Rags, Riches and Rye: Hobohemian Practice in Twentieth Century American Literature PDF Free Download

1 / 261
0 views261 pages

Rags, Riches and Rye: Hobohemian Practice in Twentieth Century American Literature PDF Free Download

Rags, Riches and Rye: Hobohemian Practice in Twentieth Century American Literature PDF free Download. Think more deeply and widely.

!!!
!
!
!
!
!
!
"#$%&'($)*!+,!-&%./.0!1&#+!
!
!
!
!
!
!
!
!"#$%&!'()*$&"+,&!-*.&
/010)*2'"+&34"(5'(*&'+&67*+5'*5)&8*+594-&:2*4'("+&;'5*4"594*&
!
!
!
!
!
!
2!/$((&').)$+#!(345$))&/!$#!6.')$.7!,37,$775&#)!!
+,!)8&!'&93$'&5&#)(!,+'!)8&!/&:'&&!+,!!
;+<)+'!+,!=8$7+(+68*!$#!>#:7$(8!
!
!
!
!
!
!
!
4*!
!
?&##$,&'!@A!B+'(4&':!
!
!
!
;'A!?3()$#!;A!C$,,+'/D;$((&').)$+#!2/%$(+'!
!
!
!
!
E.*0!FGHI!
!!!
!
!!
!
J&!'&<+55&#/!)8.)!)8&!/$((&').)$+#!
6'&6.'&/!3#/&'!+3'!(36&'%$($+#!4*!
!
<=>>?@=!&/A&@B!CD=!E&
!
>#)$)7&/!
!
!"#$%&!'()*$&"+,&!-*.&&
/010)*2'"+&34"(5'(*&'+&67*+5'*5)&8*+594-&:2*4'("+&;'5*4"594*&
!
4&!.<<&6)&/!$#!6.')$.7!,37,$775&#)!+,!)8&!!
'&93$'&5&#)(!,+'!)8&!/&:'&&!+,!
!
;KLMK1!KB!=@NOKPK=@Q!
!
!
!
?3()$#!;A!C$,,+'/0!=8;0!2/%$(+'!
!
!
2##!R&#$()+#0!=8;0!L+55$))&&!E&54&'!
!
!
?&#!@$770!=8;0!L+55$))&&!E&54&'!
!
!
;&##$(!;S+'T$#0!=8;0!L+55$))&&!E&54&'!
!
!
C'&).!/&!?+#:0!=8;0!C'./3.)&!P<8++7!1&6'&(&#).)$%&!
!
!
;.%$/!JA!U&80!=8A!;A0!;&.#0!C'./3.)&!P<8++7!
!
!!!E.*0!FGHI!
!
M@>!C12;"2M>!PL@KKO!
! ! $! !
2VPM12LM!
! M8$(!/$((&').)$+#!&W.5$#&(!8+4+!(*54+7$(5!$#!)8&!7$)&'.'*!S+'T(!+,!)8&!
25&'$<.#!S'$)&'(!?.<T!O+#/+#0!?+8#!P)&$#4&<T0!?.<T!R&'+3.<0!@3#)&'!PA!M8+56(+#!
.#/!L8.'7&(!V3T+S(T$A!N!.':3&!)8.)!)8&(&!.3)8+'(!3)$7$X&!)8&!(+<$.7!().)3(!+,!S+'T$#:Y
<7.((!$/&#)$)*!$#!)8&!)'.560!8+4+0!5$:'.#)0!+'!435!.(!.!#.''.)$%&!)&<8#$93&!.#/!
.&()8&)$<!5+/&7A!M8&(&!)S&#)$&)8Y<&#)3'*!S8$)&0!5.7&!S'$)&'(!<+#()'3<)!.#!
$/&+7+:$<.7!.#/!$#)&77&<)3.7!,.#).(*!+,!)8&!<37)3'.7!,'+#)$&'!4*!&#.<)$#:!&56+S&'&/!
5*)8+7+:$<.7!+'/&'(!+,!)8&!S+'T$#:!<7.((0!/&(6$)&!$)(!'&7&:.)$+#!)+!&<+#+5$<!
/$(6+((&(($+#!.#/!(+<$.7!5.':$#.7$X.)$+#A!N!<.77!.))&#)$+#!)+!<8.'.<)&'!)*6&(!(3<8!.(!
)8&!)'.560!8+4+0!5$:'.#)0!.#/!435!)+!$#%&()$:.)&!)8&!<$'<37.)$+#!+,!5*)8+7+:$&(!
.4+3)!(&7,Y5.T$#:0!$#/3()'$+3(#&((0!.#/!25&'$<.#!6'+:'&((!$#)+!)8&!)S&#)*Y,$'()!
<&#)3'*A!M8&!$#<73($+#!+,!)8&!8+4+!+'!+)8&'!S+'T$#:Y<7.((!,$:3'&(!$#!)8&!8+4+!
#.''.)$%&!$#<+'6+'.)&(0!.66'+6'$.)&(!.#/!+,)&#!<+Y+6)(!)8&(&!25&'$<.#!5*)8+7+:$&(!
)+!&W8$4$)!:&#&'.)$+#.7!.#/!<+3#)&'<37)3'.7!:.$#!,+'!S8$)&!5.(<37$#$)*A!!
! N#!<+56+($#:!8+4+!#.''.)$%&(0!O+#/+#0!P)&$#4&<T0!R&'+3.<0!M8+56(+#!.#/!
V3T+S(T$!<'&.)&!()'.)&:$<!<7.((!.((+<$.)$+#(!)8.)!'&#/&'!)8&!(+<$.7!.#/!5.)&'$.7!
6'&((3'&(!+,!<+#)&56+'.'*!25&'$<.#!$/&#)$)*!.4()'.<)!.#/!()*7$X&/!$#!.')A!M8&!8+4+!
#.''.)$%&!4&<+5&(!.!(*54+7$<!($)&!,+'!6+637.'!<37)3'&!.#/!6+7$)$<(!)+!'&Y%.73&!
S+'T$#:Y<7.((!$/&#)$)*!.(!.!6'+/3<)$%&!<37)3'.7!.66&.70!$#<73/$#:!43)!#+)!7$5$)&/!)+!
7$)&'.)3'&!.#/!)&7&%$($+#0!(3<8!.(!$#!E./!E&#A!M8&!8+4+!(*54+7$<!$#()$)3)&(!.!)&#($+#!
4&)S&&#!(+<$.7!().)3(!.#/!<'&.)$%&!&#)&'6'$(&!$#!S8.)!N!<.77!8+4+8&5$.#!6'.<)$<&0!.!
S'$)$#:!)&<8#$93&!)8.)!().:&(!S+'T$#:Y<7.((!.((+<$.)$+#(!,+'!)8&!6+((&(($+#!+,!.#!
! ! $$! !
25&'$<.#!5.(<37$#$)*A!M8$(!5.(<37$#$)*!#+)!+#7*!.$5(!,+'!8&:&5+#$<!().)3(0!43)!
%.73&(!$#/$%$/3.7$)*!.#/!(+<$+Y&<+#+5$<!7.)$)3/&!)8.)!<+#(+7$/.)&(!)8&!5.)&'$.7!
<+#/$)$+#(!+,!.#!&.'7$&'!:&#&'.)$+#A!M8&!<+#<&6)!+,!)8&!8+4+8&5$.#!8.(!'&(+3#/$#:!
&,,&<)(!+#!)8&!S.*!)8.)!5&#!<+#()'3<)!.3)8+'$)*!.(!S'$)&'(!$#!)8&!7$)&'.'*!
5.'T&)67.<&!.#/!.(!(.7&(5&#!+,!25&'$<.#!<37)3'&A!@+4+8&5$.#!6'.<)$<&!:3$/&(!5*!
&W.5$#.)$+#!+,!)8&!8+4+!#.''.)$%&!.(!$)!'&#/&'(!6+%&')*!.!%.73.47&!<'&.)$%&!
.((+<$.)$+#!'.)8&'!)8.#!.!(+<$+Y&<+#+5$<!<+#/$)$+#A!!
! P$#<&!)8&!8+4+!$(!4+)8!.!5.':$#.7!5&54&'!+,!)8&!S+'T$#:!<7.((!.#/!.!
<+#()'3<)&/!<37)3'.7!,.#).(*!+,!/+5$#.#<&0!)8&!8+4+!#.''.)$%&!4&<+5&(!.!($)&!,+'!
&W.5$#$#:!)8&!6'&((3'&(!+,!:&#/&'0!'.<&!.#/!<7.((A!N!<+#()'3<)!.#!$#)&'/$(<$67$#.'*!
,'.5&S+'T!.)!)8&!$#)&'(&<)$+#(!+,!J+'T$#:YL7.((!P)3/$&(0!25&'$<.#!P)3/$&(!.#/!
E.(<37$#$)*!P)3/$&(!)+!8$:87$:8)!)8&(&!(+<$.7!6'&((3'&(!.(!)8&*!$#,+'5!)8&!,+3#/.)$+#!
+,!)8&!8+4+!(*54+7!$#!'&.7$()!.#/!#.)3'.7$()!7$)&'.)3'&!.)!)8&!)3'#!+,!)8&!<&#)3'*A!
B'+5!)8$(!,+3#/.)$+#0!N!(T&)<8!.!7.':&'!#.''.)$%&!+,!<37)3'.7!<$'<37.)$+#!S8&'&!)8&!
.4+%&!.3)8+'(!/'.S!+#!)8&!5*)8+(!+,!)8&!8+4+!.#/!)8&!6+7$)$<(!+,!8+5&7&((#&((!)+!
5.'T&)!)8&!<37)3'.7!<.6$).7!+,!S8$)&!5.(<37$#$)*!)+!)8&!5$/Y)+Y7.)&!)S&#)$&)8!<&#)3'*!
$#)&77&<)3.7!5.'T&)67.<&A!!
!
!
!
!
! ! $$$! !
M2VO>!KB!LK-M>-MP!
!
?+540,9(5'0+.&F04G'+#H8I"$$&J9I5'KI'('5-&"+,&6)*&/010&>"44"5'L*MN&
! ?.<T!O+#/+#!.#/!)8&!@+4+!2(!2')$()Z[!
!;&,$#$#:!)8&!@+4+AAAH\!
! ! @$()+'$<!@+4+8&5$.!.#/!@+4+8&5$.#!O$)&'.'*!='.<)$<&AAA]G!
!N#)&'/$(<$67$#.'*!E&)8+/+7+:$&(AAA^F!
!P&77$#:!=+%&')*_!L8.6)&'!K%&'%$&SAAA`G!
8)"K5*4&B+*.&=+L'$'0+'+#&J01'I'5-.&<0)+&C5*'+1*(G&"+,&5)*&E"$0I'+*&
64"2KMOP&
&M8&!C.(+7$#&!M'.56!.(!=.((&#:&'ZI]!
!L'$)$<.7!1+./(!N#)+!J'.)8ZI[!
!!M8&!='+7&).'$.#!=.((&#:&'ZI\!
! ! >54+/$&/!=.((&#:&'(Za`!
!!1&<.()$#:!=.((&#:&'(Z[H!
! P)&$#4&<T!.(!C.(+7$#&!M'.56Z[I!
8)"K5*4&670.&E4"-&@I"++*I&C9'5$&"+,&Q=R'$5*+5'"I'$5&80$592*$S.&<"(G&T*409"(S$&
/010)*2'"+&C*IUH@"$)'0+'+#MVW&
&=&',+'5$#:!J+'T$#:!L7.((!;'.:AAAHGH!
!!!!M8&!@+4+b(!-&S!L7+)8&(_!R&'+3.<b(!266&.'.#<&(!K#!)8&!1+./ZHG[!
!!!!V$:!P3'!.#/!)8&!-.T&/#&((!+,!B.5&AAAHFH!
&
! ! $%! !
8)"K5*4&6)4**.&6)*&89I594"I&F04G&0U&/9+5*4&CA&6)02K$0+S$&C54"+#*&"+,&
6*44'1I*&C"#"$MNWX&
!@&77b(!2#:&7(!.#/!)8&!J+'T!+,!1&6'&(&#).)$+#ZH]`!
! ! M8+56(+#!.#/!M'.#(6.'&#<*ZH^\!
!O+.)8$#:!)8&!='+,&(($+#ZH``!
8)"K5*4&@094.&80220,'U-'+#&CG',&!07.&C*II'+#&8)"4I*$&D9G07$G'&"+,&/*+4-&
8)'+"$G'MNYY&
!1.:(0!1$<8&(!.#/!1*&ZHa]!
! ! >54+/*$#:!=+%&')*ZHa[!
! L.56.$:#$#:!,+'!K3)($/&'!+,!)8&!Q&.'ZH[^!
!!M8&!P3'673(!c.73&!+,!J+'T$#:YL7.((!N/&#)$)*ZH\]!
80+(I9$'0+.!Z840$$H809+54-&[4'L*$.&J",&J*+&"+,&5)*&/010&J-$5'\9*&0U&[0+&
[4"K*4]['(G&F)'52"+M^X^&
!B7.(84.<T!)+!)8&!@+4+!E*()$93&ZFG`! !
! B$#/$#:!)8&!C'&.)!25&'$<.#!@+4+ZFHH!
! @+4+8&5$.#!L.7$,+'#$.AAAFH\! !
D'1I'0#4"K)-M^^Y&
:KK*+,'RM^_W&
! L'&.)$%&!L+55+#(!2))'$43)$+#Y-+#L+55&'<$.7!FA`!23()'.7$.!!
! dLL!VQY-L!FA`!2"eZF^^
! ! H! !
?+540,9(5'0+.&F04G'+#H8I"$$&J9I5'KI'('5-&"+,&6)*&/010&>"44"5'L*&
! M8&!25&'$<.#!8+4+!$(!.!8$()+'$<.77*!5.':$#.7$X&/!5&54&'!+,!)8&!S+'T$#:!
<7.((!S8+!<+#%&*(!)8&!$/&+7+:$<.7!6'&((3'&(!+,!<$)$X&#(8$6!+#!)8&!7.4+'!+,!.47&Y
4+/$&/!5&#A!P)3/*!+,!)8&!8+4+!+,)&#!&W.5$#&(!)8&!8$()+'$<.7!6'&((3'&(!+#!.!8+4+!
4+/*!+,!T#+S7&/:&0!(3<8!.(!$#!)8&!$##+%.)$%&!S+'T!+,!@&.)8&'!M.67&*0!M$5+)8*!
L'&((S&770!+'!?+8#!O&##+#A!M8&(&!.3)8+'(!8$:87$:8)!8+S!&<+#+5$<0!&/3<.)$+#.7!.#/!
6+7$)$<.7!(+<$.7!$#()$)3)$+#(!'&$#,+'<&!8$&'.'<8$&(!+,!<7.((!)8'+3:8!)8&!5&/$.)$+#!+,!
'.<&!.#/!:&#/&'A!V3)!3#7$T&!)8&(&!()3/$&(0!N!,+<3(!+#!)8&!6'&((3'&(!)8&!8+4+f
(+<$.77*!.#/!(*54+7$<.77*f67.<&(!)S&#)$&)8Y<&#)3'*!&W6'&(($+#(!+,!'&($7$&#)!
5.(<37$#$)*!S$)8$#!25&'$<.#!7$)&'.)3'&!.#/!<37)3'&A!M8$(!/$((&').)$+#!<&#)&'(!
.#.7*($(!+#!.!#&)S+'T!+,!'.<$.7!.#/!:&#/&'&/!)&#($+#(!S$)8$#!)8&!S+'T$#:Y<7.((!
7$)&'.)3'&!+,!)8&!8+4+b(!(*54+7$<!()+'*0!S8.)!N!<.77!)8&!8+4+!#.''.)$%&A!M8$(!)*6&!+,!
#.''.)$%&!,&.)3'&(!)8&!).7&!+,!.#!+,)&#!,$'()Y6&'(+#!#.''.)$+#!+,!.!8+5&7&((!+'!3#/&'Y
<7.((!,$:3'&!S8+!)'.%&7(!,'+5!g+4!)+!g+4!.#/D+'!67.<&!)+!67.<&0!S8&)8&'!4*!'.$7!+'!4*!
'+./A!M8&(&!)S&#)$&)8Y<&#)3'*!#.''.)$%&(!5.6!.!#.)$+#.7$()!<37)3'&!+,!5.(<37$#$)*!.(!
/&,$#&/!.:.$#()!)8&!(+<$.7!/&%&7+65&#)!+,!S+'T$#:Y<7.((!,$:3'&(!'.#:$#:!,'+5!)8&!
)'.560!8+4+0!5$:'.#)0!.#/!435A!2(!.!6'+/3<)$%&!#.''.)$%&!,+'50!)8&!8+4+!#.''.)$%&!
&#7$()(!(+<$.7!<7.((Y4.(&/!)&#($+#(!)+!S.:&!<37)3'.7!<+#,7$<)(!4&)S&&#!&7$)&!.#/!
6+637.'!).()&A!N)!.7(+!5.#$637.)&(!:&#'&!<+#%&#)$+#(!7$T&!)8&!)'.%&7+:3&0!)8&!
.3)+4$+:'.68*!+'!5&5+$'0!)8&!#+#Y,$<)$+#!&)8#+:'.68*0!.#/!)8&!#+%&7!)+!5.T&!
()'.)&:$<!:.$#(!$#!)8&!7$)&'.'*!5.'T&)67.<&A!!
! ! F! !
! M8&!/&%&7+65&#)!+,!)8&!8+4+!#.''.)$%&!().')(!S$)8!)8&!$#)&'Y<&#)3'*!)'.56!
.3)+4$+:'.68$&(!+,!2Y-+A!H0!?+($.8!B7*#)0!+'!@.''*!R&56AH!2(!)&W)(!)8.)!S&'&!+,)&#!
(&7,Y6347$(8&/!.#/!6+637.'7*!<$'<37.)&/!4&)S&&#!'&./&'(!S$)8$#!/$()$#<)!(+<$.7!
<$'<7&(0!)8&!)'.56!.3)+4$+:'.68*!6'+%$/&(!.!,+3#/.)$+#!,'+5!S8$<8!)8&!8+4+!
#.''.)$%&!/&%&7+6(!.(!.!<+567&W!.#/!+,)&#!8*4'$/!7$)&'.'*!,+'5A!M8&!)'.56!
.3)+4$+:'.68*!+,!)8&!7.)&Y#$#&)&&#)8!.#/!&.'7*Y)S&#)$&)8!<&#)3'*!:.$#&/!
'&<+:#$)$+#!.(!.!:&#'&!+,!,7&W$47&!,$<)$+#.7!.3)+4$+:'.68*!)8.)!<+#,7.)&/!)8&!.3)8+'!
.#/!#.''.)+'!,+'!&)8#+:'.68$<!.#/!+,)&#!g+3'#.7$()$<!<'$)$93&(!+,!(+<$.7!<7.((A!K,)&#!
$#)&'&()&/!$#!().:$#:!(+<$.7!$#&93.7$)$&(!,+'!8$:87*Y5.(<37$#&!7$)&'.'*!%.7$/.)$+#(0!)8&!
)'.56!.3)+4$+:'.68*!$(!.!7$,&Y<&#)&'&/!6'+/3<)$+#!)8.)!'++)(!$)(&7,!$#!.#!&W6'&(($+#!
+,!5+4$7&!(&7,Y.::'.#/$X&5&#)!.T$#!)+!J.7)!J8$)5.#A!M8+3:8!$#,+'5&/!4*!)8&!()*7&!
.#/!)&<8#$93&!+,!)8&!)'.56!#.''.)$%&0!)8&!8+4+!#.''.)$%&!.((&')(!(*54+7$<!.<<+3#)(!
+,!'+./Y'&7.)&/!,'&&/+5(!)8.)!.'&!#+)!7$5$)&/!)+!,$'()Y6&'(+#!).7&(!+'!&)8#+:'.68$<!
63'6+(&0!43)!'.)8&'!(&7,Y<+#(<$+3(7*!<+Y+6)!)8&!'+5.#)$<!$5637(&!+,!$#)&'Y<&#)3'*!
&W6'&(($+#!&547&5.)$<!+,!)8&!)'.56!.3)+4$+:'.68*A!!
!N#!)8$(!S.*0!N!/&,$#&!)8&!8+4+!#.''.)$%&!.(!.!<+#,73&#<&!+,!'+./!()+'$&(!.#/!
)'.%&7!#.''.)$%&(!)8.)!/'.S!+#!)&<8#+7+:$<.7!.#/!&<+#+5$<!)'.#(,+'5.)$+#(!(6&<$,$<!
)+!)8&!)S&#)$&)8!<&#)3'*A!N#!+#&!$)&'.)$+#0!)8&!8+4+!#.''.)$%&!5.*!+,,&'!.!,$<)$+#.77*!
.3)+4$+:'.68$<.7!%+$<&!+,!'&($7$&#)!.#/!5.#$637.)$%&!(+<$.7!&W6&'$&#<&0!(3<8!.(!$#!
?.<T!V7.<Tb(!You!Can’t!Win!dH\FIeA!N#!.#+)8&'!$)&'.)$+#0!)8&!,+'5!5.*!&W$()!.(!.!
()'$<)7*!,$<)$+#.7!#.''.)$%&!)8.)!,&.)3'&(!8+4+(!+'!%.:.4+#/(!)8'+3:8!)8$'/Y6&'(+#!+'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
H!2Y-+A!H0!+'!O&+#!1.*!O$%$#:()+#b(&O$,&!.#/!2/%&#)3'&(!+,!2Y-+A!H_!25&'$<.h(!E+()!L&7&4'.)&/!M'.56!
dH\HGe0!?+($.8!B7*#)b(!(+<$+7+:$<.7!#.''.)$%&!M'.56$#:!J$)8!M'.56(!dH[\\e!.#/!@.''*!R&56b(!
M'.56$#:!+#!O$,&!dH\FFe!.'&!)'.56!.3)+4$+:'.68$&(!<+55+#7*!,&.)3'&/!$#!)8&!()3/*!+,!)8&!)'.56A!!
! ! ]! !
&W6&'$5&#).7!#.''.)$+#!.#/!,+'!6+7$)$<.7!<+55&#).'*0!(3<8!.(!$#!?+8#!;+(!=.((+(b(!
"APA2A!M'$7+:*!dH\]aeA!N#!4+)8!&W.567&(0!)8&!8+4+!#.''.)$%&!.((&')(!$)(&7,!.(!.!,7&W$47&!
,+'5!)8.)!5.6(!)8&!(+<$.7!.#/!)8&!(*54+7$<!,+'5(!+,!S+'T$#:Y<7.((!$/&#)$)*!
)8'+3:8+3)!)8&!)S&#)$&)8!<&#)3'*A!J8&)8&'!,+'!6&'(+#.7!/&%&7+65&#)!+'!6+7$)$<.7!
.<)$%$(50!)8&!8+4+!#.''.)$%&!&568.($X&(!(6.)$.7!5+4$7$)*!+%&'!(+<$.7!5+4$7$)*0!.#/!
,+'&:'+3#/(!).7&(!+,!'&($7$&#)!5.7&!,$:3'&(!7$T&!)8&!8+4+f43)!.7(+!)8&!)'.560!
5$:'.#)0!+'!435f4&<.3(&!)8&*!:'.#)!.))&#)$+#!)+!4+)8!)8&!&<+#+5$<!.#/!<37)3'.7!
6+%&')*!+,!25&'$<.A!M8+3:8!)8&!S+'T$#:Y<7.((!,$:3'&!,&.)3'&/!$#!)8&!8+4+!#.''.)$%&!
<8.#:&(!)8'+3:8+3)!)8&!<&#)3'*!.7+#:($/&!(+<$.7!6'&((3'&(!.#/!&<+#+5$<!&'.(0!N!'&7*!
+#!)8&!)&'5!8+4+!#.''.)$%&!)+!<+553#$<.)&!)8&!5+4$7$)*!+,!)8&!)'.560!8+4+0!
5$:'.#)0!+'!435!.#/!)8&$'!6'+47&5.)$<!$/&#)$)*0!S8$<8!8+4+!8$()+'$.#!M+//!
;&=.()$#+!.':3&(!$((3&(!i.!<'$($(!+,!8+5&!)8.)!S.(!.7S.*(!.7(+!+#&!+,!#.)$+#8++/!
.#/!<$)$X&#(8$60!'.<&!.#/!:&#/&'j!d;&=.()$#+!W$WeA!N#!)8$(!S.*0!)8&!8+4+!#.''.)$%&!
#&<&((.'$7*!().:&(!<+#<&'#(!+,!(+<$.7!<7.((!$#!+'/&'!)+!5&/$.)&!.#/D+'!.5&7$+'.)&!)8&!
(+<$.7!/+5$#.#<&!+,!5.(<37$#$)*A!;&(6$)&!)8&!8$()+'$<.7!,$:3'&0!)8&!8+4+!#.''.)$%&!
&7$<$)(!<+#<&'#(!+,!5.7&!7.4+'$#:!4+/$&(!.#/!)'.#($&#<&!S8$<8!$#()$)3)&!.!<37)3'&!+,!.!
#.)$+#.7!5.(<37$#$)*A!M8&(&!<8.#:$#:!,&.)3'&(!.#/!,$:3'&(!.'&!$56.<)&/!4*!#+)!+#7*!
6+()Y$#/3()'$.7!+'!6+()YB+'/$()!&<+#+5$<(0!43)!.7(+!4*!7.4+'!5.'T&)(!)8.)!:'+S!
)&<8#+7+:$<.77*!./%.#<&/!.#/!$#<'&.($#:7*!S8$)&Y<+77.'!$#!)8&!6+()S.'A!
!M8&!$/&+7+:$<.7!6'&((3'&(!+,!25&'$<.#!7.4+'!.#/!5.(<37$#$)*!.77+S!5&!)+!
'&./!)8&!,7&W$4$7$)*!+,!)8&!8+4+!#.''.)$%&!.(!.!'&,7&<)$+#!+,!()'.)&:$<!.#/!%+7$)$+#.7!
.<)$+#!4*!S8$)&0!5.7&!S'$)&'(!$#!)8&!)S&#)$&)8!<&#)3'*A!P$#<&!)8&!8+4+!#.''.)$%&!
! ! ^! !
<&7&4'.)&(!,+7T!,+'5(!+,!7.S!4&#/$#:!+'!4'&.T$#:0!$)!6'+%$/&(!.!'&($7$&#)!#.''.)$%&!
,+'5!)8.)!().:&(!)8&!+,)&#Y,.#).()$<!<37)3'.7!5*)8+(!+,!)8&!8+4+A!L+#)'.'*!)+!)8&!
36S.'/!5+4$7$)*!6'+5$(&/!4*!@+'.)$+!27:&'b(!#$#&)&&#)8Y<&#)3'*!'.:(Y)+Y'$<8&(!
#.''.)$%&(!)8.)!()'&((!6'+:'&((!.#/!8.'/!S+'T0!)8&!8+4+!#.''.)$%&!$(!$#%&()&/!$#!
)S&#)$&)8Y<&#)3'*!7.)&'.7!5+%&(!.<'+((!:&+:'.68$<!(6.<&!.#/!(+<$.7!<$'<7&(A!
M8&'&,+'&0!$#()&./!+,!<+#()'3<)$#:!.!#.''.)$%&!)8.)!$(!/&/$<.)&/!)+!)8&!S8+7&(+5&!
93.7$)$&(!+,!8.'/!S+'T0!)8&!8+4+!#.''.)$%&!<+553#$<.)&(!)8&!<.6$).7$()!&W67+$).)$+#!
+,!7.4+'!.#/!+,)&#!<+#()'3<)(!<+3#)&'<37)3'.7!+'!(34%&'($%&!.))$)3/&(!)8.)!4*6.((!)8&!
$/&+7+:$&(!+,!(+<$.7!6'+:'&((!$#!+'/&'!)+!.((&')!$#/$%$/3.7!.:&#<*A!M8$(!5&.#(!)8.)!
'.)8&'!)8.#!&W6'&((!)8&!(+<$.7!6.$#(!+,!<7.((!<7$54$#:0!)8&!8+4+!#.''.)$%&!8$:87$:8)(!
)8&!(*54+7$<!5+%&5&#)!4&)S&&#!<7.((!/$()$#<)$+#(!)+!.((&')!(+<$.7!,7&W$4$7$)*!.#/!
5.(<37$#&!'&($7$&#<*A!!
! M8$(!/&,$#$)$+#!.7(+!3#/&'(<+'&(!8+S!)8&!8+4+!#.''.)$%&!$(!6'+47&5.)$<0!
4&<.3(&!$)!$(!<+567$<$)!)+!.!(*()&5!+,!(+<$.7!$#&93.7$)*!)8.)!$/&#)$,$&(0!3)$7$X&(!.#/!
+,)&#!&W67+$)(!5$#+'$)*!:'+36(!,+'!)8&!:&#&'.)$+#!+,!6+S&'A!M8$(!$((3&(!.!8$:87*!
<+567&W!.#/!(+5&)$5&(!/$(<'$5$#.)+'*!'&7.)$+#(8$6!4&)S&&#!)8&!(+<$.7!.#/!)8&!
(*54+7$<!$#!S+'T$#:Y<7.((!$/&#)$)*A!K#!)8&!+#&!8.#/0!)8&!8+4+!#.''.)$%&!4&#&,$)(!
,'+5!.54$:3+3(!.#/!5.77&.47&!(+<$.7!<7.(($,$<.)$+#(!7$T&!)8&!)'.560!8+4+0!5$:'.#)0!
.#/!435!,'+5!.!6+($)$+#!+,!(&7&<)$%&!.<<&((!.#/!(6.)$.7!5+4$7$)*A!K#!)8&!+)8&'!8.#/0!
)8&!#.''.)$%&!,+'5!<8.77&#:&(!)8&!&7$)&!7$)&'.'*!5.'T&)67.<&!4*!&568.($X$#:!#+)!+#7*!
$)(!6+637.'!6'+/3<)$+#0!43)!.7(+!$)(!&((&#)$.7$X.)$+#!.#/!(34+'/$#.)$+#!+,!.!
5.':$#.7$X&/!S+'T$#:!<7.((A!N#!<+567$<.)&/!S.*(0!)8&!7.)&'.7!5+4$7$)*!+,!)8&!8+4+!
! ! `! !
#.''.)$%&!'&($)3.)&(!)8&!6'&((3'&(!+,!.!6'+/3<)$%&!25&'$<.#!$/&+7+:*!.#/!./%.#<&(!
/&5+<'.)$<!6.')$<$6.)$+#!$#!25&'$<.#!<37)3'&A!V3)!.)!)8&!(.5&!)$5&0!)8$(!.<)$+#!
<+#()'3<)(!.!8$:87*Y'&()'$<)&/!(6.<&!,+'!S8$)&0!5.(<37$#&!(&7,Y5.T$#:!)+!4&!&.'#&/!
)8'+3:8!.!6'$%$7&:&/!%$+7.)$+#!+,!.!6'+/3<)$%&!.#/!6'+:'&(($%&!S+'T!&)8$<A!2(!.!
7$)&'.'*!,+'50!)8&!8+4+!#.''.)$%&!/'.S(!+#!S+'T$#:Y<7.((!$/&#)$)*!)+!./%.#<&!.!
8$:87*!$#/$%$/3.7$X&/!43)!6+7$)$<.77*!%+7.)$7&!$#)&'(&<)$+#!+,!68$7+(+68$<.7!6+($)$+#(A!
M8&(&!(+<$.7!'&7.)$+#(8$6(!$#()$)3)&!#+)!+#7*!.!#.)$+#.7$X&/!,+'5!+,!5.(<37$#$)*0!43)!
+#&!)8.)!<.#!<7.$5!.3)8+'$)*!)8'+3:8!(&7,Y/$'&<)&/!'&(+3'<&,37!7$%$#:!.#/!$#)&77&<)3.7!
7.4+'AF!!!
! 2(!i)8&!,$'()!5.g+'!25&'$<.#!S'$)&'!)+!/&.7!S$)8!8+4+&(0j!N!+6&#!S$)8!)8&!
S+'T!+,!?.<T!O+#/+#!)+!$#.3:3'.)&!)8&!8+4+!#.''.)$%&!dM'.56!F`eA!O+#/+#b(!
&W67+'.)$+#!+,!)8&!7.)&Y#$#&)&&#)8!<&#)3'*!)'.56!.#/!&.'7*Y)S&#)$&)8!<&#)3'*!8+4+!
/&5.'<.)&(!#+)!+#7*!)8&!$56+').#<&!+,!()'.)&:$<!<7.((!.((+<$.)$+#(!$#!)8&!
<+#()'3<)$+#!+,!.!%$.47&!#.''.)$%&!,+'50!43)!)8&!7$)&'.'*!)'.#(,+'5.)$+#!,'+5!)'.56!
.3)+4$+:'.68$&(!)+!8+4+!#.''.)$%&(A!V*!)'.<$#:!)8&!/&%&7+65&#)!+,!O+#/+#b(!
)'.56$#:!,$<)$+#(!$#!8$(!3#6347$(8&/!M'.56!;$.'*!dH[\^e!)+!)8&!8+4+!)'.%&7(!+,!M8&!
1+./!dH\Gae0!N!6+($)$+#!O+#/+#b(!S+'T!.(!$#()$)3)$#:!)8&!8+4+!.(!.!6'+/3<)$%&!
7$)&'.'*!)'+6&A!O+#/+#b(!3(&!+,!8+4+!(*54+7$(5!$#,+'5(!25&'$<.#!<37)3'.7!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
F!M8&!'+./!#.''.)$%&!.7(+!<.6)3'&(!)8&!)'.%&7!+,!5&#!,'+5!)+S#!)+!)+S#!.#/!g+4!)+!g+4A!M8&!8+4+!
#.''.)$%&!<.#!4&!<+#($/&'&/!.!6.')!+,!)8&!7.':&'!'+./!#.''.)$%&0!43)!)8&*!/+!#+)!.7S.*(!<+&W$()A!
M8+3:8!)8&!'+./!#.''.)$%&!,$:3'&(!6'+5$#&#)7*!$#!)8&!,+77+S$#:!<8.6)&'(0!N!/+!#+)!3(&!$)!.(!.!
<7.(($,$<.)$+#!4&<.3(&!$)!&W<73/&(!+#&!5.g+'!,$:3'&!+,!5*!8+4+!.#.7*($(_!)8&!4350!S8+!.(!.!7.)&Y().:&!
8+4+0!$(!)$&/!)+!.!(6&<$,$<!7+<.)$+#A!N#()&./0!)8&!(*54+7$<!6+S&'!+,!)8&!'+./!<.#!4&!&#%$($+#&/!.(!.!
7+<.)$+#!S8&'&$#!(+<$.7!<7.((!4&<+5&(!.!7&:$47&!,+'5!+,!<37)3'.7!%.73&!)8.)!$(!5+4$7$X&/!)+!(6&<$,$<!
.$5(!S$)8$#!)8&!8+4+!#.''.)$%&A!!
! ! I! !
6'+/3<)$+#(!+,!5.(<37$#$)*!)8'+3:8+3)!)8&!<&#)3'*0!.(!N!(8+S!$#!)8&!<+5$#:!
<8.6)&'(A!
!O+#/+#b(!3#6347$(8&/!M'.56!;$.'*]!<+#).$#(!(T&)<8&(!+,!<$)$&(0!)'.%&7!'+3)&(0!
.#/!$#)&'.<)$+#(!S$)8!i)'.56(j!.#/!7.S5&#!S8$7&!5.'<8$#:!.#/!'.$7Y'$/$#:!,'+5!P.#!
B'.#<$(<+!)+!J.(8$#:)+#0!;ALA!S$)8!)8&!,$'()!/&).<85&#)!+,!R&77*b(!2'5*!$#!H[\^A!
R&77*b(!2'5*!S.(!6.')!+,!L+W&*b(!2'5*!+,!8+5&7&((!.#/D+'!3#&567+*&/!5&#!S8+!
5.'<8&/!+#!J.(8$#:)+#!.#/!/&5.#/&/!)+!4&!63)!)+!S+'T!/3'$#:!)8&!&<+#+5$<!
/&6'&(($+#!+,!)8&!H[\G(A!P&6.'.)&!,'+5!)8&!M'.56!2'5*!+,!(+7/$&'(!/$(67.<&/!.,)&'!
)8&!L$%$7!J.'0!O+#/+#b(!;$.'*!<+553#$<.)&(!)8&!&'.b(!8$:87*!5+4$7&!#&&/!,+'!S+'T!
)+!5&&)!4+)8!#.)$+#.7$()!.#/!5.(<37$#$#$()!$/&+7+:$&(A!O+#/+#b(!)'.%&7!.7+#:($/&!
R&77*b(!N#/3()'$.7!2'5*!<+#/3<)(!.!()3/*!+,!)'.56(!)8.)!#+)!+#7*!$/&#)$,$&(!8+S!)8&*!
5+%&!.#/!5+4$7$X&!)8&!(+<$.70!43)!.7(+!8+S!)8.)!5+4$7$)*!/&($:#.)&(!.!3#$93&!
<'&.)$%&!6+($)$+#!,+'!)8&!S'$)&'A!!
!M8&!;$.'*!,&.)3'&(!O+#/+#b(!()'3::7&(!S$)8!8$(!<+7/0!(+'&!,&&)!S8$7&!'&6+')$#:!
)8&!5+%&5&#)(!S$)8$#!.#/!4&)S&&#!)8&!2'5*b(!%.'$+3(!<.56(A!-&%&'!).T$#:!
5&54&'(8$6!$#!R&77*b(!2'5*0!O+#/+#!&W$()(!.(!.!S'$)&'!.7+#:!,+'!)8&!'$/&0!S8+!/'.S(!
+#!.!<+#%&#$&#)!)'.56$#:!.((+<$.)$+#!,+'!8$(!S'$))&#!S+'TA!N#!)8$(!S.*0!O+#/+#b(!
;$.'*!&().47$(8&(!)8&!($:#$,$<.#<&!4&)S&&#!.!S'$)&'b(!<'&.)$%&!&#)&'6'$(&!.#/!<7.((!
.((+<$.)$+#(0!(3::&()$#:!)8.)!8$(!.,,$7$.)$+#!S$)8!)8&!N#/3()'$.7!2'5*!$(!+#&!+,!
<'&.)$%&!<+#%&#$&#<&A!O+#/+#b(!6'+/3<)$%&!.#/!<'&.)$%&!/$().#<&!,'+5!)8&!(+<$.77*!
/&,$#&/!)'.56(!+,!)8&!N#/3()'$.7!2'5*!<.#!4&!(&&#!.,)&'!+#&!6.')$<37.'7*!8.'/!#$:8)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
]!O+#/+#b(!M'.56!;$.'*!S.(!#+)!6347$(8&/!3#)$7!H\a\!S8&#!1$<8.'/!>)37.$#!<+77&<)&/!)8&!
8.#/S'$))&#!#+)&(!$#!)8&!.'<8$%&(!+,!").8!P).)&!"#$%&'($)*A!
! ! a! !
#&.'!L8$<.:+A!O+#/+#!&W6'&((&(!8$(!&W8.3()$+#!S$)8!)8&!7$,&!+,!)8&!)'.56!.#/!7&.%&(!
)8&!/&).<85&#)0!&W67.$#$#:0!iJ&!S&#)!(366&'7&((!)+!4&/A!25!:+$#:!)+!6377!+3)!$#!)8&!
5+'#$#:A!N!<.#b)!().#/!().'%.)$+#j!dO+#/+#!M'.56!`^eA!V*!<.77$#:!.))&#)$+#!)+!)8&!
5.)&'$.7!'&.7$)$&(!+,!)8&!8+5&7&((!N#/3()'$.7!2'5*0!O+#/+#!3#S$))$#:7*!.//'&((&(!
8$(!+S#!)'.%&7$#:!,.#).(*!.(!.!S'$)&'!S8+!<.#!.,,+'/!)+!7&.%&A!N#!)8$(!S.*0!O+#/+#!
/&(<'$4&(!8$(!(&6.'.)$+#!,'+5!)8&!2'5*!4*!<7.$5$#:!8$:87*Y(&7&<)$%&!5+4$7$)*A!2,)&'!
7&.%$#:0!8&!8&./(!)+!L8$<.:+!)+!'&<&$%&!5.$7!.#/!5+#&*!.)!)8&!=+()!K,,$<&0!67.*(!
)+3'$()!.)!)8&!J+'7/b(!B.$'0!)8&#!)'.%&7(!)+!%$($)!8$(!23#)!E.'*!$#!#&.'4*!E$<8$:.#!
dM'.56!``Y`IeA!!
!O+#/+#b(!)'.%&7!.7+#:($/&!R&77*b(!2'5*!6'+%$/&(!8$5!)8&!7$%&/!&W6&'$&#<&!+,!
8+5&7&((!7$,&!,+'!8$(!;$.'*A!V3)!O+#/+#b(!.4$7$)*!)+!7&.%&!)8&!2'5*!.#/!63'(3&!+)8&'!
/&()$#.)$+#(!.#/!$#)&'&()(!(8+S(!8+S!)8&!)'.56!8.(!4&&#!'&#/&'&/!.!<37)3'.7!
(*54+7$(5!'.)8&'!)8.#!.!(+<$.7!&547&5!,+'!8$(!'&./&'(A!M8$(!7+<.)&(!.!()'.$#&/!
$#%&()5&#)!+#!O+#/+#b(!4&8.7,0!.#/!<8.77&#:&(!'&<&6)$+#!+,!8$(!6(&3/+Y)'.56!
.3)+4$+:'.68*!4*!'&#/&'$#:!)8&!;$.'*!.!,.$7&/!&)8#+:'.68$<!&W<3'($+#!S$)8!7$))7&!
.66&.7!)+!8$(!3(3.7!6347$(8&'(A^!!B$#/$#:!)8&!5.)&'$.7!<+#/$)$+#(!+,!8+5&7&((#&((!
$#(3,,&'.47&0!O+#/+#b(!M'.56!;$.'*!4&<+5&(!.!5+()7*Y,3)$7&!<'&.)$%&!&W&'<$(&!S$)8!
)8&!&W<&6)$+#!+,!)8&!(&<)$+#(!iL8.'.<)&'!P)3/$&(j!.#/!iN#<$/&#)(!k!2/%&#)3'&(0j!
S8$<8!6'+%$/&!)8&!,+3#/.)$+#!,+'!8$(!#&W)!6'+g&<)0!M8&!1+./A!O+#/+#b(!)'.#($)$+#!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
^!>)37.$#!'&6+')(!)8.)!O+#/+#f.!'&63).47&!.#/!S&77YT#+S#!S'$)&'f8./!)'+347&!67.<$#:!8$(!
)'.56$#:!,$<)$+#(!3#)$7!H\Ga_!iM8&!8+4+!S.(!#+)!.#!$#(6$'$#:!(34g&<)!,+'!)&&#.:&!:$'7(!.#/!<+,,&&Y
).47&!4++T(f)S+!+,!)8&!3#'&,3).47&!d($<e!)&W)(!,+'!5&.(3'$#:!.<<&6).47&!,$<)$+#!$#!)8&!7.()!*&.'(!+,!
)8&!#$#&)&&#)8!<&#)3'*j!dO+#/+#!M'.56!FHeA!N#!V+W<.'!=+7$)$<(0!8+S&%&'0!?+8#!O&##+#!#+)&(!)8.)!
O+#/+#b(!)'.56$#:!,$<)$+#(!S&'&!S'$))&#!(6&<$,$<.77*!)+!6.*!+,,!8$(!/&4)(0!8$(!8+4+!,+<3(!.!6'+,$).47&!
.#/!6+637.'!+#&!,+'!)8&!S&77YT#+S#!S'$)&'!d[aeA!
! ! [! !
,'+5!)8&!)'.56!)+!)8&!8+4+!7+<.)&(!)8&!25&'$<.#!8+4+!.(!<'&.)$%&!.7)&'#.)$%&!)+!)8&!
(+<$.7Y<+55$)5&#)(!+,!)8&!)'.56!.3)+4$+:'.68*A!N)!.7(+!&568.($X&(!.#!$#)&'Y
<&#)3'*!)'.#($)$+#!,'+5!.#!&<+#+5$<!,+<3(!+,!/$(6+((&((&/!S+'T$#:Y<7.((!,$:3'&(!
)+S.'/!.!7.':&7*!(*54+7$<!.#/!(&7,Y5.T$#:!<37)3'.7!<$'<37.)$+#A!!
!
?2LR!OK-;K-!2-;!M@>!@KVKY2PY21MNPM!
!O+#/+#b(!M8&!1+./!$(!.!,+3#/.)$+#.7!)&W)!+,!)8&!8+4+!#.''.)$%&!.#/!8$:87$:8)(!
)8&!6'+/3<)$%&!3(&!+,!)8&!8+4+b(!<37)3'.7!5*)8+(A!M8&!1+./!<&7&4'.)&(!.!8$:87*!
5.(<37$#&!5+4$7$)*!)8.)!(&7,Y5.T&(!.<'+((!)8&!"#$)&/!P).)&(!S8$7&!($537).#&+3(7*!
6'+/3<$#:!.!8+SY)+Y:3$/&4++T!,+'!.!8+4+!(34<37)3'&!)8.)!/&).$7(!8+4+!(6&&<80!(+<$.7!
8$&'.'<8*0!(&<'&)!<+/&(!.#/!4+W<.'!6'+)+<+7A!"#7$T&!)8&!&)8#+:'.68$<!.$5(!+,!
O+#/+#b(!M'.56!;$.'*0!O+#/+#!3(&(!M8&!1+./!)+!()'&((!)8&!$56'+%$(.)$+#.7!(6.)$.7!
5+%&5&#)!+,!8+4+!5+4$7$)*0!S8$<8!&.'#(!6'+/3<)$%&!().)3(!)8+3:8!(34%&'($%&!.#/!
+,)&#!<'$5$#.7!6+($)$+#$#:A!N#!)8$(!S.*0!O+#/+#!&#%$($+#(!)8&!8+4+!.(!.!<37)3'.7!
,$:3'&!S8+!<.#!+,,&'!8$5!)8&!:'+3#/(!,'+5!S8$<8!)+!&W67+'&!)8&!4+3#/.'$&(!+,!
,$<)$+#!.#/!#+#Y,$<)$+#0!473''$#:!)8&!&W6&'$&#<&(!+,!#.''.)+'!.#/!.3)8+'!8&!S.(!
3#.47&!)+!<+55.#/!.7+#:($/&!R&77*b(!2'5*A!M+!5.'T!)8$(!/$()$#<)!<.'&&'!5+%&0!
&/$)+'!1$<8.'/!>)37.$#!(3::&()(!)8.)!O+#/+#b(!i8+4+&(!68$7+(+68$X&0!(6&.T!$#!
/$.7&<)0!.#/!(6$#!*.'#(0j!.!#.''.)$%&!93.7$)*!)8.)!N!<+##&<)!)+!)8&!7.#:3.:&!.<3$)*!
S8$<8!O+#/+#!5./&!8$(!6'+,&(($+#!dO+#/+#!M'.56!FFeA!O+#/+#b(!<+#()'3<)$+#!+,!.!
i6&'(3.($%&!8+4+!,$:3'&j!.66&.7(!)+!6347$(8&'(!.#/!6+637.'!.3/$&#<&(!)8.)!S&'&!
'&73<).#)!)+!&#)&').$#!)8&!)'.56!.3)+4$+:'.68*!,+'!$)(!(+<$.7!<'$)$93&!dO+#/+#!
! ! \! !
M'.56!FFeA!M8&'&,+'&0!M8&!1+./!7+<.)&(!)8&!8+4+!.(!.!6'+/3<)$%&!$/&#)$)*!S8+(&!
(*54+7$(5!&56+S&'(!#.''.)$%&!<'&.)$%$)*!$#!7$#&!S$)8!)'+34./+3'(!.#/!)'.%&7$#:!
6+&)(0!'.)8&'!)8.#!,.<)$+#(!+,!.!/$(6+((&((&/!N#/3()'$.7!2'5*A!M8&!8+4+!.7(+!
6'+%$/&(!O+#/+#!)8&!.4$7$)*!)+!5.#$637.)&!'&.7$()!.#/!#.)3'.7$()!7$)&'.'*!
&W6&<).)$+#(!.#/!./37.)&!6&',+'5.)$%&!.#/!67.*,37!&6$(+/&(!+,!3#/&'<7.((!$/&#)$)*!
)+!.66'+6'$.)&!(*54+7$<!$/&#)$)$&(!'.)8&'!)8.#!(+<$.7!+#&(A!
!O+#/+#b(!M8&!1+./!6+($)$+#(!)8&!8+4+!.(!.!6'+/3<)$%&!$/&#)$)*!.#.7+:+3(!)+!
)8&!<'&.)$%&!6+)&#)$.7!+,!25&'$<.#!7$)&'.)3'&A!M8$(!$(!&().47$(8&/!4*!.!6&'(+#Y)+Y
6&'(+#!&W<8.#:&!4&)S&&#!O+#/+#!.#/!8$(!'&./&'!$#!)8&!,$'()!<8.6)&'!iL+#,&(($+#0j!
S8$<8!&W67.$#(!S8.)!)8&!8+4+!53()!/+!)+!(3'%$%&A!V&,+'&!T#+<T$#:!.)!)8&!4.<T!/++'!
+,!.!S+5.#b(!8+3(&!$#!1&#+0!O+#/+#!)&77(!)8&!'&./&'_!
B+'!T#+S!)8.)!36+#!8$(!.4$7$)*!)+!)&77!.!:++/!()+'*!/&6&#/(!)8&!(3<<&((!+,!)8&!
4&::.'A!B$'()!+,!.770!.#/!+#!)8&!$#().#)0!)8&!4&::.'!53()!l($X&!36b!8$(!%$<)$5A!
2,)&'!)8.)0!8&!53()!)&77!.!()+'*!)8.)!S$77!.66&.7!)+!)8&!6&<37$.'!6&'(+#.7$)*!.#/!
)&56&'.5&#)!+,!)8.)!6.')$<37.'!%$<)$5A!dO+#/+#!1+./!Ie!
!
2))&#)$%&!)+!8$(!.3/$&#<&0!O+#/+#b(!4&::.'!(3667$&(!.!()+'*!)8.)!'&(6+#/(!)+!)8&!
/&5.#/(!+,!)8&!($)3.)$+#A!247&!)+!S$&7/!<'&.)$%&!<+#)'+7!+,!)8&!7.#:3.:&!&W<8.#:&0!
)8&!8+4+!/'.S(!+#!)8&!(*56.)8$&(!+,!6++'!,.5$7$&(!.#/!7+#&7*!S+5&#!S8+!.#(S&'!
)8&!/++'A!M8+3:8!.!)'.#($&#)!.#/!3#/&'<7.((!,$:3'&!)8.)!53()!'&7*!+#!)8&!8.#/+3)(!+,!
+)8&'(0!)8&!8+4+!5.T&(!7.#:3.:&!.!6&',+'5.)$%&!'&(+3'<&!)8.)!(&<3'&(!,++/!+'!
4+.'/A!J$)8!)8$(!$#)&'.<)$+#0!O+#/+#!8$:87$:8)(!.!<&#)'.7!)&#&)!+,!8+4+!(3'%$%.70!)8.)!
im)n8&!(3<<&((,37!8+4+!53()!4&!.#!.')$()j!d1+./!IeA!O+#/+#b(!)&W)!&568.($X&(!)8.)!.!
6&'(3.($%&!8+4+!,$:3'&!$(!.47&!)+!5.#$637.)&!)8&!(&%&'$)*!+,!8$(!5.)&'$.7!<+#/$)$+#(!
)8'+3:8!()+'*!)&77$#:0!.!%&'4.7!<.6.<$)*!,+'!#.''.)$%&!<+#()'3<)$+#A!!
! ! HG! !
!V*!&#%$($+#$#:!)8&!8+4+!.(!.#!.')$()0!O+#/+#!(3::&()(!)8.)!5.)&'$.7!
(3()&#.#<&!<.#!4&!&.'#&/!)8'+3:8!.!#.''.)$%&!6&',+'5.#<&!+,!.#!3#/&'<7.((!
$/&#)$)*A!M8$(0!4*!/&,.37)0!5&.#(!)8.)!)8&!<'&.)$%&!93.7$)*!+,!)8&!8+4+!:3.'.#)&&(!
(3'%$%.7A!M8$(!<'&.)$%$)*!&568.($X&(!.!5.(<37$#&!'&($7$&#<*!)8.)!'&#/&'(!)8&!8+4+b(!
7$#:3$()$<!l%$<)$5$X.)$+#b!+,!+)8&'(!.!<+#Y.')$()Y7$T&!&W<8.#:&!+,!(3667*!.#/!/&5.#/A!
='&/$<.)&/!+#!)8&!.4$7$)*!)+!$/&#)$,*!.#!.3/$&#<&!.#/!'&#/&'!.#!.66'+6'$.)&!()+'*0!
O+#/+#b(!8+4+Y.(Y.')$()!<&7&4'.)&(!)8&!%&'4.7!'&(+3'<&,37#&((!+,!)8&!8+4+A!M8$(0!$#!
)3'#0!()'&((&(!)8&!'&,7&W$%$)*!+,!S8$)&!5.(<37$#$)*!.(!$)!$(!.47&!)+!<+55.#/!<+#)'+7!+,!
#+)!+#7*!$#)&'6&'(+#.7!($)3.)$+#(0!43)!<37)3'.7!$#()$)3)$+#(!)8.)!$#<73/&!O+#/+#b(!
S+'T!.(!.!S'$)&'!S8+!'&6'&(&#)(!)8&!S+'T$#:!<7.((A!B3')8&'5+'&0!)8&!8+4+!#.''.)$%&!
.77+S(!O+#/+#!)+!6&',+'5!.!(6&<$,$<!<7.((!6+($)$+#!.#/!&W$()!.(!i.!,73$/!(+')!+,!
+':.#$(5j!d1+./!a]eA!P$#<&!O+#/+#!$(!.47&!)+!)&77!.!()+'*!,+'!(3'%$%.7!.#/!)3'#!)8.)!
()+'*!$#)+!<37)3'.7!.<<7.$50!8&!()'&((&(!)8&!8+4+Y.(Y.')$()!.(!.!'&($7$&#)!#.''.)$%&!
.4$7$)*!)+!i,$)!$#!l5+()!.#*S8&'&bj!d1+./!a]eA!!
!N!,+<3(!+#!O+#/+#b(!<+#<&6)!+,!)8&!8+4+Y.(Y.')$()!)+!'&7.*!8+S!%&'4.7!
()+'*)&77$#:!,'+5!S+'T$#:Y<7.((!.#/D+'!8+5&7&((!6+($)$+#(!<.#!().:&!.!5.(<37$#&!
'&($7$&#<*!)8.)!'&(37)(!#+)!+#7*!$#!(3<<&((,37!(3'%$%.70!43)!.!/+5$#.#)!6+($)$+#!)8.)!
$#()$)3)&(!.!%$<)$5Y6+($)$+#!)8'+3:8!$#)&'.<)$+#A!O+#/+#b(!<+##&<)$+#!+,!%&'4.7!
.4$7$)*!)+!.#!3#/&'<7.((!6+($)$+#(!$#%&()(!<'&.)$%&!6+)&#)$.7!$#!)8&!'&(+3'<&,37#&((!+,!
)8&!8+4+b(!(+<$+Y&<+#+5$<!<+#/$)$+#A!N#!5.#*!S.*(0!)8&!8+4+Y.(Y.')$()!
<+553#$<.)&(!.#!.7)&'#.)&!7.4+'!(*()&5!)8.)!7&)(!O+#/+#!93&77!.#W$&)$&(!+%&'!8$(!
5$//7&Y<7.((!$#)&77&<)3.7!7.4+'A!2(!.#!.')$()!)8.)!<.#!)&77!.!()+'*!)8.)!.66&.7(!)+!
! ! HH! !
+)8&'(0!O+#/+#b(!8+4+!,+':&(!#.''.)$%&!<+#)'+7!)+!(.)$(,*!8$(!5.)&'$.7!#&&/(0!S8$7&!.)!
)8&!(.5&!)$5&!'&,3($#:!)'./$)$+#.7!#+)$+#(!+,!S+'T!)8'+3:8!()+'*!)&77$#:A!M+!)8$(!
&,,&<)0!O+#/+#!3(&(!)8&!8+4+!.(!.!'&(+3'<&!,+'!8$(!+S#!$#)&77&<)3.7!7.4+'!.(!.#!
25&'$<.#!S'$)&'0!<7.$5$#:_!iN!8.%&!+,)&#!)8+3:8)!)8.)!)+!)8$(!)'.$#$#:!+,!5*!)'.56!
/.*(!$(!/3&!53<8!+,!5*!(3<<&((!.(!.!()+'*YS'$)&'j!d1+./!IeA!N#!/+$#:!(+0!O+#/+#b(!
M8&!1+./!,+':&(!.!6'+/3<)$%&!'&7.)$+#(8$6!4&)S&&#!)8&!6'&(&#).)$+#!+,!.#!
3#/&'<7.((!6+($)$+#!.#/!8$(!6'+7$,$<!<'&.)$%$)*A!!
!M8'+3:8+3)!M8&!1+./!O+#/+#!&().47$(8&(!8$5(&7,!.(!.!(&7,Y6'+<7.$5&/!
i&<+#+5$<!5.()&'!+,!<$%$7$X.)$+#0j!S8+(&!8+4+!.,,$7$.)$+#(!.#/!$/&#)$,$<.)$+#(!<.#!
<7.$5!.3)8+'$.7!/+5$#.#<&!.#/!<'&.)$%&!.6)$)3/&!d1+./!^FeA!M8'+3:8!)8$(!i$#$)$.)$%&!
.#/!&#)&'6'$(&0j!O+#/+#!<+#()'3<)(!)8&!8+4+Y.(Y.')$()!.(!.!#.''.)$%&!6&',+'5&'!.47&!
)+!'&5&/*!(+<$.7!6'&((3'&(!+,!<7.((!4*!$((3$#:!.!<37)3'.7!%+<.437.'*!)+!.!7$)&'.'*!
.3/$&#<&!dO+#/+#!1+./!^FeA!M8&!8+4+b(!(+<$+Y&<+#+5$<!<+#/$)$+#!$(!#&%&'!5+'&!
)8.#!.!(34()'3<)3'&!,+'!O+#/+#b(!<.6.<$)*!)+!<+#()'3<)!.!<'&.)$%&!$#,'.()'3<)3'&!.(!
.#!.')$()A!B+'!$#().#<&0!S8&#!(&'%$#:!.!]GY/.*!g.$7!(&#)&#<&!,+'!%.:'.#<*!$#!-$.:.'.!
B.77(0!O+#/+#!3#/&'(<+'&(!8$(!(&#)&#<&!.(!.#!+66+')3#$)*!)+!:.)8&'!5+'&!5.)&'$.7!
+#!8+4+!7$,&0!43)!5+'&!&W67$<$)7*!8$:87$:8)(!8$(!.4$7$)*!)+!5.$#).$#!8$(!8+4+Y.(Y.')$()!
().)3(!dO+#/+#!1+./!^GeA!J8$7&!$#!g.$70!O+#/+#!<+#)'.<)(!8$(!S'$)$#:!(T$77(!)+!8$(!
$77$)&'.)&!<&775.)&(!dO+#/+#!1+./!^^eA!J'$)$#:!7+%&Y7&))&'(!,+'!8$(!,&77+S!<&775.)&(0!
O+#/+#!6'$/&(!8$5(&7,!+#!#+)!+#7*!)8&!5+#&).'*!$#<&#)$%&!8&!&.'#(!,+'!8$(!S+'/(0!
43)!)8&!'&)3'#Y7&))&'(!)8.)!6'.$(&!8$(!S+'/(!.#/!).7&#)_!i(8&!S.(!$#!7+%&0!#+)!S$)8!
8$50!43)!S$)8!)8&!83547&!(<'$4&A!N!'&6&.)0!)8+(&!7&))&'(!S&'&!:'&.)j!d1+./!^^eA!E+()!
! ! HF! !
$56+').#)7*0!)8&!&6$(+/&(!$#!M8&!1+./!()'&((!)8.)!O+#/+#b(!8+4+Y.(Y.')$()!<.#!S$&7/!
.!#.''.)$%&!.3)8+'$)*!)8'+3:8!$56'+%$(.)$+#.7!.#/!$#)&'6&'(+#.7!%&'4.7!.4$7$)*A!N#!
.//$)$+#0!O+#/+#b(!6&',+'5.#<&(!<.77!.))&#)$+#!)+!)8&!S.*(!)8.)!)8&!8+4+Y.(Y.')$()!
&.'#(!:'&.)&'!:.$#!4*!63))$#:!)8$(!%&'4.7!.4$7$)*!$#)+!S'$)$#:!,+'!.#!.3/$&#<&!)+!
<+#(35&A!!
! N#!O.4+'b(!M&W)!dFGGHe0!J+'T$#:YL7.((!P)3/$&(!(<8+7.'!.#/!7$)&'.'*!<'$)$<!
O.3'.!@.6T&!&W67.$#(!8+S!.!i#&S!(3'&#&((!+,!)+#&!m$(n!4+'#!+,!)8&!.3)8+'$)*!+,!)8&!
%.:.4+#/0j!5.T$#:!i7.#:3.:&Z)8&!&W6&'$&#<&!$)(&7,j!dH\HeA!@.6T&b(!+4(&'%.)$+#!
(8&/(!7$:8)!+#!O+#/+#b(!8+4+Y.(Y.')$()0!.<T#+S7&/:$#:!)8&!.4$7$)*!)+!<+55.#/!.!
(&#(&!+,!<37)3'.7!<+#)'+7!)8'+3:8!#.''.)$%&(!)8.)!:.$#!.3)8&#)$<$)*!4.(&/!+#!
3#/&'<7.((!.((+<$.)$+#(A!V*!)&77$#:!()+'$&(!.#/!5.T$#:!%&'4.7!.66&.7(0!)8&!8+4+Y.(Y
.')$()!&().47$(8&(!8$5(&7,!.(!.!<37)3'.77*!<+#)'+77$#:!,$:3'&!.47&!)+!3(&!,7&W$47&!
#.''.)$%&!)&<8#$93&(!)+!<$'<35%&#)!(+<$+Y&<+#+5$<!&W6&<).)$+#(!,+'!5&#A!2(!.!
'&,$#&/!()+'*)&77&'0!)8&!8+4+Y.(Y.')$()!/'.S(!+#!)8&!&<+#+5$<!<+#/$)$+#!+,!)8&!8+4+!
S8$7&!()'&(($#:!.!6'$%$7&:&/!<'&.)$%&!<.6.<$)*!)+!'&#/&'!8+4+!(*54+7(!.(!.!
i6'+7&).'$.#!)'+34./+3'!S8+!m<.#n!.7S.*(!:&)!4*j!d@.6T&!H\HeA!J8&#!'&./!)8'+3:8!
)8&(&!<+#)&W)(0!)8&!8+4+Y.(Y.')$()!4&<+5&(!)8&!5+)+'!4*!S8$<8!)8&!8+4+!#.''.)$%&!$(!
/'$%&#A!M8&!8+4+Y.(Y.')$()b(!<.'&,37!.#/!()'.)&:$<!#.''.)$+#!+,!3#/&'<7.((!6+($)$+#(!
4&<+5&(!.!6'+/3<)$%&!7$)&'.'*!)&<8#$93&!,+'!O+#/+#A!M8&!1+./!&W6'&((&(!/$()$#<)!
(*54+7$<!$#%&()5&#)(!$#!.#!3#/&'<7.((!.((+<$.)$+#!7$T&!)8&!8+4+!4&<.3(&!8&!<.#!4&!
'&#/&'&/!$#)+!.!<'&.)$%&!+66+')3#$)*A!M8$(!+66+')3#$)*!.77+S(!O+#/+#!)+!&W6'&((!
! ! H]! !
5.(<37$#&!'&($7$&#<*0!(+5&)8$#:!)8.)!)8&!M'.56!;$.'*!<+37/!#+)!+,,&'!8$5!$#!)8&!
7$)&'.'*!5.'T&)67.<&A!!
! M8&!8+4+!#.''.)$%&!6'&(&#)(!.!<+567$<.)&/!#&)S+'T!+,!)&#($+#(!'&:.'/$#:!
'&6'&(&#).)$+#!+,!)8&!S+'T$#:!<7.((!$#!25&'$<.#!7$)&'.)3'&A!B+'!&W.567&0!O+#/+#b(!
M8&!1+./!$/&#)$,$&(!S+'T$#:Y<7.((!$/&#)$)*!#+)!(+!53<8!.(!.!(+<$+Y&<+#+5$<!
6+($)$+#0!.(!.!<37)3'.77*!%.73&/!(*54+7!+,!<'&.)$%&!<.6.<$)*A!V*!)'.<$#:!)8&!S.*(!)8.)!
O+#/+#!<$'<37.)&(!)8&!8+4+Y.(Y.')$()!.(!.!,$:3'&!+,!<'&.)$%&!6+)&#)$.7!$#!25&'$<.#!
7$)&'.)3'&!.#/!<37)3'&0!N!<8.77&#:&!.'&.(!+,!7$)&'.'*!()3/*!)8.)!7$5$)!S+'T$#:Y<7.((!
7$)&'.)3'&!)+!.3)8&#)$<!.#/D+'!'&.7$()!&W6'&(($+#(!+,!S+'T$#:Y<7.((!7$,&A!2(!M8&!1+./!
6'+%&(0!)8&!8+4+Y.(Y.')$()!,3#<)$+#(!,'+5!.#!$#)'$<.)&!(+<$.7!.#/!<37)3'.7!$/&#)$)*A!
M8&!8+4+Y.(Y.')$()!#+)!+#7*!<.6$).7$X&(!+#!&((&#)$.7$X&/!+'!.3)8&#)$<!S+'T$#:Y<7.((!
&W6&<).)$+#(0!43)!.7(+!.66'+6'$.)&(!)8&5!$#!()*7$()$<!S.*(!)8'+3:8!#.''.)$%&A!M8$(!
7&.%&(!O+#/+#!.#/!+)8&'!.3)8+'(!+,!)8&!8+4+!#.''.)$%&!$#!.!(6.<&!+,!6'+47&5.)$<!
'&6'&(&#).)$+#A!K#!)8&!+#&!8.#/0!O+#/+#!'&6'&(&#)(!(+5&!'&.7$()$<!/&).$7(!+,!)8&!
(+<$.7!$((3&(!+,!6+%&')*0!8+5&7&((#&((!.#/!<7.((!$#&93.7$)*!$#!8$(!)$5&A!K#!)8&!+)8&'!
8.#/0!)8&!(+<$.7!$((3&(!O+#/+#!'&<+%&'(!$#!8$(!)&W)!.'&!63)!)+!(*54+7$<!3(&!)+!
&().47$(8!.!8$:87*!$#/$%$/3.7$()$<!.#/!(&7,Y(&'%$#:!7$)&'.'*!<.'&&'A!M8&(&!)&#($+#(!
+%&'!S+'T$#:Y<7.((!'&6'&(&#).)$+#!.77+S!5&!)+!63'(3&!8+S!S8$)&!5.7&!S'$)&'(!)8.)!
,.(8$+#!)8&!8+4+!#.''.)$%&!$#%&()!)8&5(&7%&(!$#!)8&!8+4+Y.(Y.')$()b(!6'+/3<)$%&!.#/!
<'&.)$%&!<8.'.<)&'!.(!6'++,!+,!.!<37)3'.7!5+4$7$)*!)8.)!$(!.47&!)+!<'+((!<7.((!7$#&(!)+!
<+55.#/!(+<$.7!%.73&A!M8$(!(3::&()(!)8.)!)8&!8+4+!#.''.)$%&!#+)!+#7*!(&77(!6+%&')*0!
43)!.7(+!3#<+%&'(!.#/!<.6$).7$X&(!+#!)8&!6+637.'!.66&.7!+,!(+<$.7Y<7.((!<'+(($#:!$#!
! ! H^! !
)8&!25&'$<.#!<37)3'.7!5.'T&)67.<&0!$#()$)3)$#:!.#!$##+%.)$%&!67.<&!)+!&W.5$#&!8+S!
)8&!8+4+!8.(!$#,73&#<&/!<37)3'.7!<$'<37.)$+#(!$#!)8&!)S&#)$&)8!<&#)3'*A!!
!O+#/+#b(!.))&#)$%&#&((!)+!<37)3'.7!.#/!5*)8+7+:$<.7!<$'<37.)$+#!$(!$#)&:'.7!)+!
)8$(!/$((&').)$+#0!.#/!$(!+,!6'$5.'*!<+#<&'#!)+!E.'T!P$56(+#!.#/!?+#.)8.#!
23&'4.<8b(!()3/$&(!+#!O+#/+#A!B+'!&W.567&0!$#!M'.,,$<T$#:!P34g&<)(!dFGG`e0!P$56(+#!
(3::&()(!)8.)!O+#/+#b(!i.3)8+'$.7!6&'(+#.!mS.(n!/&%$(&/!)+!/+<35&#)!*&)!.7(+!
<.6$).7$X&!+#!)8&!<'$($(!$#!7.4+'!'&7.)$+#(j!dHHGeA!V*!$#<+'6+'.)$#:!)8&!:.$#(!+,!)8&!
8+4+Y.(Y.')$()0!P$56(+#!/&7$#&.)&(!O+#/+#b(!()'.)&:$<!'&6'&(&#).)$+#(!+,!)8&!)'.56!
.#/!8+4+!.(!+66+')3#$()$<!<37)3'.7!.66&.7(!,'+5!S$)8$#!)8&!(+<$.7!.#/!&<+#+5$<!
6+7$)$<(!+,!)8&!)$5&A!V*!&#%$($+#$#:!O+#/+#!.(!i.#!.:&#)!+,!)8&!<37)3'&!$#/3()'*0j!
P$56(+#!8$:87$:8)(!)8.)!)8&!/$()'$43)$+#!+,!S+'T$#:Y<7.((!(*54+7(!<+#()'3<)!
6'+/3<)$%&!,+'5(!+,!<37)3'.7!T#+S7&/:&0!(+<$.7!'&<+:#$)$+#0!.#/!7$)&'.'*!<+553#$)*!
dHFIeA!P$56(+#b(!()3/*!&%./&(!'$:$/!<7.$5(!+,!O+#/+#b(!.3)8&#)$<$)*!)+!6'+5+)&!
<37)3'.7!,7+S(!$#!O+#/+#b(!S+'T0!,+'!S8$<8!N!$#<73/&!$#!(*54+7$<!'&6'&(&#).)$+#!+,!
)8&!8+4+!.#/!)8&!&#)&'6'$($#:!,+'5!+,!)8&!8+4+!#.''.)$%&A!M8&(&!(*54+7$<!
5.#$637.)$+#(!.'&!.7(+!<7&.'!.'&.(!+,!$#)&'&()!$#!E.7&!L.77_!V&<+5$#:!?.<T!O+#/+#!
dH\\Ie0!S8&'&!23&'4.<8!<+#($/&'(!i)8&!S'$)&'b(!)'$3568!+%&'!6+%&')*j!+#&!)8.)!$(!
i<37)3'.7!.(!53<8!.(!&<+#+5$<j!dHeA!23&'4.<8b(!(+68$()$<.)&/!<.)&:+'$X.)$+#!+,!
O+#/+#!.(!)&77$#:!.!i%&'*!6&'(+#.7!6.'.47&j!+,!(+<$+Y&<+#+5$<!)'$3568!
.<T#+S7&/:&(!)8.)!)8&!3(&!+,!.!'&($7$&#)!3#/&'Y<7.((!+'!S+'T$#:Y<7.((!,$:3'&!7$T&!)8&!
8+4+!&.'#(!O+#/+#!6&'(+#.7!.#/!6'+,&(($+#.7!.<<7.$5A!23&'4.<8!6'$+'$)$X&(!)8&!
S.*(!)8.)!O+#/+#b(!,$<)$+#.7!<+#)&#)!$(!+%&'S'+3:8)!S$)8!i:&))$#:!$#)+!6'$#)0j!.#/!
! ! H`! !
&568.($X&(!8+S!,$:3'&(!7$T&!)8&!8+4+!.77+S!O+#/+#!)+!&#)&'!)8&!7$)&'.'*!
5.'T&)67.<&!)8'+3:8!i(*54+7$<!<.6$).7m0n!5.((!5.'T&)$#:0!m.#/n!(&7,Y6'+5+)$+#j!dFeA!
V*!&93.)$#:!O+#/+#b(!#.5&!.#/!<.'&&'!S$)8!./%&#)3'&(!)8.)!<+37/!/&).$7!i)8&!%&'*!
6+%&')*!+,!8$(!4&:$##$#:(0j!23&'4.<8!$#($:8),377*!<8.'.<)&'$X&(!O+#/+#!.(!.S.'&!
)8.)!i.#!.4(&#<&!+,!<37)3'.7!<.6$).7!<+37/!$)(&7,!4&!<+#%&')&/!$#)+!(*54+7$<!<+$#j!dFeA!
M8$(!6'+<&((!+,!(*54+7$<!)'.#(,+'5.)$+#!(6&.T(!)+!)8&!3(&!+,!3#/&'<7.((0!
$56+%&'$(8&/!+'!8+5&7&((!,$:3'&(!7$T&!)8&!)'.56!+'!8+4+0!S8+5!O+#/+#!'&#/&'(!
$#)+!<37)3'.7!<.6$).7!)8'+3:8!.!5.#$637.)$+#!+,!'&($7$&#)!5.(<37$#$)*A`!V*!&#%$($+#$#:!
6+%&')*!.(!.!(*54+7$<!.#/!<'&.)$%&!+66+')3#$)*!,+'!(3<<&((0!O+#/+#b(!%&'4.7!:.$#(!.(!
.!8+4+Y.(Y.')$()!$#()$)3)&(!6'+,&(($+#.7!.#/!S'$)&'7*!:.$#(!)8'+3:8!)8&!8+4+!
#.''.)$%&A!
!M8&!8+4+!#.''.)$%&b(!'&7$.#<&!+#!S+'T$#:Y<7.((!,$:3'&(!,+'!'&($7$&#<*!<.#!4&!
4&()!&W67.$#&/!4*!S8.)!M8+5.(!-&S8+3(&!<.77(!)8&!i8+4+!5*()$93&j!$#!M8&!V&.)!
C&#&'.)$+#!.#/!)8&!=+637.'!-+%&7!$#!)8&!"#$)&/!P).)&(!H\^`YH\aG!dFGGGeA!
-&S8+3(&b(!<+#<&6)!(3::&()(!)8.)!)8&!(*54+7$<!5.#$637.)$+#!+,!)8&!8+4+!$(!,+3#/&/!
4*!,$:3'&(!7$T&!O+#/+#0!S8+!<+#()'3<)&/!()*7$()$<!.66&.7(!)+!5.(<37$#&!$#:&#3$)*!+#!
)8&!'+./A!-&S8+3(&!&W67.$#(_!
M8&!8+4+!5*()$93&!S.(!.(!<+#)$#3+3(!.!7$#&!.(!4+8&5$.#$(50!mZn!M8&!
.'<8&)*6&!,+'!$)!5.*!4&!,+3#/!$#!#.''.)$%&(!4*!S'$)&'(!(3<8!.(!?$5!M377*!.#/!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
`!N#!;$()$#<)$+#!dH\[Ie0!=$&''&!V+3'/$&3!/&,$#&(!,+3'!)*6&(!+,!<.6$).7_!&<+#+5$<0!(+<$.70!<37)3'.7!.#/!
(*54+7$<A!M8&!8+4+!#.''.)$%&!$(!6'&/$<.)&/!+#!)8&!&W8$4$)$+#!+,!(+<$.7!<.6$).7f+'!.#!.,,$7$.)$+#!S$)8!.!
<+553#$)*fS8$<8!<'&.)&(!().)3(!)8'+3:8!:'+36!5&54&'(8$6A!@+S&%&'0!.(!S'$)&'(!&#.<)$#:!)8$(!
(+<$.7!'+7&0!)8&!.3)8+'(!<+%&'&/!$#!)8$(!/$((&').)$+#!7.*!<7.$5!)+!<37)3'.7!<.6$).7!)8.)!.<<3537.)&(!
&<+#+5$<0!(+<$.7!.#/!(*54+7$<!<.6$).7A!B+'!V+3'/$&30!(*54+7$<!<.6$).7!$(!)8&!)'.#(,+'5.)$+#!+,!+)8&'!
,+'5(!+,!<.6$).7!$#)+!7&:$)$5.)&/!,+'5(!)8.)!6+((&((!:'&.)&'!4&.'$#:!+#!)8&!6+637.)$+#!.(!.!S8+7&!d.(!
+66+(&/!)+!<37)3'.7!<.6$).7!/&6&#/&#)!36+#!.<<&((0!.S.'&#&((!.#/!3#/&'().#/$#:eA!23&'4.<8b(!
'&,&'&#<&(!)+!5.((!6347$<.)$+#!.#/!5.((!5.'T&)$#:!,3#<)$+#!$#!)8&!'&.75!+,!)8&!(*54+7$<A!
! ! HI! !
?.<T!O+#/+#Y).7&(!+,!)+3:8!%.:.4+#/(!S$)8!.!8+()$7$)*!)+!)8&!4+3':&+$(!%.73&(!
+,!S+'T!.#/!,.5$7*0!S8+!).T&!)+!)8&!'+./!.#/!<37)$%.)&!.!5.#7*!()+$<$(5!.(!
8.'/Y4+$7&/!.#/!&5+)$+#.77*!<+#)'+77&/!.(!.#*!@&5$#:S.*!8&'+A!dHIe!!
!
M8&!8+4+!5*()$93&!$/&#)$,$&(!.!5.(<37$#&!6+)&#)$.7$)*!$#!)8&!8+4+!.)!)8&!)3'#!+,!)8&!
<&#)3'*A!M8&!8+4+!$(!(&&#!.(!#+)!+#7*!.!'&(+3'<&,37!.')$()0!43)!.(!.!,$:3'&!)8.)!$(!
<8.'.<)&'$X&/!4*!8$(!$#(34+'/$#.)$+#!)+!.#/!&%.($+#!+,!)8&!(+<$.7!6'&((3'&(!+,!
5+/&'#!7$,&A!M8&!<+#<&6)!+,!)8&!8+4+!5*()$93&!$((3&(!.!/$()$#<)!/&,$#$)$+#!+,!
S+'T$#:Y<7.((!$/&#)$)*!S$)8$#!)8$(!/$((&').)$+#0!(6&<$,$<.77*!.(!$)!.66&.7(!)+!5$/Y)+Y
7.)&!)S&#)$&)8Y<&#)3'*!6+637.'!7$)&'.)3'&!.#/!)8&!'&6&.)&/!(*54+7$<!.66'+6'$.)$+#!
+,!)'.56(0!8+4+(0!5$:'.#)(!.#/!435(A!M8&!8+4+!5*()$93&!<+553#$<.)&(!)8&!
(*54+7$<!.#/!<37)3'.7!<$'<37.)$+#!+,!.!8+4+!+'!S+'T$#:Y<7.((!5*)8+7+:*!'.)8&'!)8.#!
(+<$+Y&<+#+5$<!<7.(($,$<.)$+#(!+,!6+%&')*A!M8$(!<+#<&6)!.77+S(!5&!)+!(3::&()!)8.)!)8&!
8+4+!#.''.)$%&!$(!$#%&()&/!$#!)8&!8+4+Y.(Y.')$()!)+!<+#()'3<)!(34%&'($%&!<37)3'.7!
6'+/3<)$+#(!4.(&/!+#!.!8$:87*Y5.(<37$#&!5*()$93&0!#+)!)8&!'&.7!+'!7$%&/!,.<&)(!+,!
3#/&'<7.((!$/&#)$)*A!!
! 2(!-&S8+3(&!6+$#)(!+3)0!)8&!8+4+!5*()$93&!$#<+'6+'.)&(!<7.((Y4.(&/!
5.(<37$#&!.))'$43)&(!(&&#!$#!)&W)(!7$T&!O+#/+#b(!M8&!1+./0!.#/!&#7$()(!.#!.4$7$)*!)+!
l.7S.*(!:&)!4*b!)+!(34(&93&#)!:&#&'.)$+#(!)8.)!/'.S!+#!)8&!8$:87*!(*54+7$<!
'&6'&(&#).)$+#(!+,!)8&!8+4+A!N#!)8$(!S.*0!)8&!8+4+!#.''.)$%&!$(!.!6+637.'!,+'5!)8.)!
'&#/&'(!)8&!<37)3'.7!6+S&'!+,!)8&!8+4+!5*()$93&!)+!./%.#<&!)S&#)$&)8Y<&#)3'*!
7$)&'.'*!&#/&.%+'(A!M8&!8+4+!5*()$93&!<$'<37.)&(!)8&!5.(<37$#&!'&($7$&#<*!.#/!
(6.)$.7!5+4$7$)*!+,!)8&!8+4+!)+!6+637.'!.3/$&#<&(0!S8+!$/&#)$,*!)8&!8$:87*!'&:$+#.7!
! ! Ha! !
$/&#)$)*!+,!)8&!8+4+!.#/!.((+<$.)&!$)!S$)8!)8&!S+'T!+,!O+#/+#!.#/!M377*AI!M8$(!
6+637.'!'&./&'(8$6!)8'+3:8+3)!)8&!)S&#)$&)8!<&#)3'*!.<T#+S7&/:&(!#+)!+#7*!8+S!
)8&!8+4+!#.''.)$%&!3(&(!)8&!8+4+Y.(Y.')$()!.#/!8+4+!5*()$93&!)+!().:&!5.(<37$#&!
/+5$#.#<&!.#/!5.':$#.7$)*!,+'!<37)3'.7!6+S&'!)8'+3:8+3)!)8&!<&#)3'*0!43)!.7(+!8+S!
)8&!8+4+!4&<+5&(!.!(*54+7!+,!S8$)&!5.(<37$#&!,.#).(*!4+)8!)$&/!)+!.#/!
/$(<+##&<)&/!,'+5!)8&!,'+#)$&'A!!
! !2(!.!,+'5!)8.)!<&7&4'.)&(!$#(34+'/$#.)&!.#/!'++)7&((!5.(<37$#$)*0!)8&!
)S&#)$&)8Y<&#)3'*!8+4+!#.''.)$%&!&93.)&(!(&7,Y5./&!.3)+#+5*!S$)8!.#!
$56'+%$(.)$+#.7!5+4$7$)*!.<'+((!)8&!"#$)&/!P).)&(0!43)!5+()!(6&<$,$<.77*!$#!L.7$,+'#$.A!
M8$(!#&S!5.#$,&().)$+#!+,!/&()$#*!$#!)8&!)S&#)$&)8!<&#)3'*!5.T&(!$)!$56&'.)$%&!)+!
%$&S!)8&!)S&#)$&)8Y<&#)3'*!8+4+!#+)!.(!.!(+<$.7!%$<)$5!+'!5.)&'$.7!4+/*0!43)!'.)8&'!
.(!.!<37)3'.7!,.#).(*!S8+(&!(*54+7$<!+'/&'!8.(!)$&(!)+!)8&!,'+#)$&'A!2(!1$<8.'/!
P7+)T$#!.':3&(!$#!C3#,$:8)&'!-.)$+#!dH\\ae0!)8&!,'+#)$&'!53()!4&!'&./!.(!8.%$#:!
)'.#(,+'5&/!,'+5!.!:&+:'.68$<.7!(6.<&!)+!.#!$/&+7+:$<.7!+#&0!.!6'+<&((!/&).$7&/!$#!
6.')!$#!8+4+!#.''.)$%&(!d^eA!M8&'&,+'&0!'&./$#:!)8&!S+'T$#:Y<7.((!$/&#)$)$&(!+,!)8&!
)'.560!8+4+0!5$:'.#)0!.#/!435!$#!)8&(&!'&:$+#.7!#.''.)$%&(!$(!#+)!#&<&((.'$7*!
'&6'&(&#).)$%&!+,!(+<$.7!<+#/$)$+#(!+'!(*56)+5(!+,!.#!&<+#+5$<!)$5&0!43)!.'&!
$#()&./!<+Y+6)&/!(*54+7(!)8.)!<+#,$'5!S8$)&!5.(<37$#&!'&($7$&#<*!.(!.!#.)$+#.7$()!
$/&+7+:*A!M8$(!<+''&7.)&(!)+!7$)&'.'*!<'$)$<!>'$#!1+*()+#!V.)).)!6&'(6&<)$%&!)8.)!
)S&#)$&)8Y<&#)3'*!7$)&'.)3'&!&#%$($+#(!8+4+(0!S8&)8&'!i%37#&'.47&j!+'!i%+7$)$+#.7j!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I!L8.6)&'!)8'&&!+,!O&##+#b(!V+W<.'!=+7$)$<(!<+#()'3<)(!.!<+56&77$#:!#.''.)$%&!'&:.'/$#:!)8&!<'&.)$%&!
/$,,&'&#<&(!4&)S&&#!O+#/+#!.#/!M377*A!2(!.!*+3#:!()'3::7$#:!S'$)&'0!M377*!$/+7$X&/!O+#/+#!43)!,&7)!
)8.)!8&!8./!37)$5.)&7*!(+7/!+3)A!M377*b(!S+'T0!$#<73/$#:!V&::.'(!+,!O$,&!dH\F^e0!.$5&/!)+!)&77!)8&!i'&.7j!
8+4+!&W6&'$&#<&0!)8+3:8!$)!$(!8&.%$7*!,+<3(&/!+#!)8&!<+#()'3<)$+#!+,!.#!.3)8+'$.7!6+($)$+#!+,!6+S&'!)+!
&.'#!<'$)$<.7!.<<7.$5!$#!)8&!6347$(8$#:!S+'7/A!!
! ! H[! !
.(!i<37)3'.7!)*6&(!'.)8&'!)8.#!(+<$.7!'&.7$)$&(j!dHaeA!2(!<37)3'.7!)*6&(0!)8&!8+4+!8.(!
6'+7$,&'.)&/!6+6!<37)3'&!.#/!4&&#!'&#/&'&/!$#)+!.!S+'T$#:Y<7.((!,$:3'&!+,!.:&#)$.7!
6'+5$(&A!@$(!$/&#)$,$<.)$+#!$(!S'+3:8)!S$)8!<8.#:$#:!$/&+7+:$<.7!().)&(!+,!)S&#)$&)8!
<&#)3'*!25&'$<.0!8$(!&W$()&#<&!(&'%$#:!#&S!:&#&'.)$+#(!+,!'&./&'(!.#/!%$&S&'(!S8+!!
.$5!)+!i6'&(&'%&!)8&!8+4+b(!'3::&/!.#/!,'&&S8&&7$#:!(6'$)!.(!.!(+3'<&!+,!#+().7:$<!
$#(6$'.)$+#j!d;&=.()$#+!Ha^eA!!B+'!)8&(&!'&.(+#(0!N!/+!#+)!/&,$#&!)8&!8+4+!.(!.!%$<)$5!
+,!(+<$.7!.#/!&<+#+5$<!<8.#:&!S8+(&!5+4$7$)*!$(!,+'<&/!.#/!+%&'/&)&'5$#&/A!
N#()&./0!)8$(!()3/*!,+<3(&(!+#!)8&!8+4+!.(!.!'&($7$&#)!<8.'.<)&'!)*6&!S8+(&!(*54+7$<!
/&,$#$)$+#!6'+%$/&(!25&'$<.#!<37)3'&!6'+/3<)$%&!.#/!<'&.)$%&!&6$(+/&(!+,!5.(<37$#&!
(&7,Y5.T$#:A!!
!N#!.//$)$+#!)+!O+#/+#0!N!'&./!)8&(&!)&#($+#(!$#!)8&!S+'T(!+,!?+8#!P)&$#4&<T0!
?.<T!R&'+3.<0!@3#)&'!PA!M8+56(+#!.#/!L8.'7&(!V3T+S(T$!)+!$/&#)$,*!8+S!)8&!8+4+!
.#/!+)8&'!S+'T$#:Y<7.((!$/&#)$)$&(!7$T&!)8&!)'.560!5$:'.#)0!.#/!435!<8.77&#:&!)8&!
(+<$.7!+'/&'!.#/!<.6$).7$()!/&:'./.)$+#!+,!)8&$'!/$,,&'&#)!)$5&(A!N!.5!6.')$<37.'7*!
$#)&'&()&/!$#!)8&!8+4+!#.''.)$%&!+,!)8&!5$/Y)+Y7.)&!)S&#)$&)8Y<&#)3'*0!S8$<8!,'+5!
O+#/+#b(!7&./0!$#()$)3)&(!(6.)$.7!5+4$7$)*!.#/!%&'4.7!.')$()'*!)+!6'+%+T&!(+<$.7!
6'&(<'$6)$+#(!+,!5.(<37$#$)*A!V*!)8&!5$/Y<&#)3'*0!)8&!(*54+7$<!.66&.7(!+,!)8&!'+./!
.#/!'.$7!<+#()'3<)!5+'&!%$($47&!(+<$.7!/$(.%+S.7(!)8.)!$((3&!5.(<37$#&!.7)&'#.)$%&(!)+!
.!6'+(6&'+3(!4'&./S$##$#:!7+:$<A!Q&)0!$'+#$<.77*0!4*!<+#()'3<)$#:!<+3#)&'<37)3'.7!+'!
(34%&'($%&!.,,$7$.)$+#(!S$)8!)8&!8+4+0!)8&!5$/Y<&#)3'*!#.''.)$%&!+,)&#!'&Y$#()$)3)&(!
)8&!%&'*!$/&+7+:$<.7!6'&((3'&(!)8.)!'&#/&'!)8&!(+<$.7!()'3::7&(!+,!6+%&')*!.#/!<7.((!
.(!$#%$($47&A!M8&(&!.3)8+'(0!)8&#0!'&Y$((3&!S+'T$#:Y<7.((!&W67+$).)$+#!)8'+3:8!)8&!
! ! H\! !
<+#()'3<)$+#!+,!.#!&7$)&!#&S!<7.((!+,!$#)&77&<)3.7!S+'/(5$)8(!'.#:$#:!,'+5!)8&!
;&6'&(($+#!)+!6+()S.'!6'+(6&'$)*!.#/!5.((Y5.'T&)&/!7.)&Y<.6$).7$()!)$5&(A!M8&(&!
)S&#)$&)8Y<&#)3'*!S8$)&0!5.7&!S'$)&'(!3(&!)8&!(*54+7$<!.66&.7!+,!S+'T$#:Y<7.((!
,$:3'&(!7$T&!)8&!)'.560!8+4+0!5$:'.#)0!.#/!435!)+!<+#()'3<)!.#!$/&+7+:$<.7!.#/!
$#)&77&<)3.7!,.#).(*!+,!)8&!<37)3'.7!,'+#)$&'!4*!&#.<)$#:!&56+S&'&/!5*)8+7+:$<.7!
+'/&'(!+,!<+#)'+7!/&(6$)&!&<+#+5$<!/$(6+((&(($+#!+'!(+<$.7!5.':$#.7$X.)$+#A!!
!
;>BN-N-C!M@>!@KVK!!!
! M+!&W.5$#&!)8&!(*54+7$<!)'.#(,+'5.)$+#!+,!)8&!8+4+!N!53()!,$'()!&W.5$#&!)8&!
(+<$.7!,+'<&(!)8.)!/&,$#&!8$5A!M+!/+!(+0!N!'&7*!+#!,+'5&'!8+4+!-&7(!2#/&'(+#0!S8+(&!
,+3#/.)$+#.7!(+<$+7+:$<.7!()3/*!$(!.))&#)$%&!)+!)8&!8+4+b(!<37)3'.7!.66&.7!$#!M8&!
@+4+_!M8&!P+<$+7+:*!+,!)8&!@+5&7&((!E.#!dH\F]o!H\IHeAa!O$T&!?.<T!O+#/+#0!
2#/&'(+#!(T&)<8&(!)8&!8+4+b(!4&:$##$#:(!.:.$#()!)8&!N#/3()'$.7!2'5*!+,!iC&#&'.7j!
?.<+4!PA!L+W&*0!S8+!5.'<8&/!i.#!.::'&:.)&!+,!3#&567+*&/!5&#!mZn!)+!)8&!#.)$+#b(!
<.6$).7!)+!.(T!)8&!6'&($/&#)!.#/!L+#:'&((!)+!7.3#<8!.!6'+:'.5!+,!6347$<!S+'T(j!$#!
E.'<8!H[\^!dHFaeA!2#/&'(+#b(!$#)&'&()!$#!)8&!N#/3()'$.7!2'5*!3#/&'(<+'&(!.!
8$()+'$<.7!(&6.'.)$+#!,'+5!)8&!6+()Y4&7735!M'.56!2'5*!+,!/$(67.<&/!(+7/$&'(!$#!)8&!
5$/Y#$#&)&&#)8!<&#)3'*A!N)!.7(+!./%.#<&(!.!(6&<$,$<.77*!)3'#Y+,Y)8&Y<&#)3'*!<+#)&W)!
,+'!S+'T!.#/!5+4$7$)*!<+#<3''&#)!)+!)8&!<7+(&!+,!)8&!,'+#)$&'A!2#/&'(+#b(!
&W.5$#.)$+#!.<T#+S7&/:&(!#+)!+#7*!)8&!$56+').#<&!,+'!5.7&0!6'+/3<)$%&!7.4+'!.(!.!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
a!2#/&'(+#!S.(!.#!&.'7*!()3/&#)!+,!1$<8.'/!=.'Tb(!L8$<.:+!P<8++7!+,!P+<$+7+:*A!!
! ! FG! !
<$)$X&#!4&8.%$+'0!43)!.7(+!)8&!&<+#+5$<!<+#)&W)(!)8.)!<+55.#/!)8&!)'.56!.#/!
8+4+b(!5+4$7$)*!.(!6+7$)$<.77*!'&6'&(&#).)$%&A!!
! "#7$T&!O+#/+#b(!3(&!+,!)8&!)&'5!)'.56!)+!/&(<'$4&!)8&!N#/3()'$.7!2'5*0!
2#/&'(+#!/&,$#&(!)8&!S.*(!)8.)!)8&!N#/3()'$.7!2'5*!$(!<+56'$(&/!+,!8+4+(!(&.'<8$#:!
,+'!S+'TA!V*!<+#($/&'$#:!)8&!8+4+!.!i#+5./!6'+7&).'$.)0j!2#/&'(+#!&568.($X&(!)8.)!
)8&!8+4+!$(!i.!)'.#($&#)!S+'T&'!S$)8+3)!.!6'+:'.5j!d2#/&'(+#![o!I^eA!M8+3:8!)8&!
N#/3()'$.7!2'5*!./8&'&/!)+!(+5&!(&547.#<&!+,!6'+:'.5f+':.#$X&/!.#/!3#$,$&/!4*!
L+W&*!.#/!R&77&*f$)!$(!37)$5.)&7*!S$)8+3)!.#!&<+#+5$<!6'+:'.5!)8.)!'&./$7*!
&567+*(!+'!6.*(A!M8$(!7.<T!+,!6'+:'.5!.77+S(!2#/&'(+#!)+!<+553#$<.)&!)8&!8+4+b(!
'&%+73)$+#.'*!6+)&#)$.7!)8'+3:8!)8&!,+'5!+,!%&'4.7!.#/!68*($<.7!/&5.#/(0!.#/!
$#)$5.)&(!8+S!)8&!8+4+!4&<+5&(!.!(*54+7!,+'!<37)3'.7!6'+/3<)$+#A!B+'!&W.567&0!$#!
.//$)$+#!)+!)&W)(!7$T&!M8&!1+./0!)8&!8+4+!4&<+5&(!.!<&#)'.7!(*54+7!)+!)8&!6+7$)$<.7!
<.56.$:#(!+,!)8&!N#/3()'$.7!J+'T&'(!+,!)8&!J+'7/!dNJJe0!S8$<8!,&.)3'&!)8&!
iJ+447$&(b!5*)8$<!8+4+j!)+!.77+<.)&!)8&!6+S&'!+,!.!i6'+7&).'$.#!<+3#)&'<37)3'&j!
dV.)).)!H[eA!N#!)8&(&!S.*(0!2#/&'(+#b(!3#/&'().#/$#:!+,!)8&!8+4+Y/'$%&#!N#/3()'$.7!
2'5*!$/&#)$,$&(!)8&!(+<$.7!.#/!(*54+7$<!8+4+!.(!4+)8!.!/&5.#/$#:!<$)$X&#!.#/!.!
5+4$7$X&/!)8'&.)!.:.$#()!)8&!(*()&5A!!
! "#7$T&!)8&!M'.56!2'5*!)8.)!8./!4&&#!i(<.'$#:j!25&'$<.!($#<&!g3()!.,)&'!)8&!
L$%$7!J.'0!2#/&'(+#!$/&#)$,$&(!)8&!N#/3()'$.7!2'5*!+,!8+4+(!.(!.!5+4$7$X&/!7.4+'!
,+'<&!S$)8$#!)8&!&<+#+5$<!/&6'&(($+#A!M8$(!/$()$#<)$+#!$(!$56+').#)!($#<&!)8&!)'.56!
S.(!3#7$T&!)8&!8+4+0!/&,$#&/!.(!i.#!.47&Y4+/$&/!$#/$%$/3.7!S8+!8.(!)8&!'+5.#)$<!
6.(($+#!)+!(&&!)8&!<+3#)'*!.#/!:.$#!#&S!&W6&'$&#<&!S$)8+3)!S+'Tj!d2#/&'(+#!I^eA!
! ! FH! !
B+'!2#/&'(+#0!)8&!)'.56!$(!.!,$:3'&!)8.)!&%./&(!<$)$X&#!'&(6+#($4$7$)$&(!.#/!/&#$&(!
)8&!6'$+'$)$X.)$+#!+,!.!='+)&().#)!S+'T!&)8$<A!M8&(&!93.7$)$&(!.'&!'.)8&'!<+#)'.'*!)+!
)8&!N#/3()'$.7!2'5*b(!.$5(A!M8&!)'.56!./%.#<&(!)8&!'&(+3'<&,37#&((!+,!
$#)&'6&'(+#.7!<+553#$<.)$+#(!.#/!5.#$637.)$+#0!.((&')$#:!8$(!().)3(!.(!i.!(6&<$.7$()!
.)!l:&))$#:!4*bj!d2#/&'(+#!IIeA!!J$)8$#!)8$(!<+#)&W)0!$)!$(!<7&.'!)8.)!O+#/+#b(!3(&!+,!
)8&!)&'5!)'.56!$#!8$(!M'.56!;$.'*!$(!6'+47&5.)$<A!N)(!S8+7&(.7&!3(&!$#!M8&!1+./!
<7&.'7*!<+#()'3<)(!)8&!8+4+Y.(Y.')$()!.(!.!)'.56!,$:3'&0!#+)!.!8+4+!(&.'<8$#:!,+'!
S+'TA!Q&)0!/&(6$)&!)8$(!$#)&'<8.#:&.47&!3(&0!O+#/+#b(!$#%&()5&#)!$#!7.4&7$#:!8$(!
,$:3'&!.(!.!8+4+!$(!.!6'+%+<.)$%&!.%&#3&!S8$<8!)8$(!/$((&').)$+#!,$#/(!.)!.(!<&#)'.7!
,+<3(_!J8.)!/+&(!)8&!8+4+!(*54+7!6'+%$/&!.#/!S8*p!@+Sp!M+!,$#/!.#(S&'(0!N!7++T!
)+!2#/&'(+#b(!(+<$.7!/&,$#$)$+#(!+,!)8&!8+4+!.#/!8$:87$:8)!#+)!+#7*!)8&!)'.#($)$+#.7Y
#.)3'&!+,!O+#/+#b(!8+4+!#.''.)$%&0!43)!'&<+3#)!$#)&'#.7!/&4.)&(!+%&'!<7.(($,*$#:!
(+<$.7!:'+36(!.#/!/&,$#$#:!:'+36!5&54&'(8$6!$#!&.'7*Y)S&#)$&)8!<&#)3'*!25&'$<.A!
! 2#/&'(+#b(!3(&!+,!)8&!N#/3()'$.7!2'5*!.(!)8&!'++)!+,!8+4+!<37)3'&!
/&5+#()'.)&(!.#!$##.)&!/$,,$<37)*!$#!&().47$(8$#:!<7&.'!/$()$#<)$+#(!4&)S&&#!)'.56(!
.#/!8+4+(A!B+'!$#().#<&0!S8&#!)8&!N#/3()'$.7!2'5*!)'.%&7&/!)8&!<+3#)'*!)+!
/&5+#()'.)&!)8&$'!#&&/!,+'!S+'T0!)8&$'!5+4$7$)*!.#/!3#&567+*5&#)!5./&!)8&5!
8+4+(0!i5$:'.)+'*!S+'T&'m(n!$#!)8&!()'$<)!(&#(&!+,!)8&!S+'/j!d2#/&'(+#!I^eA!
2#/&'(+#b(!)&W)!<+/&(!8+4+(!.(!$#/3()'$+3(!$#!.!)'./$)$+#.7!(&#(&!+,!7.4+'$#:0!S8$7&!
)8&!)'.56!$(!/&,$#&/!)8'+3:8!#+#Y)'./$)$+#.7!$#/3()'$+3(#&((!)8.)!7&)(!)8&5!:&)!4*A!
2)!)8&!(3',.<&!7&%&70!2#/&'(+#b(!)&W)!&().47$(8&(!)8.)!8+4+(!.'&!5+4$7&!$#/$%$/3.7(!
! ! FF! !
S8+!7++T!,+'!S+'T!S8$7&!)'.56(!.'&!5+4$7&!$#/$%$/3.7(!)8.)!&%./&!S+'TA[!!V3)!
O+#/+#b(!8+4+Y.(Y.')$()!$(0!4*!/&,$#$)$+#0!.!)'.56A!E&.#S8$7&0!.<<+'/$#:!)+!
2#/&'(+#b(!&W67.#.)$+#0!O+#/+#b(!)'.56(!.'&!$#!,.<)!8+4+(A!M8&(&!3#(&))7&/!
/&,$#$)$+#(!'.$(&!<+567&W!.#/!<'$)$<.7!93&()$+#(!.4+3)!'&6'&(&#).)$+#!.#/!
$#)&'6'&).)$+#!+,!(+<$.7!$/&#)$)*A!P6&<$,$<.77*0!)8&*!<+553#$<.)&!$/&+7+:$<.7!
$#%&()5&#)(!$#!7.4+'!.#/!5.(<37$#$)*!S$)8+3)!/&).$7$#:!S8.)!<+3#)(!.(!S+'T!.#/!
S8.)!<+3#)(!.(!#&&/A!M8&(&!3#<7&.'!(+<$+Y&<+#+5$<!5+)$%.)$+#(!67.<&!)8&!8+4+!.#/!
)'.56!$#!.54$:3+3(!6+($)$+#(!)8.)!.<<+3#)!#+)!+#7*!,+'!)8&$'!+,)&#Y$#)&'<8.#:&.47&!
3(&0!43)!.7(+!)8&!&W67$<$)!'&5+%.7!+,!(+<$.7!.#/!&<+#+5$<!6'&((3'&(!)+!<&7&4'.)&!+#7*!
)8&!<37)3'.7!(*54+7$(5!+,!)8&!8+4+A!!
! 2#/&'(+#b(!)&W)!.//'&((&(!)8&(&!.54$:3+3(!<7.(($,$<.)$+#(!4*!<.77$#:!+#!;'A!
V&#!OA!1&$)5.#b(!i)8'&&!)*6&(!+,!)8&!:&#3(!%.:'.#)_!)8&!8+4+0!)8&!)'.560!.#/!)8&!
435_!mZn!M8&!8+4+!S+'T(!.#/!S.#/&'(0!)8&!)'.56!/'&.5(!.#/!S.#/&'(0!.#/!)8&!
435!/'$#T(!.#/!S.#/&'(j!d1&$)5.#!9)/A!$#!2#/&'(+#!IHeA!1&$)5.#b(!/&,$#$)$+#(!5.*!
4&!)+#:3&Y$#Y<8&&T0!43)!)8&*!(&'%&!)+!(8+S!)8.)!<.)&:+'$X$#:!)8&!8+5&7&((!
6+637.)$+#f)8&!:&#3(!%.:'.#)f+,)&#!'&(37)&/!$#!)8&!+%&'7*!(+<$.7Y(<$&#)$,$<!
)*6&<.()$#:!+'!)*6&<7.(($#:!+,!8+5&7&((!5&#A!M+!'&5&/*!)8$(!,+'5!+,!6+637.'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
[!@&.)8&'!M.67&*!8$()+'$<$X&(!)8&!)'.56!.#/!8+4+!)+!5.T&!%$($47&!)8.)!/$(<+3'(&(!+,!5.(<37$#$)*!S&'&!
,+'5&/!.'+3#/!)8&!)'.56h(!#+#Y#+'5.)$%&!4+/*A!P8&!.':3&(!)8&!S.#/&'$#:!8+4+!+'!)'.56!S.(!.!
,$:3'&!S8+!'&,3(&/!S+'T!.#/!S.(!+,)&#!(&&#!4*!(+<$&)*!.(!.!,.$73'&!+,!4+)8!S+'T$#:Y<7.((!.#/!
4+3':&+$(!5.#8++/!d]]eA!M8+3:8!M.67&*!6'+%$/&(!.!<+56'&8&#($%&!.#.7*($(!+,!.!8$:87*!:&#/&'&/!
.#/!'.<$.7$X&/!8+4+!<37)3'&0!N!S.#)!)+!()'&((!)8.)!.!#&&/!,+'!S+'T!./%.#<&/!$#!2#/&'(+#!'&7.)&(!)+!)8&!
<'&.)$%&!8+4+Y.(Y.')$()!,$:3'&!S$)8$#!)8&!8+4+!#.''.)$%&A!M8+3:8!5*!.$5!+,!,+77+S$#:!)8&!8+4+h(!
<37)3'.7!<$'<37.)$+#!$(!5&)!$#!M.67&*h(!.#.7*($(!+,!5&/$<.7!/$(<+3'(&0!N!7+<.)&!.!(&6.'.)&!.,)&'7$,&!+,!
8+4+!<37)3'&!$#!25&'$<.#!7$)&'.)3'&!)8.)!3(&(!)8&!8+4+!)+!<7.$5!4+)8!4+3':&+$(!.#/!S+'T$#:Y<7.((!
5.(<37$#$)$&(!)+!(34%&'($%&!&,,&<)A!!
! ! F]! !
T#+S7&/:&0!2#/&'(+#b(!()3/*!+3)7$#&(!,$%&!)*6&(!+,!%.:'.#)!+'!8+5&7&((!5&#!$#!
(&'%$<&!+,!<+#()'3<)$#:!.!5+'&!<+56'&8&#($%&!(+<$.7!/&,$#$)$+#_!!
27)8+3:8!S&!<.##+)!/'.S!7$#&(!<7+(&7*0!$)!(&&5(!<7&.'!)8.)!)8&'&!.'&!.)!7&.()!
,$%&!)*6&(!+,!8+5&7&((!5&#_!d.e!)8&!(&.(+#.7!S+'T&'!m+'!366&'Y<7.((!8+4+n0!
d4e!)8&!)'.#($&#)!+'!+<<.($+#.7!S+'T&'!+'!8+4+0!d<e!)8&!)'.56!S8+!l/'&.5(!
.#/!S.#/&'(b!.#/!S+'T(!+#7*!S8&#!$)!$(!<+#%&#$&#)0!d/e!)8&!435!S8+!(&7/+5!
S.#/&'(!.#/!(&7/+5!S+'T(0!.#/!d&e!)8&!8+5&!:3.'/!)+!7$%&(!$#!@+4+8&5$.!
.#/!/+&(!#+)!7&.%&!)+S#A!d2#/&'(+#!IFY]e!
!
;&(6$)&!'&6&.)$#:!1&$)5.#b(!/&,$#$)$+#!,+'!)8&!)'.560!2#/&'(+#b(!,$%&!)*6&(!./%.#<&!
$56+').#)!/$()$#<)$+#(!4&)S&&#!)8&!)'.560!8+4+0!5$:'.#)0!.#/!435!)8.)!$#,+'5!)8&!
6'+/3<)$+#!+,!)8&!8+4+!#.''.)$%&!.#/!$)(!(*54+7$<!3(&!+,!%.'$+3(!S+'T$#:Y<7.((!
,$:3'&(A!!
!B$'()!.#/!,+'&5+()0!2#/&'(+#!(3::&()(!)8.)!)8&'&!$(!.!8$&'.'<8*!+,!8+5&7&((!
5&#A!V*!5.'T$#:!)8&!(&.(+#.7!S+'T&'!.(!.#!366&'Y<7.((!8+4+0!2#/&'(+#!
.<T#+S7&/:&(!+)8&'!,+'5(!+,!8+5&7&((#&((!$#!#+)!+#7*!.:'$<37)3'.7!S+'T!43)!
6'&/$<)(!)8&!5$:'.)+'*!7.4+'!+,!)8&!;3()!V+S7A!M8+3:8!2#/&'(+#!$#<73/&(!)8&!
(&.(+#.7!S+'T&'!)+!<+553#$<.)&!().)3(!.#/!().4$7$)*!/3&!)+!5+4$7$)*!.#/!
)'.#(6+').)$+#0!8$(!/&,$#$)$+#!+,!)8&!366&'Y<7.((!8+4+!+,,&'(!5&!.!,'.5&S+'T!)+!'&./!
?+8#!P)&$#4&<Tb(!C'.6&(!+,!J'.)8!dH\]\e!$#!L8.6)&'!K#&A!V*!67.<$#:!)8&!8+4+!.)!)8&!
)+6!+,!)8&!8+5&7&((!8$&'.'<8*0!S8&)8&'!(&.(+#.7!+'!)'.#($&#)0!2#/&'(+#!&().47$(8&(!
)8&!6+)&#)$.7!,+'!.!8$&'.'<8$<.7!(*()&5!)8.)!&#%$($+#(!8+5&7&((#&((!)8'+3:8!
/$,,&'&#<&(!$#!S+'T!.#/!5+4$7$)*A!M8&(&!/$,,&'&#<&(!.'&!().:&/!)8'+3:8!#+().7:$<!
S+'T$#:Y<7.((!'&6'&(&#).)$+#(!$#!?.<T!R&'+3.<b(!K#!)8&!1+./!dH\`ae!$#!L8.6)&'!
MS+0!.#/!$#!@3#)&'!PA!M8+56(+#b(!@&77b(!2#:&7(!dH\I`e!$#!L8.6)&'!M8'&&A!!
! ! F^! !
!N#!.//$)$+#0!2#/&'(+#b(!,$%&Y)*6&(!<+#()'3<)(!.#!$56+').#)!/&,$#$)$+#!+,!)8&!
8+5&!:3.'/0!.#/!67.<&(!$)!.)!)8&!7+S&()!'3#:!+,!)8&!8+5&7&((!8$&'.'<8*!)+!<.77!
.))&#)$+#!)+!)8&!4&#&,$)!+,!().)$+#.'*!6+($)$+#(!$#!)8&!3'4.#!8+4+!<&#)&'!+,!
@+4+8&5$.A!2//$#:!)8&!435!)+!)8&!8+5&7&((!8$&'.'<8*!+,!)'.560!8+4+!.#/!5$:'.#)0!
2#/&'(+#b(!(3::&()$+#!)8.)!)8&!435!$(!/&&5&/!7$5$)&/!4*!8$(!7.<T!+,!5+%&5&#)!$(!
<8.77&#:&/!$#!L8.6)&'!B+3'!4*!5*!'&./$#:!+,!L8.'7&(!V3T+S(T$b(!@.5!+#!1*&!
dH\[]e0!S8&'&!)8&!435!$(!'&#/&'&/!.#!.773'$#:!25&'$<.#!$/&#)$)*!4.(&/!+#!8$(!#+#Y
6'+/3<)$%&#&((A!K#&!)8&!+#&!8.#/0!2#/&'(+#!<+#()'3<)(!.#!$##+%.)$%&!.#/!(+<$.77*!
6'+:'&(($%&!8+5&7&((!8$&'.'<8*!4.(&/!+#!().)3(!&.'#&/!)8'+3:8!S+'T!.#/!5+4$7$)*A!
K#!)8&!+)8&'!8.#/0!2#/&'(+#b(!8$&'.'<8*!'&$#()$)3)&(!)8&!$/&+7+:$<.7!5.':$#.7$X.)$+#!
+,!)8+(&!.)!)8&!8+5&!:3.'/!+'!435!7&%&7(!4&<.3(&!)8&*!/+!#+)!.<)$%&7*!63'(3&!S+'T!
.#/!/+!#+)!<&7&4'.)&!5+4$7$)*A!M8&(&!6'&((3'&(!$#,+'5!)8&!3(&!+,!)8&!)'.560!8+4+0!
5$:'.#)!.#/!435!$#)+!)8&!5$/Y<&#)3'*0!S8&'&!5*!<+#<73($+#!'&./(!)8&5!$#)+!)8&!
8+4+!(*54+7$<!+,!)8&!)&7&%$($+#!/'.5.!E./!E&#!dFGGIYFGH`eA!2#/&'(+#b(!8+5&7&((!
8$&'.'<8*!+,,&'(!<7.(($,$<.)$+#(!)8.)!#+)!+#7*!/$()$#:3$(8!)8&!8+4+!.(!6+((&(($#:!)8&!
5+()!().)3(0!43)!.7(+!6'+%$/&!)8&!(+<$+Y&<+#+5$<!6'&((3'&(!)8.)!)'.#(,+'5!)8&!8+4+!
.(!.!(*54+7!S$)8$#!6+637.'!<37)3'&!.#/!25&'$<.#!7$)&'.)3'&A!@&'&0!.#/!$#!E./!E&#,!
)8&!$#8&'&#)!%.73&!+,!.!8+5&7&((!$/&#)$)*!4&<+5&(!.#.7+:+3(!)+!.#!.:&#)$.7!.#/!
5+4$7&!.4$7$)*!)+!<7.$5!$#/$%$/3.7$)*!.:.$#()!)8&!6'&((3'&(!+,!<.6$).7$(5A!!
!B$#.77*0!2#/&'(+#b(!,$%&!)*6&(!6+((&((!.#!$56+').#)!(7$66.:&!)8.)!4&<+5&(!
%.73&/!4*!)8&!8+4+!#.''.)$%&A!1.)8&'!)8.#!&W6'&((!/$()$#<)!'+7&(!S$)8$#!)8&!(*()&50!
&.<8!+,!2#/&'(+#b(!)*6&(!&.($7*!)'.#(,+'5!$#)+!.#+)8&'!/&6&#/$#:!36+#!.#!.4$7$)*!)+!
! ! F`! !
#&:+)$.)&!d5+4$7$)*e!&<+#+5$<!6'&((3'&(!d#&&/e!S$)8!(&7,Y$#)&'&()!d7.4+'eA!M8&(&!
%+7$)$+#.7!.))'$43)&(!'&(37)!$#!)8&!435!4&<+5$#:!)8&!8+5&!:3.'/!+'!S.#/&'$#:!.#/!
4&<+5$#:!.!)'.56A!K'!)8&!)'.56!)8.)!S+'T(!.#/!4&<+5&(!.!8+4+0!+'!()+6(!
S.#/&'$#:!.#/!4&<+5&(!.!435A!M8&(&!$/&#)$,$<.)$+#(!6'+%&!)8&!/$,,$<37)*!+,!
.')$<37.)$#:!.!8+4+!$/&#)$)*!.#/!8+4+!(*54+7$<0!($#<&!)8&!8+4+!,$:3'&!$(!.7S.*(!
<.3:8)!4&)S&&#!6'&((3'&(!+,!5+4$7$)*!.#/!7.4+'A!@$(!67.<&!$#!)8&!8+5&7&((!8$&'.'<8*!
<8.#:&(!#+)!+#7*!S$)8!)8&!8$()+'$<.7!<+#)&W)!.#/!6+7$)$<.7!/&4.)&(!+,!)8&!)$5&0!43)!
S$)8!)8&!)+S#0!)8&!(&.(+#0!+'!)8&!S&.)8&'A!!
! M8+3:8!N!8.%&!.//'&((&/!)8&!S.*!)8.)!2#/&'(+#b(!,$%&!)*6&(!<.#!4&!'&#/&'&/!
$#)+!6'+/3<)$%&!.#.7*($(!+,!)8&!8+4+!#.''.)$%&0!N!.7(+!S.#)!)+!+,,&'!.!S$/&Y8$()+'$<.7!
)'.g&<)+'*!+,!)8&!8+4+!./%.#<&/!4*!M+//!;&=.()$#+b(!L$)$X&#!@+4+_!@+S!2!L&#)3'*!
+,!@+5&7&((#&((!P8.6&/!25&'$<.!dFGG]eA!;&=.()$#+!&#%$($+#(!)8&!)'.560!8+4+!.#/!
435!.(!.!<+#)$#335!+,!8+5&7&((!5&#_!)8&!(.5&!,$:3'&!/&,$#&/!/$,,&'&#)7*!
/&6&#/$#:!+#!)8&!(+<$.7!5+5&#)A!;&=.()$#+b(!(3::&()(!)8.)!S+'T$#:5&#!i)++T!+#!
5.#*!,+'5(f)8&!l)'.56b!+,!)8&!C$7/&/!2:&0!)8&!l8+4+8&5$.#b!+,!)8&!='+:'&(($%&!>'.0!
)8&!l)'.#($&#)b!.#/!l5$:'.#)b!+,!)8&!C'&.)!;&6'&(($+#0!.#/!)8&!(T$/!'+S!l435b!+,!)8&!
6+()S.'!6&'$+/j!d;&=.()$#+!W$WeA!O.*$#:!+3)!.!/$.<8'+#$<!/&%&7+65&#)!+,!)8&!8+4+0!
;&=.()$#+!.//'&((&(!2#/&'(+#b(!(*#<8'+#$<!6&'(6&<)$%&!4*!'&/&,$#$#:!)8&!)'.560!
8+4+0!5$:'.#)0!.#/!435!.(!)8&!(.5&!S8$)&!5.#!.<'+((!/$,,&'&#)!8$()+'$<.7!().:&(A!
M8$(!6'+%$/&(!.!(&<+#/!6&'(6&<)$%&!+#!)8&!/&,$#$)$+#!+,!)8&!8+4+!)8.)!.77+S(!,+'!.!
5+'&!<+56'&8&#($%&!+3)7++T!)8.)!$#<73/&(!4+)8!2#/&'(+#b(!8$&'.'<8*!.(!S&77!.(!
;&=.()$#+b(!8$()+'$<.7!<8'+#+7+:*A!>568.($X$#:!5+4$7$)*!5+'&!)8.#!7.4+'0!;&=.()$#+!
! ! FI! !
$(!.47&!)+!.//'&((!#+)!+#7*!)8&!(+<$+Y&<+#+5$<!'&.7$)$&(!+,!8+5&7&((#&((0!43)!.7(+!)8&!
<37)3'.7!<+#()'3<)$+#!+,!)8&!8+4+!.#/!8$(!5&.#$#:A!2(!.!5&)8+/!,+'!)8$#T$#:!.4+3)!
)8&!6+637.'$)*!+,!)8&!8+4+!#.''.)$%&0!;&=.()$#+b(!)8&+'*!.77+S(!5&!)+!$#<73/&!#+)!
+#7*!O+#/+#b(!)'.56$#:!.#/!8+4+!).7&(0!43)!.7(+!;3()!V+S7!5$:'.#)(0!,.#).()$<!
6+()S.'!8+4+(!4*!4&.)#$T(0!.#/!7.)&Y<&#)3'*!(T$/!'+S!435(0!S8+!.77!<7.5+'!)+!
'&:.$#!S8$)&0!5.(<37$#&!<+#)'+7!4*!(&77$#:!6+%&')*!)+!)8&!5$/Y<&#)3'*A!!
! N!&568.($X&!)8&!'.<$.7$X&/!$/&#)$,$<.)$+#!+,!)8&!8+4+!)+!7+<.)&!(6&<$,$<!.#/!
()'.)&:$<!.((&')$+#(!+,!/+5$#.#)!$/&+7+:$&(!$#!)8&!25&'$<.#!<&#)3'*A!N#!/&,$#$#:!)8&!
8+4+!.(!#&<&((.'$7*!S8$)&0!;&=.()$#+!g3W).6+(&(!)8&!M'.56!2'5*!+,!L$%$7!J.'!
(+7/$&'(!S$)8!)8&!C'&.)!E$:'.)$+#(!)8.)!(.S!2,'$<.#!25&'$<.#(!,7&&!)8&!(+3)8!,+'!
#+')8&'#!$#/3()'$.7!S+'TA!;&=.()$#+b(!/$(<3(($+#!5.T&(!<7&.'!)8.)!)8&!
6&'5$(($%&#&((!+,!5+4$7$)*!$(!+%&')7*!/$<).)&/!4*!<+#<&'#(!+,!'.<&0!.':3$#:!)8.)!)8&!
<&7&4'.)$+#!+,!5+4$7$)*!$#!25&'$<.!8.(!4&&#!'.<$.7$X&/0!$#!6.')$<37.'!4*!)8&!
#$#&)&&#)8Y<&#)3'*!)'./$)$+#!+,!i2,'$<.#!25&'$<.#(!mS8+n!8./!7+#:!$/&.7$X&/!
:&+:'.68$<!5+4$7$)*!.(!.!<'3<$.7!<+56+#&#)!+,!,'&&/+5j!dH^eA!!Q&)0!8&!$(!<7&.'!)+!
6+$#)!+3)!)8.)!3#7$T&!)'.56(!+'!8+4+(0!i47.<T!5$:'.#)(!<+37/!#+)!<+3#)!+#!)8&!
.7'&./*!8.68.X.'/!T$#/#&((!+,!()'.#:&'(f#+)!)+!5&#)$+#!'.$7'+./(0!5$(($+#(0!.#/!
53#$<$6.7!.3)8+'$)$&(f36+#!S8$<8!)8&!)'.#($&#)!8+5&7&((!(+!+,)&#!/&6&#/&/j!
d;&=.()$#+!H^eA!M8$(!/$()$#<)$+#!$(!$56+').#)!)+!5*!()3/*!+,!)8&!8+4+!#.''.)$%&!,+'!
)S+!'&.(+#(A!B$'()!.#/!,+'&5+()0!$)!+,,&'(!.!#3.#<&/!'&./$#:!+,!#+)!+#7*!'.<$.7$X&/!
5+4$7$)*!43)!8+S!$)!4&<+5&(!.!7.':&'!(*54+7$<!$#!25&'$<.#!7$)&'.)3'&A!N#!.//$)$+#0!$)!
+,,&'(!/$()$#<)!)*6&(!+,!5+4$7$)*!4.(&/!+#!'.<&!.#/!:&#/&'0!4+)8!+,!S8$<8!N!$/&#)$,*!.(!
! ! Fa! !
/+5$#.#)!/$(<+3'(&(!S$)8$#!)8&!8+4+!#.''.)$%&A!M8+3:8!47.<T!5.7&!8+4+(!.#/!
%.:.4+#/(!.'&!,&.)3'&/!)8'+3:8+3)!25&'$<.#!7$)&'.)3'&!$#!)8&!&.'7*!)S&#)$&)8!
<&#)3'*0!(3<8!.(!$#!U+'.!-&.7&!@3'()+#b(!M8&$'!>*&(!J&'&!J.)<8$#:!C+/!dH\]ae0!5*!
<&#)'.7!,+<3(!$(!)+!/$($54'$<.)&/!8+S!)8&!8+4+!5*()$93&!&#.47&(!S8$)&!5.(<37$#&!
6'+g&<)(!$#!)8&!5$/Y<&#)3'*A!>'$#!1+*()+#!V.)).)b(!2$#h)!C+)!-+!@+5&_!25&'$<.h(!
C'&.)!E$:'.)$+#(!.#/!)8&!E.T$#:!+,!2#!N#)&''.<$.7!O&,)!dFGH^e!6'+%$/&(!.!
<+56'&8&#($%&!()3/*!.#/!6'+%+<.)$%&!$#)&'(&<)$+#!+,!8+S!2,'$<.#!25&'$<.#!)&W)(!
7$T&!J$77$.5!2)).S.*b(!O&)!E&!V'&.)8&!M83#/&'!dH\]\e!&W6'&((!.#!.S.'&#&((!.!
'.<$.7$X&/!8+4+!<37)3'&0!.#/!<8.77&#:&!)8&!<37)3'.7!5*()$93&!.(!6+')'.*&/!4*!
P)&$#4&<T!+'!;+(!=.((+(A!V.)).)b(!<+#%&'(.)$+#!.4+3)!'.<&!.#/!)8&!8+4+!$(!.!
'&5.'T.47&!'&(+3'<&!)8.)!6'+%$/&(!5*!()3/*!)8&!+66+')3#$)*!)+!<8.77&#:&!)8&!S.*(!
)8.)!)8&!8+4+!.#/!5+4$7$)*!8.(!4&&#!:'.#)&/!/$()$#<)7*!S8$)&!5.7&!6'$%$7&:&!$#!
25&'$<.A\!!
!B+'!$#().#<&0!1.768!>77$(+#b(!5$/YH\]G(!(8+')!()+'*0!iN!;$/!-+)!O&.'#!M8&$'!
-.5&(0j!:'.#)(!)8&!/$()$#<)!6'$%$7&:&!+,!5+4$7$)*!)+!S8$)&!8+4+(!.#/!(8+S(!)8.)!
)8+3:8!$/&.7(!+,!5+4$7$)*!<.#!4&!.66'&<$.)&/!.<'+((!'.<$.7!7$#&(0!)8&*!.'&!.7(+!
<+#()'$<)&/!4*!'.<&A!M.T$#:!67.<&!.)!)8&!)$5&!+,!)8&!P<+))(4+'+!L.(&0!>77$(+#b(!4+W<.'!
).T&(!+#!)8&!6+7$)$<.7!4&7$&,!+,!)8&!)$5&!)8.)!47.<T!5+4$7$)*!$(!7.S7&((#&((0!,&.)3'$#:!.!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
\!2,'$<.#!25&'$<.#!7$)&'.)3'&!6'$+'$)$X&(!)8&!6+7$)$<.7!6+)&#)$.7!+,!)8&!)'.$#!+%&'!)8&!67$:8)!+,!)8&!47.<T!
8+4+A!M8&!)'.$#!4&<+5&(!.!().:&!,+'!<8.#:$#:!5+/&'#$)*!.#/!#&S!(34g&<)$%$)$&(0!+#&!)8.)!E.'7+#!1+((!
.':3&(!$#!iM'&(6.(($#:!M8&!L+7+'7$#&_!2::'&(($%&!E+4$7$)*!2#/!P&W3.7!M'.#(:'&(($+#!N#!M8&!
L+#()'3<)$+#!+,!-&S!-&:'+!E+/&'#$)*0j!$(!,+3#/&/!+#!&6$(+/&(!+,!'.<$.7!6.(($#:A!2(!(*54+7$<!+,!
5+/&'#$)*!$#!4+)8!)&<8#+7+:$<.7!.#/!(+<$.7!./%.#<&5&#)(0!i)'&(6.(($#:!+#!S8$)&!)3',j!$(!i().#/$#:!
+#&b(!:'+3#/!$#!8.#/Y)+Y8.#/!<+54.)!S$)8!)8+(&!S8+!(&&T!)+!$56&/&!)8&!6'+:'&((!+,!)8&!'.<&j!d1+((!
`^eA!M8&!47.<T!8+4+!S8+!'$/&(!$#!3#.3)8+'$X&/!4+W<.'(0!/+&(!#+)!().#/!8$(!:'+3#/!.#/!.(!(3<8!8.(!
7$5$)&/!.4$7$)*!)+!.(($()!)8&!6'+:'&((!+,!)8&!'.<&A!!
! ! F[! !
47.<T!8+4+!S8+!#.''.)&(!8$(!/.#:&'+3(!'.$7Y'$/$#:!7$,&()*7&!S8&'&!4+/$&(!.'&!)+'#!
.6.')!+#!)8&!)'.<T(!.#/!)8&!4+W<.'!$(!(&:'&:.)&/AHG!J8&#!<.3:8)!'$/$#:!$77&:.77*!$#!.!
4+W<.'0!>77$(+#b(!S8$)&!8+4+(!.'&!:$%&#!.!6.((!)+!)8&!#&W)!)+S#A!M8&!47.<T!8+4+!
#.''.)+'0!8+S&%&'0!$(!)8'+S#!+,,!)8&!4+W<.'!.#/!$56'$(+#&/!,+'!)'&(6.(($#:A!>77$(+#b(!
()+'*!<+553#$<.)&(!)8.)!)8&!+,)&#Y7.S4'&.T$#:!S8$)&!8+4+!8.(!5+'&!(*()&5.)$<!
6'$%$7&:&!)8.#!.#*!47.<T!$#/$%$/3.7!S8+!7++T&/!,+'!S+'TA!;&(6$)&!3($#:!)8&!(.5&!
)'.#($&#)!5&)8+/0!)8&!'&(37)(!+,!S8$)&!.#/!47.<T!8+4+!$/&#)$)*!6+((&((!%&'*!/$,,&'&#)!
<+#(&93&#<&(A!N!$#<73/&!>77$(+#b(!()+'*!)+!5.T&!<7&.'!)8&!S.*(!)8.)!8+4+!$/&#)$)*!.'&!
<+/&/!#+)!+#7*!.(!5.7&0!43)!S8$)&A!M8$(!<7.(($,$<.)$+#!.<<+3#)(!,+'!8+S!5+4$7$)*!
4&<+5&(!.!6'$%$7&:&!:'.#)&/!)+!S8$)&!5.(<37$#$)*0!S8$<8!8.(!7&((Y'&:37.)&/!.<<&((!
.<'+((!$#()$)3)$+#.7!(&))$#:(!$#!)8&!,$'()!8.7,!+,!)8&!)S&#)$&)8!<&#)3'*A!M8$(!.77+S(!5&!
)+!)8&+'$X&!S.*(!)8.)!)8&!8+4+!#.''.)$%&!/'.S(!+#!S+'T$#:Y<7.((!,$:3'&(!.#/!)8&!
8+4+!5*()$93&!)+!6&'6&)3.)&!S8$)&0!5.(<37$#&!.((&')$+#(!+,!/+5$#.#<&!$#!7.)&'!
6&'$+/(A!!
!M8+3:8!'.<&!<+55.#/(!($:#$,$<.#)!3#/&'().#/$#:(!+,!5+4$7$)*0!)8&!8+4+b(!
5+%&5&#)!$(!.7(+!/$()$#<)7*!/&,$#&/!4*!<8.#:$#:!)&<8#+7+:*!$#!)8&!)S&#)$&)8!
<&#)3'*A!2#/&'(+#!&W67.$#(!)8.)!4*!)8&!H\FG(!i(+5&!m5$:'.)+'*!S+'T&'(n!.7)&'#.)&!
4&)S&&#!)'.$#!'$/$#:!.#/!8$)<88$T$#:0j!)+!&568.($X&!)8.)!im)n8&!$56+').#)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
HG!M8&!P<+))(4+'+!L.(&!dH\]He!'&,&'(!)+!#$#&!47.<T!8+4+(!(&#)&#<&/!)+!/&.)8!4*!.#!.77YS8$)&!g3'*!,+'!
'.6$#:!)S+!S8$)&!S+5&#!.,)&'!.!<+#,7$<)!S$)8!.!:'+36!+,!S8$)&!8+4+(!$#!.!4+W<.'A!V+)8!?+8#!O&##+#b(!
iM8&!N#)&''.<$.7!V+W<.'j!.#/!>'$#!1+*()+#!V.)).)b(!i1.<&0!P&W0!.#/!)8&!@+4+i!&W67.$#!)8.)!)8&!
$#,.5+3(!P<+))(4+'+!L.(&!$(!)8&!5+()!6347$<$X&/!$#().#<&!+,!47.<T!8+4+(A!V.)).)b(!(+68$()$<.)&/!
/$(&#).#:7&5&#)!+,!)8&!P<+))(4+'+!4+*(!.(!/&6$<)&/!4*!)8&!7&,)YS$#:!6'&((!.(!i%37#&'.47&!S+'T&'(!mZn!
)+!$5.:$#&!.!<+3#)&'#.''.)$%&!+,!5.(<37$#&!6'+7&).'$.#!3#$)*j!dHIeA!V.)).)!5.T&(!<7&.'!)8.)!
i<+56&)$#:!8+4+!)*6&(!mZn!.<<+3#)&/!,+'!'.<$(5!S$)8$#!)8&!3#/&'<7.((j!.#/!+#7*!)+!4&!<$'<37.)&/!4*!
'+5.#)$<!8+4+!#.''.)$%&(!+,!)8&!H\]G(!dHIYaeA!!
!
! ! F\! !
$567$<.)$+#!$(!)8.)!)+/.*!)8&!5$:'.#)!$(!5+'&!5+4$7&!)8.#!&%&'!4&,+'&j!d2#/&'(+#!
H]HeA!V*!&#%$($+#$#:!)8&!8+4+!.)!8$(!5+()!8$:87*!5+4$7&!().:&0!)&<8#+7+:*!$56.<)(!
)8&!8+5&7&((!8$&'.'<8*!,+'!S8$<8!2#/&'(+#!67.<&(!)8&!8+4+!.)!)8&!)+6A!E.'T!
J*5.#b(!()3/*!@+4+&(_!V$#/7&()$,,(0!B'3$)!M'.56(!.#/!)8&!@.'%&()$#:!+,!)8&!J&()!
dFGHGe!&W67+'&(!8+S!)8&!<+#<&6)!+,!)8&!)'.560!8+4+0!5$:'.#)!.#/!435!.'&!.,,&<)&/!
4*!)&<8#+7+:$<.7!./%.#<&5&#)(!)8.)!/&<'&.(&/!/&6&#/&#<&!+#!)8&!'.$7'+./A!V*!
$#()$)3)$#:!.7)&'#.)$%&!T$#/(!+,!)'.#(6+').)$+#!)8.)!'&(37)!$#!S8.)!2#/&'(+#!
&#%$($+#(!.(!.#!&W<&6)$+#.7!5+4$7$)*0!J*5.#!./%.#<&(!)8&!<+#<&6)!+,!)8&!C.(+7$#&!
M'.560!.!8$:87*!5+4$7&!S+'T&'!S$)8!.!6'$%$7&:&/!5+4$7$)*!:'.#)&/!4*!)8&!
.3)+5+4$7&A!2(!.#!&W6&')!#.%$:.)+'!+,!)8&!7.4+'!5.'T&)0!)8&!C.(+7$#&!M'.56!<.#!
.))&#/!)+!5+'&!8.'%&()(0!,$&7/(!.#/!S+'T!($)&(A!M8+3:8!)8&!C.(+7$#&!M'.56!$(0!$#!
&((&#<&0!.#!i366&'Y<7.((j!8+4+!(&&T$#:!S+'T0!J*5.#!()'&((&(!)8&!S.#/&'73()!+,!
$#<'&.(&/!5+4$7$)*!4*!<.77$#:!)8&5!)'.56(A!;&(6$)&!&().47$(8$#:!.!<7&.'!/$()$#<)$+#!
4&)S&&#!)8&!)S+!)&'5(0!.':3$#:!)8.)!l)'.56b!$(!8$()+'$<.77*!(*#+#*5+3(!,+'!
%.:.4+#/0!S8&'&.(!l8+4+b!/$<).)&(!S8+!S+'T&/!.#/!S8+!/$/!#+)0!J*5.#!.7(+!
.<T#+S7&/:&(!)8&!7$5$)(!+,!'$:$/!<.)&:+'$X.)$+#(!d][eA!J*5.#b(!$#)&'<8.#:&.47&!3(&!
+,!8+4+!.#/!)'.56!$#!)8&!C.(+7$#&!M'.56!&#.47&(!8$5!)+!<+#($/&'!)8&!,73$/$)*!+,!
7$%&/!%.:'.#)!$/&#)$)*!.(!<+56.'&/!)+!)8&!<+#()'3<)$+#!+,!7.4+'Y(6&<$,$<!
<7.(($,$<.)$+#(!$#!#&S(6.6&'(A!@&!(3::&()(_!
2#!.))&56)!)+!/$()$#:3$(8!4&)S&&#!8+4+&(!.#/!)'.56(!S.(!+,)&#!<+567$<.)&/!
4&<.3(&!$)!S.(!&.(*!)+!5+%&!4.<T!.#/!,+')8!4&)S&&#!)8&!)S+!:'+36(0!.#/!
5.#*!/$/A!2!8+4+!5$:8)!)$'&!7++T$#:!,+'!S+'To!.!)'.56!5$:8)!/&<$/&!)8.)!8&!
8./!)+!S+'T!)+!(3'%$%&A!dJ*5.#!]ae!!
!
! ! ]G! !
1&)3'#$#:!)+!)8&!6'+47&5!+,!2#/&'(+#b(!,$%&!)*6&(0!J*5.#b(!+,,&'(!.!,$#.7!7&%&7!+,!
<+567&W$)*!)+!/&,$#$#:!)8&!8+4+0!S8+(&!().)3(!<8.#:&(!#+)!+#7*!S$)8!S+'T!43)!
)8'+3:8!/$,,&'&#)!5+/&(!+,!)'.#(6+').)$+#A!J*5.#b(!()3/*!7+<.)&(!8+S!)&<8#+7+:*!
7$T&!)8&!.3)+5+4$7&!4&<+5&(!6.')!+,!8+4+!<37)3'&0!.#/!$(!6.')$<37.'7*!6'&(<$&#)!)+!
)8&!5$/Y<&#)3'*!8+4+!#.''.)$%&b(!3(&!+,!.!,'+#)$&'Y,.#).(*!)8.)!<.#!.)).$#!:&+:'.68$<!
.#/!(+<$.7!5+4$7$)*!($537).#&+3(7*A!
!
@NPMK1NL!@KVK@>EN2!2-;!@KVK@>EN2-!ONM>121Q!=12LMNL>!&
!@.%$#:!/&).$7&/!)8&!(+<$.7!/&,$#$)$+#!+,!)8&!8+4+0!N!#+S!S.#)!)+!<8.'.<)&'$X&!
8+S!)8&!(*54+7$<!8+4+!.#/!+)8&'!S+'T$#:Y<7.((!$/&#)$)$&(!.'&!<+#,$:3'&/!.(!
6'+/3<)$%&!<37)3'.7!()'.)&:$&(!$#!)8&!)S&#)$&)8!<&#)3'*A!V*!&#%$($+#$#:!)8&!5.':$#.7!
S+'T$#:Y<7.((!,$:3'&!+,!)8&!8+4+!.(!+#&!+,!(+<$.7!8$&'.'<8*0!N!<.#!8$:87$:8)!)8&!S.*!
)8.)!S8$)&0!5.7&!S'$)&'(!7$T&!?.<T!O+#/+#!.'&!.47&!)+!6'+/3<&!6'+/3<)$%&!
.((+<$.)$+#(!)8'+3:8!)8&!8+4+0!)'.560!5$:'.#)0!.#/!435A!N!(34().#)$.)&!)8&!<+#<&6)!
+,!)8$(!<37)3'.7!6'.<)$<&!S$)8!)8&!<+#<&6)!+,!8+4+8&5$.0!S8$<8!;&=.()$#+!/&,$#&(!.(!
.!iS8$)&!5.7&!<+3#)&'<37)3'&j!dWWeA!2(!.!)&'5!)*6$<.77*!3(&/!)+!/&,$#&!.#!3'4.#!(6.<&!
S8&'&!8+4+(!/S&770!;&=.()$#+b(!'&/&,$#$)$+#!+,!8+4+8&5$.!./%.#<&(!5*!()3/*!+,!
S+'T$#:Y<7.((!.66'+6'$.)$+#!$#!)8&!8+4+!#.''.)$%&A!V*!8$:87$:8)$#:!)8&!<+#<&6)!+,!
8+4+8&5$.!.(!.!<+3#)&'<37)3'.7!:'+36!S$)8!/$()$#<)!<37)3'.7!.<<&((0!N!.5!.47&!)+!
.':3&!)8.)!)8&!8+4+!#.''.)$%&!3(&(!()'.)&:$<!<7.((!$/&#)$,$<.)$+#(!.(!4+)8!.!#.''.)$%&!
5&)8+/+7+:*!.#/!,+'!6+637.'!.66&.7!$#!)8&!7$)&'.'*!5.'T&)67.<&A!!
! ! ]H! !
! !M8+3:8!8+4+8&5$.!8.(!#+)!.7S.*(!6+((&((&/!<+3#)&'<37)3'.7!.((+<$.)$+#(0!$)!
8.(!8$()+'$<.77*!'&6'&(&#)&/!.#!$#)&'(&<)$+#!+,!.')!.#/!6+%&')*!)8.)!<+3#)&'<37)3'.7!
,$:3'&(!8.%&!<.6$).7$X&/!+#A!B+'!$#().#<&0!-&7(!2#/&'(+#!/&,$#&(!8+4+8&5$.!.(!.#!
&.'7*!)S&#)$&)8!<&#)3'*!i5.$#7$#&j!+,!)&56+'.'*!(&))7&5&#)0!.#/!i)8&!:'&.)!7.4+'!
5.'T&)!S8&'&!)8&!8+4+!(6&#)!+'!7+()!8$(!&.'#$#:(!.#/!().')&/!.:.$#!+#!)8&!'+./j!
d2#/&'(+#!F[eA!M8$(!3'4.#!(6.<&!$(!.!)'.#($)$+#.7!7+<.)$+#!S8&'&!8+4+(!.7)&'#.)&!
&6$(+/&(!+,!S+'T$#:!.#/!S.#/&'$#:A!V3)!2#/&'(+#b(!.))&#)$+#!)+!:&+:'.68*!.7(+!
$#<+'6+'.)&(!)8&!<37)3'.7!6+($)$+#!+,!)8&!8+4+!(&))7&5&#)!.)!.!<'+(('+./(!S$)8!
V3:8+3(&!P93.'&0!)8&!4+8&5$.#!c$77.:&!+,!L8$<.:+!d2#/&'(+#!]IeA!V*!$#/$<.)$#:!
8+4+8&5$.b(!<.6.<$)*!,+'!<37)3'.7!&W<8.#:&0!2#/&'(+#!$567$<.)&(!)8&!<'&.)$%&!
$#%&()5&#)(!+,!4+8&5$.!.7+#:($/&!)8&!&<+#+5$<!6'&((3'&(!+,!)8&!8+4+A!!
! V*!8$:87$:8)$#:!4+)8!8+4+!.#/!4+8&5$.#!$#%&()5&#)(!$#!)8&!8+4+!#.''.)$%&0!N!
.$5!)+!<.77!.))&#)$+#!)+!.!()'.)&:$<!6'.<)$<&!+,!<7.((!.,,$7$.)$+#!4*!.!/$()$#<)7*!S8$)&!
5.7&!<+3#)&'<37)3'&A!N#!)8$(!<+#)&W)0!N!3(&!)8&!)&'5!8+4+8&5$.#!)+!$#/$<.)&!)8&!
<'&.)$%&!5.#$637.)$+#!+,!(+<$.7!<7.((!,+'!<'&.)$%&!6'+/3<)$+#A!O$T&!)8&!%&'4.7!.<3$)*!
+,!)8&!8+4+Y.(Y.')$()0!)8&!8+4+8&5$.#!$#()$)3)&(!S+'T$#:Y<7.((!'&6'&(&#).)$+#(!.(!.!
,+'5!+,!<37)3'.7!<.6$).7A!@+4+8&5$.#!6'.<)$<&!$(!.!($)&!S8&'&!)8&!473''$#:!+,!8+4+!
.#/!4+8&5$.#!$/&#)$)*!4&<+5&(!.!(*54+7$<!$#%&()5&#)!,+'!7$)&'.'*!6'+/3<)$+#(!7$T&!
)8&!8+4+!#.''.)$%&A!M8$(!6'.<)$<&!,.%+'(!(*54+7$<0!<37)3'.7!<$'<37.)$+#!+%&'!(+<$.7!+'!
&<+#+5$<!'&.7$)$&(0!.#/!&#%$($+#(!)8&!)'.560!8+4+0!5$:'.#)0!.#/!435!.(!.!
6'+%+<.)$%&!.#/!5+4$7&!&547&5(!+,!'&($7$&#)!5.(<37$#$)*A!!
! ! ]F! !
! @+4+8&5$.#!6'.<)$<&!$(!.!()'.)&:$<!#.''.)$%&!)&<8#$93&!)8.)!6&'5$)(!.3)8+'(!
+,!)8&!8+4+!#.''.)$%&!)+!/&67+*!S+'T$#:Y<7.((!$/&#)$)*!,+'!)8&!.<93$($)$+#!+,!<37)3'.7!
<.6$).7A!@+4+8&5$.#!6'.<)$<&!4&#&,$)(!,'+5!)8&!S.*(!)8.)!)8&!8+4+!#.''.)$%&!7.*(!
<7.$5(!+#!S+'T$#:Y<7.((!$/&#)$)*0!.#/!'&#/&'(!6+%&')*!.(!.!%.73.47&!<7.((!.((+<$.)$+#!
,+'!4+8&5$.#!<'&.)$%$)*A!M8&(&!$#)&'(&<)$+#(!.'&!8$()+'$<.77*!($)3.)&/!.)!)8&!)3'#!+,!
)8&!<&#)3'*A!2(!;&=.()$#+!&W67.$#(_!
@+4+&(!S&'&!4+8&5$.#!#+)!+#7*!4&<.3(&!)8&*!S&'&!<+56.'.)$%&7*!'++)7&((0!
43)!.7(+!4&<.3(&!)8&*!S&'&!)'.#($)$+#.7!,$:3'&(0!()'.//7$#:!)8&!'&($/3.7!
S+'T$#:Y<7.((!S+'7/!+,!)8&!#$#&)&&#)8!<&#)3'*!.#/!)8&!&5&':$#:!+#&!+,!)8&!
)S&#)$&)8A!M8&*!8./!4'+T&#!,'+5!)8&$'!<7.((b(!(&))7&/!4&7$&,!.#/!%.73&(!43)!
8./!*&)!)+!,.(8$+#!#&S!+#&(!)+!).T&!)8&$'!67.<&A!dIHe!!
!
B+'!;&=.()$#+0!)8&!)S&#)$&)8Y<&#)3'*!8+4+!$(!.!<+#)$#3.)$+#!+,!)8&!6'&%$+3(!
:&#&'.)$+#0!)8&!)'.56A!P$#<&!8+4+!$/&#)$)*!53()!./8&'&!)+!.!#&S!)S&#)$&)8!<&#)3'*!
S+'7/0!)8&!#$#&)&&#)8Y<&#)3'*!<7.((Y%.73&(!+,!)8&!)'.56!#+!7+#:&'!(&'%&!8$5A!
;&=.()$#+!3(&(!)8&!8+4+!.#/!)8&!4+8&5$.#!.(!.!#+().7:$<!&#)$)*!)8.)!<.#!4'$/:&!.!
<&#)3'*Y(6&<$,$<!:.6!$#!<7.((!$/&#)$)*A!M8$(!6'+%$/&(!.!(<+6&!)8.)!()'&((&(!#+)!+#7*!
8+S!)8&!8+4+!#.''.)$%&!).T&(!6.')!$#!)8&!#+().7:$<!8+4+!5*()$93&0!43)!)8.)!5+4$7$X&(!
#&S!,+'5(!+,!<7.((!$/&#)$)*!$#!)8&!)'.560!8+4+0!5$:'.#)0!.#/!435!.(!)8&!)S&#)$&)8!
<&#)3'*!:'+S(!$#<'&.($#:7*!6'+,&(($+#.7$X&/!)8'+3:8!S8$)&Y<+77.'!S+'TA!! !
! @+4+8&5$.#!6'.<)$<&!.77+S(!S'$)&'(!)+!&W.5$#&!6+($)$+#(!+,!#&S!<7.((!
$/&#)$)*!4*!3($#:!8$()+'$<!i8+5&7&((#&((j!#+)!.(!.!<+#/$)$+#!+,!6+%&')*!,+'!)8&!
3#&567+*&/!+'!)'.35.)$X&/!%&)&'.#0!43)!.(!.#!&#)&'6'$($#:!6+(($4$7$)*!,+'!
! ! ]]! !
<+#)&56+'.'*!<37)3'.7!.:&#<*AHH!@+4+8&5$.#!6'.<)$<&!()'.)&:$<.77*!/'.S(!+#!)8&!
67$:8)!+,!)8&!S+'T$#:Y<7.((!)+!6'+%&!.!4+8&5$.#f.#/!(+5&)$5&(!4+3':&+$(f
&W6'&(($+#!+,!$#/$%$/3.7!.:&#<*!)8.)!'&(37)(!$#!S8.)!;&=.()$#+!<.77(!.#!i$5.:$#&/!
,'.)&'#$)*!+,!S8$)&!5&#j!dWWeA!M8&(&!5&#!.'&!.47&!)+!S.:&!6'+/3<)$%&!$/&#)$,$<.)$+#(!
4.(&/!+#!i#+)!+#7*!mZn!<7.((j!.(!S$)8!)8&!8+4+0!i43)!.7(+!mZn!'.<&0!&)8#$<$)*0!:&#/&'0!
.#/!'&:$+#j!d;&=.()$#+!WWeA!!
!N!3(&!)8&!<+#<&6)!+,!8+4+8&5$.#!6'.<)$<&!)+!&W&567$,*!.!7$)&'.'*!)'./$)$+#!
S8&'&$#!S8$)&!5.(<37$#$)*!./.6)(!)+!#&S!<7.((!%.73&(!4.(&/!+#!6'+/3<)$%&!
$/&#)$,$<.)$+#(!S$)8!)8&!S+'T$#:Y<7.((0!$#<73/$#:!)8&!)'.560!8+4+0!5$:'.#)0!.#/!435A!
@+4+8&5$.#!6'.<)$<&!<+#()'3<)(!(6.)$.7!.#/!(*54+7$<!/+5$#.)$+#!)8'+3:8!)8&!,+'5!
+,!)8&!8+4+!#.''.)$%&!4*!6&'5$))$#:!<'+((Y<7.((!.,,$7$.)$+#(!)8.)!(&77!)8&!%.73&!+,!
S+'T$#:Y<7.((!$/&#)$)*!)+!'&./$#:!6347$<(A!P$#<&!)8&!8+4+!#.''.)$%&!$(!+,)&#!S'$))&#!
$#!)8&!()*7&!+,!)8&!)'.56!.3)+4$+:'.68*0!).T$#:!6.')!$#!8+4+8&5$.#!6'.<)$<&!+,)&#!
&7$<$)(!.!6&',+'5.)$%&!.<)!+#!4&8.7,!+,!)8&!S'$)&'0!&#.<)$#:!)8&!(7$66.:&(!$#!
2#/&'(+#b(!,$%&!)*6&(!.(!6'+/3<)$%&!#.''.)$%&!&6$(+/&(A!M8&(&!#.''.)$%&!&#.<)5&#)(!
.<'+((!<7.((!7$#&(!(3::&()!)8.)!8+4+8&5$.#!6'.<)$<&!$(!6.')!+,!(<8+7.'(8$6!)8.)!.$5(!
)+!/&(<'$4&!<'+((Y<7.((!6&',+'5.)$%$)*AHF!M8$(!$56+').#)!)&'5!<+5&(!,'+5!?+8#!
R3<$<8b(!i1&%&'(&!P7355$#:_!L'+((YL7.((!=&',+'5.)$%$)*!.#/!K':.#$<!K'/&'!$#!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
HH!M8&!<+56'&8&#($%&!.#)8+7+:*0!K#!V+8&5$._!M8&!L+/&!+,!)8&!P&7,!>W$7&/!dH\\Ge!&/$)&/!4*!
(+<$+7+:$()!Lq(.'!C'.r.0!<+%&'(!<8.#:$#:!<+#<&6)(!+,!4+8&5$.!.#/!<+3#)&'<37)3'.7!5+%&5&#)(!,'+5!
H[\GYH\aGA!M8$(!<+77&<)$+#!+,!&((.*(!6'+%$/&(!.!537)$,.<&)&/!.#/!<+567&W!3#/&'().#/$#:!+,!)8&!)&'5!
i8+4+8&5$.j!.(!.!<+#,7.)&/!'&6'&(&#).)$+#!+,!<8.#:$#:!<37)3'.7!$#%&()5&#)(!$#!FG)8!<&#)3'*!25&'$<.#!
7$)&'.)3'&A!
HF!L7.((!6&',+'5.)$%$)*!d?+8#!R3<$<8e0!<7.((!6.(($#:!dCS&#/+7*#!23/'&*!B+()&'e0!.#/!(7355$#:!
d=&)&'!@$)<8<+<Te!.'&!(+5&!+,!)8&!6+)&#)$.7!)&'5(!3(&/!)+!/&(<'$4&!<'+((Y<7.((!5+%&5&#)!.#/!
'&6'&(&#).)$+#A!L7.((!6&',+'5.)$%$)*!$(!)8&!4&()!+,!)8&(&!)&'5(!.(!$)!.<T#+S7&/:&(!)8&!.<)$%&!
#&:+)$.)$+#!+,!.66&.'.#<&(!5./&!'&<+:#$X.47&!+'!#+'5.)$%&!)8'+3:8!&W6&<).)$+#(!)8.)!<.#!4&!
(34%&')&/!(3<8!.(!$#!/'.:0!S8$<8!N!<+%&'!$#!L8.6)&'!)S+A!!
! ! ]^! !
;$<T&#(!.#/!C.(T&77j!dFGH]e0!S8$<8!&W.5$#&(!)8&!$#)&#(&7*!c$<)+'$.#!,+3#/.)$+#!+,!
(7355$#:!)+!$#/$<.)&!)8&!().:$#:!+,!<7.((!.((+<$.)$+#(!.(!.!,+'5!+,!$/&#)$,$<.)$+#!$#!
7$)&'.'*!)&W)(A!R3<$<8b(!/$(<3(($+#!+,!<7.((!$(!&547&5.)$<!+,!)8&!()3/*!+,!V'$)$(8!
7$)&'.)3'&0!S8&'&!)&W)(!7$T&!=.5&7.!B+Wb(!L7.((!B$<)$+#(_!P8.5&!.#/!1&($().#<&!$#!)8&!
V'$)$(8!J+'T$#:YL7.((!-+%&7!H[\GYH\^`!dH\\^e!<+%&'!<7.((!.(!.#!+%&')7*!>#:7$(8!
)'./$)$+#A!2(!4&77!8++T(b!J8&'&!J&!P).#/_!L7.((!E.))&'(!dFGGGe!.((&')(0!)8&(&!.'&.(!
+,!,+<3(!#&&/!'&#&S&/!63'(3$)!S$)8$#!25&'$<.#!7$)&'.)3'&!.#/!<37)3'&AH]!!
!V*!&#%$($+#$#:!8+4+8&5$.#!6'.<)$<&!.(!.!<7.((Y6&',+'5.)$%&!.<)!'.)8&'!)8.#!
g3()!.!T$#/!+,!<'&.)$%&!(7355$#:0H^!N!7+<.)&!8+S!)8&!8+4+!#.''.)$%&!.77+<.)&(!6+S&'!
,'+5!)8&!<37)3'.7!5*)8+(!(3''+3#/$#:!)8&!25&'$<.#!8+4+A!N#!)8$(!S.*0!8+4+8&5$.#!
6'.<)$<&!$(!'&7.)&/!)+!S8.)!7$)&'.'*!<'$)$<!>'$<!P<8+<T&)!<.77(!)8&!s<7.((!)'.#(%&()$)&j_!.!
V'$)$(8!+'!25&'$<.#!S'$)&'!S8+!&54+/$&(!)8&!6+($)$+#!+,!)8&!6++'!+'!S+'T$#:!<7.((!
,+'!)8&$'!&)8#+:'.68$<!S'$)$#:!.)!)8&!)3'#!+,!)8&!<&#)3'*!dHH\eA!P<8+<T&)!(6&<$,$<.77*!
3#/&'().#/!)8&!<7.((!)'.#(%&()$)&!)8'+3:8!(+<$+7+:$<.7!)'.56(!7$T&!?+($.8!B7*#)0!.#/!
.':3&(!)8.)!5$//7&Y<7.((!5.(<37$#$)*!'&93$'&(!.!<+##&<)$+#!)+!)8&!3#/&'<7.((!,+'!
.3)8&#)$<$)*!S$)8$#!S'$)$#:!63'(3$)(A!;&(6$)&!8+4+8&5$.#!6'.<)$<&!$#()$)3)$#:!.!
($5$7.'!'&7.)$+#(8$6!S$)8!)8&!3#/&'<7.((!$#!)8&!8+4+!#.''.)$%&0!)8&!&)8#+:'.68$<!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
H]!M'./$)$+#.77*!.!V'$)$(8!7$)&'.'*!)'./$)$+#0!25&'$<.#!%&'($+#(!+,!S8.)!=&)&'!@$)<8<+<T!<.77(!
i(7355$#:j!.'&!7&((!)8&+'$X&/A!"#7$T&!#$#&)&&#)8Y<&#)3'*!c$<)+'$.#!7$)&'.'*!$#)&'&()(!$#!)8&!$56.<)!+,!
)8&!N#/3()'$.7!1&%+73)$+#!+#!)8&!3#/&'<7.((0!O+#/+#b(!$#%&()5&#)(!$#!S+'T$#:Y<7.((!$/&#)$)*!(&'%&!)+!
6'&(&#)!.!8$:87*!25&'$<.#!%&'($+#!)8.)!<8.77&#:&(!3'4.#!(7355$#:!4*!$#%+T$#:!)8&!7.4+'$#:!+,!)8&!
J&()&'#!,'+#)$&'!$#!.3)8+'(!7$T&!E.'T!MS.$#!+'!J.7)!J8$)5.#!.#/!:3$/$#:!)8&5!$#)+!)8&!)S&#)$&)8Y
<&#)3'*A!!
H^!2(!.!T$#/!+,!<7.((!6&',+'5.)$%$)*0!=&)&'!@$)<8<+<T!.':3&(!)8.)!<7.((Y6.(($#:!,3#<)$+#(!)8'+3:8!
S+'T$#:Y<7.((!$/&#)$)*!il'&6'&(&#)&/b!.(!5&).68+'0!+'!'&/3<&/!)+!.!()+<T!(&)!+,!$5.:&(!+'!6'.<)$<&(!
d$77Y,+'5&/!(&#)&#<&(0!:'344*!<7+)8$#:0!(93.7$/!7$%$#:!<+#/$)$+#(0!&)<Aej!di=.(($#:j!`eA!B+'!@$)<8<+<T0!
)8$(!'&(37)(!$#!)8&!S+'T$#:Y<7.((!().#/$#:!$#!,+'!i,+'5(!+,!)'.#(,+'5.)$+#j!+'!i()*7$()$<!$#%&#)$+#j!
53<8!.(!N!8.%&!)'.<&/!$#!)8&!8+4+!#.''.)$%&!di=.(($#:j!`eA!!
! ! ]`! !
<+#)&W)!+,!P<8+<T&)b(!<7.((!)'.#(%&()$)$(5!7$5$)(!5*!$#)&'&()!$#!)8&!8+4+b(!(*54+7$<!
6+%&')*!.#/!<+3#)&'<37)3'.7!.,,$7$.)$+#(!.#/!8+S!)8&*!4&<+5&!<37)3'.7!$#()$)3)$+#(A!
J8&'&!8+4+8&5$.#!6'.<)$<&!()'&((&(!.!,73$/!.4$7$)*!)+!3)$7$X&!.#/!6&',+'5!)8&!S8$)&0!
5.(<37$#&!'&($7$&#<*!+,!S+'T$#:Y<7.((!'&6'&(&#).)$+#(!7$T&!)8&!8+4+!$#)+!)8&!5$/Y
<&#)3'*0!P<8+<T&)b(!<7.((!)'.#(%&()$)&(!$#()$)3)&!+#7*!.!s(+<$+7+:$<.7!:.X&s!)+!63'(3&!
)8&!T#+S7&/:&!+,!.3)8&#)$<!835.#!'&7.)$+#(!dHH\eA!M8&'&,+'&0!/&(6$)&!4&$#:!
$#%&()&/!$#!($5$7.'!.'&.(0!5*!<+#<&6)!+,!8+4+8&5$.#!6'.<)$<&!$(!/$()$#<)7*!/$,,&'&#)!
,'+5!<7.((!)'.#(%&()$)$(5!4&<.3(&!N!&#%$($+#!$)!.(!.!S'$)&'7*!)&<8#$93&!5+)$%.)&/!4*!
)S&#)$&)8Y<&#)3'*!<+#<&6)(!+,!<+#()'3<)&/!(&7,Y6'&(&#).)$+#!,+'!<37)3'.7!<+#)'+7A!!
! M8&!$56.<)!+,!(6.<&!+#!(&7,Y6'&(&#).)$+#!.#/!.')!4&<+5&!$56+').#)!)+!)8&!
7$)&'.'*!5.'T&)67.<&0!(3<8!.(!$#!P$#<7.$'!O&S$(b!(.)$'&!+#!C'&&#S$<8!c$77.:&0!
i@+4+8&5$.j!dH\HaeA!N!$#<73/&!O&S$(b(!(8+')!()+'*!4&<.3(&!$)!$(!)8&!,$'()!+,!$)(!T$#/!)+!
/&($:#.)&!)8&!<+#<&6)!+,!8+4+8&5$.!.(!.!7$)&'.'*!<+#<&'#!$#!)8&!&.'7*Y<&#)3'*!
25&'$<.#!7$)&'.'*!5.'T&)67.<&A!N#!8$(!()+'*0!O&S$(!6'&(&#)(!E'A!V'+S#0!.#!.(6$'$#:!
S'$)&'!+#!.#!&.()4+3#/!)'.$#!)+!-&S!Q+'T!)+!(&&T!.!7$)&'.'*!.:&#)!)+!63)!8$5!i+#!)8&!
%&'*!7.)&()!()*7&(!$#!7$)&'.)3'&j!dO&S$(!HH`YHHIeA!N#!.!5&&)$#:!S$)8!8$(!.:&#)!$#!)8&!
c$77.:&0!V'+S#!$(!$#)'+/3<&/!)+!8+4+8&5$.0!S8$<8!O&S$(!/&(<'$4&(!.(!.!#&S!<7.((!+,!
5.#0!)8&!8+4+8&5$.#_!.#!.')$()!S8+!4&#&,$)(!,'+5!$56+%&'$(8&/!:&+:'.68$<!
7+<.)$+#(!.#/!.!4+8&5$.#!7$,&()*7&A!M8&!8+4+8&5$.#!$(!.!5&54&'!+,!)8&!.')$()$<!
6+637.)$+#!+,!)8&!c$77.:&0!.!8$&'.'<8*!)+66&/!4*!)8&!i'&.7!C'&&#S$<8!c$77.:&'(j!+'!
4+8&5$.#!&7$)&!dO&S$(!HFGeA!2<<+'/$#:!)+!O&S$(0!)8&!&.:&'Y)+Y4&Y(&&#!8+4+8&5$.#(0!
+'!i(+<$&)*Y(7355&'(j!(8.'&!)8&!(.5&!:&+:'.68$<!(6.<&0!43)!/'.S!+#!)8&!c$77.:&!,+'!
! ! ]I! !
$)(!()*7$X.)$+#!+,!6+%&')*!dHFGeA!M8$(!/&,$#$)$+#!<.6)3'&(!.!#&)S+'T!+,!)&#($+#(!
S$)8$#!25&'$<.#!4+8&5$.#$(50!.#/!/$,,&'&#)$.)&(!)8&!6'&)&#(&(!+,!&7$)&!.')$()'*!
,'+5!)8&!i/$(:3()$#:7*!'&(6&<).47&j!<37)3'.7!6'+/3<)$+#!+,!(+<$&)*Y(7355&'(!dO&S$(!
HFGeA!B+'!O&S$(0!8+4+8&5$.#(!.'&!<3'$+3(!,$:3'&(!)8.)!(&77!)8&$'!6+%&')*!,+'!.')0!.!
6'&/+5$#.#)!7$)&'.'*!5&)8+/!N!<+##&<)!)+!O+#/+#b(!8+4+Y.(Y.')$()!.!/&<./&!&.'7$&'A!
V3)!3#7$T&!)8&!8+4+Y.(Y.')$()0!O&S$(b!8+4+8&5$.#(!8.%&!&%+7%&/!)+!(.)$(,*!#+)!+#7*!
5.)&'$.7!#&&/(0!43)!.&()8&)$<!/&($'&(A!!
! O&S$(b(!<+#)&56+'.'*0!C'&&#S$<8!c$77.:&'!B7+*/!;&77!.7(+!,$#/(!<37)3'.7!
.66&.7!$#!)8&!)&#($+#(!4&)S&&#!8+4+!)'+6&(!.#/!4+8&5$.#!68$7+(+68$&(A!N#!8$(!S&77!
T#+S#!i@.77&73g.80!Nb5!2!V35tj!dH\F`e0!;&77!6'&(&#)(!.!8+4+!.7)&'#.)$%&!)+!'.:(Y)+Y
'$<8&(!#.''.)$%&(0!67.<$#:!6'+).:+#$()!?.(6&'!J&&/!$#!)8&!c$77.:&!)+!$/&#)$,*!i.!T$#/!
+,!)'.56!8&!8./!#&%&'!T#+S#!4&,+'&f)8&!.')$()!T$#/A!M8&(&!6.$#)&'(0!6+&)(0!()+'*Y
S'$)&'(0!S&'&!+7/!,'$&#/(!$#!.!#&S!:3$(&j!d;&77!iV35j!H^FeA!J&&/0!S8+!8./!63'(3&/!
.!8+4+!7$,&!3#)$7!.''$%$#:!$#!)8&!c$77.:&0!(&)(!8$(!($:8)(!+#!4&<+5$#:!.!8+4+Y.')$()A!;&77!
(3::&()(!)8.)!)8&!i.')$()!T$#/j!+,!)'.56!6+((&((&(!<37)3'.7!6+S&'!)8.)!.77+S(!8$5!)+!
5.T&!<8.#:&!$#!6+7$)$<.7!'&.75(!S8$7&!./%.#<$#:!)8&!(&7,!)8'+3:8!.')$()'*A!J&&/b(!
#+#Y)'./$)$+#.7!S+'T!$#!)8&!c$77.:&!$#()$)3)&(!.!/$'&<)!<8.77&#:&!)+!)S&#)$&)8!<&#)3'*!
<+#<&6)(!+,!7.4+'0!&%$(<&'.)$#:!)8&!6'&((3'&(!+,!)8&!,.<)+'*!)+!6'&(&#)!5+4$7&!
+66+')3#$)$&(!,+'!%.:'.#)(!)+!4&<+5&!S8.)!O+#/+#!<.77&/!i&<+#+5$<!5.()&'(!+,!
<$%$7$X.)$+#j!)8'+3:8!.')$()$<!.4$7$)*A!;&77f)8&!7&,)YS$#:!<37)3'.7!<'$)$<!.#/!(8.'6Y
)+#:3&/!5.#.:$#:!&/$)+'!+,!M8&!E.((&(f&568.($X&(!)8.)!)8&!<+#<&6)!+,!
8+4+8&5$.!($)3.)&(!)8&!8+4+!.(!.!<+55&'<$.77*!%$.47&!,$:3'&!,+'!7$)&'.'*!)'&.)5&#)!
! ! ]a! !
.#/!6+7$)$<.7!(34%&'($+#0!+,,&'$#:!.!%&#3&!,+'!8$(!(+<$.7$()!%$&S(!,'+5!)8&!<+#)&W)!+,!
)8&!>(6$+#.:&!2<)!+,!H\HaA!!
!M8&!)'.56Y.')$()!<8.77&#:&(!)8&!<+#<&6)!+,!N#)&77&<)3.7!c.:.4+#/.:&!dH\FIe0!
S8&'&$#!;&77!/&).$7(!)8&!'+5.#)$<!$#<7$#.)$+#!+,!4+8&5$.#!$56+%&'$(85&#)!.)!)8&!
)3'#!+,!)8&!<&#)3'*A!O$)&'.'*!8+4+Y<'$)$<!@.''*!V'&%/.!/&(<'$4&(!;&77b(!l%.:.4+#/$.b!
.(!.!(6&<$,$<.77*!#$#&)&&#)8Y<&#)3'*!().)&!+,!5$#/!S$)8!.!'+5.#)$<!)&56&'.5&#)0!
#+)$#:!.!/$()$#<)!<+#)'.()!,'+5!)8&!)S&#)$&)8Y<&#)3'*b(!68*($<.7!7+<.)&/#&((!.#/!
+,)&#!'&.7$()!7$)&'.'*!()*7&!$#!8+4+8&5$.!dHH`YHFHeA!N#!)8$(!S.*0!;&77b(!8+4+8&5$.!
8$:87$:8)(!#+)!+#7*!.!(8$,)!$#!;&=.()$#+b(!S+'T$#:!5&#!)8'+3:8!)$5&0!43)!.7(+!.!(8$,)!
$#!7$)&'.'*!$#%&()5&#)(!)8.)!:'.667&!S$)8!)8&!6+7$)$<(!.#/!.&()8&)$<(!+,!#&S!<7.((!
%.73&(!.)!)8&!)3'#!+,!)8&!<&#)3'*A!M8+3:8!4+)8!().')!S$)8$#!)8&!l%.:.4+#/$.b!+,!)8&!
c$77.:&0!O&S$(!.#/!;&77!7+<.)&!)8&!'+5.#)$<$(5!+,!S+'T$#:Y<7.((!.')$()'*!.#/!'&#/&'!
)8&!8+4+8&5$.#!)8'+3:8!$#<'&.($#:7*!'&.7$()!5+/&(!)8.)!.<<+3#)!,+'!&<+#+5$<!
6'&((3'&(!+,!.!#&S!<&#)3'*A!!
!J$)8$#!)8$(!<+#)&W)0!)8&!8+4+!#.''.)$%&!<.#!4&!(&&#!.(!.!,7&W$47&!.#/!
&#$:5.)$<!7$)&'.'*!6'+/3<)$+#!)8.)!+,)&#!&W$()(!4&)S&&#!)8&!()*7$()$<!<+#<&'#(!+,!
'&.7$(5!.#/!#.)3'.7$(5!$#!)8&!&.'7*!<&#)3'*A!N!(&&!8+4+8&5$.#!6'.<)$<&!.(!.!5&)8+/!
,+'!$#<+'6+'.)$#:!)8&!'+5.#)$<!,.#).(*!+,!$#)&77&<)3.7!%.:.4+#/.:&0!S8$7&!
5.#$637.)$#:!)8&!'&.7$()f.#/!#.)3'.7$()f)&<8#$93&(!+,!)8&!8+4+!#.''.)$%&!)+!
<+553#$<.)&!&<+#+5$<!8.'/(8$6A!V*!8$:87$:8)$#:!.!8$()+'$<.7!)'.g&<)+'*!+,!7$)&'.'*!
()*7&0!)8&!8+4+!#.''.)$%&!$#<+'6+'.)&(!)8&!()*7&!+,!)8&!)$5&!.#/!$(!.47&!)+!'&/$()'$43)&!
$)(!<'&.)$%&!%.73&!,+'!(&7,Y5.T$#:!$#!)8&!7+#:!)S&#)$&)8!<&#)3'*A!V3)!($#<&!)8&!8+4+!
! ! ][! !
#.''.)$%&!43':&+#(!.)!)8&!&#/!+,!)8&!#$#&)&&#)8!.#/!&.'7*Y)S&#)$&)8!<&#)3'$&(0!N!
S.#)!)+!3#6.<T!)8&!()*7$()$<!)&#($+#(!$#%+T&/!4*!O&S$(!.#/!;&77!.#/!7+<.)&!)8&!
/$()$#<)7*!'&.7$()!.#/!#.)3'.7$()!)&#/&#<$&(!+,!8+4+8&5$.#!6'.<)$<&!$#!)8&!7+#:!
<&#)3'*A!!
!M+!&W.5$#&!)8&!'&.7$()!6'&((3'&(!+#!)8&!8+4+!#.''.)$%&!N!/'.S!+#!>'$#!
E&'<&'b(!1&6'&(($+#!.#/!1&.7$(5!$#!=+()YJ.'!25&'$<.#!O$)&'.)3'&!dFGHHe0!S8$<8!
)8&+'$X&(!8+S!(+<$.7!'&.7$(5!.#/!i3#<.##*!'&.7$(5j!.'&!<8.'.<)&'$()$<!5+/&(!+,!
)S&#)$&)8Y<&#)3'*!25&'$<.#!7$)&'.)3'&A!E&'<&'b(!,+<3(!+#!)8&!6+()S.'!6'.<)$<&!+,!
i3#<.##*!'&.7$(5j!&W.5$#&(!)8&!S.*(!7$)&'.)3'&!<+#()'3<)(!i.!(&547.#<&!+,!
'&<+:#$X.47&!'&.7$)*Z43)Z#&<&((.'$7*!'&#/&'m(n!)8$(!,$<)$+#.7!'&.7$)*!()'.#:&j!d]HeA!
"#<.##*!'&.7$(5!+,,&'(!.!6&'(6&<)$%&!+#!)8&!:&#'&!+,!)8&!8+4+!#.''.)$%&!.(!.<)$%&7*!
().:$#:!)8&!5.)&'$.7!<8.'.<)&'$()$<(!+,!8$()+'$<.7!)'.35.!,'+5!S$)8$#!)8&!()'.#:&!
<37)3'.7!,$<)$+#(!)8.)!<$'<37.)&!$#!)8&!5.'T&)67.<&A!E&'<&'!.':3&(!)8.)!3#<.##*!
'&.7$(5!$(!.!<+#(&93&#<&!+,!25&'$<.#!S'$)&'(!+%&'7++T$#:!)8&!)'.35.!+,!J+'7/!J.'!
NN0!5+%$#:!$#()&./!8&./,.()!$#)+!.#!&'.!+,!='+(6&'$)*!.#/!6'+5+)$#:!<+#(35&'$()!
6'.<)$<&(A!N!&W)&#/!)8&!<+#)&W)(!+,!8&'!/&,$#$)$+#!)+!<+#)&#/!)8.)!.!($5$7.'!8.3#)$#:!
&,,&<)!<.#!4&!(&&#!$#!)8&!'&.7$()!6&'$+/!,'+5!)8&!L$%$7!J.'!$#)+!J+'7/!J.'!NA!M8$(!7&)(!
3#<.##*!'&.7$(5!&#:.:&!S$)8!#+)!+#7*!)8&!M'.56!2'5*0!43)!.7(+!)8&!N#/3()'$.7!2'5*!
.#/!V+#3(!2'5*!S8$<8!$#,+'5!)8&!8+4+!#.''.)$%&!.(!8$()+'$<.7!5+4$7$X.)$+#(!+,!5&#!
S8+!/&5.#/!)+!4&!&567+*&/!.#/D+'!'&<+:#$X&/!,+'!S+'T!$#!()'.#:&!.#/!()'.$#&/!
&<+#+5$<!)$5&(!63#<)3.)&/!4*!S.'A!!
! ! ]\! !
!E&'<&'b(!.))&#)$%&#&((!)+!'&.7$(5!,'+5!)8&!#$#&)&&#)8!<&#)3'*!+#S.'/!
/&($:#.)&(!($:#$,$<.#)!6'&((3'&(!+#!)8&!8+4+!#.''.)$%&A!E&'<&'!<.77(!.))&#)$+#!)+!)8&!
<+#(&93&#<&(!+,!'&.7$()!7$)&'.)3'&!4*!.<T#+S7&/:$#:!)8.)!5$/Y<&#)3'*!7$)&'.'*!
'&6'&(&#).)$+#(!4&<+5&!&()'.#:&/!,'+5!)8&!5.)&'$.7!<+#/$)$+#(!,'+5!S8$<8!)8&*!
S&'&!4+'#&A!M8$(!(3::&()(!)8.)!8+4+!#.''.)$%&(!.'&!.#!.#W$&)*Y'$//&#!&W6'&(($+#!+,!
4+8&5$.#!<'&.)$%$)*!)8.)!+%&'7++T!+'!'&<+/&!)8&!+#&'+3(!5.)&'$.7!<+#/$)$+#(!+,!
6+()S.'!/$(6+((&(($+#!.#/!&<+#+5$<!/&6'&(($+#A!N#!)8$(!S.*0!)8&!8+4+!#.''.)$%&!
3(&(!'&.7$()!5+/&(!)+!&W6'&((!)8&!<7.((!%.73&(!+,!)8&!#$#&)&&#)8!<&#)3'*0!43)!.7(+!)8&!
#&<&((.'$7*!i()'.#:&j!().)&!+,!)8&!)S&#)$&)8!<&#)3'*!)8.)!8.(!8&'+$X&/!)8&!8+4+A!N#!
.//$)$+#0!E&'<&'!.':3&(!)8.)!'&.7$()!7$)&'.)3'&!i'&,7&<)(!)8&!'&.7$)*!S&!$5.:$#&!$(!)'3&0!
43)Z<+3#)&'(!)8.)!%$($+#!S$)8!S8.)!S&!.))&56)!)+!+5$)j!dE&'<&'!H\HeA!@+4+8&5$.#!
6'.<)$<&0!)8&#0!#+)!+#7*!<.77(!.))&#)$+#!)+!)8&!5.':$#.7!S+'T$#:Y<7.((!,$:3'&!+,!)8&!
8+4+0!43)!.7(+!.))&56)(!)+!5.(T!)8&!6'$%$7&:&(!)8.)!'&6'&(&#).)$+#.7!<+#)'+7!
$#()$)3)&(!S$)8$#!.')A!J'$)&'(!7$T&!O+#/+#!+5$)!)8&$'!().)3(!$#!7$:8)!+,!()'&(($#:!)8&!
3#/&'<7.((!,+<3(!+,!)8&$'!8+4+!#.''.)$%&(A!V3)0!4*!/&,.37)0!)8$(!<+#()'3<)(!.!()'.#:&!
'&.7$)*!+,!()'.)&:$<!.((+<$.)$+#(!)8.)!7.<T(!5.)&'$.7!,+3#/.)$+#(!+'!8$()+'$<!<+#)&W)(0!
&568.($X$#:!$#()&./!)8&!<$'<37.)$+#!+,!<37)3'.7!(*54+7(A!!
! M8&(&!'&.7$()!+5$(($+#(!.'&!S8.)!;+#.7/!=$X&'!.':3&(!/&,$#&!)8&!
/$,,&'&#)$.)$+#!4&)S&&#!'&.7$(5!.#/!#.)3'.7$(50!S8$<8!&568.($X&!i)8&!%.73&!+,!)8&!
$/&.7j!.(!+66+(&/!)+!i)8&!<+55+#67.<&!$#!&W6&'$&#<&j!'&(6&<)$%&7*!d^eA!M8&!
6'&((3'&(!)+!$/&.7$X&!)8&!'&.7!.#/!&W67+'&!)8&!&%&'*/.*!+'!<+55+#67.<&!.'&!
<+55.#/&/!4*!($5$7.'!$5637(&(0!43)!#&<&((.'$7*!+5$)!/&).$7(f&<+#+5$<!+'!
! ! ^G! !
+)8&'S$(&f)8'+3:8!)8&$'!'&#/&'$#:!+,!7$)&'.'*!()*7&A!M8&!8+4+!#.''.)$%&!$(!<.3:8)!
4&)S&&#!)8&(&!()*7$()$<!6'&((3'&(!4&<.3(&!,$:3'&(!7$T&!)8&!8+4+!(&'%&!.(!4+)8!
$#/&6&#/&#)!6+7$)$<.7!'&%+73)$+#.'*!.#/!<+55+#!.#/!/&6&#/&#)!S+'T$#:Y<7.((!
'&6'&(&#).)$%&A!O$T&!E&'<&'b(!&W)&#($+#!+,!'&.7$(5!$#)+!)8&!6+()S.'0!=$X&'!/&,$#&(!
'&.7$(5!.#/!#.)3'.7$(5!.(!8.%$#:!$#,73&#<&/!)8&!)S&#)$&)8!<&#)3'*!.,)&'!)8&$'!)$5&(0!
6'$5.'$7*!$#)+!)8&!6+()S.'0!)8&!&'.!$#!S8$<8!)8$(!/$((&').)$+#!$(!6'$5.'$7*!$#%&()&/A!
@&!<7.$5(!)8.)!'&.7$(5!$(!i5+'&!'&./$7*!'&<+#<$7.47&!mZn!)+!)8&!6+()S.'!&568.($(!+#!
)8&!'+7&!+,!25&'$<.#!7$)&'.'*!&W6'&(($+#!$#!.,,$'5$#:!/&5+<'.)$<!%.73&(j!d=$X&'!HGeA!
V3)!8&!.7(+!$/&#)$,$&(!)8.)!#.)3'.7$(5!.66&.'(!$#!6+()S.'!7$)&'.)3'&!)+!<+553#$<.)&!
i)8&!&W$()&#)$.7!)8&5&!+,!)8&!#&&/!,+'!.!93&()!,+'!5&.#$#:!$#!)8&!,.<&!+,!)8&!
$#./&93.<*!+,!(+<$.7!7$,&!.#/!4&7$&,j!d=$X&'!H]YH^eA!M8$(!/&(<'$6)$+#!8$:87$:8)(!)8&!
$#)&:'.7!#.)3'.7$()!$5637(&!S$)8$#!)8&!8+4+!#.''.)$%&0!<+54$#$#:!4+)8!68*($<.7!
5+%&5&#)!.#/!.7)&'#.)$%&!7.4+'!'&7.)$+#(!)8'+3:8+3)!)8&!<&#)3'*A!P$#<&!#.)3'.7$(5!
(&'%&(!i)8&!(+<$.7!.#/!$#)&77&<)3.7!<+#<&'#(j!+,!&.<8!:&#&'.)$+#0!$)!.77+S(!)8&!
i/'.5.)$Xm.)$+#n!+,!l8.'/!)$5&(b!$#!25&'$<.0j!.#/!&#<+56.((&(!4+)8!i&<+#+5$<!
/&<7$#&j!.#/!i(6$'$)3.7!5.7.$(&j!d=$X&'!H^eA!2(!&7&5&#)(!+,!)8&!8+4+!5*()$93&0!S8$<8!
7.*(!<7.$5!)+!)8&!&<+#+5$<!6'&((3'&(!+,!5.(<37$#&!&#&':$&(0!=$X&'b(!.))&#)$+#!)+!
#.)3'.7$(5!(3::&()(!.#!.//$)$+#.7!6'&((3'&!+#)+!)8&!<+567&W!&#)&'6'$(&!+,!)8&!8+4+!
#.''.)$%&A!!!
!N#!.//$)$+#0!E.'T!P&7X)&'b(!S+'T!$#!#.)3'.7$(5!.7(+!4&<+5&(!.#!.66'+6'$.)&!
S.*!)+!'&./!)8&!8+4+!#.''.)$%&A!N#!V+/$&(!.#/!E.<8$#&(!dH\\^e0!P&7)X&'!.':3&(!)8.)!
7$)&'.'*!#.)3'.7$(5!$(!<.3:8)!4&)S&&#!,.(<$#.)$+#(!S$)8!#.)3'&!.#/!)&<8#+7+:*!d]eA!
! ! ^H! !
2(!.!()3/*!)8.)!&568.($X&(!)8&!s'$%.7'*!4&)S&&#!5+/&(!+,!6'+/3<)$+#!.#/!5+/&(!+,!
'&6'+/3<)$+#0s!P&7)X&'!.')$<37.)&(!)8&!S.*(!)8.)!N!<.#!'&./!)8&!8+4+!#.''.)$%&!.(!.!
'&(37)!+,!5+4$7$)*!:'.#)&/!)8'+3:8!)'.#(6+').)$+#!)&<8#+7+:*!d]eA!M8+3:8!P&7)X&'!
.<T#+S7&/:&(!)8.)!4+)8!'&.7$(5!.#/!#.)3'.7$(5!.'&!$#)&'&()&/!$#!)8&!s'&7.*(!
.')$<37.)&/!4&)S&&#!)8&!7$,&!6'+<&((!.#/!)8&!5.<8$#&!6'+<&((0s!8&!'++)(!)8&!(&7,Y
5.T$#:!$5637(&!+,!7$,&!S'$)$#:!.(!.!#.)3'.7$()!<+#<&'#!+,!)8&!s5.((!7$)&'.)3'&!+,!
4+*8++/0!./+7&(<&#<&0!.#/!)8&!5.T$#:!+,!5&#s!$#!S'$)&'(!7$T&!?.<T!O+#/+#!d]o!^eA!V*!
/'.S$#:!+#!P&7)X&'0!N!&#%$($+#!)8&!8+4+!#.''.)$%&!.(!.!#.)3'.7$()!5+/&!)8.)!(&7,Y
5.T&(!)8'+3:8!5.<8$#&'*0!S8&)8&'!)8&!4+W<.'!+#!)8&!'.$7'+./0!+'!)8&!)*6&S'$)&'!+#!
)8&!S'$)&'h(!/&(TA!!
! 2(!.#!&547&5!+,!P&7)X&'h(!<+#<&6)!+,!4+/$&(!.#/!5.<8$#&(0!)8&!)*6&S'$)&'!
.77+S(!,+'!s6'.<)$<&(!+,!(&&$#:0!<+#)'+77$#:0!.#/!5.#.:$#:s!)8'+3:8!s#&S!
)&<8#+7+:$&(!+,!S'$)$#:s!d^eA!M8&!8+4+!#.''.)$%&!4&<+5&(!.!,+'5!)8.)!<.77(!.))&#)$+#!
)+!%&'4.7!&6$(+/&(!+,!)8&!8+4+Y.(Y.')$()0!.#/!&W6'&((&(!.#!.')$()$<!<.6.<$)*!)+!'&Y
%.73&!<7.((!.((+<$.)$+#(!)8'+3:8!)8&!.<)!+,!S'$)$#:!.(!$)!$(!./%.#<&/!)8'+3:8!
5.<8$#&'*A!N#!)8$(!S.*0!8+4+8&5$.#!6'.<)$<&!$(!#&<&((.'$7*!.4+3)!)8&!.<)!+,!
<+56+($)$+#A!N)!$(!6'&/$<.)&/!4*!.!#.)3'.7$()!)&#/&#<*!)+!&W6+(&!)8&!'&.7$)*!+,!
S+'T$#:Y<7.((!7$,&0!S8$7&!($537).#&+3(7*!,+':$#:!8$:87*!(34g&<)$%&!&W67+'.)$+#(!)8.)!
&568.($X&!(&7,Y'&,7&W$%&!.3)8+'$.7!<7.$5(!$#)+!d6+()e5+/&'#$)*A!M8&!8+4+!#.''.)$%&!
(8+37/!)8&'&,+'&!4&!(&&#!.(!.#!./.6).47&!,+'50!.47&!)+!(8$,)!4&)S&&#!7$)&'.'*!5+/&(0!
:&#'&(!.#/!6&'$+/(!)+!&W&567$,*!)8&!'&($7$&#<*!+,!$)(!8+4+8&5$.#!6'.<)$)$+#&'(!.#/!
)8&$'!<8.#:$#:!.')$()$<!&W6'&(($+#(!)8'+3:8+3)!)8&!<&#)3'*A!2(!.!6+637.'!)'+6&!.4+3)!
! ! ^F! !
<37)3'.7!<+#()'3<)$+#0!3(&!+,!)8&!)'.560!8+4+0!5$:'.#)0!+'!435!.77+S!)8&!8+4+!
#.''.)$%&!<+#)$#3&/!%$($4$7$)*!$#!)S&#)$&)8Y<&#)3'*!25&'$<.#!7$)&'.)3'&A!V3)!)8&!
<+#()'3<)$+#!+,!)8&!%$($47&!8+4+!$(!,+3#/&/!+#!.!<+567&W!#&)S+'T!+,!<7.((0!'.<&!.#/!
:&#/&'0!S8$<8!'&93$'&(!$#)&'/$(<$67$#.'*!5&)8+/+7+:$&(!$#!.//$)$+#!)+!7$)&'.'*!()3/*A!!!
!
N-M>1;NPLN=ON-21Q!E>M@K;KOKCN>P_!LO2PP0!12L>!2-;!C>-;>1!
!E*!()3/*!+,!)8&!8+4+!#.''.)$%&!.$5(!)+!$/&#)$,*!8+S!S+'T$#:Y<7.((!$/&#)$)*!$(!
<+#()'3<)&/!.(!.!6+637.'!.66&.7!$#!)8&!25&'$<.#!<37)3'.7!5.'T&)67.<&A!B+'!&W.567&0!
M8&!1+./!<.#!4&!(&&#!<&7&4'.)$#:!8+4+!5+4$7$)*!.#/!'&($7$&#)!5.(<37$#&!$/&#)$)*!)+!
<+#()'3<)!.!<37)3'.77*!%.73.47&!#.''.)$%&!)'+6&A!M83(0!)8&!8+4+!#.''.)$%&!6'+%$/&(!
,7&W$4$7$)*!)+!7$)&'.'*!&#/&.%+'(!4*!.77+S$#:!S8$)&0!5.7&!S'$)&'(!)+!().:&!3#/&'<7.((!
'&6'&(&#).)$+#(!,+'!)8&!(.T&!+,!4+3':&+$(!.((&')$+#(!+,!<37)3'.7!<+#)'+7A!N#!)8$(!S.*0!
$)&'.)$+#(!+,!)8&!8+4+!#.''.)$%&!.'&!4+)8!.#!&W.5$#.)$+#!+,!)8&!537)$67$<$)*!+,!
S+'T$#:Y<7.((!$/&#)$)*!$#!)8&!,+'5(!+,!)'.56(0!8+4+(0!5$:'.#)(0!.#/!435(A!V3)!.)!)8&!
(.5&!)$5&0!)8&!8+4+!#.''.)$%&!.<)$%&7*!.66'+6'$.)&(!)8&(&!$/&#)$)$&(!)+!6&'6&)3.)&!
5$//7&Y<7.((0!S8$)&!5.(<37$#&!/+5$#.)$+#!S$)8$#!<37)3'.7!$#()$)3)$+#(A!N#!)8&(&!
S.*(0!)8&!8+4+!#.''.)$%&!$(!.!<+567$<.)&/!,+'5!S'+3:8)!4*!$/&+7+:$<.7!6'&((3'&(!+,!
)8&!,'+#)$&'!(6.<&!.(!S&77!.(!4*!7.4+'$#:!4+/$&(0!4+)8!+,!S8$<8!().:&!6'+/3<)$%&!
.,,$7$.)$+#(!4.(&/!+#!<7.((0!'.<&0!.#/!:&#/&'A!M+!()'&((!)8&!(*54+7$<!%.73&!+,!
S+'T$#:Y<7.((!$/&#)$)*!+#!25&'$<.#!7$)&'.'*!6'+/3<)$+#(0!N!,$#/!$)!#&<&((.'*!)+!/'.S!
+#!$#)&'/$(<$67$#.'*!,'.5&S+'T(!)8.)!<.#!8$:87$:8)!)8&(&!)&#($+#(A!N!7+<.)&!)8&!
$#)&'(&<)$+#(!+,!J+'T$#:YL7.((!P)3/$&(0!25&'$<.#!P)3/$&(!.#/!E.(<37$#$)*!P)3/$&(!.(!
! ! ^]! !
6'+/3<)$%&!.'&.(!S$)8!S8$<8!)+!&W.5$#&!)8&!<+#()'3<)$+#!.#/!<37)3'.7!<$'<37.)$+#!+,!
)8&!8+4+!#.''.)$%&A!
! 2(!.!6'+g&<)!)8.)!.$5(!)+!8$:87$:8)!S+'T$#:Y<7.((!$/&#)$)*!$#!25&'$<.#!
7$)&'.)3'&0!N!/'.S!+#!)8&!5&)8+/+7+:*!+,!J+'T$#:YL7.((!P)3/$&(A!M8$(!7.)&Y)S&#)$&)8!
<&#)3'*!i<37)3'.7!.#/!<3''$<37.'!5+5&#)j!&W<.%.)&(!S+'T$#:Y<7.((!7$)&'.)3'&(H`!.#/!
(34g&<)$%$)$&(!.))&#)$%&!)+!)8&!7.4+'$#:!+,!25&'$<.#!$/&#)$)*!dU.#/*!J8.)!J&!@+7/!
WeA!N#!O$4&'.)$#:!E&5+'*!dH\\`e0!,+3#/$#:!5&54&'!?.#&)!U.#/*!./%+<.)&(!,+'!
(<8+7.'(!)+!(8+S!8+S!iS+'T$#:Y<7.((!$/&#)$)$&(!.'&!5+4$7&0!/3'.47&0!.#/!8.%&!
/&5+<'.)$<!3(&Y%.73&j!$#!.:&#)$.7!S.*(!dW$YHeA!E*!()3/*!+,!)8&!8+4+!#.''.)$%&!
8$:87$:8)(!)8.)!S+'T$#:Y<7.((!$/&#)$)*!$(!63)!)+!/&5+<'.)$<!3(&!%.73&0!S8$7&!.7(+!
93&()$+#$#:!)8&!.66'+6'$.)$%&!'&Y6'+/3<)$+#!+,!S+'T$#:Y<7.((!$/&#)$)*A!J+'T$#:Y
L7.((!P)3/$&(!.77+S(!5&!)+!3#/&'(<+'&!)8&!S.*(!)8.)!)8&!8+4+!#.''.)$%&!$(!.!<37)3'.7!
6'+/3<)$+#!6'+#&!)+!(&#(.)$+#.7$X.)$+#0!43)!.7(+!.!'&6+($)+'*!,+'!.#!l.3)8&#)$<b!
&W6'&(($+#!+,!S+'T$#:Y<7.((!7$,&A!M8$(!(3::&()(!)8.)!)8&!8+4+!#.''.)$%&!.#/!)&W)(!7$T&!
M8&!1+./!(&'%&!.(!($:#$,$<.#)!43)!<+567$<.)&/!($)&(!,+'!S+'T$#:Y<7.((!7$)&'.)3'&(!.#/!
$/&#)$)$&(A!
!N#!63'(3$#:!)8&!8+4+!#.''.)$%&!.(!.!S+'T$#:Y<7.((!7$)&'.)3'&0!N!.7(+!<8.77&#:&!
3#$/$'&<)$+#.7!)8&+'$X.)$+#(!+,!S+'T$#:Y<7.((!&W6'&(($+#!)8.)!+%&'7++T!)8&!<+567&W!
)&<8#$93&(!+,!7$)&'.'*!6'+/3<)$+#A!B+'!$#().#<&0!N!).T&!6.')$<37.'!$((3&!S$)8!U.#/*b(!
)8&+'$X.)$+#!+,!<$'<37.)$+#_!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
H`!U.#/*b(!iM8&!E.T$#:!+,!25&'$<.#!J+'T$#:YL7.((!O$)&'.)3'&j!dFGG[e!.#/!-$<8+7.(!L+7&(!&.'7*!&((.*!
i;&5+<'.)$X$#:!O$)&'.)3'&_!N((3&(!$#!M&.<8$#:!J+'T$#:YL7.((!O$)&'.)3'&j!dH\[Ie0!+,,&'!/&,$#$)$+#!,+'!
S8.)!5.T&(!S+'T$#:Y<7.((!7$)&'.)3'&!$/&#)$,$.47&!.:.$#()!+)8&'!)*6&(A!M8+3:8!7.':&7*!3#(&))7&/!4*!
/&,$#$)$+#0!)8&(&!.')$<7&(!(3::&()!)8.)!S+'T$#:Y<7.((!7$)&'.)3'&!<.#!4&()!4&!(355.'$X&/!4*!)8&!
<+55$)5&#)!+,!S+'T$#:!4+/$&(!)+!)8&!'&($().#<&!+,!/+5$#.#)!+'!/+5$#.)$#:!$/&+7+:$&(A!!
! ! ^^! !
J8.)!$(!<'3<$.7!)+!'&)'$&%$#:!.#/!6'+/3<$#:!S+'T$#:Y<7.((!<37)3'&!$(!)8&!
'&<$6'+<.7!.#/!/$.7+:$<!/$5&#($+#!+,!)8&!6'+<&((A!mZn!J+'T$#:Y<7.((!8$()+'$&(0!
()+'$&(0!.#/!$5.:&(!.'&!#+)!).T&#!)+!4&!(+7/!$#!)8&!5.'T&)67.<&!+,!$/&.(!43)!
'.)8&'!<7.$5&/!.(!.!%.73.47&!$#8&'$).#<&A!d&568.($(!+'$:$#.70!L+55+#!W$%YW%e!
!
U.#/*b(!.((&')$+#!,+'!6'+/3<)$%&!()3/*!,+'&<7+(&(!)8&!(.7&!+,!S+'T$#:Y<7.((!<37)3'&A!
Q&)0!$#!8&'!7.#:3.:&!$(!)8&!$567$<$)!537)$Y/$5&#($+#.7!<+55+/$)*!&W<8.#:&!+,!
S+'T$#:Y<7.((!$/&#)$)*!.#/!<37)3'&A!U.#/*b(!$#)&'<8.#:&.47&!3(&!)8&!)&'5(!
i'&)'$&%$#:j!.#/!i6'+/3<$#:j!$#/$<.)&(!/$,,&'&#)!,+'5(!+,!<$'<37.)$+#A!M+!'&)'$&%&!$(!)+!
&#.<)!.!6'$%$7&:&/!(+<$.7!'&<36&'.)$+#0!S8$7&!)+!6'+/3<&!$(!)+!/+!<37)3'.7!.#/!
(*54+7$<!S+'T!)8.)!5.*!$#<73/&!S'$)$#:!.3)+4$+:'.68*!.(!53<8!.(!(.)$'&A!;'.S$#:!
+#!O+#/+#0!,+'!&W.567&0!(8+S(!8+S!$56+(($47&!$)!$(!)+!)&77!S8&)8&'!8&!$(!'&)'$&%$#:!
+'!6'+/3<$#:!S+'T$#:Y<7.((!$/&#)$)*A!M8&!1+./b(!,+<3(!$(!S8+77*!.4+3)!5.':$#.7!
S+'T$#:Y<7.((!<37)3'&0!43)!&W$()(!.)!(+5&!T$#/!+,!5&)8+/+7+:$<.7!$56.((&!$#!U.#/*b(!
)8&+'$X.)$+#A!M8&'&,+'&0!)8+3:8!U.#/*!$(!$#)&'&()&/!$#!3#<+%&'$#:!)8&!$##.)&!%.73&!+,!
S+'T$#:Y<7.((!$/&#)$)*!.#/!<37)3'&0!8&'!)8&+'*!,.%+'(!+,!<7.$5$#:!+%&'!).T$#:!+'!
(&77$#:A!N#!5*!.#.7*($(!+,!)8&!8+4+!#.''.)$%&0!)8$(!.5+3#)(!)+!.#!+%&'($567$,$<.)$+#0!
43)!(&'%&(!)+!8$:87$:8)!5*!$#)&'&()(!$#!)8&!<+#()'3<)$+#!+,!S+'T$#:Y<7.((!
'&6'&(&#).)$+#!)8'+3:8!)8&!(*54+7$<A!!
!N#!)8$(!S.*0!)8&!8+4+!#.''.)$%&!<8.77&#:&(!)8&!6.'.5&)&'(!+,!J+'T$#:YL7.((!
P)3/$&(!4*!$#)&''+:.)$#:!8+S!)8&!'&<$6'+<.7!.#/!/$.7+:$<!)'&.)5&#)!+,!S+'T$#:Y<7.((!
<37)3'&!4&<+5&(!<+55+/$,$&/!$#!)8&!7$)&'.'*!5.'T&)67.<&A!M8&!8+4+!#.''.)$%&!
(*54+7$<.77*!6'&(&#)(!S+'T$#:Y<7.((!.:&#<*!)8'+3:8!(+<$.7!'&6'&(&#).)$+#(!+,!
8$()+'$&(0!()+'$&(!.#/!$5.:&(!+,!)8&!S+'T$#:!<7.((A!Q&)0!$)!.7(+!'&,7&<)(!)8&!6+)&#)$.7!
,+'!S+'T$#:Y<7.((!&W67+$).)$+#!$#!)8&!.66'+6'$.)$+#!+,!)8+(&!8$()+'$&(0!()+'$&(!.#/!
! ! ^`! !
$5.:&(0!S8$<8!<+77.6(&!)8&!(+<$.7!.#/!5.)&'$.7!,+'!6+6!<37)3'.7!.66&.7A!N#!)8$(!S.*0!
)8&!8+4+!#.''.)$%&!(&'%&(!)+!i&W.5$#m&n!)8&!/+347&0!&%&#!537)$67&0!S+'T!+,!<37)3'.7!
6'+/3<)$+#j!S8$7&!.7(+!i'&<+:#$Xm$#:n!8+S!S+'T$#:Y<7.((!()+'$&(!.#/!(34g&<)$%$)$&(!
&#)&'!4+3':&+$(!$#()$)3)$+#(!.#/!4&<+5&!6.')!+,!.!7.':&'!$#)&77&<)3.7!<+#%&'(.)$+#j!
dU.#/*!L+55+#!W$%eA!2:.$#0!?.<T!O+#/+#!).T&(!6.')!$#!4+)8!+,!)8&(&!$#)&'6'&)$%&!
6+(($4$7$)$&(0!37)$5.)&7*!'&6'&(&#)$#:!)8&!S+'T$#:!<7.((!S8$7&!($537).#&+3(7*!
<7.$5$#:!$)!.(!(*54+7!S$)8!.!%.73.47&!$#8&'$).#<&!,+'!)8&!5.'T&)67.<&!+,!$/&.(A!
M8&'&,+'&0!J+'T$#:YL7.((!P)3/$&(!8&76(!5*!()3/*!4&!6.')$<37.'7*!.))&#)$%&!)+!
S+'T$#:Y<7.((!&W6'&(($+#0!43)!$(!.!7$5$)&/!'&(+3'<&!,+'!&W67.$#$#:!)8&!4+3':&+$(!
<$'<37.)$+#!+,!S+'T$#:Y<7.((!$/&#)$)*A!B+'!)8$(!'&.(+#!N!.7(+!/'.S!+#!)8&!,$&7/(!+,!
25&'$<.#!P)3/$&(!.#/!E.(<37$#$)*!P)3/$&(0!S8$<8!8&76!)'.<&!8+S!)8&!(*54+7$<!)'+6&!
+,!)8&!8+4+!$56.<)(!.#/!<$'<37.)&(!S$)8$#!)S&#)$&)8Y<&#)3'*!7$)&'.)3'&!.#/!<37)3'&A!!!
! M8&!$#)&'/$(<$67$#.'*!,$&7/!+,!25&'$<.#!P)3/$&(!4&#&,$)(!5*!.#.7*($(!+,!)8&!
8+4+!#.''.)$%&!4&<.3(&!$)!.')$<37.)&(!)8&!i7.()$#:!7.4+'$#:!+,!25&'$<.#!<37)3'&j!
d;&##$#:!B'+#)!^[]eA!N!.5!6.')$<37.'7*!$#,73&#<&/!4*!)8&!S+'T!+,!E$<8.&7!;&##$#:0!
$#<73/$#:!M8&!L37)3'.7!B'+#)_!M8&!O.4+'$#:!+,!25&'$<.#!L37)3'&!$#!)8&!MS&#)$&)8!
L&#)3'*!dH\\Ie!.#/!E&<8.#$<!2<<&#)(_!;$5&!-+%&7(!.#/!J+'T$#:YL7.((!L37)3'&!$#!
25&'$<.!dH\[ae0!S8$<8!.((&')!<+567&W!$#)&'(&<)$+#(!+,!<7.((0!:&#/&'!.#/!'.<&!$#!
25&'$<.#!<37)3'&A!M8'+3:8!25&'$<.#!P)3/$&(0!;&##$#:b(!S+'T!&W6+(&(!i.!S+'T$#:Y
<7.((!$56'$#)!+#!,$<)$+#0!,$750!53($<0!&/3<.)$+#0!.#/!$#)&77&<)3.7!7$,&j!)8.)!8&76(!)+!
&W&<3)&!.!5+'&!<+56'&8&#($%&!.#.7*($(!+,!)8&!8+4+!#.''.)$%&!dB'+#)!^[]eA!V*!
)'.<$#:!8+S!)8&!)'.560!8+4+0!5$:'.#)0!.#/!435!.'&!'&<.7$4'.)&/!.#/!'&6'&(&#)&/!
! ! ^I! !
)8'+3:8+3)!)8&!<&#)3'*0!N!)++!.//'&((!)8&!<$'<37.)$+#!+,!S+'T$#:Y<7.((!$/&#)$)*!.(!.!
<37)3'.7!,.#).(*!368&7/!4*!S8$)&!5.(<37$#$)*A!O$T&!;&##$#:b(!7$)&'.'*!()3/*!+,!
i:8&))+!6.()+'.7(j!.#/!i6'+7&).'$.#!:'+)&(93&(0j!N!7+<.)&!.#!i.&()8&)$<!$/&+7+:*j!
S$)8$#!)8&!5.((Y<37)3'.7!<$'<37.)$+#!+,!)8&!8+4+!d;&##$#:!B'+#)!HHaeAHI!N#!)8$(!
<+#)&W)0!)8&!<$'<37.)$+#!+,!)8&!8+4+!#.''.)$%&!&W6+(&(!#+)!+#7*!)8&!8$&'.'<8$<.7!
6+7$)$<(!+,!6+637.'!<37)3'&0!43)!.7(+!)8&!$/&+7+:$<.7!.#/!$/&#)$).'$.#!<'$(&(!)8.)!
6+637.'!<37)3'&!'&6'&(&#)(0!<'$)$93&(0!.#/!&W6+(&(A!!
! M8+3:8!)8&!)'.56!.#/!8+4+!.'&!'&<+:#$X.47&!67.*&'(!$#!)8&!<37)3'.7!(<&#&!
$#)+!)8&!;&6'&(($+#0!)8&*!.'&!$#,'&93&#)7*!()3/$&/!.(!(&'$+3(!,$:3'&(!)8.)!<+#)'$43)&!
)+!iS+'T$#:Y<7.((!6+637.'!.')(!7$T&!g.XX!.#/!<+3#)'*j!d;&##$#:!B'+#)!^[IeA!M83(0!7$T&!
)8&!.$5(!+,!J+'T$#:YL7.((!P)3/$&(0!;&##$#:b(!S+'T!8$:87$:8)(!8+S!S+'T$#:Y<7.((!
'&6'&(&#).)$+#(!&#)&'!4+3':&+$(!$#()$)3)$+#(!.(!7&:$)$5.)&!&#)$)$&(A!M8$(!
5&)8+/+7+:$<.7!<+#%&'(.)$+#!.77+S(!5&!)+!$/&#)$,*!8+S!)8&!7$)&'.'*!,+'5!+,!)8&!8+4+!
#.''.)$%&!).T&(!5.':$#.7!S+'T$#:Y<7.((!$/&#)$)*!.#/!)'.#(,+'5(!$)!$#)+!i6.')!+,!)8&!
&().47$(8&/!<37)3'&0j!S8$<8!$#<73/&(!i8$()+'$&(!)+7/!$#!53(&35(0!<+#<&')!8.77(0!.#/!
3#$%&'($)$&(j!d;&##$#:!B'+#)!^[IeA!N!'&7*!+#!25&'$<.#!P)3/$&(!)+!.<<+3#)!,+'!)8&!
:'&.)&'!.')$<37.)$+#!+,!25&'$<.#!<37)3'&!.(!<+#()'3<)&/!4*!(*54+7$<!.#/!(+<$.7!
$#()$)3)$+#(A!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
HI!;&##$#:b(!i:8&))+!6.()+'.7(j!$(!)8&!i*+7T$#:!+,!)8&!(735!.#/!)8&!(8&68&'/0!)8&!C.#:()&'!.#/!L8'$()!
$#!<+#<'&)&j!dB'+#)!F`HeA!N#!5.#*!S.*(0!8+4+8&5$.#!6'.<)$<&!).T&(!6.')!$#!)8&!(.5&!)S+Y6.')!)&#($+#!
;&##$#:!7+<.)&(!$#!#.)3'.7$()!7$)&'.)3'&0!i.7S.*(!<.3:8)!$#!)8$(!/$.7&<)$<!+,!/&:'./.)$+#!.#/!&7&%.)$+#0!
)8&!:'+)&(93&!.#/!)8&!($567&j!dB'+#)!F`HeA!i='+7&).'$.#!:'+)&(93&(0j!+#!)8&!+)8&'!8.#/0!/&(<'$4&!.!
i'&%+73)$+#.'*!(*54+7$(5j!$#!)8&!7$)&'.)3'&!+,!)8&!H\]G(!dB'+#)!HH[eA!;'.S$#:!+#!(+<$.7!'&.7$(50!
;&##$#:!/&(<'$4&(!.!/+<35&#).'$.#!.&()8&)$<!.(!.!'&(6+#(&!)+!5+/&'#$(50!&W6'&(($#:!.!i67&4$.#!
.66'+6'$.)$+#!+,!)8&!.%.#)Y:.'/&!8+()$7$)*!)+!l.')bj!dB'+#)!HF]eA!M8+3:8!#&$)8&'!)&'5!.66'+W$5.)&(!
)8&!(+<$+Y<37)3'.7!5+%&5&#)(!N!7+<.)&!$#!)8&!8+4+!#.''.)$%&0!)8&*!&.<8!.')$<37.)&!$56+').#)!
<+#)&56+'.'*!<+#)&W)(!)8.)!$#,73&#<&!)8&!/&%&7+65&#)!+,!8+4+8&5$.#!6'.<)$<&A!!
! ! ^a! !
!M8'+3:8!25&'$<.#!P)3/$&(!N!)'.<&!)8&!$#,73&#<&!+,!)8&!8+4+!+#!25&'$<.#!
7$)&'.)3'&!.#/!<37)3'&0!S8.)!;&##$#:!<.77(!i.!7$#:&'$#:!67&4$.#!$56'$#)!+#!)8&!
25&'$<.#!<&#)3'*j!dB'+#)!^[aeA!M8$(!8$:87$:8)(!#+)!+#7*!8+S!)8&!8+4+!#.''.)$%&!$(!
$#,+'5&/!4*!(+<$.7!<+#/$)$+#(!.#/!T#+S7&/:&(0!43)!&W.5$#&(!)8&(&!<+#)&W)(!S$)8$#!
<37)3'.7!:&#&'.)$+#(!+,!7$)&'.'*!,+'5(!)8.)!'.#:&!,'+5!&.'7*Y<&#)3'*!'&.7$(5!)+!7.)&Y
<&#)3'*!6+()5+/&'#$(5A!M8&'&,+'&0!'.)8&'!)8.#!&W6'&((!<+55$)5&#)!)+!.#!
.3)8&#)$<.)&/!+'!8$()+'$<$X&/!8+4+!4.(&/!+#7*!+#!(+<$.7!/&,$#$)$+#0!;&##$#:!.#/!
25&'$<.#!P)3/$&(!6&'5$)(!5&!)+!&W6+(&!)8&!8+4+b(!i.,)&'7$,&0!Z)8&!S.*(!)8.)!$)(!
$#8&'$).#<&!$(!6'&(&'%&/0!)'.#(5$))&/0!.#/!).T&#!36!4*!,3)3'&!(+<$.7!5+%&5&#)(j!
dB'+#)!^[aeA!M8&!.,)&'7$,&!+,!)8&!8+4+0!)'.560!5$:'.#)0!.#/!435!8$:87$:8)(!)8&!
8$()+'$<.70!(+<$.7!.#/!<37)3'.7!)'.#(,+'5.)$+#(!+,!5.)&'$.7!6+%&')*!$#!)8&!)S&#)$&)8!
<&#)3'*A!M8$(!(3::&()(!)8.)!)8&!8+4+b(!$56'$#)!+#!5$/Y)+Y7.)&!)S&#)$&)8!<&#)3'*!
7$)&'.)3'&!$#,+'5(!)8&!3(&!+,!)8&!8+4+!5*()$93&!)+!6&'6&)3.)&!.!S8$)&0!5.(<37$#&!
,.#).(*!+,!(6.)$.7!5+4$7$)*!.#/!()'.)&:$<!5.':$#.7$X.)$+#!)+!)8&!6+$#)!)8.)!$)!4&<+5&(!
.!i6+7$)$<.7!3#<+#(<$+3(!$#!6+()5+/&'#!<37)3'&0j!<.''*$#:!$/&+7+:$<.7!5&((.:&(!+,!
S8$)&!5.(<37$#&!<$)$X&#'*!.#/!'&4&77$+#!d;&##$#:!B'+#)!^[aeA!
!M8&!<+3#)&'<37)3'.7!<+##&<)$+#(!+,!S8$)&!5.(<37$#$)*!.#/!)8&!8+4+!.'&!
6'+,3(&A!2(!;&=.()$#+!'&6+')(0!+#!i)8&!'+./0!)8&!)&'5!lS8$)&!5.#b!S.(!(*#+#*5+3(!
S$)8!l8+4+bj!d[HeA!N#!+'/&'!)+!'&./!)8&!8+4+!#.''.)$%&!.(!.!/+5$#.#)!/$(<+3'(&!+,!
S8$)&!5.(<37$#$)*0!N!/'.S!+#!E.(<37$#$)*!P)3/$&(!)+!&%.73.)&!S.*(!)8&!8+4+!
#.''.)$%&!<+#()'3<)(0!().4$7$X&(0!.#/!.((&')(!<+#)'+7!)8'+3:8!8$:87*!'.<$.7$X&/!.#/!
:&#/&'&/!#.''.)$%&!/$(<+3'(&(A!M8&!i5.7&!.#/!6.7&j!,$:3'&(!+,!)S&#)$&)8!<&#)3'*!
! ! ^[! !
25&'$<.#!7$)&'.)3'&!,$#/!(+7.<&!$#!)8&!)'.560!8+4+0!5$:'.#)!.#/!435!4&<.3(&!8&!<.#!
().:&!<7.((!/&4.)&(!)8.)!'&$#,+'<&!)8&!<+#()'3<)$+#!+,!.!/+5$#.#)!().)3(!d@.6T&!HFeA!
M8$(!#&&/!,+'!().)3(!$(!5.'T&/!4*!)8&!S+'T!+,!>'$<!O+))!.#/!E.'g+'$&!C.'4&'!.(!
.#W$&)*0!S8$<8!(*56)+5.)$<.77*!S+'T(!)+!().4$7$X&!$)(&7,!)8'+3:8!)8&!6&',+'5.#<&!
.#/!6'&(&#).)$+#!+,!:&#/&'&/0!'.<$.7$X&/!.#/!<7.((&/!$/&#)$)*!)+!<37)3'.7!,+'!
%.7$/.)$+#A!N#!)8$(!S.*0!)8&!8+4+!#.''.)$%&!6'+%$/&(!.!<&#)'.7!7+<.)$+#!,+'!)8&!
&W.5$#.)$+#!+,!)8&!(*54+7$<!<+#()'3<)$+#!+,!S+'T$#:Y<7.((!$/&#)$)*0!S8$<8!
<+553#$<.)&(!,'+#)$&'Y&'.!'3::&/#&((!.#/!5.':$#.7$)*A!M8$(!'&(37)(!$#!<+#(+7$/.)&/!
'.<$.7!.#/!:&#/&'&/!.((+<$.)$+#(!,+'!S8$)&0!5.7&!25&'$<.#!S'$)&'(!S8+!,$#/!<37)3'.7!
%.7$/.)$+#!.#/!<37)3'.7!6+S&'!)8'+3:8!<'&.)$%&!5.#$637.)$+#(!+,!(+<$.7!$((3&(A!!!
! 2(!.!/&%&7+65&#)!+,!,&5$#$(50!)8&!,$&7/!+,!E.(<37$#$)*!P)3/$&(!6'+%$/&(!.!
6'&<$(&!)8&+'&)$<.7!.66.'.)3(!,+'!&W.5$#$#:!)8&!<37)3'.7!<+#()'3<)$+#!+,!<7.((&/0!
S8$)&!5.(<37$#$)*!$#!25&'$<.#!<37)3'&A!2(!.!(&7,Y6&'6&)3.)$#:!()*7&!+,!S'$)$#:0!)8&!
8+4+!#.''.)$%&!&#%$($+#(!().)$<!<7.$5(!+,!S8$)&!5.7&!().)3(!4*!5+4$7$X$#:!()'.)&:$<!
<7.((!.,,$7$.)$+#(!)8.)!$#()$)3)&!<37)3'.7!<+55.#/A!M8$(!'&(37)(!$#!S8$)&!5.(<37$#$)*!
4&<+5$#:!S8.)!(+<$+7+:$()!.#/!:&#/&'!)8&+'$()!V&%&'7*!PT&::(!<.77(!.!i%.73&/!d.#/!
#+'5.7$X&/e!,+'5!mZn!+,!<37)3'.7!<.6$).7j!dPT&::(!B+'5.)$+#(!\eA!M8+3:8!)8$(!
#+'5.7$X.)$+#!+,)&#!'&#/&'(!5.(<37$#$)*!$77&:$47&!$#!<+#%&'(.)$+#(!+,!:&#/&'0!
E.(<37$#$)*!P)3/$&(!.$5(!)+!'&5&/*!(3<8!+%&'($:8)(!4*!8$:87$:8)$#:!)8&!/*#.5$<!
<+#()'3<)$+#!.#/!()'.)&:$<!5.$#)&#.#<&!+,!5.(<37$#$)*A!N#!/+$#:!(+0!E.(<37$#$)*!
P)3/$&(!+,)&#!/'.S(!+#!93&&'!)8&+'*b(!/$(<3(($+#(!+,!6&',+'5.)$%$)*!4*!)8&+'$()(!7$T&!
?3/$)8!V3)7&'!.#/!?3/$)8!@.74&'().5A!B+'!&W.567&0!@.74&'().5b(!()3/*!B&5.7&!
! ! ^\! !
E.(<37$#$)*!dH\\\e!.':3&(!)8.)!)8&!6'+/3<)$+#!+,!S8$)&0!5$//7&Y<7.((!5.(<37$#$)*!
i)&#/(!)+!5.#$,&()!.(!#+#6&',+'5.)$%&j!dF][eA!@.74&'().5b(!<'$)$<.7!$#($:8)!.77+S(!
5&!)+!$/&#)$,*!,+'5(!7$T&!)8&!8+4+!#.''.)$%&!.(!7+<.)$+#(!,+'!<7.((Y4.(&/!
6&',+'5.)$%$)*!)8.)!6&'6&)3.)&!6.)'$.'<8.7!/$()$#<)$+#(!,'+5!S$)8$#!/+5$#.#)!.#/!
.3)8+'$).)$%&!6+($)$+#(A!M8&!)'.560!8+4+0!5$:'.#)0!.#/!4350!$#!)8$(!<.(&0!6'+%$/&(!
S8$)&!5.7&!S'$)&'(!.!'&($7$&#)!)8+3:8!,.#).()$<!$/&#)$)*!)8.)!/'.S(!+#!S+'T$#:Y<7.((!
.,,$7$.)$+#(!)+!/&5+#()'.)&!8&:&5+#$<!<8.'.<)&'$()$<(A!@+S&%&'0!)8&(&!8&:&5+#$<!
<8.'.<)&'$()$<(!&W$()!S$)8$#!)8&!'&.75!+,!,'+#)$&'Y,.#).(*0!.#/!<+#()'3<)!7.':&'0!
$/&+7+:$<.77*!/'$%&#!5+/&7(!+,!5.(<37$#$)*!)8.)!.'&!4+)8!'&4&77$+3(!.#/!%$+7&#)!)+!
.#*)8$#:!)8.)!)8'&.)&#(!5.(<37$#$)$&(!/+5$#.#)!().)3(A!V*!<.6$).7$X$#:!+#!<7.((!
6&',+'5.)$%$)*0!)8&!.$5(!+,!)8&!8+4+!#.''.)$%&!.66&.'!#+#6&',+'5.)$%&!.#/!$77&:$47*!
5+#+7$)8$<!$#!.!S8$)&0!5.7&!5$//7&Y<7.((!4+/*!)8.)!<$'<37.)&(!(+<$.7!,.#).(*!,+'!
().)3(!:.$#(AHa!!
! V*!&W.5$#$#:!)8&!8+4+!#.''.)$%&!.(!.!8&:&5+#$<!5.(<37$#&!6'.<)$<&0!N!&W6+(&!
S8.)!:&#/&'!)8&+'$()!1AJA!L+##&77!$/&#)$,$&(!.(!$#()$)3)$+#.7$X&/!6+($)$+#(!+,!
6'$%$7&:&A!M8&!8+4+!#.''.)$%&!<+55$)(!$)(&7,!)+!8$&'.'<8$<.7!6+($)$+#(!/&(6$)&!)8&!
8+4+b(!5.':$#.7!S+'T$#:Y<7.((!().)3(A!N)!6&'5$)(!8+4+Y.(Y.')$()!<+#,$:3'.)$+#(!)+!
&W8$4$)!'&($7$&#<*!.77+S$#:!/+5$#.#)!5.(<37$#$)*!,&S!7$5$)(!$#!l:&))$#:!4*Ab!2(!
L+##&77!(3::&()(0!)8&!8&:&5+#$<!5.(<37$#$)*!+,!S8$)&0!8&)&'+(&W$()!.#/!5$//7&Y<7.((!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Ha!@.74&'().5!.':3&(!)8.)!sm5n.(<37$#$)*AAA4&<+5&(!7&:$47&!.(!5.(<37$#$)*!S8&'&!.#/!S8&#!$)!7&.%&(!
)8&!S8$)&!5.7&!5$//7&Y<7.((!4+/*s!dFeA!2(!.!#.''.)$%&!67+*0!)8&!8+4+!#.''.)$%&!.77+S(!S'$)&'(!)+!<7.$5!
S+'T$#:Y<7.((!5.(<37$#$)*!,'+5!.!6+($)$+#!+,!5$//7&Y<7.((!6'$%$7&:&A!M8$(!5&.#(!)8.)!)8&!5.(<37$#&!
:.$#(!.'&!%$($47&!)8'+3:8!S+'T$#:Y<7.((!.((+<$.)$+#(0!43)!)8.)!)8&!6'+g&<)!$)(&7,!5.$#).$#(!<&').$#!
$#%$($4$7$)*!.(!.!<+#(+7$/.)&/!'8&)+'$<!+,!8&:&5+#$<!5.(<37$#$)*A!
!
! ! `G! !
5.(<37$#$)*!<.#!+#7*!:.$#!/+5$#.#<&!4*!/'.S$#:!/$()$#<)$+#(!4&)S&&#!5.(<37$#$)$&(!
)8.)!(34+'/$#.)&!(&:5&#)(!)8&!25&'$<.#!6+637.)$+#A!B+'!$#().#<&0!8+4+8&5$.#!
6'.<)$<&!$#!)8&!8+4+!#.''.)$%&!'&93$'&(!S+'T$#:Y<7.((!+'!3#/&'<7.((!5.(<37$#$)*!$#!
+'/&'!)+!(&<3'&!<'&.)$%&!6+(($4$7$)*0!.77+S$#:!)8&!6'+g&<)$+#!+,!'3::&/!$#/$%$/3.7$(5!
+#!)8&!S8$)&!5.7&!4+/*A!M8&'&,+'&0!E.(<37$#$)*!P)3/$&(!.77+S(!5&!)+!&W.5$#&!
5.(<37$#$)*!.(!.!,+'5!+,!<37)3'.7!<.6$).7!,'+5!S8$<8!)8&!8+4+!#.''.)$%&!<+#()'3<)(!.!
/+5$#.)$#:!6+($)$+#.7$)*!)8'+3:8+3)!)8&!)S&#)$&)8!<&#)3'*A!E*!&568.($(!+#!)8&!
()3/*!+,!5.(<37$#$)*!.7(+!6'+%$/&(!.!<'$)$<.7!$#)&''+:.)$+#!+,!)8&!(+<$.7!.#/!<37)3'.7!
6'.<)$<&(!)8.)!67.<&!5.(<37$#$)*!.(!.!%.73.47&!.#/!.773'$#:!6.')!+,!25&'$<.#!<37)3'&A!
M8$(!.<<+3#)(!,+'!)8&!<$'<37.)$+#!+,!)8&!8+4+!#.''.)$%&!.(!S&77!.(!)8&!8+4+b(!
$#,73&#<&!+#!5$/Y)+Y7.)&!<&#)3'*!S'$)&'(!)8.)!'&<'&.)&!$)A!!! !
!
P>OON-C!=Kc>1MQ_!2!L@2=M>1!Kc>1cN>J!!
!M8&!)S&#)$&)8Y<&#)3'*!/&4.)&(!)8.)!.'$(&!,'+5!)8&!8+4+!#.''.)$%&!.'&!)8+(&!
+,!<37)3'.7!6'+/3<)$+#!.#/!)8&!<37)3'&!$#/3()'*!.)!7.':&A!N)!$(!)8&'&,+'&!#+)!(3'6'$($#:!
)8.)!)8&!.3)8+'(!+,!)S&#)$&)8Y<&#)3'*!8+4+!#.''.)$%&(!3(&!L.7$,+'#$.!.(!.!4.<T/'+6!
,+'!)8&$'!<7.((Y6&',+'5.)$%&!6'.<)$<&(A!L.7$,+'#$.!$(!)8&!<&#)&'!+,!S8.)!25&'$<.#!
#.)3'&!S'$)&'!E.'*!23()$#!<.77(!i'3'.7!4+8&5$.0j!5.'T$#:!.#!&.'7*!)S&#)$&)8Y
<&#)3'*!(8$,)!$#!25&'$<.#!4+8&5$.#$(5!)8.)!$(!#&$)8&'!3'4.#!#+'!6++'A!"($#:!?.<T!
O+#/+#!.(!.#!&W&567.'0!'3'.7!4+8&5$.#(!(&))7&!$#!L.7$,+'#$.!4&<.3(&!$)!6'+%$/&(!
)&56&'.)&!S&.)8&'!.#/!S$/&Y+6&#!(6.<&!3#(&&#!$#!L8$<.:+b(!V3:8+3(&!P93.'&0!-&S!
Q+'T!L$)*b(!C'&&#S$<8!c$77.:&0!+'!&%&#!P.#!B'.#<$(<+!.,)&'!)8&!H\GI!,$'&!d23()$#!
! ! `H! !
^\aeA!23()$#b(!/&(<'$6)$+#!+,!L.7$,+'#$.!,+'&:'+3#/(!)8.)!8+4+8&5$.#!6'.<)$)$+#&'(!
'&7*!+#!(6.)$.7!,'&&/+5!,+'!<7.((!6&',+'5.)$%$)*0!.#/!($537).#&+3(7*!<+55.#/!.!
#+().7:$<!:&+:'.68*!+,!)8&!<7+(&/!,'+#)$&'!)8'+3:8!)8&!$#/3()'$.7!S+'T&'(!+,!)8&!5$/Y
#$#&)&&#)8!<&#)3'*A!M8&(&!'&,&'&#<&(!)+!#.)$+#!43$7/$#:!.#/!J&()&'#!(&))7&5&#)!
<+54.)!)8&!8$:87*!5+/&'#!/&%&7+65&#)(!+,!)8&!)S&#)$&)8!<&#)3'*0!5&)!S$)8!3'4.#!
(6'.S70!(343'4.#$X.)$+#!.#/!)8&!$##&'Y<$)*!$#)+!)8&!H\^G(A!M8&!,'+#)$&'!5*)8+(!
7+<.)&(!#+)!+#7*!)8&!7.4+'$#:!'&.7$)*!+,!5+/&'#!7$,&0!43)!.7(+!'&%&.7(!L.7$,+'#$.!.(!.!
,.#).(*!+,!,.5&!.#/!,+')3#&A!N#!)8&!)S&#)$&)8!<&#)3'*0!L.7$,+'#$.!+,,&'(!#+)!+#7*!7.#/!
.#/!(6.)$.7!&W6.#(&!43)!4&<+5&(!.#!&6$<&#)&'!,+'!)8&!<37)3'&!$#/3()'*!)+!(&77!'.:(Y
)+Y'$<8&(!6'+5$(&(!)+!25&'$<.#!.3/$&#<&(A!!M8&!8+4+!#.''.)$%&0!7$T&!+)8&'!6+637.'!
)S&#)$&)8Y<&#)3'*!:&#'&(!(3<8!.(!,$75!#+$'0!3(&!L.7$,+'#$.!)+!<+55.#/!8$:87*Y
()*7$X&/!<7.((Y<'$)$93&(!,+'!5.((!.3/$&#<&(0!.(!&W&567$,$&/!4*!)8&!S+'T!+,!E$<8.&7!
;&##$#:!.#/!C&+':&!O$6($)XA!!
!V*!(3::&()$#:!)8&!,.#).()$<!$5.:$#.'*!+,!)8&!8+4+!5*()$93&0!)8&!6+637.'!,+'5!
+,!)8&!8+4+!#.''.)$%&YY7$T&!,$75!#+$'f).T&(!6.')!$#!4+)8!)8&!<37)3'.7!,.#).(*!.#/!)8&!
(+<$.7!()'.)$,$<.)$+#(!)8.)!L.7$,+'#$.!$(!43$7)!36+#A!M8$(!(6.<&!$(!'&#/&'&/!)8'+3:8!
#.)$+#.7$()!$/&+7+:$&(!+,!6'+5$(&!.#/!6'+:'&((0!43)!.7(+!4*!.7$&#.)$+#!.#/!
/$(6+((&(($+#A!N#!)8$(!S.*0!L.7$,+'#$.f.#/!$#!6.')$<37.'!O+(!2#:&7&(f&W$()(!.(!E$T&!
;.%$(!.':3&(!$#!L$)*!+,!u3.')X!dH\\Ge0!.(!im5n&#).7!:&+:'.68$&(!m)8.)n!4&)'.*!<7.((!
6'&g3/$<&j!d;.%$(!]a`eA!M8&!5&#).7!:&+:'.68*!+,!L.7$,+'#$.!.(($()(!8+4+8&5$.#!
6'.<)$<&!$#!)8&!<+#()'3<)$+#!+,!<'&.)$%&!.#/!$#/$%$/3.7$X&/!6+($)$+#(!)8.)!3(&!)8&!
(*54+7$<!$56+')!+,!)8&!)'.560!8+4+0!5$:'.#)0!.#/!435!)+!%$+7.)&!)8&!6'&((3'&(!+,!
! ! `F! !
5$//7&Y<7.((!5.(<37$#$)*!S$)8+3)!7+($#:!%$).7$)*A!V*!(&77$#:!.!8+4+!$/&#)$)*!)+!)8&!
7$)&'.'*!5.'T&)0!8+4+8&5$.#!6'.<)$<&!.77+S(!S8$)&0!5.7&!S'$)&'(!)+!<7.$5!.!
/+5$#.#)!().)3(!$#!)S&#)$&)8Y<&#)3'*!<+56&)$)$+#(!+,!5.(<37$#$)*!)8.)!<$'<37.)&!
,'+#)$&'Y7./&#!.((+<$.)$+#(!$#!L.7$,+'#$.AH[!N#!)8&!,+77+S$#:!<8.6)&'(0!L.7$,+'#$.!
4&<+5&(!)8&!(6.<&!)8.)!(8+'&(!36!)8&!<37)3'.7!.66&.7!+,!)8&!8+4+0!.77+S$#:!)8&!
(*54+7!)+!&W$()!$#!6.')!.(!J$7/YJ&()!<+S4+*!.#/!.(!@+77*S++/!6'+/3<)$+#A!M8$(!
.77+S(!?.<T!O+#/+#0!?+8#!P)&$#4&<T0!?.<T!R&'+3.<0!@3#)&'!PA!M8+56(+#!.#/!L8.'7&(!
V3T+S(T$!)+!(&77!#+)!+#7*!'&:$+#.7!8$()+'$&(0!43)!.7(+!)8&!'&($7$&#)!)'.%&7Y).7&(!+,!5&#!
L.7$,+'#$.Y4+3#/!+'!L.7$,+'#$.Y(&))7&/A!!
!N#!L8.6)&'!K#&0!i>#%$($+#$#:!E+4$7$)*_!?+8#!P)&$#4&<T!.#/!)8&!C.(+7$#&!
M'.56j!N!&W.5$#&!)8&!S.*!P)&$#4&<T!'&<.7$4'.)&(!O+#/+#b(!<+#<&6)$+#!+,!)8&!8+4+!
#.''.)$%&!)8'+3:8!)8&!)&<8#+7+:$<.7!./%.#<&5&#)!+,!)8&!.3)+5+4$7&A!P)&$#4&<T!3(&(!
)8&!8+4+Y,$:3'&!+,!)8&!C.(+7$#&!M'.56!)+!&W6+(&!)8&!<37)3'.7!.#/!&<+#+5$<!
+66+')3#$)$&(!.%.$7.47&!)+!.!6.((&#:&'!+#!)8&!'+./A!L+55$))&/!)+!)8&!(*54+7$<!
&,,&<)(!+,!)8&!+6&#!'+./!.#/!S+'T&'!5+4$7$)*0!P)&$#4&<T!/'.S(!+#!)8&!8+4+!5*()$93&!
)+!5*)8+7+:$X&!)8&!?+./b(!5$:'.#)!g+3'#&*!$#!M8&!C'.6&(!+,!J'.)8!dH\]\eA!V3)!8&!
.7(+!$/&#)$,$&(!8$(!+S#!().)3(!.(!.!C.(+7$#&!M'.56!$#!8$(!.3)+4$+:'.68$<.7!).7&!+,!.!
<'+((Y<+3#)'*!/'$%&!$#!M'.%&7(!S$)8!L8.'7&*!dH\IFeA!N#!/+$#:!(+0!P)&$#4&<T!)'.<T(!
8$()+'$<.7!5+%&5&#)!.#/!<37)3'.7!5+4$7$)$&(!,'+5!)8&!-&S!;&.7!)+!)8&!/.S#!+,!)8&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
H[!M8&!()3/*!+,!25&'$<.#!7$)&'.)3'&!.#/!5.(<37$#$)*!$(!&W&567$,$&/!4*!;.%$/!P.%'.#b(!M.T$#:!$)!O$T&!.!
E.#!dH\\[e0!P.77*!1+4$#(+#b(!E.'T&/!E&#!dFGGGe!.#/!?.5&(!=&##&'b(!=$#T(0!=.#($&(!.#/!=3#T(!
dFGHGeA!M8+3:8!+,,&'$#:!'.#:&!+,!,+<$!$#!)8&!<+#()'3<)$+#!+,!)S&#)$&)8Y<&#)3'*!25&'$<.#!5.(<37$#$)*0!
)8&(&!)&W)(!<+77&<)$%&7*!(3::&()!)8.)!5.(<37$#&!.((&')$+#(!$#!7$)&'.'*!&#)&'6'$(&(!(&'%&!.!'8&)+'$<.7!
63'6+(&!)8.)!()'&#:)8&#(!)8&!(&7,0!<+55.#/(!(*54+7$<!6+S&'!$#!(+<$&)*0!.#/!'&($()(!&5.(<37.)$+#!+'!
/$(&56+S&'5&#)!4*!().:$#:!()'.)&:$<f.#/!+,)&#!5.(+<8$()$<f%$($4$7$)$&(A!!
! ! `]! !
L$%$7!1$:8)(!5+%&5&#)A!@&!./%.#<&(!.!7$)&'.'*!6+7$)$<(!+,!S+'T$#:Y<7.((!5.(<37$#&!
S8$)&#&((!)8.)!.<8$&%&(!<37)3'.7!.<<7.$5!)8'+3:8!5*)8+7+:$X$#:!)8&!25&'$<.#!
&W6&'$&#<&!)8'+3:8!S+'T$#:Y<7.((!,+'5(!+,!5+4$7$)*A!!
! N#!L8.6)&'!MS+_!iC'.*!B7.##&7!P3$)(!.#/!l>W$()&#)$.7$()!L+()35&(b_!?.<T!
R&'+3.<b(!@+4+8&5$.#!P&7,YB.(8$+#$#:j&N!&W67+'&!.!5$/Y<&#)3'*!,.(<$#.)$+#!S$)8!)8&!
25&'$<.#!8+4+0!S8+!R&'+3.<!<7.$5(!$#!O+#&(+5&!M'.%&7&'!dH\IGe!8.(!%.#$(8&/A!
"#7$T&!C'.6&(!+,!J'.)8b(!<'$)$93&!+,!)8&!8+4+!5*()$93&0!R&'+3.<b(!'+./!)'.%&7(!
'+5.#)$<$X&!S+'T$#:Y<7.((!.#/!#+().7:$<!)'.560!8+4+0!5$:'.#)0!.#/!435!
.((+<$.)$+#(!)+!<8.77&#:&!)8&!6'&((3'&(!+,!6+()S.'!6'+(6&'$)*!.#/!<+#(35&'$()!
5$//7&Y<7.((!%.73&(A!N!'&./!4+)8!K#!)8&!1+./!dH\`ae!.#/!V$:!P3'!dH\IFe!.(!8+4+!
#.''.)$%&(!)8.)!<7.$5!S+'T$#:Y<7.((!$/&#)$)*!)8'+3:8!)8&!6'&(&#).)$+#!+,!<7.((Y
(6&<$,$<!<7+)8$#:A!N!.':3&!)8.)!R&'+3.<b(!S+'T$#:Y<7.((!.66&.'.#<&(!'&6'&(&#)!.#!
+6)$+#!)+!7$)&'.77*!(&7,Y,.(8$+#!7$,&!+#!)8&!'+./!)+!<+54.)!5$/Y<&#)3'*!$/&.7(!+,!
6'&(<'$6)$%&!$/&#)$)*A!N!/'.S!+#!E.'g+'$&!C.'4&'b(!(+<$.7!<+/&(!+,!<7+)8$#:!)+!
.')$<37.)&!)8&!6'.<)$<&!+,!S+'T$#:Y<7.((!/'.:0!.!67.*,370!(&7,Y<+#(<$+3(!.#/!<7.((Y
(6&<$,$<!6&',+'5.#<&!)8.)!<7.((&(!)8&!4+/*!,+'!.3/$&#<&!'&<+:#$)$+#A!R&'+3.<b(!
.))&#)$+#!)+!)8&!(.')+'$.7!(3::&()(!)8.)!8+4+8&5$.#!6'.<)$<&!#+)!+#7*!&567+*(0!43)!
.7(+!&#.<)(!,73$/!<7.((!'&6'&(&#).)$+#(!)8.)!'+5.#)$<$X&0!'&,&'&#<&!.#/!&93.)&!)+!)8&!
5.':$#(!+,!)8&!S+'T$#:Y<7.((!,'+5!.!6'&%$+3(!&'.A!!
! ! `^! !
!N#!L8.6)&'!M8'&&_!iM8&!L37)3'.7!J+'T!+,!@3#)&'!PA!M8+56(+#b(!P)'.#:&!.#/!
M&''$47&!P.:.(0jH\!N!)'.<&!)8&!8+4+!5*()$93&!)8'+3:8!)8&!6'.<)$<&!+,!-&S!?+3'#.7$(50!
S8$<8!/'.S(!+#!S+'T$#:Y<7.((!.66&.7(!)+!(&<3'&!<37)3'.7!.<<&((!.#/!<'&.)$%&!
&#)'&6'&#&3'(8$6!)8'+3:8!6+()S.'!.#/!6+()5+/&'#!8+4+8&5$.#!6'.<)$<&A!
M8+56(+#!,&)$(8$X&(!)8&!<7.((!6+7$)$<(!+,!)8&!&.'7*!)S&#)$&)8!<&#)3'*!)+!&W6'&((!
<+55.#/!+%&'!.!<+3#)&'<37)3'.7!6+7$)$<(!)8.)!8.(!7+()!$)(!6+7$)$<.7!.6)$)3/&!$#!)8&!
c$&)#.5!&'.A!N#!@&77b(!2#:&7(!dH\I`e0!M8+56(+#!3(&(!)8&!6'$%$7&:&(!+,!<37)3'.7!
+5#+'%.<$)*!)+!<+#()'3<)!.!7$5$)&/Y.3)+4$+:'.68$<.7!S+'T$#:!6&'(+#.!)8.)!&.'#(!
().)3(!)8'+3:8!'+5.#)$<$X$#:!8$()+'$<!S+'T$#:!<7.((!<37)3'&!S8$7&!<'$5$#.7$X$#:!)8&!
(+<$.7!/&%$.#<&!+,!)8&!<+#)&56+'.'*!S+'T$#:!<7.((A!M8$(!5.#$637.)$+#!+,!)8&!
(*54+7$<!.#/!<37)3'.7!<.6$).7!+,!<7.((!$/&#)$)*!$(!8$:87*!$#/$%$/3.7$X&/!.#/!(&7,Y
(&'%$#:0!.#/!4&<+5&(!)8&!:'+3#/(!,+'!&W<&6)$+#.7$()!<'$)$93&!$#!8$(!5+()!6+637.'!
4++T0!B&.'!.#/!O+.)8$#:!$#!O.(!c&:.(!dH\aHeA!@&'&0!M8+56(+#!5.T&(!.#!.#.'<8$()$<!
<8.77&#:&!)+!7$4&'.7$()!<'&.)$%&!,'&&/+5(!+#!)8&!'+./!$#!25&'$<.#!7$)&'.)3'&0!
$#/$<)$#:!.3)8+'(!7$T&!R&'+3.<!+'!P)&$#4&<T!S8+!'&7*!+#!'&6'&(&#)$#:f.#/!
&W67+$)$#:f)8&!,.#).(*!+,!)8&!8+4+!5*()$93&!,+'!.!<'&.)$%&!&/:&!)8.)!5&'&7*!
5.$#).$#(!.!5.((Y5.'T&)&/!().)3(!93+A!!
!N#!L8.6)&'!B+3'_!iL+55+/$,*$#:!PT$/!1+S_!P&77$#:!L8.'7&(!V3T+S(T$!.#/!
@&#'*!L8$#.(T$0j!N!.':3&!)8.)!V3T+S(T$b(!5.(<37$#&!+66+')3#$(5!.#/!63'6+(&,37!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
H\!=.')!+,!)8$(!<8.6)&'!8.(!4&&#!6'&%$+3(7*!6347$(8&/!.(!iJ+'T$#:!M8'+3:8!@3#)&'!PA!M8+56(+#b(!
P)'.#:&!.#/!M&''$47&!P.:.j!$#!=&'(+#.!P)3/$&(!?+3'#.7A!c+7AH0!-+A!F!dK<)+4&'!FGH`e_![[Y\[0!S8$<8!,.77(!
3#/&'!L'&.)$%&!L+55+#(!O$<&#(&!FA`!dLL!VQY-L!FA`!2"eA!N!<+#($/&'!)8$(!<8.6)&'!.!l;&'$%.)$%&!,+'5b!+,!
5*!+'$:$#.7!lS+'Tb!)+!.<<+55+/.)&!)8&!7.':&'!(<+6&!+,!.#.7*($(!,+'!S8$<8!$)!S.(!+'$:$#.77*!$#)&#/&/A!N!
8.%&!$#/$<.)&/!)8&!+'$:$#.7!S+'T!S$)8!<$).)$+#.7!,++)#+)&(!)8.)!'&,&'&#<&!&.<8!,377!6.'.:'.68A!N#!
.//$)$+#0!N!8.%&!<8.#:&/!.77!23()'.7$.#!(6&77$#:(!)+!5.$#).$#!<+#($()&#<*!)8'+3:8+3)!)8&!/$((&').)$+#A!
2!,377!)&W)!+,!)8&!7$<&#(&!<.#!4&!,+3#/!$#!)8&!266&#/$WA!!
! ! ``! !
<+55+/$,$<.)$+#!+,!.!PT$/!1+S!6&'(+#.!+,,&'(!.!7.)&'Y().:&!%&'($+#!+,!M8+56(+#b(!
#.''.)$%&!'&,7&W$%$)*!4.(&/!+#!.!S+'T$#:Y<7.((!(*54+7$<A!V3T+S(T$b(!#.''.)+'!
L8$#.(T$!$(!.!S+'T$#:Y<7.((!5.#!)8.)!,$:8)(!)8&!5+#+)+#*!+,!7$,&!4*!/'$#T$#:0!
S+5.#$X$#:!.#/!:.547$#:!)+!(&<3'&!8$(!/+S#S.'/!5+4$7$)*A!N#!@.5!+#!1*&!dH\[]e0!
V3T+S(T$b(!/&6$<)$+#!+,!.!7.)&Y<&#)3'*!8+5&!:3.'/!6+637.)&/!S$)8!435(!/+&(!#+)!
6'$+'$)$X&!)8&!,$#.#<$.7!8.'/(8$6!+,!)8&!&'.!+,!1&.:.#+5$<(0!43)!'.)8&'!6'$%$7&:&(!)8&!
$#<+5&!/$(6.'$)*!+,!7.)&Y<.6$).7$()!7$,&!4*!&#.<)$#:!.!#+#Y6'+/3<)$%&!8+4+Y.(Y.')$()!
7$,&()*7&A!Q&)0!4*!<.6$).7$X$#:!+#!)8&!PT$/!1+S!$/&#)$)*!)8.)!5.T&(!8$5!,.5+3(0!
L8$#.(T$!&W8$4$)(!.#W$&)*!+%&'!8$(!$56&#/$#:!36S.'/!5+4$7$)*0!S8$<8!4&<+5&(!)8&!
6'$5.'*!<+56+($)$+#.7!<+#<&'#!+,!V3T+S(T$b(!#+%&7!@+77*S++/!dH\[\eA!M8&(&!(&7,Y
<+#(<$+3(!/&4.)&(!&W6+(&!#+)!+#7*!)8&!6'$%$7&:&!+,!8+4+8&5$.#!6'.<)$<&!)+!S.'/!+,,!
&5.(<37.)$#:!5$//7&Y<7.((!5.(<37$#$)*0!43)!.7(+!)8&!7$5$).)$+#(!+,!<+#()'3<)$#:!
%$'$7$)*!.#/!&.'#$#:!.<<7.$5!)8'+3:8!)8&!<'&.)$%&!'&:$()&'!+,!.!(&5$Y.3)+4$+:'.68$<.7!
S+'T$#:Y<7.((!%+$<&A!!
! B$#.77*0!5*!<+#<73($+#!iL'+((YL+3#)'*!;'$%&(_!E./!E&#!.#/!)8&!@+4+!
E*()$93&!+,!;+#!;'.6&'D;$<T!J8$)5.#j!.#)$<$6.)&(!8+S!)8&!8+4+!5*()$93&!8.(!
.')$<37.)&/!)&<8#$93&(!,+'!(&7,Y5.T$#:!.#/!(&7,Y5.'T&)$#:!$#!)S&#)*Y,$'()!<&#)3'*!
<37)3'.7!6'+/3<)$+#(!4*!/$(63)$#:!)8&!,&$:#&/!<7.((7&((#&((!+,!<+#)&56+'.'*!
25&'$<.A!N!&W.5$#&!)8&!8+4+8&5$.#!6'.<)$<&!+,!)8&!<'$)$<.77*!.<<7.$5&/!)&7&%$($+#!
(8+S!E./!E&#!dFGGaYFGH`e!)+!+,,&'!)8.)!)8&!(&7,Y<+#(35$#:!6&',+'5.#<&!+,!+#&b(!
6&'(+#.0!4+)8!6347$<!.#/!6'$%.)&0!4&#&,$)(!,'+5!4&$#:!4+)8!8+4+!.#/!4+8&5$.#A!;+#!
;'.6&'b(!<7.((!6&',+'5.#<&!.(!.!E./$(+#!2%&#3&!./!&W&<3)$%&!.#/!8$(!8+4+Y/'$%&#!
! ! `I! !
4+'#!$/&#)$)*!;$<T!J8$)5.#!6'+%$/&!E./!E&#!.!<7.((Y6&',+'5.)$%&!%+77&*!+,!$/&#)$)*!
)8.)!$(!'++)&/!$#!)8&!#+().7:$.!+,!)8&!)S&#)$&)8!<&#)3'*!8+4+Y.(Y.')$()A!M8&!<7.((Y
/3.7$)*!+,!;'.6&'DJ8$)5.#!(3::&()(!#+)!+#7*!)8.)!E./!E&#b(!5$/Y<&#)3'*!#.''.)$%&!
'&7$&(!+#!)8&!8+4+!5*()$93&!)+!/&(<'$4&!6+()S.'!5.(<37$#$)*0!43)!/'.S(!+#!)8&!8+4+!
#.''.)$%&!<+#)$#3&(!)+!(&77!)8&!.66&.7!+,!.!S+'T$#:Y<7.((!$/&#)$)*!)+!5$//7&Y<7.((!
<.47&!(34(<'$4&'(!$#!)8&!)S&#)*Y,$'()!<&#)3'*A!
! M8&!<+#<&6)!+,!)8&!8+4+8&5$.#!8.(!'&(+3#/$#:!&,,&<)(!+#!)8&!S.*!)8.)!5&#!
<+#()'3<)!.3)8+'$)*!.(!S'$)&'(!$#!)8&!7$)&'.'*!5.'T&)67.<&!.#/!.(!(.7&(5&#!+,!
25&'$<.#!<37)3'&A!M8&!$#)&'/$(<$67$#.'$)*!+,!J+'T$#:YL7.((!P)3/$&(0!25&'$<.#!
P)3/$&(!.#/!E.(<37$#$)*!P)3/$&(!.77+S(!5&!)+!63'(3&!)8&!<$'<37.)$+#!+,!)8&!8+4+!
#.''.)$%&!S8$7&!<'$)$<.77*!&W.5$#$#:!)8&!6'.<)$)$+#&'(!)8.)!4&#&,$)!,'+5!$)(!,+'5A!
M8&(&!S8$)&0!5.7&!S'$)&'(!S8+!&567+*!8+4+8&5$.#!6'.<)$<&!.'&!+,)&#!+%&'7++T&/!
,$:3'&(!$#!7$)&'.'*!()3/*!,+'!%.'$+3(!'&.(+#(0!$#<73/$#:!)8&$'!6'+/3<)$+#!+,!6+637.'!
7$)&'.)3'&!.#/!#+)+'$+3(!&W6'&(($+#(!+,!/$('&63).47&!.))$)3/&(A!V3)!R&'+3.<0!
M8+56(+#!.#/!V3T+S(T$!.77!5.$#).$#!.!($:#$,$<.#)!.#/!6+637.'!.3/$&#<&!+,!#&S!
:&#&'.)$+#(!+,!'&./&'(!S8+!<&7&4'.)&!)8&$'!<+#()'3<)$+#!+,!*+3)8,37!'&4&77$+#!.#/!
<+3#)&'<37)3'.7$(5A!M8&$'!$#<73($+#!.7+#:($/&!5+'&!<.#+#$<.7!S'$)&'(!7$T&!O+#/+#!
.#/!P)&$#4&<T!8&76(!)+!8$:87$:8)!#+)!+#7*!)8&!<+#()'3<)$+#!+,!.!5.(<37$#&!7$)&'.'*!
6+7$)$<(0!43)!)8&!<37)3'.7!.66&.7!+,!)8.)!6+7$)$<(!)+!6+637.'!.3/$&#<&(!S$)8$#!
)S&#)$&)8!.#/!)S&#)*Y,$'()!<&#)3'*!25&'$<.#!7$)&'.)3'&!.#/!<37)3'&A!N!.5!$#%&()&/!$#!
$/&#)$,*$#:!8+S!)8&!8+4+!#.''.)$%&!6&'5$)(!.3)8+'(0!S8+!.'&!+,)&#!+%&'7++T&/!+'!
/$(<'&/$)&/0!)+!3(&!<+567&W!S+'T$#:Y<7.((!.((+<$.)$+#(!)+!<7.$5!6'$%$7&:&(!+,!S8$)&!
! ! `a! !
5.(<37$#$)*A!N#!/+$#:!(+0!5*!()3/*!.$5(!)+!'&<+:#$X&!)8&!S.*(!$#!S8$<8!)8&!8+4+!
#.''.)$%&!$(!.!:&#'&!<.3:8)!4&)S&&#!)8&!(34<37)3'.7!.#/!)8&!5.((!<37)3'.70!.#/!3(&(!
)8&!7$)&'.'*!5.'T&)67.<&!)+!6.')$<$6.)&!$#!()'.)&:$<!<.6$).7$()!/$(.%+S.7(0!<+Y+6)$+#(!
.#/!.4(+'6)$+#(A!!
!P$#<&!)8&!.<)$%&!'&<.7$4'.)$+#!+,!)8&!8+4+!#.''.)$%&!(3::&()(!.!'&S+'T$#:!+,!
5.7&!/$(6+((&(($+#!'++)&/!$#!/$(67.<&/!%&)&'.#(!+'!3#&567+*&/!7.4+'$#:!4+/$&(0!)8&!
8+4+!'&6'&(&#)(!.!<+567&W!8$()+'$<.7!#&)S+'T!+,!$((3&(!'&:.'/$#:!#+)!+#7*!<7.((!
$/&#)$)*0!43)!.7(+!$/&#)$,$<.)$+#(!+,!'.<&!.#/!:&#/&'!$#!)8&!25&'$<.#!<&#)3'*A!M83(0!
4*!/'.S$#:!+#!)8&!8+4+!#.''.)$%&!.#/!8+4+!5*()$93&0!N!6'&(&#)!.!8$()+'$<.7!
)'.g&<)+'*!+,!5.(<37$#&!.#W$&)*!S$)8$#!)8&!<37)3'&!$#/3()'*0!,+'!S8$<8!S+'T$#:Y<7.((!
.66'+6'$.)$+#!&().47$(8&(!.#/D+'!6'+%&(!5&#!.!%$($47&!.#/!(*54+7$<!'&($7$&#<*A!M8$(!
(3::&()(!)8.)!)8&!8+4+!#.''.)$%&!.#/!(34(&93&#)!<$'<37.)$+#!+,!)8&!8+4+!5*()$93&!
+,,&'(!.!#&S!6&'(6&<)$%&!+,!S+'T$#:Y<7.((!'&6'&(&#).)$+#A!N#!.//$)$+#0!$)!6'+%$/&(!.!
/&).$7&/!.#.7*($(!+,!8+S!S8$)&!5.(<37$#$)*!$(!<+#()'3<)&/!.#/!5*)8+7+:$<.77*!
<&7&4'.)&/!$#!25&'$<.#!7$)&'.)3'&!)8'+3:8+3)!)8&!)S&#)$&)8!<&#)3'*A!!
!
!
!
!
!
!
!
! ! `[! !
8)"K5*4&B+*.&=+L'$'0+'+#&J01'I'5-.&<0)+&C5*'+1*(G&"+,&5)*&E"$0I'+*&64"2K&
! 2(!)&W)!)8.)!<$'<37.)&(!)8&!8+4+!5*()$93&!)+!7.':&!.3/$&#<&(0!?+8#!P)&$#4&<Tb(!
C'.6&(!+,!J'.)8!dH\]\e!4+)8!'&5&54&'(!)8&!8+4+!.#/!'&/&,$#&(!8$5!.(!.!5$:'.#)!)+!
/&,$#&!.!#&S!(+<$.7!<+#)&W)!,+'!)8&!)S&#)$&)8Y<&#)3'*A!J8&#!'&./!)8'+3:8!)8&!7&#(!+,!
)8&!8+4+!5*()$93&0!P)&$#4&<Tb(!S+'T!7+<.)&(!<+567&W!<'&.)$%&!.((+<$.)$+#(!S$)8!)8&!
67$:8)!+,!)8&!3#/&'<7.((!$#!4+)8!'&.7$()!.#/!,.#).()$<!,.(8$+#A!O$T&!O+#/+#b(!M8&!
1+./0!J'.)8!$(!.!6'+%+<.)$%&!,'.5&!,+'!)8&!()3/*!+,!)8&!8+4+!#.''.)$%&!4&<.3(&!$)!
8$:87$:8)(!$)$#&'.#)!S+'T$#:Y<7.((!7$,&!$#!)8&!,$:3'&!+,!)8&!5$:'.#)0!S8+!,+'!)8&!(.T&!
+,!.':35&#).)$+#!$(!<+#($/&'&/!.!(6&<$.7!)*6&!+,!8+4+!S$)8$#!2#/&'(+#b(!/&,$#$)$+#(A!
"#7$T&!O+#/+#b(!)'.56$#:!S$)8!R&77*b(!2'5*!+'!8+4+$#:!S$)8!'+./T$/(0!J'.)8!
'&#/&'(!S+'T$#:Y<7.((!$/&#)$)*!)8'+3:8!,$<)$+#.7$X&/!(&<+#/Y8.#/!$#,+'5.)$+#!,'+5!
7.4+'!+':.#$X&'(!7$T&!M+5!L+77$#(0!)+!S8+5!)8&!#+%&7!$(!/&/$<.)&/AFG!1+4&')!;&5+))0!
&/$)+'!+,!P)&$#4&<Tb(!g+3'#.7!J+'T$#:!;.*(!dH\[\e0!<7.$5(!)8.)!P)&$#4&<Tb(!
<+56+($)$+#!+,!J'.)8!S&#)!(+!,.'!.(!i$#<+'6+'.)$#:Z!l:'&.)!:7+4(b!+,!$#,+'5.)$+#j!
,'+5!L+77$#(b!'&(&))7&5&#)!./5$#$()'.)$+#!'&6+')(0!$#$)$.)$#:!)8&!%.73.47&!&W6&'$&#<&!
+,!5$:'.)$+#!S$)8+3)!#&&/$#:!)+!7&.%&!8$(!S'$)$#:!/&(T!dWW%$$$eA!2(!.!()'.)&:$<!
8+4+8&5$.#!6'.<)$)$+#&'0!P)&$#4&<T!5.'T(!.!(8$,)!$#!)8&!8+4+!#.''.)$%&!4*!,$#/$#:!
63'<8.(&!$#!)8&!6&',+'5.#<&!+,!<7.((!6+($)$+#!,+'!,$<)$+#!.(!53<8!.(!,+'!<'&.)$%&!7$,&A!
-+).47*0!/3'$#:!P)&$#4&<Tb(!<+56+($)$+#!+,!J'.)8!8&!6'&(&#)(!8$5(&7,!.(!4+)8!.!
i(8.44*j!i7.4+'&'j!$#!O+(!C.)+(0!.#/!.!i'./$<.7!4+8&5$.#j!)8.)!8+()(!L8.'7$&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
FG!M+5!L+77$#(!S.(!.!(&))7&5&#)!./5$#$()'.)+'!,+'!)8&!J&&/6.)<8!L.56!$#!L.7$,+'#$.!T#+S#!,+'!$)(!
iKT$&j!6+637.)$+#!/3'$#:!)8&!;3()!V+S7A!P)&$#4&<T!)'.%&7&/!S$)8!L+77$#(!)+!%$($)!)8&!5$:'.#)!<.56(!
.#/!).7T!S$)8!,.5$7$&(A!P)&$#4&<T!.7(+!8./!.<<&((!)+!)8&!'&6+')(!)8.)!L+77$#(!S'+)&!,+'!(345$(($+#!)+!
)8&!:+%&'#5&#)!d;&5+))!WW%$$Y$$$eA!!
! ! `\! !
L8.67$#FH!.#/!+)8&'!<&7&4'$)$&(!$#!8$(!7.':&!E+#)&!P&'&#+!8+5&!d;&5+))!W%eA!
P)&$#4&<Tb(!#+%&7!$(!'$,&!S$)8!8+4+8&5$.#!)&#($+#(!)8.)!,$#/!25&'$<.#!S'$)&'(!
()'3::7$#:!)+!'&6'&(&#)!S+'T$#:Y<7.((!67$:8)!+'!6+%&')*!,'+5!.!6'$%$7&:&/!4+8&5$.#!
6+($)$+#A!M8$(!6+($)$+#.7$)*!$56.<)(!)8&!%.73&!+,!'&6'&(&#).)$+#0!.#/!+,)&#!:'.#)(!
.3)8+'$.7!<+#)'+7!.#/!().4$7$)*!+,!)8&!(&7,!4*!&W6+($#:!)8&!<7.((!%+7.)$7$)*!+,!)8&!)$5&A!!
!J8$7&!O+#/+#b(!#.)3'.7$()!)&W)(!.((&')!)8&!.4$7$)*!)+!(3'%$%&!+#!)8&!'+./!4*!
<8.##&7$#:!8+4+!5+4$7$)*!+'!5$:'.#<*!,+'!$56'+%$(.)$+#.7!<'&.)$%&!6+(($4$7$)*0!
P)&$#4&<Tb(!(+<$.7!'&.7$(5!'&/&,$#&(!)8&!6+637.'!%.73&!+,!)8&!8+4+!#.''.)$%&!.#/!
'&#/&'(!$)!.#!&6$<!25&'$<.#!)'.:&/*!'++)&/!$#!)8&!&<+#+5$<!)&#($+#(!+,!)8&!
;&6'&(($+#!.#/!)8&!;3()!V+S7A!O$T&!)8&!#$#&)&&#)8Y<&#)3'*!/&6'&(($+#!)8.)!(&)!
,+'S.'/!L+W&*b(!N#/3()'$.7!2'5*0!)8&!P)+<T!E.'T&)!L'.(8!+,!K<)+4&'!H\F\!$((3&/!
(+<$.7!/$($#)&:'.)$+#!+#)+!)8&!M8$')$&(0!$#<73/$#:!)8&!,.$73'&!+,!4.#T(!.#/!'&<+'/Y8$:8!
7&%&7(!+,!3#&567+*5&#)A!M8&(&!(+<$.7!$77(!<8.77&#:&/!25&'$<.b(!3#/&'().#/$#:!+,!
<7.((!().)3(!.#/!+47$)&'.)&/!)8&!<+#<&6)!+,!,$#.#<$.7!(&<3'$)*A!2,)&'!)8&!L'.(8!5.#*!
25&'$<.#(!3#/&'S&#)!.!'$<8&(Y)+Y'.:(!)'.g&<)+'*!)8.)!7&,)!)8&!<+3#)'*!93&()$+#$#:!
)8&!#.)3'&!+,!)8&$'!6+($)$+#!$#!.!<7.((!8$&'.'<8*!)8.)!6&'6&)3.)&/!)8&!#+SY$56+(($47&!
$/&+7+:$<.7!6'&((3'&(!+,!6'+:'&((!.#/!6'+/3<)$%$)*A!M8&(&!<+#)&W)(!$#,+'5!)8&!V+#3(!
2'5*!+,!J+'7/!J.'!N!%&)&'.#(!S8+!5.'<8!+#!J.(8$#:)+#!$#!H\]F!/&5.#/$#:!<.(8!
6.*5&#)!,+'!)8&$'!(&'%$<&A!B$#/$#:!)8&5(&7%&(!/$(6+((&((&/!7$T&!4+)8!)8&!M'.56!
2'5*!+,!)8&!L$%$7!J.'!.#/!)8&!N#/3()'$.7!2'5*!.)!)8&!)3'#!+,!)8&!<&#)3'*0!)8&!(+<$+Y
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
FH!L8.'7$&!L8.67$#0!/$(<3((&/!,3')8&'!$#!L8.6)&'!)S+0!,.5+3(7*!6&',+'5&/!.(!.!)'.56!$#!8$(!,$75(!$#!
)8&!&.'7*!<&#)3'*0!.#/!$(!)83(!'&6'&(&#).)$%&!+,!5+'&!)8.#!g3()!@+77*S++/!#&)S+'T$#:!.)!)8&!
P)&$#4&<T!'&($/&#<&A!L8.67$#b(!+S#!$#)&'&()!$#!)8&!)'.56D8+4+D435!)'.#(,+'5.)$+#!.(!<'&.)$%&!
&#)&'6'$(&!<.#!4&!(&&#!#+)!+#7*!$#!8$(!().:&!6&',+'5.#<&(0!43)!.7(+!8$(!.((+<$.)$+#!S$)8!,+'5&'!8+4+!
?$5!M377*A!M377*b(!.3)+4$+:'.68*!V&::.'(!+,!O$,&!dH\F^e!$(!/&/$<.)&/!)+!L8.67$#0!i2!E$:8)*!c.:.4+#/Aj!!
! ! IG! !
&<+#+5$<!<+#/$)$+#!+,!)8&!;&6'&(($+#!&'.!,+':&(!$#)&:'.7!<+##&<)$+#(!)+!)8&!)'.560!
8+4+0!5$:'.#)!.#/!435b(!%$($47&!5+4$7$)*!.#/!<+553#$<.)&(!)8&!6+7$)$<.7!.#/!
<37)3'.7!$56+').#<&!+,!)8&!7.4+'$#:!5.7&!4+/*A!!!!!
! 2!($5$7.'!/&().4$7$X.)$+#!+,!(+<$+Y&<+#+5$<!7$,&!$#!25&'$<.!+<<3''&/!S$)8!)8&!
;3()!V+S70!+'!)8&!;$')*!M8$')$&(A!M8$(!6&'$+/!+,!/'+3:8)!.#/!6++'!(+$7!<+#(&'%.)$+#!
+%&'7.66&/!)8&!C'&.)!;&6'&(($+#0!47.<T!47$XX.'/(!+,!/$')!4'$#:$#:!.//$)$+#.7!
8.'/(8$6!)+!'3'.7!.#/!5$/YS&()&'#!.:'$<37)3'.7!.'&.(A!1&#/&'$#:!)8&!7.#/!3(&7&((0!
;3()!V+S7!5$:'.#)(!7&,)!)8&!5$/YS&()!$#!(&.'<8!+,!S+'T!$#!L.7$,+'#$.0!.#!.:'$<37)3'.7!
834!+,!(&7,Y5.T$#:!6+(($4$7$)*!$#!)8&!25&'$<.#!7.#/(<.6&A!L.7$,+'#$.0!8+S&%&'0!S.(!
.7'&./*!3#/&'!()'.$#!4*!)8&!;&6'&(($+#A!M8&!,7++/!+,!#&S!8+6&,37Y7.4+'&'(!+#)+!.#!
.7'&./*!7$5$)&/!5.'T&)!'&(37)&/!$#!,3')8&'!&<+#+5$<!()'.$#0!&W<&(($%&!8+5&7&((#&((!
.#/!&W67+$).)$%&!7.4+'!6'.<)$<&(!)8'+3:8+3)!)8&!S&()!<+.()A!2(!.!(*54+7!+,!&<+#+5$<!
8.'/(8$6!.#/!8+5&7&((#&((0!)8&!8+4+!6'&(&#)(!.!<&#)'.7!,+<3(!,+'!)8&!&6$<!8.'/(8$6!
+,!)8&!)$5&0!.#.7+:+3(!)+!#&S!6+637.)$+#(!(&.'<8$#:!,+'!S+'T!/3'$#:!)8&!
;&6'&(($+#A!@+5&7&((!.#/!&<+#+5$<.77*!/&()$)3)&0!)8&!5$:'.#)!.77+S(!P)&$#4&<T!)+!
5+4$7$X&!)8&!$/&+7+:$<.7!,.#).(*!+,!25&'$<.b(!:&+:'.68*0!$#()$)3)$#:!)8&!7$)&'.'*!
6+)&#)$.7!+,!(3'%$%.7!+#!25&'$<.b(!'+./(A!!
!Q&)0!$#!/+$#:!(+0!P)&$#4&<T!/'.S(!+#!)8&!5$:'.#)!S+'T&'!+,!)8&!;3()!V+S7!$#!.!
S.*!)8.)!().:&(!.!#&S!&'.!+,!)8&!8+4+!$#!)8&!C.(+7$#&!M'.56A!E.'T!J*5.#!/&,$#&(!
)8&!C.(+7$#&!M'.56!.(!.#!&.'7*Y)S&#)$&)8!<&#)3'*!S+'T&'!S$)8$#!S&()&'#!
.:'$<37)3'.7!<+553#$)$&(A!E+'&!)8.#!+)8&'!8+4+!)*6&(0!)8&!C.(+7$#&!M'.56!&W8$4$)(!
.!6'$%$7&:&/!5+4$7$)*!)8'+3:8!)8&!3(&!+,!)8&!.3)+5+4$7&A!;&(6$)&!)8&!,+'<&/!
! ! IH! !
5$:'.)$+#(!+,!/&()$)3)&!.:'$<37)3'.7!<+553#$)$&(0!P)&$#4&<Tb(!)'&.)5&#)!+,!)8&!
5+4$7&!5$:'.#)!'&#/&'(!6+%&')*!$#)+!.!7$)&'.'*!)'+6&!)8.)!$((3&(!#.)$+#.7!,+')$)3/&0!
,.5$7$.7!4+#/(!.#/!(34%&'($%&!6+7$)$<(A!J8&'&.(!)8&!8+4+!+,!6'&%$+3(!:&#&'.)$+#(!
'+/&!$77&:.77*!$#!4+W<.'(0!)8&!C.(+7$#&!M'.56!:.$#(!<37)3'.7!.#/!&<+#+5$<!.<<&((!.(!
.#!.3)+5+)$%&!6.((&#:&'!.<'+((!)8&!7.#/(<.6&!+,!25&'$<.A!P)&$#4&<Tb(!3(&!+,!)8&!
C.(+7$#&!M'.56!'&.((&')(!)8&!'+5.#)$<!6+)&#)$.7!,+'!8.'/YS+'T$#:!.#/!8.'/Y&.'#&/!
36S.'/!5+4$7$)*!$#!.#!&'.!)8.)!8./!7+()!&%&'*)8$#:A!V*!$#<+'6+'.)$#:!.!#&S!,+'5!+,!
$)$#&'.#<*!$#!)8&!)S&#)$&)8Y<&#)3'*!;&6'&(($+#!&'.0!P)&$#4&<T!().:&(!S8$)&0!5.7&!
25&'$<.#!'&($7$&#<*!)8'+3:8!)&<8#+7+:$<.7!./%.#<&5&#)(!$#!&<+#+5$<!<'$($(A!
P)&$#4&<Tb(!J'.)8!#+)!+#7*!$((3&(!.!#&S!,+'5!+,!8+4+!#.''.)$%&!)8.)!/'.S(!+#!
6+637.'!.#/!6+637$()!.66&.7(!$#!.!#&S!&<+#+5$<!S+'7/0!43)!6$#Y6+$#)(!)8&!
<+#()'3<)$+#!+,!(&7,Y5.T$#:!8+6&!$#!)8&!8+4+!5*()$93&A!M8&(&!8$:87*!'&<+:#$X.47&!
.#/!%$($47&!,+'5(!$#<73/&!#+)!+#7*!P)&$#4&<Tb(!#+%&70!43)!$#<+'6+'.)&!)8&!#&.'Y
($537).#&+3(!'&7&.(&!+,!?+8#!B+'/b(!,$75!M8&!C'.6&(!+,!J'.)8!dH\^Ge!)+!(34().#)$.)&!
)8&!$<+#$<!6+637.'$X.)$+#!+,!S+'T$#:Y<7.((!$/&#)$)*!.#/!(6.)$.7!5+4$7$)*!$#!L.7$,+'#$.A!
! M8&!?+./b(!S&()S.'/!5+%&5&#)!,'+5!KT7.8+5.!)+!L.7$,+'#$.!+#!1+3)&!II!
&W8$4$)(!)8&!$56+').#<&!+,!4&<+5$#:!6.((&#:&'(!+#!)8&!'+./A!P)&$#4&<T!<+##&<)(!)8&!
,.5$7*!.)!)8&!<&#)&'!+,!J'.)8!)+!.!7+#:Y8$()+'*!+,!6$+#&&'(0!)'.56$#:!)'.%&7&'(!+'!
8+4+!'.$7!'$/&'(!S8+!.''$%&!.)!)8&!(<&#&!+,!)8&!;&6'&(($+#!&'.!.(!5$:'.)+'*!C.(+7$#&!
M'.56(!$#!(&.'<8!+,!S+'T!.#/!/&7$%&'.#<&A!V*!/'.5.)$X$#:!)8&!.3)+5+)$%&!i6.)8!+,!.!
6&+67&!$#!,7$:8)Z!m)8.)n!<+5&!$#)+!II!,'+5!)8&!)'$43).'*!($/&!'+./(0!,'+5!)8&!S.:+#!
)'.<T(!.#/!)8&!'3))&/!<+3#)'*!'+./(0j!P)&$#4&<T!6'+%$/&(!%$($4$7$)*!)+!)8&!,$:3'&(!)8.)!
! ! IF! !
)'.%&'(&!i)8&!5+)8&'!'+./0!)8&!'+./!+,!,7$:8)j!dJ'.)8!HIGeA!V*!<.77$#:!36+#!&.'7$&'!
().:&(!+,!S&()S.'/!5+4$7$)*0!P)&$#4&<T!().:&(!1+3)&!II!.(!.!#&S!6.'.:+#!+,!
25&'$<.#!6'+:'&((A!M8&!'+./!4&<+5&(!.!67.<&!S8&'&!$#/$%$/3.7(!,'+5!/$%&'(&!
().')$#:!6+$#)(!)8'+3:8+3)!8$()+'*!5&&)!.#/!,.<&!)8&!<+567&W!6+7$)$<.7!.#/!&<+#+5$<!
().)&!+,!)8&!)S&#)$&)8!<&#)3'*A!N#!/+$#:!(+0!P)&$#4&<T!6'+5+)&(!L.7$,+'#$.!.(!
<+77&<)$%&!6'+5$(&!)8.)!#+)!+#7*!./%.#<&(!.!#&SY<&#)3'*!,+'5!+,!5.#$,&()!/&()$#*0!
43)!&<8+&(!.!8+4+!5*()$93&!)8.)!<&7&4'.)&(!S8$)&0!5.7&!)'.%&7!+#!)8&!'+./A!
P)&$#4&<Tb(!/&(<'$6)$+#(!+,!)'.%&7!/'.S(!+#!)8&!6+637.'!$<+#+:'.68*!+,!)3'#Y+,Y)8&Y
<&#)3'*!)'.56(!.#/!8+4+(0!.#/!(*54+7$<.77*!'&#/&'(!)8&5!.:&#)(!$#!.!#&S!&'.0!
/&6$<)$#:!'+./(!6+637.)&/!4*!5$:'.#)(!.#/!C.(+7$#&!M'.56(!$#!.3)+5+4$7&(0!.#/!
i.$#b)!#+#&!+,!l&5!:+$#b!&.()j!dJ'.)8!F]`YIeA!!
P)&$#4&<T!<&#)'.7$X&(!)8&!<37)3'.7!5*)8+(!+,!)8&!8+4+!.7+#:($/&!)8&!$)$#&'.#)!
7.4+'!)8.)(!4+7()&'!)8&!)S&#)$&)8Y<&#)3'*!&<+#+5*A!O$T&!)8&!'.$7'+./!$#!)8&!
#$#&)&&#)8!<&#)3'*0!)8&!"#$)&/!P).)&(!8.(!4&&#!)'.#(,+'5&/!4*!<8.#:$#:!
)&<8#+7+:$&(!)8.)!<8.#:&!)8&!7.4+'!+,!5&#A!N#!)8&!<.(&!+,!)8&!C.(+7$#&!M'.560!)8&!
)&<8#+7+:*!+,!)8&!.3)+5+4$7&!8.(!4&&#!7.':&7*!4&#&,$<$.70!)8+3:8!J'.)8!8$:87$:8)(!
$)(!#&:.)$%&!<+#(&93&#<&(!+#!)8&!5$:'.)+'*!$#/$%$/3.7A!P)&$#4&<Tb(!#+%&7!'&#/&'(!
)'./$)$+#.7!#+)$+#(!+,!)8&!8+4+!#.''.)$%&0!S8$<8!/&6$<)(!.!5+4$7&0!$)$#&'.#)!7.4+'&'!
,'+5!g+4!)+!g+4!.#/!67.<&!)+!67.<&0!$#)+!.!S$/&7*!<$'<37.)&/!.#/!(&77.47&!:&#'&!4*!
$#<+'6+'.)$#:!)8&!.3)+5+4$7&A!P)&$#4&<T!'&/&,$#&(!)8&!8+4+!5*()$93&!4*!$#()$)3)$#:!
)8&!C.(+7$#&!M'.560!.!S+'T$#:Y<7.((!,$:3'&!)8.)!<.#!:.$#!<37)3'.7!.<<&((!,'+5!)8&!
)&<8#+7+:$<.7!./%.#<&5&#)!+,!)8&!.3)+5+4$7&A!M8$(0!$#!)3'#0!&568.($X&(!)8&!
! ! I]! !
$56+').#<&!+,!4&$#:!.!5+4$7&!6.((&#:&'!+#!)8&!'+./0!S8&)8&'!.(!.!)'.%&7$#:!)'.560!
8+4+!+'!$#!)8&!<.(&!+,!J'.)80!.(!.!5$:'.#)A!M8$(!#3.#<&!)+!)8&!8+4+!#.''.)$%&!3(&(!
)8&!(*54+7$<!'&6'&(&#).)$+#!+,!)8&!S+'T$#:!<7.((!)+!.66&.7!)+!6+637.'!.#/!6+637$()!
<37)3'.7!<+#(356)$+#A!N)!.7(+!6'&/$<.)&(!P)&$#4&<Tb(!5$/Y<&#)3'*!)'.%&7+:3&!M'.%&7(!
J$)8!L8.'7&*!dH\IFe0!S8&'&!)8&!C.(+7$#&!M'.56!$(!3(&/!)+!'&$((3&!)8&!6+7$)$<.7!().)&!
+,!)8&!8+4+!#.''.)$%&A!L8.'7&*!&W6'&((&(!8+S!P)&$#4&<Tb(!.3)8+'$.7!<+#()'3<)$+#!
'&93$'&(!S+'T$#:Y<7.((!.,,$7$.)$+#(!)+!.66&.7!)+!.!5$/Y)S&#)$&)8!<&#)3'*!7$)&'.'*!
5.'T&)67.<&A!
!
M@>!C2PKON->!M12E=!2P!=2PP>-C>1!
! P)&$#4&<T!7$#T(!)8&!68*($<.7!5+4$7$)*!+,!S+'T$#:!6&+67&!)+!)8&!$56+').#)!
)&<8#+7+:$<.7!./%.#<&5&#)!+,!)8&!.3)+5+4$7&!$#!)8&!g.7+6*A!M8&!g.7+6*!$(!im+n#&!+,!
)8&5!<3)Y/+S#!<.'(!,377!.!()+%&(!.#h!6.#(!.#h!5.))'&((&(!.#h!T$/(!.#h!<8$<T&#(A!C+$#h!
S&()0!*+3!T#+Sj!dJ'.)8!FH`eA!M8&!g.7+6*!$(!.!5+4$7&!8+5&!)8.)!8.(!3#/&':+#&!
)'.#(,+'5.)$+#!)8.)!8+3(&(!#+)!+#7*!)8&!<8$7/'&#!+,!.!,.5$7*0!43)!.7(+!)8&!93+)$/$.#!
#&<&(($)$&(!+,!(7&&6$#:!.#/!&.)$#:A!N#!)8$(!<+#)&W)0!P)&$#4&<Tb(!g.7+6*!4&<+5&(!.!
5+4$7&!(*54+7!+,!8+5&7&((#&((!,+'!)8&!)S&#)$&)8!<&#)3'*A!"#7$T&!)8&!7&$(3'&7*!().)3(!
(*54+7!+,!)8&!.3)+5+4$7&!)8.)!&#)&'(!)8&!25&'$<.#!(<&#&!.7+#:($/&!
(343'4.#$X.)$+#0!)8&!g.7+6*!#&<&((.'$7*!<+54$#&(!&<+#+5$<!8.'/(8$6!.#/!)8&!
C.(+7$#&!M'.56b(!S&()&'#!)'.%&7!,+'!S+'TA!O$T&!)8&!8+4+!S8+(&!$)$#&'.#)!#.)3'&!$(!
5.'T&/!4*!.7)&'#.)$#:!4&)S&&#!S+'T!.#/!/&()$)3)$+#!$#!4+W<.'(!.#/!g3#:7&!<.56(0!
)8&!g.7+6*!6'+%$/&(!;3()!V+S7!5$:'.#)(!4+)8!.!8+5&!.#/!5+4$7$)*0!,+<3($#:!)8&!
! ! I^! !
6'&((3'&(!+,!7.4+'!3#/&'!5+/&'#!<.6$).7$(5!)8.)!(&#/(!$#/$%$/3.7(!+#!)8&!'+./!)+!
()'3::7&!,+'!(34($()&#<&AFF!N#!)8$(!S.*0!J'.)8!$(!/&,$#&/!.(!53<8!4*!$)(!5+/&!+,!
)'.#(6+').)$+#!.(!)8&!6&+67&!$)!)'.#(6+')(A!P)&$#4&<T!3(&(!)8&(&!'&7.)$+#(8$6(!)+!
8$:87$:8)!)8&!T$#/!+,!.:&#<*!.%.$7.47&!)+!)8&!?+./(!4.(&/!+#!)8&!g.7+6*_!!
M8&!,.5$7*!5&)!.)!)8&!5+()!$56+').#)!67.<&0!#&.'!)8&!)'3<TA!M8&!8+3(&!S.(!
/&./0!.#/!)8&!,$&7/(!S&'&!/&./o!43)!)8$(!)'3<T!S.(!)8&!.<)$%&!)8$#:0!)8&!7$%$#:!
6'$#<$67&A!M8&!.#<$&#)!@3/(+#0!S$)8!4&#)!.#/!(<.''&/!'./$.)+'!(<'&&#0!S$)8!
:'&.(&!$#!/3()*!:7+437&(!.)!)8&!S+'#!&/:&!+,!&%&'*!5+%$#:!6.')0!S$)8!834!
<.6(!:+#&!.#/!<.6(!+,!'&/!/3()!$#!)8&$'!67.<&(f)8$(!S.(!)8&!#&S!8&.')80!)8&!
7$%$#:!<&#)&'!+,!)8&!,.5$7*o!8.7,!6.((&#:&'!<.'!.#/!8.7,!)'3<T0!8$:8Y($/&/!.#/!
<735(*A!dJ'.)8!H]`YIe!
!
M8&!g.7+6*!6+((&((&(!)8&!.4$7$)*!)+!3#$,*!)8&!?+./!,.5$7*!.(!$#)&'6&77.)&/!(34g&<)(!
3#/&'!<.6$).7$(5A!2(!.!<+54$#.)$+#!+,!<.'!.#/!)'3<T0!)8&!g.7+6*!$(!.!8*4'$/!
)&<8#+7+:$<.7!./%.#<&5&#)!)8.)!<.#!<.''*0!)'.#(6+')!.#/!/&7$%&'!)8&!,.5$7*!)+!4&))&'!
7.#/!.#/!+66+')3#$)*!$#!L.7$,+'#$.A!;&(<'$4&/!.(!.#!i.<)$%&!)8$#:0j!)8&!.#$5.)&/!
5.<8$#&'*!+,!)8&!g.7+6*!&#.47&(!)8&!?+./(!)+!4&<+5&!6.((&#:&'(!S8+!<.#!6.')$<$6.)&!
$#!)8&!i7$%$#:!6'$#<$67&j!+,!)8&!'+./0!7&.%$#:!)8&!i/&./j!7.#/!4&8$#/A!N#!5+)$+#!+#!)8&!
'+./0!)8&!?+./(!.'&!:'.#)&/!8+6&,37!#&S!+66+')3#$)$&(!<&7&4'.)&/!4*!)8&!8+4+!
5*()$93&A!M8&!g.7+6*!6'&/$<.)&(!P)&$#4&<Tb(!#&S!8+4+!#.''.)$%&0!.#/!<+#()'3<)(!)8&!
?+./(!.(!C.(+7$#&!M'.56(A!V*!<+#($/&'$#:!)8&!?+./(!.(!C.(+7$#&!M'.56(!.(!S&77!.(!
;3()!V+S7!5$:'.#)(0!N!+,,&'!.#!$#)&'%&#)$+#!$#)+!P)&$#4&<Tb(!S+'T!)8.)!93&()$+#(!)8&!
.<)$%&!.#/!.:&#)$.7!6+(($4$7$)*!+,!.!5+4$7&!6.((&#:&'!+#!)8&!'+./A!V*!&W67+'$#:!)8&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
FF!;&=.()$#+!.':3&(!)8.)!)8&!8+4+!,$:3'&fS8&)8&'!/&6$<)&/!.(!)8&!)'.560!435!+'!:.(+7$#&!)'.560!
(&'%&/!.(!i%$<)$5m!!n!.#/!.:&#)m!!n!+,!)8&!#&S!&<+#+5$<!(*()&50j!.(!S&77!.(!i<+#%&#$&#)!(<'&&#(!+#)+!
S8$<8!5$//7&Y<7.((!25&'$<.#(!6'+g&<)&/!)8&$'!$#(&<3'$)$&(0!.#W$&)$&(0!.#/!,.#).($&(!.4+3)!3'4.#!
$#/3()'$.7!7$,&j!d^eA!N!3(&!;&=.()$#+b(!&W67.#.)$+#!)+!&568.($X&!8+S!P)&$#4&<Tb(!S+'T!(&'%&(!)+!
&W6.#/!)8&!6+)&#)$.7!+,!)8&!)'.56!,$:3'&!S8$7&!.7(+!$#/$<.)$#:!)8&!(+<$+Y&<+#+5$<!6'&((3'&(!)8.)!
<+#)&W)3.7$X&!8$5A!!
! ! I`! !
6'$%$7&:&/!/$(<+3'(&!)8.)!(3''+3#/(!)8&!(&7&<)$%&!5+%&5&#)!+,!)8&!)'.56!.#/!8+4+0!
N!7+<.)&!S.*(!)8&!/$(6+((&((&/!().)&!+,!)8&!;3()!V+S7!5$:'.#)!.#/!)8&!C.(+7$#&!
M'.56!5.6!)8&!)'.#(,+'5.)$+#!+,!)8&!8+4+!#.''.)$%&!.(!#+)!+#7*!<$'<37.)$#:!)8&!
8+4+!5*()$93&0!43)!<8.77&#:$#:!25&'$<.#!$/&+7+:$&(!+,!5.(<37$#&Y6'+:'&((!$#!)8&!
S&()A!!!
!E*!$#)&'&()!$#!)8&!6.((&#:&'!/'.S(!,'+5!-+#Y1&6'&(&#).)$+#.7!M8&+'*_!
P6.<&!v!=+7$)$<(!v!2,,&<)!dFGG[e0!S8&'&$#!P+<$.7!C&+:'.68&'!.#/!(6.)$.7!)8&+'$()!-$:&7!
M8'$,)!<'$)$93&(!)8&!8$()+'$<.7!/&)&'5$#$(5!+,!E$<8&7!;&!L&')&.3b(!M8&!='.<)$<&!+,!
>%&'*/.*!O$,&!dH\[^eA!N#!8$(!<8.6)&'!i;'$%$#:!$#!)8&!L$)*0j!M8'$,)!.//'&((&(!.!
83#/'&/Y*&.'(!+,!i.3)+5+4$7$)*j!$#!+'/&'!)+!i%.73m&n!)8&!,3:$)$%&!6'.<)$<&(!)8.)!&W$()!
+#!)8&!5.':$#(!+,!)8&!T#+S#j!d$eA!N#!/+$#:!(+0!M8'$,)!'&%$(&(!;&!L&')&.3b(!6+637.'!
)8&+'*!+,!S.7T$#:!$#!)8&!<$)*!S$)8!)8&!8$:87*!%$($47&!.#/!34$93$)+3(!.3)+5+4$7&A!
M8'$,)!5.T&(!<7&.'!)8.)!6+((&(($%&!)&<8#+7+:$&(!7$T&!)8&!.3)+5+4$7&!6'+%$/&!.<<&((!
)+!:&+:'.68$<!.#/!(+<$.7!(6.<&!.#/!'&#/&'!#&S!(34g&<)$%$)$&(A!M8'$,)b(!i(*()&5!+,!
.3)+5+4$7$)*j!5.'T(!)8&(&!&W6'&(($+#(!+,!(34g&<)$%$)*!$#!)8&!/'$%&'!.#/!)8&!
6.((&#:&'0!.':3$#:!)8.)!)8&'&!.'&!i&54+/$&/!6'.<)$<&(!+,!/'$%$#:!.#/!l6.((&#:&'$#:bj!
dM8'$,)![GeA!M8&!6'+/3<)$%&!.#/!.:&#)$.7!6+(($4$7$)*!+,!6.((&#:&'$#:!$((3&(!.!
/$(<+3'(&!+,!<+#)'+7!.#/!.<<&((!)8.)!<+##&<)(!)+!5*!&W67+'.)$+#!+,!)8&!8+4+!
#.''.)$%&A!P6&<$,$<.77*0!N!.':3&!)8.)!($#<&!)8&!C.(+7$#&!M'.56!$(!.!,$:3'&!+,!
&W<&6)$+#.7!5+4$7$)*0!8$(!:&+:'.68$<!.<<&((!.77+S(!P)&$#4&<T!)+!'&%$(&!)8&!8+4+!
5*()$93&!.#/!$#().77!#&S0!(34g&<)$%&!6+(($4$7$)$&(A!!!!
! ! II! !
!J8$7&!)8&!.<)!+,!/'$%$#:!$(!&.($7*!:'.,)&/!+#)+!/$(<3(($+#(!+,!.<<&((!.#/!
5+4$7$)*0!)8&!(.5&!<7.$5(!+,!6.((&#:&'$#:!'&93$'&!5+'&!)8+3:8),37!&W.5$#.)$+#A!
=.((&#:&'$#:!$(!+,)&#!<+#($/&'&/!.!6.(($%&!6+($)$+#0!+#&!)8.)!'$/&(!)8'+3:8!+'!
6.((&(!.7+#:($/&!S$)8!7$))7&!.:&#<*!$#!'&7.)$+#!)+!)8&!.<)$%&!/'$%&'A!=.((&#:&'$#:!<.#!
4&!.!%+73#).'*!)'.#(6+')$%&!5&.#(!,+'!S+'T!+'!7&$(3'&0!43)!.7(+!.!/.#:&'+3(7*!
$#%+73#).'*!5.'T&'!+,!&#(7.%&5&#)!+'!:&#+<$/&A!M8'$,)b(!$#)&'6'&).)$+#!+,!
6.((&#:&'$#:!.((&')(!%+7$)$+#!7$T&!;&!L&')&.3b(!l,3:$)$%&!6'.<)$<&(b!+,!S.7T$#:0!43)!
'.)8&'!)8.#!&W67+'$#:!3#&W6&<)&/!6.)8(0!$#()$)3)&(!%$($47&!.#/!T#+S#!6+($)$+#(A!
M8'$,)b(!6.((&#:&'$#:!$(!.!(34%&'($%&!.<)$%$)*!)8.)!/+&(!#+)!#&&/!)+!4&!8$//&#A!M8$(!
%$($4$7$)*!6&'5$)(!6.((&#:&'$#:!)+!($:#.7!#+)!+#7*!(34g&<)$%&!i#&S!<.6.<$)$&(j!43)!
.7(+!i#&S!5+/&(!+,!<+#)'+7j!)8'+3:8!.3)+5+4$7$)*!d[[eA!!
! 2(!.!S+'T$#:Y<7.((!6.((&#:&'0!)8&!C.(+7$#&!M'.56!(&'%&(!.(!.#!&547&5!.#/!
$<+#!S8&'&$#!.3)+5+4$7$)*!.)).$#(!#&S!<+#)'+7(!+%&'!<+567&W!(+<$+Y&<+#+5$<!
($)3.)$+#(A!P)&$#4&<T!./%.#<&(!)8&!.3)+5+4$7$)*!+,!)8&!8+4+!5*()$93&!4*!
$#<+'6+'.)$#:!#+)!+#7*!)8&!g.7+6*0!43)!.7(+!.!#&S!S+'T$#:Y<7.((!(34g&<)!$#!)8&!
5$:'.)+'*!C.(+7$#&!M'.56A!2(!.#!.3)+5+)$%&!6.((&#:&'0!)8&!C.(+7$#&!M'.56!
&54+/$&(!)8&!5.<8$#&'*!+,!)8&!.3)+5+4$7&!.(!.#!&W)&#($+#!+,!8$(!+S#!<.6.<$)*0!.#!
.<)$%&!.#/!.:&#)$.7!<7.$5!)8.)!<+#)'.()(!S$)8!J'.)8b(!/&()'3<)$%&!5.<8$#&'*!+,!+%&'Y
,.'5$#:!+'!4.#T!'&6+((&(($+#A!1.)8&'!)8.#!4&!(34+'/$#.)&/!4*!B+'/$()!,+'<&(!+,!
&.'7*!<&#)3'*!5.((!6'+/3<)$+#!.#/!<.6$).7$()!.(6$'.)$+#0!)8&!C.(+7$#&!M'.56!
! ! Ia! !
5.#$637.)&(!8$(!l,3:$)$%&b!(+<$.7!6+($)$+#!)8'+3:8!5+4$7&!(34g&<)$%$)$&(!$#!)8&!
.3)+5+4$7&0!.77+S$#:!8$5!)+!$#<'&.(&!8$(!<8.#<&(!,+'!&<+#+5$<!:.$#AF]!!
! >%.73.)$+#!+,!)8&!C.(+7$#&!M'.56b(!$56.<)!+#!J'.)8!($:#.7(!)8&!$#<'&.($#:!
5+4$7$)*!+,!)8&!8+4+!.#/!)8.)!#&S!,+'5(!+,!8+4+!(34g&<)$%$)*!.'&!.')$<37.)&/!)8'+3:8!
7&:$)$5.)&/!6.((&#:&'!6+($)$+#(0!#+)!$77&:.7!4+W<.'!'$/&(AF^!!N!<+#($/&'!)8&!C.(+7$#&!
M'.56!.!8+4+Y7$T&!6.((&#:&'!)+!8$:87$:8)!.!6'+/3<)$%&!.#/!#.)$+#.7$()!'&S+'T$#:!+,!
)8&!8+4+!#.''.)$%&!)8.)!<.#!:.'#&'!<$)$X&#Y7$T&!(+<$.7!().)3(!.#/!.!,'+#)$&'$#:!(&#(&!
+,!$#/&6&#/&#<&A!1.)8&'!)8.#!&#/3'&!)8&!4+/$7*!'$(T!+'!/.#:&'!+,!'.$7!'$/$#:0!)8&!
C.(+7$#&!M'.56!3(&(!8$(!5+4$7$)*!)+!:.'#&'!.#!./%.#).:&!.5+#:!)8&!$)$#&'.#)!
S+'T$#:Y<7.((A!M8$(!7&:$)$5.)&/!6+($)$+#!$(!6'+%+<.)$%&!4&<.3(&!$)!(3::&()(!)8.)!)8&!
8+4+!#.''.)$%&!8.(!.7(+!4&&#!:'.#)&/!().)3(!)8'+3:8!$)(!<37)3'.7!%.73.)$+#A!
M8&'&,+'&0!P)&$#4&<Tb(!$#<+'6+'.)$+#!+,!)8&!C.(+7$#&!M'.56!<.#!4&!(&&#!.(!.!5&)8+/!
,+'!:.$#$#:!(*54+7$<!<+55.#/!+%&'!(+<$+Y6+7$)$<.7!().)3(!%$.!)8&!8+4+!5*()$93&A!!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
F]!M8&!.3)+5+4$7&!$(!+,)&#!.!($)&!,+'!,3:$)$%&!6'.<)$<&!$#!6+637.'!<37)3'&A!M8$(!6+)&#)$.7!$(!6&'8.6(!4&()!
'&6'&(&#)&/!/&<./&(!7.)&'!4*!J.*#&!R&56b(!(+#:!iK#&!=$&<&!2)!2!M$5&0j!dH\aIe!5./&!,.5+3(!$#!.!
'&<+'/$#:!4*!?+8##*!L.(8A!N#!)8&!(+#:0!.!S+'T&'!$#!.#!.3)+5+)$%&!,.<)+'*!()&.7(!+#&!6$&<&!+,,!)8&!
.((&547*!7$#&!&.<8!/.*!.#/!<'&.)&(!8$(!+S#!<.'!,+'!,'&&0!.77+S$#:!,+'!.!7$)&'.77*!,'&&!,+'5!+,!5+4$7$)*A!!!
F^!O$T&!?+8#!O&##+#b(!&.'7*!8+4+!(<8+7.'(8$6!sN#)&''+:.)$#:!25&'$<.#!P34<37)3'&_!M8&!@+4+!B$:3'&!
.#/!-&:+)$.)$+#(!+,!N#%$($4$7$)*j!dFGG`e0!N!,$#/!6'+/3<)$%$)*!$#!)8&!4+W<.'!'$/&'0!.#/!.77+<.)&!)8&!8+4+!
.!)'&(6.(($#:!6.((&#:&'!)8.)!$#8.4$)(!)8&!i$#%$($47&j!(6.<&!+,!)8&!4+W<.'!.(!.!7.S7&((!.#/!7$5$)7&((!
(34g&<)A!Q&)0!4*!5.66$#:!)8&!8+4+b(!)'.#($)$+#!)+!)8&!C.(+7$#&!M'.560!)8&!$#%$($47&!.#/!7.S7&((!(6.<&!
+,!)8&!4+W<.'!#+!7+#:&'!&W$()(0!.#/!'&(37)(!$#!.!'&/&67+*5&#)!+,!8+4+!)'+6&(!$#!.#!&'.!+,!#&S!5+/&(!
+,!)'.#(6+').)$+#A!M8$(!<8.77&#:&(!;&!L&')&.3b(!7$5$)&/!.#/!6.(($%&!)'.$#!6.((&#:&'0!i67.<&/!)8&'&!7$T&!
.!6$&<&!+,!6'$#)&'b(!)*6&!+#!.!6.:&!.''.#:&/!$#!5$7$).'*!+'/&'j!dHHHeA!O&##+#b(!.((&')$+#!+,!6'+/3<)$%&!
)'&(6.(($#:!.((35&(!)8.)!3#)$<T&)&/!().)3(!+#!)8&!)'.$#!6'+%$/&(!.!/$()$#<)!%$+7.)$+#!+,!)8&!+'/&'!;&!
L&')&.3!$#/$<.)&(0!S8$7&!M8'$,)b(!%$($47&!6.((&#:&'(!<+#()'3<)!.#!.7)&'#.)$%&!(34g&<)$%$)*!)8.)!4*6.((&(!
.3)8+'$X.)$+#A!
! ! I[! !
L1NMNL2O!1K2;P!N-MK!J12M@_!
!M8&!<+#<&6)!+,!)8&!6.((&#:&'!.7(+!$#)&'%&#&(!$#!P)&$#4&<Tb(!4$,3'<.)&/!4+/*!
+,!(<8+7.'7*!<'$)$93&A!2(!=&)&'!O$(<.b(!C'.6&(!+,!J'.)8_!M&W)!.#/!L'$)$<$(5!
dH\aFDH\\ae!'&,7&<)(0!J'.)8!:.'#&'(!<'$)$<.7!.))&#)$+#!$#!+#&!+,!)S+!S.*(0!)8'+3:8!
)8&!i(+<$.7j!+'!)8&!i<'&.)$%&Aj!M8+(&!S8+!()3/*!J'.)8!37)$5.)&7*!,+<3(!+#!&$)8&'!)8&!
6+7$)$<.7!'&6'&(&#).)$+#!+,!8$()+'$<.7!7.4+'!5+%&5&#)(0!+'!)8&!4$47$<.7!.#/D+'!
5*)8+7+:$<.7!(*54+7$<!<+#()'3<)$+#!+,!)8&!)&W)(A!N#!&((&#<&0!)8&(&!)S+!<'$)$<.7!<.56(!
.))&56)!)+!<+56.')5&#).7$X&!.#!&6$<!7$T&!J'.)8!)+!<+#/3<)!5.#.:&.47&!'&./$#:(A!
V3)!)8&!(&6.'.)$+#!4&)S&&#!)8&!6+7$)$<(!+,!(+<$.7!'&.7$(5!.#/!)8&!<'&.)$%&!(*54+7$<!$(!
.!6'+47&5.)$<!6'.<)$<&0!.#/!+#&!)8.)!)&#/(!)+!7$5$)!)8&!'&./$#:!+,!)8&!8+4+!#.''.)$%&A!
E*!$#)'+/3<)$+#!+,!)8&!8+4+Y6.((&#:&'!$#!)8&!C.(+7$#&!M'.56!6'+%$/&(!.!,+<3(!)8.)!
4'$/:&(!25&'$<.#!5*)8+:'.68*!.#/!)8&!(+<$+Y&<+#+5$<!<7$5.)&!+,!J'.)8b(!)$5&A!V*!
/'.S$#:!+#!(+<$.7!67$:8)!+,!)8&!6.((&#:&'!$#!)8&!#&S!&'.!+,!)8&!C.(+7$#&!M'.560!
P)&$#4&<T!/&67+*(!.!8+4+!#.''.)$%&!)8.)!<.6$).7$X&(!+#!)8&!<37)3'.7!3#<+#(<$+3(!+,!
)8&!8+4+!5*()$93&A!V3)!)8$(!<$'<37.)$+#!+,!)8&!8+4+!5*()$93&!.7(+!/&#+)&(!)8&!
6'&((3'&(!+,!8+5&7&((#&((!+%&'!)$5&0!'.#:$#:!,'+5!)8&!)'.56!)+!)8&!8+4+!)+!)8&!
5$:'.)+'*!C.(+7$#&!M'.56A!!
!P)&$#4&<Tb(!S+'T!.((&')(!.43#/.#)!<'&.)$%&!&#)&'6'$(&!$#!.!6&'$+/!/&,$#&/!4*!
&<+#+5$<!(<.'<$)*0!.!<+56+($)$+#.7!,+<3(!)8.)!&93.)&(!)+!)8&!6'&((3'&(!+,!
8+4+8&5$.#!6'.<)$<&A!M8&!(+<$.7!<+#<&'#!+%&'!P)&$#4&<Tb(!(*54+7$<!'&6'&(&#).)$+#!
4&<+5&!<&#)'.7!)+!)8&!#+%&7b(!'&<&6)$+#A!P6&<$,$<.77*0!)8&!C.(+7$#&!M'.56!'&,$#&(!
'&./$#:(!+,!)8&!iKT$&!&W+/3(0j!(+5&)8$#:!E$<8.&7!;&##$#:!.':3&(!$(!i).T&#!.(!.#!
! ! I\! !
&547&5!+,!/&6'&(($+#Y&'.!6+637$(5j!S8&#!$)!(&'%&(!+#7*!.(!i+#&!6.')!+,!)8&!.')$()$<!
.#/!(+<$.7!,+'5.)$+#j!+,!)8&!)$5&!dB'+#)!F`\eA!;&##$#:b(!iC'.6&(!+,!J'.)8_!lM8&!2')!
.#/!P<$&#<&!+,!E$:'.)$#bj!.':3&(!)8.)!P)&$#4&<Tb(!#+%&7!'+(&!)+!i#.)$+#.7!.))&#)$+#j!
4&<.3(&!$)!,&.)3'&(!)8&!()'.)&:$<!)'&.)5&#)!+,!iS8$)&!='+)&().#)!l67.$#!6&+67&bj!
d;&##$#:!F`\o!FIaeA!;&##$#:b(!<+#<&6)$+#!+,!P)&$#4&<Tb(!7$)&'.'*!.$5(!+#!)8&!'+./!
<+''&7.)&(!)+!)8&!8+4+b(!$<+#$<!S8$)&0!5.7&!$/&#)$)*!$#!)8&!8+4+!5*()$93&A!N#!/+$#:!
(+0!P)&$#4&<T!<+#()'3<)(!S8.)!;&##$#:!.':3&(!$(!.!i<37)3'.7!<.56.$:#0j!)8.)!.$5(!)+!
i$#,+'5!.#/!&#:.:&!.#!.3/$&#<&!.#/!)+!5&5+'$.7$X&!)8&!&%&#)(!.(!.!5*)8$<!
#.''.)$%&j!dB'+#)!FI]eA!;&##$#:b(!6&'(6&<)$%&!8$:87$:8)(!)8.)!6'.<)$<&(!7$T&!)8&!8+4+!
#.''.)$%&!<+#()'3<)!+#&!6.')!+,!J'.)8b(!5*)8$<!(<+6&_!)8&!.66&.7!+,!)8&!8+4+!
5*()$93&!.(!.!(34().#)$.7!6.')!+,!25&'$<.#!6+7$)$<.7!$/&+7+:*A!M83(0!&W.5$#$#:!
P)&$#4&<Tb(!3(&!+,!)8&!C.(+7$#&!M'.56!7&)(!5&!)'.<&!)8&!<$'<37.)$+#!+,!)8&!8+4+!
#.''.)$%&!.#/!8$:87$:8)!)8&!($:#$,$<.#)!./%.#<&5&#)(!+,!(34g&<)$%$)*!.77+S&/!4*!
6.((&#:&'$#:!$#!.#!&'.!+,!.3)+5+4$7$)*A!!!
!
M@>!=1KO>M21N2-!=2PP>-C>1!!
!J'.)8!+6&#(!$#!.!S$/&Y6.#+'.5$<!/&(<'$6)$+#!+,!)8&!;3()!V+S7!$56.<)$#:!
,.'5&'(!$#!KT7.8+5.!)+!6'+%$/&!)8&!8$()+'$<.7!)'.#(,+'5.)$+#!+,!)8&!7.#/!+%&'!)$5&A!
M8$(!$(!g3W).6+(&/!S$)8!)8&!$#)'+/3<)$+#!+,!M+5!?+./!d3##.5&/!$#!)8&!4&:$##$#:e0!
S8+!8.(!4&&#!(&6.'.)&/!,'+5!)8&!7.#/!S8$7&!(&'%$#:!)$5&!,+'!53'/&'!$#!E<27&()&'!
P).)&!=&#$)&#)$.'*0!.#/!'&<&#)7*!'&7&.(&/!+#!6.'+7&A!>.:&'!)+!:&)!)+!8$(!,.5$7*!,.'5!
43)!&W8.3()&/!,'+5!S.7T$#:0!M+5!.(6$'&(!)+!4&<+5&!.!6.((&#:&'!.(!.!8$)<88$T&'0!
! ! aG! !
.#/!S.$)(!$#!.!6.'T$#:!7+)!+,!7.':&!)'3<T(!+4(&'%$#:!)8&!43()7&!+,!.!#&.'4*!'&().3'.#)A!
J8&#!M+5!.66'+.<8&(!.!5+/&!+,!)'.#(6+').)$+#0!)8&!i83:&!'&/!)'.#(6+')!)'3<Tj!8&!
$(!$#!/&(6&'.)&!#&&/!+,0!$)(!.66&.'.#<&!4&<+5&(!.!(*54+7!+,!6'+:'&((!.#/!
+66+')3#$)*!dP)&$#4&<T!J'.)8![eA!2(!.!7$)&'.7!%&8$<7&!+,!5+4$7$)*0!P)&$#4&<T!6.#(!
+%&'!)8&!5.<8$#&'*0!/&(<'$4$#:_!im)n8&!%&')$<.7!&W8.3()!6$6&!53))&'&/!(+,)7*0!.#/!.#!
.75+()!$#%$($47&!8.X&!+,!()&&7473&!(5+T&!8+%&'&/!+%&'!$)(!&#/A!N)!S.(!.!#&S!)'3<T0!
(8$#$#:!'&/0!.#/!$#!)S&7%&Y$#<8!7&))&'(!+#!$)(!($/&(fKRO2@KE2!LNMQ!M12-P=K1M!
LKE=2-Qj!dP)&$#4&<T!J'.)8![eA!M8&!)'3<T!$(!<+/&/!.(!36S.'/7*!5+4$7&0!$)(!
%&')$<.7$)*!&W6'&((&/!$#!#+)!+#7*!)8&!&W8.3()!6$6&!43)!.7(+!)8&!6&',&<)!7&))&'$#:!
#.5$#:!)8&!<+56.#*A!M8&!#+%&7)*!+,!)8&!#&S0!(8$#$#:!)'3<T!4&<+5&(!.!4&.<+#!+,!
8+6&0!+,,&'$#:!.!6.((&#:&'$#:!+66+')3#$)*!)+!M+5!S8+!S$77!S$&7/!$)(!)&<8#+7+:*!)+!
i)'.#(6+')j!8$5!)+!)8&!?+./!,.'5!$#!)8&!,'+#)Y(&.)&/!<.40!#+)!.7+#:($/&!)8&!,'&$:8)!+,!
<+55+/$)*!:++/(!7$T&!.!,3:$)$%&A!!
!M8&!6'+8$4$)+'*!()$<T&'!$#!)8&!S$#/(8$&7/!+,!)8&!)'3<T!)8.)!'&./(!i-+!1$/&'(j!
$56.<)(!M+5b(!6.((&#:&'$#:!8+6&A!M8$(!'&:37.)+'*!5&((.:&!'&%&.7(!.!()'$<)!6+7$<*!$#!
S'$)$#:0!5.T$#:!6.((&#:&'(!.!7&:.7!)'.#(:'&(($+#A!M8&!()$<T&'!.((&')(!<+56.#*!
6'.<)$<&!.#/!6+7$<*0!.#/!.$5(!)+!,+'&<7+(&!6&'(+#.7!$#<7$#.)$+#!4*!)8&!/'$%&'A!M8$(!
($)3.)&(!M+5!.(!.!<'$5$#.7!6.((&#:&'!S$)8!537)$Y/$'&<)$+#.7!<.6.<$)$&(A!M8$(!().)3(!
&%+T&(!)8&!8+4+0!S8+!+#!)8&!'.$7!$(!.47&!)+!<.)<8!.!'$/&!.#/!)'.#(:'&((!(+<$.7!
7$5$).)$+#(A!Q&)!'.)8&'!)8.#!)'&(6.((!$#!.!4+W<.'0!M+5!%$&S(!8$5(&7,!.(!.!6+)&#)$.7!
6.((&#:&'!.#/!$:#+'&(!)8&!()$<T&'!S8$7&!S.$)$#:!,+'!)8&!/'$%&'!dP)&$#4&<T!J'.)8![Y
\eA!2((&')$#:!S8.)!M8'$,)!<.77(!.!#&S!5+/&!+,!<+#)'+70!M+5!.((&')(!6+S&'!.(!.!
! ! aH! !
6+)&#)$.7!6.((&#:&'!&%&#!)8+3:8!3#$#%$)&/!.#/!3#S.#)&/A!M+5b(!<+#)'+7!:.$#(!
/&,$#$)$+#!S$)8!)8&!/'$%&'b(!.66'+.<80!8$(!%&'*!6'&(&#<&!5.T$#:!M+5!.!6.((&#:&'A!
P)&$#4&<T!/&,)7*!3(&(!M+5b(!$#$)$.7!6.((&#:&'$#:!(<&#&!)+!(&)!36!)8&!&)8+(!+,!)8&!
8+4+!.#/!)8&!./%&#)!+,!)8&!C.(+7$#&!M'.56!)+!&W6'&((!$#)&'&()!$#!)8&!)&#($+#(!
4&)S&&#!)8&!,'&&/+5!+,!)8&!'+./!.#/!)8&!()'$<)!'&:37.)$+#!+,!)8&!S+'T$#:5.#_!
!M8&!8$)<8Y8$T&'!()++/!36!.#/!7++T&/!.<'+((!)8'+3:8!)8&!S$#/+S(A!
iL+37/!*.!:$%&!5&!.!7$,)0!5$()&'pj!
!M8&!/'$%&'!7++T&/!93$<T7*!4.<T!.)!)8&!'&().3'.#)!,+'!.!(&<+#/A!i;$/#b!
*+3!(&&!)8&!-+!1$/&'(!()$<T&'!+#!)8&!S$#b(8$&7/j!
!iP3'&fN!(&&#!$)A!V3)!(+5&)$5&(!.!:3*b77!4&!.!:++/!:3*!&%&#!$,!(+5&!
'$<8!4.().'/!5.T&(!8$5!<.''*!.!()$<T&'Aj!
!M8&!/'$%&'0!:&))$#:!(7+S7*!$#)+!)8&!)'3<T0!<+#($/&'&/!)8&!6.')(!+,!)8&!
.#(S&'A!N,!8&!'&,3(&/!#+S0!#+)!+#7*!S.(!8&!#+)!.!:++/!:3*0!43)!8&!S.(!,+'<&/!
)+!<.''*!.!()$<T&'0!S.(!#+)!.77+S&/!)+!8.%&!<+56.#*A!N,!8&!)++T!$#!)8&!8$)<8Y
8$T&'!8&!S.(!.3)+5.)$<.77*!.!:++/!:3*!.#/!.7(+!8&!S.(!#+)!+#&!S8+5!.#*!
'$<8!4.().'/!<+37/!T$<T!.'+3#/A!@&!T#&S!8&!S.(!4&$#:!)'.66&/0!43)!8&!
<+37/#b)!(&&!.!S.*!+3)A!2#/!8&!S.#)&/!)+!4&!.!:++/!:3*A!@&!:7.#<&/!.:.$#!.)!
)8&!'&().3'.#)A!iP<'3#<8!/+S#!+#!)8&!'3##$#:!4+.'/!)$77!S&!:&)!.'+3#/!)8&!
4&#/0j!8&!(.$/A!dP)&$#4&<T!J'.)8!HHe!
!
M8$(!+,)&#Y+%&'7++T&/!5+5&#)!$#$)$.)&(!)8&!'+7&!+,!)8&!8+4+Y6.((&#:&'!S$)8$#!)8&!
#+%&7A!V*!8$)<88$T$#:0!M+5!&%+T&(!)8&!8+4+!5*()$93&0!().:$#:!.!<+#%&'(.)$+#!)8.)!
&W6+(&(!4$#.'$()$<!)&#($+#(!)+!$567$<.)&!)8&!&<+#+5$<!5+5&#)_!)8&!'$<8!.#/!6++'0!
)8&!<'$5$#.7!.#/!<$)$X&#0!)8&!:++/!.#/!4./0!)8&!3'4.#!.#/!'3'.70!)8&!S+'T$#:!.#/!
5$//7&!<7.((0!)8&!8+4+!.#/!4+8&5$.#0!.#/!5+()!$56+').#)7*0!)8&!/'$%&'!.#/!
6.((&#:&'A!V*!&568.($X$#:!)8&!7.<T!+,!.:&#<*!)8&!/'$%&'!6+((&((&(0!M+5b(!6.((&#:&'!
6+($)$+#!&().47$(8&(!<+#)'+7!+,!)8&!($)3.)$+#!.#/!&.'#(!&#)'*!+#)+!)8&!)'3<TA!
P)&$#4&<Tb(!3(&!+,!)8&!8+4+!5*()$93&!67.<&(!M+5!$#!)8&!6+($)$+#!+,!.!#&S!T$#/!+,!
8+4+!T#+S#!.(!.!C.(+7$#&!M'.56A!J'.)8!+%&')7*!<+#,$:3'&(!M+5!.(!.!8+4+0!)8&!
8$:8S.*!/$'&<)7*!3#/&',++)!+#!)8&!'3##$#:!4+.'/0!($5$7.'!)+!)8&!'$(T!+,!i($))$#:!$#!)8&!
! ! aF! !
<+'#&'!+,!)8&!+6&#!4+W<.'j!.#/!&W6+(&/!)+!)8&!&7&5&#)(!dO&##+#!iP34<37)3'&j!F[eA!
V3)!S8&#!)8&!/'$%&'!)3'#(!)8&!<+'#&'0!4+)8!7$)&'.77*!.#/!,$:3'.)$%&7*0!M+5!&#)&'(!)8&!
)'3<T!.(!.!6.((&#:&'!.#/!8$(!&%+<.)$+#!+,!)8&!7.S7&((!8+4+!$(!'&/$()'$43)&/!)+!.!#&S!
8+4+!().)3(A!M8&!#&S!6+($)$+#.7$)*!.,,+'/&/!4*!4&<+5$#:!.!6.((&#:&'!.#/!C.(+7$#&!
M'.56!.77+S(!M+5!)+!).T&!+#!.#!.3)8+'$X&/!'+7&!.#/!&W8$4$)!5+4$7$)*!S$)8+3)!4+/$7*!
'$(T0!<8.77&#:$#:!+#7*!)8&!<.'&&'!6.)8!+,!)8&!6+7$<*Y%$+7.)$#:!/'$%&'A!!
! -+S!.!6.((&#:&'0!M+5!4&<+5&(!.!/&,$#$#:!6'&(&#<&!$#!)8&!<.4!+,!)8&!)'3<TA!
@&!&54+/$&(!)8&!6+((&(($%&!)&<8#+7+:$&(!+,!6.((&#:&'$#:!7&.%$#:!)8&!S+'T$#:!
/'$%&'!.#W$+3(A!M8&!/'$%&'!$(!6.')$<37.'7*!.))&#)$%&!)+!)8&!)&#($+#!4&)S&&#!M+5b(!
7.S,37!.#/!6&'5$))&/!)'.#(:'&(($+#!$#)+!)8&!)'3<T!.#/!8$(!#&S!<7+)8&(!$((3&/!36+#!
6'$(+#!'&7&.(&0!$#()$)3)$#:!.!<'$5$#.7!$/&#)$)*_!!
M8&!8$)<8Y8$T&'!()++/!360!&.(&/!)8&!/++'!+6&#0!.#/!(7$66&/!$#)+!)8&!(&.)A!M8&!
/'$%&'!7++T&/!+%&'!.)!8$50!(7$))$#:!8$(!&*&(0!.#/!8&!<8&S&/!.(!)8+3:8!
)8+3:8)(!.#/!$56'&(($+#(!S&'&!4&$#:!(+')&/!.#/!.''.#:&/!4*!8$(!g.S(!4&,+'&!
)8&*!S&'&!,$#.77*!,$7&/!.S.*!$#!8$(!4'.$#A!@$(!&*&(!4&:.#!.)!)8&!#&S!<.60!
5+%&/!/+S#!)8&!#&S!<7+)8&(!)+!)8&!#&S!(8+&(A!dP)&$#4&<T!J'.)8!HFe!
!
M+5b(!/3.7$)*!.(!)'&(6.(($#:!8+4+!.#/!.3)8+'$X&/!C.(+7$#&!M'.56!.((&')(!.#!.<)$%&!
'&($().#<&!.:.$#()!)8&!+'/&'$#:!:.X&!+,!)8&!/'$%&'A!>%.($%&!43)!8+#&()0!M+5b(!
<+#%&'(.)$+#!S$)8!)8&!/'$%&'!$#()$)3)&(!<+#)'+7!+%&'!)8&!/$()'$43)$+#!+,!$#,+'5.)$+#!
$#!)8&!)'3<TA!2(!?+8#!O&##+#!&W67.$#(0!im.n(!6.((&#:&'(!mZn!S&!67.*!)8&!6.(($%&!'+7&A!
J8&#!)8&'&!$(!.!4'&.T!+'!'36)3'&!$#!)8&!+'/&'!$#!)8$(!l(+<$.7!<+#)'.<)0b!S&!'&.7$X&!)8&!
.5+3#)!S&!/&6&#/!+#!+)8&'(!)+!,+77+S!)8&$'!6'&(<'$4&/!'+7&(j!diP34<37)3'&j!F^eA!2(!
.!6.((&#:&'0!M+5!'&,3(&(!)+!67.*!)8&!6.(($%&!+'!6'&(<'$4&/!'+7&0!7&.%$#:!)8&!/'$%&'!
3#.47&!)+!<+55.#/!<+#)'+7!+,!)8&!)'3<T!43)!,+'!$)(!5&<8.#$<.7!,3#<)$+#(A!?3()!.(!M+5!
! ! a]! !
4&<+5&(!)8&!6.((&#:&'!36+#!)8&!.''$%.7!+,!)8&!/'$%&'!$#!)8&!6.'T$#:!7+)0!)8&!
6.((&#:&'!$#!)8&!<.4!+,!)8&!)'3<T!'&$((3&(!)8&!/'$%&'b(!&W6&<).)$+#!+,!.:&#<*!S$)8$#!
)8&!)'3<TA!M8&!/'$%&'0!.(!.#!.<)$%&!,+'<&!)8.)!<+55.#/(!)8&!)'3<T0!).T&(!+#!)8&!.$'!+,!
.!/+5$#.#)!6+($)$+#!S$)8$#!)8&!&W6&<)&/!4$#.'*!<+#,$:3'&/!4*!M+5b(!$55+4$7&0!
8+4+!/&(6&'.)$+#A!V3)0!.(!.!8+4+Y6.((&#:&'0!M+5!.((&')(!<+55.#/!+%&'!#+)!+#7*!
)8&!/'$%&'b(!g+4!(&<3'$)*0!43)!)8&!$#)&'6&'(+#.7!<+#%&'(.)$+#!$#!)8&!)'3<T!)8.)!:'.(6(!
,+'!M+5b(!.54$:3+3(!$/&#)$)*A!!
! !N#!)8&!i)+#&!+,!.!(34)7&!&W.5$#.)$+#0j!)8&!/'$%&'!<+#().#)7*!93&()$+#(!M+5b(!
+S#!&567+*5&#)!().)3(0!$#<73/$#:!)8&!().)&!+,!)8&!?+./!,.'5!,+'!S8$<8!8&!&W6'&((&(!
(3'6'$(&!)8.)!imM+5b(!+7/!5.#n!.$#b)!4&&#!/3()&/!+3)!.#/!8&!.$#b)!4&&#!)'.<)+'&/!
+3)bj!dP)&$#4&<T!J'.)8!HFeA!V*!$567*$#:!)8&!7$T&7$8++/!+,!.:'$<37)3'.7!/&%.().)$+#!+,!
M+5b(!,.5$7*!,.'50!)8&!/'$%&'!/&<7.'&(!.#!&7&%.)&/!().)3(_!,'&&!)+!<$'<37.)&!
$#,+'5.)$+#!$#!<+#)'.()!)+!M+5b(!6'$(+#!(&<73($+#!.#/!<+#,$#&5&#)A!M8&!/'$%&'b(!
/$(<3(($+#!)8&!?+./!,.'5!$(!#+)!.!,'$&#/7*!<+#%&'(.)$+#!+,!<+55+#!:'+3#/!'&:.'/$#:!
S+'T0!43)!.#!.((&')$+#!+,!)8&!/'$%&'b(!/$()$#<)!&567+*&/!().)3(!43$7)!36+#!:&+:'.68$<!
.#/!&<+#+5$<!5+4$7$)*A!M8&!&567+*&/!/'$%&'0!S8+!T#+S(!)8&!<+#/$)$+#(!+,!)8&!)$5&!
$#()$)3)&/!$#!)8&!+6&#$#:!6.((.:&(!+,!J'.)80!(3::&()(!)8&!6'+7&).'$.#$X.)$+#!+,!M+5!
?+./!.#/!)8&!KT$&!5$:'.)$+#!4*!.((&')$#:!.!8$&'.'<8*!+,!&567+*5&#)AF`!N#!/+$#:!(+0!
)8&!/'$%&'!.))&56)(!)+!'&$#()$)3)&!.#!.3)8+'$).)$%&!.#/!.<)$%&!().)3(!+,!(+<$+Y
&<+#+5$<!<+#)'+7!+%&'!)8&!8$)<88$T$#:!6.((&#:&'A!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
F`!N#!i2:'$<37)3'&!.#/!J+'T$#:!L7.((!=+7$)$<.7!L37)3'&_!2!O&((+#!,'+5!M8&!C'.6&(!+,!J'.)8j!dFGGae0!
=.37!M8+56(+#!.':3&(!i)8&!?+./(!8.%&!4&<+5&!6'+7&).'$.#(!S8&#!)8&*!.''$%&!$#!L.7$,+'#$.0!&%&#!$,!
)8&*!S&'&!#+)!.7'&./*!$#!KT7.8+5.j!dM8+56(+#!Ha^eA!J8.)!M8+56(+#!6+$#)(!+3)!$(!(3::&()$%&!+,!
P)&$#4&<Tb(!$#)&'&()!$#!)8&!#&S!)*6&!+,!S+'T&'0!8&'&!'&6'&(&#)&/!4*!)8&!?+./(!S8+!4&<+5&!$<+#$<!
'&6'&(&#).)$%&(!+,!)8&!6'+7&).'$.#$X.)$+#!+,!S8$)&#&((!)8'+3:8!)8&!,+'5.)$+#!+,!)8&!C.(+7$#&!M'.56A!
! ! a^! !
!M8&!/'$%&'b(!)8'&.)&#&/!'&(6+#(&!<+#)$#3&(!S8&#!8&!#+)!+#7*!()'&((&(!8$(!
&567+*5&#)0!43)!8$(!+66+')3#$)*!)+!<7.((!<7$54A!M8&!/'$%&'!&W67.$#(0!iJ8*0!Nb5!
)8$#T$#b!+,!).T$#b!+#&!+,!)8&5!<+''&(6+#/&#<&!(<8++7!<+3'(&(A!E&<8.#$<.7!
&#:$#&&'$#:A!N)b(!&.(*A!mZn!M8&#!N!S+#b)!/'$%&!#+!)'3<TA!M8&#!Nb77!)&77!+)8&'!:3*(!)+!
/'$%&!)'3<T(bj!dP)&$#4&<T!J'.)8!HIeA!V*!%$(3.7$X$#:!8$(!&<+#+5$<!.(<&#)!.:.$#()!.#!
$#&%$).47*!/&()$)3)&!,.'5&'!7$T&!M+50!)8&!/'$%&'!5.'T(!8$(!)&''$)+'*!.(!36S.'/7*!
5+4$7&0!.#/!$((3&(!8$5(&7,!.#!&7$)&!().)3(!)8.)!<.#!5+%&!$#)+!)8&!5.#.:&5&#)!
5$//7&Y<7.((A!M8$(0!4*!/&,.37)0!+'/&'(!M+5!.(!.!5&54&'!+,!)8&!3#/&'<7.((0!8$(!
$#/3()'*!/&%.().)&/!4*!/3()*!7.#/!.#/!,+'&<7+(&/!7+.#(A!M8+3:8!)8&!/'$%&'!.$5(!)+!
6'+/3<&!/$()$#<)$+#!4&)S&&#!5&#!+,!/$,,&'&#)!<7.((&(0!)8&!/'$%&'!.#/!)8&!6.((&#:&'!
.'&!53)3.77*!<+#()$)3)&/!$#$)$.)$#:!.!8+4+8&5$.#!<+56&)$)$+#!+,!<7.((&/!
5.(<37$#$)*A!M8$(!)&#($+#!$#()$)3)&(!)8&!T$#/!+,!/$,,&'&#<&(!)8.)!)8&!C.(+7$#&!M'.56!
4'$#:(!)+!)8&!8+4+!#.''.)$%&A!P6&<$,$<.77*0!P)&$#4&<Tb(!/'.S!+#!)8&!8+4+!5*()$93&!
,+'&:'+3#/(!)8.)!)8&!/'$%&'!$(!.!(34+'/$#.)&/!,$:3'&!)8.)!$(!+%&''37&/!4*!(+<$.7!
<7.(($,$<.)$+#(!.#/!<.6$).7$()!/&/$<.)$+#A!E&.#S8$7&0!M+5b(!8$)<88$T$#:!6.((&#:&'!
6+($)$+#!'&7.*(!)8&!6'+5$(&!+,!.!)'.#(:'&(($%&!.:&#<*!5./&!&547&5.)$<!.#/!$<+#$<!
$#!)8&!C.(+7$#&!M'.56A!M+5!%$+7.)&(!)8&!<+56.#*!'37&!4*!:.$#$#:!.3)8+'$X&/!&#)'*!
$#)+!)8&!)'3<TA!N#!/+$#:!(+0!8&!6'+%&(!)8.)!)8&!6.((&#:&'!8.(!)8&!.4$7$)*!)+!'&+'/&'!
(6.<&!,'+5!.!5+4$7&!6+($)$+#!+#!)8&!'+./A!!
!P)&$#4&<Tb(!()'.)&:$<!'&%$($+#!+,!)8&!8+4+!#.''.)$%&!,$#/(!+66+')3#$)*!
&54+/$&/!4*!)8&!C.(+7$#&!M'.56A!M8$(!#&S!6.((&#:&'!,$:3'&!$(!.47&!)+!<+55.#/!
<+#)'+7!.#/!:.$#!5+4$7$)*!4*!/$('36)$#:!)8&!.:&#)$.7!4$#.'$&(!+,!/'$%&'!.#/!
! ! a`! !
6.((&#:&'A!;&(6$)&!.!6.((&#:&'!().)3(0!M+5b(!$#)&'#.7!<+55.#/!+,!)8&!)'3<T!&%./&(!
.#*!/&6&#/&#<&!+#!)8&!/'$%&'b(!)'3<TY4.(&/!5+4$7$)*A!N#()&./0!M+5b(!8+4+8&5$.#!
6+($)$+#!:.$#(!6+((&(($+#!+,!)8&!<.4!4*!&#.<)$#:!)8&!/&()$)3)$+#!+,!)8&!8+4+0!S8$7&!
<7.$5$#:!)8&!/'$%&'b(!.(6$'$#:!5$//7&Y<7.((!<+#)'+7(A!!
!
>EVK;N>;!=2PP>-C>1P!!!
!-$:&7!M8'$,)b(!)8&+'*!+,!)8&!6.((&#:&'!,+'&:'+3#/(!&54+/$5&#)!.(!.!6'$5.'*!
5&)8+/!+,!<+#()'3<)$#:!#&S!(34g&<)$%$)*A!2(!M+5b(!4+/*!)'&(6.((&(!)8&!(6.<&!+,!)8&!
<.40!8$(!6'+/3<)$%&!.3)+5+4$7$)*!.''$%&(!.)!)8&!,.'5A!@$(!*+3)8,37!S8$)&!5.7&!4+/*!$(!
63)!$#!<+#)'.()!S$)8!C'.56.!?+./b(!'&73<).#<&!)+!7&.%&!)8&!7.#/!.(!.!6.((&#:&'!$#!)8&!
g.7+6*A!"#7$T&!M+5b(!<.'&,37!<.6$).7$X.)$+#!+#!6.((&#:&'!)'.#(:'&(($+#(0!C'.56.b(!
6.((&#:&'!6+($)$+#!$(!,+'<&/!.#/!8.(!/&./7*!<+#(&93&#<&(A!C'.56.b(!4+/*!$(!3#.47&!
)+!).T&!+#!)8&!6'+/3<)$%&!<8.77&#:&!+,!)8&!C.(+7$#&!M'.56!7$T&!M+5A!M8$(!7&.%&(!)8&!
537)$Y:&#&'.)$+#.7!,.5$7*b(!)'$6!.!(&'$&(!+,!&6$(+/&(!)8.)!($)3.)&!S8+!<.#!.#/!<.##+)!
3(&!)8&!&#)$)7&5&#)(!+,!.!6.((&#:&'!().)3(A!
! C'.56.b(!'&73<).#<&!)+!8&./!+3)!+#!)8&!'+./!)+!L.7$,+'#$.!$(!<7&.'7*!$#/$<.)&/!
4*!8$(!/&5.#/!)+!().*!+#!)8&!7.#/!/&(6$)&!)8&!4.#Tb(!)8'&.)(!)+!,+'<$47*!'&5+%&!8$5!
4*!)'.<)+'A!1&<+:#$X$#:!)8&!+7/&'!:&#&'.)$+#b(!<+##&<)$+#!)+!)8&!7.#/0!M+5!93&()$+#(!
$,!7&.%$#:!)8&!7.#/!$(!)8&!'$:8)!<8+$<&_!sC'.56.!T$77&/!N#/$.#(0!=.!T$77&/!(#.T&(!,+'!)8&!
7.#/A!mZn!E.*4&!S&!:+)!)+!,$:8)!)+!T&&6!+3'!7.#/0!7$T&!=.!.#/!C'.56.!/$/j!dP)&$#4&<T!
J'.)8!^`YIeA!M+5b(!4'$&,!8$()+'$<.7!'&,&'&#<&!)+!)8&!5.7&!(&))7$#:!+,!)8&!7.#/!$#$)$.)&(!
8$(!/$()$#<)!/$,,&'&#<&!,'+5!=.!.#/!C'.56.A!M+5!T#+S(!)8.)!4&$#:!.!6.((&#:&'!+#!
! ! aI! !
)8&!'+./!<.#!(&'%&!)+!'&+'/&'!)8&!(+<$.7!().)3(!+,!)8&!,.5$7*!.#/!8&!<+#%$#<&(!)8&5!
)+!6.<T!)8&!g.7+6*A!K#!)8&!/.*!+,!)8&!?+./b(!/&6.')3'&0!C'.56.!$(!5&/$<.)&/!.#/!
<.'&,377*!7+./&/!$#)+!)8&!g.7+6*A!2(!.#!3#S$77$#:!6.((&#:&'!.#/!5$:'.#)0!C'.56.!
'&6'&(&#)(!)8&!&W6'&((!%$+7.)$+#!+,!7+($#:!)8&!7.#/!)8.)!6+((&((&(!)8&!,.5$7*b(!
8$()+'*A!M8&!,+'<&/!'&5+%.7!+,!C'.56.!,'+5!)8&!7.#/!5.'T(!)8&!&#/!+,!)8&!?+./b(!
.:'$<37)3'.7!6.()!.#/!:'.#)(!)8&$'!&#)'*!$#)+!.!#&S0!8$:87*!6'+7&).'$.#$X&/!().)&A!
C'.56.b(!3#S$77$#:!6.((&#:&'$#:!+#)+!)8&!g.7+6*!)+!L.7$,+'#$.!'&+'/&'(!)8&!&#)$'&)*!
+,!)8&!,.5$7*0!+,,&'$#:!)8&5!#&S!43)!3#<7&.'!6+($)$+#(!+#!)8&!'+./A!P)&$#4&<T!
/&(<'$4&(!)8&$'!/&6.')3'&_!
M8&!7$:8)!S.(!($,)$#:!'.6$/7*!+%&'!)8&!7.#/A!2#/!)8&!5+%&5&#)!+,!)8&!,.5$7*!
()+66&/A!M8&*!()++/!.4+3)0!'&73<).#)!)+!5.T&!)8&!,$'()!.<)$%&!5+%&!)+!:+A!
M8&*!S&'&!.,'.$/0!#+S!)8.)!)8&!)$5&!8./!<+5&f.,'.$/!$#!)8&!(.5&!S.*!
C'.56.!S.(!.,'.$/A!mZn!!M8&!().'(!S&#)!+3)0!,&S!4*!,&S0!)+S.'/!)8&!S&()A!2#/!
()$77!)8&!,.5$7*!()++/!.4+3)!7$T&!/'&.5!S.7T&'(0!)8&$'!&*&(!,+<3(&/!
6.#+'.5$<.77*0!(&&$#:!#+!/&).$70!43)!)8&!S8+7&!/.S#0!)8&!S8+7&!7.#/0!)8&!
S8+7&!)&W)3'&!+,!)8&!<+3#)'*!.)!+#<&A!dJ'.)8!H`^e!
!
M8&!,.5$7*b(!/&($'&!,+'!7.#/Y'++)&/#&((!5.T&(!3#$%&'(.7!<7.$5(!+,!(&))7&5&#)!.#/!
25&'$<.#!$#/3()'$.7!/&%&7+65&#)A!2(!C'.56.!'&6'&(&#)(!)8&!6.()!(&))7&5&#)!+,!)8&!
68*($<.7!)&''.$#!$#!.!6.()+'.7!(&#(&0!)8&!,.5$7*b(!/&6.')3'&!,'+5!)8.)!)&''.$#!
(3::&()(!.!,&.',37!,3)3'&!)8.)!)3'#(!)8&5!$#)+!i/'&.5!S.7T&'(j!3#.47&!)+!'&<+:#$X&!
)8&!/&).$7(!+,!)8&!&<+#+5$<!($)3.)$+#!+'!)8&$'!(34+'/$#.)&/0!&W67+$)&/!6+($)$+#(!.(!
5+4$7&!S+'T&'(A!P)&$#4&<T!<.77(!.))&#)$+#!)+!)8&!5+/&!+,!)'.#(6+').)$+#0!iS.7T&'(j!
.47&!)+!(&&!)8&!7.#/!$#!,377!:'.#/!(<.7&0!S8$7&!)8&$'!$#&%$).47&!6.((&#:&'!().)&!+#!)8&!
g.7+6*!S$77!83''*!)8&!(<&#&'*!$#!(5.77!(<.7&A!M8&!7.5&#).)$+#!+%&'!)8&!7.#/!&#%$($+#(!
C.(+7$#&!M'.56(!.(!,+77+S$#:!)8&!8+6&(!+,!J&()S.'/!6+(($4$7$)*!$#!)8&!7.#/!+,!5$7T!
! ! aa! !
.#/!8+#&*A!M8&(&0!8+S&%&'0!.'&!().'(!)8.)!:+!+3)0!i,&S!4*!,&S0j!$#/$<.)$#:!)8&!
/$(6+((&(($+#!+,!8.'/YS+'T$#:!l67.$#!6&+67&b!S8+!53()!.4.#/+#!)8&$'!7.#/!,+'!
3#(3'&!.#/!$#(&<3'&!,3)3'&(!+#!)8&!'+./A!J$)8!)8&!)'.<)+'(!.)!)8&$'!8&&7(0!)8&!?+./(!
).T&!)+!)8&!'+./!.#/!7&.%&!)8&!,.'5!4&8$#/0!.#/!C'.56.b(!6'&(&#<&!4&<+5&(!.!().'T!
'&5$#/&'!+,!)8&$'!'++)&/!6.()!.#/!)8&!/.#:&'!+,!4&$#:!.!6.((&#:&'A!!
! C'.56.b(!,+'<&/!$#<73($+#!(3::&()(!)8&!#+#Y6'+/3<)$%&!93.7$)$&(!+,!)8&!
5$:'.)+'*!C.(+7$#&!M'.560!S8+!$#!8$(!.3)+5+4$7$)*!7.<T(!.#!.4$7$)*!)+!<+##&<)!)+!)8&!
7.#/A!2(!.#!&7/&'7*!.#/!3#S$77$#:!6.((&#:&'0!C'.56.b(!#&.'Y$55&/$.)&!/&.)8!+#!)8&!
'+./!+<<3'(!S8&#!)8&!,.5$7*!()+6(!)8&!,$'()!#$:8)!.#/!<.56(!.7+#:($/&!.#+)8&'!
,.5$7*0!)8&!J$7(+#(A!M&56+'.'$7*!'&)3'#&/!)+!)8&!7.#/!,+'!)8&!#$:8)b(!<.560!C'.56.b(!
8&.7)8!,.$7(!93$<T7*!.#/!.!i:++/!93$<T!()'+T&j!T$77(!8$5!dP)&$#4&<T!J'.)8!H[[eA!
P)&$#4&<Tb(!/&(<'$6)$+#!+,!C'.56.b(!/&.)8!3#/+&(!)8&!6.()+'.7!6.#+'.5$<!$5.:&!+,!
)8&!7.#/!.#/!$56+(&(!)8&!/&()'3<)$+#!+,!)8&!7.#/!4*!)8&!'+./_!
O$,&!4&:.#!)+!5+%&!.:.$#A!M8&!(3#!)+3<8&/!)8&!8+'$X+#!.#/!,7.))&#&/!+%&'!$)A!
2#/!.7+#:!)8&!8$:8S.*!)8&'&!<.5&!.!83:&!7$#&!+,!,'&$:8)!)'3<T(!S$)8!'&/!
($/&(A!M8&*!'3547&/!.7+#:0!63))$#:!.!7$))7&!&.')893.T&!$#!)8&!:'+3#/!mZn!M8&!
)'3<T(!#&%&'!()+66&/o!)8&*!)83#/&'&/!/.*!.#/!#$:8)!.#/!)8&!:'+3#/!(8++T!
3#/&'!)8&$'!8&.%*!5.'<8A!dJ'.)8!H[\e!!
!
V*!8$:87$:8)$#:!)8&!$#)&'5$#.47&!5+%&5&#)!.#/!<.<+68+#+3(!6'&(&#<&!+,!%&8$<7&(!
+%&'!)8&!7.#/0!P)&$#4&<T!.((&')(!$#<+56.)$4$7$)*!4&)S&&#!C'.56.!.#/!8$(!,+'<&/!
6.((&#:&'!().)3(A!"#7$T&!M+50!S8+!S.(!.47&!)+!5.#$637.)&!5+4$7$)*!)8'+3:8!)8&!
i,'&$:8)!)'3<T(!S$)8!'&/!($/&(0j!C'.56.b(!4+/*!<.##+)!(3'%$%&!.!6.((&#:&'!6+($)$+#A!
@$(!)$&!)+!)8&!7.#/f#+S!(8.T$#:!S$)8!)8&!)83#/&'$#:!5+%&5&#)!+,!<.'(!.#/!
)'3<T(f/&&5(!)8&!'+./!#+)!.(!.!'+3)&!)+!.!4&))&'!7$,&0!43)!.(!.!,$#.7!3#Y'&()$#:!67.<&A!!
! ! a[! !
! 2#W$+3(!.4+3)!)8&!<+()!+,!43'$.7!.#/!,&.'!+,!4&$#:!47.5&/!,+'!,+37!67.*0!)8&!
?+./(!$#)&'!8$5!)8&5(&7%&(A!C'.56.b(!43'$.7!(<&#&!<+#()'3<)(!.!/$()$#<)!8+5.:&!)+!
)8&!($567$<$)*!.#/!5.#3.7!7.4+'!+,!)8&!,.'57.#/0!43)!+,,&'(!().'T!<+#)'.()!)+!)8&!
/&()'3<)$%&!5&<8.#$<.70!&.')8Y(8.T$#:!%&8$<7&(!'$66$#:!)8'+3:8!)8&!7.#/!#&.'4*_!!!
K#!)8&!&/:&!+,!)8&!'$#:!+,!,$'&7$:8)!)8&!5&#!8./!:.)8&'&/A!B+'!)++7(!)8&*!8./!.!
(8+%&7!.#/!.!5.))+<TA!=.!5.'T&/!+3)!)8&!:'+3#/f&$:8)!,&&)!7+#:!.#/!)8'&&!
,&&)!S$/&A!M8&!S+'T!S&#)!+#!$#!'&7.*(A!=.!<8+66&/!)8&!&.')8!S$)8!)8&!5.))+<T!
.#/!)8&#!"#<7&!?+8#!(8+%&7&/!$)!+3)A!27!<8+66&/!.#/!M+5!(8+%&7&/0!-+.8!
<8+66&/!.#/!L+##$&!(8+%&7&/A!2#/!)8&!8+7&!/'+%&!/+S#0!,+'!)8&!S+'T!#&%&'!
/$5$#$(8&/!$#!(6&&/A!dP)&$#4&<T!J'.)8!H\^e!
!
1&93$'$#:!)8&!5.7&0!S+'T$#:!4+/$&(!+,!)8&!?+./!,.5$7*0!C'.56.b(!$#)&'5&#)!
$#)$5.)&(!.!4'$&,!'&)3'#!)+!)8&!7.#/Y4.(&/!'++)(!S$)8!S8$<8!8&!S.(!/&,$#&/A!
>568.($X$#:!)8&!6.)'$.'<8.7!'+7&!+,!=.!.#/!C'.56.!(&))7$#:!)8&!,.'5!7.#/0!)8&!5.7&!
4+/$&(!+,!)8&!?+./!g.7+6*!3#(&))7&!)8&!7.#/!S$)8!C'.56.b(!4+/*A!M8&!6.)&'#.7$()$<!
(*54+7$(5!+,!)8&!5&#b(!5.#3.7!7.4+'!(3::&()(!.!/$()$#<)!(8$,)!$#!:&#&'.)$+#.7!
&W6&'$&#<&!)8.)!8.(!4&<+5&!(&6.'.)&/!,'+5!)8&!7.#/0!'&<+:#$X$#:!)8.)!)8&!7.#/!8.(!
<&.(&/!)+!6'+%$/&!+'/&'!$#!)8&!&'.!+,!)8&!C.(+7$#&!M'.56A!V*!S$77$#:7*!4&<+5$#:!
6.((&#:&'(0!)8&!*+3#:!5.7&!?+./(!8.%&!:$%&#!.S.*!)8&$'!<7.$5!)+!)8&!7.#/A!E$:'.)$+#!
6'+%$/&(!)8&5!S$)8!8+6&,37!&<+#+5$<!+66+')3#$)*0!43)!.7(+!&93.)&(!)+!.#!&W<&(($%&!
$#().4$7$)*!,+'!)8&$'!7$%&(!.#/!)8&!7$,&!+,!)8&!,.5$7*AFI!N#!)8$(!S.*0!)8&!/&./!7.#/!+,!)8&!
,.'5!$#!KT7.8+5.!.#/!)8&!)'&537+3(!7.#/!+,!C'.56.b(!'+./($/&!/&.)8!'&,7&<)!)8&!
,3)$7$)*!+,!5.7&!5+4$7$)*!$#!5+/&'#!25&'$<.A!P)&$#4&<Tb(!/&(<'$6)$+#!+,!C'.56.b(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
FI!P)&$#4&<Tb(!.))&#)$%&#&((!)+!5&#b(!.4$7$)*!)+!<+#)'+7!)8&$'!($)3.)$+#!<.#!4&!(&&#!)8'+3:8+3)!)8&!
#+%&7A!2#!+6&#$#:!(<&#&!(8+S(!5&#!<+#%&'($#:!.4+3)!S8.)!)+!/+!.4+3)!)8&!7+((!+,!)8&$'!7.#/!S8$7&!
)8&!S+5&#!S.)<8!)8&5_!iM8&!S+5&#!T#&S!$)!S.(!.77!'$:8)0!.#/!)8&!S.)<8$#:!<8$7/'&#!T#&S!$)!S.(!.77!
'$:8)A!J+5&#!.#/!<8$7/'&#!T#&S!/&&6!$#!)8&5(&7%&(!)8.)!#+!5$(,+')3#&!S.(!)++!:'&.)!)+!4&.'!$,!)8&$'!
5&#!S&'&!S8+7&j!dJ'.)8!aeA!@&'&0!&<+#+5$<!/&%.().)$+#!$(!&93.)&/!)+!)8&!/&()'3<)$+#!+,!5.#0!4+)8!
+,!S8$<8!<.#!4&!(&&#!).T$#:!.!)+77!+#!)8&!S+5&#!.#/!<8$7/'&#A!!
! ! a\! !
43'$.7!&568.($X&(!#+)!+#7*!)8&!.4(&#<&!+,!)8&!S+5&#!$#!)8&!'$)3.70!43)!)8&!+%&')!
68.77$<!#.)3'&!+,!)8&!5.))+<T!36'++)$#:!)8&!4.''&#!7.#/A!P)&$#4&<Tb(!/&6$<)$+#!+,!
C'.56.!.(!.#!$56+(($47&!6.((&#:&'!./%.#<&(!.!<'$)$93&!+#!)8&!$56+)&#)!6'+:'&((!+,!
5$:'.)$+#!+#!)8&!'+./0!.#/!)8&!6+)&#)$.7!6.$#(!+,!.!#&S!<&#)3'*!+,!6&'6&)3.77*!
5+4$7&!C.(+7$#&!M'.56(A!!
! C'.#5.b(!/&<7$#&!.,)&'!C'.56.b(!/&.)8!$(!#+)!<.3(&/!4*!/$(<+##&<)$+#!S$)8!
)8&!7.#/!(+!53<8!.(!)8&!7+((!+,!8&'!6.((&#:&'Y6.')#&'!+#!)8&!g+3'#&*A!iC'.#5.0!S8+!
8./!(3'%$%&/!+#7*!4&<.3(&!(8&!S.(!.(!5&.#!.(!8&'!83(4.#/0j!:&)(!($<T&'!)8&!<7+(&'!
)8&!,.5$7*!:&)(!)+!)8&!6'+5$(&!7.#/!+,!L.7$,+'#$.!dP)&$#4&<T!J'.)8!HG`eA!2(!.!S$77$#:!
6.((&#:&'0!C'.#5.!$(!5+'&!'&($7$&#)!)8.#!8&'!83(4.#/A!Q&)0!8&'!4+/*!()'3::7&(!S$)8!
8&'!#&S!6+($)$+#!+#!)8&!'+./0!7&.%$#:!8&'!8.773<$#.)$#:!+#!.!5.))'&((!$#!)8&!4.<T!+,!
)8&!g.7+6*A!C'.#5.b(!7+((!+,!C'.56.!6'+47&5.)$<.77*!<+#()'3<)(!8&'!.(!.#!$#%$($47&!
6.((&#:&'0!3#(&&#!4*!)8&!,.5$7*!+'!)8&!.:'$<37)3'.7!$#(6&<)+'(!)8.)!()+6!.#/!
93&()$+#!)8&!?+./(A!2(!.#!&7/&'7*!,&5.7&!6.((&#:&'0!C'.#5.b(!6+($)$+#!+,!$#%$($4$7$)*!
(34().#)$.)&(!)8&!*+3)8,37!5.7&!<8.'.<)&'!+,!)8&!C.(+7$#&!M'.56A!J8&'&.(!+#:+$#:!
5+%&5&#)!()$537.)&(!.!C.(+7$#&!M'.56!7$T&!M+50!$)!$(!'&#/&'&/!/&)'$5&#).7!,+'!
C'.#5.0!S8+!.))&56)(!)+!'&:.$#!8&'!8&.7)8!$#!)8&!4.<T!+,!)8&!g.7+6*!S8&#!$)!$(!#+)!
5+%$#:A!J8&#!)8&!g.7+6*!$(!(&#)!/+S#!)8&!'+./!4*!7.S!&#,+'<&5&#)!S8+!'&,3(&!)8&!
?+./b(!<.560!)8&!5+)$+#!'&$#()$)3)&(!C'.#5.b(!($<T#&((A!;&#$&/!.!().)$+#.'*!6+($)$+#!
,+'!'&<+%&'*0!C'.#5.b(!/&.)8!:+&(!3##+)$<&/!$#!)8&!4.<T!+,!)8&!g.7+6*!,+'!8+3'(!.(!
! ! [G! !
)8&!)'3<T!67+S(!)8'+3:8!)8&!/&(&')!7.#/(<.6&AFa!C'.#5.!$(!&#)+54&/!4*!
.3)+5+4$7$)*A!@&'!6.((&#:&'!().)3(!+#!)8&!'+./!5.T&(!8&'!$#%$($47&!)+!4+)8!)8&!
,.5$7*!.#/!7.S!&#,+'<&5&#)A!!
! 247&!)+!(3'%$%&!.(!.!6.((&#:&'!7+#:&'!)8.#!8&'!83(4.#/0!C'.#5.!&W8$4$)(!
,+')$)3/&!.)+6!8&'!5.))'&((!$#!)8&!4.<T!+,!)8&!)'3<T!g3()!7+#:!&#+3:8!)+!4&!/&7$%&'&/!
,'+5!)8&!/&./&#&/!7.#/!+,!8&'!KT7.8+5.!.#/!$#)+!L.7$,+'#$.A!C'.#5.b(!6.((&#:&'!
6+($)$+#!$(!'&S.'/&/!4*!E.0!.#+)8&'!,&5.7&!6.((&#:&'0!S8+!$#($()(!(8&!ib:&)!43'$&/!
$#!.!#$<&!:'&&#!67.<&0bj!S$)8!ilm)n'&&(!.'+3#/b!.#b!.!#$<&!67.<&j!($#<&!im(n8&!:+)!)+!7.*!
8&'!8&./!/+S#!$#!L.7$,+'#$.j!dP)&$#4&<T!J'.)8!]HHeA!E.b(!/&($'&!,+'!)8&!+7/&'Y
:&#&'.)$+#!)+!(3'%$%&!7+#:!&#+3:8!)+!(&&!L.7$,+'#$.b(!,&<3#/!7.#/!$#()$)3)&(!)8&!
:&#&'.)$+#.7!/$%$/&!+,!6.((&#:&'$#:!6'+5$(&A!C'.#5.b(!/&.)8!(3::&()(!)8.)!)8&!
C.(+7$#&!M'.56!$(!#&<&((.'$7*!.!*+3#:!5.#b(!:.5&0!$#()$)3)&/!4*!6'$%$7&:&(!+,!S8$)&!
5.(<37$#$)*A!E.b(!)'&.)5&#)!+,!C'.#5.b(!7+((!(3::&()(!)8.)!)8&!&7/&'7*!.#/!,&5.7&!
<8.77&#:&!)8&!/$()'$43)$+#!+,!4&#&,$)(!)+!4&!:.$#&/!,'+5!)8&!6.((&#:&'!6+($)$+#A!M8$(!
<.#!4&!(&&#!$#!#+)!+#7*!C'.56.!.#/!C'.#5.b(!/&.)8(0!43)!.7(+!)8&!/&.)8!+,!?$5!L.(*0!
.#/!6.')$<37.'7*!$#!)8&!8.'/(8$6(!&#/3'&/!4*!1+(&!+,!P8.'+#!.#/!8&'!()$774+'#!4.4*A!
M8&(&!.:&/!.#/!:&#/&'&/!/$()$#<)$+#(!4&<+5&!<&#)'.7!)+!)8&!6+)&#)$.7$)*!+,!
6.((&#:&'$#:!6+($)$+#(0!(+5&)8$#:!P)&$#4&<T!8$:87$:8)(!$#!+'/&'!)+!.<T#+S7&/:&!)8&!
*+3)8,37!5.7&!6'$%$7&:&!+,!)8&!8+4+!5*()$93&!,'+5!S$)8$#!)8&!(+<$.7!8.'/(8$6!+,!
5$:'.)$+#A!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Fa!E.!$(!.S.'&!)8.)!C'.#5.!8.(!6.((&/0!43)!'&,3(&(!)+!)&77!)8&!,.5$7*!4&<.3(&!(8&!$(!,&.',37!$)!S$77!
(7+S!)8&$'!g+3'#&*A!E.b(!&5+)$+#.7!'&(6+#(&!)+!C'.#5.b(!6.(($#:!$(!(3::&()$%&!+,!.//$)$+#.7!
$#<+56.)$4$7$)$&(!4&)S&&#!,&5.7&!,$:3'&(!.#/!)8&!C.(+7$#&!M'.56A!!
! ! [H! !
!M8$(!:&#&'.)$+#.7!.#/!:&#/&'&/!/$()'$43)$+#!$(!<7&.'!$#!M+5b(!'&(6+#(&!)+!E.!
.#/!=.b(!7.5&#).)$+#!+%&'!C'.56.!.#/!C'.#5.b(!7+((A!M+5b(!'&(6+#(&!)+!)8&5!
.')$<37.)&(!)8.)!)8&!6&'6&)3.7!5+%&5&#)!+,!6.((&#:&'$#:!(34g&<)$%$)*!$(!
$#<+56.)$47&!S$)8!.#!+7/&'!:&#&'.)$+#!)8.)!$(!+%&'7*!<+##&<)&/!)+!)8&!7.#/_!
M8&*!S+37/#b)!+,!(.S!#+)8$#b!)8.)b(!8&'&A!C'.56.!S+37/!.!4&&#!.Y(&&$#b!)8&!
N#g3#(!.#b!)8&!6'.$'$&!<+3#)'*!S8&#!8&!S.(!.!*+3#:!,&77.A!2#b!C'.#5.!S+37/!.!
'&5&54&'&/!.#b!(&&#!)8&!,$'()!8+5&!(8&!7$%&/!$#A!M8&*!S.(!)++!+7bA!J8+b(!
'&.77*!(&&$#b!$)!$(!13)8$&!.#b!J$#,$&7Ab!dP)&$#4&<T!J'.)8!]H]e!
!
M+5b(!.((&')$+#!S8$7&!/'$%$#:!8$(!,.5$7*!+,!#&S7*!5./&!6.((&#:&'(!$#()$)3)&(!.!
:&#&'.)$+#.7!/$%$/&!S$)8$#!)8&!C.(+7$#&!M'.56A!=+)&#)$.77*!$567$<.)$#:!8$(!6.'&#)(0!
)++0!M+5!&#%$($+#(!)8&!3#<+5,+').47&!6.((&#:&'$#:!+,!8$(!6.'&#)b(!:&#&'.)$+#!
.:.$#()!)8&!*+3)8,37!S$7/!6+)&#)$.7$)*!+,!)8&!'++)7&((!5+4$7$)*!.%.$7.47&!)+!8$(!
*+3#:&'!($47$#:(A!P&&$#:!8$(!:'.#/6.'&#)(!3#.47&!)+!/$%+'<&!)8&5(&7%&(!,'+5!)8&$'!
&.'7*Y8$()+'*!+#!)8&!7.#/!.#/!.(!'&73<).#)!5$:'.#)(0!M+5!'&<+:#$X&(!)8&!4&#&,$)!.#/!
6'$%$7&:&!+,!4&$#:!.!*+3#:!.#/!5+4$7&!6.((&#:&'0!+#&!S8+!$(!#+)!(+!53<8!36'++)&/!
,'+5!)8&!7.#/!43)!S$)8+3)!/&,$#$)$%&!'++)(A!M8$(!7&.%&(!P)&$#4&<Tb(!$#<73($+#!+,!)8&!
C.(+7$#&!M'.56!)+!$#/$<.)&!#+)!+#7*!.!(+<$+Y&<+#+5$<!(8$,)!$#!)8&!8+4+!5*()$93&!)+!
$#<+'6+'.)&!)8&!5$:'.#)0!43)!)+!$#()$)3)&!.!:&#&'.)$+#.7!(8$,)!$#!25&'$<.#!<37)3'&!
)8.)!/&($:#.)&(!S8+!<.#!(3'%$%&!.(!.!6.((&#:&'!.#/!S8+!<.##+)A!!!
!
1>L2PMN-C!=2PP>-C>1P_!!
&M+5b(!$#($()&#<&!)8.)!)8&!+7/&'!:&#&'.)$+#!<+37/!#&%&'!'&.77*!i(&&j!L.7$,+'#$.!
.5.7:.5.)&(!)8&!6.((&#:&'!.(!.!<37)3'.7!+66+')3#$)*!,+'!*+3#:0!S8$)&0!5.7&!,$:3'&(!
7$T&!)8&!C.(+7$#&!M'.56A!!M8$(!.75+()Y<+3#)&'<37)3'.7!:'+36!+,!#&S!8+4+Y
! ! [F! !
6.((&#:&'(!$(!()'&#:)8&#&/!4*!)&<8#+7+:$&(!+,!5+4$7$)*!.#/!<.#!7&.%&!)8&!7.#/!S$)8!
7$))7&!)+!#+!<+#(&93&#<&A!V*!'&/&($:#$#:!S8.)!$)!5&.#(!)+!4&!.!5$:'.)+'*!S+'T&'!.#/!
.!6.((&#:&'0!P)&$#4&<Tb(!J'.)8!'&+'/&'(!)8&!#+().7:$<!/'.S!+,!)8&!8+4+!5*()$93&!
)8.)!<7.$5(!.#!$)$#&'.)&!6.()!43)!(&77(!.#!.3)+5+4$7&!,3)3'&A!!P)&$#4&<Tb(!&568.($(!
&<8+&(!)8&!8+4+!5*()$93&!.#/!'&/$()'$43)&(!.!,'+#)$&'!5*)8+(!)8.)!.<<+3#)(!,+'!)8&!
5+/&'#!/&%&7+65&#)(!$#!)&<8#+7+:*!.#/!&<+#+5*!$#!)8&!H\]G(A!=.')!+,!)8$(!.66&.7!
$(!)8&!$#<+'6+'.)$+#!+,!.#!25&'$<.#!7.#/(<.6&!7$))&'&/!S$)8!5+/&(!+,!)'.#(6+').)$+#0!
4+)8!6.()!.#/!6'&(&#)!,'+5!)8&!S.:+#!)+!)8&!g.7+6*_!!!
J'&<T(!.7+#:!)8&!'+./0!.4.#/+#&/A!J&770!S8.)!8.66&#&/!)+!)8&5p!J8.)!
8.66&#&/!)+!)8&!,+7T(!$#!)8.)!<.'p!mZn!2#/!8&'&(!.!()+'*!*+3!<.#!8.'/7*!
4&7$&%&0!43)!$)h(!)'3&0!.#/!$)h(!,3##*!.#/!$)h(!4&.3)$,37A!M8&'&!S.(!.!,.5$7*!+,!
)S&7%&!.#/!)8&*!S&'&!,+'<&/!+,,!)8&!7.#/A!M8&*!8./!#+!<.'A!M8&*!43$7)!.!)'.$7&'!
+3)!+,!g3#T!.#/!7+./&/!$)!S$)8!)8&$'!6+((&(($+#(A!M8&*!6377&/!$)!)+!)8&!($/&!+,!
II!.#/!S.$)&/A!2#/!6'&))*!(++#!.!(&/.#!6$<T&/!)8&5!36A!B$%&!+,!)8&5!'+/&!$#!
)8&!(&/.#!.#/!(&%&#!+#!)8&!)'.$7&'0!.#/!.!/+:!+#!)8&!)'.$7&'A!M8&*!:+)!
)+!L.7$,+'#$.!$#!)S+!g356(A!dP)&$#4&<T!J'.)8!HI`e!
!
>W8$4$)$#:!<+#<&'#(!+%&'!)8&!S'&<T(!.(!S&77!.(!)8+(&!S8+!)'.%&7&/!$#!)8&$'!
)'.#(6+')$%&!5&.#(0!P)&$#4&<T!<+#()'3<)(!.!<+567&W!5&).Y()+'*!)8.)!'&,7&<)(!#+)!
+#7*!)8&!&6$<!5+4$7$)*!+,!)8&!C.(+7$#&!M'.56!?+./(0!43)!.7(+!+,,&'(!)8.)!)&<8#+7+:*!
8.(!<8.#:&/!)8&!7.':&'0!<37)3'.7!<+#<&6)$+#!+,!)'.%&7A!MS&7%&!$#!#354&'!.#/!,+'<&/!
+,,!)8&!7.#/0!P)&$#4&<Tb(!'&,&'&#<&!S$/&#(!)8&!(<+6&!+,!)8&!#.''.)$%&!&6$<0!.#/!5.T&(!
)8&!?+./(!.!3#$%&'(.7!(*54+7!+,!)8&!C.(+7$#&!M'.56!&'.A!M8+3:8!)8&!?+./(!/+!#+)!
S.$)!4*!)8&!($/&!+,!II!,+'!.!(&/.#!+'!)'.%&7!$#!)S+!7&:(0!P)&$#4&<T!+,,&'(!.!<7+(&Y
.66'+W$5.)$+#!+,!)8&!?+./b(!5$:'.)+'*!g+3'#&*A!M8$(!.77+S(!8$5!)+!67.<&!)8&5!$#!
&%&'*!%&8$<7&0!)'.%&7$#:!S&()S.'/!S8$7&!,$:8)$#:!)8&!)&#/&#<*!)+!4&!4'+T&#!/+S#0!
(67$)!36!+'!(&6.'.)&/A!!!
! ! []! !
!P)&$#4&<Tb(!'&7.*!+,!)'.%&7!7&:(!.#/!(&6.'.)&!'$/&(!/'.S(!+#!E.b(!<+#<&'#!
S$)8!T&&6$#:!)8&!,.5$7*!)+:&)8&'0!<7.$5$#:!)8.)!.(!6.((&#:&'(!im.n77!S&!:+)!$(!)8&!
,.5$7*!3#4'+T&j!dJ'.)8!F]HeA!2(!)8&!?+./b(!(+7&!6+((&(($+#0!)8&!6.((&#:&'$#:!3#$)!
)8.)!7&.%&(!)8&!KT7.8+5.!,.'5!3#/&':+&(!,$%&!(34)'.<)$+#(0F[!5.T$#:!)8&!#354&'!
)S&7%&!.!'&6'&(&#).)$+#!+,!)8&!S8+7&!,.5$7*!3#$)A!M8$(!3#$)!+,!)S&7%&!).T&(!+#!5*)8$<!
6'+6+')$+#!#&.'!)8&!&#/!+,!)8&!#+%&70!S8&#!)8&!C.(+7$#&!M'.56!?+./(!(&))7&!$#!
.4.#/+#&/!4+W<.'(_&
M8&!4+W<.'(0!)S&7%&!+,!)8&50!()++/!&#/!)+!&#/!+#!.!7$))7&!,7.)!4&($/&!)8&!
()'&.5A!M8&'&!S&'&!)S+!'+S(!+,!($W!&.<80!)8&!S8&&7(!'&5+%&/A!"6!)+!)8&!4$:!
(7$/$#:!/++'(!(7.))&/!67.#T(!'.#!,+'!<.)YS.7T(A!M8&*!5./&!:++/!8+3(&(0!
S.)&'Y)$:8)!.#/!/'.,)7&((0!'++5!,+'!)S&#)*Y,+3'!,.5$7$&(0!+#&!,.5$7*!$#!&.<8!
&#/!+,!)8&!<.'A!-+!S$#/+S(0!43)!)8&!S$/&!/++'(!()++/!+6&#A!dP)&$#4&<T!J'.)8!
``[e!
!
M8+3:8!53<8!+,!H\IG(Y&'.!P)&$#4&<T!<'$)$<$(5!S+37/!&568.($X&!)8$(!6.((.:&b(!
4$47$<.7!'&6'&(&#).)$+#!+,!)8&!26+()7&(0!N!S.#)!)+!&568.($X&!)8.)!)8&(&!4+W<.'(!
6&'5$)!P)&$#4&<T!)+!5.T&!)'.#(6.'&#)!8$(!()'.)&:$<!5.#$637.)$+#!+,!)8&!8+4+!
5*()$93&A!E+%$#:!4.<TS.'/!,'+5!)8&!g.7+6*!+,!)8&!C.(+7$#&!M'.56!)+!)8&!4+W<.'!+,!
)8&!8+4+0!P)&$#4&<T!'&+'/&'(!)8&!<8'+#+7+:*!+,!8+5&7&((#&((!)+!.))&#/!)+!)8&!
(&%&'$)*!+,!)8&!&'.b(!6+%&')*A!M8&!.4.#/+#&/!4+W<.'(!$#)$5.)&!)8&!,.5$7$.'$)*!+,!)8&!
8+4+!#.''.)$%&!S8$7&!.77+S$#:!)8&!?+./(!)+!4&<+5&!#&S!4+W<.'!$#8.4$).#)(!.(!
C.(+7$#&!M'.56(A!2(!)8&!(*54+7!+,!$)$#&'.#)!8+5&7&((#&((0!)8&!4+W<.'!+,,&'(!(8&7)&'!
)+!)8&!?+./(!$#!J'.)8A!M8&!4+W<.'(0!#354&'&/!)S&7%&!)+!<+''&(6+#/!)+!)8&!S8+7&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
F[!M8&!/&.)8(!C'.56.!.#/!C'.#5.0!&7/&()!(+#!-+.8!?+./b(!/&6.')3'&0!L+##$&b(!.4.#/+#5&#)!+,!8$(!
6'&:#.#)!S$,&0!1+(&!+,!P8.'+#0!.#/!)8&!/&.)8!+,!?$5!L.(*!/$('36)!E.b(!,.5$7*!3#$)A!!
! ! [^! !
3#$)0!4&<+5&!'++)&/!8+5&(!<+#()'3<)&/!4*!.4.#/+#&/!.#/!#+#Y5+4$7&!(*54+7(!+,!
8+5&7&((!5+4$7$)*A!!!
! 2(!.!(*54+7!+,!)8&!8+4+!5*()$93&0!)8&!4+W<.'(!'&6'&(&#)!)8&!#&S!<8.77&#:&(!
3#/&').T&#!4*!/$(67.<&/!,.5$7$&(!.#/!<+553#$)$&(!/3'$#:!)8&!;3()!V+S7A!M8+3:8!
)8&!4+W<.'!8.(!)*6$<.77*!'&6'&(&#)&/!)8&!6+)&#)$.7!,+'!5.7&!,7$:8)0!'&,7&<)&/!4*!4+)8!
L+##$&!.#/!-+.8b(!.4.#/+#5&#)!+,!)8&!:'+360!P)&$#4&<T!(3'6'$($#:7*!$#<73/&(!)8&!
4+W<.'(!.)!)8&!&#/!+,!J'.)8!)+!(3::&()!.!7.':&'!<'$)$93&!+,!S8$)&0!5.(<37$#&!'+./!
5*)8+7+:$&(A!M8+3:8!J'.)8!/'.S(!+#!)8&!<&7&4'.)&/!5*()$93&!+,!5.(<37$#&!8&'+$(5!
+,!+#!)8&!'+./0!P)&$#4&<T!.7(+!<.77(!.))&#)$+#!)+!)8&!,.$73'&!+,!5&#!)+!6'+%$/&!,+'!)8&!
,.5$7*0!$#!)8&$'!KT7.8+5.!,.'5(!+'!+#!)8&!'+./!)+!L.7$,+'#$.A!M8$(!/&5.'<.)$+#!+,!
#&S!&<+#+5$<!6'&((3'&(!(3::&()(!)8.)!)8&!$#/$%$/3.7$(5!+,!)8&!4+W<.'!$(!'&%$(&/!4*!
.!,.5$7$.7!<+77&<)$%$)*!$#!)8&!4+W<.'!)8.)!$((3&(!)8&!5$7T!+,!835.#!T$#/#&((!3#/&'!
E.b(!,&5$#$#&!<+#)'+7A!M8$(!6+)&#)$.7!<'$)$93&!+,!8+4+Y/'$%&#!(&7,Y(&'%$#:!
5.(<37$#$(5!<.#!4&!<+''+4+'.)&/!4*!)8&!6'+,3(&!$5.:&(!+,!/$(67.<&/!.#/!/&()$)3)&!
5+)8&'(!.#/!<8$7/'&#!)8.)!<$'<37.)&/!$#!)8&!&'.A!;+5&()$<.)$#:!)8&!4+W<.'(!$#!)8&!
,$#.7!(<&#&(!+,!)8&!#+%&7!.77+S(!P)&$#4&<T!)+!$#()$)3)&!.!(&7,Y<+#(<$+3(!6.')$<$6.)$+#!
$#!)8&!8+4+!5*()$93&0!'&#/&'$#:!$)!5+/&'#!,+'!)8&!)$5&(!S8$7&!.7(+!.<T#+S7&/:$#:!
$)(!7$5$).)$+#(A!!!
!J8&#!P)&$#4&<T!67.<&(!)8&!?+./(!$#!)8&!.4.#/+#&/!4+W<.'(!)8&*!,$#/!.!8+5&!
$#!8+5&7&((#&((A!M8&!.4.#/+#&/!4+W<.'(!.'&!.#!&W.567&!,+'!S8.)!;&!L&')&.3!<.77(0!
i)8&!6'&5$35!5+4$7&0j!S8$<8!.')$<37.)&(!)8.)!)8&!)'.$#!i#+)!+#7*!/$%$/m&(n!(6&<).)+'(!
.#/!4&$#:(0!43)!.7(+!<+##&<)m(n!)8&5o!$)!$(!.!5+4$7&!(*54+7!4&)S&&#!)8&50!.!)$'&7&((!
! ! [`! !
(8$,)&'0!6'+/3<$#:!<8.#:&(!$#!)8&!'&7.)$+#(8$6(!4&)S&&#!$55+4$7&!&7&5&#)(j!d;&!
L&')&.3!HH]eA!K,,!)8&!)'.<T!.#/!$55+4$7&0!)8&!4+W<.'(!#+!7+#:&'!6+((&((!%.73&!$#!
)8&$'!.4$7$)*!)+!5+%&!,'&$:8)A!Q&)0!S8&#!$#8.4$)&/0!)8&!C.(+7$#&!M'.56!?+./(!
'&$#()$)3)&!)8&!4+W<.'(!.(!)8&!6'&5$35!5+4$7&!+,!.#!&.'7$&'!8+4+!5*()$93&A!
P)&$#4&<Tb(!4+W<.'(!.#$5.)&!)8&!<+##&<)$+#(!4&)S&&#!)8&!5&54&'(!+,!)8&!?+./!
,.5$7*!.(!.!6'+/3<)$%&!3#$)A!M8&$'!3#$)*!.(!6.((&#:&'(!+#!)8&!'+./!().:&(!)8&!
)'.#(,+'5.)$+#!+,!)8&$'!().)3(!.(!'++)7&((!C.(+7$#&!M'.56(0!+#7*!)+!(&<3'&!)8&5!$#!
)8&!8+5&7&((!8+4+!4+W<.'A!2(!5.<8$#&(!)8.)!'&<+#,$:3'&!(6.<&0!)8&!4+W<.'(!
'&6'&(&#)!)8&!i)$'&7&((!(8$,)$#:j!+,!)8&!5$:'.)+'*!,.5$7$&(!$56.<)&/!4*!)8&!;3()!V+S70!
.#/!5+'&!(6&<$,$<.77*!)8&!$#)&'5$#.47&!5+%&5&#)!+,!)8&!C.(+7$#&!M'.56A!2(!
C.(+7$#&!M'.56(0!)8&!?+./b(!<+55.#/!)8&!.4$7$)*!)+!i(&&j!)8'+3:8!)8&!S$#/+S(!+,!
)8&!g.7+6*A!V3)!$#!)8&!4+W<.'0!)8&*!8.%&!)8&!.4$7$)*!)+!(&))7&!)8&!(6.<&!)8'+3:8!7.':&!
/++'(0!.#!+6&#$#:!)8.)!6&'5$)(!)8&5!)+!i)+!5+%&!)8'+3:8j!(6.<&!($5$7.'!)+!)8&!
6.#+'.5$<!%$&S!+,!)8&$'!KT7.8+5.!,.'57.#/!d;&!L&')&.3!HHFeA!!!
!M8+3:8!)8&!4+W<.'(!.'&!'++)&/!$#!)8&!7.#/!.#/!.'&!3(&7&((!,+'!)8&$'!+'$:$#.7!
$#)&#)0!)8&$'!6'&(&#<&!7&)(!P)&$#4&<T!6$)!)8&!8+4+!.#/!)8&!C.(+7$#&!M'.56!.:.$#()!
+#&!.#+)8&'!)+!'&/&,$#&!(+<$.7!<7.(($,$<.)$+#(A!M8$(!/'.S(!+#!)8&!8+4+!5*()$93&!.(!.#!
+#:+$#:!S+'T$#:Y<7.((!8$()+'*!S$)8!<37)3'.7!%.73&0!.))&#)$%&!)+!)8&!(*54+7(!+,!
:&#&'.)$+#.7!8+5&7&((#&((!$#!)8&!)'.56!.#/!8+4+A!V3)!$)!.7(+!.<T#+S7&/:&(!)8&!
5*()$93&!.(!.!6'$%$7&:&/!(*54+7!+,!S&()&'#!&<+#+5$<!&W<8.#:&!)8'+3:8!5+/&'#!
)&<8#+7+:*A!N#!)8$(!S.*0!)8&!4+W<.'(!$#%+T&!)8&!8+4+!S8$7&!($537).#&+3(7*!.77+S$#:!
)8&!?+./(f.(!C.(+7$#&!M'.56(f)+!<+#()'3<)!(+<$.7!().)3(_!iM8&!?+./(!8./!4&&#!
! ! [I! !
73<T*A!M8&*!:+)!$#!&.'7*!&#+3:8!)+!8.%&!.!67.<&!$#!)8&!4+W<.'(A!ZmMn8+(&!S8+!8./!)8&!
4+W<.'(!S&'&!+7/Y)$5&'(0!.#/!$#!.!S.*!.'$()+<'.)(j!dP)&$#4&<T!J'.)8!``\eA!P)&$#4&<T!
)'.<&(!.#!i+7/Y)$5&'j!93.7$)*!)8.)!&().47$(8&(!4&7+#:$#:!.#/!'++)&/!(&))7&5&#)0!43)!
)8'+3:8!.!6'$%$7&:&/!T$#/!+,!5+4$7$)*!7$T&!)8.)!+,!)8&!C.(+7$#&!M'.56A!!
! P)&$#4&<T!).T&(!6.')!$#!)8&!8+4+!5*()$93&!S8$7&!<'$)$93$#:!8$()+'*!.#/!
5*)8+7+:*!,'+5!()'.)&:$<.77*!8+4+!.#/D+'!4+8&5$.#!6+($)$+#(A!P)&$#4&<Tb(!3(&!+,!
)8&!8+4+Y6.((&#:&'!C.(+7$#&!M'.56!6'+%$/&(!.!6'+/3<)$%&!5&)8+/!,+'!&#%$($+#$#:!.!
i(8+):3#j!6+($)$+#!+,!.<<&((A!P)&$#4&<Tb(!<.'&,37!5.#$637.)$+#!+,!)8&!8+4+!#.''.)$%&!
8.(!6+S&'!)+!#+)!+#7*!'&+'/&'!7.4+'$#:!4+/$&(!)8'+3:8!/'$%&'(!.#/!6.((&#:&'(0!43)!
.<)(!)+!5+4$7$X&!)8&!,'&&!'+.5$#:!8+4+!(34g&<)$%$)*!+,!)8&!C.(+7$#&!M'.56A!J8$7&!
P)&$#4&<Tb(!'&%$($+#!+,!8+4+!)'+6&(!(&'%&(!)+!5.6!)8&!&6$<!:&+:'.68$<!g+3'#&*!+,!)8&!
?+./(!,+'!.!#&S!:&#&'.)$+#!+,!8+5&7&((#&((0!8&!.7(+!$#()$)3)&(!)8&!C.(+7$#&!M'.56!)+!
<.6$).7$X&!+#!)8&!8+4+!5*()$93&!.#/!$)(!.66&.7!)+!)8&!7$)&'.'*!5.'T&)67.<&A!M8$(!.7(+!
4&<+5&(!.#!.'&.!+,!<+#<&'#!$#!)8&!)'.%&7!5&5+$'!M'.%&7(!J$)8!L8.'7&*!dH\IFe0!
S8&'&!P)&$#4&<T!().:&(!S8$)&0!5.7&!5+4$7$)*!+#!)8&!'+./!.(!.!5$/Y<&#)3'*!<+55&#)!
+#!)8&!8+4+!5*()$93&!8&!8&76&/!6+637.'$X&!)S&#)*!*&.'(!&.'7$&'A!!
!
PM>N-V>LR!2P!C2PKON->!M12E=!!
!N#!M'.%&7(!J$)8!L8.'7&*!dH\IFe0!P)&$#4&<T!3(&(!)8&!8+4+!#.''.)$%&!)+!$((3&!
#&S!,+'5(!+,!5+4$7$)*!$#!)8&!6+()S.'A!=347$(8&/!)8&!(.5&!*&.'!.(!P)&$#4&<T!S$#(!
)8&!-+4&7!='$X&!,+'!O$)&'.)3'&!,+'!C'.6&(!+,!J'.)8,!)8&!)'.%&7!5&5+$'!,+77+S(!
P)&$#4&<Tb(!7.)&Y7$,&!g+3'#&*!i$#!(&.'<8!+,!25&'$<.j!.7+#:($/&!8$(!6++/7&0!L8.'7&*!$#!
! ! [a! !
H\IGA!2(!.!8+4+!#.''.)$%&0!P)&$#4&<Tb(!<+56+($)$+#!/'.S(!+#!)8&!)&#($+#(!+,!
8+4+8&5$.#!6'$%$7&:&!S8$<8!<7.((Y6&',+'5(!4+)8!8+4+!.#/!4+8&5$.#!6+($)$+#(!
)8'+3:8!.!C.(+7$#&!M'.56!6&'(+#.A!-+)!(&.'<8$#:!,+'!S+'T0!43)!,+'!<+#)&#)!)+!.//!)+!
8$(!)'.%&7+:3&0!P)&$#4&<Tb(!C.(+7$#&!M'.56!5.$#).$#(!(&7,Y<+#(<$+3(!<'&.)$%&!<+#)'+7!
)8'+3:8!()'.)&:$<!<7.((!.((+<$.)$+#(!+#!)8&!'+./A!!
! 2(!.!S'$)$#:!./%&#)3'&0!P)&$#4&<T!'&<.7$4'.)&(!)8&!8+4+!#.''.)$%&!4*!&#.<)$#:!
8$(!+S#!C.(+7$#&!M'.56!$/&#)$)*A!M8$(!6&'5$)(!P)&$#4&<T!)8&!<.6.<$)*!)+!'&<+/&!8$(!
5&5+$'Y7$T&!)'.%&7+:3&!.#/!,.(8$+#!$)!$#)+!)8&!'+5.#)$<!7+#:!g+3'#&*!8&!&93.)&(!)+!
3#/&').T$#:!.!#+%&7!dL8.'7&*!FGeA!N#!8$(!)'3<T!)8&!1+<$#.#)&0!P)&$#4&<T!4&:$#(!8$(!
93$W+)$<!93&()!.<'+((!)8&!&W6.#(&!+,!)8&!"#$)&/!P).)&(!/'$%$#:!,'+5!&.()!)+!S&()A!
;'$%$#:!<'+((Y<+3#)'*!$#!)8&!<.4!+,!8$(!)'3<T!$(!&93.)&/!)+!)8&!<'&.)$%&!6'+<&((!+,!
S'$)$#:0!$((3$#:!S8$)&0!5.7&!<+#)'+7!+,!)8&!8+4+!#.''.)$%&!.#!&W)&#($+#!+,!)8&!,.#).(*!
+,!S8$)&0!5.7&!<+#)'+7!+,!)8&!<+3#)'*A!M8$(!.((&')(!)8&!T$#/!+,!6+((&(($%&!)&<8#+7+:*!
-$:&7!M8'$,)!.':3&(!+,!6.((&#:&'$#:0!:$%$#:!)8&!6.((&#:&'!)8&!6+S&'!.#/!6'$%$7&:&!)+!
<+55.#/!.3)8+'$)*!.#/!<'&.)$%&!6+S&'A!M8+3:8!/&(6$)&!8$(!4&()!&,,+')(!)+!<+/&!
8$5(&7,!.(!.!,3:$)$%&!6.((&#:&'0!P)&$#4&<T!/'$%&(!)8&!#.''.)$%&0!.')$<37.)$#:!)8&!
,7&W$4$7$)*!+,!.!8+4+8&5$.#!6+($)$+#A!@&!S'$)&(_!i@.%$#:!.!<+56.#$+#!,$W&(!*+3!$#!
)$5&!.#/!)8.)!)8&!6'&(&#)0!43)!S8&#!)8&!93.7$)*!+,!.7+#&#&((!(&))7&(!/+S#0!6.()0!
6'&(&#)0!.#/!,3)3'&!.77!,7+S!)+:&)8&'A!2!5&5+'*0!.!6'&(&#)!&%&#)0!.#/!.!,+'&<.()!.77!
&93.77*!6'&(&#)j!dP)&$#4&<T!L8.'7&*!HGIeA!P)&$#4&<Tb(!&W67.#.)$+#!(3::&()(!)8.)!+#&!
5.*!/'$%&!.7+#&0!43)!.!6.((&#:&'0!S8+!'&93$'&(!.#+)8&'!)+!&W$()0!<8.#:&(!)8&!)+#&!
.#/!)&56+'.7$)*!+,!)8&!&%&#)!,+'!4+)8!6.')$&(A!M8&!&W$()&#<&!+,!.#+)8&'!$#!)8&!)'3<T!
! ! [[! !
.77+S(!,+'!P)&$#4&<T!)+!,&&7!'++)&/0!43)!.)!)8&!(.5&!)$5&!)'.#(:'&((!(6.<&!and!)$5&!
S$)8$#!8$(!.3)+5+4$7$)*!.#/!<'&.)$%&!<+#)'+7A!
!M'.%&7(!J$)8!L8.'7&*b(!.))&#)$+#!)+!5+4$7$)*0!$#<73/$#:!)8&!5$:'.)+'*!#.)3'&!
+,!)8&!25&'$<.#!6&+67&!+#!'+./(!7$T&!1+3)&!II0!&().47$(8&(!P)&$#4&<Tb(!/&<./&(!7+#:!
,.(<$#.)$+#!S$)8!)8&!8+4+!5*()$93&A!2(!.!,$:3'&!)8.)!'+(&!)+!,.5&!/&6$<)$#:!)8&!&6$<!
5$:'.)$+#!+,!25&'$<.#(!$#!)8&!M8$')$&(0!P)&$#4&<Tb(!+S#!'+./!)'$6!'&7.*(!8$(!<3'$+($)*!
.4+3)!5+4$7$)*!.(!.!6.')!+,!)8&!25&'$<.#!3#<+#(<$+3(A!@&!S+#/&'(_!!
L+37/!$)!4&!)8.)!25&'$<.#(!.'&!.!'&()7&((!6&+67&0!.!5+4$7&!6&+67&0!#&%&'!
(.)$(,$&/!S$)8!S8&'&!)8&*!.'&!.(!.!5.))&'!+,!(&7&<)$+#p!M8&!6$+#&&'(0!)8&!
$55$:'.#)(!S8+!6&+67&/!)8&!<+#)$#&#)0!S&'&!)8&!'&()7&((!+#&(!$#!>3'+6&A!M8&!
()&./*!'++)&/!+#&(!().*&/!8+5&!.#/!.'&!()$77!)8&'&A!dP)&$#4&<T!L8.'7&*![Ge!
!
V*!5.'T$#:!)8&!&%+73)$+#!+,!)8&!25&'$<.#!6&+67&!.(!>3'+6&.#Y4.(&/0!P)&$#4&<T!
$#()$)3)&(!)8&!8&:&5+#$<!6+S&'!+,!)8&!8+4+!#.''.)$%&A!N((3$#:!5+4$7$)*!.(!)8&!
6'+%$/&#<&!&.'#&/!4*!'&()7&((!6+637.)$+#(0!P)&$#4&<T!<&7&4'.)&(!)8&!8$:87*!5.7&!
'++)7&((#&((!+,!*+3)8!8&!/&(<'$&/!$#!J'.)8A!Q&)0!4.(&/!+#!)8&!)8&+'$X.)$+#(!+,!;.%$/!
1+&/$:&'b(!M8&!J.:&(!+,!J8$)&#&((!dH\\He!.#/!>'$<!O+))b(!O+%&!k!M8&,)!dH\\^e0!)8&!
<8.'.<)&'$X.)$+#!+,!.#!25&'$<.#!6&+67&!,'+5!$55$:'.#)!6+637.)$+#(!$(!4.(&/!+#!
()'.)&:$<!'.<$.7!<7.$5(!)8.)!<+#()'3<)!S8$)&#&((A!>%+T$#:!)8&!C.(+7$#&!M'.56!+,!)8&!
;&6'&(($+#!.(!S&77!.(!)8&!V&.)!)'.%&7&'(!+,!)8&!6+()S.'0!P)&$#4&<Tb(!5&/$).)$+#!+,!
8$(!+S#!S8$)&0!5.7&!6+($)$+#!+#!)8&!'+./!&#%$($+#(!5+4$7$)*!.(!.!8$()+'$<.7!
/&%&7+65&#)!:'.#)&/!)+!S8$)&!5&#!)8'+3:8!)8&!8+4+!5*()$93&A!V3)!3#7$T&!J'.)8b(!
<'$)$<.7!/&6$<)$+#0!P)&$#4&<T!#+S!<.6$).7$X&(!+#!S8.)!)8&!5*()$93&!<.#!+,,&'!8$5!$#!
.)!)8&!/.S#!+,!)8&!&'.!+,!L$%$7!1$:8)(A!
! ! [\! !
!P)&$#4&<T!<+#()'3<)(!.!7$#T!4&)S&&#!S8$)&#&((!.#/!5+4$7$)*!)8.)!$(!6'+<3'&/!
#+)!+#7*!)8'+3:8!$#()$)3)$+#(!+,!6'$%$7&:&!$#!)8&!<+7+#$X.)$+#!+,!)8&!25&'$<.(0!43)!
)8'+3:8!)8&!(34+'/$#.)$+#!+,!.#*!.#/!.77!+)8&'!:'+36(A!O$T&!J'.)8b(!'.<$.7$X&/!,&.'!
+,!4&<+5$#:!(8.'&<'+66&'(0!P)&$#4&<Tb(!.((&')$+#!+,!S8$)&!5+4$7$)*!$#!M'.%&7(!J$)8!
L8.'7&*!&568.($X&(!)8&!/+5$#.#)!.#/!/+5$#.)$#:!<8.'.<)&'!+,!)8&!8+4+!#.''.)$%&A!
M8+3:8!P)&$#4&<T!8$5(&7,!T#+S(!)8&!)'+347&/!<+#)&W)(!+,!S&()S.'/!&W6.#($+#!.#/!
25&'$<.#!#.)$+#.7$(50!8$(!&W67.#.)$+#!+,!'&()7&((#&((!$(!'++)&/!$#!.!/+5$#.#)!
$/&#)$)*b(!.4$7$)*!)+!5+%&0!.!8&:&5+#$<!5.(<37$#$)*!6&'6&)3.)&/!)8'+3:8!)8&!8+4+!
#.''.)$%&A!J8&#!P)&$#4&<T!/$'&<)7*!.<T#+S7&/:&(!)8&!7&:.<*!+,!(7.%&'*!.#/!'.<$.7!
$#&93.7$)*!/3'$#:!8$(!/'$%&!)8'+3:8!)8&!P+3)80!8&!/+&(!(+!,'+5!)8&!(&<3'&!6+($)$+#!+,!
.!8$:87*!5+4$7&!C.(+7$#&!M'.56A!M8&(&!.<T#+S7&/:5&#)(!+,!(+<$.7!'&.7$)$&(!/+!#+)!
.7)&'!P)&$#4&<Tb(!,.#).()$<!$#%&()5&#)!$#!)8&!8+4+!5*()$93&A!N#()&./0!L8.'7&*!
()'&((&(!25&'$<.b(!,.#).(*Y/'$%&#!6'+<7$%$)*!,+'!S8$)&0!5.7&!/+5$#.)$+#!+#!)8&!'+./A!
P)&$#4&<T!.//'&((&(!)8&!.66&.7!+,!)8$(!)8$#T$#:_!iN!)8+3:8)!+,!)8&(&!)8$#:(!.(!N!'&./!
)8&!8$()+'$<.7!5.'T&'(!.<'+((!)8&!<+3#)'*0!)8+3:8)!8+S!)8&!5*)8!S$6&(!+3)!)8&!,.<)j!
dP)&$#4&<T!L8.'7&*!I]eA!P)&$#4&<Tb(!.4$7$)*!)+!$#%&()!8$5(&7,!$#!5*)8(0!(3<8!.(!)8&!
8+4+!5*()$93&0!'.)8&'!)8.#!)8&!8$()+'$<.7!'&.7$)$&(!8&!'&./(!+#!'+./($/&!67.<.'/(!
$#()$)3)&(!.!6+($)$+#!)8.)!<.#!&#.<)!:&+:'.68$<!5+4$7$)*!.(!.!5&)8+/!+,!5+4$7$X$#:!
()'.)&:$<!.#/!(&7,Y(&'%$#:!#.''.)$%&(!+,!$#/$%$/3.7$(5!.#/!'&($7&#<*A!
!N#!)8$(!S.*0!P)&$#4&<Tb(!<.7<37.)&/!<+56+($)$+#!/'.S(!+#!)8&!8+4+!#.''.)$%&!
)+!5+%&!)8'+3:8!(6.<&!.#/!<7.$5!$)!.(!8$(!+S#A!P)&$#4&<Tb(!.3)+4$+:'.68$<.7!).7&!
&W8$4$)(!+S#&'(8$6!+,!)8&!<+3#)'*!)8'+3:8!8$(!)$5&!+#!)8&!'+./0!S8&'&!8&!8$:87$:8)(!
! ! \G! !
8$(!.4$7$)*!)+!$:#+'&!.3)8+'$).)$%&!#+)$<&(!$#/$<.)$#:!6'$%.)&!6'+6&')*0!+'!#.)$+#.7!
4+'/&'(!dL8.'7&*!Iae!+'!#.)$+#.7!6.'T(!dL8.'7&*!HF]eA!P)&$#4&<T!3(&(!)8&!'+./!)+!
<8.77&#:&!.#*!.#/!.77!43'&.3<'.)$<!&#)$)$&(!)8.)!$56&/&!8$(!5$/Y<&#)3'*!
6&',+'5.#<&!+,!8+4+Y.(Y.')$()0!.!(&7,Y6+((&((&/!.#/!(&7,Y$56+').#)!T$#/!+,!
6.((&#:&'$#:!.<'+((!25&'$<.A!M8&(&!,3:$)$%&!.<)(!+,,&'!8$5!)8&!+66+')3#$)*!)+!&#.<)!
.!8+4+!6&'(+#.!)8.)!<.#!)'.#(:'&((!)8&!7.S!.(!.!5.))&'!+,!i5*)8j!'.)8&'!)8.#!i,.<)Aj!!
!B+'!$#().#<&0!P)&$#4&<Tb(!$#)&'.<)$+#(!S$)8!.!:'+3#/(T&&6&'!368+7/$#:!.!i-+!
M'&(6.(($#:_!='$%.)&!='+6&')*j!($:#!/'.S(!+#!8$(!<.6.<$)*!)+!i($X&!36j!)8&!5.#!.#/!
<+#%$#<&!8$5!)+!7&)!8$5!<.56A!P)&$#4&<Tb(!/&6$<)$+#!+,!)8&!(<&#&!5$''+'(!#+)!+#7*!
?.<T!O+#/+#b(!$56'+%$(.)$+#.7!8+4+Y.(Y.')$()0!43)!.7(+!M+5!?+./b(!8$)<88$T$#:!
$#)&'.<)$+#!S$)8!)8&!)'3<T!/'$%&'A!E.T$#:!.66&.7(!)+!)8&!&%&'*5.#!8&7/!,.()!4*!
6+7$<$&(!)8.)!.'&!#+)!8$(!+S#0!P)&$#4&<Tb(!&W<8.#:&!S$)8!)8&!:'+3#/(T&&6&'!
6.')$<$6.)&(!$#!8+4+8&5$.#!6'.<)$<&!,+'!<+#)'+7A!P)&$#4&<T!&W67.$#(_!
! -+'5.77*!8$(!)+#&!S+37/!8.%&!(6.'T&/!.!)$#/&'!$#!5&A!N!S+37/!8.%&!
,7.'&/!.#!3:7$#&((!+,!.#:&'!.#/!8&!S+37/!8.%&!4&&#!.47&!)+!&%$<)!5&!S$)8!
67&.(3'&!.#/!:++/!<+#(<$&#<&A!J&!#$:8)!8.%&!&%&#!8.%&!&/:&/!$#)+!.!93.''&7!
S$)8!6.(($+#!.#/!%$+7&#<&A!M8.)!S+37/!4&!+#7*!#+'5.70!&W<&6)!)8&!4&.3)*!.#/!
)8&!93$&)!5./&!5&!(7+S!)+!'&(6+#/!S$)8!'&(&#)5&#)0!.#/!$#!5*!8&($).)$+#!N!
7+()!$)A!N!(.$/0!lN!T#&S!$)!53()!4&!6'$%.)&A!N!S.(!.4+3)!)+!7++T!,+'!(+5&+#&!)+!
.(T!6&'5$(($+#!+'!5.*4&!6.*!)+!'&()!8&'&Ab!
! lM8&!+S#&'!/+#b)!S.#)!<.56&'(A!M8&*!7&.%&!6.6&'(!.'+3#/!.#/!43$7/!
,$'&(Ab!
! lN!/+#b)!47.5&!8$5A!N!T#+S!)8&!5&((!)8&*!5.T&Ab!
! lP&&!)8.)!($:#!+#!)8&!)'&&p!-+!)'&(6.(($#:0!83#)$#:0!,$(8$#:0!<.56$#:Ab!
! lJ&770b!N!(.$/A!l)8.)!(+3#/(!.(!$,!$)!5&.#(!43($#&((A!N,!$)b(!*+3'!g+4!)+!
)8'+S!5&!+,,0!*+3b%&!:+)!)+!)8'+S!5&!+,,A!Nb77!:+!6&.<&,377*A!V3)!Nb%&!g3()!5./&!
.!6+)!+,!<+,,&&A!;+!*+3!)8$#T!*+3'!4+((!S+37/!5$#/!$,!N!,$#$(8&/!$)p!J+37/!8&!
5$#/!$,!N!+,,&'&/!*+3!.!<36p!M8&#!8&!<+37/!T$<T!5&!+,,!93$<T&'Ab!
!M8&!*+3#:!5.#!:'$##&/A!lJ8.)!)8&!8&770b!8&!(.$/A!lQ+3!/+#b)!43$7/!#+!
,$'&(!.#/!*+3!/+#b)!)8'+S!+3)!#+!)'.(8bj!dL8.'7&*![^Y`eA!!
!
! ! \H! !
P)&$#4&<T!67.<&(!8$5(&7,!$#!)8&!6+($)$+#!+,!.!8+4+!$#!#&&/!+,!(8&7)&'0!43)!.)!)8&!(.5&!
)$5&!()'&((&(!8$(!5.()&'*!,+'!5.#$637.)$#:!($)3.)$+#(!.(!.!,.5+3(!,$:3'&A!P)&$#4&<T!
7&./(!)8&!<+#%&'(.)$+#!.#/!5.$#).$#(!.!8+4+!6+($)$+#!)8.)!67+)(!'.)8&'!)8.#!67&.(!,+'!
.66'+%.7!)+!)'&(6.((!+#!6'$%.)&!6'+6&')*A!@&!6+$#)(!+3)0!53<8!.(!M+5!?+./!/+&(0!
)8.)!)8&!&#,+'<$#:!.:&#)!$(!.#!&567+*&&!S8+!:.$#(!7$))7&!,'+5!,+77+S$#:!)8&!'37&(!+,!
8$(!&567+*&'A!M8$(!.66&.7!)+!)8&!(34+'/$#.)&/!S+'T&'!$(!5&)!S$)8!P)&$#4&<Tb(!6++'!
)&56&'&/!5.(<37$#$)*!)8.)!,&$:#(!.<)$%$()!<+##&<)$+#(0!&93.)$#:!8$(!)&56&'!)+!i.!
)$#/&'Aj!M8&!8+4+!5*()$93&!+%&'S8&75(!)8&!'&.7$)*!+,!6'$%.)&!6'+6&')*0!7&.%$#:!
P)&$#4&<T!)+!).T&!)8&!6'$%$7&:&(!+,!4&$#:!.!C.(+7$#&!M'.56!.#/!<.56!S8&'&!8&!
S.#)(A!P)&$#4&<Tb(!$#)&'.<)$+#(!/+!#+)!S.''.#)!)8&!#&&/!)+!i,$:8)j!4&<.3(&!8&!8.(!
()'.)&:$<.77*!6+($)$+#&/!8$5(&7,!$#!)8&!(&.)!+,!<+#)'+7A!!
!P)&$#4&<Tb(!8+4+!./37.)$+#!6'+%&(!8$(!68$7+(+68$<.7!6+)&#)$.7!+#!)8&!'+./A!
M8$(!6'.<)$<&!7&)(!P)&$#4&<T!'&$#()$)3)&!)8&!8+4+!#.''.)$%&!$#!)8&!5$/Y<&#)3'*0!
$#)'+/3<$#:!#+)!)8&!#&S!T$#/(!+,!5$:'.#)!S+'T&'(!.#/!8+5&7&((!67$:8)!+,!J'.)80!43)!
.!<.7<37.)&/!<+#()'3<)$+#!+,!)8&!8+4+!5*()$93&!,+'!5$/Y<&#)3'*!.66&.7A!V*!)8&!)$5&!
+,!P)&$#4&<Tb(!H\IG(!)'$60!)8&!)'&#/!+,!&W.5$#$#:!)8&!S.#/&'73()!+,!)8&!25&'$<.#!
<8.'.<)&'!8./!4&&#!S&77!/+<35&#)&/!$#!25&'$<.#!,$<)$+#!#+)!+#7*!4*!&.'7*Y<&#)3'*!
S'$)&'(!7$T&!?.<T!O+#/+#0!43)!4*!6+()S.'!S'$)&'(!7$T&!?.<T!R&'+3.<A!O$T&!)8&!8+4+Y.(Y
.')$()!.3)8+'(!4&,+'&!8$50!P)&$#4&<Tb(!C.(+7$#&!M'.56!&#.<)(!8+4+!.((+<$.)$+#(!)+!
./%.#<&!8$(!(+7&!.3)+4$+:'.68$<.7!6$&<&!+,!S'$)$#:0!6'+%$/$#:!8$5!4+3':&+$(!<+#)'+7!
)+!<+/&!8$(!7$,&!()+'*!)8'+3:8!.!*+3)8,370!5.(<37$#&!,.#).(*!+#!)8&!'+./A!P)&$#4&<T!$(!
<+56&77&/!)+!&.'#!8+4+Y<'&/$4$7$)*!)8'+3:8!8+4+8&5$.#!6'.<)$<&0!&%$/&#<&!4*!8$(!
! ! \F! !
<8+$<&!)+!().*!$#!,.#<*!8+)&7(!+'!<.56!+3)!.#/!i)'&(6.((j!+#!6'$%.)&!6'+6&')*!,+'!
&,,&<)A!M8&(&!8+4+8&5$.#!)&#($+#(!$((3&!:'&.)&'!)'.#(6.'&#<*!S$)8$#!)8&!8+4+!
#.''.)$%&!+,!)8&!6+()S.'0!'&,3($#:!<7.$5(!+,!.3)8&#)$<!S+'T$#:Y<7.((!'&6'&(&#).)$+#(!
,+'!5.'T&).47&!<37)3'.7!<$'<37.)$+#(!+,!)8&!5*()$93&A!2(!.!8$:87*!%$($47&!$<+#+:'.68*!
+,!6+637$()!.66&.70!P)&$#4&<Tb(!'&7$.#<&!+#!S+'T$#:Y<7.((!$/&#)$)*!)'.<&(!.!)'.g&<)+'*!
)8.)!5+%&(!,'+5!)8&!8+4+!)+!)8&!5$:'.#)!.#/!!
!M8&!S+'T$#:Y<7.((!$/&#)$)$&(!+,!)8&!8+4+0!5$:'.#)!.#/!C.(+7$#&!M'.56!!!
6&'5$)!P)&$#4&<T!)+!93&()$+#!,$:3'&(!+,!.3)8+'$)*0!8$(!'+./Y<&#)&'&/!5+4$7$)*!
6'+%$/$#:!8$5!)8&!#.''.)$%&!:'+3#/(!,+'!.!(*54+7$<!4+8&5$.#!i'+5.#<&j!)8.)!
/&,&.)(!(+<$.7!.#/!&<+#+5$<!i'&.7$)*j!dL8.'7&*!HG`eA!N#!)8$(!S.*0!P)&$#4&<T!
<+#()'3<)(!()'.)&:$<!.((+<$.)$+#(!S$)8!)8&!S+'T$#:!<7.((!.#/!+)8&'!/$(6+((&((&/!
,$:3'&(!+,!)8&!'+./!)+!(8+'&!36!8$(!+S#!.#W$&)$&(!+%&'!7$)&'.'*!'&6'&(&#).)$+#(!)8.)!
/'.S!+#!)&#($+#(!+,!8+5&!.#/!8+5&7&((#&((0!.(!S&77!.(!5+%&5&#)!.#/!().($(!$#!
25&'$<.A!P)&$#4&<Tb(!8$()+'*!S$)8!)8&!8+4+!5*()$93&!.<T#+S7&/:&(!)8&!5+#()'+3(Y
5*)8+(!+,!)8&!'+./!&6$<!$#!25&'$<.#!<37)3'&0!4+)8!6+637.'!.#/!6+7$)$<.7A!N#!)8$(!S.*0!
P)&$#4&<T!6+$#)(!+3)!)8&!5$:'.#)b(!<8.#:$#:!<37)3'.7!%$($4$7$)*!.(!.!6.((&#:&'0!.#/!
/$<).)&(!8+S!)8&!8+4+!5*()$93&f#+)!)8&!8+4+!8$5(&7,f8.(!4&<+5&!.!(*54+7$<!
<37)3'.7!&#)$)*!$#,+'5$#:!.!#&S!:&#&'.)$+#!+,!*+3#:!5&#!&6$)+5$X&/!.!/&<./&!
&.'7$&'!4*!?.<T!R&'+3.<b(!K#!)8&!1+./!dH\`aeA!!
&
&
! ! \]! !
8)"K5*4&670.&E4"-&@I"++*I&C9'5$&"+,&Q=R'$5*+5'"I'$5&80$592*$S.&<"(G&T*409"(S$&
/010)*2'"+&C*IUH@"$)'0+'+#!
!N#!O+#&(+5&!M'.%&7&'!dH\IGe!?.<T!R&'+3.<!(&7,Y<+#(<$+3(7*!<&7&4'.)&(!
8$5(&7,!i+#!)8&!'+./0!.(!8+4+0!'.$7'+./&'0!E&W$<.#!&W$7&0!m.#/n!>3'+6&!)'.%&7m&'nj!
dR&'+3.<!%$$eA!N#!/+$#:!(+0!R&'+3.<!()'&((&(!.!,.(<$#.)$+#!S$)8!)8&!&6$<!5*)8+(!+,!
,$:3'&(!7$T&!)8&!C.(+7$#&!M'.56!.#/!:7+'$,$&(!)8&!8+4+!5*()$93&!,+'!.!#&S0!*+3)8,37!
:&#&'.)$+#!+,!'&()7&((!*+3#:!5&#A!R&'+3.<b(!&((.*(!.#/!#.''.)$%&(!6'&(&#)!8$(!
i5$(85+(8!+,!7$,&!.(!7$%&/!4*!.#!$#/&6&#/&#)!&/3<.)&/!6&##$7&((!'.T&!:+$#:!
.#*S8&'&0j!6'+%$#:!)8.)!5+%&5&#)!.<'+((!:&+:'.68$<!(6.<&!6'+/3<&(!<'&.)$%&!
$/&#)$)*!$#!)8&!5$/Y)S&#)$&)8!<&#)3'*!dR&'+3.<!M'.%&7&'!%$$$eA!"#7$T&!C'.6&(!+,!
J'.)8b(!<'$)$93&(!+,!)8&!8+4+!5*()$93&0!R&'+3.<b(!'+./!)'.%&7(!'+5.#)$<$X&!S+'T$#:Y
<7.((!.#/!#+().7:$<!8+4+!.((+<$.)$+#(!)+!$((3&!.!<8.77&#:&!)+!)8&!6'&((3'&(!+,!
6+()S.'!6'+(6&'$)*!.#/!5$//7&Y<7.((!<+#(35&'$()!%.73&(A!O$T&!O+#/+#0!R&'+3.<!
.66'+.<8&(!)8&!8+4+!#.''.)$%&!.(!.!(&7,Y(&'%$#:!<'&.)$%&!&#)&'6'$(&!)8.)!:'.#)(!
$#/$%$/3.7$X.)$+#!)8'+3:8!)8&!<+567$<.)$+#!+,!.#!.3)8+'$.7!%+$<&!)8.)!473'(!
.3)+4$+:'.68*!.#/!,$<)$+#!$#!$)(!.$5(!,+'!i#.)3'.7!/&(<'$6)$+#j!dM'.%&7&'!%$$$eA!
R&'+3.<!/'.S(!+#!)8&!%&'4.7!.<3$)*!+,!)8&!8+4+Y.(Y.')$()!.#/!<$'<37.)&(!)8&!8+4+!
5*()$93&!$#!8$(!<+56+($)$+#(0!S8$<8!/+<35&#)!i.77!)8.)!8$)<8$T$#j!.#/!i.77!)8.)!
'.$7'+./$#0j!)+!.((&')!.!5.(<37$#&!'&($7$&#<*!.(!.#!.3)8+'!S8+!6'+%$/&(!icNPNK-P!KB!
2E>1NL2j!dM'.%&7&'!HeA!!!
!R&'+3.<!.66+$#)(!8+4+!.#/!S+'T$#:Y<7.((!$/&#)$)$&(!)+!/$(67.*!.!i7+#&(+5&!
)'.%&7&'j!().)3(!$#!8$(!S+'TA!O$T&!O+#/+#!.#/!P)&$#4&<T!4&,+'&!8$50!R&'+3.<!<.77(!
! ! \^! !
36+#!)8&!<'&.)$%&!6+)&#)$.7!+,!S+'T$#:Y<7.((!.((+<$.)$+#(!)+!&().47$(8!<'$)$<.7!
6&'(6&<)$%&(!+#!25&'$<.b(!(+<$.7!,.4'$<0!$#<73/$#:!43)!#+)!7$5$)&/!)+!8$(!+S#!(&7,Y
$/&#)$,$<.)$+#!.#/!(+<$.7!6+($)$+#A!@+S&%&'0!R&'+3.<!+,)&#!).T&(!8$(!3#/&'<7.((!
.((+<$.)$+#(!)+!#&S!<7.((!6&',+'5.)$%&!7&%&7(0!S8$<8!.77+S!8$(!.3)+4$+:'.68$<.7!
#.''.)+'(!)+!$#<+'6+'.)&!)8&5(&7%&(!$#)+!)8&!8+4+!5*()$93&!.#/!6'+%&!8+4+Y.(Y
.')$()!<'&.)$%&!<.6.4$7$)*!$#!%.'$+3(!(&7,Y.,,$'5$#:!&6$(+/&(!+#!)8&!'+./A!!
!N#!iM8&!c.#$(8$#:!25&'$<.#!@+4+j!dH\`ae0!,+'!$#().#<&0!R&'+3.<!8$:87$:8)(!
)8&!().)&!+,!)8&!6+()S.'!8+4+!)+!7+<.)&!.!(&7,Y<+#(<$+3(!)&#($+#!+,!5$//7&Y<7.((!
5.(<37$#$)*AF\!R&'+3.<b(!&((.*!4.7.#<&(!)8&!#&.'Y5*)8+7+:$<.7!l%.#$(8$#:b!8+4+!+,!.#!
&.'7$&'!&'.!.:.$#()!.!<+#)&56+'.'*!/&5.#/!,+'!<'&.)$%&!(&7,Y$/&#)$,$<.)$+#0!S8$<8!
$#<73/&(!36S.'/!5+4$7$)*!.#/!6'+/3<)$%&!<$)$X&#'*A!M8&!(+<$.7!.#/!<37)3'.7!
<+567&W$)*!+,!)8&!8+4+!8&76(!R&'+3.<!(&7,Y$/&#)$,*_!!
! N!5*(&7,!S.(!.!8+4+!43)!+#7*!+,!(+')(0!.(!*+3!(&&0!4&<.3(&!N!T#&S!(+5&/.*!5*!
7$)&'.'*!&,,+')(!S+37/!4&!'&S.'/&/!4*!(+<$.7!6'+)&<)$+#fN!S.(!#+)!.!'&.7!
8+4+!S$)8!#+!8+6&!&%&'!&W<&6)!)8.)!(&<'&)!&)&'#.7!8+6&!*+3!:&)!(7&&6$#:!$#!
&56)*!4+W<.'(AAA!dR&'+3.<!M'.%&7&'!Ha]e!!
!
M8&!8+4+!.77+S(!R&'+3.<!)+!.')$<37.)&!8$(!<'&.)$%&!5&)8+/A!@&!$(!.47&!)+!4.7.#<&!
4&$#:!.!8+4+!.#/!#+)!4&$#:!.!8+4+!)+!$((3&!)8&!<+#()'3<)$+#!+,!8$(!#+%&7(!.(!.#!
.3)+4$+:'.68$<.7!#.''.)+'!.#/!'&5+%&/!.3)8+'A!M8&!8+4+!.77+S(!R&'+3.<!)+!#+)!
+#7*!,+'&:'+3#/!8$(!.')$()$<!6+)&#)$.70!43)!4*!/&,.37)!8$(!(+<$+Y&<+#+5$<!6'$%$7&:&A!V*!
<7.$5$#:!.!)&56+'.'*!8+4+!6+($)$+#0!R&'+3.<!&568.($X&(!8$(!6&'(+#.7!6+)&#)$.7!,+'!
36S.'/!&<+#+5$<!5+4$7$)*!4.(&/!+#!)8&!$#&%$).47&!(3<<&((!+,!8$(!7$)&'.'*!&,,+')(A!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
F\!M8&!&()$5.)&/!6347$<.)$+#!/.)&!$(!4.(&/!+#!=.37!E.8&'b(!R&'+3.<0!)8&!;&,$#$)$%&!V$+:'.68*!dFGGaeA!
K#!)8&!1+./!$(!.7(+!6347$(8&/!$#!H\`a0!43)!$)(!'+./!g+3'#&*!.#/!<+56+($)$+#!).T&!67.<&!$#!)8&!7.)&!
H\^G(A!>'$#!E&'<&'!<+#($/&'(!)8$(!/&<./&Y7+#:!6'+<&((!.(!)8&!'&.(+#!,+'!)8&!/3.7$)$&(!+,!<+#(&'%.)$(5!
.#/!.7)&'#.)$%&!7$,&()*7&!$#!)8&!#+%&7!4&)S&&#!<+#(&'%.)$(5!.#/!.7)&'#.)$%&!7$,&()*7&!dHI[eA!!
! ! \`! !
J8$7&!R&'+3.<!$(!.47&!)+!/'.S!+#!S+'T$#:Y<7.((!$/&#)$)*!,+'!<'&.)$%&!6'+/3<)$%$)*!
.#/!(*54+7$(50!)8&!&<+#+5$<!6+($)$+#!+,!)8&!8+4+!$(!8&7/Y,.()!4*!S+'T$#:Y<7.((!
/$()$#<)$+#(!.#/!(+<$.7!6'&(<'$6)$+#(A!M8$(!5.6(!R&'+3.<b(!.((+<$.)$+#!S$)8!)8&!8+4+!
.(!+#&!+,!<+#%&#$&#)!'&6'&(&#).)$+#!.#/!5.#$637.)$%&!5+)$%.)$+#(A!J8$7&!
8$:87$:8)$#:!8$(!+S#!./%.#).:&+3(!.#/!<'&.)$%&!5+4$7$)*0!R&'+3.<!/&).$7(!)8.)!)8&!
l'&.7!8+4+b!8.(!l#+!8+6&!&%&'b!+,!<8.#:$#:!8$(!(+<$.7!().)3(A!N#!)8$(!S.*0!R&'+3.<b(!3(&!
+,!)8&!8+4+!/$(67.*(!.!)&#/&#<*!,+'!8+4+8&5$.#!6'.<)$<&!$#!8$(!#.''.)$%&!
6'+/3<)$+#0!3)$7$X$#:!)&#($+#(!4&)S&&#!8+4+!.#/!4+8&5$.#!$/&#)$)*!)+!'&Y%.73&!)8&!
<37)3'.7!<.6$).7!+,!)8&!8+4+!5*()$93&!,+'!8$(!+S#!<'&.)$%&!4&#&,$)A!!
!"#7$T&!P)&$#4&<Tb(!%$.47&!.#/!+,)&#!g+3'#.7$()$<!<7.$5(!,+'!.3)8&#)$<$)*!.#/!
&<+#+5$<!8.'/(8$60!R&'+3.<!/'.S(!+#!)8&!S+'T$#:!<7.((!.#/!8+4+!5*()$93&!)+!
,.(8$+#!.#/!6'&(&#)!8$(!#.''.)$%&(!.(!.#!$##+%.)$%&!'&6+($)+'*!,+'!#+().7:$<!
$#)&'6'&).)$+#(!+,!)8&!)'.560!8+4+0!5$:'.#)0!.#/!435!S$)8$#!)8&!V&.)!C&#&'.)$+#A!V*!
6&'6&)3.)$#:!.!<37)3'.7!<$'<37.)$+#!+,!)8&!8+4+0!R&'+3.<b(!&((.*!)'.<&(!.#!&%+73)$+#!
+,!)8&!<37)3'&!+,!)8&!25&'$<.#!8+4+!.(!<+#()'3<)&/!4*!)8&!7$)&'.'*!'&#/&'$#:(!+,!
P)&$#4&<T!+'!;+(!=.((+(!$#!)8&!7.)&!M8$')$&(A!M8$(!6'+%$/&(!R&'+3.<!.#!+66+')3#$)*!
)+!<7.$5!<'&.)$%&!.((+<$.)$+#(!S$)8!.!(6&<$,$<!&'.!+,!S+'T$#:Y<7.((!$/&#)$)*!.#/!
4+7()&'!8$(!<'&.)$%&!6+($)$+#!.(!S'$)&'A!V3)!R&'+3.<!.7(+!$56+').#)7*!<.77(!.))&#)$+#!
)+!8$(!(6&<$.7!6+($)$+#!+,!i(+<$.7!6'+)&<)$+#0j!:'.#)&/!)8'+3:8!8+4+8&5$.#!6'.<)$<&A!
N#!)8&(&!<+#)&W)(0!R&'+3.<b(!S+'T!4&<+5&(!.!6'+/3<)$%&!(6.<&!)+!&W.5$#&!8+S!
S8$)&!5.(<37$#$)*!&#:.:&(!<7.((!6&',+'5.)$%$)*!S$)8$#!25&'$<.#!<37)3'&0!(&77$#:!
8+4+!.#/!4+8&5$.#!.((+<$.)$+#(!,+'!.<<7.$5A!
! ! \I! !
! R&'+3.<b(!&((.*!5.'T(!)8&!8+4+b(!/$(.66&.'.#<&0!.#!&,,&<)!+,!6+7$<&!.<)$+#!
.#/!'+./!%$+7&#<&A!V3)!37)$5.)&7*0!iM8&!c.#$(8$#:!25&'$<.#!@+4+j!,&$:#(!.!
(+<$+7+:$<.7!()3/*!+,!)8&!8+4+!$#!5$/Y<&#)3'*!25&'$<.!)+!6&'6&)3.)&!)8&!8+4+!
5*()$93&A!V*!<&7&4'.)$#:!)8&!<+#)$#3&/!$56+').#<&!+,!)8&!8+4+!$#!5$/Y<&#)3'*!
25&'$<.#!<37)3'&0!R&'+3.<!5.T&(!8$5!8$:87*!%$($47&0!#+)!$#%$($47&!7$T&!)8&!)$)7&A]G!
R&'+3.<!8$:87$:8)(!)8&!8+4+b(!(8$,)$#:!().)3(!)+!'&#/&'!.!6+S&'Y/'$%&#!8+5.:&!)+!
6'&/+5$#.#)7*!5.7&!.#/!().)3(Y4.(&/!'+7&(!7$T&!,+3#/$#:!,.)8&'0!<+#(&'%.)$+#$()0!
6+7$)$.#!.#/!6+&)!dM'.%&7&'!Ha^YIeA]H!M8&(&!,$:3'&(!.'&!.77!/&&5&/!(6&<$.7!8+4+(0!
.#/!R&'+3.<!(&7,Y$/&#)$,$&(!S$)8!)8&!7$()A!@&!.':3&(!)8.)!8+4+(!S&'&!:'&.)!5&#!.#/!$#!
)3'#0!5./&!25&'$<.!:'&.)!)+!$#<73/&!8$(!3#$93&!5$/Y<&#)3'*!%+$<&A!M8&(&!5+%&(!
67.<&!%.73&!+#!8+4+!$/&#)$)*!4*!'&<$'<37.)$#:!)8&!8+4+!5*()$93&0!S8$<8!(&'%&!
R&'+3.<b(!#.''.)$%&!)8'+3:8!8+4+8&5$.#!6'.<)$<&A!R&'+3.<!()'&((&(!8$(!68*($<.7!.#/!
:&+:'.68$<!5+4$7$)*!.(!.!i8+4+!+,!(+')(0j!43)!.7(+!8$(!4+8&5$.#$(5!.(!.#!
i$#/&6&#/&#)!&/3<.)&/!6&##$7&((!'.T&!:+$#:!.#*S8&'&Aj!!
!M8&(&!<7.((Y<'+(($#:!)&#($+#(!:.$#!R&'+3.<!)8&!)$)7&!+,!i)8&!7.)'$#&!7.3'&.)&!
+,!@+4+8&5$.j!$#!.!H\`[!M$5&(!V++T!1&%$&S!,+'!M8&!P34)&''.#&.#(!!diV7.X$#:j!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
]G!R&'+3.<b(!&568.($(!+#!)8&!25&'$<.#!8+4+!.7(+!5+%&(!4&*+#/!25&'$<.#!<37)3'&!S$)8!'&,&'&#<&(!
)+_!ijO$!=+!S.(!.!5$:8)*!8+4+A!w>:+!$(!)8&!:'&.)&()!8+4+A!mZn!?&(3(!S.(!.!()'.#:&!8+4+!S8+!S.7T&/!+#!
S.)&'A!wV3//8.!S.(!.7(+!.!8+4+!S8+!6.$/!#+!.))&#)$+#!)+!)8&!+)8&'!8+4+j!dR&'+3.<!M'.%&7&'!HaIeA!
L7.$5$#:!)8&!3#$%&'(.7!.66&.7!+,!)8&!8+4+!.7+#:($/&!($:#$,$<.#)!(6$'$)3.7!.#/!S+'7/7*!)*6&(!.77+S(!
R&'+3.<!)+!.<)$%&7*!5*)8+7+:$X&!)8&!8+4+!.#/!8$(!<37)3'.7!<$'<37.)$+#A!!
]H!R&'+3.<!(8+S(!)8&!%.'$&)*!+,!8+4+!)8.)!8.(!$#,73&#<&/!25&'$<.#!<37)3'&_!iV&#g.5$#!B'.#T7$#!S.(!
7$T&!.!8+4+!$#!=&##(*7%.#$.Z?+8#!E3$'!S.(!.!8+4+!S8+!S&#)!+,,!$#)+!)8&!5+3#).$#(ZM&//*!
1++(&%&7)0!6+7$)$<.7!8+4+fc.<8&7!O$#/(.*0!)'+34./+3'!8+4+0!(&&/*!8+4+j!dR&'+3.<!M'.%&7&'!Ha^Y`eA!
2(!.#!$#<73/&/!5&54&'!+,!R&'+3.<b(!7$()0!B'.#T7$#b(!M8&!23)+4$+:'.68*!+,!V&#g.5$#!B'.#T7$#!dHa[\e!
<.#!4&!(&&#!&W8$4$)$#:!.!8+4+8&5$.#!6+($)$+#!)8'+3:8+3)0!<+#()'3<)$#:!#.''.)$%&!5.)&'$.7!
)8'+3:8+3)!)8.)!/$()$#:3$(8&(!$)(!6'$%$7&:&!4*!+3)(5.')$#:!.#/!&W67+$)$#:!)8&!4&&'!/'$#T&'(!.#/!+)8&'!
7.4+'$#:!:'+36(A!R&'+3.<b(!(3::&()$+#!+,!B'.#T7$#!.))&()(!)+!)8&!7+#:Y().#/$#:!)'./$)$+#!+,!#+)!+#7*!
8+4+8&5$.#$(5!$#!25&'$<.#!7$)&'.)3'&0!43)!<7.((!6&',+'5.)$%$)*A!!
! ! \a! !
HGIeA!V*!&W.5$#$#:!)8&!<'$)$93&(!$((3&/!.:.$#()!.!#&S!:&#&'.)$+#!+,!)'.56Y7$T&!
4+8&5$.#!.')$()(!7$T&!R&'+3.<0!N!7+<.)&!<37)3'.7!.66'&8&#($+#!+%&'!#+)!+#7*!8+4+!
.#/!4+8&5$.#!$/&#)$)$&(0!43)!)8&!%.73&!+,!S+'T$#:Y<7.((!.#/!5$//7&Y<7.((!$/&#)$)*!$#!
)8&!7$)&'.'*!5.'T&)67.<&A!M8+3:8!)8&!M$5&(!V++T!1&%$&S!.<T#+S7&/:&(!R&'+3.<b(!
<'&.)$%&!,+'<&!4*!<.77$#:!8$5!.!7.3'&.)&0!$)!.7(+!7$#T(!8$5!)+!)8&!(<.)+7+:*!+,!.#!3'4.#!
8+4+!(6.<&!,'+5!.#!&.'7$&'!)$5&A!2(!.!(&7,Y6'+<7.$5&/!i8+4+!+,!(+')(0j!)8&!M$5&(!
'&%$&S!<+#()'3<)(!R&'+3.<b(!S+'T!#+)!.(!.#!+'$:$#.7!&W6'&(($+#!+,!8+4+!5+4$7$)*0!
43)!.!)'.#(6.'&#)!.#/!()'.)&:$<!5.#$637.)$+#!+,!.!8+4+8&5$.#!<+3#)&'<37)3'&!
<+553#$)*!,+'!&,,&<)A!M8$(!6&'(6&<)$%&!'&7&:.)&(!R&'+3.<!)+!S8.)!-+'5.#!
=+/8+'&)X!<.77&/!iR#+SY-+)8$#:!V+8&5$.#(j!dH\`[e!$#!)8&!=.')$(.#!1&%$&SA!
B'3()'.)&/!4*!)8&!,.7(&!'./$<.7$(5!+,!)8&!5$/Y<&#)3'*0!<+#(&'%.)$%&!&/$)+'!+,!
L+55&#).'*!.#/!7$)&'.'*!<'$)$<!=+/8+'&)X!<7.$5&/!)8.)!)8&!V&.)!&'.!8./!.!6'$%$7&:&/!
(343'4.#!,.(<$#.)$+#!S$)8!.#!3#,.(8$+#.47&!4+8&5$.#$(5!)8.)!'&6'&(&#)&/!$)(&7,!
)8'+3:8!$5.:&!.#/!#+)!'&.7$)*!d=+/8+'&)X!^[FeA!!
! =+/8+'&)X!/&(<'$4&(!)8&!*+3)8,37!.#/!(6$'$)&/!5&#!+,!V&.)!#+%&7(!7$T&!K#!
)8&!1+./!dH\`ae!.(!,+'<&,377*!'&6'&(&#)$#:!)8&5(&7%&(!.(!i'&()7&((0!'&4&77$+3(!.#/!
<+#,3(&/!*+3)8!7$%$#:!$)!36j!d^[FeA]F!M8$(!6'+%$/&(!.!().'T!<+#)'.()!.:.$#()!)8&!i)8$#0!
4.7/$#:0!43))+#&/Y/+S#!$#()'3<)+'(!+,!>#:7$(8!<+56+($#:!$'+#$<!%&'(&(!S$)8!+#&!
8.#/!.#/!<8.#:$#:!)8&!4.4*b(!/$.6&'(!S$)8!)8&!+)8&'j!d=+/8+'&)X!^[FeA]]!=+/8+'&)X!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
]F!P&&!.7(+!=.37!C++/5.#b(!C'+S$#:!"6!24(3'/!dH\IGe!.#/!-+'5.#!E.$7&'b(!M8&!J8$)&!-&:'+!
dH\`ae0!S8$<8!/$(<3((!)8&!(+<$.7!6'&((3'&(!+#!*+3#:!5&#!$#!.!#&S!&<+#+5$<!5+5&#)!4&()!.')$<37.)&/!
4*!J$77$.5!@A!J8*)&b(!M8&!K':.#$X.)$+#!E.#!dH\`IeA!
]]!M8&!'&,&'&#<&!)+!)8&!>#:7$(8!6'+,&((+'!+,,&'(!)8&!/$()$#<)$+#!4&)S&&#!*+3#:!V&.)!S'$)&'(!S8+!(.S!
<37)3'.7!<'$)$<$(5!.(!.!7$,&()*7&0!.#/!)8&!+7/&'Y:3.'/!)8.)!()3/$&/f.(!=+/8+'&)X!/$/!3#/&'!O$+#&7!
M'$77$#:!.#/!+)8&'!-&S!Q+'T!N#)&77&<)3.7(f$#!$#()$)3)$+#(!)8.)!./%.#<&/!)8&!/$(<$67$#&A!=+/8+'&)X!
! ! \[! !
5.T&(!<7&.'!)8.)!)8&!#&S!:&#&'.)$+#!+,!3#,.(8$+#.47&!4+8&5$.#(!$(!.)!+//(!S$)8!)8&!
/+5&()$<.)&/!7$%&(!+,!.#!&().47$(8&/!.#/!6'+,&(($+#.7!+7/&'!:&#&'.)$+#A!B+'!V&.)Y
4+8&5$.#(0!)8$(!:&#&'.)$+#.7!:.6!+,!5.(<37$#&!$/&#)$,$<.)$+#!$(!+#&!'&6'&(&#)&/!4*!
<7.((&/!$#)&'&()(!)8.)!<7.$5!$#/$%$/3.)$+#!S$)8$#!<+#,+'5$)*A!M8&!6'+(6&'$)*!+,!)8&!
6+()S.'!8.(!'&+':.#$X&/!(+<$&)*!4*!5.'T&)$#:!25&'$<.#Y/'&.5!$#(6$'&/!(343'4.#!
<+553#$)$&(!6'+6&77&/!4*!<+#(35&'!6+((&(($+#(0!#+)!$#/$%$/3.7$X.)$+#A!2(!J$77$.5!
@A!J8*)&!/&(<'$4&(!$#!M8&!K':.#$X.)$+#!E.#!dH\`Ie0!6+()S.'!6'+(6&'$)*!7&./!)+!
8+5+:&#+3(!(343'4.#!(&))7&5&#)!)8.)!.66&.'&/!<7.((7&((!$#!$)(!.4$7$)*!)+!
<+#(+7$/.)&!S8$)&0!5$//7&Y<7.((!6'$%$7&:&!d]HHeA!J8$7&!)8&!<+#(6$<3+3(!<+#(356)$+#!
+,!(343'4.#!/S&77&'(!$#/$<.)&/!)'$3568!+%&'!)8&!&<+#+5$<!6'&((3'&(!+,!)8&!
;&6'&(($+#!.#/!J+'7/!J.'!NN0!$)!.7(+!&().47$(8&/!#&S!6'.<)$<&(!S8&'&!<+#(35&'!.<)(!
.#/!$5.:&(!6'+%$/&/!().)3(!$#!)8&!#&S!(+<$.7!(<&#&A]^!
!B+'!R&'+3.<!.#/!)8&!V&.)Y4+8&5$.#!:&#&'.)$+#0!)8&!/+S#Y.#/Y+3)!3'4.#!
7+<.)$+#(!+,!277&#!C$#(4&':b(!@+S7!dH\`Ie0!+'!)8&!63'(3$)!+,!8+5&7&((!8+4+Y'.547&(!
<'+((Y<+3#)'*!+,,&'&/!<+#,'+#).)$+#!)+!)8&!<+#,+'5$()!6'&((3'&(!+,!)8&!K':.#$X.)$+#A!
M+!)8$(!&,,&<)0!=+/8+'&)X!$/&#)$,$&(!)8&!V&.)!:&#&'.)$+#!.(!$#%&()&/!$#!)8&!i%$).7$)*!
.#/!%$')3&!$#!($567&!'3'.7!)*6&(!.#/!$#!)8&!/$(6+((&((&/!3'4.#!:'+36(j!S8$7&!+#!)8&!
i8&'+$<!'+./j!d^[FY]eA!N!$#<73/&!=+/8+'&)Xb(!&W67.#.)$+#!+,!V&.)!5+)$%.)$+#(!)+!
&W6+(&!)8&!(&7,Y,.(8$+#$#:!$5637(&!+,!5$/Y<&#)3'*!<+3#)&'<37)3'&!.(!6'&((3'&/!4*!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
:'./3.)&/!,'+5!L+7354$.!$#!H\`G0!(8+')7*!.,)&'!R&'+3.<b(!/&6.')3'&!.#/!4+)8!S&'&!()3/&#)(!+,!
M'$77$#:!d2&(<87$5.#!FGH^). !
]^!E$T&!B&.)8&'()+#&b(!iM8&!V+/*!$#!L+#(35&'!L37)3'&0j!dH\[Fe!/&(<'$4&(!$#)&'S.'!./%&')$($#:!.(!.!
)$5&!S8&'&!i@+77*S++/!.#/!)8&!6+637.'!6'&((!7&:$)$5.)m&/n!)8&!#&S!$/&.7!,+'!.!S$/&'!.3/$&#<&A!
dH[\eA!2(!)8&!&'.!+,!R&'+3.<b(!<+56+($)$+#(0!N!5.6!)8&!6'&((3'&(!+,!<+#(35&'$(5!+#)+!)8&!#&S!$/&.7(!
4&$#:!(+7/!)+!.3/$&#<&(!$#!6+()Y;&6'&(($+#!.#/!6+()S.'!&'.(A!!
! ! \\! !
8<7.((!$/&#)$,$<.)$+#(!$#,+'5&/!4*!8+4+8&5$.#!6'.<)$<&A!=+/8+'&)X!<.77(!.))&#)$+#!)+!
R&'+3.<b(!#&&/!,+'!.66&.'.#<&(f&%&#!3#,.(8$+#.47&!4+8&5$.#!+#&(f)+!$#/$<.)&!
.#!.((&')$+#!+,!.:&#<*!.5$/!5$/Y<&#)3'*!5.(<37$#&!/$(6+((&(($+#A!M8&(&!
3#,.(8$+#.47&!.66&.'.#<&(!+,,&'!.!6'+%+<.)$%&!()3/*!+,!)8&!V&.)!:&#&'.)$+#b(!(&7,Y
,.(8$+#$#:0!+#&!)8.)!'&7.*(!S8.)!7$)&'.'*!<'$)$<!M8+5.(!=.'T$#(+#!<.77(!$#!H\IH0!
i&W$()&#)$.7$()!<+()35&(j!)8.)!<+54.)!)8&!(93.'&#&((!+,!)8&!i:'.*!,7.##&7!(3$)j!
d=.'T$#(+#!^^\eA!=.'T$#(+#b(!$#/$<.)$+#!)8.)!)8&!V&.)(!S&'&!5&'&7*!i25&'$<.#!
V+8&5$.!#&S7*!:.'4&/0!#&S!4&.)#$T!4&$#:!+7/!435!S'$)!4+7/0j!(3::&()(!)8&!/$()$#<)!
./%.#).:&(!+,!<+#()'3<)$#:!()'.)&:$<!.66&.'.#<&!)8.)!<+37/!6'+/3<&!<+3#)&'<37)3'.7!
.,,$7$.)$+#(!d^^\eA!N#!6.')$<37.'0!R&'+3.<b(!(&7,Y<+#(<$+3(!(&7,Y6'&(&#).)$+#!+,!)8&!
S+'T$#:Y<7.((!.77+S(!8$5!)+!&W67+'&!)8&!5.(<37$#&!<7.$5(!+,!<'&.)$%$)*!.#/!$#:&#3$)*!
&().47$(8&/!4*!)8&!8+4+!5*()$93&0!.#/!)'.#(,+'5!)8&5!,+'!6'+:'&(($%&!$#/$%$/3.)$+#!
+,!)8&!4&.)#$T!.#/!)8&!435A!!
! 2(!<'$)$93&(!+,YR&'+3.<b(Y)$5&0!)8&!&((.*(!+,!=+/8+'&)X!.#/!=.'T$#(+#!
,+'&:'+3#/!.!)&#($+#!4&)S&&#!8+4+8&5$.#!6'.<)$<&!.#/!5.7&!(&7,Y6'&(&#).)$+#!$#!
)8&!7$)&'.'*!5.'T&)67.<&A!V&.)(!7$T&!R&'+3.<!&W6'&((!.#!.<)$%&!$5637(&!)+!
.66'+6'$.)&!+'!/&($:#.)&!<7.((!.66&.'.#<&(!.S.*!,'+5!)8&!K':.#$X.)$+#!E.#!4*!
,.(8$+#$#:!)8&!(&7,!.(!.#!3#,.(8$+#.47&!4+8&5$.#!+'!)8'+3:8!&W$()&#)$.7$()!<+()35&(A!
N#!)8$(!S.*0!R&'+3.<b(!#.''.)+'(!&#.<)!.!5.(<37$#&!6&',+'5.#<&!.(!.!l8+4+!+,!(+')(0b!
/'.S$#:!+#!S+'T$#:Y<7.((!.66&.'.#<&(!)8.)!6+((&((!<37)3'.7!%.73&!$#!)8&!8+4+!
5*()$93&A!V*!&W8$4$)$#:!.!(&#(&!+,!6'$%$7&:&/!<7.((7&((#&((!)8'+3:8!)8&(&!,73$/!
.((+<$.)$+#(0!R&'+3.<b(!6'+/3<)$%&!.((+<$.)$+#(!S$)8!+7/!.#/!,+':+))&#!5.':$#(!+,!
! ! HGG! !
S+'T$#:Y<7.((!<37)3'&!(3<8!.(!)8&!)'.560!8+4+0!5$:'.#)0!.#/!4350!4&<+5&!8$:87*!
%$($47&!,+'5(!+,!'&4&77$+#!.:.$#()!)8&!i(&<+#/!5&7)$#:!6+)j!+,!<+#,+'5$()!(343'4.#!
<+553#$)$&(!.#/!3)+6$<!25&'$<.#!/'&.5(!dJ8*)&!]HHeA!M8$(!.77+S(!R&'+3.<b(!
#+%&7(!)+!'&$#%&#)!)8&!#.)3'.7$()!/$(<+3'(&!+,!)8&!8+4+!#.''.)$%&!$#!(&'%$<&!+,!.!
8$:87*!5+/&'#!&'.!)8.)!()*7$X&(!$)(&7,!.(!/$()$#<)7*!/$,,&'&#)!,'+5!)8&!().)3(!93+A!V3)!
$)!.7(+!'&93$'&(!8$(!#+%&7(!)+!&#.<)!.!(&7,Y<+#(<$+3(!6'&(&#).)$+#!+,!S+'T$#:Y<7.((!
$/&#)$)*0!.#/!/&5+#()'.)&!)8.)!:'&*!,7.##&7!(3$)(!.#/!&W$()&#)$.7$()!<+()35&(!
'&$#(<'$4&!'.)8&'!)8.#!(34%&')!)8&!,.#).()$<!6+S&'!+,!S8$)&!5.(<37$#$)*!+#!)8&!'+./A!
! 2(!8+4+!#.''.)$%&(!)8.)!<7.$5!.#/!(&77!)8&!.66&.'.#<&!+,!S+'T$#:Y<7.((!
$/&#)$)*0!K#!)8&!1+./!dH\`ae!.#/!V$:!P3'!dH\IHe!(&'%&!.(!6$77.'(!+,!8+4+8&5$.#!
6'.<)$<&!)8.)!&W6'&((!)8&!<'&.)$%&!,'&&/+5(!+,!)8&!8+4+Y.(Y.')$()!S8$7&!
($537).#&+3(7*!<+553#$<.)$#:!.#W$&)*!+%&'!<7.((!6&',+'5.)$%$)*A!R&'+3.<b(!)&W)(!
+,,&'!)8&!<+567&W$)*!+,!(&7,Y<+#(<$+3(!(&7,Y,.(8$+#$#:!)8.)!.((&')(!<37)3'.7!<+#)'+7!4*!
/'&(($#:!36A!E*!'&./$#:(!<.77!.))&#)$+#!)+!5$/Y<&#)3'*!$#)&'&()!$#!.<)(!.#/!
.66&.'.#<&(0!$#<73/$#:!43)!#+)!7$5$)&/!)+!)8&!3(&!+,!()'.)&:$<!<7.((!.66&.'.#<&(!.(!.!
<'&.)$%&!)++7!,+'!7$)&'.'*!6'+/3<)$+#A!E*!&568.($(!+#!R&'+3.<b(!3(&!+,!<7+)8$#:!
S$)8$#!8$(!8+4+!#.''.)$%&(!($:#.7(!.!5$/Y<&#)3'*!<+#<&'#!S$)8!4+)8!&W6+(3'&!.#/!
(36&',$<$.7$)*A!M8$(!(3::&()(!)8.)!S8$7&!8+4+8&5$.#!6'.<)$<&!()'&((&(!)8&!8.'/Y
4+$7&/!.#/!:'$)Y<+#,$/&#<&!+,!)8&!8+4+!5*()$93&0!$)!/+&(!(+!)+!67.<.)&!.#W$&)*Y'$//&#!
,$<)$+#(!+,!S8$)&0!5.(<37$#&!$/&#)$)*!)8.)!8.(!4&&#!/$(6+((&((&/!+#!)8&!'+./A!!
!
!
! ! HGH! !
=>1BK1EN-C!JK1RN-CYLO2PP!;12C!
! !2(!.!8+4+8&5$.#!6'.<)$)$+#&'0!R&'+3.<!4&<+5&(!.!)S&#)$&)8Y<&#)3'*!
'&6'&(&#).)$%&!+,!8+4+!(34<37)3'&!S8+!<.#!/'.S!+#!)8&!(*54+7$<!8+4+!)+!.<8$&%&!
<37)3'.7!6+S&'!.#/!d<37)3'.7e!<.6$).7!)8'+3:8!<'+((Y<7.((!.,,$7$.)$+#A!N#!)8$(!<+#)&W)0!
R&'+3.<b(!#.''.)$%&!&6$(+/&(!+,!i63))$#:!+#j!.!S+'T$#:Y<7.((!+'!8+4+!.66&.'.#<&!,+'!
)8&!(.T&!+,!<'&.)$%&!'&($7$&#<*!/&5.#/(!<7+(&'!.))&#)$+#A!R&'+3.<b(!8+4+8&5$.#!
i6&',+'5$#:!(&7,j]`!&54'.<&(!)8&!.66&.'.#<&(!+,!)8&!S+'T$#:!<7.((!)+!,+':&!.:&#<*!
4*!&W$()$#:!,73$/7*!4&)S&&#!)8&!4+3#/.'$&(!+,!8+4+!.#/!4+8&5$.#A!M83(0!<7.((!
6&',+'5.#<&!4&<+5&(!.!()'.)&:*!,+'!<+#()'3<)$#:!(34g&<)$%$)*!$#!.!<8.#:$#:!S+'7/!
7$T&!P)&$#4&<Tb(!6.((&#:&'(0!43)!)8'+3:8!.#!$5.:&Y4.(&/!.66&.'.#<&!.#/!()'.)&:$<!
(&7,Y$/&#)$,$<.)$+#!)8.)!&568.($X&(!7++T(!.(!53<8!.(!7+<.)$+#A!!
!N!<+#($/&'!R&'+3.<b(!6'.<)$<&!.(!+#&!+,!(&7,Y$/&#)$,*$#:!.#/!(&7,Y,.(8$+#$#:!
4&<.3(&!#&$)8&'!<7+)8$#:!#+'!<7.((!6&',+'5.)$%$)*!<.#!.<8$&%&!8$(!#.''.)$%&!&,,&<)!
.7+#&A!N#!.!'./$<.7!/&6.')3'&!,'+5!?3/$)8!V3)7&'b(!$#($()&#<&!)8.)!+#&!<.##+)!:+!)+!)8&!
<7+(&)!.#/!)'*!/$,,&'&#)!:&#/&'(!+#!7$T&!<7+)8$#:0!N!93&()$+#!$#!S8.)!S.*(!<7+)8$#:!
<.#!<+#()'3<)!<7.((!$/&#)$)*!)8'+3:8!i)8&!'&6&.)&/!()*7$X.)$+#!+,!)8&!4+/*j!.#/!
i'&6&.)&/!.<)(!S$)8$#!.!8$:87*!'$:$/!'&:37.)+'*!,'.5&!)8.)!<+#:&.7!+%&'!)$5&!)+!
6'+/3<&!)8&!.66&.'.#<&!+,!(34().#<&j!dV3)7&'!C&#/&'!^`eA!V*!3)$7$X$#:!)8&!
&((&#)$.7$X&/!<7+)8$#:!+,!S+'T$#:Y<7.((!$/&#)$)*!S$)8$#!)8&!8+4+!#.''.)$%&0!R&'+3.<!
'&6&.)&/7*!()*7&(!8$(!5.7&!4+/*!)+!.<8$&%&!.!(&#(&!+,!<+#)'+7!+%&'!8$5(&7,!.(!.!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
]`!!N#!)8$(!6&'$+/0!B&.)8&'()+#&!.':3&(!)8.)!.3/$&#<&(!(&&!)8&$'!$#/$%$/3.7$)*!iS$)8$#!<+#(35&'!<37)3'&!
mZ.(n!'+7&!67.*&'(0j!,$#/$#:!$#%&()5&#)(!$#!i.66&.'.#<&0!:&()3'&!.#/!4+/$7*!/&5&.#+'!mZn!
&W6'&(($+#(!+,!(&7,j!dH[\eA!!B&.)8&'()+#&!'&,&'(!)+!)8&!6'+<&((!+,!+3)S.'/7*!.66&.'.#<&(!'&,7&<)$#:!
)8&!$#($/&!i)8&!6&',+'5$#:!(&7,j!dH[aeA!M8$(!<+#<&6)!./%.#<&(!/$(<3(($+#(!+,!S+'T$#:Y<7.((!/'.:!4*!
(8+S$#:!)8.)!.#!.66&.'.#<&!<.#!(&'%&!.(!$#/$%$/3.7$X.)$+#A!!
! ! HGF! !
(34g&<)A!P$#<&!<7.((!6&',+'5.#<&!$(!.!(&7,Y<+#(<$+3(!.#/!()'.)&:$<!6'.<)$<&!.((&')&/!
4*!'$:$/!(+<$.7!8$&'.'<8$&(!+,!S8$)&0!5$//7&Y<7.((!5.(<37$#$)*0!R&'+3.<b(!3(&!+,!8+4+!
<37)3'&!6'+%$/&(!8$5!i)8&!.66&.'.#<&!+,!(34().#<&j!.:.$#()!5$/Y<&#)3'*!5.g+'$)*Y
'37&!S8$7&!($537).#&+3(7*!$((3$#:!.!5.(<37$#&!6+($)$+#!+,!<+#)'+7A!!
!R&'+3.<b(!#.''.)$%&(!'&6&.)&/7*!()*7$X&!)8&!5.7&!4+/*!)+!<+553#$<.)&!)8&!
6'&((3'&(!+,!8*6&'Y#+'5.)$%&!5$/Y<&#)3'*!25&'$<.0!S8$<8!$(!(3(6$<$+3(!+,!
(36&',$<$.7!.<)(!.#/!.66&.'.#<&(A!R&'+3.<!3(&(!S+'T$#:Y<7.((!$5.:&(!.#/!
.66&.'.#<&(!)+!6&',+'5!S8$)&0!5.(<37$#&!<7.((Y,.#).(*!)8.)!.))&56)(!)+!.//'&((!
5.(<37$#&!.54$:3$)*A!B+'!)8$(!'&.(+#0!N!<+##&<)!R&'+3.<b(!8+4+8&5$.#!6'.<)$<&!)+!
)8&!()3/*!+,!/'.:0!.(!$)!.$5(!)+!$/&#)$,*!6'&((3'&(!+,!/$(<+#)$#3$)*!$#!)8&!
$#)&'(&<)$+#(!+,!:&#/&'0!'.<&0!.#/!<7.((A!"#7$T&!#$#&)&&#)8Y<&#)3'*!25&'$<.#!
7$)&'.)3'&b(!3(&!+,!<.)8.')$<!<7.((Y)'.#(%&()$)$(5!)8.)!'&(37)(!$#!S8.)!>'$<!P<8+<T&)!
<.77(!.!(8.'&/!i6'+7&).'$.#!6.$#0j!N!&93.)&!R&'+3.<b(!6'+<&((!)+!.!8$:87*Y%$($47&!
6'&(&#).)$+#!+,!)8&!4+/*!)8'+3:8!S+'T$#:Y<7.((!/'.:!dHGIeA!N!/&,$#&!S+'T$#:Y<7.((!
/'.:!.(!.!(&7,Y<+#(<$+3(!,+'5!+,!8+4+8&5$.#!6'.<)$<&!)8.)!'&,3(&(!.#/D+'!#&:+)$.)&(!
5$//7&Y<7.((!$/&#)$,$<.)$+#(!4*!()*7$X$#:!)8&!4+/*!$#!S+'T$#:Y<7.((!<7+)8$#:A!V*!
/'.S$#:!+#!)8&!,+3#/.)$+#.7!S+'T!+,!<37)3'.7!.#)8'+6+7+:$()!>()8&'!-&S)+#0!?3/$)8!
@.74&'().5!<+#()'3<)(!.!/&,$#$)$+#!+,!/'.:!.(!4+)8!<+#<&'#&/!S$)8!:&#/&'!.#/!S$)8!
6&',+'5.#<&0!&W8$4$)$#:!i/$(<+#)$#3$)$&(!4&)S&&#!:&#/&'!.#/!(&W!+'!.66&.'.#<&!.#/!
'&.7$)*!mAAAAn!N#!.!/'.:!6&',+'5.#<&!mZn!$#<+#:'3&#<&!4&<+5&(!)8&!($)&!+,!:&#/&'!
<'&.)$%$)*s!dF]IeA!N#!)8&!(<+6&!+,!R&'+3.<b(!S+'T0!N!7$#T!<7.((!6&',+'5.)$%$)*!S$)8!
/'.:!4&<.3(&!$)!&W6+(&(!.!(&7,Y<+#(<$+3(!)8&.)'$<.7$)*!+,!<7.((!6&',+'5.#<&(!S8&'&!
! ! HG]! !
5.g+'$)*!.#/!5$#+'$)*!.'&!63)!$#!(&'%$<&!+,!<+#()'3<)$#:!6'+/3<)$%&!)&#($+#(!
4&)S&&#!5.(<37$#&!.66&.'.#<&!.#/!'&.7$)*!d@.74&'().5!FHo!F]`eA!V*!6&',+'5$#:!
<7.((!.<)(0!R&'+3.<!$/&#)$,$&(!.!<'&.)$%&!+66+')3#$)*!)+!.((&')!8$(!5.(<37$#$)*!$#!)8&!
($)&!+,!)8&!8+4+!#.''.)$%&0!$#<+'6+'.)$#:!<7.((!.(!.#!&((&#)$.7!$/&#)$,$<.)$+#!$#!)8&!
,+'5.)$+#!+,!:&#/&'!.#/!(&W3.7!$/&#)$)*A]I!V*!8$:87$:8)$#:!)8&!6&',+'5.)$%$)*!+,!<7.((!
$#!R&'+3.<b(!8$:87*!:&#/&'&/!#.''.)$%&(0!N!()'&((!)8.)!S+'T$#:Y<7.((!/'.:!<.77(!
.))&#)$+#!)+!)8&!6&',+'5.)$%&!.(6&<)!+,!5.(<37$#$)*A!V3)0!4*!/+$#:!(+0!N!.':3&!)8.)!
<7.((!6&',+'5.)$%$)*!(&'%&(!)+!(8+'&!36!+'!().4$7$X&!)8&!6'$%$7&:&(!+,!S8$)&!
5.(<37$#$)*0!S8$<8!$(!.47&!)+!.66'+6'$.)&!.#/!./37.)&!5$#+'$)*!6+($)$+#(!S$)8$#!V&.)!
<37)3'&A!!
!R&'+3.<b(!S+'T$#:Y<7.((!/'.:!().:&(!.66&.'.#<&(!+,!.3)8&#)$<$)*!S8$7&!
7+<.)$#:!)8&!$56+(($4$7$)*!+,!'&6'&(&#).)$+#0!.!<&#)'.7!)&#($+#!S$)8$#!'&.7$()!.#/!
#.)3'.7$()!()*7&(!)'.#(,+'5&/!4*!5+/&'#!7$)&'.'*!,+'5(A!M8&!.#W$&)*!6'+/3<&/!4*!
.54$:3+3(!$/&#)$,$<.)$+#(!'&(37)(!$#!()'.)&:$<!(&7,Y6'&(&#).)$+#(0!$((3$#:!/&4.)&(!+,!
<37)3'.7!7&:$)$5.)$+#!.)!)8&!<+'&!+,!25&'$<.#!P)3/$&(0!.(!&W&567$,$&/!4*!E$<8.&7!
;&##$#:b(!()3/*!+,!<7.((!%&#)'$7+93$(5!$#!E&<8.#$<!2<<&#)(!dH\[aeA!;&##$#:b(!
6&'(6&<)$%&!+#!<7.((!%&#)'$7+93$(5!<+553#$<.)&(!)8&!6+(($4$7$)*!+,!4+)8!<37)3'.7!
.66'+6'$.)$+#!.#/!.3)8&#)$<!&W6'&(($+#!$#!R&'+3.<b(!6&',+'5.#<&!+,!S+'T$#:Y<7.((!
$/&#)$)*!.#/!3(&!+,!S+'T$#:Y<7.((!.66&.'.#<&(A!R&'+3.<b(!()'.)&:$<!.((+<$.)$+#!S$)8!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
]I!@.74&'().5!.#/!>%&!R+(+,(T*!P&/:S$<T!&568.($X&!)8.)!<7.((!63)(!6'&((3'&(!+#!:&#/&'!.#/!(&W3.7!
$/&#)$)*A!@.74&')().5b(!B&5.7&!E.(<37$#$)*!dH\\\e!6.*(!(6&<$.7!.))&#)$+#!)+!)8&!<7.((Y4.(&/!
$/&#)$,$<.)$+#(0!.#/!.':3&(!)8.)!im5n.(<37$#$)*AAA4&<+5&(!7&:$47&!.(!5.(<37$#$)*!S8&'&!.#/!S8&#!$)!
7&.%&(!)8&!S8$)&!5.7&!5$//7&Y<7.((!4+/*s!dFeA P&/:S$<Tb(!V&)S&&#!E&#_!>#:7$(8!O$)&'.)3'&!.#/!E.7&!
@+5+(+<$.7!;&($'&!dH\[`e!(3::&()(!)8.)!<7.((!.,,$7$.)$+#(!6+7$<&!)8&!6'+)+<+7(!+,!8+5+(+<$.7!.#/D+'!
8+5+(&W3.7!4&8.%$+'!)8'+3:8+3)A!@&'!L+/.!iM+S.'/!)8&!MS&#)$&)8!L&#)3'*_!>#:7$(8!1&./&'(!+,!
J8$)5.#j!6.')$<37.'7*!/'.S(!+3)!)8&!$56+').#<&!+,!S+'T$#:Y<7.((!$/&#)$)*!)+!.')$<37.)&!/$()$#<)$+#(!
.:.$#()!5$//7&Y<7.((!8+5+(&W3.7$)*A!!
! ! HG^! !
)8&!S+'T$#:!<7.((!6'+%$/&(!8$5!.#!+66+')3#$)*!)+!6&',+'5!<37)3'.7!<+#(<$+3(#&((!
'&7.)&/!)+!)8&!8+4+!5*()$93&A]a!2(!.#!.66'+6'$.)$%&!6'+<&((!.#/!.#!&W6'&(($%&!
5&.#(0!R&'+3.<b(!S+'T$#:Y<7.((!/'.:!$(!.#!&54+/$&/!,+'5!+,!8+4+8&5$.#!6'.<)$<&!
)8.)!4&<+5&(!.#!&#)&'6'$($#:!,+'5!+,!<'&.)$%&!7.4+'!$#!)8&!7$)&'.'*!5.'T&)67.<&A!
!M8&(&!$#)&'(&<)$+#(!+,!(&7,Y6'&(&#).)$+#!.#/!7&:$)$5.)$+#!.'&!4&#&,$))&/!4*!
)8&!S+'T!+,!E.'g+'$&!C.'4&'!.#/!>'$<!O+))0!S8+!&.<8!&W.5$#&!S.*(!)8.)!<7.((!
6&',+'5.)$%$)*!/$'&<)7*!$#,+'5(!.#/!6'+/3<&(!.#W$&)*!)8'+3:8!:&#/&'&/!
'&6'&(&#).)$+#(A!B+'!$#().#<&0!>'$<!O+))b(!i277!)8&!R$#:b(!E&#_!>7%$(!N56&'(+#.)+'(!
.#/!J8$)&!J+'T$#:YL7.((!E.(<37$#$)*j!dH\\ae!6'+%$/&(!.#!$56+').#)!&%.73.)$+#!+,!
6&',+'5.)$%&!S8$)&!5.(<37$#$)*!S8$<8!$(!.47&!)+!i<.6$).7$X&!+#!)8&!)8&.)'$<(!+,!
&W<&((j!dFH]eA!O+))b(!$#%&()$:.)$+#!+,!>7%$(!$56&'(+#.)+'(!8$:87$:8)(!8+S!7.%$(8!
6'&(&#).)$+#(!+,!<&').$#!>7%$(Y&'.!.66&.'.#<&(!&7$<$)!.#!i$5.:$#.'*!)'$3568!
+%&'ZS+'T$#:!<7.((!<$'<35().#<&(0j!.#/!6'+%$/&!6&',+'5&'(!.!<8.#<&!)+!i'&,3(&!mZn!
5$//7&!<7.((!/$<).)&(j!dO+))!FHHo!FHIeA!N!$#<73/&!O+))b(!.#.7*($(!)+!&#%$($+#!)8&!
6'.<)$<&!+,!$56&'(+#.)$+#!.(!.#!.<)!+,!i3#5.'T&/!)'.#(%&()$)$(50j!.!6&',+'5.#<&!+,!
3##+)&/!+'!+%&'7*!#.)3'.7$X&/!&W6&<).)$+#(!+,!.!(6&<$,$<!$/&#)$)*!dO+))!H\]eA!B+'!
$#().#<&0!5$//7&Y<7.((!S8$)&!5.7&!.66'+6'$.)$+#!+,!)8&!8+4+!$(!+,!3#5.'T&/!
6&',+'5.)$%$)*0!+%&'S8&75&/!4*!#+'5.)$%&!&W6&<).)$+#(!+,!/+5$#.#)!5.(<37$#$)*A!
O+))!/'.S(!)8$(!<+#<&6)!,'+5!E.'g+'$&!C.'4&'b(!c&()&/!N#)&'&()(_!L'+((!;'&(($#:!k!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
]a!;&##$#:b(!$#)'+/3<)$+#!.':3&(!)8.)!6+637.'!7$)&'.'*!,+'5(!7$T&!)8&!/$5&!#+%&7!6'+%$/&!#+)!+#7*!.#!
.7)&'#.)$%&!)+!)8&!<7.((Y4'.%./+!+,!:&#)&&7!,$<)$+#0!43)!<.#!.7(+!'&6'&(&#)!)8&!$#)&'&()(!+,!)8&!S+'T$#:!
<7.((!.(!.!'&./$#:!6347$<!d;&##$#:!E&<8.#$<!]eA!M8&(&!<7.((Y/&4.)&(!.'&!'&./!<7+(&7*!)8'+3:8!<7.((!
%&#)'$7+93$(5!$#!L8.6)&'!`0!S8&'&!i)8&!5&<8.#$<!.<<&#)j!4&<+5&(!.!)&<8#$93&!,+'!&().47$(8$#:!
S+'T$#:Y<7.((!.,,$7$.)$+#(A!M8+3:8!R&'+3.<!)&<8#$<.77*!l%&#)'$7+93$X&(0b!)8&!6'$5.'*!&,,&<)!$(!#+)!)+!
(6&.T!)8'+3:8!43)!)+!(6&.T!,+'!<8.'.<)&'(A!R&'+3.<b(!&,,+')(!)+!6'+/3<&!4+/$7*!.66&.'.#<&(!'.)8&'!
)8.#!7$#:3$()$<!%&#)'$7+93$(5!6+$#)(!)+!.((&')$#:!#.''.)$%&!<+#)'+7!)8'+3:8!.3)8+'$.7!(&7,Y5.T$#:A!P&&!
.7(+!E$<8.&7!-+')8b(!M8&!;$.7&<)!+,!E+/&'#$(5!dH\\^eA
! ! HG`! !
L37)3'.7!2#W$&)*!dH\\Fe0!S8&'&!)'.#(%&()$)$(5!$(!7$#T&/!)+!)8&!53)3.7!6&',+'5.#<&(!
+,!<7.((!.#/!:&#/&'!$/&#)$)*!dC.'4&'!]FeA!O+))!.#/!C.'4&'!.')$<37.)&!.!)&#3+3(!
'&7.)$+#(8$6!4&)S&&#!<7.((!.#/!:&#/&'!.#/!3(&!)'.#(%&()$)$(5!)+!&W.5$#&!)8&!
$5637(&!)+!(&7,Y,.(8$+#!$5.:&!.(!.#!.#.7+:3&!,+'!(34().#<&A!V+)8!()3/$&(!./%.#<&!
)8.)!)8&!6&',+'5.)$%&!<+#()'3<)$+#!+,!$/&#)$)*!'&7$&(!+#!%$($47&!'&<+:#$)$+#!'.)8&'!
)8.#!<7.$5(!+,!.3)8&#)$<!$/&#)$)*!+'!(&7,A!M8$(!).T&(!6.')$<37.'!$56+').#<&!$#!O+))b(!
()3/*0!S8&'&!8&!(3::&()(!)8.)!>7%$(!$56&'(+#.)+'(!.'&!6'$%$7&:&/!4*!)8&$'!.4$7$)*!)+!
6+($)$+#!)8&5(&7%&(!.(!4+)8!,.#!.#/!T$#:0!&W$()$#:!($537).#&+3(7*!.(!$56&'(+#.)+'!
.#/!+'$:$#.7A!M8$(!+4(&'%.)$+#!$(!$#)&:'.7!)+!5*!()3/*!+,!)8&!8+4+!#.''.)$%&0!S8&'&$#!
.3)8+'(!3(&!)8&!8+4+!#+)!+#7*!,+'!,+'!7&:$)$5.)&/!%$($4$7$)*!.(!.#!3#/&'<7.((!$/&#)$)*0!
43)!)+!4&!.!8+4+Y+,Y(+')(0!S8+!<.#!<+55.#/!<37)3'.7!.<<&((!)8'+3:8!8$:87*!%$($47&!
(3',.<&Y7&%&7!.((+<$.)$+#(A!!
!M8&(&!$#)&'(&<)$+#(!(3::&()!)8.)!R&'+3.<b(!<7.((!6&',+'5.)$%$)*!$(!4&()!
)8&+'$X&/!)8'+3:8!S+'T$#:Y<7.((!/'.:!4&<.3(&!)8&'&!$(!#+)!.#/!<.##+)!4&!.#!
.3)8&#)$<!<7.((!+'!:&#/&'!$/&#)$)*0!43)!+#7*!()'.)&:$<!'&$)&'.)$+#(!+,!.66&.'.#<&(A!M+!
.66'+.<8!<7.((!6&',+'5.)$%$)*!.(!/'.:!()'&((&(!)8&!(&7,Y<+#(<$+3(!.#/!()'.)&:$<!
6&',+'5.#<&!+,!<7.((!.(!.#!.')$<37.)$+#!+,!5$#+'$)*!.#/!5.g+'$)*!6+($)$+#(!S$)8$#!
5$/Y<&#)3'*!5.(<37$#$)*A!V*!&#.<)$#:!4+)8!S+'T$#:Y<7.((!.#/!5$//7&Y<7.((!$/&#)$)$&(!
,73$/7*!)8'+3:8+3)!8$(!#+%&7(0!R&'+3.<!&W67+'&(!()'.)$,$&/!'+7&(!,+'!5&#0!S8$<8!
$#<73/&!i3#5.'T&/j!:&#/&'!6&',+'5.#<&(!7$T&!S+'T$#:Y<7.((!/'.:A!N#!)8$(!S.*0!)8&!
)&#($+#(!+,!<7.((!$5.:&!.#/!(34().#<&!&#)$)7&!R&'+3.<!.#/!5.#*!+)8&'(!)+!.!
! ! HGI! !
<37)3'.77*!%$($47&!.#/!'&4&77$+3(!5.(<37$#$)*A!V3)!)8&(&!6&',+'5.#<&(!.#/!.<)(!.'&!
#+)!S$)8+3)!<+#(&93&#<&A!2(!V3)7&'!#+)&(_!!
Z$,!:&#/&'!$(!$#()$)3)&/!)8'+3:8!.<)(!S8$<8!.'&!$#)&'#.77*!/$(<+#)$#3+3(0!)8&#!
)8&!.66&.'.#<&!+,!(34().#<&!$(!6'&<$(&7*!)8.)0!.!<+#()'3<)&/!$/&#)$)*0!.!
6&',+'5.)$%&!.<<+567$(85&#)!S8$<8!)8&!53#/.#&!(+<$.7!.3/$&#<&0!$#<73/$#:!
)8&!.<)+'(!)8&5(&7%&(0!<+5&!)+!4&7$&%&!.#/!)+!6&',+'5!$#!)8&!5+/&!+,!4&7$&,A!!
dV3)7&'!C&#/&'!H\HYFe!
!
V3)7&'!6'+%$/&(!.!6'+%+<.)$%&!.//$)$+#!)+!5*!)8&+'$X.)$+#!+,!S+'T$#:Y<7.((!/'.:!4*!
<.77$#:!.))&#)$+#!)+!)8&!l.66&.'.#<&!+,!(34().#<&b!)8'+3:8!)8&!<+#()'3<)$+#!+,!$5.:&A!
R&'+3.<b(!6&',+'5.)$%&!.<<+567$(85&#)(!)+!.!l53#/.#&!(+<$.7!.3/$&#<&b!6'+%$/&!
+#7*!.!,.#).(*!+,!S8$)&!5.(<37$#$)*!)8'+3:8!S+'T$#:Y<7.((!/'.:A!M8$(!6'&(&#).)$+#!)+!
.#!.3/$&#<&!<+#%$#<&(!R&'+3.<!8$5(&7,!)8.)!8&!$(!.!5.#0!.!8+4+0!.#/!.!7$)&'.'*!).7&#)0!
8$(!<7.((!6&',+'5.)$%$)*!.#/!#.''.)$%&!<+56+($)$+#!$#)&:'.7!6.')(!+,!(&7,Y
$/&#)$,$<.)$+#A!N#!)8$(!<+#)&W)0!R&'+3.<b(!&#:.:&(!$#!S+'T$#:Y<7.((!/'.:!)+!<.6$).7$X&!
+#!S8.)!C.'4&'!<.77(!)8&!i7.#:3.:&!+,!<7+)8$#:0j!S8$<8!<'&.)&(!5&.#$#:!)8'+3:8!
i/'&((!.#/!.//'&((j!dC.'4&'!]`IeA!C.'4&'b(!<+#<&6)!.))&#/(!)+!R&'+3.<b(!6'+/3<)$%&!
(&7,Y,.(8$+#$#:!S8$7&!()'&(($#:!)8&!$56+').#)!&7&5&#)!+,!.3/$&#<&!$#/$<.)&/!4*!4+)8!
V3)7&'!.#/!O+))A!N#!)8&(&!S.*(0!)8&!7.#:3.:&!+,!<7+)8$#:!7+<.)&(!.!6&',+'5.)$%&!
6+)&#)$.7!)8.)!<.#!()'.)&:$<.77*!,.(8$+#!)8&!(&7,!S$)8$#!)8&!'&:37.)+'*!,'.5&(!+,!i<7.((!
<+#()'3<)&/j!.#/!:&#/&'!(6&<$,$<!i/'&((!<+/&(j!368&7/!4*!.#!.3/$&#<&!dC.'4&'!FHeA!!!
!R&'+3.<b(!.))&#)$+#!)+!,.(8$+#!.#/!(.')+'$.7!6'&(&#).)$+#!$#)&:'.)&(!)8&!
$56+').#<&!+,!)8&!6&',+'5.)$%&!$#!)8&!/&%&7+65&#)!+,!)8&!)S&#)$&)8Y<&#)3'*!8+4+!
#.''.)$%&A!R&'+3.<b(!6&',+'5.#<&!+,!()'.)&:$<!<7.((!.<)(!($:#.7(!)8.)!8$(!S+'T!
d7$)&'.'*!.#/!<37)3'.7e!$(!&547&5.)$<!+,!.!i5&/$.!&<+#+5*!Z!m)8.)n!%.73&(!5&#!7&((!
! ! HGa! !
.(!6'+/3<)$%&!S+'T&'(!)8.#!.(!(&77.47&!$5.:&(j!dO&7.#/!aFeA!V*!&568.($X$#:!)8&!
6&',+'5$#:!(&7,0!R&'+3.<b(!#.''.)$%&!S+'T!.//'&((&(!)8&!%.73&!+,!S8$)&!5.(<37$#$)*!
)+!.!#&S!5&/$.!&<+#+5*!)8.)!8.(!'&5+%&/!(+<$.7!/&,$#$)$+#(!$#!+'/&'!)+!<$'<37.)&!.!
8$:87*Y(*54+7$<!.#/!,.#).(*!/'$%&#!8+4+!5*()$93&A!L'$)$<!?+8#!O&7.#/!8$:87$:8)(!
)8&(&!%.73&/!$5.:&(!$#!6'+/3<)$%&!)&#($+#!$#!R&'+3.<b(!S+'T0!<.77$#:!.))&#)$+#!)+!
4+)8!8$(!#+)+'$+3(!(7.<T&'!#.''.)+'(!.(!S&77!.(!.#!$#<+'6+'.)$+#!+,!i'./$<.7!7&((+#(!
.4+3)!S+'T0!5+#&*!.#/!)8&!63'(3$)!+,!()*7$(8!6+%&')*j!dIGYHeA!R&'+3.<b(!K#!)8&!
1+./!$(!.#!&((&#)$.7!6.')!+,!)8&!/&%&7+65&#)!+,!8+4+8&5$.#!6'.<)$<&!)8.)!3(&(!
<7+)8$#:!.#/!4+/$7*Y.66&.'.#<&!)+!i(83#m!n!)8&!/&<./&b(!(8$#$#:!#&S!43($#&((5&#!$#!
,.%+'!+,!8+4+&(!.#/!83()7&'(!.#/!g.XX!53($<$.#(!S8+!(&&5!)+!<+5&!,'+5!.#!&.'7$&'!
)$5&j!dO&7.#/!aGeA!>568.($X$#:!O+#/+#b(!8+4+Y.(Y.')$()0!R&'+3.<!&#7$()(!.#!
&54+/$&/!8+4+8&5$.#!6'.<)$<&!4*!6&',+'5$#:!S+'T$#:Y<7.((!/'.:A!M8$(!4+/$7*!(&7,Y
6'&(&#).)$+#!4&<+5&(!R&'+3.<b(!#.''.)$%&!5&)8+/!,+'!&%./$#:!)8&!6'&((3'&(!+,!)8&!
K':.#$X.)$+#!E.#0!S8$7&!<+#%&#$&#)7*!.((+<$.)$#:!8$5(&7,!S$)8!)8&!8$()+'$<.7!
<+#)&W)(!+,!/$(6+((&((&/!5&#!+#!)8&!'+./A!M83(0!K#!)8&!1+./!6'+%$/&(!)8&!
:'+3#/S+'T!,+'!)'.<$#:!#+)!+#7*!8+S!)8&!8+4+!.#/!3#/&'<7.((!6'+%$/&(!.!,.#).(*!+,!
S8$)&!5.(<37$#$)*!,+'!.3)8+'(!7$T&!R&'+3.<0!43)!.7(+!.!($)&!S8&'&!)8&!8+4+Y.(Y.')$()!
$#()$)3)&(!.#!.%+$/.#<&!+,!68*($<.7!7.4+'A!M8$(!'&(37)(!$#!R&'+3.<!4&$#:!<+##&<)&/!)+!!
i.!)'./$)$+#!+,!8.'/S+'T$#:!25&'$<.#!7+.,$#:!)8.)!/.)&(!4.<T!)+!J8$)5.#!.#/!
M8+'&.3j!dO&7.#/!IHeA!M8&(&!#$#&)&&#)8Y<&#)3'*!<+''&7.)$+#(!(3::&()!.!7+#:Y
().#/$#:!<+#<&'#!S$)8!)8&!7.4+'$#:!5.7&!4+/*0!)+!S8$<8!25&'$<.#!7$)&'.)3'&!+,)&#!
:&()3'&(!+#7*!)+S.'/!/&6$<)$#:!'.)8&'!)8.#!&#.<)$#:A!P+!/&(6$)&!O&7.#/b(!/&(<'$6)$+#!
! ! HG[! !
+,!K#!)8&!1+./!.(!4&$#:!63'&7*!.4+3)!S+'T0!$)!$(!.4+3)!%&'4.7!.#/!<+56+($)$+#.7!
.4$7$)*_!iP.7b(!S+'T0!$#<73/$#:!)8&!%+$<&!)&77$#:!)8&!()+'*0j!()'&((&(!+#7*!.#!$#)&77&<)3.7!
.#/!<'&.)$%&!,+'5!+,!7.4+'!dO&7.#/!IHeA!M8&!(*54+7!+,!)8&!8+4+0!)8&#0!4&<+5&(!.!
<'&.)$%&!%&#)3'&!)8.)!.77+S(!R&'+3.<!)+!3(&!S+'T$#:Y<7.((!/'.:!.(!.#!.:&#)$.7!.<)!
S8&#!S'$))&#!$#)+!7$)&'.'*!6'+/3<)$+#A!V*!$#)$5.)$#:!S+'T0!R&'+3.<!6&',+'5(!8$(!
i6'$5$)$%&!6+%&')*j!.#/!&().47$(8&(!)8&!5.7&!4+/*!.(!.!(+3'<&!+,!<'&/$4$7$)*!+#!)8&!
'+./!dO&7.#/!IHeA!
!
M@>!@KVKbP!->J!LOKM@>P_!R>1K"2LbP!2==>212-L>P!K-!M@>!1K2;!!!
!R&'+3.<b(!K#!)8&!1+./!dH\`ae!$(!.!(6'.S7$#:!.#/!'+5.#)$<!.<<+3#)!+,!P.7!
=.'./$(&b(!,$'()Y6&'(+#!#.''.)$+#!+,!<'+((Y<+3#)'*!)'.%&7(.!P&5$Y.3)+4$+:'.68$<.7!
.#/!#+#Y)'./$)$+#.77*!<+56+(&/!+#!.!HFGY,++)!'+77!+,!6.6&'!S$)8+3)!6.:&!#354&'(0!
6.'.:'.68(!+'!<8.6)&'(0!K#!)8&!1+./!<+#,7.)&(!)8&!,'&&/+5!+,!)8&!'+./!.#/!.!#&S!
:&#&'.)$+#b(!<'&.)$%&!%$).7$)*!)+!&(<.6&!)8&!<+#,$#&(!+,!(343'4.#!25&'$<.A!K#!)8&!
1+./!().:&(!()'.)&:$<!<7.((!.66&.'.#<&(!$#!+'/&'!)+!4'&.T!,'&&!,'+5!)8&!5$/Y<&#)3'*!
$/&.7(!+,!6'+/3<)$%&!.#/!6'+(6&'+3(!5.(<37$#$)*A!M8$(!<.#!4&!(&&#!,$'()!$#!P.7b(!
$#%&()5&#)!$#!<7.((!.66&.'.#<&(0!S8$<8!8&!3(&(!)+!<7.(($,*!)8&!25&'$<.#!5.(<37$#&!
<8.'.<)&'!$#!)8&!68*($<.7!7.4+'&'0!)8&!<+S4+*0!.#/!)8&!8+4+A!M8&(&!S+'T$#:Y<7.((!
.66&.'.#<&(!6&'5$)!5&!)+!8$:87$:8)!P.7b(!3(&!+,!)8&(&!<7.(($,$<.)$+#(!$#!)8&!
&W67+'.)$+#!+,!8$(!+S#!<8.'.<)&'!)8'+3:8!)8&!<7.((!6&',+'5.)$%&!.<)!+,!S+'T$#:Y<7.((!
/'.:!.(!.!<+5$<!)'.56!.#/!.#!.:'$<37)3'.7!7.4+'&'A!!!
! ! HG\! !
! P.7b(!<7+(&()!,'$&#/!.#/!,&77+S!)'.%&7&'!;&.#!E+'$.')*!,'.5&(!P.7b(!<'+((Y
<+3#)'*!g+3'#&*(!.(!<'+((Y<7.((!.((+<$.)$+#(A!N#!)8&!+6&#$#:!+,!)8&!#+%&70!;&.#!$(!
$#)'+/3<&/!4*!P.7!.(!4+/*0!63'&7*!53(<37.)3'&!$#!<7+)8$#:_!im;&.#b(n!(3,,&'$#:!4+#*!
,.<&!S$)8!)8&!7+#:!($/&43'#(!.#/!8$(!()'.$#$#:!53(<37.'!(S&.)$#:!#&<T!mZn!8$(!/$')*!
S+'T<7+)8&(!<73#:!)+!8$5!(+!:'.<&,377*0!.(!)8+3:8!*+3!<+37/#b)!43*!.!4&))&'!,$)!,'+5!
.!<3()+5!).$7+'j!dR&'+3.<!1+./!aeA][!P.7b(!5$//7&Y<7.((!:.X&!+#)+!;&.#b(!S+'T$#:Y
<7.((!4+/*!$#,&'(!)8&!6+S&'!+,!)8&!7.4+'$#:!4+/*!$#!<'&.)$%&!&#)&'6'$(&A!;&.#b(!
<7+)8&(!,$)!8$5!.(!$,!<3()+5!5./&0!.((&')$#:!.!<&7&4'.)&/!().)3(!3#8$#/&'&/!4*!P.7b(!
63#!+#!M.*7+'Y5./&!3#$,+'5$)*A!M8$(!.77+S(!P.7!)+!+4(&'%&!.#/!%.73&!;&.#b(!
S+'T$#:Y<7.((!$/&#)$)*0!S8$<8!$#()$)3)&(!.!7&:$)$5.)&/!<+#)'+7!+%&'!8$(!#.''.)$+#A!
P.7b(!$#)&'&()!$#!;&.#!'&7.)&(!)+!)8&!.))'.<)$%&!6+S&'!+,!.!7.4+'$#:!5.7&!4+/*0!+#&!
)8.)!&W6'&((&(!.!6&',&<)!,$)!,+'!)8&!$#)&77&<)3.7!5.7.$(&!4'+3:8)!+#!4*!P.7b(!6+($)$+#!
.(!.!L+7354$.!<+77&:&!4+*A!>%&'*)8$#:!P.7!#&&/(!)+!T#+S!.4+3)!;&.#!$(!.)!)8&!(3',.<&!
7&%&7!+,!8$(!4+/*0!#+)!8$(!$#)&77&<)A!;&.#!$(!.#!&((&#)$.7$X&/!S+'T$#:Y<7.((!,$:3'&!S$)8!
'.::&/!43)!6&',&<)!<7+)8$#:0!.#/!.!i<'$5$#.7j!/&5&.#+'!)8.)!+,,&'(!.!5$#+'$)*!,$:3'&!
S$)8!S8$<8!P.7!<.#!<+#()'3<)!8$(!/$,,&'&#<&!.(!.#!i$#)&77&<)3.7j!dR&'+3.<!1+./!aeA!
B+'!P.70!;&.#b(!4+/*!$(!.!6'+/3<)$%&!$/&#)$)*!)8.)!6+((&((&(!%.73&!S$)8$#!5$/Y
<&#)3'*!8+4+8&5$.#!6'.<)$<&A!L.3:8)!4&)S&&#!)8&!.66&.7!+,!;&.#b(!S+'T$#:Y<7.((!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
][!N#!M8$(!$(!)8&!V&.)!C&#&'.)$+#!dFGGHe0!?.5&(!L.564&77!6+$#)(!+3)!)8.)!-&.7!L.((./*D;&.#!
E+'$.'$)*b(!#.T&/#&((!$(!.!'&<3''$#:!$5.:&!$#!)8&!S+'T!+,!4+)8!R&'+3.<!.#/!277&#!C$#(4&':!dI`eA!N!
<8++(&!)+!&568.($X&!)8&!&<+#+5$<!$567$<.)$+#(!+,!S+'T$#:!<7.((!4+/$&(!.(!<7+)8&/!)8'+3:8+3)!
R&'+3.<!)+!$#/$<.)&!)8&!6+(($4$7$)*!+,!8+4+8&5$.#!(&7,Y,.(8$+#$#:A!M8+3:8!#.T&/#&((!4&<+5&(!.!
<&#)'.7!.'&.!+,!<+#<&'#!$#!V$:!P3'0!$)!(&'%&(!)+!&W6'&((!.#W$&)*!+%&'!)8&!7$5$).)$+#!+,!(&7,Y,.(8$+#&/!
.66&.'.#<&(A!!!
! ! HHG! !
4+/*!.#/!P.7b(!4+8&5$.#!$#)&77&<)3.7$(50!R&'+3.<!$#$)$.)&(!8+4+8&5$.#!)&#($+#(!.(!
.!<+77&<)$%&!.#/!<'&.)$%&!)++7!,+'!<.77$#:!+#!)8&!8+4+!5*()$93&A]\!!
!P.7b(!+6&#$#:!/&(<'$6)$+#!+,!;&.#!<+#()'3<)(!.!<7.((Y4.(&/!5+/&7!S$)8!S8$<8!
)+!<.)&:+'$X&!)8&!&W6&'$&#<&(!+,!)8&!'+./A!P.7b(!.7)&'#.)$+#!+,!8+4+!.#/!4+8&5$.#!
$/&#)$,$<.)$+#(!4&<+5&(!)8&!6'$5.'*!5&)8+/!,+'!8$(!#.''.)$%&!/&%&7+65&#)A!M8$(!
8+4+8&5$.#!6'.<)$<&!.77+S(!P.7!)+!(.567&!)8&!25&'$<.#!&W6&'$&#<&!,'+5!)+S#!)+!
)+S#0!.#/!&568.($X&!)8&!<7+)8$#:!)+!$#%+T&!8$(!+S#!(&7,Y,.(8$+#$#:!6+S&'A!B+'!
&W.567&0!P.7!T#+S(!8&!8.(!(6+))&/!8$(!,$'()!'&.7!<+S4+*!$#!K5.8.!S8&#!8&!(&&(!.!
5.#!iS.7T$#:!.7+#:!)8&!47&.T!S.77(!+,!)8&!S8+7&(.7&!5&.)!S.'&8+3(&(!$#!.!)&#Y
:.77+#!8.)!.#/!M&W.(!4++)(0j!S8+!<+37/!4&!i.#*!4&.)!<8.'.<)&'j!S$)8!)8&!&W<&6)$+#!+,!
i)8&!:&)36j!dR&'+3.<!1+./!HaeA!1&,3($#:!)8&!<+S4+*!.!S+'T$#:!$/&#)$)*!.)!)8&!
S.'&8+3(&0!P.7!()'&((&(!+#7*!8$(!'&:$+#Y(6&<$,$<!.66.'&7!.(!.!/$()$#<)$+#!+,!
/$,,&'&#<&A!V&<.3(&!)8&!<+S4+*!$(!<+#($/&'&/!+#7*!$#!)&'5(!+,!8$(!<+S4+*!
.66'+W$5.)$+#0!8$(!.4$7$)*!)+!4&!l4&.)b!$(!,+'&<7+(&/A!P.7!3(&(!l4&.)b!#+)!$#!)8&!)&'5(!+,!
S+'T$#:Y<7.((!(34+'/$#.)$+#!$#!.!6+()S.'!&<+#+5*0!43)!'.)8&'!)8&!<+3#)&'<37)3'.7!
.66&.'.#<&!+,!.!4&.)!)*6&A!P.7!).T&(!6.')!$#!.!(+<$.7!:.5&!4.(&/!+#!<7+)8$#:!)8.)!
$/&#)$,$&(!)8&!<+S4+*!$#!+'/&'!)+!<7.(($,*!8$5(&7,!.(!.!().)3(Y/'$%&#!V&.)!S8+!S+37/!
#&%&'!4&!(&&#!$#!(3<8!.66.'&7A!V*!&568.($X$#:!)8&!<+S4+*b(!8.)!.#/!4++)(0!P.7!
/'.S(!.!/$()$#<)$+#!)8.)!#+)!+#7*!$/&#)$,$&(!+)8&'(!)8'+3:8!.66&.'.#<&(0!43)!(&7,Y
$/&#)$,$&(!4*!/&,.37)A!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
]\!;&.#!E+'$.')*b(!,.)8&'!$(!.!8+4+!S8+!&W$()(!$#!)8&!6&'$68&'*!+,!)8&!#.''.)$%&A!;&.#!6'+%$/&(!P.7!
#+)!+#7*!S+'T$#:!<7.((!<'&/&#)$.7(0!43)!.!/$'&<)!<+##&<)$+#!)+!8+4+!7$,&()*7&A!!
! ! HHH! !
!-+)!7+#:!.,)&'!8$(!<+S4+*!($:8)$#:0!P.7!&#<+3#)&'(!.#+)8&'!,$:3'&!+,!)8&!
,'+#)$&'!5*)8+(0!E$(($(($66$!C&#&A!P.7!$55&/$.)&7*!$/&#)$,$&(!E$(($(($66$!C&#&!4.(&/!
+#!8$(!i8+4+!'.:(Z+7/!<7+)8&(!)8.)!8./!4&&#!)3'#&/!47.<T!4*!)8&!(++)!+,!'.$7'+./(!
.#/!)8&!/$')!+,!4+W<.'(!.#/!(7&&6$#:!+#!)8&!:'+3#/j!dR&'+3.<!1+./!F]eA!M8&!+#7*!
S.*!,+'!P.7!)+!'&<+:#$X&!C&#&!$(!)8'+3:8!)8&!<8.'.<)&'!+,!8$(!<7+)8$#:0!.3)8+'$).)$%&7*!
/&(<'$4&/!.(!)8&!<+#(&93&#<&!+,!'$/$#:!'.$7(0!,+'&<7+($#:!.#*!+)8&'!5&.#(A!M8$(!<7.$5!
.3)8+'$X&(!P.7!)+!()'&((!8$(!(8.'&/!($5$7.'$)$&(!S$)8!C&#&0!.#!$)$#&'.#)!S+'T&'!
8$)<88$T$#:!.<'+((!)8&!<+3#)'*0!)8+3:8!#+)!$#!8+4+!'.:(A!P.7!(8.'&(!)8&!)'3<T!4&/!
S$)8!C&#&!)+!+,,&'!)8&!&%+73)$+#!,'+5!8+4+!)+!C.(+7$#&!M'.560!5.'T&/!4*!)8&!
8.'%&()!<8.(&'(!.7+#:($/&!8$5A!C&#&b(!).))&'&/!<7+)8$#:!.77+S(!P.7!)+!&568.($X&!)8&!
<37)3'.7!%.73&!+,!.#!&%+7%$#:!8+4+!5*()$93&!,+'!8$(!<'&.)$%&!./%&#)3'&0!S8$<8!8&!
+4(&'%&(!(6&<).<37.'7*A!V&<.3(&!C&#&!$(!/'&((&/!)8&!S.*!P.7!S+37/!&W6&<)0!8&!
4&<+5&(!.!6.'.:+#!+,!)8.)!$/&#)$)*_!.!(6&<)&'!+,!.#!&.'7$&'!)$5&!)8.)!P.7!$(!/&/$<.)&/!
)+!6'&(&'%$#:A!V3)!P.7b(!/&(<'$6)$+#!+,!C&#&!<+#,$:3'&(!8$5!.(!.#!+4g&<)!+,!$#)&'&()0!
#+)!.!(34g&<)!S$)8!.:&#<*A!J8$7&!P.7!/&,$#&(!C&#&!4*!8$(!.66&.'.#<&0!8&!'&,&'(!)+!
8$5(&7,!)8'+3:8!.<)$+#!.#/!&W6+(&(!8$(!.4$7$)*!)+!<+#/3<)!.!:.X&!+%&'!S+'T$#:Y<7.((!
5&#!,+'!)8&!63'6+(&!+,!8$(!8+4+!#.''.)$%&A!P.7b(!8$)<88$T$#:!$#)&'67.*!S$)8!C&#&!
(&'%&(!)+!4+7()&'!8$(!$/&#)$)*!.(!.!<7.((Y6&',+'5$#:!)'.%&7$#:!S'$)&'!S8+!<.#!4&!4+)8!
.!)&56+'.'*!8+4+!.#/!4+8&5$.#!(34g&<)A!E$(($(($66$!C&#&b(!6'&(&#<&!6&'5$)(!P.7!)+!
,+'&:'+3#/!8$(!+S#!6'$%$7&:&!.#/!<.6$).7$X&!+#!)8&!8+4+!5*()$93&0!/'.S$#:!+#!4+)8!
<7.((!6+($)$+#(!,+'!/&,$#$)$+#A!!!
! ! HHF! !
!J8&#!P.7!.''$%&(!$#!;&#%&'!8&!<+#)$#3&(!)+!/'.S!+#!C&#&!)+!(+7$/$,*!8$(!
6'$%$7&:&/!8+4+8&5$.#!().)3(A!O$T&!8$(!'&7.)$+#(8$6!S$)8!;&.#0!P.7!'&93$'&(!
E$(($(($66$!C&#&b(!8+4+!$/&#)$)*!)+!%.73&!8$(!+S#!'&($7$&#)!().)3(A!@&!53(&(0!!
K#7*!.!,&S!/.*(!.:+!Nb/!<+5&!$#!)+!;&#%&'!7$T&!.!435o!#+S!N!S.(!.77!'.<T&/!36!
(8.'6!$#!.!(3$)0!mZn!4+S$#:!)+!/$:#$).'$&(!.#/!<8.))$#:!$#!)8&!7+44*!3#/&'!
<8.#/&7$&'(A!N!S+#/&'&/!S8.)!E$(($(($66$!C&#&!S+37/!(.*!$,!8&!<+37/!(&&A!
dR&'+3.<!1+./!`Fe!!
!
N#!)8$(!(<&#&0!R&'+3.<!/'.S(!.))&#)$+#!)+!P.7b(!<8.#:&!+,!().)3(!.(!73<T0!5./&!%$($47&!
4*!.66&.'.#<&(_!.!<8.#:&!+,!<7+)8&(!.#/!.!#&S!(+<$.7!<$'<7&A!V3)!,+'!P.7b(!'.:(Y)+Y
'$<8&(!6&',+'5.#<&!)+!,3#<)$+#0!8&!#&&/(!E$(($(($66$!C&#&!.#/!8$(!8+4+!'.:(!)+!
.<T#+S7&/:&!8$(!&7$)&!().)3(A!P.7b(!#&S!<7+)8&(!.,,+'/!8$5!.<<&((!$#)+!)8&!(S.#T!
8+)&7!.#/!6'+%$/&!8$5!.!6+($)$+#!,'+5!S8$<8!)+!,7.3#)!8$(!,7&W$47&!(+<$.7!5+4$7$)*A!
V3)!.(!V3)7&'!.':3&(0!P.7b(!i.66&.'.#<&!+,!(34().#<&j!<.#!+#7*!4&!5./&!4&7$&%.47&!4*!
.!(+<$.7!.3/$&#<&A!M83(0!4*!'&93&()$#:!E$(($(($66$!C&#&!)+!+4(&'%&!8$(!6&',+'5.#<&0!
P.7!6'+%$/&(!8$(!<7&.'!/$()$#<)$+#!,'+5!C&#&b(!+4g&<)$,$&/!7+S7*!<7.((!6+($)$+#A!!!
! 2(!)8&!6'&%$+3(!&W.567&(!(8+S0!<7+)8$#:!4&<+5&(!.!5&)8+/!,+'!P.7b(!
.((&')$+#!+,!$#/$%$/3.7$)*A!Q&)0!)+!4&!6'+/3<)$%&0!)8$(!5&)8+/!'&93$'&(!)8&!4.7.#<&!+,!
.!5$#+'$)*!.#/!5.g+'$)*!<7.((!6+($)$+#!'&#/&'&/!7&:$47&!4*!.#!.3/$&#<&A!R&'+3.<!
'&6'&(&#)(!P.7!.(!%.<$77.)$#:!4&)S&&#!<7.((&(!)+!&568.($X&!)8.)!8&!<.#!.<<3537.)&!
&W6&'$&#<&!)8'+3:8!)8&!()'.)&:$<!/&67+*5&#)!+,!<7.((Y4.(&/!.66&.'.#<&(A!B+'!
R&'+3.<0!.66&.'.#<&(!4.(&/!+#!<7+)8$#:!<'+((!4+3#/.'$&(!+,!&W6&<).)$+#!4*!
./8&'$#:!)+!%$($47&!()'3<)3'&(!+,!$/&#)$)*0!43)!)8&*!.7(+!&#/.#:&'!)8&!6'+/3<)$%&#&((!
+,!8+4+8&5$.#!6'.<)$<&!4*!&W6+($#:!$)(!(36&',$<$.7$)*A!K#!)8&!+#&!8.#/0!P.7b(!.4$7$)*!
)+!<+56.')5&#).7$X&!)8&!S+'7/!4.(&/!+#!<7+)8$#:!$(!+#&!+,!.')$,$<$.7$)*!.#/!
! ! HH]! !
.66&.'.#<&(0!<+#)'$43)$#:!)+!)8&!().)3(!93+!+,!)8&!<+#).$#5&#)!&'.A!K#!)8&!+)8&'!
8.#/0!P.7b(!6'+%$/&(!.<<&((!)+!.#!l.3)8&#)$<b!+'!lV&.)b!&W6&'$&#<&!+,!'&,3(.7!.#/!
'&4&77$+#!S8$<8!%$+7.)&(!)8&!().)3(!93+!$#!$)(!.4$7$)*!)+!/'&((!36!.#/!(&7,Y,.(8$+#A!M8$(!
<+567&W$)*!(3::&()(!)8.)!.66&.'.#<&(!.'&!4+)8!7$4&'.)$#:!.#/!<+#,+'5$#:0!$((3$#:!
)8&!<37)3'.7!<7$5.)&!+,!)8&!)$5&A!
! P.7b(!.))&#)$%&#&((!)+!<7+)8$#:!.77+S(!8$5!)+!8$:87$:8)!8$(!6'$%$7&:&/!
$/&#)$,$<.)$+#!.(!.!8+4+Y.(Y.')$()A!L7+)8&(!(&'%&!.(!.!6&',+'5.)$%&!+66+')3#$)*!
)8'+3:8!S+'T$#:Y<7.((!/'.:0!S8&'&!.#!.3/$&#<&!7&:$)$5.)&(!P.7b(!<7.((Y6&',+'5&/!
.66&.'.#<&(A!M8$(!/3.7Y.<)!+,!i/'&((!.#/!.//'&((j!$(!&W67$<$)!$#!E$77!L$)*0!S8&'&!P.7!
:&)(!.!)&56+'.'*!g+4!6.)'+77$#:!4.''.<T(!.7+#:($/&!<+77&:&Y,'$&#/!1&5$!V+#<x3'A!
1&5$!7$%&(!$#!.!i<+77&<)$+#!+,!(8.<T(!$#!.!%.77&*0!8+3($#:!6'+g&<)!(8.<T(!43$7)!,+'!-.%*!
Q.'/!S+'T&'(0j!.#/!P.7!5.'%&7(!)8.)!$)!$(!i)8&!+#7*!<+553#$)*!$#!25&'$<.!S8&'&!
S8$)&(!.#/!-&:'+&(!7$%&/!mZn!)+:&)8&'!%+73#).'$7*j!dR&'+3.<!1+./!IHeA!P.7b(!#.y%&!
6&'(6&<)$%&!+#!)8&!%+73#).'*!6'+g&<)(!/&,$#&(!8$(!)&56+'.'*!%$($)!.(!.#!$55&/$.)&!
6'$%$7&:&A!@$(!5.g+'$)*Y().)3(!$(!'&#/&'&/!<7.((7&((!$/&.7$(5!$#!+'/&'!)+!
+%&'/&)&'5$#&!)8&!(+<$+Y&<+#+5$<!<+#/$)$+#(!+,!i(+!S$7/!.#/!g+*+3(!.!67.<&j!
dR&'+3.<!1+./!IHeA!M8&(&!(+<$.7!)&#($+#(!6'+%$/&!)8&!6+($)$+#.7!$#)&#($)*!,+'!P.7b(!
8$'&/!S+'T_!)+!6.)'+7!)8&!7.4+'&'(!4*!&#,+'<$#:!.!(+<$.7!8$&'.'<8*!)8.)!T&&6(!)8&5!$#!
)8&!<.#*+#!.#/!.$5(!)+!7$5$)!)8&$'!7&$(3'&7*!.<)$%$)$&(A!@$'&/!)+!.((&')!().)&Y6+S&'!
+%&'!)8&!3#/&'<7.((0!P.7!'&93$'&(!.!%&'*!(6&<$,$<!8+4+8&5$.#!6'.<)$<&!)+!'&5&/*!)8&!
6'&((3'&(!+,!)8&!($)3.)$+#A!J+'T$#:Y<7.((!/'.:!6'+%$/&(!8$5!.#!&(<.6&!,'+5!)8&!<7.((!
8$&'.'<8*!+,!)8&!<.#*+#!.#/!,.(8$+#(!8$5!.(!.!<+5$<!7.4+'&'A!P.7b(!6&',+'5.#<&!+,!
! ! HH^! !
S+'T$#:Y<7.((!/'.:!(.#<)$+#(!8$(!.66&.'.#<&!.(!.!6.)'+75.#0!43)!.77+S(!8$5!)+!
&%./&!/+$#:!.<)3.7!S+'T0!$#()&./!(6&#/$#:!)8&!(8$,)!3#6'+/3<)$%&7*!.(!8&!/'$#T(!.#/!
,'.)&'#$X&(!S$)8!)8&!5&#A!!
!P.7!$(!i(S+'#!$#!4*!)8&!7+<.7!6+7$<&!<8$&,0!:$%&#!.!4./:&0!.!<7340j!.#/!$(!)3'#&/!
$#)+!.!i(6&<$.7!6+7$<&5.#j!dR&'+3.<!1+./!I^eA!R&'+3.<!/&(<'$4&(!P.7!.(!l(6&<$.7b!#+)!
)+!+,,&'!6'$%$7&:&0!43)!)+!$#/$<.)&!)8&!.')$,$<$.7$)*!+,!)8&!7.4&7!l6+7$<&5.#b!)8.)!:'.#)(!
6+S&'!)+!.66&.'.#<&(A!M8$(!<.''$&(!+#!S8&#!P.7b(!g+4!'&93$'&(!.!3#$,+'5!)8.)!8&!
/+&(!#+)!8.%&0!.#/!8&!4+''+S(!1&5$b(!i)'+3(&'(j!)+!/'&((!)8&!6.')A!1&5$b(!)'+3(&'(!
.'&!3#<+5,+').47&!,+'!P.7!68*($<.77*!.#/!$/&+7+:$<.77*A!P.7!<.77(!.))&#)$+#!)+!)8$(!
/$(<+5,+')!4*!/$()$#:3$(8$#:!8$5(&7,!.:.$#()!1&5$0!<7.$5$#:!)8&!)'+3(&'(!/+!#+)!,$)!
i($#<&!m1&5$n!S.(!(+!).770!.#/!8./!.!6+)4&77*!,'+5!&.)$#:!%+'.<$+3(!5&.7(!+3)!+,!
4+'&/+50!N!S&#)!,7.66$#:!.'+3#/!7$T&!L8.'7$&!L8.67$#!)+!5*!,$'()!#$:8)!.)!S+'Tj!
dR&'+3.<!1+./!I^eA!;$(<+#<&')&/!4*!)8&!3#$,+'5b(!(*54+7$<!<+55.#/!+,!3#$,+'5!
(+<$.7!6+($)$+#(!)8.)!'&#/&'!5&#!7$()7&((0!P.7!3(&(!)8&!6+7$<&5.#b(!3#$,+'5!.(!.#!
+66+')3#$)*!)+!).T&!6.')!$#!)8&!8+4+!5*()$93&!.#/!()'&((!5.7&!%$).7$)*A!M8&!$77Y,$))$#:!
.#/!$77Y(3$)&/!3#$,+'5!6&'5$)(!P.7!)+!<+#/3<)!.!6&',+'5.#<&!)8.)!4+'/&'(!,.'<&f.!
<+5$<!6'+/3<)$+#!4*!)8&!7$T&(!+,!.!L8.67$#!,$75A^G!"#7$T&!;&.#b(!<3()+5!).$7+'!,$)!$#)+!
.!S+'T$#:Y<7.((!$/&#)$)*0!P.7!7$)&'.77*!<.##+)!,$)!$#)+!)8&!<+#,$#&(!+,!.!7.4+'$#:!
3#$,+'5!/&(6$)&!8$(!/&(6&'.)&!.))&56)(!)+!:.'#&'!&W6&'$&#<&!)8'+3:8!$)A!N#()&./0!P.7!
63)(!+#!)8&!3#$,+'5!.#/!6'+/3<&(!.!(8+SA!B'+5!)8$(!().#<&0!P.7b(!6&',+'5.#<&!+,!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
^G!L8.67$#b(!E+/&'#!M$5&(!dH\]Ie!/&6$<)(!)8&!S+'T67.<&!.(!.!8+()$7&!&#%$'+#5&#)!,377!+,!+%&'Y
&,,$<$&#)!5.<8$#&'*0!)8&!S+'T&'(!.#/!)8&$'!835.#$)*!4&<+5$#:!5&'&!<+:(!$#!)8&!5.<8$#&A!L8.67$#b(!
<8.'.<)&'!$(!#+)!+#7*!.#!$#/$%$/3.7!)8.)!$(!.43(&/!4*!)8&!(*()&50!43)!4&<+5&(!.!(34%&'($%&!.:&#)!)8.)!
/$('36)(!)8.)!(*()&50!(3::&()$#:!)8&!)'.56b(!.4$7$)*!)+!<8.77&#:&!$/&+7+:$<.7!6'&((3'&(!+#!5.#A!!
! ! HH`! !
S+'T$#:Y<7.((!/'.:!4&<+5&(!#+)!.!7.4+'!,+'!S.:&(0!43)!.#!+66+')3#$)*!)+!(34%&')!)8&!
6'&((3'&(!+,!S+'T!)+!.#!.3/$&#<&A!M8$(!($/&Y()&6!,'+5!)8&!7.4+'!5.'T&)!(3::&()(!#+)!
+#7*!.!<7.((!6+($)$+#!)8.)!<.#!<8++(&!S8.)!S+'T!)+!).T&0!43)!.7(+!)8.)!8$(!5$//7&Y
<7.((!&54+/$&/!5.(<37$#$)*!/+&(!#+)!'$(T!7+($#:!().)3(!,'+5!S$)8$#!8+4+8&5$.#!
<+#)'+7A!!
!R&'+3.<b(!<.'&,37!<+##&<)$+#!+,!P.7!)+!.#!&W)'.+'/$#.'*!)'.56!7$T&!L8.67$#!
.')$<37.)&(!)8&!.3/$&#<&b(!%.73.)$+#!+,!)8&!8+4+!5*()$93&!$#!6+637.'!<37)3'&A^H!
L8.67$#!4&:.#!8$(!$<+#$<!)'.56!6&',+'5.#<&(!$#!($7&#)!,$75!$#!H\H^0!'&#/&'$#:!8$(!
)'.56!.!8$:87*!$/&#)$,$.47&!,$:3'&!$#!5$/Y<&#)3'*!25&'$<.#!<37)3'&A!-&%&'!67.*$#:!.!
8+4+0!43)!.7S.*(!.!8$()+'$<.77*!($)3.)&/!)'.56!)8.)!.%+$/&/!S+'T!.#/!)8&!#+)$+#!+,!
8+5&0!L8.67$#b(!)'.56!$(!.!<+5$<!&#)&'6'$(&!)8.)!<8.77&#:&(!#+)$+#(!+,!%.:'.#<*!$#!
)8&!&.'7*!)S&#)$&)8!<&#)3'*A!R&'+3.<b(!3(&!+,!L8.67$#!/'.S(!+#!)8&!&W<&(($%&!<+5$<!
6+)&#)$.7!+,!P.7b(!68*($<.7!7.4+'0!'&#/&'$#:!8$(!3#$,+'5&/!4+/*!$#)+!.!6&',+'5.#<&!
7$T&!)8&!<+5$<!)'.560!S8+!S.(!s5.'T&/!4*!.!6.')$<37.'!.66&.'.#<&!mZNn77Y,$))$#:!
<7+)8&(!.#/!+//Y($X&/!(8+&(!S&'&!.77!6.')!+,!)8&!)'.56!$/&#)$)*s!dL'&((S&77!H^]eA!
P.7b(!&%+<.)$+#!+,!)8&!<+5$<!)'.56!$#!)8&!&'.!+,!)8&!C.(+7$#&!M'.56!.#/!.7+#:($/&!
)8&!%.#$(8$#:!+,!)8&!25&'$<.#!8+4+!6'$+'$)$X&(!)8&!8+4+!5*()$93&b(!.4$7$)*!)+!/&,$#&!
.!4+8&5$.#0!<'&.)$%&!(&7,A!R&'+3.<b(!/&6$<)$+#!+,!P.7!.(!.!<+5$<!)'.56!$(!.!8$:87*!
%$($47&!,+'5!+,!S+'T$#:Y<7.((!/'.:!<+##&<)&/!)+!6'&(&#).)$+#(!+,!)'.56(0!8+4+(!.#/!
435(!$#!%.3/&%$77&0!43'7&(93&!(8+S(!.#/!<+5$<!()'$6(A!O$T&!P.7b(!$#)&'&()!$#!S8.)!
E$(($(($66$!C&#&!S+37/!(.*!.4+3)!8$(!8$:8!<7.((!.66&.'.#<&0!P.7!$#%$)&(!8$(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
^H!M$5!L'&((S&77b(!<8.6)&'!iO.3:8)&'!.#/!)8&!M'.56j!3#6.<T(!)8&!<37)3'.7!%.73&!+,!L8.67$#b(!)'.56!
4*!<+##&<)$#:!$)!)+!.!<.'#$%.7&(93&!)'./$)$+#!)8.)!3(&(!(+<$.7!,&.'!+,!)'.56(!.(!.!<+5$<.7!<'$)$93&!+,!
25&'$<.#!(+<$&)*A!
! ! HHI! !
4+8&5$.#!$#)&77&<)3.7!<'&S!)+!+4(&'%&!8$(!6&',+'5.)$%&!S+'T!.(!.!<+5$<!)'.560!
S+#/&'$#:!S8.)!i;&.#!.#/!L.'7+!.#/!K7/!V377!O&&!S+37/!(.*j!$,!)8&*!(.S!8$5!
dR&'+3.<!1+./!I^eA^F!P.7b(!(&7,Y<+#(<$+3(!6'&(&#).)$+#!+,!S+'T$#:Y<7.((!/'.:!
'&93$'&(!.#!.3/$&#<&!)+!(&&!8$5!,7+6!.'+3#/!$#!8$(!<7+)8&(0!.#/!)+!.<T#+S7&/:&!)8&!
/$(($5$7.'$)*!4&)S&&#!)8&!'&.7$)*!.#/!)8&!.66&.'.#<&!+,!8$(!8+4+8&5$.#!6'.<)$<&A!!
! P.7b(!6&',+'5.#<&!+,!S+'T$#:Y<7.((!/'.:!&.'#(!6+S&'!)8'+3:8!)8&!
6'&(&#).)$+#!+,!<7.((!.((+<$.)$+#(!)+!)8&!.3/$&#<&A!P.7b(!6&',+'5.#<&!&%+T&(!)8&!
6'$%$7&:&(!+,!S8$)&0!5.7&!8+4+!,.#).(*!)+!'&<+#,$:3'&!)8&!4+3#/.'$&(!+,!7.4+'!.(!
&#)&').$#5&#)A!M8$(!$(!&(6&<$.77*!<7&.'!S8&#!P.7!$(!:$%&#!.!A]F!.3)+5.)$<!,+'!8$(!
6.)'+70!S8$<8!5.T&(!8$5!53(&!+%&'!,'+#)$&'Y&'.!,.#).(*!$#!)8&!,$75!M8&!E.'T!+,!
U+''+.^]!J8$7&!7+<.)&/!+#!i.!'+./!7$T&!.77!)8&!'+./(!*+3!(&&!$#!J&()&'#!V!5+%$&(j!)8&!
:3#!4&<+5&(!.#!.<<&((+'*!,+'!P.7b(!.66&.'.#<&!.#/!)'.#(6+')(!8$5!)+!.!<.'&,377*Y
<'.,)&/!<37)3'.7!(6.<&!+,!,'&&Y'+.5$#:!,'+#)$&'!5.(<37$#$)*!d1+./!I^Y`eA!P.7!<7.$5(0!iN!
3(&/!)+!).T&!+3)!5*!:3#!.#/!67.*!<+S4+*(!$#!)8&!/.'T0j!(3::&()$#:!#+)!+#7*!.!
/&6.')3'&!,'+5!)8&!7.4+'$#:!'&.7$)*!+,!)8&!(6&<$.7!6+7$<&5.#0!43)!.!)&56+'.7!(8$,)!)+!
<8$7/8++/!,.#).(*!dR&'+3.<!1+./!I^Y`eA!B+'!P.70!/'&(($#:!36!$#!1&5$b(!3#$,+'5!.#/!
<.''*$#:!.!:3#!$(!7$T&#&/!)+!.!*+3)8,37!:.5&!+,!l<+S4+*(0b!8$(!V&.)!<8.'.<)&'!
<8.77&#:$#:!5$/Y<&#)3'*!&W6&<).)$+#(!+,!5.(<37$#$)*!4*!/'&(($#:!36!.#/!6&',+'5$#:!
8$:87*Y'&<+:#$X.47&!'+7&(!7$T&!)8&!6+7$<&!5.#0!.!<+5$<!)'.56!.#/!.!@+77*S++/!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
^F!L+#)'.'*!)+!P.7b(!$#$)$.7!/&(<'$6)$+#0!;&.#!$(!#+S!6.')!+,!)8&!i$#)&77&<)3.7j!7$()!+,!8$(!,'$&#/(0!S8$<8!
$#<73/&(!L.'7+!d277&#!C$#(4&':e!.#/!K7/!V377!O&&!dJ$77$.5!PA!V3''+3:8(eA!M8$(!$#<73($+#!$(!#+)!(+!
53<8!.!)&().5&#)!+,!$#)&77&<)!(+!53<8!.(!.!(&7,Y(&'%$#:!<+##&<)$+#!)8.)!.77+S(!P.7!)+!&W$()!.(!.!
i(6&<$.7j!S+'T$#:5.#!$#!$77Y,$))$#:!3#$,+'5!3#7$T&!;&.#b(!i-.)3'.7!M.$7+'!+,!-.)3'.7!?+*j!dR&'+3.<!
1+./!aeA!!
^]!M8&!H\^G!,$75!,+77+S(!U+''+0!(+#!+,!.!S&77Y)+Y/+!L.7$,+'#$.!'.#<8&'!S8+!5.(T(!8$(!$/&#)$)*!)+!
/&,&#/!)8&!<+55+#!6&+67&!$#!)8&!'&:$+#A!!
! ! HHa! !
<+S4+*A!2(!.!6.')$<$6.#)!$#!.!iJ&()&'#!V!5+%$&0j!P.7b(!6&',+'5.#<&!+,!S+'T$#:Y<7.((!
/'.:!&568.($X&(!)8&!8+4+!5*()$93&!.(!6&',+'5.)$%&!&(<.6$(50!.#!&W6'&((!
6'+/3<)$+#!+,!$/&#)$)*!,+'!.#!.3/$&#<&A!M8&(&!6'+/3<)$+#(!).T&!)8&!67.<&!+,!68*($<.7!
7.4+'0!.#/!&#<+3'.:&!8+4+8&5$.#!6'.<)$<&!)+!.77+<.)&!S+'T$#:!<7.((!+'!3#/&'<7.((!
$/&#)$)*!)+!(&<3'&!4+8&5$.#!().)3(A!!
!M8&!6'.<)$<&!+,!S+'T$#:Y<7.((!/'.:!.7(+!(8&/(!#&S!7$:8)!+#!+#&!+,!K#!)8&!
1+./b(!5+()!<'$)$<.77*!/$(<3((&/!(<&#&(_!P.7b(!7.4+'$#:!$#!)8&!L.7$,+'#$.!,$&7/(!S$)8!
E&W$<.#!5$:'.#)(A!B+'!$#().#<&0!E.'T!1$<8.'/(+#b(!i=&.(.#)!;'&.5(_!1&./$#:!K#!
)8&!1+./j!dFGGHe!.':3&(!)8.)!R&'+3.<b(!<8.'.<)&'(!63'(3&!.!iB&77.8$#^^j!$/&#)$)*!$#!.!
7+#:Y().#/$#:!25&'$<.#!)'./$)$+#!+,!5$#()'&7(*A!M8$(!'.<$.7!6'&+<<36.)$+#!.77+S(!
R&'+3.<!i)+!63)!+#!)8&!5.(T!+,!)8&!B&77.8$#!6&+67&j!.#/!i).T&!+,,!)8&!5.(T!+,!)8&!
J8$)&!4+3':&+$(j!d1$<8.'/(+#!FF^eA!V3)!S8&#!P.7!'+5.#)$<$X&(!)8&!+6)$+#!)+!6$<T!
:'.6&(!.#/!<+))+#0!8$(!.66'+6'$.)$%&!()'.)&:$&(!$#%+T&!#+)!+#7*!'.<$.7!+'!&)8#$<!
.((+<$.)$+#(0!43)!.7(+!<7.((Y4.(&/!.66&.'.#<&(!)8.)!'&#/&'!8$5!.#!.3)8&#)$<!
C.(+7$#&!M'.56!.#/!5$:'.#)!.))&#/$#:!)+!L.7$,+'#$.!,$&7/(A!O$T&!R&'+3.<b(!8+4+Y+,Y
(+')(0!P.7!/&(<'$4&(!8$5(&7,!.(!E&W$<.#!i$#!.!S.*j!)+!.,,$'5!.!6+($)$+#!+,!<'&.)$%&!
+66+')3#$)*!)8'+3:8!)8&!6'.<)$<&!+,!S+'T$#:Y<7.((!/'.:!dR&'+3.<!1+./!\[eA!!
! 2)!,$'()0!P.7!/&<7.'&(!)8.)!)8&!<8.#<&!.)!,$&7/S+'T!$(!.!S.*!)+!<+##&<)!S$)8!
M&''*0!8$(!iE&W$<.#!:$'70j!.#/!8&'!,.5$7*_!iJ&!4&#)!/+S#!.#/!4&:.#!6$<T$#:!<+))+#A!N)!
S.(!4&.3)$,37j!dR&'+3.<!1+./!\GeA!;&(6$)&!<7.$5$#:!&.'7*!+#!)8.)!8&!8./!i,+3#/!m8$(n!
7$,&b(!S+'T0j!P.7b(!.<8$#:!4.<T!.#/!47&&/$#:!,$#:&'(!$56&/&!8$(!.4$7$)*!)+!<+#)$#3&A!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
^^!M8&!B&77.8$#!.66&.'!$#!R&'+3.<b(!)&W)(!.(!#+)!+#7*!.#!.#<$&#)!6&.(.#)!'.<&0!43)!.(!.!'&6'&(&#).)$%&!,$:3'&!+,!
&.')87*0!6'$5$)$%&!.#/D+'!6&.(.#)!,$:3'&(A!L'$)$<(!'&<+:#$X&!)8.)!)8&!3(&!+,!)8&!B&77.8$#!6'+%$/&!R&'+3.<!537)$67&!
$/&#)$)$&(0!$#<73/$#:!43)!#+)!7$5$)&/!)+!<+#<&'#(!+,!'.<&0!&)8#$<$)*0!(&W0!:&#/&'!.#/!<7.((A!!
! ! HH[! !
N#()&./0!P.7!(6&#/(!8$(!)$5&!$#!)8&!,$&7/!+4(&'%$#:!.#/!+4g&<)$,*$#:!+)8&'!7.4+'&'(0!
$#<73/$#:!.#!+7/!-&:'+!<+367&!)8.)!i6$<T&/!<+))+#!S$)8!)8&!(.5&!C+/Y47&((&/!
6.)$&#<&!)8&$'!:'.#/,.)8&'(!8./!6'.<)$<&/!$#!.#)&Y4&7735!27.4.5.j!dR&'+3.<!1+./!
\IeA!"#7$T&!)8&!6'+/3<)$%&!S+'T!+,!)8&!+7/!-&:'+!<+367&!+'!M&''*b(!4'+)8&'0!P.7!$(!
43(*!S.)<8$#:!+)8&'(!7.4+'!.#/!8$(!4.:!#&%&'!'&.77*!,$77(A!@&!$(!.()+#$(8&/!)8.)!8&!
5.T&(!+#7*!zHA`G!,+'!8$(!4.<T4'&.T$#:!S+'TA!P.7!'&(6+#/(!)+!)8$(!(5.77!.5+3#)!4*!
67.<$#:!8$5(&7,!4.<T!$#!)8&!,.#).(*Y6+($)$+#!+,!.!5$:'.#)!S+'T&'0!+4(&'%$#:!8$5(&7,!
.(!.#!i+7/!5.#j!S8+!i<+37/#b)!(366+')!8$(!+S#!.((0!7&)!.7+#&!)8&$'(j!dR&'+3.<!1+./!
\IeA!V*!.77+<.)$#:!8$(!4+/*!3#,$)!,+'!)8&!,.5$7$.7!,$<)$+#!8&!8.(!<+#()'3<)&/!S$)8!
M&''*0!P.7!()'&((&(!)8.)!8$(!7.4+'$#:!4+/*!8.(!7$))7&!%.73&!<+56.'&/!)+!8$(!7.4+'$#:!
5$#/A!1.)8&'!)8.#!(&&!P.7!.(!.!47.<T,.<&!+'!4'+S#,.<&!6&',+'5&'!$#!)8&!,$&7/0!
S+'T$#:Y<7.((!/'.:!<.77(!.))&#)$+#!)+!P.7b(!(&7,Y,.(8$+#$#:!)&#/&#<$&(!)8.)!$((3&!
37)$5.)35(!)+!5.(<37$#$)*!4.(&/!+#!<7.((!().)3(A!P.7b(!<7.$5!+,!i4&$#:!E&W$<.#j!
.((&')(!.!5$:'.#)!$/&#)$)*!.7+#:($/&!+)8&'!S+'T&'(!$#!)8&!:'.6&!+'!<+))+#!,$&7/(0!.#/!
.77+S(!8$5!)+!6&',+'5!.#!.66&.'.#<&!+,!S+'T!43)!#+)!)8&!(34().#<&A!P.7!<.#!+#7*!
.<<&((!S8.)!$)!5&.#(!)+!4&!E&W$<.#!+'!-&:'+!4*!&93.)$#:!$)!S$)8!7.4+'!)8.)!8&!$(!#+)!
+#7*!$#<.6.47&!+,!/+$#:!43)!$(!3#S$77$#:!)+!/+A!P.7b(!6'$%$7&:&!)+!()+6!.#/!+4(&'%&0!+'!
<8++(&!)+!/'&((!.#/!&#.<)!)8&!'+7&!+,!)8&!S+'T&'!,+'!#.''.)$%&!/&%&7+65&#)!
$#()$)3)&(!.!,.#).(*!+,!S8$)&!5.(<37$#$)*!6'&/$<.)&/!+#!<7.((!().)3(A!!
! =&',+'5$#:!S+'T$#:Y<7.((!/'.:!4&<+5&(!.!/$(<+3'.:$#:!'&.7$)*!)8.)!R&'+3.<!
&W67+'&(!)8'+3:8!)8&!#.)$+#.7!5*)8(!+,!4'&./S$##$#:!4*!()'+#:0!7.4+'$#:!5.7&!
4+/$&(A!C&()3'$#:!)+S.'/!.#!$#)$5.)&!,.5$7*!3#$)0!R&'+3.<!/&6$<)(!P.7!8$#/&'&/!4*!.!
! ! HH\! !
,.#).(*!S8&'&!P.7!$(!#+)!)8&!i#$<&!<+77&:&!4+*j!$#!.!i7+%&7*!(S&.)&'j!.(!M&''*!<.77(!
8$50!43)!.!7.4+'$#:!6'+%$/&'!dR&'+3.<!1+./![^eA!V3)!($#<&!P.7!8.(!.7'&./*!(8+S#!8$(!
$#.4$7$)*!)+!,$#.#<$.77*!(366+')!)8&5!)8'+3:8!8$(!,$&7/S+'T0!8$(!S+'T!'+3)$#&!
4&<+5&(!.!6&',+'5.#<&!)8.)!,3#<)$+#(!+#7*!+#!.66&.'.#<&(A!P.7b(!/.$7*!'+3)$#&!,'+5!
$#($/&!.!)&#)!(8.'&/!S$)8!M&''*!.#/!8&'!(+#!?+8##*!$(!/&(<'$4&/!.(!,+77+S(_!
N!:+)!36!S$)8!5*!)+S&7!.#/!)++)84'3(8!.#/!S&#)!)+!)8&!:&#&'.7!5+)&7!)+$7&)!)+!
S.(8o!)8&#!N!<.5&!4.<T0!63)!+#!5*!6.#)(0!S8$<8!S&'&!.77!)+'#!,'+5!T#&&7$#:!
$#!)8&!&.')8!.#/!8./!4&&#!(&S&/!4*!M&''*!$#!)8&!&%&#$#:0!63)!+#!5*!'.::&/!
()'.S!8.)0!S8$<8!8./!+'$:$#.77*!(&'%&/!.(!?+8##*b(!)+*!8.)0!.#/!S&#)!.<'+((!
)8&!8$:8S.*!S$)8!5*!<.#%.(!<+))+#!4.:A!dR&'+3.<!1+./!\ae!
!
P.7b(!'+3)$#&!<+553#$<.)&(!.!5$/Y<&#)3'*!.#/!8&)&'+#+'5.)$%&!&W6&<).)$+#!,+'!5&#!
)+!'$(&!,+'!S+'T0!&%&#!$,!$)!/&()'+*(!)8&$'!<7+)8&(!.#/!4+/*A!P.7b(!/'&(($#:!,+'!S+'T!
<+553#$<.)&(!#+)!(+!53<8!8$(!S+'T!&)8$<0!43)!8$(!.4$7$)*!)+!<'&.)&!.!,.(8$+#.47&!
6&',+'5.#<&0!S8.)!?+8#!O&7.#/!<.77&/!i()*7$(8!6+%&')*Aj!M8&!(<&#&!,+77+S(!P.7!
6'&6.'&!,+'!S+'T!)8.)!8&!#&%&'!/+&(0!+#7*!$#)$5.)&(A!M+!)8$(!&,,&<)0!)8&!+#7*!S+'T$#:!
,$:3'&!$#!)8&!(<&#&!$(!M&''*0!S8+!5&#/(!P.7b(!6.#)(!&.<8!#$:8)0!&#.47$#:!8$5!)+!
<+#)$#3&!8$(!7.4+'$#:!6&',+'5.#<&A!J$)8+3)!M&''*0!P.7!<+37/!#+)!,.(8$+#!8$5(&7,!,+'!
S+'T!+'!63'(3&!)8&!,.#).(*!+,!6$<T$#:!<+))+#o!(8&!&W$()(!53<8!.(!)8&!<+S4+*!+'!
E$(($(($66$!C&#&f)+!$#/$<.)&!/$()$#<)$+#A!M8$(!7.4+'$#:!,.#).(*!4&<+5&(!<7&.'!S8&#!
P.7b(!8.)!$(!/&(<'$4&/!.(!.!<8$7/b(!)+*A!O$T&!8$(!L8.'7$&!L8.67$#!<+5$<!)'.56!
6&',+'5.#<&!$#!E$77!L$)*0!)8&!)+*!8.)!(3::&()(!.!<37)3'.7!'&(+3'<&,37#&((!.47&!)+!3(&!
7.4+'0!43)!+#7*!4&!.!7.4+'&'!l+,!(+')(Ab!M8&!3#$,+'5!)8.)!P.7!/'&((&(!$#!)+!6&',+'5!)8&!
7.4+'!(&'%&(!)+!<.77!.))&#)$+#!)+!P.7b(!4+/*!.(!6&',+'5.)$%&!.:.$#()!)8&!&((&#)$.7$X&/!
! ! HFG! !
.#/!().47&!$/&#)$)$&(!+,!l'&.7b!5$:'.#)!7.4+'&'(A!M+!.((&')!8$(!+S#!().)3(0!P.7!'&93$'&(!
M&''*0!?+8##*!.#/!)8&!K)8&'(!$#!)8&!,$&7/A!!
! P.7b(!l<+77&:&!4+*b!$/&#)$)*!$(!.)!+//(!S$)8!8$(!6&',+'5.#<&!+,!7.4+'!$#!)8&!,$&7/!
.(!$)!$(!6.)'+77$#:!)8&!4.''.<T(A!V+)8!(<&#&(!+,!S+'T$#:Y<7.((!/'.:!&568.($X&!
S+'T$#:!6+($)$+#(!)8.)!7&./!)+!(34g&<)Y43$7/$#:!<'&.)$%&!%&#)3'&(A!P.7!6&',+'5(!
S+'T$#:Y<7.((!/'.:!$#!K#!)8&!1+./!)+!$/&#)$,*!)8&!7$5$).)$+#(!+,!<+#).$#5&#)!&'.!
$/&#)$)$&(!.#/!)8&!6'+/3<)$%&!)8+3:8!(34%&'($%&!93.7$)*!+,!()'.)&:$<!(&7,Y,.(8$+#$#:A!
!P.7b(!6&',+'5.#<&(!$#/$<.)&!)8.)!8&!$(!#&%&'!.)!'$(T!+,!7+($#:!8$(!S8$)&!5.7&!
6'$%$7&:&0!($#<&!)8&!7+((!+,!.!g+4!+'!6++'!6.*!,+'!,$&7/S+'T!$(!$#<+#(&93&#)$.7!)+!8$(!
S&77Y4&$#:A!V3)0!R&'+3.<b(!/&6$<)$+#(!+,!P.7!.7(+!6'+%$/&!.!:7$56(&!$#)+!)8&!S8$)&Y
5.7&!%37#&'.4$7$)*!+,!)8&!6+()S.'0!'&./$#:!S+'T$#:Y<7.((!/'.:!.(!$#()$)3)$#:!.(!53<8!
.#W$&)*!.(!<37)3'.7!6+S&'A!M8&(&!)&#($+#(!4&)S&&#!$5.:&!.#/!(34().#<&0!
.66&.'.#<&!.#/!'&.7$)*0!.#/!.')!.#/!7$,&!4&<+5&!().:&/!)&<8#$93&(!+,!8+4+8&5$.#!
6'.<)$<&A!N#!P.7b(!<.(&0!)8$(!.')$<37.)&(!)8&!S8$)&0!5.7&!,.#).(*!+,!)8&!8+4+!5*()$93&!
)8'+3:8!)&#($+#(!+,!5$//7&!.#/!S+'T$#:Y<7.((!$/&#)$)$&(A!R&'+3.<b(!.((+<$.)$+#(!S$)8!
)8&!8+4+!5*()$93&!.#/!S+'T$#:Y<7.((!$/&#)$)*!.77+S!8$5!)+!.((&')!.!(&#(&!+,!
5.(<37$#&!6+S&'!/&(6$)&!P.7b(!)&#3+3(!.#/!$773(+'*!().)3(!5.'T&/!4*!(36&',$<$.7!
.66&.'.#<&(A!N#!)8$(!S.*0!S+'T$#:Y<7.((!/'.:!$(!.!5&)8+/!,+'!/'&(($#:!36!)8&!
6+)&#)$.7!%37#&'.4$7$)*!+,!4&$#:!#.T&/!+#!)8&!6.:&0!S8$<8!4&<+5&(!$#)&:'.7!)+!V$:!
P3'!S8&#!R&'+3.<!.#/!8$(!#.''.)+'!?.<T!8.%&!7$))7&!)+!#+!(&6.'.)$+#0!.#/!)8&!
6&',+'5.#<&!+,!()'.)&:$<!<7.((!.66&.'.#<&(!<&.(&!4&$#:!6'+/3<)$%&A^`!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
^`!N#!)8&!K'$:$#.7!P<'+77!&/$)$+#!dFGHHe!+,!K#!)8&!1+./0!P.7!.#/!;&.#!.'&!'&,&'&#<&/!
.3)+4$+:'.68$<.77*!.(!?.<T!.#/!-&.7A!M8+3:8!)8&!#+%&7!S.(!6+637.'7*!<$'<37.)&/!3#/&'!<8.'.<)&'!
! ! HFH! !
VNC!P"1!2-;!M@>!-2R>;->PP!KB!B2E>!!!
!V$:!P3'!dH\IHe!$(!.#!.//$)$+#!)+!R&'+3.<b(!l;373+X!O&:&#/b0!S8$<8!().')(!
S$)8!P.7b(!)'.%&7(!$#!K#!)8&!1+./A!V$:!P3'!5.$#).$#(!R&'+3.<b(!()*7$()$<!47&#/!+,!
.3)8+'!.#/!#.''.)+'!$#!.!<+#,&(($+#.7!.#/!5&/$).)$%&!)&W)!.4+3)!,$#/$#:!6&.<&!.#/!
:'+3#/&/#&((A!B+77+S$#:!K#!)8&!1+./b(!<37)3'.7!'&<&6)$+#!.#/!6+637.'$)*0!V$:!P3'!
,+77+S(!#.''.)+'!?.<T0!.3)8+'!+,!K#!)8&!1+./0!.(!8&!.))&56)(!)+!/'*!+3)!$#!<+.().7!
L.7$,+'#$.A^I!>W8$4$)$#:!7$))7&!)+!#+!/$()$#<)$+#!4&)S&&#!R&'+3.<!.(!.3)8+'!.#/!?.<T!.(!
#.''.)+'0!V$:!P3'!<8.77&#:&(!)8&!67.*,37!8+4+8&5$.#!6'.<)$<&!+,!K#!)8&!1+./!S8$7&!
(3::&()$#:!)8&!/$()$#<)!.#/!/&()'3<)$%&!6+)&#)$.7!+,!4&$#:!<.3:8)!4&)S&&#!
.66&.'.#<&!.#/!'&.7$)*!.(!.!PT$/!1+S!/'3#T.'/A!B'.5&/!4*!)8&!'&.7$)*!+,!?.<Tb(!4+/*!
.#/!)8&!#+)+'$&)*!+,!P.7b(!6&'(+#.0!V$:!P3'!3(&(!<7+)8$#:!)+!(&'%&!.(!.!5&)8+/!+,!
(3'%$%.7!)8'+3:8!/$(:3$(&A!V3)!)8&(&!.66&.'.#<&(!.7(+!4&<+5&!.#!+%&'($567$,$<.)$+#!
+,!$/&#)$)*!)8.)!()'&((!)8&!(36&',$<$.7!:.$#(!+,!S+'T$#:Y<7.((!/'.:A!R&'+3.<b(!3(&!+,!
<7+)8$#:!/$'&<)7*!.//'&((&(!)8&!,.$73'&!+,!<7.((!6&',+'5.)$%$)*!)+!4&!.!5&.#(!+,!
&(<.6&0!.#/!(3::&()(!)8.)!8+4+8&5$.#!6'.<)$<&!<.#!4&<+5&!.!<8.'./&!)8.)!+%&'!
&W6+(&(!)8&!(&7,!)8'+3:8!3#*$&7/$#:!/&5.#/(!+,!.<)(!.#/!.66&.'.#<&(A^a!?.<Tb(!
&%.($+#!+,!S+'T$#:Y<7.((!/'.:!$(!&W6'&((&/!)8'+3:8!8$(!.$5(!)+!4&!i<+567&)&7*!#3/&!
+,!.77!6++'!6'+)&<)$%&!/&%$<&(!7$T&!)8+3:8)(!.4+3)!7$,&!+'!5&/$).)$+#(!3#/&'!)'&&(!.#/!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
6(&3/+#*5(0!$)!$(!6'+%+<.)$%&!)+!<+#($/&'!8+S!5*!.':35&#)!+,!5.(T$#:!%37#&'.4$7$)*!<8.#:&(!S8&#!
P.7!#+!7+#:&'!().#/(!$#!,+'!R&'+3.<b(!$#(&<3'$)$&(A!M8&(&!/&4.)&(!+%&'!.3)8+'!.#/D+'!#.''.)+'!.'&!+,!
<&#)'.7!$#)&'&()!$#!)8&!'&5.$#$#:!<8.6)&'(!+,!)8$(!/$((&').)$+#0!.#/!.!<+56&77$#:!,.<&)!+,!)8&!8+4+!
#.''.)$%&!.#/!25&'$<.#!.3)+4$+:'.68*A!!
^I!M8&!<.4$#!?.<T!().*(!.)!4&7+#:(!)+!O+'&#X+!E+#(.#)+0!.!,$<)$+#.7$X&/!O.S'&#<&!B&'7$#:8&))$!+,!L$)*!
O$:8)(0!S8+!6'+%$/&(!R&'+3.<!.!7+<.)$+#!)+!/'*!+3)!$#!)8&!7.)&!H\`G(A!!
^a!R&'+3.<!3(&(!)8&!68'.(&!i+#&!,.()!5+%&!+'!Nb5!:+#&j!)+!/&(<'$4&!4+)8!)8&!$#<&((.#)!5+%&5&#)!.#/!
$56'+%$(.)$+#.7!93.7$)*!+,!8$(!,.5&0!43)!.7(+!)8&!$56+').#<&!+,!&(<.6$#:!,.5&b(!&W6&<).)$+#(!)+!(.%&!
8$(!(.#$)*!dP3'!aeA!
! ! HFF! !
)8&!l37)$5.)&b!.#/!.77!)8.)!(8$)j!dR&'+3.<!P3'!^HeA!M+!3#/'&((!.#/!&W6+(&!)8&!
(36&',$<$.7$)*!+,!8$(!#.''.)$%&0!R&'+3.<!,'&93&#)7*!'&)3'#(!)+!)8&!.#.7+:*!+,!<7+)8$#:!
.#/!$)(!<8.'.<)&'$()$<!/'.S!)+!.(<'$4&!6&',+'5.)$%&!(34g&<)$%$)*A!V3)!S8&'&.(!P.7b(!
(&7,Y,.(8$+#$#:!./37.)&/!)8&!,'&&/+5(!+,!)8&!8+4+!5*()$93&0!<7+)8$#:!#+S!+#7*!
<+553#$<.)&(!?.<Tb(!7.<T!+,!<+#)'+7!+%&'!8$5(&7,!.#/!8$(!S'$)$#:A!N#!)8$(!S.*0!V$:!P3'!
3(&(!/'&(($#:!36!)+!$#/$<.)&!)8&!,.$73'&!+,!.66&.'.#<&(!)+!&W6+(&!'.S!8+#&()*!.#/!
&W6&'$&#<&0!.//'&(($#:!8+4+8&5$.#!6'.<)$<&!.(!.#!3#'&7$.47&!#.''.)$%&!)&<8#$93&!
S$)8!(&7,Y/&()'3<)$%&!93.7$)$&(A!
!V$:!P3'!$#<+'6+'.)&(!S+'T$#:Y<7.((!/'.:!)+!&W6+(&!S8.)!<'$)$<!P)&68&#!
P<8'*&'!<.77(!)8&!i)'.:$<!,7.Sj!+,!4&$#:!5$//7&!<7.((!dHF^eA!2(!.!(3<<&((,37!S'$)&'!)8.)!
&.'#&/!,.5&!)8'+3:8!8$(!6.')$<$6.)$+#!$#!)8&!8+4+!5*()$93&0!R&'+3.<!6&'5$)(!8$(!
.3)+4$+:'.68$<.7!#.''.)+'!?.<T!)+!'&%&.7!8$(!()'3::7&(!+,!$/&#)$,$<.)$+#0!6.$#,377*!
5$//7&Y<7.((0!)8.)!+#<&!,+3#/!S+'T$#:Y<7.((!6&',+'5.)$%$)*!6'+/3<)$%&A!?.<T!7.5&#)(!
8$(!S&77YT#+S#!().)3(!.(!.!,.5+3(!S'$)&'0!S8$<8!8&!&.'#&/!4*!67.*,37!S+'T$#:Y<7.((!
.<)(!+#!)8&!'+./A!?.<T!+6&#(!)8&!#+%&7!S$)8!)8&!<+#,&(($+#_!!
m2n77!+%&'!25&'$<.!8$:8(<8++7!.#/!<+77&:&!T$/(!)8$#T$#:!l?.<T!;373+X!$(!FI!
*&.'(!+7/!.#/!+#!)8&!'+./!.77!)8&!)$5&!8$)<8!8$T$#:b!S8$7&!)8&'&!N!.5!.75+()!^G!
*&.'(!+7/0!4+'&/!.#/!g./&/!$#!.!'++5&))&!43#T!<'.(8$#!.<'+((!)8.)!P.7)!B7.)Ab!
dR&'+3.<!P3'!`e!!
!
?.<Tb(!&<+#+5$<!(&<3'$)*!.(!.!)$<T&)&/!6.((&#:&'!+#!)8&!L.7$,+'#$.!U&68*'!$(!.!,.'!<'*!
,'+5!4&$#:!+#!)8&!'+./!$#!)8&!4.<T!+,!.!)'3<T!S$)8!8.'%&()Y,+77+S$#:!C.(+7$#&!
M'.56(!.#/!8+4+!E$(($(($66$!C&#&A!?.<T!.(!#.''.)+'!.#/!R&'+3.<!.(!.3)8+'!<+54$#&!
<+77&<)$%&!T#+S7&/:&!)+!$/&#)$,*!)8&!&W6&#(&!+,!.!4+8&5$.#!,'&&/+5!)8.)!'+/&!
<+5,+').47*0!*&)!+%&'/&)&'5$#&/!$#!.!6.((&#:&'!<.'!6'&)&#/$#:!)+!4&!.!8+4+A!M8&(&!
! ! HF]! !
<7.((!6&',+'5.)$%&!&6$(+/&(!4&<+5&!.!(+3'<&!+,!.#W$&)*0!S8$<8!5+)$%.)&(!?.<T!.#/!
R&'+3.<!)+!3#/'&((!)8&5(&7%&(!.(!(6&.T&'(!$#!.!6(*<8+7+:$<.7!.#/!68*($<.7!'&%&.7!
)8.)!.//'&((&(!.!'&./$#:!6347$<!)8.)!&W6&<)(!)8&!8+4+Y.(Y.')$()!+,!K#!)8&!1+./A!
C.'4&'b(!<+#<&6)!+,!/'&((!.#/!.//'&((!./%.#<&(!)8&!<+#()'3<)$+#!+,!$/&#)$)*!.#/!)8&!
#.T&/!%37#&'.4$7$)*!+,!5$/Y<&#)3'*!5.(<37$#$)*!$#!)8&!g+$#)Y#.''.)$+#!+,!V$:!P3'A!
J8&'&!R&'+3.<b(!&.'7$&'!)&W)(!<&7&4'.)&/!)8&!6&',+'5.)$%&!6+(($4$7$)*!+,!<7+)8$#:0!
V$:!P3'!:'.667&(!S$)8!)8&!&56)*!(&<3'$)*!+,!<7+)8$#:!.#/!.66&.'.#<&(A!2#/!)8+3:8!
?.<T!(8+S(!.!<+#)$#3&/!$#%&()5&#)!$#!)8&!'$)3.7!()*7$X.)$+#!+,!8$(!4+/*0!)8&!#+%&7!
$)(&7,!<+553#$<.)&(!)8&!37)$5.)&!,.$73'&!+,!6&',+'5.)$%$)*!)+!<+#()'3<)!.!().47&0!+'!
'&7$.47&!$/&#)$)*0!'&(37)$#:!$#!S8.)!V3)7&'!<.77(!+#7*!)8&!.66&.'.#<&!+,!(34().#<&A!
!N#!6'&6.'.)$+#(!,+'!8$(!g+3'#&*!)+!)8&!<+.()0!?.<T!'&./$&(!8$(!4+/*!S$)8!i.!
(8+S&'!$#!)8&!8.770!#&S!MY(8$')!.#/!(+<T(!.#/!3#/&'S&.'j!dR&'+3.<!P3'![eA!M8$(!
()'&((&(!?.<Tb(!$#)&'&()!$#!<7&.#$#:!8$(!4+/*!,+'!)8&!g+3'#&*!S8$7&!.)!)8&!(.5&!)$5&!
&568.($X$#:!)8&!5&).68+'$<!#&S!().')!+,!8$(!#&S!3#/&':.'5&#)(A!?.<Tb(!(+g+3'#!)+!
)8&!V$:!P3'!<.4$#!)+!/'*Y+3)!<+553#$<.)&(!.#!$#%$+7.47&!.#/!(.#<)$,$&/!#.)3'.7!
&#%$'+#5&#)0!S8$<8!'&93$'&(!8$(!4+/$7*!<+#,&(($+#.7!.#/!.!4.6)$(5!+,!(+')(A^[!M8&!)Y
(8$')0!(+<T(!.#/!3#/&'S&.'!.'&!.!,+3#/.)$+#.7!4&:$##$#:0!)8&!$)&5(!)8.)!?.<T!S&.'(!
<7+(&()!)+!8$(!#.T&/0!<7&.#!4+/*A!M8&!$#)&'$+'$)*!+,!?.<Tb(!,'&(8!,.(8$+#$#:!6'&6.'&(!
8$5!,+'!.!)'$6!)8.)!'&93$'&(!8$5!)+!4&!()'$66&/!/+S#A!V3)!?.<T!()$77!'&7$&(!+#!7.*&'(!+,!
<+%&'.:&0!8$(!6'&6.'&/!'3<T(.<T!/&&5&/!.!i(3'%$%.7!T$)j!,$77&/!S$)8!i)8&!7.()!7$))7&!
(3'%$%.7!(S&.)&'!.#/!8.#/T&'<8$&,!.#/!)&##$(!(#&.T&'(!d,+'!8$T$#:ej!dR&'+3.<!P3'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
^[!P<8+7.'(!+,!R&'+3.<b(!S+'T!8.%&!#+)&/!)8.)!L.)8+7$<$(5!$56.<)(!8$(!,$<)$+#A!N#!)8&(&!+6&#$#:!
(<&#&(!)8&!$56+').#<&!+,!<+#,&(($+#!)+!$#$)$.)&!)8&!(.<'.5&#)(!+,!6&#.#<&!.#/!4.6)$(5!$#/$<.)&!?.<Tb(!
(&.'<8!,+'!,.$)8!)+!/&7$%&'!8$5!,'+5!'+<T!4+))+5A!!
! ! HF^! !
aeA!J8$7&!8$(!#&S!+3),$)!$#)$5.)&(!)8&!<8.#<&!.)!.!,'&(8!().')!.#/!#&S!g+3'#&*0!8$(!
.))&56)!)+!<7&.#!.#/!<+%&'!8$(!4+/*f)8.)!+,!.!(&7,Y6'+<7.$5&/!(T$/!'+S!435f
<+''+4+'.)&(!8$(!#&&/!,+'!.!#.''.)$%&!g+3'#&*!)8.)!<.#!'&%&.7!.#/!&W6+(&!8$(!
.//$<)&/!4+/*A!M8$(!%37#&'.4$7$)*!$(!&%&'Y6'&(&#)0!?.<Tb(!i(3'%$%.7!T$)j!+,!<7+)8&(!
/&(<'$4&/!#&W)!)+!i.!()'&S#!5&((!+,!4+))7&(!.77!&56)*0!&56)*!6++'4+*(!+,!S8$)&!6+')0!
43))(0!g3#T0!8+''+'Zj!dR&'+3.<!P3'!aeA!V$:!P3'!(3::&()(!)8.)!.66&.'.#<&(!,.$7!)+!
'&6'&(&#)!<+567&W!$/&#)$)$&(0!/&6$<)$#:!?.<T!.(!4+)8!g3#T$&!435!.#/!63'$,$&/!
(3'%$%.7$()!S8+!S.#)(!)+!3(&!<7+)8$#:!,+'!(&<3'$)*!43)!T#+S(!)8&!,3)$7$)*!+,!/+$#:!(+A!!
!M8&!,.$73'&!+,!<7+)8$#:!)+!6'+%$/&!6'+)&<)$+#!<.#!4&!(&&#!S8&#!?.<T!'&,3(&(!)+!
7&)!:+!+,!8$(!(#&.T&'(!&%&#!)8+3:8!)8&*!8.%&!<.3(&/!8$5!:'&.)!6.$#A!M8&!(#&.T&'(!
6+((&((!5+'&!%.73&!)8.#!)8&$'!3(&!.(!6'+)&<)$%&!,++)S&.'A!?.<T!&W67.$#(_!iM8&!
5+5&#)!m?+&*!1+(&#4&':n!(&&(!5*!4.))&'&/!473&!7$))7&!(#&.T&'(!mZn!8&!S.#)(!)8&5!
,+'!8$5(&7,0!8&!S.#)(!)+!(S.6!)8&!(#.XX*!O.(!c&:.(!(6+')(!(8+&(!d6.7&!7&.)8&'0!
3#)++7&/e!,+'!5*!($77*!7$))7&!)$:8),$))$#:!)8+!6&',&<)!(#&.T&'(j!dR&'+3.<!P3'!aFY]eA!
?+&*b(!$#)&'&()!$#!?.<Tb(!S&77YS+'#!.#/!47++/Y,$77&/!(8+&(!$(!.!().'T!'&5$#/&'!+,!)8&!
8+4+8&5$.#!6'.<)$<&!+,!P.7!=.'./$(&A!M8&!&W<8.#:&!+,!4&.)&#!(#&.T&'(!,+'!5+'&!
%.73.47&!(8+&(!(3::&()(!?+&*b(!+S#!$#)&'&()!$#!6&',+'5$#:!S+'T$#:Y<7.((!/'.:0!
,.(<$#.)&/!S$)8!)8&!S+'#Y<8.'.<)&'!+,!?.<Tb(!473&!(8+&(!.#/!)8&!()+'*!)8&*!)&77!)+!)8&!
:.X$#:!6347$<A!V3)!?.<T!$(!'&73<).#)!)+!)'./&!4&<.3(&!8&!8.(!,$#.77*!3(&/!8$(!+S#!4+/*!
)+!&().47$(8!.#!.3)8&#)$<!().)3(!+,!S+'#Y$#0!)8&!().)&!+,!4&$#:!i4.))&'&/j!.!4./:&!+,!
8+4+!8+#+'!)8.)!?.<T!8.(!S+'T&/!)+!.<8$&%&A!
! ! HF`! !
! J8&#!?.<T!&%&#)3.77*!&W<8.#:&(!(8+&(!S$)8!?+&*0!8&!5&/$).)&(!+#!)8&!<+()!+,!
)8&!)'.#(.<)$+#A!?.<T!'&6+')(0!i$#!'&.7$)*0!.!,&S!5+#)8(!7.)&'!N!)8'&S!.S.*!8$(!(8+&(!
$#!)8&!.(8<.#!4.<T!8+5&!4&<.3(&!N!,&7)!)8&*!8./!4'+3:8)!5&!4./!73<T!.#/!S$(8$#:!Nb/!
T&6)!5*!473&!(#&.T&'(!S$)8!)8&!7$))7&!8+7&(!$#!)8&!)+&(tj!dR&'+3.<!P3'!a]Y^eA!B+'!?.<T0!
)8&!,.#<*!(8+&(f8.#/5./&!7&.)8&'!.#/!l(#.XX*0b!.'&!.!(*54+7!+,!5$//7&Y<7.((!().)3(!
)8.)!8&!$(!3#<+5,+').47&!&#.<)$#:A!?.<T!$(!<.3:8)!4&)S&&#!)8&!8+4+b(!<.#%.(!
(#&.T&'(!S$)8!)8&!8+7&!.#/!)8&!4+8&5$.#b(!6.7&!7&.)8&'!.#/!3#)++7&/!(8+&(0!)8+3:8!
#&$)8&'!,$)!<+5,+').47*!#+'!+,,&'(!8$5!.!(&<3'&!$/&#)$)*A!;&(6$)&!.(6$'$#:!)+S.'/!
#.T&/#&((!)+!.%+$/!)8&!i6++'!6'+)&<)$%&!/&%$<&(j!+,!<7+)8$#:0!R&'+3.<!(8+S(!?.<Tb(!
<+#)$#3.)$+#!+,!<7.((Y6&',+'5.)$%&!.66&.7(!)+!.#!.3/$&#<&A!?.<Tb(!:&()3'&!)+S.'/!)8&!
.3/$&#<&f)8&!+#7*!S$)#&((!)+!8$5!)8'+S$#:!)8&!(8+&(!.S.*f.<T#+S7&/:&(!)8.)!8&!
6'&,&'(!8$(!S&77YS+'#!.#/!<.#%.(!8$T$#:!(8+&(!$#!+'/&'!)+!5.(T!)8&!.66&.'.#<&(!+,!
5$//7&Y<7.((!6'$%$7&:&A!N'+#$<.77*0!?.<Tb(!6'$%$7&:&/!.<)!+,!)8'+S$#:!)8&!(8+&(!.S.*!
$#()$77(!)8&!%&'*!.66&.'.#<&(!8&!.$5(!)+!.%+$/0!5.T$#:!)8&!&W6&#($%&!(8+&(!<.(3.77*!
/$(6+(.47&A!?.<Tb(!7+((!+,!)8&!<.#%.(!(8+&(0!)$:8)!,$))$#:!.#/!,377!+,!8+7&(0!(3::&()(!.!
,.$73'&!$#!S+'T$#:Y<7.((!/'.:!)+!6'+%$/&!.!(&<3'&!.66&.'.#<&A!M8&!(+<$.7!6'+)&<)$+#!
+,!?.<Tb(!+#&!)$5&!8+4+!,.#).(*!+,!6'$%$7&:&/!(&7,Y,.(8$+#$#:!#+S!4&)'.*(!8$50!
4&<+5$#:!6'&(<'$6)$%&!.#/!7$5$)$#:A!!
!R&'+3.<!8$:87$:8)(!)8.)!?.<T!53()!5&&)!)8&!<8.77&#:&!+,!.<<+55+/.)$#:f
#+)!<'&.)$#:f.#!$/&#)$)*!)8.)!8.(!.7'&./*!4&&#!,$<)$)$+3(7*!<+#()'3<)&/0!.#/!5./&!
,.5+3(!.#/!#+)+'$+3(!4*!.#!.3/$&#<&!)8.)!8+7/(!8$5!.<<+3#).47&A!J$)8!.77!&*&(!+#!
8$50!?.<Tb(!(&7,Y,.(8$+#$#:(!4&<+5&!,3)$7&!.#/!.77+S!R&'+3.<!)+!7.5&#)!)8.)!,.5&!
! ! HFI! !
/$('36)(!)8&!,'&&!<+#()'3<)$+#!+,!.#!$/&#)$)*!d+'!$/&#)$)$&(0!.(!)8&!'+./!6'+%$/&/eA!
?.<Tb(!.3/$&#<&!'&<+:#$X&(!8$5!.)!$#+66+')3#&!)$5&(!.#/!$#8$4$)(!8$(!.4$7$)*!)+!4'&.T!
.S.*!,'+5!)8&!.<)!+,!8+4+8&5$.#!6'.<)$<&!)+!3#<+%&'f+'!'&<+%&'f.#!.3)8&#)$<!
(&7,A!!P$#<&!?.<Tb(!'&./&'(!(&&!8$5!.(!.!(3<<&((,37!<37)3'.7!$#($/&'0!8&!53()!()'&((!8$(!
+3)($/&'!().)3(!.#/!.7$&#.)$+#A!iP$#<&!)8&!6347$<.)$+#!+,!l1+./b!)8&!4++T!)8.)!l5./&!
5&!,.5+3(0bj!?.<T!'&6+')(!4&$#:!8+3#/&/!4*!,.#(!.)!.77!8+3'(!+,!)8&!#$:8)0!7$T&!i)8&!
)$5&!)8&!'&6+')&'!'.#!36().$'(!)+!5*!4&/'++5!.(!N!(.)!)8&'&!$#!5*!6.g.5.(!)'*$#:!)+!
S'$)&!/+S#!.!/'&.5j!dR&'+3.<!P3'!^eA!R&'+3.<!).T&(!6.$#(!)+!5.T&!?.<Tb(!($)3.)$+#!
93+)$/$.#0!.#!$#)$5.)&!(<&#&!+,!5.(<37$#&!%37#&'.4$7$)*!.#/!/+5&()$<$)*0!S&.'$#:!
6.g.5.(!$#!)8&!(&<3'$)*!+,!8$(!4&/'++5!S8$7&!4+)8!8$(!8+5&!.#/!$#)&77&<)!.'&!
%$+7.)&/!4*!,.5&A!!
!M8&!.3/$&#<&b(!&W6&<).)$+#!+,!?.<Tb(!.66&.'.#<&!.#/!8$(!'&.7$)*!.'&!.)!+//(!
S8&#!*+3#:!T$/(f)8&!(.5&!+#&(!)8.)!&W6&<)!8$5!)+!4&!8$)<88$T$#:!.#/!#+)!'$/$#:!
)8&!L.7$,+'#$.!U&68*'f<.77!,+'!?.<T!.)!8$(!S$#/+S0!7++T$#:!,+'!)8&!7&:&#/!)8.)!
(366+(&/7*!iS&.'(!.!4&.'/j!dR&'+3.<!P3'!`eA^\!N#()&./0!)8&*!,$#/!.!53<8!+7/&'0!
4&.'/7&((!.#/!6.g.5.YS&.'$#:!5.#!$56'$(+#&/!4*!)8&!'&.7$)*!+,!,.5&!4&8$#/!)8&!
S.77(!+,!8$(!25&'$<.#!/'&.5A!J8&'&!<7.((Y.66&.'.#<&(!.)!+#&!)$5&!(&'%&/!R&'+3.<!
.(!.!<'&.)$%&!&#)&'6'$(&0!)8&*!#+S!8+7/!?.<T!.<<+3#).47&!)+!.#!.3/$&#<&0!&W6+($#:!
)8&!6'$%$7&:&!)8.)!S.(!.47&!)+!.66'+6'$.)&!S+'T$#:Y<7.((!$/&#)$)$&(!$#!S'$)$#:A!M8&(&!
(<&#&(!5.'T!#+)!+#7*!?.<Tb(!.#W$&)*!+%&'!5$//7&Y<7.((!&W6+(3'&0!43)!.7(+!(3::&()!
)8.)!S+'T$#:Y<7.((!/'.:!$(!7&((!6'+/3<)$%&!S8&#!)8&!.3/$&#<&!$(!3#$#%$)&/A!?.<Tb(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
^\!B'&/!JA!E<;.''.8b(!&((.*!i2#.)+5*!+,!.!V&.)#$Tj!dH\IGe!&W67+'&(!)8&!($567$()$<!7.4&7$#:!+,!V&.)!
.66&.'.#<&(0!.':3$#:!)8.)!)8&!4&.'/!$(!)8&!5+()!'&<+:#$X.47&!.(6&<)!+,!.!8$6()&'b(!.66&.'.#<&A!
E<;.''.8b(!.':35&#)!(3::&()(!)8.)!,.(8$+#$#:!.66&.'.#<&(!$(!+,!<&#)'.7!$56+').#<&!)+!)8&!V&.)!&'.A!!
! ! HFa! !
.3/$&#<&0!S8+!+#<&!<+#,$'5&/!8$(!<'&.)$%&!$/&#)$)*0!8.%&!4&<+5&!&#)$)$&(!+,!
6'&(<'$6)$%&!&W6&<).)$+#!S8+!S.#)!8$5!)+!<+#,+'5!)+!8$(!,$<)$+#A!!
!J8&'&.(!(&7,Y,.(8$+#$#:!+#<&!&#)$)7&/!.!6&',+'5$#:!(&7,!)+!.((&')!.#!
.66&.'.#<&!)8.)!()$537.)&/!<'&.)$%&!(34g&<)$%$)*0!V$:!P3'!&W6+(&(!)8.)!.66&.'.#<&(!
4&<+5&!'$:$/!.#/!7$5$)$#:!(+<$.7!&W6&<).)$+#(A!M8$(!$#<73/&(!)8&!.3/$&#<&b(!
&W6&<).)$+#!,+'!)8&!V&.)!i7&:&#/j!)+!:$%&!.#!.#$5.)&/!6&',+'5.#<&!S8$<80!$#!'&.7$)*0!
'&93$'&(!?.<T!)+!$56&'(+#.)&!8$5(&7,!.(!8&!(&7,Y,.(8$+#&/!$#!K#!)8&!1+./_!.!*+3#:!
5.#!)'.56$#:!.7+#:!,+'!&W6&'$&#<&A!M8&(&!'&6&.)&/!.<)(!.#/!()*7$X.)$+#(!8.%&!:$%&#!
?.<T!)8&!.66&.'.#<&!+,!(34().#<&0!43)!.(!?3/$)8!V3)7&'b(!S+'T!.((&')(0!(3<8!
6&',+'5.)$%&!.<)(!5.T&!.77!:&#/&'!.#!$56&'(+#.)$+#!dWWW$eA!?.<Tb(!$56&'(+#.)$+#!+,!
8$5(&7,0!$#!)3'#0!'&#/&'(!8$5!.!<+#()'3<)$+#!+,!.')$,$<$.7!5.(<37$#$)*!)8.)!'&7$&(!+#!
,.#).($&(!7$T&!)8&!8+4+!5*()$93&!)+!:$%&!)8&!.66&.'.#<&!+,!)8&!'&.7A!K#<&!.!
6'+/3<)$%&!+6)$+#!)8.)!6'+%&/!8$(!<'&.)$%&!.#/!'&($7$&#)!5.(<37$#$)*0!8+4+8&5$.#!
6'.<)$<&!4&<+5&(!.#!+%&'7*!'$:$/!6&',+'5.#<&!+,!&56)*!(34().#<&0!4&8+7/&#!)+!
(+<$.7!'&<+:#$)$+#!.#/!.3/$&#<&!&W6&<).)$+#A!!
! M8$(!&W6&<).)$+#!'&(37)(!$#!?.<Tb(!$56&'(+#.)$+#!+,!8$5(&7,0!im5n&!/'3#T!
6'.<)$<.77*!.77!)8&!)$5&!)+!63)!+#!.!g+%$.7!<.6!)+!T&&6!36!S$)8!.77!)8$(j!dR&'+3.<!P3'!
`eA!?.<Tb(!5&)8+/!+,!<+6$#:!3(&(!)8&!lg+%$.7!<.6b!.(!.!'&6'&(&#).)$%&!+,!.#!.66&.'.#<&!
)8.)!$(!/$()$#<)7*!/$,,&'&#)!,'+5!)8&!'&.7$)*A!?.<T!3(&(!)8&!g+%$.7!<.6f.(!.!<7+)8$#:!
$)&5!.#/!.#!&5+)$+#.7!().)&f)+!<+%&'!8$(!7.<T!+,!<+#)'+7!.(!.!,.5+3(!,$:3'&0!4+)8!+,!
8$5(&7,!.#/!8$(!/'$#T$#:A!"#.47&!)+!4&!?.<T!+'!P.70!R&'+3.<!'&$)&'.)&(!)8.)!S+'T$#:Y
<7.((!/'.:!#+!7+#:&'!.77+S(!,+'!(3<<&((,37!(&7,Y,.(8$+#$#:A!B+'!$#().#<&0!S8&#!?.<T!
! ! HF[! !
.''$%&(!.)!L$)*!O$:8)(!V++T()+'&!$#!P.#!B'.#<$(<+!8&!$(!'&<+:#$X&/!i&%&#!)8+!m8&n!S.(!
S&.'$#:!m8$(n!/$(:3$(&Y7$T&!,$(8&'5.#b(!8.)!.#/!,$(8&'5&#!<+.)!.#/!6.#)(!
S.)&'6'++,j!dR&'+3.<!P3'!]eA!2))&56)$#:!)+!5.(T!8$(!4+8&5$.#!<'&/&#)$.7(!.)!8$(!
6347$(8&'b(!()+'&!S$)8!S+'T$#:Y<7.((!:.'40!?.<T!,.$7(!)+!,.(8$+#!8$5(&7,!.!'&.7!
/$(:3$(&A!M8&!,$(8&'5.#b(!:.'40!$#()&./0!4&<+5&(!.!#+#Y<'$)$<.7!&W.567&!+,!P.7b(!E$77!
L$)*!6+7$<&!S&.'0!,.$7$#:!)+!6'+%$/&!?.<T!.!S8$)&!5.7&!,.#).(*!+,!<+#)'+77&/!$/&#)$)*A!
M8&!:.'4!'&%&.7(!?.<T0!.#/!8&!.:.$#!./8&'&(!)+!8$(!.3/$&#<&b(!/&5.#/!)+!:&)!i'+.'$#:!
/'3#Tj!dR&'+3.<!P3'!]eA!R&'+3.<!'&#/&'(!?.<T!<.6)$%&!)+!)8&(&!,.$7&/!/$(:3$(&(0!
(3::&()$#:!8$(!7+((!+,!$56'+%$(.)$+#.7!<+#)'+7!.#/!.#*!<8.#<&!.)!(+4'$&)*A!
! R&'+3.<!<+#()'3<)(!?.<Tb(!.))&56)!.)!/$(:3$(&!)+!5.'T!8$(!<+#)&#)$+3(!
'&(6+#(&!)+!'&<+:#$)$+#!4*!.#!.3/$&#<&A!M8&(&!&6$(+/&(!+,)&#!3(&!)8&!7.#:3.:&!+,!
<7+)8$#:!)+!.//'&((!)8&!6&',+'5.)$%&!93.7$)*!+,!.66&.'.#<&(A!B+'!$#().#<&0!S8$7&!
:&))$#:!'&./*!,+'!.!'&./$#:!$#!V3'4.#T0!?.<T!$(!.(T&/!)+!.))&#/!)+!.!i/'&((!'&8&.'(.70j!
S8$<8!8&!,$#/(!<+#)&56)$47&!dR&'+3.<!P3'!F^eA!P+!8&!($)(!i+#!)8&!/3#<&b(!()++7!.#/!
'&,3(&m(n!)+!'&./!.!S+'/!+'!+6&#!m8$(n!5+3)8j!dR&'+3.<!P3'!F^eA!N#)&'&()&/!+#7*!$#!
)8&!i)+#&!+,!m8$(n!%+$<&0j!)8&!/'&((!'&8&.'(.7!)'&.)(!?.<T!.#/!8$(!<'&.)$%&!S+'T!.(!.#!
.<)0!.!%&'4.7!'+7&!)+!4&!(S$)<8&/!+#!.#/!+,,!S$)8!$55&/$.<*A!R&'+3.<b(!'&,&'&#<&!)+!
)8$(!(<&#&!.(!.!l/'&((!'&8&.'(.70b!/&(6$)&!$)(!6&',+'5.)$%&!<.77!,+'!4+/$7*!6'&(&#<&0!
<.77(!.))&#)$+#!)+!)8&!S.*!)8.)!.#!.3/$&#<&!)8.)!+#<&!%.7$/.)&/!8$(!$/&#)$)*!#+S!
,+'&<7+(&(!8$(!.4$7$)*!,+'!$56'+%$(.)$+#.7!.#/!.3)8&#)$<!<'&.)$+#A!J.#)$#:!)+!8&.'!8$(!
%+$<&!43)!#+)!8$(!S+'/(0!)8&!.3/$&#<&!5.T&(!?.<T!'&73<).#)!)+!'&./!.!S+'/!+'!+6&#!
8$(!5+3)80!93$&)$#:!8$(!(&7,Y,.(8$+#$#:!.4$7$)*A!!
! ! HF\! !
! K#<&!.!6&',+'5$#:!(&7,!.#/!.!l8+4+!+,!(+')(0b!R&'+3.<b(!V$:!P3'!<+55.#/(!.!
'&)'+(6&<)$%&!7++T!+#!8$(!<.'&&'Y7+#:!,.#).(*!+,!S8$)&!5.(<37$#$)*!.(!.!<8.77&#:&!)+!
$#/$%$/3.7$X&/!+66+')3#$)*0!'.)8&'!)8.#!<'&.)$%&!6'+7$,&'.)$+#!)8'+3:8!)8&!8+4+!
#.''.)$%&A!R&'+3.<b(!#+%&7(!(3::&()!)8.)!S+'T$#:Y<7.((!/'.:0!.#!&54+/$&/!)&<8#$93&!
+,!8+4+8&5$.#!6'.<)$<&0!<.##+)!&.'#!#.''.)$%&!<'&/$4$7$)*!$#!<+56+($)$+#!4&<.3(&!+,!
)8&!$56+(($4$7$)*!+,!'&6'&(&#).)$+#A!R&'+3.<b(!3(&!+,!)8&!(.')+'$.7!$#$)$.)&(!.!/$()$#<)!
(8$,)!$#!8$(!6'&Y.#/Y6+()!1+./!$/&#)$)*0!8$(!#.''.)+'(!+#<&!3($#:!)8&!%&'4.7!.66&.7(!
+,!<7.((!6&',+'5.)$%$)*!.(!.!6'+/3<)$%&!)&<8#$93&0!+#7*!7.)&'!)+!,$#/!$)!.!7$5$)&/!.#/!
'$:$/!6'&(<'$6)$+#!+,!,.5&A!R&'+3.<b(!8+4+8&5$.#!#+%&7(!(3::&()!)8.)!<'+((Y<7.((!
.,,$7$.)$+#!.#/!.66'+6'$.)$+#!<.#!4&<+5&!.!/.#:&'+3(!()'.)&:*!+,!<.6$).7$()!
<+#(356)$+#0!.!<+#<&'#$#:!'&.7$X.)$+#!,+'!)8&!V&.)!:&#&'.)$+#A!N#!)8$(!S.*0!<7.((!
6&',+'5.)$%$)*!$(!#+)!+#7*!)8&!'&(+3'<$#:!+,!.7'&./*!(34+'/$#.)&/!:'+36(!,+'!6+S&'0!
43)!.7(+!().:&(!<+3#)&'<37)3'.7!.,,$7$.)$+#(!,+'!5.((!<37)3'.7!.66&.7!)+!.#!.3/$&#<&A!
M8&(&!()'.)&:$&(!5.'T&)!)8&!8+4+!.#/!)8&!4+8&5$.#!(&7,!(+!S&77!)8.)!)8&*!4&<+5&!.!
#.''.)$%&!6'+/3<)!'.)8&'!)8.#!.!,+'5!+,!(34g&<)$%&!&W6'&(($+#A!L+55+/$,$<.)$+#!+,!
)8&!8+4+8&5$.#!(&7,!$(!<7&.'!$#!)8&!'&5.$#$#:!<8.6)&'(!+#!@3#)&'!PA!M8+56(+#!.#/!
L8.'7&(!V3T+S(T$0!S8+!+,,&'!S.*(!)8.)!8+4+8&5$.#!6'.<)$<&!<.#!4&!.!6'+/3<)$%&!
5.#$637.)$+#!+,!)8&!8+4+!#.''.)$%&!S8$7&!.7(+!(34().#)$.)$#:!)8&!(&7,Y/&()'3<)$%&!
'$(T(!R&'+3.<!6'&(&#)(!$#!8$(!#+%&7(A!!
!
!
! ! H]G! !
8)"K5*4&6)4**.&6)*&89I594"I&F04G&0U&/9+5*4&CA&6)02K$0+S$&C54"+#*&"+,&
6*44'1I*&C"#"$!
!
! @3#)&'!PA!M8+56(+#b(!$)&'.)$+#(!+,!)8&!8+4+!#.''.)$%&!'&7*!+#!/&6$<)$+#(!+,!
S+'T!.#/!S+'T$#:Y<7.((!6&+67&!)8'+3:8!8*4'$/Y:&#'&(!+,!25&'$<.#!,$<)$+#0!#+#Y
,$<)$+#!.#/!g+3'#.7$(5A!O$T&!R&'+3.<0!M8+56(+#b(!S'$))&#!S+'T!,7.3#)(!)8&!<37)3'.7!
6+S&'!.#/!,7&W$4$7$)*!+,!)8&!8+4+!5*()$93&0!S8$<8!+,,&'(!8$5!.!,+<3(&/!43)!,73$/!
.4$7$)*!)+!/$(7+<.)&!8$&'.'<8$&(!+,!(34g&<)$%$)*!$#!4+)8!<+#)&#)!.#/!<+56+($)$+#.7!
)&<8#$93&A!N#!($5$7.'!S.*(0!M8+56(+#b(!(34%&'($%&!6+7$)$<.7!<+55&#).'*0!<37)3'.7!
<'$)$93&0!.#/!<+3#)&'<37)3'.7!6&'(6&<)$%&(!'&93$'&!)8&!S+'T$#:!<7.((f$#<73/$#:!
C.(+7$#&!M'.56(0!,'+#)$&'!(&))7&'(0!.#/!)8&!@&77b(!2#:&7(f,+'!+3)7.S!.((+<$.)$+#(A!
V3)!3#7$T&!R&'+3.<0!M8+56(+#!(34+'/$#.)&(!.!/$%&'(&!S+'T$#:Y<7.((!<37)3'&!,'+5!
)8&!(.,&)*!.#/!(&<3'$)*!+,!.!6'+,&(($+#.7!S+'T$#:!6&'(+#.0!.77+S$#:!8$5!)+!.%+$/!.#!
.3)+4$+:'.68$<.7!<'$($(!7$T&!V$:!P3'A!M8$(!'&(37)(!$#!.!S+'T$#:!6&'(+#.0!S8$<8!.(!
/&,$#&/!4*!=A!;.%$/!E.'(8.77b(!i=&'(+#.!P)3/$&(_!E.66$#:!)8&!='+7$,&'.)$+#!+,!)8&!
=347$<!P&7,j!dFGH^e0!$(!.!6&'(+#.!i/&($:#&/!)+!<$'<37.)&!6347$<7*!$#!(+5&!S.*o!$)!$(!
/&($:#&/!)+!4'.#/!)8&!6&'(+#!(+!)8.)!+)8&'(!S8+!<+#)'+7!<.6$).7!S$77!,$#/!)8&$'!
6+'),+7$+!)8&!&W.<)!&7&5&#)!)8&*!#&&/!)+!.//!)+!)8&$'!<+56.#*s!dE.'(8.77!H`\eA!
M8+56(+#b(!S+'T$#:!6&'(+#.!.#/!g+3'#.7$()$<!<.'&&'!3(&(!)8&!8+4+!5*()$93&!)+!
4'.#/!8$5(&7,!.!6'+,&(($+#.7!S'$)&'!S$)8!7$)&'.'*!<.6.4$7$)*0!S8$<8!<.#!.//!)+!)8&!
6+'),+7$+!+,!25&'$<.#!7$)&'.)3'&!.#/!<37)3'&A!! !
! M8+56(+#b(!i$#<'&.($#:7*!S$/&(6'&./!6347$<$($#:!+,!)8&!(&7,0j!#+)!+#7*!
./%.#<&(!-&S!?+3'#.7$(5b(!4&7$&,!)8.)!)8&!S'$)&'!$(!.(!$56+').#)!)8.#!)8&!()+'*0!43)!
! ! H]H! !
/'.S(!+#!)8&!'&(+3'<&,37!8+4+Y.(Y.')$()!7+:$()$<(!+,!?.<T!O+#/+#!dE.'(8.77!HI`o!
H`\eA!M8+56(+#b(!'&,7&W$%&!S+'T$#:!6&'(+#.!/'.S(!+#!)8&!.3)+4$+:'.68$<.7!$5637(&!
+,!)8&!8+4+!#.''.)$%&0!S8$7&!(&7,Y<+#(<$+3(7*!6&',+'5$#:!.#/!(&7,Y$56&'(+#.)$#:!)8&!
g+3'#.7$()A!@&!.((&')(!)8&!'&($7$&#<*!+,!8$(!S+'T$#:!6&'(+#.!)8'+3:8!.!(&5$Y
.3)+4$+:'.68$<.7!.#/!8$:87*!(34g&<)$%&!(&#(.)$+#.7$()!()*7&!+,!C+#X+!g+3'#.7$(5!8&!
5./&!#+)+'$+3(A!"#7$T&!)8&!6'&%$+3(!<8.6)&'!)8.)!)'.<&/!8+S!8+4+8&5$.#!6'.<)$<&!
&W&')&/!6'&((3'&(!+#!R&'+3.<!)+!./8&'&!)+!.!,$<)$+#.7$X&/!#.''.)$%&!6&'(+#.0!
M8+56(+#!)8'$%&(!+#!)8&!#.''.)$%&!.54$:3$)*!.#/!,73$/!%+$<&!8&!6347$<$X&(!)8'+3:8!
8+4+8&5$.#!6'.<)$<&A!N#!)8$(!S.*0!M8+56(+#!<+#()'3<)(!.!8$:87*!6347$<!S+'T$#:!
6&'(+#.!)8.)!/$<).)&(!)8&!'&(+3'<&,37#&((!+,!)8&!8+4+!5*()$93&!$#)+!<'&.)$%&!
63'(3$)(!+,!25&'$<.#!<37)3'.7!<+#)'+70!'&#/&'$#:!8$5!i.!5+#()&'!'&$#<.'#.)$+#!+,!
@+'.)$+!27:&'Z.!E.#!+#!)8&!E+%&0!.#/!g3()!($<T!&#+3:8!)+!4&!)+).77*!<+#,$/&#)j!
dM8+56(+#!B&.'!FG^eA!"#7$T&!)8&!'&,7&<)$%&!(&7,Y/&()'3<)$+#!+,!R&'+3.<0!M8+56(+#b(!
8+4+8&5$.#!S+'T$#:!6&'(+#.!,3#<)$+#(!)8'+3:8!6'$%$7&:&/!.((&')$+#(!+,!.<)$%&!
6.')$<$6.)$+#!S8$<8!.77+S!8$5!)+!$55&'(&(!8$5(&7,!$#!)8&!8+4+!5*()$93&!,+'!)8&!
<'&.)$%&!6+(($4$7$)*!+,!25&'$<.#!7$)&'.'*!'&<+:#$)$+#A!M8$(!#&S0!'./$<.7!5+/&!+,!
#.''.)$+#!'&$#()$)3)&(!'&($7$&#<*!)+!S8$)&!5.(<37$#$)*!/36&/!4*!6+()S.'!6'+(6&'$)*0!
<.77$#:!.))&#)$+#!)+!4+)8!)8&!#+().7:$<!/'.S!+,!)8&!6'&YS.'!8+4+!5*()$93&!.#/!)8&!
5+'&!<+#)&56+'.'*!'&#/$)$+#(!+,!$)!&#)&'$#:!)8&!P$W)$&(!.#/!P&%&#)$&(A!M8$(!
)'&.)5&#)!(3::&()(!)8.)!M8+56(+#b(!8.#/7$#:!+,!)8&!8+4+!#.''.)$%&!.66'+.<8&(!
+%&')7*!6+()5+/&'#!)&<8#$93&0!8$(!.4$7$)*!)+!S$&7/!.!S+'T$#:!6&'(+#.!)+!.<<&((!.!
i#&S!<37)3'.7!)&<8#+7+:m*n!+,!&W6'&(($+#0j!:'.#)$#:!8$5!.#!+#)+7+:*!43$7)!+#!)8&!
! ! H]F! !
8+4+!5*()$93&!'.)8&'!)8.#!.#!&6$()&5+7+:*!+,!)8&!8+4+b(!&<+#+5$<!<+#/$)$+#!
dE.'(8.77!HI`eA`G!!
! M8+56(+#b(!+%&')!5.#$637.)$+#!+,!(+<$.7!.#/!(*54+7$<!<7.((!$/&#)$)*!/$(67.*(!
.!/$'&<)!$#)&'&()!$#!()'&(($#:!)8&!<.7<37.)&/!.#/!<+#()'3<)&/!.(6&<)!+,!)8&!8+4+!
5*()$93&A!M8&(&!()'.)&:$<!5.#$637.)$+#(!5.6!/&%&7+65&#)(!+,!6+()5+/&'#!<+#<&'#!
$#!7$)&'.)3'&!.(!S&77!.(!$#!)8&!<37)3'.7!(8$,)(!+,!)8&!P$W)$&(A!2(!E.'$.##&!;&R+%&#b(!
")+6$.!O$5$)&/!dFGG^e!.')$<37.)&(0!)8&!'./$<.7!iL$%$7!1$:8)(!.#/!V7.<T!=+S&'!
5+%&5&#)(0!)8&!-&S!O&,)0!.#)$S.'!.#/!()3/&#)!5+%&5&#)(0!(&<+#/YS.%&!,&5$#$(5!
.#/!:.*!7$4&'.)$+#j!S&'&!i6'$5.'$7*0!/+5$#.#)7*0!$#!(+5&!S.*(!93$#)&((&#)$.77*!
5+/&'#!mZ.#/n!5+%&/!$#)+!)8&!6+()5+/&'#j!d;&R+%&#!]Y^eA!M8+56(+#b(!3(&!+,!)8&!
8+4+!5*()$93&!$(!$#/$<.)$%&!+,!)8$(!(8$,)0!6'+%$/$#:!)8&!i,377!'&.7$X.)$+#!.#/!&W)&#($+#!
+,!6+637.'0!&:.7$).'$.#0!(34g&<)$%$()!)'.g&<)+'$&(!+,!)8&!5+/&'#0j!S8$7&!.)!)8&!(.5&!
)$5&!<8.77&#:$#:!i)8&!)+).7$X$#:0!3)+6$.#!5.()&'!#.''.)$%&(j!+,!5+/&'#$)*!d;&R+%&#!
[Y\eA!N!&#%$($+#!)8&!8+4+!5*()$93&!.(!.!3)+6$.#!5.()&'!#.''.)$%&!($#<&!$)!$(!43$7)!
36+#!)8&!S8$)&0!5.7&!,.#).(*!+,!)8&!8+4+!.(!.#!&%&'Y5+4$7&!.#/!$#/&6&#/&#)!,$:3'&!
$#!)8&!:'&.)&'!J&()&'#!7.#/(<.6&!+,!)8&!"#$)&/!P).)&(A!O$T&!$#!P)&$#4&<T0!)8$(!,.#).(*!
5.*!).T&!+#!6+637.'!.#/!&:.7$).'$.#!)+#&(A!2#/!)8+3:8!)8&(&!)+#&(!4'&.T!/+S#!$#!
R&'+3.<!.#/!&W6+(&!.#!$#.4$7$)*!,+'!5.()&'!#.''.)$%&!<+8&'&#<&0!)8&*!<+#)$#3&!)+!
.66&.'!.(!.!/$()$#<)!+'/&'$#:!6'$#<$6.7!$#!)S&#)$&)8Y<&#)3'*!5.7&!&W6&'$&#<&A!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
`G!N#!iB'+5!E+/&'#$()!)+!=+()5+/&'#$()!B$<)$+#j!dH\[ae!V'$.#!E<@.7&!.':3&(!)8.)!)8&!5+%&!,'+5!
E+/&'#$(5!)+!=+()5+/&'#$(5!$(!/&,$#&/!4*!)8&!(8$,)!,'+5!&6$()&5+7+:$<.7!5+/&(!+,!T#+S$#:!)+!
+#)+7+:$<.7!5+/&(!+,!4&$#:A!N!<+#($/&'!8+4+8&5$.#!6'.<)$<&!.!<'*().77$X.)$+#!+,!)8$(!68&#+5&#+#0!.#/!
<7.((!6&',+'5.)$%$)*!.!)&<8#$93&!,+'!/&%&7+6$#:!+#)+7+:$<.7!<7.$5(!$#!)S&#)$&)8!<&#)3'*!25&'$<.#!
7$)&'.)3'&!.#/!<37)3'&A!
!
! ! H]]! !
M8+56(+#b(!S8$)&0!5.7&!,.#).(*!<.77(!+#!)8&!S+'T$#:!<7.((!)+!<.77!.))&#)$+#!)+!)8&!
.4+%&!6'&((3'&(!.#/!&W8$4$)!8+()$7$)*!)+S.'/!)8&!)+).7$X$#:!(<+6&!+,!3)+6$.#!$5.:&(!
)+!$#()$)3)&!<8.77&#:&(!)+!)8&!6+7$)$<.7!'&.7$)*!+,!)8&!5$/Y<&#)3'*A!!
!;&R+%&#b(!6+()5+/&'#!6&'(6&<)$%&!.')$<37.)&(!)8.)!)8&!8+4+!#.''.)$%&!<.#!4&!
'&./!.(!.!5.()&'!#.''.)$%&!4&<.3(&!$)!.66'+W$5.)&(!8$:87*!8&:&5+#$<!'.:(Y)+Y'$<8&(!
+'!36S.'/7*!5+4$7&!#.''.)$%&!+,!6'+:'&((!,+'!S8$)&!5.(<37$#$)*!$#!)S&#)$&)8Y
<&#)3'*!25&'$<.A!M8$(!$(!$'+#$<0!4&<.3(&!)8+3:8!)8&!8+4+!#.''.)$%&!5.*!$#<73/&!
&6$(+/&(!+,!36S.'/!5+4$7$)*0!)8.)!5+4$7$)*!$(!'.'&7*!&.'#&/!)8'+3:8!6.$#().T$#:!
S+'T!.(!$#!)8&!27:&'Y,+'5A!M8+56(+#!'&<+:#$X&(!)8$(!:&#&'.)$+#.7!/$,,&'&#<&0!.#/!
(3::&()(_!
N,!@+'.)$+!27:&'!8./!4&&#!4+'#!#&.'!.!,$&7/!+,!7+<+S&&/!8$(!()+'*!5$:8)!8.%&!
4&&#!.!7+)!/$,,&'&#)A!@&!S+37/!8.%&!:+#&!+#!3#&567+*5&#)!.#/!(6&#)!5+()!+,!
8$(!)$5&!g3()!().#/$#:!.'+3#/!(5$7$#:!.)!)8$#:(0!4'3(8$#:!+,,!)8&!6'+)&()(!+,!
8$(!,'$&#/(!.#/!4&#&,.<)+'(0!(.*$#:!l;+#b)!43:!5&0!4.4*f*+3b77!#&%&'!T#+SAb!
dM8+56(+#!2#:&7(!FHHeA!!
!
M8+56(+#b(!/'3::&/!+3)!'&)&77$#:!+,!)8&!27:&'Y/'$%&#!25&'$<.#!$/&+7+:*!(3::&()(!
)8.)!)8&!6+()S.'!8+4+!#.''.)$%&!(&'%&(!.(!.!6+()5+/&'#!(34%&'($+#!+,!'.:(Y)+Y
'$<8&(!)'+6&(!.#/!4&#&,$)(!,'+5!)8&!<37)3'.7!3#<+#(<$+3(!+,!6'+/3<)$%&!36S.'/!
5+4$7$)*A!M8&'&,+'&0!4*!&#7$()$#:!)8&!<+3#)&'<37)3'.7!.((+<$.)$+#(!+,!8+4+8&5$.0!
M8+56(+#!/'.S(!+#!S+'T$#:Y<7.((!,$:3'&(!7$T&!)8&!)'.560!8+4+0!5$:'.#)!+'!435!
S8+!.'&!/&,$#&/!4*!)8&$'!7.4+'$#:!6'.<)$<&(!+'!'&,3(.7(!)+!S+'T0!)+!<8.77&#:&!
25&'$<.#!5.()&'!#.''.)$%&(!+,!6'+/3<)$%$)*A!N#!)8$(!S.*0!6+()S.'!$)&'.)$+#(!+,!)8&!
8+4+!#.''.)$%&!<.#!4&!(&&#!.(!).T$#:!+#!(34%&'($%&!6+)&#)$.70!(3<8!.(!$#!)8&!
&54+/$&/!<7.((!6&',+'5.)$%$)*!+,!R&'+3.<A!V3)!)8$(!(34%&'($%&#&((!$(!5+()!<37)3'.77*!
! ! H]^! !
/$('36)$%&!$#!M8+56(+#b(!8+4+!#.''.)$%&0!S8$<8!+4g&<)$,$&(!.#/!&W67+$)(!)8&!S+'T$#:!
<7.((!.#/!)8&!8+4+!5*()$93&A!N#!M8+56(+#0!)8&!<7.((!6&',+'5.)$%$)*!+,!8+4+8&5$.#!
6'.<)$<&!5+%&(!,'+5!.!)&<8#$93&!,+'!6+637$()!&6$<(!7$T&!)8+(&!+,!P)&$#4&<T!)+!#&.'Y
.#.'<8$()$<!.#/!(&7,Y(&'%$#:!(+<$.7!.((&')$%&#&((!$#!)8&!P$W)$&(!)8.)!93&()$+#(!)8&!
<37)3'.7!5&.#$#:!.#/!$56.<)!+,!)8&!K7/!.#/!)8&!-&S!O&,)A!!
! ;&R+%&#b(!S+'T!$/&#)$,$&(!M8+56(+#b(!i.3)8+'Y.(Y#.''.)+'Y.(Yg+3'#.7$()Y.(Y
<8.'.<)&'j!.(!()*7&/!)8'+3:8!i6+()5+/&'#$)*b(!$'+#$<0!7+<.)&/!(34g&<)$%&!
6&',+'5.)$%$)*j!d;&R+%&#!\Ho!\`eA!2(!.!6+()5+/&'#!6&',+'5&'0!M8+56(+#b(!
S+'T$#:!6&'(+#.!3(&(!8+4+8&5$.#!6'.<)$<&!.(!.!5&)8+/!)+!.<8$&%&!(34g&<)$%&!
6&',+'5.)$%$)*!.<'+((!<7.((!7$#&(0!./%.#<$#:!.!i8$:87*!<+567&W0!537)$67&0!(&7,Y
'&,7&W$%&0!(&7,Y<+#(<$+3(!7$)&'.'*!<+#()'3<)j!4.(&/!+#!)8&!8+4+!5*()$93&!d;&R+%&#!
\HeA!M8+56(+#b(!3(&!+,!.!S+'T$#:!6&'(+#.!)+!/$()'$43)&!5&.#$#:!)+!.!6+()5+/&'#!
8+4+!#.''.)$%&!,+'5!8$:87$:8)(!.!5&)8+/!,+'!(&<3'$#:!().)3(!)8'+3:8!7$)&'.'*!
<+#()'3<)A!M8$(!($:#.7(!M8+56(+#b(!$#%&()5&#)!$#!.!#.''.)$%&!+,!S8$)&!5.(<37$#&!
'&($7$&#<*!S8$7&!'&$#()$)3)$#:!.!8$:87*!4+3':&+$(!(34g&<)$%&!6&',+'5.)$%$)*!)8'+3:8!.!
<'$)$93&!+,!)8&!8+4+!5*()$93&A!N#!)8$(!S.*0!M8+56(+#!/'.S(!+#!6'&Y<$'<37.)$#:!
5.()&'!#.''.)$%&(!,.5$7$.'!)+!25&'$<.#!<37)3'&!.#/!)'.#(,+'5(!)8&5!,+'!'./$<.7!(&7,Y
5.T$#:!.(!.!6'+,&(($+#.7!S'$)&'A!M8&'&,+'&0!$#!7$#&!S$)8!;&R+%&#b(!$/&#)$,$<.)$+#!+,!
&5&':&#)!6+()5+/&'#$(50!N!.':3&!)8.)!M8+56(+#!3(&(!)8&!7+<.)&/0!(34g&<)$%&!
6&',+'5.)$%$)*!+,!<7.((!)8'+3:8!8+4+8&5$.#!6'.<)$<&!)+!.<<+567$(8!.!'&,7&W$%&!
.3)8+'Y#.''.)+'!6+($)$+#!)8.)!./%.#<&(!)8&!'./$<.7!6+)&#)$.7!+,!-&S!?+3'#.7$(5!
! ! H]`! !
S$)8$#!25&'$<.#!7$)&'.'*!5.'T&)(0!S8$7&!&%./$#:!)8&!.3)+4$+:'.68$<.7!<+567$<.)$+#(!
+,!)8&!8+4+!#.''.)$%&!+,!&.'7$&'!/&<./&(A!!
! M8&!&5&':&#)!6+()5+/&'#$(5!+,!M8+56(+#b(!S+'T$#:!6&'(+#.!$(!<7&.'!$#!)8&!
4$T&'Y:.#:!&W6+(q0!@&77b(!2#:&7(_!2!P)'.#:&!.#/!M&''$47&!P.:.!dH\IIe0!.(!S&77!.(!$#!
8$(!<'$)$93&!+,!)8&!8+4+!5*()$93&!$#!B&.'!.#/!O+.)8$#:!$#!O.(!c&:.(_!2!P.%.:&!
?+3'#&*!)+!)8&!@&.')!+,!)8&!25&'$<.#!;'&.5!dH\aHeA!N#!4+)8!)&W)(0!M8+56(+#b(!S+'T!
6&'(+#.!:.$#(!(+<$.7!6'+5$#&#<&!4*!5.#$637.)$#:!S+'T$#:Y<7.((!$/&#)$)$&(!.#/!
()+'$&(!,'+5!.!8$()+'$<.77*!(6&<$,$<!6+($)$+#!+,!S8$)&!5.(<37$#$)*!)8.)!<7.$5(!<37)3'.7!
'&7&%.#<&A!M8+56(+#b(!8+4+8&5$.#!6'.<)$<&!4&<+5&(!.!'./$<.7!5&)8+/!+,!
<+56+($)$+#!)8.)!<'&.)&(!+66+')3#$)$&(!,+'!(&7,Y:7+'$,$<.)$+#!)8'+3:8!-&S!
?+3'#.7$(5b(!(34g&<)$%&!6.')$<$6.)$+#A!N#!)8&(&!)&W)(0!S+'T$#:Y<7.((!$/&#)$)*0!
'&6'&(&#)&/!)8'+3:8!.!6'&Y<$'<37.)$#:!8+4+!5*()$93&0!4&<+5&(!.!'&(+3'<&!+,!
<'&.)$%&!&W6'&(($+#0!.#!&#)'&6'&#&3'$.7!()'.)&:*0!.#/!.!(34%&'($%&!.&()8&)$<!)8.)!
.((&')(!M8+56(+#b(!6'+,&(($+#.7!().)3(!.#/!<37)3'.7!6'+S&((A!
!
@>OObP!2-C>OP!2-;!M@>!JK1R!KB!1>=1>P>-M2MNK-!
! 25&'$<.#!g+3'#.7$(5!8.(!/&5+#()'.)&/!7+#:Y().#/$#:!$#)&'&()!$#!)8&!3#/&'Y!
+'!S+'T$#:!<7.((A!2(!<'$)$<!M8+5.(!-&S8+3(&!6+$#)(!+3)0!5.#*!+,!)8&!6'&/&<&((+'(!
+,!-&S!?+3'#.7$(5!<.#!4&!)'.<&/!)+!'&(6&<)&/!)3'#Y+,Y)8&Y<&#)3'*!6'+:'&(($%&!)&W)(0!
S8$<8!&568.($X&/!)8&!6'.<)$<&!+,!i(7355$#:j!$#!)8&!7$)&'.'*!5+/&(!+,!'&.7$(5!.#/!
#.)3'.7$(5!$#!+'/&'!)+!()$537.)&!(+<$.7!<8.#:&!dHFHeA!M8&(&!&6$(+/&(!+,)&#!,&.)3'&/!
366&'Y)+Y5$//7&!<7.((!<8.'.<)&'(!)8.)!%$($)&/!+'!7$%&/!$#!7+S&'Y<7.((!7+<.)$+#(!$#!
! ! H]I! !
+'/&'!)+!:.)8&'!T#+S7&/:&!.#/!6'+%$/&!.3)8&#)$<!'&6'&(&#).)$+#(!+,!5.':$#.7!
S+'7/(A!M8&!6'+/3<)$%&#&((!+,!<7.((Y<'+(($#:!7$)&'.'*!6&',+'5.#<&(!(3<8!.(!
(7355$#:!4&<+5&(!,+3#/.)$+#.7!$#!M+5!J+7,&b(!<.77!,+'!-&S!?+3'#.7$()(!)+!/$('36)!
)8&!7$)&'.'*!<7.((!8$&'.'<8*!)8.)!'.#T(!g+3'#.7$()(!.(!8.'/7*!#+)$<&.47&!5&54&'(!+,!
)8&!7+S&'!<7.((0!+#7*!.4+%&!)8&!i(+Y<.77&/!,'&&Y7.#<&!S'$)&'(0j!+'!i7356&#6'+7&(j!
di25&'$<.#!-+%&7j!H`]eA!"#S$77$#:!)+!4&!(34+'/$#.)&!)+!#+%&7$()(0!J+7,&!<.77(!+#!
-&S!?+3'#.7$()(!)+!i).Tm&n!+#!.77!+,!)8&(&!m<7.((n!'+7&(!.)!)8&!(.5&!)$5&!mZn!$:#+'$#:!
7$)&'.'*!<7.((!7$#&(!)8.)!8.%&!4&&#!.75+()!.!<&#)3'*!$#!)8&!5.T$#:j!di25&'$<.#!
-+%&7j!H`]eA`H!!!
!2(!.!g+3'#.7$()0!<37)3'.7!<'$)$<0!.#/!#+%&7$()0!J+7,&!7+<.)&(!,7&W$47&!<'&.)$%&!
6+($)$+#(!7$T&!?.<T!O+#/+#b(!8+4+Y.(Y.')$()A!M8&(&!6+($)$+#(!.'&!.47&!)+!5.#$637.)&!
(+<$.77*!()'.)$,$&/!($)3.)$+#(!)+!&W6'&((!)8&$'!<.6.<$)*!,+'!<'&.)$%$)*A!J+7,&!<.77(!+#!.!
<.6$).7$()!8$&'.'<8*!)+!$#)&''+:.)&!)8&!6347$(8$#:!6'.<)$<&(!+,!8$(!)$5&0!&#%$($+#$#:!
<7.((!<'+(($#:!.(!.#!+6&#$#:!+,!<37)3'.7!.<<&((!.#/!S&.7)8!'&/$()'$43)$+#A!@+S&%&'0!
)8$(!/&5+<'.)$X.)$+#!+,!)8&!7$)&'.'*!5.'T&)!$(!#+)!.4+3)!$#<'&.($#:!)8&!%$($4$7$)*!+,!
(34+'/$#.)&/!%+$<&(A!1.)8&'0!$)!(&'%&(!)+!.77+S!)8&!S+'/(!+,!<&').$#!6&+67&0!
(6&<$,$<.77*!)8&!S8$)&0!5.7&!<+3#)&'<37)3'&0`F!)+!&.'#!%.7$/.)$+#!.(!#&S!<37)3'.7!
67.*&'(!+#!)8&!(<&#&A!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
`H!!dB+'(4&':![\e!
`F!P3<8!.(!)8&!E&''*!='.#T()&'(!S8+5!J+7,&!S'$)&(!.4+3)!$#!M8&!>7&<)'$<!R++7Y2$/!2<$/!M&()!dH\I[eA!
M8&!E&''*!='.#T()&'(!S&'&!.!'.:Y).:!)&.5!+,!<+3#)&'<37)3'.7!6&'(+#.7$)$&(!)8.)!<8.77&#:&/!)8&!
().)3(Y93+!/3'$#:!)8&$'!6(*<8&/&7$<!'+./!)'$6!$#!.!(<8++7!43(!.<'+((!25&'$<.A!E&54&'(8$6!+,!)8&!
:'+36!%.'$&(0!43)!($:#$,$<.#)7*!$#<73/&(!#+%&7$()!R&#!R&(&*!.#/!-&.7!L.((./*!d;&.#!E+'$.')*!,'+5!
R&'+3.<b(!K#!)8&!1+./eA!J+7,&b(!/&6$<)$+#!+,!)8&!E&''*!='.#T()&'(!.7(+!$#<73/&(!$#)&'.<)$+#(!S$)8!)8&!
@&77b(!2#:&7(0!S8$<8!.<<+'/$#:!)+!27&W!C$4#&*b(!/+<35&#).'*!C+#X+_!M8&!O$,&!.#/!J+'T!+,!;'A!@3#)&'!
PA!M8+56(+#!dFGG[e0!S&'&!/'.S#!,'+5!@3#)&'!PA!M8+56(+#b(!#+)&(!.#/!.3/$+!'&<+'/$#:(A!!
! ! H]a! !
! M8&!,73$/!6+($)$+#.7$)*!+,!S'$)&'(!S8+!&#:.:&!S$)8!(7355$#:!.#/!<7.((!
<'+(($#:!(3::&()(!.!6'$%$7&:&/!6+($)$+#!S$)8$#!)8&!<37)3'&!$#/3()'*A!2#!&W.5$#.)$+#!
+,!)8&(&!6'$%$7&:&/!6+($)$+#(!4&#&,$)(!,'+5!1$<8.'/!2A!=&)&'(+#!.#/!1+:&'!EA!R&'#b(!
,+'537.)$+#!+,!)8&!i<37)3'.7!+5#$%+'&0j!.!6+()5+/&'#!,$:3'&!S8+!/+&(!#+)!<+#(35&!
i&%&'*)8$#:!$#/$(<'$5$#.)&7*j!$#!<37)3'&0!43)!im'n.)8&'!Z!($:#$,$&(!.#!+6&##&((!)+!
.66'&<$.)$#:!&%&'*)8$#:j!d\G^eA!2!<37)3'.7!+5#$%+'&!$(!.47&!)+!.<<3537.)&!)8&!T$#/!
+,!<37)3'.7!<.6$).7!)8.)!=$&''&!V+3'/$&3!&().47$(8&(!$#!;$()$#<)$+#!dH\[Ie_!)+!$/&#)$,*!
.#/!6.')$<$6.)&!$#!<37)3'.7!6'.<)$<&(!)8.)!8.%&!%.73&A!M8+56(+#b(!S+'T!(8+S(!)8&!
.4$7$)*!)+!.66'&<$.)&!.#/!6.')$<$6.)&!$#!.!%.'$&)*!+,!<37)3'.7!$#()$)3)$+#(A!@+S&%&'0!
)8$(!.<<&((!'&93$'&(!8$5!)+!<+#()'3<)!.#!&,,&<)$%&!S+'T$#:!6&'(+#.!/&6&#/&#)!+#!.!
537)$)3/&!+,!5.'T&).47&!#.''.)$%&(0!&(6&<$.77*!)8+(&!)8.)!&7$<$)!)&#($+#!4&)S&&#!
5$//7&Y<7.((!.#/!S+'T$#:Y<7.((!$/&#)$)$&(A`]!!!
! @&77b(!2#:&7(!$(!)8&!)&W)!)8.)!(&<3'&(!M8+56(+#b(!S'$)$#:!<.'&&'!.#/!8$(!
S+'T$#:!6&'(+#.!.(!<37)3'.7!<'$)$<A!B$'()!6347$(8&/!$#!H\I`!.(!iM8&!E+)+'<*<7&!
C.#:(_!O+(&'(!.#/!K3)($/&'(j!,+'!L.'&*!E<J$77$.5(!.)!M8&!-.)$+#0!)8&!
<+55$(($+#&/!6'+g&<)!/+<35&#)(!M8+56(+#b(!*&.'Y7+#:!.((+<$.)$+#!S$)8!)8&!
#+')8&'#!L.7$,+'#$.!5+)+'<*<7&!:.#:!$#!68+)+:'.68(!.#/!S'$)$#:A`^!M8+56(+#!
&568.($X&(!)8&!S+'T$#:Y<7.((!#.)3'&!+,!)8&!:.#:!$#!+'/&'!)+!<.6)3'&!)8&!2#:&7(b!
5&#.<$#:!'&63).)$+#!.#/!)+!5+4$7$X&!)8&!<37)3'.7!%.73&!+,!)8.)!'&63).)$+#!4*!
5.'T&)$#:!$)!)+!)8&!5.$#()'&.5A!@&!,377*!$#8.4$)(!8$(!'+7&!.(!.!<37)3'.7!+5#$%+'&!.47&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
`]!dB+'(4&':![\e!
`^!M8&!-.)$+#!$(!.#!25&'$<.#!5.:.X$#&!T#+S#!,+'!$)(!7$4&'.7Y5$#/&/!6+7$)$<(!.#/!<'$)$93&A!;3'$#:!8$(!
)$5&!.(!&/$)+'0!E<J$77$.5(!$(!<'&/$)&/!S$)8!4'$#:$#:!)8&!<+3#)&'<37)3'.7!6+7$)$<(!+,!)8&!5$/Y)S&#)$&)8!
<&#)3'*!)+!.!5.$#()'&.5!.3/$&#<&A!
! ! H][! !
)+!)3'#!,'.3:8)!/&4.)&(!+,!'&6'&(&#).)$+#!$#)+!(&7,Y(&'%$#:!<.6$).7A!!V*!)'.#(,+'5$#:!
<37)3'.7!<.6$).7!$#)+!(*54+7$<!<.6$).7!$#!7&:$)$5$X&/0!8$:87*!<$'<37.)&/!4++T(!.#/!
.')$<7&(0!M8+56(+#!.#/!+)8&'!-&S!?+3'#.7$()(!6'+%$/&!&%$/&#<&!)8.)!+5#+'%.<$)*!$(0!
.(!V&%&'7*!PT&::(!(3::&()(0!#+)!+#7*!.!i6'$%$7&:&!'&()'$<)&/!)+!)8&!5$//7&Y<7.((&(j!
dB+'5.)$+#(!HF`e0!43)!.!5&)8+/!,+'!)8&!5$//7&!<7.((&(!)+!i'&Y,.(8$+#!.#/!'&Y)++7!
)8&5(&7%&(s!dB+'5.)$+#(!H^^eA!27)8+3:8!8&!$(!6&'<&$%&/!.(!.!7+SY7&%&7!6'.<)$)$+#&'!
+,!#+#Y,$<)$+#!.#/!.!<'&.)$%&!)'.#(:'&((+'!+,!)8&!<7.((!8$&'.'<8*0!M8+56(+#b(!
#.''.)$%&!6'+/3<)$+#!.#/!6347$<!6&',+'5.#<&!.(!.!-&S!?+3'#.7$()!&().47$(8&(!.!S+'T!
6&'(+#.!)8.)!3(&(!<7.((!$/&#)$)*!)+!i'&Y)++7j!8$(!().)3(A!2#/!S8$7&!8$(!<37)3'.7!
+5#+'%.<$)*!5.*!,.(8$+#!.!(&#(&!+,!<+#)'+7!.(!.!6'+,&(($+#.70!$)!.7(+!'&%&.7(!
M8+56(+#!)+!4&!s.#!.((&)Y.<93$'$#:!(&7,0!+4(&((&/!S$)8!$#<'&.($#:!)8&!%+735&!+,!
m8$(n!<37)3'.7!<.6$).7s!dPT&::(!P&7,!a`eA``!!
! M8$(!<+#()'3<)(!)8&!<37)3'.7!+5#$%+'&!#+)!.(!.!6+()5+/&'#!8+4+0!43)!'.)8&'!
.#!./%.#<&/!,+'5!+,!8+4+8&5$.#!6'.<)$<&!)8.)!'&./$7*!.<<3537.)&(!<.6$).7!,'+5!
<'+((Y<7.((!.,,$7$.)$+#(!$#!(&'%$<&!+,!)8&!6'+/3<)!+,!)8&!(&7,0!#+)!g3()!)8&!#.''.)$%&A!2)!
)8$(!().:&!+,!8+4+8&5$.#!6'.<)$<&0!)8&!(&7,!4&<+5&(!.!6'+/3<)!.(!'&./$7*!<$'<37.)&/!
.(!)8&!#.''.)$%&A!M8+3:8!R&'+3.<b(!<+56+($)$+#(!($5$7.'7*!5.T&!<'+((Y<7.((!
.((+<$.)$+#(!.!'&(+3'<&!,+'!(&7,Y5.T$#:0!M8+56(+#!4&#&,$)(!,'+5!.!6347$<$X&/!
S+'T$#:!6&'(+#.!)8.)!/+&(!5+'&!)8.#!6&',+'5!,+'!.#!.3/$&#<&A!M8$(!6'+<&((!$(!.!
/.#:&'+3(!,&.)!,+'!(+5&+#&!7$T&!R&'+3.<0!S8$7&!M8+56(+#!.#/!)8&!8+4+8&5$.#!
6'.<)$)$+#&'(!S8+!,+77+S!8$5!$#!)8$(!/$((&').)$+#!7&.'#!)+!<+#)'+7!)8&!$56.<)!+,!)8$(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
``!dB+'(4&':![\Y\Ge!
! ! H]\! !
5.'T&)$X.)$+#A!M8$(!'&93$'&(!M8+56(+#!)+!3(&!8$(!+5#+'%.<$)*!)+!7+<.)&!%.73&!$#!.!
6'&Y<$'<37.)$#:!8+4+!5*()$93&!.#/!()'.)&:$<.77*!5.#$637.)&!$)(!(34g&<)$%&!
6&',+'5.)$%$)*!)+!&W6'&((!5$/Y)+Y7.)&!)S&#)$&)8!<&#)3'*!().)3(A!M83(0!M8+56(+#b(!
+5#+'%.<$)*!.77+S(!8$5!)+!&#)&'!#&S!<37)3'.7!)&''$)+'*!)8'+3:8!.!<+55+/$,$<.)$+#!
+,!)8&!+7/0!S&()&'#0!5.(<37$#&!5+/&!+,!<+#)'+7!4.(&/!+#!)8&!<37)3'.7!<.6$).7!+,!.!
8+4+!5*()$93&A!
!M8&!6+7$)$<(!+,!'&6'&(&#).)$+#!.#/!'&63).)$+#!.'&!.!<&#)'.7!,+<3(!$#!)8&!
<'$)$<.7!)'&.)5&#)!+,!M8+56(+#b(!&.'7*!S+'TA!V&()!&#<.6(37.)&/!4*!)8&!N#)&'#.)$+#.7!
?+3'#.7!+,!E+)+'<*<7&!P)3/$&(b!<+55&5+'.)$+#!+,!)8&!^G)8!.##$%&'(.'*!+,!@&77b(!
2#:&7(!$#!FGG`0!)8&!$((3&!$#<73/&(!&((.*(!)8.)!+%&'S8&75$#:7*!<7.$5!)8.)!M8+56(+#!
7.<T&/!)8&!.3)8+'$)*!)+!'&6'&(&#)!)8&!4$T&!:.#:!.#/!)+!$#,73&#<&!<37)3'.7!+6$#$+#A!
"7)$5.)&7*!<+#<&'#&/!S$)8!.#!.<<3'.)&!'&6'&(&#).)$+#!+,!5+)+'<*<7&!<37)3'&!.#/!
S$)8!)8&!7.S(!)8.)!()&55&/!,'+5!,$&7/!'&6+')(!.4+3)!)8&!5+)+'<*<7&!<734(0!)8&!N?EP!
<'$)$<(!,$#/!M8+56(+#!.#!$77Y&93$66&/!(&#(.)$+#.7$()!5+'&!$#)&'&()&/!$#!6'+5+)$#:!
8$(!S'$)$#:!)8.#!6'+%$/$#:!.!)'3)8,37!$56'&(($+#!+,!)8&!<734A!B+'!$#().#<&0!C.'*!OA!
R$&,,#&'b(!iE*)80!1&.7$)*0!.#/!1&%&#:&!$#!@3#)&'!PA!M8+56(+#b(!@&77b(!2#:&7(j!
<+#<&'#(!$)(&7,!#+)!+#7*!S$)8!M8+56(+#b(!(T&S&/0!+3)($/&'!'&6'&(&#).)$+#(!+,!)8&!
2#:&7(0!43)!.7(+!S$)8!8$(!<7&.'!4$.(!.:.$#()!)8&5A!P$5$7.'7*0!V.'4.'.!?+.#(b!iCONV!
JNM@!C"MP!2-;!CK1>_!N!L+5&!)+!V3'*!@M0!-+)!='.$(&!@$5_!M8&!O&:&#/!+,!@3#)&'!
M8+56(+#0j!/&).$7(!)8&!5.(<37$#&!<+55.#/!M8+56(+#!&#.<)(!$#!8$(!/&6$<)$+#!+,!
)8&!5+)+'<*<7&!<7340!S8$<8!'&(37)(!$#!)8&!/&%&7+65&#)!+,!<37)3'.7!<3''&#<*!.#/!
<&7&4'$)*!/&(6$)&!8$(!$#./&93.)&!5&)8+/(!.#/!6&'(6&<)$%&(A!V+)8!R$&,,#&'!.#/!?+#&(!
! ! H^G! !
(3::&()!)8.)!M8+56(+#b(!'&7.)$+#(8$6!)+!)8&!@&77b(!2#:&7(!S.(!)'+347&/!43)!
6'+/3<)$%&0!.#/!)8.)!)8$(!)&#3+3(!<+##&<)$+#!i5./&j!8$5!.(!.!S'$)$#:!6'+,&(($+#.7!
.#/!6347$<!6&'(+#.A`I!!
! M8+56(+#!$(!&547&5.)$<!+,!)8&!6+S&',37!<+55.#/!+,!<7.((!6&',+'5.#<&!)8.)!
-&S!?+3'#.7$()(!#&&/&/!)+!&#.<)!)+!()'&#:)8&#!)8&$'!+S#!S+'T&'YS'$)&'!6&'(+#.(A!
V*!().:$#:!(+<$.7!)'.#(:'&(($+#(0!M8+56(+#!$(!.47&!)+!(&<3'&!6'+/3<)$%&!
<+3#)&'<37)3'.7!.<<&((!)8'+3:8!.((+<$.)$+#(!S$)8!)8&!@&77b(!2#:&7(A!2(!.!S+'T$#:Y
<7.((!<+553#$)*0!)8&!@&77b(!2#:&7(!6'+%$/&!M8+56(+#!)8&!<+#)&#)!)8.)!.((&')(!8$(!
6+($)$+#!.(!.!i6'+Aj!M8&!2#:&7(!.7(+!6'+%$/&!M8+56(+#!<37)3'.7!5.)&'$.7!)8.)!
(&<3'&(!8$(!<37)3'.77*!+5#$%+'+3(!6+($)$+#A!N#!+'/&'!)+!)3'#!)8&(&!&7&5&#)(!$#)+!
<'&.)$%&!-&S!?+3'#.7$(50!M8+56(+#!()'.)&:$<.77*!()'&((&(!)8'&&!)8$#:(_!)8&!:.#:b(!
S+'T$#:Y<7.((!8$()+'*!.#/!,'+#)$&'!<+##&<)$+#(0!8$(!+3)($/&'!().)3(!.#/!#+#Y
5&54&'(8$6!)+!)8&!:.#:0!.#/!)8&!<.6'$<$+3(#&((!+,!<&7&4'$)*A`a!!
! 2(!.!<37)3'.7!+5#$%+'&0!M8+56(+#!$(!.47&!)+!<+##&<)!)8&!S+'T$#:Y<7.((!
$/&#)$)*!+,!)8&!2#:&7(!S$)8!.!,'+#)$&'!5*)8+(!+,!5+4$7&!<+553#$)$&(!d&A:A!8+4+(0!
:*6($&(eA!M8$(!6.$'$#:!6'+%$/&(!M8+56(+#!S$)8!.!:'.#/!8$()+'$<.7!)'.g&<)+'*!)8.)!
<+''+4+'.)&(!)8&!.3)8+'$)*!+,!8$(!<8+(&#!6'+,&(($+#0!.#/!)8&!<+55.#/!+,!8$(!
<37)3'.7!6+($)$+#A!P$#<&!5+4$7$)*!$(!($:#$,$<.#)!4+)8!)+!)8&!@&77b(!2#:&7(!.#/!)+!
M8+56(+#b(!.4$7$)*!)+!<.6)3'&!)8&!()+'*0!8$(!/&(<'$6)$+#!+,!)8&!2#:&7(b!i:*6(*!()*7&!+,!
7$,&j!d2#:&7(!H`Ge!(3::&()(!)8&!<37)3'.7!%.73&!+,!.!5+4$7&0!+3)7.S!<+553#$)*A!
M8+56(+#!()'&((&(!)8&!:'+36!5*)8+(!5+'&!)8.#!)8&!$#/$%$/3.7!5&54&'(!+,!)8&!:.#:!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
`I!dB+'(4&':!\Ge!
`a!dB+'(4&':!\Ge!
! ! H^H! !
$#!+'/&'!)+!<+##&<)!/$(&#,'.#<8$(&/!S+'T$#:Y<7.((!5&#!)+!.!<+77&<)$%&!'&.((&')$+#!+,!
)3'#Y+,Y)8&Y<&#)3'*!5.(<37$#$)*!'++)&/!$#!'.$7'+./(!.#/!)8&!,'+#)$&'A`[!N#!/+$#:!(+0!
M8+56(+#!<+#)'+7(!.!,.5$7$.'!<37)3'.7!#.''.)$%&0!6'+%$/$#:!%.7$/.)$+#!.#/!7&:$)$5.<*!
)+!8$(!<8+$<&!+,!(34g&<)!5.))&'A!B+'!M8+56(+#0!)8$(!6.$'$#:!37)$5.)&7*!/&5+#()'.)&(!
)8.)!/&(6$)&!)8&!@&77b(!2#:&7(!7+S!(+<$.7!().#/$#:0!)8&*!6+((&((!.!8$:87*!5+4$7&!
5*()$93&!)8.)!8&!<.#!63)!$#!(&'%$<&!+,!8$(!+S#!<.'&&'A`\!!
! M+!5.T&!)8$(!5*()$93&!.66&.7!)+!8$(!'&./&'(0!M8+56(+#!<+##&<)(!)8&!2#:&7(!
)+!)8&!%$($47&!$<+#+:'.68*!+,!)8&!J&()S.'/!6'+5$(&!+,!&W6.#($+#0!.#/!)+!6+637$()Y
&'.!(&))7&5&#)(!$#!L.7$,+'#$.A!@&!&W67.$#(_!iN)!$(!&.(*!&#+3:8!)+!)'.<&!)8&!@&77b(!
2#:&7b(!5*()$93&f.#/!&%&#!)8&$'!#.5&!.#/!)8&$'!&547&5(f4.<T!)+!J+'7/!J.'!NN!
.#/!@+77*S++/A!V3)!)8&$'!:&#&(!.#/!'&.7!8$()+'*!:+!4.<T!.!7+)!,3')8&'j!dM8+56(+#!
2#:&7(!H`]eA!M8+56(+#!6'+%$/&(!.!8$()+'$<.7!&%+73)$+#!+,!S+'T$#:Y<7.((!$/&#)$)*!
)8'+3:8+3)!)8&!)S&#)$&)8!<&#)3'*0!43)!+#&!)8.)!()'&((&(!.!#+().7:$<!,.(<$#.)$+#!S$)8!
,.5$7$.'!.#/!5.'T&).47&!&547&5(!.#/!#.5&(0!'.)8&'!)8.#!)8&!5.)&'$.7!'&.7$)*!+,!
#$#&)&&#)8!<&#)3'*!,'+#)$&'Y&'.!(&))7&5&#)(!$#!L.7$,+'#$.A!M8+56(+#!<+##&<)(!)8&!
2#:&7(!)+!)8&!i'&4$')8j!+,!L.7$,+'#$.f()'.)&:$<.77*!/'.S$#:!+#!)8&!$<+#$<!.#/!
6+637.'$X&/!$5.:&!+,!)8&!;3()!V+S7!.#/!$)(!/$(6+((&((&/!5$:'.#)!6+637.)$+#f$#!
+'/&'!)+!()'&((!)8&!.75+()Y5*)8$<.7!d'&e(&))7&5&#)!+,!#+5./$<!7.4+'&'(A!L+##&<)$#:!
)8&!S+'T$#:Y<7.((!6.()!)+!)8&!<+#/$)$+#(!+,!7.4+'!'&,+'5!8&'+&(!.#/!'.$7Y'$/$#:!
)'+34./+3'(!7$T&!J++/*!C3)8'$&0!S8+0!$#!iH\]a!mZn!&W6'&((&/!)8&!,'3()'.)&/!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
`[!B+'!.!5+'&!<+56'&8&#($%&!/$(<3(($+#!+,!)8&!,'+#)$&'0!(&&!1$<8.'/!P7+)T$#b(!$#,73&#)$.7!C3#,$:8)&'!
-.)$+#0!S8$<8!(3::&()(!)8.)!)8&!,'+#)$&'!5*)8(!.#/!5*)8(!+,!5.(<37$#$)*!.'&!<+#<+5$).#)!$#!
25&'$<.#!<37)3'.7!/&%&7+65&#)A!!
`\!dB+'(4&':!\Ge!
! ! H^F! !
(&#)$5&#)(!+,!5+'&!)8.#!.!5$77$+#!KT$&(0!2'T$&(!.#/!8$774$77$&(!S8+!5./&!.!7+#:!)'&T!
)+!)8&!C+7/&#!P).)&0j!M8+56(+#!7$#T(!)8&!2#:&7(!)+!.#!$/&.7$X&/!S+'T$#:Y<7.((!
(&#)$5&#).7$)*!$#!+'/&'!)+!.((&')!8$(!<+55.#/!+%&'!<&').$#!<37)3'.7!.#/!6+7$)$<.7!
.(6&<)(!+,!)8&!8$()+'$<.7!25&'$<.#!7.#/(<.6&!d2#:&7(!H`]eAIG!!!
! V*!.66'+.<8$#:!)8&!2#:&7(!.(!i.!T$#/!+,!8.7,Y4'&&/!.#.<8'+#$(50!.!835.#!
8.#:+%&'!,'+5!)8&!&'.!+,!)8&!J$7/!J&()j!43)!i$#!+)8&'!S.*(!mZn!.(!#&S!.(!
)&7&%$($+#0j!M8+56(+#!&().47$(8&(!)8&!:.#:!.(!.!:'+36!+,!&W67+$)&/!25&'$<.#!
S+'T&'(!/$(67.<&/!4*!8$()+'*!d2#:&7(!IIYaeA!M8$(!.77+S(!M8+56(+#!)+!3(&!8$(!
S+'T$#:!6&'(+#.!)+!.66&.7!)+!8$(!.3/$&#<&0!43)!.7(+!'&/$()'$43)&!)8&!<37)3'.7!
<3''&#<*!.#/!6'+/3<)$%$)*!+,!8$()+'$<.77*!+3)($/&'!.#/!3#/&'/+:!6+($)$+#(A!M8&(&!
'++)(!.77+S!M8+56(+#!)+!<+##&<)!)8&!2#:&7(!)+!.!5+4$7&!:'+36!+,!S+'T$#:!5&#!$#!
)8&!J&()!<.77&/!)8&!O$#T8+'#(0!S8+(&!$#)&'.<)$+#(!S$)8!5.$#()'&.5!(+<$&)*!
<+56'+5$(&/!)8&$'!5.(<37$#&!<8.'.<)&'!.#/!4&<+5&!(*54+7$<!+,!)8&!/&<7$#&!+,!)8&!
J&()A!2(!.!:'+36!5./&!#+).47&!$#!)8&!#+%&7(!+,!-&7(+#!27:'&#0!M8+56(+#!/&,$#&(!
O$#T8+'#(!.(!5&#!S8+!5./&!im/n'$,)$#:!mZn!.!8.4$)!mZnA!M8&*!T&6)!/'$%$#:!S&()0!
<8.($#:!g+4(0!'35+'(0!8+5&()&./!:'.4(!+'!)8&!73<T!+,!(+5&!,'+#)Y'3##$#:!T$#j!
d2#:&7(!H`^eA!N56+').#)7*0!O$#T8+'#(!S&'&!43*$#:!$#)+!)8&!25&'$<.#!;'&.5!4*!)8&!
5$//7&!+,!)8&!)S&#)$&)8!<&#)3'*_!i6.')$<$6.)$#:!$#!)8&!5+#&*!&<+#+5*o!)8&*!+S#&/!
/&<&#)!<.'0!.#/!&%&#!8+3(&(j!d2#:&7(!H`^Y`eA!V3)!M8+56(+#!6+$#)(!+3)!)8.)!+)8&'!
O$#T8+'#(!&W6'&((&/!/$(<+5,+')!S$)8!5$//7&Y<7.((!$/&+7+:$&(!+,!36S.'/!5+4$7$)*0!
.#/!i4'+T&!/+S#!3#/&'!)8&!()'.$#!+,!'&(6&<).4$7$)*!.#/!.#(S&'&/!)8&!<.77!+,!)8&$'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
IG!dB+'(4&':!\He!
! ! H^]! !
:&#&(j!)+!'&5.$#!5+4$7&!.#/!+3)($/&!)8&!().)3(!93+!d2#:&7(!H`^Y`eA!M8$(!
.44'&%$.)&/!)S&#)$&)8Y<&#)3'*!:&#&.7+:*!5.'T(!.!/&%&7+6$#:!<7.((!/$%$/&!(6.##$#:!
,'+5!)8&!;&6'&(($+#!)+!6+()S.'!6'+(6&'$)*0!&(6&<$.77*!$#!L.7$,+'#$.A!N#!)8$(!<+#)&W)0!
M8+56(+#!(&7&<)(!.!%.'$&)*!+,!S+'T$#:Y<7.((!6+($)$+#(!$#!8$()+'*!.#/!.<)(!.(!.!
4'$<+7&3'!)+!&().47$(8!.!<&#)'.7!)8'&./!+,!/$(6+((&(($+#!.#/!'&4&77$+#!.:.$#()!)8&!
&5.(<37.)$#:!.#/!&W67+$).)$%&!&,,&<)(!+,!5$//7&Y<7.((!+'!4+3':&+$(!7$,&A!M8&(&!
.((+<$.)$+#(!&568.($X&!)8&!5*)8+(!+,!)8&!2#:&7(!.(!93$#)&((&#)$.7!+3)($/&'(!S8+!
.))&56)!)+!.((&')0!5.$#).$#0!.#/!().4$7$X&!)8&$'!5.(<37$#$)*!3#/&'!<.6$).7$()!
/+5$#.)$+#0!.#!.66&.7!)8.)!()'3<T!<7+(&!)+!8+5&!,+'!M8+56(+#!.#/!+)8&'!-&S!
?+3'#.7$()(AIH!M8$(!'&,7&W$%&!S+'T$#:!6&'(+#.!(3::&()(!)8&!6+()5+/&'#!
6&',+'5.)$%$)*!+,!8+4+8&5$.#!6'.<)$<&(!.(!$)!&%./&(!<7.(($,$<.)$+#!$#!+'/&'!)+!
6'+/3<&!().)3(!:.$#(!4&)S&&#!(+<$.7!:'+36(A!
! ;&(6$)&!().:$#:!.!(&#(&!+,!)8&!2#:&7(b!<+55+#.7$)*!S$)8!)8&!S+'T$#:!<7.((b(!
8$()+'$<.77*!+3)($/&'!6+($)$+#0!M8+56(+#!.7(+!(8+S(!)8&!2#:&7(!$#!<+#)'.()!)+!)8&(&!
#+().7:$<!.#/!'+5.#)$<!%&'($+#(!+,!25&'$<.#.!$#!+'/&'!)+!+,,&'!)8&!2#:&7(!.(!.!
6&'%&'($+#!+,!J&()&'#!$/&.7$(5A!N#/$<.)$#:!)8&!2#:&7b(!()'.)&:$<!/$,,&'&#<&!,'+5!
P)&$#4&<Tb(!iKT$&!&6$<0j!M8+56(+#!/$()$#:3$(8&(!8$5(&7,!,'+5!)8&!S+'T$#:Y<7.((!
8$()+'*!8&!/&(<'$4&(0!.#/!,'+5!)8&!2#:&7(0!.77+S$#:!8$5!)+!.((&')!.!/+5$#.#)!
6+($)$+#!,+'!8$(!4+3':&+$(!$#/$%$/3.7$)*!.#/!8$(!S+'T$#:!6&'(+#.A!27)8+3:8!
M8+56(+#!()'&((&(!8$(!<+#<&'#!.)!i4&$#:!(7+S7*!.4(+'4&/j!4*!)8&!@&77b(!2#:&7(0!8$(!
)'&.)5&#)!+,!)8&5!.(!)8+(&!S+'T$#:Y<7.((!5&#0!.(!S&!(8.77!(&&0!$#/$<.)&(!.!()'$<)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
IH!dB+'(4&':!\He!
! ! H^^! !
/$%$($+#!4&)S&&#!8$(!$#%&()5&#)(!.#/!)8&$'(!d2#:&7(!^IeA!M8&!(3<<&((!+,!)8$(!
(&6.'.)$+#!$(!$#/&4)&/!)+!M8+56(+#b(!.4$7$)*!)+!<+#()'3&!)8&!5&54&'(!+,!)8&!2#:&7(!
.(!S+'T$#:Y<7.((!K)8&'(!S8+!.'&!.#!3#(+68$()$<.)&/!:'+36!$#!#&&/!.!5&/$.)$#:!,+'<&!
7$T&!M8+56(+#!)+!.<8$&%&!5&.#$#:A!M8+56(+#b(!4+3#/.'*Y<'+(($#:!.3)8+'$.7!
6+($)$+#!.77+S(!8$5!)+!+<<36*!.!6'&<.'$+3(0!43)!6'+/3<)$%&!6+($)$+#!.(!4+)8!.!6.')!+,!
.#/!.6.')!,'+5!)8&!:'+36AIF!!
! M8+56(+#!+,)&#!&W67+'&(!)8&!#3.#<&(!+,!)8&!2#:&7(!<+553#$)*!4*!
)'.#(7.)$#:!)8&$'!S$7/!.<)$+#(!.#/!4&8.%$+'(!,+'!8$(!'&./&'(A!M.T$#:!+#!)8&!5&/$.)$#:!
'+7&!+,!.!(34<37)3'&Y)'.#(7.)+'0!M8+56(+#!&().47$(8&(!(*54+7$<!<+#)'+7!+%&'!
S+'T$#:Y<7.((!<37)3'&!$#!+'/&'!)+!5.T&!%$($47&!8$(!+S#!.3)8+'$).)$%&!().)3(A!B+'!
$#().#<&0!8&!&W67.$#(!)8.)!)8&!2#:&7(b!i(S.()$T.!,&)$(8!$(!#+!5+'&!)8.#!.#!.#)$(+<$.7!
g+T&0!.!:3.'.#)&&/!:$55$<T!)+!43:!)8&!(93.'&(0!)8&!).W6.*&'(f.77!)8+(&!)8&*!
(6$)&,377*!'&,&'!)+!.(!l<$)$X&#(bj!dM8+56(+#!2#:&7(!F^`eA!M8+56(+#!()'&((&(!4+)8!)8&!
#.$%&)*!+,!)8&!%$&S6+$#)!.#/!)8&!/$,,&'&#<&!4&)S&&#!)8&!2#:&7(!.#/!<$)$X&#(!.(!.!
5&)8+/!+,!/$()$#<)$+#A!M8$(!/$()$#<)$+#!<+#)$#3&(!S8&#!M8+56(+#!&W67.$#(!)8.)!4*!
<$)$X&#0!imSn8.)!)8&*!'&.77*!5&.#!$(!)8&!E$//7&!L7.((0!)8&!V+3':&+$($&0!)8&!
V3':8&'(f43)!)8&!2#:&7(!/+#b)!T#+S!)8&(&!)&'5(!.#/!)8&*b'&!(3(6$<$+3(!+,!.#*+#&!
S8+!)'$&(!)+!&W67.$#!)8&5j!d2#:&7(!F^`eA!M8+56(+#b(!)'.#(7.)$+#!+,!i<$)$X&#j!)+!)8&!
6+7$)$<.7!/$(<+3'(&!+,!i)8&!E$//7&!L7.((0!)8&!V+3':&+$($&0!)8&!V3':8&'(j!.##+3#<&(!
8$(!+S#!$#)&77&<)3.7$(5!.#/!8$(!6+($)$+#!.(!.!6'$%$7&:&/!$#($/&'!)+!8$(!.3/$&#<&A!V*!
,+<3($#:!+#!)8&!2#:&7(b!7$5$)&/!%+<.437.'*!.#/!8+()$7$)*!)+S.'/!#3.#<&/!5&.#$#:0!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
IF!dB+'(4&':!\He!
! ! H^`! !
M8+56(+#!.((&')(!8$(!<+#)'+7!.(!S'$)&'!.#/!5.()&'!+,!7.#:3.:&A!M8&(&!)'.#(7.)$+#(!
6+$#)!)+!)8&!2#:&7(b!7.<T!+,!<37)3'.7!<.6$).7!.#/!.77+S!M8+56(+#!)+!67.<&!8$5(&7,!$#!
.#!&()&&5&/!6+($)$+#!.(!<37)3'.7!.'4$)&'A!N#!)8$(!S.*0!M8+56(+#!()'&((&(!8$(!5$//7&Y
<7.((!+'!4+3':&+$(!6'$%$7&:&!)+!<+#)'+7!#+)!+#7*!)8&!5&.#$#:!+,!7.#:3.:&0!43)!.7(+!)+!
7&:$)$5.)&!S+'T$#:Y<7.((!'&6'&(&#).)$+#(!+,!)8&!2#:&7(AI]!!
! M8+56(+#b(!/&(<'$6)$+#!+,!)8&!2#:&7(b!$#$)$.)$+#!'$)&(!<+''+4+'.)&(!8$(!
6'$%$7&:&!)+!)'.#(7.)&!)8&!#3.#<&/!5&.#$#:!+,!)8&!:.#:!)+!.#!.3/$&#<&A!K,,&'$#:!
/&6$<)$+#(!+,!)8&!2#:&7(b!.4g&<)#&((0!M8+56(+#!+,,&'(!8*:$&#&!.(!&%$/&#<&!+,!)8&$'!
K)8&'#&((_!
>%&'*!2#:&7!'&<'3$)!<+5&(!)+!8$(!$#$)$.)$+#!S&.'$#:!.!#&S!6.$'!+,!O&%$(!.#/!.!
5.)<8$#:!g.<T&)!S$)8!)8&!(7&&%&(!<3)!+,,!.#/!.!(6+)7&((!&547&5!+#!)8&!4.<TA!
M8&!<&'&5+#*!%.'$&(!,'+5!+#&!<8.6)&'!)+!.#+)8&'!43)!)8&!5.$#!,&.)3'&!$(!
.7S.*(!)8&!/&,$7$#:!+,!)8&!$#$)$.)&b(!#&S!3#$,+'5A!2!43<T&)!+,!/3#:!.#/!3'$#&!
S$77!4&!<+77&<)&/!/3'$#:!)8&!5&&)$#:0!)8&#!6+3'&/!+#!)8&!#&S<+5&'b(!8&./!$#!
.!(+7&5#!4.6)$(5.7A!mZn!M8&(&!.'&!8$(!i+'$:$#.7(0j!)+!4&!S+'#!&%&'*!/.*!3#)$7!
)8&*!'+)A!d2#:&7(!^`e!
!
P)'&(($#:!)8&$'!,$7)8!.#/!/&6'.%$)*0!M8+56(+#!3(&(!)8&!2#:&7(b!S+'T$#:Y<7.((!4+/$&(!
.(!<&'&5+#$.7!($)&(!+,!.!7$5$)&/!.#/!'$)3.7$()$<!<37)3'&A!C&()3'$#:!)+S.'/!4+)8!
(.<'$7&:&!.#/!)8&!2#:&7(!.(!)8&!3#S.(8&/!5.((&(0!M8+56(+#b(!K)8&'$#:!$#%+T&(!8$(!
.3/$&#<&b(!,&.'!+,!S+'T$#:Y<7.((!i<+#).5$#.)$+#AjI^!M8+56(+#b(!)'.#(7.)$+#!+,!)8&!
(34<37)3'&0!8+S&%&'0!6'+%$/&(!.!5&/$.)$#:!,+'<&!)8.)!&%./&(!<+#).5$#.)$+#!/&(6$)&!
8$(!6'+W$5$)*!)+!'&6+')!$)A!B+'!M8+56(+#0!<+#).5$#.)$+#!S+37/!'&(37)!$#!.!
(34+'/$#.)&/!().)3(!)8.)!S+37/!$#8$4$)!8$(!.4$7$)*!)+!'&<+:#$X&!.#/!/$()'$43)&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I]!dB+'(4&':!\Fe!
I^!V&%&'7*!PT&::(b(!L7.((0!P&7,0!L37)3'&!+,,&'(!.!6'+%+<.)$%&!/$(<3(($+#!+,!8+S!S+'T$#:Y<7.((!4+/$&(!
4&<+5&!6.')!+,!.!(*54+7$<!&<+#+5*A!P8&!.':3&(!(6&<$,$<.77*!im/n$')!.#/!S.()&0!(&W3.7$)*!.#/!
<+#).:$+#0!/.#:&'!.#/!/$(+'/&'0!/&:&#&'.<*!.#/!6.)8+7+:*0!4&<.5&!)8&!5+'.7!&%.73.)$+#(!4*!S8$<8!
)8&!S+'T$#:Y<7.((!S&'&!<+/&/!.#/!4&<.5&!T#+S#!.#/!.'&!()$77!'&6'+/3<&/!)+/.*s!d^eA!
! ! H^I! !
<37)3'.7!<.6$).7o!)8&'&,+'&0!()'$<)7*!/$()$#:3$(8$#:!S+'T$#:Y<7.((!4+/$&(!,'+5!8$(!+S#!
4&<+5&(!.#!$56+').#)!,+<3(!$#!8$(!S'$)$#:AI`!!
! M8+56(+#b(!/&($'&!)+!/$()$#:3$(8!8$5(&7,!,'+5!)8&!S+'T$#:!<7.((!4+/$&(!+,!
)8&!@&77b(!2#:&7(!<.#!4&!3#/&'()++/!)8'+3:8!)8&!S+'T!+,!E$<8.&7!R$55&70!S8$<8!
(3::&()(!)8.)!5.(<37$#$)*!$(!#+)!i.!/'$%&!,+'!/+5$#.)$+#j!43)!'.)8&'!.#!&W6'&(($+#!+,!
)8&!i,&.'!+,!+)8&'(!/+5$#.)$#:j!)8&!5.7&!4+/*!d^eA!P$#<&!M8+56(+#!(&6.'.)&(!
8$5(&7,!,'+5!)8&!2#:&7(!)+!$#/$<.)&!8$(!<+#)'+7!+%&'!)8&!($)3.)$+#0!$)!$(!<7&.'!)8.)!
S+'T$#:Y<7.((!<+#).5$#.)$+#!$(!.!)8'&.)!+,!6+)&#)$.7!+,!/+5$#.)$+#A!M8+56(+#b(!
.))&#)$+#!)+!)8&!.4g&<)!5.7&!4+/*!#+)!+#7*!6.)8+7+:$X&(!)8&!S+'T$#:!<7.((0!43)!.7(+!
(3::&()(!8$(!+S#!8+5+68+4$<!,&.'!+,!/+5$#.)$+#A!M8+56(+#b(!S+'T$#:!6&'(+#.!
53()!5.$#).$#!.3)8+'$.7!<+#)'+7!)+!/+5$#.)&!5&#!)8'+3:8!'&6'&(&#).)$+#A!V3)!.)!)8&!
(.5&!)$5&0!M8+56(+#b(!5+/&!+,!'&6+')$#:!.7(+!67.<&(!8$5!.)!'$(T!+,!/+5$#.)$+#!.(!.!
6.')$<$6.)$#:!(34g&<)A!M8$(!'&7.)$+#(8$6!(3::&()(!)8.)!M8+56(+#b(!5.(<37$#&!<+#)'+7!
$(!<+#()'3<)&/!4*!)8&!,$:3'&(!)8.)!#&<&((.'$7*!&#/.#:&'!$)A!M8$(!+,,&'(!.!'&./$#:!+,!
M8+56(+#!)8.)!/&,$#&(!8+5+68+4$.!.(!.!<$'<37.'!.#/!<*<7$<.7!6'+<&((!4&)S&&#!)8&!
/'$%&!,+'!/+5$#.)$+#!.#/!)8&!,&.'!+,!/+5$#.)$+#A!M8$(!$56+').#)!.(6&<)!+,!5.(<37$#&!
$/&#)$,$<.)$+#!$(!S8.)!<37)3'.7!+5#$%+'&(!7$T&!M8+56(+#!.))&56)!)+!#&:+)$.)&!
)8'+3:8!8+4+8&5$.#!6'.<)$<&0!3($#:!<7.((!.(!.!(34()$)3)&!,+'!:&#/&'A!!!!
! M8+56(+#b(!,&.'!+,!<+#).5$#.)$+#!.7(+!5+)$%.)&(!8$(!68*($<.7!$#)&'.<)$+#(!
S$)8!)8&!2#:&7(!.#/!8$(!/&($'&!)+!&568.($X&!8$(!+S#!$#/$%$/3.7$)*A!!M8$(!$(!
6.')$<37.'7*!.66.'&#)!$#!)8&!(&<+#/!8.7,!+,!8$(!)&W)!S8$<8!,+<3(&(!+#!)8&!2#:&7b(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I`!dB+'(4&':!\Fe!
! ! H^a! !
N#/&6&#/&#<&!;.*!'$/&!)+!V.((!O.T&0!g3()!(+3)8!+,!Q+(&5$)&!-.)$+#.7!=.'TA!
V&:$##$#:!8$(!g+3'#&*!.)!)8&!V.*!V'$/:&0!M8+56(+#!&568.($X&(!)8.)!8&!/'$%&(!)+!)8&!
7.T&!$#!.!<.'!$#()&./!+,!'$/$#:!8$(!+S#!5+)+'<*<7&!S$)8!)8&!2#:&7(A!>W6'&(($#:!
8$5(&7,!)8'+3:8!)8$(!$<+#$<!(*54+7!+,!5$//7&Y<7.((!25&'$<.#!7$,&0!M8+56(+#b(!
+4(&'%.)$+#!+,!)8&!:.#:!,'+5!8$(!$(+7.)&/!.#/!(&7,Y<+#).$#&/!<.'!.)!)8&!)+77!67.X.!$(!
$#/$<.)$%&!+,!)8&!68*($<.7!(&6.'.)$+#!'&93$'&/!)+!5.$#).$#!.!<37)3'.7!.#/!<7.((!
/$()$#<)$+#!,'+5!)8&!2#:&7(_!
mJn8&#!N!:+)!)+!)8&!)+77!67.X.!.)!)8&!K.T7.#/!&#/!+,!)8&!4'$/:&!N!.(T&/!)8&!
:.)&T&&6&'!$,!.#*!@&77b(!2#:&7(!8./!6.((&/!)8'+3:8!4&,+'&!5&A!lM8&!/$')*!
(+#(.4$)<8&(!.'&!'$:8)!+%&'!)8&'&0b!8&!(.$/!S$)8!.!S.%&!+,!8$(!8.#/A!N!/$/#b)!
T#+S!S8.)!8&!S.(!).7T$#:!.4+3)!3#)$7!(+5&!)S+!83#/'&/!*.'/(!6.()!)8&!:.)&0!
S8&#!N!(3//&#7*!6.((&/!.!7.':&!<73()&'!+,!6&+67&!.#/!5+)+'<*<7&(!:'+36&/!
.'+3#/!.!:'.*!6$<T36!)'3<T!S$)8!.!(S.()$T.!6.$#)&/!+#!)8&!($/&A!M8&*!(&&5&/!
)+!5.)&'$.7$X&!+3)!+,!)8&!,+:0!.#/!)8&!($:8)!S.(!8.%$#:!.!4./!&,,&<)!+#!)'.,,$<A!
mZn!M8$(!()'&)<8!$(!8.X.'/+3(!+#!.!<7&.'!.,)&'#++#0!43)!$#!)8&!,+:!+,!.!8+7$/.*!
5+'#$#:!.#/!S$)8!.!;'&./!P6&<).<7&!(3//&#7*!7++5$#:!4&($/&!)8&!'+./!)8&!
(<'.547&!S.(!S+'(&!)8.#!3(3.7A!d2#:&7(!HHHe!
!
27$:#$#:!8$5(&7,!S$)8!)8&!6&'(6&<)$%&!+,!+)8&'!/'$%&'(!.#/!)8&!:.)&T&&6&'0!
M8+56(+#!4&<+5&(!.!5$//7&Y<7.((!i<$)$X&#j!S$)8!.!S.'*!<'$)$<.7!%$&S!+,!)8&!2#:&7(!
.#/!)8&$'!i;'&./!P6&<).<7&Aj!M8+56(+#!<+##&<)(!8$(!S+'T$#:!6&'(+#.!)+!.!
<+#<&'#&/!.#/!.,,&<)&/!/'$%$#:!6347$<!S8+!8.%&!4&&#!.7&')&/!.#/!S.'#&/!+,!)8&!
2#:&7(b!'$/&!4*!'./$+!4377&)$#(0!,3')8&'!()'&(($#:!)8&!2#:&7b(!5&#.<$#:!$56.<)!+#!)8&!
(+<$.7!.#/!<37)3'.7!:&+:'.68*!+,!L.7$,+'#$.A!M8$(!(<&#&0!$#!)3'#0!&().47$(8&(!
M8+56(+#!.(!.#!$56+').#)!5&/$.)$#:!,+'<&!4&)S&&#!)8&!i7++5$#:j!/.#:&'!+,!)8&!
2#:&7(!.#/!)8&!+'/&'7*!67.X.!.#/!)&<8#+7+:$<.7!./%.#<&5&#)!+,!)8&!4'$/:&AII!! !
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
II!dB+'(4&':!\FY]e!
! ! H^[! !
! M8+56(+#b(!%&8$<37.'!6+($)$+#!&#!'+3)&!)+!V.((!O.T&!($5$7.'7*!'&$)&'.)&(!8$(!
(&6.'.)$+#!,'+5!)8&!i835.#!X++!+#!S8&&7(j!d2#:&7(!HH]eA!M8&!<.'!6'+%$/&(!#+)!+#7*!
.!/&:'&&!+,!(&<3'$)*0!43)!.//$)$+#.7!5+4$7$)*!,+'!M8+56(+#!4&<.3(&!8&!<.#!5+'&!
&.($7*!).T&!.7)&'#.)$%&!'+3)&(!)+!.%+$/!)8&!'+./47+<T(!63)!36!4*!7.S!&#,+'<&5&#)!)+!
<+#)'+7!)8&!2#:&7(b!.<<&((!)+!(5.77!)+S#(A!M8+56(+#!,7.3#)(!8$(!.77Y)&''.$#!.#/!
+5#$%+'+3(!.<<&((!.(!.!<.'Y:+$#:!5&54&'!+,!)8&!5$//7&Y<7.((_!i2<<+'/$#:!)+!)8&!
5.60!)8&!7.()!)S&#)*!5$7&(!.66&.'&/!)+!4&!.!:'.%&7!:+.)!)'.<T!mZn!N!(S3#:!7&,)!.)!
E&'<&/!.#/!,7++'&/!$)!,+'!.!7+#:!'+77&'Y<+.()&'Y'3#!)8'+3:8+3)!)8&!,++)8$77(A!K#7*!
)S+!+,!)8&!+3)7.S(0!4+)8!()'.*(0!5./&!)8&!5$().T&!+,!).T$#:!)8&!(.5&!'+3)&j!d2#:&7(!
HFHeA!M8+56(+#b(!7&$(3'&7*!i'+77&'Y<+.()&'Y'3#j!+#!)8&!i:+.)!)'.<Tj!4&<+5&(!.!
/.#:&'+3(!'+3)&!,+'!)8&!i()'.*j!5+)+'<*<7$()(0!S8+!.'&!/&835.#$X&/!$#!)8&!,.<&!+,!
M8+56(+#b(!5$//7&Y<7.((!6'$%$7&:&A!E+5&#)(!7$T&!)8&(&!&568.($X&!M8+56(+#b(!
+#:+$#:!#&:+)$.)$+#!+,!.!S+'T!6&'(+#.!)8.)!.77+S(!8$5!)+!4&!<7+(&!&#+3:8!)+!
<.6$).7$X&!+#!<37)3'.7!&%&#)(0!43)!.7(+!/$().#)!&#+3:8!(+!.(!#+)!)+!7+(&!)8&!6'$%$7&:&!
+,!.!<37)3'.7!+5#$%+'&b(!.<<3537.)$%&!6+)&#)$.7AIa!
! M8+56(+#b(!.''$%.7!.)!V.((!O.T&!$(!$#)&:'.7!)+!)8&!(3<<&((!+,!)8&!2#:&7b(!
S&&T&#/!&%&#)A!2(!)8&!/'$%&'!+,!)8&!<.'0!M8+56(+#b(!5$//7&Y<7.((!6'$%$7&:&!4&<+5&(!
)8&!2#:&7(b!7$,&7$#&!.:.$#()!)8&!6+7$<&Y/$<).)&/!'&<'&.)$+#!.'&.!/&($:#.)&/!,+'!)8&5A!
M8$(!'3'.7!<.56($)&!8.(!#+!(3667$&(!.#/0!5+()!$56+').#)7*0!#+!4&&'A!2(!.!<.'Y:+$#:!
#+#Y2#:&70!M8+56(+#!()'&((&(!8$(!5&/$.)$#:!<.6.4$7$)*!.#/!<$%$<!/3)*0!.47&!)+!<+/&Y
(S$)<8!4&)S&&#!)8&!2#:&7b(!<.560!.#/!)8&!,&.',37!43)!<3'$+3(!)+S#(6&+67&A!K3)($/&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Ia!dB+'(4&':!\]e!
! ! H^\! !
+,!)8&!:.X&!+,!)8&!7.S!4*!/$(.,,$7$.)$+#0!M8+56(+#!$(!6&'5$))&/!)+!8&./!$#)+!)+S#!
)S$<&!,+'!4&&'!'3#(A!M8+56(+#!$(!(&<3'&/!.#/!<&7&4'.)&/!4*!8$(!<8+$<&!)+!/'$%&!)+!
V.((!O.T&!.#/!$(0!($537).#&+3(7*0!.47&!)+!.((&')!.#/!6&',+'5!8$(!(&6.'.)&!().)3(A!
M8+56(+#b(!<.'!'&$#,+'<&(!)8&!(36&'$+'$)*!+,!5$//7&Y<7.((!25&'$<.#.0!(&'%$#:!.(!
4+)8!.!(*54+7$<!i6&.<&!+,,&'$#:j!63'<8.($#:!8$(!&#)'*!$#)+!)8&!<.560!.#/!.!(&<3'&!
(7&&6$#:!67.<&!.#/!:'+3#/Y7&%&7!+4(&'%.)$+#!/&<T!,+'!&#(3$#:!7.)&Y#$:8)!'+3:8Y.#/Y
)3547&!4&8.%$+'AI[!!
!
M@KE=PK-!2-;!M12-P=21>-LQ!
! M8+56(+#b(!'&6+')(!+,!6.')$&(!7$T&!)8+(&!.)!V.((!O.T&!4&<+5&!6.')!+,!)8&!
2#:&7(b!'&63).)$+#!$#!6+637.'!<37)3'&A!M8+56(+#!$(!<+5,+').47&!S$)8!)8&!/&%&7+6$#:!
<&7&4'$)*!().)3(!+,!)8&!2#:&7(!S8&#!$)!$(!<'&/$)&/!)+!8$(!-&S!?+3'#.7$()$<!S+'T0!43)!
S8&#!+)8&'!5.:.X$#&(!.#/!#&S(6.6&'(!4&:$#!)+!).T&!$#)&'&()!$#!)8&!2#:&7(f.#/!
5+'&!$56+').#)7*0!S8&#!)8&!2#:&7(!)8&5(&7%&(!4&:$#!)+!(&&!)8&!6+)&#)$.7!+,!4&$#:!
6.$/!,+'!)8&$'!.66&.'.#<&(fM8+56(+#!$(!93$<T!)+!/$(<'&/$)!)8&!:.#:A!P6&.T$#:!+,!
)8$(!(8$,)0!M8+56(+#!/&(<'$4&(!)8&!2#:&7(!.)!,$'()!.(!i(+5&)8$#:!+'$:$#.70j!+#7*!)+!
4&<+5&&.!Z5*()$93&!mZ!n!()'&)<8&/!(+!)8$#!)8.)!$)!,$#.77*!4&<.5&!)'.#(6.'&#)j!
d2#:&7(!F`^eA!-+!7+#:&'!.#!+'$:$#.7!()+'*0!M8+56(+#!8.(!)+!63)!.!#&S!(6$#!+#!)8&!
S+'T$#:Y<7.((!'+3:8#&((!8&!8./!4&&#!'&6+')$#:A!M8+56(+#!(&7,Y(&'%$#:7*!4&:$#(!)+!
/$(<3((!8+S!)8&!2#:&7(b!<&7&4'$)*f$#!6.')!<'&.)&/!4*!M8+56(+#!8$5(&7,f8.(!5./&!
)8&!2#:&7(!5&/$.Y83#:'*!.#/!.))&#)$+#Y().'%&/!$#/$%$/3.7(!S8+!#+S!8./!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I[!dB+'(4&':!\]e!
! ! H`G! !
<+#,$'5.)$+#!)8.)!i)8&*!S&'&!'.'&0!,.(<$#.)$#:!<'&.)3'&(j!d2#:&7(!`aeA!2(!)8&!2#:&7(!
i4&<+5&!.!,.<)+'!)+!4&!'&<T+#&/!S$)8!$#!)8&!(+<$.70!$#)&77&<)3.7!.#/!6+7$)$<.7!7$,&!+,!
-+')8&'#!L.7$,+'#$.0j!)8&$'!$#/&6&#/&#)!%$($4$7$)*!.#/!6+637.'$)*!.)!i8.7,Y4+8&5$.#!
6.')$&(j!.#/!S$)8$#!)8&!5&/$.!)'$::&'(!M8+56(+#b(!#&&/!)+!(8$,)!,+<3(!)+!5.$#).$#!
8$(!+S#!<'&/$4$7$)*!d2#:&7(!FFIeA!M8+56(+#!<7.$5(0!i)8&!2#:&7(!S&'&!,.'!5+'&!
$56'&((&/!S$)8!)8&!93.#)$)*!+,!(3<8!<+%&'.:&!)8.#!)8&!93.7$)*A!N)(!)+).7!&,,&<)!+#!
)8&5!S.(!<+#($/&'.47&!mZnA!M8&*!S&'&!4+#.Y,$/&!<&7&4'$)$&(0!S$)8!#+!S+'7/(!7&,)!)+!
<+#93&'A!M8&$'!+#7*!:'$6&!S.(!)8.)!)8&*!S&'&#b)!:&))$#:!'$<8j!d2#:&7(!^FeA!B+'!
M8+56(+#0!7$T&!5+()!<37)3'.7!+5#$%+'&(0!<&7&4'$)*!$(!.!4*Y6'+/3<)!+,!4+3':&+$(!
$#/$%$/3.7$)*0!.#/!$(!.(!(3<8!(.#<)$+#&/!+#7*!,+'!)8+(&!S8+!8.%&!.<<3537.)&/!
537)$67&!.%&#3&(!+,!<37)3'.7!.<<&((!.#/!.<<7.$5A!=$)<8$#:!)8&!5&/$.Y83#:'*!.<)(!+,!
)8&!2#:&7(!.#/!)8&$'!i:$.#)!5.(93&'./&j!,+'!.))&#)$+#0!M8+56(+#!4&:$#(!)+!/&6$<)!
)8&!2#:&7(!.(!.!(6&<).<7&0!.(!/.'T!+3)7$#&(!$#!)8&!,+:!+,!)8&!V.*!V'$/:&0!#&%&'!,377*!
/&).$7&/!+'!)'37*!%.73.47&!S$)8+3)!8$(!T&&#!6&'(6&<)$%&!d2#:&7(!HH^eAI\!!
! 2!<+#%&'(.)$+#!.)!V.((!O.T&!&W&567$,$&(!)8&!)&#($+#(!+%&'!'&6'&(&#).)$+#0!
S8&#!K.T7.#/!<8.6)&'!,+3#/&'0!P+##*!V.':&'0!$#93$'&(!.4+3)!M8+56(+#b(!S+'TA!
P3//&#7*!8&7/!.<<+3#).47&!,+'!8$(!6'&%$+3(!.')$<7&!.4+3)!)8&!2#:&7(!$#!M8&!-.)$+#0!
M8+56(+#!<7.$5(_!iN!8./!S'$))&#!)8&!6$&<&!S$)8!)8&!$/&.!)8.)!N!S+37/!#&%&'!.:.$#!
8.%&!.#*!<+#).<)!S$)8!)8&!5+)+'<*<7&!+3)7.S(0!S8+5!Nb/!'&,&''&/!)+!.(!l7+(&'(0b!
l$:#+'.#)!)83:(b!.#/!l5&.#!8++/735(bj!d2#:&7(!H]\eA!!C'+S$#:!(&7,Y<+#(<$+3(!$#!8$(!
6'&<.'$+3(!().)3(!.(!<37)3'.7!.'4$)&'0!M8+56(+#!<.77(!.))&#)$+#!)+!)8&!/'&./!.#/!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I\!dB+'(4&':!\]Y^e!
! ! H`H! !
%+7.)$7$)*!+,!8.%$#:!)+!i&W67.$#!m!Z8$5(&7,n!S8$7&!(3''+3#/&/!4*!.!'&5+)&!P$&''.!
<.56($)&!4*!)S+!83#/'&/!4++X$#:!+3)7.S(!d2#:&7(!H]\eA!B+'<&/!)+!.<<+3#)!,+'!8$(!
6.()!'&6'&(&#).)$+#(!+,!)8&!2#:&7(!.#/!8$(!<3''&#)!4++T!6'+g&<)!+#!)8&50!
M8+56(+#b(!$#)&'.<)$+#!S$)8!V.':&'!,+<3(&(!+#!)8&!:.#:b(!(&#(.)$+#.7$()!)'&.)5&#)!
4*!)8&!6'&((A!V.':&'!)&77(!M8+56(+#0!iJ&770!S&!/+#b)!.(T!,+'!#+)8$#!43)!)8&!)'3)8A!
O$T&!N!(.$/0!)8&'&b(!#+)!53<8!:++/!*+3!<.#!S'$)&!.4+3)!3(0!43)!N!/+#b)!(&&!S8&'&!)8.)!
:$%&(!6&+67&!)8&!'$:8)!)+!g3()!5.T&!36!()3,,Z.77!)8$(!4377(8$)0!8&770!.$#b)!)8&!)'3)8!4./!
&#+3:8!,+'!&5pj!d2#:&7(!H]\eA!M8$(!&W<8.#:&!$#/$<.)&(!#+)!+#7*!)8&!2#:&7(b!:'+S$#:!
/$((.)$(,.<)$+#!S$)8!g+3'#.7$()(!7$T&!M8+56(+#0!43)!.7(+!)8&!$#8&'&#)!/.#:&'!,+'!
M8+56(+#!)+!4&!8&7/!.<<+3#).47&!,+'!8$(!'&6'&(&#).)$+#(A!1.)8&'!)8.#!(&'%&!.(!.!
'&5$#/&'!+,!8$(!&)8$<.7!+47$:.)$+#(!.(!.!g+3'#.7$()0!V.':&'b(!5$7/Y5.##&'&/!
<+#%&'(.)$+#!$(!/&6$<)&/!.(!.!5+5&#)!,+'!M8+56(+#!)+!<+#($/&'!8$(!(.,&)*A!!
!K,,&'$#:!.!5+5&#)!)8.)!$(!(&7,Y.S.'&!+,!8$(!5.#$637.)$+#!+,!)8&!2#:&7(0!
M8+56(+#b(!$#)&'.<)$+#(!S$)8!V.':&'!$#/$<.)&!)8.)!)8&!2#:&7(f.#/!4*!6'+W*!)8&!
S+'T$#:!<7.((f8.%&!)8&!.4$7$)*!)+!,$:8)!4.<T!.:.$#()!)8&$'!&W67+$).)$+#A!V&<.3(&!8&!$(!
$#)&'&()&/!$#!<+#)'+77$#:!8$(!+S#!'&6'&(&#).)$+#0!V.':&'!)8'&.)&#(!M8+56(+#b(!3(&!
)8&!:.#:!,+'!8$(!+S#!(&7,Y(&'%$#:!6'+g&<)(A!J$)8$#!)8$(!/$((&').)$+#0!V.':&'!+,,&'(!)8&!
+#7*!$#/$<.)$+#!+,!S+'T$#:Y<7.((!'&6'+.<80!&.:&'!)+!)8'+S!+,,!)8&!*+T&!)8.)!
M8+56(+#!8.(!67.<&/!+#!)8&5A!M8$(!.7)&'(!M8+56(+#b(!.4$7$)*!)+!'&(+3'<&!)8&!
S+'T$#:!<7.((!,+'!8$(!+S#!6'+,&(($+#.7!.(6$'.)$+#(A!M8$(!'&(37)(!$#!M8+56(+#!
'&<.7$4'.)$#:!8$(!6+($)$+#!$#!.!6+()(<'$6)!)8.)!'&#/&'(!V.':&'b(!<+#,'+#).)$+#!.(!.!
<'&.)$%&!6+(($4$7$)*!,+'!M8+56(+#!)+!'&$#()$)3)&!/+5$#.#<&!4*!:&))$#:!)8&!7.()!S+'/A!
! ! H`F! !
! M8+56(+#!3(&(!)8$(!<+#%&'(.)$+#!S$)8!V.':&'!)+!(&)!36!)8&!(<&#&!+,!8$(!
$#,.5+3(!()+56$#:!4*!)8&!2#:&7(AaG!N#!.!,++)#+)&0!M8+56(+#!.//'&((&(!8$(!
<+#%&'(.)$+#!S$)8!V.':&'0!$#)&'g&<)$#:!)8.)!)8&!2#:&7(!7.)&'!i/&<$/&/!)8.)!)'3)8!S.(!
#+)!&#+3:8A!M8&'&!S+37/!8.%&!)+!4&!5+#&*!)++A!M8$(!<'&.)&/!)&#($+#0!S8$<8!
47+((+5&/!$#)+!'&(&#)5&#)!.#/!,$#.77*!%$+7&#<&j!d2#:&7(!H]\eA!M+!6'+%&!)8$(!
/&%&7+65&#)0!M8+56(+#!&#/(!8$(!4++T!S$)8!.!6+()(<'$6)!)8.)!/&).$7(!)8.)!8&!S.(!
4&.)&#!S$)8$#!.#!$#<8!+,!8$(!7$,&_!iK#!O.4+'!;.*!H\II0!N!63(8&/!5*!73<T!.!7$))7&!)++!
,.'!.#/!:+)!4./7*!()+56&/!4*!,+3'!+'!,$%&!2#:&7(!S8+!(&&5&/!)+!,&&7!N!S.(!).T$#:!
./%.#).:&!+,!)8&5A!2!5$#+'!/$(.:'&&5&#)!(3//&#7*!4&<.5&!%&'*!(&'$+3(j!d2#:&7(!
FaFeA!M8+56(+#!.<T#+S7&/:&(!8$(!./%.#).:&+3(!6+($)$+#!.(!+#&!+,!i73<T0j!4&()!
/&,$#&/!4*!8$(!.4$7$)*!)+!.<<&((!)8&!:.#:b(!$##&'!<$'<7&!/&(6$)&!8$(!+3)($/&'!().)3(AaH!!
! J$)8!)8&!%$+7&#)!i)'3)8j!+,!)8&!@&77b(!2#:&7(!$56'$#)&/!36+#!8$(!4+/*0!
M8+56(+#!$(!.47&!)+!+,,&'!8$5(&7,!.(!&%$/&#<&!$#!<+#g3#<)$+#!S$)8!)8&!'&6+')A!M8$(!
()+56$#:!#+)!+#7*!.3)8&#)$<.)&(!8$(!$#($/&'Y+3)($/&'!S+'T!6&'(+#.0!43)!.7(+!:.'#&'(!
$#)&'&()!.#/!(*56.)8*!,+'!)8&!5.#!S8+!7$%&/!)+!)&77!)8&!).7&AaF!M8+56(+#!&().47$(8&(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
aG!William McKeen’s!K3)7.S!?+3'#.7$()_!M8&!O$,&!.#/!M$5&(!+,!@3#)&'!PA!M8+56(+#!6'+%$/&(!.!
<+56'&8&#($%&!(&'$&(!+,!&%&#)(!'&:.'/$#:!M8+56(+#b(!%$+7&#)!.)).<T!4*!)8&!@&77b(!2#:&7(A!N#!8$(!
<8.6)&'!i25+#:!)8&!2#:&7(0j!E<R&&#!()'&((&(!)8.)!M8+56(+#b(!6+()(<'$6)!/&(<'$4$#:!)8&!V.*!2'&.!
()+56$#:!+#!O.4+'!;.*!$#!H\II!4&<+5&(!.#!$55&/$.)&!5.'T&)$#:!)&<8#$93&!,+'!4+)8!M8+56(+#b(!
'&63).)$+#!.#/!6'+,&(($+#.7!S'$)$#:A!E<R&&#!8$:87$:8)(!)8&!S.*!$#)&'%$&S&'(!.#/!4++T!'&%$&S&'(!
<7.5+'&/!+%&'!)8&!()+56$#:0!:&#&'.)$#:!&W<$)&5&#)!)8.)!5./&!@&77b(!2#:&7(!.!4&()!(&77&'!$#!H\IaA!
M8$(!)3'#&/!M8+56(+#!$#)+!.!S&77YT#+S#!#.5&!,&.)3'&/!+#!#&S(!(8+S(0!:.5&!(8+S(0!.#/!$#!7.':&Y
<$'<37.)$+#!6&'$+/$<.7(A!!!
aH!dB+'(4&':!\^e!
aF!N#!H\Ia0!.!L.#./$.#!V'+./<.()$#:!L+'6+'.)$+#!dLVLe!).7T!(8+S!(&)!M8+56(+#!36!)+!4&!<+#,'+#)&/!
4*!@&77b(!2#:&70!PT$6!J+'T5.#0!S8+!6.')$<$6.)&/!$#!)8&!()+56$#:A!J+'T5.#!'$/&(!8$(!5+)+'<*<7&!$#)+!
)8&!()3/$+!.#/!<+#,'+#)(!M8+56(+#!$#!,'+#)!+,!.#!.3/$&#<&A!M8+56(+#!$(!%$($47*!,&.',37!.(!)8&!
J+'T5.#!'&)&77(!S8.)!'&.77*!8.66&#&/!S8&#!M8+56(+#!:+)!()+56&/0!$#/$<.)$#:!8&!S.(!i5+3)8$#:!
+,,j!.#/!$#(&')$#:!8$5(&7,!3##&<&((.'$7*!$#)+!.!($)3.)$+#!+,!/+5&()$<!%$+7&#<&A!J+'T5.#!6+$#)(!+3)_!
i8&b(!($))$#:!8&'&!.#/!5.T$#:!.!5$77$+#!/+77.'(!.#/!8&!5./&!$)!+,,!+,!3(j!dLVL!2'<8$%&eA!N#!)&'5(!+,!
! ! H`]! !
8$5(&7,!#+)!+#7*!.(!'+:3&!g+3'#.7$()!.#/!6'+,&(($+#.7!S'$)&'0!43)!.7(+!.(!<&7&4'$)*!$#!
)8&!7$)&'.'*!5.'T&)67.<&!.#/!.!<37)3'.7!,$:3'&!+,!#+)+'$&)*!.#/!.<<7.$5A!J8&#!
M8+56(+#!)&77(!)8&!).7&!+,!8$(!()+56$#:0!8&!/'.S(!+#!)8&!-&S!?+3'#.7$()b(f.#/!)8&!
<37)3'.7!+5#$%+'&b(f.4$7$)*!)+!)'.#(:'&((!<7.((Y4.(&/!(6.<&!.#/!6+S&'!'&7.)$+#(0!
./%.#<$#:!)8&!(&7,!&%&#!.:.$#()!4'3)&!4+/$7*!,+'<&_!!
N)!8./!4&&#!.!4./!)'$6!mZn!,.()!.#/!S$7/!$#!(+5&!5+5&#)(0!(7+S!.#/!/$')*!$#!
+)8&'(0!43)!+#!4.7.#<&!$)!7++T&/!7$T&!.!4355&'A!K#!5*!S.*!4.<T!)+!P.#!
B'.#<$(<+0!N!)'$&/!)+!<+56+(&!.!,$))$#:!&6$).68A!N!S.#)&/!(+5&)8$#:!+'$:$#.70!43)!
)8&'&!S.(!#+!&(<.6$#:!)8&!&<8+!+,!E$().8!R3')Xb!,$#.7!S+'/(!,'+5!)8&!8&.')!+,!
/.'T#&((_!lM8&!8+''+'t!M8&!8+''+'t!mZn!>W)&'5$#.)&!.77!)8&!4'3)&(tb!d2#:&7(!
Fa]e!
!
M8+56(+#!<.77(!.))&#)$+#!)+!8$(!6+($)$+#!.(!<37)3'.7!.'4$)&'0!$#%+T$#:!#+)!+#7*!.!
#&3)'.7Y7$T&!.4$7$)*!)+!.%+$/!i:+$#:!#.)$%&0j!43)!.7(+!)8&!.<<7.$5!+,!#.''.)$#:!.!).7&!+,!
(3'%$%.7Aa]!;&(6$)&!8$(!/&($'&!,+'!i(+5&)8$#:!+'$:$#.7j!)+!(.*0!M8+56(+#b(!<37)3'.7!
&W6&')$(&!$#%$)&(!.7)&'#.)$%&!,+'5(!+,!'&6'&(&#).)$+#!$#!)8&!L+#'./$.#!.773($+#0!.#/!
+,,&'(!$)!.(!.#!&547&5.)$<0!<+567&W!<37)3'.7!i&<8+j!)8.)!(&<3'&(!)8&!6+($)$+#!+,!
<37)3'.7!+5#$%+'&Aa^!!
!Q&)0!S8$7&!$#()$)3)$#:!.#!.773($+#!,+'!8$(!<37)3'.7!6'+S&((0!M8+56(+#!.7(+!
&W6+(&(!8$(!&W67+$).)$%&!'&7.)$+#(8$6!S$)8!)8&!2#:&7(A!B+'!&W.567&0!M8+56(+#b(!3(&!
+,!@&.')!+,!;.'T#&((!dH\GFe!63'6+(&7*!'&,&'&#<&(!R3')X!.(!iE$().8!R3')Xj!)+!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
(6&<).<7&0!)8$(!(<&#&!6'+5+)&(!.!537)$)3/&!+,!'&./$#:(0!4+)8!+,!M8+56(+#!.(!%$<)$5!.#/!+,!)8&!2#:&7(!
.(!4'3)&(0!.7)8+3:8!$)!$(!$56+').#)!)+!.<T#+S7&/:&!)8.)!4+)8!6.')$&(!.'&!(+<$.77*!'&<+:#$X.47&0!)'&.)&/!
.(!<&7&4'$)$&(!.#/0!.)!7&.()!$#!M8+56(+#b(!<.(&0!<+#)$#3&!)+!6'+,$)!,'+5!S+'T$#:Y<7.((!'&6'&(&#).)$+#(A!!
a]!N#!5.#*!S.*(0!M8+56(+#!&W&567$,$&(!)8&!T$#/!+,!()'.)&:$<!%$<)$5$X.)$+#!P.77*!1+4$#(+#!5.6(!$#!
E.'T&/!E&#A!1+4$#(+#!.':3&(!)8.)!iE$//7&!25&'$<.#j!S8$)&!5&#!$#!)8&!5$/Y<&#)3'*!53()!'&(6+#/!
)+!.!(+<$.7!7.<T!+,!<+#)'+7!/3&!)+!)8&!537)$67&!7$4&'.)$+#$()!6'+g&<)(!S8$<8!($/&Y7$#&!)8&$'!$/&#)$)*A!
J8$)&!5.(<37$#$)*0!$#!)3'#0!7&.'#(!)+!5.'T!$)(&7,!.(!%$<)$5!$#!+'/&'!)+!'&.((&')!.#/!'&.7$:#!6.)'$.'<8.7!
6'.<)$<&(!)8.)!'&S.'/!5.7&!/+5$#.)$+#A!M8&!@&77b(!2#:&7(!<.#!.7(+!4&!(&&#!.(!).T$#:!6.')!$#!)8$(!
6'.<)$<&!$#!)8&!.4+%&!<7.$5!+,!M8+56(+#b(!&W67+$).)$+#A!!
a^!dB+'(4&':!\^Y`e!
! ! H`^! !
%&#)'$7+93$X&!)8&!%&'#.<37.'!+,!#.)$%&!5&#!S8+!8.%&!4&&#!<+7+#$X&/!4*!5&#!7$T&!
R3')XA!M8$(!<.77(!.))&#)$+#!)+!M8+56(+#b(!6'$%$7&:&!.(!.!<37)3'.77*!+5#$%+'+3(!
#.''.)+'0!S8+(&!'&6'&(&#).)$+#!+,!%$<)$58++/!$#/$<)(!8$50!.(!V.':&'!/$/0!.(!.!,$:3'&!
)8.)!67.<&(!<+7+#$.7!6'&((3'&(!+#)+!)8&!2#:&7(A!M83(0!S8&#!M8+56(+#!5$(Y<$)&(!
R3')Xb(!i,$#.7!S+'/(j!S$)8!8$(!6'$%.)&!g+3'#.7!&#)'*!+,!i>W)&'5$#.)&!.77!)8&!4'3)&(0j!
8&!<.77(!.))&#)$+#!)+!)8&!(+<$.7!.<<+3#).4$7$)*!+,!S'$)$#:!.(!8&!&(<.6&(!,'+5!)8&!
g3#:7&!+,!)8&!2#:&7(b!K.T7.#/!4.<T!)+!<$%$7$X&/!P.#!B'.#<$(<+A!M8+56(+#!&568.($X&(!
R3')X!'.)8&'!)8.#!)8&!#.''.)+'!E.'7+S!)+!&<8+!)8&!,$#.7!S+'/(!.(!.!6.')$<$6.#)0!
'.)8&'!)8.#!.!'&6+')&'A!E.'7+Sb(!$#%$($4$7$)*!$#!M8+56(+#b(!'&#/$)$+#!+,!@&.')!+,!
;.'T#&((!'&5+%&(!)8&!+'$:$#.7!'+7&!+,!)8&!#.''.)+'!.#/!.77+S(!+#7*!)8&!()+'*!)+!
<$'<37.)&0!:$%$#:!+66+')3#$)*!)+!M8+56(+#!8$5(&7,!)+!6'&(&#)!<&').$#!)'3)8(0!
5.#$637.)&/!()+'$&(!.#/!()'.)&:$<!%&'($+#(A!
! N#!)8$(!,$#.7!5+5&#)0!M8+56(+#!3(&(!4+)8!8$:84'+S!7$)&'.)3'&!.#/!4'3)&!
%$+7&#<&!)+!6'+/3<)$%&7*!.#/!6'+,$).47*!'&(+3'<&!)8&!3#/&'<7.((Aa`!2(!.!6$%+)!6+$#)!$#!
;&R+%&#b(!)8&+'$X.)$+#!+,!&5&':&#)!6+()5+/&'#$(50!M8+56(+#b(!+5#$%+'+3(!
S+'T$#:!6&'(+#.!/'.S(!+#!)8&!S+'T$#:Y<7.((!4.(&!+,!)8&!8+4+!5*()$93&!.(!
<+56.'.47&!)+!)8&!4'3)&!<+7+#$.7!%$+7&#<&!+,!.!8$:8Y7$)&'.'*!.773($+#A!M8$(!
8+4+8&5$.#!5+%&!.77+S(!M8+56(+#!)+!&W8$4$)!8$(!<.6.<$)*!,+'!4+)8!<7.((!
6&',+'5.)$%$)*!.#/!<37)3'.7!+5#+'%.<$)*0!4+)8!+,!S8$<8!'&7*!+#!)8&!6+S&'!+,!5.()&'!
#.''.)$%&(!)+!().:&!(34g&<)$%&!.#/!(34%&'($%&!6&',+'5.)$%&!+66+')3#$)$&(!,+'!-&S!
?+3'#.7$()!S+'T!$#!7$)&'.'*!5.'T&)(A!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
a`!dB+'(4&':!\`e!
! ! H``! !
OK2M@N-C!M@>!=1KB>PPNK-!!
! M8$(!6&',+'5.)$%&!)&#/&#<*!$(!<7&.'!$#!B&.'!.#/!O+.)8$#:!$#!O.(!c&:.(0!S8&'&!
M8+56(+#!63)(!6'&((3'&!+#!'+./Y<&#)'$<!25&'$<.#!S'$)$#:!)8.)!3)$7$X&(!)8&!8+4+!
5*()$93&A!M8+56(+#b(!/&6$<)$+#!+,!S+'T$#:!6&'(+#.!.#/!#.''.)+'!1.+37!;3T&!
&W6'&((&(!)8&!6+S&'!+,!.!-&S!?+3'#.7$()!6&'(+#.!)+!<+#()'3<)!)8&!#&S!.3)8+'$X&/!
(6.<&!+,!<37)3'.7!+5#+'%.<$)*!+#!)8&!'+./0!<'$)$93$#:!.#/!'&$#%$:+'.)$#:!7$)&'.'*!
)&#/&#<$&(!)8.)!3(&!(6.)$.7!5+4$7$)*!.(!.!<+56+($)$+#.7!6'.<)$<&A!Q&)0!7$T&!$#!@&77b(!
2#:&7(0!M8+56(+#b(!#+%&7!'&7$&(!+#!)8&!S8$)&!5.(<37$#&!5+/&(!+,!)8&!8+4+!
5*()$93&!,+'!.<<&((!/&(6$)&!.!(&7,Y.S.'&!.#/!<'$)$<.7!.))$)3/&!)+S.'/!$)A!=347$(8&/!$#!
)S+Y6.')(!4*!1+77$#:!P)+#&!E.:.X$#&!$#!H\aH0!B&.'!.#/!O+.)8$#:!4&<+5&(!.!6+637.'!
67.),+'5!,+'!M8+56(+#0!)8&!5+)+'<*<7&Y(.%%*!C+#X+!g+3'#.7$()0!S8+!8.(!.7'&./*!
:.'#&'&/!.((+<$.)$+#(!S$)8!)8&!#+().7:$<!'+./!#.''.)$%&0!)8&!8+4+!5*()$93&!.#/!
S+'T$#:Y<7.((!:.#:(A!M8&!<+%&'!$5.:&!+,!6.')!+#&!+#!-+%&54&'!HH0!H\aH!/&6$<)(!
#.''.)+'!;3T&!+#!.!'&/0!S8$)&0!.#/!473&!5+)+'<*<7&!S&.'$#:!.!:.(!5.(T!)8.)!4+)8!
8$/&(!.#/!<.77(!.))&#)$+#!)+!8$(!#.)$+#.7!$/&#)$)*A!M8$(!$5.:&!$567$&(!M8+56(+#b(!
'&63).)$+#!S$)8!)8&!@&77b(!2#:&7(0!.#/!<.6$).7$X&(!+#!@+77*S++/b(!,.(<$#.)$+#!S$)8!
5.7&0!<+3#)&'<37)3'.7!'&4&77$+#!$#!,$75(!7$T&!M8&!J$7/!K#&!dH\`]e!.#/!>.(*!1$/&'!
dH\I\eAaI!M8+56(+#!&W6+(&(!.#/!'&<+#()'3<)(!)8&(&!6'+/3<)$%&!+3)($/&'!'+7&(!+,!)8&!
8+4+!5*()$93&!)+!(+7$/$,*!+66+')3#$)$&(!,+'!S8$)&0!5.(<37$#&!(&7,Y5.T$#:!+#!)8&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
aI!M8&!(&<+#/!<+%&'!.#/!<+#<73($+#!S.(!'&7&.(&/!+#!-+%&54&'!F`0!H\aHA!1.768!P)&./5.#b(!<+%&'!$(!.!
:'+)&(93&!<.'$<.)3'&!+,!;3T&!$#g&<)$#:!/'3:(!$#!6.$#,37!.:+#*0!.#/!8$(!P.5+.#!7.S*&'!<+#(35$#:!.!
S+5.#!$#!)8&!)8'+&(!+,!4+)8!6.(($+#!.#/!83#:&'A!M8&!/3.7$)$&(!+,!)8&!<+%&'(!(8+S!)8&!+#:+$#:!(67$)!$#!
'&./&'(8$6!)+!/.)&0!(+5&!(&&$#:!M8+56(+#!.(!)8&!/+<35&#).'$.#!+,!.!<'3547$#:!25&'$<.#!/'&.5!+#!
)8&!'+./0!.#/!+)8&'(!&568.($X$#:!)8&!/'3:Y'$//7&/!,'&&/+5(!+,!)8&!($W)$&(A!M8&!#+%&70!37)$5.)&7*0!
.':3&(!)8.)!4+)8!.))&56)(!)+!&W67.$#!)8&!5$/Y<&#)3'*!.'&!7+()!4*!)8&!,.()Y<8.#:&(!$#!6+7$)$<(!.#/!
&<+#+5*!4*!)8&!().')!+,!)8&!(&%&#)$&(A!!
! ! H`I! !
'+./!43)!S$)8!.!/$,,&'&#<&!)8.)!.))&#/(!)+!)8&!8$()+'$<.7!.#/!6+7$)$<.7!<7$5.)&!+,!)8&!
)$5&A!!!
! M8+56(+#!&93.)&(!)8&!8+4+!5*()$93&!)+!i2!P.%.:&!?+3'#&*!)+!)8&!@&.')!+,!
)8&!25&'$<.#!;'&.50j!.!(34)$)7&!)8.)!$((3&(!;3T&b(!.4$7$)*!)+!5+4$7$X&!'+5.#)$<!
,+'5(!+,!S+'T$#:Y<7.((!$/&#)$)*!.)!)8&!<+'&!+,!)8&!#+%&7A!V*!&568.($X$#:!)8&!g+3'#&*(!
+,!)'.56(0!8+4+(0!5$:'.#)(!.#/!435(!'.#:$#:!,'+5!?+8#!P)&$#4&<T!)+!?.<T!R&'+3.<0!
;3T&!<+55.#/(!6'&(&#<&!.#/!<&#)'.7$)*!$#!8$(!/'$%&!,'+5!O.(!2#:&7&(!)+!O.(!c&:.(!
.#/!/&67+*(!(&7,Y5.T$#:!)'+6&(!'&7.)&/!)+!8+4+$#:!.#/!'.$7Y'$/$#:A!M8+56(+#!
.77+<.)&(!)8&(&!)'+6&(!.(!6'+/3<)$%&!5&.#(!,+'!7$)&'.'*!S+'T0!/&6$<)$#:!;3T&b(!
S+'T$#:!6&'(+#.!.#/!g+3'#.7$()$<!'&6+').:&!.(!<+#93&'$#:!)8&!25&'$<.#!7.#/(<.6&!
.#/!'&/$()'$43)$#:!)8&!%.73&!+,!)8&!8+4+!5*()$93&!$#!)8&!<37)3'.7!5.'T&)67.<&A!!
! M8+56(+#b(!'&7.)$+#(8$6!S$)8!)8&!5*()$93&!$(!7&((!()'.$:8),+'S.'/!)8.#!
+)8&'(!$#!)8$(!/$((&').)$+#0!$((3$#:!.!/$()$#<)!.))&56)!)+!/&($:#.)&!8$(!'+./!#+%&7!.(!
.#!&W6'&(($+#!+,!8$(!+5#+'%.<$)*A!M+!/+!(+0!M8+56(+#!53()!67.*!S$)8!)8&!
<+#%&#)$+#(!+,!)8&!8+4+!#.''.)$%&!.#/!'&<$'<37.)&!)8&!8+4+!5*()$93&!.(!.#+)8&'!
$#()$)3)$+#!)8.)!8.(!4&&#!/&%+$/!+,!$)(!6+S&'0!i43'#&/!+3)!.#/!7+#:!:+#&!,'+5!)8&!
4'3)$(8!'&.7$)$&(!+,!)8$(!,+37!*&.'!+,!K3'!O+'/0!H\aHj!dM8+56(+#!B&.'!F]eA!;'.S$#:!
+#!)8&!6+7$)$<.7!'&.7$)$&(!+,!4+)8!-$W+#!.#/!)8&!c$&)#.5!S.'0!M8+56(+#!'&$((3&(!)8&!
6'+5$(&!+,!)8&!8+4+!5*()$93&!.#/!,'+#)$&'Y&'.!5+4$7$)*!4*!)3'#$#:!;3T&b(!g+3'#&*!
,'+5!J&()!dO+(!2#:&7&(e!)+!>.()!dO.(!c&:.(eA!M8$(!(34%&')(!)8&!<37)3'.7!&W6&<).)$+#!
.#/!)8&!<37)3'.7!d3#e<+#(<$+3(!+,!J&()S.'/!&W6.#($+#!<.6)3'&/!$#!P)&$#4&<T!.#/!
R&'+3.<0!)3'#$#:!25&'$<.#!&W<&6)$+#.7$(5!$#S.'/A!;3T&!7&.%&(!L.7$,+'#$.!,+'!
! ! H`a! !
-&%./.b(!iS+54!+,!)8&!/&(&')!(3#0j!$((3$#:!6'+/3<)$%&!6+(($4$7$)*!$#!)8&!
/$(67.<&5&#)!+,!)8&!S&()&'#!5&#).7!:&+:'.68*!)8.)!$#,+'5(!)8&!8+4+!5*()$93&!
dB&.'!HFeA!N#!)8$(!)'.%&7!;3T&!$(!6+')'.*&/!.(!.!6.((&#:&'!$#!i)8&!L.//*0j!S8$<8!'$/&(!
i.<'+((!)8&!/&(&')!mZn!7$T&!'+77$#:!)8'+3:8!5$/#$:8)!+#!)8&!+7/!L.7$,+'#$.!U&68*'j!
dM8+56(+#!B&.'!HG`eA!N#/$<.)$#:!8$(!#+().7:$.!,+'!)8&!U&68*'!.#/!$)(!'.$7Y'++)&/!
&W$()&#<&!$#!)8&!25&'$<.#!J&()0!;3T&b(!6.((&#:&'!6+($)$+#!$(!.!g+3'#&*!+,!i63'&0!
(5++)8!8&77j!)8.)!$#)$5.)&(!.#/!'&,+<3(&(!)8&!'+5.#<&!+,!)8&!'+./!.(!.!(&'$&(!+,!
<7$<8q/!<+#%&#)$+#(!6+637.'7*!&().47$(8&/!4*!R&'+3.<!dM8+56(+#!B&.'!HG`eA!
2))&#)$%&!)+!/$'&<)$+#!.#/!)'.#(6+').)$+#0!M8+56(+#b(!'&#/$)$+#!+,!)8&!8+4+!
#.''.)$%&!<.77(!.))&#)$+#!)+!)8&!7.<T!+,!(34g&<)$%&!6.')$<$6.)$+#!$#!25&'$<.#!'+./!
#+%&7(0!.!(&'$&(!+,!.3)8+'(!5&'&7*!/+<35&#)$#:!)8&$'!6&'(+#.7!/&%&7+65&#)!
.<<+'/$#:!)+!5$7&!5.'T&'(A!M8$(!$(!'&./$7*!.%+$/&/!4*!;3T&b(!/'3:Y,3&77&/!)'$60!.#!
.7)&'#.)$%&!#.''.)$%&!.#/!67+))&/!)'.g&<)+'*!,'+5!27:&'f3#7&((!8&!8./!4&&#!4+'#!
#&.'!)8.)!,$&7/!+,!7+<+S&&/A!J$)8$#!)8$(!<+#)&W)0!M8+56(+#!<.6)3'&(!;3T&b(!:&#&'.7!
$#)+W$<.)$+#!+#!)8&!'+./0!$#<73/$#:!.!8&'+$#Y$#/3<&/!'+./Y'.:&!&6$(+/&!S$)8!.!B+'/!
,'+5!KT7.8+5.A!;3T&!'&,&'(!)+!)8&!/'$%&'(!.(!iKT$&(j!)+!&W6'&((!)8&$'!6+637.'$X&/!
.#/!6+7$)$<.7!8$()+'*!+,!%&8$<37.'!'&($7$&#<&0!)8&#!'&<T7&((7*!'3#(!)8&5!+,,!)8&!'+./!
,&&7$#:!$#!/.#:&'!dH`FY]eA!M8+56(+#!3(&(!)8&(&!(6&<)'.7!,$:3'&(!.#/!<7$<8q/!
<+#%&#)$+#(!)+!&W67+'&!8+S!)8&!25&'$<.#!;'&.5!8.(!)'.#(,+'5&/!+#!)8&!'+./(!$#!
)8&!J&()A!V3)!)8&(&!'+./(!.7(+!$#()$)3)&!;3T&b(!/$,,&'&#<&!,'+5!)8&!#+%&7(!)8.)!)'.%&7!
&.()!)+!S&()!4*!'.$7!+'!i83:&!<.'(j!S$)8!S8$<8!i+7/!25&'$<.#(!:+!+3)!)+!)8&!8$:8S.*!
.#/!/'$%&!)8&5(&7%&(!)+!/&.)8!j!dM8+56(+#!B&.'!H[eA!V*!$#%&()$#:!$#!.!/$,,&'&#)!
! ! H`[! !
:&#'&!.#/!5&)8+/0!M8+56(+#!3(&(!;3T&b(!'+./Yg+3'#&*f.!'&<+:#$X.47&!
6.')$<$6.)$+#!$#!)8&!8+4+!5*()$93&f)+!./%.#<&!8$(!.54$:3+3(!6+($)$+#!+,!
g+3'#.7$()Y5./&Y,$<)$+#!S'$)&'!.(!(+<$.77*0!5.)&'$.77*!.#/!6+7$)$<.77*!/$,,&'&#)!)8.#!
)8&!8+4+!#.''.)$%&(!+,!)8&!6'&%$+3(!&'.A!!
! M8+56(+#!<&7&4'.)&(!)8&!#+%&7b(!<+#,7.)$+#!+,!,$<)$+#.7!.3)8+'0!
.3)+4$+:'.68$<.7!g+3'#.7$()!#.''.)+'!.#/!S+'T$#:!6&'(+#.!)+!&W67+'&!O.(!c&:.(!.(!.!
#&S!($)&!,+'!)8&!8+4+!#.''.)$%&A!M8+56(+#b(!$#$)$.)$+#!S$)8$#!)8&!8+4+!5*()$93&!
:'.#)(!.!6.')$<$6.)+'*!6&',+'5.#<&!+#!)8&!'+./0!(6&<$,$<.77*!+#&!)8.)!'&,3(&(!
g+3'#.7$(5b(!i<7.(($<.7!3#+4)'3($%&!'&6+')&'0j!)+!<&7&4'.)&!-&S!?+3'#.7$(5b(!.$5!!i)+!
4&!.(!%$($47&!.(!6+(($47&!$#!)8&!&%&#)!mZn!.#/!)+!6.')$<$6.)&!$#!$)!(6&<).<37.'7*!'.)8&'!
)8.#!5&'&7*!)+!+4(&'%&!$)j!d;&R+%&#!\^eA!M8+56(+#b(!6+()5+/&'#!(34g&<)$%&!
6&',+'5.)$%$)*!3(&(!)8&!'+./!.(!.!<.).7*()!,+'!&W67.$#$#:!8$(!'&($7$&#)!S+'T$#:!
6&'(+#.0!8$(!(6.)$.7!5+4$7$)*!&%$/&#<&!+,!8$(!<37)3'.7!.<<3537.)$+#A!M8+56(+#!
+%&')7*!,$<)$+#.7$X&(!8$(!S+'T$#:!6&'(+#.!)+!<.77!.))&#)$+#!)+!)8&!<+#()'3<)$+#!+,!8$(!
#.''.)$%&!%+$<&0!:'.#)$#:!8$5!)8&!6'$%$7&:&!)+!).T&!6.')!$#!)8&!8+4+!5*()$93&!S8$7&!
<'$)$93$#:!$)!,'+5!.#!+5#$%+'+3(!6+($)$+#A!"#7$T&!R&'+3.<!S8+!)'.%&7(!,+'!8$(!+S#!
<'&.)$%&!&W67+'.)$+#0!;3T&!/'$%&(!)+!O.(!c&:.(!4&<.3(&!$(!8$'&/!,+'!S+'T!.(!.!
'&6+')&'A!V3)!;3T&!$(!3#<7&.'!S8.)!8&!S$77!'&6+')0!.(T$#:0!iS8.)!S.(!)8&!()+'*p!
-+4+/*!8./!4+)8&'&/!)+!(.*A!P+!S&!S+37/!8.%&!)+!/'35!$)!36!+#!+3'!+S#A!B'&&!
>#)&'6'$(&A!M8&!25&'$<.#!;'&.5A!@+'.)$+!27:&'!:+#&!5./!+#!/'3:(!$#!O.(!c&:.(j!
dM8+56(+#!B&.'!HFeA!M8&(&!8$:87*!6.')$<$6.)+'*!6'+,&(($+#.7!+47$:.)$+#(!.77+<.)&!
)8&!/'$%&!.(!.#!+66+')3#$)*!)+!:&)!8$:8!.#/!<8.77&#:&!)8&!)'./$)$+#.7!'+./!63'(3$)(!.(!
! ! H`\! !
.#!.'),37!6'+/3<)!+,!5.(<37$#&!(&7,Y5.T$#:A!-&&/$#:!)+!5.T&!)8&!()+'*!36!7$T&!,$<)$+#0!
;3T&!4&<+5&(!.!6&',+'5.)$%&!8+4+Y.(Y.')$()0!'&6'+/3<$#:!)8&!43XXS+'/(!+,!
25&'$<.#!(&7,Y5.T$#:!,+'!8$(!+S#!<+3#)&'<37)3'.7!.$5(A!M8$(!'&(37)(!$#!B&.'!.#/!
O+.)8$#:!&#%$($+#$#:!)8&!'+./!#+)!.!7+<.)$+#!+,!(&7,Y5.T$#:0!43)!.!($)&!,+'!(&7,Y
.,,$'5$#:!.#!+5#$%+'+3(!().)3(!)8.)!<.#!5$('&6'&(&#)!)8&!8+4+!5*()$93&!.#/!()$77!
:.$#!&#)'*!$#)+!)8&!7$)&'.'*!5.'T&)67.<&A!!
! M8$(!(34%&'($%&!.#/!5$('&6'&(&#).)$%&!&/:&!.77+S(!M8+56(+#!)+!
.<T#+S7&/:&!)8.)!;3T&b(!)'$6!$(!/$,,&'&#)!,'+5!)8+(&!/&6$<)&/!4*!?.<T!O+#/+#0!?+8#!
P)&$#4&<T!+'!?.<T!R&'+3.<A!V*!'&.77+<.)$#:!)8&!<37)3'.7!<.6$).7!)8.)!)8&!8+4+!
#.''.)$%&!.#/!)8&!8+4+!5*()$93&!<.''*0!;3T&!<8.77&#:&(!'+./!&W6&'$&#<&!4*!
()'&(($#:!)8.)!8$(!)'$6!iS.(!.!<7.(($<!.,,$'5.)$+#!+,!&%&'*)8$#:!'$:8)!.#/!)'3&!.#/!
/&<&#)!$#!)8&!#.)$+#.7!<8.'.<)&'A!N)!S.(!.!:'+((0!68*($<.7!(.73)&!)+!)8&!,.#).()$<!
6+(($4$7$)$&(!+,!7$,&!$#!)8$(!<+3#)'*f43)!+#7*!,+'!)8+(&!S$)8!)'3&!:'$)A!2#/!S&!S&'&!
<8+<T!,377!+,!)8.)j!dM8+56(+#!B&.'!H[eA!;'.S$#:!+#!)8&!8.'/Y4+$7&/!:'$)!+,!)8&!8+4+!
5*()$93&0!M8+56(+#!$#<+'6+'.)&(!)8&!<7$<8q/!&7&5&#)(!+,!)8&!8+4+!#.''.)$%&!,'+5!
O+#/+#!)+!R&'+3.<!S8+5!$#%&()!)8&$'!<$)$X&#!5.(<37$#$)$&(!$#!)8&!i)'3)8j!)&77$#:!
'+./A!V3)!'.)8&'!)8.#!'&6'+/3<&!)8&!:'$)!+,!'.$7'+./(!.#/!8$)<88$T&'(!4*!/'.S$#:!+#!
S+'T$#:Y<7.((!<+#,$:3'.)$+#(!)8.)!:'.#)!5+%&5&#)!.#/!5+4$7$)*!)+!S8$)&!
5.(<37$#$)*0!M8+56(+#!<+#(+7$/.)&(!)8&!5*()$93&!.#/!<.'$<.)3'&(!$)(!<&#)'.7$)*!$#!
)8&!5.T$#:!+,!25&'$<.#!$/&#)$)*A!M8$(!i:'+((0!68*($<.7!(.73)&j!.<T#+S7&/:&(!#+)!)8&!
5.)&'$.7!<+#/$)$+#(!+,!25&'$<.#!7$,&0!43)!)8&!/&4.(&5&#)!+,!6+)&#)$.7!$#!25&'$<.#!
S'$)$#:!)8.)!8.(!:'+S#!6'&/$<).47&!.#/!)'$)&A!
! ! HIG! !
! M83(0!M8+56(+#!3)$7$X&(!)8&!8+4+!5*()$93&!)+!S.''.#)!<'$)$<$(5!+,!25&'$<.#!
S'$)$#:0!5+()!(6&<$,$<.77*!)8&!6(&3/+Yg+3'#.7$()$<!$5637(&(!+,!O+#/+#!.#/!P)&$#4&<T!
$#!)8&$'!,$<)$+#(A!M8$(!$#<73/&(!R&'+3.<0!)++0!S8+!&567+*(!5&)8+/(!)8.)!/+<35&#)!
7$,&!)8'+3:8!+4(&'%.)$+#(!+#!)8&!'+./!'.)8&'!)8.#!<+#()'3<)$#:!.#/!&W6&'$&#<$#:!)8&!
,$<)$+#!+,!)8&!'+./A!M8+56(+#!3(&(!;3T&!)+!63'(3&!,'&&Y&#)&'6'$($#:!25&'$<.#!
&W6&'$&#<&(!)8.)!<.#!(&7,Y<+#(<$+3(7*!.')$<37.)&!)8&!'+5.#)$<$(5!S'.66&/!36!$#!)8&!
8+4+!5*()$93&0!)8&!'+./!#.''.)$%&!.#/!)8&!25&'$<.#!S'$)&'A!2(!.!%&8$<7&!,+'!8$(!
<+56+($)$+#0!)8&!5*()$93&!(&'%&(!.(!.!<37)3'.7!'&(+3'<&!,'+5!S8$<8!M8+56(+#!<.#!
:.'#&'!6+S&'A!"#7$T&!P)&$#4&<T!+'!R&'+3.<0!M8+56(+#!'&,3(&(!)+!4&!<.3:8)!$#!)8&!
)'.6!+,!8$(!+S#!8+4+8&5$.#!:.5&!.#/!+,,&'(!7$))7&!)+!#+!.#W$&)*!+%&'!8$(!5$//7&Y
<7.((!5.(<37$#&!6+()3'$#:!)8.)!5.#$637.)&(!S+'T$#:Y<7.((!()+'$&(!.#/!)8&!8+4+!
5*()$93&!,+'!<37)3'.7!%.73&A!!
! J8&'&!M8+56(+#!/+&(!$#/$<.)&!.#W$&)*!$(!$#!)8&!6'+,&(($+#.7!4.7.#<&!+,!
+4(&'%.)$+#!.#/!6.')$<$6.)$+#!)8.)!53()!).T&!6.')!$#!)8&!8+4+!5*()$93&!S8$7&!()$77!
+,,&'$#:!<'$)$93&A!B+'!&W.567&0!8+4+!5+4$7$)*!.77+S(!;3T&!)+!'+.5!.<'+((!)8&!
&W6.#(&!+,!/&(&')!7.#/(<.6&0!43)!.7(+!'&6'&(&#)(!8$5!.(!6$##&/!3#/&'!)8&!7&:.7!
S.)<8!+,!)8&!7.SA!M8+56(+#b(!$#)&'#.7!<+#)'./$<)$+#(!$#<73/&!/&%.73$#:!)8&!'+./!
S8$7&!%.73$#:!$)0!.(!S&77!.(!$)!()'&(($#:!+5#$%+'+3(!<+#)'+7!+,!)8&!(&7,!S8$7&!;3T&!
(8+S(!#+#&A!B+'!&W.567&0!;3T&!'&%&.7(_!
M8&!6+(($4$7$)*!+,!68*($<.7!.#/!5&#).7!<+77.6(&!$(!%&'*!'&.7!#+SAAA!
!AAA43)!<+77.6(&!$(!+3)!+,!)8&!93&()$+#o!.(!.!(+73)$+#!+'!&%&#!.!<8&.6!.7)&'#.)$%&0!
$)!$(!3#.<<&6).47&A!N#/&&/A!M8$(!$(!)8&!5+5&#)!+,!)'3)80!)8.)!,$#&!.#/!,.)&,37!
7$#&!4&)S&&#!<+#)'+7!.#/!/$(.()&'YYS8$<8!$(!.7(+!)8&!/$,,&'&#<&!4&)S&&#!
().*$#:!7++(&!.#/!S&$'/!+#!)8&!()'&&)(0!+'!(6&#/$#:!)8&!#&W)!,$%&!*&.'(!+,!
(355&'!5+'#$#:(!67.*$#:!4.(T&)4.77!$#!)8&!*.'/!.)!L.'(+#!L$)*A!dM8+56(+#!
! ! HIH! !
B&.'![\e!
!
;3T&b(!5&#).7!().)&!'&7$&(!+#!<+#)'+7!.(!.!S.*!+,!,&&7$#:!S8+7&A!@.%$#:!<+#)'+7!+,!
+#&(&7,fS8&)8&'!)8'+3:8!7&:.7!)'.#(:'&(($+#(!+'!)8&!4.7.#<$#:!.<)!+,!7.)&Y)S&#)$&)8!
<&#)3'*!5.(<37$#$)*f$(!)+!.)).$#!4+3':&+$(!$#/$%$/3.7$)*!.#/!,'&&/+5A!M8+56(+#b(!
+5#$%+'+3(!$#%&()5&#)!$#!)8&!#.''.)$%&!8.(!;3T&!)+!5.$#).$#!S8+7&#&((!.#/!
<+#)'+7!i+#!)8&!()'&&)(Aj!M8$(!:&()3'&(!)+S.'/!#+)!+#7*!)8&!+6&##&((!+,!)8&!'+./0!43)!
.#!&<+#+5$<!'&,&'&#<&!)+!8+5&7&((#&((!)8.)!<+#)'.()(!S$)8!)8&!&(<.6$(5!+,!)8&!8+4+!
5*()$93&!.#/!$)(!8+5&7&((!)'.56(0!8+4+(!.#/!435(A!O$T&!)8&!8+4+!,.#).(*!+,!
&%./$#:!S+'T!.#/!<$)$X&#!'&(6+#($4$7$)$&(0!;3T&!3(&(!)8&!()'&&)(!)+!6'+%$/&!8$5(&7,!
6.')$<$6.)+'*!5+4$7$)*!)8.)!/'.S(!+#!)8&!8+4+!#.''.)$%&A!M8$(!8+4+!5+4$7$)*!$(!
'&6'&(&#)&/!.)!+//(!S$)8!().)&!$56'$(+#5&#)!$#!i)8&!*.'/!.)!L.'(+#!L$)*0j!S8$<8!
7$5$)(!5+%&5&#)!.#/!S+37/!<+77.6(&!;3T&b(!6'+/3<)$%&!'&6+')$#:!6&'(+#.A!
E+5&#)(!7$T&!)8$(!(3::&()(!)8.)!M8+56(+#b(!6.')$<$6.)$+#!$#!)8&!8+4+!5*()$93&f
S8&)8&'!'+5.#)$<!+'!(34%&'($%&f$(!.!#&<&((.'*!6.')!+,!)8&!<'$)$93&!4&<.3(&!$)!
.77+S(!)8&!T$#/!+,!5+4$7$)*!'&93$'&/!+,!.#!+5#$%+'+3(!().)3(A!!
!J8$7&!)8&!8+4+!5*()$93&!$(!/&&5&/!.!,.$7&/!%&8$<7&!,+'!M8+56(+#b(!
6'+,&(($+#.7!.(6$'.)$+#(0!$)!$(!.7(+!.!S8+77*!$#,73&#)$.7!<37)3'.7!3#<+#(<$+3(!)8.)!
/$'&<)(!&%&#!(34%&'($%&!'&6'&(&#).)$+#(A!M8&(&!'&<.7$4'.)$+#(!+,!)8&!8+4+!5*()$93&!
$#().)&!M8+56(+#b(!7+SY<7.((!g+3'#.7$()!)'.#($)$+#!)+!.#!366&'Y<7.((!#+%&7$()A!V*!
$#/$<.)$#:!)8&!6'&((3'&!+#!.!S+'T$#:!6&'(+#.!)8.)!53()!5+4$7$X&!6&',+'5.)$%$)*!)+!
(3'%$%&0!M8+56(+#!3(&(!;3T&!.(!.!)++7!,+'!4'.#/$#:!8$(!6347$<!6&'(+#.!.(!-&S!
?+3'#.7$()!S8$7&!<8.##&7$#:!&7&5&#)(!+,!25&'$<.#!,$<)$+#A!N#!)8$(!6347$<$X.)$+#!+,!)8&!
! ! HIF! !
(&7,0!M8+56(+#!./%.#<&(!8$(!-&S!?+3'#.7$()!<.'&&'!)8'+3:8!)8&!,'&&!&#)&'6'$(&!.#/!
27:&'Y7$T&!)&<8#$93&(!+,!.!<+#(+7$/.)&/!8+4+!5*()$93&A!B&.'!.#/!O+.)8$#:!&W6'&((&(!
.#!.S.'&#&((!+,!4&$#:!.6.')!,'+5!+'!/$,,&'&#)!)8.#!25&'$<.#!,$<)$+#0!S8$7&!.)!)8&!
(.5&!)$5&0!<7.$5$#:!.!g+3'#.7$()$<!$/&#)$)*!)8.)!.7(+!'&,3(&(!)+!4&!7.4&7&/!.(!.!
g+3'#.7$()!4&<.3(&!+,!$)(!7+S!().)3(!.#/!7$5$)&/!<37)3'.7!.<<&((A!M8$(!6'+/3<)$%&!
&%.($+#!+,!<7.(($,$<.)$+#!6'+%$/&(!;3T&!)8&!+66+')3#$)*!)+!&W&'<$(&!#&S!5&)8+/(!
.#/!5+/&7(!+,!<37)3'.7!6'+/3<)$+#!)8'+3:8!-&S!?+3'#.7$(5A!M8$(!.7(+!7&)(!;3T&!
&W8$4$)!4+3#/.'*Y<'+(($#:!.<<&((!)8.)!/&,$#&(!$)(&7,!4*!<+56.')5&#).7$X$#:!+)8&'(_!
?+3'#.7$(5!$(!#+)!.!6'+,&(($+#!+'!.!)'./&A!N)!$(!.!<8&.6!<.)<8Y.77!,+'!,3<T+,,(!
.#/!5$(,$)(f.!,.7(&!/++'S.*!)+!)8&!4.<T($/&!+,!7$,&0!.!,$7)8*!6$((Y'$//&#!7$))7&!
8+7&!#.$7&/!+,,!4*!)8&!43$7/$#:!$#(6&<)+'0!43)!g3()!/&&6!&#+3:8!,+'!.!S$#+!)+!
<3'7!36!,'+5!)8&!($/&S.7T!.#/!5.()3'4.)&!7$T&!.!<8$56!$#!.!X++Y<.:&A!dB&.'!
FGGe!
!
B&.',37!+,!4&<+5$#:!.!5&54&'!+,!)8&!6'&((!7$T&!)8+(&!8&!.$5&/!)+!(8+SY36!$#!@&77b(!
2#:&7(0!;3T&!6'+%$/&(!.!5+5&#)!+,!<7.'$)*!.4+3)!8$(!6+($)$+#f.#/!'+7&f$#!)8&!
<37)3'&!$#/3()'*A!V*!/&6$<)$#:!g+3'#.7$(5!.(!.!7+SY<7.((!i<.)<8Y.77j!,+'!+3)($/&'(0!
;3T&!<7.$5(!)8&!6'+,&(($+#!)+!8.%&!i,.7(&j!.<<&((!)+!)8&!(&&/*!3#/&'4&77*!+,!7$,&A!
L'$)$93&(!7$T&!)8$(!.77+S!M8+56(+#!)+!4&!4+)8!$#($/&!.#/!+3)($/&!+,!)8&!g+3'#.7$()!
:'+360!./8&'$#:!)+!)8&!g+4!.#/!3#/&'5$#$#:!)8&!6'+,&(($+#!.77!.)!+#<&A!M8'+3:8!
;3T&0!M8+56(+#!/&,$#&(!g+3'#.7$(5!.(!7$5$)&/!.#/!6+7$<&/!4*!5.7&!/+5$#.)$+#0!(&7,Y
()$537.)$+#0!.#/!&W<&(($%&!'&()'$<)$+#A!N#!)8$(!S.*0!g+3'#.7$(5!$(!#+)!.!i6'+,&(($+#!+'!
)'./&j!,+'!.!5.#0!43)!.#!$#()$)3)$+#.7$X&/!<.'&&'!)8.)!/&($:#.)&(!-&S!?+3'#.7$(5!.#/!
7$)&'.'*!,$<)$+#!.(!8$:8&'Y().)3(!<'&.)$%&!+6)$+#(A!V'.#/$#:0!43)!'&,3($#:!)+!4&!
4'.#/&/0!-&S!?+3'#.7$(5!$(!/&6$<)&/!.(!5+)$%.)&/!4*!.#!.4$7$)*!)+!&%./&!
! ! HI]! !
<7.(($,$<.)$+#!.#/!)'.#(:'&((!4+3#/.'$&(A!M8+56(+#!3(&(!;3T&!)+!<7.$5!)8&!(.5&!
6'$%$7&:&0!).T$#:!+#!)8&!'+7&(!+,!4+)8!+5#$%+'+3(!-&S!?+3'#.7$()!.#/!25&'$<.#!
#+%&7$()!.(!.!(&7,Y.S.'&!.#/!63'6+(&,37!8+4+8&5$.#!6'.<)$)$+#&'!5.#$637.)$#:!)8&!
7$)&'.'*!5.'T&)67.<&!)8'+3:8!<7$<8q/!'&S+'T$#:(!+,!)8&!8+4+!5*()$93&A!!
!V*!<$'<37.)$#:!8$(!'+7&(!.(!(+<$.7!<'$)$<!.#/!63'%&*+'!+,!,$<)$+#!.#/!#+#Y,$<)$+#0!
M8+56(+#!:.$#(!)8&!<7.((!.<<&((!)8.)!J+7,&!+4(&'%&(0!.#/!36+#!S8$<8!<37)3'.7!
+5#$%+'&(!/&6&#/A!V*!6347$<$X$#:!)8&!(&7,0!M8+56(+#!6'+/3<&(!.#/!<+#(35&(!
<37)3'&!)+!<+#,$'5!8$(!<'&.)$%&!<.6.<$)*A!N#!.//$)$+#0!8&!'&$#()$)3)&(!<7.((!4+3#/.'$&(!
)+!6'+%$/&!8$5(&7,!.#!&#)$)7&/!().)3(!'&(&'%&/!,+'!366&'Y<7.((!#+%&7$()A!M8$(!
8&$:8)&#&/!8+4+8&5$.#!6'$%$7&:&!<'+((&(!<+#<&6)$+#(!+,!:&#'&0!()*7&!.#/!.3)8+'Y
().)3(!)+!$#/$<.)&!25&'$<.b(!6'+,3(&!$#)&'&()!$#!<7.((!6&',+'5.)$%$)*A!!
! 2(!M+5!J+7,&!8.(!#+)&/0!25&'$<.#!7$)&'.)3'&!8.(!.!)&#/&#<*!)+!$#%+T&!
S+'T$#:Y<7.((!.((+<$.)$+#(!$#!i)&''$,$<j!4$+:'.68$<.7!#+)&(_!!!
M8&!.3)8+'0!*+3!S+37/!4&!.((3'&/0!S.(!6'&%$+3(7*!&567+*&/!.(!.!8+/!<.''$&'!
dP)&$#4&<Te0!.!)'3<T!/$(6.)<8&'!dL.$#e0!.!4&774+*!dJ'$:8)e0!.!J&()&'#!"#$+#!
4+*!dP.'+*.#e0!.!/$(8S.(8&'!$#!.!C'&&T!'&().3'.#)!$#!-&S!Q+'T!dB.37T#&'e0!.!
)'3<T!/'$%&'0!7+::&'0!4&''*!6$<T&'0!(6$#/7&!<7&.#&'0!<'+6!/3()&'0!6$7+)!mZnA!
M8&'&!S.(!#+!&#/!)+!$)!mZnA!P+5&!#+%&7$()(!8./!S8+7&!()'$#:(!+,!)8&(&!
<'&/&#)$.7(!mZnA!M8.)!S.*!*+3!T#&S!*+3!S&'&!:&))$#:!)8&!'&.7!:++/(!mZnA!
diV$')8j!^Y`e!
!
N#!.!<37)3'.7!<7$5.)&!S8&'&!S+'T$#:Y<7.((!<'&/&#)$.7(!5.T&!.')!i)8&!'&.7!:++/(0j!$)!$(!
#+!(3'6'$(&!)8.)!,$:3'&(!7$T&!@3#)&'!PA!M8+56(+#!S+'T!)+!5.$#).$#!.((+<$.)$+#(!S$)8!
S+'T$#:Y<7.((!$/&#)$)$&(A!N#!<8.77&#:$#:!)8&!6'+,&(($+#!+,!g+3'#.7$(5!4*!<'+(($#:!
7$)&'.'*!<7.((!4+3#/.'$&(0!M8+56(+#b(!6'+,&(($+#.7!6&'(+#.(!.'&!+5#$%+'+3(!.#/!
.$5!)+!&W$()!.)!.77!7&%&7(!.)!+#<&A!Q&)0!)+!<'+((!<7.((!4+3#/.'$&(0!M8+56(+#b(!S+'T!
! ! HI^! !
53()!3(&!6'.<)$<&(!)8.)!:.'#&'!S+'T$#:Y<7.((!(*56.)8$&(!.#/!)3'#!)8&5!$#)+!)8&!
i'&.7!:++/(j!,+'!)8&!7$)&'.'*!5.'T&)67.<&A!M8&(&!6'.<)$<&(!(3::&()!)8.)!)8&!
(34%&'($%&!<'&.)$%&!%$($+#!+,!-&S!?+3'#.7$(5!$(!'++)&/!$#!)8&!5+4$7$X.)$+#!+,!<7.((0!
S8$<8!.77+S(!,$:3'&(!7$T&!M8+56(+#!)+!&#.<)!.!S+'T$#:!6&'(+#.!)8.)!6'+,&(($+#.77*!
5.'T&)(!K)8&'(b!<7.((!6+($)$+#!.(!.#!./%.#).:&!,+'!)8&!<+#()'3<)$+#!+,!8$(!+S#!
.<<&((!.#/!<'&.)$%&!+3)63)Aaa!!! !
! V*!.<)$%&7*!<+55+/$,*$#:!)8&!S+'T$#:!<7.((fS8&)8&'!)8&!@&77b(!2#:&7(0!7+SY
7&%&7!g+3'#.7$()(0!+'!8+4+!,$:3'&(fM8+56(+#b(!S+'T!'&7$&(!+#!)8&!'&6'+/3<)$+#!+,!.!
(+<$.7!8$&'.'<8*!)+!(&<3'&!8$(!+S#!6'+,&(($+#.7!().)3(!.#/!S+'T$#:!6&'(+#.A!
M8+56(+#!/+&(!#+)!3(&!'&6'&(&#).)$+#(!+,!)8&!S+'T$#:!<7.((!)+!<'&.)&!()'.)&:$<!
.77$.#<&(!)8.)!'&6'&(&#)!)8&!5.)&'$.7!<+#/$)$+#(!,+'!S+'T$#:!<7.((!&W67+$).)$+#0!
/$(6+((&((&/!6+637.)$+#(0!+'!7.4+'!/$(63)&(A!N#()&./0!8&!3(&(!)8&(&!'&6'&(&#).)$+#(!
)+!6&'6&)3.)&!)8&!<37)3'.7!5.)&'$.7!+,!(&7,Y5./&0!,'+#)$&'Y7./&#0!.3)+4$+:'.68$<.7!
#.''.)$%&(!)8.)!8.%&!4&&#!<&#)'.7!)+!25&'$<.#!7$)&'.)3'&!.#/!$)(!5.'T&)67.<&!($#<&!
$)(!$#<&6)$+#A!N#<+'6+'.)$#:!g+3'#.7$(5!$#)+!.!8$:8&'Y().)3(!7&%&7!7$)&'.'*!5.'T&)0!
.#/!/$()$#:3$(8$#:!8$5(&7,!.:.$#()!)8&!S+'T$#:!<7.((0!@3#)&'!PA!M8+56(+#b(!S+'T!
(3::&()(!.!6'&/$7&<)$+#!,+'!25&'$<.#!7$)&'.)3'&!)+!<.6$).7$X&!+#!3#/&'<7.((!6+($)$+#(!
)8'+3:8!<37)3'.77*!+5#$%+'+3(!6'.<)$<&(A!M8$(!6'+,&(($+#.7!().)3(!.77+S(!,+'!)8&!
<+#()'3<)$+#!+,!()'.)&:$<!6&'(+#.(!)8.)!&#:.:&!$#!<'&.)$%&!.#/!$#)&77&<)3.7!S+'T0!43)!
'&93$'&(!.#!.((+<$.)$+#!S$)8!)8+(&!)8.)!68*($<.77*!7.4+'!)+!/+!$)Aa[!M8+56(+#b(!3(&!+,!
S+'T$#:Y<7.((!$/&#)$)*!5.'T(!.!().:&!+,!)8&!6+()S.'!8+4+!#.''.)$%&!)8.)!<$'<37.)&(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
aa!dB+'(4&':!\`e!
a[!dB+'(4&':!\`YIe!
! ! HI`! !
)8&!8+4+!5*()$93&!.(!.!(&7,Y<+#(<$+3(!<+55+/$,$<.)$+#!+,!<'&.)$%&!<.6.<$)*A!
M8+56(+#!$(!.))&#)$%&!)+!)8&!5.)&'$.7!,+3#/.)$+#(!+,!)8&!8+4+!5*()$93&0!43)!<.##+)!
/&#*!$)(!6347$<!.#/!6+637.'!.66&.7!.(!.!%&8$<7&!,+'!6+()S.'0!<+3#)&'<37)3'.7!<'$)$93&A!
M8$(!(6&<$,$<.77*!6+()S.'!.((+<$.)$+#!S$)8!)8&!8+4+!5*()$93&!<.#!.7(+!4&!(&&#!$#!)8&!
S+'T!+,!L8.'7&(!V3T+S(T$!$#!)8&!#&W)!<8.6)&'A!O$T&!M8+56(+#0!V3T+S(T$!$#/$<.)&(!
)8.)!8+4+8&5$.#!6'.<)$<&!<.#!$#()$)3)&!()'.)&:$<!7$)&'.'*!)'.#(:'&(($+#(!)8.)!6'+%&!
)8&!6'+/3<)$%&#&((!+,!<7.((!<+Y+6)$+#!$#!.!8$:87*!'&:$5&#)&/!7$)&'.'*!5.'T&)A!
!
!
!
!
!
!
!
!
!
&
&
&
&
&
! ! HII! !
8)"K5*4&@094.&80220,'U-'+#&CG',&!07.&C*II'+#&8)"4I*$&D9G07$G'&"+,&/*+4-&
8)'+"$G'&
!N#!.!FGH`!.')$<7&!&#)$)7&/!iPT$/!1+S!O.#/!13(8_!-+S!N)b(!K#&!+,!)8&!='$<$&'!
P&<)$+#(!+,!OA2A0j!Ru>;!=347$<!E&/$.!'&6+')&'!P)&%&#!L3&%.(!.((&')(!)8.)!5&.(3'&(!
).T&#!4*!)8&!PT$/!1+S!@+3($#:!M'3()!$#!O+(!2#:&7&(!8.%&!8./!/3.7!$56.<)(0!4+)8!
8&76$#:!.#/!83')$#:!)8&!8+5&7&((A!L3&%.(b(!.')$<7&!5.T&(!%$($47&!)8&!<37)3'.7!.#/!
&<+#+5$<!().T&(!+,!6+%&')*0!(3::&()$#:!)8.)!)8&!M'3()!8.(!(63''&/!.!7.#/Y:'.4!)8.)!
8.(!73'&/!#+)!+#7*!)8&!PT$/!1+S!6+637.)$+#!43)!.7(+!:&#)'$,*$#:!.#/!&#)'&6'&#&3'$.7!
*+3#:!6&+67&A!M8&!M'3()b(!5&.(3'&(!.$5!)+!.77+<.)&!'&(+3'<&(!,+'!.,,+'/.47&!8+3($#:!
.#/!'&5&/*!)8&!8+5&7&((!6'+47&5!+,!O+(!2#:&7&(A!@+S&%&'0!)8&$'!8+3($#:!
<+567&W&(!7$T&!-&S!C&#&($(!8.%&!)3'#&/!)8&!PT$/!1+S!/$()'$<)!$#)+!.!4&.<+#!,+'!
8+4+8&5$.#!6'.<)$)$+#&'(!4&<.3(&!)8&*!'&(&'%&!7+SY$#<+5&!8+3($#:!S8$7&!
($537).#&+3(7*!i<.)&'m$#:n!)+!)8&!.'&.b(!5+'&!.,,73&#)!#&S<+5&'(j!dL3&%.(eA!M8&(&!
<7.((Y4.(&/!)&#($+#(!<+''+4+'.)&!)8&!/$')*!/&).$7(!+,!.!/&<./&(Y7+#:!6'.<)$<&!+,!,+'Y
6'+,$)Y#+)Y,+'Y6&+67&!<+55&'<$.7!/&%&7+65&#)0!S8.)!L3&%.(!'&5.'T(!$(!.!
i(8.5&,37j!6'.<)$<&!)8.)!i()'&((&(!)8&!(*()&5j!dL3&%.(eA!1&:.'/7&((0!i#&S!/&#$X&#(j!
+,!*+3#:!6'+,&(($+#.7(0!,.5$7$&(0!.#/!43($#&((&(!.'&!5+%$#:!)+!/+S#)+S#!O+(!
2#:&7&(0!73'&/!4*!)8&!<7.((Y4.(&/!i&/:&j!)8.)!PT$/!1+S!<.#!6'+%$/&!dL3&%.(eA!!
! L3&%.(!(366+')(!)8&!<7.$5!+,!)8$(!<37)3'.7!.))'.<)$+#!4*!$#<73/$#:!S$)8!8$(!
'&6+')!.#!$5.:&!+,!.#!.77&*S.*!53'.7!#&.'!)8&!-&S!C&#&($(!<+567&WA!N#!)8&!$5.:&0!
<&#)&'&/!.4+%&!.!)'.(8!4$#0!.'&!)8&!<&7&4'.)&/!7$T&#&((&(!+,!)8&!i6.)'+#!(.$#)(j!+,!
PT$/!1+S_!M+5!J.$)(0!L8.'7&(!V3T+S(T$!.#/!?+8#!B.#)&A!M8$(!$5.:&!/'.S(!+#!)8&!
! ! HIa! !
(+<$+&<+#+5$<!6'&((3'&(!+,!8+3($#:!6'.<)$<&(0!+,,&'$#:!PT$/!1+S!.(!4+)8!/$'&!.#/!
/.#:&'+3(!S8$7&!.)!)8&!(.5&!)$5&!6'+/3<)$%&!.#/!'+5.#)$<A!M8&!<37)3'.7!(3<<&((&(!
+,!)8&!l6.)'+#!(.$#)(b!.'&!5.66&/!+#)+!)8&!'&%$($+#.'*!6+)&#)$.7!+,!)8&!47$:8)&/!
#&$:84+'8++/A!M8&$'!S+'T$#:Y<7.((!<'&/&#)$.7(0!'&6'&(&#)&/!)8'+3:8!)8&!<'&.)$%&!
'&.75(!+,!25&'$<.#!7$)&'.)3'&!.#/!6+637.'!53($<0!.'&!:'.,)&/!+#)+!)8&!6'+5$(&/!
&W6&'$&#<&!,+'!i#&S!/&#$X&#(j!+,!PT$/!1+SA!M8&!53'.7!/&5+#()'.)&(!.#!+#:+$#:!
)&#($+#!+,!<7.((!$/&#)$)*!$#!25&'$<.#!7$,&0!S8&'&!6+%&')*!$(!'&#/&'&/!.!<'&.)$%&!
&#)&'6'$(&!5.'T$#:!$)!.!%.73.47&f.(!$#!6'+,$).47&f$#8&'$).#<&A!!
!O$T&!O+#/+#b(!8+4+Y.(Y.')$()0!P)&$#4&<Tb(!C.(+7$#&!M'.560!R&'+3.<b(!
S+'T$#:Y<7.((!/'.:0!.#/!M8+56(+#b(!+5#$%+'+3(!S+'T$#:!6&'(+#.0!)8&!6.)'+#!
(.$#)(!53'.7!6&',+'5(!S+'T$#:Y<7.((!8$()+'$&(!.#/!()+'$&(!)+!<+#()'3&!)8&!<37)3'.7!
6+S&'!+,!S8$)&0!5.7&!<'&.)$%&!6'+/3<)$+#A!M8$(!<8.6)&'!&W67+'&(!)8&!S+'T!+,!+#&!
6.)'+#!(.$#)0!L8.'7&(!V3T+S(T$0!.(!.!<375$#.)$+#!+,!)8&!+66+')3#$()$<!)&<8#$93&(!
)8.)!3(&!)8&!)'.560!8+4+0!5$:'.#)!.#/!435!,+'!7$)&'.'*!.<<7.$5A!V3T+S(T$!6'+%&(!
)8.)!.')$()(!:.$#!.3)+#+5*!)8'+3:8!)8&!5.)&'$.7!<+#/$)$+#(!+,!&W<&6)$+#.7!6+%&')*!$#!
7.)&Y)S&#)$&)8!<&#)3'*!<+#)&W)(!+,!8+5&7&((#&((!.#/!/$(6+((&(($+#A!@$(!3(&!+,!)8&!
PT$/!1+S!435!&#.<)(!.!S+'T$#:Y<7.((!6&'(+#.0!S8$<8!6'&(&#)(!.#!i&/:&j!4*!
/$()'$43)$#:!S+'T$#:Y<7.((!<37)3'.7!%.73&!$#!25&'$<.#!7$)&'.)3'&A!V3T+S(T$b(!435!
'&%&.7(!.!7.)&Y().:&!+,!)8&!8+4+!#.''.)$%&!)8.)!3(&(!8+4+8&5$.#!6'.<)$<&!)+!
'&6'&(&#)0!<7.$5!.#/!6&',+'5!<7.((!)+!/$('36)!#+)$+#(!+,!#+'5.)$%$)*!.#/!6'+(6&'$)*!
.)!)8&!<7+(&!+,!)8&!25&'$<.#!<&#)3'*A!V3T+S(T$b(!.4$7$)*!)+!<+55+/$,*!PT$/!1+S!$(!
! ! HI[! !
#+)!3#7$T&!)8&!*+3#:!6&+67&!5+%$#:!)+!-&S!C&#&($(!$#!<+#)&56+'.'*!PT$/!1+S_!
,$#/$#:!.!8+5&!$#!8+5&7&((#&((0!.#/!.#!&#)'&6'&#&3'$.7!+66+')3#$)*!S$)8$#!6+%&')*A!!!
! M8&!/*#.5$(5!+,!O+(!2#:&7&(!$(!S&77!.')$<37.)&/!$#!L$)*!K,!u3.')X!dH\\Ge,!
S8&'&!E$T&!;.%$(!&W.5$#&(!i)8&!<+#)'./$<)+'*!$56.<)!+,!&<+#+5$<!:7+4.7$X.)$+#!
36+#!/$,,&'&#)!(&:5&#)(!+,!O+(!2#:&7&(!(+<$&)*j!d%$eA!2(!+#&!+,!)8&!7.':&()!.#/!5+()!
/$%&'(&!<$)$&(!$#!)8&!"#$)&/!P).)&(0!O+(!2#:&7&(!&#<.6(37.)&(!)8&!#.''.)$%&!
/&%&7+65&#)!+,!)8&!)S&#)$&)8!<&#)3'*!)'.<&/!$#!6'&%$+3(!<8.6)&'(0!$/&#)$,*$#:!
L.7$,+'#$.!.(!.!6'+/3<)$%&!7+<.)$+#!,+'!:&#&'.)$#:!)8&!8+4+!#.''.)$%&A!V3T+S(T$b(!
.((+<$.)$+#!S$)8!O+(!2#:&7&(!$(!S&77!&().47$(8&/o!$)!$(!S8&'&!8&!:'&S!360!,+()&'&/!8$(!
S'$)$#:!<.'&&'0!.#/!S$)8!(5.77!&W<&6)$+#!(&)!8$(!6'+(&!.#/!6+&)'*Aa\!V3T+S(T$b(!
L.7$,+'#$.!$(!.!5+/&'#!5&)'+6+7$(!.))&#)$%&!)+!)8&!(+<$+Y&<+#+5$<!/&%&7+65&#)(!
,'+5!)8&!6+()S.'!)+!)8&!1&.:.#!&'.A!V3T+S(T$!&567+*(!8+4+8&5$.#!6'.<)$<&!,'+5!
)8&!<+#)&W)!+,!+%&'S8&75$#:!().)$()$<(0!$#<73/$#:!)8.)!8$(!(3''+3#/$#:!iO2Y
1$%&'($/&YK'.#:&!L+3#)*!.'&.!8.(!)8&!8$:8&()!6&'<&#).:&!+,!,.5$7$&(!$#!6+%&')*!mZn!
+,!)8&!#.)$+#b(!,+3')&&#!7.':&()!5&)'+6+7$).#!.'&.(j!d;.%$(!W%eA!;&(6$)&!)8&!+4%$+3(!
$#,73&#<&!+#!8$(!S+'T0!V3T+S(T$b(!$#)&'&()!$#!)8&!6+%&')*!+,!O+(!2#:&7&(!$(!#+)!
.7)'3$()$<o!$)!'&,3(&(!)+!<+55$)!)+!6+7$)$<.7!.<)$+#0!.#/!&%&#!+%&')7*!<7.$5(!.#!
.6+7$)$<.7!().)3(!$#!8$(!6+&)'*!.#/!6'+(&A!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
a\!E$T&!;.%$(!$#<73/&(!V3T+S(T$!$#!)8&!lS$#+!S'$)$#:b!+,!H\^G(!O+(!2#:&7&(!d^He!.(!S&77!.(!.!S'$)&'!
S8+!5+%&(!)+S.'/!)8&!#&S!l(+<$.7!'&.7$(5b!+,!)8&!H\aG(!.#/!H\[G(!d[aeA!V3T+S(T$b(!6'&(&#<&!$#!O+(!
2#:&7&(!$(!)8&!)+6$<!+,!5.#*!,.#Y:3$/&(!.#/!7$)&'.'*!)+3'(0!$#<73/$#:_!J&$)X5.#h(!;'$#T$#:!S$)8!
V3T+S(T$_!1&<+77&<)$+#(!+,!)8&!=+&)!O.3'&.)&!+,!PT$/!1+S!dFGGHe0!=7&.(.#)(b(!c$(<&'.7!V3T+S(T$_!
N#($/&!)8&!P#$6&'!O.#/(<.6&!+,!OA2A!J'$)&'(!dFGG^e!.#/!?+'/.#h(!V3T+S(T$b(!OA2A!dFGG[e0!S8$<8!7+<.)&!
8$(!<8$7/8++/!8+5&0!./37)!/S&77$#:(!.#/!,.%+'$)&!7$93+'!()+'&(A!!
! ! HI\! !
! N!&93.)&!V3T+S(T$b(!8+4+8&5$.#!6'.<)$<&!)+!S8.)!E$T&!;.%$(!<.77(!)8&!
im5n&#).7!:&+:'.68$&(!m)8.)n!4&)'.*!<7.((!6'&g3/$<&j!d;.%$(!]a`eA!2(!.!'&($/&#)!+,!O+(!
2#:&7&(0!V3T+S(T$!3(&(!)8&!<$)*!)&''.$#!.#/!<37)3'.7!:&+:'.68*!+,!)8&!().)&!.(!.!
6'$5.'*!6+$#)!+,!<'&.)$%&!$#(6$'.)$+#A!Q&)0!4*!$((3$#:!8$(!435!.&()8&)$<0!8&!.7(+!3(&(!
6+%&')*!.(!.!<'&.)$%&!'&(+3'<&!'.)8&'!)8.#!.!5.)&'$.7!<+#/$)$+#A!M8$(!'&(37)(!$#!O+(!
2#:&7&(!.#/!PT$/!1+S!.(!#+!7+#:&'!/&,$#&/!4*!)8&!&<+#+5$<!.#/!(6.)$.7!3'4.#!
4+3#/.'$&(!7$T&!<$)*!+'!'&:$+#0!43)!'.)8&'!4*!(+<$.7!<7.(($,$<.)$+#(!)8.)!<&7&4'.)&!)8&!
6+6!<37)3'.7!(3<<&((!+,!,$:3'&(!7$T&!J.$)(0!V3T+S(T$!.#/!B.#)&f)8&!<'&.)$%&!5&#!
S8+!.(<&#/&/!)8&!<7.((!7.//&'A!M8&(&!6.)'+#!(.$#)!.')$()(!().#/!,+'!)8&!'+5.#)$<!
6+(($4$7$)*!+,!)8&!/$')*0!/&%.().)$#:!()'&&)(0!.#/!5.T&!$)!6+(($47&!)+!$:#+'&!)8&!'&.7$)*!
+,!<7.((!,+'!)8&!5*)8!$)!<$'<37.)&(!.4+3)!S+'T$#:Y<7.((!8$()+'$&(0!()+'$&(!.#/!$5.:&(A!
M8&!6.)'+#!(.$#)(!+,!PT$/!1+S!.'&!$<+#$<!,+'!)8&$'!.4$7$)*!)+!'&6'&(&#)!)8&!.'&.!$#!.!
S.*!)8.)!(+,)&#(!)8&!'&.7$)$&(!+,!<7.((!6'&g3/$<&0!6+%&')*!.#/!8+5&7&((#&((A!;.%$(b(!
<+#<&6)!&W67+'&(!V3T+S(T$b(!5&#).7!:&+:'.68*!.(!$)!'&/&,$#&(!)8&!%.73&!+,!PT$/!1+S!
.(!.!7+<3(!+,!<'&.)$%&!.#/!6&'(+#.7!<+#)'+7A!B+'!V3T+S(T$0!PT$/!1+S!$(!.!'&.7!67.<&!
and!.!5&#).7!,$<)$+#!)8.)!<+#()$)3)&(!S+'T$#:Y<7.((!<37)3'&!.#/!)8&!<37)3'&!+,!()*7$(8!
6+%&')*!)8'+3:8!8+4+8&5$.#!6'.<)$<&A!V3T+S(T$!.66'+6'$.)&(!S+'T$#:Y<7.((!
$/&#)$)*!.#/!8+5&7&((#&((!,+'!$)(!.4$7$)*!)+!<+#()'3<)!.!(&7,Y(&'%$#:!435!.&()8&)$<!,+'!
8$(!S'$)$#:A[G!!
!V3T+S(T$b(!3(&!+,!%.'$+3(!S+'T$#:Y<7.((!.#/D+'!8+5&7&((!,$:3'&(!
<+553#$<.)&(!8$(!+S#!'&4&77$+#!.#/!.#)$Y.3)8+'$).'$.#!'&,3(.7(!+,!7.)&Y)S&#)$&)8!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
[G!B'$&#/!.#/!4$+:'.68&'!-&&7$!L8&'T+%(T$!(3::&()(!)8&!6+7$)$<(!4&8$#/!V3T+S(T$b(!()$#)!$#!PT$/!1+S!
.'&!7&((!.4+3)!&<+#+5$<(!.#/!5+'&!.4+3)!<'&.)$%&!6'+/3<)$+#!.#/!)8&!/&%&7+65&#)!+,!.!i<+55+#!
()*7&j!dH]YFGeA!!!
! ! HaG! !
<&#)3'*!25&'$<.#!(+<$&)*A!V*!$((3$#:!.!435!.&()8&)$<0!V3T+S(T$!5.#$637.)&(!)8&!
,+'5!+,!)8&!8+4+!#.''.)$%&!S$)8$#!25&'$<.#!7$)&'.)3'&A!@&0!7$T&!)8&!.3)8+'(!$#!
6'&%$+3(!<8.6)&'(0!3#.4.(8&/7*!47&#/(!,$<)$+#!.#/!.3)+4$+:'.68*0!S8$<8!<+77.6(&(!
.3)8+'$)*!.#/!$#()$)3)&(!7$))7&!)+!#+!(&6.'.)$+#!4&)S&&#!.3)8+'!.#/!8$(!7$,&Y7+#:!
#.''.)$%&!435Y6&'(+#.!@&#'*!L8$#.(T$A!M8$(!<&7&4'.)$+#!+,!)8&!)'.560!8+4+0!
5$:'.#)0!.#/!PT$/!1+S!435!7&.%&(!V3T+S(T$!S$)8!.!6'$%$7&:&/!6+($)$+#!)8.)0!7$T&!
M8+56(+#b(!+5#+'%.<$)*0!<.#!7++T!.<'+((!<+#)&()&/!<37)3'.7!)&''.$#!.#/!%.()!(+<$.7!
()'.)$,$<.)$+#(A!V3T+S(T$b(!8+4+8&5$.#!6'.<)$<&!6'+%&(!)8.)!S+'T$#:Y<7.((!$5.:&(!
<.#!4&!<7.$5&/!.(!.!%.73.47&!$#8&'$).#<&!.#/!(+7/!)+!)8&!5.'T&)67.<&!+,!$/&.(A!B+'!
<'$)$<(!7$T&!?.#&)!U.#/*0!)8$(!$(!&%$/&#<&!+,!)8&!4+3':&+$(!3(&!+,!S+'T$#:Y<7.((!
$/&#)$)*0!#+)!)8&!<+#()'3<)$+#!+,!.!S+'T$#:Y<7.((!7$)&'.)3'&A!Q&)0!V3T+S(T$b(!$#<73($+#!
+#!7$()(!+,!S+'T$#:Y<7.((!.3)8+'(!6&'($()(0!.#/!$(!(3::&()$%&!+,!)8&!#&&/!,+'!,3')8&'!
)8&+'$X.)$+#!$#!)8&!<7.(($,$<.)$+#!.#/!<$'<37.)$+#!+,!S+'T$#:Y<7.((!$/&#)$)*0!)+!S8$<8!
5*!()3/*!.(6$'&(A!!
!=.')!+,!V3T+S(T$b(!.66&.7!S$)8$#!S+'T$#:Y<7.((!7$)&'.)3'&!$(!)8&!3(&!+,!.!
(6.'(&!S'$)$#:!()*7&!)8.)!V$77!V3,+'/!8.(!7.4&7&/!l/$')*!'&.7$(5Ab!N#)&'&()&/!$#!
'&6'&(&#)$#:!)8&!i4&77*Y($/&!+,!<+#)&56+'.'*!7$,&0j!/$')*!'&.7$(5!<.6)3'&(!93+)$/$.#!
&W$()&#<&!)8'+3:8!.!5$#$5.7$()!&)8$<!$#!)8&!i67.$#&()!+,!67.$#!()*7&(j!)8.)!'&%$(&(!4+)8!
'&.7$()!.#/!#.)3'.7$()!5+/&(!dV3,+'/eA[H!;$')*!'&.7$(5b(!$'+#$<!i3#./+'#&/0!
3#,3'#$(8&/0!7+SY'&#)!)'.:&/$&(j!$#<73/&!V3T+S(T$b(!,+<3(!+#!S+'T$#:Y<7.((!7$,&!.(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
[H!V3,+'/!&().47$(8&(!)8$(!/&,$#$)$+#!$#!C'.#).!E.:.X$#&!dP355&'!H\[]eA!P&&!.7(+!E$<8.&7!
@&55$#:(+#b(!M8&!;$')*!1&.7$(5!;3+_!L8.'7&(!V3T+S(T$!k!1.*5+#/!L.'%&'!dFGG[e0!S8$<8!/+&(!
7$))7&!)+!/&,$#&!)8&!6'.<)$<&!43)!3(&(!V3T+S(T$b(!.&()8&)$<(!.(!.!,+3#/.)$+#!)+!g3/:&!+)8&'!S'$)&'(!8&!
<7.$5(!.'&!/$')*!'&.7$()(A!
! ! HaH! !
<.3:8)!S$)8$#!)8&!/377!5+#+)+#*!+,!7.)&Y<.6$).7$(5!dV3,+'/eA!"#7$T&!V3,+'/b(!
.')$<37.)$+#!+,!.!#&S!,$<)$+#.7!()*7&!$#!25&'$<.#!7$)&'.)3'&0!13((&77!@.''$(+#!<+##&<)(!
V3T+S(T$b(!i<'$)$93&!+,!7.)&!<.6$).7$()!(+<$&)*!,'+5!.!S+'T$#:Y<7.((!6+$#)!+,!%$&Sj!.(!
(3::&()$%&!+,!i)8&!T$#/!+,!<8.#:&!)8.)!5.#*!+#!)8&!7&,)!S&'&!/&5.#/$#:!$#!)8&!H\IG(!
.#/!H\aG(j!d@.''$(+#!HaeA!@.''$(+#b(!,+3#/.)$+#.7!()3/*!2:.$#()!)8&!25&'$<.#!
;'&.5!dH\\^e!$#%$)&(!V3T+S(T$!$#)+!7.':&'!<+#%&'(.)$+#(!+,!)8&!8$()+'$<.7!6&'$+/!$#!
)&'5(!+,!<+#)&#)!.#/!.&()8&)$<(A!Q&)0!4*!'&./$#:!V3T+S(T$!.(!i7&,)Y$(80j!@.''$(+#!
)&#/(!)+S.'/!.#!.<)$%$()!().#<&!)8.)!93$&)(!)8&!<+#<&'#(!+,!S+'T$#:Y<7.((!
.66'+6'$.)$+#!$#!.!435!.&()8&)$<A!M8+3:8!@.''$(+#!/+&(!8$:87$:8)!)8&!<&#)'.7!
<+#<&'#!+,!63'6+(&,37!+'!()'.)&:$<!&W&'<$(&(!+,!.:&#<*!$#!V3T+S(T$b(!S+'T0!)8&*!
+,)&#!.66'+W$5.)&!)8&!(.5&!($567&!<7.(($,$<.)$+#(!.(!J+'T$#:YL7.((!P)3/$&(A!!
!M8&(&!i7&,)Y$(8j!'&./$#:(!:'+S!5+'&!6'+/3<)$%&!$#!7.)&'!<'$)$<(!7$T&!M+5.(!
;+4+X*0!S8+!&W67+'&(!)8&!.<)$%&!<8.77&#:&!V3T+S(T$!$((3&(!)+!7.)&Y<.6$).7$(5A!N#!iN#!
)8&!L+3#)'*!+,!L+#)'./$<)$+#!)8&!@*6+<'$)&!$(!R$#:_!;&,$#$#:!;$')*!1&.7$(5!$#!L8.'7&(!
V3T+S(T$b(!B.<)+)35j!dFGGHe0!;+4+X*!.':3&(!)8.)!V3T+S(T$b(!'&7.)$+#(8$6!)+!
<.6$).7$(5!$(!,'.3:8)0!i(&7,Y<+#(<$+3(7*!/$(67.*$#:!8$(!(34g&<)$+#!)+!<.6$).7b(!
$#/&)&'5$#.<*j!$#!+'/&'!)+!i'&67$<.)&!.#/!<+Y+6)!)8.)!$#/&)&'5$#.<*!)+!&56+S&'!
8$5(&7,j!d;+4+X*!^^eA!;+4+X*b(!.')$<37.)$+#!6'+%$/&(!.!,'.5&S+'T!,+'!5*!.':35&#)!
.4+3)!)8&!<+55+/$,$<.)$+#!+,!PT$/!1+S!$#!V3T+S(T$b(!S+'TA!@+S&%&'0!4*!&W6.#/$#:!
36+#!;+4+X*b(!.':35&#)!$#!&.'7*!#+%&7(0!N!&568.($X&!)8.)!V3T+S(T$b(!7.)&Y<.'&&'!
#+%&7(!@.5!+#!1*&!dH\[Fe!.#/!@+77*S++/!dH\[\e!+,,&'!(6&<$,$<!)&<8#$93&(!+,!<7.((!
6&',+'5.)$%$)*!)8.)!<+55.#/!.))&#)$+#!$#!)8&!25&'$<.#!7$)&'.'*!)'./$)$+#A!O$T&!8$(!
! ! HaF! !
<+#)&56+'.'$&(!R&'+3.<!.#/!M8+56(+#0!V3T+S(T$!&#:.:&(!)8&!6&',+'5.)$%&!
6+(($4$7$)*!+,!)8&!S+'T$#:!<7.((A!@$(!.&()8&)$<!'&6'+/3<)$+#!+,!<7.((!$/&#)$)*!S.''.#)(!
(6&<$.7!.))&#)$+#!4&<.3(&!$)!<+55+/$,$&(!S+'T$#:Y<7.((!(6&.T&'(!.#/!7+<.)$+#(!)+!
.)).$#!<37)3'.7!%$($4$7$)*!.(!.#!+3)($/&'A!M8+3:8!)8$(!4&<+5&(!.!(+3'<&!+,!
&56+S&'5&#)!.(!;+4+X*!)8&+'$X&(0!V3T+S(T$b(!S+'T$#:!<7.((!.66'+6'$.)$+#!
&W<&&/(!)8&!(34%&'($+#!+,!.!6'+7&).'$.#!6'+g&<)!.#/!<+#()'3<)(!$#()&./!.!
'&%+73)$+#.'*!8+4+Y.(Y.')$()!5&)8+/!,+'!(&7,Y5.'T&)$#:!7$)&'.'*!)'.#(:'&(($+#(!
.<'+((!<7.((!7$#&(A!!
!E*!3#/&'().#/$#:!+,!V3T+S(T$b(!'&7.)$+#(8$6!S$)8!8+4+!<+Y+6)$+#!+'!
S+'T$#:Y<7.((!.66'+6'$.)$+#!/'.S(!+#!;.%$/!>A!?.5&(b!i=+&)'*D=3#TD='+/3<)$+#_!
P+5&!=+()5+/&'#!J'$)$#:!$#!OA2Aj!dH\\Ie&S8$<8!.':3&(!)8.)!V3T+S(T$!.<)$%&7*!(&7,Y
<+55+/$,$&(!,'+5!.!(6&<$,$<!8$()+'$<.7!.#/!<37)3'.7!5+5&#)!$#!O+(!2#:&7&(A!M8$(!
5+5&#)!$(!/&,$#&/!4*!.!6'+)+Y63#T!.((&')$%&#&((!)8.)!(&7,Y:7+'$,$&(0!&#:.:&(!$#!(&7,Y
(6&<).<7&0!.#/!6347$<.77*!$#:'.)$.)&(!$)(&7,!,+'!<'&.)$%&!(3'%$%.7!.#/!<+55.#/!+,!)8&!
<37)3'&!$#/3()'*A!?.5&(!,$#/(!(34%&'($%&!6+)&#)$.7!.#/!6'+:'&(($%&!6+(($4$7$)*!+,!(&7,Y
<++6)$+#0!$#/$<.)$#:!.!(+3'<&!+,!6'+/3<)$%&!67.*!$#!)8&!V3T+S(T$DL8$#.(T$!#.''.)$%&!
(67$)A!-+)!3#7$T&!M8+56(+#b(!+5#+'%.<$)*!$#!)8&!6'&%$+3(!<8.6)&'0!V3T+S(T$b(!3(&!
+,!PT$/!1+S!7.*(!<7.$5!)+!.!7.)&Y)S&#)$&)8!<&#)3'*!8+4+!#.''.)$%&!)8.)!/&6$<)(!)8&!
,73$/!5+4$7$)*!+,!)8&!)'.56Y8+4+Y435!,+'!.((&')$+#(!+,!<'&.)$%&!5.(<37$#&!'&($7$&#<*A!
?.5&(b(!<+##&<)$+#!+,!V3T+S(T$!)+!OA2A!63#T!<+#)&W)3.7$X&(!)8&!&%+73)$+#!+,!)8&!
8+4+!#.''.)$%&!.(!5+%$#:!,'+5!)8&!&.'7*!)S&#)$&)8Y<&#)3'*!<+#<&6)!+,!8+4+Y.(Y
.')$()!)+!.!<+55+/$,*$#:!8+4+8&5$.#!6'.<)$<&!+,!)8&!7.)&Y)S&#)$&)8!<&#)3'*A!M8$(!
! ! Ha]! !
&W6+(&(!)8.)!S+'T$#:Y<7.((!$/&#)$)*!8.(!4&<+5&!.!'&,$#&/!)&<8#$93&!)8.)!<.#!5.'T&)!
)8&!,'&&/+5(!+,!8+4+!$/&#)$)*!)+!.!#&S!:&#&'.)$+#!.#/!<37)3'.7!.3/$&#<&A!V*!
.77+<.)$#:!)8&!3#/&'<7.((!(6.<&!.(!8$(!+S#0!V3T+S(T$!&W6+(&(!#&S!3'4.#!,'+#)$&'(!
)8.)!<&7&4'.)&!(&7,Y5.T$#:!.(!)8&!+6&#!25&'$<.#!'+./!+#<&!/$/A!V3)!)8$(!8+4+!
8+5&7&((#&((!$(!5+'&!)8.#!.!#+().7:$<!/&67+*5&#)!+,!8+4+!5*()$93&o!$)!(&'%&(!.(!.#!
+%&')!<7.$5!+,!3#.<<+3#).47&!S8$)&!5.(<37$#$)*!$#!)8&!PT$/!1+S!435A!!
!
12CP0!1NL@>P!2-;!1Q>!
!@.5!+#!1*&!dH\[Fe!$(!)8&!(&7,Y.::'.#/$X$#:!<+5$#:Y+,Y.:&!+,!@.#T!L8$#.(T$0!
V3T+S(T$b(!<.'&&'Y7+#:!#.''.)$%&!6&'(+#.A!M8&#!#+%&7!+6&#(!$#!H\FF!S8&#!L8$#.(T$!
$(!)S+!*&.'(!+7/0!43)!<+%&'(!<8$7/8++/0!./+7&(<&#<&!.#/!*+3#:!./37)8++/!$#)+!7.)&!
)8$')$&(!.#/!,+')$&(0!5.T$#:!/$()$#<)!'&,&'&#<&(!)+!J+'7/!J.'!NN!.(!S&77!.(!)8&!
6'&((3'&(!+,!6+()S.'!7$,&A!M8+3:8!)'./$)$+#.7!(+3#/$#:0[F!)8&!#+%&7!5.#$637.)&(!)8&!
.3)+4$+:'.68$<.7!:&#'&!)8'+3:8!)8&!)&#($+#(!+,!.3)8+'!.#/!#.''.)+'A!M8$(!$(!)8&!+#7*!
7$)&'.'*!)&W)!S$)8$#!5*!()3/*!+,!)8&!8+4+!#.''.)$%&!)8.)!/+&(!#+)!).T&!67.<&!$#!)8&!
*&.'!+,!<+56+($)$+#A!M8$(!<8'+#+7+:$<.7!/$().#<&!5.T&(!)8&!(&6.'.)$+#!+,!.3)8+'!.#/!
#.''.)+'!()'&((&/!)8'+3:8!.!,+'<&/!'&)'+(6&<)$+#!)8.)!<.77(!.))&#)$+#!)+!#.''.)$%&!
()'.)&:*A!"($#:!)8&!8+4+!#.''.)$%&b(!&W67+'.)$+#!+,!6&'(+#.7!,'&&/+5!7$T&!R&'+3.<!
.#/!M8+56(+#0!V3T+S(T$!(8+S(!7$))7&!)+!#+!<+#<&'#!S$)8!6347$<!&W6+(3'&A!N#()&./0!
)8&!+%&')!#.''.)$%&!)+#&!+,!@.5!+#!1*&!6'&(&#)(!)&#($+#(!4&)S&&#!L8$#.(T$b(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
[F!V*!)'./$)$+#.7!N!'&,&'!)+!)8&!/$()$#<)!7$)&'.'*!,+'5(!+,!)8&!V$7/3#:('+5.#0!+'!/&%&7+65&#)!#+%&7!.#/!
)8&!R{#()7&''+5.#0!+'!.')$()!/&%&7+65&#)!#+%&7A!@.5!+#!1*&!<+77.6(&(!)8&(&!,+'5(!S8$7&!
<+567$<.)$#:!)8&5!,3')8&'!4*!$#<+'6+'.)$#:!&7&5&#)(!+,!.!'+5.#!|!<7&,0!+'!,$<)$+#.7!.<<+3#)!+,!'&.7!
6&+67&!+'!&%&#)(0!S8$<8!<8.77&#:&(!)8&!+%&'.77!#.''.)$%&!()'3<)3'&A!!
! ! Ha^! !
83547&!4&:$##$#:(!.#/!V3T+S(T$b(!.4$7$)*!)+!&W8$4$)!'&6'&(&#).)$+#.7!<+#)'+7!+,!8$(!
7$,&!()+'*A!M8$(!/&%&7+65&#)!$#!8+4+8&5$.#!6'.<)$<&!<.#!8.#/7&!)8&!6'&((3'&(!+,!
,.5&!$#!.//$)$+#!)+!./+7&(<&#)!/&%&7+65&#)0!+,,&'$#:!#&S!,+'5(!+,!5.(<37$#&!
'&($7$&#<&A!;'.S$#:!+#!)8&!6+%&')*!+,!)8&!;&6'&(($+#!7$T&!P)&$#4&<T0!V3T+S(T$b(!
<8+$<&!)+!6'+/3<&!@.5!+#!1*&!7.)&!$#!8$(!<.'&&'!:&()3'&(!)+S.'/!.!#&&/!)+!
.3)8&#)$<.)&!<'&.)$%&!().)3(A!M8$(!5+%&!)+S.'/!.3)8&#)$<.)$+#!$(!S8.)!M+5!J+7,&!
S+37/!<+#($/&'!i)8&!'&.7!:++/(j!+,!25&'$<.#!7$)&'.'*!6'+/3<)$+#A!M8$(!().:&(!#+)!
+#7*!V3T+S(T$b(!.4$7$)*!)+!&#.<)!.!'.:(Y)+Y'$<8&(!)'.g&<)+'*!)8'+3:8!8$(!.')0!43)!,+'!
L8$#.(T$!)+!6'+%$/&!)&()$5+#*!)+!.#!.3/$&#<&!)8.)!<.#!S$)#&((!)8&!$56+').#<&!+,!
)8$(!/&%&7+65&#)A!!
!V3T+S(T$b(!435!.&()8&)$<!<+#()'3<)(!@.5!+#!1*&!.(!.#!&W67+'.)$+#!+,!)8&!
:&#&'.)$+#.7!<7.((!'36)3'&!4&)S&&#!L8$#.(T$b(!,.)8&'!.#/!8$5(&7,A!M8&(&!/&6$<)$+#(!
).T&!+#!)8&!/+5&()$<!<+#<&'#(!+,!#.)$+#.7!$/&#)$)*!.#/!)8&!i#+'5.)$%&j!25&'$<.#!
&W6&'$&#<&!5+'&!)8.#!6'&%$+3(!)&W)(A!V3T+S(T$!3(&(!)8&!,7&W$4$7$)*!+,!)8&!8+4+Y.(Y
.')$()!)'+6&!)+!./%.#<&!S+'T$#:Y<7.((!.((+<$.)$+#(!)8.)!().:&!)8&!/'.5.)$<!&,,&<)(!+,!
<7.((!6&',+'5.)$%$)*A!P6&<$,$<.77*0!V3T+S(T$!./%.#<&(!.!6&'(6&<)$%&!+,!)8&!8*6&'Y
<+#()'3<)&/#&((!+,!5$/Y)+Y7.)&!)S&#)$&)8!<&#)3'*!25&'$<.#!$/&#)$)*0!$#<73/$#:!43)!
#+)!7$5$)&/!)+!6'&((3'&(!+,!<7.((0!'.<&!.#/!:&#/&'!+#!)8&!25&'$<.#!,.5$7*A!M+!)8&(&!
5&.#(0!L8$#.(T$b(!/&%&7+65&#)!$(!+,)&#!()'3<)3'&/!.'+3#/!)8&!5.(<37$#&!$#,73&#<&!
+,!8$(!,.)8&'A!V3T+S(T$!/&6$<)(!L8$#.(T$b(!,.)8&'!.(!.#!.43($%&!.#/!%+7.)$7&!5.#!S8+!
$(!+%&'7*!<+#<&'#&/!S$)8!(+<$.7!&W6&<).)$+#!.#/!6347$<!+6$#$+#0!S8$<8!7&.%&(!*+3#:!
L8$#.(T$!4&7$))7&/!.#/!4&.)&#A!M8$(!6'$+'$)$X.)$+#!+,!6.)'$.'<8.7!6'.<)$<&(!7&.%&(!
! ! Ha`! !
L8$#.(T$!)+!4&!/&,$#&/!)8'+3:8!#&:.)$+#_!8&!$(!#+)!8$(!,.)8&'0!8&!$(!#+)!)8&!T$#/!+,!
5.#!8$(!,.)8&'!$(0!.#/!8&!)8&'&,+'&!8.(!#+!,.5$7$.7!+'!(+<$.7!%.73&A!Q&)0!,'+5!)8$(!
(34+'/$#.)&/!6+($)$+#0!L8$#.(T$!$(!.47&!)+!+4(&'%&!8$(!,.)8&'b(!+S#!6+S&'7&((#&((!$#!
)8&!(+<$+Y&<+#+5$<!($)3.)$+#!+,!,$'()!93.')&'!+,!)8&!)S&#)$&)8!<&#)3'*A!J8&#!
L8$#.(T$b(!,.)8&'!&#.<)(!<7.((!6&',+'5.)$%$)*!)+!<+553#$<.)&!.#!$5.:&!+,!S&.7)80!
'&63).)$+#!.#/!().)3(0!L8$#.(T$b(!3(&(!$)!)+!/$'&<)!8$(!+S#!/&%&7+65&#)A!!!
!L8$#.(T$b(!#.''.)$+#!+,!(&7,Y<+#(<$+3(!(3'%$%.7!.#/!(+<$.7!/&%&7+65&#)!$(!
6'&/$<.)&/!+#!8$(!,.5$7*b(!6'&+<<36.)$+#!S$)8!.66&.'$#:!5$//7&!<7.((A!M8&(&!
.66&.'.#<&(!.'&!)8&!,+3#/.)$+#!+,!L8$#.(T$b(!/$(&#<8.#)5&#)!S$)8!8$(!,.)8&'0!.#/!
V3T+S(T$b(!<+#()'3<)$+#!+,!)8&!#.''.)$%&!(3::&()(!)8.)!)8$(!,.}./&!$(!)8&!$56&)3(!,+'!
)8&!,.)8&'b(!.43($%&!/&5&.#+'A!L8$#.(T$!&W67.$#(_!iN!S.(!#+)!.77+S&/!)+!67.*!S$)8!
+)8&'!<8$7/'&#A!lM8&*!.'&!4./!<8$7/'&#0b!(.$/!5*!,.)8&'0!l)8&$'!6.'&#)(!.'&!6++'Ab!lQ&(0b!
.:'&&/!5*!5+)8&'A!E*!6.'&#)(!S.#)&/!)+!4&!'$<8!(+!)8&*!$5.:$#&/!)8&5(&7%&(!'$<8j!
dV3T+S(T$!1*&!FaeA!>#%$($+#$#:!6+%&')*!.(!.!<+#).:$+#0!L8$#.(T$b(!6.'&#)(!8$#/&'!
8$(!(+<$.7!+66+')3#$)$&(!4*!6&'6&)3.)$#:!.!S+'7/!+,!<7.((!,.#).(*!.#/!<7.((!6'&g3/$<&A!
L8$#.(T$b(!6.'&#)(!.'&!$#%&()&/!$#!.66&.'.#<&(!)+!)8&!6+$#)!)8.)!)8&*!'&,3(&!68*($<.7!
6'+W$5$)*!S$)8!)8&!6++'!)+!/$()$#:3$(8!)8&$'!+S#!(&6.'.)&!.#/!8$:8&'!().)3(A!M8&(&!
.66&.'.#<&(!.'&!5+()!$56+').#)!)+!L8$#.(T$b(!,.)8&'!S8+!,&&7(!(+<$.77*!+47$:.)&/!)+!
6&',+'5!8$(!().)3(!'+7&!)+!)8&!<+553#$)*!.)!7.':&0!4+)8!.)!)8&!67.*:'+3#/!.#/!S$)8$#!
8$(!#&$:84+'8++/A!V3T+S(T$b(!6.'.77&7!4&)S&&#!)8&!67.*:'+3#/!.#/!)8&!
#&$:84+'8++/!(3::&()(!)8&!,.)8&'b(!.''&()&/!/&%&7+65&#)0!&#.<)$#:!<8$7/Y7$T&!:.5&(!
! ! HaI! !
+,!<7.((!,.#).(*A!J$)8$#!)8$(!<+#)&W)0!L8$#.(T$!<.77(!.))&#)$+#!)+!8$(!,.)8&'b(!,.#).(*!
<+55$)5&#)!)+!6&',+'5$#:!.!8$:8Y<7.((!().)3(_!
E*!5+)8&'!S&#)!)+!8&'!7+SY6.*$#:!g+4!&.<8!5+'#$#:!.#/!5*!,.)8&'0!S8+!
/$/#b)!8.%&!.!g+40!7&,)!&.<8!5+'#$#:!)++A!27)8+3:8!5+()!+,!)8&!#&$:84+'(!S&'&!
3#&567+*&/!8&!/$/#b)!S.#)!)8&5!)+!)8$#T!8&!S.(!g+47&((A!P+!8&!:+)!$#)+!8$(!
<.'!&.<8!5+'#$#:!.)!)8&!(.5&!)$5&!.#/!/'+%&!+,,!.(!$,!8&!S&'&!:+$#:!)+!S+'TA!
M8&#!$#!)8&!&%&#$#:!8&!S+37/!'&)3'#!.)!&W.<)7*!)8&!(.5&!)$5&A!dV3T+S(T$!1*&!
HH]e!
!
V*!<+##&<)$#:!)8&!.<)!+,!S+'T!)+!8$(!5+)8&'0!L8$#.(T$!(3::&()(!)8.)!8$(!,.)8&'b(!
<7.((Y6&',+'5.#<&!'&(37)(!$#!.!'&:$5&#)&/!&5.(<37.)$+#A!J8&'&.(!L8$#.(T$b(!
5+)8&'!<+#)'$43)&(!)+!)8&!,$#.#<$.7!().)&!+,!)8&!8+3(&8+7/!/&(6$)&!7&((Y)8.#!
6'+,$).47&!S+'T0!L8$#.(T$b(!,.)8&'!<+553#$<.)&(!+#7*!)8&!(+<$.7!.#W$&)*!.#/!#+#Y
6'+/3<)$%&!,.#).(*!+,!25&'$<.#!5.(<37$#$)*A!V3T+S(T$b(!<+#()'3<)$+#!+,!)8&!(<&#&!
+,,&'(!)8.)!)8&!,.)8&'b(!#&&/!)+!./%.#<&!.!(6&<$,$<!S+'T$#:!$/&#)$)*!$56.<)(!)8&!
,.)8&'b(!.4$7$)*!)+!4&!.!6.')!+,!)8&!<+553#$)*!.(!S&77!.(!)8&!,.5$7*A!@&!&W$()(!+#7*!
(36&',$<$.77*!$#!)8&!&W6'&(($+#!+,!.#!.66&.'.#<&!)8.)!$:#+'&(!)8&!&<+#+5$<!/$,,$<37)*!
+,!8$(!,.5$7*!,+'!)8&!<7.$5!+,!.!().)3(!6+($)$+#A!N#!)8$(!S.*0!L8$#.(T$!$(!.47&!)+!
&#%$($+#!8$(!,.)8&'!.(!.!<7.((Y6&',+'5.)$%&!,++70!43)!+#&!5+'&!7$T&!.!S$77$#:!
K':.#$X.)$+#!E.#!)8.#!.!<+5$<!)'.56A!!
! L8$#.(T$b(!+4(&'%.)$+#!+,!8$(!,.)8&'b(!5.7$<$+3(!,.#).(*!$(!$#!)3#&!S$)8!)8&!
,.$73'&!+,!5.(<37$#$)*!5+'&!)8.#!)8&!.<)3.7!)8'&.)!+,!6+%&')*A!B+'!&W.567&0!8&!
&W67.$#(_!iE*!5+)8&'!7+()!8&'!g+4A!E*!,.)8&'!T&6)!7&.%$#:!$#!8$(!<.'!&%&'*!5+'#$#:!.(!
$,!8&!S&'&!:+$#:!)+!S+'TA!lNb5!.#!&#:$#&&'0b!8&!)+7/!6&+67&A!@&!8./!.7S.*(!S.#)&/!)+!
4&!.#!&#:$#&&'j!dV3T+S(T$!1*&!HFaeA!L8$#.(T$b(!.))&#)$%&#&((!)+!8$(!,.)8&'b(!.<)$+#(!
<'$)$93&(!8$(!6.#)+5$5&!+,!8&./!+,!8+3(&8+7/!5.7&!4'&./S$##&'!/3)$&(A!M8+3:8!)8$(!
! ! Haa! !
8.(!5.)&'$.7!<+#(&93&#<&(!)8.)!7$5$)!)8&!.5+3#)!+,!$#<+5&!$#)+!)8&!8+3(&8+7/0!
L8$#.(T$!()'&((&(!)8&!&5.(<37.)$#:!<7.((!.<)!+,!8$(!,.)8&'!'.)8&'!)8.#!)8&!&<+#+5$<!
$56.<)A!"#7$T&!R&'+3.<b(!&6$(+/&!+,!S+'T$#:Y<7.((!/'.:!$#!)8&!<+))+#!,$&7/0!V3T+S(T$!
<+#()'3<)(!L8$#.(T$b(!,.)8&'!)8'+3:8!.!T$#/!+,!5$//7&Y<7.((!/'.:!)8.)!:$%&(!)8&!
$773($+#!+,!.!(6&<$.7$X&/!6'+,&(($+#!,+'!S8$<8!8&!8./!.(6$'&/!,+'!43)!#&%&'!.<8$&%&/A!
N#!)8&(&!S.*(0!L8$#.(T$b(!,.)8&'!S.#)(!5$//7&Y<7.((!$/&#)$)*!,+'!)8&!(+<$.7!().)3(!.#/!
'&<+:#$)$+#!$)!<.''$&(0!#+)!#&<&((.'$7*!)8&!5+#&).'*!4&#&,$)A!M8$(!<.#!4&!(&&#!$#!)8&!
<8+(&#!6'+,&(($+#!+,!&#:$#&&'$#:0!S8$<8!#+)!+#7*!(&<3'&(!.!5$//7&Y<7.((!$/&#)$)*0!
43)!.7(+!)8&!&56$'$<.7!T#+S7&/:&!)+!/&($:#!.#/D+'!43$7/!)&<8#+7+:$<.7!.#/!(+<$.7!
(+73)$+#(!,+'!)8&!,.)8&'b(!)S&#)$&)8!<&#)3'*!S+'7/A!;&(6$)&!)8&(&!:+.7(0!L8$#.(T$b(!
,.)8&'!$(!(&&#!+#7*!)+!&7$5$#.)&!8$(!.4$7$)*!)+!8.%&!.#*!<+#)'+7A!@$(!'&7$.#<&!+#!.!
S+'T$#:!,.}./&!,+'&<7+(&(!8$(!.4$7$)*!)+!4&!.!(&7,Y<+#)'+77&/!+'!'.)$+#.7!5.#A[]!!
!>%.73.)$#:!)8&!<7.((!6&',+'5.)$%$)*!+,!L8$#.(T$b(!,.)8&'!$(!.!6'+/3<)$%&!
5&)8+/!,+'!(&&$#:!L8$#.(T$b(!+S#!<7.((!6&',+'5.#<&A!J8$7&!V3T+S(T$!/&6$<)(!)8&!
,.)8&'!.(!.!,$:3'&!)8.)!./8&'&(!)+!)8&!,$<)$+#!+,!<7.((!,.#).(*0!8&!<+#()'3<)(!L8$#.(T$b(!
$#)&'&()!$#!&568.($X$#:!6+%&')*!.#/!'&,3($#:!5$//7&Y<7.((!/$<).)&(!.(!.!473&6'$#)!,+'!
(3'%$%.7A!Q+3#:!L8$#.(T$!.$5(!)+!(34%&')f.#/!6&'%&')f)8&!$5637(&(!+,!.!
6'+/3<)$%&!7.4+'$#:!5.7&!4+/*!)8.)!8$(!,.)8&'!.))&56)(!)+!368+7/A!M83(0!S8$7&!8$(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
[]!1+4&')!P&:3$#b(!2'+3#/!u3$))$#:!M$5&_!J+'T!.#/!E$//7&YL7.((!B.#).(*!$#!25&'$<.#!B$<)$+#!dFGGHe!
.':3&(!)8.)!5$//7&Y<7.((!(6.<&!4&<+5&(!.!(6.<&!+,!<7.((7&((#&((!.(!.')$<37.)&/!)8'+3:8!3)+6$.#!
$5.:$#.'$&(A!M8+3:8!L8$#.(T$b(!,.)8&'!/+&(!#+)!.$5!,+'!.!<7.((7&((!(6.<&0!8&!<'&.)&(!+#&!4*!
&#%$($+#$#:!5$//7&!<7.((!$/&#)$)*!$#!.!i7$)&'.7!(+')!+,!S.*0!)*$#:!$)(!$#)&#/&/!().)&(!+,!,.#).(*!6'&<$(&7*!
)+!)8&!.,,&<)$%&!/*#.5$<(!+,!(3<8!&%&'*/.*!*&.'#$#:!.#/!.#)$<$6.)$+#s!dP&:3$#!FFeA!V*!S$(8$#:!)+!
&%$(<&'.)&!8$(!S+'T$#:Y<7.((!<+##&<)$+#(!.#/!8$:87$:8)!)8&!,$<)$+#!+,!.!8$:8&'!().)3(0!L8$#.(T$b(!,.)8&'!
&#.<)(!<7.((!6&',+'5.)$%$)*!)8.)!'&(37)(!$#!.!6+($)$+#!)8.)!/+&(!#+)!8.%&!)+!<+#<&'#!$)(&7,!S$)8!<7.((0!
S8$<8!$#/$<.)&(!().)3(A!N!3(&!P&:3$#!)+!(8+S!)8.)!5$//7&Y<7.((!().)3(!&%./&(!)8&!5.)&'$.7!/.#:&'(!+,!
<7.((!.7)+:&)8&'0!./%.#<$#:!.!,.#).(*Y/'$%&#!6'+5+)$+#!+,!.#!&7&%.)&/!().)3(A!!!!
! ! Ha[! !
,.)8&'!&#:.:&(!$#!5$//7&Y<7.((!6&',+'5.#<&(!,+'!)8&!#&$:84+'8++/0!V3T+S(T$!
<7&.'7*!()'&((&(!8+S!L8$#.(T$!(6&#/(!#+#Y6'+/3<)$%&!.#/!(&7,Y$#/37:&#)!)$5&!.)!
8+5&0!S8&)8&'!(6*$#:!+#!)8&!#&$:84+'8++/!S+5&#!.#/!5.()3'4.)$#:0!+'!'&./$#:!
.#/!S'$)$#:!dV3T+S(T$!1*&!HH^o!H^[eA!N#!/+$#:!(+0!V3T+S(T$!g3W).6+(&(!)8&!,.)8&'b(!
5$//7&Y<7.((!,.}./&!)8.)!6'&)&#/(!)+!:+!)+!S+'T!S$)8!)8&!7+S7*!.#/!$56+%&'$(8&/!
7$,&!+,!L8$#.(T$A!N#()&./!+,!<+#()'3<)$#:!(36&',$<$.7!.66&.'.#<&(!7$T&!8$(!,.)8&'0!
L8$#.(T$!$(!./%.#<&/!4*!)8&!'&.7$)*!+,!)8&!4+/*!.#/!.!<'&.)$%&!5$#/0!'&5+%$#:!8$5!
,'+5!)8&!6'&(<'$6)$+#(!+,!25&'$<.#!5.(<37$#$)*!)8.)!8.%&!/&()'+*&/!5&#!7$T&!8$(!
,.)8&'A!!
!
>EVK;QN-C!=Kc>1MQ!
! V3T+S(T$b(!$#%&()5&#)!$#!(8+S$#:!L8$#.(T$b(!%37#&'.4$7$)*!'&7.)&(!)+!)8&!'.S!
6(*<8+7+:$<.7!<+#(&93&#<&(!+,!.43(&!+#!L8$#.(T$b(!68*($<.7!4+/*A!P$#<&!)8&!,.)8&'b(!
68*($<.7!.43($%&#&((!$(!&93.)&/!)+!8$(!<7.((!.(6$'.)$+#(0!L8$#.(T$b(!4&.)&#!4+/*!$(!
'&#/&'&/!.!($)&!+,!'&<.7$4'.)$+#!,+'!5.(<37$#&!#+)$+#(!+,!S+'T!)8'+3:8!)8&!7.4+'!+,!
(3'%$%.7A!M+!)8$(!&W)&#)0!V3T+S(T$!6.)8+7+:$X&(!L8$#.(T$b(!4+/*!)+!5.T&!8$(!
:'3&(+5&!)'&.)5&#)(!,+'!.<#&!%37:.'$(!.!%37#&'.47&!<+#)'.()!)+!8$(!,.)8&'b(!
(36&',$<$.7!6&',+'5.#<&(A!L8$#.(T$b(!4+/*!4&<+5&(!.!6'+/3<)$%&!5&)8+/!,+'!
&().47$(8$#:!.!R&'+3.<Y7$T&!#&&/!,+'!()'$66$#:!/+S#!.!5$//7&Y<7.((!,.}./&A!>%&#!
)8+3:8!.#!./+7&(<&#)!L8$#.(T$!S+37/!(+5&)$5&(!7$T&!)+!8$/&!8$(!4+/*0!V3T+S(T$!
3(&(!$)!)+!6+(&!.#!$#&%$).47&!'&.7$)*!)8.)!53()!4&!/&.7)!S$)8!.)!)8&!7&%&7!+,!&W6+(3'&A!
B+'!$#().#<&0!L8$#.(T$!g+$#(!)8&!1AKAMALA!$#!(<8++7_!i4&<.3(&!)8&#!N!/$/#b)!8.%&!)+!
! ! Ha\! !
S&.'!.!:*5!(3$)!.#/!#+4+/*!<+37/!(&&!)8&!4+$7(!+#!5*!4+/*j!dV3T+S(T$!1*&!HFIeA!
V3)!$#!)8&!(.5&!4'&.)80!L8$#.(T$!$(!5./&!)+!&W6'&((0!im4n3)!N!8.)&/!)8&!3#$,+'5A!M8&!
(8$')!S.(!5./&!+,!S++7!.#/!$)!$''$).)&/!5*!4+$7(j!dV3T+S(T$!1*&!HFIeA!O$T&!
R&'+3.<b(!i(6&<$.7j!6+7$<&5.#0!V3T+S(T$!()'&((&(!)8.)!L8$#.(T$b(!3#$,+'5!&W$()&#<&!
/+&(!#+)!,$)_!$)(!%&'*!<+56+($)$+#!$''$).)&(!8$(!(T$#0!.#/!7$)&'.77*!'34(!8$5!)8&!S'+#:!
S.*0!6'+%$/$#:!8$5!#+!6'+)&<)$+#A!L8$#.(T$b(!'&,3(.7!+,!3#$,+'5$)*!.#/!#.)$+#.7$()!
<+#(<'$6)$+#!4&<+5&!.!)&().5&#)!)+!(&7,Y6'&(&'%.)$+#A!J8$7&!)8&!3#$,+'5!6'+%$/&(!
8$(!4+$7(!.#/!(T$#!'.S!6'+)&<)$+#!,'+5!&54.''.((5&#)0!8&!$(!6.$#&/!4*!)8&!#+'5.7<*!
+,!.!3#$,+'5!&W$()&#<&A!V3T+S(T$b(!<8+$<&!)+!5.T&!%$($47&!)8&!5&/$<.7!/'&(($#:(0!
(+'&(0!.#/!(<.'(!.(!S&77!.(!)8&!6.$#!+,!4+/$7*!&W6+(3'&!4&<+5&(!)8&!,+3#/.)$+#!+,!8$(!
/&%&7+65&#)!.#/!.!4.(&!<+#<&'#!+,!)8&!#.''.)$%&!dV3T+S(T$!1*&!H^\o!H\]eA!!
!V3T+S(T$!'&#/&'(!)8&!4+/*!%37#&'.47&!)+!6'+%$/&!.!68*($<.77*!i#.T&/j!
.3)8&#)$<$)*!)8.)!./%.#<&(!)8&!/&%&7+65&#)!+,!/$')*!'&.7$()!S'$)$#:A!M8$(!6&'5$)(!
V3T+S(T$!)+!5.'T!L8$#.(T$b(!4+/*!.(!%$'$7&!.#/!'&($7$&#)!)8'+3:8+3)!)8&!&6$(+/&(!+,!
8$(!<8$7/8++/!$#!@.5!+#!1*&A!N#!<+#)'.()0!L8$#.(T$b(!,.)8&'b(!4+/*!$(!'&#/&'&/!
$#&,,&<)$%&0!)8&!i,+7/(!+,!,7&(8!3#/&'!8$(!<8$#!.#/!.'+3#/!8$(!#&<T!m0Zn!(./!S'$#T7&(!
.#/!<'&%$<&(0j!.#!&,,&<)!+,!,3)$7&!<7.((!/&($'&(!dV3T+S(T$!1*&!HFHeA!M8$(!
'&6'&(&#).)$+#!+,!%$'$7&!5.(<37$#$)*!)8'+3:8!)8&!)8&!(6&'5.)$<!&<+#+5*!(3::&()(!
)8.)!4+/$7*!/$(<$67$#&!.#/!<+#)'+7!$((3&(!(+<$.7!6+S&'A!M83(0!S8&#!L8$#.(T$!+4(&'%&(!
)8.)!8$(!,.)8&'b(!i,.<&!S.(!)$'&/!.#/!6$#T!63))*A!@&!S.(!$#!8$(!3#/&'(8$')0!.#/!8$(!
4&77*!(.::&/0!S'$#T7$#:!8$(!3#/&'(8$')j!8&!<+553#$<.)&(!)8.)!im)n8&!&*&(!S&'&!#+!
7+#:&'!,$&'<&j!)+!+,,&'!)8&!/&()'3<)$+#!+,!.!5.#!S&$:8&/!/+S#!4*!.')$,$<&0!8$(!4+/*!
! ! H[G! !
.#/!(6$'$)!3#/&'!)8&!,.#).(*!+,!5$//7&Y<7.((!5.(<37$#$)*!dV3T+S(T$!1*&!HFHeA!-&W)!
)+!L8$#.(T$b(!(3,,&'$#:!43)!(3'%$%$#:!68*($<.7!4+/*0!8$(!,.)8&'!$(!/&6$<)&/!.(!4&.)!
/+S#!4*!(+<$.7!,$<)$+#(A!N#!)8$(!S.*0!V3T+S(T$!()'&((&(!)8.)!)8&!&W6+(3'&!+,!+#&b(!
(3,,&'$#:!4+/*!<.#!4&<+5&!.#!.7)&'#.)$%&!)+!)8&!$#&%$).47&!/&()'3<)$+#!+,!5.#!
)8'+3:8!5$//7&Y<7.((!,.#).(*A!L8$#.(T$b(!6'+/3<)$%&!(3'%$%.7!'&#/&'(!8$(!,.)8&'b(!
4+/*!$56+)&#)0!S8$7&!L8$#.(T$b(!i#.T&/j!4+/*0!,377!+,!4+$7(!.#/!'.S0!4&<+5&(!.!
6&',&<)!5&).68+'!,+'!.//'&(($#:!8$(!,.)8&'b(!,7.<<$/!.#/!,3)$7&!(+<$.7!.(6$'.)$+#(A!
V3T+S(T$b(!<+#()'3<)$+#!+,!)8&!)S+!<8.'.<)&'(!(3::&()(!)8.)!.!%37#&'.47&!4+/*!
'&#/&'&/!)8'+3:8!S+'T$#:Y<7.((!(3,,&'$#:!<.#!<+3#)&'.<)!5$//7&Y<7.((!,.#).(*A!
L8$#.(T$b(!4+/*!4&<+5&(!#+)!+#7*!6'++,!+,!5$//7&Y<7.((!/&()'3<)$%&#&((0!43)!.7(+!)8&!
:'+)&(93&!5.(<37$#&!6+)&#)$.7!$#!6+%&')*A!!
! V3T+S(T$b(!(34%&'($%&!/&%&7+65&#)!#+%&7!3(&(!6+%&')*0!(+<$.7!5$(,$)(!.#/!
#+#Y6'+/3<)$%&!7.4+'!.(!)8&!3#/+$#:!+,!25&'$<.b(!$/&+7+:$<.7!$#(<'$6)$+#!,+'!*+3#:!
5&#!$#!)8&!)S&#)$&)8!<&#)3'*A!N#)&'&()&/!$#!.%+$/$#:!8$(!,.)8&'b(!5$().T&(0!L8$#.(T$!
$#()$)3)&(!8$(!.(6$'.)$+#(!,+'!/+S#S.'/!5+4$7$)*A!M8$(!&#.47&(!L8$#.(T$!)+!'&Y
$#(<'$4&!<7.((!6&',+'5.)$%$)*!.(!.!5&)8+/!,+'!5.'T$#:!,377!(&6.'.)$+#!,'+5!8$(!
.43($%&!,.)8&'A!M8$(!8+4+8&5$.#!6'.<)$<&!/'.S(!+#!)8&!8+4+Y.(Y.')$()!.#/!&#)$)7&(!
L8$#.(T$!)+!<7.$5!.!#&S!5.(<37$#&!$/&#)$)*!)8.)!4&#&,$)(!,'+5!6+%&')*A!Q+3#:!
L8$#.(T$!.((&')(_!iN!5./&!6'.<)$<&!'3#(!/+S#!)+!(T$/!'+S!)+!:&)!'&./*!,+'!5*!,3)3'&A!
N!/$/#b)!7$T&!S8.)!N!(.S!/+S#!)8&'&A!M8+(&!5&#!.#/!S+5&#!8./!#+!(6&<$.7!/.'$#:!+'!
4'$77$.#<&A!M8&*!S.#)&/!S8.)!&%&'*4+/*!&7(&!S.#)&/j!dV3T+S(T$!1*&!Fa^eA!L8$#.(T$!
&#%$($+#(!PT$/!1+S!.(!.!7+<.)$+#!)8.)!+,,&'(!.#!&((&#)$.7$X&/!,+'5!+,!6+%&')*!)8.)!
! ! H[H! !
<8.77&#:&(!8$(!,.)8&'b(!5$//7&Y<7.((!,.#).(*A!Q&)0!4*!/&($:#.)$#:!L8$#.(T$b(!
5+%&5&#)!.(!i6'.<)$<&!'3#(0j!V3T+S(T$!.##+3#<&(!.!T$#/!+,!6+%&')*!)+3'$(5!)8.)!
,$#/(!PT$/!1+S!.!7+<.)$+#!)8.)!<.#!/&().4$7$X&!.#/!/&Y%+7%&!(+<$.7!6+($)$+#!,+'!)8&!
.<93$($)$+#!+,!.!<37)3'.7!<.6$).7!(&&#!$#!)8&!8+4+!#.''.)$%&!+,!O+#/+#0!P)&$#4&<T0!
R&'+3.<!.#/!M8+56(+#A!
! !N#!8$(!/&($'&!)+!.7$:#!8$5(&7,!S$)8!PT$/!1+S0!L8$#.(T$!$(!<8.77&#:&/!4*!)8&!
#+#Yi(6&<$.7j!$#8.4$).#)(!S8+!iS.#)!S8.)!&%&'*4+/*!&7(&!S.#)&/0j!$((3$#:!)8&!
6&'%.($%&#&((!+,!36S.'/!5+4$7$)*!)8.)!L8$#.(T$!S.#)(!)+!'&,3(&!dV3T+S(T$!1*&!
Fa^eA!N#!'&<+:#$X$#:!)8&!6'+7$,&'.)$+#!+,!36S.'/7*!5+4$7&!.(6$'.)$+#(0!L8$#.(T$!53()!
&#.<)!8$(!+S#!5&#).7!:&+:'.68*!+%&'!PT$/!1+S0!&#%$($+#$#:!$)!.(!.#!+66+')3#$)*!)+!
%.73&!6+%&')*!$#!(&'%$<&!+,!8$(!+S#!(+<$.7!$/&#)$)*A!M+!/+!)8$(0!L8$#.(T$!53()!,$'()!
<8.77&#:&!)8&!$#8.4$).#)(b!/'&.5(!+,!<7.((!5+4$7$)*A!V*!()'&(($#:!)8&$'!<'$5$#.7!.#/!
3#/&($'.47&!().)&0!L8$#.(T$!S+'T(!)+!)3'#!)8&5!$#)+!6'+/3<)$%&!+3)($/&'(!8&!<.#!
'&7.)&!)+A!V*!7.4&7$#:!)8&!(3''+3#/$#:!6+637.)$+#0!8&!<'&.)&(!.!(6.<&!,+'!8$5(&7,_!
N!,&7)!.(!$,!N!S&'&!/&()$#&/!)+!4&!.!53'/&'&'0!.!4.#T!'+44&'0!.!(.$#)0!.!'.6$()0!.!
5+#T0!.!8&'5$)A!N!#&&/&/!.#!$(+7.)&/!67.<&!)+!8$/&A!PT$/!'+S!S.(!/$(:3()$#:A!
M8&!7$,&!+,!)8&!(.#&0!.%&'.:&!5.#!S.(!/3770!S+'(&!)8.#!/&.)8A!M8&'&!(&&5&/!
)+!4&!#+!6+(($47&!.7)&'#.)$%&A!dV3T+S(T$!1*&!Fa^e!
!
E3'/&'&'(!.#/!'+44&'(!.(!S&77!.(!(.$#)(!.#/!5+#T(!+,,&'!.!'.#:&!+,!+3)<.()!)*6&(!
)8.)!L8$#.(T$!<.#!<7.$5A!L8$#.(T$!<8.77&#:&(!8$(!,.)8&'b(!<'$667$#:!./8&'&#<&!)+!
6'+/3<)$%&!.#/!4'&./S$##$#:!5.(<37$#$)*!S$)8!.!6.')Y<'$5$#.7!.#/!6.')Y(.#<)$,$&/!
7$()!+,!)*6&(!)8.)!5$5$<(!R&'+3.<b(!V$:!P3'!4.6)$(5A!M8$(!$((3&(!%$+7.)$+#!+,!(+<$.7!
7.S!S8$7&!.7(+!$#/$<.)$#:!.!(6$'$)3.7!/&7$%&'.#<&!$#!PT$/!1+SA!2$5$#:!)+!'&,3(&!)8&!
5$//7&Y<7.((!.(6$'.)$+#(!+,!8$(!,.)8&'0!L8$#.(T$!<7.$5(!PT$/!1+S!.(!.!6'+/3<)$%&!
! ! H[F! !
<&#)&'!,+'!.<8$&%$#:!8$(!/+S#S.'/!5+4$7$)*A!@$(!<8+$<&!)+!7$%&!)8&'&!4&<+5&(!.!
/$'&<)!.,,'+#)!)+!)8&!5$/Y<&#)3'*!5$//7&Y<7.((!5.#!.#/!)8&!.(6$'.)$+#Y,$77&/!
6'+,&(($+#.7!<7.((&(A!@&!&W67.$#(0!iJ8.)!S&'&!/+<)+'(0!7.S*&'(0!(<$&#)$()(p!M8&*!
S&'&!g3()!5&#!S8+!.77+S&/!)8&5(&7%&(!)+!4&!/&6'$%&/!+,!)8&$'!,'&&/+5!)+!)8$#T!.#/!
.<)!.(!$#/$%$/3.7(A!N!S&#)!4.<T!)+!5*!(8.<T!.#/!/'.#TZj!dV3T+S(T$!1*&!Fa^eA!O$T&!
)8&!,'&&/+5!+,!5+%&5&#)!$#!)'.56!)'+6&(!)8'+3:8+3)!)8&!<&#)3'*0!L8$#.(T$!
&#%$($+#(!PT$/!1+S!.(!.#!+66+')3#$)*!)+!7$%&!.(!.#!$#/$%$/3.7!4&8+7/&#!)+!#+#&A!
L8$#.(T$!<'$)$93&(!)8&!&'.b(!#+'5.)$%&!5.(<37$#$)*0!'&6'&(&#)&/!)8'+3:8!)8&!
6'+,&(($+#(!+,!/+<)+'0!7.S*&'!.#/!(<$&#)$()0!.(!/&/$<.)&/!)+!36S.'/7*!5+4$7&!
6'+5$(&(!+,!(+<$.7!().)3(!)8'+3:8!)8&!(.<'$,$<&!+,!)8&!$#/$%$/3.7$)*!)8'+3:8!S+'TA[^!!
!L8$#.(T$!&54'.<&(!)8&!,'&&/+5(!+,!PT$/!1+S!,+'!8$(!S'$)$#:0!5.T$#:!
V3T+S(T$b(!<+5$#:!+,!.:&!#+%&7!+#&!+,!4&<+5$#:!#+)!+#7*!.#!.')$()0!43)!.7(+!.!435A!
V3T+S(T$b(!435!$(!<'&.)$%&!53<8!7$T&!)8&!8+4+Y.(Y.')$()0!43)!<+55.#/(!.!($#:37.'!
6+($)$+#!.(!.!/&()$)3)&!,$:3'&!S8+!.77+S(!()+'$&(!)+!<+5&!)+!8$5A!J8&'&.(!;&=.()$#+!
.':3&(!)8.)!)8&!435!$(!)8&!7.)&Y<&#)3'*!%&'($+#!+,!)8&!(.5&!5.#_!)'.56!)+!8+4+!)+!
4350!$)!$(!$56&'.)$%&!)+!()'&((!)8.)!.!(&))7&/!7+<.)$+#!/&,$#&(!)8&!435!.(!.!T$#/!+,!
8+5&!:3.'/A!M8&!435!&W6'&((&(!.7)&'#.)$%&!5+4$7$)$&(!.(!.!8+5&7&((!,$:3'&!)$&/!)+!.!
7+<.)$+#A!P$#<&!8&!i(&7/+5!S.#/&'(!.#/!(&7/+5!S+'T(0j!8&!$(!)8&'&,+'&!:'.#)&/!)8&!
)$5&!)+!$#/37:&!$#!7&$(3'&7*!.<)$%$)*0!5+()!#+).47*!/'$#T$#:!+'!S'$)$#:!d2#/&'(+#!I]eA!
V3T+S(T$b(!$#%&()5&#)!$#!PT$/!1+S!.66'+W$5.)&(!)8$(!(+<$.7!6+($)$+#!,+'!L8$#.(T$0!
$((3$#:!.!7.)&Y<&#)3'*!'&#/$)$+#!+,!O+#/+#b(!8+4+Y.(Y.')$()!<+#Y:.5&A!L8$#.(T$!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
[^!L+#)'.'*!)+!L8$#.(T$b(!<7.$50!)8&(&!6'+,&(($+#(!/+!3(&!$#/$%$/3.7!.#/!<'&.)$%&!)8$#T$#:!)8'+3:8!
(*()&5.)$<!.#/!(6&<$.7$X&/!)'.$#$#:A!@+S&%&'0!)8&*!/+!(+!$#!(&'%$<&!+,!6.)$&#)(0!<7$&#)(!.#/!<.3(&(0!#+)!
)8&5(&7%&(A!!
! ! H[]! !
&#%$($+#(!)8&!)'&T!4.<T!)+!8$(!(8.<T!)+!/'$#T!)8&!37)$5.)&!.,,'+#)!)+!8$(!,.)8&'b(!
,++7$(8!36S.'/7*!5+4$7&!.(6$'.)$+#(0!.(!S&77!.(!.#!+66+')3#$)*!)+!,+()&'!.')$()$<!
).7&#)A!!
! L8$#.(T$b(!/&/$<.)$+#!)+!/+S#S.'/!5+4$7$)*!4&<+5&(!$)(!+S#!<7.((!
6&',+'5.)$%&!'+3)$#&0!(6&<$,$<.77*!+#&!)8.)!.3)8+'$X&(!V3T+S(T$b(!435!.&()8&)$<!
S$)8$#!7$)&'.'*!6'+/3<)$+#A!V3T+S(T$b(!3(&!+,!.!435!6&'(+#.!:&#&'.)&(!PT$/!1+S!
.((+<$.)$+#(!4*!5.T$#:!$5.:&!4.(&/!%.73&!g3/:5&#)(!+%&'!$#/$%$/3.7(!$#!6+%&')*A!
L8$#.(T$!$(!.47&!)+!&568.($X&!)8&!6+%&')*!+,!8$(!4&:$##$#:(!4*!(&7&<)$#:!PT$/!1+S!.(!
.!8+5&!4.(&A!M8$(!6&'5$)(!8$5!)+!:&#&'.)&!.66&.'.#<&(!)8.)!%$+7.)&!)8&!<7.((!
.(6$'.)$+#(!+,!8$(!,.)8&'A!Q&)0!$#!+'/&'!)+!<8.77&#:&!)8&!(+<$.7!6'.<)$<&(!+,!36S.'/!
5+4$7$)*0!L8$#.(T$f.#/!V3T+S(T$f53()!5.$#).$#!6+%&')*!.(!8$:87*!%$($47&!.#/!
(&7,Y<+#(<$+3(!<8+$<&!+,!$/&#)$)*!.#/!6&',+'5.)$%&!)&<8#$93&A!V3T+S(T$b(!
.3)+4$+:'.68$<.7!6&'(+#.0!8*4'$/!,$<)$+#(!.#/!435!.&()8&)$<!4&<+5&!<7.((!
6&',+'5.)$%&!5&)8+/(!,+'!T&&6$#:!36!.66&.'.#<&(!.#/!)+!(.)$(,*!.3/$&#<&!
&W6&<).)$+#(!,+'!8$(!S+'TA[`!!
!M8&(&!.66&.'.#<&(!).T&!6'&<&/&#<&!$#!V&.)&#0!B.::&/!.#/!B3<T&/!dFGG[e0!
S8&'&!E.')8.!E.'*!>%.#(!(3::&()(!)8.)!i+6)$#:!+3)j!$(!6'&/$<.)&/!4*!V3T+S(T$b(!
'&7$.#<&!+#!5.(<37$#&!6+()3'$#:0!S8$<8!.$5(!)+!/'.5.)$X&!<+#)'+7!$#!5.7&!.'&#.(!
$#<73/$#:!)8&!S+'T67.<&A!M8+3:8!>%.#(b!.((&')$+#!&W67.$#(!)8&!5+)$%.)$+#(!+,!
L8$#.(T$b(!/+S#S.'/7*!5+4$7&!6&',+'5.#<&(0!N!S.#)!<+#($/&'!)8.)!.!<+#)$#3&/!
+6)$#:!+3)!&%&#)3.77*!4&<+5&(!.!,+'5!+,!+6)$#:!$#A!B+'!$#().#<&0!;&=.()$#+!.':3&(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
[`!M.W!'&<+'/(!(8+S!)8.)!V3T+S(T$!<+77&<)&/!z\G0GGG!$#!,+'&$:#Y'+*.7)$&(!$#!H\[FA!M8$(!5.T&(!)8&!
S'$)$#:!+,!8$(!;&6'&(($+#Y&'.!8.'/(8$6(!.#/!)8&!6+%&')*!+,!8$(!4&:$##$#:(!.!()'.)&:$<!.66&.7!)8.)!
&%./&(!5$//7&Y<7.((!$/&#)$,$<.)$+#(!dV3T+S(T$A#&)eA!!
! ! H[^! !
)8.)!8+4+!.,,$7$.)$+#!<.#!4&!'&./!.!,+'5!+,!(+<$.7!/$(.,,$7$.)$+#!,'+5!4'&./S$##$#:!+'!
+)8&'!S8$)&0!5.(<37$#&!&#)$)7&5&#)(!dWW$$$eA!B+77+S$#:!)8$(!)8+3:8)!6'+<&((0!)8&!
/'.5.)$X.)$+#!+,!)8&!$#)&77&<)3.7!7.4+'!)8.)!+<<3'(!.)!L8$#.(T$b(!PT$/!1+S!
iS+'T67.<&j!4&<+5&(!.!5+/&7!,+'!V3T+S(T$!+6)$#:Y$#!)8&!7$)&'.'*!5.'T&)!.#/!)8&!
7$5&7$:8)A!M8'+3:8!)8$(!6&'(6&<)$%&0!PT$/!1+S!4&<+5&(!.!(3::&()$%&!7+<.)$+#!,+'!
&W67+'$#:!)8&!'&,3(.7!+,!.#!36S.'/7*!5+4$7&!$#8&'$).#<&!)8.)!+6)(!+3)0!43)!.7(+!.!
%.73&/!<37)3'&!,+'!(.7&!)+!)8&!5.'T&)67.<&!+,!$/&.(!)8.)!+6)(!$#A!!
!
L2E=2NC-N-C!BK1!K"MPN;>1!KB!M@>!Q>21!
!V3T+S(T$b(!$#)&'&()!$#!PT$/!1+S!$(!'&7.)&/!)+!)8&!6+($)$+#!+,!)8&!6'+/3<)$%&!
+3)($/&'0!.!,$:3'&!6+637.'7*!<&7&4'.)&/!.<'+((!6&'$+/(!+,!25&'$<.#!7$)&'.)3'&A!M8$(!
,$:3'&!$(!5+()!$<+#$<!S8&#!<+##&<)&/!)+!5.7&Y/+5$#.)&/!<+3#)&'<37)3'.7!
5+%&5&#)(!$#!)8&!6+()S.'A!2(!E+''$(!;$<T()&$#b(!O&+6.'/(!$#!)8&!M&567&!dFGGFe!
&W67.$#(0!.#!+3)($/&'!6+($)$+#!6&'5$)(!5&#!)+!'&(6+#/!/$'&<)7*!)+!25&'$<.b(!
<+#(&'%.)$%&!6+()S.'!%.73&(!S$)8!i.!'./$<.7!&/:&0!m.#/n!.!5++/!+,!4'++/$#:!
.7$&#.)$+#!)+!S+'Tj!S$)8!#+!i<7&.'!6347$<!.:&#/.j!d;$<T()&$#![^eA!@.%$#:!#+!<7&.'!
6347$<!.:&#/.!&<8+&(!-&7(!2#/&'(+#b(!/&(<'$6)$+#!+,!8+4+(!8.%$#:!#+!6'+:'.50!.#/!
7+<.)&(!)8&!6+)&#)$.7!4&#&,$)(!+,!(&7&<)$%&7*!+3)($/&'0!5.':$#.7!.#/!5+4$7&!6+($)$+#(!
$#!25&'$<.#!<37)3'&A!;$<T()&$#b(!:&#&'.)$+#.77*!(6&<$,$<!i+3)($/&'m(n0!5$(,$)m(n0!m.#/n!
5./5m&n#0j!/&%&7+6!$#!<+#g3#<)$+#!S$)8!.#/!6.'.77&7!)+!)8&!8+4+!#.''.)$%&!.(!
,&.)3'&/!$#!6'&%$+3(!<8.6)&'(!d;$<T()&$#![^eA!@+4+8&5$.#!6'.<)$<&0!,+'!$#().#<&0!$(!
+#&!5&)8+/!,+'!5.T$#:!.#!+3)($/&'!6+($)$+#!+#&!+,!6'+/3<)$%&!:.$#(!.<'+((!)8&!
)S&#)$&)8!<&#)3'*A!B+'!$#().#<&0!@.5!+#!1*&!<8.':&(!)8&!8+4+!,$:3'&!S$)8!5$#+'$)*!
! ! H[`! !
().)3(!S8$7&!.7(+!&W6+($#:!8$(!<37)3'.7!%.73&0!.77+S$#:!V3T+S(T$!)+!&#.<)!S8$)&0!
5.(<37$#&!<8.77&#:&(!)+!S8.)!<+3#)(!.(!7$)&'.)3'&A!M8&'&,+'&0!)8&!()3/*!+,!V3T+S(T$!
.(!.!()'.)&:$<!.#/!6'+/3<)$%&!+3)($/&'!'.$(&(!93&()$+#(!'&:.'/$#:!25&'$<.#!
7$)&'.)3'&f4+)8!<.#+#$<.7!.#/!#+#Y<.#+#$<.7f.#/!$)(!'&7$.#<&!+#!J+7,&b(!i'&.7!
:++/(j!+,!25&'$<.#!,$<)$+#A!O$T&!)8&!8+4+!#.''.)$%&!.3)8+'(!4&,+'&!8$50!V3T+S(T$b(!
<7.((Y6&',+'5.)$%&!<+56+($)$+#(!.77+S!(&6.'.)$+#(!+,!$#($/&'!.#/!+3)($/&'!)+!473'!
.7+#:($/&!/$()$#<)$+#(!4&)S&&#!5.g+'$)*!.#/!5$#+'$)*0!.#/!&7$)&!.#/!6+637.'A!!
!V3T+S(T$b(!5.%&'$<T[I!<+56+($)$+#.7!)&<8#$93&(!/'.S!+#!8+4+8&5$.#!
6'.<)$<&!.(!)8&!)&<8#$93&!+,!+3)($/&'(!)8.)!#&&/!)+!#&:+)$.)&!.!6+($)$+#!,+'!)8&$'!
<'&.)$%&!S+'TA!!>%$/&#<&/!4*!8$(!&.'7*!<.'&&'!.S.'/!+,!K3)($/&'!+,!)8&!Q&.'!4*!
O+3g+#!='&((!$#!H\I]0!V3T+S(T$b(!S+'T!'&6'&(&#)(!)8&!+#:+$#:!6+637.'$)*!+,!
+3)($/&'!6+($)$+#(!$#!25&'$<.#!7$)&'.)3'&!$#!)&'5(!+,!4+)8!'./$<.7!)&<8#$93&!.#/!
5.':$#.7$X&/!()*7&A!V3)!.(!.!S'$)&'!S8+!:.$#(!&#)'.#<&!$#)+!<&').$#!7$)&'.'*!<$'<7&(!.(!
.#!+3)($/&'!.#/!PT$/!1+S!4350!V3T+S(T$b(!.7(+!S+'T!&W6+(&(!)8&!()'3::7&!+,!
4.7.#<$#:!)8&!'+7&!+,!(3<<&((,37!.3)8+'!S$)8!.!7.':&'Y)8.#Y7$,&!S+'T$#:Y<7.((!6&'(+#.!
7$T&!L8$#.(T$A[a!O$T&!R&'+3.<!4&,+'&!8$50!V3T+S(T$b(!7.)&!S+'T!/$(67.*(!)8&!
<+#(&93&#<&(!+,!(3<<&((,37!<7.((!6&',+'5.)$%$)*!.#/!$)(!'&.7!7$,&!<+#(&93&#<&(A!B+'!
$#().#<&0!@+77*S++/!dH\[\e!/&6$<)(!L8$#.(T$b(!+3)($/&'!().)3(!,&.',37!+,!+%&'Y
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
[I!M8&!.6)!7.4&7!+,!l5.%&'$<Tb!$(!<'&/$)&/!)+!V$77!E+8'b(!<+56'&8&#($%&!$#%&()$:.)$+#!+,!O+(!2#:&7&(!
6+&)'*!.#/!.')!5+%&5&#)(!$#!@+7/YK3)(_!M8&!O+(!2#:&7&(!=+&)'*!1&#.$((.#<&0!H\^[YH\\F!dFGHHe0!
S8&'&!8&!&W67.$#(!)8.)!O+(!2#:&7&(!6+&)(!S&'&!#+)!+#7*!5.':$#.77*!'&<+:#$X&/!$#!<+#)'.()!)+!)8+(&!$#!
P.#!B'.#<$(<+0!43)!+,)&#!<+#/3<)&/!)8&5(&7%&(!$#!/$,,&'&#)!(+<$.7!<$'<7&(!+'!#+#&!.)!.77A&!
[a!V$+:'.68$<.77*0!V3T+S(T$!S.(!$#!8$(!,+')$&(!S8&#!8&!:.$#&/!.))&#)$+#!.(!.!S'$)&'A!=+()!K,,$<&!
dH\aHe!$(!#+)&/!.(!4&$#:!)8&!().')!+,!V3T+S(T$b(!6'+,&(($+#.7!S'$)$#:!<.'&&'0!S8&'&$#!8&!S.(!.47&!)+!
S'$)&!,377!)$5&!)8'+3:8!./%.#<&(!,'+5!?.<T!E.')$#!dV7.<T!P6.''+S!='&((e!.#/!#+)!8.%&!
(3667&5&#).'*!S+'T!7$T&!8$(!/&<./&!.)!)8&!O+(!2#:&7&(!=+()!K,,$<&A!!
! ! H[I! !
&W6+(3'&!S8$7&!8&!&.'#(!.<<+7./&(!)8.)!5.T&!8$5!.!@+77*S++/!$#($/&'A!M8$(!'&#/&'(!
8+4+8&5$.#!6'.<)$<&!#+)!+#7*!.))&#)$%&!)+!)8&!)&<8#$93&!+,!<7.((!6&',+'5.)$%$)*0!43)!
.7(+!)+!)8&!,.#).()$<!.#/!5*)8+7+:$<.7!6'+6+')$+#(!+,!6&',+'5$#:!.#!+3)($/&'!'+7&A!N#!
V3T+S(T$b(!<.(&0!)8$(!)&#($+#!$(!<7&.'7*!/&6$<)&/!$#!8$(!<+#()'3<)$+#!+,!.!PT$/!1+S!
6&'(+#.!.#/!435!.&()8&)$<A!
!V3T+S(T$b(!7.)&!S+'T!&93.)&(!)8&!)&#($+#(!+,!$#($/&'!.#/!+3)($/&'!6+($)$+#(!
)+!)8&!<+#<&'#(!+,!5$//7&Y<7.((!.#/!S+'T$#:Y<7.((!$/&#)$,$<.)$+#(A!2(!.!<37)3'.7!
$#($/&'0!L8$#.(T$b(!,$<)$+#.7$X&/!<.'&&'!8.(!&W6'&((&/!/$(<+5,+')!S$)8!,.5&0!
&(6&<$.77*!$#!4&$#:!,7+S#!+3)!.#/!6.$/!,+'!8$(!6+&)'*!'&./$#:(A!B+'!&W.567&0!L8$#.(T$!
<.##+)!3#/&'().#/!)8.)!+#&!<+37/!iS+'T!7$T&!.!537&!3#)$7!*+3!S&'&!,$,)*!.)!
5&.#$#:7&((0!7+S!g+4(0!.#/!)8&#!(3//&#7*!)+!4&!,7$))$#:!.4+3)!)8&!<+3#)'*0!.!:./,7*!
S$)8!/'$#T!$#!8.#/j!dV3T+S(T$!J+5&#!F]HeA!V3T+S(T$!&W6'&((&(!<+#<&'#!S$)8!
L8$#.(T$b(!'&./$#:!#+)!)8'+3:8!)8&!,&.'!+,!6347$<!&W6+(3'&[[!+'!:.'#&'$#:!.))&#)$+#!
d4+)8!+,!S8$<8!8&!)8'$%&/!+#e0!43)!'.)8&'!)8&!$#8&'&#)!/$(g3#<)3'&!4&)S&&#!8$(!S&77Y
T#+S#!PT$/!1+S!.&()8&)$<(!.#/!)8&!(6&<).<7&!+,!8$(!.!<7.((!6+($)$+#!.(!.!,.5+3(!
S'$)&'A!V3T+S(T$b(!7.)&YS+'T!.((&')(!)8&!$56+').#<&!+,!)8&(&!<7.((!.((+<$.)$+#(!4*!
&93.)$#:!L8$#.(T$b(!6+&)'*!'&./$#:!)+!.!5&/$).)$+#!+#!)8&!7.4+'$#:!4+/*0!/'.S$#:!
($5$7.'$)$&(!)+!.!()344+'#!.#/!()'+#:!.#$5.7[\!)+!5.$#).$#!.!().'T!<+#)'.()!S$)8!)8&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
[[!V3T+S(T$b(!6+&5!iN!/+#b)!#&&/!.!L7&+6.)'.j!dH\a\e!+6&#(!S$)8!)8&!().)&5&#)_!iN!.5!.7S.*(!
&W6+($#:!5*(&7,Aj!N#!)8&!<.(&!+,!)8&!6+&50!$)!$(!)8&!,.$73'&!+,!L8$#.(T$b(!(8+')(!)+!<+%&'!8$(!:&#$).7(!
S8$7&!+3)($/&!$#!&*&(8+)!+,!8$(!#&$:84+'(A!V3)!)8&!<+#,&(($+#.70!'.S!&W6+(3'&!+,!)8&!(&7,!.66&.'(!.(!.!
<&#)'.7!)8&5&!)8'+3:8+3)!V3T+S(T$b(!6+&)'*!.#/!6'+(&0!4+)8!$#!/&<&#)!7$)&'.'*!)'&.)5&#)!.#/!
$#/&<&#)A!!
[\!M8$(!$(!.!<+55+#!)8&5&!$#!V3T+S(T$b(!6+&)'*0!S8&'&!)8&!S+'T$#:5.#!$(!/&&5&/!.!8&'/&/!.#$5.7A!
N#!6.')$<37.'0!8$(!6+&5!i)8&!47./&j!dH\[Ie!&93.)&(!:+$#:!)+!S+'T!&.<8!/.*!.(!8&./$#:!$#)+!)8&!
(7.3:8)&'8+3(&!dP+!27+#&!Ha\YH[GeA!!
! ! H[a! !
7&$(3'&7*!i,7$))$#:j!.#/!<+#(356)$%&!i/'$#T$#:j!+,!)8&!5$//7&Y<7.((!.#/!&7$)&!().)3(A!
M8&(&!)&<8#$93&(!<.''*!$#)+!@+77*S++/0!S8&'&!L8$#.(T$!$(!.(T&/!)+!S'$)&!.!
(<'&&#67.*!+,!8$(!#+)+'$+3(!4.'Y:+$#:!7$,&A!2/.6)&/!,'+5!V3T+S(T$b(!+S#!@+77*S++/!
'3#Y$#!S$)8!P&.#!=&##0!E./+##.!.#/!E$<T&*!1+3'T&0!L8$#.(T$!.')$<37.)&(!)8&!
6'&((3'&(!+,!.!#&S!7$,&!S$)8!5.'T&/!(3<<&((0!<&7&4'$)*!.#/!&<+#+5$<!(&<3'$)*!S8$<8!
6'+5$(&!.!5$//7&Y<7.((!,.#).(*!)8.)!PT$/!1+S!8.(!().%&/!+,,A\G!!
! 2(!6.')!(.)$'&!+,!)8&!<7.((!(*()&5!.#/!6.')!<'$($(!+,!$/&#)$)*0!@+77*S++/!
93&()$+#(!)8&!#+)$+#!+,!<7.((!.66&.'.#<&!4*!/'.S$#:!+#!.!7+<3(!+,!)&#($+#!)8.)!
1+4&')!P&:3$#!$/&#)$,$&(!.(!)8&!i5$//7&Y<7.((0!.#/!S8$)&!$#8.4$).#)(!+,!)8&!
@+77*S++/D-&S!;&.7!,.#).(*!(6.<&j!dH]FeA!2(!.!,+77+SY36!<8.6)&'!$#!L8$#.(T$b(!
;&6'&(($+#Y&'.!.3)+4$+:'.68*0!@+77*S++/!dH\[\e!5.6(!)8&!.:$#:!,.#).(*!+,!S8$)&!
5.(<37$#$)*!$#!)8&!7.)&Y)S&#)$&)8!<&#)3'*A!N#!@+77*S++/!5&&)$#:(!S$)8!/$'&<)+'(!.#/!
<'&.)$%&!6&'(+#.7$)$&(0!)8&!#+%&7!(8$,)(!L8$#.(T$b(!5&#).7!:&+:'.68*!+,!O+(!2#:&7&(0!
8$(!PT$/!1+S!,+3#/.)$+#!$#!/.#:&'!+,!4&$#:!)'./&/!$#!,+'!&7$)&!6.')$&(!.#/!(343'4.#!
8+5&(A!V3T+S(T$!3(&(!)8&(&!<7.((!.((+<$.)$%&!)&#($+#(!)+!+6&#!)8&!#+%&70!/&(<'$4$#:!
L8$#.(T$b(!/'$%&!)+!.!5&&)!S$)8!.!5+%$&!6'+/3<&'!,+'!)8&!,$'()!)$5&_!
M8&#!S&!S&'&!/+S#!.)!)8&!8.'4+'0!/'$%$#:!6.()!)8&!4+.)(A!E+()!+,!)8&5!S&'&!
(.$74+.)(!.#/!6&+67&!S&'&!,$//7$#:!.4+3)!+#!/&<TA!M8&*!S&'&!/'&((&/!$#!)8&$'!
(6&<$.7!(.$7$#:!<7+)8&(0!<.6(0!/.'T!(8./&(A!P+5&8+S0!5+()!+,!)8&5!8./!
.66.'&#)7*!&(<.6&/!)8&!/.$7*!:'$#/!+,!7$%$#:A!M8&*!8./!#&%&'!4&&#!<.3:8)!36!
$#!)8.)!:'$#/!.#/!#&%&'!S+37/!4&A!P3<8!S&'&!)8&!'&S.'/(!+,!)8&!L8+(&#!$#!)8&!
7.#/!+,!)8&!,'&&A!2,)&'!.!,.(8$+#0!)8+(&!6&+67&!7++T&/!($77*!)+!5&A!dV3T+S(T$!
@+77*S++/!\e!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
\G!V3T+S(T$!$(!8$'&/!)+!S'$)&!)8&!(&5$Y.3)+4$+:'.68$<.7!(<'&&#67.*!,+'!V.',7*!dH\[ae0!S8$<8!$(!5./&!
$#)+!.!,&.)3'&!,$75!4*!/$'&<)+'!V.'4&)!P<8'+&/&'A!@+77*S++/!$(!)8&!,$<)$+#.7!'&Y)&77$#:!+,!)8$(!6'+<&((0!
S8&'&!L8$#.(T$!$(!8$'&/!)+!S'$)&!.!(<'&&#67.*!+,!8$(!7$,&!)$)7&/!M8&!;.#<&!+,!?$5!V&.5A!!
! ! H[[! !
>W8$4$)$#:!.#W$&)*!+%&'!8$(!(+7$<$).)$+#!4*!.!@+77*S++/!6'+/3<&'0!L8$#.(T$!$(!
6'&(&#)&/!.(!5.T$#:!6.$#(!)+!&().47$(8!8$5(&7,!.:.$#()!.#!366&'Y<7.((!7$,&!7$T&!)8+(&!
7$%&/!4*!)8&!i6&+67&!,$//7$#:!+#!/&<TAj!V*!()'&(($#:!l8+S!)8&!+)8&'!8.7,!7$%&0b!L8$#.(T$!
<+#()'3<)(!8$5(&7,!$#!/$()$#<)!(&6.'.)$+#!,'+5!)8+(&!S8+!S&.'!)8&!i(6&<$.7!(.$7$#:!
<7+)8&(Aj!M8$(!.77+S(!8$5!)+!<+/&!)8&!366&'!<7.((&(!.(!#+#YS+'T$#:0!S8$7&!/&,$#$#:!
8$5(&7,!.(!.!7+S&'Y<7.((!S+'T&'!S8+!$(!/'$%$#:!8$5(&7,!)+!.!S+'T!5&&)$#:A!2<3)&7*!
5.$#).$#$#:!8$(!.((+<$.)$+#(!S$)8!)8&!i/.$7*!:'$#/!+,!7$%$#:j!)8'+3:8!S.:&!7.4+'!.#/!
&<+#+5$<!()'3::7&0!L8$#.(T$!3(&(!)8&!<7+)8$#:!+,!)8&!5&#!+#!)8&!4+.)!)+!&().47$(8!.#!
3(Y%(AY)8&5!/*#.5$<!)8.)!(6.#(!)8&!7&#:)8!+,!)8&!#+%&7A!V3T+S(T$!<'.,)(!)8&!+6&#$#:!
/'$%&!.(!.!5&).68+'!,+'!L8$#.(T$b(!)'.#($)$+#.7!().)3(0!&.:&'7*!()'&(($#:!S+'T$#:Y
<7.((!.((+<$.)$+#(!.:.$#()!8$(!$#%$).)$+#!$#)+!4+3':&+$(!@+77*S++/!7$,&A!V3)!.(!.!
#.''.)+'!)8.)!$(!#&$)8&'!S+'T$#:!<7.((!#+'!@+77*S++/!&7$)&0!L8$#.(T$b(!/'$%&!
<+55.#/(!5&.#$#:!)8'+3:8!<7.((Y6&',+'5.)$%$)*0!4+)8!+':.#$X$#:!(6.<&!7$T&!
P)&$#4&<Tb(!6.((&#:&'!S8$7&!(&<3'$#:!.!(.,&0!.54$:3+3(!6+($)$+#!7$T&!M8+56(+#b(!$#!
V.((!O.T&A!N#!)8$(!S.*0!V3T+S(T$!8.(!L8$#.(T$!6'+5+)&!+%&'($567$,$&/!.#/!+%&'Y
'&:$5&#)&/!<7.((!.66&.'.#<&(!)+!$#/$<.)&!8$(!'&,3(.7!+,!5$//7&Y<7.((!.((+<$.)$+#(0!
S8$<8!4*!/&,.37)!/&,$#&!8$5(&7,!.(!.#!+3)($/&'A!!
!M8&!<7.((Y6&',+'5.)$%&!#.)3'&!+,!)8&!(<&#&!'&<+:#$X&(!)8&!$56+').#<&!+,!
8+4+8&5$.#!6'.<)$<&!$#!L8$#.(T$b(!(&7,Y$/&#)$,$<.)$+#A!M8&!$#Y4&)S&&#!6+($)$+#!$#!)8&!
<.'!7&)(!L8$#.(T$!<.6$).7$X&!+#!)8&!%.73&!+,!S+'T$#:Y<7.((!.((+<$.)$+#(A!L8$#.(T$b(!
+4(&'%.)$+#!+,!)8&!8.'4+'!($:#.7(!)8&!%.73&!+,!.!S+'T$#:!$/&#)$)*!,+'!V3T+S(T$b(!
<+56+($)$+#!/&(6$)&!)S+Y/&<./&(!+,!#.''.)$+#!)8.)!8./!6'&%$+3(7*!.':3&/!)8.)!8.'/!
! ! H[\! !
S+'T!S.(!.!,++7$(8!$#%&()5&#)!+,!)$5&!.#/!&#&':*A!L8$#.(T$0!S8+!8.(!S+'T&/!8.'/!
.)!#+)!S+'T$#:!8.'/0!(&&(!8$(!.<<&6).#<&!$#)+!@+77*S++/b(!$##&'Y<$'<7&!.(!4.(&/!+#!
8$(!$/&#)$)*!.(!.!#+)+'$+3(!S+'T$#:Y<7.((!S'$)&'!S$)8!PT$/!1+S!<'&/&#)$.7(A!
V3T+S(T$b(!8+4+8&5$.#!6'.<)$<&!().:&(!S+'T$#:Y<7.((!$/&#)$)*!.(!.!'&<+:#$X.47&!
.&()8&)$<!.#/!'&93$'&(!L8$#.(T$!)+!<+#()'3<)!8$(!.66&.'.#<&(!($5$7.'7*A\H!V*!
6+($)$+#$#:!8$5(&7,!.(!)8&!3#/&'/+:!+,!)8&!()+'*0!.!'+:3&!+3)($/&'0!.#/!5.#!+3)!+,!
67.<&0!L8$#.(T$!$(!<+#()'3<)&/!$#!.!6+($)$+#!+,!<37)3'.7!.<<&((!)8.)!6&'5$)(!4+)8!8+4+!
.#/!4+8&5$.#!.((+<$.)$+#(A!M8$(!6'+%$/&(!V3T+S(T$!.!(&#(&!+,!<+#)'+7!+%&'!)8&!
(*()&5!.#/!)8&!#.''.)$%&0!(&7,Y<+55+/$,*$#:!.!PT$/!1+S!6&'(+#.!,+'!6&'(+#.!:.$#A!
M+!/+!(+0!V3T+S(T$!()'&((&(!L8$#.(T$b(!'+3:8!.66&.'.#<&(!$#!)8&!8+6&!)8.)!)8&*!S$77!
(&'%&!.(!)8&!5&.#(!,'+5!S8$<8!+)8&'(!g3/:&!8$5A!L8$#.(T$!&W67.$#(0!iN!S.(!83#:+%&'!
.#/!N!#&&/&/!.!(8.%&!.#/!N!.7S.*(!S+'&!<7+)8$#:!)8.)!(+5&8+S!/$/#b)!(&&5!)+!,$)!5&!
93$)&!'$:8)j!dV3T+S(T$!@+77*S++/!^aeA!V3T+S(T$!.))&56)(!)+!.((3'&!8$(!'&./&'(!)8.)!
)8$(!@+77*S++/!%&#)3'&!8.(!#+)!<8.#:&/!L8$#.(T$b(!().)3(!.(!.!6'+/3<)$%&!+3)($/&'0!
S8$7&!.)!)8&!(.5&!)$5&!<&')$,*$#:!)8.)!)8&!PT$/!1+S!6&'(+#.!S$77!5&&)!.3/$&#<&!
&W6&<).)$+#A!N#!)8$(!S.*0!L8$#.(T$b(!/&(<'$6)$+#(!+,!8$(!.66&.'.#<&!.'&!#+)!
<+567.$#)(!+,!3#,.$'!)'&.)5&#)0!43)!'.)8&'!V3T+S(T$b(!.3)8+'$.7!'&5$#/&'!)8.)!
L8$#.(T$!(8+37/!4&!g3/:&/!i,'+5!)8&!+3)($/&j!,+'!8$(!i*&.'(!+,!6+%&')*j!.#/!i<&').$#!
7++Tj!dV3T+S(T$!@+77*S++/!^aeA!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
\H!N#!@+77*S++/0!)8&!V3T+S(T$DL8$#.(T$!6&'(+#.!(67$)!$(!#&.'!#+#Y&W$()&#)A!L8$#.(T$b(!$#)&'.<)$+#(!
S$)8!.<)+'(!.#/!/$'&<)+'(!)8'+3:8+3)!)8&!#+%&7!.'&!)8$#7*!%&$7&/!'&6'+/3<)$+#(!+,!V3T+S(T$b(!+S#!
$#)&'.<)$+#(A!M8+3:8!)8&!()+'*!$(!,'+5!V3T+S(T$b(!'&.7!7$,&0!8&!3(&(!)8&!,'&&/+5!+,!.!6&'(+#.!7$T&!
L8$#.(T$!)+!<+#()'3<)!.#/!<+#)'+7!$)0!&W6+($#:!'&.7!7$,&!.#W$&)$&(!)8'+3:8!)8&!,+'5.7$)*!+,!#.''.)$%&!
&W6&<).)$+#(A!!
! ! H\G! !
! V3)!$#!@+77*S++/0!<37)3'.7!%.73&!$(!<+567&W!.#/!4&$#:!.!(3<<&((,37!+3)($/&'!
<.#!5.T&!*+3!.#!$#($/&'A!2(!(3<80!L8$#.(T$!$(!:'.#)&/!.<<&((!)+!)8&!&7$)&!6.')$&(!+,!
@+77*S++/!/&(6$)&!8$(!/&<7.'.)$+#(!+,!4&$#:!.#!+3)($/&'A!V3T+S(T$!S+'T(!)+!<'.,)!
L8$#.(T$!.(!.#!+3)($/&'!)+!368+7/!S+'T$#:Y<7.((!<'&/&#)$.7(!.#/!.!PT$/!1+S!
.&()8&)$<!&%&#!S8$7&!8&!$(!.#!$/&#)$,$.47&!().'!$#!(8+S!43($#&((A!V3T+S(T$!8+7/(!,.()!
)+!S+'T$#:Y<7.((!.((+<$.)$+#(!.(!.!5&)8+/!+,!().%$#:!+,,!)8&!)8'&.)!+,!5$//7&Y<7.((!
+#&(0!:$%$#:!8$(!#.''.)+'!)8&!.4$7$)*!)+!#.%$:.)&!)8&!7$5$)(!+,!.!#&S!().)3(A!M8&(&!
()'.$#&/!6+$#)(!+,!<7.((!.<<&((!.#/!<7.((!.((+<$.)$+#(!.'&!<7&.'!.)!)8&!(<'&&#$#:!+,!
M8&!;.#<&!+,!?$5!V&.5,!S8&'&!L8$#.(T$!.#/!8$(!S$,&!P.'.8!.'&!3(8&'&/!$#)+!)8&!
7+S&'Y7&%&7!+,!)8&!6.')*!S8&#!)8&*!.'&!5$().T&#!.(!:&#&'.7!.))&#/&&(0!#+)!)8&!
8+#+'&/!:3&()(A!L8$#.(T$!+4(&'%&(!)8&!:&#&'.7!<'+S/!.'+3#/!8$5!.#/!6'+g&<)(!8$(!
<7.((Y<'&/&#)$.7(!36+#!)8&5_!
M8&(&!S&'&!)8&!(3'%$%+'(0!)8&!(<'.547&'(0!)8&!(8.'T(0!)8&!<8&.6$&(A!M8&!7+()!
(+37(!<8.))&/!.S.*!.#/!$)!S.(!8+)0!8+)0!8+)A!!
M8&#!.!5.#!$#!.#!&W6&#($%&!(3$)!<.5&!36A!!
i2'&#b)!*+3!E'A!.#/!E'(A!L8$#.(T$pj!
iQ&(0j!N!(.$/A!!
iQ+3!/+#b)!4&7+#:!/+S#!8&'&A!Q+3!4&7+#:!36().$'(A!B+77+S!5&Aj!
mZn!i@.#T0!S8.)!/+&(!.77!)8$(!5&.#pj!!
i2<<&6)!$)A!N)!S$77!#&%&'!8.66&#!.:.$#Aj!dV3T+S(T$!@+77*S++/!FFIe!
!
B'+5!S$)8$#!)8&!6.')*0!&%&#!.)!)8&!7+S&'!7&%&70!L8$#.(T$!.#/!P.'.8!8.%&!&.'#&/!
&#)'.#<&!$#)+!)8&!@+77*S++/!&7$)&A!L8$#.(T$b(!$#)&'&()!$#!.((+<$.)$#:!8$5(&7,!S$)8!)8&!
i<8&.6$&(j!6'+%&(!.!<+#)$#3&/!#&&/!)+!.((&')!.!S+'T$#:Y<7.((!6&'(+#.!$#!)8&!#&S!
(+<$.7!(<&#&A!;&(6$)&!6'$%$7&:&/!&#)'*0!L8$#.(T$!$(!(&&#!67.<$#:!8$5(&7,!$#!)8&!
6+($)$+#!+,!)8&!+3)($/&!)8'+3:8!)8&(&!()'&((&/!(&7,Y.((+<$.)$+#(!.#/!(&7,Y
$/&#)$,$<.)$+#(A!1&:.'/7&((!+,!8$(!i<&').$#!7++Tj!)8.)!&93.)&(!)+!6+%&')*0!L8$#.(T$!$(!
! ! H\H! !
()$77!'&<+:#$X&/!4*!+)8&'(!.(!(&6.'.)&!,'+5!)8&!i<8&.6$&j!<'+S/!.#/!$55&/$.)&7*!
3(8&'&/!)+!)8&!(+<$.7!<$'<7&!$#!S8$<8!8&!4&7+#:(A!@$(!().)&5&#)!+,!/$(4&7$&,!&93.)&(!
)8$(!(+<$.7!.<<&((!)+!73<T0!53<8!7$T&!P.7!=.'./$(&b(!(S.#T!8+)&7!&#)'*!$#!;&#%&'A!V3)!
'.)8&'!)8.#!()'&((!)8&!<7.((Y,73$/$)*!R&'+3.<!$56'&((&(!+#!)8&!(<&#&0!L8$#.(T$!$(!
/&(6&'.)&!)+!(83)!/+S#!)8&!6+)&#)$.7!,+'!,73$/$)*A!;&(6$)&!:.$#$#:!.<<&((!)+!)8&!$#($/&!
.#/!4&$#:!'&<+:#$X&/!.(!.#!$#($/&'0!L8$#.(T$!53()!.((&')!8$(!/$(<+5,+')!.#/!/$()'3()!
+,!)8&!$#($/&!$#!+'/&'!)+!5.$#).$#!.#!+3)($/&'!6+($)$+#A!V3T+S(T$b(!<+#)$#3&/!
/&6$<)$+#!+,!L8$#.(T$b(!+3)($/&'!6+($)$+#!S.'/(!+,,!5$//7&Y<7.((!.((+<$.)$+#(!.#/!
37)$5.)&7*!(&<3'&(!4+)8!5&#!.4$7$)*!)+!/&,$#&!)8&5(&7%&(!.(!<'&.)$%&0!%$'$7&!S'$)&'(A!!
!;&(6$)&!4&$#:!.!#+%&7!+,!+7/!.:&!.#/!(3<<&((0!@+77*S++/!'&$((3&(!)8&!,&.'!+,!
5$//7&Y<7.((!,.#).(*!,'+5!L8$#.(T$b(!*+3)8!$#!@.5!+#!1*&A!L8$#.(T$!$(!(&&#!
'&6&.)&/7*!.((&')$#:!)8.)!8&!$(!()$77!.!()'3::7$#:!S'$)&'!,'+5!PT$/!1+S!)+!.%+$/!4&$#:!
'&#/&'&/!,++7$(8!+'!$#&,,&<)3.7!4*!36S.'/!5+4$7$)*A!P$#<&!V3T+S(T$!S.#)(!L8$#.(T$!
)+!4&!$/&#)$,$&/!,+'!8$(!PT$/!1+S!6&'(+#.!.#/!'+3:8!7++T0!8&!'&7$&(!+#!<7.((Y4.(&/!
.66&.'.#<&(!)+!6'+5+)&!/$()$#<)$+#!,+'!8$5(&7,!.#/!+)8&'(A!L8$#.(T$b(!<+#($()&#)!
3#6'&(&#).4$7$)*!.5+#:!)8&!@+77*S++/!&7$)&!(&'%&(!.(!.!()'$<)!'&5$#/&'!+,!8$(!
/$,,&'&#<&!,'+5!)8&50!8$(!().$#&/!.#/!$77Y,$))$#:!<7+)8&(!<+553#$<.)$#:!S+'T$#:Y
<7.((!7.<TA!E&.#S8$7&0!)8&!S&77!,.(8$+#&/!'$<8!.#/!,.5+3(!<+553#$<.)&!,.#).()$<!
.43#/.#<&A!V3T+S(T$!,+'&:'+3#/(!)8&!.#W$&)*!+%&'!.66&.'.#<&(0!5.'T$#:!
L8$#.(T$b(!)$5&!$#!@+77*S++/!.#!3#&.(*!)'.#($)$+#!4&)S&&#!<7.((&(A!B+'!&W.567&0!
&%&#!,'+5!)8&!6'$%.<*!+,!8$(!+S#!8+5&!L8$#.(T$!,&&7(!)8&!#&&/!)+!6&',+'5!8$(!
S+'T$#:Y<7.((!.((+<$.)$+#(!4*!<8.77&#:$#:!S8.)!)&7&%$($+#f.#!&#)&').$#5&#)!().67&!
! ! H\F! !
+,!@+77*S++/f6'&(&#)(!)+!8$5!+#!)8&!M+#$:8)!P8+S!S$)8!?+8##*!L.'(+#A!L8$#.(T$!
S.)<8&(!L.'(+#0!/&(<'$4$#:!8$5!.(!i6&',&<)7*!<7+)8&/j!dV3T+S(T$!@+77*S++/!F]\eA!
L8$#.(T$!+4(&'%&(!)8.)!L.'(+#b(!i8.#/!T&6)!/.')$#:!)+!)8&!T#+)!+,!8$(!#&<T)$&0j!
&W67.$#$#:!8+S!)8&!5+)$+#!$#/$<.)&(!)8.)!L.'(+#!$(!i(34<+#(<$+3(7*!S+''$&/!.4+3)!
8$(!.66&.'.#<&j!dV3T+S(T$!@+77*S++/!F]\eA!M8$(!6'&+<<36.)$+#!S$)8!L.'(+#b(!
#&<T)$&!.#/!6&',&<)!.66&.'.#<&!<+#)'.()(!S$)8!L8$#.(T$b(!$56'+6&'!.66&.'.#<&0!
V3T+S(T$!<+#()'3<)$#:!.!6&'%&'(&!5$''+'Y$5.:&!(<&#&!+,!L8$#.(T$!.#/!)8&!
)&7&%$($+#A!! !
!L.'(+#b(!6&',&<)!.66&.'.#<&!.#/!#&<T)$&!(8+S(!V3T+S(T$b(!3#&.(*!+4(&(($+#!
S$)8!6'&(&#).)$+#!.#/!.66&.'.#<&A!L.'(+#b(!#&<T)$&!/&,$#&(!8$(!/'&((!.(!6'+6&'0!43)!
.7(+!4&<+5&(!)8&!)&77Y).7&!($:#!8&!8.(!.#W$&)*!+%&'!8$(!.66&.'.#<&A!2(!&93.77*!
.#W$+3(0!L8$#.(T$b(!<+#().#)!3#6'&(&#).4$7$)*!$((3&(!)8&!(.5&!<+#<&'#(!,'+5!S$)8$#!
S+'T$#:Y<7.((!.((+<$.)$+#(A!N#!)8$(!6.'.77&70!N!7+<.)&!.!<+##&<)$+#!4&)S&&#!V3T+S(T$!
.#/!L.'(+#0!)8&!#&<T)$&!+,!6347$<!6'&(&#).)$+#!<+##&<)&/!)+!)8&!#.''.)$%&!6&'(+#.!+,!
L8$#.(T$A!L8$#.(T$!<+567&)&(!.!6'+/3<)$%&!7$)&'.'*!$5637(&!43)!.7(+!'&%&.7(!
V3T+S(T$b(!+S#!.#W$&)*!+%&'!6'&(&#).)$+#!.#/!.66&.'.#<&A!N#!.//$)$+#0!L.'(+#b(!
#&<T)$&!.66&.'(!)+!6'&(&#)!7.':&'Y6'&((3'&(!+,!5$//7&Y<7.((!().)3(!.(!'&6'&(&#)&/!$#!
)8&!5$/Y)+Y7.)&!<&#)3'*!4*!)8&!(3$)0!S8&)8&'!:'&*!,7.##&7!+'!+)8&'S$(&A!L8$#.(T$!
%$&S(!L.'(+#b(!6&',&<)!<7+)8$#:!.#/!(34<+#(<$+3(!<+#<&'#!.(!.!5&/$).)$+#!+#!
5$//7&Y<7.((!'+7&(!.#/!&W6&<).)$+#(0!6'&((3'&(!8&!&#%$($+#(!.(!.!#++(&A!!
!
!
! ! H\]! !
M@>!P"1=O"P!c2O">!KB!JK1RN-CYLO2PP!N;>-MNMQ!
! M8&!,&.'!+,!.66&.'$#:!5$//7&Y<7.((!S8$7&!.5+#:!)8&!@+77*S++/!&7$)&!$(!.7(+!
'&6'&(&#)&/!)8'+3:8!&%./$#:!().)3(!5.'T&'(!+,!36S.'/!5+4$7$)*!)8'+3:8!)8&!
25&'$<.#!;'&.5A!L8$#.(T$!#+)!+#7*!:&)(!5.''$&/!)+!P.'.8!d.,)&'!/&<./&(!+,!
<&7&4'.)&/!S+5.#$X$#:e0!43)!,+'!)8&!,$'()!)$5&!$#!8$(!7$,&0!+S#(!6'+6&')*A!V3T+S(T$!$(!
3#.47&!)+!/&#*!)8.)!8$(!(3<<&((!.(!.!S'$)&'!8.(!&.'#&/!.!<&').$#!7&%&7!+,!().)3(!.#/!
().4$7$)*0!(+!8&!3(&(!L8$#.(T$!)+!g3()$,*!.!<+#)$#3&/!8+()$7$)*!)+S.'/!5$//7&Y<7.((!7$,&A!
;&(6&'.)&!#+)!)+!7+(&!<+#)'+7!7$T&!8$(!,.)8&'!/$/!$#!8$(!*+3)80!L8$#.(T$b(!$(!/&6$<)&/!.(!
%$&S$#:!5$//7&Y<7.((!5.7.$(&!.(!.!)8'&.)!)+!#+)!+#7*!<'&.)$%&!%$'$7$)*!.(!S&77!.(!
5.(<37$#&!6+S&'A!N#!1.::&/!;$<T(0!?.5&(!L.).#+!.')$<37.)&(!)8&(&!6'&((3'&(!+,!
S+'T$#:!)+!5$//7&Y<7.((!5.(<37$#$)*!.(!)8&*!6&').$#!)+!(&7,Y5.T$#:A!@&!.':3&(0!
im(n&7,Y<'&.)$%$)*!$(!#&<&((.'$7*!)$&/!)+!g+4!<'&.)$%$)*0!+'!.)!7&.()!)+!6&'(+#.7!<+#)'+7!+,!
)8&!5&.#(!+,!6'+/3<)$+#j!dL.).#+!HFeA!V*!&W8$4$)$#:!<+#)'+7!+%&'!8$5(&7,!.#/!8$(!
$5.:&0!L8$#.(T$!<.#!<+#)'+7!)8&!5&.#(!+,!6'+/3<)$+#_!8&!<.#!.')$<37.)&!8$(!
.66&.'.#<&0!<+#()'3<)!#.''.)$%&(!,+'!)8&!5.'T&)0!.#/!.((&')!S8.)!M+#*!R&.'+#!<.77(!
4+3':&+$(!$#/$%$/3.7$)*A\F!V3)!)+!/+!)8$(0!L8$#.(T$!53()!<+#)$#3&!)+!/'.S!+#!PT$/!
1+S!.(!.!,+3#/.)$+#!+,!8$(!$/&#)$)*0!3)$7$X$#:!)8&!6+%&')*!+,!O+(!2#:&7&(!.(!.!<&#)&'!
+,!<'&.)$%&!6'+/3<)$%$)*A!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
\F!P+<$+7+:$()!.#/!L'$5$#+7+:$()!M+#*!R&.'+#!/&(<'$4&(!)8.)!.!i5.#$,&().)$+#!+,!)8&!/&($'&!)+!&W6'&((!
$/&#)$)*!)8'+3:8!/&5+#()'.)$#:!<+#)'+70j!.77+S(!$#/$%$/3.7(!)+!i5.#.:&!.#/!(*#)8&($X&!537)$67&!
<+56&)$#:!%&'($+#(!+,!(&7,!.(!&W6'&((&/!)8'+3:8!<37)3'.7!6'.<)$<&(j!d][]o!]\IeA!V3T+S(T$b(!
<+56+($)$+#.7!'&7$.#<&!+#!8+4+8&5$.#!6'.<)$<&!'&%&.7(!)8.)!<'+((Y<7.((!6&',+'5.)$%$)*!6+((&((&(!)8&!
T$#/!+,!<37)3'.7!.<<&((!(&&#!$#!<37)3'.7!+5#$%+'&(A!;'.S$#:!+#!S+'T$#:Y<7.((!$/&#)$)*!.#/!8+4+!
#.''.)$%&(!.77+S(!V3T+S(T$!)+!&().47$(8!<+#)'+7!+%&'!8$(!+S#!i4+3':&+$(!$#/$%$/3.7$(5j!dR&.'+#!
]\IeA!!!
! ! H\^! !
!@+77*S++/!S+'T(!)+!4.7.#<&!)8&!<'&.)$%&!$5637(&!+,!6'+/3<)$+#!S8$7&!
<+#()'3<)$#:!.!435!.&()8&)$<!)8.)!'&,3(&(!)+!S+'T!$#!.!)'./$)$+#.7!(&#(&A!V3T+S(T$!
/+&(!)8$(!4*!&W67+'$#:!L8$#.(T$b(!3(3.7!<'&.)$%&!S'$)$#:!.:.$#()!)8&!8$'&/!S+'T!+,!)8&!
(<'&&#67.*A!L8$#.(T$!&W67.$#(0!iN!S.(!'&.77*!+#7*!$#)&'&()&/!$#!)8&!6+&5!.#/!)8&!
(8+')!()+'*A!J'$)$#:!.!(<'&&#67.*!(&&5&/!)+!5&!.#!37)$5.)&7*!()36$/!)8$#:!)+!/+A!V3)!
4&))&'!5&#!)8.#!N!8./!4&&#!)'.66&/!$#)+!(3<8!.!'$/$<37+3(!.<)j!dV3T+S(T$!
@+77*S++/!HFeA!L.3:8)!4&)S&&#!)8&!)&#($+#(!+,!<'&.)$%&!+3)63)!.#/!,$#.#<$.7!:.$#0!
L8$#.(T$!93.7$,$&(!8$(!).(T!.#/!$)(!7$)&'.'*!.((+<$.)$+#(!4*!'&<+:#$X$#:!)8&!6.$/!
(<'&&#S'$)$#:!+,!:'&.)!25&'$<.#!#+%&7$()(!7$T&!BA!P<+))!B$)X:&'.7/0!?+8#!P)&$#4&<T!
.#/!J$77$.5!B.37T#&'A\]!2(!.!,$:3'&!S8+!8.(!#+)!+#7*!<'+((&/!<7.((!7$#&(0!43)!7$)&'.'*!
7$#&(!S$)8!)8&!S'$)$#:!+,!8$(!(<'&&#67.*0!L8$#.(T$!<.#!'&$5.:$#&!8$(!<'.,)!.(!S+'T0!)8&!
6'+/3<)$+#!+,!7.4+'!,+'!<+#)'.<)&/!S.:&(A!V3)!($#<&!S'$)$#:!iS.(!#&%&'!S+'T0j!43)!
.#!+':.#$<!(<&#&!+,!7&$(3'&!S8&'&!L8$#.(T$!i)3'#m&/n!+#!)8&!'./$+!)+!.!<7.(($<.7!
53($<!().)$+#0!m7$)n!.!<$:.'&))&!+'!.!<$:.'0!+6&#m&/n!)8&!4+))7&0j!8&!8.(!)+!'&7+<.)&!8$(!
<'&.)$%&!$#)&'&()(A!N#!/&(<'$4$#:!8$(!S'$))&#!S+'T0!L8$#.(T$!()'&((&(0!im)n8&!)*6&'!/$/!
)8&!'&()A!277!N!8./!)+!/+!S.(!4&!)8&'&j!dV3T+S(T$!@+77*S++/![[eA!V*!/&,$#$#:!)8&!
(<'&&#67.*!.(!5$#/7&((!S+'T0!L8$#.(T$!7+(&(!.!T$#/!+,!<'&.)$%&!<+#)'+7f8&!$(!#+)!
.<)$%&7*!S'$)$#:!(8+')!()+'$&(!+'!6+&5(0!43)!63))$#:!$#!8+3'(!,+'!(+5&+#&!&7(&A!
@+77*S++/!4&<+5&(!.!/&5.#/$#:!&567+*&'!)8.)!'&93$'&(!)8+3:8)7&((!7.4+'0!.#/!
$'+#$<.77*0!)8'&.)&#(!)+!6.*!8$5!S&77A!V3)!)8$(!<+#()'3<)$+#!7&)(!L8$#.(T$!5.$#).$#!.!
6'+/3<)$%&!.#/!<'&.)$%&!&/:&!)8.)!()'&((&(!8$(!S+'T$#:!().)3(_!im3n#7$T&!)8&!#+%&7!+'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
\]!-+).47*0!B$)X:&'.7/b(!M8'&&!L+5'./&(!dH\][e0!B.37T#&'b(!M8&!V$:!P7&&6!dH\^Ie0!P)&$#4&<Tb(!O$,&!
V+.)!dH\^^e!dK4$.(eA!!
! ! H\`! !
(8+')!()+'*!+'!6+&5!S8&'&!N!S+37/!).T&!.!#$:8)!+'!)S+!+,,!,'+5!)$5&!)+!)$5&0!N!
S+'T&/!+#!)8&!(<'&&#67.*!&.<8!#$:8)j!dV3T+S(T$!@+77*S++/![[eA!V*!S+'T$#:!/.$7*!
8+3'(!,+'!+)8&'(0!L8$#.(T$!&#)&'(!.!'&<+:#$X.47&!5.'T&)!S8&'&!S.:&(!.'&!6.$/!,+'!
7.4+'!63)!$#A!J'$)$#:!4&<+5&(!S+'T0!.#!&W&')$+#!+,!7.4+'0!S8$<8!&#)$)7&(!L8$#.(T$!)+!
<7.$5!.!S+'T$#:!().)3(!.#/!5.$#).$#!8$(!S+'T$#:Y<7.((!+3)($/&'!6+($)$+#A!
! P&77$#:!7.4+'!,+'!S.:&(!'&(37)(!$#!$#<+5&0!S8$<8!4&<+5&(!.!(+3'<&!L8$#.(T$b(!
.#W$&)*!,+'!$)(!<+#(35&'$()!($:#(!+,!36S.'/!5+4$7$)*A!V3T+S(T$!&W6'&((7*!$#<73/&(!
(<&#&(!)8.)!(8+S!)8.)!L8$#.(T$!8.(!#+!$/&.!S8.)!)+!/+!S$)8!)8&!5+#&*!8&!8.(!
&.'#&/A!M8$(0!$#!6.')0!(8+S(!L8$#.(T$b(!<+5,+')!S$)8!6+%&')*A!N)!&W6'&((&(!8$(!
6+($)$+#!i.:.$#()!)8&!25&'$<.#!;'&.5j!.(!.!/$($#)&'&()&/!.#/!#+#Y:'&&/*!<+#(35&'A!
V3)!)8&(&!(<&#&(!.7(+!$56.')!.!(34%&'($%&!<7.((Y5+%&!+#!V3T+S(T$b(!4&8.7,A!B+'!
$#().#<&0!/3'$#:!.#!$#)&'%$&S!.!'&6+')&'!6'+%$/&(!L8$#.(T$!.#/!S$,&!P.'.8!&<+#+5$<!
./%$<&_!
iQ+3!T#+S0!)8.)!8&'&!$#!25&'$<.0!$,!*+3!/+#b)!(6&#/!5+#&*!)8&*!.'&!:+$#:!)+!
).T&!$)!.S.*Aj!
iQ&.8p!J8.)!*+3!S.#)!5&!)+!/+pj!!
i=3)!.!6.*5&#)!/+S#!+#!.!8+3(&Aj!!
i@38pj!!
iE+'):.:&!6.*5&#)(!.'&!).W!/&/3<)$47&Aj!!
iQ&.80!S8.)!&7(&pj!
iV3*!.!<.'A!M.W!/&/3<)$47&Aj!dV3T+S(T$!@+77*S++/!^He!
!
2!,&S!6.:&(!7.)&'0!)8&!(.5&!'&6+')&'!(3::&()(!)8.)!L8$#.(T$!.7(+!36:'./&!)+!.#!
&7&<)'$<!)*6&S'$)&'0!S8$<8!$(!.7(+!).W!/&/3<)$47&!dV3T+S(T$!@+77*S++/!^]eA\^!M8&!
<+#<&6)!+,!i).W!/&/3<)$47&j!$(!)$&/!)+!S'$)$#:!4&$#:!S+'T_!$#!+'/&'!,+'!L8$#.(T$!)+!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
\^!V3T+S(T$b(!6+&)'*!$#!)8&!7.)&!>$:8)$&(!.#/!&.'7*!-$#&)$&(!'&,7&<)(!.!(8$,)!$#!)&<8#+7+:*0!#+)!,'+5!.!
5.#3.7!)+!.#!&7&<)'$<!)*6&S'$)&'0!43)!,'+5!)*6&S'$)&'!)+!<+563)&'A!M8&!<+563)&'!S+37/!.7(+!4&!).W!
/&/3<).47&!4.(&/!+#!)8&!'&6+')&'b(!,$#.#<$.7!./%$<&A!!
! ! H\I! !
)'37*!4&#&,$)!,'+5!S'$)$#:!,+'!+)8&'(!8&!53()!&#%$($+#!$)!.(!7.4+'o!)8$(!5.T&(!8$(!
S+'T!.#/!)8&!6'+,$)(!)8.)!.'$(&!,'+5!)8&!#.''.)$%&!6'+/3<)!.!T$#/!+,!(3'673(!%.73&A!
M8$(!$#<73/&(!V3T+S(T$b(!+S#!/+347&Y6'+,$)!,'+5!)8&!()+'*!+,!8$(!7$,&0!,$'()!S'$)$#:!
)8&!V.',7*!(<'&&#67.*!.#/!)8&#!,$<)$+#.7$X$#:!)8&!&W6&'$&#<&!$#!@+77*S++/A!M8+3:8!
8&!$(!3#(3'&!S8.)!)+!/+!S$)8!)8&!5+#&*0!L8$#.(T$!&#%$($+#(!)8&!6'+<&((!.(!&.(*!
.<<3537.)$+#0!.#/!/+&(!#+)!S.#)!)+!(&&!.#*!+,!8$(!&.'#$#:(!/$(.66&.'!)+!).W&(A!B+'!
.#)$Y.3)8+'$).'$.#!L8$#.(T$0!).W&(!(&'%&!+#7*!)+!+66'&((!)8&!S+'T$#:5.#!S8+!8.(!
&.'#&/!8$(!S.:&A!M83(0!V3T+S(T$!,7$6(!.!<+#%&'(.)$+#!)8.)!37)$5.)&7*!/&<7.'&(!
L8$#.(T$b(!36S.'/!5+4$7$)*!.#/!S&.7)8!.(!.!6'+47&5!+,!#&<&((.'*!(6&#/$#:!)+!
<8.77&#:&!)8&!:+%&'#5&#)A!M8$(!$((3&(!.#!$#()$)3)$+#.7!<'$)$93&!)8.)!3(&(!)8&!(*()&5!
)+!<8&.)!)8&!(*()&50!.!#+).47&!.#/!'./$<.7!+3)($/&'!5&#).7$)*!+,!V3T+S(T$b(!<'&.)$%&!
<+#)'+7!.#/!L8$#.(T$b(!#+)+'$+3(!6&'(+#.A!!!
! ;&(6$)&!(&&$#:!8+5&!+S#&'(8$6!.(!.!).W!(8&7)&'0!V3T+S(T$!<+#)$#3&(!)+!
'&6'&(&#)!L8$#.(T$!.(!()'3::7$#:!S$)8!)8&!<+#<&6)!+,!+S#$#:!6'+6&')*A!2(!)8&!8$:8&()!
.#/!5+()!(*54+7$<!+,!.77!<7.((!().)3(!5.'T&'(0!L8$#.(T$b(!,&.'!+,!8+5&!+S#&'(8$6!
3#<+%&'(!8$(!,&.'(!+,!5$//7&Y<7.((!&5.(<37.)$+#0!S8$<8!S+37/!3#/+!8$(!5.(<37$#&!
S+'T$#:Y<7.((!.((+<$.)$+#(A!L.).#+!.6)7*!&W67.$#(_!iN)!$(!.!:'$5!$'+#*!)8.)!8+5&!
+S#&'(8$6!mZn!&568.($X&(!)8&!.#W$&)$&(!+,!#+#.:&#<*!.#/!l,&5$#$X$#:b!/&6&#/&#<*A!
V&$#:!7.$/!+,,!+'!7&)!:+!#.()$7*!3#/&'(<+'&(!)8&!S+'T&'b(!.<)3.7!/&6&#/&#)!6+($)$+#j!
dL.).#+!H][eA!V*!.((&')$#:!.#!$#/$%$/3.7$)*!)8.)!$(!&93.)&/!)+!.!*+3)8,37!'&4&77$+#!
.:.$#()!8$(!,.)8&'0!L8$#.(T$!3(&(!8+4+8&5$.#!6'.<)$<&!)+!<.6$).7$X&!+#!)8&!<'&.)$%&!
6+($)$+#!+,!8+4+Y.(Y.')$()0!'&,3($#:!)+!4&!/&6&#/&#)!)+!.!4.#T0!.!5+'):.:&!+'!.#!
! ! H\a! !
&567+*&'A!V*!#+)!+S#$#:!6'+6&')*0!L8$#.(T$!<.#!.((&')!)8&!$#/&6&#/&#<&!.<<7.$5&/!
4*!8$(!PT$/!1+S!435!6&'(+#.A!B3')8&'5+'&0!$)!6'+%$/&(!L8$#.(T$!S$)8!.!<+#)$#3&/!
/&,$.#<&!+,!8$(!,.)8&'!($#<&!8$(!,.)8&'!8./!8+6&/!)8.)!&.<8!5.#!$#!8$(!)$5&!S+37/!
S+'T!)+!7&.%&!.!8+3(&!)+!)8&!#&W)!:&#&'.)$+#A!M8$(!6'.<)$<&!$(!(+5&)8$#:!L8$#.(T$!
,$#/(!(7+S!.#/!,3)$7&0!i8+3(&!4*!8+3(&0!/&.)8!4*!/&.)8j!dV3T+S(T$!@+77*S++/!^IeA!
B+'!L8$#.(T$0!6'$%.)&!6'+6&')*!4&<+5&(!#+)!+#7*!)8&!+S#&'(8$6!+,!7.#/!.#/!.!
5$//7&Y<7.((!$/&#)$)*0!43)!.7(+!.!()&6!$#!4&<+5$#:!.!,.#).(*Y/'$%&#!<'3&7!5.#!7$T&!8$(!
,.)8&'A!V3T+S(T$!<'.,)(!L8$#.(T$!.(!3#.47&!)+!7&)!:+!+,!8$(!<'&.)$%&!6+($)$+#!.(!.#!
+3)($/&'!+#!PT$/!1+S!)+!.%+$/!4&<+5$#:!8$(!,.)8&'!.#/!)+!5.$#).$#!.!(&#(&!+,!
<+#)'+7_!!!
P+0!)8&'&!N!S.(!+%&'!I`!*&.'(!+7/0!7++T$#:!,+'!5*!,$'()!8+3(&A!N!'&5&54&'&/!
8+S!5*!,.)8&'!8./!%$')3.77*!5+'):.:&/!8$(!S8+7&!7$,&!)+!43*!.!8+3(&A!mZn!
-+S!N!S.(!7++T$#:!,+'!.!8+3(&!N!'&.77*!/$/#b)!S.#)!.#/!N!S.(!:+$#:!)+!S'$)&!.!
(<'&&#67.*!N!'&.77*!/$/#b)!S.#)!)+!S'$)&A!N!S.(!4&:$##$#:!)+!7+(&!<+#)'+7!.#/!N!
'&.7$X&/!$)!43)!N!(&&5&/!3#.47&!)+!'&%&'(&!)8&!6'+<&((A!dV3T+S(T$!@+77*S++/!
^Ie!
!
M8+3:8!L8$#.(T$!8.(!)8&!5+#&*!,+'!8+5&!+S#&'(8$60!)8&!$/&+7+:$<.7!<+()!+,!)8&!
5+'):.:&!$(!'++)&/!$#!)8&!7+((!+,!.!(&7,Y5./&!5.(<37$#&!'8&)+'$<!)8.)!,$#/(!<'&.)$%&!
6+)&#)$.7!$#!)8&!()'&&)(!+,!PT$/!1+SA!O$%$#:!.#*S8&'&!&7(&!S+37/!7$5$)!L8$#.(T$b(!
<'&.)$%&!+3)63)A!PT$/!1+S!$(!)8&!4.($(!,+'!L8$#.(T$b(!S&77YT#+S#!.#)$Y,.)8&'0!.#)$Y
5$//7&Y<7.((0!.#)$Y&().47$(85&#)!<8.'.<)&'$()$<(A!M8&'&,+'&0!6'+%$/$#:!)8&!PT$/!1+S!
435!.!8+5&!S+37/!7$5$)!)8&!6'+/3<)$%&!6&',+'5.#<&!+,!.!S+'T$#:Y<7.((!.&()8&)$<!
)8.)!<.#!6'$+'$)$X&!6+%&')*!.(!.!<+#/$)$+#!,+'!<'&.)$%&!&W6'&(($+#A!!
!B+'!L8$#.(T$!d.#/!V3T+S(T$e0!)8&!/.#:&'!+,!4&<+5$#:!$/&#)$,$.47*!5$//7&!
<7.((!'&(37)(!$#!)8&!7+((!+,!<7.((!6&',+'5.)$%$)*A!L7.$5$#:!8+5&!+S#&'(8$6!S+37/!
! ! H\[! !
$#)&''36)!)8&!<'&.)$%&!,7&W$4$7$)*!+,!8+4+8&5$.#!6'.<)$<&A!J$)8+3)!PT$/!1+S!
.((+<$.)$+#(0!L8$#.(T$!7+(&(!)8&!&/:&0!)8&!:'$)!.#/!)8&!<.#/+'!8&!$(!8$'&/!,+'A!M8$(!
.7(+!'&%&.7(!)8.)!V3T+S(T$!S+37/!4&!$56.<)&/0!,+'!L8$#.(T$b(!7+((!+,!PT$/!1+S!
.((+<$.)$+#(!$#()$)3)&(!)8&!'$(T!+,!V3T+S(T$!4&$#:!+%&'7++T&/!.(!.#!.3)8+'Y<'&.)+'A!
M8&!$56+').#<&!+,!S+'T$#:Y<7.((!<'&/&#)$.7(!4&<+5&(!<7&.'!S8&#!L8$#.(T$!53(&(!
+%&'!.3)8+'!?.5&(!M83'4&'0!(.*$#:!im$n)b(!g3()!.!(8.5&!8&!8./!(3<8!.#!366&'Y5$//7&Y
<7.((!%$&S6+$#)A!@&!S+37/!8.%&!5./&!+#&!8&77!+,!.!4./Y.((&/!<+.7!5$#&'j!dV3T+S(T$!
@+77*S++/!FH]eA!!J.#)$#:!)+!()'&((!)8&!i'&.7!:++/(j!+,!25&'$<.#!.3)8+'(0!L8$#.(T$!
7+<.)&(!)8&!%.73&!+,!.!S+'T$#:Y<7.((!6&'(6&<)$%&!$#!:&#&'.7!7$)&'.'*!)&'5(!)+!'&5$#/!
'&./&'(!+,!)8&!<'&.)$%&!&#)&'6'$(&!+,!L8$#.(T$DV3T+S(T$A!L8$#.(T$!()'&((&(!)8&!
(8.5&,37#&((!+,!5$//7&!<7.((!)+!<&7&4'.)&!)8&!S+'T$#:Y<7.((!<'&/&#)$.7(!)8.)!
5.$#).$#!8$(!.<<&((!)+!537)$67&!7&%&7(!+,!(+<$&)*0!$#<73/$#:!)8&!7$)&'.'*!5.'T&)67.<&!
.#/!@+77*S++/A!M8$(!/&($:#.)&(!<7.((!6&',+'5.)$%&!8+4+8&5$.#!6'.<)$<&!.(!'&7*$#:!
+#!6'+/3<)$%&!S+'T$#:Y<7.((!.((+<$.)$+#(!)+!.77+S!,+'!(&7,Y5.T$#:0!(&7,Y43$7/$#:!.#/!
(&7,Y:7+'$,$<.)$+#!,'+5!&.'7*Y&'.!8+4+(!$#!O+#/+#!)+!6'+)+Y63#T!435(!$#!V3T+S(T$A!
M8&(&!+,)&#!,'+#)$&'Y7./&#!.((+<$.)$+#(!4&<+5&!T&*!)+!<+54.)$#:!.')$()$<!.#W$&)$&(!
.4+3)!4&$#:!+3)($/&!)8&!#+'5.)$%&!+'!'&:37.)+'*!<+#<&6)(!+,!:&#/&'!.#/!7.4+'0!
L8$#.(T$b(!l<+.7!5$#&'b!+#&!(3<8!$#().#<&!+,!$<+#$<0!8.'/YS+'T$#:!5.(<37$#$)*!)8.)!
(3'6.((&(!.!:&#)&&7!5$//7&Y<7.((!%$&S6+$#)A!!
! N#!.//$)$+#!)+!$#<73/$#:!M83'4&'0!V3T+S(T$!3(&(!?.<T!R&'+3.<!)+!&W&567$,*!
<7.((!6&',+'5.)$%&!)&#($+#(A!L8$#.(T$!$(!.()+3#/&/!)+!,$#/!+3)!)8.)!)8&!,$75b(!
6'+/3<)$+#!<'&S!8.(!().')&/!S+'T!+#!.!(<'&&#67.*!<.77&/!M8&!@&.')b(!P+#:!.4+3)!
! ! H\\! !
iE.<T!;&'+3.<Z.!S'$)&'!S8+!<+37/#b)!S'$)&!43)!S8+!:+)!,.5+3(!4&<.3(&!8&!7++T&/!
7$T&!.!'+/&+!'$/&'j!dV3T+S(T$!@+77*S++/!FIeA!V*!$/&#)$,*$#:!)8&!6&',+'5.#<&!+,!.!
R&'+3.<Y)*6&!,$:3'&!T#+S#!5+'&!,+'!8$(!.66&.'.#<&(!)8.#!8$(!S'$)$#:0!V3T+S(T$!
$#$)$.)&(!<+55&#).'*!.4+3)!)8&!8+4+8&5$.#!6'.<)$<&!)8.)!8.(!(&'%&/!8$50!R&'+3.<0!
.#/!25&'$<.#!7$)&'.)3'&!)8'+3:8+3)!)8&!<&#)3'*A!;&'+3.<DR&'+3.<b(!i'+/&+!'$/&'j!
.66&.'.#<&!+,!S&()&'#!)'.56/+5!$(!#+)!3#7$T&!L8$#.(T$!iPT$/!1+Sj!.66&.'.#<&!+,!
O+(!2#:&7&(!435/+5A!V+)8!'&<+:#$X.47&!,+'!)8&!S.*!)8&$'!#.''.)$%&!6&'(+#.(!
+%&'S8&75!)8&$'!.3)8+'$.7!(&7,0!V3T+S(T$!<.77(!.))&#)$+#!)+!)8&!S.*(!)8.)!.!($5$7.'!
/&<./&(Y7+#:!<+55+/$,$<.)$+#!+,!PT$/!1+S!8.(!(&'%&/!8$(!+S#!<'&.)$%&!$/&#)$)*!.#/!
'&63).)$+#!$#!L8$#.(T$A!M8&(&!<+#,&(($+#.7!5+5&#)(!+,!6'+<&((!.#/!()'.)&:*!'&#/&'!
)8&!<+#().#)!'&,&'&#<&(!)+!L8$#.(T$b(!.4g&<)!.66&.'.#<&!.!'&5$#/&'!+,!)8&!
<+#()'3<)&/#&((!+,!)8&!6&'(+#.!.#/!)8&!<+#)'+7!+,!)8&!.3)8+'A!N#!)8$(!S.*0!@+77*S++/!
(3::&()(!.!<'$)$93&!+,!L8$#.(T$b(!)S&#)*Y*&.'!#.''.)$%&!6'&(&#<&0!.77+S$#:!V3T+S(T$!
)+!'&%&.7!8$(!+S#!.#W$&)$&(!+%&'!.:&0!S&.7)8!.#/!<'&.)$%&!%$'$7$)*A!2(!.#!
.3)+4$+:'.68$<.7!6&'(+#.0!L8$#.(T$b(!/&/$<.)$+#!)+!)8&!(.5&!'&4&77$+3(!.((&')$+#(!+,!
8$(!*+3)8!6'+g&<)(!.!($5$7.'!93.7$)*!+,!7$,&!,+'!V3T+S(T$A!V3)!.)!)8&!(.5&!)$5&0!)8&!
)8$#Y7$#&!4&)S&&#!.3)8+'!.#/!#.''.)+'!.7(+!/'.S(!.!7&%&7!+,!/$()$#<)$+#!4&)S&&#!
L8$#.(T$b(!&W6&<)&/!+3)($/&'Y(3,,&'$#:!.#/!V3T+S(T$b(!7.)&Y7$,&!(3<<&((&(!.#/!
8.66$#&((A\`!O$T&!R&'+3.<b(!V$:!P3'!+'!M8+56(+#b(!B&.'!.#/!O+.)8$#:0!V3T+S(T$b(!
@+77*S++/!<+#).$#(!.!7&%&7!+,!.S.'&#&((!)8.)!)8+3:8!8+4+8&5$.#!6'.<)$<&(!8.%&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
\`!M8+3:8!)8&'&!$(!($:#$,$<.#)!.#:&'0!<*#$<$(5!.#/!(6$)&!$#!V3T+S(T$b(!6+&)'*!.#/!6'+(&!$#)+!)8&!
(&%&#)$&(0!)8&!&$:8)$&(!.#/!#$#&)$&(!8.%&!5+'&!#+().7:$<!.#/!8&.')Y,&7)!<+56+($)$+#(!)8.)!6'$+'$)$X&!
4&.3)*0!($567$<$)*0!.#/!7+%&A!2(!+#&!+,!V3T+S(T$b(!7.()!7$%$#:!6347$<.)$+#(0!@+77*S++/!.66&.'(!)+!
&568.($X&!)8&(&!<.'&&'Y4++T&#/(A!
! ! FGG! !
.<8$&%&/!:'&.)!<'&.)$%&!,&.)(0!)8&'&!$(!.!6+)&#)$.7$)*!+,!7+($#:!+#&(&7,!S8&#!<+#,7.)$#:!
.3)8+'!.#/!6&'(+#.A!!
! V3)!V3T+S(T$!'&5.$#(!$#!<+#)'+70!$((3$#:!.!<+55.#/$#:!<'&.)$%&!6'&(&#<&!$#!
)8&!,$#.7!(<&#&!+,!@+77*S++/0!S8$<8!6'+/3<&(!)8&!$#%&'(&!+,!)8&!#+%&7b(!+6&#$#:!
/'$%&A!2,)&'!)8&!(<'&&#67.*!L8$#.(T$!8.(!S'$))&#!$(!,$75&/0!L8$#.(T$!.#/!P.'.8!.))&#/!
.!(<'&&#$#:!6.')*A!"6+#!)8&$'!/&6.')3'&0!)8&*!<7$54!$#)+!.!7$5+3($#&!&W6'&(($#:!)8&$'!
&W8.3()$+#!4*!)8&!(<&#&_!!!
B'.#T!67.<&/!3(!$#!)8&!4.<T!+,!.#/!S&!,+3#/!.!#&S!4+))7&!+,!S$#&!$#!)8&!7$5+A!
J&!3#<+'T&/!$)!.(!+3'!)'3()*!5.#!,+3#/!)8&!@.'4+'!B'&&S.*!(+3)8A!!
i@&*0!B'.#T0!S.#)!.!/'$#Tpj!!
iP3'&!.(!(8$)0!5.#tj!
@&!8$)!.!43))+#!.#/!)8&!7$))7&!:7.((!6.')$)$+#!/'+66&/A!N!(7$66&/!)8&!4+))7&!
)8'+3:8A!2(!B'.#T!/'+%&!)8&!7$5+!.7+#:!8&!)++T!.!8$)!,'+5!)8&!S$#&!4+))7&A!N!
/+#b)!T#+S!43)!(+5&8+S!$)!.77!7++T&/!%&'*!()'.#:&!.#/!,3##*!.#/!P.'.8!.#/!N!
().')&/!7.3:8$#:A!!
2)!7.()0!)8&!#$:8)!S.(!.7$%&A!dV3T+S(T$!@+77*S++/!F]^e!
!
M8+3:8!)8&!(<&#&!(8+S(!)8.)!L8$#.(T$!.#/!P.'.8!8.%&!&(<.6&/!)8&!(36&',$<$.7$)*!+,!
@+77*S++/!7$,&!$#!)8&$'!7$5+0!$)!()'&((&(!)8&!6'$%$7&:&(!:'.#)&/!L8$#.(T$!.(!4+)8!.!
S'$)&'!.#/!<&7&4'$)*A!N#!<+#)'.()!)+!)8&!+6&#$#:!(<&#&!+,!L8$#.(T$!/'$%$#:!8$5(&7,!)+!
)8&!6'+/3<&'b(!8+3(&!.#/!+4(&'%$#:!)8&!4+.)&'(!$#!)8&!8.'4+'0!V3T+S(T$!&#/(!)8&!
#+%&7!S$)8!L8$#.(T$!S&77Y+,,!.#/!<8.3,,&3'&/!$#!)8&!7$5+3($#&A!B+'!.77!$#)&#($%&!
63'6+(&(0!L8$#.(T$!8.(!4&<+5&!&W.<)7*!S8.)!8&!,&.'&/!$#!)8&!+6&#$#:!(<&#&A!M8$(!
$5.:&!+,!(3<<&((!3#/+&(!)8&!<+#().#)!3#6'&(&#).4$7$)*!L8$#.(T$!,+'<&(!)8'+3:8+3)!
)8&!#+%&7A!2)!)8&!(3',.<&!7&%&7!L8$#.(T$!<.#!4&!(&&#!.((&')$#:!8$(!().)3(!.(!.!:3&()!.)!
)8&!(<'&&#$#:!.#/!.(!.!6.((&#:&'!$#!)8&!7$5+3($#&!S8+!&7&<)(!)+!/'$#T!S$)8!8$(!8$'&/!
/'$%&'0!B'.#TA!V3)!$#!.!'&6'&(&#).)$%&!S.*0!)8&!(<&#&!<.77(!.))&#)$+#!)+!)8&!(.5&!
! ! FGH! !
()'.$#&/!<7.((Y<'+(($#:!4&8.%$+'(!)8.)!L8$#.(T$!8.(!()'3::7&/!S$)8!)8'+3:8+3)A!M8&!
7$5+3($#&0!.!().)3(!4.(&/!(*54+70!$(!(&6.'.)&/!4*!)8&!:7.((!6.')$)$+#0!67.<$#:!
L8$#.(T$!(&<3'&7*!.(!.!6.((&#:&'!.#/!#+)!.!/'$%&'A!M8$(!,3:$)$%&!6+($)$+#!.77+S(!8$5!
)+!7+S&'!)8&!/$%$/&!.#/!$#%$)&!C++/!K7/!B'.#T!$#)+!8$(!(<&#&A!N#!/+$#:!(+0!L8$#.(T$!
'&Y<.7$4'.)&(!8$(!S+'T$#:Y<7.((!().)3(!.S.*!,'+5!)8&!@+77*S++/!&7$)&0!(8.'$#:!S$#&!
.<'+((!)8&!6.')$)$+#!.(!.!<+553#.7!'&)3'#!)+!)8&!#+'5.7<*!+,!&%&'*/.*!S+'T$#:!
6&+67&A!M8$(!,$#.7!5+5&#)!+,!<+#)'+7!.77+S(!V3T+S(T$!.#/!L8$#.(T$!)+!<+#)$#3&!
6'+/3<)$%&!.((+<$.)$+#(!S$)8!)8&!S+'T$#:Y<7.((!,'+5!S$)8$#!.!8$'&/!7$5+3($#&A!
V3T+S(T$!.((&')(!8$(!7&%&7!+,!(3<<&((!S8$7&!3($#:!L8$#.(T$!)+!&W6'&((!8$(!$#)&'&()!$#!
<7.((Y4.(&/!.((+<$.)$+#(!)8.)!<.#!<+553#$<.)&!.!435!.&()8&)$<A!!
!V3T+S(T$b(!'&7.)$+#(8$6!S$)8!)8&!8+4+!#.''.)$%&!&W6'&((&(!.#!.<)$%&!
/$(5.#)7$#:!+,!7$)&'.'*!&7$)$(5!)8'+3:8!)8&!PT$/!1+S!435A!1.)8&'!)8.#!:&#)'$,*$#:!
)8&!7$)&'.'*!5.'T&)67.<&!+'!6++'!#&$:84+'8++/(!+,!O+(!2#:&7&(0!V3T+S(T$!<8++(&(!
)+!6+%&')$X&!)8&5!.(!.#!37)$5.)&!:&()3'&!+,!S8$)&0!5.7&!<+#)'+7!)8'+3:8!)8&!3(&!+,!
S+'T$#:Y<7.((!$/&#)$)*A!E+'&!)8.#!)8&!+)8&'!.3)8+'(!$#!)8$(!()3/*0!V3T+S(T$!%$+7.)&(!
)8&!7$)&'.'*!7+:$<!4&)S&&#!.3)8+'!.#/!6&'(+#.0!)'3)8!.#/!,$<)$+#0!.#/!7$,&!.#/!.')A!
M8$(!'&(37)(!$#!.!/&%&7+65&#)!+,!)8&!8+4+!#.''.)$%&!)8.)!<.#!<+55+/$,*!PT$/!1+S!+'!
S+'T$#:Y<7.((!$/&#)$)*!.(!.!5&)8+/!+,!#.%$:.)$#:!)8&!<+567&W$)$&(!+,!<'&.)$%&!7.4+'!
$#!7.)&Y<.6$).7$()!)$5&(!)8'+3:8!#+)!)8&!&<+#+5$<!<+#/$)$+#(!+,!)8&!8+4+0!43)!'.)8&'!
)8&!<+3#)&'<37)3'.7!6'+5$(&!+,!)8&!435!$#!25&'$<.#!<37)3'&A!
!
!
! ! FGF! !
80+(I9$'0+:!Z840$$H809+54-&[4'L*$.&J",&J*+&"+,&5)*&/010&J-$5'\9*&0U&[0+&
[4"K*4]['(G&F)'52"+`&!!
!M8&!<'$)$<.77*!.<<7.$5&/!)&7&%$($+#!/'.5.!E./!E&#!dFGGaYFGH`e!&#/&/!$)(!
(&%&#)8!.#/!,$#.7!(&.(+#!$#!E.*!FGH`A!M8&!(&'$&(!<+%&'&/!)8&!<37)3'.7!.#/!8$()+'$<.7!
6&'$+/!+,!E.'<8!H\IG!)+!-+%&54&'!H\aG0!.#/!,+77+S&/!./%&')$X$#:!&W&<3)$%&!;+#!
;'.6&'!.#/!8$(!<+77&.:3&(!+#!E./$(+#!2%&#3&!$#!-&S!Q+'T!L$)*A!2(!.!)&W)!)8.)!(8+S(!
)8&!6+7$)$<.7!/*#.5$(5!+,!)8&!5$/Y<&#)3'*!)+!.!)S&#)*Y,$'()!<&#)3'*!.3/$&#<&0!E./!
E&#!8.(!S$/&Y'.#:$#:!$#)&'6'&).)$+#(!.<'+((!<'$)$<.7!<.56(A!B+'!&W.567&0!;&4+'.8!
M3/+'b(!sP&77$#:!-+().7:$._!E./!E&#0!=+()5+/&'#$(5!.#/!-&+7$4&'.7$(5s!dFGHFe!
(3::&()(!)8.)!)8&!(8+S!+,,&'(!<+55$)5&#)(!)+!$#/$%$/3.7$(5!)8'+3:8!.!i#&+7$4&'.7!
/$(<+3'(&!+,!()*7&j!S8$<8!().:&(!<+#()'3<)$+#(!+,!'&.7$)*!d]]]eA!K#&!+,!)8&(&!()*7$()$<!
/$(<+3'(&(!'&#/&'(!6++'7*!4&8.%&/!5.(<37$#$)*!.#/!3#.6+7+:&)$<!5$(+:*#*!.!
6'$%$7&:&/!.(6&<)!+,!5$/Y<&#)3'*!S8$)&0!5.7&!<37)3'.7!6+S&'A!M8$(!/$(67.*!$(!?&'&5*!
c.'+#b(!6'$5.'*!$#)&'&()!$#!i@$()+'*!C&)(!$#!Q+3'!>*&(_!E./!E&#0!E$('&<+:#$)$+#!
.#/!)8&!E.(<37$#&!E*()$93&j!dFGH]e0!S8$<8!.':3&(!)8.)!;'.6&'!&#.<)5&#)!+,!5$/Y
<&#)3'*!%$<&(!i<+77.6(&(!)8&!(&#(&!+,!8$()+'$<.7!/$().#<&j!.#/!7&.%&(!.3/$&#<&(!)+!
i:7.5+'$X&j!.#/!i<+#/&5#j!)8&!4&8.%$+'!,'+5!)8&$'!<+#)&56+'.'*!)$5&!dFIFo!FaGeA!
V+)8!M3/+'!.#/!c.'+#!(3::&()!)8.)!;'.6&'b(!&#$:5.)$<!5.(<37$#&!.66&.7(!6'&+<<36*!
<'$)$<(!.#/!.3/$&#<&(0!8$(!<8.'.<)&'!/&,$#&/!4*!)8&!(&7,Y6'&(&#).)$+#!+,!5.(<37$#$)*0!
,+':&/!4*!)8&!'&($7$&#)!S+'T!+,!.!(&7,Y5./&!5.#A!
!M8$(!6'&+<<36.)$+#!'&67$<.)&(!)8&!.66&.7!+,!)8&!8+4+!#.''.)$%&0!S8$<8!
,+'&:'+3#/(!$)(!8.'/Y&.'#&/!5.(<37$#&!<$'<37.)$+#!.#/!<&7&4'.)$+#!+,!.#)$Y8&'+!+'!
! ! FG]! !
+3)($/&'!,$:3'&(A!E./!E&#!+,)&#!3(&(!)8&!%&'4.7!'&($7$&#<&!+,!)8&!8+4+Y.(Y.')$()!)+!
/&6$<)!;'.6&'!.(!.!5.#!.47&!)+!5.#$637.)&!<7.((Y,73$/!($)3.)$+#(!.#/!.((&')!5$/Y
<&#)3'*!5.(<37$#&!5+/&(!<'&.)$%&!d(&7,Ye<+#)'+7A!E./!E&#!(3::&()(!)8.)!)8&!8+4+!
#.''.)$%&!.#/!8+4+!5*()$93&0!'&,$#&/!)8'+3:8+3)!)8&!)S&#)$&)8!<&#)3'*0!$(!#+)!+#7*!
&547&5.)$<!+,!5$/Y<&#)3'*!25&'$<.#!#.''.)$%&(!43)!8.(!&.'#&/!S$/&Y.<<&6).#<&!.(!
.!<37)3'.7!#.''.)$%&!+,!25&'$<.#!&W6&'$&#<&!$#!)8&!)S&#)*Y,$'()!<&#)3'*A!J8$7&!c.'+#!
.':3&(!)8.)!E./!E&#!<'&.)&(!.!i(6&<).<7&!+,!5.(<37$#$)*!$#!<'$($(!.)!+#<&!(+!&7&:.#)0!
.773'$#:!.#/!$#()'3<)$%&0j!N!,$#/!)8$(!6&',+'5.)$%&!5*()$93&!&#/&5$<!)+!)8&!8+4+!
#.''.)$%&!.#/!)8&!<37)3'.7!.66&.7!+,!8+4+8&5$.#!6'.<)$<&!dFI\eA!M8&!6+637.'!8+4+!
#.''.)$%&!+,)&#!67.<&(!)8&!<37)3'.7!%.73&!+,!5.(<37$#$)*Y$#Y<'$($(!.7+#:($/&!8+6&,37!
<7.((!6&',+'5.)$%&!(&7,Y5.T$#:!)+!.66&.7!)+!<+#)&56+'.'*!.3/$&#<&(A\I!N#!.//$)$+#0!
4*!<$'<37.)$#:!/+5$#.#)!.#/!/+5$#.)$#:!,+'5(!+,!S8$)&!5.(<37$#$)*0!E./!E&#!
8$:87$:8)(!)8&!<&#)'.7!$56+').#<&!+,!<7.((!$/&#)$)*!$#!)8&!<37)3'.7!%.73.)$+#!+,!
5.(<37$#$)*A!O$T&!O+#/+#0!P)&$#4&<T0!R&'+3.<0!M8+56(+#0!.#/!V3T+S(T$0!;'.6&'b(!
8+4+8&5$.#!6'.<)$<&!3(&(!)&#($+#(!4&)S&&#!S+'T$#:Y<7.((!.#/!5$//7&Y<7.((!
$/&#)$)*!,+'!)8&!<'&.)$+#!+,!.!'&($7$&#)!(&7,!)8.)!.66&.7(!.<'+((!<&#)3'$&(A!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
\I!M8+3:8!)8$(!<+#<73($+#!/'.S(!+#!)8&!)&7&%$($+#!(&'$&(!E./!E&#!dFGGaYFGH`e!)+!(8+S!
<+#)&56+'.'*!$#)&'&()!$#!)8&!5$/Y<&#)3'*!8+4+8&5$.#0!$)!<.#!.7(+!4&!(&&#!$#!)8&!&W67+($+#!+,!,$75(!
'&:.'/$#:!)8&!S'$)&'(!$#!6'&%$+3(!<8.6)&'(A!B$75!'&<7.5.)$+#(!+,!R&'+3.<!.#/!V&.)!<37)3'&!&W67+'&!
)8&!8+4+!5*()$93&!$#!K#&!B.()!E+%&!K'!Nb5!C+#&!dFGG[e!@+S7!dFGHGe0!K#!)8&!1+./!dFGHFe0!V$:!P3'!
dFGH]e0!.#/!R$77!Q+3'!;.'7$#:(!dFGH]eA!2,)&'!M8+56(+#b(!(3$<$/&!$#!FGG`0!/+<35&#).'$&(!.4+3)!8$(!
7$,&!.#/!<.'&&'!8.%&!&W67+'&/!8$(!S+'T$#:!6&'(+#.!$#!V3*!)8&!M$<T&)0!M.T&!)8&!1$/&_!@3#)&'!PA!
M8+56(+#!+#!B$75!dFGGIe0!V7.()&/ttt!M8&!C+#X+!=.)'$+)(!+,!@3#)&'!PA!M8+56(+#!dFGGIe0!C+#X+_!M8&!
O$,&!.#/!J+'T!+,!;'A!@3#)&'!PA!M8+56(+#!dFGG[e0!.#/!)8&!,&.)3'&!,$75!+,!8$(!,$'()!#+%&70!M8&!135!
;$.'*!dFGHHeA!V3T+S(T$0!)++0!8.(!&W6&'$&#<&/!.!'&(3':&#<&!+,!6+637.'$)*!S$)8!V3T+S(T$_!V+'#!N#)+!
M8$(!dFGG]e0!.#/!)8&!'&<&#)!7.S(3$)!.:.$#()!2<)+'!?.5&(!B'.#<+A!B'.#<+!S.(!(3&/!,+'!<+6*'$:8)!
$#,'$#:&5&#)!,+'!().')$#:!6'+/3<)$+#!+#!8$(!,$75!V3T+S(T$!dFGH]DIe0!S8$<8!S.(!<+#($/&'&/!.#!
./.6).)$+#!+,!@.5!+#!1*&0!,+'!S8$<8!8&!+S#&/!#+!'$:8)(A!M8&!<.(&0!S8$<8!8./!)+!4&!(&))7&/!+3)($/&!+,!
<+3')0!().:&/!/$,,$<37)!/$(<3(($+#(!+,!S8.)!$(!4$+:'.68*!.#/!S8.)!$(!.3)+4$+:'.68*!S$)8$#!V3T+S(T$b(!
S+'TA!!
! ! FG^! !
! ;'.6&'b(!5$/Y<&#)3'*!.66&.7!)+!.!6+()Y7$4&'.)$+#$()!.3/$&#<&!$(!.T$#!)+!
(6&<).<7&0!6'&((3'$#:!%$&S&'(!)+!4&!4+)8!.()+3#/&/!4*!)8&!6.()!.#/!.5.X&/!4*!$)(!
.66&.7!$#!)8&!6'&(&#)A!>%&#!?+#!@.550!)8&!.<)+'!S8+!67.*&/!;'.6&'0!().)&/!$#!.!
FGHI!C+7/&#!C7+4&(!.<<&6).#<&!(6&&<8!)8.)!8$(!<8.'.<)&'!S.(!.!i8+''$47&!6&'(+#0j!
&W6'&(($#:!8$(!/$(4&7$&,!.)!)8&!.3/$&#<&b(!.)).<85&#)!)+!;'.6&'!)8'+3:8+3)!)8&!
(&'$&(A!V*!)8&!&#/!+,!(&.(+#!(&%&#0!.3/$&#<&(!S&'&!6.')$<37.'7*!$#%&()&/!$#!S8.)!
S+37/!8.66&#!)+!;'.6&'!.)!)8&!&#/!+,!)8&!(&'$&(0!(&&T$#:!<+#(&93&#<&(!,+'!8$(!
S+5.#$X$#:0!8&.%*!/'$#T$#:0!.#/!/&#(&!S&4!+,!7$&(A!c$&S&'(!S.#)&/!)+!T#+S!S8.)!
S+37/!8.66&#!$,!;'.6&'!()+66&/!7$%$#:!)8&!7$&!+,!8$(!.((35&/!$/&#)$)*!.#/!S.(!,.<&/!
S$)8!8$(!4+'#!$/&#)$)*!+,!;$<T!J8$)5.#!.:.$#A\a!;'.6&'b(!<.).()'+68$<!7+%&!.,,.$'(0!
.43(&/!<8$7/8++/!.#/!R+'&.#YS.'!,7.(84.<T(!8./!).T&#!)8&$'!)+77!+#!8$(!5&#).7!
8&.7)80!<+#()'3<)$#:!.!(6&<).<7&!+,!S8$)&!5.(<37$#&!<'$($(A!M'3&!)+!)8&!/$(<+3'(&!+,!
6++'7*!4&8.%&/!5.(<37$#$)*!)8.)!(3''+3#/&/!8$50!5.#*!6'&/$<)&/!)8.)!;'.6&'!
S+37/!<'.<T!3#/&'!)8&!6'&((3'&!+,!8$(!/+347&!7$,&!.#/!&#/!36!7$T&!)8&!./!5.#!
)3547$#:!/+S#!,'+5!)8&!)+6!+,!)8&!43$7/$#:!$#!)8&!+6&#$#:!<'&/$)(A!!
!V3)!/&(6$)&!E./!E&#b(!(T*(<'.6&'!(&))$#:(!)8.)!$#()$)3)&!.!8$&'.'<8*!+,!S8$)&!
5.7&!6'$%$7&:&!.#/!$#%&()5&#)(!$#!36S.'/!5+4$7$)*!S$)8!'$(T(!+,!/+S#S.'/!(6$'.70!
;'.6&'b(!)'.g&<)+'*!$(!#&%&'!'&.77*!%&')$<.7!+'!7.)$)3/$#.7A!M8&!(&'$&(!/&%&7+65&#)!$(!
+%&'S8&75$#:!7+#:$)3/$#.70!&568.($X$#:!6.#+'.5$<!()'$/&(!.<'+((!(6.<&!.#/!)$5&!$#!
/$()$#<)7*!8+'$X+#).7!S.*(!.')$<37.)&/!$#!C$77&(!;&7&3X&!.#/!B&7$W!C3.)).'$b(!2!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
\a!M+!4&!<7&.'0!;$<T!J8$)5.#!.#/!;+#!;'.6&'!.'&!)8&!(.5&!6&'(+#o!43)!;'.6&'!$(!.#!.((35&/!$/&#)$)*A!
B+'!)8$(!'&.(+#0!N!S$77!+,)&#!'&,&'!)+!;'.6&'DJ8$)5.#!S8&#!)8&!/$()$#<)$+#!4&<+5&(!3#<7&.'0!43)!S$77!
3(&!)8&!#.5&(!(&6.'.)&7*!)+!$#/$<.)&!)&#($+#(!4&)S&&#!)8&!$/&#)$)$&(!.(!'&6'&(&#)&/!+#!)8&!(8+SA!!
! ! FG`! !
M8+3(.#/!=7.)&.3(_!L.6$).7$(5!.#/!P<8$X+68'&#$.!dH\[aeA\[!M8&(&!8+'$X+#).7!.#/!
'8$X+5.)$<!5+%&5&#)(!.<<+3#)!#+)!+#7*!,+'!;'.6&'b(!)&56+'.7!,7.(84.<T(!
)8'+3:8+3)!)8&!(&'$&(0!43)!8$(!,'&93&#)!$56'+%$(.)$+#(!.(!)8&!/'$%&'!+,!.!<.'0!4+)8!)+!
8$(!8+5&!$#!O+#:!N(7.#/!$#!&.'7*!(&.(+#(0!.#/!$#!8$(!5./Y/.(8!S&()S.'/!$#!)8&!,$#.7!
&6$(+/&(!+,!)8&!(&'$&(A!E./!E&#!3(&(!)8&!)&#($+#(!+,!8+4+8&5$.#!6'.<)$<&!)+!#+)!
+#7*!6'+%$/&!;'.6&'!S$)8!.!%$($47&!/3.7$)*!+,!<7.((Y.((+<$.)$+#(0!43)!)+!.66&.7!)+!.!
#&S!<&#)3'*!)8.)!<.#!$/&#)$,*!)8&!<37)3'.7!%.73&!+,!)8&!8+4+!+#!)8&!S$/&0!+6&#!
'+./A\\!V*!67.<$#:!5.(<37$#$)*!$#!<'$($(!+#!)8&!'+./!7$T&!)8&!8+4+!#.''.)$%&0!;'.6&'b(!
<'+((Y<+3#)'*!'+./!)'$6!$#!)8&!7.()!)8'&&!&6$(+/&(!+,!)8&!,$#.7!(&.(+#!<+#<73/&!.!7+#:Y
().#/$#:!8+4+!5*()$93&!)8.)!$(!'++)&/!$#!(&.(+#!+#&A!!
!
BO2P@V2LR!MK!M@>!@KVK!EQPMNu">!
! M8&!8+4+8&5$.#!6'.<)$<&!3#/&'7*$#:!E./!E&#!$(!&().47$(8&/!$#!)8&!(&.(+#!
+#&!&6$(+/&!iM8&!@+4+!L+/&j!dHA[eA!M8$(!&.'7*!&6$(+/&!().:&(!J8$)5.#b(!
;&6'&(($+#Y&'.!()'3::7&(!$#!<+#,7$<)!S$)8!)8&!4+8&5$.#(!+,!;'.6&'b(!4+3':&+$(!7$,&A!
M8&(&!)&#($+#(!&W6+(&!;'.6&'DJ8$)5.#b(!/+347&!7$,&!)8.)!&#.<)(!<7.((!
6&',+'5.)$%$)*!.(!.!5&)8+/!+,!(+<$.7!.#/!6'+,&(($+#.7!(3'%$%.7A!M8&!&6$(+/&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
\[!2(!.!'&(6+#(&!)+!)8&!%&')$<.7$)*!+,!.!8$&'.'<8$X&/!T#+S7&/:&0!;&7&3X&!.#/!C3.)).'$b(!$#)'+/3<)$+#!
&#%$($+#(!.!8+'$X+#).7!.7)&'#.)$%&!)8.)!./%.#<&(!)8&!6+)&#)$.7!,+'!'8$X+5.)$<!,+'5(!+,!T#+S7&/:&A!N#!
.//$)$+#!)+!E./!E&#b(!/$.<8'+#$<!$56'+%$(.)$+#0!)8&!8+4+!<.#!4&#&,$)!,'+5!)8&!<+#<&6)!+,!8+'$X+#).7!
T#+S7&/:&!4.(&/!+#!8$(!:&+:'.68$<!5+4$7$)*A!M8&!/$()$#<)$+#(!4&)S&&#!%&')$<.7!.#/!8+'$X+#).7!,+'5(!
&W)&#/!)8&!/$(<3(($+#!+,!)8&!&6$()&5+7+:$<.7!.#/!+#)+7+:$<.70!.(!'&6'&(&#)&/!4*!)8&!5+/&'#!.#/!
6+()5+/&'#!$#!L8.6)&'!]A!
\\!E$<8.&7!Vq'34qb(!.')$<7&!i2!L8.#:&!N(!C+##.!L+5&0!P.5&!.(!N)!>%&'!J.(j!dFGH]e!.':3&(!)8.)!E./!
E&#b(!.66&.7!$#!)8&!<+#)&56+'.'*!&'.!$(!()'3<)3'&/!+#!&#%$($+#$#:!)8&!<8.#:&(!+,!)8&!P$W)$&(!i,$7)&'&/!
)8'+3:8!)8&!6'&(&#)j!d]^aeA!2(!.!6&'$+/!6$&<&0!)8&!(8+S!&#.<)(!.!i4.<T!)+!)8&!,3)3'&j!)&56+'.7$)*!)8.)!
<&7&4'.)&(!)8&!<37)3'.7!6+(($4$7$)$&(!+,!)8&!6'&(&#)!4*!&#%$($+#$#:!)8&!6.()!d]^aeA!M8&(&!8$:87*!
(34g&<)$%&!$#)&'6'&).)$+#(!.77+S!.3/$&#<&(!)+!<7.$5!(&7,Y(&'%$#:!%.73&!.:.$#()!.!8$()+'$<.7!,.}./&A!!
! ! FGI! !
&().47$(8&(!;'.6&'DJ8$)5.#!.(!4+)8!.!8$:8Y<7.((!./!5.#!.#/!.!7+SY<7.((!,.'5!4+*0!
.#/!&W6+(&(!)8&!/$,,$<37)*!+,!&W8$4$)$#:!(&7,Y<+#)'+7!3#/&'!<7.((!6'&((3'&(A!M8&!
&6$(+/&!&,,&<)$%&7*!<+#()'3<)(!.!<+#%&'(.)$+#!4&)S&&#!8+4+!.#/!4+8&5$.#!$/&#)$)$&(!
)+!6'+%$/&!.!6'+%+<.)$%&!S.*!+,!'&./$#:!;'.6&'DJ8$)5.#b(!#.''.)$%&!)'.g&<)+'*A!
iM8&!@+4+!L+/&j!$#$)$.)&(!.!6&',+'5.)$%&!&W67.#.)$+#!,+'!)8&!S.*(!)8&!8+4+!
5*()$93&!<+#)$#3&(!)+!,3&7!<37)3'.7!#.''.)$%&(!+,!5$/Y<&#)3'*0!4+)8!'&6'&(&#)$#:!.#/!
6'+%$#:!)8.)!S8$)&!5.(<37$#$)*!8.(!.7S.*(!&W8$4$)&/!<'$($(A!!
!;'.6&'DJ8$)5.#b(!8+4+8&5$.#!<+#()'3<)$+#!4&<+5&(!<7&.'!$#!.!(&'$&(!+,!
,7.(84.<T(!.)!4&.)#$T!:$'7,'$&#/!E$/:&!;.#$&7(b!c$77.:&!.6.')5&#)A!;'.6&'!$#)&#/(!)+!
).T&!E$/:&!+#!.#!$56'+56)3!)'$6!)+!=.'$(!S$)8!.!'&<&#)!4+#3(0!43)!$(!+%&''37&/!4*!
8&'!4+8&5$.#!,'$&#/(!S8+!67.#!)+!i:&)!8$:8!.#/!7$()&#!)+!E$7&(j!di@+4+!L+/&jeA!
"#S$77$#:!)+!:$%&!36!+#!8$(!67.#0!;'.6&'!:$%&(!$#)+!)8&!4+8&5$.#!%$4&0!(5+T&(!
5.'$g3.#.!S$)8!;.#$&7(0!.#/!<7.$5(_!iN!,&&7!7$T&!;+'+)8*j!di@+4+!L+/&jeAHGG!
;'.6&'DJ8$)5.#!$(!)8&!83547&!'3'.7!*+3)8!S8+!8.(!4&&#!)'.#(6+')&/!)+!)8&!4$:!<$)*!
.#/!$(!.5.X&/!4*!$)(!&W)'.%.:.#<&A!V*!).T$#:!6.')!$#!)8&!4+8&5$.#!(<&#&0!;'.6&'!$(!
/&6$<)&/!.(!7+()!$#!KX0!(3::&()$#:!)8.)!8$(!.7)&'#.)&!'&.7$)*D'&.7$)$&(!.'&!.54$:3+3(7*!
5$(67.<&/!$#!)8&!4+8&5$.#!.6.')5&#)!.#/!)8&!5+/&'#!5&)'+6+7$(!+,!-&S!Q+'T!L$)*A!
;'.6&'b(!/$(Y7+<.)&/#&((!$#!)8&!68*($<.7!(6.<&!$#$)$.)&(!8$(!,$'()!,7.(84.<T!.(!8&!
S.(8&(!8$(!,.<&!.#/!7++T(!$#)+!)8&!4.)8'++5!5$''+'A!N#!)8&!,7.(84.<T0!;'.6&'!$(!
*+3#:!;$<T!J8$)5.#!+#!)8&!,.5$7*!,.'5!.(!.!8+4+!.66'+.<8&(!7++T$#:!,+'!S+'TA!2(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
HGG!;'.6&'b(!'&,&'&#<&!)+!OA!B'.#T!V.35b(!M8&!J+#/&',37!J$X.'/!+,!KX!dH\GGe!$(!.7(+!$#/$<.)$%&!+,!
5$/Y<&#)3'*!'&./$#:(!+,!)8&!#+%&7!.(!=+637$()!<'$)$93&0!$#<73/$#:!43)!#+)!7$5$)&/!)+!)8&!5.'<8!)+!KX!
/'.S$#:!+#!L+W&*b(!5.'<8!+#!J.(8$#:)+#A!M8&!5.((!<$'<37.)$+#!+,!)8&!,$75!$#!H\]\!&568.($X&(!)8&!
:&#'&!.(!<8$7/'&#b(!7$)&'.)3'&!.#/!93$&)(!)8&(&!6+7$)$<.7!3#/&')+#&(A!!
! ! FGa! !
.#!+3)($/&'!+#!)8&!,.5$7*!,.'50!)8&!8+4+!$(!:'&&)&/!S$)8!8+()$7$)*!.#/!(3(6$<$+#A!M8&!
,.5$7*!&#)&').$#(!)8&!8+4+b(!%&'4.7!.66&.7(!,+'!S+'T0!43)!/+&(!#+)!(.)$(,*!8$(!
'&93&()AHGH!M8'+3:8+3)!)8&!#&:+)$.)$+#(!,+'!S+'T0!*+3#:!;$<T!J8$)5.#!$(!6+')'.*&/!
.(!6.')$<37.'7*!$#)&'&()&/!$#!)8&!8+4+!.#/!)8&!)S+!.'&!)$&/!)+!+#&!.#+)8&'!)8'+3:8!.!
(&'$&(!+,!8$//&#!:7.#<&(A!M8$(!<+##&<)$+#!:+&(!.(!,.'!.(!)8&!8+4+!.')$<37.)$#:!)8.)!
J8$)5.#!i'&5$#/(!5&!+,!5*(&7,0j!)+!(&<3'&!)8&!$56+').#)!7$#T!4&)S&&#!)8&!)S+!
<8.'.<)&'(!di@+4+!L+/&jeA!!
! J8&#!;'.6&'!.S.T&#(!,'+5!8$(!,7.(84.<T0!8&!'&<+:#$X&(!)8.)!8&!$(!.#!
+3)($/&'!$#!)8&!4+8&5$.#!.6.')5&#)!g3()!.(!)8&!8+4+!S.(!+#!)8&!,.5$7*!,.'5A!M8&!
(8.44$7*Y/'&((&/!4+8&5$.#!:'+36!8.(!/$(/.$#!,+'!;'.6&'b(!S&77Y/'&((&/!.66&.'.#<&!
.#/!366&'Y<7.((!().)3(!)8.)!<+##&<)(!8$5!)+!)8&!(*()&5A!;'.6&'!.))&56)(!)+!.66&.7!
)+!)8&5!+#!.!6&'(+#.7!7&%&7!)+!(&<3'&!E$/:&b(!.,,&<)$+#A!V3)!)8$(!'&(37)(!$#!,3')8&'!
)&.($#:!.#/!5+<T$#:!.(!)8&*!,&$:#!(3'6'$(&!)8.)!i)8&!./!5.#!8.(!.!8&.')0j!+#7*!)+!
<7.$5!)8.)!i7+%&!$(!4+3':&+$(j!di@+4+!L+/&jeAHGF!M8&!4+8&5$.#(!/$()'3()!;'.6&'!.(!.!
(*()&5!$#($/&'!.#/!<7.((Y<7$54&'0!&W6'&(($#:!)8&$'!+%&')!<+#<&'#!S$)8!)8&!6'&((3'&(!
)8&*!,&&7!)+!).T&!6.')!$#!<+#(35&'$()!6'+g&<)(!)8.)!&'.(&!)8&$'!$#/$%$/3.7$)*A!;'.6&'0!
8+S&%&'0!$(!.S.'&!)8.)!8&!$(!#+)!.#!$#($/&'0!43)!.!<+567&W!6&',+'5.)$%&!,$:3'&!)8.)!
<.#!S+'T!,'+5!)8&!$#($/&A!;'.6&'!$(!,.<&/!S$)8!<7.((!/3.7$)*_!8&!$(!4+)8!)8&!6++'!,.'5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
HGH!M8&!8+4+!$(!:$%&#!.!5&.7!.#/!6'+5$(&/!S+'T!)8&!#&W)!/.*A!2,)&'!6&',+'5$#:!8$(!/3)$&(0!J8$)5.#b(!
,.5$7*!'&,3(&(!)+!6.*!8$5!S.:&(A!M8$(!&W<8.#:&!6'+%$/&(!;$<T!J8$)5.#!S$)8!)8&!.4$7$)*!)+!(&&!
/$(8+#&()!5&#0!S8.)!)8&!8+4+!S'$)&(!+#!)8&!,&#<&6+()!$#!8+4+!<+/&!)+!S.'#!+)8&'(!,'+5!)8&!,.'5A!!
HGF!O+%&!$(!5.#3,.<)3'&/!$#!E./!E&#.!N#!iP5+T&!C&)(!N#!Q+3'!>*&(j!dHAHe!;'.6&'!<7.$5(!)8.)!8&!8.(!
<'&.)&/!)8&!<+#<&6)!+,!7+%&!.#/!(+7/!$)!)8'+3:8!)8&!6'+/3<)(!8&!./%&')$X&(A!@&!)&77(!6+)&#)$.7!<7$&#)!
1.<8&7!E&#T&#!(8&!8.(!#&%&'!,&7)!7+%&!4&<.3(&!i$)!/+&(#h)!&W$()A!J8.)!*+3!<.77!7+%&!$(!$#%&#)&/!4*!
:3*(!7$T&!5&A!M+!(&77!#*7+#(Aj!P8&!'&(6+#/(!4*!$#/$<.)$#:!)8.)!;'.6&'b(!4'.%./+!.))&56)(!)+!8$/&!.!
7.':&'!/$(<+##&<)$+#!S$)8!7$,&0!+4(&'%$#:!)8.)!$)!i53()!4&!/$,,$<37)!)+!4&!.!5.#0!)++Aj!!
! ! FG[! !
4+*!.(!S&77!.(!)8&!K':.#$X.)$+#!E.#0!#&$)8&'!+,!S8$<8!,$)!8$5!S8+77*0!.#/!4+)8!+,!
S8$<8!.'&!5&)!S$)8!8+()$7$)*!$#!)8&!4+8&5$.#!.6.')5&#)A!B&&7$#:!68*($<.77*!.#/!
&5+)$+#.77*!/$(7+<.)&/0!;'.6&'b(!/&4.)&(!S$)8!)8&!iT#+SY#+)8$#:j!4+8&5$.#(!*$&7/(!
.#+)8&'!,7.(84.<T!)+!*+3#:!J8$)5.#!).7T$#:!6'$%.)&7*!S$)8!)8&!8+4+A!J8$)5.#!$(!
6&'67&W&/!4*!)8&!8+4+b(!$/&#)$)*0!S8$<8!.66&.'(!.)!+//(!S$)8!S8.)!8&!8.(!4&&#!)+7/!
.4+3)!)8&5_!!
J8$)5.#_!sQ+3!/+#h)!).7T!7$T&!.!435As!!
@+4+_!sNh5!#+)A!Nh5!.!:&#)7&5.#!+,!)8&!'.$7(A!B+'!5&0!&%&'*/.*!$(!4'.#/!#&SA!
!>%&'*/.*h(!.!4'.#/!#&S!67.<&0!6&+67&0!S8.)!8.%&!*+3As!di@+4+!L+/&se!
!
M8&!&#$:5.)$<!().)3(!+,!)8&!8+4+0!4+)8!:&#)7&5.#!.#/!4350!$(!<+#,3($#:!,+'!
J8$)5.#b(!*+3#:!5$#/A!V3)!.(!.!,7.(84.<T!,'+5!)8&!4+8&5$.#!.6.')5&#)0!)8$(!
<+#%&'(.)$+#!6'+%$/&(!;'.6&'DJ8$)5.#!.#!.7)&'#.)$%&!5+/&!+,!4&$#:!)8.)!&W$()(0!,+'!
5.#*!.(!.!6.'./+W$<.7!().)&0!.(!i.!:&#)7&5.#!+,!)8&!'.$7(Aj!?3()!.(!;'.6&'!,&&7(!7$T&!.#!
+3)($/&'!43)!$(!(&&#!.(!.#!$#($/&'0!Q+3#:!J8$)5.#!7&.'#(!)8'+3:8!)8&!8+4+!)8.)!
$5.:&!.#/!(34().#<&!/+!#+)!.7S.*(!<+''&(6+#/A!B+'!J8$)5.#0!.!(&7,Y6'+<7.$5&/!
iS8+'&!4+*j!S8+!8.(!4&&#!).3:8)!)+!8.)&!8$5(&7,!4*!8$(!<'3&7!<.'&).T&'(0!)8&!8+4+!
6'+%$/&(!)8&!6+)&#)$.7$)*!+,!().')$#:!&.<8!/.*!$#!.!#&S!S.*0!$((3$#:!)8&!+6)$+#!)+!
(&7,Y5.T&A!c.:3&7*!.S.'&!+,!)8&!.43($%&!7$%$#:!($)3.)$+#!+,!*+3#:!J8$)5.#0!)8&!8+4+!
3#/&'().#/(!)8&!8+6&!.!/$,,&'&#)!7$,&!<.#!:$%&!)8&!4+*!.#/!+,,&'(!J8$)5.#!.!
3#$%&'(.7!)'3)8_!iJ&!.77!S$(8!S&!S&'&!,'+5!(+5&67.<&!&7(&j!di@+4+!L+/&seA!M8$(!
)'3)8!/+&(!#+)!6'+%$/&!(+7.<&!)+!J8$)5.#0!43)!'.)8&'!)8&!+6)$+#!+,!.#!.7)&'#.)$%&!
7$,&()*7&!$#!)8&!8+4+!S8+!$(!.47&!)+!4&!,'+5!(+5&67.<&!&7(&!$#)&'5$#.47*A!M8$(!$#()$77(!
)8&!%&'*!$5637(&!S$)8!S8$<8!J8$)5.#!4&<+5&(!;'.6&'0!)8&!8+4+!$#$)$.)$#:!.#!
! ! FG\! !
.7)&'#.)$%&!,3)3'&!&.'7*!$#!8$(!,+'5.)$%&!7$,&A!M8&!8+4+!6'+5$(&!+,!5+4$7$)*!.#/!
'&#&S.7!<8.#:&(!J8$)5.#0!S8+!$(!#+S!.47&!)+!&#%$($+#!)8&!8+4+!.(!.!%.7$/!
.7)&'#.)$%&!)+!8$(!8+6&7&((!7$,&A!!
! V&,+'&!7&.%$#:0!)8&!8+4+!)&.<8&(!*+3#:!J8$)5.#!.!,$#.7!7&((+#_!)8&!8+4+!
<+/&A!M8&(&!<+/&(0!S'$))&#!S$)8!<8.7T0!<+553#$<.)&!)+!+)8&'!8+4+(!S8.)!)+!&W6&<)!
.)!.!:$%&#!7+<.)$+#A!M8&(&!<+/&(!.'&!S&77!/+<35&#)&/!$#!)'.56$#:!.3)+4$+:'.68$&(!
.(!S&77!.(!$#!O+#/+#b(!M8&!1+./0!$((3$#:!.!(6&<$.7!7.#:3.:&!,+'!.#!.7)&'#.)$%&!
$/&#)$)*A!2,)&'!/'.S$#:!.!,&S!(*54+7(0!)8&!8+4+!:$%&(!J8$)5.#!)8&!<8.7TA!M8&!
6.(($#:!+,!)8&!<8.7T!$(!8$:87*!(*54+7$<!+,!)8&!8+4+b(!.4$7$)*!)+!(&7,Y5.T&!)8'+3:8!
7.#:3.:&A!M8&!8+4+!)&.<8&(!J8$)5.#!#+)!+#7*!.!8+6&,37!#&S!%+<.437.'*0!43)!
6'+%$/&(!8$5!S$)8!.#!$#()'35&#)!)8.)!<.#!7$)&'.77*!'&YS'$)&!8$(!7$,&A!O.#:3.:&f&%&#!
$#!<+/&/!(*54+7(f4&<+5&(!.!T&*!6.')!+,!J8$)5.#b(!(3'%$%.7A!O$T&!O+#/+#b(!8+4+Y
.(Y.')$()0!)8&!8+4+!53()!'&7*!+#!)8&!.4$7$)*!)+!)&77!.!()+'*!)+!&.'#!8.#/+3)(!)8.)!
(3().$#!8$(!5+4$7$)*!.#/!6&'6&)3.7!'&$#%&#)$+#A!!
! M8&!6.(($#:!+,!)8&!<8.7T!/$'&<)7*!.,,&<)(!J8$)5.#D;'.6&'!4*!6'+%$/$#:!8$5!
S$)8!#+)!+#7*!.#!.7)&'#.)$%&!7$,&0!43)!.7(+!)8&!6+S&'!+,!7.#:3.:&A!M8&!4&#&,$)(!+,!
7.#:3.:&!$#<73/&!8$(!.4$7$)*!)+!(6$#!.!()+'*!)8.)!(&<3'&(!.!#&S!$/&#)$)*!.,)&'!)8&!
R+'&.#!J.'0!.(!S&77!.(!8$(!g+4!.(!.#!./!5.#!S8$<8!3(&(!7.#:3.:&!)+!.66&.7!)+!.!
<+#(35&'!6347$<A!M8&!<8.7T!$(!)8&!($)&!+#!S8$<8!)8&!<+#,73&#<&!+,!8+4+!.#/!
4+8&5$.#!<7.((!6&',+'5.)$%$)*!$(!&().47$(8&/!,+'!;'.6&'DJ8$)5.#A!J8$)5.#b(!
$56+%&'$(8&/!4&:$##$#:(!.'&!<8.#:&/!4*!)8&!8+4+0!S8+!4'$#:(!8$5!+66+')3#$)*!
)8'+3:8!7.#:3.:&A!M8$(!7.#:3.:&0!$#!)3'#0!&#.47&(!;'.6&'DJ8$)5.#!)+!4&<+5&!.!
! ! FHG! !
8+4+Y.(Y.')$()!S8+!$(!.S.'&!+,!)8&!4&#&,$)(!+,!4&$#:!.!:&#)7&5.#!+#!)8&!'+./0!
$#<73/$#:!)8&!6'&(&#).)$+#!+,!()'.)&:$<!()+'$&(!.#/!.66&.'.#<&(!$#!63'(3$)!+,!#&S!
4&:$##$#:(A!
! M8&!&6$(+/&!&#/(!S$)8!;'.6&'!<+5$#:!)+!)&'5(!S$)8!8$(!<7.((!6&',+'5.)$%$)*A!
@&!.66&.'(!)+!3#/&'().#/!)8.)!4.(&/!+#!8$(!8+4+!4&:$##$#:(0!8$(!4+8&5$.#!
6&',+'5.#<&!S$)8!E$/:&!$(!g3()!.(!.')$,$<$.7!.(!8$(!&W&<3)$%&!+#&A!1&.7$X$#:!8$(!
'&g&<)$+#!4*!)8&!4+8&5$.#!:'+36!.#/!,&&7$#:!&%&#!5+'&!7$T&!.#!+3)<.()0!;'.6&'!
6'&6.'&(!)+!7&.%&!)8&!.6.')5&#)A!=+7$<&!7$:8)(!(8$#&!.:.$#()!)8&!S$#/+S!,'+5!
+3)($/&0!.#/!)8&!4+8&5$.#(!&W6'&((!,&.'(!+,!4&$#:!43()&/A!;'.6&'0!S8+!().#/(!+3)!
.:.$#()!)8&!(8.44*!4+8&5$.#(!$#!8$(!S&77Y,$))&/!(3$)0!).T&(!8$(!8.)!$#!8.#/!.#/!S.7T(!
)+S.'/!)8&!/++'A!M8&!4+8&5$.#(!&W<$)&/7*!)&77!8$5!8&!<.##+)!7&.%&!4&<.3(&!+,!)8&!
6+7$<&!$#!)8&!43$7/$#:A!;'.6&'!6+$#)(!.)!+#&!+3)(6+T&#!*+3#:!5.#!S$)8!.!(6$)&,37!
(5$7&!)&77(!8$5!i*+3!<.#b)0j!.#/!S.7T(!+3)!)8&!/++'0!6.(($#:!3##+)$<&/!4*!)8&!+,,$<&'(!
$#!)8&!8.77S.*!di@+4+!L+/&seA!@$//&#!4*!)8&!.66&.'.#<&(!+,!.!S&77Y/'&((&/!./!5.#0!
)8&!&6$(+/&!<'.,)(!;'.6&'!.(!.S.'&!+,!)8&!4&#&,$)(!+,!6.(($#:!4&)S&&#!)8&!:'+36(0!
)8&!,7.(84.<T(!<+567&)$#:!.!<$'<3$)!4&)S&&#!8+4+!.#/!4+8&5$.#0!.(!S&77!.(!
4+8&5$.#!.#/!4+3':&+$(AHG]!!
!M8+3:8!;'.6&'!g3/:&(!)8&!4+8&5$.#(!,+'!)8&$'!(36&',$<$.7!<7.((!.66&.'.#<&(0!
i43*$#:!(+5&!M+T.g!S$#&0!7&.#$#:!36!.:.$#()!.!S.77!$#!C'.#/!L&#)'.7!.#/!6'&)&#/$#:!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
HG]!;.%$/!V'++T(b(!V+4+(!$#!=.'./$(&_!M8&!-&S!"66&'!L7.((!.#/!@+S!M8&*!C+)!M8&'&!dFGGGe!.':3&(!
)8.)!)8&!7.)&!)S&#)$&)8!<&#)3'*!&W6&'$&#<&/!.!<7.((!(8$,)!.(!$)!7&.'#&/!)+!3)$7$X&!<37)3'.7!<.6$).7!)+!
./%.#<&!$/&#)$)*!6+7$)$<(A!M8$(!$#<73/&/!)8&!5$//7&!<7.((0!+'!4+3':&+$(0!<+Y+6)$#:!93.7$)$&(!+,!
4+8&5$.#!$/&#)$)*!,+'!)8&!./%.#<&5&#)!+,!5+'&!)8.#!&<+#+5$<!+'!(+<$.7!<.6$).7A!N#!)8&!&W.567&!+,!
;'.6&'DJ8$)5.#0!8+4+8&5$.#!6'.<)$<&!.66&.'(!)+!.<T#+S7&/:&!5+%&5&#)!$#!)8&!/$'&<)$+#!+,!)8&!
4+4+0!S8$7&!<+#)$#3$#:!)+!67.<&!<37)3'.7!%.73&!$#!)8&!8+4+!,+'!8$()+'$<.7!&,,&<)A!!
! ! FHH! !
*+3h'&!.!%.:'.#)0s!)8&!&6$(+/&!+,,&'(!J8$)5.#D;'.6&'b(!.6)$)3/&!,+'!<7.((!
6&',+'5.)$%$)*!.(!.3)8&#)$<.77*!'++)&/!$#!)8&!8+4+!di@+4+!L+/&seA!"#7$T&!)8&!
4+8&5$.#(0!S8+!8+7/!,.()!)+!d3#e,.(8$+#.47&!6+7$)$<.7!<.3(&(!)+!$/&#)$,*!)8&5(&7%&(!
.(!6'$%$7&:&/!+3)($/&'(0!;'.6&'b(!,73$/!<7.((!6&',+'5.)$%$)*!$(!&.'#&/!)8'+3:8!.!
8+4+8&5$.#!6'.<)$<&!)8.)!)3'#(!4&$#:!.#!.<)3.7!+3)($/&'!$#)+!.!5&)8+/!,+'!(3'%$%.7!
.#/!.!6'$%$7&:&/!+5#$%+'+3(!:.5&A!J8$)5.#D;'.6&'b(!<7.((!537)$67$<$)$&(!&W&'<$(&!
)8&!68*($<.7!.#/!(+<$.7!5+4$7$)*!+,!)8&!8+4+!5*()$93&A!M8$(!6&'5$)(!8$5!)+!S'$)&!.#/!
'&YS'$)&!.#!$/&#)$)*!)8'+3:8+3)!)$5&0!S8$7&!6'+%$/$#:!8$5!.!(&#(&!+,!<+#)'+7!)8'+3:8!
8$(!.4$7$)*!)+!.<<3537.)&!<37)3'.7!<.6$).7!.(!.!,73$/!(+')!+,!4&$#:A!!
!
BN-;N-C!M@>!C1>2M!2E>1NL2-!@KVK!
!M8&!,$#.7!(&.(+#!+,!E./!E&#!'&$#().)&(!;'.6&'DJ8$)5.#b(!8+4+!4&:$##$#:(!
.(!8&!)'.%&7(!S&()S.'/!$#!.!/&(6&'.)&!.))&56)!)+!,$#/!8$5(&7,A!2(!.!(3<<&((,37!,$:3'&!
+,!<7.((!6&',+'5.)$%$)*0!;'.6&'b(!.4$7$)*!)+!<+#()'3<)!8$(!7$,&!.(!.#!&7$)&!./!&W&<3)$%&!
.#/!4&!)8&!&%&'*5.#!8+4+!$#$)$.)&(!)8&!.66&.7!+,!<7.((!,73$/$)*!)+!25&'$<.#!
.3/$&#<&(A!2(!.!<+#)&56+'.'*!8+4+!#.''.)$%&!$#!25&'$<.#!7$)&'.)3'&!.#/!<37)3'&0!)8&!
7.()!&6$(+/&(!+,!)8&!(&.(+#!.#/!(&'$&(0!iO+()!@+'$X+#(j!daAHFe0!iM8&!E$7T!k!@+#&*!
1+3)&j!daAH]e0!.#/!i=&'(+#!)+!=&'(+#j!daAH^e!(&'%&!.(!8$:87*!$/&#)$,$.47&!<$'<37.)$+#(!
+,!)8&!8+4+!5*()$93&A!;'.6&'DJ8$)5.#b(!'&Y8+4+Y,$<.)$+#!5.T&(!%$($47&!.!S&77Y
67+))&/!8+4+8&5$.#!)&#($+#!)8'+3:8+3)!)8&!(&'$&(A!M8&(&!,$#.7!$#().775&#)(!+,!E./!
E&#!,+<3(!+#!4$:Y<$)*!;+#!;'.6&'!.(!8&!:'./3.77*!()'$6(!+,,!8$(!<+#()'3<)&/!$/&#)$)*!
.#/!'&)3'#(!)+!4&$#:!5$/YS&()!;$<T!J8$)5.#A!M+!(8+S!)8$(!)'.#($)$+#0!;'.6&'!/'.S(!
! ! FHF! !
+#!)8&!8+4+!'++)(!+,!8$(!*+3)8!.#/!7&.'#(!)+!(*#)8&($X&!8$(!/+347&0!<7.((Y6&',+'5&/!
7$,&A!!
!N#!iO+()!@+'$X+#(0j!;'.6&'b(!<7.((Y<8.5&7&+#!.<)!$(!(&&#!3#/&'!()'.$#A!@&!
'&,3(&(!)+!4&!)'+347&/!4*!8$(!(&<'&).'*b(!$#($()&#<&!)+!<8++(&!,3'#$(8$#:(!,+'!8$(!#&S!
.6.')5&#)0!.#/!<.#!4&!(&&#!(7+S7*!6377$#:!+3)!+,!)8&!7$,&!8&!8.(!<+#()'3<)&/A!M8$(!
$#<73/&(!#+)!+#7*!.%+$/$#:!/+5&()$<!/&<+'.)$+#(0!43)!.7(+!'&,3($#:!)+!4&!$56.<)&/!
S8&#!8&!$(!8.#/&/!/$%+'<&!6.6&'(A!M8&(&!&%&#)(!+<<3'!$#!8$(!6'+,&(($+#.7!+,,$<&!)+!
(3::&()!)8.)!;'.6&'b(!().)3(!.)!S+'T!$(!/&)&'$+'.)$#:0!)++0!5.'T$#:!8$5!.(!
6'+,&(($+#.77*!.#/!6&'(+#.77*!/$(6+((&((&/A!2,)&'!8$(!+,,$<&b(!'&<&#)!5&':&'!;'.6&'!
8.(!4&<+5&!5&'&7*!.!6'&(&#<&0!#+)!.#!.<)$%&!.:&#)A!;'.6&'b(!4+((!<.77(!8$5!8$(!
iS8$)&!S8.7&0j!&().47$(8$#:!;'.6&'!.(!.!(6&<)'.7!63'(3$)!+,!5*)8+7+:$<.7!
6'+6+')$+#(AHG^!2(!)8$(!(6&<)'.7!,$:3'&0!;'.6&'!.))&#/(!.!5&&)$#:!,+'!8$(!#&S!.<<+3#)!
S$)8!E$77&'!4&&'!3##+)$<&/0!.#/!S.)<8&(!.!*+3#:!5.#!/&7$%&'!.!6$)<8!)8.)!$(!
%&'4.)$5!;'.6&'b(!()*7&!.#/!3($#:!.66&.7(!)+S.'/!)8&!&%&'*5.#A!;'.6&'!7&.%&(!)8&!
'++5!$#!5$//7&!+,!)8&!6$)<80!:&)(!$#!8$(!<.'!.#/!/'$%&(!.S.*A!2,)&'!.!4'$&,!&W<8.#:&!
S$)8!8$(!&WYS$,&!V&))*!.4+3)!)8&!<8$7/'&#fS8+!#+!7+#:&'!#&&/!8$5!)+!/'$%&!)8&5!)+!
(<8++7f;'.6&'!)3'#(!+,,!+#)+!)8&!=&##(*7%.#$.D-&S!?&'(&*!M3'#6$T&!.#/!4&:$#(!)+!
/'$%&!S&()A!M8&(&!&%&#)(!5.'T!)8&!4&:$##$#:!+,!;'.6&'b(!,$#.7!g+3'#&*!.(!8&!).T&(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
HG^!M8$(!'&,&'&#<&!)+!E&7%$77&b(!E+4*!;$<T!$(!.!6'+%+<.)$%&!+#&!,+'!5*!()3/*!+%&'.77A!B$'()0!)8&!
'&7.)$+#(8$6!4&)S&&#!28.4!.#/!N(85.&7!6.')$<$6.)&(!$#!.!<&').$#!T$#/!+,!8+4+8&5$.#!6'.<)$<&0!
5$//7&Y<7.((!N(85.&7!/+<35&#)$#:!)8&!S+'T$#:5&#!,+'!8$(!+S#!(+<$.7!:.$#A!P&<+#/0!M8+56(+#b(!B&.'!
.#/!O+.)8$#:!$#!O.(!c&:.(!/&6$<)(!;3T&!/'$%$#:!i)8&!J8$)&!J8.7&j!L./$77.<0!&#%$($+#$#:!5&#!/'.S#!
)+!)8&!'+./!$#!(&.'<8!+,!)8&!25&'$<.#!;'&.5!.(!.!($5$7.'0!(6&<)'.7!g+3'#&*!+,!,3)$7&!5.(<37$#&!
.((&')$+#A!M8.)!)8&!'&,&'&#<&!.66&.'(!$#!)8&!)S&#)*Y,$'()!<&#)3'*!)&7&%$($+#!(8+S!5.$#).$#(!#+)!+#7*!
E&7%$77&b(!<'&.)$%&!6+S&'0!43)!.7(+!)8&!<37)3'.7!<$'<37.)$+#!+,!5.(<37$#&!5*)8+7+:$&(!.(!)8&*!'&7*!+#!
<7.((!$#!25&'$<.#!7$)&'.)3'&!.#/!<37)3'&!5+'&!:&#&'.77*A!!!!
! ! FH]! !
6.')!$#!)8&!,7$:8)!,'+5!5$//7&Y<7.((!5.(<37$#&!6'&((3'&(!S8&#!8$(!6&'(+#.7!.#/!
6'+,&(($+#.7!7$,&!47&#/(!.#/!473'(A!V3)!3#7$T&!6'&%$+3(!/$(.66&.'.#<&(!+#!)8&!(8+S0!
;'.6&'b(!(+7$).'*!/'$%&!S&()S.'/!($:#.7(!.!5+'&!<+567&W!<37)3'.7!3#<+#(<$+3(!
'&7.)&/!)+!)8&!8+4+!5*()$93&0!.#/!.!'&<7.$5$#:!+,!J8$)5.#b(!8+4+!4&:$##$#:(!,'+5!
(&.(+#!+#&A!!
! 2,)&'!(&%&#!8+3'(!+,!7.)&Y#$:8)!/'$%$#:0!;'.6&'!8&.'(!8$(!,+'5&'!4+((0!V&')!
L++6&'0!+#!)8&!'./$+A!L++6&'!)8&#!.66&.'(!.(!.!6.((&#:&'!$#!)8&!<.'!.#/!.(T(!;'.6&'0!
sQ+3h%&!4&&#!/'$%$#:!,+'!(&%&#!8+3'(!$#!)8&!S'+#:!/$'&<)$+#A!J8&'&!.'&!*+3!:+$#:pj!
diO+()!@+'$X+#(jeA!L++6&'b(!:&()3'&!)8.)!S&()S.'/!$(!)8&!S'+#:!/$'&<)$+#!'&%&.7(!)8&!
:&+:'.68$<!/$'&<)$+#!+,!&.()!.(!S8.)!5.$#).$#(!)8&!(&<3'&!:3$(&!+,!;+#!;'.6&'0!./!
5.#A!M8$(0!4*!/&,.37)0!+,,&'(!)8.)!)8&!5$/YS&()0!7$T&!)8&!N77$#+$(!+,!8$(!*+3)80!.#/!)8&!
,.'!S&()!+,!L.7$,+'#$.!(&'%&(!.(!.#!3#/+$#:!+,!)8.)!$/&#)$)*A!L++6&'!/$(<+3'.:&(!
;'.6&'b(!S&()S.'/!5+%&5&#)!4&<.3(&!$)!)8'&.)&#(!8$(!(&7,Y5./&!6&'(+#.A!L++6&'!
)8&#!/$(<7+(&(!;'.6&'b(!6(*<8+7+:$<.7!#&&/!)+!i67.*!)8&!()'.#:&'j!$#!8$(!7$,&!+,!,.$7&/!
'&7.)$+#(8$6(!.#/!/&<&$),37!$#)&'.<)$+#(!diO+()!@+'$X+#(jeA!Q&)0!;'.6&'b(!<3''&#)!'+7&!
+,!)8&!()'.#:&'!$(!(3::&()$%&!+,!5+%$#:!)+S.'/!;'.6&'b(!4+'#!$/&#)$)*!.(!J8$)5.#0!
()'.#:&!+#7*!$#!$)(!#.''.)$%&!)'.g&<)+'*!4.<TS.'/!$#!)$5&!.#/!S&()S.'/!.<'+((!)8&!
<+3#)'*A!M8&!7.)&Y#$:8)!/'$%&!.#/!<+#%&'(.)$+#!S$)8!L++6&'!<+/&(!;'.6&'b(!&(<.6&!
+#!)8&!'+./!.(!.!'&/$(<+%&'*!+,!)8$(!7+()!$/&#)$)*0!)8&!iO+()!@+'$X+#j!+,!)8&!)$)7&!
'&,&''$#:!)+!4+)8!#.%$:.)$+#.7!/$(7+<.)&/#&((!.#/!,+'&<7+(&/!+66+')3#$)*A!"#.47&!)+!
<+5&!)+!)&'5(!S$)8!8$(!<+#()'3<)&/!7$,&0!;'.6&'!).T&(!)+!)8&!'+./!)+!:&#&'.)&!(&7,Y
.,,$'5$#:!&W6&'$&#<&!.#/!(&7,Y(&.'<8$#:!+66+')3#$)$&(A!;'.6&'!.(T(!L++6&'_!
! ! FH^! !
;'.6&'_!s1&5&54&'!K#!)8&!1+./ps!!
L++6&'_!sNh%&!#&%&'!'&./!)8.)!4++TA!Q+3!T#+S!)8.)As!
;'.6&'_!sNh5!'$/$#:!)8&!'.$7(As!!
L++6&'_!sJ$)8&'!:+&()!)8+30!25&'$<.0!$#!)8*!(8$#*!<.'!$#!)8&!#$:8)ps!
!!diO+()!@+'$X+#(je!
!
V*!$#%+T$#:!R&'+3.<b(!,.5+3(!g+3'#&*!.<'+((!)8&!25&'$<.#!7.#/(<.6&!)+!,$#/!
8$5(&7,0!;'.6&'!<7.$5(!)8&!8+4+!5*()$93&!.(!8$(!5&)8+/!+,!(&7,Y5.T$#:A!R&'+3.<b(!
$#<73($+#!$#!)8&!(<&#&!.77+S(!;'.6&'!)+!<+#,7.)&!8+4+!5&)8+/(!+,!)'.#(6+').)$+#0!
+,,&'$#:!)8.)!'$/$#:!)8&!'.$7(!$(!.!5+'&!'+5.#)$<!%&'($+#!+,!8+4+$#:!)8.#!R&'+3.<b(!
6.((&#:&'&/!().)3(!.(!.!C.(+7$#&!M'.56A!L++6&'b(!,$#.7!S+'/(!$#!)8$(!/'&.5!
(&93&#<&!93+)&!K#!)8&!1+./0!.!4++T!8&!8.(!#+)!'&./!43)!T#+S(!S+'/!,+'!S+'/!.)!8$(!
<+'&AHG`!;&(6$)&!)8&!8.773<$#.)+'*!#.)3'&!+,!L++6&'b(!6'&(&#<&0!8$(!'&<$).)$+#!+,!)8&!
7$#&(!$#()$77(!.!<37)3'.7!3#<+#(<$+3(!'&:.'/$#:!)8&!8+4+A!M8$(!'+5.#<&!+,!)8&!8+4+!+#!
)8&!'+./!+'!'.$7(!<.#!4&!(&&#!6'+6&77$#:!;'.6&'b(!5+%&5&#)0!5.T$#:!R&'+3.<b(!
S+'/(!.!<.).7*()!,+'!(&7,Y/$(<+%&'*!+#!)8&!'+./(!S&()S.'/AHGI!M8&(&!<+#,$:3'.)$+#(!
<+#)$#3&!)+!,3')8&'!)8&!.66&.7!+,!)8&!8+4+!5*()$93&!S8&#!)8&!&6$(+/&!&#/(!S$)8!
;'.6&'!6$<T$#:!36!.!8$)<88$T&'!+3)($/&!$#!J$(<+#($#A!>.:&'!)+!'&Y/$(<+%&'!8$5(&7,0!
;'.6&'!&54.'T(!36+#!8$(!+S#!R&'+3.<!$#(6$'&/!g+3'#&*0!8&./$#:!)+S.'/!)8&!'$/&'b(!
/&()$#.)$+#!+,!P)A!=.370!E$##&(+).0!(.*$#:!+#7*!iN!<.#!:+!)8.)!S.*j!)+!&W6'&((!8$(!
S$77$#:#&((!)+!'+.5!diO+()!@+'$X+#(jeA!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
HG`!O$)&'.)3'&!$(!+#&!S.*!)8.)!E./!E&#!$#<+'6+'.)&/!5$/Y<&#)3'*!(6&<$,$<!<37)3'&A!MS+!+,!(&%&'.7!
#+)&/!)$)7&(!$#<73/&!2*#!1.#/b(!2)7.(!P8'3::&/!dH\`ae!S8$<8!L++6&'!'&<+55&#/(!)+!;'.6&'!<7.$5$#:!
)8.)!8&!3#/&'().#/(!;'.6&'b(!68$7+(+68*!+,!7$,&!di@+4+!L+/&je0!.#/!B'.#T!Kb@.'.b(!E&/$).)$+#(!$#!.#!
>5&':&#<*!dH\`ae!S8$<8!;'.6&'!(&#/(!)+!L.7$,+'#$.!.(!<+#,&(($+#.7!5$(($%&!+,!8$(!$/&#)$)*!<'$($(!
diB+'!M8+(&!J8+!M8$#T!Q+3#:jeA!!
HGI!R&'+3.<b(!&%+T&(!.#+)8&'!6+&)!+,!)8&!'+./0!J.7)!J8$)5.#A!M8&!S&()&'#!5+%&5&#)!+,!5&#!$#!
i=$+#&&'(t!K!=$+#&&'tj!dO&.%&(!+,!C'.((0!H[``e!6'+%$/&(!R&'+3.<!.!().')$#:!67.<&!,+'!)8&!(&7,Y
.::'.#/$X$#:!.#/!(&7,Y5.T$#:!'+5.#<&!+,!5+%$#:!.<'+((!)8&!25&'$<.#!7.#/(<.6&A!N)!$(!#+!<+$#<$/&#<&!
)8.)!J8$)5.#!$(!;'.6&'b(!4$')8!#.5&!.#/!&93.)&(!8$(!8+4+!4&:$##$#:(A!!
! ! FH`! !
! iO+()!@+'$X+#(j!5.'T(!;'.6&'b(!(7+S!8+4+!'&%&.70!&.<8!S&()&'#!5+%&5&#)!
4'$#:$#:!8$5!<7+(&'!)+!3#Y5.T$#:!8$5(&7,0!7&.%$#:!8$(!(&7,Y6'+)&<)$%&!/&%$<&(!+#!)8&!
'+./($/&!)+!.<8$&%&!.!R&'+3.<Y7$T&!'&.7$X.)$+#!$#!L.7$,+'#$.AHGa!V*!.((+<$.)$#:!8$5(&7,!
S$)8!)8&!S&()&'#!6'+5$(&!+,!)8&!8+4+!5*()$93&0!;'.6&'b(!<+#)$#3&/!5+%&5&#)!
.7+#:!iM8&!E$7T!k!@+#&*!1+3)&0j!)+!L.7$,+'#$.!&W6+(&(!5+'&!.#/!5+'&!+,!;$<T!
J8$)5.#AHG[!M8+3:8!$)!$(!;+#!;'.6&'!S8+!7&,)!-&S!Q+'T!L$)*!.#/!/'+%&!S&()0!;$<T!
J8$)5.#!4&:$#(!)+!$#8.4$)!)8&!/'$%&'b(!(&.)!$#!R.#(.(!.#/!KT7.8+5.A!M8&(&!
<+56&)$#:!$/&#)$,$<.)$+#(!6'+%$/&!/$,,$<37)!,+'!;'.6&'DJ8$)5.#!S8&#!8$(!<.'!4'&.T(!
/+S#!$#!KT7.8+5.!.#/!8&!$(!()'.#/&/!.)!.!(5.77!5+)&7A!M8&!7+<.7(!(&&!
;'.6&'DJ8$)5.#!.(!4+)8!.!7&$(3'&Y/'$%&#!S&.7)8*!)'.%&7&'!.(!S&77!.(!.!)$#T&'$#:!
S+'T$#:5.#!)8.)!,$W&(!)8&!5+)&7b(!)*6&S'$)&'0!<.(8!'&:$()&'!.#/!L+T&!5.<8$#&A!M8$(!
<7.((Y/3.7$)*!4&<+5&(!&(6&<$.77*!$#)&#(&!S8&#!;'.6&'DJ8$)5.#!$#)&'.<)(!S$)8!)8&!
7+<.7!6+()!+,!)8&!25&'$<.#!O&:$+#0!S8$<8!,+'<&(!8$5!)+!,+'&:'+3#/!8$(!(&'%$<&!$#!
R+'&.!.(!;$<T!J8$)5.#A!2)!)8&!,3#/'.$(&'0!S8$<8!.$5(!)+!&.'#!.!7.':&!/+#.)$+#!,'+5!
8$50!;'.6&'DJ8$)5.#!7$()&#(!)+!%&)(!)&77!)8&$'!()+'$&(!)+!(3'%$%&A!2,)&'!8&.'$#:!)8&$'!
()'3::7&(0!8+4+!.(!.')$()!;'.6&'D!J8$)5.#!)&77(!8$(!+S#0!&W67.$#$#:!)+!)8&!).47&_!iN!
T$77&/!5*!LKA!J&!S&'&!3#/&'!,$'&A!B3&7!S.(!&%&'*S8&'&A!2#/!N!/'+66&/!5*!7$:8)&'A!
2#/!N!47&S!8$5!.6.')A!2#/!N!:+)!)+!:+!8+5&As!diE$7T!k!@+#&*!1+3)&jeA!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
HGa!B'.#T!L.6'.b(!H\]a!,$75!O+()!@+'$X+#!$(!.#!./.6).)$+#!+,!)8&!H\]]!4&()Y(&77$#:!#+%&7!4*!?.5&(!
@$7)+#A!2(!.!6+6!<37)3'.7!.773($+#0!)8&!)$)7&!&%+T&(!93&()$+#(!+,!4&$#:!8$g.<T&/!+#!)8&!S.*!)+!*+3'!
/&()$#.)$+#0!)8&!$#8.4$).#)(!+,!.!67.#&!/&7$%&'&/!)+!.#/!8&7/!$#!)8&!$/*77$<!P8.#:'$YO.A!N#!;'.6&'b(!
#.''.)$%&!.'<80!)8&!(&&5$#:7*!:7.5+'+3(!7$,&!+,!;+#!;'.6&'!$#!-&S!Q+'T!L$)*!$(!63)!$#!93&()$+#0!8$(!
g+3'#&*!S&()S.'/!.#/!)+S.'/!;$<T!J8$)5.#!.!'&)3'#!+#!)8&!6'+6&'!<+3'(&A!!
HG[!M8&!)$)7&!.7(+!'&,&'(!)+!-&7(!2#/&'(+#b(!8+4+!8.#/4++T0!M8&!E$7T!.#/!@+#&*!1+3)&!6347$(8&/!
3#/&'!)8&!6(&3/+#*5!;&.#!P)$,,!$#!H\]GA!
! ! FHI! !
!M8&!(&'$&(!8./!6'&%$+3(7*!$#/$<.)&/!)8.)!LK!;+#!;'.6&'!S.(!T$77&/!$#!4.))7&!
.#/!)8.)!;$<T!J8$)5.#!)++T!8$(!#.5&0!'&)3'#$#:!8+5&!3#/&'!.!/$,,&'&#)!$/&#)$)*AHG\!
@+S&%&'0!)8$(!&6$(+/&!5.'T(!)8&!,$'()!)$5&!)8&!.3/$&#<&!$(!:$%&#!)8&!/&).$7(!+,!)8&!
S.')$5&!&%&#)!#+)!)8'+3:8!,7.(84.<T0!43)!J8$)5.#b(!.<)3.7!'&)&77$#:!+,!)8&!&%&#)A!
;'.6&'DJ8$)5.#b(!)&()$5+#*!)+!)8&!).47&!+,!%&)&'.#(!.(!J8$)5.#!$(!.!5+5&#)!+,!
8+#&()*0!8$(!S&()S.'/!5+%&5&#)!()'$66$#:!/+S#!)8&!<+#()'3<)$+#!+,!;'.6&'b(!
.((35&/!$/&#)$)*!.#/!,$#.77*!)&77$#:!.!()+'*!)8.)!$(!)'3&A!1.)8&'!)8.#!g3/:&!J8$)5.#!
,+'!8$(!.<)$+#(0!)8&!%&)(!<+55$(&'.)&!S$)8!8$5!.#/!'&.((3'&!8$5!)8.)!.(!.!:&#&'.7!
'37&0!i*+3!g3()!/+!S8.)!*+3!8.%&!)+!/+!)+!<+5&!8+5&s!diE$7T!k!@+#&*!1+3)&jeA!
;'.6&'DJ8$)5.#b(!'&)3'#!,'+5!R+'&.!.'&!5.'T&/!4*!,$<)$+#(!+,!)8&!(&7,!)8.)!#&%&'!
,&&7!.)!8+5&0!5.T$#:!8+5&!&73($%&A!2(!.!8+4+Y.(Y.')$()0!;'.6&'DJ8$)5.#!,&&7(!.)!
8+5&!$#!8+5&7&((#&((!.#/!8$(!S&()S.'/!5+%&5&#)!.$5(!)+!,$#/!)8$(!,&&7$#:!4*!
'.547$#:!.<'+((!)8&!"#$)&/!P).)&(A!;'.6&'DJ8$)5.#b(!5+%&5&#)(!.7(+!(3::&()!)8.)!
8+5&!$(!#+)!#&<&((.'$7*!.!67.<&0!43)!)8&!.4$7$)*!)+!'&<+#<$7&!8$(!4&:$##$#:(!.(!;$<T!
J8$)5.#A!!
! ;'.6&'DJ8$)5.#b(!&W6&'$&#<&!.)!)8&!O&:$+#!($:#.7(!)8&!4&:$##$#:!+,!8$(!
.4$7$)*!)+!3#/&'().#/!8$(!<+56&)$#:!$/&#)$)$&(0!43)!.7(+!'&93$'&(!8$5!)+!).T&!6.')!$#!
)8&!8+4+!5*()$93&!&%&#!,3')8&'A!M8&!8+4+!5*()$93&!6&'5$)(!;'.6&'DJ8$)5.#!)+!
/$(<+%&'!8$5(&7,0!43)!.)!)8&!(.5&!)$5&!$)!6'+%$/&(!.#!3#<.##*!'&.7$(50!S8.)!>'$#!
E&'<&'!'&,&'(!)+!.(!3#8+5&7$#&((!)8.)!.%+$/(!.//'&(($#:!)'.35.)$<!4&:$##$#:(!
dH\GeA!>.<8!5$7&!.7+#:!iM8&!E$7T!k!@+#&*!1+3)&j!6'+5$(&(!#+)!+#7*!(&7,Y
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
HG\!N#!P&.(+#!]0!>6$(+/&!HH!iM8&!C*6(*!.#/!)8&!@+4+0j!;+#!;'.6&'b(!S$,&!V&))*!<+#,'+#)(!8$5!.4+3)!
8$(!()+7&#!$/&#)$)*A!M8&!/&).$7(!+,!;'.6&'b(!R+'&.#!J.'!/&.)8!.'&!#+)!/$%37:&/0!+#7*!)8.)!J8$)5.#!8./!
).T&#!)8&!#.5&A!
! ! FHa! !
.<)3.7$X.)$+#0!43)!.7(+!/$((+73)$+#!)8'+3:8!S8$)&!5.7&!,.#).(*A!B&&7$#:!6'+6&77&/!)+!
<+#)$#3&!).T$#:!6.')!$#!)8&!,'&&/+5(!+,!)8$(!,$<)$+#0!;'.6&'!$5637($%&7*!:$%&(!8$(!<.'!
)+!.!*+3#:!5.#!/&(6&'.)&!)+!&(<.6&!)8&!)+S#A!N#()&./!+,!/'$%$#:0!;'.6&'DJ8$)5.#!
($)(!.)!.!'3'.7!43(!()+6!4&)S&&#!,$&7/(0!.!($#:7&!67.()$<!4.:!+,!8$(!4&7+#:$#:(!$#!8.#/A!
>7$5$#.)$#:!)8&!<.'!7&.%&(!;'.6&'!S$)8+3)!)8&!6'$%$7&:&(!+,!-&S!Q+'T!L$)*0!.77+S$#:!
J8$)5.#!.#/!8$(!8+4+!4&:$##$#:(!)+!).T&!6'&<&/&#<&A!M8&!,$#.7!(<&#&!(8+S(!
;'.6&'DJ8$)5.#!(5$7$#:!$#!)8&!(3#(8$#&0!(3::&()$#:!)8.)!8&!$(!+#&!()&6!<7+(&'!)+!
.<<+567$(8$#:!.!'.$7Y'$/$#:!$/&#)$)*!8&./&/!S&()S.'/A!!
! N#!)8&!(&'$&(b!,$#.7!&6$(+/&0!i=&'(+#!)+!=&'(+#0j!;'.6&'!<+567&)&(!8$(!
)'.#(,+'5.)$+#!)+!8+4+!;$<T!J8$)5.#AHHG!2,)&'!<.)<8$#:!.!'$/&!)+!O+(!2#:&7&(!,'+5!
P.7)!O.T&!L$)*fS8&'&!8&!S+'T&/!.(!)8&!5+()!$<+#$<!+,!S+'T$#:Y<7.((!,$:3'&(0!)8&!
5&<8.#$<f;'.6&'!T#+<T(!.)!)8&!/++'!+,!.!,.5$7*!,'$&#/0!P)&68.#$&0!.#/!$(!:'&&)&/!.(!
;$<TAHHH!@&!$(!8.::.'/0!/$')*!.#/!)$'&/o!8&!8.(!#+)!(8.%&/!.#/!()$77!+#7*!8.(!.!($#:7&!
4.:!+,!6+((&(($+#(A!@&!.66&.'(!/&(6&'.)&0!.(T$#:!,+'!7$93+'!$#!.#!.75+()!/&73($+#.7!
().)&A!P)&68.#$&!$#%$)&(!8$5!$#0!43)!&W6'&((&(!8&'!<+#<&'#!,+'!8$5!.(!8&!<+77.6(&(!+#!
)8&!<+3<8A!N#!)8$(!(<&#&0!;'.6&'!8.(!.<<+567$(8&/!4&<+5$#:!;$<T!J8$)5.#!4&::$#:!
.)!)8&!/++'!,+'!.!/'$#T!.#/!.!(8+S&'0!.!L.7$,+'#$.Y4+3#/!8+4+!7$T&!R&'+3.<A!
;'.6&'DJ8$)5.#!8.(!<+%&'&/!)8&!:&+:'.68$<!:'+3#/!+,!)8&!8+4+!.#/!8.(!#+S!4&&#!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
HHG!2#/*!P.54&':0!8+()!+,!)8&!Ia)8!='$5&)$5&!>55*!2S.'/(0!%&'*!.6)7*!'&,&''&/!)+!E./!E&#!.(!)8&!
()+'*!+,!i;$<T!J8$)5.#!@+'#*!@+4+Aj!@&.)8&'!M.67&*!.':3&(!)8.)!<+''&7.)$+#(!4&)S&&#!8+4+(!.#/!
(&W3.7$)*!S&'&!<'&.)&/!4*!5&/$<.7!/$(<+3'(&!S8$<8!i6'+/3<&/!)8&!dS8$)&e!8+4+D)'.56!.(!7.X*!
d7.4+3'e!.#/0!)8&'&,+'&0!7$<&#)$+3(!d(&W3.7$)*ej!d]`eA!N'+#$<.77*0!)8&!7$<&#)$+3(!.(6&<)!+,!
;'.6&'DJ8$)5.#b(!<8.'.<)&'!$(!;'.6&'0!#+)!)8&!8+4+!J8$)5.#A!!
HHH!P)&68.#$&!$(!)8&!#$&<&!+,!2##.!;'.6&'0!)8&!S$/+S!+,!)8&!R+'&.#!J.'!LK!;+#!;'.6&'0!S8+(&!
$/&#)$)*!S.(!()+7&#!4*!;$<T!J8$)5.#A!"6+#!8$(!'&)3'#!,'+5!S.'0!2##.!)'.<T(!;'.6&'DJ8$)5.#!/+S#!
.#/!)8&!)S+!,+':&!.!<7+(&!,'$&#/(8$6!4.(&/!+#!)8&!(&<'&)!$/&#)$)*A!P)&68.#$&!8.(!+#7*!&%&'!T#+S#!
;'.6&'DJ8$)5.#!.(!;$<T!J8$)5.#A!!
! ! FH[! !
$/&#)$,$&/!4*!+)8&'(!.(!;$<T!J8$)5.#0!<+567&)$#:!8$(!8+4+!,.#).(*!+,!S&()S.'/!
)'.%&7A!V3)!S8&#!P)&68.#$&!$#%$)&(!8$5!4.<T!+#)+!)8&!'+./!)+!.!-&S!2:&!'&)'&.)!36!
)8&!<+.()!8&!4&:'3/:$#:7*!.))&#/(!)+!(366+')!8&'0!/&(6$)&!8$(!4$:Y<$)*!;'.6&'Y7$T&!
(T&6)$<$(5A!2,)&'!)8&*!.''$%&!.)!)8&!'&)'&.)0!P)&68.#$&!:'+S(!+%&'Y&5+)$+#.7!$#!.!
(&(($+#!.#/!(8&!7&.%&(!$#!)8&!5$//7&!+,!)8&!#$:8)A!M8$(!7&.%&(!;'.6&'DJ8$)5.#!
()'.#/&/!+#!)8&!<+.()A!!
! B+'!)8&!,$'()!)$5&!$#!(&%&#!(&.(+#(0!;'.6&'DJ8$)5.#!$(!,+'<&/!)+!()+6!5+%$#:A!
@&!$(!+#!)8&!473,,(!+,!)8&!+<&.#!.#/!<.#!:+!#+!,3')8&'!S&()A!@&!$(!(3''+3#/&/!4*!
()'.#:&'(!$#!.!'3'.7!.#/!#.)3'.7!&#%$'+#5&#)0!5.'T$#:!)8&!,$#.7!(<&#&(!.(!
.#)$)8&)$<.7!)+!8$(!-&S!Q+'T!L$)*!8$:8Y'$(&!7$,&A!@&!8.(!#+!5&)8+/!+,!)'.#(6+').)$+#!
.#/!<.##+)!7&.%&!)8&!'&)'&.)!3#)$7!.!<.'fS8$<8!).T&(!.!,&S!/.*(!)+!'&93&()f<+5&(!
,+'!8$5A!@&!4'&.T(!/+S#!,'+5!)8&!()'.$#!+,!4&$#:!().)$+#.'*0!.#/!<+77.6(&(!+#!)8&!
:'+3#/0!)'&547$#:!.(!8&!.((&')(0!iN!<.#b)!5+%&j!di=&'(+#!)+!=&'(+#jeA!B.(8$+#&/!.(!.!
5$''+'Y$5.:&!+,!?.<T!R&'+3.<0!;'.6&'DJ8$)5.#!$(!/'&((&/!$#!67.$/!S$)8!4&.'/&/!
(<'3,,0!4'+T&#!.#/!&W6+(&/!.)!)8&!V$:!P3'!'&)'&.)AHHF!O$T&!R&'+3.<b(!V$:!P3'!<.4$#!
/S&77$#:0!;'.6&'DJ8$)5.#!8$)(!'+<T!4+))+50!.#/!8.(!4&&#!()'$66&/!)+!)8&!<+'&!+,!
8$(!4&$#:A!@&!8.(!&54'.<&/!8$(!8+4+!4&:$##$#:(0!S8$7&!()$77!<+##&<)&/!i=&'(+#!)+!
=&'(+#j!4*!.!68+#&!<.77!)+!<+YS+'T&'!=&::*!.#/!8$(!7$,&!.(!;'.6&'!$#!-&S!Q+'T!L$)*A!
-+!7+#:&'!.47&!)+!6.')$<$6.)&!$#!)8&!3#8+5&7$#&((!+,!)8&!8+4+!5*()$93&0!;'.6&'!
,$#/(!8$5(&7,!.)!)8&!&#/!+,!)8&!'+./A!@$(!(+<$.70!68*($<.7!.#/!:&+:'.68$<!$#.4$7$)*!)+!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
HHF!M8&!.((+<$.)$+#(!4&)S&&#!;'.6&'DJ8$)5.#!.#/!R&'+3.<!.'&!6'+,3(&A!;'.6&'DJ8$)5.#!$(!
'+3:87*!)8&!(.5&!.:&!.(!R&'+3.<0!4+)8!4+'#!$#!)8&!&.'7*YH\FG(A!2)!)8$(!6+$#)!+,!E./!E&#b(!#.''.)$%&!
$)!$(!H\aG!.#/!R&'+3.<!8./!/'3#T!8$5(&7,!)+!/&.)8!)8&!*&.'!4&,+'&A!M8$(!5.T&(!R&'+3.<b(!7$T&#&((!$#!
)8&!,$#.7!(<&#&(!+,!;'.6&'DJ8$)5.#!.!#+)!+#7*!.!6'+%+<.)$%&!<37)3'.7!(*54+7!+,!)8&!8+4+!5*()$93&0!
43)!.!,'$:8)&#$#:!.7)&'#.)$%&!,+'!;'.6&'DJ8$)5.#b(!g+3'#&*A!!
! ! FH\! !
5+%&!(3::&()(!)8.)!)8&!8+4+!5*()$93&!S.(!.!(&7,Y/&()'3<)$%&!'&(+73)$+#!)+!8$(!
<+#,7$<)!S$)8!)8&!;$<T!J8$)5.#!+,!8$(!8+4+!4&:$##$#:(0!.#/!)8&!;+#!;'.6&'!+,!8$(!
-&S!Q+'T!7$,&A!2#!$#()'3<)+'!.)!)8&!'&)'&.)!,&.'(!,+'!;'.6&'DJ8$)5.#b(!S&77Y4&$#:0!
8&76(!8$5!+,,!)8&!:'+3#/0!.#/!3(8&'(!8$5!$#)+!.!(&(($+#A!N#!)8$(!(&(($+#0!S8.)!P.77*!
1+4$#(+#!<.77(!.!iE$//7&!25&'$<.#j!5.#f5$//7&Y.:&/!.#/!5$//7&Y<7.((f'&%&.7(!
)8&!3#,37,$77$#:!#.)3'&!+,!8$(!<+'6+'.)&!7$,&!.#/!&W6'&((&(!)8.)!8&!,&&7(!)'.#(6.'&#)!
.#/!3#$56+').#)A!M8$(!#.''.)$+#!+,!.!%37#&'.47&!.#/!$#%$($47&!5.(<37$#$)*!6'+56)(!
;'.6&'!)+!:&)!36!$#!)8&!5$//7&!+,!)8&!5.#b(!'.547&A!V3)!'.)8&'!)8.#!7&.%&!)8&!'++5!
7$T&!8&!/+&(!)8&!E$77&'!4&&'!6$)<8!)8.)!().')(!8$(!8+4+!g+3'#&*0!;'.6&'DJ8$)5.#!
S.7T(!.<'+((!)8&!'++5!.#/!83:(!)8&!5.#!S$)8!)'&547$#:!$#)&#($)*A!M8$(!&54'.<&!
5.'T(!)8.)!8+4+!;$<T!J8$)5.#!+#!)8&!V$:!P3'!<7$,,(!8.(!7&.'#&/!)+!'&<+#<$7&!8$(!7$,&!
.(!)8&!./!5.#!;+#!;'.6&'A!!;'.6&'DJ8$)5.#!'&.7$X&(!8$(!#&<&((.'*!/3.7$)*!.#/!
,$#/(!)8.)!$)!$(!#+)!)8&!8+4+!5*()$93&!)8.)!$(!/&()'3<)$%&0!43)!'.)8&'!)8&!(+<$.7!
&W6&<).)$+#!,+'!5.(<37$#&!($#:37.'$)*A!@$(!'+./Y63'(3$)!,+'!(&7,Y/$(<+%&'*!<+567&)&0!
)8&!,$#.7!(<&#&!+,!)8&!(&'$&(!(8+S(!;'.6&'DJ8$)5.#!5&/$).)$#:!+#!)8&!<7$,,(!+,!V$:!
P3'!$#!.!S8$)&Y<+77.'&/!/'&((!(8$')!.#/!T8.T$(A!@&!$(!,$#.77*!8.66*!.#/!$#)&'#.77*!
S8+7&!.(!.!(&7,Y'&.7$X$#:!8+4+!.#/!4+8&5$.#A!
!
@KVK@>EN2-!L2ONBK1-N2!
!E./!E&#!<.77(!.))&#)$+#!)+!)8&!<+''&7.)$+#!4&)S&&#!)8&!3#<.##*!'&.7$(5!+,!)8&!
8+4+!5*()$93&!.#/!)8&!i&.'7*!6+()YS.'!6&'$+/b(!<+#<&'#!S$)8!)8&!'&$#)&:'.)$+#!+,!
/$(&#,'.#<8$(&/!%&)&'.#(!)+!25&'$<.#!<$%$7$.#!7$,&0j!S8.)!>'$#!E&'<&'!6+$#)(!+3)!$(!.)!
! ! FFG! !
)8&!8&.')!+,!)&W)(!7$T&!;'.6&'b(!4&7+%&/!K#!)8&!1+./!dHI\eA!;'.6&'DJ8$)5.#b(!
'&<+#<$7$.)$+#!S$)8!8$(!.7)&'#.)&!'&.7$)$&(!.,)&'!(&'%$#:!$#!)8&!R+'&.#!J.'!'&93$'&(!
8$5!)+!3)$7$X&!)8&!8+4+!#.''.)$%&!,+'!5.(<37$#&!/$'&<)$+#A!N#!)8$(!S.*0!)8&!8+4+!
#.''.)$%&!4&<+5&(!.!5&)8+/!,+'!63'(3$#:!<37)3'.7!<7.((Y%.73&(!$#!S+'7/!5./&!
()'.#:&!4*!#+)!+#7*!)8&!S.'(!+,!)8&!)S&#)$&)8!<&#)3'*0!43)!.7(+!)8&!6'+(6&'$)*!+,!.#!
&W6.#/$#:!+,!)8&!5$//7&!<7.((!)8.)!<'&.)&(!i.#!.54$:3+3(!(6.<&!$#!S8$<8!6&.<&!.#/!
67&#)*!S&'&!<+#().#)7*!8.3#)&/!4*!.!(&#(&!+,!.#W$&)*j!dE&'<&'!H\GeA!2(!.!5.'T&'!+,!
6'+(6&'$)*0!)8&!25&'$<.#!/'&.5!.#/!)8&!<+5,+')(!+,!5+/&'#!7$,&!.'&!<8.77&#:&/!4*!
)8&!8+4+b(!8+5&7&((#&((0!(3::&()$#:!)8.)!)8&!.#W$&)*!+,!5.(<37$#&!7$,&!6'&<73/&(!
,&&7$#:!.)!8+5&A!M8&!8+4+!#.''.)$%&!.//'&((&(!S8$)&!5.(<37$#$)*!.(!6&'6&)3.77*!
8+5&7&((!$#!)8&!)S&#)$&)8!<&#)3'*A!M+!)8$(!&,,&<)0!E&'<&'!.':3&(!)8.)0!im)n+!4&!l.)!
8+5&b!$#!6+()S.'!25&'$<.!.7S.*(!$#%+7%&/!)8&!)8'&.)!+,!&()'.#:&5&#)0j!)+!S8$<8!N!
+,,&'!)8&!8+4+!#.''.)$%&!.(!.#!&547&5.)$<!&W.567&!dH\GeA!!
!L.7$,+'#$.!$(!.47&!)+!'&7.*!4+)8!)8&!i6&.<&!.#/!67&#)*j!+,!E&'<&'b(!3#<.##*!
'&.7$(50!.(!S&77!.(!=$X&'b(!im(n+<$.77*!.#/!5+'.77*!(3(6&<)j!#.)3'.7$(5!)8.)!,+<3(&(!+#!
)8&!i<+#<'&)&!$55&/$.<$&(!+,!&W6&'$&#<&j!(&&#!$#!)&W)(!7$T&!M8&!C'.6&(!+,!J'.)8!d]eA!
E&#!7$T&!;'.6&'DJ8$)5.#0!.(!S&77!.(!O+#/+#0!P)&$#4&<T0!R&'+3.<0!M8+56(+#0!.#/!
V3T+S(T$!4&#&,$)!,'+5!.!,7&W$47&!#.''.)$%&!6'.<)$<&!7$T&!)8&!8+4+Y.(Y.')$()!$#!
L.7$,+'#$.0!.!'&:$+#.7!($)&!,+'!7+<.7$X&/!25&'$<.#!5.(<37$#&!(&7,Y5.T$#:!$#!.!5+/&'#!
&'.!S8&'&!+#7*!)8&!,'+#)$&'!$(!(&))7&/A!;'.6&'DJ8$)5.#b(!g+3'#&*!)+!L.7$,+'#$.!<.77(!
.))&#)$+#!)+!)8&!:&+:'.68$<!(6.<&!+,!)8&!J&()!.(!6&'5$))$#:!<7.((!6&',+'5.)$%&!
6+(($4$7$)*A!O$T&!)8&!(&))$#:(!/$(<3((&/!$#!6'&%$+3(!<8.6)&'(0!L.7$,+'#$.!<+#)$#3&(!)+!
! ! FFH! !
(&'%&!E./!E&#!.(!.!7+<.)$+#!+,!6'+5$(&0!+#&!)8.)!1+4&')!P&:3$#!.':3&(!$(_!
4+3#/!36!S$)8!+#&!+,!)8&!6'$5.7!43$7/$#:!47+<T(!25&'$<.#!<7.((7&((#&((0!
S8$<8!$(!)8&!#+)$+#!+,!.!:&#&'.7$X&/!.#/!.%.$7.47&!(+<$+(6.)$.7!5+4$7$)*!
dS8&'&$#!(6.)$.7!5+4$7$)*0!.#/!$#/&&/!$#/$%$/3.7!5+)$+#!$)(&7,0!<.#!,$:3'&!,+')8!
,.#).($&(!+,!(+<$.7!5+4$7$)*eA!M8&!+%&'/&)&'5$#.)$+#!+,!($567&!:&+:'.68*!$(!
)83(!<'3<$.7_!.(!)8&!)&'5$#.7!6+$#)!+,!5$:'.)$+#!$#!25&'$<.0!.(!)8&!67.<&!S8&'&!
)8&!,'+#)$&'!<+5&(!)+!.!8.7)!+#!)8&!(3#Y/'&#<8&/!4&.<8&(Z!L.7$,+'#$.!
#.)3'.77*!4&<.5&!.5&#.47&!)+!.!8+()!+,!,.#).(*!$#%&()5&#)(!.#/!6'+g&<)$+#(!
<+#<&'#$#:!)8&!(3<<&((!+'!$55$#&#)!,.$73'&!+,!)8&!25&'$<.#!;'&.5A!d\^e!
!
2(!.!<7.((!6&',+'5.)$%&!,$:3'&0!;'.6&'DJ8$)5.#!3)$7$X&(!L.7$,+'#$.!.(!.!(6.<&!+,!
'&S'$).4$7$)*A!@$(!(+<$.7!5+4$7$)*!$(!:&#&'.)&/!4*!<+#<&6)(!+,!(6.)$.7!5+4$7$)*!'++)&/!
$#!,'+#)$&'Y&'.!5$:'.)$+#(!.#/!&.'7*!)S&#)$&)8!<&#)3'*!8+4+!)'.%&7(A!;'.6&'!
4&<+5&(!J8$)5.#!.)!P)&68.#$&b(!/++'!#+)!4&<.3(&!(8&!<.#!$/&#)$,*!8$50!43)!4&<.3(&!
8&!8.(!<.77&/Y36!.#!25&'$<.#!3#<+#(<$+3(!+,!(&7,Y5.T$#:!)8.)!$(!)$&/!)+!)8&!6'+5$(&!
+,!L.7$,+'#$.A!M8&!5$7T!.#/!8+#&*!'+3)&!6'+%$/&(!.!S&()S.'/!/$'&<)$+#!)8.)!+,,&'(!
$#()'3<)$+#!,+'!8$(!<+567&W!.#/!<+56&)$#:!<7.((!$/&#)$)$&(AHH]!2''$%$#:!$#!L.7$,+'#$.!
+#7*!)+!4&!,.<&/!S$)8!S8&'&!)8&!i,'+#)$&'!<+5&(!)+!.!8.7)0j!;'.6&'DJ8$)5.#b(!
,.#).(*!+,!)8&!8+4+!5*()$93&!6'+%$/&(!8$5!.#!+66+')3#$)*!)+!'&<7.$5!.!8+4+Y.(Y
.')$()!5&#).7$)*!)8.)!6'+%$/&(!)8&!%&'4.7!&W6&'$&#<&!S$)8!S8$<8!)+!'&YS'$)&!7$,&A!! !
! N#!)8$(!S.*0!$)!$(!#+)!+#7*!5+%&5&#)!)8'+3:8!:&+:'.68$<!(6.<&!)8.)!
&#:&#/&'(!<7.((!6&',+'5.)$%$)*0!43)!.7(+!)8&!.6)$)3/&!,+'!7.#:3.:&0!()+'*)&77$#:!.#/!
#.''.)$%&!)&<8#$93&A!2(!E.'T!P&7)X&'!5.T&(!<7&.'!S$)8!)8&!5&<8.#$<.7!)*6&S'$)&'0!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
HH]!;'.6&'b(!5$//7&Y<7.((!&(<.6&!,'+5!)8&!6'&((3'&(!+,!5.(<37$#&!&W6&<).)$+#!.'&!.7(+!($5$7.'!)+!?+8#!
"6/$T&b(!1.44$)!13#!dH\IGe0!S8&'&!5.$#!<8.'.<)&'!@.''*!'3#(!.S.*!,'+5!8$(!6'+47&5(!4*!8$))$#:!)8&!
'+./0!)8&!8+4+!/'.S!+,!,'&&/+5!'&(+3#/$#:!.:.$#()!8$(!5$//7&Y<7.((!5.7&!6'&((3'&(A!@.''*b(!
/&6.')3'&!,'+5!+3)($/&!+,!=8$7./&768$.!67.<&(!8$5!$#!)8&!<.'0!/'$%$#:!$#!.#*!/$'&<)$+#!43)!&.()!)+S.'/!
8+5&_!i@&!S.#)(!)+!:+!(+3)8!mZn!/+S#!)8&!5.6!mZn!N)!(&&5(!($567&!&#+3:80!/'$%&!.77!#$:8)!)8'+3:8!
)8&!/.S#!)8'+3:8!)8&!5+'#$#:!)8'+3:8!)8&!#++#!6.'T!+#!.!4&.<8!).T&!+,,!*+3'!(8+&(!.#/!,.77!.(7&&6!
4*!)8&!C37,!+,!E&W$<+j!d"6/$T&!F]Y^eA!!!
! ! FFF! !
)8&!$#)&77&<)3.7!7.4+'!+,!5.(<37$#&!(&7,Y5.T$#:!+,)&#!3(&(!#.)3'.7$()!,+'5(!)+!
./%.#<&_!!
m.n!,3#/.5&#).77*!/$,,&'&#)!3#/&'().#/$#:!+,!)8&!S+'T!6'+<&((A!J8.)!)8$(!
$#%+7%&(!$(!6.')!$(!)8&!$#<+'6+'.)$+#!+,!)8&!'&6'&(&#).)$+#!+,!)8&!S+'T!
6'+<&((!$#)+!)8&!S+'T!6'+<&((!$)(&7,A!V3)!4&*+#/!)8.)0!$)!$#%+7%&(!)8&!
$#<+'6+'.)$+#!+,!)8&!S+'T!6'+<&((!.(!)8&!S+'T!6'+<&((!$)(&7,A!dP&7)X&'!H^e!
!
O$T&!V3T+S(T$b(!).W!/&/3<).47&!S'$)$#:!)++70!+'!;'.6&'DJ8$)5.#b(!.4$7$)*!)+!,$W!)8&!
5+)&7b(!)*6&S'$)&'!.#/!&W8$4$)!8$(!)*6$#:!(T$77(0!)8&!8+4+!#.''.)$%&!&568.($X&(!.#!
.4$7$)*!)+!S'$)&!.#/!'&YS'$)&!+#&b(!$/&#)$)*!$#!7$:8)!+,!S8.)!-$:&7!M8'$,)!<+#($/&'(!.!
#&S!)&<8#+7+:*!+,!)8&!(&7,A!"#7$T&!)8&!<8.7T!+,!)8&!,+7T7+'$<!8+4+!<+/&0!)8&!
)*6&S'$)&'!$(!.!5.<8$#&!)8.)!6&'5$)(!4+)8!6&'(+#.7!(&7,Y&W6'&(($+#!.#/!6'+,&(($+#.7!
S+'T!$#!;'.6&'b(!./%&')$($#:!7$,&A!P&7)X&'b(!.))&#)$+#!)+!S+'T!6'+<&((!'&$#()$)3)&(!5*!
&.'7*!<+#<&'#!S$)8!/$,,&'&#)$.)$#:!8+4+(!.#/!)'.56(!4.(&/!+#!S8.)!<+3#)(!.(!S+'TA!
M8&!8+4+!#.''.)$%&!5&/$).)&(!+#!)8&(&!<+#<&'#(0!$((3$#:!(&7,Y'&,7&W$%&!7$,&!.#/!.')!$#!
5+/&'#!.#/!6+()5+/&'#!8+4+!#.''.)$%&(!)8.)!'&/&,$#&!7.4+'!)8'+3:8!8$:87*!5+4$7&!
#.''.)$+#(!+,!$#)&77&<)3.7!<.6.<$)*A!!
!M+!<+#<73/&0!N!S.#)!)+!(3::&()!)8.)!8+4+8&5$.#!6'.<)$<&!$(!:&#&'.)&/!,'+5!
.#!.#W$&)*!+%&'!S+'T$#:Y<7.((!.#/!5$//7&Y<7.((!$/&#)$,$<.)$+#(!)8.)!.$5!)+!&W6'&((!
/$,,&'&#<&(!4&)S&&#!68*($<.7!.#/!$#)&77&<)3.7!7.4+'A!25$/!)8&!5$/Y<&#)3'*!$#<'&.(&!
$#!S8$)&Y<+77.'!g+4(0!)8&!8+4+!#.''.)$%&!4&<+5&(!.!7$)&'.'*!,+'5!)8.)!&#:.:&(!
.')$<37.)$+#(!+,!(+<$.7!8$&'.'<8*!,+'!(+<$.7!<+55.#/A!;'.S$#:!+#!<.6$).70!S8&)8&'!
&<+#+5$<0!<37)3'.70!(+<$.7!+'!(*54+7$<0!8+4+8&5$.#!6'.<)$)$+#&'(!.'&!.47&!)+!.//'&((!
)8&!8+77+S#&((!+,!6+()S.'!'&.7$(5!.(!>'$#!E&'<&'!(&&(!$)A!V*!&#:.:$#:!$#!()'.#:&!
,$<)$+#.7!'&.7$)$&(0!)8&!8+4+!#.''.)$%&!&#:.:&(!6'+)+Y#.)3'.7$()!5+/&(!)8.)!.77+S!
! ! FF]! !
S8$)&0!5.(<37$#&!(&7,Y5.T$#:!)8'+3:8!)8&!<7.((Y,.#).($&(!+,!8+4+(0!)'.56(!.#/!435(!
)8.)!(&'%&!)+!<+#(+7$/.)&!6'$%$7&:&(!+,!'.<&0!<7.((!.#/!:&#/&'!'.)8&'!)8.#!<8.77&#:&!
)8&5A!
!M8&!6'+7$,&'.)$+#!+,!)8&!8+4+!#.''.)$%&!$#)+!)8&!)S&#)$&)8!<&#)3'*!+,,&'(!.!
(6&<$,$<0!8$()+'$<.7!<+#(<$+3(#&((!)8.)!<$'<37.)&(!S$)8!537)$67$<$)$&(!$#!$)(!3#<.##*!
'&6'&(&#).)$+#(0!S8&)8&'!'&.7$()!+'!#.)3'.7$()A!M8&!&.'7*Y$#<+'6+'.)$+#!+,!)8&!8+4+!
$#)+!J8$)5.#D;'.6&'b(!<8.'.<)&'!/&%&7+65&#)!8$:87$:8)(!)8$(!6'+,3(&!<37)3'.7!
<$'<37.)$+#A!N)!.7(+!5.T&(!%$($47&!)8&!,7&W$4$7$)*!+,!)8&!8+4+!#.''.)$%&0!S8$<8!'&7$&(!+#!
.!<+54$#.)$+#!+,!7$)&'.'*!()*7&(!.#/!:&#'&(0!$#<73/$#:!)8&!.3)+4$+:'.68*0!#+#Y,$<)$+#0!
,$<)$+#!.#/!5&5+$'0!)+!(3::&()!)8.)!i3#8+5&7$#&((!:3.'.#)&&(!&()'.#:&5&#)!,'+5!
.#*!:&#'&j!$#<73/$#:!&%&#!)8&!i:&#'&!$)(&7,!)+!4&<+5&!&()'.#:&/!,'+5!$)(!+S#!
<+#%&#)$+#(j!dE&'<&'!]FY]]eA!V*!&#%$($+#$#:!8+4+8&5$.#!6'.<)$<&!.(!.#!&W.567&!+,!
&()'.#:&/!<+#%&#)$+#(0!E./!E&#b(!8+4+!#.''.)$%&!&/:&!.')$<37.)&(!6+6!<37)3'.7!
<$'<37.)$+#(!4&*+#/!)8&!7$)&'.'*0!:&()3'$#:!)+S.'/!)8&!8+4+b(!6'&(&#<&!$#!#+)!+#7*!
)&7&%$($+#0!43)!.7(+!,$75!.#/!53($<A!V*!<7.$5$#:!)8&!%.73.47&!$#8&'$).#<&!+,!)8&!8+4+!
#.''.)$%&!.#/!(&77$#:!$)!)+!)S&#)*Y,$'()!<&#)3'*!.3/$&#<&(0!E./!E&#!.')$<37.)&(!.#!
+#:+$#:!<37)3'.7!,.(<$#.)$+#!S$)8!(&7,Y5./&!5.(<37$#$)*!.#/!)8&!/*#.5$<!6'.<)$<&!+,!
<7.((!6&',+'5.)$%$)*!+#!)8&!'+./!&.'#&/!)8'+3:8!&.'7*!)'.56!.3)+4$+:'.68$&(!.#/!
8+4+!#.''.)$%&(A!!
!M8&(&!.66&.7(!.'&!.7(+!(6&<).<7&(!+,!S8$)&!5.(<37$#$)*!$#!<'$($(0!.#/!(3::&()!
)8.)!.#!&()'.#:&5&#)!,'+5!<+#%&#)$+#!<.#!<+553#$<.)&!)8&!().'T!'&.7$)$&(!+,!
'.56.#)!.7<+8+7$(5!.#/!(&7,Y/&()'3<)$%&#&((!.(!$#)&:'.7!<8.77&#:&(!)+!5.(<37$#$)*!
! ! FF^! !
)8.)!.'&!5&)!4*!)8&!S'$)&'b(!5*)8+7+:$<.7!,'&&/+5!+#!)8&!'+./!$#!(+<$.7!.#/!(*54+7$<!
S.*(A!M8&(&!<8.77&#:&(!.7(+!5.6!+#)+!)8&!'&,7&W$%&!(8$,)(!+,!.3)8+'!.#/!#.''.)+'0!
5./&!5+()!%$($47&!$#!R&'+3.<!.#/!V3T+S(T$b(!/$,,$<37)!'&<.7$4'.)$+#!+,!)8&!(&7,!.,)&'!
)8&$'!#.''.)+'(!4&<.5&!,.5+3(A!J8$7&!)8&!8+4+!#.''.)$%&!6'+%$/&(!.!6'+/3<)$%&!
&()'.#:&5&#)!,'+5!<+#%&#)$+#0!$)!.7(+!6'+%$/&(!8+4+8&5$.#!6'.<)$)$+#&'(!.!
/.#:&'+3(!&()'.#:&5&#)!,'+5!)8&5(&7%&(A!J8$7&!)8&!8+4+Y.(Y.')$()!&W8$4$)(!
'&($7$&#<*!)8.)!.77+S(!8$5!)+!5.$#).$#!(.,&!(+<$.7!<.7<37.)$+#(0!)8&!8+4+8&5$.#b(!
S'$)&'7*!+<<36.)$+#!$(!&#/.#:&'&/!4*!<8.#:$#:!<37)3'.7!5.'T&)67.<&(!.#/!(+<$+Y
&<+#+5$<!6'&((3'&(A!M8$(!T$#/!+,!(6&<).<7&Y+,Y)8&Y(&7,!$(!.!<3'$+3(!$#)&'(&<)$+#!+,!
)S&#)$&)8!<&#)3'*!)8+3:8)!)8.)!(3::&()(!)8.)!)8&!3#<.##*!'&.7$(50!5&<8.#$<.7!
#.)3'.7$(5!+'!/$')*!'&.7$(5!+,!)8&!8+4+!#.''.)$%&!$(!$)(&7,!.!6+637.'$X&/!.#/!
<+55+/$,$&/!<$'<37.)$+#!+,!S8$)&0!5.(<37$#&!.#W$&)*A!!!
!E*!&W.5$#.)$+#!+,!)8&!8+4+!#.''.)$%&!$#!25&'$<.#!7$)&'.)3'&!.#/!<37)3'&!
8$:87$:8)(!.!)&#/&#<*!)+!&().47$(8!.3)8&#)$<!.#/!.:&#)$.7!$/&#)$)*!)8'+3:8!S+'T$#:Y
<7.((!'&6'&(&#).)$+#(A!N#!/+$#:!(+0!$)!)'.<&(!.!:&#&'.)$+#.77*Y(6&<$,$<!.#/!<7.((Y
6'$%$7&:&/!.4$7$)*!)+!(&7,Y5.T&!5.(<37$#&!$/&#)$)*A!N!$56+')!/$(<3(($+#(!+,!<7.((!
)8'+3:8!)8&!)&'5(!+,!:&#/&'&/!6'$%$7&:&!)+!.')$<37.)&!)8.)!)8&!8+4+!#.''.)$%&!
$#().)&(!8+4+8&5$.#!6'.<)$<&0!S8$<8!3)$7$X&(!)8&!8$:87*!5.(<37$#&!8+4+!5*()$93&!,+'!
./%.#<&5&#)!+,!S8$)&0!5$//7&Y<7.((!<+#)'+7A!M8&!8+4+!#.''.)$%&!<7.$5(!S+'T$#:Y
<7.((!$/&#)$)*!.#/!(&77(!$)!)+!)8&!25&'$<.#!<37)3'.7!5.'T&)67.<&!)+!&W8$4$)!)8.)!(+<$.7!
().)3(!<.#!4&!5.#$637.)&/!,+'!:&#&'.)$+#.7!.#/!<+3#)&'<37)3'.7!:.$#(A!@+4+8&5$.#!
6'.<)$<&!.77+S(!S8$)&!5.(<37$#$)*!)+!'&YS'$)&!$)(&7,!$#!5$#+'$)*!6+($)$+#(!4.(&/!+#!
! ! FF`! !
)8&!537)$67$<$)*!.#/!/&5+<'.)$<!3(&!%.73&!+,!S+'T$#:Y<7.((!$/&#)$)*A!N#!/+$#:!(+0!
)8&(&!5$#+'$)*!6+($)$+#(!(+7$/$,*!.!5.g+'$)*!6+($)$+#!S8$<8!<.#!:.$#(!<37)3'.7!<+#)'+7!
4*!()'&(($#:!.!().)3(!.47&!)+!<7.$5!537)$67&!$/&#)$,$<.)$+#(!,+'!(&7,Y(&'%$#:!#.''.)$%&!
6'+g&<)(!$#)+!)8&!)S&#)*Y,$'()!<&#)3'*A!
! !M8&!8+4+!#.''.)$%&!.7(+!8$:87$:8)(!.!#3.#<&/!<7.((Y4.(&/!<8.77&#:&!)+!)8&!
36S.'/7*!5+4$7&!6'&((3'&(!+,!27:&'Y7$T&!'.:(Y)+Y'$<8&(!)'+6&(A!M8&!8+4+!#.''.)$%&!
'&<.7$4'.)&(!#+)$+#(!+,!S+'T!.#/!(+<$.7!().)3(!.7+#:($/&!.!8+'$X+#).7!.W$(!,+'!.!8$:87*!
'&:$+#.7!5.(<37$#&!(&7,Y5.T$#:A!2(!.!'./$<.7!7$,&()*7&!.#/!'+5.#)$<!,+'5!+,!(&7,Y
&W67+'.)$+#0!)8&!8+4+!#.''.)$%&!6'+%$/&(!$)(!6'.<)$)$+#&'(!'&($7$&#)!<7.((!
6&',+'5.)$%&!)&<8#$93&(!)+!#.%$:.)&!7.)&Y<.6$).7$()!)$5&(A!M8&!<+#)&56+'.'*!8+4+!
#.''.)$%&!)'.#(:'&((&(!<7.((Y/$()$#<)$+#(!)+!<+77.6(&!(+<$+Y&<+#+5$<!/&4.)&(!+,!
6+%&')*!$#!,.%+'!+,!$((3$#:!'./$<.7!.#/!'&4&77$+3(!(&7,Y<+#)'+7A!M8&!8+4+0!+#<&!.!
6+7$)$<.7!,$:3'&!$#!)8&!N#/3()'$.7!2'5*0!$(!#+S!.!8$:87*!<+#()'3<)&/!#+().7:$<!
'&,&'&#<&!)+!5$/Y<&#)3'*!5.(<37$#$)*A!M8&!8+4+!#.''.)$%&!7+<.)&(!S.*(!)8&!
'&<$6'+<.7!.#/!/$.7+:$<!<8.'.<)&'!+,!S+'T$#:Y<7.((!<37)3'&!4&<+5&(!.!5&)8+/!,+'!
<+55+/$,*$#:!)8&!6+%&')*!$#!)8&!5.'T&)67.<&!+,!$/&.(A!M8&!()'.)&:$<!3(&!+,!
8+4+8&5$.#!6'.<)$<&!5.T&(!)8&!(+<$.7!.#/!5.)&'$.7!6'&((3'&(!+,!<+#)&56+'.'*!
25&'$<.#!$/&#)$)*!.4()'.<)!.#/!()*7$X&/!$#!.')0!)3'#$#:!)8&5!$#)+!(*54+7$<!($)&(!,+'!
6+637.'!<37)3'&!.#/!6+7$)$<(A!!!
!
&
&
! ! FFI! !
D'1I'0#4"K)-!
2&(<87$5.#0!EA;A!i=+/8+'&)X!%A!)8&!-$8$7$()(j!M8&!-.)$+#.7!1&%$&SA!HDH[DFGH^A!
-.)$+#.71&%$&SA<+5.!HD^DFGHIA!J&4A!
2#/&'(+#0!-&7(A!K#!@+4+(!.#/!@+5&7&((#&((!dH\F]eA!>/A!1.,,.&7&!1.3)*A!L8$<.:+_!
"#$%&'($)*!+,!L8$<.:+!"=0!H\\[A!='$#)A!!
! YYM8&!E$7T!.#/!@+#&*!1+3)&_!2!@+4+!@.#/4++T!dH\]GeA!;&.#!P)$,,A!-&S!Q+'T_!
c.#:3.'/!='&((0!H\]HA!='$#)A!!
2)).S.*0!J$77$.5A!O&)!E&!V'&.)8&!M83#/&'A!-&S!Q+'T_!;+347&/.*0!H\]\A!='$#)A!!
23&'4.<80!?+#.)8.#A!E.7&!L.77_!V&<+5$#:!?.<T!O+#/+#A!;3'8.50!-L_!;3T&!"=0!H\\IA!
!='$#)A!!
23()$#0!E.'*A!i13'.7!V+8&5$._!L.'5&70!H\GG(j!dH\FaeA!K#!V+8&5$._!M8&!L+/&!+,!)8&!
P&7,Y>W$7&/A!>/(A!Lq(.'!C'.r.!.#/!E.'$:.*!C'.r.A!-&S!V'3#(S$<T0!-?_!
M'.#(.<)$+#!=347$(8&'(0!H\\GA!^\[Y`G`A!='$#)A!!
V.',7*!dH\[aeA!;$'A!V.'4&)!P<8'+&/&'A!=&',A!E$<T&*!1+3'T&0!B.*&!;3#.S.*A!J.'#&'!
! @+5&!c$/&+0!FGGFA!;c;A!!
V.)).)0!>'$#!1+*()+#A!2$#b)!C+)!-+!@+5&_!25&'$<.b(!C'&.)!E$:'.)$+#(!.#/!)8&!E.T$#:!
+,!.#!N#)&''.<$.7!O&,)A!L8.6&7!@$77_!"#$%&'($)*!+,!-+')8!L.'+7$#.!='&((0!FGH^A!
='$#)A!!
V.350!OA!B'.#TA!M8&!J+#/&',37!J+'7/!+,!KX!dH\GGeA![D]HDFGH]A!"#$%&'($)*!+,!
c$':$#$.A!FDF\DFGHIA!J&4A!!
Vq'34q0!E$<8.&7A!i2!L8.#:&!$(!C+##.!L+5&0!P.5&!.(!N)!>%&'!J.(Aj!E./!E&#0!E./!
J+'7/_!P&W0!=+7$)$<(0!P)*7&!.#/!)8&!H\IG(A!>/(A!O.3'&#!EA!>A!C++/7./0!O$7*.!
! ! FFa! !
R.:.#+%(T*!.#/!1+4&')!2A!13(8$#:A!L8.6&7!@$770!-L_!;3T&!"=0!FGH]A!]^`Y]`\A!
='$#)A!!
V$:!P3'A!;$'A!E$<8.&7!=+7$(8A!=&',A!?&.#YE.'<!V.''0!R.)&!V+(S+')80!?+(8!O3<.(A!
2#/&'(+#!;$:$).70!FGH]A!;c;A!
V7.<T0!?.<TA!Q+3!L.#b)!J$#!dH\FIeA!>/$#43':8_!2R!='&((D-.4.)!V++T(0!FGGHA!='$#)A!!
V7.()&/ttt!M8&!C+#X+!=.)'$+)(!+,!@3#)&'!PA!M8+56(+#A!;$'A!V73&!R'.#$#:A!2')$77&'*!
!=$<)3'&(0!FGGIA!25.X+#!;$:$).7!;+S#7+./A!J&4A!
iM8&!V7.X$#:!k!)8&!V&.)Aj!M$5&(!V++T!1&%$&S0!c+7A!aH!N((3&![!dB&4!H\`[e_!HGIA!
!>4(<+@+()A!aD]GDFGH^A!J&4A!!
V+3'/$&30!=$&''&A!;$()$#<)$+#_!2!P+<$.7!L'$)$93&!+#!)8&!?3/:5&#)!+,!M.()&!dH\[^eA!
!M'.#(A!!1$<8.'/!-$<&A!L.54'$/:&0!E2_!@.'%.'/!"=0!H\\IA!='$#)A!!
V'&%/.0!J$77$.5A!@.''*!R&56_!M8&!O.()!V+8&5$.#A!O&S$(43':0!=2_!V3<T#&77!
!"#$%&'($)*!='&((0!H\[IA!='$#)A!!
V'++T(0!;.%$/A!V+4+(!$#!=.'./$(&A!-&S!Q+'T_!M+3<8()+#&!V++T(0!FGGGA!='$#)A!!
V3,+'/0!V$77A!!i>/$)+'$.7Aj!C'.#).![0!P6&<$.7!N((3&!i;$')*!1&.7$(5j!dE.*!H\[]eA!
!C'.#).A<+5A!FDH`DFGHIA!J&4A!!!!
V3T+S(T$A!;$'A!?.5&(!B'.#<+A!=&',A!?+(8!=&<T0!P8.##+#!;+8&')*A!1.44$)V.#/$#$!
!='+/3<)$+#(0!FGHIA!"#'&7&.(&/A!!
V3T+S(T$_!V+'#!N#)+!M8$(!dFGG]eA!;$'A!?+8#!;377.:8.#A!=&',A!L8.'7&(!V3T+S(T$0!V+#+0!
!?+8#!V'*.#A!E.:#+7$.0!FGGIA!;c;A!!
V3T+S(T$0!L8.'7&(A!i)8&!47./&Aj!Q+3!C&)!P+!27+#&!2)!M$5&(!M8.)!N)!?3()!E.T&(!P&#(&!
!dH\[IeA!-&S!Q+'T_!><<+0!FGGFA!Ha\YH[GA!='$#)A!!
! ! FF[! !
YYiN!;+#b)!-&&/!2!L7&+6.)'.Aj!@+().:&_!O$%&!dH\[`eA!18$#+!J+'7/!V&.)0!H\\^A!L;A!!
YY@.5!+#!1*&!dH\[FeA!-&S!Q+'T_!@.'6&'L+77$#(0!FGGFA!='$#)A!!
YY!@+77*S++/!dH\[\eA!P.#).!1+(.0!L2_!V7.<T!P6.''+S!='&((0!FGGGA!='$#)A!!
YY=+()!K,,$<&!dH\aHeA!-&S!Q+'T_!@.'6&'L+77$#(0!FGGFA!='$#)A!
YYJ+5&#!dH\a[eA!-&S!Q+'T_!@.'6&'L+77$#(0!FGGFA!='$#)A!!
V3)7&'0!?3/$)8A!C&#/&'!M'+347&!dH\\GeA!-&S!Q+'T_!1+3)7&/:&0!FGG[A!='$#)A!!
V3*!)8&!M$<T&)0!M.T&!)8&!1$/&_!@3#)&'!PA!M8+56(+#!+#!B$75!dFGGIeA!;$'A!M+5!
! M83'5.#A!=&',A!-$<T!-+7)&A!P).'XD!2#<8+'!V.*0!FGGaA!;c;A!!
L.564&770!?.5&(A!M8$(!$(!)8&!V&.)!C&#&'.)$+#!dH\\\eA!V&'T&7&*0!L2_!"#$%&'($)*!+,!
!L.7$,+'#$.!='&((0!FGGHA!='$#)A!!
L.(80!?+8##*A!iK#&!=$&<&!2)!2!M$5&Aj!K#&!=$&<&!2)!2!M$5&.!L+7354$.!1&<+'/(0!H\aIA!
L;A!
L.).#+0!?.5&(!cA!1.::&/!;$<T(_!E.(<37$#$)*0!P)&&70!.#/!)8&!18&)+'$<!+,!)8&!P&7,YE./&!
E.#A!L.'4+#/.7&0!NO_!P+3)8&'#!N77$#+$(!"#$%&'($)*0!FGGHA!='$#)!
LVL!2'<8$%&(A!i@3#)&'!PA!M8+56(+#!E&&)(!2!@&77h(!2#:&70!H\IaAj!Q+3M34&A!
!aDaDFGHGA!J&4A!aD\DFGH`A!!
L8.'7&(!V3T+S(T$0!25&'$<.#!23)8+'A!V3T+S(T$A#&)!aDFFDFGH`A!J&4A!!
L8&'T+%(T$0!-&&7$A!i-+)&(!+#!.!;$')*!K7/!E.#_!L8.'7&(!V3T+S(T$Aj!J8$)5.#b(!J$7/!
L8$7/'&#_!=+')'.$)(!+,!MS&7%&!=+&)(!dH\[[eA!P+3)8!1+*.7)+#0!cM_!P)&&',+')8!
='&((0!H\\\A!HY^GA!='$#)A!!
! ! FF\! !
L+7&(0!-$<8+7.(A!i;&5+<'.)$X$#:!O$)&'.)3'&_!N((3&(!$#!M&.<8$#:!J+'T$#:YL7.((!
!O$)&'.)3'&Aj!L+77&:&!>#:7$(80!c+7A!^[0!-+A!a!d-+%A!H\[Ie_!II^YI[GA!?PMK1A!
!HFDF\DFGH^A!J&4A!!
L+##&770!1A!JA!C&#/&'!k!=+S&'A!P).#,+'/0!L2_!P).#,+'/!"=0!H\[aA!='$#)A!!
L+#'./0!?+(&68A!@&.')!+,!;.'T#&((!dH\GFeA!-&S!Q+'T_!;+%&'!=347$<.)$+#(0!N#<A0!H\\GA!
='$#)A!
L'&((S&770!M$5A!M8&!M'.56!$#!25&'$<.A!O+#/+#_!1&.T)$+#!V++T(0!FGGHA!='$#)A!!
L3&%.(0!P)&%&#A!sPT$/!1+S!O.#/!13(8_!-+S!N)h(!K#&!+,!)8&!='$<$&'!P&<)$+#(!+,!OA2As!
u">;-&S(A!M8&!L.7$,+'#$.!1&6+')A!^DF]DFGH`A!J&4A!IDHIDFGH`A!!
;.%$(0!E$T&A!L$)*!+,!u3.')X_!>W<.%.)$#:!)8&!B3)3'&!$#!O+(!2#:&7&(!dH\\GeA!-&S!
&/$)$+#A!-&S!Q+'T_!c&'(+0!FGGIA!='$#)A!!
;&!L&')&.30!E$<8&7A!M8&!='.<)$<&!+,!>%&'*/.*!O$,&A!M'.#(A!P)&%&#!1&#/.77A!V&'T&7&*0!
L2_!"#$%&'($)*!+,!L.7$,+'#$.!='&((0!H\[^A!='$#)A!!
;&R+%&#0!E.'$.##&A!")+6$.!O$5$)&/_!M8&!P$W)$&(!.#/!)8&!>5&':&#<&!+,!)8&!
=+()5+/&'#A!;3'8.50!-L_!;3T&!"=0!FGG^A!='$#)A!!
;&770!B7+*/A!i@.77&73g.80!Nb5!2!V35tj!M8&!L&#)3'*!E.:.X$#&!d?3#&!H\F`e_!H]aYH`HA!
\DF]DFGH^A!"-UA+':A!\DF]DFGH^A!J&4A!!
YYN#)&77&<)3.7!c.:.4+#/.:&!dH\FIeA!L8$<.:+_!N%.#!1A!;&&0!N#<A0!H\\GA!='$#)A!!
;&7&3X&0!C$77&(!.#/!B&7$W!C3.)).'$A!2!M8+3(.#/!=7.)&.3(_!L.6$).7$(5!.#/!
P<8$X+68'&#$.A!M'.#(A!V'$.#!E.((35$A!E$##&.6+7$(_!"#$%&'($)*!+,!E$##&(+).!
='&((0!H\[aA!='$#)A!
! ! F]G! !
;&##$#:0!E$<8.&7A!M8&!L37)3'.7!B'+#)_!M8&!O.4+'$#:!+,!25&'$<.#!L37)3'&!$#!)8&!
MS&#)$&)8!L&#)3'*A!-&S!Q+'T_!c&'(+0!H\\aA!='$#)A!!
YYE&<8.#$<!2<<&#)(_!;$5&!-+%&7(!.#/!J+'T$#:!L7.((!L37)3'&!$#!25&'$<.A!-&S!Q+'T_!
c&'(+0!H\[aA!='$#)A!!
;&=.()$#+0!M+//A!L$)$X&#!@+4+A!L8$<.:+_!"#$%&'($)*!+,!L8$<.:+!='&((0!FGG]A!='$#)A!
;$<T()&$#0!E+''$(A!O&+6.'/(!$#!)8&!M&567&_!M8&!M'.#(,+'5.)$+#!+,!25&'$<.#!B$<)$+#!
H\^`YH\aGA!L.54'$/:&0!E2_!@.'%.'/!"=0!FGGFA!='$#)A!!
;+4+X*0!M.5.(Aj!N#!)8&!L+3#)'*!+,!L+#)'./$<)$+#!)8&!@*6+<'$)&!$(!R$#:_!;&,$#$#:!
;$')*!1&.7$(5!$#!L8.'7&(!V3T+S(T$b(!B.<)+)35Aj!E+/&'#!B$<)$+#!P)3/$&(0!
c+735&!^a0!-+!H!dP6'$#:!FGGHe_!^]YI[A!='+g&<)!E3(&A!HDFFDHFA!J&4A!!
;+(!=.((+(0!?+8#A!M8&!"APA2A!M'$7+:*!dH\]aeA!-&S!Q+'T_!=&#:3$#0!FGGHA!='$#)A!
>.(*!1$/&'!dH\I\eA!;$'A!;&##$(!@+66&'A!=&',A!;&##$(!@+66&'0!=&)&'!B+#/.0!?.<T!
-$<8+7(+#A!L+7354$.!=$<)3'&(0!H\\\A!;c;A!!
>77$(+#0!1.768A!iN!;$/!-+)!O&.'#!M8&$'!-.5&(j!d7.)&!H\]G(eA!B7*$#:!@+5&!.#/!K)8&'!
P)+'$&(A!-&S!Q+'T_!1.#/+5!@+3(&0!H\\IA![\Y\IA!='$#)A!!
M8&!>55*!2S.'/(0!Ia)8!='$5&)$5&A!;$'A!O+3$(!?A!@+'%$)XA!=&',A!2#/*!P.54&':A!B+W0!
FGH`A!M&7&%$($+#A!
>%.#(0!E.')8.!E.'*A!ssV&.)&#0!B.::&/!.#/!B3<T&/s_!L+#()'3<)(!+,!E.(<37$#$)*!$#!
B+3'!-+%&7(!4*!L8.'7&(!V3T+S(T$As!O+#:!V&.<8_!L.7$,+'#$.!P).)&!"#$%&'($)*0!
FGG[A!='+u3&()A!J&4A!]DFHDFGHFA!!
! ! F]H! !
B&.)8&'()+#&0!EA!iM8&!V+/*!$#!L+#(35&'!L37)3'&0j!M8&!V+/*_!P+<$.7!='+<&((!.#/!
L37)3'.7!M8&+'*.!>/(!EA!B&.)8&'()+#&0!EA!@&6S+')8!.#/!VA!M3'#&'A!O+#/+#_!
P.:&0!H\\HA!HaGYH\IA!='$#)A!!
B7*#)0!?+($.8A!M'.56$#:!J$)8!M'.56(!dH[\]eA!-&S!Q+'T_!M8&!L&#)3'*!L+0!H\GaA!
='$#)A!!
iB+'!M8+(&!J8+!M8$#T!Q+3#:Aj!E./!E&#!P&.(+#!FA!J'$)A!E.))8&S!J&$#&'A!;$'A!M$5!
@3#)&'A!2EL0!FGG[A!;c;A!!
B+'(4&':0!?&##$,&'!@.:&#A!sJ+'T$#:!M8'+3:8!@3#)&'!PA!M8+56(+#b(!P)'.#:&!.#/!
M&''$47&!P.:.Aj!=&'(+#.!P)3/$&(!?+3'#.70!P6&<$.7!N((3&_!J+'Td$#:e!=&'(+#.(A!
c+7AH0!-+A!F!dK<)+4&'!FGH`e_![[Y\[A!K6&#!?+3'#.7(!.)!;&.<+#A!HHDFDFGH`A!
J&4A!!
B+W0!=.5&7.A!L7.((!B$<)$+#(_!P8.5&!.#/!1&($().#<&!$#!)8&!V'$)$(8!J+'T$#:YL7.((!
-+%&7!H[\GYH\^`A!;3'8.50!-L_!;3T&!"=0!H\\^A!!
B'.#T7$#0!V&#g.5$#A!M8&!23)+4$+:'.68*!+,!V&#g.5$#!B'.#T7$#!dH[[\eA!L7.(($<!
25&'$<.#!23)+4$+:'.68$&(A!>/A!J$77$.5!2#/'&S(A!-&S!Q+'T_!P$:#&)!L7.(($<(0!
FGG]A!aGYFF[A!='$#)A!!
B+()&'0!CS&#/+7*#!23/'&*A!L7.((!=.(($#:_!P+<$.7!E+4$7$)*!$#!B$75!.#/!=+637.'!
L37)3'&A!L.'4+#/.7&0!NO_!P+3)8&'#!N77$#+$(!"=0!FGG`A!='$#)A!!
C.'4&'0!E.'g+'$&A!c&()&/!N#)&'&()(_!L'+((Y;'&(($#:!k!L37)3'.7!2#W$&)*A!-&S!Q+'T_!
1+3)7&/:&0!H\\FA!='$#)A!!
C+#X+_!M8&!O$,&!.#/!J+'T!+,!;'A!@3#)&'!PA!M8+56(+#!dFGG[eA!!;$'A!27&W!C$4#&*A!=&',A!
?+8##*!;&660!@3#)&'!PA!M8+56(+#A!E.:#+7$.0!FGG[A!;c;A!!
! ! F]F! !
C$#(4&':0!277&#A!@+S7!.#/!K)8&'!=+&5(!dH\`IeA!P.#!B'.#<$(<+_!L$)*!O$:8)(!V++T(0!
FGGHA!='$#)A!
M8&!C+7/&#!C7+4&(0!a]'/!2##3.7A!;$'A!O+3$(!?A!@+'%$)XA!=&',A!1$<T*!C&'%.$(A!-VL0!FGHIA!
M&7&%$($+#A!
C++/5.#0!=.37A!C'+S$#:!"6!24(3'/!dH\IGeA!-&S!Q+'T_!-&S!Q+'T!1&%$&S!V++T(0!
FGHFA!='$#)A!
C'.r.0!Lq(.'!.#/!E.'$:.*!C'.r.0!&/(A!K#!V+8&5$._!M8&!L+/&!+,!)8&!P&7,Y>W$7&/A!-&S!
V'3#(S$<T0!-?_!M'.#(.<)$+#!=347$(8&'(0!H\\GA!='$#)A!
M8&!C'.6&(!+,!J'.)8!dH\^GeA!;$'A!?+8#!B+'/A!=&',A!@&#'*!B+#/.0!?+8#!L.''./$#&A!FG)8!
L&#)3'*!B+W0!FGG^A!;c;A!!
iM8&!C*6(*!.#/!)8&!@+4+Aj!E./!E&#!P&.(+#!]A!J'$)A!E.))8&S!J&$#&'0!E.')$!-+W+#A!
;$'A!?&##$,&'!C&)X$#:&'A!2EL0!FGHGA!;c;A!!
@.74&'().50!?3/$)8A!B&5.7&!E.(<37$#$)*A!;3'8.5!m-ALAno!O+#/+#_!;3T&!"#$%&'($)*!
='&((0!H\\[A!='$#)A!
@.6T&0!O.3'.A!O.4+'b(!M&W)_!M8&!J+'T&'!$#!25&'$<.#!B$<)$+#A!-&S!V'3#(S$<T0!-?_!
13):&'(!"=0!FGGHA!='$#)A!
@.''$(+#0!13((&77A!2:.$#()!)8&!25&'$<.#!;'&.5_!>((.*(!+#!L8.'7&(!V3T+S(T$.!P.#).!
1+(._!V7.<T!P6.''+S!='&((0!H\\^A!='$#)A!!
@&55$#:(+#0!E$<8.&7A!M8&!;$')*!1&.7$(5!;3+_!L8.'7&(!V3T+S(T$!k!1.*5+#/!
L.'%&'A!"P2_!V+':+!='&((0!FGG[A!='$#)A!
@$)<8<+<T0!=&)&'A!i=.(($#:_!@&#'*!C'&&#!.#/!J+'T$#:YL7.((!N/&#)$)*Aj!EBP!E+/&'#!
B$<)$+#!P)3/$&(0!c+7A!^G0!-+A!H!dP6'$#:!H\\^e_!HY]HA!='+g&<)!E3(&A!
! ! F]]! !
HHDF`DFGH]A!J&4A!
YYiP7355$#:Aj!=.(($#:_!N/&#)$)*!.#/!N#)&'6'&).)$+#!$#!P&W3.7$)*0!1.<&!.#/!1&7$:$+#A!
>/(A!E.'~.!L.'7.!P|#<8&X!k!O$#/.!P<87+((4&':A!-&S!Q+'T_!-&S!Q+'T!"=0!
FGGHA!HIGYH[IA!='$#)A!!
iM8&!@+4+!L+/&j!dFGGaeA!E./!E&#!P&.(+#!HA!J'$)A!E.))8&S!J&$#&'0!L8'$(!
='+%&#X.#+A!;$'A!=8$7!24'.8.5A!2EL0!FGGaA!;c;A!!
8++T(0!4&77A!J8&'&!J&!P).#/_!L7.((!E.))&'(A!-&S!Q+'T_!1+3)7&/:&0!FGGGA!='$#)A!
@+S7A!;$'A!1+4!>6()&$#0!?&,,'&*!B'$&/5.#A!=&',A!?.5&(!B'.#<+0!M+//!1+)+#/$A!P+/.!
=$<)3'&(0!FGHGA!;c;A!
@3'()+#0!U+'.!-&.7&A!M8&$'!>*&(!J&'&!J.)<8$#:!C+/!dH\]aeA!-&S!Q+'T_!@.'6&'!
L+77$#(0!FGG\A!='$#)A!!
?.5&(0!;.%$/!>A!i=+&)'*D=3#TD='+/3<)$+#_!P+5&!=+()5+/&'#!J'$)$#:!$#!OA2Aj!=+S&'!
E$((&(_!>((.*(!2<'+((!d"#e=+637.'!L37)3'&A!-&S!Q+'T_!c&'(+0!H\\IA!H\HYFH^A!
='$#)A!!
?+.#(0!V.'4.'.A!sCONV!JNM@!C"MP!2-;!CK1>_!N!L+5&!)+!V3'*!@M0!-+)!)+!='.$(&!@$5_!
M8&!O&:&#/!+,!@3#)&'!M8+56(+#As!N#)&'#.)$+#.7!?+3'#.7!+,!E+)+'<*<7&!
P)3/$&(!H_F!d?37*!FGG`eA!J&4A![D]HDFGH`A!!
?+'/.#0!E.))!;3T&(A!V3T+S(T$b(!OA2A!O&W$#:)+#0!RQ_!L'&.)&P6.<&0!FGG[A!='$#)A!
R&.'+#0!M+#*A!iB'+5!2'4$)&'!)+!K5#$%+'&_!M8&!V+3':&+$(!M'.#(<&#/&#)!P&7,!.#/!)8&!
K)8&'!$#!;$(+':.#$(&/!E+/&'#$)*Aj!@35.#!P)3/$&(!c+7A!]`0!-+A!]!d23:!FGHFe_!
][]w]\\A!='+u3&()A!aDHFDFGH^A!J&4A!!
R&560!@.''*A!M'.56$#:!+#!O$,&A!-&S!Q+'T_!V+#$!.#/!O$%&'$:8)0!H\FFA!='$#)A!!
! ! F]^! !
R&'+3.<0!?.<TA!V$:!P3'!dH\IFeA!-&S!Q+'T_!=&#:3$#0!H\\FA!='$#)A!!
! YYO+#&(+5&!M'.%&7&'!dH\IGeA!-&S!Q+'T_!C'+%&!='&((0!H\aGA!='$#)A!
! YYK#!)8&!1+./!dH\`aeA!-&S!Q+'T_!=&#:3$#0!FGG]A!='$#)!
R$&,,#&'0!C.'*!OA!iE*)80!1&.7$)*0!.#/!1&%&#:&!$#!@3#)&'!PA!M8+56(+#b(!@&77b(!2#:&7(Aj!
N#)&'#.)$+#.7!?+3'#.7!+,!E+)+'<*<7&!P)3/$&(!H_F!d?37*!FGG`eA!J&4A![D]HDFGH`A!!
R$77!Q+3'!;.'7$#:(A!;$'A!?+8#!R'+T$/.(A!=&',A!;.#$&7!1./<7$,,&0!;.#&!;&@..#0!E$<8.&7!
LA!@.77!P+#*!=$<)3'&(!@+5&!>#)&').$#5&#)0!FGH^A!;c;A!
R$55&70!E$<8.&7!PA!E.#8++/!$#!25&'$<._!2!L37)3'.7!@$()+'*!dH\\^eA!P&<+#/!>/$)$+#A!
!-&S!Q+'T_!KW,+'/!"=0!FGGIA!='$#)A!!!
R3<$<80!?+8#A!i1&%&'(&!P7355$#:_!L'+((YL7.((!=&',+'5.)$%$)*!.#/!K':.#$<!K'/&'!$#!
!;$<T&#(!.#/!C.(T&77Aj!c$<)+'$.#!P)3/$&(0!c+7A!``0!-+A!]!dP6'$#:!FGH]e_!^aHY
!^\\A!='+g&<)!E3(&A!HFDHFDH]A!J&4A!
O&7.#/0!?+8#A!J8*!R&'+3.<!E.))&'(_!M8&!O&((+#(!+,!K#!)8&!1+./!dM8&*b'&!-+)!J8.)!
Q+3!M8$#TeA!-&S!Q+'T_!=&#:3$#0!FGGaA!='$#)A!!
O&##+#0!?+8#A!V+W<.'!=+7$)$<(_!M8&!@+4+!$#!"APA!L37)3'&!.#/!O$)&'.)3'&0!H[I\YH\`IA!
258&'()0!E2_!"#$%&'($)*!+,!E.((.<83(&))(!='&((0!FGH^A!='$#)A!!
YYsN#)&''+:.)$#:!25&'$<.#!P34<37)3'&_!M8&!@+4+!B$:3'&!.#/!-&:+)$.)$+#(!+,!
N#%$($4$7$)*As!K'/&'!-+A!]HIaGIF!O&8$:8!"#$%&'($)*0!FGG`A!2##!2'4+'_!
='+u3&()A!\D]GDFGH^A!J&4A!!
O&S$(0!P$#<7.$'A!i@+4+8&5$.j!dH\HaeA!M8&!C'&&#S$<8!c$77.:&!1&./&'_!B$<)$+#0!=+&)'*!
.#/!1&5$#$(&(0!H[aFYFGGFA!>/A!?3#&!PT$##&'!P.S*&'(A!-&S!Q+'T_!L++6&'!
P93.'&!='&((0!FGGHA!HH^YHF`A!='$#)A!!
! ! F]`! !
O$6($)X0!C&+':&A!L7.((!.#/!L37)3'&!$#!L+7/!J.'!25&'$<._!2!i1.$#4+S!2)!E$/#$:8)Aj!
-&S!Q+'T_!='.&:&'0!H\[HA!='$#)A!!!
O$%$#:()+#0&O&+#!1.*!d2Y-+A!HeA!O$,&!.#/!2/%&#)3'&(!+,!2Y-+A!H_!25&'$<.h(!E+()!
L&7&4'.)&/!M'.56A!L.54'$/:&!P6'$#:(0!=2_!M8&!2Y-+!H!=347$(8$#:!L+56.#*0!
H\HGA!='$#)A!!
O+#/+#0!?.<TA!?.<T!O+#/+#!+#!)8&!1+./_!M8&!M'.56!;$.'*!.#/!K)8&'!@+4+!J'$)$#:(A!
!>/A!1$<8.'/!JA!>)37.$#A!O+:.#0!"M_!").8!P).)&!"=0!H\a\A!='$#)A!!
! YYM8&!1+./!dH\GaeA!='+g&<)!C3)&#4&':!&V++TA!\DF]DFGH^A!J&4A!!
O+()!@+'$X+#!dH\]aeA!;$'A!B'.#T!L.6'.A!=&',A!>/S.'/!>%&'&))!@+')+#0!?+8#!@+S.'/A!
P+#*!=$<)3'&(!@+5&!>#)&').$#5&#)0!H\\\0!;c;A!!
iO+()!@+'$X+#Aj!E./!E&#!P&.(+#!aA!J'$)A!E.))8&S!J&$#&'0!P&5$!L8&77.(A!;$'A!=8$7!
24'.8.5A!2EL0!FGH`A!;c;A!
O+))0!>'$<A!i277!)8&!R$#:b(!E&#_!>7%$(!N56&'(+#.)+'(!.#/!J8$)&!J+'T$#:YL7.((!
E.(<37$#$)*Aj!1.<&!.#/!)8&!P34g&<)!+,!E.(<37$#$)$&(A!>/(A!@.''*!P)&<+6+37+(!
.#/!E$<8.&7!"&4&7A!;3'8.50!-L_!;3T&!"=0!H\\aA!H\FYFFaA!='$#)A!!
YYO+%&!k!M8&,)_!V7.<T,.<&!E$#()'&7(*!k!)8&!25&'$<.#!J+'T$#:!L7.((!dH\\]eA!FG)8!
2##$%&'(.'*!&/$)$+#A!-&S!Q+'T_!KW,+'/0!FGH]A!='$#)A!!
E.8&'0!=.37A!R&'+3.<0!)8&!;&,$#$)$%&!V$+:'.68*A!O.#8.50!E;_!M.*7+'!M'./&!
=347$(8&'(0!FGGaA!='$#)A!!
E.$7&'0!-+'5.#A!M8&!J8$)&!-&:'+!dH\`aeA!P.#!B'.#<$(<+_!L$)*!O$:8)(0!H\IIA!='$#)A!!&
M8&!E.'T!+,!U+''+!dH\^GeA!;$'A!1+34&#!E.5+37$.#A!=&',A!!M*'+#&!=+S&'0!O$#/.!
;.'#&770!V.($7!1.)84+#&A!FG)8!L&#)3'*!B+W0!FGG`0!;c;A!&
! ! F]I! !
E.'(8.770!=A!;.%$/A!i=&'(+#.!P)3/$&(_!E.66$#:!)8&!='+7$,&'.)$+#!+,!)8&!=347$<!P&7,j!
dFGH^eA!?+3'#.7$(5!c+7A!H`0!-+A!F!dFGH^e_!H`]YHaGA!P.:&A![D]HDFGH`A!J&4A!&
E<;.''.80!B'&/!JA!i2#.)+5*!+,!.!V&.)#$Tj!dH\IGeA!V&.)!;+S#!Q+3'!P+37A!>/A!2##!
!L8.')&'(A!-&S!Q+'T_!=&#:3$#0!FGGHA!]aaY][aA!='$#)A!!
E<@.7&0!V'$.#A!iL8.#:&!+,!;+5$#.#)!,'+5!E+/&'#$()!)+!=+()5+/&'#$()!J'$)$#:j!
!dH\[IeA!=+()5+/&'#$(5!.#/!)8&!L+#)&56+'.'*!-+%&70!&/A!V'.#!-$<+7A!
!>/$#43':8_!>/$#43':8!"=!O)/0!FGGFA!Fa[Y]GGA!='$#)A!!
E<R&&#0!J$77$.5A!K3)7.S!?+3'#.7$()_!M8&!O$,&!.#/!M$5&(!+,!@3#)&'!PA!M8+56(+#A!
!-&S!Q+'T_!JAJA!-+')+#!k!L+56.#*0!FGG[A!='$#)A!
E&7%$77&0!@&'5.#A!E+4*!;$<T!dH[`HeA!-&S!Q+'T_!=&#:3$#!=3)#.5!N#<A0!H\\]A!='$#)A!!
E&'<&'0!>'$#A!1&6'&(($+#!.#/!1&.7$(5!$#!=+()YJ.'!25&'$<.#!O$)&'.)3'&A!-&S!Q+'T_!
=.7:'.%&!E.<5$77.#0!FGHHA!='$#)A!!
iM8&!E$7T!.#/!@+#&*!1+3)&Aj!E./!E&#!P&.(+#!aA!J'$)A!E.))8&S!J&$#&'0!L.'7*!J'.*A!
;$'A!E.))8&S!J&$#&'A!2EL0!FGH`A!;c;A!
E+/&'#!M$5&(A!;$'A!L8.'7$&!L8.67$#A!=&',A!L8.'7$&!L8.67$#0!=.37&))&!C+//.'/A!L8.'7$&!
L8.67$#!='+/3<)$+#(0!H\]IA!J&4A!!!
E+8'0!V$77A!@+7/YK3)(_!M8&!O+(!2#:&7&(!=+&)'*!1&#.$((.#<&0!H\^[YH\\FA!N+S.!L$)*0!
NK_!"#$%&'($)*!+,!N+S.!='&((0!FGHHA!='$#)A!!
-&S8+3(&0!M8+5.(A!M8&!V&.)!C&#&'.)$+#!.#/!)8&!=+637.'!-+%&7!$#!)8&!"#$)&/!P).)&(!
H\^`YH\aGA!?&,,&'(+#0!-L_!E<B.'7.#/!k!L+56.#*0!N#<A!=347$(8&'(0!FGGGA!
='$#)A!!
! ! F]a! !
-+')80!E$<8.&7A!M8&!;$.7&<)!+,!E+/&'#$(5_!1.<&0!O.#:3.:&!.#/!MS&#)$&)8YL&#)3'*!
O$)&'.)3'&A!-&S!Q+'T_!KW,+'/!"=0!H\\^A!='$#)A!!
K4$.(0!13/$&A!iHF!B.5+3(!-+%&7$()(!J8+!V&<.5&!@+77*S++/!P<'&&#S'$)&'(Aj!
!HFDFGDFGH].!E&#).7B7+((AL+5.!FDH`DFGHIA!J&4A!!
Kb@.'.0!B'.#TA!E&/$).)$+#(!$#!.#!>5&':&#<*!dH\`aeA!-&S!Q+'T_!C'+%&!='&((0!H\IaA!
='$#)A!
K#&!B.()!E+%&!K'!Nb5!C+#&_!R&'+3.<b(!V$:!P3'.!;$'A!L3')!J+'/&#A!=&',A!;.%$/!
25'.50!>'$T!V.3&'(,&7/0!L.'+7*#!L.((./*A!R&'+3.<!B$75(0!FGG[A!;c;A!
K#!)8&!1+./A!;$'A!J.7)&'!P.77&(A!=&',A!P.5!1$7&*0!C.''&))!@&/73#/0!R'$()&#!P)&S.')A!
P3#/.#<&!P&7&<)(0!FGHFA!;c;A!
=.'T$#(+#0!M8+5.(A!iM8&!V&.)!J'$)&'(_!=8&#+5&#+#!+'!C&#&'.)$+#j!dH\IHeA!V&.)!
;+S#!Q+3'!P+37A!>/A!2##!L8.')&'(A!-&S!Q+'T_!=&#:3$#0!FGGHA!^^[Y^IFA!='$#)!
=&##&'0!?.5&(A!=$#T(0!=.#($&(0!.#/!=3#T(_!M8&!18&)+'$<!+,!E.(<37$#$)*!$#!25&'$<.#!
O$)&'.'*!L37)3'&A!V7++5$#:)+#_!N#/$.#.!"=0!FGHHA!='$#)A!!
i=&'(+#!)+!=&'(+#Aj!E./!E&#!P&.(+#!aA!J'$)A!E.))8&S!J&$#&'A!;$'A!E.))8&S!J&$#&'A!
2EL0!FGH`A!;c;A!!
=&)&'(+#0!1$<8.'/!2A!.#/!1+:&'!EA!R&'#A!iL8.#:$#:!@$:84'+S!M.()&_!B'+5!P#+4!)+!
K5#$%+'&Aj!25&'$<.#!P+<$+7+:$<.7!1&%$&S0!c+7A!IH0!-+A!`!dK<)A0!H\\Ie_!\GGY
\GaA!?PMK1A!aD\DFGH^A!J&4A!!
=&)&'(+#0!1$<8.'/!2A!iM8&!1$(&!.#/!B.77!+,!@$:84'+S!P#+44&'*!.(!.!P).)3(!E.'T&'Aj!
=+&)$<(!c+7A!F`!dH\\ae_!a`Y\FA!P<$&#<&;$'&<)"!aDH]DFGH^A!J&4A!!
=$X&'0!;+#.7/0!&/A!M8&!L.54'$/:&!L+56.#$+#!)+!25&'$<.#!1&.7$(5!.#/!-.)3'.7$(5_!
! ! F][! !
@+S&77(!)+!O+#/+#A!-&S!Q+'T_!L.54'$/:&!"=0!H\\`A ='$#)A!
=7&.(.#)(0!V&#A!c$(<&'.7!V3T+S(T$_!N#($/&!)8&!P#$6&'!O.#/(<.6&!+,!OA2A!J'$)&'(A!
-+')8%$77&0!EN_!P3#!;+:!='&((0!FGG^A!='$#)A!
=+/8+'&)X0!-+'5.#A!iM8&!R#+SY-+)8$#:!V+8&5$.#(j!dH\`[eA!V&.)!;+S#!Q+3'!P+37A!
>/A!2##!L8.')&'(A!-&S!Q+'T_!=&#:3$#0!FGGHA!^a\Y^\FA!='$#)!
1.#/0!2*#A!2)7.(!P8'3::&/!dH\`aeA!-&S!Q+'T_!P$:#&)0!H\\FA!='$#)A!!
1$<8.'/(+#0!E.'TA!i=&.(.#)!;'&.5(_!1&./$#:!K#!)8&!1+./Aj!M&W.(!P)3/$&(!$#!
O$)&'.)3'&!.#/!O.#:3.:&0!c+7A!^]0!-+A!F!dP355&'!FGGHe_!FH[YF^FA!='+g&<)!
E3(&A!IDFaDFGH^A!J&4A!!
1+4$#(+#0!P.77*A!E.'T&/!E&#A!-&S!Q+'T_!L+7354$.!"=0!FGGGA!='$#)A!!
1+&/$:&'0!;.%$/!1A!M8&!J.:&(!+,!J8$)&#&((!dH\\HeA!-&S!>/$)$+#A!O+#/+#_!c&'(+0!
FGGaA!='$#)A!!
1+((0!E.'7+#A!iM'&(6.(($#:!M8&!L+7+'7$#&_!2::'&(($%&!E+4$7$)*!2#/!P&W3.7!
M'.#(:'&(($+#!N#!M8&!L+#()'3<)$+#!+,!-&S!-&:'+!E+/&'#$)*Aj!E+/&'#$(50!
N#<A!>/(A!?.#$!P<.#/3'.!.#/!E$<8.&7!M83'()+#A!-&S!Q+'T_!-&S!Q+'T!"=0!FGGHA!
^[YIaA!='$#)A!!
M8&!135!;$.'*!dFGHHeA!!;$'A!V'3<&!1+4$#(+#A!=&',A!?+8##*!;&660!2.'+#!><T8.')A!
P+#*!=$<)3'&(!@+5&!>#)&').$#5&#)0!FGHFA!;c;A!!
P.%'.#0!;.%$/A!M.T$#:!N)!O$T&!2!E.#_!J8$)&!E.(<37$#$)*0!E.(+<8$(50!.#/!
L+#)&56+'.'*!25&'$<.#!L37)3'&A!='$#<&)+#0!-?_!='$#<&)+#!"=0!H\\[A!='$#)A!!
P<8+<T&)0!>'$<A!c.#$(8$#:!E+5&#)(_!L7.((!.#/!25&'$<.#!O$)&'.)3'&A!2##!2'4+'0!EN_!
"#$%&'($)*!+,!E$<8$:.#!='&((0!FGGIA!='$#)A!!
! ! F]\! !
P<8'*&'0!P)&68&#A!iB.$7&/!B.3()$.#(_!?.<T!R&'+3.<!.#/!)8&!;$(<+3'(&!+,!
;&7$#93&#<*Aj!E+/&'#!B$<)$+#!P)3/$&(0!c+7A!`a0!-+A!H!dP6'$#:!FGHHe_!HF]YH^[A!
='+g&<)!E3(&A!IDFaDFGH^A!J&4A!!!
P&/:S$<T0!>%&!R+(+,(T*A!V&)S&&#!E&#_!>#:7$(8!O$)&'.)3'&!.#/!@+5+(+<$.7!;&($'&!
dH\[`eA!-&S!Q+'T_!L+7354$.!"=0!H\\FA!='$#)A!!
P&:3$#0!1+4&')A!2'+3#/!u3$))$#:!M$5&_!J+'T!.#/!E$//7&!L7.((!B.#).(*!$#!25&'$<.#!
B$<)$+#A!;3'8.50!-L_!;3T&!"=0!FGGHA!='$#)A!!
P&7)X&'0!E.'TA!V+/$&(!.#/!E.<8$#&(A!-&S!Q+'T_!1+3)7&/:&0!H\\FA!='$#)A!
PT&::(0!V&%&'7*A!L7.((0!P&7,0!L37)3'&A!-&S!Q+'T_!1+3)7&/:&0!FGG^A!='$#)A!!
YYB+'5.)$+#(!+,!L7.((!k!C&#/&'_!V&<+5$#:!1&(6&<).47&A!O+#/+#_!P.:&!=347$<.)$+#(0!
H\\aA!='$#)A!
P$56(+#0!E.'TA!M'.,,$<T$#:!P34g&<)(_!M8&!=+7$)$<(!+,!E+4$7$)*!$#!-$#&)&&#)8YL&#)3'*!
25&'$<.A!E$##&.6+7$(0!E-_!"#$%&'($)*!+,!E$##&(+).!='&((0!FGG`A!='$#)A!!
P7+)T$#0!1$<8.'/A!C3#,$:8)&'!-.)$+#_!M8&!E*)8!+,!)8&!B'+#)$&'!$#!MS&#)$&)8YL&#)3'*!
25&'$<..!-+'5.#0!KR_!"#$%&'($)*!+,!KT7.8+5.!='&((0!H\\[A!='$#)A!!
iP5+T&!C&)(!N#!Q+3'!>*&(Aj!dFGGae!E./!E&#!P&.(+#!HA!J'$)A!E.))8&S!J&$#&'A!;$'A!
27.#!M.*7+'A!2EL0!FGGaA!;c;A!
P)&$#4&<T0!?+8#A!M8&!C'.6&(!+,!J'.)8!dH\]\eA!-&S!Q+'T_!=&#:3$#0!H\\FA!='$#)A!
YYM8&!C'.6&(!+,!J'.)8_!M&W)!.#/!L'$)$<$(5A!>/A!=&)&'!O$(<.A!-&S!Q+'T_!c$T$#:0!H\\aA!
='$#)A!!
YYM'.%&7(!J$)8!L8.'7&*_!N#!P&.'<8!+,!25&'$<.!dH\IFeA!-&S!Q+'T_!c$T$#:!='&((0!FGGFA!
='$#)A!!
! ! F^G! !
YYJ+'T$#:!;.*(_!M8&!?+3'#.7(!+,!M8&!C'.6&(!+,!J'.)8A!>/A!1+4&')!;&5+))A!-&S!Q+'T_!
=&#:3$#0!H\[\A!='$#)A!!
M.67&*0!@&.)8&'A!iM8&!E.T$#:!+,!@+4+!E.(<37$#$)$&(Aj!L.#./$.#!1&%$&S!+,!25&'$<.#!
P)3/$&(0!c+7A!^^0!-+A!H!dP6'$#:!FGH^e_!F`Y^]A!='+g&<)!E3(&A!\DF]DFGH^A!J&4A!!
M.%&$'.0!1+/#&*A!sL.7$,+'#$.!.#/!N'+#*!$#!E./!E&#As!L37)3'.7!P)3/$&(!1&%$&S!H[AF!
dFGHFe_!Fa[Y]GGA!='+u3&()A!HHDH[DFGH`A!J&4A!
M8+56(+#0!@3#)&'!PA!.(!1.+37!;3T&A!iB&.'!.#/!O+.)8$#:!N#!O.(!c&:.(_!2!P.%.:&!
?+3'#&*!N#)+!)8&!@&.')!+,!)8&!25&'$<.#!;'&.5Aj!1+77$#:!P)+#&0!-+A!\`!
d-+%&54&'!HH0!H\aHe_!]IY^[A!='$#)A!!
YYiL+#<73($+#_!B&.'!.#/!O+.)8$#:!N#!O.(!c&:.(_!2!P.%.:&!?+3'#&*!N#)+!)8&!@&.')!+,!
)8&!25&'$<.#!;'&.5Aj!1+77$#:!P)+#&0!-+A!\I!d-+%&54&'!F`0!H\aHe_!][Y`GA!
='$#)A!!
M8+56(+#0!@3#)&'!PA!B&.'!.#/!O+.)8$#:!$#!O.(!c&:.(!dH\aHeA!-&S!Q+'T_!c$#).:&!
V++T(0!H\\[A!='$#)A!
YY@&77b(!2#:&7(!dH\IIeA!-&S!Q+'T_!V.77.#)$#&!V++T(0!H\\^A!='$#)A!!
YYsM8&!E+)+'<*<7&!C.#:(_!O+(&'(!2#/!K3)($/&'(As!-.)$+#!FGGAFG!dH\I`e_!`FFY`FIA!
M8&!-.)$+#!2'<8$%&A!J&4A!IDHHDFGH`A!
M8+56(+#0!=.37!VA!i2:'$<37)3'&!.#/!J+'T$#:!L7.((!=+7$)$<.7!L37)3'&_!2!O&((+#!,'+5!
M8&!C'.6&(!+,!J'.)8Aj!2:'$<37)3'&!.#/!@35.#!c.73&(0!-+A!F^!dFGGae_!HI`w
HaaA!P6'$#:&'A!HGDFFDFGH^A!J&4A!!
M8'$,)0!-$:&7A!-+#Y1&6'&(&#).)$+#.7!M8&+'*_!P6.<&!v!=+7$)$<(!v!2,,&<)A!O+#/+#_!
1+3)7&/:&0!FGG[A!='$#)A!!
! ! F^H! !
M3/+'0!;&4+'.8A!sP&77$#:!-+().7:$._!E./!E&#0!=+()5+/&'#$(5!.#/!-&+7$4&'.7$(5As!
P+<$&)*!^\A^!dFGHFe_!]]]Y[A!='+u3&()A!HHDH[DFGH`A!J&4A!
M377*0!?$5A!V&::.'(!+,!O$,&_!2!@+4+!23)+4$+:'.68*!dH\F^eA!N#)'+/3<)$+#!L8.'7&(!
J$77&,+'/A!>/$#43':8_!2R!='&((D-.4.)0!FGG^A!='$#)A!!!
"6/$T&0!?+8#A!1.44$)0!13#!dH\IGeA!-&S!Q+'T_!V.77.#)$#&!V++T(0!H\[[A!='$#)A!!
c.'+#0!?&'&5*A!i@$()+'*!C&)(!N#!Q+3'!>*&(_!E./!E&#0!E$('&<+:#$)$+#0!.#/!)8&!
E.(<37$#&!E*()$93&Aj!E./!E&#0!E./!J+'7/_!P&W0!=+7$)$<(0!P)*7&!.#/!)8&!H\IG(A!
>/(A!O.3'&#!EA!>A!C++/7./0!O$7*.!R.:.#+%(T*!.#/!1+4&')!2A!13(8$#:A!L8.6&7!
@$770!-L_!;3T&!"=0!FGH]A!F`aYFa[A!='$#)A!!
J&$)X5.#0!;.#$&70!>/A!;'$#T$#:!S$)8!V3T+S(T$_!1&<+77&<)$+#(!+,!)8&!=+&)!O.3'&.)&!+,!
PT$/!1+SA!-&S!Q+'T_!M83#/&'!E+3)8b(!='&((0!FGGHA!='$#)A!!
M8&!J$7/!K#&!dH\`]eA!;$'A!O|(X7•!V&#&/&TA!=&',A!E.'7+#!V'.#/+0!E.'*!E3'68*A!E$77!
L'&&T!>#)&').$#5&#)0!FGH`A!;c;A!!
M8&!J$X.'/!+,!KX!dH\]\eA!;$'A!c$<)+'!B7&5$#:A!=&',A!?3/*!C.'7.#/0!B'.#T!E+':.#A!
J.'#&'!V'+)8&'(0!FGH]A!;c;A!!
J8$)5.#0!J.7)A!O&.%&(!+,!C'.((!dH[``eA!-&S!Q+'T_!E+/&'#!O$4'.'*0!H\\]A!='$#)A!!
J8*)&0!J$77$.5!@A!K':.#$X.)$+#!E.#!dH\`IeA!=8$7./&768$._!"#$%&'($)*!+,!
!=&##(*7%.#$.!='&((0!FGGFA!='$#)A!!
J+7,&0!M+5A!iM8&!V$')8!+,!l)8&!-&S!?+3'#.7$(5bo!>*&S$)#&((!'&6+')!4*!M+5!J+7,&Aj!
-&S!Q+'T!E.:.X$#&0!B&4'3.'*!H^0!H\aFA!-&S!Q+'T!E.:.X$#&!2'<8$%&A!
aDH^DFGH^A!J&4!
! ! F^F! !
YYM8&!>7&<)'$<!R++7Y2$/!2<$/!M&()!dH\I[eA!-&S!Q+'T_!u3.7$)*!=.6&'4.<T!V++T!L7340!
H\\\A!HY^]^A!='$#)A!
YYiJ8*!M8&*!2'&#b)!J'$)$#:!)8&!C'&.)!25&'$<.#!-+%&7!2#*5+'&Aj!>(93$'&!
d;&<&54&'!H\aFe_!H`FYFaFA!='$#)A!!
J*5.#0!E.'TA!@+4+&(_!V$#/7&()$,,(0!B'3$)!M'.56(!.#/!)8&!@.'%&()$#:!+,!)8&!J&()A!
!-&S!Q+'T_!@$77!.#/!J.#:0!FGHGA!='$#)A!!
U.#/*0!?.#&)0!&/A!O$4&'.)$#:!E&5+'*_!K3'!J+'T!.#/!K3'!J+'T$#:YL7.((!
L+#(<$+3(#&((A!-&S!V'3#(S$<T0!-?_!13):&'(!"=0!H\\`A!='$#)A!!
YYiM8&!E.T$#:!+,!25&'$<.#!J+'T$#:YL7.((!O$)&'.)3'&j!O$)&'.)3'&!L+56.((!c+7A!`0!-+A!
!H!dFGG[e_!^FY`aA!V7.<TS&77!K#7$#&A!HD^DFGH`A!J&4A!!
YY!J8.)!J&!@+7/!N#!L+55+#_!2#!N#)'+/3<)$+#!)+!J+'T$#:YL7.((!P)3/$&(A!-&S!Q+'T_!
M8&!B&5$#$()!='&((!.)!)8&!L$)*!"#$%&'($)*!+,!-&S!Q+'T0!FGGHA!='$#)A!!
!
! ! F^]! !
:KK*+,'R&
!
84*"5'L*&80220+$&:554'195'0+H>0+8022*4('"I&^AO&:9$54"I'"&a88&DbH>8&^AO&:cd&&
8))6_DD<'&.)$%&<+55+#(A+':D7$<&#(&(D4*Y#<DFA`D.3D!
b09&"4*&U4**&50.&
C)"4*!f!<+6*!.#/!'&/$()'$43)&!)8&!5.)&'$.7!$#!.#*!5&/$35!+'!,+'5.)!!
:,"K5!f!'&5$W0!)'.#(,+'50!.#/!43$7/!36+#!)8&!5.)&'$.7!!
M8&!7$<&#(+'!<.##+)!'&%+T&!)8&(&!,'&&/+5(!.(!7+#:!.(!*+3!,+77+S!)8&!7$<&#(&!)&'5(A!
&
c+,*4&5)*&U0II07'+#&5*42$.&
:554'195'0+!f!Q+3!53()!:$%&!.66'+6'$.)&!<'&/$)0!6'+%$/&!.!7$#T!)+!)8&!7$<&#(&0!.#/!
$#/$<.)&!$,!<8.#:&(!S&'&!5./&A!Q+3!5.*!/+!(+!$#!.#*!'&.(+#.47&!5.##&'0!43)!#+)!$#!
.#*!S.*!)8.)!(3::&()(!)8&!7$<&#(+'!&#/+'(&(!*+3!+'!*+3'!3(&A!!
>0+H8022*4('"I!f!Q+3!5.*!#+)!3(&!)8&!5.)&'$.7!,+'!<+55&'<$.7!63'6+(&(A!!
>0&",,'5'0+"I&4*$54'(5'0+$!f!Q+3!5.*!#+)!.667*!7&:.7!)&'5(!+'!)&<8#+7+:$<.7!
5&.(3'&(!)8.)!7&:.77*!'&()'$<)!+)8&'(!,'+5!/+$#:!.#*)8$#:!)8&!7$<&#(&!6&'5$)(A!!
&
>05'(*$.&&
Q+3!/+!#+)!8.%&!)+!<+567*!S$)8!)8&!7$<&#(&!,+'!&7&5&#)(!+,!)8&!5.)&'$.7!$#!)8&!6347$<!
/+5.$#!+'!S8&'&!*+3'!3(&!$(!6&'5$))&/!4*!.#!.667$<.47&!&W<&6)$+#!+'!7$5$).)$+#A!!
-+!S.''.#)$&(!.'&!:$%&#A!M8&!7$<&#(&!5.*!#+)!:$%&!*+3!.77!+,!)8&!6&'5$(($+#(!
#&<&((.'*!,+'!*+3'!$#)&#/&/!3(&A!B+'!&W.567&0!+)8&'!'$:8)(!(3<8!.(!6347$<$)*0!6'$%.<*0!
+'!5+'.7!'$:8)(!5.*!7$5$)!8+S!*+3!3(&!)8&!5.)&'$.7A!!
!
! ! F^^! !
84*"5'L*&80220+$&:554'195'0+H>0+8022*4('"I&^AO&:9$54"I'"&
8))6_DD<'&.)$%&<+55+#(A+':D7$<&#(&(D4*Y#<DFA`D.3D7&:.7<+/&!
!
L1>2MNc>!LKEEK-P!LK1=K12MNK-!NP!-KM!2!O2J!BN1E!2-;!;K>P!-KM!=1KcN;>!
O>C2O!P>1cNL>PA!;NPM1NV"MNK-!KB!M@NP!ONL>-L>!;K>P!-KM!L1>2M>!2-!2MMK1->QY
LON>-M!1>O2MNK-P@N=A!L1>2MNc>!LKEEK-P!=1KcN;>P!M@NP!N-BK1E2MNK-!K-!2-!s2PY
NPs!V2PNPA!L1>2MNc>!LKEEK-P!E2R>P!-K!J2112-MN>P!1>C21;N-C!M@>!
N-BK1E2MNK-!=1KcN;>;0!2-;!;NPLO2NEP!ON2VNONMQ!BK1!;2E2C>P!1>P"OMN-C!B1KE!
NMP!"P>A!
!
O$<&#<&!!
M@>!JK1R!d2P!;>BN->;!V>OKJe!NP!=1KcN;>;!"-;>1!M@>!M>1EP!KB!M@NP!L1>2MNc>!
LKEEK-P!="VONL!ONL>-L>!dsLL=Os!K1!sONL>-L>seA!M@>!JK1R!NP!=1KM>LM>;!VQ!
LK=Q1NC@M!2-;DK1!KM@>1!2==ONL2VO>!O2JA!2-Q!"P>!KB!M@>!JK1R!KM@>1!M@2-!2P!
2"M@K1NP>;!"-;>1!M@NP!ONL>-L>!2-;DK1!2==ONL2VO>!O2J!NP!=1K@NVNM>;A!!
VQ!>€>1LNPN-C!2-Q!1NC@MP!MK!M@>!JK1R!=1KcN;>;!@>1>0!QK"!2LL>=M!2-;!2C1>>!
MK!V>!VK"-;!VQ!M@>!M>1EP!KB!M@NP!ONL>-L>A!M@>!ONL>-PK1!C12-MP!QK"!M@>!
1NC@MP!LK-M2N->;!@>1>!N-!LK-PN;>12MNK-!KB!QK"1!2LL>=M2-L>!KB!P"L@!M>1EP!
2-;!LK-;NMNK-PA!!
NA&[*U'+'5'0+$!!
.A e80II*(5'L*&F04Ge!5&.#(!.!S+'T0!(3<8!.(!.!6&'$+/$<.7!$((3&0!.#)8+7+:*!+'!
&#<*<7+6.&/$.0!$#!S8$<8!)8&!J+'T!$#!$)(!&#)$'&)*!$#!3#5+/$,$&/!,+'50!.7+#:!S$)8!.!
#354&'!+,!+)8&'!<+#)'$43)$+#(0!<+#()$)3)$#:!(&6.'.)&!.#/!$#/&6&#/&#)!S+'T(!$#!
! ! F^`! !
)8&5(&7%&(0!.'&!.((&547&/!$#)+!.!<+77&<)$%&!S8+7&A!2!S+'T!)8.)!<+#()$)3)&(!.!
L+77&<)$%&!J+'T!S$77!#+)!4&!<+#($/&'&/!.!;&'$%.)$%&!J+'T!d.(!/&,$#&/!4&7+Se!,+'!)8&!
63'6+(&(!+,!)8$(!O$<&#<&A!!
4A e[*4'L"5'L*&F04Ge!5&.#(!.!S+'T!)8.)!'&6'+/3<&(!.!(34().#)$.7!6.')!+,!)8&!J+'T0!+'!
+,!)8&!J+'T!.#/!+)8&'!6'&Y&W$()$#:!S+'T(!6'+)&<)&/!4*!<+6*'$:8)0!+'!)8.)!$(!.#!
./.6).)$+#!+,!.!J+'T!)8.)!$(!.!7$)&'.'*0!/'.5.)$<0!53($<.7!+'!.')$()$<!S+'TA!;&'$%.)$%&!
J+'T(!$#<73/&!.!)'.#(7.)$+#0!53($<.7!.''.#:&5&#)0!/'.5.)$(.)$+#0!5+)$+#!6$<)3'&!
%&'($+#0!(+3#/!'&<+'/$#:0!.')!'&6'+/3<)$+#0!.4'$/:5&#)0!<+#/&#(.)$+#0!+'!.#*!+)8&'!
,+'5!$#!S8$<8!.!S+'T!5.*!4&!./.6)&/0!&W<&6)!)8.)!.!S+'T!)8.)!<+#()$)3)&(!.!
L+77&<)$%&!J+'T!S$77!#+)!4&!<+#($/&'&/!.!;&'$%.)$%&!J+'T!,+'!)8&!63'6+(&!+,!)8$(!
O$<&#<&A!B+'!)8&!.%+$/.#<&!+,!/+34)0!S8&'&!)8&!J+'T!$(!.!53($<.7!<+56+($)$+#!+'!
(+3#/!'&<+'/$#:0!)8&!(*#<8'+#$X.)$+#!+,!)8&!J+'T!$#!)$5&/Y'&7.)$+#!S$)8!.!5+%$#:!
$5.:&!ds(*#<8$#:se!S$77!4&!<+#($/&'&/!.!;&'$%.)$%&!J+'T!,+'!)8&!63'6+(&!+,!)8$(!
O$<&#<&A!
<A e;'(*+$04e!5&.#(!)8&!$#/$%$/3.7!+'!&#)$)*!)8.)!+,,&'(!)8&!J+'T!3#/&'!)8&!)&'5(!+,!
)8$(!O$<&#<&A!!
/A eJ04"I&4'#)5$&I"7e!5&.#(!7.S(!3#/&'!S8$<8!.#!$#/$%$/3.7!S8+!<'&.)&(!.!S+'T!
6'+)&<)&/!4*!<+6*'$:8)!8.(!'$:8)(!+,!$#)&:'$)*!+,!.3)8+'(8$6!+,!)8&!S+'T0!'$:8)(!+,!
.))'$43)$+#!+,!.3)8+'(8$6!+,!)8&!S+'T0!'$:8)(!#+)!)+!8.%&!.3)8+'(8$6!+,!)8&!S+'T!
,.7(&7*!.))'$43)&/0!+'!'$:8)(!+,!.!($5$7.'!+'!.#.7+:+3(!#.)3'&!$#!)8&!S+'T!.#*S8&'&!$#!
)8&!S+'7/A!
&A eB4'#'+"I&:95)04e!5&.#(!)8&!$#/$%$/3.7!+'!&#)$)*!S8+!<'&.)&/!)8&!J+'TA!!
! ! F^I! !
,A eF04Ge!5&.#(!)8&!S+'T!+'!+)8&'!(34g&<)Y5.))&'!6'+)&<)&/!4*!<+6*'$:8)!)8.)!$(!
+,,&'&/!3#/&'!)8&!)&'5(!+,!)8$(!O$<&#<&0!S8$<8!5.*!$#<73/&!dS$)8+3)!7$5$).)$+#e!.!
7$)&'.'*0!/'.5.)$<0!53($<.7!+'!.')$()$<!S+'T0!.!(+3#/!'&<+'/$#:!+'!<$#&5.)+:'.68!
,$750!.!6347$(8&/!&/$)$+#!+,!.!7$)&'.'*0!/'.5.)$<0!53($<.7!+'!.')$()$<!S+'T!+'!.!
)&7&%$($+#!+'!(+3#/!4'+./<.()A!!
:A eb09e!5&.#(!.#!$#/$%$/3.7!+'!&#)$)*!&W&'<$($#:!'$:8)(!3#/&'!)8$(!O$<&#<&!S8+!8.(!
#+)!6'&%$+3(7*!%$+7.)&/!)8&!)&'5(!+,!)8$(!O$<&#<&!S$)8!'&(6&<)!)+!)8&!J+'T0!+'!S8+!
8.(!'&<&$%&/!&W6'&((!6&'5$(($+#!,'+5!)8&!O$<&#(+'!)+!&W&'<$(&!'$:8)(!3#/&'!)8$(!
O$<&#<&!/&(6$)&!.!6'&%$+3(!%$+7.)$+#A!!
8A e;'(*+(*&=I*2*+5$e!5&.#(!)8&!,+77+S$#:!8$:8Y7&%&7!7$<&#<&!.))'$43)&(!.(!(&7&<)&/!4*!
O$<&#(+'!.#/!$#/$<.)&/!$#!)8&!)$)7&!+,!)8$(!O$<&#<&_!2))'$43)$+#0!-+#L+55&'<$.70!
-+;&'$%.)$%&(0!P8.'&27$T&A!
&
^A&@"'4&[*"I'+#&"+,&B5)*4&!'#)5$A!-+)8$#:!$#!)8$(!O$<&#<&!&W<73/&(!+'!5+/$,$&(0!+'!$(!
$#)&#/&/!)+!&W<73/&!+'!5+/$,*0!d$#<73/$#:!4*!'&/3<$#:0!7$5$)$#:0!+'!'&()'$<)$#:e!)8&!'$:8)(!+,!
Q+3!+'!+)8&'(!)+!3(&!)8&!J+'T!.'$($#:!,'+5!,.$'!/&.7$#:(!+'!+)8&'!7$5$).)$+#(!+#!)8&!'$:8)(!+,!
)8&!<+6*'$:8)!+S#&'!+'!)8&!K'$:$#.7!23)8+'!3#/&'!<+6*'$:8)!7.S0!5+'.7!'$:8)(!7.S!+'!+)8&'!
.667$<.47&!7.S(A!!
&
WA&;'(*+(*&E4"+5A!P34g&<)!)+!)8&!)&'5(!.#/!<+#/$)$+#(!+,!)8$(!O$<&#<&0!O$<&#(+'!8&'&4*!
:'.#)(!Q+3!.!S+'7/S$/&0!'+*.7)*Y,'&&0!#+#Y&W<73($%&0!6&'6&)3.7!d,+'!)8&!/3'.)$+#!+,!)8&!
.667$<.47&!<+6*'$:8)e!7$<&#<&!)+!&W&'<$(&!)8&!'$:8)(!$#!)8&!J+'T!.(!().)&/!4&7+S_!!
! ! F^a! !
.A )+!'&6'+/3<&!)8&!J+'T0!)+!$#<+'6+'.)&!)8&!J+'T!$#)+!+#&!+'!5+'&!L+77&<)$%&!J+'T(0!
.#/!)+!'&6'+/3<&!)8&!J+'T!.(!$#<+'6+'.)&/!$#!)8&!L+77&<)$%&!J+'T(o!
4A )+!<'&.)&!.#/!'&6'+/3<&!;&'$%.)$%&!J+'T(o!!
<A )+!6347$(80!<+553#$<.)&!)+!)8&!6347$<0!/$()'$43)&!<+6$&(!+'!'&<+'/(!+,0!&W8$4$)!+'!
/$(67.*!6347$<7*0!6&',+'5!6347$<7*!.#/!6&',+'5!6347$<7*!4*!5&.#(!+,!.!/$:$).7!.3/$+!
)'.#(5$(($+#!)8&!J+'T!$#<73/$#:!.(!$#<+'6+'.)&/!$#!L+77&<)$%&!J+'T(o!!
/A )+!6347$(80!<+553#$<.)&!)+!)8&!6347$<0!/$()'$43)&!<+6$&(!+'!'&<+'/(!+,0!&W8$4$)!+'!
/$(67.*!6347$<7*0!6&',+'5!6347$<7*0!.#/!6&',+'5!6347$<7*!4*!5&.#(!+,!.!/$:$).7!.3/$+!
)'.#(5$(($+#!;&'$%.)$%&!J+'T(o!!
M8&!.4+%&!'$:8)(!5.*!4&!&W&'<$(&/!$#!.77!5&/$.!.#/!,+'5.)(!S8&)8&'!#+S!T#+S#!+'!
8&'&.,)&'!/&%$(&/A!M8&!.4+%&!'$:8)(!$#<73/&!)8&!'$:8)!)+!5.T&!(3<8!5+/$,$<.)$+#(!.(!.'&!
)&<8#$<.77*!#&<&((.'*!)+!&W&'<$(&!)8&!'$:8)(!$#!+)8&'!5&/$.!.#/!,+'5.)(A!277!'$:8)(!#+)!
&W6'&((7*!:'.#)&/!4*!O$<&#(+'!3#/&'!)8$(!O$<&#<&!.'&!8&'&4*!'&(&'%&/0!$#<73/$#:!43)!#+)!
7$5$)&/!)+!)8&!'$:8)(!(&)!,+')8!$#!P&<)$+#(!^d/e!.#/!^d&eA!!
&
_A&!*$54'(5'0+$A!M8&!7$<&#<&!:'.#)&/!$#!P&<)$+#!]!.4+%&!$(!&W6'&((7*!5./&!(34g&<)!)+!.#/!
7$5$)&/!4*!)8&!,+77+S$#:!'&()'$<)$+#(_!!
.A Q+3!5.*!6347$(80!<+553#$<.)&!)+!)8&!6347$<0!/$()'$43)&0!6347$<7*!&W8$4$)!+'!/$(67.*0!
6347$<7*!6&',+'50!+'!6347$<7*!/$:$).77*!6&',+'5!)8&!J+'T!+#7*!3#/&'!)8&!)&'5(!+,!)8$(!
O$<&#<&0!.#/!Q+3!53()!$#<73/&!.!<+6*!+,0!+'!)8&!"#$,+'5!1&(+3'<&!N/&#)$,$&'!,+'0!)8$(!
O$<&#<&!S$)8!&%&'*!<+6*!+'!'&<+'/!+,!)8&!J+'T!Q+3!6347$(80!<+553#$<.)&!)+!)8&!
6347$<0!/$()'$43)&0!6347$<7*!&W8$4$)!+'!/$(67.*0!6347$<7*!6&',+'5!+'!6347$<7*!/$:$).77*!
6&',+'5A!Q+3!5.*!#+)!+,,&'!+'!$56+(&!.#*!)&'5(!+#!)8&!J+'T!)8.)!&W<73/&0!.7)&'!+'!
! ! F^[! !
'&()'$<)!)8&!)&'5(!+,!)8$(!O$<&#<&!+'!)8&!'&<$6$&#)(h!&W&'<$(&!+,!)8&!'$:8)(!:'.#)&/!
8&'&3#/&'A!Q+3!5.*!#+)!(347$<&#(&!)8&!J+'TA!Q+3!53()!T&&6!$#).<)!.77!#+)$<&(!)8.)!
'&,&'!)+!)8$(!O$<&#<&!.#/!)+!)8&!/$(<7.$5&'!+,!'&6'&(&#).)$+#(!.#/!S.''.#)$&(A!Q+3!
5.*!#+)!6347$(80!<+553#$<.)&!)+!)8&!6347$<0!/$()'$43)&0!6347$<7*!&W8$4$)!+'!/$(67.*0!
6347$<7*!6&',+'50!+'!6347$<7*!/$:$).77*!6&',+'5!)8&!J+'T!S$)8!.#*!)&<8#+7+:$<.7!
5&.(3'&(!)8.)!<+#)'+7!.<<&((!+'!3(&!+,!)8&!J+'T!$#!.!5.##&'!$#<+#($()&#)!S$)8!)8&!
)&'5(!+,!)8$(!O$<&#<&A!M8&!.4+%&!.667$&(!)+!)8&!J+'T!.(!$#<+'6+'.)&/!$#!.!L+77&<)$%&!
J+'T0!43)!)8$(!/+&(!#+)!'&93$'&!)8&!L+77&<)$%&!J+'T!.6.')!,'+5!)8&!J+'T!$)(&7,!)+!4&!
5./&!(34g&<)!)+!)8&!)&'5(!+,!)8$(!O$<&#<&A!N,!Q+3!<'&.)&!.!L+77&<)$%&!J+'T0!36+#!
#+)$<&!,'+5!.#*!O$<&#(+'!Q+3!53()0!)+!)8&!&W)&#)!6'.<)$<.47&0!'&5+%&!,'+5!)8&!
L+77&<)$%&!J+'T!.#*!<'&/$)!.(!'&93$'&/!4*!P&<)$+#!^d<e0!.(!'&93&()&/A!N,!Q+3!<'&.)&!.!
;&'$%.)$%&!J+'T0!36+#!#+)$<&!,'+5!.#*!O$<&#(+'!Q+3!53()0!)+!)8&!&W)&#)!6'.<)$<.47&0!
'&5+%&!,'+5!)8&!;&'$%.)$%&!J+'T!.#*!<'&/$)!.(!'&93$'&/!4*!P&<)$+#!^d<e0!.(!
'&93&()&/A!!
4A Q+3!5.*!#+)!&W&'<$(&!.#*!+,!)8&!'$:8)(!:'.#)&/!)+!Q+3!$#!P&<)$+#!]!.4+%&!$#!.#*!
5.##&'!)8.)!$(!6'$5.'$7*!$#)&#/&/!,+'!+'!/$'&<)&/!)+S.'/!<+55&'<$.7!./%.#).:&!+'!
6'$%.)&!5+#&).'*!<+56&#(.)$+#A!M8&!&W<8.#:&!+,!)8&!J+'T!,+'!+)8&'!<+6*'$:8)&/!
S+'T(!4*!5&.#(!+,!/$:$).7!,$7&Y(8.'$#:!+'!+)8&'S$(&!(8.77!#+)!4&!<+#($/&'&/!)+!4&!
$#)&#/&/!,+'!+'!/$'&<)&/!)+S.'/!<+55&'<$.7!./%.#).:&!+'!6'$%.)&!5+#&).'*!
<+56&#(.)$+#0!6'+%$/&/!)8&'&!$(!#+!6.*5&#)!+,!.#*!5+#&).'*!<+56&#(.)$+#!$#!
<+##&<)$+#!S$)8!)8&!&W<8.#:&!+,!<+6*'$:8)&/!S+'T(A!!
<A N,!*+3!6347$(80!<+553#$<.)&!)+!)8&!6347$<0!/$()'$43)&0!6347$<7*!&W8$4$)!+'!/$(67.*0!
6347$<7*!6&',+'50!+'!6347$<7*!/$:$).77*!6&',+'5!)8&!J+'T!+'!.#*!;&'$%.)$%&!J+'T(!+'!
! ! F^\! !
L+77&<)$%&!J+'T(0!Q+3!53()!T&&6!$#).<)!.77!<+6*'$:8)!#+)$<&(!,+'!)8&!J+'TA!Q+3!53()!
.7(+!:$%&!<7&.'!.#/!'&.(+#.47*!6'+5$#&#)!<'&/$)!)+!d$e!)8&!K'$:$#.7!23)8+'!d4*!#.5&!
+'!6(&3/+#*5!$,!.667$<.47&e0!$,!)8&!#.5&!+'!6(&3/+#*5!$(!(3667$&/o!.#/!d$$e!$,!
.#+)8&'!6.')*!+'!6.')$&(!d&:!.!(6+#(+'!$#()$)3)&0!6347$(8$#:!&#)$)*!+'!g+3'#.7e!$(!
/&($:#.)&/!,+'!.))'$43)$+#!$#!)8&!<+6*'$:8)!#+)$<&0!)&'5(!+,!(&'%$<&!+'!+)8&'!
'&.(+#.47&!5&.#(!.((+<$.)&/!S$)8!)8&!J+'T0!(3<8!6.')*!+'!6.')$&(A!N,!.667$<.47&0!)8.)!
<'&/$)!53()!4&!:$%&#!$#!)8&!6.')$<37.'!S.*!5./&!T#+S#!4*!)8&!K'$:$#.7!23)8+'!.#/!
+)8&'S$(&!.(!'&.(+#.47&!)+!)8&!5&/$35!+'!5&.#(!Q+3!.'&!3)$7$X$#:0!4*!<+#%&*$#:!)8&!
$/&#)$)*!+,!)8&!K'$:$#.7!23)8+'!.#/!)8&!+)8&'!/&($:#.)&/!6.')*!+'!6.')$&(!d$,!
.667$<.47&eo!)8&!)$)7&!+,!)8&!J+'T!$,!(3667$&/o!)+!)8&!&W)&#)!'&.(+#.47*!6'.<)$<.47&0!
)8&!"#$,+'5!1&(+3'<&!N/&#)$,$&'0!$,!.#*0!)8.)!O$<&#(+'!(6&<$,$&(!)+!4&!.((+<$.)&/!S$)8!
)8&!J+'T0!3#7&((!(3<8!"1N!/+&(!#+)!'&,&'!)+!)8&!<+6*'$:8)!#+)$<&!+'!7$<&#($#:!
$#,+'5.)$+#!,+'!)8&!J+'To!.#/!$#!)8&!<.(&!+,!.!;&'$%.)$%&!J+'T0!.!<'&/$)!$/&#)$,*$#:!
)8&!3(&!+,!)8&!J+'T!$#!)8&!;&'$%.)$%&!J+'T!d&A:A0!sB'&#<8!)'.#(7.)$+#!+,!)8&!J+'T!4*!
K'$:$#.7!23)8+'0s!+'!sP<'&&#67.*!4.(&/!+#!+'$:$#.7!J+'T!4*!K'$:$#.7!23)8+'seA!P3<8!
<'&/$)!5.*!4&!$567&5&#)&/!$#!.#*!'&.(+#.47&!5.##&'o!6'+%$/&/0!8+S&%&'0!)8.)!$#!
)8&!<.(&!+,!.!;&'$%.)$%&!J+'T!+'!L+77&<)$%&!J+'T0!.)!.!5$#$535!(3<8!<'&/$)!S$77!
.66&.'!S8&'&!.#*!+)8&'!<+56.'.47&!.3)8+'(8$6!<'&/$)!.66&.'(!.#/!$#!.!5.##&'!.)!
7&.()!.(!6'+5$#&#)!.(!(3<8!+)8&'!<+56.'.47&!.3)8+'(8$6!<'&/$)A!!
/A B+'!)8&!.%+$/.#<&!+,!/+34)0!S8&'&!)8&!J+'T!$(!.!53($<.7!<+56+($)$+#_!!
$A 3*4U042"+(*&!0-"I5'*$&c+,*4&DI"+G*5&;'(*+(*$A!O$<&#(+'!'&(&'%&(!)8&!
&W<73($%&!'$:8)!)+!<+77&<)0!S8&)8&'!$#/$%$/3.77*!+'!%$.!.!6&',+'5.#<&!'$:8)(!
(+<$&)*0!'+*.7)$&(!,+'!Q+3'!<+553#$<.)$+#!)+!)8&!6347$<0!4'+./<.()0!6347$<!
! ! F`G! !
6&',+'5.#<&!+'!6347$<!/$:$).7!6&',+'5.#<&!d&A:A!S&4<.()e!+,!)8&!J+'T!$,!Q+3'!
<+553#$<.)$+#!)+!)8&!6347$<0!4'+./<.()0!6347$<!6&',+'5.#<&!+'!6347$<!/$:$).7!
6&',+'5.#<&!$(!6'$5.'$7*!$#)&#/&/!,+'!+'!/$'&<)&/!)+S.'/!<+55&'<$.7!
./%.#).:&!+'!6'$%.)&!5+#&).'*!<+56&#(.)$+#A!
$$A J*()"+'("I&!'#)5$&"+,&C5"59504-&!0-"I5'*$A!O$<&#(+'!'&(&'%&(!)8&!
&W<73($%&!'$:8)!)+!<+77&<)0!S8&)8&'!$#/$%$/3.77*!+'!%$.!.!53($<!'$:8)(!.:&#<*0!
/&($:#.)&/!.:&#)!+'!.!53($<!6347$(8&'0!'+*.7)$&(!,+'!.#*!'&<+'/!Q+3!<'&.)&!
,'+5!)8&!J+'T!ds<+%&'!%&'($+#se!.#/!/$()'$43)&0!(34g&<)!)+!)8&!<+5637(+'*!
7$<&#<&!<'&.)&/!4*!Ha!"PL!P&<)$+#!HH`!+,!)8&!"P!L+6*'$:8)!2<)!d+'!.#!
&93$%.7&#)!().)3)+'*!7$<&#<&!3#/&'!)8&!23()'.7$.#!L+6*'$:8)!2<)!+'!$#!+)8&'!
g3'$(/$<)$+#(e0!$,!Q+3'!/$()'$43)$+#!+,!(3<8!<+%&'!%&'($+#!$(!6'$5.'$7*!$#)&#/&/!
,+'!+'!/$'&<)&/!)+S.'/!<+55&'<$.7!./%.#).:&!+'!6'$%.)&!5+#&).'*!
<+56&#(.)$+#A!!
&A F*1("$5'+#&!'#)5$&"+,&C5"59504-&!0-"I5'*$A!B+'!)8&!.%+$/.#<&!+,!/+34)0!S8&'&!
)8&!J+'T!$(!.!(+3#/!'&<+'/$#:0!O$<&#(+'!'&(&'%&(!)8&!&W<73($%&!'$:8)!)+!<+77&<)0!
S8&)8&'!$#/$%$/3.77*!+'!%$.!.!6&',+'5.#<&Y'$:8)(!(+<$&)*0!'+*.7)$&(!,+'!Q+3'!6347$<!
/$:$).7!6&',+'5.#<&!d&A:A!S&4<.()e!+,!)8&!J+'T0!(34g&<)!)+!)8&!<+5637(+'*!7$<&#<&!
<'&.)&/!4*!Ha!"PL!P&<)$+#!HH^!+,!)8&!"P!L+6*'$:8)!2<)!d+'!)8&!&93$%.7&#)!$#!+)8&'!
g3'$(/$<)$+#(e0!$,!Q+3'!6347$<!/$:$).7!6&',+'5.#<&!$(!6'$5.'$7*!$#)&#/&/!,+'!+'!
/$'&<)&/!)+S.'/!<+55&'<$.7!./%.#).:&!+'!6'$%.)&!5+#&).'*!<+56&#(.)$+#A!!
,A @"I$*&"554'195'0+&K40)'1'5*,A!>W<&6)!.(!+)8&'S$(&!.:'&&/!$#!S'$)$#:!4*!)8&!
O$<&#(+'0!$,!Q+3!6347$(80!<+553#$<.)&!)+!)8&!6347$<0!/$()'$43)&0!6347$<7*!&W8$4$)!+'!
/$(67.*0!6347$<7*!6&',+'50!+'!6347$<7*!/$:$).77*!6&',+'5!)8&!J+'T!+'!.#*!;&'$%.)$%&!
! ! F`H! !
J+'T(!+'!L+77&<)$%&!J+'T(!$#!.<<+'/.#<&!S$)8!)8$(!O$<&#<&0!Q+3!53()!#+)!,.7(&7*!
.))'$43)&!)8&!J+'T!)+!(+5&+#&!+)8&'!)8.#!)8&!K'$:$#.7!23)8+'A!!
:A 34*f9,'(*&50&)0+094&04&4*K95"5'0+&K40)'1'5*,A!>W<&6)!.(!+)8&'S$(&!.:'&&/!$#!
S'$)$#:!4*!)8&!O$<&#(+'0!$,!*+3!6347$(80!<+553#$<.)&!)+!)8&!6347$<0!/$()'$43)&0!
6347$<7*!&W8$4$)!+'!/$(67.*0!6347$<7*!6&',+'50!+'!6347$<7*!/$:$).77*!6&',+'5!)8&!J+'T!
+'!.#*!;&'$%.)$%&!J+'T(!+'!L+77&<)$%&!J+'T(0!Q+3!53()!#+)!/+!.#*)8$#:!)8.)!'&(37)(!
$#!.!5.)&'$.7!/$()+')$+#!+,0!)8&!53)$7.)$+#!+,0!+'!.!5.)&'$.7!.7)&'.)$+#!)+0!)8&!J+'T!
)8.)!$(!6'&g3/$<$.7!)+!)8&!K'$:$#.7!23)8+'h(!8+#+3'!+'!'&63).)$+#0!.#/!Q+3!53()!#+)!
/+!.#*)8$#:!&7(&!$#!'&7.)$+#!)+!)8&!J+'T!)8.)!$(!6'&g3/$<$.7!)+!)8&!K'$:$#.7!23)8+'h(!
8+#+3'!+'!'&63).)$+#A!
&
OA&['$(I"'2*4A!
>€L>=M!2P!>€=1>PPOQ!PM2M>;!N-!M@NP!ONL>-L>!K1!KM@>1JNP>!E"M"2OOQ!2C1>>;!
MK!VQ!M@>!=21MN>P!N-!J1NMN-C0!2-;!MK!M@>!B"OO!>€M>-M!=>1ENMM>;!VQ!
2==ONL2VO>!O2J0!ONL>-PK1!KBB>1P!M@>!JK1R!s2PYNPs!2-;!E2R>P!-K!
1>=1>P>-M2MNK-P0!J2112-MN>P!K1!LK-;NMNK-P!KB!2-Q!RN-;!LK-L>1-N-C!M@>!
JK1R0!>€=1>PP0!NE=ON>;0!PM2M"MK1Q!K1!KM@>1JNP>0!N-LO";N-C0!JNM@K"M!
ONENM2MNK-0!2-Q!1>=1>P>-M2MNK-P0!J2112-MN>P!K1!LK-;NMNK-P!1>C21;N-C!M@>!
LK-M>-MP!K1!2LL"12LQ!KB!M@>!JK1R0!K1!KB!MNMO>0!E>1L@2-M2VNONMQ0!BNM->PP!
BK1!2!=21MNL"O21!="1=KP>0!-K-N-B1N-C>E>-M0!M@>!2VP>-L>!KB!O2M>-M!K1!
KM@>1!;>B>LMP0!K1!M@>!=1>P>-L>!K1!2VP>-L>!KB!>11K1P0!J@>M@>1!K1!-KM!
;NPLKc>12VO>A!
&
! ! F`F! !
YA&;'2'5"5'0+&0+&;'"1'I'5-A!
MK!M@>!B"OO!>€M>-M!=>1ENMM>;!VQ!2==ONL2VO>!O2J0!2-;!>€L>=M!BK1!2-Q!
ON2VNONMQ!21NPN-C!B1KE!LK-M121Q!E"M"2O!2C1>>E>-M!2P!1>B>11>;!MK!N-!
P>LMNK-!`0!N-!-K!>c>-M!JNOO!ONL>-PK1!V>!ON2VO>!MK!QK"!K-!2-Q!O>C2O!M@>K1Q!
dN-LO";N-C0!JNM@K"M!ONENM2MNK-0!->CONC>-L>e!BK1!2-Q!OKPP!K1!;2E2C>!
J@2MPK>c>10!N-LO";N-C!dJNM@K"M!ONENM2MNK-e!OKPP!KB!=1K;"LMNK-!K1!
K=>12MNK-!MNE>0!OKPP0!;2E2C>!K1!LK11"=MNK-!KB!;2M2!K1!1>LK1;Po!K1!OKPP!KB!
2-MNLN=2M>;!P2cN-CP0!K==K1M"-NMQ0!1>c>-">0!=1KBNM!K1!CKK;JNOO0!K1!KM@>1!
>LK-KENL!OKPPo!K1!2-Q!P=>LN2O0!N-LN;>-M2O0!LK-P>u">-MN2O0!="-NMNc>!K1!
>€>E=O21Q!;2E2C>P!21NPN-C!K"M!KB!K1!N-!LK-->LMNK-!JNM@!M@NP!ONL>-L>!K1!
M@>!"P>!KB!M@>!JK1R0!>c>-!NB!ONL>-PK1!@2P!V>>-!2;cNP>;!KB!M@>!=KPPNVNONMQ!KB!
P"L@!;2E2C>PA!
N,!.667$<.47&!7&:$(7.)$+#!$567$&(!S.''.#)$&(!+'!<+#/$)$+#(0!+'!$56+(&(!+47$:.)$+#(!+'!7$.4$7$)*!
+#!)8&!O$<&#(+'!$#!'&(6&<)!+,!)8$(!O$<&#<&!)8.)!<.##+)!4&!S8+77*!+'!6.')7*!&W<73/&/0!
'&()'$<)&/!+'!5+/$,$&/0!)8&!O$<&#(+'h(!7$.4$7$)*!$(!7$5$)&/0!)+!)8&!,377!&W)&#)!6&'5$))&/!4*!)8&!
.667$<.47&!7&:$(7.)$+#0!.)!$)(!+6)$+#0!)+_!
.A $#!)8&!<.(&!+,!:++/(0!.#*!+#&!+'!5+'&!+,!)8&!,+77+S$#:_!!
$A )8&!'&67.<&5&#)!+,!)8&!:++/(!+'!)8&!(3667*!+,!&93$%.7&#)!:++/(o!
$$A )8&!'&6.$'!+,!)8&!:++/(o!
$$$A )8&!6.*5&#)!+,!)8&!<+()!+,!'&67.<$#:!)8&!:++/(!+'!+,!.<93$'$#:!&93$%.7&#)!
:++/(o!
$%A )8&!6.*5&#)!+,!)8&!<+()!+,!8.%$#:!)8&!:++/(!'&6.$'&/o!+'!
4A $#!)8&!<.(&!+,!(&'%$<&(_!!
! ! F`]! !
$A )8&!(3667*$#:!+,!)8&!(&'%$<&(!.:.$#o!+'!!
$$A )8&!6.*5&#)!+,!)8&!<+()!+,!8.%$#:!)8&!(&'%$<&(!(3667$&/!.:.$#A!
&
gA&6*42'+"5'0+A!
.A M8$(!O$<&#<&!.#/!)8&!'$:8)(!:'.#)&/!8&'&3#/&'!S$77!)&'5$#.)&!.3)+5.)$<.77*!36+#!
.#*!4'&.<8!4*!Q+3!+,!)8&!)&'5(!+,!)8$(!O$<&#<&A!N#/$%$/3.7(!+'!&#)$)$&(!S8+!8.%&!
'&<&$%&/!;&'$%.)$%&!J+'T(!+'!L+77&<)$%&!J+'T(!,'+5!Q+3!3#/&'!)8$(!O$<&#<&0!
8+S&%&'0!S$77!#+)!8.%&!)8&$'!7$<&#<&(!)&'5$#.)&/!6'+%$/&/!(3<8!$#/$%$/3.7(!+'!
&#)$)$&(!'&5.$#!$#!,377!<+567$.#<&!S$)8!)8+(&!7$<&#<&(A!P&<)$+#(!H0!F0!`0!I0!a0!.#/![!S$77!
(3'%$%&!.#*!)&'5$#.)$+#!+,!)8$(!O$<&#<&A!
4A P34g&<)!)+!)8&!.4+%&!)&'5(!.#/!<+#/$)$+#(0!)8&!7$<&#<&!:'.#)&/!8&'&!$(!6&'6&)3.7!d,+'!
)8&!/3'.)$+#!+,!)8&!.667$<.47&!<+6*'$:8)!$#!)8&!J+'TeA!-+)S$)8().#/$#:!)8&!.4+%&0!
O$<&#(+'!'&(&'%&(!)8&!'$:8)!)+!'&7&.(&!)8&!J+'T!3#/&'!/$,,&'&#)!7$<&#<&!)&'5(!+'!)+!
()+6!/$()'$43)$#:!)8&!J+'T!.)!.#*!)$5&o!6'+%$/&/0!8+S&%&'!)8.)!.#*!(3<8!&7&<)$+#!
S$77!#+)!(&'%&!)+!S$)8/'.S!)8$(!O$<&#<&!d+'!.#*!+)8&'!7$<&#<&!)8.)!8.(!4&&#0!+'!$(!
'&93$'&/!)+!4&0!:'.#)&/!3#/&'!)8&!)&'5(!+,!)8$(!O$<&#<&e0!.#/!)8$(!O$<&#<&!S$77!
<+#)$#3&!$#!,377!,+'<&!.#/!&,,&<)!3#7&((!)&'5$#.)&/!.(!().)&/!.4+%&A!!
&
PA&J'$(*II"+*09$A!
.A >.<8!)$5&!Q+3!6347$(80!<+553#$<.)&!)+!)8&!6347$<0!/$()'$43)&!+'!6347$<7*!/$:$).77*!
6&',+'5!)8&!J+'T!+'!.!L+77&<)$%&!J+'T0!)8&!O$<&#(+'!+,,&'(!)+!)8&!'&<$6$&#)!.!7$<&#<&!
)+!)8&!J+'T!+#!)8&!(.5&!)&'5(!.#/!<+#/$)$+#(!.(!)8&!7$<&#<&!:'.#)&/!)+!Q+3!3#/&'!
)8$(!O$<&#<&A!
! ! F`^! !
4A >.<8!)$5&!Q+3!6347$(80!<+553#$<.)&!)+!)8&!6347$<0!/$()'$43)&!+'!6347$<7*!/$:$).77*!
6&',+'5!.!;&'$%.)$%&!J+'T0!O$<&#(+'!+,,&'(!)+!)8&!'&<$6$&#)!.!7$<&#<&!)+!)8&!+'$:$#.7!
J+'T!+#!)8&!(.5&!)&'5(!.#/!<+#/$)$+#(!.(!)8&!7$<&#<&!:'.#)&/!)+!Q+3!3#/&'!)8$(!
O$<&#<&A!
<A N,!.#*!6'+%$($+#!+,!)8$(!O$<&#<&!$(!$#%.7$/!+'!3#&#,+'<&.47&!3#/&'!.667$<.47&!7.S0!$)!
(8.77!#+)!.,,&<)!)8&!%.7$/$)*!+'!&#,+'<&.4$7$)*!+,!)8&!'&5.$#/&'!+,!)8&!)&'5(!+,!)8$(!
O$<&#<&0!.#/!S$)8+3)!,3')8&'!.<)$+#!4*!)8&!6.')$&(!)+!)8$(!.:'&&5&#)0!(3<8!6'+%$($+#!
(8.77!4&!'&,+'5&/!)+!)8&!5$#$535!&W)&#)!#&<&((.'*!)+!5.T&!(3<8!6'+%$($+#!%.7$/!
.#/!&#,+'<&.47&A!
/A -+!)&'5!+'!6'+%$($+#!+,!)8$(!O$<&#<&!(8.77!4&!/&&5&/!S.$%&/!.#/!#+!4'&.<8!
<+#(&#)&/!)+!3#7&((!(3<8!S.$%&'!+'!<+#(&#)!(8.77!4&!$#!S'$)$#:!.#/!($:#&/!4*!)8&!
6.')*!)+!4&!<8.':&/!S$)8!(3<8!S.$%&'!+'!<+#(&#)A!
&A M8$(!O$<&#<&!<+#()$)3)&(!)8&!&#)$'&!.:'&&5&#)!4&)S&&#!)8&!6.')$&(!S$)8!'&(6&<)!)+!
)8&!J+'T!7$<&#(&/!8&'&A!M+!)8&!,377!&W)&#)!6&'5$))&/!4*!.667$<.47&!7.S0!)8&'&!.'&!#+!
3#/&'().#/$#:(0!.:'&&5&#)(!+'!'&6'&(&#).)$+#(!S$)8!'&(6&<)!)+!)8&!J+'T!#+)!
(6&<$,$&/!8&'&A!O$<&#(+'!(8.77!#+)!4&!4+3#/!4*!.#*!.//$)$+#.7!6'+%$($+#(!)8.)!5.*!
.66&.'!$#!.#*!<+553#$<.)$+#!,'+5!Q+3A!M8$(!O$<&#<&!5.*!#+)!4&!5+/$,$&/!S$)8+3)!
)8&!53)3.7!S'$))&#!.:'&&5&#)!+,!)8&!O$<&#(+'!.#/!Q+3A!!
,A M8&!<+#()'3<)$+#0!%.7$/$)*!.#/!6&',+'5.#<&!+,!)8$(!O$<&#<&!(8.77!4&!:+%&'#&/!4*!)8&!
7.S(!$#!,+'<&!$#!-&S!P+3)8!J.7&(0!23()'.7$.A!
!
L'&.)$%&!L+55+#(!$(!#+)!.!6.')*!)+!)8$(!O$<&#<&0!.#/0!)+!)8&!,377!&W)&#)!6&'5$))&/!4*!
.667$<.47&!7.S0!5.T&(!#+!'&6'&(&#).)$+#!+'!S.''.#)*!S8.)(+&%&'!$#!<+##&<)$+#!S$)8!)8&!
! ! F``! !
J+'TA!M+!)8&!,377!&W)&#)!6&'5$))&/!4*!.667$<.47&!7.S0!L'&.)$%&!L+55+#(!S$77!#+)!4&!7$.47&!
)+!Q+3!+'!.#*!6.')*!+#!.#*!7&:.7!)8&+'*!d$#<73/$#:0!S$)8+3)!7$5$).)$+#0!#&:7$:&#<&e!,+'!.#*!
/.5.:&(!S8.)(+&%&'0!$#<73/$#:!S$)8+3)!7$5$).)$+#!.#*!:&#&'.70!(6&<$.70!$#<$/&#).7!+'!
<+#(&93&#)$.7!/.5.:&(!.'$($#:!$#!<+##&<)$+#!)+!)8$(!7$<&#<&A!-+)S$)8().#/$#:!)8&!,+'&:+$#:!
)S+!dFe!(&#)&#<&(0!$,!L'&.)$%&!L+55+#(!8.(!&W6'&((7*!$/&#)$,$&/!$)(&7,!.(!)8&!O$<&#(+'!
8&'&3#/&'0!$)!(8.77!8.%&!.77!'$:8)(!.#/!+47$:.)$+#(!+,!O$<&#(+'A!
!
>W<&6)!,+'!)8&!7$5$)&/!63'6+(&!+,!$#/$<.)$#:!)+!)8&!6347$<!)8.)!)8&!J+'T!$(!7$<&#(&/!3#/&'!
)8&!LL=O0!#&$)8&'!6.')*!S$77!3(&!)8&!)'./&5.'T!sL'&.)$%&!L+55+#(s!+'!.#*!'&7.)&/!
)'./&5.'T!+'!7+:+!+,!L'&.)$%&!L+55+#(!S$)8+3)!)8&!6'$+'!S'$))&#!<+#(&#)!+,!L'&.)$%&!
L+55+#(A!2#*!6&'5$))&/!3(&!S$77!4&!$#!<+567$.#<&!S$)8!L'&.)$%&!L+55+#(h!)8&#Y<3''&#)!
)'./&5.'T!3(.:&!:3$/&7$#&(0!.(!5.*!4&!6347$(8&/!+#!$)(!S&4($)&!+'!+)8&'S$(&!5./&!
.%.$7.47&!36+#!'&93&()!,'+5!)$5&!)+!)$5&A!
!
L'&.)$%&!L+55+#(!5.*!4&!<+#).<)&/!.)!8))6(_DD<'&.)$%&<+55+#(A+':DA!
!