*-, -C=R=!’=, + )(BC=O=8’!.+, M M M M M M =A7{
U+)-8=*’*+ &“¡=&’ M M M M M M M M M M M M M M M =ALG
+&=,,m+, *+ 8- M M M M M M M M M M M M M M M M M M =ALG
C’*=-OC+s(k!8=’ *+ 8-!.C-)+ C+&-.-%
S-&-)-R’/m+, )+R’=, M M M M M M M M M M M M M =AL7
)

4
4
 ZFA
520V
P70
P00
0016
."3?: >9:524;[$: u5$>: @?2? @$2A
E$J$2 E"#" ] D$>5" $ E"#" D49E>A
"9? " :$4 W$VE4K" $:5<" E"95>3?:
9$:5$ E?@V54K" $ >K4:52?3?: E"# 3?A
3": $ 5?J$K?:M 1?2? " ?@?>o"9?3"\ "
5]E9>E"\ #?: 5?#J]# :>#@K$:#$95$
@?2? Y4$# Y4$2 E"9a$E$2 #?>: 3$5?A ZFA5
20VP
70P00
0016

Ka?3?#$95$ " :$4 W$VE4K"M


!;! "!  !&
  !
+::$ 9u#$2" 5?#J]# :$ $9E"952?
 '  ‘2?W?3" 9" ?::"?Ka" 3" a?J>5_E4K"\ !? @K?Y4$5?\ :>54?3? 9" E"K49? 3?
@"25? 3>?95$>2? 3" K?3" 3>2$>5"\ $:5<"
  "  ?" K?3" 3" J?9E" 3>?95$>2" 3>2$>5"%
>93>E?3": ": 3?3": 2$K?5>W": ?%
i"  !
 !) W?K"2 E"22$5" 3" E"$D>E>$95$ 3"
- 9u#$2" 3" Ea?::> pU=!q
V93>E$ 3$ "@?E>3?3$ p@?2? #"5"A
$9E"952?A:$ ‘2?W?3" 9? @?25$ >9D$2>"2
2$: *>$:$KqM
$:Y4$23? 3" @?2?AJ2>:?%
 %) 5>@" 3$ #"5"2\ Eg3>‘" 3? W$2A
:<" 3? E?22"E$2>?\ 9u#$2" @?2?
@$;?:\ Eg3>‘" 3$ E"2M

1?2? ?E$::?2\ ‘>2?2 ? 5?#@? \ ?54A


?93" E"#" >93>E?3"M
)

4$!
4$"

 5  
 H 1:C % 1V N B:2 1V  '

8>EK" -55" *>$:$K

!u#$2" $ @":>;<" 3": E>K>932": I $# K>9a? I $# K>9a?


*>d#$52" $ E42:" 3": @>:5[$:
{G o }F\6 }H o ~G\I
p##q
8>K>932?3? 5"5?K pE#¶q 7HHL\G 7~6F\G

.?o? 3$ E"#@2$::<" 7G\6%7 7F\6 % 7


R?:"K>9? +5?9"K
1"5Z9E>? #_o>#? p’B!.q pEWq 7{G\G
7}G\G 7}6\G
1"5Z9E>? #_o>#? p’B!.q ph¤q 7HL\6 7HF\G 7L6\G

C$‘>#$ E"22$:@"93$95$ p2@#q 6{6G 6{6G H{6G

."2Y4$ #_o>#" p’B!.q p!#q L{G\G L{G\G H}G\G

."2Y4$ #_o>#" p’B!.q ph‘D#q L{\6 L{\6 H}\{

C$‘>#$ E"22$:@"93$95$ p2@#q 7{6G 7{6G 7{6G


}6G 6G 2@# p’n8 3$:KMq }6G 2@# p’n8 3$:KMq
C$‘>#$ 3$ #?2Ea? K$95? p2@#q
~GG 6G 2@# p’n8 K>‘Mq ~LG 2@# p’n8 K>‘Mq

-+ * ,-' 
 H +*'  -+   3   3 ,' K67  % /!0

1:C - 4 1V '( !V


)>#>5$3 7MH% {}\{ )
-W$2K?93 7MH% {}\{

4$%
 H +*'  -+   3   3 ,' K67  % /!0

)>#>5$3 LMG% {F\{


B:2 1V  '
-W$2K?93 LMG% {F\{

!"!
 5  
 H !'
 67

1:C - 4 1V '( =9^$;<" 5>@" #4K5>@"95"\ 3>2$5?

B:2 1V  ' =9^$;<" 3>2$5? r&4K5>^$5 == ƒƒr

!#!
&"3>D>E?;[$: "4 2$@?2?;[$: 3" :>:5$#? 3$ ?K>#$95?;<" $D$54?3?: 3$ #"3" >9E"22$5" $ :$# 5$2 $# E"95? ?:
E?2?E5$2V:5>E?: 5]E9>E?: 3" :>:5$#? @"3$# E?4:?2 ?9"#?K>?: 3$ D49E>"9?#$95"M
C=,8- *+ =!8k!*=-N

  
_
4  -
Q ,
 H  (  *',   67

!V 8"# :$>: #?2Ea?: f D2$95$ $ #?2Ea? ? 2] *>?95$>2?

4$&
 H  (  *',   67

!Y 8"# 9"W$ #?2Ea?: f D2$95$ $ #?2Ea? ? 2] =95$‘2?K

" 
 , 3 ,6H
   
 H             
,  
 
8"#?93" $K]52>E" E"#
1:C - 4 1V '( ’ 3>:E" W$95>K?3"\ E"# ’ 3>:E" :gK>3"\ E"#
?54?;<" 9?: 2"3?:
@>9;? DK454?95$ $ 4# @>9;? DK454?95$ $ 4#
@":5$2>"2$: ?52?W]: 3$
E>K>932" 3$ E"#?93" E>K>932" 3$ E"#?93"
B:2 1V  ' #"5"2 9?: @>9;?: 3$
@?2? E?3? 2"3? @?2? E?3? 2"3?
D2$>"

 ' #
 , 3 ,6H
 H       

1:C - 4 1V '( ,>:5$#? &E1a$2:"9 E"# 2"3?:


,>:5$#? &E1a$2:"9 E"# 2"3?:
>93$@$93$95$:\ J2?;": ":E>K?95$: >9D$2>"2$:
>93$@$93$95$:\ K>9h: 52?9:W$2:?>:nK?5$2?>: $
E"# ‘$"#$52>? 52>?9‘4K?2 $ J?22?
B:2 1V  ' J?22? $:5?J>K>X?3"2?
$:5?J>K>X?3"2?

4$’
 
 , 3 ,6H
 H b
   *'  *'   _
 
+
  ,- * /
0  

*$ @>9a<" $ E2$#?Ka$>2? E"#


1:C - 4 1V '( L\~ 77\6
3>2$;<" ?::>:5>3? $K]52>E?
*$ @>9a<" $ E2$#?Ka$>2? E"#
B:2 1V  ' L\~ 77\}
3>2$;<" ?::>:5>3? $K]52>E?

4$*
  '    ,  , 5 ! ! ! !
/ , 
Q(
  -0 +o$#@K"% WaU> ( 1X B  D2
C"3?: $# K>‘? "4 $# ?;" $:5?#A
@?3"M YB § FHG h‘ YC § F6G h‘ WaU K?2‘42? 3? 2"3? $# @"K$‘?3?:M
19$4: 54J$K$:: 3$ E?2E?;? 2?3>?KM YD § F{G h‘ YU § F~G h‘ > @$2D>K 3? ‘?K$2>? p2$K$W" K?5$2?K
YV § {7G h‘ YW § {HG h‘ "93$ ?@">? " E?KE?9a?2 3" @9$4qM

 YX § {6G h‘ YY § {{6 h‘ 1X 3>d#$52" 3$ #"95?‘$# $# @"A


K$‘?3?: pE"22$:@"93$ ?" 3" @9$4 Y4$
8"# @9$4: 54J$K$:: 9<" 45>K>X?2 122 § }GG h‘ 121 § }L6 h‘
3$W$ :$2 #"95?3"qM
Ed#?2?: 3$ ?2M
12B § }6G h‘ 12C § }{6 h‘
B D"2#? $ 9u#$2" 3": ra4#@r
p2$K$W" E>2E49D$2$9E>?K\ Y4$ #?95]#
! !     ,  *', 
Q(
 9? :$3$ " E?KE?9a?2 3" @9$4 .4J$A
+o$#@K"% BCU@UU 1X 122 ; ?5] 7FG h#na K$:: 9? 2"3?qM
BCU  )?2‘42? 9"#>9?K 3" @9$4  ?5] 7FG h#na  D2 E"#@$9:?;<" 3? 2"3?
$# ## p3>:5d9E>? $952$ " @K?9" 3$ ?@">"
 ?5] 7}G h#na 3>:E"n2"3? $ ? K>9a? #$3>?9? 3?
UU  C$K?;<" ?K542?nK?2‘42? $# t 2"3?qM
 ?5] 7~G h#na
  .>@" 3$ E"9:524;<" p2?3>?K\ 9"
E?:"q  ?5] LGG h#na

1X  *>d#$52" $# @"K$‘?3?:  ?5] L7G h#na


 ?5] LIG h#na !#!
122  l93>E$ 3$ E?@?E>3?3$ 3$
E?2‘? ’ :"J2$E?2‘? ] 4# 3": D?5"2$: Y4$
S ?5] L{G h#na
@"3$ 2$34X>2 E"9:>3$2?W$K#$95$ ?
  l93>E$ 3$ W$K"E>3?3$ #_o>#? L ?5] HGG h#na 342?J>K>3?3$ 3": @9$4:M
- $oE$::" 3$ @$:" E"#@2"#$5$ ? )
342?J>K>3?3$ 3": E"#@"9$95$: $ ?4A

4$+
#$95? " 2>:E" 3$ 3?9": "4 ?K5$2?;[$:
$:524542?>: >#@"25?95$: 9" W$VE4K"M

4$,
 ' " #    ' 
! ' ,67

 7  -

{\6b o C7}r +.IG pK>‘?q LH6n66 C7}r 7GGU -! C-’*



 1:C - 4 '(
,"J2$::?K$95$% I\GB o C7{ +.L6 p’;"q ,"J2$::?K$95$% .7I6n{G C7{ 7GF&
{\6b ¡ C7~r +.IG pK>‘?q LH6n6G C7~r ~~S -! C-’*
* '  1:C - 4 '(
,"J2$::?K$95$% I\GB o C7{ +.L6 p’;"q ,"J2$::?K$95$% .7I6n{G C7{ 7GF&
{\6b o C7}r +.IG pK>‘?q LH6n66 C7}r 7GGU -! C-’*

 B:2  '
:"J2$::?K$95$% I\GB o C7{·· +.L6 p’;"q ,"J2$::?K$95$% .7I6n{G C7{ 7GF&
{\6b ¡ C7~r +.IG pK>‘?q LH6n6G C7~r ~~S -! C-’*
* '  B:2  '
:"J2$::?K$95$% I\GB o C7{·· +.L6 p’;"q ,"J2$::?K$95$% .7I6n{G C7{ 7GF&

!#!
1?2? ?K‘4#?: W$2:[$:\ ? 2"3? :"J2$::?K$95$ @"::4> E?2?E5$2V:5>E?: 3>D$2$95$: E"#" 3>#$9:<" "4 #?2E? 3": @9$4: 3$
2"3?‘$# $ 3$W$ :$2 45>K>X?3? ?@$9?: $# E?:" 3$ $#$2‘Z9E>?M ’ 45>K>X?;<" 3$W$ :$2 2$34X>3? ?" #V9>#" >93>:@$9:_W$K
$ ? W$K"E>3?3$ 9<" 3$W$ 4K52?@?::?2 X2 \
@Ga  ,  R  M !? 2"3? $9E"952?A:$ ?@K>E?3" 4# ?3$:>W"
E"# ": @2>9E>@?>: ?W>:": :"J2$ ? 45>K>X?;<" $ 3?: 2$:@$E5>W?: K>#>5?;[$:M
!<" 2$#"W$2 " ?3$:>W"\ 9<" E"J2>AK" $ 949E? ?@K>E?2 9$9a4#? E?K"5? 3$ 2"3?M

4$-
!#!
8"# @9$4: .4J$K$:: p:$# Ed#?2?q\ 9<" 4:?2 Ed#?2?: 3$ ?2M ’: 2"3?: 3$ K>‘? K$W$ :<" D>o?3?: E"# @?2?D4:":
$:@$EVD>E": >9E"#@?5VW$>: E"# Y4?KY4$2 2"3? 3$ ?;" $:5?#@?3"\ $oE$5" E"# ? 3$ 2$:$2W? $:@$EVD>E?M
C$:@$>5?2 :$#@2$ ?: 2$E"#$93?;[$: 3$:5$ #?94?KM

!#!
.2?9:>5?2 E"# @9$4: 3$:E?K>J2?3": $n"4 E?K>J2?3": E"# @2$::<" >9D$2>"2 f 2$E"#$93?3? @"3$ 3?9>D>E?2 ?: 2"3?: $
": @2g@2>": @9$4:\ 5"29?93"A": #?>: W4K9$2_W$>: ? J42?E": $ >#@$2D$>;[$: 9?: W>?:M
-J:$2W$ :$#@2$ ?: 2$E"#$93?;[$: 3$:5$ #?94?KM


(5>K>X$ :"#$95$ @9$4: E"# E?2?E5$2V:5>E?: $ 3>#$9:[$: @2$:E2>5?: 9" #?94?KM +:5? E"93>;<" ‘?2?95$ 4#? E"22$5?
>93>E?;<" 3$ W$K"E>3?3$ $ 3>:5d9E>? @$2E"22>3? 9" Y4?32" 3$ >9:524#$95":M

  


8"# " @9$4 Y4$95$ " W?K"2 3? @2$::<" 3$W$ :$2 ƒG\H J?2 pƒI\H6 @:>q $# 2$K?;<" ?" W?K"2 @2$:E2>5"M U"K5?2 ?
E"952"K?2\ 3$ Y4?KY4$2 D"2#?\ " W?K"2 E"22$5" E"# " @9$4 D2>"M

4$!.
 , 3 ,6H
"9  , 5@ '  , 5
 7  4 '  /g0
      


 1:C - 4 '( L\L J?2 pHL @:>q% #]3>? E?2‘?
L\I J?2 pH6 @:>q I\7 J?2 pFG @:>q
* '  1:C - 4 '( L\I J?2 pH6 @:>q% @K$9? E?2‘?


 B:2  ' L\L J?2 pHL @:>q% #]3>? E?2‘?
L\I J?2 pH6 @:>q I\7 J?2 pFG @:>q
* '  B:2  ' L\I J?2 pH6 @:>q% @K$9? E?2‘?

p«q ’@g: 4#? 45>K>X?;<" $# $#$2‘Z9E>? 3? 2"3? :"J2$::?K$95$\ E?:" :$^? 9$E$::_2>"\ E?K>J2?2 ? 2"3? E"# " W?K"2
2$E"#$93?3"\ E"9:4K5?93" ? 5?J$K?M
,$ D"2 9$E$::_2>" $K$W?2 " W$VE4K"\ E"9:4K5?2 r)$W?95?93" " W$VE4K"r\ 9" E?@V54K" r&?945$9;<" $ E4>3?3": E"# :$4
W$VE4K"rM

  #
’: 3>#$9:[$: $:5<" $o@2$::?: $# #>KV#$52": $ 2$D$2$#A:$ ?" W$VE4K" $Y4>@?3" E"# @9$4: $# 3"5?;<"M *$ ?E"23"
E"# ? 3>#$9:<" 3?: 2"3?:\ ] @"::VW$K $9E"952?2 @$Y4$9?: W?2>?;[$: ?": W?K"2$: >93>E?3":M

4$!!
8"9:>3$2?2 ? ?K542? E"# " W$VE4K" :$# E?2‘?M

"  /

0
 7 ! %       

7F{} :$#
J?22? 3$

 1:C - 4 5$5"
~7I L{~I 7GF7 I{F~ 76{{ LGIG 76}~ 7}6~
'( 7F}L E"#
J?22? 3$
5$5"
7F{F :$#
J?22? 3$
* '  1:C 5$5"
~7I L{~I 7GF7 I{F~ 76{{ LGIG 76}~ 7}6~
- 4 '( 7F}G E"#
J?22? 3$
5$5"

4$!"
 7 ! %       

7F~} :$#
J?22? 3$

 B:2 5$5"
~7I L{~I 7GF7 I{F~ 76{L LGIG 76}~ 7}6~
 ' 7{GL E"#
J?22? 3$
5$5"
7F~F :$#
J?22? 3$
* '  B:2 5$5"
~7I L{~I 7GF7 I{F~ 76{L LGIG 76~G 7}6~
 ' 7{GG E"#
J?22? 3$
5$5"

! !!
 &
'

 
   455
 , 

8"# ": J?9E": 52?:$>2": pL⁄ $ H⁄ D>K$>2?:q 9? @":>;<" 9"2#?K p{1q LHH K>52":
1:C - 4 '(
8"# " J?9E" 52?:$>2" pH⁄ D>K$>2?q 2$J?5>3" p61q FF7 K>52":
B:2  '
8"# ": J?9E": 52?:$>2": pL⁄ $ H⁄ D>K$>2?:q 2$J?5>3": pL1q 7{FG K>52":

4$!%
!'-  ' *   '      (
’ ?K542? ] #$3>3? 9? @2"o>#>3?3$ 3? #?2‘$# >9D$2>"2 3" 3>D$2$9E>?K $ 3$5$2#>9? 5?#J]# ": W?K"2$: 2$K?5>W": ?":
d9‘4K" 3$ $952?3?\ :?V3? $ $ 2?#@?M

!'-  ' *   ' /,


 *+,-' *K 0
 7 !'- 


 1:C - 4 '( LG~

* '  1:C - 4 '( LG}



 B:2  ' L7L
* '  B:2  ' L7I

` 5-' , , + ,


 H ` 5-'     ` 5-'  + ` 5-'  



 1:C - 4 '( LG\6 LL\} L7\H

* '  1:C - 4 '( LG\7 LL\L L7\7


 B:2  ' LF\7 LI\H L7\{

* '  B:2  ' L6\I LH\F L7\F

` 5-'     % " d9‘4K" 3$ $952?3? ] 3$5$2#>9?3" @$K? K>9a? a"2>X"95?K 3" @>:" 3? $:52?3? $ @$K? K>9a?
5?9‘$95$ Y4$ @?::? $952$ ? 2"3? 3>?95$>2? $ " @"95" >9D$2>"2 #?>: :?K>$95$ 3" W$VE4K"M
s4?95" #?>"2 ] " d9‘4K"\ #$9"2$: :$2<" ?: @"::>J>K>3?3$: 3$ E"K>3>2\ E"# ? E?22"E$2>? "4 " Ea?::>\ 342?95$ 4#?
:4J>3? ?E$954?3? "4 ?" 4K52?@?::?2 4# "J:5_E4K"M

4$!&
` 5-'  + % " d9‘4K" 3$ :?V3? ] 3$5$2#>9?3" @$K?: #$:#?: K>9a?: 3" r¥9‘4K" 3$ $9‘?5$r $ 2$D$2$A:$ f @?25$
52?:$>2? 3" W$VE4K"M
` 5-'  
 % " W?K"2 3" d9‘4K" 3$ 2?#@? $:5_ 2$K?E>"9?3" E"# ? ?K542? ?" :"K" 3" W$VE4K" $ 2$@2$:$95?
? @"::>J>K>3?3$ 3" W$VE4K" 3$ 4K52?@?::?2 4#? K"#J?3?\ #?>: "4 #$9": ?E$954?3?\ :$# Y4$ " W$VE4K"\ ?" 5"E?2
9? K"#J?3? E"# ?: :4?: @?25$: >9D$2>"2$: #?>: :?K>$95$: p9"2#?K#$95$ ? @?25$ >9D$2>"2 3? E?22"E$2>?q\ @$2#?9$;?
?@">?3" 9" 5$22$9" E"# " Ea?::> "4 E"# ? E?22"E$2>?\ " Y4$ @2"W"E?2>? ? @$23? 3$ ?3$2Z9E>? 3?: 2"3?:M
s4?95" #?>"2 ] ? ?K542? 3" :"K"\ #?>"2 :$2_ " d9‘4K" 3$ 2?#@?M +# 5"3" " E?:"\ K$#J2$ Y4$ Y4?95" #?>"2 ?
?K542? 3" :"K"\ #$9"2 ] ? :4? $:5?J>K>3?3$ 3$W>3" f $K$W?;<" 3" E$952" 3$ ‘2?W>3?3$\ 2$34X>93" E"9:$Y4$95$#$95$
" d9‘4K" 3$ >9EK>9?;<" K?5$2?KM

'   
 , 3 ,6H /\50

* '  1:C - 4


@, 5 
 1:C - 4 '( 
 B:2  ' * '  B:2  '
'(

1$:" ? W?X>" pE"# 5"3": ": KVA


Y4>3": $ 2$:$2W?5g2>" 3$ E"#A 7F}6 7{76 7}}6 7~G}
J4:5VW$K Ea$>" ? ~Gtq
8?@?E>3?3$ u5>K 3$ E?2‘? p{
6IG 6IG 6IG 6IG
@$::"?: ƒ 6G z‘q
."5?K LLL6\G LL66\G LIL6\G LII}\G

8?2‘?: #_o>#?: ?3#>5>3?: p«q


 $>o" 3>?95$>2" 7LGG 7LGG 7LGG 7LGG
 $>o" 52?:$>2" 7H77 7H77 7H77 7H77
8?2‘?: #_o>#?: 2$J"E_W$>:
IGG IGG IGG IGG
)
p2$J"Y4$ :$# D2$>"q

4$!’
p«q 8?2‘?: ? 9<" 4K52?@?::?2M e 3? 2$:@"9:?J>K>3?3$ 3" E"9345"2 3>:@"2 ?: #$2E?3"2>?: 9" W<" 3" @"25?A#?K?: $n"4
9" @K?9" 3$ E?2‘?\ 2$:@$>5?93" ?: E?2‘?: #_o>#?: ?3#>5>3?:M

   
 , 3 ,6H /
'  0
 *R @ 
 1:C - 4 ( B:2  '

.?9Y4$ 3$ E"#J4:5VW$K% F7 F7

>9EK4>93" 4#? 2$:$2W? 3$% } }


C$:$2W?5g2>" 3" :>:5$#? 3$ >9^$;<" 3$ ?‘$95$ 2$345"2 KVY4>3" @?2?
– 7H
2$34;<" 3$ @"K4$95$: p,8Cq  ’C)’ HL p:"#$95$ W$2:[$: 3>$:$Kq
,>:5$#? 3$ ?22$D$E>#$95" 3" #"5"2% p«q }\6I F\{G

8_25$2 3" #"5"2% I\6 H\}

8_25$2 3" #"5"2 $ D>K52"% I\} I\L

8d#J>"% F\L F\G

8>2E4>5" 3": D2$>": a>32_4K>E":% G\}L G\}L


C$:$2W?5g2>" 3" KVY4>3" 3": K?W?3"2$: 3" @?2?AJ2>:? $ 3" W>32" 52?A
I\} I\}
:$>2" p#V9>#"q%
p«q OK4>3" @?2? :>:5$#?: 3$ ?22$D$E>#$95" f J?:$ 3$ #"9"$5>K$9"‘K>E"K\ Y4$ E"9D$2$ @2"@2>$3?3$ ?95>E"9‘$K?95$ $ @?E"5$ 3$ ?3>5>W": ?95>E"22"A
:<" 3$ "2>‘$# "2‘d9>E? -’. p-2‘?9>E ?93 ’E>3 .$E9"K"‘xqM +:@$E>D>E?;<" O8’ &,M~GGHL  1?25$ B n @2"345" a"#"K"‘?3"%M&-1’C 8""K?95
-’. 6G p$# E?:" 3$ 3uW>3?: 2$E"#$93?A:$ E"9:4K5?2 ? :$;<" 3$ DK4>3": $ K4J2>D>E?95$: "2>‘>9?>: 9$::$ E?@V54K"qM !<" ] 9$E$::_2>? ? 3>K4>;<"
3" @2"345" &-1’C 8""K?95 -’. 6GM
!% 9" E?:" 3$ 4:" 3$ J>"3>$:$K p@"2E$95?‘$# #_o>#? E"9D"2#$ @2$W>:5" 9? )$‘>:K?;<" O$3$2?K W>‘$95$ f ]@"E? 3? D?J2>E?;<" 3"
W$VE4K"q ] 9$E$::_2>" @2"5$‘$2 " W$VE4K" $# E?:" 3$ @?2?3?: @2"K"9‘?3?: pj 7 #Z:qM ’95$: 3$ 4#? @?2?3? @2"K"9‘?3?\ 3$W$A:$ E"9:4#>2 "
E"#J4:5VW$K @2$:$95$ 9" 5?9Y4$ 3$ E"#J4:5VW$K ?5] ?E$93$2 ? K4XA$:@>? 3$ 2$:$2W?M ’" K>‘?2 9"W?#$95$ " #"5"2 3$@">: 3$ 4# K"9‘" @$2V"3"\
2$?J?:5$E$2 >#$3>?5?#$95$ E"# 3>$:$K 9"W"M

4$!*
 0 
%!!
1:C - 4 1V '( B:2 1V  '

.$9:<" 3$ ?K>#$95?;<" 7L U 7L U

1?2? :4J:5>54>;<" 3? J?5$2>?\ E"9:4K5?2 ?   ! = ,  > :"J2$ ? E?@?E>3?3$ 3? #$:#?M

!#!
&"3>D>E?;[$: "4 E"9:$25": 9" :>:5$#? $K]52>E"\ $D$54?3": 3$ #?9$>2? >9E"22$5? $ :$# 5$2 $# E"95? ?: E?2?E5$2V:5>E?:
5]E9>E?: 3" :>:5$#?\ @"3$# E?4:?2 ?9"#?K>?: 3$ D49E>"9?#$95" E"# 2>:E": 3$ >9EZ93>"M
12"E42$ :$#@2$ ?   ! = ,  > M

"       "  


- gK$" 3" #"5"2 Y4$ $Y4>@? " :$4 W$VE4K" D"> $:@$E>D>E?#$95$ 3$:$9W"KW>3" $ 5$:5?3" @?2? :?5>:D?X$2 ": 2$Y4>:>5":
@2$W>:5": @$K" 1K?9" 3$ &?945$9;<" 12"‘2?#?3?M ’ 45>K>X?;<" E"9:5?95$ 3": K4J2>D>E?95$: >93>E?3": ‘?2?95$
?: E?2?E5$2V:5>E?: 3$ E"9:4#" 3$ E"#J4:5VW$K $ $#>::[$:M ’ Y4?K>3?3$ 3" K4J2>D>E?95$ ] 3$5$2#>9?95$ @?2? "
D49E>"9?#$95" $ ? 342?;<" 3" #"5"2M

4$!+
 , 3 ,6H
 , + , .-'  *  '+.-   '-4 3 ,  ,
   

5 ,'   ' ,67
-
,  3- ,  
   *+,-'
F #?2Ea?:% K4J2>D>E?95$c +:@$EM% % ’.O ’¤A7\ Y4?K>D>E?;<" ~M6666G A ’U n
12"345" S"#"K"‘?3"% &-1’C ,1A=U & ’.O
8?>o? 3$ Ed#J>" ?45"#_5>E?
~ #?2Ea?:% K4J2>D>E?95$c +:@$EM% PO .+A&) 77c s4?K>D>E?;<" ~M6666G A ’Un
12"345" a"#"K"‘?3"% &-1’C }'~ ,@$$3 ’.O
)4J2>D>E?95$: $ ‘2?o?: R2?o? E"# J>::4KD$5" 3$ #"K>J3Z9>"\ @?2? $K$W?3?: 5$#@$2?542?: 3$ b495?: a"#"E>9]5>E?: K?3" 3?
@?2? ? 52?9:#>::<" 45>K>X?;<"M 8"9:>:5Z9E>? !)R= LM s4?K>D>E?;<" ~M666}GM 2"3?
R2?o? K4J2>D>E?95$ $:@$EVD>E? @?2? ^495?: a"#"E>9]5>E?: E"# J?>o" E"$D>E>$95$ b495?: a"#"E>9]5>E?: K?3" 3"
3$ ?52>5"M 8"9:>:5Z9E>? !)MRM=M 7\6Ms4?K>D>E?;<" ~M666}GM 3>D$2$9E>?K
)4J2>D>E?95$ :>95]5>E" E"# ‘2?34?;<" ,’+ {6¤A~G ’1= R)6 n @2"345" *>D$2$9E>?K 52?:$>2" pC*&q $
a"#"K"‘?3"% &-1’C ,Q! R$?2'’oK$ A {6¤~G ‘24@" 3$ 2$$9W>" p1.(q
&"5"2$: OK$o .42J"% K4J2>D>E?95$ 5"5?K#$95$ :>95]5>E" G¤HG ’8+’ 8L 
s4?K>D>E?;<" ~M666H6AR,7 n @2"345" a"#"K"‘?3"% &-1’C &’¡1C-
)4J2>D>E?95$: @?2? " ,Q!.S+.=8 G¤HG p,!nROA6q B"E?K 3$ ?J?:5$E>#$95" 3$ gK$"
#"5"2 &"5"2$: *>$:$K% K4J2>D>E?95$ 5"5?K#$95$ :>95]5>E"\ ,’+ 6¤HG\ s4?K>D>E?;<" 9" #"5"2
~M666H6A,7\ ’8+’ 8LM n @2"345" a"#"K"‘?3"% &-1’C &?o@2" ,x95a$5>E
*>$:$K *1O 8L 6¤HG
OK4>3" :>95]5>E" @?2? :>:5$#?: 3$ D2$>": ,’+ b7{GHc ,’+ b7{GIc 8(!’ !8
OK4>3" @?2? ": D2$>": ~6FAG7 *-. I ’MBMc =,- I~L6c O&U,, !fi 77F *-. Ic+B 766n~7 A ’B!. I\ C$:$2W?5g2>" 3$ DK4>3" 3$ D2$>"
~M666~{ n @2"345" a"#"K"‘?3"% &-1’C *-. I,
OK4>3" @?2? :>:5$#?: 3$ ?22$D$E>#$95" f J?:$ 3$ #"9"$5>K$9"‘K>E"K\ Y4$
OK4>3" @?2? :>:5$#? 3$ E"9D$2$ @2"@2>$3?3$ ?95>E"9‘$K?95$ $ @?E"5$ 3$ ?3>5>W": ?95>E"22":<" 3$ C$:$2W?5g2>" 3" :>:5$#? 3$
?22$D$E>#$95" "2>‘$# "2‘d9>E? -’. p-2‘?9>E ?93 ’E>3 .$E9"K"‘xqM +:@$E>D>E?;<" O8’ ?22$D$E>#$95"
&,M~GGHL  1?25$ B n @2"345" a"#"K"‘?3"%M&-1’C 8""K?95 -’. 6G p«qM
C$:$2W?5g2>" 3" :>:5$#? 3$
’‘$95$ 2$345"2 KVY4>3"
>9^$;<" 3$ ?‘$95$ 2$345"2 KVY4>3"
@?2? 2$34;<" 3$ ,"K4;<" 3$ _‘4? 3$:#>9$2?K>X?3? E"# HLt 3$ 42$>?\ s4?K>D>E?;<" *=! {G
@?2? 2$34;<" 3$ @"K4$95$: p,8Cq
@"K4$95$:  ’C)’ HL G{G $ =,- LLLI7A7
 ’C)’ HL p:"#$95$ W$2:[$:
p:"#$95$ W$2:[$: 3>$:$Kq
3>$:$Kq

4$!,
 , + , .-'  *  '+.-   '-4 3 ,  ,
   

5 ,'   ' ,67
-
,  3- ,  
   *+,-'
)VY4>3" 3": K?W?3"2$:
C$:$2W?5g2>" 3" :>:5$#?
3" @?2?AJ2>:? $ 3" W>32" “KE"">: $ 5$9:>"?5>W": n @2"345" a"#"K"‘?3"% &-1’C 8K$?9$2 FG, p««q
K>#@?3"2nK?W?3"2 3" @?2?AJ2>:?
52?:$>2"

p«q !<" ] 9$E$::_2>? ? 3>K4>;<" 3" @2"345" &-1’C 8""K?95 -’. 6GM
p««q 1?2? D?E>K>5?2 ? K>#@$X? 3" W>32" 3" @?2?AJ2>:?\ 2$E"#$93?A:$ ?3>E>"9?2 " @2"345" &-1’C 8K$?9$2 FG, ?"
KVY4>3" 3" 2$:$2W?5g2>" 3" K>#@?3"2 3": W>32":\ 9? :$‘4>95$ @2"@"2;<"% 7Gt 3$ &-1’C 8K$?9$2 FG, ƒ ~Gt 3$ _‘4?
@"5_W$KMrM
+# E?:": 3$ $#$2‘Z9E>? "93$ 9<" $:5>W$2$# 3>:@"9VW$>: ": K4J2>D>E?95$: E"# ?: E?2?E5$2V:5>E?: $:@$E>D>E?3?:\ ]
@$2#>5>3" 45>K>X?2\ @?2? $D$54?2 ": $9Ea>#$95":\ @2"345": E"# ?: $:@$E>D>E?;[$: #V9>#?: ’8+’ >93>E?3?:c 9$:5$
E?:"\ 9<" $:5_ ‘?2?95>3" " 3$:$#@$9a" >3$?K 3" #"5"2M

!#!
’ 45>K>X?;<" 3$ @2"345": E"# E?2?E5$2V:5>E?: 3>D$2$95$: 3?: ?95$2>"2$: >93>E?3?: @"3$2_ @2"W"E?2 3?9": ?": :>:5$#?:
3" #"5"2 $ 3" W$VE4K" Y4$ 9<" :<" ?J2?9‘>3": $# ‘?2?95>?M
(5>K>X$ :"#$95$ @2"345": E"# ?: $:@$E>D>E?;[$: 2$E"#$93?3?:M

4$!-
  %/ 
U$K"E>3?3$: #_o>#?: ?KE?9;_W$>: ?@g: " @2>#$>2" @$2V"3" 3$ 45>K>X?;<" 3" W$VE4K"M

 , 3 ,6H
 7 ', 
Q(
 /\
@G0

+5?9"K% LGL\G

 1:C - 4 '(
R?:"K>9?% LGG\G
+5?9"K% LGL\G
* ' 1:C - 4 '(
R?:"K>9?% LGG\G

 B:2  ' 7~{\G
* '  B:2  ' 7~{\G

 #  
.$"2 3$ 8- $# #?2Ea? K$95?\ #$3>3" ?95$: 3" E"9W$2:"2 E?5?KV5>E"M

 , 3 ,6H
 7 
H  

1:C - 4 '( › G\Lt

B:2  ' 

4$".

4 ' K /E0 " &  *   F & ,  '
 "1 
    
 &
# 
+:5$: @2"345": $:5<" a"#"K"‘?3":
@$K? ’!’.+) p’‘Z9E>? !?E>"9?K 3$
.$K$E"#49>E?;[$:q 3$ ?E"23" E"#
E  *   F & 47 \F'  "
": @2"E$3>#$95": 2$‘4K?#$95?3":
@$K? C$:"K4;<" {76nLG7~\ $ ?5$93$#
?": 2$Y4>:>5": 5]E9>E": ?@K>E?3":M
’ :$Y4Z9E>? 94#]2>E? >#@2$::?
?E>#? 3" Eg3>‘" 3$ J?22?: >3$95>D>E?
" 9u#$2" 3$ a"#"K"‘?;<" 3" ^495"
f ’!’.+)M
- Eg3>‘" 3$ J?22?: $ ": ?K‘?2>:#":
%E  *   F & ,G* ' I& %"
K"E?K>X?3": ?J?>o" 3? >#?‘$# 3?:
,
J?22?: E"95Z# 3?3": 3" D"29$E$3"2
3" $Y4>@?#$95"M


+:5$ $Y4>@?#$95" 9<" 5$# 3>2$>5"
f @2"5$;<" E"952? >95$2D$2Z9E>? @2$^4A
3>E>?K $ 9<" @"3$ E?4:?2 >95$2D$2Z9A
E>? $# :>:5$#?: 3$W>3?#$95$ ?45"2>A )
X?3":M

4$"!
S ' G 5  /S 0 & , & Q  , , 12:1 & ^
5 
3 

Q  , , 12:1 &  5G


  ' !  *  ', 
/!0

%'    "  5

4$""
!   "0 ’@K>E?5>W" 8?25 p:$ $Y4>A 
@?3"q M M M M M M M M M M M M M M M M 8AF~
  ’@">?AJ2?;"n1"25?AE"@": 3"
B?9E" 3" #"5"2>:5? E"#
2$‘4K?‘$# $K]52>E? M M M M M M M 8A7{
J?9E" 52?:$>2" M M M M M M M M M M 8AFL
 B?9E" 52?:$>2"AL⁄ D>K$>2? 2$EK>A
’@">?AE?J$;?: M M M M M M M M M 8ALH 9_W$K $ J>@?25>3" M M M M M M M M 8A7}
’J?:5$E>#$95" 3"
W$VE4K" M M M M M M M M M M M M M M OA{7 ’@">" 3$ J2?;" B?9E": M M M M M M M M M M M M M M M 8A7F
3>?95$>2" M M M M M M M M M M M M M 8AFL
’J?:5$E>#$95": M M M M M M M M M M =A7F B?5$2>? M M M M M M M M M M M M M M M SA7I
’Y4$E>#$95" 3" #"5"2 K"‘"
’J$2542? 3" E?@v 3" #"A B?5$2>?  E?@?E>3?3$ M M M M M =A7{
?@g: ? @?25>3? M M M M M M M M M M M OAI
5"2 M M M M M M M M M M M M M M M M M M 8A67 B*¤ pB2?h$ *>:h
’22$D$E>#$95" @?2? W$2:[$:
’J$2542? 3" 5$5" :"K?2 M M M M M 8A6G ¤>@>9‘q M M M M M M M M M M M M M M +A7G
542J" M M M M M M M M M M M M M M M M M OAI
’B, p’95>AK"Eh B2?h>9‘ ,x:A B)* pB2?h$ )"Eh$ *>DD$2$9A
’5>W?;<" 3" ?K?2#$ M M M M M M 8A7G
5$#q M M M M M M M M M M M M M M M M M M +A~ 5>?Kq M M M M M M M M M M M M M M M M M M +AI
’5>W?;<" $ 3$:?5>W?;<" 3"
’B, -DD C"?3 M M M M M M M M M M +A7G BK"Y4$>" 3$ >‘9>;<" $ @":>;<"
3>:@":>5>W" ,@$$3 K>#>5$2 M M M OAL{
’E$::" ?": D4:VW$>: M M M M M M M RA7I 3$ $:5?E>"9?#$95" M M M M M M M OA76
’5>W?;<" $ 3$:?5>W?;<" 3"
’3$Y4?;<" 3" 3>:@":>5>W" 3$ B"5[$: 3$ E"#?93" 3" E"#A
,>:5$#? 1?2h:$9:$ M M M M M M M OA67
2$5$9;<" >9D?95>K M M M M M M M M +AHF @45?3"2 3$ J"23" M M M M M M M M M *A}
’5>W?;<"n3$:?5>W?;<" 3? #"A
’>2J?‘ M M M M M M M M M M M M M M M +AIL B"5[$: 3$ E"#?93": M M M M M M *A6
3?K>3?3$ I¤* )"i M M M M M M OA7~
’>2J?‘: D2"95?>: M M M M M M M M M +AIL B.& pB2?h$ .$#@$2?542$
’W?2>? 3" :>:5$#? 3$ 3>?‘A
&"3$Kq% M M M M M M M M M M M M M M +A77
?>2J?‘: K?5$2?>: M M M M M M M M M +AII 9g:5>E" 3$ J"23"nE"952"K$ 3"
’K?2#$ M M M M M M M M M M M M M M M M 8A~ #"5"2 M M M M M M M M M M M M M M M *AH7
’K?W?9E? 3$ Ed#J>" M M M M M M OA77 ’W>:": ‘$2?>: :"J2$ " Ed#J>" 
’K$25? 3$ 9<" ?D>W$K?#$95" ?45"#_5>E" M M M M M M M M M M M M OA7F 8d#$2? 3$ 2] M M M M M M M M M M OAF~
3": E>95": 3$ :$‘42?9;? M M M +AHG ’W>:": @?2? 45>K>X?;<" 3": 8?@v 3" #"5"2 M M M M M M M M M 8A67
’K>#$95?;<" M M M M M M M M M M M M M =AI E>95": 3$ :$‘42?9;? M M M M M M +AL} 8?2?E5$2V:5>E?: 3" W<" 3$
E?2‘? M M M M M M M M M M M M M M M M 8A6F

5$! *
8?22$‘?3"2 @?2? 8"#@"25?#$95" 3? K4XA$:@>? 8"952"K$ 3$ W$K"E>3?3$ 
E$K4K?2$: M M M M M M M M M M M M M 8AFH 3": E>95": 3$ :$‘42?9;? 3": 3$D>9>;<" 3? W$K"E>3?3$ M MM OAH7
8?22"E$2>? M M M M M M M M M M M M SAHL K4‘?2$: 3>?95$>2": M M M M M M M M +AHG 8"952"K$ 3$ W$K"E>3?3$ 
8$952?>: $K$52v9>E?: M M M M M M SA7F 8"#@"25?#$95" 3": VE"9$: 2$5"#?2 W$K"E>3?3$ M M M M MM OAHL
8$952?K @"25?AD4:VW$>: 3": E>95": 3$ :$‘42?9;? 3": 8"952"K$ 3$ W$K"E>3?3$
3" E"#@?25>#$95" 3" K4‘?2$: 52?:$>2": M M M M M M M M M +AH7 3$:?5>W?;<" M M M M M M M M M M MM OAH}
#"5"2 M M M M M M M M M M M M M M M RA7I 8"#45?3"2 3$ >‘9>;<" A Ea?W$ 8"952"K$ 3$ W$K"E>3?3$
8$952?K @"25?AD4:VW$>: 3" $K$52v9>E? M M M M M M M M M M M M M M 8AF D>o? M M M M M M M M M M M M M M M MM OAH~
@?>9$K 3$ >9:524#$95": M M M M RA7~ 8"#45?3"2 3$ K4X$: M M M M M M 8AL{
8$952?K @"25?AD4:VW$>: 3" 8"9^495" 3? K4X >95$29? 3>?9A 
@"25?A#?K?: M M M M M M M M M M M M RAL7 5$>2? M M M M M M M M M M M M M M M M M 8AHL
*?3": @?2? ?
8a?#?3? ,-, $ Ea?#?3? 3$ 8"9^495" 3$ K4X >95$29? 52?A >3$95>D>E?;<" M M M M M M M M M M M M M =A7
?::>:5Z9E>? M M M M M M M M M M M M M RA7 :$>2? M M M M M M M M M M M M M M M M 8AHL
*$:?5>W?;<" 3" ?K?2#$ M M M M 8A77
8a?W$ $K$52v9>E? z$xK$:: +95$2A 8"9:$2W?;<" 3? E?22"E$A
2>? M M M M M M M M M M M M M M M M M M SAHH *$:?5>W?;<" 3" 3>:@":>5>W"
!AR" M M M M M M M M M M M M M M M M M 8A7 ,@$$3 )>#>5$2 M M M M M M M M M M OAL{
8a?W$: M M M M M M M M M M M M M M M M 8A7 8"952"K$ ?3?@5?5>W" 3$ W$K"E>A
3?3$ M M M M M M M M M M M M M M M M OAL} *$:52?W?#$95" 3$ $#$2‘Z9A
8>95": 3$ :$‘42?9;? M M M M M M +ALF E>? 3? ?K?W?9E? 3" Ed#J>"
8K>#?5>X?;<" M M M M M M M M M M M 8AI6 8"952"K$ 3?: $#>::[$: @"K4A ?45"#_5>E" M M M M M M M M M M M M RAI7
$95$: M M M M M M M M M M M M M M M M 8AF}
8K>#?5>X?3"2 *>E?: 3$ 3>2$;<" M M M M M M M M OA}H
?45"#_5>E" M M M M M M M M M M M M 8AIG 8"952"K$ 3$ W$K"E>3?3$ M M M M OAL}
*>D4:"2$: 3" ?2 9" a?J>5_A
8K>#?5>X?3"2 ?45"#_5>E" 8"952"K$ 3$ W$K"E>3?3$  E4K" M M M M M M M M M M M M M M M M M 8AI6
*4?KX"9$ M M M M M M M M M M M M M 8AH~ ?K5$2?;<" 3? W$K"E>3?3$ M M M OAHL
*>#$9:[$: 3" W$VE4K" M M M M M =A77
8"J$2542? 3" 8"952"K$ 3$ W$K"E>3?3$ 
?5>W?;<" 3" 3>:@":>5>W" M M M M OAHG *>2$;<" M M M M M M M M M M M M M M 8ALI\
@"25?A#?K?: M M M M M M M M M M M M 8A6{ =AF
8"#@?25>#$95" 3" #"5"2 M M M SA~ 8"952"K$ 3$ W$K"E>3?3$  *>:@K?x M M M M M M M M M M M M M M *A}\
3$D>9>;<" 3? 3>:5d9E>? 3" OA7G
W$VE4K" f D2$95$ M M M M M M M M M OAHH

5$"
*>:@":>5>W" ?95>$:#?‘?A " O49;<" ,@"25 M M M M M M M M M M M OAL7
#$95" M M M M M M M M M M M M M M M 8A6G O49E>"9?#$95"
O?K5? 3$ @?25>3? 3" #"5"2 M M M OAH
*4@K>E?;<" 3?: Ea?W$: M M M M M 8A6 p,5?25',5"@q M M M M M M M M M M M M OALH
O?2g>:  ?K>9a?#$95" M M M M 8AH7
O49E>"9?#$95" 3" 1?2h:$9:$
O?2g>:  5$#@"2>X?;<" 3"
 E"# ?52$K?3": M M M M M M M M M M OA67
3$:K>‘?#$95" M M M M M M M M M M 8AL~
+E"9"#>? 3$ O4:VW$>: M M M M M M M M M M M M M M RA7H
O?2g>: ?K5": M M M M M M M M M M M M 8AL~
E"#J4:5VW$K M M M M M M M M M M M OA}H O?2g>: J?>o": M M M M M M M M M M M 8AL~
+#$2‘Z9E>? 3" Ed#J>" M M M M OA76 
O?2g>: 3$ 9$JK>9?  "2>$95?A
+Y4>@?#$95": >95$29": M M M M 8A6~ ;<" M M M M M M M M M M M M M M M M M 8AHL R?9Ea" 3$ 2$J"Y4$ M M M M M M OA{~
+,8 p+K$E52"9>E ,5?J>K>5x 8"9A O$Ea?#$95" 3" E?@v M M M M M 8A6L R?2?95>? 3" $o5$2>"2 3" W$VA
52"Kq M M M M M M M M M M M M M M M M M +ALF O$Ea?#$95" 3" 5$5" E4K" $ 3? @?25$ >9D$2>"2 3?
+:‘4>Ea": M M M M M M M M M M M M M 8AH{ :"K?2 M M M M M M M M M M M M M M M M 8A6G E?22"E$2>? M M M M M M M M M M M M M SAHH
+:@$E>D>E?;[$: 3$ 2"3?: $ O>K52" 3$ ?2 M M M M M M M M M M M M SA7~ R?:$: 3$ 3$:E?2‘? M M M M M M M OA}F
@9$4: M M M M M M M M M M M M M M M M M =A~ O>K52" 3$ E"#J4:5VW$K M M M M M SALG
+:@$Ka" >95$29" $K$52"E2vA O>K52" 3$ @?25VE4K?: *1O M M M M 8AFF
#>E" M M M M M M M M M M M M M M M M 8AL6 =9?5>W>3?3$ 3" W$VE4K" 9"
O>K52" 3" gK$" 3" #"5"2 M M M M SA7~
+:@$Ka": 3$ E"25$:>? M M M M M M 8ALF :>:5$#? ,5?25',5"@ M M M M M M M OAL6
OK4>3" 3": D2$>": M M M M M M M M SA7H
+:@$Ka": 2$52"W>:"2$: $o5$2A =93>E?3"2$: 3$ 3>2$;<" 
OK4>3": "2>‘>9?>: $ K4J2>D>E?9A
9": M M M M M M M M M M M M M M M M M 8AL6 :$5?: M M M M M M M M M M M M M M M M 8AHG
5$: M M M M M M M M M M M M M M M M M M M =A7{
+:5>K" 3$ E"934;<" M M M M M M M OA}I =9:524#$95": 3$ J"23" M M M M M *AI
O2$>" 3$ $:5?E>"9?#$95" $K]A
+W$95 *?5? C$E"23$2 52>E" A +1B M M M M M M M M M M M M M OA6 =95$2#>5Z9E>? 3? W$K"E>3?3$
p+*Cq M M M M M M M M M M M M M M M M +AI} @2"‘2?#?3? M M M M M M M M M M M OAL}
O2$>": M M M M M M M M M M M M M M M M M =A6
+oEK4:<" 3" ?K?2#$ M M M M M M 8A77 =95$2W$9;<" 3" ?K?2#$ M M M M M 8A~
O49;<" rU$95>r A ?J$2542? 3"
+o5>95"2 3$ >9EZ93>": M M M M M RAI{ :@">K$2 M M M M M M M M M M M M M M M 8A6G =22$‘4K?2>3?3$ 9" :>:5$#? ,$9A
O49;<" ’45" S"K3 M M M M M M M M OA~ 52x z$x M M M M M M M M M M M M M M M M 8A~

5$% *
=22$‘4K?2>3?3$: 9" )>#@?3"2 3" W>32" )4X$: 3$ 2"3?‘$#
D49E>"9?#$95" 3" :>:5$#? 52?:$>2" M M M M M M M M M M M M M M 8AH6 3>429? M M M M M M M M M M M M M M M 8AL~
,5?25',5"@ M M M M M M M M M M M M OAL6 )>#@?3"2$: $ K?W?3"2$: 3": )4X$: $o5$29?: M M M M M M M M M M 8AL{
=:"D>o $ ."@ .$5a$2  >9:5?K?A W>32": M M M M M M M M M M M M M M M 8AHH )4X$: >95$29?: M M M M M M M M M M 8AHL
;<" M M M M M M M M M M M M M M M M M +AH~ )>#@$X? 3?: @?25$: 3$ @K_:A )4X$:A$:@>? M M M M M M M M M M M M *A7L
5>E" $ 2$W$:5>3?: M M M M M M M M M SAH{
! )>#@$X? 3?: @?25$: 2$W$:5>3?:

$# E"42" M M M M M M M M M M M M M SAH{
l93>E$ 3$ "@?E>3?3$ M M M M M M 8AF} &?945$9;<" 3" :>:5$#? 3$
)>#@$X? 3$ J?9E": $ @?25$:
$# 5$E>3" M M M M M M M M M M M M M SAH{ ?2AE"93>E>"9?3" M M M M M M M M SALG
 &?945$9;<" 3": E>95": 3$
)>#@$X? 3$ J?9E": $#
)?W?3"2 3" @?2?AJ2>:? M M M M M 8AHI E"42" M M M M M M M M M M M M M M M M SAH{ :$‘42?9;? M M M M M M M M M M M M M +AL~
)?W?3"2 3" W>32" )>#@$X? 3" >95$2>"2 3" W$VA &?945$9;<" @2"‘2?#?3? M M M SA7
52?:$>2" M M M M M M M M M M M M M M 8AH6 E4K" M M M M M M M M M M M M M M M M M SAH6 &$9:?‘$9: 3$ ?3W$25Z9A
)$>542? E"22$5? 3? 2"3? M M M M M M =A{ )VY4>3" 3$ ?22$D$E>#$95" 3" E>? M M M M M M M M M M M M M M M M M *A7L
)$>542? E"22$5? 3" @9$4 M M M M M M =A{ #"5"2 M M M M M M M M M M M M M M M SA7L &$94 @2>9E>@?K 3" E"#@45?3"2
)VY4>3" 3" K?W?3"2 3" @?2?A 3$ J"23" M M M M M M M M M M M M M M *A~
)$W?95?3"2 $K]52>E" 3": W>A
32": M M M M M M M M M M M M M M M M M 8AI{ J2>:?nK?W?3"2 3" W>32" 52?A &"3?K>3?3$ 3$ D49E>"9?#$95"
:$>2" M M M M M M M M M M M M M M M M SA7H 3" D2$>" 3$ $:5?E>"9?#$95"
)$W?95?93" " W$VE4K" M M M M M SALF
)"9‘? >9?5>W>3?3$ 3" W$VA $K]52>E" M M M M M M M M M M M M M M M OA}
)>J$2?93" 4# W$VE4K"
E4K" M M M M M M M M M M M M M M M M M SAH7 &"9>5"2 3$ :"9"KZ9E>? "4
@2$:" M M M M M M M M M M M M M M M M RAIL
)4J2>D>E?;<" 3?: @?25$: #gA 3>:52?;<" 3" #"5"2>:5? M M M M OAIH
)>#>5?3"2 3$ W$K"E>3?3$ A
W$>: 3? E?22"E$2>? M M M M M M M SALG &"5"2 M M M M M M M M M M M M M M M M M =AH
,@$$3 K>#>5$2 M M M M M M M M M M M OAL{
)4X$: 3$ $#$2‘Z9E>? M M M M M M RAF &"W>#$95?;<" 3? E"25>9? 3"
)>#>5?3"2$: 3$ E?2‘? M M M M M +AHH
)4X$: 3$ 9$JK>9? M M M M M M M M 8AL~ 5$5" :"K?2 M M M M M M M M M M M M M 8A6G
)>#@?3"2 3" @?2?AJ2>:? M M M M 8AHI
)4X$: 3$ @":>;<" E"# " W$VA
E4K" 3$:K>‘?3" M M M M M M M M M M 8AL~
5$&
1?25>3? 2$#"5? M M M M M M M M M M M 8A{ 12"E$3>#$95": 3$
1?::>W$ $952x M M M M M M M M M M M 8A7L :$‘42?9;? M M M M M M M M M M M M M OALI
!u#$2" 3" Ea?::> M M M M M M M M M =A7
1$:": $ E?2‘?: M M M M M M M M M M M =A76 12"‘2?#?;<" 3? W$K"E>3?3$
1K?Y4$5? 2$:4#>3? 3": 3?3": 3$ K>#>5$ M M M M M M M M M M M M M M M M OAL{
 12"5$;<" E"952? ": ?‘$95$:
>3$95>D>E?;<" M M M M M M M M M M M M M =A7
TK$" 3" #"5"2 M M M M M SA77\ SA7} 19$4: A ‘$9$2?K>3?3$: M M M M M SALF ?5#":D]2>E": M M M M M M M M M M M SAHL
19$4: A >9D"2#?;[$: :"J2$ ?
' :$‘42?9;? M M M M M M M M M M M M M SALF 1
1?>9$) 3$ 1"25?AK4W?: M M M M M M M M M M M M 8A6~ s4?32" 3$ >9:524#$95": M M M M *AL
>9:524#$95": M M M M M M M M M *A7•L 1"25?A#?K?: M M M M M M M M M M M M 8A6L
1?2?A:"K M M M M M M M M M M M M M M 8AFG 1"25?A#?K?: E"# ?E>"9?A 
1?25>3? ?@g: >9?5>W>3?3$ @2"K"9A #$95" $K]52>E" M M M M M M M M M M 8A6H C?Eh 3$ 5$5" M M M M M M M M M M M 8AF6
‘?3? M M M M M M M M M M M M M M M M M OAH 1"25?AgE4K": M M M M M M M M M M M 8AFG C$?J?:5$E>#$95" M M M M M M M M OA{F
1?25>3? E"# J?5$2>? ?4o>A 1"25?: M M M M M M M M M M M M M M M 8A77
K>?2 M M M M M M M M M M M M M M M M M RAH{ C$J"E?93" " W$VE4K" $# :>54A
1"25?: (,B M M M M M M M M M M M M 8AFI ?;[$: 3$ $#$2‘Z9E>? M M M M M RAIH
1?25>3? E"# #?9"J2?: 3$ 1":>;[$: 3? ?K?W?9E? 3$ Ed#A
>9]2E>? M M M M M M M M M M M M M M M RAH} C$J"Y4$ 3" W$VE4K" M M M M M M RAI6
J>" M M M M M M M M M M M M M M M M M OA7L C$E?2‘? 3? J?5$2>? M M M M M M M SA7F
1?25>3? 3$ $#$2‘Z9E>? M M M M RAHF 12$@?2?;<" @?2? 52"E? 3$
1?25>3? 3$ $#$2‘Z9E>? 9" C$E"#$93?;[$: @?2? 3$:K>‘?2 "
@9$4: M M M M M M M M M M M M M M M RALH #"5"2 M M M M M M M M M M M M M M M M OAI
:>:5$#? ,5?25',5"@ M M M M M M M OALF 12$::<" 3": @9$4: M M M M M M M M =A7G
1?25>3? 3" #"5"2  @2"E$3>A C$‘4K?‘$# 3" W"K?95$ M M M M 8ALI
12]A5$9:>"9?3"2$: M M M M M M M +AHL C$‘4K?‘$# $# ?K542? 3":
#$95": >9>E>?>: M M M M M M M M M M OA7
12"E$3>#$95" 3$ 52"E? 3$ E>95": 3$ :$‘42?9;? M M M M M M +AL}
1?25>3? 3" #"5"2  W$2:[$: @9$4: M M M M M M M M M M M M M M M RAL}
3>$:$K M M M M M M M M M M M M M M M M M OAL C$‘4K?‘$9: 3": J?9E": M M M M 8A7F
12"E$3>#$95": 3$ #?945$9A C$#"95?‘$# 3? 2"3? 3$
1?25>3? 3" #"5"2  W$2:[$: ;<" M M M M M M M M M M M M M M M M M SA7{
DK$o M M M M M M M M M M M M M M M M M M OAL 45>K>X?;<" 9"2#?K M M M M M M M M RAH6

5$’ *
C"3?: $ @9$4: M M M M M M M M M M M M =A{ ,>:5$#? 3$ 3>?‘9g:5>E" 3$ ,>:5$#? 1?2h:$9:$ M M M M M M M OAII
C"3VX>" 3": @9$4: M M M M M M M SAL{ J"23" M M M M M M M M M M M M M M M *AH7 ,>:5$#? 1?2h:$9:$ ’E5>W$ 1?2h
,>:5$#? 3$ $:E?@?#$95" A ’::>:5 M M M M M M M M M M M M M M M M OA6I
#?945$9;<" M M M M M M M M M M M SAL7 ,>:5$#? 1B’ p1?9>E B2?h$ ’:A
,>:5$#? 3$ D2$9?‘$# A #?94A :>:5q M M M M M M M M M M M M M M M M M M +AI
,$K$EA5$22?>9 M M M M M M M M M M M OA7~ 5$9;<" $ E4>3?3": M M M M M M M SALI ,>:5$#? ,BC p,$?5 B$K5 C$#>9A
,$9:"2 3$ Ea4W? M M M M M M M M 8AH{ ,>:5$#? 3$ >9>J>;<" 3" $9‘?5$ 3$2q M M M M M M M M M M M M M M M M M +AHG
,$9:"2$: M M M M M M M M M M M M M M OAII 3$ #?2Ea?: :$# " @$3?K 3$ ,>:5$#? ,5?25',5"@ M M M M M M M OALL
¢
,$952x z$x M M M M M M M M M M M M 8A} D2$>" ?E>"9?3" M M M M M M M M M M OA7F ,>:5$#? .8 p.2?E5>"9 8"9A
,$2W>;": ?‘$93?3": M M M M M M M SA7 ,>:5$#? 3$ :$‘42?9;? :4@K$A 52"Kq M M M M M M M M M M M M M M M M M M +AL
,>9?K>X?;<" 3$ ?9"#?K>?: 3" #$95?2 p,C,q A ’>2J?‘ M M M M M +AIL ,>:5$#? .1&, p.>2$ 12$::42$
:>:5$#? 1?2h:$9:$ M M M M M M M OA67 ,>:5$#? *,. p*x9?#>E ,5$$2>9‘ &"9>5"2>9‘ ,x:5$#q M M M M M M +AL7
,>9?K>X?;<" 3$ @2$::<" >9:4D>A ."2Y4$q M M M M M M M M M M M M M M M +AF ,>:5$#? .,’ A 2$E"9a$E>#$95"
E>$95$ 3": @9$4: M M M M M M M M +AL7 ,>:5$#? $K]52>E" M M M M M M M M M M =A7{ 3$ @K?E?: 3$ 52d9:>5" M M M M M M +A7~
,>:5$#? ’B, p’95>AK"Eh B2?h>9‘ ,>:5$#? +C& p+K$E52"9>E C"KK"A ,>:5$#?: 3$ :$‘42?9;?
,x:5$#q M M M M M M M M M M M M M M M +A~ W$2 &>5>‘?5>"9q M M M M M M M M M M M +AF ?5>W? M M M M M M M M M M M M M M M M M +A7
,>:5$#? B,& pBK>93 ,@"5 &"A ,>:5$#? +,8 p+K$E52"9>E ,5?J>A ,>:5$#?: @?2? @2"5$;<" 3"
9>5"2>9‘q M M M M M M M M M M M M M M +A77 K>5x 8"952"Kq M M M M M M M M M M M +ALF #$>" ?#J>$95$ M M M M M M M M M 8AFF
,>:5$#? 3$ ?22$D$E>#$95" A ,>:5$#? O8¤ pO"2i?23 8"KK>A ,"K>E>5?;<" 3$ Ea?W$: ?3>E>"A
#?945$9;<" M M M M M M M M M M M SALL :>"9 ¤?29>9‘q M M M M M M M M M M +A76 9?>: M M M M M M M M M M M M M M M M M M 8AI
,>:5$#? 3$ ?W>:" 3$ ?D?:5?A ,>:5$#? DK$o pE"#J4:5VW$K ,4J:5>54>;<" 3? J?5$2>? 3?
#$95" 3$ D?>o? 3$ 2"3?‘$# $5?9"K $n"4 ‘?:"K>9?q M M M M M OA{I Ea?W$ $K$52v9>E? M M M M M M M M M 8A6
p)?9$ *$@?2542$ ¤?29>9‘ ,x:A ,>:5$#? S*8 pS>KK *$:E$95 ,4J:5>54>;<" 3?:
5$# A )*¤,q M M M M M M M M M M M OAH~ 8"952"qK M M M M M M M M M M M M M M M +A{ @?Ka$5?: M M M M M M M M M M M M M M 8AHF
,>:5$#? 3$ E"25$ 3$ E"#J4:5VA ,>:5$#? S,’ pS>KK ,5?25 ’:A ,4J:5>54>;<" 3$ 4#? Kd#A
W$K M M M M M M M M M M M M M M M M M RAH~ :>:5q M M M M M M M M M M M M M M M M M M +A6 @?3? M M M M M M M M M M M M M M M M M RAF
,>:5$#? -B* M M M M M M M M M M *AH7
5$*
,4J:5>54>;<" 3$ 4#? Kd#@?3? .2?W?#$95"n3$:52?W?#$95"
$o5$29? M M M M M M M M M M M M M M RA7G 3?: @"25?: @$K" $o5$2>"2 M M M M 8A7L
,4J:5>54>;<" 3$ 4#? Kd#@?3? .2?W?#$95"n3$:52?W?#$95"
>95$29? M M M M M M M M M M M M M M M RA7G 3?: @"25?: @$K" >95$2>"2 M M M M 8A77
,4‘$:5[$: @?2? E"934;<" .2"E? 3$ @9$4: M M M M M M M M M RALH
D"2? 3$ $:52?3? A U$2:[$: E"#
52?;<" >95$‘2?K M M M M M M M M M M OA}F

,4@$2?Y4$E>#$95" 3" #"A
5"2 M M M M M M M M M M M M M M M M M M RAI7 (K52?@?::?‘$# 3? W$K"E>3?3$
@2"‘2?#?3? M M M M M M M M M M M OAL}
,4:@$9:[$: M M M M M M M M M M M M M M =A6
(5>K>X?;<" 3$ ‘4>9Ea": M M M M OA}H
(5>K>X?;<" 3": E>95": 3$ :$‘4A
 2?9;? M M M M M M M M M M M M M M M M +AL{
.$5" :"K?2 $K]52>E" M M M M M M M 8AI~ (5>K>X?;<" :$W$2? 3" W$VA
."#?3? 3$ E"22$95$ M M M M M M 8AFG E4K" M M M M M M M M M M M M M M M M M M SAL
.2?;<" >95$‘2?K M M M M M M M M M OA7{
.2?;<" >95$‘2?K b$$@ ’E5>W$ 
*2>W$ I¤* $ b$$@ ’E5>W$ U<" @"25?A"J^$5": 3" J?9E"
*2>W$ I¤* )"i M M M M M M M M OA7{ 3" K?3" 3" @?::?‘$>2" M M M M M 8AFL
.2?9:#>::<" M M M M M M M M M M M M M =AI U$2>D>E?;<" 3": 9VW$>: M M M M M SA77
.2?9:#>::<" ?45"#_5>E? M M M OA7G U$2>D>E?;[$: @$2>g3>E?: M M M M M SA7
.2?9:@"25$ 3$ ?9>#?>: M M M M OA}6
.2?9:@"25$ 3$ E2>?9;?: $#
:$‘42?9;? M M M M M M M M M M M MM +AHH
.2?9:@"25$ 3$
@?::?‘$>2": M M M M M M M M M M MM OA}6

5$+ *
Utilize os lubrificantes
Mopar Oil
e aproveite toda a tecnologia reconhecida
mundialmente que a Mopar traz para voce
Abasteça o seu veículo com os lubrificantes Mopar Oil,
desenvolvidos exclusivamente para motores Jeep,
e garanta máxima proteção.
AS MELHORES SOLUÇÕES
EM LUBRIFICANTES
Desde 1937, a Mopar é referência mundial em peças e acessórios
automotivos, conquistando o respeito e a admiração de todos
aqueles que são apaixonados por carros.

Agora, chega ao Brasil o Mopar Oil, uma linha de lubrificantes


especialmente desenvolvida para motores Jeep com muita
tecnologia e alta performance. Realize suas revisões em dia e
mantenha a garantia de seu veículo.

Jeep e Mopar são marcas registradas da FCA US LLC. O descarte inadequado de óleo lubrificante usado ou contaminado e de suas
embalagens provoca danos à população e ao meio ambiente, podendo contaminar água e solo. O óleo usado e as embalagens são recicláveis.
Entregue-os em um posto de serviço ou de coleta autorizada, conforme Resolução CONAMA nº 362/2005 e suas alterações vigentes.
COMMANDER
COPYRIGHT BY FCA FIAT CHRYSLER AUTOMÓVEIS BRASIL LTDA. - PRINTED IN BRAZIL
As informações contidas neste manual correspondem às características do veículo na data de sua publicação. A fabricante, porém, poderá alterar
DVFDUDFWHUtVWLFDVGRYHtFXORHPUD]mRGHPRGLÀFDo}HVGHQDWXUH]DWpFQLFDRXFRPHUFLDOVHPSUHMXGLFDUDVFDUDFWHUtVWLFDVEiVLFDVHHVVHQFLDLVGR
SURGXWR(VWHPDQXDODSUHVHQWDLQIRUPDo}HVVREUHGLIHUHQWHVYHUV}HVGRDXWRPyYHO&RQÀUDDVFDUDFWHUtVWLFDVHVSHFtÀFDVGRYHtFXORTXHYRFrDG-
TXLULX(VWHPDQXDOGLVSRQLELOL]DDVLQIRUPDo}HVQHFHVViULDVSDUDJDUDQWLUDERDHVHJXUDXWLOL]DomRGRVHXYHtFXOR(YHQWXDLVG~YLGDVSRGHUmRVHU
HVFODUHFLGDVMXQWRj5HGHGH&RQFHVVLRQiULDV &KU\VOHU'RGJH-HHSRX5$0 HRXSHOD&HQWUDOGH5HODFLRQDPHQWR &KU\VOHU'RGJH-HHSRX5$0 
DWUDYpVGRVWHOHIRQHVQž &KU\VOHU RX 'RGJH RX  -HHS RX 5$0 

31(',ÇÃO;,,

You might also like