Praticas Culturais No Contexto de HIV - SIDA

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

,!-
!! !
!%&
!' !
.)
/!0)#!
+,)

0!12-
,!
3455

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

,!-
!! !
!%&
!' !
.)
/!0)#!
+,)

0!12-
,!
3455
!"#$%&'"
!"#$%&'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' (
)*#+,-.+'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' (
)/,-0".1%"2+&#''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 3
425$-0,-%"2+&6+"7,1.&60&6"#+$0&6"68,&*9"%-6"%6-2:91#"'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' ;
<#6&*=".+1>&#60&6+,-*-9?&''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @@
A)BCDEF<6C''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @G
425$-0,-%"2+&6+"7,1.&H.&2."8+$-9'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @G
@'I1#.$##J&6+"7,1.-6#&*,"6,1+&#6''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @G
K')65$"#+J&60"68$,"L-''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' KM
N'6)610"2+10-0"6#&.1-96.&%&6,"8,"#"2+-OJ&6#&.1-9'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' K@
G'6)6#-P0"6.&%&6Q-.+&,68-,-6%$0-2O-6#&.1-9''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' KG
A)BCDEF<6CC'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' K3
<6Q"27%"2&60"6RCSHTCI)'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' K3
@'6<6RCSHTCI)62&6U$20&''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' K3
K'6<6RCSHTCI)6"%6U&O-%*15$"''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' K;
A)BCDEF<6CCC''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' NV
B,:+1.-#6.$9+$,-1#6"6RCSHTCI)W6&6.-#&60"6U&O-%*15$"'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' NV
@'6)6T"X$-910-0"6"%6YQ,1.-'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' NV
K'6!1+&#60"68$,1Q1.-OJ&60-#6>1P>-#6"%6YQ,1.-'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' N3
N'6)6#"X$-910-0"62&6.&2+"X+&6.$9+$,-96%&O-%*1.-2&'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' NZ
G'6<68-,"2+"#.&6"6-6?",-2O-6"%6U&O-%*15$"'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''GM
V'6-68,:+1.-60&6,1+$-960"68$,1Q1.-OJ&60"6>1P>-#6"%6U&O-%*15$"6[81+-6\$Q-]6\$+.?12/-]6"8$\&^''G@
('6<$+,-#68,:+1.-#6-##&.1-0-#6-68,&8-/-OJ&60&6RCSHTCI)6[,1+&#60"6121.1-OJ&]68&91/-%1-6"6#"X&6
+",-8_$+1.&^'6'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' GG
A)BCDEF<6CR'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' G3
`$20-%"2+&#6%"+&0&97/1.&#60-68"#5$1#-6,"-91L-0-6"6-2:91#"60"60-0&#''''''''''''''''''''''''''''''''' G3
@
@'6<6%a+&0&60"68"#5$1#-''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' G3
K'6b,">"6.-,-.+",1L-OJ&60-6,"/1J&6"%6"#+$0&W6&601#+,1+&60"6U&,,$%*-9-'''''''''''''''''''''''''''''''''' G;
N'6)610"2+1Q1.-OJ&60&#6-.+&,"#6"2>&9>10&#62&6,1+$-960"681+-6\$Q-'''''''''''''''''''''''''''''''''''''''''''''''' V@
)T6"2+,">1#+-#6"6-6#$-6-2:91#"''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' VK
@'42+,">1#+-#6-&#6.&2#",>-0&,"#6"6-6%"%*,&#60-69&.-910-0"6#"0"60&601#+,1+&60"6U&,,$%*-9-VK
K'642+,">1#+-6-&6A&&,0"2-0&,60&6cP.9"&6I1#+,1+-960"6.&%*-+"60&6RCSHTCI)6"%6U&,,$%*-9-' '(K
ICTAETTd<6I46!4TEFD)I<T''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' (V
A<cTCI4!)ef4T6`Cc)CT''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 3M
`<cD4T646bCbFC<g!)`C)''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 3N
`<cD4T'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 3N
bCbFC<g!)`C)'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 3V
)c4h<T'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' ZN
K
(#')*%+'%+,-./)*"0
g,:Q1.&6@'6B"##&-#6>1>"20&6.&%6&6RCSHTCI)]6.&%62&>-#612Q".Oi"#6[0-0&#6%$201-1#6@;;MHKMMZ^'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' KZ
g,:Q1.&6K'6I1#+,1*$1OJ&68",."2+$-960-#68,12.18-1#6.-$#-#60"6%&,+"68-,-6+&0-#610-0"#6"%6
U&O-%*15$"]6CcA)U6KMM3jZ6'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' N@
g,:Q1.&6N'6I1#+,1*$1OJ&68",."2+$-960-#6.-$#-#60"6%&,+"68&,6#"X&6"6:,"-60"6,"#10_2.1-6"%6
U&O-%*15$"]6CcA)U]6KMM3''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' N@
g,:Q1.&6G'6I1#+,1*$1OJ&68",."2+$-960-#6.-$#-#60"6%&,+"68&,68,&>k2.1-#6"%6U&O-%*15$"]6CcA)U]6
KMM3'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' NK
g,:Q1.&6V'6I1#+,1*$1OJ&68",."2+$-960-#6.-$#-#60"6%&,+"68&,6+,-+-%"2+&]69&.-960"6+,-*-9?&6"69&.-96
0"6%&,+"6"%6U&O-%*15$"]6CcA)U]6KMM3'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' NN
g,:Q1.&6('6B,&8&,OJ&60"67*1+&#60">10&6-&6RCSHTCI)68&,6#"X&6"610-0"6"%6U&O-%*15$"]6CcA)U6
KMM3'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' NG
g,:Q1.&63W6B&8$9-OJ&68&,62k>"960"6"2#12&'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' VM
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' VM
(#')*%+'%+1)23-40
!"#"$%&$'(&)"*+,-."$,"-./,"*0000000000000000000000000011123
(#')*%+'%+546%740
4/'5*"67/$%/$%.89(.9/$%&$:/((5;<"*"$&$/$'/89/$"%;.,.89("9.)/$%"$*/-"*.%"%&$8&%&=$.%"%&$&$8&#/=$
2>>?0000000000000000000000000000000001000@A
N
89,:;8+<+;=><?9;5@>;8
B:C!DB:E$$$$$$$B88/-."67/$%/8$:F%.-/8$!("%.-./,".8$%&$:/6";<.G5&
B!8$$$$$$$$$$$$$$$$$$$$$$$B59/(.%"%&8$9("%.-./,".8
H!I$$$$$$$$$$$$$$$$$$$$$$H/&,6"8$%&$!(",8;.887/$I&#5"*
JKC$$$$$$$$$$$$$$$$$$$$$$$J,89.959/$K"-./,"*$%&$C89"9L89.-"
JKMB:$$$$$$$$$$$$$$$$J,G5F(.9/$K"-./,"*$8/<(&$;/(9"*.%"%&
:JIBN$$$$$$$$$$$$$$$$$:.,.89F(./$%"$I"O%&
:JKCH$$$$$$$$$$$$$$$$$:.,.89F(./$%&$C%5-"67/
:PH$$$$$$$$$$$$$$$$$$$$$$:.,.89F(./$%"$P5)&,95%&$&$H&8'/(9/8
EKQ8$$$$$$$$$$$$$$$$$$$$E(R",.S"6T&8$,7/$Q/)&(,";&,9".8
E:I$$$$$$$$$$$$$$$$$$$$$$E(R",.S"67/$:5,%."*$%"$I"O%&
4H:$$$$$$$$$$$$$$$$$$$$$4&(U.*$%/$H.89(.9/$%&$:/((5;<"*"
4CB$$$$$$$$$$$$$$$$$$$$$$4(/R(";"$&8'&-."*$%/$VJWXIJHB
4QB$$$$$$$$$$$$$$$$$$$$$4(/R(";"$Q*/<"*$%/$VJWXIJHB
YWE$$$$$$$$$$$$$$$$$$$$Y/(*%$W&"*9Z$E(R",.S"9./,
G
!"#$%&'#$()*#+$,-.*"$/*&*.)$0"12&.$3)45"6*"$&$
7")8'*4)$9.):;"$<*="=)+$8'&$>&'#$"#$5&42)?
V
>%03A"
4D[!JMBI$MN\!NDBJI$KN:$MEK!C]!E$HC$VJWXIJHB^$E$-"8/$%/$(.95"*$%& $(*5)$@'A)$,"$
\/-"*.%"%&$I&%&$%/$H.89(.9/$%&$:/((5;<"*"$&;$:/6";<.G5&
E$'(&8&,9&$&895%/$'(&9&,%&$","*.8"($"$'(_9.-"$-5*95("*$%&$'5(.U.-"67/$%&$).O)"8$`(.95"*$%&$(*5)$@'A) $
,"$*/-"*.%"%&$8&%&$%/$%.89(.9/$%&$:/((5;<"*"a=$5;$(.95"*$-/,8.%&("%/$-/;/$5;"$%"8$-"58"8$%&$
'(/'"R"67/ $ %/ $ )L(58 $ %& $ VJWXIJHB$ &; $ :/6";<.G5&1 $B9(")F8 $ %/ $ 58/ $ %/ $ ;F9/%/ $ G5"*.9"9.)/$
`&,9(&).89"8$.,%.).%5".8a$'(/-5(_;/8$-/,Z&-&($G5".8$"8$"-6T&8$G5&$/$R/)&(,/$;/6";<.-",/$9&;$
%&8&,)/*).%/$'"("$&,U(&,9"($&89&$'(/<*&;"$<&;$-/;/$"$(&"-67/$%/8$"-9/(&8$&,)/*).%/8$,/$(.95"*$
b8$"-6T&8$%/$Q/)&(,/1$4"("$;&*Z/($&,G5"%("($/$9("<"*Z/=$%&8&,)/*)&;/8$5;"$(&).87/$9&c(.-"$&$
-/,-&'95"*$8/<(&$/8$(.9/8=$"$G5&897/$%&$'5(&S"=$(&'(&8&,9"6T&8$8/-.".8$-/;/$.%&,9.%"%&$8/-."*$&$/8$
"8'&-9/8$%"$8"O%&$'"("$;5%",6"$8/-."*1$d.,"*;&,9&=$,"$-/,-*587/$%.8-59.;/8$(&85*9"%/8$/<9.%/8$&$
'(/<*&;"9.S";/8$"8$G5&89T&8$%&$.,)&89.R"67/=$.%&,9.U.-",%/$/8$%&8"U./8$'"("$U595("8$.,)&89.R"6T&8$
,&89&$-";'/1$$
;60$-4*$
MN\!NDB\$4DBM!JMCI$JK$WJVeBJHI$MEK!C]!^$!Z&$-"8&$/U$(*5)$@'A)$(.95"*$.,$Z&"%G5"(9&(8$
/U$:/((5;<"*"$%.89(.-9=$:/S";<.G5&
!Z.8$ 895%f$ ".;8$9/$ ","*fS&$ 9Z&$-5*95("*$'("-9.-&$ /U$ -*&",8.,R$ /U$g.%/g8$ `(.95"*$/U $(*5)$ @'A)$ .,$
:/((5;<"*"$H.89(.-9a=$gZ.-Z$.8$(&R"(%&%$"8$/,&$/U$9Z&$-"58&8$/U$9Z&$8'(&"%$/U$WJVXBJHI$).(58$.,$
:/S";<.G5&1$!Z&(&U/(&=$9Z(/5RZ$9Z&$58&$/U$G5"*.9"9.)&$;&9Z/%8$`.,X%&'9Z$.,9&().&g8a$g&$8/5RZ9$
9Z&$ ;&"85(&8$ 9Z"9$ 9Z&$:/S";<.-",$R/)&(,;&,9$ Z"8$%&)&*/'&%$9/$ "%%(&88$ 9Z.8$ '(/<*&;$ ",%$9Z&$
(&"-9./,$ /U$9Z&$"-9/(8$ .,)/*)&%$ .,$ 9Z&$(.95"*$9/$9Z&$ R/)&(,;&,9 $"-9./,81$ W/g&)&(=$g&$%&)&*/' $"$
9Z&/(&9.-"*$ U(";&g/(h$ "</59$ (.9&8=$ 9Z&$G5&89./,$/U$'5(.9f=$8/-."*$.%&,9.9f$"8$8/-."*$(&'(&8&,9"9./,$
",%$Z&"*9Z$U/($8/-."*$-Z",R&1$d.,"**f=$.,$-/,-*58./,=$g&$'(&8&,9$/5($U.,"*$-/,8.%&("9./,8$"--/(%.,R$
9Z&$/<9".,&%$(&85*98 $",%$g&$-/,U(/,9$9Z&$.885&8$/U$(&8&"(-Z=$.%&,9.Uf.,R$9Z&$-Z"**&,R&8$U/($U595(&$
(&8&"(-Z$.,$9Z.8$U.&*%1
(
;2-4'%*)A%#$"0
i $ ;.,Z" $ /(.&,9"%/(" $ 4(/U&88/(" $ H/59/(" $ \"5(.,%" $ B<(&5 $ '&*/ $ '"-.&,9& $ 9("<"*Z/ $ %&$
/(.&,9"67/=$'(/,9.%7/=$%.8'/,.<.*.%"%&$%5(",9&$"$;.,Z"$%.88&(9"67/=$'&*"$-/,U.",6"$G5&$%&'/8.9/5$
&;$;.;$&$'&*/$&89.;5*/$&;$(&*"67/$"$;.,Z" $'&8G5.8"1$B.,%"$b$4(/U&88/("$H/59/("$\"5(.,%"$
B<(&5=$H.(&-9/("$%/$:&89("%/$&;$B"1C5*D)#$6&$E&%FG#5).$&%$B&.#(&D5*:)#H$G:"1'I;"+$0"4D&*5"$& $
!D5".&#=$%"$N,.)&(8.%"%&$%&$j)/("$&$M//(%&,"%/("$%/ $B2"&4*J$G,$K$>L4)%*D#$"A$M&)152$)46 $
N&1A).&+$,"$N,.)&(8.%"%&$%&$j)/("=$'&*"$U/(;"$-/;/$9&;$&,%&(&6"%/$/8$'(/<*&;"8$%/8$&895%",9&8$
& $ '/( $ ,/8 $ 9&( $ (&-&<.%/ $ & $ "-/*Z.%/ $ %5(",9& $ /8 $ %/.8 $ ",/8 $ %" $ ,/88" $ &89"%." $ &; $ j)/("1 $ i $ -/X
/(.&,9"%/("$4(/U&88/("$H/59/("$:"(k"X\.8"$W/,h"8"*/$%"$N,.)&(8.%"%&$%&$\.,h/'.,R$,"$I5F-."$
'&*"$/(.&,9"67/$8/<(&$"*R5,8$"8'&-9/8$%"$'&8G5.8"1$i$4(/U&88/("$d_9.;"$K5,&8$%"$N,.)&(8.%"%&$%&$
j)/(" $ '&*/ $ 8&5 $ -/,9(.<59/ $ ," $ U"8& $ %& $ &*"</("67/ $ %/ $ '(/k&-9/ $ %& $ '&8G5.8"1 $ i $ /(R",.S"67/ $ %/$
'(/R(";"$C("8;58$:5,%58$&$"$H.(&-67/$%/$-5(8/$B2"&4*J$G,$>L4)%*D#$"A$M&)152$)46$N&1A).& $
'&*"$/'/(95,.%"%&$G5&$;&$%&(";$&$9+;$%"%/$"$;5.9/8$'"(9.-.'",9&8$,&89&$'(/R(";"1$i$:"(."$
!&(&8"$4/,9/.8$'/($9/%/$&8U/(6/$G5&$U&.9/$'/($-"%"$5;$%&$,c81$B/$4(/U&88/($H/59/($I";$Y.**,&($
%"$N,.)&(8.%"%&$%&$\.,h/'.,R$,"$I5F-."$'&*"$U/(;"$-/;/$,/8$(&-&<&5$&$&,%&(&6/5$/8$,/88/8$
'(/<*&;"8 $ %5(",9& $ 9&(-&.(/ $ 8&;&89(&1 $ i $ 4(/U&88/(" $ H/59/(" $ :"(." $ %& $ :"(9Z" $ \5," $ d(&.(& $ %"$
N,.)&(8.%"%&$d&%&("*$d*5;.,&,8&$,/$l("8.*$'&*"$'(/,9.%7/$&$'&*"8$85R&89T&8$8/<(&$9("<"*Z/1$B/8$
;&58 $'(/U&88/(&8$,"$N,.)&(8.%"%& $4&%"RcR.-"$m$H&*&R"67/ $%&$n5&*.;",& $&; $:/6";<.G5&$m$
M5(8/ $ %& $ &,8.,/ $ %& $ R&/R("U." $ ," $ '&88/" $ H(1 $ P/7/ $ M"(*/8 $ :&,%&8 $ \.;" $ H.(&-9/( $ B%k5,9/$
d.,",-&.(/ $ & $ 4(/U&88/( $ H/59/( $ :",5&* $ P/8F $ %& $ :/(".8 $ H.(&-9/( $ %" $ N,.)&(8.%"%& $ 4&%"RcR.-"$
H&*&R"67/$%&$n5&*.;",&$'&*"$-/,U.",6"$&$'&*"$(&-/;&,%"67/$"/$:&89("%/1$i$4(/U&88/("$H/59/("$
K_%."$E8;",$'&8G5.8"%/("$%"$P/Z,$W/'h.,R8$N,.)&(8.9f$&;$:/6";<.G5&$'&*"$-/,U.",6"$G5&$
%&'/8.9/5$&;$;.;$"/$;&$(&-/;&,%"($'"("$&89&$;&89("%/1$i$H("1$M"(;&*.S"$D/8_(./$`",9(/'c*/R"a$
'&8G5.8"%/("$%"$B589("*$M/g.$\%"$&;$:/6";<.G5&$'&*"$/(.&,9"67/$,/$R5.7/$%&$&,9(&).89"8$&$,"$
&*"</("67/ $ %/ $ '(/k&-9/ $ %& $ '&8G5.8"1 $ B/ $ H(1 $ C;L%./ $ Q5,& $ `",9(/'c*/R/a= $ '(/U&88/( $ %"$
N,.)&(8.%"%&$C%5"(%/$:/,%*",& $&;$:/6";<.G5&=$'&*/$85'/(9&$G5&$;&$%&5$%5(",9&$"$;.,Z"$
'&8G5.8"1
BR("%&6/ $ b $ ;.,Z" $ U";L*."= $ \&).,9/, $ M/*Z&(= $ 4"5*" $ I"<&= $ \&/,"(%/ $ M/*Z&(= $ H&/U("8."$
M/*Z&(= $ 4(c8'&(" $ M/*Z&( $ & $ !&(&8" $ K")"." $ l&,9/ $ '&*" $ U/(6"= $ %&%.-"67/ $ & $ -/,U.",6" $ G5& $ 9+;$
%&'/8.9"%/$&;$;.;=$&;$9/%"8$"8$;.,Z"8$"-9.).%"%&8$G5&($8&k";$'(/U.88./,".8=$"-"%F;.-"8$/5$,7/1$
3
B/8 $ ;&58 $ ";.R/8 $ & $ "88.89&,9&8 $ %& $ -";'/= $ P/8F $ C%5"(%/ $ 4&(&.("= $ M(.89.," $B,%(F $ H/-/9"*"=$
Q&,&(/8/$M"(*/8$B88";/$'&*"$%&%.-"67/$&$85'/(9&$G5&$%&(";$%5(",9&$/$;&5$9("<"*Z/$%&$-";'/1
B/$I.%c,./$d&((7/$G5&$;&$"k5%/5$"$&,-/,9("($/8$R5."8$%&$-";'/=$"/8$R5."8$%&$-";'/$,"$'&88/"$
%& $ d&(,",%/ $ M",U5*" $ G5& $ ;& $ "k5%/5 $ " $ .%&,9.U.-"( $ & $ " $ &#'*.-"( $ "/8 $ 8&-(&9_(./8 $ %& $ <".((/=$
-5(",%&.(/8=$*L%&(&8$-/;5,.9_(./8=$-5(",%&.(/8$&$*L%&(&8$%&$/'.,.7/$,"$\/-"*.%"%&$I&%&$%/$H.89(.9/$
%&$:/((5;<"*"$8/<(&$"$.;'/(9o,-."$%"$'&8G5.8"$&$"/$8&5$"'&*/$"/$U/(,&-.;&,9/$%&$.,U/(;"67/1$
d.,"*;&,9& $ "/8 $ ;&58 $ -/*&R"8= $ b $ H5*-& $ 4&(&.(" $ '&*" $ -/,U.",6"= $ %&%.-"67/= $ 85'/(9& $ &$
'(/,9.%7/$&;$9/%/$/$;&5$'(/-&88/$%&$U/(;"67/$"-"%F;.-"=$"/$M(&8-+,-./$4&(&.("$'&*"$'"-.+,-."$&$
%&%.-"67/$G5&$;&$9&;$%"%/=$"/$V.-9/($Q/%/.$'&*/$8&5$9("<"*Z/$%&$/(.&,9"67/$&;$;&9/%/*/R."=$"$
\.*.",$V.%"*$'&*/$"-/*Z.;&,9/$&$85'/(9&=$b$:"(."$\"5("$D/%(.R5&8=$4"9(L-./$d&(,",%&S$&$B%(.","$
:5,/S$'&*/$-/;'",Z&.(.8;/$&$%.8'/,.<.*.%"%&1
Z
9B5>CD@EFC
<#G34'-4A%#$"+$%H-)*"+'"+%0$3'"+%+I-"67%A4+%A+4#.7)0%
B$.;'/(9o,-."$%/$&895%/$%"$-5*95("$%/8$'/)/8$'"("$"$-/;'(&&,87/$%/$U&,c;&,/$8"O%&X%/&,6"$
F$5;$%"%/$"%G5.(.%/1$M/;$/$.,-(&;&,9/$%/$-/,Z&-.;&,9/$9F-,.-/X-.&,9LU.-/$8/<(&$"8$%/&,6"8=$
G5"*G5&($"-67/$%&$'(&)&,67/=$9("9";&,9/$/5$'*",.U.-"67/$,"$_(&"$%"$8"O%&$,&-&88.9"$%&$9&($&;$
-/,8.%&("67/$/8$-/;'/(9";&,9/8=$)"*/(&8=$"9.95%&8=$'(_9.-"8$&$-(&,6"8$%"8$'/'5*"6T&8$&;$",_*.8&1$
B $ %/&,6"= $ G5& $ F $ 9",9/ $ 5; $ U"-9/ $ <./*cR.-/ $ G5",9/ $ 5; $ U&,c;&,/ $ 8/-./*cR.-/= $ &#'(.;& $ 5;$
"-/,9&-.;&,9/ $ .,%.).%5"*= $ G5& $ 585"*;&,9& $ '(&/-5'" $ / $ -/('/ $ 8/-."* $ `:.,"f/= $ p33pa1 $ I&R5,%/$
J,R/*%$`p33@=$'1$q2Aa=$5;"$%"8$-"("-9&(L89.-"8$;".8$;"(-",9&8$%"$).%"$Z5;","$F$"$&#9("/(%.,_(."$
%.)&(8.%"%&$%"8$U/(;"8$%&$"$).)&(1$E$&895%/$%"8$'(_9.-"8$-5*95(".8$.,8&(&X8&$,&89&$-/,9&#9/1
K/8$O*9.;/8$2>$",/8$;5.9/8$-.&,9.89"8$8/-.".8$9+;$-/,8.%&("%/$/8$(.9/8$;5.9/$.;'/(9",9&8$&;$
9&(;/8$%&$",_*.8&$-5*95("*1$E8$",9(/'c*/R/8=$8/-.c*/R/8=$U.*c8/U/8$&$Z.89/(."%/(&8$9+;$/*Z"%/$'"("$
&89"8$;",.U&89"6T&8$-/;/$5;"$rk",&*"s$'&*"$G5"*$"8$'&88/"8$U"S&;$&$(&U"S&;$/$8&5$;5,%/$`l&**=$
p332a1$C89&$"59/(=$-/;/$;5.9/8$/59(/8$",9&8$%&*&=$"(R5;&,9"$G5&$/8$(.9/8$,7/$87/$5,.U/(;&8=$
'/%&,%/$)"(."($-/,U/(;&$"8$,/(;"8$&8'&-LU.-"8$%"8$%.U&(&,9&8$8/-.&%"%&81$M/;/$'(_9.-"=$/8$(.9/8$
&,)/*)&;$"$(.95"*.S"67/=$/5$8&k"= $5;" $;",&.(" $%&$"R.( $G5&$U"S$%.89.,R5.( $/8$(.95".8 $%&$/59("8$
U/(;"8$%&$"-9.).%"%&$Z5;","1$
K&89"$).87/=$/$(.95"*$F$;5.9/$;".8$%/$G5&$"$;&("$-/;5,.-"67/$%&$8.R,.U.-"%/8$&$)"*/(&8=$F$5;$
-/,k5,9/ $ %& $ "-9.).%"%&8 $ G5& $ -/,89(c. $ 5; $ 9.'/ $ '"(9.-5*"( $ %& $ 8.R,.U.-"%/8 $ & $ )"*/(&8 $ &; $ U/(;"8$
&8'&-LU.-"81$4/(9",9/=$;".8$%/$G5&$(.95"*$-/;/$)&L-5*/$'"("$&#'(&887/$%"$"59/(.%"%&=$/8$9&c(.-/8$
9&,%&;$"$&#'*/("($"$.%&."$%&$G5&$/8$(.9/8$87/$5;$)&L-5*/$'"("$"$-/,89(567/$%"$(&*"67/$&,9(&$"$
"59/(.%"%&$&$"$85<;.887/1p$ K&89&$8&,9.%/=$/8$(.9/8$87/$U(&G5&,9&;&,9&$(&9("9"%/8$-/;/$"$"(&,"$
-&,9("*$'"("$"$;&%."67/$-5*95("*=$/8$;&./8$'&*/8$G5".8$)_(."8$-/;<.,"6T&8$%&$&89(595("8$&$Z.89c(."=$
'"88"%/$&$'(&8&,9&=$8.R,.U.-"%/8$&$,&-&88.%"%&8=$87/$.;'/(9",9&8$'"("$'&(-&<&($"$%.)&(8.%"%&$&$"$
&8'&-.U.-.%"%&$%"8$;",.U&89"6T&8$-5*95(".81$M/;/$M/;"(/UU$`-.9"%/$'/($l&**$p33A=$'1$tqa$,/9"=$/8$
r(.95".8$'(/).%&,-.";$5;$;&./$"'(/'(."%/$"9(")F8$%/$G5"*$/8$)"*/(&8$&$"8$&89(595("8$%/$;5,%/$
-/,9("%.9c(./$%&)&;$8&($&,%&(&6"%/$&$;",.'5*"%/s1 2$B$Z"<.*.%"%&$%&$&,%&(&6_X*/8$&$;",.'5*_X*/8$
-/,U&(&$/$'/%&($'"("$%&U.,.($/$G5&$F$(&"*1$
p
$dEK!CKDEIC=$P1=$`p3uua1$92&$O*5')1$92&".L$"A$,L521$N,.)&(8.9f$/U$M"*.U/(,."$4(&88=$l&h&(*&f$v$\/8$B,R&*&81
2
$I:J!W=$P1=$`p3t2a1$P%)Q*4*4Q$O&1*Q*"4H$R."%$E)=L1"4$5"$7"4&#5"S41$MZ.-"R/^$N,.)&(8.9f$/U$MZ.-"R/$4(&881$
;
B88.;=$"8$'(_9.-"8$-5*95(".8$/(R",.S";X8&$"9(")F8$%&$5;$-/,k5,9/$%&$"-9.).%"%&8=$&%5-"9.)"8$
/5$,7/=$%.(&--./,"%"8$'"("$5;$%&9&(;.,"%/$R(5'/$8/-."*=$)"(.",%/$&;$U5,67/$%/$-/,k5,9/$%&$
&#'&(.+,-."8$"%G5.(.%"8$,5;$'&(L/%/$%&$*/,R"$%5("67/$(&85*9",9&$%/$-/,Z&-.;&,9/$;L9.-/=$G5&$
.,-*5.$-(&,6"8=$-/;$"$U.,"*.%"%&$%&$;",9&($"$-/&87/$8/-."*1$I&R5,%/$!"f*/($`-.9"%/$'/($:"(9.,&S=$
p33?a=$"$-5*95("$-/,89.95.$/$-/,k5,9/$-/;'*&#/$%&$%&9&(;.,"%/8$-/;'/(9";&,9/8=$&$&89&8$.,-*5&;$
-/,Z&-.;&,9/8=$-(&,6"8=$"(9&=$;/("*=$*&.8=$-/895;&8=$&$)_(."8$"'9.%T&8$&$Z_<.9/8$"%G5.(.%/8$'&*/$8&($
Z5;",/$-/;/$;&;<(/$%&$5;"$8/-.&%"%&1$4/(9",9/=$.,-*5.$9/%/$/$-/;'/(9";&,9/$Z5;",/1$C89&$
-/,k5,9/$;",.U&89"X8&$"9(")F8$%"8$'(_9.-"8$-5*95(".8$(&85*9",9&8$%"$'(/%567/$Z5;","=$%/$8&5$;/%/$
%&$'&,8"(=$%"$85"$-(&,6"=$%/8$8&58$)"*/(&8=$%/$8&5$&:&.L6)L$1*A&T$&$%/8$8&58$&,8.,";&,9/81$
:5.9/8 $ 9&c(.-/8 $ 9+; $ 85R&(.%/ $ G5& $ ;5%",6"8 $ &; $ -/,9&#9/8 $ 8/-./-5*95(".8 $ '/%&; $ 9&( $ 5;$
.;'"-9/$.;'/(9",9&$,/8$%.U&(&,9&8$"8'&-9/8$%&$.%&,9.%"%&$8/-."*$`l(&"hg&**=$p3tua1$N;$,O;&(/$
-(&8-&,9&$%&$&895%/8$9&;$'(/).%&,-."%/$&).%+,-."8$&;'L(.-"8$8/<(&$"8$)"(."6T&8$G5&$/-/((&;$,"8$
.%&,9.%"%&8$8/-.".8$%&$;&;<(/8$%/$R(5'/$"/$*/,R/$%/$9&;'/$&;$%.)&(8"8$8/-.&%"%&8$&$8/<(&$-/;/$
&88"8 $ .%&,9.%"%&8 $ 9+; $ "885;.%/ $ %.)&(8"8 $ (&'(&8&,9"6T&8 $ -/,%.-./,"%"8 $ '&*/ $ U&,c;&,/ $ 9&;'/1$
`C9Z.&($v$H&"5#=$p33@w$P&99&,=$Exl(.&,$v$!(.,%"**=$2>>2w$y&88*&($v$:5;;&,%&f=$2>>2a1$C89"8$
;5%",6"8 $ '/%&; $ &89"( $ (&*"-./,"%"8 $ -/; $ %.)&(8/8 $ U"-9/(&8= $ ,/;&"%";&,9& $ -/; $ " $ 8"O%& $ %/8$
.,%.)L%5/8= $ "885;.,%/ $ 5; $ '"'&* $ U5,%";&,9"* $ '/( $ -/,89.95.( $ 5; $ .;'&("9.)/ $ -"9&Rc(.-/1 $ I&$
-/,-&,9("(;/8$/$/*Z"($,"$9&/(."$%"8$(&'(&8&,9"6T&8$8/-.".8$`d*.-h=$p33t"$'"("$"</(%"R&,8$;".8$
(&-&,9&8a=$G5&$8&$-&,9("$,"$U/(;"$-/;/$/8$r2"5$5"(*D#s$8&$.,8&(&;$,"$8/-.&%"%&$&$-/;/$&89&$
'(/-&88/$F$U/(;"%/$'&*"$&#.89+,-."$%&$-";'/8$%&$-/,Z&-.;&,9/$`:/8-/).-=$p3tta=$-/,89"9";/8$
G5&$"$U/(;"$-/;/$/$R(5'/$8/-."*$`/5$8.89&;"=$8/-.&%"%&$/5$-5*95("a=$-/,-&'95"*.S"$5;$;"9&(."*$/5$
5;$/<k&-9/$8.;<c*.-/$-/,89.95.$/$,O-*&/$8/-."*;&,9&$-/;'"(9.*Z"%/$%&89"$-/,-&'95"*.S"67/1$
K&89& $ -/,9&#9/= $ "8 $ '(_9.-"8 $ -5*95(".8= $ '/( $ 8&(&; $ "-6T&8 $ 8/-.".8 $ G5& $ 8&R5&; $ %&9&(;.,"%/8$
'"%(T&8$-5*95(".8+$(&U&(&;X8&$"$(&R("8$;/(".8$G5&$'&(;&.";=$.%&,9.U.-";$&$-(.";$-/&87/$%&,9(/$%&$
5;"$8/-.&%"%&=$U"S&;$'"(9&$%"$.%&,9.%"%&$'(c'(."$%&$5;$R(5'/$Z5;",/$,5;$%&9&(;.,"%/$'&(L/%/$
%& $ 9&;'/1 $ j $ '(&-.8";&,9& $ 8/<(& $ 5;" $ %&89"8 $ '(_9.-"8 $ G5& $ &89& $ 9("<"*Z/ $ .,-.%&^$ / $ (.95"* $ %&$
'5(.U.-"67/ $ %"8 $ ).O)"8= $ G5& $ &#.89&$ &; $ "*R5,8 $ '"L8&8 $ %" $ [U(.-"= $ & $ G5& $ "</(%"(&;/8 $ &;$
:/6";<.G5&=$;".8$-/,-(&9";&,9&$,"$*/-"*.%"%&$8&%&$%/$%.89(.9/$%&$:/((5;"<"*"$,"$'(/)L,-."$%"$
z";<FS."^$/$(.95"*$%&8.R,"X8&$ '/( $(*5)$@'A)$ &$-/,8.89&$,5;$"-9/$G5&$85<;&9&$"8$;5*Z&(&8=$*/R/$
"'c8 $ " $ ;/(9& $ %/8 $ 8&58 $ ;"(.%/8= $ b $ -/,85;"67/ $ %& $ (&*"6T&8 $ 8&#5".8 $ 8&; $ '(/9&-67/ $ `58/ $ %/$
q
$E$9&(;/$"'"(&-&$&;$.,R*+8$'/(G5&$58";/8$,"$'&(8'&-9.)"$.,9&("--./,.89"$G5&$9&;$"$)&($-/;$"$.,9&("-67/$%"8$'&88/"8 $
-/;$/$;5,%/$&$"$'&(8'&-9.)"$U&,/;&,/*cR.-"$G5&$9&;$"$)&($-/;$"$&#'&(.&,-."$%"8$'&88/"8$%&$).)&(&;$,/$;5,%/1
@M
'(&8&()"9.)/a$'(&U&(&,-."*;&,9&$-/;$5;$;&;<(/$%"$U";L*."$%/$%&U5,9/=$".,%"$G5&$/$'"(-&.(/$*Z&$
'/88"$8&($&#9&(./($%&8%&$G5&$&8-/*Z.%/$'&*/8$8&58$'"(&,9&81$H&$"-/(%/$-/;$"$9("%.67/=$"8$).O)"8$
U.-";$'/885L%"8$'&*/$&8'L(.9/$%/$U"*&-.%/$&$&89&$&89"%/$%&$.;'5(&S"$-(."$8.95"6T&8$%&$",/;"*."8$
'"("$"$U";L*."$&$'"("$"$-/;5,.%"%&=$-"58",%/$%/&,6"8$G5&$'/%&;$*&)"($"$;/(9&1$K"$85"$-(&,6"$8c$
/$(.95"*$%&$(*5)$@'A)$'/%&$.;'&%.($8&;&*Z",9&8$;"*&81$
C89"$'(_9.-"$(&'(&8&,9"$5;$.;'/(9",9&$"8'&-9/$%"$).%"$%/8$;/6";<.-",/8=$'"(9.-5*"(;&,9&$%/8$
Z"<.9",9&8$%"$*/-"*.%"%&$&;$&895%/=$ G5&$"88.;$ 8&$"U.(;";$-/;/$8&(&8$8/-.".8$&$;/89(";$"$85"$
.%&,9.%"%&$-5*95("*1$4"("$"*F;$%&$8&($-/,8.%&("%/$-/;/$5;"$U/(;"$%&$-/,9(/*/$8/-."*=$/$(*5)$@'A)$
9(",8'/(9" $5;$ -/,k5,9/$%& $)"*/(&8 $%&$ */,R" $%5("67/=$-/,%.67/ $ %&$ (&.,9&R("67/ $%"8 $ ).O)"8$,"$
-/;5,.%"%&1$
K&89& $ 9("<"*Z/ $ G5.8&;/8 $ -/,Z&-&( $ -/;/ $ F $ G5& $ &89"8 $ '(_9.-"8 $ .,9&("R&; $ -/; $ "8$ G5&89T&8$
(&*"-./,"%"8$-/;$"$8"O%&$'O<*.-"1$B'&8"($%&$,7/$%.8'/($%&$%"%/8$&#"-9/8=$/$:.,.89F(./$%&$I"O%&$
;/6";<.-",/ $ X $ '"(" $ "*F; $ %/8 $ -"8/8 $ )&(.U.-"%/8 $ %5(",9& $ "8 $ 9(",8U58T&8 $ %& $ 8",R5& $ & $ 58/ $ %&$
;"9&(.".8$-/(9",9&8$,7/$&89&(.*.S"%/8=$9(",8;.887/$)&(9.-"*$%&$;7&$'"("$U.*Z/$%5(",9&$/$'(/-&88/$%&$
R&89"67/=$'"(9/$&$";";&,9"67/$X$%&U&,%&$G5&$"8$'(.,-.'".8$U/(;"8$%&$9(",8;.887/$%/$VJWXIJHB$
%&-/((&; $ %"8 $ (&*"6T&8 $ Z&9&(/88&#5".8 $ (&"*.S"%"8 $ 8&; $ '(/9&-67/$ -/; $ ;O*9.'*/8 $ '"(-&.(/8= $ %"8$
'(_9.-"8$%&$-.(-5,-.87/$(&"*.S"%"8$,/8$(.9/8$%&$.,.-."67/=$%/$8&#/$9&("'+59.-/=$%"$'/*.R";."$&$%&$
(*5)$@'A)$`:5*",%"Z=$2>>tUV$B88.;$8&,%/=$&89";/8$&;$'(&8&,6"$%&$5;"$'(_9.-"$-5*95("*$"9(")F8$%"$
G5"*$/$'/)/$"885;&$"$85"$.%&,9.%"%&$&$/$8&5$%"6'#$:*:&46*$G5&$-/;$/$85(R.;&,9/$%/$VJWXIJHB$
'"88/5 $ " $ 8&( $ -/,8.%&("%"= $ '&*"8 $ "59/(.%"%&8= $ -/;/ $ 5; $ '(/<*&;" $ '"(" $ " $ 8"O%& $ 'O<*.-"1 $ N;"$
'/8.67/$85'/(9"%"$&;$)_(./8$&895%/8$(&"*.S"%"8$,/$-";'/$%"8$'(_9.-"8$%&$'5(.U.-"67/$%"8$).O)"8$
&; $[U(.-"=$&; $R&("*$`YB]=$2>>qw$\" $d(",.&(&=+ 2>>?w$l5-h*&f= $p333w $Eh&f/$v$B**&,=$p33@w$
l59*&(f8$&9$"*1=$p33@w$Q"588&9$v$:/R&,8&,=$p33uw$:/R&,8&,=$p33Aw$J,R89"%$&9$"*1=$p33Aw$W";;&(=$
p333w$Y/*U=$2>>pw$&$H.*R&(=$p333a=$&$&;$:/6";<.G5&=$%&$U/(;"$'"(9.-5*"($`Y\IB=$p33@w$l*",-/$
v $ H/;.,R/8= $ 2>>tw $ \/U/(9&= $ 2>>qw $ Q("6"= $ 2>>2w $ :"9/*"= $ 2>>tw $ :5*",%"Z= $ 2>>tw $ & $ :5,R/.=$
2>p>a1$
C0+"6J%*$)K"0+'"+$-4647L"
I"<&,%/$G5&$" $M/,89.95.67/$%&$:/6";<.G5& $(&-/,Z&-& $&$'(/;/)& $9/%/8 $/8 $)"*/(&8 $&$
"-9.).%"%&8$-5*95(".8=$&$9&,%/$&;$"9&,67/$/$&,G5"%(";&,9/$"9(_8$(&U&(.%/=$%&8&,)/*)&;/8$&89&$
9("<"*Z/ $ '(/-5(",%/ $ (&8'/89" $ '"(" $ %5"8 $ G5&89T&8 $ '(.,-.'".8^ $ / $ G5& $ F $ G5& $ %& $ -/,-(&9/ $ "8$
@@
"59/(.%"%&8$'/*L9.-"8$&897/$"$U"S&($'"("$&,U(&,9"($/$'(/<*&;"$%"8$'(_9.-"8$-5*95(".8$-/,8.%&("%"8$
-/;/$%.88&;.,"%/("8$%/$VJWXIJHB{$M/;/$F$G5&$/8$"-9/(&8$&,)/*).%/8$,"$'(_9.-"$%/$(.95"*$%&$
(*5)$@'A)$,/$%.89(.9/$%&$:/((5;<"*"=$*/-"*.%"%&$I&%&=$(&"R&;$b8$"-6T&8$%/$:.,.89F(./$%&$I"O%&{$B$
(&8'/89"$b$'(.;&.("$G5&897/$'&(;.9&X,/8$-"'9"($G5".8$/8$'(/-&%.;&,9/8$&;$-5(8/$'"("$&,U(&,9"($/$
'(/<*&;" $(&U&(.%/ $'&*/ $R/)&(,/ $&$G5".8 $"8 $8/*56T&8 $'(/'/89"8= $,/$G5"%(/$%" $'/*.9.-" $-5*95("*$
;/6";<.-","w$"$(&8'/89"$b$8&R5,%"$'&(;.9&X,/8$(&*"-./,"($"8$G5&89T&8$%"$.%&,9.%"%& $8/-."*$&$
(&'(&8&,9"6T&8$&;$9/(,/$%/$(.95"*$%&$(*5)$@'A)$-/;$"$,/)"$(&"*.%"%&$%/$VJWXIJHB1$
M/;/ $ /<k&-9.)/8 $ -&,9(".8= $ & $ "'/."%/ $ ,/8 $ &895%/8 $ G5& $ k_ $ &#.89&; $ 8/<(& $ / $ 9&;"=$
'(/-5("(&;/8$ %&8-(&)&( $ R&,&(.-";&,9& $"$ '(_9.-"$ %/$(.95"*$ %& $(*5) $ @'A)w$ ","*.8"( $/8 $&*&;&,9/8$
%&9&(;.,",9&8$,"$&8-/*Z"$%/8$9.'/8$ %& $(*5)$@'A)$ &$(&*"-./,_X*/8$-/;$"$G5&897/$%/$VJWXIJHBw$
","*.8"($/$8.R,.U.-"%/$G5&$/8$"-9/(&8$&,)/*).%/8$"9(.<5&;$"/$(.95"*$%& $(*5)$@'A)$ &;$(&*"67/$b8$
'(_9.-"8 $ %& $ '(&)&,67/ $ %/ $ VJWXIJHBw $ ","*.8"( $ / $ &,)/*).;&,9/ $ %/ $ :.,.89F(./ $ %" $ I"O%&$
;/6";<.-",/$&;$(&*"67/$"/$(.95"*$%&$(*5)$@'A)$,/$-/,9&#9/$%/$VJWXIJHB$&$U.,"*;&,9&$","*.8"($"$
(&"-67/$%/8$"-9/(&8$%&$(*5)$@'A)$&;$(&*"67/$"/$%.8-5(8/$%/$:.,.89F(./$%"$I"O%&1$
E(R",.S_;/8 $ " $ '(&8&,9& $ %.88&(9"67/ $ &; $ G5"9(/ $ -"'L95*/81 $ K/ $ '(.;&.(/ $ "'(&8&,9";/8 $ /$
&,G5"%(";&,9/ $ 9&c(.-/X-/,-&'95"*= $ /,%& $ %.8-59.;/8 $ "8 $ "</(%"R&,8 $ 9&c(.-"8 $ 8/<(& $ /8 $ (.9/8= $ "$
G5&897/$%&$'5(&S"=$"$.%&,9.%"%&$8/-."*$-/;/$(&'(&8&,9"67/$&$"$8"O%&$-/;/$U"-9/($%&$;5%",6"$
8/-."*1$K/$-"'L95*/$JJ$&,G5"%(";/8$/$U&,c;&,/$%/$VJWXIJHB$,/$;5,%/=$-/;$%&89"G5&$'"("$
:/6";<.G5&1$K/$-"'L95*/$JJJ$","*.8";/8=$".,%"$G5&$;5.9/$R&,&(.-";&,9&=$/8$(.9/8$%&$'5(.U.-"67/$
%& $ ).O)"8 $ & $ " $ 8&#5"*.%"%& $ ," $ [U(.-"= $ " $ G5&897/ $ %/ $ '"(&,9&8-/ $ & $ Z&(",6" $ ,/ $ 8&./ $ %" $ U";L*." $
;/6";<.-","$&$/59("8$'(_9.-"8$"88/-."%"8$b$'(/'"R"67/$%/$VJWXIJHBV$ d.,"*;&,9&=$,/$-"'L95*/$
JV$"'(&8&,9";/8$/$,/88/$-";'/$%&$&895%/=$/$%.89(.9/$%&$:/((5;<"*"1$M/;&6";/8$'/($"</(%"($/8$
'(/-&%.;&,9/8$;&9/%/*cR.-/8$G5&$R5."(";$"$,/88"$'&8G5.8"=$.%&,9.U.-";/8$/8$"-9/(&8$&,)/*).%/8$
,/$(.95"*$%& $(*5)$@'A)$ &$/8$(&85*9"%/8$G5&$/<9.)&;/81$d.,"*;&,9&=$%.8-59.(&;/8$/8$(&85*9"%/8$&$
"'(&8&,9"(&;/8$5;"$<(&)&$-/,-*587/1
$ E'&("-./,"*.S_;/8$"$'&8G5.8"$"9(")F8$%/$58/$%"$;&9/%/*/R."$%&$.,)&89.R"67/$G5"*.9"9.)"$&$
/ $ ;F9/%/ $ %& $ ",_*.8& $ %& $ -/,9&O%/ $ 9&;_9.-/1 $ N8_;/8 $ / $ .,G5F(.9/ $ '/( $ &,9(&).89"8 $ .,%.).%5".8$
(&"*.S"%"8 $ "/8 $ r-/,8&()"%/(&8s $ %/ $ (.95"* $ `*.%&(&8 $ 9("%.-./,".8= $ -5(",%&.(/8= $ *.%&(&8 $ %& $ /'.,.7/$
`.%/8/8a$&$8&-(&9_(./8$%&$<".((/a=$"$"*R5,8$;&;<(/8$%"$-/;5,.%"%&$&$"/$-//(%&,"%/($,/$,O-*&/$
%.89(.9"*$%/$-/;<"9&$"/$VJWXIJHB$`'/%&($'/*L9.-/a$&;$(&'(&8&,9"67/$%/$R/)&(,/=$,5;$9/9"*$%&$pA$
@K
&,9(&).89"%/81$4"("$"$85"$",_*.8&=$(&-/((&;/8$b$<.<*./R("U."$&8'&-."*.S"%"$8/<(&$/$9&;"=$"$G5&$
k5,9_;/8$"8$U/,9&8$/(".8$(&-/*Z.%"8$,/$9("<"*Z/$%&$-";'/1
@N
!;M95@:C+9
<#G34'-4A%#$"+$%H-)*"N*"#*%I$347
K&89& $ -"'L95*/ $ "</(%"(&;/8 $ "*R5;" $ '(/%567/ $ -.&,9LU.-" $ 8/<(& $ "8 $ 9&/(."8 $ %/8 $ (.9/8= $ "$
G5&897/$%"$'5(&S"=$.%&,9.%"%&$8/-."*$-/;/$(&'(&8&,9"67/$&$8"O%&$&,G5",9/$U"-9/($%&$;5%",6"$
8/-."*$&$%&9&(;.,",9&$8/-./-5*95("*1$ 4(/-5("(&;/8$(&"*6"($"$(&*"67/$&#.89&,9&$&,9(&$/8$%.U&(&,9&8$
-/,-&.9/8= $ ")&(.R5",%/ $ " $ 85" $ .;'/(9o,-." $ '"(" $ " $ G5&897/ $ &; $ ",_*.8&= $ 5;" $ "</(%"R&; $ G5&$
-/,8.%&(";/8$,&-&88_(."$'"("$;/89("($"$.;'/(9o,-."$%/$&895%/$%/$(.95"*$%&$'5(.U.-"67/$%&$).O)"8$
-/;/$5;"$'(_9.-"$8/-./-5*95("*=$"885,9/$G5&$%&8&,)/*)&(&;/8$ ,/8$-"'L95*/8$8&R5.,9&81$4/($8&($
5;"$'(_9.-"$-5*95("*=$/ $(*5)$@'A)$ F$(&"*.S"%/$%&,9(/$%&$5;$-/,9&#9/$8/-."*$%"L$"$,&-&88.%"%&$%&$
9("S&($/$%.8-5(8/$9&c(.-/$8/<(&$"$.%&,9.%"%&$8/-."*$-/;/$(&'(&8&,9"67/=$-/,-&.9/8$G5&$59.*.S"(&;/8$
'"(" $ %.8-59.( $ /8 $ (&85*9"%/8 $ %& $ -";'/1 $ d.,"*;&,9&= $ /8 $ -/,-&.9/8 $ %& $ 8"O%& $ & $ "8 $ "</(%"R&,8$
(&*"-./,"%"8 $ -/; $ " $ ;5%",6" $ 8/-."* $ 87/X,/8 $ ,&-&88_(./8$ '/(G5& $ " $ ,/88" $ G5&897/ $ "(9.-5*"$ /$
U&,c;&,/$%/$VJWXIJHB$-/;$/$8.89&;"$8/-./-5*95("*1
OP D)0*300Q"+$%H-)*4+0"6-%+-)$"0+
E$8&($Z5;",/$%&8&,)/*)&5$(.95".8$%&8%&$/$'&(L/%/$&;$G5&$&("$-"6"%/(X(&-/*&-9/(=$;"8$
8/;&,9&$,/8$U.,".8$%/$8F-5*/$]J]$&88"8$"-9.).%"%&8$-/;&6"(";$"$8&($'&(-&<.%"8$-/;/$U&,c;&,/8$
-5k/$&895%/$'/%&(."$U/(,&-&($.,U/(;"67/$8/<(&$"$/(.R&;$%"$(&*.R.7/$&$%"$-.).*.S"67/$`l&**=$p33Aa1$
I&R5,%/$j;.*&$l&,)&,.89&$`-.9"%/$'/($I&R"*&,=$2>>>a=$&9,/*/R.-";&,9&$"$'"*")("$(.9/$'(/)F;$%/$
.*5'#$G5&$G5&($%.S&($r/(%&;$'(&8-(.9"s1$Q&("*;&,9&$"88/-."X8&$"/$9&(;/$R(&R/$).5'#$G5&$G5&($%.S&($
r/(R",.S"67/s=$"/$9&(;/ $).).*#@"=$G5&$8.R,.U.-"$rZ"(;/,.S"(s=$r"%"'9"(s$&$U.,"*;&,9&$"/$9&(;/$
).52%"#$G5&$.,)/-"$r*.R"67/s$&e/5$"$rk5,67/s1$
H&$&,9(&$/8$"59/(&8$G5&$8&$.,9&(&88"(";$'&*/$-";'/$%&89"-";/8$P";&8$d("S&(=$-/;$"$/<("$
92&$<"16&4$E"'Q2$WX&$O)%&)'$6Y".+$Z[[\FZ]TÛ=$/,%&$/$"59/($","*.8"$"$;"R."$&$"$85'&(89.67/=$
&89"<&*&-&,%/$5;"$-*"88.U.-"67/$%&$%&9&(;.,"%/8$-/;'/(9";&,9/8$(.95".8$G5&$8&$U5,%")";$&;$
&#&;'*/8$-/;/$/$%&$9"<5=$rG5&$'(/.<."$"8$;5*Z&(&8$R(_).%"8$%&$-/;&(&;$";/("8$-/;$(&-&./$%& $
G5&$"$-(.",6"$,"86"$-/;$5;"$;",-Z"$)&(;&*Z"$,"$-"("s^$8&R5,%/$/$"59/(=$5;$(.9/ $6*4)%*#5)=$
"88&,9&$,"$-(&,6"$%"$&#.89+,-."$%&$5;$'/%&($85'&(./(1$!";<F;$j;.*&$H5(hZ&.,$`pt?tXp3pAa$,"$
85" $ /<(" $X&# $ R".%&# $ _1_%&45)*.&# $ 6& $ 1) $ :*& $ .&1*Q*&'#& `= $ 9("<"*Z/5 $ ," $ "'(/#.;"67/ $ %/ $ (.9/ $ b$
@
$ HNDyWCJK=$C1=$`p3p2a1 $X&#$R".%&#$_1_%&45)*.&#$6&$1)$:*&$.&1*Q*&'#&H$1&$#L#5&%&$5"5_%*8'&$&4$!'#5.)1*&=$4"(.8=$
d&*.#$B*-",1
@G
(&*.R.7/1$H5(hZ&.;$`-.9"%/$'/($I&R"*&,=$2>>>a=$(&*"-./,")"$"$;"R."$&$"$85'&(89.67/$"9(.<5.,%/X/8$"$
-"9&R/(."$%&$&*&;&,9/8$(&*.R./8/81$B9(")F8$%/$8&5$U";/8/$&895%/$8/<(&$/8$"</(LR&,&8$%"$B589(_*."=$
-/,-*5.5$G5&$/$Z/;&;$F$'/($5;$*"%/$(&85*9"%/$%/8$(.9/8=$/5$8&k"=$&;'(&R"$/8$(.9/8$,"8$85"8$
"-9.).%"%&8$-/;/$U/(;"$%&$-(."($;/%&*/8$8/-.".8$G5&$/$/(.&,9";$%&,9(/$%/$8.89&;"$8/-."*1$4"("$
&89&$"59/($/8$(.9/8$"885;&;$5;$*5R"($-&,9("*$'"("$&,9&,%&($"$8/-.&%"%&=$"$-5*95("$&$"8$'&88/"8$&$
9+;=$'/(9",9/=$5;$8.R,.U.-"%/$Z.89c(.-/$Ì&R"*&,=$2>>>=$'1$p2w$W&(%9=$p33ta1$
K5;"$/59("$'&(8'&-9.)"=$Q//%f$`2>p>a$;/89("X,/8$G5&$/$&895%/$8/<(&$/8$(.9/8$-/;&6/5$
-/;$5;$%&<"9&$'(/*/,R"%/$&$%&$R(",%&$.,U*5+,-."$8/<(&$"$/(.R&;$%"$(&*.R.7/$G5&$9(/5#&$)_(."8$
U/(;"8$.;'/(9",9&8$%&$.,9&('(&9"67/$&)/*5-./,_(."=$8/-./*cR.-"$&$'8.-/*cR.-"=$"9(")F8$%"8$G5".8$
85(R.(";$,/)/8$-";'/8$%&$-/,Z&-.;&,9/1$C89&$"59/($"'(&8&,9"$/$9("<"*Z/$%&$I;.9Z$`pt@uXpt3@a=$
-&,9("%/ $ ," $ '(.;"S." $ %/8 $ (.9/8 $ & $ ," $ ,/67/ $ %"8 $ "*;"8 $ ," $ /(.R&; $ %" $ (&*.R.7/ $ & $ %" $ 8/-.&%"%&1$
B-(&%.9")" $ G5& $ " $ (&*.R.7/ $ ,7/ $ ,"8-&5 $ %" $ &#'*.-"67/ $ %/ $ ",.;.8;/ $ ;"8 $ &; $ "-9.).%"%&8 $ G5&$
8&;&"(";$/<(.R"6T&8$,"8$-/;5,.%"%&8=$/5$8&k"=$&,-"(")"$"$(&*.R.7/$-/;/$"*R/$&,(".S"%/$,7/$,"$
U/(;" $ ;L9.-" $ & $ &8'&-5*"9.)" $ 8/<(& $ " $ ,"95(&S" $ %"8 $ -/.8"8= $ ;"8 $ &; $ (.9/8 $ G5& $ &88&,-."*;&,9&$
U5,-./,")";$-/;/$(&'(&8&,9"6T&8$%.).,"8$%"$/(%&;$8/-."*1$B$&88&$'(/'c8.9/$(&U&(.5$G5&$r(&*.R.7/$
U/.$U&.9"$%&$8F(.&8$%&$"-9/8$&$/<8&()o,-."80$|&*"}$,7/$&#.89&$-/;$"$.,9&,67/$%&$8"*)"($"*;"8$;"8$
'"("$"$'(&8&()"67/$&$/$<&;X&89"($%"$8/-.&%"%&s$`Q//%f$2>p>=$'1$@a1$B9(")F8$%"$(&U*&#7/$%&$I;.9Z$
-/,89"9";/8 $ G5& $/ $(.9/$ F $5; $-/;'/,&,9& $ '(.;_(./ $G5& $&89&)& $," $ /(.R&; $%" $ (&*.R.7/$& $8&()&$
U5,%";&,9"*;&,9&$-/;/$U5,67/$<_8.-"$,"$-(."67/$&$;",59&,67/$%"$-/;5,.%"%&1
P_$:/,.-"$Y.*8/,$`-.9"%"$'/($Q//%f$2>p>=$''1$pqXqAa$%&U.,&$/$(.9/$-/;/^$r5;"$(&*.R.7/$
&; $"-67/ $'(.;"(.";&,9& $%.(&--./,"%"$ '"(" $8&R5("( $" $ <+,67/ $%& $ "*R5;"8 $ U/(6"8 $ ;L89.-"8= $87/$
&;'(&R5&8 $8L;</*/8 $&$-/,-&.9/8 $,/8 $(.95".8 $&$87/ $85</(%.,"%/8 $'"("$5;$U.;$'(_9.-/s1$4"("$"$
"59/("$/$-&(.;/,."*$F$r5;"$U/(;"$-/,)&,-./,"*$&*"</("%"$'"("$"$&#'(&887/$%/8$8&,9.;&,9/8=$,7/$
-/,U.,"%"$'"("$"8$/-"8.T&8 $(&*.R./8"8s1$l"8.-";&,9&=$/$G5&$&89&8$"59/(&8 $%&;/,89(";$F$G5&$"$
,/67/$%/$(.9/$"88/-."%/$b$(&*.R.7/$9&;$U5,6T&8$'(_9.-"8$%&,9(/$%&$5;"$-/;5,.%"%&1
K"$85"$",_*.8&=$Q//%f$`2>p>a$.%&,9.U.-"$/8$(.9/8$-/;/$5;"$-"9&R/(."$%&$-/;'/(9";&,9/8$
&89",%"(%.S"%/8$`-/895;&a$&;$G5&$"$(&*"67/$&,9(&$/8$8.R,.U.-"%/8$&$/$U.;$,7/$F$.,9(L,8&-"=$G5&($
&89&8$8.R,.U.-"%/8$8&k";$("-./,".8$G5&($8&k";$.(("-./,".81$4/(9",9/=$Z_$-"9&R/(."8$%&$(.9/8$G5&$,7/$
87/$(&*.R./8/8$,&;$;_R.-/8=$,7/$"885;&;$"$&#.89+,-."$%&$8&(&8$&8'.(.95".8$,&;$9+;$U.,8$&;'L(.-/8$
@V
&;</("$/$"59/($,7/$,&R5&$G5&$'/88";$9&($"*R5;$'(/'c8.9/$(&-/,Z&-.%/$'&*/$/<8&()"%/(1$H&,9(/$
%&89"$-"9&R/(."$&,-/,9(";/8$"8$-&(.;c,."8$%&$-"8";&,9/$-.).*$&$/8$(.9/8$%&$,"8-.;&,9/8$&$;/(9&1
I&R5,%/$W58h&,$`2>>Aa$/$r(.9/$F$-/,8.%&("%/$-/;/$"$&#'(&887/$%&$)"*/(&8$'("R;_9.-/8$%"$
;/(9&$&$%/$,"8-.;&,9/s=$/5$8&k"=$&#'(&88"$5;$-/,k5,9/$%&$8.R,.U.-"%/8$%"$).%"$%/$8&($Z5;",/$G5&$
-/;&6"$-/;$/$,"8-.;&,9/$&$9&(;.,"$-/;$"$;/(9&w$F$".,%"$-/,8.%&("%/$-/;/$r;&-",.8;/$'"("$
9("S&($/$.,%.)L%5/$%&,9(/$%"$-/;5,.%"%&$&$&89"<&*&-&($5;"$&,9.%"%&$8/-."*s=$/$G5&$G5&($%.S&($G5&$
"9(")F8$%"8$)_(."8$U"8&8$%"$).%"$%/$8&($Z5;",/=$/8$.,%.)L%5/8$9+;$%.(&.9/8$&$/<(.R"6T&8=$&$"*R5;"8$
%&*"8$'"88";$'&*"$(&"*.S"67/$%&$'(_9.-"8$(.95".8$G5&$9+;$"$U5,67/$%&$-(."($5;$r,/)/$.,%.).%5/s$
%&,9(/$%"$-/;5,.%"%&1$d.,"*;&,9&$/$(.9/$F$).89/$-/;/$5;$'(/-&88/$'"("$r9(",8U/(;"67/$8/-."*=$
'"("$'5(.U.-"67/=$'"("$.,-/('/("($)"*/(&8$8.;<c*.-/8=$'"("$%&U.,.($"$,"95(&S"$%/$(&"*s=$.89/$F=$5;$
-/,k5,9/$%&$&,9.%"%&8$&$U5,6T&8=$U/(;5*"6T&8$G5&$U"S&;$-/;$G5&$/$(.9/$9&,Z"$)_(./8$8.R,.U.-"%/8$
&$8&k"$"'*.-"%/$"/8$)_(./8$-/,9&#9/8$`'1$t3a1
!/%/8 $ /8 $ "-9/8 $ G5& $ 8& $ -*"88.U.-"; $ -/;/ $ (.9/8 $ 9+;= $ '/.8= $ &U&.9/8 $ '/%&(/8/8 $ '/(G5&$
(&'(&8&,9";$/8$)"*/(&8$%"$-5*95("$%&$5;$'/)/$&$-/,89.95&;$/$'/,9/$U5*-("*$%"8$(&*"6T&8$8/-.".8$
%&,9(/$%&$5;"$8/-.&%"%&$`Q//%f=$p3upw$\&"-Z=$p3uta1$4/($.88/=$\&g.8$`p3t>a$-(.9.-"$"$).87/$%&$
"*R5,8$"59/(&8$G5&$%&U&,%&;$"$.%&."$%&$G5&$/8$(.9/8$87/$"-6T&8$r,7/$("-./,".8s$&$r,7/$9F-,.-"8s=$
%&U&,%&,%/$ "$ '/8.67/ $%& $ G5&$ /$ (.9/$ F$ /$ "8'&-9/$ &#'(&88.)/ $ %& $"-6T&8 $ R/)&(,"%"8 $'/( $(&R("8$
U/(;".81$
Q(.;&8$`p33?a$ .%&,9.U.-/5$%&S"88&.8$%.U&(&,9&8$-"9&R/(."8$%&$(.9/8^$(.9/8$%&$'"88"R&;=$%&$
-"8";&,9/=$U5,&(_(./8=$(.9/8$8/<(&$U&89.)".8=$'&(&R(.,"67/=$'5(.U.-"67/=$-&(.;c,."8$-.).8=$(.9/8$%&$
;5%",6"=$-5*9/=$;"R."=$(.9/8$%&$-5("=$(.9/8$%&$.,9&("-67/=$(.9/8$%&$;&%.9"67/=$(.9/8$%&$.,)&(87/$&$
(.95"*$%(";"?1$4"("$/$;&8;/=$/8$(.9/8$G5&$"-/;'",Z";$&$%(";"9.S";$/8$;"./(&8$&)&,9/8$-/;/$/$
,"8-.;&,9/=$-/;'*&9"($",/8=$.,.-."67/$'"("$("'"S&8$&$("'"(.R"8=$-"8";&,9/$&$;/(9&=$'/%&;$8&($
-Z";"%/8$%&$(.9/8$%&$r1*A&FD.*#*#s$/5$r1*A&FDLD1&s=$-5*95("*;&,9&$;"(-";$"$9(",8.67/$%&$5;$#5)5'#$
%&$).%"$8/-."*$'"("$/59(/1
I/<(&$/8$(.9/8$%&$'"88"R&;$G5&$F$5;$"8'&-9/$U5,%";&,9"*$&;$%.8-5887/$,&89"$%.88&(9"67/=$
8&R5,%/$I&R"*&,$`2>>>=$''1$q>Xqqa=$U"S&;$'"(9&$%&$5;$-/,k5,9/$%&$"-9.).%"%&8$G5&$-&*&<(";$/5$
&897/$(&*"-./,"%/8$-/;$"$;5%",6"$G5&$/8$.,%.)L%5/8$/5$5;$R(5'/$8/-."*$8/U(&;$%&$#5)5'#$8/-."*$
'"("$/$/59(/1$K&89&8$(.9/8=$r%.89.,R5&;X8&$9(+8$U"8&8^$8&'"("67/=$;"(R&;$&$"R(&R"67/s1$C89"8$9(+8$
U"8&8=$V",$Q&,,&'$8589&,9"$G5&$/$r8&($F$8&'"("%/$%/$-5(8/$,/(;"*$%"8$-/.8"8=$*&)"$&,97/$5;"$
?
$D/<&(9$B-h&(;",=$rd("S&($/,$:f9Z$",%$D.95"*s=$7"'.4)1$"A$M*#5".L$"A$P6&)#+$qu$`p3A?a^$ppA$58.,R$9Z&$(&).8&%$p32@$
&%.9./,$/U$C1$l1$!f*/(x8$B,9Z(/'/*/Rf$`\/,%/,^$:-;.**",=$pttpa1
@(
&#.89+,-." $ ;"(R.,"* $ /5 $ *.;."(= $ %&'/.8 $ F $ (&.,9&R("%/ $ ," $ ).%" $ ,/(;"* $ -/; $ 5; $ ,/)/ $ &89"959/1$
C,9(&9",9/=$"$;5%",6"$%&$-"9&R/(."$8/-."*$.;'*.-"$5;"$;5%",6"$%&$%/;.-L*./=$'/.8=$/$&#&;'*/$
%/8$(.9/8$%&$.,.-."67/=$-.(-5,-.87/$;"8-5*.,"=$/8$("'"S&8$%&.#";$"$-"8"$%"$;7&$&$)7/$"$5;"$-"8"$
-/*&-9.)"1
P_ $ '"(" $ M"9Z&(.,& $ l&** $ `p332a= $ /8 $ (.9/8 $ U"S&; $ '"(9& $ %& $ 5; $ r-/,k5,9/ $ %& $ "-6T&8 $ 87/$
;/9.)"%"8$&$8&R5.%"8$'/($.%&."8$&$8.R,.U.-"%/8$&8'&-LU.-/8=$-(&,6"8=$8L;</*/8$&$;.9/8$&;&(R&;$
-/;/$U/(;"$%&$-/,9&O%/$;&,9"*$/5$-/,-&'95"* $=1'&(.*45#^$%.(&--./,";=$.,8'.(";$/5$'(/;/)&;$
"-9.).%"%&8=$;"8$&*&8$'/($8.$8c$,7/$87/$"-9.).%"%&8s$`p332=$'1$p3a1$K&89"$'&(8'&-9.)"$"-6T&8$(.95".8$
&897/$&,9(&*"6"%/8$-/;$'&,8";&,9/8$&#'*L-.9/8$&$.;'*L-.9/8$&$.%&."8$G5&$87/$-/;5,8$'"("$/$R(5'/=$
87/$-/,8.%&("%/8$.;'/(9",9&8$&$'/($&*&$)"*.%"%/81
I& $ "-&.9"(;/8 $ G5& $ /8 $ (.95".8 $ '/%&; $ 8&( $ .,)&,9"%/8= $ / $ '(/-&88/ $ %& $ .,)&,67/ $ '/%& $ 8&($
%&,/;.,"%/ $ '/( $ (.95"*.S"67/= $ G5& $ '/%& $ .,-*5.( $ ,7/ $ 8/;&,9& $ "-9.).%"%&8 $ (.95".8 $ "-95".8 $ ;"8$
9";<F;$/$'(/-&88/$'&*/$G5"*$/$(.9/$F$-/,89(5L%/$&$.;'*&;&,9"%/1$l&**$85R&(.5$G5&$r*45.*4#*D$5" $
.*5')1*a)5*"4$).&$#5.)5&Q*&#$A".$6*AA&.&45*)5*4Q$*5#&1AF$5"$:).*"'#$6&Q.&&#$)46$*4$:).*"'#$S)L#F$A."% $
"52&.$S)L#$"A$)D5*4Q$S*52*4$)4L$().5*D'1).$D'15'.&V$!5$)$=)#*D$1&:&1$.*5')1*a)5*"4$*#$52&$(."6'D5*"4 $
"A$52*#$6*AA&.&45*)5*"4V$!5$)$#"%&$D"%(1&J$1&:&1+$.*5')1*a)5*"4$*#$)$S)L$A$)D5*4Q$52)5$#(&D*A*D)11L $
#5)=)1*#2&#$)$(.*:*1&Q&6$D"45.)#5+$6*AA&.&45*)45*4Q$*5#&1A$)#$%".&$*%(".5)45$".$("S&.A'11s$`p332$'1$
3>a1
C;$C8'",Z"=$'/($&#&;'*/=$&#.89&$5;$%.9"%/$G5&$%.S$r/$/'/89/$%/$U5,&("*$F$/$-"8";&,9/s1$
M"8";&,9/$&$&,9&((/$U"S&;$'"(9&$%&$5; $D)#)1$ ",9.R/$&$)&,&(_)&*=$;/;&,9/8$.,%.88/-._)&.8$G5&$
-/;'(&&,%&;$/$,"8-.;&,9/$&$"8$.,.-."6T&81$B8$9("%.6T&8$%/8$-.-*/8$%&$).%"$87/$;5.9/$;".8$%/$G5&$
/8$(.9/8$G5&$/8$;"(-";1$K"8-.;&,9/=$-"8";&,9/=$;"95("67/$&$;/(9&$U"S&;$'"(9&$%&$5;$-/;'*&#/$
(&*.R./8/=$<./*cR.-/=$8/-."*$&$'(/-&88/$'8.-/*cR.-/=$.,-/('/(";$/8$(.9/8$G5&$"8$'&88/"8$58";$'"("$
/8 $ %&U.,.(= $ 9".8 $ -/;/ $ ,/;&"6T&8= $ -"8";&,9/8= $ .,.-."6T&8= $ /5 $ U5,&(".81 $B88.;= $ / $ (.95"* $ F $ 5;$
8.R,.U.-"%/$%&$8"5%"6T&8=$"'(/U5,%";&,9/=$-/,8&,9.;&,9/$&$,&R/-."67/$%&89"8$9("%.6T&81$
E8$G5"9(/$;/;&,9/8 $%&$'"88"R&;$X$,"8-.;&,9/=$-/;'*&9"($",/8=$-"8";&,9/$&$;/(9&$X$
-/,89.95&;$-&,_(./8=$'"(-&*"8$&8G5&;"9.S"%"8$&;$G5&$8&$85'T&$G5&$"$).%"$8.R"$&89"$8&G5+,-."1$
C89&8 $,7/$87/$"59/;_9.-/8$/5$,"95(".8=$;"8$-/,89(5L%/8 $&$'/%&(.";$.,-*5.( $/59(/8$;/;&,9/8=$
'/%&,%/$8&($/(%&,"%/8$%&$5;"$U/(;"$%.U&(&,9&1$I5'/,Z"X8&$G5&$/8$'".8$-/,8.%&(";$/$8&5$U.*Z/$
-/;/$8&,%/$-(.",6"$"9F$"/$8&5$-"8";&,9/=$/$-&,_(./$'/%&(."$-/,9&($/8$G5"9(/$;/;&,9/8$;"8$&; $
@3
/(%&;$%.U&(&,9&^$,"8-.;&,9/=$-"8";&,9/=$.,.-."67/$&$;/(9&1$!/%/8$&89&8$;/;&,9/8$U"S&;$'"(9&$%&$
'(_9.-"8 $(.95".8 $'/(G5&$87/$5*9("'"88"%/8$'/($"*R5;" $;",.U&89"67/$&8'&-LU.-" $'"("$-"%" $R(5'/$
`Q(.;&8=$p33?a1
K"$",_*.8&$8/<(&$/$8.R,.U.-"%/$8/-."*$%"$;/(9&=$G5&$-/,89.95.$"$-/,8&G5+,-."$%/$(.95"*$%&$
(*5)$@'A)$ &;$%.8-5887/$,"$,/88"$%.88&(9"67/=$"59/(&8$-/;/$W&(9S$`p3u>a=$D.)&(8$`p32ua$&$V",$
Q&,,&'$`p3u>a=$(&U&(&;$/$U"-9/$%&$"$;/(9&$8&($-/,8.%&("%" $-/;/$5;" $U"8& $%&$9(",8.67/1$K"$
'&(8'&-9.)" $ %& $ G5"*G5&( $ 8/-.&%"%&= $ " $ ;/(9& $ &,)/*)& $ ;5%",6"8 $ ("%.-".8 $ ," $ ,"95(&S" $ 8/-."* $ %"$
(&*"67/$&,9(&$/$;/(9/$&$/8$8/<(&).)&,9&8$&$"$(&%&U.,.67/$%"$8/<(&).)+,-."$%"$-/;5,.%"%&$-/;/$
9"*1$K"8$85"8$%.)&(8"8$U/(;"8$-5*95(".8=$(.9/8 $&$-(&,6"8$"88/-."%/8$b$;/(9&$(&*"-./,";X8&$-/;$
;5%",6"8 $&$(&,/)"67/$;".8 $%/$G5&$-/; $9&(;.,"67/1 $4/($&#&;'*/= $D.)&(8$`-.9"%/$'/($y"*.8Z$
p3t>a=$"(R5;&,9/5$G5&$,"8$r-(&,6"8$'(.;.9.)"8s$/$'(/-&88/$%&$;/(9&$;5%"$"$'&88/"$%&$5;$#5)5'#$
& $ '"'&* $ 8/-./-5*95("* $ '"(" $ /59(/= $ '/( $ .88/ $ /8 $ 8.R,.U.-"%/8 $ -5*95(".8 $ %" $ ;/(9& $ ,7/ $ '/%&; $ 8&($
'&(-&<.%/8 $ %5;" $ U/(;" $ '5(";&,9& $ <./*cR.-" $ %&)&,%/ $ 9";<F; $ 9/;",%/ $ &; $ -/,8.%&("67/ $ "8$
(&*"6T&8 $%&89"$-/;$.%&."8$R&(".8$8/<(&$"$/(%&;$8/-."*1$rI&$"$;/(9&$F$-/,8.%&("%"$-/;/$5;"$
9(",8.67/=$-*"(";&,9&$G5&$,7/$%&)&$8&($&,9&,%.%"$8&;$(&U&(+,-."$"/$G5"%(/$;".8$";'*/$%/$8.89&;"$
8/-."*$G5&$%&U.,.$/$U.;$%/$'(/-&88/s$`p3t>=$'1$p?a1$H"L$"$,&-&88.%"%&$%&$(&"*.S"($(.9/8$'/($;/(9&$%&$
5;$.,%.)L%5/1
M/,95%/= $ "'&8"($ %/8 $ %.8-5(8/8 $ G5& $ %&U&,%&; $ G5&$ /8 $ (.9/8 $ 87/ $ &89_9.-/8 $ & $ .;59_)&.8=$
%.)&(8/8$&895%/8$9+;$;/89("%/$G5&$;5.9/8$(.9/8$8/U(&;=$"/$*/,R/$%/$9&;'/=$;5%",6"8=$*.R&.("8$&$
/5$8.R,.U.-"9.)"8=$&;$(&85*9"%/$%"$85"$9(",8U&(+,-."$'"("$/59(/8$-/,9&#9/8$8/-./-5*95(".8$/5$'/(G5&$
87/ $ r"-95"*.S"%/8s $ '"(" $ U.-"(&; $ %& $ "-/(%/ $ -/; $ "8 $ -.(-5,89o,-."8 $ %& $ ;5%",6"1$ B$ ,/67/ $ %&$
r;5%",6"$(.95"*s=$"%"'9"67/$(&.,)&,67/$(.95"*=$.;'*.-"=$,&89&$-"8/=$/$%&8)./$%"$85"$"%"'9"67/$
/(.R.,"*$/5$)&(87/$",9&(./($%/$(.9/1$I/;&,9&$8&$%.S$G5&$8&$&89_$,5;"$8.95"67/$%&$r%.89/(67/$(.95"*s=$
r&((/$(.95"*s=$rU"*Z"$(.95"*s=$r&,R",/$(.95"*s$&$/5$r%&8*.S";&,9/$(.95"*s=$8&$/$%&8)./$/5$(&R("8$
.;'*L-.9"8=$)"*/(&8=$&#'&-9"9.)"8=$,/(;"8$&$;/%&*/8$U/(&;$k5*R"%/8$,&R"9.)";&,9&$'&*/8$;&;<(/8$
%/$R(5'/$G5&$'("9.-"$/$(.9/$`W58h&,$2>>ua1$B88.;=$"$")"*."67/$%/$(.9/$,5;"$8.95"67/$%&$;5%",6"$F$
@Z
5;$'(/-&88/$.,9&(85<k&-9.)/=$&#&-59"%/$'/($R(5'/8$/5$.,%.)L%5/8=$<"8&"%/$&;$-&(9/8$-/,k5,9/8$%&$
)"*/(&8 $ G5& $ %&)&; $ &89"( $ <"8&"%/8 $ ,"8 $ &#'&-9"9.)"8= $ .,9&,6T&8 $ & $ "R&,%" $ %/8 $ .,%.)L%5/8$ G5&$
'"(9.-.'";$/5$U"S&;$'"(9&$%/$R(5'/1$
n5"*G5&( $ 85R&897/ $ %& $ G5& $ /8 $ (.9/8 $ '/%&; $ 8&( $ (&-&,9&;&,9& $ .,)&,9"%/8 $ '/%& $ '(/)/-"($
-/,U587/$,/8$;&;<(/8$%/$R(5'/1$H&$&,9(&$"8$)_(."8$("ST&8$G5&=$&(("%";&,9&=$'/%&;$U"S&($-(&($
G5&$/8 $(.9/8 $87/$.;59_)&.8= $&89_$/$U"-9/$%&$(&85*9"(&; $%&$&895%/8 $&,(".S"%/8 $&; $/<8&()"6T&8$
&9,/R(_U.-"8$%&$8/-.&%"%&8$/(".8=$G5&$9+;$'/5-/$*"89(/$Z.89c(.-/ u1$B'&8"($%/8$&#&;'*/8$%&$G5&$/8$
(.9/8$-/,89.95&;$&,9.%"%&8$%.,o;.-"8=$F$)&(%"%&$G5&$R&("*;&,9&$9&,%&;$"$(&8.89.($b$;5%",6"=$G5&$
b8$)&S&8$8&$U"S$%&$5;"$U/(;"$;".8$&U&-9.)"$%/$G5&$/59("8$'(_9.-"8$8/-.".8$G5&$,7/$8&$.,-*5&;$,"$
-"9&R/(."$%/8$(.9/81$H&$U"-9/=$"$-"'"-.%"%&$%&$/8$(.9/8$'"(&-&(&;$",9.R/8$&$.;59_)&.8$"k5%"$"$
'(/9&R+X*/8$%"$%.)&(8.%"%&$%"8$%.,o;.-"8$8/-.".81 A$
B$"</(%"R&;$%&$Q(.;&8$`p33?a$;/89("$G5&$"-95"*;&,9&$"*R5,8$","*.89"8$8/-.".8$&,-"(";$
/8$(.9/8$-/;/$5;$;&./$'"(9.-5*"(;&,9&$&U&-9.)/$%&$;&%."67/$&,9(&$"$9("%.67/$&$"$;5%",6"1$B88.;=$
/ $ (.9/ $ &#&(-& $ &89& $ '"'&* $ %&,9(/ $ %/ $ 8.89&;" $ 8/-./-5*95("*= $ -/;/ $ 5; $ -/;'/,&,9& $ %/ $ 8.89&;"1$
4/(9",9/=$,7/$F$%&$85('(&&,%&($8&$/$(.9/$U/($'&(-&<.%/$%.U&(&,9&;&,9&$-/,U/(;&$"$-5*95("$&$/$
'&(L/%/$Z.89c(.-/$&;$&895%/1$E$G5&$F$-&(9/$F$G5&$r/8$(.9/8$(&U*&-9&;$"8$;5%",6"8$,"$-/;5,.%"%&=$
;5%",%/$-/;$&*"1$B-9.).%"%&8$(.95"*.S"%"8$'/%&;$8&($9/;"%"8$-/;/$9("%.67/$,5;$-5(9/$&8'"6/$
%&$9&;'/=$&*"8$'/%&;$8&($9";<F;$;5.9/$U*&#L)&.8$&$'/%&;$8&($'("9.-"%"8$-/;$U.%&*.%"%&$"'&8"($
%&$U/(9&8$'(&8&()"6T&8$%/8$r)&(%"%&.(/8s$8.R,.U.-"%/8$&,)/*).%/8s$`Q(.;&8=$p33?=$''1$2p>X2?2a1$$
H&$5;"$U/(;"$R&("*=$9/%"8$"8$%.8-588T&8$8/<(&$/8$(.9/8$;/89(";$G5&$&*&8$-/,89.95&;$5;"$
"-9.).%"%&$.;'/(9",9&$'"("$/8$R(5'/8$8/-.".8=$'/($9(",8'/(9"(&;$5;"$-"(R"$%&$8.R,.U.-"%/8$G5&$
9(",8-&,%& $ " $,&-&88.%"%& $%/ $.,%.)L%5/ $'"88"( $'&*/$ (.95"*= $&,9&,%&,%/X8& $-/;/$ 5;" $U/(;" $%&$
/(R",.S"67/ $ 8/-."* $ & $ %& $ -/;5,.-"67/= $ G5& $ U5,-./," $ -/;/ $ 5;" $ *.,R5"R&; $ G5& $ /(.&,9" $ /8$
-/;'/(9";&,9/8$%&,9(/$%/$R(5'/$8/-."*1$B88.;=$;".8$%/$G5&$5;"$"-9.).%"%&$/5$'(_9.-"=$/8$(.9/8$
U5,-./,";$-/;/$5;$&*&;&,9/$%&$.,9&R("67/$%/$.,%.)L%5/$%&,9(/$%/$R(5'/$8/-."*=$;",.U&89",%/X8&$
%&$%.)&(8"8$U/(;"81$4"("$&89&$9("<"*Z/$.,9&(&88"X,/8 $8"*.&,9"($ "8$%.8-588T&8$8/<(&$/8$(.9/8$-/;/$
u
$N;$&#&;'*/$%&$;5%",6"$(.95"*$"$-/,8.%&("($U/.$"$).%"$%&$9#2*6*$,"$[U(.-"$%/$85*$X$l/98g","$G5&$8/<$/$-/,9(/*/$
'/*L9.-/$%/$R/)&(,/$-/*/,."*$&$"$.,U*5+,-."$%/8$;.88./,_(./8$-(.897/8$U/.$%(";"9.-";&,9&$9(",8U/(;"%/$%&,9(/$%5;$
&8'"6/$%&$p?>$",/8$'/(G5&$&("$5;$%/8$;"./(&8$&*&;&,9/8$%&$85"$/(R",.S"67/$8/-."*1$4&9&($l5(h&=$r!Z&$D&'5%."9./,$
/U$D.95"*$.,$C"(*f$:/%&(,$C5(/'&s=$.,$92&$M*#5".*D)1$!452."("1"QL$"A$G).1L$,"6&.4$P5)1LH$G##)L$"4$B&.D&(5*"4$)46 $
0"%'4*D)5*"4=$M";<(.%R&^$M";<(.%R&$N,.)&(8.9f$4(&88=$p3tA=$'1$2q1
3
6 M&(9";&,9&$'/5-/8$(.95".8$'&(%5("(";$-/;$'/5-"8$-/,-&88T&8$-/;$/$'"88"($%/8$8F-5*/8=$-/;/$"-/,9&-&$-/;$/ $
(.95"*$9("%.-./,"*$%&$D"4A'D*'#$".,%"$'("9.-"%/$&;$!".g",=$W/,R$y/,R$&$I.,R"'5("1
@;
5;"$'(_9.-"$-5*95("*=$-/;/$5;"$U/(;"$%&$'5(.U.-"67/$&$%&$.%&,9.U.-"67/$%&$5;$R(5'/$8/-."*=$k_$G5&$
87/$&*"8$ G5&$,/8$.(7/$"5#.*."($"$'&(-&<&($/$U&,c;&,/$%/$(.95"*$%& $(*5)$@'A)$ &,G5",9/$'(_9.-"$
8/-./-5*95("*$&;$[U(.-"$&;$R&("*=$&$:/6";<.G5&$&;$'"(9.-5*"(1$
RP ;+G3%0$Q"+'%+I3-%S4
B$%.8-5887/$&;$9/(,/$%"$'/*5.67/=$'5(&S"=$'5(/e.;'5(/$F=$%&8%&$Z_$;5.9/=$5;$-";'/$%&$
.,9&(&88&$.,9&(%.8-.'*.,"(1$4"("$/$,/88/$-"8/=$"$"</(%"R&;$G5&$,/8$.,9&(&88"$F$"$'(/%5S.%"$'&*/8$
&895%/8$",9(/'/*cR.-/8$8/<(&$/8$(.9/8$G5&$%&U.,&;$/$'5(/$&$.;'5(/$%&,9(/$%&$5;$%&9&(;.,"%/$
R(5'/$8/-."*1
I&R5,%/$W&,%(f$`2>>ta=$/8$",9(/'c*/R/8$58";$/$9&(;/$'/*5.67/$'"("$%&8-(&)&($.%&."8$G5&$
9+;$"$U5,67/$%&$"88&R5("(=$%&$5;"$U/(;"$-/,8.89&,9&=$"$,/67/$%&$'5(&S"$&$&;$;5.9/8$-"8/8$"$
'5(&S" $ %&,/9" $ " $ *.;'&S"1 $ K&89& $ 8&,9.%/= $ '/%& $ 9/;"(X8& $ -/;/ $ &#&;'*/ $ / $ -"8/ $ %/ $ (.9/ $ %&$
'5(.U.-"67/$G5&$'(&-&%&$5;"$-/;5,.-"67/$-/;$/$;5,%/$&8'.(.95"*$/5$8/<(&,"95("*$&$G5&$-/,89.95.$
/$/<k&-9/$%"$,/88"$%.88&(9"67/1$
K/$P"'7/=$'/($&#&;'*/=$/$9"<5$(&*"-./,"%/$-/;$/$,"8-.;&,9/$&$"$;/(9&$%&9&(;.,"$G5&$"8$
;5*Z&(&8 $%&'/.8$%/$'"(9/$8&k"; $'(/.<.%"8 $%&$-/S.,Z"(= $%&$&,9("( $&;$<",Z&.(/8 $'O<*.-/8 $& $%&$
'"(9.-.'"($&;$"-9.).%"%&8$(.95".8=$'(&-.8";&,9&$'/($8&(&;$-/,8.%&("%"8$'/*5L%"81$K&89&$;&8;/$
'"L8= $ G5",%/ $ 5;" $ '&88/" $ ;/((& $ F $ -/*/-"%" $ 5;" $ .,U/(;"67/ $ &; $ U(&,9& $ b $ '/(9" $ %/ $ U"*&-.%/$
.,U/(;",%/$%&88"$U/(;"$8/<(&$"$8.95"67/$%&$'/*5.67/1$
K/$-"8/$%"$~,%."=$/$9"<5$%"$-/;.%"$&#'(&88"$"$,/67/$'&(;",&,9&$%"$'/*5.67/$"88/-."%"$"$
5; $8.89&;" $%& $)"*/(&8$ G5& $%.).%&$ 9/%/8 $8&(&8 $ Z5;",/8 $&; $ -*"88&8 $%.89.,9"8 $5;"8 $%"8 $/59("8$
`H5;/,9=$p3t>w$n5.R*&f=$p33qa1$B$U/(6"$%/$'&(.R/$%"$'/*5.67/$F$&).%&,9&$,"$&#.89+,-."$%&$5;"$
-"9&R/(."$%&$'&88/"8$r.,9/-_)&.8s$G5&$8&()&;$&8'&-."*;&,9&$'"("$'(/9&R&($/8$/59(/8$`H&*.&R&=$
p33Aa1$B$85"$U5,67/$F$%&$)"((&(=$*.;'"($/8$&8R/9/8$&$9("9"($%/8$",.;".8$;/(9/8=$9/%"8$"8$9"(&U"8$G5&$
87/$ -/,8.%&("%"8 $'/*5.%/("8 $'"(" $ '&88/"8 $%& $/59("8 $ -"9&R/(."8$ `W&,%(f= $ 2>>ta1$ !".8 $.%&."8 $ %&$
'/*5.67/ $ &#'(&88"; $ "8 $ -*"88&8 $ &; $ G5& $ "8 $ '&88/"8 $ 8& $ %.).%&;1 $ E $ 8.89&;" $ %& $ -*"88.U.-"67/=$
'"(9.-5*"(;&,9&$G5",%/$F$ (&U/(6"%/$'/($9"<58$"88/-."%/8$b$.%&."$%&$'/*5.67/=$F$;5.9/$%.UL-.*$%&$
%&8"*/k"(1$J89/$&#'(&88"$/$;/%/$-/;/$/$;5,%/$F$&,9&,%.%/$&$;5%",6"8$,&89"$;",&.("$%&$'&(-&<&($
/8$U&,c;&,/8$'/%&;$9("S&($R(",%&$-/,U587/1
V_(."8$9&/(."8$U/(";$")",6"%"8$'"("$&#'*.-"($"$,/67/$%&$'/*5.67/$&$9"<51$:"(f$H/5R*"8$
8"*.&,9/5$,"$85"$/<(" $B'.&a)$&$B&.*Q"$ `p3uu=$-.9"%"$'/($W&,%(f$`2>>taa$G5&$9/%"8$&*"8$ U"S&;$
KM
'"(9&$%&$5;$*"(R/$8.89&;"$%&$-*"88.U.-"67/1$B$",_*.8&$G5&$U"S$ %&$r)="%*4)5*"4#$"A$1&:*5*D'#s$F$
-/,8.%&("%"$5;"$%"8$;&*Z/("8$9&,9"9.)"8$'"("$&#'*.-"($5;$8.89&;"$&#9(&;";&,9&$-/;'*&#/$%&$
*&.8$&$(&89(.6T&81$I&R5,%/$&89"$"59/("=$87/$)_(./8$/8$",.;".8$'(/.<.%/8$,/$*.)(/$<L<*.-/1$H/5R*"8$U/.$
5;"$%"8$'(.;&.("8$"59/("8$"$"(R5;&,9"($G5&$/8$(.9/8$8/<(&$/$'5(/$&$.;'5(/$-(.";$&#'&(.+,-."8$%&$
5,.%"%&$&;$G5"*G5&($8/-.&%"%&=$,7/$8/;&,9&$/8$-/,8.%&("%/8$-/;/$r'(.;.9.)/8s=$;/89(",%/X,/8$
G5&$'"("$/$-"8/$%/8$(.9/8$%&$'5(.U.-"67/=$"$/<(.R"9/(.&%"%&$%&$*.;'&S"$&89_$(&*"-./,"%"$-/;$"$
/(%&;$8/-."*$&$"$/(%&;$%/$R(5'/$<&;$-/;/$-/;$"8$.%&."8$G5&$/8$.,%.)L%5/8$9+;$8/<(&$"$Z.R.&,&=$
G5&$,&89&$-"8/$'/%&$8&($'&88/"*$/5$%/$R(5'/$8/-."*1$E$&89"%/$%&$'5(&S"$&#'(&88"$5;$8.89&;"$
'(c'(./$%&$-*"88.U.-"67/=$/5$8&k"=$9/%/8$/8$R(5'/8$9+;$5;$-/,k5,9/$%&$-/,%.6T&8$G5&$%.9";$/$
&89"%/$%&$'5(/$%&,9(/$%"$-/;5,.%"%&1
M/,9.,5",%/$-/;$"$;&8;"$"59/("=$"$,/88"$.%&."$%&$.;'5(/$F$U(59/$%&$-5.%"%/8$-/;$"$
Z.R.&,&$&$%&$(&8'&.9/$'&*"8$-/,)&,6T&8$G5&$,/8$87/$'(c'(."81$j$<&;$)&(%"%&$G5&$"8$,/88"8$(&R("8$
-/;$"$Z.R.&,&$&)/*5&;$-/;$/8$-/,Z&-.;&,9/8$G5&$"%G5.(.;/8=$%&)&,%/$/8$/<k&-9/8$&$/8$*5R"(&8$
8"R("%/8 $ 8&( $ '(/9&R.%/8 $ %" $ .;'5(&S"w $ /$ 8"R("%/ $ & $ /$ .;'5(/$ 87/ $ 'c*/8 $ /'/89/81 $ K7/ $ 8&$ '/%&$
-/,U5,%.($/$&89"%/$%/$'5(/$&$.;'5(/=$'/($8&(&;$&,9.%"%&8$/'/89"8=$%/$;&8;/$;/%/$G5&$,7/$'/%&$
-/,U5,%.($"$U/;&$&$"$",8.&%"%&1
M/,89"9";/8=$'/.8=$G5&$9/%"$&89"$%.8-5887/$&;$9/(,/$%"$'5(&S"e.;'5(&S"$&$%/8$(.9/8$/5$
'(_9.-"8$%&$'5(.U.-"67/$G5&$R"(",9&;$/$8"R("%/$/5$/$*.;'/$%&,9(/$%&$5;"$-/;5,.%"%&$;/89("$G5&$
&89&8$"8'&-9/8$%"$).%"$8/-./-5*95("*$87/$,/(;"8$-(."%"8$'/($5;$R(5'/$-/;/$U/(;"$%&$;",9&($"$
/(%&;$&$-/,89(5.($5;"$.%&,9.%"%&$%&$'&(9&,6"$"$5;"$;&8;"$-"9&R/(."$8/-."*1$4(&-.8";&,9&=$"8$
.%&."8$G5&$,&-&88.9";/8$'"("$&,9&,%&($/8$(.9/8$%&$'5(.U.-"67/$%&$).O)"8$,/$-/,9&#9/$%&$VJWXIJHB=$
,7/$8/;&,9&$'/(G5&$,/8$"k5%";$"$&#'*.-"($/$U&,c;&,/$%&$'5(/$&$.;'5(/$,/$(.95"*=$;"8$9";<F; $
'/(G5&$U"S&;$5;"$",_*.8&$*cR.-"$8/<(&$"$&#.89+,-."$%&$-&(9/8$'"%(T&8$%&$-/;'/(9";&,9/8$%&,9(/$
%/8$R(5'/8$8/-.".81
TP+;+)'%#$)'4'%+0"*)47+*"A"+-%I-%0%#$4UQ"+0"*)47
I&R5,%/$C*&k"<"((.&9"$`p33@a=$/8$-/,-&.9/8$%&$.%&,9.%"%&$8/-."*$&$(&'(&8&,9"6T&8$8/-.".8$
9+;$ &,U"9.S"%/ $ " $ ,"95(&S" $ 8/-."* $ %" $ %.,o;.-" $ 8c-./X-/R,.9.)"1 $ 4/(9",9/= $ 9/(,"X8& $ U5,%";&,9"*$
"'(&8&,9"($"*R5;"8$"</(%"R&,8$"/$9&;"$ '/(G5&$"$,/88"$%.8-5887/$8/<(&$(.9/8$%&$'5(.U.-"67/$%&$
).O)"8$8&$.,8&(&$,&89"$-/;'*&#.%"%&$%&$U&,c;&,/8$8/-.".8$(&*"-./,"%/8$-/;$/8$-/;'/(9";&,9/8$
K@
%/8 $ R(5'/8 $ & $ 87/$ &89"8 $ '(_9.-"8 $ G5& $ %&U.,&; $ " $ 85"$ .%&,9.%"%& $ -/;/$ ;&;<(/8 $ '&(9&,-&,9&8 $ b$
;&8;"$-"9&R/(."$8/-."*1
H&$"-/(%/$-/;$l(/g,$`-.9"%/$'/($V"*"$p33Aa=$/$R(5'/$F$5;$-/,k5,9/$%&$.,%.)L%5/8$G5&$8&$
U/(;"$,5;$%&9&(;.,"%/$&8'"6/$R&/R(_U.-/$-/;$/$.,95.9/$%&$%&U&,%&($/<k&-9.)/8$-/;5,8=$"9(")F8$
%"$-/;5,Z7/$%&$5;"$-"9&R/(."$8/-."*$G5&$*Z&8$F$U";.*."(1$C89"$"</(%"R&;$8/<(&$/$R(5'/$&,R*/<"$/$
-/,-&.9/$'/($-"9&R/(."8$8/-.".8^$RF,&(/=$&9,."=$,"67/=$&$/5$".,%"$'/($'&G5&,/8$R(5'/8^$U";L*."=$
R(5'/8$%&$9("<"*Z/=$&9-1$B88.;=$r"8$&89(595("8$%/$R(5'/=$"$85"$-/&87/=$,/(;"8$&$)"*/(&8$%.89.,9.)/8=$
87/= $ ,&89" $ '&(8'&-9.)"= $ -/,8&G5+,-."8 $ %" $ -"9&R/(.S"67/= $ ;".8 $ %/ $ G5& $ ",9&-&%&,9&8 $ %"$
-"9&R/(.S"67/s$`'1$ppa1
B88.;$8&,%/=$'"("$G5&$/8$.,%.)L%5/8$8&$'&(-&<";$-/;/$;&;<(/8$'&(9&,-&,9&8$b$;&8;"$
-"9&R/(."$8/-."*$F$,&-&88_(./$G5&$Z"k"$5;"$(&'(&8&,9"67/$8/<(&$/$R(5'/1$4/(9",9/=$"$(&'(&8&,9"67/$
F $ / $ r-/,9&O%/ $ -/,-(&9/ $ "'(&&,%.%/ $ '&*/8 $ 8&,9.%/8=$ '&*" $ .;"R.,"67/= $ '&*" $ ;&;c(." $ /5 $ '&*/$
'&,8";&,9/$Z5;",/s=$/5$8&k"=$/$(&85*9"%/$%/$'&,8";&,9/$Z5;",/$`d&((&.("=$p3A?a1$C89&$"59/($
"(R5;&,9" $ G5& $ (&'(&8&,9"67/ $ F $ 9";<F; $ / $ r"9/ $ /5 $ &U&.9/ $ %& $ (&'(&8&,9"($ `X8&a $ s= $ F $ 5;"$
r.,9&('(&9"67/s1$K&89&$8&,9.%/=$"9(")F8$%"$-"9&R/(."$8/-."*$G5&$/$R(5'/$8&$.%&,9.U.-"=$U/(;";$"8$
85"8$(&'(&8&,9"6T&8$8/-.".8$&$85"$'(c'(."$.%&,9.%"%&1
4/(9",9/=$"8$(&'(&8&,9"6T&8$G5&$/8$.,%.)L%5/8$%&8&,)/*)&;$8/<(&$%&9&(;.,"%"8$r(&"*.%"%&8$
8/-.".8s $ -/,9(.<5&; $ '"(" $ -(."( $ " $ 85" $ .%&,9.%"%& $ -/;/ $ ;&;<(/8 $ %& $ 5; $ %&9&(;.,"%/ $ R(5'/$
`MZ"5-Z"9$v$H5(",%XH&*).R,&=$p333w$B8ZU/(9Z$v$:"&*=$p3t3w$:"-Z"%/=$2>>qa1
E$9&(;/$.&(.&#&45)I;"$#"D*)1$U/.$'(/'/89/$'&*"$'(.;&.("$)&S$'/($H5(hZ&.;$&$%&8&,)/*).%/$
;".8$9"(%&$'/($:/8-/).-.$`p3upa1$4"("$H5(hZ&.;$`-.9"%/$'/($W&(S*.-Z=$2>>?a=$"$(&'(&8&,9"67/$
8/-."*e-/*&-9.)"$-/,89.95.$5;"$(&"*.%"%&$G5&$8&$.;'T&$"/8$.,%.)L%5/8$-/;/$;&;<(/8$'&(9&,-&,9&8$
"$5;$%&9&(;.,"%/$R(5'/$8/-."*1$4"("$&89&$"59/($`-.9"%/$'/($B((5%"$2>>2=$'1$pq@a$"8$(&'(&8&,9"6T&8$
-/*&-9.)"8 $ -/,8.89."; $ &; $ r5; $ R(",%& $ R5"(%"X-Z5)" $ G5& $ "<(.R")" $ -(&,6"8= $ ;.9/8= $ .;"R&,8= $ &$
9";<F;$/$.%./;"=$/$%.(&.9/=$"$(&*.R.7/=$"8$9("%.6T&8s1
B88.;=$"9(")F8$%"8$85"8$(&'(&8&,9"6T&8=$/$.,%.)L%5/$'&(9&,-&$"$5;$%&9&(;.,"%/$R(5'/=$"R&$
&$'&,8"$%&$"-/(%/$-/;$/8$'(.,-L'./8$&89"<&*&-.%/8$&$.88/$U_X*/$8&,9.($8&R5(/=$'/.8$/$8.R,.U.-"%/$%"8$
(&*"6T&8 $ G5& $ &#.89& $ &,9(& $ /8 $ ;&;<(/8 $ %/ $ R(5'/ $ F $ <"8&"%/ $ &; $ *"6/8 $ G5& $ /8 $ 5,& $ '/( $ 5;$
%&9&(;.,"%/$'(/'c8.9/$`:"-Z"%/$2>>q=$'1$?ua1$
P_ $ :/8-/).-. $ `-.9"%/ $ '/( $B((5%"= $ 2>>2a= $ "</(%" $ "8 $ (&'(&8&,9"6T&8 $ 8/-.".8 $ " $ '"(9.( $ %"8$
-"("-9&(L89.-"8$&$-/,%.6T&8$%"8$8/-.&%"%&8$-/,9&;'/(o,&"8=$8/-.&%"%&8$&;$G5&$"$9&-,/*/R."$%&$
KK
.,U/(;"67/$&$-/;5,.-"67/$9+;$.,U*5+,-."$&;$9/%/8$/8$8&-9/(&8$8/-.".8V$C89&$"59/($(&U&(&$G5&$"8$
(&'(&8&,9"6T&8 $ 8/-.".8 $ ,7/ $ 8& $ U5,%"; $ "'&,"8 $ ,"8 $ .%&."8 $ /5 $ /'.,.T&8 $ 8/<(& $ 5;" $ %&9&(;.,"%"$
(&"*.%"%&=$",9&8$'/(F;=$U5,%";&,9";X8&$,5;"$&,9.%"%&$-/*&-9.)"$G5&$"'(&8&,9" $-"("-9&(L89.-"8$
'"(9.-5*"(&8$`*.,R5"R&;=$-c%.R/8=$)"*/(&8=$,/(;"8=$"9.95%&8=$'(_9.-"8=$&9-1a1$4/(9",9/=$"$.%&,9.%"%&$
8/-."*$%&$5;$R(5'/$&$"$85"$(&'(&8&,9"67/$U"S$'"(9&$%&$5;$-/,k5,9/$%&$&*&;&,9/8$G5&$-/,89(c.$"$
85"$Z.89c(."=$-/;$"$U5,67/$%&$%&U.,.($,/(;"8=$)"*/(&8$&$'(_9.-"8$-/,8.%&("%"8$U5,%";&,9".8$'"("$/$
U5,-./,";&,9/= $ ;",59&,67/ $ & $ .,9&R("67/ $ %/ $ R(5'/1 $K&89& $ 8&,9.%/= $ "8 $ (&'(&8&,9"6T&8 $ 8/-.".8$
-/,89.95&;$U/(;"8$%&$'&,8";&,9/8$G5&$%&$5;"$&$%&$/59("$U/(;"$87/$/(.&,9"%/8$'"("$-/;'(&&,%&($
/$-/;'/(9";&,9/$&$U5,-./,";&,9/$%/$;5,%/$8/-."*$`H&8-Z";'8 $&5$)11=$p333w$:"-Z"%/$2>>q$'1$
?uw$M5-Z&=$p33uw$B*)&8X:"SS/99.=$2>>ta1$
D&9/;",%/ $" $"</(%"R&; $%& $V"*" $ `p33Aa=$ &; $R&("* $" $.%&,9.%"%& $8/-."* $-/;&6" $-/; $"$
'&(-&'67/$G5&$/$85k&.9/$9&;$%&$8.1$B9(")F8$%&89&$(&-/,Z&-.;&,9/$/$.,%.)L%5/$F$-"'"S$%&$.%&,9.U.-"($
"$-"9&R/(."$8/-."*$b$G5"*$'&(9&,-&$&$9/%/$&89&$'(/-&88/$F$U&.9/$%&,9(/$%/$8.89&;"$8/-."*$"$'"(9.($%&$
-c%.R/8$%&$*.,R5"R&;=$"'(&,%.S"R&;=$&%5-"67/$&$8/-."*.S"67/=$%&,9(/$%/$-/,9&#9/$U";.*."($;"8$
9";<F;$,/$8&5$&#9&(./(1$E$;&8;/$"59/($"(R5;&,9"$G5&$/8$r;&;<(/8$%&$5;$R(5'/$-/,89(/&;$&$
'"(9.*Z";$,7/$8/;&,9&$(&'(&8&,9"6T&8$8/-.".8$8/<(&$/8$"9(.<59/8$&$9("6/8$%&$'&(8/,"*.%"%&$G5&$
%&U.,&;$/8$;&;<(/8$%/$8&5$R(5'/$&$%&$/59(/8$R(5'/8=$;"8$9";<F;$(&'(&8&,9"6T&8$8/-.".8$%&$
/<k&-9/8$*.R"%/8$b8$"-9.).%"%&8$%&$*/-/;/67/$%/8$R(5'/8=$%&$G5&$/8$)"*/(&8$%/$R(5'/$87/$5;"$%"8$
&#'(&88T&8s$`p33A=$'1$p>a1$
I&R5,%/$C*&k"<"((.&9"$`p33@=$''1$2@2Xqa=$;5.9/8$"59/(&8$9+;$(&-/,Z&-.%/$G5&$5;"$%"8$
U5,6T&8 $ %"8 $ (&'(&8&,9"6T&8 $ 8/-.".8 $ F $ r%& $ 8"*)"R5"(%"( $ " $ .%&,9.%"%& $ 8/-."*s1 $ 4"(" $ &*&= $ "8$
(&'(&8&,9"6T&8$&897/$&;$U5,67/$%"8$.%&,9.%"%&8$G5&$/8$.,%.)L%5/8$9+;$&=$%&89&$;/%/=$U5,-./,";$
-/;/$U(/,9&.("8$&$U.*9(/8$G5",%/$"$85"$.%&,9.%"%&$F$";&"6"%"$'/($5;"$/59("$-"9&R/(."$"*Z&."$"$85"1
4"(" $ U.,"*.S"(= $ "9(")F8 $ %" $ %.8-5887/ $ %&89&8 $ %/.8 $ -/,-&.9/8 $ X $ .%&,9.%"%& $ 8/-."* $ &$
(&'(&8&,9"67/$8/-."*$X$-/,89"9";/8$G5&$F$U5,%";&,9"*$"$&#.89+,-."$%&$,/(;"8$G5&$/(R",.S&;$/8$
R(5'/81$C89"8$,/(;"8 $-"("-9&(.S";X8&$'&*"8$(&'(&8&,9"6T&8 $G5&$/8$.,%.)L%5/8$9+;$8/<(&$"$85"$
.%&,9.%"%&1$M/,95%/=$%.",9&$%&89"$-/;'*&#"$9&;_9.-"$8/<(&$/8$"8'&-9/8$8/-.".8$&$%.,o;.-"$8/-.".8$
%/8 $ .,%.)L%5/8= $ 9/(,"X8& $ U5,%";&,9"* $ U"S&( $ (&U&(+,-." $ b $ '"(9.-5*"(.%"%& $ %&89" $ %.,o;.-" $ G5& $ F$
-/,%.-./,"%"$'&*"$8.95"67/$X$9&;'/$&$&8'"6/1$B$,/88"$%.88&(9"67/$8/<(&$(.9/8$%&$'5(.U.-"67/$%&$
).O)"8 $-/;/$5;" $'(_9.-"$8/-."*$&$-/;/ $5;"$.%&,9.%"%&$&,G5"%("X8& $,&89&$(&U&(&,-."*$9&c(.-/$
'/(G5& $ &89&8 $ "8'&-9/8e-/,-&.9/8 $ ,/8 $ '&(;.9& $ '&(-&<&( $ / $ U5,-./,";&,9/ $ %/ $ 8.89&;" $ 8/-."* $ & $ "$
KN
'(_9.-"$%/$(.95"*$%&$(*5)$@'A)1$d.,"*;&,9&=$5;"$O*9.;"$'"*")("$'"("$/59(/$-/,-&.9/$G5&$,/8$F$O9.*$%/$
'/,9/$%&$).89"$","*L9.-/^$"$8"O%&$%/8$.,%.)L%5/8$&$/$U"-9/$%&$&*"$'/%&($8&($5;$U"-9/($%&$;5%",6"$
8/-."*1$
VP+;+04&'%+*"A"+/4*$"-+I4-4+A3'4#U4+0"*)47
H&$&,9(&$/8$)_(./8$U"-9/(&8$G5&$-/,%.-./,";$"$%.,o;.-"$8/-."*=$"$8"O%&$U"S$'"(9&$%&89&$
-/,k5,9/1$I7/$)_(./8$/8$U"-9/(&8$G5&$"$.,U*5&,-.";$&=$&,9(&$&*&8$/8$8/-.".8$9+;$5;$'"'&*$(&*&)",9&$
`Y.**,&( $&5 $ )1= $ 2>>@a1 $ M/;/ $ I5,%., $ `2>>2a $ &8-(&)&5= $ %&8-(&)&( $ " $ %/&,6" $ "'&,"8 $ -/;/ $ 5;"$
8.95"67/$<./*cR.-"$.,%&8&k"%"$/5$5;"$",/;"*."$%/$U5,-./,";&,9/$<./*cR.-/$F$;5.9/$8.;'*&8$;"8$
,7/$-/((&8'/,%&$.,9&R("*;&,9&$b$(&"*.%"%&1$4/($/59(/$*"%/=$"$YWE$"(R5;&,9"$G5&$"$8"O%&$F$5;$
-/;'*&9/$&89"%/$<&;X&89"($UL8.-/=$8/-."*$&$'8.-/*cR.-/$%&$5;$.,%.)L%5/1$
B*R5,8$"59/(&8$%&U.,&;$"$8"O%&$*.R",%/$"8$-"'"-.%"%&8$UL8.-"8$&$;&,9".8$%/8$.,%.)L%5/81$B$
9L95*/ $ %& $ &#&;'*/= $ K/(%&,U&*9 $ `p33?a $ %&U&,%& $ G5& $ 8"O%& $ 8.R,.U.-" $ 9&( $ "-&88/ $ " $ %&9&(;.,"%"8$
-"'"-.%"%&8= $ G5& $ '&(;.9"; $ "/ $ .,%.)L%5/ $ (&"*.S"( $ "8 $ 85"8 $ "-9.).%"%&8 $ ).9".8= $ R"(",9& $ %/$
U5,-./,";&,9/ $%/$8.89&;"$8/-."*$-/;/$5;$9/%/ $&$%"$(&"*.S"67/ $%/8 $/<k&-9.)/8 $'&88/".81$I7/$
"</(%"R&,8$G5&$,7/$&#-*5&;$/$.;'"-9/$%/8$-/,9&#9/8$8/-.".8$8/<(&$"$8"O%&$%/8$.,%.)L%5/81$
4"("$8"9.8U"S&($"8$85"8$,&-&88.%"%&8$).9".8=$/$-"'.9"*$&-/,c;.-/=$G5&$'/($85"$)&S$.,U*5&,-."$
/$&89"%/$%&$8"O%&$&$%/&,6"=$9/(,"X8&$).9"*1$K&89&$-/,9&#9/$&89_$%&;/,89("%/$G5&$5;$&*&)"%/$,L)&*$
%&$&8-/*"(.%"%&$(&%5S$/8$(.8-/8$%&$%/&,6"1$4/($/59(/$*"%/=$'&88/"8$%/&,9&8$9+; $)$(.*".$ '/5-"8$
-"'"-.%"%&8$'"("$'(/%5S.($<&,8$&$8&().6/8$&;$-/;'"("67/$-/;$'&88/"8$8"5%_)&.8$`P/Z",,.88/,=$
p3ttw $ I5,%.,= $ 2>>2a1 $ C895%/8 $ U&.9/8 $ '/( $ "*R5,8 $ &-/,/;.89"8 $ -/,9&;'/(o,&/8 $ & $ Z.89/(."%/(&8$
;/89(";$G5&$"$8"O%&$F$5;$(&-5(8/$;5.9/$.;'/(9",9&$'"("$"$8/-.&%"%&$-/;/$5;$9/%/$'/(G5&$
-/,89.95.$"$U/(6"$;/9(.S$'"("$/$8&5$U5,-./,";&,9/1
P_$l/5(%.&5$`p3t>=$p3t?=$p33?a$"(R5;&,9"$G5&$/$-"'.9"*$-5*95("*$X$G5&$F$/$-/,Z&-.;&,9/$
G5&$/8$.,%.)L%5/8$9+;$8/<(&$5;"$%&9&(;.,"%"$(&"*.%"%&$8/-./-5*95("*$X$'/%&$8&($/<9.%/$"9(")F8$%"$
&%5-"67/ $ &$%" $&#'&(.+,-."$ "%G5.(.%" $"/$ */,R/$ %"$ ).%"=$ 8&,%/$r'(/).%&,-."%/ $'/($ .,89.95.6T&8$
U/(;".8$&$U";L*."$;"8$9";<F;$'/($/59(/8$R(5'/8$.,U/(;".8$/5$*.R"6T&8$%&8%&$"/$<&(6/$"9F$"/$
9O;5*/$%&$-"%"$.,%.)L%5/s1$C89"8$*.R"6T&8$-/,89.95&;$/$-"'.9"*$8/-."*$G5&$F$/$'(/%59/$%"8$(&*"6T&8$
G5&$/$.,%.)L%5/$9&;$-/;$"8$%.U&(&,9&8$(&%&8$-/;$G5&$8&$U/.$8&$(&*"-./,",%/$"/$*/,R/$%"$85"$).%"$
Ì5,%.,=$2>>A=$''1$@XAa1
KG
C; $ R&("*= $ -/,89"9";/8 $ G5& $ /8 $ "8'&-9/8 $ (&*"-./,"%/8 $ -/; $ / $ -"'.9"* $ 8/-."*= $ -5*95("* $ &$
&-/,c;.-/$&#&(-&;$5;"$R(",%&$.,U*5+,-."$,/$&89"%/$%&$8"O%&$%/8$.,%.)L%5/81$4/(9",9/=$G5",%/$
,/8 $ (&U&(.;/8 $" $G5&89T&8$ (&*"-./,"%"8 $ -/; $"$ 8"O%& $ %&)&;/8 $ .,-*5.( $9/%/8 $ &89&8$ "8'&-9/8 $ &$"$
;5%",6" $8/-."*$ ,&89& $ -"8/$ &8'&-.U.-/ $%&)& $ 8&( $ 58"%"$ ,/$8&5$ 8&,9.%/$ ;".8 $ ";'*/$'"(" $.,-*5.($
;5%",6"8 $G5&$9+; $/-/((.%/ $,"$8/-.&%"%&=$'&*/ $8.;'*&8 $U"-9/$%&$"$8"O%& $&#&(-&($5;"$R(",%&$
.,U*5+,-." $ ,"8 $ "-9.).%"%&8 $ 8/-.".81 $ 4/( $ /59(/ $ *"%/= $ " $ G5&897/ $ 9&;'/X&8'"6/ $ %&)& $ 8&( $ 9.%" $ &;$
-/,8.%&("67/ $ '/(G5& $ .%&,9.U.-" $ "8 $ )"(._)&.8 $ G5& $ %&)&; $ 8&( $ -/,8.%&("%"8 $ ,&89& $ '(/-&88/ $ %&$
;5%",6"$`Y.**,&($&5$)1=$2>>@a1$
E8$/<89_-5*/8$8/-.".8=$&-/,c;.-/8$/5$-5*95(".8$G5&$.;'&%&;$/$.,%.)L%5/$%&$8"9.8U"S&($/8$
8&58$/<k&-9.)/8$'/%&;$"U&-9"($"$8"O%&$,&R"9.)";&,9&=$/5$'./("($/8$'(/<*&;"8$&#.89&,9&8=$%"L$"$
,&-&88.%"%&$%&$-/;<"9+X*/81
H&$5;"$U/(;"$R&("*=$-/,89"9";/8$G5&$"$8"O%&$%/8$.,%.)L%5/8$F$.,U*5&,-."%"$'&*/$-"'.9"*$
8/-."*=$&-/,c;.-/$&$-5*95("*=$9",9/$/8$R/)&(,/8$-/;/$"8$'/'5*"6T&8$,&-&88.9";$-/;<"9&($"$%/&,6"$
& $ '(/9&R&( $ " $ 8"O%& $ -/;/ $ U/(;" $ %& $ ;",9&( $ / $ U5,-./,";&,9/ $ %" $ 8/-.&%"%&1 $ K&89& $ 8&,9.%/= $ "$
/<(.R"67/$%&$S&*"($'&*/$<&;X&89"($F$9",9/$'&88/"*$-/;/$8/-."*1$H/&,6"8$-/;/$"$IJHB$%&)&;$8&($
-/;<"9.%"8 $ -/; $ / $ &,)/*).;&,9/ $ %& $ 9/%/81 $ I&R5.%";&,9& $ "'(&8&,9";/8 $ (&85;.%";&,9& $ "$
'(/<*&;_9.-"$%"$IJHB$,/$;5,%/=$-/;$/$&,U/G5&$&;$:/6";<.G5&=$-/,8.%&(",%/$/8$8&58$&U&.9/8$
,"$8"O%&$%/8$.,%.)L%5/81
KV
K(
!;M95@:C+99
C+/%#HA%#"+'%+?9WN89D;
K&89&$-"'L95*/$.(&;/8$(&U&(.($<(&)&;&,9&$"$8.95"67/$8/-."*$&$&'.%&;./*cR.-"$%/$VJWXIJHB$
,/$;5,%/=$-/;$%&89"G5&$'"("$:/6";<.G5&=$-/;$/$/<k&-9.)/$%&$;/89("($-/;/$/$85(R.;&,9/$%"$
%/&,6" $'(/)/-/5$5;"$;5%",6"$&89(595("* $&;$)_(./8$8&-9/(&8$%"$8/-.&%"%&1$C89"$"'(&8&,9"67/$
9/(,"X8&$U5,%";&,9"*$'"("$")"*."($/$,L)&*$%&$&,)/*).;&,9/$%/8$c(R7/8$%&$%&-.87/$,"8$'/*L9.-"8$
(&*"-./,"%"8$-/;$"$%/&,6"$&$'&(-&<&($8&$%&$U"-9/$/8$%"%/8$-/,Z&-.%/8$8/<(&$/$U&,c;&,/$9+;$
.;'"-9/$,"$U/(;"$-/;/$"8$"59/(.%"%&8$;/6";<.-","8$-/;<"9&;$"$'(/'"R"67/$%"$%/&,6"1$
OP+C+?9WN89D;+#"+X3#'"
H&$&,9(& $/8$)_(./8$"59/(&8 $G5&$8&$9+;$%&<(56"%/$8/<(&$"$'(/<*&;_9.-" $%/$VJWXIJHB$
%&89"-";/8 $ :"98.,Z& $ `2>>?a= $ -/; $ / $ 9("<"*Z/ $ .,9.95*"%/ $9)='1) $ O)#)H $ >*4b%*D) $ 6) $ O&#("#5) $
,"I)%=*D)4)$)"$/PMFcP>B1$I&R5,%/$&89&$"59/(=$/$VJWXIJHB$85(R.5$-/;/$5;"$%/&,6"$-/;$
-"("-9&(L89.-"8$&8'&-LU.-"8=$9&,%/$;/<.*.S"%/$5;$-/,k5,9/$%&$'(/-&%.;&,9/8$9F-,.-/X-.&,9LU.-/8=$%& $
.,U/(;"67/e-/;5,.-"67/ $ & $ %& $ -/,Z&-.;&,9/8 $ 8/<(& $ " $ %/&,6"= $ G5& $ R&("("; $ "*R5,8 $ -/,8&,8/8$
&8'"6/e9&;'/(".8$8/<(&$"$85"$/(.R&;$&$"8$85"8$U/(;"8$%&$'(&)&,67/1
!&,%/$"*-",6"%/$5;"$%.;&,87/$;5,%."*=$"$YWE$%&U.,.5$)_(."8$&89("9FR."8$G5&$%&).";$
-/;<"9&( $ " $ %/&,6"= $ G5& $ &,)/*)&("; $ )_(./8 $ 8&-9/(&8= $ %& $ 5;" $ U/(;" $ .,9&(%.8-.'*.,"( $ &$
;5*9.88&-9/(."*=$9&,%/$&;$-/,9"$/8$-/,9&#9/8$&8'&-LU.-/8$%&$-"%"$'"L8$`:"98.,Z&=$2>>?w$:",,$&5$
)11=$p33qw$4"(h&(=$2>>>a1$
B9(")F8$%&$'(/R(";"8$-/;/$/$4CBt$ &$4QB3$ &89"<&*&-&(";X8&$-(.9F(./8$'"("$"%&G5"($/8$
'(/R(";"8$,"-./,".8$%&$-/;<"9&$-/,9("$"$IJHB$8/<$"$&89("9FR."$R*/<"*$%&$r(&%5S.($/$.;'"-9/$
8/-."*$%"$.,U&-67/$'&*/$VJWw$;/<.*.S"($&$5,.U.-"($/8$&8U/(6/8$,"-./,".8$&$.,9&(,"-./,".8$-/,9("$"$
IJHBs$`:"98.,Z&=$2>>?=$'1$2?a1
B'&8"($%&$9/%/8$/8$&8U/(6/8=$/8$(&85*9"%/8$&897/$*/,R&$%&$8&(&;$8"9.8U"9c(./8=$8/<(&95%/$
,/8$'"L8&8$%/$-/,9.,&,9& $"U(.-",/$m$[U(.-"$85<8"(.","1$K/8$U.,".8$%/$2>>q$&89.;/5X8&$G5&$@>$
t
$4(/R(";"$&8'&-."*$8/<(&$IJHB1
3
$4(/R(";"$R*/<"*$%"$IJHB1
K3
;.*ZT&8$%&$'&88/"8$).).";$-/;$/$)L(58$%&$VJWXIJHB=$%"8$G5".8$21?$;.*ZT&8$&(";$-(.",6"8$-/;$
;&,/8$%&$p?$",/8$%&$.%"%&1$K&88&$",/$9.,Z";X8&$(&R.89"%/$?$;.*ZT&8$%&$,/)/8$-"8/8$&$-&(-"$%&$q$
;.*ZT&8 $ %& $ ;/(9&8 $ '/( $ 85" $ -"58"1 $ H&89&8 $ @> $ ;.*ZT&8= $ 2u $ ;.*ZT&8 $ ù?a $ ).)."; $ ," $ [U(.-"$
I5<8""(.","= $ 8.95",%/X8& $ "L $ "'(/#.;"%";&,9& $ q= $ 2 $ ;.*ZT&8 $ %& $ ,/)/8 $ -"8/8 $ %& $ VJWXIJHB$
`NKBJHIeYWE=$2>>qa1$
j$9";<F;$,&89"$(&R.7/$G5&$"8$;5*Z&(&8$-/,89.95&;$/$R(5'/$;".8$"U&-9"%/=$-/;$?t$%/$
9/9"*$%/8$"%5*9/8$.,U&-9"%/8=$p>$(&*"9.)/$"$-(.",6"8$"<".#/$%/8$p@$",/8$%&$.%"%&1$4/($/59(/$*"%/=$" $
%/&,6"$-(./5$-&(-"$%&$pp$;.*ZT&8$%&$-(.",6"8$c(U78$,"$(&R.7/$`NKBJHIeYWE=$2>>@a=$8&,%/$G5&$
&,9(&$/8$p$"$2@$",/8$"8$;5*Z&(&8$9+;$%5"8$)&S&8$;".8$'(/<"<.*.%"%&8$%&$8&(&;$.,U&-9"%"8$G5&$/8$
Z/;&,8$`NKBJHIeYWE=$2>>qa1$
C;$2>p>=$-/,U/(;&$/$(&*"9c(./$%"$YWE=$/$9/9"*$%&$,O;&(/$%&$'&88/"8$G5&$).).";$-/;$/$
VJWXIJHB$&("$%&$qq=@$;.*ZT&8$%"$'/'5*"67/$;5,%."*=$(&'(&8&,9",%/$/8$"%5*9/8$qp=q$;.*ZT&8=$
;".8$5;"$)&S=$-/;$;"./($'&(-&,9"R&;$%&$;5*Z&(&8$&,9(&$/8$p?$"/8$@@$",/8$%&$.%"%&$&,G5",9/$"8$
-(.",6"8$"<".#/$%/8$p@$",/8$(&'(&8&,9")";$2=p$;.*ZT&8$%"$'/'5*"67/$.,U&-9"%"1$B.,%"$,/$;&8;/$
",/$85(R.";$2=A$;.*ZT&8$%&$,/)/8$-"8/8=$&$/$,O;&(/$%&$;/(9&8$'/($-"58"$%/$VJWXIJHB$U/.$
&89.;"%/$&;$2$;.*ZT&81$B$&'.%&;."$-/,9.,5"$"$&#&(-&($5;"$'(&887/$;5.9/$U/(9&$,/8$'"L8&8$%"$
[U(.-"$85<8""(.","1
Q(_U.-/$p1$4&88/"8$).)&,%/$-/;$/$VJWXIJHB=$-/;$,/)"8$.,U&-6T&8$`%"%/8$;5,%.".8$p33>X2>>ta1
d/,9&^$NKBJHIeYWE=$2>>3
KZ
I&R5,%/$/8$%"%/8$"'(&8&,9"%/8$,/$R(_U.-/$p=$/$,O;&(/$%&$'&88/"8$G5&$&,9(&$p33>$&$2>>t$
).).";$-/;$/$)L(58$%/$VJWXIJHB$"5;&,9/5$-/,8.%&(")&*;&,9&=$-/;$;"./($+,U"8&$,"$%F-"%"$%&$
p33>$b$p333=$-&(-"$%&$2=?=$9&,%/X8&$"*9&("%/$&89"$'(/R(&887/$R&/;F9(.-"$%&$p333$b$2>>t1$K"$
'(_9.-"= $ / $ &8U/(6/ $ '"(" $ -/,9&( $ / $ ,O;&(/ $ %& $ '&88/"8 $ .,U&-9"%"8 $ ;/89(")"X8& $ .,)&(8";&,9&$
'(/'/(-./,"*$"/8$(&85*9"%/81
$ K/$G5&$8&$(&U&(&$"$,/)"8$.,U&-6T&8=$9";<F;$8&$)&(.U.-/5$5;$"5;&,9/$,"$%F-"%"$%&$p33>$"$
p333=$&$"$'"(9.($%"L$5;$-(&8-.;&,9/$G5"8&$*.,&"($"9F$/$",/$%&$2>>q=$G5",%/$85(R.(";$/8-.*"6T&8$
'/5-/$8.R,.U.-"9.)"8$&;$(&*"67/$b$(&%567/$%&$-"8/8$%&$.,U&-67/$'/($VJWXIJHB1$!";<F;$/$,O;&(/$
%&$;/(9&8$'/($VJWXIJHB$-(&8-&5$%&8%&$p33>$"9F$p333e2>>>=$G5",%/$"$8.95"67/$8&$"*9&(/51$
C;$85;"=$/$R(_U.-/$;/89("$5;"$9&,%+,-."$-(&8-&,9&$&;$9/%/8$/8$8&,9.%/8=$G5&($.89/$%.S&($
G5&$%&8%&$"$85"$%&8-/<&(9"=$"$%/&,6"$9&)&$5;"$'(/R(&887/$")"88"*"%/("=$"-"<",%/$'/($8&$.;'/($,"$
"R&,%"$%/8$R/)&(,/8$G5&$8&$%&8%/<(";$,"$'(/-5("$%&$8/*56T&8$'"("$/8$'(/<*&;"8$k_$-"58"%/81
RP+C+?9WN89D;+%A+X"U4A6)G3%
C;$:/6";<.G5&$/$'(/<*&;"$%/$VJWXIJHB$85(R.5=$-/;/$&;$;5.9/8$/59(/8$'"L8&8=$,/8$
;&"%/8$%"$%F-"%"$%&$p3t>=$,5;$;/;&,9/$&;$G5&$/$'"L8$).)."$5;"$8.95"67/$%&$.,89"<.*.%"%&$
'/*L9.-"= $ 8/-."* $ & $ &-/,c;.-" $ &; $ (&85*9"%/ $ %" $ R5&((" $ -.).* $ & $ %/8 $ '(/<*&;"8 $ -*.;"9F(.-/8$
(&8'/,8_)&.8$,7/$8c$'/($)_(."8$%/&,6"8$-/;/$9";<F;$'&*"$U"*9"$%&$"*.;&,9"67/$&$%&$Z"<.9"67/=$
'&*/$+#/%/$(5("*$&$'&*"$.,89"<.*.%"%&$U";.*."($`:"98.,Z&=$2>>?a p>1
B8$'(.;&.("8$.,9&()&,6T&8$,/$-/;<"9&$%/$VJWXIJHB$&;$9&((.9c(./$;/6";<.-",/$U/(";$
;/9.)"%"8$'&*"$'(&887/$%"$YWE=$-/,U/(;&$&#'*.-"$:"98.,Z&$`2>>?=$'1$q3a=$,7/$'/(G5&$/$R/)&(,/$
8&,9.88&$,&-&88.%"%&$%&$&,U(&,9"($"$%/&,6"1$B'&8"($%&$95%/=$"$IJHB$"-"</5$'/($8&($-/,8.%&("%"$
5;$'(/<*&;"$,"-./,"*$&$/$:.,.89F(./$%"$I"O%&$&;$:/6";<.G5&$`:JIBNa$"885;.5$/$8&5$'"'&*$,/$
-/;<"9&$b$%/&,6"=$9/;",%/$'(/).%+,-."8$;".8$.;&%."9"8$&$%&8&,Z",%/$)_(./8$'(/R(";"8$"$,L)&*$
,"-./,"*1 $ C,9(& $ &*&8= $ U/("; $ &89"<&*&-.%/8 $ '(/R(";"8 $ ;5*9.88&-9/(.".8= $ '(/-5(/5X8& $ "</(%"( $ /$
U&,c;&,/$%&$5;$'/,9/$%&$).89"$-5*95("*$.,-*5.5X8&$"$&%5-"67/$8/<(&$/$VJWXIJHB$,/8$-5((L-5*/8$
p>
$ B88.;= $ 8&R5,%/ $ :"98.,Z& $ `2>>?= $ '1 $ qua $ r"'&8"( $ %& $ / $ VJWeIJHB$ &; $ :/6";<.G5& $ 9&( $ &;&(R.%/ $ ,/ $ -&,_(./ $
8/-./'/*L9.-/ $ "G5. $ %&8-(.9/ $ & $ 9&( $ 8.%/ $ ";'*";&,9& $ .,U*5&,-."%/ $ /5 $ ;&8;/ $ -/,%.-./,"%/ $ '/( $ &*&= $ / $ (.9;/ $ %&$
.%&,9.U.-"67/= $*&R.9.;"67/= $ "'(/'(."67/ $ &$ %/;&89.-"67/ $%" $&'.%&;." $ %/$VJWeIJHB$ &; $ :/6";<.G5&= $-/;/ $U"-9/$
8/-."*$9/9"*=$"885;&$"$85"$'(c'(."$%.,o;.-"$&$-/,9/(,/8s1
K;
&%5-"-./,".8$&=$&;$85;"=$(&-/,Z&-&5X8&$G5&$8&$&89")"$&;$'(&8&,6"$%&$ 5;$'(/<*&;"$G5&$%.S."$
(&8'&.9/ $ " $ 9/%/ $ / $ '"L8 $ `:"98Z.,Z&= $ 2>>?w $ Q5.;"(7&8= $ 2>>pw $ l"89/8= $ 2>>2w $ 4IJ= $ 2>>p<w$
JKCe:JIBNe:JKCHe:PH=$2>>pw$&$E8c(./$&5$)11=$2>>2a1
!/%")."= $8&R5,%/$ :5*",%"Z$ `2>>ta=$,/$ '(.;&.(/ $(&*"9c(./ $%&$ ).R.*o,-." $ %/$VJWXIJHB$
(&"*.S"%/ $ '&*/ $ :.,.89F(./ $ %" $ I"O%& $ &; $ :/6";<.G5& $ &89.;")"X8& $ G5& $ &; $ 2>>2 $ " $ 9"#" $ %&$
'(&)"*+,-."$,"$'/'5*"67/$&,9(&$/8$p?$"$@3$",/8$&("$%&$pu=$)"*/($G5&$8&$;",9&)&$&;$2>>A=$"'&8"($
%&$)"(."($%&$U/(;"$%.U&(&,-."%"$%&$"-/(%/$-/;$(&R.T&8=$'(/)L,-."=$8&#/=$.%"%&=$S/,"8=$(5(".8$&$
5(<","81
K" $ )&(%"%&= $ %&8%& $ " $ %&8-/<&(9" $ %/ $ '(.;&.(/ $ -"8/ $ &; $ p3tu $ G5& $ " $ &'.%&;." $ 8& $ 9&;$
%&8&,)/*).%/$%&$U/(;"$-(&8-&,9&^$p3tuX$p$-"8/$`.%&,9.U.-"%/a=$p332X$uu2$-"8/8=$p33tX$p>13uq$
-"8/8= $ 2>>pXp1p $ ;.*ZT&8 $ %& $ '&88/"8 $ .,U&-9"%"8= $ 2>>tX $ p1u $ ;.*ZT&8 $ %& $ '&88/"8 $ .,U&-9"%/81 $ E$
,O;&(/$%&$'&88/"8$G5&$).)&;$-/;$/$VJWXIJHB$&;$2>p>$U/.$&89.;"%/$b$)/*9"$%&$p1A$;.*ZT&8$
-/,9.,5",%/$"$"5;&,9"(1$H&$&,9(&$/8$p1A$;.*ZT&8$%&$:/6";<.-",/8$.,U&-9"%/8$&;$2>p>$&89.;")"X
8&$G5&$p?@1>>>$U/88&;$-(.",6"8=$uq21>>>$Z/;&,8$&$3pq1>>>$;5*Z&(&8=$/-/((&,%/$@?>$,/)/8$-"8/8$
9/%/8$/8$%."8$`:JIBN=$2>p>a1
d.R5("$p1$!"#"$%&$4(&)"*+,-."$K"-./,"*$&$D&R./,"*
+++RYYV ++++RYYZ ++++RYY[
d/,9&^$:JIBN=$2>p>
I&R5,%/ $/8 $ ;"'"8 $ %" $ U.R5(" $ p= $ " $ '(&)"*+,-." $ %/ $VJWXIJHB$ '/( $ (&R.T&8 $ (&R.89/5 $ 5;$
-(&8-.;&,9/$%&$2>>@$"$2>>A$,"$(&R.7/$85*=$-(&8-.;&,9/$-/((&8'/,%&,9&$"$2$`p3$b$2pa=$)"*/($
NM
G5&$8&$;",9&)&$,/$",/$%&$2>>31$K"$(&R.7/$-&,9(/$Z/5)&$5;"$(&%567/$%&$p$`p3$'"("$pta=$G5&$
8&$;",9&)&$,/$",/$%&$2>>31$K/$,/(9&$/8$)"*/(&8$U.#"(";X8&$&,9(&$/8$",/8$%&$2>>@=$2>>A$&$2>>3= $
-/((&8'/,%&,9&$"$31$B$'&(-&,9"R&;$%&$'(&)"*+,-."$"$,L)&*$,"-./,"*$U/.$%&$pu=2$&;$2>>@=$pu$
&;$2>>A$&$p?$&;$2>>3$`:JIBN=$2>p>a1$B8$(&R.T&8$G5&$"'(&8&,9";$"8$;"./(&8$'&(-&,9"R&,8$%&$
.,U&-67/$'&*/$)L(58$%&$IJHB$87/$-5*95("*;&,9&$;"(-"%"8$'&*/8$(.9/8$%&$'5(.U.-"67/$%&$).O)"8$&$
/59("8 $ '(_9.-"8 $ .R5"*;&,9& $ %.88&;.,"%/("8 $ %" $ %/&,6" $ -/,U.(;",%/ $ "88.; $ "8 $ -/,89"9"6T&8 $ %/$
:JIBN$G5",%/$%&89"-"$"$.;'/(9o,-."$%"$-/;'/,&,9&$-5*95("*$,/8$(&85*9"%/8$/<9.%/81
Q(_U.-/ $ 21 $ H.89(.<5.67/ $ '&(-&,95"* $ %"8 $ '(.,-.'".8 $ -"58"8 $ %& $ ;/(9& $ '"(" $ 9/%"8 $ .%"%&8 $ &;$
:/6";<.G5&=$JKMB:$2>>Aet$
d/,9&^$JKC=$2>>3
I&R5,%/$%"%/8$%/$R(_U.-/$2=$"8$'(.,-.'".8$-"58"8$%&$;/(9&$&;$:/6";<.G5&$87/$"$;"*_(."$
`2t1ta=$"$IJHB$`2u13a=$"8$%/&,6"8$%/$'&(L/%/$'&(.X,"9"*$ù1?a=$"8$%/&,6"8$%."((&.-"8$`@1@a=$
" $ ',&5;/,." $ `@1qa= $ /8 $ "-.%&,9&8e-"58"8 $ &#9&(,"8 $ `q13a= $ "8 $ %/&,6"8 $ %/ $ 8.89&;"$ -.(-5*"9c(./$
`q1@a= $ " $ 95<&(-5*/8& $ `q1pa $ & $ /8 $ ,&/'*"8;"8 $ ;"*.R,/8 $ `p12a1 $ K/ $ 8&5 $ -/,k5,9/= $ U/(";$
(&8'/,8_)&.8$'/($t21?$%/8$c<.9/8$.,)&89.R"%/8$&;$9/%/$/$'"L81$B8$(&89",9&8$-"58"8$%&$;/(9&$`-/;$
5;"$'&(-&,9"R&;$.,U&(./($"$2$-"%"a$U/(";$"R(5'"%"8$,"$-"9&R/(."$%&$ÄE59("8Ä$`JKC=$2>>3a1$
4/(9",9/=$8&R5,%/$"8$-"58"8$%&$;/(9&$%."R,/89.-"%"8$&;$Z/8'.9".8=$"$IJHB$/-5'"$/$8&R5,%/$*5R"(=$
/$G5&$%&9&(;.,/5$"$.,9&()&,67/$%"8$"59/(.%"%&81$
Q(_U.-/ $ q1 $ H.89(.<5.67/ $ '&(-&,95"* $ %"8 $ -"58"8 $ %& $ ;/(9& $ '/( $ 8&#/ $ & $ _(&" $ %& $ (&8.%+,-." $ &;$
:/6";<.G5&=$JKMB:pp=$2>>A
$J,G5F(.9/$8/<(&$-"58"8$%&$;/(9"*.%"%&1
pp
N@
d/,9&^$JKC=$2>>3
C;$9&(;/8$%&$_(&"$%&$(&8.%+,-."=$/8$%"%/8$(&)&*";$G5&$&#.89&;$%.U&(&,6"8$-/,8.%&(_)&.8$
&;$(&*"67/$"/$/(%&,";&,9/$%"8$'(.;&.("8$%5"8$-"58"8$%&$;/(9&$&,9(&$"$_(&"$5(<","$&$"$(5("*1$
C,G5",9/$,"$_(&"$5(<","$"$IJHB$F$"$'(.;&.("$-"58"$%&$;/(9&=$8&R5.%"$%&$;"*_(."=$,"$_(&"$(5("*$
"-/,9&-&$/$U&,c;&,/$F$.,)&(8/$`JKC=$2>>3a1$!&,Z"X8&$&;$"9&,67/=$-/,95%/=$G5&$"$).R.*o,-."$%"$
9(",8;.887/$%/$)L(58$%/$IJHB$&;$:/6";<.G5&$F$%.U&(&,9&$-/,U/(;&$"8$_(&"8=$Z")&,%/$5;$;"./($
-/,9(/*/$,/8$-&,9(/8$5(<",/81$
Q(_U.-/$@1$H.89(.<5.67/$'&(-&,95"*$%"8$-"58"8$%&$;/(9&$'/($'(/)L,-."8$&;$:/6";<.G5&=$JKMB:=$
2>>A
d/,9&^$JKC=$2>>3
K/$G5&$8&$(&U&(&$b8$'(/)L,-."8=$/$-&,_(./$F$%.89.,9/^$&#.89&$5;$R(5'/$%&$'(/)L,-."8$-5k"$
'(.;&.("$-"58"$%&$;/(9&$F$"$;"*_(."=$*/R/$8&R5.%"$%&$IJHB$`K."88"=$M"</$H&*R"%/=$K";'5*"=$
z";<FS."$&$!&9&a=$&$5;$/59(/$R(5'/$&;$G5&$"$IJHB$"'"(&-&$&;$'(.;&.(/$*5R"($&$"$;"*_(."$&;$
NK
8&R5,%/$Ì/U"*"=$J,Z";<",&=$Q"S"=$:"'59/$4(/)L,-."$&$:"'59/$M.%"%&a=$`JKC=$2>>3a1$C;$9/%"8$
"8$'(/)L,-."8$/,%&$"$IJHB$"'"(&-&$-/;/$'(.;&.("$-"58"$%&$;/(9&$(&"*.S";X8&$'(_9.-"8$-5*95(".8$
-/;/$(*5)$@'A)1$K7/$G5&(&;/8$-/;$.88/$%.S&($G5&$/$(.95"*$"5;&,9"$"$'&(-&,9"R&;$%&$'(/'"R"67/$
%"$%/&,6"$;"8 $&89& $U"-9/($%&)&$8&($9.%/$&;$-/,8.%&("67/= $-/;/$%&$(&89/$"8 $"59/(.%"%&8$k_$/$
,/9"(";1$
Q(_U.-/$?1$H.89(.<5.67/$'&(-&,95"*$%"8$-"58"8$%&$;/(9&$'/($9("9";&,9/=$*/-"*$%&$9("<"*Z/$&$*/-"*$%&$
;/(9&$&;$:/6";<.G5&=$JKMB:=$2>>A1
d/,9&^$JKC=$2>>3
I&R5,%/$/$R(_U.-/$?=$&,9(&$/8$.,%.)L%5/8$U"*&-.%/8$G5&$'(/-5("(";$9("9";&,9/=$"$;"./($
'"(9&$;/((&5$%&).%/$b$IJHB=$8&R5.%"$%"$;"*_(."$&$95<&(-5*/8&=$-"58"8$'&(.X,"9".8$&$"-.%&,9&81$
2p12$%/8$c<.9/8$.,)&89.R"%/8$,/$JKMB:$/-/((&(";$ &;$ 5,.%"%&8$8",.9_(."8=$Aq13$&;$-"8"$&$
q1t$&;$/59(/8$*5R"(&81$C,9(&$/8$G5&$;/((&(";$&;$5,.%"%&8$8",.9_(."8$"8$'(.;&.("8$?$-"58"8$%&$
;/(9&$U/(";$"$IJHB=$;"*_(."=$-"58"8$'&(.X,"9".8=$95<&(-5*/8&$&$"-.%&,9&8=$&,G5",9/$&,9(&$/8$G5&$
'&(%&(";$"$).%"$&;$-"8"=$"$;"*_(."$U/.$"$'(.;&.("$-"58"$%&$;/(9&=$8&R5.%"$%&$IJHB=$-"58"8$'&(.X
,"9".8=$95<&(-5*/8&$&$"-.%&,9&8$`JKC=$2>>ta1
NN
Q(_U.-/$u1$4(/'/(67/$%&$c<.9/8$%&).%/$"/$VJWXIJHB$'/($8&#/$&$.%"%&$&;$:/6";<.G5&=$JKMB:$
2>>A1
d/,9&^$JKC=$2>>t
E$R(_U.-/$u$;/89("$G5&$"$'(/'/(67/$%&$c<.9/8$%&).%/$"/$VJWeIJHB$,7/$%.U&(.5$&;$R(",%&$
;&%.%"$&,9(&$/8$8&#/8$`2u1p$%&$8&#/$;"8-5*.,/$&$2A1A$%/$8&#/$U&;.,.,/a1$B$U".#"$&9_(."$;".8$
"U&-9"%"$U/.$"$%/8$"%5*9/8$&,9(&$2?X@3$",/8$%&$.%"%&=$-/;$?21@$&;$-/;'"("67/$"8$-(.",6"8$-/;$
;&,/8$%&$p$",/$%&$.%"%&$G5&$(&R.89"(";$"$9"#"$;".8$<".#"$%&$;/(9"*.%"%&$`31qa=$`JKC=$2>>3a1
H&$&,9(&$/8$)_(./8$.;'"-9/8$G5&$VJWXIJHB$'(/)/-"$,"$8/-.&%"%&=$%&89"-"X8&$"$-(&8-&,9&$
'(/-5("$%&$8&().6/8$;F%.-/8=$/$G5&$%&8&,-"%&."$"$8/<(&*/9"67/$%"8$5,.%"%&8$8",.9_(."81$4/($/59(/$
*"%/=$&89.;")"X8&$G5&$"/$*/,R/$%/$",/$%&$2>p>$;/((&88&;$"'(/#.;"%";&,9&$3t$;.*$'&88/"8$'/($
-"58" $ %" $ IJHB$ / $ G5& $ '(/)/-"(." $ 5; $ "5;&,9/ $ %/ $ ,O;&(/ $ %& $ c(U7/8 $ & $ -/,8&G5&,9&;&,9& $ /$
"R(")";&,9/$%"$85"$)5*,&("<.*.%"%&$&;$(&*"67/$"/8$'(/<*&;"8$8/-.".8$.,-*5.,%/$/$-/,9_R./$'&*"$
IJHB=$'&(%"$%&$-"'.9"*$.,9&*&-95"*=$'&(%"$%&$'(/U&88/(&8$`&8'&(")"X8&$G5&$312>>$'&(%&(.";$"$).%"$
"9F$U.,".8$%&$2>p>a=$'&(%"$%&$9("<"*Z"%/(&8$%/8$8&().6/8$%&$8"O%&$`p?$%/8$U5,-./,_(./8$%&$8"O%&$
'/%&(.";$;/((&($.(.";$'&(%&($"$).%"$"9F$U.,".8$%&$2>p>a=$`:JIBN=$2>p>a1$
B'(&8&,9";/8$%&$8&R5.%"$/$-/,9&#9/$&8'&-LU.-/$%"8$'(_9.-"8$(&*"-./,"%"8$-/;$"$&#'",87/$
%/$VJWXIJHB$&$"*R5;"8$%.8-588T&8$*&)",9"%"8$b$)/*9"$%/$9&;"1$
NG
!;M95@:C+999
M-.$)*40+*37$3-4)0+%+?9WN89D;\+"+*40"+'%+X"U4A6)G3%P
K&89& $ -"'L95*/ $ .(&;/8 $ "</(%"( $ " $ G5&897/ $ %"8 $ '(_9.-"8 $ -5*95(".8 $ G5& $ 87/ $ -/,8.%&("%"8$
%.88&;.,"%/("8 $ %/ $VJWXIJHB1 $ 4/(G5& $ ,7/$ / $ %&)&;/8 $ U"S&($ 8&; $ ",9&8 $ "<(.($ 5; $ &8'"6/ $ '"("$
"'(&8&,9"($"*R5;"8$%.8-588T&8$9&c(.-"8$8/<(&$8&#5"*.%"%&$&$/$8&5$8.R,.U.-"%/$'"("$/8$"U(.-",/8=$
-/;&6"(&;/8 $ '/( $ 5;" $ <(&)& $ (&U&(+,-." $ " $ "*R5,8 $ 9("<"*Z/8 $ 8/<(& $ &89& $ "885,9/ $ & $ "/8 $ (.9/8 $ %&$
'5(.U.-"67/$%&$).O)"8$&;$[U(.-"=$'"("$%&'/.8$,/8$%&<(56"(;/8$8/<(&$"$&8'&-.U.-.%"%&$%/$-/,9&#9/$
-5*95("*$;/6";<.-",/$&$"8$'/*L9.-"8$-5*95(".8$%&U&,%.%"8$'&*"8$"59/(.%"%&8$&$"$85"$"(9.-5*"67/$-/;$
"8$"-95".8$G5&89T&8$%&$8"O%&$'O<*.-"1$C89"$"</(%"R&;$'(&9&,%&$"'&,"8$&,G5"%("($/$,/88/$/<k&-9/$
%&$&895%/=$%&$(&89/=$5;"$'(_9.-"$-/;5;$&;$;5.9/8$'"L8&8$%&$[U(.-"=$"$;"./(."$-/;$L,%.-&8$%&$
VJWXIJHB$;5.9/$'(&/-5'",9&81$
OP+;+8%]347)'4'%+%A+^/-)*4
B$9&;_9.-"$8/<(&$"$8&#5"*.%"%&$&89_$&,9(&$"8$;".8$%.8-59.%"8$&;$9&(;/8$"-"%F;.-/8=$8&,%/$
5;" $ %.8-5887/ $ G5& $ &; $ '"(9& $ &89_ $ (&*"-./,"%" $ -/; $ " $ .%&,9.%"%&= $ ,/ $ 8&,9.%/ $ %& $ %&8.R,"( $ "8$
%.U&(&,6"8$%&$r8&#/s$`%.89.,6T&8$UL8.-"8$&,9(&$Z/;&;$&$;5*Z&($&$(&*"6T&8$8&#5".8a$&$rRF,&(/s$`"$
%.U&(&,6"$8/-."*$&,9(&$Z/;&;$&$;5*Z&(a$l(//h&($`p333a1$
I&R5,%/$P"-h8/,$v$I-/99$`-.9"%/$'/($l(//h&($p333=$'1$2a=$/$9&(;/$8&#5"*.%"%&$F$<"89",9&$
58"%/$'"("$(&U&(.($/8$r%&8&k/8$&(c9.-/8=$'(_9.-"8$&$.%&,9.%"%&8s$<&;$-/;/$"$r"8'&-9/8$%&$).%"$
'&88/"*$/5$8/-."*$-/;$8.R,.U.-"%/8$&(c9.-/8s1$E8$"-95".8$%&<"9&8$8/<(&$"$8&#5"*.%"%&$87/=$'/($5;$
*"%/=$;"(-"%/8$'/($5;$"5;&,9/$%"$8&,8.<.*.S"67/$%"8$9&,8T&8$&,9(&$"$"-&.9"67/$/5$"U.(;"67/$%"$
%.)&(8.%"%&$&=$'/($/59(/=$'&*"$%&U&8"$%&$,/(;"8$&89"<&*&-.%"81$C89"$%.8-5887/$9&;$9.%/$'/($<"8&=$%&$
;/%/$'&(;",&,9&=$"$.%&."$%&$G5&$"$.%&,9.%"%&$8&#5"*$F$%&U.,.%"$G5&($<./*/R.-";&,9&=$%&9&(;.,"%"$
'/($R&,&8$/5$","9/;."=$G5&($-/,89(5L%"$'&*"$8/-.&%"%&$&$(&8'&-9.)"$-5*95("$`l(//h&(=$p333a1$
K/$-/,9&#9/$%"$,/88"$%.88&(9"67/$"$"</(%"R&;$8/<(&$"$8&#5"*.%"%&$.,9&(&88"X,/8$,/$-/,9&#9/$
"U(.-",/1$I&R5,%/$)_(./8$"59/(&8=$&,9(&$/8$G5".8=$Q"588&9$`2>>pa$&$4"88"%/($v$!Z/;"8$`2>>ua=$"$
8&#5"*.%"%&$"U(.-","$m$G5&$8c$U/.$&895%"%"$%&'/.8$%"$%&8-/<&(9"$%/$)L(58$%/$VJWXIJHB$m$U/.$
9("9"%"$U/("$%"$85"$(&"*.%"%&$-5*95("*=$ 8&,%/$ %&8-(.9"$-/;/$5;"$'(_9.-"$r8&*)"R&;s=$.(("-./,"*$&$
.;/("*1$W_$G5&$%.S&($G5&$&89"8$'&8G5.8"8$U/(";$.,U*5&,-."%"8$'/($U&;.,.,.89"8$&e/5$9("9")";$%&$
G5&89T&8$-/;/$/$'*",&";&,9/$U";.*."(=$-&,9(",%/X8&$,"$G5&897/$%/$RF,&(/$&$,"$,&R/-."67/$%"8$
NV
r(&R("8$8&#5".8s=$8&R5,%/$"8$G5".8$8&$%&U.,&$5;"$%.U&(&,-."67/$&,9(&$"8$,&-&88.%"%&8$8&#5".8$%"$
;5*Z&($&$%/$Z/;&;1$
M/,U/(;&$"</(%";/8$,/$-"'L95*/$",9&(./(=$/8$&895%/8$'(/-5(")";$&,-/,9("($k589.U.-"67/$'"("$"$
/(.R&;$%/$)L(58$%"$IJHB1$H&$&,9(&$"8$)_(."8$Z.'c9&8&8$85(R.%"8$&89")"$"$G5&$%&U&,%."$"$85"$/(.R&;$
" $ '"(9.( $ %& $Q.&&4 $ )(&#=$ &#'*.-",%/ $ G5& $ '/%&(." $ 9&( $ 8.%/ $ 9(",8;.9.%/ $ "/8 $ Z5;",/8 $ "9(")F8 $ %&$
(&*"6T&8$8&#5".8$&,9(&$/$Z/;&;$&$;"-"-/$/5$"$'"(9.($%&$'(_9.-"8$-5*95(".8$-/;/$r=1""6$6.*4@*4Q $
*4$1":&F%)Q*D+$*4d&D5*"4$"A$%"4@&L$$=1""6$*45"$2'%)4$('=*D$().5#e$Ì-Z/&'U=$p33pw$W5,9=$p33uw$
W"((.8/,XMZ.(.;559"$v$MZ.(.;559"=$p33Aa1$$N;"$/59("$-/((&,9&$8589&,9")"$G5&$"$9(",8;.887/$%/$
)L(58$9&(."$/-/((.%/$"9(")F8$%&$",.;".8=$/5$".,%"$"88/-.",%/X"$b$Z/;/88&#5"*.%"%&$/5$"/$-/,85;/$
%&$%(/R"8$,/$E-.%&,9&1$C89"$9&,%+,-."$.,%5S.5$/8$R/)&(,",9&8$"U(.-",/8$"$(&-58"(&;$"-(&%.9"(&;$
G5&$"$VJWXIJHB$&("$5;"$G5&897/$8F(."$,/8$8&58$'"L8&8$'&*/$8.;'*&8$U"-9/$%&$-/,8.%&("(&;$G5&$"$
Z/;/88&#5"*.%"%&$&89")"$"58&,9&$%"$85"$-5*95("$`d"88.,=$p333w$W5,9=$p33uw$I-Z/&'U=$p33pw$W5,9=$
p33uw$W"((.8/,XMZ.(.;559"$v$MZ.(.;559"=$p33Aa1$C,9(&9",9/=$/$)L(58$&8'"*Z")"X8&$&$/ $#&JF.)5*"$
%"8$)L9.;"8$"9.,R." $G5"8&$p^p=$&,G5",9/$,"$C5(/'"$"8$)L9.;"8$&(";$;"./(.9"(.";&,9&$%/$8&#/$
U&;.,.,/$`Q"588&9=$2>>pw$4"-h"(%$v$C'89&.,=$p33pa1
I&R5,%/$&895%/8$(&"*.S"%/8$'/($W(%f=$p3tAw$M"*%g&**=$M"*%g&**$v$n5.RR.,=$p3t3w$H&,."5%$&5$
)11= $p33pw $ l(/g,= $Bf/g" $v $ l(/g,= $p33qw $ :"-%/,"*%= $p33uw $ Q(&8&,R5&9 $&5 $ )11= $p33A= $)_(."8$
&#'*.-"6T&8$'(/-5(")";$k589.U.-"($"G5&*&$U"-9/1$C,9(&$&*"8=$"$'/*.R";."$`8&$5;"$'&88/"$&89.)&($
.,U&-9"%" $ '/%& $ .,U&-9"( $ 9/%/8 $ /8 $ 8&58 $ '"(-&.(/8a= $ " $ '(_9.-" $ %& $ "%5*9F(./ $ /5 $ %& $ 8&#/ $ ",9&8 $ %/$
-"8";&,9/=$"$'"(9.*Z"$%"$&8'/8"$`/$)L(58$%.U5,%&X8&$8/<(&$U";L*."8$%.U&(&,9&8$&$R(5'/8$%&$.%"%&a=$"$
%&8.R,"%" $ '/( $ rZ&(",6" $ %& $ ).O)"8s $ `8& $ / $ Z/;&; $ ;/((& $ -/; $VJWXIJHB$ & $ 8& $ " $ 85" $ ).O)" $ F$
'5(.U.-"%"$8&#5"*;&,9&$&$Z&(%"%"$'&*/$8&5$.(;7/=$"$).O)"$'/%&(_$.,U&-9_X*/$&$"$9/%"8$"8$85"8$
/59("8$;5*Z&(&8a=$"$-.(-5,-.87/$&$(.95".8$%&$8"-(.UL-./$'("9.-"%/8$'&*/$;&8;/$;"9&(."*$-/(9",9&$
Ù"-"a=$/$r8&#/$;/*Z"%/s$`-/,8.%&("%/$-/;/$/$(&8'/,8_)&*$'&*"8$*&8T&8$)"R.,".8$G5&$&,U("G5&-&;$
"8$%&U&8"8$,"95(".8$/5$9/(,";$/$58/$%/$'(&8&()"9.)/$'/5-/$8&R5(/a=$"$-(&,6"$&;$U&.9.6"(."$`).89"$
-/;/$5;$/<89_-5*/$'"("$"$;&*Z/($'&(-&'67/$%"$,"95(&S"$%/$)L(58$&$-/;/$9"*$5;$/<89_-5*/$'"("$"$
;5%",6"$%&$-/;'/(9";&,9/$<"8&"%"$,"$.,U/(;"67/$&$&8-/*Z"8$("-./,".8a=$&9-1$!/%/8$&89&8$&895%/8$
U/(";$%&8&,)/*).%/8$,/$-/,9&#9/$%/$85(R.;&,9/$%/$IJHB1$
K"$;&8;"$*.,Z"=$;"8$-/;$/59("$"<(",R+,-."=$"8$'&8G5.8"8$%&$P/Z,$M"*%g&**$`M"*%g&**$v$
M"*%g&**=$p3tAw$M"*%g&** $&5$)11=$p3tA=$p3t3=$p33pa$%&U&,%.";$G5&$r&#.89&$5;$8.89&;"$-/&(&,9&$
N(
"U(.-",/=$.,9&(,";&,9&$&$%.89.,9/$"<("6",%/$"$8&#5"*.%"%&=$-"8";&,9/$&$;5.9/$;".8$G5&$-/,9("89"$
-/; $ / $ G5& $ 8& $ -Z";" $ %& $ 8.89&;" $ &5(/X"8._9.-/s $ `M"(%g&** $&5 $ )1$ p3t3= $ '= $ ptAa= $ 5; $ 8.89&;"$
%&8&,)/*).%/ $ 8/<(& $ " $ /(R",.S"67/ $ %& $ *.,Z"R&;= $ G5& $ '(/-5(" $ (&'(/%5S.(X8& $ "/ $ ;_#.;/ $ '"("$
R"(",9.($"$85"$-/,9.,5.%"%&1$C$%"L$"$k589.U.-"67/$'"("$G5&$&;$'"(9&$&89"$8.95"67/$U/88&$(&8'/,8_)&*$
'/( $ )L,-5*/8 $ %/8 $ -Å,k5R&8 $ r&;/-./,"*;&,9& $ U("-/8s= $ '/.8 $ ";</8 $ ;",9+; $ *.R"6T&8 $ -/; $ 85"8$
*.,Z"R&,8$,"9".8$&$'"(9.*Z";$'/5-/8$.,9&(&88&8$;O95/8=$).)&,%/$'/.8$&;$U5,67/$%"$*.,Z"R&;1$
B9&$-&(9/$'/,9/=$9/%/8$&89&8$&*&;&,9/8$9+;$(&'&(-5887/$,"$8&#5"*.%"%&1$M"(%g&**$"U.(;"$
G5&=$%&$"-/(%/$-/;$"$85"$/(.R&;$8/-./-5*95("*=$/$-/;'/(9";&,9/$8&#5"*$%/8$"U(.-",/8$,7/$8&$
<"8&."$,"8$,/(;"8$;/(".8$-/,89(5L%"8$"9(")F8$%/8$'(.,-L'./8$%&$5;$r-"8";&,9/$8"R("%/s=$'/.8$,"$
;"./(."$%"8$8/-.&%"%&8$%"$[U(.-"$85<8"(.","$"8$-/,%59"8$8&#5".8=$"'&8"($%&$"*R5;"8$(&89(.6T&8=$
'&(;.9&;$/$8&#/$",9&8$&$U/("$%/$-"8";&,9/^ $&;$r[U(.-"$/$8&#/$F$-/;/$5;"$"-9.).%"%&$;5,%","$
-/;/$9("<"*Z"(=$-/;&($&$<&<&(s$ `M"*%g&** $&5$ )1=$ p3t3=$'1 $2>qa1$n5&($.89/$%.S&($G5&$/$8&#/$F$
9(",8"--./,"%/ $ -/;/ $ 5;" $ /59(" $ G5"*G5&( $ "-9.).%"%&= $ ).89/ $ -/;/ $ 5; $ 8&().6/ $ G5& $ "885;& $ "8$
;5*Z&(&8$-/;/$'&(9&,-&,9&8$"$5;$#5)5'#$.,U&(./($"/$%/8$Z/;&,8=$b8$)&S&8$(&*"-./,"%/$-/;$"$9(/-"$
%&$%.,Z&.(/$&$%&$"'/./$`W&"*%=$p33?a1
C; $ 85;"=$ &$%& $5;" $U/(;" $R&("*= $ "$'(_9.-" $8&#5"* $&; $ [U(.-" $ F$-/,8.%&("%"$ 5;$ &*&;&,9/$
-5*95("*$'/($9&($;O*9.'*"8$U5,6T&8$&$%&8&;'&,Z"($%.)&(8/8$'"'F.8$%&,9(/$%&$-/,9&#9/8$&8'&-LU.-/81$
C=$,&89"$c'9.-"=$F$58"%"$9";<F;$-/;/$U/(;"$%&$'5(.U.-"67/1$
RP+>)$"0+'%+I3-)/)*4UQ"+'40+K)&K40+%A+^/-)*4
B$'(_9.-"$%/$(.95"*$%&$'5(.U.-"67/$%&$).O)"8$,/$-/,9.,&,9&$"U(.-",/$F$-/,8.%&("%"$-/;/$5;$
&*&;&,9/$&88&,-."*$'"("$"$85"$.,9&R("67/=$-/;/$k_$"U.(;_;/81$j$5;"$&#'&(.+,-."$-/;5;$"$)_(./8$
'"L8&8= $ ,/;&"%";&,9&= $ zo;<."= $ y&,f"= $ :"*"g.= $ NR",%"= $ !",So,."= $ QZ","= $ I&,&R"*= $B,R/*"=$
M/89"$%&$:"(U.;=$M/,R/=$K.RF(."$&$:/6";<.G5&=$;&8;/$G5",%/=$-/;/$"-/,9&-&$,"$'"(9&$&89&$%/$
y&,f"=$8&$-/,Z&-&;$"8$&*&)"%L88.;"8$9"#"8$%&$8&(/'(&)"*+,-."$%/$)L(58$%/$VJWXIJHB$`l5-h*&f=$
p333w$Y"#=$2>>qa1
I&$&895%./8/8$-/;/$Y"#$`2>>qa$&$\"$d(",.&(&+ _2>>?a=$-/,8.%&(";$"$'5(.U.-"67/$%"8$).O)"8$
5;"$)./*"67/$%/8$%.(&.9/8$<_8.-/8$%"8$;5*Z&(&8=$G5&$"5;&,9"$/$(.8-/$%&$-/,9(".($/$)L(58$%/$VJWX
IJHB=$&*&8$,7/$%7/$'"(9.-5*"($(&*&)o,-."$"/$U"-9/$%&$8&$9("9"($%&$5;"$'(_9.-"$-5*95("*$",-&89("*=$
N3
G5&$8&$U5,%";&,9"$,"$-(&,6"$%&$G5&$"'c8$"$;/(9&$%/$;"(.%/$"$).O)"$F$'/885L%"$'&*/$8&5$&8'L(.9/$&$
G5&$8&$,7/$U/($'5(.U.-"%"$'/%&(_$"9(".($)_(./8$;"*&8$'"("$"$-/;5,.%"%&P
4&8G5.8"8$U&.9"8$'/($Eh&f/$v$B**&,$`p33@a=$'"("$/$y&,f"=$y5,%"$`p33?a=$'"("$"$zo;<."=$&$
l59*&(f8$&5$)11=$`p33@a=$'"("$/$D5",%"=$;/89(";$G5&$"'&8"($%"$R(",%&$)"(."67/$-5*95("*$,"$[U(.-"$
85<8""(.","=$"8$'(_9.-"8$-5*95(".8$(&*"-./,"%"8$-/;$"$).5)&S$9+;$5;$%.).%&,%/$-/;5;^$/$U"-9/$%&$
,7/$58"(&;$'(&8&()"9.)/1 $
K/$85%/&89&$%&$[U(.-"=$/$-/;'*&#/$%&$-"9&R/(." $%&$%/&,6"8$X$-/,Z&-.%/$-/;/ $%6'1"$ ,/$
:"*"g.$/5$%&*1)$,/$l/98g","$m$&89_$(&*"-./,"%/$-/;$"$%-$-/,%59"$8&#5"*=$'"(9.*Z",%/$%&$5;"$
&9./*/R." $<_8.-"$(&85*9",9&=$%.(&-9"$/5$.,%.(&-9";&,9&=$%"$-/,9";.,"67/$8&#5"*$'(/)/-"%"$'&*/$
-/,9"-9/ $ &,9(& $ &89"%/8 $ %& $ -/('/8 $ -5*95("*;&,9& $ %&U.,.%/8 $ -/;/ $ G5&,9&8 $ /5 $ U(./81 $ C89"8$
9&;'&("95("8 $ (.95".8 $ (&U&(&;X8& $ " $ -/,-&.9/8 $ 8/-./-5*95(".8 $ & $ ;5.9"8 $ )&S&8 $ (&9("9"; $ /8 $ )"*/(&8$
;/(".8 $ %" $ -/;5,.%"%&1 $ K/ $ -/,9&#9/ $ %/ $ VJWXIJHB= $ &89&8 $ -/;'*&#/8 $ "%G5.(.("; $ ,/)/8$
8.R,.U.-"%/8$&$/8$-/,-&.9/8$.,%LR&,"8$%&$%/&,6"$8&#5"*;&,9&$9(",8;.88L)&.8$87/$-/;'"("%/8$-/;$
/$VJWXIJHB$&;$9/%/$/$85%/&89&$"U(.-",/^$h"Z5,R/$,"$z";<."$`Q"588&9$v$:/R&,8&,=$p33uw$&$
:/R&,8&,=$p33Aa=$&;$</8g"R"%.$l/98g","$`J,R89"% $&5$)1V$ p33Aa= $MZ.("$ ,/$ n5+,."$ `W";;&(=$
p333a=$h",f&("$,/$:"*"g.$`Y/*U=$2>>pa$&$;"hR5;&$,"$[U(.-"$%/$I5*1
:"8$,7/$F$"'&,"8$&;$[U(.-"$G5&$8&$&,-/,9(";$'(_9.-"8$%&$'5(.U.-"67/$%&$).O)"81$K"$~,%."=$'/($
&#&;'*/=$8&R5,%/$:&Z9"$`p33qa=$"8$).O)"8$87/$85<;&9.%"8$"$(.95".8$G5&$-/,8.89&;$,/$-/(9&$%/$
-"<&*/= $ /<(.R"67/ $ %& $ <&<&( $ _R5" $ 58"%" $ '"(" $ *.;'"( $ / $ -/('/ $ %/ $ %&U5,9/ $ %/ $ ;"(.%/ $ & $ 58/ $ %&$
)&895_(./$<(",-/$`/$G5&$'(/L<&$5;$,/)/$-"8";&,9/a1$4/%&;$".,%"$8&($/<(.R"%"8$"$k&k5"($/5$"$,7/$
-/;&($%&9&(;.,"%/8$"*.;&,9/8=$%&%.-"($)_(."8$Z/("8$"/8$(.95".8$(&*.R./8/8=$95%/$-/;/$U/(;"$%&$
'(/;/)&($/$<&;X&89"($%/$U"*&-.%/$;"(.%/1 $E$;&8;/$"59/($"(R5;&,9"$G5&$,/$;5,%/$/-.%&,9"*=$
"'&8"($%&$"8$;5*Z&(&8$R/S"(&;$%&$"59/,/;."$&-/,c;.-"$&$.R5"*%"%&$%&$%.(&.9/8=$"*R5;"8$).O)"8$
8/U(&;$%&$ 5;"$ %.;.,5.67/$ -/,8.%&(_)&*$%/ $#5)5'#$ 8/-."*$ 8&,%/$*.;.9"%"$"$85"$'"(9.-.'"67/$&;$
"*R5,8$&)&,9/8$/5$-/,)L)./8$8.;'*&8;&,9&$'/($,7/$8&(&;$-/,).%"%"81
TP+;+0%]347)'4'%+#"+*"#$%]$"+*37$3-47+A"U4A6)*4#"
M/;/ $ k_ $ (&U&(.;/8= $ / $ &895%/ $ 8/<(& $ " $ 8&#5"*.%"%& $ ,/ $ -/,9&#9/ $ -5*95("* $ ;/6";<.-",/$
%&8&,)/*)&5X8&$&;$"(9.-5*"67/$-/;$"$'(/<*&;_9.-"$%/$VJWXIJHB1$K5;$"(9.R/$%&$p33t=$.,9.95*"%/$
!45."("1"Q*)$&D"4f%*D)$6"$92"4Q)Zg$ 6"$c'1$6&$,"I)%=*8'&=$d&*.-.",/$"(R5;&,9"$G5&$'"("$/$
52"4Q)$r"$8&#5"*.%"%&$,7/$F$"'&,"8$/$-/,k5,9/$%/8$c(R7/8$(&'(/%59/(&8=$&8'&-."*;&,9&$/8$c(R7/8$
$4/)/$%"$(&R.7/$85*$%&$:/6";<.G5&1
p2
NZ
&#9&(,/8=$;"8$;".8$G5&$.88/=$5;"$(&*"67/$%.,o;.-"$%&$(&'(/%567/=$G5&$&,)/*)&$/$"8'&-9/$8/-."*$&$
&-/,c;.-/$`'&88/"8eR(5'/8$G5&$'(/%5S&;=$9(/-";$&$-/,8/;&;a$&$9";<F;$/$-c8;.-/s$`'1$23a1$
n5&($.89/$%.S&($G5&$"$8&#5"*.%"%&=$'"("$"*F;$%"$85"$U5,67/$(&'(/%59/("=$&#&(-&$5;$'"'&*$'"("$"$
&-/,/;." $ %"8 $ -/;5,.%"%&8= $ '/.8= $ G5",9/ $ ;"./( $ U/( $ / $ ,O;&(/ $ %& $ U.*Z/8= $ ;"./( $ F $ / $ %&8"U/R/$
&-/,c;.-/$&=$'/(9",9/=$"$&89"<.*.%"%&$%"$U";L*."1
4"("$"*F;$%&89&$"8'&-9/$8/-./&-/,c;.-/=$F$U5,%";&,9"*$(&U&(.($G5&=$&;$9&(;/8$-5*95(".8=$"$
8&#5"*.%"%&$9(",8'/(9"$5;$-/,k5,9/$%&$,/(;"8$&$8.R,.U.-"%/8$G5&$%.9";$/$'(/-&88/$%&$-(&8-.;&,9/$
&$%&8&,)/*).;&,9/$%/8$.,%.)L%5/8=$8&,%/$59.*.S"%"$-/;/$5;"$&89("9FR."$,"$R&897/$&$/-5'"67/$%&$
9&(("$&$&89"<&*&-.;&,9/$%&$'/%&(1
H/;.,R/8 $ v $ l*",-/ $ `2>>ta $ ;/89("; $ G5& $ / $ %.8-5(8/ $ 8/<(& $ "8 $ ,&-&88.%"%&8 $ 8&#5".8 $ %/8$
Z/;&,8$&;$:/6";<.G5&=$-/,8.%&(",%/$G5&$/8$Z/;&,8$9+;$;"./(&8$,&-&88.%"%&8$8&#5".8$G5&$"8$
;5*Z&(&8=$9&;$8.%/$58"%/$'"("$k589.U.-"($"$'(_9.-"$%&$'/*.R";."1$C8-(&)&;$&89&8$"59/(&8=$&,9(&$/8$
rZ/;&,8$&$"8$;5*Z&(&8=$/8$Z/;&,8$'(&-.8";$%&$;".8$;5*Z&(&8$'&*"8$85"8$,&-&88.%"%&8$8&#5".81$
N;$/59(/$%.8-5(8/$F$"G5&*&$G5&$"U.(;"$G5&$/$9("<"*Z/$'(/%59.)/$&$(&'(/%59.)/$G5&$/$Z/;&;$
,&-&88.9"$"8$)&S&8$,7/$F$'/88L)&*$8&($/U&(&-.%/$'/($5;"$O,.-"$;5*Z&(s$`'1$@ta1$n5&($.89/$%.S&($G5&$
/8$%.8-5(8/8$G5&$"'(&8&,9_;/8$",9&(./(;&,9&$8&$&,-".#";$,&89"$-.9"67/$"$9/%/8$/8$,L)&.81$
C;$9&(;/8$-5*95(".8=$"$M/,89.95.67/$%"$D&'O<*.-"$%&$:/6";<.G5&$r&89"<&*&-&$/$'(.,-L'./$
8&R5,%/$/$G5"*$/$C89"%/$'(/;/)&$/$%&8&,)/*).;&,9/$%"$-5*95("$&$'&(8/,"*.%"%&$,"-./,".8$&$
R"(",9&$"$*.)(&$&#'(&887/$%"8$9("%.6T&8$&$)"*/(&8$%"$8/-.&%"%&$;/6";<.-","s pq1$E5$8&k"=$9/%"8$"8$
-/;5,.%"%&8$9+;$"$*.<&(%"%&$%&$&#'(&88"($/$8&5$;/%/$%&$).%"$&$"$85"$.%&,9.%"%&1
H&U.,.,%/$"$r-5*95("$-/;/$5;$-/,k5,9/$-/;'*&#/$%&$;",&.("8$%&$8&(=$&89"(=$-/;'/(9"(X8&$
&$(&*"-./,"(X8&$%&8%&$/$,"8-.;&,9/$"9F$b$;/(9&$'"88",%/$'&*/8$(.95".8$G5&$;"(-";$/8$'(.,-.'".8$
;/;&,9/8$%/$'(/-&88/$%&$.,9&R("67/$8/-."*$&$%&$8/-."*.S"67/sp@=$R/)&(,/$;/6";<.-",/$(&-/,Z&-&$
G5&$"$;&8;"$%&8&;'&,Z"$5;"$U5,67/$.;'/(9",9&$,"$8/-.&%"%&=$)"*/(.S",%/X"$-/;/$5;$"8'&-9/$
%&$-/,8/*.%"67/$%"$5,.%"%&$,"-./,"*=$-/,8.%&(",%/$/8$.,%.)L%5/8$&$/8$R(5'/81$B$'/*L9.-"$-5*95("*$
'(/-5("$5;$%&8&,)/*).;&,9/$%/8$'/)/8$8&;$.,U(.,R.($/8$'(.,-L'./8$*&R".8$%"$-/,89.95.67/$&$%"8$
'/*L9.-"8$).R&,9&8=$'&(;.9.,%/$G5&$8&$(&8'&.9&;$&$8&$)"*/(.S&;$9/%"8$"8$;",.U&89"6T&8$-5*95(".8=$
'(/9&R&,%/$"$.%&,9.%"%&$8/-."*1$4/($&88"$("S7/=$/8$(.95".8=$-(&,6"8=$;&%.-.,"$&$'/%&(&8$9("%.-./,".8$
87/$-/,8.%&("%/8$-/;/$&88&,-.".8$"/$&G5.*L<(./$8/-./-5*95("*=$&$'/($.88/$%&)&;$8&($.,-&,9.)"%/8=$
(&8'&.9"%/8$&$&,-/("k"%/81$C$.89/$8.R,.U.-"$G5&$"8$B59/(.%"%&8$!("%.-./,".8$`B!a$87/$(&-/,Z&-.%"8$
$l/*&9.;$%"$D&'O<*.-"$%&$:/6";<.G5&=$!&(6"$d&.("=$p>$%&$P5*Z/$%&$p33A=$J"$I&(.&=$K($2q1
pq
$l/*&9.;$%"$D&'O<*.-"=$p33A=$'1$21
p@
N;
&$)"*/(.S"%"8=$R"(",9.,%/X8&$/$8&5$&,)/*).;&,9/$&;$"-9.).%"%&8$(&*"-./,"%"8$-/;$"$'(/9&-67/=$
.,9&R("67/$&$;",59&,67/$-5*95("* p?1$
K&89&$8&,9.%/=$"$U";L*."$F$-/,8.%&("%"$,7/$8/;&,9&$-/;/$5;$&*&;&,9/$.;'/(9",9&$'"("$"$
U/(;"67/ $ & $ &%5-"67/ $ %/8 $ .,%.)L%5/8 $ ;"8 $ 9";<F; $ -/;/ $ 5;" $ '&6" $ U5,%";&,9"* $ '"(" $ /$
U5,-./,";&,9/$%/$8.89&;"$8/-./-5*95("*=$'/(9",9/=$5;$&*&;&,9/$%&$;"./($.;'/(9o,-."$,/$-"8/$%/$
(.95"*$%&$'5(.U.-"67/$%&$).O)"81$
VP+C+I4-%#$%0*"+%+4+L%-4#U4+%A+X"U4A6)G3%
B$(&U&(+,-."$"/8$(.95".8$%&$'5(.U.-"67/$%&$).O)"8$(&;&9&X,/8$"59/;"9.-";&,9&$'"("$"$,/67/$%&$
U";L*."=$"*"(R"%"$/5$,7/=$&$%&$-/;5,.%"%&1$4"("$/$-/,9&#9/$9("%.-./,"*$;/6";<.-",/=$"$U";L*."$F$
G5"8&$8&;'(& $"*"(R"%" $&$"88&,9&$,"$*.,Z"R&;=$9",9/$%&$<"8&$'"9&(,"$-/;/$;"9&(,"$Ì")&$9Z&$
-Z.*%(&,$v$dBE=$2>>3a1$
M/;/$<&;$8&$8"<&$/$'"(&,9&8-/$F$5;"$%"8$U/(;"8 $%&$/(R",.S"67/$8/-."*1$4/($,/(;"=$&;$
:/6";<.G5&$/8$-"8".8$8&R5&;$/8$'(.,-L'./8$&89"<&*&-.%/8$'&*"$*.,Z"R&;$8",R5L,&"=$;"9(.*.,&"($
/5$ '"9(.*.,&"(= $ %&U&,%&,%/$ "8 $ *&.8 $ -/,85&95%.,_(."8 $ G5& $ /8 $ <&,8 $ %&)&; $ '&(;",&-&( $ %&,9(/ $ %"$
U";L*."$`MZ"*.;<"$v$4.,%&(=$2>>2w$!",R/$J,9&(,"9./,"*$J,-1=$2>>@w$I")&$9Z&$-Z.*%(&,$v$dBE=$
2>>3a1 $ K/(;"*;&,9&= $ & $ ,/ $ -/,9&#9/ $ &; $ ",_*.8&= $ " $ /(R",.S"67/ $ 8/-."* $ (&R&X8& $ 8/<(&95%/ $ '&*"$
"U.,.%"%&=$G5&=$,/(;"*;&,9&=$9("%5S$"$(&*"67/$G5&$&#.89&$&,9(&$%/.8$R(5'/8$-/;$-"9&R/(."8$8/-.".8$
%.U&(&,9&8 $ 8&,%/ $ &89" $ (&*"67/ $ &89"<&*&-.%" $ "9(")F8 $ %& $ 5; $ -"8";&,9/1 $ n5&( $ .88/ $ %.S&( $ G5& $ /$
-"8";&,9/$,7/$&89"<&*&-&$8/;&,9&$"$5,.7/$&,9(&$%5"8$'&88/"8$;"8$"$5,.7/$%&$5;$.,%.)L%5/$"/$
-/,k5,9/ $ %& $ '&88/"8 $ G5& $ 8& $ &,-/,9("; $ %&,9(/ $ %&88" $ -"9&R/(."1 $ E $ '"(&,9&8-/ $ F= $ ,&89& $ -"8/= $ /$
(&85*9"%/$%"$5,.7/$%&$"U.,.%"%&$&$U.*."67/$`l"9"*Z"=$p33?a1$C89"$-/,-&'67/$k589.U.-"=$%&$U"-9/=$/$
&89"%/$%&$.;'5(&S"$%"$).O)"$,/8$(.9/8$%&$'5(.U.-"67/$"88/-."%/$9";<F;$b$.;'5(&S"$U";.*."(1$B8$
*&.8 $%&$85-&887/$&$Z&(",6"$,/$8&./$%"$U";L*."$;/6";<.-","$%&)&; $(&8'&.9"($&89&8 $&*&;&,9/81$
M/,95%/=$&#.89&$5;"$%.U&(&,6"$&,9(&$"$*&.$-/,85&95%.,_(."$&$"$*&.$%&$85-&887/$%/$-c%.R/$-.).*$`p33u$
8&-67/ $ 2pqqa= $ 8&,%/ $ G5& $ " $ 8&R5,%" $ &89"<&*&-& $ " $ .R5"*%"%& $ %& $ %.(&.9/8 $ &,9(&$ /8 $ Z/;&,8 $ & $ "8$
;5*Z&(&81 $ K" $ )&(%"%&= $ "'&8"( $ %&89" $ .R5"*%"%& $ %& $ %.(&.9/8 $ %" $ *&.$ -.).*= $ &; $ "*R5,8 $ "8'&-9/8 $ "8$
,/(;"8$-/,85&95%.,_(."8$%&$Z&(",6"$(&)&*";$;"./($)5*,&("<.*.%"%&$%"8$;5*Z&(&8$&;$(&*"67/$"/8$
Z/;&,8pu$Ì")&$9Z&$-Z.*%(&,$v$dBE=$2>>3a1$
$l/*&9.;$%"$D&'O<*.-"=$p33A=$'1$?1
p?
$C#-&'9/$,/8$8.89&;"8$;"9(.*.,&"(&8$&;$G5&$8&$)&(.U.-"$/$/'/89/1
pu
GM
C895%/8$(&"*.S"%/8$'&*"$I")&$9Z&$-Z.*%(&,$v$dBE$`2>>3a$;/89(";$G5&$"8$).O)"8=$"'&8"($%"8$
%&8)",9"R&,8=$9+;$"-&88/$b$'(/'(.&%"%&$;"8$&88&$"-&88/$F$-/,%.-./,"%/$'&*"$U";L*."$%/$U"*&-.%/$
;"(.%/1$K/(;"*;&,9&=$"$U";L*."$9.,Z"$/<(.R"67/$%&$;",9&($"8$).O)"8$&;$.%"%&$%&$'(/-(."(&;$
%&,9(/$%/$8&5$-/,)L)./$'"("$G5&$'5%&88&;$8&($rZ&(%"%"8s$'/($"*R5;$U";.*."(=$(&"*.S",%/$5;"$
&8'F-.& $ %& $ -"8";&,9/ $ -/; $ 5; $ U";.*."( $ %/ $ U"*&-.%/ $ ;"(.%/1 $ 4/( $ &89" $ ("S7/= $ "*R5,8 $ "59/(&8$
"(R5;&,9";$G5&$'"("$/$-"8/$%"$rZ&(",6"$%&$).O)"8s$,/$-/,9&#9/$%"8$*&.8$-/,85&95%.,_(."8$%/8$
"U(.-",/8$F$,&-&88_(./$85<*.,Z"($G5&$"8$).O)"8$9+;$"-&88/$"/$585U(59/$%"$'(/'(.&%"%&$&$,7/$b$85"$
'/88&$`Q/(%/,=$2>>?a1$
!";<F;$"8$,/(;"8$%&$Z&(",6"$%"$8/-.&%"%&$;/6";<.-","=$9/(,"$"8$).O)"8$ %&'&,%&,9&8$%"$
U";L*."$%/$U"*&-.%/$;"(.%/=$/$G5&$U"S$-/;$G5&$;5.9"8$8&$85<;&9";$&$8.R";$9/%"8$"8$&#.R+,-."8$
U/(;".8$&$,7/$U/(;".8$.;'/89"8$'&*"$U";L*."1
`P+;+I-.$)*4+'"+-)$347+'%+I3-)/)*4UQ"+'%+K)&K40+%A+X"U4A6)G3%+_!"#$%&'($)%&'#*+",-$a+.!'&/b
C;$:/6";<.G5&$"8$,/(;"8$&,)/*).%"8$,/8$(.95".8$%&$'5(.U.-"67/$%&$).O)"8$8&R5&;$"8$%&$
/59(/8$'"L8&8$"U(.-",/81$B,9&8$%&$"8$(&U&(.(;/8$-/,)F;$U"S&($5;"$<(&)&$"</(%"R&;$"/$8.R,.U.-"%/$
%"$*.;'&S"$(.95"*=$9"*$-/;/$F$9("9"%/$'/($Q(",k/$`2>>Aa$,/$8&5$9("<"*Z/$8/<(&$X*%(&a)$O*5')1$& $
O&*45&Q.)I;"$(f#FQ'&..)$&%$,"I)%=*8'&V
I&R5,%/ $ &89& $ "59/(= $ /8 $ (.9/8 $ %& $ *.;'&S"= $ ,/ $ '(&8&,9& $ -/;/ $ ,/ $ '"88"%/= $ ;/89(";X,/8=$
'"(9.-5*"(;&,9&$,/$85*$%&$:/6";<.G5&=$G5&$&#.89&$5;"$(&*"67/$-/;$"8$G5&89T&8$%&$r8"O%&=$%&$
'&(.R/$&$%&$.,U/(9O,./s$`'1$p2?a1$4/(9",9/=$/$U"-9/$%&$"$-/;5,.%"%&$85<;&9&($"8$).O)"8$"/8$(.95".8$
%&$*.;'&S"e'5(.U.-"67/$&#'(&88"$"$'(&/-5'"67/$G5&$&#.89&$8/<(&$"$8"O%&$%"$-/;5,.%"%&1$I&R5,%/$
&89&$"59/(=$"8$,/(;"8$8/-.".8$G5&$&89"<&*&-&;$/8$'(.,-L'./8$&$/8$'"%(T&8$%/8$(.9/8$%&$'5(.U.-"67/$
&897/$(&*"-./,"%"8$-/;$"$.%&."$%&$G5&$"$r8"O%&$&$"8$(&*"6T&8$8/-.".8=$).)/8$&$&8'L(.9/8$%/8$;/(9/8$
,7/ $ U5,-./,"; $ %& $ U/(;" $ .,%&'&,%&,9&= $ 8&,%/ $ ",9&8 $ '"(9& $ %& $ 5; $ ;&8;/ $ '(/-&88/ $ R*/<"*$
.,9&R("%/s$`'1$p2Aa1$M/;$.88/=$"$.%&."$%&$'5(.U.-"67/e*.;'&S"$%&,9(/$%/$-/,9&#9/$8/-./-5*95("*$F$
5;"$&8'F-.&$%&$-/,9.,5.%"%&$%"$).%"$%"$-/;5,.%"%&=$"-&.9"67/$%&$G5&$U"-9/8$,"95(".8$-/;/$"$
;/(9&$U"S&;$'"(9&$%/$;5,%/$%/8$).)/8=$%"L$"$-(&,6"$%"$.,U*5+,-."$%/$&8'L(.9/$%/8$",9&'"88"%/8$,"$
).%"$%/8$).)/81
E$(.95"*$%&$'5(.U.-"67/$%"$).O)"= $(*5)$@'A) $`%&,/;.,"67/$%"$(&R.7/$-&,9(/a=$F=$,&89&$-"8/=$
8589&,9"%/$,"$-(&,6"$%&$G5&$"$;/(9&$'(/)/-"$5;"$8.95"67/$%&$.;'5(&S"=$G5&$"U&-9"$"$U";L*."$&$"$
-/;5,.%"%&$&=$&;$'"(9.-5*"(=$"$).O)"$G5&$U.-"$,5;$&89"%/$r,&R(/s$'&*"$'&(%"$%&$8&5$-Å,k5R&=$
G@
-/;/$k_$(&U&(.;/8$",9&(./(;&,9&1$K7/$&#.89&$5;$'"%(7/$G5&$%.9"$"8$,/(;"8$%&$'5(.U.-"67/$%"$
).O)"=$8&,%/$/$(.95"*$;"(-"%/$'&*"$(&"*.S"67/$%&$(&*"6T&8$8&#5".8$&,9(&$"$).O)"$&$5;$U";.*."($%/ $
U"*&-.%/$;"(.%/=$/5$/59(/$Z/;&;$%&8%&$G5&$&8-/*Z.%/$'"("$9"*$&U&.9/1$B$-&(.;c,."$%&$'5(.U.-"67/$
8&#5"*$"'$@'5D2*4Q)$`%&,/;.,"67/$%"$(&R.7/$85*a$F$%&-.%.%"$"'c8$"$;/(9&$%&$5;$Z/;&;$-"8"%/$&$
,/(;"*;&,9&$&;$(&5,.7/$U";.*."($-/;$"$'(&8&,6"$%&$'&88/"8$.%/8"8$%"$U";L*."1$H&$5;$;/%/$
R&("*= $9/%/8$"%&(&; $b$'(_9.-"$'/(G5&$"-(&%.9";$G5&$8&$,7/$"$(&"*.S"(&;$"*R5;"$-/.8"$,&R"9.)"$
'/%&$"-/,9&-&($9",9/$'"("$&*"8=$'"("$"$U";L*."$&$'"("$"$-/;5,.%"%&$`Y\IB=$p33@$'1$?2a1
B'c8 $ &89" $ -&(.;c,." $ " $ ).O)"= $ " $ U";L*." $ & $ " $ -/;5,.%"%& $ k_ $ 8& $ &,-/,9("; $ ,5; $ &89"%/ $ %&$
Z"(;/,."$-/;$/8$;/(9/8=$/$G5&$8.R,.U.-"$G5&$"$85"$8"O%&=$/$8&5$<&;X&89"($&$&G5.*L<(./$8/-."*$&897/$
&;$'&(U&.9"8$-/,%.6T&8$`\/U/(9&$2>>q$v$H"$Q("6"$2>>2a1
K" $ (&R.7/ $ K/(9& $ %/ $ '"L8 $ &#.89&; $ '(_9.-"8 $ %& $ RF,&(/ $ %&8.R,"%"8 $ '/( $G('@"+$ 9";<F; $ 5;"$
-&(.;c,."$9("%.-./,"*$(&"*.S"%"$G5",%/$5;$%/8$-Å,k5R&8$;/((&1$I&$F$/$;"(.%/=$"$;5*Z&($,7/$'/%&$
)/*9"($"$9&($(&*"6T&8$8&#5".8$8&;$G5&$",9&8$8&$9&,Z"$85<;&9.%/$"$&89&$(.95"*$8&R5,%/$/$G5"*$/$
Z/;&;$9&;$%&$&k"-5*"($,5;"$9/"*Z"$/5$-"'5*","1$`:"9/*"=$2>>ta1
E59(/8$(.9/8$%&$'5(.U.-"67/$87/$/8$B*5)%)6aS)1*$&$B*5)%"'5"+$'(_9.-"8$G5&$&,)/*)&;$(&*"6T&8$
8&#5".8$&,9(&$%5"8$'&88/"8$G5"8&$8&;'(&$%&8-/,Z&-.%"81$I7/$-&(.;c,."8$U&.9"8$,7/$"'&,"8$&;$
-"8/ $ %&$;/(9&=$ -/;/$ /8 $ G5&$ 9&;/8 $ ).,%/$ "$(&U&(.(=$ ;"8 $ 9";<F; $ %&$,"8-.;&,9/=$.,-+,%./ $%&$
Z"<.9"67/$/5$5;"$/59("$-.(-5,89o,-."$%/$G5/9.%.",/=$-/;/$"$"G5.8.67/$%&$5;"$<.-.-*&9"$/5$5;$
/<k&-9/$,/)/$G5&$.,9&(U&(.(_$,"$).%"$%"$U";L*."1$`:"9/*"=$2>>ta1$C89&$;&8;/$"59/($85<*.,Z"$".,%"$
G5&$"8$-&(.;c,."8$%&$'5(.U.-"67/$'/($;/(9&$87/$-*"88.U.-"%"8$&;$%5"8$-"9&R/(."8^$"8$G5&$/-/((&;$
GK
'/($;/(9&$%&$G5"*G5&($;&;<(/$%/$"R(&R"%/$U";.*."($&$"8$G5&$8&$(&"*.S";$G5",%/$;/((&$/$-Z&U&$%&$
5;$"R(&R"%/$G5&$%&.#"$5;"$;5*Z&($8&#5"*;&,9&$"-9.)"1$K/$'(.;&.(/$-"8/=$8&$/$;/(9/$U/($5;"$
-(.",6"=$87/$/8$(&8'&-9.)/8$'".8$G5&$%&)&;$'5(.U.-"($/$(&89/$%"$U";L*."$"9(")F8$%&$(&*"6T&8$8&#5".81$
n5",%/$8&$9("9"$%&$5;$;&;<(/$%&$;"./($.%"%&=$"$'5(.U.-"67/$'/%&$8&($U&.9"$'&*/$'".$/5$'&*/$U.*Z/$
;".8$)&*Z/=$).89/$G5&$";</8$&897/$&;$-/,%.6T&8$%&$(&"*.S"($"$-&(.;c,."1$:"8$8&=$'/($"*R5;"$
("S7/=$/$'".$&89.)&($.;'&%.%/$%&$/$U"S&(=$%&*&R"$"$9"(&U"$"/$U.*Z/$;".8$)&*Z/1$M/,95%/=$)&S&8$Z_$&;$
G5&$8&;$%&*&R"67/=$5;$%/8$U.*Z/8$-"8"%/8$"$).)&($,"$U";L*."$(&"*.S"$/$(.95"*$",9&8$%/$'".1$n5",%/$
9"*$"-/,9&-&=$8&$/$'".$;",9.)&($(&*"6T&8$8&#5".8$"-(&%.9"X8&$G5&$-/,9(".$95<&(-5*/8&1$4"("$&).9"($
G5&$9"*$"-/,9&6"=$"'c8$;",9&($"8$(&*"6T&8$8&#5".8=$/$U.*Z/$%&)&$'"88"($5;"$-/*Z&($%&$'"5$"/$'".$
'&*"$;",Z7=$-/*Z&($G5&$%&)&$8&($9(",8'/(9"%"$&8-/,%.%"$,"8$;7/8$"9(_8$%"8$-/89"8$&$&,9(&R5&$"/$
'".$8&;$/$/*Z"(1$M/;$&89&$8.,"*=$/$'".$"<89F;X8&$%&$;",9&($(&*"6T&8$8&#5".8=$%&.#",%/$/$(&89/$%/ $
(.95"*$"/$8&5$U.*Z/1$K/$8&R5,%/$-"8/=$"8$,/(;"8$&,)/*).%"8$,/$(.95"*$87/$"8$;&8;"8$;&,-./,"%"8$
",9&(./(;&,9&$8/<(&$(*5)$@'A)$`:"9/*"=$2>>ta1$
C895%/8$(&"*.S"%/8$'/($H/;.,R/8$v$l*",-/$`2>>ta$,"$'(/)L,-."$%&$:",.-"$&$Q"S"$;/89(";$
G5&$"$'(_9.-"$%/$(.95"*$%&$(*5)$@'A)$9&;$;5%"%/$%&).%/$b$IJHB=$&89",%/$"$8&($58"%"8$/59("8$U/(;"8$
%&$'5(.U.-"67/$G5&$,7/$&,)/*)";$"8$(&*"6T&8$8&#5".81$M/;/$(&85*9"%/$%&89"$;5%",6"=$&897/$'/($%& $
GN
9(_8 $ " $ B:C!DB:E $ `"88/-."67/ $ %/8 $ ;F%.-/8 $ 9("%.-./,".8 $ &; $ :/6";<.G5&a $ G5& $ 9&;$
%&8&,)/*).%/ $ 5; $ -/,k5,9/ $ %& $ "-6T&8 $ & $ '(/-&%.;&,9/8 $ 9("%.-./,".8 $ &; $ -/,8/,o,-." $ -/; $ /8$
;/%&(,/8$,/$8&,9.%/$%&$&,U(&,9"($"$'(/<*&;_9.-"$%/$VJWXIJHB1$H"L$"$,&-&88.%"%&$%&$.,-*5.($"$
;&%.-.,"$9("%.-./,"*$,"8$'/*L9.-"8$&$&89("9FR."8$%&$-/;<"9&$"/$IJHB1 $B'&8"($%&$&89"$'(_9.-"$8&($
-/,8.%&("%"$-/;/$5;"$U/(;"$'(.).*&R."%"$%&$'(/'"R"67/$%/$VJWXIJHB$&;$:/6";<.G5&=$&*"$,7/$
F$O,.-"^$&#.89&;$)_(."8$/59("8$&$%&*"8$,/8$/-5'"(&;/8$%&$8&R5.%"1
cP+C3$-40+I-.$)*40+400"*)4'40+4+I-"I424UQ"+'"+?9WN89D;+_-)$"0+'%+)#)*)4UQ"a+I"7)24A)4+%+
0%]"+$%-4Id3$)*"bP+
E8 $(.9/8 $ %& $ .,.-."67/ $ U"S&; $'"(9&$ %& $5; $-/,k5,9/ $-/;'*&#/ $ %& $ -&(.;c,."8 $;"(-"%"8 $'/($
,/(;"8=$8L;</*/8=$8.R,.U.-"%/8=$&$/59(/8$&*&;&,9/8$G5&$9+;$"$U5,67/$%&$.,9&R("($"8$'&88/"8$%&,9(/$
%&$5;$%&9&(;.,"%/ $#5)5'#$ 8/-./-5*95("*=$-/,U/(;&$&8-(&)&$Ì5<5Z","$`2>>p$'1$@Aa1$j$"9(")F8$
%&*&8$G5&$/8$("'"S&8$8&$9/(,";$Z/;&,8$&$"8$("'"(.R"8$8&$9/(,";$;5*Z&(&8=$8&,%/$'(&'"("%/8$'"("$
&,U(&,9"( $ /8 $ %&8"U./8 $ %" $ ).%"= $ -5.%"(&; $ %& $ 85"8 $ U";L*."8 $ & $ -/;'/(9"(X8& $ &; $ -/;5,.%"%&1 $B$
U.,"*.%"%&$%&89"8$'(_9.-"8$F=$8/<(&95%/=$"$%&$"%&G5"($/$-/;'/(9";&,9/$&$"9.95%&8$%/8$k/)&,8$&;$
(&*"67/$"/8$;".8$)&*Z/8=$&,8.,"(X*Z&8$"8$9"(&U"8$"$%&8&;'&,Z"($&;$%&9&(;.,"%"8$.%"%&8=$/$(&8'&.9/$
"/8$;"(.%/8$&$/8$-/,Z&-.;&,9/8$,&-&88_(./8$8/<(&$/$-"8";&,9/$&$"$8&#5"*.%"%&1$K/$-"8/$%/8$
("'"S&8= $ " $ .,.-."67/ $ F $ -/,85;"%" $ "9(")F8 $ %" $ -.(-5,-.87/= $ G5& $ -/,89.95. $ " $ '(.;&.(" $ U"8& $ %&89&$
'(/-&88/ $ %/ $ -(&8-.;&,9/ $ & $ %&8&,)/*).;&,9/ $ 8/-./-5*95("*1 $ B $ 8&R5,%" $ U"8& $ -/((&8'/,%& $ "/8$
&,8.,";&,9/8$8/<(&$"8$,/(;"8$-5*95(".8$&$8/<(&$/8$58/8$&$-/895;&8$9("%.-./,".8$%"8$-/;5,.%"%&81$
K/ $ -"8/ $ %"8 $ ;&,.,"8 $ " $ .,.-."67/ $ F $ ;"(-"%" $ '&*/8 $ &,8.,";&,9/8 $ 8/<(& $ "8 $ 9(",8U/(;"6T&8$
<./*cR.-"8$&$8/-.".8^$/$'&(L/%/$",9&8$%"$;&,89(5"67/=$"$;&,89(5"67/=$/$-"8";&,9/$&$/$'"(9/1$4"("$
"*F;$%/8$&,8.,";&,9/8=$(&-&<&;$".,%"$5;"$U/(;"67/$9("%.-./,"*$8/<(&$-/;/$%&8&,)/*)&($/$8&5$
'"'&* $%&$;7&8 $&$&8'/8"8 $,"$U";L*." $&$,"$-/;5,.%"%&1$!/%/8$&89&8$&,8.,";&,9/8 $9+;$"*R5;"$
8589&,9"<.*.%"%&$&;$%&9&(;.,"%/8$;.9/8$&$9"<58$G5&$-/,%.-./,";$"8$85"8$&#'&-9"9.)"8$,"$).%"$
`:"(9.,&S=$p3tAw$l("R"$v$I/.*"=$p333w$B,9c,./$v$E;"(=$2>>Aa1
E8$(.9/8$%&$.,.-."67/=$&$9/%"8$"8$/59("8$U/(;"8$%&$&%5-"67/$8&#5"*=$U"S&;$'"(9&$%&$5;$-/,k5,9/ $
%&$'(/-&88/8$%&$"'(&,%.S"R&,8$8&#5".8=$;"8$9+;$%&$8&($","*.8"%"8$,5;$-/,9&#9/$%&$-(5S";&,9/$
&,9(&$/$;5,%/$9("%.-./,"*$&$/$;5,%/$;/%&(,/ pA=$k_$G5&$"$8/-.&%"%&$;5%"$-/,89",9&;&,9&$&$"*R5,8$
%&*&8$87/$9(",8U&(.%/8$'"("$-/,9&#9/8$%.U&(&,9&81$
@3
6 IBK!EI=$l1=$&$BD!ND=$:1$P1$0"%(".5)%&45"+$!5*5'6&#$&$B.-5*D)#$&45.&$"#$7":&4#$&#D"1).&#V$,)('5"1=$:JIBN1$
p33q1
GG
C#.89&; $ ;5.9/8 $ &895%/8 $ 8/<(& $ -.(-5,-.87/ $ (&*"-./,"%/8 $ -/; $ / $ VJWXIJHB$ %/ $ ,O-*&/ $ %&$
-/;<"9& $ "/ $ VJWXIJHB $ %& $ "*R5;"8 $ '(/)L,-."8 $ Q"S" pt= $ J,Z";<",&p3= $ I/U"*"2>= $ z";<FS."2p=$
K";'5*"22= $ M"</ $ H&*R"%/2q+ & $ K."88"2@1 $ 4/( $ &#&;'*/= $ /8 $ &895%/8 $ &U&-95"%/8 $ ," $ '(/)L,-." $ %&$
J,Z";<",&$;/89(";$G5&$"$-.(-5,-.87/$&89_$*.R"%"$"$-(&,6"8$&$'(_9.-"8$8/<(&$"$;"8-5*.,.%"%&= $
8&,%/$-/,8.%&("%"$5;"$U/(;"$%&$9/(,"($/$Z/;&;$-"'"S$%&$'(/'/(-./,"($;".8$'("S&($b$;5*Z&( 2?1$
E8$G5&$(&8'/,%&(";$b8$'&8G5.8"8$U&.9"8$,&89&$o;<.9/$"U.(;"(";$G5&$"*R5;"8$)&S&8$"8$;5*Z&(&8$
,7/$"-&.9";$'("9.-"($(&*"6T&8$8&#5".8$-/;$Z/;&,8$,7/$-.(-5,-.%"%/82u1$Q("6"$`2>>2a+ &$\/U/(9&$
`2>>qa$85<*.,Z";+G5&+&89"8$'(_9.-"8$-/,9(.<5&;$'"("$"$%.;.,5.67/$%"$.%"%&$%"$'(.;&.("$(&*"67/$
8&#5"*=$9",9/$'"("$("'"S&8$G5",9/$'"("$("'"(.R"8=$8&$<&;$G5&$&#.89";$/59(/8$"59/(&8$G5&$%&U&,%";$
/$-/,9(_(./=$/5$8&k"=$G5&$"8$'(_9.-"8$%&$(.9/8$%&$.,.-."67/$87/$5;$%/8$&*&;&,9/8$%&$'(/;.8-5.%"%&$
8&#5"*=$'/(G5&$&,8.,";$"8$("'"(.R"8$"$'("9.-"($8&#/$&$9(",8;.9&;$-/,Z&-.;&,9/8$8/<(&$/$r8"<&(s$
8"9.8U"S&($5;$Z/;&;$,"$-";"=$U"-9/$G5&$U"S$-/;$G5&$&89"8$G5&.(";$85<;&9&($"$85"$"'(&,%.S"R&;$
&;$'(_9.-"1
B$ .,-*587/ $ %/8 $ (.9/8 $ %& $ .,.-."67/ $ ," $ *.89"R&; $ %/8 $ U"-9/(&8 $ G5& $ U"-.*.9"; $ " $ .,U&-67/ $ '&*/$
WJVeIJHB$%&)&X8&$"/$U"-9/$%&$8&(&;$(&"*.S"%/8$-/;$/$;&8;/$;"9&(."*$-/(9",9&$'"("$9/%/8$/8$
.,.-.",%/8=$8&;$G5".8G5&($(&R("8$%&$&89&(.*.S"67/1
I/<(&$"$'/*.R";."=$:"(9.,&S$`p3Apw$p3t?a$%&U&,%&$G5&$"$85"$&#.89+,-."$8&$%&)&$"$U"-9/(&8$97/$
%.)&(8/8$-/;/$"$'(_9.-"$9("%.-./,"*$%/$1"="1"2A$X$5;"$8.95"67/$&;$G5&$"$;5*Z&($%&)&$-5;'(.($"8$
U5,6T&8 $ (&'(/%59.)"8 $ & $ "8 $ 9"(&U"8 $ %/;F89.-"8= $ -"8/ $ -/,9(_(./ $ / $ ;"(.%/ $ 9&; $ /$ %.(&.9/ $ *&R"* $ %&$
@Z
$3h0XGi$BOi/P30P!X$>G$0i,E!9G$!i$MP/jcP>!$>G$<!k!H$O&1)5f.*"$().)$"$B03c$PP1$]".X]".=$K4MI$%&$
Q"S"==$:"./$%&$2>>@1
@;
$3h0XGi$BOi/P30P!X$>G$0i,E!9G$!i$MP/jcP>!$>G$P3M!,E!3GH$O&1)5f.*"$().)$"$B03c$PP1$J,Z";<",&=$
K4MI$%&$J,Z";<",&=$p3$%&$B<(.*$%&$2>>@1
KM
$3h0XGi$BOi/P30P!X$>G$0i,E!9G$!i$MP/jcP>!$>G$ciR!X!H$O&1)5f.*"$().)$"$B03c$PPV$l&.("=$K4MI$%&$
I/U"*"=$:"./$%&$2>>@1
K@
$ 3h0XGi$BOi/P30P!X$>G$0i,E!9G$!i$MP/jcP>!$>!$k!,ElkP!H$O&1)5f.*"$().)$"$B03c$PP1$ n5&*.;",&=$
K4MI$%"$z";<FS."=$B<(.*$%&$2>>@1
KK
$ 3h0XGi$BOi/P30P!X$>G$0i,E!9G$!i$MP/jcP>!$>G$3!,BmX!H$O&1)5f.*"$().)$"$B03c$PP1$ K";'5*"=$
K4MI$%&$K";'5*"=$B<(.*$%&$2>>@1
KN
$3h0XGi$BOi/P30P!X$>G$0i,E!9G$!i$MP/jcP>!$>G$0!Ei$>GX<!>iH$O&1)5f.*"$().)$"$B03c$PPV$4&;<"1$
K4MI$%&$M"</$H&*R"%/=$p@$%&$B<(.*$%&$2>>@1
KG
$3h0XGi$BOi/P30P!X$>G$0i,E!9G$!i$MP/jcP>!$>G$3P!cc!H$O&1)5f.*"$().)$"$B03c$PP1$\.-Z.,R"=$K4MI$%&$
K."88"=$p?$%&$B<(.*$%&$2>>@1
KV
$3h0XGi$BOi/P30P!X$>G$0i,E!9G$!i$MP/jcP>!$>G$P3M!,E!3GH$O&1)5f.*"$().)$"$B03c$PP1$J,Z";<",&=$
K4MI$%&$J,Z";<",&=$p3$%&$B<(.*$%&$2>>@1
K(
$P6&%'
2A
$4(_9.-"$9("%.-./,"*$G5&$-/,8.89&$&;$'"R"($5;$%/9&$b$U";L*."$%"$;5*Z&($'"("$'/%&($-"8"(1$D&"*.S"X8&$&;$:/6";<.G5& $
'(.,-.'"*;&,9&$,"$(&R.7/$85*$%/$4".81$K&,Z5;"$;5*Z&($%&)&$8&($-"8"%"$8&;$",9&8$'"88"($'&*/ $ 1"="1"$ &$,&,Z5;$
Z/;&;$%&)&$-"8"($8&;$",9&8$1"="1).1$I&$"-/,9&-&$/$-/,9(_(./=$/$Z/;&;$F$85k&.9/$"$'"R"($;5*9"8$'/($,7/$9&($-5;'(.%/$
"$9("%.67/1
GV
1"="1).$5;"$/59("$;5*Z&($'"("$'/%&($-/;'&,8"($/8$'(&k5LS/8$G5&$"$85"$*&RL9.;"$&8'/8"$*Z&$-"58"$
m$&$"$"*&R"67/$%&$G5&$/8$Z/;&,8$9+;$;"./(&8$,&-&88.%"%&8$8&#5".8$G5&$"8$;5*Z&(&8$&=$'/($.88/$
%&)&; $ 9&( $ )_(."81 $!/%")."= $ 8"<&;/8 $ 9";<F; $ G5& $ " $ '/*.R";." $ '/%& $ .R5"*;&,9& $ %&;/,89("( $ "$
R(",%&S"$%/8$-Z&U&8$%"8$"*%&."8=$/5$8&k"=$G5",9/$;"./($U/($/$,5;&(/$%&$;5*Z&(&8=$;"./($F$/$8&5 $
'(&89.R./$& $#5)5'#$ 8/-."*$%&,9(/$%"$-/;5,.%"%&1$C;$/59(/8$-"8/8=$"$'/*.R";."$F$.R5"*;&,9&$9.%"$
-/;/ $ .,89(5;&,9/ $ %& $ %&U&8" $ '/(G5& $ -/,9(.<5. $ '"(" $ "5;&,9"( $ " $ '/'5*"67/= $ -/,8&G5&,9&;&,9&$
'(/).%&,-.",%/$U595(/8$%&U&,8/(&81$
d.,"*;&,9&$/$8&#/$9&("'+59.-/^$5;"$'(_9.-"$-5*95("*$G5&$8&$"'/."$,"$.%&."$%&$G5&$8&$5;$
Z/;&;$9&;$5;"$%/&,6"$G5&$'/%&$8&($9(",8;.9.%"$8&#5"*;&,9&=$8&$;",9.)&($(&*"6T&8$8&#5".8$-/;$
5;" $ ("'"(.R" $ /5 $ 5;" $ -(.",6" $ '/%& $ *.<&(9"(X8& $ %" $ %/&,6"= $ 8&().,%/ $ &89" $ (&*"67/ $ 8&#5"* $ -/;/$
'5(.U.-"67/=$%&8%&$G5&$,7/$58&$'(&8&()"9.)/1$K/(;"*;&,9&=$&89&$"-9/$(&"*.S"X8&$"$-/,8&*Z/$%&$5;$
;F%.-/$9("%.-./,"*$-/;/$'"(9&$%/$'(/-&88/$%&$9("9";&,9/$`:5*",%"Z=$2>>ta1$H"%/8$(&-/*Z.%/8$,"$
'(/)L,-."$%&$z";<FS."$;/89(";$G5&$&89"$'(_9.-"=$-/,Z&-.%"$9";<F;$'&*/$,/;&$%&$"@)@)2t=+&89_$
;5.9/$R&,&("*.S"%"1$`4CK$2>>@a231
4/($'"(9&$%"8$"59/(.%"%&8=$&$%&$5;"$U/(;"$R&("*=$9/%/8$&89&8$-/;'/(9";&,9/8$&$"9.95%&8=$
G5& $ 87/ $ %& $ L,%/*& $ -5*95("*= $ 87/ $ -/,8.%&("%"8 $ ,&R"9.)"8 $ '"(" $ " $ 8"O%& $ 'O<*.-"= $ &#'/,%/ $ "8$
'/'5*"6T&8$"/$(.8-/$%&$%/&,6"8$'/($)."$8&#5"*$.,-*5.,%/$"$IJHB1
KZ
6 3h0XGi$BOi/P30P!X$>G$0i,E!9G$!i$MP/jcP>!$>!$k!,ElkP!H$O&1)5f.*"$().)$"$B03c$PPV$ n5&*.;",&=$
K4MI$%"$z";<FS."=$B<(.*$%&$2>>@1
23
$4*",/$C89("9FR."$K"-./,"*$%&$M/;<"9&$"/$VJWeIJHB1
G(
!;M95@:C+9?
13#'4A%#$"0+A%$"'"7H2)*"0+'4+I%0G3)04+-%47)S4'4+%+4#.7)0%+'%+'4'"0
B,9&8$%&$")",6"(;/8$'"("$"$",_*.8&$%/$9("<"*Z/$%&$-";'/$.;'/(9"$"'(&8&,9"($/$;F9/%/$%&$
'&8G5.8"$59.*.S"%/ $<&; $-/;/$/8 $'(/-&%.;&,9/8 $8&R5.%/81$B</(%"(&;/8 $".,%" $"*R5,8 $"8'&-9/8$
(&U&(&,9&8 $b$-"("-9&(.S"67/$%/$-";'/$%&$&895%/$m$/$%.89(.9/$%&$:/((5;<"*"$X$%",%/$+,U"8&$b$
(&%5S.%" $ 9"#" $ %& $ "*U"<&9.S"67/ $ & $ "/ $ G5"%(/ $ &'.%F;.-/ $ %" $ (&R.7/1 $ d"(&;/8 $ .R5"*;&,9& $ 5;"$
%&8-(.67/$%/8$"-9/(&8$&,)/*).%/8$,/$(.95"*$%&$(*5)$@'A)$G5&$&,9(&).89_;/81
OP+C+Ae$"'"+'%+I%0G3)04
M/;/ $ <&; $ 8& $ 8"<&= $ " $ &8-/*Z" $ %& $ 5; $ ;F9/%/ $ %& $ '&8G5.8" $ %&'&,%& $ %"8 $ -.(-5,89o,-."8$
&8'&-LU.-"8 $%"$;&8;"$&$%/8$/<k&-9.)/8 $&89"<&*&-.%/81 $4"("$&89& $9("<"*Z/$58_;/8 $/$;F9/%/$%&$
'&8G5.8"$G5"*.9"9.)"$&=$-/;/$U&((";&,9"8=$/$.,G5F(.9/$'/($&,9(&).89"8$.,%.).%5".8$&$"$",_*.8&$%&$
-/,9&O%/$`","*.8&$%&$-/,9&O%/$9&;_9.-/a$'"("$"'(&8&,9"67/$&$",_*.8&$%&$(&85*9"%/81$B$&8-/*Z"$%/$
&8'"6/$%&)&X8&$"/$-/,Z&-.;&,9/$'&88/"*$G5&$9&,Z/$%"$(&R.7/$&$b$&#'&(.+,-."$'(/U.88./,"*$G5&$*_$
%&8&,)/*).1$
N9.*.S_;/8 $ / $ ;F9/%/ $ G5"*.9"9.)/ $ '/(G5& $ '(&9&,%&;/8 $/<9&( $ / $ ;_#.;/ $ %& $ .,U/(;"67/$
'/88L)&* $ & $ &#'*/("( $ "8 $ /'.,.T&8 $ %"8 $ '&88/"8 $ G5& $ '"(9.-.'"("; $ ,/ $ ,/88/ $ 9("<"*Z/ $ %& $ -";'/1$
N9.*.S_;/8$5;$(/9&.(/$%&$&,9(&).89"8$8&;.X&89(595("%"8=$,&-&88"(.";&,9&$U*&#L)&*=$5;"$)&S$G5&$/$
/<k&-9.)/$U/.$/$%&$-(."($-/,)&(8"8$G5&$8&$&,G5"%("88&;$,"$(&"*.%"%&$G5/9.%.","$%/8$&,9(&).89"%/8$
9&,%/$&;$-/,8.%&("67/$"$9&;_9.-"$%/$,/88/$&895%/1$V_(./8$9("<"*Z/8$(&88"*9"(";$"8$).-.88.95%&8$&$
-5.%"%/8$,&-&88_(./8$"/$59.*.S"($"$&,9(&).89"$-/;/$'(/-&%.;&,9/$'"("$-/*&-9"$%&$%"%/8$`l*&R&(=$
p3t>w$!(.).Ç/8=$p3tA=$:",S.,.=$p33>ep33pw$H."8$v$E;/9&=$p33?a=$'/(F;=$9&,9_;/8$(&8'&.9"($"8$
85"8$'"(9.-5*"(.%"%&81
B8$&,9(&).89"8$U/(";$(&"*.S"%"8$'/($;.;$&$'/($%/.8$"88.89&,9&8$%&$-";'/$&; $*/-".8 $&$
Z/(_(./8$'(&).";&,9&$-/;<.,"%/8$&,9(&$/8$'"(9.-.'",9&81$C,9(&).89_;/8$)_(./8$.,9&()&,.&,9&8$,"$
'(_9.-" $ %/ $ (.95"* $ %& $ '5(.U.-"67/ $ %"8 $ ).O)"8 $ `(*5) $ @'A)a $ & $ "'&8"( $ %& $ 8& $ 9("9"( $ %& $ 5;" $ ";/89("$
'&G5&,"=$&*"$U/.$8&*&--./,"%"$%&$5;"$U/(;"$8.89&;_9.-"$8&,%/=$'/($.88/=$;".8$8.R,.U.-"9.)"$'"("$
5;"$",_*.8&$%&$-/,9&O%/$`l"5&($v$Q"8h&**=$2>>2a1$M/,-(&9";&,9&=$(&"*.S_;/8$pA$&,9(&).89"8=$
G3
%.89(.<5L%"8$%"$8&R5.,9&$U/(;"^$%/.8$*L%&(&8$-/;5,.9_(./8=$%/.8$-5(",%&.(/8=$%/.8$8&-(&9_(./8$%&$
<".((/=$%/.8$.%/8/8=$/.9/$;&;<(/8$%"$-/;5,.%"%&$m$G5"9(/$Z/;&,8$&$G5"9(/$;5*Z&(&8=$,&,Z5;$
%&*&8$-/;$(&8'/,8"<.*.%"%&8$&8'&-LU.-"8$X$&$5;$-//(%&,"%/($%.89(.9"*$%/$KO-*&/$%&$M/;<"9&$"/$
VJWXIJHB1
K"$&8-/*Z"$%&89&$5,.)&(8/$'"(9.;/8$%/$'(.,-L'./$G5&$,5;"$;&9/%/*/R."$%&$<"8&$G5"*.9"9.)"$
/$,O;&(/$%&$85k&.9/8$G5&$-/,89.95.(_$/$G5"%(/$%"8$&,9(&).89"8$%.U.-.*;&,9&$'/%&$8&($%&9&(;.,"%/$) $
(.*".*$ m $ 95%/ $ %&'&,%& $ %" $ G5"*.%"%& $ %"8 $ .,U/(;"6T&8 $ /<9.%"8 $ &; $ -"%" $ %&'/.;&,9/ $ & $ %"$
'(/U5,%.%"%&$&$R("5$%&$(&-/((+,-."$&$%.)&(R+,-."$%&89"8$.,U/(;"6T&8$`H5"(9&=$2>>2a1$i$;&%.%"$
G5&$8&$/<9+;$"8$(&8'/89"8=$)7/$8&,%/$*&)",9"%"8$&$/(R",.S"%"8$"8$.,U/(;"6T&8$(&*"9.)"8$"/$/<k&-9/$
%"$.,)&89.R"67/$&=$%&'&,%&,%/$%/$8&5$)/*5;&$&$G5"*.%"%&=$/$;"9&(."*$%&$",_*.8&$9/(,"X8&$-"%"$)&S$
;".8$-/,8.89&,9&$&$%&,8/1
B $ 8&*&-67/ $ %/8 $ &,9(&).89"%/8$ U/. $ (&"*.S"%" $ 8/< $ .,%.-"67/ $ %& $ "*R5,8 $ ;&;<(/8 $ %"$
-/;5,.%"%&$&;$&895%/1$E8$*L%&(&8$-/;5,.9_(./8$U/(";$.%&,9.U.-"%/8$'&*/8$8&-(&9_(./8$%&$<".((/=$
G5&$/8$-/,Z&-.";w$/8$-5(",%&.(/8$U/(";X,/8$85R&(.%/8$'&*/8$*L%&(&8$-/;5,.9_(./8$&,9(&).89"%/8=$
G5&$'/($85"$)&S$<"8&"(";$"$85"$&8-/*Z"$,"$-/,U.",6"$&$&#'&(.+,-."$%/8$-5(",%&.(/81$4/($85"$)&S=$
/8$8&-(&9_(./8$%&$<".((/$U/(";$.,%.-"%/8$'&*/8$R5."8$G5&$,/8$/(.&,9"(";$,/$9("<"*Z/$%&$-";'/=$
9&,%/$&89&8$<"8&"%/$"$85"$&8-/*Z"$,"$.%"%&$&$,"$&#'&(.+,-."$%/8$8&-(&9_(./8w$/8$.%/8/8$U/(";$
%&8.R,"%/8 $ '&*/8 $ 8&-(&9_(./8 $ %& $ <".((/= $ 9&,%/ $ &89" $ &8-/*Z" $ /<&%&-.%/ $ "/ $ ;&8;/ $ -(.9F(./ $ %/8$
8&-(&9_(./81$E8$;&;<(/8$%"$-/;5,.%"%&$U/(";$'/($;.;$&8-/*Z.%/8$%&$U/(;"$"*&"9c(."1$!/%"8$"8$
&,9(&).89"8$U/(";$(&"*.S"%"8$,/$";<.&,9&$,"95("*$%/8$&,9(&).89"%/8=$/5$8&k"=$&;$85"$-"8"$&$,"$
%)D2)%=)$`-";'/$%&$-5*9.)/a1
C89"<&*&-&;/8$/8$'(.;&.(/8$-/,9"-9/8$"9(")F8$%"8$"59/(.%"%&8$R/)&(,";&,9".8$%/$%.89(.9/=$
"$G5&;$.,U/(;_;/8$8/<(&$/$9("<"*Z/$G5&$'(&9&,%L";/8$%&8&,)/*)&($&$"$&8-/*Z"$%/8$R5."8$9&)&$&;$
-/,8.%&("67/ $ " $ 85" $ .,U*5+,-." $ ," $ -/;5,.%"%&1 $ K" $ '(_9.-" $ 9("<"*Z_;/8 $ -/; $ 5; $ 5,.)&(8/ $ %&$
'&88/"8 $ .,U*5&,9&81 $ D&U.("X8& $ G5& $ ,7/ $ 9.)&;/8 $ G5".8G5&( $ %.U.-5*%"%&8 $ &; $ -/,9"-9"( $ /8$
&,9(&).89"%/8=$".,%"$G5&$/$R("5$%&$%.8'/,.<.*.%"%&$'"("$'"(9.-.'"($,&89&$&895%/$9&,Z"$)"(."%/$%&$
"-/(%/ $ -/; $ / $ R(5'/ $ %& $ &,9(&).89"%/8^ $ /8 $ *L%&(&8 $ -/;5,.9_(./8= $ /8 $ 8&-(&9_(./8 $ %& $ <".((/= $ /8$
-5(",%&.(/8 $ & $ / $ -//(%&,"%/( $ %.89(.9"* $ %/ $ ,O-*&/ $ %& $ -/;<"9& $ "/ $VJWXIJHB$ (&8'/,%&("; $ 8&;$
R(",%&8$%.U.-5*%"%&8$&$;&8;/$-/;$"<&(95("$"$9/%"8$"8$'&(R5,9"8=$k_$/8$.%/8/8$9.)&(";$;"./(&8$
(&8.89+,-."8 $&$(&-&./8=$/$G5&$9";<F; $8&$)&(.U.-/5$-/; $/8$(&89",9&8 $;&;<(/8 $%"$-/;5,.%"%&1$
GZ
B*R5,8$&,9(&).89"%/8$,7/$U/(,&-&(&;$/8$8&58$,/;&8$&$/59(/8$'&%.(";$/$",/,.;"9/$'/.8$(&-&")";$
(&'(&8_*."81
K"$"'(&8&,9"67/$%/8$(&85*9"%/8=$/'9_;/8$'&*/$58/$%"$;&9/%/*/R."$%&$",_*.8&$%&$-/,9&O%/$
"9(")F8$%"$U&((";&,9"$%&$",_*.8&$9&;_9.-"$G5&$9&;$&;$-/,9"$"$U(&G5+,-."$%/8$9&;"8$&#9("L%/8$%/8$
%.8-5(8/8=$-/,8.%&("%/8$-/;/$%"%/8$8&R;&,9_)&.8$&$-/;'"(_)&.8$"9(")F8$%"$-"9&R/(.S"67/$%/8$
9&;"8 $ '(&%/;.,",9&8 $ ,"8 $ (&8'/89"8 $ %"8 $ &,9(&).89"8 $ `%/ $ ;".8 $ '(&%/;.,",9& $ "/ $ ;&,/8$
'(&%/;.,",9&a$-/;/$U/(;"$%&$U/(,&-&($5;"$(&'(&8&,9"67/$8.;'*.U.-"%"$%/8$%"%/8$<(59/8$`l"(%.,=$
p3AAa1
RP+=-%K%+*4-4*$%-)S4UQ"+'4+-%2)Q"+%A+%0$3'"\+"+')0$-)$"+'%+X"--3A6474
E$%.89(.9/$%&$:/((5;<"*"$*/-"*.S"X8&$,"$(&R.7/$%/$<".#/$z";<&S&1$E8$8&58$*.;.9&8$87/=$"$
,/(9&=$/$%.89(.9/$%&$:.*",R&=$"$85*=$/$%.89(.9/$%&$:/'&."=$"$&89&=$/8$%.89(.9/8$%&$:/-5<"$&$K.-/"%"*" $
&$"$/&89&$(./$MZ.(&1$M/;$5;"$85'&(UL-.&$%&$p21t2qy;2$&$5;"$'/'5*"67/$(&-&,8&"%"$&;$p33A$%&$
2@q1A?2 $ Z"<.9",9&8 $ &= $ &89.;"%" $ &; $ P",&.(/ $ %& $ 2>>?= $ %& $ q>@1>Aq $ Z"<.9",9&8= $ / $ %.89(.9/ $ %&$
:/((5;<"*"$9&;$5;"$%&,8.%"%&$'/'5*"-./,"*$%&$2q=tey;2$`NKCIME=$2>>2w$4H:=$2>>? q>a1$$
!"<&*"$p^$4/'5*"67/$%/$H.89(.9/$%&$:/((5;<"*"$&$/$4/89/$B%;.,.89("9.)/$%"$\/-"*.%"%&$I&%&=$
J%"%&$&$I&#/=$p1p1$2>>?
QDN4EI$C!BDJEI
!E!B\ >X@ ?Xp@ p?X@@ @?Xu@ u?$&$É
HJI!DJ!E$HC$:EDDN:lB\B q>@1>Aq u@1?pq A?1?2A pq>1p2? 2u1A3q A1pp@
W/;&,8$ p@t1?3q qp1uAA qt13q> ?31?@t pq13?@ @1@tq
:5*Z&(&8 p??1@t> q21tuq qu1?3A A>1?AA p21tq3 21uqp
4EI!E $ BH:JKJI!DB!JVE $ HB$ p221p?? 2A1>2t q>1q>u ?p1?2t p>1qt3 213>@
\EMB\JHBHC$ICHC
W/;&,8 ?31pq3 pq12t@ p?1AAt 2q1pAt ?1pqq p1Au?
:5*Z&(&8 u>1>pu pq1A@q p@1?2t 2t1q?> ?12?u p1pq3
d/,9&^$C89.;"9.)"$%"$:C!JCD=$,"$<"8&$%&$%"%/8$%/$JKC=$%"%/8$%/$MCKIE$%&$p33A
$4&(U.*$%/$H.89(.9/$%&$:/((5;<"*"=$4(/)L,-."$%"$z";<FS."1
q>
G;
M/;/$8&$)&(.U.-"=$"8$;5*Z&(&8$-/,89.95&;$"$;"./(."$%"$'/'5*"67/=$-/;$%&89"G5&$'"("$"$
U".#"$&9_(."$%/8$p?$"/8$@@$",/8$%&$.%"%&=$'/(9",9/$&;$.%"%&$(&'(/%59.)"1$J;'/(9"$%.S&($G5&$"$
*/-"*.%"%&$8&%&$%/$%.89(.9/$%&$:/((5;<"*"$9&;$".,%"$;".8$;5*Z&(&8$&;$.%"%&$%&$'(/-(."(1$
B$ &-/,/;." $ %/ $ %.89(.9/ $ "88&,9" $ ," $ "R(.-5*95(" $ %& $ 85<8.89+,-." $ U";.*."(= $ &8'"6/8 $ (5(".8=$
'/(9",9/= $ `9"#" $ %& $ 5(<",.S"67/ $ @a= $ -/;/ $ %& $ (&89/ $ "-/,9&-& $ -/; $ " $ ;"./(." $ %"8 $ U";L*."8$
;/6";<.-","81$B$(&*"67/$%&$%&'&,%+,-."$&-/,c;.-"$F$%&$"'(/#.;"%";&,9&$p^$p1p=$.89/$F=$'/($
-"%"$p>$-(.",6"8$/5$",-.7&8$&#.89&;$pp$'&88/"8$&;$.%"%&$"-9.)"=$/5$8&k"=$"$'/'5*"67/$F$k/)&;$
`@u$"<".#/$%/8$p?$",/8$%&$.%"%&a=$"*F;$%&$;"./(.9"(.";&,9&$U&;.,.,"$`9"#"$%&$;"8-5*.,.%"%&$%&$
@3a$`4H:=$2>>?w$NKCIME=$2>>2a=$-/;/$(&U&(.%/1$
C;$9&(;/8$8/-.".8=$/$%.89(.9/$%&$:/((5;<"*"$'/885.$9(+8$R(5'/8$F9,.-/8^$/$I&,"=$/$;"./(=$
/8$\/*/$&$\/;g&1$B$*.%&(",6"$9("%.-./,"*$F$-/,89.95L%"$'/($(FR5*/8=$-Z&U&8$%&$<".((/=$-Z&U&8$%&$
'/)/"67/$&$/59(/8$*L%&(&8$.,U*5&,9&8V$C#.89&$%.).87/$%&$9("<"*Z/$&,9(&$&89"8$&89(595("8=$8&,%/$G5&$
/8$8&-(&9_(./8$;/<.*.S";$"$-/;5,.%"%&$'"("$%&9&(;.,"%"8$"-9.).%"%&8$,"$-/;5,.%"%&$&$/8$*L%&(&8$
9("%.-./,".8$-5.%";$%"8$-&(.;c,."8$&$(.9/81$C89"$%.).87/$8/-."*$%&$9"(&U"8$%&;/,89("$G5&$&#.89&;$
</"8$(&*"6T&8$&,9(&$"8$"59/(.%"%&8$R/)&(,";&,9".8$&$"8$9("%.-./,".81$!&;$8.%/$"9(")F8$%/8$*L%&(&8$
-/;5,.9_(./8$&$%/$8&5$'&(;",&,9&$9("<"*Z/$-/;$"$'/'5*"67/$G5&$"$-/;5,.%"%&$9&;$'"(9.-.'"%/$," $
(&8/*567/$%/8$8&58$'(/<*&;"8$`4H:=$2>>?a1$
Q(_U.-/$A^$4/'5*"67/$'/($,L)&*$%&$&,8.,/
d/,9&^$JKC=$MCKIN$p33A
VM
E$R(_U.-/$;/89("$G5&$3?1?$%/$9/9"*$%"$'/'5*"67/$H.89(.9/$%&$:/((5;<"*"$F$","*U"<&9"=$
9&,%/= $ '/.8= $ 5; $ "-&88/ $ *.;.9"%/ $ "/ $ -/,Z&-.;&,9/ $ 9F-,.-/X-.&,9LU.-/1 $ J89/ $ &#'*.-" $ / $ ,L)&* $ %&$
'"(9.-.'"67/ $ &; $ "-9.).%"%&8 $ & $ '(_9.-"8 $ 9("%.-./,".8 $ (&*"-./,"%"8 $ -/; $ " $ G5&897/ $ %& $ 8"O%&=$
,/;&"%";&,9&$(&-/((&,%/$b$U&.9.6"(."=$"-95"*;&,9&$-/,8.%&("%"$5;"$%"8$-"58"8$G5&$%.U.-5*9"$/$
-/;<"9&$b$%.88&;.,"67/$%"$IJHB$&;$[U(.-"=$"9F$'&*/$8&5$(&-5(8/$b8$'(_9.-"8$%&$(*5)$@'A)1
E$G5"%(/$&'.%F;.-/qp$ %/$%.89(.9/$F$%/;.,"%/$'(&%/;.,",9&;&,9&$'&*"$ ;"*_(."=$%."((&."=$
H!I$&$IJHB1$ M/,8.%&(",%/$G5&$"8$%/&,6"8$-/;/$;"*_(."=$H!I$&$IJHB$'/%&;$8&($&).9"%"8=$/$
'&8/$%/$,L)&*$%&$&8-/*"(.S"67/$%"$'/'5*"67/$(&U*&-9&X8&$,&89&8$(&85*9"%/81$
TP+;+)'%#$)/)*4UQ"+'"0+4*$"-%0+%#K"7K)'"0+#"+-)$347+'%+!"#$%&'($
B$*&R.9.;"67/$%"8$B!Ñ8$&;$:/6";<.G5&$F$U&.9"$%&$%5"8$U/(;"8^$"$'(.;&.("$"9(")F8$%/$
(&-/,Z&-.;&,9/$*&R"*$&$U/(;"*$'&*/$R/)&(,/$&e/5$'&*"$-/;5,.%"%&=$"$8&R5,%"=$F$(&"*.S"%"$'&*/8$
*L%&(&8$&$'&*"$-/;5,.%"%&$/5$R(5'/$F9,.-/$`K.*8/,=$p33?a1$
E$*L%&($-/;5,.9_(./$F$5;$.,%.)L%5/=$%/$8&#/$;"8-5*.,/$/5$U&;.,.,/=$G5&$'&(9&,-&$"$5;"$
U";L*."e-/;5,.%"%& $ & $ G5& $ ).)& $ %& $ "-/(%/ $ -/; $ "8 $ ,/(;"8 $ %/ $ R(5'/1 $ K/ $ -"8/ $ %/ $ (.95"* $ %&$
'5(.U.-"67/$%&$).O)"8$/$*L%&($-/;5,.9_(./$F$/$R"(",9&$%"$85"$(&"*.S"67/$%&$"-/(%/$-/;$"8$(&R("8$
&89"<&*&-.%"8 $`:"9/*"=$2>>ta1$ H".$"$.;'/(9o,-."$%/$8&5$&,)/*).;&,9/$,/$-/;<"9&$"/$WJVeIJHB1$
M/;/$"$8&#5"*.%"%&$F$5;$U&,c;&,/$-/;$5;"$U/(9&$-"(R"$8.;<c*.-"=$"$;&,8"R&;$%"$*59"$-/,9("$/$
WJVeIJHB$'/%&$'"88"($;".8$%&'(&88"$G5",%/$&;.9.%"$'/($&89&8$"-9/(&8$`:5,R/.=$2>p>a1
P_$/$-5(",%&.(/$F$"$&,9.%"%&$G5&$*&R.9.;"$"$.;'5(&S"$%"$).O)"1$B'c8$"$-/;5,.-"67/$%"$
;/(9&$%/$Z/;&;$b$-/;5,.%"%&=$/$-5(",%&.(/$F$-Z";"%/$"$9("9"($%"$).O)"=$,7/$'/%&,%/$"$;&8;"$
8&($'5(.U.-"%"$8&;$"$85"$'(&8&,6"$`:"9/*"=$2>>ta1$E$-5(",%&.(/$F=$'/(9",9/=$5;$%/8$&*&;&,9/8X
-Z")&$,/$'(/-&88/$%&$'5(.U.-"67/$'/(G5&$F$&*&$G5&;$&89"<&*&-&$/8$'"(o;&9(/8$"$8&R5.($%&8%&$"$
;/(9&$"9F$b$U"8&$U.,"*$%"$(&"*.S"67/$%/$(.95"*1
E8$8&-(&9_(./8$%&$<".((/$9+;$5;$'"'&*$.;'/(9",9&$-/;/$.,89o,-."8$;&%."%/("8$%&$-/,U*.9/8$
-/,k5R".8$&$8/-.".81$K/(;"*;&,9&$9/;";$-/,Z&-.;&,9/$%/8$'(/<*&;"8$",9&8$%&$/8$;&8;/8$8&(&;$
$4&(U.*$%/$%.89(.9/$%&$:/((5;<"*"$4(/).,-."$%"$z";<&S."=$2>>?1
qp
V@
'5<*.-";&,9&$-/,Z&-.%/8$'(/-5(",%/$"-"<"($-/;$"8$%.8'59"8=$"-/,8&*Z",%/$/$"'"S.R5";&,9/$&$/$
&,9&,%.;&,9/$&,9(&$"8$'"(9&8$&;$-/,U*.9/$Ì",9/8$v$!(.,%"%&=$2>>qa1
M/;/$&;$G5"*G5&($8/-.&%"%&=$/$-Z&U&$%&$U";L*."$F$/$(&8'/,8_)&*$'&*/$"R(&R"%/$U";.*."(=$
G5&($8&$9("9&$%&$5;"$U";L*."$,5-*&"($/5$,7/=$.,9&().,%/$&;$9/%"8$"8$%&-.8T&8$(&*"-./,"%"8$-/;$"$
;&8;"1$H&8&;'&,Z"$5;$'"'&*$.;'/(9",9&$'/(G5&$F$&*&$G5&;$.%&,9.U.-"$/$'5(.U.-"%/($%&,9(/$%/$
"R(&R"%/$U";.*."($&$R"(",9&$G5&$/8$8&58$;&;<(/8$-5;'(&;$(.R/(/8";&,9&$/8$)"*/(&8$-5*95(".8$
&89"<&*&-.%/8$'&*/$R(5'/1$
;8+<B5><?985;8+<+;+8@;+;B^:98<
H& $ "-/(%/ $ -/; $ " $ ;&9/%/*/R." $ (&U&(.%"= $ '(&9&,%&;/8 $ ","*.8"( $ "8 $ &,9(&).89"8 $ (&"*.S"%"8$
"9(")F8$%"$&#'/8.67/$%/8$9&;"8$G5&$U/(";$"</(%"%/8$-/;$;"./($U(&G5+,-."$'&*/8$&,9(&).89"%/8=$
"9&,%&,%/$b$8&G5+,-."$*cR.-"$&$-/&(+,-."$.,9&(,"$%/8$;&8;/81$B8$&,9(&).89"8$U/(";$(&"*.S"%"8=$
(&-/(%";/8=$"/8$-/,8&()"%/(&8=$"$;&;<(/8$%"$-/;5,.%"%&$X$G5&$8&(7/$/8$'(.;&.(/8$G5&$.(&;/8$
"'(&8&,9"($X$&$"/$-//(%&,"%/($%/$,O-*&/$%.89(.9"*$%&$-/;<"9&$"/$VJWXIJHB$&;$:/((5;<"*"1$B$
/(%&;$%&$"'(&8&,9"67/$%/8$9&;"8$8&(_$"$8&R5.,9&^$%/&,6"8$;".8$-/;5,8$&$/8$*/-".8$%&$9("9";&,9/w$
%&8-(.67/ $ %/ $ (.95"* $ %& $(*5) $ @'A)$ ," $ */-"*.%"%& $ %/ $ %.89(.9/ $ %& $ :/((5;<"*"w $ %&'/.;&,9/8 $ %/8$
&,9(&).89"%/8w$58/$%/$'(&8&()"9.)/$,/$(.95"*$%&$'5(.U.-"67/$%"8$).O)"8w$8/*56T&8$'"("$(*5)$@'A)$,/$
-/,9&#9/$%/$VJWXIJHBw$-/,8&G5+,-."8$%"$,7/$(&"*.S"67/$%/$(.95"*1
OP <#$-%K)0$40 + 4"0 + *"#0%-K4'"-%0 + % + 4 + A%A6-"0 + '4 + 7"*47)'4'% + 0%'% + '" + ')0$-)$" + '%+
X"--3A6474
D"%#U40+#4+7"*47)'4'%+0%'%+'%+X"--3A6474+%+7"*4)0+'%+$-4$4A%#$"\+f'"%#U40+'%+01.!/23g
H&$"-/(%/$-/;$/8$-/,8&()"%/(&8$&$;&;<(/8$%"$-/;5,.%"%&$&,9(&).89"%/8=$%&$&,9(&$"8$
%/&,6"8 $ ;".8 $ -/;5,8 $ %&89"-";X8& $ " $ ;"*_(."= $ "8 $ %/&,6"8 $ %& $ 9(",8;.887/ $ 8&#5"* $ `R/,/((&."a=$
%/&,6"8$'(/)&,.&,9&8$%&$%=&("$X$-/;/$F$/$-"8/$%"$9/88&$&$</(<5*Z"8$X$&$IJHB=$8"*.&,9",%/$"*R5,8$
%&*&8$G5&$/8$8.,9/;"8$G5&$"8$'&88/"8$'/(9"%/("8$%/$VJWXIJHB$"'(&8&,9";$87/$/8$;&8;/8$%/8$
NK
6 ,=&("+ $G5& $8.R,.U.-" $r"( $ -/,9";.,"%/s= $ "U&-9" $,&R"9.)";&,9& $ "$ ).%" $%" $).O)"$ <&; $-/;/ $%"8$ '&88/"8 $ G5&$ "$
(/%&.";1$B$'"*")("$%=&("+$,"$zo;<."$58"X8&$-/;/$8.,c,.;/$%"$8L,%(/;&$G5&$8&$"88&;&*Z"$b$;"*_(."$&$*.9&("*;&,9&$
G5&$%.S&($rU(./$/5$"($U(./s1$C89"$-/,/9"67/=$G5&$8&$&,-/,9("$&;$:/6";<.G5&$&$zo;<."=$;/89("$-*"(";&,9&$-/;/$&89&8$
-/,-&.9/8$9+;$5;"$*/,R"$&=$9"*)&S=$Z.89c(."$-/;5;1$
VK
G5& $ 9+;$ %/&,6"8 $ %& $%=&("1$ 4"(" $ &*&8=$ "*R5;"8 $ %&89"8 $ %/&,6"8 $ -/,%5S&; $ "/ $ .8/*";&,9/$ %/8$
).8"%/8$'/.8$87/$&#'*.-"%"8$'&*/$,7/$-5;'(.;&,9/$%"$9("%.67/1
E8 $ .,G5.(.%/8 $ "U.(;"("; $ G5& $ " $ ;"./(." $ %/8 $ %/&,9&8 $ %& $%=&("$ '(&U&(& $ 8&( $ 9("9"%" $ '/($
;F%.-/8 $ 9("%.-./,".8 $ '/(G5& $ /8 $ ;&%.-";&,9/8 $ '(&8-(.9/8 $ ,/8 $ Z/8'.9".8 $ ,7/ $ 9&; $ (&85*9"%/8$
'/8.9.)/81 $ !/%")."= $ "'&8"( $ %" $ '(&U&(+,-." $ '&*/8 $ -5(",%&.(/8= $ /8 $ %"%/8 $ /U.-.".8 $ %"8 $ &,9(&).89"8$
;/89(";$G5&$%/&,6"8$-/;/$"$;"*_(."$'/%&;$8&($9("9"%"8$,/$Z/8'.9"*1$i$'&(R5,9"$rn5&;$F$;".8$
"'(/'(."%/$"$9("9"($"8$%/&,6"8$`&,9(&$"8$5,.%"%&8$8",.9_(."8$&$/8$-5(",%&.(/8a{s$"8$(&8'/89"8$,7/$
)"(."(";$;5.9/^
r,'*5)# $ :&a&# $ 8')46" $ 4f# $ :)%"# $ 1- $ 4"# $ 2"#(*5)*#+ $ "# $ 5_D4*D"# $ 6;" $ D"*#)# $ 8'& $ 4;" $
%&12".)%$D"%$4"##)$#)n6&oe$W/;&;$(&8.%&,9&$,"$-/;5,.%"%&=$*/-"*.%"%&$8&%&$%/$%.89(.9/$%&$
:/((5;<"*"1
r,'*5)#$6"&4I)#$8'&$)#$(&##")#$)()42)%+$"#$2"#(*5)*#$4;"$#)=&%$D'.).$WoUV$!#$6"&4I)# $
6&$%=&("+$#f$4f#$("6&%"#$D'.).$(".8'&$D"42&D&%"#$"$(".8'&$6&$)#$(&##")#$6&$)#$(&##")#$5&.&% $
)8'&1)#$6"&4I)#$&$4"##"#$)45&()##)6"#$4"#$*4A".%)%$#"=.&$5"6)#$&##)#$D"*#)#1s$M5(",%&.(/$,"$
*/-"*.%"%&$8&%&$%/$%.89(.9/$%&$:/((5;<"*"
r!#$6"&4I)#$6&$%=&("$#"$#&$5.)5)%$D"%$(*5)$@'A)$WVVVU$3;"$2-$2"#(*5)1$8'&$D'.)$&#5)# $
6"&4I)#+$(".$*##"+$)..)4d)%"#$D'.)46&*."#$().)$5.)5).$)#$(&##")#$WoU$r$J%/8/$,"$*/-"*.%"%&$8&%&$
%/$%.89(.9/$%&$:/((5;<"*"1
pq')46"$)$(&##")$5&.$%)1-.*)+$("6&$*.$4"$2"#(*5)1$(".8'&$"#$&4A&.%&*."#$6;"$)8'&1)# $
D"*#)# $6&$().)D&5)%"1$&$)$(&##")$("6&$A*D).$=")1s$:5*Z&( $,"$*/-"*.%"%&$8&%&$%/$%.89(.9/$%&$
:/((5;<"*"1
r!$(&##")$8')46"$5&%$%=&("$4;"$("6&$A*D).$(.fJ*%"$6&$"'5.)#$(&##")#+$)5&$%&#%"$6& $
D.*)4I)# $5)%=_% $4;"$("6&$D2&Q).$(&.5"eV$ \L%&($9("%.-./,"*$,"$*/-"*.%"%&$8&%&$%/$%.89(.9/$%&$
:/((5;<"*"1
E5$8&k"=$/8$;F%.-/8$9("%.-./,".8$9(",8;.9&;$;".8$-/,U.",6"$b$'/'5*"67/$'/(G5&$&897/$;".8$
'(c#.;/8 $ & $ -/;'(&&,%&; $ " $ "(G5.9&-95(" $ %/ $ 8.89&;" $ 8/-."*= $ "8 $ -(&,6"8 $ & $ "8 $ 9("%.6T&8 $ %/8$
",9&'"88"%/81$
$4"#$%&'($+#4+:"*47)'4'%+8%'%+'"+D)0$-)$"+'%+X"--3A6474\+f*%-)AH#)4+'%+A"-$%+'%+4723eAgP
VN
\.9&("*;&,9&$"$'"*")("$(*5)$@'A)$8.R,.U.-"$r"U"89"(e;/(9/s$`(*5)$Ö$"U"89"(=$@'A)$Ö$;/(9/a=$/5$
8&k"=$"U"89"($/$;/(9/1$C89&$'(/-&88/$%&$"U"89"($/$;/(9/$F$U&.9/$"9(")F8$%"$'(_9.-"$%&$5;$"-9/$8&#5"*=$
G5&$%&)&$8&($-/,8&,85"*$9&,%/$&;$-/,9"$/$9.'/$%& $(*5)$@'A)$ "$8&($(&"*.S"%/1$V&k";/8$"*R5;"8$
(&8'/89"8$%/8$&,9(&).89"%/8$b8$'&(R5,9"8$rP_$/5).5$U"*"($%&$(*5)$@'A){$E$G5&$F$(*5)$@'A){s
p$(*5)$@'A)$_$'%)$D&.*%f4*)$6&$%".5&$6&$)1Q'_%+$().)$#&$1*:.).$6)$%".5&$6&:&F#&$A)a&. $
(*5)$@'A)V$O&)1*a)F#&$)5.):_#$6)$.&1)I;"$#&J')1$&45.&$6')#$(&##")#+$'%$2"%&%$&$'%)$%'12&.V $
>&:&F#&$A)a&.$)$D&.*%f4*)$6&$.&1)I;"$#&J')1$(".8'&$)#$(&##")#$&%$:*6)$p&4D"45.)%F#&e$&$)(f#$) $
#')$%".5&+ $) $%'12&. $6&:& $p&4D"45.).F#&e $D"% $)1Q'_% $ ().) $('6&. $5&.%*4). $) $%".5&eV $\L%&($
M/;5,.9_(./$,"$\/-"*.%"%&$I&%&$%/$H.89(.9/$%&$:/((5;<"*"1
B*5)$@'A)$_$'%)$D&.*%f4*)$().)$#&$1*:.).$6&$%".5&$6&$'%)$(&##")V$l$'%)$5.)6*I;"$().) $
5&.%*4).$D"%$)$%".5&$&$)$:*6)$5&%$8'&$A)a&.$.&1)I;"$#&J')1$D"%$'%$2"%&%V$W/;&;$,"95("*$&$
(&8.%&,9&$,"$\/-"*.%"%&$I&%&$%/$H.89(.9/$%&$:/((5;<"*"1
B*5)$@'A)$_$'%)$D"*#)$8'&$)#$(&##")#$A)a&%$8'&$%"..&$'%)$(&##")o$!$%'12&.$6"$2"%&% $
8'&$%"..&'$6&:&$6".%*.$D"%$'%$2"%&%V $I&,Z/("$,"95("*$&$(&8.%&,9&$,"$\/-"*.%"%&$I&%&$%/$
H.89(.9/$%&$:/((5;<"*"1
B*5)$@'A)$_$'%)$5.)6*I;"$8'&$#&$A)a$8')46"$%"..&$'%)$(&##")$4)$A)%C1*)$&$A)a$#&$().) $
)A)#5). $ )8'&1) $ %".5& $ ().) $ 1"4Q& $ 6) $ A)%C1*) $ & $ 4;" $ 5.)a&. $ )a).&#V $I&-(&9_(./ $ %/ $ l".((/ $ ,"$
\/-"*.%"%&$I&%&$%/$H.89(.9/$%&$:/((5;<"*"1
C89&8 $ <(&)&8 $ 9&89&;5,Z/8 $ (&)&*"; $ G5& $ &89& $ (.95"* $ %& $ '5(.U.-"67/ $ &,)/*)&,%/ $ (&*"6T&8$
8&#5".8$"88&,9"$,"$-(&,6"$%"$&#.89+,-."$%&$%/.8$;5,%/8$m$5;$%/8$).)/8=$/59(/$%/8$;/(9/8$X$G5&$
%&9&(;.,"$"$&#.89+,-."$%&$5;$(.95"*$%&$'"88"R&;$G5&$;"(-"$"$8&'"("67/$&,9(&$/$).)/$&$;/(9/1$K"$
'(_9.-"=$8&$"8$'&88/"8$).)&;$5;"$).%"$-/;5;$&$"$'"(9.*Z";$,"8$85"8$%.)&(8"8$U/(;"8=$"$8&'"("67/$
'/($;/(9&$-(."$5;$r&89"%/$,&R(/s$&$&89&$&89"%/$%&)&$8&($;",9.%/$U/("$%/$-/,)L)./$%"$U";L*."$
'/(G5&$/$U"*&-.%/$'"(9&$'"("$5;$;5,%/$%.U&(&,9&1$
H&$"-/(%/$-/;$/8$&,9(&).89"%/8=$"-(&%.9"X8&$G5&$"$(&*"67/$8&#5"*$(&'(&8&,9"$"$5,.7/$&,9(&$
%5"8$'&88/"8=$G5",%/$;/((&$"*R5F;$,"$U";L*."=$%&)&$&#.89.($5;"$-&(.;c,."$(.95"*$G5&$(&'(&8&,9&$"$
r%&85,.7/s$-/;$/$U"*&-.%/=$&$&89"$-&(.;c,."$%&)&=$8&R5,%/$&89"$9("%.67/=$8&($'(&U&(&,-."*;&,9&$
(&"*.S"%"$-/;$5;$%/8$;&;<(/8$%"$U";L*."$%/$;/(9/$-/;/$U/(;"$%&$*.<&(9"($"$U";L*."$'"("$5;"$
).%"$,/(;"*1$
VG
n5&($.89/$%.S&($G5&$&#.89&;$)_(./8$9.'/8$%&$(*5)$@'A)$G5&$%&'&,%&;$'(&U&(&,-."*;&,9&$%"$
D)5&Q".*)$%"$'&88/"$;/(9"=$.89/$F=$-"8"%"=$8/*9&.("=$-(.",6"$/5$"%5*9"1$4"("$/$-"8/$%&$5;"$'&88/"$
-"8"%"=$-/,-(&9";&,9&=$'"("$/$-"8/$%"8$).O)"8=$/$,/88/$/<k&-9/$%&$&895%/=$"$8&'"("67/$%/$8&5$
U"*&-.%/$;"(.%/$F$U&.9"=$-/;/$k_$(&U&(.;/8=$"9(")F8$%&$5;$"-9/$8&#5"*$-/;$5;$U";.*."($'(c#.;/$%/$
U"*&-.%/$;"(.%/=$/5=$,"$85"$"58+,-."=$-/;$"*R5F;$G5&$F$r-/;'("%/s$%&,9(/$%"$-/;5,.%"%&$'"("$/$
85<89.95.(1 $ H& $ "-/(%/ $ -/; $ /8 $ -/,8&()"%/(&8 $ &,9(&).89"%/8= $ "'c8 $ / $ &,9&((/ $ %&)& $ U"S&(X8& $ 5;$
r(&-/,Z&-.;&,9/s$%/$'/88L)&*$'5(.U.-"%/($<&;$-/;/$%/$r&89"%/s$%"$).O)"=$&;/-./,"*$&$%&$8"O%&=$
;"(-",%/X8&$&,97/$"$-&(.;/,."$G5&$%&)&$8&($9&($*5R"($,"$-"8"$%/$U"*&-.%/1
K/$-"8/$%&$;/(9&$&;$-"8".8$"'&8"($%&$"$-/;5,.%"%&$"-(&%.9"($G5&$8c$"$).O)"$%&)"$8&($
'5(.U.-"%"=$/8$*L%&(&8$-/;5,.9_(./8$&$/8$.%/8/8$G5&$&,9(&).89_;/8$%&U&,%&(";$G5&$/$(.95"*$%&)&$
.R5"*;&,9&$8&($(&"*.S"%/$G5",%/$;/((&$"$;5*Z&($%/$-"8"*=$8&,%/$G5&$,&88&$-"8/$8&$%&)&$-/;'"("($
5;"$;5*Z&($%&,9(/$%"$-/;5,.%"%&$'"("$"$(&"*.S"67/$%"$(&*"67/$8&#5"*$(.95"*$-/;$/$).O)/1$P_$&;$
-"8/$%/$U"*&-.;&,9/$%&$5;"$-(.",6"$"$-&(.;c,."$%&$(*5)$@'A)$%&)&$8&($(&"*.S"%"$'&*/8$8&58$'".8=$
*/R/$"'c8$/$&,9&((/1$!("9",%/X8&$%"$;/(9&$%&$5;"$'&88/"$.%/8"$/5$8/*9&.("=$"$'5(.U.-"67/$U";.*."($F$
(&"*.S"%"$'&*/$-Z&U&$%/$"R(&R"%/$U";.*."($-/;$"$85"$&8'/8"=$/5$&,97/$'&*/$8&5$U.*Z/$;".8$)&*Z/$
-/;$"$85"$&8'/8"1$C;$9/%/8$&89&8$-"8/8=$"$%&-.87/$F$-/,8&,85"*$"9(")F8$%&$5;"$(&5,.7/$U";.*."(1
C+I-%0%-K4$)K"+%+!"#$%&'($\+f#Q"+0%+'%K%+304-+"+I-%0%-K4$)K"+#"+!"#$%&'($gP
C;$:/6";<.G5&=$-/;/$&;$G5"*G5&($/59(/$'"L8=$87/$)_(./8$/8$;F9/%/8$%&U&,%.%/8$'"("$
'(&)&,67/$%/$VJWXIJHB^$&,9(&$&*&8=$"$"<89.,+,-."$8&#5"*w$9&($5;$O,.-/$'"(-&.(/$8&#5"*w$/$58/$%&$
.,89(5;&,9/8 $ -/(9",9&8 $ &89&(.*.S"%/8 $ & $ / $ 58/ $ %/ $ '(&8&()"9.)/1 $ K/ $ -"8/ $ &; $ ",_*.8&= $ / $ 58/ $ %/$
'(&8&()"9.)/$9&;$8.%/$"$'(.,-.'"*$"'/89"$%/$R/)&(,/$&$%"8$EKQ8=$'/($8&($-/,8.%&("%"$"$;".8$
&U.-"S$&$&#&G5L)&*1
n5",%/ $ '&(R5,9_;/8 $ "/8 $ &,9(&).89"%/8 $ 8& $ 58")"; $ '(&8&()"9.)/ $ ,"8 $ -&(.;c,."8 $ %&$
'5(.U.-"67/ $ '/( $ ;/(9& $ `(*5) $ @'A)a= $ " $ (&8'/89" $ U/. $ 5,o,.;& $ 9",9/ $ %" $ '"(9& $ %/8 $ -/,8&()"%/(&8$
`(&'(&8&,9",9&8$%"$-/;5,.%"%&a$-/;/$%/8$8&58$;&;<(/8^$,7/$8&$%&)&$58"($/$'(&8&()"9.)/$,"8$
-&(.;c,."8$%& $(*5)$@'A)1$H&$8&R5.%"=$G5.8&;/8$8"<&($8&$'"("$/$-"8/$%& $(*5)$@'A)$ %"8$).O)"8$/$
'5(.U.-"%/($'/%&(."$58"($/$'(&8&()"9.)/=$).89/$G5&$&89&$,/(;"*;&,9&$9&;$"$85"$'(c'(."$U";L*."$&e/5$
(&%&8$%&$'"(-&.(/8$8&#5".8$G5&$,7/$.,9&R(";$"$).O)"1$B$(&8'/89"$,7/$%.U&(.5$%/$-"8/$%&$/59(/8$9.'/8$
%&$(*5)$@'A)1$V&k";/8$"*R5,8$%/8$%&'/.;&,9/8^$
VV
I&R5,%/$/$*L%&($-/;5,.9_(./$,"$*/-"*.%"%&$%/$%.89(.9/$%&$:/((5;<"*"=$r4)$D&.*%f4*)$6& $
(*5)$@'A)$4;"$#&$6&:&$'#).$"$(.&#&.:)5*:"$(".8'&$*##"$5'6"$D"*#)$6&$(.&#&.:)5*:"$_$'%)$D"*#) $
.&D&45&$&$&#5)$5.)6*I;"$d-$&J*#5*)$%'*5"$)45&#$6"$(.&#&.:)5*:"$&$)$6"&4I)$6"$/PMFcP>!$)().&D&.V $
G#5)# $ 6"&4I)# $ )D5')*# $ 6&:&%F#&$ ) $ (."=1&%)# $ )D5')*# $ (".8'& $ "# $ %*n6"# $ 6& $ 2"d& $ 4;"$ #&Q'&% $
D"4#&12"#+$(".$*##"$%"..&%$%)*#$D&6"+$(".8'&$4;"$#&Q'&%$"#$&4#*4)%&45"#$6"#$%)*#$:&12"#1s
3'%$#&$'#)$&##)#$D"*#)#$6&$(.&#&.:)5*:"$4"$(*5)$@'A)+$(".8'&$&##)#$D"*#)#$#f$&#5).)Q% $
5'6"o$J%/8/=$,"95("*$&$(&8.%&,9&$,"$*/-"*.%"%&$8&%&$%/$%.89(.9/$%&$:/((5;<"*"
M'%%%o$D"%"$)##*%$(.&#&.:)5*:"VVr$3;"$#&$("6&$'#).$(.&#&.:)5*:"$(".8'&$*##"$_$4;" $
A)a&.$4)6)1$M5(",%&.(/=$(&8.%&,9&$,"$*/-"*.%"%&$8&%&$%/$%.89(.9/$%&$:/((5;"<"1
r3;"$#&$("6&$'#).$"$(.&#&.:)5*:"$4)$(.-5*D)$6"$.*5')1$6&$(*5)$@'A)$(".8'&$_$D"%"$#&$4;" $
5*:&##&$A&*5"$4)6)$(".8'&$4;"$2"':&$)$1*Q)I;"$&45.&$"#$f.Q;"#$#&J')*#$6"$2"%&%$&$6)$%'12&.V $
q'&%$5"%)$=)42"$D"%$'%)$D)()$D2':)$_$(".8'&$4;"$8'&.$A*D).$1*%("+$&45;"+$4;"$("6&%"#$A)a&. $
D"%$(.&#&.:)5*:"$(".8'&$*##"$)*$4;"$_$A)a&.$6&$:&.6)6&Ve$D&8.%&,9&$,"$*/-"*.%"%&$8&%&$%/$%.89(.9/$
%&$:/((5;<"*"
q')46"$)$(&##")$A)a$.&1)I;"$#&J')1$&$8')46"$A)a$(*5)$@'A)+$&##)#$D"*#)#$6&$(.&#&.:)5*:" $
4;"$("6&$&J*#5*.+$(".8'&$*##"$_$D"45.)$)$5.)6*I;"V $M5(",%&.(/$,"$*/-"*.%"%&$8&%&$%/$%.89(.9/$%&$
:/((5;<"*"1
r,)#$5)%=_%$d&*5"$6&1&$D'#5)$6*42&*."+$4f#$:)%"#$D"%(.).$5"6"#$6*)#r$X-$4"$2"#(*5)1 $
%'*5)#$:&a&#$4;"$5&%$4)6)$&$4f#$5&%"#$:&.Q"42)$6&$*.$(&6*.Ve$ :5*Z&($,"$*/-"*.%"%&$8&%&$%/$
%.89(.9/$%&$:/((5;<"*"1
4"("$/8$&,9(&).89"%/8=$/$'(&8&()"9.)/=$5;"$,/).%"%&$'"("$"$'/'5*"67/=$F$-/,8.%&("%/$5;$
&*&;&,9/$&89(",Z/$&$'/($.88/$(&-58"%/=$,7/$8c$&89&$U"-9/$&#'*.-"$"$(&-58"$"/$58/$%/$'(&8&()"9.)/$
-/;/$9";<F;=$"$85"$'(&8&,6"$",5*"$/$(.95"*$%&$'5(.U.-"67/1$K"$)&(%"%&=$/$58/$%/$'(&8&()"9.)/$8c$
U/.$%.)5*R"%/$&;$:/6";<.G5&$,/$-/,9&#9/$%/$"'"(&-.;&,9/$%/$VJWXIJHB=$/$G5&$%&9&(;.,/5$/$
"'"(&-.;&,9/$%&$(&'(&8&,9"6T&8$;5.9/$,&R"9.)"8$8/<(&$/$;&8;/=$"*F;$%&$G5&$"$'/'5*"67/$,7/$
"885;& $ U"-.*;&,9& $ &; $ 'O<*.-/ $ " $ 85" $ "G5.8.67/1 $ 4/(9",9/= $ 9&;/8 $ b $ '"(9.%" $ %/.8 $ '(/<*&;"8$
(&*"-./,"%/8 $-/;$/$'(&8&()"9.)/^$&89_$"88/-."%/$"/$VJWXIJHB$&$,7/$8&$&,G5"%("$,/8$)"*/(&8$
9("%.-./,".8$%/$'/)/$;/6";<.-",/1$
E<).";&,9&$G5&$&89"$8.95"67/$9&;$(&'&(-588T&8$8/-.".8$k_$G5&$,&;$/8$*L%&(&8$9("%.-./,".8=$
/5$/8$*L%&(&8$%&$/'.,.7/$'/($,c8$&,9(&).89"%/8$&897/$%.8'/,L)&.8$'"("$.;'*&;&,9"($,/(;"8$%&$
V(
&%5-"67/$9("%.-./,"*$G5&$'(&)&k";$/$58/$%/$'(&8&()"9.)/$,"8$(&*"6T&8$8&#5".81$B-(&8-&$".,%"$G5&$
8&,%/$/$VJWXIJHB$5;"$%/&,6"$-5k"$&#.89+,-."$U/.$%.)5*R"%"$'&*/$R/)&(,/$;/6";<.-",/=$&;$
'"(-&(."$-/;$"$-/;5,.%"%&$.,9&(,"-./,"*=$&$,7/$5;" $6&#D"=&.5) $%"8$"59/(.%"%&8$-/;5,.9_(."8=$
&89"8$;&8;"8$8&$(&-58&;$"$-//'&("($-/;$"8$"59/(.%"%&8$R/)&(,";&,9".8$,/$G5&$8&$(&U&(&$"/$58/$
%/$'(&8&()"9.)/$,/8$(.95".8$%&$'5(.U.-"67/$%&$).O)"81$
K7/ $ 85('(&&,%& $ "88.; $ -/,89"9"( $ G5& $ '"(" $ /8 $ -/,8&()"%/(&8 $ %/ $ (.95"* $ %& $(*5) $ @'A) $,"$
*/-"*.%"%&$8&%&$%/$%.89(.9/$%&$:/((5;<"*"$/$VJWXIJHB$(&85*9&$%/$,7/$-5;'(.;&,9/$%"$9("%.67/$&$
(&-58" $ %/8 $ &,8.,";&,9/8 $ %/8 $ ;".8 $ )&*Z/8= $ ,7/ $ "-&.9",%/ $ G5"*G5&( $ /59(" $ &#'*.-"67/ $ ;".8$
-.&,9LU.-"1$E8$,/88/8$&,9(&).89"%/8$(&)&*"(";$G5&$"$(&-58"$%/$58/$%/$'(&8&()"9.)/$,7/$8&$(&89(.,R&$
"'&,"8$b$'(_9.-"$%/$(.95"*$%&$(*5)$@'A)$;"8$8&$&89&,%&$"$9/%"8$"8$(&*"6T&8$8&#5".81$
C;$85;"=$&$%&$5;"$U/(;"$R&("*=$9/%/8$&,9(&).89"%/8$"885;.(";$G5&$/$'(&8&()"9.)/$,7/$
%&)&$8&($58"%/$,"8$-&(.;c,."8$%&$(*5)$@'A)$'/($8&($5;"$(&"*.%"%&$&#9&(./($"/8$8&58$'"%(T&8$%&$).%"$
-5*95("*= $ '/( $ &89"( $ (&*"-./,"%/ $ -/; $ / $ 9"<5 $ %" $ 8&#5"*.%"%& $ & $ -/; $ / $VJWXIJHB= $ 5;" $ %/&,6"$
"88/-."%"$b$;_$).%"=$'/(9"%/("$%&$&89.R;"$&$%&8-(.;.,"67/1$J89/=$'"("$"*F;$%&$-/,8.%&("(&;$G5&$/$
'(&8&()"9.)/ $ ,7/ $ '&(;.9& $ " $ 5,.7/ $ &U&-9.)" $ & $ %.(&-9" $ %/8 $ c(R7/8 $ 8&#5".8= $ / $ G5& $ F $ -/,8.%&("%/$
.;'&%.9.)/$%"$-/,85;"67/$&U&-9.)"$%/$"-9/$8&#5"*1$B*R5,8$&,9(&).89"%/8$"*&R"(";$".,%"$"$U"*9"$%&$
%.,Z&.(/$'"("$"G5.8.67/$'(&8&()"9.)/$&$;&8;/$"$85"$,7/$&#.89+,-."$,"8$5,.%"%&8$8",.9_(."81$
4"#$%&'($+%+?9WN89D;\+f!"#$%&'($+e+$-4')UQ"+%+89D;+e+'"%#U4a+#Q"+%])0$%+-%74UQ"g
E $ :.,.89F(./ $ %" $ I"O%& $ ;/6";<.-",/ $ `,O-*&/ $ ,"-./,"* $ %& $ -/;<"9& $ "/ $ VJWXIJHBa$
(&-/,Z&-&$G5&$'(_9.-"8$-/;/$/$(.95"*$%& $(*5)$@'A)$ 87/$5;$'(/<*&;"$'"("$"$8"O%&$'O<*.-"$'/($
-/,89.95.($5;$%/8$U"-9/(&8$G5&$-/,9(.<5.$'"("$"$'(/'"R"67/$%/$)L(58$%/$VJWXIJHB1$M/,8.%&(",%/$
G5&$"8$-/;5,.%"%&8$8&$(&-58";$"$58"($/$'(&8&()"9.)/$%5(",9&$/$(.95"*$%&$(*5)$@'A)=$G5&89./,_;/8$
/8$&,9(&).89"%/8$8/<(&$/$,L)&*$%&$&#'/8.67/$b$%/&,6"1$I&;$85('(&8"=$)&(.U.-_;/8$G5&$(&-/,Z&-&;$
G5&$"$%/&,6"$&#.89&$'/(G5&$/$R/)&(,/$'(/;/)&$-";'",Z"8$%&$8&,8.<.*.S"67/$&$9";<F;$'/(G5&$
-/,Z&-&;$'&88/"8$G5&$;/((&;$,/8$Z/8'.9".8$'/($-"58"$%"$%/&,6"=$"*R5,8$9+;$5;$-/,Z&-.;&,9/$
"'(/U5,%"%/ $ 8/<(& $ " $ IJHB$ Ù/(;"8 $ %& $ 9(",8;.887/ $ & $ '(&)&,67/a $ ;"8 $ (&-58";X8& $ " $ "-&.9"( $ "$
(&8'/,8"<.*.%"%&$%/$(.95"*$,"$85"$%.88&;.,"67/1
p!(&#).$6&$)#$(&##")#$("6&.&%$:*.$)$D"45.)*.$)$6"&4I)$6&$cP>!+$4;"$&J*#5&$.&1)I;"$&45.& $
(*5)$@'A)$&$cP>!$(".8'&$(*5)$@'A)$_$5.)6*I;"$&$cP>!$_$'%)$6"&4I)$4":)$8'&$#'.Q*'$)Q".)V$G $
V3
5.)6*I;"$_$5.)6*I;"+$5&%$)$:&.$D"%$4"##"#$)45&()##)6"#eV$I&-(&9"(./$%&$l".((/$,"$\/-"*.%"%&$%/$
H.89(.9/$%&$:/((5;<"*"1
!$(&##")$("6&$4;"$)()42).$&##)#$D"*#)#$6&$cP>!$(".8'&$&#5)$#&Q'*.$)$5.)6*I;"$&$"$8'& $
4"##"# $ )45&()##)6"# $ 4"# $ &4#*4"'V$ \L%&( $ -/;5,.9_(./ $ ," $ */-"*.%"%& $ 8&%& $ %/ $ %.89(.9/ $ %&$
:/((5;"<"*"1
pG##)# $D"*#)# $6&$cP>!$#'.Q*'$)Q".)+$4f# $d-$A)aC)%"# $(*5) $@'A)$6&#6&$%'*5" $5&%("$& $
4"##"#$)45&()##)6"#$d-$A)a*)%+$(".8'&$)#$(&##")#$4;"$)()42):)%$cP>!$)45&#r$B".8'&$#f$)Q".) $
)#$(&##")#$6*a&%$8'&$(*5)$@'A)$5.-#$cP>!re$J%/8/$,"$*/-"*.%"%&$8&%&$%/$%.89(.9/$%&$:/((5;<"*"1
!/%")."=$9",9/$/8$-/,8&()"%/(&8$%/8$(.95".8$-/;/$/8$;&;<(/8$%"$-/;5,.%"%&$"%;.9.(";$
G5& $ / $ "'"(&-.;&,9/ $ %/ $ VJWXIJHB $ 9.,Z" $ ;/9.)"%/ $ / $ 85(R.;&,9/ $ %& $ 5;" $ /59(" $ U/(;" $ %&$
'5(.U.-"67/$%"8$).O)"8=$&;$'"(9&$(&85*9"%/$%"$'(&887/$&#&(-.%"$'&*"8$&,9.%"%&8$R/)&(,";&,9".8=$&$
.;'*&;&,9"%"$'&*/8$*L%&(&8$-/;5,.9_(./8=$-5(",%&.(/8$&$8&-(&9_(./8$%&$<".((/=$;"8$9";<F;$%&).%/$
"/$8&,9.;&,9/$%&$'/88&$G5&$/8$Z/;&,8$G5&$(&"*.S";$(*5)$@'A)$%&$).O)"8$%&8&,)/*).";$&;$(&*"67/$
"$&89"8$;5*Z&(&8=$G5&$%&8&k")"; $;",9&( $%.8'/,L)&.8 $'"("$8"9.8U"S&( $/8$8&58$%&8&k/8$8&#5".8 $"$
G5"*G5&($;/;&,9/1$N;"$8.95"67/$G5&=$/<).";&,9&=$-(.")"$"*R5,8$-/,U*.9/8$'/(G5&$"8$).O)"8$,7/$
"-&.9")";$&89&8$r-"'(.-Z/8s=$-/,U/(;&$8&$'/%&$-/,89"9"($,/8$8&R5.,9&8$%&'/.;&,9/8^
$r!1Q'%)#$(&##")#$8'&$A)a&%$(*5)$@'A)$D"%$)#$%'12&.&#$Q"#5)%$6&$A*D).$6&:&#$D"%$&1)#$& $
"'5."#$5)%=_%$)46)%$)$(."*=*.$)$%'12&.$6&$D)#).1s$:5*Z&($,"$*/-"*.%"%&$8&%&$%/$%.89(.9/$%&$
:/((5;<"*"1$
p9&%$(&##")#$8'&$A)a&%$(*5)$@'A)$)8'*$&%$,"..'%=)1)+$%)#$)#$:&a&#$&1&#$8')46"$Q"#5)% $
6) $ %'12&. $ Q"#5)% $ 6& $ :"15). $ ().) $ 6".%*. $ D"% $ &1) $ & $ *##" $ )# $ :&a&# $ D.*) $ D"4A'#;"1s $ J%/8/ $ ,"$
*/-"*.%"%&$8&%&$%/$%.89(.9/$%&$:/((5;<"*"1
q')46"$)$%'12&.$8'&$A&a$(*5)$@'A)$)..)4d).$'%$2"%&%+$)#$:&a&#$"$2"%&%$8'&$A&a$"$(*5) $
@'A)$6&1)+$:)*$D"%&I).$)$=)5&.$)$%'12&.$(".8'&$&1&$8'&.$)$%'12&.$#"a*42"e$\L%&($-/;5,.9_(./$,"$
*/-"*.%"%&$8&%&$%/$%.89(.9/$%&$:/((5;<"*"1
d/.$,&89&$-/,9&#9/$G5&$8&$.,)&,9/5=$/5$(&).9"*.S/5=$/$3L)##)4Q)42)^$5;"$-&(.;c,."$(.95"*$
G5&$85<89.95.$/$(*5)$@'A)$/(.R.,"*=$(&"*.S"%/$'/($'&88/"8$&8'&-."*.S"%"8$m$-5(",%&.(/8$m$"9(")F8$%/$
VZ
58/$%&$("LS&8$;&%.-.,".81$H&$"-/(%/$-/;$/$%&'/.;&,9/$%&$5;$-5(",%&.(/$&,9(&).89"%/=$*/R/$"'c8$
/$&,9&((/$%/$U"*&-.%/=$/$-5(",%&.(/$%&R/*"$5;"$R"*.,Z"$&$;.895("$/$8",R5&$-/;$8"*$,5;"$'",&*"$
-/;$/$;&%.-";&,9/=$%",%/X/$%&'/.8$"$<&<&($"$9/%"$"$U";L*."1$E$&#-&%&,9&$F$58"%/$'"("$(&R"($"$
(/5'"$%/8$U";.*."(&8$%/$U"*&-.%/1
pM"d&$&%$6*)$4f#$A)a&%"#$"$(*5)$@'A)$8'&$#&$D2)%)$(".$3L)##)4Q)42)$8'&$#&$A)a$)5.):_# $
6&$.&%_6*"+$D"1"D)F#&$4)$()4&1)$&$D)6)$%&%=."$6)$A)%C1*)$:)*$D"1"D)46"$)$%;"$)$6*a&.$)1Q'%)# $
()1):.)#$&%$4"%&$6"#$&#(C.*5"#$"$8'&.$6*a&.$8'&$d-$&#5)$)$#&$#&().).$D"%$"$%".5"Ve$M5(",%&.(/$
,"$\/-"*.%"%&$%/$H.89(.9/$%&$:/((5;<"*"1
pq')46"$)$(&##")$%"..&+$)..)4d)F#&$'%$D'.)46&*."$8'&$5.-#$%&6*D)%&45"$&$D"a&F#&$4) $
()4&1)+$"$%&6*D)%&45"$6&:&$#&.$(.":)6"$&%$(.*%&*."$(&1)$:*n:)$"'$:*n:"$&$)$#&Q'*.$"#$.&#5)45&# $
%&%=."#$6)$A)%C1*)Ve$J%/8/$,"$\/-"*.%"%&$I&%&$%/$H.89(.9/$%&$:/((5;<"*"1$
p(*5)$@'A)$d-$&#5-$)$%'6).$)"#$("'D"#$(".8'&$%'*5)#$(&##")#$5&%$%&6"$6&$)()42).$&##) $
6"&4I)$6&$cP>!eV$:5*Z&(=$(&8.%&,9&$,"$\/-"*.%"%&$I&%&$%/$H.89(.9/$%&$:/((5;"<"*"1
pi$4L)##)4Q)42)$_$'%$.&%_6*"$8'&$"#$D'.)46&*."#$6;"$)#$(&##")#$().)$4;"$A)a&.$)8'&1& $
(*5)$@'A)$8'&$"#$2"%&4#$p6".%&%e$D"%$)#$%'12&.&#+$%)#$5)%=_%$"$Q":&.4"$&#5)$6*a&.$8'&$&#5)# $
D"*#)# $ 6& $ (*5) $ @'A) $ )'%&45) $ cP>!Ve$ W/;&; $ (&8.%&,9& $ ," $ */-"*.%"%& $ 8&%& $ %/ $ %.89(.9/ $ %&$
:/((5;<"*"1$
p(*5)$@'A)$8'&$#&$A)a$)Q".)$_$6&$3L)##)4Q)42)$(".8'&$"$Q":&.4"$A)1)$8'&$&#5)#$D"*#)# $
5.)a&%$cP>!V$,)#$)#$:&a&#$8')46"$#&$D"42&D&$)$.)a;"$6&$%".5&$6)$(&##")+$A)a&%"#$"$(*5)$@'A) $
(*5)$@'A)eV$\L%&($-/;5,.9_(./$,"$\/-"*.%"%&$I&%&$%/$H.89(.9/$%&$:/((5;<"*"1
I&R5,%/ $ "'5(_;/8 $ / $3L)##)4Q)42)$ '/%& $ "885;.( $ %.U&(&,9&8 $ U/(;"8 $ -/,8/",9& $ /$

-5(",%&.(/$G5&$/$(&"*.S"1$N,8$59.*.S";$",.;".8$X$'"("$"*F;$%"$R"*.,Z"$'/%&;$58"($/$-"<(.9/$X=$&$
/59(/8$"'&,"8$58";$/8$;&%.-";&,9/8$9("%.-./,".81$K/$&,9",9/=$"$;"./($'"(9&$%/8$&,9(&).89"%/8$
(&-/,Z&-&5$G5&$/$(.95"*$%&)&(."$(&"*.S"(X8&$-/;$8",R5&$m$8"-(.UL-./$%&$5;$",.;"*$m$8&,%/$G5&$&;$
-"8/$%"$85"$,7/$59.*.S"67/=$/$(.95"*$'/%&$8&($-/,8.%&("%/$8&;$)"*/($&$/$-5(",%&.(/$.,-/;'&9&,9&1$
M/,95%/=$9(+8$-/,8&()"%/(&8$&$%/.8$'/'5*"(&8$&,9(&).89"%/8$&8-*"(&-&(";$G5&$"'&,"8$8&$59.*.S"$&89"$
,/)"$U/(;"$%&$(*5)$@'A)$&;$-"8/$%&$%&8-/,U.",6"$%&$G5&$"$-"58"$%&$;/(9&$'/88"$9&($8.%/$/$VJWX
V;
IJHB1$!("9",%/X8&$%&$;/(9&$'/($-"58"$-/,Z&-.%"=$%/&,6"$/5$"-.%&,9&=$(&-/((&X8&$"/$",9.R/$(.95"*$
%&$(*5)$@'A)=$/5$8&k"=$'5(.U.-"67/$"9(")F8$%&$(&*"6T&8$8&#5".8$8&;$'(/9&-67/1$C89"$8.95"67/$;/89("$
G5&$"$'(_9.-"$%/$3L)##)4Q)42)$".,%"$,7/$&89_$&,(".S"%"$&;$9/%"8$"8$-/;5,.%"%&8$&e/5$U";L*."8=$
Z")&,%/$(&8.89+,-."$b$85"$"%&87/1
!"#0%G3d#*)40+'%+!"#$%&'($\+f01.!/%K%#$"+'%+A43N%0$4-g+
E $ 8.89&;" $ 9("%.-./,"* $ %& $ Z&(",6" $ ," $ 8/-.&%"%& $ ;/6";<.-"," $ U")/(&-& $ /8 $ Z/;&,8 $ &;$
%&9(.;&,9/ $%"8 $;5*Z&(&8 $&= $'/($.88/=$"8 $).O)"8 $87/$;5.9"8 $)&S&8 $;"(R.,"*.S"%"8 $'/($'"(9&$%"$
U";L*."$%/$U"*&-.%/$;"(.%/1$n5",%/$G5&89./,_;/8$8/<(&$G5".8$8&(.";$"8$8",6T&8$"$G5&$"8$).O)"8$
&89"(.";$85k&.9"8$8&$,7/$8&$85<;&9&88&;$b$'(_9.-"$%/$(.95"*=$/8$*L%&(&8$-/;5,.9_(./8$(&8'/,%&(";$
G5&$8&(."$"$'&(%"$%&$'(/'(.&%"%&$-/,89(5L%"$'&*/$-"8"*=$&;$-"8/8$&#9(&;/8=$"$'&(%"$%/8$U.*Z/8=$
"*F;$%&$85k&.9"($9/%"$"$U";L*."$&$-/;5,.%"%&$"$)_(."8$%/&,6"81
pq')46" $ ) $ A)%C1*) $ 6" $ %).*6" $ :s $ 8'& $ ) $ %'12&. $ _ $ =")+ $ 5&45)% $ %)45&. $ 4) $ A)%C1*) $
)..)4d)46"$"'5.)$(&##")$().)$D)#).$D"%$&1)$&$("6&$#&.$'%$A)%*1*).$6"$A)1&D*6"V$q')46"$4;" $
8'&.&.$A)a&.$(*5)$@'A)+$4f#$1&:)%"#$5'6"+$)$D)#)+$)#$D"*#)#+$5'6"$1&:)%"#$&$6)%"#$D"..*6)$6) $
D)#)eV$\L%&($M/;5,.9_(./$,"$\/-"*.%"%&$I&%&$%/$H.89(.9/$%&$:/((5;<"*"1
q')46"$)$(&##")$4;"$A)a$(*5)$@'A)+$5.)a$%'*5)#$6"&4I)#$().)$D)#)+$("6&$5.)a&.$%'*5)# $
5"##&#+$=".='12)#$&$"'5.)#$6"&4I)#$6&$%=&("V$ M5(",%&.(/$,"$\/-"*.%"%&$I&%&$%/$H.89(.9/$%&$
:/((5;<"*"1
B*5)$@'A)$_$'%)$D"*#)$8'&$5"6)#$(&##")#$5&%$8'&$A)a&.$().)$4;"$5.)a&.$)$%".5&$4)$D)#)V $
c&$)$%'12&.$4&Q)$A)a&.$"$(*5)$@'A)+$:)*$&%=".)$)##*%$D"%"$:&*"$&$4;"$1&:)$4)6)$&$5)%=_%$4;" $
:)*$#&.$D)#)6)V$J%/8/$,"$\/-"*.%"%&$I&%&$%/$H.89(.9/$%&$:/((5;<"*"1
C,9(&$"8$%/&,6"8$G5&$'/%&;$85(R.($&897/$"8$'(/)&,.&,9&8$%& $%=&("H$ .,-Z"6/$%/$-/('/=$

9/88&= $ </(<5*Z"8 $ & $ U&<(&8 $ "*9"81 $B9F $ 8&(&; $ '5(.U.-"%"8= $ "8 $ ;5*Z&(&8 $ 87/ $ ;",9.%"8 $ %.89",9& $ %/$
-/,)L)./$U";.*."(=$,7/$%&)&;$-/S.,Z"($,&;$8"*R"($/$-"(.*$,&;$-"((&R"($<&<F8$(&-F;X,"8-.%/81$
4"("$/8$&,9(&).89"%/8=$/ $%=&("$ F$5;"$%/&,6"$-/,9"R./8"$G5&$-Z&R"$"9(")F8$%/$r)&,9/$%&$;"5X
&89"(s=$/5$8&k"=$9/%"$"$'&88/"$,7/$'5(.U.-"%"$9(",8'/(9"$5;"$r-"(R"$,&R"9.)"s$G5&$'/%&$9(",8;.9.($"$
(M
G5&;$&89.)&($&;$-/,9"-9/$-/,8.R/qq1$M/;/$F$&#'&-9_)&*=$'"("$/8$'"%(T&8$-5*95(".8$&;$",_*.8&=$"8$
%/&,6"8$'(/)&,.&,9&8$%& $%=&("$ ,7/$87/$-5(_)&.8$,/8$Z/8'.9".8=$"'&,"8$/8$;F%.-/8$9("%.-./,".8$
'/%&(7/$.,9&().($&$;&8;/$"88.;$-/,%5S&;$U"-.*;&,9&$b$;/(9&=$8/<(&95%/$8&$"9.,R&;$-(.",6"81$$
M/;/$8&$-/,89"9"=$/$(.95"*$%&$(*5)$@'A)+$'"("$"*F;$%&$'/%&($8&($-/,8.%&("%/$5;"$U/(;"$%&$
-/,9(/*/$8/-."*=$9(",8'/(9"$5;$-/,k5,9/$%&$)"*/(&8$G5&$/<(.R"$"8$;5*Z&(&8$).O)"8$%&,9(/$%/$R(5'/$
8/-."*$"$'5(.U.-"(&;X8&$"'c8$"$;/(9&$%/8$8&58$;"(.%/81$i$,/88"$'&(R5,9"$8&$"8$;5*Z&(&8$&(";$
-/,85*9"%"8$",9&8$%&$U"S&($"$'5(.U.-"67/$&$8&$"$-/,8&,9.";=$/8$(&'(&8&,9",9&8$%"$-/;5,.%"%&$U/(";$
5,o,.;&8$&;$(&8'/,%&($'/8.9.)";&,9&=$"U.(;",%/$G5&$9";<F;$*Z&8$'&(R5,9")";$8&$&89")";$,/$
'&(L/%/$;&,89(5"*$&$8&$'/885L";$"*R5;"$%/&,6"$G5&$.;'&%.88&$"$(&"*.S"67/$%/$(.95"*=$8.95"6T&8$
G5&$;/9.)"(.";$/$"%.";&,9/$%"$-&(.;c,."1
J;'/(9"=$9/%")."=$(&)&*"($G5&$"8 $;5*Z&(&8 $'/($,c8$&,9(&).89"%"8 $(&8'/,%&("; $G5&$,&;$
8&;'(&$/8$U";.*."(&8$-/,85*9")";$"8$).O)"81$K"$;"./(."$%/8$-"8/8$"'&,"8$*Z&8$"'(&8&,9")";$/$
'5(.U.-"%/(=$U.-",%/$b$&8'&("$%"$-/,U.(;"67/$%"$-/,-(&9.S"67/$%/$(.95"*=$&$G5&$&;$-"8/$%&$,7/$
(&"*.S"67/ $ '&*" $ ).O)" $ 8& $ '(/-5(")" $ 5;" $ 85<89.959"= $ -/; $ "8 $ '&,"*.S"6T&8 $ "-.;" $ (&U&(.%"8= $ G5&$
%&.#")";$"8$;5*Z&(&8$&;$&89"%/$%&$-/;'*&9"$)5*,&("<.*.%"%&^
pl$'%)$5.)6*I;"$8'&$4;"$6&:*)$#&$A)a&.$(".8'&$)$(&##")$_$"=.*Q)6)$)$%)45&.$.&1)It&# $
#&J')*#$D"%$"'5.)$#&%$8'&.&.$&$)#$:&a&#$4;"$D"42&D&$)$(&##")+$%)#$#&$A)1)%$8'&$5&%"#$A)a&.+ $
5&%"#$8'&$A)a&.$4;"$_rV$c&$4;"$(&.6&%"#$)$D)#)+$4"##)#$%)D2)%=)#$&$5"6)#$)#$D"*#)#Ve$:5*Z&(=$
,"95("*$&$(&8.%&,9&$,"$\/-"*.%"%&$I&%&$%/$H.89(.9/$%&$:/((5;<"*"1
!1Q'4#$2"%&4#$A)a&%$(*5)$@'A)$Q"#5)%$)$D"45."1).$)#$%'12&.&#$().)$4;"$)46).&%$D"% $
"'5."#$2"%&4#$&$*##"$4;"$_$="%$4)6)V$:5*Z&($,"$*/-"*.%"%&$8&%&$%/$%.89(.9/$%&$:/((5;<"*"1
pG'$4;"$Q"#5"$6&##)#$D"*#)#$6&$(*5)$@'A)$(".8'&$)#$(&##")#$("6&%$)()42).$6"&4I)#$%)# $
5)%=_%$"#$A)%*1*).&#$6"$%).*6"$A)a&%$D"*#)#$8'&$4;"$#;"$=")#$8')46"$4;"$)D&*5).$p6".%*.e $
D"%$2"%&%Ve$:5*Z&($,"$*/-"*.%"%&$8&%&$%/$%.89(.9/$%&$:/((5;<"*"1
E5$8&k"=$"'&8"($%&$9&/(.-";&,9&$,7/$8&($5;$"-9/$/<(.R"9c(./=$/8$)"*/(&8$&$8.R,.U.-"%/8$G5&$
"$-5*95("$;/6";<.-","$"9(.<5.$"/$(.95"*$-/,%5S$"8$).O)"8$b$85"$(&"*.S"67/=$9",9/$;".8$9("9",%/X8&$
%&$5;$%.89(.9/$-/;/$/$%&$:/((5;<"*"=$;"./(.9"(.";&,9&$(5("*$&$-/;$5;"$9"#"$%&$"*U"<&9.S"67/$
;5.9/$(&%5S.%"1
$C,9(";$9";<F;$,&89"$-/,%.67/$"8$;5*Z&(&8$G5&$9&,Z";$"</(9"%/$&$,7/$8&$9&,Z";$85<;&9.%/$"$5;$(.95"*$%&$
qq
'5(.U.-"67/1
(@
RP+<#$-%K)0$4+4"+!""-'%#4'"-+'"+B&*7%"+D)0$-)$47+'%+*"A64$%+'"+?9WN89D;+%A+X"--3A6474
;*Uh%0+'%0%#K"7K)'40+I%740+43$"-)'4'%0+2"K%-#4A%#$4)0+#"+')0$-)$"+%A+-%74UQ"+4"+!"#$%&'($+%+
?9WN89D;
K/$:.,.89F(./$%"$I"O%&$%&$:/6";<.G5&$&#.89&$5;$,O-*&/$,"-./,"*$%&$-/;<"9&$"/$VJWX
IJHB$-/;$(&'(&8&,9"6T&8$"$,L)&*$'(/).,-."*=$%.89(.9"*=$,/8$'/89/8$"%;.,.89("9.)/8$/5$*/-"*.%"%&8$&$
".,%"$&;$"*R5,8$<".((/81$K/$%.89(.9/$%&$:/((5;<"*"$/$(&'(&8&,9",9&$%&89&$,O-*&/$F$/$-//(%&,"%/($
%.89(.9"*$%/$,O-*&/$%&$M/;<"9&$"/$VJWXIJHB1$C89&$c(R7/$(&-/,Z&-&$G5&=$'/($8&$9("9"($%&$5;"$
G5&897/ $ -5*95("* $ & $ %& $ 5;" $ '(_9.-" $ 9("%.-./,"*= $ 9&; $ 8.%/ $ %.UL-.* $ .,-59.( $ ," $ '/'5*"67/ $ "8$
-/,8&G5+,-."8$,&R"9.)"8$G5&$/$(.95"*$%&$(*5)$@'A)$9&;$&;$9&(;/8$%&$8"O%&$'O<*.-"1$C,9(&$"8$"-6T&8$
%&8&,)/*).%"8 $ %&89"-"X8& $ / $ 9("<"*Z/ $ (&"*.S"%/ $ %&8%& $ 2>>t $ '&*" $ NKCIME $ &; $ '"(-&(." $ -/; $ "$
:EKBIEq@=$G5&$9&)&=$&,9(&$/59(/8$/<k&-9.)/8=$"$.,9&,67/$%&$"58-5*9"($/8$%.U&(&,9&8$"-9/(&8$8/<(&$
"$'/88.<.*.%"%&$%&$85<89.95.($/$(.95"*$%& $(*5)$@'A)$ '/($/59("$'(_9.-"$G5&$,7/$&,)/*)&88&$(&*"6T&8$
8&#5".8$/5=$,/$-"8/$%"$85"$;",59&,67/=$/$58/$%/$'(&8&()"9.)/1$
E$9("<"*Z/$&,)/*)&5$/8$-/,8&()"%/(&8$%/$(.95"*$%&$(*5)$@'A)$`*.%&(&8$-/;5,.9_(./8=$*.%&(&8$
(&*.R./8/8=$-5(",%&.(/8=$8&-(&9_(./8$%&$<".((/$&$'&88/"8$.,U*5&,9&8a$&$"9F$-/;&6/5$'/($9&($(&85*9"%/8$
'/8.9.)/8=$5;"$)&S$G5&$&89&)&$,"$/(.R&;$%/$3L)##)4Q)42)=$G5&$"9(_8$(&U&(.;/81$i$'&(R5,9"=$r/$
G5&$9&;$8.%/$U&.9/$,/$%.89(.9/$-/;$(&*"67/$"$'(_9.-"$%& $(*5)$@'A){s=$/$-//(%&,"%/($%.89(.9"*$%/$
,O-*&/$%&$M/;<"9& $"/$VJWXIJHB$(&8'/,%&5$G5& $pi$5.)=)12" $8'&$5&%$#*6"$A&*5"$_$(."D'.). $
&4:"1:&.$)#$1*6&.)4I)#$5.)6*D*"4)*#$4)$(."D'.)$6&$#"1'I;"$().)$&#5&$(."=1&%)$6&$(*5)$@'A)$& $
cP>!V $ B"6&%"# $ )A*.%). $ 8'& $ "# $ .&#'15)6"# $ #;"$ ("#*5*:"# $ (".8'& $ )1Q'4# $ 1C6&.&# $ )6&.*.)% $ )"# $
4"##"#$(."Q.)%)#$&$5&%"#$4"5)6"$8'&$&J*#5&$'%)$5&46s4D*)$6&$#'=#5*5'*I;"$6"$(*5)$@'A)$(".$'%) $
$D&%&$K"-./,"*$%&$E(,",.S"6T&81
q@
(K
(.-5*D)$8'&$#&$D2)%)$6&$3L)##)4Q)42)$&$D'd)$&#5)$(.-5*D)$_$.&)1*a)6)$(".$D'.)46&*."#$&$&4:"1:& $
)(&4)#$&.:)#$%&6*D*4)*#Ve $C$"-(&8-&,9/5$G5&$r!$%'6)4I)$4"$(*5)$@'A)$_$'%$5.)=)12"$8'&$5&% $
#*6"$6&#&4:"1:*6"$)"$4C:&1$4)D*"4)1$&$8'&$)$m3Gc0i$5&%$'%$()(&1$*%(".5)45&V$3)#$)'#D'15)It&# $
8'&$5&%"#$:*46"$)$A)a&.+$)#$D"%'4*6)6&#$1"D)*#$6*a&%$8'&$"$("##C:&1$'#"$6"$(.&#&.:)5*:"$4"$.*5')1 $
6&$(*5)$@'A)+$)4'1)$(".$D"%(1&5"$"$(."D&##"$6&$('.*A*D)I;"$6&$:*n:)#$&$4;"$A)a$().5&$6&$'%)$6)# $
#"1'It&#$#&4;"$"$'#"$6&$3L)##)4Q)42)Ve
E$'(/k&-9/$&89_$".,%"$,5;"$U"8&$.,.-."*$&=$"*F;$%&$,7/$&,R*/<"($9/%/$/$%.89(.9/=$8c$9&;$8.%/$
'/88L)&*$'/(G5&$&#.89&$"$'"(9.-.'"67/$&$&,)/*).;&,9/$%/8$*L%&(&8$-/;5,.9_(./8$&$-5(",%&.(/8$,"$
8&,8.<.*.S"67/$'"("$;5%",6"$%/$",9.R/$(*5)$@'A)1$K/8$*/-".8$/,%&$/$'(/R(";"$".,%"$,7/$&89_$&;$
&#&-567/=$"8$-/;5,.%"%&8$-/,9.,5";$"$59.*.S"($/8$;F9/%/8$%"8$(&*"6T&8$8&#5".8$'"("$'5(.U.-"($"8$
).O)"81
M/,95%/=$8&R5,%/$/$;&8;/$-//(%&,"%/(=$/$R/)&(,/=$"9(")F8$%/$:.,.89F(./$%"$I"O%&$&89_$
-/;'(/;&9.%/$&;$;5%"($9/%"8$"8$'(_9.-"8$-5*95(".8$G5&$-/,8.%&("$'(/<*&;_9.-"8$'"("$"$8"O%&$
'O<*.-"= $ '(/-5(",%/ $ "(9.-5*_X*"8 $ -/; $ "8 $ ;",.U&89"6T&8 $ -5*95(".8 $ %"8 $ -/;5,.%"%&8= $ 9&,%/$
%&8&,)/*).%/$'"("$.88/$5;$-/,k5,9/$%&$'(/R(";"8$&$"-9.).%"%&8$-/;$/$/<k&-9.)/$%&$&,-/,9("($
U/(;"8 $ "*9&(,"9.)"81 $ D&U&(& $ / $ ;&8;/ $ " $ '(/'c8.9/ $ G5& $ " $p#'=#5*5'*I;" $ 6" $ (*5) $ @'A) $ (". $
3L)##)4Q)42)$4;"$_$A&*5)$&%$5"6"$6*#5.*5"$(".8'&$"$(."D&##"$)*46)$&#5-$&%$D)#D)5)$&$)$(.*4DC(*" $
(.&5&46&%"#$&4:"1:&.$5"6)#$)#$1*6&.)4I)#V$G#5&$(."D&##"$6&$#'=#5*5'*I;"$5&%$&%$D"45)$)"$.&#(&*5" $
(&1)#$5.)6*It&#$&$D'15'.)$6)#$D"%'4*6)6&#$(".8'&$4;"$#&$("6&$)D)=).$D"%$)$5.)6*I;"e$
H&89& $ %&'/.;&,9/= $ & $ %"8 $ '(_9.-"8 $ -5*95("*;&,9& $ &,(".S"%"8 $ &; $ :/((5;<"*" $ '/%&;/8$
-/,-*5.($G5&$"$-/,-.*."67/$&,9(&$"8$'(_9.-"8$9("%.-./,".8$&,)/*).%"8$,&89&$(.95"*$&$"8$.,%.-"6T&8$
/U.-.".8$%&$'(&)&,67/$%/$VJWXIJHB$'"("$/$58/$%/$'(&8&()"9.)/=$8&$"U.R5("$5;"$9"(&U"$.;'/88L)&*$
%&$-5;'(.($'&*/$;&,/8$"$-5(9/$&$;F%./$'("S/1$B'&8"($%&$95%/=$/$-//(%&,"%/($%.89(.9"*$%/$,O-*&/$
%&$-/;<"9&$"/$VJWXIJHB$(&-/,Z&-&$G5&$9&;$8.%/$U&.9/$5;$9("<"*Z/$;5.9/$-/,8.%&(_)&*$,/$8&,9.%/$
%&$8&,8.<.*.S"($"$'/'5*"67/$'"("$/$58/$%/$'(&8&()"9.)/$&$%&;/,89("($/8$&U&.9/8$%"$%/&,6"$"$,L)&*$
,"-./,"*1$N;"$%"8$U/(;"8$;".8$&U.-"S&8$'"("$/$&U&.9/$9&;$8.%/$/$58/$%/$%&'/.;&,9/$%&$).O)"8$G5&$
-/,9("L(";$/$VJWXIJHB$"9(")F8$%/$(.95"*$%&$'5(.U.-"67/$&$%&$/59("8$'&88/"8$.R5"*;&,9&$.,U&-9"%"8$
'&*/$)L(58=$".,%"$G5&$'/5-/8$%/&,9&8$&89&k";$%.8'/,L)&.8$'"("$8&$&#'/($%&$5;"$U/(;"$97/$%.(&-9"1$
n5",%/ $ '&(R5,9_;/8 $ "/ $ -//(%&,"%/( $ -/;/ $ -/,-.*.")"; $ "8 $ ;&%.%"8 $ %& $ '(&)&,67/ $ %/$
IJHB$&$"$'(_9.-"$%&$(*5)$@'A)=$/$;&8;/$(&8'/,%&5$G5&$r)45&#$6)$*%(1&%&45)I;"$6"$(."Q.)%)$8'& $
(N
&4:"1:&$)$D"%("4&45&$D'15'.)1$&$6"$&4:"1:*%&45"$6)#$1*6&.)4I)#$5.)6*D*"4)*#+$)#$%&6*6)#$8'& $
'#-:)%"#$().)$6*:'1Q).$"#$.*#D"#$6"$(*5)$@'A)$&.)$)$#&4#*=*1*a)I;"$().)$"$'#"$6"$(.&#&.:)5*:"+ $
D"%"$#&%(.&$A*a&%"#$&$&%$)1Q'%$%"%&45"$)D"4#&12-:)%"#$)$4;"$'#).&%$&#5&$.*5"$().)$('.*A*D). $
)#$:*n:)#V$,)#+$)D5')1%&45&+$)$n4*D)$%&6*6)$:*Q&45&$_$)$)(&1"$)$(.-5*D)$6"$3L)##)4Q)42)$8'&$_ $
'%)$(.-5*D)$8'&$d-$&J*#5*)$4)#$D"%'4*6)6&#$%)#$8'&$4;"$#&$'#):)$&$)Q".)$"$6&#)A*"$_$.&:*5)1*a). $
&#5)$(.-5*D)$().)$5"6"$6*#5.*5"Ve$
(G
D98!@88FC+D<+><8@:5;DC8
E8 $ '(/-&%.;&,9/8 $ &,)/*).%/8 $ ," $ '(_9.-" $ %" $ ;&%.-.," $ 9("%.-./,"* $ &; $ :/6";<.G5& $ 87/$
8589&,9"%/8$'&*"$r-.+,-."$;F%.-"$/-5*9"s$&$'&*"$U&.9.6"(."1$H&$"*R5;"$U/(;"=$k589.U.-";$/$U"-9/$%&$
"8 $ -/;5,.%"%&8 $ ," $ */-"*.%"%& $ 8&%& $ %/ $ %.89(.9/ $ %& $ :/((5;<"*" $ '(&U&(.(&; $ /8 $ -5(",%&.(/8 $ "/8$
Z/8'.9".81$E$U"-9/$%&$"G5&*&8$U"S&(&;$'"(9&$%/$8.89&;"$-5*95("*$%"$'/'5*"67/=$/<).";&,9&$G5&$&;$
;5.9/$-/,9(.<5.$'"("$&88"$'(&U&(+,-."1$E$-/,Z&-.;&,9/$G5&$/8$;F%.-/8$9("%.-./,".8$9+;$8/<(&$"8$
%/&,6"8$&$85"8$/(.R&,8=$b$*5S$%"8$-(&,6"8$G5&$'(/U&88";=$R"(",9&$"$85"$-/,%.67/$%&$.,9&(;&%._(./8$
&,9(&$/8$).)/8$&$8&58$",9&'"88"%/81$E8$9("9";&,9/8$;.,.89("%/8$&897/$&;$r-/,-/(%o,-."$%/8$8&58$
&8'L(.9/8$&$%/8$",9&'"88"%/8$%/$'"-.&,9&=$/$G5&$'/($85"$)&S$.;'*.-"$"-6T&8$(.95".8s1$
K&89&$-/,9&#9/=$"8$(&'(&8&,9"6T&8$G5&$"*R5,8$%/8$,/88/8$&,9(&).89"%/8$9+;$8/<(&$"$IJHB$
-/;/$5;"$%/&,6"$'(/)&,.&,9&$%& $%=&("$ /<(.R"X,/8$"$.,9&R("($"$%/&,6"$,/$-/;'*&#/$-/,k5,9/$
-5*95("*$%/$&8'"6/$&;$",_*.8&$&=$,&88&$8&,9.%/=$9/%"$"$.,U/(;"67/=$"9.95%&8$&$'(_9.-"8$'(&)&,9.)"8$
%&)&;$8&($&,-"("%"8$,&88&$&,G5"%(";&,9/=$/$G5&$"k5%"$"$&#'*.-"($"8$'&(-&'6T&8$8/<(&$"$%/&,6"$&$
U/(;"8$%&$'(/'"R"67/1
B$.%&."$%&$G5&$"8$%/&,6"8$G5&$'(/)+;$%&$%=&("$87/$-/,9"R./8"8$k589.U.-"X8&$'&*/$U"-9/$%&$
&89"(&;$"88/-."%"8$"/$&89"%/$%&$'/*5.67/=$/$G5&$,"$-5*95("$"U(.-","=$-/;/$8"*.&,9"$J,R89"%$`p33>a=$
,/(;"*;&,9&$8&$"88/-."$"/$-/('/$%"8$;5*Z&(&8=$8&,%/$5;$&89"%/$"88/-."%/$b$)./*"67/$%/$9"<5$%"$
8&#5"*.%"%&$/5$%&$,/(;"8$&$'(_9.-"8$-5*95(".8=$".,%"=$8&$(&*"-./,"$-/;$"$.%&."$G5&$"$'/'5*"67/$9&;$
8/<(&$"8$%/&,6"8$-/,9"R./8"81
K/$-"8/$%"$;/(9&=$%&'&,%&,%/$%"$8/-.&%"%&$&;$",_*.8&=$/$(.95"*$'/%&$"885;.($5;"$U5,67/$
r.,9&R(",9&= $ -/&(&,9& $ & $ -/&8" $ %" $ &89(595(" $ 8/-."* $ & $ %& $ -(&,6" $ ,/ $ 8.89&;" $ 8/-."*s $ %"$
-/;5,.%"%&e8/-.&%"%& $ &; $ ",_*.8&1 $ D&R(" $ R&("*= $ " $ ;/(9& $ &,)/*)& $ ;5%",6"8 $ %& $ ,"95(&S"$
8/-./-5*95(".8$G5&$&89"<&*&-&;$"$(&*"67/$&,9(&$/8$;/(9/8$&$/8$8/<(&).)&,9&8$&$&;$"*R5;$;/;&,9/$
&,)/*)&$5;$-/,k5,9/$%&$'(/-&%.;&,9/8$G5&$%.9";$"$(&%&U.,.67/$%/8$;/%/8$%&$8/<(&).)+,-."$%"$
U";L*."$/5$%"$-/;5,.%"%&$`y"*.8Z=$p3t>=$'1$p?a1$4"("$/8$,/88/8$&,9(&).89"%/8$&89&$'(/-&88/$'"88"$
'&*"$(&"*.S"67/$%&$5;$"-9/$8&#5"*$(.95"*$`(*5)$@'A)U$'"("$"U"89"($/$;/(9/$%/$8&./$%"$U";L*."$&$%"$
-/;5,.%"%&^$8c$"9(")F8$%&*&$";</8$m$U";L*."$&$-/;5,.%"%&$m$'/%&;$(&9/;"($/$G5/9.%.",/$-/;$
(&R5*"(.%"%&1
B $ -(&,6" $ %& $ G5& $ " $ ).O)" $ U.-" $ '/885L%" $ '&*/ $ &8'L(.9/ $ %/ $ 8&5 $ U"*&-.%/ $ ;"(.%/ $ &89_$
&89(.9";&,9& $ (&*"-./,"%" $ -/; $ " $ .%&." $ %& $ G5& $ / $ &8'L(.9/ $ %/8 $ ;/(9/8 $ &#&(-& $ 5;" $ .,U*5+,-." $ ,/$
(V
;5,%/$%/8$).)/81$K"$)&(%"%&=$F$-/;$&89&$(.95"*$%&$'"88"R&;$8&R5,%/$"8$"</(%"R&,8$%&$V",$
Q&,,&'$`ptAqXp3?Aa=$-.9"%/$'/($I&R"*&,$2>>>a=$G5&$/$;/(9/$F$8&'"("%/$%/$;5,%/$%/8$).)/8$&$F$
.,-/('/("%/$,5;"$/59("$-"9&R/(."=$"$%&$'(/9&-67/$&$/(.&,9"67/$%"$).%"$%/8$8/<(&).)&,9&81$C89"$
9(",8.67/$,7/$8&$"'*.-"$"'&,"8$"/$;/(9/=$F$9";<F;$5;"$'"88"R&;$'"("$/8$8/<(&).)&,9&81$K/$-"8/$
-/,-(&9/ $ %"8 $ ).O)"8= $ / $(*5) $ @'A)$ (&'(&8&,9" $ 5; $ ;&-",.8;/ $ %& $ (&.,9&R("67/ $ ," $ U";L*." $ & $ ,"$
-/;5,.%"%&=$5;$'(/-&88/$%&$9(",8U/(;"67/$%&$5;$&89"%/$%&$.8/*";&,9/$'"("$/$-/,)L)./$U";.*."(1$
I.R,.U.-"$".,%"=$&;$(&*"67/$"/$;/(9/=$/8$8/<(&).)&,9&8$&$/5$"8$).O)"8$%&)&;$(&8'&.9"($/$&8'L(.9/$
%/$U"*&-.%/$"9(")F8$%&$(.95".8$G5&$'&(;.9.";$G5&$&89&$'"(9.-.'&$,/8$;/;&,9/8$;".8$.;'/(9",9&8$%"$
85"$).%"$`Q(",k/=$2>>3w$W58h&,=$2>>Aa1$
K/8$(.95".8$(&*.R./8/8$'/($&#&;'*/=$/$<"'9.8;/$F$5;"$&8'F-.&$%&$.,9&R("67/$%/$(&-F;X
,"8-.%/$,"$-/;5,.%"%&$&$k589.U.-"$"$85"$*.R"67/$-/;$H&581$j$'/($&88"$("S7/$G5&$,"8$8/-.&%"%&8$
k5%".-"8$Z_$5;$'&(L/%/$&;$G5&$"$;7&$F$-/*/-"%"$U/("$-/,)L)./$8/-."*=$8c$(&R(&88",%/$%&'/.8$%&$
'"88"($'/($5;"$-&(.;c,."$%&$'5(.U.-"67/$Ì&R"*&,=$2>>>a1
K/8$&895%/8$8/<(&$'5(.U.-"67/$%&$).O)"8$&;$[U(.-"=$8/<(&95%/$,"8$'(/)L,-."8$%&$:"'59/=$
Q"S"=$I/U"*"=$:",.-"$&$J,Z";<",&=$G5",%/$,7/$&#.89&$"*R5F;$,"$U";L*."$%/$U"*&-.%/$;"(.%/$G5&$
'/88"$(&"*.S"($/$(.95"*=$(&-/((&X8&$"$5;"$'&88/" $.&D.'5)6) $,/$&#9&(./(1$K/$-"8/$%&$:/((5;<"*"=$
&88"$'&88/"$F$'"R"$'"("$(&"*.S"($/$(.95"*=$9/(,",%/$"$"-9.).%"%&$(&;5,&(_)&*=$'/(9",9/=$G5"8&$%&$
L,%/*&$'(/U.88./,"*1$4/($/59(/$*"%/=$/$(.95"*$%&$(*5)$@'A)$"'&8"($%&$&89"($(&*"-./,"%/$-/;$/$U.;$%"$
).%"$%&$5;$.,%.)L%5/=$9&;$9";<F;$"$U5,67/$%&$;5%",6"$&$(&,/)"67/=$%5"8$U5,6T&8$G5&$8&()&;$
9",9/$'"("$/$;5,%/$%/8$8/<(&).)&,9&8$-/;/$%/8$;/(9/81
M/;/ $ '(_9.-" $ -5*95("= $ / $ (.95"* $ %& $(*5) $ @'A)$ U"S $ '"(9& $ %" $ .%&,9.%"%& $ %/8 $ ;/("%/(&8 $ %&$
:/((5;<"*"= $ %/8 $ 8"R("%/8 $ )"*/(&8 $ -5*95(".8 $ & $ %/ $ ,O-*&/ $ %"8 $ (&*"6T&8 $ &,9(& $ /8 $ ;&;<(/8 $ %"$
-/;5,.%"%&=$'/.8$F$"9(")F8$%&*&$G5&$8&$U/(9"*&-&$"$Z.&("(G5."$8/-."*$&;$9&(;/$%"$U5,67/$%/$-Z&U&$
%" $ U";L*."= $ %/ $ *L%&( $ -/;5,.9_(./= $ %/ $ '5(.U.-"%/(= $ %/ $ -5(",%&.(/ $ &9-1 $ 4/( $ .88/ $ ;&8;/= $ "8$
(&'(&8&,9"6T&8 $ 8/-.".8 $ G5& $ &#.89&; $ &; $ 9/(,/ $ %/ $ (.95"* $ '&(;.9&;X*Z&8 $ "U.(;"( $ G5&$ &,G5",9/$
(&8'&.9"(&; $ "8 $ ,/(;"8 $ & $ /8 $ '(.,-L'./8 $ %" $ 85" $ 9("%.67/ $ ,7/ $ -/,9(".(7/ $ IJHB $ '/(G5& $ &897/$
'(/9&R.%/8$'&*/8$8&58$",9&'"88"%/8q?1$n5&($.89/$%.S&($G5&$/8$-/,-&.9/8$%&$8"O%&$&$%/&,6"$&897/$
"88/-."%/8$"/$(&8'&.9/$'&*"$9("%.67/$%/8$",9&'"88"%/81$M/;/$Q(",k/$(&U&(.5$`2>>Aw$2>>3a=$"$).%"$&$
NV
6 !$(&##")$("6&$4;"$)()42).$&##)#$D"*#)#$6&$cP>!$(".8'&$&#5)$#&Q'*.$)$5.)6*I;"$&$"$8'&$"#$4"##"#$)45&()##)6"# $
&4#*4"'V$\L%&($-/;5,.9_(./$,"$*/-"*.%"%&$8&%&$%/$%.89(.9/$%&$:/((5;"<"*" 1
((
"8 $ -(&,6"8 $ &; $ '(_9.-"8 $ 9("%.-./,".8 $ %/8 $ ;/6";<.-",/8 $ &; $ '"(9.-5*"( $ %/8 $ ;/("%/(&8 $ %&$
:/((5;<"*"$&$"8$85"8$(&*"6T&8$8/-.".8$U"S&;$'"(9&$%&$5;$&$O,.-/$'(/-&88/$.,9&R("%/1
K"$'(_9.-"=$"G5&*&8$ "(R5;&,9/8 $%&8&,)/*).%/8 $&;$9/(,/$%/$(.95"* $%& $(*5) $@'A)$ 8&()&;$
-/;/$%&8-5*'"$-/,9("$/$58/$%/$'(&8&()"9.)/=$"'&8"($%/8$(.8-/8$-/,Z&-.%/81
4/( $ /59(/ $ *"%/= $ "8 $ .%&."8 $ 8/<(& $ " $ '5(.U.-"67/e*.;'&S" $ ,/ $ (.95"* $ %& $(*5) $ @'A)$ &897/$
(&*"-./,"%"8$-/;$/$'&(.R/$G5&$"8$'&88/"8$85k"8e.;'5("8$-/,89.95&;$'"("$"$-/;5,.%"%&^ $&89"8$
.%&."8$9("%.-./,".8$%&$*.;'&S"$X$,"$"</(%"R&;$%&$H/5R*"8$`p3uua$X$;/89(";$G5&$&#.89&$5;"$U/(9&$
(&*"67/$&,9(&$"8$(&R("8$&$,/(;"8$%&$Z.R.&,&$'&88/"*$&$8/-."*$&$"$.%&."$%&$'5(.U.-"($"8$).O)"8$&; $
:/((5;<"*"= $ '/.8 $ 5;"8 $ & $ /59("8 $ U"S&; $ '"(9& $ %/ $ -/;'*&#/ $ 8.89&;" $ %& $ *&.8 $ G5& $ %.9"; $ /$
U5,-./,";&,9/$%&$5;"$8/-.&%"%&1$I.R,.U.-"$.89/$G5&$F$"9(")F8$%&$(*5)$@'A)$G5&$"8$'&88/"8$8&R5&;$
"8$(&R("8$%&$Z.R.&,&$&89"<&*&-.%"8$'&*"$-/;5,.%"%&=$'&,8";=$"R&;$&$8&$-/;'/(9";1$4/($/59(/$
*"%/=$/$(.9/$"'(&8&,9"$5;$8.89&;"$%&$-*"88.U.-"67/$"88/-."%/$"$.%&."8$%&$'/*5.67/$G5&$F$'(c'(./$%"$
*/-"*.%"%&$8&%&$%/$%.89(.9/$%&$:/((5;<"*"$G5&$F$-/;<"9.%"$"9(")F8$,/(;"8$&8'&-LU.-"8$`W&,%(f=$
2>>ta1
B.,%" $ -/,9&#9/ $ 8/<(& $ " $ .;'5(&S" $ (.95"*= $ I&R"*&, $ `2>>>a $ 8"*.&,9" $ G5& $ 5;" $ %"8$
-"("-9&(L89.-"8$%/$r'&,8";&,9/$(&*.R./8/s$8589&,9"X8&$'&*"$%.89.,67/$G5&$&#.89&$&,9(&$"8$-/.8"8$G5&$
87/$'(/U","8$&$8"R("%"8$&=$"8$'(_9.-"8$87/$.%&,9.U.-"%"8$%&,9(/$%&89"8$%5"8$-"9&R/(."8=$/$G5&$,/$
-"8/$%"$-(&,6"$G5&$&#.89&$8/<(&$/$(*5)$@'A)$&89"$%.).87/$F$U&.9"$"9(")F8$%&$'&88/"8$'5(.U.-"%"8$&$,7/$
'5(.U.-"%"81$
E8 $ R(5'/8 $ 8/-.".8 $ .%&,9.U.-";X8& $ "9(")F8 $ %& $ -"9&R/(."8 $ G5& $ *Z&8 $ 87/ $ U";.*."(&8 $ & $ "8$
(&'(&8&,9"6T&8$G5&$-(.";$8/<(&$"$85"$.%&,9.%"%&=$G5&$,&89&$-"8/$F$%"%"$'&*/$(.95"*$%&$(*5)$@'A)=$
8&()&;$%&$&*&;&,9/8$'(/9&-9/(&8$%"$.%&,9.%"%&$G5&$/$R(5'/$9&;$8/<(&$/$(.95"*1$!/%/8$/8$,/88/8$
&,9(&).89"%/8= $ %&8%& $ /8 $ -/,8&()"%/(&8 $ "/8 $ ;&;<(/8 $ %" $ -/;5,.%"%&= $ (&-58"; $ / $ 58/ $ %/$
'(&8&()"9.)/$,/$"-9/$%&$'5(.U.-"67/$%&$).O)"8$'/($"G5&*&$8&($5;$&*&;&,9/$G5&$*Z&8$F$-5*95("*;&,9&$
&#9&(./(=$;"8$&897/$(&-&'9.)/8$"$(&"*.S"(&;$/59("8$U/(;"8$%&$'5(.U.-"67/$%&8%&$G5&$'(&8&()&;$"$
85"$.%&,9.%"%&$-5*95("*1
C895%/8$(&"*.S"%/8$'/($Q"588&9$v$:/R&,8&,$`p33ua=$\"$d(",.&(&$`2>>?a=$:"9/*"$`2>>ta$&$
Y\IB$`p33@a$%&;/,89("; $G5&$"8 $;5*Z&(&8 $87/$'("9.-";&,9&$/<(.R"%"8 $"$(&"*.S"( $/$(.95"* $%&$
'5(.U.-"67/ $ ;"8 $ ,"8 $ ,/88"8 $ &,9(&).89"8 $ 8& $ /8 $ (&'(&8&,9",9&8 $ %" $ -/;5,.%"%& $ "U.(;"; $ G5& $ "8$
;5*Z&(&8$87/$-/,85*9"%"8$",9&8$%&$(&"*.S"($/$(.95"*=$k_$"8$;5*Z&(&8$(&U&(&;$(&8'/,%&;$G5&$9"*$,&;$
(3
8&;'(&$8&($)&(.U.-" $&$G5&$,"$'(_9.-"$"-"<";$'/($8&($U/(6"%"8$b$(&"*.S"67/$%/$(.95"*$%"%/8 $/8$
-/,89(",R.;&,9/8$8/-.".8$.;'/89/81$
M/;/$'(_9.-"$8/-./-5*95("*=$/$(.95"*$%&$(*5)$@'A)$F$5;$U&,c;&,/$9&;'/("*;&,9&$U*&#L)&*$&$
&;$'(&8&,6"$%&$5;"$%/&,6"$97/$%&)"89"%/("$-/;/$F$/$-"8/$%"$IJHB$/$R/)&(,/$;/6";<.-",/=$
R5."%/ $ '&*" $ -/,89.95.67/ $ & $ '&*/8 $ /<k&-9.)/8 $ %" $ 85" $ '/*L9.-" $ -5*95("*= $ 9&; $ %&8&,)/*).%/ $ )_(./8$
&8U/(6/8 $ '"(" $;5%"($ "8 $ ,/(;"8$ %&89& $(.95"* $ "9(")F8 $%/ $(&-/,Z&-.;&,9/ $ %"8 $B!8 $," $R&897/$ %&$
'"9(.;c,./8$-5*95(".8$&$9&;$'(/;/).%/$'&8G5.8"8$-/;5,.9_(."8$'"("$.,9&R("67/$%&$,/)/8$)"*/(&8$
-5*95(".8$U")/(_)&.8 $"$b$8"O%&$'O<*.-"1$E$'(/-&88/$F=$-/,95%/=$&$-/;/$8&(."$%&$&8'&("(=$<"89",9&$
*&,9/ $ & $ / $ ,/)/ $ (.95"* $ F $ k5*R"%/ $ ,&R"9.)";&,9& $ '/( $ "*R5,8 $ ;&;<(/8 $ %/ $ R(5'/= $ ,7/ $ 8&,%/$
(&-/,Z&-.%/$-/;/$5;"$U/(;"$&U&-9.)"$%&$'5(.U.-"67/1$K"$'(_9.-"$9("9"X8&=$-/;/$W58h&,$`2>>Aa$/$
.%&,9.U.-/5=$5;$%&8*.S";&,9/$(.95"*=$'/.8$"8$&#'&-9"9.)"8$%"8$-/;5,.%"%&8$87/$%.U&(&,9&81
4"("$/8$(&8.%&,9&8$%/$%.89(.9/$%&$:/((5;<"*"=$"$,/)"$U/(;"$%&$'5(.U.-"67/$8c$'/%&$8&($
&U&-9.)"$8&$&,)/*)&($/$8"-(.U.-/$%&$",.;".8=$"G5.*/$"$G5&$!f*/($`-.9"%/$'/($Q//%f$2>p>a$%&8.R,"$%& $
5;"$&8'F-.&$%&$%"6&1"$6-6*:)=$'&*/$G5"*$/8$'("9.-",9&8$%/$(*5)$@'A)$U"S&;$/U&(9"8$"/8$&8'L(.9/8$
%/8 $ 8&58 $ ",9&'"88"%/8= $ -5k" $ U5,67/ $ F $ ;",59&,67/ $ %/8 $ )"*/(&8 $ 9("%.-./,".8 $ %"8 $ -/;5,.%"%&8=$
'/(F;=$/$8"-(.UL-./$%&$",.;".8$G5&$/-/((&$/5$"$'(&8&,6"$%/$8",R5&$%/8$",.;".8$,&89"8$-&(.;c,."8$
-/,89.95.$'/($8.$8c$5;$&*&;&,9/$%&$'5(.U.-"67/1$
B88.;=$;".8$%/$G5&$5;"$'(_9.-"=$/ $(*5)$@'A)$ 9&;$5;$8.R,.U.-"%/$%&$"'(/U5,%";&,9/$%"$
).%"$8/-."*$&$%"$-/;5,.%"%&=$%&$,&R/-."67/$%"8$9("%.6T&8$G5&$U"S&;$"$Z.89c(."$%/$R(5'/$&=$9",9/$"$
9("%.67/$-/;/$"$Z.89c(."$87/$.,U*5&,-."%"8$'&*"8$;5%",6"8$G5&$"8$-/;5,.%"%&8$9+;$&,U(&,9"%/1$
4/($.88/=$9",9/$/$(.95"*$%&$(*5)$@'A)$,/$-/,9&#9/$"U(.-",/=$-/;/$"$'5(.U.-"67/$%&$).O)"8$,"$~,%."$/5$
" $ -&*&<("67/ $ %& $ -&(.;c,."8 $ (.95".8 $ ,/ $ ;5,%/ $ /-.%&,9"* $ Ù&89"8 $ %& $ ",.)&(8_(./8= $ R("%5"6T&8=$
-&(.;c,."8$%&$-"8";&,9/=$&9-1=a=$;/89(";$G5&$/8$)"*/(&8=$/$8&,9.%/$&$/$8.R,.U.-"%/$%"$'(_9.-"$(.95"*$
9+;$.%+,9.-/8$8.R,.U.-"%/8$"'&8"($%"8$&8'&-.U.-.%"%&8$-5*95(".8$%/$&8'"6/$`Q(.;&8=$p33?w$Q//%f=$
2>p>a1
M/;/$;&;<(/8$%"$-/;5,.%"%&=$9/%"8$"8$).O)"8$%&)&;$'("9.-"($/$(.95"*$%&$(*5)$@'A)=$'/.8$
/ $ &89"%/ $ %& $ '/*5.67/ $ &; $ G5& $ 8& $ &,-/,9("; $ 9&; $ -/,8&G5+,-."8 $ ,&U"89"8 $ "/ $ ,L)&* $ %" $ 8"O%&=$
%&8&,-"%&",%/$%/&,6"8$G5&$,7/$8&$9("9";$&;$Z/8'.9".8^$"$&89&$(&8'&.9/$Q(",k/$`2>>3=$'1$?A>a$
8"*.&,9"$G5&$r8&$"$RF,&8&$&$"$%.,o;.-"$%"8$%/&,6"8e"-.%&,9&8$8&$85</(%.,";$"$(&*"6T&8$-"58".8$
;"9&(.".8=$&89&$9.'/$%&$("ST&8$"'&,"8$&#'*.-"$D"%"$F$G5&$/8$.,U/(9O,./8$"-/,9&-&(";w$,7/$&#'*.-"$
(".8'&$ F$G5&$&*&8$/-/((&(";s$&8'&-.U.-";&,9&$,"$).%"$%&$5;"$'&88/"$&=$,/(;"*;&,9&=$8&R5,%/$
(Z
&89&$"59/(=$,/$-/,9&#9/$-5*95("*$;/6";<.-",/$"8$'/88L)&.8$(&8'/89"8$'"("$/8$r'/(G5+8s$<58-";X8&$
"9(")F8$%/8$8&R5.,9&8$'(&885'/89/8^$r,&R*.R&,-."$/5$.,-"'"-.%"%&$%"$)L9.;"$(&-/,Z&-&($&$&).9"($
'&(.R/8$&;$-"58"s$/$G5&$,/$-"8/$%/$(*5)$@'A)$&89_$"88/-."%/$-/;$5;"$'/88L)&*$(&-58"$b$'(_9.-"$%/$
(.95"*w$r5;$"-9/$%&$U&.9.6"(."$G5&$"9(".$'"("$/$'&(.R/$/5$"$%.89("."$"$85"$&#.89+,-."s=$,&89&$-"8/$&;$
&8'&-.U.-/$8&$(&U&(&$"$'"(9.-.'"67/ $/5$,7/$-5(",%&.(/8=$'/.8 $&89&8$F$G5&$9+;$"$-"'"-.%"%& $%&$
6&#D"=.*.$ "8$'/88L)&.8$8.95"6T&8$%&$'&(.R/$&$r5;"$858'&,87/$%&$'(/9&-67/$'/($'"(9&$%/8$8&58$
",9&'"88"%/8=$G5&$%&.#";$%&$"$"*&(9"($'"("$/8$'&(.R/8$&;.,&,9&8$/5$%&$"$"U"89"($%&*&8s=$/5$8&k"=$/8$
.,&).9_)&.8$;"*&8$G5&$'/%&;$"-/,9&-&($9",9/$'"("$"$).%"$%"$).O)"$<&;$-/;/$%"$U";L*."1
E$-"'.9"*$8/-."*=$&-/,c;.-/$&$-5*95("*$&#&(-&$5;"$8.R,.U.-"9.)"$.,U*5+,-."$,"$8"O%&$%/8$
.,%.)L%5/81$K/$-"8/$%&$:/((5;<"*"=$-/;$5;"$'/'5*"67/$;"./(.9"(.";&,9&$(5("*$&$5;$,L)&*$%&$
&8-/*"(.%"%&$<".#/=$&89"8$%.U&(&,9&8$U/(;"8$%&$-"'.9"*$%&9&(;.,";$"8$(&'(&8&,9"6T&8$G5&$&#.89&;$
8/<(&$"$8"O%&$&$%/&,6"1$E$U"-9/$%&$8&($5;"$'/'5*"67/$G5&$).)&$;"./(.9"(.";&,9&$%"$"R(.-5*95("$%&$
85<8.89+,-." $ U";.*."( $ & $ -/; $ 5; $ (&,%.;&,9/ $ ;&,8"* $ <".#/ $ "U&-9" $ / $ 8&5 $ &89"%/ $ %& $ 8"O%&=$
'"(9.-5*"(;&,9&$,"8$G5&89T&8$%&$VJWXIJHB1
(;
!CB89D<>;Ei<8+19B;98
B/$*/,R/$%&89"$%.88&(9"67/$'(/-5(_;/8$(&U*&-9.($8/<(&$"*R5;"8$G5&89T&8$(&*"-./,"%"8$-/;$
/$(.95"*$%& $(*5)$@'A)=$'(&8&,9&;&,9&$-/,8.%&("%/$-/;/$5;$%/8$U"-9/(&8$%&$'(/'"R"67/$%/$VJWX
IJHB$&;$:/6";<.G5&1$4(/-5(_;/8$9";<F;$-/,Z&-&($"8$"-6T&8$%/$,O-*&/$%.89(.9"*$%/$-/;<"9&$b$
IJHB$&;$:/((5;<"*"$&;$U5,67/$%/$(.95"*$%&$(*5)$@'A)$<&;$-/;/$"8$(&"-6T&8$%&$"*R5,8$"-9/(&8$
&,)/*).%/8$,/$(.95"*1
V&(.U.-_;/8=$-/;/$;5.9/8$/59(/8$",9&8$%&$,c8=$G5&$8&$9("9"$%&$5;$U&,c;&,/$%&'&,%&,9&$
%/8$'"%(T&8$-5*95(".8$%/$&8'"6/$&;$&895%/=$G5&$"8$"59/(.%"%&8$R/)&(,";&,9".8=$&;$'"(-&(."$-/;$
"8$EKQÑ8=$'(/-5("; $"%"'9"(=$"9(")F8 $%/$'(.,-L'./ $%&$r;/6";<.-",.S"($"$IJHBs= $%&$U/(;"$"$
;.,/("($/8$&U&.9/8$&$;&8;/$&).9"($"$'(/'"R"67/$%"$%/&,6"1$
M/,89"9_;/8 $ G5& $ "9(")F8 $ %/ $ &,)/*).;&,9/ $ %/8 $ R5"(%.T&8 $ %" $ 9("%.67/ $ X $ "8 $ *.%&(",6"8$
9("%.-./,".8$&$/8$-5(",%&.(/8$X=$U/.$'/88L)&*$-(."($5;"$U/(6"$-"'"S$%&$;5%"($5;$-/;'/(9";&,9/$
"*9";&,9&$'(/<*&;_9.-/$&;$9&(;/8$%&$8"O%&$'O<*.-"1$E8$%"%/8$%/$-";'/$;/89(";X,/8$G5&$-/;$/$
"'/./$%/$R/)&(,/$-&,9("*$&$%&$/(R",.8;/8$.,9&(,"-./,".8=$/$,O-*&/$%.89(.9"*$9&,9"$-/;<"9&($/$(.95"*$
%&$(*5)$@'A)$,5;"$'&(8'&-9.)"$-5*95("*1
V&(.U.-_;/8$".,%"$G5&$/8$.%/8/8$&$/8$*L%&(&8$9("%.-./,".8$k589.U.-";$"$R(",%&$.,-.%+,-."$%/$
VJWXIJHB$,/8$k/)&,8$&;$:/((5;<"*"$'&*"$(&-58"$&;$8&R5.($"$9("%.67/=$.,-*5.,%/$"G5.$'(_9.-"$%/$
(.95"*$%&$(*5)$@'A)+$"'(&8&,9",%/$"$$IJHB$-/;/$5;"$&8'F-.&$%&$'5,.67/$&#&(-.%"$'&*/8$&8'L(.9/8$
%/8$",9&'"88"%/8V
n5",9/$"/$(.95"*$'(/'(.";&,9&$%.9/=$/8$%"%/8$%&$-";'/$%&;/,89(";$G5&$,&;$9/%"8$"8$
).O)"8$'/%&;$8&($'5(.U.-"%"8^$9("9",%/X8&$%&$5;"$).O)"$.%/8"$,7/$Z")&(_$*5R"($b$(&"*.S"67/$%"$
(&*"67/ $ 8&#5"* $ (.95"*= $ '/%&,%/ $ &89" $ 8&( $ '("9.-"%" $ '&*/ $ U.*Z/ $ ;".8 $ )&*Z/ $ -/; $ " $ 85" $ (&8'&-9.)"$
&8'/8"1$4/($/59(/$*"%/=$&$"/$-/,9(_(./$%&$'&8G5.8"8$(&"*.S"%"8$&;$/59(/8$-/,9&#9/8$,"-./,".8$&$
&89(",R&.(/8= $ " $ '5(.U.-"67/ $ '/( $ ;/(9& $ ,/ $ %.89(.9/ $ %& $ :/((5;<"*" $ (&"*.S"X8& $ 9",9/ $ ,/ $ -"8/ $ %"8$
;5*Z&(&8$-/;/$%/8$Z/;&,8=$8&,%/$G5&$,&89&$O*9.;/$-"8/$8&$'(/-&%&$b$"G5.8.67/$%/8$8&().6/8$%&$
5;"$;5*Z&($'"("$(&"*.S"($/$(.95"*V
D&R("$R&("*=$/8$&*&;&,9/8$G5&$%.9";$"$&8-/*Z"$%& $(*5)$@'A)$ %&'&,%&;$%"$-"9&R/(."$%"$
'&88/"$;/(9"1$E8$,/88/8$&895%/8$;/89(";$G5&$'"("$/$-"8/$%"8$).O)"8$"8$,/(;"8$&,)/*).%"8$8&$
-(5S";$-/;$"$'(/<*&;_9.-"$%/$VJWXIJHB$5;"$)&S$G5&$%&9&(;.,";$"$(&"*.S"67/$%&$"-9/8$8&#5".8$
8&;$'(/9&-67/1$N;$U"-9/$G5&$,7/$F$(&-/,Z&-.%/$'&*/8$"-9/(&8$&,)/*).%/8$'/.8$/$(.95"*=$9"*$-/;/$/$
'("9.-";=$U/.X*Z&8$9(",8;.9.%/$'&*/8$",9&'"88"%/8$-/;/$5;"$'(_9.-"$8&R5("1
3M
B9(")F8 $ %/ $3L)##)4Q)42)$ "8 $ "59/(.%"%&8 $ R/)&(,";&,9".8 $ %/ $ %.89(.9/ $ %& $ :/((5;<"*"$
-/,8&R5&; $ -/,-.*."( $ " $ '(_9.-" $ %& $(*5) $ @'A)$ b8 $ ;&%.%"8 $ %& $ '(&)&,67/ $ %" $ IJHB$ 9&,%/ $ /<9.%/$
(&85*9"%/8$'/8.9.)/8$'/($'"(9&$%"8$-/;5,.%"%&81$K"$",_*.8&$8/<(&$"8$<"((&.("8$G5&$&#.89&;$'"("$
.;'/( $ &89" $ ;5%",6" $ " $ /59("8 $ */-"*.%"%&8 $ %/ $ %.89(.9/ $ &,-/,9("X8& $ " $ (&8.89+,-." $ %/8 $ *L%&(&8$
9("%.-./,".81$C;$G5"*G5&($%/8$-"8/8=$"8$;5*Z&(&8$;/89(";$8/U(&($-/;$"8$,/(;"8$&89"<&*&-.%"8$
'&*"8$*&.8$-/,85&95%.,_(."8$&$,7/$9+;$R(",%&$&8'"6/$%&$;",/<("$'"("$U"S&($)"*&($"$85"$)/,9"%&1$
E$'"'&*$%"8$"59/(.%"%&8$R/)&(,";&,9".8$,&89&$'(/-&88/$F$%&$;&%."67/$&,9(&$"$9("%.67/$&$"$
,&-&88.%"%& $ %& $ .;'*&;&,9"( $ ;&%.%"8 $ 9&,%&,9&8 $ b $ '(&8&()"67/ $ %" $ 8"O%& $ %"8 $ '/'5*"6T&81E59(/$
"8'&-9/$G5&$%&)&$8&($(&U&(.%/$F$/$-"(_-9&($&-/,/;.-.89"$G5&$/$(.95"*$%&$'5(.U.-"67/$'/%&$"885;.(=$/$
G5&$8&R5(";&,9&$U5,-./,"(_$-/;/$5;$/59(/$U"-9/($%&$(&8.89+,-."$b$;5%",6"1$
K/$&,9",9/=$/8$,/88/8$.,G5F(.9/8$;/89(";$.R5"*;&,9&$G5&$"8$(&'(&8&,9"6T&8$8/-.".8$%/$
(.95"*$%&$(*5)$@'A)$&;$:/((5;<"*"$87/$%.,o;.-"81$K7/$8&$'/%&$&,9&,%&($/$(.95"*$%&$(*5)$@'A)$%&$
5;"$'&(8'&-9.)"$.8/*"%"$%&$/59("8$'(_9.-"8$-5*95(".8$(&*"-./,"%"8$-/;$"$;/(9&=$'/.8$/ $(*5)$@'A)$
(&*"-./,"X8&$-/;$"8$%&;".8$'(_9.-"8$9("%.-./,".8=$.89/$8.R,.U.-"$G5&$&#.R.(_$8&;'(&$"$,&-&88.%"%&$
%& $&895%/8 $-/,9L,5/8 $ 8/<(&$ &89" $9&;_9.-"1 $ 4/($/59(/ $ *"%/=$&89& $ (.95"* $ ,7/ $"'(&8&,9" $5; $ O,.-/$
-c%.R/=$'/($.88/$"$).87/$G5&$&#.89&$8/<(&$"$85"$.,U*5+,-."$,"$'(/'"R"67/$%/$VJWXIJHB$,/$'"L8$
%&'&,%&$%"8$(&'(&8&,9"6T&8$G5&$/$&89"%/$9&;$8/<(&$&89"8$'(_9.-"81
M/;$<"8&$,/$&,G5"%(";&,9/$-/,-&'95"*$-/,-*5L;/8$G5&$/$(*5)$@'A)$85'T&$5;"$(&'(&8&,9"67/$G5&$
F$'"(9&$%"8$.,)&89.R"6T&8$U&.9"8$,&89&$-";'/=$/5$8&k"=$"$-"%"$.,)&89.R"67/$8/<(&$(*5)$@'A)$-/,89(c.X
8&$5;" $(&'(&8&,9"67/$&$"$,/88" $'&8G5.8" $U"S$'"(9& $%&89&$-/,k5,9/ $%&$9("<"*Z/8 $G5&$'(/-5(";$
&#'*.-"($/$U&,c;&,/$%&$'5(.U.-"67/$%&$).O)"8$&;$[U(.-"1
K"$'(_9.-"=$&89";/8$&;$'(&8&,6"$%&$5;$'(/-&88/$9(",8U/(;"67/$%"$Z.89c(."$%&$5;$'/)/=$"$
G5&$"G5.$"'&,"8$U.S&;/8$5;"$'&G5&,L88.;"$"'(/#.;"67/1$I/<(&$&89"$;5%",6"$%"$Z.89c(."=$.;'/(9" $
8"*.&,9"( $ G5& $ ,7/ $ F $ 5;" $ ;5%",6" $ r'(/R(";"%"s $ & $ r,7/ $ 8& $ 8"<& $ G5"* $ F $ / $ 8&5 $ 8&,9.%/ $ /5$
/(.&,9"67/s=$;"8$F$"<8/*59";&,9&$U5,%";&,9"*$'&(-&<&($&89&$'(/-&88/$'"("$G5&$'/88";/8$9&($"$
,/67/$%&$G5&$"8$'(_9.-"8$-5*95(".8$,7/$-/,89.95&;$"*R/$G5&$'/88"$8&($&8G5&-.%/=$'/.8$&897/$,/$
-&,9(/$%"8$;5%",6"8$Z.89c(.-"8$%/$'"L81
:5.9/8$"8'&-9/8$-"(&-&;$%&$&895%/8$"'(/U5,%"%/8$&$;5.9"8$'&(R5,9"8$U.-"(";$'/($U"S&(1$
4/($&#&;'*/=$,7/$8"<&;/8$&U&-9.)";&,9&$G5".8$U/(";$/8$(&85*9"%/8$-/,-(&9/8$%/$9("<"*Z/$%"8$
"59/(.%"%&8$R/)&(,";&,9".8$&$%"8$EKQ8$,"$_(&"$%&$.,9&()&,67/$%&89&$&895%/$'"("$G5&$'/88";/8$
")"*."($%"$85"$&U.-_-."1$I&(_$.R5"*;&,9&$.;'/(9",9&$-/,Z&-&($&;$'(/U5,%.%"%&$/$8&,9.;&,9/$%&$
3@
"'"(&,9&$(&)/*9"$%"8$;5*Z&(&8$&;$(&*"67/$"$&89&$(.95"*1$E,%&$("%.-"$"$-(&,6"$%&$G5&$&#.89&$5;"$
(&*"67/$%.(&-9"$&,9(&$"$9/88&=$"$95<&(-5*/8&=$"8$</(<5*Z"8$&$/$8"(";'/$X$%/&,6"8$&'.%F;.-"8$,/$
%.89(.9/$%&$:/((5;<"*"$X$&$"$,7/$(&"*.S"67/$%/$(*5)$@'A){$C=$U.,"*;&,9&=$"$R(",%&$G5&897/^$"*R5;"$
)&S$8&$'/%&(_$G5",9.U.-"($"8$-/,8&G5+,-."8$%"8$'(_9.-"8$-5*95(".8$&;$:/6";<.G5&$,"$'(/'"R"67/$
%/$VJWXIJHB{
3K
1CB5<8+<+=9=:9C,>;19;
1CB5<8
JKC1$`2>>3a1 $,".5)1*6)6&$&%$,"I)%=*8'&V$P48'_.*5"$3)D*"4)1$#"=.&$0)'#)#$6&$,".5)1*6)6&+ $
g\\uj[1$:"'59/1
:JIBN1$`2>p>a1$i$MP/FcP>!$&%$,"I)%=*8'&H$B1)4"$3)D*"4)1$>&$0"%=)5&$)#$P9cjMP/jcP>!1$
:"'59/1
:JIBN1$`p33>a1$3)5*"4)1$!P>c$0"45."1$B."Q.)%%&$F$c&D"46$B2)#&$92.&&$v&).#$B1)4^$!(.*1$j]\ $
K$>&D&%=&.$]Z1$:JIBN=$:"'59/$`:"(6/a1
:JIBN1$`p3tta1$B."Q.)%)$3)D*"4)1$6&$0"%=)5&$w$cP>!H$B1)4"$6&$T$)4"#+$Z][[$K$Z]]\1$JKHC1$
:"'59/1
3h0XGi$BOi/P30P!X$>G$0i,E!9G$!i$MP/jcP>!$>G$<!k!1$`2>>@a1$D&*"9c(./$'"("$/$4MKI$
JJ1$]".X]".=$K4MI$%&$Q"S"1
3h0XGi$BOi/P30P!X$>G$0i,E!9G$!i$MP/jcP>!$>G$P3M!,E!3G1$`2>>@a1$D&*"9c(./$'"("$
/$4MKI$JJ1$J,Z";<",&=$K4MI$%&$J,Z";<",&=$`p3$%&$B<(.*a1
3h0XGi$BOi/P30P!X$>G$0i,E!9G$!i$MP/jcP>!$>G$ciR!X!1$`2>>@a1$D&*"9c(./ $'"("$/$
4MKI$JJ1$l&.("=$K4MI$%&$I/U"*"1$`:"./a1
3h0XGi$BOi/P30P!X$>G$0i,E!9G$!i$MP/jcP>!$>!$k!,ElkP!1$`2>>@a1$D&*"9c(./$'"("$/$
4MKI$JJ1$n5&*.;",&=$K4MI$%"$z";<FS."1$`B<(.*a1
3h0XGi$BOi/P30P!X$>G$0i,E!9G$!i$MP/jcP>!$>G$3!,BmX!1$`2>>@a1$D&*"9c(./$'"("$/$
4MKI$JJ1$K";'5*"=$K4MI$%&$K";'5*"1$`B<(.*a1
3h0XGi$BOi/P30P!X$>G$0i,E!9G$!i$MP/jcP>!$>G$0!Ei$>GX<!>i1$`2>>@a1$D&*"9c(./$
'"("$/$4MKI$JJ1;4&;<"=$K4MI$%&$M"</$H&*R"%/$`p@$%&$B<(.*a1
3h0XGi $BOi/P30P!X$>G$0i,E!9G$!i $MP/jcP>!$>G$3P!cc!1$`2>>@a1$D&*"9c(./$'"("$/$
4MKI$JJ1$\.-Z.,R"=$K4MI$%&$K."88"1$`p?$%&$B<(.*a1
3N
3h0XGi$BOi/P30P!X$>G$0i,E!9G$!i$MP/jcP>!$>!$k!,ElkP!1$`2>>@a1$D&*"9c(./$'"("$/$
4MKI$JJ1$n5&*.;",&=$K4MI$%"$z";<FS."=$`B<(.*a1
BGORPX$>i$>Pc9OP9i$>G$,iOOm,E!X!$BOi/P30P!$>!$k!,ElkP!1$`2>>?a1$:.,.89F(./$%&$
B%;.,.89("67/$C89"9"*1$:/6";<.G5&1
BX!3i $ Gc9O!9l<P0i $ 3!0Pi3!X $ >G $ 0i,!E!9G $ !i $ MP/FcP>!1 $ `2>>@a1 $ 4"(9& $ J$
M/;'/,&,9&$C89("9FR."$m$B,_*.8&$%&$I.95"67/1$:"'59/1$
4IJ$:/6";<.G5&1$`2>>p<a1 $0"%'4*D)I;"$&$,).@&5*4Q$().)$)$B.&:&4I;"$6)$cP>!H$G#5'6"$6" $
B&.A*1$6"$0"4#'%*6".$6&$B.&#&.:)5*:"1$4IJ=$:"'59/1
IBVC$!WC$MWJ\HDCK$:EMB:lJnNC$&$dBE1$`2>>3a1 $>*.&*5"#$6)#$D.*)4I)#$&$%'12&.&#$w $
(."(.*&6)6&$&$2&.)4I)$&%$,"I)%=*8'&1
!BKQE $ JK!CDKB!JEKB\$ JKM1 $ `2>>@a1 $92&%& $ ()(&. $ P/H $ <&46&. $ &J(1"*5)5*"4 $ *4 $ ,)1)S*1$
MBDC$:"*"g.1
NKBJHIeYWE1 $ `2>p>a1 $m3!P>c $ O&(".5 $ )46 $ <1"=)1 $ G(*6&%*D $ g\Z\1$ H.8'/,L)&* $ &;^$
Z99'êeggg15,".%81/(ReR*/<"*(&'/(9eQ*/<"*Ü(&'/(91Z9;1
NKBJHIeYWE1 $ `2>>qa1 $!P>c $ G(*6&%*D $ m(6)5&1$ H&-&;<&( $ 2>>q1 $ Q&,&)"= $ Ig.9S&(*",%1$

H.8'/,L)&*$&;^$Z99'êeggg15,".%81/(Reg"%e2>>qe'(&8#jG(*'(6)5&g\\Tx&4jG(*\Tx\\x&4V25%
$ NKBJHIeYWE1 $ `2>>2a1 $G(*6&%*"1"Q*D)1 $ A)D5 $ #2&&5# $ =L $ D"'45.L1 $ H.8'/,L)&* $ &;^$ $255(HjjS $

SSVS2"V*45j&%D$2*:jA)D5x#2&&5#1
NKCIME1$`2>>2a1$MP/j!P>c$B.&:&45*"4$)46$0).&$*4$,"a)%=*8'&V$!$c"D*)1$!((.")D2H$X*5&.)5'.& $
)46 $ P4#5*5'5*"4)1 $ !##&##&%&45+ $ )4# $ D)#& $ #5'6*&# $ "4 $ ,)4Q)+ $ c"A)1) $ B.":*4D& $ )46 $
,"..'%=)1)$>*#5.*D5=$k)%=&a*)1$:"'59/1$
Y\IB1$`p33@a1$>*.&*5"$6&$c'D&##;"$&$M&.)4I)V$>&().5)%&45"$6&$G#5'6"#$6)$,'12&.$&$<_4&."V$
M&,9(/$%&$C895%/8$BU(.-",/81$N,.)&(8.%"%&$C%5"(%/$:/,%*",&1$:"'59/=$:/6";<.G5&1
3G
=9=:9C,>;19;
B\C]BKHDC=$B1$&$\BNDCK!JKB$E1$\1$`2>>Aa1 $!1Q'4#$m#"#$&$0"#5'%&#$,)5.*%"4*)*#$6"# $
B":"#$v)"$&$3L)4d)$6)$B.":C4D*)$6"$3*)##)1$:/6";<.G5&1$BD4BM1$
B\VCIX:BzzE!!J=$B1$P1$`2>>ta1$rD&'(&8&,9"6T&8$I/-.".8^ $B8'&-9/8 $!&c(.-/8$&$B'*.-"%/8 $"$
C%5-"67/sV$O&:*#5)$,n15*(1)#$X&*5'.)#=$)1p1$,1$p=$''1$ptX@q1
B:BHJN:C= $ J1 $ `2>>Aa1 $c&J')1*5L+ $ !A.*D)4 $ O&1*Q*"F0'15'.)1 $ 9.)6*5*"4# $ )46 $ ,"6&.4*5LH $
GJ()46*4Q$52&$X&4#1$H.8'/,L)&*$&;$ggg1"(8(-1/(Re%/g,*/"%8eU&"95(&8e";"%.5;&1'%U1
B:lBIBXIWJIBKáB=$`2>>Aa1$rY.%/gZ//%$.,$9Z&$&("$/U$WJVeBJHI^$B$-"8&$895%f$/U$I*"f"$
H.89(.-9$y&,f"s1$7"'.4)1$"A$c"D*)1$!#(&D5#$"A$MP/j!P>c1$)1$@1$,1$21$
BIWdED!W=$l1=$:BC\=$d1$`p3t3a1$rI/-."*$J%&,9.9f$!Z&/(f$",%$9Z&$E(R",.S"9./,"*sV$!D)6&%L$"A$
,)4)Q&%&45$O&:*&S=$,1$p@=$''1$2>Xq31
BDDNHB=$B1$`2>>2a1$r!&/(."8$%"8$D&'(&8&,9"6T&8$I/-.".8$&$!&/(."8$%&$QF,&(/sV$ 0)6&.4"#$6& $
(&#8'*#)$,V$ppA=$''1p2AXp@A1
BK!àKJE=$B1=$E:BD=$\1=$\1$`2>>Aa1$!1Q'4#$m#"#$&$0"#5'%&#$,)5.*%"4*)*#$6"#$B":"#$v)"$& $
3L)4d)$6)$B.":C4D*)$6"$3*)##)1$:/6";<.G5&1$BD4BM1
lBI!EI=$M1$`2>>2a1$0*s4D*)+$B"6&.+$!DI;"H$!#$O&#("#5)#$w$cP>!1$J;'(&,8"$%&$M.+,-."8$I/-.".8$
N,.)&(8.%"%&$%&$\.8</"1$\.8</"1
lB!B\WB=$\1=$`p33?a1 $E.&:&$!4-1*#&$#"=.&$"$B).&45&#D"$D"%"$A".%)$6&$i.Q)4*a)I;"$c"D*)11$
J,89.959/$I5'&(./($%&$M.+,-."8$I/-.".8$&$4/*.9.-"81$\.8</"1
lBDHJK=$\1$`p3AAa1$!4-1*#&$6&$0"45&n6"1$I7/$4"5*/^$:"(9.,8$d/,9&81
lBNCD=$ :1=$ QBIyC\\= $Q1$ `2>>2a1 $B&#8'*#) $q')1*5)5*:) $ D"% $ 9&J5"$P%)Q&% $ & $c"%V$ V/S&81$
4&9(c'/*.81
lC\\=$M1$`p33Aa1$O*5')1H$B&.#(&D5*:&#$)46$>*%&4#*"4#1$K&g$á/(h^$E#U/(%$N,.)&(8.9f$4(&881$
lC\\=$M1$`p332a1$O*5')1$92&".L+$O*5')1$B.)D5*D&1$K&g$á/(h^$E#U/(%$N,.)&(8.9f$4(&881$
l\BKME=$C1$D1$&$HE:JKQEI$:1$W1$`2>>ta1$9.)6*It&#+$0'15'.)$&$<_4&."$4"#$B."Q.)%)#$6& $
>&#&4:"1:*%&45"1$:/6";<.G5&1
l\CQCD=$P1$`p3t>a1$9&%)#$6&$B#*D"1"Q*)H$&45.&:*#5)$&$Q.'("#1$!("%1$D.9"$:"(."$:1$%&$:/("&81$
I7/$4"5*/^$:"(9.,8$d/,9&81
lENDHJCN=$41=$`p3t?a1$r!Z&$U/(;8$/U$-"'.9"*s1$7"24$<V$O*D2).6#"4$W&6U+$M)46=""@$"A$92&".L $
)46$O&#&).D2$A".$52&$c"D*"1"QL$"A$G6'D)5*"41$K&g$á/(h^$Q(&&,g//%=$''1$2@pXp?t1
3V
lENDHJCN=$41=$`p3t>a1$r\&$-"'.9"*$8/-."*^$,/9&8$4(/).8/.(&8s1$!D5&#$6&$1)$O&D2&.D2&&4$$cD*&4D&# $
c"D*)1&#$TZ=$''1$2Xq1
lDBQB=$M1=$IEJ\B$W5$`p333a1$B&.A*1$6&$<_4&."$4)$(.":C4D*)$6&$3*)##)1$:/6";<.G5&1$BIHJ1
lDCByYC\\=$Q1$:1$`p3tua1$0"(*4Q$S*52$92.&)5&4&6$P6&45*5*&#V$\/,%/,^$:&9Z5&,1
lDJBK$ :1= $ `p3tAa1 $!452."("1"Q*D)1 $ c5'6*&# $ "A $ O&1*Q*"41 $ M";<(.%R&^ $ M";<(.%R& $ N,.)&(8.9f$
4(&881$
lDEYK= $ P1 $ C1 $&5 $ )1V$ `p33qa1 $ rH(f $ ",% $!.RZ9^ $ I&#5"* $ 4("-9.-&8 $ ",% $ 4/9&,9."* $BJHIs1$ c"D*)1 $
cD*&4D&$)46$,&6*D*4&1$K1$qA`ta1$
lDEEyCD=$41$`p333a1 $0'15'.)1$92&".LH$!$<1"##).L$!.4"16V $\/,%/,1$B$;&;<&($/U$9Z&$W/%%&($
W&"%*.,&$Q(/5'1$
lNMy\Cá=$I1$`p33Aa1$rY.U&$J,Z&(.9",-& $I'5(8$BJHI $D.8& $.,$y&,f"sV$ 92&$N)#2*4Q5"4 $B"#5 $
R".&*Q4$c&.:*D&$`K/)&;<&(a1
lN!\CDáI=$ :1=$d1= $&5$)111$`p33@a1$r!("%.9./,"*$;/5(,.,R$-589/;8$",%$9Z&$8'(&"%$/U$WJVXp$.,$
(5("*$.,$$Dg",%"^$"$9"(R&9$U/($BJHI$'(&)&,9./,{s$1$!P>c$1$)1$t1
MB\HYC\\=$P1$M1=$EDNlN\YC=$J1=$MB\HYC\\=$41=$`p33pa1$r!Z&$H&89"<.*.8"9./,$/U$9Z&$!("%.X
9./,"*$á/(5<"$I&#5"*$If89&;1s$B"('1)5*"4$)46$>&:&1"(%&45$O&:*&SV$,1$pAw$''1$223X2u21
MB\HYC\\=$P1$M1=$MB\HYC\\=$41=$nNJQQJK=$41=$`p3t3a1$r!Z&$I/-."*$M/,9&#9$/U$BJHI$.,$
I5<XI"Z"(",$BU(.-"1s$B"('1)5*"4$)46$>&:&1"(%&45$O&:*&SV$,1$p?`2a1$
MB\HYC\\=$P1$M1=$",%$MB\HYC\\=$41=$`p3tAa1$r!Z&$M5*95("*$M/,9&#9$/U$W.RZ$d&(9.*.9f$.,$85<X$
I"Z"(",$BU(.-"1s$B"('1)5*"4$)46$>&:&1"(%&45$O&:*&S1$,1$pq1$
MWB\J:lB=$:1$v$4JKHCD=$M1$`2>>2a1$<&46&.$("S&.$.&1)5*"4#$#5'6L$)46$52&$*%()D5$"A$#)A&5L $
4&5#$*4$,)1)S*V$)1$p1$MBDC$J,9&(,"9./,"*$:"*"g.1
MWBNMWB!= $ W1w $ HNDBKHXHC\VJQKC= $B1 $ `p333a1 $>& $ XyP6&45*5_ $ 6' $ c'd&5 $ )' $ X*&4$ #"D*)1V $
4"(.8$^$4(&88&8$N,.)&(8.9".(&8$%&$d(",-&1
MNMWC=$H1$`p33ua1$X)$3"5*"4$6&$0'15'.&$>)4#$1&#$cD*&4D&#$c"D*)1&#1$4"(.8^$\"$H&-/5)&(9&1
HCKJBNH=$d1=$&9$"*1$`p33pUV$r4/.,9$%&$V5&$I5($*&8$\.&,8$N,.88",9$VJW$&9$4("9.G5&8$D.95&**&8$&,$
BU(.G5&$!(/'.-"*&1s$0)2*&.#$c)45&V$,1$p1
HCIMWB:4I= $ P1 $ M1 $ &9 $ "*1 $ `p333a1 $/*&# $ c"D*)1&#H $ XyP6&45*5_ $ c"D*)1& $ F $ 1) $ 0"4#5.'D5*"4 $ 6& $
XyP46*:*6' $ >)4# $ 1&# $ O&1)5*"4# $ &45.& $ <."'(&#1 $ Q(&,/<*&^ $ 4(&88&8 $ N,.)&(8.9".(&8 $ %&$
Q(&,/<*&1
3(
HJBI= $ !1= $ E:E!C= $ I1 $ `p33?a1 $ rC,9(&).89" $ &; $ C%5-"67/ $ C8'&-."*^ $ "8'&-9/8 $ ;&9/%/*cR.-/81s$
O&:*#5)$E.)#*1&*.)$6&$G6'D)I;"$G#(&D*)11$)1$q=$''1$3qXp>>1
HE\\J:EDC= $ P1 $ `p33@a1 $c&J')1 $ >*##*6&4D&H $!'Q'#5*4& $ 5" $ N*16&+ $ R.&'6 $ 5" $ R)'D"151$ E#U/(%^$
M*"(&,%/,$4(&881$
HENQ\BI=$:1$`p3uua1$B'.*5L$)46$>)4Q&.H$)4$!4)1L#&#$"A$52&$0"4D&(5#$"A$B"11'5*"4$)46$9)=""V $
\/,%(&8=$D/59*&%R&$",%$y&R",$4"5*1
HNBD!C=$D1=$`2>>2a1$r4&8G5.8"$n5"*.9"9.)"^$D&U*&#T&8$8/<(&$/$!("<"*Z/$%&$M";'/1s$0)6&.4"#$
6&$B&#8'*#)=$,1$pp?1
HNDyWCJK=$C1=$`p3p2a1$X&#$R".%&#$_1_%&45)*.&#$6&$1)$:*&$.&1*Q*&'#&H$1&$#L#5&%&$5"5_%*8'&$&4 $
!'#5.)1*&1$4"(.81$d&*.#$B*-",1
C\CPBlBDDJC!B= $ d1 $ `p33@a1 $ rI/-."* $ 4/8.9./,.,R^ $ " $ g"f $ 9/ $ *.,h $ 8/-."* $ .%&,9.9f $ ",% $ 8/-."*$
(&'(&8&,9"9./,1s$c"D*)1$cD*&4D&$P4A".%)5*"41$)1$qq=$2=$''1$2@pX2?q1
C!WJCD=$ y1 $B1= $ v $HCBN]= $ y1 $ `p33@a1 $ rK&R/9."9.,R $ 8/-."* $ .%&,9.9f $ gZ&, $ -/,9&#98 $ -Z",R&^$
:".,9".,.,R$.%&,9.U.-"9./,$",%$(&8'/,%.,R$9/$9Z(&"91s $7"'.4)1$"A$B&.#"4)1*5L$)46$c"D*)1 $
B#LD2"1"QLV$,1$$uA=$''1$2@qX2?p1
dBIIJK=$H1$`p333a1$r\â",9Z(/'/*/R.&$&,9(&$&,R"R&;&,9$&9$%.89",-."9./,1$C88".$%&$8/-./*/R.&$%&8$
(&-Z&(-Z&8$&,$8-.&,-&8$8/-."*&8$85($*&$8.%"$&,$BU(.G5&1s$J,$M1$l&-h&(=$&9$"*1$`C%81a=$/*:.&$&5$
(&4#&.$1&$#*6)$&4$!A.*8'&=$''1$@pXuu1$
dC\JMJBKE=$P1$d1$`p33ta1$!45."("1"Q*)$GD"4f%*D)$6"#$92"4Q)$4"$c'1$6&$,"I)%=*8'&V$B(G5.)/8$
W.89c(.-/8$%&$:/6";<.G5&1$:"'59/1
dCDDCJDB=$B1$l1$W1=$`p3A?a1 $3":"$>*D*"4-.*"$!'._1*"$6)$XC4Q')$B".5'Q'&#)V$ D./$%&$P",&.(/^$
K/)"$d(/,9&.("1
d\JMy=$N1$`p33t"a1$B#LD"1"QL$"A$52&$c"D*)11$M";<(.%R&^$$M";<(.%R&$N,.)&(8.9f$'(&881
QBNIIC!=$n1$`2>>pa1$rBJHI$",%$-5*95("*$'("-9.-&8$.,$BU(.-"^$9Z&$-"8&$/U$9Z&$!/,R"$`z";<."a=$
J,89.959&$/U$B,9Z(/'/*/Rf1s$c"D*)1$cD*&4D&$)46$,&6*D*4&V$)1$?2=$''1?>3X?pt1$
QBNIIC!= $ n1e:EQCKICK= $ W1E1 $ `p33ua1 $ sI.%" $ &9 $ 4/**59./,8 $ I&#5&**&8 $ MZ&S $ *&8 $ !/,R" $ %&$
z";<.&1s$0)2*&.#$6z$G5'6&#$!A4D)%&#=$)1$p@q1
QJ!!JKQI=$M1=$`p3t@a1$>&)52+$E'.*)1$)46$52&$P46*:*6')1$*4$G).1L$,"6&.4$G4Q1)46=$\/,%/,$",%$
If%,&f1
QEEHá=$P1$`2>p>a1$,L52+$O*5')1$)46$52&$i.)11$M";<(.%R&$N,.)&(8.9f$4(&881$K&g$á/(h1
33
QEEHá= $ P1 $ `p3upa1 $ rD&*.R./, $ B,% $ D.95"*^ $ !Z& $ H&U.,.9./,"* $ 4(/<*&;Ve $ E.*5*#2 $ 7"'.4)1 $ "A $
c"D*"1"QL1$)1$p2=$''1$p@2Xpu@1
QEDHEK=$D1=$C%1$`2>>?a1$r!Z&$:&",.,R8$/U$J,Z&(.9",-&^$4&(8'&-9.)&8$/,$K";.<.",$.,Z&(.9",-&$
'("-9.-&81s$<&46&.$O&#&).D2$)46$!6:"D)DL$B."d&D51$Y.,%Z/&h1
QDBäB$ d1=$`2>>2a1$MP/j!P>c$B.&:&45*"4$)46$0).&$*4$,"a)%=*8'&H$)$c"D*"D'15'.)1$!((.")D21$
:"'59/=$\.9&("95(&$",%$J,89.959./,"*$B88&88;&,9=$NKCIME1
QDBKPE=$41$`2>>3a1$rI"O%&$&$H/&,6"$&;$:/6";<.G5&Vs$ c)n6&$c"DV$c;"$B)'1"1$)1$pt1$,1$@1$
4'1?uAX?tp1
QDBKPE=$41$`2>>Aa1$r\.;'&S"$(.95"*$&$(&.,9&R("67/$'c8XR5&(("$&;$:/6";<.G5&Vs$!4-1*#&$c"D*)11$
)/*1$pt2=$''1$p2qXp@@1
QDCICKQNC!=$Q1=$&9$"*1$`p33Aa1$rWJV$.,U&-9./,$",%$)"R.,"*$%/5-Z.,R$.,$M&,9("*$BU(.-"1s$!P>c1$
)1$pp=$''1$p>pXp>u1$
QDJ:CI=$D1=$\1=$`p33?a1$,)..L*4Q${$E'.L*4QV$O*5&#$"A$B)##)Q&$*4$)$,&4y#$X*A&1$Y&89)&g$4(&881$
l/5*%&(1$I",$d(",-.8-/1$E#U/(%1$
QNJ:BDãCI=$M1=$H1$`2>>pa1$!P>c$4"$R&%*4*4"H$B".$8'&$)$0)6)$>*)$%)*#$,'12&.&#$0"45.)&% $
!P>c$4"$E.)#*1r$C%.9/("$NdDP=$D./$%&$P",&.(/1
WB::CD=$B1$`p333a1$ÄB.%8$5,%$!"<51 $z5($I/S./h5*95(&**&,$y/,89(5h9./,$)/,$B.%8$<&.$\5/$.,$
Y&89h&,."Ä1$M)%='.QV$\.91?@1
WBDDJIEKXMWJDJ:NN!B=$D1$P1=$$MWJDJ:NN!B=$D1$M1$`p33Aa1$rBJHI$U(/;$BU(.-"^$"$-"8&$/U$
("-.8;$)81$8-.&,-&{s$J,$Q1$M1$l/,%=$&5$)11=$!P>c$*4$!A.*D)$)46$52&$0).*==&)4=$''1$pu?Xpt>1$
WCB\H=$I1=$`p33?a1$ r!Z&$4/g&($/U$I&#^$I/;&$D&U*&-9./,8$/,$9Z&$M"*%g&**8$BU(.-",$I&#5"*.9f$
!Z&8.8^$$BU(.-"1s$7"'.4)1$"A$52&$P45&.4)5*"4)1$!A.*D)4$P4#5*5'5&1$)1$u?1$,1$/1$@=$''1$@t3X$?>?1
WCKHDá$P1$`2>>ta1 $!4$P45."6'D5*"4$5"$c"D*)1$!452."("1"QLV$c2).*4Q$"'.$S".16#V$ 2,%$ &%.9./,1$
N,.)&(8.9f$4(&881$NIB1
WCDH!=$Q1=$W1=$`p33ta1$O*5')1#$"A$,)42""6V$,)1&$P4*5*)5*"4$*4$B)(')$3&S$<'*4&)V$9.)4#)D5*"4 $
B'=1*#2&.V$K&g$l(5,8g.-h$`NIBa$",%$\/,%/,$`Nya1
WCDz\JMW$M1$`2>>?a1 $rB$4(/<*&;_9.-"$%"$D&'(&8&,9"67/$I/-."*$&$85"$N9.*.%"%&$,/$M";'/$%"$
H/&,6"Ve$BMvcPcH$O&:V$c)n6&$0"1&5*:)1$)1$p?=$''1$?AXA>1
WDHá= $ H1 $ l1 $ `p3tAa1 $ rM5*95("* $ '("-9.-&8 $ -/,9(.<59.,R $ 9/ $ 9Z& $ 9(",8;.88./, $ /U $ Z5;",$
.;;5,/%&U.-.&,-f$).(58$.,$BU(.-"1s$O&:*&S#$"A$P4A&D5*"'#$>*#&)#&#1$)1$$31
3Z
WNK!JKQ!EK= $ D1= $ :C!MB\d1 $ `p3A3a1 $0&1&=.)5*"4 $ "A $ >&)52V $ 92& $!452."(1"QL $ "A $ ,".5')1 $
O*5')11$M";<(.%R&1
WNK!=$M1$Y1$`p33ua1$c"D*)1$:#$=*"1"Q*D)1H$52&".*&#$"4$52&$5.)4#%*##*"4$"A$!P>c$*4$!A.*D)1$c"D*)1 $
cD*&4D&$)46$,&6*D*4&1$)1$@2`3a1$
JKQE\H=$!1=$`p33@a1$ $0"%()4*"4$G4DLD1"(&6*)$"A$!452."("1"QL1$D/59*&%R&1$\/,%/,$",%$K&g$
á/(h1
JKQI!BH=$l1$lDNNK=$d1 $!\EN=$ I1$`p33Aa1$rBJHI$",%$9Z&$C*%&(*f$!8g","^$!Z&$M/,-&'9$/U$
4/**59./, $ ",% $ M/,8&G5&,-&8 $ U/( $ BJHI $ 4(&)&,9./,Vs$ 7"'.4)1 $ "A $ 0."##F0'15'.)1 $
<&."45"1"QL1$)1$p2=$''1$q?AXA21
JKQI!BH=$l1$`p33>a1$$r!Z&$M5*95("*$M/,89(5-9./,$/U$BJHI$",%$J98$M/,8&G5&,-&8$U/($4(&)&,9./,$
.,$l/98g","1s$$,&6*D)1$!452."("1"QL$q').5&.1L+$3&S$c&.*&#1$)1$@1$,1$p=$''1$2tX@>1
PBMyIEK=$I1=$IME!!=$I1=$`p33ua1 $R&%*4*#%$)46$c&J')1*5LH$!$O&)6&.1$C%.,<5(RZ^$C%.,<5(RZ$
N,.)8&(8.9f$4(&881$C%81
PC!!CK=$P1=$ExlDJCK=$B1=$v$!DJKHB\\=$K1$`2>>2a1$rMZ",R.,R$J%&,9.9f^$4(&%.-9.,R$"%k589;&,9$
9/$/(R",.S"9./,"*$(&89(5-95(&$"8$"$U5,-9./,$/U$85<R(/5'$",%$85'&(/(%.,"9&$.%&,9.U.-"9./,1s$
E.*5*#2$7"'.4)1$"A$c"D*)1$B#LD2"1"QLV$$)1$@p=$''1$2tpX23A1
PEWBKKJIIEK1$ P1$`p3tta1$ $>&5$%|5=).)$#)%2|11&5H$#5)5*#5*@$"D2$#)%2|11#6.}%$*$Zu\\F5)1&5# $
G'."()1$I9/-hZ/*;^$K/(89&%91
yB\JIW=$ D1=$B1=$ `p3t>a1 $>&)52 $)46$ >L*4QH $/*&S#$ A."%$%)4L$ 0'15'.&#1$l"fg//%$ 45<*.8Z.,R$
M/;'",f=$J,-1$K&g$á/(h1
yCII\CD=$!1=$v $:N::CKHCá=$B1$`2>>2a1$rI&G5&,9."*$/($'"("**&*$'(/-&88&8{$B$*/,R.95%.,"*$
U.&*% $ 895%f $ -/,-&(,.,R $ %&9&(;.,",98 $ /U $ .%&,9.9fX;","R&;&,9 $ 89("9&R.&81s $7"'.4)1 $ "A$
B&.#"4)1*5L$)46$c"D*)1$B#LD2"1"QL1$)1$t2=$''1$A?Xtt1
yNKHB=$B1$`p33?a1$r4(&885(&$9/$<",$8&#5"*$-*&",8.,R$.,$z";<."1s$!P>c$!4)1L#*#$!A.*D)$)1$?1
\BdDBKJCDC=$I1$`2>>?a1$$rBJHI$K/g$M/;'&*8$BU(.-"$9/$MZ"**&,R&$Y.%/g8$M*&",8.,R1s$92&$
3&S$v".@$9*%&#$`:"f$ppa1
\CBMW=$C1=$D1=$`p3uta1$O*5')1V$P4$P45&.4)5*"4)1$G4DLD1"(&6L$"A$c"D*)1$cD*&4D&1$pq9Z$&%=$K&g$á/(h$
",%$:-;.**",$",%$d(&&$4(&88=$''1$?2>X?2u1
\EdED!C=$B1$:1$`2>>qa1$B.-5*D)#$0'15'.)*#$&%$O&1)I;"$w$c&J')1*6)6&$&$O&(.&#&45)It&#$#"=.& $
c)n6&$&$>"&4I)1$:"'59/1$M&,9(/$%&$C895%/8$%&$4/'5*"67/$%"$d"-5*%"%&$%&$\&9("8$%"$
N,.)&(8.%"%&$C%5"(%/$:/,%*",&1
3;
:BMHEKB\H=$H1$I1$`p33ua1$rK/9&8$/,$9Z&$8/-./X&-/,/;.-$",%$-5*95("*$U"-9/(8$.,U5&,-.,R$9Z&$
9(",8;.88./,$/U$WJV$.,$l/98g","1s$c"D*)1$cD*&4D&$)46$,&6*D*4&=$)1$@2`3a1
:BMWBHE=$W1$V1$`2>>qa1$rB$.%&,9.%"%&$&$/$-/,9&#9/$/(R",.S"-./,"*^$'&(8'&-9.)"8$%&$",_*.8&1s$
O&:*#5)$6&$!6%*4*#5.)I;"$0"45&%(".b4&)V$C%.67/$C8'&-."*=$''1$?pXAq1
:BKzJKJ=$C1$P1$B1$`p33>a1$!$&45.&:*#5)$4)$(&#8'*#)$#"D*)1V$H.%_9.-"=$I7/$4"5*/1
:BD!~KCz=$d1$\1$`p3ApXp3t?a1$G1$B'&=1"$,)Dn)$L$#'$D'15'.)H$!4-1*#*#$6&$1"#$:)1".&#$D'15'.)1&# $
6&1$('&=1"$%)Dn)$&4$&1$D*D1"$:*5)11$!("%1$P/8F$d&(,","%/$%"$D/-Z"$:"(9.,81:/6";<.G5&1
:BD!JKCz1$d1\1$`p33?a1$!45."("1"Q*)$0'15'.)11$:"'59/1
:B!E\B=$B1$`2>>ta1$,"I)%=*8'&H$c*6)$&$M)=*5"#$9.)6*D*"4)*#1$:"'59/1$
:B!IJKWC1$M1$`2>>?a1$ $9-='1)$O)#)H$>*4)%*D)$6)$O&#("#5)$,"I)%=*D)4)$)"$cP>!V$p"$&%.-"/1$
!&#9/$C%.9/(&81$$:"'59/1$
:CW!B=$Q1$`p33qa1$O)d1$K&g$H&*Z.^$4&,G5.,$l//h81
:JKBáE= $:1M1$`p33pa1$rB</(%"R&; $",9(/'/*cR.-"$'"("$")"*."67/$%&$'/*L9.-"8 $8/-.".81s $O&:V$
c)n6&$(n=1V$)1$2?=$''1$2qqX2qt1
:EQCKICK= $ W1E1 $ `p33Aa1 $ r!Z& $ K"(("9.)& $ /U $BJHI $B;/,R $ 9Z& $ !/,R" $ /U $ z";<."Vs$ c"D*)1 $
cD*&4D&$)46$,&6*D*4&1$)1$@@=$''1$@qpXq31
:N\BKHBW=$I1$`2>>ta1$ MP/j!P>c${$>*#)=*1*5L$#*5')5*"4$*4$,"a)%=*8'&H$c&D.&5).*)5$"A$52& $
!A.*D)4$>&D)6&$"A$B&.#"4#$S*52$>*#)=*1*5*&#V$I/59Z$BU(.-"1
:NKQEJ=$H1=$:1=$M1=$P1=$`2>p>a1$P6&45*6)6&$/*)d&*.)#+$R)%*1*)$&$9.)4#)D*"4)1*#%"$3"$0"45&J5" $
>)$GJ(&.*&4D*)$,*Q.)5".*)$>&$,"D)%=*D)4"#$B).)$!#$,*42)#$>)$9&..)$>"$O)46+$!A.*D) $
>" $ c'11 $!&8& $B'(&8&,9"%" $ "/ $ 4(/R(";" $ %& $ 4/8XR("%5"-"/ $ &; $B,9(/'/*/R." $ I/-."* $ %"$
N,.)&(8.%"%&$d&%&("*$%&$D./$Q(",%&$%/$I5*$-/;/$(&G5.8.9/$'"(-."*$'"("$"$/<9&,-"/$%/$
R("5$%&$H/59/($&;$B,9(/'/*/R."$I/-."*=$4/(9/$B*&R(&1
KJ\IEK= $ B1= $ `p33?a1 $X&Q*5*%*6)6&+ $ GD"4"%*)+ $ 0"4A1*5" $ & $ ) $ <'&..)V $ !'5".*6)6& $ & $ B"6&. $
9.)6*D*"4)11 $ )1 $ p1 $ :"'59/= $ :.,.89&(./ $ %& $ B%;.,.89("-"/ $ C89"9"*X $ K5-*&/ $ %&$
H&8&,)/*).;&,9/$B%;.,89("9.)/1
KEDHCKdC\!1$ \1= $ `p33?a1 $i4 $ 52& $ 4)5'.& $ "A $ 2&)1521 $ 2,%$ &%1 $ y*5g&( $B-"%&;.- $ 45<*.8Z&(8=$
H/(%(&-Z91
KáByNHáB=$:1$`p33ta1 $M&)152$k*%=)=S&H$~N*A&$P42&.*5)4D&y+$9.)6*5*"4$c(.&)6#$!P>c1$J,9&($
4(&88$K&g8$I&().-&1
ZM
EyCáE=$!1=$:1=$ $B\\CK=$B11$`p33@a1$rJ,U*5&,-&$/U$g.%/g$.,Z&(.9",-&$.,$9Z&$&'.%&;./*/Rf$/U$
BJHI$.,$BU(.-"1s$!A.*D)4$7"'.4)1$"A$,&6*D)1$B.)D5*D&$)1$p=$''1$2>X2?1
EIàDJE=$M1$`2>>ua1 $c"D*&6)6&$,)5.*1*4&).$&%$3)%('1)H$&#5)%"#$)$A)1).$6"$()##)6"1$ E59("8$
V/S&81$:/6";<.G5&1
EIàDJE=$M1=$&5$)1V$`2>>2a1$R'46)I;"$().)$"$>&#&4:"1:*%&45"$6)$0"%'4*6)6&$K$B."Q.)%)$cP>! $
&$>&#&4:"1:*%&45"+$'21':'@)V$M/((&%/($%&$C8'&(",6"^$C895%/$%&$l"8&1$dHM1$:"'59/1
4BMyBDH=$D1$:1=$v$C4I!CJK=$41$`p33pa1$rC'.%&;./*/R.898=$I/-."*$I-.&,9.898=$",%$!Z&$I9(5-95(&$
/U$:&%.-"*$D&8&"(-Z$/,$BJHI$.,$BU(.-"sV$c"D*)1$cD*&4D&$)46$,&6*D*4&1$)1$qqÀa1$$
4BDyCD=$D1$`/(R1a1$`p33Aa1 $B"1C5*D)#+$P4#5*5'*It&#$&$!P>cH$G4A.&45)46"$)$G(*6&%*)$4"$ E.)#**1$
BlJB$v$P/(R&$z"Z"($C%.9/(=$D./$%&$P",&.(/1
4BDyCD= $D1$`2>>>a1 $3)$0"45.)%;"$6)$!P>cH$c&J')1*6)6&+ $P45&.:&4I;" $&$B"1C5*D)1$BlJB$v$
C%.9/("$q@=$D./$%&$P",&.(/=$I7/$4"5*/1
4BIIBHED=$\1=$W1=$!WE:Bz=$E1=$D1$`2>>ua1 $O)I)+$#&J')1*6)6&$&$6"&4I)$&%$,"I)%=*8'&+ $
G#5'6"#$R&%*4*#5)#1$d*/(.",c'/*.81
nNJVá=$D1$&$MB:4CKWENH!=$\1$M1$`p33?a1 $,)4')1$6&$P4:&#5*Q)I;"$0*&45*A*D)$&%$0*s4D*)# $
c"D*)*#1$Q("%.)"1$4"(.81$
IBK!EI=$l1=$I1=$&$!DJKHBHC=$P1=$M1$`2>>qa1$0"4A1*5"$G$9.)4#*I;"$c"D*)1H$m%)$B)*#)Q&%$>)# $
7'#5*I)#$G%$,"I)%=*8'&1$2å$V/*5;&=$C%.6T&8$BU(/,9";&,9/=$4/(9/1
IBK!EI==$l1=$&$BD!ND==$:1=$P1$`p33qa1$0"%(".5)%&455"+$!5*55'6&#$&$B.-5*D)#$&455.&$"#$7":&4# $
G#D"1).&#1$:"'59/1$:JIBN1
c0MiGBR=$l1$Q1$`p33pa1 $B"1*5*D)1$&D"4"%L+$#&J$)46$D'15'.)1$1"Q*D#H$)$:*&S$A."%$k)*.&1$ 4"'&($
'(.)"9&*f$-.(-5*"9&%1$
ICQB\CK=$:1=$`2>>a1$O*5"#$&$O*5')*#1$M/*&-67/$çI"<&(&é1$45<*.-"6T&8$C(/'"XB;F(.-"1
IJKdJC\H=$B1$`p33@a1$92&$N*16$0&45'.L1$\/,%/,^$M"88&**1$
INlNWBKB= $ M1$ `2>>pa1 $!$ D*.D'4D*#;" $ D"%" $ O*5" $ 6& $ ()##)Q&% $ 4)$ (."=1&%-5*D) $ 6) $ D'15'.) $
,"I)%=*D)4)H$"#$D)#"#$6)$D'15'.)$v)"$&$6)$PQ.&d)$0)5f1*D)$WP4D'15'.)I;"U1$!("<"*Z/$%&$
-/,-*587/$%/$-5(8/$H.88&(9"67/$`:&89("%/$'(/R(";"$%&$'c8XR("%5"67/$&;$I/-./*/R."$&$
B,9(/'/*/R."a$J,89.959/$%&$d.*/8/U."$&$M.+,-."8$I/-.".8=$N,.)&(8.%"%&$d&%&("*$%&$D./$%&$
P",&.(/1
INKHJK1$P1$`2>>Aa1$ $cL%="1*D$D)(*5)1$K$)$.&#"'.D&$A".$2&)152V+D&"%.,R8$U/($9Z&$;"89&($-/5(8&$/,$
W&"*9Z$",%$I/-."*$MZ",R&1$\.,h/'.,R$N,.)&(8.9f1
Z@
!DJVJèEI=$B1$K1$I1$`p3tAa1$P45."6'I;"$w$(&#8'*#)$&%$D*s4D*)#$#"D*)*#H$)$(&#8'*#)$8')1*5)5*:) $
&%$&6'D)I;"1$I7/$4"5*/^$B9*"81
VB\B=$P1$`p33Aa1 $D&'(&8&,9"6T&8$I/-.".8$&$4&(-&'6T&8$J,9&(R(5'".81$ !4-1*#&$c"D*)1+$ )/*1$###..$
`p@>a1
áENKQ=$y1$`2>>ua1$$rY.%/g8$g.9Z/59$D.RZ98^$MZ"**&,R.,R$:"(R.,"*.8"9./,$",%$H.8'/88&88./,sV$
<&46&.$)46$>&:&1"(%&451$)1$p@1$,1$2=$''1$p33X2>31
YB]=$C1$`2>>qa1$ry&,f",$Y/;&,$D&k&-9$I&#$êM*&",8&(x^$!("%.9./,"*$D&G5.(&;&,9$U/($Y.%/g8$J8$
l*";&% $ U/( $B.%.,R $ 9Z& $ I'(&"% $ /U $ WJVeBJHI1s $92& $ N)#2*4Q5"4 $ B"#5 $ R".&*Q4 $ c&.:*D&$
`B5R589$pta1
YJ\\KCD$`&%8a=$&9$"*1$`2>>@a1$ $M&)152$)46$c"D*)1$02)4Q&V$B)#5$)46$B.&#&45$G:*6&4D&V$$MLQ*&) $
P45&.4)5*"4)1*#V $!4 $ P45&.6*#D*(1*4).L $ 7"'.4)1 $ A". $ 52& $ M*#5".L $ "A $ B'=1*D $ M&)152V$ I'&-."*$
.885&1$V/*1$@=$p1$2>>@^$''1$23Xt>1$B)".*"<*&$"9$$Z99'êeggg1&'1*.518&e&keZfR.&"$e$+`H&-&;<&($p?a1
YJK!WDE4= $ D1=$ W1$ `p33pa1 $>*D5*"4).L $ "A $ 0"4D&(5')1 $!452."("1"QL1$ Q(&&,g//% $ 4(&881 $ K&g$
á/(h1
YJ\IEK=$:1$`p3?Aa1$O*5')1#$"A$*4#2*($)%"4Q$52&$3L)@'#)1$\/,%/,1
YE\d=$B1$`2>>pa1$rBJHI=$:/("*.9f$",%$J,%.R&,/58$M/,-&'98$/U$I&#5"**f$!(",8;.99&%$H.8&"8&8$
.,$I/59Z&(,$BU(.-"1s$$$!A.*D)$c(&D5.'%1$)1$qu1$,1$p=$''1$3AXp>A1
YE\d= $ B1 $ `2>>pa1 $ rBJHI $ ",% $ y",f&(" $ ., $ :"*"g.^ $ \/h"*& $ D&S&'9./, $ &.,&8 $ Q*/<"*&,$
4Z",/;&,8s+$ YE\d= $ B1 $ W/(<89 $ `&%81a= $,&6*a*4 $ '46 $ <1"=)1*#*&.'4R^ $ N,.)&(8&**&$
B,8'(5-Z&$X$\/h"*&$B,9g/(9&,Ä+$M)%='.Q1$\.91$`.,$'(.,9a1
ZK
;B<jC8
;#%]"+OP+>"$%)-"+'%+<#$-%K)0$4+I4-4+*"#0%-K4'"-%0+'"+-)$347+'%+!"#$%&'&$
6$7$*#.7"8$9:/%4.;;/$<
I&#/ÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜ
J%"%&ÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜ
K"95("*.%"%&ÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜ$W_$G5",9/$9&;'/$).)&$,/$%.89(.9/ÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜ
C89"%/$-.).*ÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜ
n5"*$F$"$85"$'/8.67/$,"$-/;5,.%"%&ÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜ
M;>5<+9
4.7-',#$;%=.%>?!</7$9:/
p1 n5&$9.'/$%&$%/&,6"8$87/$-/;5,8$,"$-/;5,.%"%&{
21 M/;/$F$G5&$"8$'&88/"8$(&"R&;$&;$(&*"67/$"$&88"8$%/&,6"8{
q1 n5&$9.'/$%&$%/&,6"8$U"S&;$-/;$G5&$"8$'&88/"8$9&,Z";$G5&$8&($.8/*"%"8{
@1 n5&;$F$;".8$"'(/'(."%/$'"("$9("9"($"8$%/&,6"8$`&,9(&$"8$5,.%"%&8$8",.9_(."8$&$-5(",%&.(/8a{
?1 C#.89&$5;$&8'L(.9/$%&$"k5%"$;O95"$,"$-/;5,.%"%&{$
(' C$G5",%/$5;"$'&88/"$;/((&=$/8$U";.*."(&8$(&-&<&;$"k5%"$%"$-/;5,.%"%&{$n5&$9.'/$%&$
'("9.-"8$/5$"-9.).%"%&8$"$-/;5,.%"%&$U"S$,5;"$8.95"67/$%&$;/(9&{ $@.%,:/%($<$7%=.%!"#$ %
&'($%.;!/,#$,.$0.,#.)%!.7-',#$A
3' P_$/5).5$U"*"($%&$(*5)$@'A){$E$G5&$F$(*5)$@'A){$M/;/$F$G5&$8&$U"S$/5$-/;/$"-/,9&-&{
Z' 4/(G5&$"8$'&88/"8$,&88"$-/;5,.%"%&$U"S&; $(*5)$@'A){$E$G5&$"-/,9&-&$8&$"8$'&88/"8$,7/$
U"S&;$(*5)$@'A){$
;' n5&;$&8-/*Z"$"$'&88/"$'"("$U"S&($(*5)$@'A){
@M' I&$;/((&$5;"$'&88/"$%&$u>$",/8$%&$.%"%&=$"$&8'/8"$F$/<(.R"%"$"$U"S&($/$(*5)$@'A){$M/;/$F$
G5&$"-/,9&-&$/$(*5)$@'A)$'"("$&89"8$'&88/"8{$@.%0.,*"/,$7%'0%#"!/%=.%!"#$%&'($%="(.7.,#.) %
!.7-',#$%
@@' E$G5&$U"S$-/;$G5&$&8-/*Z";$5;$(*5)$@'A)$&;$(&*"67/$"/$/59(/{$
ZN
@K' B8$;5*Z&(&8$87/$-/,85*9"%"8$'"("$&8-/*Z&($/$9.'/$%&$'.9"$h5U"{$C$'"("$&8-/*Z&($"$'&88/"$G5&$
)".$U"S&($/$(*5)$@'A){
4BD!C$JJ
@' I"<&$G5&$&89"$'(_9.-"$'/%&$8&($5;"$%"8$-"58"8$%&$'(/'"R"67/$%"$%/&,6"$%&$IJHB{$8%+
0)Aa+I%-23#$%=$'/(G5&{
K' 4/%&$8&$58"($/$'(&8&()"9.)/$,"$'(_9.-"$%&$'.9"$h5U"{$8%+#Q"a+I%-23#$%=$'/(G5&{
q1 E$:.,.89F(./$%"$I"O%&$-/,8.%&("$G5&$&89"$'(_9.-"$F$5;"$%"8$-"58"8$%&$'(/'"R"67/$%"$
IJHB1$E$G5&$"-Z"$"$(&8'&.9/$%.88/{$E$G5&$"-Z"$G5&$%&)."$8&($U&.9/{
ZG
;#%]"+RP+>"$%)-"+'%+<#$-%K)0$4+I4-4+A%A6-"0+'4+*"A3#)'4'%
6$7$*#.7"8$9:/%4.;;/$<
M;>5<+9
4.7-',#$;%=.%>?!</7$9:/
p1 n5&$9.'/$%&$%/&,6"8$87/$-/;5,8$,"$-/;5,.%"%&{
21 M/;/$F$G5&$"8$'&88/"8$(&"R&;$&;$(&*"67/$"$&88"8$%/&,6"8{
q1 n5&$9.'/$%&$%/&,6"8$U"S&;$-/;$G5&$"8$'&88/"8$9&,Z";$G5&$8&($.8/*"%"8{
@1 n5&; $ F $ ;".8 $ "'(/'(."%/ $ '"(" $ 9("9"( $ "8 $ %/&,6"8 $ `&,9(& $ "8 $ 5,.%"%&8 $ 8",.9_(."8 $ &$
-5(",%&.(/8a{
?1 C#.89&$5;$&8'L(.9/$%&$"k5%"$;O95"$,"$-/;5,.%"%&{$
(' C$G5",%/$5;"$'&88/"$;/((&=$/8$U";.*."(&8$(&-&<&;$"k5%"$%"$-/;5,.%"%&{$n5&$9.'/$%&$
'("9.-"8$/5$"-9.).%"%&8$"$-/;5,.%"%&$U"S$,5;"$8.95"67/$%&$;/(9&{$@.%,:/%($<$7%=.%!"#$ %
&'($%.;!/,#$,.$0.,#.)%!.7-',#$A
3' P_$/5).5$U"*"($%&$(*5)$@'A){$E$G5&$F$(*5)$@'A){$M/;/$F$G5&$8&$U"S$/5$-/;/$"-/,9&-&{
Z' 4/(G5&$"8$'&88/"8$,&88"$-/;5,.%"%&$U"S&;$(*5)$@'A){$E$G5&$"-/,9&-&$8&$"8$'&88/"8$,7/$
U"S&;$(*5)$@'A){$
;' n5&;$&8-/*Z"$"$'&88/"$'"("$U"S&($(*5)$@'A){
@M' I&$;/((&$5;"$'&88/"$%&$u>$",/8$%&$.%"%&=$"$&8'/8"$F$/<(.R"%"$"$U"S&($/ $(*5)$@'A){$
M/;/$F$G5&$"-/,9&-&$/ $(*5)$@'A)$ '"("$&89"8$'&88/"8{ $@.%0.,*"/,$7%'0%#"!/%=.%!"#$ %
&'($%="(.7.,#.)%!.7-',#$%
@@' E$G5&$U"S$-/;$G5&$&8-/*Z";$5;$(*5)$@'A)$&;$(&*"67/$"/$/59(/{$
@K' B8$;5*Z&(&8$87/$-/,85*9"%"8$'"("$&8-/*Z&($/$9.'/$%&$'.9"$h5U"{$C$'"("$&8-/*Z&($"$'&88/"$
G5&$)".$U"S&($/$(*5)$@'A){
4BD!C$JJ
ZV
@' 4/%&$8&$58"($/$'(&8&()"9.)/$,"$'(_9.-"$%&$(*5)$@'A){$8%+#Q"a+I%-23#$%=$'/(G5&{
K' B-Z"$ G5& $ ,7/ $ '(/<*&;" $ &; $ '("9.-"( $ /$ 8&#/ $ 8&;$ '(&8&()"9.)/{ $@. % ;"0 % /' % ,$/) %
!.7-',#.=$'/(G5&{
q1 E$:.,.89F(./$%"$I"O%&$-/,8.%&("$G5&$&89"$'(_9.-"$F$5;"$%"8$-"58"8$%&$'(/'"R"67/$
%"$IJHB1$E$G5&$"-Z"$"$(&8'&.9/$%.88/{$E$G5&$"-Z"$G5&$%&)."$8&($U&.9/{
G' B-Z"$G5&$&#.89&$5;"$(&*"67/$&,9(&$'("9.-"($%&$(*5)$@'A)$&$'5%&($-/,9(".($"$%/&,6"$%&$
IJHB{
Z(
;#%]"+TP+>"$%)-"+'%+<#$-%K)0$4+"+*""-'%#4'"-+')0$-)$47+'"+B&*7%"+'%+*"A64$%+4"+89D;+%A+
X"--3A6474
6$7$*#.7"8$9:/%4.;;/$<
4.7-',#$;%=.%>?!</7$9:/
@' E$G5&$9&;$8.%/$U&.9/$,/$%.89(.9/$-/;$(&*"67/$"$'(_9.-"$%&$(*5)$@'A){
K' M/;/$-/,-.*.";$"8$;&%.%"8$%&$'(&)&,67/$%/$IJHB$-/;$"8$,/(;"8$%/$(.95"*$%&$(*5)$@'A){
Z3

Praticas Culturais No Contexto de HIV - SIDA

Transféré par

Informations du document

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

Praticas Culturais No Contexto de HIV - SIDA

Transféré par

Droits d'auteur :

Formats disponibles

I&R5,%/ $ "'5(_;/8 $ / $3L)##)4Q)42)$ '/%& $ "885;.( $ %.U&(&,9&8 $ U/(;"8 $ -/,8/",9& $ /$

C,9(&$"8$%/&,6"8$G5&$'/%&;$85(R.($&897/$"8$'(/)&,.&,9&8$%& $%=&("H$ .,-Z"6/$%/$-/('/=$

NKBJHIeYWE1 $ `2>>qa1 $!P>c $ G(6&%D $ m(6)5&1$ H&-&;<&( $ 2>>q1 $ Q&,&)"= $ Ig.9S&(*",%1$

$ NKBJHIeYWE1 $ `2>>2a1 $G(6&%"1"QD)1 $ A)D5 $ #2&&5# $ =L $ D"'45.L1 $ H.8'/,L)& $ &;^$ $255(HjjS $

Vous aimerez peut-être aussi

Praticas Culturais No Contexto de HIV - SIDA

Transféré par

Informations du document

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

Praticas Culturais No Contexto de HIV - SIDA

Transféré par

Droits d'auteur :

Formats disponibles



I&R5,%/ $ "'5(_;/8 $ / $3L)##)4Q)42)$ '/%& $ "885;.( $ %.U&(&,9&8 $ U/(;"8 $ -/,8/",9& $ /$

C,9(&$"8$%/&,6"8$G5&$'/%&;$85(R.($&897/$"8$'(/)&,.&,9&8$%& $%=&("H$ .,-Z"6/$%/$-/('/=$

NKBJHIeYWE1 $ `2>>qa1 $!P>c $ G(*6&%*D $ m(6)5&1$ H&-&;<&( $ 2>>q1 $ Q&,&)"= $ Ig.9S&(*",%1$

$ NKBJHIeYWE1 $ `2>>2a1 $G(*6&%*"1"Q*D)1 $ A)D5 $ #2&&5# $ =L $ D"'45.L1 $ H.8'/,L)&* $ &;^$ $255(HjjS $

Vous aimerez peut-être aussi

NKBJHIeYWE1 $ `2>>qa1 $!P>c $ G(6&%D $ m(6)5&1$ H&-&;<&( $ 2>>q1 $ Q&,&)"= $ Ig.9S&(*",%1$

$ NKBJHIeYWE1 $ `2>>2a1 $G(6&%"1"QD)1 $ A)D5 $ #2&&5# $ =L $ D"'45.L1 $ H.8'/,L)& $ &;^$ $255(HjjS $