Outdoor Learning in Canada PDF Free Download

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Outdoor Learning in Canada PDF Free Download

Outdoor Learning in Canada PDF free Download. Think more deeply and widely.

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5% 47<&f] 5C-<754&5>2 #>-C->-&= <5+& *<74 =&5=7<F -44&<=-75 -5 5>?<&Y >7 4-5%*?2 4&%->>-75 7<
#75>&4:2>-75Y >7 =#-&5>-K# 7< <>-=>-# &#727+-#2 &E&<#-=&= #75%?#>&% 7?>%77<= -5 5>?<2 =?<<7?5%-5+=
e5%-5?>%77<,&<:F5%&2>,#<&Y5]%]f]
?>%77< 2&<5-5+ #74&= -5 *7?< :<7+<4 >F:&= %&:&5%-5+ 75 D,> >,& 2&==75 -= 4&5> >7 #,5+&X *&&2-5+Y
>,-51-5+Y "&,C-5+Y 7< <&=-=>-5+ &H7<>= >7 #<&>& :7=->-C& #,5+& = =,7D5 -5 "2& N "&27D] ?>%77<
**,!'& e-5#2?%-5+ >7?<-=4f #,5+&= >,& DF :<>-#-:5>= *&&2 >,<7?+, *?5Y :2FY &507F4&5>Y 5% >,&
2&<5-5+ 7* 5&D #>-C->F =1-22=] ?>%77< -,!'& #,5+&= >,& DF :<>-#-:5>= >,-51 "F +-5-5+ 5&D
#75#&:>=Y <&-5*7<#-5+ 72% 75&=Y 5% #<&>-5+ 5 D<&5&== 7* >,& 5&&% >7 #,5+& "&,C-7?<=] ?>%77<
.$'(%&, #,5+&= >,& DF :<>-#-:5>= "&,C& "F &5,5#-5+ :7=->-C& #>-75= 5% -5#<&=-5+ >,&-<
!&%"'&"!)&"'&""%%!! F 
*?5#>-75-5+] ?>%77< , *(1 #,5+&= >,& DF :<>-#-:5>= <&=-=> &H7<>= >7 ><5=*7<4 >,&4 :7=->-C&2F "F
<&%?#-5+5&+>-C&7<42%:>-C&"&,C-7?<=-57<%&<>7&=&>,&-<%F=*?5#>-75e<-&=>YOMONf]
Table 1: Program types according to program intention for change and focus of learning.
OUTDOOR… RECREATION EDUCATION DEVELOPMENT THERAPY
Intends to
change !!,'.% &'.+'.% !&7'.% !3'34'.%&.%!
Subject
matter
or
learning
focused on
7'.%$5.K0,:'.%K
!.*/:'.%K,!2.'.%.!8
4'7'4:3+',,3
'.'.%.!8. /,
/.!043/282!.!33/$.!!
4/-+!&.%!3
.&.'.%0/3'4'7!
/. 54/24'/.3
R%2/8
$5.4'/.'.%S
! 5'.%.!%4'7!
/. 54/24'/.3
R!3! :3$5.4'/.S
7< &E4:2&Y %C&5>?<7?= #>-C->-&= <5+& *<74 +?-%&% 47?5>-5 #2-4"-5+ 7< =-2-5+ D->, >7?<-=>=Y >7
=#,772F<% =7#-2-G>-75 +4&= 5% #7<:7<>& >&4i"?-2%-5+ &C&5>=Y >7 D-2%&<5&== &E:&%->-75 *7< F7?>, D->,
=?"=>5#& "?=& 7< #<-4-52 ,-=>7<-&=] -4-2<2FY >,& ?=& 7* &5C-<754&5>2 #>-C->-&= #5 :<7+<&== *<74 &#727+-#2
-5>&<:<&>>-75 7< D-2%2-*& -%&5>-K#>-75 D->, 5>?<2-=>Y >,<7?+, ,-+, =#,772 =?=>-5"-2->F D<&5&== &E&<#-=&=
5% :<7i&5C-<754&5>2 #>-75 -5#?2#>&% "F >&#,&<=Y >7 ><&>-5+ =><&==Y 5E-&>F 7< %&:<&==-75 -5 %?2>= C-
-44&<=-75-5>75>?<2+<&&5=:#&D->,>,&<:-=>]
,-= #,:>&< ,= :<7C-%&% C&<F "<-&* -5><7%?#>-75 >7 7?>%77< 2&<5-5+] ,& *7227D-5+ #,:>&<= :<&=&5>
5 7C&<C-&D 7* 7?>%77< 2&<5-5+ -5 5%] ?"=&;?&5> #,:>&<= D-22 %%<&== C<-7?= >7:-#= >,> :<#>->-75&<=
4F K5% ,&2:*?2 -5 >,&-< 7?>%77< 2&<5-5+ D7<1 D->, 5%-5 :<>-#-:5>=] #, #,:>&< D-22 %&K5& >&<4=
= >,&=& <-=&Y "?> -5 >,-= #,:>&< &!& '-,''* $*&!& !+ & 0(*!&,!$ (*'++ , , ,#+ ($
(*!%*!$1 , *'- 0('+-* ,' &,-* & ,  '-,''*+> / * ,  %( +!+ !+ '& '& '* %'*
*$,!'&+ !(+'&*&!&('($&&,-*@
%C&5>?<7?= 2&<5-5+ %&C&27:= -5><:&<=752 5% -5>&<:&<=752 <&2>-75=,-:=Y D,-2& &5C-<754&5>2 2&<5-5+
%&C&27:= &#7=F=>&4= 5% &1-=>-# <&2>-75=,-:=] 4:27F&% >7+&>,&<Y >,&=& >D7 7?>%77< 2&<5-5+ ::<7#,&= #5
%&C&27: =:-<->?2 <&2>-75=,-:=] 4:<7C-5+ >,&=& KC& <&2>-75=,-:= #5 ,&2: :<>-#-:5>= #,5+& >,& DF >,&F
*&&2Y>,-51Y"&,C&Y5%`7<<&=-=>:7=->-C&&H7<>=>7#,5+&e<-&=>v==YOMNUf]
212/"&/" 1&,+0
,-= ,-=>7<-# %&K5->-75 :?>= 7?>%77< 2&<5-5+ -5 5-#& "7E >,> =>-=K&= >,& :72-#F 5% :<7#&%?<& 41&<= 7*
7?< =7#-&>F] 7D&C&<Y -5 >,& *?>?<&Y D& 4?=> >,-51 7?>=-%& >,> "7E] 5 45F DF= 5% -= "&,-5% 7>,&<
%&C&27:&% 5>-75= D,&5 &E4-5-5+ =>>&i7*i>,&i<> :<#>-#&= *7< 7?>%77< 2&<5-5+Y "?> D& %7 ,C& 5 %C5>+&
 F !&%"'&"!)&"'&""%%!!
-5 7?< &H7<>= >7D<% ><?>, 5% <&#75#-2->-75 D->, 5%-+&57?= 5%-5= 5% >7D<% :<>5&<=,-:= D->, 5>?<&
*7<#,5+&]5=72?>-75i*7#?=&%455&<YD&4?=>%747<&7*D,>-==><>-5+>7D7<1*7<?=]
,-2& ,757?<-5+ 7?< :=> D7<1Y 7?>%77< 2&<5-5+ -5 5% -= <&%F *7< <&C72?>-75 7* 5&D -%&=] ,&
-+5->-75 *7< =74& 7* >,7=& 5&D -%&= #5 "& *7?5% ,&<&-5 D->, #,:>&<= 75 -5%-+&5&->FY %&#7275-G>-75Y
&#7,&2>,Y #2-4>& #722:=&Y 5>?<& <&#-:<7#->FY ><?4i-5*7<4&% #<&Y <#-2 -4"25#&=Y >&4:7<<F "2&i
"7%-&%5&==Y5%%-H&<&5>DF=7*>,-51-5+5%#>-5+]
->, >,& :2&>,7< 7* :<7"2&4= <&2>&% >7 >,& <>,m= =F=>&4= = >,& <&=?2> 7* :<&C-7?= DF= 7* >,-51-5+
5% #>-5+Y D,> D& 4?=> 2=7 "&+-5 >7 j%7 47<& 7*k -= -5#2?%& &E:&<> C7-#&= *<74 22 +&5%&<=Y &>,5-#->-&=Y
-5%-+&5&->-&=Y 5% 7<-&5>>-75=] 5% -= %-C&<=& :2?<2-=>-# =7#-&>F 5% 7?>%77< 2&<5-5+ 4?=> -5#2?%& 22
7* >,7=& &2&4&5>=] 7 >,-= &5%Y D& -5C->& 5% D&2#74& %%->-752 #75><-"?>-75= >7 >,-= 2-C-5+ >&E>"771 5%
&=:&#-22F+-*>=*<74?>,7<=D,7<&57>=-4:2F%&K5&%"F572%&<D,->&#-=i42&-%&5>->F]
"#"/"+ "0
==7#->-75 *7< E:&<-&5>-2 %?#>-75] eOMOQf] &4 '3 !90!2'!.4', ! 54'/.] ,>>:=X``DDD]&&]7<+`D,>i-=i
&E:&<-&5>-2i&%?#>-75
?=><2-5 ?<<-#?2?4Y ==&==4&5> 5% &:7<>-5+ ?>,7<->F] eOMOMf] 54 //2 ,!2.'.%] ?=><2-5
?<<-#?2?4] ,>>:=X``DDD]?=><2-5#?<<-#?2?4]&%?]?`<&=7?<#&=`#?<<-#?2?4i#755&#>-75=`:7<>*72-7=`
7?>%77<i2&<5-5+`
5%-5 ?>%77< ,&<:F v &2>,#<&] e5]%]f] &=> :<#>-#&=X #>-C->-&=] . '. 54 //2 &!20: Y
!,4&2!]&><-&C&%&"<?<FNNYOMOQY*<74 ,>>:X``#7>,]#`:<#],>42\
5+2-=, ?>%77< 7?5#-2] eOMNUf] &4 '3 /54 //2 ,!2.'.%O ,>>:=X``DDD]&5+2-=,7?>%77<#7?5#-2]7<+`
7?>%77<i2&<5-5+`D,>i-=i7?>%77<i2&<5-5+
<&&5DFY ] eOMMRf] &4 '3 /54 //2 ,!2.'.%] ,>>:=X``D&"]<#,-C&]7<+`D&"`OMOPNMMPMQMPNU`
,>>:=X``DDD]7?>%77<i2&<5-5+i<&=&<#,]7<+`&=&<#,`,>i-=i?>%77<i&<5-5+
5=>->?>& *7< ?>%77< &<5-5+] eOMONf] 54 //2 ,!2.'.%] ,>>:=X``DDD]7?>%77<i2&<5-5+]7<+`7<>2=`M`
sOM7#?4&5>=`"7?>sOM?>%77<sOM&<5-5+`
NsOMisOM&=#<-"-5+sOM?>%77<sOM&<5-5+sOMOiUiON]:%*^C&<pOMONiMUiNMiNPPTRRiSVM
<-&=>Y ] eNVUSf] &%&K5-5+ 7?>%77< &%?#>-75X 4>>&< 7* 45F <&2>-75=,-:=] &! /52., /$
.7'2/.-!.4, 54'/.YAGePfYNPhNR] ,>>:=X``%7-]7<+`NM]NMUM`MMVRUVSQ]NVUS]VVQNQNP
<-&=>Y]eOMONf]%C&5>?<&>,&<:F-55%]  !-'!44!23] ,>>:=X``%7-]7<+`NM]OMVPR`PUPN
<-&=>Y ]Y v ==Y ] ] eOMNUf] <!4'7! ,! !23&'0 '.  7!.452! 02/%2--'.% R&'2  '4'/.S] ?45
-5&>-#=]
!&%"'&"!)&"'&""%%!! F 
58:9#=51>?
,>>:X``=-475:<-&=>]2>&<C-=>]7<+`
.:@??41-@?4:=
-475 <-&=> D= ?5-C&<=->F :<7*&==7< 7* %C&5>?<7?= 5% &5C-<754&5>2 7?>%77< 2&<5-5+ -5 5><-7]
5>&<5>-7522FY ,& ,= "&&5 &5Y <7C7=>Y -#&i,5#&227<Y &5-7< -#& <&=-%&5>Y <&=-%&5>Y
744-==-75&<Y 5% %C-=7< >7 -5-=>&< 7* %?#>-75] & ,= <&#&-C&% 5?4&<7?= D<%= 5% ##&:>&% 7C&<
PM C-=->-5+ =#,72< :7=->-75= <7?5% >,& D7<2% -5 7?>%77< 2&<5-5+] 7D &<2F <&>-<&% -5 <->-=, 72?4"-Y ,&
=:&5%=,-=>-4&,-1-5+Y+<%&5-5+Y<&=&<#,-5+Y>&#,-5+Y5%D<->-5+]
 F !&%"'&"!)&"'&""%%!!
 

"(%() F 
 F "(%()
KA
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7%9AN%9%2E$G7E49%7Q%G9$75R%J37>%99Q
Authors’ noteE 4%0$1+1$*'+$*$2(1%0*%)21( /"+/1$+2#$1"2(+*1/%21%+*01+
1$%0$-1 /H
%1012/"+1"/-/"11&,+
5& 7* >,& *7?5%&<= 7* -5>&<:<&>>-75Y <&&45 -2%&5 eNVTTY :] UfY %&K5&% -5>&<:<&>>-75 = j5 &%?#>-752
#>-C->F D,-#, -4= >7 <&C&2 4&5-5+= 5% <&2>-75=,-:= >,<7?+, >,& ?=& 7* 7<-+-52 7"0&#>= "F K<=>,5%
&E:&<-&5#& 5% "F -22?=><>-C& 4&%- <>,&< >,5 =-4:2F >7 #744?5-#>& *#>?2 -5*7<4>-75]k 5>&<:<&>>-75
5% =?++&=>= >,>Y -5 *#>Y 57 =-5+2& %&K5->-75 #5 #:>?<& >,& C-"<5#F 7* >,& K&2%Y "?> &#, &H7<> :<7C-%&=
:2#& -5 D,-#, >7 "&+-5 ?5%&<=>5%-5+] ,&F :?> *7<>, >,> j-5>&<:<&>>-75 -= 5F #744?5-#>-75 :<7#&==
%&=-+5&% >7 <&C&2 4&5-5+= 5% <&2>-75=,-:= 7* #?2>?<2 5% 5>?<2 ,&<->+& >7 >,& :?"2-#Y >,<7?+, K<=>i
,5% -5C72C&4&5> D->, 5 7"0&#>Y <>-*#>Y 25%=#:& 7< =->&k e5>&<:<&>>-75 5%Y NVTSf] =&% 75 >,&=&
%&K5->-75=Y -5>&<:<&>>-75 -= %-H&<&5> *<74 7>,&< 4&>,7%= 7* #744?5-#>-5+ -5*7<4>-75 -5 >,> -> <&C&2=
4&5-5+= "7?> >,> -5*7<4>-75 5% >,> -5>&<:<&>>-75 =&&1= >7 :<7C71& e-2%&5Y NVTTf 5% -5=:-<& C-=->7<=
e-2=75Y OMOMf] ,& :?<:7=& 7* >,-= #,:>&< -= >7 %&=#<-"& >,& #,<#>&<-=>-#= 7* -5>&<:<&>>-75 e#74:<&% >7
&%?#>-75fY ->= ,-=>7<F -5 5%Y 5% <&=&<#, 75 >,& :7=->-C& -4:#>= 5% &H&#>-C& =><>&+-&= 7* -5>&<:<&>>-75]
5>&<:<&>>-75 7##?<= -5 45F DF= 5% -5 C<-7?= 27#2&= e&]+] G77=Y 4?=&?4=Y :<1= 5% :<7>&#>&% <&=Y
7?>%77< <&#<&>-75 25%=#:&=Y &#7>7?<-=4 =&>>-5+=fY "?> ,= >D7 "=-# #>&+7<-&=] -<=>Y :&<=752 -5>&<:<&>>-75
#75=-=>=7*%-<&#>#75>#>"&>D&&5>,&-5>&<:<&>&<5%>,&C-=->7<]&<&<&=&C&<2-5=>5#&=]
N] ?-%&%>7?<=5%,-1&=Y2&%"F-5>&<:<&>&<=Y&5#7?<+&-5>&<#>-75="&>D&&5C-=->7<=5%>,&5>?<2
&5C-<754&5>]
O] ?>%77<>,&><&:<7+<4=-5>&+<>&#>-5+Y#7=>?4&=Y=-5+-5+Y%5#-5+Y5%?%-&5#&:<>-#-:>-75-55
&H7<>>7&5>&<>-5Y&%?#>&Y5%-5=:-<&C-=->7<=]
!&'%!&%#%&&"! F 
P] <7:>21=Y?=-5+<>-*#>==*7#2:7-5>=7*>21Y2=7:<7C-%&C2?"2&K<=>i,5%-5C72C&4&5>]
Q] 7-5>%?>F-5C72C&==>>-75-5+5-5>&<:<&>&<>:<74-5&5>*&>?<&7<+>,&<-5+:2#&%?<-5+:&<-7%=7*
,-+,C-=->>-755%4F-5#2?%&&E#->-5+:<7:=7<-5>&<#>-C&#>-C->-&=]
R] <C&22-5+:7-5>%?>F5%<7C-5+%?>F<&=-4-2<Y"?>>,&-5>&<:<&>&<47C&=>,<7?+,5<&Y-5*7<422F
-5>&<:<&>-5+=->&=5%7"0&#>=>7:&7:2&D,7<&&5#7?5>&<&%]
S] -C-5+-5>&<:<&>>-75%&475=><>&=,-=>7<-#22-*&=>F2&>,>-=%-H&<&5>*<74>,>7*>,&C-=->7<=]-C-5+
-5>&<:<&>&<=-5:&<-7%#7=>?4&=5%?>,&5>-#=&>>-5+=#<<F7?>%Fi>7i%F#>-C->-&=Y=,7D-5+C-=->7<=
,7D:&7:2&#>?22F2-C&%Y7*>&5>21-5+D->,C-=->7<="7?>>&#,5-#2-5*7<4>-757<=,7D-5+?>,&5>-#
:<7%?#>=]
&#75%Y 575i:&<=752 -5>&<:<&>>-75 #755&#>= C-=->7<= >,<7?+, >,& ?=& 7* -55-4>& -5>&<:<&>-C& 4&%-] &<&
<&=74&&E4:2&=]
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->==:&#-2*&>?<&=5%7::7<>?5->-&=*7<>,&C-=->7<_>>,&=4&>-4&YC-=->7<#&5><&=:<7C-%&
7::7<>?5->-&=*7<=>H>7&5++&D->,C-=->7<=%-<&#>2F]
O] E,-"->=>>,&C-=->7<#&5><&7<<7?5%>,&:<17<7?>%77<=&>>-5+4F-5#2?%&1-7=1=Y%-7<4=Y
<>&*#>=Y<&#75=><?#>-75=Y5%47%&2=]
P] -+5=-5>&<:<&>5>?<27<#?2>?<2*&>?<&=-5>,&-44&%->&C-#-5->F_<&%&<=#5%&#-%&D,>>7<&%5%
,7D*=>>7<&%->]
Q] &2*i+?-%&%-5>&<:<&>-C&><-2=?=&=-+5=7<"<7#,?<&=>7+?-%&C-=->7<=>7-5>&<&=>-5+*&>?<&=>,>4-+,>
7>,&<D-=&"&7C&<2771&%7<57>*?22F::<&#->&%]
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<&*&<<&%>745F>-4&=*>&<C-=->]
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W 5>&<:<&>>-75:<7C-%&=5-5*7<42*7<47*&%?#>-75e-]&]Y-5>&<:<&>>-75%7&=57>&4:27F#2==<774i
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W 5>&<:<&>>-75=>-=K&=C-=->7<m=&E:&#>>-757*+<>-K#>-75]
 F !&'%!&%#%&&"!
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W 5>&<:<&>>-75m=+72=<&>7:<7C-%&=>-=*F-5+2&-=?<&&E:&<-&5#&=Y-5#<&=&157D2&%+&Y=,-*>>>->?%&=Y
:<747>&&5C-<754&5>22F*<-&5%2F"&,C-7?<Y%&C&27:#755&#>-75=>7:2#&=Y5%#<&>&:7=->-C&
4&47<-&=]
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#75=&<C>-75 &>,-# e&C&<Y OMMOf] 5 #75><=>Y &5C-<754&5>2 &%?#>-75 :<7+<4= 7H&<&% "F 5>?<&i<&2>&%
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&01,/6,#12/"+1"/-/"11&,+&++!
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"&+5 -5 NUUTY >D7 F&<= *>&< D,> D7?2% "&#74& 5H >-752 <1 D= &=>"2-=,&%Y D,&5 +?-%& 2&%
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NVMR] ,& 5>-752 :<1= ,-<&% =&=752 -5>&<:<&>&<= -5 NVOV 5% :&<45&5> -5>&<:<&>&<= -5 NVPN] 5 >,& NVQM=Y
?"&<> <&&5 27""-&% >,& *&%&<2 +7C&<54&5> *7< %&%-#>&% *?5%-5+ *7< &5C-<754&5>2 &%?#>-75 -5 5H
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:&<45&5>5>?<2-=>-5NVSQe&%&<>-757*2"&<>>?<2-=>=YOMMRf]
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<-=& *7?<i*72% *<74 NVRS >7 NVSQ e-22-5Y NVVPf] >,&< :<7C-5#&= 5% >&<<->7<-&= =775 *7227D&%Y D->, 2"&<>
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#7?5><F57D,C&5>?<&-5>&<:<&>>-75#&5><&=5%-5>&<:<&>-C&:<7+<4=]
5>&<:<&>>-75 -5 5% ,= 7*>&5 #,5+&% -5 <&=:75=& >7 #77<%-5>&% :255-5+ &H7<>=Y :72-#F =,-*>=Y
>,& ,-<-5+ 5% ><-5-5+ 7* -5>&<:<&>&<=Y C-=->7< %&45%=Y 5% 5&D >&#,5727+-&=] ,&=& #,5+&= =?++&=> *7?<
:,=&= eC&5&+<% 5% ,?2>-=Y OMNSf] ,=& N #75#&5><>&% 75 *4-2-<-=-5+ C-=->7<= D->, >,& 47=> ?5-;?&
5% 40&=>-# *&>?<&= 7* 5 <& e&]+]Y ,7> =:<-5+= 5% D>&<*22=f 5% :<7C-%-5+ &E:25>-75=] = :?"2-#
D<&5&== 7* >,& &5C-<754&5> -5#<&=&% -5 >,& &<2F NVSM=Y ,=& O *7#?==&% 75 >,& "<7%&< 25%=#:&Y >,&
45F -5>&<<&2>-75=,-:= -5 &#7=F=>&4=Y 5% 45+&4&5> -==?&= e&]+] #<7D%-5+ 5% &5C-<754&5>2 -4:#>= 7*
<&#<&>-75f] 5 >,& &<2F NVTM=Y ,=& P =D -5>&<:<&>>-75 "&+-5 >7 %%<&== "<7%&< &#727+-#2 4-5%*?25&==
475+ C-=->7<= "F *7#?==-5+ 47<& 75 <&+-752 &#7=F=>&4=] -522FY -5 >,& OMMM= 5% "&F75%Y ,=& Q =D
-5>&<:<&>-C& +&5#-&= 47C& 7Hi=->& >7 &5++& D->, :&7:2& D,7 ,C& 57> C-=->&% :<1= 5% 5>?<& =->&= e&]+]Y
F7?5+ :&7:2&Y 5&D 5%-5=Y &>,5-# 4-57<->-&=Y 5% ?<"5 <&=-%&5>=fY 7*>&5 &4:27F-5+ <:-%2F -4:<7C-5+
>&#,5727+F =?#, = C-<>?2 <&2->F %&:-#>-75= 7* <&47>& 5% %-I#?2> >7 ##&== #75=&<C>-75 <&= 5% =7#-2
4&%- 4&==+-5+ >7 <&#, F7?5+&< +&5&<>-75= D,7 <& %-+->2 5>-C&=] ,-2& -5>&<:<&>>-75 ,= #,5+&% 7C&<
>,& %&#%&=Y &2&4&5>= 7* =>&D<%=,-: 5% "<7%&< =F=>&4= 2&C&2 ::<7#,&= ,C& #75>-5?&% >,<7?+,7?> >,&
:,=&=]
%6+1"/-/"112/","013"+,/(
= ,?45= -5#<&=-5+2F %&+<%& >,& 5>?<2 &5C-<754&5>Y >,& 5&&% +<7D= >7 &H&#>-C&2F #744?5-#>&
=>&D<%=,-: :<-5#-:2&= 5% &5C-<754&5>2 &>,-#=] ,-2& &5C-<754&5>2 &%?#>-75 =&<C&= =-4-2< :?<:7=&Y
-5>&<:<&>>-75 -= ?5-;?& -5 ->= :<7C7#>-75 ::<7#, 5% *7#?= 75 *<&& #,7-#& 2&<5-5+ 5% :&7:2& -5 2&-=?<&
=&>>-5+=]=<&=?2>Y>,&<&<&45F<&=75=*7<:<7C-%-5+5>?<&-5>&<:<&>>-75]
-<=>Y -5>&<:<&>>-75 ,= >,& "-2->F >7 -5=>-2 :==-75 -5 :<>-#-:5>=Y -5L?&5#& C2?&=Y >>->?%&=Y 5%
"&,C-7?<= >7D<%= =?=>-5"-2->F 5% =>&D<%=,-:Y 5% #<&>& D<&5&== 7* <&2&C5> &5C-<754&5>2 5%
#?2>?<2 -==?&= e>&<5 v 7D&22Y OMOMf] &=&<#, =,7D= >,> -5>&<:<&>>-75 +&5&<>&= =-+5-K#5> -4:<7C&4&5>=
-5 >,& 157D2&%+& 5% D<&5&== 7* &5C-<754&5>2 -==?&=] 7< &E4:2&Y C-=->7< 157D2&%+& -5#<&=&% *<74 PTs
#7<<&#> "&*7<& D,->&iD>&< <*>-5+ ><-: -5 <5% 5F75 >-752 <1 >7 SMs #7<<&#> *>&< >,& ><-: e7D&22 &>
2]Y OMMVf] -4-2<2FY 47<& >,5 >,<&& ;?<>&<= 7* :<>-#-:5>= -5 5 j5-42 >21k > >,& &22-5+>75 77 e&D
&25%f -5#<&=&% >,&-< 157D2&%+& 5% D&<& "2& >7 <&#22 >,& #75=&<C>-75 4&==+& e#752% &> 2]Y OMNSf]
&#75%Y 45F C-=->7<= D5> -5>&<:<&>>-75 "&#?=& -> %%= C2?& >7 >,&-< &E:&<-&5#&=] 5 +&5&<2Y :&7:2&
C-=->-5+ :<1= &E:&#> 5% C2?& #75>#> D->, -5>&<:<&>-C& =>H] 7<&7C&<Y >>&5%-5+ -5>&<:<&>-C& :<7+<4=
-5#<&=&= =>-=*#>-75 7* C-=->7<= e-5 :<1= 5% -5 247=> 22 =&>>-5+=f D,&5 #74:<&% >7 >,7=& D,7 %7 57>
>>&5% :&<=752 -5>&<:<&>>-C& :<7+<4 e4 v &-2&<Y OMMT_ >&<5 &> 2]Y OMNNf] 7<& >,5 UMs 7* C-=->7<=
 F !&'%!&%#%&&"!
>7 >,& 54 52 >&<=,&% <& <&:7<>&% "&-5+ ,-+,2F =>-=K&% D->, >,&-< 7C&<22 &E:&<-&5#& 5% D&<&
:<>-#?2<2F =>-=K&% D->, >,& :&<=752 -5>&<:<&>>-75 :<&=&5>>-75= 5% &E,-"->= e#74:<&% >7 7>,&< =&<C-#&=
7< 575i:&<=752 -5>&<:<&>>-75f] ?<>,&<47<&Y =>-=*#>-75 e= <&=?2> 7* -5>&<:<&>-C& :<7+<4=f -5#<&=&% "7>,
:<7i&5C-<754&5>2 "&,C-7?<2 -5>&5>-75= 5% #75=&<C>-75 >>->?%&= 7* &#7>7?<-=4 <&=7<> C-=->7<= e&& v
7=#<%7YOMMRf]
-522FY %&:&5%-5+ 75 >,& =&>>-5+Y -5>&<:<&>>-75 -= :<7C-%&% ?5%&< >,& 0?<-=%-#>-75 7* >,& *&%&<2Y :<7C-5#-2Y
5% >&<<->7<-2 +7C&<54&5>= 7< 4?5-#-:2->-&=] ,?=Y -5>&<:<&>-C& +72= 5% ::<7#,&= <& =,:&% "F <&2&C5>
2&+-=2>-75 5% :72-#-&=] 7< &E4:2&Y 5>-752 :<1= <& #<&>&% *7< >,& j"&5&K>Y &%?#>-75Y 5% &507F4&5>k
7* >,& :&7:2& 7* 5% e7C&<54&5> 7* 5%Y NVVMX Pf] -4-2<2FY >,& C-=-75 *7< :<7C-5#-2 :<1= -5
2"&<> -= >7 j-5=:-<& :&7:2& >7 %-=#7C&<Y C2?&Y :<7>&#>Y 5% &507F >,& 5>?<2 D7<2% e7C&<54&5> 7* 2"&<>Y
OMMVf] 5>&<:<&>>-75 =?::7<>= :<1 +&5#F +72= >,<7?+, &5,5#&% C-=->7< &E:&<-&5#&=Y -5#<&=&% =>&D<%=,-:
"&,C-7?<=Y 5% -4:<7C&% D<&5&== 5% &%?#>-75] ,&=& <&=?2>= 227D :72-#F 5% 45+&4&5> %&#-=-75= >7
"&#>-75&%-5>5+-"2&DF=eC&5&+<%&>2]YOMOPf]
&=:->& >,& 45F <&=75= *7< :<7C-%-5+ 5>?<& -5>&<:<&>>-75 7::7<>?5->-&=Y >,&<& <& 2=7 "<<-&<= *7<
45F :7>&5>-2 :<>-#-:5>=] <>-#-:>-75 -5 :&<=752 -5>&<:<&>-C& #>-C->-&= #5 "& 27DY <5+-5+ *<74 NMiORs
7* C-=->7<= e>&<5 &> 2]Y OMNN_ C&5&+<%Y OMNNf] 75=><-5>= -5#2?%& >,& 47?5> 7* >-4&Y D<&5&== 7*
:<7+<4=Y -5*7<4>-75 C-2"-2->FY 2-*& =>+&= 7* >,& :7>&5>-2 :<>-#-:5>Y :&<#&:>-75= "7?> :<7+<44-5+
#,7-#&=Y#74:&>-5+#>-C->-&=Y#7=>Y5%>-4-5+eC&5&+<%YOMNTf]
+!&+0"12!&"0
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5%-5 ::<7#,&=] 5 #-K# -4 >-752 <1 &=&<C&Y Y 5%22 5% 722-5= eOMMSf &E4-5&% >,&
<72& 7* 1F1 >7?< +?-%&= -5 &%?#>-5+ C-=->7<= 5% -5L?&5#-5+ >>->?%&=] "7?> UOs 7* +?-%&% C-=->7<= D&<&
2&==i&E:&<-&5#&% 1F1&<=Y D,&<&= TNs 7* 575i+?-%&% C-=->7<= D&<& 47<&i&E:&<-&5#&% 1F1&<=] 7< C-=->7<=
75 575i+?-%&% ><-:=Y :<&i><-: 157D2&%+& =#7<&= e"=&% 75 >&5 ><?&`*2=& ;?&=>-75=f %-% 57> %-H&< *<74 :7=>i
><-: =#7<&=_ ,7D&C&<Y *7< C-=->7<= 75 +?-%&% ><-:=Y =#7<&= <7=& *<74 R]P "&*7<& >,& ><-: >7 S]R *>&< >,& ><-:]
7< >>->?%&=Y <&=&<#,&<= =1&% 752F +?-%&% C-=->7<= D,&>,&< >,&F =?::7<>&%Y 7::7=&%Y 7< D&<& -5%-H&<&5> >7
:72-#F :<747>-5+ C-=->7<= >7 C72?5><-2F +-C& ?: K=,-5+ 75 >,&-< ><-:= "&#?=& 7* :7>&5>-2 -4:#>= 75 >,&
>,<&>&5&% <7#1K=, :7:?2>-75] ,&5 +?-%&= #744&5>&% 75 >,& l57 K=, :72-#FYm C-=->7<= D&<& 47<& 2-1&2F >7
=?::7<> >,& :72-#F >,5 D,&5 +?-%&= %-% 57> #744&5> 75 >,& :72-#F] C&<22Y >7?< +?-%&= D&<& -5L?&5>-2 -5
%&C&27:-5+157D2&%+&5%=,:-5+>>->?%&=7*C-=->7<=]
?&%%&*&2% &> 2] eOMOPf %&C&27:&% 2&<5-5+ 4>&<-2=Y :7=>iC-=-> #>-75 <&=7?<#&=Y 5% %&K5&% -5>&<:<&>>-75
7?>#74&= *7< 21 =25% >-752 <1 D->, *7#?= 75 ,?45 D-2%2-*& #7&E-=>&5#&] &#?=& 7* 7C-%iNV
<&=><-#>-75=Y >,& <&=&<#, >&4 ?=&% -557C>-C& %-+->2 >&#,5727+F >7 :<7%?#& 5 752-5& -5>&<:<&>-C& C-%&7Y D->,
>,& +72 7* ,&2:-5+ C-=->7<= ?5%&<=>5% ,7D >7 =*&2F #7i&E-=> D->, D-2%2-*& -5 >,& :<1] ,& C-%&7 *7227D&%
!&'%!&%#%&&"! F 
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eOf =,<-5+ :&<=752 &E:&<-&5#&=_ ePf &E:27<-5+ &E:&<-&5#&= 7* 7>,&<=_ 5% eQf =F5>,&=-G-5+ 5% "<-5+-5+ #27=?<&]
-=->7<=m 157D2&%+& -5#<&=&% =-+5-K#5>2F *>&< >,&-< &E:7=?<& >7 >,& C-%&7Y = %-% >,&-< 2-1&2-,77% >7 &5++&
-5 :<7i&5C-<754&5>2 "&,C-7?<= =?#, = 1&&:-5+ =*& %-=>5#& *<74 D-2%2-*&] ,& -5>&<:<&>-C& C-%&7 D=
=?##&==5%=,7?2%-5=:-<&7>,&<-5>&<:<&>&<=>7&4:27F%-27+-#5<<>-C&=>7<F>&22-5+5%%-+->2>772=]
C&5&+<% eOMNTf &E4-5&% >,& ?=& 5% :&<#&:>-75= 7* -5>&<:<&>-C& :<7+<4= > -;?&275 1& <7C-5#-2
<1 ef -5 2"&<>] 475+ 22 C-=->7<=Y URs +<&&% >,> -5>&<:<&>-C& :<7+<4= D&<& -4:7<>5> >7 >,&
4-==-75 7*  <1= 5% SUs +<&&% >,> -5>&<:<&>-C& :<7+<4= -5#<&=&% >,& C2?& 7* >,&-< &E:&<-&5#&] -=->7<=
:<>-#-:>&% -5 -5>&<:<&>-C& :<7+<4= "&#?=& >,&F >,7?+,> -> D7?2% "& +77% *7< 4&4"&<= 7* >,&-< +<7?:Y "&
&5>&<>-5-5+Y "& &%?#>-752Y 7H&< 2&<5-5+ "7?> :<>-#?2< >7:-#Y 5% j-> D= =74&>,-5+ >7 %7 -5 >,& :<1]k
7=> >>&5%&&= eqUMsf +<&&% 7< =><75+2F +<&&% >,> >,& -5>&<:<&>-C& :<7+<4= ,&2:&% -5#<&=& 157D2&%+&
"7?> 5>?<& -5 Y -5>&<&=> -5 >>&5%-5+ *?>?<& :<7+<4=Y ::<&#->-75 *7< Y 5% ::<&#->-75 *7<
2"&<> <1=] 771 &> 2] eOMONf &E:5%&% >,-= =>?%F -5 7D 22&F <7C-5#-2 <1Y -22-4 ] D->G&<
<7C-5#-2 <1Y 5% ] -=->7<= +-5 <&:7<>&% ,-+, 2&C&2= 7* &507F4&5>`=>-=*#>-75 D->, >,& :<7+<4=Y
47=> -5%-#>&% -5#<&=&% 157D2&%+& 5% D<&5&== 7* &5C-<754&5>2 >7:-#=Y 5% 247=> UMs 7* <&=:75%&5>=
-5%-#>&%:7=->-C&=,-*>=-5>>->?%&=]
5 5H >-752 <1Y #12-5 &> 2] eOMNMf &E4-5&% >,& -4:#> 7* -557C>-C& -5>&<:<&>>-75 e-]&]Y
-4:<7C-=>-752 >,&><& +4&=f 75 #,-2%<&5m= &507F4&5> 5% :&<#&-C&% 2&<5-5+ e=&& C&5&+<% &> 2]Y OMMUf]
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>&<5Y ] ]Y 7D&22Y ] ]Y v 7#1&>>Y ] ] eOMNNf] ,F %7 >,&F #74&^ 5%&<=>5%-5+ >>&5%5#& > <5+&<i
2&%:<7+<4=-5<&>471F7?5>-5=>-752<1] /52.,/$.4!202!44'/.!3!2&YNSeOfYPRhRO]
>&<5Y ] ]Y v 7D&22Y ] ] eOMOMf] 1-5+ =>7#1 7* -5>&<:<&>>-75 <&=&<#,X ,&<& ,C& D& "&&5 5% D,&<&
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-2%&5Y]eNVTTf] .4!202!4'.%/52&!2'4%!KC2 ! ]5-C&<=->F7*7<>,<72-5<&==]
?""Y ] ] eOMMPf] 5 &C2?>-75 7* >,& &H&#>-C&5&== 7* -5>&<:<&>>-75 D->,-5 <>477< >-752 <1 -5
<&#,-5+>,&+72=7*=?=>-5"2&>7?<-=4%&C&27:4&5>] /52.,/$534'.,!/52'3-YNNYSXQTShVU]
&C&<Y ] ] eOMMOf] ,& &C72C-5+ #75#&:> 7* &#7>7?<-=4 5% ->= :7>&5>-2 -4:#>=] .4!2.4'/., /52., /$
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72*&Y ] eNVVTf] 5>&<:<&>-C& &%?#>-75X 5 ?5%&<i<>&% &2&4&5> 7* :<1 45+&4&5>^ !3!2& '.+3Y RePfY
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4<7=&Y 2"&<>] & <&=&<#,&= ,?45i5>?<& -5>&<#>-75=Y *7#?=-5+ 75 -5>&<:<&>>-75Y :<1=Y "-<%=Y 5>?<&i
"=&% >7?<-=4Y 5% <?<2 =?=>-5"-2->F] & -= #7i&%->7< 7* <1= 5% <7>&#>&% <&=X 7"-2-G-5+ 57D2&%+&
*7< H&#>-C& &#-=-75i1-5+ eOMONf 5% 7?<-=4 5% -=->7< 5+&4&5> -5 <7>&#>&% <&=X ?-%&2-5&=
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?=&= 4-E&% 4&>,7%= -5 ,&< <&=&<#, 5% ,= =><75+ ::2-&% *7#?= >7 ,&< D7<1] ,& ,= D7<1&% D->, m=
5% :<1 +&5#-&= >7 %&C&27: >,&7<&>-#2 5% :<#>-#2 <&=&<#, >,> -5*7<4= :72-#-&= 5% =><>&+-&=] ?<<&5>2FY
=,&-==>?%F-5+&E:&<-&5#&=7*&D5%-5=C-=->-5+21=25%>-752<1]
2-G"&>, 2:&55F D7<1= > >,& 5-C&<=->F 7* 2"&<>m= #?2>F 7* -5&=-727+FY :7<>Y 5% &#<&>-75] ,&
>&#,&= 5% #75%?#>= <&=&<#, -5 >,& <&= 7* >7?<-=4Y 4<1&>-5+Y &5C-<754&5>2 :=F#,727+F 5% :<7>&#>&%
<&= 45+&4&5>] &< <&=&<#, *7#?=&= 75 C-=->7< &E:&<-&5#&= 5% &5C-<754&5>2 =>&D<%=,-:] ?<<&5>
:<70&#>= -5#2?%&X <&#<&>-752 ?=& 5% =>&D<%=,-: 7* 5>?<2 <&=_ +<->7?<-=4_ 5% >7?<-=4i<&2>&% =7#-2
4&%- #75=&<C>-75= "7?> #2-4>& #,5+&] ,& <&#&-C&% ,&< , -5 &#<&>-75 5% &-=?<& >?%-&= *<74 >,&
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2?E?<F 5% <&2E>-75 7H&<&% "F "&#,i=-%& <&=7<> 7< <-""&5 #<?-=&] 7< 7>,&<=Y -> -5C72C&= 5 &%?#>-752
&E:&<-&5#& 7< #?2>?<2 -44&<=-75] 5% *7< 45F 7>,&<=Y >,& "&=> 1-5% 7* ,72-%F -= 75& >,> -= =>&&:&% -5
%C&5>?<&] 7> =?<:<-=-5+2FY >,& #744&<#-2 >7?<-=4 -5%?=><F ,= %:>&% 7C&< >,& 2=> =&C&<2 %&#%&= >7 #>&<
>7>,&5&&%=5%%&=-<&=7*><C&22&<==&<#,-5+*7<%C&5>?<7?=&E:&<-&5#&=]
&7:2& ,C& %-H&<&5> -%&= 7* D,> 41&= 5 -%&2 %C&5>?<& &E:&<-&5#&Y 5% >,& %C&5>?<& >7?<-=4 =&#>7<
7* >,& +27"2 >7?<-=4 -5%?=><F -= #7<<&=:75%-5+2F %-C&<=&Y 7H&<-5+ &C&<F>,-5+ *<74 =,7<> :<=-2-5+ &E#?<=-75=
5% "?5+&& 0?4:= >7 4?2>-%F <-C&< &E:&%->-75= 5% +?-%&% =#&5>= 7* 7?5> C&<&=>] ,-= %-C&<=->F 7*
7H&<-5+= <&L&#>=Y -5 :<>Y >,& -4:<&==-C& 7C&<22 =-G& 5% #75>-5?&% +<7D>, 7* >,& +27"2 %C&5>?<& >7?<-=4
=&#>7<] 5 OMNQY >,& %C&5>?<& >7?<-=4 4<1&> D= &=>-4>&% >7 "& D7<>,  OSP "-22-75 eY OMNQf]
>&E#&&%&%VMM"-22-75-5OMOM5%->-=&E:&#>&%>7<&#,N]NS><-22-75"FOMOUeYOMOMf]
,& &#7574-# :7>&5>-2 7* %C&5>?<& >7?<-=4 -= =-+5-K#5>] %C&5>?<& >7?<-=>= >&5% >7 =:&5% 47<& 475&F
75 >,&-< %C&5>?<& &E:&<-&5#&= >,5 7>,&< >7?<-=>= %7 75 >,&-< ><C&2= 5% #>-C->-&= eY OMOOf] 7D&C&<Y
= +27"2 #74:&>->-75 -5 >,-= 2?#<>-C& 4<1&> -5#<&=&=Y 5% -= > <-=1 7* *22-5+ "&,-5%] ##7<%-5+ >7 >,&
%C&5>?<& 7?<-=4 &C&27:4&5> 5%&E eOMOMfY 5% <51= =&C&5>, +27"22F 475+ %&C&27:&% #7?5><-&=
D->, =><75+ :7>&5>-2 *7< %C&5>?<& >7?<-=4 #74:&>->-C&5&==] 7D&C&<Y =-5#& OMNSY -> ,= *22&5 -5 ->= <51-5+
-5 >,& >7: :7>&5>-2 %&=>-5>-75= *7< %C&5>?<& ><C&22&<=] &D +7C&<54&5> -5->->-C&= 2-1& >,& &%&<2 7?<-=4
<7D>, ><>&+F 5% 7>,&< :<7C-5#-2 5% 4?5-#-:2 &;?-C2&5>= -4 >7 #7<<&#> >,-= %&#2-5& "F -5#<&=-5+
:?"2-# 5% :<-C>& -5C&=>4&5> -5 >,& 5%-5 >7?<-=4 -5%?=><F] ,& 4-5 7"0&#>-C& 7* >,&=& =><>&+-&= -= >7
?52&=, >7?<-=4m= :7>&5>-2 >7 %<-C& &#7574-# +<7D>, 5% 07" #<&>-75 -5 22 <&+-75= 7* >,& #7?5><F] = 75& 7*
>,& 47=> 2?#<>-C& 5% *=>&=>i+<7D-5+ =&#>7<= 7* >,& +27"2 >7?<-=4 -5%?=><FY >,& %C&5>?<& >7?<-=4 =&#>7< D-22
:2F5-4:7<>5><72&-5>,&#75>-5?&%+<7D>,7*5%m=>7?<-=4-5%?=><F]
,-= #,:>&< :<7C-%&= =74& #75>&E> *7< ?5%&<=>5%-5+ >,&=& <&#&5> %&C&27:4&5>=] > "&+-5= D->, "<-&*
%-=#?==-75 7* D,> %C&5>?<& >7?<-=4 -= 5% ,7D -> %&C&27:&% = ?5-;?& =&#>7< 7* >,& >7?<-=4 &#7574F] ,-=
-= *7227D&% "F =,7<> =&#>-75 %&=#<-"-5+ >,& #?<<&5> %C&5>?<& >7?<-=4 25%=#:& -5 5% 5% 57>,&< >,>
=?44<-G&= =74& 7* >,& #,22&5+&= 5% -==?&= >,& %C&5>?<& >7?<-=4 =&#>7< 5% -5%-C-%?2 7:&<>7<= #<7== >,&
#7?5><F<&#?<<&5>2F*#-5+]
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C&<F 2->>2& >7 %&K5& :<&#-=&2F D,> %C&5>?<& >7?<-=4 -= 7< D,> -> -5C72C&=] 7< &E4:2&Y &=>-5>-75 Y
>,& %&=>-5>-75 4<1&>-5+ 7<+5-G>-75 *7< >,& :<7C-5#& 7* <->-=, 72?4"-Y %&K5&= %C&5>?<& >7?<-=4 =
j#>-C->-&= >,> :<&=&5> >,& :<>-#-:5> D->, <-=1 5% #,22&5+&k e&=>-5>-75 Y OMNQY :] Nf] ,&F %-C-%& >,&=&
#>-C->-&= -5>7 >D7 "<7% #>&+7<-&=X ,<% 5% =7*> %C&5>?<&] <% %C&5>?<&= 2-1& D,->&D>&< <*>-5+ 5%
,&2-i=1--5+ <&;?-<& 47<& &E:&<-&5#&Y "&>>&< :,F=-#2 K>5&==Y 5% +<&>&< %&+<&& 7* <-=1 5% #,22&5+& >,5 =7*>
%C&5>?<&= 2-1& D-2%2-*& C-&D-5+ 7< +75%72 <-%&=] 2>,7?+, <-=1 5% #,22&5+& <& &==&5>-2 #74:75&5>= 7* >,&
%C&5>?<& &E:&<-&5#&Y >,&F %7 57> -5 >,&4=&2C&= %&;?>&2F &E:2-5 57< %&K5& D,> %C&5>?<& >7?<-=4 -= 5%
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7H&<= 57>,&< "<7% %&K5->-75 7* %C&5>?<& >7?<-=4] ##7<%-5+ >7 >,& Y %C&5>?<& >7?<-=4 -5C72C&=
j ><-: >,> -5#2?%&= > 2&=> >D7 7* >,& *7227D-5+ >,<&& &2&4&5>=X :,F=-#2 #>-C->FY 5>?<2 &5C-<754&5>Y
5% #?2>?<2 -44&<=-75k eY OMNQY :] NMf] ,-2& >,-= %&K5->-75 <&;?-<&= >,> 752F >D7 7* >,& >,<&&
#74:75&5>= "& &E:&<-&5#&%Y ><-:= -5#7<:7<>-5+ 22 >,<&& >&5% >7 H7<% >7?<-=>= >,& *?22&=> %C&5>?<&
&E:&<-&5#&g*7< &E4:2&Y ><-: >7 &<? >,> -5C72C&= ><&11-5+ e:,F=-#2 #>-C->Ff 75 >,& #,? -##,? ><-2
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-44&<=-75f] 7D&C&<Y "=&% 75 >,& m= %&K5->-75 7* %C&5>?<& >7?<-=4Y D21-5+ >7?< e:,F=-#2 #>-C->Ff
7*5#-&5><#,->&#>?<2<?-5=-574&e#?2>?<2-44&<=-75fD7?2%*22?5%&<>,&2"&27*%C&5>?<&>7?<-=4]
7<1-5+ >7D<%= 47<& :<&#-=& %&K5->-75 7* %C&5>?<& >7?<-=4 <&;?-<&= K<=> #2<-*F-5+ D,> >7?<-=4 -=
5% ,7D %-H&<&5> *7<4= 7* >7?<-=4 <& #>&+7<-G&%] 7?<-=4 +&5&<22F -5C72C&= >,& #744&<#-2 7<+5-G>-75
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 F (!&'%&"'%
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:<7%?#&= D-%& %&+<&& 7* C<-5#& -5 >,& ;?2->F 7* %C&5>?<& >7?<-=4 &E:&<-&5#&= #<7== >,& #7?5><FY = D&22
= -5 >,& #2-"<& 5% ><-5-5+ 7* +?-%&= D7<1-5+ -5 >,& =&#>7<] 7>, ,C& :7>&5>-22F %5+&<7?= <4-K#>-75= *7<
:<7:&<2F:<7>&#>-5+:&7:2&5%>,&&5C-<754&5>*<74,<4]
&=:->& >,& 2#1 7* +7C&<54&5> 7C&<=-+,> 5% 5%m= <&#&5> %&=#&5> -5 >,& D7<2% <51-5+= >"2&Y >,&
%C&5>?<& >7?<-=4 =&#>7< -5 5% -= >,<-C-5+] 7D&C&<Y =?::7<>-5+ >,-= =>>&4&5> D->, &#7574-# =>>-=>-#=
-= #,22&5+-5+] 7> &C&<F :<7C-5#& 5% >&<<->7<F -5 5% %-H&<&5>->&= "&>D&&5 ><%->-752 >7?<-=4 5%
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>7?<-=4 <& ?=&% >7 &=>-4>& 7< #2#?2>& >,& &#7574-# -4:#> 7* >,& =&#>7<] 2#?2>-75= >,> -5#2?%& <&C&5?&=
+&5&<>&% *<74 :<-C>& ><C&2 *7< :?<:7=&= 7* 7?>%77< <&#<&>-75 D-22 -5&C->"2F "& +<&>&< >,5 >,7=&
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>,& %C&5>?<& >7?<-=4 =&#>7< e=&& "7C&f >&5% >7 -5#2?%& 22 -5%&:&5%&5> ><C&2 <&2>&% >7 :<-C>& 7< #744&<#-2
7?>%77< <&#<&>-75 #>-C->-&=Y <&C&5?&= *<74 :#1+&% %C&5>?<& >7?<=Y <&C&5?&= ==7#->&% D->, KE&%i=->&
%C&5>?<& #>-C->-&= e-]&]Y =1- <&=7<>=fY 5% 47=> 7* >,& <&C&5?&= +&5&<>&% "F 5#-22<F "?=-5&==&= 2-51&% >7
%C&5>?<& >7?<-=4Y =?#, = <&#<&>-752 &;?-:4&5>Y %C&5>?<&i"<5%&% #27>,-5+ 5% ::<&2Y 5% =-+5-K#5>
:<7:7<>-75 7* >,& 4&5->Fi4-+<5> :<7:&<>F 4<1&> e?#12&FY OMNMf] ,-= *7<4?2 ,= 57> F&> "&&5 ::2-&%
>7 #2#?2>-75= 7* >,& C2?& 7* >,& %C&5>?<& >7?<-=4 =&#>7< -5 5%] 7D&C&<Y :<7C-5#-2 ?>,7<->-&= -5
<->-=, 72?4"- ,C& ?=&% =-4-2< *7<4?2 >7 #2#?2>& >,& C2?& 7* >,&-< %C&5>?<& >7?<-=4 &#7574F] ,&
2=> =&#>7<iD-%& =>?%F -5  *7?5% >,> 55?2 %C&5>?<& >7?<-=4 <&C&5?&= &E#&&%&%  N]O "-22-75] ,7=&
<&C&5?&==?::7<>&%OYOMM"?=-5&==&=5%47<&>,5ONYMMM&4:27F&&=e&=>-5>-75YOMNQf]
,& =?##&== 7* %C&5>?<& >7?<-=4 -5  ,= 4?#, >7 %7 D->, >,& :<7C-5#&m= ?5-;?& :,F=-#2 +&7+<:,F]
275+ #7=>2-5&Y 4?2>-:2& <5+&= 7* =57Di#::&% 47?5>-5=Y ,?5%<&%= 7* D-2% <-C&<= 5% 21&=Y %&5=& *7<&=>=Y 5%
5 "?5%5#& 7* D-2%2-*& 41& -> 5 -%&2 %&=>-5>-75 *7< ><C&22&<= =&&1-5+ %C&5>?<7?= &E:&<-&5#&=] ,>m=
47<&Y m= +&7+<:,F 5% #2-4>& 2=7 :<7C-%& >,& 7:>-4?4 5>?<2 #75%->-75= *7< :<#>-#-5+ 45F 7?>%77<
<&#<&>-752 #>-C->-&=Y =?#, = =1--5+Y =57D"7<%-5+Y 47?5>-5 "-1-5+Y ,-1-5+Y 47?5>-5&&<-5+Y <7#1 #2-4"-5+Y
=?<K5+Y :%%2& "7<%-5+Y =& 1F1-5+Y D,->& D>&< 1F1-5+Y 5% <*>-5+] 5 *#>Y >,& 5>?<2 #75%->-75= -5 
<& =7 7:>-42 *7< 45F 7* >,&=& #>-C->-&= >,> >,& :<7C-5#& -= 7*>&5 <51&% "F 45F ><C&2 :?"2-#>-75= = 75&
7*>,&"&=>%C&5>?<&>7?<-=4%&=>-5>-75=75>,&:25&>]
7> =?<:<-=-5+2FY 45F 7* 5%m= =7i#22&% j%C&5>?<& #:->2=k <& =->?>&% -5 <->-=, 72?4"-]
%C&5>?<& #:->2= <& :7:?2< %&=>-5>-75= >,> 7H&< D-%& C<-&>F 7* =1-22&% 5% ?5=1-22&% %C&5>?<& >7?<=
>,<7?+,7?> >,& F&<] ,& 47?5>-5 >7D5= 7* ,-=>2&<Y ;?4-=,Y 5% &C&2=>71&Y 275+ D->, >,& #7=>2
#744?5->-&= 7* 7K57 5% #2?&2&>Y <& 475+ >,& 47=> :7:?2< %C&5>?<& #:->2= -5 5%] >,&<
5%-5 %C&5>?<& #:->2= -5#2?%& 5H 5% =:&< -5 2"&<>Y =1&=-? 1& -5 =1>#,&D5Y >,&
?=171Y &4+4-Y >,& 2+75;?-5 <&+-75= 7* #&5><2 5><-7Y 5% 75> <&4"25>Y ?&"&#] ##&== >7
>,&=& :7:?2< %C&5>?<& %&=>-5>-75= -= 4%& <&2>-C&2F &=F "F >,&-< :<7E-4->F >7 4&><7:72->5 #&5><&= 5%
"?=F-5>&<5>-7527<<&+-752-<:7<>=]
,& &#7574-# =?##&== 5% :7:?2<->F 7* 5%m= %C&5>?<& #:->2= ,C& &5#7?<+&% 7>,&< :7:?2<
(!&'%&"'% F 
>7?<-=4 %&=>-5>-75= >7 &->,&< <&"<5% >,&4=&2C&= = %C&5>?<& %&=>-5>-75= 7< 41& 47<& #75#&<>&% &H7<>
> 4<1&>-5+ >7 %C&5>?<& ><C&22&<=] 7< -5=>5#&Y 7C&< >,& 2=> %&#%& 7< =7Y -+< 22=Y 5><-7Y 75& 7*
>,& 72%&=> 5% 47=> :7:?2< >7?<-=> %&=>-5>-75= -5 5%Y ,= <&"<5%&% ->=&2* = 5 %C&5>?<& >7?<-=4
%&=>-5>-75] 5 %%->-75 >7 ->= *&>?<&% 5>?<2 >><#>-75=Y #=-57=Y D-5&<-&=Y 5% >,&4& :<1=Y >,& ->F 7*
-+< 22= 5% >,& +<&>&< -+< <&+-75 57D 7H&< :7:?2< %C&5>?<& #>-C->-&= 2-1& 0&> "7>-5+Y G-:2-5-5+Y
5% >5%&4 =1F%-C-5+] ?<>,&< &=>Y >,& :<7C-5#& 7* 7C #7>- <&#&5>2F =><>&% >7 4<1&> ->=&2* = *7?<i
=&=75 %C&5>?<& %&=>-5>-75Y "7=>-5+ D-%& <5+& 7* %C&5>?<& >7?< :<7%?#>= *<74 =?<K5+Y #F#2-5+Y D,2&
D>#,-5+Y 5% >-%2i"7<& <*>-5+Y >7 #<7==i#7?5><F 5% %7D5,-22 =1--5+Y =57D47"-2-5+Y 5% -#&iK=,-5+] -4-2<
<&"<5%-5+ 5% 4<1&>-5+ &H7<>= <& "&-5+ &4"<#&% "F 4?5-#-:2->-&=Y :<7C-5#&=Y 5% >&<<->7<-&= #<7== >,&
#7?5><F]
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7D >,> *&%&<2Y :<7C-5#-2Y 5% >&<<->7<-2 +7C&<54&5>= -5 5% ,C& <&#7+5-G&% >,& &#7574-# :7>&5>-2
7* >,& %C&5>?<& >7?<-=4 =&#>7<Y -> -= =*& >7 ==?4& >,> >,& =&#>7< D-22 #75>-5?& >7 +<7D -5>7 >,& *?>?<&]
&=:->& :7=->-C& 7?>2771Y >,7?+,Y >,& =&#>7< *#&= 45F #,22&5+&=] ,-= #75#2?%-5+ =&#>-75 7* >,& #,:>&<
,-+,2-+,>= *7?< 4-5 #,22&5+&= *#-5+ >,& =&#>7< >7%F] 74& 7* >,&=& #,22&5+&= <& #74475 >7 %C&5>?<&
>7?<-=4+27"22FY5%=74&<&?5-;?&>7>,&5%-5#75>&E>]
,& %C&5>?<& >7?<-=4 =&#>7< -5 5% 4?=> #75>&5% D->, =&C&<2 ,?45 <&=7?<#& #,22&5+&=] %C&5>?<&
>7?< 7:&<>7<= ,C& "&&5 %&2-5+ D->, =>I5+ =,7<>+&=Y ?5%&<;?2-K&% +?-%&=Y 5% ,-+, =>H >?<57C&< <>&=
=-5#& 275+ "&*7<& >,& &#7574-# -4:2-#>-75= 7* >,& iNV :5%&4-# &E#&<">&% >,&=& -==?&=] 7D D+&=
5% =&=752 D7<1 *#>7< -5>7 >,& ,-+, <>& 7* =>H >?<57C&<] 5F %C&5>?<& +?-%&= =&<#, *7< j<&2 07"=k
*>&< 752F #7?:2& 7* =?44&< 7< D-5>&< =&=75= D7<1-5+ -5 >,& =&#>7<] ,7=& D,7 :&<=&C&<& *7< 47<& >,5
#7?:2& 7* F&<= <& >,& 75&= D,7 :-&#& >7+&>,&< F&<i<7?5% D7<1Y &->,&< "F 2>&<5>-5+ "&>D&&5 =?44&< 5%
D-5>&< =&=75= -5 >,& =4& 27#>-75 7< "F ,&%-5+ >7 5 -5>&<5>-752 %&=>-5>-75 >7 K5% &4:27F4&5> -5 >,&
7Hi=&=75] -+, =>H >?<57C&< <>&= #7=> 7:&<>7<= >-4& 5% 475&F -5 >&<4= 7* ,-<-5+ 5% ><-5-5+] ?<>,&<
#74:2-#>-5+ 4>>&<= -= >,& <&#&5> %&#2-5& -5 &5<724&5> -5Y 7< 7?><-+,> #27=?<& 7*Y 45F :7=>i=&#75%<F 2&-=?<&
5% <&#<&>-75 :<7+<4= -5 5%] ,&=& %&C&27:4&5>= ,C& %&#<&=&% >,& 5?4"&< 7* ;?2-K&% ::2-#5>=
*7< %C&5>?<& >7?<-=4 07"= -5 5% =7 4?#, >,> =74& &4:27F&<= ,C& >?<5&% >7 4-+<5> 2"7?< :772= >7
K22 C#5> :7=->-75=] >H ><-5-5+ 5% <&>&5>-75 <& 57D &E><&4&2F ,-+, :<-7<->-&= *7< 47=> %C&5>?<& >7?<
7:&<>7<=-55%]
57>,&< ,?45 <&=7?<#& -==?& *#-5+ >,& %C&5>?<& >7?<-=4 =&#>7< -5 5% -5C72C&= >,& D7<1:2#& #?2>?<&
==7#->&% D->, %C&5>?<& >7?<-=4] ,& %C&5>?<& >7?<-=4 D7<1:2#& ,= 275+ "&&5 =:#& %74-5>&% "F
D,->& 4&5] 74&5 ,C& =><?++2&% 7C&< >,& F&<= >7 +-5 *77>,72% -5 >,-= ,-+,2F 4=#?2-5& 5% =74&>-4&=
4-=7+F5-=>-# &5C-<754&5>] 7 >77 ,C& 5%-+&57?= :&7:2&= 5% 7>,&< <#-2 5% &>,5-# 4-57<->-&=] ,-2& 45F
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5% %&#7275-G>-75Y >,& %C&5>?<& >7?<-=4 =&#>7< -5 5% #75>-5?&= >7 2+] * #7?<=&Y 45F #74:5-&=
 F (!&'%&"'%
<& -5 >,& :<7#&== 7* #,5+-5+ >,&-< D7<1:2#& #?2>?<&= "F -5#7<:7<>-5+ &;?->FY %-C&<=->FY -5#2?=-75Y 5%
%&#7275-G>-75:<-5#-:2&=-5>7>,&-<7<+5-G>-752:72-#-&=5%%-2F:<#>-#&=Y"?>4?#,D7<1=>-22<&4-5=]
5& #,22&5+& >,> ,= 275+ :2+?&% >,& %C&5>?<& >7?<-=4 =&#>7< -= >,& >,<&> 7* 7C&<i?=&Y 7< 7C&<i>7?<-=4Y
> :7:?2< =->&=] ,-= :<7"2&4 -= 7*>&5 #22&% >,& :<%7E 7* 5>?<&i"=&% >7?<-=4] ,& 47<& :7:?2< 5>?<2
:2#& "&#74&=Y >,& 47<& 2-1&2F -> D-22 =?H&< &5C-<754&5>2 %&+<%>-75_ >,& 47<& &5C-<754&5>2 %&+<%>-75
:2#& =?H&<=Y >,& 2&== :7:?2< -> "&#74&=] ?=>-5"2F %&C&27:-5+ %C&5>?<& >7?<-=4 =->&= ,= 275+ "&&5 =&#>7<
:<-7<->FY "?> >,& :<7"2&4 ,= "&#74& #74:7?5%&% -5 <&#&5> F&<= "F >,& %-+->-G>-75 7* 47%&<5 2-*& 5% >,&
<-=& 7* =7#-2 4&%-] %C&5>?<& >7?<-=>= -5#<&=-5+2F <&2F 75 =7#-2 4&%- >7 -5*7<4 >,&-< ><C&2 5% %&=>-5>-75
#,7-#&=] =-5+2& :,7>7 75 #&"771 7< 5=>+<4Y 7< #:>-C>-5+ >D&&> #5 7H&< =?%%&5 -5=:-<>-75 *7<
><C&2 5% %C&5>?<&] &>Y *7< = 4?#, = =7#-2 4&%- "&5&K>= >,& %C&5>?<& >7?<-=4 &#7574FY -> #5 2=7 2&%
>7 ?5=?=>-5"2& +<7D>, 5% &5C-<754&5>2 %&+<%>-75 = C-=->7<= L7#1 >7 >,& 2>&=> j5=>+<44"2&k =->&]
1&Y *7< &E4:2&Y 7H<& 1&= <7C-5#-2 <1 -5 <->-=, 72?4"-Y D,-#, *&>?<&= =:&#>#?2< ><-7 7* 2:-5&
21&= =?<<7?5%&% "F =57Di#::&% :&1= 5% ,5+-5+ +2#-&<=] 5 OMNRY >,& :<1 &E:&<-&5#&% ORMs -5#<&=&
-5 C-=->>-75 *>&< =74& >7?<-=>=m :,7>7+<:,= 7* >,& =#&5&<F D&5> C-<2 e%& 2m+2-=&Y OMNVf] ,& =?"=&;?&5>
L77% 7* C-=->7<= 2&*> 2->>&< 5% #?=&% ><-2 &<7=-75] 7 4->-+>& >,&=& -4:#>=Y  <1= <&C4:&% >,& ,-1-5+
><-2 =F=>&4Y 41-5+ -> 4?#, 47<& ##&==-"2& >7 C-=->7<=Y 5%Y -5 >?<5Y *?<>,&< ><5=*7<4-5+ D,> ?=&% >7 "&
j,-%%&5 +&4k -5>7 #<7D%&% >7?<-=> >><#>-75] ,-= -= 75& <&=75 D,F =?=>-5"2& >7?<-=4 %&C&27:4&5> 7*
5F1-5%<&;?-<&=#<&*?2:255-5+5%4?#,*7<&>,7?+,>]
2-=> 7* >,& #,22&5+&= #?<<&5>2F *#-5+ >,& %C&5>?<& >7?<-=4 =&#>7< #557> "& #74:2&>& D->,7?>
4&5>-75-5+ >,& #2-4>& #<-=-=] 27"2 ,&>-5+ -= H&#>-5+ >,& &5>-<& :25&>X =& 2&C&2= <& <-=-5+_ D&>,&< :>>&<5=
<& #,5+-5+_ +2#-&<= 5% :72< -#& #:= <& 4&2>-5+_ #7<2 <&&*= <& "&-5+ "2&#,&%_ *7<&=> K<&= 5% ,?<<-#5&=
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>7 >,& -4:#>= 7* #2-4>& #,5+&] <4-5+ >&4:&<>?<&= -5 >,& <#>-# 5% <:-%2F <&#&%-5+ :72< =& -#& ,C&
5&+>-C&2F -4:#>&% :72< "&< >7?<-=4 -5 ,?<#,-22Y 5->7"Y >,& :72< "&< #:->2 7* 5%] <4&<
D-5>&<= D->, 2&== =57D*22 ,C& >1&5 >722 75 5%m= =1--5+ 5% =57D"7<%-5+ =&#>7<Y &=:&#-22F -5 <->-=,
72?4"- 5% 2"&<>] 7<& -5>&5=& 5% 275+&< *7<&=> K<& =&=75= -5 D&=>&<5 5% ,C& 2-4->&% >,&
7:&<>-5+ K&2% 7* 45F <&+-752 <*>-5+Y ,-1-5+Y 5% #57&-5+ 7?>K>>&<=] &2>-5+ +2#-&<= 5% D<4&<
>&4:&<>?<&= -5 >,& 47?5>-5= ,C& %%&% 5&D 2&C&2 7* <-=1 >7 #2-4"-5+ 5% 47?5>-5&&<-5+ 7:&<>-75=
-5 >,& &=>&<5 7<%-22&< = >&<<-5 -5=>"-2->F ,= -5#<&=&% >,& *<&;?&5#F 7* <7#1*22= -5 >,& =?44&< 5%
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= 4?#, = >,& &H&#>= 7* >,& #2-4>& #<-=-= <& 5&+>-C&2F -4:#>-5+ >,& %C&5>?<& >7?<-=4 =&#>7< -5 5%Y
>,&F <& 2=7 :<7C-%-5+ =74& 5&D 7::7<>?5->-&= *7< 7:&<>7<= 5% >7?<-=>=] ,& 47=> =-+5-K#5> 7::7<>?5->F -=
>,& &E>&5=-75 7* >,& =?44&< >7?<-=> =&=75 -5>7 >,& =:<-5+ 5% ?>?45 475>,=Y &=:&#-22F -5 >,& *< 57<>,&<5
:<>= 7* >,& #7?5><F D,&<& *<-+-% >&4:&<>?<&= ,C& 275+ ,-5%&<&% >7?<-=4 %&C&27:4&5>] ?"2-# 5% :<-C>&
-5C&=>4&5> -5 %C&5>?<& >7?<-=4 -= 75 >,& <-=&] 7 >77 -= >,& :&<#&5>+& 7* >7?<-=>= :<>-#-:>-5+ -5 7?>%77<
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<7+<4 > ,74:=75 -C&<= 5-C&<=->F] 4&= *7#?=&= 75 >,& %C&5>?<& -5%?=><F 5% ##&==-"-2->F] -=
-5>&<&=>= 5% :<7*&==-752 7<-&5>>-75 <& <-C&< <&#<&>-75Y %-C&<=->F -5 %C&5>?<&Y 5% <-=1 45+&4&5>] &
#75>-5?&=>7>&#,=D-*>D>&<<&=#?&5%<*>-5+]&#>-C&2F+?-%&=-55%5%-5>&<5>-7522F]
 F (!&'%&"'%
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Author’s NoteE$%0$-1 /%0* %1 *2-1 3 /0%+*+"0" (1FHL<:<;MH 21%"2(
) 006-/+ 00E21++/ 21%+*%**H
1$460E$ *1/%++2/*(+"21++/
21%+*F==
L<MF>N;AH
?>%77< &%?#>-75 =C&% 4F 2-*&] 1Y >,> -= 5 7C&<=>>&4&5>] 7D&C&<Y =F-5+ >,> 7?>%77< &%?#>-75 ef
#,5+&% 5% -5=:-<&% 4F 2-*& -= ##?<>&] F K<=>  #7?<=& D= 475>,i275+ #7?<=& -5 F NVUN] ,% 57
-%& D,> D= +&>>-5+ 4F=&2* -5>7] 5&&%&% P #<&%->= >7 K5-=, ,-+,i=#,772 5% > >,& >-4& D= >>&5%-5+
4<7=& ?>,&<5 722&+& D,-#, 7H&<&% <%& NO 5% >,& K<=> >D7 F&<= 7* ?5-C&<=->F] ,F=-#2 %?#>-75 PM
5% ?5-C&<=->F  #7?<=&= D&<& >?+,> "F <] <<F j-""&<k -"=75 5% ,& 7H&<&% 4& ,F=-#2 %?#>-75 PM
#<&%->= *7< #74:2&>-5+ >,-= 475>,i275+ ?5-C&<=->F  #7?<=&] ,-= =7?5%&% 2-1& +<&> %&2 >7 4& 5%Y = >,&F
=FY >,& <&=> -= ,-=>7<F] F >,& &5% 7* F NVUNh-5=:-<&% "F <&4<1"2& +<7?: &E:&<-&5#&Y 5&D -5=-+,>= 5%
:&<=:&#>-C&= 75 >,& 5>?<2 D7<2%Y 5% +<&> =&5=& 7* #75K%&5#&h4F :&<=752 5% :<7*&==-752  07?<5&F ,%
"&+?5]5>,&:=>QMF&<=,C&=&&55%*&2>>,&45F"&5&K>=7*="7>,=>?%&5>5%-5=><?#>7<]
?<-5+ 4F 5&<2F PMiF&< #%&4-# #<&&<Y ,C& D>#,&% = ?5-C&<=->-&= ,C& j%-=#7C&<&%k #>-C&Y ,5%=i75Y
5% +<7?:i5% :2#&i"=&% >&#,-5+ D,&<& =>?%&5>= <& 47<& %-<&#>2F -5C72C&% -5 >,& 2&<5-5+ :<7#&== 5%
D,&<& -5=><?#>7<= 41& #755&#>-75= "&>D&&5 #7?<=& #75>&5> #7?<=& 5% =>?%&5>=m &C&<F%F 2-C&=] = ,C&
D>#,&% >,& ><&5% *7< -4:<7C&% >&#,-5+ 5% 2&<5-5+ -5 ?5-C&<=->-&= ?5*72%Y ,C& 7*>&5 D75%&<&% ,7D ->
#7?2% "& >,> ?5-C&<=->-&= 5% #722&+&= <& 752F 57D j%-=#7C&<-5+k >,> 5 #>-C& #2==<774 7< 7?>%77< =:#&
D,&<& =>?%&5>= <& -5>&<#>-5+ 5% &5++&% -= 5&D 5% -557C>-C& -%&^ 7< 7?>%77< &%?#>7<=Y 5% 45F
7>,&< &%?#>7<=Y #>-C& &5++&% 2&<5-5+ ,= 2DF= "&&5 7?< 47%?= 7:&<5%- 5% 4F +?&== -= >,> 47=>
7?>%77< &%?#>7<= ,C& 5&C&< #75=-%&<&% >,&-< :<#>-#& 5&D 7< -557C>-C&] >,&<Y -4+-5& 47=> ,C& 157D5
%&&: -5 >,&-< >&#,-5+ =7?2= >,> >,& ><%->-75= 5% :<#>-#&= 7*  <& 0?=> :2-5i72%i+77%i>&#,-5+ eH5Y
NVVSf]
,-= 7"=&<C>-75 #7?:2&% D->, 4F 75+7-5+ :<7*&==-752 =><?++2& 7* 0?=>-*F-5+ 4F  >&#,-5+ :<#>-#&=
5% D<&=>2-5+ *7< <&=7?<#&= >7 =?::7<> 4F  #7?<=&=hD,-#,Y -<75-#22FY <& D&22 2-+5&% D->, >,& &4&<+-5+
'&' +#%""'&""%'&"!!! F 
:<-7<->-&= 5% =>>&% +72= 7* ?5-C&<=->-&= 5% #722&+&= -5 >&<4= 7* >,&=& 5&D #>-C& 5% -557C>-C& :&%+7+-#2
:<#>-#&= 5% 2&<5-5+ 7?>#74&=h2&% #722&+?& 5% >7 #75%?#> 5>-75iD-%& =>?%F 7*  -5 5%] ,&
+72= 7* >,-= =>?%F D&<& >7 -%&5>-*F >,& +?-%-5+ :,-27=7:,-&=Y #&5><2 +72=Y 5% %-=>-5+?-=,-5+ #,<#>&<-=>-#= 7*
 -5 5% D->, >,& ,7:& 7* :<7C-%-5+ *7?5%>-75 *7< %&&:&< ?5%&<=>5%-5+ 7* 5%-5  -5 7<%&<
>7 &5,5#& >,& %&2-C&<F 7* ] & ,C& :?"2-=,&% K5%-5+= *<74 7?< =>?%F -5 ?<#i>&:,&5=75Y &> 2]Y eOMNVfY
=*&2%>&>2]YeOMOMfY=*&2%>&>2]YeOMOOfY5%=*&2%>&>2]YeOMOO"f]
5 =,7<>Y >,& K5%-5+= 7* 7?< 2<+&< =>?%F %&475=><>& >,> 7?>%77< &%?#>7<= <& #744->>&% 5%
:==-75>& +<7?: D,7 <& &%?#>-5+ 5% -5=:-<-5+ =>?%&5>= +?-%&% "F D&22i+<7?5%&% :&%+7+-#2 :<#>-#&=] 5
=*&2%> &> 2]Y OMOM D& D<->&X j -5 5% -= +<7?5%&% -5 &E:&<-&5>-2 2&<5-5+ 7?>%77<= >,> 2-51 #%&4-#
%-=#-:2-5&=Y 5% -5#2?%&= >,& %%&% "&5&K> 7* ,&2:-5+ =>?%&5>= 41& #755&#>-75= D->, >,& 25%Y ->= :&7:2&Y 5%
7?< :=>k e:] NNf] 5 =*&2%> &> 2]Y eOMOOf D& =>>& >,> j>,& ,72-=>-# 5% -5>&+<>&% 5>?<& 7*  -= D&22 =?->&%
>7 :<&:<& #,-2%<&5 5% F7?>, *7< >,& #,22&5+&= 7* 2-C-5+ D&22 -5 >,& ON=> #&5>?<F >,> <& D&22 2-+5&% D->, >,&
:?<:7=& 5% 4-==-75 7* iNO &%?#>-75 -5 5%k e:] NRf] 5% K522FY -5 =*&2%> &> 2]Y eOMOO"fY D& #2-4
>,> j #744752F :<7C-%&= >,& >F:& 7* &5++&%Y -557C>-C&Y #>-C&Y 5% &E:&<-&5>-2 +<7?:i5% :2#&i"=&%
2&<5-5+ >,> *#-2->>&= D-%& <5+& 7* 2&<5-5+ 7"0&#>-C&= >,> #722&+&= 5% ?5-C&<=->-&= -%&5>-*F = :<-7<->-&=k e:]
PMSf] 5 45F DF=Y  -= ,&% 7* &4&<+-5+ :&%+7+-#2 ><&5%= >,> :<747>&= #>-C& 5% -557C>-C& 2&<5-5+]
5 >,-= #,:>&<Y D-22 =,<& 7?< K5%-5+= 5% ,7:& >,& K5%-5+= I<4 >,& +77% D7<1 >,> 7?>%77< &%?#>7<=
<& %7-5+ 5% ,C& "&&5 %7-5+ *7< %&#%&=Y = ,C& >2&5>&% 5% #744->>&% &%?#>7<= #<7== 45F %-=#-:2-5&=]
5 %%->-75Y ,7:& >,&=& K5%-5+= D&22 =&<C& = &C-%&5#& >7 ==-=> -5 :<747>-5+ %&&:&< ?5%&<=>5%-5+ 7* >,&
C2?& 7* 7?>%77< &%?#>-75 >7 #722&+?&=Y %4-5-=><>7<=Y +7C&<54&5>=Y 5% 7>,&< =>1&,72%&<= -5 7<%&< >7 ,&2:
#4:=Y iNO =#,772=Y 5% #722&+&= 5% ?5-C&<=->-&= #,-&C& >,&-< &%?#>-752 C-=-75= D,-2& :<&:<-5+ =>?%&5>= >7
2-C&:?<:7=&*?25%&>,-#22-C&=]
Overview of the Study
* F7? <& -5>&<&=>&% -5 >,& %&>-2= 7* 7?< 4&>,7%727+F 5% <&=&<#, :<7#&==Y :2&=& <&% =*&2%> &> 2]Y eOMOMfY
=*&2%> &> 2]Y eOMOOfY 5% =*&2%> &> 2]Y eOMOO"f] &<&Y D-22 :<7C-%& >,& "=-#=] -<=>Y D& D5>&% >7 =4:2&
:<7+<4= *<74 #<7== 5%] 5& 7* 7?< +72= D= >7 =&& -* %-=>-5#>2F j5%-5 Fk 7< jF=k 7* 
4-+,> &4&<+&] &#75%Y D& 15&D D& ,% >7 2-4-> 7?< =>?%F 7< -> D7?2% ,C& "&#74& ?545+&"2&] ,&<&*7<&Y
D& #,77=& >7 *7#?= 75 :<7+<4= -5 =?44&< #4:=Y iNOY 5% :7=>i=&#75%<F  =&#>7<=] ,-<%Y D& D5>&%
>7 -5#2?%& =74& =->&iC-=->= 5% -5i:&<=75 -5>&<C-&D= 157D-5+ >,&=& D7?2% :<7C-%& <-#, %> >,> =?<C&F 0?=>
#5m> :<7C-%&] 7?<>,Y D,-2& D& D5>&% >7 -5#2?%& =->&iC-=->= 5% -5>&<C-&D=Y D& 2=7 D5>&% 4?#, "<7%&<
:<>-#-:>-75 >,5 =->&iC-=->= 5% -5>&<C-&D= 227D&%] ,&<&*7<&Y *>&< >,7<7?+, 2->&<>?<& <&C-&D 7* >,&
5%-5  2->&<>?<& e?<#i>&:,&5=75Y &> 2]Y OMNVf D& #75%?#>&% OO =->& C-=->= 5% -5>&<C-&D= e=-E =?44&<
#4:=Y >&5 iNO :<7+<4=Y KC& :7=>i=&#75%<F :<7+<4=Y 5% 75& 722&+& 7* &5&<2 5% <7*&==-752
&#,-5+ cd -5 ?&"&#f e=&& =*&2%> &> 2]Y OMOMf] =&% 75 >,&=& -5>&<C-&D=Y D& #<&>&% 5 752-5& =?<C&F
>,> <&=?2>&% -5 VP <&=:75=&= *<74 =?44&< #4:=Y NMM <&=:75=&= *<74 iNO :<7+<4=Y 5% OO <&=:75=&= *<74
 F '&' +#%""'&""%'&"!!!
:7=>i=&#75%<F :<7+<4= *7< >7>2 7* ONR #74:2&>&% =?<C&F=] ,& =->&iC-=->= 5% -5>&<C-&D= = D&22 = >,&
=?<C&F= *7#?=&% 75 >,<&& =:&#-K# =:&#>= 7* &#, :<7+<4X eNf >,& ?5%&<2F-5+ :<7+<4 C2?&= 5% :,-27=7:,-&=Y
eOf>,&#&5><2+72=7*>,&:<7+<4Y5%ePf>,&#74475#>-C->-&=-5#2?%&%-5&#,:<7+<4]
Site Visits and Interview Findings
,& K5%-5+= *<74 7?< =->& C-=->= 5% -5>&<C-&D= :7-5> >7  "&-5+ 4&>,7% 7* >&#,-5+ >,> %%<&==&=
-4:7<>5> &%?#>-752Y &5C-<754&5>2Y 5% =7#-2 #,22&5+&= 5% -==?&= >,> 5% 5% >,& D7<2% *#& >7%F]
5NVTOY7,5==47<&#75%?#>&%5>-75iD-%&=>?%F7*-55%5%,&#75#2?%&%>,>X
?>%77< &5C-<754&5>2 &%?#>-75 -= #&<>-52F 57> >,& 5=D&< >7 22 7?< &%?#>-752 :<7"2&4=] ?> >,&<& -=
+<7D-5+ <&#7+5->-75 >,> -> -= 4&>,7% 7* >&#,-5+ >,> #5 %% >,> 7>,&< -4:7<>5> jk >7 &C&<F =?"0&#> 75
>,&#?<<-#?2?4h<&2&C5#&-5D,>D&>&#,"7?>>,&D7<2%-5D,-#,7?<F7?5+:&7:2&2-C&e:]SNf]
?< K5%-5+= :7-5> >7 ==47<&m= -5=-+,>= "&-5+ = ><?& >7%F = >,&F D&<& -5 NVTOX  #75>-5?&= >7 "& =7?5%
&%?#>-752 :<#>-#& >,> -= +?-%&% "F <7"?=> :&%+7+-#2 :,-27=7:,-&= 5% <&=?2>= -5 C2?"2& 5% <&2&C5>
2&<5-5+7?>#74&=]
Philosophies
=&% 75 7?< =->& C-=->= 5% -5>&<C-&D=Y D& -%&5>-K&% KC& >,&4&= >,> <&:<&=&5> >,& 47=> #74475 :,-27=7:,-&=
>,>%<-C&:<7+<4=-55%]&>->2&%>,&=&>,&4&=X
N] 5L?&5>-27?5%&<=Y
O] 5%=i5E:&<-&5>-2&<5-5+Y
P] 72-=>-#5%5>&+<>&%&<5-5+Y
Q] 7?<5&F>,<7?+,>,&5%Y5%
R] &2-+-755%:-<->?2->F]
 :<7+<4= -5 5% <& 7*>&5 -5->->&% "F -5L?&5>-2 *7?5%&<= =?#, = 5 -5=:-<&% 5% :==-75>& >&#,&<
e7< +<7?: 7* >&#,&<=f D,7 ,C& &E:&<-&5#&% >,& "&5&K>= 7*  5% <&#7+5-G&% >,> 45F 7* >,7=& "&5&K>=
<&5m> "&-5+ <&2-G&% D->,-5 >,& 2-4->= 7* ><%->-752 %-=#-:2-5&=Y #2==<774=Y 5% =#,772 =#,&%?2&=] 7DY ,C-5+
=-% >,>Y D5> >7 "& #2&< >,> >,&<& <& 45F -5=:-<&% 5% :==-75>& >&#,&<= >,> <& %7-5+ +<&> D7<1
D->,-5 >,&=& 2-4->= 5% -5 57 DF <& D& =?++&=>-5+ >,>  -= >,& 752F =72?>-75 >7 >,& #,22&5+&= 7* &%?#>-75]
&C&<>,&2&==Y  %7&= %%<&== 45F #,22&5+&= 7* &%?#>-75 5% >,& -5L?&5>-2 *7?5%&<= >,> :&7:2& %&=#<-"&%
%?<-5+ >,& -5>&<C-&D= ?=&% >,&-< &E:&<-&5#& 5% C-=-75= *7<  >7 41& ?5-;?& #75><-"?>-75 >7 2-+,>-5+
2&<5-5+ K<& -5 >,&-< =>?%&5>=] *>&5Y >,& :&7:2& D& -5>&<C-&D&% =:71& 7* ,7D 5 -5L?&5>-2 *7?5%&< D=
75#& >,&-< >&#,&< 7< 4&5>7< 5% >,> >,&F D&<& =7 -5=:-<&% "F >,&-< D7<1 >,> >,&F ,C& 57D %&C7>&% >,&-<
'&' +#%""'&""%'&"!!! F 
>&#,-5+ 2-*& >7 #<<F-5+ 75 >,> *7?5%&<m= C-=-75] %2FY -5 45F #=&=Y 75#& *7?5%&< <&>-<&%Y  :<7+<4=
D&<& 7*>&5 %-=#75>-5?&% "&#?=& >,&<& D= 57 75& -5 :2#& >7 #<<F 75 >,& :<7+<4] ,-= :7-5>= >7 %-H&<&5#&
"&>D&&5  :<7+<4= 5% >,7=& 7* ><%->-752 %-=#-:2-5&= =?#, = 4>,Y "-727+FY 7< 5+2-=,Y D,-#, <& D&22i
&=>"2-=,&% -5 =#,772= 5% ?5-C&<=->-&= 5% D,&5 >&#,&< 7< *#?2>F 4&4"&< <&>-<&=Y -> -= <&2>-C&2F &=F >7 ,-<&
<&:2#&4&5>] 7D&C&<Y "&#?=&  =->= 75 >,& 4<+-5= 7* 45F =#,772 5% :7=>i=&#75%<F #?<<-#?2Y D->,7?>
:==-75>& 5% -5=:-<&% %C7#>&Y  -= 47<& 2-1&2F >7 "& =&> %<-*>] 5>&<&=>-5+2FY %?<-5+ 7?< =->& C-=->=Y D&
#75=-=>&5>2F 7"=&<C&% >,> 47=>  :<7+<4= > iNO 5% :7=>i=&#75%<F -5=>->?>-75= D7<1&% *<74 "=&4&5>
<774=Y <&:?<:7=&% #27=&>=Y 5% 72% +<+&= 5% =,&%= -5 *< #7<5&<= 7* =#,772 :<7:&<>F] 7> 75#& %-% D& 7"=&<C&
:?<:7=&i"?-2>  =:#&] ,-= 2#1 7* %&%-#>&% =:#& =?++&=>= >,>  #75>-5?&= >7 &E-=> 75 >,& 4<+-5= 7*
5%-5iNO5%:7=>i=&#75%<F&%?#>-75]
7> =?<:<-=-5+2FY >,& >,&4& 7* ,5%=i75 &E:&<-&5>-2 2&<5-5+ D= 75& 7* >,& %74-55> >,&4&= %&=#<-"-5+
>,& ?5%&<2F-5+ :,-27=7:,-&= 7*  :<7+<4=] ?=> "7?> 22 >,& :&7:2& D& -5>&<C-&D&% >21&% "7?> >,&
-4:7<>5#& 7* ,5%=i75 &E:&<-&5>-2 2&<5-5+ D,-#, >,&F %&=#<-"&% = +&>>-5+ =>?%&5>= 7?> 7* >,& #2==<774
5% &5++&% -5 5 #>-C& *7<4 7* 2&<5-5+] 5 %%->-75Y >,7=& D& -5>&<C-&D&% =:71& 7* >,&-< =><75+ "&2-&*
>,> ,5%=i75 2&<5-5+ D= #&5><2 >7 >,&-< :<7+<4 "&#?=& -> :<747>&% %&&:&< ?5%&<=>5%-5+ 7* >,& #7?<=&
#75>&5> 5% -%&% -5 41-5+ >,& #75>&5> -5>&<&=>-5+ 5% <&2&C5>] 57>"2& 7"=&<C>-75 D= >,> 57> C&<F
45F >&#,&<= 7<  2&%&<= #755&#>&% ,5%=i75 &E:&<-&5>-2 2&<5-5+ >7 5F :<>-#?2< &%?#>-752
:,-27=7:,&< 7< >,&7<&>-#2 *7?5%>-75 =?#, = >,> 7* 7,5 &D&F eE:&<-&5>-2 %?#>-75f 7< #1 &G-<7D
e<5=*7<4>-752 &<5-5+f] &5&<22FY D& #4& DF *<74 7?< -5>&<C-&D= D->, >,& -4:<&==-75 >,> >&#,&<=
5% 2&%&<= 15&D -5>?->-C&2F >,> ,5%=i75 &E:&<-&5>-2 2&<5-5+ 0?=> 4%& =&5=&_ -> D= 5 7"C-7?= DF 7*
>&#,-5+ >,> %-%5m> <&;?-<& 5 -%&5>-K"2& 7< <>-#?2>&% #%&4-# &%?#>-752 :,-27=7:,F 7< >,&7<&>-#2
*7?5%>-75 >7 -4:2&4&5>] ,-= D= "-> =?<:<-=-5+ 5% 41&= ?= D75%&< D,>  5% 7>,&< &%?#>-752
:<#>-#&= 4-+,> 2771 2-1& -* >&#,&<= 5% 2&%&<= ,% +<&>&< ?5%&<=>5%-5+ 7* =74& 7* >,& :,-27=7:,-&= 5%
>,&7<-&=>,><&7*>&52-51&%D->,^
,& 57>-75 7*  = 4&5= 7* *#-2->>-5+ ,72-=>-# 5% -5>&+<>&% 2&<5-5+ D= 2=7 D&22i%&K5&% >,&4&] 5
&==&5#&Y >&#,&<= 5% 2&%&<= "&2-&C& >,> 75& 7* >,& =><&5+>,= 7*  -= >,> -> "2?<= >,& "7?5%<-&= 7* ><%->-752
#%&4-# %-=#-:2-5&= 5% ,&2:= =>?%&5>= <&#7+5-G& >,& -5>&<#755&#>&% 5>?<& 7* 2-*& 5% >,& D7<2%] 7< &E4:2&Y
 :<7+<4= #5 ,&2: =>?%&5>= 2-51 157D2&%+& *<74 :,F=-#= 5% :,F=-#2 &%?#>-75 "F ?=-5+ 157D2&%+& *<74
"7>, %-=#-:2-5&= = >,&F 2&<5 >7 :%%2& #57&] >?%&5>= #5 2=7 2-51 157D2&%+& *<74 ,-=>7<F 5% 2->&<>?<&
>7 &5<-#, <-C&< 7< =57D=,7& 07?<5&F "F "<-5+-5+ >,& =>7<-&= 7* >,& :=> 5% :<&=&5> 2-C& -5 >,& 25%Y >,& ><&&=Y
5% >,& D>&<] 5%Y >,& 157D2&%+& 7* "-727+FY #,&4-=><FY 5% &5C-<754&5>2 =>?%-&= #5 "& 2-51&% D->, =7#-2
=>?%-&= = =>?%&5>= =>?%F >,& -4:#> 7* :722?>-75 5% &5C-<754&5>2 <&#24>-75 "F C-=->-5+ 27#2 =:#&= =
D&22 = %?<-5+ <&47>& ><C&2 &E:&<-&5#&=] 5& 7* 7?< -5>&<C-&D&&= =-% -> &27;?&5>2F D,&5 >,&F %&=#<-"&% >,&-<
:<7+<4 = :<7#&== jD,&<& #%&4-#= 4>>&<Y <&2>-75=,-:= 4>>&<Y >,& &5C-<754&5> 4>>&<=Y 5% ->m= 22 >-&%
>7+&>,&<-5>,-="&?>-*?2&E:&<-&5#&k]
7?<5&F-5+ >,<7?+, >,& 25% &4&<+&% = 5 -4:7<>5> &2&4&5> 7* 45F :<7+<4=] ,> -=Y >&#,&<= 5%
2&%&<= "&2-&C&% >,> =&2*i:<7:&22&% =422 +<7?: ><C&2 &E:&<-&5#&= :<7C-%& <-#, 2&<5-5+] > -= &=F >7 =&& >,>
 F '&' +#%""'&""%'&"!!!
><C&2 &E:&<-&5#& -5 <&47>& 7< &C&5 27#2 =:#&Y -= 5>?<2 *7<4 7* ,5%=i75 &E:&<-&5>-2 ,72-=>-# -5>&+<>&%
2&<5-5+] > -= "&?>-*?2 =F5&<+F] ?<>,&<Y >&#,&<= 5% 2&%&<= *&2> >,> 0?=> =:&5%-5+ >-4& -5 5>?<& D= ->=&2*
5 -4:7<>5> &E:&<-&5#& >,> -5 =74& DF= 5&&%&% 57 *?<>,&< =><?#>?<& 7< *#-2->>-75 "F >,& >&#,&<X 5>?<&
->=&2* -= +<&> >&#,&<] 7D&C&<Y >,& ><C&2 &E:&<-&5#& D= 2-51&% >7 *#-2->>-5+ 45F 7* >,& 2&<5-5+ 7?>#74&=
>,> D-22 %&=#<-"& 2>&< "?> -5#2?%& :&<=752 5% =7#-2 %&C&27:4&5> 5% = 4&5= *7< 2&<5-5+ "7?>
5%-5 ,-=>7<F 5% #?2>?<& 5% :<>-#?2<2F "7?> 5%-+&57?= :&7:2&] 74& *&2> >,> >,& =&2*i:<7:&22&% ><C&2
&E:&<-&5#&-=;?-5>&==&5>-25%-5&E:&<-&5#&]
,-27=7:,-&= 5% C2?&= <77>&% -5 <&2-+-7?= 5% =:-<->?2 ><%->-75= 2=7 =,:&  -5 5%] 7< =74&Y
><%->-752 ,<-=>-5 C2?&= %<-C& :<7+<4= F&> *7< 47=> :<7+<4=Y >,& >&<4 j=:-<->?2->Fk D= ?=&% >7 %&=#<-"&
>,& -%& 7* >,& D7<2% 5% 2-*& ,C-5+ 4F=>&<-7?= &2&4&5> >,> -=5m> <77>&% -5 %&K5&% <&2-+-7?= ><%->-75]
&+<%2&==Y >,-= +-5 :7-5>= >7  "&-5+ *7<4 7* ,72-=>-# -5>&+<>&% 2&<5-5+ D,&<& 45F *7<4= 7* 157D-5+
<& &5#7?<+&%] 5 #75><=>Y ><%->-752 &%?#>-75 -= >77 7*>&5 =-27&% -5>7 %-=>-5#> %-=#-:2-5&= -5 455&< >,>
%7&=5m> <&L&#> >,& #74:2&E eF&> =74&>-4&= =-4:2&f 5% 4&==F e"?> 2=7 "&?>-*?2f -5>&<#755&#>-75= 5% <&2->-&=
7*=>?%&5>m=2-*&5%>,&D7<2%=>,&F&E:&<-&5#&->]
Learning Goals
> -= 57 =?<:<-=& >,>  :<7+<4= ,C& C<-&>F 7* 2&<5-5+ +72=]  -= 47<& >,5 2&<5-5+ >7 :%%2&
#57& 7< 2-+,> K<& 7< -%&5>-*F =:&#-K# "-<% =75+] ,&=& #5 22 "& -4:7<>5> =1-22= >7 2&<5 "?> *7< >,& 47=>
:<>Y >,&F <& 57> -4:7<>5> 75 >,&-< 7D5 7< -5 -=72>-75] >,&<Y >,&F <& -4:7<>5> #>-C->-&= >,> <&L&#> >,&
:,-27=7:,-&= >,> +?-%&  :<7+<4= 5% <& 4&5= 7* #,-&C-5+ =:&#-K# :<7+<4 2&<5-5+ +72=] +-5Y
>,&<& -= :?<:7=& >7 D,> 4-+,> ::&< >7 "& 4&==F 4%5&== 7< -42&== <&#<&>-752 2&<5-5+] *>&< #75=-%&<-5+
22>,&2&<5-5++72=%&=#<-"&%"F7?<-5>&<C-&D&&=YD&"7-2&%>,&4%7D5-5>7KC&>,&4&=X
N] ?-2%-5+744?5->FY
O] &<=752<7D>,Y
P] &7:2&5%2#&75=#-7?=5&==Y
Q] 5C-<754&5>2>&D<%=,-:Y5%
R] 4:27F"-2->F5%1-22&C&27:4&5>]
&<& +-5 D& =&& >,& %-C&<=& -5>&<D7C&5 5>?<& 7* ] ?-2%-5+ #744?5->F &4&<+&% = 75& 7* >,& :<-4<F
+72= 7* ] ,& :&7:2& D& -5>&<C-&D&% =:71& :==-75>&2F "7?> >,& +72 7* :<747>-5+ >&4D7<1 5%
*7=>&<-5+ <&2>-75=,-:= D->,-5 >,& +<7?:= >,&F D7<1 D->,] *>&5Y >&#,&<= 5% 2&%&<= &E:<&==&% >,> >,&F =&5=&
=>?%&5>= >7%F 2#1 7::7<>?5->-&= *7< +&5?-5& &E:&<-&5#&= 7* >&4D7<1 5% ,75&=> <&2>-75=,-:= 5% >,>
 -= 75& C&5?& *7< =,<-5+ >,& 07F 7* #744?5->F D->, =>?%&5>=] > -= &=F >7 -4+-5& #2&< 2-51 "&>D&&5
"?-2%-5+ #744?5->F 5% >,& :<#>-#& 7* =&2*i:<7:&22&% <&47>& ><C&2] ,> -=Y <&47>& ><C&2 *#-2->>&= =&5=&
7* #744?5->F = =>?%&5>= <& <&;?-<&% >7 D7<1 #722"7<>-C&2F -5 47=> =:&#>= 7* >,& ><C&2 &E:&<-&5#& = >,&F
'&' +#%""'&""%'&"!!! F 
D7<1 >7D<%= #74475 +72 7< -5 45F #=&=Y C<-&>F 7* =,<&% +72= = <&L&#>&% -5 >,& %-C&<=& <5+& 7*
2&<5-5++72=2-51&%>7]
=-5+  = 4&5= *7< :<747>-5+ :&<=752 +<7D>, -= 0?=> = #74475 = "?-2%-5+ #744?5->F 5% >,&<& -=
5>?<2 <&2>-75=,-: "&>D&&5 :&<=752 +<7D>, 5% "&-5+ :<> 7* +&5?-5& #744?5->F] D<&5&== 7* :&<=752
=><&5+>,= 5% =,7<>#74-5+= 7*>&5 "?""2& >7 >,& =?<*#& D,&5 D& <& &5++&% -5 <&2&C5> 5% -5>&<&=>-5+ 4&5>2
5% :,F=-#2 +<7?: #,22&5+&=] ,-= 2-51 "&>D&&5 "?-2%-5+ #744?5->F 5% :&<=752 +<7D>, >,<7?+,  D=
#157D2&%+&% "F 45F -5>&<C-&D&&= 5% :7-5> >7 =74& #74475 <77>= 7* 5%-5  =?#, = >,& 5><-7
=?44&< #4: ><%->-75 e22Y OMMVf D,-#, -4&% >7 %&C&27: #,<#>&< = %-% >,& <->-=, ><%->-75 7* #7?>-5+
5% ?>D<% 7?5% D,-#, ,C& 2=7 "7>, -5L?&5#&%  -5 5%] ,&=& &<2F -5L?&5#&= <&L&#> >,& 57>-75
>,> j&%?#>-75 -= &==&5>-22F =7#-2 :<7#&==k e&D&FY NVPUY :] RUf D,-#, -= <&C&2&% >7%F -5 >,& >,&4&= 7*
"?-2%-5+#744?5->F5%:&<=752+<7D>,]
5,5#-5+ :&7:2& 5% :2#& #75=#-7?=5&== <&L&#>= >,& +72 7* >&#,-5+ "7?> =:&#-K# 27#>-75Y :&7:2&Y
5% >,&-< ,-=>7<-#2 =-+5-K#5#&] = &5%&<=75 eOMMRf ,= =7 7*>&5 =-%X jC&<F ><-2 ,= =>7<F]k &5%&<=75m=
:7-5> -= >,> D,&5 D& :%%2& <-C&< 7< ,-1& ><-2Y D& <& :%%2-5+ :<>-#?2< <-C&< 5% ,-1-5+ :<>-#?2<
><-2] ,&=& <& 57> 0?=> 575F47?= ?5%-=#7C&<&% <-C&<= 5% ><-2=] >,&<Y >,&=& <-C&<= 5% ><-2= ,C& ?5-;?&
5% :<>-#?2< :=>= 5% =>7<-&=] &5><2 >7 &5%&<=75m= -%& 7* j&C&<F ><-2 ,= =>7<Fk -= >,> >7 157D >,&=&
:=>= 5% =>7<-&= :<7C-%&= 4?#, <-#,&< <-C&< 5% ><-2 &E:&<-&5#& D,-#, :<&=&5>= 5 7::7<>?5->F >7 ?5%&<=>5%
5%-5 ,-=>7<F 5% #?2>?<&Y D,-#, -= =74&>-4&= %&&:2F ><7?"2-5+] 7D&C&<Y ?5%&<=>5%-5+ 7?< ><7?"2&%
:=> >,> ,= <&=?2>&% -5 +&5&<>-75= 7* ,<4 5% "<71&5 <&2>-75=,-:= D->, 5%-+&57?= 5%-5= 5% <&=?2>&%
-5 45F &5C-<754&5>2 "?=&= -= 5 7::7<>?5->F *7< %&&: 2&<5-5+] = &&<>=i<5%=4 &> 2]Y eOMOMf :7-5>
7?>Y-=D&22:7=->-75&%>7%%<&==45F=?#,-==?&=7*:<-C-2&+&>,>5&&%?<+&5>>>&5>-75]
5C-<754&5>2 =>&D<%=,-: 2=7 &4&<+&% = 5 -4:7<>5> 2&<5-5+ +72] 5>&<C-&D&&= =:71& :<>-#?2<2F
"7?> >,& -4:7<>5#& 7* &%?#>-5+ =>?%&5>= *7< =?=>-5"2& *?>?<&= 5% +-C-5+ =>?%&5>= >,& 157D2&%+& 5%
=1-22= *7< -4:2&4&5>-5+ =?=>-5"2& :<#>-#&= -5 >,&-< %-2F 2-C&=] ?<-5+ &E:&%->-75=Y =?=>-5"2& &5C-<754&5>2
#4:-5+ 5% ><C&2 :<#>-#&= D&<& #744752F >?+,>] ,& &5C-<754&5>2 #75#&<5= 7* >,& NVSM= 5% TM=
D&<& =-+5-K#5> -5L?&5#& 75 >,& &4&<+&5#& 7*  -5 5%]  #75>-5?&= >7 "& 4&5= *7< &%?#>-5+
=>?%&5>= "7?> 2-5+&<-5+ #75#&<5= 7* >,& NVSM= 5% TM= "?> 2=7 #?<<&5> -==?&= :<>-#?2<2F = D& D<&=>2& D->,
##&2&<>-5+#2-4>&#,5+&]
,& K52 2&<5-5+ +72 %%<&==&% -==?&= <&2>&% >7 :<&:<-5+ =>?%&5>= *7< &4:27F"-2->F -5 7?>%77< <&2>&%
K&2%=] ,-= +&5&<22F -5#2?%&% *7#?= 75 =1-22 %&C&27:4&5> 2&%-5+ >7 #&<>-K#>-75 -5 7?>%77< =1-22= =?#, =
#57&-5+=D&22==*&>F><-5-5+=?#,=K<=>i-%]
Activities
= :<> 7* 7?< -5>&<C-&D= 5% =->& C-=->=Y D& D&<& -5>&<&=>&% -5 +&>>-5+ =&5=& 7* #>-C->-&= >,> <& #744752F
-5#2?%&% -5  :<7+<4=] ,&<& -= 275+ 2-=>] *>&< #74"-5-5+ 22 >,& #>-C->-&= >,> <& -5#2?%&% -5 =?44&<
#4:=Y iNOY 5% :7=>i=&#75%<F :<7+<4=Y D& #74:7=&% 2-=> 7* PP %-H&<&5> #>-C->-&=] 7 "&>>&< ?5%&<=>5%
 F '&' +#%""'&""%'&"!!!
>,&=& #>-C->-&=Y D& *?55&2&% >,&=& PP #>-C->-&= -5>7 =&C&5 "<7% #>&+7<-&=X 7?>%77<i2-C-5+ =1-22= e&]+]Y #771-5+
5% K<&i"?-2%-5+f_ =:7<> 5% <&#<&>-75 #>-C->-&= e&]+]Y #57&-5+ 5% 1F1-5+f_ D7<1 &E:&<-&5#& 5%
#&<>-K#>-75 e&]+]Y 07" =,%7D-5+ 5% K<=> -% ><-5-5+f_ &5C-<754&5>2 &%?#>-75 #>-C->-&= e&]+]Y 5>?<& D21=
5% "-<%D>#,-5+f_ +4&= e&]+]Y +<7?: +4&= *7< *?5 5% >7 :<747>& :&<=752 5% =7#-2 %&C&27:4&5>f_
<&L&#>-75 e&]+]Y 07?<52-5+ 5% +<7?: %-=#?==-75=f_ 5% <>= 5% #<*>= e&]+]Y :%%2& 5% 47##=-5 41-5+f] 5
C&<+&Y :<7+<4= 7H&< NQ %-H&<&5> #>-C->-&=] ,& 47=> #74475 #>-C->-&= D&<& >,7=& *<74 >,& 7?>%77<i2-C-5+
=1-22=5%=:7<>5%<&#<&>-75#>&+7<-&=]
Survey Findings
= 4&5>-75&% &<2-&<Y 75#& D& #74:2&>&% >,& 2->&<>?<& <&C-&D 5% -5>&<C-&D =>+&= 7* >,-= :<70&#>Y D& #<&>&%
>,<&& ?5-;?& =?<C&F=Y 75& *7< &#, =&#>7<X =?44&< #4:=Y iNO :<7+<4=Y 5% :7=>i=&#75%<F :<7+<4=] ,&
+72 7* >,& =?<C&F= D= >7 =&& ,7D D&22 7?< K5%-5+= 5% >,&4&= *<74 >,& -5>&<C-&D =>+& 4::&% #<7== 5%
5% #<7== 7?< >,<&& ><+&> =&#>7<=] ,-2& &#, =?<C&F #722&#>&% %> =:&#-K# >7 &#, =&#>7<Y >,&F 2=7 #722&#>&%
%> <&+<%-5+ +?-%-5+ :,-27=7:,-&=Y #&5><2 +72=Y 5% %-=>-5+?-=,-5+ #>-C->-&=] ,-= 227D&% ?= >7 :<&=&5> %>
=:&#-K# *7< &#, =&#>7<] &<& D-22 :<&=&5> 5 7C&<C-&D] 7<& -5i%&:>, <&=&<#, K5%-5+= *7< iNO :<7+<4=
#5"&*7?5%-5=*&2%>&>2]YeOMOOf5%*7<:7=>i=&#75%<F:<7+<4=-5=*&2%>&>2]YeOMOO"f]
Philosophies
-+?<& N %-=:2F= ,7D =?44&< #4:=Y iNOY 5% :7=>i=&#75%<F :<7+<4= <>&% >,& -5L?&5#& 7* =&C&5
?5%&<2F-5+ :,-27=7:,-&= 5% C2?&=] 7? D-22 57>-#& >,&<& <& =&C&5 >,&4&= ,&<& <>,&< >,5 KC& = -5 >,&
-5>&<C-&D=] ,-= -= "&#?=& D& =?"%-C-%&% =74& 7* >,& 7<-+-52 KC& >,&4&= -5 7<%&< >7 7">-5 47<& 5?5#&%
?5%&<=>5%-5+ e-]&]Y D& %%&% &%?#>-752 :,-27=7:,FY <&54&% 07?<5&F >,<7?+, >,& 25% >7 =&2*i:<7:&22&%
D-2%&<5&== ><C&2 5% =:2-> <&2-+-75 5% =:-<->?2->F -5>7 >D7 %-=>-5#> >,&4&=f] &=:75%&5>= D&<& =1&% >7 <>&
,7D 4?#, >,&F +<&&% 7< %-=+<&&% >,> =:&#-K# :,-27=7:,F 7< C2?& -5L?&5#&= >,&-< :<7+<4=] ,> -=Y
>,& ,-+,&< >,& 4&5 <>-5+ 7* :<>-#?2< :,-27=7:,F 7< C2?&Y >,& 47<& >,> :,-27=7:,F =,:&= :<7+<4]
7< &E4:2&Y +-C&5 7?< K5%-5+=Y <&=75"2& %-C-=-75 D7?2% "& 27D -5L?&5#& eM]MM >7 O]RfY 5&?><2 -5L?&5#&
eO]SiP]RfY5%=><75+-5L?&5#&eP]SiR]Mf]
'&' +#%""'&""%'&"!!! F 
%#2/ ;E$
)-+/1* +"
$%(+0+-$% 0*
(2 0%*$/
 1+/0+"21++/
21%+*
C&<22Y >,& :>>&<5 7* -5L?&5#& <&4-5&% 4?#, >,& =4& = >,> <&C&2&% >,<7?+, >,& -5>&<C-&D =>?%F] 7<
&E4:2&Y ,5%=i75 &E:&<-&5>-2 2&<5-5+Y ,72-=>-# -5>&+<>&% 2&<5-5+Y 5% >,& -4:#> 7* -5L?&5>-2 *7?5%&<=
<&4-5&% %74-55>] 7D&C&<Y =74& =&#>7< %-H&<&5#&= &E-=>] 7< &E4:2&Y =?44&< #4:= <& >,& 2&=>
-5L?&5#&% "F &%?#>-752 :,-27=7:,-&= 5% ,C& >,& =><75+&=> <&2-+-7?= ><%->-75 -5L?&5#&] -C&5 >,> 45F
=?44&<#4:=<&=?::7<>&%"F#,?<#,&=5%7>,&<<&2-+-7?=7<+5-G>-75=Y>,-=K5%-5+41&==&5=&]
&2-+-7?= ><%->-75= ,C& 0?=> "7?> 57 -5L?&5#& -5 iNO 5% :7=>i=&#75%<F :<7+<4=Y F&> =:-<->?2->F
%7&= -5L?&5#& iNO 5% :7=>i=&#75%<F :<7+<4=] ,-= K5%-5+ 2-1&2F :7-5>= >7 >,& *#> >,> iNO 5% :7=>i
=&#75%<F <& 7*>&5 :?"2-#2F *?5%&% 5% >,&<&*7<& ,C& "<7%&< ::<7#, >7 =:-<->?2->F C&<=?= =:&#-K#
%&574-5>-752 ::<7#,] 72-=>-# -5>&+<>&% 2&<5-5+ ,= >,& =><75+&=> -5L?&5#& -5 iNO :<7+<4= D,-#,
=?::7<>= >,& 57>-75 >,>  -= #74475 4&5= *7< "2?<<-5+ >,& "7?5%<-&= 7* ><%->-752 #%&4-#
%-=#-:2-5&=] ,& -5L?&5#& 7* -%&= %-<&#>2F 2-51&% >7 =:&#-K# &%?#>-752 :,-27=7:,-&= -= +<&>&=> -5 :7=>i
=&#75%<F :<7+<4=] ,-= -= 57> =?<:<-=-5+ +-C&5 >,> #%&4-#= <& >F:-#22F 47<& -44&<=&% -5 >,& #%&4-#
2->&<>?<&D,&<&&%?#>-752:,-27=7:,-&=<&47<&#744752F%-=#?==&%5%&E4-5&%]
*>&< =1-5+ <&=:75%&5>= >7 <>& >,& -5L?&5#& 7* >,&=& =&C&5 :,-27=7:,-&= 5% C2?&= 75 >,&-< :<7+<4=Y
D& =1&% >,&4 >7 -%&5>-*F D,-#, >D7 :,-27=7:,-&= <& 47=> &==&5>-2 >7 >,&-< :<7+<4 :,-27=7:,F e-+?<& Of]
<&>&< C<->-75 475+ =&#>7<= D= *7?5% *7< >,&=& %>] 7D&C&<Y ,5%=i75 &E:&<-&5>-2 2&<5-5+ -= #2&<2F
>,& 47=> -5L?&5>-2 :,-27=7:,F >,> %<-C&= :<7+<4= #<7== 22 >,<&& =&#>7<=] -C&5 >,& <&#&5> :?=, *7< 47<&
&E:&<-&5>-2 2&<5-5+ -5 iNO 5% :<>-#?2<2F :7=>i=&#75%<F &%?#>-75 -5 5%Y >,-= K5%-5+ :7-5>= >7
 "&-5+ ,&% 7* &4&<+-5+ :&%+7+-#2 ><&5%=_  -= 2&%&< 7* >,& :#1Y 75& 4-+,> =F] >,&< 57>"2&
 F '&' +#%""'&""%'&"!!!
%#2/ <E$ +01
00 *1%(/+#/)
$%(+0+-$% 0*
(2 0%*$/
 1+/0+"21++/
21%+*
K5%-5+= -5#2?%& I<4>-75 7* >,& =><75+ -5L?&5#& 7* <&2-+-7?= ><%->-75= -5 =?44&< #4:= 5% ,72-=>-#
-5>&+<>&% 2&<5-5+ -5 iNO :<7+<4=] &2*i:<7:&22&% ><C&2 D= 47=> -5L?&5>-2 -5 :7=>i=&#75%<F :<7+<4=
D,&<&-5L?&5>-2*7?5%&<=,%>,&2&=>-5L?&5#&]
Learning Goals
,& %> <&+<%-5+ 2&<5-5+ +72= <&C&2 >,>  :<7+<4= +&5&<22F -5#2?%& 5?4"&< 7* -4:7<>5> +72=] ,&
-5#2?=-75 7* <5+& 7* 2&<5-5+ +72= 41&= =&5=& +-C&5 >,& -4:7<>5#& 7*  = ,72-=>-# -5>&+<>&% *7<4 7*
2&<5-5+ e-+?<& Pf D,&<& >,& "7?5%<-&= 7* ><%->-752 %-=#-:2-5&= <& "2?<<&% -5 7<%&< >7 &5"2& #755&#>-75=
"&>D&&5 >,&=& %-=#-:2-5&= >,> <&L&#> >,& <&2->F 7* 2-*& = =>?%&5>= &E:&<-&5#& ->] ,-= -= D&22 2-+5&% D->, >,&
&D&F-5 -%& >,> j&%?#>-75Y cZdY -= :<7#&== 7* 2-C-5+ 5% 57> :<&:<>-75 *7< *?>?<& 2-C-5+k e&D&FY NVUNY
:] QQRf D,-#, -= 75& 7* &D&Fm= 1&F -%&= >,> =,:&= ,-= &%?#>-752 :,-27=7:,F 7* &E:&<-&5>-2 &%?#>-75]
&D&F D= 2&%&< 7* :<7+<&==-C& &%?#>-75 47C&4&5> -5 7<>, 4&<-# -5 >,& &<2F OM>, #&5>?<F 5%Y -5 >,&
#%&4-# D7<2%Y -= 7*>&5 =&&5 = 75& 7* >,& *7?5%&<= 7* &E:&<-&5>-2 &%?#>-75 D,-#, ,= =,:&% 47%&<5 %F
7?>%77<5%%C&5>?<&&%?#>-75]
'&' +#%""'&""%'&"!!! F 
%#2/ =E$
)-+/1* +"
/*%*#+(0
/+001$ $/
 1+/0+"21++/
21%+*
= D->, :,-27=7:,-&= 5% C2?&=Y D& =1&% <&=:75%&5>= >7 -%&5>-*F >,& >D7 47=> -4:7<>5> 2&<5-5+ +72= *<74
7?< 2-=> e-+?<& Qf] +-5Y =74& C<-5#& 475+ =&#>7<= D= *7?5%Y "?> 7C&<22Y >,& >D7 47=> -4:7<>5> 
2&<5-5+ +72= <& :&<=752 +<7D>, 5% "?-2%-5+ #744?5->F] ,-= 4F :7-5> >7 7?>%77< &%?#>7<= <&#7+5-G-5+
>,> >,& =7#-2 :<7#&== 7* 2&<5-5+ -= #<->-#2 >7 &H&#>-C& &%?#>-75] ,> -=Y = 4F 4&5>7< -"=75 7*>&5 =-%X
j7? <&5m> >&#,-5+ 7?>%77< &%?#>-75_ F7? <& >&#,-5+ :&7:2&k e:&<=752 #744?5-#>-75Y NVVOf] <74 >,-=
:&<=:&#>-C&Y >,&=& K5%-5+= 4F :7-5> >7 7?>%77< &%?#>7<= <&#7+5-G-5+ >,> #<->-#2 <72& 7* &%?#>-75 -= >7
,&2: =>?%&5>= 2&<5 "7?> >,&4=&2C&= 5% >,> #<&>-5+ =*& 5% I<4-5+ #744?5->F =&>>-5+ *#-2->>&= 57>
752F 2&<5-5+ "7?> >,&4=&2C&= "?> 2=7 :<7C-%&= *7?5%>-75 *7< 2&<5-5+ "7?>Y -5 >,-= #=&Y &5C-<754&5>2
=>&D<%=,-: 5% :&7:2& 5% :2#& #75=#-7?=5&==] 7< #&<>-5Y -> ::&<= >,> 7?>%77< &%?#>7<= <& 47<&
2-1&2F >7 =&& &%?#>-75 = ><5=*7<4>-752 :<7#&== C&<=?= ><5=#>-752 :<7#&== 7* 157D2&%+& ><5=*&<]
><5=#>-752 :<7#&== 7* 157D2&%+& ><5=*&< -= 75& D,&<& >,& :<-4<F +72 -= >7 ,C& =>?%&5>= 2&<5 =:&#-K#
%-=#-:2-5<F #75>&5> e&]+]Y 5?4&<-#2 2->&<#Ff 5% 2->>2& >>&5>-75 -= :-% >7 ,7D >,> 157D2&%+& 4-+,> -4:#>Y
7< ><5=*7<4Y >,& =>?%&5>=] 5 #75><=>Y ><5=*7<4>-752 :&<=:&#>-C& -4= >7 57> 752F ,C& =>?%&5>= 2&<5
=:&#-K# %-=#-:2-5<F 157D2&%+& "?> &;?22FY >7 ,C& >,& :<7#&== 7* 2&<5-5+ %-=#-:2-5<F 157D2&%+& #,5+&Y 7<
><5=*7<4Y >,& =>?%&5>=m ?5%&<=>5%-5+ 5% :&<=:&#>-C& 7* >,&4=&2C&=Y 7>,&<=Y 5% >,& D7<2% >,&F 2-C& -5] 5&
4-+,> =F >,> ><5=#>-752 ::<7#, -= #2&5 5% 5&> &I#-&5> :<7#&== D,-2& ><5=*7<4>-752 ::<7#,
&4"<#&= >,& 4&==F 5% ?5:<&%-#>"2& 5>?<& 7* 2&<5-5+ >,> C2?&= &H&#>-C&5&== 7C&< &I#-&5#F e=*&2%> v
&4&=YOMNTf]<74>,-=:&<=:&#>-C&Y-="&?>-*?24&==F:<7#&==]
 F '&' +#%""'&""%'&"!!!
%#2/ >E$ +01
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21++/21%+*
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$7=-%*&(*&,'(*'.!*+'3*!&,!.!,!+*'++, *+,'*+''-,''*-,!'&@
 -%%*%(+&I<9 H78&I766 '+,H'&*1&I88
UMiNMMs
5pUSYeVO]Rsf
5pUOY
eUU]Osf
4:K<&=
4&= 7#>-C->-&=
<&:7<>&%] 5pOMeVM]Vsf
5pNV
eUS]Qsf
5pNV
eUS]Qsf
5pNV
eUS]Qsf
4:-5+
4:K<&=
57&-5+
-1-5+
SMiTVs
5pTSYeUN]Tsf
5pTMY
eTR]Psf
5pSVY
eTQ]Osf
5pSTY
eTO]Msf
5pSSY
eTN]Msf
5pSSY
eTN]Msf
5pSSY
eTN]Msf
57&-5+
4:-5+
<#,&<F
-1-5+
>?<&
>?%-&=
<-&5>&&<-5+
D-44-5+
5pTVeTV]Msf
5pTT
eTT]Msf
5pTT
eTT]Msf
5pTM
eTM]Msf
5pTM
eTM]Msf
5pSV
eSV]Msf
5pSR
eSR]Msf
5pSO
eSO]Msf
5pSN
eSN]Msf
4:-5+
4&=
4:K<&=
>?<&
>?%-&=
<-&5>&&<-5+
-1-5+
771-5+
57D=,7&-5+
57&-5+
5pNTeTT]Psf
5pNS
eTO]Tsf
5pNS
eTO]Tsf
5pNS
eTO]Tsf
5pNR
eSU]Osf
5pNR
eSU]Osf
5pNQ
eSP]Ssf
5pNP
eRV]Nsf
5pNP
eRV]Nsf
7?<52<->-5+
*&>F
<-5-5+
<-&5>&&<-5+
>?<&
>?%-&=
771-5+
57D=,7&-5+
&<>-K#>-75
2-4"-5+
1--5+
QMiRVs
5pRVYeSP]Qsf
5pRTY
eSN]Psf
5pRQY
eRU]Nsf
5pQUY
eRN]Ssf
5pQOY
eQR]Osf
2-4"-5+
7:&=
&<C-#&&<5
F1-5+
771-5+
5pROeRO]Msf
5pRM
eRM]Msf
5pQP
eQP]Msf
7?<52<->-5+
1--5+
2-4"-5+
5pNOeRQ]Rsf
5pNN
eRM]Msf
5pNN
eRM]Msf
5pNM
eQR]Rsf
5pNM
eQR]Rsf
5pNM
eQR]Rsf
F1-5+
4&=
-1-5+
727=
&<C-#&&<5
7<1E:
 F '&' +#%""'&""%'&"!!!
 -%%*%(+&I<9 H78&I766 '+,H'&*1&I88
OMiPVs
5pPSYePU]Tsf
5pPRY
ePT]Ssf
5pPRY
ePT]Ssf
5pPOY
ePQ]Qsf
5pOUY
ePM]Nsf
5pORY
eOS]Vsf
5pOPY
eOQ]Tsf
5pNVY
eOM]Qsf
5pNVY
eOM]Qsf
7?<52<->-5+
-1-5+
7<1E:]
*&>F
<-5-5+
57D=,7&-5+
&<>-K#>-75
-=,-5+
<%&5-5+
7<=&-%-5+
5pPTePT]Msf
5pPS
ePS]Msf
5pPS
ePS]Msf
5pPR
ePR]Msf
5pPO
ePO]Msf
5pPN
ePN]Msf
5pPM
ePM]Msf
5pOV
eOV]Msf
5pOQ
eOQ]Msf
5pOQ
eOQ]Msf
5pON
eON]Msf
5pOM
eOM]Msf
<#,&<F
*&>F
<-5-5+
&<>-K#>-75
&<C-#&&<5
-1-5+
D-44-5+
7:&=
-=,-5+
F1-5+
<%&5-5+
1>-5+
-5>&<
&5>-5+
5pUePN]Usf
5pS
eOT]Psf
5pR
eOO]Tsf
7:&=
-5>&<
&5>-5+
-=,-5+
MiNVs
5pNTYeNU]Psf
5pNQY
eNR]Nsf
5pNQY
eNR]Nsf
5pNPY
eNQ]Msf
5pUYeU]Ssf
5pSYeS]Rsf
5pOYeO]Osf
5pNYeN]Nsf
5pNYeN]Nsf
5pMYeMsf
1--5+
1>-5+
7+
727=
*>-5+
C-5+
-5>&<
&5>-5+
7+=2&%%-5+
?5>-5+
5%-+&57?=
#>]
5pNVeNV]Msf
5pNT
eNT]Msf
5pNP
eNP]Msf
5pUeU]Msf
5pUeU]Msf
5pTeT]Msf
5pSeS]Msf
5pReR]Msf
5pMeMsf
7<1E:]
7+
727=
7<=&-%-5+
?5>-5+
*>-5+
7+=2&%%-5+
C-5+
5%-+&57?=
#>]
5pQeNU]Osf
5pQ
eNU]Osf
5pP
eNP]Ssf
5pP
eNP]Ssf
5pOeV]Nsf
5pNeQ]Rsf
5pNeQ]Rsf
5pMeMsf
5pMeMsf
5pMeMsf
5pMeMsf
*>-5+
D-44-5+
7+=2&%%-5+
<%&5-5+
?5>-5+
1>-5+
7+
7<=&-%-5+
C-5+
<#,&<F
5%-+&57?=
#>]
Activities
5 7<%&< >7 ?5%&<=>5% >,& "<&%>, 5% *<&;?&5#F 7* #>-C->-&= 7H&<&% = :<> 7*  :<7+<4=Y D& =1&% >D7
;?&=>-75=] -<=>Y D& =1&% <&=:75%&5>= >7 -%&5>-*F 22 >,& #>-C->-&= >,> <& 7H&<&% -5 >,&-< :<7+<4=] &#75%Y
D& =1&% >,&4 >7 -%&5>-*F >,& >,<&& 47=> #74475 #>-C->-&= -5 >,&-< :<7+<4=] "2& N =,7D= >,& 5?4"&< 7*
:<7+<4= 5% :&<#&5>+& 7* >,& =&#>7< >,> 7H&< &#, 7* >,& PP #>-C->-&= *<74 7?< 2-=> D,-#, D= %&C&27:&%
'&' +#%""'&""%'&"!!! F 
"=&% 75 >,& -5>&<C-&D= 5% =->& C-=->=] >7>2 7* US 7?> 7* VP eVO]Rsf =?44&< #4:= -5#2?%&% #4:K<&=Y TV 7*
NMMeTVsfiNO:<7+<4=-5C72C&%#4:-5+Y5%OM7*OOeVM]Vsf:7=>i=&#75%<F:<7+<4=7H&<&%#4:-5+]
$8= %'+,'%%'&,!.!,!+!& '-,''*-,!'&+,'*@
 & FJG 
?44&<4:=5pVP
5pOTeOV]Mf 7:&=7?<=&
5pOReOS]Vf 57&-5+
5pOQeOR]Uf D-44-5+
5pOMeON]Rf 2-4"-5+
5pNUeNV]Qf <#,&<F
iNO5pNMM
5pQMeQM]Mf -1-5+
5pOTeOT]Mf 57&-5+
5pOQeOQ]Mf 4:-5+
5pOPeOP]Mf >?<&>?%-&=
5pNUeNU]Mf 4&=
7=>i&#75%<F5pOO
5pNMeQR]Rf 57&-5+
5pTePN]Uf 4:-5+
5pReOO]Tf -1-5+
5pQeNU]Rf 1--5+
5pPeNP]Sf F1-5+
"2& O -%&5>-K&= >,& 47=> #74475 #>-C->-&= 7H&<&% "F :<7+<4= -5 &#, =&#>7<] 7:&= #7?<=&= D&<& -%&5>-K&%
= 75& 7* >,& >,<&& 47=> #74475 =?44&< #4: #>-C->-&= "F OT 7* VP eOVsf =?44&< #4: <&=:75%&5>=]
 F '&' +#%""'&""%'&"!!!
-4-2<2FY ,-1-5+ D= -%&5>-K&% "F QM 7* NMM eQMsf 7* iNO :<7+<4= = 75& 7* >,& >,<&& 47=> #74475
#>-C->-&=] 5%Y NM 7* OO eQR]Rsf :7=>i=&#75%<F :<7+<4= -%&5>-K&% #57&-5+ = 75& 7* >,& >,<&& 47=>
#74475#>-C->-&=-5>,&-<:<7+<4=]
5& :<>-#?2<2F -5>&<&=>-5+ K5%-5+ <&+<%-5+ #>-C->-&= -= >,> 57 <&=:75%&5>= -%&5>-K&% -5#2?%-5+
5%-+&57?= #>-C->-&= -5 >,&-< :<7+<4=] ,-= 5&&%= *?<>,&< -5C&=>-+>-75 >7 "&>>&< ?5%&<=>5%] & %%&%
5%-+&57?= #>-C->-&= >7 7?< 2-=> 7* #>-C->-&= "&#?=& 45F :<7+<4= -%&5>-K&% 5%-+&57?= 2&<5-5+ =
:<7+<4 2&<5-5+ +72 -5 >,& -5>&<C-&D =>+&] 5& &E:25>-75 *7< >,-= K5%-5+ 4F "& >,> 5%-+&57?= 2&<5-5+
-= 5 &4&<+-5+ 2&<5-5+ +72 5% 57> F&> >-&% >7 :<>-#?2< #>-C->F] 2>&<5>-C&2FY -> #7?2% "& >,> 7?<
&E:&#>>-75 >,> 5%-+&57?= 2&<5-5+ +72= D7?2% "& %-<&#>2F >-&% >7 5 #>-C->F -= -5#7<<&#>] >,&<Y -> #7?2% "&
>,> >,& 5%-+&57?= 2&<5-5+ +72 -= D7C&5 >,<7?+,7?> 22 =:&#>= 7* >,& :<7+<4 5% >,&<&*7<& 57> 2-51&% >7
:<>-#?2<#>-C->F]
Key Takeaways
,-2& >,&=& K5%-5+= <&+<%-5+ :,-27=7:,-&=Y 2&<5-5+ +72=Y 5% #>-C->-&= <& -5>&<&=>-5+ 75 >,&-< 7D5Y 7?<
:<-4<F +72 *7< >,-= :<70&#> -= >7 %&&:&5 >,& ?5%&<=>5%-5+ 7*  -5 5% =7 >,> D& 4-+,> &5,5#&
>,& %&2-C&<F 7* ] ,&<&*7<&Y ,&<& <& =74& 1&F >1&DF= >,> D& ,7:& <& ,&2:*?2 -5 #,-&C-5+ >,> +72]
,7=& 7* F7? *<74 %-H&<&5> =&#>7<= 5% ?5-;?& :72->-#2 5% #?2>?<2 =&>>-5+= 4F ,C& %%->-752 5% :&<,:=
%-H&<&5> >1&DF=] * F7? %7Y &5#7?<+& F7? >7 =,<& >,&4 -5 7<%&< >7 #75>-5?& >,& %&C&27:4&5> 5%
?5%&<=>5%-5+7*-55%]
Undervalued and Misunderstood
F4&5> 5% 7>>&< eOMONfY D<->-5+ "7?> :7=>i=&#75%<F  -5>&<5>-7522FY #2-4 >,> 75& <&=75 
:<7+<4= <& 7*>&5 "5%75&% 5% :77<2F =?::7<>&% -= "&#?=&  -= *<&;?&5>2F ?5%&<C2?&% 5%
4-=?5%&<=>77%] 5 %%->-75Y >,& ?>,7<= =?++&=>  -= 7*>&5 =&&5 = 2#1-5+ :&%+7+-# <-+7< "F 575i
#722&+?&= 5% %4-5-=><>7<=] 5& 7* 7?< -5>&<C-&D&&= %&=#<-"&% >,& &%?#>-752 :,-27=7:,F 7* >,&-< :<7+<4
= j 4&== 7* =>?H[k ,&-< :7-5> D= >,>  -= 57> 0?=> 75& :,-27=7:,F 7< 75& C2?& 7< -4&% > #,-&C-5+ 75&
2&<5-5+ +72] >,&<Y  -= 47<& 1-5 >7 =F5>,&=-G-5+ %-=#-:2-5& 5% 4&>,7% >,> :<7C-%&= 47<& 7<+5-#
*7<4 7* &%?#>-75 >,> -= 4&==F 5% %-I#?2> >7 5&>2F %&=#<-"& 5% %&K5& "?> > >,& =4& >-4& "&?>-*?2] =
iNO 5% :7=>i=&#75%<F -5=>->?>-75= #75>-5?& >,& 5&C&<i&5%-5+ ;?&=> >7 -4:<7C& =>?%&5> 2&<5-5+Y >,& 4&==F
-5>&+<>&% -5>&<%-=#-:2-5<F ,5%=i75 5>?<& 7*  >,> 41&= -> =7 %-I#?2> >7 %&=#<-"&Y %&K5&Y 5% 5&>2F
:#1+&4FY-<75-#22FY"&75&7*m=:<-4<F=><&5+>,=]
,-= =><&5+>, #5 "& 5 -4:7<>5> 47%&2 *7< ,7D >7 &%?#>& 7?< #,-2%<&5 5% F7?>,] 7D&C&<Y -> -=
4?#, &=-&< *7< %4-5-=><>7<= 5% +7C&<54&5>= >7 5&>2F :#1+& &%?#>-75 -5>7 >-%F %-=#-:2-5<F ?5->= D->,
:<&#-=&2F -%&5>-K&% 2&<5-5+ 7?>#74&= >,> :<&=&5> D&22 -5 C-=-75 5% *?5%-5+ %7#?4&5>= "?> :&<,:= %75m>
<&L&#> >,& <&2->F 7* ,7D =>?%&5>= 2&<5 "&=> 7< ,7D >7 :<&:<& =>?%&5>= *7< >,& #,22&5+&= 5% #74:2&E->-&=
'&' +#%""'&""%'&"!!! F 
7* >,& 2-C&= >,&F <& 2-C-5+] ,&<&*7<&Y 75& ?>-2->F 7* >,-= <&=&<#, -= >,> -> :<7C-%&= &C-%&5#& 7*  ,C-5+
D&22i+<7?5%&% :&%+7+-# <77>= -5 ,5%=i75 &E:&<-&5>-2 2&<5-5+ >,> -= ,72-=>-# 5% -5>&+<>&% -5 5>?<&
5% ,-+,2-+,>= >,> 45F  :<7+<4= <& %&=-+5&% >7 #,-&C& C<-&>F 7* -5>&<%-=#-:2-5<F 2&<5-5+ +72=]
,&=& :,-27=7:,-&= 5% +72= <& D&22 2-+5&% D->, &4&<+-5+ :&%+7+-&= >,> -4 >7 "& 47<& &E:&<-&5>-2 5%
-5>&<%-=#-:2-5<FY >7 %&C&27: =7#-2 5% &47>-752 =1-22=Y 5% :<&:<& =>?%&5>= >7 #<&>-C&2F %%<&== :<&==-5+
&5C-<754&5>2 5% =7#-2 -==?&=] 5& =?++&=>-75 *7< 7?>%77< &%?#>7<= -= >7 <&C-&D >,& +72= 5% 4-==-75= 7*
F7?< :<7C-5#-2 &%?#>-75 4-5-=><-&=Y 27#2 =#,772 "7<%=Y 5% -5%-C-%?2 #722&+&= 5% ?5-C&<=->-&= 5% ?=& >,-=
%>>7:<7C-%&&C-%&5#&*7<,7D#5,&2:>,&=&"7%-&=#,-&C&>,&-<=>>&%+72=5%4-==-75=]
> -= &=F >7 -4+-5& >,> =74& #722&+?&= 5% %4-5-=><>7<= 4-+,> :&<#&-C&  = :&%+7+-#22F %<-*>
"&#?=& 7* >,& <&#<&>-752 5>?<& 7* >,& :<-4<F #>-C->-&= ==7#->&% D->,  =?#, = 7?>%77<i2-C-5+ =1-22=
5% =:7<> 5% <&#<&>-752 #>-C->-&=] ,-= :&<#&:>-75 -= 2-1&2F ,&-+,>&5&% "&#?=&  -= 57> D&22i&=>"2-=,&%
%-=#-:2-5& =?#, = 5+2-=, 7< -=>7<F 7< 7>,&< #7<& %-=#-:2-5&=] 7D&C&<Y >,-= <&=&<#, %&475=><>&= >,> 
#>-C->-&= <& 47<& >,5 &507F"2& <&#<&>-752 #>-C->-&=] >,&<Y >,& #>-C->-&= 7*  <& -5>&5>-7522F ?=&% >7
#,-&C&=:&#-K#5%-4:7<>5>2&<5-5++72=?=-5+#>-C&4&>,7%=>,>&5,5#&=>?%&5>&5++&4&5>]
Discipline or Method
%&">& ,= "&&5 +7-5+ 75 -5 =74&  #-<#2&= "7?> D,&>,&<  -= %-=#-:2-5& 7< 4&>,7% 7* >&#,-5+
eF4&5> 5% 7>>&<Y OMNR_ 7>>&< 5% F4&5>Y OMNSf] 5 >,& 75& ,5%Y -> %7&=5m> 4>>&<] 5 >,& 7>,&< ,5%Y
4F"& -> -= #<->-#2] F =&5=& -= >,> 7?>%77< &%?#>7<= ,C& "&&5 ><F-5+ *7< %&#%&= >7 %-=>-5+?-=,  =
%-=#-:2-5& =-4-2< >7 ><%->-752 D&22i&=>"2-=,&% %-=#-:2-5&=] * >,& 47=> -4:7<>5> 7?>#74& 7* >,-= %&">& -=
>7 :<7C-%& #,-2%<&5 5% F7?>, D->, >,& >F:&= 7* 2&<5-5+ 7::7<>?5->-&= >,>  H7<%=Y :&<,:= D& =,7?2%
#75=-%&< *<4-5+  = 4&>,7% 7* >&#,-5+ D,&<& D& #5 #,-&C& >,& +72= 7* D-%& C<-&>F 7* &4&<+-5+ 5%
><%->-752 %-=#-:2-5&=] 5 >,-= DFY D& <& :<747>-5+ 5 #>-C& -557C>-C& :&%+7+F >,> 2-+5= D->, &4&<+-5+
><&5%=Y <>,&< >,5 #75>-5?-5+ >,& ">>2& >7 &=>"2-=,  = =>5%i275& %-=#-:2-5&] ,-= =><>&+F ,= 5% -=
D7<1-5+-5=74&:2#&==?#,=-5>&+<>&%,-+,i=#,772:<7+<4=5%5?4"&<7*?5-C&<=->F:<7+<4=]
= >,&=& K5%-5+= <&C&2Y 5% ,= 57 =-5+2& >&4:2>& *7< ] ,-2& >,&<& <& =-4-2<->-&= 5% #74475
:,-27=7:,-&=Y 2&<5-5+ +72=Y 5% #>-C->-&=Y >,&<& -= 2=7 +<&> %-C&<=->F] ,& 57>-75 7*  = =F5>,&=-G-5+
4&>,7% >,> -= 472%&% >7 &#, ?5-;?& #4:Y iNOY 5% :7=>i=&#75%<F =&>>-5+ e&]+]Y +&7+<:,-#2Y #?2>?<2Y
,-=>7<-#2f 4F "& j5%-5 F]k 5 7>,&< D7<%=Y j5%-5 Fk >,> -= +?-%&% "F >,& :,-27=7:,-&=Y
2&<5-5+ +72= 5% #>-C->-&= -%&5>-K&% -5 >,& =>?%FY "?> > >,& =4& >-4&Y >,-= j5%-5 Fk -= =,:&% 5%
472%&% >7 27#2 +&7+<:,-&=Y ,-=>7<-&=Y 5% #?2>?<&= D,-#, <&=?2>= -5 57> 75& =:&#-K# j5%-5 Fk 7* 
"?> 45F j5%-5 F=]k <74 >,-= :&<=:&#>-C&Y >7 >,& ?5><-5&% &F&Y  4-+,> 2771 2-1& 4&==F :<7#&==Y
D,-2& >7 >,& ><-5&% &F&Y -> -= j"&?>-*?2 4&==F :<7#&==k D->, :?<:7=&] ,&<&*7<&Y -> 4F "& 47<& ##?<>& >7
=->?>&=4&>,7%<>,&<>,5%-=#-:2-5&===47<&%-%-5NVTO]
 F '&' +#%""'&""%'&"!!!
Reconciliation, Racism, and Privilege
5% 5% 5%-5= ,C& 4%& #744->4&5> >7 <&#75#-2->-75 D->, 5%-+&57?= 5%-5= = <&L&#>&%
-5 >,& <&#&5> 254& . !/.','4'/. !0/24 e<?>, 5% &#75#-2->-75 744-==-75Y OMNRf] 75=-%&<-5+
>,& :,-27=7:,-&= 5% C2?&= >,> %<-C&  #7?:2&% D->, m= #74475 2&<5-5+ +72=Y  -= D&22 :7=->-75&%
>7 %%<&== <&#75#-2->-75 = D&22 = <#-=4 5% :<-C-2&+& 47<& +&5&<22F] 7< &E4:2&Y ,C-5+ =>?%&5>= D7<1
>7+&>,&< -5 %-C&<=& +<7?:= %?<-5+ =&2*i:<7:&22&% <&47>& ><C&2 &E:&<-&5#&= 75 ><%->-752 25%= D,-2& 2&<5-5+
"7?> >,& ,-=>7<F 5% #?2>?<& 7* >,& ><C&2 <7?>& 7< 27#2 =:#&= -= 2<&%F #75><-"?>-5+ >7 >,& :<7#&== 7*
<&#75#-2->-75] 5++-5+ =>?%&5>= -5 =?#, ,5%=i75 &E:&<-&5#&= 7* %-C&<=& :&7:2& 5% :2#&= #5 "& :7D&<*?2
2&<5-5+ &E:&<-&5#&] ,-2& >,-= #5 "& -5>-4-%>-5+ 5% #,22&5+-5+ D7<1Y >,&<& <& -5#<&=-5+ <&=7?<#&= "&-5+
%&C&27:&% 5% C-2"2& >7 ==-=> ?= -5 >,-= >=1] &<& <& =74& <&=7?<#&= >,> ,C& "&&5 ,&2:*?2 *7< 4& e<-#1=75
v F2-& <7>GY OMON_ &5%&<=75 v 2&51-5=7:Y OMOO_ 7D&5i<?%&?Y OMNQ_ 7D&5i<?%&?Y OMNV_ &&<>=i
<5%=4&>2]YOMOMf]
Revisiting Humility
F4&5> 5% 7>>&< eOMONf &5#7?<+& 7?>%77< &%?#>7<= >7 "& 2&== ,?4"2&] & 5&&% >7 "&2-&C& -5 D,> D& %7
5% D& 5&&% >7 "& D-22-5+ >7 %C7#>& *7< =?::7<> 7* 7?<  :<7+<4=] ,-= #5 "& &E,?=>-5+ D7<1] 7D&C&<Y
75& #2&< 7"=&<C>-75 *<74 7?< -5>&<C-&D= 5% =->& C-=->= -= >,> 7?>%77< &%?#>7<= <& #744->>&% 5%
:==-75>& +<7?: 7* >&#,&<= 5% 2&%&<= D,7 <& :<7C-%-5+ :<7*7?5%2F 4&5-5+*?2 &E:&<-&5#&= *7< =>?%&5>=
5% #4:&<=] 5%Y = D& 22 157DY >,&<& <& &=-&< DF= >7 1&&: 7?< 07"= = >&#,&<= 5% *#?2>F 4&4"&<=
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5%#75>-5?&>7"&75+77%:>,[
-522FY &5#7?<+& F7? 22 >7 =?::7<> F7?< 27#2Y <&+-752Y 5>-752Y 5% -5>&<5>-752  5% &%?#>-752
7<+5-G>-75= -5 7<%&< >7 #75>-5?& >,& %&C&27:4&5> 7* 5 -5*7<4&% 5% ?5->&% C7-#& *7< ] > -= -4:7<>5>
>,> D& <& "2& >7 <>-#?2>& >,& 45F "&5&K>= 7*  5% >7 %&475=><>& ,7D  #5 #75><-"?>& >7 >,&
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References
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==47<&Y]eNVTOf] 54 //2! 54'/.'.. UAIGB]5%-5%?#>-75==7#->-75]
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5 5%Y ?=&= &E:&<-&5>-2 #,22&5+& #>-C->-&=Y ?=?22F #75%?#>&% -5 =422 +<7?:=Y >7 &5++& D->,
>,& >,&<:-=>Y *7< >,& C<-&% :?<:7=&= 7* &4:7D&<-5+Y "?-2%-5+ <&=-2-&5#&Y 27D&<-5+ =><&==Y %&C&27:-5+ #7:-5+
=><>&+-&=Y -4:<7C-5+ :<7i=7#-2 =1-22=Y <&=72C-5+ ><?4Y ><5=*7<4-5+ "&,C-7<Y <&%?#-5+ <&=-=>5#& >7 #,5+&
e<-&=>Y OMONf 5% &5,5#-5+ 7C&<22 &#7,&2>, e->#,-& &> 2]Y OMOOf] 27"22FY -= %-H&<&5>->&% *<74 7>,&<
%C&5>?<& K&2%= "F >,& ?=& 7* >,& ?=?2 7?>%77< #,22&5+&= -5 5>?<&Y "?> "F %%-5+ j%C5#&% *#-2->>-75
>&#,5-;?&= >,> 7H&< "&5&K#-2 2>&<5>-C& "&,C-7<= 7< ?+4&5> D,> -= 2<&%F %75& D&22k =7 = >7 <&%?#&
#2-&5><&=-=>5#&>7,&2>,F#,5+&e<-&=>v==YOMNUY:]QNUf]
%"/-6,/%"/-"21&
&5><2 >7 >,&=& %&K5->-752 <+?4&5>= -= >,& >>&4:> >7 %&2-5&>& "&>D&&5 >,& #75#&:>= 7* j>,&<:Fk 5%
 F !!(!&'%&%#+
j>,&<:&?>-#]k <2F 75 -5 >,& ,-=>7<-#2 &C72?>-75 7* Y == eNVVPf =?++&=>&% >,> %C&5>?<& :<7+<44-5+
&E-=>= #<7== #75>-5??4 7* %&:>, 7* -5>&<C&5>-75Y D->, <&#<&>-752 :<7+<44-5+ 7##?:F-5+ >,& =,227D &5%
7* >,& =:&#><?4Y &%?#>-752 :<7+<4= =74&D,&<& -5 >,& 4-%%2&Y 5% %0?5#>-C& e%&C&27:4&5>2f 5% :<-4<F
e>,&<:Ff ><&>4&5> -5>&<C&5>-75= #75=-%&<&% j%&&:]k ,-= #75>-5??4 -= *?<>,&< %&C&27:&% -5 >,& 7:&5-5+
%&K5->-752#,:>&<7*>,-=>&E>"771e<-&=>YOMOPf]
5 7<%&< >7 %&2-5&>& "&>D&&5 %&C&27:4&5>2 e>,&<:&?>-# 7< %0?5#>-C&f :<7+<4= 5% >,&<:F e:<-4<F
><&>4&5>f :<7+<4=Y -22-4= eOMMQf :<7:7=&% =-Ei*#>7< 47%&2] ,-= 47%&2 <&;?-<&% >,> -5 7<%&< *7< 5
-5>&<C&5>-75>7"&#75=-%&<&%>,&<:FY->4?=>-5#2?%&X
N] %-+57=&%:<&=&5>-5+:<7"2&4
O] :&#-K#><&>4&5>+72=
P] ><+&>&%-5>&<C&5>-75=:&#-K#>7>,&:<&=&5>-5+:<7"2&4
Q] ,&7<Fi-5*7<4&%:<7+<4:255-5+
R] F=>&4>-#<&=&<#,5%&C2?>-757*:<7#&==5%7?>#74&=
S] #-2->>-75"F><-5&%#2-5-#-5=e-22-4=YOMMQf
,&<:&?>-# :<7+<44-5+ 4F =>-22 ,C& "&5&K#-2 #2-&5> 7?>#74&=Y "?> 57> 5&#&==<-2F -5#2?%& >,& #7<&
#74:75&5>= 7* >,&<:F 7< >,& :<&=&5#& 7* :<#>->-75&< D->, #2-5-#2 2-#&5=& e-22-4=Y OMMQf] 5 =?44<FY
>F:-#22F -5C72C&= =&C&<2 &2&4&5>=X =422 +<7?: 7* #2-&5>=Y D->, -5%-C-%?2 5&&%=Y &5++&% -5 #,22&5+&=
-5C72C-5+ <-=1Y #75L-#>Y 7< &E&<#-=&Y D->, 5>?<& -44&<=-75 *7227D&% "F <&L&#>-75 ?5%&< >,& *#-2->>-75 7* 5
7?>%77< 2&%&< -5 :=F#,7>,&<:&?>-# :<7#&== +?-%&% "F =?:&<C-=-5+ >,&<:-=> e<-&=>Y OMOP"f] ,& 2=> >D7
&2&4&5>=%&2-5&>&>,&<:F*<74>,&<:&?>-#:<7+<44-5+]
!3"+12/"%"/-6&++!
-+5-K#5> +<7D>, ,= 7##?<<&% %?<-5+ >,& 2=> OR F&<=Y &=:&#-22F -5 >,& 5->&% >>&=Y ?=><2=-Y >,&
5->&% -5+%74Y 5% ?<7:& e7<>75 &> 2]Y OMNRf] 7D&C&<Y +<7D>, -5 5% ,= "&&5 4?#, =27D&<
e->#,-& &> 2]Y OMNSf] ><>-5+ -5 >,& NVTM=Y >,&<:&?>-# %C&5>?<& :<7+<4= %&=-+5&% = %-C&<=-75
-5>&<C&5>-75= *7< F7?>, > <-=1 7* &5++&4&5> D->, >,& 0?C&5-2& 0?=>-#& =F=>&4 "&#4& #74475 -5 <->-=,
72?4"-Y <&#,-5+ :&1 7* OS *?5%&% :<7+<4=] &>Y "F OMNQY 752F O :<7+<4= <&4-5&% #>-C& e<5&>> v
7D&22Y OMNQfY 5% "F OMNVY >,&=& >D7 ,% #27=&%] ,&=& >D7 :<7+<4= %-% 57> -5#2?%& 4&5>2 ,&2>, =&<C-#&=
*<74 2-#&5=&% #2-5-#-5= 5% D&<& 47<& ##?<>&2F %&=#<-"&% = %&C&27:4&5>2 :<7+<4= >,5 >,&<:F] ,&=&
 :<7+<4= -4&% >7 =?::7<> =1-22 %&C&27:4&5> >,> -5#<&=&% >,& ;?2->F 7* :<>-#-:5>=m %-2F 2-C&= <>,&<
>,5 %%<&== <&=-=>5#& >7 #,5+& 7< :<7#&==-5+ 7* ><?4 e<-&=> v ==Y OMNUf] ,-2& >,&=& %&C&27:4&5>2
:<7+<4= %-% 57> 4&&> >,& :<&C-7?=2F %&=#<-"&% %&K5->-75 7* Y D-2%&<5&== :<7+<44-5+ I2->&% D->,
0?C&5-2& 0?=>-#& D= ;?->& #74475 #<7== 5% 5% =&<C&% = =>&::-5+=>75& >7D<%= :<7+<44-5+]
!!(!&'%&%#+ F 
5& =?#, :<7+<4 D= <70&#> <&Y D,-#, =><>&% = 5 7:&5 #?=>7%F D-2%&<5&==i"=&% :<7+<4 -5 NVTN]
&5%-+7 1& E:&%->-75= >771 #75><72 7* >,& :<7+<4 *>&< >,& +7C&<54&5> :<-C>-G&% ->Y :<7C-%-5+ =&<C-#&=
*<74 OMMMiOMON] &5%-+7 1& E:&%->-75= %-H&<&% *<74 ->= &=>&<5 #7?5>&<:<>= -5 >,> >,&-< :<7+<4
-5#2?%&%2-#&5=&%4&5>2,&2>,:<7*&==-752=e?==&22YOMMSf]
5C-<7= -2%&<5&== 4: ==7#->-75Y #?<<&5>2F "=&% -5 2+<FY Y =><>&% = =-5+2& D-2%&<5&==
:<7+<4 %&C&27:&% "F =7#-2 D7<1&<= -5 NVTS 5% ,= +<7D5 >7 2<+& D<: <7?5% +&5#F >,> :<7C-%&=
C<-&>F 7* 4&5>2 ,&2>,Y %%-#>-75Y 5% =7#-2 =&<C-#&= e"7?> 5C-<7=Y OMOPf] 5C-<7=m ,?5% <&&1
D-2%&<5&==i"=&% %%-#>-75= ><&>4&5> :<7+<4 :<>5&<&% D->, -22-= 5% ?==&22 eOMNTf -5 OMNM >7 #<&>& 5
7?>#74&= 475->7<-5+ :<7+<4 D->, =:&#-K# *7#?= 75 ==&==-5+ >,& %%&% C2?& 7* -5#2?%-5+ #74:75&5>=
-5 =?"=>5#& ?=& ><&>4&5>Y &C&5>?22F 2&%-5+ >7 >,& %&C&27:4&5> 7* >,& %C&5>?<& ,&<:F E:&<-&5#&
#2& ef] ,?5% <&&1 #75>-5?&= >7 7:&<>& ->= VMi%F ><&>4&5> :<7+<4 ?5%&< =?:&<C-=-75 7* 2-#&5=&%
4&5>2,&2>,:<7*&==-752=5&<55=1-=Y]
5%-5= ,C& >>&5%&% 22 5-5& 5>&<5>-752 %C&5>?<& ,&<:F 75*&<&5#&= efY 5% >,& ,-<%
 D= ,7=>&% -5 -#>7<-Y <->-=, 72?4"-Y -5 OMMP] > >,& 7?<>,  -5 7>7>?<Y 7>&<7`&D
&25% -5 OMMSY +<7?: 7* 5%-5= 4&> >7 %-=#?== >,& #?<<&5> =>>& 5% %&C&27:4&5> 7* -5 5%Y
2&%-5+ >7 =&<-&= 7* >,& 5%-5 %C&5>?<& ,&<:F F4:7=- 7<  e->#,-& &> 2]Y OMNSf] -5#& >,&
K<=> OMMV Y ,&2% -5 -#>7<-Y Y =&C&5 47<&  ,C& #75C&5&% -5 5%-5 27#>-75= -5#2?%-5+
?&"&#Y 5><-7Y 2"&<>Y 7C #7>-Y 5% >,& ?175 e7<5&22Y OMNVf]  &C&5>= D&<& -5>&5>-7522F
,&2% -5 %-=>-5#> <&+-75= 7* >,& #7?5><F >7 &5#7?<+& :<>-#-:>-75 *<74 "<&%>, 7* &%?#>7<=Y #2-5-#-5=Y
<&=&<#,&<=Y =>?%&5>=Y 5%-+&57?= #744?5->-&=Y 5% :<7+<4 :<7C-%&<= #<7== >,& 5>-75_ "7?> RM :&<#&5> 7*
 &C&5> :<>-#-:5>= -%&5>-K&% = :<7C-%-5+ >,&<:F 7< >,&<:&?>-# =&<C-#&=Y D,-2& >,& <&4-5%&< -%&5>-K&%
D->, 7>,&< :<-4<F =&<C-#& %74-5= e7<5&22Y OMNVf] ,-= %-C&<=->F -5 >>&5%5#& ,= <&=?2>&% -5 *7#?=-5+
#75*&<&5#&#75C&<=>-75=75>,&:7>&5>-2"&5&K>=7*5%i<&2>&%:<#>-#&=#<7==4?2>-:2&=&#>7<=]
5F 5%-+&57?= #744?5->-&= #<7== 5% ,C& 275+ ,-=>7<-&= 7* 25%i"=&% ,&2-5+ :<#>-#&= >7 =?::7<>
,&2>,Y D&22i"&-5+Y 5% #?2>?<&] ,-2& *?22 %&=#<-:>-75 7* 25%i"=&% ,&2-5+ :<#>-#&= -= "&F75% >,& =#7:& 7*
>,-=#,:>&<Y25%i"=&%,&2-5+:<#>-#&=-55%,C&"&&5%&=#<-"&%=X
Z ,&2>, 7< ,&2-5+ :<7+<4 7< =&<C-#& >,> >1&= :2#& -5 575i?<"5Y <?<2 7< <&47>& 27#>-75 75 25%
"=& >,> ,= "&&5 -5>&5>-7522F =:-<->?22F #?2>-C>&% >7 &5=?<& >,& 25% -= ,757?<&% 5% <&=:&#>&%] ,& 25% -=
?5%&<=>77% >7 "& 5 #>-C& ,7=> 5% :<>5&< >7 >,& :&7:2& &5++&% -5 >,& ,&2-5+ :<7#&==] ,& #?2>-C>-75 7*
25% "=& ?5%&< >,& =>&D<%=,-: 7* -<=> >-75 :&7:2& -= ?=?22F %75& >,<7?+, >,& %&C&27:4&5> 7* 5 -5>-4>&
=:-<->i"=&% <&2>-75=,-: >,<7?+, #&<&475FY 7H&<-5+=Y &E:<&==-75 7* +<>->?%& 5% <&;?&=>= *7< :&<4-==-75 *<74
>,&25%>7&5>&<5%?=&->*7<,&2-5+:?<:7=&=]e5=75YOMNOY:]Of
5 >,& =?<*#&Y >,&<& 4F "& =74& =-4-2<->-&= "&>D&&5 ><%->-752 25%i"=&% ,&2-5+ :<#>-#&= 5% _ "7>,
:<#>-#&= -4 >7 =?::7<> 4&5>2 ,&2>, 5% D&22i"&-5+ 5% 7##?< 7?>%77<=] &=:->& >,&=& =-4-2<->-&=Y -> -=
-4:7<>5> >,& >D7 :<#>-#&= <& 57> #75L>&%] 5%-5 %C&5>?<& >,&<:-=>= =,7?2% "& #<&*?2 >7 C7-%
#?2>?<2 ::<7:<->-75 7* ><%->-752 :<#>-#&= -5 >,&-< D7<1Y "?> >,&<& -= C2?& -5 D&=>&<5 5% 5%-+&57?=
:<#>->-75&<= #74-5+ >7+&>,&< >7 =,<&Y 2&<5Y 5% =?::7<> &#, 7>,&< -5 +77% DF] 5 &E4:2& 7* =?#,
 F !!(!&'%&%#+
#722"7<>-75 7##?<<&% >  T -5 ,->&,7<=&Y ] <5% ,-&* &>&< 7,5=>75 +C& 1&F57>& "7?> >,&
C2?& 7* &5++-5+ D->, 25% *7< ,&2>,Y D&22"&-5+Y 5% 47C-5+ *7<D<% = =7#-&>FY = D&22 = 75 ?175 -<=>
>-75= ><&>-&= 5% =&2*i+7C&<55#& e7<5&22Y OMNVf] ?>?<& 4&&>-5+= 7* 5%-5 :<7*&==-752= =,7?2%
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&#,7>,&<m=,&2-5+D7<17?>%77<=]
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=&<C-#&= #<7== >,& #7?5><F e&]+] 5C-<7= -5 2"&<>Y -5& -C&< 5=>->?>& -5 5><-7Y & <5% ,&4-5 -5
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v C7<=1-Y OMONf] :<7+<44-5+ >&5%&% >7 "& %0?5#>-C& >7 47<& ><%->-752 4&5>2 ,&2>, =&<C-#&= 5%
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#57&-5+Y 1F1-5+Y ,-1-5+Y 7< =-2-5+Y 5% =,7<>&<i>&<4 eOiNM %Ff D-2%&<5&== &E:&%->-75= e<-&=> v C7<=1-Y
OMONf] ,-2& *7<42 ><-5-5+ 7< :7=>i=&#75%<F &%?#>-75 -5 -= =:<=& -5 5% e->#,-& &> 2]Y OMNSfY
=>&<m= %&+<&& -5 D= <&#&5>2F 2?5#,&% > >,& 5-C&<=->F 7* ?&"&# > ,-#7?>-4-] =&<C-#&= <& 2=7
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*7<>,&5&&%7*i"=&%4&5>2,&2>,=?::7<>#<7==5%]
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#2-&5> >7 &E:&<-4&5> D->, %-H&<&5> >,7?+,>=Y *&&2-5+=Y 5% "&,C-7<= e<-&=> v ==Y OMNUf] ,& #,22&5+&=
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>,&=& :<7C-%& -5><:&<=752Y -5>&<:&<=752Y 5% :,F=-#2 5% 4&5>2 ,&2>, "&5&K>= e<-&=>Y OMOP"_ ->#,-& &>
2]Y OMOOf] ,&=& #,22&5+&= <& 57<422F *#-2->>&% ?=-5+ <&L&#>-75 >&#,5-;?&= %:>&% *<74 72"m= eNVUQf
&E:&<-&5>-2 2&<5-5+ #F#2&_ 5% %C&5>?<& >,&<:-=>= :<&=&5> 5 #>-C->F %&=-+5&% >7 <&;?-<& #2-&5>= >7 &4:27F
>,7?+,>=Y *&&2-5+=Y 7< "&,C-7<= -5 2-5& D->, >,&<:&?>-# +72Y ,&2: #2-&5>= <&L&#> 75 >,& &E:&<-&5#&Y 5%
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v ==Y OMNUf] &F75% >,-= +&5&<2 *<4&D7<1 7* #,22&5+&= 5% <&L&#>-75Y 5% <&+<%2&== 7* #>-C->-&=
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=>?<>&%=72?>-75=Y?5-;?&?5-C&<=&Y:?<:7=&*?2:<7+<44-5+Y<&%?#&%<&=-=>5#&Y5%?>,&5>-#%C&5>?<&]
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%F= D&&1 *7< =&C&<2 D&&1= e== &> 2]Y OMOMf] %C&5>?<& >,&<:-=>= &4:27F %C5#&% *#-2->>-75 =1-22=
-5#2?%-5+ -=747<:,-# *<4-5+Y *<75>27%-5+Y 5% *?55&2-5+ >7 %&C&27: ><5=*7<4>-C& #>-C->-&= =?::7<>-C& 7*
#2-&5>+<7D>,>7D<%>,&<:&?>-#+72=e<-&=>5%==YOMNUf]
5 >,& 7<>, 4&<-#5 #75>&E>Y >,& :<7#&== ,= "&&5 %&=#<-"&% = >,&<:-=>= 5% #2-&5>= #7i#<&>-5+
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:<>-#-:5>= >7 >&=> 7?> 57C&2 =72?>-75= >7 #,22&5+&= >,&F *#& -5 >,&-< %-2F 2-C&= -5 >,& #75>&E> 7* 5 %C&5>?<&
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*7< 4&4"&<= >7 ?5->& <7?5% 5 7"0&#>-C&Y C7-% >,& *7<4>-75 7* #2-;?&=Y 5% 45+& #75L-#> -5 ,&2>,F DF]
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<7?>-5&=Y 5% *<&;?&5> &E&<#-=&] -5>&<C&5>-75=Y <&+<%2&== 7* #75>&E>Y <& =#<&&5i*<&& 5% :<7C-%& #2-&5>= >,&
7::7<>?5->F >7 %&C&27: ><?=>-5+ <&2>-75=,-:= D->, :&&<=Y #2-5-#-5=Y 5% >,&4=&2C&= *<&& *<74 5&+>-C& ,&2>,
7?>#74&= e:77<&< :,F=-#2 ,&2>,Y ;?2->F 7* 2-*&Y 5% *4-2F <&2>-75=,-:=f ==7#->&% D->, =#<&&5i"=&% 4&%-
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5% 2==m= eNVTTf #75#2?=-75 >,> >,&<:&?>-# 22-5#& D= 47<& =><75+2F ==7#->&% D->, :7=->-C& 7?>#74&=_
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>,&2&=>Y%&475=><>&%>,&=><75+&=>&H&#>=-G&=*7<:7=->-C&#2-&5>#,5+&>,<7?+,><&>4&5>]
-5>&<C&5>-75= 7H&< :<&=#<-:>-C& #,22&5+&= %&=-+5&% =7 >,> -5 7<%&< *7< #2-&5> >7 "& =?##&==*?2Y >,&F
4?=> +&5&<>& 5% ::2F %:>-C& >,7?+,>=Y "&,C-7<=Y 5%`7< *&&2-5+= ><+&>&% = +72= -5 >,&-< ><&>4&5> :25=
e2C<&G &> 2]Y OMOM_ == &> 2]Y OMOMf] #>-C->-&= 7*>&5 <&;?-<& >,> #2-&5>= &5++& >,<7?+, H&#>-C&Y "&,C-7<2Y
#7+5->-C&Y =7#-2Y 7< 1-5&=>,&>-# %74-5 >7 5C-+>& #,22&5+&= -5 >,& :<&=&5> 474&5> 5% &E:&<-&5#& &?=><&==Y
>,& #75=#-7?= ::2-#>-75 7* :&<=752 #74:&>&5#& >7 7C&<#74& :&<#&-C&% <-=1= e<-&=> v ==Y OMNUf] ,&>,&<
%C&5>?<& #>-C->-&= <& %&=-+5&% >7 227D #2-&5>= >7 %%<&== =:&#-K# ><&>4&5> +72= e2C<&G &> 2]Y OMOM_ ==
&> 2]Y OMOMf 7< 5>?<&i"=&% &E:&<-&5#&= <& ?=&% >7 227D 47<& &4&<+&5> 7?>#74&= e7"?% v >F5#G?1Y
OMOOfY :<#>->-75&<= =><-C& >7 ,&2: #2-&5>= ><5=*&< 2&<5-5+ *7#?=&% <7?5% #7i#<&>&% +72= *<74 >,&
%C&5>?<&&E:&<-&5#&>7>,&-<%-2F2-C&=]
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-5>&<C&5>-75= &5++& #2-&5>= >,<7?+, :<7#&==&= ==7#->&% D->, >,& &E:&<-&5>-2 2&<5-5+ #F#2& e72"Y NVUQf]
,&=& :<7#&==&= =?::7<> #2-&5>= >,<7?+, #>-C->-&=Y <&L&#>-75 75 >,&=& &E:&<-&5#&=Y -5>&+<>-75 7< -%&5>-*F-5+
2&<5-5+= *<74 &E:&<-&5#&=Y 5% #75>-5?>-75 7< #744->4&5> >7 ::2F-5+ >,7=& 2&<5-5+= -5 >,& *?>?<&
>,<7?+, =:&#-K# #,5+&= -5 >,-51-5+ 5% "&,C-7<] %C&5>?<& >,&<:-=>= 7*>&5 :<#>-#& *<74 =72?>-75 *7#?=&%
7<-&5>>-75Y ,&2:-5+ #2-&5>= >7 j%7 47<&k 7* D,> -= D7<1-5+ *7< >,&4 5% j%7 2&==k 7* D,> -= 57> e== &> 2]Y
OMNOf] #>-C->-&= <& =&2&#>&% >7 &5++& D->, 5% "?-2% ?:75 #2-&5> =><&5+>,= 5% -5>&<&=>=Y *?<>,&< <&%?#-5+
>,& 2-1&2-,77% 7* #2-&5> <&=-=>5#& >7 ><&>4&5> e5%7<7H v &D&=Y OMMQf] ?<>,&<47<&Y -5>&<C&5>-75=
<& %&=-+5&% >7 =?::7<> #2-&5> ?>7574FY #74:&>&5#&Y 5% <&2>&%5&==Y >,& >,<&& "=-# :=F#,727+-#2 5&&%=
%&=#<-"&% "F =&2*i%&>&<4-5>-75 >,&7<F eF5 v &#-Y OMMMf] F5 5% &#- eOMMMf "&2-&C&% >,> D,&5 >,&=&
5&&%= D&<& 4&>Y #2-&5>= D&<& 47<& 2-1&2F >7 %&C&27: -5><-5=-# 47>-C>-75 >7 #,5+&Y >,?= <&%?#-5+ <&=-=>5#& >7
>,&<:F] ,& %&2-"&<>& ?=& 7* <&#-:<7#->F e2=, v 722-5=Y NVTSf -5 -5>&<C&5>-75= 2=7 =&<C&= >7 <&%?#&
#2-&5><&=-=>5#&]
<>-#-:>-5+ -5 +<7?: &E:&<-&5#&= >,> <&;?-<& >>&5>-75 5% &H7<> *<74 22 4&4"&<= -5 7<%&< >7 4&&> 5
7"0&#>-C& #5 &5++& >,7=& #2-&5>= D,7 4F "& 7>,&<D-=& <&=-=>5> >7 2&<5-5+ 5% +<7D>, e<?5&<Y NVSSf]
&>>&<45 &> 2] eOMNSf *7?5% >,> #?&-5+ =>?%F :<>-#-:5>= >7 D<->& "7?> 5&+>-C& 2-*& &E:&<-&5#&= 5%
%&:<&==-C& =F4:>74= -5 4&>:,7<-#2 >&<4= 2&% >7 +<&>&< <&%?#>-75= -5 5&+>-C& H&#> 5% %&:<&==-C&
=F4:>74= 7C&< >-4& #74:<& >7 :<>-#-:5>= D,7 D&<& #?&% >7 D<->& -5 2->&<2 >&<4=] ?<>,&<47<&Y >,&F *7?5%
>,> 4&>:,7<-#2 :<7#&==-5+ #7?2% "& >?+,> >7 :<>-#-:5>= D,7 D&<& 47<& :<&i%-=:7=&% >7 >,-51-5+ 2->&<22F
e&>>&<45&>2]YOMNSf]
-5>&<C&5>-75= <& 7*>&5 %&=-+5&% >7 "& -=747<:,-#22F #755&#>&% >7 >,& #2-&5>=m ><&>4&5> +72=_ >,&
#>-C->F ->=&2* -= 4&>:,7< *7< 5 -==?& >,& #2-&5> -= =&&1-5+ >7 <&=72C&Y 5% =?##&==*?2 <&=72?>-75 7* >,&
#>-C->F "&#74&= :<22&2 :<7#&== >7 #,-&C-5+ ><&>4&5> +72 -5 <&2 2-*&] %%<&==-5+ #2-&5> -==?& >,<7?+,
>,& =><?#>?<&% 4&>:,7< 7* 5 #>-C->F -= 7*>&5 4&> D->, 2&== <&=-=>5#& >,5 7##?<= D,-2& =:&1-5+ "7?>
>,& -==?& %-<&#>2F e<-&=> v ==Y OMNUf] ,& :<7#&== *7< #<&>-5+ -=747<:,-#22F *<4&% -5>&<C&5>-75=
5% *#-2->>-5+ %-<&#> 7< -5%-<&#> ><5=*&< 7* 2&<5-5+ *<74 >,& %C&5>?<& &E:&<-&5#& >7 #2-&5>=m %-2F 2-C&=
,= "&&5 D&22 %&=#<-"&% -5 >,& 2->&<>?<& e#75Y NVUP_ ==Y NVVP_ == &> 2]Y OMNO_ == &> 2]Y OMOMf]
,&<:&?>-# 4&>:,7<= #5 #> >7 <&%?#& #2-&5> <&=-=>5#& >7 *?5#>-752 #,5+& 5% &5,5#& >,& &I##F 7*
>,&<:&?>-# -5>&<C&5>-75= e<-1=75Y NVUMf = >,&F #5 7*>&5 #744?5-#>& #74:2&E 7< "=><#> #75#&:>= -5
47<& ?5%&<=>5%"2& DF eF&= &> 2]Y NVVVf] &>:,7<= <&;?-<& #2-&5>= >7 #75%?#> ><5=%&<-C>-752 =&<#,
7* 22 7* >,&-< :=> &E:&<-&5#&=Y C2?&=Y 5% "&2-&*= -5 7<%&< >7 41& =&5=& 7* >,& #?<<&5> 4&>:,7<-#2 &E:&<-&5#&
e#75Y NVUPf] ,-= ?5#75=#-7?= :<7#&== "F:==&= >,& #75=#-7?= <&=-=>5#& >7 #,5+& #2-&5>= 4F ,C& 5%
227D= >,& #2-&5> >7 #<&>& >,&-< 7D5 4&5-5+ e==Y NVVPf] == eNVVPf *?<>,&< &E:2-5&% >,> :<7:&<2F *7<4&%
4&>:,7<= -5 "?-2% ?:75 >,&-< ::2-#>-75 -5 ><%->-752 >,&<:-&= %?& >7X Nf #2-&5>=m >&5%&5#F >7 &E,-"->
=&2*i47>-C>-5+ <&=:75=&= >7 :<7:&<2F *7<4&% -5>&<C&5>-75=_ 5% Of >,& 7<-&5>>-75 7* -5>&<C&5>-75=
>7D<%==?##&==*?2<&=72?>-75]
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7<>, 4&<-#5 2->&<>?<& 7C&< >,& 2=> KC& %&#%&= ,= =,-*>&% #75=-%&<"2F -5 ,7D &>,-#2 5% &H&#>-C&
-= :<#>-#&%Y ,7D&C&<Y >,& #7<& &2&4&5>= 7* -5>&<C&5>-75= ,C& 2DF= -5#2?%&% #75#<&>& :,F=-#2
&E:&<-&5#&] 2=, 5% 72-5= eNVTSf %&=#<-"&% >,& &==&5>-2 <72& 7* #,<#>&<-=>-# =&> 7* :,F=-#2 :<7"2&4i
=72C-5+ >=1= = #7<& >7 >,& #,5+& :<7#&==] #,7&2 &> 2] eNVUUf :<7C-%&% *<4&D7<1 >7 ?=& &E:&<-&5>-2
+<7?: :<7"2&4i=72C-5+ #,22&5+&= 5% #,22&5+& #7?<=& #>-C->-&= e&]+] ,-+, 5% 27D <7:&= #7?<=&=f >7 *#-2->>&
=7#-2Y &47>-752Y 5% "&,C-7<2 #,5+&Y D,-2& %2&< eNVVPf %&>-2&% ,7D 1-5&=>,&>-# &5++&4&5> -5
#,22&5+-5+ #>-C->-&= #7?2% #?=& %-=&;?-2-"<-?4 -5 #2-&5>= 2&%-5+ >7 "&,C-7<2 #,5+&] 7<>75 eOMNMf *7?5%
>,> :,F=-#2 #,22&5+& D= &==&5>-2 >7 :7=->-C& #,5+& -5 D-2%&<5&== >,&<:F #2-&5>=Y 5% 7D&5 5% &-22m=
eOMNPf 4&>i52F=-= *7?5% 2&<5-5+ >,<7?+, 4&5-5+*?2 :,F=-#2 &5++&4&5> -5 %C&5>?<& #>-C->-&= 5% >,&
==7#->&%:7=->-C&?=&7*=><&==e&?=><&==fD=&==&5>-2>7>,&#,5+&:<7#&==]
-5>&<C&5>-75= <& #75#<&>&Y =><-+,>*7<D<%Y 5% :<7%?#& *&&2-5+= 7* #,7-#& *7< #2-&5>= e<-&=> v ==Y
OMNUf] &E:&<-&5#&= -5C72C& <&2 7< :&<#&-C&% <-=1= ::<7:<->&2F 4>#,&% >7 >,& #2-&5>=m #74:&>&5#& -5
+-C&5 <&Y 5% #2-&5>= 4?=> ?=& >,&-< &E-=>-5+ =1-22=&>= 7< %&C&27: 5&D DF= 7* "&-5+ >7 =?##&==*?22F #74:2&>& >,&
#>-C->F] ,&F <& 7<+5-G&% D->, >,& -5>&5> 7* #722&#>-C&2F #,-&C-5+ #2-&5>=m ><&>4&5> +72= 5% =><?#>?<&% -5
45+&"2& DF =?#, >,> #2-&5> #75K%&5#& -= "?-2> >,<7?+, =72C-5+ -5#<&4&5>22F 47<& #,22&5+-5+ :<7"2&4=
e<-&=> v ==Y OMNUf] ,& #>-C->-&= <& #75=&;?&5>-2_ #2-&5>= <&#&-C& 5>?<2 *&&%"#1 75 >,&-< 4&5>2Y
&47>-752Y =7#-2Y 5% :,F=-#2 :&<*7<45#&Y 5% %C&5>?<& >,&<:-=>= ,&2: #2-&5>= <&L&#> 75 >,-= *&&%"#1 >7
-%&5>-*F DF= >7 -4:<7C& e== &> 2]Y OMOMf] -5>&<C&5>-75= *7=>&< <&#-:<7#->F "&>D&&5 4&4"&<=Y =?#, >,>
#2-&5> +<7?:= 4?=> 41& ?=& 7* >,& C<-&% =><&5+>,= 7* &#, 4&4"&< >7 7C&<#74& #,22&5+&= >,> D7?2% "&
-4:7==-"2&>7#,-&C&=5-5%-C-%?2e==&>2]YOMOMf]
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%C&5>?<& >,&<:F -5>&<C&5>-75= <&;?-<& :<#>->-75&<= >7 ,C& &E:&<>-=& -5 C<-&>F 7* %74-5=X 7?>%77<
#>-C->-&= 5% 2&%&<=,-:Y *#-2->>-75 5% >,&<:FY 157D2&%+& 7* #2-&5>&2& 5% #?2>?<&Y 5% :&<=752 ;?2->-&= 5%
;?2-K#>-75= e<-&=> v -22-=Y OMOPf] #;?-<-5+ >,&=& =1-22= <&;?-<&= 5 -5%-C-%?2 >7 ><-5 >,&4=&2C&= -5 >D7
7< 47<& :<7*&==-75=X = 2-#&5=&% 4&5>2 ,&2>, #2-5-#-5 5% #<&%&5>-2&% -5=><?#>7< *7< 5F 7?>%77< #>-C->F
>,&F D5>&% >7 2&% = :<> 7* >,&-< :<#>-#&] ,-= -5C72C&= &<5-5+ 4=>&<=m %&+<&& -5 4&5>2 ,&2>, K&2%
e&]+]Y #7?5=&22-5+ :=F#,727+FY =7#-2 D7<1Y 4<<-+& 5% *4-2F >,&<:FY 5% #,-2% 5% F7?>, #<&fY &<5-5+
#2-5-#2 2-#&5=& -5 >,& :<7C-5#& >,&F D5> >7 D7<1 -5Y 4-5>-5-5+ D-2%&<5&== K<=> <&=:75%&< ;?2-K#>-75Y 5%
&<5-5+ 5% 4-5>-5-5+ 5 -5=><?#>7< #<&%&5>-2 *7< 5F ::2-#"2& 7?>%77< #>-C->-&= e&]+]Y #57&-5+Y 1F1-5+Y
<7#1 #2-4"-5+Y #F#2-5+Y &>#f] <5-5+ 5% 4-5>-5-5+ >,&=& #<&%&5>-2= = 5 -5%-C-%?2 <&;?-<&= =-+5-K#5>
-5C&=>4&5> 7* >-4& 5% <&=7?<#&=] = 57>&% "F <-&=> 5% -22-= eOMOPfY -> -= 2=7 :7==-"2& >7 #<&>& *#-2->>-75
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>&4= D->, 4?2>-:2& :<#>->-75&<=Y &#, "<-5+-5+ ?5-;?& =1-22=&> >7 &5=?<& >,& 2&%&<=,-: >&4 ,= &E:&<>-=& -5
22%74-5=<&;?-<&%>7:<7C-%&&>,-#25%&H&#>-C&:<7+<44-5+]
&C&<2 <&#&5> :?"2-#>-75= ,C& %&>-2&% >,& &==&5>-2 &2&4&5>= 7* +77% :<#>-#& e7<<7&2 &> 2]Y OMOM_
7<<7&2 &> 2]Y OMON_ <-&=> v -22-=Y OMOPf] ,-2& >,&F <& 57> -%&5>-#2Y >,& *?5%4&5>2= 7* %&=#<-"&% -5
&#, 7C&<2: #27=&2F e=&& >"2& NfY 5% >,&F =&<C& D&22 = +?-%& *7< 5&D :<#>->-75&<= -5>&<&=>&% -5 %&C&27:-5+
>,& =1-22= <&;?-<&% >7 *#-2->>& :<7+<44-5+ = 5 -5%-C-%?2 7< = :<> 7* >&4] 5 OMNUY OQ
:<#>->-75&<= *<74 NN 5>-75= 4&> *7< >,<&& %F= -5 >,& 2?& 7?5>-5= >7 >,& D&=> 7* F%5&FY ?=><2-Y >7
%-=#?== >,& &==&5>-2 &2&4&5>= 7* %C&5>?<& >,&<:F 5% :<#>-#& -5 5 -5>&<5>-752 #75>&E> e7<<7&2 &> 2]Y
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%-=:2F&% -5 >,& j,-51 51k #72?45 7* >"2& N] ,& ==7#->-75 *7< E:&<-&5>-2 %?#>-75 ef "&+5
7H&<-5+ >,& &<>-K&% 2-5-#2 %C&5>?<& ,&<:-=> ef #<&%&5>-2 -5 OMON e7<<7&2 &> 2]Y OMONf] ,&
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OMMMe<-&=>v-22-=YOMOPf
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$!&,$ e75#&<5=Y-27<-5+Y
5%-#>-75=Y75><-5%-#>-75=Y
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V,&<:&?>-#75->7<-5+
NM7#?4&5>>-75
NN<7*&==-752-=4
X:7==&==-757*
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2-#&5=?<&Y52F=-=7*:<-7<2&<5-5+
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N] #>-C->-&=`7?>%77<:?<=?->&E:&<>-=&*7<22#>-C->-&="&-5+7H&<&%=:<>7*5-5>&<C&5>-75D->,
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475->7<-5+Y5%#<->-#2-5#-%&5><&=:75=&
!!(!&'%&%#+ F 
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Q] 7?5=&22-5+&E:&<>-=&D->,4=>&<m=%&+<&&5%#2-5-#22-#&5=&Y-5#2?%-5+157D2&%+&7*47%&2=7*
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:7:?2>-75=_ >,& K5%-5+= 7* >,-= D7<1 #7?2% "& ?=&% >7 %C7#>& *7< %%->-752 ##&== >7 :<7+<44-5+
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"& #75>-5?&%Y D->, *7#?= 75 "<-5+-5+ >7+&>,&< :<7C-%&<=Y 5%-+&57?= #744?5->-&=Y 5% +7C&<54&5>
=>1&,72%&<= >7 #75>-5?& #75C&<=>-75= "7?> >,& C2?& 7* #755&#>-5+ -5 5% D->, 5>?<2 :2#&=Y #75=&<C>-75Y
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*<74 >,& <?>, 5% &#75#-2->-75 744-==-75 eY OMNRf] -522FY >,& 5&E> ->&<>-75 7*  =,7?2%
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5%7<7HY ]Y v &D&=Y ] eOMMQf] ,> -= %C&5>?<& >,&<:F^ 5 ] 5%7<7H v ] &D&= e%=]fY /-'.% /$
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<5&>>Y ]Y v 7D&22Y ] eOMNQf] %C5#-5+ "&=> :<#>-#&X &C-&D 7* *?22 >-4& >>&5%5#& :<7+<4= *7< F7?>,
-5<->-=,72?4"-] . '.,!42/.''22:]>>DY5><-7]
7<<7&2Y ]Y <:&5>&<Y ]Y -5D2Y ]Y 07<>,Y ]Y 7<5Y ]Y =?Y ]Y ,-&5i,=- =?Y ]Y ?5+Y ]Y C7<=1-Y
]Y &H&<FY ]Y 57D2&=Y ]Y >F5#G?1Y ]Y 7<>75Y ] ]Y &&>&<=Y ]Y <F7<Y ]Y &Y ]Y G<iG"7Y ]Y
-#,<%=Y ]Y 7%<-+?&G &"=>-5Y ]Y 7=&Y ]Y ?-G & 7<>G< <#-Y ]Y 4->,Y ]Y G"7Y ]Y v ?Y
] eOMOMf] <7#&&%-5+= 7* >,& #C& >,-51 >51X ,> <& >,& 5&#&==<F -5+<&%-&5>= 7* %C&5>?<& ,&<:F
><-5-5+5%%&C&27:4&5>^ H4&.4!2.4'/., 7!.452!&!20:/.$!2!.!Y?=><2-]
7<<7&2Y ]Y +2&i"&<&1Y ]Y ?5+Y ] ]Y #-22-75Y ]Y 7<>75Y ] ]Y v #&Y ] eOMONf] !24'=4'/.
2! !.4','.%.5,]==7#->-75*7<E:&<-&5>-2%?#>-75]
7D&5Y ] ]Y v &-22Y ] ] eOMNPf] 4&>i52F=-= 7* %C&5>?<& >,&<:F 7?>#74&= 5% 47%&<>7<=] &! 0!.
3:&/,/%:/52.,YSeNfYOUiRP]
<?5&<Y]]eNVSSf] /82 4&!/2:/$'.34254'/.R/,NEIS]<C<%5-C&<=->F<&==]
<:&5>&<Y ] ] eOMMUf] ,5+-5+ =:#&=X 75>&E>?2-=-5+ 7?>%77< &E:&<-&5>-2 :<7+<4= *7< ,&2>, 5%
D&22"&-5+c7#>7<2%-==&<>>-75Y&1-55-C&<=->Fd]
<:&5>&<Y ] v <F7<Y ] eOMMQf] #75L?&5#& 7* #?2>?<&=X -2%&<5&== %C&5>?<& >,&<:F :<#>-#& -5 ?=><2-
5% &D &25%] 5 ] 5%7<7H v ] &D&= e%=]fY /-'.% /$ %!J &! !7/,7'.% =!, /$  7!.452! 4&!20:
e::]OOQiOPVf]==7#->-757*E:&<-&5>-2%?#>-75]
7<5&22Y ] eOMNVf] &2>, 5% D&225&==X 755&#>-5+ >7 =&2*Y 25% v #744?5->F] . '. 7!.452! &!20:
:-0/3'5-GY,->&,7<=&Y?175]
&5&Y ] ]Y v <<'Y ] eOMNQf] ,& F7?>, %C&5>?<& :<7+<44-5+ 47%&2] /52., /$ !3!2& /.
/,!3!.!YOQeOfYOVPiPMU]
7"?%Y ] ]Y v >F5#G?1Y ] eOMOOf] /,54'/.V$/53! 24'! '. 54 //2 &!20:J /V 7!.452'.% $/2
&.%!]7?>2&%+&]
<-1=75Y]]eNVUMf]  !.4'4:. 4&!,'$!:,!]]]7<>75v74:5F
&>>&<45Y ] ]Y -<Y ] ]Y &<>,Y ]Y 5%144&<Y ]Y v 7"-5=75Y ] ] eOMNSf] ,& =#7:& 5%
#75=&;?&5#&= 7* 4&>:,7<-# >,-51-5+X =-5+ -5%-C-%?2 %-H&<&5#&= -5 4&>:,7< ?=+& >7 ?5%&<=>5% ,7D
4&>:,7<*?5#>-75=] /52.,/$!23/.,'4:. /',3:&/,/%:YNNMePfYQRUiQTS]
==Y]]eNVVPf] 7!.452!4&!20:J&!20!54'00,'4'/.3/$ 7!.452!]&5%22?5>]
==Y]]Y-22-=Y]]Yv?==&22Y]eOMNOf] 7!.452!4&!20:J&!/2:K2!3!2&K. 024'!]7?>2&%+&]
==Y ] ]Y -22-=Y ] ]Y v ?==&22Y ] ] eOMOMf] 7!.452! 4&!20:J &!/2:K 2!3!2&K . 024'!K B. ]
7?>2&%+&]
!!(!&'%&%#+ F 
-22-=Y ] ]Y v ,74=&5Y ] eNVVSf] &=&<#, ?:%>& 7* %C&5>?<& >,&<:F] /,'4'/. $/2  54'/. '. 4&!
54 //23Y>>&5-C&<=->F7*&D7<1]
5=75Y ] eOMNOf] ><75+ D745m= C7-#&=X -52 <&:7<> #1=75 1& 25%i"=&% ,&2-5+ D74&5m= :<7+<4
?+?=>i&:>&4"&<OMNOe?-2%-5+:>,>7D&225&==f]D52-5?5-<=>>-75]
F&=Y ] ]Y ><7=,2Y ] ]Y v -2=75Y ] ] eNVVVf] !04.! . /--'4-!.4 4&!20:J . !90!2'!.4',
002/&4/!&7'/2&.%!]?-2*7<%<&==]
557>>-Y ] ]Y 7+5Y ] ]Y 5==&5Y ]Y v 7F#&Y ] ] eOMMVf] >>&<5= 7* %72&=#&5> :,F=-#2 #>-C->FY =#<&&5i
"=&% 4&%- ?=&Y 5% :7=->-C& 5% 5&+>-C& ,&2>, 5%-#>7<= -5 >,& ]] 5% 5%] /52., /$  /,!3!.4
!,4&K QQeRfYQVPiQVV]
5=&5Y ]Y v D=75Y ] eOMNOf] &C&27:-5+ #,22&5+-5+ F7?5+ :&7:2&X 757?<-5+ >,&-< ?>,&5>-# =>7<F] '94&
.4!2.4'/., 7!.452!&!20:/.$!2!.!K <"#?2YG&#,&:?"2-#]
72"Y]]eNVUQf] 90!2'!.4',,!2'.%J90!2'!.!34&!3/52!/$,!2.'.%.  !7!,/0-!.4]<&5>-#&i22]
%2&<Y ] ] eNVVPf] ,&<:&?>-# :<7#&== 7* #,5+&] 5 ] ] == e%]fY 7!.452! 4&!20:J &!20!54'
00,'4'/.3/$ 7!.452!02/%2--'.% e::]RTiSVf]
7<>75Y ]Y <:&5>&<Y ]Y v <F7<Y ] eOMNRf] %C&5>?<& ,&<:F <7?5% >,& 27"&X 5>&<5>-752
&<=:&#>-C&= 5% -C&<=& ::<7#,&=] 74475 <7?5% &=&<#, &>D7<1=] G4& .4!2.4'/., 7!.452!
&!20:/.$!2!.!Y&5C&<Y727<%7]
7<>75Y ] ] eOMNMf] 5>7 >,& D-2%&<5&==g #=& =>?%FX ,& :=F#,7%F54-#= 7* %72&=#&5> %&:<&==-75 5%
>,&5&&%*7<,72-=>-#-5>&<C&5>-75] ,'.',/',/2+/52.,YPUeOfYOOSiOPR]
<-&=>Y ]Y v ==Y ] eNVVTf] 5 E4-5>-75 7* j<7"2&4i72C-5+k &<=?= j72?>-75i7#?=&%k #-2->>-75
>F2&=-57<:7<>&&>>-5+] /52.,/$90!2'!.4', 54'/.YOMeNfYPQiPV]
<-&=>Y]Yv==Y]]eOMNUf] <!4'7!! !23&'0'. 7!.452!2/%2--'.%KC2  ]?45-5&>-#=]
<-&=>Y ]Y v -22-=Y ] ] eOMOPf] ,& <-i#74:&>&5> %C&5>?<& >,&<:-=> #74:<&% >7 >,& #&<>-K&% #2-5-#2
%C&5>?<&>,&<:-=>] /52.,/$&!20!54'&//,3. 2/%2-3YNReNfYNMRiNNU]
<-&=>Y ] v C7<=1-Y ] eOMONf] !.353 /$ /54 //2 4&!20'!3J /242:'.% 4&! . '. 3!.!] &><-&C&% *<74
,>>:X``#7>,]#``&5=?=]:%*
<-&=>Y]eOMONf]%C&5>?<&>,&<:F-55%]  !-'YPUPN]
<-&=>Y ] eOMOPf] 5><7%?#>-75X ,> -= 7?>%77< 2&<5-5+^ 5 ] <-&=>Y ] ->#,-&Y v ] #7>> e%=]f] 54 //2
!2.'.%'.. ]:&5&=7?<#&&E>"771]&><-&C&%*<74 ,>>:X``72-#]#
<-&=>Y ] eOMOP"f] -E &2&4&5>= 7* %C&5>?<& >,&<:FX =>&: >7D<% "?-2%-5+ >,& j2#1 7Ek :<7#&== 7*
%C&5>?<&] /52.,/$&!20!54'&//,3. 2/%2-3YNReNfYNOiPP]
->#,-&Y ] ]Y m5+&27Y ]Y v <-&=>Y ] eOMOOf] 7D >7 <747>& #7,&2>,] ==77#->-75 7* E:&<-&5>-2
%?#>-75] VG] ,>>:=X``DDD]&&]7<+`#,-:
->#,-&Y ] ]Y ><-#1Y ]Y 7<"7?2%Y ] ]Y <:&<Y ] ]Y v %%=75Y ] ] eOMNSf] 5 &5C-<754&5>2 =#5 7*
%C&5>?<&>,&<:F-55%] /52.,/$90!2'!.4', 54'/.K PVePfYPMPiPOM]
?==&22Y ] ] eOMMSf] C2?>-5+ >,& &H&#>= 7* >,& &5%-+7 1& E:&%->-75 :<7+<4 75 F7?5+ 7H&5%&<=]
/54&'/,!.!. 57!.',!534'!K QeOfYNURiOMP]
 F !!(!&'%&%#+
?1A1-A:=>65
(!"'(%!'!(%&+
?==&22Y ]Y v -22-=Y ] ] eOMNTf] ,& %C&5>?<& >,&<:F &E:&<-&5#& =#2&X ,& :=F#,74&><-# :<7:&<>-&= 7*
=#2& >7 4&=?<& >,& ?5-;?& *#>7<= 47%&<>-5+ 5 %C&5>?<& >,&<:F &E:&<-&5#&] /52., /$ 90!2'!.4',
 54'/.K QMeOfYNPRiNRO]
F5Y ] ]Y v &#-Y ] ] eOMMMf] &2*i%&>&<4-5>-75 >,&7<F 5% >,& *#-2->>-75 7* -5><-5=-# 47>-C>-75Y =7#-2
%&C&27:4&5>Y5%D&22i"&-5+] -!2'.3:&/,/%'34YRReNfYSUiTU]
>-<Y]eNVTOf] !/0,!-+'.%]#-&5#&5%&,C-7<771=]
#,7&2Y ]Y <7?>FY ]Y v %#2-H&Y ] eNVUUf] 3,. 3 /$ &!,'.%N %5' ! 4/  7!.452! 3! /5.3!,'.%] <70&#>
%C&5>?<&]
4->,Y ] ]Y v 2==Y ] ] eNVTTf] &>i52F=-= 7* :=F#,7>,&<:F 7?>#74& =>?%-&=] -!2'. 3:&/,/%'34Y
POeVfYTRO]
>7:,-2%"?=&-5&=-%&5>-2<7+<4=*7<&&5=#>7*OMMUY]]RUTSeOMMUf]
2=,Y ]Y v 722-5=Y ] eNVTSf] . !90,/24'/. /$ 4&! 5482 /5. 02/!33] 727<%7 ?>D<% 7?5%
#,772]
4:72%Y ] ]Y v 4&2Y ] ] eOMNRf] &! %2!4 03:&/4&!20: !4!J &! !7' !.! $/2 8&4 -+!3
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W ,>-=>,&=>>&>,>:&7:2&<&-5&47>-7522F^7D%7&=&C&<F75&:<7#&===7#-2-G-5+5%<&=:75%>7
=>-4?2?=^,-=#5H&#>+<7?:#7,&=-755%>,&>F:&7**#-2->>-75>&#,5-;?&=5&&%&%]>-=?=&*?2>7
==&==D,&<&:&7:2&<&>>,<7?+,&5++-5+D->,>,&-5%-C-%?25%`7<>,&-<#<&+-C&<=,&%7*>-4&Y
5%>,<7?+,&E:&<-&5>-2;?&=>-75=-5>,&474&5>=?#,=j,>-=F7?<D&>,&<<&:7<>^ke-]&]
&5#7?<+-5+:&7:2&>7=,<&-*>,&Fm<&*&&2-5+4&>:,7<-#22Fj=?55Fk7<j=>7<4Fkf]5>,-=DFYD&#5
2&<5D,>=>>&:&7:2&<&-5=7D&#5%:>>,&#>-C->F=5&#&==<F]
W ,><&>,&&E:&#>&%5%?5&E:&#>&%7?>#74&=7*>,&:<7+<4^7DD-22>,-5+="&%:>&%-5>,&
474&5>^
W ,>-=>,&"&=>DF>7#<&>&5-5#2?=-C&&E:&<-&5#&*<74>,&K<=>:7-5>7*#75>#>>7>,&474&5>
:&7:2&<<-C&Y"7>,*<745-5%-C-%?25%+<7?::&<=:&#>-C&^
& ,C& 47%&2Y =,7D5 -5 -+?<& NY >,> -= :<> 7* 7?< :<&i:<7+<4 :<7#&==X >7 "& <&:<&%Y <&=&5> 5%
2F*?2] = =>HY D& =1 7?<=&2C&= D,> 7?< 7D5 #74*7<> D->, >,& #>-C->F -=Y ==&== >,& +<7?: 5% >,& >&<<-5Y
5% >,&5 D& =1 D,> >,& #74*7<> 5% &E:&<-&5#& 7* >,& +<7?: -=] & -4 >7 :25 :<7+<4 >,> -= 57> "&F75%
>,& =1-22=&> 7* 7?< =>H =7 >,> D& #5 45+& >,& &E:&#>&% 5% ?5&E:&#>&% #-<#?4=>5#&= >,> 4F 7##?<] ,-=
47%&2 ==-=>= D->, ?5%&<=>5%-5+ D,&<& 5 -5%-C-%?2m= =#7:& 7* :<#>-#& -= 5% ,7D 4?#, <774 >,&<& -= >7
%&;?>&2F45+&>,&?5&E:&#>&%]
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%#2/ ;E/+#/)
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L+( F<:;=M
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&E:&%->-75] 5&D&< +?-%& D= 2&%-5+ >,& ><-:Y 5% >,& D&>,&< 5% #75%->-75= ,% #,5+&% ;?-#12F] ,& =>H
4&4"&< D= 57> &E:&<-&5#&% -5 2<+&< =D&22= 5% =><75+ D-5%=Y =7 = <&=?2>Y >,&F *7#?=&% 47<& 75 +<7?: =*&>F
>,5#<&>-5+?5-;?&1F1&E:&<-&5#&Y=>,&F,%>7+?-%&47<&#75=&<C>-C&2F>,57<-+-522F:255&%]
5 %%->-75 >7 ==&==-5+ >,& =>H 5% =#7:& 7* >,& :<7+<4Y -> -= 2=7 -4:7<>5> >7 ,C& "=&2-5&
?5%&<=>5%-5+ 7* :&7:2&m= "&,C-7?<=] > 7D&< 7 &Y D& *7227D ,& 5%> F=>&4] 5%> -= 5
-5>&<:&<=752 ><-5-5+ =F=>&4 >,> -22?=><>&= ,7D >7 45+& %F54-# "&,C-7?< "F ?5%&<=>5%-5+ >,& <77>
#?=&Y2-1&D,>:&<=755&&%=7<-=><F-5+>7#744?5-#>&]
5& 7* >,& 5%> 47%&2= 7D&< 7 & ?=&= <&+?2<2F >7 "& <&:<&%Y <&=&5>Y 5% 2F*?2 -= ]
%< =>5%= *7<X &#7+5-G&Y ==&==Y &#-%&Y #>Y 5% &C-&D &=?2>=] ,&  47%&2Y =,7D5 -5 -+?<&
OY ,&2:= =>H %&C&27: =->?>-752 D<&5&== 5% 41& +77% %&#-=-75= -5 =->?>-75= >,> #5 =74&>-4&= "& <-=1F
e,&5%>F=>&4YOMNTf]
 F #&(!!'("'&""%%%&"!
%#2/ <E$
)+ (
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>7 <&#7+5-G& >,> >,-5+= <& #,5+-5+ 5% 41& >,& ::<7:<->& %:>>-75=] ?<>,&<Y "F ?5%&<=>5%-5+ D,&<&
>,& =>H #74:&>&5#F 2-&= D->,-5 >,& #>-C->FY 5% "F ?5%&<=>5%-5+ =>H #74*7<> 5% &E:&<-&5#& -5 =?::7<>-5+
%-H&<&5> "-2->-&= 5% 2&<5-5+ =>F2&=Y >,& #>-C->F #5 "& >-27<&% =7 >,> >,& =>H <& :<&:<&% >7 45+& >,&
?5&E:&#>&%5%*&&2<&%FYD-22-5+Y5%"2&>747%-*F=5&&%&%]
7 "& "-2->Fi#&5><&% -= >7 C-&D :&<=75 5% >,&-< :7>&5>-2Y 57> >,&-< 2-4->>-75=] &&:-5+ >,& &E:&<-&5#& *-<
*7< &C&<F75& 4F -5#2?%& >,& 5&&% *7< %:>>-75= "=&% 75 :<>-#-:5> 5&&%=] ,-= <&=?2>= -5 *?22 :<>-#-:>-75]
7 &H&#>-C&2F %&2-C&< *?5Y *-<Y 5% ?>,&5>-# :<7+<4 &E:&<-&5#&= *7< :<>-#-:5>=Y *#-2->>7<= 5&&% >7 #75=-%&<
>,&*7227D-5+e?5#YOMNOfX
W :&<=755&&%=>7"&><&>&%2-1&:&<=755%C-&D&%=>,&&E:&<>7*>,&-<7D5&E:&<-&5#&]
W :&<=75D,72-C&=D->,"<<-&<-=2-1&2F47<&-557C>-C&>,5>,&-<"2&i"7%-&%=?::7<>=>H]
W <>-#-:5>=157D"&=>5%#5>&22F7?,7D>,&F#5"&=>"&=?::7<>&%]
W &#?<-7?=Y=?=:&5%0?%+4&5>Y5%=1;?&=>-75=]
#&(!!'("'&""%%%&"! F 
W &L&E-"2&]
W C7-%7C&<i%:>-5+YD,-#,>1&=DF>,&?>,&5>-#&E:&<-&5#&*7<>,&-5%-C-%?2]
> 7D&< 7 &Y D& -4 *7< "25#& 7* &507F4&5>Y ,&2>,F <-=1Y 5% =*& :<7#&%?<&=Y 5% D& 1&&: ?>,&5>-#->F
> >,& *7<&*<75>] 7< &E4:2&Y -* >,& +72 7* #57&-5+ -= >7 *&&2 >,& =&5=>-75 7* "&-5+ 75 >,& D>&< 5% D& ,C&
>77 45F DF= >7 %:> >,& #>-C->FY >,&5 :<>-#-:5>= 4F 4-== 7?> 75 >,& "&5&K>= 7* >,& &E:&<-&5#&] > >-4&=
-5 >,& :=>Y D& ,C& ?=&% >77 45F %:>-C& %&C-#&= >7 41& :&7:2& *&&2 =*&Y 5% -5 >,& &5%Y >,&F *&2> >77 =&#?<&
5% %-% 57> &507F >,& &E:&<-&5#&] 7DY D& =&> :&7:2& ?: -5->-22F D->, %:>-C& =?::7<>= 5% "<-5+ *&D ->&4=
D->,?=-5>,&#57&=7D&#5#,&#1-5275+>,&07?<5&F5%41&=?<&>7%:>5%%0?=>=5&&%&%]
&<+-5+ >,& =1-22= 7* 7?>%77< 2&%&<= 5% >,&<:&?>-# :<7*&==-752= -5C->&= 5 7::7<>?5->F >7 2771 >
-5%-C-%?2= >,<7?+, ,72-=>-# :&<=:&#>-C&] ,-= ,&2:= :<#>->-75&<= ?5%&<=>5% ,7D >,& &E:&<-&5#& 5% >,&
#>-C->F#52=7:2F2<+&<<72&-5-4:<7C-5+"-2->FY157D2&%+&Y=1-22Y5%-5#<&=&-5%&:&5%&5#&]
"00"0"*,3&+$//&"/0+3&1&+$--,/12+&16
+!/"1&+$""-"/,++" 1&,+01,1%"21!,,/0
&*7<& D& #5 *?22F #<&>& ##&==Y D& 5&&% >7 ?5%&<=>5% >,& "<<-&<= >,> :<>-#-:5>= <& *#-5+ D,&5 &5++-5+
 F #&(!!'("'&""%%%&"!
-5 7?>%77< :<7+<4= 5% #>-C->-&=] = :<7*&==-752=Y D& 4?=> <&#7+5-G& >,> :<7+<4= <& 75& DF >7 #755&#>
>7 5>?<&Y "?> >7 *?22F #<&>& ##&==Y D& ,C& >7 D7<1 -5 :<>5&<=,-: D->, 7>,&< =&#>7<= >,> <& 2=7 ><F-5+ >7
#755&#> :&7:2& >7 >,& 7?>%77<=] 7< &E4:2&Y 7D&< 7 & D7<1= #27=&2F D->, >,& 27#2 :<1= =&#>7< >7 :<7C-%&
D7<1=,7:= 75 ,7D >7 D7<1 D->, :&7:2& D->, %-C&<=& 5&&%=] & ,C& 7H&<&% =?++&=>-75= *7< &;?-:4&5> 5%
>&#,5727+F >7 ?=&Y -5*<=><?#>?<& ?:+<%&=Y =:&#-K# =-+5+& >,> D7<1= *7< :&7:2& D->, %-H&<&5> "-2->-&=Y 5%
,C&<&C-&D&%=->&=5%=:#&=5%7H&<&%47%-K#>-75=>7#<&>&47<&?5-C&<=2=:#&=]
7< &E4:2&Y D->, =74& 7* 7?< :<1= =&#>7< :<>5&<=Y D& ,C& =?++&=>&% :<#>-#&= 2-1& l;?-&> ,7?<=m 5%
#722"7<>&% 75 :<70&#>= 2-1& D&2#74& =-+5 >,>  <1= #<&>&% >7 &5=?<& >,>Y ?:75 K<=> <<-C2 >7 >,&
:<1=Y :&7:2& 7* 22 "#1+<7?5%=Y #?2>?<&=Y 5% "-2->-&= *&&2 D&2#74&] & ,C& :<>5&<&% D->, 7?>%77< >7?<-=4
7<+5-G>-75= >7 2771 > >,&-< =&<C-#& ::<7#,Y -4+&<FY =-+5+&Y 5% #>-C->-&= >7 :<7C-%& *&&%"#1 5%
&E4:2&= 7* ,7D >,&F #5 "& 47<& %:>-C& 5% &E:5% >,&-< <&#, >7 :&7:2& D,7 7>,&<D-=& D7?2% 57> "& "2&
>7 C-=-> >,> >7?<-=> >><#>-75] & ,C& D7<1&% D->, 4?5-#-:2->-&= 75 ?5%&<=>5%-5+ >,&-< #744?5->F +72=
>7 =?::7<> :&7:2& D->, %-="-2->-&= 5% ?5%&<<&:<&=&5>&% :7:?2>-75= 5% :<7C-%&% +?-%5#& >7 -5#<&=& ##&==
>7:<>-#-:>-75-5<&#<&>-755%##&==+<&&5=:#&=]
7 <&47C& "<<-&<=Y D& 5&&% >7 2-=>&5 >7 >,& :&7:2& D,7 <& *#-5+ "<<-&<= 5% =&& >,&4 = >,& &E:&<> 7* >,&-<
&E:&<-&5#&] "2& N -= 2-=> 7* "<<-&<= >,> :<>-#-:5>= D->, %-H&<&5> 2-C&% &E:&<-&5#&= ,C& &5#7?5>&<&% = >,&F
+7 "7?> >,&-< 2-C&=Y D,-#, >,&F =,<&% D->, 7D&< 7 & = :<> 7* #75=?2>5#F =&==-75=] ,&5 <&%-5+ >,&=&Y
:75%&< D,&>,&< >,& :<>-#-:5>= -5 F7?< :<7+<4= <& *#-5+ =-4-2< "<<-&<=] <& >,&<& 7::7<>?5->-&= F7? #5
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W <-5=>7<4X-5%:7==-"2&#744?5->F:<>5&<=5%%&C&27:=><>&+-&=*7<"?-2%-5+<&2>-75=,-:=>7
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%#2/ >E$60%(
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#,5+&Y 5% D,> <& >,& =:&#>= >,> #5 "& 2>&<&%^ &-5+ "2& >7 %&;?>&2F %:> 4&5= >,> F7? ,C&
27>= 7* 7:>-75=Y #,7-#&=Y %-H&<&5> +&<Y 5% "#1?: :25=] > 4&5= ,C-5+ >&4 >,> -= -5 >?5& D->, >,&-<
=?<<7?5%-5+=Y,=&E:&<-&5#&45+-5+5%%&C&27:-5++<7?:=Y5%-=#74:&>&5>>*#-2->>-5+>,&#>-C->-&=]
,&5 F7? <& ?=-5+ %:>-C& &;?-:4&5>Y -> -= -4:7<>5> >7 2771 > >,& &47>-752 5% :,F=-#2 =*&>F 7* >,&
:<>-#-:5>=] & "<&1 >,-= %7D5 -5>7 >,<&& <&=X #74*7<>Y 47"-2->F 5% =>"-2->FY = =,7D5 -5 -+?<& Q] 7<
&E4:2&Y -= >,& %&C-#& "&-5+ ?=&% #74*7<>"2& *7< >,& -5%-C-%?2 ?=-5+ ->^ 7 >,&F *&&2 <&=><-#>&%Y 7< #5 >,&F
47C& <7?5%^ 7 >,&F *&&2 =>"2& 5% =&#?<&^ ,&5 >,&<& -= >,& &47>-752 =-%&X 7 >,&F ><?=> >,& =>H >7 ,&2:
>,&4 ?=& >,& &;?-:4&5>^ 7 >,&F *&&2 =*&Y 5% <& >,&F "&-5+ #,&#1&% -5 D->,^ * 47%-K#>-75= 5&&% >7 "&
4%&Y -= >,-= %75& "F C-&D-5+ >,& :<>-#-:5>= = >,& &E:&<> 7* >,&-< &E:&<-&5#&^ ,&5 %7&= >&#,5727+F ==-=>
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5 &E4:2& 7* >&#,5727+F >,> #5 ,&2: -= ==-=>&% #744?5-#>-75 %&C-#&=Y D,-#, #5 "& ?=&% >7 =?::7<>
DFK5%-5+ 5% 2&<5-5+ "7?> L7< 5% *?5] ==-=>&% #744?5-#>-75 %&C-#&= #<&>& ##&== *7< =74&75& D,7
#744?5-#>&= 575iC&<"22F 7< >,<7?+, =7?5% 7< -4+&=] 74& :&7:2& 4F 2DF= 5&&% %:>-C& &;?-:4&5>
>,> -= 45+&% "F 7>,&<=Y 5% =74& :&7:2& 4F D5> >7 D7<1 >7D<%= 47<& -5%&:&5%&5#&] ,-= -5C72C&=
><F-5+ C<-&>F 7* 7:>-75=] F "&-5+ D-22-5+ >7 %0?=>Y %:>Y 5% 47%-*FY F7? #5 =?::7<> 7>,&<= >7 "?-2%
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&E:&<-&5#&]
 F #&(!!'("'&""%%%&"!
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D /1%%-*10* +-1%+*0H
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D $ *02--+/1%*#0+) +* 1/*0" //%*#"/+)+* 16- +" .2%-) *1L H#H1$ %/4$ ($%/M
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W <-2-%&<=5%7>,&<22i>&<<-5%&C-#&=e7D&%Y>m=7>,&&2#,-<Y7?5>-5<-1&Y#>-75
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W ##&==<#1=5%`7<7"->=>7#<&>&##&==75><-2=5%"&#,&=
W >&4=2-1&57-=&i#5#&22-5+,&%:,75&=Y-%=Y5%#744?5-#>-75"7<%=
W &7##,-5+772=2-1&4:=Y#,<>=Y&E4:2&=7*>,-5+=>,&FD-22K5%Y5%&E4:2&=7*%-H&<&5>
#75>-5&<=*7<>,&+&7##,&
W ?=,-75=Y4>=Y*74-&=
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W 27C&=*7<%-H&<&5>+<-:=><&5+>,
W &:-<1->=5%=:<&:<>=
W 5*7<4>-75"7?>>,&27#2,-=>7<FYL7<Y5%*?5>,<7?+,=>7<-&=Y-4+&=Y5%>#>-2&7"0&#>=
W 21-5+=>-#1=
W FK5%-5+4::-5+>&#,5727+F2-1&::=Y:-#>?<&7<=&5=7<F"7<%=Y7<25%4<1=
W 75>775=Y%:>-C&=&>=Y=:&#-2-G&%#?=,-75=Y%&C-#&=>,>#5"&7:&<>&%D->,=-5+2&<4
W <5=*&<"&5#,&=
W &5=7<F#>-C->-&=2-1&+<%&5=Y>7?#,=>>-75=Y=:#&=>,>#,5+&=&=7522F
#&(!!'("'&""%%%&"! F 
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-5#75><725%:<>7*>,&-<,72-=>-#&E:&<-&5#&]
7? >,-51 =74& #>-C->-&= <& 0?=> c-5d F7?< :=> 2-*&Y "?> >7 "& &4:7D&<&% >7 "& "2& >7 %7 D,> ?=&% >7 &507F -=
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*#-2->>7< *7< &E:&<-&5#&= -5 &C&<F75&m= 2-C&=] 7D&C&<Y >,7=& 2-C-5+ D->, "<<-&<= 7< %-="-2->-&= ,C& 2-4->>-75=
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45+&4&5>Y 5% +-5 =7#-2-G>-75 =1-22=] j5F 7?>%77< &%?#>-75 :<7+<4= *7#?= 75 >,& %&C&27:4&5> 7*
:&<=752 =1-22=Y =?#, = "?-2%-5+ =&2*i&=>&&4Y :&<=752 K>5&==Y 5% =><&== <&%?#>-75Yk e,& 7#-2 255-5+ 5%
&=&<#, 7?5#-2 7* ]]Y 5]%]f D,-#, -= D,F -> -= C2?"2& >7 %&C&27: :<#>-#&= 5% ::<7#,&= >,> "<7%&5
>,&57>-757*-5#2?=-755%##&==-5>,&7?>%77<=]
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D&2#74-5+ ::<7#,&=Y #<&>-5+ ##&==Y 5% -5C72C-5+ %:>>-75=] ,&=& #75#&:>= #5 ,&2: >7 #<&>& 47<&
-5#2?=-C& 5>?<&i"=&% :<7+<4= 5% 7::7<>?5->-&= 5% -5L?&5#& 7<+5-G>-752 =><>&+-&=Y ::<7#,&=Y 5%
:<7#&%?<&=5%-5:?<:7=&*?2DF>,&=&#75#&:>=#5#,-&C&=7#-2#,5+&]
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=,7?2% 2DF= =&& >,& :&<=75 = >,& &E:&<> 7* >,&-< 7D5 &E:&<-&5#&] 5#2?=-75 -= &C&<F75&m= <&=:75=-"-2->FY 5%
>7+&>,&<YD&=,-*>>,&5<<>-C&-5>,&7?>%77<=&#>7<5%:<747>&##&==*7<22]
"#"/"+ "0
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72&Y ] eOMNPY :<-2 OOiOSf] <7+<4 %-C&<+&5#& 47%&2 e75*&<&5#& :<&=&5>>-75f] 7D&< 7 & >H
<-5-5+Y-#>7<-YY5%]
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?5#Y]eOMNOf]&<=752#744?5-#>-75]-#>7<-Y]
#?227#,Y ] eOMOOf] &<=752 #744?5-#>-75] E&#?>-C& -<&#>7<Y 7#1F 7?5>-5 %:>-C&Y 547<&Y
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522'5,5-]&5%22?5>]
,& 5%> F=>&4] eOMNTf] =-5+ 7?< ] &><-&C&% *<74 ,>>:=X``DDD]45%>=F=>&4]#74`OMNT`MT`
MS`?=-5+iF7?<i<%<`
,& 7#-2 255-5+ 5% &=&<#, 7?5#-2 7* ]] e5]%]f]  ] &><-&C&% *<74
,>>:=X``DDD]=:<#]"#]#`
/-$%020 4%1$- /)%00%+*+"+4 /+
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<-55 &5-+="&<+ -= >,& -<&#>7< 7* <7+<4= 5% 4:#> > 7D&< 7 &] <-55 ,= %&+<&& -5 ,-2%
5% 7?>, <& 5% 2&%= D->, 5 "-2->Fi#&5>&<&% ::<7#, >,<7?+, ,&< :<7+<4=Y :<>5&<=Y 5% 7?>#74&=
4&=?<&4&5> D7<1] ,& ?5%&<=>5%= >,& =><>&+-# "&5&K> 7* :<>5&<=,-:= 5% -5>&+<>-5+ %-H&<&5> =1-22=&>=Y
2-C&% &E:&<-&5#&=Y ,-=>7<-&=Y 5% :&<=:&#>-C&=] ->, >,-= 4-5%=&>Y <-55 -4= >7 K5% ?>,&5>-# DF= >7 47C&
>,&57>-757*-5#2?=-755%-4:#>*7<D<%#722&#>-C&2F]
=75 72& -= >,& 7i > 7D&< 7 &] Fm= *"<-# -= =&D5 *<74 >,& 27C& 7* >,& 7?>%77<= 5% ,& =&&1=
>,& <&=>7<>-C& ;?2->-&= 7* >,& 5>?<2 &5C-<754&5> >,<7?+, ,-= D7<1] -= ::<&#->-75 *7< 1&F 4&5>7<= ,=
#75><-"?>&% >7 ,-= C2?&= 7* #744?5->F <&=:75=-"-2->FY -5>&+<->FY =&2*iD7<>,Y 2&%&<=,-:Y 5% #74:==-75] &
,72%=  -5 ?>%77< &#<&>-75Y &507F= D7<1-5+ -5 :<>5&<=,-:=Y 5% -4= >7 41& >,-= D7<2% 2->>2& "&>>&<
>,5D,&5,&#4&-5>7->]
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##

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?>%77< 2&<5-5+ ef -5 5% 5&&%= >7 #75>-5?& >7 &C72C& >7 "&#74& ><?2F %-C&<=& 5% -5#2?=-C&] > -=
752F >,<7?+, -5%-C-%?2 5% 7<+5-G>-752 #,5+& >,> ><?& &;?->F 5% "&275+-5+ #5 "& <&2-G&% #<7== >,&
25%=#:& 7* 5%-5  =&>>-5+= 5% #75>&E>=] ,-= :<7#&== 7* #,5+& <&;?-<&= D&22i-5*7<4&% 5% -557C>-C&
2&%&<=,-: = D&22 = 5&D 47%&2= 7* 7?>%77< :&%+7+F 5% :<#>-#&] 5 >,-= #,:>&<Y =?++&=> >,> >,& :<-5#-:2&=
7* 5-C&<=2 &=-+5 ef 4F "& ?=&*?2 *<4&D7<1 *7< :<747>-5+ >,-= 47C&4&5> >7D<%= +<&>&< %-C&<=->FY
-5#2?=-75Y&;?->F5%"&275+-5+ef-55%-5]
 -= :255-5+ :<7#&== >,> -= ?=&% >7 &5"2& 5% &4:7D&< %-C&<=& :7:?2>-75= >,<7?+, >,& *#-2->>-75 7*
##&== 5% :<>-#-:>-75 e"7>, :,F=-#2 5% =7#-2f "F 22 :&7:2& <&+<%2&== 7* >,&-< "-2->FY +&Y 7< =-G& e>&-5*&2%
v -=&2Y OMNOf] ,-2&  -= 7*>&5 =->?>&% = :<7#&== *7< >,& %&=-+5 7* ##&==-"2& -5*<=><?#>?<&Y -> ,= "&&5
%7:>&% *7< ?=& -5 &%?#>-752 5%  =&>>-5+= = 5-C&<=2 &=-+5 *7< &<5-5+ ef e<>&Y OMNP_ &22F &>
2]Y OMOO_ -2=75Y OMNTf] %?#>7<= *<74 >,& &5>&< *7< ::2-&% :&#-2 &#,5727+F ef =7?+,> >7 <&%?#&
"<<-&<= *#&% "F 2&<5&<= "F ::2F-5+ >,& :<-5#-:2&= 7*  >7 >,& %&=-+5 7* 2&<5-5+ &5C-<754&5>=] ,<7?+,
>,&-< +72 7* %&=-+5-5+ &%?#>-752 &5C-<754&5>= -5 D,-#, 22 2&<5&<= #7?2% &5++& -5 2&<5-5+ >,> -= ##&==-"2&
5% 4&5-5+*?2 >7 >,&4Y  &%?#>7<= <&#7+5-G&% >,> -> D= 2&<5-5+ &5C-<754&5>= >,> 4?=> #,5+&
<>,&<>,5>,&2&<5&<=e-2=75YOMNTf]
<%&< &> 2] eOMMVf %&=#<-"&% 5&&% *7< #<->-#2 :&%+7+F >,> -= j*?5%4&5>22F #744->>&% >7 >,&
%&C&27:4&5> 5% &5#>4&5> 7* #?2>?<& 7* =#,772-5+ >,> =?::7<>= >,& &4:7D&<4&5> 7* #?2>?<22F
4<+-52-G&% 5% &#7574-#22F %-=&5*<5#,-=&% =>?%&5>=k e:] NMf] 7<& >,5 %&#%& 2>&<Y #?22F eOMOMf
57>&% >,> >,&<& -= =>-22 j %-=>-5#> "=&5#& 7* >>&5>-75 >7 #<?#-2 &2&4&5>= 7* 2#& =?#, = +&5%&<Y <#&Y #2==Y
5% "-2->F >,> ,C& "&&5 #22&% *7< "F &4-5&5> >,&7<-=>= *7< %&#%&=k e:] OPMf] 5F -5 >,& 5%-5 
#%&4-# #744?5->F ,C& 4%& =-4-2< #22= *7< #,5+&] &55&%F 5% ?==&22 eOMOMf #75=-%&< -> #<->-#2 >,>
>,& K&2% 7*  &E4-5& >,& <72& >,> ,&+&475-# 4=#?2-5->F :2F= -5 %%<&==-5+ +&5%&< -5&;?->F D,-2& 7>,&<=
#22 *7< #&5>&<-5+ >,& C7-#&= 7* 22 4<+-52-G&% :7:?2>-75= e<F &> 2]Y OMOM_ ?==&22 &> 2]Y OMMUf] ?<&5%&?
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&> 2] eOMOMf ,C& #22&% *7< #<->-#2 >,7?+,> "F >,7=& -5 >,& 7?>%77<= >7 j=1 7?<=&2C&= D,-#, ,-=>7<-&=Y :&7:2&Y
5%-%&=<&"<7?+,>>72-+,>Y5%D,-#,<&1&:>-5>,&=,%7D=5%>7D,>&H&#>^ke:]NOTf]
&>?<5-5+ >7 Y >&-5*&2% 5% -=&2 eOMNOf "&2-&C& >,> #75C&5>-752 e-]&]Y 575i?5-C&<=2f %&=-+5 &E#2?%&=
5% =>-+4>-G&= 45F :&7:2& "F 57> <&#7+5-G-5+ >,> >,& %-C&<=& 5% "<7% <5+& 7* ,?45 "-2->F 5%
&E:&<-&5#& -= 7<%-5<F 5% 57> =:&#-2] ,&F #<&>&% >,& j72= 7* k >7 ==-=> :<#>->-75&<= 5% &%?#>7<=
>7 ::2F >,& :<-5#-:2&= 7*  5%  #<7== =&>>-5+=] ,-= #,:>&< ?=&= >,& +72= 7*  eD<&5&==Y
?5%&<=>5%-5+Y #?2>?<2 ::<7:<->&5&==Y "7%F K>Y #74*7<>Y :&<=752-G>-75Y D&225&==Y 5% =7#-2 -5>&+<>-75f >7
*<4& %-=#?==-75 7* ,7D >,&F #5 "& ?=&% "F  7<+5-G>-75= -5 5% = >,&F =&&1 >7 %&2-C&< :<7+<44-5+
>,>-=47<&<&=:75=-C&>7222&<5&<=m5&&%=e>&-5*&2%v-=&2YOMNOf]
C-5+ =&> >,& =#H72% 7* >,-= #,:>&<Y "&+-5 "F :7=->-75-5+ 4F=&2* ?5%&< >,& ?4"<&22 7* ] <&=&<#,
5% >&#,  5% +&5%&< =>?%-&= > &47<-2 5-C&<=->F -5 >] 7,5m=Y &D*7?5%25% 5% "<%7<Y 5%
27#>&% 75 >,& 5#&=><2 ,74&25%= 7* >,& &7>,?1] = D&22Y #157D2&%+& >,& %-C&<=& ,-=>7<-&= 5% #?2>?<&= 7*
>,& &7>,?1Y -m14;Y 55?Y 5% 5?-> 7* >,-= :<7C-5#&] 275+ D->, "&-5+ 5 7?>%77< #%&4-# 5% &%?#>7<Y
=&& 4F=&2* = 5 7?>%77< %C&5>?<&< D,7 ,= ,% >,& :<-C-2&+& 7* :<>-#-:>-5+ -5 <&47>& &E:&%->-75= #<7==
5%] -%&5>-*F = ,->&Y 4-%%2&i#2==Y +&5%&<Y 2&="-5Y 5% =&>>2&<i5%-5 2-C-5+ -5 :,F=-#22F 2->&<>&Y
4-%%2&i+&%Y =><-+,>i=-G&%Y 5% +-5+ "7%F >,> #?<<&5>2F 227D= 4& >7 %7 247=> 5F>,-5+ D7?2% 2-1& >7 %7
7<-5=><?#>7?>%77<=]
->, 4F "#1+<7?5% -5 +&5%&< =>?%-&=Y e5% 45F 7>,&<=f ,C& %C7#>&% *7< >,& &2-4-5>-75 7* =&E-=4Y
<#-=4Y 5% #2==-=4 -5  >,<7?+,7?> 4F #<&&<] -C7>2 &E:&<-&5#&= D7<1-5+ D->, :&<=75= D->, %-="-2->-&=
7?>%77<= 5% ><C&22-5+ 75 5%-+&57?= 25%= :<7:&22&% 4& >7 &E4-5& >,& *?5%4&5>2 >&5&>= 7* 4F 
:&%+7+-&= 5% :<#>-#&=Y =&&1 %%->-752 ><-5-5+Y 5% %&&:&5 4F ?5%&<=>5%-5+ 7* ,7D 7::<&==-75= 5%
"-=&= -5>&<=&#> >7 :<&C&5> &;?->"2& ##&== 5% 2&<5-5+ *7< =74& =>?%&5>= 5% :<-C-2&+& >,& :<>-#-:>-75 7*
7>,&<=] <22&2 >7 &22F &> 2]Y eOMOOfY >,-= #,:>&< -= "?-2> 75 5 ?5DC&<-5+ "&2-&* >,> 22 5%-5= =,7?2%
,C& &;?->"2& ##&== >7 >,& 7?>%77<= 5% 7?>%77< 2&<5-5+Y 5% >,& #157D2&%+&4&5> >,> >,&<& -= =>-22 4?#,
D7<1>7%775>,&:>,>7>,-=+72]
0&+$1%",)0,#0/*"4,/(#,/"0&$+&+$

,<7?+,7?> >,& -5><7%?#>-75 "7C&Y 4F +72 D= >7 =&> >,& 5&&% >7 ;?&<F >,& %&=-+5 7*  2&<5-5+ :<7+<4=
-5 5%Y =7 >,> +7-5+ *7<D<%Y D& #5 :?<:7=&2F %7:>  = *<4&D7<1 >,> D-22 +?-%& >,& K&2% >7
"&#74& 47<& =7#-22F 0?=>] 5 >,& 5&E> =&#>-75Y :<7:7=& >,& %7:>-75 7* >&-5*&2% 5% -=&2 eOMNOf j72= 7*
k=%&=-+5*<4&D7<1>7?=&-5>,-=#722&#>-C&<&L&#>-7575:<#>-#&=-55%]
 F '!(%!
OE%9%FF9$9$%EFJ9$592
?-2%-5+ D<&5&== 5% ?5%&<=>5%-5+ 7* >,& 5&&% *7< ?5-C&<=2 %&=-+5 -5  -= 7*>&5 5 &<2F =>&: -5 >,&
%&=-+5 :<7#&==] <#>->-75&<= 7*  -5 5% 5&&% >7 =1 >,&4=&2C&= >,-= ;?&=>-75Y j,> D-22 -> >1& "&*7<&
 :<7+<4= "&#74& +&5?-5&2F ##&==-"2& >7 22 D,7 D5> >7 :<>-#-:>&^k e<<&5 &> 2]Y OMNQY :] VUf] =
D& &4"<1 75 #75C&<=>-75= "7?> 5>-752  #?<<-#?2Y #&<>-K#>-75=Y 5% :<7+<4 ##<&%->>-75Y D& 5&&%
>7 %C7#>& *7< :<7*&==-752 %&C&27:4&5> ><-5-5+ 5% =>5%<%= >,> #&5>&< 75 ##&==-"-2->FY %:>-C& 7?>%77<
2&<5-5+Y#?2>?<2#74:&>&5#&Y5%=7#-20?=>-#&]
<7+<&==-5+ *<74 >,&<&Y  :<7+<4= <& %-<&#>&% >7 &E4-5& >,&-< :<>-#-:5> <&#<?->4&5>Y =>I5+Y
:<7+<44-5+Y 5% #744?5-#>-75= :<#>-#&= >,<7?+, >,& 2&5= 7* >,& ##&==-"2& 5% #> D,-#, #4& -5>7
*7<#& -5 OMNV D->, 5 7C&<<#,-5+ +72 7* "<<-&<i*<&& 5% "F OMQM e7C&<54&5> 7* 5%Y OMNVf]
=-5+  &2&4&5>= =?#, = 2<+& >&E> 7:>-75=Y %&=#<-"&% 5% #:>-75&% C-%&7=Y =-+5 25+?+& -5>&<:<&>>-75Y
5% C-=?2 5% >&E>?<2 DFK5%-5+Y D& 5&&% >7 &5=?<& >,> :<>-#-:5>= 5% =>H #5 5C-+>& 7?< *#-2->-&=
5% :<7+<4 %7#?4&5>>-75 =?#, = *7<4=Y :72-#-&=Y 5% D&"=->&=] 275+ D->, &5=?<-5+ 7?< >&E>i"=&%
#744?5-#>-75= <& ##&==-"2&Y >,& -4+&<F D& ?=& -5 4<1&>-5+ 5% :<747>-75= 5&&%= >7 "& ##&==-"2&Y
?>,&5>-#Y5%<&:<&=&5>>-C&7*>,&=>?%&5>=D&=&<C&7<D-=,>7=&<C&]
<<&5 &> 2] eOMNQf =?++&=> >,> >,&  K&2% 2=7 5&&%= >7 ;?&<F >,& 25+?+& D& ?=& >7 -%&5>-*F 5% =,-*>
DF *<74 ?=-5+ >&<4= 7< 574&5#2>?<& >,> #5 "& ,?<>*?2Y &E#2?=-75<FY 5% 7::<&==-C&] &4-5-=> 7?>%77<
2&%&<= ,C& #22&% *7< >,& >&<4= j,<%k 5% j=7*>k =1-22= >7 "& #,5+&% >7 >&#,5-#2 5% -5>&<:&<=752 =1-22=
*7< %&#%&=Y F&> >,& ?=& 7* ,<% 5% =7*> :&<=-=>= e<<&5 v 7&J&<Y OMMSf] -4-2<2FY 7>,&<= ,C& -%&5>-K&%
>,& 5&&% >7 &E4-5& K<=> =#&5> 54-5+ #75C&5>-75= -5 #2-4"-5+ 5% 7>,&< 7?>%77< :?<=?->= =-5#& >,&<&
-= 275+ ,-=>7<F 7* 7C&<> 7"0&#>-K#>-75 5% =&E?2-G>-75 7* D74&5Y <#-=4Y =&>>2&< #7275-2-=4Y 5% 7>,&<
%-=#<-4-5>7<F :<#>-#&= -5 >,&=& :<#>-#&=] e?<&5%&? &> 2]Y OMOM_ 7&J&<Y NVVS_ -++2&=D7<>,Y OMONf]
%%->-7522FY -> -= C->2 >7 #,&#1 D->,  :<>-#-:5>= 5% =>H "7?> 25+?+& :<&*&<&5#&= <&2>&% >7 >,&-<
-%&5>->-&= =?#, = >,&-< <#&Y &>,5-#->FY +&5%&<Y 5% "-2->F] 7< &E4:2&Y -5 5%Y 45F :&7:2& D->, %-="-2->-&=
*C7?< :&<=75iK<=> 25+?+& e&]+]Y :&<=75 D->, %-="-2->F 7< :&<=75 &E:&<-&5#-5+ %-="-2->Ff D,-2& 7>,&<=
:<&*&< "&-5+ -%&5>-K&% = %-="2&% :&<=75] &+-55-5+ D->, "?-2%-5+ D<&5&== 7* 5% >,& ?5%&<=>5%-5+ >,>
:=> :<7+<44>-# %&=-+5= 5% :<#>-#&= 4F ,C& &E#2?%&% 7>,&<=Y =&>= >,& *7?5%>-75 *7< %&&:&< &E:27<>-75
7*#?2>?<&-5-55%]
M7JME7>>E<>E5J%9%FF
-C&5 >,& 22= -5 #>-75 4%& -5 <&=:75=& >7 >,& <?>, 5% &#75#-2->-75 744-==-75 e<?>, 5%
&#75#-2->-75 744-==-75 7* 5%Y OMNOfY -> -= #<->-#2 >,> 5%-5  :<#>->-75&<= &5++& -5 :<7#&==
7* <&L&#>-75Y &C2?>-75Y <&#75#-2->-75Y 5% %&#7275-G>-75 -5 <&+<%= >7 7?< &%?#>-752 %&=-+5Y =&>>-5+=Y 5%
:<#>-#&=] ->,7?> >,-= <&%&=-+5Y  :<7+<4= D-22 2-1&2F #75>-5?& >7 *-2 >,&-< 5%-+&57?= :<>-#-:5>= e<-&%&2Y
OMNNf]  :<7+<4= 4?=> <&#7+5-G& >,& -5%-C-=-"2& <&2>&%5&== 7* 25%Y #?2>?<&Y 5% 25+?+& *7< 5%-+&57?=
'!(%! F
:&7:2&= e0&>&Y NVVQf 5% ##&:> >,> >,& %&#7275-G>-75 7*  <&;?-<&= >,& -5C72C&4&5> 7* 2%&<=Y #&5>&<=
5%-+&57?= C7-#&=Y 157D2&%+&=Y 5% :&%+7+-&=Y 5% %&&:2F #75=-%&<= >,& :2#&= 5% 25% D,&<& :<7+<4=
7##?< e>>-=>&Y NVVU_ 7D5Y OMMV_ %%&5Y OMNR_ ?#1 &> 2]Y OMNQf] 22-5 5% &%&5 eOMOMY :] OQUf =?4 ->
=7D&22X
2#&`25% :<7C-%&= #74475Y -5>&+<2 #755&#>-75 "&>D&&5 =&>>2&< =7#-&>F 5% 5%-+&57?= :&7:2&=Y &C&5 -* >,>
#755&#>-75 -= *<4&% *<74 >D7 C&<F %-H&<&5> D7<2%C-&D= 5% &E:&<-&5#&=] 2#&`25% ,= "&&5 >,& =->& 7* =><?++2&
-5 >,& <&2>-75=,-: "&>D&&5 5%-+&57?= 5% 575i5%-+&57?= :&7:2&=Y 5% -> D-22Y >,&<&*7<&Y "& :2#&`25% >,>
#5,&2:?=,&25%D7<1>7D<%=<&#75#-2->-75]
5 1&&:-5+ D->, Y <&#75#-2->-75 :<7#&==&= D-22 57> 752F "&5&K> 5%-+&57?= =>?%&5>= "?> 7>,&<= = D&22 -5
>,> 7?>%77< :&%+7+-&= >,> *#-2->>& %&&: #755&#>-75= >7 :2#& #5 ==-=> =>?%&5>= -5 &E4-5-5+ >,&-< D,->&
:<-C-2&+& e2F55 &> 2]Y OMNMf] 7=& 5% -=2&F eOMNOf ,C& #,22&5+&% ,->& :<#>->-75&<= >7 <&#7+5-G& >,>
,->& :<-C-2&+& -5 D7C&5 -5>7 >,& *"<-# 7*  5% = =?#,Y -= 2DF= >,&<& &C&5 -5 >,& "=&5#& 7* <#-2-G&%
:<>-#-:5>=7<=>H]
5 >,&-< ;?2->>-C& -5C&=>-+>-75 7* 5%-5 7?>%77< 2&<5-5+Y %&=:->& C=> +&7+<:,F 5% %-C&<=&
:<7+<44>-# *7#-Y =*&2%> &> 2]Y eOMONfY #75#2?%&% >,> >,&<& D&<& =74& =,<&% C2?&= #<7== :<7+<4=] ,&=&
C2?&= -5#2?%&% ,5%=75 &E:&<-&5>-2 2&<5-5+Y ,72-=>-# 5% -5>&+<>&% 2&<5-5+Y ><C&2 >,<7?+, >,& 25%Y 5%
<&2-+-75 5% =:-<->?2->F] -4-2<2FY >,&=& <&=&<#,&<= +<7?:&%  :<7+<44>-# +72= -5>7 KC& >,&4&=X "?-2%-5+
#744?5->FY :&<=752 +<7D>,Y :&7:2& 5% :2#& #75=#-7?=5&==Y &5C-<754&5>2 =>&D<%=,-:Y 5% &4:27F"-2->F
5% =1-22 %&C&27:4&5>] &<>-5&5> >7 >,-= #,:>&< 5% :&<,:= -5%-#>-C& 7* >,& 5&&% *7< <&L&#>-75 -5 5%-5
Y >,&<& D&<& *&D K5%-5+= <&:7<>&% >,> %%<&==&%  7< =7#-2 0?=>-#&] ,> =-%Y =*&2%> &> 2]Y eOMONfY -5
%&=#<-"-5+ >,& >,&4& 7* :&7:2& 5% :2#& #75=#-7?=5&==Y <&2>&% >,> NQ :<>-#-:5>= e7?> 7* OOf %-% -%&5>-*F
>,> >,&-< :<7+<4= %%<&==&% >7:-#= 7* ,-=>7<FY #?2>?<&Y 5%-+&57?= ><%->-75=Y 5% >,& =:&#-K# ?=&=`?=&<= 7*
>,& 25% 75 D,-#, >,&-< :<7+<4= &E-=>&%] 5& <&=&<#, :<>-#-:5> %&=#<-"&% ,&< :<7+<4m= +72 = *7227D=X j>7
-5#7<:7<>& >,& >D7 DF= 7* 157D-5+ >7 "& "2& >7 =F ?5%&<=>5% >,& c5%-+&57?=d #?2>?<& 5% ,7D -4:7<>5>
->-=5%,7D->K>=D->,D&=>&<5=#-&5#&ke:]PMQf]
7D5 eOMMVf =?++&=>= >,>  :<7+<4= ;?&=>-75 5% #<->-;?& >,& ?5&E4-5&% ?=& 7*  47%&2= j=?#, =
>,& l?>D<% 7?5% 7%&2m >,> &C72C&% D->,-5 ?<7:&5 :&<=:&#>-C&k e:] QPf] %&22FY D& ><5=->-75 DF
*<74 :<-7<->-G-5+ 5<<>-C&= 5% &E:&<-&5#&= >,> *7#?= =72&2F 75 =&2*i<&2-5#&Y #75;?&=>Y 5% -5%-C-%?2-=4Y
-5=>&% >?<5-5+ >7D<%= <&#75#-2->-75 5% %&#7275-G>-75 e?<&5%&? &> 2]Y OMOM_ ?#1 &> 2]Y OMNQf] 5 >,&
5%-5  #75>&E>Y D& 4?=> %4-> >,> >,& 25%= 5% D>&<DF= 75 D,-#, D& ,7=> 7?< :<7+<4= D&<& 47=>
2-1&2F =>72&5 *<74 5%-+&57?= :&7:2&= e?<&5%&? &> 2]Y OMOMf] & #5 %7 >,-= "F *7<4-5+ ,?4"2& 5% ><?>,i
=&&1-5+ <&2>-75=,-:= D->, 5%-+&57?= 2&%&<=Y 57D2&%+& &&:&<=Y 5% 2%&<=h>,-= -= &=:&#-22F #<->-#2 -* D&
<& %&=-+5-5+  :<7+<44-5+ *7< 5%-+&57?= :&7:2&= e#?22FY OMOMfh5% "F %7:>-5+ 5% ?=-5+ ?>,&5>-#
25%#157D2&%+4&5>=>,<7?+,7?>7?<#744?5-#>-75=5%:<7+<44-5+]
-=>7<-#22FY 4?#,  :<7+<44-5+ ,= ::<7:<->&% 5%-+&57?= DF= 7* "&-5+ 5% 157D-5+ D->,7?>
#157D2&%+4&5> 7< #75=&5>Y 5% >,-= 4?=> :<#>-#& 4?=> =>7: e77>Y OMNMf] 5F ?>,7<= ,C& #22&% 75 
 F '!(%!
:<#>->-75&<= >7 "&#74& -5>-4>&2F *4-2-< D->, >,& 7<-+-5= 7* 45F 7* 7?< :<7+<44>-# :,-27=7:,-&= 5%
:<#>-#&= -5#2?%-5+ +>,&<-5+ -5 #-<#2&=Y #,22&5+& "F #,7-#&Y 5% 2&C& 57 ><#&Y >7 54& *&D e->>&5Y NVVQ_
7=& v -=2&FY OMNO_ <<&5Y NVVUf] ?<>,&<-5+ >,-= >,7?+,>Y =*&2%> &> 2] eOMONf *7?5% >,>  :<7+<4
*7?5%&<= #75>-5?& >7 ,&C-2F -5L?&5#& :<7+<4 :,-27=7:,F 5% %&2-C&<F -5 5%] ,& <&=&<#,&<= %&=#<-"&%
>7:7+<:,F 7* >,&  K&2% >,> +<&D 7<+5-#22F *<74 :==-75>& &%?#>7<=`*7?5%&<= :==-5+ 75 :<7+<4
:,-27=7:,-&=5%157D2&%+&>7=>?%&5>=7<:<>-#-:5>=D,72>&<"&#4&2&%&<=>,&4=&2C&=]
-C&5 >,& :7>&5>-2 %F54-#= 7* ,74727+7?= <&:<7%?#>-75Y e5>&<Y NVTTfY D,&<&"F %74-55> +<7?:
=F=>&4>-#22F <&:<7%?#&= ->=&2* >,<7?+, ,-<-5+ 5% 7>,&< :<#>-#&=Y D& 5&&% >7 ;?&=>-75 *<74 D,74 5%
>,<7?+, D,74 5%-5  ,= %&C&27:&% 5% D,7 ,= "&&5 5% #75>-5?&= >7 "& &E#2?%&% >,<7?+, >,-=
7<-+-55%%&=-+5]-522FY?#15%5+eOMNOY:]Rf<&4-5%?=>,>X
7#-2 0?=>-#& &%?#>-75hD,&>,&< 7< 57> D& #75>-5?& >7 ?=& >,7=& D7<%= >7 %&K5& ->h-= >,& #<?E 7* >,& *?>?<& 7*
7?< K&2%] 7#-2 0?=>-#& -= 57> >,& 7>,&< 7* >,& K&2% 7* &%?#>-75Y ->  >,& K&2%] ,&<& -= 57 *?>?<& 7* >,& K&2% 7*
&%?#>-75 -* -> #557> 4&5-5+*?22F >>&5% >7 =7#-2 #75>&E>=Y ,-=>7<-#2 5% #75>&4:7<<F =><?#>?<&= 7* =&>>2&<
#7275-2-=4YD,->&=?:<&4#FY5%5>-"2#15&==]7#-20?=>-#&-=57>>,&#>#,22_->-=>,&22]
><-5+ ?: > >,-= j#<?E 47C&Yk <+?& >,> 5%-5  5&&%= >7 <&L&#> 75 ->= :<7+<4 %&=-+5 5% =1 2&<5&<=
-* >,&F #5 ##&== 7?< :<7+<4= 5% >,& 5&#&==<F 7?>%77< #27>,-5+ 5% &;?-:4&5> >7 :<>-#-:>&Y -5#2?%-5+
>,7=& D,7 2-C& D->, %-="-2->FY >,7=& D,7 2-C& -5`D->, "7%-&= D,7=& =-G& 7< "-2->F %7 57> #75*7<4 >7 #?<<&5>
%&=-+5 <&;?-<&4&5>=Y >,7=& D,7 <& <#-2-G&%Y >,7=& D,7 :<#>-#& :<>-#?2< <&2-+-75=Y >,7=& D,7 <& ?5%&<i
<&=7?<#&%Y 5% >,7=& D,7 <& 4<+-52-G&% -5 4?2>->?%& 7* 7>,&< DF= e?==&22 &> 2]Y OMNP_ <<&5 &> 2]Y
OMNQf]
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-2=75 eOMNTf =?++&=>= >,>  %C-=&= >,> D& %&=-+5 *7< -5#2?=-75Y -%&22F *<74 >,& "&+-55-5+Y =7 >,> D&
><5=*7<4 >,& 2&<5-5+ &5C-<754&5> <>,&< >,5 &E:&#>-5+ >,& 2&<5&< >7 %7 =7] >,&< >,5 j<7>&k 5% j75&
=-G& K>= 22k  :&%+7+-#2 ::<7#, >,> :&<:&>?>&= #&<>-5>F >,> j+&5&<-# 4&>,7%= D7<1 *7< &C&<F75&Yk
<<&5 eNVVUfY 2-1& >,& >&5&>= 7* Y -4:27<&= >,> D& = K&2% =>7: ><&>-5+ 7?< j2&<5-5+ #744?5->-&= =
,747+&57?= +<7?:= 7* =>?%&5>= D->, =-4-2< 5&&%=ke:] OOf] 5=>&%Y D& 5&&% >7 :&<=752-G& 7?< ::<7#,&= >7
&5=?<&>,>22#5C-27*>,&"&5&K>=7*7?>%77<2&<5-5+]
= K&2%Y D& 4?=> =1 7?<=&2C&=X j,> =7<> 7* "7%-&= 5% -%&5>->-&= <& "&-5+ :<7%?#&% -5 >,-= :&%+7+-#2
=:#&^k e&D"&<FY OMMPY :] OMRf] ?<>,&<-5+ >,& #22 *7< <&i&E4-5-5+ 7?< #7<& %&=-+5 ==?4:>-75=Y <<&5
eNVVUf 57>&% >,& -5L?&5#& 7* >,& K&2%m= &<2F *7#?= 75 -5%-C-%?2-=4 5% <?++&% :,F=-#2->F -5  :<7+<4=]
<%->-752  :<7+<4 %&=-+5Y "=&% 75 j<?++&% 7?>%77<=F 5>-752-=4k e?<&5%&? &> 2]Y OMOMY :]
NOTf >,> *7#?=&= =72&2F 75 ,?45i:7D&<&% ><C&2 >,<7?+, <&47>& 25%=#:&=Y :<-C-2&+&= >,& :<>-#-:>-75 7*
>,7=& D,7 -5,"-> j"2&k "7%-&= 5% 7*>&5 <&;?-<&= ,-+, %&+<&& 7* =><&5+>,Y K>5&==Y >&#,5-#2 =1-22=Y 5%
7>,&< "-2->-&=] ,&=& >F:&= 7* :<7+<4= ,C& >&5%&% >7 "& 275+&<Y 47<& &E:&5=-C&Y 5% <&;?-<& +<&>&< ?:i
'!(%! F 
*<75> K55#-2 -5C&=>4&5> "&*7<& :<>-#-:>-5+Y 5% ,C& "&&5 =>:2& 7H&<-5+ 5% :<7+<4 %&=-+5 47%&
*7< 5%-5 7?>%77< &%?#>-75 :<7+<4= e=*&2%> &> 2]Y OMONf] &<5&<= D,7=& "7%-&=Y +&5%&<=Y 7< "-2->-&=
,C&5m> K> >,-= %&=-+5 <&;?-<&4&5> ,C& 2<+&2F *&2> ?5D&2#74&%Y "&&5 "=&5>Y 7< <& &E:&#>&% >7 :<>-#-:>&
-5 =:&#-2-G&% :<7+<4 e<F &> 2]Y OMOM_ ?<&5%&? &> 2]Y OMOMf] = 75& DF *7<D<%Y ,2 &> 2]Y eOMNVf
=1 >,> D& #75=-%&< ?>-2-G-5+ =-4:2&< *7<4= 7* 5>?<2 #75>&E>= 5% 27#2 :2#&= 5% -5#2?%& C<-&>F 7* =1-22=Y
&;?-:4&5>Y5%&E:&<-&5#&=]
 :<7+<4= 4?=> <&%&=-+5 >,&-< 2&<5-5+ &5C-<754&5>= 5% #?<<-#?2 >7 &5=?<& >,> D& &2-4-5>& "2&-=4Y
,&>&<757<4>-C->FY "-5<F +&5%&< 57<4>-C->FY 5% 7>,&< :7>&5>-2 ,<4= >,> *<&;?&5>2F <-=& D,&<& "7%-&=Y
<#&Y +&5%&<Y 5% =&E?2 7<-&5>>-75 -5>&<=&#> e22&5i<-+ &> 2]Y OMOM_ ?==&22 &> 2]Y OMMU_ <<&5 &> 2]Y OMNQf]
%%->-7522FY >,& K&2% 7*  5% >,& 7?>%77< -5%?=><F -5 +&5&<2 ,C& 752F <&#&5>2F "&+?5 >7 :F >>&5>-75 >7
"7%F =-G& %-C&<=->Fh-5%&&%Y > >-4&=Y "7>, &5>->-&= ,C& :&<:&>?>&% >,& %74-55> *>:,7"-# %-=#7?<=& >,<7?+,
"7>, ?5&E4-5&% :<#>-#&=Y :<7+<4 %&=-+5Y 5% &<=-5+ :&7:2&m= :<>-#-:>-75 4?#, 2-1& ,= ,::&5&% D->,
<#&Y +&5%&<Y 5% #2== e?<&5%&? &> 2]Y OMOM_ &D"&<FY OMMP_ 7=& v -=2&FY OMNO_ ?==&22 &> 2]Y OMNP_
<<&5 &> 2]Y OMNQf] = <&=?2>Y  :<7+<4= ,C&5m> 2DF= ,% D-%& =:&#><?4 7* =-G&= -5 >,& #27>,-5+ 5%
&;?-:4&5> >,> >,&F ,% >7 7H&< :<>-#-:5>= >7 ?=&Y <&5>Y 7< "?F] <+&< 2&<5&<= 4F 57> ,C& &=F ##&== >7
Y#2-4"-5+,<5&==Y7<<-5=,&222F&<>,>K>=>,&4D&22]
= D& >?<5 7?< *7#?= 75 -5%-C-%?2 2&<5&<=m 5&&%=Y "-2->-&=Y "7%-&=Y 5% -%&5>->-&=Y D& #5 =&& >,> >,&F
&E-=> > >,& 5&E?= 7* >,&=&Y 5% = =?#,Y <& ?5-;?&] & 4?=> #75>-5?22F <&4&4"&< >,> >,&=& -5>&<=&#>-5+
-%&5>->-&=Y 5% >,& =7#-7&#7574-# <&2->-&= >,> ##74:5F >,&4Y -4:#> &C&<F>,-5+ "7?> 2&<5&<=m "-2->F >7
##&==Y :<>-#-:>&Y 5% *&&2 "&275+-5+= -5  :<7+<4= e-5i17<- &> 2]Y OMNUf] ?<>,&<-5+ >,&  +72 7*
:&<=752-G>-75Y -> -= #<->-#2 >7 4&&> j=>?%&5>= D,&<& >,&F <& 5% :<-7<->-G& >,&-< +72=Y <>,&< >,5 *7#?=-5+
=72&2F 75 >,& 2&%&<m= c7< :<7+<4=d +72=k e7+&<= v 7=&Y OMNVY :] QQf] ,-= D-22 2-1&2F <&;?-<& +<&>&<
"<&%>, 7* 2&<5&< #,7-#& >,> +7&= D&22 "&F75% >,& K&2%m= ><%->-752 -4:2&4&5>>-75 7* j#,22&5+& "F #,7-#&k
e->>&5Y NVVQf] ->, *7#?= 75 *?<>,&<-5+ ##&== 5% -5#2?=-75 >,<7?+, :&<=752-G>-75Y D& &E:27<& >,& 
+72=7*=7#-2-5>&+<>-755%D&225&==5&E>]
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<+-52-G&% 2&<5&<= -5  2-1&2F %7 57> <&: >,& "&5&K>= 7* D-%&=:<&% <&:<&=&5>>-75 7* <72& 47%&2= 5%
,&<7&= #<7== =7#-2 5% :<-5> 4&%- :2>*7<4=Y = >,& 275+ ,-=>7<F 7* 5%-+&57?= 5% 7>,&< &;?->Fi%&=&<C-5+
+<7?:= ,= "&&5 2<+&2F &<=&% >,<7?+, &75= 7* #7275-G>-75 5% ,->& %74-55#& 7* #75=&<C>-75 5%
&5C-<754&5>2 47C&4&5>= e-55&FY OMNQ_ <?&Y OMNS_ ?<&5%&? &> 2]Y OMOM_ ?#1 &> 2]Y OMNQf]  -5
5% #557> =-4:2F j%% %-C&<=->Fk 5% =>-<_ -5=>&%Y D& 4?=> "&+-5 +-5 5% <&%&=-+5 7?< :<7+<4= >7
&5=?<&><?&=7#-2-5>&+<>-755%D&225&==*7<7?<2&<5&<=]
5 #<->-;?-5+ "-=>7?<m= eOMNUf  =7#-2 4&%- =>>&4&5>Y j7 ,->& :&7:2& %74-5>& >,& 7?>%77<=^k
?<&5%&?&>2]YeOMOMf:<7"2&4>-G&%m=%-C&<=->F#4:-+5"F=>>-5+X
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=-%&Y *7< 474&5>Y =><?#>?<2 :<7"2&4= "&F75% 7?>%77< =:7<>-5+f +7 ?5;?&=>-75&%X #2==&% 5% "2&-=> "<<-&<=
>7 ##&==-5+ :<1=Y >,& 57>i=7i4-#<7i++<&==-75=Y <#-2 :<7K2-5+Y >,& :72-#-5+ 7* +&5%&<&% ">,<774= 5% >,&-<
?=&*7<752F>,&>&4:7<<-2FY%&2-"&<>&2FY5%J?&5>2F?5,7?=&%Y*7<&E4:2&]
& 4?=> *&<2&==2F &E4-5& >,& 4?2>-:2& :=>= D,-#, "<7?+,> ?= >7 7?< :<&=&5> :<7+<44-5+ 474&5> 5%
%%<&== %&=-+5 >,-51-5+ >7 47C& >,&  K&2% *7<D<% >7D<% +<&>&<  5% DF *<74 >,& ,<4= #?=&%
"F 4<+-52-G>-75 5% &E#2?=-75 e-55&FY OMNQ_ <F &> 2]Y OMOM_ ->>&5Y NVVQ_ ?#1 &> 2]Y OMNQf] 4+-5&
>,& "&5&K>= *7< 2&<5&<= ,C-5+ >,& #,7-#& 7* :<>-#-:>-5+ -5  -5 *?22F -5#2?=-C& =&>>-5+ 7< D->, =,<&%
-%&5>->F +<7?: 4&4"&<= D->, >&#,&<= 7< 2&%&<= D,7 =,<& >,& =4& -%&5>->F "=&% 75 >,&-< 5&&%=Y +72=Y 5%
=1-22=e-55&FYOMNQ_<<&5&>2]YOMNQf]
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7 <&#, >,& &-+,> +72= 7*  5% >7 <?5  :<7+<4= >,> ><?2F =?::7<> Y D& 4?=> #75>-5?& >7
&E4-5& 7?< 47=> 7C&<> 5% ,-%%&5  :<#>-#&=Y =?#, = >,& -5*7<4>-75 D& #722&#> %?<-5+ ,&2>, =#<&&5-5+Y
,7D D& #744?5-#>& D->, :<>-#-:5>=Y 5% ,7D D& ==-+5 :<>-#-:5>=m =2&&:-5+ <<5+&4&5>= e<<&5 &> 2]Y
OMNVf] <74 >,& 474&5> D& K<=> ,C& #75>#> D->, 2&<5&<=Y D& #5 #<&>& D&2#74-5+  &%?#>-C& =:#&=Y
7< D& #5 -5=>5>2F :<&C&5> 45F 2&<5&<= *<74 "&5&K>-5+ *<74 ] ,-#,&C&< <&=?2> 7##?<= -= 7?<= >7 41&
,::&5 "F ,7D D& %&=-+5 &C&<F>,-5+ "7?> 7?< :<7+<4=] ?=> 2-1& -5%-C-%?2 :<>-#-:5>=Y &#,  :<7+<4
-= ?5-;?& 5% D-22 "& > %-H&<&5> :<> 7* >,&  =:&#><?4Y D->, =74& D&22 :=> D,> ,C& =?++&=>&%
>,<7?+,7?> >,& #,:>&< 5% 7>,&<= 0?=> "&+-55-5+] ,>m= 47=> -4:7<>5> -= >7 <&#7+5-G& >,& -4:&>?= >7 =><>
7< >7 #75>-5?& >7 D7<1 *7< 5&#&==<F #,5+&= -5 7?< :<7+<4=] >m= 57> +77% &57?+, 5F47<& *7< 5%-5
 >7 5=D&< >,& ;?&=>-75 7* j,F %7 D& %7 >,-5+= >,-= DF^k D->, j,>m= ,7D D&mC& 2DF= %75& >,-5+=k
e=*&2%> &> 2]Y OMONf] & 4?=> -5=>&% =?::7<> -557C>-C& -5#2?=-C&  :<7+<44-5+ >,> :<7+<&==&= 
-5 &C&<F :<> 7* D,> D& %7] ,&<& D-22 "& 4?#, 2&<5-5+ 5% ?52&<5-5+ D& 5&&% >7 %7 275+ >,-= :>,Y "?>
,7:&F7?D-2207-54&275+>,&DF]
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,C& -4:#>X E:27<-5+ +&5%&<&% &E:&<-&5#&= -5 7?>%77< 2&%&<=,-:] /52., /$ /54 //2 2!2!4'/.K ! 54'/.K
. ,! !23&'0YABeNfYNONiNPV]
=*&2%>Y ]Y ?<#i>&:,&5=75Y ]Y D2&-+,Y ]Y v ,#1&<FY ] eOMONf] ?>%77< &%?#>-75 -5 5%X
;?2->>-C&-5C&=>-+>-75] /52.,/$ 7!.452! 54'/.. 54 //2!2.'.%YBAeQfYOVTiPNM]
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>>-=>&Y ] eNVVUf] 5"2-5+ >,& ?>?45 =&&%X 7D<% %&#7275-G&% ::<7#, >7 "7<-+-52 157D2&%+&Y
25+?+&Y5%&%?#>-75]5%-57?<527*>-C&%?#>-75YOOeNfYNShOT]
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:<7+<44-5+]
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1&&: >,& 7:&<>-75 %4-5-=><>-C&2F 2&5 5% C7-%&% =-:,75-5+ 7H C-2"2& *?5%= *7< %4-5-=><>-C& :?<:7=&=]
= 744?5->F %C-=7<= ,C& %&C&27:&% >,&-< 5&>D7<1= 5% =?::7<>&% 27#2 5% <&+-752 7<+5-G>-75=
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7C&<54&5> 7* >,& 7<>,D&=> &<<->7<-&=m <&4-&<m= D<% *7< E#&22&5#& -5 OMNTiOMNUY D,-#, -= +-C&5
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+&5&<2Y >,& 722"7<>-C& D7?2% 2-1& >7 =&& :<70&#>= >,> >1& :2#& "&F75% 4?5-#-:2 2-4->=] 7D&C&<Y D&
 F !!!'##"%&"%!!"'!#%"% !!&!"%&)&&%%&"%
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<&;?-<&4&5>= 5% %&C&27:-5+ +?-%&2-5&= 7C&< >-4&] *>&< 5&<2F NM F&<= 7* 7:&<>-75Y 4&4"&<= <&#7+5-G& >,>
-> 4F "& >-4& >7 #7%-*F 47<& 7* >,&-< +?-%&2-5&= 5% 7:&<>-752 ==?4:>-75= 5% :<#>-#&=Y &=:&#-22F = 5&D
*?5%-5+:<>5&<=<&&5#7?<+&%>707-5]
= -= >,& #=& D->, 45F 7<+5-G>-75= 5% :<70&#>=Y >,& :=> *&D F&<= ,C& :<7C-%&% 2-4->&% 7::7<>?5->F
*7< 7?><&#,X 5&>D7<1-5+ 5% +<7D>, = #>-C->-&= D&<& #75=><-5&% "F >,& 7C-%iNV :5%&4-# <&=><-#>-75=]
&#&5>2FY >,&  ,= >><#>&% >,<&& 5&D *?5%-5+ :<>5&<= h <5=:7<> 5%Y 77+2&]#74Y 5% 
7?5%>-75 h 5% = 7:&<>-75= <&>?<5 >7 57<42Y >,&F ,7:& >7 75#& +-5 &5++& -5 #>-C& 7?><&#, 5%
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C<->-75 475+ *?5%&< #75><-"?>-75=Y <5+-5+ *<74 nNMYMMM :&< F&< >7 nPMMYMMM :&< F&<] 7 %>& >,& 
,= 57> =&> 4-5-4?4 #75><-"?>-75 5% ,= +<5>&% 5 &;?2 C7-#& -5 %&#-=-75i41-5+ >7 22 *?5%-5+ +&5#-&=]
,-2& =74& *?5%&<= ,C& -5#<&=&% >,&-< 55?2 #75><-"?>-75 7C&< >-4& = >,& 722"7<>-C& ,= :<7C&% ->=
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D,7,C&>,&#:#->F>7#75><-"?>&47<&]
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:<>5&<= "7?> ->= 7:&<>-75=] =&% 75 >,& =?##&== 7* >,& Y :25= <& ?5%&< DF *7< *?>?<& D7<1=,7:
>7=,<&>,&=?##&==&=5%2&==75=2&<5&%D->,-5>&<&=>&%:<>-&=-57>,&<>&<<->7<-&=]
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Y D,7 #4& >7+&>,&< -5 OMNU -5 D7<1=,7: =:75=7<&% "F >,& 7<>,D&=> &<<->7<-&= &#<&>-75 5%
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W&!&'-++$H,*%!&,!'&X?::7<>-5+5%-+&57?==7C&<&-+5>FY<-+,>=5%>,&C2?&7*
5%-+&57?=157D2&%+&5%DF=7*"&-5+e?::7<>-5+&22"&-5+D&"=->&Y5]%]f]
,<7?+, =>H =?::7<> 27#>&% -5 >,& Y >,& >&&<-5+ 744->>&& -==?&% <&;?&=> *7< :<7:7=2= >7
"&+-5 >,& D7<1 7* %&C&27:-5+ >,& ><-5-5+ #?<<-#?2?4Y 5% "F >,& &5% 7* OMONY %<*> ><-5-5+ :<7+<4 D=
#74:2&>&% ?5%&< >,& 2&%&<=,-: 7* 5 &E:&<-&5#&% 5%-+&57?= #7?5=&227< 5% 75i>,&i25% :<7+<4 2&%&<Y
D7<1-5+ -5 :<>5&<=,-: D->, 57<>,&<5 %?2> &%?#>7< D->, &E:&<>-=& -5 #?<<-#?2?4 %&C&27:4&5>] ,&
?::7<>-5+ &22"&-5+ ><-5-5+ 47%?2&= "2&5% #2-5-#22F <&=&<#,&% :<#>-#&= -5 4&5>2 ,&2>, +<7?: D7<1 D->,
5%-+&57?= :<#>-#&= 5% &E:&<>-=&] 5 <#, OMONY >,& K<=> :-27> ><-5-5+ =&==-75 D= ,&2% 75i>,&i25% 5&<
5?C-1 Y > #4: 4-5>-5&% "F >,&  NT 75i>,&i25% :<7+<4 2&%&<=Y 5% 2%&<= #4& >7+&>,&<
 F !!!'##"%&"%!!"'!#%"% !!&!"%&)&&%%&"%
D->, >,& ?::7<>-5+ &22"&-5+ >&&<-5+ 744->>&& 5% #?<<-#?2?4 #75=?2>5>= *7< =&C&5 %F=Y %?<-5+ D,-#,
>,&F?5%&<>771><-5-5+-5>,&?::7<>-5+&22"&-5+=1-22=D,-2&2=7:<7C-%-5+*&&%"#175>,&#?<<-#?2?4]
,<7?+, OMONY 2>,7?+, =74&D,> #75=><-5&% "F :5%&4-# <&=><-#>-75=Y >,& -5->-2 #%<& 7* ><-5&&= ?=&%
>,&-< 5&Di*7?5% =1-22= D,-2& %&2-C&<-5+ :<7+<4= 75i>,&i25% #<7== >,& ] &5D,-2&Y >,& %4-5-=><>-C&
=><?#>?<& *7< >,& :<7+<4 #75>-5?&% >7 %&C&27:Y 5% -5 &<2F OMOOY >,& :<70&#> D= D<%&% nRMMYMMM *<74 >,&
<#>-# 5=:-<>-75 <-G&] ,-= -5C&=>4&5> ,= &5"2&% >,& :<70&#> >7 &=>"2-=, ->=&2* = 5 -5%&:&5%&5> :<70&#>
75>,&1&F,<&%2>*7<4]
?::7<>-5+ &22"&-5+m= 7<-+-52 KC&iF&< :25 -5#2?%&% 57> 752F %&C&27:-5+ >,& ><-5-5+ #?<<-#?2?4 *7<
75i>,&i25% :<7+<4 2&%&<= "?> 2=7 %&C&27:-5+ ><-5i>,&i><-5&< #?<<-#?2?4 *7< :<7+<4 2&%&<= D,7 ,C&
>1&5 >,& ?::7<>-5+ &22"&-5+ ><-5-5+ 5% D5> >7 "&#74& ><-5&<= >,&4=&2C&=Y #:"2& 7* %&2-C&<-5+ >,&
:<7+<4 -5 >,&-< <&+-75=] ,& ?::7<>-5+ &22"&-5+ #-2->>7<m= ?-%& D= #74:2&>&% -5 &<2F OMOOY 5%
-5 >,& *22 7* OMOO >,& K<=> +<7?: 7* :7>&5>-2 ><-5&<= +>,&<&% 75i>,&i25% 5&< 7<> -4:=75  *7<
D&&1i275+ :-27> >&=> 7* >,& 5&D #?<<-#?2?4] 75=-=>&5> D->, >,& :<70&#> :,-27=7:,FY 2&<5-5+ #>-C->-&= D&<&
-5>&<=:&<=&% D->, 25%i"=&% 2&<5-5+ 7::7<>?5->-&=Y -5#2?%-5+ ><-: 75 >,& #1&5G-& -C&< >7 C-=-> >,&
><%->-752 ,74&=->& 7* 27#2 *4-2-&=Y +>,&<-5+ :25>= 5% 41-5+ 4&%-#-5& D->, 27#2 2%&<=Y 5% 2&<5-5+
=1-22= =?#, = =&>>-5+ ?: >&5> *<4& 5% 41-5+ %<F 4&>] ,& :<70&#> D-22 #75>-5?& >7 %&2-C&< ?::7<>-5+
&22"&-5+ *7< 75i>,&i25% :<7+<4 2&%&<= -5 22 <&+-75= 7* >,&  5% :25= >7 ,72% 57>,&< ><-5i>,&i
><-5&<7::7<>?5->F-52>&OMOP7<&<2FOMOQ]
?::7<>-5+ &22"&-5+ ,= %&475=><>&% =-+5-K#5> =?##&== -5 ->= K<=> >D7 F&<= 7* 7:&<>-75Y %<D-5+ 75
>,& <&=7?<#&= 7* #744->>&% :<>5&<= 5% %&%-#>&% -5%-C-%?2= >7 &=>"2-=, +7C&<55#& =><?#>?<&Y 7">-5-5+
*?5%-5+ 5% %&2-C&<-5+ :<7%?#>= 75 >-4&2F "=-=] ?::7<>-5+ &22"&-5+m= #?<<-#?2?4 #75>&5>= 5% ><-5-5+
::<7#, <&=:75% >7 >,& ?5-;?& 5&&%=Y #:#->-&=Y 5% =7#-2 -5*<=><?#>?<& 7* <&47>& 57<>,&<5 5%-+&57?=
#744?5->-&=] 2>,7?+, =74& 25%i"=&% ,&2-5+ :<7+<4= <& "2& >7 -5#2?%& D&=>&<5 ><-5&% 4&5>2 ,&2>,
:<7*&==-752= -5 >,& +&5%=Y >,-= -= 57> >,& #=& *7< >,& C=> 407<->F 7* 75i>,&i25% :<7+<4= *7< >D7 <&=75=X
45F :<7+<4= <& 57> %&=-+5&% >7 *7#?= 75 =-27&% #75#&:> 7* 4&5>2 D&225&== "?> <& ,72-=>-# -5 5>?<&Y D->,
#755&#>-75 >7 25% 5% #?2>?<& >,& :<-4<F *7#?=_ 5% >,&<& -= =&<-7?= =,7<>+& 7* ><-5&% #7?5=&227<= -5 >,&
Y41-5+->#,22&5+&&C&5*7<:<7+<4=D->,<&=7?<#&=>7K5%>,-=1-5%7*&E:&<>-=&]
,& 47%?2< #?<<-#?2?4 %&=-+5 227D= >,& ><-5-5+ :<7+<4 >7 "& %:>&% >7 >,& 5&&%= 7* 27#2
#744?5->-&= 5% 7<+5-G>-75=Y "7>, D->, <&=:&#> >7 >-4-5+ 7* %&2-C&<F 5% >7 D,> #74:75&5>= <&
:<-7<->-G&%] ,& ><-5-5+ 4>&<-2= <& 2=7 %&=-+5&% >7 "& #?=>74-G&% =7 >,> 157D2&%+& ,72%&<= 5% 2%&<= -5
&#, <&+-75 #5 :<7C-%& #?2>?<22F ::<7:<->& :&<=:&#>-C&] 5 %%->-75 >7 "&-5+ =?##&==*?2 -5 ->= ::2-#>-75
*7< >,& <#>-# 5=:-<>-75 <-G&Y -5 OMOOY ?::7<>-5+ &22"&-5+ D= =&2&#>&% "F 5%m= <&4-&<= = >,& 
D-55&<7*5D<%*7<-557C>-75-54&5>2,&2>,5%%%-#>-75=#<&]
,-= =?##&== ,= 57> "&&5 D->,7?> ->= #,22&5+&=Y = 57>&% -5 >,& :<70&#>m= OMOO -5>&<-4 &C2?>-75 <&:7<>]
-1& 5F 5&D 7<+5-G>-75Y >,& %4-5-=><>-C& 2&%= ,C& <?5 -5>7 :72-#F +:= >,> <&;?-<& #75>-5?2 %0?=>4&5>
5% %&C&27:4&5> 7* :72-#F *<4&D7<1] 7< &E4:2&Y =74& >&&<-5+ 744->>&& 4&4"&<= <& =?::7<>&% >7
:<>-#-:>& >,<7?+, >,&-< 07"= D->, 5%-+&57?= 7<+5-G>-75=Y D,-2& 7>,&<= <& #75=?2>5>= D,7 <&;?-<& =74&
!!!'##"%&"%!!"'!#%"% !!&!"%&)&&%%&"% F 
*7<4 7* #74:&5=>-75 >7 %&%-#>& >-4& >7 >,& :<70&#>Y =7 #74:&5=>-75 :72-#F D= <&;?-<&%] ,& ><5=->-75
>7 >,& %4-5-=><>-C& 4&#,5-=4= 7* >,& 1&F ,<&% 2>*7<4 ,C& 2=7 <&;?-<&% 5 -5C&=>4&5> 7* =>H
>-4& 5% &H7<>] 57>,&< #,22&5+& -= >,> >,& &E#->&4&5> +&5&<>&% "F >,& :<70&#> ,= 2&% >7 %&45% *7< >,&
><-5-5+>,>Y-5>,&=,7<>>&<4Y&E#&&%=>,&7<+5-G>-75m=#:#->F]
,+ )20&,+
5 >,& 7<>,D&=> &<<->7<-&=Y 7<+5-G>-75= D->, #744->4&5> >7 :<747>-5+ 25%i"=&% :<7+<44-5+ ,C&
07-5&% *7<#&= -5 5?4"&< 7* ?5-;?& #722"7<>-75= =:&#-K#22F -5>&5%&% >7 "?-2% #744?5->F #:#->FY
=><&42-5& %4-5-=><>-75Y -5#<&=& >,& <&=7?<#&= C-2"2&Y 5% -5L?&5#& +7C&<54&5> 5% :,-25>,<7:-#
:72-#F41&<=] ,&=& -557C>-75= <&=:75% >7 5 -%&5>-K&% :<-7<->F 7* 57<>,&<5 5%-+&57?= #744?5->-&= 5%
+7C&<5-5+ 7<+5-G>-75= 5% <& >-27<&% >7 2&C&<+& >,& =><&5+>,= 7* 57<>,&<5 #744?5->-&= 5% <&=:75% >7
=,<&%#:#->F#,22&5+&=#<7==>,&57<>,]
,&=& #722"7<>-75= ,C& #74475 >,&4&=] 22 7* >,& -5->->-C&= %&=#<-"&% =><> *<74 :2#& 7* <&#7+5-G-5+
>,& -5,&<&5> C2?& 7* 25%i"=&% :<7+<44-5+ *7< 5%-+&57?= #744?5->-&= 5% >,& #<->-#2 <72& -> :2F=
-5 *7=>&<-5+ -5%-C-%?2 5% #744?5->F D&22i"&-5+Y =><&5+>,Y <&=-2-&5#&Y 5% =?##&==] 22 >,& :<>-#-:>-5+
7<+5-G>-75= =&&1 >7 =?::7<> 5%-+&57?= #744?5->F :<-7<->-&= 5% 5&&%= <>,&< >,5 <&;?-<-5+ #74:2-5#&
7< #75+<?&5#& D->, >,&-< 7D5 7<+5-G>-752 45%>&=] 22 =&&1 >7 =?::7<> #744?5->Fi%<-C&5 :<7+<4= "F
=><&42-5-5+ 5% <&%?#-5+ %4-5-=><>-C& <&;?-<&4&5>= D,-2& "?-2%-5+ #:#->F *7< >,& %&2-C&<F 7* &H&#>-C&
25%i"=&% :<7+<4=] ,-2& >,& ?5%&<2F-5+ :,-27=7:,F 7* C2?-5+ "&-5+ 75i>,&i25% = 5 7?>#74& -5 ->=&2*Y
D->,7?> *7#?=-5+ 75 =-27&% :<7+<4 7"0&#>-C&=Y 4F "& #75=-%&<&% 5 -557C>-75 *7< +7C&<54&5> 5%
:,-25>,<7:-# *?5%&<=Y *7< 5%-+&57?= #744?5->-&= -> <&:<&=&5>= <&>?<5 >7 ><%->-752 :<#>-#&= 5% C2?&=
>,>,C&2DF=&E-=>&%>7=?::7<>2&<5-5+Y:,F=-#27<4&5>2D&22i"&-5+Y5%#755&#>-75>7#?2>?<&]
"#"/"+ "0
<7%,&%Y ] e&<=752 #744?5-#>-75Y 5?<FY OMOPf] -C&= -5 F -C&<Y  '>-= >-75] <2
>&#,-5+]
5%-5 <1= 7?5#-2] eOMNQf] 755&#>-5+ 5%-5= D->, >?<&X 5 5C&=>4&5> -5 >,& &22i&-5+ 7* 7?<
->-G&5=] ,>>:=X``:<1=i:<#=]#`D:i#75>&5>`?:27%=`OMOM`MV`755&#>-5+5%-5=i5+2-=,aD&"]:%*
2?%&<FY ]Y -5C-22&Y ]Y -4:=75Y ] ]Y v <-+,>=75Y ] eOMOOf] j&<5-5+ -1& &*7<&kX 75>-5?7?=
&=-=>5#& -5 5%i=&% %?#>-75] %/43W!#&+W6[ /52.,Y NeNfY RMhSS] &><-&C&% *<74
,>>:=X``E+7>=&&,1707?<52]#74`-5%&E]:,:`E+=1`<>-#2&`C-&D`PUOS
&5#&FY ] eOMOPf] &#7275-G-5+ C2?>-75 7* 5%-+&57?= 5%i"=&% <7+<4=X &>>2&< &<=:&#>-C& 75
,>&5&<5*<74>,&7C&4&5>] /52.,/$5,4''3'0,'.2:7,54'/.]
7>>7Y ] eOMOMf] C2?>-75 *7< 5%i=&% <7+<44-5+X ->&<>?<& &C-&D]  !2!4'/. .
 F !!!'##"%&"%!!"'!#%"% !!&!"%&)&&%%&"%
2+3 33/'4'/. . /4() 43W!! ] ,>>:=X``5D>=:7<]#`=->&=`%&*?2>`K2&=`
OMOMiMUiNOi,>a7>2a2-><&C-&Da*7<4>>&%]:%*
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>,&?<7<&=&<#,5=>->?>&]
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j,-= -= 4+-#Yk =-+,&% =2 = =,& +G&% ?:75 >,& +2-44&<-5+ >25>-# #&5 *<74 #2-H=-%&] =2 5% ,&<
F7?5+ *4-2F 47C&% >7 5% 752F P F&<= +7] ,& -= >,& :<-4<F #<&+-C&< >7 ,&< >D7 #,-2%<&5Y "7>, ?5%&<
>,& +& 7* >,<&&] =2 %7&= 57> ,C& %<-C&<m= 2-#&5=& 5% ,&< ,?="5% D7<1= *?22i>-4& >7 =?::7<> >,& *4-2F] ,&
=:&5> 47=> 7* ,&< %F= >&5%-5+ >7 >,& #,-2%<&5 5% ,% 57> "&&5 "2& >7 4&&> 7>,&<= 7< &E:27<& ,&< 5&D ,74&]
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744?5->F #722"7<>-75= 7< 5&>D7<1 =><?#>?<&=Y = 5%&22 %&K5&=Y j#75=-=> 7* :?"2-#Y :<-C>&Y 5% 57>i
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K55#-2 5&&%= &E-=>Y =?#, = %&#<&=&% "?%+&>=Y D,-#, 2=7 27D&< >,& ,?45 #:#->F >7 :<7C-%& &E#&:>-752
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><5=*7<4>-C&Y D,-#, <& 275+i>&<4 5% <&;?-<& %&&: <&L&#>-75 eD&>45Y OMOMf] 722"7<>-75= #5 "&
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#722"7<>-75= >&5% >7 ,C& 2&== ,-&<<#,-#2 =><?#>?<&= D,-#, -= -5 #75L-#> D->, ><%->-752 45+&4&5>
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e<4-#,&2 v #72&Y OMNQf] 7< >,&=& <&=75=Y D,&5 %&C&27:-5+ 5&D 7?>%77< :<7+<4Y -> -= -4:7<>5>
*7< 22 -5%-C-%?2= >7 ?5%&<=>5% >,& =#7:& 7* >,& :<70&#>Y ,7D >,&F <& +7-5+ >7 "& 7* =&<C-#&Y 5% D,> >,&
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#755&#>&%5&== #5 "& *7< 7?< ,&2>, 5% D&22"&-5+ e&<45 &> 2]Y OMMU_ 7=>&%&< v ::2&"FY OMNR_ :2%-
&> 2]Y OMNQ_ ->>&5Y NVVO_ 7<<-= &> 2]Y OMNV_ <&>>F &> 2]Y OMMTf] 5%m= &2>, #>m= :<-4<F 7"0&#>-C& -=
j>7 :<7>&#>Y :<747>&Y 5% <&=>7<& >,& :,F=-#2 5% 4&5>2 D&22i"&-5+ 7* <&=-%&5>= 7* 5% 5% >7 *#-2->>&
<&=75"2&##&==>7,&2>,=&<C-#&=D->,7?>K55#-27<7>,&<"<<-&<=ke&2>,5%YOMMNf]
&>Y #74:<&% D->, 4&5Y D74&5 %-=:<7:7<>-75>&2F =?H&< *<74 4&5>2 -225&==&= =?#, = %&:<&==-75 5%
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,7:-5+ >7 =&<C&] 75=-%&< >,> >,& 45F "<<-&<= >7 ##&==-5+ 7?>%77< 2&<5-5+ -5#2?%&X K55#-2 #75=><-5>=Y
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4?2>-:2& 4<+-52-G&% -%&5>->-&=] ,&5 D7<1-5+ D->, ?5%&<=&<C&% :7:?2>-75=Y ?=-5+ 5 -5>&<=&#>-752 2&5= -=
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#74:2&E->F D,-#, #74&= D->, 4?2>-:2& -%&5>->-&= e722&F &> 2]Y OMOOf] F #75=-%&<-5+ >,& %F54-# 5>?<& 7*
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*7#?= 7* >,& :<7+<4] ,&<&*7<&Y 22 *&>?<&= 7* >,& :<7+<4 D&<& %&C&27:&% D->, D74&5 -5 4-5%Y 5%
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-5 &D*7?5%25% 5% "<%7< 7* 5%] ,& D74&5 <5+&% -5 +& *<74 OR >7 TN F&<=] & :<7C-%&%
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7<1&< :<7+<4] ,&-< =>?%&5>= D7?2% <&#&-C& D7<1i>&<4 ,7?<= *7< :<7C-%-5+ #,-2%#<& *7< >,& D74&5
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+>,&< 5&#%7>2 &C-%&5#&] * >,& D74&5 D,7 :<>-#-:>&%Y >,&<& D&<& =-5+2& 474=Y =&5-7<=Y 5&D 5%-5=Y
><5=+&5%&< D74&5Y ,&<-5+i-4:-<&%Y =?<C-C7<= 7* %74&=>-# C-72&5#&Y ,74&2&== 5% 27Di-5#74& D74&5Y 5%
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:<7+<4 5%Y -5 7<%&< >7 <&>-5 >,&-< :<>-#-:>-75Y >,&F D&<& "2& >7 4-== 75& ,-1& -5 7<%&< >7 <&#&-C&
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4&&>-5+ =:7>] <74 >,&<&Y "?= D7?2% ><5=:7<> >,&4 >7 %-H&<&5> ><-2,&% &#, D&&1] 22 ><-2= D&<& #,7=&5
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-5#2&4&5>D&>,&<%F=5%:<&i=#,&%?2&%::7-5>4&5>*7<=>H7557>,&<%F]
,& ,-1&= D&<& =#,&%?2&% 75 ,?<=%F= *<74 NMXMM4 >7 OXMM:4] ,-= 2&5+>, 7* >-4& :<7C-%&% >,&
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Q] 4:<7C&=&5=&7*"&275+-5+>,<7?+,#744?52&E:27<>-757*5>?<&
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>,& 5&&%= 7* >,& :&7:2& F7? <& ,7:-5+ >7 =&<C& = D&22 = >,& 5&&%= 7* >,& :<>5&<= F7? <& =&&1-5+] 1& &
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, 1&,++!/+0-,/11&,+
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?<"5 %D&22&<= D,7 %7 57> ,C& ##&== >7 C&,-#2& 5% <&2F 75 :?"2-# ><5=->] 5 7?< :<7+<4Y KC& 7* >,&
D74&5 ?>-2-G&% >E- #"=Y = >,& 47<& H7<%"2& :?"2-# ><5=-> D= 57> = <&2-"2& 5% D7?2% >1& 27> 47<&
>-4& >7 <&#, %&=>-5>-75Y &=:&#-22F D->, F7?5+ #,-2%<&5] -4& -= 7*>&5 #->&% = 75& 7* >,& 4-5 #75=><-5>=
>7 :<>-#-:>-75 -5 7?>%77< 2&<5-5+ e&5%&<=75 v 22&5Y NVVN_ 77%D<% &> 2]Y NVUVf] C-+>-5+ :?"2-#
><5=-> =#,&%?2&= 5% #755&#>-75= #5 "& >,& %-H&<&5#& "&>D&&5 N]R ,7?<= "F "?= 5% OMi4-5?>& #< <-%&]
7< <70&#> -1&Y ,C-5+ >,& D74&5 5% >,&-< #,-2%<&5 4&&> > #&5><2 27#>-75 5% "?==-5+ *<74 >,&<& D=
>,& 47=> &I#-&5> 5% &H&#>-C& =72?>-75] %%->-7522FY D& 15&D >,> -> D7?2% "& -4:7==-"2& >7 :F *7< >E-
#"= >7 &#, 7* >,& ><-2 27#>-75=Y 5% :<7C-%-5+ #<:772 "<-5+= ,7=> 7* 2-"-2->F #75#&<5=] 74&5 #7?2%
#,77=& :?"2-# ><5=-> 7< >E-#" D,-#, D= :-% *7< "F >,& ] <74 >,& Y "?= D7?2% >1& ?= >7 >,&
><-2,&%5%"<-5+?="#1]
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57>,&< "<<-&< >7 D74&5 :<>-#-:>-5+ -5 7?>%77< 2&<5-5+ -= ,C-5+ %&;?>& #,-2%#<& e&5%&<=75 v 22&5Y
NVVNf] 74&5 <& :<&%74-55>2F >,& :<-4<F #<&+-C&<= 5% D-22 &5C&27: >,&-< 2&-=?<& -5>7 >,&-< #,-2%<&5m= 7<
*4-2Fm= 2&-=?<& >-4& e&5%&<=75 v 22&5Y NVVNf] > D= -4:7<>5> *7< >,& D74&5 >7 ,C& >,& >-4& 5% =:#&
DF *<74 >,&-< #,-2%<&5 >7 <&#<&>& 5% "?-2% =7#-2 #755&#>-75=] ->>&5 eNVVQf <+?&= >,> j"&-5+ DFk
-= :<&<&;?-=->& *7< D74&5 >7 &507F <&=>7<>-C& &5C-<754&5>=] 7#>-5+ #744?5->F :<>5&< *7< #,-2%#<&
#5 "& ;?->& %-I#?2>] ,-2%#<& #&5><&= <& 7C&<D,&24&% D->, %&45%Y 5% ,C-5+ >,& *?5%= >7 %&;?>&2F
#74:&5=>& #,-2%#<& =>H #5 "& 2-4->-5+] ?< &H7<>= >7 =7?<#& ::<7:<->& #,-2%#<& =D ?= <&#,-5+ 7?> >7
7C&< NR %-H&<&5> :<7+<4= 5% #&5><&=] > D= >,<7?+, 5&>D7<1-5+ 5% =1-5+ 7>,&<= >,> D& *7?5% ?5-;?&
:<>5&<=,-: -5 >,& ,-2% 5% 7?>, <& D->, %%-#>-75 ?::7<> 7<1&< :<7+<4 > =>&<5 #%&4F] ,-=
:<>5&<=,-: D= <&#-:<7#2 75&Y D,&<& >,& =>?%&5>= <&#&-C&% :<#>-#?4 ,7?<= >7 "?-2% >,&-< 157D2&%+& 5%
&E:&<-&5#& D,-2& D& <&#&-C&% #,-2%#<& =?::7<> *<74 &E#->&% 5% &5&<+&>-# =>?%&5>=] &#-:<7#->F -= -4:7<>5>
-5 #722"7<>-C& :<>5&<=,-:=Y &=:&#-22F *7< :<7+<4= D,&<& >,& :<7C-%&% =&<C-#& -= &==&5>-2 5% <&;?-<&=
=:&#-22F><-5&%:&7:2&>7:&<*7<4>,&<72&7<D,&<&>,&"?%+&>-==&C&<&2F2-4->&%]
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<>5&<=,-:= :<7C-%& <&2-&* = >,&F %&#&5><2-G& >,& *?5%-5+ 47%&2Y 227D-5+ *7< #<&>-C& =72?>-75=] %%->-7522FY
*?5%-5+ 7<+5-G>-75= *<&;?&5>2F <&;?-<& :<>5&<=,-: *7< +<5> ::2-#>-75 &2-+-"-2->F em<<&22 v -?Y OMOMf]
<70&#> -1& <&#&-C&% =422 +<5> *<74 &47<-2 5-C&<=->Fm= I#& 7* ?"2-# 5++&4&5> ?-#1><>
:<7+<4Y D,-#, :<7C-%&% *?5%= *7< 47=> 7* >,& ><5=:7<>>-75 5% ><-: #77<%-5>-75] = =>?%&5> > >,&
?5-C&<=->FY ,% ##&== >7 >,-= *?5%-5+ D->, >,& =?::7<> 7* *#?2>F =?:&<C-=7<] ,-= *?5%-5+ 227D&% *7<
><5=#>-752 :<>5&<=,-:Y D,&<& >,& :<7+<4 D7?2% "& &C2?>&% 5% ?=&% = &C-%&5#& >7 =?::7<> *?>?<&
:<7+<44-5+] ,&  7H&<&% -5i1-5% =?::7<> "F :<7C-%-5+ 5 %%->-752 =>H :&<=75 *7< ,-1-5+ ==-=>5#&Y
*?5%= *7< >E-= >7 5% *<74 >,& Y #,-2%#<& =:#&Y ><-2 =5#1= *7< >,& ,-1&<=Y 5% :<747>-75] ,-2%#<& D=
:<7C-%&% "F =>?%&5>= *<74 =>&<5 #%&4F] %%->-7522FY 27#2 4-#<7i"<&D&<F %75>&% *?5%= >7 +&5&<22F
=?::7<> >,& :<7+<4] ,& ><5=:7<>>-75 #74:5F =:75=7<&% 75& 7* >,& D&&12F ><-:=] -522FY 27#2 5?<=&<F
:<7C-%&% L7D&<= *7< &#, ,-1&< > >,&-< K52 ,-1&] ,&<& -= =F-5+ >,> j-> >1&= C-22+& >7 <-=& #,-2%]k 5
>,-=#=&Y->>771C-22+&>7"<-5+>,-=:<7+<4>7*<?->-75]
,**2+& 1&,++!/,*,1&,+
,& -4:7<>5#& 7* #744?5-#>-75 -5 #744?5->F #722"7<>-75= = D&22 = :<7+<4 %&C&27:4&5> 5% %&2-C&<F
#557> "& 7C&<=>>&%] 5=?<-5+ >,> 22 :<>5&<= ?5%&<=>5% >,&-< #75><-"?>-75 5% <& 1&:> ::<-=&% 7* >,&
=>>?= -= :<47?5> >7 =?##&==*?2 :<7+<4 %&2-C&<F] <70&#> -1& ,% #77<%-5>7< >7 7C&<=&& >,& :<7+<4
5% #> = >,& 4-5 :7-5> 7* #75>#>] ,-= <72& D= <&=:75=-"2& *7< #744?5-#>-5+ D->, >,& ><5=:7<>>-75
#74:5F >7 &5=?<& :<7:&< %>&= 5% >-4&= D&<& =#,&%?2&% 5% >7 &5=?<& :F4&5>] %%->-7522FY >,-= <72&
D7<1&% D->, >,& #75>#> > =>&<5 #%&4F >7 &5=?<& #,-2%#<& 5&&%= #7?2% "& 4&> D->, >,& ::<7:<->&
5?4"&<7*#,-2%4-5%&<==D&22=>74&&>>,&%-C&<=&5&&%=7*>,&#,-2%<&5-5C72C&%]
,& #77<%-5>7< &5=?<&% :<747>-752 4>&<-2= D&<& %&=-+5&% 5% %-=><-"?>&% D->, >,& ::<7:<->&
25+?+&] 7< &E4:2&Y >,& :<7+<4 *7#?=&% 75 D74&5 -5 C?25&<"2& =->?>-75=Y "?> >,& >&<4 jC?25&<"2&k
#7?2% 57> "& ?=&% -5 >,-= #75>&E>] =-%& *<74 -5::<7:<->&2F :-+&75,72-5+ :&7:2&Y >,-= D7<% 4F 57> ,C&
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D7?2% <&=75>& D->, D74&5Y =?#, = j=7#-2 -=72>-75Y ,<%=,-:Y 5% *&&2-5+ %7D5Yk = =,7D5 -5 -+?<&= N
5% O] ?& >7 >,& +27"2 iNV :5%&4-#Y 47=> D74&5 #7?2% #755&#> D->, >,&=& >&<4= D->,7?> *&&2-5+
=,4& 7< +?-2>] & K<=> =&5> -+?<& N >7 =&<C-#&i"=&% 7<+5-G>-75= >7 =,<& D->, >,&-< #744?5->-&=] <74
>,&<&Y>,&:7=>&%-+?<&O75>,&-<=7#-24&%-5%>,&+<7?:D=K22&%D->,-575&%F]
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744?5-#>-5+ >,& &E:&#>>-75= *7< >,&=& :7>&5>-2 =->?>-75= D->, >,& +<7?: -5 %C5#& D= -4:7<>5>]
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=:#& 7* #157D2&%+&4&5> 5% ?5%&<=>5%-5+] = D&22Y >,-= +<7?: D= 57> D-2%&<5&== 7< %C&5>?<& >,&<:F
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,-5<-5iF71?Y ><5=2>&% = j*7<&=> ">,-5+Yk -= =&2*i
%-<&#>&% :<#>-#& >,> &5++&= >,& KC& =&5=&= *7< -44&<=-C&
&E:&<-&5#&= -5 *7<&=>&% <&= 7< 7>,&< 5>?<2 &5C-<754&5>=
e5=&5 &> 2]Y OMNTf] ,-= :<#>-#& &4"7%-&= C<-7?= #>-C->-&=Y
-5#2?%-5+ 2&-=?<&2F D21=Y "<&>,-5+ -5 >,& -<Y 1-5 >7 5>?<2
<74>,&<:FY 5% ::<&#->-5+ >,& *7<&=> =#&5&<F] 5 >,&
7>,&< ,5%Y =,-5<-5i<F7,7Y 7< j*7<&=> >,&<:FYk &C72C&% *<74
*7<&=> ">,-5+ "F -5>&+<>-5+ &C-%&5#&i"=&% <&=&<#, 5%
&4:27F-5+ +?-%&% >,&<:&?>-# #>-C->-&= e7>>& &> 2]Y OMNVf]
7>, :<#>-#&= =&<C& = 575i-5C=-C&Y :<&C&5>>-C&Y
#74:2&4&5><FY 5% 575i:,<4#727+-#2 ::<7#,&= >7
D&225&==]
7<&=> ">,-5+ &4&<+&% -5 :5 -5 >,& NVUM= -5 <&=:75=& >7
-5#<&=-5+ ?<"5-G>-75 5% >,& #75=&;?&5>-2 %&>#,4&5>
*<74 5>?<2 &5C-<754&5>= e1-F4Y NVUOf] ,& =-4:2&
:<#>-#& ,= +-5&% :7:?2<->F +27"22F %?& >7 >,& &=-2F
##&==-"2& #>-C->F 5% :7=->-C& -4:#> 75 ,&2>, 5% D&22i
"&-5+] 7<&=> ">,-5+ ,= "&&5 &E>&5=-C&2F =>?%-&% *7< ->= ,&2>,
"&5&K>=] > -= &C&5 #75=-%&<&% >,& 47=> D-%&=:<&% #>-C->F
==7#->&% D->, *7<&=> 5% ,?45 ,&2>, e=&& 2=7 j>?<&
<&=#<-:>-75 -5 5%X ,F 5% 7D^kf] 5 5%Y D->, ->=
&E>&5=-C& 5% %-C&<=& *7<&=> &#7=F=>&4=Y >,&=& :<#>-#&= 7H&< 5
&5<-#,&% %-4&5=-75 >7 7?>%77< 2&<5-5+ &E:&<-&5#&=Y "7>,
*<74D&225&==5%:&%+7+-#2:&<=:&#>-C&=]
&01,/& )+!2)12/),,10
?<-5+ >,& NVUM=Y :5 &4&<+&% = >,& D7<2%m= =&#75%i2<+&=> &#7574FY :<-4<-2F *?&2&% "F ,-+,i>&#,5727+F
"%&&! F 
-5%?=><-&=] ,-= :&<-7% D= 4<1&% "F 4-+<>-75 >7 ?<"5 #&5><&=Y %&#2-5& -5 >,& "-<>, <>&Y 5% 5 +-5+
:7:?2>-75Y H&#>-5+ >,& 2"7?< *7<#& 5% 2&%-5+ >7 =,7<>+& 7* F7?5+ D7<1&<= e>>-=>-#= ?<&? 7* :5Y
OMOPf] -4?2>5&7?=2FY >,& -5#<&=&% ?=& 7* #74:?>&<= -5 >,& D7<1:2#& <&=?2>&% -5 C<-7?= ,&2>, :<7"2&4=
475+ 7I#& D7<1&<=] ,-= :,&574&575 D= >&<4&% j>&#,57=><&==Yk *7<4 7* %C&<=& :=F#,727+-#2 &H&#>=
=>&44-5+*<74>,&<:-%>&#,5727+-#2#,5+&=5%>,&j2DF=i75k#?2>?<&e<7%YNVUO_75+&>2]YOMNSf]
,-5<-5iF71? D= -5><7%?#&% -5 NVUO "F :5m= 7<&=><F +&5#F = :<> 7* "<7%&< :?"2-# ,&2>, =><>&+F]
,& <>-#2& >->2&% j">,-5+ -5 >,& =#&5>= 7* >,& *7<&=> >7 ><-5 "7%F 5% =7?2k e1-F4Y NVUOf -5->-22F =&<C&%
= 4<1&>-5+ >#>-# >7 >><#> ?<"5 %D&22&<= >7 <?<2 <&= >7 "77=> 27#2 &#7574-&= 5% -4:<7C& >,&-< ,&2>,
e4-YOMNP_-FG1-YOMNUY:]NMf]
,& 7<&=><F +&5#Fm= -5->->-C& D= <77>&% -5 >,& ,F:7>,&=-= >,> &5++-5+ 22 KC& =&5=&= -5 *7<&=>
&5C-<754&5> 5% -5,2-5+ 5>?<2 7<+5-# #74:7?5%= 157D5 = :,F>75#-%&= #7?2% ,C& >,&<:&?>-# -4:#>=
e71-5 v &-G7?Y NVUMf] ,-= :<&4-=&Y -5->-22F "=&% 75 >,& D7<1 7* 7C-&> #,&4-=> <] 71-5 5% :5&=&
:<7*&==7< <] &-G7?Y +<5&<&% =-+5-K#5> +7C&<54&5>2 >>&5>-75Y &=>"2-=,-5+ <&=&<#, +<5> -5 NVUU] ,-=
+<5> *#-2->>&% >,& *7<4>-75 7* >,& 7<&=> ,&<:F &=&<#, <7?: e&+4-Y OMOOfY D->, <] 7=,-*?4-
-FG1- #75%?#>-5+ >,& K<=> &4:-<-#2 =>?%F 75 1?=,-4 =25% -5 NVVM >7 C2-%>& >,& >,&<:&?>-# &H&#>=
7**7<&=>>47=:,&<&=e-&>2]YOMNP_-FG1-YOMNUf]
,-5<-5iF71? -= -5=:-<&% "F :5m= #?2>?<2 5% =:-<->?2 ><%->-75=Y 57>"2F ?%%,-=4 5% ,-5>7Y D,-#,
%C7#>& *7< ,<475-7?= <&2>-75=,-: D->, 5>?<& e=;?->, v 225%Y NVVS_ 7>=Y OMNT_ >>-=>-#= ?<&? 7*
:5Y OMOPf] ,&=& ><%->-75= ,C& "&&5 -5#7<:7<>&% -5>7 >,& =:-<->?2 %-4&5=-75= 7* =,-5<-5iF71? e5=&5
v75&=YOMOMf]
,-5>7 -= 5 -5%-+&57?= <&2-+-75 >,> 7<-+-5>&% -5 :5Y &4"7%F-5+ <&C&<&5#& *7< 4-Y =:-<->?2 &5>->-&=
&5#74:==-5+ 5>?<2 7"0&#>= 5% &2&4&5>= =?#, = ><&&=Y 47?5>-5=Y 21&=Y 5% <-C&<= e=;?->, v 225%Y
NVVSf] ,-= "&2-&* =F=>&4 -= &5>D-5&% D->, >,& #?2>?<2 *"<-# 7* :5Y K5%-5+ &E:<&==-75= -5 C<-7?=
><%->-752:5&=&<>=5%<->?2=],-5>745-*&=>=-5>&#&<&475FY#22-+<:,FY5%L7D&<<<5+&4&5>]
,& :<#>-#& 7* =,-5<-5iF71?Y D,-#, &4:,=-G&= =&5=7<F -44&<=-75 -5 *7<&=> &5C-<754&5>=Y <&L&#>= >,&
,-5>7 &>,7= 7* 5?<>?<-5+ <&2>-75=,-: D->, >,& 5>?<2 D7<2%] ,& >,&<:&?>-# 5% =:-<->?2 %-4&5=-75=
7* *7<&=> ">,-5+ <&L&#> >,& ,-5>7 ::<&#->-75 *7< >,& <&=>7<>-C& 5% ><5=#&5%&5> ;?2->-&= -5,&<&5> -5
5>?<&] 7<&7C&<Y :5m= 7<&=><F +&5#F -5->->-C& >7 -5><7%?#& =,-5<-5iF71? #5 "& :&<#&-C&% = 47%&<5i
%F &5%&C7?< >7 <&C->2-G& 5% ?:,72% >,& +&i72% ,-5>7 ><%->-75 7* ,<475-7?= #7i&E-=>&5#& D->, 5>?<&
4-%=>>,&"?<+&75-5+>&#,57=><&==5%?<"5i#&5><-#2-*&=>F2&]
5>&<5>-7522FY =,-5<-5iF71? ,= +-5&% #75=-%&<"2& <&#7+5->-75Y -5=:-<-5+ <&=&<#,Y 5% :?"2-# ,&2>,
-5->->-C&= D7<2%D-%&] ,& #75#&:> -= +<%?22F +-5-5+ ><#>-75 -5 5%Y &=:&#-22F 475+ 7?>%77<
&%?#>7<=e>,-=&>2]YOMOMf5%,&2>,#<&:<7*&==-752=e22+,&<YOMOMf]
2>,7?+, &E-=>-5+ <&=&<#, =?::7<>= >,& "&5&K>= 7* =,-5<-5iF71?Y >,& =:-<->?2 %-4&5=-75= 7* >,& :<#>-#&
#74:2-#>& ->= =#-&5>-K# ;?5>-K#>-75] <] -FG1- ==&<>= >,> 7?< #74:<&,&5=-75 7* >,& :<#>-#& -= =>-22
-5 %&C&27:4&5>2 :,=& 5% #22= *7< *?<>,&< -5C&=>-+>-75 >7 &2?#-%>& ->= *?22 <5+& 7* &H&#>=] -FG1-
&4:,=-G&= >,> >,& :<#>-#& F-&2%= >,& +<&>&=> "&5&K>= -5 ?5>7?#,&% 5>?<2 =&>>-5+=Y #,<#>&<-G&% "F 2?=,
 F "%&&!
47== 5% >7D&<-5+ 5#-&5> ><&&=] ,&=& ?5=:7-2&% &5C-<754&5>= &C71& =#<&%5&== 5% #755&#>-75 >7 5>?<&Y
1-5>7>,&>47=:,&<&-5,-5>7=,<-5&=e-FG1-YOMNUf]
 &"+1&: 3&!"+ "&+,/"01%"/-6
7<&=> >,&<:FY = #75#&:>?2-G&% "F -FG1- eOMMPfY <&:<&=&5>= =#-&5>-K#22F C2-%>&% *7<4 7* *7<&=> ">,-5+
%&=-+5&% 5% C2-%>&% "F #&<>-K&% &E:&<>= >7 #,-&C& >,&<:&?>-# 7?>#74&= e7>>& &> 2]Y OMNV_ &+4-Y OMOOf]
,-= #75#&:>-75 =-+5-K#5>2F %<&D ?:75 >,& 57>-75 7* &C-%&5#&i"=&% 4&%-#-5& #75#&-C&% "F 5%-5
<&=&<#,&< 7<%75 ?F>>Y &4:,=-G-5+ #2-5-#2 &E:&<>-=& D->, >,& "&=> C-2"2& &E>&<52 #2-5-#2 &C-%&5#& *<74
=F=>&4>-# <&=&<#, >7 41& #75=#-&5>-7?=Y &E:2-#->Y 5% 0?%-#-7?= %&#-=-75= *7< -5%-C-%?2 :>-&5> #<& e?F>>Y
NVVNf]
-=>-5#> *<74 +<&&5 &E&<#-=&Y *7<&=> >,&<:F %7&= 57> -4 *7< &<7"-# #>-C->F 7< ><#1 :,F=-#2 :&<*7<45#&
e<>75Y OMNSf] 52-1& 4-5%*?2 4&%->>-75Y D,-#, 7*>&5 -5C72C&= -5>&<7#&:>-75 h D<&5&== 7* -5>&<52 "7%-2F
=&5=>-75=Y *7<&=> >,&<:F *7=>&<= &E>&<7#&:>-75 h 7?>D<% &5++&4&5> D->, 5>?<&] ,-= -5>&5>-752Y
4?2>-=&5=7<F ::<7#, >7 &5++-5+ D->, >,& 5>?<2 &5C-<754&5> ,= "&&5 =#-&5>-K#22F =,7D5 >7 :<7>&#>
+-5=>4&5>2-225&==5%&5,5#&7C&<22D&22i"&-5+e2<1&&>2]YOMONf]
&<>-K&% *7<&=> >,&<:F +?-%&= 7H&< <5+& 7* #>-C->-&= >-27<&% >7 *7=>&< %&&: #755&#>-75 D->, >,& 5>?<2
&5C-<754&5>] <>-#-:5>= 4F &5++& -5 4-5%*?2 D21-5+Y +&5>2& =><&>#,-5+ 7< F7+Y 5% <&L&#>-C& 07?<52-5+]
,& *7<42-G>-75 7* >,-= ::<7#, #4& >,<7?+, :5m= 7<&=> +&5#FY D,-#, 45%>&% >,& "#1-5+ 7*
=#-&5>-K# &C-%&5#& >7 =?"=>5>->& >,& ,&2>, "&5&K>= 7* *7<&=> >,&<:FY 2&%-5+ >7 >,& &=>"2-=,4&5> 7* 7<&=>
,&<:F"=&=5%<7%=#<7==:5e4-YOMNPf]
::<7E-4>&2F SR 7<&=> ,&<:F =&= 5% 7%= ,C& "&&5 -5=>->?>-752-G&% -5 :5 >7 :<747>& :?"2-#
,&2>, 5% *7=>&< &5C-<754&5>2 =?=>-5"-2->F] ><>&+-#22F =->?>&% -5 <&#<&>-752 *7<&=>= :<7E-4>& >7 407<
?<"5 <&=Y >,&=& D&225&== #&5>&<= -4 >7 :<7C-%& ##&==-"2& D&225&== =72?>-75= D,-2& &5#7?<+-5+ &#727+-#2
=>&D<%=,-:e]-&>2]YOMOOf]
"$&,+)/&1&,+0&++!
,& %-C&<=& 25%=#:&= 7* 5%Y 527+7?= >7 >,& &5C-<754&5>2 C<-&>F *7?5% -5 :5m= 7<&=> ,&<:F
=&= *<74 711-%7 >7 1-5DY :<7C-%& "<7% =:&#><?4 7* =&>>-5+= *7< *7<&=> >,&<:F] #, %-=>-5#>
25%=#:&Y *<74 >,& <-5*7<&=>= 7* <->-=, 72?4"- >7 >,& "7<&2 &E:5=&= -5 ?&"&# 5% >,& <->-4&=Y 7H&<=
?5-;?& ==7<>4&5> 7* L7<Y *?5Y 5% =&5=7<F &E:&<-&5#&=Y D,-#, #7?2% &5<-#, >,& :<#>-#& 7* *7<&=> >,&<:F]
#<7== 5%Y =&C&<2 #->-&= 5% :<1= <& &4"<#-5+ >,& #75#&:> 7* *7<&=> >,&<:F ><-2= e-%%-;-Y OMOPf]
,&=& =&2*i+?-%&% :>,= <& %&=-+5&% >7 -44&<=& ?=&<= -5 5>?<&Y &5++-5+ 22 >,&-< =&5=&=] &=:->& >,& +<7D-5+
-5>&<&=>Y -> -= 57>&D7<>,F >,>Y ?52-1& -5 :5Y *7<&=> >,&<:F -5 5% -= 57> <&+?2>&%Y 5% #&<>-K#>-75=
:<7C-%&%"F*7<&=>>,&<:F7<+5-G>-75=<&57>+<7?5%&%-5<-+7<7?==#-&5>-K#C2-%>-75]
"%&&! F 
5%&< >,& &2>,F <1= &2>,F &7:2& -5->->-C&Y C-=->7<= >7 >,& <7= 7<5& >-752 <1 -5
&D*7?5%25% <& &5#7?<+&% >7 -44&<=& >,&4=&2C&= -5 >,& :<1m= 5>?<2 =&>>-5+=] 5 #722"7<>-75 D->,
27#2 ,&2>,#<& :<7*&==-752=Y >,& :<1 =>H ,C& %&C-=&% 2-=> 7* ,&2>,i:<747>-5+ #>-C->-&= >,> C-=->7<=
5% <&=-%&5>= #5 &5++& -5 D->,-5 >,& :<1] ,&=& #>-C->-&= =:5 "<7% =:&#><?4 7* 7?>%77< &E:&<-&5#&=Y
-5#2?%-5+ *7<&=> ">,-5+Y D,&<& C-=->7<= <& &5#7?<+&% >7 -44&<=& >,&4=&2C&= 475+ >,& ><&&= -5 %&=-+5>&%
><-2=e<1=5%YOMNVf]
5><-7 <1= ,= &=>"2-=,&% =&2*i+?-%&% *7<&=> >,&<:F ><-2 > #<&+7< 7-5> <7C-5#-2 <1Y 4<1-5+
>,& K<=> 7* ->= 1-5% -5 5><-7] ,-= -5->->-C&Y 2=7 =>&44-5+ *<74 >,& &2>,F <1= &2>,F &7:2& %-<&#>-C&Y
-4= >7 :<747>& >,& <&=>7<>-C& ,&2>, "&5&K>= 7* 5>?<& -44&<=-75] 722"7<>-5+ D->, >,& 27"2 5=>->?>&
7* 7<&=> ,&<:F 5% >?<& 755&#>-75 efY >,-= :<70&#> &5#74:==&= %&=-+5>&% ><-2 D->,
4-5%*?25&==:<74:>=>7*7=>&<%&&:&<#755&#>-75D->,5>?<&e7<#,?1v&<7=YOMOOf]
<1,4Y 5><-7Y ,= -5>&+<>&% *7<&=> ">,-5+ "F &=>"2-=,-5+ =&2*i+?-%&% ><-2= #<7== =&C&<2 27#>-75=
e->F 7* <1,4Y 5]%]f] ,&=& ><-2= -5 7475 -22= <1Y 7?+& 22&F <-2Y :<-5+%2& <1 5% 22&FY
5% 77+77% 75% <1 *#-2->>& +&5>2& =&5=7<Fi"=&% -5>&<#>-75= D->, >,& *7<&=> &5C-<754&5>] ,& -4 -= >7
*7=>&<%&&:&<#755&#>-75"&>D&&5-5%-C-%?2=5%>,&5>?<2*7<&=>&%=?<<7?5%-5+=]
&#&5>2F -5 &=>&<5 5%Y &><7 5#7?C&< &+-752 <1= 5% 5#7?C&< <1= 7<% ,C& "&&5
7H&<-5+ *7<&=> ">,-5+ #>-C->-&= >7 >,& :?"2-# e&><7 5#7?C&<Y OMOO_ 5#7?C&< 7<% 7* <1= 5%
&#<&>-75YOMOOf]
%"/-"21& "+":10
7<&=> ">,-5+Y 7< =,-5<-5iF71?Y :<7C-%&= 45F ,&2>, "&5&K>=Y :<-4<-2F #>&+7<-G&% -5>7 :=F#,727+-#2 5%
:,F=-727+-#2 %74-5=] ,&=& &5#74:== =><&== 22&C->-75Y &5,5#&% #7+5->-C& *?5#>-75=Y -4:<7C&%
#<%-7C=#?2<,&2>,Y5%*7<>-K&%-44?5&=F=>&4]
,& :=F#,727+-#2 "&5&K>= 7* *7<&=> >,&<:F 5% *7<&=> ">,-5+ ,C& "&&5 =?"=>5>->&% >,<7?+, C<-7?=
=>?%-&=Y %&475=><>-5+ >,&-< :7=->-C& -4:#> 75 ,&2>,F -5%-C-%?2= 5% >,7=& %-+57=&% D->, #&<>-5 4&%-#2
#75%->-75=] ,& "&5&K>= <& 22&C->-5+ 5E-&>FY %&:<&==-C& =F4:>74=Y 5% 5&+>-C& 477%=Y &5,5#&%
<&2E>-75Y 5% #7+5->-C& <&=>7<>-75 e5>75&22- &> 2]Y OMON_ <1 &> 2]Y OMOOf] ,& >,&7<&>-#2 *7?5%>-75= 7*
>,&=& "&5&K>= #5 "& ><#&% "#1 >7 >D7 1&F >,&7<-&=Y 54&2F >,& ><&== &#7C&<F ,&7<F e2<-#,Y NVUN_ 2<-#,
&>2]YNVVNf5%>>&5>-75&=>7<>-75,&7<Fe:25v:25YNVUV_:25YNVVRf]
><&== &#7C&<F ,&7<F 5% -2=75m= eNVUQf "-7:,-2- ,F:7>,&=-= <& <77>&% -5 >,& &C72?>-75<F >,&7<F
7* 5>?<2 =&2&#>-75Y =?++&=>-5+ >,> ,?45=Y ,C-5+ &C72C&% -5 5>?<2 &5C-<754&5>=Y <& 47<& >>?5&% >7
5>?<& >,5 ?<"5 &5C-<754&5>=] 2<-#, :7=->&% >,> &E:7=?<& >7 5>?<2 &5C-<754&5>= *#-2->>&= <&#7C&<F
*<74 =><&== 5% *>-+?&Y =&<C-5+ = =?<C-C2 4&#,5-=4 >7 <&:2&5-=, #7+5->-C& <&=7?<#&= e&22&<> v -2=75Y
NVVR_ 2<-#,Y NVUN_ 2<-#, &> 2]Y NVVNf] 5 >,& 7>,&< ,5%Y >>&5>-75 &=>7<>-75 ,&7<FY &45>-5+ *<74
:=F#,7i*?5#>-752-=> >,&7<FY :7=->= >,> ,?45= <& :<&%-=:7=&% >7 >>&5% >7 5% <&=:75% *C7?<"2F >7 5>?<2
 F "%&&!
=&>>-5+= >,> D&<& "&5&K#-2 >7 =?<C-C2 >,<7?+,7?> &C72?>-75] ?#, &5++&4&5> D->, 5>?<2 =&>>-5+= -= 2-51&%
>7 <&%?#&% 4&5>2 *>-+?& 5% &5,5#&% #75#&5><>-75 e:25 v :25Y NVUV_ :25Y NVVRf] 275+=-%&
>,&=&>,&7<-&=Y5>-#-:>7<F&H&#>=2=7:2F=-+5-K#5><72&-5>,&:=F#,727+-#2"&5&K>=7**7<&=>">,-5+]
,& :,F=-727+-#2 "&5&K>= 7* *7<&=> ">,-5+ ,C& 2=7 +<5&<&% =-+5-K#5> >>&5>-75] &=&<#, -5%-#>&=
57>"2& :2#&"7 &H&#> ==7#->&% D->, #7<>-=72 2&C&2= D,&5 -5%-C-%?2= 5>-#-:>& *7<&=> ">,-5+] > ,= "&&5
7"=&<C&% >,> 4&<&2F :255-5+ 5% C-=?2-G-5+ *7<&=> ">,-5+ =&==-75 #5 27D&< #7<>-=72 2&C&2= #74:<&% >7
5>-#-:>-5+ C-=-> >7 5 ?<"5 <& e5>75&22- &> 2]Y OMONf] ,-= :,&574&575 ?5%&<=#7<&= >,& -5><-5=-#
:=F#,727+-#2 I5->F -5%-C-%?2= 4F ,C& >7D<%= *7<&=> &5C-<754&5>=Y *?<>,&< "72=>&<-5+ >,& >,&<:&?>-#
==&<>-75=7**7<&=>>,&<:F5%*7<&=>">,-5+]
5 -5C&=>-+>-75 >7 %&>&<4-5& >,& :,F=-727+-#2 "&5&K>= 7* *7<&=> ">,-5+ D= =:&<,&%&% "F 7=,-*?4-
-FG1- -5 NVVMY D,7=& :<&2-4-5<F K5%-5+= 4&=?<&% <&%?#>-75 -5 "277% :<&==?<& 5% #7<>-=72 2&C&2=
%?<-5+ *7<&=> D21 e-FG1-Y NVVPf] ?"=&;?&5> <&=&<#, ,= &E>&5%&% >,& ?5%&<=>5%-5+ 7* ,&2>, "&5&K>=
>7 -5#2?%& &5,5#&% #<%-7C=#?2< 5% <&=:-<>7<F ,&2>, %?& >7 #2&5&< -< -5>1&Y =><&5+>,&5&% -44?5&
=F=>&4 4<1&% "F 5 -5#<&=& -5 5>?<2 1-22&< #&22= 5% 5>-i#5#&< :<7>&-5=Y =-+5-K#5> <&%?#>-75 -5
-5L44>7<F <&=:75=&=Y 5% %-4-5-=,&% #7<>-=72 2&C&2= =-+5-*F-5+ =><&== <&%?#>-75 e- &> 2]Y OMMUf] = +27"2
,&2>, %F54-#= =,-*>&% D->, >,& 75=&> 7* >,& iNV :5%&4-#Y <&5&D&% *7#?= &4&<+&% <&+<%-5+ *7<&=>
">,-5+m=:7>&5>-2>7"72=>&<-44?5&=F=>&4%&*&5=&+-5=>>,&C-<?=e,<57#1&>2]YOMONf]
-C&5 >,> =-+5-K#5> :7<>-75 7* 5%-5= 7C&< SR ,C& "&&5 %-+57=&% D->, ,F:&<>&5=-75Y >,&
4&#,5-=4 "F D,-#, *7<&=> ">,-5+ 4->-+>&= =><&== 5% :<747>&= #<%-7C=#?2< ,&2>, -= 7* :<>-#?2< -5>&<&=>
e5%Y OMNSf] ><&==Y #,<#>&<-G&% "F :,F=-727+-#2 <7?=2 -5 <&=:75=& >7 C<-7?= =>-4?2-Y ><-++&<= >,& <&2&=&
7* #7<>-=72] ,-= ,7<4752 <&=:75=& #>-C>&= >,& =F4:>,&>-# "<5#, 7* >,& ?>7574-# 5&<C7?= =F=>&4Y
&2&C>-5+ ,&<> <>& 5% "277% :<&==?<&X "7>, -5%-#>7<= 7* #<%-7C=#?2< *?5#>-75] 5++-5+ D->, =&<&5&
5>?<2 &5C-<754&5>= %?<-5+ *7<&=> ">,-5+ #5 -5%?#& <&2E>-75 <&=:75=&] ,-= <&=:75=& -= 4<1&% "F
=,-*> -5 ?>7574-# 5&<C7?= =F=>&4 #>-C->F "F %&#<&=-5+ =F4:>,&>-# 5% -5#<&=-5+ :<=F4:>,&>-# #>-C->FY
D,-#,Y -5 >?<5Y 27D&<= ,&<> <>& 5% "277% :<&==?<&] ,& <&2E>-75 <&=:75=& -= *?<>,&< &C-%&5#&% "F <&%?#>-75=
-5 =2-C<F #7<>-=72 2&C&2= 5% ,&<> <>& C<-"-2->F e75+ &> 2]Y OMNSf] ,& -4:#> 7* >,&=& :,F=-727+-#2
<&=:75=&=&E>&5%=>7>,&"<7%&<=:&#><?47*"&5&K>=7H&<&%"F*7<&=>">,-5+YD,-#,C<F-5%?<>-75]
7<&=> ">,-5+ ,= "&&5 =,7D5 >7 7H&< D-%& <<F 7* "&5&K>=Y H&#>-5+ 4&5>2 D&22i"&-5+Y #7+5->-C&
*?5#>-75Y 5% :,F=-#2 ,&2>, e5Y OMNT_ &5-+&< &> 2]Y OMNP_ 5%-*&< &> 2]Y OMNRf] 7D&C&<Y >,& -%&2
%?<>-75 *7< >,&=& :7=->-C& &H&#>= <&4-5= -5#75#2?=-C&Y <5+-5+ *<74 R 4-5?>&= >7 PM %F= e7"F=,- &>
2]Y OMON_ -? &> 2]Y OMON_ ,5,5 &> 2]Y OMNS_ ,->& &> 2]Y OMNV_ &75 &> 2]Y OMONf] 7>"2FY &C&5 =,7<>
&E:7=?<&= >7 5>?<& #5 F-&2% 4&=?<"2& :7=->-C& -4:#>=Y 41-5+ *7<&=> ">,-5+ L&E-"2& 5% ##&==-"2&
*7<4 7* >,&<:F e<>75 v <&>>FY OMNM_ &<&%->, &> 2]Y OMOMf] 7<&7C&<Y >,& #74:<>-C& &I##F 7* *7<&=>
">,-5+ -5 22&C->-5+ %&:<&==-75 ?5%&<=#7<&= ->= >,&<:&?>-# :7>&5>-2] <&C-&D 7* <5%74-G&% #75><722&%
><-2= *7?5% *7<&=> >,&<:F >7 "& 47<& &H&#>-C& =,7<>i>&<4 -5>&<C&5>-75 *7< 22&C->-5+ %&:<&==-75 -5 %?2>=
>,5 #75C&5>-752 ><&>4&5>= e7= &> 2]Y OMONf] ,&=& K5%-5+= =&&4 >7 "& "<7%2F ::2-#"2& #<7== C<-7?=
"%&&! F 
%&47+<:,-#=Y 2>,7?+, >,& <72& 7* #?2>?<2 5% +&7+<:,-#2 *#>7<= #5 -5L?&5#& 7?>#74&= e7F& v C5 %&5
&<+YOMNN_&75&>2]YOMONf]
+3&/,+*"+1)"02/"*"+10
,& 4-+<>-75 ><&5% >7D<%= 2<+&< ?<"5 #&5>&<= -5 5% -= ##74:5-&% "F 57>"2& &5C-<754&5>2
%&+<%>-75 e7C&<54&5> 7* 5%Y OMOOf] ,& >,&<:&?>-# :<#>-#& 7* *7<&=> ">,-5+ =&<C&= = 75& 5&E?=
"&>D&&5 ?<"5 %D&22&<= 5% *7<&=> &5C-<754&5>=Y 157D5 *7< 4->-+>-5+ ?<"5 ,&>Y K2>&<-5+ :722?>5>=Y 5%
?+4&5>-5+ 7C&<22 ?<"5 &#7=F=>&4 =&<C-#&= #<?#-2 *7< #7?5>&<#>-5+ >,& %C&<=& ,&2>, -4:#>= 7* ?<"5
2-C-5+e077&>2]YOMOMf]
7<&=> ">,-5+ 7H&<= 5 -44&<=-C& &E:&<-&5#& >,> :<-4<-2F &5++&= >,& =&5=&= 7* =-+,> 5% =7?5% e-2=75Y
NVUQf] ,-= =&5=7<F -5>&<#>-75 D->, >,& 5>?<2 &5C-<754&5>Y -5#2?%-5+ D>&< =><&4=Y D-5% <?=>2-5+ >,<7?+,
2&C&=Y 5% "-<% =75+= e- &> 2]Y OMNPfY ,= "&&5 =#-&5>-K#22F ==7#->&% D->, &5,5#&% :,F=-727+-#2 <&2E>-75
5%&47>-752D&22i"&-5+e?E>75&>2]YOMONf]
7<&=> ">,-5+ 2=7 *#-2->>&= "&5&K#-2 -5>&<#>-75 D->, :,F>75#-%&=Y 7< "-7+&5-# C72>-2& 7<+5-#
#74:7?5%= e=fY D,-#, <& <&2&=&% "F :25>= >7 %&>&< :&=>= 5% :>,7+&5= e71-5 v &-G7?Y NVUMf]
,&=& #,&4-#2=Y &45>-5+ *<74 C<-7?= :25> :<>= -5#2?%-5+ 2&C&=Y L7D&<=Y 5% <77>=Y ,C& "&&5 -%&5>-K&%
-5 7C&< NMMM %-H&<&5> >F:&=Y D->, #75-*&<7?= ><&&= 2-1& :-5&=Y #&%<=Y 5% =:<?#&= "&-5+ >,& :<-4<F :<7%?#&<=
-5 >&4:&<>& *7<&=>= e5>75&22- &> 2]Y OMOM_ ,-< v >=?-Y OMNPf] -5#&  :<7%?#>-75 #5 "& -5L?&5#&%
"F "7>, "-7>-# 5% "-7>-# =><&==7<= e,-< v >=?-Y OMNPfY >,& ,&2>, "&5&K>= 4F C<F D->, %-H&<&5> ><&&
=:&#-&= e7<-> &> 2]Y OMMT_ -=,- &> 2]Y OMMPf] &=&<#, ?5%&<=#7<&= >,&-< :7>&5>-2 >7 "77=> -44?5->FY <&%?#&
4&5>2 *>-+?&Y 5% &5,5#& 477% C- 5>-7E-%5> 5% 5>-i-5L44>7<F &H&#>= e5>75&22- &> 2]Y OMOMf]
7D&C&<Y >,& 4&#,5-=4= 5% 7:>-42  #75#&5><>-75= *7< >,&=& "&5&K>= D<<5> *?<>,&< &E:27<>-75Y
+-C&5>,&&5C-<754&5>2#,5+&=Y&4-==-75C<->-75=Y5%%-H&<&5>:25>=:&#-&=e5>75&22-&>2]YOMOMf]
+!&+,+1"51
,& D7<2%D-%& :7:?2<->F 7* *7<&=> ">,-5+ *7< :?"2-# ,&2>, -5->->-C&= ,= =-+5-K#5>2F +<7D5Y 4<1&% "F
=?<+& -5 <&=&<#, =-5#& >,& K<=> 5+2-=,i25+?+& <>-#2& D= :?"2-=,&% -5 OMMT e- &> 2]Y OMMTfY 4&%- #7C&<+&
=?#, = &D 7<1 -4&= <>-#2& em7557<Y OMNMfY 5% >,& <&2&=& 7* =&4-52 5+2-=,i25+?+& "771=
e-Y OMNU_ -FG1-Y OMNUf] &=:->& >,-= +27"2 <&#7+5->-75Y >,& 407<->F 7* <&=&<#, =>?%-&= #75>-5?& >7 "&
#75%?#>&% -5 :5 5% 7>,&< =-5 #7?5><-&= eF5& v &2:,-5?=Y OMNUf D->, D<&5&== 5% -5>&<&=> -5 >,&
:<#>-#&752F<&#&5>2F&4&<+-5+-55%*7<>,&:?"2-#e&55-+YOMNVf]
,-2& *7<&=> ">,-5+ -= :<#>-#& #&5><&% 75 -5%-C-%?2 ,&2>, 5% D&22i"&-5+Y #,-&C&% >,<7?+, =&5=7<F
-44&<=-75 -5 5>?<2 =&>>-5+= e5=&5 &> 2]Y OMNTfY -> =,7?2% 57> "& #75L>&% D->, 5%-+&57?= 25%i"=&%
:<#>-#&=] ,& 2>>&< -= %&&:2F <77>&% -5 =:&#-K# #?2>?<2 ><%->-75= 5% :,-27=7:,-&=Y 7*>&5 &E>&5%-5+ *<
 F "%&&!
"&F75% >,& -5%-C-%?2 >7 %%<&== "<7%&< =7#-2Y #?2>?<2Y 5% :72->-#2 %-4&5=-75=Y =?#, = =&>>2&< #7275-2-=4
5% 5%-+&57?= =&2*i%&>&<4-5>-75 e&5#&F v <7%,&%Y OMOPf] 7<&=> ">,-5+ 2=7 =&>= ->=&2* :<> *<74
+<&&5 &E&<#-=& 5% 4-5%*?2 4&%->>-75] ,& :<#>-#& -=5m> "7?> &2&C>-5+ >,& ,&<> <>& 7< #,-&C-5+
4&%->>-C& 4-5%X ->m= 5 -5>&5>-752 &5++&4&5> D->, >,& 5>?<2 D7<2%] <>-#-:5>= -44&<=& 22 >,&-< =&5=&= h
=-+,>Y =7?5%Y >=>&Y =4&22Y 5% >7?#, h -5 5 &5C-<754&5> :&<#&-C&% = =*& 5% <&=>7<>-C& e5=&5 &> 2]Y OMNTf]
&<>-K&% +?-%&= 7*>&5 2&% D,> <& 157D5 = *7<&=> >,&<:F =&==-75=] ,&=& =&==-75= -5C72C& +?-%&% #>-C->-&=
=?#, = 4-5%*?2 D21-5+Y 4&%->>-75Y +&5>2& =><&>#,-5+ 7< F7+Y 5% <&L&#>-C& 07?<52-5+Y 22 -4&% > *7=>&<-5+
%&&:&< #755&#>-75 D->, >,& 5>?<2 &5C-<754&5> e7>>& &> 2]Y OMNVf] #<7== 5%Y NMYMMM ,&2>,
:<#>->-75&<=Y <&+-=>&<&% *7< 5>?<& :<&=#<-:>-75=Y 4F <&#744&5% *7<&=> ">,-5+ = >,&<:&?>-# -5>&<C&5>-75
>7>,&-<:>-&5>=5%7H&<*<&&##&==>7:<1=5%"7>5-#2+<%&5=e]]<1=7?5%>-75Y5]%]f]
,41,/ 1& ",/"011%&+$
?<-5+ *7<&=> ">,-5+ =&==-75Y -5%-C-%?2= <& &5#7?<+&% >7 -44&<=& >,&4=&2C&= *?22F D->,-5 >,& 5>?<2
=?<<7?5%-5+=Y >::-5+ -5>7 ,?45m= -5><-#>& 4?2>-=&5=7<F :&<#&:>-75 #:#->-&=] ,77=-5+ =?->"2& *7<&=>&%
<& -= #<?#-2 *7< &H&#>-C& *7<&=> ">,-5+] %&2 =&>>-5+= =,7?2% "& <-#, -5 %-C&<=& C&+&>>-75Y ,C& #24-5+
5>?<2 =7?5%=Y 5% "& <&2>-C&2F *<&& *<74 ,?45 %-=>?<"5#&= e] - &> 2]Y OMOOf] &<#&-C&% 5% :,F=-#2
=*&>F -= :<47?5>] <>-#-:5>= =,7?2% "& &%?#>&% "7?> :7>&5>-2 <-=1= 5% :<&#?>-75=Y 5% &H&#>-C& +<7?:
45+&4&5> -= #<?#-2 *7< =*& 5% *?2K22-5+ &E:&<-&5#& e4-Y OMNPY :] OMf] &2>, <-=1=Y =?#, = &E:7=?<& >7
,<4*?2 :<>-#?2>& 4>>&< *<74 D-2%K<&=Y ,-+,2-+,> >,& :7==-"2& %5+&<= 7* *7<&=> &5C-<754&5>= e+?-2&< &>
2]YOMON_7C&<54&5>7*5%YOMONf]
-=?22F "=7<"-5+ 5>?<&m= %-C&<=& #727?<=Y =,:&=Y 5% 47C&4&5>= #5 :<7C-%& #24-5+ &H&#> 5%
4-5>-5 <7?=2Y = -22?=><>&% "F 2<-#, eNVUNf 5% 7<-?#,- &> 2] eOMNQf] ?5-5+ -5>7 >,& 5>?<2 =7?5%=
7* >,& *7<&=>Y 2-1& <?=>2-5+ 2&C&=Y L7D-5+ D>&<Y 5% "-<% =75+=Y = =?++&=>&% "F 75+ &> 2] eOMONfY #5 7H&<
:,F=-727+-#2 <&2E>-75 5% <&%?#& =><&==] ,& 72*#>7<F %-4&5=-75 #5 "& &E:27<&% "F "<&>,-5+ -5 >,& *7<&=>m=
?5-;?& =#&5>=Y =?#, = >,& <74 7* :-5& 7< 7>,&< &==&5>-2 7-2= *<74 ><&&=Y D,-#, 1&- &> 2] eOMNRf *7?5% >7
-5%?#& :,F=-727+-#2 <&2E>-75] 7?#,-5+ >,& "<1 7* ><&&=Y D21-5+ "<&*77> 75 >,& *7<&=> L77<Y 7< *&&2-5+ >,&
>&E>?<& 7* 2&C&= 5% =>75&= #5 *?<>,&< %&&:&5 >,& 4?2>-=&5=7<F &E:&<-&5#& 5% -5%?#& =>>& 7* <&2E>-75
e1&- &> 2]Y OMNT_ 1&- v -FG1-Y OMOMf] #>-C->-&= =?#, = +?-%&% "<&>,-5+ &E&<#-=&= 5% "7%F D<&5&==
&E&<#-=&=Y = -22?=><>&% "F 2"5 &> 2] eOMOPfY #5 ==-=> -5 +<7?5%-5+ >,& -5%-C-%?2Y 27D&<-5+ :,F=-727+-#2
<7?=2 5% &5,5#-5+ 477%] 7<&7C&<Y >=>-5+Y D,&<& =*& 5% +?-%&%Y #7?2% "& :<> 7* >,& &E:&<-&5#&Y
:&<,:= -5 >,& *7<4 7* >& #&<&475F ?=-5+ 27#2 ,&<"=] ,-= ,72-=>-# &5++&4&5> ?=-5+ 4?2>-:2& =&5=&=
*#-2->>&= %&&:&< #755&#>-75 "&>D&&5 >,& -5%-C-%?2 5% >,& *7<&=> &5C-<754&5>Y >,&<&"F 4:2-*F-5+ >,&
>,&<:&?>-#"&5&K>=7**7<&=>">,-5+]
"%&&! F 
&*&11&,+0
7<&=> ">,-5+m= >,&<:&?>-# :7>&5>-2 ,= =:?<<&% <&=&<#, 5% -5>&<&=>Y 2"&-> D->, #<->-#-=4= <77>&% -5
4&>,7%727+-#2 2-4->>-75= =?#, = =422 =4:2& =-G&=Y *7#?= 75 ,&2>,F C72?5>&&<=Y 5% +&7+<:,-#
#75#&5><>-75 -5 =-5 #7?5><-&= e7"F=,- &> 2]Y OMNU_ F5& v &2:,-5?=Y OMNU_ ? &> 2]Y
OMNTf]&>,7%727+-#2 #75#&<5= %?& >7 -5#75=-=>&5> *7<&=> ">,-5+ :<7>7#72=Y 2#1 7* =>5%<%-G&% 4&=?<&=Y
5% *<&;?&5> ?=& 7* #75C&5-&5#& =4:2-5+ ?5%&<4-5& >,& <&2-"-2->F 7* ,&2>, 7?>#74&= e4-71 &> 2]Y OMNOf]
5 ?4"<&22 <&C-&D &4:,=-G&= >,& 5&&% *7< <7"?=> &C-%&5#& "&*7<& -5>&+<>-5+ *7<&=> >,&<:F -5>7 4-5=><&4
4&%-#2:<#>-#&=e5>75&22-&>2]YOMONf]
7=> :,F>75#-%& ef <&=&<#, *7#?=&= 75 :5&=& #&%< 5% #F:<&== ><&&=Y D,-#, #75=>->?>& QOs 7*
:5m= *7<&=>&% 25% %?& >7 <>-K#-2 :25>>-75=Y 2&%-5+ >7 :?"2-# ,&2>, -==?& 7* #&%< :722&5 ,F *&C&<
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>,& ?5-C&<=2 "&5&K>= 7* *7<&=> ">,-5+] ?<>,&<47<&Y >,& 2->&<>?<& 7*>&5 74->= &5C-<754&5>2 *#>7<= 2-1&
C&+&>>-75 >F:& 5%  %> e5>75&22- &> 2]Y OMON_ <5&= &> 2]Y OMNVf] =>2FY >,& =#<#->F 7* 275+i>&<4Y
#<7==i%-=#-:2-5<F <&=&<#, -5%-#>&= +: -5 #74:<&,&5%-5+ *7<&=> ">,-5+m= 2=>-5+ -4:#>= 5% >,& -5>&<:2F
"&>D&&5*7<&=>&5C-<754&5>=5%,&2>,]
212/"21),,(
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-5>&<%-=#-:2-5<F #722"7<>-75Y 5% 4&>,7%727+-#2 =>5%<%-G>-75 >7 -4:<7C& >,-= :<#>-#&m= +27"2
?5%&<=>5%-5+ 5% ::2-#>-75] -C&5 >,& #75#&5><>-75 7* *7<&=> ">,-5+ <&=&<#, -5 :5 5% 7>,&< =-5
#7?5><-&=Y ->m= -4:&<>-C& >7 %-C&<=-*F +&7+<:,-#2 =&>>-5+= >7 &5<-#, >,& ?5%&<=>5%-5+ 7* *7<&=> ">,-5+
&H&#>= #<7== %-H&<&5> #?2>?<2 5% &5C-<754&5>2 #75>&E>= e&5 &> 2]Y OMNVf] 5++-5+ -5>&<%-=#-:2-5<F
>&4= #74:<-=-5+ 4&%-#2Y &5C-<754&5>2Y :=F#,727+-#2Y 5% =7#-2 =#-&5#& &E:&<>= #5 =><&5+>,&5 <&=&<#,
4&>,7%727+-&=Y <&%?#& "-=&=Y 5% :<7C-%& 47<& ,72-=>-# ?5%&<=>5%-5+ 7* *7<&=> ">,-5+m= -4:#>] 5 ?:
5% #74-5+ 5%-5 =>?%F 7* *7<&=> ">,-5+ -5 &><7 5#7?C&<Y Y -4= >7 %%<&== =74& 7* >,& -%&5>-K&%
+:= -5 >,& 2->&<>?<& 5% D-22 #75><-"?>& -5=-+,>= *7< >,& +27"2 ?5%&<=>5%-5+ 7* *7<&=> ">,-5+m= >,&<:&?>-#
:7>&5>-2=D&22=->=::2-#>-75-5%-H&<&5>+&7+<:,-#25%#?2>?<2=&>>-5+=e55&=v<7D5YOMOOf]
>5%<%-G-5+ *7<&=> ">,-5+ :<7>7#72= 5% 4&=?<&4&5> 4&><-#= -= #<?#-2 *7< &5,5#-5+ >,& #74:<"-2->F
5% C2-%->F 7* K5%-5+= #<7== %-H&<&5> =>?%-&=] =>"2-=,-5+ #75=&5=?= 475+ >,& <&=&<#, #744?5->F 75
>,&%&K5->-75=Y4&>,7%727+-&=Y5%4&=?<&4&5>-5=><?4&5>=D-22*7=>&<47<&#7,&=-C&"7%F7*&C-%&5#&]
5#<&=-5+ :?"2-# D<&5&== 5% &%?#>-75 75 >,& :7>&5>-2 "&5&K>= 5% 2-4->>-75= 7* *7<&=> ">,-5+ -=
&==&5>-2 *7< *7=>&<-5+ -5*7<4&% :?"2-# &5++&4&5>] ,-= -5#2?%&= ?5%&<=>5%-5+ >,& =*&>F #75=-%&<>-75=Y
&=:&#-22F *7< -5%-C-%?2= D->, =:&#-K# ,&2>, #75%->-75=Y 5% >,& -4:7<>5#& 7* +?-%&% *7<&=> ">,-5+ =&==-75=
*7<4E-4-G-5+>,&<:&?>-#"&5&K>=]
 F "%&&!
5>&+<>-5+ >,& K5%-5+= *<74 *7<&=> ">,-5+ <&=&<#, -5>7 :?"2-# ,&2>, :72-#-&= 5% ?<"5 :255-5+ #5
#75><-"?>& >7 #<&>-5+ ,&2>,-&< 5% 47<& =?=>-5"2& 2-C-5+ &5C-<754&5>=] 722"7<>-75= "&>D&&5
<&=&<#,&<=Y :72-#F41&<=Y 5% :<#>->-75&<= D-22 "& #<?#-2 *7< ><5=2>-5+ =#-&5>-K# &C-%&5#& -5>7 :<#>-#2
=72?>-75=>,>:<747>&:?"2-#,&2>,5%D&22i"&-5+]
,+ )20&,+
,-5<-5iF71?Y 7< *7<&=> ">,-5+Y :<&=&5>= 5 ##&==-"2& 5% 575i:,<4#727+-#2 ::<7#, >7 &5,5#& ,&2>,
5% D&22i"&-5+] >= &C72?>-75 -5>7 =#-&5>-K#22F =?"=>5>->&% :<#>-#&Y 157D5 = *7<&=> >,&<:FY =,7D#=&=
>,& "<-%+-5+ 7* ><%->-752 157D2&%+& D->, &4:-<-#2 C2-%>-75] ,& :<#>-#&m= &4&<+&5#& -5 5% <&L&#>=
+27"2 <&#7+5->-75 7* 5>?<&m= <72& -5 ,&2>, :<747>-75Y 2"&-> D->,-5 %-H&<&5> #?2>?<2 5% &5C-<754&5>2
#75>&E>]
&>,7%727+-#2 5% +&7+<:,-#2 2-4->>-75= -5 #?<<&5> <&=&<#, ,-+,2-+,> >,& 5&#&==->F *7< =>5%<%-G&%
:<7>7#72= 5% %-C&<=-K&% =>?%F 27#2&= >7 -5>&+<>& *7<&=> >,&<:F -5>7 4-5=><&4 4&%-#2 :<#>-#&=] :&5%-5+
5%-5 %-==&<>>-75 D-22 %%<&== =74& 7* >,&=& +:= 5% #75><-"?>& >7 47<& ,72-=>-# ?5%&<=>5%-5+ 7*
*7<&=> ">,-5+] ,& -5->->-C& >7 -5>&+<>& *7<&=> ">,-5+ -5>7 :?"2-# ,&2>, =><>&+-&=Y ?5%&<=#7<&% "F :72-#F
#75=-%&<>-75= 5% :?"2-# &%?#>-75Y &E&4:2-K&= 4?2>-%-4&5=-752 ::<7#, >7 ,&2>, :<747>-75] ,<7?+,
=>5%<%-G&% <&=&<#, *<4&D7<1Y *7<&=> ">,-5+ #7?2% ><5=->-75 *<74 #74:2&4&5><F :<#>-#& >7
<&#7+5-G&%>,&<:&?>-#-5>&<C&5>-75Y*7=>&<-5+,<475-7?=-5>&<:2F"&>D&&55>?<&5%,?45,&2>,]
"#"/"+ "0
+?-2&<Y ]Y 7<<-5+,4Y ]Y &<=,?57CY ]Y v &54<,5-Y ] eOMONf] -2%K<& =471& -4:#>= <&=:-<>7<F
,&2>, 47<& >,5 K5& :<>-#2&= *<74 7>,&< =7?<#&=X "=&<C>-752 &C-%&5#& *<74 7?>,&<5 2-*7<5-]
452!/--5.'4'/.3YNOeNfY<>-#2&N]
1-F4Y ] eNVUOY ?2F OVf] ,& 7<&=><F +&5#Fm= j*7<&=> ">,-5+k C-=-75] &! 3&' !8300!2Y N] &><-&C&%
*<74 ,>>:X``%>"=&]=,-]#74]&?N]:<7EF]7:&5>,&5=]5&>`2-"<<FO&`4-5`>7:]:,:
5>75&22-Y ]Y 75&22-Y ]Y <"-&<-Y ]Y 2?==-Y ]Y ++-5-Y ]Y v -<&5G?72-Y ] eOMOMf] 7<&=> C72>-2&
7<+5-# #74:7?5%= 5% >,&-< &H&#>= 75 ,?45 ,&2>,X =>>&i7*i>,&i<> <&C-&D] .4!2.4'/., /52., /$
.7'2/.-!.4,!3!2&. 5,'!,4&YNTeNUfY<>-#2&NU]
5>75&22-Y ]Y 75&22-Y ]Y <275&Y ]Y ++-5-Y ]Y -<&5G?72-Y ]Y v &%&=#,-Y ] eOMONf] H&#>= 7* *7<&=>
">,-5+ e=,-5<-5iF71?f 75 -5%-C-%?2 D&22i"&-5+X 5 ?4"<&22 <&C-&D] .4!2.4'/., /52., /$
.7'2/.-!.4,!,4&!3!2&YPOeUfYNhOS]
=;?->,Y ] ]Y v 225%Y ] eNVVSf] 0.!3! '-%!3 /$ .452!J 5,452, 0!230!4'7!3] 7?>2&%+&Y F27< v
<5#-=<7?:]
2"5Y ] ]Y &<-Y ]Y 7+75Y ] ]Y &&%Y ]Y 7?<-5-Y ]Y 7Y ]Y 722Y ]Y &->G&<Y ] ]Y :-&+&2Y ]Y
"%&&! F 
v ?"&<45Y ] ] eOMOPf] <-&* =><?#>?<&% <&=:-<>-75 :<#>-#&= &5,5#& 477% 5% <&%?#& :,F=-727+-#2
<7?=2] !,,!0/243! ''.!YQeNfYNMMUVR]
<5&=Y ] ]Y 75,?&Y ] ]Y &&2&<Y ] ]Y ,7<"Y ] ]Y 7,>%-Y ] ]Y v ,&2"FY ] ] eOMNVf]
,<#>&<-G-5+ 5>?<& 5% :<>-#-:5> &E:&<-&5#& -5 =>?%-&= 7* 5>?<& &E:7=?<& *7< :7=->-C& 4&5>2 ,&2>,X
5-5>&+<>-C&<&C-&D] 2/.4'!23'.3:&/,/%:YVYOSNT]
<>75Y ] e%]f] eOMNSf] <&&5 &E&<#-=&X -51-5+ 5>?<&Y ,&2>, 5% D&22i"&-5+] 7?>2&%+&Y F27< v <5#-=
<7?:Y<>,=#5*<747?>2&%+&]
<>75Y ]Y v <&>>FY ] eOMNMf] ,> -= >,& "&=> %7=& 7* 5>?<& 5% +<&&5 &E&<#-=& *7< -4:<7C-5+ 4&5>2 ,&2>,^
4?2>-i=>?%F52F=-=] .7'2/.-!.4,'!.!Y!&./,/%:YQQeNMfYPVQThPVRR]
]] <1= 7?5%>-75] e5]%]f] EX :<&=#<-:>-75 *7< 5>?<&] &><-&C&% *<74
,>>:=X``DDD]:<1:<&=#<-:>-75=]#`
<7%Y ] eNVUOf] 5+-5+ >&#,57=><&==X :>-4-G-5+ >,& ?=& 7* #74:?>&< >&#,5727+F] !23/..!, /52.,Y
SNeMMMMNMfYTRP]
?E>75Y ] ]Y &<=75Y ] ]Y 227?Y ]Y <-=><?:Y ]Y v ->>&4F&<Y ] eOMONf] =F5>,&=-= 7* ,&2>, "&5&K>=
7* 5>?<2 =7?5%= 5% >,&-< %-=><-"?>-75 -5 5>-752 :<1=] 2/!! '.%3 /$ 4&! 4'/.,  !-: /$ '!.!3Y
NNUeNQf]
5%Y ] ] ] 7*] eOMNSY &#&4"&<f] 7D ,&2>,F <& 5%-5=^ c%?#>-75 5% D<&5&==d] &><-&C&%
*<74 ,>>:=X``DDD]#5%]#`&5`:?"2-#i,&2>,`=&<C-#&=`:?"2-#>-75=`,&2>,Fi2-C-5+`,7Di,&2>,Fi
#5%-5=],>42
,<57#1Y ]Y &-=GY ]Y %%>GY ]Y :-51=Y ]Y 55Y ]Y ,& 5-&< 5=>->?>& 7* >,& 4-2FY v >>-=>-#=
5%] eOMONf] 5%-5=m D&22i"&-5+ -5 F&< 75& 7* >,& iNV :5%&4-# e5#74& &=&<#, :&<
&<-&=f c7C&<54&5>d] &><-&C&% *<74 ,>>:=X``DDDNRMi=>>#5i+#i#]&?N]:<7EF]7:&5>,&5=]5&>`5N`:?"`
TR*MMMO4`TR*MMMO4OMONMMPi&5+],>4
->F 7* <1,4] e5]%]f] ,-5<-5 71?Y 7<&=> ">,-5+ 7< *7<&=> >,&<:F] 755&#>-5+ D->, >,& *7<&=>
c7C&<54&5>d] <1,4] &><-&C&% *<74 ,>>:=X``DDD]4<1,4]#`D:=`:7<>2`,74&`<&#<&>-75`
,-5<-5i71?
2<1&Y ] ]Y 7>&<Y ]Y v #D5Y ] eOMONf] ;?2->>-C& =>?%F #74:<-5+ 4-5%*?25&== 5% ,-5<-5i71?
e*7<&=>">,-5+fX<#>->-75&<=m:&<=:&#>-C&=] 534'.','4:YNPeNOfY<>-#2&NO]
&5#&FY v <7%,&%Y ] eOMOPf] 5,5#-5+ =?::7<> *7< -5%-+&57?= 25%i"=&% :<7+<44-5+ -5 >,&
7<>,D&=> &<<->7<-&=] 5 ] <-&=>Y ] ->#,-& v ] #7>> e%=]fY 54 //2 ,!2.'.% '. . ] :&5
&=7?<#&&E>"771]&><-&C&%*<74 ,>>:X``72-#]#
22+,&<Y ] eOMOMY &#&4"&< NPf] <&& j5>?<& >,&<:Fk 7H&<&% >7 :5%&4-#i=><&==&% ,&2>,i#<& D7<1&<=]
 !83] &><-&C&% *<74 ,>>:=X``DDD]#"#]#`5&D=`#5%`"<->-=,i#72?4"-`*<&&i5>?<&i>,&<:Fi
:5%&4-#i=><&==iN]RUPQUUP
7C&<54&5> 7* 5%] eOMONY <#, NRf] &2>, -4:#>= 7* -< :722?>-75 -5 5% OMON <&:7<> c%?#>-75
5% D<&5&==d] &><-&C&% *<74 ,>>:=X``DDD]#5%]#`&5`,&2>,i#5%`=&<C-#&=`:?"2-#>-75=`,&2>,Fi
2-C-5+`OMONi,&2>,i&H&#>=i-5%77<i-<i:722?>-75],>42
 F "%&&!
7C&<54&5> 7* 5%Y ] ] eOMOOY &"<?<F Vf] 5%m= 2<+& ?<"5 #&5><&= #75>-5?& >7 +<7D 5% =:<&%
c7C&<54&5>d] 44'34'3 . ] &><-&C&% *<74 ,>>:=X``DDDNRM]=>>#5]+#]#`5N`%-2Fi;?7>-%-&5`
OOMOMV`%;OOMOMV"i&5+],>4
?F>>Y]]eNVVNf]C-%&5#&i"=&%4&%-#-5&] /52.,,5YNNQeOfYNS]
5Y ]i] eOMNTf] ,& &H&#> 7* 5>?<& 5% :,F=-#2 #>-C->F 75 &47>-75= 5% >>&5>-75 D,-2& &5++-5+ -5
+<&&5&E&<#-=&] 2./2!342:Y2.2!!.'.%YOQYRhNP]
5=&5Y ] ]Y v 75&=Y ] eOMOMf] ,& -5>&<<&2>-75=,-: 7* ,-5<-5i71? 5% =:-<->?2->FX =#7:-5+ <&C-&D]
&!/52.,/$,4!2.4'7!. /-0,!-!.42:! ''.!YOSeNOfYNMVPhNNMQ]
5=&5Y ] ]Y 75&=Y ]Y v 7##,-5-Y ] eOMNTf] ,-5<-5i71? e*7<&=> ">,-5+f 5% 5>?<& >,&<:FX =>>&i
7*i>,&i<><&C-&D] .4!2.4'/.,/52.,/$.7'2/.-!.4,!3!2&. 5,'!,4&YNQeUfY<>-#2&U]
&55-+Y ] eOMNVY ?+?=> Sf] 7<&=> ">,-5+ >1&= <77> -5 5%X &&> ]]m= K<=> #&<>-K&% *7<&=> >,&<:-=>]
 !83] &><-&C&% *<74 ,>>:=X``DDD]#"#]#`5&D=`#5%`"<->-=,i#72?4"-`4&&>i"i#i=iK<=>i#&<>-K&%i
*7<&=>i>,&<:-=>iN]ROPSVRP
7<-?#,-Y ]Y 5%7Y ]Y 1F4Y ]Y ?<=&Y ]Y -=,-F4Y ]Y ->7Y ]Y v ?0-D<Y ] eOMNQf] 4:#>
7* C-&D-5+ C=] 57> C-&D-5+ <&2 *7<&=> 75 :,F=-727+-#2 5% :=F#,727+-#2 <&=:75=&= -5 >,& =4& =&>>-5+]
.4!2.4'/.,/52.,/$.7'2/.-!.4,!3!2&. 5,'!,4&YNNeNMfY<>-#2&NM]
1&-Y ]Y v -FG1-Y ] eOMOMf] 7=->-C& :,F=-727+-#2 &H&#>= 7* >7?#,-5+ =?+- e<F:>74&<- 0:75-#f D->, >,&
=72&7*>,&*&&>] /52.,/$// '!.!YSSeNfYOV]
1&-Y ]Y 75+Y ]Y v -FG1-Y ] eOMNRf] ,F=-727+-#2 &H&#> 7* 72*#>7<F =>-4?2>-75 "F -571- #F:<&==
e,4&#F:<-=7">?=f2&*7-2] /52.,/$&:3'/,/%',.4&2/0/,/%:YPQeNfYQQ]
1&-Y ]Y 75+Y ]Y v -FG1-Y ] eOMNTf] ,F=-727+-#2 H&#>= 7* 7?#,-5+ 77%] .4!2.4'/., /52., /$
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4-Y ] eOMNPf] 5 -5><7%?#>-75 >7 >,& *7<&=> >,&<:F =7#-&>F 7* :5Y *7<&=> >,&<:F 5% *7<&=> >,&<:-=>] 5
]-e%]fY /2!34! ''.! e::]OPRhOQPf]7C#-&5#&?"2-=,&<=Y5#2]
55&=Y ]Y v <7D5Y ] eOMOOf] H&#>= 7* *7<&=> ">,-5+ 5% &5C-<754&5>2 *#>7<= 75 -5%-C-%?2 ,&2>,
<&=:75=&= -5 5#7?C&<Y ]] <1= e2-5-#2 <-2 &+-=><>-75 MRRMORUUf] &><-&C&% *<74
,>>:=X``#2-5-#2><-2=]+7C`#>O`=,7D`MRRMORUU
7F&Y ]Y v C5 %&5 &<+Y ] eOMNNf] = 27C& *7< +<&&5 -5 7?< +&5&=^ #<->-#2 52F=-= 7* &C72?>-75<F
==?4:>-75=-5<&=>7<>-C&&5C-<754&5>=<&=&<#,] 2./2!342:Y2.2!!.'.%YNMeQfYOSNhOSU]
4-71Y ]Y =?>5-Y ]Y ?>7,Y ]Y 75%Y ]Y ,-7GDY ]Y 1%Y ]Y <1Y ]i]Y ->F?+?#,-Y ]Y 4%Y
]Y 1?-G?4-Y ]Y v 5%Y ] eOMNOf] =F=>&4>-# <&C-&D 7* <5%74-G&% #75><722&% ><-2= 75 #?<>-C& 5%
,&2>,&5,5#&4&5>&H&#>=7**7<&=>>,&<:F] 3:&/,/%:!3!2&. !&7'/2.%!-!.4YRYURhVR]
:25Y ]Y v :25Y ] eNVUVf] &! !90!2'!.! /$ .452!J 03:&/,/%', 0!230!4'7!] 4"<-%+& 5-C&<=->F
<&==]
:25Y ] eNVVRf] ,& <&=>7<>-C& "&5&K>= 7* 5>?<&X 7D<% 5 -5>&+<>-C& *<4&D7<1] /52., /$
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5>?<&^ .4!2.4'/.,/52.,/$.7'2/.-!.4,!3!2&. 5,'!,4&YNMePfY<>-#2&P]
7"F=,-Y ]Y 1&-Y ]Y 75+Y ]Y +DY ]Y v -FG1-Y ] eOMONf] 74:<-5+ >,& -4:#> 7* *7<&=> D21-5+
5%*7<&=>C-&D-5+75:=F#,727+-#2=>>&=] 2./2!342:Y2.2!!.'.%YRTYNOSVOM]
7"F=,-Y ]Y 75+Y ]Y 1&-Y ]Y <1Y ]i]Y &&Y ]Y +DY ]Y v -FG1-Y ] eOMNUf] 7<&=> D21-5+ H&#>=
?>7574-#5&<C7?=#>-C->FX:7:?2>-75i"=&%=>?%F] 2/.4'!23'.5,'!,4&YSYOTU]
7>>&Y ]Y -Y ]Y ,-5Y ] ]Y v -#,2=&5Y ] e%=]f] eOMNVf] .4!2.4'/., &. //+ /$ $/2!34 4&!20:]
4"<-%+&#,72<=?"2-=,-5+]
-Y ]Y ?Y ]Y -Y ]Y -Y ]Y 5+Y ]Y ,?5+Y ]Y v -Y ] eOMOOf] :>-2 %-=><-"?>-75 #,<#>&<-=>-#= 7*
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-Y]eOMNUf] /2!344&'.%J/842!!3.&!,0:/5=. &!,4&. &00'.!33]&5+?-5]
-Y ]Y 7"F=,-Y ]Y v D%Y ] eOMNPf] H&#> 7* *7<&=> &5C-<754&5>= 75 >,& ,?45 &5%7#<-5& =F=>&4] 5
]-e%]fY /2!34! ''.! e::]VMhNMPf]7C#-&5#&?"2-=,&<=]
-Y ]Y 7<-47>7Y ]Y 7"F=,-Y ]Y 5+1-Y ]Y >=?4>Y ]Y -<>Y ]Y -<>Y ]Y ?G?1-Y ]Y -Y ] ]Y
1F4Y ]Y D%Y ]Y <1Y ] ]Y ,-<Y ]Y >=?-Y ]Y +DY ]Y -FG1-Y ]Y v <&5=1FY ] ]
eOMMUf] -=->-5+ *7<&=>Y "?> 57> #->FY -5#<&=&= ,?45 5>?<2 1-22&< #>-C->F 5% &E:<&==-75 7* 5>-i#5#&<
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-Y ]Y 7<-47>7Y ]Y 1%-Y ]Y 5+1-Y ]Y >=?4>Y ]Y ,-4-G?Y ]Y -<>Y ]Y -<>Y ]Y ?G?1-Y
]Y -FG1-Y ]Y +DY ]Y 7F4Y ]Y ,-<Y ]Y 1F4Y ]Y <&5=1FY ] ]Y v D%Y ] eOMMTf]
7<&=> ">,-5+ &5,5#&= ,?45 5>?<2 1-22&< #>-C->F 5% &E:<&==-75 7* 5>-i#5#&< :<7>&-5=] .4!2.4'/.,
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-?Y ]Y 5+Y ]Y -?Y ]Y 5Y ]Y -?Y ]Y 5Y ]Y v ?Y ] eOMONf] ,F=-727+-#2 5% :=F#,727+-#2 &H&#>= 7*
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75 ,&2>, *7< 7?>%77< 5% &5C-<754&5>2 &%?#>-75 ?=& -5 5%] /52., /$ 54 //2 . .7'2/.-!.4,
 54'/.YOPePfYPMVhPON]
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&><7 5#7?C&<] eOMOOf] &><7 5#7?C&< >?<& <7+<4 ?-%&g?44&< OMOO] &><-&C&% *<74
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-FG1-Y]eOMNUf] &'.2'./+5J&!0.!3!8:/$$/2!344&'.%$/2&!,4&. 2!,94'/.]-4"&<<&==]
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m7557<Y ] eOMNMY ?2F Rf] ,& #2-4X E:7=?<& >7 :25>= 5% :<1= #5 "77=> -44?5->F] &! !8 /2+
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,-<Y ]Y v >=?-Y ] eOMNPf] ,F>75#-%&= -5 *7<&=> >47=:,&<&] 5 ] - e%]fY /2!34 ! ''.! e::] OThPSf]
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-=,-Y ]Y 5&,4Y ]Y -F5&Y ]Y v +?#,-Y ] eOMMPf] 74:<-=75 7* *7<&=> -4+& 5% 477%X
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>1&Y ] eOMOPY #>7"&< NNf] :5 >7 <&C->2-G& *7<&=><F -5%?=><F >7 #7?5>&< ,F *&C&<] &! 0. '-!3]
&><-&C&%*<74 ,>>:=X``DDD]0:5>-4&=]#7]0:`5&D=`OMOP`NM`NN`0:5`=#-&5#&i,&2>,`1-=,-%i,Fi*&C&<`
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&><-&C&%*<74 ,>>:=X``DDD]:#]+#]#`:5i5:`52`+<7=47<5&`#>-C`=5>&i,&2>,
F5&Y ]Y v &2:,-5?=Y ] eOMNUf] &C-&D 7* >,& #?<<&5> &C-%&5#& *7< >,& ,&2>, "&5&K>= %&<-C&% *<74
*7<&=>">,-5+] &!.4!2.4'/.,/52.,/$!,4&K!,,.!33K. /'!4:YVeNfYNVhPM]
7<#,?1Y <] ]Y v &<7=Y ] eOMOOY 7C&4"&< Nf] 5><7%?#-5+ #<&+7< 7-5>m= 5&D *7<&=> >,&<:F ><-2[
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077Y ] ]Y <4Y ] ]Y v "%?22,Y ] ] eOMOMf] ,& :,F=-727+-#2 5% :=F#,7=7#-2 &H&#>= 7* *7<&=>
>,&<:FX=F=>&4>-#<&C-&D] 2./2!342:Y2.2!!.'.%YRQYNOSTQQ]
7=Y ] ]Y <=75Y ] ]Y 722%7Y ]Y v <7K#&Y ] ] eOMONf] 7<&=> >,&<:F #5 :<&C&5> 5% ><&>
%&:<&==-75XC-%&5#&*<744&>i52F=&=] 2./2!342:Y2.2!!.'.%YRTYNOSVQP]
7>=Y ] ] eOMNTf] &'.4/K .452! . ' !/,/%: '. /.4!-0/22: 0.J +'.% 32! $/2!343] 2774="?<F
?"2-=,-5+]
5%-*&<Y ] ]Y ?>>75i<-&<Y ] ]Y v <%Y ] ] eOMNRf] E:27<-5+ #755&#>-75= 475+ 5>?<&Y "-7%-C&<=->FY
&#7=F=>&4 =&<C-#&=Y 5% ,?45 ,&2>, 5% D&22i"&-5+X ::7<>?5->-&= >7 &5,5#& ,&2>, 5% "-7%-C&<=->F
#75=&<C>-75] /3:34!-!27'!3YNOYNhNR]
&+4-Y ] eOMOOY ?2F Uf] <-+-5Y =#-&5>-K# <&=&<#, 5% *?>?<& %&C&27:4&5>X j7<&=> >,&<:Fk -5 :5 5%
"&F75% c7D&<:7-5>d] .4!2.4'/., /.$!2!.! /. /2!34 &!20:J !,'.% '4& 452!Y Y 5#7?C&<Y
]]&><-&C&%*<74 ,>>:=X``*7<&=><F]?"#]#`&C&5>=`*7<&=>i>,&<:Fi#75*&<&5#&`
,5,5Y ] ]Y ?=,Y ]Y =>75Y ] ]Y -5Y ] ]Y &5Y ]Y <"&<Y ]Y v ?22&<Y ] ] eOMNSf] &2>, "&5&K>=
*<745>?<&&E:&<-&5#&=%&:&5%75%7=&] '!.4'=!0/243YSeNfY<>-#2&N]
-%%-;-Y ] eOMOPY #>7"&< NMf] 7?mC& ,&<% 7* *7<&=> ">,-5+] 7D ><F *7<&=> >,&<:F] 4'/., !/%20&']
&><-&C&%*<74 ,>>:=X``DDD]5>-752+&7+<:,-#]#74`><C&2`<>-#2&`*7<&=>i>,&<:Fi><-2=
"%&&! F 
&-=-=:B9
'!(%&+"%&"' 
75+Y ]Y 1&-Y ]Y v -FG1-Y ] eOMNSf] ,F=-727+-#2 &H&#>= 7* 5>?<& >,&<:FX <&C-&D 7* >,& <&=&<#, -5
:5] .4!2.4'/.,/52.,/$.7'2/.-!.4,!3!2&. 5,'!,4&YNPeUfYTUN]
75+Y ]Y 1&-Y ]Y v -FG1-Y ] eOMONf] H&#>= 7* *7<&=>i%&<-C&% C-=?2Y ?%->7<FY 5% #74"-5&% =>-4?2-]
2./2!342:Y2.2!!.'.%YSQYNOTORP]
>>-=>-#= ?<&? 7* :5] eOMOPf] :5 =>>-=>-#2 F&<"771 OMOP e:] SRPf] &><-&C&% *<74
,>>:=X``DDD]=>>]+7]0:`&5+2-=,`%>`5&515`TO5&515`-5%&E],>42
71-5Y ] ]Y v &-G7?Y ] e神山惠三f] eNVUMf] ,F>75#-%&Y >,& 4F=>&<-7?= :7D&< 7* :25>=] E:27<-5+ >,&
4F=>&<F7*><&&=>,>1-224-#<77<+5-=4=]講談社]
2<-#,Y ] ] eNVUNf] >?<2 C&<=?= ?<"5 =#&5&=X 74& :=F#,7:,F=-727+-#2 &H&#>=] .7'2/.-!.4 .
!&7'/2YNPeRfYROPhRRS]
2<-#,Y ] ]Y -475=Y ] ]Y 7=->7Y ] ]Y -7<->7Y ]Y -2&=Y ] ]Y v &2=75Y ] eNVVNf] ><&== <&#7C&<F %?<-5+
&E:7=?<&>75>?<25%?<"5&5C-<754&5>=] /52.,/$.7'2/.-!.4,3:&/,/%:YNNePfYOMNhOPM]
5#7?C&< 7<% 7* <1= 5% &#<&>-75] eOMOOY &:>&4"&< NUf] 7<&=> >,-5+] ] &><-&C&% *<74
,>>:=X``DDD]#>-C&]#74`C5#7?C&<i"#`#2==&=`*7<&=>i">,-5+iOMOOiUSTTMTTQ
&5Y ]Y 5Y ]Y 5Y ]Y ?Y ]Y v -?Y ] eOMNVf] &%-#2 &4:-<-#2 <&=&<#, 75 *7<&=> ">,-5+ e,-5<-5iF71?fX
=F=>&4>-#<&C-&D] .7'2/.-!.4,!,4&. 2!7!.4'7!! ''.!YOQYTM]
,->&Y ] ]Y 2#7#1Y ]Y <&22-&<Y ]Y ,&&2&<Y ] ]Y <>-+Y ]Y <"&<Y ] ]Y 75&Y ]Y &:2&%+&Y ] ]Y v
2&4-5+Y ] ] eOMNVf] :&5%-5+ > 2&=> NOM 4-5?>&= D&&1 -5 5>?<& -= ==7#->&% D->, +77% ,&2>, 5%
D&22"&-5+] '!.4'=!0/243YVeNfYTTPM]
-2=75Y]]eNVUQf]-7:,-2-]<C<%5-C&<=->F<&==]
&75Y ]i]Y &75Y ]i]Y ?5+Y ]i]Y -5Y ]i]Y -4Y ]i]Y 5Y ]i]Y ,-5Y ]i]Y 7Y ]i]Y -4Y ]i]Y v
,-5Y ]i] eOMONf] H&#> 7* 7<&=> ,&<:F 75 &:<&==-75 5% 5E-&>FX F=>&4>-# &C-&D 5% &>i
52F=-=] .4!2.4'/.,/52.,/$.7'2/.-!.4,!3!2&. 5,'!,4&YNUeOPfY<>-#2&OP]
?Y ]i]Y -5Y ]i]Y =-Y ]i]Y =-Y ]i]Y v ,&5Y ]i] eOMNTf] H&#>= 7* ,7<> 7<&=> >,-5+ <7+<4
75 ?>7574-# &<C7?= F=>&4 #>-C->F 5% 77% >>&= -5 -%%2&i+&% 5% 2%&<2F 5%-C-%?2=]
.4!2.4'/.,/52.,/$.7'2/.-!.4,!3!2&. 5,'!,4&YNQeUfY<>-#2&U]
.:@??41-@?4:=
< ] <7D5 -= ,]] #5%-%>& -5 7<&=><F > ] *>&< &E:&<-&5#-5+ >,& =><&==i<&%?#-5+ "&5&K>=
7* =,-5<-5iF71?Y =,& :-C7>&% *<74 <?55-5+  &%?#>-75 5% &5C-<754&5>2 475->7<-5+ :<7+<4= >7
=>?%F-5+ ,&2>, 5% *7<&=> ">,-5+ -5 5#7?C&<] = ?"2-# #,72< 5% 5=>->?>& 7* =-5 &=&<#, *&227DY
< 2&%= >,& -2&5> <-2= :<70&#>Y &E:27<&= >,& <72& 7* *7<&=> >,&<:F -5 5%-5 ,&2>,#<& 5% ,= 2&% %-C&<=&
+<7?:=7*F7?>,Y4&4"&<=5%4&%-#2:<7*&==-752=]
 F "%&&!
=LA
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
Q9JMEJ
Editors’ noteE+) +"1$ ) /%*+/%#%*1 #2% (%* 0-/ 0 *1 $ / 21%(%7 " 102*%1
+") 02/ ) *1H$  %1+/0$3 +*3 /1 1$ 0 )%*%)2)%01* 0"/+)" 1%*1+) 1/ 0H
+<7D-5+ :772 7* <&=&<#, #755&#>= >-4& =:&5> -5 5>?<& 5% +<&&5 =:#&= D->, "&>>&< :,F=-#2 5% 4&5>2
D&22 "&-5+ e-#1= &> 2]Y OMOPf] 5% D& <& 2-=>&5-5+] ?>%77< =:#&= ,C& 5&C&< "&&5 "?=-&< e#752% &>
2]Y OMOOf] 7D&C&<Y = >,& :7:?2<->F 7* 7?>%77< #>-C->-&= +<7D=Y =7 %7&= >,& :7>&5>-2 *7< 5&+>-C& -4:#>=
75 >,& &5C-<754&5>] ,-= -= D,&<& >,& #75#&:> 7* &C& 7 <#& ef #74&= -5>7 :2F] Y =F4"72-G&%
"F >,& 27+7 -5 -+?<& NY -= =&> 7* :<-5#-:2&= %&=-+5&% >7 +?-%& 7?>%77< &5>,?=-=>= -5 4-5-4-G-5+ >,&-< -4:#>
75 5>?<2 =:#&= e72&Y OMNUf] ,-= #,:>&< D-22 &E:27<& >,& C2?& 5% &>,-#= 7* Y -5#2?%-5+ >,& #75#&:>
7* j?>,7<->F 7* >,& <&=7?<#&]k %%->-7522FY -> D-22 %&2C& -5>7 &#, 7* >,& =&C&5  :<-5#-:2&=Y :<7C-%-5+
:<#>-#2&E4:2&=7*,7D>7-5>&+<>&>,&4-5>7%C&5>?<7?=5%&5C-<754&5>27?>%77<2&<5-5+]
(!"&%#%!#"%&"'&""%%!! F 
%#2/ ;E$  3
+/ (+#+
%")2"+!"0-,+0&&)&16,#
5& 7* >,& *?5%4&5>2 <&=75= "&,-5% >,& %&C&27:4&5> 7*  :<-5#-:2&= -= >,& <&#7+5->-75 7* >,& %&2-#>&
"25#& D->,-5 5>?<2 &#7=F=>&4=] <74 >7D&<-5+ 47?5>-5= >7 =&<&5& 21&=Y >,&=& 25%=#:&= <&
-5>&<#755&#>&% 5&>D7<1= 7* 2-*&Y 5% 5F %-=<?:>-75 #5 ,C& *<i<&#,-5+ #75=&;?&5#&= e,<%&<i<&#,&>>& v
#7FY NVVRf] &m<& 57> 0?=> >21-5+ "7?> D-2%&<5&== <&=] ->F :<1=Y 5&-+,"7?<,77% :>,=Y 5% D-2%&<
<&= <& 22 =?=#&:>-"2& >7 ?5=?=>-5"2& ?=& :<#>-#&=] F :<#>-#-5+ Y -5%-C-%?2= =,7D <&=:&#> *7< >,&
-5><-#>& <&2>-75=,-:= >,> =?=>-5 >,&=& &5C-<754&5>= 5% *7< >,& &E:&<-&5#& 7* >,& :&7:2& >,> D-22 #74& *>&<
>,&4]
,& -%&= 7*  &E>&5%= "&F75% 4&<& :<#>-#2->F_ >,&F &4"7%F =&5=& 7* <&=:75=-"-2->F >7D<%= >,&
:2#&= D& C-=->] 4+-5& =#&5<-7 D,&<& &C&<F 7?>%77< &5>,?=-=> 2&*> ><-2 7* ><=,Y %-=>?<"&% D-2%2-*&
,"->>=Y 5% =#<<&% 25%=#:&=] ,& <&=?2> D7?2% "& -<<&C&<=-"2& %4+& >7 >,& C&<F &5C-<754&5>= D& #,&<-=,]
 -= "7?> 41-5+ #,7-#&= >,> :<7>&#> >,&=& &5C-<754&5>= *7< #?<<&5> 5% *?>?<& +&5&<>-75= ?5%&< >,&
 F (!"&%#%!#"%&"'&""%%!!
:<&4-=& >,> &#, ?=&< -= <&=:75=-"2& :&<=75 7?>%77<= D,7 #5 2DF= 2&<5 5&D DF= >7 <&%?#& 7< 4-5-4-G&
>,&-<-4:#>]
> >,& #7<& 7*  -= >,& #75#&:> 7* j?>,7<->F 7* >,& <&=7?<#&]k ,-= :<-5#-:2& #157D2&%+&= >,> >,& 25%
5% ->= <&=7?<#&= ,72% #&<>-5 2&C&2 7* ?>,7<->F 7C&< ,7D >,&F =,7?2% "& ><&>&%] 5 &==&5#&Y >,& &5C-<754&5>
=&>= >,& <?2&=] = =>&D<%= 7* >,& 25%Y ->m= 7?< %?>F >7 2-=>&5 5% %,&<& >7 >,&=& <?2&=Y <&=:&#>-5+ >,& -5><-5=-#
C2?&7*>,&5>?<2D7<2%]
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,&  +?-%&2-5&= <& 57> 0?=> <77>&% -5 #74475 =&5=&] ,&F <& K<42F +<7?5%&% -5 =#-&5>-K#
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5% =7#-2 57<4= #,5+& 5% 5&D >&#,5727+-&= &4&<+&] ,& :<-5#-:2&= <& =?"0&#> >7 75+7-5+ &C2?>-75 5%
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>,& &C72C-5+ +?-%&2-5&= *7< <&=:75=-"2& 7?>%77< <&#<&>-75] F &4"<#-5+ >,-= &C72C-5+ =#-&5>-K# "=-=Y 7?>%77<
&5>,?=-=>=#5&5=?<&*?>?<&+&5&<>-75=D-22&507F>,&=4&5>?<&5%7?>%77<&E:&<-&5#&=]
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5% 7?< +<7D-5+ D<&5&== 7* >,& -4:#>= 7* 7?>%77< <&#<&>-75 e-475 v 2+75Y OMMVf] ,& ,-=>7<F
7*  -= >&=>4&5> >7 >,& =,-*> *<74 &E:27->>-75 >7 :<&=&<C>-75Y +?-%&% "F :<-5#-:2&= >,> &4:,=-G&
<&=:75=-"2&&507F4&5>7*5>?<2=:#&=]
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#75#&<5= "7?> &5C-<754&5>2 %&+<%>-75 e<-75 v &-%Y OMMNf] ,& NVSM= =D >,& &4&<+&5#& 7*
&5C-<754&5>2 47C&4&5>= >,> %C7#>&% *7< >,& :<7>&#>-75 7* D-2%&<5&== <&=] ?<-5+ >,-= &<Y >,& j:#1 ->
(!"&%#%!#"%&"'&""%%!! F 
-5Y :#1 -> 7?>k :,-27=7:,F +-5&% 474&5>?4Y 4<1-5+ =,-*> >7D<%= +<&>&< <&=:75=-"-2->F *7< 45+-5+
75&m=7D5D=>&5%><&>-5+>,&&5C-<754&5>D->,=&5=->-C->F5%#75#&<5e7<>75?<5&<YOMMOf]
,& NVTM= 4<1&% :-C7>2 :&<-7% -5 >,& %&C&27:4&5> 7* ] <+5-G>-75= 2-1& >,& >-752 ?>%77<
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#4:-5+ >&#,5-;?&= e<-75 v &-%Y OMMNf] ,&=& &H7<>= #?24-5>&% -5 >,& :?"2-#>-75 7* >,& K<=> 7I#-2
 45?2 "F  -5 NVTV e<-75 v &-%Y OMMNf] ,-= 45?2 -5><7%?#&% >,& *7?5%>-75 7* 
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,& NVUM= 5% NVVM= D->5&==&% >,& D-%&=:<&% %7:>-75 7*  :<-5#-:2&= "F 7?>%77< &5>,?=-=>=Y
&%?#>7<=Y 5% 25% 45+&4&5> +&5#-&= e<-&=> v -E75Y NVVMf] ,&  &5>&< *7< ?>%77< >,-#=Y
*7?5%&% -5 NVVQY *?<>,&< *7<42-G&%  &%?#>-75 5% 7?><&#,] ,& 7<+5-G>-75m= <&=&<#, 5%
#722"7<>-75 D->, 25% 45+&4&5> +&5#-&= 2&% >7 >,& &=>"2-=,4&5> 7* =&C&5 #7<&  :<-5#-:2&=Y D,-#,
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t &&::&>=?5%&<#75><725%#2&5?:*>&<>,&4]
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2+75Y ]Y v -475Y ] eOMNOf] &C& 57 ><#& =><>= > ,74&X <&=:75=& >7 #<->-#= 5% C-=-75 *7< >,& *?>?<&]
4&'3K/,':Y.7'2/.-!.4YNReNfYNNViNOQ]
72&Y ] ] eOMMQf] 4:#>= 7* ,-1-5+ 5% #4:-5+ 75 =7-2= 5% C&+&>>-75X <&C-&D] .7'2/.-!.4, '-043
/$/4/52'3-YQNYSM]
72&Y]]eOMNUf]&C&7<#&X7D->#4&>7"&] .4!2.4'/.,/52.,/$', !2.!33YOQePfYRQiSR]
<-75Y ] ]Y v &-%Y ] ] eOMMNf] &C&27:4&5> 7* >,&  &C& 7 <#& :<7+<4X 5 ,-=>7<-#2 :&<=:&#>-C&]
.*/:-!.4. 5. !234. '.%/$4&!.4'/.,&!2'4%!YUNiVO]
#752%Y ]Y ?<5&<Y ]Y +&Y ]Y v ?<5&<Y ] eOMOOf] 7=> :?"2-=,&% =F=>&4>-# <&C-&D= 7* <&4%&=-C-< *7<
#7C-%iNVD&<&<&%?5%5>5%2#1&%#?<<&5#F] /52.,/$,'.',0' !-'/,/%:YNQSYOOiPN]
7<>75 ?<5&<Y ] eOMMOf] <74 D77%#<*> >7 l&C& 7 <#&mX -2%&<5&==Y #75=?4&<-=4Y 5%
&5C-<754&5>2-=4-5>D&5>-&>,i#&5>?<F4&<-#] .7'2/.-!.4,'34/2:YTePfYQSOiQUQ]
7<>,Y ]Y &<5-5+Y ]Y <1i2<1&Y ]] v HY ] ] eOMOPf] &C& 7 <#& 5% =?=>-5"-2->F
&%?#>-75X 1-5+ -2&#>-#2 ::<7#,] /52., /$ 54 //2 !2!4'/.K  54'/.K . ! !23&'0Y NReNf]
<-&=>Y ] v -E75Y ] eNVVMf] $!4: 024'!3 '.  7!.452! 02/%2--'.%] ==7#->-75 *7< E:&<-&5>-2
%?#>-75]
,<%&<i<&#,&>>&Y ] ]Y v #7FY ] ] eNVVRf] >?<2 25%=#:&=Y 5>?<2 #744?5->-&=Y 5% 5>?<2
&#7=F=>&4=] /2!34. /.3!274'/.'34/2:YPVePfYNPUiNQO]
-475Y]]Yv2+75Y]]eOMMVf]&F75%2&C&57><#&] 4&'3K,!. .7'2/.-!.4YNOeNfYNTiPQ]
-#1=Y ]]Y <>75Y ]]Y 5%<&D=Y ]Y <"&22Y ]Y 5%&<#7#1Y ] v 77%Y ]] eOMOPf] ,& -4:#> 7* >,&
#7<75C-<?= :5%&4-# 75 >,& #75><-"?>-75 7* 27#2 +<&&5 =:#& 5% 5>?<& #755&#>-75 >7 4&5>2 ,&2>,]
.4!2.4'/.,/52.,/$.7'2/.-!.4,!3!2&. 5,'!,4&]OMYRMUP]
"0,2/ "0
W ,>>:=X``2&C&57><#&]#`=&<C-#&=`Ni:25i,&%i5%i:<&:<&`
W ,>>:=X``2&C&57><#&]#`=&<C-#&=`Oi><C&2i5%i#4:i75i%?<"2&i=?<*#&=`
W ,>>:=X``2&C&57><#&]#`=&<C-#&=`Pi%-=:7=&i7*iD=>&i:<7:&<2F`
W ,>>:=X``2&C&57><#&]#`=&<C-#&=`Qi2&C&iD,>iF7?iK5%`
W ,>>:=X``2&C&57><#&]#`=&<C-#&=`Ri4-5-4-G&i#4:K<&i-4:#>=`
 F (!"&%#%!#"%&"'&""%%!!
%D-9?@-=?
W ,>>:=X``2&C&57><#&]#`=&<C-#&=`Si<&=:&#>iD-2%2-*&`
W ,>>:=X``2&C&57><#&]#`=&<C-#&=`Ti"&i#75=-%&<>&i>7i7>,&<iC-=->7<=`
.:@??41-@?4:=
F5 >?<> -= 75 >,& "7<% 7* &C& 7 <#& 5%] & ,= :<#>-#&% &C& 7 <#& &>,-#= %?<-5+ ,-=
7?>%77< %C&5>?<&= *7< 47<& >,5 OR F&<= +7 5% >?+,> &C& 7 <#& :<-5#-:2&= = 5 7?>%77< &%?#>7<
>D-2%&<5&==:<7+<4=5%D,-2&+?-%-5+=#,772+<7?:=]
(!"&%#%!#"%&"'&""%%!! F 
 F (!"&%#%!#"%&"'&""%%!!
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#+""+ F 
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Editors’ noteE$%0$-1 /"+20 0+*1$ )+/ / 0 /$ 8 (+"+21++/( /*%*#'*+4*0
+21++/1$ /-6LM1$1%*(2 0*12/ 1$ /-6F3 *12/ 1$ /-6F4%( /* 001$ /-6F*
+1$ /)+(%1% 0H
C&< >,& 2=> K*>F F&<=Y 7?>%77< >,&<:-&= e=f ,C& "&&5 >,& =?"0&#> 7* &E>&5=-C& <&=&<#,Y D,-#, ,= <&C&2&%
>,&-< :7=->-C& -5L?&5#& 75 4?2>-:2& *#&>= 7* +&5&<2 D&22i"&-5+ e&]+]Y =&2* &=>&&4Y =&2*i&I##FY 2&%&<=,-:fY =
D&22 = =7#-2Y #%&4-#Y 5% *4-2F *?5#>-75-5+ e<+57Y OMOO_ <:&< v 7"?%Y OMONf] 52F <&#&5>2FY
<&=&<#,&<= ,C& "&+?5 -5C&=>-+>-5+ >,& *#>7<= #75><-"?>-5+ >7 >,&=& &H&#>=] 7%FY 5>?<& &E:7=?<&Y
%C&5>?<&Y +<7?: &E:&<-&5#&Y :,F=-#2 #>-C->FY ><5=*&<Y 5% >,& <&2>-75=,-: "&>D&&5 *#-2->>7<= 5% >,&
:<>-#-:5>= <& <&#7+5-G&% *7< >,&-< -4:7<>5#& -5 = e<-&=>Y OMOP_ ?==&22 &> 2]Y OMNT_ ,&I&2% v ?4"&<Y
OMNV_ 5 %&5 &<+ &> 2]Y OMNVf] 7D&C&<Y <&=&<#, -= 2-4->&% 75 ,7D >7 -4:2&4&5> >,&=& *&>?<&= D->,-5 
:<7+<4=YD,-#,%-4-5-=,&=>,&-<::2-#>-75&I##F-5&E-=>-5+:<#>-#&]
,-= #,:>&< -4= >7 %%<&== >,-= =->?>-75 "F %-=#?==-5+ >,& %&K5->-75 7* =Y -%&5>-*F-5+ >,& 1&F *&>?<&=Y
5% #75=-%&<-5+ >,& -4:2&4&5>>-75 7* &#,] ,& -4:#> 7* 1&F &2&4&5> 5% >,&-< =?"i%-4&5=-75= <& *?<>,&<
&E4-5&% 5% >,&7<&>-#22F &E:2-5&% *7< >,&-< #75><-"?>-75= >7 "&5&K#-2 7?>#74&=] ,& &2&4&5>= <&;?-<&% >7
7:&<>-752-G& &#, *&>?<& 5% >,& #,22&5+&= ==7#->&% D->, -5#7<:7<>-5+ >,&=& -5>7 :<7*&==-752 :<#>-#& <&
,-+,2-+,>&%]-522FY<&L&#>-75>772-=:<&=&5>&%>7==-=>*#-2->>7<=-5:255-5+:<7+<4=]
<-7?= =F575F4= ,C& "&&5 7H&<&% >7 %&=#<-"& :<7+<4= >1-5+ :2#& -5 5  #75>&E>] 7< &E4:2&Y >,&=&
-5#2?%& jD-2%&<5&== >,&<:Fk eC-=i&<45 v &<45Y NVVQfY j"?=, %C&5>?<& >,&<:Fk e<F7< &> 2]Y OMMRfY
7< j%C&5>?<& >,&<:Fk e== &> 2]Y OMOMf] ,-= #,:>&< ?=&= >,& >&<4 7?>%77< >,&<:-&= e=f >7 4-5>-5
"<7% :&<=:&#>-C& 7* 5>?<& 5% %C&5>?<& = 5 -5>&<C&5>-75 47%2->FY = :<7:7=&% "F <:&< 5% 7"?%
eOMONf] ,-= >&<4 #7C&<= <5+& 7* :=F#,7=7#-2 :<#>-#&= #75%?#>&% -5 5>?<2 =&>>-5+=Y D->, 7< D->,7?>
%C&5>?<&Y -4&% > :<747>-5+ 7C&<22 ,&2>, 5% #75%?#>&% *<74 5 &+2-><-5 :&<=:&#>-C& &4:,=-G-5+
&;?2->F"&>D&&5,?45=5%5>?<&]
*#!!+&'%!"'&""%&%#+ F 
%#2/ ;E 6
" 12/ 0%*
+21++/1$ /-% 0H
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-5#& OMMMY >,& 2#1 7* =#-&5>-K# ?5%&<=>5%-5+ "7?> >,& :<7#&==&= > D7<1 -5 =Y 157D5 = >,& j"2#1
"7E :,&574&575Yk ,= =:<1&% >,& -5>&<&=> 7* C<-7?= +<7?:= 7* ?>,7<= e&<5&& &> 2]Y OMNV_ <+57Y OMOM_
#&5G-&Y OMMM_ &D45 &> 2]Y OMOP_ 7<>75 &> 2]Y OMNQ_ ?==&22 &> 2]Y OMNTf] -H&<&5> 2"&2= D&<& >>#,&%
>7 -4:7<>5> :<7+<4 &2&4&5>=Y %&=#<-"&% = j1&F #74:75&5>=k e7<>75Y OMNMfY j1&F *#>7<=k e7<>75 &>
2]Y OMNQfY j1&F *&>?<&=k e<+57Y OMOMfY j:<7#&== *#>7<=k e?==&22 &> 2]Y OMNTfY 5% j*#-2->>-C& :<#>-#&=k
e&D45 &> 2]Y OMOPf] ,& >&<4 j1&Fi*&>?<&=k D-22 "& ?=&% ,&<& >7 &5#74:== 5>?<& &E:7=?<&Y %C&5>?<&Y
+<7?:&E:&<-&5#&Y:,F=-#2#>-C->FY><5=*&<Y5%>,&:<>-#-:5>i*#-2->>7<<&2>-75=,-:=2-=>&%-5-+?<&N]
&*7<& &E4-5-5+ >,& -4:#> 7* &#, 1&F &2&4&5> -5 =Y -> -= -4:7<>5> >7 #75=-%&< >D7 =>&:= -5 :<7+<4
:255-5+X %&>&<4-5-5+ >,& :?<:7=& >7 "& #,-&C&% 5% <&#7+5-G-5+ >,& #,<#>&<-=>-#= 7* >,& :<>-#-:5>=] ,&=&
=>&:=D-22,C&%-<&#>-5L?&5#&75>,&-4:2&4&5>>-757*1&F*&>?<&=]
&+<%-5+ >,& ><+&>&% 7"0&#>-C&=Y >,&=& 4?=> "& "<71&5 %7D5 -5>7 =-5+2& :?<:7=& e?<#7>>& v -5%=FY
OMNVfY =-5#& >,-= D-22 +?-%& >,& -5>&<C&5>-75 :<7#&==Y "7>, -5 %&=-+5 5% %?<-5+ %&2-C&<F] = *7< :<>-#-:5>
#,<#>&<-=>-#=Y >,&=& #75=-%&<>-75= <& #&5><2 >7 :<7+<4 =?##&==] &<5-5+ "7?> >,&-< :,F=-#2Y
:=F#,727+-#2Y &47>-752Y 5% =7#-2 "-2->-&=Y = D&22 = >,&-< =><&5+>,= 5% 5&&%=Y <& #<->-#2 >7 &=>"2-=,-5+
+?-%&2-5&= >7 =&2&#> +<7?: 4&4"&<= 5% %&K5& -5#2?=-75 5% &E#2?=-75 #<->&<-] 2>,7?+, >,&=& #75=-%&<>-75=
#74& *<74 >,& 2->&<>?<& 75 +<7?: -5>&<C&5>-75 e?<#7>>& v -5%=FY OMNVfY &#, -= 0?=> = <&2&C5> D->, <&=:&#>
>7=e<+57YOMONf]
12/"
&C&<2 %&K5->-75= *7< 5>?<& ,C& "&&5 %&C&27:&% -5 >,& 2->&<>?<&] 5 >,-= #,:>&<Y 5>?<& <&*&<= >7 22 &2&4&5>=
5% :,&574&5 7<-+-5>-5+ *<74 >,& 25%Y D>&<Y 7< "-7%-C&<=->FY -5#2?%-5+ K<&Y D&>,&<Y 5% +&727+FY
 F *#!!+&'%!"'&""%&%#+
-5L?&5#&% "F ,?45= 7< 57>Y *<74 :7>>&% :25> >7 ?5>7?#,&% D-2%&<5&==Y = =?++&=>&% "F <>45 5%
#722&+?&=eOMNOf]
,&>,&< <&=?2>-5+ *<74 ,?45 -5>&<C&5>-75 7< 57>Y 5>?<2 &5C-<754&5>= ,C& >,& :7>&5>-2 >7 :<747>&
5% =?::7<> 7C&<22 ,&2>, e<>-+ &> 2]Y OMNQf] -H&<&5> ,F:7>,&=&= 5% >,&7<-&= ,C& "&&5 :<7:7=&% >7
&E:2-5 ,7D >,&=& &H&#>= 7##?<Y -5#2?%-5+ >,& -7:,-2- F:7>,&=-=Y ><&== &%?#>-75 ,&7<FY 5% >>&5>-75
&=>7<>-75 ,&7<F] ,& =&5=7<F &E:&<-&5#& -= 5 -4:7<>5> :-&#& 7* 5>?<& -44&<=-75 5% #5 "& %%&% >7 22
7* >,&=& >,&7<-&=Y =-5#& >,& ?=& 7* ,?45 =&5=&= ><5=C&<=22F &E>&5%= #<7== C<-7?= -5>&<:<&>>-75= 7* 5>?<& =
-5-+?<&O]
-7:,-2- -= %&K5&% "F >,& -55>& ,?45 -5=>-5#> >7 #755&#> D->, &C&<F>,-5+ <&2>&% >7 5>?<& e&]+]Y 5-42=Y
<>,f] =&% *7< >,& K<=> >-4& -5 NVSQ "F >,& :=F#,752F=> <744 eNVSQfY >,-= >&<4 D= %&C&27:&% -5
7::7=->-75 >7 >,& >&<4 j5&#<7:,-2-k 7< >,& j27C& 7* 2-*& -5 #75><=> >7 27C& 7* %&>,] c>d <&:<&=&5>= >7>2
7<-&5>>-75Y 5 &5>-<& DF 7* "&-5+] > -= 45-*&=>&% -5 :&<=75m= "7%-2F :<7#&==&=Y -5 ,-= &47>-75=Y -5 ,-=
>,7?+,>=Y-5,-=+&=>?<&=ke:] QRf]
5 >,& UM=Y =7#-7"-727+-=> -2=75 eNVUQf :?> *7<D<% >,& "-7:,-2- ,F:7>,&=-=Y D,-#, =>>&= >,& "&2-&* >,>
,?45= <& +&5&>-#22F :<&%-=:7=&% >7 "& >><#>&% >7 5>?<& 5% j>,& -55>& >&5%&5#F >7 *7#?= 75 2-*& 5%
2-*&2-1& :<7#&==&=k e-2=75Y NVUQY :] Nf] 7 %>&Y =74& =>?%-&= ,C& =?++&=>&% >,> 2#1 7* #755&#>-75 D->,
5>?<& -5%?#&% "F 47%&<5 2-*&=>F2&= 2&%= >7 =&5=& 7* %-=#755&#>-75 -5 ,?45=Y <&=?2>-5+ -5 =><&== <&=:75=&
e<#F &> 2]Y OMNVf] &=:->& >,& "?5%5> 2->&<>?<& 75 >,-= #75#&:>Y >,& ,F:7>,&=-= ,= 57> F&> "&&5 C2-%>&%
5% <&4-5= >,& =?"0&#> 7* 4?#, #<->-#-=4 e&1D% &> 2]Y OMOO_ 7F& v & 27#1Y OMNN_ #7:&22->- &> 2]Y
OMNUf] ,-2& <&=&<#, ,= F&> >7 =?::7<> >,& "-7:,-2- ,F:7>,&=-=Y >,& -%& %7&= #<<F #75=-%&<"2& :?"2-#
-5>&<&=>5%,-+,2-+,>=>,&"&5&K>=7*5>?<&75,?45,&2>,]
><&== &%?#>-75 ,&7<F =>>&= >,> -5 >,& "=&5#& 7* +&5?-5& >,<&> e&]+]Y 5-42 >>#1Y =>7<4fY 5>?<&
:<747>&= >,& <&%?#>-75 7* =><&== 5% *C7<= #7+5->-C& <&=>7<>-75 e:25 v :25Y NVUV_ 7+&<=75 &> 2]Y
OMNV_ 2<-#,Y NVUNf] ,-= -= %&K5&% =X j,& :<7#&== 7* <&5&D-5+Y <&#7C&<-5+Y 7< <&&=>"2-=,-5+ :,F=-#2Y
:=F#,727+-#2Y 5% =7#-2 <&=7?<#&= 7< #:"-2->-&= %-4-5-=,&% -5 75+7-5+ &H7<>= >7 4&&> %:>-C& %&45%=k
e<>-+YOMMQY:] OTPf]
>>&5>-75 &=>7<>-75 ,&7<F =?++&=>= >,> >,& "-2->F >7 %-<&#> C72?5><F D<&5&== %&#<&=&= D->, ?=&Y
:<>-#?2<2F "&#?=& -> <&;?-<&= #7+5->-C& &H7<> >7 -+57<& %-=><#>-75=] -5%-5+ 75&=&2* -5 =->?>-75 >,> %7&=
57> <&;?-<& C72?5><F >>&5>-75 D7?2% >,&5 :<747>& >,& <&#7C&<F 7* #7+5->-C& <&=7?<#&= e>>=Y OMNOf] 7
#,-&C& >,-=Y %-H&<&5> :<4&>&<= #74& -5>7 :2F e27+-?<- &> 2]Y OMNV_ :25Y NVVR_ &5<%7 &> 2]Y OMNV_
#,&<>G v &<45Y OMNVfY -5#2?%-5+ >,& =>>& 7* =7*> *=#-5>-75] ##7<%-5+ >7 :25 v :25 eNVUVfY >,-=
=>>& -= *C7<&% "F >,& 5>?<2 &5C-<754&5>Y = -> <&;?-<&= 4-5-42 #7+5->-C& <&=7?<#&=Y :<>-#?2<2F D,&5 ->
*7#?=&= 75 >,& 5>?<2 &2&4&5>= :<&=&5> -5 >,& &5C-<754&5>] ,<&& :=F#,727+-#2 #74:75&5>= -5L?&5#& >,-=
=>>&X >,& *&&2-5+ 7* "&-5+ -5 >,& <-+,> :2#&Y >,& %&+<&& 7* #7,&<&5#& D->, >,& &5C-<754&5>Y 5% >,& %-=>5#&
*<74>,&7"2-+>-75=7*%-2F2-*&e27+-?<-&>2]YOMNVf]
*#!!+&'%!"'&""%&%#+ F 
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5 >,& 2->&<>?<&Y >,& >&<4 j1-5&=>,&>-# &E:&<-&5#&Yk >,& #75=#-7?= :&<#&:>-75 7* >,& "7%Fm= :7=->-75 5%
47C&4&5>= -5 =:#& e<7?==&Y OMOOfY -= #744752F ?=&% >7 %&=#<-"& >,& =&5=7<F &E:&<-&5#& <&2>&% >7 =]
7D&C&<Y 47<& ##?<>& >&<4-5727+F -= j=&5=7<F &E:&<-&5#&k >7 <&:<&=&5> 22 >,& =&5=&= -5C72C&% -5 = 5%
57> 0?=> >,& "7%F] 27=&2F 2-51&% >7 >,& >,&7<F 7* =7*> *=#-5>-75Y =&5=7<F &E:&<-&5#&Y >,& 47"-2-G>-75 7* >,&
=&5=&= =?#, = =-+,>Y ,&<-5+Y =4&22Y >7?#,Y >=>&Y 2=7 :2F= <72& D,&5 &E:&<-&5#-5+ 5>?<& 5% -= >,7?+,> >7
:<747>&#7+5->-C&<&=>7<>-755%+&5&<2D&22i"&-5+e,-5&>2]YOMOOf]
->, <&=:&#> >7 &F&=-+,>X >,& ,-+, %&+<&& 7* "<-+,>5&==Y #75><=>Y 2-+,> =>?<>-75 :7-5>= e&#1455 &> 2]Y
OMNVfY >,& 2?4-57?= #727<= *7?5% -5 5>?<&Y =?#, = +<&&5 e7,<Y OMNMf] <#>2= 7< #74:2&E =,:&= *7?5%
5>?<22F -5 #27?%=Y DC&=Y 2&C&=Y 7< L7D&<=Y *C7< >,&=& "&5&K>= eF27<Y OMON_ 7=-47C v F4=,&CY NVVRf]
##7<%-5+ >7 &?<75> eOMNMY :] NfX j *<#>2 =&> >&5%= >7 K22 >,& D,72& =:#& -5 D,-#, -> -= &4"&%%&% 5% ,=
,-+,2F -<<&+?2< =><?#>?<&Y D,-2& -> :7==&==&= #&<>-5 %&+<&& 7* =&2*i=-4-2<->F c5%d ::&<= >7 "& >,& ?5-75 7*
45F&C&<i=422&<#7:-&=7*->=&2*]k
= *7< ,&<-5+Y >,& =-5+-5+ 7* "-<%=Y >,& D-5%Y >,& =7?5% 7* D>&< L7D-5+ %7D5 <-C&< <& 0?=> *&D &E4:2&=
>,> :<747>& =>>&= 7* #24 5% +&5&<2 D&22i"&-5+ D,&5 -5 #75>#> D->, 5>?<& e>#2-H&Y OMON_ 5 &%+&<
&> 2]Y OMNVf] 5 >,& 72*#>7<F 2&C&2Y C72>-2& 7<+5-# %&<-C>-C&= &45>-5+ *<74 45F :25> =:&#-&=Y #22&%
:,F>75#-%&=Y <& 2=7 #75=-%&<&% >7 :7=->-C&2F -5L?&5#& :,F=-727+-#2 5% :=F#,727+-#2 ,&2>, e- &> 2]Y OMMS_
7+&<=75&>2]YOMNVf]
7 =?44<-G&Y %&=:->& =>?%-&= -5C&5>7<F-5+ >,& <&2>-75=,-:= "&>D&&5 ><&== &%?#>-75 ,&7<FY >>&5>-75
&=>7<>-75 ,&7<FY 5% >,& -5C72C&4&5> 7* >,& =&5=&= -5  7?>#74&=Y <&#&5> D7<1 &4:,=-G&=
4&>,7%727+-#2 2-4->>-75= ==7#->&% D->, >,&=&] ,&<&*7<&Y *?<>,&< %&&:&5-5+ 7* ?5%&<=>5%-5+ 5% "&>>&<
#74:<&,&5=-75 7* #7+5->-C& :,&574&5 >,> 7##?< %?<-5+ ,?45 #75>#> D->, 5>?<& -= 5&#&==<F e&5<%7
&>2]YOMNV_,2F&>2]YOMNS_#,&<>Gv&<45YOMNVf]
,& 2&C&2 7* -44&<=-75 -5 5>?<& -= #&<>-52F 75& 7* >,& 47=> #74:2&E :<4&>&<= *7< *#-2->>7<= >7 #75K+?<&
475+ 7>,&< <&=75= "&#?=& >,-= %&:&5%= 75 >,& :&<=752 #75#&:>-75= 5% :<&C-7?= &E:&<-&5#&= 7* &#,
-5%-C-%?2] ,&>,&< %&2-"&<>& 7< #-<#?4=>5>-2Y &E:&<-&5#&= -5 5>?<& #5 "& >-5>&% "F :&7:2&m= 2-*&
 F *#!!+&'%!"'&""%&%#+
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><0&#>7<-&= 5% >,&-< =7#-7#?2>?<2Y &#7574-#Y 5% +&7+<:,-# #75>&E>= e<>45 &> 2]Y OMNV_ &5-+&< &> 2]Y
OMNPf] 5 %%->-75Y #75=-%&<-5+ >,& :&<=752 #,<#>&<-=>-#= 7* >,& :<>-#-:5>=Y #&<>-5 :<4&>&<= -5,&<&5>
>7 = #5 +?-%& >,& *#-2->>7<m= #,7-#&=Y =?#, = ;?2->F 7* #75>#>Y %?<>-75Y *<&;?&5#FY 5% >F:& 7*
&5C-<754&5>Y=?#,="&-5+-5>,&*7<&=>7<75>,&7:&57#&5e,5,5&>2]YOMNRf]
!3"+12/"
5 %C&5>?<& =->?>-75 -= +&5&<22F %&K5&% = 5&D &E:&<-&5#& 4<1&% "F ?5#&<>-5>F 5% 57C&2>F] > -=
-5L?&5#&% "F >,& =>>& 7* 4-5%Y >>->?%&Y 5% :&<#&-C&% #74:&>&5#& >7 ?5%&<>1& #,22&5+& e<-&=> v ==Y
OMNUf] 5 =Y *7< =74&Y %C&5>?<& #74&= *<74 &E:&<-&5#-5+ >,& +<7?:Y D,-2& *7< 7>,&<=Y -> #74&= >,<7?+,
&E:&<-&5#-5+ 5>?<& 7< "&-5+ #>-C& 7?>%77<=] 7 #75K+?<& >,-=Y >D7 =?"i%-4&5=-75= #5 +?-%& >,& *#-2->>7<m=
%&#-=-75= <&+<%-5+ >,& #>-C->-&= >7 =&2&#>X >,& 2&C&2 7* %C&5>?<& 5% >,& 47?5> 7* %-==755#& -5%?#&% "F >,&
&E:&<-&5#&]
5 >,& #75>&E> 7*  :<7+<4=Y >,& -5>&<#>-75 "&>D&&5 %-H&<-5+ 47?5>= 7* <-=1 5% #74:&>&5#& #<&>&=
*#!!+&'%!"'&""%&%#+ F 
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C<-7?= #,22&5+&= e<-&=> v ==Y OMNUf] = :<7:7=&% "F <>-5 5% <-&=> eNVUSfY >,& "25#& "&>D&&5
>,&=& >D7 C<-"2&= D-22 227D %-H&<&5> 2&C&2= 7* %C&5>?<& >7 "& &E:&<-&5#&% = -5 -+?<& P] 7< #,22&5+& >7
"& &E:&<-&5#&% :7=->-C&2FY -> 4?=> <&:<&=&5> #&<>-5 2&C&2 7* >&#,5-#2 %-I#?2>F %:>&% >7 >,& :,F=-#2 5%
:=F#,727+-#2 =1-22= 7* >,& :<>-#-:5>= e<>-5 v <-&=>Y NVUS_ <-&=> v ==Y OMNUf] 5 >,-= DFY >,&F D-22 "&
47<& -5#2-5&% >7 *#& 5% 7C&<#74& >,& #,22&5+&Y D,-#, D-22 >,&5 227D >,&4 >7 "&>>&< :&<#&-C& >,&-< =><&5+>,=
5% 2-4->= e<-&=> v ==Y OMNU_ <7?>F &> 2]Y OMMTf] 7D&C&<Y >,-= =?"i%-4&5=-75 7* %C&5>?<& #557> "&
#75K+?<&%D->,7?>#75=-%&<-5+>,&2&C&27*%-==755#&&E:&<-&5#&%"F-5%-C-%?2=]
-==755#& -= <&2>&% >7 >,& +: "&>D&&5 :&<=75m= &C&<F%F &5C-<754&5> 5% >,& 5&D #75%->-75= -5 D,-#,
>,&F K5% >,&4=&2C&= e&=>-5+&<Y NVRTf] %:>-5+ F+7>=1Fm= 2&<5-5+ >,&7<F eNVURfY C<-7?= D7<1= *<74 >,&
NVUM= ::<7#,&% %-==755#& *<74 >,& #75#&:> 7* :<7E-42 G75& 7* +<7D>, = -5 -+?<& Q] ,&5 >,& %&+<&&
7* %-==755#& -= =2-+,>2F ,-+,&< >,5 >,& ?=?2 %&+<&& 7* :,F=-#2Y &47>-752Y :=F#,727+-#2Y 7< =7#-2 #74*7<>Y
>,& :&<=75 4?=> 47"-2-G& >,&-< =><&5+>,= 5% #7:-5+ =><>&+-&= 7< %&C&27: 5&D 75&= -5 7<%&< >7 2&<5 7< +<7D
e&=>-5+&<YNVRTf],-=2&5-5+5%+<7D>,:<747>&=-5><:&<=7525%-5>&<:&<=752<&2>-752"&5&K>=]
,& #74:2&E->F 7* #75K+?<-5+ >,& %C&5>?<& 2&C&2 -5 = <-=&= *<74 >,& C<-7?= %&=>"-2-G-5+ *#>7<= -5,&<&5>
-5 %C&5>?<&] ,& 1&F >7 :<7:&< ?=& <&;?-<&= #74:<&,&5=-C& ?5%&<=>5%-5+ 7* :<>-#-:5>=m #,<#>&<-=>-#=]
5 75& ,5%Y %-H&<&5> >F:&= 7* #>-C->-&= #5 "& ?=&% >7 #,-&C& >,-=] 5 *#>Y "&F75% >,& ?=& 7* >&#,5-#2
#>-C->-&=Y 22 1-5%= 7* +&5&<-# #>-C->-&=Y -]&] >=1= <&2>&% >7 2-C-5+ -5 >,& 5>?<2 &5C-<754&5> e&]+] =&>>-5+ ?:
>&5>=Y "?-2%-5+ K<&fY = D&22 = &E:&<-&5>-2 #>-C->-&= #5 ,&2: >7 4&&> >,&=& 7"0&#>-C&=] 5 >,& 7>,&< ,5%Y
%C&5>?<& #5 "& &E:&<-&5#&% >,<7?+, :,F=-#2Y &47>-752Y :=F#,727+-#2Y 7< =7#-2 =:&#>=Y &->,&< -5%-C-%?22F
7<-5+<7?:]
,77=-5+ D,-#, =:&#> >7 *7#?= 75 -= >,&<&*7<& -4:7<>5>Y &=:&#-22F D->, <&=:&#> >7 #>-C->F #,7-#& 5%
=&;?&5#-5+] 5 >,-= 455&<Y :<>-#-:5>= D-22 "& "2& >7 4-5-422F <&+-5 >,& &E>&<52 "7?5%<-&= 7* >,&-<
,"->?= 7< >,& DF >,&F :&<#&-C& 5% <&=:75% >7 >,& %C&5>?<&] * >,& 2&C&2 7* %-=#74*7<> D->, >,& <-=1=
=?<:==&= >,&-< "-2->-&=Y >,& &E:&<-&5#& #7?2% ,C& 5&+>-C& 7?>#74& e<+57Y OMOMf] ,&<&*7<&Y ==&==-5+
>,&%C&5>?<&%-4&5=-75="=&%75>,&:?<:7=&=&>"F>,&:<7+<4-=#<?#-2>7=?##&==]
 F *#!!+&'%!"'&""%&%#+
/,2-5-"/&"+ "
5 >,& 75& ,5%Y D,-2& = <& 57> 2-4->&% >7 +<7?: =&>>-5+=Y >,&-< ,-=>7<F ,= "&&5 =,:&% "F #2==-#
%C&5>?<& :<7+<4= e&]+]Y ?>D<% 7?5% =#,772=f 5% ,72-%F #4:= e,->&Y OMOMf >,> ,C& -5L?&5#&% >,&
<72& 7* +<7?:= -5 =] 5 >,& 7>,&< ,5%Y =7#-22F &5++&% %C&5>?<&= ,C& &E-=>&% *7< 4-22&55- -5 5#-&5> 5%
5%-+&57?= =7#-&>-&=Y D,&<& +<7?:= D&<& *7<4&% 5>?<22F -5 7<%&< >7 4&&> 2-*& #,22&5+&= e&#2&<#Y NVVVf] 7
2>&<5>-C&= &E-=>&%Y 7>,&< >,5 "&-5+ -5 >,& #744?5->F 75& D= "7<5 >7 5% #75><-"?>-5+ >,<7?+, D7<1 >7
=?<C-C& 5% :<7C-%& *7< 75&m= *4-2F 5&#&==->-&= e5G-&? v <>-5Y NVUOf] ,-= C-=-75 7* >,& +<7?: ,= +<%?22F
&C72C&%D->,>,&5&&%=7*47%&<5=7#-&>-&=5%#?2>?<&=]
7%FY +<7?: &E:&<-&5#& <&=:75%= >7 5&&%= *7< I2->-75Y H&#>-75Y 5% <&#7+5->-75Y D,-#, <& *?5%4&5>2
>7 22 ,?45 "&-5+= e&#2&<#Y NVVV_ ?<#7>>& v -5%=FY OMNVf] ,& #75>&E> 7* 5>?<& 5% %C&5>?<&Y >7
#&<>-5 &E>&5>Y 5>?<22F :<7C-%&= 7::7<>?5->-&= >7 4&&> >,&=& 5&&%=] 7D&C&<Y >,& +<7?: #5 ,C& "7>,
*C7<"2&&H&#>=Y2-1&=&5=&7*"&275+-5+Y5%%C&<=&&H&#>=Y2-1&*&&2-5+7*<&0&#>-75]
&C&<2 *#>7<= <&2>&% >7 >,& #75>&E> 7* -5>&<C&5>-75 <& 2-1&2F >7 -5L?&5#& >,& ;?2->F 7* <&2>-75=,-:=]
7< -5=>5#&Y *#>7<= =?#, = ?5#&<>-5>F 5% %&=>"-2-G>-75 -5 >,& &E:&<-&5#&Y >,& ,<=,5&== 7* >,& #75>&E>Y
>,& ;?5>->F 5% #74:2&E->F 7* >&#,5-#2 >=1=Y =?#, = 5C-+>-5+ <-C&< -5 #57& 7< #2-4"-5+ 47?5>-5
D,-2& <7:&% >7+&>,&<Y 5% =1-22= <&2>&% >7 2-C-5+ -5 5>?<&Y =?#, = =&>>-5+ ?: #4:Y #771-5+Y 7< "?-2%-5+
=,&2>&<Y *7=>&< -5>&<%&:&5%&5#& 475+ +<7?: 4&4"&<=] ,&=& *#>7<= #75><-"?>& >7 &E:2-5-5+ >,& <72& 7*
-5>&<%&:&5%&5#&-5+&5&<>-5+"&5&K>=e-447#1YOMMV_<+57YOMOMf]
,& +<7?: -= =><75+2F #755&#>&% >7 7>,&< :-C7>2 *#>7<=Y :<>-#?2<2F >,& %-==755#& #75#&:>Y D,-#, 2>&<=
-5>&<:&<=752 <&2>-75=,-:=] 5 >,& 75& ,5%Y 7?>%77< >=1= :<747>& -5>&<#>-75] 5 >,& 7>,&< ,5%Y >,&
#75>&E> *#-2->>&= ?527#1-5+ -5%-C-%?2=m =><&5+>,= e<+57 v ?<#7>>&Y OMNTf] 75=&;?&5>2FY >,-= *7=>&<=
#722"7<>-C& <&2>-75=,-:= "=&% 75 >,& -5>&<%&:&5%&5#& 7* >,& >=1= > ,5% e<+57 v ?<#7>>&Y OMNTf] 
*#-2->>7<= 4?=> #75C&F C2?&= 7* <&=:&#> 5% -5#2?=-75 -5 7<%&< >7 %%<&== >,& 5&&%= *7< "&275+-5+Y ##&:>5#&Y
5% H&#>-75 >,> 4F &4&<+& -5 +<7?: =&>>-5+=] ,&=& C2?&= 4?=> "& <&L&#>&% -5 >,&-< -5>&<C&5>-75= >7 &5=?<&
4&5-5+*?2 5% :<7%?#>-C& &E:&<-&5#&= *7< 22 7* >,& :<>-#-:5>= e-<1-5 v -%%2&>75Y OMNQ_ ,77>&< &> 2]Y
OMMVf] -522FY *#-2->>7<= 4?=> "& >>&5>-C& >7 >,& +<7?: %F54-#= >,> <& -5,&<&5> -5 5F +<7?: &E:&<-&5#&
=7=>7-5>&<C&5&::<7:<->&2Fe?<#7>>&v-5%=FYOMNVf]
%60& ) 1&3&16
&>D&&5 >,& F&<= QTM 5% POQ Y <-=>7>2&Y 7#<>&=Y 5% 7>,&< :,-27=7:,&<= &4:,=-G&% >,& -4:7<>5#& 7*
?5->-5+ "7%F 5% 4-5% 5% ,C-5+ &E:&<-&5#&= *7=>&<-5+ >,-= ?5-75 *7< >,& "&5&K> 7* ,72-=>-# %&C&27:4&5>
eD&<> v -">,7<:Y OMNQf] 2>,7?+, >,-= <&#7+5->-75 -= 57> 5&DY -> -= 752F -5 >,& :=> >D7 %&#%&= >,>
<&=&<#, ,= -5#<&=-5+2F *7#?=&% :,F=-#2 #>-C->Fm= -4:#> 75 ,&2>, e755&22F v #5>F<&Y OMNV_ <>-+
5% 2]Y OMNQf] &C&<2 ?>,7<= ,C& ,-+,2-+,>&% >,> &5++-5+ -5 :,F=-#2 #>-C->-&= -5 5>?<2 &5C-<754&5>
*#!!+&'%!"'&""%&%#+ F 
#5 ,C& :7=->-C& &H&#>= 75 :=F#,727+-#2 ,&2>,Y =?#, = <&%?#-5+ 5E-&>FY :,F=-#2 ,&2>, "F -5#<&=-5+ K>5&==Y
5% =7#-2 ,&2>,Y -5#2?%-5+ :<747>-5+ #7,&=-75 5% =?::7<> eD>75 &> 2]Y OMNT_ &<<FY OMMV_ ,5,5 &>
2]YOMNSf],&-5>&5=->F5%%?<>-757*>,&#>-C->F<&*#>7<=>,>-5L?&5#&>,&=&"&5&K>=]
5 %%->-75Y >,& &5C-<754&5> -5 D,-#, :,F=-#2 #>-C->F 7##?<=Y -5#2?%-5+ "2?& 5% +<&&5 =:#&=Y <&
#157D2&%+&% *7< >,&-< :7>&5>-2 >7 :<&%-#> :,F=-#2 #>-C->F "&,C-7< e755&22F v #5>F<&Y OMNVf] &<>-5
=>?%-&= ,-+,2-+,>&% >,& -4:#> 7* 2-C-5+ 5&< +<&&5 =:#&= 5% ->= -5L?&5#& 75 >,& *<&;?&5#F 7* :,F=-#2 #>-C->F
e27D&<= &> 2]Y OMNSf] 5 %%->-75 >7 >,& #>-C->F =&>>-5+Y &4:,=-G-5+ >,> :,F=-#2 #>-C->F &5++&4&5> -5
5>?<2&5C-<754&5>=&==&5>-22F#>=>74&%->&>,&&H&#>=75=7#-2,&2>,e74&&>2]YOMNOf]
,-2& :,F=-#2 #>-C->F %7&= =>-4?2>& >,& <&2&=& 7* ,7<475&= 2-1& &5%7<:,-5=Y %7:4-5&Y 5% %<&52-5&
>,> <& ==7#->&% D->, -4:<7C&% 7C&<22 D&22i"&-5+ e&+<5% &> 2]Y OMOPfY ->= 2&C&2 4?=> =>-22 "& %:>&% >7 >,&
#:#->F 5% 2&C&2 7* &#, :<>-#-:5>m= :,F=-#2 K>5&==] = D->, 7>,&< 1&F *&>?<&=Y >,& 2&C&2 7* &E&<#-=& 4?=> "&
47%?2>&% ##7<%-5+ >7 >,& %&=-<&% :?<:7=& 5% >,& "-2->-&= 7* -5%-C-%?2=] * :<7:&<2F %0?=>&%Y :<>-#-:5>=
#5 4-5>-5 >,&-< C-2"-2->F *7< >,& -5>&<C&5>-75Y D,&<&= 42-+54&5> 4F ,-5%&< >,& *?2K224&5> 7* >,&
%&=-<&% 7"0&#>-C&=] #>7<= >7 "& #75=-%&<&% -5#2?%& >,& :&<#&:>-75 7* "&-5+ -44&<=&% -5 5>?<2 =?<<7?5%-5+=
e#1Fv&-22YOMNMfY%?<>-75e&<<FYOMMVfY-5>&5=->FY5%*<&;?&5#Fe,5,5&>2]YOMNRf]
/+0#"/
,& -4 7* ><5=*&< -= >7 #75=72-%>& >,& 2&<5-5+] > -= :<7#&== >,> *#-2->>&= >,& <&>&5>-75 7* 2&<5-5+
5% ->= -5>&+<>-75 -5>7 -5%-C-%?2=m 2-C&= e==Y NVVVf] C-5+ <&#&-C&% &E>&5=-C& >>&5>-75 *7< =&C&<2 F&<=Y
>,& #75#&:> 7* ><5=*&<&5#& =>&4= *<74 >,& :<-5#-:2&= 7* &E:&<-&5>-2 2&<5-5+ e<-&=> v ==Y OMNUf] > -=
1&F *&>?<& 5% 4?=> "& #75K+?<&% :<-7< >7 >,& -4:2&4&5>>-75 7* = -5 >&<4= 7* :255&% :&<-7%= >7
:<747>& ><5=*&< 5% <&>&5>-75 e&]+]Y "&*7<&Y %?<-5+Y 5% *>&< >,& #>-C->-&=f] -H&<&5> =#,772= 7* >,7?+,> ,C&
-5L?&5#&% >,& DF ><5=*&< 7##?<= -5 =] ##7<%-5+ >7 <-&=> 5% == eNVVVfY >,&-< -5>&+<>-75 ,= #,5+&%
7C&<>,&%&#%&=Y-5->-22F=><>-5+*<745&%?#>-752:&<=:&#>-C&]
-<=>Y -5 >,& NVQM=Y :<>-#-:5>= D&<& +-C&5 >,& *<&&%74 >7 <&L&#> 5% 2&<5 *<74 >,&-< 7D5 &E:&<-&5#&
D->,7?> &E>&<52 -5L?&5#&] ,-= :,-27=7:,F D= "=&% 75 >,& -%& >,> 2&<5-5+ -= -5->->&% "F >,& 5>?<2
&5C-<754&5> ->=&2*] ,-= :&<=:&#>-C& &C72C&% -5 >,& NVRM= >7 *7#?= 75 ><5=*&< 4&>,7% >,> -5#2?%&% *&&%"#1
*<74 >,& #>-C->F -5=><?#>7< > >,& &5% 7* >,& #>-C->F] ,& NVSM= 4<1&% :<%-+4 =,-*>Y -5C->-5+ :<>-#-:5>=
>7 <&L&#> 75 >,& <&2>-75=,-:= "&>D&&5 2-C&% &E:&<-&5#&= 5% >7 <>-#?2>& >,&4 -5 >&<4= 7* >,& :<7+<4
:?<:7=&] ,& %&#%& >,> *7227D&% D= #,<#>&<-G&% "F ><5=*&< 4&>,7%= >,> -5#7<:7<>&% >,&4 -5 %C5#&
7* >,& &E:&<-&5#&Y D->, >,& -4 7* %-<&#>-5+ >,& 2&<5-5+ #,-&C&% %?<-5+ >,& #>-C->F] 5 >,& NVUM=Y *#-2->>7<=
"&+5 >7 -5><7%?#& #>-C->-&= "F =><?#>?<&% 4&>:,7<= 7< -=747<:,Y -5 7<%&< >7 *#-2->>& 47<& %-<&#> 2&<5-5+
&E:&<-&5#&] -522FY %?<-5+ >,& mVM=Y >&#,5-;?&= D&<& -5>&5>-7522F ?=&% :<-7< >7 >,& &E:&<-&5#& >7 <&%?#&
<&=-=>5#&>7#,5+&]
2>,7?+, ><5=*&< -= 475+ >,& 1&F *&>?<&= >7 #75K+?<&Y C<-7?= =>?%-&= &4:,=-G&% >,& #74:2&E->F
 F *#!!+&'%!"'&""%&%#+
==7#->&% D->, -5>&+<>-75Y =?<:==-5+ >,& 4&<& -4:2&4&5>>-75 7* >,&=& >&#,5-;?&= e<7D5Y OMNM_ ==
v &45Y OMNO_ -">,7<:Y OMMPf] ?<>,&<47<&Y #&5><2 >7 <&L&#>-75 75 >,-= 1&F *&>?<& <& >,& :255&%
:<747>-752 :&<-7%= e&]+]Y "&*7<&Y %?<-5+Y 5% *>&<fY >,& :<&*&<<&% >&#,5-;?&=Y 5% >,& 4&5=Y =?#, =
4&>:,7<=Y -4:#> >&#,5-;?&=Y 27+"771=Y =727 #75>&4:2>-75Y 5% +<7?: %-=#?==-75=] 5%&&%Y >,& >&#,5-;?&=
=&2&#>&% =,7?2% 2-+5 D->, >,& :?<=?&% 7"0&#>-C&= %?<-5+ :<7+<4 :255-5+] 475+ 22 >,& 1&F *&>?<&=Y >,-=
=:&#><&4-5=75&7*>,&47=>#75#<&>&>77<#,&=><>&]
$ 7=!0&*,!'&+'!$!,,!'&F*!+,K++>7<<<G@
 &*,!'& 0($&,!'&
NVQM= &>>-5+>,&&E:&<-&5#&=:&1*7<->=&2* &<5-5+5%%7-5+
NVRM= :&1-5+75"&,2*7*>,&&E:&<-&5#& &<5-5+"F>&22-5+
NVSM= ?55&2-5+7<%&"<-&K5+>,&&E:&<-&5#& &<5-5+>,<7?+,<&L&#>-75
NVTM= <75>27%-5+e"F%-<&#>4&>,7%f>,&&E:&<-&5#& -<&#>-75D->,<&L&#>-75
NVUM= <4-5+e"F-=747<:,-#4&>,7%f>,&&E:&<-&5#& &-5*7<#&4&5>-5<&L&#>-75
NVVM= <75>27%-5+e"F-5%-<&#>4&>,7%f>,&&E:&<-&5#& &%-<&#>-75"&*7<&<&L&#>-75
")1&,+0%&-"14""+ &)&11,/+!/1& &-+10
5 >,& #75>&E> 7* 5>?<& 5% %C&5>?<&Y C<-7?= #75%->-75= #75><-"?>& >7 >,& ;?2->F 7* >,& <&2>-75=,-:
"&>D&&5 >,& *#-2->>7< 5% >,& :<>-#-:5>= eD&<> v -">,7<:Y OMNQ_ == &> 2]Y OMOMf] -<=>Y >,& 5>?<& 7*
 #>-C->-&= >&5%= >7 =>-4?2>& >,& *#-2->>7< -5C72C&4&5>Y D,-#, 2>&<= >,& ?>,7<->>-C& %F54-# e?==&22 v
,-22-:=i-22&<Y OMMOf] ,& %-C&<=& #2-4>-# #75%->-75= 5% >,& 5>?<& 7* #,22&5+&= :<7C-%& *#-2->>7<= D->,
?5-;?& 7::7<>?5->-&= *7< 47%&2-5+ 5% :<747>-5+ #722&#>-C& C2?&= =?#, = #77:&<>-75 5% 4?>?2 -% e==
&> 2]Y OMOM_ -<1-5 v -%%2&>75Y OMNQf] 7<&7C&<Y >,&=& #75%->-75= 2=7 +-C& >,&4 >,& 7::7<>?5->F >7 7"=&<C&
>,& :<>-#-:5>= *<74 %-H&<&5> 5+2&= 5% >7 -5>&<C&5& = 5&&% -5 :<>-#?2< =->?>-75= e5%7<7H v &D&=Y
OMMQ_==&>2]YOMOMf]
&<>-5 ;?2->-&= <& <&;?-<&% >7 -5>&<C&5& %&;?>&2F -5 = 5% *7=>&< >,& ;?2->F 7* >,-= <&2>-75=,-:]
,&=& -5#2?%& -5>&+<->FY "&5&C72&5#&Y %&475=><>-75 7* >&#,5-#2 :<7K#-&5#FY 5% -5>&<:&<=752 =1-22=
e#&5G-&Y OMMM_ ,77>&< &> 2]Y OMMVf] 7D&C&<Y %-H&<&5> +<7?:= 7* ?>,7<= <&#7+5-G& >,& #74:2&E->F 7* >,&
157D2&%+& <&;?-<&% >7 :&<*7<4 >,-= >=1 e== &> 2]Y OMOM_ <-&=> v ==Y OMNU_ #,?455 &> 2]Y OMMVf] ,&F
,-+,2-+,> >,& -4:7<>5#& 7* >&#,5-#2 =1-22= -5 >,-= >F:& 7* -5>&<C&5>-75Y = D&22 = >,& 5&&% >7 &=>"2-=, D7<1
>&4= D->, %-C&<=& =1-22= >7 &5=?<& >,& =?##&== 7* >,& :<7+<4] ,-= -5#2?%&= :<7K#-&5#F -5 >&#,5-#2 =1-22=Y
<&2>&% 5>?<2 &5C-<754&5>Y 5% +<7?: %F54-#= e?5#&Y NVVT_ <-&=> v ==Y OMNUf] 5& =72?>-75 -= >7 #<&>&
4?2>-%-=#-:2-5<F>&4=e<-&=>v-22-=YOMOPf]
*#!!+&'%!"'&""%&%#+ F 
/,-,0)#,/)++&+$,,)
5 >,-= #,:>&<Y D& %&2-5&>&% >,& 1&F *&>?<&= 5&#&==<F >7 :25 =] 7 *?<>,&< ?5%&<=>5% >,&4Y D& &E:2-5&%
>,&-< =?"i%-4&5=-75= 5% =?++&=>&% DF= >7 -5>&+<>& >,&4 -5 :<#>-#&] 2>-4>&2FY >,-= 157D2&%+& #5 "&
#75C&<>&% -5>7 :<#>-#& >7 7:>-4-G& >,& -4:#> 75 :<>-#-:5>=] 7D&C&<Y %&=:->& >,-= 157D2&%+&Y #&<>-5
#74:2&E->F<&4-5=]
5 *#>Y +?-%&2-5&= >7 :25 = "&F75% >,& <&#7+5->-75 7* >,& >,&7<&>-#2 *7?5%>-75= >7 %&<-C& 5% %&K5&
1&F *&>?<&= <& ?5C-2"2&] ##7<%-5+ >7 >,& 2->&<>?<&Y >,& 4&<& -5#7<:7<>-75 7* 157D2&%+& -= 57> =?I#-&5>
>7 +?<5>&& >,& =?##&== 7* >,& -5>&<C&5>-75 e<+57Y OMONf] 74"-5-5+ >,& 1&F *&>?<&= 7* = <&;?-<&=
0?%+4&5> 5% =1-22 75 >,& :<> 7* >,& *#-2->>7<=] 7 ==-=> -5 >,& :255-5+ 7* = 5% >7 &5"2& >,& :<#>-#2
-5>&+<>-75 7* 1&F *&>?<&=Y 5  :255-5+ >772 -= 7H&<&% *7< #75=-%&<>-75] ,-= >772 -= %&=-+5&% >7 =&<C&
5F75&=&&1-5+>7&E:2-5>,&:25=YD,&>,&<>7=>?%&5>=7<57C-#&7<&E:&<-&5#&%*#-2->>7<=]
7 #<&>& >,-= &E:27<>7<F :255-5+ >772Y >,& *7227D-5+ 4&,7%727+F D= ?=&% "?> ,= 57> F&> "&&5 C2-%>&%]
> -5C72C&% >,& K<=> ?>,7< +&5&<>-5+ 2-=> 7* ;?&=>-75= "=&% 75 >,& %&=#<-:>-75= 7* >,& KC& 1&F *&>?<&=]
,&=& ;?&=>-75= =>&44&% *<74 "2&5% 7* >,&7<&>-#2 &E:&<>-=& 5% &E>&5=-C& 7"=&<C>-752 5% :<+4>-#
157D2&%+& -5 &=>"2-=,-5+ 5% #75%?#>-5+ =] D7 #7i?>,7<= 52FG&% >,&=& ;?&=>-75=Y &5"2-5+ >,&4 >7
=7<>5%<&:,<=&>,&2-=>-5>7;?&=>-755-<&]K52C&<=-757*>,&:255-5+>772<&=?2>&%-5"2&O]
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$ 8=$&&!&''$'*-,''* *(1@
-(('*,*!'*, $&&!&'-,''* *(1
*&'>$$*!&>K,'-*&-F8689G
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5->-2?&=>-75=
,>-=>,&:?<:7=&7*>,&:<7+<4^
,><&>,&5&&%=7*:<>-#-:5>=^
,><&>,&=><&5+>,=7*>,&:<>-#-:5>=^
,><&>,&#,<#>&<-=>-#=7*>,&:<>-#-:5>=>>,&X
W ,F=-#22&C&2^
W =F#,727+-#22&C&2^
W 47>-7522&C&2^
W 7#-22&C&2^
<&>,&<&&E#2?=-75#<->&<->7#75=-%&<%&:&5%-5+75>,&-5>&5%&%:?<:7=&^
>?<&44&<=-75
,&<&>7:&<*7<4>,&:<7+<4^,>4&5=7*><5=:7<>>-755%##7447%>-75<&C-2"2&^
>D,>>-4&7*F&<5%=&=75=,7?2%>,-=:<7+<4"&7H&<&%^
,>-=>,&C&<+&2&C&27*#74*7<>-55>?<&*7<>,&=&:&7:2&^
,>%&+<&&7*-44&<=-75-=%&=-<"2&>7#,-&C&>,&7"0&#>-C&=^
,-#,#>-C->-&=41&=&5=&D->,>,&7"0&#>-C&=5%D-22227D:<>-#-:5>=>7&E:&<-&5#&=?I#-&5>=&5=7<F#75>#>D->,
5>?<&^
=>,-==&5=7<F#75>#>%&=-<"2&*7<>,&=&:&7:2&7<57>^*=7Y,7D#5D&&5++&>,&=&5=&=-5>,&&E:&<-&5#&^
%C&5>?<&
,>-=>,&47=><&2&C5>>&#,5-#2#>-C->F*7<#,-&C-5+>,&><+&>&%7"0&#>-C&=^
*D&#5m>#,-&C&7?<7"0&#>-C&="F-4:2&4&5>-5+>&#,5-#2#>-C->-&=YD,>+&5&<-#5%&E:&<-&5>-2#>-C->-&=#7?2%D&
:?>-5:2#&^
,>-=>,&C&<+&2&C&27*#74:&>&5#&e:,F=-#2Y&47>-752Y:=F#,727+-#2Y5%=7#-2f7*:&7:2&>7D<%=>,&#>-C->-&=
=&2&#>&%^
,>=:&#>e:,F=-#2Y&47>-752Y:=F#,727+-#2Y5%=7#-2f5%%&+<&&7*%-==755#&-=%&=-<"2&>7#,-&C&>,&
7"0&#>-C&=^,>%C&5>?<&#>-C->-&=#7?2%,&2:>7#,-&C&>,&=&7"0&#>-C&=^
7D>7=#2&>,&2&C&27*#,22&5+&"&*7<&Y%?<-5+Y5%*>&<>,&:<7+<4e&]+]Y>&#,5-#2:<&:<>-75"&*7<&%&:<>?<&f^
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#>-C->F^
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>,&:255&%#,22&5+&=e&]+]Y#"-5Y,&>=7?<#&Y#4:Y275&>-4&Y*<&&>-4&f^
<7?:
7DD-22>,&+<7?:&E:&<-&5#&#,-&C&>,&%&=-<&%7"0&#>-C&=^
,>-=>,&+<7?:m=#75><-"?>-75>7>,&:<7#&==^
,>-=>,&-%&2+<7?:=-G&^
,>-=>,&?=?22&C&27*=7#-2=1-22=5%#74*7<>7*>,&=&:&7:2&D,&5-5+<7?:=^
,><&>,&#,22&5+&=<&2>&%>7>,&+<7?:&E:&<-&5#&5%D,>4&5=D-22"&-4:2&4&5>&%>7%%<&==>,&4^
7DD-22:<>-#-:5>=&507F-5%-C-%?2474&5>=5%-=>,-=%&=-<"2&^
,F=-#2#>-C->F
,>-=>,&>7>2%?<>-757*>,&:<7+<4^
,><&>,&:,F=-#25%:=F#,727+-#2#:#->-&=7*>,&=&:&7:2&^=>,&%?<>-757*>,&:<7+<45%->=-5>&5=->F
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&5&K>= 7* =-5+ ##?:>-752 ,&<:F ::<7#,&= -5 %C&5>?<& ,&<:F &>>-5+=] 5 ] ] 755&22F
v ] ] #5>F<& e%=]fY &:3', 4'7'4: '. 452, !44'.%3J 2!!. . ,5! 9!2'3! e::] OQNiORRf]
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?==&22Y ] ]Y -22-=Y ] ]Y v -C2-+,5Y ] ] eOMNTf] <7#&== #>7<= E:2-5-5+ =F#,7i7#-2 ?>#74&=
-5%C&5>?<&,&<:F] 3:&/4&!20:YRQePfYOTPiOUM]
?==&22Y ] ]Y v ,-22-:=i-22&<Y ] eOMMOf] &<=:&#>-C&= 75 >,& -2%&<5&== ,&<:F <7#&== 5% ->= &2>-75
>7?>#74&] &', . /54&2!/25-K PNeSfYQNRiQPT]
#,&<>GY ] ]Y v &<45Y ] ] eOMNVf] 5%&<=>5%-5+ >?<& 5% ->= 7+5->-C& &5&K>=] 522!.4 '2!4'/.3
'.3:&/,/%','!.!K OUeRfYQVSiRMO]
#,?455Y ] ]Y -=2&FY ]Y -">,7<:Y ]Y v 771-5Y ] eOMMVf] 5=><?#>7< 5L?&5#&= 75 >?%&5> &<5-5+ >
] /52.,/$54 //2!2!4'/.K 54'/.K. ! !23&'0K NeNfYNRiPT]
#7:&22->-Y ]Y <<?=Y ]Y v 75-?>7Y ] eOMNUf] = -> &22F >?<& >,> &=>7<&= &7:2&^ 74:<-=75
D->,-=>7<-#2->&=D->,-+,&=>7<>-C&7>&5>-2] 2/.4'!23'.3:&/,/%:K VYNiNO]
&?<75>Y]eOMNMf] 24,3. 5,4'$24,3'./,/%:. 154''!.!]<&==]
,5,5Y ] ]Y <5#7Y ]Y -5Y ] ]Y =>75Y ] ]Y v ?22&<Y ] ] eOMNSf] ,& &5&K>= 7* >?<2
5C-<754&5>=*7<,F=-#2#>-C->F] 0/243! ''.!K QSeTfYVUViVVR]
,5,5Y ] ]Y ?22&<Y ] ]Y ?=,Y ]Y -5Y ] ]Y v =>75Y ] ] eOMNRf] ,& &2>, &5&K>= 7* <"5
>?<&X7D?#,7&&&%^ '/'!.!K SReRfYQTSiQUR]
,&I&2%Y ]Y v ?4"&<Y ] eOMNVf] <-&5% 7< 7&X 2?>7+&5-# 7==-"-2->-&= 7* >,& 5C-<754&5>] 5 ] ]
755&22F v ] ] #5>F<& e%=]fY &:3', 4'7'4: '. 452, !44'.%3J 2!!. . ,5! 9!2'3! e::] PiNQf]
7?>2&%+&]
,-5Y ]Y <7D5-5+Y ] ] ] ]Y v G,4"7CY ] ] eOMOOf] -5%7D ##&== >7 >?<& &=>7<&=X -<>?2
&2->FE:&<-4&5>D->,<&&5=:#&-&D=Y7?5%=Y5%4&22=] /03:&/,/%:K NQeQfYORPiOSR]
,77>&<Y ]Y -=2&FY ]Y v -">,7<:Y ] eOMMVf] ,& H&#> 7* &%&< >><-"?>&=Y ->?>-752 75>&E>Y 5%
<>-#-:5>:>-4-=475<?=>-5?>%77<&%&<=] /52.,/$90!2'!.4', 54'/.YPNePfYPVRiPVV]
-">,7<:Y ] eOMMPf] &<5-5+ <5=*&<"2& 1-22= ,<7?+, %C&5>?<& %?#>-75X ,& 72& 7* 5 ?>,&5>-#
<7#&==] /52.,/$ 7!.452! 54'/.. 54 //2!2.'.%K PeOfYNQRiNRT]
>>=Y ] eOMNOf] &=>7<>-C& &5C-<754&5>=] 5 ] ] 2F>75 e%]fY &! 9$/2 &. //+ /$ !.7'2/.-!.4,
. /.3!274'/.03:&/,/%: e::]QQRhQRUf]E*7<%5-C&<=->F<&==]
*#!!+&'%!"'&""%&%#+ F 
(5=35951-=3-9:
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&C-&D7*E:&<-4&5>=5%::2-#>-75=] 534'.','4:K NPeOfYNiOQ]
?<#7>>&Y]Yv-5%=FY]eOMNVf]m-5>&<C&5>-75=7#-2&?:<)=%&=+<7?:&=eQ&%]f]&>57<-5]
2<-#,Y ] ] eNVUNf] >?<& &<=?= <"5 #&5&=X 74& =F#,7:,F=-727+-#2 H&#>=] .7'2/.-!.4 .
!&7'/2K NPeRfYROPiRRS]
5 %&5 &<+Y ] ]Y 5 7::&2Y ]Y 5 4:Y ]Y ?-0="<7&1Y ]Y <-+?&<7i=Y ]Y -%27DY ]Y
-&?D&5,?-0=&5Y ] ]Y <G?2&C-#-&5&Y ]Y C5 &#,&2&5Y ]Y <?-G&Y ]Y v =Y ] eOMNVf] 7 ,F=-#2
#>-C->FY 7#-2 7,&=-75Y 5% 75&2-5&== &%->& >,& ==7#->-75 &>D&&5 -4& :&5> -=->-5+ <&&5
:#&5%&5>2&2>,^ .7'2/.-!.4. !&7'/2K RNeOfYNQQiNSS]
5 &%+&<Y ] ]Y ?="?4Y ] ]Y 27,-=FY ]Y &++-Y ] ]Y ?=#,1?&,2Y ]Y v &<45Y ] ] eOMNVf]
* <-#1&> ,-<:= 5% < 7<5=X ,& H&#> 7* >?<& 7?5%= 75 7+5->-C& &<*7<45#&] 3:&/./-'
5,,!4'.Y!7'!8K OSeOfYROOiRPM]
F+7>=1-Y]]eNVURf] !.3"!3!4,.%%!]%->-75==7#-2&=]
,->&Y ] eOMOMf] -=>7<F 7* %C&5>?<& ,&<:F] 5 ] ==Y ] ] -22-=Y v ] ] ?==&22 e%=]fY 7!.452!
4&!20:J&!/2:K2!3!2&. 024'! e::]OOiSOf]7?>2&%+&]
-2=75Y]]eNVUQf] '/0&','K4&!&5-./. 8'4&/4&!230!'!3]<C<%5-C&<=->F<&==]
7=-47CY]]YvF4=,&CY]]eNVVRf]<#>2=-5C&<7#&==&=] &:3'3V30!+&'K PUeQfYPQTiPUQ]
.:@??41-@?4:=>
-<+-5-& <+57 -= :<7*&==7< 5% <&=&<#,&< > C2 5-C&<=->F D->, 7C&< NU F&<= 7* &E:&<-&5#& -5 %C&5>?<&
>,&<:F 5% 7?>%77< &%?#>-75] &>D&&5 ,&< >&#,-5+ 5% <&=&<#,Y =,& +-C&= ><-5-5+ >7 %7#>7<=Y :=F#,727+-=>=Y
5% =7#-2 D7<1&<= >7 -5#7<:7<>& 5>?<& 5% %C&5>?<& -5 >,&-< :<7*&==-752 :<#>-#&] ,& -= 2=7 #7i#,-<
7* >,& 5%-5 %C&5>?<& ,&<:F 744->>&& 5% ,= #<&>&% 5% %&2-C&<&% 45F %C&5>?<& >,&<:F 5%
7?>%77<&%?#>-75:<7+<4=-5?&"&#7C&<>,&F&<=]
?=>-5& &22&<-5m= 4=>&<m= %&+<&& -5 =7#-2 D7<1 *<74 5-C&<=->' C2 *7#?=&% 75 >,& 7?>#74&= 7* 5>?<&i
"=&% +<7?: -5>&<C&5>-75 D->, F7?5+ %?2>= D,7 ,% &E:&<-&5#&% K<=>i&:-=7%& :=F#,7=-=] ,& 57D D7<1= =
<&=&<#, ==7#->& > 5-C&<=->' C2 &E4-5-5+ >,& &H&#>= 7* 7?>%77< #>-C->-&= 75 ,&2>, 5% D&22i"&-5+] ,&
,= "&&5 7H&<-5+ 7?>%77< >,&<:&?>-# :<7+<44-5+ >7 F7?>, 7C&<#74-5+ %%-#>-75 -==?&= = *#-2->>7< 5%
#7?5=&227<5%,="&&5==-=>-5+-5=><?#>7<=-57?>%77<i"=&%&%?#>-75#7?<=&=]
 F *#!!+&'%!"'&""%&%#+
%:C-991H?:@=91-@
7E55& '>7?<5&? -= 2-#&5=&% 7##?:>-752 >,&<:-=> D7<1-5+ *7< =&C&<2 F&<=Y 4-52F D->, :&7:2&
=><?++2-5+ D->, 4&5>2 ,&2>, -==?&=] ,& 2=7 =:&#-2-G&= -5 7?>%77< >,&<:F 5% ,= "&&5 45+-5+ 5 7?>%77<
>,&<:F :<7+<4 *7< F7?>, D->, 4&5>2 ,&2>, %-I#?2>-&= -5 ?'"&#] 5 %%->-75Y =,& >&#,&= 7?>%77<i"=&%
&%?#>-75#7?<=&=*7<4&5>2,&2>,:<7*&==-752=]
*#!!+&'%!"'&""%&%#+ F 
 F *#!!+&'%!"'&""%&%#+
 
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% "!+ F 
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79E9%E
7C #7>- &2&4&5><F =#,772 =&#?<&% 47%&=> +<5> >7 "?-2% 5 j7?>%77< #2==<774k -5 =422 =><&4
+?22&F 0?=> "&27D >,& :2F+<7?5%] 5#& -> D= #74:2&>&%Y >,& :<-5#-:2 #22&% 4& >7 =&& -* D7?2% "& "2& >7
:<7C-%& >,& >&#,&<= D->, 5 -5i=&<C-#& >7 ,&2: >,&4 %&C&27: &E:&<>-=& 75 ,7D >,&F 4-+,> "&=> ?=& >,& =:#&
D->, >,& #,-2%<&5] +<&&% 5% D&5> %7D5 >7 =#7?> 7?> >,& =&>>-5+ "&*7<& =><>-5+ >7 :25 >,& =&==-75] D=
+,=> = =?<C&F&% "&?>-*?2 5>?<2 7:&5-5+ D->, =422 #<&&1 D-5%-5+ ->= DF >,<7?+, >,& +?22&F "&27D
->] ,& 7?>%77< #2==<774 #75=-=>&% 7* "7?> >D&5>F 2<+& =;?<& <7#1= -5 <7D=Y :2#&= *7< >,& 1-%= >7 =-> -5 >,&
5&D j*#-2->F]k 5 *#>Y >,& -5i=&<C-#& 5&C&< ,::&5&% = -> D= =#,&%?2&% *7< D<4 %F -5 >,& 4-%%2& 7* "2#1
LF =&=75 5% >,& :<-5#-:2 %-% 57> >,-51 -> D7?2% "& +77% >-4& >7 -5><7%?#& >,& >&#,&<= >7 >,& =&>>-5+] &
D=2-1&2F<-+,>]<&*?=&%,-=7H&<>7%7>,&-5i=&<C-#&-5=-%&7<75>,&:2F+<7?5%[
5 =,7<>Y 7?>%77< 2&<5-5+ -= :<7"2&4>-# >&<4 =-4:2F #7557>-5+ >,> =74&>,-5+ -= ,::&5-5+ -5 :2#&
D->,7?> <77* 5% *7?< D22=] & <<&2F ?=& >,& 7::7=->& >&<4g-5%77< 2&<5-5+] ,& 1&F >7 4&5-5+*?2Y
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,7D "&=> >7 <&i#755&#> #,-2%<&5 5% F7?>, D->, 5>?<& =7 = >7 %&C&27: ,&2>,FY &5C-<754&5>2 #->-G&5= D,7
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:=F#,727+-#2 >,&7<-=>Y 5% -2=75 eNVUQY OMMOfY D-%&2F <&#7+5-G&% 5% %-=>-5+?-=,&% "-727+-=>Y =&:<>&2F
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<&=7?<#&= 5% ?: >7 %>& #74:-2>-75= 7* <&=&<#, *7< >,& K&2%] 7<& >,5 &-+,>F :&<#&5> 7* #,-2%<&5 -5
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#?<-7?= = >7 D,F >,&-< F7?>, 2&%&<=,-: +<7?: -= =7 =><75+ 5% ->= 4&4"&<= <& =7 #744->>&% >7 ->] 5++-5+
>&&5= -5 #744?5->F :<7+<44-5+ -= 57> 2DF= &=F] *<&;?&5>2F =1 >,& F7?5+ :&7:2& D,F >,&F 1&&: #74-5+Y
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<&+<%2&== 7* D,7 F7? <& 7< D,> F7? 2771 2-1&]k 5 *?<>,&< ;?&=>-75-5+Y 1&F *7?5%>-75 7* >,-= F7?>,
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#77:&<>-C& :2F -5 #,-2%<&5 e?>< &>] 2Y OMOMf] >?<2 =&>>-5+= :<7C-%& <-#, =&5=7<F &E:&<-&5#&= D->, 7>,&<
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%?2>= "F =1-5+ ,7D 45F :&7:2& =:&5> 27> 7* >-4& -5 5>?<& = #,-2%] 5&C->"2FY 247=> &C&<F ,5% -5 >,&
+<7?: +7&= ?:] & -44&%->&2F <&#7+5-G& >,> >,-= -= 1&F %-=>-5+?-=,-5+ *&>?<& "&>D&&5 >,7=& :<&=&5> 5%
>,7=& D,7 <& 57> 475+ :<>-#?2< #7,7<>] ,-= =?"=>5>->&= >,& <&=&<#, K5%-5+= +>,&<&% 7C&< %&#%&=X
%?2>= 5% F7?>, D,7 ,C& ,% =-+5-K#5> :7=->-C& &E:&<-&5#&= -5 5>?<& = #,-2%<&5 <& 47<& 2-1&2F >7 <&:7<>
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D,7 =?::7<>&% 5% &5#7?<+&% #755&#>-75 >7 5>?<&Y 5% 7::7<>?5->-&= >7 >1& #>-75 75 5>?<&m= "&,2*] >
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5>?<2 =&>>-5+=Y =:&5%-5+ 47<& >-4& -5=-%& 5% 75 =#<&&5=Y >,> >,& "-7%-C&<=->F 5% ,&2>, 7* &#7=F=>&4= ,=
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-5%-H&<-5+#?2>?<2#75>&E>=Y"?>>,&"=-#5&&%*7<#755&#>-75-=*?5%4&5>2#<7==22=->?>-75=]
5 =,7<>Y <&i#755&#>-5+ #,-2%<&5 5% F7?>, D->, 5>?<& -= &==&5>-2 >7 +<7D-5+ ,&2>,F :&7:2&Y %&C&27:-5+
,&2>,F <&2>-75=,-:=Y 5% >1-5+ #>-75 >7 :<7>&#> 5% <&=>7<& ,&2>,F :25&>] 5#<&=-5+2FY 7?< *4-2-&=Y
=#,772=Y 5% #744?5->-&= <& K5%-5+ -> %-I#?2> >7 #,-&C& >,-= 4-==-75] 7D&C&<Y >,&<& -= -5#<&=&% D<&5&==
7* >,&=& :<7"2&4=Y D->, D-%& =:&#><?4 7* :&7:2& 5% 7<+5-G>-75= D7<1-5+ >7 >1& #>-75] ,> 5&&%= >7 "&
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j2&>m=+7*7<D21-5>,&D77%=]k
<%->-7522F -5 7<>, 4&<-#Y 5%-+&57?= #?2>?<&= 5% 2-*&=>F2&= D&<& %&&:2F <77>&% -5 &E:&<-&5#&= -5
5>?<2 =&>>-5+=Y 5% -> -= 57> =?<:<-=-5+ >,> >7 >,-= %FY 45F 7* >,&=& #?2>?<&=Y %&=:->& &H7<>= >7 &<%-#>&
>,&4 #<7== #&5>?<-&=Y ,C& ><5=4->>&% =><75+&< =&> 7* &5C-<754&5>2 C2?&= 5% 5>?<& #755&#>-75 #<7==
+&5&<>-75= >,5 4-5=><&4 =&>>2&< #?2>?<&=] ,& &==&5>-2 -5+<&%-&5> >7 %&C&27:-5+ *&&2-5+= *7< 5>?<& -=
:7=->-C& >-4& -5 5>?<&Y <&+<%2&== 7* 75&m= #?2>?<2 -%&5>->F] 7< &E4:2&Y &-5+ <-"7? e&?&<Y OMMSfY -= >,&
+<-::-5+ =>7<F 7* D-2%2-*& "-727+-=> 5% ,-= :<>5&< D,7 *7227D&% #<-"7? ,&<% *7< KC& 475>,= #<7== >,&
<#>-#] ,<7?+, >,& :<7#&== 7* "&-5+ -44&<=&% D->, >,&4 -5 5>?<&Y >,&F ><5=->-75&% *<74 =&&-5+ #<-"7?
= -5>&<&=>-5+ #<&>?<&= -5 =#-&5>-K# =&5=& >7 >,-51-5+ 5% *&&2-5+ 2-1& #<-"7?] >>#,4&5> >7 5>?<& -=
57> <&=><-#>&% >7 5%-+&57?= #?2>?<&=X 7>,&< :&7:2&= #5 <&+-5 >,&=& >>#,4&5>= -* >,&F =:&5% :7=->-C& >-4&
&E:&<-&5#-5+5>?<&]<=75eNVRSf&27;?&5>2F4%&>,-=:7-5>"F=F-5+X
Z-* #,-2% -= >7 1&&: 2-C& c5d -5"7<5 =&5=& 7* D75%&<Z ,& c=,&d 5&&%= >,& #74:5-75=,-: 7* > 2&=> 75& %?2>
D,7#5=,<&->Y<&%-=#7C&<-5+ D->,,-4c7<,&<d>,&07FY&E#->&4&5>5%4F=>&<F7*>,&D7<2%D&2-C&-5e:]QOf]
74& ,C& <+?&% *7< 157D2&%+&i"=&% ::<7#, >7 -5><7%?#-5+ >,& 5>?<2 D7<2% >7 #,-2%<&5X j-* F7?
2&<5 "7?> ->Y F7? D-22 #74& >7 #<& "7?> ->]k 7D&C&<Y >,-= <>-752Y -5*7<4>-75i"=&% ::<7#, >7 #<-5+
5% #>-75 ,= 57> "&&5 =?"=>5>->&% "F <&=&<#, e7224?==Y v +F&45Y OMMOf] >,&<Y >,& :>,DF >7
&5C-<754&5>2 #755&#>-75 5% :<7>&#>-75 *7< ,?45 "&-5+=Y ##7<%-5+ >7 5 ><& eNVVMfY -= -* :&7:2& #74&
 F %"!!&!%!!+"'&)&!&'%"%&+#!&
>7 &E:&<-&5#& 5% %&C&27: #<& *7< >,& 5>?<2 D7<2%Y >,&5 >,&F D-22 >,&5 D5> >7 2&<5 47<& "7?> ->] &E>Y
>,&F 4F >,&5 >1& #>-75 >7 :<7>&#> ->] ,& K<=> :<-7<->F -= >7 +<7D 27C& 7* >,& <>,Y 1-5=,-: D->, 22 2-C-5+
>,-5+=Y<&C&<&5#&*7<#744?5->-&=Y5%07F7*"&-5+-5>7?#,D->,5>?<&]
9$%EFJ9$592
&&2-5+ 5% #<& -= :<&<&;?-=->& *7< ,?45 =7#-&>-&= >7 %%<&== >,& -5#<&=-5+2F %4+-5+ &5C-<754&5>2
-4:#>= 7* #?<<&5> 2-*&=>F2&= 5% >7 #,5+& >,& 5&+>-C& ><0&#>7<-&= 7* >,& "-7%-C&<=->F 5% #2-4>& #<-=&=] ?>
:7=->-C& #,5+& <&;?-<&= "=-# ?5%&<=>5%-5+ 7* ,7D &#727+-#2 =F=>&4= *?5#>-75 5% ,7D ,?45= %&:&5%
75 5% -5>&<#> D->, >,&4] 7< &E4:2&Y >,&<& D-22 5&C&< "& 47<& 4>&<-2= >,5 >,&<& <& 57D 75 >,-= :25&>X
>,& -<Y D>&<Y 5% =7-2 #F#2&= =-4:2F 47C& >,&4 <7?5%] <&>,& -5X F7? <& "<&>,-5+ -5 -< 472&#?2&= >,>
:==&% >,<7?+, 45F %-57=?<] &> -5%-C-%?2= 5% #744?5->-&= -5 >,& 4-5=><&4 *-2 >7 #>?2-G& >,-=
?5%&<=>5%-5+-5>,&-<2-*&=>F2&=5%-5*<=><?#>?<&]
5?4"&< 7* F&<= +7Y 5&<"F >7D5 #4& ?: D->, >,& -%& 7* <&47C-5+ %<F #2&5-5+ :722?>5>= >,>
::&<&% -5 >,& %<-51-5+ D>&< "F &<>-5+ >,& D>&< 5% "?""2-5+ >,& +=&= -5>7 >,& -<] ,&<& %7 >,& >7E-5= +7
5&E>^ 7D %7&= >,> ,&2:^ > -= &==&5>-2 >,> &C&<F75& ?5%&<=>5%= >,& "-+ :-#>?<& &#727+-#2 #75#&:>= =?#, =
>,& <72& 7* 4>&<-2= 47C-5+ >,<7?+, >,& -<Y D>&< 5% =7-2 #F#2&=Y >,& :>, &5&<+F >1&= *<74 >,& =?5 >,<7?+,
*77% #,-5=Y ,7D =:&#-&= -5>&<#> D->,-5 &#727+-#2 #744?5->-&=Y 5% >,& DF >,&=& #744?5->-&= 5% =F=>&4=
5>?<22F #,5+& 7C&< >-4& e5 ><&Y NVVMf] ,&=& "=-# ?5%&<=>5%-5+= &5"2& :&7:2& >7 >1& <&=75&% 5%
<&=:75=-"2&#>-75]
J5<96577F
<-5+ "7?> >,& 5>?<2 D7<2% 5% ?5%&<=>5%-5+ D,> 5&&%= >7 "& %75& >7 ><5=*7<4 -5%-C-%?2 2-*&=>F2&=
7< =,-*> #722&#>-C& :72-#-&= 5% :<#>-#&= -= -5=?I#-&5> *7< -5%-C-%?2= >7 >1& #>-75] 1-5+ #>-75 -= -5 ->=&2*
=&> 7* #74:&>&5#-&=Y "& -> ,C-5+ >,& #75K%&5#& >7 ==&<> 75&m= 2-*&=>F2& #,7-#&= -5 <&=:75=& >7 5&+>-C& :&&<
:<&==?<&Y &H&#>-C&2F D<->-5+ 2&>>&< >7 :72->-#-5Y 7< =>5%-5+ ?: >7 =:&1 > :?"2-# 4&&>-5+] ?#, =
75& 2&<5= >7 =D-4 7< <-%& "-#F#2& "F %7-5+ ->Y 75& 2&<5= >7 >1& #>-75 *7< >,& &5C-<754&5> "F :<#>-#-5+
#>-75i>1-5+ D->, 7>,&<=] ,-= -= :<> 7* %&C&27:-5+ #>-75 #74:&>&5#& e&5=&5 v #,5#1Y NVVTfY D,-#,
-5C72C&= ,C-5+ >,& #744->4&5> 5% #<-5+Y =?I#-&5> 157D2&%+& 5% ?5%&<=>5%-5+Y >,& C-=-75 >7 157D D,>
-= 5&&%&%Y 5% >,& #>-75 &E:&<-&5#&= >7 %&C&27: >,& #75K%&5#& 5% =1-22= >7 #>] ,-= 4&5= :<7C-%-5+ F7?5+
:&7:2& D->, 7::7<>?5->-&= >7 :<#>-#& #>-75 >1-5+ = :<> 7* >,& &%?#>-752 :<7#&==Y 57> *7< >,& :?<:7=& 7*
"<-5+-5+ "7?> &5C-<754&5>2 #,5+&Y >,7?+, >,-= #5 "& :7=->-C& <&=?2>Y "?> *7< >,& :?<:7=& 7* %&C&27:-5+
>,&-< #>-75 =1-22=] -2% <%-#2-=4 -= 57> 5&#&==<F 7< ::<7:<->& >7 &E:&#> 7* #,-2%<&5_ <>,&<Y >,&-< #>-75=
4F "& >7 <&%?#& >,& &5C-<754&5>2 -4:#>= 7* >,&-< 2-*&=>F2&= 7< >7 D7<1 >7+&>,&< >7 %C7#>& *7< 5>?<2
:2#&7<=:&#-&=>,&F<&=><75+2F#755&#>&%>75%:==-75>&"7?>:<7>&#>-5+]
%"!!&!%!!+"'&)&!&'%"%&+#!& F 
5 =,7<>Y 4&5-5+*?2 &5C-<754&5>2 &%?#>-75 -5 >,& 7?>%77<= 5&&%= >7 "& ,72-=>-# :<7#&== *7#?=-5+ 75 >,&
*&&2-5+= e>,& ,&<>fY >,& ?5%&<=>5%-5+= e>,& ,&%fY 5% >,& #>-75= e>,& ,5%=f] ,-= -= 57> =?<:<-=-5+ +-C&5 >,&
&E>&5=-C& <&=&<#, 5% :<#>-#& %7#?4&5>-5+ >,& "&5&K>= 7* -5>&+<>&% 5% ,72-=>-# 2&<5-5+ -5 =7 45F =:,&<&=
e5%&<=75&>2]YOMNTf]
,",,21" ,++" 1&+$%&)!/"++!
,21%&1%12/"
7 %4F%$P>%E5%9 %F
?< :&<=752 -%&5>->F -= 4%& ?: 7* #75=>&22>-75 7* *#>7<= >,> +-C&= ?= =&5=& 7* =&2*] > -= <77>&% -5 %&&:2F
,&2% C2?&= 5% :2F&% 7?> -5 7?< *&&2-5+=Y >,7?+,>=Y 5% #>-75=] 7< &E4:2&Y 75& &C&5-5+ D= ,7=>-5+ =422
+<7?: 7* %?2>= *7< %-=#?==-75 7* ,7D D& #7?2% :?<#,=& 47<& =?=>-5"2& *77% *7< 7?< ,7?=&,72%=] 5& 45
=-% ,& 2DF= D&5> 7?> 7* ,-= DF >7 "?F 7<+5-# ::2&= "&#?=& ,& ,% "&&5 "<7?+,> ?: 75 5 ::2& *<4
5% %&&:2F ?5%&<=>77% >,& %-H&<&5#& "&>D&&5 7<+5-# 5% #75C&5>-7522F=:<F&% ::2&=] 57>,&< D745 =-%
=,& 2DF= :?<#,=&% *<&&i<5+& &++= = ,&< *4-2F ,% #,-#1&5= = #,-2% 5% =,& 15&D >,& C2?& 7* +77%Y
*<&=, &++=] &->,&< D= = #744->>&% >7 :?<#,=-5+ 7>,&< ->&4= =?=>-5"2F] ,&=& <& &E4:2&= 7* ,7D 7?<
&<2F &E:&<-&5#&= 5% #755&#>-75= >7 #,-2%,77% :2#&= ,&2: &=>"2-=, 7?< %&&:&< C2?&= 5% >>#,4&5>=] ,&
1&F >7 %&C&27:-5+ =><75+ #755&#>-75 >7 5>?<& -= >7 :<7C-%& 27>= 7* ,5%=i75 &E:&<-&5#& -5 5>?<&Y =><>-5+ -5
&<2F #,-2%,77%] ,-= -= >,& <-=75 %m(><& *7< >,& %&C&27:4&5> 5% -5#<&=-5+ :7:?2<->F 7* *7<&=> =#,772= D,&<&
F7?5+#,-2%<&5=:&5%47=>227*>,&-<>-4&&E:27<-5+5%:2F-5+-55>?<&]
7"&2 eOMMUfY 57>&% &%?#>-752 >,&7<-=> 5% :,-27=7:,&<Y ,= &E>&5=-C&2F 7"=&<C&% #,-2%<&5m= :2F 5%
-%&5>-K&= =&C&5 #,<#>&<-=>-#= 7* &E:&<-&5#&= -5 5>?<& >,> <& *?5%4&5>2 >7 >,& >F:&= 7* &E:&<-&5#&=
#,-2%<&5 =&&1Y <&+<%2&== 7* #?2>?<&] ,&F <&X %C&5>?<&Y *5>=F 5% -4+-5>-75Y 5-42 22-&=Y 4:= 5%
:>,=Y =:&#-2 :2#&=Y =422 D7<2%=Y 5% ,?5>-5+ 5% +>,&<-5+] = 7"&2 eOMMUY :] NPf =>>&=Y j75& ><5=#&5%&5>
&E:&<-&5#& -5 5>?<& -= D7<>, >,7?=5% 5>?<& *#>=]k ,& &%?#>7<m= 4-==-75 -= >7 :<7C-%& &E:&<-&5#&= -5
5>?<2 <&= *7< #,-2%<&5 5% F7?>, >,> &4"7%F >,&=& #,<#>&<-=>-#=] 7< =74& #,-2%<&5Y >,& 5&<"F 5>?<2
<& -= *7<&=>Y "?> *7< 7>,&<= -> 4F "& %->#,Y "#1F<%Y 7< 7C&<+<7D5 C#5> 27> D,&<& >,&F #5 &E:27<& 5%
&E:&<-&5#& 7>,&< *7<4= 7* 2-*&] ,& &#727+-#2 ;?2->F 7* >,& =&>>-5+ -= 57> >,& 1&F "?> <>,&< >,& 7::7<>?5->F >7
&E:&<-&5#& =&4-iD-2% =&>>-5+=] ,& "&5&K>= 7* 227D-5+ #,-2%<&5 >7 :2F D->, j277=& :<>=k <& D-%&2F <&#7+5-G&%
-5 :<&=#,772 =&>>-5+=Y F&> >,&<& <& 57 "&>>&< 277=& :<>= >,5 :-5&#75&= 75 >,& *7<&=> L77<Y 2&C&= -5 :-2&Y
7< :&""2&= -5 =><&4] ,& 2&C&2 7* =><?#>?<& 4F C<F D->, >,& #,-2%<&5 5% >,& #75>&E>Y "?> >,&<& 5&&%= >7
"& #2&< =&5=& 7* :?<:7=& >7 >,& #>-C->-&=Y "& -> =><&5+>,&5-5+ *&&2-5+= e&]+]Y ::<&#->-5+ >,& "&?>F 7* >,&
:2#&fY "?-2%-5+ &#727+-#2 ?5%&<=>5%-5+= e&]+]Y ,7D 2&* 41&= =?+<fY 7< %&C&27:-5+ #>-75 #74:&>&5#&
e&]+]Y <&L&#>-5+ 75 &E:&<-&5#&= >,<7?+, <> 7< :<7=&f] F"& >,& +72 *7< 5 &E:&<-&5#& -= =-4:2F ,C-5+ =7 4?#,
*?5>,>>,&1-%=D5>>7<&>?<5]
 F %"!!&!%!!+"'&)&!&'%"%&+#!&
5& 7?>%77<Y &5C-<754&5>2 :<7+<4 >,> &4"7%-&= >,&=& =7<>= 7* #,<#>&<-=>-#= -= #7i,4:-75=Y
=?44&< %F #4: <?5 >,<7?+, >,& 2-*E %C&5>?<& <>, &5><& -5 7C #7>-] &<& -= ,7D -> =><>=X
+<7?:= 7* =&C&5i >7 5-5&iF&<i72% #,-2%<&5 =-> 75 #-<#2& 7* "&5#,&= -5 =422Y :&#&*?2Y 5% :<7>&#>&% *7<&=>
,7227D] ,&-< >>&5>-75 -= <-C&>&% 75 47C-5+ ,?45i2-1& =,:& >,> =,-44&<= -5 >,& %-=>5#& >,<7?+, >,&
><&&=],&=>7<F>&22&<"&+-5=Z
75+ +7Y 275+ "&*7<& >,-= +&Y >,&<& D&<& 27>= 7* =,:& =,-*>&<= -5 >,& 5>?<2 D7<2%] ,& :&7:2& 27C&% >7 ,?5>
*7< 5% =&<#, 7?> >,& =,:& =,-*>&<= -5 22 7* >,&-< *7<4= 5% ::<&#->& >,& 5&> =,:&= -5 5>?<&] ?> 7C&<
45FY 45F F&<=Y >,& :&7:2& D&5> 7?> -5>7 5>?<& 2&==Y 5% >,&F "&+5 >7 *7<+&> >,> >,& =,:&= #7?2% 47C&
5% #,5+&] -5#& 47=> :&7:2& *7<+7> >,&4 5% 57 75& D= :2F-5+ D->, >,&4Y >,& =,:& =,-*>&<= "&#4& =%
5% ;?-&> 5% =>7::&% 47C-5+] 7%FY 247=> 22 7* >,& =,:& =,-*>&<= ,C& "&#74& =>?#1 = 75& =,:& -5 5>?<&Y
4F"& = <7#1Y "<5#, 7< =422 "?=,] ,> 47C-5+ =,:& -5 >,& %-=>5#& -= 2-1&2F :=,Y 75& 7* >,& 2=> =,:&
=,-*>&<= =>-22 47C-5+ ,&<&] ,& =?<C-C&= "F :2F-5+ ,-%& 5% =&&1 +4&= D->, >,& #,-2%<&5 D,7 =>-22 #74& 7?> 5%
::<&#->& >,-= *7<&=>] ?> :=, 5&&%= *<-&5%] ,>m= D,F =,& -= >1-5+ >,& "72% =>&: 7* #75>#>-5+ F7?Y &C&5
>,7?+, =,:& =,-*>&<= <& C&<F =,F] 7? =&&Y :=, -= 5 &5%5+&<&% =:&#-&= 5% 5&&%= F7?< ,&2: >7 "<-5+ 57>,&<
=,:&=,-*>&<"#1>72-*&]
,& #,-2%<&5 >,&5 ,&% 7H 75 ><&=?<& ,?5> >7 ,&2: "<-5+ 57>,&< =,:& =,-*>&< "#1 >7 2-*& "F +&5&<>-5+
+77% *&&2-5+= >,<7?+, ::<&#->-5+ >,& =,:&= -5 >,& *7<&=>] ,<7?+, >,& %FY >,&F 2&<5 "7?> 5% >1& 75 >,&
<72&= 7* &5%5+&<&% #<&>?<&=] 7 #755&#> "#1 >7 7"&2m= >,&4&=Y >,& 1-%= <& 7H 75 *5>=F %C&5>?<& 5%
><&=?<&,?5>=:<>7*=>7<FY?=-5+4:=>7K5%=:&#-2:2#&=5%"&#74&5-4222-&=]
1&F >7 :<7C-%-5+ >,&=& 4&5-5+*?2 &E:&<-&5#&= -5 5>?<& -= 2&%&<=,-:] &%&<= <& 57> &E:&<>= =>5%-5+
> >,& *<75> j>&#,-5+kX >,&F <& #<-5+ :&7:2& =,<-5+ 5% %7-5+ D->, >,& #,-2%<&5 >,<7?+, :<7+<&==-75 7*
&E:&<-&5#&=Y =>-4?2>-5+ >,&-< #<&>-C->F 5% +-C-5+ >,&4 =:#& >7 &E:27<& 5% %-=#7C&< -5 5>?<&] * >,& #,-2%<&5
<& &E:27<-5+ >,& =422 D7<2% 7* =>?4: D->, 4+5-*F-5+ +2==Y >,& 2&%&< -= <-+,> >,&<& &E:27<-5+ D->, >,&4
5% <&4<1-5+ > >,&-< %-=#7C&<-&=] >?<& -= >,& >&#,&<Y 5% >,& 2&%&< -= >,&<& >7 &5=?<& >,> &C&<F75& -=
&5++&%]
7D #7?2% 75& >&#, 5 &#727+-#2 #75#&:> >,-= DF^ 5 #7i,4:-75=Y >,& #,-2%<&5 2&<5 >,& #75#&:> 7*
,"->> "F #74-5+ ?:75 +<7?: 7* #?>&Y =>?H&% 5-42= =->>-5+ >7+&>,&< -5 >,& *7<&=>Y &#, D->, >+ <7?5%
>,&-< 5&#1 >,> %&=#<-"&= -5 =-4:2& D7<%= D,&<& >,&F +&> >,&-< *77%Y D>&<Y -<Y 5% =,&2>&<] ,& 1-%= %7:>
#<&>?<& -5 :-<= 5% ?=& >,& -5*7<4>-75 >7 #,77=& =?->"2& 27#>-75 5&<"F *7< >,&-< #<&>?<&m= ,74&] ,&
:-<= >,&5 +-C& >,& +<7?: >7?< 7* >,&-< ,74&= 5% &E:2-5 D,F >,&F <& =?->"2&] > >,& &5% 7* >,& #>-C->FY >,&
2&%&< ,&2:= >,&4 :<7#&== >,&-< &E:&<-&5#&= 5% ?5%&<=>5% 5% 2"&2 >,& &#727+-#2 #75#&:>= 7* ,74&Y ,"->>Y
5% #744?5->F] #<&*?22F %&=-+5&% &E:&<-&5#& -= ,72-=>-#Y 5% >,& *&&2-5+=Y ?5%&<=>5%-5+=Y 5% #>-75 =1-22=
#5 "& %<D5 7?> 7* -> 5% ::2-&% >7 =?"=&;?&5> =&> 7* &E:&<-&5#&=] ,& 2&%&< 7<+5-G&= 5% *<4&= >,&
&E:&<-&5#&=Y"?>5>?<&%7&=>,&>&#,-5+]
%"!!&!%!!+"'&)&!&'%"%&+#!& F 
<75JM$%P>%E5%9 %F
=&#75% &==&5>-2 &2&4&5> 7* ,7D >7 <&i#755&#> #,-2%<&5 5% F7?>, D->, 5>?<& -= >7 :<7C-%& 4&5-5+*?2
=72->?%& &E:&<-&5#&=] ,& 2-*E %C&5>?<& <>, &5><& <?5= F&<2F =?44&< &5C-<754&5>2Y <&=-%&5>-2
#4: :<7+<4 *7< >&5i >7 >D&2C&iF&<i72% #,-2%<&5 >,> -= ,-+, %C&5>?<& 5% <77>&% -5 5>?<& D->, 27>= 7*
<G4>GY %<4>-# #,<#>&<=Y >>&5>-75i+&>>-5+ =:&#-2 &H&#>=Y :<7:=Y 5% =?<:<-=&=] &=:->& 22 7* >,-=Y >-4&
5% >-4& +-5Y >,& K<=> >,-5+ >,& 1-%= %7 D,&5 >,& :<&5>= <<-C& >7 :-#1 >,&4 ?: -= >7 =1 >,&4 >7 #74&
=&& >,&-< j4+-# =:7>=Yk >,& :&<=752 =:7> -5 >,& *7<&=> D,&<& >,& #,-2% =:&5> OM 4-5?>&= -5 =72->?%& &#,
%F > #4:] = 4?#, = >-4& -5 5>?<& D->, :&&<= -= -5#<&%-"2F C2?"2&Y >-4& =:&5> 275& -5 <&2>-75=,-:
D->, %-H&<&5> =:&#-&= -= &==&5>-2 5% -<<&:2#&"2& *7< #>?2-G-5+ >,& "&5&K>= 7* 5>?<&Y "& -> *7< :<&=#,772&<=Y
#,-2%<&5YF7?>,Y7<%?2>=]
,& =><?#>?<& 7* =72->?%& &E:&<-&5#&= C<-&= D->, >,& +& 5% #75>&E>Y "?> >,& -4:7<>5#& 7* -> %7&= 57>]
7?5+ #,-2%<&5 4F >1& *&D =>&:= DF *<74 #-<#2& -5 >,& *7<&=> 5% ,?+ ><&& *7< #7?:2& 7* 4-5?>&=Y 5%
%72&=#&5>=Y D->, #<&*?2 :<&:<>-75Y 4F =:&5% >D&5>Fi*7?< ,7?<= 275& > C-=-75 =:7>] ,&<& <& <5+& 7*
7:>-75= -5 "&>D&&5 >,&=& &E><&4&= %&:&5%-5+ 75 >,& +& 5% #75>&E>] > -= >77 &=F *7< &%?#>7<= D->, 2<+&<
+<7?:= >7 %-4-5-=, >,& C2?& 7* =72->?%& "&#?=& >,& 27+-=>-#= 4F "& #,22&5+-5+] -C&5 >,> #,-2%<&5 5%
%?2>= <<&2F &E:&<-&5#& =72->?%&Y >,&F <& 7*>&5 ?5#74*7<>"2& D->, ->Y 4&5-5+ >,> -> ,= >7 "& -5><7%?#&% -5
+<%?2Y >,7?+,>*?2Y 5% :255&% DF] 7< #,-2%<&5Y -5><7%?#-5+ -> -5 =422 +<7?:= D->, #2&< &E:&#>>-75=Y
&5++-5+ =>7<-&=Y 5% =72-% +<7?5% <?2&= -= <&#-:& *7< =?##&==] 5#& #,-2%<&5 +&> #74*7<>"2& D->, >,& :<7#&==Y
-> -= =74&>,-5+ >,&F 27C& >7 %7] &-5+ #74*7<>"2& D->, =72->?%& -= #<->-#2 2-*& =1-22 >7 &5"2& #,-2%<&5 5%
%?2>=>7<&%?#&=><&==YK5%07FY5%%&C&27:#<&-55>?<&]
J<EQF%$P>%E5%9 %F
>7<-&= <& >,& 4&5= >,<7?+, D,-#, ,?45 "&-5+= 7<+5-G& >,&-< &E:&<-&5#&= 5% >,-<% 1&F :<7+<4
&2&4&5>] & "?-2% <&2>-75=,-:= 5% #,<75-#2& 7?< 2-C&= >,<7?+, =,<-5+ =>7<-&=] ,-2%<&5 <& 2771-5+ *7<
&E:&<-&5#&= >,> <& 4&5-5+*?2 5% &5++-5+ -5 >&<4= 7* ,7D >,&F =&& >,& D7<2%] >7<-&= %<D >,&4 -5
5% :<7C-%& >,& #,<#>&<-=>-#= >,> C-% 7"&2 eOMMUf #->&= = 1&F >7 #755&#>-5+ #,-2%<&5 >7 >,&-< :2#&=]
>7<Fi"=&% :<7+<44-5+ -= &5++-5+ 5% C2?&% "F F7?>, 5% %?2>= = D&22Y "?> >F:-#22F >,&F K<=> D5> >7
?5%&<=>5% >,& &%?#>7<m= 7"0&#>-C&= >7 &5=?<& >,&F 2-+5 D->, >,&-< 7D5 7"0&#>-C&=] 5#& >,&F <& #2&< = >7
D,> >,&F D-22 2&<5Y >,&F 27C& >,& &5++&4&5> 7* >1-5+ 75 <72& 5% "&#74-5+ :<> 7* 5 %C&5>?<&Y ;?&=>Y
:?GG2&Y7<:<7"2&4i=72C-5+4-==-75]
5& &E4:2& 7* =>7<Fi"=&% :<7+<4 -= :34!2'/53 ./5.4!23 24&Y 2-*E %C&5>?<& <>, &5><&
:<7+<4 *7< +<%&= KC& 5% =-E #,-2%<&5 D,7 <& -5C->&% >7 07-5 =422 %&>&#>-C& +&5#F 5% "&#74& %&>&#>-C&=i
-5i><-5-5+Y D,-2& =&<#,-5+ *7< >,& *7<4?2 7* 22 2-*&Y D,-#, -= >7 "& %-=#7C&<&% >,<7?+, >,& #2== &4"<1-5+ 75
%F 7* %C&5>?<& -5 5&<"F :<1] ,&F ?2>-4>&2F %-=#7C&< >,> -* >,&F 4/5& >,& &<>, e%&C&27: *&&2-5+= *7<
5>?<&fY +./8 >,& D7<1-5+= 7* >,& &<>, e?5%&<=>5% "=-# &#727+-#2 #75#&:>=g&5&<+F L7D -5 >,-= -5=>5#&f
 F %"!!&!%!!+"'&)&!&'%"%&+#!&
5% 2! *7< >,& &<>, e%&K5& =:&#-K# #>-75 =>&:= *7< 47<& =?=>-5"2& 2-*&=>F2&fY >,&5 >,&F D-22 D7<1 >7D<%
,&2>,F *77%Y #2&5 D>&<Y 5% *<&=, -< *7< 22] ,& 2&%&<= eC72?5>&&< ,-+, =#,772 5% ?5-C&<=->F =>?%&5>=f <&
%&>&#>-C&= D7<1-5+ *7< >,& #72&&=&Y D,-#, -= 2&% "F j>,& ,-&*Yk 5% >,&<& <& 27>= 7* =?<:<-=&= 5% :27> >?<5=
275+>,&DF]
,& K52 +>,&<-5+ -= 5 7::7<>?5->F >7 ,&2: >,&4 %&K5& *?>?<& &E:&<-&5#&= >7 D7<1 75 >,-= *7<4?2
>,<7?+, D,-#, >,&F #5 #755&#> D->, 5% >1& #>-75 *7< 5>?<&] ,&<& <& 4?2>->?%&= 7* 7::7<>?5->-&= *7<
"?-2%-5+ =>7<-&= -5>7 :<7+<4= 5% +-C-5+ #,-2%<&5 5% F7?>, <72&= -5 >,&4Y "& -> ?=-5+ "771= = *<4&D7<1Y
%&K5-5+ %C&5>?<&=Y ><&=?<& ,?5>=Y 4F=>&<-&=Y &>#] ,& =>7<F2-5& &5%&C7?< 4F 2=7 "& >7 ##74:2-=,
=74&>,-5+ <&2 5% 4&5-5+*?2 *7< >,& &5C-<754&5>g*?5%<-=& >7 :<7>&#> :-&#& 7* 25%Y &=>"2-=, =422
"?=-5&== >7 :<7C-%& =?=>-5"2Fi<&2>&% =&<C-#&] ,& :7-5> -= >7 +-C& :<>-#-:5>= <72&= >,<7?+, D,-#, >,&-<
&E:&<-&5#&= :2F 7?> <>,&< >,5 =-4:2F :<7C-%-5+ >,&4 D->, #>-C->-&= 7< 157D2&%+& >,> <& 752F #755&#>&%
"F>,&&%?#>7<m=+72=7<:<-7<->F>,&4&=]
D7 +77% =7?<#&= *7< &E:27<-5+ >,& >,&7<F 5% #75#&:>= "&,-5% >,-= ::<7#, -5#2?%& 2!4'.% /2, 3K
/.34254'.% !.'.%J &! /44'3& 4/2:,'.! !4&/ e<&==D&22Y NVVTf 5% 2- $/2 !2.'.%J /2/4&:
!4&/4!W3.4,!/$4&!90!24002/&4/ 54'/. e&>,#7>&v72>75YNVVRf]
2#&i"=&%Y =72->?%&Y 5% =>7<Fi"=&% &E:&<-&5#&= <& 1&F >7 :<7C-%-5+ >,& :2>*7<4 *7< "?-2%-5+ #,-2% 5%
F7?>, #755&#>-75= D->, 5>?<& =7 = >7 &5,5#& >,& *&&2-5+=Y ?5%&<=>5%-5+=Y 5% #>-75 =1-22= *7< 5>?<&]
,&<& -= 75& 7>,&< #,<#>&<-=>-# >,> ,72%= -> 22 >7+&>,&<X =74& #22 -> j4+-#k e5 ><&Y NVVMfY 7>,&<= #22 ->
j><5=#&5%&5#&k e7"&2Y OMMUfY "?> -> -= >,> =:&#-2 474&5> 5% *&&2-5+ >,> +2?&= >,-5+= >7+&>,&< 5% #&4&5>=
>,& &E:&<-&5#&= -5 7?< 4&47<-&=] >?<& ->=&2* -= D&i-5=:-<-5+Y 5% >,&=& 474&5>= ,::&5 -* 75& +&>= 7?>=-%&
-5 >,& :<7:&< :2#& 7< :7=->-75Y =?#, = >,& =5::-5+ >?<>2&= ,>#,-5+ *<74 ,72& -5 >,& +<C&2Y >,& *7E =5&1-5+
275+>,&&%+&7*K&2%Y7<>,&K<&LF2-+,>-5+?:=?44&<5-+,>]
,&=& &C&5>= <& ,::&5-5+ 22 7* >,& >-4& -5 >,& 5>?<2 D7<2%Y "?> >F:-#22FY D& 4-== >,&4] > -= ?: >7 >,&
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722&#>-C&2FY >,&=& =>?%-&= %&475=><>& >,> 45F %-C&<=& ,&2>, 7?>#74&= #5 ##<?& *<74 =-4:2F "&-5+
7?>=-%& -5 5>?<& D->,7?> 5&#&==<-2F #>-5+ 7< "&,C-5+ -5 :<>-#?2<2F :<&=#<-"&% 455&<] ,&<& <& 2=7
5 -5#<&=-5+ 5?4"&< 7* =F=>&4>-# <&C-&D= &4&<+-5+ -5 <&#&5> F&<= %&=#<-"-5+ >,& ,&2>, "&5&K>= <&2>&% >7
2-C-5+Y D7<1-5+Y 5% :2F-5+ 5&< +<&&5 e25%f =:#& e22+,5 &> 2]Y OMON_ 7?2%&5 &> 2]Y OMNU_ ""< &>
2]Y OMON_ #7<4-#1Y OMNT_ ,-4-i<%"-2- &> 2]Y OMON_ ,5+ &> 2]Y OMOMf e?5 &> 2]Y OMONf] D7 7>,&<
=F=>&4>-# <&C-&D= %&=#<-"& >,& ,&2>, "&5&K>= 7* "2?& eD>&<f =:#&= e&7<+-7? &> 2]Y OMONf 5% "2?& #<&
-5>&<C&5>-75= e<->>75 &> 2]Y OMOMf] E&<#-=-5+ 7?>=-%&Y 7*>&5 <&*&<<&% >7 = +<&&5 7< "2?& &E&<#-=& -5 >,& 5->&%
!)"& """&#%" "&"! F 
-5+%74Y 2=7 =&&4= >7 :<7C-%& 47<& ,&2>, "&5&K>= #74:<&% >7 &E&<#-=-5+ -5=-%& e<->7 &> 2]Y OMOO_ 5=75
v75&=YOMNR_-&>2]YOMOO_,74:=75775&>2]YOMNN_&5&>2]YOMONf]
2>,7?+, >,& ,&2>, 5% D&22i"&-5+ "&5&K>= <&:7<>&% *<74 >,&=& =F=>&4>-# <&C-&D= D&<& :7=->-C&Y =74&
7* >,& =>?%F ?>,7<= %-% -5%-#>& >,> >,& ;?2->F 7* &C-%&5#& D= 27D >7 4&%-?4 -5 =74& 7* >,& -5#2?%&%
=>?%-&=_ ,7D&C&<Y >1&5 >7+&>,&<Y >,& 7C&<D,&24-5+ 5?4"&< 7* =>?%-&= 5% =F=>&4>-# <&C-&D= <&2>&% >7 >,&
,72-=>-# ,&2>, "&5&K>= <&2>&% >7  #557> "& -+57<&%] -5#& >,& "&5&K>= %&=#<-"&% ,&<& D&<& *<74 :772&%
<&=?2>= <&:7<>&% -5 =F=>&4>-# <&C-&D= 5% 4&>i52F=&=Y -> -= "&F75% >,& =#7:& 7* >,-= #,:>&< >7 :<7C-%&
=:&#-K# %&>-2= 7* -5%-C-%?2 =>?%-&=Y =?#, = >,& %&=#<-:>-75 7* >,& :7:?2>-75Y +&=Y =&EY 5% >F:& 7* :<7+<4
7< &E:&<-&5#&] > -= 2=7 "&F75% >,& =#7:& 7* >,-= #,:>&< >7 &E:27<& 22 >,& ##?4?2>-5+ &C-%&5#& *7< >,& ,&2>,
=:&#-K# "&5&K>= <&2>&% >7 #75>#> D->, 5>?<&_ ,7D&C&<Y =74& 7* -> -= =?44<-G&% *?<>,&< -5 >,& >?<& E
,:>&< e5+&2-&< &> 2]Y OMOPf] > -= #2&< >,> >,&<& <& 45F ,72-=>-# ,&2>, "&5&K>= ==7#->&% D->, Y 5%
>,-= -= D,F >,& 72-=>-# 7%&2 7* #7,&2>, <747>-75 D= %&C&27:&% >7 *?<>,&< <&#7+5-G&Y =><&5+>,&5Y 5%
%&&:&5>,>==7#->-75]
<75FJ5 <$%7<+ <3%7J3E<8<J5<9?@
#7,&2>, :<747>-75 -= >,& -5>&5>-752 :<7#&== 7* ,&2:-5+ :&7:2& >7 ?=& >,&-< C72->-75 eD-22f 5% +&5#F e#>-75f
>7 41& :&<=752 %&#-=-75= 5% >,-51 =F=>&4-#22F "7?> -4:<7C-5+ "7>, >,&-< 7D5 ,&2>, 5% >,> 7* >,&
=?<<7?5%-5+ &#7=F=>&4 7< &5C-<754&5> e->#,-& &> 2]Y OMOOf] 7 &5,5#& :&<=752 5% :25&><F ,&2>,Y
:&7:2& #5 "& &5#7?<+&% >7 &4"<#& D&225&== :<#>-#&= -5 ,<475-7?= -5>&<#>-75= D->, 5>?<& >7 =:-<& >7
=>>& 7* 4?>?22F "&5&K#-2 <&2>-75=,-:= #<7== =-E -5>&<D7C&5 %-4&5=-75= 7* D&22i"&-5+X :,F=-#2Y 4&5>2Y
&47>-752Y=7#-2Y=:-<->?2Y5%&#727+-#2]
,& #<->-#2 %-H&<&5#& "&>D&&5 &#7,&2>, 5% &#7,&2>, :<747>-75 -= -5>&5>-752->FY C72->-75Y 5% +&5#F_
&#7,&2>, %&=#<-"&= =74&>,-5+Y 5% &#7,&2>, :<747>-75 -5>&5>-7522F %7&= =74&>,-5+] ,?=Y -5 :<747>-5+
&#7,&2>,Y 75& -= &5#7?<+-5+ 7< >&#,-5+ :&7:2& >7 ?=& >,&-< #,7-#&= 5% "&,C-7?<= >7 :?<:7=&*?22F :<#>-#&
D&225&== -5 =:&#-K# DF= >7 #,-&C& ,72-=>-# ,&2>, 7?>#74&= #<7== >,& =-E -5>&<#755&#>&% %-4&5=-75= 7* D&22i
"&-5+]
->,-5 >,& 72-=>-# 7%&2 7* #7,&2>, <747>-75 efY D& %&K5& &#7,&2>, = 47<& >,5 >,&
"=&5#& 7* %-=&=&Y -225&==Y -50?<FY 5% %-="-2->F "?> = =>>& 7* #74:2&>& :,F=-#2Y 4&5>2Y &47>-752Y =7#-2Y
=:-<->?2Y 5% &#727+-#2 D&22i"&-5+ >,> #5 "& #,-&C&% >,<7?+, -44&<=-C& -5>&<#>-75= D->, 5>?<&] 2>,7?+,
>,& >&<4= D&22i"&-5+ 5% D&225&== <& 7*>&5 ?5%&K5&% 7< ?>-2-G&% -5>&<#,5+&"2F -5 >,& 2->&<>?<&Y -5 >,&
Y >,& >&<4 D&22i"&-5+ -= ?=&% -5>&5>-7522F >7 <&*&< >7 &#, 7* >,& =-E %-4&5=-75= 7* &#7,&2>,Y 5%
D&225&==<&*&<=>7>,&:>,DF7<:<747>-75:<#>-#&2&%-5+>7,72-=>-#&#7,&2>,e->#,-&&>2]YOMOOf]
5 7>,&< D7<%=Y &#7,&2>, #75=-=>= 7* =-E -5>&<#755&#>&% %-4&5=-75= 7* D&22i"&-5+] &225&== :<#>-#&= <&
>,& &C-%&5#&i"=&% #,7-#&= 5% "&,C-7?<= >,> <& >,& >772= ?=&% 75 >,& 07?<5&F 7< :>,DF >7D<%= ,72-=>-#
&#7,&2>,] & ?=& >,& >&<4 &5%7,&2>, >7 <&*&< >7 >,& >,<&& -5>&<52 %-4&5=-75= 7* :,F=-#2Y 4&5>2Y 5%
 F !)"& """&#%" "&"!
&47>-752 D&22i"&-5+ 5% >,& >&<4 &#>7,&2>, >7 <&*&< >7 >,& >,<&& &E>&<52 %-4&5=-75= 7* =:-<->?2Y =7#-2Y 5%
&#727+-#2D&22i"&-5+e->#,-&&>2]YOMOOf]
-5#& &C&<F :&<=75 75 &<>, D-22 &C&5>?22F &E:&<-&5#& %-4-5-=,&% ,&2>,Y 2&%-5+ >7 %&>,Y -> -= &==&5>-2 >7
,&2: :&7:2& >7 >,<-C& 57 4>>&< D,&<& >,&F <& 75 >,& ,&2>, #75>-5??4Y *<74 25+?-=,-5+ e27D :=F#,727+-#2Y
&47>-752Y5%=7#-2D&22i"&-5+f>7L7?<-=,-5+e,-+,:=F#,727+-#2Y&47>-752Y5%=7#-2D&22i"&-5+f]
> -= -4:7<>5> >7 57>& >,> >,& %&K5->-75= 7* "7>, :,F=-#2 5% 4&5>2 D&22i"&-5+ -5#2?%& >,& "=&5#&
7* =74&>,-5+ e-225&==`-50?<F`%-=7<%&<`%-="-2->Ff 5% >,& 7:>-4-G>-75 7* =74&>,-5+Y 7< -5 >,& #=& 7* 4&5>2
D&22i"&-5+Y =>>& 7* L7?<-=,-5+ 7< ,-+, :=F#,727+-#2Y &47>-752Y 5% =7#-2 D&22i"&-5+ e&F&=Y OMNMf] ,?=Y
&#7,&2>, :<747>-75 #5 -5>&5>-7522F ,&2: :&<=75 D->, 7< D->,7?> :,F=-#2 %-="-2->F 7< #,<75-# -225&==
>7 L7?<-=, ?=-5+ C-2"2& <&=7?<#&=] 7< -5=>5#&Y :&<=75 D->, %-="-2->F >,> :<&C&5>= >,&4 *<74 D21-5+
7< ?=-5+ >,&-< 2&+= #5 =>-22 :<>-#-:>& -5  e:&<,:= D->, &;?-:4&5> 47%-K#>-75= 7< ><-5&% :&<=755&2 >7
,&2:f 5% -4:2&4&5> 45F D&225&== :<#>-#&=Y =?#, = =-4:2F "&-5+ :,F=-#22F #>-C& 7?>%77<=Y >7 7:>-4-G&
>,&-< :,F=-#2 D&22i"&-5+] -4-2<2FY &#7,&2>, :<747>-75 #5 -5>&5>-7522F ,&2: :&<=75 D->, 7< D->,7?>
4&5>2 -225&== >7 L7?<-=, e,-+, :=F#,727+-#2Y &47>-752Y 5% =7#-2 D&22i"&-5+f ?=-5+ 5>?<2 <&=7?<#&= 5%
D&225&== :<#>-#&=] &F&= eOMNMf >&=>&% >,-= &4:-<-#22F 5% *7?5% >,> ,&2:-5+ :&<=75 >7 L7?<-=, D= "7>,
:<&C&5>-75 5% :<747>-75 :<#>-#& <&2>&% >7 4&5>2 ,&2>,] <74 :<&C&5>-75 :&<=:&#>-C&Y :&<=75 2<&%F
L7?<-=,-5+ e,-+, :=F#,727+-#2Y &47>-752Y 5% =7#-2 D&22i"&-5+f D,7 >,&5 %&#2-5&% >7 47%&<>& 2&C&2 7*
L7?<-=,-5+ D= P]T >-4&= 47<& 2-1&2F >7 %&C&27: %-+57="2& 4&5>2 -225&== >&5 F&<= 2>&< e&F&=Y OMNMf] <74
:<747>-75 :&<=:&#>-C&Y :&<=75 D,7 D= 25+?-=,-5+ e27D :=F#,727+-#2Y &47>-752Y 5% =7#-2 D&22i"&-5+f
5% D,7 -4:<7C&% >7 47%&<>& 2&C&2 7* L7?<-=,-5+ <&%?#&% >,& <-=1 "F RMs 7* %&C&27:-5+ %-+57="2&
4&5>2-225&==>&5F&<=2>&<e&F&=YOMNMf]
F ,&2:-5+ :&7:2& >7 -4:2&4&5> D&225&== :<#>-#&= -5 5>?<&Y &#7,&2>, :<747>-75 #5 2=7 :<7C-%&
:<&C&5>-75 7< :<7>&#>-75 *?5#>-75 *<74 %&#2-5-5+ =>>&= 7* D&22i"&-5+] ,& #75#&:> 7* ,&2:-5+ :&7:2& >7
L7?<-=, 2=7 ,&2:= ?= ?5%&<=>5% ,7D &#7,&2>, :<747>-75 #5 "& ?=&% "F 5F  :<#>->-75&< <&+<%2&==
7* >,&-< 2&C&2 7* ><-5-5+] 7< -5=>5#&Y 5  :<#>->-75&< #5 ,&2: :&<=75 >7 "& :,F=-#22F D&22 7< L7?<-=,
D->,7?> "&-5+ :,F=-#-5] ,&F #5 2=7 ,&2: :&<=75 >7 "& 4&5>22F D&22 D->,7?> "&-5+ :=F#,727+-=> 7<
#2-5-#-5 "F ,&2:-5+ >,&4 L7?<-=, e<>,&< >,5 %-+57=-5+ 5% ><&>-5+ 4&5>2 -225&==f] ,-= -= #<?#-2 :7-5>
%-H&<&5>->-5+ >,&  5% 7>,&< ::<7#,&=Y =?#, = >,7=& D,7 #75>&5% >,> F7? 4?=> "& ><-5&%
5% 2-#&5=&% >,&<:-=> >7 :<#>-#& %C&5>?<& >,&<:F] ->,-5 >,&  *<4&D7<1Y 247=> 5F75& #5
,&2: :&7:2& #,-&C& ,72-=>-# ,&2>, "&5&K>= <&+<%2&== 7* >,&-< 2&C&2 7* ><-5-5+ 7< >F:& 7* #<&%&5>-2 e7< 2#1
>,&<&7*f] 5 7>,&< D7<%=Y  :<#>->-75&<= =,7?2% #75=-%&< -5#7<:7<>-5+ >,&  -5>7 >,&-< &%?#>-752
#?<<-#?2?4 =-5#& 5F75& -5 =7#-&>F #5 ,&2: :&7:2& #,-&C& &#7,&2>, 7?>#74&= <&+<%2&== 7* >,&-< :<7*&==-752
#<&%&5>-2=]
!)"& """&#%" "&"! F 
%#2/ ;E/-$%
+/1/6(+"1$
+(%01%+ (+"
+$ (1$
/+)+1%+*
-+?<& N -= =-4:2& +<:,-# :7<><F2 7* >,& ] > =,7D= >,& <&2>-75=,-:= 475+ >,& C<-7?=
%-4&5=-75=]"2&N#75>-5=:&<>-5&5>%&K5->-75=?=&%-5>,&<&4-5%&<7*>,-=#,:>&<]
/&+ &-)"0,# ,%")1%/,*,1&,+
#7,&2>, :<747>-75 ,= KC& *7?5%>-752 :<-5#-:2&= >,> -5>&<#> 5% 7C&<2: -5 45F ,&2>,F 5% =F5&<+-=>-#
DF=X
N] ,-*$&.!*'&%&,X>7##?<=D,&5:&<=75#5#75>-5?7?=2F-5>&<#>Y#755&#>Y5%%&C&27:
,72-=>-#<&2>-75=,-:=D->,-5>,&&#7=F=>&4D,&<&>,&F2-C&Y><C&2Y7<::2FD&225&==:<#>-#&=]57>,&<
D7<%=Y&#7,&2>,:<747>-75%-H&<=*<747>,&<::<7#,&=>7,&2>,:<747>-75:<-4<-2F"&#?=&->
 F !)"& """&#%" "&"!
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Q] *%'&!'-+&$&X,-==-4:2F<&L&#>==F=>&4=>,&7<F5%5-5#2?=-C&C-&D7*=><-C-5+>72-C&
,&2>,F2-*&D->,-5,&2>,F&#7=F=>&4]
R] &,**$,&&,*,X,-=<&L&#>=,7D22>,&%-4&5=-75=7*D&22i"&-5+<&#755&#>&%_45F
&2&4&5>=7C&<2:5%-5>&<#755&#>-5<&#-:<7#25%4?>?22F"&5&K#-2DF=]
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&;?-2-"<-?4f_->#75=-=>=7*>,&>,<&&-5>&<52D&22i"&-5+
%-4&5=-75=e:,F=-#2Y4&5>2Y5%&47>-752f<&L&#>&%=
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%-4&5=-75=7*D&22i"&-5+e=7#-2Y=:-<->?2Y5%
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#7=47=Y5%>,&:25&>]
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45+-5+Y4-5-4-G-5+Y7<&C&5#?<-5+>,&-<:,F=-#27<4&5>2
-225&==&=]
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,&2::&7:2&>7-4:<7C&>,&-<&#>7,&2>,"F
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=7#-2Y=:-<->?2Y5%&#727+-#2D&22i"&-5+]
 F !)"& """&#%" "&"!
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,&2: :&7:2& >7 >,<-C& 57 4>>&< D,&<& >,&F <& 75 >,& ,&2>, #75>-5??4 *<74 25+?-=,-5+ e27D :=F#,727+-#2Y
&47>-752Y5%=7#-2D&22i"&-5+f>7L7?<-=,-5+e,-+,:=F#,727+-#2Y&47>-752Y5%=7#-2D&22i"&-5+f]
,& %&K5->-75= 7* "7>, :,F=-#2 5% 4&5>2 D&22i"&-5+ -5#2?%& >,& "=&5#& 7* =74&>,-5+ e-225&==`-50?<F`
%-=7<%&<`%-="-2->Ff 5% >,& 7:>-4-G>-75 7* =74&>,-5+Y 7< -5 >,& #=& 7* 4&5>2 D&22i"&-5+Y =>>& 7*
L7?<-=,-5+ 7< ,-+, :=F#,727+-#2Y &47>-752Y 5% =7#-2 D&22i"&-5+ e&F&=Y OMNMf] ,?=Y &#7,&2>, :<747>-75
#5 -5>&5>-7522F ,&2: :&<=75 D->, 7< D->,7?> :,F=-#2 %-="-2->F 7< #,<75-# -225&== >7 L7?<-=, ?=-5+ C-2"2&
<&=7?<#&=] 7< -5=>5#&Y :&<=75 D->, %-="-2->F >,> :<&C&5>= >,&4 *<74 D21-5+ 7< ?=-5+ >,&-< 2&+= #5
=>-22 :<>-#-:>& -5  e:&<,:= D->, &;?-:4&5> 47%-K#>-75= 7< ><-5&% :&<=755&2 >7 ,&2:f 5% -4:2&4&5>
45F D&225&== :<#>-#&=Y =?#, = =-4:2F "&-5+ :,F=-#22F #>-C& 7?>%77<=Y >7 7:>-4-G& >,&-< :,F=-#2 D&22i
"&-5+] -4-2<2FY &#7,&2>, :<747>-75 #5 -5>&5>-7522F ,&2: :&<=75 D->, 7< D->,7?> 4&5>2 -225&== >7
L7?<-=, e,-+, :=F#,727+-#2Y &47>-752Y 5% =7#-2 D&22i"&-5+f ?=-5+ 5>?<2 <&=7?<#&= 5% D&225&== :<#>-#&=]
&F&= eOMNMf >&=>&% >,-= &4:-<-#22F 5% *7?5% >,> ,&2:-5+ :&<=75 >7 L7?<-=, D= "7>, :<&C&5>-75 5%
:<747>-75:<#>-#&<&2>&%>74&5>2,&2>,]
<74 :<&C&5>-75 :&<=:&#>-C&Y :&<=75 2<&%F L7?<-=,-5+ e,-+, :=F#,727+-#2Y &47>-752Y 5% =7#-2 D&22i
"&-5+f D,7 >,&5 %&#2-5&% >7 47%&<>& 2&C&2 7* L7?<-=,-5+ D= P]T >-4&= 47<& 2-1&2F >7 %&C&27: %-+57="2&
4&5>2 -225&== >&5 F&<= 2>&< e&F&=Y OMNMf] <74 :<747>-75 :&<=:&#>-C&Y :&<=75 D,7 D= 25+?-=,-5+ e27D
:=F#,727+-#2Y &47>-752Y 5% =7#-2 D&22i"&-5+f 5% D,7 -4:<7C&% >7 47%&<>& 2&C&2 7* L7?<-=,-5+ <&%?#&%
>,&<-=1"FRMs7*%&C&27:-5+%-+57="2&4&5>2-225&==>&5F&<=2>&<e&F&=YOMNMf]
F ,&2:-5+ :&7:2& >7 -4:2&4&5> D&225&== :<#>-#&= -5 5>?<&Y &#7,&2>, :<747>-75 #5 2=7 :<7C-%&
:<&C&5>-75 7< :<7>&#>-75 *?5#>-75 *<74 %&#2-5-5+ =>>&= 7* D&22i"&-5+] ,& #75#&:> 7* ,&2:-5+ :&7:2& >7
L7?<-=, 2=7 ,&2:= ?= ?5%&<=>5% ,7D &#7,&2>, :<747>-75 #5 "& ?=&% "F 5F  :<#>->-75&< <&+<%2&==
7* >,&-< 2&C&2 7* ><-5-5+] 7< -5=>5#&Y 5  :<#>->-75&< #5 ,&2: :&<=75 >7 "& :,F=-#22F D&22 7< L7?<-=,
D->,7?> "&-5+ :,F=-#-5] ,&F #5 2=7 ,&2: :&<=75 >7 "& 4&5>22F D&22 D->,7?> "&-5+ :=F#,727+-=> 7<
#2-5-#-5 "F ,&2:-5+ >,&4 L7?<-=, e<>,&< >,5 %-+57=-5+ 5% ><&>-5+ 4&5>2 -225&==f] ,-= -= #<?#-2 :7-5>
%-H&<&5>->-5+ >,&  5% 7>,&< ::<7#,&=Y =?#, = >,7=& D,7 #75>&5% >,> F7? 4?=> "& ><-5&%
5% 2-#&5=&% >,&<:-=> >7 :<#>-#& %C&5>?<& >,&<:F] ->,-5 >,&  *<4&D7<1Y 247=> 5F75& #5
,&2: :&7:2& #,-&C& ,72-=>-# ,&2>, "&5&K>= <&+<%2&== 7* >,&-< 2&C&2 7* ><-5-5+ 7< >F:& 7* #<&%&5>-2 e7< 2#1
>,&<&7*f] 5 7>,&< D7<%=Y  :<#>->-75&<= =,7?2% #75=-%&< -5#7<:7<>-5+ >,&  -5>7 >,&-< &%?#>-752
#?<<-#?2?4 =-5#& 5F75& -5 =7#-&>F #5 ,&2: :&7:2& #,-&C& &#7,&2>, 7?>#74&= <&+<%2&== 7* >,&-< :<7*&==-752
#<&%&5>-2=]
%779%FFE J5 %F
&225&== :<#>-#&= <& &C-%&5#&i"=&% 5% #,<#>&<-G&% "F -5>&5>-752 #,7-#&= 5% "&,C-7?<= :&7:2& 41&
>1-5+ =>&:= >7 -4:<7C& >,&-< ,72-=>-# &#7,&2>,] 7<& =:&#-K#22FY D->,-5 >,& Y D&225&== :<#>-#&= <&
%&K5&% = >,& :>,DF 7< 07?<5&FY 7?>%77<= -5 5>?<&Y >7D<%= ,72-=>-# &#7,&2>, -5 22 =-E %-4&5=-75= 7* D&22i
!)"& """&#%" "&"! F 
"&-5+ e:,F=-#2Y 4&5>2Y &47>-752Y =7#-2Y =:-<->?2Y 5% &#727+-#2f] ,?=Y D&225&== :<#>-#& 4F :<747>&
75& 7< =&C&<2 -5>&<<&2>&% 5% -5>&+<>&% e<-5#-:2& Rf %-4&5=-75= 7* D&22i"&-5+] ,-= =&#>-75 :<7C-%&= *&D
&E4:2&= 7* D&225&== :<#>-#&= 5% ,7D >,&F #75><-"?>& >7 ,&2:-5+ :&<=75 -4:<7C& 75& 7< 47<& %-4&5=-75= 7*
D&22i"&-5+ >,<7?+, -5>&<#>-75= -5 5>?<& 7< >,<7?+, 47<& -5>&5>-752  :<7+<4 &2&4&5>] 5 7>,&< D7<%=Y
D&225&== :<#>-#& #5 "& =-4:2& 5% :==-C& 7< 47<& -5>&5>-752Y #,22&5+-5+Y 5% #74:2&E_ >,& 1&F -= >,>
-> -= &C-%&5#&i"=&%] <&>-5+ %&K5->-C& 2-=> 7* 22 >,& &C-%&5#&i"=&% D&225&== :<#>-#&= <&2>&% >7 :<747>-5+
&#7,&2>, -= "&F75% >,& =#7:& 7* >,-= #,:>&<_ ,7D&C&<Y >,& C=> 407<->F 7* >,7=& :<7K2&% ,&<& D&<& =-4:2F
&E><#>&% *<74 >,& =F=>&4>-# <&C-&D= #->&% &<2-&<] &<,:= >,& K<=> 5% 47=> -4:7<>5> D&225&== :<#>-#& >,>
-= =?::7<>&% "F >,& &C-%&5#&Y =?44<-G&% *<74 47<& >,5 %7G&5 =F=>&4>-# <&C-&D=Y -= >7 !&,*, '-,+!
/!, !&&,-*]
W&,*,&'&&,/!, *&+ e75G2&Gv-<1&C72%YOMNQ_-#,72=&>2]YOMNV_,2F&>2]Y
OMNS_,&<&>2]YOMNQ_&7&>2]YOMOMf
W$#, '- '*+,+ e7>&<&>2]YOMOO_>,-=&>2]YOMOM_,&>2]YOMNT_&5&>2]YOMNV_72*&>
2]YOMOMf
W*,!!(,!&,!.!,!+'&/,* e<->>75&>2]YOMOMf
W+$$+&++!&'&&,!'&/!, ', *('($ e<<+5i=75&>2]YOMOO_7D2&<&>2]YOMNM_
<7D5-5+&>2]YOMOM_:2%-&>2]YOMNQ_7C&5><F&>2]YOMONfe+2-<%-v-##-5-5-YOMNV_-&>2]Y
OMON_#,5v=>&=YOMNR_&5<%7&>2]YOMON_<<&>2]YOMNS_=D2%&>2]YOMOM_<->#,<%&>
2]YOMOM_,-4-i<%"-2-&>2]YOMON_>&C&5=75&>2]YOMNU_,&<-&>2]YOMON_<9=><?:&>2]YOMNV_
C5%&57=#,v%&5+YOMNT_7&>2]YOMON_,5+&>2]YOMNTf
W-**!*+ eC5%&5&<+&>2]YOMOMf &!&)-!,!+ e#,A2&&>2]YOMNVf<&2>&%>7##&==
W( 1+!$$1,!.!&&,-* 1'*/#>!$$1'*%!&!%-%',/' '-*+(*/#B
(# $, &4,+*-/ &+(&!&,$+,, *,'4. '-*+(*/# e<>75v
<&>>FYOMNM_7C&5><F&>2]YOMON_7&>2]YOMNV_-="&>v&2&5=1-YOMNN_<1&>2]YOMNM_,->&&>
2]YOMNVf
W&!&'-,''*,!.!,!+ e7225%&>2]YOMNU_-&<=122&>2]YOMMQ_C5%&57=#,v%&5+Y
OMNT_&5&>2]YOMONfY +('*,+ e-+&5=#,&51&>2]YOMNVfY &C'*( 1+!$0*!+'-,+!'&$&'*
!&/,* e7D2&<&>2]YOMNM_<->7&>2]YOMOO_7C&5><F&>2]YOMON_+2-<%-v-##-5-5-YOMNVf &
/!, ', *('($/ &.*('++!$ e5=75v75&=YOMNR_5==75&>2]YOMNV_,<>&>2]YOMNV_
-&>2]YOMOO_,74:=75775&>2]YOMNNf
W&'-**'/!& !$*&,'&!&+$H!*,>-&+-(*.!+>&*!+#1'-,''*($1!&
&,-* e<?==75-&>2]YOMNR_F*&i7,5=75&>2]YOMON_<F&>2]YOMNR_-&>2]YOMON_<=,YNVVV_
=D2%&>2]YOMOM_7"&<>=&>2]YOMOM_-22455&>2]YOMNU_<&4"2F&>2]YOMNR_<?&27C&&>2]Y
OMNUf
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W.$'((*'H&.!*'&%&,$,,!,-+> .!'-*+>& !,+ e7225%&>2]YOMNU_#1Fv
 F !)"& """&#%" "&"!
#,4->>YOMNV_="2%-=>75YOMMQ_,->"?<5&>2]YOMOMf
W*1>%!,,>&C'*%!&-$/ &&!&&,-*&'-,''*0(*!&+ e<<+5i
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W&'*('*, $$&'-*+,!.!,!+!&,'1'-*(*'*%/ *+!$'*(*,!!(,!&
 $$&'-*+,!.!,!+/ *('++!$ e&<<&22YOMNT_-22-=v:&&245YOMMU_-22-=&>2]YOMNSf
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'-,''*(*'*% e7D&5v&-22YOMNP_772&F&>2]YOMOM_-22-=&>2]YOMNS_>>-&&>2]YNVVT_
<=,YNVVV_-2=75v-:=&FYOMMMf
W&, &, ,!%1'-(*,!!(,!&'*.$'(&$!.*&,-*H+!%%*+!.'-,''*
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W!.>/'*#&($1!, */!, !&'*+$'+,'*&&$-+(++1'-& eF*&i7,5=75&>
2]YOMON_=#75&>2]YOMNT_-5*<&%-&>2]YOMON_<&&552F>-#=YOMOM_7225%&>2]YOMNU_
7?2%&5&>2]YOMNU_""<&>2]YOMON_"-=#,&>2]YOMNT_?v&&YOMON_4"&<>&>2]YOMNV_
#7<4-#1YOMNT_&5+&>2]YOMON_,-4-i<%"-2-&>2]YOMON_?>-7&>2]YOMNU_70=i?&%&>
2]YOMON_#,A2&&>2]YOMNV_,&<-&>2]YOMON_D7,-+i&55&>>v75&=YOMNU_51&5v5#1&<>=Y
OMNU_&5%&2"7&i&2=75&>2]YOMNV_?5&>2]YOMON_,5+&>2]YOMOMf
W &$*&'-,''*+ eF7>>&i&?%&>&>2]YOMNT_&#1&<&>2]YOMNT_5+&>2]YOMON_>>-&&>
2]YNVVT_-%2DYOMMMf
&%&<= 4F K5% >,> =74& e7< 22f 7* >,& D&225&== :<#>-#& =?44<-G&% ,&<& <& C&<F +&5&<2 7< =&2*i&C-%&5>Y
5% >,> -= :<&#-=&2F 75& 7* >,& <&=75= D& 2-=>&% >,&4 ,&<& -5 >,-= #,:>&<] > ,-+,2-+,>= >,& <&4<1"2& =F5&<+F
"&>D&&5 &#7,&2>, :<747>-75 5% ] 5 7>,&< D7<%=Y 45F  :<#>->-75&<= ,C& "&&5 :<#>-#-5+ &#7,&2>,
:<747>-75 *7< F&<=Y 5% 75& 7* >,& 4-5 <&=75= *7< -5><7%?#-5+ >,&  -= >7 ,&2: :<7C-%& <-+7< 5%
#<&%-"-2->F >7 Y D,-#, #5 ,7:&*?22F :<7C-%& ,&2: D->, :<7+<4 %&C&27:4&5>Y *?5%-5+ <&;?&=>=Y :72-#F
%&C&27:4&5>Y7<=-4:2F7">-5-5+:&<4-==-75>7>1&=>?%&5>=7?>=-%&>,&#2==<774]
,& 7>,&< <&=75 >,&=& D&225&== :<#>-#& 4F ::&< +&5&<2 -= <&2>&% >7 >,& *#> >,> >,& &C-%&5#& -=
:<-4<-2F *<74 =F=>&4>-# <&C-&D= 5% 4&>i52F=&= D,&<& %&>-2= *<74 =:&#-K# =>?%-&= <& 2#1-5+] 7<&
%&>-2&% 5% =:&#-K# D&225&== :<#>-#&= #5 "& =F5>,&=-G&% *<74 -5%-C-%?2 =>?%-&= 7< =>?%-&= <&2>&% >7 =:&#-K#
:<#>-#&] 7< -5=>5#&Y 2>,7?+, >,&<& -= 57 =F=>&4>-# <&C-&D e>,> D& #7?2% K5%f <&2>&% >7 >,& :7>&5>-2
D&225&== :<#>-#& 7* &<>,-5+ 7< +<7?5%-5+Y >,&<& -= <&2>-C&2F =422 "7%F 7* &C-%&5#& %&C&27:-5+ >,> >,&
:<#>-#& 7* &<>,-5+ e#755&#>-5+ %-<&#>2F D->, >,& &<>,Y =?#, = D21-5+ "<&*77> 7< 2F-5+ 75 >,& +<7?5%f #5
2&% >7 -4:<7C&4&5>= -5 =&C&<2 %-4&5=-75= 7* D&22i"&-5+] <&#&5> ><-:2&i"2-5% e:<>-#-:5>Y >&=>&<Y 5% %>
52F=>f <5%74-G&% #75><72 ><-2 :<7C-%&% #75#2?=-C& &C-%&5#& >,> +<7?5%&% =2&&:-5+ <&%?#&% 4?=#2& %4+&
5% -5L44>-75 5% -4:<7C&% <&#7C&<F >-4& *7< >,& &E:&<-4&5>2 +<7?: #74:<&% >7 >,& #75><72 +<7?: *>&<
OM 4-5?>&= 7* -5>&5=-C& %7D5,-22 <?55-5+ 75 ><&%4-22 eA22&< &> 2]Y OMNVf] 57>,&< %7?"2&i"2-5%&% 
<&:7<>&% -4:<7C&% 477% -5 >,& &E:&<-4&5>2 +<7?: *>&< 752F 75& ,7?< 7* "&-5+ +<7?5%&% D,-2& <&2E-5+
!)"& """&#%" "&"! F 
#74:<&% >7 >,& &E:&<-4&5>2 +<7?: D,7 D&<& 57> +<7?5%&% D,-2& <&2E-5+ e,&C2-&<Y OMNRf] &->,&< 7* >,&=&
=>?%-&=D&<&#75%?#>&%7?>%77<=]
7D&C&<Y 2>,7?+, 752F =-5+?2< =>?%-&=Y >,-= >F:& 7* <&=&<#, -5 7?>%77< #75>&E>= 4F 2&% >7 D&225&==
:<#>-#&= -5 >,& *?>?<& <&2>&% >7 eNf =2&&:-5+ 7< 2F-5+ %7D5 7?>=-%& 75 >,& +<7?5% *>&< -5>&5=& :,F=-#2 #>-C->F
e&]+] #2-4"-5+ 47?5>-5f >7 -4:<7C& <&#7C&<FY 5% eOf -5>&5>-7522F <&2E-5+ D,-2& "&-5+ %-<&#>2F #755&#>&%
>7 >,& +<7?5% e&]+] =->>-5+ 75 "&#, D->, "<& *&&> "?<-&% -5 >,& =5% 7< -5 K&2% D->, *&&> -5 >,& +<==f >7
-4:<7C& 477%] ,&<& -= =>-22 4?#, D7<1 *7< *?>?<& <&=&<#,&<= >7 =F5>,&=-G& #?<<&5> <&=&<#, -5>7 &C-%&5#&i
"=&%D&225&==:<#>-#&=5%#75%?#>*?>?<&<&=&<#,=>?%-&=>7%&C&27:47<&D&225&==:<#>-#&=]
<9JE59$5 J5<9F
2>,7?+, >,& &C-%&5#& *7< >,& ,72-=>-# ,&2>, "&5&K>= <&2>&% >7  -= &E>&5=-C&Y =&C&<2 #75><-5%-#>-75= 5&&%
>7 "& #157D2&%+&%] 5 7>,&< D7<%=Y &#7,&2>, :<747>-75 -= 57> 5&#&==<-2F ::<7:<->& *7< 22 :&7:2&Y > 22
>-4&=Y -5 22 7?>%77< 5% 5>?<2 #75>&E>=] <-&=> eOMOMf =?44<-G&% >,& #75><-5%-#>-75= *7< :<>-#-:5>=
<&2>&% >7 7?>%77< >,&<:FY 5% 45F 7* >,&=& 2-1&2F ::2F >7 &#7,&2>, :<747>-75 = D&22] 5F 7* >,&=& <&
=?44<-G&% -5 "2& O e<-&=>Y OMOMf 5% >,& #,22&5+& 5% 5>?<& #75><-5%-#>-75= 2-=>&% <&2>& >7 %-H&<&5>
>F:&= 7* :,7"-= 7< *&<= >,> 4F #7?5>&<#> 7< :<&C&5> =74&75& *<74 :<>-#-:>-5+ 7< "&5&K>-5+ *<74
:<>-#?2<D&225&==:<#>-#&7<&#7,&2>,:<747>-75#>-C->F]
,& 2-=> 7* #75><-5%-#>-75= -5 "2& O <& :<-4<-2F <&2>&% >7 &5%7,&2>, %-4&5=-75= 5% =7#-2 D&22i
"&-5+ e5>,<7:7:,7"-f] 75><-5%-#>-75= <&2>&% >7 &#>7,&2>, #7?2% -5#2?%& 4-=2-+5&% =:-<->?2 C2?&=
7< "&2-&*= <&2>&% >7  :<7+<44-5+ e:<>-#-:5>m= C2?&= 7< "&2-&*= 57> 2-+5&% D->, >,&  :<7+<4f_
&E><&4& &5C-<754&5>= >,> <& &E#&==-C&2F ,7> e<?#&i7DY 7>&<<&22 v 75&=Y OMMSf 7< #72% e<<#& &> 2]Y
NVVV_ <<#& &> 2]Y OMMPf_ &E#&==-C&2F <-=1F #>-C->-&= 7< <-=1F #>-C->-&= D->, 57 &H&#>-C& <-=1 45+&4&5>
:25 e#1=75 v &=,1Y OMNNf_ #&<>-5 =&=75= 5% D&>,&< #75%->-75= -5 :<>-#?2< +&7+<:,-&= e?#1&< v
-22-25%Y OMMTf_ 5% 7>,&< 7"0&#>-C& ,G<%= =?#, =Y "?> 57> 2-4->&% >7Y 2-+,>5-5+Y C25#,&=Y L77%=Y 5%
=>&&: >&<<-5] 7<>?5>&2FY 45F  :<#>->-75&<= <& D<& 5% ><-5&% -5 <-=1 45+&4&5> :<7#&==&= 5%
:<#>-#&=Y =7 %%<&==-5+ 45F 7* >,&=& #75><-5%-#>7<= -= 57> 5 -5=?<47?5>"2& >=1] > =,7?2% 2=7 "& 57>&%
>,> >,&=& #75><-5%-#>-75= %7 57> <&L&#> >,& %-C&<=& <<F 7* 5>?<& #75>&E>= 5% :<>-#-:5> :<&*&<&5#&=
7< C&<=-75= >,> #7?2% -4:#> >,& "&5&K>= >,> ##<?& *<74 :<>-#?2< D&225&== :<#>-#& 7< :<7+<4] 7<
-5=>5#&Y >&<=2&"&5 5% 5%<&D= eOMNPf *7?5% >,> 7?>%77< &5C-<754&5>= D->, 27D 2&C&2= 7* :<7=:&#>
e7"=#?<&% K&2% 7* C-=-75f 5% ,-+, 2&C&2= 7* <&*?+& e:2#&= >7 ,-%&f D&<& 57> <&=>7<>-C& 5% 47<& 2-1&2F >7 2&%
>7 -5#<&=&% =><&== 5% %-<&#>&% >>&5>-75 *>-+?&Y 5% -E2&< 5% 27F% eNVVTf *7?5% >,> U>, +<%& "7F= D->,
,-+,*&<&E:&#>5#F5%%-=+?=>=&5=->-C->F:<&*&<<&%?<"5<>,&<>,5D-2%&5C-<754&5>=]
 F !)"& """&#%" "&"!
Table 2: Potential Contraindications for Participants Engaged in Ecohealth Promotion (Priest, 2020)

W &<-#?27:,7"-e%5+&<=f
W 5>,<7:7:,7"-e+<7?:=f
W ?>7:,7"-e"&-5+275&f
W #,2?7:,7"-e%<1f
W #<7:,7"-e,&-+,>=f
W F%<7:,7"-eD>&<f
W ,-757:,7"-e=57Df
W 2?=><7:,7"-e*&&2-5+><::&%-5#75K5&%=:#&=f

W -7:,7"-e7?>%77<=f
W 5>,<7:,7"-eL7D&<=f
W &5%<7:,7"-e><&&=f
W 5>747:,7"-e-5=&#>=f
W 77:,7"-e5-42=f
W &2-7:,7"-e=?5f
W =><:,7"-e2-+,>5-5+5%>,?5%&<=>7<4=f
W +7<:,7"-e*&&2-5+><::&%-57:&5=:#&=f
=
W &<:&><>7<=D->,?5#75><722&%7<=&C&<&%-=7<%&<=e&=:&#-22F<=75`:F<745-5%?5<&47<=&*?2C-72&5#&f
W ,&?5K>7<7"&=&e-5#2?%-5+:77<#<%-7C=#?2<,&2>,>,>4-+,>2-4->&E&<#-=&f
W >-&5>=D->,407<-50?<-&=e>,>4F:<&C&5>47C&4&5>7<27#747>-75f
W >-&5>=?5%&<+7-5+4&%-#2><&>4&5>e>,>4-+,><&;?-<&#75K5&4&5>>7#2-5-#7<,7=:->2f
W >-&5>=>1-5+#&<>-5:<&=#<-:>-754&%-#>-75=e>,>4-+,>-5>&<#>&5C-<754&5>22Ff
W 2-&5>=D,7<&%-2F575i*?5#>-752%?&>7&->,&<57C&<i<&2-5#&757>,&<=e=?#,=>,&-<:<&5>=f7<"&-5+
=-5#&<&2F=?-#-%2e47<&>,54&<&-%&>-757*=?-#-%&f
<9 7MF5<9
,&<& -= 57D 7C&<D,&24-5+ &C-%&5#& *7< >,& ,72-=>-# &#7,&2>, "&5&K>= <&2>&% >7  5% #75>#> D->, 5>?<&]
,-= #,:>&< :<&=&5>= 5&D  >,> D& ,7:& D-22 "& ,&2:*?2 *7<  :<#>->-75&<= 5% ,&2>, :<747>&<=
>7 ?=& 5% ::2F -5 >,&-< 2&%&<=,-: <72&= <&2>&% >7 >1-5+ :&7:2& 7?>=-%& 5%`7< :<747>-5+ ,&2>,] ,&
 #5 "& ?=&% = >,&7<&>-#2 *<4&D7<1 >7 -5*7<4  7< ,&2>, :<747>-75 :<7+<4= 5% :<7+<4
%&C&27:4&5> D,&<& D&225&== :<#>-#&= <&X eNf %-<&#>2F -5#7<:7<>&% -5>7 >,& :<7+<4 = :<-4<F 47%2->F_
7< eOf -5%-<&#>2F -5#7<:7<>&% -5>7 :<7+<4 = 5 %0?5#>-C& 47%2->F >7 =?::7<> 7>,&< ><+&>&% :<7+<4
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7&22&<Y ]Y -5+Y ]Y ?<<Y ]Y -""=Y ] ]Y v 74&<=22Y ] eOMNUf] >?<&i"=&% -5>&<C&5>-75= -5
-5=>->?>-752 5% 7<+5-=>-752 =&>>-5+=X =#7:-5+ <&C-&D] .4!2.4'/., /52., /$ .7'2/.-!.4, !,4&
!3!2&YBHePfYOVPiPMR]
75>7FY ] ]Y v ?44&<=Y ] ] eOMONf] U %-4&5=-75= 7* D&225&== *7< &%?#>7<=] &! !2.'.% 2/$!33'/.,Y
DBeNfYQViSO]
A22&<Y ]Y <822&<Y ]Y &<<&-<i<-GY ]Y +2=Y ]Y v >8++2Y ] eOMNVf] H&#>-C&5&== 7* <7?5%&% 2&&:-5+ 75
&#7C&<F*>&<5>&5=-C&##&5><-#?=#2&7%-5+] 2/.4'!23'.&:3'/,/%:YA@]RPQiRQO]
<1&=Y ]Y 2>5&<i7&D=Y ]Y v 7<D->GY ] eOMNQf] #7,&2>,] 5 ] ] -#,27= e%]fY .:,/0! ' /$
5,'4:/$'$!. !,,V!'.%!3!2&]:<-5+&<&>,&<25%=]NTTMiNTTQ]
<=75=Y ] eOMOMf] 27"2 5% 25&><F &2>,] 5 ] &2 -2,7Y ] 22Y ] ] G?2Y ] <5%2-Y v ] ]
G?F<e%=]fY // !,4&. !,,V!'.%N :<-5+&<5>&<5>-752?"2-=,-5+]OORiOPS]
&>&<=75Y ]Y v 55Y ] ] eOMNQf] :-<->?2->FY &2-+-7=->FY 5% ] 5 ] ] -#,72= e%]fY .:,/0! '
/$5,'4:/$'$!. !,,V!'.%!3!2&]
-&<=122Y ] ]Y &&Y ] ]Y >&-5Y ] ]Y 5%&<=75Y ] ]Y v -#1&<=75Y ] eOMMQf] 5%&<=>5%-5+
&2>-75=,-:= 475+ &#<&>-75 ::7<>?5->-&=X &>i52F=-= 7* -5& >?%-&=] !'352! '!.!3YBFeOfY
NSPiNUM]
<-&=>Y ] eOMOMf] /82 34,'3&'.% . '4'/.3 . /.42'. '4'/.3 '. 54 //2 &!20'!3] 5%-5
?>%77<,&<:F5%&2>,#<&]&><-&C&%*<74,>>:X``#7>,]#`
<-&=>Y ] eOMOPf] 5><7%?#>-75X ,> -= ?>%77< &<5-5+^ 5 ] <-&=>Y ] ] ->#,-&Y v ] #7>> e%=]fY
54 //2!2.'.%'.. ]:&5&=7?<#&&E>"771]&><-&C&%*<74,>>:X``72-#]#
<->#,<%Y ]Y -#,<%=75Y ]Y ,&I&2%Y ]Y v #D5Y ] eOMOMf] ,& &2>-75=,-: &>D&&5 >?<&
755&#>&%5&== 5% ?%-475-# &22i&-5+X &>i52F=-=] /52., /$ 00'.!33 45 '!3YBAePfY
NNQRiNNST]
,-4-i<%"-2-Y ]Y =>&22i?<>Y ]Y +?F&5Y ]i]Y ,5+Y ]Y -5+Y ]Y 75+Y ]i]Y v &5+Y ] eOMONf]
<&&5 =:#& 5% ,&2>, -5 4-525% ,-5X =F=>&4>-# <&C-&D] .4!2.4'/., /52., /$ .7'2/.-!.4,
!3!2&. 5,'!,4&YAHeNUfYNiOO]
->#,-&Y ] ]Y m5+&27Y ]Y v <-&=>Y ] eOMOOf] /8 4/ 2/-/4! /&!,4&] ==77#->-75 7* E:&<-&5>-2
%?#>-75]iT],>>:=X``DDD]&&]7<+`#,-:
->#,-&Y ] ]Y "57Y ] ]Y 7<"-&<&Y ] ]Y &=>7?2&Y ]Y ?==&22Y ]Y v 7?5+Y ] ] eOMNRf] 755&#>-5+
>7 >,& 77% -*& >,<7?+, ?>%77< %C&5>?<& &%&<=,-: E:&<-&5#&=] /52., /$ 7!.452!  54'/. Y
54 //2!2.'.%YNiON]
7"&<>=Y ]Y -5%=Y ]Y v 4-#Y ] ] eOMOMf] >?<& #>-C->-&= 5% D&22"&-5+ -5 #,-2%<&5 5% F7?5+ :&7:2&X
=F=>&4>-#2->&<>?<&<&C-&D] /52.,/$ 7!.452! 54'/.. 54 //2!2.'.%YB@eQfYOVUiPNU]
7=G1Y ]Y 74&=Y ] ]Y v 55&<Y ] ] eNVVRf] /03:&/,/%:J !34/2'.% 4&! !24&K &!,'.% 4&! -'. ] -&<<
2?"771=]
 F !)"& """&#%" "&"!
FHY ] ] eNVUVf] ::-5&== -= &C&<F>,-5+Y 7< -= ->^ E:27<>-75= 75 >,& 4&5-5+ 7* :=F#,727+-#2 D&22i"&-5+]
/52.,/$!23/.,'4:. /',3:&/,/%:YEGYNMSViNMUN]
FHY ] ]Y v &F&=Y ] ] ] eNVVRf] ,& ><?#>?<& 7* =F#,727+-#2 &22i&-5+ &C-=->&%] /52., /$
!23/.,'4:. /',3:&/,/%:YFIeQfYTNViTOT]
,<4i<F4&<Y ]Y v <F4&<Y ] eOMOMf] 27?<-=,-5+ 5% ?%-475-# &22i&-5+] 5 ] &2 -2,7Y ]
22Y ] ] G?2Y ] <5%2-Y v ] ] G?F< e%=]fY // !,4& . !,,V!'.%] :<-5+&< 5>&<5>-752
?"2-=,-5+]OMRiONQ]
,&1Y ] ] ] eOMNQf] :-<->?2->FY C&<C-&D] 5 ] ] -#,27= e%]fY .:,/0! ' /$ 5,'4: /$ '$! . !,,V
!'.%!3!2& e::]SOUViSOVRf]:<-5+&<&>,&<25%=]SOUViSOVQ]
>&C&5=75Y ] ]Y #,-2,"Y ]Y v &5>=&5Y ] eOMNUf] >>&5>-75 &=>7<>-75 ,&7<F X =F=>&4>-# <&C-&D
>7 #2<-*F >>&5>-75 :<7#&==&= H&#>&% "F &E:7=?<& >7 5>?<2 &5C-<754&5>=] /52., /$ /9'/,/%: .
.7'2/.-!.4,!,4&N24K2'4',!7'!83YBAeQfYOOTiOSU]
>7&D&5Y ] ] eOMNTf] -4&5=-75= 7* D&225&==X ,5+& F7?< ,"->=Y #,5+& F7?< 2-*&] &! . '.
7!4!2'.2:*/52.,X2!75!7!4!2'.'2!. '!..!YEHeUfYUSNiUSO]
D<"-#1Y ] eOMNRf] !,,.!33 '. H '-!.3'/.3] ] 722"7<>-C& ?::7<> <7+<4= 7* ] &><-&C&% *<74
,>>:=X``#=:50]7<+`D&225&==i<&=7?<#&`
,74:=75 775Y ]Y 7%%FY ]Y >&-5Y ]Y ,&<Y ]Y <>75Y ]Y v &:2&%+&Y ] ] eOMNNf] 7&=
:<>-#-:>-5+ -5 :,F=-#2 #>-C->F -5 7?>%77< 5>?<2 &5C-<754&5>= ,C& +<&>&< &H&#> 75 :,F=-#2 5%
4&5>2 D&22"&-5+ >,5 :,F=-#2 #>-C->F -5%77<=^ =F=>&4>-# <&C-&D] .7'2/.-!.4, '!.! Y !&./,/%:Y
DEeRfYNTSNiNTTO]
-22455Y ]Y 7"-5Y ]Y C-=75Y ]Y v -22-25%Y ] eOMNUf] &5>2 ,&2>, "&5&K>= 7* -5>&<#>-75= D->, 5>?<&
-5 #,-2%<&5 5% >&&5+&<=X =F=>&4>-# <&C-&D] /52., /$ 0' !-'/,/%: . /--5.'4: !,4&YGBeNMfY
VRUiVSS]
<?&27C&Y ]Y <?-05=Y ] ]Y 5%&<277Y ] ]Y m<-&5Y ] ]Y 7,5=75Y ] ]Y v ?#1&<Y ] eOMNUf] ,F=-#2
#>-C->F 5% =&%&5><F >-4& %?<-5+ #,-2%#<& 7?>%77< :2F =&==-75=X =F=>&4>-# <&C-&D 5% 4&>i52F=-=]
2!7!.4'7!-! ''.!YA@HYTQiUR]
21&<Y ] ]Y v &<45Y ] eOMMVf] ,&<:&?>-# <&#<&>-75 #4:=X 5 &H&#>-C& -5>&<C&5>-75 *7< #,-2%<&5 5%
F7?5+:&7:2&D->,#,<75-#-225&==^ 2&'7!3/$'3!3!'.&', &// YIDeRfYQMNiQMS]
,->"?<5Y ]Y -512>&<Y ]Y v "<,4=&Y ] eOMOMf] &>i52F=-= 7* ,?45 #755&#>-75 >7 5>?<& 5%
:<7&5C-<754&5>2"&,C-7<] /.3!274'/.'/,/%:YCDeNfYNUMiNVP]
-2=75Y ] ]Y v -:=&FY ] ] eOMMMf] -2%&<5&== ,22&5+& <7+<4= *7< &2-5;?&5> 7?>,X &>i52F=-=
7*?>#74&C2?>-75=] 7,54'/.. 2/%2-,..'.%YBCeNfYNiNO]
72*Y ] ]Y 4Y ] ]Y #&&5Y ] ]Y -#,<%=75Y ] ] ]Y C5 %&5 7=#,Y ]Y v <%&10-5Y ] ] eOMOMf]
<"5 <&&= 5% ?45 &2>,X #7:-5+ &C-&D] .4!2.4'/., /52., /$ .7'2/.-!.4, !3!2& .
5,'!,4&YAGeNOfYNiPM]
7<2% &2>, <+5-G>-75] eOMOOf] !.4, !,4&] 7<2% &2>, <+5-G>-75] &><-&C&% *<74
,>>:=X``DDD]D,7]-5>`5&D=i<774`*#>i=,&&>=`%&>-2`4&5>2i,&2>,i=><&5+>,&5-5+i7?<i<&=:75=&
!)"& """&#%" "&"! F 
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7<2% &2>, <+5-G>-75] eNVQUf] !=.'4'/. /$ !,4&] 7<2% &2>, <+5-G>-75] &><-&C&% *<74
,>>:=X``DDD]D,7]-5>`"7?>`+7C&<55#&`#75=>->?>-75
%&?5i5>?657Y ] eOMOMf] 5%-+&57?= &<=:&#>-C&= 7* &22"&-5+X -C-5+ 77% -*&] 5 ] &2 -2,7Y ]
22Y ] ] G?2Y ] <5%2-Y v ] ] G?F< e%=]fY // !,4& . !,,V!'.% e::] QPSiQQUf] :<-5+&<
5>&<5>-752?"2-=,-5+]
7Y ]Y ,5+Y ]Y v 75+Y ] eOMONf] ,& H&#> 7* E:7=?<& >7 ,& >?<2 5C-<754&5> 75 ><&==
&%?#>-75X&>i52F=-=] 2./2!342:Y2.2!!.'.%YEGYNiNO]
&5Y ]i]Y ,-?Y ]i]Y v ?5+Y ]i] eOMONf] <&&5 5% 2?& ,F=-#2 #>-C->F *7< ?2->F * -*&X
F=>&4>-# &C-&D 5% &>i52F=-= 7* 5%74-G&% 75><72 <-2=] . 30! . 2. ,..'.%YBABY
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7*>,&2DY5%D,>"?=-5&==&=#5%7>7%&*&5%>,&4=&2C&=-5>,&&C&5>7*2D=?->]
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*7<&=&&"2& >7 -50?<& >,7=& D,7 7?+,> >7 "& -5 #75>&4:2>-75 7* "&-5+ H&#>&%] ?=> = %?>F 7* #<& &E-=>=
"&>D&&5>&#,&<=5%=>?%&5>=Y7<%7#>7<=5%:>-&5>=Y%?>F2=7&E-=>="&>D&&5+?-%&=5%#2-&5>=]
,> %?>FY ,7D&C&<Y -= 57> >7 +?<5>&& >,> #2-&5>= D-22 "& *<&& *<74 ,<4] = >,& <->-=, 72?4"- 7?<>
7* ::&2 -5 52=!, 7N 2'// !,'/04!2 +''.% 4 N !4 ,NY eNVVPf =>>&% h #=& -5 D,-#, >D7 #2-&5>= %-&%
-5 5 C25#,& D,-2& ,&2-i=1--5+ h j> -= 57> #75>&5%&% >,> >,& %&*&5%5>= c>,& +?-%& 5% ,&2-i=1--5+ "?=-5&==d
,% %?>F >7 &5=?<& >,> >,&-< +?&=>= D&<& 1&:> DF *<74 22 :2#&= D,&<& C25#,&= #7?2% 7##?< h -5 >,&
#75>&E> 7* ,&2-#7:>&< =1--5+Y >,> D7?2% "& -4:7==-"2&k e:] Pf] ,& #7?<> D&5> 75 >7 =F >,> >,& %?>F D= j57>
>7 &E:7=& >,&-< +?&=>= c>7 <-=1=d <&+<%&% -5 >,& "?=-5&== = ?5<&=75"2F ,-+,k e52=!, 7N 2'// !,'/04!2
+''.%4 N!4,NYNVVPY:]Pf]
,& =&#75% ;?&=>-75 -5 5&+2-+&5#& #>-75 -= D,&>,&< >,& %&*&5%5>m= "&,C-7?< "<&#,&% >,& =>5%<% 7*
#<&] ,& %&*&5%5>m= #75%?#> 4?=> "& =?I#-&5>2F ?5<&=75"2& >,> -> 47?5>= >7 "<&#, 7* >,& %?>F 5%
<&;?-<&%=>5%<%7*#<&],-=-=7*>&5>,&#<?E7*5&+2-+&5#&#=&=-5%C&5>?<&:<7+<4=]
,& ;?&=>-75 7* D,> -= <&=75"2& C&E&= >,& #7?<>= 5% >,& 7?>%77< #744?5->F] &-5+ <&=75"2& %7&=5m>
4&5 F7? ,C& >7 "& &E><7<%-5<F] >5%<%= #,5+& 5% &C72C&Y 5% D,> ?=&% >7 "& &E><7<%-5<F 4F
"&#74& 7<%-5<F 5% <&=75"2& 7C&< >-4&] ,& #7?<>= %7 57> &E:&#> +?-%& >7 "& 0?%+&% +-5=> >,& D7<2%m=
47=> ;?2-K&% :<#>->-75&<Y D,7 4F ,C& , D->, OR F&<= &E:&<-&5#& 5% -= -5>&<5>-7522F -5%?=><F
#&<>-K&% -5 >,& %-=#-:2-5&] ,& #7?<>= %7 57> &E:&#> :&7:2& >7 "& :<+75= 7* :&<*&#>-75Y 7< >7 5&C&< 41&
4-=>1&= 7< &<<7<= 7* 0?%+4&5>] ,&F <& -5=>&% >7 "& 0?%+&% +-5=> D,> -= <&=75"2& -5 >,& #-<#?4=>5#&=]
,& #-<#?4=>5#&= D-22 2-1&2F %&45% ;?2-K#>-75= #744&5=?<>& 7< #74:<"2& D->, <&=75"2&
:<7*&==-752-5>,&#>-C->F]
7< :<7*&==-752=Y >,& =>5%<% -= >,> 7* <&=75"2F #74:&>&5> :&<=75 D->, >,& ><-5-5+ 5% &E:&<>-=&
%&45%&% 7* >,> :<7*&==-75] ,& =>5%<% 7* #<& &E:&#>&% 7* 2DF&< -= >,> 7* j<&=75"2F #74:&>&5>
=72-#->7<Yk =F575F47?= D->, j>,& 7<%-5<F #74:&>&5> =72-#->7< 5% >,& 7<%-5<F :<?%&5> =72-#->7<k D,7 "<-5+=
j<&=75"2& #<&Y =1-22Y 5% 157D2&%+& >7 >,& :&<*7<45#& 7* >,& :<7*&==-752 =&<C-#&k D,-#, ,= "&&5
?5%&<>1&5 e!.42, Y 34!2. 2534 /N 7N $53!Y NVUSY :] ROf] 5 %-=#?==-5+ %7#>7<m= =>5%<% 7* #<&Y >,&
7?<>7*::&2*7<5><-7-5 :,7!34!27N2'43!4,N 57>&%>,>X
C&<F 4&%-#2 :<#>->-75&< 4?=> "<-5+ >7 ,-= >=1 <&=75"2& %&+<&& 7* =1-22 5% 157D2&%+& 5% 4?=> &E&<#-=&
<&=75"2& %&+<&& 7* #<&] & -= "7?5% >7 &E&<#-=& >,> %&+<&& 7* #<& 5% =1-22 D,-#, #7?2% <&=75"2F "&
&E:&#>&% 7* 57<42Y :<?%&5> :<#>->-75&< 7* >,& =4& &E:&<-&5#& 5% =>5%-5+Y 5% -* ,& ,72%= ,-4=&2* 7?> =
=:&#-2-=>Y ,-+,&< %&+<&& 7* =1-22 -= <&;?-<&% 7* ,-4 >,5 7* 75& D,7 %7&= 57> :<7*&== >7 "& =7 ;?2-K&% "F =:&#-2
><-5-5+5%"-2->Fe:,7!34!27N2'43!4,NYNVRSY:]PQf]
?-%-5+ ==7#->-75= ,C& #75><-"?>&% >7 >,& #<*>-5+ 7* >,& #<&Y =1-22=Y 5% 157D2&%+& &E:&#>&% 7* +?-%&=] >=
7C&<22 &H&#> 75 >,& %C&5>?<& -5%?=><F -= -4:<7C&% #2-&5> #<& 5% =*&>F :<#>-#&=] 5%?=><F #&<>-K#>-75= 5%
"&5#,4<1= D-22 *7<4 :<> 7* >,& &;?>-75 -5 >,& #7?<>m= %&>&<4-5>-75 7* >,& =>5%<% 7* #<&Y "?> -> D-22 57>
"&>,&=72&"=-=*7<->]
,& >,-<% :7-5> -= >,> :2-5>-H D,7 =?H&<= :&<=752 -50?<F D-22 "& *7?5% >7 ,C& =?H&<&% %4+&] ,&
&+!! F 
=#7:& 7* >,& ,<4 =?H&<&% >1&= 45F *7<4=] > #5 -5#2?%& >,& 27== 7* 2-*& 5% 2-4" 5% 7>,&< :,F=-#2 -50?<FY
4&5>27<:=F#,727+-#2-50?<FY:<7:&<>F%4+&Y5%<&:?>>-752,<4]
,& *7?<>, 5% K52 ;?&=>-75 >7 %%<&== -5 5&+2-+&5#& #2-4 -= D,&>,&< >,& %&*&5%5>m= "<&#, #?=&% >,&
:2-5>-Hm= ,<4 -5 *#> 5% -5 2D] > <&;?-<&= :<77*Y 75 "25#& 7* :<7""-2->-&=Y >,> >,& %&*&5%5>m= *-2?<&
>7 4&&> <&=75"2& =>5%<% 7* #<& #?=&% >,& :2-5>-H <&=75"2F *7<&=&&"2& 27==Y %4+&Y 7< -50?<F] ,&
#75%?#> 7* >,& %&*&5%5> 4?=> "& >,& :<7E-4>& #?=& 7* >,& -50?<FY 7< >,& ,<4 =?H&<&% =,7?2% 57> "& >77
<&47>& >7 D<<5> <&#7C&<F] > =7?5%= =-4:2&Y "?> -> -=5m>] ,& <&47>&5&== -5;?-<F =1= D,&>,&< j>,& ,<4 c-=d
>77 ?5<&2>&% >7 >,& D<75+*?2 #75%?#>k e'. !. Y !, 4&53!.Y OMMSY :] PSMf] ,& :<-5#-:2& -5 2D -= >,> j-> -=
>,& *7<&=-+,> 7* >,& <&=75"2& 45 D,-#, 275& #5 %&>&<4-5& <&=:75=-"-2->Fk e7!23!3 .+3&'0 RNNS 4 N
7N /243 /+ Y .%'.!!2'.% /NY NVSNY :] QOQf] 5 7>,&< D7<%=Y *-2-5+ >7 >,-51 "7?> 5% <&=75"2F *7<&=&&
>,&:7==-"-2->F7*,<4#7?2%+-C&<-=&>75#>-75-55&+2-+&5#&]
75=-%&<"2& %&">& ,= &5=?&% "7?> D,> >,-= #>?22F 4&5= -5 ::2-#>-75] = <&=75"2F *7<&=&&"2&
,<4 75& D,7=& 7##?<<&5#& -= :<7""2& 7< 4&<&2F :7==-"2&^ ,& ?:<&4& 7?<> 7* 5% -5 5340& 7N
5,,'%. /$ .  4 N eOMMUY :] NNQf %-=4-==&% >,-= ;?&=>-75 = 4-=2&%-5+ 5% <&% ,&<<-5+] ,> #7?<>
:<7:&<2F %&=#<-"&% 5F ,<4 D,-#, ,= #>?22F 7##?<<&% = j:7==-"2&Yk <&5%&<-5+ 477> D,&>,&< :7==-"-2->F
=,7?2% "& 4&><-# 7* ,7D <&=75"2& *7<&=&&"-2->F -= %&K5&%] 7 ->m= 47<& >,5 D,&>,&< =74&>,-5+ #7?2%
,::&5Y"?>D,&>,&<->4-+,>,::&5]
,& #7?<> -5 /,4/. 7N 4/.! eNVRNY :] URMf h =&4-52 #=& -5C72C-5+ :2-5>-H D,7Y D,-2& D21-5+ 75
<&=-%&5>-2 =-%& <7%Y D= -50?<&% "F "22 ,-> *<74 5 %0#&5> #<-#1&> +<7?5% e"22= D&<& 157D5 >7 ,C& L7D5
7C&< >,& *&5#& "7?> =-E >-4&= -5 >,& :=> PM F&<=f h &H&#>-C&2F =-% >,> -> D=5m> &57?+, >,> =74&>,-5+ 4F
:7==-"2F#?=&-50?<FY"?><>,&<>,>=74&+<&>&<:<7""-2->F4?=>&E-=>]
,& #7?<> -5 72>75 ,&2% >,> >,& %?>F -= >7 57> +?<% +-5=> j*5>=>-#k :7==-"-2->-&= 2-1& >,& *5>=>-#2
7%%= 7* D-55-5+ >,& 27>>&<FY "?> >7 -5=>&% +?<% +-5=> ,<4 -5 D,-#, >,&<& -= j=?I#-&5> :<7""-2->Fk 7*
&C&5>?>-5+] ?<>,&<Y >,& %&+<&& 7* :<7""-2->F >,> D7?2% =>-=*F >,& <&=75"2& *7<&=&&"-2->F <&;?-<&4&5> ,=
"&&5 %&=#<-"&% = j<&2 <-=1Yk -]&]Y 75& D,-#, D7?2% 7##?< >7 >,& 4-5% 7* <&=75"2& :&<=75 5% D7?2% 57>
"&"<?=,&%=-%&=*<i*&>#,&%e7!23!3.+3&'0RNNS4 N7N',,!24!-3&'0/N4:NYNVSTY:]SNTf]
> -= -5 >,-= #75>&E> >,> +?-%&= 41& +7`57i+7 %&#-=-75= "=&% 75 >,&-< :&<#&:>-75 7* >,& :<7""-2->F 7* >,&
<-=1 4>&<-2-G-5+] -=1 -= 2DF= :<7""-2->F -==?& e<->-=, >5%<%= 5=>->?>&Y OMNSY :] Of] ?-%&= &H&#>-C&2F
>1& -5>7 ##7?5> >,& 7%%= 7* =?##&== C&<=?= ,7D 4?#, -= D+&<&% D,&5 41-5+ <-=1 45+&4&5> %&#-=-75=]
>m= ?2>-4>&2F <-=1i<&D<% 7< #7=>i"&5&K> -==?&Y 5% -> "7-2= %7D5 >7 D,&>,&< >,& <-=1 -= D7<>, ->Y 7< -* ->m=
0?=>-K"2&] = -> D7<>, -> >7 =1- >,-= =27:&Y <*> >,> <-C&<Y 7< #2-4" :<>-#?2< <7?>&^ ,> -= >,& :<7""-2->F 7*
>,>=27:&&E:&<-&5#-5+5C25#,&Y7*>,&<*>L-::-5+Y7<"&-5+,->"F<7#1*22^
7 >,& &E>&5> >,7=& ;?&=>-75= #5 "& ><?>,*?22F 5=D&<&% h *>&< 22Y 0?=> = >,& ?:<&4& 7?<> 7* 5%
-4:2-&% -5 5340&Y >,& :<7""-2->F -= NMMsY -* >,& =27:& &E:&<-&5#&% 5 C25#,&Y >,& <*> L-::&%Y 7< #2-&5>=
D&<& ,-> "F *22-5+ <7#1 h D-22 %&>&<4-5& -* >,& <-=1 D= <&=75"2F *7<&=&&"2&] -"-2->F D-22 "& >>#,&% -* >,&
%&#-=-75D=5m>0?=>-K"2&5%>,&<-=1D=5m>D7<>,->]
5 &E4:2& 7* >,-= ,::&5&%Y "&+-55-5+ 75 >,& 57<>, *#& 7* >,& 7?< 75%&Y =?"=-%-<F :&1 7* 75>
 F &+!!
25# -5 >,& <&5#, 2:= -5 NVVMY 5% &5%-5+ -5 #7?<><774 *7?< F&<= 2>&< e// 2/<!V! ,!: 7N 54&!243/.Y
NVVQf] ,& +?-%& h D<& >,> ,& 5% ,-= #2-&5> D&<& "&,-5% =#,&%?2& 5% 47C-5+ >77 =27D2FY 5% >,> >,&
>&4:&<>?<& D= ,7>>&< >,5 &E:&#>&% e#7>>Y NVVUY :] NVNf h %&#-%&% -> D= :<&*&<"2& >7 47C& <:-%2F >7 C7-%
"&-5+ ,-> "F *22-5+ <7#1 #?=&% "F >,& ?5&E:&#>&% ,&>Y <>,&< >,5 =:&5% %%->-752 >-4& #75*7<4-5+ D->,
j"&=> :<#>-#&k 7* :2#-5+ >D7 -#& =#<&D= > >,& 5#,7< :7-5>] 5 ,-= 5&&% *7< =:&&%Y >,& +?-%& 2&*> ,-= #2-&5>
#755&#>&% >7 75& -#& =#<&D 5% -5>&5%&% >7 47C& ;?-#12F 7?> 7* >,& *22 2-5& 7* >,& *#& "&5&>, <7#1F =&#>-75
D,-#, 7H&<&% :<7>&#>-75 *<74 *22-5+ <7#1 "7C&] 5*7<>?5>&2FY >,& +?-%& *&22Y :?22-5+ 7?> >,& 5#,7< >7
D,-#, >,& #2-&5> ,% "&&5 #755&#>&%Y 5% "7>, *&22 %7D5 >,& *#&Y =>7::-5+ D,&5 >,& <7:& =5++&% 75 <7#1]
,& #2-&5> D= 1-22&% 247=> -5=>5>2F] ,& +?-%& =?<C-C&% 5% D= =?##&==*?22F =?&% -5 NVVQ *7< 5&+2-+&5#&]
,& 0?%+& *7?5% ,-4 2-"2&Y =F-5+ >,> >,& +?-%&m= #75#&<5 7C&< >,& -44&%->& 7< -44-5&5> <-=1 7* <7#1*22
D=7?>D&-+,&%"F>,&:7==-"-2->F7**7<&=&&"2&*22e'','4:335!3YNVVTf]
,& ?:<&4& 7?<> 7* 5% =?44<-G&% >,& 2D 7* 5&+2-+&5#& -5 /2 . /53! 4 N 7N !./8 eNVTPY :]
OQTf>,?=2FX
,& #74475 2D ==&==&= 2-"-2->F *7< 5&+2-+&5#& 75 >,& "=-= 7* "<&#, 7* %?>F 7* #<& <-=-5+ *<74 *7<&=&&"2&
5% ?5<&=75"2& <-=1 7* ,<4 >7 75& :&<=75 #<&>&% "F >,& #> 7< 74-==-75 7* 57>,&<] ,-= -= >,& +&5&<2->F
D,-#, &E,-"->= >,& L&E-"-2->F 7* >,& #74475 2D_ "?> =-5#& 2-"-2->F -= :<&%-#>&% ?:75 *?2>Y >,& +?-%-5+
:<-5#-:2& ==?4&= 5&E?= 7< <&2>-75=,-: "&>D&&5 >,& -50?<&% :&<=75 5% >,& -50?<-5+ :&<=75Y D,-#, 41&= ->
<&=75"2& >7 #75#2?%& >,> >,& 2>>&< 7D&= %?>F >7 >,& *7<4&< 57> >7 &E:7=& ,-4 >7 5 ?5<&=75"2& <-=1 7*
,<4] 7<&7C&<Y -5 #75=-%&<-5+ D,&>,&< >,& <-=1 7* -50?<F >7 D,-#, :&<=75 4F "& &E:7=&% -= 75& >,> ,&
=,7?2% 57> <&=75"2F ,C& >7 <?5Y -> -= <&2&C5> >7 <&2>& >,& :<7""-2->F 5% >,& +<C->F 7* -50?<F >7 >,& "?<%&5
>,>D7?2%"&-4:7=&%?:75>,&:<7=:&#>-C&%&*&5%5>-5>1-5+C7-%-5+4&=?<&=]
,-= -= D,&<& >,-5+= #5 +&> ><-#1F] 771&% -5>7 >,& #2#?2?= 7* D,> #75=>->?>&= 5&+2-+&5#& <& #75#&:>=
7* <&=75"2&5&== 5% *7<&=&&"-2->F] &<& >,& <-=1= D,-#, &C&5>?>&% 5% ,<4&% >,& :2-5>-H <&=75"2F
*7<&=&&"2&Y 5% D&<& >,& #>-75= 7* >,& %&*&5%5> <&=75"2&^ = >,& ?:<&4& 7?<> 7* 5% =-% -5
5340&Y D,-2& #->-5+ -5%&5 5% &2%>,?=&5 eOMMSfY #75%?#> -= 5&+2-+&5> -* -> #<&>&= 5 ?5<&=75"2& <-=1
7*,<4]
7 2F:&<=75Y >,&<& -= 57>,-5+ <&47>&2F <&=75"2& "7?> %C&5>?<&] &=75"2& :&7:2&Y *>&< 22Y %75m>
0?4: 7?> 7* :&<*&#>2F +77% -<:25&= 7< #2-4" 47?5>-5 *#&= <&2F-5+ 75 =1-55F <7:&= >7 =C& >,&-< "#1=-%&=[
,& :?"2-# 4-+,> <&+<% :<#,?>-5+ 5% 47?5>-5 #2-4"-5+ = "&-5+ ?5<&=75"2F <-=1F] ,-= #74:2-#>&=
>,& %&>&<4-5>-75 7* D,> #75=>->?>&= ?5<&=75"2& <-=1] 7D&C&<Y -> "7-2= %7D5 >7 D,> -= <&=75"2& -5 >,&
#-<#?4=>5#&=Y5%&C&5,-+,i<-=1%C&5>?<&=:7<>=,C&2-5&=D,-#,#<7==-5>7>,&?5<&=75"2&]
,& ?:<&4& 7?<> 7* 5%Y -5 2/+!2 7N 5. .! /24&8!34 !3/243 4 N eNVUUY 57 :+&f h #=&
-5C72C-5+ 5 -5>7E-#>&% :2-5>-H D,7 "<71& ,-= 5&#1 *>&< "&-5+ :&<4->>&% >7 :<>-#-:>& -5 >?"-5+
#74:&>->-7575=1-,-22h&5#:=?2>&%>,&>7>2->F7*>,&-==?&=5-#&2FX
&7:2& &5++& -5 %5+&<7?= =:7<>= &C&<F %F] ,&F =#2& =,&&< #2-H= 5% =2-%& %7D5 >,& =-%&= 7* 47?5>-5=] ,&F
0?4: *<74 -<:25&= 5% L7> %7D5 D,->& D>&< <-C&<= -5 <?""&< <*>=] -=1 ,5+= 247=> :2:"2F 7C&< >,&=&
&+!! F 
#>-C->-&=] 5%&&%Y >,& &2&4&5> 7* <-=1 =&&4= >7 41& >,& =:7<>= 47<& >><#>-C& >7 45F] ##=-7522FY ,7D&C&<Y
>,&<-=14>&<-2-G&=5%>,&<&=?2>-=?=?22F><+-#]
,& #7?<> -5 2/+!2 ,&2% >,> >,&<& D= %?>F 7D&% "F >,& %&*&5%5> =1- ,-22Y D,-#, <&;?-<&% #75*7<4->F >7
=>5%<% 7* #<& <&+<%-5+ -5>7E-#>-75Y >,> >,& #75%?#> "<&#,&% >,& <&;?-<&% =>5%<% 7* #<& <-=-5+ *<74
*7<&=&&"2&5%?5<&=75"2&<-=17*,<4Y5%>,>>,&#75%?#>D=:<7E-4>&#?=&7*>,&,<4=?H&<&%]
D7 4-5 DF= >,> 2-"-2->F #5 "& 2-4->&%Y 75#& -> ,= "&&5 &=>"2-=,&% >,> >,& %&*&5%5> +?-%& 7< "?=-5&==
,= "&&5 5&+2-+&5>Y <& ><5=*&<<-5+ >,& 2&+2 <-=1 "#1 >7 >,& :2-5>-H >,<7?+, >,& %7#><-5& 7* #75><-"?>7<F
5&+2-+&5#&5%&5*7<#&4&5>7*:<&C-7?=2F%4-5-=>&<&%D-C&<7*2-"-2->F]
,+1/&21,/6"$)&$"+ "
C&5 >,7?+, :2-5>-H 4F ,C& =?H&<&% -50?<F >><-"?>"2& >7 >,& %&*&5%5>m= 5&+2-+&5#&Y >,& :2-5>-Hm= #2-4
*7< %4+&= 4F "& <&%?#&% 7< &2-4-5>&% -* >,& :2-5>-H *-2&% >7 >1& <&=75"2& #<& *7< >,&-< 7D5 =*&>FY 5%
>,&-< 7D5 5&+2-+&5#& #75><-"?>&% >7 >,&-< 27==] * >,& :2-5>-Hm= 7D5 5&+2-+&5#& 7< #<&2&==5&== #75><-"?>&= >7
>,&-<-50?<FY>,&-<<-+,>>7*?22F<&#7C&<*7<>,>27==4F"&#7<<&=:75%-5+2F%-4-5-=,&%]
,& >&=> *7< #75><-"?>7<F 5&+2-+&5#& -= #75=-=>&5> D->, :<7C-5+ 5&+2-+&5#&] ,& ?:<&4& 7?<> 7* 5%Y
-5 /8 ,,!: 53+: R!2-5 S 4 N 7N '.4 /&. &'05', '.% 4 N eNVVTY :] TSfY %7:>&% >,& >&=> *7< >,> =&>
7?>"F7<%&55-5+-5>,&5+2-=,#=&7* /.!37N'7/9522'!3YeNVROY:]SNRfX
?=> = #>-75"2& 5&+2-+&5#& <&;?-<&= >,& *7<&=&&"-2->F 7* ,<4 >7 7>,&<=Y =7 #75><-"?>7<F 5&+2-+&5#& <&;?-<&=
>,& *7<&=&&"-2->F 7* ,<4 >7 75&=&2*] :&<=75 -= +?-2>F 7* #75><-"?>7<F 5&+2-+&5#& -* ,& 7?+,> <&=75"2F >7 ,C&
*7<&=&&5 >,>Y -* ,& %-% 57> #> = <&=75"2&Y :<?%&5> 45Y ,& 4-+,> "& ,?<> ,-4=&2*_ 5% -5 ,-= <&#175-5+= ,&
4?=>>1&-5>7##7?5>>,&:7==-"-2->F7*7>,&<="&-5+#<&2&==]
<7C-5#-2 =>>?>&= #7%-*F ,7D 2-"-2->F 5% #7=>= <& ::7<>-75&%] 7< &E4:2&Y >,& 2'4'3& /,5-'
!%,'%!.! 4 eNVVSf =>>&= >,>Y j*Y "F >,& *?2> 7* >D7 7< 47<& :&<=75=Y %4+& 7< 27== -= #?=&% >7 75&
7< 47<& 7* >,&4Y >,& 2-"-2->F >7 41& +77% >,& %4+& 7< 27== -= -5 :<7:7<>-75 >7 >,& %&+<&& >7 D,-#, &#,
:&<=75 D= > *?2>]k > *?<>,&< =F= >,>Y j,& 2-"-2->F *7< #7=>= 7* >,& :<>-&= >7 &C&<F #>-75 -= -5 >,& =4&
:<7:7<>-75 = >,&-< <&=:&#>-C& 2-"-2->F >7 41& +77% >,& %4+& 7< 27==k e!%,'%!.! 4Y :] Nf] 5 7>,&< D7<%=Y
:2-5>-Hm= #<&2&==5&==Y 4-=0?%+4&5>Y 4-=>1&Y 7< -5>>&5>-C&5&== 4F 2-4-> >,& %&*&5%5>m= 2-"-2->F 5% <&%?#&
>,&%4+&=>7"&:-%7?>]
&3"/0
,& 7>,&< :<-5#-:2 4&>,7% *7< +?-%& 7< "?=-5&== >7 2-4-> >,&-< 2&+2 2-"-2->F -= >,<7?+, >,& ?=& 7* D-C&<=]
>m= :7==-"2& *7< %&*&5%5> +?-%& 7< "?=-5&== D,7 ,= #?=&% 5 ##-%&5> 7< ,= "&&5 5&+2-+&5> >7 57> "& 2-"2&
 F &+!!
*7< >,& -50?<-&= =?=>-5&% -* >,& :2-5>-H #2-&5> ,= =-+5&% D-C&< :<-7< >7 :<>-#-:>-75] ,& >&<4 D-C&< -=
"&-5+ ?=&% ,&<& -5 5 22i&5#74:==-5+ DF D,-#, -5#2?%&= <&2&=&= 7* 2-"-2->FY D-C&< 7* #2-4=Y ==?4:>-75
7* <-=1=Y -5%&45->F +<&&4&5>= e <-=1 ><5=*&< D7<1<7?5%Y D,&<&"F 75& :<>F +<&&= >7 #7C&< >,& #7=>= *7< >,&
27==&= 7* 57>,&< :<>FfY 5% #7C&55>= 57> >7 =?&] ,&=& <& %-H&<&5>Y "?> <& 2?4:&% >7+&>,&< ,&<& *7< &=& 7*
&E:25>-75]
=-#22FY D-C&< ?=&= &E#2?=-75<F 25+?+& >,> 227#>&= 2&+2 <&=:75=-"-2->F *7< :&<=752 -50?<F >7 >,&
:&<=75 D,7 =-+5&% -> 5% 57> >7 >,& %C&5>?<& 7:&<>7< >,> %4-5-=>&<&% >,& D-C&< 5% 4F #?=& 5 -50?<F]
-C&<= <& ?"-;?->7?= -5 =:7<> 5% =7#-&>F] &7:2& =-+5 D-C&<= = #75%->-75 7* :<>-#-:>-75 D,&5 #2-4"-5+
>+F4Y<*>-5+75#744&<#-2+?-%&%><-:Y7<&C&5=1--5+7<=57D"7<%-5+><&=7<>]
?& >7 >,&-< :7:?2<->FY 45F :&7:2& ,72% 4-=>1&5 "&2-&* >,> D-C&<= %75m> D7<1Y >,> >,&Fm<& 57> D7<>,
>,& ::&< >,&Fm<& :<-5>&% 75Y 5% &C&5 227D :&7:2& >7 =?& &C&5 >,7?+, >,& ,&%&< >7 >,& D-C&< >F:-#22F =F=
=74&>,-5+ 2-1&X jF =-+5-5+ >,-= +<&&4&5>Y F7? D-22 D-C& #&<>-5 2&+2 <-+,>= -5#2?%-5+ >,& <-+,> >7 =?& 7< #2-4
#74:&5=>-75 *7227D-5+ 5 ##-%&5>]k ?<>,&<Y OMNQ =?<C&F =,7D&% >,> 47<& >,5 ,2* 7* >,& <&=:75%&5>=
%-%5m> ?5%&<=>5% D,> >,&F D&<& =-+5-5+ 5% >,7?+,> >,&F #7?2% =>-22 =?& &C&5 -* >,& 7:&<>7< D= 5&+2-+&5>
e<-I>,i<&&5&YOMNQf]
7D&C&<Y >,& <&2->F -= >,> :<7:&<2F :<&:<&% 5% :<&=&5>&% D-C&< #5 "& ?:,&2% 5% &5*7<#&% "F >,&
#7?<>=] -C&<= <& #74:2&>& %&*&5#& -5 5%-5 2D] * >,& :<>F >>&4:>-5+ >7 <&2F 75 >,& D-C&< #5 =,7D
>,& #7?<> >,> -> -= ::2-#"2& 5% C2-%Y >,&5 >,& :2-5>-H #5m> =?##&&% -5 >,&-< #2-4] C2-% D-C&< #5 #> =
"?22&>i:<77* #2-4= %&*&5#& >7 >,& &E>&5> >,> -> #557> "& :&5&><>&% &C&5 -5 -5=>5#&= D,&<& >,& :2-5>-H -=
-50?<&%%?&>7>,&#<&2&==5&==7*>,&%&*&5%5>7:&<>7<7<+?-%&]
,-= -= D&22i-22?=><>&% -5 >,& G-:2-5-5+ #=& 7* /:&5+ 7N /5%2 /5.4'. 7!.452!3 4 eOMNNY :] NVPf]
> G-:2-5-5+ :<1 -5 ,-=>2&< -5 OMMTY 5-&22& &=>+&&=> 5% &55 7F#,?1 D&<& -50?<&% *>&< &=>+&&=>
D= ?>,7<-G&% >7 "& =&5> %7D5 "F >,& +?-%&Y ?5D<& >,> 7F#,?1 ,%5m> <&#,&% >,& "7>>74 :2>*7<4 5%
D= =>?#1Y =?=:&5%&% 75 >,& G-:2-5&] &=>+&&=> =244&% -5>7 7F#,?1 > ,-+, =:&&%Y #?=-5+ "7>, D74&5 >7
"& -50?<&%] > ><-2Y 7?+< 7?5>-5 %C&5>?<&= #75#&%&% >,> >,& 5&+2-+&5#& 7* ->= &4:27F&&= #?=&% >,&
##-%&5>Y "?> =?##&==*?22F <+?&% >,> >,& D-C&< :<7C-%&% #74:2&>& %&*&5#&] ,& %&#-=-75 D= I<4&% 75
::&2]
,& >?<5-5+ :7-5> *7< >,& &5*7<#&"-2->F 7* D-C&<= 7##?<<&% -5 >,& NVTR =57D47"-2& <#-5+ #=& 7* :+ 7N
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757+,?&C]>&C&5=75eNVPOYRSOfY
F#1C]5->7"57D47"-2&==7#->-75eNVURYOTf] ,>>:=X``#52--]#`>`N*CMD
<72-#1YY-""FY]vD=75Y]eOMNTf]:7<>=5%&#<&>-75-"-2->FD-55%]<=D&22]
<-I>,i<&&5&Y ] eOMNQY <#, Sf] ?>%77< %C&5>?<& -5%?=><F 2#1= 7C&<=-+,>Y C-#>-4= 2#1 <&#7?<=&]
 !83] ,>>:=X``DDD]#"#]#`5&D=`"?=-5&==`7?>%77<i%C&5>?<&i-5%?=><Fi2#1=i7C&<=-+,>iC-#>-4=i2#1i
<&#7?<=&iN]ORSNNQM
75&=C]-C7E?<<-&=YeNVROYOSMUf]
<<722C]-2C&<><7?5>-5&=7<>=eNVUUYPMVQf] ,>>:=X``#52--]#`>`ONMM>
-"-2->F -==?&= -5 7?>%77< :?<=?->= h ,& #=& 7* 77%<7H&i&%2&F C ?>,"&<>=75 eNVVQY NQMM Y
?5<&:7<>&%fYeNVVTf] 0/2438 -'.'3424'/.. 24'!YQeSf]
-5%&5Y]]v&2%>,?=&5Y]eOMMSf]5%-57<>DeU>,&%f] &E-=&E-=?>>&<D7<>,=]
7F#,?1C]7?+<7?5>-5%C&5>?<&=>%]eOMNOYNOOf] ,>>:=X``#52--]#`>`*;1G#
7?5>-5#2-&5>=]7<+]?1 eNVVTf] 7?< 75%& h &%2&F C ?>,"&<>=75] ,>>:=X``47?5>-5#2-&5>=]>F:&:%]#74`
47?5>-5a#2-&5>=`>7?<i<75%&i,&%2&FiCi#?>,"],>42
?=>:,C]?22-+57*5%>%]eOMMUYOTf] ,>>:=X``#52--]#`>`NDGS*
&+2-+&5#& #> eNVVSf] ]]]] #] PPP] ,>>:=X``DDD]"#2D=]+7C]"#]#`#-C-E`%7#?4&5>`-%`#74:2&>&`=>><&+`
VSPPPaMN
#,7C]5%-57?5>-572-%F=5#]eNVVSYPTUf] ,>>:=X``#52--]#`>`N*O>1
C&<=&=51=,-:e]]f>%]C]7<>=7#1v5+-5&&<-5+7]eNVSNYPUUf]
#7>>Y ] eNVVUf] 4& 5% *7<>?5&X -=1Y <&=:75=-"-2->F 5% >,& +?-%&% #2-4"&<] &! ,0'.! /52., RSY
NMPY NUViNVS] ,>>:X``DDD]2:-5&07?<52]7<+]?1`75>&5>=`75>&5>=aNVVUaK2&=`
sOMNVVUsOMNUViNVSsOM#7>>sOM4&]:%*
#?<K&2%C]<-"77&2-#7:>&<1--5+>%]&>2]eNVVPYPMUf] ,>>:=X``#52--]#`>`N%"2N
F2C&=>&<C]<->=&>2]eNVRSYPQf]
 F &+!!
:91>46-
&" #"!%(%'!(%&+
.:@??41-@?4:=
75 &=,1 -= 5 ==7#->& <7*&==7< 5% 7i,-< 7* >,& %C&5>?<& >?%-&= &:<>4&5> 5% *7<4&<
==7#->& &5 7* D > ,74:=75 -C&<= 5-C&<=->F -5 4277:=Y ] & D7<1&% = #2-4"-5+ +?-%& 5%
><-5&% 5% #77<%-5>&% =&<#, 5% <&=#?& &<2-&< -5 ,-= #<&&<] -= <&= 7* &E:&<>-=& <& -5 2-"-2->F C7-%5#&
5% <-=1 45+&4&5> -5 %C&5>?<& =:7<>=] 75 7##=-7522F #75=?2>= D->, >,& :?"2-# 5% :<-C>& =&#>7<= 5%
2=7%7&=&E:&<>D->5&==#7?<>#=&D7<1]
&+!! F 
='A

585JJ7%
?>%77< 2&%&<= %&2 D->, #74:2&E =->?>-75= -5 >,& K&2% e<%&5Y OMNTf 5% 4?=> 2=7 :7==&== C=> <<F 7*
=1-22= 5% #74:&>&5#-&= >7 2&% =*& &E:&<-&5#&= e-22-4=i<=&< OMONY =*&2%>Y OMONf] ?>%77< 2&<5-5+ ef
:<7+<4= 7*>&5 >>&4:> >7 #<&>& &E:&<-&5#&= *7< :&7:2& >7 7C&<#74& :,F=-#2 5% 4&5>2 #,22&5+&= D,-2&
2-C-5+5%><C&22-5+-55>?<25%D-2%=:#&=D->,7?>&C&<F%F#75C&5-&5#&=]e?<#i>&:,&5=75&>2]YOMNVf]
,&5 #74:<&% >7 ?<"5 <&=Y -* <&47>& K&2% &4&<+&5#F <-=&=Y ##&== >7 5&#&==<F <&=7?<#&= #5 "&
#,22&5+& %&=:->& <&#&5> >&#,5727+-#2 %C5#&= 7< =&&4-5+2F -4:<7C&% ##&== >7 <&47>& <&+-75= e?<<5 &>
2]Y OMNUf] =:&#-22F -5 >,& C=> 5%-5 D-2%&<5&==Y D& 4F K5% 7?<=&2C&= *< *<74 4&<+&5#F &%-#2
&<C-#&= efY ,7D&C&<Y D& #5 +-5 #75K%&5#& D->, 7?< <&=:75=& &H7<>= D->, =72-% ><-5-5+Y *7?5%>-75
7* <-=1 45+&4&5> 157D2&%+&Y 5% 157D-5+ D,> >772= >7 ##&== -5 <&47>& 27#>-75= em5+&27Y OMONf] 5
>,-= #,:>&<Y D& >1& +2-4:=& > >,& #74:2&E->-&= 7* :<&i><-: <&=:75=& :<&:<&%5&== 5% >,& C<-7?= DF= 5%
4&5=7*"&=>?>-2-G-5+0?<-=%-#>-752&4&<+&5#F<&=7?<#&=-5>,&5%-5"#1#7?5><F]
,2+!1&,+,#&/01&!1+!/!0+!/&+&+$
5>&<:<&>-5+ +7C&<54&5>2 <&+?2>-75= *7< K<=> -% ><-5-5+ -= #,22&5+& *7< :<#>->-75&<= -5 >,&  =&#>7<] ,&
5%-5 &5><& *7< ##?:>-752 &2>, 5% *&>F =>>&= >,& 4-5-4?4 2&C&2 7* K<=> -% ><-5-5+ D->,-5 -22
iQR e&=><F -22f ?5%&< >,& 4&5%&% #<-4-52 #7%&] ,-= &=>"2-=,&= >,& 2&+2 <&;?-<&4&5>= *7< D7<1:2#&
,&2>, 5% =*&>F 5% >,& %?>F >,> 7<+5-G>-75= ,C& >7 1&&: >,&-< D7<1&<= =*& eY 5]%]f] ,& 2D
==&<>= 4-5-4?4 K<=> -% ><-5-5+ =>5%<%= *7< C<-7?= &5C-<754&5>= 5% &4&<+&5#F <&=:75=& >-4&=] ->,
<&=:&#> >7 <&47>&5&== 7< D-2%&<5&== K<=> -% ef ><-5-5+Y D& ==?4& >,> <&=#?& <&=7?<#&= -5 >,& K&2% <&
2-4->&%Y5%D&4FK5%7?<=&2C&=,7?<=DF*<74&4&<+&5#F4&%-#2=&<C-#&ef]
,& ><-5-5+ <&;?-<&% *7<  -= 4?2>-i*#&>&% 5% -5#2?%&= "?> -= 57> 2-4->&% >7 ><-5-5+ -5 K<=> -%Y
&4&<+&5#F <&=:75=&Y <-=1 45+&4&5>Y 5C-+>-75Y 2&%&<=,-:Y *#-2->>-75Y 5% #>-C->F =:&#-K# >&#,5-#2 =1-22=
e<-&=> v ==Y OMNUf] > -= +&5&<22F +<&&% D->,-5 >,&  #744?5->F >,> K<=> -% ><-5-5+ -= #7<&
#74:&>&5#F e->#,-& &> 2]Y OMNQf D,&5 D7<1-5+ -5 <&47>& 27#>-75=_ F&>Y  ><-5-5+ =,7?2% "& ><+&>
#74:&>&5#FY 75& >,> -= &==&5>-2 *7< 7?>%77< 2&%&<= >7 :7==&== -5 >,& "#1#7?5><F] ,& K<=> -% ><-5-5+
4<1&>:2#& -= ,-+,2F C-2"2& >7 2&%&<= >,<7?+,7?> >,& #7?5><FY "?> -> >1&= ,-+, 2&C&2 7* -5%-C-%?2
 F  %!+!%'%#"!
#744->4&5> 5% >-4& >7 +&> ><-5&% >7 ::<7:<->& 2&C&2=] &C&<2 2&C&2= 7*  ><-5-5+ <& C-2"2& >,<7?+,
#&<>-*F-5+7<+5-G>-75=-55%]
W ,&NSi,7?<=>5%<%i2&C&2><-5-5+-=+&<&%>7D<%=>,&7?>%77<&5>,?=-=>D,7-5>&5%=>7+7
75=,7<>%C&5>?<&=e-2%&<5&==&%-#2==7#->&=Y5]%]f]
W ,&QMi,7?<%C5#&%-2%&<5&==-<=>-%`-2%&<5&==%C5#&%-<=>-%e`f><-5-5+
7:>-75-=*7<7?>%77<:<7*&==-752=-5D-2%&<5&==<&=><+&>-5+>,&=:&#-25&&%=-5<&47>&<&=
<&#,-5+"&F75%>F:-#2&4&<+&5#F4&%-#2=&<C-#&=e-<-?=4&%EY5]%]f]
W ,&UMi,7?<-2%&<5&==-<=>&=:75%&<ef#7?<=&-=-4&%>2&%&<=-5<&47>&<&=Y-5#2?%-5+
7?>%77<&%?#>7<=Y+?-%&=Y4-2-><FY:<7*&==-752=&<#,5%<&=#?&>&4=Y<&=&<#,&<=Y5%>,7=&-5C72C&%
-5%-==>&<<&2-&*e5%-5&%<7==Y5]%]f]
<74 >,&=& *7?5%>-752  :<7+<4=Y 75& #7?2% :<7+<&== >,<7?+, >7 ,-+,&< 2&C&2= 7* :<7*&==-752 ><-5-5+
=?#, = -2%&<5&== 4&<+&5#F &%-#2 &=:75%&<`&#,5-#-5 e 7< f >,> 2-+5= D->, >,&
<4&%-# ==7#->-75 7* 5% e5]%]f #74:&>&5#-&=] 7D&C&<Y >,&=& 2-1&2F &E#&&% 4-5-4?4 =>5%<%= =&>
7?>*7<>,&=&#>7<]
5F :<7*&==-752 7?>%77< 7<+5-G>-75= ,C& >>&4:>&% >7 #<&>& K<=> -% :72-#-&= D,-#, ,C& F&> >7 "&
*?22F 2-+5&% #<7== >,&-< <&=:&#>-C& =&#>7<=] ,& 2"&<> 4:-5+ ==7#->-75 eOMNOf ##<&%->>-75 =>5%<%=
=>5% D->, QMi,7?< D-2%&<5&== K<=> -% ><-5-5+ *7< ><-: 2&%&<= -5 <&47>& 27#>-75=] ,& 5><-7 4:
==7#->-75 eOMOPf =>5%<%= +7 "-> *?<>,&< 5% %&K5& K<=> -% >>&5%5>= = ?5<&+?2>&% #<& :<7C-%&<=
5% *?<>,&< 45%>& K<=> -% ;?2-K#>-75= *7< "#1#7?5><F ><-:=] ,-= ##<&%->>-75 *7< 5><-7 #4:= ,=
45%>7<F NSi,7?< D-2%&<5&== K<=> -% ><-5-5+ *7< >,& ><-: 2&%&< e=&#>-75 R]RiR]SfY 5% =>5%<% K<=> -%
5%  ><-5-5+ *7< ==-=>5> 2&%&<= e=&#>-75 R]TiR]Uf] ,&=& =>5%<%= +7 75 >7 j,-+,2F <&#744&5%k QM 7<
UMi,7?< D-2%&<5&== K<=> -% ><-5-5+ *7< > 2&=> 75& 2&%&< >7 ,C& -* >,& %?<>-75 7< #75>&E> 7* >,& ><-: D<<5>=
->e:]NOVf]
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7* <&#>-5+ = #<-=-= ?5*72%=Y 7?>%77< 2&%&<= 5% >,&-< ==7#->&% 7<+5-G>-75= 4F -5#7<:7<>& #<-=-=
45+&4&5> =F=>&4= -5>7 >,&-< :<&i><-: :255-5+ :<7#&== =7 >,> 5F 5% 22 ?5&E:&#>&% &C&5>= 4F "&
%&;?>&2F %&2> D->, e#1=75 v &=,1Y OMON_ #1=75 &> 2]Y OMON_ 2475 &> 2]Y OMNTf] 7<>, 4&<-#5
<&=&<#,&<= ,C& =?++&=>&% C<-7?= ::<7#,&= >7 45+-5+ <-=1= *7< #75=-%&<>-75 "F >,&  =&#>7<Y ,7D&C&<Y
-> <&4-5= *7< -5%-C-%?2= 7< 7<+5-G>-75= >7 %7:> >,&-< 7D5 =&#>7< =:&#-K# ::2-#>-75 7* <-=1 45+&4&5>
D->,*7#?=75<&=#?&Y&4&<+&5#FY7<#<-=-=45+&4&5>:255-5+]
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=?++&=>&% *7< =:&#-K# ::2-#>-75 -5 D,->&D>&< <*>-5+] 7D<%m= OMMV #=& =>?%F ,7:&= >,> 7D5&<= c7*
<*>-5+ "?=-5&==&=d j7:> -5mm >7 -5#7<:7<>& -5%?=><F =>5%<%= *7< <-=1 4->-+>-75] 5 -5%?=><Fi&%?#>-752
52F=-= *<74 <:&< eOMMRf :<7%?#&% KC& 1&F &2&4&5>= *7< #?<<-#?2?4 %&=-+5 7* 7?>%77< %C&5>?<& <-=1
45+&4&5> *7< ::2-#>-75 -5 >,& :7=> =&#75%<F =&#>7<Y :<&%74-55>2F <&L&#>-5+ -5%?=><F 5% -5=>->?>-752
5&&%= *7< <-=1 45+&4&5> -5 &=>&<5 5%] #1=75 5% &=,1m= OMON "771 5+-5+ -=1iF=>&4=
255-5+ *7< ?>%77< %C&5>?<& <7+<4= #5 "& =:&#-K#22F ?=&% "F 5%-5 7?>%77< :<7+<44&<=] ,&=&
=F=>&4 ::<7#,&= >7 &4&<+&5#F :255-5+ #5 ,&2: ?= >7 C7-% =&<-7?= -5#-%&5>= e2=7 >7 4E-4-G& 7?< 2&<5-5+
5% &507F4&5> 7* >,& ><-:f 5% +?-%& ?= >7 2&C&<+& >,& -4:7<>5> =*&>F <&=7?<#&= > 7?< %-=:7=2 -5 #=& 7*
#24->F] 1-5+ 5 #>-C& ::<7#, >7 -5>&+<>-5+ <-=1 45+&4&5> =F=>&4= 5% =><-C-5+ >7 <&%?#& =&<-7?=
-5#-%&5>==,7?2%<&4-51&F=><>&+F*7<>,&=&#>7<#<7==5%]
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:255-5+Y :<&:<&%5&==Y 5% -4:2&4&5>>-75] 5 &E4:2& -= >,& %C&5>?<&4<> :<7+<4Y D,-#, -= -5
:<>5&<=,-: D->, >,& *&%&<2 +7C&<54&5> 5% :<7C-%&= C<-7?= :255-5+ >772= *7< 7?>%77< :?<=?->=Y =?#, =
:%%2-5+Y 7?>%77< =?<C-C2Y 5% =57D =:7<>=] > -= j :<7+<4 %&=-+5&% >7 <&%?#& >,& *<&;?&5#F 5% =&C&<->F 7*
&<#, 5% &=#?& -5#-%&5>=k e%C&5>?<&=4<>Y 5]%]f] #1#7?5><F =1-&<=Y -#& #2-4"&<=Y 5% =57D47"-2&<= ,C&
##&== >7 C25#,& D<&5&== 5% :<&:<>-75 <&=7?<#&= >,<7?+, C25#,& 5% eC25#,& 5%Y 5]%]f]
,& C2?>7< >772= <& %&=-+5&% >7 "& ?=&% -5 >D7 =>+&=X :255-5+ >,& ><-: > ,74&_ 5% 41-5+ %&#-=-75=
%?<-5+ >,& ><-:] ,& ==7#->-75 7* 5%-5 7?5>-5 ?-%&= ,= =&C&<2 752-5& <&=7?<#&= C-2"2& >7 ->=
4&4"&<=Y =?#, = +&< <&C-&D= 5% #,&#12-=>=Y >&#,5-#2 :?"2-#>-75=Y 5% &C&5 <&2i>-4& 47?5>-5 #75%->-75=
<&:7<>=] 22 <& %&=-+5&% >7 ==-=> 7?>%77< <&#<&>-752-=>= >7 41& <&=75"2& 5% -5*7<4&% %&#-=-75= -5
>,& K&2%] ,->& D>&< &5>,?=-=>= <& 57> 2&*> 7?> 7* >,& 4-E 5% #5 ##&== 752-5& <&=7?<#&= >,<7?+, >,&-<
,7=> 7<+5-G>-75=Y =?#, = ,->&D>&< 5><-7 eOMNUfY 5% 2"&<> ,->&D>&< eOMONf] ,&=& 7<+5-G>-75=
:<7C-%& :%%2&<= D->, &4&<+&5#F #>-75 :25 >&4:2>&= 5% C-=?2 4:= 7* 27#2 #75%->-75= 75 =><&>#,&= 7*
<-C&< 7< <:-%=Y >,?= 4E-4-G-5+ D,->& D>&< &5>,?=-=>=m *?5 5% &507F4&5>Y "?> #75#?<<&5>2F ,&2:-5+ >,&4
>7C7-%:%%2-5+-5:&<-27?=<&=]
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,&5 D-2%&<5&== &4&<+&5#F <-=&=Y >-4& -= 7* >,& &==&5#&] &<>-5 &5C-<754&5>= %&45% -44&%->& #>-75Y
=?#, = 27=> :&7:2&Y C25#,&= eCFCCFY OMOPfY 7< D,&5 =74&75& -= =?"4&<+&% -5 <:-% %?& >7 "&-5+
><::&%] ,-= 2-=> #5 "& &E,?=>-C&] 7=->-C& 7?>#74&= %&45% >,> <&=#?& :&<=755&2 =,7?2% "& ><-5&%Y
:<#>-=&%Y5%:<7C-=-75&%*7<-57<%&<>7?5%&<=>5%>,&1&F=>&:=*7<<&=:75%-5+>75-5#-%&5>]
##7<%-5+ >7 >,& 5><-7 &<#, 5% &=#?& 72?5>&&< ==7#->-75 eOMNOfY >,& #<->-#2 =>&:= -5 5F
&4&<+&5#F #>-75 :25 =><>= D->, ,C-5+ 2&%&< #:"2& 7* 7<+5-G-5+ &H&#>-C& <&=#?& &H7<>=] &*7<& %&:<>-5+
*7< ><-:Y >,& %&=-+5>-75 7* =?->"2& 5% ><-5&% 2&%&< 5% <<5+-5+ ::<7:<->& :<7C-=-75= *7< >,& ><-: D-22
,&2: >7 #<&>& &H&#>-C& 7?>#74&= D,&5 =><&==*?2 -5#-%&5> <-=&=] ,51*?22FY =74& #74475 =>&:= &E-=> >,>
2&%&<= 4F >1& D,&5 %&2-5+ D->, 5 -5#-%&5>] 7D&C&<Y #?>-75 -5 &E:2-#->2F *7227D-5+ >,&=& =>&:= 4?=> "&
#75=-%&<&%%?&>7>,&%F54-#5>?<&7*,7D>,&F?5*72%-5,-+,2F#74:2&E7?>%77<&5C-<754&5>]
44&%->&2F *7227D-5+ 5 -5#-%&5>Y >,& 2&%&<Y 7*>&5 D->, >,& ==-=>5#& 7* +<7?: 4&4"&<=Y D-22 =?<C&F >,&
=#&5& 5% &5=?<& =*&>F *7< >,&4=&2C&= 5% >,&-< +<7?:_ #75#?<<&5>2FY >,& -44&%->& <&=#?& :&<=755&2 4F
"& &=>"2-=,&%] *?<>,&< 52F=-= 7* >,& =?<<7?5%-5+= &5=?&= 5% %&=-+5>-5+ #<->-#2 G75&= e*7< 7:&<>-75=Y
=&<#,&= 7< "<<-&<=f -5 >,& <& 7* #75#&<5 <& =&> ?: >7 :<&C&5> 7>,&<= *<74 &5>&<-5+ -5>7 ,G<%7?= <&] ,&
4&<-#557&==7#->-75eOMOMY:+Pf=?++&=>=>D7:,=&%::<7#,>7<&=#?&=]
W ,=&Nh]]]X>7:Y,-51Y"=&<C&Y5%25]
W ,=&Oh]]]X7#>&Y##&==`==&==Y>"-2-G&Y5%<5=:7<>]
-5-5+ ##&== >7 >,& C-#>-4e=f -= -4:&<>-C& *7< :<&C&5>-75 7* *?<>,&< -50?<F 7< > D7<=> #=& %&2-5+ D->,
*>2->F] <771&=Y 2&%-5+ ?=><2-5 <&=&<#,&< 75 *>2->-&= 5% *>2->F :<&C&5>-75Y =?++&=>= >,> j#22= *7<
7?>=-%& ==-=>5#& 4F "& %&2F&% %?& >7 l<-=1 45+&4&5>Ym ,7D&C&<Y *>2->F :<&C&5>-75 <&;?-<&= >,> &<2F
<&#7+5->-75 5% %-=:>#, 7* 7?>=-%& <&=#?&<= "& %75& = =775 = :7==-"2&k e<771&=Y OMMPY :+] QNf] &%&<=
=,7?2% "& ><-5&% -5 >,& <722i7?> 7* &4&<+&5#F 45+&4&5> :25=Y "?> 2=7 "& :<&:<&% >7 #22 *7< 7?>=-%&
<&=7?<#&=>7==-=>D->,5F=&<-7?=-5#-%&5>]
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<&=7?<#&=] 5%-5 <&=#?& <&=7?<#&= <& D->,-5 <&#, >,<7?+, 4?2>-:2& 0?<-=%-#>-75=] ,& >-752 &<#, 5%
&=#?& <7+<4 ef -5>&+<>&= 7<+5-G>-75= 5% <&=7?<#&= >7 :<7C-%& =&<#, 5% <&=#?& ef =&<C-#&= >7
5%-5= e?"2-# *&>F 5%Y OMONf] 5%m=  #722"7<>-C& ::<7#, -= "?-2> <7?5% *<4&D7<1
*7<4-5-4-G-5+>,&<-=17*-50?<F7<27==7*2-*&5%:<7C-%-5+5&H&#>-C&=&<C-#&#<7==>,&5>-75]
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,& *<4&D7<1 -= =?::7<>&% "F +7C&<54&5> > 22 2&C&2=Y K<=> <&=:75%&<=Y 5% ><-5&% 5&>D7<1 7* 
C72?5>&&<=>7:<7C-%&#74:<&,&5=-C&=*&>F5&>*7<5%-5=e?"2-#*&>F5%YOMONf
,& ++<&+>& 7* >,&  :<>5&<= K&2% "7?> NRYMMM #22= >7 #>-75 :&< F&< e?%<&55-2Y OMNPfY 5% -> ,=
5>-752 <&#, *7< ==-=>-5+ ::<7E-4>&2F ORYMMM :&7:2&] ,& 5%-5 <4&% 7<#&= ef 275& <&=:75%
>7 "7?> NYMMM -<"7<5&  4-==-75= &#, F&<] ,&  -5>&+<>&= 7:&<>-75= "&>D&&5 >,& 5%-5 7=>
?<% *7< 4<-5& 4-==-75=Y 5% 475+ >,&  7< >&<<->7<-2 5% :<7C-5#-2 :72-#& *7<#&= *7< 25% 5%
-525% D>&<DF -5=>5#&=] ,&=& <& #744752F 157D5 = <7?5% &<#, 5% &=#?& ef] &#?=& 7*
5%m= C=> 25% "=&Y -> 4F "& D<<5>&% >,> 75& 7* >,<&& 407< 7-5> &=#?& 77<%-5>-75 &5><&=
ef D-22 "& ?>-2-G&%] 5 C&<+& 7* VYMMM 55?2 <&=:75=&= <& <&:7<>&% >,<7?+, >,& = -5 2-*EY
<&5>75Y 5% -#>7<-] 7D&C&<Y 4?5-#-:2->-&= e-]&] 407< ?<"5 #&5><&=f 4F ,C& 0?<-=%-#>-75 7C&< 
7:&<>-75= -* 5 -5#-%&5> 7##?<= D->,-5 >,&=& =:&#-K# <&+-75=] 72?5>&&< <&=7?<#&= 4F "& "<7?+,> -5 >7
=?::7<> >,& =&<#, 5% <&=#?& 7:&<>-75= > 5F 2&C&2] =>"2-=,&% C72?5>&&< 7<+5-G>-75= <& C-2"2& #<7==
5% >,<7?+, >,& &<#, 5% &=#?& 72?5>&&< ==7#->-75 7* 5% eY OMNTf 5% >,& -C-2
-< &<#, 5% &=#?& ==7#->-75 eY OMOPf D,-#, :<7C-%& OQ`T =?::7<> =&<C-#&= %?<-5+ 
7:&<>-75=] 5%-5 5+&<= *<74 >,& 5%-5 <4&% 7<#&= <& =:&#-K#22F ?>-2-G&% -5 =:<=&2F :7:?2>&%
7<<&47>&57<>,&<5<&=]
##&== >7 <&47>& <&= *7<  7:&<>-75= -= 7*>&5 %&#-%&% "=&% 75 >,& =&C&<->F 7* >,& =->?>-75Y <&47>&5&==
5% C-2"-2->F 7* <&=7?<#&= >,<7?+, >,& 4?2>-i0?<-=%-#>-752 ::<7#,] 7227D-5+ 5 -5#-%&5>Y K&2% #22= *7<
,&2: <& <7?>&% >7 &4&<+&5#F =&<C-#&= e&E] ViNiNf] ,& #22 -= >,&5 #75C&F&% >7 >,& :<7:&<  :<>5&<
*7< -5C&=>-+>-75 5% <&=:75=&] ?<>,&< ==&==4&5>= 7* >,& =?"0&#>m= 27#>-75Y >,& =->?>-75m= #75%->-75=Y 5%
<&=7?<#&= C-2"2& <& #75%?#>&%Y 5% %&#-=-75 -= 4%& >7 2?5#, <&=:75=&Y D,&<& 27#2 <&=7?<#&= <&
227#>&%>,<7?+,>,&,7=>0?<-=%-#>-75]
<>5&< 7<+5-G>-75= D-22 7<+5-G& >,& ::<7:<->& 2&C&2 7* <&=7?<#&= ::2-&% >7 >,& -5#-%&5>] 5 -<
4"?25#& 7< :72-#& ,&2-#7:>&< 4F LF -5>7 47<& <&47>& <&=Y <&+-752 :72-#& *7<#& =57D47"-2& 4F
"& ?>-2-G&% 75 27#2 27++-5+ <7%= 7< "?=, ><-2=Y 7< =:&#-2-G&% &;?-:4&5> 4F "& ?=&% D,&5 >&<<-5 5%
#75%->-75= "&#74& >77 <%?7?= *7< ##&== D->, <&+?2<2F %&:27F&% &;?-:4&5>] = =&&5 -5 :<-2 OMNUY 407<
 7:&<>-75 &5=?&% eD->, :7=->-C& <&=?2>=f -5 5 <& 57<>, 7* ?%"?<FY 5><-7] ,& &;?-:4&5> ?=&% *7<
##&== >7 >,-= #74:2&E =#&5& D= 2<+& QiD,&&2&% C&,-#2& =:&#-K#22F %&=-+5&% >7 5C-+>& ,<=, #75%->-75=
=?#, = =D4:=Y =57DY 5% 4?% e,& 5->7?2-5 E:7=->7<Y OMNUf] * <&=7?<#&= <& =><&>#,&% 7< ?5C-2"2& -5
0?<-=%-#>-75Y >,&5 >,& <&=:75=-"2& :<>5&< #5 >: -5>7 *?<>,&< C-2"2& <&=7?<#& :<>5&<= >7 #74:2&>& <&=#?&
7:&<>-75]
+1"/1%")" 1/,+& $"
?>%77< 2&%&<= ,C& =&C&<2 #?>>-5+i&%+& 7:>-75= *7< #75>#>-5+ 7?>=-%& <&=#?& <&=7?<#&=] &<=752 &2&#><75-#
27#>-5+ %&C-#&=Y =>&22->& :,75&=`#744?5-#>7<=Y 5% #&22?2< :,75&= ,C& %-C&<=-K&% 5% -4:<7C&% -5 <&#&5>
 F  %!+!%'%#"!
F&<= eY OMOMf] ,-= =&#>-75 D-22 %-=#?== =74& #?<<&5> 7:>-75= 5% 2F 7?> >,& >F:-#2 *?5#>-752->F 7*
#74475e5%2&==&<157D5f%&C-#&="&-5+?=&%-5:<7+<44-5+]
&<=752 7#>7< &#75= efY 2&#><75-# 7#>7< <5=4->>&<= efY 5% 4&<+&5#F 7=->-75
5%-#>-5+ %-7 &#75= ef <& ?=&% *7< =:&#-K# &5C-<754&5>= 5% =->?>-75=_ -525% #>-C->-&=Y C->-75
7< -<#<*> "&#75=Y 5% 4<->-4&`5C2 ?=& <&=:&#>-C&2F] ,&=& %&C-#&= 7:&<>& =72&2F >,<7?+, >,& <&+?2>&%
7=:=i<=> &4&<+&5#F =>&22->& =F=>&4 -5 5%Y *7< D,-#, >,&F <& <&+-=>&<&% >7 5 -5%-C-%?2`C&==&2 7<
7<+5-G>-75] * %&:27F&%Y >,& ?5-> %-<&#>2F 57>-K&= 5%-5 <&=#?& ?>,7<->-&= "7?> >,& D,7Y D,&<&Y 5%
D,&5 7* %&:27F4&5>] 7=> ?5->= <& 45?22F %&:27F&% "F >,& ?=&< :?=,-5+ "?>>75Y F&> =74& <& #75K+?<&%
>7%&:27F>,<7?+,*7<#&7*-4:#>7<=?"4&<=-75-5D>&<]
47<& :7:?2< =&<-&= 7* #744?5-#>-75 %&C-#&= *7< <&47>& ?=& <& =>&22->& #744?5-#>7<=] 5->= =?#, =
Y 5&#,Y 72&7Y 5%  -CF >-#1 <& 22 <&%-2F C-2"2& 5% H7<%"2& 7:>-75= *7< #744?5-#>-5+
D->, 7>,&<= *<74 D7<2%iD-%& K&2% 27#>-75=] ,&=& ?5->= 227D ?=&<= >7 :<&== 5 &4&<+&5#F` "?>>75 >,>
=&5%= %-=><&== =-+52 >7 >,-<% :<>F &4&<+&5#F 7:&<>7<Y D,7 >,&5 #755&#>= F7?< 27#>-75 >7 >,& 5&<&=>
<&=#?& 0?<-=%-#>-75] * 5  4&==+& -= 57> %&&4&% 5&#&==<FY 7< >,& 2&%&< 5&&%= >7 =&5% =:&#-K# 4&==+&= >7
7?>=-%& #75>#>=Y 47=> 7* >,&=& %&C-#&= <& "2& >7 =&5% :<&i:<7+<44&% 4&==+&= 7< <&2i>-4& >&E> 4&==+&=]
755&#>-C->F>,<7?+,>,&?5->->=&2*7<C-2?&>77>,47"-2&,771?:<&7:>-75=*7<4&==+&+&5&<>-75]
75>,2F =?"=#<-:>-75 %> :25= <& C-2"2& 75#& >,& "=&% ?5->Y #7=>-5+ ,?5%<&%= 7* %722<=Y ,= "&&5
:?<#,=&% 5% #>-C>&%] ?"=#<-:>-75= #5 "& >&4:7<<-2F =?=:&5%&% *7< 574-52 475>,2F <>&= -* 7D5&<=
%7 57> -5>&5% >7 ?=& >,& %&C-#& *7< :&<-7% 7* >-4&] =& 7* C<-7?= C&<=-75= 5% 47%&2= 7* >,&=& ?5->=Y 7C&<
>,& F&<= -5  :<7+<44-5+Y ,= "&&5 "7>, "775 5% "5&] =&<= =,7?2% #75=-%&< >,&=& = "#1?: >7
+77% =F=>&4= :255-5+ e= %-=#?==&% &<2-&<f 5% "& :<&:<&% *7< -%-7=F5#<=-&= -5 &2&#><75-# #744?5-#>-75=]
>>&<F #,<+-5+ 5&&%= <&+?2< 475->7<-5+Y =7*>D<& ?:27%-5+ -= 7*>&5 D->,7?> 57>-#& 5% %7&=5m> 2DF=
:<7#&&% 7< =?##&&% 57<422FY 475>,2F K55#-2 45+&4&5> 7* =?"=#<-:>-75= -= <&;?-<&%Y 5% :<&i><-: >&=>-5+
-= 5 "=72?>& 4?=> >7 #,&#1 *7< *?5#>-752->F] 5F <&%&<= D-22 ::<&#->& >,> >,&=& %&C-#&= =,7?2% 57> "& >,&
=72&4&5=7*#75>#>-5+Y"?>75&#5=C&>,&%F-*F7?<><C&2:25=<&%-=<?:>&%"F5&4&<+&5#F]
>&22->& :,75&= <& ?=&% *7< C7-#& >7 C7-#& #744?5-#>-75 *<74 <&47>& 27#>-75=] ?=> 2-1& 5F #&22?2<
:,75&Y =>&22->& :,75&= #755&#> F7? >7 5% *<74 7?>=-%& #&22?2< :,75& =&<C-#&Y D,&<& >,& C7-#& =-+52 -= <7?>&%
>,<7?+, <-%-?4Y 54<=>Y 5% 27"2=>< =>&22->& =F=>&4=] F:-#22FY 475>,2F =?"=#<-:>-75 <>& *7< >21i
>-4&Y 4&==+-5+Y 5% #755&#>-C->F -= 5&#&==<F] ,& =4& <+?4&5>= 7< #?>-75= #5 "& 4%& *7< >,&=& ">>&<F
:7D&<&% %&C-#&=Y 5% &5=?<-5+ >,> #2&< C-&D 7* >,& =1F -= 4-5>-5&% D-22 ,&2: >7 2-4-> >,& :7==-"-2->F 7*
%<7::&%#22=]
,& 5&D&=> <5+& 7* :7<>"2& =>&22->& -5>&<5&> #744?5-#>-75= <& >,& <-%-?4iY ><-+7Y 7",4Y 7<
?+,&= %&C-#&=] ,&=& %&C-#&= 7:&<>& >,<7?+, 5 -5%&:&5%&5> K&2%i"=&% =>&22->& <&#&-C&< D,-#, *#-2->>&=
>,& ><5=4-==-75 7* ,-+, <>& #&22?2< %> eC7-#&Y >&E>Y 7< C-%&7f >,<7?+, %&%-#>&% =&> 7* =>&22->&= e"7>,
+<7?5% 5% 7<"->-5+f] ,&=& <& %&=-+5&% >7 D7<1 =F5#,<757?=2F D->, 4?2>-:2& %&C-#&=Y *<74 :,75&= >7
2:>7:=]
 %!+!%'%#"! F 
,+ )20&,+
&2-5+ D->, >,& 5?5#&= 7* D-2%&<5&== ><C&2 -= #,22&5+& -5 ->=&2*Y "?> D,&5 =&<-7?= -5#-%&5> 7##?<=Y >,&
%&+<&& 7* #74:2&E->F ;?-#12F &=#2>&=] ?>%77< 2&%&<= <& >=1&% D->, 45+-5+ >,&=& %F54-# &4&<+&5#F
=->?>-75= *<74 >,& K&2%Y >,?= %&45%-5+ ,-+, 2&C&2 7* 157D2&%+&Y ><-5-5+Y 5% :<&:<&%5&== >7 -5L?&5#&
:7=->-C& 7?>#74&=] 57D-5+ D,> =:&#-K# <&=7?<#&= <& C-2"2& *<74 >,& #?<<&5> 4<1&>:2#&Y 27#2
:<7C-%&<=Y5%*&%&<2&4&<+&5#F=&<C-#&:<>5&<=D-22,&2:>7=?::7<>=*&:<7+<44-5+-55%]
"#"/"+ "0
/54 ] e5]%]f] &<#, 5% &=#?& 72?5>&&< ==7#->-75 7* 5%] &><-&C&% &"<?<F NNY OMOQY
*<74 ,>>:=X``=<C#]#`"7?>`
7!.452!-24]e5]%]f]&><-&C&%&"<?<FNNYOMOQY*<74 ,>>:=X``DDD]%C&5>?<&=4<>]#`
2"&<> 4:-5+ ==7#->-75] eOMNOf] ,!24 -0'.% 33/'4'/. 34. 2 3 -.5,J B@BB 2!7'3'/.]
,>>:=X``2"&<>#4:-5+]#74`D:i#75>&5>`?:27%=`OMOO`MR`OMOOii>5%<%=i5?2iK22"2&]:%*
2"&<>,->&D>&<==7#->-75]eOMONf] ','4'!3Y2'7!23] ,>>:=X``DDD]2"&<>D,->&D>&<]#`*#-2->-&=i<-C&<=
4&<-#5 57& ==7#->-75] eOMOMf] !7!, EJ 7.! 38'$484!2 2!35! R3-0,! 3+',,3 /523!S]
,>>:=X``4&<-#5#57&]7<+`D:i#75>&5>`?:27%=`OMOP`MR`Raa=1-22=]:%*
=*&2%>Y ]Y ?<#i>&:,&5=75Y ]Y D2&-+,Y ]Y v ,#1&<FY ] eOMONf] ?>%77< &%?#>-75 -5 5%X
;?2->>-C& -5C&=>-+>-75] /52., /$ 7!.452!  54'/. . 54 //2 !2.'.%YBAeQfY OVThPNM]
,>>:=X``%7-]7<+`NM]NMUM`NQTOVSTV]OMOM]NTUQTST
33/'4'/./$. './5.4'.5' !3]e5]%]f]&><-&C&%&"<?<FNNYOMOQY*<74 ,>>:=X``DDD]#4+]#`
C25#,& 5%] eOMOPf] &04!2 GJ /-0.'/. 2!35!] CF CCFX C25#,& 5%m= 52-5& C25#,&
?>7<-2] ,>>:=X``CF=CCF]C25#,&]#`#74:5-75i<&=#?&
C25#,&5%]eOMOP"f] &!7,54/2] ,>>:=X``C25#,&]#`:+&=`C2?>7<
0<-5Y ] eOMOOY #>7"&< PNf] ,&5 D-22 =4<>:,75&= +&> =>&22->& #22-5+ #:"-2->-&=^ /2!3]
,>>:=X``DDD]*7<"&=]#74`=->&=`>-4"0<-5`OMOO`NM`PN`D,&5iD-22i=4<>:,75&=i+&>i=>&22->&i#22-5+i
#:"-2->-&=`
<771&=Y ] eOMMPf] ?>%77< &%?#>-75 *>2->-&= -5 ?=><2- NVSMhOMMO] <> O] #75><-"?>-5+ #-<#?4=>5#&=X
?:&<C-=-75Y K<=> -%Y 5% <&=#?&] /52., /$ 54 //2 . .7'2/.-!.4,  54'/.YGeOfY PQhQO]
,>>:=X``%7-]7<+`NM]NMMT`MPQMMTTU
<771&=Y ] eOMNUf] 2!7!.4'.% $4, '.' !.43 '. 3&//, . :/54& %2/50 -03 . !9523'/.3] :<-5+&<
5>&<5>-752?"2-=,-5+] ,>>:=X``%7-]7<+`NM]NMMT`VTUiPiPNViUVUUOiT
<7D5Y ] ] eNVVVf] %C&5>?<& <-=1 45+&4&5>] 5 ] ] -2&= v ] <-&=> e%=]fY 7!.452! 02/%2--'.%]
&5>?<&?"2] ,>>:=X``<#,-C&]7<+`%&>-2=`%C&5>?<&:<7+<4MMMM?5=&
 F  %!+!%'%#"!
5%-5 &5><& *7< ##?:>-752 &2>, 5% *&>F] eOMOPf] !342: ',, R',, VDEST7!27'!8] 
5=D&<=#>,&&>=] ,>>:=X``DDD]##7,=]#`7=,5=D&<=`2&+-=2`"-22#QR],>42
5%-5 %-7i>&2&C-=-75 5% &2&#744?5-#>-75= 744-==-75 ef] eOMOMY &#&4"&< NMf]
/--5.'4'/.3 /.'4/2'.% !0/24T . 2/ . 7',','4:] ,>>:=X``D&"]<#,-C&]7<+`D&"`
OMOQMNNMMRPNRS`,>>:=X``#<>#]+#]#`&5+`:?"2-#>-75=`<&:7<>=`:72-#F475->7<-5+`OMOM`#4<Q],>4
5%-5 &% <7==] eOMOPf] 2'.'.% . !24'=4'/.] ,>>:=X``DDD]<&%#<7==]#sO*><-5-5+i5%i
#&<>-K#>-75sO*
<%&5Y ]Y 77%&Y ]Y v 2475Y ] ] eOMNTf] 7> = =-4:2& = -> 2771=X &% ?>%77< #>-C->-&= <& #74:2&E
=7#-7>&#,5-#2 =F=>&4=] &!/2!4', 335!3 '. 2%/./-'3 '!.!YAHeQfY PNUhPPT] ,>>:=X``%7-]7<+`NM]NMUM`
NQSPVOO]OMNT]NOTUUMS
-C-2-<&<#,5%&=#?&==7#->-75ef]eOMOPf] /-!] ,>>:=X``DDD]#=<]#`
?<<5Y ]Y ->#,-&Y ]Y &<%FY ]Y 5%&<?<+,Y ]Y 7<5Y ]Y &D17Y ]Y v <1-5Y ] eOMNUf] 75#&:>?2-G-5+
5% 45+-5+ 4&%-#2 &4&<+&5#-&= D,&<& 57 *7<42 :<4&%-#2 =F=>&4 &E-=>=X &<=:&#>-C&= *<74 <&47>&
-5%-+&57?= #744?5->F -5 5%] .4!2.4'/., /52., /$ .7'2/.-!.4, !3!2& . 5,' !,4&Y
AEeOfYOST] ,>>:=X``%7-]7<+`NM]PPVM`-0&<:,NRMOMOST
m5+&27Y ] ] ] eOMONf] ,' 4'.% 4&! 2!-/4! =234 ' 3!,$V!?: 3,! $/2 53! '. 42'.'.% . 0!23/.,
!7!,/0-!.4 /$ 2!-/4! =234 2!30/. !23 c,&=-=Y ?<&5>-5 5-C&<=->F 7* ?%"?<Fd]
,>>:=X``G75&]"-"2-7]2?<&5>-5]#`0=:?-`,5%2&`NMONV`PTSP
E:7=->7< >H] eOMNUY F Nf] ,&<: >7 >,& <&=#?&] &! .'4/5,'. 90/3'4/2] ,>>:=X``DDD]45->7?2-5]#74`
=,&<:i>7i>,&i<&=#?&`
<:&<Y ]Y v 7"-5=75Y ] ] eOMMRf] ?>%77< %C&5>?<& <-=1 45+&4&5>X ?<<-#?2?4 %&=-+5 :<-5#-:2&=
*<74 -5%?=><F 5% &%?#>-752 &E:&<>=] /52., /$ 7!.452!  54'/. Y 54 //2 !2.'.%YEeOfY
NQRhNRU] ,>>:=X``%7-]7<+`NM]NMUM`NQTOVSTMRUROMMSTN
7D<%Y ] eOMMVf] 3! 345 : /$ 4&! 448 ,,!: 8&'4!84!2 2$4'.% '. 5342:J 4. 2 3 . 2'3+3 c=>&<=
>,&=-=Y<7#15-C&<=->Fd] ,>>:=X``%<]2-"<<F]"<7#1?]#`,5%2&`NMQSQ`OUQP
#1=75Y ] v -<&#> &<-5+ -=1 5+&4&5>] e5]%]f] 7!.452! '3+ !0/24]
,>>:=X``%C&5>?<&<-=1<&:7<>]"27+=:7>]#74`
#1=75Y ]Y <:&<Y ]Y v #&5Y ] eOMONf] <?=>Y D7<127%Y 7?>%77< %C&5>?<& 2&%&<=,-:Y 5%
7<+5-G>-752 =*&>F #2-4>&] /52., /$ 54 //2 !2!4'/.K  54'/.K . ! !23&'0YACeQf]
,>>:=X``%7-]7<+`NM]NUSSS`iOMOMiNPiQiNMROV
#1=75Y ]Y v &=,1Y ] eOMOMf] .%'.% 2'3+J :34!-3 0,..'.% $/2 /54 //2  7!.452! 02/%2-3 eO5% &%]f]
2+75;?-5,74:=75?"2-=,-5+]
-5-=>&< 7* >-752 &*&5=&] eOMNPY &#&4"&<f] 5 2!..', 3!2& . 2!35! 2!7'!8]
,>>:=X``DDD]:?"2-#=*&>F]+#]#`#5>`<=<#=`:"2#>5=`<#,-C&i5==i;%<552i<CD`-5%&Ei&5]=:E
5><-7 4:= ==7#->-75] e5]%]f] 52 34. 2 3] &><-&C&% 5?<F OSY OMOQY *<74
,>>:=X``75><-7#4:===7#->-75]#`"7?>`=>5%<%=`
 %!+!%'%#"! F 
5><-7 &<#, 5% &=#?& 72?5>&&< ==7#->-75 ef] eOMOOf] !- 42'.'.%] 72?5>&&< &<#, v
&=#?&&4=D->,-5>,&<7C-5#&7*5><-7] ,>>:=X``7=<C]#`><-5-5+iO`
%%2& 5%] eOMOPf]  ,! . J /52 &/-! $/2 2!2!4'/., 0 ,'.%]
,>>:=X``DDD]:%%2&#5%]#74`
<4&%-# ==7#->-75 7* 5%] e5]%]f] 4'/., 504'/., /-0!4!.: 2/=,! RS %5' !,'.!3]
&><-&C&%&"<?<FNNYOMOQY*<74 ,>>:=X``:<4&%-#]#`#74:&>&5#-&=`57#:`
7>>&<Y ]Y ?"7-=Y ]Y <=Y ]Y v '%<%Y ] eOMNPf] -*>&&5i:==&5+&< C5= 5% 7>,&< ><5=:7<>>-75
7:>-75=X #74:<-=75 7* %<-C&<Y C&,-#2&Y 5% #<=, #,<#>&<-=>-#=] 2? .*52: 2!7!.4'/.YADeTfY
TMShTNN] ,>>:=X``%7-]7<+`NM]NMUM`NRPUVRUU]OMNO]TSORNM
<-&=>Y ]Y v ==Y ] ] eOMNUf] <!4'7! ,! !23&'0 '.  7!.452! 02/%2--'.% e,-<% %->-75f] ?45
-5&>-#=]
?"2-# *&>F 5%] eOMNUY &#&4"&< ONf] 4'/., !2& . !35! 2/%2- RS]
,>>:=X``DDD]:?"2-#=*&>F]+#]#`#5>`4<+5#i45+45>`<=:5%5+i4<+5#iC5>=`5==`:<+<4i&5]=:E
?<#i>&:,&5=75Y ] ]Y D2&-+,Y ]Y &4:Y ]Y v =*&2%>Y ] eOMNVf] & <& D-2%&<5&== &E:27<&<=X
<&C-&D 7* 7?>%77< &%?#>-75 -5 5%] /52., /$ 90!2'!.4',  54'/.YDBeQfY PSQhPUN] ,>>:=X``%7-]7<+`
NM]NNTT`NMRPUORVNVUSRRTQ
2475Y ] ]Y 77%&Y ]Y F27<Y ]Y &55'Y ] ]Y 22>Y ] ]Y v -5#,Y ] ] eOMNTf] =4?==&5m= 2&+#F
-5 >,& +<&> 7?>%77<=X 5&D -5#-%&5> <&:7<>-5+ 5% 2&<5-5+ =F=>&4 *7< 2&% 7?>%77< #>-C->-&=] 00,'!
2%/./-'3YEIYSPThSQU] ,>>:=X``%7-]7<+`NM]NMNS`0]:&<+7]OMNR]MT]MNT
E] e5]%]f] '2'53 ', !2.!33 ! ''.! R9S &/-!] &><-&C&% &"<?<F NNY OMOQY *<74
,>>:=X``=-<-?=4&%E]#74`&5a`
5%&<?<+,Y ]Y 4-&=75Y ]Y &<%FY ]Y ->#,-&Y ]Y v <1-5Y ] eOMNQf] 744?5->Fi"=&% K<=> -%X
:<7+<4 <&:7<> 75 >,& -5>&<=&#>-75 7* #744?5->Fi"=&% :<>-#-:>7<F <&=&<#, 5% K<=> -% &%?#>-75 -5
<&47>&5%-5"7<-+-52#744?5->F] 52,. !-/4!!,4&] ,>>:=X``%7-]7<+`NM]OOSMR`ORPT
,->&D>&< 5><-7] eOMNUf] 2!02'.% . !-!2%!.: 4'/. 0,. RS] ,>>:X``DDD]D,->&D>&<75><-7]#`
<&#<&>-75`:<&:<-5+i5i&4&<+&5#Fi#>-75i:25i&:`
-2%&<5&== &%-#2 ==7#->&= 5>&<5>-752] e5]%]f] -2%&<5&== -<=> -%] ', !2.!33 ! ', 33/'4!3
.4!2.4'/.,] &><-&C&% &"<?<F NNY OMOQY *<74 ,>>:=X``DDD]D-2%4&%]#74`#7?<=&=`=>5%<%`
D-2%&<5&==iK<=>i-%`
-22-4=i<=&<Y ] ] eOMONf] . !90,/24/2: 345 : /$ 0/34V3!/. 2: /54 //2 ,! !23&'0 42'.'.% '. . 
c=>&<= >,&=-=Y ?<&5>-5 5-C&<=->F 7* ?%"?<Fd] ,>>:=X``G75&]"-"2-7]2?<&5>-5]#`0=:?-`,5%2&`NMONV`
PSTV
"0,2/ "0
W 72?5>&&<===7#->-757*5% ,>>:=X``=<C#]#`#7<&i><-5-5+i#74:&>&5#Fi=>5%<%=`
 F  %!+!%'%#"!
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W 7=>?<% ,>>:=X``DDD]##+i+##]+#]#`=&<#,i<&=#?&i<&#,&<#,&i=?C&>+&`-5%&Ei&5+],>42
W 5%-55+&<= ,>>:=X``DDD]#5%]#`&5`<4F`#7<:7<>&`#5%-5i<5+&<=],>42
W 7F25%-5-<7<#& ,>>:=X``DDD]#5%]#`&5`-<i*7<#&`:<7+<4=`=&<#,i<&=#?&],>42
W <1=5% ,>>:=X``DDD]:#]+#]#`:5i5:`4>5`=&#?<->&&5475>+5&i47?5>-5=*&>F`
:<7+<44&i:<7+<4`<&=i=<]=:E
W <1=5%*&>F ,>>:=X``:<1=]#5%]#`C7F+&i><C&2`=&#?<->&i=*&>F
W -C-2-<==7#->-75 ,>>:=X``DDD]#=<]#`&5
W >-752&*&5#&5%-5&#75&+-=><F ,>>:=X``#"<i<#"]#`#"<`:<&=&5>>-75`7>,&<a?><&`
-5%&E]:,:
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=:&#-2-G>-75 -5 ?>%77< %C&5>?<& &%&<=,-:] & ,= &E>&5=-C& K&2% &E:&<-&5#& -5 D-2%&<5&== &4&<+&5#F
45+&4&5>Y 7?>%77< 2&%&<=,-:Y +<7?: *#-2->>-75Y +<7?: %F54-#= 5% :7=>i=&#75%<F 7?>%77< 2&%&<=,-:
:<7+<44-5+] -= D7<1 7*>&5 >1&= ,-4 75 4G-5+ 07?<5&F= D->, =>?%&5>= D,&<& ,& #5 ::2F <&2i>-4&
&E:&<-&5>-22&<5-5+-5>,&7?>%77<=]
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=:A
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<FF7<MJ5%E
%1&0 /&0&0
C<-&>F 7* %-H&<&5> >F:&= 7* -5#-%&5>= #5 #?=& #<-=-= D->,-5 7?>%77< &%?#>-75 5% %C&5>?<& >7?<-=4
7<+5-G>-75=] #<-=-= -= 5F =->?>-75 D,&<& 57<42 7:&<>-75= <& 57 275+&< :7==-"2&] ,-= #7?2% "& 5F
>,<&> >7 >,& <&:?>>-75 7< "7>>74 2-5& 7* 5 7<+5-G>-75Y 5 -5#-%&5> >,> #?=&= =&C&<& %-=<?:>-75 7* 57<42
7:&<>-75=Y 7< =->?>-75 >,> #?=&= "<&#, 7* *->, D->, 1&F =>1&,72%&<=] ,-2& D& D7?2% 2-1& >7 "&2-&C&
>,> 22 -5#-%&5>= <& *7<&=&&"2& 5% :<&C&5>"2&Y >,&<& <&4-5= &57?+, ?5#&<>-5>F -5 7?>%77< 2&<5-5+ >,>
#<-=-=-5#-%&5>=%77##?<]
7=> =>H 4&4"&<= 7* 7?>%77< 2&<5-5+ 5% +?-%-5+ :<7+<4= D-22 =:&5% >,&-< D,72& #<&&< D->,7?>
&E:&<-&5#-5+ *>2->FY 5% *7< >,&4Y ##-%&5> 45+&4&5> <&4-5= ,F:7>,&>-#2 :255-5+ :<7#&==] -4& -=
=:&5> ><-5-5+ -5 :255-5+ *7< 5% >,& :<&C&5>-75 7* :7>&5>-2 -5#-%&5>=Y 5% =>H <& :<&:<&% >,<7?+, K<=>
-% ><-5-5+ >7 <&=:75% >7 <&2>-C&2F 4-57< &C&5>=] ,-2& >,& 2-1&2-,77% 7* #>=><7:,-# :<7+<4 *-2?<& -= 27DY
-> %7&= <&4-5Y 5% >,-= -= "7<5& 7?> "F >,& C&<F 7##=-752Y "?> C&<F =&C&<& &C&5>] &2-5+ D->, >,&=& #<-=-=
&C&5>= <& 7?>=-%& >,& &E:&<-&5#& 7* 47=> 7?>%77< 7<+5-G>-75=Y "?> 157D2&%+& 7* D,> >7 &E:&#>Y 275+ D->,
%&>-2&%=><?#>?<&7*D,>>7%7%?<-5+5%*>&<Y#5,&2:]
,-2& =74& #<-=-= &C&5>= -5#2?%& =-5+2& 7< 4?2>-:2& *>2->-&=Y 7>,&<= <&C72C& <7?5% =?#, ,G<%= = *?&2
=:-22= 5% &E:7=?<& >7 7>,&< ,G<%7?= =?"=>5#&=Y :5%&4-#= e= D& ,C& 2&<5&% 22 >77 D&22fY *77%"7<5&
-225&==Y 4-==-5+ :&<=75=Y 27%+& 5% *#-2->Fi<&2>&% -5#-%&5>= =?#, = K<& 7< 57<7C-<?= 7?>"<&1=Y 7< ,?45i
D-2%2-*& #75L-#>=] #<->-#2 -5#-%&5> :2?5+&= 5 7:&<>7< *<74 57<42 -5>7 #,7= -5 5 -5=>5>] > -= >77 2>&
>7 =><> :255-5+ > >,> :7-5>Y =7 #>-75= 5% <72&= 5&&% >7 "& :<&i%&>&<4-5&% 5% :<&i:255&%] ,& 7?>%77<
#744?5->-&= <& &E:&<> :255&<= 5% #74:&>&5> <&=:75%&<=Y 5% >,-= =&#>-75 -= -5>&5%&% >7 :<7C-%& >772= >7
==-=>D->,>,&:7=>i-5#-%&5><&#7C&<F=>+&]
,& *7?< =>+&= 7* &4&<+&5#F <&=:75=& -5 >,& <-=1 45+&4&5> #F#2& <& 4->-+>-75Y :<&:<&%5&==Y <&=:75=&Y
5% <&#7C&<F e&2-> 5%Y OMNVf] ,-= #,:>&< -= :<-4<-2F #75#&<5&% D->, >,& 2=> >D7 =>+&= 7* <&=:75=&
5% <&#7C&<F] 72-=>-# %-=#?==-75= 7* >,& K<=> >D7 <& D&22 #7C&<&% "F 7>,&< #,:>&<= -5 >,-= 7?>%77< 2&<5-5+
"771] <&&4:>-C& <-=1 45+&4&5> e>,7=& #>-C->-&= -5>&5%&% >7 :<&C&5>Y :25 *7<Y 5% <&%?#& >,& =&C&<->F
7* -5#-%&5>=f +&5&<22F *22 -5>7 4->-+>-75 5% :<&:<&%5&== #>-C->-&=] 7=>i-5#-%&5> 45+&4&5> #>-C->-&=
+&5&<22F*22-5>7>,&<&=:75=&5%<&#7C&<F=>+&=7*>,&<-=145+&4&5>#F#2&]
 F #"&!!&%%#"!
N] !,!,!'&X<&C&5>-5+*?>?<&&4&<+&5#-&=5%<&%?#-5+>,&-<-4:#>75>,&7<+5-G>-75]->-+>-75
#>-C->-&=-5#2?%&5F#>-C->-&=-4&%>:<&C&5>-5+5&4&<+&5#FY<&%?#-5+>,&#,5#&7*5&4&<+&5#F
,::&5-5+Y7<<&%?#-5+>,&%4+-5+&H&#>=7*?5C7-%"2&&4&<+&5#-&=]?-%&=4&&>-5+=Y,G<%
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O] *(*&++X<&:<-5+>7,5%2&5&4&<+&5#F]<&:<&%5&==#>-C->-&=-5#2?%&:25=7<:<&:<>-75=
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<&=:75=&:25=Y:?<#,=-5+&4&<+&5#F<&=:75=&&;?-:4&5>Y#75%?#>-5+=>H><-5-5+Y#74:-2-5+
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#>-C->-&=]
P] +('&+X&=:75%-5+&I#-&5>2F5%=*&2F>75&4&<+&5#F]&=:75=&#>-C->-&=-5#2?%&#>-75=>1&5
>7=C&2-C&=5%:<&C&5>*?<>,&<:<7:&<>F%4+&-55&4&<+&5#F]&=:75=&-=:?>>-5+:<&:<&%5&==
:25=-5>7#>-755%>1&=:2#&%?<-5+5&4&<+&5#F]&=:75%-5+>75C25#,&Y=&<#,-5+*7<
4-==-5+=>?%&5>Y%&2-5+D->,>,&4&%-Y5%#744?5-#>-5+D->,>,&*4-2F<&22<&=:75=&#>-C->-&=]
Q] '.*1X&>?<5-5+>757<42e7<5&D57<42f*>&<5&4&<+&5#F]&#7C&<F-5#2?%&=#>-75=>1&5
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722&#>-5+D->5&===>>&4&5>=Y#75%?#>-5+=57D:<7K2&*7<<&#7<%1&&:-5+:?<:7=&=Y%&"<-&K5+=>HY
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7:&<>7<= ,C& 75& =&5-7< :&<=75 <&=:75=-"2& *7< "&-5+ >,& 2--=75 -5 >,-= :<7#&==] 5 =422&< "?=-5&==Y >,-= D-22
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2->-+>-75-5C&=>-+>-75=]
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=,7?2% *7#?= 75 >,& #722&#>-75 7* <&#7<%=Y %7#?4&5>>-75Y D->5&== =>>&4&5>=Y C-%&7Y #7<<&=:75%&5#&Y 5%
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"<71&< D-22 "& "2& >7 ,&2: -4:2&4&5> <&=:75=& =><>&+F 5% :<7C-%& 2&+2 5% &E:&<> #75>#>= = 5&#&==<F] 5
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7?>=-%&&E:&<>=>7"&#74&-5C72C&%]
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W 75>#>-5=?<&<=>7-5*7<4>,&47*>,&-5#-%&5>]
W >,&<5%=>7<&22<&2>&%:<&i-5#-%&5>5%:7=>i-5#-%&5>%7#?4&5>>-75e=%&=#<-"&%"7C&f]
W #>-C>&:25>745+&4&%-Y+?&=>Y5%*4-2F-5>&<#>-75+7-5+*7<D<%]
W &C-&D"?=-5&==7:&<>-75==5&#&==<F]
W 744?5-#>&#2&<2F5%7*>&5D->,>,&-5=?<5#&"<71&<Y2DF&<Y7<%0?=>&<Y-*>,&F<&==-+5&%Y
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W =&#?<&Y:,7>7+<:,Y5%%7#?4&5>>,&=#&5&Y
W #722&#>-5*7<4>-75"7?>D,>,::&5&%Y5%
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?5%&< :<7C-5#-2 7<1&<m= 74:&5=>-75 #> D,&5 D7<1&< -= -50?<&%] ,&=& <& #75%?#>&% "F >,&
<&+?2>7<F "7%F] 7< -50?<-&= >7 D7<1&<=Y 5% -5 >,& #=& 7* =74& <&+?2>7<F -5C&=>-+>-75=Y >,& 7:&<>7< 4?=>
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W <&#744&5%5%-4:2&4&5>#7<<&#>-C&#>-75=Y5%
W #74:2&>&5%=?"4->>,&<&:7<>>7>,&-<:<7C-5#-2##?:>-752&2>,5%*&>F+&5#F]
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-4:2&4&5>>-75=?"4->>&%>77<1*&]
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&:<&=&5>>-C&=7<&2>,5%*&>F744->>&&4&4"&<=],&=&%?>-&=-5#2?%&X
W -&D-5+>,&=#&5&7*>,&-5#-%&5>D->,>,&:&<=75=#<<F-5+7?>>,&-5C&=>-+>-75]
W <7C-%-5+%C-#&>7>,&:&<=75=#<<F-5+7?>>,&-5C&=>-+>-75Y<&=:&#>-5+>,&4&>,7%=?=&%>7#<<F7?>
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W ==-=>-5+>,&:&<=75=#<<F-5+7?>>,&-5C&=>-+>-75D->,+>,&<-5+-5*7<4>-75<&2>-5+>7>,&
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W ==-=>-5+>,&:&<=75=#<<F-5+7?>>,&-5C&=>-+>-75D->,52FG-5+>,&-5*7<4>-75+>,&<&%%?<-5+>,&
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W ==-=>-5+>,&:&<=75=#<<F-5+7?>>,&-5C&=>-+>-75-5-%&5>-*F-5+5F#7<<&#>-C&#>-75=5&#&==<F>7
:<&C&5><&#?<<&5#&7*=-4-2<-5#-%&5>=]
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72?4"-Y -* F7? <& =422&< 7:&<>7< D->, *&D&< >,5 5-5& &4:27F&&=Y -> -= 57> 5&#&==<F >7 ,C& >,& =4&
2&C&27*D7<1&<:<>-#-:>-75Y"?>=422&<7:&<>7<=<&&5#7?<+&%>7=&&1-5:?>*<74=>H]
5 &4:27F&<m= <&;?-<&4&5> >7 57>-*F >,&-< :<7C-5#-2 ##?:>-752 &>, 5% *&>F +&5#F C<-&= "F >,&
>F:& 7* >,& -5#-%&5> 5% -= %-H&<&5> *<74 <&:7<>-5+ -50?<-&= <&2>&% >7 #2-4=] * >,&<& -= 5 -50?<F 75 >,& 07"Y >,&
D7<1&<m= &4:27F&< =>-22 4?=> #74:2&>& C<-7?= <&:7<> 7* -50?<F *7<4=Y "?> >,-= %7&= 57> =>-=*F 5 &4:27F&<m=
5&&% >7 -44&%->&2F <&:7<> #&<>-5 -5#-%&5>=] && F7?< :<7C-5#-2 7<1&<= 74:&5=>-75 #> *7< =:&#-K#
<&;?-<&4&5>=]
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#"&!!&%%#"! F 
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=?"0&#>i4>>&<&E:&<>="&#?=&>,&FD-22"&#74&&E:&<>D->5&==&=%?<-5+2&+2#>-75]
,& -5=?<&< 4F ,-<& %0?=>&<=Y &E:&<> #75=?2>5>=Y 5% 2DF&<=] > >,-= :7-5>Y >,& -5=?<&< ,= >,&
<&=:75=-"-2->F 5% ?>,7<->F >7 %&*&5% >,& #2-4 = >,&F %&>&<4-5& ::<7:<->&Y 5% =><>&+F -= %&>&<4-5&%
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%&>&<4-5& %&*&5#& =><>&+F *<74 >,-= :7-5> *7<D<%] >,&< >,5 >,& %&%?#>-"2& 75 F7?< :72-#FY >,&=& #7=>= <&
+&5&<22F-5#2?%&%-5F7?<-5=?<5#&]
"?=-5&== 5&&%= >7 "& #2&< D,> #7=>= <& ::2-&% +-5=> >,&-< %&%?#>-"2& 5% D,> -= :-% *7< "F >,&
-5=?<&<] 7=>= -5#?<<&% "F >,& "?=-5&== ?: >7 >,-= :7-5> <& 57> 2-1&2F >7 "& ::2-&% +-5=> >,& %&%?#>-"2& e*7<
&E4:2&Y*7<-5i,7?=&52F=-=Y%>#722&#>-75Y7<7>,&<==7#->&%"?=-5&==#7=>=f]
" 2/&+$+!, 2*"+1&+$1%" "+"
,& -5*7<4>-75 +>,&<&% > >,& =#&5& 7* 5 -5#-%&5> 4-+,> "& <&;?-<&% = :<> 7* #7?<> #=& 7< <&+?2>7<F
-5C&=>-+>-75 >,> 4F 57> "&+-5 ?5>-2 475>,= 7< F&<= *>&< >,& &C&5>] &#7<% &C&<F>,-5+Y = %&>-2= >,> 4F
=&&4 -5=-+5-K#5> > >,& >-4& #7?2% "& 7* C->2 -4:7<>5#& >7 ,&2: %&>&<4-5& #?=>-75 7< *7< 2&+2 %&*&5#& >
2>&< =>+&] 5->-22FY &C-%&5#& > >,& =#&5& 4F "& 7"=#?<&% 7< 4F "& %-=>?<"&% "F <&=#?& &H7<>=] ->& :,7>7=
7* >,& =#&5& > >,& >-4& 7* >,& -5#-%&5> #5 "& C2?"2& -5 &=>"2-=,-5+ *#>=Y -5#2?%-5+ -%&5>-*F-5+ :&<=755&2
5%D->5&==&=>>,&=#&5&]
,-2& >,& :<-7<->F -= >7 #<& *7< >,& -50?<&%Y -> -= -4:7<>5> >7 >1& :,7>7= 5% 41& <7?+, =1&>#,&= = ;?-#12F
= :7==-"2& %?& >7 >,& 2-1&2-,77% 7* #,5+&= -5 D&>,&< 5% =57D #75%->-75=Y = D&22 = >,& 27== 7* %F2-+,> 2>&<
-5>,&%F],&*7227D-5+<&=74&>,-5+=>7#75=-%&<D,&5%7#?4&5>-5+>,&=#&5&7*5-5#-%&5>X
W ,&&E#>27#>-757*>,&-5#-%&5>=,7?2%"&4<1&%?5>-2->#5"&4&=?<&%5%<&#7<%&%]
W 5F:,F=-#2&C-%&5#&>>,&=#&5&Y=?#,=,G<%=5%7"=>#2&=Y=,7?2%"&-%&5>-K&%*7<&E4-5>-75
2>&<]
W ,7>7==,7D-5+>,&&E#>27#>-757*&;?-:4&5>>>,&=#&5&=,7?2%"&>1&5Y5%>,&#75%->-757*
&;?-:4&5>>>,&=#&5&=,7?2%"&%7#?4&5>&%]>4F"&5&#&==<F>7>+5%%&#744-==-755F
&;?-:4&5>-5C72C&%]
W <&=,7?2%"&>1&5>7C7-%47C-5+7<=?"=>5>-22F#,5+-5+>,&:,F=-#2=#&5&?5>-222+&5#-&=5%
-5C&=>-+>7<=<&=>-=K&%D->,>,&<&#7<%7*>,&=->&]
W ,&5:7==-"2&Y>,&*77>D&<>,&-50?<&%:<>FD=D&<-5+>>,&>-4&7*5-5#-%&5>-5C72C-5+=2-:Y
><-:7<*22=,7?2%"&%7#?4&5>&%5%:,7>7+<:,&%]&>&<4-5-5+-*>,&*77>D&<D=::<7:<->&*7<
>,&D&>,&<#75%->-75=Y27#>-75Y#>-C->-&="&-5+?5%&<>1&5-=C-"2&%&*&5#&-5>,&&C&5>7*2D=?->]
,&<& >,& -5#-%&5> -= <&2>&% >7 27#>-75 7< :<&4-=&=Y = -5 >,& #=& 7* =2-:Y ><-: 7< *22Y >,&<& -= 7*>&5 +:
 F #"&!!&%%#"!
"&>D&&5 >,& >-4& 7* >,& -5#-%&5> 5% >,& 474&5> D,&5 #74:5F =>H <& 4%& D<& >,> >,& -5#-%&5> ,=
7##?<<&%] *>&5Y "F >,& >-4& >,& -5C&=>-+>-75 -= -5->->&%Y >,& #75%->-75= ,C& #,5+&%Y 5% >,& &E#> 27#>-75
4F "& %-I#?2> >7 %&>&<4-5&] 5 >,&=& #=&=Y -> -= %C-=&% >,> :,7>7= "& >1&5 -5 >,& %-<&#>-75 >,> >,& -50?<&%
:<>FD=><C&22-5+Y275+D->,#27=&i?:=7*>,&=?<*#&#75%->-75]
3<J<2E>3592J3% %9%
,& 5?4"&< 7* :,7>7= >1&5 > 5 -5#-%&5> =#&5& D-22 C<FY "?> F7? #5 5&C&< ,C& >77 45F] 1& = 45F =
:7==-"2&] 7  %&2&>& 5F :,7>7= >1&5] &C-&D-5+ >,& :,7>7= > >,& =#&5& "&*7<& 2&C-5+ D-22 227D F7? >7
<&i>1&5F-4+&=>,><&"2?<<&%7<?5#2&<%?&>75+2&Y&>#]
7+ >,& %>&Y >-4&Y 27#>-75Y 5% :,7>7+<:,&<m= 54& :<-7< >7 =><>-5+ >7 >1& >,& :,7>7=Y >,-= #5 "& %75&
"F =5::-5+ :-#>?<& 7* =,&&> 7* ::&< D->, >,& -5*7<4>-75 7< 57>&% -5 K&2% "771] ,&5 :,7>7= <&
#74:2&>&%Y 57>& >,& >-4& +-5] ,&5 :7==-"2&Y 1&&: :,7>7= *<&& 7* &;?-:4&5> 57> <&2>&% >7 >,& -5#-%&5>Y
?52&==>,&F<&"&-5+?=&%=:&#-K#22F>7=,7D-5#-%&5>27#>-757<<&2>-C&=-G&5%%-=>5#&=]
?&=>= 4F ,C& #:>?<&% :,7>7= 7< C-%&7 *77>+& 7* 5 -5#-%&5>Y >,& <&=:75=& &H7<>=Y 7< &C&5 #>-C->-&=
:<-7< >7 >,& -5#-%&5>] * =7Y >,& -5C&=>-+>7< =,7?2% =1 -* >,&F 4F ,C& #7:FY 2>,7?+, >,& +?&=> #5 <&*?=&]
5 >,& &C&5> 7* :72-#& *7<#&Y #7<75&<Y 7< 7<1*& -5C&=>-+>-75Y +?&=> 4F "& #74:&22&% >7 :<7C-%& >,&
*77>+&]
+#,/*1&,+1%"/&+$
5J9%FFJJ%8%9JF
->5&==&= >7 >,& &C&5> =,7?2% "& -5>&<C-&D&% 5% =>>&4&5>= >1&5 *<74 5F75& D->, K<=>i,5% 157D2&%+&
7* 5 -5#-%&5>] 5 =74& #=&=Y >,& <&=:75=-"-2->F *7< >,-= D-22 *22 D->, :72-#&_ ,7D&C&<Y &C&5 4-57< -5#-%&5>=
<&;?-<& >,& #722&#>-75 7* -5*7<4>-75 *<74 D-%& <5+& 7* :&7:2& #755&#>&% >7 >,& &C&5>] ,& =775&< D->5&==
#5 "& -5>&<C-&D&%Y >,& "&>>&< >,&-< <&#722&#>-75 5% 47<& ##?<>& >,&-< =>>&4&5> D-22 "&] ,&5 D->5&==&= <&
#75>#>&% -44&%->&2F 5% >,& <&=75 *7< >,& -5>&<C-&D <&;?&=> -= #2&<2F &E:2-5&%Y -> -= 2-1&2F >,&F D-22 >1& >,&
>-4&>7:<>-#-:>&]
7=> D->5&==&= <& #77:&<>-C&Y &=:&#-22F -* >,& -5C&=>-+>7< ::<7#,&= >,&4 D->, <&=:&#> 5% <&#7+5-G&=
>,> >,&F <& +-C-5+ ?: C2?"2& :&<=752 >-4&] 74& D->5&==&= 4F #75=-%&< >,& -5>&<C-&D 5 -4:7=->-75 5%
"&#74& -4:>-&5> 5% ?5#77:&<>-C&] ,-= 4F 2=7 "& >,&-< <&#>-75 >7 D->5&==-5+ ><?4>-# =->?>-75_ >,&
<&;?&=> *7< :<74:> -5>&<C-&D 4?=> "& "25#&% +-5=> >,& D&22"&-5+ 7* >,& D->5&==] * -> -= 57> :7==-"2& >7
-5>&<C-&D >,& D->5&== -44&%->&2F *7227D-5+ 5 -5#-%&5>Y +&> >,&-< *?22 54& 5% :&<45&5> %%<&== =7 >,&
-5%-C-%?2#5"&#75>#>&%>2>&<%>&]
,&<& 4-57< -= -5C72C&% = D->5&==Y >,& :<&5> 7< +?<%-5 ,= <-+,> >7 "& :<&=&5> 7< >7 <&*?=& >,&
#"&!!&%%#"! F 
-5>&<C-&D] ,& :<&=&5#& 7* >,& :<&5> 4F ,&2: 7< ,-5%&< >,& D->5&==m= <&#22Y 5% >,& -5C&=>-+>7< =,7?2% ?=&
>,&-< 0?%+4&5> >7 %&>&<4-5& D,&>,&< >,& -5>&<C-&D -= D7<>,D,-2&] ->5&==&= #5 "& -5>&<C-&D&% > >,& =#&5& 7*
>,& -5#-%&5>] ,-= -= 47=> #75C&5-&5> *7< >,& D->5&== 5% 4F :<7C& 47=> -5*7<4>-C& *7< >,& -5C&=>-+>7<Y =
D->5&==&= <& "2& >7 :7-5> 7?> =:&#-K# 27#>-75= 7< ->&4= 5% #5 <&2>& -5*7<4>-75 "7?> >,& =#&5& >,> >,&F
4F7>,&<D-=&,C&%-I#?2>F<&4&4"&<-5+7<;?2-*F-5+]
5 45F #=&=Y >,& -5>&<C-&D D-22 ,C& >7 "& #75%?#>&% > 27%+& 7< 7I#&] 5=?<& -> -= #74*7<>"2& 5%
;?-&> &5C-<754&5> D,&<& >,& -5>&<C-&D D-22 57> "& -5>&<<?:>&%] ,&5 :7==-"2&Y =&:<>& >,& D->5&== F7? <&
-5>&<C-&D-5+ *<74 *<-&5%= 7< *4-2F 4&4"&<=] ,-= :<7#&== <&%?#&= %-=><#>-75= 5% ,&2:= :<&=&<C& >,& -5>&+<->F
7*>,&D->5&==m=<&#722&#>-757*>,&-5#-%&5>]
% <E$%%>592
,& -5C&=>-+>7< 4?=> #74:-2& -5*7<4>-75 >,> ,&2:= :-5> :-#>?<& 7* >,& %F 5% >-4& 7* >,& -5#-%&5>
->=&2*] 5 #74:2&E #=&=Y F7? 4F <&;?-<& 27+"771=Y <&:7<>=Y 5% 7>,&< =?::7<>-5+ %7#?4&5>>-75 >7 &=>"2-=,
>-4&2-5& 7* >,& %F= 7< &C&5 D&&1= 2&%-5+ ?: >7 >,& -5#-%&5>] &5-7< 45+&4&5> =,7?2% #>-C&2F =?:&<C-=&
22 <&#7<% 1&&:-5+] &#7<%= =,7?2% "& #,&#1&% :&<-7%-#22F *7< &E><5&7?= 5<<>-C& #744&5>= 5% ##&:>"2&
#74:2&>-75Y-5#2?%-5+%>&=5%>,&*?2254&=7*22=>H#74:2&>-5+>,&*7<4]
&#7<%= =,7?2% "& K2&% -5 =F=>&4>-# 5% #75><722&% 455&< D,&<& >,&F #5 "& ##&==&% 2>&<] ,&=&
<&#7<%= 4F "&#74& &C-%&5#&Y 5% >,&F D-22 <&L&#> >,& #74:5Fm= :<7*&==-752-=4Y %?& %-2-+&5#&Y 5% +&5&<2
=>5%<% 7* 7:&<>-75] ,& *7227D-5+ -= 575i&E,?=>-C& 2-=> 7* <&2&C5> <&#7<%= >,> 4F "& ?=&% = &C-%&5#&
%?<-5+5-5C&=>-+>-75X
W -C&<=
W &+-=><>-75*7<4=
W &5>2*7<4=
W ?-%&27+=
W ?-%&4&&>-5+57>&=
W 5>&<52-5C&=>-+>-75<&:7<>=
W 4-25%7>,&<#7<<&=:75%&5#&
W C25#,&5%5*7E%>
W <7+<4#>-C->F:255-5+%7#?4&5>>-75
W 5#-%&5><&:7<>*7<4=
W &>,&<<&:7<>=`#75%->-75=
W ;?-:4&5>7:&<>-5+27+=
W ;?-:4&5>:<&i=><>#,&#12-=>=
W ;?-:4&5>4-5>&55#&27+=
W &:-<D7<17<%&<=
 F #"&!!&%%#"!
W 50?<F5%K<=>-%<&:7<>=
W ?-%&=
/&1& )+ &!"+11/"00+$"*"+1
5 >,& %&2-C&<F 7* 7?>%77< :<7+<4=Y 45F :&7:2& D-22 > =74& :7-5> &E:&<-&5#& %5+&<7?= =->?>-75= #?=&%
"F 5>?<&Y 4&#,5-#2 *-2?<&=Y 7< :&7:2&] *>&5Y :&7:2& D-22 *?22F <&#7C&< *<74 >,7=& %5+&<7?= =->?>-75=] ?>
=74&>-4&= >,&F %75m>] <->-#2 -5#-%&5>= <& :7D&<*?2 5&+>-C& &C&5>= >,> #5 :7>&5>-22F #<&>& =-+5-K#5>
5% =><75+ :,F=-727+-#2 <&=:75=& > >,& >-4& 7* >,& -5#-%&5>Y 7< 2>&<] <->-#2 -5#-%&5> =><&== -= #74475
<&#>-75>7>,&=&&C&5>=]
#<->-#2 -5#-%&5> =><&== %&"<-&K5+ -= 5 7::7<>?5->F *7< >,7=& %-<&#>2F 5% -5%-<&#>2F -5C72C&% -5 5 &C&5> >7
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>7?<-=4 -5%?=><FY 7== 27?>-&< -= >,& <-5#-:2 7* ,?%1 75=?2>5>= >%]Y 4277:=Y <->-=, 72?4"-
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+&5&<22F %75& -5 ,:,G<% 455&<Y &<<75&7?=2F "=&% 75 4-=#&225&7?= -5*7<4>-75 %&&4&% >7 "& j#772k
"F 7?>%77< &5>,?=-=>= -5 =&<#, 7* %C&5>?<&] 5*7<>?5>&2FY >,-= -= *< *<74 5 -%&2 ::<7#, >7 :<&:<& *7<
<&2 ?5&E:&#>&% &4&<+&5#F *7< >,7=& D,7 *<&;?&5> <&47>& 7?>%77< &5C-<754&5>= *7< =:7<>=Y D7<1Y 7< 2&-=?<&]
5 >,-= <>-#2&Y >,& ?>,7<= %-=#?== >,& >&#,-5+ 7* D-2%&<5&== =?<C-C2 -5 7<%&< >7 4&&> >,& <&2 5&&%= 7* 5
7?>%77< &4&<+&5#F] ,& -5>&5> -= >7 :<7C-%& "&=>i:<#>-#&= 7?>2-5& >7 ,&2: =?<C-C2 -5=><?#>7<= %:> >,&-<
>&#,-5+##7<%-5+2FY>7+7"&F75%>,&j=?<C-C-5+7H>,&25%k:<%-+4]
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5?4"&<= 7* :&7:2& D,7 :<>1& -5 7?>%77< <&2>&% #>-C->-&= -5 <&47>& &5C-<754&5>= *7< =:7<>=Y D7<1Y 7<
2&-=?<& e7?<-=4& ?'"&#Y OMMT_ Y OMNM_ Y OMNT_ <5;?<%Y OMONf] >,&< =>?%-&= ,C& 52FG&%
>,& 47?5> 7* =&<-7?= 7< *>2 -5#-%&5>= D,-#, 7##?< -5 5% e?<<5i-22= &> 2]Y OMNPf] ,& =,&&< 5?4"&<=
-5C72C&% %&475=><>& >,& 5&&% *7< =F=>&4-# ::<7#, >7 :<&:<& 7?>%77< 2&%&<= 5% &5>,?=-=>= *7< :7>&5>-2
2-*&i>,<&>&5-5+7?>%77<-5#-%&5>=]
7?<"&? eOMNVf ,= <+?&% >,> 57>,-5+ #5 "& #,5+&% -5 >,& 7?>#74& 7* =?<C-C2 =->?>-75 75#& -> -=
?:75 F7?] ->,&< F7? #5 %&2 D->, -> 5% =?<C-C&Y 7< F7? #5m>] 5 7>,&< D7<%=Y F7? D-22 *#& F7?< :<&%-#4&5>
D->, >,& >772= F7? <& 2<&%F -5 :7==&==-75 7*X F7?< #>?2 :,F=-#2 K>5&==Y :=F#,727+-#2 *7<>->?%&Y %&#-=-75i
41-5+ #:"-2->-&=Y 5% 7?>%77< =1-22=] 5->&% >>&= <4F ?<C-C2 5=><?#>7< ?>F&5= eOMNVf #4& ?: D->,
=-4-2< -%& -5%&:&5%&5>2FY #22&% >,& =?<C-C2 "25#&Y D,-#, D&-+,= >,& %-I#?2>-&= 7* +-C&5 =->?>-75 +-5=>
>,& <&=7?<#&= C-2"2& >7 *#& >,&4] -I#?2>-&= #5 "& :,F=-#2 5%`7< :=F#,727+-#2Y D,&<&= <&=7?<#&= <&
4&=?<&% = >,& =?4 7* +&< C-2"2&Y 5>?<&m= "7?5>FY ,?45 *#>7<=Y 5% :&<,:= 2?#1Y = =,7D5 -5 -+?<& N]
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"25#& #5 5&C&< *22 75 >,& D<75+ =-%&] ,&<& <& >D7 DF= >7 ##74:2-=, >,-=X #75><722-5+ >,& %-I#?2>-&=
5% +&< C-2"2& e<-=1 45+&4&5>fY 7< -4:<7C-5+ >,& =><&5+>, 7* >,& ,?45 *#>7<=] 7>& >,> "7>, 7*
>,&=& ::<7#,&= <& 02!7!.4'7!] 5#& -5 :<&%-#4&5>Y -> -= >77 2>&Y >,& =?<C-C2 "25#& >,&5 %&>&<4-5&= >,&
7?>#74&[
&0(*+$"*"+10,)21&,+0
,& :?<:7=& 7* <-=1 45+&4&5> *7< >,& 7?>%77<= -= >,&<&*7<& >7 C&<-*F ,&% 7* >-4& >,> %?<-5+ 5 7?>%77<
 F '%((!"&!
#>-C->FY >,& %-I#?2>-&= &5#7?5>&<&% D-22 57> "& +<&>&< >,5 D,> >,& +<7?: #5 %&2 D->, D,-2& #75=-%&<-5+
>,& +&< 5% =?::2-&= >,&F #<<F *7< >,& =:&#-K# &5C-<754&5> -5 D,-#, >,& ><-: &C72C&=] 5 7>,&< D7<%=Y -> 4?=>
"&C&<-K&%>,>>,&2&C&27*%-I#?2>F7*><-:#7<<&=:75%=>7>,&=><&5+>,7*>,&2&%&<=5%:<>-#-:5>=]
?&"&#m= D-%&2F ?=&% <-=1 45+&4&5> 45?2 eY Y Y OMMOf =?++&=>= 57C&2 ::<7#, >7
&5=?<-5+ >,-= #7<<&=:75%&5#& "&>D&&5 ><-: %-I#?2>F 5% =><&5+>, 7* +<7?:] 5 &==&5#&Y 7?>%77< #>-C->-&= <&
%-C-%&%-5>7*7?<#>&+7<-&=X
N] &+-55&<e75&,7?<*<74,7=:->2Y47=>2F%F><-:=7<7C&<5-+,>><-:=f
O] 5>&<4&%->&e75&%F*<74,7=:->2Y?=?22F>D7>7*7?<%F><-:=-5=&4-i<&47>&&5C-<754&5>=f
P] %C5#&%e=&C&<2%F=*<74,7=:->2Y5F2&5+>,F&E:&%->-75=-5<&47>&&5C-<754&5>=D,&<&<-=1=#5
?=?22F"&#75><722&%f
Q] E:&<>e-5C&<F<&47>&=&>>-5+=YD,-2&<#-5+7<>>&4:>-5+<&#7<%=YD,&<&<-=1=<&%-I#?2>>7#75><72Y
*7<&E4:2&7#&5#<7==-5+=7<#2-4"-5+407<:&1=f
5#& >,& %-I#?2>F 7* >,& ><-: -= =#&<>-5&%Y =*&>F "&#74&= 4>>&< 7* &5=?<-5+ >,> >,& :<>-#-:5>= 5%
2&%&<= 4>#, >,& %-I#?2>F 2&C&2Y "7>, -5 +&5&<2 7?>%77< #74:&>&5#-&= e#4:-5+fY 5% 2=7 -5 >,& =:&#-K#
#>-C->F-5C72C&%e#57&-5+f]7<:<>-#-:5>=-5&#,#>&+7<F2&C&2Y>,-=4&5=X
N] &+-55&<e57&E:&<-&5#&5&#&==<Ff
O] 5>&<4&%->&e=&C&<2"&+-55&<&E:&<-&5#&=="#1+<7?5%f
P] %C5#&%e=&C&<2-5>&<4&%->&&E:&<-&5#&=="#1+<7?5%f
Q] E:&<>e=&C&<2%C5#&%&E:&<-&5#&=="#1+<7?5%f
7< 2&%&<=Y >,-= 4&5= ,C-5+ #>&% = 2&%&< =&C&<2 >-4&= -5 >,& :<&C-7?= #>&+7<F 5% ,C-5+ #>&% = ==-=>5>
2&%&< -5 >,& +-C&5 #>&+7<F "&*7<& #>-5+ = 2&%&<] ,& =&#75% 47=> ?=&*?2 <-=1 45+&4&5> >772 eY Y
YOMMOf-=>7K2&><-::25D,-#,-5#2?%&=C-"2&=72?>-75=*7<>,&*7227D-5+KC&:&==-4-=>-#=#&5<-7=X
N] &2F7*Q,7?<=:&<%F
O] :<>-#-:5>-==&:<>&%*<74>,&+<7?:
P] ,&47=>-4:7<>5>:-&#&7*+&<-=%&=><7F&%e?=?22F4&5=7*><5=:7<>7<=,&2>&<f
Q] ,&2&%&<"&#74&=?5#75=#-7?=5%5&&%=&4&<+&5#F&C#?>-75
R] :<>-#-:5>5&&%=&C#?>-75*7<575i2-*&i>,<&>&5-5+#?=&
-5%-5+ =72?>-75= >7 >,&=& =#&5<-7= 7"2-+&= >,& 2&%&<= 5% :<>-#-:5>= 7* >,& ><-: >7 ;?&=>-75 >,& %&;?#F 7*
>,&-< :&<=752 #74:&>&5#-&=Y #,7-#& 7* +&<Y <7?>& =&2&#>-75Y 5% >,& C-2"-2->F 7* j><-: 5+&2=Yk =74&75& D,7
#5 ><?2F ,&2: -* 5&&% "&] ,&=& >D7 407< <-=1 45+&4&5> >772=Y Nf &5=?<-5+ 4>#,i?: "&>D&&5 ><-: %-I#?2>F
5% +<7?: #74:&>&5#-&=Y = D&22 = Of K2-5+ 5 %&;?>& ><-: :25Y &=:&#-22F -* C2-%>&% "F 75& 7< >D7 7>,&<
'%((!"&! F 
&E:&<-&5#&% 7?>%77< 2&%&<=Y D-22 +7 275+ DF >7D<%= &5=?<-5+ >,> >,& =?<C-C2 "25#& =>F= 75 >,& :7=->-C&
=-%&]
5 >,& 7:-5-75 7* >,& ?>,7<=Y >,& K<=> #75#&<5 7* =?<C-C2 ><-5-5+ =,7?2% "& >7 &4:,=-G& >,&=& >D7 4-5
<-=1 45+&4&5> :<#>-#&=Y -5#2?%-5+ &C2?>-5+ >,& :<>-#-:5>=m =><&5+>,= 5% D&15&==&= e<5;?<% v
7?<"&?YOMNQf]5>,-=DFY->D-22"&2&==2-1&2F>,>-5%-C-%?2=+&>-57C&<>,&-<,&%=]
= :<&C-7?=2F =>>&%Y 7>,&< >,5 <-=1 45+&4&5>Y >,& 752F 7>,&< DF 7* :7=->-C&2F H&#>-5+ >,& =?<C-C2
"25#& -5 :<&C&5>-C& DF -= >7 ?=& >,& =?<C-C2 :<7+<4 >7 -4:<7C& >,& =><&5+>, 7* >,& ,?45 *#>7<=Y 7*
D,-#,>,&<&<&*7?<e7?<"&?YOMNVY<5;?<%v7?<"&?YOMNQfX
N] &#,5-#27?>%77<=1-22=5%157D2&%+&
O] ,F=-#2#75%->-755%,<%-5&==
P] =F#,727+-#2*7<>->?%&
Q] &#-=-75i41-5+&E:&<>-=&
"C-7?=2FY =,7<>i>&<4 =?<C-C2 #7?<=& #557> H&#> >,& =?<C-C2 "25#& 22 >,> 4?#,[ 1-5+ =-+5-K#5>
%-H&<&5#& -5 5F 7* >,& *7?< *#>7<= -= 275+ 5% 75+7-5+ :<7#&==] ,& =?<C-C2 :<7+<4 =,7?2% >,&<&*7<&
&5%&C7?< >7 -5=>-22 -5 >,& =>?%&5>= >,& D-22 >7 #75>-5?& >7 -4:<7C& -5 &#, 7* >,& *7?< =:&#>=Y D,-2=> >
>,& =4& >-4&Y -5=-=>-5+ 75 :<&C&5>-75 >,<7?+, <-=1 45+&4&5>] -5#& D-2%&<5&== &4&<+&5#F #557> "&
:<&%-#>&%Y 5% >,& 47=> %5+&<7?= =:&#> 7* =?<C-C2 =->?>-75 -5 5% -= >7 *&5% 7H #72%Y -> -= -4:7<>5>
>7 %% j>,& ,"-> 7* #<<F-5+ 4&5= 7* =><>-5+ K<& -5 75&m= :7#1&>=k 5% 7>,&< =?#, :<&C&5>-75 ,"->= >7
>,& <-=1 45+&4&5> >772= e>7 &5,5#& C-2"-2->F 7* =?<C-C2 +&< %?<-5+ 5 ?5&E:&#>&% :<&%-#4&5>f] &> ?=
57D &E4-5& >,& 47=> -4:7<>5> #7?<=& #75>&5> *7< &#, 7* >,& *7?< ,?45 *#>7<= D,-#, H&#> >,& =?<C-C2
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j=?<C-C-5+ 7H >,& 25%Yk >,& &E#->-5+ :<> D,-#, >><#>= <&%&<= 5% =>?%&5>=] =?22FY >,&<& <& =&#>-75= 75 K<=>
-%Y =,&2>&<Y K<&Y D>&< :<7#?<&4&5>Y *77% =7?<#&= e&%-"2& :25>=Y ,?5>-5+Y ><::-5+Y K=,-5+fY :<7>&#>-75 *<74
-5=&#>=Y =-+522-5+Y 7<-&5>>-75Y 5% 5C-+>-75 e5+-&<Y OMNQ_ 7?<"&?Y OMNN_ <7D5Y NVUP_ C&5:7<>Y
NVVU_'*&5=&5>-752&YNVVO_<FYNVUN_2=&5YNVVTf]
&<5-5+ >,& -5><-##-&= 7* 22 7* >,&=& =?"0&#>= #5 &=-2F "& 2-*&i>-4& &5%&C7?<[ 5 =,7<> =?<C-C2
:<7+<4Y >,& %-I#?2>F 2-&= -5 #,77=-5+ D,-#, 7* >,&=& =?"0&#>= <& >,& 47=> -4:7<>5> 5% 4&<-> =:7> -5
>,& 2-4->&% >&#,-5+ 5% &E:&<-4&5>-5+ 474&5>= C-2"2&] 5 >,& 7:-5-75 7* >,& ?>,7<=Y >,& &2&4&5>= D,-#,
=,7?2% "& &4:,=-G&%Y >,7=& D,-#, <& &=F >7 2&<5 5% 41& >,& 47=> %-H&<&5#& >7 >,& <&2 5%-5 5&&%
-5 5 ?5&E:&#>&% &4&<+&5#F <& #75*<75>-5+ #72% e&<<F &> 2]Y OMMU_ -:>75Y OMMSf 5% *#-2->>-5+ <&=#?&
 F '%((!"&!
e<7>&#>&?< %? #->7F&5Y OMNPf] = *7< K<=> -%Y -> =,7?2% "& =?++&=>&% = =&:<>& &5>->F =-5#& -5=><?#>-75 -=
#744752FC-2"2&]7>&>,>*77%5%D>&<<&-5#2?%&%,&<&"&#?=&>,&F,&2:C&<>#72%]
W 7D>7=><>5%4-5>-5K<&5%?=&->>7=>FD<4D->,>,&?=&7*<&<D22
W 7?<"&?m=j<1"&5#,k>&#,5-;?&Y<-=&%"&%7*:72&=>72-&75
W ,&j#<&#<7Dk>&#,5-;?&YD,-#,#75=-=>=7*=>?I5+#27>,-5+D->,%<F4>&<-2>7-4:<7C&-5=?2>-75
W ,&-4:7<>5#&7*41&=,-*>,>
W ,&L>j:75+&<77*k>&#,5-;?&D,-#,"=7<"=<-5C=>,&=25>&%j,-5+2&=<77*k>&#,5-;?&D,-#,
=,&%=<-5
W ,&j57D>74"k>&#,5-;?&Y=-4:2&><&5#,#7C&<&%D->,&C&<+<&&5"<5#,&=5%=57D*7<K<&2&==
D-5>&<=?<C-C2
W <7=>"->&:<&C&5>-755%;?-#1=72?>-75=
W 7?<"&?m=j2?=,k>&#,5-;?&Y,7D>7=?#1D>&<*<74=57D=2?=,4&2>&%75L>=>-#1
W <-51-5+:7>&5>-22F"%D>&<C=%&,F%<>-75
W 74475&%-"2&D-2%*<?->eC##-5-?4Y4&25#,-&<fY#>>-2=e>F:,f5%<7#1><-:&e?4"-2-#<-f=*77%
W =-5++<&&5"<5#,&=D->,K<&*7<=-+522-5+
W <#-5+5-5=-%&<&#>5+2&5%`7<?=-5+*7<=-+522-5+
%60& ) ,+!&1&,++!%/!&+"00
2>,7?+, -> -= 7"C-7?= >,> "&-5+ *> 5% 7?>i7*i=,:& 7< 7>,&<D-=& :,F=-#22F %-="2&% D-22 41& 5F =?<C-C2
7<%&2 >,> 4?#, 47<& :&<-27?=Y ,<%2F 5F =?<C-C2 #7?<=&= 7< %7#?4&5>>-75 -5#2?%& >,&=& 57>-75= -5
>,&-< >&#,-5+=] &C&<>,&2&==Y >,& =-4:2& *#> -= >,> :,F=-#2 #75%->-75 5% ,<%-5&== <& #&<>-52F > 2&=>
= -4:7<>5> >7 =?<C-C-5+ D-2%&<5&== &4&<+&5#F = >&#,5-#2 =1-22= 5% 157D2&%+&] 7< &E4:2&Y D,&5
=57D47"-2& "<&1= %7D5 PM 14 *<74 ,&2: > 4-5?= PM %&+<&&=Y >,& 4<>,75 <?55&< ,= "&>>&< #,5#& 7*
=?<C-C-5+>,5>,&C&<F72%5%D&1*7<4&<"7F=#7?>Y%&=:->&>,&2>>&<m==1-22=]
,& %-2&44 ,&<& -= >,> :,F=-#2 K>5&== -= :&<#&-C&% = 5 -5%&:&5%&5> <& 7* =>?%FY *< <&47C&% *<74
D-2%&<5&== =?<C-C2 >&#,-5+ :<-7<->-&=] &C&<>,&2&==Y >,& ?>,7<= =?++&=> >,>Y > >,& C&<F 2&=>Y :,F=-#2 K>5&==
=,7?2% "& &C2?>&% %?<-5+ =?<C-C2 :<7+<4 -5 7<%&< >7 41& =>?%&5>= D<& 7* >,&-< 2-4->>-75=Y D,-#,
&5#7?<+&=*?<>,&<<-=145+&4&5>]
2=7Y >,& =?<C-C2 :<7+<4 =,7?2% &5#7?<+& *?<>,&< #>-75 "F =?++&=>-5+ :,F=-#2 K>5&== 5% &5%?<5#&
><-5-5+] -522FY -> 4-+,> "& +77% -%& *7< =?<C-C2 :<7+<4=Y &=:&#-22F 275+&< 75&=Y >7 -5#2?%& -5#<&=-5+2F
:,F=-#22F %&45%-5+ #>-C->-&= e2-1& D21-5+ >7 57>,&< 27#>-75f -5 7<%&< >7 1-#1i=><> >,& <&i&=>"2-=,4&5> 7*
:,F=-#2#>-C->-&=-5>,&=>?%&5>m=2-*&=>F2&]
'%((!"&! F 
06 %,),$& )#,/1&12!"
,& -4:7<>5#& 7* :=F#,727+-#2 *7<>->?%& = %&>&<4-5-5+ #74:75&5> 7* =?<C-C2 7?>#74&= ,= "&&5 2<+&2F
%7#?4&5>&% e&#,Y NVVQY OMMQ_ <5;?<%Y OMNTY OMONf] 7< &E4:2&Y 47>,&<2F -5=>-5#> -= :7D&<*?2
47>-C>7<Y D,&<&= =&<-7?= %&:<&==-75 =?++&=>= >,& 7::7=->&] 5*7<>?5>&2FY =?<C-C2 2->&<>?<& <<&2F -5#2?%&=
#75#<&>& DF= 7* -5#<&=-5+ =?#, *7<>->?%& -5 =>?%&5>= e&#,Y OMOOf] ,& :<7"2&4 -= #74:7?5%&% "F &>,-#= h
-> -= 57> :7==-"2& >7 >7<>?<& =>?%&5>= >7 >&#, >,&4 D,> -> D7?2% "& 2-1& >7 "& >7<>?<&%[ ,& ?>,7<= ,C& =:&5>
=?"=>5>-2 >-4& #75=-%&<-5+ >,-= >7:-# 5% ,C& #74& ?: D->, >,& *7227D-5+ -%&= D,-#, #5 "& =*&2F -5#2?%&%
-5=?<C-C2#?<<-#?2?4=e7?<"&?YOMNN"Y<5;?<%v7?<"&?YOMNQf]
N] &%-5+7<<&2>-5+*#>=#75#&<5-5+<&2=?<C-C27<%&2=5%,7D:&7:2&,C&<&#>&%] 5%&<=>5%-5+
,7D7>,&<-5%-C-%?2=,C&2-C&%>,<7?+,-5>&5=&=><&==5%=?H&<-5+,&2:=>74&5>22F:<&:<&*7<
=-4-2<:7>&5>-2&C&5>=]
O] <>-#-:>-5+-5=-4?2>-75=-5#75><722&%=->?>-75=D->,>,&:7==-"-2->F7*-44&%->&&=#:&] ,-=
:&<4->=-5%-C-%?2=>7:<&%-#>>,&-<<&#>-75=>7<&2>,<&>&5-5+&C&5>]
P] ?++&=>-5+C72?5><F=72-><F#75K5&4&5>7<=72-><F><-:=-55>?<&],-=:<&:<&=*7<&C&5>?2=727
=?<C-C27<%&2=]
Q] ?++&=>-5+<&=72C-5+:,7"-=7<::<&,&5=-75=7<%&:<&==-757<%%-#>-75=C-:<7*&==-752:=F#,727+-#2
,&2:]
R] <>-#-:>-5+-5#>-C->-&=>7-4:<7C&+<7?:%F54-#=]&4"?-2%-5+#,22&5+&=Y#75L-#><&=72?>-75
=-4?2>-75=Y><?=>*22=Y+<7?::<7"2&4i=72C-5+Y5%=775Y#5"&?=&%>7:<&:<&*7<+<7?:=?<C-C2
7<%&2]
S] C2?>-5+*77%C&<=-75=]>#5"&*?5=D&22=-5=><?#>-C&>7&C2?>&>,&D-22-5+5&==7*=>?%&5>=>7
&>"-G<<&*77%=]7<&E4:2&Y7H&<>,&4=#77:7*4-E>?<&7*#,7::&%?:"55=Y#,7#72>&Y5%
"275&FLC7?<&%D->,472==&=Y4?=><%Y5%1&>#,?:]<,C&>,&4%<-510?-#&=>-<<&%D->,"<5%
5&DLF=D>>&<],-=>F:&7*#>-C->F7:&5=%-=#?==-75=<&2>-5+>7%:>>-75>75&D=->?>-75=]
T] 5#7?<+-5+*7<&-+5><C&2],-=>77&5#7?<+&=%:>>-755%:<&:<&=:=F#,727+-#22F*7<>,&
##&:>>-757*#,5+&=-5,&<&5>%?<-5+=?<C-C27<%&2]
U] 74:2&>-5+=?<C-C2#,22&5+&=-5=*&=&>>-5+],&#75K%&5#&+-5&%"F:<7"2&4i=72C-5+D,-2&
#74:2&>-5+C72?5><F=?<C-C2#,22&5+&=-=%&&4&%,&2:*?2D,-2&#75*<75>-5+<&2#,22&5+&=]QMM=?#,
#,22&5+&=D&<&#<&>&%>7,&2:=>?%&5>=%&C&27:7?>%77<=1-22=>>,&5-C&<=->F7*?'"&#m=?>%77<
%C&5>?<&<7+<4e7?<"&?YNVVSf]
7< &E4:2&Y >,&=& #,22&5+&= C<F *<74 &=F -5 2&C&2 N e=><> K<& D->, *&<<7#&<-?4 <7%fY >,<7?+, 47<&
%-I#?2> -5 2&C&2 O e=><> K<& D->, ::&< 4>#,&= "?> 57 =><-1-5+ =?<*#&fY >,&5 %C5#&% -5 2&C&2 P e=><> K<&
D->, 5 &4:>F 2-+,>&<fY >7 &E><&4& -5 2&C&2 Q e=><> K<& -5 >,& D-2%&<5&== "F ?=-5+ :-&#& 7* -#& = 4+5-*F-5+
+2==f]E4:2&=-57>,&<#>&+7<-&=<&
 F '%((!"&!
N] 1&Oi4&>&<<7:&*<74572%i,-<>D,-#,D-22=?::7<>F7?<D&-+,>
O] 1&"=1&>7?>7*5>?<24>&<-2=Y-5D,-#,F7?#5#<<FN1-277*<-#&D->,752F75&,5%*7<RMM
4&>&<=
P] &&2R:7>>7&=?=-5+15-*&4%&"F*7<+-5+Qi-5#,5-2]
> D= 7"=&<C&% >,> =72C-5+ >,&=& >F:&= 7* #,22&5+&= 7C&< >-4& 57> 752F ,&2:&% D->, :<7"2&4i=72C-5+ =1-22
%&C&27:4&5>5%%&E>&<->FY"?>2=7"77=>&%:=F#,727+-#2#75K%&5#&5%%&C&27:&%>>->?%&=7*:<&C&5>-75]
" &0&,+*(&+$"5-"/1&0"
,& *7?<>, ,?45 *#>7< D,-#, =&<-7?=2F H&#>= >,& =?<C-C2 "25#& -= %&#-=-75i41-5+] 5%&&%Y &C&5 -* >,&<&
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41-5+ D,-#, 2&%= >7 ><7?"2& e7=>&<45=Y OMMN_ 2-5 &> 2]Y NVVS_ 2&-5 &> 2]Y OMNM_ #,4-%> v &&Y OMMRf]
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&H&#> 75 >,& *7?<  *#>7<=] 5 7>,&< D7<%=Y >7 =#&<>-5 -* F7? <& -4:<7C-5+ F7?< =->?>-75 7< 41-5+ ->
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#22-5+ #4: >7 =&& -* =74&75& #5 :-#1 >,&4 ?:Y =&5%-5+ 75& :&<=75 *7< ,&2: D->, >,& >D7 "77>=Y =C-5+ &5&<+F
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5% &E:&<-&5#& 7* >,& +<7?:] ?&"&#m= <-=1 45+&4&5> 45?2 %-C-%&= 7?>%77< #>-C->-&= -5>7 *7?< #>&+7<-&=X
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&E-=> >,& :7>&5>-2 *7< =->?>-75 47<& %<4>-# >,5 D,> >,& +<7?: #5 ,5%2&] ,& 4&==+& 4?=> "& 27?%
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=1-&<=Y "#1:#1&<=Y #57&-=>=Y ><C&2&<= -5 2-+,> -<#<*>Y 5% 5F75& =><5%&% -5 >,& "?=,] #4-225 7*
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7<-+-52=>?%F:2?=:7=>=#<-:>] /52.,$/%.'4'7!.%'.!!2'.%. !'3'/.+'.%YQePfYNUSiOMV]
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&#,Y ] eOMMQf] ,F :&7:2& l*<&&G&m -5 5 &4&<+&5#FX &4:7<2 5% #7+5->-C& #75=><-5>= 75 =?<C-C2
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&#,Y ] eOMOOf] &<=752 #744?5-#>-75] 27"2 ?=,#<*> F4:7=-?4Y 57D%75- >-752 <1Y 7<>,
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:2&-5-<[
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-:>75Y ] eOMMSf] ?45 :,F=-727+F 5% >,& >,&<42 &5C-<754&5> &> ,&<42 =><&== 5% =?<C-C2 5 ]
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<5;?<%Y ] eOMNTf]  :<>-;?& %& 2 <&#,&<#,& =#-&5>-K;?& #75#&<55> 2 =?<C-& &5 *7<(>X :<-5#-:&=Y
4'>,7%&=Y7?>-2=&>&E&4:2&=<'#&5>=] Y5-C&<=->'#-22]
<5;?<%Y ] eOMONf] m-5>&<C&5>-75 :2&-5 -< ? ?'"&#X #75=-%'<>-75= +'7+<:,-;?&=Y >&#,5-;?&=Y
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e::]NPNiNQUfYY&<455%->&?<=]
<5;?<%Y ] eOMOOfY  =?<C-& &5 *7<(> #744& #,4: %& <&#,&<#,& =#-&5>-K;?&X #%<& >,'7<-;?&Y 4'>,7%&
%m52F=&&><'=?2>>=<'#&5>=] ..,!3 !3'.!3U!30/.3','4"!4!.7'2/..!-!.4Y=7?4-=]
<5;?<%Y ] v 7?<"&?Y i] eOMNQf] &=>-75 %&= <-=;?&= &5 >7?<-=4& %mC&5>?<&X :<7:7=->-75 %m?5 7?>-2
%m'C2?>-75%?:7>&5>-&2%&=?<C-&&5*7<(>] "/2/3YPPeNfYVViNMU]
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5% E:&<>-=& "7<>7<F eY 7<  -5 <&5#,fY = D&22 = :<7*&==7< -5 >,& ?>%77< 5>&<C&5>-75
&#,-5+ 5-> > >,& 5-C&<=->F 7* ?&"&# > ,-#7?>-4- ef] -= 4-5 <&=&<#, D7<1 #75#&<5= =?<C-C2
-5 >,& "7<&2 *7<&=> 5% %C5#&% ?>7574F -5 <&47>& <&=] 7< 47<& >,5 OM F&<=Y ,& ,= "&&5 -5C72C&% =
:<7*&==-752%C&5>?<&>7?<-=4+?-%&5%D-2%&<5&===?<C-C2-5=><?#>7<]
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#74:5-75=Y >,& 07" 2=7 &5>-2= ,<% :,F=-#2 D7<1Y 275+ ,7?<=Y >-4& DFY 5% %&2-5+ D->, 22 >F:&= 7*
D&>,&< 5% :&7:2&] &F75% >,>Y >,7?+,Y %C&5>?<& h = >,& :?<:7=&*?2 :?<=?-> 7* <-=1 h 41&= %C&5>?<&
+?-%-5+C&<F4"-+?7?=:7=->-75D,&5->#74&=>745+-5+<-=1]
&%&<= >1& >,&-< #2-&5>= -5>7 %5+&<7?= 27#>-75= 5% >,&5 :<7>&#> >,&4 D,&5 >,&F +&> >,&<&] &%&<= <&
>,& #<&>7<= 5% #75><722&<= 7* <-=1] ,&F "7>, :<7%?#& <-=1 5% :<7>&#> +-5=> ->] ,-= -= ,-+,2F =?"0&#>-C&
=->?>-75 >7 "& -5Y &=:&#-22F D,&5 =1&% >7 %&*&5% ,7D 4?#, <-=1 -= &57?+,^ ,& C&<F 5>?<& 7* %C&5>?<&
#>-C->-&= -5C72C&= =?"0&#>-C& %&#-=-75= <&+<%-5+ ,7D 4?#, <-=1 &E:7=?<& -= =?->"2& *7< +-C&5 +<7?:Y 5% ,7D
4?#, 5% D,> 1-5% 7* =*&>F :<&#?>-75= >7 ::2F] ,-= "25#& "&>D&&5 :<7%?#-5+ <-=1 5% :<7>&#>-5+ *<74
<-=1 D-22 7*>&5 "& C-&D&% ?5*C7?<"2F +-5=> >,& 2&%&< D,&5 =74&>,-5+ +7&= D<75+] ,F %-% >,&F 227D =7
4?#, &E:7=?<&^ ,F %-% >,&F 57> ::2F 47<& &H&#>-C& =*&>F 4&=?<&=^ &#?=& 7* >,-= 4"-+?->FY >,&<& <&
%&K5&%:<7*&==-7527"2-+>-75=D,&5->#74&=>7:255-5+5%45+-5+*7<<-=15%=*&>F]
7< >,& :?<:7=&= 7* >,-= #,:>&<Y %C&5>?<& -= %&K5&% = >,& :?<:7=&*?2 :?<=?-> 7* <-=1] ,-= 2-4->= >,& =#7:&
7* >,-= :-&#&Y = 752F 5<<7D =2-#& 7* 7?>%77< 5% &E:&<-&5>-2 2&<5-5+ =:&#-K#22F =&&1= <-=1 = *?5%4&5>2 >7
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<-=1 4F "& :&<#&-C&% = 5&+>-C&Y 5% -= >7 "& <&%?#&% > 22 2&C&2= e#1=75Y &> 2]Y OMOPf] 5 7>,&< %74-5= =?#,
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>7 =74&>,-5+ =-4-2< >7 j>,& :7>&5>-2 *7< 27==]k ,-= -= 57> D->,7?> <+?4&5>Y = >,&<& <& %7G&5= 7* *7<42
%&K5->-75= -5 :<-5>Y 5% >,& D7<% ->=&2* ><#&= ->= ,-=>7<F "#1 >7 5#-&5> <&&1] ,> -= 4-==-5+ *<74 >,&
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#>-C->-&=Y >,-= :7=->-C& =:&#> -= :<>-#?2<2F -4:7<>5> >7 "25#& >,& :7>&5>-2 *7< 27== +-5=> >,& :7>&5>-2
*7< +-5] >,&< >,5 D%& -5>7 >,-= :,-27=7:,-# 5% =&45>-# %&">&Y >,-= #,:>&< D-22 =-4:2F #75=-%&< <-=1 =
?5#&<>-5>FYD->,7?>0?%+4&5>=>7:7=->-C&7<5&+>-C&#75=&;?&5#&=]
,& &#7574-=> <51 5-+,> %-H&<&5>->&% "&>D&&5 <-=1 5% ?5#&<>-5>F -5 ,-= 25%4<1 "771 '3+K
.!24'.4:K . 2/=4 eNVONf] -=1 #5 "& ;?5>-K&% "=72?>&2F D->, :<7""-2->FY ,& <+?&%Y D,-2&
?5#&<>-5>F,=57#2#?2"2&:<7""-2->Fe5-+,>YNVONY]]OSf]
5#&<>-5>F 4?=> "& >1&5 -5 =&5=& <%-#22F %-=>-5#> *<74 >,& *4-2-< 57>-75 7* j<-=1Yk *<74 D,-#, -> ,= 5&C&<
"&&5 :<7:&<2F =&:<>&%Z > D-22 ::&< >,> 4&=?<"2& ?5#&<>-5>FY 7< j<-=1k :<7:&<Y = D& =,22 ?=& >,& >&<4Y
-= =7 *< %-H&<&5> *<74 5 ?54&=?<"2& 75& >,> -> -= 57> -5 &H&#> 5 ?5#&<>-5>F > 22] & =,22 ##7<%-5+2F
<&=><-#>>,&>&<4j?5#&<>-5>Fk>7#=&=7*>,&575i;?5>->>-C&>F:&]
,& %C&5>?<& +?-%-5+Y <&#<&>-75Y 5% &%?#>-75 K&2% %&2= 247=> &E#2?=-C&2F D->, ?5#&<>-5>FY = >,& <-=1=Y
,G<%=Y5%:7>&5>-2*7<27==<&7C&<D,&24-5+2F7*>,&575i;?5>->>-C&>F:&]
?<>,&<Y >,-= #,:>&< D-22 <&*&< >7 >,& %C&5>?<& l2&%&<Ym D,-#, -5#2?%&= +?-%&=Y -5=><?#>7<=Y >&#,&<=Y 7< 5F
7>,&<2&%<72&>,>,=:<7*&==-7527"2-+>-75>7:255%45+&<-=15%>,&=*&>F7*+<7?:]
=&#75%<F ==?4:>-75 *7< >,-= %-=#?==-75 -= >,> >,& %C&5>?<& 2&%&< -= 7:&<>-5+ ?5%&< 5 7<+5-G>-752
?4"<&22Y D,&>,&< -> "& +?-%& =&<C-#&Y 7?>K>>&<Y 7< &%?#>-752 -5=>->?>-75] ,-= -4:2-&=Y >,&5Y >,> >,&<& <&
7<+5-G>-7525%=F=>&4-5L?&5#&=>,>-5>&<#>D->,>,&%&#-=-75=5%#>-75=7*>,&2&%&<]
,-= "25#& "&>D&&5 >,& l<-+,>m 47?5> 7* <-=1 5% >,& l<-+,>m 47?5> 7* =*&>F "&#74&= >,& *7#2 :7-5> 7*
2D=?->=] ,&5 =1-5+ -* >,& 2&%&< :&<*7<4&% >7 5 &E:&#>&% =>5%<%Y -4:2-&% -= >,& <-=1 :<&=&5> C&<=?= >,&
=*&>F::2-&%]5&0?%+&-5,&2-i=1-#=&e#?<K&2%C]<-"77&2-#7:>&<1--5+>%]YNVVPf&E:2-5&%X
> -= 57> #75>&5%&% >,> >,& %&*&5%5>= c-]&] >,& +?-%&=d ,% %?>F >7 &5=?<& >,> >,&-< +?&=>= D&<& 1&:> DF
*<74 22 :2#&= D,&<& C25#,&= #7?2% 7##?< -5 >,& #75>&E> 7* ,&2-#7:>&< =1--5+ >,> D7?2% "& -4:7==-"2&]
>,-51 -> -= #7<<&#> >7 =F >,> >,& %?>F 7* #<& D,-#, 2F 75 >,& %&*&5%5>= D= 57> >7 &E:7=& >,&-< +?&=>= >7 <-=1=
<&+<%&% -5 >,& "?=-5&== = ?5<&=75"2F ,-+,Y D,&>,&< *<74 C25#,& 7< 5F 7>,&< ,G<% >7 D,-#, :<>-#-:5>=
-5 >,& =:7<> <& 57<422F &E:7=&%] 7 &507F >,& &E#->&4&5> 7* =1--5+ -5 47?5>-5 D-2%&<5&== <&=Y :<>-#-:5>=
<& 5&#&==<-2F &E:7=&% "7>, >7 <-=1= D,-#, >,& #<&*?2 =1-&< -= "2& >7 C7-% 5% #&<>-5 <-=1= 2=7 D,-#, =?#,
=1-&<=4F"&?5"2&>7C7-%Y-5#2?%-5+=74&<-=17*"&-5+#?+,>-55-5&=#:"2&C25#,&]
,& >&5=-75 "&>D&&5 #<&>-5+ 5% #75><722-5+ <-=1 -= #7<& &2&4&5> 7* :<7*&==-7522F *#-2->>&% %C&5>?<&
#>-C->-&=] = =?#,Y >,&<& <& =:&#-K# :<7*&==-752 &E:&#>>-75= D,&5 -> #74&= >7 45+-5+ <-=1 5% =*&>F] ,&=&
&E:&#>>-75=<&*7<4&%*<74>,<&&=7?<#&=X
N] &&<:<#>-#&Y7<5&=>-4>&%l-5%?=><F=>5%<%mh:&<*7<4-5+=-4-2<2F=7>,&<=D7?2%-5=-4-2<
#75>&E>YD->,=-4-2<><-5-5+5%#2-&5>+<7?:=]
O] 7?<><?2-5+=5%0?%-#-27:-5-75h#7?<>%&#-=-75==&<C&>74&=?<&:<>-#?2<#-<#?4=>5#&+-5=>
=:&#-K&%2D7<=7#-&>2&E:&#>>-75=]
#%""!"&"!"%%!&+ F 
P] 7#-22-#&5=&h47<27<=7#-&>2&E:&#>>-75=>,>#<&>&:&<*7<45#&<&;?-<&4&5>=-57<%&<>7"&
%&&4&%l##&:>"2&Ym7<>7%-<&#>>7D<%=>,&l<-+,>>,-5+>7%7]m
"!"/08/,#"00&,+))&$1&,+0
> "=& 2&C&2Y >,&=& :<7*&==-752 7"2-+>-75= -5#2?%& =?:&<C-=-75Y #<&Y :<?%&5#&Y <-=1 ==&==4&5>Y =*&>F
"<-&K5+=Y5%%7-5+>,&<-+,>>,-5+]
-<=> 5% *7<&47=>Y >,& 2&%&< =?:&<C-=&=] ,& 2&%&< -= -5 #,<+& 7* >,& +<7?: 5% >,& =#&5<-7Y 5% -> -=
&E:&#>&% >,> D,>&C&< +7&= 75 D->,-5 >,> #75>&E> %7&= =7 ?5%&< >,& &F& 7* 7< >,& %-<&#>-75 7* >,& 2&%&<] =
&C-%&5#&Y l*-2?<& >7 =?:&<C-=&m =,7D= ?: -5 45F <&2>&% %C&5>?<& +?-%-5+ 2D=?->= e-]&] >>-75= %& 2 C22'& %&
>i?C&?<5#]#]]]YOMNMf]
&#75%2FY 2&%&<= >1& #<& 7* :&7:2&] ->,-5 >,& :<4&>&<= 7* >,& #>-C->FY ><-: 7< &5C-<754&5>Y >,& 2&%&<m=
07" -= >7 2771 7?> *7< >,&-< #2-&5>=] 5 5%Y >,& 2&%&< -= 47<& >,5 >,& 75& D,7 157D= >,& DF_ >,&-<= -=
+<&>&<<72&>,>-=#75#&<5&%D->,>,&#<&7*:&7:2&e#1=75v&=,1YOMONf]
,-<%Y >,& 2&%&< -= &E:&#>&% >7 :&<*7<4 = 7>,&< 2&%&<= D7?2% -5 >,> =->?>-75] ,-= -= >,& l<&=75"2&
-5=><?#>7<m >&=> 7< l<&=75"2& +?-%&m >&=> %-=#?==&% -5 2&+2 2-"-2->F =&>>-5+= e#,7 C] 5%-5 7?5>-5
72-%F= 5#]Y NVVRY 7?45-= C] >] =,-5+>75 1- &=7<> >%]Y NVVRf] 2&%&< 5&&%= >7 157D >,& >F:-#2
5% &E:&#>&% "&,C-7?<= >,> D7?2% "& &5%7<=&% "F >,&-< :&&<=Y 5% <&2-"2F :&<*7<4 >7 >,7=&] 7 +7 "&F75% 7<
7?>=-%& D,> 47=> 2&%&<= D7?2% #75=-%&< l57<42m D7?2% <&;?-<& &E#&:>-752 #-<#?4=>5#&=Y 5% &E:7=& 75&
>7#2-4=7**-2-5+-5>,&-<%?>F=2&%&<]
7?<>,Y 2&%&<= ==&== <-=1 5% :25 *7< &4&<+&5#-&=] F54-# <-=1 ==&==4&5> -= #75>-5?2 -5iK&2% :<7#&==Y
5% <-=1 ==&==4&5> = :255-5+ >772 ,::&5= &C&<F ><-: 5% = :<> 7* :<&i><-: =>H "<-&K5+=] &%&<= +<7D
>7 =&& >,& D7<2% >,<7?+, <-=1 ==&==4&5> 2&5= 5% <& &E:&#>&% >7 ::2F =?->"2& =*&>F 4&=?<&= D,&5 >,&F
=&5=& &4&<+&5> ,G<%= 7< &=#2>-5+ <-=1 2&C&2=] 5 >,& &C&5> 7* 575i57<42 7##?<<&5#&Y 5 -50?<FY 7< =74&
7>,&< &4&<+&5#FY -> -= &E:&#>&% >,> >,& 2&%&< D-22 ,C& 5 &4&<+&5#F <&=:75=& :25 =?I#-&5> >7 ==-=> D->,
=?#,5&C&5>e=-2%<C]-%&?-C-5+?::2FYOMMUf]
-*>, -= =*&>F "<-&K5+=] &%&<= <& &E:&#>&% >7 -5*7<4 >,&-< :<>-#-:5>= 7* >,& &E:&#>&% ,G<%= 5% 7?>2-5&
>,& &E:&#>>-75= 75 >,& #2-&5> >7 ==?4& 5% 45+& =74& =:&#>= 7* >,&-< 7D5 =*&>F e=-2%< C] -%&?
-C-5+ ?::2FY OMMUf] <5=:7<> 5% &+?2>-75= e`OMNMiVNf =:&#-*F >,> 22 l+?-%&% &E#?<=-75=m 75
D>&< <& <&;?-<&% >7 -5#2?%& :<&i><-: =*&>F "<-&K5+Y >,& 27+-# 7* D,-#, #5 <&=75"2F "& &E>&5%&% >7 22
2&% 7?>%77< #>-C->-&= <&+<%2&== 7* %74-5] ,-= <-=1 #744?5-#>-75 #5 &E>&5% >7 :<&i><-: -5*7<4>-75 7<
:<&5>2 #75=&5> "<-&K5+=] > #5 "& <+?&% >,> 47%&<5 %C&5>?<&i"=&% <-=1 45+&4&5> -= 7<+5-G&% <7?5%
>,-=#744?5-#>-75&E#,5+&"&*7<&5%%?<-5+*#-2->>&%#>-C->-&=e#1=75v&=,1YOMONf]
-E>,Y 5% 2=>2FY >,& 2&%&< ?5%&<=>5%= >,> -5 =74& =:&#>= >,&-< <72& -= %&K5&% 5% :<&=#<-"&% "F >,&-<
=?:&<C-=7<Y 5% -5 7>,&<= -> -= ?: >7 >,& -5%-C-%?2 2&%&< >7 %7 >,& <-+,> >,-5+] ,& ?>,7< 7"&<> &+5 #22&%
>,-= = "&-5+ > >,& =4& >-4& j,-<&% ,5% 5% 4=>&< 7* 75&m= *>&k eNVVQY :]Nf] <+& =:&#>= 7* >,& %C&5>?<&
 F #%""!"&"!"%%!&+
2&%&<m= <72& -= ?5=?:&<C-=&%] ,& 2&%&< -= 75 >,&-< 7D5 >7 =>&&< >,& "7>Y %-<&#> >,&-< +<7?:Y 7< =&> ?: =->&] 7
75& -= 2771-5+ 7C&< >,&-< =,7?2%&< >7 &5=?<& >,&F <& %7-5+ -> <-+,>] ->,-5 >,7=& #>=Y >,& 2&%&<m= 7<+5-G>-75
4F :<&=#<-"& D,> 2-5&= >7 >1& %7D5 <:-%Y D,> ><-2= <& =?->"2& 5% D,-#, <& 57>Y 5% D,> =?->"2&
=->& =&>?: 2771= 2-1&] ,&<& <& 4F<-% 7::7<>?5->-&= *7< >,& 2&%&< >7 >1& =,7<>#?>= 7< =1-4: 75 =*&>F h >,&
7%%= <& -> D-22 2-1&2F D7<1 7?> 71F h "?> <7?>-5&= <& -5 :2#& >7 &5=?<& #75=-=>&5>Y ;?2->F :<7+<4= >,> *22
D->,-5 :<&=#<-"&% <-=1 >72&<5#& +?-%&2-5&=] ,& 2&%&<m= <72& -= >7 :&<*7<4 >7 >,&=& -5C-=-"2& 2-5&=Y &C&5 D,&5 57
75& &2=& -= 2771-5+] ,&5 >,& <?2&= <&5m> #2&< 7< =->?>-75 &4&<+&= >,> -= 57> #7C&<&% "F 57<42 <7?>-5&=Y ->
-=?:>7>,&+?-%&>7==&==>,&<-=1Y#75=-%&<>,&7:>-75=Y5%#75=&<C>-C&2F-4:2&4&5>>,&"&=>7:>-75]
&0(,)"/+ "1%"/$+&71&,++!"!"/0
,& >&<4 j<-=1 >72&<5#&k D= -5><7%?#&% >7 >,& 7?>%77< =&#>7< -5 >,& 27?>-&< eOMMPf <&:7<> 75 >,&
755?+,> <&&1 C25#,&Y 5% -= %&K5&% = >,& <>-#?2>&% 2-4->= 75 >,& 5>?<& 5% 4+5->?%& 7* %5+&<=
>7D,-#,57<+5-G>-75D-22&E:7=&->=#2-&5>=Y=>HY5%=&2*e#1=75v&=,1YOMONf]
5 ,-= "771 2%!4 '3+ eNVVQfY &<2% -2%& &E:2-5&% >,> 22 -5%-C-%?2= ,C& %&=-<&% 2&C&2 7* <-=1 -5
>,&-< 2-*& =74& :7=->-75 75 >,& =:&#><?4 "&>D&&5 "=72?>& =*&>F 5% "=72?>& %5+&< >,> >,&F ##&:>Y
5% -5 *#> =&&1 ->] & #22&% >,-= j<-=1 ,74&7=>=-=Yk 5% -> ,&2:= &E:2-5 D,F =74& #2-4"&<= &E:7=& >,&4=&2C&=
>7 C25#,&= 5% <7#1 *22=Y *7< &E4:2&Y D,-2& 7>,&< &;?22F =1-22&% #2-4"&<= =,F DF *<74 =?#, >&<<-5 h
-5%-C-%?2= #,77=& >,& 2&C&2 7* <-=1 >,&F <& D-22-5+ >7 &E:7=& >,&4=&2C&= >7] 5 7>,&< D7<%=Y >,-= -= :7-5>-5+
>7D<%5-5%-C-%?2m=%&#-=-75i41-5+Y<-=1>72&<5#&Y5%-5>&<52"25#&"&>D&&5<-=15%<&D<%]
-=1 >72&<5#& ,= %-H&<&5> >75& 5% +<C->F D,&5 ::2-&% >7 7<+5-G>-75=Y &%?#>-752 -5=>->?>-75=Y
7< #744&<#-2 +?-%-5+ 7:&<>-75=] ,&5 #75=-%&<&% -5 >,& #75>&E> 7* 2&%&<m= %?>F 7* #<&Y %&#-=-75= 5%
>72&<5#& *7< <-=1 "F >,& 2&%&< 57D %-<&#>2F H&#> >,7=& >,&F <& #,<+&% D->, #<-5+ *7<] C&<F 7<+5-G>-75
,= #&<>-5 <-=1 >72&<5#&Y :<&=&5> -5 &C&<F =-5+2& %&#-=-75 >,> -= 4%&] * 57> <>-#?2>&% &E:<&==2FY >,&5 -> -=
"?<-&% %&&:2F -5 >,& ==?4:>-75= >,> ?5%&<2-& >,& 7<+5-G>-75m= 4-==-75Y C2?&=Y 5% ,-=>7<F] ,&=& "=&i2&C&2
==?4:>-75=4F7<4F57>"&?5-C&<=22F=,<&%>,<7?+,7?>>,&7<+5-G>-75e#1=75YOMNSf]
#%""!"&"!"%%!&+ F 
%#2/ ;E0%/%0'
.21%+*
%#2/ <E+( /*
.21%+*
5& 7* >,& "=-# 47%&2= *7< 7<+5-G-5+ 5% ?5%&<=>5%-5+ <-=1Y =,7D5 -5 -+?<& NY :<7:7=&= >,> <-=1 -=
*?5#>-75 7* ,G<%= 5% >,& &E:7=?<& 227D&% >7 >,> ,G<%] * >,-= -= =7Y >,&5 -> #5 "& >,& "=-= *7<
?5%&<=>5%-5+ <-=1 >72&<5#&Y =,7D5 -5 -+?<& OY = *?5#>-75 7* %&K5&% ,G<%= 5% >,& 2-4-> 75 &E:7=?<& >7
>,7=&,G<%=]
5,&<&5> -5 >,& -%& 7* <-=1 >72&<5#& -= #,7-#&] 5 7<+5-G>-75 -= 57> > >,& 4&<#F 7* >,& &5C-<754&5> -5
D,-#, -> K5%= ->=&2* h -> 4?=> #,77=& D,&<& -> D-22 :7=->-75 ->=&2*Y #,77=& D,> =><>&+-# %-<&#>-75 -> D-22 5%
D-22 57> +7Y #,77=& >,& ,G<%= -> %&&4= "&5&K#-2 >7 #75*<75>Y 5% #,77=& >,& >&<4= 75 D,-#, -> D-22 &E:7=&
->= #2-&5>=Y =>HY 5% =&2* >7 :<>-#?2< ?5#&<>-5>F] ,-= #5 "& ::2-&% >7 ><-: >F:&=Y :<7+<4 27#>-75=Y #2-&5>
+<7?:=Y 7:&<>-752 ?5#&<>-5>FY 5% =><>&+-# %&#-=-75=] -=1 >72&<5#& +-C&= 5 7<+5-G>-75m= %&#-=-75i41&<=
>,& "-2->F >7 #>Y 5% 41&= 57 ==?4:>-75= "7?> D,> 4?=> 7< 4?=> 57> ,::&5] &#-=-75= 4%& > >,-=
 F #%""!"&"!"%%!&+
7<+5-G>-752 2&C&2 %-<&#>2F =&> ?: %C&5>?<& 2&%&<= 5% >,& <-=1 "1&% -5>7 >,& #>-C->-&= >,&F <?5 75 "&,2* 7*
>,&7<+5-G>-75]
<+5-G>-752 <-=1 >72&<5#& ,= =?"=>5>-2 &>,-#2 -4:2-#>-75=] 7<42 ##-%&5> >,&7<FY :<7:7=&% "F
,<2&= &<<7D eNVVVfY %-<&#>2F %%<&==&% >,-= -==?&Y 5% <+?&% >,> <-=1 >72&<5#& -= 57> "7?> #7<:7<>&
#?2>?<& h >,7=& <>-#?2>&% 7< &4"&%%&% ==?4:>-75= h "?> "7?> :7D&<] -=1 >72&<5#& -= "7?> D,7 +&>= >7
%&#-%&] ,7 +&>= >7 %&#-%& D,> ,G<%= :<7+<4 D-22 D-22-5+2F #75*<75>^ ,7 +&>= >7 %&#-%& >,& &E:7=?<&
2&C&2^ <&2F -= -> >,& #2-&5>=] *>&5Y &C&5 >,& 2&%&<= %75m> +&> >7 %&#-%&] %C&5>?<& >7?<-=4 -5 :<>-#?2< -=
-4:2-#->2F "=&% 75 #C&> &4:>7<`"?F&< "&D<& <-=1 :,-27=7:,F] 2-&5>= %&#-%-5+ 75 5 %C&5>?<& C#>-75
<<&2F ,C& >,& ?5%&<=>5%-5+ >7 *?22F ==?4& >,& ,G<%= 5% &E:7=?<& 2&C&2 5 7:&<>7< ,= &4"&%%&% -5
>,&-< ><-:= 7< #>-C->-&=] 1&5 >7 #,-2%<&5Y =#,772=Y 5% %C&5>?<& &%?#>-75Y >,& &>,-#2 -4:2-#>-75 +<7D=Y 5%
7:&5= 2-"-2->F #5 7* D7<4=] ,& 7<+5-G>-75 ,= >,& 7"2-+>-75 >7 :25 =?->"2& :<7+<4= 5% ><-:= D->,
,G<%=>,><&D->,-5>,&"-2->F7*>,&2&%&<>745+&]
7< >,& 2&%&<Y 7<+5-G>-752 <-=1 >72&<5#& #5 :<7C-%& #2&< %-<&#>-75 h -* >,> <-=1 >72&<5#& -= #2&<2F
%&K5&% 5% ?5-*7<42F ::2-&% >,<7?+,7?> >,& 7<+5-G>-75] ,-= #2<->F #7?2% "& *7?5% -5 >,& *7<4 7* =:&#-K#
#?>i7H 2&C&2= 7< >-4&=Y D&>,&< D<5-5+ #5#&22>-75=Y 7< "=&i2&C&2 =>I5+ <&;?-<&4&5>=] * >,&=& l<?2&=m <& 57>
#2&< 7< ?5&C&52F ::2-&%Y -5>&<:<&>-5+ <-=1 >72&<5#& %%= 2F&< 7* 4"-+?->F >7 >,& :<7*&==-752 2&%&<m= <72&]
7+5->-C& &H7<> -= <&;?-<&% >7 -5>?-> >,& 5?4&<7?= -5%-<&#> #?&= 7H&<&% "F >,& 7<+5-G>-75 7< "F >,& 45+&<
-5 7<%&< >7 &=>-4>& >,& ##&:>&% 2&C&2 7* <-=1] <74 >,& 45+&<m= =>5%:7-5>Y 5% *<74 =F=>&4= :255-5+
:&<=:&#>-C&Y <>-#?2>-5+ <-=1 >72&<5#& -= >,& K<=> =>&: -5 "?-2%-5+ &H&#>-C& <-=1 45+&4&5> 5% =*&>F =F=>&4=]
&0()++&+$)&$1&,+0
-=1 45+&4&5> -= "7?> :255-5+ >,& "=72?>& *?5%4&5>2 "?-2%-5+ "27#1 5?4"&< 75& 7* =*&>Fi
7<-&5>&% %C&5>?<& ><-:=Y #>-C->-&=Y 5% *#-2->-&=] &%&<= :255-5+ *7< =*&>FY *7< >,&-< ><-:Y >,&-< %FY 5% >,&-<
#2-&5>=m &E:&<-&5#& >,&F D-22 #<&>&_ 45+&<= :255-5+ >,&-< =F=>&4=Y <7?>-5&=Y ><-5-5+Y <-=1 ==&==4&5>Y 5%
%7#?4&5>>-75_ >,& 7<+5-G>-75 :255-5+ *7< =?=>-5"-2->F 5% 7:&<>-5+ D->,-5 =:&#-K&% <-=1 >72&<5#&]
,-=-=>,&l"2?5>m&5%7*%C&5>?<&h22>,&>,-5+=>,>+775"&*7<&><-:&C&<=><>=YF&>=&>->?:*7<=?##&==]
*&>F -= -5%-C-%?2 %&#-=-75= 5% #>-75= >,> 2-4-> &E:7=?<& >7 5F 75& ,G<% 7< <-=1] 7< %C&5>?<& ><-:=Y
>,-= -= >,& 2&%&<m= 07"] *&>F -= *<75>i2-5& #>-C->FY ==&==&% 5% 45+&% 75 474&5>i"Fi474&5> "=-=]
*&>FY = 2-4->-5+ &E:7=?<&Y -= *7?5% &C&<FD,&<& -5 %C&5>?<&X &5=?<-5+ #2-&5>= ,C& >,&-< 2-*& 0#1&>= "?#12&%
?:_ #,&#1-5+ >,& ">>&<F 75 >,& #&22 :,75& "&*7<& >,& ><-: 2&C&=_ %7?"2&i#,&#1-5+ 5#,7< 157>=_ 47C-5+ 7?>
7* >,& DF 7* 75#74-5+ ><I#_ 47::-5+ ?: =:-22&% D>&< > 5 &5><FDF_ :7=->-75-5+ #2-&5>= -5 >,& :<7:&<
27#>-75D,-2&>,&2&%&<:<&:<&=&;?-:4&5>h22%FY&C&<F%FY=*&>F-=#<&>&%"F*<75>2-5&2&%&<=]
-=1 45+&4&5> -= >,& =F=>&4= >,> <& -5 :2#& >7 &5=?<& >,> ,G<%= <& 4-5-4-G&%Y =*&>F -= #75=-=>&5>2F
:<#>-=&%Y 5% 7C&<22 &E:7=?<& >7 <-=1 -= #75><722&% >7 2&C&2= ##&:>"2& >7 >,& 7<+5-G>-75] -=1 45+&4&5>
-= >,& 45+&<m= 07"] ,> D& 157D -= >,> >,& 7<+5-G>-752 =><?#>?<&=Y =F=>&4= 5% <7?>-5&= >,> <& -5 :2#&
#%""!"&"!"%%!&+ F 
=&> >,& =>+& *7< *<75> 2-5& D7<1&<= >7 %7 >,&-< 07" &H&#>-C&2F e=4?==&5Y NVVTf] 77< :255-5+ 7< :77< =F=>&4=
=&>?:&4:27F&&=*7<:77<:&<*7<45#&]77<:&<*7<45#&7:&5=>,&%77<>7?5=*&#75%->-75=]
->,-5 >,& 7<+5-G>-75Y 52F=-= 7* 5%-5i2&% 7?>%77< #>-C->F *>2->-&= :7-5>&% >7 =&C&<2 1&F *#>7<=
>,> :&<=-=> 7C&< >-4& e#1=75 &> 2]Y OMOPf] &F :&<=75 %&:&5%&5#FY D,&<& 75& :&<=75 -= <&=:75=-"2& *7< <-=1
%&#-=-75= 5% :<7+<4 %&2-C&<FY D= *7?5% = #74475 >,<&%Y 5% -5 >,& #=&= <&C-&D&%Y D= #74"-5&% D->,
2#1 7* =?:&<C-=-75 7C&<=-+,>] 5& -5%-C-%?2 D= <?55-5+ ,-+,i<-=1 :<7+<4 -5 C#??4] C&<2::-5+
*#>7<= 7* ?5#2&< 7<+5-G>-752 <-=1 >72&<5#& 5% =-+5= 7* <-=1 #<&&: D&<& 2=7 &C-%&5>] -=1 #<&&: <&*&<= >7 >,&
-5#<&4&5>2 5% ?557>-#&"2& -5#<&=&= -5 <-=1 = :<7+<4= :<7+<&== 5% = =>H "&#74& #74*7<>"2& D->, 72%
<-=1= e#1=75 v &=,1Y OMONf] ->, >,&=& #75%->-75= :&<=-=>&5> 7C&< >-4&Y >,& 7<+5-G>-75m= <-=1 :255-5+
7"2-+>-75-=>7##7?5>*7<5%4->-+>&>,&=&157D5<-=1*#>7<=-5%C5#&]
!3"+12/" 1&3&1&"00,*-)"5, &)601"*0
74& =-+5-K#5> %-==>&<= -5 >,& %C&5>?<& =&#>7< *7<#&% :<#>->-75&<= >7 <&i>,-51 <-=1 45+&4&5> = 47<&
>,5 K&2%i2&C&2 =*&>F %&#-=-75=] %C&5>?<& <&=&<#,&<= -5 ?=><2- 2771&% >7 -5%?=><-2 =*&>F >,&7<F 5%
7H&<&% =-+5-K#5> =>&: *7<D<% -5 <-=1 :255-5+ e<%&5Y 77%&Y 2475Y OMNTf] 5 &<2-&< -5%?=><-2 =*&>F
<&=&<#,&<Y &5= =4?==&5Y &5C-=-75&% =*&>F = 47<& >,5 >,& l7:&<>7<m 75 >,& =,7: L77<] 5 ,-= 25%4<1
::&< eNVVTfY ,& >,&7<-G&% >,> <-=1 45+&4&5> -5C72C&% =&C&<2 2F&<= 7* -5L?&5#&X +7C&<54&5> <&+?2>-75=
5% 2D= -5L?&5#& -5%?=><F <&+?2>-75=_ >,7=& -5%?=><F <&+?2>-75= -5L?&5#& 7<+5-G>-75 7< #74:5F
=><?#>?<&Y +72=Y :72-#F 5% :<#>-#&=_ >,7=& #74:5F +72= -5L?&5#& >,& 45+&< 5% >,&-< %-<&#>-75= >7 =>H_
=>H >1& >,&-< #?&= *<74 22 7* >,& "7C& 5% -5#7<:7<>& >,7=& = C<-"2&= -5>7 >,&-< 7D5 %&#-=-75i41-5+ 5%
=*&>F#>-75=]
5 &H&#>Y >,& %C&5>?<& 2&%&< -= 75 >,& %7D5=><&4 &5% 7* 45F -5L?&5#&=] > -= %-=-5+&5?7?= >7
?>74>-#22F "24& >,& 2&%&< D,&5 =74&>,-5+ +7&= D<75+Y D,&5 -5 *#> >,& &<<7< 4F ,C& "&&5 ,5%&% >7
>,&4 *<74 =74& 7>,&< ,-+,&< 2F&< 7* <-=1 45+&4&5> :255-5+ 7< =?">2& =7#-2 -5L?&5#&] ##-%&5> >,&7<-=>
4&= &=75 "&2-&C&% >,> ,?45 &<<7< -= #75=&;?&5#&Y 5% 57> #?=&] 5%-C-%?2= :&<*7<4 >7 >,&-< "-2->FY
5% e47=>2F 2DF=f "&2-&C& >,&F <& %7-5+ >,& <-+,> >,-5+ 7< >,& "&=> >,&F #5 e&=75Y OMNSf] ,& #75%->-75=
?5%&< D,-#, +?-%&= D7<1 4F ,C& =&> >,&4 ?: *7< *-2?<&X -4:7==-"2& >-4& <&=><-#>-75=Y %-I#?2> #75%->-75=
e-]&] =&5%-5+ 7?> +<7?: D->, -4:&5%-5+ =&C&<& D&>,&<fY ==-=>5> +?-%&= >,> <& 47<& 2-"-2->F >,5 ,&2:Y
#2-&5>= D->, -5%-C-%?2 5&&%= "&F75% >,& "-2->F 7* >,& +?-%&_ >,& 2-=> #5 "& 275+] ,-2& >,& ,-+,&=> 2&C&2= 7* l>,&
=F=>&4m <& "&F75% >,& -5L?&5#& 7* >,& 2&%&< 5% e2-1&2Ff >,& 7<+5-G>-75Y >,&<& -= 5 7"2-+>-75 >7 <&#7+5-G&
>,& 2>&5> &<<7<= >,> &E-=>-5+ <&+?2>-75=Y 2#1 7* <&+?2>-75Y -5%?=><F :<#>-#&Y 5% 7>,&< =>1&,72%&<= =?#, =
#&<>-K#>-75"7%-&=:2F-5-5L?&5#-5+:<7+<42F7?>5%2&%&<=*&>F%&#-=-75=-5>,&K&2%]
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=?"0&#>-C& -5>&<:<&>>-75 5% ,= -5:?>= "F >,& -5%-C-%?2 2&%&<Y >,& =?:&<C-=7<Y > >,& 7<+5-G>-752 2&C&2Y 5%
=F=>&4 -5L?&5#&= "&F75% >,& 7<+5-G>-75] &&< :<#>-#&Y =7#-&>2 &E:&#>>-75=Y 5% #7?<> %&#-=-75= 22 %-<&#>
%C&5>?<& 2&%&<= -5 %&K5-5+ >,&-< :<7*&==-752 7"2-+>-75= D->, <&+<% >7 45+-5+ <-=1 5% =*&>F] &F75%
>,& 2&%&<Y >,&<& <& &E:&#>>-75= ?:75 >,& 7<+5-G>-75 >7 %&K5& ->= <-=1 >72&<5#& 5% :25 =?->"2& %C&5>?<&
#>-C->-&=>,>752F-5#7<:7<>&>,7=&,G<%=>,><&45+&"2&"F>,&2&%&<]
"#"/"+ "0
<%&5Y ]Y 77%&Y ]Y v 2475Y ] ] eOMNTf] 7> = =-4:2& = -> 2771=X &% 7?>%77< #>-C->-&= <& #74:2&E
=7#-7>&#,5-#2 =F=>&4=] &!/2!4', 335!3 '. 2%/./-'3 '!.!YAHeQfY PNUhPPT] ,>>:=X``%7-]7<+`NM]NMUM`
NQSPVOO]OMNT]NOTUUMS
27?>-&<Y ] v ,?%1 75=?2>5>= >%] eOMMPf] !7'!8 /$ 4&! 424&/.V8!! 3-5'2 &//, /54 //2
! 54'/. 02/%2-] ,>>:=X``DDD]#4+]#`:%*`
><>,#75sOMD&&%=4?-<sOM#,772sOM?>%77<sOM%sOM<7+<4sOM&C-&D]:%*
=-2%<C]-%&?-C-5+?::2FYOMMU5OVRVUef] ,>>:=X``#52--]#`>`NE4+,
#1=75Y ]Y v &=,1Y ] eOMOMf] .%'.% 2'3+J :34!-3 0,..'.% $/2 /54 //2  7!.452! 02/%2-3 eO5% &%]f]
2+75;?-5,74:=75?"2-=,-5+]
#1=75Y ]Y <-&=>Y ]Y v ->#,-&Y ] eOMOPf] ?>%77< &%?#>-75 *>2->-&= -5 5%X #74:<>-C& #=& =>?%F]
. '. /52., /$  54'/., -'.'3424'/. . /,':YB@BY NQNhNRQ] ,>>:=X``%7-]7<+`NM]TOMO`
NMVVVUU<
#1=75Y ] ] eOMNSf] &F75% %&#-=-75 41-5+ *7< 7?>%77< 2&%&<=X E:5%-5+ >,& =*&>F "&,C-7?< <&=&<#,
+&5%] /52., /$ 54 //2 !2!4'/.K  54'/.K . ! !23&'0YHeOfY NMPhNNU] ,>>:=X``%7-]7<+`
NM]NUSSS`iOMNSiUiOiTSVO
&+5Y]eNVVTf] ./7!2/52&! 3J&!-!.4, !-. 3/$-/ !2.,'$!]<C<%5-C&<=->F<&==]
5-+,>Y]]eNVONf] '3+K5.!24'.4:. 02/=4]7?+,>75-J-5]
#,7C]5%-57?5>-572-%F=5#]YNVVR5NPSMef] ,>>:=X``#52--]#`>`N%;1V
&<<7DY]eNVVVf] /2-,' !.43J'7'.%8'4&&'%&V2'3+4!&./,/%'!3]<-5#&>755-C&<=->F<&==]
=4?==&5Y ] eNVVTf] -=1 45+&4&5> -5 %F54-# =7#-&>FX 47%&22-5+ :<7"2&4] $!4: '!.!YBGeOhPfY
NUPhONP] ,>>:=X``%7-]7<+`NM]NMNS`MVORiTRPReVTfMMMROiM
&=75Y ] eOMNSf] .%'.% 4&! 2'3+3 /$ /2%.';4'/., ' !.43 eN=> &%]f] 7?>2&%+&] ,>>:=X``%7-]7<+`
NM]QPOQ`VTUNPNRRQPRQP
7?45-=C]>]=,-5+>751-&=7<>>%]YNVVR5TSPef] ,>>:=X``#52--]#`>`N%;S%
#?<K&2%C]<-"77&2-#7:>&<1--5+>%]YNVVP5OMMTef] ,>>:=X``#52--]#`>`N%"2N
#%""!"&"!"%%!&+ F 
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>>-75=%&2C22'&%&>i?C&?<-5#]]]]YOMNMNRMVe5f] ,>>:=X``#52--]#`>`O#S=*
422 &==&2 &+?2>-75= eOMOPfY `OMNMiVN] ,>>:=X``2D=i27-=]0?=>-#&]+#]#`&5+`<&+?2>-75=`
iOMNMiVN`-5%&E],>42
.:@??41-@?4:=
&H #1=75Y ,]]Y -= <7*&==7< 5% 77<%-5>7< 7* 2+75;?-5 722&+&m= ?>%77< %C&5>?<& ?-%& ><-5-5+
%-:274 :<7+<4 -5 >,& >>D 22&FY 5><-7Y 5%] -= <&=&<#, *7#?=&= 75 -5%-C-%?2 =*&>F
:&<*7<45#& 5% 7<+5-G>-752 <-=1 #?2>?<&] = #75=?2>5>Y >,& ?>,7< ,= D7<1&% D->, :<7C-5#-2 :<1
=F=>&4=Y 7?>%77< 7<+5-G>-75=Y -5%-+&57?= >7?<-=4 +<7?:=Y :<7C-5#-2 5% 4?5-#-:2 <&#<&>-75 :72-#F 5%
<-=145+&4&5>Y5%=5&E:&<>7:-5-75-5%C&5>?<&i<&2>&%2&+2#=&=]
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<5 67592G%97%9659F<>G9$E MF<EF%
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& 2-C& -5 &E><7<%-5<F >-4&=] ,& <>, -= =><&==&% -5 DF= ,?45= ,C& 5&C&< D->5&==&% 5% >,& =>7<-&= 7* 7?<
>-4&= <& "&-5+ D<->>&5 -5 4== =:&#-&= &E>-5#>-75=Y &E><&4& D&>,&< &C&5>=Y 5% ##&2&<>-5+ #2-4>& #,5+&]
#, =?##&==-C& <&:7<> *<74 >,& 5>&<+7C&<54&5>2 5&2 75 2-4>& ,5+& -= 47<& %-<& >,5 >,& 2=>] > ,=
"&#74& ::<&5>g= -* D-2%K<&=Y ,?<<-#5&=Y %<7?+,>=Y 5% L77%= <&5m> &57?+,g >,> >-4&2-5&= *7< #,5+&
<& ?<+&5> 5% #2-4>& #,5+& D-22 -5L?&5#& 7?< 2-C&= %<4>-#22F] 7D&C&<Y >,& #75=&;?&5#&= *#-5+ 7?<
#,-2%<&5 5% +<5%#,-2%<&5 <& 2-1&2F >7 "& #>=><7:,-# eY OMOPf] > -= 2=7 >-4& 7* =7#-2 ?:,&C2 5%
7*D<Y:5%&4-#Y:<7>&=>Y:72<-G>-75Y5%#2-4>&i-5%?#&%4-+<>-75]&5D,-2&Y5>?<&-=#<F-5+]
& %7 57> &C&5 ,C& %&;?>& 25+?+& >7 %&=#<-"& >,& &:7#,2 =#7:& 7* >,& #74-5+ #,5+&] &<4= =?#, =
5>,<7:7#&5& %7 57> %&;?>&2F #:>?<& >,& =#2& 7* <>,m= =,-*>-5+ +&7=>7<F e>7?<Y OMNQf] &<,:= -> -=
57>,&< ,?45 4-=>1& >7 &C&5 >,-51 D& #5 *?22F %&=#<-"& D,> -= ,::&5-5+] ,& <>, -= D<->-5+ >,& =#<-:>
5%j47%&<5k,?45=<&Y*7<>,&47=>:<>Y57>2-=>&5-5+]5&>,-5+-=#2&<Y>,&*?>?<&-=?5#&<>-5]
> D7?2% "& 4-=>1& >7 >,-51 >,> D& ,?45= #5 #75><72 >,& :&5%-5+ #<-=-= 7< >,> D& #5 C&<> -> D->,
47<& >&#,5727+-#2 -557C>-75] * D& <& >7 H&#> >,& &5C-<754&5>2 ><0&#>7<FY >,&5 -> D-22 57> "& "F ?=-5+ >,&
=4& 1-5% 7* >,-51-5+ >,> #<&>&% >,-= =7#-2 5% &5C-<754&5>2 ?:,&C2] & #557> #75>-5?& >7 #> = D&
<&]7YD,>4-+,>:7>&5>-2<&=:75=&=&5>-2^
/,2)"0&+!2 1&,+
%?#>-75 -= 7*>&5 -5C71&% = DF 7?> 7* #<-=&=Y F&> >,-= #5 "& *<?+,>] 5F #?<<&5> 47%&= 7* &%?#>-75
<&Y > "&=>Y :&<C=-C& -5 >,&-< <>-752Y <&%?#>-75-=>Y 4&=?<"2&Y 5% 5&7i2-"&<2 %<-C-5+ *7<#&=] 5% >,&F
7:&<>& 75 =#2& >,> 41&= >,&4 =&&4-5+2F -4:&5&><"2& >7 #,5+&] ?45 eOMMRf -= 0?=> 75& 7* 45F
=#,72<= D,7 -= %7?">*?2 >,> %&:27F-5+ >F:-#2 &%?#>-752 =><>&+-&= D-22 "<-5+ "7?> #,5+&]& -5=-+,>*?22F
=1=Y #5 &%?#>-75 &C&< "& &H&#>-C&_ D-22 -> &C&< "& "2& >7 jC7-% "&-5+ &52-=>&% -5 >,& =&<C-#&= 7* >,& =&2*i
=4& :<&==?<&= >,&F <& 4&5> >7 %&*F^k e?45Y OMMRY :] NOf] & =,<& ,-= =1&:>-#-=4 5% *&< >,> 4?#,
&%?#>-7522F >>&4:>&% #,5+& ?5C7-%"2F >&5%= >7 "&5% "#1 -5 >,& %-<&#>-75 7* >,& =>>?= ;?7] ,-= =&&4=
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5% >,> -= -> D->,-5 ?= 22] 7Y 5 -4:7<>5> ;?&=>-75 "&#74&=X 7D 4-+,> D& 227D >,& =&2*iD-22&% 5>?<& 7*
,?455%47<&i>,5i,?457>,&<=Y5%>,&:2#&=D&-5,"->Y>7&5>&<47<&*?22F-5>77?<:<#>-#&^
%"%-",#&)!"!$,$&"0
> D7?2% "& >&4:>-5+ >7 >,-51 7* D-2% :&%+7+-&= = >-+,> *<4&D7<1Y "?> >,> D7?2% 57> "& #7<<&#>] ?<
-5>&5>-75 -= >,> D-2% :&%+7+-&= D-22 "& :<7C7#>&?< > >,& -5>&<=&#>-75 7* -4+-5>-75 5% :<E-=] ,> ->
D-22 "& 5 #>-C& +&5> 7* %-=#7C&<FY 47<& +&5&<>-C& <>,&< >,5 :<&=#<-:>-C&] > -= "7?> >,& #> 7* D-2%-5+
&%?#>-75Y <>,&< >,> -4-5+ *7< :<>-#?2< %&=>-5>-75] -2% :&%+7+-&= <& 57> "7?> <&:2#-5+ 7>,&<
j&%?#>-75=k =?#, = &5C-<754&5>2 &%?#>-75 7< :2#&i"=&% &%?#>-75 7< 7?>%77< &%?#>-75 5% =7 75]
>,&<Y -> -= >772 -5>&5%&% *7< 22 &%?#>7<= >7 ;?&=>-75 >,&-< :<#>-#&= &C&<47<& %&&:2F] = =?#,Y D& ,7:& >,>
D-2% :&%+7+-&= D-22 -5=:-<& <&=:75=&= >,> <& #<&>-C&Y #7?<+&7?=Y 5% <%-#2Y "&#?=& >,> -= D,> 7?< >-4&=
?<+&5>2F<&;?-<&]
%,/"&)!"!$,$&"0,/
 F )#"
%?#>-752 #,5+& D-22 57> <-=& *<74 5F :<>-#?2< 27#>-75 5% 4?=> "& "<7% ?5%&<>1-5+] = &%?#>7<=
7?<=&2C&=Y D& =&& #,22&5+&= *#-5+ &%?#>-75Y 5% -> -= 5>?<2 >7 "&+-5 D->, 7?< :<7*&==-752 1-5] 7=>
7"C-7?=2FY D& <& D<->-5+ *7< &5C-<754&5>2 &%?#>7<=Y 7?>%77< &%?#>7<=Y :2#&i"=&% &%?#>7<=Y *7<&=>i=#,772
&%?#>7<=Y 5% C=> <<F 7* 2-1&i4-5%&% 7>,&<=] 7D&C&<Y D& <& *7<&C&< <&4-5%&% >,> >,& &%?#>-752
:<7"2&4= 7* 7?< >-4&= <& =F=>&4-# 5% %&&:2F #?2>?<2] 7Y D& "&2-&C& >,> >,-= D7<1 ,= =74&>,-5+ >7 =F
>7 22 >,7=& D7<1-5+ 5% =>?%F-5+ -5 *7<42 &%?#>-75 =F=>&4=Y D,>&C&< 2"&2= F7? #,77=& >7 %&=#<-"& F7?<
D7<1]%?#>-75 2=7 >1&= :2#& > ,74&Y > D7<1Y 5% -5 #744?5->F #>-C->-&=Y D->, 7?< #,-2%<&5Y 7?< :&&<=Y
5% 7?< *<-&5%=Y 5% 7?< 5&-+,"7?<=] %?#>-75 >1&= :2#& -5 4?=&?4=Y ;?<-?4=Y :<1=Y :2F+<7?5%=Y
=?44&< #4:=Y 5% =7#-2 =&<C-#& +&5#-&=] = =?#,Y >,&<& <& &%?#>-752 =>&:= >,> #5 "& >1&5 "F :<&5>=Y
=>?%&5>=Y #744?5->F &%?#>7<=Y >&#,&<=Y =#,772 :<-5#-:2=Y #%&4-#=Y "?=-5&== 2&%&<=Y :72-#F 41&<=Y
,&2>,#<& :<7C-%&<=Y D-2%&<5&== +?-%&=Y 4-5-=>&<= 7* &%?#>-75Y 5% 7>,&< :72->-#-5=] ,& >-4& *7< >,-=
#722&#>-C& <&=:75=& -= 57D] & 4?=> #<->-#22F 5% >,7?+,>*?22F &E4-5& ,?45 #>-C->-&= 75 &<>, "F
#75=-%&<-5+ 7?< %&&:&=> ==?4:>-75=Y -%&2=Y C2?&=Y 5% D7<2%C-&D=] ,-= -= >,& D7<1 7* &C&<F75& >>&4:>-5+
D-2%-5+7*&%?#>-75]
,2 %01,+"0#,/&)!"!$,$&"0
> -= 57> &=F >7 ;?-&> >,& &C&<i:<&=&5> 57<4>-C& #,>>&< >,> "74"<%= 7?< 4-5%=] = D& >>&4:> >7 %-=<?:>
75& =&> 7* =7#-2 57<4=Y D& <& =?<<7?5%&% "F 7>,&<= >,> :<&== ?= >7 #75*7<4] > -= -4:7==-"2& >7 "<&1 *<&&
&5>-<&2F *<74 22 %&&:2F &4"&%%&% 5% :7D&<*?22F #75><722-5+ -5=>-5#>=] 5 >,& *7227D-5+ =&#>-75Y D& 7H&<
=&<-&= 7* >7?#,=>75&= >7 ,&2: #?> >,<7?+, >,-= #,>>&< 5% =?::7<> >,& :<#>-#2 D7<1 7* D-2% :&%+7+-&=] ,&
>7?#,=>75&= =>5% = <&4-5%&<= 7* D,> D& <& ><F-5+ >7 %7Y 7< = -%&= >7 <&>?<5 >7Y 5% >,&F ,&2: ?= >7
"<-5+ *7#?= >7 =74& 1&F -==?&= >,> -5,"-> >,& #7<& 7* >,-= &%?#>-752 :<70&#>]#, >7?#,=>75& "&27D "&+-5=
D->, "<-&* %&=#<-:>-75 7* :&%+7+-#2 #75=-%&<>-75 5% #75#2?%&= D->, =&<-&= 7* ;?&=>-75=] 7?#,=>75&=
<& -5>&5%&% >7 "& <&C-=->&%Y <&K5&%Y 5% <&#75=-%&<&%] 5%&&%Y >,-= C&<=-75 7* D-2% :&%+7+-&= ,= >D7 47<&
>7?#,=>75&= >,> >,& 7<-+-52 C&<=-75 e-#12-5+ &> 2] OMNUf] ,& >7?#,=>75&= #5 "&#74& :7-5>= 7* %&:<>?<&
5% :2#&= >7 <&C-=->] = =?#, >,&F <& 57> -5>&5%&% >7 "& %7+4>-#Y "?> =-4:2F +>,&<-5+ 7* &4&<+-5+
-%&= 5% :<#>-#&=] ,&F <& 57> -5>&5%&% >7 %&K5& D-2% :&%+7+-&=_ <>,&<Y >,&F =,7?2% #> = +&5>= 7<
:<7C7#>&?<=7*%-=#7C&<F*7<-5=:-<&%:<#>->-75&<=]&,7:&F7?&507F>,&4]
<M 3FJ<9%;="JME%F<4J% 3%E
& "&2-&C& >,> &%?#>-75 -= <-#,&<Y *7< 22 -5C72C&%Y -* >,& 5>?<2 D7<2% 5% >,& 45F %&5-G&5= >,> #7i
#75=>->?>& :2#&=Y <& #>-C&2F &5++&% D->,Y 2-=>&5&% >7Y 5% >1&5 =&<-7?=2F = :<> 7* >,& &%?#>-C& :<7#&==
e<&E<&E722&#>-C&YOMNUf]
> 75& 2&C&2 >,-= >7?#,=>75& 4-+,> ::&< &=F >7 ?5%&<=>5% 5% &C&5 :?> -5>7 :<#>-#&] ,& #2-4 -=
)#" F 
>,> >,& 5>?<2 D7<2% -= C-"<5>Y #>-C&Y +&5>-2 :2#& >,> -= D7<>, 2-=>&5-5+ >7Y >>&5%-5+ >7Y "?-2%-5+
<&2>-75=,-: D->,Y 5% 2&<5-5+ *<74] ##&:>-5+ >,-= :&<=:&#>-C& 2-1&2F 4&5= >,> &%?#>7<= D-22 =:&5% 47<&
>-4& 7?>%77<= 5% >,?= K5% %-H&<&5> :&%+7+-#2 :7==-"-2->-&= 5% 5&D H7<%5#&= "&-5+ &5++&%] 7D&C&<Y
> 57>,&< 2&C&2Y >,-= >7?#,=>75& ,= =-+5-K#5> -4:2-#>-75= *7< D,> 157D2&%+& -= 5% ,7D 2&<5-5+ ,::&5=]
* 5>?<& "&#74&= #7i>&#,&< >,&5 >,& ,?45Y 7*>&5 #75=-%&<&% = >,& =72& :7==&==7<Y <"->&<Y 5% #75C&F7<
7* 157D2&%+& -= %&i#&5>&<&% 5% 2&<5-5+ "&#74&= =,<&% :<70&#> >,> -= 57 275+&< &C&< #74:2&>& 7< ,?45i
"=&%e2&51-5=7:v&&45YOMNMf]*D&>1&>,-=#75#&:>=&<-7?=2FY>,&-4:#>=#5"&:<7*7?5%]
7D 4-+,> 47<&i>,5i,?45 5%`7< 4>&<-2 7>,&<= "& ?5%&<=>77% = #>-C& #722"7<>7<= 7< -5=>-+>7<=
-5 :&%+7+-#2 #>-C->-&=Y <>,&< >,5 7"0&#>= 7* =>?%F^ 5 7>,&< D7<%=Y ,7D 4-+,> D& 47C& 75 *<74 2&<5-5+
"7?> >,& 47<&i>,5i,?45 D7<2% >7 2&<5-5+ D->, 5% *<74 ->^ 7D #5 D& #157D2&%+& >,& <72& 7* >,&
7>,&<i>,5i,?45 e-5#2?%-5+ >,& 4>&<-2 7>,&<f = #>-C& +&5>=Y #:"2& 7* "&-5+ &5>5+2&% D->, :&%+7+-#2
&C&5>=^ ?F 5% &5=&5 eOMNUfY *7< &E4:2&Y ==&<> >,& 5&&% >7 D-%&5 &%?#>-752 ::<7#,&= 5% <&#,
"&F75% ,?45i#&5><-# -%&= 7* >&#,&<i#&5>&<&% :&%+7+F 5% =>?%&5>i#&5>&<&% 2&<5-5+Y >7 -5#2?%& 47<&i
>,5i,?45i#&5>&<&%2&<5-5+]
?#, 7::7<>?5->-&= <&4-5 =><75+ D->,-5 >,& 2-C&= 7* #,-2%<&5Y 5% *7< %?2>= >,& #,22&5+& #5 "& >7
#157D2&%+& =?#, :7==-"-2->-&=] = ?>-7 eOMNPf =?++&=>=Y j>7 ::<&#->& 2=7 >,& 474&5><F 5% >,&
=&&4-5+2F ?5+?-%&% -5 #,-2%<&5m= &C&<F%F 2-C&= Z D& D7?2% ,C& >7 &4"<#& >,& >,7?+,> >,> >&#,&<=g>,7=&
D,7 -5C->&Y +?-%&Y =?::7<> 5% =>&&< ?=g#5 2=7 "& 7>,&< >,5 ,?45 "&-5+=k e:] QMOf] = 5 &E4:2&Y
#75=-%&< 474&5> 75 5 7?>%77< D21 D,&5 =>?%&5>=m >>&5>-75 -= %<D5 >7D<%= =74& %4: 47== 5%
4-#<7iD7<2%= >7: <7#1 =2"] ,&F 4F 2-& %7D5 75 >,& D<4 =?<*#& 7* >,& <7#1 "<-5+-5+ >,&-< &F&= >7 4&&>
>,& 47== D7<2%] ,-= #,5+& -5 :&<=:&#>-C& 4-+,> #<&>& *<&5GF 7* &E#->&4&5>] > >,-= 474&5>Y = 5> ><-2=
&4&<+& ,&<& 5% >,&<&Y 5% D>&< =&&:= >,<7?+, >,& 47== *7<&=> #<&>-5+ 4-5->?<& <-C&<=Y 5>?<& = #7i>&#,&<
-= >1-5+ 7C&<] >?%&5>= <& %<D5Y "F >,& 47==Y -5>7 &5++-5+ -5 #75C&<=>-75= D->, &#, 7>,&< 5% >,& :2#&g
jD,F %7&= 47== *&&2 =7 =7*>^k g jD,7 2-C&= D->,-5 >,& 47==^k g jD,> =F=>&4= <& >,&F ?=-5+ >7 7<+5-G&
>,&-< 2-C&=^k ,-= >7?#,=>75& -= <&4-5%&< >,> :&%+7+-#2 <&=:75=& -5 =?#, 474&5>= e>,<7?+, 25+?+&Y
47C&4&5>5%>-4&f7?+,>>7<&L&#>>,&#>-C&+&5>-2<72&7*5>?<&]
->,>,-=%-=#?==-75="#1+<7?5%Y&%?#>7<=4-+,>D5>>7#75=-%&<;?&=>-75==?#,=X
W 7D#5-5C->&>,&5>?<2D7<2%>7"&:<&=&5>=#7i>&#,&<-54F:<#>-#&^7D#5227D7>,&<
>&#,-5+C7-#&=>7"&,&<%-5>,&-<7D5DF=^
W 7D,C&D&"&&5"2&>72&<5"7?>YD->,Y5%*<74>,&47<&i>,5i,?45D7<2%^
W 7D#54F#2==5%#75><-"?>&>7>,&L7?<-=,-5+7*&#,7>,&<5%>,7=&7>,&<"&-5+=>,>D&2-C&
475+=>^
W ,><&4F>&#,-5+,"->=>,>#5%-=>5#&Y"#1+<7?5%Y?5%&<C2?&Y7<%&5-+<>&>,&5>?<2D7<2%^
<M 3FJ<9%;L"<8>7%P5JQ#J3%969<O9#9$><9J9%5JQ
 F )#"
& "&2-&C& >,> &%?#>-75 -= <-#,&< *7< 22 -* >,&<& -= <774 2&*> *7< =?<:<-=&] * 57 =-5+2& >&#,&< 7< 2&<5&<
#5 157D 22 "7?> 5F>,-5+Y >,&5 >,&<& 2DF= <&4-5= >,& :7==-"-2->F *7< >,& ?5&E:&#>&% #755&#>-75 >7
"& 4%&Y >,& ?5:255&% &C&5> >7 7##?<Y 5% *7< =-4:2& &E:25>-75 >7 "&#74& 47<& #74:2&E e<&E <&E
722&#>-C&Y OMNUY :] UQf],-= >7?#,=>75& :<-7<->-G&= >,& ?5:<&%-#>"2& = -> :?=,&= "#1 +-5=> >,& %&=-<& >7
#75><72 5% #75>-5] 4"<#-5+ #74:2&E->F <&;?-<&= #157D2&%+-5+ >,> 57> &C&<F>,-5+ #5 "& #74:2&>&2F
157D5Y 5% >,> 2&<5-5+ #557> "& :<&%&>&<4-5&% 7< :#1+&% -5 %C5#&Y D->,7?> >,& :7>&5>-2 27== 7*
=&<&5%-:->7?= 2&<5-5+] 74:2&E->F #5 "& ?5%&<=>77% = %F54-#Y L?-%Y 5% ?5:<&%-#>"2&Y 5% -= "&=>
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& "&2-&C& >,>Y -* +-C&5 >,& 7::7<>?5->FY ,?45= <& "2& >7 %&C&27: <-#, <&2>-75=,-:= D->, 4F<-% 4&4"&<=
7* >,& 47<&i>,5i,?45 D7<2%] ,&=& <&2>-75=,-:= 7* <&#-:<7#2 #<& <& :<> 7* 7C&<#74-5+ >,& 2-&5>-75
>,>&E-=>="&>D&&545F,?45=5%>,&5>?<2D7<2%e-#12-5+v2&51-5=7:YOMOMY:]NOSf]
,&<& %7&= #<& 5% #74:==-75 -5#?">&Y D,&<& %7&= -> <-=&Y 5% #5 D& &C&5 #75><72 ->^ > -= -5=-+,>*?2 >7
<&C-=-> =74& #75>&4:7<<F &5C-<754&5>2 D<->&<= 5% #75=-%&< ,7D >,&F ,C& %&=#<-"&%Y =74&>-4&= -4:2-#->2FY
>,&-<7D5#<-5+5%&4:>,&>-#<&2>-75=,-:=D->,>,&47<&i>,5i,?45]
7< &E4:2&Y >,& 7<D&+-5 &#7i:,-27=7:,&<Y !== eNVUUfY D= &E:2-#-> "7?> >,& 7<-+-5= 7* ,-= 7D5
#74:==-75Y 5% =72-%<->F D->, >,& D7<2% <7?5% ,-4] & <&:&>&%2F :7-5>&% >7 ,-= &E:&<-&5#& 7* D>#,-5+
D<->,-5+ L& %-& -5 ">, 7* #-%-# #,&4-#2=] 5 >,-= <&#7+5->-75 7* ,-= 7D5 &4:>,F *7< 5% I2->-75 D->,
>,& =?H&<-5+ 7* >,& L&Y ,& "&+5 >7 =&&Y &5#7?5>&<Y 5% &C&5 "& -5 >,& D7<2% %-H&<&5>2F] & #75>-5?&% >7 D7<1
D->, >,&=& <&C&2>-75=Y %&C&27:-5+ ,-= >,&7<F 7* &#7i:,-27=7:,FY *7< 47<& >,5 *7?< %&#%&=] -4-2<2FY >,& D&22i
157D5 4&<-#5 #75=&<C>-75-=>Y &7:72%Y %&=#<-"&% ,-= 7D5 -5&=#:"2& %-=#7C&<F 7* #<&Y 5% >,& 2-4->= 7*
,-= 7D5 ?5%&<=>5%-5+Y >,& %F ,& D>#,&% D72* %-&] ,-= 474&5> *&22 7?>=-%& 7* ,-= 57<42 &E:&<-&5#&=
5% ,& D<&=>2&% D->, -> *7< >,& <&=> 7* ,-= 2-*&] = &7:72%m= >,-51-5+ &C72C&%Y ,& &=#,&D&% -%&= >,> <&=>&% 75
>,& :<&=?4:>-75 7* ,?45 %74-55#&] 5% ,& +C& ?= >,& -%& >,>Y j& #5 "& &>,-#2 752F -5 <&2>-75 >7
=74&>,-5+D&#5=&&Y*&&2Y?5%&<=>5%Y27C&Y7<7>,&<D-=&,C&*->,-5ke&7:72%YNVSSY:]ORNf]
<=75 eNVSOf >,<-C&% %?<-5+ ,&< <?<2 #,-2%,77% 75 >,& *4-2F *<4] ,&<& =,& <4"2&% &E>&5=-C&2FY
=74&>-4&= D->, ,&< 47>,&<Y 5% %&C&27:&% ,&< =&5=& 7* #?<-7=->F] = 5 -5=:-<-5+ F7?5+ D<->&<Y ,&< 27C&Y #<&Y
D75%&<Y 5% D& *7< >,& D7<2% <7?5% ,&< K<=> ::&<&% -5 =>7<-&= D<->>&5 *7< #,-2%<&5m= 4+G-5&=] ,7?+,
=,& 4F 57> ,C& >,7?+,> 7* -> -5 >,&=& >&<4=Y ,&< D<->-5+ ,-+,2-+,>= >,& +&5#F 7* ,&< #7,"->5>= 5% >,&-<
<72& = >&#,&<=] ,& *7?5% >,> 2&<5-5+Y %?<-5+ >,&=& %F= 75 >,& ><-2Y #7?2% "& 07F7?=] ,& *7?5%>-752
&E:&<-&5#&= <=75 &507F&% = #,-2% ::&<&% >7 =,:& >,& :?"2-#>-75 7* ,&< 25%4<1 "771 -2&5> :<-5+
e<&&5D77%YOMNUf]
,&5 =?<C&F-5+ >,&=& >,<&& &E4:2&= -> -= :7==-"2& >7 ><#& =74& &5>D-5&% ><->= <?55-5+ >,<7?+, >,&4]
22 <& :<7*7?5%2F =&5=?2 5% <-=& 7?> 7* K<=>i,5% &E:&<-&5#&] 22 <&;?-<& "&-5+ -5 >,& D7<2%] 22 &C71&
#<& >,<7?+, &47>-752 &5++&4&5>Y &4:>,FY 5% -%&5>-K#>-75] ,-= #<& #5 2=7 &C71& =%5&==Y
 F )#"
%-=&5#,5>4&5>Y 5% 5+?-=,] ,&=& &E4:2&= :7-5> >7 ?5%&<=>5%-5+= >,> <&5m> =72&2F 27#>&% -5 5
-5%-C-%?2,?45_>,&5>?<2D7<2%&E&<>=+&5#FY:&<,:=&C&51-5%7*>&#,-5+]
?#, #722&#>-75 7* ><->= ,= =-+5-K#5> &%?#>-752 -4:2-#>-75=] ,> %7&= >&#,-5+ :<#>-#& "&+-5 >7 2771
2-1& -* D& >1& >,&=& -5=-+,>= =&<-7?=2F^ *Y = &<"F eOMNRf =?++&=>=Y j& ,C& #74& >7 &E:&<-&5#& l=#,772 2-*&m
5% 2&<5-5+ = *?5%4&5>22F :<7=-#_ #,<#>&<-G&% "F *<+4&5>>-75Y &47>-752&== 5% &E#&<">&% "F >,&
:<-C-2&+-5+ 7* &:-=>&4-# *7?5%>-75= =?#, = 5>,<7:7#&5><-=4Y <&%?#>-75-=4Y 2-5&< #?=2->FY 5% %?2-=4k
e:]ORfY>,&5>,&<&-=27>7*D7<1>7%7]
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W ,>%-%%7>7%F>,><&;?-<&%2&<5&<=>7"&=&5=?22F:<&=&5>-5>,&-<2&<5-5+^,>%-%%7>7%F
>,><&;?-<&%2&<5&<=>7&5#7?5>&<>,&7>,&<Y>7*&&2#<&Y5%>757>-#&>,&47<&i>,5i,?45D7<2%^
W ,>,C&%75&>7##7447%>&&E:&<-&5#&=>,>&E-=>"&F75%>,&#:#->F7*25+?+&>7*?22F
%&=#<-"&5%&C2?>&^
W C&5>,7?+,=74&2&<5-5+#557>"&4&=?<&%Y->=>-22&E-=>=]7D#5#<&>&:7=->-C&=:#&-54F
&C2?>-75=#,&4&>7,757?<>,-=&E-=>&5#&^
W C&#75=-%&<&%,7D>7,72%=:#&*7<2&<5&<==>,&F&5#7?5>&<>,&<5+&7*&47>-75=>,>::&<-5
<&=:75=&>7"?<+&75-5+#<&^,>1-5%=7*=1-22=5%=?::7<>=#57H&<>,&4=>,&F#>-5DF=>,>
<&>>-4&=#75><<F5%:7>&5>-22F>,<&>&5-5+>7>,&=F=>&4-5D,-#,>,&F2-C&5%2&<5^
<M 3FJ<9%;'"P>9$592J3%8259J5<9
& "&2-&C& >,> >,& &#727+-#2 D7<2% ,= #,5+&% %<4>-#22F 5% >,> :?"2-# &%?#>-75 ,= >7 #,5+& -5
<&=:75=&] ?>?<& >&#,&<= #5 57 275+&< "& ><-5&% *7< =F=>&4 >,> 2&C&= =>?%&5>= -22i:<&:<&% >7 <&=:75% >7
#?<<&5> #<-=&= 5% -4+-5>-C&2F ?5"2& >7 #<&>& 5&D <&=:75=&= e-#12-5+ v 2&51-5=7:Y OMOMY :] NPNf]&<& D&
%<D 75 <&=&<#, *<74 <%-#2 :?"2-# =#,772 >7 "&>>&< ?5%&<=>5% >,& <72& >,& -4+-5>-75 :2F= -5 2&<5-5+
e2&51-5=7: &> 2]Y OMNUf] ,& ?>,7<= 7* >,> D7<1 *7#?=&% 75 *7?< DF= :72-#F #5 ,-5%&< -557C>-75]
7D&C&<Y >,& 75& >,> "&=> ><5=2>&= -5>7 >,-= %-=#?==-75 "7?> >&#,&< &%?#>-75 D= #22&% >,& j=&2*i2-4->&%
-4+-5>-75]k ,& &4&<+&5#& 7* >,-= #>&+7<F D= =?<:<-=&Y >,7?+, 75#& 54&% ->= :<&=&5#& "&#4&
?"-;?->7?=2FC-=-"2&]
&2*i2-4->&% -4+-5>-75 -= 57> #=& 7* =74&>,-5+ >,> ,= "&&5 >,7?+,> 7* "&*7<&Y "?> -= "&-5+ -+57<&%]
7< -= -> =74&>,-5+ >,> -= %&&4&% -4:7==-"2&] >,&<Y -> D= 47<& "7?> 2>&<5>-C& :72-#-&= 57> "&-5+
-4+-5"2& > 22[ > ::&<&% >7 "& "7?> :&7:2& 57> ,C-5+ >,& &E:&<-&5>-2 4>&<-2=Y >,& L&E-"-2->F 7* 4-5%Y
>,& -5=>->?>-752 :&<4-==-75Y >,& #?2>?<2 <5+&gD,>&C&< >,& "2-5%&< 4-+,> "&g>7 "<-5+ -5>7 #75=#-7?=5&==
5 -%& = &C&5 :7==-"2&] ,-= D= "7?> 5 -4+-5<F 2-4-> "&-5+ <&#,&%] ,&5 =74&>,-5+ "&F75% >,&=&
-4+-5<F "7?5%<-&= D= 7H&<&%Y >,& <&=:75=& D= 7*>&5 #74:2&>& "2515&==Y 7< >,& 4?>>&<&% j ,C& 5&C&<
&C&5 >,7?+,> 7* >,>Z]k ,-= -= =><-1-5+] ,&5 57> %%<&==&%Y -> =>5%= >7 >,D<> *<i<&#,-5+ 7< <%-#2
-557C>-755%-5%&&%D-2%:&%+7+-&=]
)#" F 
& =,7?2% 2=7 57>& >,> >,& j=&2*i2-4->&%k :<> 7* >,-= %-=#?==-75 4-+,> "& 4-=574&<] 7< = D& &E:27<&%
>,& -%&Y -> "&#4& #2&< >,> -4+-5>-C& 2-4->= <& #75>-5&% D->,-5 #?2>?<&= 5% =F=>&4=] & 4?=> "& D<&
>,> >,& -4+-5>-75 -= 57> = "<7% 5% L&E-"2& = =?++&=>&% -5 &C&<F%F ?5%&<=>5%-5+] 7< &%?#>7<=Y >,-=
,= -4:7<>5> -4:2-#>-75=] 7> 752F %7 D& ,C& >7 <&#7+5-G& 7?< #?2>?<22F 2-4->&% -4+-5>-75=Y "?> :<> 7*
7?< :&%+7+-#2 D7<1 4-+,> "& >7 &E:5% >,& <5+& 7* #?2>?<2 7:>-75= C-2"2& >7 >&#,&<=] ,& 25+?+&= D&
2&<5 >7 =:&1Y 5% >,& *7?5%>-752 =>7<-&= D& <& >72%Y =,:& D,7 D& <& -5 >,& D7<2%] 7D&C&<Y >,&F 2=7
2-4->D,>D&#5>,-515%-4+-5&]
,& #,22&5+& 7* &E:5%-5+ -4+-5>-75 -= %-I#?2> 5% ,= -4:2-#>-75= *7< ,7D D& -4+-5& 5% >,&5
<&i#<&>& 7?<=&2C&= = >&#,&<=] 7D&C&<Y >,&<& <& =74& >,-5+= >7 #75=-%&<] & #5 54& >,-= 2-4->>-75 *7<
&%?#>7<= 5% :7=-> -> = :<> 7* 7?< :<#>-#&] ,-= 4-+,> -5 >?<5 #> >7 %&i#&5><& >,& >&#,&< = &E:&<> 5%
7:&5 >,& =:#& *7< <-=1i>1-5+Y *7< :&%+7+-#2 &E:27<>-75Y 5% *7< ,?4-2->F <&+<%-5+ &E:&<>-=&] 7< -* D& <&
-4+-5>-C&2F 2-4->&% "F 7?< ,-=>7<-&= 5% #?2>?<&=Y >,&5 575& 7* ?= ,= >,& D,72& 5=D&<] ,-= 4-+,> 2=7 2&C&
47<& =:#& *7< >,& ?5?=?2Y >,& #<GFY >,& =:75>5&7?=Y 5% >,7=& -%&= #,<#>&<-G&% = j0?=> D75m> D7<1k >7
K5% =74& *&<>-2& +<7?5% -5 D,-#, >7 :<7=:&<] ?< =&5=& -= >,> >,-= 4-+,> -5 *#> "& >,& C&<F :2#&= *<74 D,-#,
>,&"&=>-%&=D-22#74&*7<<&=:75%-5+>7>,&#,5+-5+D7<2%D&<&-5]
->,>,-=%-=#?==-75="#1+<7?5%Y&%?#>7<=4-+,>D5>>7#75=-%&<;?&=>-75==?#,=X
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2!9 /,,!4'7! >>&4:> >7 K5% 7:&5-5+= *7< <%-#2 <&iC-=-75-5+ 7* &%?#>-75] = 275+>-4& D-2%&<5&== ><C&2&<Y
4?#,7*,-=-5=:-<>-75-=%&<-C&%*<74>,&25%=#:&7*,-=,74&-55%m=?175]
&5 2&51-5=7: -= :<7*&==7< -5 >,& *#?2>F 7* &%?#>-75 > -475 <=&< 5-C&<=->FY 5#7?C&<Y 5%]
& +<&D ?: -5 >,& "7<&2 *7<&=>= 7* 57<>,&<5 5% 5% ,= 47<& >,5 PM F&<= 7* "#1+<7?5% -5 7?>%77<Y
&5C-<754&5>2Y 5% &E:&<-&5>-2 &%?#>-75] 7DY = <&=&<#,&< 5% &%?#>7<Y ,& ,= "&&5 -5C72C&% -5 =><>-5+
5%<&=&<#,-5+>,<&&5>?<&i"=&%Y:2#&i"=&%Y&#7i=#,772=e22-5>,&:?"2-#=F=>&4f]
<#?= 7<=& -= 5 ==7#->& <7*&==7< 7* 5C-<754&5>2 5% ?>%77< %?#>-75 > >,& 5-C&<=->F 7*
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,& %&C&27:&% :==-75 *7< "&-5+ 7?>%77<=] -= >&#,-5+ -= *7#?=&% 75 :2#&i"=&%Y >>&5>-C&Y 5% <&2>-752
&5C-<754&5>2 &%?#>-75Y D,-2& ,-= <&=&<#, -5>&<&=>= -5#2?%& 7?>%77< &5C-<754&5>2 &%?#>-75Y :2#&i"=&%
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=><>-5+ :7-5> 4-+,> "& =74& %&=#<-:>-75 7* &2&4&5>= >,> #5 5<<7D >,& &E:&#>&% >,7?+,>] 5& #7?2% =F >,&
;?2->F 7* "&-5+ 4?=> "& 7?>=>5%-5+] 7 ,7D #5 D& ::2F >,> &E#> %&K5->-C& %&=#<-:>-75 >7 >&#,-5+ -5Y *7<Y
5%"7?>>,&7?>%77<=e=*&2%>&>2]YOMONf^
,-2& 5?>= 5% "72>= =#-&5#& ::<7#, >7 >&#,-5+ -= #74475 5% &C&5 >,7?+, >&#,-5+ %&K5->&2F ,= 5
<> >7 ->Y >,-= #,:>&< -= "7?> >,& #<*> 7* >&#,-5+] > &E4-5&= =&C&5 :<-5#-:2&= >,> +7 "&F75% >,& <> 5%
=#-&5#&7*>&#,-5+7?>%77<=5%:<&=&5>==&C&<25%-5&E4:2&=]
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4-+,> <-=&Y 2-1&Y j<& 4F >2&5>= 5% :==-75= 2-+5&% D->, <&2->F 5% +77% K> *7< >&#,-5+ 7?>%77<=^k &
4-+,> +<&& >,> "&-5+ &I#-&5>Y :<#>-#2Y 7<+5-G&%Y #<&>-C&Y 5% -5>&5>-752 D->,-5 D&22i>,7?+,>i7?> :25
>7 #<&>& %&=-<&% 2&<5-5+ 7?>#74&= D7?2% "& =-+5-K#5> #75><-"?>7<= >7 >&#,-5+ &E#&22&5#&] 7D&C&<Y >,&
07?<5&F 7* %&C&27:-5+ 75&m= #<*> 2=7 #74&= *<74 %&&: %&=-<& >7 :?<=?& =?#, &E#&22&5#&Y 5% &#, 7?>%77<
>&#,&< 5>?<22F D5>= >7 :&<*7<4 D&22] = 5 -5><7%?#>-75Y -* D& &E4-5& :&7:2& %&&4&% >7 "& 4=>&< >
=74&>,-5+Y>,&F::&<>7:&<*7<4&H7<>2&==2F]
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&E4-5& 5% 2-=> >,&-< :&<=752 C2?&=] ,&=& C2?&= #74& *<74 >,& ,&<> 5% 7?< %&=-<& >7 41& %-H&<&5#&
5% >7 &4:7D&< 2&<5&<= = 7?>%77< 2&%&<= =,7?2%] * 2&%&<=,-: #74&= -5>7 :2FY D& -4 >7 +?-%&Y 2-#&5=&Y 5%
%&C&27: :&7:2& >7 "&#74& "&>>&< 5% 47<& =1-22*?2] 7 ,7D %7&= 22 7* >,-= =><>&+F ,::&5^ 7%&22-5+ 5%
<&=&<#, #5 ,&2: +?-%& >,& %&C&27:4&5> 7* =?#, =><>&+F] &-5+ =><>&+-# -5 >,& 2&<5-5+ &5C-<754&5> -=
#<?#-2 ><-> &C&<F 7?>%77< 2&%&< =,7?2% :7==&==X -5>&5>-7522F =&&1-5+ >7 :25Y :<&:<&Y %&2-C&<Y 5% <&L&#> 75
:<#>-#&=>,&FD7?2%::2F-557?>%77<=&>>-5+]
&E>Y 2&>m= #75=-%&< ;?2->F -5 >&#,-5+ 5% 2&<5-5+] ?2->F ==?<5#& *7#?=&= 75 #75>-5?7?=
-4:<7C&4&5> 47%&2 7* :255-5+Y %&2-C&<FY ==&==4&5>Y 5% -4:<7C&4&5> #F#2& >,> ::2-&= >7 >&#,-5+]
255-5+ 5F >&#,-5+ 474&5> 7< 2&==75 -= #<->-#2 =><>-5+ :7-5>] 5%&&%Y #?<<-#?2?4 %&=-+5 ,= =-+5-K#5>
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+?-%& >7 >,& 7<+5-G>-75 5% &2&4&5>= C->2 >7 &5=?<-5+ >,> 22 *#>7<= <& #75=-%&<&% 5% <<5+&%
=F=>&4>-#22F >7 K> 2&<5&<=m 5&&%=] =-5+ ;?2->F ==?<5#& :<-5#-:2&=Y &=:&#-22F *7< #?<<-#?2?4 %&=-+5 5%
%&2-C&<FY %&C&27:= >,& ,-+,&=> =>5%<%= 7* ;?2->F 5% "&#74&= "&5#,4<1 *7< 7?>%77< :<#>->-75&<= 5%
>,&-<:<7+<4=]
7 #,-&C& ,-+, >&#,-5+ 5% 2&<5-5+ ;?2->FY <&%&<= 4F D5> >7 -5C&=>-+>& >,& C2?&= 7* ?2->F >>&<=
ef eOMOPf -5 =?::7<>-5+ #?<<-#?2 %&=-+5 5% %&2-C&<F]  -= %&=-+5 =>5%<% >,> +?-%&= :<#>->-75&<=
-5 7<+5-G-5+ 1&F #74:75&5>= #<->-#2 >7 "?-2%-5+ 5% ==?<-5+ D&22i7<+5-G&% 5% &H&#>-C& -5C&5>7<-&= *7<
-5#2?=-75 -5 5F #?<<-#?2?4 :25 e7#,<5i4->,Y OMMPf] ,-2& 7<-+-522F -5>&5%&% *7< 752-5& >&#,-5+ 5%
&i2&<5-5+Y >,&  *<4&D7<1 ,= +-5&% ::2-#>-75 *<74 ,F"<-% 7< "2&5%&% 2&<5-5+ >,<7?+, *#&i>7i*#&
7< #2==<774 >&#,-5+ e?2->F >>&<=Y OMOPf] ,-= ?>,7< =?++&=>= >,> 7?>%77< >&#,&<= 4F 2=7 K5% >,-=
?=&*?2Y2>,7?+,>,&*<4&D7<1,=F&>>7"&>&=>&%-55>?<27<K&2%=&>>-5+=]
&#,-5+ D->, D&22i&E&#?>&% :25 -= 2-1& =F4:,75F 7* =7<>=] ,& #75%?#>7< ,= #74:7=&% #?<<-#?2?4
5% D7<1= D->, C<-7?= +<7?:= 5% -5%-C-%?2= >7 "<-5+ >,& "&=> 7?> 7* &#,Y "?-2% =><&5+>, *<74 &#,
-5=><?4&5>Y 5% &5#7?<+& 5 4G-5+ #722"7<>-C& D7<1 = 75& &H7<>] ,-= &H7<> 5% ->= %&=-<&% +72
=1 :<7C7#>-C& ;?&=>-75X ,7D <& 22 >,&=& &2&4&5>= "<7?+,> >7+&>,&< -5 ,<475F >7 #<&>& >,& =:&#-2
&5C-<754&5>5&&%&%>741&=?#,D75%&<*?24?=-#5%:2#&>7+<7D5%2&<5^
5 >,& 7:-5-75 7* >,-= ?>,7<Y >,& 5=D&< #5 "& *7?5% -5 #74"-5-5+ =&C&5 :<-5#-:2&= *7< 2&<5-5+ 5%
>&#,-5+ &E#&22&5#& e<-I>, 5-C&<=->FY OMMVf] ,-= #,:>&< D-22 &E4-5& >,&=& -5 +<&>&< %&>-2 5% &E:27<&
>,&-<:7>&5>-2*7<=?::7<>-5+%F54-#5%&5++-5+&5C-<754&5>=-5>,&#2==<7745%7?>%77<=]
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,& 1&F= >7 >,& "&=> >&#,-5+ :<#>-#&= <& &5++&4&5>Y #<&>-5+ -5>&<&=>Y 5% %<D-5+ =>?%&5>=m *7#?= 75>7
D,> F7?m<& #744?5-#>-5+] &22-5+ =>7<-&= -= 5 &E#&22&5> =&+?& -5>7 41-5+ =?#, 4?>?2 #755&#>-75]
&<5&<= ,C& #74& 7?>%77<= *7< =74&>,-5+ >,&F =&&1 >7 %-=#7C&< 5% ><5=*7<4] >m= 5 %C&5>?<7?= =>7<F D->,
4F=>&<F 5% %-=#7C&<F "7?> >,& D7<2% 5% >,&4=&2C&=] 7D #5 D& &5<-#, >,&-< 2-C&= 5% &5"2& >,& &E:&<-&5#&
>7"&#74&#,5+&-5>,&-<:&<=752>,7?+,>=Y*&&2-5+=7<"&,C-7?<=^
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2. Emphasize the importance of theory and knowledge, relevance, and integration with
professional practice to develop solutions to real-world challenges.
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#2==<774 45+&4&5>] ,-= -= 75& 7* >,& 47=> #<->-#2 *#>7<= -5 ,&2>,F 2&<5-5+ &5C-<754&5> D,&<&
2&<5&<= <& =?::7<>&% 5% &5#7?<+&% >7 "& <&=:&#>*?2] ,& >&#,&< 5&&%= <::7<> D->, =>?%&5>= >7 "?-2%
><?=>]->,7?>>,-=><?=>Y>,&2&<5-5+#755&#>-75D-22"&%-4-5-=,&%]
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<-4& -5-=>&<m= D<%= *7< &#,-5+ E#&22&5#& <&#-:-&5> &5#:=?2>&% >,& -4:7<>5#& 7* &5++-5+
=>?%&5>==>&#,&<=]&<+<%&=-E#2==&=D->,5?->#,-2%<&5-5?5C?>,C&:<7C-%&%X
#,5#& >7 2&<5 *<74 &2%&<=Y &507F >,& 25%Y #755&#> = #2==Y 5% 227D >,& =>?%&5>= >7 =,7D 2&%&<=,-:Y 5%
"&#74& >,& >&#,&<] ,& &E:&<-&5#&= <& ?=&% = >&#,"2& 474&5>= 5% <&*&<&5#&= D,&5 ?=-5+ #<7==i#?<<-#?2<
::<7#,] <70&#>i"=&% 2&<5-5+ ,= <&C72?>-75-G&% 4F %-H&<&5>->&% -5=><?#>-75 -5 >,& #2==<774_ =>?%&5>= D,7
D&<&57>&5++&%,C&57D"&#74&>,&2&%&<=-5>,&#2==<7745%>,&=#,772eDF&<=YOMNPY:]NSf]
57>,&<7?>%77<>&#,&<Y<&=&<#,-5+=#,772=755#7?C&<=25%5%<&2-G-5+<&C&2>-75Y=>>&%X
c4F 5&Dd >&#,-5+ :<#>-#& -5C72C&= 1&&:-5+ -5 4-5% 4F =>?%&5>=m C7-#&= 5% >,&-< 5&&%=] 5 7<%&< >7 41&
=-+5-K#5> #,5+&=Y 5&&% >7 #,5+& 4F 2&==75= >7 "& 47<& =>?%&5>i2&% 5% 2&== >&#,&< %-<&#>&% cZd 227D-5+
4F =>?%&5>= >7 #744?5-#>& ,7DY D,&<& 5% D,> >,&F D7?2% 2-1& >7 2&<5 D->,-5 >,& #75K5&= 7* >,&
#?<<-#?2?4#5"&>,&-4:&>?=7*4F5&D7?>277175>&#,-5+e2&&=75YOMNPY:]PTf]
#<?#-2 #74:75&5> -= &5,5#-5+ #?<-7=->F 5% &5#7?<+-5+ #<&>-C& >,7?+,>= = >,& 2&<5&<m= 4-5% =&&1=
>7 &E:27<&] ,-= =?::7<>= >,& &E:5=-75 7* >,& =>?%&5>m= -4+-5>-75] 5 ::<&#->-75 *7< =&2*i%-=#7C&<-&= -=
&4:7D&<-5+] ,&<&m= %-H&<&5> 1-5% 7* <-=1i>1-5+ -5 >,& 7?>%77<=Y D,&<& D& >&#, >,& 2&<5&<= >7 2&<5
-5%&:&5%&5>2FY #<->-#2 =>&: *7< *?>?<& =&2*i%&C&27:4&5>] ?-%-5+ 2&<5&<= #75=><?#>-C&2F >7 &E:27<& D,-2&
1&&:-5+>,&=#7:&7*>,&==-+54&5>*7#?=&%75>,&>7:-#=-=&==&5>-2]
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1$ *04 /0H
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5 2"&<>Y :<-C>& =#,772 >&#,&= 7?>%77< &%?#>-75 >7 #,-&C& ->= 4-==-75 7* j&5++-5+Y %F54-#Y =>?%&5>i
#&5>&<&% &E:&<-&5#&= >,> 5?<>?<& #<-5+Y -5#2?=-C& #?2>?<& 5% -5=>-22 27C& 7* 2&<5-5+k e2+<F #%&4FY
OMONY 57 :+&f] 5& >&#,&< =,<&% >,& -4:7<>5#& 7* =&<&5%-:->F -5 %&C&27:-5+ #?<-7=->FY #<&>-C->FY 5%
>,-51-5+=1-22=X
F *C7?<->& :<> "7?> >&#,-5+  -= >,& l, 474&5>=m D,&<& >,& 1-%= <& &E:&<-&5#-5+ =74&>,-5+ 7?>%77<=
*7< >,& K<=> >-4& 5% <&2-G-5+ >,&-< 27C& *7< ->] 2=7 27C& >,& #755&#>&%5&== >,> =>?%&5>= "&+-5 >7 %&C&27: D->,-5
>,&4=&2C&= D,&5 >,&F >1& 75 #,22&5+&= 5% 2&<5 D,> 4>>&<= >7 >,&4] -522FY 27C& >,& <&2>-75=,-:= >,> <&
"?-2>,&<&D->,-57?<#2==&=>,>><5=#&5%>-4&h=75 -5%=&Fe2+<F#%&4FYOMONY57:+&f]
> >,& 5-C&<=->F 7* =1>#,&D5Y #727+F 4:= *7< -%= -= 7?>%77< &%?#>-75 >?+,> >,<7?+, >,& =&5=&=]
,& #,-2%<&5 j2-& %7D5 -5 >,& +<== 5% l"75% >7 >,& :<-<-&=]m =-5+ 22 KC& =&5=&=Y >,&FZ=&& >,& D-5% :?22-5+
>,& +<==Y 2-=>&5 *7< "-<%= 5% -5=&#>=Y *&&2 >,& =?5 5% 157D D,&5 #27?% :==&% 7C&< ->Z] ,&F C-=-> %-H&<&5>
D&>25% &C&<F %FY D21-5+ "<&*77> 5% *&&2-5+ >,& 4?% =;?-=, "&>D&&5 >,&-< >7&=k e#7<-&5%2F =1Y OMNUY
57:+&f]5++&4&5>-=#,-&C&%>,<7?+,4?2>-=&5=7<FD<&5&==]
5++&4&5> -= 5 &==&5>-2 ->&4 75 >,& 2-=>_ D->,7?> :<>-#-:>-75 5% -5>&<&=>Y >,&<&m= 2-4-> >7 >,& ><5=*&<
7* 157D2&%+& 5% =1-22 %&C&27:4&5>] 744?5-#>-75 -= C->2Y "7>, C&<"2 5% 575iC&<"2] 2&< &E:&#>>-75=
+?-%& 2&<5&<=Y D,-#, -= =7 &==&5>-2 >7 C7-% *<?=><>-75=] &>>-5+ +72= 5% 7"0&#>-C&= #<&>&= :>, 7* :<7+<&==
*7< &#, 2&<5&< >7 <&L&#> 75Y 5% >,&F #5 =1 >,&4=&2C&=Y j4 +&>>-5+ >,&<&^k &=?<&4&5>= 5&&% >7 "&
*-< 5% <&=75"2&] ,-= -= "7?> >,& 2&<5&<=m &E:&<-&5#&=_ D,&5 >,-= -= &5#7?<+&%Y &5++&4&5> -4:<7C&=]
,&5 ->m= 4"-+?7?=Y 2&<5&<= =&& -> = ?5*-< 5% #,&#1 7?>] <&>-5+ %F54-# 2&<5-5+ &5C-<754&5>= D->,
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?175 E:&<-&5>-2 &<5-5+ ef -= 5 -5->->-C& 7* >,& :<7C-5#-2 &:<>4&5> 7* %?#>-75 >,> =?::7<>=
7?>%77< 2&<5-5+ "F :<7C-%-5+ #75=?2>-5+ %C-#&Y <-=1 45+&4&5> +?-%5#&Y &;?-:4&5>Y 5% 7>,&< <&=7?<#&=
>7 5F =#,772 >,> D5>= >7 7H&< >,&=& :<7+<4=] ,&-< D&"=->& %&K5&= &E:&<-&5>-2 2&<5-5+ = j>&#,-5+ 5%
2&<5-5+ >,> -5#7<:7<>&= >,& %-<&#> &E:&<-&5#&Y #<->-#2 <&L&#>-75Y 5% 5&+7>->-75 = *7?5%>-75 *7< >,&
2&<5-5+:<7#&==Yk5%&E:2-5=>,>Y-57?>%77<&E:&<-&5>-22&<5-5+X
c>,&d &%?#>7<m= :<-4<F <72&= -5#2?%& =&>>-5+ =?->"2& &E:&<-&5#&=Y :7=-5+ :<7"2&4=Y =&>>-5+ "7?5%<-&=Y
=?::7<>-5+ 2&<5&<=Y &5=?<-5+ :,F=-#2 5% &47>-752 =*&>FY 5% *#-2->>-5+ >,& 2&<5-5+ :<7#&==] ,& &%?#>7<
<&#7+5-G&= 5% &5#7?<+&= =:75>5&7?= 7::7<>?5->-&= *7< 2&<5-5+] %?#>7<= =><-C& >7 "& D<& 7* >,&-< "-=&=Y
0?%+4&5>= 5% :<&i#75#&:>-75=Y 5% ,7D >,&=& -5L?&5#& >,& 2&<5&<] ,& %&=-+5 7* >,& 2&<5-5+ &E:&<-&5#&
-5#2?%&=>,&:7==-"-2->F>72&<5*<745>?<2#75=&;?&5#&=Y4-=>1&=Y5%=?##&==&=eY5]%]Y57:+&f]
= 4&5>-75&% &<2-&<Y >,-= :<#>-#& 4?=> #74:2&>& >,& -5->-2 :25 5% >,& >&#,-5+ #F#2& 7* %&2-C&<FY ==&==4&5>Y
5% -4:<7C&4&5>] ?<-5+ -5=><?#>-75Y 4-5- #,&#1i-5= #5 ,&2: >,& >&#,&< >7 =>F -5 >7?#, D->, >,& 2&<5&<= =
 F &#%&"%"'&""%&!*!
%&2-C&<F :<7+<&==&=] >?%&5> :&<*7<45#& ==&==4&5>= #5 =-+52 =74& ;?-#1 #2?&= 75 ,7D >,&F <& :<7#&==-5+
157D2&%+&5%->=::2-#>-75]
*>&< %&2-C&<FY 4>&<-2= 4F "& <&%&C&27:&% 7< 5&D2F %&C&27:&%Y >&#,-5+ ::<7#,&= 7< -5=><?#>-752
=><>&+-&= #5 "& *?<>,&< <&K5&%Y 5% 2&==75 :25= #5 "& %0?=>&% *7< >,& *?>?<& 5% -5 1&&:-5+ D->, >,&
#75>-5?7?= -4:<7C&4&5> 47%&2] ,-= -= 2=7 5 &E#&22&5> >-4& >7 +>,&< *&&%"#1 75 >,& #,-&C&4&5> 7*
2&<5&<m= -5->-2 &E:&#>>-75=Y = D&<& #744?5-#>&% > >,& "&+-55-5+] 7D >,& 2&<5&<= *&2> 5% D&<& =&2*i
%-<&#>&% D->,-5 >,& 7?>%77< =&>>-5+ #5 2=7 "& <&L&#>&% ?:75] -5 ==-=>5#& >,<7?+, #722&+-2 <&2>-75=,-:=
D->, 7>,&< >&#,&<=] =>Y "?> "F 57 4&5= 2&=>Y -= >,& #<?#-2 -4:7<>5#& 7* 75+7-5+ %&C&27:4&5> 5%
#75>-5?2-4:<7C&4&5>*7<7?>%77<>&#,&<=>,&4=&2C&=]
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,& &=>&<5 &+-75 7* >,& &D*7?5%25% 5% "<%7< 5+2-=, #,772 -=><-#>m= &=-%&5>-2 ?>%77<
%?#>-75 :<7+<4 -= :<>5&<=,-: D->, -22%&C-2 4: 5% 75*&<&5#& &5><&Y <7= 7<5& >-752
<1 7* <1= 5%Y 5% >,& 2-:? -<=> >-75=] ,-= &E:&<-&5#& -= 2-51&% >7 >,& #?<<-#?2?4Y 227D= >,&
7::7<>?5->F *7< &C&<F =>?%&5> -5 >,& %-=><-#> >7 >>&5% 75#& %?<-5+ +<%&= QY R 7< SY 5% ,= %4-5-=><>-C& =>H
#75%?#>-5+27+-=>-#=Y=#,&%?2-5+Y5%><5=:7<>>-75Y>,?=227D-5+>&#,&<=>7#75#&5><>&75>&#,-5+X
,-= :<7+<4 -= 2=7 ?5-;?& -5 >,> C-=->-5+ >&#,&<= %7 4?#, 7* >,& >&#,-5+ %?<-5+ >,&-< #2== C-=->=] 7 :<&:<&
&#%&"%"'&""%&!*! F 
*7< >,-= :<7+<4Y &C&<F 5&D >&#,&< >7 >,& :<7+<4 D-22 :<>-#-:>& -5 >D7i%F :<7*&==-752 2&<5-5+ =&==-75
D,&<&"F >,&F 2&<5 >7 >&#, =>?%&5>= 7?>%77<= 5% %&2-C&< =:&#-K# 2&<5-5+ =&==-75= :&<>-5-5+ >7 >,& =:&#-K#
#?<<-#?2?4 7?>#74&= cZd F >&#,-5+ D->,-5 >,& :<7+<4Y >&#,&<= <& "2& >7 7"=&<C& >,&-< =>?%&5>= -5 #75>&E>=
*< %-H&<&5> *<74 >,& <&+?2< #2==<774 5% <& "2& >7 *7227D ?: 75 D,> -= >?+,> ,&<& 75#& >,&F +&> "#1 -5 >,&
#2==<774] = D&22Y >&#,&<= D,7 <& #74*7<>"2& >&#,-5+ >,&-< =>?%&5>= -5 5 7?>%77< &5C-<754&5> ,C& >772=
D,-#, #5 "& ?=&% >7 >&#, >,&-< =>?%&5>= -5 7?>%77< &5C-<754&5>= #27=&< >7 >,&-< =#,772= e 5+2-=, #,772
-=><-#>Y5]%]Y57:+&f]
,+ )20&,+
5 #75#2?=-75Y -=72>&% :7#1&>= #<7== >,& #7?5><F ::&< >7 "& -5#2?%-5+ =74& 7* >,&=& =&C&5 :<-5#-:2&= -5 >,&-<
7?>%77< &%?#>-75 :<7+<4=] C&<+<&&5Y "=&% -5 7<75>7Y "?> 7:&<>-5+ 5>-7522FY -= 47C&4&5> >7 #,5+&
5%-5 #744?5->-&= >7D<% "&-5+ +<&&5&<Y 47<& 2-C"2&Y 5% :<7=:&<7?=] ,&F =?44<-G& =74& 7* >,-=
>&#,-5+ #,:>&< -5 +<&> =><>-5+ :2#& *7< %&C&27:-5+ 7?>%77< >&#,&<=] ,&-< Qi:+& %7#?4&5>Y ,332//-
.%!-!.4J 54 //2 !&'.% 424!%'!3 eC&<+<&&5Y 5]%]fY +-C&= >&#,&< =?++&=>-75=Y 2&==75 :255-5+ %C-#&Y
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&%?#>-75 4-5-=><-&=] 7< &E4:2&Y !4 54 //23L *<74 -2% e5]%]fY #75>-5= 5?4"&< 7* =><>i?: >-:= 5%
><-#1=*7<"?%%-5+7?>%77<&%?#>7<=]
,&=& %&K5&% :<#>-#&=Y -5 >,&=& -=72>&% 5%-5 :7#1&>=Y %&C&27: "&=> >&#,-5+ "F =&>>-5+ "&5#,4<1=
7* &E#&22&5#& 75& #5 =><-C& >7D<%=] C&< >,& F&<=Y >,-= ,= :<7C&5 >7 "& 47%&2 7* :&<=752 +<7D>, *7<
C<-&>F 7* 7?>%77< :<#>->-75&<= 5% ,-+,2F <&D<%-5+ *7< >,&-< :&<=752 %&C&27:4&5>] ,& 47%&2m= *7#-
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>7 >,& -5=><?#>-752 >=1Y <&2>-5+ >7 2&<5&<=Y 5% &E:<&==-5+ >,& >&#,-5+ 4&%- 5% 4&>,7%= >,> <&#, >,&4
47=> &H&#>-C&2F] 7:&*?22FY >,-= -5*7<4>-75 D-22 "& C2?"2& 5% 4&5-5+*?2Y = D& 22 #75>-5?& %&C&27:-5+
7?<<>Y7?<=#-&5#&Y5%&=:&#-22F7?<#<*>>7"&=>4&&>=>?%&5>=m#,22&5+&=5%5&&%=]
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W &%475%Y]Y7<5Y]YvDF&<Y]eOMNMf]?2->F2&==75=:25=*7<7?>%77<&%?#>-75] ?45
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,&  <72& 7*>&5 <&;?-<&= %-C&<=& <5+& 7* =1-22= 5% #74:&>&5#-&= >7 45+& :<7+<4 7?>#74&= 5%
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>7 7?>%77< 2&<5-5+ ,= #2&<2F ?5%&<=#7<&% >,& -4:7<>5#& 7* D&22i><-5&% 2&%&<= e72%&5"&<+ v 7?2&Y
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7*  #74:&>&5#F <&=&<#,Y >,& 7?5#-2 7* ?>%77< %?#>7<= 7* 5><-7 #744-==-75&% D7<1 "F 7+&<=
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2-=> 7* #74:&>&5#-&= 5% *<4&D7<1 *7< ><-5-5+ <&=?2>&% -5 >,& :?"2-#>-75 7* >D7 :7:?2<  >&E>"771=
?>,7<&% "F #%&4-#=] 5 NVVTY <-&=> 5% == eOMNUf ?>,7<&% >,& K<=> &%->-75 7* H&#>-C& &%&<=,-:
-5 %C&5>?<& <7+<44-5+] 5 OMMSY <>-5 5% #722&+?&= eOMNTf ?>,7<&% >,& K<=> &%->-75 7* ?>%77<
&%&<=,-:X ,&7<F 5% <#>-#&] 2#1 7* 2-+54&5> "&>D&&5 &<2F <&=&<#, 5% =F5>,&=-= &H7<>= ,C& "&&5
57>&%Y 5% #74:&>&5#Fi"=&% ::<7#,&= >7  ><-5-5+ ,C& "&&5 #<->-;?&% e,77>&<Y -">,7<:Y v -=2&FY
OMMV_ <<&5Y OMMTf] %%->-7522FY  ><-5-5+ ,= "&&5 #<->-#-G&% *7< 2#1-5+ &4:-<-#2 4&>,7%= >7 -5>&+<>&
#74:&>&5#-&= -5>7 #?<<-#?2?4 e&<45 v C-=i&<45Y OMMV_ &2#,> v <:Y OMNOf] &=:->& #75=-%&<"2&
<&=&<#, 5% :?"2-#>-75= <&+<%-5+ Y ><-5-5+Y 5% #74:&>&5#Fi"=&% ::<7#,&= <&4-5 C&<F #74:2&E 5%
2#1#7,&<&5#&D->,-57?>%77<2&<5-5+]
7< -5=>5#&Y <-&=> 5% == eOMNUf =?++&=>&% >,-<>&&5  #74:&>&5#-&=Y D,-2& <>-5 5% #722&+?&=
eOMNTf =?++&=>&% &-+,> e= =?44<-G&% -5 "2& Nf] 5 %%->-75 >7 >,& &4:-<-#2 >&E>= 75  ><-5-5+Y 5?4"&<
7*  #?<<-#?2?4 %&C&27:4&5>= ,C& "&&5 :?"2-=,&% "F <&:?>"2& 7<+5-G>-75= e7#1<&22Y NVVN_ 771-5 v
&#,Y OMMV_ F572%= &> 2]Y OMMTf] -522FY 5 -5>&<5>-752 *<4&D7<1 *7< >,& :<7+<&==-C& :<&:<>-75 7*
7?>%77<2&%&<=D==,<&%e<-&=>v==YOMNUf5%-=::&5%&%>7>,-=>&E>"771]
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*!+,K++>867;F9*!,!'&G *,!&,$@>867:F8&!,!'&G

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&#,5-#2#>-C->F U]&#,5-#2"-2->F
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5C-<754&5>2 R]5C-<754&5>2>&D<%=,-:
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5=><?#>-75 Q]&#,-5+5%#-2->>-75
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744?5-#>-75
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<7*&==-752>,-#= O]<7*&==-75275%?#>5%&2*iD<&5&==
<7"2&4i72C-5+
&#-=-75i1-5+ P]&#-=-75i1-5+5%?%+4&5>
7?5%?%+4&5>
,& 5>&<5>-752 >5%<%= <+5-G>-75 ef ,= <&#&5>2F <&2&=&% *7?< :<7:<-&><F %7#?4&5>= 7?>2-5-5+
=>5%<%= *7< >,& %C&5>?<& >7?<-=4 -5%?=><FY -5#2?%-5+ 77% <#>-#&= *7< ?=>-5"-2->F eY OMNUfY
5*7<4>-75 *7< <>-#-:5>= eY OMNQfY *&>F 5+&4&5> F=>&4= &;?-<&4&5>= eY OMNQ"fY 5%
&%&<= h &<=752 74:&>&5#& eY OMOMf] 5 >,&  =>5%<% *7< &%&<= h &<=752 74:&>&5#&Y
#74:&>&5#& -= %&K5&% = >,& j"-2->F >7 ::2F 157D2&%+& 5% =1-22= >7 #,-&C& &E:&#>&% <&=?2>=k eY OMOMY :]
Nf] ?<>,&<Y >,& #74:&>&5#-&= %&>-2&% "F >,-=  =>5%<% <& 7?>2-5&% -5 >,<&& =&#>-75=X 157D2&%+&Y =1-22=Y
5% >>->?%&= 7< >><-"?>&=] ,& 4&>,7%= ?=&% "F  >7 #<&>& =>5%<%= D&<& C&<F <-+7<7?= 5% -5C72C&%
-5>&<5>-752 #722"7<>-75] 7D&C&<Y 57 <&*&<&5#& >7 5F 7* >,&=&  =>5%<%= ,C& "&&5 *7?5% -5 
><-5-5+ <&=&<#, 7< 45?2=Y >,?= >,& &E>&5> >7 D,-#, >,&=& =>5%<%= <& ?=&% 7< ##&:>&% D->,-5 5%-5
7?>%77<2&<5-5+-=?5157D5]
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5% ,= 275+i=>5%-5+ ><%->-75 7* 7?>%77< 2&<5-5+Y D->, :<>-#?2< ><%->-75 7* D-2%&<5&== ><C&2 5%
?=& 7* <7?>&= D->, 275+i=>5%-5+ ,-=>7<-#2 7< 5%-+&57?= =-+5-K#5#& e7>>&< v &5%&<=75Y OMMQf] 5%m=
C=> +&7+<:,-#2 "<&%>, 5% 2-5+?-=>-# %-C&<=->F ,= 7*>&5 4&5> >,> 7?>%77< 2&<5-5+ &E:&<-&5#&= 7##?<<&%
D->,-5 <&+-752 5&>D7<1=Y 5% ><-5-5+ :<7C-%&<= 5% 7:&<>7<= D&<& 57> 2DF= D<& 7* D,> D= ,::&5-5+
-5 7>,&< *<+4&5>&% 5&>D7<1= #<7== >,& #7?5><F e7>>&< v &5%&<=75Y OMMQf] ->#,-& &> 2] eOMNSf 57>&%
=-4-2< "<<-&<= D,&5 %&=#<-"-5+ >,& *<+4&5>>-75 7* %C&5>?<& ,&<:F ><-5-5+ :<7+<4= -5 5%Y
=?"K&2%D->,-57?>%77<2&<5-5+]
&#&5>2FY >,& j5%-5 DFk 7* 7?>%77< &%?#>-75 D= -5C&=>-+>&% -5 =F=>&4>-# <&C-&D "F ?<#i
>&:,&5=75 &> 2] eOMNVf] ,&-< K5%-5+= =?++&=>&% >,> 5%-5 7?>%77< &%?#>-75 &E:&<-&5#&= -4&% >7
<&#<&>& 5% <&><#& ,-=>7<-# <7?>&= 7* >,& &<2F &E:27<&<= 5% =&>>2&<=] &F75% >,-=Y =*&2%> &> 2] eOMOMf
-5C&=>-+>&% >,& #74475 >,<&%= #<7== 7?>%77< &%?#>-75 :<7+<4= -5 5%] ,&-< K5%-5+= =?++&=>&%
>,>Y %&=:->& >,& 45F %-H&<&5#&= 5% %-=>-5#>-C& :<7+<4=Y 7?>%77< &%?#>-75 :<7+<4= -5 5% ,%
=74& #74475 :,-27=7:,-#2 ?5%&<:-55-5+= e=?#, = ,5%=i75 &E:&<-&5#&= 5% 07?<5&F-5+ >,<7?+, >,& 25%fY
#74475 +72= e=?#, = :&<=752 +<7D>, 5% #744?5->F "?-2%-5+fY 5% #74475 #>-C->-&= e=?#, = ,-1-5+Y
#57&-5+Y1F1-5+Y=1--5+Y5%=57D=,7&-5+f]
*&D 57>"2& ><+-# *>2->-&= ,C& =-+5-K#5>2F -5L?&5#&% >,& ,-=>7<F 5% :<#>-#& 7* 7?>%77< 2&<5-5+
-5 5%Y -5#2?%-5+ >,& ]] &H&<F= 722&+->& 5=>->?>& %<7D5-5+ -5 2+75;?-5 <1 %?<-5+ OMNTY >,&
><>,#75iD&&%=4?-< #,772 C25#,& %-==>&< 5&< 7+&<m= == -5 OMMPY 5% >,& >] 7,5m= #,772 ><+&%F
> 1& -4-=14-5+ -5 NVTU e#1=75 &> 2]Y OMOPf] &=:->& >,&=& ,-+,i:<7K2& ><+&%-&=Y 5% ,= 57>
%7:>&% 5F *7<42 =>5%<%= *7<  ><-5-5+ 7< *7< &4:27F4&5> -5 7?>%77< 2&<5-5+] ?<<&5>2FY 57 ><-5-5+Y
#74:&>&5#FY 7< 7##?:5#F =>5%<%= ::2F "<7%2F >7 7?>%77< 2&<5-5+ -5 5%Y 2>,7?+, <&#&5> 5%
75+7-5+=>5%<%-G>-75<&2>&%-5->->-C&=,C&"&+?5]
,& K<=> 5%-5 ?>%77< ?44-> e%&2F&% %?& >7 iNVf >=1&% +<7?: >7 :<7:7=& *<4&D7<1
*7< #74:&>&5#F ><-5-5+ *7< 7?>%77< 2&<5-5+ eOMONf] %%->-7522FY 7?<-=4  5%Y +7C&<54&5>
*?5%&% 7<+5-G>-75Y ,= <&#&5>2F =><>&% >7 %&C&27: #74:&>&5#F *<4&D7<1 *7< >,& >7?<-=4 -5%?=><FY D,-#,
-5#2?%&=#74:&>&5#-&=*7<%C&5>?<&+?-%&=e7?<-=45%YOMOMf]
D7 <&#&5> :<7C-5#-2 2&+-=2>-C& &H7<>= D->,-5 7?>%77< 2&<5-5+ ,C& %%&% >7 >,-= &H7<>] 5 ?&y"&#Y
:<7C-5#-2 =>5%<% *7< =*&>F -5 5>?<& 5% %C&5>?<& >7?<-=4 D= &=>"2-=,&% -5 >,& D1& 7* =57D47"-2&
><+&%F -5 OMOMY 7H&<&% "F C&5>?<& y#7>7?<-=4& ?&y"&# efY +7C&<54&5> =?::7<>&% 7<+5-G>-75
eY OMONf] ,7?+, >,-= ##<&%->>-75 -= 57> 45%>7<FY 7:&<>7<= D->,7?> ##<&%->>-75 <& -5&2-+-"2& *7<
-5-=><F 7* 7?<-=4 *?5%-5+ eY OMONf] 5 5><-7Y >D7 <&#&5> 2"7?< %-=:?>&= 2&% >7 >,& 5><-7 -5-=><F
7* "7?< "&#74-5+ >,& K<=> :<7C-5#&`>&<<->7<F >7 =&> 4-5-4?4 D+& *7< D-2%&<5&== +?-%&= e7C&<54&5> 7*
5><-7YOMOMf],-=2&+-=2>-75%&K5&%D-2%&<5&==+?-%&=X
c:&<=75d D,7 -= &4:27F&% >7 +?-%&Y >&#,Y 7< ==-=> :&<=75 7< :&7:2& D,-2& >,&F <& &5++&% c-5d #>-C->-&=
 F "'&""%%#" #&!!&%!!
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1F1-5+Y 5% <*>-5+_ %7+ =2&%%-5+_ ,-1-5+_ ,7<=&"#1 <-%-5+_ <7#1 #2-4"-5+_ 7:&<>-5+ 22i>&<<-5 C&,-#2&= 7<
=57D47"-2&=_D-2%2-*&C-&D-5+_=?<C-C2><-5-5+]
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7* *-< D+&=Y ##&== >7 -5=?<5#&Y 5% =*& D7<1-5+ #75%->-75=Y =?#, = >,& 5%-5 ?>%77< <7*&==-752=
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%-=#-:2-5&=] D7 &E4:2&= 7* >,-= <& 7H&<&% >,<7?+, >,& ==7#->-75 7* 5%-5 7?5>-5 ?-%&=
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5% :<-4<-2F *7#?=&% 75 :7=->-75= 7* #?=>7%-2 #<&Y =?#, = =#,772=Y =?44&< #4:=Y 5% 7?>%77< #2?"=]
%%->-7522FY 45F <&:?>"2& :<-C>& 5% :?"2-# 7<+5-G>-75= ,C& 2=7 %&C&27:&%  :<&:<>-75 :<7+<4=]
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5% ?>%77< %?#>-75 &5><& 75 5#7?C&< =25% e=,-<7Y OMOPf] >,&<= -5#2?%& C<-7?= =?44&< #4:=Y
D,-#, ,C& <-#, ,-=>7<F -5 5% 7* 7H&<-5+ :2&>,7< 7* 7?>%77< 2&<5-5+ &E:&<-&5#&= *7< F7?>,] ,&=&
=?44&< #4: :<7+<4= >F:-#22F ,-<& =&=752 =>H 5% 7H&< ><-5-5+ "&*7<& >,& :<7+<4= #744&5#&] 7=>i
=&#75%<F :<7+<4= <& 2=7 75& 7* >,& 4-5 C&5?&= *7<  ><-5-5+ -5 5%Y ,7D&C&<Y >,&-< *7#?= ::&<=
>7"&>7D<%>&#,5-#22F:<7K#-&5>>7?<-=4+?-%&=]
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5% <7*&==-752 &#,-5+ >>&5%&% *7< >D7 F&<= *>&< +<%& NNf] ,-2& =&C&<2 :<7+<4= ,C& #27=&% =-5#& >,-=
=>?%F K5-=,&% -5 OMNVY *&D 5&D 75&= 4F ,C& 7:&5&%] 2-=> 7* =74& :7=>i=&#75%<F -5=>->?>-75= *<74 >,&
?>%77<7?5#-27*5%#5"&*7?5%-5>,&K52=&#>-75>>,&&5%7*>,-=#,:>&<]
?<>,&< <&=&<#, -= 5&&%&% >7 ?5%&<=>5% >,& #?<<&5> #27=?<& ><&5%= <&2>&% >7 :7=>i=&#75%<F  ><-5-5+
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5&&%>7X
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?&22Y ] eNVUNf] ,& %&5>-K#>-75 7* ?>%77< %C&5>?<& &%&<=,-: 74:&>&5#-&= *7< 5><Fi&C&2 5%
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5%-5 ?>%77< ?44-> eOMONf] 7<1+<7?:=] 5%-5 ?>%77< ?44->] &><-&C&% *<74
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7#1<&22Y]eNVVNf] &!', !2.!33 54/2J&!', !2.!3333/'4'/.522'5,5-5' !]771=]
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72%&5"&<+] ]Y v 7?2&Y ] ] eOMNRf] *7?<iF&< *7227Di?: 7* 4&5=i&5% 7?>#74&= *<74 7?>%77< %C&5>?<&
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771-5Y ]Y v &#,Y ] eOMMVf]  &%&<=,-: %?#>7< 7>&"771] >-752 ?>%77< &%&<=,-: #,772]
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<&&5Y ] ] eNVUNf] ,& 75>&5> 7* 722&+&i&C&2 ?>%77< &%&<=,-: 7?<=& *7< 5%i=&% ?>%77<
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7225%Y ] ]Y 7D&22Y ] ]Y ,74=&5Y ] ]Y v 75GY ] ] eOMNUf] F=>&4>-# &C-&D 7* >,&
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7?+&i#1&5G-&Y ]Y v &<<Y ] ] eOMNTf] 7=->-C& 47>-C>-752 &E:&<-&5#& 7C&< >,<&&i%F 7?>%77<
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5>&<5>-752 <+5-G>-75 *7< >5%<%-G>-75 eOMNQf]  BAA@CJ  7!.452! 4/52'3- T .$/2-4'/. $/2
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 F "'&""%%#" #&!!&%!!
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>?%F] . './52.,/$ 54'/., -'.'3424'/.. /,':YOMOYNQMiNRP]
7,5=75Y ] ] eNVUVf] ,& -%&5>-K#>-75 7* %&=-<"2& 157D2&%+& 5% =1-22= -5 7?>%77< 2&%&<= 7* 7?>%77<
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5->&%>>&=c7#>7<2%-==&<>>-75Y5-C&<=->F7*<&+75d]
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! NS]?45-5&>-#=]
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NiNP]
,-::=Y ] ]Y v 2E>75Y ] ] eNVVTf] 5 -5C&=>-+>-75 -5>7 -5=><?#>7< &H&#>-C&5&==] 7?<52 7* E:&<-&5>-2
%?#>-75YOMeNfYQMiQS]
7>>&<Y ] ]Y v &5%&<=75Y ] eOMMQf] 5%-5 7?>%77< %C&5>?<& &%?#>-75X &< >,& #,22&5+& g &<5
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<-&=>Y]Yv==Y]eOMNUf] <!4'7!! !23&'0'. 7!.452!2/%2--'.%RC2 ! NS]?45-5&>-#=]
<-&=>Y ]Y ->#,-&Y ]Y v >] &5-=Y ] eOMOOf] . 30'24'/., !=.'4'/. $/2    U
7FN@]?>%77<7?5#-27*5%]
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&C-&D7*?>%77<%?#>-75-55%] /52.,/$90!2'!.4', 54'/.YQOeQfYPSQiPUN]
-72Y ] ] eNVUSf] ?>%77< -2%&<5&== %?#>-75 h &%&<=,-: ?<<-#?2?4 c7#>7<2 %-==&<>>-75Y
5-75<%?>&#,772d]
F572%=Y ]Y 7%>7Y ]Y 7<%75Y ]Y 2-<i4->,Y ]Y &2=,Y ]Y v &<G75Y ] eOMMTf] ! !23&'0 4&! 5482
/5. :]7?5>-5&&<=771=]
->#,-&Y ] ]Y ><-#1Y ]Y 7<"7?2%Y ] ]Y <:&<Y ] ]Y v %=75Y ] ] eOMNSf] 5 5C-<754&5>2 #5 7*
%C&5>?<&,&<:F-55%] /52.,/$90!2'!.4', 54'/.YPVePfYNiNU]
7+&<=Y]]eNVTVf] ! '.%4/&2!K&2'.%4/! ]7?5#-27*?>%77<%?#>7<=7*5><-7]
"'&""%%#" #&!!&%!! F 
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,77>&<Y ]Y -">,7<:Y ]Y v -=2&FY ] eOMMVf] ?>%77< &%&<=,-: 1-22=X <7+<4 &<=:&#>-C&] /52., /$
90!2'!.4', 54'/.YPOeNfYNiNP]
D-%&<=1-Y ] ] eNVUQf] ?>%77< &%&<=,-: 74:&>&5#-&=X &=&<#, >?%F ?<C&F-5+ ?>%77< &%&<=
c5:?"2-=,&%%7#>7<2%-==&<>>-75Y5-C&<=->F7*<&+75d]
=,-<7Y ] eOMOPf] &5><&i"=&% 7?>%77< &%?#>-75 :<7+<4=] 5 ] <-&=>Y ] ->#,-& v ] #7>> e%=]f]
54 //2!2.'.%'.. ]:&5&=7?<#&&E>"771]&><-&C&%*<74 ,>>:X``72-#]#
7?<-=4  5% eOMOMf] 22-5+ %C&5>?<& ?-%&= 5% <C&2 &<C-#&= E:&<>= >7 ?-2% ><75+&<
7?<-=4 &#>7<] &><-&C&% *<74 ,>>:=X``>7?<-=4,<]#`OMOM`MV`MV`#22-5+i%C&5>?<&i+?-%&=i5%i><C&2i
=&<C-#&=i&E:&<>=i>7i"?-2%ii=><75+&<i>7?<-=4i=&#>7<`
<<&5Y ] eOMMTf] 771 &C-&DX ?>%77< &%&<=,-:X ,&7<F 5% <#>-#&] /52., /$ 90!2'!.4',
 54'/.YOVePfYQPPhQPS]
-22-4=i<=&<Y ] eOMONf] 5 &E:27<>7<F =>?%F 7* :7=>i=&#75%<F 7?>%77< 2&%&<=,-: ><-5-5+ -5 5%
c=>&<m=>,&=-=Y?<&5>-55-C&<=->Fd]
"0,2/ "0
?>%77< <-5-5+ <+5-G>-75= 2-=>&% "F >,& ?>%77< 7?5#-2 7* 5%] &><-&C&% *<74
,>>:=X``7?>%77<#7?5#-2]#`<&=7?<#&=`7?>%77<i><-5-5+i7<+5-G>-75=`
.:@??41-@?4:=
&? ] -22-4=i<=&< -= K&2% -5=><?#>7< D->, >,& ?>%77< %C&5>?<& &%&<=,-: :<7+<4 > ?<&5>-5
5-C&<=->F -5 ?%"?<FY 5><-7Y 5%] &? -= <&#&5> +<%?>& 7* >,&-< =>&<m= 7* ?45 -5&>-#=Y D,&<&
,-= <&=&<#, *7#?=&% 75 7?>%77< 2&%&<=,-: ><-5-5+Y 2&<5-5+ 7?>#74&=Y 5% #74:&>&5#-&=] &? -= 2=7
D-2%&<5&==+?-%&5%&%?#>7<*7<C<-7?=7?>K>>&<=5%7?>%77<#&5><&=-55><-7Y5%]
 F "'&""%%#" #&!!&%!!
L0A


5R5E6
7D C2?"2& -= >,& &E:&<-&5#& 7* 5 &E:&%->-75<F 2&%&< 7C&< +& PM -5 5%^ ,& 2->&<>?<& =?++&=>=
>,> 7?>%77< 2&%&<= D->, "<7%&< <5+& 7* &E:&<-&5#&=Y "7>, -5 -5%-C-%?2 5% :<7*&==-752 #75>&E>=Y =,7D
=?"=>5>-2 %-H&<&5#&= -5 %&#-=-75i41-5+ 5% 7C&<22 0?%+&4&5> D,&5 #74:<&% >7 57C-#&= D->, 2-4->&% >7
57 &E:&<-&5#& -5 >,& K&2% e227DFY OMMTf] 5& K&2% -5=><?#>7< =>>&=Y j= F7? +&> 72%&<Y F7? +&> "&>>&< >
157D-5+ ,7D F7? D7<1 5% D,> F7? 5&&%] 7? 157D F7?<=&2* "-> 47<& 5% =7Y 0?=> %&:&5%-5+ 75 >,&
=->?>-75Y %&2 D->, >,-5+= %-H&<&5>2Fk e-<1Y OMNPY :] SSf] C&5 -* 7<+5-G>-75= C2?& >,& 4>?<& %&#-=-75i
41-5+ 5% <-=1 45+&4&5> &E:&<-&5#& 7* 72%&< 7?>%77< :<7*&==-752=Y ,-+, <>&= 7* >?<57C&< 7* >,&=&
-5%-C-%?2= <& &E><&4&2F #74475] ,&<&*7<&Y <&#<?->-5+ 5% <&>&5>-75 7* *<75>i2-5& &4:27F&&= -= <&+<%&% "F
45F:<7+<4%-<&#>7<==j>,&-<+<&>&=>#75#&<5ke#72&YOMMQY:]POUf]
=& 7* >,& >&<4 #<&&< -5 <&2>-75 >7 D7<1 -5 >,& 7?>%77<= -= <&2>-C&2F <&#&5> e22-5 v ?4"&<=>75&Y
OMMSf] &=:->& 7::7<>?5->-&= *7< %-C&<=& <5+& 7* :<7*&==-752 %&C&27:4&5>Y -> -= j+&5&<22F #157D2&%+&% Z
>,> c>,& :<7*&==-75d 2#1= #2&<2F %&K5&% #<&&< =><?#>?<&k e22-5 v ?4"&<=>75&Y OMMSY :] NPRf] #>7<=
2-1& =-+5-K#5> 2#1 7* 4&5>7<-5+ 7::7<>?5->-&= 5% -5%&;?>& =?::7<> >7 &5#7?<+& 275+&C->F -5 F7?5+&<
:<7*&==-752=Y #74"-5&% D->, j2-4->&% 7::7<>?5->-&= *7< &4:27F&&= >7 %C5#& ?: >,& #<&&< 2%%&<Yk
#75><-"?>&>7*<&;?&5><&:2#&4&5>7*-5%-C-%?2=&4:27F&%>>,&jK&2%k=>H2&C&2e,74=YOMMPY:]RVf]
> <&4-5= ?5157D5 ,7D 45F :==-75>& 7?>%77< :<7*&==-752= &5>&<-5+ >,& K&2% >7%F &<5&=>2F -5>&5%
75 41-5+ >,-= %&45%-5+ 2-*&=>F2& 275+i>&<4 C&5>?<&] -<"F eOMMSf =?++&=>= >,> D7<1-5+ -5 >,& 7?>%77<=
>><#>= j-5,&<&5>2F ><5=-&5>k -5%-C-%?2=Y "7?5% >7 47C& 75 *<74 >,-= >F:& 7* D7<1 D->,-5 <&2>-C&2F =,7<>
:&<-7% 7* >-4&Y <&+<%2&== 7* 7>,&< *#>7<=] -&2% -5=><?#>7<= 4F *<&;?&5>2F "& :&<#&-C&% "F >,&-< &4:27F&<= =
?52-1&2F >7 %&475=><>& 275+i>&<4 #744->4&5> >7 >,&-< 07"=] ,-= -= =?::7<>&% "F >,& *#> >,> -5%-C-%?2=
D,7 "&+-5 >,-= D7<1 -5 >,&-< >D&5>-&= *<&;?&5>2F 2&C& *<75>i2-5& K&2% -5=><?#>7< :7=->-75= >7 :?<=?& %-H&<&5>
#<&&<-5,?45=&<C-#&=7<&E->>,&%-=#-:2-5&&5>-<&2Fe-<"FYOMMSf]
&<,:= %?& >7 %&=-<& >7 =,<& >,&-< 27C& 7* >,& 7?>%77<= D->, 7>,&<=Y 45F K&2% -5=><?#>7<= <&:7<> 2><?-=>-#
<&=75= = 475+ >,& 47=> -4:7<>5> *7< #,77=-5+ >,-= 07" e<#,5%Y OMMVf] 5F -5%-C-%?2= D,7 ::2F
*7< >,-= D7<1 <& j>2&5>&% 5% :==-75>& 5% &+&< >7 *&&2 >,&Fm<& %7-5+ =74&>,-5+ D7<>,D,-2&k e&<+?=75Y
NVVVY :] NNf] 7=> K&2% -5=><?#>7<= <&:7<> :&<=752 +<7D>, = 5 -4:7<>5> "&5&K> 7* >,& 07"Y 5% 45F C-&D
j41-5+ %-H&<&5#& *7< =>?%&5>=k 5% j2-C-5+ -5 >,& D-2%&<5&==k = *#>7<= >,> <& 7*>&5 :7=->-C&2F C2?&% -5
"!(&+"!*#&"!%+!&%'&"% F 
>,-= <72& e<#,5% &> 2]Y OMMVY :] PSUf] <74 ;?2->>-C& <&=&<#, 75 K&2% -5=><?#>7<= D7<1-5+ -5 D-2%&<5&==
>,&<:F =&>>-5+= -5 5%Y >,& 07" D= =&&5 -5->-22F = >,& :&<*&#> #74"-5>-75 7* 75&m= <&= 7* =1-22 5% 27C&
7*"&-5+7?>=-%&-5>,&D-2%&<5&==&5C-<754&5>Y57>>74&5>-75->"&-5+j%<&407"ke-<1YOMNP:]SPf]
?>%77< :<7*&==-752= 4F K5% >,& =>-=*#>-75 7* >,& 07" =7 +<&> >,> >,&F D-22-5+2F 7:> >7 7C&<2771
>,-5+= 2-1& >,& ,-+, -5>&5=->F 7* =?#, D7<1Y >,& 2#1 7* =-+5-K#5> -5#74& 7::7<>?5->-&=Y 5% >,& -5"-2->F >7
,C& :&<45&5> ,74& 7< =-4:2& 4&5->-&= 7* 2-*& e7==Y NVUVfY *7< > 2&=> 2->>2& D,-2&] &=:->& >,-=Y 72%&<Y
&E:&<-&5#&%Y &%?#>&%Y 5% <&=-2-&5> 7?>%77< :<7*&==-752= <& j>77 7*>&5 &E:&5%"2&k e7==Y NVUVY :] PQf 5%
<-=1 &E:27->>-75Y =-5#& j>,&<& =&&4= >7 "& 57 =,7<>+& 7* 5&D :&7:2& 1&&5 >7 &5>&< >,& c:<7*&==-75dk e,74=Y
OMMPY :] RVf] 7D&C&<Y ,-<-5+ 5% 4-5>-5-5+ =>H 7* #<-5+Y %&%-#>&%Y 157D2&%+&"2&Y -5>&<&=>&%Y 5%
#744->>&% -5%-C-%?2= -= j*?5%4&5>22F -4:7<>5> >7 >,& C-"-2->F 7* >,& 7<+5-G>-75k e<-#1=75 v <-#1=75Y
OMMSY:]Sf]
"*,$/-%& 0
5F 7* >,& -5%-C-%?2= D,7 "&+-5 D7<1 = 7?>%77< :<7*&==-752= <& jF7?5+Y &%?#>&%Y =-5+2&Y 5% ?#=-5k
e-<"FY OMMSY :] TVf] #5%-%>& ,-<&% = *?22i>-4& K&2% -5=><?#>7< 4F "& <&;?-<&% >7 ,C& K<=> -% ><-5-5+Y
=:&#-K&% 47?5> 7* D-2%&<5&== +?-%-5+ &E:&<-&5#&Y 5% "& #722&+& +<%?>& *<74 5 7?>%77< <&#<&>-75
:<7+<4 7< <&2>&% %-=#-:2-5& e?==&22 v &5%&&Y OMMMf] 2=7 157D5 = jD-2%&<5&== 2&%&<=Yk j+?-%&=Yk
j7?>%77< -5=><?#>7<=Yk 7< jK&2% =>HYk >&4= 7* K&2% -5=><?#>7<= <& ?=?22F <&=:75=-"2& *7< :<7C-%-5+ %-<&#>
#<& >7 :<>-#-:5>=Y >&#,-5+ D-2%&<5&== 2-C-5+ =1-22=Y 5% &5=?<-5+ >,& =*&>F 7* >,& +<7?:Y D,-2& &H&#>-C&2F
45+-5+ 22 =:&#>= 7* 4?2>-i%F <&47>& D-2%&<5&== &E:&%->-75=] -<"F eOMMSf ==&<>= >,> j752F 2-4->&% <5+&
7* -5%-C-%?2= D7?2% #75=-%&< D7<1 = K&2% =>H *?2K22-5+ 5% &507F"2&Yk 5% >>&4:>-5+ >7 K5% -5%-C-%?2=
*<747?>=-%&>,&=>5%<%%&47+<:,-#D->,=-4-2<=&5>-4&5>=D7?2%"&%-I#?2>e:]SUf]
-&2% -5=><?#>7< %&47+<:,-#= =,7D 57>-#&"2& ><&5%= 7C&< >-4&] <75>i2-5& D7<1 -5 >,& 7?>%77<= "&+5
*<74 j,-=>7<-#22F 42&i%74-5>&% #?2>?<& 5% :,-27=7:,FYk ::<&5> >,<7?+, 4-2-><F -5=:-<&% C2?&= =?#,
= :,F=-#2 #74:&>&5#& 5% >,& #74475 :<&=&5#& 7* 42& 2&%&<= e22-5 v ?4"&<=>75&Y OMMSY :] NPSf]
&5 5% D74&5 <& 57D 47<& &;?22F <&:<&=&5>&% -5 K&2% -5=><?#>7< <72&= 5% -5 =74& #=&=Y D74&5 &C&5
7?>5?4"&< 4&5 e<#,5%Y OMNMf] 7D&C&<Y D,&5 &E4-5-5+ #74:<>-C& 275+&C->FY 42& <&=:75%&5>=
-5 75& =?<C&F ,% <&:7<>&%2F D7<1&% = K&2% -5=><?#>7<= *7< 5 C&<+& 7* =-E 475>,= 275+&< >,5 *&42&=
e<#,5% &> 2]Y OMMVf] -&2% -5=><?#>7<= &4:27F&% -5 >,& NVUM= D&<& #744752F -5 >,&-< 2>& OM= 5% &<2F
PM= e-<4-5+,4Y NVUVfY "?> >7%FY >,& C&<+& +& -= 47<& <7?5% >,& 4-%iOM=] &+<%-5+ &%?#>-75 2&C&2Y
::<7E-4>&2F SMs >7 TMs 7* #?<<&5> K&2% -5=><?#>7<= ,C& "##2?<&>& %&+<&&Y #744752F <&2>&% >7
%C&5>?<& &%?#>-75Y <&#<&>-75Y 7< =7#-2 =#-&5#&= e<#,5% &> 2]Y OMMV_ <#,5% v ?==&22Y OMNPf] ,-=
<&:<&=&5>= 5 -5#<&=&Y = #74:<&% D->, >,& &<2F NVUM=Y D,&5 >,7=& D->, ?5%&<+<%?>& %&+<&&= 5?4"&<&%
2&==>,5QMse-<4-5+,4YNVUVf]
-<"F eOMMSf =?++&=>= >,> >,& =><75+ &47>-752 "75%= >,> %&C&27: "&>D&&5 K&2% -5=><?#>7<= 4F "& %?&
 F "!(&+"!*#&"!%+!&%'&"%
>7 j>,& <>,&< 5<<7D %&47+<:,-# >,> #,<#>&<-G&= >,-= +<7?: 7* D7<1&<=k e:] TUf] ?& >7 D7<1 -5 <&47>&
27#>-75=Y >,& =7#-2 5&>D7<1 7* K&2% -5=><?#>7<= 4F "& 2<+&2F #74:<-=&% 7* F7?5+ %?2>= D,7 D7<1 *7< >,&
=4& 7< 57>,&< 5&<"F &E:&%->-75<F D-2%&<5&== :<7+<4] &4-5-5+ D->, >,& =4& 7<+5-G>-75 *7< =&C&<2
F&<=Y *<75>i2-5& =>H 4F %&C&27: =><75+ 5&>D7<1= 7* =?::7<> 5% #74475 ?5%&<=>5%-5+ D->,-5 >,&-< :&&<
+<7?:= 7* -5=><?#>7<=] =F=>&4 7* =7#-2 =?::7<> >,> -= *7<4&% >,<7?+, #744?5-#>-75 D->, 7>,&<=Y &->,&<
:&<=7522F 7< :<7*&==-7522FY #5 ==-=> K&2% -5=><?#>7<= -5 &H&#>-C&2F 45+-5+ >,& %&45%= <-=-5+ *<74 >,&-<
D7<1e-<1YOMNPf]
,/(")1"!%))"+$"0
,F %7 =7 *&D :&7:2& -5 5% =&&4 >7 #75>-5?& >,-= D7<1 -5>7 >,&-< 2>& >,-<>-&=^ 7=> K&2% -5=><?#>7<=
j?5%&<=>5% >,& #,22&5+-5+ 5>?<& 7* #75>-5?&% &4:27F4&5> -5 >,& :<7*&==-75Yk F&> ,7D 275+ &#, -5>&5%=
>7 <&4-5 -5 >,-= >F:& 7* D7<1 D,&5 >,&F "&+-5 -= 2<+&2F ?5157D5 e,74=Y OMMPY :] RQf] -=::7-5>4&5>
=?<<7?5%-5+ >,& <&2->F 7* >,& 07" 5% &E,?=>-75 *<74 >,& -5#<&=-5+ %&45%= <&2>&% >7 >,& 2-*&=>F2& <&;?-<&%
*7<>,-=D7<14F?5&E:&#>&%2F47>-C>&,-+,;?2->FK&2%-5=><?#>7<=>7;?->e<#,5%YOMMVf]
,F=-#2 2-4->>-75= 7< -50?<-&= 4F 41& >,& <72& ?545+&"2&] ,& =4& #7?2% "& =-% <&+<%-5+ 2-4->&%
5% <&:&>->-C& *77% #,7-#&=] ,& +<?&2-5+ 5>?<& 7* >,& D7<1 #5 2&% >7 K&2% -5=><?#>7<= D,7 <& "?<5> 7?>
5% &E,?=>&%Y "7>, :,F=-#22F 5% &47>-7522FY "F >,& &5% 7* >,&-< K<=> F&<] 5& =>?%F :<>-#-:5> <&C&2&%
=,& D= 7*>&5 j"=72?>&2F =:&5> "&#?=& 7* 22 >,7=& <&2>-75=,-:= 5% =1-5+ 1-%= ;?&=>-75= 5% "&-5+ *?5 5%
*?55F5%&5++-5+ke-<1YOMNP:]VSf]
#>7<= :<74:>-5+ 75&m= -5>&5>-75 >7 #,5+& #<&&< 4F 2=7 <-=& 7?>=-%& >,& D7<1 #75>&E>] ,&=& *#>7<=
#7?2% -5#2?%& =><-5 75 75&m= -5>-4>& <&2>-75=,-:=Y %-I#?2>F #<&>-5+ 5&D <&2>-75=,-:= D->, 575i#7D7<1&<=Y
7< *&&2-5+ 7* "&-5+ j%-=#755&#>&%k 7< j4-==-5+ 7?>k 75 >-4& =:&5> D->, *<-&5%= 5% *4-2F e?5#&Y NVVU_
<#,5% &> 2]Y OMMVY :] PSUf] &<,:= :&<=752 +72= >7 ,C& 2&== -5>&5=& D7<1 =#,&%?2& 5% 47<& *<&& >-4&
C-2"2& 47>-C>& *<75>2-5& &4:27F&&= >7 ;?-#12F 47C& 75 >7 7>,&< K&2%= D,&<& D7<1 5% 575iD7<1 =:&#>=
7* 75&m= 2-*& <& 47<& &=-2F #74"-5&% e<#,5% &> 2]Y OMMVf] 74"-5-5+ #<&&< -5 >,& 7?>%77<= D->, >,&
*4-2F <&=:75=-"-2->-&= 7* 47>,&<,77% D= >&<4&% j:<>-#?2<2F :<7"2&4>-#k "F *&42& 7?>%77< -5=><?#>7<= -5
=>?%F"F22-5eOMMQY:]SQf]
&%-5+ <&47>& ><-:= -5 >,& "#1#7?5><F 4F :<7C71& *&&2-5+= 7* -=72>-75 -5 K&2% -5=><?#>7<=] 5 <#,5%
&> 2]m= OMMV =>?%FY QUs 7* K&2% -5=><?#>7<= =?<C&F&% D&<& =-5+2&Y 752F Vs D&<& 4<<-&%Y 5% OOs <&:7<>&% >,>
>,&-< D7<1 ,% #75><-"?>&% >7 "<&1?: D->, 5 -5>-4>& :<>5&<] 57>,&< =>?%F *7?5% >,> 407<->F 7*
:<>-#-:5>= D&<& =-5+2& eSPsfY D,-2& NOs D&<& 4<<-&% 5% ORs -5 <&2>-75=,-: e<#,5% v ?==&22Y OMNPf]
-&2% -5=><?#>7<= D,7 -%&5>-K&% >,&4=&2C&= = 4<<-&% 7< -5 #744->>&%Y 275+i>&<4 <&2>-75=,-: <&:7<>&%2F *&2>
47<& #,22&5+&% D->, >-4& 5% =#,&%?2& #75=><-5>= ==7#->&% D->, >,&-< 07" >,5 -5%-C-%?2= D,7 D&<& =-5+2&
e<#,5%&>2]YOMMVf]
-55#-2 %-I#?2>F -= 57>,&< *#>7< &5#7?<+-5+ >?<57C&<] <2F %&:<>?<&= *<74 >,7=& D->, :7=>i=&#75%<F
"!(&+"!*#&"!%+!&%'&"% F 
%&+<&&= 4F :7>&5>-22F =>&4 *<74 <&2-G>-75 7* 75&m= 475&><F D7<>, 7< 5 ::<&,&5=-75 "7?> +&>>-5+
><::&% -5 #75>-5?22F ?5%&<C2?&% :<7*&==-75] 5 <&+<% >7 K55#&=Y -<1 <&:7<>= >,> =74& -5%-C-%?2= *&2>
-> D= j57> C&<F &=F >7 ,C& D,> F7? 5&&%k 5% >,&<& D= :&<#&-C&% &E:&#>>-75 >,> K&2% -5=><?#>7<= D7?2%
j2-C&>27D&<=>5%<%ke-<1YOMNP:]SRf]
,> -* #75#&<5= 2-1& >,7=& 4&5>-75&% "7C& D&<& 47<& #744752F #157D2&%+&% 5% %%<&==&% "F
5%-5 45+&<= 5% %-<&#>7<= 7* 7<+5-G>-75= D->,-5 >,& 7?>%77< :<7*&==-75^ = #74:<>-C& &E4:2&
*<74&2=&D,&<&-5>,&D7<2%YD-22%-=#?==?>D<%7?5%&D&25%]
214/!,2+!"4")+!
,&5 C-=->&% &D &25% -5 OMMUY 75& 7* >,& 45+&<= -5*7<4&% 4& >,> >,& C&<+& +& 7* >,&-< K&2%
-5=><?#>7<= D= PP] ,& OMON 5=><?#>7< ::2-#>-75 *7<4 =>>&= >,> >,& C&<+& +& 7* -5=><?#>7<= -= PM F&<=
72%Y -5%-#>-5+ >,-= ><&5% 7* <&>-5-5+ &E:&<-&5#&% K&2% -5=><?#>7<= ,= ,&2% #75=>5> *7< D&22 7C&< %&#%&]
,> -= -> >,> 41&= >,-= &E4:2& =7 %-H&<&5> *<74 >,& 5%-5 7<+5-G>-75= >,> =&&4 >7 ,C& C&<F *&D
K&2%-5=><?#>7<=7C&<PM75>,&-<>&4^
,& ,-+, C2?& :2#&% 75 >,&-< K&2% -5=><?#>7<= -= D<->>&5 &E:2-#->2F] ,& 7<+5-G>-75m= D&"=->& =>>&= j?<
-5=><?#>7<= <& &E#&:>-752 :&7:2&k 5% >,&-< -5=><?#>7< ::2-#>-75 *7<4 =>>&= j?< -5=><?#>7<= <& -5>&+<2 >7
>,& ,-+, ;?2->F 7* >,& #7?<=&=]k ,& =>5%<% D7<1 =#,&%?2& -= 2=7 #2&<2F 2-% 7?> 752-5&Y D,-#, -5#2?%&= Q
%F= 7H %?<-5+ #7?<=& >-4&Y > 2&=> R %F= 7H "&>D&&5 #7?<=&=Y 57> D7<1-5+ 47<& >,5 V %F= -5 <7DY 5%
+&>>-5+RhSD&&1=7HY>D-#&F&<]
?<-5+ 4F C-=-> -5 OMMUY -> "&#4& #2&< >,> >,-= 7<+5-G>-75 D= <&:7<>&%2F ,C-5+ ><7?"2& D->, =>H
>?<57C&<X 57 75& D5>&% >7 2&C&[ D= -5*7<4&% >,> >,& -5=>->?>-75 ,% 0?=> -5C&=>&% 7C&< >D7 F&<= -5>7
+>,&<-5+ &4:27F&& *&&%"#1 %?<-5+ >,& :<7#&== 7* <&C-&D-5+ >,&-< 4-==-75 =>>&4&5>Y 7<+5-G>-752 C2?&=Y
5% :<7+<4 7H&<-5+=] #, K&2% -5=><?#>7< #744->>&% >7 >,<&&iF&< #75><#> ?:75 "&-5+ ,-<&%Y "?> 45F
#75>-5?&% >7 =>F -5 *<75>i2-5& <72& D->,-5 >,& 7<+5-G>-75 *7< 4?#, 275+&< :&<-7%] 7> 752F >,>Y "?>
?>D<% 7?5% &D &25% ,% "&&5 D<%&% >,& >->2& 7* &=> 2#& >7 7<1 -5 &D &25% e+-5=>
7<+5-G>-75= 7* =-4-2< =-G&f 4?2>-:2& >-4&= %?& >7 j #2&<Y =><75+ C-=-75Y <&2 =&5=& 7* #744?5->F 475+=>
->= &4:27F&&=Y #744->4&5> >7 +<7D 5% %&C&27: ->= :&7:2&Y 5% #?2>?<& 7* ,-+, :&<*7<45#&k e#77:
5%&:&5%&5>&D=Y&"<?<FOMMUf]
?>D<% 7?5% &D &25% -= 0?=> 75& &E4:2& D,&<& :<-7<->-G-5+ +<7D>,Y =?::7<>Y 5% %&C&27:4&5> 7*
>,&-< *<75>i2-5& &4:27F&&= #5 #<&>& =><75+ >&4 #?2>?<&] 7< &E4:2&Y "F :<7C-%-5+ #744?5->Fi"=&%Y 75i
=->& =>H ,7?=-5+ *7< >,& K&2% -5=><?#>7<=Y = D&22 = >,&-< *4-2-&=Y >,& =&5=& 7* -=72>-75 5% %-=#755&#>-75 7*
>,&-< -5=><?#>7<= #5 "& <&%?#&%] ->, =><75+ #744->4&5> >7 =-4-2< +72=Y -> -= 4F ,7:& >,> >,-= =4& &H&#>
5%j:<7"2&4kD->,>?<57C&<#5,::&5-57>,&<:2#&=>77]
 F "!(&+"!*#&"!%+!&%'&"%
"3,)21&,+&7&+$&")!+01/2 1,/1<+$&++!
5 *<75>i2-5& D7<1 = K&2% -5=><?#>7< -5 5% "& :&<#&-C&% = =?=>-5"2& 5% 4&5-5+*?2 275+i>&<4
#<&&< #,7-#&^ <+5-G>-75= *7#?=&% 75 =>H <&>&5>-75 D7?2% "& "2& >7 <&: >,& <&D<%= 7* -5C&=>-5+ &H7<>
5% <&=7?<#&= -5>7 %C5#-5+ >,& ><-5-5+ 5% &E:&<-&5#& 7* >,&-< *<75>i2-5& &4:27F&&=] &>-5-5+ &E:&<-&5#&%
K&2% -5=><?#>7<= 4&5= ,C-5+ =>H D,7 <& "&>>&< =?->&% >7 %&2-C&<-5+ ,-+,&< ;?2->F :<7+<4 5% 41-5+
47<& ::<7:<->& <-=1i45+&4&5> %&#-=-75= -5 4&%-#2 #<-=-= e227DFY OMMTf] ,& 275+=>5%-5+ ,-+, <>&=
7* >?<57C&< -5 *<75>i2-5& K&2% -5=><?#>7<= -5 5% =-+52 5&&% *7< #,5+& -5 >,& :<7*&==-75] * 7<+5-G>-75=
<& =&<-7?= "7?> <&#<?->-5+ 5% <&>-5-5+ &E:&<-&5#&% =>H D,7 <& ,-+, :&<*7<4-5+ 5% #744->>&% >7 >,&
7<+5-G>-75Y >,&5 7<+5-G>-75= 4?=> -5C&=> >,& 5&#&==<F <&=7?<#&= >7 -4:2&4&5> 7< %:> #?<<&5> :72-#-&=
5% :<7#&%?<&= >7 47=> &H&#>-C&2F ##7447%>& >,& 5&&%= 7* >,&=& -5%-C-%?2=] ,& <&D<%= <& >,&-<= >7 "&
+-5&%]
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-+, <>&= 7* =>H >?<57C&< -5#?< %-<&#> #7=>= *<74 #75>-5?7?= =&2&#>-75Y ,-<-5+Y 5% ><-5-5+ 7* 5&D
&4:27F&&=Y 5% -5%-<&#> #7=>=Y =?#, = 27=> 157D2&%+&Y %-=<?:>-75 7* D7<1L7DY 5% <&%?#&% =>H 47<2& 7<
?5#&<>-5>F *7< >,7=& D,7 <&4-5 e-<"FY OMMS_ <#,5% &> 2]Y OMMVf] 7D&C&<Y -* 45+&<= D&<& >7 :2F
47<& =-+5-K#5> <72& -5 ,&2:-5+ -5%-C-%?2 &4:27F&&= %%<&== >,& D7<1i<&2>&% :<7"2&4= >,&F :&<#&-C&Y K&2%
-5=><?#>7<= 4F "& :<&C&5>&% *<74 2&C-5+ >,& :<7*&==-75 &<2-&< >,5 %&=-<&%] 4:2&4&5>>-75 7* %-C&<=& =&>
7* =><>&+-&= >7 "?-2% =?::7<>-C& 5% =?=>-5"2& D7<1 #744?5->-&= D-22 "& -4:&<>-C& >7 %%<&== >,& %-C&<=&
D7<1i<&2>&% %&45%= *#-5+ *<75>i2-5& &4:27F&&= e,74=Y OMMPf] * 7<+5-G>-75= 7H&<-5+ D-2%&<5&==i"=&%
&E:&%->-75<F :<7+<4= -5=-=> 75 :<7C-%-5+ ,-+, ;?2->F -5=><?#>-75 *<74 %&%-#>&%Y &E:&<-&5#&% 5%
:<7*&==-752 K&2% =>H >&4Y >,&F 4?=> %7:> =:&#-K# ,-<-5+ 5% -5#&5>-C& :<#>-#&= >7 &5#7?<+& >,-= e7==Y
NVUVf]
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,& :<-4<F :?<:7=& 7* %&"<-&K5+ -= >7 j227D :<>-#-:5>= >7 -5>&+<>& >,&-< 2&<5-5+Y >,?= +-5-5+ =&5=& 7*
#27=?<& 7< #74:2&>&5&== >7 >,&-< &E:&<-&5#&k e44&2Y NVVPY :] OPNf] =?22F C&<"2 -5 *7<4>Y %&"<-&K5+ #5
2=7 >1& 575iC&<"2 *7<4= =?#, = 07?<52 D<->-5+Y %<D-5+Y 7< >1-5+ >-4& >7 "& 275& e==Y NVVPf] 5*7<42
%&"<-&K5+ 7::7<>?5->-&= 4F 7##?< %?<-5+ 75&m= >-4& 7H 7< %?<-5+ 474&5>= =,<&% "&>D&&5 #7D7<1&<= D,-2&
=>-22-5>,&K&2%7<%<-C-5+>7+&>,&<>75%*<74D7<1e-<1YOMNPf]
-5#& -> 4F "& %-I#?2> *7< K&2% -5=><?#>7<= >7 K5% ::<7:<->& >-4&= *7< %&"<-&K5+ %?<-5+ D7<1 ,7?<=Y
"!(&+"!*#&"!%+!&%'&"% F 
"?-2%-5+ *7<42-G&% 5% #75=-=>&5> %&"<-&K5+ :<7#&== -5>7 >,& :<7+<4 :72-#-&= 227D= K&2% -5=><?#>7<= >7
%-=#?== -5#-%&5>= 7< 75+7-5+ -==?&= -5 #75K%&5>-2Y :<7*&==-752 455&<] *7<42-G&% :<7#&== #7?2% >1& >,&
*7<4 7* :,75& #22 7< *#&i>7i*#& 4&&>-5+] * *<75>i2-5& &4:27F&& <&;?-<&= %%->-752 =?::7<>Y 5 &I#-&5>
#,55&2 >7 ##&== D,>&C&< -= 5&&%&% =,7?2% "& :<7C-%&%] 5 7<+5-G>-752 #?2>?<& >,> %&2-"&<>&2F :<-7<->-G&=
%&"<-&K5+-==&&5=&==&5>-2>7"&-5+&H&#>-C&=K&2%-5=><?#>7<e-<1YOMNPf]
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-<=> -4:<&==-75= 4%& %?<-5+ >,& <&#<?->4&5> 5% 75"7<%-5+ :,=&= 4F "& -4:7<>5> *#>7<= -5 275+&C->F
= K&2% -5=><?#>7<] <7C-%-5+ 5&D &4:27F&&= D->, #2&< 5% #74:2&>& ?5%&<=>5%-5+ 7* >,&-< 07"
<&=:75=-"-2->-&=Y = D&22 = &=>"2-=,-5+ 5 &<2F *4-2-<->F D->, 4&4"&<= 7* >,& #744?5->F D->, D,74 >,&F
D-22 D7<1Y #7?2% <&%?#& <>&= 7* "?<57?> 5% >?<57C&< -5 <&#&5>2F ,-<&% &4:27F&&= e<#,5% v ?==&22Y
OMNPf] 4:<7C&4&5>= >7 >,-= -5->-2 ><-5-5+ :&<-7% #7?2% -5#2?%& -5#<&=-5+ >,& >-4& 75& =:&5%= =,%7D-5+
5 &E:&<-&5#&% -5=><?#>7<Y 2>&<5>-5+ <&=:75=-"-2->-&= -5 >,& K&2% D->, 7>,&< C&5?&=Y =?#, = >,& 7I#& 7< "=&
#4:Y 5% >1-5+ =>&:= >7 &5=?<& 5&D K&2% -5=><?#>7<= <& 2DF= "&+-55-5+ D7<1 D->,-5 5 &E:&<-&5#&% >&4
5%<&57>:-<&%D->,7>,&<57C-#&-5=><?#>7<=?5>-2>,&F*&&247<&#74*7<>"2&-5>,-=<72&]
E<N5$%%9J<EF35>9$%9592+M7%%$ 6
,&5 4&5>7<=,-: -= 4%& :<-7<->FY 5&D&< K&2% -5=><?#>7<= #5 47<& &=-2F *&&2 :<> 7* >,& >&4 5% 2-1& >,&F
,C& =74&75& &E:&<-&5#&% >7 =1 D,&5 ;?&=>-75= <-=&] ##7<%-5+ >7 <=75= eNVVOfY j>,& #7=> 7* &=>"2-=,-5+
5% 4-5>-5-5+ 4&5>7<=,-: :<7+<4 -= -5=-+5-K#5>k D,&5 #74:<&% >7 >,& 27D :<7%?#>-C->F 7* 2-&5>&%
5&D &4:27F&&= 5% >,& #7=> 7* <&#<?->-5+ <&:2#&4&5>=k e:] Uf] * *7<42-G&% 4&5>7<=,-: :<7+<4 -= 57>
2<&%F -5 :2#&Y -5%-C-%?2 &4:27F&&= =,7?2% "& &5#7?<+&% >7 -5%&:&5%&5>2F =&&1 7?> 4&5>7<= D->,-5 >,&
:<7*&==-75]
=:&#-22F D,&5 *<75>i2-5& &4:27F&&= <& D7<1-5+ D->, %&45%-5+ #2-&5>= -5 4?2>-i%F &E:&%->-75<F
=&>>-5+Y >,& -4:7<>5#& 7* 7H&<-5+ :7=->-C& *&&%"#1 5% -5%-C-%?2 <&#7+5->-75 =,7?2% 57> "& 7C&<2771&%
"F 45+&<= e,74=Y OMMPf] 5& K&2% -5=><?#>7< =-%Y jD,&5 F7? ,% =74&75& F7? ><?=> +-C& F7? =-5#&<&
*&&%"#1Y -> D= -5C2?"2&k e-<1Y OMNPY :] NMRf] #1 7* #75=><?#>-C& *&&%"#1 *<74 45+&<= 4F "& C-&D&%
"F K&2% -5=><?#>7<= = :<7"2&4] 5& =>?%F :<>-#-:5> =D 2#1 7* #722"7<>-75 D->, >,& 45+&<= =
5&+>-C& =:&#> -5 >,& %&C&27:4&5> 7* "7>, >,& :<7+<4 5% >,& -5%-C-%?2 &4:27F&&=Y =?++&=>-5+ >,&<& D=5m>
&57?+,<&L&#>-75%75&>741&>,&>&4=><75+&<5%>,&&E:&<-&5#&"&>>&<e-<1YOMNPf]
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C&< >-4&Y 47=> 7?>%77< :<7*&==-752= +&> -5C72C&% -5 C<-7?= #&<>-K#>-75 #7?<=&= 5% D7<1=,7:=]
<>-#-:>-5+ -5 #75>-5?2 :<7*&==-752 %&C&27:4&5> >7 ?:+<%& 75&m= =1-22= 5% 157D2&%+& -= 5 -4:7<>5>
DF >7 #74"> *&&2-5+= 7* =>+5>-75 -5 75&m= D7<1] ::7<>?5->-&= *7< :<7*&==-752 %&C&27:4&5> 5% ><-5-5+
7?>=-%& >,& -44&%->& D7<1 #75>&E> <& #75=-%&<&% -4:7<>5> >7 4E-4-G-5+ 5 &4:27F&&m= 275+&C->F
e,74=Y OMMPf] &=#,5&< 5% 72>&< eNVUQf =?++&=> >,> =>H "?<57?> -= 47<& >7 %7 D->, j5 "=&5#& 7*
75+7-5+ :&<=752 +<7D>,k e:] NVf 5% 2&== = <&=?2> 7* 275+ D7<1-5+ ,7?<= 5% ,-+, %&45%=] ?::7<>-5+
&4:27F&& :<>-#-:>-75 -5 :-% -5=><?#>-752 #2-5-#= -= #2&< &E4:2& 7* 5 7<+5-G>-75m= -5C&=>4&5> -5 >,&
:<7*&==-752%&C&27:4&5>7*>,&-<*<75>i2-5&=>H]
E%J%M7JME%<+%F>% J#9$%EFJ9$5929$>%99%FF
> -= -4:&<>-C& >,> >,& C7-#&= 7* *<75>i2-5& &4:27F&&= <& ,&<% "F 45+&4&5>] ,&5 -==?&= <& "<7?+,> ?:Y
45+&<= 4?=> >1& #>-75 >7 %&;?>&2F %%<&== >,& 5&&%= 7* *<75>i2-5& D7<1&<=Y 7< <-=1 27=-5+ >,&=& &4:27F&&=]
-==>-=*#>-75 4F "?-2% 7C&< >-4& *7< K&2% -5=><?#>7<= D,7 :&<#&-C& >,> j57>,-5+m= #,5+-5+k 5% >,> j>,&
#74:5F D=5m> <&22F %%<&==-5+ >,& -==?&=k "<7?+,> >7 >,&-< >>&5>-75 "F >,& D7<1&<= 75 >,& *<75>i2-5& e-<1Y
OMNPY :] VUf] &C&<2 =>?%F :<>-#-:5>= 4&5>-75&% *&&2-5+= 7* 57> "&-5+ ,&<% 7< 7H&<-5+ <&#744&5%>-75=
>,> D&<& j*22-5+ 75 %&* &<=k 7< j75 &<= >,> 0?=> <&22F %-%5m> +&> ->k e-<1Y OMNPY :] VVf] 5& :<>-#-:5>
=>>&%Yj<&4&4"&<<&22F#2&<2F*&&2-5+*<?=><>&%"&#?=&D=5m>2-=>&5&%>7ke-<1YOMNPY:]VVf]
=&5=& 7* %-=#755&#>-75 *<74 45+&4&5> D= :&<#&-C&% "F =74& K&2% -5=><?#>7<= = <&L&#>-75 7* 2#1
7* =?::7<> 5% *&&2-5+ 7* 2-&5>-75 *<74 >,& <&=> 7* >,& 7<+5-G>-75] &C&<2 :<>-#-:5>= =>>&% >,> *&&2-5+
?5,&<% "F 45+&4&5> =><75+2F -5L?&5#&% >,&-< &C&5>?2 -5>&5>-75= >7 2&C& >,& :7=->-75] 5& :<>-#-:5>
=>>&% ,&m% ,% &57?+, 7* j:&7:2& 57> ?5%&<=>5%-5+ >,& =&<-7?=5&== 7* D,> D& <& %7-5+ 7?> ,&<& 5% D,>
D& 5&&%Y -5 =:->& 7* <&;?&=>= 5% =F-5+ D,>m= +7-5+ 75k e-<1Y OMNPY :] NMNf] 57>,&< :<>-#-:5>m= :&<#&:>-75
>,> ,& D= j"<-5+-5+ ?: #75#&<5= 5% "&-5+ 47<& 7< 2&== -+57<&%k "F 45+&4&5> >><-"?>&% >7 ,-= %&#-=-75
>7 2&C& >,& :7=->-75 e-<1Y OMNPY :] NMNf] >,-<% :<>-#-:5> >><-"?>&% =><&5+>,&5&% *&&2-5+= 7* -5>&5> >7 ;?->
*<74 >,& *<&;?&5> =&5=& >,> D,>&C&< D= <&;?&=>&% *<74 45+&4&5>Y j>,> >,-5+ D= 5&C&< #74-5+k e-<1Y
OMNPY:]NMNf]
5C72C-5+ K&2% =>H -5 407< %&#-=-75i41-5+ 5% -5 >,& %&C&27:4&5> 7* :72-#-&= 5% :<7+<4= #7?2% ,&2:
>7 -5#<&=& <&>&5>-75] > ,= "&&5 *7?5% >,> =?#, -5C72C&4&5> 227D= =>H >7 %&C&27: =><75+&< =&5=& 7*
7D5&<=,-: 5% ##&:>5#&Y #;?-<& C7-#&Y 5% *&&2 &4:7D&<&% e?2C5&FY OMNNf] 7<& >,5 0?=> >,& 5>?<&
7* >,& D7<1 ->=&2*Y <=75= eNVVOf =?++&=>&% 7>,&< =-+5-K#5> C<-"2&= =?#, = <&2>-75=,-:= D->, #722&+?&=
5% 75&m= =&5=& 7* -5L?&5#& D-22 H&#> 75&m= =&5=& 7* 07" =>-=*#>-75] &C&27:-5+ #?2>?<& 7* <&=:&#>Y D,&<&
>,& D7<1 %75& "F *<75>i2-5& D7<1&<= -= ?5%&<=>77% 5% C2?&% > 22 2&C&2= 7* >,& 7<+5-G>-75Y #7?2% <&%?#&
"!(&+"!*#&"!%+!&%'&"% F 
5 &4:27F&&m= *&&2-5+= 7* "&-5+ ?5::<&#->&% 5% ?5%&<C2?&%] <75>i2-5& =?44&< #4: =>H D,7 <&:7<>&%
>,> >,&F *&2> 2-1& C2?&% 4&4"&< 7* >,& >&4 2=7 <&:7<>&% +<&>&< +<7?: #7,&=-75Y <&=?2>-5+ -5 +<&>&<
-5C&=>4&5> -5 >,&-< D7<1 e-2&F &> 2]Y OMNNf] ,&<&*7<&Y +-C-5+ *<75>i2-5& =>H >,& 7::7<>?5->F >7 =,<& >,&-<
-5:?> 5% -%&= *7< <&=><?#>?<-5+ >,& :<7+<4 #5 ,&2: >,&4 >7 *&&2 = >,7?+, >,&F <& 5 -4:7<>5> :<> 7* >,&
7<+5-G>-755%>,>>,&-<7:-5-754>>&<=]
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#74475 #74:2-5> 4%& "F K&2% -5=><?#>7<= -= >,& %-I#?2>F :7=&% "F >,& D7<1 =#,&%?2&] ,7=&
&5%&C7?<-5+ >7 =&>>2& -5>7 275+&<i>&<4 07" 7< #<&&< -5 >,& 7?>%77< :<7*&==-75 4F *#& 2-4->&% 7:>-75=
D,&5 >>&4:>-5+ >7 K5% 2-C-5+ =->?>-75 >,> D-22 ##7447%>& >,&-< =:&#-K# 5&&%= 5% :<&*&<&5#&=] >F:-#2
=#,&%?2-5+ 7* D7<1 =,-*>= *7< K&2% -5=><?#>7<= 7*>&5 2&%= >7 -5#75=-=>&5> 5% =&+4&5>&% <&2>-75=,-:= D->,
*<-&5%= 5% *4-2F] 5 ,74=m= eOMMNY OMMPf <&=&<#, 75 7?>%77< &%?#>7<=Y #74475 #75><-"?>7<= >7 D7<1
<&2>&% =><&== D&<& -%&5>-K&% 47=> *<&;?&5>2F = 275+ D7<1 ,7?<= 5% >-4& DF *<74 ,74&Y = >,&=& *#>7<=
#7?2%2&%>7:&<#&-C&%2#17*=>"-2->F7<:&<45&5#&-575&m=<&2>-75=,-:=]
&<#&:>-75= >,> 5 &4:27F&&m= D7<1 =#,&%?2& -= >,<&>&5-5+ >,&-< <&2>-75=,-:= 7?>=-%& >,& D7<1:2#& #7?2%
"& %%<&==&% "F %7:>-5+ #<&>-C& ::<7#,&= =?#, = C<F-5+ 75&m= D7<1 =#,&%?2&Y :&<-7%-#22F =:&5%-5+
:-% >-4& 7?> 7* >,& K&2%Y 7< %-C&<=-*F-5+ 75&m= D7<1i<&2>&% >=1= e<#,5% &> 2]Y OMMV_ 7==Y NVUVf]
5%-C-%?2-G&% <&C-=-75 7* &4:27F&& D7<1 =#,&%?2&= D7?2% &5=?<& 75&m= >-4& =:&5> -5 >,& K&2% -= "25#&% "F
D,> 75& :&<#&-C&= = %&;?>& >-4& >7 4-5>-5 ,&2>,F 5% =?=>-5"2& 2-C-5+ =->?>-75 7?>=-%& 7* D7<1
e<#,5%&>2]YOMMVf]
392%J3%E3%J<E5 <MJJME9<N%E
5%-5 K&2% -5=><?#>7< <&#22&% 75#& "&-5+ >72% "F ,&< 45+&<Y j>m= %&% &5% 07"] &7:2& D,7 %7 F7?<
07"Y >,&F %7 -> *7< 2->>2& D,-2&Y 5% >,&5 >,&F 47C& 75Y 57"7%F %7&= >,> *7< C&<F 275+] 7?m<& %-4& %7G&5k
e-<1Y OMNPY :] SQf] 5 5%-5 7<+5-G>-75=Y >,& -%& 7* >,-= <72& = ?5=?=>-5"2& -= #744752F ##&:>&%
>,-51-5+ 475+ 45+&4&5> = D&22 = 45F K&2% -5=><?#>7<= >,&4=&2C&=] 5& *<75>i2-5& &4:27F&& =>>&%Y
jC&< =-5#& mC& D7<1&% -5 >,& K&2%Y :&7:2& 2DF= =:&1 >7 >,& *#> >,> >,&<&m= 2DF= ,-+, >?<57C&<] C&<F75&
157D= >,>k e-<1Y OMNPY :] NPMf] <75>i2-5& &4:27F&& >?<57C&< -= C-&D&% = j,?+&Yk j;?-#1Yk j-5&C->"2&Yk 5%
j:<&>>F *<-#1-5+ ,-+,k e-<1Y OMNPY :] SRf] 5& :<>-#-:5> #2-4&%Y j&C&<F 7<+5-G>-75 mC& D7<1&% D->, ,=
,-+, >?<57C&< <>&k 5% ,& #75=-%&<= D7<1-5+ >,<&& F&<= 7< 47<& = jC&<F <<&k e-<1Y OMNPY :] SRf] ->, >,-=
#74475 <,&>7<-#Y -= -> 5F D75%&< >,> *<75>i2-5& -5=><?#>7<= >&5% >7 2&C& 5 7<+5-G>-75 *>&< 752F =,7<>
>-4&-5>,&<72&^
 F "!(&+"!*#&"!%+!&%'&"%
8>E<N%599 57<8>%9FJ5<99$% <295J5<9
<75>i2-5& &4:27F&&= 4?=> "& 47<& ::<7:<->&2F #74:&5=>&% *7< >,& ,-+, 2&C&2= 7* <-=1 5% <&=:75=-"-2->F
>,&F >1& 75 5% >,& <&47>&Y #,22&5+-5+ #75%->-75= >,&F &5%?<& D&&1 *>&< D&&1] %%->-75= 2-1& =-#1 %F=Y
:-% C#>-75Y L&E-"2& =#,&%?2-5+ 7:>-75=Y 5% ,&2>, "&5&K>= #7?2% #75><-"?>& >7 =-+5-K#5> -5#<&=&= -5
&4:27F&& 07" =>-=*#>-75Y = D&22 = 7<+5-G>-752 #744->4&5> 5% 275+&C->F] ?>%77< 2&%&<= %7 57> K5%
475&><F +-5= >7 "& >,& 47=> -4:7<>5> <&=75 *7< >,&-< 07" #,7-#&Y "?> :F -= *<&;?&5>2F =&&5 = <&L&#>-75 7*
D7<>, 5% >,?=Y *&&2-5+ ?5%&<:-% 4F 2&% >7 *<?=><>-75 5% >?<57C&< e<#,5% v ?==&22Y OMNPf] ?<>,&<
<&=&<#, 5&&%= >7 "& %75& >7 %&>&<4-5& D,> "=&2-5& :F =><?#>?<& K&2% -5=><?#>7<= #75=-%&< %&;?>& K55#-2
#74:&5=>-75*7<>,&-<D7<1Y5%D,>K=#2-5->->-C&=D7?2%47>-C>&>,&4>7<&4-5275+&<-5>,&-<<72&=]
>H <&>&5>-75 D= :&<#&-C&% "F =74& =>?%F :<>-#-:5>= >7 "& %&<-C&% -5 2<+& :<> *<74 &4:27F&&= *&&2-5+
C2?&%Y j>1&5 #<& 7*Yk 5% j-5C&=>&% -5k "F >,& 7<+5-G>-75Y = 7::7=&% >7 *&&2-5+ j>1&5 %C5>+& 7*k e-<1Y
OMNPY :] NMNf] 5& K&2% -5=><?#>7< =>>&%Y j5 7<%&< >7 ,C& <&>&5>-75 7* *<75>i2-5& =>HY >,&<& ,= >7 "& =74&
=7<> 7* <&#7+5->-75 7* &E:&<-&5#&] 7? #5m> &E:&#> 4& >7 D7<1 <&22F ,<% 07" 2-1& >,-= D->,7?> <-=&Y D->,7?>
5F#,5+&>7>,-5+=ke-<1YOMNPY:]NMNf]
-55#-2 #74:&5=>-75 >,> -5#<&=&= -5 2-5& D->, >,& <-=-5+ #7=> 7* 2-C-5+ -= 5 -4:7<>5> :<> 7* *&&2-5+
C2?&%Y ,7D&C&< >,-= -= 57> >,& 752F =:&#> e-<1 OMNPf] <&&< #7?5=&22-5+ -5->->-C&= >,> &E4-5& j :25 7*
%&C&27:4&5>k *7#?=&% 75 j+<7D>,Y ::<&#->-75Y c5%d -5C&=>4&5> -5 :&7:2&k D&<& 2=7 =&&5 = =-+5-K#5> 5%
:7=->-C& *<74 *<75>i2-5& &4:27F&&m= :&<=:&#>-C& e-<1Y OMNPY :] NMOf] 5& &E4:2& D,&<& :<>-#-:5> <&#22&%
*&&2-5+ C2?&% "F >,& 7<+5-G>-75 D= D,&5 >,& 45+&< j=> %7D5 5% K+?<&% 7?> :25 7* ,7D c,&d D=
+7-5+>7-4:<7C&c,-4d=&2**7<D7<1ke-<1YOMNPY:]NMOf]
=&5=& 7* 41-5+ :<7*&==-752 :<7+<&==Y =,7D5 "F -5#<&=&% <&=:75=-"-2->FY >772=Y 157D2&%+&Y :7D&<Y 5%
-5L?&5#&Y -= 2=7 -4:7<>5> >7 C7-% =&5=& 7* =>+5>-75 -5 *<75>i2-5& K&2% -5=><?#>7<=] 7< &E4:2&Y +&>>-5+
:<747>-75 >7 =&5-7< =>H #7?2% 2&% >7 =-+5-K#5> +-5= -5 &E:&<-&5#&Y 2&<5-5+Y 5% :<7*&==-752 +<7D>,]
-&2% -5=><?#>7<= 4&5>-75&% >,&-< ::<&#->-75 *7< >,& j7::7<>?5->F >7 2&<5 -5 5&D #-<#?4=>5#&=Y c5%d 5&D
:7=->-75=k 5% &E:&<-&5#&% j&E#->&4&5> > >,& :<7=:&#> 7* +<7D-5+ :<7*&==-7522FY c5%d %7-5+ =74&>,-5+ 5&Dk
e-<1YOMNPY:]TSf]
,+ )20&,+
&=:->& >,& #74475 =&5>-4&5> >,> ,-+, <>& 7* >?<57C&< -= -5&C->"2&Y =74& K&2% -5=><?#>7<= 45+& >7
<&4-5 -5 >,-= <72& *7< =&C&<2 F&<= 7< &C&5 4?#, 275+&<] 4:7<>5> ;?&=>-75= <&4-5 >7 "& 5=D&<&% <&+<%-5+
>,& &H&#>-C&5&== 7* 7<+5-G>-752 -5->->-C&= *7#?=&% 75 =>H <&>&5>-75] -&2% -5=><?#>7<= 7* 22 >F:&= <& 5
?5%&<=>?%-&% :7:?2>-75 5% 4F "& *<&;?&5>2F 7C&<2771&% %?& >7 >,& ><5=-&5> 5>?<& 7* >,&-< 07"= 5% >,&
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5 #75#2?=-75Y 575i2-5&< #<&&< :>, -= &E:&#>&% *7< >,-= 1-5% 7* D7<1 5% >,> =:&#> 7* >,& 7?>%77<
"!(&+"!*#&"!%+!&%'&"% F 
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7>,&< K&2%=] 7D&C&<Y -> -= 4F ,7:& >,> -> D-22 "&#74& 47<& *&=-"2& 5% ##&==-"2& *7< *<75>2-5& 7?>%77<
:<7*&==-752= >7 #75>-5?& %7-5+ D,> >,&F 27C& *7< = 275+ = >,&F D5>Y D->, >,& 5&#&==<F =?::7<> 5%
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22-5Y ] v ?4"&<=>75&Y ] eOMMSf] E:27<-5+ #<&&<=,-: -5 7?>%77< &%?#>-75 5% >,& 2-C&= 7* D74&5
7?>%77<&%?#>7<=] 0/24K 54'/.. /'!4:YNNeOfYNPRiNRP]
-2&FY ] ]Y ?-:&<Y ]Y v 5+Y ]] eOMNNY 7C&4"&<f] &<=752Y &5C-<754&5>2Y 5% =7#-2 :<&%-#>7<= 7*
#4: =>H "?<57?>] 2/!! '.%3 /$ 4&! B@AA :-0/3'5- /. 90!2'!.4',  54'/. !3!2&Y PV>, 55?2
5>&<5>-75275*&<&5#&Y#1=75C-22&Y]
-<4-5+,4Y ] eNVUVf] #>7<= &H&#>-5+ >?<57C&< 5% <&>&5>-75 7* =>H -5 7?>%77< %C&5>?<& 7<+5-G>-75=]
c,]]%-==&<>>-75Y,-7>>&5-C&<=->Fd]
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7!.452!&!20:/.$!2!.! e::]NUViOMMf]==7#->-75*7<E:&<-&5>-2%?#>-75]
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=>-=*#>-75 5% :=F#,727+-#2 D&22i"&-5+X =>?%F 7* K&2% -5=><?#>7<= -5 D-2%&<5&== >,&<:F] c7#>7<2
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