!"#$"%&'(&)*#+,*%*&'(&-$"%.'"'(&/","&0(1(2+.3(#+*2&&
'(&4"56"'"2&(3&7(',"&
&
!"#$(%&7,"+"&0.8(.,*&'"&)*2+"&&
&
&
!"##$%&'()*+,'%'+'+-.&$/()*+0*+1%'2+0$+3$#&%$+$4++
9#:(#6",."&).1.%&
&
&
&
;<,.&
&
5%$#"0$/&$+
-%"$/&'0*%+
=*8'>+
&
&
&&&&+
5%*6$##*%+7282#&*+3'%&"/#+1*4$#+
5%*6$##*%+9$%/'/0*+7/&:/"*+;',&"#&'+;%'/<*+
5%*6$##*%&5$0%*+3"82$>+!"'#+='?+5'2>*+
+
&
&
=>??&
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
&
&
&
&
&
""+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
B$#24*+
0(2$3*&
&
7+ ,$0%'+ /'&2%'>+ G+ 24+ 0*#+ 4'&$%"'"#+ 2#'0*#+ DH+ 4'"#+ &$4,*+ /'+ <*/#&%2()*+ 0$C"0*+ I+ #2'+ 02%'.">"0'0$J+
%$#"#&K/<"'+$+I+L2'>"0'0$+$#&G&"<'+L2$+,%*,*%<"*/'+I#+<*/#&%2(M$#N++
7<&2'>4$/&$J+$O"#&$+24+8%'/0$+>$L2$+0$+*,(M$#+0"#,*/PC$>+,'%'+'+$#<*>D'+0*+&",*+0$+,$0%'+$+,'%'+*+&",*+
0$+ '<'.'4$/&*+ L2$+ $#&'+ ,*0$+ &$%J+ ,*##".">"&'/0*+ 24'+ '4,>'+ C'%"$0'0$+ 0$+ &",*#+ 0$+ %$C$#&"4$/&*#+
,G&%$*#+0"6$%$/&$#N+3'#+/)*+6*"+',$/'#+/'#+,>'<'#+0$+,$0%'+L2$+#$+$C*>2"2+'*+>*/8*+0*#+'/*#Q+&'4.G4+*+
4G&*0*+ 0$+ 6"O'()*+ 0$##'#+ ,>'<'#+ #*6%$2+ "4,*%&'/&$#+ ,%*8%$##*#N+ R+ ,*##PC$>J+ '<&2'>4$/&$J+ *,&'%+ $/&%$++
CH%"*#+ 4G&*0*#+ 0$+ 6"O'()*+ 0"%$<&*#+ *2+ "/0"%$<&*#+ 0'#+ ,$0%'#J+ D'C$/0*+ 24'+ #*>2()*+ '0$L2'0'+ ,'%'+
L2'>L2$%+&",*+0$+,$0%'+$+$0"6P<"*N+5'%'+'+*.&$/()*+0$+24+%$#2>&'0*+6"/'>+0$+.*'+L2'>"0'0$+$+02%'.">"0'0$+
G+/$<$##H%"*+#$82"%+,%*<$0"4$/&*#+<*/#&%2&"C*#+%"8*%*#*#J+L2$+0"6$%$4+0$+4G&*0*+,'%'+4G&*0*N+F%%*#+
<*4$&"0*#+ /'+ ',>"<'()*+ 0$#&$+ &",*+ 0$+ 6'<D'0'#+ ,*0$4+ '/2>'%J+ ,*%+ <*4,>$&*J+ '#+ C'/&'8$/#+ <*/D$<"0'#+
0*#+%$C$#&"4$/&*#+,G&%$*#N+
-+*.S$<&"C*+0$#&$+&%'.'>D*+G+'+$>'.*%'()*+0$+24+3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+%$C$#&"4$/&*#+
0$+6'<D'0'#+$4+,$0%'+/'&2%'>N+@*4+$#&$+3'/2'>+,%$&$/0$T#$+<*/&%".2"%+,'%'+4"/"4"?'%+'#+'/*4'>"'#+$+
,'&*>*8"'#+L2$+,*##'4+*<*%%$%+02%'/&$+'+C"0'+U&">+0'#+<*/#&%2(M$#+*%"8"/'0'#+*2+'4,>"6"<'0'#+,*%+24'+
4H+$#<*>D'+*2+"/<*%%$<&'+',>"<'()*+0*#+%$C$#&"4$/&*#N+
7+ "4,>$4$/&'()*+ 0$+ 24+ ,>'/*+ 0$#&$+ &",*+ G+ 24+ ,%*<$0"4$/&*+ '>&'4$/&$+ %$<*4$/0HC$>V+ /)*+ $/C*>C$+
<2#&*#+$>$C'0*#+4'#+,*0$+&%'?$%+"4,*%&'/&$#+.$/$6P<"*#J+'24$/&'/0*+'+L2'>"0'0$+0*#+%$C$#&"4$/&*#+$+
0"4"/2"/0*+'+,%*.'.">"0'0$+0$+'/*4'>"'#+'*+>*/8*+0'+C"0'+U&">+0'+*.%'N+
+
7@A@B0@C& )D@B9V+ 3'/2'>+ 0$+ @*/&%*>*+ 0$+ A2'>"0'0$J+ B$C$#&"4$/&*#+ 0$+ 5$0%'J+ 5>'<'+ 0$+ 5$0%'J+
9'<D'0'J+5'&*>*8"'#+
+
+
+
+
"""+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
"C+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
7.#&%'<&+
@82+,"5+&
+
W'&2%'>+#&*/$+"#+*/$+*6+&D$+4'&$%"'>#+2#$0+"/+.2">0"/8+<*/#&%2<&"*/J+6*%+'+>*/8+&"4$J+02$+&*+"&#+02%'.">"&XJ+
#&%$/8&D+'/0+&D$+6"/'>+'$#&D$&"<+L2'>"&X+*6+&D$+.2">0"/8#N++
@2%%$/&>XJ+&D$%$+"#+'+Y"0$+%'/8$+*6+*,&"*/#+'C'">'.>$+6*%+<D**#"/8+&D$+&X,$+*6+#&*/$+'/0+*6+"&#+6"/"#D"/8J+
'>>*Y"/8+4'/X+0"66$%$/&+<>'00"/8#+&X,$#N+ZD$+$C*>2&"*/J+*C$%+&D$+X$'%#J+*6+#&*/$+<>'00"/8+Y$/&+'>#*+'>*/8+
Y"&D+'+#"8/"6"<'/&+,%*8%$##+*6+&D$+&X,$+*6+'/<D*%#+2#$0+&*+#2,,*%&+&D$+#&*/$#+,'/$>#N+!"66$%$/&+0"%$<&+*%+
"/0"%$<&+'/<D*%'8$+4$&D*0#+6*%+&D$+#&*/$#+'%$+/*Y+'C'">'.>$+'/0+&D$%$+"#+'+#2"&'.>$+#*>2&"*/+6*%+'/X+["/0+
*6+ #&*/$+ *%+ .2">0"/8N+ 7+ 6"/'>+ %$#2>&+ *6+ 8**0+ L2'>"&X+ '/0+ 02%'.">"&X+ %$L2"%$#+ &D$+ <*4,>"'/<$+ *6+ #,$<"6"<+
.2">0"/8+,%*<$02%$#N+ZD$+"/<*%%$<&+',,>"<'&"*/+*6+'+#&*/$+<>'00"/8+2#"/8+'+&$<D/"L2$+Y$>>+[/*Y/+6*%+"&#+
8**0+%$#2>&#J+4'X+<*4,%*4"#$+&D$+6"/'>+*2&<*4$N++
ZD$+'"4+*6+&D"#+Y*%[+"#+&D$+<%$'&"*/+*6+'+A2'>"&X+@*/&%*>+3'/2'>+6*%+/'&2%'>+#&*/$+"/+.2">0"/8#+6'<'0$#+
<>'00"/8N+ZD"#+4'/2'>+"#+"/&$/0$0+&*+<*/&%".2&$+&*+&D$+%$02<&"*/+*6+&D$+'/*4'>"$#+'/0+,'&D*>*8"$#+&D'&+
4'X+*<<2%+02%"/8+&D$+>"6$&"4$+*6+&D$+.2">0"/8#+<'2#$0+*%+'4,>"6"$0+.X+'+.'0+<D*"<$+*%+4"#',,>"<'&"*/+*6+
&D$+<>'00"/8#N+
ZD$+2#$+*6+'+A2'>"&X+3'/2'>+#2<D+'#+&D$+*/$+,%$#$/&$0+"#+D"8D>X+%$<*44$/0$0V+"&+0*$#+/*&+"/C*>C$+D"8D+
<*#&#+ .2&+ <'/+ 8"C$+ %"#$+ &*+ #"8/"6"<'/&+ .$/$6"&#J+ "4,%*C"/8+ &D$+ <>'00"/8+ 6"/'>+ L2'>"&X+ '/0+ %$02<"/8+ &D$+
>"[$>"D**0+*6+'/*4'>"$#+&D%*28D*2&+&D$+.2">0"/8+>"6$&"4$J+'#+Y$>>+'#+$O&%'+$O,$/#$#N+
+
E9F&GH0ICV+A2'>"&X+@*/&%*>+3'/2'>J+\&*/$+@>'00"/8#J+\&*/$+5'/$>#J+9'('0$J+5'&D*>*8"$#+
+
+
+
+
+
C+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
C"+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
78%'0$<"4$/&*#+
@:,"'(5.3(#+*2&
&
1*#&'%"'+0$+$O,%$##'%+*#+4$2#+#"/<$%*#+'8%'0$<"4$/&*#+'+&*0*#+*#+L2$+<*/&%".2P%'4J+0'#+4'"#+C'%"'0'#+
6*%4'#J+,'%'+'+%$'>"?'()*+0$#&$+&%'.'>D*J+/*4$'0'4$/&$V++
7*+ 5%*6$##*%+ 9$%/'/0*+ ;%'/<*J+ *%"$/&'0*%+ 0$#&'+ 0"##$%&'()*J+ ,$>*+ '<*4,'/D'4$/&*J+ 8%'/0$+
0"#,*/".">"0'0$+$+',*"*+#$4,%$+0$4*/#&%'0*#+'*+>*/8*+0$+&*0*+*+&%'.'>D*Q++
]+ $4,%$#'+ !"#+ T$ "%&'%()*+)$ '$ ,')-+.+/)012$ 3'$ "4/*5/5*)4$ 67J+ ,$>'+ '2&*%"?'()*+ <*/<$0"0'+ ,'%'+ '+
%$'>"?'()*+0$+C"#"&'#+I#+#2'#+*.%'#+$J+$4+$#,$<"'>J+'*+F/8N+B2"+B*0%"82$#+$+'*+F/<'%%$8'0*+\%N+B2"+^*,$#+
,$>*#+ U&$"#+ $#<>'%$<"4$/&*#+ ,%$#&'0*#+ $+ &$4,*+ 0"#,$/0"0*+ 02%'/&$+ '#+ C"#"&'#N+ F#&'+ ,*##".">"0'0$+ 0$+
<*/&'<&*+0"%$<&*+<*4+*.%'#+$4+<2%#*+6*"+$O&%$4'4$/&$+"4,*%&'/&$+,'%'+$#&$+&%'.'>D*N++
]+$4,%$#'+8%39)..+,$>*+<*/D$<"4$/&*+L2$+4$+,%*,*%<"*/*2+#*.%$+*#+4'&$%"'"#+$+,$>'#+CH%"'#+'4*#&%'#+
*6$%$<"0'#N+
7*+F/8N+5$0%*+@'/$<*J+L2$+4$+'<*4,'/D*2+02%'/&$+'+C"#"&'+I#+*.%'#+0'+92/0'()*+@D'4,'>"4'20J+,*%+
&*0*#+*#+$#<>'%$<"4$/&*#+L2$+$/&)*+4$+,%*,*%<"*/*2J+'>G4+0*+&$4,*+0"#,$/0"0*N+
7*#+4$2#+74"8*#+,*%+&*0*#+*#+.*/#+4*4$/&*#J+,$>'+'4"?'0$+$+,$>*+"/<$/&"C*+0'0*N+
FJ+ $4+ $#,$<"'>J+ '*#+ 4$2#+ 5'"#+ $+ 7C:#J+ ,$>'+ <*/6"'/('J+ ',*"*J+ <*4,%$$/#)*+ $+ _/"4*+ L2$+ #$4,%$+ 4$+
0$%'4+$+L2$+&'/&*+'S20*2+02%'/&$+&*0*+$#&$+,$%<2%#*N+
+
7+&*0*#J+42"&*+*.%"8'0*N+
&
&
&
&
+
C""+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
&
C"""+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
`/0"<$+
J#'.5(&
?&K#+,*'$LM*NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ?+
?N?&9#O$"',"3(#+*&'"&+(2( NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ?+
?N=&P./*2&'(&,*56"2&#"+$,".2 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN Q+
?NQ&)","5+(,R2+.5"2&'"2&/(',"2&#"+$,".2 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN S+
?NT&I.U(,(#+(2&+./*2&'(&"5"8"3(#+*2&2$/(,U.5.".2&'"&/(',"&#"+$,"% NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN V+
?NS&W*,3"%.X"LM* NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN Y+
?NZ&P./*2&'(&U.["LM*&'(&/(',"&#"2&U"56"'"2 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ?Q+
=&P./*%*:."2&'(&4"56"'"2 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ?S+
=N?&4.["LM*&'.,(5+"&"*&2$/*,+(NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ?S+
=N=&4.["LM*&.#'.,(5+"&"*&2$/*,+( NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ?\+
aNaNb+78%'6*#+$+,*/&*#+0$+'%8'4'##' NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ac+
aNaNa+1'&*#+4$&H>"<*# NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN aa+
aNaNd+F#&%2&2%'+"/&$%4G0"'+0$+#2,*%&$ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ae+
aNaNf+@*4,'&".">"0'0$#+$/&%$+6"O'(M$#+$+&",*#+0$+#2,*%&$NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN dc+
aNaNg+@'4,*+0$+',>"<'()*+0$+#"#&$4'#+0$+6"O'()*+<*4+%$<2%#*+'+<D24.'0*2%*# NNNNNNNNNNNNNNNNNNNNNNNNNNNN da+
Q&!]+*'*2&5*#2+,$+.1*2NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN QQ+
QN?&4.["LM*&'.,(5+"&"*&2$/*,+(NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN QQ+
QN=&4.["LM*&.#'.,(5+"&"*&2$/*,+( NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN T>+
dNaNb+78%'6*#+$+,*/&*#+0$+'%8'4'##' NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN fb+
dNaNa+1'&*#+4$&H>"<*# NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN fg+
dNaNd+F#&%2&2%'+0$+#2,*%&$+"/&$%4G0"' NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN gh+
T&@#*3"%."2&^&7"+*%*:."2NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ZV+
TN?&9U(.+*2&'"&_:$"&#"2&/(',"2 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ZV+
fNbNb+5%*.>$4'#+8$%'"#+$+',>"<'()*+0$+D"0%:628*#NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ie+
fNbNa+@2"0'0*#+'+&$%+/'+',>"<'()*+0$+D"0%:628*#+j+,'&*>*8"'#+%$#2>&'/&$#+0'+4H+',>"<'()*+0$+
D"0%:628*#NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ik+
TN=&4.["LM*&'.,(5+"&"*&2$/*,+(`&7"+*%*:."2&"22*5."'"2 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ZY+
fNaNb+!$#&'<'4$/&*+*2+0$#<*>'4$/&*+0$+,$0%'# NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ih+
fNaNa+9%'<&2%'()*+*2+6"##2%'()* NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN eb+
fNaNd+F6>*%$#<K/<"'# NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ea+
fNaNf+3'/<D'#+/*#+$>$4$/&*#+,G&%$*#NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ed+
fNaNg+!'/"6"<'()*+0*+4'&$%"'>+0$+,%$$/<D"4$/&*+0'#+S2/&'# NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN eg+
TNQ&4.["LM*&.#'.,(5+"&"*&2$/*,+(`&7"+*%*:."2&"22*5."'"2 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN VS+
fNdNb+78%'6*#+$+,*/&*#+0$+'%8'4'##' NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN eg+
fNdNbNb+9"##2%'()*+/'#+,>'<'#+0$+,$0%'NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN eg+
fNdNbNa+3'/<D'#+>*<'>"?'0'#+/'#+?*/'#+0*#+,*/&*#+0$+'%8'4'##' NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN eg+
fNdNbNd+^'#<'8$4+0*+4'&$%"'>+,G&%$*+/'#+?*/'#+0*#+*%"6P<"*#+0$+6"O'()* NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ei+
fNdNbNf+A2$.%'+*2+6%'<&2%'()*+0$+,>'<'#+0$+,$0%' NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ei+
fNdNbNg+E/6">&%'(M$#+,$>'+<'"O'+0$+'% NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ei+
+
"O+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
fNdNbNi+@*%%*#)*+0*#+'8%'6*#+4$&H>"<*#NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ee+
fNdNa+1'&*#+3$&H>"<*# NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ee+
fNdNaNb+9"##2%'()*+/'#+,>'<'#+0$+,$0%'NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ee+
fNdNaNa+^'#<'8$4+0*+4'&$%"'>+,G&%$*+/'#+?*/'#+0*#+*%"6P<"*#+0$+6"O'()* NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ek+
fNdNaNd+A2$.%'+*2+6%'<&2%'()*+0$+,>'<'#+0$+,$0%' NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ek+
fNdNaNf+E/6">&%'(M$#+,$>'+<'"O'+0$+'% NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ek+
fNdNaNg+@*%%*#)*+0*#+8'&*#+4$&H>"<*# NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN eh+
fNdNd+F#&%2&2%'+"/&$%4G0"'+0$+#2,*%&$ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN eh+
fNdNdNb+9"##2%'()*+/'#+,>'<'#+0$+,$0%'NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN kc+
fNdNdNa+^'#<'8$4+0*+4'&$%"'>+,G&%$*+/'#+?*/'#+0$+6"O'()*NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN kc+
fNdNdNd+A2$.%'+*2+6%'<&2%'()*+0$+,>'<'#+0$+,$0%' NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN kc+
fNdNdNf+E/6">&%'(M$#+,$>'+<'"O'+0$+'% NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN kc+
fNdNdNg+@*%%*#)*+0*#+$>$4$/&*#+4$&H>"<*#NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN kc+
TNT&4.["LM*&.#'.,(5+"&"*&2$/*,+(`&/"+*%*:."2&"22*5."'"2&a&U.["LM*&3(5b#.5" NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN \>+
fNfNb+9'>D'+/'+FO,'/#)*NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN kb+
fNfNa+9'>D'+/*+#2,*%&$ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN kb+
fNfNd+9'>D'+0*+6"O'0*% NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ka+
fNfNf+9'>D'+/'+E/#&'>'()*NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ka+
fNfNg+@2"0'0*#+8$%'"#+,'%'+'+',>"<'()*+0$+6"O'0*%$#+4$<_/"<*#NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ka+
S&0(/","LM* NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN \S+
SN?&4.["LM*&'.,(5+"&"*&2$/*,+(NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN \S+
gNbNb+!$#&'<'4$/&*+*2+0$#<*>'4$/&*+0$+,$0%'# NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN kg+
gNbNa+9%'<&2%'()*+*2+6"##2%'()*+0'#+,>'<'#+0$+,$0%' NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN kg+
gNbNd+F6>*%$#<K/<"'# NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ki+
gNbNf+3'/<D'#+/*#+$>$4$/&*#+,G&%$*#NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ki+
gNbNg+3'&$%"'>+0$+,%$$/<D"4$/&*+0'#+S2/&'#+0'/"6"<'0* NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ke+
SN=&4.["LM*&.#'.,(5+"&"*&2$/*,+( NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN \V+
gNaNb+78%'6*#+$+,*/&*#+0$+'%8'4'##' NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ke+
gNaNbNb+9"##2%'()*+/'#+,>'<'#+0$+,$0%'NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ke+
gNaNbNa+3'/<D'#+>*<'>"?'0'#+/'#+?*/'#+0*#+,*/&*#+0$+'%8'4'##' NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ke+
gNaNbNd+^'#<'8$4+0*+4'&$%"'>+,G&%$*+/'#+?*/'#+0*#+*%"6P<"*#+0$+6"O'()* NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ke+
gNaNbNf+A2$.%'+*2+6%'<&2%'()*+0$+,>'<'#+0$+,$0%' NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN kk+
gNaNbNg+E/6">&%'(M$#+,$>'+<'"O'+0$+'% NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN kk+
gNaNbNi+@*%%*#)*+0*#+'8%'6*#+4$&H>"<*#NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN kk+
gNaNa+1'&*#+4$&H>"<*# NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN kk+
gNaNaNb+9"##2%'()*+/'#+,>'<'#+0$+,$0%'NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN kk+
gNaNaNa+^'#<'8$4+0*+4'&$%"'>+,G&%$*+/'#+?*/'#+0*#+*%"6P<"*#+0$+6"O'()* NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN kk+
gNaNaNd+A2$.%'+*2+6%'<&2%'()*+0$+,>'<'#+0$+,$0%' NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN kh+
gNaNaNf+E/6">&%'(M$#+,$>'+<'"O'+0$+'% NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN kh+
gNaNaNg+@*%%*#)*+0*#+8'&*#+4$&H>"<*# NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN kh+
gNaNd+\2,*%&$#+<*4+$#&%2&2%'+"/&$%4G0"'NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN kh+
gNaNdNb+9"##2%'()*+/'#+,>'<'#+0$+,$0%'NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN kh+
gNaNdNa+^'#<'8$4+0*+4'&$%"'>+,G&%$*+/'#+?*/'#+0*#+*%"6P<"*#+*2+0'#+<'>D'#+0$+6"O'()* NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN kh+
O+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
`/0"<$+
gNaNdNd+A2$.%'+*2+6%'<&2%'()*+0$+,>'<'#+0$+,$0%' NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN kh+
gNaNdNf+E/6">&%'(M$#+,$>'+<'"O'+0$+'% NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN kh+
gNaNdNg+@*%%*#)*+0'+$#&%2&2%'+0$+#2,*%&$+"/&$%4G0"'NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN hc+
gNaNf+9"O'()*+4$<_/"<' NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN hc+
Z&)*#+,*%*&'(&O$"%.'"'( NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN Y?+
ZN?&^&B(,.U.5"Lc(2&:(,".2&/","&+*'*2&*2&+./*2&'(&3]+*'*2&'(&U.["LM* NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN Y?+
iNbNb+7>82/#+'#,$<&*#+'+C$%"6"<'%+'/&$#+0*+"/"<"*+0'+*.%' NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN hb+
iNbNa+7>82/#+'#,$<&*#+'+C$%"6"<'%+'L2'/0*+0'+<D$8'0'+0*#+4'&$%"'"#+I+*.%'NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN hd+
iNbNd+7>82/#+'#,$<&*#+'+C$%"6"<'%+/'#+6'<D'0'#+*/0$+'#+,>'<'#+0$+,$0%'+C)*+#$%+',>"<'0'# NNNNNNNNNNNNNN hk+
iNbNf+7>82/#+'#,$<&*#+'+C$%"6"<'%+02%'/&$+'+$O$<2()*+0'+*.%' NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN hh+
ZN=&^&4.["LM*&'.,(5+"`&B(,.U.5"Lc(2&(2/(5RU.5"2 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN YY+
ZNQ&^&4.["LM*&.#'.,(5+"`&B(,.U.5"Lc(2&(2/(5RU.5"2 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ?>=+
iNdNb+78%'6*#+$+,*/&*#+0$+7%8'4'##'NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN bca+
iNdNa++1'&*#+3$&H>"<*# NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN bcd+
iNdNd+F#&%2&2%'+E/&$%4G0"'+0$+\2,*%&$ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN bcg+
ZNT&B(,.U.5"Lc(2&U.#".2&:(,".2&"/d2&"&"/%.5"LM*&'*&,(1(2+.3(#+*NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ?>V+
V&)"2*&'(&(2+$'* NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN?>Y+
VN?&@#*3"%."2&'(+(5+"'"2 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ?>Y+
VN=&B(,.U.5"LM*&'*&7%"#*&'(&O$"%.'"'( NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ??\+
VN=N?&e&B(,.U.5"Lc(2&:(,".2&/","&+*'*2&*2&+./*2&'(&3]+*'*2&'(&U.["LM*NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ??\+
eNaNbNb+7>82/#+'#,$<&*#+'+C$%"6"<'%+'/&$#+0*+"/"<"*+0'+*.%' NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN bbk+
eNaNbNa++7>82/#+'#,$<&*#+'+C$%"6"<'%+'L2'/0*+0'+<D$8'0'+0*#+4'&$%"'"#+I+*.%'NNNNNNNNNNNNNNNNNNNNNNNNNNNNNN bbh+
eNaNbNd++7>82/#+'#,$<&*#+'+C$%"6"<'%+/'#+6'<D'0'#+*/0$+'#+,>'<'#+0$+,$0%'+C)*+#$%+',>"<'0'# NNNNNNNN baa+
eNaNbNf+7>82/#+'#,$<&*#+'+C$%"6"<'%+02%'/&$+'+$O$<2()*+0'+*.%' NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN baa+
VN=N=&e&4.["LM*&'.,(5+"`&B(,.U.5"Lc(2&(2/(5RU.5"2 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ?==+
VN=NQ&e&4.["LM*&.#'.,(5+"`&B(,.U.5"Lc(2&(2/(5RU.5"2NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ?=Q+
eNaNdNb+78%'6*#+$+,*/&*#+0$+'%8'4'##' NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN baf+
eNaNdNa+T+1'&*#+4$&H>"<*# NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN baf+
eNaNdNd+F#&%2&2%'+E/&$%4G0"'+0$+\2,*%&$ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN bag+
VN=NT&B(,.U.5"Lc(2&U.#".2&:(,".2&"/d2&"&"/%.5"LM*&'*&,(1(2+.3(#+* NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ?=Z+
)*#5%$2M*NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN?=V+
f.8%.*:,"U."NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN?=Y+
@#([*NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN?QQ+
4.56"2&'(&B(,.U.5"LM*&(&)*#+,*%*NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ?QQ+
+
+
+
O"+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
+
O""+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
`/0"<$+
KWIK)9&I9&4Kgh0@C&
+
9"8+bNb+T+5*%4$/*%+0*+'#,$<&*+0$+,>'<'#+0$+%*<D'+4'84H&"<' NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN f+
9"8+bNa+T+5*%4$/*%+0*+'#,$<&*+0$+,>'<'#+0$+%*<D'+#$0"4$/&'%NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN g+
9"8+bNd+T+5*%4$/*%+0*+'#,$<&*+0$+,>'<'#+0$+%*<D'+4$&'4:%6"<' NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN g+
9"8+bNf+T+!"6$%$/&$#+&",*#+0$+'<'.'4$/&*+,'%'+24'+,>'<'+0$+<'><H%"*+4*>$'/*# NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN h+
9"8+aNb+T+F#L2$4'+$4+<*%&$+0'+',>"<'()*+0$+24+'8%'6*+/24+,*/&*+0$+'%8'4'##'NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ac+
9"8+aNa+T+!"#&_/<"'#+4P/"4'#+%$<*4$/0'0'#+$/&%$+*#+'8%'6*#+$+*#+.*%0*#+0'#+,>'<'#+0$+,$0%' NNNNNNNNNNNNNNN ab+
9"8+aNd+T+FO$4,>*#+0$+8'&*#+4$&H>"<*#+0$+6"O'()*+4$<_/"<'+,'%'+#2,*%&$+0$+,>'<'#+0$+,$0%' NNNNNNNNNNNNNNNNN aa+
9"8+aNf+T+FO$4,>*+0$+8'&*+4$&H>"<*+0$+<D24.'%+,'%'+#2,*%&$+0$+,>'<'#+0$+,$0%' NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN aa+
9"8+aNg+T+!"#&_/<"'#+4P/"4'#+%$<*4$/0'0'#+$/&%$+*#+8'&*#+*#+.*%0*#+0'#+,>'<'#+0$+,$0%' NNNNNNNNNNNNNNNNNNNNN ad+
9"8+aNi+T+F#L2$4'+$4+<*%&$+0'+',>"<'()*+0$+24+8'&*+4$&H>"<*+,'%'+#2,*%&$+0$+,>'<'#+0$+,$0%' NNNNNNNNNNNN af+
9"8+aNe+T+F#L2$4'+$4+<*%&$+0$+8'&*#+4$&H>"<*#NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN af+
9"8+aNk+T+F#L2$4'+">2#&%'&"C*+0'+&%'/#"()*+0'+6"O'()*+,$>*#+&*,*#+C$%&"<'"#+,'%'+*#+&*,*#+D*%"?*/&'"#+
$4,%$8'/0*+8'&*#+<*4+4$"*#+,"/*#NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ag+
9"8+aNh+T+FO$4,>*+0$+8'&*+4$&H>"<*+2#'0*+,'%'+#2,*%&$+0$+,>'<'#+0$+,$0%'+<*4+<>"C'8$4NNNNNNNNNNNNNNNNNNNNNN ai+
9"8+aNbc+T+FO$4,>*+0$+$#&%2&2%'+0$+#2,*%&$+"/&$%4G0"'+<*4,*#&'+,*%+,$%6"#+C$%&"<'"#+<*4+8'&*#+4$&H>"<*#+
,'%'+#2,*%&$+0'#+,$0%'# NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ae+
9"8+aNbb+T+5*%4$/*%+0$+$>$4$/&*+C$%&"<'>+0'+$#&%2&2%'+"/&$%4G0"'+0$+#2,*%&$+<*4+*+8'&*+,'%'+6"O'%+'#+
,>'<'#+0$+,$0%'NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ak+
9"8+aNba+T+FO$4,>*+0$+$#&%2&2%'+0$+#2,*%&$+"/&$%4G0"'+<*4,*#&'+,*%+8%$>D'+0$+,$%6"#+C$%&"<'"#+$+
D*%"?*/&'"#+<*4+#2,*%&$+0'#+,$0%'#+'&%'CG#+0$+<'>D'# NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ak+
9"8+aNbd+T+FO$4,>*+0$+$#&%2&2%'+0$+#2,*%&$+"/&$%4G0"'+6"O'+I#+>'S$#+0*#+,"#*#+<*4,*#&'+,*%+8%$>D'+0$+
,$%6"#+C$%&"<'"#+$+D*%"?*/&'"#+<*4+#2,*%&$+0'#+,$0%'#+'&%'CG#+0$+<'>D'#+L2$+0"#,$/#'+'#+6'<D'0'#+$4+
'>C$/'%"' NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN dc+
9"8+dNb+j+7,>"<'()*+0*+4'&$%"'>+0$+'##$/&'4$/&*+/*+#2,*%&$NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN di+
9"8+dNa+T+7,>"<'()*+0$+24'+,>'<'+0$+,$0%'+#*.%$+*+4'&$%"'>+0$+'##$/&'4$/&* NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN de+
9"8+dNd+T+5>'<'+0$+,$0%'+',>"<'0'+$+,%$##"*/'0'+,'%'+8'%'/&"%+*+$#4'8'4$/&*+0*#+<*%0M$#+0$+<*>' NNNNNNN de+
9"8+dNf+T+3'%<'+%$'>"?'0'+/'+6'<D'0'+,'%'+#"/'>"?'%+'+D*%"?*/&'>+$+'+'>&2%'+*/0$+#$%)*+<*>*<'0*#+*#+8'&*#+
4$&H>"<*#NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN fi+
9"8+dNg+T+3'%<'()*+0*+>*<'>+0$+6"O'()*+0*#+8'&*#+4$&H>"<*#+<*4+24+/PC$>+$+24'+6"&'+4G&%"<' NNNNNNNNNNNNNNNNN fi+
9"8+dNi+T+@2/D'#+0$+5=@+,'%'+8'%'/&"%+*+$#,'('4$/&*+0$+g+44+0'#+S2/&'#NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN fe+
9"8+dNe+T+7.$%&2%'+0*#+62%*#+,'%'+*#+<D24.'0*2%*# NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN fk+
9"8+dNk+T+l*/'+*/0$+*+"#*>'4$/&*+6*"+<*%&'0*+/'+$/C*>C$/&$+0*+8'&*+4$&H>"<*+0$+6"O'()*+4$<_/"<'+$+
,%$$/<D"0*+<*4+,*>"2%$&'/*+$O,'/#PC$> NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN fh+
9"8+dNh+T+5%$,'%'()*+0$+,$L2$/'+L2'/&"0'0$+0$+<"4$/&*+0$+#$<'8$4+%H,"0'+,'%'+,%$$/<D"4$/&*+0*#+
<D24.'0*2%*#NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN fh+
9"8+dNbc+T+^"4,$?'+$+4*>D'8$4+0*+62%*+,'%'+*+<D24.'0*2%* NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN gc+
9"8+dNbb+T+@D24.'0*2%*+,%$$/<D"0*+<*4+<"4$/&*+0$+#$<'8$4+%H,"0'+0$,*"#+0$+',>"<'0* NNNNNNNNNNNNNNNNNNNNN gc+
9"8+dNba+T+7#,$<&*+6"/'>+0*+<D24.'0*2%*+0$,*"#+0$+'>"#'0*+<*4+24'+&'>*<D'NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN gc+
9"8+dNbd+T+@'4"#'+,>H#&"<'+2#'0'+,'%'+'+%$'>"?'()*+0$+.2<D'#+L2P4"<'#+$4+,'%$0$#+0$+'>C$/'%"'NNNNNNNNNNNN gb+
+
O"""+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
9"8+dNbf+T+!"C$%#*#+,'##*#+$+4'&$%"'>+/$<$##H%"*+,'%'+'+%$'>"?'()*+0$+24+<D24.'0*2%*+<*4+<'4"#'+
,>H#&"<'+$4+'>C$/'%"'+0$+&"S*>* NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ga+
9"8+dNbg+T+="#&'+$4+<*%&$+0*+'#,$<&*+0*#+<D24.'0*2%*#+%$'>"?'0*#+<*4+<'4"#'#+,>H#&"<'#+/*+&"S*>* NNNNNN ga+
9"8+dNbi+T+!"C$%#*#+,'##*#+$+4'&$%"'>+/$<$##H%"*+,'%'+'+%$'>"?'()*+0$+24+<D24.'0*2%*+<*4+.2<D'#+
L2P4"<'#+$4+.$&)* NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN gd+
9"8+dNbe+T+FO$4,>*+0$+24+6"O'0*%+4$<_/"<*+0$+','%'62#'%+,'%'+8'&*#+4$&H>"<*#NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN gf+
9"8+dNbk+T+B$'>"?'()*+0*#+62%*#+C$%&"<'"#+/'#+>'&$%'"#+0'#+,>'<'#+0$+,$0%'+,'%'+*#+,"/*#+0$+#2,*%&$+0*#+
8'&*#+4$&H>"<*# NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN gf+
9"8+dNbh+T+9"O'()*+,%*C"#:%"'+0'#+,>'<'#+0$+,$0%'+'/&$#+0$+<*>*<'()*+0*#+,"/*#+#2,$%"*%$# NNNNNNNNNNNNNNNNNNNN gg+
9"8+dNac+T+E/#$%()*+0*#+,"/*#+/*#+8'&*#+#2,$%"*%$#+0'+,>'<'+0$+,$0%' NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN gi+
9"8+dNab+T+5"/*+4$&H>"<*+<">P/0%"<*+#$4+.'&$/&$+$+<'4"#'+,>H#&"<'+,'%'+,$%4"&"%+>".$%0'0$+0$+4*C"4$/&*#+
I+,>'<'+0$+,$0%'NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN gi+
9"8+dNaa+T+F#L2$4'+L2$+">2#&%'+*+4G&*0*+0$+',>"<'()*+0$+,$0%'#+/'#+?*/'#+0$+'/<*%'8$4+0*#+'/0'"4$#
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ge+
9"8+dNad+T+FO$4,>*+0$+6'<D'0'+%$C$#&"0'+'+,$0%'+%$'>"?'0'+<*4+$#&%2&2%'+"/&$%4G0"'+0$+#2,*%&$ NNNNNNNNNN gh+
9"8+dNaf+T+F#L2$4'+0'+"/#&'>'()*+0'#+,$0%'#+<*4+6"O'()*+,$>*#+&*,*#+D*%"?*/&'"# NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ib+
9"8+dNag+T+F#L2$4'+0'+"/#&'>'()*+0'#+,$0%'#+<*4+6"O'()*+,$>*#+&*,*#+C$%&"<'"#NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ib+
9"8+dNai+T+5*%4$/*%+0$+24'+$#&%2&2%'+"/&$%4G0"'+0$+#2,*%&$+*/0$+#)*+C"#PC$"#+*#+$>$4$/&*#+C$%&"<'"#+$+
D*%"?*/&'"#+L2$+<*4,M$4+*+#"#&$4'NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN id+
9"8+dNae+T+3HL2"/'+,'%'+%$'>"?'%+'#+<'>D'#+/*#+&*,*#+0'#+,>'<'#+0$+,$0%'NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN if+
9"8+dNak+T+!$&'>D$+0'+<'>D'+$6$<&2'0'+/'+,$0%'+,'%'+<*>*<'()*+0*+<>",+0$+#2,*%&$NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN if+
9"8+dNah+T+!$&'>D$+0$+24'+6'<D'0'+<*4+$#&%2&2%'+"/&$%4G0"'+0$+#2,*%&$+*/0$+#$+*.#$%C'+24+<>",#+0$+
#$82"4$/&*+,'%'+6"O'%+'+,>'<'+0$+,$0%'+$+'#+<'>D'#+/'#+,$0%'# NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ig+
9"8+dNdc+T+5*%4$/*%+0*+&'%0*?+0$+24'+,>'<'+0$+,$0%'+<*4+24'+%$$/&%_/<"'+,'%'+$#<*'4$/&*+0$+H82' ii+
9"8+fNb+T+9'<D'0'+0$+24+$0"6P<"*+*/0$+G+C"#PC$>+*+0$#&'<'4$/&*+0$+CH%"'#+,>'<'#+0$+,$0%' NNNNNNNNNNNNNNNNNNNNN ih+
9"8+fNa+T+!$&'>D$+0'+6'<D'0'+0$+24+$0"6P<"*+*/0$+G+,*##PC$>+C$%+*+6%'<&2%'()*+0*#+<'/&*#+0$+,>'<'#+0$+
,$0%'NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ea+
9"8+fNd+T+!$&'>D$+0$+24'+6'<D'0'+0$+24+$0"6P<"*+*/0$+#)*+C"#PC$"#+$6>*%$#<K/<"'#+<*4+4'"*%+"/&$/#"0'0$+
/'#+S2/&'#+$/&%$+,$0%'# NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ed+
9"8+fNf+T+!$&'>D$+0$+24'+6'<D'0'+0$+24+$0"6P<"*+*/0$+#)*+C"#PC$"#+4'/<D'#+/'#+,>'<'#+0$+,$0%' NNNNNNNNNNN ed+
9"8+fNg+T+5*%4$/*%+0'+,>'<'#+0$+,$0%'+*/0$+G+,*##PC$>+C$%+'+>'#<'8$4+S2/&*+'*+8'&*#+0$+#2,*%&$NNNNNNNNNN ek+
9"8+fNi+T+5*%4$/*%+0$+24+8'&*+4$&H>"<*+<*%%*P0*NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN eh+
9"8+fNe+T+F#L2$4'+L2$+">2#&%'+*+0$#,%$/0"4$/&*+0*+6"O'0*%+4$&H>"<*+,%*C*<'0*+,$>'+6'>D'+/'+$O,'/#)*+
0$#&$+ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN kb+
9"8+fNk+T+F#L2$4'+L2$+">2#&%'+*+0$#,%$/0"4$/&*+0*+6"O'0*%+4$&H>"<*+,%*C*<'0*+,$>'+6'>D'+/*+#2,*%&$+
*/0$+$#&$+6*"+6"O* NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN kb+
9"8+fNh+T+F#L2$4'+L2$+">2#&%'+*+0$#,%$/0"4$/&*+0*+6"O'0*%+4$&H>"<*+,%*C*<'0*+,$>'+6'>D'+0*+,%:,%"*+
6"O'0*%NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ka+
9"8+fNbc+T+F#L2$4'+L2$+">2#&%'+*+0$#,%$/0"4$/&*+0*+6"O'0*%+4$&H>"<*+,%*C*<'0*+,$>'+$#<*>D'+$%%'0'+0'+
>*<'>"?'()*+,'%'+*+6"O'0*% NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ka+
9"8+gNb+T+5*%4$/*%+0'+6"O'()*+4$<_/"<'+%$'>"?'0'+<*4+,'%'62#*#+4$&H>"<*#NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN ki+
9"8+iNb+T+F#L2$4'+0'#+4$0"0'#+$+&*>$%_/<"'#+,$%4"&"0'#+/*#+*%"6P<"*#+0$+6"O'()*+0'#+,$0%'#NNNNNNNNNNNNNNNNNNN hi+
O"C+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
`/0"<$+
9"8+eNb+T+5*%4$/*%+024+8'&*+4$&H>"<*+6"O*+<*4+<2/D'#+0$+4'0$"%' NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN bbc+
9"8+eNa+T+5*%4$/*%+0'+6'<D'0'+<*4+'#+S2/&'#+$/&%$+,$0%'#+0$+&'4'/D*+"/#26"<"$/&$ NNNNNNNNNNNNNNNNNNNNNNNNNNNN bbb+
9"8+eNd+T+5*%4$/*%+0'#+>'&$%'"#+0'#+,$0%'#+<*4+*#+$/&'>D$#+,'%'+'<*4*0'%+*#+8'&*# NNNNNNNNNNNNNNNNNNNNNNNNNNN bbb+
9"8+eNf+T+1'&*#+4$&H>"<*#+#2,*%&'/0*+24'+4$#4'+,$0%'+6"O*#+'+0*"#+&",*#+0$+#2,*%&$#+0"6$%$/&$#V+
'>C$/'%"'+$+$#&%2&2%'+4$&H>"<' NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN bba+
9"8+eNg+T+5*%4$/*%+0*+8'&*+4$&H>"<*+#*>0'0*+I+$#&%2&2%'+4$&H>"<'+0*+$0"6P<"*NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN bba+
9"8+eNi+T+F#L2$4'+0*+4*0*+"/<*%%$<&*+0$+6"O'()*+0'#+,$0%'#+'+0*"#+#2,*%&$#+0"6$%$/&$# NNNNNNNNNNNNNNNNNNNNNN bba+
9"8+eNe+T+F#L2$4'+0'+#*>2()*+,%*,*#&'+,'%'+'+<*>*<'()*+0*#+8'&*#+4$&H>"<*#+$+0'+',>"<'()*+0'#+,$0%'#
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN bbd+
9"8+eNk+T+FO$4,>*+0$+24+,"/*+0$4'#"'0*+<2%&*+$+#$4+.'&$/&$+2&">"?'0*+/'+*.%'NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN bbf+
9"8+eNh+T+1'&*#+L2$+#2,*%&'4+'#+,$0%'#+0*+>'0*+"/&$%"*%+$+$O&$%"*%+0*+42%*+#*>0'0*#+24+'*+*2&%* NNNNN bbg+
9"8+eNbc+T+F#L2$4'+0*#+8'&*#+4$&H>"<*#+L2$+#2,*%&'4+'#+,$0%'#+0*+>'0*+"/&$%"*%+$+$O&$%"*%+0*+42%*+
#*>0'0*#+24+'*+*2&%* NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN bbg+
9"8+eNbb+T+F#L2$4'+0'+#*>2()*+,%*,*#&'+,'%'+*+,%*.>$4'+<*4+8'&*#+"/0$,$/0$/&$#+0*+>'0*+$O&$%"*%+$+
"/&$%"*%+0*+42%* NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN bbi+
9"8+eNba+T+5*%4$/*%+0$+24'+,>'<'+0$+,$0%'+6%'<&2%'0'+>*<'>"?'0'+/24'+?*/'+0$+,'##'8$4NNNNNNNNNNNNNNNNN bbe+
9"8+eNbd+j+FO$4,>*+0$+0$#<*>'4$/&*+0$+,>'<'#+0$+,$0%'+*%"8"/'0*#+,$>'+"/<*%%$<&'+',>"<'()*+0'#+,>'<'#
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN bbe+
9"8+eNbf+T+5>'/*+0$+4*/&'8$4+0*+%$C$#&"4$/&*+2#'0*+/'+*.%'J+<*4+"/0"<'(M$#+0'#+,$0%'#+'+2#'%+$+
>*<'>"?'()*+0*#+8'&*#+4$&H>"<*# NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN bbk+
9"8+eNbg+T+5$0%'#+I+<D$8'0'+I+*.%'+/24$%'0'#+$+"0$/&"6"<'0'# NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN bac+
9"8+eNbi+T+5>'<'#+0$+,$0%'+I+<D$8'0'+I+*.%'J+.$4+'<*/0"<"*/'0'#+$+$4+.*'#+<*/0"(M$#NNNNNNNNNNNNNNNNNNNNNNN bac+
9"8+eNbe+T+5*%4$/*%+0'+,%*&$<()*+$4+,>H#&"<*+,'%'+$C"&'%+*+<*/&'<&*+0'#+,$0%'#+<*4+*+4$&'> NNNNNNNNNNNN bab+
+
+
+
+
+
+
+
+
+
+
+
+
+
OC+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
+
+
+
+
+
+
+
+
+
OC"+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
`/0"<$+
J#'.5(&'(&-$"',*2&
&
A2'0%*+bNbV+@*4,'%'()*+0*#+,%"/<",'"#+,'%_4$&%*#+0$+CH%"*#+&",*#+0$+%*<D'#+ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN e+
A2'0%*+bNaV+!"6$%$/&$#+&",*#+0$+$/#'"*#+0$+"0$/&"6"<'()*+$+<'%'<&$%"?'()*+0$+%*<D'#+NNNNNNNNNNNNNNNNNNNNNNNNNNNNN bc+
A2'0%*+bNdV+='>*%$#+4HO"4*#+,%$#$/&$#+/'#+/*%4'#+,'%'+'+,*%*#"0'0$+'.$%&'+$+,'%'+'+'.#*%()*+0$+H82'+
0$+0"C$%#*#+&",*#+0$+%*<D'# NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN bb+
A2'0%*+bNfV+!"6$%$/&$#+&",*#+0$+$/#'"*#+0$+<'%'<&$%"?'()*+4$<_/"<'+0$+%*<D'#+NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN bb+
A2'0%*+bNgV+@>'##"6"<'()*+,%H&"<'+0*#+%$#2>&'0*#+0*#+$/#'"*#+,'%'+'+,$0%'+2&">"?'0'+/'#+<*/#&%2(M$# NNNN ba+
A2'0%*+bNiV+E4,*%&_/<"'+0$+CH%"*#+,'%_4$&%*#+<*/#*'/&$+'+>*<'>"?'()*+0'#+,>'<'#+0$+,$0%'+/'+6'<D'0'+
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN bd+
A2'0%*+aNbV+@*4,'&".">"0'0$#+$/&%$+0"6$%$/&$#+&",*#+0$+6"O'(M$#+$+&",*#+0$+#2,*%&$ NNNNNNNNNNNNNNNNNNNNNNNNNNNNNN db+
A2'0%*+iNbV+Z*>$%_/<"'#+,$%4"&"0'#+%$>'&"C'4$/&$+I+$#,$##2%'+0'#+,>'<'#+0$+,$0%'NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN hf+
A2'0%*+iNaV+Z*>$%_/<"'#+,$%4"&"0'#+%$>'&"C'4$/&$+I#+0"4$/#M$#+>'&$%'"#+0'#+,>'<'#+0$+,$0%' NNNNNNNNNNNNNNN hf+
A2'0%*+iNdV+Z*>$%_/<"'#+,$%4"&"0'#+%$>'&"C'4$/&$+I+$#L2'0%"'+0'#+,>'<'#+0$+,$0%' NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN hg+
A2'0%*+iNfV+Z*>$%_/<"'#+,$%4"&"0'#+%$>'&"C'4$/&$+I+,>'/$?'+0'#+,>'<'#+0$+,$0%' NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN hg+
A2'0%*+iNgV+Z*>$%_/<"'#+,$%4"&"0'#+%$>'&"C'4$/&$+'*#+62%*#+0'#+'/<*%'8$/#+/'#+,>'<'#+0$+,$0%' NNNNNNNNN hi+
+
OC""+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
&
OC"""+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+bV+E/&%*02()*+
?&K#+,*'$LM*&
?N?&9#O$"',"3(#+*&'"&+(2(&
7+ ,$0%'+ /'&2%'>+ G+ 24+ 0*#+ 4'&$%"'"#+ 2#'0*#+ DH+ 4'"#+ &$4,*+ /'+ <*/#&%2()*+ 0$C"0*+ I+ #2'+ 02%'.">"0'0$J+
%$#"#&K/<"'+ $+ I+ L2'>"0'0$+ $#&G&"<'+ L2$+ ,%*,*%<"*/'+ I#+ <*/#&%2(M$#N+ W*+ ,'##'0*J+ '+ #2'+ 2&">"?'()*+ /'+
$0"6"<'()*+ 0$+ 8%'/0$#+ $#&%2&2%'#+ $#&'C'+ ,%'&"<'4$/&$+ %$#$%C'0'+ I+ <*/#&%2()*+ 0$+ 4*/24$/&*#+ <*4*+
,'>H<"*#+*2+"8%$S'#+0$C"0*+'*+$>$C'0*+<2#&*+L2$+$/C*>C"'N+7#+,$0%'#+2#'0'#+$%'4+/*%4'>4$/&$+'L2$>'#+
<2S'#+S'?"0'#+#$+$/<*/&%'C'4+,%:O"4'#+0*+>*<'>+0$+<*/#&%2()*J+#$/0*+4'"#+%'%*+*+&%'/#,*%&$+0$+,$0%'#+
'*+ >*/8*+ 0$+ 8%'/0$#+ 0"#&_/<"'#N+ -+ >*<'>+ 0'+ *.%'+ $+ <*/#$L2$/&$4$/&$+ '+ ?*/'+ 0$+ */0$+ '+ ,$0%'+ $%'+
$O&%'P0'+ '##24"'+ ,*%&'/&*+ 24+ ,',$>+ 62><%'>+ /'+ $#<*>D'+ 0*+ &",*+ 0$+ ,$0%'+ '+ 2#'%N+ F%'4+ <*/#&%2(M$#+
$O&%$4'4$/&$+02%HC$"#J+<*4*+,%*C'+*+6'<&*+0$+8%'/0$+,'%&$+0$>'#+'"/0'+,$%02%'%$4+/*#+/*##*#+0"'#N+
!$#0$+'+2&">"?'()*+4'"#+8$/$%'>"?'0'+0'#+$#&%2&2%'#+0$+.$&)*+'%4'0*+/*+#G<2>*+mmJ+'+,$0%'+,'##*2+'+&$%+
24'+ 62/()*+ ',$/'#+ L2'#$+ $O<>2#"C'4$/&$+ 0$+ %$C$#&"4$/&*J+ ,$%0$/0*+ '+ #2'+ 62/()*+ 0$+ $>$4$/&*+
%$#"#&$/&$+ 0'+ $#&%2&2%'N+ -#+ %$C$#&"4$/&*#+ $4+ ,$0%'+ /'&2%'>+ /)*+ ,$%0$%'4J+ /*+ $/&'/&*J+ '#+ #2'#+
<'%'<&$%P#&"<'#+ L2$+ &'/&*+ 6*%'4+ ',%$<"'0'#J+ <*4*+ '+ n/*.%$?'o+ L2$+ <*/6$%$4+ '+ 24'+ $#&%2&2%'+ $+ '+
L2'>"0'0$+ <*4*+ 4'&$%"'>+ 0$+ %$C$#&"4$/&*J+ #$/0*+ ,*%+ "##*+ '"/0'+ 2#'0*#+ <*4+ 6%$L2K/<"'+ '<&2'>4$/&$N+
7>G4+0"##*J+<*4*+*+/*##*+,'P#+G+24+0*#+4'"*%$#+,%*02&*%$#+0$+,$0%'+/'&2%'>J+&'/&*+/*+L2$+0"?+%$#,$"&*+
I+#2'+$O&%'<()*+<*4*+'*+#$2+&%'&'4$/&*J+G+$O,$<&HC$>+L2$+*+2#*+0$#&$+&",*+0$+%$C$#&"4$/&*#+'24$/&$+
'"/0'+4'"#N+p*S$+$4+0"'+*+&",*+0$+,$0%'+'+2#'%+SH+/)*+0$,$/0$+0'+>*<'>"?'()*+0'+*.%'J+,*"#+G+,*##PC$>+
&%'/#,*%&'%+,$0%'+0$+L2'>L2$%+,'%&$+0*+42/0*Q+*+>$L2$+0$+*,(M$#+0$+L2$+#$+0"#,M$+,'%'+'+$#<*>D'+0*+
&",*+ 0$+ ,$0%'+ '24$/&*2+ ,*%&'/&*+ 0$+ 6*%4'+ #2.#&'/<"'>N+ 7>G4+ 0'+ 4'"*%+ L2'/&"0'0$+ 0$+ ,$0%'#+
0"#,*/PC$"#J+ &'4.G4+ *+ &",*+ 0$+ '<'.'4$/&*+ L2$+ #$+ ,*0$+ 0'%+ I+ ,$0%'+ #*6%$2+ "/U4$%'#+ C'%"'(M$#+ L2$+
,*##".">"&'4+24'+$/*%4$+L2'/&"0'0$+0$+&",*#+0$+%$C$#&"4$/&*#+,G&%$*#+0"6$%$/&$#N+3'#+/)*+6*"+',$/'#+
/'#+,>'<'#+0$+,$0%'+L2$+#$+$C*>2"2+'*+>*/8*+0*#+'/*#Q+&'4.G4+*+&",*+0$+6"O'()*+0$##'#+,>'<'#+#*6%$2+
"4,*%&'/&$#+ ,%*8%$##*#N+ R+ ,*##PC$>+ '<&2'>4$/&$+ *,&'%+ ,*%+ CH%"*#+ &",*#+ 0$+ 4G&*0*#+ 0$+ 6"O'()*+ 0"%$<&*#+
*2+"/0"%$<&*#+0'#+,$0%'#J+D'C$/0*+24'+#*>2()*+'0$L2'0'+,'%'+L2'>L2$%+&",*+0$+,$0%'+$+$0"6P<"*N+
W*+ $/&'/&*J+ 4$#4*+ &$/0*+ $4+ <*/&'+ '#+ .*'#+ <'%'<&$%P#&"<'#+ 0$+ 02%'.">"0'0$+ 0'+ ,$0%'J+ C$%"6"<'T#$+ L2$+
'>82/#+ $0"6P<"*#+ %$>'&"C'4$/&$+ %$<$/&$#+ %$C$#&"0*#+ '+ ,$0%'+ ',%$#$/&'4+ '/*4'>"'#+ *2+ ,'&*>*8"'#N+
A2'>L2$%+&",*+0$+0$6$"&*#+/24+$0"6P<"*+,*0$+&%'?$%+,%*.>$4'#+4'#J+L2'/0*+'#+'/*4'>"'#+#$+>*<'>"?'4+
/'#+6'<D'0'#+0$#&$#J+'+#"&2'()*+G+4'"#+8%'C$N+7#+'/*4'>"'#+/'#+6'<D'0'#+<*4,%*4$&$4J+/'+4'"*%"'+0'#+
C$?$#J+ '+ $#&G&"<'+ 0$+ &*0*+ *+ $0"6P<"*+ '>G4+ 0$+ ,*0$%$4+ <'2#'%+ ,%*.>$4'#+ 0$+ "/6">&%'(M$#+ $+ 6'>&'+ 0$+
"#*>'4$/&*#N+ 7>G4+ 0"##*J+ '<'%%$&'4+ 0$#,$#'#+ '0"<"*/'"#+ '*+ $4,%$"&$"%*+ $4+ <'#*+ 0$+ '/*4'>"'#+
0$&$<&'0'#+02%'/&$+*+,$%P*0*+0$+8'%'/&"'+0*#+&%'.'>D*#+$O$<2&'0*#+N+A2'/0*+$#&'4*#+'+&%'&'%+0$+,>'<'#+
,$0%'#+6"O'#+'*+$O&$%"*%+0*#+$0"6P<"*#+$O"#&$+'"/0'+*2&%'+#"&2'()*+L2$+/)*+,*0$+#$%+0$#,%$?'0'V+*+%"#<*+0$+
0$#,%$/0"4$/&*+ $+ L2$0'+ 0'#+ ,$0%'#+ L2$+ ,*0$4+ ,q%+ $4+ ,$%"8*+ ,$##*'#N+ @*4*+ C"4*#J+ ,'&*>*8"'#+ $+
0$6$"&*#+ $4+ 6'<D'0'#+ ,*0$4+ #$%+ $O&%$4'4$/&$+ 8%'C$#J+ D'C$/0*+ ,*%&'/&*+ &*0*+ *+ "/&$%$##$+ $4+
4"/"4"?'%+'#+<'2#'#+L2$+>D$#+,*0$4+0'%+*%"8$4N++
F4+&*0*#+*#+&",*#+0$+&G</"<'#+0$+%$C$#&"4$/&*+0$+6'<D'0'#J+,'%'+'+*.&$/()*+0$+24+%$#2>&'0*+6"/'>+0$+
.*'+ L2'>"0'0$+ $+ L2$+ #$S'+ 02%HC$>J+ G+ /$<$##H%"*+ #$82"%+ ,%*<$0"4$/&*#+ <*/#&%2&"C*#+ L2$+ 0"6$%$4+
+
b+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
<*/#*'/&$+ *+ #2,*%&$+ */0$+ #$+ $#&H+ '+ "/#&'>'%+ '+ ,$0%'J+ *+ 4G&*0*+ 0$+ 6"O'()*+ $#<*>D"0*J+ *+ &",*+ 0$+ ,$0%'+
',>"<'0'+$/&%$+*2&%*#+6'<&*%$#N+W*+$/&'/&*J+/$4+$4+&*0'#+'#+*.%'#+$#&$#+,%*<$0"4$/&*#+#)*+#$82"0*#J+
L2$%+ #$S'+ ,*%+ 0$#<*/D$<"4$/&*+ 0*#+ 4$#4*#J+ ,*%+ %'?M$#+ $<*/:4"<'#J+ ,*%+ 6'>&'+ 0$+ 6*%4'()*+ 0*#+
',>"<'0*%$#J+,*%+6'>&'+0$+6"#<'>"?'()*+*2+,*%+*2&%*#+4*&"C*#N+7+',>"<'()*+"/<*%%$<&'+0$+24+%$C$#&"4$/&*+
0$+ 6'<D'0'#+ 2#'/0*+ 24'+ &G</"<'+ 0$+ %$C$#&"4$/&*#+ L2$J+ I+ ,'%&"0'J+ 8'%'/&"%"'+ .*/#+ %$#2>&'0*#+ ,*0$+
<*4,%*4$&$%+ *+ %$#2>&'0*+ 6"/'>N+ F#&'#+ #"&2'(M$#+ ,$/'>"?'4+ 8%'C$4$/&$+ '+ 2&">"?'()*+ 0'#+ %*<D'#+
*%/'4$/&'"#J+8$%'/0*+'"/0'+4H+"/6*%4'()*+#*.%$+'+02%'.">"0'0$+0'+,$0%'+$+<%"'/0*+,%$<*/<$"&*#N+
32"&'#+0'#+'>&$%'(M$#+$#&G&"<'#+$+62/<"*/'"#+"/0$#$SHC$"#+L2$+*<*%%$4+/*+0$<2%#*+0'+C"0'+U&">+0$+24'+
*.%'+ %$C$#&"0'+ '+ ,$0%'+ /)*+ $#&)*+ 0"%$<&'4$/&$+ %$>'<"*/'0'#+ <*4+ *#+ &",*#+ 0$+ ,$0%'+ 2&">"?'0*#+ 4'#+
%$#2>&'4+ 0$+ 24'+ $#<*>D'+ "/'0$L2'0'+ *2+ 0'+ 4H+ <*>*<'()*+ 0*#+ #"#&$4'#+ 0$+ 6"O'()*N+ F%%*#+ 0$+ ',>"<'()*+
/$#&$+&",*+0$+6'<D'0'#+,*0$4+'/2>'%+,*%+<*4,>$&*+'#+C'/&'8$/#+<*/D$<"0'#+0'#+6'<D'0'#+%$C$#&"0'#+'+
,$0%'J+ '<'%%$&'/0*+ '"/0'+ "/C$#&"4$/&*#+ 'C2>&'0*#+ '*+ >*/8*+ 0'+ C"0'+ 0'+ *.%'+ ,'%'+ '+ %$82>'%"?'()*+ 0*#+
0$6$"&*#N++
F#&$+3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+L2$+#$+$/L2'0%'+/'+2/"0'0$+<2%%"<2>'%+n!"##$%&'()*+0$+3$#&%'0*+
$4+ F/8$/D'%"'+ @"C">o+ &$4+ ,*%&'/&*+ <*4*+ *.S$<&"C*+ #"#&$4'&"?'%+ *#+ ,'##*#+ /$<$##H%"*#+ ,'%'+ '+ <*%%$<&'+
',>"<'()*+0$+%$C$#&"4$/&*#+0$+,$0%'N+!$#&'+6*%4'+$#,$%'T#$+<*/&%".2"%+,'%'+4"/"4"?'%+'#+'/*4'>"'#+$+
,'&*>*8"'#+L2$+,*##'4+*<*%%$%+02%'/&$+'+C"0'+U&">+0'#+<*/#&%2(M$#+*%"8"/'0'#+*2+'4,>"6"<'0'#+,*%+24'+
4H+$#<*>D'+*2+"/<*%%$<&'+',>"<'()*+0*#+%$C$#&"4$/&*#N+
F#&'+ 0"##$%&'()*+ $#&H+ 4'"#+ 6*<'0'+ /'#+ *,$%'(M$#+ %$'>"?'0'#+ $4+ *.%'J+ #'"/0*+ SH+ 6*%'+ 0*+ _4."&*+ 0$#&$+
%$>'&:%"*+ &*0*+ *+ &%'.'>D*+ 0$+ ,%*S$<&*+ <*4*+ *+ 0"4$/#"*/'4$/&*+ 0*#+ #2,*%&$#J+ $&<N+ L2$+ &$4+ 0$+ #$%+
#$4,%$+,%$C"'4$/&$+$O$<2&'0*N+
+
F#&'+ 0"##$%&'()*+ $/<*/&%'T#$+ 0"C"0"0'+ $4+ #$&$+ <',P&2>*#J+ <*4+ *+ <*/&$U0*+ 0$+ <'0'+ <',P&2>*+ 0$#<%"&*+ 0$+
#$82"0'N+
-+ )"/.+$%*& ?+ ',%$#$/&'+ 24'+ "/&%*02()*+ 8$%'>+ I+ 0"##$%&'()*J+ */0$+ #)*+ 0$#<%"&*#+ *#+ 0"6$%$/&$#+ &",*#+ 0$+
%*<D'#+L2$+$O"#&$4J+'#+0"6$%$/&$#+<'%'<&$%P#&"<'#+0'#+,$0%'#+/'&2%'"#J+*#+0"C$%#*#+&",*#+0$+'<'.'4$/&*#+
L2$+#$+,*0$4+',>"<'%+/'#+,$0%'#+$J+,*%+6"4J+24+%$#24*+0*#+0"C$%#*#+$/#'"*#+L2$+,*0$4+#$%+%$'>"?'0*#+
I#+ ,$0%'#+ /'&2%'"#+ ,'%'+ #'.$%+ '#+ #2'#+ <'%'<&$%P#&"<'#+ 4'"#+ "4,*%&'/&$#+ $+ ,'%'+ ,$%4"&"%+ 'C'>"'%+ '+
'0$L2'.">"0'0$+0*#+%$C$#&"4$/&*#+I#+<*/0"(M$#+0$+2&">"?'()*N+
W*+ )"/.+$%*& =& #)*+ "0$/&"6"<'0*#+ CH%"*#+ &",*#+ 0$+ 4G&*0*#+ ,'%'+ 6"O'%+ ,$0%'#+ /'&2%'"#+ '+ 6'<D'0'#N+ \)*+
0"#&"/82"0*#+0*"#+4G&*0*#+0$+6"O'()*+0"%$<&'+r<*>'8$4+$+#$>'8$4s+$+&%K#+4G&*0*#+0$+6"O'()*+"/0"%$<&'+0$+
,$0%'#+ '+ 6'<D'0'#+ r<*4+ '8%'6*#+ $+ ,*/&*#+ 0$+ '%8'4'##'J+ <*4+ 8'&*#+ 4$&H>"<*#+ $+ <*4+ $#&%2&2%'+
"/&$%4G0"'+0$+#2,*%&$sN+FO"#&$4+*2&%*#+4G&*0*#+0$+6"O'()*+0$+,$0%'#+4'#+$#&$#+6*%'4+$#<*>D"0*#+,'%'+
',%$#$/&'()*+ ,*%+ #$%$4+ *#+ L2$+ 4'"#+ <*%%$/&$4$/&$+ #)*+ 2#'0*#+ $4+ <*/#&%2(M$#N+ W$#&$+ <',P&2>*+ *#+
4G&*0*#+0$+6"O'()*+#)*+0$#<%"&*#+$+G+%$6$%"0*+*+#$2+<'4,*+0$+',>"<'()*J+.$4+<*4*+'#+#2'#+>"4"&'(M$#N+R+
'"/0'+ ',%$#$/&'0*+ 24+ L2'0%*+ L2$+ ">2#&%'+ '+ <*4,'&".">"0'0$+ 0*#+ 0"6$%$/&$#+ &",*#+ 0$+ 6"O'()*+ <*4+ *#+
CH%"*#+&",*#+0$+#2,*%&$+L2$+,*0$4*#+$/<*/&%'%+/24+$0"6P<"*J+.$4+<*4*+*#+%$L2"#"&*#+,'%'+#$+,*0$%$4+
a+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+bV+E/&%*02()*+
%$'>"?'%+<D24.'0*2%*#N+
-+ )"/.+$%*& Q+ &%'&'+ 0*#+ 4G&*0*#+ <*/#&%2&"C*#+ L2$+ &K4+ 0$+ #$%+ $4,%$82$#+ ,'%'+ %$'>"?'%+ 0$+ 6*%4'+
'0$L2'0'+*#+0"6$%$/&$#+&",*#+0$+6"O'(M$#+0$+,$0%'N+F#&H+0"C"0"0*+$4+CH%"'#+#$<(M$#+L2$+%$,%$#$/&'4+'#+
$&','#+/$<$##H%"'#+,'%'+'+',>"<'()*+0$+24+%$C$#&"4$/&*J+<*4*+'+,%$,'%'()*+0*+#2,*%&$+*2+'+%$'>"?'()*+
0*#+62%*#+/'#+,$0%'#J+,*%+$O$4,>*J+,'%'+<'0'+24+0*#+4G&*0*#+',%$#$/&'0*#N+
-+ )"/.+$%*& T+ %$U/$+ '#+ ,'&*>*8"'#+ $+ '/*4'>"'#+ L2$+ #)*+ 4'"#+ <*42/#+ 0$+ *<*%%$%$4+ /*#+ CH%"*#+ &",*#+ 0$+
%$C$#&"4$/&*#N+Z$4+24'+"/&%*02()*+8$%'>+<*424+'+&*0*#+*#+4G&*0*#+L2$+&%'&'+0'#+,'&*>*8"'#+<'2#'0'#+
,$>'+H82'+$+0*+<2"0'0*+'+&$%+/*+2#*+0$+,%*02&*#+D"0%:628*#N+F#&H+0$,*"#+0"C"0"0*+,*%+#$<(M$#J+*/0$+<'0'+
24'+0$>'#+<*%%$#,*/0$+'+24+&",*+0$+6"O'()*J+',%$#$/&'/0*+'##"4+'#+0"C$%#'#+,'&*>*8"'#+0$+<'0'+4G&*0*+
0$+6"O'()*+0'#+,>'<'#+0$+,$0%'N+
W*+)"/.+$%*&S+ ',%$#$/&'4T#$+ *#+ ,'##*#+'+ #$82"%+,'%'+'+%$,'%'()*+0'#+,'&*>*8"'#+%$6$%"0'#+/*+<',P&2>*+
'/&$%"*%N+7L2"+',%$#$/&'4T#$J+0$+6*%4'+#"4,>"6"<'0'+#$4+0$#<%$C$%+'+&*&'>"0'0$+0*#+,'##*#J+'#+,%"/<",'"#+
*,$%'(M$#+'+%$'>"?'%+/*+L2$+0"?+%$#,$"&*+I#+%$,'%'(M$#N+
W*+)"/.+$%*&Z+G+,%*,*#&*+24+,>'/*+0$+<*/&%*>*+0$+L2'>"0'0$+,'%'+*#+0"6$%$/&$#+&",*#+0$+6"O'()*N+F#&$+
,>'/*+ &$4+ 24+ &%*/<*+ <*424+ '*#+ CH%"*#+ &",*#+ 0$+ 6"O'()*J+ $+ <*/&%*>*#+ '0"<"*/'"#+ $#,$<P6"<*#+ ,'%'+ <'0'+
4G&*0*+ 0$+ 6"O'()*N+ 7,%$#$/&'+ '>824'#+ C$%"6"<'(M$#+ L2$+ 0$C$4+ #$%+ 6$"&'#+ '/&$#+ 0$+ %$'>"?'%+ '+ *.%'J+
02%'/&$+ *+ 0$<*%%$%+ 0'+ *.%'+ $+ /*+ 6"/'>+ 0'+ "/#&'>'()*+ 0*#+ $>$4$/&*#+ ,G&%$*#N+ !$#&'+ 6*%4'+ ,$%4"&$+
8'%'/&"%+L2$+*#+%$C$#&"4$/&*#+6*%'4+',>"<'0*#+#$82/0*+*#+,%*<$0"4$/&*#+<*%%$<&*#N+
5*%+6"4J+*+)"/.+$%*&V+G+0$+&$*%+4'"#+,%H&"<*+SH+L2$+0$#<%$C$+'#+*.#$%C'(M$#+%$'>"?'0'#+/'+*.%'+C"#"&'0'+
,'%'+'+%$'>"?'()*+0$#&$+&%'.'>D*N+-+$0"6P<"*+'/'>"#'0*+$#&'C'+$4+&%'.'>D*#+0$+%$4*()*+0*+%$C$#&"4$/&*+
0'#+6'<D'0'#+$+',>"<'()*+0$+24+/*C*+%$C$#&"4$/&*J+<*4+6"O'()*+"/0"%$<&'J+%$<*%%$/0*+'+8'&*#+4$&H>"<*#N+
W24'+ ,%"4$"%'+ ,'%&$J+ ',%$#$/&'T#$+ '+ >"#&'+ 0$+ ,'&*>*8"'#+ $+ '/*4'>"'#+ ,%$#$/&$#+ /'+ *.%'+ C"#"&'0'+ '/&$#+
0'#+ *.%'#+ 0$+ .$/$6"<"'()*N+ 9*%'4+ $##'#+ '/*4'>"'#+ L2$+ >$C'%'4+ I+ /$<$##"0'0$+ 0$+ %$'>"?'%+ '#+ *.%'#+ 0$+
#2.#&"&2"()*+ 0*+ %$C$#&"4$/&*N+ W24'+ #$82/0'+ ,'%&$J+ $+ SH+ 02%'/&$+ '+ *.%'+ 0$+ %$L2'>"6"<'()*+ '+ L2$+ $##$+
$0"6P<"*+6*"+#2S$"&*J+,q#T#$+$4+,%H&"<'+*+,>'/*+0$+<*/&%*>*+0$+L2'>"0'0$+',%$#$/&'0*+/*+@',P&2>*+iN+
+
?N=&P./*2&'(&,*56"2&#"+$,".2&
7#+ %*<D'#+ /'&2%'"#+ #)*+ '8%$8'0*#+ <*$%$/&$#+ 0$+ 4"/$%'"#+ *2+ 0$+ #2.#&_/<"'#+ #:>"0'#+ $+ ,%*CK$4+ 0$+
6*%4'(M$#+ 8$*>:8"<'#+ *%"8"/'0'#+ 0$+ 6*%4'+ /'&2%'>N+ 5'%'+ <*4,%$$/0$%+ '#+ ,%*,%"$0'0$#+ 0'#+ %*<D'#+
2#'0'#+ /'+ <*/#&%2()*+ G+ "4,*%&'/&$+ <*/D$<$%+ *+ ,%*<$##*+ 0$+ 6*%4'()*+ 0$#&'#+ $+ '#+ #2'#+ ,%"/<",'"#+
<'%'<&$%P#&"<'#N+ 7#+ %*<D'#+ ,*0$4+ &$%+ *%"8$4+ $4+ &%K#+ '4."$/&$#+ L2$+ 0"6$%$4+ $/&%$+ #"+ $4+ &$%4*#+ 0$+
&$4,$%'&2%'J+ ,%$##)*+ $+ <*4,*#"()*+ L2P4"<'J+ 0'/0*+ '##"4+ *%"8$4+ '+ &%K#+ 6'4P>"'#+ 0$+ %*<D'#V+ '#+ %*<D'#+
4'84H&"<'#J+'#+%*<D'#+#$0"4$/&'%$#+$+'#+%*<D'#+4$&'4:%6"<'#N+!$#<%$C$4T#$J++0$+#$82"0'J+'#+,%"/<",'"#+
<'%'<&$%P#&"<'#+0*#+&%K#+&",*#+0$+%*<D'#+L2$+,*0$4+&$%+"/6>2K/<"'+,'%'+'+$#<*>D'+0$+%$C$#&"4$/&*#J+#$4+
/*+ $/&'/&*+ $/&%'%+ $4+ 8%'/0$#+ 0$&'>D$#+ /*+ L2$+ 0"?+ %$#,$"&*+ '+ <'%'<&$%"?'(M$#+ 4"/$%'>:8"<'#+ $+
,$&%*8%H6"<'#+tbuN+
+
d+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
7#+ ,*56"2& 3":3_+.5"2J+ L2$+ ,*0$4+ &'4.G4+ #$%+ ',$>"0'0'#+ 0$+ %*<D'#+ P8/$'#+ *2+ $%2,&"C'#J+ 0$%"C'4+
0"%$<&'4$/&$+ 0'+ <*/#*>"0'()*J+ '%%$6$<"4$/&*+ $+ <%"#&'>"?'()*+ 0*+ 4'84'J+ '+ 24'+ <$%&'+ ,%*62/0"0'0$+ 0'+
<%*#&'+&$%%$#&%$+*2+I+#2,$%6P<"$J+,*%+'<()*+C2><_/"<'N+\$+*+4'84'+#*>"0"6"<'%+'+8%'/0$+,%*62/0"0'0$+'#+
%*<D'#+6*%4'0'#+0$/*4"/'4T#$+0$+,>2&:/"<'#+*2+"/&%2#"C'#+<*4*+G+*+<'#*+0*+#"$/"&*J+8%'/"&*+*2+8'.%*N+
\$+ '+ #*>"0"6"<'()*+ #$+ 0$%+ I+ #2,$%6P<"$+ '#+ %*<D'#+ 6*%4'0'#+ 0$#"8/'4T#$+ 0$+ C2><_/"<'#+ *2+ $O&%2#"C'#+ &'>+
<*4*+ *+ .'#'>&*+ tauN+ @*/#*'/&$+ *#+ 4"/$%'"#+ L2$+ <*/#&"&2$4+ '#+ %*<D'#+ 4'84H&"<'#J+ $#&'#+ ',%$#$/&'4+
24'+8%'/0$+8'4'+0$+&*/'>"0'0$#J+#$/0*+$4+8$%'>+,*2<*+,*%*#'#J+02%HC$"#+$+%$#"#&$/&$#+4$<'/"<'4$/&$+
tduN+-#+8%'/"&*#J+,*%+$O$4,>*J+',%$#$/&'4+$4+8$%'>+24'+.*'+%$#"#&K/<"'+'*#+<"<>*#+8$>*T0$8$>*J+#$/0*+
,*%+"##*+24'+.*'+$#<*>D'+,'%'+<>"4'#+6%"*#+*2+<*4+8%'/0$#+'4,>"&20$#+&G%4"<'#+tbuN+7,%$#$/&'4T#$+0*"#+
$O$4,>*#+0$+%*<D'#+4'84H&"<'#+/'+6"82%'+bNbN+
+
's
++
.s
+
9"8+bNb+T+5*%4$/*%+0*+'#,$<&*+0$+,>'<'#+0$+%*<D'+4'84H&"<'V+'s+,>'<'+0$+8%'/"&*+.s+,>'<'+0$+8'.%*+tfu+
+
7#+ ,*56"2&2('.3(#+",(2+ &K4+ *%"8$4+ $4+0$,:#"&*#+ 0$+6%'84$/&*#+#$0"4$/&'%$#N+ F#&$#+ ,*0$4+%$#2>&'%+
0'+0$#'8%$8'()*+0$+%*<D'#+$O$%<"0'+,*%+'8$/&$#+'&4*#6G%"<*#J+,$>'#+,>'/&'#+*2+,$>*#+'/"4'"#J+r'%$/"&*#+
,*%+ $O$4,>*sJ+ *2+ ,*0$4+ %$#2>&'%+ 0*+ '8>*4$%'0*+ 0$+ %$#P02*#+ 0$+ 6*##$"#+ $+ ,>'/&'#J+ 6*%4'/0*+ '##"4+ *#+
<'><H%"*#+r.%$<D'#J+<'><H%"*+>"*?+*2+<'><H%"*+&%'C$%&"/*+,*%+$O$4,>*sN+F#&'#+%*<D'#+#$0"4$/&'%$#+&K4+24'+
$#&%2&2%'+$#&%'&"6"<'0'+0"#,*#&'#+$4+<'4'0'#+0$+$#,$##2%'+C'%"HC$>+$+',%$#$/&'4+<'%'<&$%P#&"<'#+6P#"<'#J+
L2P4"<'#+ $+ 4$<_/"<'#+ C'%"'0'#+ $/&%$+ #"N+ W*+ 8$%'>+ ,*0$4+ #$%+ 0$#<%"&'#+ <*4*+ .'#&'/&$+ ,*%*#'#J+ #$/0*+
,*%&'/&*+ #2#<$,&PC$"#+ 0$+ '.#*%C$%$4+ '+ H82'N+ -+ <'><H%"*+ G+ '"/0'+ .'#&'/&$+ 6%H8">+ '*+ '&'L2$+ ,*%+ H<"0*#+
r<D2C'#+ '<"0'#+ ,*%+ $O$4,>*+ L2$+ #)*+ <*42/#+ $4+ '4."$/&$#+ <"&'0"/*#s+ tduN+ 7,%$#$/&'4T#$+ 0$+ #$82"0'+
r6"82%'+bNas+0*"#+$O$4,>*#+0$+%*<D'#+#$0"4$/&'%$#N+
+
f+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+bV+E/&%*02()*+
's+
++
.s+
+
9"8+bNa+T+5*%4$/*%+0*+'#,$<&*+0$+,>'<'#+0$+%*<D'+#$0"4$/&'%V+'s+,>'<'+0$+<'><H%"*+4*>$'/*#+.s+,>'<'+0$+.%$<D'+
'<"/?$/&'0'+tfu+
+
7#+,*56"2&3(+"3d,U.5"2+6*%4'4T#$+0'+'>&$%'()*+0$+%*<D'#+SH+$O"#&$/&$#+r4'84H&"<'#J+#$0"4$/&'%$#+*2+
4$&'4:%6"<'#sJ+L2'/0*+#)*+#2S$"&'#+'+<$%&'#+<*/0"(M$#+0$+,%$##)*+$+&$4,$%'&2%'+0"6$%$/&$#+0'#+0'+#2'+
8G/$#$N+7,%$#$/&'4+24'+8%'/0$+C'%"_/<"'+0'#+#2'#+<'%'<&$%P#&"<'#J+#$/0*+*#+4'"#+<*42/#+*#+4H%4*%$#J+
'#+'%0:#"'#+*2+*#+8/$"##$#+tauN+-#+4H%4*%$#+#)*+.'#&'/&$+2#'0*#+$4+%$C$#&"4$/&*#+r/'+6"82%'+bNd+#)*+
',%$#$/&'0*#+ 0*"#+ $O$4,>*#+ 0$+ 4H%4*%$#s+ $/L2'/&*+ '#+ '%0:#"'#+ #)*+ 4'"#+ <*4244$/&$+ 2#'0'#+ $4+
<*.$%&2%'#+tduN+
's+
+ .s+
+
9"8+bNd+T+5*%4$/*%+0*+'#,$<&*+0$+,>'<'#+0$+%*<D'+4$&'4:%6"<'V+'s+,>'<'+0$+4H%4*%$+%*#'+.s++,>'<'+0$+4H%4*%$+
<"/?$/&*+tfu+
+
?NQ&)","5+(,R2+.5"2&'"2&/(',"2&#"+$,".2&
7+$#<*>D'+0*+&",*+0$+,$0%'+'+2#'%+/*+%$C$#&"4$/&*+024+$0"6P<"*+.'#$"'T#$+42"&*+$4+6'<&*%$#+$#&G&"<*#J+
&'"#+ <*4*+ '+ <*%J+ '+ &$O&2%'J+ '+ D*4*8$/$"0'0$+ $+ *+ '<'.'4$/&*+ 0*#+ $>$4$/&*#+ ,G&%$*#N+ W*+ $/&'/&*J+ *#+
'#,$<&*#+&G</"<*#+/)*+,*0$4+0$+6*%4'+'>824'+#$%+0$#<2%'0*#+/$4+%$>$8'0*#+,'%'+#$82/0*+,>'/*+$4+
%$>'()*+ '*#+ <%"&G%"*#+ $#&G&"<*#+ $+ ,*0$4J+ $4+ <$%&*#+ <'#*#+ <*/0"<"*/'%+ *#+ &",*#+ 0$+ ,$0%'#+ ,'##PC$"#+ 0$+
#$%$4+2&">"?'0*#+/24'+6'<D'0'N+
@*4*+ '#+ ,$0%'#+ &K4+ *%"8$/#+ 0"6$%$/&$#J+ '#+ #2'#+ <'%'<&$%P#&"<'#+ 6P#"<'#J+ L2P4"<'#+ $+ 4$<_/"<'#+ &'4.G4+
0"6$%$4+ .'#&'/&$N+ 7>824'#+ <'%'<&$%P#&"<'#+ &K4+ 4'"*%+ "/6>2K/<"'+ /'+ 02%'.">"0'0$+ $+ /'+ L2'>"0'0$+ 0$#&'#+
+
g+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
L2'/0*+',>"<'0'#+$4+6'<D'0'#J+&'"#+<*4*+'+%$#"#&K/<"'J+'+&$O&2%'J+'+D*4*8$/$"0'0$+$+*+<*4,*%&'4$/&*+
0'#+,$0%'#+I+H82'N+
7+%$#"#&K/<"'+I+<*4,%$##)*+024'+,$0%'+0$,$/0$+0'+$#&%2&2%'+0'+,%:,%"'+,$0%'J+0'+#2'+0$/#"0'0$+$+0'+
D24"0'0$+ '+ L2$+ $#&'+ #$+ $/<*/&%'N+ 1$%'>4$/&$J+ L2'/&*+ 4'"#+ <*4,'<&'+ G+ 24'+ ,$0%'+ 4'"*%+ '+ #2'+
%$#"#&K/<"'+$+L2'/&*+4'"#+#'&2%'0'+0$+H82'+$#&"C$%+4$/*%+'+#2'+%$#"#&K/<"'+tduN+
7+'.#*%()*+0$+H82'+/'#+,$0%'#+0$,$/0$+0$+CH%"*#+6'<&*%$#+<*4*+'+,%$##)*J+'+&$4,$%'&2%'+'4."$/&$+$+
<'%'<&$%P#&"<'#+0'#+,$0%'#+&'"#+<*4*+'+#2'+,*%*#"0'0$J+<*4,'<"0'0$+*2+,$%4$'.">"0'0$N+
7+/*,*2.'"'(+0'#+,$0%'#+G+24'+8%'/0$?'+L2$+$#&'.$>$<$+'+>"8'()*+$/&%$+*+C*>24$+0$+C'?"*#+$+*+C*>24$+
&*&'>+024'+,$0%'Q+#$%C$+,'%'+L2'/&"6"<'%+*+8%'2+0$+#'&2%'()*+024'+,$0%'+/'&2%'>N+A2'/&*+4'"*%+6*%+'+
,*%*#"0'0$+024'+,$0%'+4'"#+$>'+C'"+'.#*%C$%+H82'Q+/*+$/&'/&*J+DH+L2$+%$6$%"%+L2$+02'#+,$0%'#+<*4+'+
4$#4'+,*%*#"0'0$+,*0$4+&$%+<','<"0'0$#+0$+'.#*%()*+0"6$%$/&$#+0$C"0*+'+0"6$%$/&$#+0"#,*#"(M$#+0*#+
,*%*#+0'#+,$0%'#+tduN+@*/#"0$%'T#$+L2$+24'+%*<D'+&$4+,*%*#"0'0$+42"&*+$>$C'0'+L2'/0*+*+#$2+C'>*%+G+
#2,$%"*%+'+bcv+$+42"&*+.'"O'+L2'/0*+$#&$+G+"/6$%"*%+'+cJgv+tbuN+
7+5*3/"5.'"'(+024'+,$0%'+G+*+"/C$%#*+0'+,*%*#"0'0$V+&%'&'T#$+0'+%$>'()*+$/&%$+*+C*>24$+0$+4'&G%"'+
024'+,$0%'+$+*+C*>24$+&*&'>+0'+,$0%'N+A2'/&*+4'"#+<*4,'<&'+6*%+24'+,$0%'+4$/*%+C*>24$+0$+C'?"*#+
&$%H+$+4$/*%+#$%H+'+#2'+,*%*#"0'0$+tduN+
-2&%'+ ,%*,%"$0'0$+ 0'#+ ,$0%'#+ L2$+ &'4.G4+ $#&H+ %$>'<"*/'0'+ <*4+ '+ ,*%*#"0'0$+ G+ '+ /(,3("8.%.'"'(+
0$#&'#Q+ '+ ,$%4$'.">"0'0$+ 'C'>"'+ '+ 6'<">"0'0$+ L2$+ 24+ 6>2"0*+ *2+ 8H#+ &$4+ ,'%'+ '&%'C$##'%+ '+ ,$0%'N+ w4'+
,$0%'+ ,*%*#'+ &$%H+ 8%'/0$+ ,$%4$'.">"0'0$+ 4'#+ 24'+ ,$0%'+ <*4+ 8%'/0$+ ,$%4$'.">"0'0$+ /)*+ G+
6*%(*#'4$/&$+,*%*#'Q+,*0$+',$/'#+&$%+CH%"'#+6"##2%'#+L2$+6'<">"&'4+24+6>2"0*+0$+'&%'C$##'%+*+$>$4$/&*+
,G&%$*+tduN+
5*%+6"4J+*2&%'+<'%'<&$%P#&"<'+0'#+,$0%'#+%$>'<"*/'0'+<*4+'+'.#*%()*+0$+H82'+G+'+6.:,*25*/.5.'"'(J+L2$+G+
'+ <','<"0'0$+ L2$+ *#+ 4'&$%"'"#+ &K4+ 0$+ '.#*%C$%+ $+ %$&$%+ '+ D24"0'0$+ $O"#&$/&$+ /*+ '4."$/&$N+ 7+
D"8%*#<*,"<"0'0$+,*0$+0'%+*%"8$4+'+6$/:4$/*#+0$+8$>"C"0'0$J+*2+#$S'J+'+#*>"0"6"<'()*+0'+H82'+,%$#$/&$+
/*+ "/&$%"*%+ 0'+ ,$0%'+ 0$C"0*+ '+ &$4,$%'&2%'#+ /$8'&"C'#+ L2$J+ '*+ '24$/&'%+ 0$+ C*>24$+ <'2#'+ '+
6%'84$/&'()*+ 0'#+ ,$0%'#N+ F#&'+ <'%'<&$%P#&"<'+ %$C$>'T#$+ "4,*%&'/&$+ L2'/0*+ '#+ <*/#&%2(M$#+ $#&)*+
>*<'>"?'0'#+$4+>*<'"#+42"&*+6%"*#+*2+0$+8%'/0$#+'4,>"&20$#+&G%4"<'#+tduN+
5*0$4*#+'8%2,'%+'>824'#+0$#&'#+<'%'<&$%P#&"<'#+/24+L2'0%*+rL2'0%*+bNbs+L2$+',%$#$/&'+*#+C'>*%$#+0'+
4'##'+ C*>U4"<'+ ','%$/&$J+ 0'+ '.#*%()*+ 0$+ H82'+ I+ ,%$##)*+ '&4*#6G%"<'J+ 0'+ ,*%*#"0'0$+ '.$%&'+ $+ 0'+
%$#"#&K/<"'+ I+ <*4,%$##)*+ 0$+ '>82/#+ &",*#+ 0$+ %*<D'#N+ F#&$+ L2'0%*+ ',%$#$/&'+ *#+ "/&$%C'>*#+ 0$+ C'>*%$#+
4G0"*#J+ C"#&*+ L2$+ 0$/&%*+ 0$+ <'0'+ <'&$8*%"'+ *#+ C'>*%$#+ 0"6$%$4+ 0$+ %*<D'+ ,'%'+ %*<D'N+ 5'%'+ #$+ *.&$%+ *#+
C'>*%$#+,%$<"#*#+0$+24+0$&$%4"/'0*+&",*+0$+%*<D'+,*0$4*#+<*/#2>&'%+*+3'/2'>+0$+5$0%'+W'&2%'>+,'%'+'+
7%L2"&$<&2%'+L2$+0"#,*/".">"?'+/*#+#$2#+'/$O*#+$#&'+"/6*%4'()*+4'"#+0$&'>D'0'+,'%'+&*0*#+*#+&",*#+0$+
%*<D'#N+ 7+ 2&">"0'0$+ 0$#&$+ L2'0%*+ /)*+ $#&H+ &'/&*+ /*#+ C'>*%$#+ '.#*>2&*#+ L2$+ ',%$#$/&'+ 4'#+ /'+
,*##".">"0'0$+L2$+0H+0$+<*4,'%'%+*#+C'>*%$#+0*#+CH%"*#+&",*#+0$+,$0%'+$/&%$+#"N+
+
i+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+bV+E/&%*02()*+
+
Z",*#+0$+B*<D'#+
3'##'+=*>U4"<'+
r[8x4ds+
7.#*%()*+0$+H82'+I+ 5*%*#"0'0$+7.$%&'+
B$#"#&K/<"'+I+
5%$##)*+7&4*#6G%"<'+
rv+0*+C*>24$s+
@*4,%$##)*+r35's+
rv+0*+,$#*s+
7%$/"&*#+
bhcc+'+aicc+
cJi+'+bdJk+
bi+'+iJc+
ac+'+bcc+
;'#'>&*#+
ahcc+'+dccc+
cJb+'+cJd+
cJa+'+cJk+
big+'+dfg+
@'><H%"*#+
aicc+'+akcc+
cJa+'+cJg+
cJf+'+bJg+
bbg+'+adg+
!"*%"&*#+$+1'.%*#+
akcc+'+dccc+
cJb+'+cJf+
cJa+'+bJc+
bfg+'+ahg+
1%'/"&*#+
aicc+'+akcc+
cJa+'+cJg+
cJf+'+bJg+
bbg+'+adg+
3H%4*%$#+
aicc+'+ahcc+
cJa+'+cJk+
cJd+'+bJk+
ic+'+beg+
m"#&*#+
aicc+'+akcc+
cJf+'+bJg+
bJa+'+dJg+
dc+'+ig+
A2'0%*+bNbV+@*4,'%'()*+0*#+,%"/<",'"#+,'%_4$&%*#+0$+CH%"*#+&",*#+0$+%*<D'#+tbu+
+
?NT&I.U(,(#+(2&+./*2&'(&"5"8"3(#+*2&2$/(,U.5.".2&'"&/(',"&#"+$,"%&
-+'<'.'4$/&*+0'+,$0%'+&$4+#"42>&'/$'4$/&$+24'+8%'/0$+"/6>2K/<"'+/'+L2$#&)*+$#&G&"<'J+,*"#+'>&$%'+
42"&*+*+'#,$<&*+0*#+$>$4$/&*#+,G&%$*#J+4'#+&'4.G4+'>&$%'+'#+,%*,%"$0'0$#+0'+,$0%'J+/*4$'0'4$/&$+
/*+L2$+0"?+%$#,$"&*+I+#2'+'.#*%()*+0$+H82'N+FO"#&$4+42"&*#+&",*#+0$+'<'.'4$/&*#+'*#+L2'"#+'#+,$0%'#+
,*0$4+#$%+#2.4$&"0'#Q+/*+$/&'/&*+/$4+&*0*#+*#+&",*#+0$+'<'.'4$/&*#+#)*+<*4,'&PC$"#+<*4+&*0*#+*#+
&",*#+0$+,$0%'#N++B$6$%$4T#$J+$4+#$82"0'J+'>82/#+0*#+'<'.'4$/&*#+4'"#+2#2'"#+,'%'+,$0%'#N+
+
@5"8"3(#+*&7*%.'*`+w4+'<'.'4$/&*+>"#*+$+.%">D'/&$+*.&"0*+'+,'%&"%+0$+>2#&%'()*+,$>'+'<()*+0$+<'.$('#+
%*&'&"C'#+L2$+6%"<<"*/'4+'+#2,$%6P<"$+0'+,$0%'+<*4+'.%'#"C*#+0$+8%'/2>*4$&%"'+0$<%$#<$/&$J+6"/'>"?'/0*+
<*4+ <'.$('#+ 0$+ 6$>&%*+ ,'%'+ L2$+ '+ #2,$%6P<"$+ %$6>"<&'+ '+ >2?+ tguN+ R+ 2#'0*+ &'/&*+ $4+ 4H%4*%$#+ <*4*+ $4+
8%'/"&*#+ $+ %$'>('+ '+ <*>*%'()*+ <*4,>$&'+ 0*#+ 4'&$%"'"#J+ .$4+ <*4*+ '#+ #2'#+ <'%'<&$%P#&"<'#+ $#,$<P6"<'#+ r*+
8%)*J+*#+C$"*#J+$&<Ns+tiuN+
+
@5"8"3(#+*&f$i",'"'*V+7<'.'4$/&*+*.&"0*+'+,'%&"%+0$+"4,'<&*#+/'+,$0%'+<*4+24'+.2S'%0'+r4'%&$>*+
$4+ '(*+ <*4+ 0$/&$#+ &%"'/82>'%$#s+ 0'/0*+ 24+ '#,$<&*+ ,*%*#*+ $+ 2/"6*%4$+ I#+ ,$0%'#+ tauN+ R+ "/0"<'0*+
#*4$/&$+ ,'%'+ %*<D'#+ *%/'4$/&'"#+ <*4+ $#,$##2%'+ "82'>+ *2+ #2,$%"*%+ '+ aJc+ <4N+ R+ 0$+ /*&'%+ L2$+ $#&$+
'<'.'4$/&*+$#.'&$+'+<*>*%'()*+0*#+4'&$%"'"#J+$#.%'/L2"('/0*T*#+>"8$"%'4$/&$+tiuN+
+
+
++
+
e+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
@5"8"3(#+*& f,$+*V+ W$#&$#+ <'#*#+ '#+ ,$0%'#+ ,*0$4+ /)*+ >$C'%+ /$/D24+ &",*+ 0$+ '<'.'4$/&*J+
',%$#$/&'/0*+ '##"4+ '#+ #2'#+ <'%'<&$%P#&"<'#+ /'&2%'"#N+ 7#+ ,$0%'#+ <*4+ '<'.'4$/&*+ .%2&*+ #)*+ ',$/'#+
#$%%'0'#+ /'#+ 0"4$/#M$#+ $+ $#,$##2%'#+ 0$#$S'0'#J+ 6"<'/0*+ '+ #2'+ #2,$%6P<"$+ <*4+ 24'+ &$O&2%'+ /)*+
<*4,>$&'4$/&$+>"#'+'*+&*L2$N+F#&$+'<'.'4$/&*J+L2$+/)*+%$'>('+'+<*%+0*#+4'&$%"'"#+4'#+&'4.G4+/)*+'+
$#.'&$J+G+*+'<'.'4$/&*+4'"#+$<*/:4"<*+,*"#+&*0*#+*#+*2&%*#+#)*+%$'>"?'0*#+#*.%$+*+4'&$%"'>+#$%%'0*+
tiuN+
++
@5"8"3(#+*& 4%"3(i"'*`& 7<'.'4$/&*& "/0"<'0*+ ,'%'+ %*<D'#+ <*4+ $#,$##2%'+ "82'>+ *2+ #2,$%"*%+ '+ aJc+ <4+
4'#+/)*+,*0$/0*+#$%+',>"<'0*+$4+&*0'#+'#+%*<D'#+,*"#+G+6$"&*+I+.'#$+0$+6*8*+<*4+24+4'('%"<*+tiuN+!H+
24+'#,$<&*+%28*#*J+4'<"*+$+*/02>'0*+I+#2,$%6P<"$+0'+,$0%'J+$#.'&$+'+<*>*%'()*+*%"8"/'>+0*+4'&$%"'>+$+
%$'>('+'#+0"6$%$/&$#+<*&'#+0$+%$>$C*+0'+,$0%'+'&%'CG#+0'#+C'%"'(M$#+0$+<*>*%'()*+L2$+*+6*8*+,%*C*<'+tguN+
++
@5"8"3(#+*&5*3&;"5+*&'(&@,(."&*$&@,("'*`&7<'.'4$/&*+6$"&*+<*4+0$+S'<&*#+0$+H82'+$+'%$"'J+<%"'/0*+
24'+ &$O&2%'+ 6"/'>+ #$4",*>"0'+ L2$+ 0H+ 24+ '#,$<&*+ *,'<*+ I#+ ,$0%'#Q+ $/<*/&%'T#$+ '+ 4$"*+ &$%4*+ $/&%$+ *+
'<'.'4$/&*+ .2S'%0'0*+ $+ *+ '<'.'4$/&*+ .%2&*N+ F#&$+ '<'.'4$/&*+ G+ 4$/*#+ %28*#*+ L2$+ *+ .2S'%0'0*+ $+
4'"#+"%%$82>'%+'*+&*L2$+0*+L2$+*+.%2&*J+0$"O'/0*+&%'/#,'%$<$%+4'"#+'+<*>*%'()*+0*+4'&$%"'>+0*+L2$+*+
.2S'%0'0*+4'#+4$/*#+0*+L2$+*+.%2&*+tiuN+
++
@5"8"3(#+*& 925"5.%6"'*`& @<'.'4$/&*+ &%'0"<"*/'>J+ 6$"&*+ 4'/2'>4$/&$+ '+ ,'%&"%+ 0$+ "4,'<&*#+ 0$+ 24'+
6$%%'4$/&'+ 4$&H>"<'+ /'+ ,$0%'J+ &'>+ <*4*+ 24+ <"/?$>+ *2+ 24'+ ,*/&$"%'J+ 0$+ 6*%4'+ '+ L2$+ $#&'+ L2$.%$+
"%%$82>'%4$/&$+tiuN+-+%$#2>&'0*+6"/'>+G+24'+#2,$%6P<"$+%28*#'+$+"%%$82>'%+tauN+
++
@5"8"3(#+*&&@/.5*"'*`+7+%$'>"?'()*+0$#&$+&",*+0$+'<'.'4$/&*+G+#"4">'%+'*+$#<'<">D'4$/&*J+$+&'4.G4+
G+6$"&*+4'/2'>4$/&$+'+,'%&"%+0$+"4,'<&*#+0$+24'+6$%%'4$/&'+4'/2'>+$#,$<P6"<'+/'+,$0%'+4'#+0$+6*%4'+
'+L2$+#$+<%"$4+,*/&*#+0$+%*&2%'+2/"6*%4$#+/'+,$0%'+tiuN+-+%$#2>&'0*+6"/'>+G+24'+#2,$%6P<"$+%28*#'+4'#+
%$82>'%+tguN+
++
@5"8"3(#+*& @3"5."'*`+ @*4+ $#&$+ '<'.'4$/&*+ <%"'T#$+ 24'+ #2,$%6P<"$+ #2'C$J+ &*&'>4$/&$+ >"#'+ $+ ,>'/'J+
L2$+4*#&%'+'+C$%0'0$"%'+<*>*%'()*+0*#+4'&$%"'"#+#$4+&$%+*+.%">D*+0*+'<'.'4$/&*+,*>"0*+tiuN+-+,%*<$##*+
0$+*.&$/()*+0$#&$+&",*+0$+'<'.'4$/&*+G+#$4$>D'/&$+'*+'<'.'4$/&*+,*>"0*+<*4+'+0"6$%$/('+0$+L2$+/)*+
#$+2#'4+*#+'.%'#"C*#+0$+8%'/2>*4$&%"'+4'"#+6"/'+tguN+
++
@5"8"3(#+*&0.25"'*`&5'%'+'+*.&$/()*+0$#&$+&",*+0$+'<'.'4$/&*+G+/$<$##H%"*+4'L2"/'%"'+$#,$<P6"<'+&'>+
<*4*+ 24'+ 6%$#'+ ,%:,%"'+ $+ %$>'&"C'4$/&$+ 4'"#+ &$4,*+ 0$+ ,%*02()*J+ *+ L2$+ '<'.'+ ,*%+ &*%/'%+ $#&$+
'<'.'4$/&*+/24+0*#+4'"#+0"#,$/0"*#*#+tiuN+
+
+
+
+
+
+
k+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+bV+E/&%*02()*+
-+ &",*+ 0$+ '<'.'4$/&*+ ,*0$+ 6'?$%+ 0"6$%"%+ .'#&'/&$+ *+ '#,$<&*+ 024'+ ,>'<'+ 0$+ ,$0%'N+ 7,%$#$/&'4T#$+ /'+
6"82%'+bNf+'>82/#+$O$4,>*#+0$+0"6$%$/&$#+'<'.'4$/&*#+,'%'+24'+,>'<'+0$+,$0%'+$4+<'><H%"*+4*>$'/*#N+
's
+.s
+<s
+
0s
+$s
+6s
+
9"8+bNf+T+!"6$%$/&$#+&",*#+0$+'<'.'4$/&*+,'%'+24'+,>'<'+0$+<'><H%"*+4*>$'/*#+'s7<'.'4$/&*+,*>"0*+
.s7<'.'4$/&*+'4'<"'0*+<s7<'.'4$/&*+.2S'%0'0*+4G0"*+0s7<'.'4$/&*+.2S'%0'0*+8%*##*+$s7<'.'4$/&*+
6>'4$S'0*+6s7<'.'4$/&*+$#<*C'0*+teu+
+
@*4*+SH+6*"+%$6$%"0*+'<"4'J+'+$#<*>D'+0*+&",*+0$+'<'.'4$/&*+,'%'+*#+$>$4$/&*#+,G&%$*#+/)*+,*0$+#$%+
&*4'0'+2/"<'4$/&$+&$/0*+$4+<*/&'+*#+<%"&G%"*#+$#&G&"<*#+4'#+0$C$+&$%+$4+<*/#"0$%'()*+'+/'&2%$?'+0'+
,$0%'+ $#<*>D"0'+ $+ '+ 62/()*+ L2$+ $#&'+ C'"+ 0$#$4,$/D'%N+ -+ &",*+ 0$+ '<'.'4$/&*+ &$%H+ 24'+ 8%'/0$+
"4,*%&_/<"'+/'#+,%*,%"$0'0$#+0'#+,$0%'#Q+,*0$+%$6$%"%T#$J+,*%+$O$4,>*J+L2$+24'+,$0%'+,*2<*+,*%*#'+
#2S$"&'+ '+ 24+ '<'.'4$/&*+ ,*>"0*+ *2+ 6>'4$S'0*+ ,*0$+ #$%+ <*/#"0$%'0'+ "4,$%4$HC$>Q+ ,*%+ *2&%*+ >'0*J+
'<'.'4$/&*#+4'"#+8%*##$"%*#+<*4*+*+.2S'%0'0*J+L2$+'24$/&'4+'+H%$'+$O,*#&'+0'+,$0%'+0$C"0*+I#+#2'#+
"%%$82>'%"0'0$#J+ &*%/'%)*+ '+ ,$0%'+ 4'"#+ ,*%*#'J+ 4$/*#+ "4,$%4$HC$>+ $+ 4'"#+ #2S$"&'+ I+ '<()*+ 0*#+
$>$4$/&*#+$O&$%/*#+tauN+
7>G4+0"##*J+/$4+&*0*#+*#+&",*#+0$+,$0%'#+#)*+<*4,'&PC$"#+<*4+&*0*#+*#+'<'.'4$/&*#N+-#+8%'/"&*#+#)*+
'#+ %*<D'#+ L2$+ ,$%4"&$4+ 24+ 4'"*%+ >$L2$+ 0$+ '<'.'4$/&*+ 4'/&$/0*+ '+ #2'+ L2'>"0'0$+ $+ $#&G&"<'Q+ G+
,*##PC$>+ ',>"<'%+ /24+ 8%'/"&*+ 24+ '<'.'4$/&*+ .2S'%0'0*J+ $#<'<">D'0*J+ '4'<"'0*J+ ,*>"0*J+ '%$'0*+ $+
6>'4$S'0*N+ W24+ 4H%4*%$J+ ',$/'#+ <*#&24'+ #$%+ ,*##PC$>+ %$'>"?'%+ '<'.'4$/&*#+ ,*>"0*#J+ '4'<"'0*#+ *2+
'%$'0*#+ C"#&*+ L2$+ G+ 0"6P<">+ *.&$%+ %$#2>&'0*#+ #'&"#6'&:%"*#+ /*#+ *2&%*#+ '<'.'4$/&*#N+ A2'/&*+ '*+ <'><H%"*J+
8$%'>4$/&$+',$/'#+#)*+'<*/#$>DHC$"#+*#+'<'.'4$/&*#+'4'<"'0*J+,*>"0*+$+$#<'<">D'0*+tbuN+
+
?NS&W*,3"%.X"LM*&
7+ $O$<2()*+ 0$+ $/#'"*#+ >'.*%'&*%"'"#+ ,'%'+ '+ 0$&$%4"/'()*+ 0'#+ <'%'<&$%P#&"<'#+ 6P#"<'#+ $+ 4$<_/"<'#+ 0'#+
,$0%'#+ /'&2%'"#+ G+ 24+ ,%*<$0"4$/&*+ "/0"#,$/#HC$>+ ,'%'+ 'C'>"'%+ '+ '0$L2'.">"0'0$+ 0*#+ %$C$#&"4$/&*#+ I#+
+
h+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
<*/0"(M$#+ 0$+ 2&">"?'()*N+ @*4+ $#&$#+ $/#'"*#+ G+ ,*##PC$>+ *.&$%+ C'>*%$#+ <'%'<&$%P#&"<*#+ 0*#+ 4'&$%"'"#+ L2$+
,*0$4+#$%+2#'0*#+,'%'+<*4,'%'%+4'&$%"'"#+$/&%$+$>$#+*2+,'%'+C$%"6"<'%+'+<*/6*%4"0'0$+0$+24+&",*+0$+
4'&$%"'>+<*4+*#+%$82>'4$/&*#+$4+C"8*%N+-+@*4"&G+ZG</"<*+,'%'+'#+5$0%'#+W'&2%'"#+r@FWxZ@+afi+W'&2%'>+
\&*/$#sJ+ ,$%&$/<$/&$+ '*+ @*4"&G+ F2%*,$2+ ,'%'+ '+ W*%4'>"?'()*+ r@FWsJ+ 0$#$/C*>C$2+ 24+ <*/S2/&*+ 0$+
/*%4'#+ L2$+ C"8*%'4+ /*+ 4$%<'0*+ <*424+ $2%*,$2J+ L2$+ $#&)*+ "/&$8%'0'#+ /'+ !"%$<&"C'+ 5%*02&*#+ 0$+
@*/#&%2()*+r@5!+khxbcixFF@sN+F#&'#+/*%4'#+&*%/'%'4T#$+!*<24$/&*#+W'<"*/'"#+0$+7,>"<'()*+r!W7s+*+
L2$+ ,$%4"&"2+ '+ 2/"6*%4"?'()*+ 0*#+ %$L2"#"&*#+ %$>'&"C'4$/&$+ I#+ ,$0%'#+ /'&2%'"#+ $4+ &*0*#+ *#+ ,'P#$#+
,$%&$/<$/&$#+ '*+ @FWN+ !$#&$+ 4*0*J+ L2'>L2$%+ ,%*02&*%+ 0$+ ,$0%'+ ,*0$+ "4,*%&'%+ *2+ $O,*%&'%+ %*<D'#+
/'&2%'"#+ ',$/'#+ <*4+ '+ <$%&"6"<'()*+ $2%*,$"'+ j+ 4'%<'()*+ @F+ j+ #$4+ &$%+ 0$+ #2S$"&'%+ *#+ #$2#+ ,%*02&*#+
"/0"C"02'>4$/&$+I#+%$8%'#+,%$#$/&$#+/*#+*2&%*#+,'P#$#N+
7+ /*%4'+ ,*%&282$#'+ W5+ FW+ bfih+ $#,$<"6"<'+ *#+ %$L2"#"&*#+ $+ '#+ <'%'<&$%P#&"<'#+ L2$+ '#+ ,>'<'#+ 0$+ ,$0%'+
/'&2%'>+ &K4+ 0$+ &$%+ ,'%'+ ,*0$%$4+ #$%+ 2#'0'#+ <*4*+ %$C$#&"4$/&*#+ tbuN+ 5'%'+ *.&$%+ '+ <$%&"6"<'()*J+ *#+
,%*02&*%$#+ &K4+ 0$+ #2.4$&$%+ *#+ #$2#+ ,%*02&*#+ '+ $/#'"*#+ 0$+ 0*"#+ &",*#V+ *#+ $/#'"*#+ 0$+ "0$/&"6"<'()*+ $+
<'%'<&$%"?'()*+ 6P#"<'+ $+ *#+ $/#'"*#+ 0$+ <'%'<&$%"?'()*+ 4$<_/"<'N+ -#+ ,%"4$"%*#+ &K4+ ,*%+ *.S$<&"C*+
0$&$%4"/'%+'#+<'%'<&$%P#&"<'#+.H#"<'#+0'#+,$0%'#+/'&2%'"#+$4+&$%4*#+4'<%*+$+4"<%*#<:,"<*+.$4+<*4*+'#+
#2'#+,%"/<",'"#+,%*,%"$0'0$#+6P#"<'#N+-+@*4"&G+F2%*,$2+,'%'+'+W*%4'>"?'()*+0$6"/"2+24'+#$%"$+0$+$/#'"*#+
/$<$##H%"*#+L2$+#)*+',%$#$/&'0*#+/*+L2'0%*+bNa+J+S2/&'4$/&$+<*4+'+"0$/&"6"<'()*+0'#+/*%4'#+0*+@FW+
*/0$+#$+$O,>"<'+4'"#+$4+,*%4$/*%+<'0'+$/#'"*N+
+
F/#'"*#+0$+"0$/&"6"<'()*+$+<'%'<&$%"?'()*+
W*%4'#+
Z$%4"/*>*8"'+
FW+baiec+
!$&$%4"/'()*+0'#+<'%'<&$%P#&"<'#+8$*4G&%"<'#+0'#+2/"0'0$#+
FW+bdded+
F#&20*+5$&%*8%H6"<*+
FW+bafce+
!$&$%4"/'()*+0'+4'##'+C*>U4"<'+%$'>+$+','%$/&$+$+0'+,*%*#"0'0$+&*&'>+$+'.$%&'+
FW+bhdi+
!$&$%4"/'()*+0*+<*$6"<"$/&$+0$+0">'&'()*+&G%4"<'+>"/$'%+
FW+bfgkb+
!$&$%4"/'()*+0'+'.#*%()*+0$+H82'+I+,%$##)*+'&4*#6G%"<'+
FW+bdegg+
!$&$%4"/'()*+0*+<*$6"<"$/&$+0$+'.#*%()*+0$+H82'+,*%+<',">'%"0'0$+
FW+bhag+
!$&$%4"/'()*+0'+B$#"#&K/<"'+'*+8$>*+
FW+badeb+
!$&$%4"/'()*+0'+B$#"#&K/<"'+I+<%"#&'>"?'()*+0$+#'"#+
FW+badec+
!$&$%4"/'()*+0'+B$#"#&K/<"'+'*+$/C$>D$<"4$/&*+,*%+<D*L2$+&G%4"<*+
FW+bfcii+
A2'0%*+bNaV+!"6$%$/&$#+&",*#+0$+$/#'"*#+0$+"0$/&"6"<'()*+$+<'%'<&$%"?'()*+0$+%*<D'#+tbu+
+
bc+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+bV+E/&%*02()*+
7,%$#$/&'4T#$+/*+L2'0%*+bNdJ+'+&P&2>*+0$+$O$4,>*J+'>82/#+0*#+C'>*%$#+4HO"4*#+,%$#$/&$#+/'#+/*%4'#+
,'%'+ '+ ,*%*#"0'0$+ '.$%&'+ $+ ,'%'+ '+ '.#*%()*+ 0$+ H82'+ 0$+ 0"C$%#*#+ &",*#+ 0$+ %*<D'#+ 4'"#+ 2#'0'#+ $4+
%$C$#&"4$/&*#N+
Z",*+0$+5$0%'+
5*%*#"0'0$+7.$%&'+
7.#*%()*+0$+H82'+I+,%$##)*+
'&4*#6G%"<'+
1%'/"&*#+
bJcv+
cJfv+
3H%4*%$#+
dJcv+
cJav+
@'><H%"*#+
fJcv+
dJcv+
7%0:#"'#+
aJgv+
cJiv+
A2'0%*+bNdV+='>*%$#+4HO"4*#+,%$#$/&$#+/'#+/*%4'#+,'%'+'+,*%*#"0'0$+'.$%&'+$+,'%'+'+'.#*%()*+0$+H82'+0$+
0"C$%#*#+&",*#+0$+%*<D'#+tbu+
-#+$/#'"*#+0$+<'%'<&$%"?'()*+4$<_/"<'+0$+%*<D'#+4'"#+<*42/#+#)*+*#+0'+%$#"#&K/<"'+I+<*4,%$##)*J+0$+
%$#"#&K/<"'+ I+ &%'<()*+ ,*%+ 6>$O)*+ #*.+ 4*4$/&*+ <*/#&'/&$+ $+ #*.+ <'%8'+ <$/&%'0'+ $+ *+ 0$+ %$#"#&K/<"'+ 0'#+
'/<*%'8$/#N+ W*+ L2'0%*+ bNf+ $#&)*+ >"#&'0*#+ &*0*#+ *#+ $/#'"*#+ 0$+ %$#"#&K/<"'+ 4$<_/"<'+ .$4+ <*4*+ '+
%$6$%K/<"'+0'+/*%4'+0*+@FWN+
F/#'"*#+0$+<'%'<&$%"?'()*+3$<_/"<'+
W*%4'#+
!$&$%4"/'()*+0'+B$#"#&K/<"'+I+<*4,%$##)*+
FW+bhai+
!$&$%4"/'()*+0'+B$#"#&K/<"'+I+6>$O)*+#*.+<'%8'+<$/&%'0'+
FW+badea+
!$&$%4"/'()*+0'+B$#"#&K/<"'+I+6>$O)*+#*.+4*4$/&*+<*/#&'/&$+
FW+bdbib+
B$#"#&K/<"'+I#+'/<*%'8$/#+j+<'%8'+0$+%*&2%'+'*+/PC$>+0*+*%"6P<"*+0'+'/<*%'8$4+
FW+bddif+
!$&$%4"/'()*+0*+4:02>*+0$+$>'#&"<"0'0$+0"/_4"<*+
FW+bfbfi+
!$&$%4"/'()*+0*+4:02>*+0$+$>'#&"<"0'0$+$#&H&"<*+
FW+bfgkc+
A2'0%*+bNfV+!"6$%$/&$#+&",*#+0$+$/#'"*#+0$+<'%'<&$%"?'()*+4$<_/"<'+0$+%*<D'#+tbu+
+
5'%'+6'<">"&'%+'+&'%$6'+0$+$#<*>D$%+*+&",*+0$+,$0%'+'+2#'%+/24+%$C$#&"4$/&*+024'+6'<D'0'J+*+3'/2'>+0'+
5$0%'+W'&2%'>+,'%'+'+7%L2"&$<&2%'+tgu+0"#,*/".">"?'+24'+,%*,*#&'+0$+<>'##"6"<'()*+,%H&"<'+0*#+%$#2>&'0*#+
0*#+$/#'"*#+,'%'+'+,$0%'+2&">"?'0'+/'#+<*/#&%2(M$#N+F#&$+L2'0%*J+L2$+G+',%$#$/&'0*+0$+#$82"0'+rL2'0%*+
bNgsJ+%$6$%$+*#+CH%"*#+&",*#+0$+&$#&$#+L2$+#$+6'?$4+I#+,$0%'#J+.$4+<*4*+24'+<>'##"6"<'()*+0*#+C'>*%$#+
*.&"0*#+/*+L2$+0"?+%$#,$"&*+I+L2'>"0'0$+0'+,$0%'N+!$#&$+4*0*J+'+<*/#2>&'+0*+L2'0%*+,%*,*%<"*/'+24'+
/*()*+ #*.%$+ #$+ *+ C'>*%+ L2$+ 24'+ ,$0%'+ ',%$#$/&'+ ,'%'+ 24+ 0$&$%4"/'0*+ ,'%_4$&%*+ G+ '>&*J+ .'"O*+ *2+
4G0"*+ tguN+ -#+ C'>*%$#+ 0*#+ 0"C$%#*#+ $/#'"*#+ #)*+ 6*%/$<"0*#+ ,$>*#+ ,%*02&*%$#+ 0'#+ ,$0%'#+ *2+ ,*0$4+ #$%+
+
bb+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
<*/#2>&'0*#+ /*+ <'&H>*8*+ 0'+ -BW7;7\F+ T+ ;'#$+ 0$+ !'0*#+ 0*+ @'&H>*8*+ 0$+ B*<D'#+ -%/'4$/&'"#+
5*%&282$#'#+tfuN++
+
@'%'<&$%P#&"<'#+9P#"<*+3$<_/"<'#+
\$/&"0*+ B$#"#&K/<"'+I+ B$#"#&K/<"'+
<%$#<$/&$+ <*4,%$##)*+
I+6>$O)*+
0$+
r[8x<4as+
r[8x<4as+
L2'>"0'0$+
3'##'+
C*>U4"<'+
','%$/&$+
r[8x4ds+
7.#*%()*+0$+
H82'+I+
,%$##)*+
'&4*#6G%"<'+
5*%*#"0'0$+
'.$%&'+
rvs+
rvs+
@*$6"<"$/&$+
0">'&'()*+
>"/$'%+
B$#"#&K/<"'+'*+
0$#8'#&$+
r74#>$%s+
B$#"#&K/<"'+
'*+<D*L2$+
,*%+"4,'<&*+
rO+bcyTi+
,*%+@zs+
r44s+
rS*2>$s+
;'"O'+
;'"O'+
;'"O'+
7>&'+
3&N+7>&'+
3&N+7>&*+
3&N+;'"O'+
3&N+;'"O'+
{fcc+
{ic+
{adcc+
|iJc+
|bcJc+
|ba+
|+bc+
{+d+
gcc+
kc+
adcc+
dJc+
7>&'+bcJc+
ba+
eJg{.'"O'{bc+
.'"O'+d+
ecc+
bac+
agic+
bJa+
iJc+
+
fJc+
+
3G0"'+
3G0"'+
3G0"'+
3G0"'+
3G0"'+
3G0"'+h+
3G0"'+
3G0"'+fJg+
bccc+
bic+
aicc+
cJg+
dJc+
bgcc+
bkc+
aecc+
cJd+
bJc+
+
bJa+
i+
7>&'+
7>&'+
7>&'+
;'"O'+
;'"O'+
i+
7>&'+
9*%&$+
accc+
aac+
akcc+
cJb+
cJg+
3&+'>&'+
3&+'>&'+
3&+'>&'+
3&+.'"O'+
3&+.'"O'+
;'"O*+
3&+'>&'+
3&+9*%&$+
|accc+
|aac+
|akcc+
{cJb+
{cJg+
{i+
{cJe+
|bc+
aJa+
bc+
A2'0%*+bNgV+@>'##"6"<'()*+,%H&"<'+0*#+%$#2>&'0*#+0*#+$/#'"*#+,'%'+'+,$0%'+2&">"?'0'+/'#+<*/#&%2(M$#+tgu+
W*+ $/&'/&*J+ /$4+ &*0*#+ *#+ %$#2>&'0*#+ 0*#+ $/#'"*#+ &K4+ '+ 4$#4'+ "4,*%&_/<"'+ 6'<$+ I+ ',>"<'()*+ L2$+
L2$%$4*#+ 0'%+ I+ ,$0%'N+ Z*4'/0*+ *+ $O$4,>*+ 0*+ ,'%_4$&%*+ 0$+ '.#*%()*+ 0$+ H82'J+ $#&$+ &$%H+ 24'+ 4'"*%+
"4,*%&_/<"'+ /'+ $#<*>D'+ 0$+ 24+ %$C$#&"4$/&*+ L2$+ $#&$S'+ $4+ <*/&'<&*+ <*4+ *+ #*>*+ 0*+ L2$+ /24+
%$C$#&"4$/&*+ <*424+ $O&$%"*%N+ 5*%+ $##$+ 4*&"C*J+ *+ 3'/2'>+ 0'+ 5$0%'+ W'&2%'>+ ,'%'+ '+ 7%L2"&$<&2%'+
',%$#$/&'+&'4.G4+24'+<>'##"6"<'()*+0'+"4,*%&_/<"'+0*#+CH%"*#+,'%_4$&%*#+&$#&'0*#+#$82/0*+'#+/*%4'#+
0*+@FW+<*/#*'/&$+'+>*<'>"?'()*+0'#+,>'<'#+0$+,$0%'+/'+6'<D'0'J+',%$#$/&'0'+/*+L2'0%*+bNi+tguN+
+
+
+
+
+
ba+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+bV+E/&%*02()*+
+
B$C$#&"4$/&*#+$O&$%"*%$#+
F>$4$/&*#+/)*+C$%&"<'"#+*2+
#'>"$/&$#+0'+6'<D'0'+
F>$4$/&*#+$4+<*/&'<&*+<*4+
*+#*>*+
3'##'+C*>U4"<'+','%$/&$+
7+
@+
T+
7.#*%()*+0$+H82'+5*%*#"0'0$+
'.$%&'+
;+
;+
7+
@+
@+
7+
@+
@+
@+
7+
@+
T+
7}+
7}+
7}+
7}+
;}+
@}+
B$#"#&K/<"'+'*+<D*L2$+
@}}+
@}}+
@}}+
B$#"#&K/<"'+'*+<D*L2$+&G%4"<*+
7}+
;}+
;}+
B$#"#&K/<"'+0'#+'/<*%'8$/#+
7+
7}}}+
T+
7.#*%()*+0$+H82'+,*%+
<',">'%"0'0$+
B$#"#&K/<"'+I+<*4,%$##)*+
B$#"#&K/<"'+I+6>$O)*+
B$#"#&K/<"'+'*+8$>*+
@*$6"<"$/&$+0$+0">'&'()*+>"/$'%+
-%0$4+0$<%$#<$/&$+0$+"4,*%&_/<"'V+7J;J@+
}+',$/'#+/'#+#"&2'(M$#+$4+L2$+#$+',>"<'4+
}}+0$+"4,*%&_/<"'+7+L2'/0*+#$+&%'&'+0$+$>$4$/&*#+<*>*<'0*#+$4+?*/'#+.'"O'#+*2+?*/'#+0$+,'##'8$4+
}}}+0$+"4,*%&_/<"'+7+L2'/0*+#$+&%'&'+0$+$>$4$/&*#+6"O*#+<*4+%$<2%#*+'+6"O'()*+"/0"%$<&'+
A2'0%*+bNiV+E4,*%&_/<"'+0$+CH%"*#+,'%_4$&%*#+<*/#*'/&$+'+>*<'>"?'()*+0'#+,>'<'#+0$+,$0%'+/'+6'<D'0'+tgu+
+
?NZ&P./*2&'(&U.["LM*&'(&/(',"&#"2&U"56"'"2&
-+%$C$#&"4$/&*+0$+6'<D'0'#+$4+,$0%'+,*0$+#$%+%$'>"?'0*+%$<*%%$/0*+'+4G&*0*#+0$+6"O'()*+0"%$<&*#+*2+
"/0"%$<&*#N+
-#+,%"4$"%*#+<'%'<&$%"?'4T#$+,$>'+$O"#&K/<"'+0$+24+4'&$%"'>+0$+'##$/&'4$/&*+<*/&P/2*+$/&%$+'#+,>'<'#+
0$+,$0%'+$+*+#2,*%&$+r,%*02&*#+'0$#"C*#+0$+CH%"'#+/'&2%$?'#J+<"4$/&*#+<*>'#J+%$#"/'#sN+FO"#&$4+'>824'#+
>"4"&'(M$#+/*+L2$+0"?+%$#,$"&*+I#+0"4$/#M$#+4HO"4'#+0'#+,>'<'#+0$+,$0%'+$+I+'>&2%'+'+L2$+$#&'#+,*0$4+
#$%+"/#&'>'0'#+/24'+6'<D'0'N+F#&$+&",*+0$+%$C$#&"4$/&*+<'%'<&$%"?'T#$+&'4.G4+,$>'+'2#K/<"'+0$+<'"O'+0$+
'%+ $/&%$+ '#+ ,>'<'#+ 0$+ ,$0%'#+ $+ '+ 6'<D'0'+ 0*+ $0"6P<"*J+ "4,*##".">"&'/0*+ '##"4+ '+ ',>"<'()*+ 0$+ 24+
"#*>'4$/&*+&G%4"<*+<*/&P/2*+,$>*+$O&$%"*%N+F#&$+4G&*0*+0$+6"O'()*+G+,'%&"<2>'%4$/&$+'0',&'0*+,'%'+*+
%$C$#&"4$/&*+ 0$+ ,$L2$/'#+ H%$'#+ r<*4*+ 42%$&$#+ *2+ <'/&$"%*#s+ *2+ ,'%'+ '+ ',>"<'()*+ $4+ ?*/'#+ .'"O'#+
0$C"0'+I+#2'+4'"*%+%$#"#&K/<"'+'+<D*L2$#+0*+L2$+*#+4G&*0*#+0$+6"O'()*+"/0"%$<&*#N+
+
bd+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
-#+#$82/0*#J+*2+#$S'+*#+4G&*0*#+0$+6"O'()*+"/0"%$<&*#J+#)*+4G&*0*#+*/0$+'#+,>'<'#+0$+,$0%'+#)*+>"8'0'#+
'*+ $0"6P<"*+ '&%'CG#+ 0$+ 6"O'(M$#+ ,*/&2'"#+ 4$&H>"<'#+ <%"'/0*+ '##"4+ 24'+ <'"O'+ 0$+ '%N+ E/<>2$4T#$+ 'L2"+ *+
4G&*0*+0*#+'8%'6*#+$+,*/&*#+0$+'%8'4'##'J+0*#+8'&*#+4$&H>"<*#+$+0'+$#&%2&2%'+"/&$%4G0"'+0$+#2,*%&$N+
-+4G&*0*+0*#+'8%'6*#+$+,*/&*#+0$+'%8'4'##'+<*/#"#&$+/'+6"O'()*+0'#+,$0%'#+2#'/0*+'8%'6*#+4$&H>"<*#+
0$+6"*+<*4+#$<()*+<"%<2>'%N+-#+,*/&*#+0$+'%8'4'##'+$/C*>C$4+*#+6"*#J+"4,$0"/0*+L2$+$#&$#+#$+0*.%$4+
<*4+ *+ ,$#*+ 0'#+ ,$0%'#J+ $+ #$%C$4+ 0$+ ?*/'#+ 0$+ $/<*#&*+ ,'%'+ '#+ ,>'<'#+ ,G&%$'#N+ W*+ 4G&*0*+ 0*#+ 8'&*#+
4$&H>"<*#+#)*+2#'0*#+$>$4$/&*#+0$+#2,*%&$+4$&H>"<*#+,'%'+6'?$%+'+>"8'()*+0'#+,$0%'#+'*+$0"6P<"*N+F#&$#+
,*0$4+#$%+6"O*#+I+6'<D'0'+%$<*%%$/0*+I+<D24.'8$4+0*#+#2,*%&$#+r<*4+<"4$/&*#+*2+.2<D'#+L2P4"<'#+
,*%+ $O$4,>*s+ *2+ %$<*%%$/0*+ '+ 4G&*0*#+ 0$+ 6"O'()*+ 4$<_/"<*#+ r<*4+ ,'%'62#*#sN+ 5*%+ 6"4J+ /*+ U>&"4*+
4G&*0*+ '.*%0'0*J+ G+ 2#'0'+ 24'+ $#&%2&2%'+ "/&$%4G0"'+ 0$+ #2,*%&$+ <*4,*#&'+ ,*%+ ,$%6"#+ C$%&"<'"#+ $x*2+
D*%"?*/&'"#+L2$+6'?+'+>"8'()*+$/&%$+*+#2,*%&$+$+*+%$C$#&"4$/&*N+7+6"O'()*+0'#+,>'<'#+0$+,$0%'+I+$#&%2&2%'+
,*0$+#$%+6$"&'+'&%'CG#+0$+8'&*#+4$&H>"<*#+*2+0$+<>",#+0$+%$&$/()*+0'#+,$0%'#N+Z*0*#+$#&$#+4G&*0*#+#$%)*+
4'"#+,*%4$/*%"?'0'4$/&$+0$#<%"&*#+/*#+<',P&2>*#+#$82"/&$#N+
+
+
+
bf+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+aV+Z",*>*8"'#+0$+6'<D'0'#++
=&P./*%*:."2&'(&4"56"'"2&
FO"#&$4+CH%"*#+&",*#+0$+#*>2(M$#+,'%'+,%*<$0$%+'*+%$C$#&"4$/&*+0$+6'<D'0'#+$4+,$0%'J+L2$+,*0$4+#$%+
<>'##"6"<'0'#+ <*/#*'/&$+ *+ &",*+ 0$+ >"8'()*+ '*+ #2,*%&$N+ 7#+ ,$0%'#+ L2$+ <*4,M$4+ *+ %$C$#&"4$/&*+ 0'#+
6'<D'0'#+,*0$4+#$%+6"O'#+'*+#2,*%&$+2&">"?'/0*+4G&*0*#+0$+6"O'()*+0"%$<&'J+L2$+'##$82%'4+24+<*/&'<&*+
#2,$%6"<"'>+ <*/&P/2*+ '*+ >*/8*+ 0$+ &*0'+ '+ #2,$%6P<"$+ 0$+ #2,*%&$J+ *2+ ,*%+ 4G&*0*#+ 0$+ 6"O'()*+ "/0"%$<&'J+
>"8'0*#+'*+#2,*%&$+'&%'CG#+0$+6"O'(M$#+,*/&2'"#N$
+
=N?&4.["LM*&'.,(5+"&"*&2$/*,+(&
7<&2'>4$/&$J+$4+5*%&28'>J+'+&G</"<'+0$+6"O'()*+0"%$<&'+0$+%$C$#&"4$/&*#+,G&%$*#+'"/0'+G+42"&*+2&">"?'0'+
,'%'+',>"<'%+%$C$#&"4$/&*+0$+,$0%'+/'&2%'>+$4+6'<D'0'#N+F#&'+&G</"<'+<'%'<&$%"?'T#$+,$>'+$O"#&K/<"'+0$+
24+4'&$%"'>+0$+'##$/&'4$/&*+$/&%$+'+#2,$%6P<"$+0'+,$0%'+$+*+#2,*%&$+*/0$+'+,$0%'+C'"+#$%+<*>'0'N+FO"#&$+
24'+8%'/0$+C'%"$0'0$+0$+4'&$%"'"#+0$+'##$/&'4$/&*+&'"#+<*4*+0"6$%$/&$#+&",*#+0$+,%*02&*#+'0$#"C*#J+
<"4$/&*#T<*>'J+ %$#"/'#+ $,*OP0"<'#J+ $&<N+ @'#*+ /)*+ #$+ <*/D$('4+ '#+ ,%*,%"$0'0$#+ 0*#+ 4'&$%"'"#+ 2#'0*#J+
L2'/0*+'+4)*T0$T*.%'+G+/)*+$#,$<"'>"?'0'+*2+L2'/0*+/)*+6*%$4+#$82"0*#+*#+,%*<$0"4$/&*#+<*%%$<&*#+
,'%'+ '+ ',>"<'()*+ 0$#&$+ &",*+ 0$+ %$C$#&"4$/&*J+ $#&$+ 4G&*0*+ ,*0$+ *%"8"/'%+ 0"C$%#'#+ ,'&*>*8"'#Q+ G+ ,*"#+
"4,*%&'/&$+<*/D$<$%+*#+4G&*0*#+<*%%$<&*#+0$+',>"<'()*+$+'#+%$#&%"(M$#+0$#&$+4G&*0*+thuN+
F4+ 5*%&28'>+ '"/0'+ /)*+ $O"#&$4+ /*%4'#+ *2+ %$<*4$/0'(M$#+ ,'%'+ '+ 6"O'()*+ 0$+ ,$0%'#+ $4+ ,'%$0$#+
$O&$%"*%$#N+ 7>82/#+ ,%*02&*%$#+ 0$+ 4'&$%"'"#+ ,'%'+ ',>"<'()*+ 0$+ ,$0%'+ $+ "/#&'>'0*%$#+ %$8$4T#$+ ,$>'#+
%$<*4$/0'(M$#+ 0$#<%"&'#+ $4+ n@7pEFB\+ !w+ @\Z;o+ r@'D"$%#+ 02+ :'%/*'$ 6;+'%/+<+=5'$ '/$ >';(%+=5'$ 35$
!?/+@'%/sJ+%$82>'4$/&*+6%'/<K#+,'%'+'+',>"<'()*+0$+$>$4$/&*#+,G&%$*#+$4+6'<D'0'#+tbcuN+
F#&$+ &",*+ 0$+ 4G&*0*+ 0$+ 6"O'()*+ 0$+ ,$0%'+ /)*+ 0$C$%H+ #$%+ 2#'0*+ ,'%'+ '+ <*>'8$4+ 0$+ ,$0%'#+ 0$+ 8%'/0$#+
0"4$/#M$#+*2+<*4+8%'/0$#+$#,$##2%'#N+@*4*+*%0$4+0$+8%'/0$?'J+'#+/*%4'#+6%'/<$#'#+r@\Z;s+"4,M$4+
24'+H%$'+4HO"4'+0'+,>'<'+0$+bbcc+<4aJ+L2$+,*0$+<*%%$#,*/0$%+'+,>'<'#+L2'0%'0'#+0$+dc+<4+O+dc+<4J+
<*4+24'+4'##'+4HO"4'+0$+fc[8x4a+,'%'+,>'<'#+0$+,$0%'+<*4+24'+,*%*#"0'0$+"/6$%"*%+'+gvN+A2'/0*+
#$+&%'.'>D'+<*4+$>$4$/&*#+,G&%$*#+<*4+,*%*#"0'0$+#2,$%"*%+'+gv+'04"&$T#$+<*4*+H%$'+4HO"4'+accc+
<4aJ+L2$+,*0$+<*%%$#,*/0$%+'+,>'<'#+L2'0%'0'#+0$+fc+<4+O+fc+<4+tbbuN+
7+ /*%4'+ 6%'/<$#'+ &'4.G4+ ,%$CK+ '>824'#+ >"4"&'(M$#+ /*+ L2$+ 0"?+ %$#,$"&*+ I#+ '>&2%'#+ 4HO"4'#+ 0$+
<*>*<'()*+0$+,$0%'#+2#'/0*+$#&$+&",*+0$+4G&*0*+0$+6"O'()*N+\$82/0*+'+/*%4'J+'#+,>'<'#+0$+,$0%'+<*4+
24'+ H%$'+ "/6$%"*%+ '+ bbcc+ <4aJ+ "/0$,$/0$/&$4$/&$+ 0'+ #2'+ ,*%*#"0'0$J+ ,*0$4+ #$%+ <*>*<'0'#+ $4+
6'<D'0'#+<*4+'>&2%'+4HO"4'+0$+ak+4$&%*#N+7#+,$0%'#+<*4+H%$'#+#2,$%"*%$#+r'&G+accc+<4a+0$+H%$'+<*4+
24'+,*%*#"0'0$+#2,$%"*%+'+gvs+',$/'#+,*0$4+#$%+"/#&'>'0'#+'&G+24'+'>&2%'+4HO"4'+0$+i+4$&%*#+tbbuN+
W*+ $/&'/&*J+ '>82/#+ *2&%*#+ '2&*%$#+ 0$#'<*/#$>D'4+ ,*%+ <*4,>$&*+ '+ 6"O'()*+ 0"%$<&'+ $4+ 6'<D'0'#+ '<"4'+
0*#+i+4$&%*#+"/0$,$/0$/&$4$/&$+0'+,*%*#"0'0$+$+0*+&'4'/D*+0'#+,$0%'#+tauN+
-#+%$82>'4$/&*#+$>'.*%'0*#+,$>*+@\Z;+6'?$4+'"/0'+'+$#,$<"6"<'()*+0*+&",*+0$+<"4$/&*+<*>'+L2$+#$+0$C$+
2&">"?'%+$4+62/()*+0'+'>&2%'+0*+$0"6P<"*+*/0$+#$+C'"+',>"<'%+*+%$C$#&"4$/&*N+5'%'+?*/'#+0$+'>&2%'+"/6$%"*%+'+
+
bg+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
i+ 4$&%*#+ %$C$#&"0'#+ <*4+ ,>'<'#+ 0$+ H%$'+ "/6$%"*%+ '+ bbcc+ <4a+ G+ /$<$##H%"*+ 2#'%+ 24+ <"4$/&*+ <*>'+
<>'##"6"<'0*+ <*4*+ @aN+ 5'%'+ 6'<D'0'#+ 0$+ 4'"*%+ '>&2%'+ *2+ ,$0%'#+ 0$+ 0"4$/#M$#+ #2,$%"*%$#+ $#&$+
%$82>'4$/&*+%$L2$%+*+2#*+0$+<"4$/&*#+<*>'+<>'##"6"<'0*#+<*4*+@a\+tbbuN+
7+W*%4'+F2%*,$"'+baccf+rFWbaccfs+<>'##"6"<'+24+<"4$/&*+<*>'+<*4*+@a+#$+'+#2'+'0$%K/<"'+"/"<"'>+,*%+
&%'<()*+ ,$%,$/0"<2>'%J+ ',:#+ ak+ 0"'#J+ 6*%+ #2,$%"*%+ '+ b+ 35'N+ 5'%'+ L2$+ 24+ <"4$/&*+ <*>'+ #$S'+ <>'##"6"<'0*+
<*4*+ @a\+ $#&$+ 0$C$+ &$%J+ ,'%'+ '>G4+ 0'#+ '0$%K/<"'#+ "/"<"'"#+ '/&$%"*%4$/&$+ %$6$%"0'#J+ 24'+
0$6*%4'.">"0'0$+&%'/#C$%#'>+#2,$%"*%+'+d+44+r$O$4,>*+<"4$/&*+0'+4'%<'+~$.$%+<*4+'+%$6$%$/<"'+n@*>+
B$<*%0os+ tbcuN+ 9*%'4+ %$<$/&$4$/&$+ ,2.>"<'0'#+ /*%4'#+ "/&$%/'<"*/'"#+ E\-+ bdcceTb+ $+ E\-+ bdcceTd+ L2$+
'<*>D$4+*#+%$L2"#"&*#+0$#&'+/*%4'+$2%*,$"'+baccf+tbauN+
5'%'+#$+6'?$%+'+<*>'8$4+*2+*+'##$/&'4$/&*+0*#+$>$4$/&*#+,G&%$*#+'*+#2,*%&$+$O"#&$4+&%'0"<"*/'>4$/&$+
02'#+&G</"<'#+0$#<%"&'#+,*%+tbduN+w4'+0$>'#+G+'+<*>'8$4+,*%+,*/&*#J+&G</"<'+4'"#+'/&"8'+$+L2$+<'"2+$4+
0$#2#*J+ &$/0*+ &$/0K/<"'+ ,'%'+ 0$#','%$<$%N+ F#&'+ &G</"<'+ <*/#"#&$+ $4+ <*>*<'%+ ,$0'(*#+ 0$+ <*>'+ *2+
'%8'4'##'+ /*#+ L2'&%*+ <'/&*#+ 0'+ ,$('+ '+ <*>'%+ $+ 24+ ,*/&*+ /*+ 4$"*+ 0'+ ,$('N+ !$#&$+ 4*0*+ '*+ 6'?$%+ '+
<*>'8$4+0'+,$('+/'+6'<D'0'+6'<">"&'T#$+*+/"C$>'4$/&*+0'+,$('+$+*+'>"/D'4$/&*+$4+%$>'()*+I#+0$4'"#N+
7#+,$0%'#+&'4.G4+,*0$4+#$%+<*>'0'#+'&%'CG#+0'+&G</"<'+0$+<*>'8$4+<*/&P/2'J+0$+$>$C'0'+$#,$##2%'J+0$+
$#,$##2%'+ 4G0"'+ *2+ 0$+ 6"/'+ $#,$##2%'+ tbfuN+ 7+ &G</"<'+ 0$+ <*>'8$4+ $4+ <'4'0'+ 6"/'+ ',%$#$/&'+ <*4*+
C'/&'8$/#+24'+.*'+>"8'()*+'*+#2,*%&$+$+I+,$0%'+/'&2%'>+4'#+/$<$##"&'+L2$+#$+2#$4+,$0%'#+0$+,$L2$/*+
6*%4'&*J+<'>".%'0'#J+$+L2$+*+#2,*%&$+$#&$S'+/"C$>'0*N+W$#&$+4G&*0*+G+2#2'>+'+2&">"?'()*+0$+<*>'#+6>$OPC$"#+
L2$+&$/D'4+,%$#'+%H,"0'+<*4+24'+$#,$##2%'+4HO"4'+0'+*%0$4+0*#+k+44+tbfuN+
7+&G</"<'+0$+<*>'8$4+$4+<'4'0'+4G0"'+,$%4"&$+&'4.G4+24'+.*'+>"8'()*+'*+#2,*%&$+$+I#+,$0%'#J+L2$+
,*0$4+ #$%+ 0$+ $#,$##2%'#+ $+ &'4'/D*#+ C'%"HC$"#+ 24'+ C$?+ L2$+ '+ <'4'0'+ 0$+ <*>'+ ,$%4"&$+ %$<&"6"<'%+ '#+
,$L2$/'#+"%%$82>'%"0'0$#N+Z$4+<*4*+0$#C'/&'8$4+24+<*/#24*+0$+<*>'+*2+'%8'4'##'+4'"#+$>$C'0*N+W'+
%$'>"0'0$+ G+ 2#2'>+ 2#'%T#$+ *+ 4$#4*+ &",*+ 0$+ <*>'+ 2#'0*+ /'+ &G</"<'+ 0$+ <*>'8$4+ 6"/'J+ 4'#+ <*4+ 24'+
$#,$##2%'+L2$+,*0$+C'%"'%+$/&%$+*#+g+*#+ac+44+tbfuN+
7+ &G</"<'+ 0$+ <*>'8$4+ $4+ <'4'0'+ 8%*##'+ G+ 24'+ &G</"<'+ L2$+ ,*0$+ #$%+ 2#'0'+ ,'%'+ <*>'8$/#+ 0$+ ,$0%'#+
/'&2%'"#+0$+6*%4'&*#+4'"*%$#+$+/)*+<'>".%'0'#+$+,'%'+#2,*%&$#+/)*+/"C$>'0*#N+F#&'+&G</"<'+<*/#"#&$+/'+
',>"<'()*+0$+24'+<'4'0'+%$>'&"C'4$/&$+6"/'+0$+<*>'+*2+'%8'4'##'+/*+&'%0*?+0'+,>'<'+0$+,$0%'+L2$+G+
'##$/&$+/24'+<'4'0'+8%*##'J+L2$+,*0$+&$%+$#,$##2%'+'+C'%"'%+$/&%$+*#+f+<4+'+i+<4J+L2$+G+<*>*<'0'+/'+
6'<D'0'N+ W*+ $/&'/&*J+ $#&'+ &G</"<'+ ',%$#$/&'+ CH%"*#+ "/<*/C$/"$/&$#+ $+ 0$#C'/&'8$/#+ $/&%$+ *#+ L2'"#+ '+
0$#<*>*%'()*+ L2$+ ,*0$+ <'2#'%+ /'#+ ,$0%'#J+ '+ #2'+ 6%'<'+ '0$%K/<"'+ &'/&*+ I+ ,$0%'+ <*4*+ '*+ #2,*%&$+
,*0$/0*+'"/0'+<'2#'%+,%*.>$4'#+0$+>*8P#&"<'+/'+*.%'+0$C"0*+'*+#$2+&$4,*+0$+,%$#'+#$%+42"&*+$>$C'0*+
tbfuN+
7/&$#+ 0$+ #$+ &$%$4+ 8$/$%'>"?'0*+ /*+ 4$%<'0*+ '#+ <*>'#+ I+ .'#$+ 0$+ <"4$/&*J+ ,%:,%"'#+ ,'%'+ '+ <*>'8$4+ 0$+
$>$4$/&*#+0$+,$0%'J+$#&$#+$%'4+'##$/&$#+<*4+'%8'4'##'#J+,%$,'%'0'+/*+>*<'>+0'+*.%'N+p'."&2'>4$/&$+
$#&'#+ '%8'4'##'#+ $%'4+ <*/#&"&2P0'#+ ,*%+ '%$"'J+ <"4$/&*+ $+ <'>N+ 7<&2'>4$/&$+ $O"#&$4+ /*+ 4$%<'0*+
'%8'4'##'#+ ,%$,'%'0'#+ $#,$<"'>4$/&$+ ,'%'+ '+ <*>'8$4+ 0$+ $>$4$/&*#+ ,G&%$*#+ L2$+ ,*##".">"&'4+ 4'"*%+
#$82%'/('J+%',"0$?+$+L2'>"0'0$+/'+<*>*<'()*+0$+,$0%'#N+7+4'"*%"'+0*#+<"4$/&*#+<*>'+L2$+#$+2#'4+,'%'+
',>"<'%+,>'<'#+0$+,$0%'+/'&2%'>+/'#+6'<D'0'#+#)*+,%*02&*#+4*/*<*4,*/$/&$J+<*4+%$#"/'+,%GT0*#$'0'+$+
bi+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+aV+Z",*>*8"'#+0$+6'<D'0'#++
"/<*%,*%'0'+/'+4"#&2%'+0$+,:J+*2+,%*02&*#+."<*4,*/$/&$J+<*4+%$#"/'+,%GT0*#$'0'+$+/)*+"/<*%,*%'0'+
/'+4"#&2%'+0$+,:+tbcuN+F#&'#+'%8'4'##'#+0$C$4+#$%+2#'0'#+2&">"?'/0*+'+&G</"<'+0$+<*>'8$4+$4+<'4'0'+
6"/'J+#$/0*+$#&'+'+&G</"<'+L2$+#$%H+0$#<%"&'+/*+<',"&2>*+0$+4G&*0*#+<*/#&%2&"C*#+tbguN+
@*4*+SH+6*"+%$6$%"0*+'*+*,&'%T#$+,$>'+6"O'()*+0"%$<&'+0'#+,$0%'#+'*+#2,*%&$+G+$O"8"0*+L2$+'+&*&'>"0'0$+0'+
,>'<'+ 0$+ ,$0%'+ 6"L2$+ $4+ <*/&'<&*+ <*/&P/2*+ <*4+ '+ #2,$%6P<"$+ 0*+ #2,*%&$N+ W$#&$+ 4G&*0*J+ '+ $#<*>D'+ 0*+
4'&$%"'>+0$+'##$/&'4$/&*+C'"+0"#&"/82"%+0*"#+&",*#+0$+6"O'()*V+'+<*>'8$4+$+'+#$>'8$4+tbiuN+
W'+ 6"O'()*+ 0'#+ ,$0%'#+ /*,& 5*%":(3+ 2#'4T#$+ <*>'#+ &'"#+ <*4*+ <"4$/&*+ <*>'J+ %$#"/'#+ $,:O"0'#+ *2+
'%8'4'##'#+L2$+,*0$4+&$%+%$#"/'#+"/<*%,*%'0'#+thuN+
W'+6"O'()*+/*,&2(%":(3+0'#+,$0%'#+G+/$<$##H%"*+%$<*%%$%+I+2&">"?'()*+0$+24'+'%8'4'##'+I+.'#$+0$+<'>+
D"0%H2>"<'+ *2+ 0$+ <"4$/&*+ .%'/<*N+ F#&$+ &",*+ 0$+ <*>'8$4+ 0$+ ,$('#+ G+ 4$/*#+ #2#<$,&PC$>+ 0$+ *%"8"/'%+
4'/<D'#+/'+,$0%'+0*+L2$+*#+<"4$/&*#+&%'0"<"*/'"#+thuN+
F#&$+ 4G&*0*+ 0$+ 6"O'()*+ 0"%$<&'+ 0'#+ ,$0%'#+ '*+ #2,*%&$+ $#&H+ '+ <'"%+ $4+ 0$#2#*+ /*+ /*##*+ ,'P#+ 0$C"0*+ '*+
$>$C'0*+ /U4$%*+ 0$+ ,'&*>*8"'#+ L2$+ '+ $>'+ $#&)*+ '##*<"'0'#J+ #*.%$&20*+ $4+ 6'<D'0'#+ $O&$%"*%$#N+ F##'#+
,'&*>*8"'#+ ,*0$4+ ','%$<$%+ 6%$L2$/&$4$/&$J+ 4$#4*+ $4+ $0"6P<"*#+ %$<$/&$#J+ <*4+ "0'0$#+ 0$+ <*/#&%2()*+
"/6$%"*%+'+g+'/*#+$+%$#2>&'4+/'+4'"*%"'+0*#+<'#*#+0*+0$#<*/D$<"4$/&*+0'#+,%*,%"$0'0$#+0*#+>"8'/&$#+*2+
0'#+,$0%'#+$+0'+6'>&'+0$+L2'>"6"<'()*+0*#+',>"<'0*%$#+thuN+
W'+ 6"O'()*+ 0"%$<&'+ 0$+ ,>'<'#+ 0$+ ,$0%'+ G+ '<*/#$>DHC$>+ 2&">"?'%T#$+ 24+ 4'&$%"'>+ 0$+ '##$/&'4$/&*+
0$6*%4HC$>N+ W*+ $/&'/&*J+ ,'%'+ #2,*%&'%+ *+ ,$#*+ 0'#+ ,$0%'#+ G+ /$<$##H%"*+ 2#'%+ 24+ 4'&$%"'>+ 0$+
'##$/&'4$/&*+ <*4+ 8%'/0$+ %$#"#&K/<"'J+ L2$+ '<'.'+ ,*%+ &$%+ 4$/*%+ $>'#&"<"0'0$N+ 7#+ ,$0%'#+ <*>*<'0'#+ $4+
6'<D'0'#+ $O&$%"*%$#+ $#&)*+ ,'%&"<2>'%4$/&$+ $O,*#&'#+ '+ '<(M$#+ &'"#+ <*4*+ C'%"'(M$#+ "4,*%&'/&$#+ 0$+
&$4,$%'&2%'J+L2$+,%*C*<'4+$#&'0*#+0$+&$/#)*+/*#+4'&$%"'"#+0$+'##$/&'4$/&*N+F##'+&$/#)*J+,%*C*<'0'+
,$>'+ 0"6$%$/&$+ 0">'&'()*+ 0'#+ ,$0%'#+ $+ 0'+ 6'<D'0'J+ 6%'8">"?'+ *#+ 4'&$%"'"#+ 0$+ '##$/&'4$/&*+ $+ ,*0$+ <%"'%+
6$/0'#+ L2$J+ <*4+ '+ '<()*+ 0'+ H82'J+ >$C'+ '*+ 0$#<*>'4$/&*+ 0'#+ ,$0%'#N+ 7+ 0$6*%4'()*+ 0*#+ #2,*%&$#+
&'4.G4+ ,*0$+ #2.4$&$%+ '#+ ,$0%'#+ '+ &$/#M$#+ $>$C'0'#+ L2$J+ ,*%+ #2'+ C$?J+ ,*0$%)*+ *%"8"/'%+ *+ #$2+
0$#<*>'4$/&*N++
F#&$#+6$/:4$/*#+#)*+'4,>"6"<'0*#+<*4+*+'24$/&*+0'#+0"4$/#M$#+0*#+$>$4$/&*#+,G&%$*#N+W'+%$'>"0'0$J+
L2'/&*+ 4'"*%$#+ 6*%$4+ '#+ ,$0%'#+ 2#'0'#J+ 4$/*#+ S2/&'#+ 0$+ <*>*<'()*+ #$%)*+ /$<$##H%"'#N+ 7#+ S2/&'#+ 0$+
<*>*<'()*+ $/&%$+ *#+ $>$4$/&*#+ 0$+ ,$0%'+ #)*+ ,%$$/<D"0'#+ <*4+ 4'&$%"'"#+ L2$+ ,*0$4+ '.#*%C$%+ '#+
0">'&'(M$#J+<*/&%'<(M$#+$+0$6*%4'(M$#+0*#+$>$4$/&*#+,G&%$*#N+@*4+'+0"4"/2"()*+0'+H%$'+*<2,'0'+,$>'#+
S2/&'#+'24$/&'4*#+'+<*/<$/&%'()*+0$+&$/#M$#+/'#+,$0%'#+$+/*#+4'&$%"'"#+0$+'##$/&'4$/&*N+
+-#+0$#<*>'4$/&*#+0*#+$>$4$/&*#+,G&%$*#+#)*+$#,$<"'>4$/&$+,$%"8*#*#+$4+?*/'#+*/0$+D'S'+<"%<2>'()*+
0$+ ,$##*'#N+ 5*%+ $##'+ %'?)*J+ /'+ 4'"*%+ ,'%&$+ 0*#+ ,'P#$#+ $2%*,$2#J+ '+ ',>"<'()*+ 0$+ ,$0%'#+ $4+ 6'<D'0'#+
$O&$%"*%$#+0$+$0"6P<"*#+2#'/0*+',$/'#+4G&*0*#+0$+6"O'()*+0"%$<&'+G+,%*"."0'N+F4+5*%&28'>J+$#&$+4G&*0*+
0$+',>"<'()*+G+,$%4"&"0*+4'#+/)*+G+%$<*4$/0'0*+,$>*+^WF@+0$C"0*+I+0$8%'0'()*+'*+>*/8*+0*+&$4,*+
0*#+4'&$%"'"#+2#'0*#+,'%'+*+'##$/&'4$/&*+0"%$<&*N+
+
be+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
!$#&$+ 4*0*J+ &%'&'T#$+ 0$+ 24+ 4G&*0*+ 4'"#+ 2#'0*J+ '<&2'>4$/&$J+ $4+ ,$L2$/'#+ H%$'#+ 0$+ 6'<D'0'#+ <*4*+
,$L2$/*#+42%*#+*2+?*/'#+0$+#"/82>'%"0'0$#+$+<'0'+C$?+4'"#+%'%'4$/&$+$4+6'<D'0'#+"/&$"%'#+0$C"0*+'*#+
,%*.>$4'#+ <*/D$<"0*#N+ R+ &'4.G4+ 24'+ #*>2()*+ L2$+ ,*0$J+ $+ 0$C$J+ #$%+ 2#'0'+ $4+ ?*/'#+ .'"O'#+ */0$+ #$+
,%$C$S'+L2$+D'S'+<"%<2>'()*+0$+,$##*'#+*2+4HL2"/'#+,*"#J+/$#&'#+?*/'#J+/)*+#$+0$C$4+2#'%+4G&*0*#+0$+
6"O'()*+"/0"%$<&'+L2$+#)*+4'"#+6%H8$"#+'*#+<D*L2$#N+R+24+4G&*0*+L2$+<*/&"/2'+/*+$/&'/&*+'+#$%+2#'0*+
$4+"/&$%"*%$#+<*4+%$#2>&'0*#+42"&*+#'&"#6'&:%"*#+tauN+
w4'+6*%4'+$/<*/&%'0'+,'%'+%$02?"%+*+%"#<*+0$+0$#<*>'4$/&*+0'#+,>'<'#+/'+6"O'()*+0"%$<&'+0$+,$0%'#+'+
,'%$0$#+ $O&$%"*%$#+ G+ %$'>"?'%+ 24+ #"#&$4'+ 0$+ %$6*%(*+ '&%'CG#+ 0$+ '8%'6*#+ thuN+ F#&$+ #"#&$4'+ '##*<"'+ *#+
#2,*%&$#+ 4$<_/"<*#+ 0$#<%"&*#+ /*#+ <',P&2>*#+ #$82"/&$#+ <*4+ '+ <*>'8$4+ <'%'<&$%P#&"<'+ 0*#+ 4G&*0*#+ 0$+
6"O'()*+0"%$<&'N++
+
=N=&4.["LM*&.#'.,(5+"&"*&2$/*,+(&
-#+ 4G&*0*#+ 0$+ 6"O'()*+ "/0"%$<&'+ 0$+ ,$0%'#+ <'%'<&$%"?'4T#$+ ,$>'+ ,%$#$/('+ 0$+ $>$4$/&*#+ ,*/&2'"#+ 0$+
6"O'()*+L2$+>"8'4+'#+,$0%'#+'*+#2,*%&$N+F#&$#+$>$4$/&*#+#)*+2#2'>4$/&$+$4+4$&'>+$+,$%4"&$4+'.#*%C$%+
'#+ 0$6*%4'(M$#+ L2$+ '#+ ,>'<'#+ ,G&%$'#+ ,*##'4+ #*6%$%J+ %$02?"/0*+ 0$#&$+ 4*0*+ '#+ &$/#M$#+ /*+
%$C$#&"4$/&*J+4'"#+6%H8">+L2$+*+#2,*%&$+/*+L2$+0"?+%$#,$"&*+'+0$6*%4'(M$#N+F#&$+&",*+0$+6"O'()*+&$4+0$+
#2,*%&'%+ &'/&*+ '#+ 6*%('#+ C$%&"<'"#+ r*+ ,$#*+ ,%:,%"*+ 0*+ 4'&$%"'>+ ,G&%$*+ $+ $C$/&2'"#+ "#*>'4$/&*#s+ .$4+
<*4*+'#+'<(M$#+D*%"?*/&'"#+r&'"#+<*4*+*+C$/&*sN+
F#&$#+4G&*0*#+0$+6"O'()*+0$+,$0%'#+<%"'4+24'+<'"O'T0$T'%+$/&%$+'#+,>'<'#+,G&%$'#+0$+%$C$#&"4$/&*+$+'+
6'<D'0'+0*+$0"6P<"*N+-+'6'#&'4$/&*+$/&%$+'+,'%$0$+0*+$0"6P<"*+$+*+%$C$#&"4$/&*+<%"'+24'+<_4'%'+0$+'%+
$4+4*C"4$/&*+L2$+,%*02?+24'+C$/&">'()*+/'&2%'>+$+<*/&P/2*+0'+,'%$0$+0*+$0"6P<"*+<D'4'0'+0$+n$6$"&*+
<D'4"/Go+tbeuN+F#&$+<'%'<&$%"?'T#$+,$>'+$/&%'0'+0$+'%+6%"*+,$>'+,'%&$+"/6$%"*%+$+#'P0'+0*+'%+L2$/&$+,$>'+
,'%&$+#2,$%"*%N+@*4+*+'%$S'4$/&*+0'+,'%$0$+$C"&'4T#$+'+<*/<$/&%'()*+0$+D24"0'0$#+$+<*/0$/#'(M$#+*+
L2$+ &%'?+ .$/$6P<"*#+ 0$+ <*/6*%&*+ &G%4"<*+ '*+ $0"6P<"*N+ 5'%'+ '24$/&'%+ '+ $6"<"K/<"'+ &G%4"<'+ 0'+ 6'<D'0'+ G+
'<*/#$>DHC$>+',>"<'%+#$4,%$+24+4'&$%"'>+"#*>'/&$+/'+<'"O'+0$+'%J+,'%'+L2$+*+'%+<"%<2>$+$/&%$+$#&$+$+*#+
$>$4$/&*#+,G&%$*#+0$+%$C$#&"4$/&*+tbkuN+7#+6'<D'0'#+C$/&">'0'#+<*/#&"&2$4+D*S$+$4+0"'+24'+0'#+4'"#+
$6"<"$/&$#+ #*>2(M$#+ /'+ %$#*>2()*+ 0$+ ,%*.>$4'#+ &G%4"<*#+ /*#+ $0"6P<"*#+ 8'%'/&"/0*+ '"/0'+ 24'+ $>$C'0'+
L2'>"0'0$+ $#&G&"<'J+ 8%'/0$+ 62/<"*/'>"0'0$+ $+ ,%*&$<()*+ 0*#+ '8$/&$#+ $O&$%/*#+ tbeuN+ w4'+ 6'<D'0'+
C$/&">'0'+ %$C$#&"0'+ G+ &'4.G4+ 24+ $O<$>$/&$+ 4G&*0*+ ,'%'+ *<2>&'%+ '#+ 6"##2%'#+ $+ *2&%*#+ 0$6$"&*#+ L2$+
"/$C"&'C$>4$/&$+C)*+','%$<$/0*+'*+>*/8*+0*+&$4,*+/'#+6'<D'0'#+0*#+$0"6P<"*#N+
F#&$+ &",*+ 0$+ %$C$#&"4$/&*+ /)*+ G+ <*/0"<"*/'/&$+ '+ /PC$>+ '%L2"&$<&:/"<*+ 0$C"0*+ I+ 8%'/0$+ C'%"$0'0$+ 0$+
#"#&$4'#+ 0$+ 6"O'()*+ 0"#,*/PC$"#+ L2$+ #$+ '0',&'4+ I+ 4'"*%"'+ 0'#+ #"&2'(M$#N+ F#&$#+ #"#&$4'#+ 0$+ #2,*%&$+
,*0$4+ #$%+ <>'##"6"<'0*#+ $4+ &%K#+ 8%2,*#V+ '8%'6*#+ $+ ,*/&*#+ 0$+ '%8'4'##'J+ 8'&*#+ 4$&H>"<*#+ *2+ $#&%2&2%'+
"/&$%4G0"'+0$+#2,*%&$N+!$/&%*+0$+<'0'+24+0$#&$#+8%2,*#+$O"#&$+24'+8%'/0$+C'%"$0'0$+0$+4*0$>*#+0$+
6"O'(M$#J+0$+CH%"'#+4'%<'#J+I+C$/0'+/*+4$%<'0*+tbeuN+
FO"#&$4+CH%"*#+6'<&*%$#+'+&$%+$4+<*/&'+,'%'+$#<*>D$%+L2'>+*+4$>D*%+#"#&$4'+0$+6"O'()*+,'%'+<'0'+<'#*J+
&'"#+ <*4*+ '+ /'&2%$?'+ 0*+ #2,*%&$J+ *+ &'4'/D*J+ <'%'<&$%P#&"<'#+ $+ ,$#*+ 0'#+ ,>'<'#+ ,G&%$'#J+ '+ ,%$#$/('+ *2+
bk+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+aV+Z",*>*8"'#+0$+6'<D'0'#++
/)*+0$+"#*>'4$/&*#+&G%4"<*#+*2+'<U#&"<*#+$/&%$+'#+,$0%'#+$+*+#2,*%&$J+'+H%$'+0$+6'<D'0'+'+%$C$#&"%+<*4+
,$0%'#J+*+,%$(*+0'+4)*T0$T*.%'J+$&<N+F#&$+6'<&*%$#+#)*+'.*%0'0*#+0$+#$82"0'N+
FO"#&$4+'>824'#+%$8%'#+<*42/#+'*#+&%K#+&",*#+0$+4*0*#+0$+6"O'()*J+/*4$'0'4$/&$+/*+L2$+0"?+%$#,$"&*+
I#+<'%'<&$%P#&"<'#+0'#+,$0%'#+'+2#'%N+7+$#,$##2%'+4P/"4'+0*#+$>$4$/&*#+,G&%$*#+G+#$4,%$+<*/0"<"*/'0'+
,$>*+&'4'/D*+0'+,>'<'J+,$>*+,$#*+$+/'&2%$?'+0'+%*<D'+$4,%$82$J+,$>*+&",*+0$+6"O'()*+'0*,&'0'+$+,$>'#+
#*>"<"&'(M$#+'+L2$+'+,$0%'+#$%H+#2.4$&"0'N+W)*+0$C$+#$%J+/*+$/&'/&*J+/2/<'+"/6$%"*%+'+ae+44+,'%'+,>'<'#+
0$+,$0%'+*.&"0'#+,*%+<>"C'8$4+$+'+ac+44+,'%'+,>'<'#+0$+,$0%'+&'>D'0'#N+W$#&$+U>&"4*+<'#*+G+/$<$##H%"*+
'"/0'+L2$+'#+,$0%'#+#$S'4+',>"<'0'#+$4+?*/'#+0$+,'%$0$+<*4+<*&'+/)*+#2,$%"*%+'+i+4$&%*#+$4+%$>'()*+
'*+/PC$>+0*+,"#*+0$+$#,'(*#+0$+<"%<2>'()*+*2+0$+,$%4'/K/<"'+0$+2&$/&$#J+$+L2$+$#&$#+&$/D'4+4'"#+0$+
cNic+ 4$&%*#+ 0$+ >'%82%'N+ F#&'#+ #)*+ '#+ $#,$##2%'#+ 4P/"4'#+ $O"8PC$"#+ ,'%'+ '+ 8$/$%'>"0'0$+ 0*#+ <'#*#Q+
$O"#&$4+<*/&20*+4G&*0*#+$+&",*#+0$+#2,*%&$#+L2$+$O"8$4+$#,$##2%'#+0'#+,>'<'#+,G&%$'#+4'"#+$>$C'0'#N+
RJ+/*+$/&'/&*J+42"&*+%$<*4$/0'0*+2#'%+,$0%'#+<*4+24'+$#,$##2%'+4P/"4'+0$+dc+44+,'%'+8'%'/&"%+'+
#$82%'/('+tbiuN+7+0"4$/#)*+4HO"4'+0'#+,$0%'#+&'4.G4+G+24'+<'%'<&$%P#&"<'+L2$+$#&H+%$82>'4$/&'0'+
/'+/*%4'+6%'/<$#'+#$82/0*+'+L2'>+'+4'"*%+0"4$/#)*+0'+,$0%'+/)*+,*0$+2>&%','##'%+bJf+4$&%*#+$+<'0'+
,$0%'+/)*+,*0$+&$%+24'+#2,$%6P<"$+#2,$%"*%+'+b+4aN+
Z'4.G4+$O"#&$4+'>824'#+%$<*4$/0'(M$#+%$>'&"C'#+'*#+4'&$%"'"#+0*#+#"#&$4'#+0$+6"O'()*+'+2#'%N+32"&*#+
'2&*%$#+%$6$%$4+L2$+*#+4'&$%"'"#+4$&H>"<*#+0*#+#"#&$4'#+0$+6"O'()*+'+2#'%+,*0$4+#$%+*+>'&)*J+*+<*.%$+
*2+*+'(*+"/*O"0HC$>N+W*+$/&'/&*+%$82>'4$/&*#+4'"#+$O"8$/&$#J+<*4*+'+/*%4'+W9+5igNaca+6%'/<$#'+#*.%$+
6"O'()*+,'%'+%$C$#&"4$/&*#+$4+,$0%'#+6"/'#J+$O"8$4+L2$+*#+#2,*%&$#+#$S'4J+"/0$,$/0$/&$4$/&$+0*+#$2+
&",*+$+,'%'+L2'>L2$%+4G&*0*+0$+6"O'()*+0'#+,$0%'#J+6'.%"<'0*#+$4+'(*+"/*O"0HC$>N+
R+ &'4.G4+ /$<$##H%"*+ "/0"<'%+ #$4,%$+ L2'>+ *+ &",*+ 0$+ '(*+ '+ 2#'%V+ *+ 7a+ *2+ *+ 7fJ+ <*/#*'/&$+ "/0"<'()*+
,%$#$/&$+/*+,%*S$<&*+<'#*+$O"#&'+*2+<*/#*'/&$+'#+<*/0"(M$#+0*+>*<'>+*/0$+'+6'<D'0'+#$%H+"/#&'>'0'+tbhuN+
W'+ %$'>"0'0$+ $O"#&$4+ &%K#+ &",*#+ 0$+ '(*+ "/*O"0HC$>+ 2#'0*+ ,'%'+ 6"O'0*%$#J+ <'0'+ L2'>+ <*4+ 0"6$%$/&$#+
%$#"#&K/<"'#+I+<*%%*#)*+$+,*%&'/&*+<*4+24+<'4,*+0$+',>"<'()*+$#,$<P6"<*N+
-+'(*+0$+&",*+7b+&$4+'>&'#+,$%<$/&'8$/#+0$+6:#6*%*+$+$/O*6%$+4'#+G+%'%'4$/&$+2#'0*+,'%'+'+,%*02()*+
$4+4'##'+0$+6"O'0*%$#+0$C"0*+I+#2'+6%'<'+%$#"#&K/<"'+I+<*%%*#)*+tacuN+
-+&",*+0$+'(*+7aJ+L2$+&'4.G4+,*0$+#$%+',$>"0'0*+0$+'(*+bkxk+r0$C"0*+I+#2'+<*4,*#"()*+0$+bkv+<%:4"*+
$+ kv+ 0$+ /PL2$>sJ+ G+ *+ 4'&$%"'>+ 4'"#+ <*424+ 2#'0*+ $4+ 6"O'0*%$#J+ ,*##2"/0*+ 24'+ .*'+ %$#"#&K/<"'+ I+
<*%%*#)*+$4+<*/0"(M$#+'&4*#6G%"<'#+/*%4'"#+$+$4+'4."$/&$#+DU4"0*#+tacuN+
FO"#&$+'"/0'+*+'(*+0*+&",*+7f+L2$+G+*+'(*+"/*O"0HC$>+0$+4'"*%+%$#"#&K/<"'+I+<*%%*#)*J+0$C"0*+'*+'24$/&*+
0*+ &$*%+ 0$+ /PL2$>+ $+ I+ '0"()*+ 0$+ 4*>".0G/"*N+ Z$4+ $O<$>$/&$+ %$#"#&K/<"'+ I+ <*%%*#)*+ $4+ '4."$/&$#+
'8%$##"C*#+&'"#+<*4*+'4."$/&$#+4'%"/D*#+r<>*%$&*#sJ+"/02#&%"'"#+r0":O"0*+0$+$/O*6%$sJ+H<"0*#+*O"0'/&$#+$+
>*<'"#+*/0$+'+<*%%*#)*+#2,$%6"<"'>+,*0$+*<*%%$%+tacuN+
+
+
+
+
bh+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
=N=N?&@:,"U*2&(&/*#+*2&'(&",:"3"22"&
-+4G&*0*+0$+6"O'()*+0$+,>'<'#+0$+,$0%'#+<*4+'8%'6*#+$+,*/&*#+0$+'%8'4'##'+<*/#"#&$+/'+6"O'()*+0*#+
$>$4$/&*#+ ,G&%$*#+ '*+ #2,*%&$+ 2#'/0*+ '8%'6*#+ 0$+ 6"*+ 0$+ #$<()*+ <"%<2>'%N+ -#+ ,*/&*#+ 0$+ '%8'4'##'+ #)*+
/$<$##H%"*#+ ,'%'+ *+ <*%%$<&*+ 62/<"*/'4$/&*+ 0*#+ '8%'6*#+ $+ <*/#&"&2$4+ ?*/'#+ 0$+ $/<*#&*+ ,'%'+ *#+
$>$4$/&*#+,G&%$*#J+<*4*+G+">2#&%'0*+/'+6"82%'+aNbN+-#+6"*#+#)*+$/C*>C"0*#+$4+'%8'4'##'J+6*%4'/0*+*#+
,*/&*#N+ R+ 42"&*+ "4,*%&'/&$+ L2$+ *#+ '8%'6*#+ /)*+ %$'S'4+ <*4+ '#+ '%8'4'##'#+ /$4+ <*4+ *+ '4."$/&$+
'&4*#6G%"<*+ 0'+ ?*/'+ */0$+ $#&)*+ ',>"<'0*#+ tabuN+ 5*%+ $##'+ %'?)*+ *#+ 6"*#+ ,*0$4+ #$%+ 0$+ '(*+ "/*O"0HC$>+
r#*>2()*+'<&2'>4$/&$+4'"#+2#'0'+$+'<*/#$>D'0'+,$>'+#2'+02%'.">"0'0$+#2,$%"*%sJ+<*.%$+*2+>'&)*N++
+
+
b+5'%$0$+
a+78%'6*+
d+@D24.'0*2%*+0$+7%8'4'##'+
f+5>'<'+0$+5$0%'+
g+5*/&*+0$+7%8'4'##'+
i+•2/&'+$/&%$+,>'<'#+0$+,$0%'+
+
+
+
+
+
+
9"8+aNb+T+F#L2$4'+$4+<*%&$+0'+',>"<'()*+0$+24+'8%'6*+/24+,*/&*+0$+'%8'4'##'+taau+
+
F#&$+ 4G&*0*+ 0$+ 6"O'()*+ 0$+ ,$0%'#+ ',$/'#+ ,*0$+ #$%+ 2&">"?'0*+ <'#*+ #$+ C$%"6"L2$4+ '#+ &%K#+ #$82"/&$#+
<*/0"(M$#V+ '+ ?*/'+ */0$+ '#+ ,$0%'#+ #)*+ "/#&'>'0'#+ /)*+ ,*0$+ &$%+ 24'+ '>&2%'+ #2,$%"*%+ '+ ak+ 4$&%*#J+ '+
0"#&_/<"'+$/&%$+*+#2,*%&$+$+*+&'%0*?+0'#+,$0%'#+0$+%$C$#&"4$/&*+&$4+0$+$#&'%+<*4,%$$/0"0'+$/&%$+*#+ac+
44+$+*#+gc+44+$+'#+,>'<'#+0$+,$0%'+"/#&'>'0'#+/*+%$C$#&"4$/&*+/)*+,*0$4+&$%+24'+H%$'+#2,$%"*%+'+
b4a+#$/0*+'+#2'+4'"*%+0"4$/#)*+/2/<'+#2,$%"*%+'+bJfc+4$&%*#+tbiuN+
7+>"8'()*+0*#+'8%'6*#+'*+#2,*%&$+G+6$"&'+,*%+<D24.'8$4+0$+'%8'4'##'Q+GJ+,*"#J+"4,*%&'/&$+C$%"6"<'%+L2$+
*+'8%'6*+&$4+<*4,%"4$/&*+#26"<"$/&$+,'%'+6"<'%+,%$#*+/*+#2,*%&$+$+/)*+',$/'#+/*+,*/&*+0$+'%8'4'##'N++
-+0"4$/#"*/'4$/&*+0*#+'8%'6*#+'&%'CG#+0$+<H><2>*+G+"4,*##PC$>+0$+%$'>"?'%+0$C"0*+I+8%'/0$+0"6"<2>0'0$+
L2$+$O"#&$+/'+0$&$%4"/'()*+0*+<*4,*%&'4$/&*+0*#+,*/&*#+0$+'%8'4'##'N+@*4+*+*.S$<&"C*+0$+8'%'/&"%+'+
02%'.">"0'0$+ 0*#+ 6"*#J+ $O"#&$4+ '>824'#+ %$8%'#+ #*.%$+ *#+ 0"_4$&%*#+ 4P/"4*#+ 0$#&$#+ L2$+ 0$C$4+ #$%+
<24,%"0'#N+ F##$#+ 0"_4$&%*#+ C'%"'4+ $4+ 62/()*+ 0'+ $#,$##2%'+ 0'#+ ,>'<'#+ 0$+ ,$0%'+ '+ 2#'%J+ '24$/&'/0*+
<*4+*+'24$/&*+0'+$#,$##2%'+$J+<*/#$L2$/&$4$/&$J+<*4+*+'24$/&*+0*+,$#*+0'#+,$0%'#N+5'%'+,>'<'#+0$+
$#,$##2%'+0$+ac+44+2#'4T#$+/*+4P/"4*+6"*#+0$+cNf+44+0$+0"_4$&%*J+,'%'+,>'<'#+<*4+$#,$##2%'+$/&%$+
dc44+ $+ fc44+ G+ '<*/#$>DHC$>+ 2#'%+ 24+ 6"*+ <*4+ 24+ 0"_4$&%*+ 4P/"4*+ 0$+ cNg+ 44+ $/L2'/&*+ L2$+ ,'%'+
,>'<'#+<*4+$#,$##2%'+#2,$%"*%+'+ic44+'+$#,$##2%'+4P/"4'+%$<*4$/0'0'+,'%'+*#+6"*#+G+0$+cNi44+tbiuN+
F#&$+ 4G&*0*+ 0$+ #2,*%&$+ 0$+ ,>'<'#+ 0$+ ,$0%'+ G+ 0$+ %$>'&"C'+ 6H<">+ $O$<2()*+ ,'%'+ ',>"<'0*%$#+ $O,$%"$/&$#+
4'#+&$4+24'+0$#C'/&'8$4+"4,*%&'/&$V+0$C"0*+I+$O"#&K/<"'+0*#+,*/&*#+0$+'%8'4'##'+L2$+#$+$/<*/&%'4+
ac+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+aV+Z",*>*8"'#+0$+6'<D'0'#++
$/&%$+'#+,$0%'#+$+*+#2,*%&$J+/)*+G+,*##PC$>+'+<*>*<'()*+0$+24+"#*>'4$/&*+&G%4"<*+<*/&P/2*+/'+<'"O'T0$T
'%+6*%4'0'+$/&%$+'+,'%$0$+$+*+%$C$#&"4$/&*N+@'#*+'#+$O"8K/<"'#+&G%4"<'#+0'+<*/#&%2()*+/)*+0"#,$/#$4+
'+$O"#&K/<"'+0$#&$+"#*>'4$/&*+&G%4"<*J+$#&$+4G&*0*+&$%H+0$+#$%+$O<>2P0*N++
F4+ #"&2'(M$#+ <*%%$/&$#+ #)*+ 2#'0*#+ L2'&%*+ '8%'6*#+ ,*%+ ,>'<'V+ 0*"#+ '8%'6*#+ 0$+ #2#,$/#)*+ $+ 0*"#+ 0$+
,*#"<"*/'4$/&*N+ 5'%'+ 6"O'%+ *#+ '8%'6*#+ I#+ ,>'<'#+ ,G&%$'#+ #)*+ 6$"&*#+ *%"6P<"*#+ <"%<2>'%$#+ /*#+ .*%0*#+ 0'#+
,$0%'#Q+G+/$##$#+62%*#+L2$+#$+6"O'4+*#+'8%'6*#N+-#+'8%'6*#+0$+#2#,$/#)*+&K4+<*4*+62/()*+#2,*%&'%+*+
,$#*+ 0'+ ,>'<'+ $+ #)*+ <*>*<'0*#+ 2#2'>4$/&$+ /'+ 6'<$+ "/6$%"*%+ 0'+ ,>'<'N+ -#+ '8%'6*#+ 0$+ ,*#"<"*/'4$/&*+
,*0$4+#$%+>*<'>"?'0*#+/'+6'<$+#2,$%"*%+*2+/'#+>'&$%'"#+0'+,>'<'N+-#+'8%'6*#+0$+#2#,$/#)*+/)*+,*0$4+#$%+
"/#&'>'0*#+/*#+&*,*#+D*%"?*/&'"#+#2,$%"*%$#+0'#+,>'<'#J+0$C"0*+'*+%"#<*+0$+6$/0">D'()*+$+L2$.%'+0'+,>'<'+
0$+,$0%'N+F4+L2'>L2$%+24+0*#+<'#*#J+G+%$<*4$/0'0*+tbiu+L2$+'+0"#&_/<"'+$/&%$+*#+.*%0*#+0'+,>'<'+$+*#+
'8%'6*#+ #$S'J+ ',%*O"4'0'4$/&$J+ $/&%$+ €+ '+ bxg+ 0*+ <*4,%"4$/&*+ &*&'>+ 0*+ >'0*+ <*/#"0$%'0*+ 0'+ ,>'<'J+
<*4*+">2#&%'+'+6"82%'+aNa+tabuN+
+
+
7+j+9"O'(M$#+0$+5*#"<"*/'4$/&*+
+
;+j+9"O'(M$#+0$+\2#,$/#)*+
+
'+j+€+@+'+bxg+@+
+
.+T+€+!+'+bxg+!+
+
+
+
9"8+aNa+T+!"#&_/<"'#+4P/"4'#+%$<*4$/0'0'#+$/&%$+*#+'8%'6*#+$+*#+.*%0*#+0'#+,>'<'#+0$+,$0%'+
+
pHJ+/*+$/&'/&*J+'>824'#+#"&2'(M$#+*/0$+'+'8%'6'8$4+,$>*#+&*,*#+/)*+G+,*##PC$>Q+/'#+,>'<'#+0$+,$0%'+0$+
<>"C'8$4+ $C"0$/&$+ #$%"'+ ,$%"8*#*+ 6'?$%+ '+ '8%'6'8$4+ 42"&*+ ,$%&*+ 0'#+ .*%0'#+ 0'#+ ,$0%'#N+ W$##$+ <'#*J+
0$C$+*,&'%T#$+,*%+6'?$%+'+"/#$%()*+0*#+'8%'6*#+,$>*+&'%0*?+0'#+,>'<'#N+
5'%'+*+<*%%$<&*+62/<"*/'4$/&*+0$#&$+4G&*0*+0$+6"O'()*+0$+,>'<'#+0$+,$0%'+DH+'"/0'+*2&%'+,%$*<2,'()*+
L2$+ 0$C$+ #$%+ &"0'+ $4+ <*/&'N+ @*4*+ '/&$%"*%4$/&$+ %$6$%"0*J+ '+ >*<'>"?'()*+ 0*#+ '8%'6*#+ /'+ ,$0%'+ G+ 0$+
$O&%$4'+ "4,*%&_/<"'N+ W*+ $/&'/&*J+ *+ >*<'>+ 0'+ 6'<D'0'+ */0$+ #$+ 6"O'4+ *#+ '8%'6*#+ &'4.G4+ /)*+ ,*0$+ #$%+
0$#<2%'0*N+7+>*<'>"?'()*+0$#&$#+0$C$+#$%+$#&20'0'+0$+6*%4'+'+8'%'/&"%+L2$+24'+,$0%'+/)*+6"L2$+6"O'+'+
0*"#+ #2,*%&$#+ 0"6$%$/&$#+ *2+ '+ 02'#+ ?*/'#+ L2$+ ,*##'4+ &$%+ 0$6*%4'(M$#+ 0"6$%$/&$#N+ Z'>+ #"&2'()*+ <%"'%"'+
24'+8%'/0$+&$/#)*+'0"<"*/'>+/*#+#2,*%&$#+$+/'+,%:,%"'+,>'<'+,G&%$'J+D'C$/0*+*+%"#<*+0$+L2$.%'+0'+,>'<'+
*2+0$+<*>',#*+0*#+#2,*%&$#N+F#&$+,%*.>$4'+%$C$>'T#$+4'"#+"/&$/#'4$/&$+$4+?*/'#+,%:O"4'#+0$+S2/&'#+
0$+ 0">'&'()*+ *2+ ?*/'#+ 0$+ &%'/#"()*+ $/&%$+ 0*"#+ 4'&$%"'"#+ L2$+ ,*0$4+ &$%+ <*4,*%&'4$/&*#+ 0"6$%$/&$#+
r0"6$%$/&$#+<*$6"<"$/&$#+0$+0">'&'()*+,*%+$O$4,>*s+tduN+
+
+
ab+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
=N=N=&g"+*2&3(+_%.5*2&
-+ 4G&*0*+ 0$+ 6"O'()*+ 0$+ ,>'<'#+ ,G&%$'#+ '&%'CG#+ 0$+ 8'&*#+ 4$&H>"<*#+ <*/#"#&$+ /'+ 6"O'()*+ 0*#+ $>$4$/&*#+
,G&%$*#+ '&%'CG#+ 0$+ ,>'<'#+ *2+ ,$%6"#+ 4$&H>"<*#+ L2$+ ,*0$4+ &$%+ 0"C$%#'#+ 6*%4'#J+ 0"4$/#M$#+ $+
<'%'<&$%P#&"<'#N+-#+8'&*#+#)*+2#2'>4$/&$+0*+4$#4*+4'&$%"'>+0*#+'8%'6*#J+*2+#$S'+'(*+"/*O"0HC$>J+<*.%$+
*2+ >'&)*N+ F#&$#+ #2,*%&$#+ #)*+ 6"O*#+ I+ 6'<D'0'+ %$<*%%$/0*+ '+ 4G&*0*#+ 0$+ 6"O'()*+ 4$<_/"<*#+ r6"82%'+ aNdsJ+
<*4*+ ,'%'62#*#J+ *2+ ,*%+ 4G&*0*#+ 0$+ 6"O'()*+ %$<*%%$/0*+ I+ <D24.'8$4+ 0*#+ #2,*%&$#+ I+ 6'<D'0'+ 6"82%'+
aNfsN+-#+8'&*#+4$&H>"<*#+&K4+,"/*#+L2$+#)*+"/&%*02?"0*#+$4+62%*#+%$'>"?'0*#+/*#+&*,*#+0'#+,$0%'#J+,'%'+
"4,$0"%+L2$+$#&'#+#$+0$#>*L2$4N+
's
+
.s
+
9"8+aNd+T+FO$4,>*#+0$+8'&*#+4$&H>"<*#+0$+6"O'()*+4$<_/"<'+,'%'+#2,*%&$+0$+,>'<'#+0$+,$0%'V+'s+tbhu+
+
+
9"8+aNf+T+FO$4,>*+0$+8'&*+4$&H>"<*+0$+<D24.'%+,'%'+#2,*%&$+0$+,>'<'#+0$+,$0%'+tbhu+
+
W$#&'+&G</"<'+0$+%$C$#&"4$/&*+0$+6'<D'0'#+$O"#&$4+0*"#+4G&*0*#+0$+6"O'()*+0*#+8'&*#+'*+#2,*%&$V+,*%+
<D24.'8$4+r<*4+'%8'4'##'+*2+<*4+.2<D'#+L2P4"<'#s+/*+#2,*%&$+*2+,*%+6"O'()*+4$<_/"<'N+A2'/0*+#$+
*,&'+ ,$>'+ 6"O'()*+ ,*%+ <D24.'8$4J+ G+ /$<$##H%"*+ 6'?$%+ 24+ 62%*+ /*+ #2,*%&$J+ L2$+ G+ 0$,*"#+ <D$"*+ <*4+
'%8'4'##'+ *2+ *2&%*+ >"8'/&$N+ 5*#&$%"*%4$/&$+ <*>*<'T#$+ *+ 8'&*+ 4$&H>"<*+ /'+ '%8'4'##'+ $+ 0$"O'T#$+ #$<'%N+
A2'/0*+ #$+ *,&'+ ,$>'+ 6"O'()*+ 4$<_/"<'J+ ,*0$4+ #$%+ 2#'0'#+ <'C">D'#+ 4$&H>"<'#+ 0$+ $O,'/#)*+ 6"O'#+ '*+
#2,*%&$N+!$C$J+/*+$/&'/&*J+D'C$%+'+,%$*<2,'()*+0$+8'%'/&"%+L2$+*+4'&$%"'>+0*#+8'&*#+#$S'+*+4$#4*+0*+
0'#+ <'C">D'#J+ *2+ 4'&$%"'"#+ <*4,'&PC$"#+ $/&%$+ #"J+ ,'%'+ $C"&'%+ '+ <*%%*#)*+ ."4$&H>"<'N+ !$C$T#$+ ,*%&'/&*+
$C"&'%+ *+ <*/&'<&*+ 0*#+ 8'&*#+ $4+ '(*+ "/*O+ <*4+ *2&%*#+ $>$4$/&*#+ 4$&H>"<*#+ <*4*+ *+ '(*+ 4'<"*J+ *+ 6$%%*+
62/0"0*J+*+'>24P/"*J+*+?"/<*J+*+<*.%$+$+*+.%*/?$+taduN+
aa+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+aV+Z",*>*8"'#+0$+6'<D'0'#++
7>82/#+4$<'/"#4*#+0$+8'&*#+4$&H>"<*#+0"#,*/PC$"#+/*+4$%<'0*+&K4+24+0"#,*#"&"C*+L2$+,$%4"&$+%$82>'%+
'+0"#&_/<"'+0'+,$0%'+'*+#2,*%&$N+!$#&$+4*0*+&*%/'T#$+4'"#+6H<">+8'%'/&"%+*+<*%%$<&*+',%24*+0'#+,>'<'#+
'*+>*/8*+0'+6'<D'0'J+/)*+#$/0*+/$<$##H%"*+D'C$%+$##'+,%$*<2,'()*+'L2'/0*+0'+4*/&'8$4+0*#+8'&*#N+
A2'/0*+ #$+ *,&'+ ,$>'+ 6"O'()*+ 4$<_/"<'J+ '+ 4'"*%"'+ 0*#+ 8'&*#+ ,*0$4+ #$%+ 'S2#&'0*#+ /*#+ d+ $"O*#+
r0$,$/0$/0*+0*#+4*0$>*#+$+4'%<'#+0$+8'&*#s+*+L2$+,$%4"&$+24+4$>D*%+$+4'"#+,%$<"#*+'S2#&$+0*+8'&*+I+
,>'<'+0$+,$0%'N+
7+ $#<*>D'+ $/&%$+ $#&$#+ 0*"#+ 4G&*0*#+ 0$+ 6"O'()*+ r8'&*#+ <D24.'0*#+ *2+ 6"O*#+ 4$<'/"<'4$/&$s+ 0$,$/0$+
$##$/<"'>4$/&$+0'+/'&2%$?'+0*+#2,*%&$+#*.%$+*+L2'>+#$+',>"<'+*+%$C$#&"4$/&*N+
F4+ #"&2'(M$#+ <*%%$/&$#+ <'0'+ ,>'<'+ 0$+ ,$0%'+ G+ 6"O'+ '*+ #2,*%&$+ <*4+ L2'&%*+ 8'&*#N+ !*"#+ 8'&*#+ #)*+
<*>*<'0*#+ /'+ 6'<$+ D*%"?*/&'>+ "/6$%"*%+ 0'+ ,>'<'+ 0$+ ,$0%'+ $+ &K4+ '+ 02,>'+ 62/()*+ 0$+ #2,*%&'%+ *+ #$2+ ,$#*+
,%:,%"*+$+0$+%$#&%"/8"%$4+*#+0$#>*<'4$/&*#+D*%"?*/&'"#N+-#+*2&%*#+0*"#+#)*+<*>*<'0*#+/'+6'<$+D*%"?*/&'>+
#2,$%"*%+0'+,>'<'+0$+,$0%'+2/"<'4$/&$+,'%'+%$#&%"/8"%$4+*#+0$#>*<'4$/&*#+D*%"?*/&'"#+taduN+7+6"O'()*+
0*#+8'&*#+I#+,$0%'#+&'4.G4+#$+,*0$+$6$<&2'%+,$>'#+6'<$#+>'&$%'"#+C$%&"<'"#+0$#&'#N+
F4+L2'>L2$%+24+0*#+<'#*#J+G+%$<*4$/0'0*+tbiu+L2$+'+0"#&_/<"'+$/&%$+*#+.*%0*#+0'+,>'<'+$+*#+'8%'6*#+
#$S'+0$+',%*O"4'0'4$/&$+$/&%$+€+'+bxg+0*+<*4,%"4$/&*+&*&'>+0*+>'0*+<*/#"0$%'0*+0'+,>'<'J+<*4*+#$+
">2#&%'+/'+6"82%'+aNgN+W)*+G+%$<*4$/0HC$>+$6$<&2'%+4'"#+0$+0*"#+62%*#+,*%+.*%0*+/'+,>'<'+0$+,$0%'+,'%'+
$C"&'%+ $#&'0*#+ 0$+ &$/#)*+ L2$+ #$%"'4+ <%"'0*#+ ,$>'+ $C$/&2'>+ 6'>&'+ 0$+ '>"/D'4$/&*+ 0'#+ 62%'(M$#+ *2+ 0*#+
#2,*%&$#+thuN+
+
+
+
+
'+•+bxf;+'+bxg;+
<+•+bxf!+'+bxg!+
+
+
+
+
+
+
's+
.s+
+
9"8+aNg+T+!"#&_/<"'#+4P/"4'#+%$<*4$/0'0'#+$/&%$+*#+8'&*#+*#+.*%0*#+0'#+,>'<'#+0$+,$0%'V+'s+6"O'()*+,$>*#+.*%0*#+
C$%&"<'"#+.s+6"O'()*+,$>*#+.*%0*#+D*%"?*/&'"#+
+
+
ad+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
-#+8'&*#+2&">"?'0*#+$4+#2,$%6P<"$+<*%%$/&$+0"#,M$4J+/24'+0'#+$O&%$4"0'0$#+0*+#$2+<*%,*+,%"/<",'>J+0$+
24+ *%"6P<"*+ '&%'CG#+ 0*+ L2'>+ ,'##'+ 24+ ,"/*+ <">P/0%"<*+ L2$+ #$+ 0$#&"/'+ '+ $/&%'%+ $4+ 62%*#+ $6$<&2'0*#+ /*#+
.*%0*#+0'#+,$0%'#N+@'0'+8'&*+&%'.'>D'+#"42>&'/$'4$/&$+/'+,>'<'+0$+,$0%'+#2,$%"*%J+*/0$+%$#&%"/8$+*#+
0$#>*<'4$/&*#+D*%"?*/&'"#+$+#2,*%&'+'#+<'%8'#+C$%&"<'"#+$+/'+,>'<'+0$+,$0%'+"/6$%"*%J+*/0$+%$#&%"/8$+*#+
0$#>*<'4$/&*#+D*%"?*/&'"#+taduN+
W*#+ 62%*#+ #2,$%"*%$#+ 0'+ ,$0%'+ G+ %$<*4$/0'0*+ *+ 2#*+ 0$+ <'4"#'#+ ,>H#&"<'#J+ L2$+ #)*+ "/&%*02?"0'#+ /*#+
*%"6P<"*#+0'#+,$0%'#+'/&$#+0'+"/&%*02()*+0*#+,"/*#+<">P/0%"<*#+4$&H>"<*#+r6"82%'+aNisN+-+2#*+0$#&'#+<'4"#'#+
,$%4"&$+>".$%0'0$+0$+4*C"4$/&*+/'+0"%$<()*+,'%'>$>'+I+0*+,"/*J+%$02?"/0*+*#+$#6*%(*#+/*#+#2,*%&$#+$+
/'+,>'<'+0$+,$0%'+$4+<'#*+0$+0$6*%4'(M$#+0*+#2,*%&$+*2+0'#+,%:,%"'#+,>'<'#+,G&%$'#+tbhuN+
+
+
b+5>'<'+0$+5$0%'+
a+@*>'+*2+'%8'4'##'+
d+5"/*+4$&H>"<*+
f+1'&*+4$&H>"<*+
g+@'4"#'+,>H#&"<'+
+
+
+
9"8+aNi+T+F#L2$4'+$4+<*%&$+0'+',>"<'()*+0$+24+8'&*+4$&H>"<*+,'%'+#2,*%&$+0$+,>'<'#+0$+,$0%'+tbiu+
+
9*%'+0'#+?*/'#+<*%%$/&$#+0'+<*/#&%2()*+*2+$4+,*/&*#+#"/82>'%$#J+<*4*+*#+>"4"&$#+"/6$%"*%$#+$+#2,$%"*%$#+
0'#+,'%$0$#J+'#+?*/'#+0$+'%%'/L2$+$+'#+?*/'#+6"/'"#+0$+'##$/&'4$/&*+0'#+,>'<'#+0$+,$0%'J+2&">"?'4T#$+
8'&*#+ */0$+ *+ ,"/*+ &$4+ 4$&'0$+ 0*+ &'4'/D*J+ ,*"#+ ',$/'#+ C'"+ &%'.'>D'%+ /'+ ,$0%'+ #2,$%"*%+ *2+ "/6$%"*%N+
W$#&'+#"&2'()*+G+/$<$##H%"*+2#'%+,"/*#+$#,$<"'"#+,'%'+$#&'+62/()*+L2$+#$+6"O'4+'*+<*%,*+0*+8'&*+r6"82%'+
aNesN+!$#&$+4*0*J+G+,*##PC$>+$6$<&2'%+'+%$#&%"()*+0*#+0$#>*<'4$/&*#+D*%"?*/&'"#+0'+,>'<'+0$+,$0%'J+/'#+
?*/'#+ 0$+ >"4"&$+ #2,$%"*%+ 0'#+ ,'%$0$#J+ $+ #2,*%&'%+ '#+ <'%8'#+ C$%&"<'"#+ $+ %$#&%"/8"%+ *#+ 0$#>*<'4$/&*#+
D*%"?*/&'"#+$4+?*/'#+0$+>"4"&$+"/6$%"*%+0'#+,'%$0$#+taduN+
's
+
.s
+
9"8+aNe+T+F#L2$4'+$4+<*%&$+0$+8'&*#+4$&H>"<*#V+'s+',>"<'0*+$4+?*/'+<*%%$/&$+.s+',>"<'0*+/24'+?*/'+0$+'%%'/L2$+
tbhu+
+
af+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+aV+Z",*>*8"'#+0$+6'<D'0'#++
F4+ ?*/'#+ */0$+ *<*%%$+ *+ "/P<"*+ *2+ *+ 6"/'>+ 0*+ %$C$#&"4$/&*+ 0$+ 24'+ 6'<D'0'+ $4+ ,$0%'J+ $4+ C$?+ 0$+ #$+
$6$<&2'%+'+6"O'()*+/*#+&*,*#+D*%"?*/&'"#+0'#+,$0%'#J+0$C$T#$+%$'>"?'%+'+6"O'()*+/*#+&*,*#+>'&$%'"#+C$%&"<'"#+
0*#+ $>$4$/&*#+ ,G&%$*#N+ !$#&$+ 4*0*J+ *#+ 8'&*#+ /)*+ 6"<'4+ C"#PC$"#+ ,$>'+ ,'%&$+ "/6$%"*%+ 0'+ 6'<D'0'+ /'+
,%"4$"%'+ 6"'0'+ 0$+ ,$0%'#N+ W'#+ 6"'0'#+ #$82"/&$#+ 0$+ ,$0%'#+ SH+ G+ ,*##PC$>+ 2#'%+ *+ #"#&$4'+ 0$+ 6"O'()*+ ,$>*#+
&*,*#+ D*%"?*/&'"#+ 0'#+ ,$0%'#N+ W*+ $/&'/&*J+ G+ "4,*%&'/&$+ C$%"6"<'%+ L2$+ '#+ ,$0%'#+ ',$/'#+ 6"L2$4+ ,%$#'#+
,$>*#+ &*,*#+ D*%"?*/&'"#+ *2+ ,$>*#+ C$%&"<'"#Q+ /2/<'+ ,*0$+ D'C$%+ ,$0%'#+ L2$+ ,*##2$4+ $4+ #"42>&_/$*+
6"O'(M$#+ D*%"?*/&'"#+ $+ C$%&"<'"#+ ,*"#+ "##*+ >"4"&'%"'+ *+ #$2+ 4*C"4$/&*+ $+ ,%*02?"%"'+ 24'+ ?*/'+ 0$+ &$/#M$#+
"4,*%&'/&$N+RJ+,*"#J+"4,*%&'/&$+&$%+$4+'&$/()*+L2$+#$+0$C$4+2#'%+8'&*#+<*4+4$"*#+,"/*#+/'#+?*/'#+0$+
&%'/#"()*+0$+6"O'()*+,$>*#+&*,*#+C$%&"<'"#+,'%'+*#+D*%"?*/&'"#J+<*4*+#$+">2#&%'+/'+6"82%'+aNkN+
+
9"8+aNk+T+F#L2$4'+">2#&%'&"C*+0'+&%'/#"()*+0'+6"O'()*+,$>*#+&*,*#+C$%&"<'"#+,'%'+*#+&*,*#+D*%"?*/&'"#+$4,%$8'/0*+
8'&*#+<*4+4$"*#+,"/*#+
+
W'+ 4'"*%"'+ 0*#+ #"#&$4'#+ 0$+ 6"O'()*J+ *#+ 8'&*#+ 6"<'4+ $/<*.$%&*#+ ,$>'#+ ,>'<'#+ ,G&%$'#Q+ DH+ /*+ $/&'/&*+
'>824'#+4'%<'#+L2$+<*4$%<"'>"?'4+4*0$>*#+/*#+L2'"#+*+8'&*+4$&H>"<*+/)*+6"<'+&*&'>4$/&$+0"##"42>'0*+
,$>'+,>'<'+0$+,$0%'J+'&%'C$##'/0*+'+S2/&'+$/&%$+,$0%'#+$+6"O'/0*T#$+/*+,'%'4$/&*+$O&$%"*%+0*+$>$4$/&*+
,G&%$*N+ w4'+ C'%"'()*+ 0$#&$+ &",*+ 0$+ 8'&*#+ &'4.G4+ ,*0$+ #$%+ 2#'0*+ ,'%'+ 6"O'%+ ,$0%'#+ 0$+ <>"C'8$4+
$C"0$/&$+r<*4*+'#+'%0:#"'#J+,*%+$O$4,>*sJ+*/0$+/)*+G+#$82%*+%$'>"?'%+62%*#+/*#+&*,*#+0'#+,$0%'#N+F#&$+
#"#&$4'+2#'+24+#"#&$4'+0$+4$&'>+L2$+<*4,%"4$+'+,$0%'+0$+$/<*/&%*+'+24+,'%'4$/&*+$O&$%"*%+,%$#$/&$+
/*+8'&*J+<*4*+#$+,*0$+C$%+/'+6"82%'+aNhJ+'.'"O*+',%$#$/&'0'N+
+
+
ag+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
+
9"8+aNh+T+FO$4,>*+0$+8'&*+4$&H>"<*+2#'0*+,'%'+#2,*%&$+0$+,>'<'#+0$+,$0%'+<*4+<>"C'8$4+
+
Z'>+<*4*+/*+#"#&$4'+0$+6"O'()*+0$+'8%'6*#+$+,*/&*#+0$+'%8'4'##'J+,'%'+*+<*%%$<&*+62/<"*/'4$/&*+0$#&$+
4G&*0*J+'+$#<*>D'+0'+>*<'>"?'()*+0*#+8'&*#+/'+6'<D'0'+&'4.G4+/)*+,*0$+#$%+0$#<2%'0*N+7+>*<'>"?'()*+
0$#&$#+0$C$+#$%+$#&20'0'+0$+6*%4'+'+8'%'/&"%+L2$+24'+,$0%'+/)*+6"L2$+6"O'+'+0*"#+#2,*%&$#+0"6$%$/&$#+*2+
'+ 02'#+ ?*/'#+ L2$+ ,*##'4+ &$%+ 0$6*%4'(M$#+ 0"6$%$/&$#N+ Z'>+ #"&2'()*+ "%"'+ <%"'%+ &$/#)*+ '0"<"*/'>+ /*#+
#2,*%&$#+$+/'+,%:,%"'+,>'<'+,G&%$'J+D'C$/0*+*+%"#<*+0$+L2$.%'+0'+,>'<'+*2+0$+%2,&2%'+0*#+#2,*%&$#N+F#&$+
,%*.>$4'+ %$C$>'T#$+ <*4+ 4'"#+ "/&$/#"0'0$+ $4+ ?*/'#+ ,%:O"4'#+ 0$+ S2/&'#+ 0$+ 0">'&'()*+ *2+ ?*/'#+ 0$+
&%'/#"()*+$/&%$+0*"#+4'&$%"'"#+0$+#2,*%&$+L2$+&$/D'4+<*4,*%&'4$/&*#+0"6$%$/&$#+tduN+
F#&'+ &G</"<'+ 0$+ %$C$#&"4$/&*+ 0$+ ,'%$0$#+ ,$%4"&$+ *+ 2#*+ 0$+ "#*>'4$/&*+ &G%4"<*+ /'+ <'"O'T0$T'%N+ F#&$+ G+
2#2'>4$/&$+<*>*<'0*+$4+,>'<'#+0$+,*>"$#&"%$/*+$O&%20"0*J+$+&%'?+8%'/0$#+.$/$6P<"*#+/*+"#*>'4$/&*+0'+
<*/#&%2()*N+ 7#+ ,>'<'#+ #)*+ 6"O'#+ I+ 6'<D'0'+ '/&$#+ 0'+ ',>"<'()*+ 0*#+ 8'&*#+ 4$&H>"<*#J+ #$/0*+ 0$,*"#+ 6$"&*#+
%$<*%&$#+/'#+?*/'#+*/0$+*#+8'&*#+#)*+',>"<'0*#N+
A2'/0*+#$+2#'+$#&$+&",*+0$+%$C$#&"4$/&*+<*4+%$<2%#*+'+8'&*#+4$&H>"<*#+G+,*##PC$>+,%$$/<D$%+'#+S2/&'#+
$/&%$+,>'<'#+*2+0$"O'%+'#+S2/&'#+'.$%&'#N+A2'/0*+'#+S2/&'#+#)*+0$"O'0'#+'.$%&'#+$#&$+#"#&$4'+,*##".">"&'+
'+'.#*%()*J+'*+/PC$>+0$+<'0'+,>'<'J+0'#+0$6*%4'(M$#+0"6$%$/<"'"#+$/&%$+*+%$C$#&"4$/&*+$+*+#2,*%&$N+7>G4+
0"##*J+ <*4*+ '#+ ,>'<'#+ <*/&P82'#+ /)*+ $#&)*+ #*>"0'%"?'0'#+ 0$+ 4*0*+ %P8"0*J+ #)*+ ,*##PC$"#+ 4*C"4$/&*#+
%$>'&"C*#+0'#+,>'<'#+$+0*#+8'&*#N+@'#*+'#+S2/&'#+#$S'4+,%$$/<D"0'#+$+$##'+>".$%0'0$+0$+0$6*%4'()*J+0$+
'>824'+6*%4'J+%$#&%"/8"0'+#$%H+/$<$##H%"*+"4,*%+'>824'#+<*/0"(M$#+,'%'+$C"&'%+L2$+#$+6*%4$4+$#6*%(*#+
0$4'#"'0*+ $>$C'0*#+ /'+ 6'<D'0'N+ W$#&$+ <'#*J+ $#&$+ &",*+ 0$+ #"#&$4'+ /)*+ ,*0$%H+ #$%+ 2#'0*+ $4+ 6'<D'0'#+
<*4+'>&2%'+#2,$%"*%+'+ak4+$+'#+,>'<'#+/)*+,*0$%)*+&$%+H%$'+#2,$%"*%+'+b4a+#$/0*+'+4'"*%+0"4$/#)*+/)*+
#2,$%"*%+'+bJfc4+tbiuN+
R+ /$<$##H%"*+ &*4'%+ '>824'#+ ,%$<'2(M$#+ $#,$<"'"#+ L2'/0*+ #$+ $4,%$8'+ $#&$+ #"#&$4'+ 0$+ 6"O'()*+ <*4+ '#+
S2/&'#+0$"O'0'#+'.$%&'#+$4+6'<D'0'#+<*4,*#&'#+,*%+#2,*%&$+0$+'>C$/'%"'+0$+&"S*>*+62%'0*+#$4+L2'>L2$%+
&%'&'4$/&*+ 0$+ $#&'/L2"0'0$N+ W'+ %$'>"0'0$J+ &$#&$#+ $4+ >'.*%'&:%"*+ 0$4*/#&%'4+ L2$J+ 4$#4*+ <*4+ 24'+
<'"O'+0$+'%+0$+ag+<4J+/24'+6'<D'0'+42"&*+$O,*#&'+I+'<()*+0'+<D2C'+$+0*+C$/&*J+'+H82'+,*0$+,$/$&%'%+
'&G+ '*+ #2,*%&$N+ 7+ <'"O'+ 0$+ '%+ /)*+ ,*0$+ #$%+ <*/#"0$%'0'+ 24'+ #*>2()*+ L2$+ 8'%'/&'+ '+ $#&'/L2"0'0$+ 0'+
,'%$0$N+ 5*%+ $#&$+ 4*&"C*J+ L2'/0*+ #$+ 2#'+ $#&$+ &",*+ 0$+ %$C$#&"4$/&*+ $4+ 6'<D'0'#+ 42"&*+ $O,*#&'#J+ '+
,%:,%"'+6'<D'0'+&$%H+0$+8'%'/&"%+24'+<*%%$<&'+"4,$%4$'.">"?'()*N+5'%'+&'>J+*+#2,*%&$+,*0$+#$%+,"/&'0*+
ai+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+aV+Z",*>*8"'#+0$+6'<D'0'#++
<*4+ &"/&'#+ '#6H>&"<'#J+ #$%+ <*.$%&*+ ,*%+ 24'+ <'4'0'+ 0$+ "4,$%4$'.">"?'()*+ *2+ #$%+ 0$C"0'4$/&$+ &%'&'0*+
,*%+*2&%*+4G&*0*+L2$+8'%'/&'+L2$+'+H82'+/)*+,$/$&%$+/'+'>C$/'%"'+tauN+
+
=N=NQ&92+,$+$,"&.#+(,3]'."&'(&2$/*,+(&&
-+4G&*0*+0$+6"O'()*+0$+,>'<'#+,G&%$'#+/24'+6'<D'0'+'&%'CG#+0*+2#*+0$+24'+$#&%2&2%'+"/&$%4G0"'+0$+
#2,*%&$+<*/#"#&$+/'+2&">"?'()*+0$+24'+$#&%2&2%'+,'%'+6'?$%+'+>"8'()*+$/&%$+*+#2,*%&$+$+*+%$C$#&"4$/&*N+R+
24+4G&*0*+8$%'>4$/&$+4'"#+<'%*+0*+L2$+*#+'/&$%"*%4$/&$+0$#<%"&*#+4'#+L2$+,$%4"&$+"/#&'>'%+,$0%'#+
4'"#+ ,$#'0'#+ $+ 0$+ 4'"*%$#+ 0"4$/#M$#N+ 7+ $#&%2&2%'+ G+ '<&2'>4$/&$J+ /'+ 4'"*%"'+ 0*#+ <'#*#J+ 6$"&'+ 0$+
4'&$%"'"#+ 4$&H>"<*#+ <*4*+ '(*+ "/*O"0HC$>+ *2+ >"8'#+ 0$+ '>24P/"*+ <*4+ &%'&'4$/&*#+ '/&"<*%%*#"C*#J+ $+ '+
6"O'()*+0'#+,$0%'#+G+6$"&'+0$+6*%4'+4$<_/"<'N+7+$#&%2&2%'+G+6"O'+I+6'<D'0'+'+?*/'#+%$#"#&$/&$#+'&%'CG#+0$+
8'&*#+<D24.'0*#+<*4+'%8'4'##'#J+<"4$/&*#+0$+#$<'8$4+%H,"0'J+<*>'#+*2+4'"#+<*%%$/&$4$/&$+'&%'CG#+
0$+4G&*0*#+4$<_/"<*#N+
F#&'+ $#&%2&2%'+ G+ <*4,*#&'+ ,*%+ 24'+ 8%$>D'+ 0$+ ,$%6"#+ C$%&"<'"#+ $x*2+ D*%"?*/&'"#+ <*4+ $#,'('4$/&*#+
'S2#&HC$"#+,'%'+,*0$%+'<*4*0'%+,$0%'#+0*+&'4'/D*+0$#$S'0*N+7+6"O'()*+0'#+,>'<'#+0$+,$0%'+I+$#&%2&2%'+
G+6$"&'+'&%'CG#+0$+$>$4$/&*#+4$&H>"<*#+<*4*+<'>D'#J+8'&*#+*2+'8%'6*#+0$,$/0$/0*+0'+4'%<'+$+4*0$>*+
0*+#"#&$4'+0$+6"O'()*+$#<*>D"0*+r6"82%'#+aNbc+'+aNbasN+-+,%*<$##*+<*/#&%2&"C*+0$#&$+4G&*0*+0$+6"O'()*+
C'"+#$%+0$&'>D'0*+4'"#+$4+,*%4$/*%+L2'/0*+#$+'.*%0'%$4+*#+4G&*0*#+<*/#&%2&"C*#J+/*+@',"&2>*+dN+
A2'/0*+ #$+ 2#'4+ *#+ #"#&$4'#+ 0$+ 6"O'()*+ 0'#+ ,$0%'#+ I+ $#&%2&2%'+ 4$&H>"<'+ 2#'/0*+ 8'&*#+ *2+ '8%'6*#J+ '#+
$#,$##2%'#+4P/"4'#+0'#+,>'<'#+0$+,$0%'+#)*+'#+4$#4'#+L2$+SH+6*%'4+%$6$%"0'#+'<"4'V+4P/"4*+0$+ae+44+
,'%'+,>'<'#+0$+,$0%'+<*4+<>"C'8$4+$+ac+44+,'%'+'#+%$#&'/&$#N+RJ+/*+$/&'/&*J+42"&*+%$<*4$/0'0*+2#'%+
,$0%'#+<*4+24+4P/"4*+0$+dc+44+0$+$#,$##2%'+,'%'+8'%'/&"%+'+#$82%'/('N+A2'/0*+'#+,$0%'#+#)*+6"O'#+
<*4+%$<2%#*+'+<'>D'#+<'C'0'#+/'#+,>'<'#J+'+$#,$##2%'+4P/"4'+$O"8PC$>+G+0$+dc+44N++
+
9"8+aNbc+T+FO$4,>*+0$+$#&%2&2%'+0$+#2,*%&$+"/&$%4G0"'+<*4,*#&'+,*%+,$%6"#+C$%&"<'"#+<*4+8'&*#+4$&H>"<*#+,'%'+
#2,*%&$+0'#+,$0%'#+tbhu+
+
+
ae+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
+
9"8+aNbb+T+5*%4$/*%+0$+$>$4$/&*+C$%&"<'>+0'+$#&%2&2%'+"/&$%4G0"'+0$+#2,*%&$+<*4+*+8'&*+,'%'+6"O'%+'#+,>'<'#+0$+
,$0%'+
+
+
9"8+aNba+T+FO$4,>*+0$+$#&%2&2%'+0$+#2,*%&$+"/&$%4G0"'+<*4,*#&'+,*%+8%$>D'+0$+,$%6"#+C$%&"<'"#+$+D*%"?*/&'"#+<*4+
#2,*%&$+0'#+,$0%'#+'&%'CG#+0$+<'>D'#+tafu+
+
F#&$+#"#&$4'+,$%4"&$+$O$<2&'%+*+%$C$#&"4$/&*+$4+,$0%'+"/0$,$/0$/&$4$/&$+0*+$#&'0*+$+/'&2%$?'+0*+
#2,*%&$Q+/'+%$'>"0'0$+',$/'#+"/&$%$##'+8'%'/&"%+'+L2'>"0'0$+0'#+?*/'#+*/0$+'+$#&%2&2%'+0$+#2,*%&$+$#&H+
'/<*%'0'+'*+$0"6P<"*J+?*/'#+$##'#+L2$+#)*+,*/&2'"#+$+L2$+,*0$4+#$%+%$6*%('0'#+$4+<'#*+0$+/$<$##"0'0$N+
W)*+G+,*"#+/$<$##H%"*+8'%'/&"%+'+'.#*>2&'+C$%&"<'>"0'0$+*2+,>'/$?'+0*+,'/*+$O&$%"*%+0*+#2,*%&$+*/0$+#$+
C'"+ "/#&'>'%+ '+ $#&%2&2%'N+ @*/#*'/&$+ *+ /U4$%*+ 0$+ ,*/&*#+ 0$+ ',*"*+ 0'+ $#&%2&2%'+ '*+ #2,*%&$+ *#+ $#6*%(*#+
,*0$4+ #$%+ 0"#&%".2P0*#+ '*+ >*/8*+ 0'+ 6'<D'0'J+ <'#*+ #$+ *,&$+ ,*%+ 2#'%+ 42"&*#+ ,*/&*#+ 0$+ ',*"*J+ *2+ $/&)*+
<*/<$/&%'0*#+'*+>*/8*+0$+,">'%$#+*2+C"8'#J+<'#*+#$+2#$4+,*2<*#+,*/&*#+0$+',*"*N+F#&$+#"#&$4'+,$%4"&$+'+
<*>*<'()*+0$+24+"#*>'4$/&*+&G%4"<*+/*+$#,'(*+0$+<'"O'T0$T'%+6*%4'0*+$/&%$+'+6'<D'0'+$+'#+,>'<'#+0$+
,$0%'J+<*4*+,>'<'#+0$+,*>"$#&"%$/*+$O&%20"0*N+
ak+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+aV+Z",*>*8"'#+0$+6'<D'0'#++
-+ #"#&$4'+ 0$+ #2,*%&$+ 0$+ ,$0%'#+ <*4+ %$<2%#*+ '+ $#&%2&2%'+ "/&$%4G0"'+ ',%$#$/&'+ '"/0'+ '>824'#+ *2&%'#+
C'/&'8$/#+ 6'<$+ '*#+ *2&%*#+ #"#&$4'#+ 0$+ 6"O'()*+ "/0"%$<&'N+ 5*%+ 24+ >'0*J+ '+ 4'"*%+ ,'%&$+ 0*#+ #"#&$4'#+
0"#,*/PC$"#+ ,$%4"&$+ '+ <*>*<'()*+ 0'#+ ,$0%'#+ ,*%+ 24'+ *%0$4+ /)*+ #$L2$/<"'>J+ *2+ #$S'+ /)*+ G+ ,%$<"#*+
<*4$('%+ '+ <*>*<'%+ '#+ ,$0%'#+ ,*%+ .'"O*+ $+ "%+ 6'?$/0*+ 6"'0'#+ 0$+ ,$0%'#+ <*4*+ G+ 2#2'>+ 6'?$%T#$+ /*#+ 8'&*#+
4$&H>"<*#+ *2+ /*#+ '8%'6*#N+ F#&'+ C'/&'8$4+ G+ $#,$<"'>4$/&$+ "4,*%&'/&$+ L2'/0*+ #$+ ,%$&$/0$+ <*>*<'%+ /'+
6'<D'0'+ ,$0%'#+ 0$+ &",*#+ *2+ <*%$#+ 0"6$%$/&$#J+ *2+ L2'/0*+ /$4+ &*0'#+ '#+ ,$0%'#+ $#&)*+ 0"#,*/PC$"#+ '*+
4$#4*+ &$4,*N+ 5$%4"&$+ &'4.G4+ "/#&'>'%+ ,%"4$"%'4$/&$+ &*0*+ *+ #"#&$4'+ 0$+ 6"O'()*J+ <*4+ *#+ ,$%6"#J+ $+
0$,*"#+0$+$#&$+$#&'%+<*/<>2P0*+<*4$('%+'+<*>*<'%+'#+,$0%'#N+!$#&$+4*0*+G+,*##PC$>+<*4,$/#'%+'&%'#*#+
/*+6*%/$<"4$/&*+0'#+,$0%'#+$4+*.%'+*2+4$#4*+&%'.'>D'%+$4+$#&'>$"%*#+0$+,$L2$/'#+0"4$/#M$#+*/0$+
#$S'+0"6P<">+'%4'?$/'%+8%'/0$#+L2'/&"0'0$#+0$+,$0%'#N+F#&$+&",*+0$+#"#&$4'#+&'4.G4+,$%4"&$+24'+6H<">+
#2.#&"&2"()*+ 0'#+ ,$0%'#J+ $#,$<"'>4$/&$+ U&">+ <'#*+ '>824'+ ,$0%'+ #$+ 0'/"6"L2$+ *2+ #$+ ,'%&'J+ #$4+ #$%+
/$<$##H%"*+ %$&"%'%+ ,$0%'#+ '0S'<$/&$#J+ #$/0*+ ,*##PC$>+ %$&"%'%+ ',$/'#+ '+ ,$0%'+ 0'/"6"<'0'+ ,'%'+ '+ #2'+
#2.#&"&2"()*N+
FO"#&$+ '<&2'>4$/&$+ 24'+ 8%'/0$+ L2'/&"0'0$+ 0$+ 4*0$>*#+ 0$+ #"#&$4'#+ 0$+ 6"O'()*+ 0$+ ,$0%'#+ 2#'/0*+ *+
4G&*0*+0'+$#&%2&2%'+"/&$%4G0"'+0$+#2,*%&$+<*4$%<"'>"?'0*#+,*%+CH%"'#+4'%<'#N+7>82/#+0$#&$#+4*0$>*#+
0"#,$/#'4+,*%+<*4,>$&*+'+,%:,%"'+6'<D'0'+0*+$0"6P<"*N+W'+%$'>"0'0$+'>824'#+4'%<'#+r<*4*+'+F@^7!J+,*%+
$O$4,>*s+ <*4$%<"'>"?'4+ #"#&$4'#+ L2$+ #$+ 6"O'4+ ',$/'#+ /'#+ >'S$#+ 0*#+ ,"#*#J+ /)*+ /$<$##"&'/0*+ 0$+ *2&%*+
&",*+0$+6"O'()*+r6"82%'+aNbdsN+Z*0'+'+$#&%2&2%'+G+6"O'+'+,$%6"#+C$%&"<'"#+L2$+#)*J+,*%+#2'+C$?J+6"O*#+I#+>'S$#+
'&%'CG#+ 0$+ 4$"*#+ 4$<_/"<*#N+ 5$%4"&"/0*+ 62/<"*/'%+ <*4+ ,G#+ 0"%$"&*#+ 4HO"4*#+ #2,$%"*%$#+ '+ i+ 4$&%*#J+
,*0$4+ #$%+ 2#'0*#+ $4+ $0"6P<"*#+ <*4+ ,G#+ 0"%$"&*#+ ,'%&"<2>'%4$/&$+ $>$C'0*#+ *2J+ /24'+ <*/#&%2()*+ 4'"#+
&%'0"<"*/'>J+ ,$%4"&$4+ L2$+ *+ #"#&$4'+ 0$+ 6"O'()*+ #$S'+ ',$/'#+ 6"O*+ I#+ >'S$#+ 0$+ 0*"#+ $4+ 0*"#+ ,"#*#N+ F#&$+
#"#&$4'+"/*C'0*%+0"#,$/#'+'+<*/#&%2()*+0$+,'%$0$#+$O&$%"*%$#+,*"#J+<*4."/'0*+<*4+24+"#*>'4$/&*+$4+
,>'<'#J+#2.#&"&2"+24'+6'<D'0'+4'"#+&%'0"<"*/'>+0$+'>C$/'%"'J+,%*,*%<"*/'/0*+$>$C'0*#+8'/D*#+0$+&$4,*#+
0$+<*/#&%2()*N+F#&$#+,$%6"#+#)*+4'"#+%*.2#&*#+0*+L2$+*#+&%'0"<"*/'"#+L2$+#)*+6"O*#+/'+6'<D'0'J+,*##2$4+
<*%&$+ &G%4"<*+ $+ $/<'"O$#+ $#,$<P6"<*#+ ,'%'+ ,'"/G"#+ 0$+ "#*>'4$/&*+ tafuN+ F#&$+ #"#&$4'+ G+ &'4.G4+
,'%&"<2>'%4$/&$+ '0',&'0*+ '+ *.%'#+ 0$+ %$L2'>"6"<'()*+ 0$+ $0"6P<"*#+ '/&"8*#J+ 0$C"0*+ I+ ,*##".">"0'0$+ 0$+
6"O'()*+0'+$#&%2&2%'+',$/'#+I#+>'S$#+0*+$0"6P<"*+tbkuN+
+
+
ah+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
+
9"8+aNbd+T+FO$4,>*+0$+$#&%2&2%'+0$+#2,*%&$+"/&$%4G0"'+6"O'+I#+>'S$#+0*#+,"#*#+<*4,*#&'+,*%+8%$>D'+0$+,$%6"#+
C$%&"<'"#+$+D*%"?*/&'"#+<*4+#2,*%&$+0'#+,$0%'#+'&%'CG#+0$+<'>D'#+L2$+0"#,$/#'+'#+6'<D'0'#+$4+'>C$/'%"'+tafu+
+
=N=NT&)*3/"+.8.%.'"'(2&(#+,(&U.["Lc(2&(&+./*2&'(&2$/*,+(&
@*4*+C"4*#+'/&$%"*%4$/&$J+0$,$/0$/0*+0*+&",*+$+&'4'/D*+0$+,$0%'#+'+"/#&'>'%+$+0'+'>&2%'+0*+$0"6P<"*J+
$O"#&$4+ '>824'#+ %$#&%"(M$#+ L2$+ "/6>2$/<"'4+ '+ $#<*>D'+ 0*+ 4G&*0*+ 0$+ 6"O'()*N+ 7+ /'&2%$?'+ 0*+ #2,*%&$+
*/0$+ C'"+ #$%+ "/#&'>'0*+ *+ %$C$#&"4$/&*+ &'4.G4+ %$,%$#$/&'+ 24'+ 0'#+ <*/0"<"*/'/&$#+ I+ $#<*>D'+ 0*+
,%*<$##*+ 0$+ 6"O'()*N+ -#+ &",*#+ 0$+ #2,*%&$#+ */0$+ G+ 4'"#+ 6%$L2$/&$+ '+ "/#&'>'()*+ 0$+ 24+ %$C$#&"4$/&*+
,G&%$*+ #)*+ *+ .$&)*+ <*%%$/&$J+ *+ .$&)*+ 0$+ '8%$8'0*#+ >$C$#J+ *#+ &"S*>*#J+ *#+ .>*<*#+ 0$+ .$&)*+ 0$+ '8%$8'0*#+
<*%%$/&$#J+ *#+ .>*<*#+ 0$+ .$&)*+ <$>2>'%+ '2&*<>'C'0*+ $+ '+ ,$0%'+ /'&2%'>N+ W*+ L2'0%*+ L2$+ #$+ ',%$#$/&'+ 0$+
#$82"0'+ rL2'0%*+ aNbs+ 4*#&%'T#$+ '+ <*4,'&".">"0'0$+ $/&%$+ #2,*%&$#+ $+ ,%*<$##*#+ 0$+ %$C$#&"4$/&*+ 0$+
,$0%'#N+ -#+ 0'0*#+ 0$#0$+ L2'0%*+ 6*%'4+ <*4,">'0*#+ <*4+ .'#$+ $4+ "/6*%4'()*+ <*/#&'/&$+ /*+ n!Zw+ ggNao+
r%$82>'4$/&*#+ &G</"<*#+ 6%'/<$#$#+ #*.%$+ 6"O'()*+ 0$+ %$C$#&"4$/&*#+ 0$+ ,'%$0$#s+ tagu+ $+ /'+ n!$#<%"()*+ $+
@>'##"6"<'()*+1$%'>+0$+B$C$#&"4$/&*#+,'%'+5'%$0$#+0$+7>C$/'%"'+*2+0$+;$&)*o+taiuN+W*+$/&'/&*J+DH+L2$+
%$6$%"%+ L2$+ 6*%'4+ 0$&$<&'0'#+ '>824'#+ 0"C$%8K/<"'#+ #*.%$+ <$%&*#+ &",*#+ 0$+ 6"O'(M$#J+ L2$+ $#&)*+
0$C"0'4$/&$+"0$/&"6"<'0'#+/*+L2'0%*N+
+
+
+
+
+
dc+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+aV+Z",*>*8"'#+0$+6'<D'0'#++
\2,*%&$+
3G&*0*+0$+6"O'()*+
78%'6*#+$+,*/&*#+0$+'%8'4'##'+
1'&*#+4$&H>"<*#+
F#&%2&2%'+
"/&$%4G0"'+
@D24.'0*#+
9"O'0*#+
4$<'/"<'4$/&$+
@D24.'0*#+
9"O'0*#+
4$<'/"<'4$/&$+
+
;$&)*+'%4'0*+*2+/)*+
'%4'0*+
\"4+
\"4+
\"4+
\"4+
\"4+
;$&)*+0$+'8%$8'0*#+
>$C$#+
\"4+
rbs+
\"4+
rbs+$+ras+
\"4+
Z"S*>*#+
rds+
rgs+
rds+
rgs+
\"4+
;>*<*#+0$+.$&)*+0$+
'8%$8'0*#+<*%%$/&$#+
rds+
rgs+
rds+
rgs+
\"4+
;>*<*#+0$+.$&)*+
<$>2>'%+'2&*<>'C'0*+
W)*+
W)*+
rgs+
rgs+
\"4+
5$0%'+/'&2%'>+
\"4+
rgs+
\"4+
rgs+
\"4+
+
rbs 5%*<$##*+0$+6"O'()*+'04"##PC$>+0$#0$+L2$+'+%$#"#&K/<"'+<'%'<&$%P#&"<'+0*+.$&)*+'*#+ak+0"'#+#$S'+#2,$%"*%+'+
bg+35'+tagu+
ras F#&$+&",*+0$+6"O'()*+/*+#2,*%&$+<*/#"0$%'0*+"4,>"<'+'+%$'>"?'()*+0$+24'+0$#<%"()*+0$&'>D'0'+/*+<'0$%/*+
0$+$/<'%8*#+$+0$+24+,%*S$<&*+0$+$#,$<"'>"0'0$N+7L2'/0*+'+#2'+',>"<'()*+$4+#2,*%&$+<2S'#+<'%'<&$%P#&"<'#+
/)*+#$S'4+,$%6$"&'4$/&$+<*/D$<"0'#+"4,>"<'+'+%$'>"?'()*+0$+$/#'"*#+0$+'%%'/<'4$/&*+/'+*.%'+taguN+
rds 5%*<$##*+ 0$+ 6"O'()*+ '04"##PC$>+ 0$#0$+ L2$+ <24,%'+ *#+ %$L2"#"&*#+ ',%$#$/&'0*#+ $4+ naNaNg+ @'4,*+ 0$+
',>"<'()*+0$+#"#&$4'#+0$+6"O'()*+<*4+%$<2%#*+'+<D24.'0*2%*#o+
rfs 5%*<$##*+0$+6"O'()*+'04"##PC$>+',$/'#+#$+'#+S2/&'#+$/&%$+,>'<'#+6*%$4+0$"O'0'#+'.$%&'#+*2+,%$$/<D"0'#+
<*4+24+4'&$%"'>+%$#">"$/&$+
rgs W*+n!Zw+ggNao+r%$82>'4$/&*#+&G</"<*#+6%'/<$#$#+#*.%$+6"O'()*+0$+%$C$#&"4$/&*#+0$+,'%$0$#s+$#&$+&",*+0$+
6"O'()*+G+'<$"&$+0$#0$+L2$+#$+%$'>"?$+24'+0$#<%"()*+0$&'>D'0'+/*+<'0$%/*+0$+$/<'%8*#+$+0$#0$+L2$+$O"#&'+
24+,%*S$<&*+0$+$#,$<"'>"0'0$+tagu+
W*+$/&'/&*+/'+n!$#<%"()*+$+<>'##"6"<'()*+8$%'>+0$+%$C$#&"4$/&*#+,'%'+,'%$0$#+0$+'>C$/'%"'+*2+0$+.$&)*o+G+
%$6$%"0*+L2$+$#&$+&",*+0$+6"O'()*+/)*+G+,*##PC$>+taiu+
A2'0%*+aNbV+@*4,'&".">"0'0$#+$/&%$+0"6$%$/&$#+&",*#+0$+6"O'(M$#+$+&",*#+0$+#2,*%&$+tagu+$+taiu++
&
&
&
&
+
db+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
=N=NS&)"3/*&'(&"/%.5"LM*&'(&2.2+(3"2&'(&U.["LM*&5*3&,(5$,2*&"&56$38"'*$,*2&
-#+ #"#&$4'#+ 0$+ 6"O'()*+ 2&">"?'/0*+ <D24.'0*2%*#+ ,*0$4+ #$%+ 6"O*#+ I#+ 6'<D'0'#+ #$4,%$+ L2$+ $O"#&'+ 24+
#2,*%&$+ #26"<"$/&$4$/&$+ %$#"#&$/&$+ $+ $#&HC$>N+ @*/#"0$%'4T#$+ ,*%&'/&*+ '0$L2'0*#+ #2,*%&$#+ <*4*+
,'%$0$#+*2+*2&%*#+$>$4$/&*#+0$+.$&)*+'%4'0*N+
W*+ L2$+ 0"?+ %$#,$"&*+ I#+ ,'%$0$#+ $O&$%"*%$#J+ G+ ,*##PC$>+ 2#'%+ <D24.'0*2%*#+ $4+ ,'%$0$#+ #"4,>$#+ 0$+
'>C$/'%"'+0$+&"S*>*+*2+.>*<*#+0$+.$&)*+<*4J+,$>*+4$/*#J+cJaa+4+0$+$#,$##2%'+/*+&*#<*J+0$#0$+L2$+/)*+
&$/D'4+62/()*+$#&%2&2%'>+$+#$S'4+&%'C'0'#+,*%+$>$4$/&*#+$#&%2&2%'"#+<*4+'6'#&'4$/&*+/)*+#2,$%"*%+'+f+
4+$4+'>&2%'+$+'+g+4+/*+<*4,%"4$/&*N+
@'#*+ '#+ ,'%$0$#+ $O&$%"*%$#+ #$S'4+ 02,>'#+ 0$C$4+ #$%+ 0$+ '>C$/'%"'+ 0$+ &"S*>*+ *2+ 0$+ .>*<*#+ 0$+ .$&)*+ #$4+
62/()*+$#&%2&2%'>J+$4+L2$+*+,'/*+L2$+#2,*%&'+*+%$C$#&"4$/&*+&$/D'J+,$>*+4$/*#J+cJbg+4+0$+$#,$##2%'+
/*+ &*#<*J+ $+ #$+ $/<*/&%$+ >"8'0*+ '*+ ,'/*+ "/&$%"*%+ $+ 0$C"0'4$/&$+ &%'C'0*+ ,*%+ $>$4$/&*#+ $#&%2&2%'"#+ /'#+
<*/0"(M$#+0$6"/"0'#+,'%'+'#+,'%$0$#+$O&$%"*%$#+#"4,>$#N+
@*/#"0$%'/0*+ ,'%$0$#+ "/&$%"*%$#J+ #$+ $#&'#+ 6*%$4+ ,'%$0$#+ #"4,>$#+ 0$+ '>C$/'%"'+ 0$+ &"S*>*+ *2+ .>*<*#+ 0$+
.$&)*+<*4J+,$>*+4$/*#J+cJbb+4+0$+$#,$##2%'+/*+&*#<*J+G+,*##PC$>+%$'>"?'%+<D24.'0*2%*#+0$#0$+L2$+/)*+
&$/D'4+62/()*+$#&%2&2%'>+$+#$S'4+&%'C'0'#+,*%+$>$4$/&*#+$#&%2&2%'"#+<*4+'6'#&'4$/&*+/)*+#2,$%"*%+'+d+
4+$4+'>&2%'+$+'+g+4+/*+<*4,%"4$/&*N+\$+&"C$%$4+,$>*+4$/*#+cJbg+4+0$+$#,$##2%'+/*+&*#<*+G+,*##PC$>+
%$'>"?'%+ <D24.'0*2%*#+ 0$#0$+ L2$+ '#+ ,'%$0$#+ /)*+ &$/D'4+ 62/()*+ $#&%2&2%'>+ $+ #$S'4+ &%'C'0'#+ ,*%+
$>$4$/&*#+$#&%2&2%'"#+<*4+'6'#&'4$/&*+/)*+#2,$%"*%+'+f+4+$4+'>&2%'+$+'+g+4+$4+<*4,%"4$/&*N+
@'#*+ '#+ ,'%$0$#+ #$S'4+ $#&%2&2%'"#+ 0$+ '>C$/'%"'+ 0$+ &"S*>*+ *2+ 0$+ .>*<*#+ 0$+ .$&)*+ <*/CG4+ L2$J+ /'+
%$'>"?'()*+0*+,%*S$<&*J+#$S'+&"0'+$4+<*/&'+'+0"4"/2"()*+0'+<','<"0'0$+0$+<'%8'+0'+,'%$0$+0$<*%%$/&$+0'+
$O$<2()*+0*#+62%*#+0*#+<D24.'0*2%*#+taduN+
+
+
da+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+dV+3G&*0*#+@*/#&%2&"C*#+
Q&!]+*'*2&5*#2+,$+.1*2&
7L2'/0*+ 0'+ $>'.*%'()*+ 0$+ ,%*S$<&*#+ ,'%'+ $0"6P<"*#+ %$C$#&"0*#+ <*4+ $>$4$/&*#+ ,G&%$*#+ 0$C$%H+ #$%+
,%$#<%"&*+*+&",*+0$+4G&*0*+0$+6"O'()*+0'#+,$0%'#+'+2#'%+.$4+<*4*+'+/'&2%$?'+0*#+$>$4$/&*#+,G&%$*#N+
!$#&$+ 4*0*+ G+ ,*##PC$>J+ 0$#0$+ '+ 6'#$+ 0$+ ,%*S$<&*J+ $#<*>D$%+ *+ &",*+ $O'<&*+ 0$+ ,$0%'+ '+ 2&">"?'%+ $+ *+ #$2+
'<'.'4$/&*J+ *+ &",*+ 0$+ #2,*%&$#+ 0$+ 6"O'()*J+ *+ &",*+ 0$+ "#*>'4$/&*J+ '+ L2'/&"0'0$+ $+ 0"4$/#)*+ 0$+ S2/&'#+
$/&%$+,$0%'#+$+&*0*#+*#+*2&%*#+<%"&G%"*#+L2$+,*##'4+'6$<&'%+'+6'<D'0'N+R+&'4.G4+"4,*%&'/&$J+/$#&'+6'#$+
0$+ ,%*S$<&*J+ ,%$C$%+ *#+ #"#&$4'#+ 0$+ 0%$/'8$/#+ 0$+ H82'#+ ,>2C"'"#+ &'/&*+ 0'+ <*.$%&2%'J+ ,'%'+ $C"&'%+ L2$+ '+
H82'+ $#<*%%'+ ,$>'+ 6'<D'0'J+ <*4*+ 0'+ .'#$+ 0'#+ ,'%$0$#J+ ,'%'+ $C"&'%+ D24"0'0$#+ '#<$/0$/&$#N+ -#+ 4','#+
<*4+'+>*<'>"?'()*+0'#+&2.'8$/#+$4.$."0'#+/'#+,'%$0$#+$O&$%"*%$#+0$C$4+&'4.G4+#$%+<%2?'0*#+<*4+'#+
,>'/&'#+0'+>*<'>"?'()*+0'#+?*/'#+*/0$+#$%)*+$O$<2&'0*#+*#+62%*#+0*#+<D24.'0*2%*#+$+0*#+#"#&$4'#+0$+
6"O'()*+4$<_/"<'J+<'#*+'+#*>2()*+$#<*>D"0'+#$S'+0$+6"O'()*+"/0"%$<&'+'*+#2,*%&$N+7,$/'#+0$#&'+6*%4'+G+
,*##PC$>+ 8'%'/&"%+ L2$+ '+ #*>2()*+ $#<*>D"0'+ <24,%$+ *#+ <%"&G%"*#+ 0$+ #$82%'/('+ $+ 02%'.">"0'0$+ 4P/"4*#+
$O"8"0*#+ ,'%'+ '+ *.%'+ $4+ <'2#'N+ 7+ #*>2()*+ $#<*>D"0'+ $4+ ,%*S$<&*+ 0$C$+ #$%+ ,*%4$/*%"?'0'+ L2'/&*+ I+
$O$<2()*J+ 0$C$/0*+ '"/0'+ <*/#&'%+ /*+ @'0$%/*+ 0$+ F/<'%8*#+ 0'+ -.%'+ &*0*#+ *#+ 0'0*#+ /$<$##H%"*#+ ,'%'+
'##$82%'%+'+,*#&$%"*%+<*%%$<&'+"/&$%,%$&'()*+,*%+&*0*#+*#+"/&$%C$/"$/&$#+/'+<*>*<'()*+0'#+,$0%'#+tauN+
&
QN?&4.["LM*&'.,(5+"&"*&2$/*,+(&
\$82"0'4$/&$J+0$#<%$C$4T#$+*#+,'##*#+$+<2"0'0*#+'+&$%+,'%'+'+<*%%$<&'+',>"<'()*+0$+24+%$C$#&"4$/&*+
%$<*%%$/0*+'*+4G&*0*+0'+6"O'()*+0"%$<&'+<*4+<*>'8$4+6"/'+0'#+,>'<'#+0$+,$0%'+'*+#2,*%&$N++
+
)A$B*'C)*)012$32$45C2*/'$
5'%'+ <*>'%+ 24+ $>$4$/&*+ ,G&%$*+ /24'+ 6'<D'0'J+ ,*%+ <*>'8$4+ 0"%$<&'+ <*/&P/2'J+ 0$C$T#$+ <*4$('%+ ,*%+
C$%"6"<'%+*+$#&'0*+0*+#2,*%&$+*/0$+#$+,%$&$/0$+',>"<'%+'+,$0%'N+F#&$+0$C$+$#&'%+>"4,*+0$+,*$"%'#+*2+0$+
*2&%*#+$>$4$/&*#+L2$+#$+,*##'4+0$#<*>'%J+,'%'+L2$+'+'%8'4'##'+0$+'##$/&'4$/&*+*2+'+<*>'+'0"%'4+$4+
,$%6$"&'#+ <*/0"(M$#N+ F#&$+ 4G&*0*+ 0$+ %$C$#&"4$/&*+ 0$C$+ #$%+ $C"&'0*+ $4+ #2,*%&$#+ 42"&*+ #2#<$,&PC$"#+ I+
6$/0">D'()*J+<*4+"/#&'.">"0'0$+0"4$/#"*/'>+"4,*%&'/&$J+<*4+24+,*&$/<"'>+0$+0$6*%4'()*+$O<$##"C*+*2+
<*4+6'>&'+0$+<*$#)*+taeuN+
pH+ '>82/#+ *2&%*#+ '#,$<&*#+ "4,*%&'/&$#+ '+ C$%"6"<'%+ L2'/&*+ '*+ #2,*%&$N+ F4+ ,%"4$"%*+ >28'%J+ $#&$+ 0$C$T#$+
$/<*/&%'%+ .$4+ #$<*+ ,'%'+ $C"&'%+ %$&%'<(M$#+ 0$,*"#+ 0'+ ',>"<'()*+ 0*+ %$C$#&"4$/&*N+ F4,%$#'#+
$#,$<"'>"?'0'#+'<*/#$>D'4+24+,$%P*0*+0$+$#,$%'+,'%'+'+#$<'8$4+0*+<"4$/&*+0$+,'%$0$#+0$+.$&)*+'/&$#+
0'+ ',>"<'()*+ 0*+ %$C$#&"4$/&*+ 0$+ ,$0%'+ 0$+ <$%<'+ 0$+ a+ 4$#$#+ ,'%'+ '>&2%'#+ "/6$%"*%$#+ '+ aJg+ 4$&%*#+ $+ 0$+
<$%<'+0$+d+4$#$#+,'%'+'>&2%'#+#2,$%"*%$#N+5'%'+,'%$0$#+0$+'>C$/'%"'+%$.*<'0'#J+*+&$4,*+0$+$#,$%'+,'%'+
#$<'8$4+ G+ 0$+ d+ #$4'/'#+ takuN+ @'#*+ $#&$#+ ,%'?*#+ /)*+ #$S'4+ %$#,$"&'0*#+ $+ *+ <"4$/&*+ '"/0'+ /)*+ #$+
$/<*/&%$+&*&'>4$/&$+#$<*J+'+H82'+0$#&$+C'"T#$+"/6">&%'%+/'#+,$0%'#+0'+6'<D'0'J+*+L2$+*%"8"/'%H+4'/<D'#+
/'#+,$0%'#+$+0$&$%"*%'%H+'+<*>'J+,*0$/0*+'"/0'+>$C'%+'+0$#<*>'4$/&*#+,%$4'&2%*#N+
+
dd+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
7>G4+ 0*+ &$4,*+ 0$+ $#,$%'+ $/&%$+ '+ 6"/'>"?'()*+ 0*+ #2,*%&$+ $+ *+ "/"<"*+ 0'+ ',>"<'()*+ 0*+ %$C$#&"4$/&*+ L2$+
'##$82%'+ L2$+ $#&$+ $#&H+ ,$%6$"&'4$/&$+ #$<*J+ $O"#&$4+ 4'"#+ '>824'#+ <'%'<&$%P#&"<'#+ 0*+ #2,*%&$+ L2$+ &K4+
"/6>2K/<"'+ /'+ L2'>"0'0$+ 0'+ <*>'8$4N+ 7+ ,>'/$?'+ 0$#&$+ &$4+ 8%'/0$+ "4,*%&_/<"'+ /'+ 2/"6*%4"0'0$+ 0$+
$#,$##2%'+ 0'+ <'4'0'+ 0$+ <*>'+ L2$+ #$%H+ ',>"<'0'Q+ ,*%+ $##$+ 4*&"C*J+ '>82/#+ '2&*%$#+ %$6$%$4+ $O"8K/<"'#+
4P/"4'#+0$+,>'/$?'+0*#+#2,*%&$#+L2$+8'%'/&'4+'+L2'>"0'0$+/'+',>"<'()*+0$+%$C$#&"4$/&*#+$4+,>'<'#N+
5'%'+'>C$/'%"'+%$.*<'0'+*2+.$&)*+G+$O"8"0*+24'+,>'/$?'+8$%'>+<*4+0$#C"*#+4HO"4*#+0$+g+44+'C'>"'0*#+
<*4+ 24'+ %G82'+ 0$+ a+ 4$&%*#+ $+ 24'+ ,>'/$?'+ >*<'>"?'0'+ <*4+ 0$#C"*#+ 4HO"4*#+ 0$+ a+ 44+ 'C'>"'0*#+ <*4+
24'+%G82'+0$+cJac+4$&%*#+tduN+
Z'4.G4+'+%28*#"0'0$+0*+#2,*%&$+G+42"&*+"4,*%&'/&$+,*"#+'24$/&'+'+'0$%K/<"'+4$<_/"<'+0'#+<*>'#N+w4+
#2,*%&$+ 42"&*+ >"#*J+ L2$+ /)*+ &$/D'+ %28*#"0'0$J+ '>G4+ 0$+ %$02?"%+ '+ '0$%K/<"'+ 4$<_/"<'+ 0'#+ <*>'#J+ /)*+
,*##2"+ ,*%*#"0'0$+ #2,$%6"<"'>+ #26"<"$/&$+ ,'%'+ '+ <*%%$<&'+ '0$%K/<"'+ 0'#+ <*>'#N+ W*+ $/&'/&*J+ 24'+
%28*#"0'0$+ $O<$##"C'+ &'4.G4+ /)*+ G+ '<*/#$>DHC$>J+ ,*"#+ ,*0$+ >$C'%+ I+ $O<>2#)*+ 0'+ ,*##".">"0'0$+ 0$+ #$+
2#'%$4+4'&$%"'"#+0$+'##$/&'4$/&*+$4+<'4'0'+6"/'+tahuN+
7#+<*/0"(M$#+'&4*#6G%"<'#+/)*+,*0$4+&'4.G4+#$%+"8/*%'0'#+L2'/0*+#$+%$'>"?'4+&%'.'>D*#+/*+$O&$%"*%N+
F#&$+ &",*+ 0$+ ,$0%'#+ /)*+ 0$C$+ #$%+ ',>"<'0*+ L2'/0*+ '+ &$4,$%'&2%'+ 6*%+ 0$4'#"'0*+ $>$C'0'+ r#2,$%"*%+ '+
dcz@sJ+<*4+/PC$"#+0$+D24"0'0$#+42"&*+'>&*#J+<*4+C$/&*#+42"&*+6*%&$#+*2+#*.%$+'+"/<"0K/<"'+0"%$<&'+0$+
%'"*#+ #*>'%$#+ *2+ 0$+ H82'N+ Z'4.G4+ /)*+ #$+ 0$C$+ 6'?$%+ '+ ',>"<'()*+ 0$+ %$C$#&"4$/&*#+ <*4+ &$4,$%'&2%'#+
0$4'#"'0*+.'"O'#+r"/6$%"*%+'+gz@s+*2+L2'/0*+$O"#&$+8$>*+/*+#2,*%&$N+5%$&$/0$T#$J+<*4+$#&'#+%$#&%"(M$#J+
,*%+ 24+ >'0*+ /)*+ ,%*C*<'%+ '+ #$<'8$4+ 0$4'#"'0*+ %H,"0'+ *2+ >$/&'+ 0'+ <*>'+ $J+ ,*%+ *2&%*J+ /)*+ ',>"<'%+ '#+
,$0%'#+ #*.%$+ 24+ #2,*%&$+ L2$+ $#&$S'+ #*.+ <*/&%'<(M$#+ *2+ 0">'&'(M$#+ $O&%$4'#+ L2$+ <'2#'%"'4+ &$/#M$#+
$>$C'0'#+L2'/0*+C*>&'##$4+'*+#$2+$#&'0*+0$+$L2">P.%"*+taeuN+
+
-A$B*'C)*)012$3)4$C.);)4$3'$C'3*)$%)/5*).$
7#+ %$<*4$/0'(M$#+ 0'0'#+ ,'%'+ *+ #2,*%&$+ &'4.G4+ #)*+ CH>"0'#+ ,'%'+ *#+ $>$4$/&*#+ ,G&%$*#+ L2$+ 0$C$4+
$#&'%+>"4,*#+0$+,*$"%'#+*2+0$+*2&%*#+$>$4$/&*#+L2$+#$+,*##'4+0$#&'<'%N+@*/CG4+%$6$%"%+L2$J+'*+*,&'%T
#$+ ,*%+ 24+ %$C$#&"4$/&*+ ,G&%$*+ <*4+ 24'+ ,$%4$'.">"0'0$+ 42"&*+ .'"O'+ /'+ ,'%&$+ &'%0*?+ 0'+ ,>'<'J+ *+
<*4,*%&'4$/&*+#$%H+,"*%+0*+L2$+/24'+,>'<'+<*4+*+&'%0*?+4'"#+,*%*#*N+W'+%$'>"0'0$J+4'"*%+,*%*#"0'0$+
6'C*%$<$+'+,$/$&%'()*+0'+<*>'+,$>*+&'%0*?+0'#+,>'<'#+>'0%">D*#J+*+L2$+,*0$+4$>D*%'%+'+#2'+'0$%K/<"'+'*+
#2,*%&$+taeuN+
A2'/0*+ #$+ *,&'+ ,$>*+ 2#*+ 0$+ '%8'4'##'#+ ,'%'+ '+ <*>'8$4+ 0'#+ ,>'<'#+ 0$+ ,$0%'#+ <*/CG4+ D24$0$<$%+ *+
#2,*%&$+$+'#+,>'<'#+'/&$#+0'+',>"<'()*+0'+'%8'4'##'N+!$#&$+4*0*J+$#&$#+4'&$%"'"#+/)*+C)*+'.#*%C$%+'+
H82'+ 0$+ '4'##'02%'J+ *+ L2$+ ,*0$%"'+ "/6>2$/<"'%+ 0$+ 6*%4'+ /$8'&"C'+ '+ <','<"0'0$+ %$#"#&$/&$+ 0'#+
'%8'4'##'#N+-+@\Z;+%$<*4$/0'+L2$J+$4+&$4,*#+L2$/&$#+$+#$<*#J+#$+4*>D$4+*#+#2,*%&$#+*/0$+#$+C)*+
',>"<'%+*#+%$C$#&"4$/&*#+/'+CG#,$%'+0'+',>"<'()*N+A2'/0*+#$+*,&'+,$>*+2#*+0$+<*>'#+L2$+%$L2$"%'4+24+
#2,*%&$+#$<*J+'#+"/0"<'(M$#+6*%/$<"0'#+,$>*+6'.%"<'/&$+0$C$4+#$%+#$4,%$+#$82"0'#+tbbuN+
+
df+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+dV+3G&*0*#+@*/#&%2&"C*#+
;A$B*'C)*)012$32$@)/'*+).$3'$)44'%/)@'%/2$
!$,*"#+ 0$+ C$%"6"<'%+ L2$+ *+ #2,*%&$+ $+ '#+ ,>'<'#+ #$+ $/<*/&%'4+ /'#+ <*/0"(M$#+ "0$"'#+ 0$+ '0$%K/<"'+ DH+ L2$+
,%$,'%'%+*+4'&$%"'>+0$+'##$/&'4$/&*N+
R+42"&*+"4,*%&'/&$+'##$82%'%+L2$+*+4'&$%"'>+0$+'##$/&'4$/&*+r<*>'+*2+'%8'4'##'s+G+*+"/0"<'0*Q+&$4+0$+
'0$%"%+.$4+'*+#2,*%&$+$+I+,$0%'J+'82$/&'%+*+,$#*+0'+,$0%'+$+%$#"#&"%+I#+<*/0"(M$#+<>"4'&G%"<'#+0*+>*<'>+
tbguN+ 7#+ '%8'4'##'#+ 0$C$4+ #$%+ %$#"#&$/&$#+ '*#+ #2>6'&*#+ $+ I+ #',*/"6"<'()*+ #$/0*+ ,*%+ "##*+ '<*/#$>D'0*J+
#$4,%$+ L2$+ ,*##PC$>J+ *+ 2#*+ 0$+ <"4$/&*+ .%'/<*+ L2$+ G+ 4$/*#+ #2#<$,&PC$>+ 0$+ ,%*02?"%+ 4'/<D'#+ tauN+ W*+
<'#*+ 0$+ #$+ *,&'%+ ,*%+ <"4$/&*+ <*>'+ *2+ '%8'4'##'#+ ,%G+ 0*#$'0'#+ 0$C$4+ #$%+ #$82"0'#+ '#+ "/#&%2(M$#+
6*%/$<"0'#+,$>*+6'.%"<'/&$N+w#2'>4$/&$+0$C$T#$+4"#&2%'%+*+,:+$+'+%$#"/'+<*4+24+4"#&2%'0*%+$>G<&%"<*J+'+
C$>*<"0'0$+>$/&'+r4HO"4*+gcc+%*&'(M$#x+4"/2&*sJ+'&G+*.&$%+24'+,'#&'+D*4*8G/$'J+&$/0*+$4+'&$/()*+
*#+ &$4,*#+ 0$+ '4'##'02%'+ %$<*4$/0'0*#+ ,$>*+ 6'.%"<'/&$N+ W)*+ #$+ 0$C$+ '0"<"*/'%+ /$/D24+ *2&%*+
<*4,*/$/&$+'+/)*+#$%+L2$+$#&$S'+$O,%$##'4$/&$+"/0"<'0*+tbguN+
A2'/0*+'#+,$0%'#+#)*+',>"<'0'#+2#'/0*+*+4G&*0*+0$+<'4'0'+6"/'+*2+0$+<'4'0'+4G0"'+0$C$T#$+2&">"?'%+
'+ L2'/&"0'0$+ 4P/"4'+ 0$+ H82'+ ,*##PC$>+ %$<*4$/0'0'+ /*+ ,%*02&*+ 0$+ <*>'8$4+ ,'%'+ $C"&'%+ &$4,*#+ 0$+
,%$#'+0$4'#"'0*+>*/8*#+$+$C"&'%+4'/<D'#+/'#+,$0%'#+*%"8"/'0'#+,$>*#+>"8'/&$#N+A2'/0*+#$+2#'4+,$0%'#+
/'&2%'"#+4'"#+#$/#PC$"#+*2+42"&*+<>'%'#+G+%$<*4$/0'0'+'+<*>'8$4+<*4+'0$#"C*#+.%'/<*#+0$+#$<'8$4+$+
,%$#'+ %H,"0'#+ r6'#&T0%X"/8+ $+ 6'#&T#$&&"/8sN+ W'+ %$'>"0'0$J+ <*4+ *+ 2#*+ 0$#&$+ &",*+ 0$+ ,%*02&*#+ 0$+ <*>'8$4+
$O"#&$+4$/*#+D",:&$#$#+0$+D'C$%+&%'/#,*%&$+0$+#2.#&_/<"'#+0'#+<*>'#+,'%'+'#+,$0%'#J+$C"&'/0*+'##"4+'#+
4'/<D'#+/*#+$>$4$/&*#+,G&%$*#+tbfuN+
5$>*+4$#4*+4*&"C*J+ L2'/0*+#$+ *,&'+ ,$>'+',>"<'()*+0'#+,$0%'#+2#'/0*+4G&*0*+0$+<'4'0'+ $#,$##'J+ '+
'%$"'+ 2#'0'+ ,'%'+ '+ '%8'4'##'+ 0$C$+ #$%+ >'C'0'+ ,'%'+ L2$+ #$S'4+ %$4*C"0'#+ '#+ 4'"*%$#+ L2'/&"0'0$#+
,*##PC$"#+0$+#2.#&_/<"'#+<*/&'4"/'/&$#+*%8_/"<'#J+.$&24"/*#'#+$+4"/$%'"#+tbfuN+
+
3A$7C.+;)012$32$@)/'*+).$3'$)44'%/)@'%/2$%2$45C2*/'$
5'%'+'+<*>'8$4+0$+,$0%'#+$4+6'<D'0'#+0$C$T#$+#$4,%$+2#'%+'+&G</"<'+0$+<*>'8$4+02,>'J+*2+#$S'+<*>*<'%+
<*>'+/*+&'%0*?+0*+$>$4$/&*+,G&%$*+$+/*+#2,*%&$N+7+<*>'+0$C$+#$%+$#,'>D'0'+/*+#2,*%&$+$+/*+$>$4$/&*+
,G&%$*+<*4+24'+&'>*<D'+*2+$#,H&2>'+0$+.*%0*+>"#*N+!$,*"#J+2#'/0*+24'+&'>*<D'+*2+$#,H&2>'+0$+.*%0*+
0$/&$'0*+'+'%8'4'##'+0$C$+#$%+n,$/&$'0'o+,'%'+%$&"%'%+*+$O<$##*N+-#+<*%0M$#+0$+<*>'J+6*%4'0*#+,$>'+
$#,H&2>'+0$/&'0'J+0$C$4+#$%+0"#,*#&*#+,'%'>$>'4$/&$+$/&%$+#"J+0$+4*0*+'+L2$+/2/<'+#$+<%2?$4+r6"82%'+
dNbsN+ -+ 4G&*0*+ <*%%$/&$+ 0$+ ',>"<'()*+ 0'+ <*>'+ '&%'CG#+ 0$+ 4*C"4$/&*#+ <"%<2>'%$#+ 0'+ &'>*<D'+ /)*+ G+
%$<*4$/0'0*J+,*%L2$+/)*+8'%'/&$+24'+0"#&%".2"()*+&)*+D*4*8G/$'+0'+<*>'N+
+
dg+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
+
9"8+dNb+j+7,>"<'()*+0*+4'&$%"'>+0$+'##$/&'4$/&*+/*+#2,*%&$+tbgu+
+
7+$#,$##2%'+0'+<'4'0'+0$+>"8'/&$+'+2#'%+G+%$<*4$/0'0'+,$>*+6'.%"<'/&$+0'+'%8'4'##'Q+0$C$+,*"#+*,&'%T
#$+ ,*%+ 24'+ &'>*<D'+ 0$/&'0'+ <*4+ *#+ 0$/&$#+ 024+ &'4'/D*+ <*4,'&PC$>+ <*4+ '+ $#,$##2%'+ L2$+ #$+ L2$%+
*.&$%N+7<*/#$>D'T#$+'+"/<>"/'%+>"8$"%'4$/&$+'+&'>*<D'+0$/&'0'+'L2'/0*+0'+',>"<'()*+0'+<*>'+/'+6'<D'0'+
<*4+ 24+ _/82>*+ 0$+ "/<>"/'()*+ 0$+ ',%*O"4'0'4$/&$+ icz+ ,'%'+ L2$+ '+ $#,$##2%'+ 0'+ ,$>P<2>'+ 0$+ <*>'+ #$+
4'/&$/D'+<*/#&'/&$+tbguN+
F4.*%'J+&'>+<*4*+%$6$%"0*+'+$#,$##2%'+0$+<*>'+'+2#'%+#$S'+/*%4'>4$/&$+"/0"<'0'+,$>*+6'.%"<'/&$J+,*0$+
%$6$%"%T#$+L2$J+2#2'>4$/&$J+G+%$<*4$/0'0*+2#'%+24'+$#,$##2%'+0$+i+44+,'%'+,>'<'#+42"&*+,$L2$/'#+
r<*4+24'+#2,$%6P<"$+"/6$%"*%+'+dcc+<4a+*2+#$S'+,>'<'#+L2'0%'0'#+<*4+&'4'/D*+4HO"4*+0$+bg+<4+O+bg+
<4sN+F#&$+&",*+0$+&'4'/D*+0$+,$0%'#+',$/'#+#$+<*#&24'+',>"<'%+$4+?*/'#+,*/&2'"#+$+/)*+$4+8%'/0$#+
6'<D'0'#N+5'%'+&'4'/D*#+0$+,$0%'+4'"*%$#J+G+'<*/#$>DHC$>+*+2#*+0$+&'>*<D'#+<*4+0$/&$#+L2'0%'0*#+0$+
h+44+,'%'+8'%'/&"%+24'+$#,$##2%'+0$+<*>'+0$##$+&'4'/D*+tbbuN+
W2/<'+ <*/CK4+ ',>"<'%+ '+ <*>'+ $4+ $O&$/#M$#+ 0$4'#"'0*+ 8%'/0$#J+ ,'%'+ L2$+ /)*+ #$+ 2>&%','##$+ *+ &$4,*+
%$<*4$/0'0*+0$+&%'.'>D'.">"0'0$+0'+<*>'+taeuN+
+
'A$7C.+;)012$3)4$C.);)4$3'$C'3*)$%)/5*).$
7#+,$('#+0$+,$0%'+0$C$4+#$%+$/&)*+',>"<'0'#+/'+6'<D'0'+2&">"?'/0*+*+4G&*0*+0$+,%$##)*+$+4*C"4$/&*+
>'&$%'>N+ F#&$+ 4G&*0*+ <*/#"#&$+ /'+ ',>"<'()*+ 0*+ >'0%">D*+ #*.%$+ *#+ <*%0M$#+ 0$+ <*>'J+ /)*+ /'+ #2'+ ,*#"()*+
0$6"/"&"C'J+ 4'#+ <$%<'+ 0$+ g44+ ,'%'+ 24+ 0*#+ >'0*#N+ !$,*"#+ *+ L2$+ #$+ ,%$&$/0$+ G+ 0$#>*<'%+ *+ >'0%">D*+ '*+
4$#4*+&$4,*+ L2$+ #$+ ,%$##"*/'+$#&$+ <*/&%'+'+<*>'+'&G+I+ #2'+,*#"()*+0$6"/"&"C'N+@*4+$#&$+ 4*C"4$/&*J+
L2$+ 0$C$+ #$%+ 6$"&*+ ,$%,$/0"<2>'%4$/&$+ '*#+ <*%0M$#+ 0$+ <*>'J+ ,%$&$/0$T#$+ 8'%'/&"%+ *+ <*%%$<&*+
$#4'8'4$/&*+ $+ '.'&"4$/&*+ 0*#+ <*%0M$#+ ,'%'+ *.&$%+ 24'+ $#,$##2%'+ 0$+ <*>'+ <*/#&'/&$+ $+ 24'+ 4'"*%+
#2,$%6P<"$+0$+<*/&'<&*+0'+<*>'+<*4+*+>'0%">D*+$+*+#2,*%&$N+F#&$+4*C"4$/&*+,$%4"&$+'"/0'+L2$+#$+%*4,'+
'+,$>P<2>'+0$+<*>'+4'"#+#$<'+L2$+#$+,*##'+&$%+$/&%$&'/&*+6*%4'0*+I+#2,$%6P<"$+0'+<*>'+r6"82%'+dNasN+5*%+
C$?$#+ '+ 4'/$"%'+ 4'"#+ "/&2"&"C'+ ,'%'+ C$%+ '+ L2$+ 0"#&_/<"'+ 0'+ ,*#"()*+ *%"8"/'>+ '+ ,>'<'+ 0$+ ,$0%'+ 0$C$+ #$%+
,*2#'0'+ G+ <*/#"0$%'%J+ <*4*+ %$6$%K/<"'J+ '+ >'%82%'+ 024+ <*%0)*+ 0$+ <*>'J+ *+ L2$+ /)*+ 0"6$%"%H+ 42"&*+ 0*#+ g+
44+ %$<*4$/0'0*#N+ !$,*"#+ 0$+ '+ ,>'<'+ 0$+ ,$0%'+ $#&'%+ <*>*<'0'+ SH+ /'+ #2'+ ,*#"()*+ 0$6"/"&"C'J+ 0$C$+
di+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+dV+3G&*0*#+@*/#&%2&"C*#+
4'/&$%T#$+'+,%$##)*+'&G+L2$+$#&'+#$+'82$/&$+/'+#2'+,*#"()*J+$+#$+6*%+/$<$##H%"*J+.'&$%+#2'C$4$/&$+<*4+
24+4'(*+0$+.*%%'<D'+r6"82%'+dNds+taeuN+
+
+
9"8+dNa+T+7,>"<'()*+0$+24'+,>'<'+0$+,$0%'+#*.%$+*+4'&$%"'>+0$+'##$/&'4$/&*+tbgu+
+
+
9"8+dNd+T+5>'<'+0$+,$0%'+',>"<'0'+$+,%$##"*/'0'+,'%'+8'%'/&"%+*+$#4'8'4$/&*+0*#+<*%0M$#+0$+<*>'+tbgu+
+
7+ H%$'+ 0$+ <*/&'<&*+ $/&%$+ '#+ ,>'<'#+ 0$+ ,$0%'J+ '+ <*>'+ $+ *+ #2,*%&$+ 0$C$+ #$%+ 6%$L2$/&$4$/&$+ <*/&%*>'0'+
02%'/&$+*+,%*<$##*+0$+',>"<'()*N+w4+4G&*0*+%H,"0*+$+6"HC$>+,'%'+*+6'?$%+G+%$&"%'%+24'+,>'<'+0$+,$0%'+
L2$+ #$+ '<'.*2+ 0$+ '##$/&'%+ $+ C$%"6"<'%+ *+ #$2+ &'%0*?N+ -+ "0$'>+ #$%"'+ L2$+ &*0*#+ *#+ <*%0M$#+ 0$+ <*>'+ #$+
$/<*/&%$4+$#4'8'0*#J+,*0$/0*+/*+$/&'/&*+#$%+'04"&"0*+<*4*+%$#2>&'0*+#'&"#6'&:%"*+24'+H%$'+4P/"4'+
0$+<$%<'+0$+kgv+0'+#2,$%6P<"$+&*&'>+0'+,>'<'+taeuN+
7+',>"<'()*+0'#+,$0%'#+0$C$+#$%+6$"&'+0$+.'"O*+,'%'+<"4'+$+0$+24+>'0*+,'%'+*+*2&%*+0'+,'%$0$+&$/0*+*+
<2"0'0*+0$+0$"O'%+#$4,%$+S2/&'#+$/&%$+'#+,$0%'#+tbduN+
!$,*"#+ 0$+ ',>"<'0'#+ '#+ ,$0%'#J+ '#+ S2/&'#+ 0$C$4+ #$%+ >"4,'#+ 0*+ $O<$##*+ 0$+ <*>'+ *2+ 0$+ '%8'4'##'J+ <*4+
24'+$#<*C'+DU4"0'J+'/&$#+0*+#$2+,%$$/<D"4$/&*+taeuN+
+
+
de+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
<A$D5%/)4$'%/*'$)4$C'3*)4$
7#+ S2/&'#+ $/&%$+ '#+ ,$0%'#+ #)*+ 42"&*+ "4,*%&'/&$#+ ,'%'+ >"4"&'%+ '#+ &$/#M$#+ L2$+ &$/0$4+ '+ "/#&'>'%T#$+ /*+
%$C$#&"4$/&*+0$C"0*+'+0$6*%4'(M$#+"4,*#&'#J+,*"#+',%$#$/&'4+24'+4$/*%+%"8"0$?+0*+L2$+'#+,>'<'#+0$+
,$0%'N+ W*+ $/&'/&*+ 0$C$4+ #$%+ #$4,%$+ ,%$$/<D"0'#+ <*4+ 4'&$%"'"#+ $>H#&"<*#+ $+ /)*+ 0$C$4+ #$%+ 0$"O'0'#+
'.$%&'#J+,'%'+$C"&'%+"/6">&%'(M$#+0$+H82'N+
7#+ S2/&'#+ $4+ %$C$#&"4$/&*#+ ,G&%$*#+ ,*0$4+ #$%+ 0$+ 0*"#+ &",*#V+ S2/&'#+ 0$+ <*>*<'()*+ $+ S2/&'#+ 0$+
0$6*%4'()*+*2+0">'&'()*N+7#+,%"4$"%'#+#)*+'#+L2$+6*%4'4+'#+?*/'#+0$+2/")*+$/&%$+'#+,>'<'#+0$+,$0%'N+
7#+#$82/0'#J+'#+S2/&'#+0$+0$6*%4'()*+*2+0$+0">'&'()*J+#)*+'#+L2$+#$+0$"O'4+$4+?*/'#+0$+"/&$%%2,()*+
0*#+ %$C$#&"4$/&*#J+ <*4+ *+ *.S$<&"C*+ 0$+ ,$%4"&"%+ ,$L2$/'#+ C'%"'(M$#+ /'#+ 0"4$/#M$#+ $#&%2&2%'"#+ L2$+
,*##'4+ *<*%%$%+ /'#+ 6'<D'0'#+ %$C$#&"0'#+ tbduN+ 7+ #2'+ >'%82%'+ 0$C$+ #$%+ #26"<"$/&$+ ,'%'+ 8'%'/&"%+ $##'+
0$6*%4'.">"0'0$+$+,'%'+,$%4"&"%+L2$+#$S'+,*##PC$>+*+#$2+&*&'>+,%$$/<D"4$/&*N+
-+ @\Z;+ %$<*4$/0'+ 24'+ $#,$##2%'+ 4P/"4'+ 0$+ S2/&'#+ 0$+ f+ 44N+ W*+ <'#*+ 0*+ /)*+ ,%$$/<D"4$/&*+ 0'#+
S2/&'#J+*2+0*+#$2+,%$$/<D"4$/&*+<*4+6'>D'#J+D'C$%H+24'+8%'/0$+%$02()*+0'+$#&'/L2"0'0$+0'+6'<D'0'+
taeuN+
+
&A$"4;2.()$324$@)/'*+)+4$3'$C*''%;(+@'%/2$3'$E5%/)4$'%/*'$C'3*)4$
R+ /$<$##H%"*+ $#,$%'%+ <$%<'+ 0$+ fk+ D*%'#+ ,'%'+ 8'%'/&"%+ '+ #$<'8$4+ 0*+ 4'&$%"'>+ 0*+ '##$/&'4$/&*+ $4+
%$C$#&"4$/&*#+ $O&$%"*%$#+ '/&$#+ 0$+ ,%$$/<D$%+ '#+ S2/&'#+ $/&%$+ '#+ ,$0%'#N+ F#&'#+ ,*0$4+ #$%+ ,%$$/<D"0'#+
<*4+,'#&'+0$+<"4$/&*+taeu+*2+,*0$4+#$%+2#'0*#+,%*02&*#+0"#,*/PC$"#+/*+<*4G%<"*J+,%$6'.%"<'0*#J+L2$+
#)*+<*/<$."0*#+$#,$<"'>4$/&$+,'%'+$#&$+6"4+$+L2$+8'%'/&$4+/*%4'>4$/&$+4$>D*%$#+%$#2>&'0*#+0$C"0*+
I+#2'+4'"*%+$>'#&"<"0'0$N+!$+6'<&*J+'#+S2/&'#+%P8"0'#+$/&%$+,$0%'#+r<*4*+'#+L2$+%$#2>&'4+0'+',>"<'()*+0$+
,'#&'+ 0$+ <"4$/&*s+ #)*+ 4'"#+ ,%*,$/#'#+ I+ 6$/0">D'()*+ $+ ,*0$4J+ 0$#&$+ 4*0*J+ <*4,%*4$&$%+ '+
$#&'/L2"0'0$+0*+%$C$#&"4$/&*+*%"8"/'/0*+"/0$#$SHC$"#+"/6">&%'(M$#+tauN+
-#+&$4,*#+0$+'.$%&2%'+0*#+,%*02&*#+0$C$4+#$4,%$+#$%+%$#,$"&'0*#J+*+L2$+"4,>"<'+'0',&'%+*+%"&4*+0$+
&%'.'>D*+ $+ &%'.'>D'%+ $4+ H%$'#+ 0$+ ,$L2$/'+ 0"4$/#)*+ 0$+ <'0'+ C$?N+ -#+ ,%*02&*#+ 0$+ ,%$$/<D"4$/&*+ 0'#+
S2/&'#+ 0$C$4+ #$%+ ',>"<'0*#+ <*4+ 2&$/#P>"*#+ '0$L2'0*#+ &'"#+ <*4*+ $#,H&2>'#+ *2+ &'>*<D'#+ 0$+ .*%%'<D'N+
!$#&$+4*0*+G+4'"#+6H<">+,%$$/<D$%+'+&*&'>"0'0$+0$+S2/&'+&'/&*+$4+,%*62/0"0'0$+<*4*+$4+>'%82%'+taeuN+
A2'/0*+ #$+ 2#'4+ S2/&'#+ <*4+ <*%$#J+ L2$+ 0$C$4+ #$%+ 2/"6*%4$#+ '*+ >*/8*+ 0$+ &*0'+ '+ H%$'+ 0$+ ',>"<'()*J+ G+
/$<$##H%"*+&*4'%+'>824'#+,%$<'2(M$#+#2,>$4$/&'%$#V+2#'%+'#+<*>'#+*2+*#+<*%'/&$#+#$4,%$+0*+4$#4*+
>*&$+ $+ &$%+ $#,$<"'>+ <2"0'0*+ $4+ 4'/&$%+ '#+ 0*#'8$/#+ <*/#&'/&$#+ '*+ >*/8*+ 0'+ ',>"<'()*+ ,'%'+ /)*+ D'C$%+
0"6$%$/&$#+&*/'>"0'0$#+0$+<*%N+
7>G4+ 0'#+ S2/&'#+ $/&%$+ ,$0%'#+ /'#+ #2,$%6P<"$#+ <*%%$/&$#J+ $O"#&$4+ '>824'#+ #"/82>'%"0'0$#+ /'#+ 6'<D'0'#+
L2$+%$L2$%$4+L2$+#$+<*/#"0$%$+'+$O"#&K/<"'+0$+4'"#+S2/&'#+,%$$/<D"0'#+<*4+24+4'&$%"'>+$>H#&"<*J+<*4*+
,*%+$O$4,>*+'#+S2/&'#+0$+0">'&'()*+0*#+$0"6P<"*#N+F#&'#+0$C$4+#$%+%$,>"<'0'#+/*+%$C$#&"4$/&*+$4+,$0%'J+
*2+#$S'J+/$/D24'+,$0%'+,*0$%H+#$%+"/#&'>'0'+#*.%$+'+S2/&'+0$+0">'&'()*N+-+4'&$%"'>+L2$+<*>4'&'+$##'+
dk+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+dV+3G&*0*#+@*/#&%2&"C*#+
S2/&'+ /*+ %$C$#&"4$/&*+ 0$+ ,$0%'+ 0$C$%H+ ,*0$%+ '.#*%C$%+ *#+ 4*C"4$/&*#+ ,%$C"#&*#+ ,'%'+ '+ S2/&'+ 0$+
0">'&'()*+0*+$0"6P<"*+taeuN+
A2'/0*+ $O"#&$+ 24'+ 420'/('+ 0*+ &",*+ 0$+ %$C$#&"4$/&*+ &'4.G4+ <*/CG4+ 6'?$%+ 24'+ S2/&'+ ,'%'+ 8'%'/&"%+
L2$+<*4,*%&'4$/&*#+0"6$%$/&$#+0*#+4'&$%"'"#+/)*+,%*C*L2$4+'<%G#<"4*#+0$+&$/#)*N+!*+4$#4*+4*0*J+
$4+?*/'#+0$+<'/&*#J+%$$/&%_/<"'#+*2+_/82>*#+#'>"$/&$#+#$%H+<*/C$/"$/&$+,%$C$%+S2/&'#+$/&%$+*#+4'&$%"'"#+
taeuN+
F4+ ?*/'#+ 0$+ 8%'/0$#+ H%$'#+ <*.$%&'#+ ,*%+ %$C$#&"4$/&*#+ ,G&%$*#J+ */0$+ /)*+ #$+ &$/D'+ <*/#"0$%'0*+ '+
$O"#&K/<"'+ 0$+ S2/&'#+ 0$+ 0">'&'()*+ *2+ 0$+ S2/&'#+ $/&%$+ 4'&$%"'"#J+ <*/CG4+ %$'>"?'%+ S2/&'#+ D*%"?*/&'"#+ 0$+
6%'<<"*/'4$/&*J+$#,'('0'#+0$+i+$4+i+4$&%*#J+$+S2/&'#+C$%&"<'"#+0$+6%'<<"*/'4$/&*+0$+bc+$4+bc+4$&%*#+
,'%'+6*%4'%+#2,$%6P<"$#+4'"#+,$L2$/'#+0$+%$C$#&"4$/&*J+<*4+H%$'#+0$+',%*O"4'0'4$/&$+ic+4a+tbbuN+
\$4,%$+ L2$+ /'#+ #"&2'(M$#+ '<"4'+ 4$/<"*/'0'#+ #$+ <*/#"0$%'%+ /$<$##H%"'+ '+ $O"#&K/<"'+ 0$+ S2/&'#J+ $#&'#+
0$C$4+$#&'%+,%$#$/&$#+&'/&*+/'+,$0%'+<*4*+/*+4'&$%"'>+0$+<*>'8$4N+!$+6'<&*J+<'#*+D'S'+<*/&"/2"0'0$+
/*+4'&$%"'>+0$+<*>'8$4+#*.%$+24'+S2/&'+0$+0">'&'()*+,*%+$O$4,>*J+$#&$+C'"+6$/0">D'%+$+,*0$+0$6*%4'%T
#$+,*/0*+$4+%"#<*+'#+,$0%'#+'0S'<$/&$#N+!*+4$#4*+4*0*J+$#&'#+S2/&'#+&'4.G4+#$%C$4+,'%'+>"4"&'%+*#+
$6$"&*#+0$+%$&%'<()*+0*+4'&$%"'>+0$+'##$/&'4$/&*J+,%"/<",'>4$/&$+L2'/0*+2#'4*#+'%8'4'##'#+tdcuN+
7/&$#+0$+',>"<'%+4H#&"L2$#+*2+*2&%*#+,%*02&*#+/'#+S2/&'#+<*/CG4+6'?$%+24+&$#&$+/24'+,$0%'J+0$+"82'"#+
<'%'<&$%P#&"<'#+ I#+ L2$+ 6*%'4+ $4,%$82$#+ /'+ 6'<D'0'J+ ,'%'+ C$%"6"<'%+ #$+ *+ 4'&$%"'>+ 4'/<D'+ '+ ,$0%'N+ F#&$+
4$#4*+&$#&$+&'4.G4+,*0$+#$%+%$'>"?'0*+<*4+'#+<*>'#+*2+'%8'4'##'#+2#'0'#+/'+6"O'()*+0'#+,$0%'#+'*+
#2,*%&$N+F#&$+&",*+0$+&$#&$+G+,'%&"<2>'%4$/&$+"4,*%&'/&$+<'#*+#$+$#&$S'4+'+2#'%+<*>'#+*2+4'&$%"'"#+0$+
'##$/&'4$/&*+L2$+/)*+'/2/<"$4+$O,>"<"&'4$/&$+#$%$4+<*4,'&PC$"#+<*4+*+&",*+0$+,$0%'+2#'0*N+
-+ *.S$<&"C*+ 0$#&$+ &$#&$+ G+ C$%+ #$+ *#+ <*4,*/$/&$#+ 0*#+ ,%*02&*#+ 2#'0*#+ ,*0$4J+ ,*%+ <',">'%"0'0$+ /*+
"/&$%"*%+0'#+,>'<'#+0$+,$0%'J+%$'8"%+<*4+'#+4'&G%"'#+*%8_/"<'#+0$#&'#J+6*%4'/0*+4'/<D'#+L2$+,*0$%"'4+
#$%+C"#PC$"#+I+#2,$%6P<"$N+5'%'+'<$>$%'%+$#&$+,%*<$##*+0$+4"8%'()*J+#2.4$&$4T#$+*#+,%*C$&$#+0$+$/#'"*+'+
24'+#2."0'+0$+D24"0'0$+,*%+<',">'%"0'0$+#$82"0'+0$+24+,$%P*0*+0$+<'>*%N+
-+,%*C$&$+0$+$/#'"*+G+<*4,*#&*+,*%+24'+,$0%'+"82'>+I#+L2$+#$%)*+2#'0'#+/'+6'<D'0'J+I+L2'>+#$+',>"<'J+
/*+#$2+&'%0*?J+'+'%8'4'##'+*2+<*>'+0$+6"O'()*+r,'%'+&$#&'%+*#+,%*02&*#+0$+6"O'()*s+*2+'#+'%8'4'##'#+*2+
4H#&"L2$#+ 0$+ S2/&'#+ r,'%'+ &$#&'%+ *#+ ,%*02&*#+ 0$+ ,%$$/<D"4$/&*+ 0$+ S2/&'#sN+ W'+ ,$0%'+ 0$+ $/#'"*+ *#+
,%*02&*#+0$+6"O'()*+#)*+$#,'>D'0*#+/*+#$2+&'%0*?+<*4+24'+$#,$##2%'+0$+k+'+bc+44N+-#+,%*02&*#+0$+
,%$$/<D"4$/&*+*2+0$+6"O'()*+#)*+<*>*<'0*#+',$/'#+/'+4$"'+#2,$%6P<"$+"/6$%"*%+0'+,>'<'+&$#&'0'J+$+#)*+
0$,*"#+ %$<*.$%&*#+ ,*%+ 24'+ ,$>P<2>'+ "4,$%4$HC$>N+ 7#+ ,$0%'#+ 0$+ $/#'"*+ #)*J+ $/&)*J+ <*>*<'0'#+
C$%&"<'>4$/&$+0$/&%*+0$+24+%$<","$/&$+<*4+'>82/#+<$/&P4$&%*#+0$+'>&2%'+0$+H82'N+-+<*/S2/&*+%$<","$/&$+
$+ ,$0%'#+ G+ #$82"0'4$/&$+ <*>*<'0*+ /24'+ $#&26'+ C$/&">'0'J+ 'L2$<"0'+ '+ <$%<'+ 0$+ icz@+ 02%'/&$J+ /*+
4P/"4*J+ bg+ 0"'#N+ R+ /$<$##H%"*+ <*>*<'%J+ $4+ #"42>&_/$*J+ /*+ 6*%/*+ 02%'/&$+ *+ 4$#4*+ &$4,*+ 24'+ ,$0%'+
"82'>+4'#+#$4+,%*02&*#+0$+&$#&$+0$/&%*+0$+24+%$<","$/&$+<*4+H82'+#"4">'%+'*+'<"4'+0$#<%"&*+,'%'+#$%C"%+
0$+ $O,$%"K/<"'+ &$#&$42/D*N+ \$+ ',:#+ bg+ 0"'#+ /)*+ #$+ 0$&$<&'%$4+ /$/D24'#+ 4'/<D'#+ /'#+ 6'<$#+ 0'#+
,$0%'#J+$4+<*4,'%'()*+<*4+'+,$0%'+0'+$O,$%"K/<"'+&$#&$42/D*J+$/&)*+,*0$+'6"%4'%T#$+L2$+*+,%*02&*+
&$#&'0*+/)*+%$'8$+<*4+'#+,$0%'#+2#'0'#+$+L2$J+,*%&'/&*J+G+#$82%*+,'%'+',>"<'()*+/'+*.%'+tbbuN+
+
dh+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
!$,*"#+ 0'#+ S2/&'#+ &$%$4+ #"0*+ ,%$$/<D"0'#+ 0$C$T#$+ ,%*<$0$%+ I+ >"4,$?'+ 0*+ $O<$##*+ 0$+ 4'&$%"'>+ 0$+
,%$$/<D"4$/&*+L2$+,*##'+&$%+6"<'0*+/'#+,>'<'#+,G&%$'#J+$/L2'/&*+$#&$+'"/0'+#$+$/<*/&%'+6%$#<*N+
+
(A$:5+3)324$'4C';+)+4$)$/'*$%)$)C.+;)012$3)4$C'3*)4$'@$F2%)4$=5'$<2*@)@$?%&5.24$
W*+L2$+0"?+%$#,$"&*+'*#+<'/&*#+*2+_/82>*#+0'#+,'%$0$#+$O"#&$4J+8$%'>4$/&$J+02'#+6*%4'#+0$+*#+%$'>"?'%N+
5*0$T#$+ *,&'%+ ,*%+ ."#$>'%+ '#+ ,*/&'#+ 0'#+ ,$0%'#+ 0$+ %$C$#&"4$/&*J+ <*%&'/0*T'#+ $4+ _/82>*+ ,'%'+ L2$+
$/<'"O$4+ 24'+ /'+ *2&%'+ $+ '##"4+ 6*%4'%+ 24+ <'/&*N+ W$#&$+ 4G&*0*+ DH+ L2$+ &$%+ $4+ '&$/()*+ $4+ /)*+
$/<*#&'%+ ,*%+ <*4,>$&*+ *#+ _/82>*#+ 0'#+ 02'#+ ,$0%'#+ ,'%'+ 0$"O'%+ 24'+ S2/&'N+ F#&$+ 4G&*0*+ #:+ ,*0$+ #$%+
2&">"?'0*+ $4+ ,$0%'#+ #26"<"$/&$4$/&$+ &%'.'>DHC$"#+ L2$+ ,$%4"&'4+ <*%&$#+ ,%$<"#*#N+ W*+ <'#*+ 0$+ '>82/#+
8%'/"&*#+<2S*#+<*/#&"&2"/&$#+#)*+0$+4'"*%+8%'/2>*4$&%"'J+*#+<*%&$#+/)*+6"<'4+,$%6$"&*#+takuN+
-2&%'+#*>2()*+',>"<HC$>+'*#+<'#*#+$4+L2$+'#+,$0%'#+/)*+,$%4"&'4+<*%&$#+$4+."#$>J+<*/#"#&$+$4+S2#&',*%+
02'#+,$0%'#+,'%'+6*%4'%+*+<'/&*N+W$#&$+<'#*J+*+<'/&*+G+6*%4'0*+,$>'+,$0%'+$+,$>'+#2'+>'&$%'>J+L2$+6"<'+
C"#PC$>N+W$#&$+4G&*0*J+G+/$<$##H%"*+,*>"%+$+&%'&'%+'#+>'&$%'"#+0'#+,$0%'#+L2$+6"<'%)*+/*#+<'/&*#N+@'#*+/)*+
#$+&%'&$+<*/C$/"$/&$4$/&$+'#+>'&$%'"#+0'#+,$0%'#J+$#&'#+/)*+&$%)*+'+4$#4'+&$O&2%'+$+,%*,%"$0'0$#+0*+
%$#&*+0'+,'%$0$+$+&$%)*+24'+,*%*#"0'0$+0"6$%$/&$N+F#&'+0"6$%$/('+/'#+<'%'<&$%P#&"<'#+<'2#'%H+24'+6'>&'+
0$+2/"6*%4"0'0$+/*+<*4,*%&'4$/&*+0'+,$0%'+'*#+$>$4$/&*#N+W'+%$'>"0'0$J+/'+?*/'+/)*+,*>"0'+'+,$0%'+
'.#*%C$+ 4'"#+ H82'+ *+ L2$+ <'2#'%H+ 4'/<D'#+ /'#+ ?*/'#+ '0S'<$/&$#+ $+ 0'/"6"<'%H+ *+ 4'&$%"'>+ 0$+
'##$/&'4$/&*N+ F#&$+ G+ 24+ ,*/&*+ 0$+ $O&%$4'+ "4,*%&_/<"'+ ,*"#+ '#+ #"/82>'%"0'0$#+ <*4*+ *#+ <'/&*#+ 0*#+
$0"6P<"*#+#)*J+SH+,*%+#"J+?*/'#+L2$+%$L2$%$4+$#,$<"'>+'&$/()*+/'+',>"<'()*+0*#+%$C$#&"4$/&*#+takuN+
+
+A$G'*+<+;)0H'4$<+%)+4$
7L2'/0*+0*+,%$$/<D"4$/&*+0'#+S2/&'#+G+,*##PC$>+6'?$%+4'"#+24+&$#&$+,'%'+8'%'/&"%+'+<*%%$<&'+',>"<'()*+
0*#+$>$4$/&*#+,G&%$*#J+.'&$/0*+/$>$#+<*4+24+4'%&$>*+0$+.*%%'<D'+,'%'+*2C"%+*+#*4+0'+,'/<'0'N+F#&'+
/)*+0$C$+#*'%+'+*<*J+*+L2$+"/0"<'%"'+$#,'(*#+C'?"*#+#*.+'+,>'<'+0$+,$0%'+L2$+/)*+$#&)*+,%$$/<D"0*#+<*4+
<*>'N+\$+&'>+'<*/&$<$%+'+,$0%'+0$C$+#$%+%$&"%'0'+$+<*>*<'0'+0$+/*C*+<*4+<*>'+6%$#<'+taeuN+
&
QN=&4.["LM*&.#'.,(5+"&"*&2$/*,+(&
7/&$#+0$+<*4$('%+'+$O$<2&'%+24'+,'%$0$+<*4+%$C$#&"4$/&*+0$+,$0%'+2&">"?'/0*+24+#"#&$4'+0$+6"O'()*+
"/0"%$<&'+ G+ /$<$##H%"*+ C$%"6"<'%+ L2$+ &*0*#+ *#+ 4'&$%"'"#+ $#&)*+ 0$+ '<*%0*+ <*4+ '#+ $#,$<"6"<'(M$#+
/$<$##H%"'#+'<"4'+4$/<"*/'0'#J+/*4$'0'4$/&$+/*+L2$+0"?+%$#,$"&*+I+$#,$##2%'+0'#+,>'<'#+0$+,$0%'N+
B$>$4.%'4*#+ L2$+ $#&'+ $#,$##2%'+ /2/<'+ 0$C$+ #$%+ "/6$%"*%+ '+ ae+ 44J+ ,'%'+ ,>'<'#+ 0$+ ,$0%'+ *.&"0'#+ ,*%+
<>"C'8$4J+ $+ '+ ac+ 44J+ ,'%'+ ,>'<'#+ 0$+ ,$0%'+ &'>D'0'#J+ #'>C*+ "/0"<'()*+ $4+ <*/&%H%"*J+ #$/0*+ /*+ $/&'/&*+
'<*/#$>DHC$>+2#'%+$#,$##2%'#+4P/"4'#+0$+dc+44+,'%'+'24$/&*+0$+#$82%'/('N+
+
fc+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+dV+3G&*0*#+@*/#&%2&"C*#+
QN=N?&@:,"U*2&(&/*#+*2&'(&",:"3"22"&&
5'%'+ $O$<2&'%+ 24+ %$C$#&"4$/&*+ ,G&%$*+ 2#'/0*+ *+ #"#&$4'+ 0$+ 6"O'()*+ <*4+ <D24.'0*2%*#+ 0$+ '8%'6*#+ $+
,*/&*#+0$+'%8'4'##'+G+/$<$##H%"*+#$82"%+24'+#G%"$+0$+,'##*#+L2$+'+#$82"%+#$+0$#<%$C$4N+5%"4$"%'4$/&$+
G+/$<$##H%"*+6'?$%+'+4'%<'()*+/'+,'%$0$+0*+$0"6P<"*+0*#+>*<'"#+*/0$+C)*+#$%+<*>*<'0*#+*#+<D24.'0*2%*#+
0$+'%8'4'##'N+!$,*"#+,%*<$0$T#$+I+'.$%&2%'+0*#+62%*#+/'+,'%$0$J+>"4,$?'+$+D24$0$<"4$/&*+0$#&$#N+-#+
62%*#+#)*+$/&)*+,%$$/<D"0*#+<*4+'%8'4'##'+'*+4$#4*+&$4,*+L2$+#$+6'?$4+*#+,*/&*#+0$+'%8'4'##'N+
F4+ #"42>&_/$*+ <*/CG4+ "%+ ,%$,'%'/0*+ *#+ 62%*#+ /'#+ ,>'<'#+ 0$+ ,$0%'J+ $+ '+ <*>*<'()*+ 0*#+ '8%'6*#+ /'#+
,$0%'#N+R+0$,*"#+6$"&*+*+$/<*#&*+0'#+,>'<'#+0$+,$0%'+rL2$+SH+&K4+*#+'8%'6*#s+/*#+<D24.'0*2%*#J+&$/0*+
$4+'&$/()*+*+<*%%$<&*+'>"/D'4$/&*+0$#&'#N+5*%+6"4+G+/$<$##H%"*+,%$$/<D$%+'#+S2/&'#+$/&%$+,$0%'#N+
@'0'+ 24+ 0$#&$#+ ,'##*#+ #$%H+ '8*%'+ <*/#"0$%'0*+ $4+ 4'"#+ ,*%4$/*%J+ <*4$('/0*+ ,$>'+ 4'%<'()*+ /'+
,'%$0$+0*+$0"6P<"*+0*#+>*<'"#+*/0$+C)*+#$%+$O$<2&'0*#+*#+<D24.'0*2%*#N+
+
)A$I)*;)012$3)$.2;).+F)012$324$C2%/24$3'$)*&)@)44)$
7+4'%<'()*+0'+>*<'>"?'()*+0*#+,*/&*#+0$+'%8'4'##'+0$C$+&$%+$4+<*/&'+*+&'4'/D*+0'#+,>'<'#+0$+,$0%'+
L2$+C)*+#$%+"/#&'>'0'#J+*+/U4$%*+0$+6"O'(M$#+L2$+<'0'+,>'<'+C'"+&$%+r2#2'>4$/&$+L2'&%*s+$+*+&'4'/D*+
0'#+ S2/&'#+ $/&%$+ ,>'<'#+ L2$+ 6*%+ '0*,&'0*N+ R+ '"/0'+ ,%$<"#*+ 0$6"/"%+ *+ >*<'>+ 0'+ ,>'<'+ */0$+ #$%)*+ 6"O*#+ *#+
'8%'6*#+$+,%$C$%+#$+*#+'8%'6*#+#)*+<*>*<'0*#+/*#+&*,*#+0'#+,>'<'#+*2+,$>*+&'%0*?+r/*+<'#*+0$+,>'<'#+0$+
,$0%'#+0$+<>"C'8$4+$C"0$/&$sN+\$4,%$+L2$+,*##PC$>+<*/CG4+$C"&'%+62%'%+?*/'#+0$+,">'%$#J+C"8'#+*2+?*/'#+
<*4+8%'/0$+0$/#"0'0$+0$+'%4'02%'#+,'%'+L2$+'+$O$<2()*+0*+*%"6P<"*+/)*+"4,>"L2$+24'+0"4"/2"()*+0'+
<','<"0'0$+%$#"#&$/&$+0*+#2,*%&$N+
7#+ 4$0"0'#+ %$>$C'/&$#+ ,'%'+ '+ 4'%<'()*+ 0'+ >*<'>"?'()*+ 0*#+ ,*/&*#+ 0$+ '%8'4'##'+ #)*+ &%'/#6$%"0'#+ 0*#+
,>'/*#+0$+6"O'()*+$+,%*S$<&*+0$+%$C$#&"4$/&*+,'%'+'+,'%$0$J+'&%'CG#+0$+%G82'#+$+0$+6"*#+0$+,%24*N+5'%'+
6'<D'0'#+8%'/0$#+$+&'4'/D*#+0$+,$0%'+"82'"#J+'>82/#+',>"<'0*%$#+6'?$4+24+,$L2$/*+4*>0$+$4+4'0$"%'+
0*+ &'4'/D*+ 0$+ 24'+ ,$0%'N+ W$##$+ 4*>0$J+ '+ ?*/'+ */0$+ 0$C$4+ #$%+ >*<'>"?'0*#+ *#+ 62%*#+ /'+ ,'%$0$+ #)*+
C'?'0'#J+#$%C"/0*+0$#&'+4'/$"%'+*+4*>0$+<*4*+24+n#&$/<">oN+
R+/$#&'+'>&2%'+L2$+#$+0$C$+&$%+$#,$<"'>+'&$/()*+$4+/)*+>"8'%+24'+,>'<'+'+0*"#+#2,*%&$#+0"6$%$/&$#N+W'+
%$'>"0'0$J+ $+ <*4*+ SH+ 6*"+ %$6$%"0*+ '/&$%"*%4$/&$J+ <'0'+ ,>'<'+ 0$+ ,$0%'+ ',$/'#+ 0$C$+ 6"<'%+ >"8'0'+ '+ 24+
4$#4*+ &",*+ 0$+ #2,*%&$N+ !$#&$+ 4*0*J+ $C"&'T#$+ <%"'%+ /'+ ,>'<'+ $#6*%(*#+ '0"<"*/'"#+ ,%*C*<'0*#+ ,*%+
<*4,*%&'4$/&*#+0"6$%$/&$#+0$+<'0'+24+0*#+#2,*%&$#N+7#+S2/&'#+0$+0*"#+#2,*%&$#+0"6$%$/&$#+*2+'#+S2/&'#+
0$+ 0">'&'()*+ 0$C$4+ ,*%&'/&*+ #$%+ %$,>"<'0'#+ /'#+ ,$0%'#+ 0$+ 6*%4'+ '+ 4"/"4"?'%+ *#+ $6$"&*#+ 0'#+ C'%"'(M$#+
0"4$/#"*/'"#+0"6$%$/<"'"#N+
+
-A$D5%/)4$'%/*'$C'3*)4$
R+ 42"&*+ "4,*%&'/&$+ 0$"O'%+ S2/&'#+ $/&%$+ '#+ ,>'<'#+ 0$+ ,$0%'+ ,'%'+ L2$+ $#&'#+ ,*##'4+ '.#*%C$%+ '#+
4*C"4$/&'(M$#+ /*4$'0'4$/&$+ '#+ 0">'&'(M$#+ $+ <*/&%'<(M$#+ ,%*C*<'0'#+ ,$>'#+ 0"6$%$/('#+ 0$+
+
fb+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
&$4,$%'&2%'#+ *2+ ,*%+ '##$/&'4$/&*#+ $+ C".%'(M$#+ *%"8"/H%"'#+ 0*+ ,%:,%"*+ $0"6P<"*N+ 7+ >'%82%'+ 0'#+ S2/&'#+
$/&%$+ ,>'<'#+ C'%"'+ 2#2'>4$/&$+ $/&%$+ 24+ 4P/"4*+ 0$+ f44+ $+ 24+ 4HO"4*+ 0$+ bxd+ 0'+ $#,$##2%'+ 0'+ ,>'<'+
',>"<'0'N+ -+ &'4'/D*+ 0'#+ S2/&'#+ 0$C$J+ /*+ $/&'/&*J+ #$4,%$+ #$%+ 'S2#&'0*+ '*+ &'4'/D*+ $+ L2'>"0'0$+ 0'#+
,$0%'#N+A2'/0*+4'"*%$#+6*%$4+'#+,$0%'#J+4'"*%$#+&$%)*+0$+#$%+'#+S2/&'#+$/&%$+02'#+,$0%'#+tbiuN+
@'#*+ #$+ 0$<"0'+ ,%$$/<D$%+ '#+ S2/&'#+ $#&'#+ ,*0$4+ #$%+ ,%$$/<D"0'#+ <*4+ '%8'4'##'#J+ 4H#&"L2$#+ *2+
#">"<*/$#N+7#+'%8'4'##'#+&K4+42"&*+,*2<'+$>'#&"<"0'0$+$+&*%/'4+'+>"8'()*+$/&%$+'#+,$0%'#+42"&*+%P8"0'N+
A2'/0*+ '#+ S2/&'#+ #)*+ ,%$$/<D"0'#+ <*4+ '%8'4'##'#+ GJ+ ,*%&'/&*J+ /$<$##H%"*+ 8'%'/&"%+ '+ $O"#&K/<"'+ 0$+
S2/&'#+ 6>$OPC$"#+ D*%"?*/&'"#+$+ C$%&"<'"#+L2$+'.#*%C'4+*#+4*C"4$/&*#+%$>'&"C*#+0'#+,$0%'#+$+0*+#2,*%&$+
0$>"4"&'/0*+,'"/G"#+0$+H%$'#+%$02?"0'#+tbiuN+
F4+ %$>'()*+ I#+ S2/&'#+ 6>$OPC$"#J+ ,%$$/<D"0'#+ <*4+ #">"<*/$#+ *2+ 4H#&"L2$#J+ $#&'#+ &$%)*+ 0$+ &$%+ 24+
0"#&'/<"'4$/&*+0$+d4+,'%'+'#+S2/&'#+D*%"?*/&'"#+$+i4+,'%'+'#+S2/&'#+C$%&"<'"#+$4+?*/'+<*%%$/&$N+7>G4+
0"##*J+G+/$<$##H%"*+<*>*<'%+S2/&'#+6>$OPC$"#+$4+&*%/*+0$+>"/&G"#J+C'%'/0'#J+,$"&*%"#+$+S2/&'#+0$+0">'&'()*+0*+
$0"6P<"*N+ 7#+ S2/&'#+ 6>$OPC$"#+ &$%)*+ 0$+ &$%+ 24'+ >'%82%'+ 4P/"4'+ 0$+ bc44+ ,'%'+ '#+ S2/&'#+ D*%"?*/&'"#+ $+ 0$+
k44+,'%'+'#+S2/&'#+C$%&"<'"#+I+$O<$,()*+0'#+S2/&'#+#*.%$+'#+S2/&'#+0$+0">'&'()*+0*+$0"6P<"*+L2$+&$%)*+0$+
&$%+/*+4P/"4*+ac44+0$+>'%82%'+tbiuN+
5'%'+8'%'/&"%+L2$+*#+'8%'6*#+/)*+"4,$0$4+*+4*C"4$/&*+0'#+,$0%'#+/'#+?*/'#+0$+S2/&'#+6>$OPC$"#J+$#&$#+
0$C$4+ #$%+ #2.#&"&2P0*#+ ,*%+ ,'&'#+ /'#+ S2/&'#+ D*%"?*/&'"#N+ 7#+ ,'&'#+ #)*+ '8%'6*#+ 4'"#+ %$#"#&$/&$#+ L2$+
,$%4"&$4+'82$/&'%+*+,$#*+0'#+,$0%'#+0$+<"4'J+8'%'/&"/0*+'##"4+'+"/0$,$/0K/<"'+0*#+CH%"*#+.>*<*#+0$+
,$0%'#+$/&%$+S2/&'#+6>$OPC$"#N+A2'/&*+I#+S2/&'#+C$%&"<'"#J+,'%'+4'/&$%+'+"/0$,$/0K/<"'+0*#+0*"#+>'0*#+0'+
S2/&'J+ 0$C$4*#+ $/C*>C$%+ <'0'+ '8%'6*+ 0'#+ ,$0%'#+ C"?"/D'#+ /24+ ,*/&*+ 0"6$%$/&$+ 0$+ '%8'4'##'J+ 24+ 0$+
<'0'+>'0*+0'+S2/&'+6>$OPC$>N+
+
;A$B*'C)*)012$324$<5*24$324$;(5@-)325*24$
!$,*"#+0$+#$+&$%$4+4'%<'0*+*#+>*<'"#+*/0$+C)*+6"<'%+>*<'>"?'0*#+*#+<D24.'0*2%*#+G+/$<$##H%"*+%$'>"?'%+
*#+ 62%*#+ /'+ ,$0%'N+ A2'/0*+ #$+ &%'.'>D'+ $4+ 6'<D'0'#+ 0$+ .$&)*+ G+ /$<$##H%"*+ D'C$%+ *+ <2"0'0*+ 0$+ $C"&'%+
%$'>"?'%+ <D24.'0*2%*#+ $4+ ?*/'#+ */0$+ *#+ 62%*#+ ,*##'4+ <'2#'%+ "/&$%6$%K/<"'#+ <*4+ '#+ '%4'02%'#+
,%"/<",'"#N+7+>*<'>"?'()*+0'#+'%4'02%'#+SH+0$C$+&$%+#"0*+&"0'+$4+<*/&'+'L2'/0*+0'+%$'>"?'()*+0'#+,>'/&'#+
0*+ ,%*S$<&*+ 0$+ %$C$#&"4$/&*+ 4'#+ $#&$+ G+ 24+ '##2/&*+ '*+ L2'>+ #$+ 0$C$+ 0'%+ &'4.G4+ '&$/()*+ 02%'/&$+ '+
%$'>"?'()*+0*#+62%*#+0*#+<D24.'0*2%*#+tauN+
-#+62%*#+0*#+<D24.'0*2%*#+0$C$4+&$%+,$>*+4$/*#+ic44+0$+,%*62/0"0'0$+,'%'+8'%'/&"%+'+,$/$&%'()*+
0*+'8%'6*+$4+,$>*+4$/*#+gc44N+-#+'8%'6*#+0$C$4+#$4,%$+#$%+<D24.'0*#+/*+#2,*%&$+$+/2/<'+',$/'#+
/*+,*/&*+0$+'%8'4'##'+L2$+/)*+*6$%$<$+%$#"#&K/<"'+#26"<"$/&$N+A2'/&*+'*+0"_4$&%*J+G+%$<*4$/0'0*+24+
4P/"4*+0$+fc+44N+-#+62%*#+0$C$4+#$%+,$%,$/0"<2>'%$#+I+6'<D'0'J+<*4+$O<$,()*+0'#+?*/'#+,%:O"4'#+0$+
_/82>*#+*2+<2/D'"#N+W$##$+<'#*+0$C$T#$J+#$4,%$+L2$+,*##PC$>J+6'?$%+*#+62%*#+,'%'>$>'4$/&$+'*+,>'/*+0'+
."##$<&%"?+0*+_/82>*+6*%4'0*+,$>'#+02'#+,'%&$#+0'+6'<D'0'+,'%'+L2$+/)*+#$+<*%%'+*+%"#<*+0$+D'C$%+24+
0$#<*>'4$/&*+0$+,'%&$+0'+,'%$0$N+
fa+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+dV+3G&*0*#+@*/#&%2&"C*#+
-#+62%*#+0$C$4+0$,*"#+#$%+>"4,*#+$+D24$0$<"0*#+<*4+H82'+,'%'+8'%'/&"%+24'+'0$%K/<"'+$+#*>"0'%"?'()*+
,$%6$"&'+0$+'%8'4'##'+'*+#2,*%&$+tguN+-#+62%*#+,*0$4+#$%+$6$<&2'0*#+<*4+24'+6*%4'+<">P/0%"<'+*2+$4+
6*%4'+0$+<'20'+0$+'/0*%"/D'+r$/&'>D$+<:/"<*+L2$+#$+$O,'/0$+,'%'+*+"/&$%"*%+0*+%$C$#&"4$/&*sN+-#+62%*#+
<">P/0%"<*#+#)*+4'"#+6H<$"#+0$+%$'>"?'%J+#$/0*+,*%+"##*+4'"#+2#'0*#N+W*+$/&'/&*J+*#+62%*#+<*4+6*%4'+0$+
<'20'+ 0$+ '/0*%"/D'+ ,$%4"&$4+ 24+ <$%&*+ <*/6"/'4$/&*+ 0'+ '%8'4'##'+ 0$/&%*+ 0*+ #2,*%&$J+ *+ L2$+ ,*0$+
,%*,*%<"*/'%+24'+4$>D*%+%$#"#&K/<"'+$+#2,$%"*%+6"O'()*+0'+'%8'4'##'+'*+#2,*%&$+tbiuN+
-+ &'4'/D*+ 0*#+ 62%*#+ ,'%'+ *#+ <D24.'0*2%*#+ /)*+ 0$C$+ #$%+ #2,$%"*%+ '*+ /$<$##H%"*+ ,*"#+ $#&$#+ ,*0$4+
<*/#&"&2"%+ 24+ <'4"/D*+ 0$+ $/&%'0'+ 0$+ H82'+ ,*%+ <',">'%"0'0$+ ,'%'+ *+ "/&$%"*%+ 0*+ $0"6P<"*N+ !2%'/&$+ '+
%$'>"?'()*+ 0*#+ 62%*#+ G+ /$<$##H%"*+ ,%*<$0$%+ 0$+ 6*%4'+ <2"0'0*#'+ ,'%'+ /)*+ ,%*C*<'%+ '+ 6$/0">D'()*+ 0'+
,'%$0$+taduN+
+
3A$B*''%;(+@'%/2$324$;(5@-)325*24$
Z%'0"<"*/'>4$/&$+*#+<D24.'0*2%*#+#)*+$O$<2&'0*#+<*4+'%8'4'##'+<*4+24+&%'(*+C*>24G&%"<*+bVa+'+bVd+
L2'/0*+<*/#"0$%'4*#+'+2&">"?'()*+0$+<"4$/&*+5*%&>'/0+$+'%$"'N+7+'%8'4'##'+&'4.G4+,*0$+#$%+6$"&'+<*4+
<'>J+&$/0*+/$##$+<'#*+24+&%'(*+0$+bVbVf+'+bVbViJ+%$#,$<&"C'4$/&$+0$+<"4$/&*+5*%&>'/0J+<'>+$+'%$"'N+F4+
'4.*#+ *#+ <'#*#+ <*/CG4+ 2#'%+ '%$"'+ >"4,'J+ #$4+ ,*$"%'#+ $+ <*4+ 24'+ 8%'/2>*4$&%"'+ $/&%$+ cNcck44+ $+ *#+
d44+ ,'%'+ 8'%'/&"%+ 24'+ 6"O'()*+ '0$L2'0'N+ F4+ '>&$%/'&"C'+ ,*0$T#$+ *,&'%+ ,$>*+ 2#*+ 0$+ '%8'4'##'#+ ,%G+
0*#$'0'#+$O"#&$/&$#+/*+<*4G%<"*N+7+<*/#"#&K/<"'+0'+'%8'4'##'+0$C$+#$%+#26"<"$/&$4$/&$+#$<'+,'%'+L2$+
#$+,*##'+4'/&$%+$4+,*#"()*+'&G+I+',>"<'()*+0'#+,>'<'#+0$+,$0%'N+
+
'A$"J';5012$324$B2%/24$3'$)*&)@)44)$
-#+,*/&*#+0$+'%8'4'##'J+L2$+#)*+'#+?*/'#+0$+$/<*#&*+0'#+,>'<'#J+#)*+$O$<2&'0*#+'*+4$#4*+&$4,*+0*#+
<D24.'0*2%*#J+<*4+'+4$#4'+'%8'4'##'N+F#&$#+0$C$4+$/C*>C$%+*#+'8%'6*#+/'+#2'+&*&'>"0'0$J+,%$$/<D$%+
&*&'>4$/&$+ *#+ 62%*#+ $O$<2&'0*#+ ,'%'+ '+ <D24.'8$4+ 0*#+ '8%'6*#+ $+ 0$C$+ D'C$%+ 24+ &%'/#.*%0*+ 0$+
'%8'4'##'+,'%'+6*%4'%+*#+,*/&*#N+
-#+,*/&*#+0$C$4+&$%+<$%<'+0$+bcc44+0$+0"_4$&%*+$+24'+$#,$##2%'+"82'>+I+0"#&'/<"'+L2$+6"<'%H+$/&%$+'#+
,>'<'#+ 0$+ ,$0%'#+ $+ '+ 6'<D'0'+ $+ L2$+ 0$#$4,$/D'%H+ *+ ,',$>+ 0$+ <'"O'+ 0$+ '%N+ !$C$4*#+ $C"&'%+ <*>*<'%+
,*/&*#+ 0$+ '%8'4'##'+ "/&$%4G0"*#+ /*+ 4$"*+ 0'#+ ,>'<'#+ $4+ ?*/'#+ #$4+ '8%'6*#+ $+ $O$<2&'%+ ,*/&*#+ 0$+
'%8'4'##'+ <*/&P/2*#+ L2$+ >"82$4+ CH%"*#+ '8%'6*#+ ,'%'+ $C"&'%+ L2$+ '+ H82'+ L2$+ $C$/&2'>4$/&$+ #$+ "/6">&%$+
,'%'+ 0$/&%*+ 0'+ <'"O'+ 0$+ '%+ 6"L2$+ '>"+ $#&'8/'0'N+ \)*J+ /*+ $/&'/&*J+ '04"&"0*#+ ,*/&*#+ 0$+ '%8'4'##'+
"/&$%4G0"*#+ >*<'>"?'0*#+ /*+ <$/&%*+ 0'#+ ,>'<'#+ $4+ ,>'<'#+ 0$+ 8%'/0$#+ 0"4$/#M$#+ *2+ $4+ ?*/'#+
$#,$<"'>4$/&$+ #2S$"&'#+ '+ <D*L2$#+ tguN+ !2%'/&$+ '+ $O$<2()*+ 0*#+ ,*/&*#+ 0$+ '%8'4'##'+ G+ /$<$##H%"*+ &$%+
'&$/()*+,'%'+8'%'/&"%+L2$+/)*+DH+L2$0'+0$+0$#,$%0P<"*#+0$+'%8'4'##'+,'%'+*+"/&$%"*%+0'+<'"O'+0$+'%+tauN+
+
+
+
fd+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
<A$K+J)012$324$)&*)<24$L4$C.);)4$3'$C'3*)$
F4+#"42>&_/$*+I+%$'>"?'()*+0*#+<D24.'0*2%*#+$+0*#+,*/&*#+0$+'%8'4'##'J+G+/$<$##H%"*+6"O'%+*#+'8%'6*#+
I#+,$0%'#N+F#&$#+#)*+"/#$%"0*#+$4+62%*#+<">P/0%"<*#+,%$#$/&$#+/*#+&*,*#+0'#+,>'<'#+0$+,$0%'N+\)*+2#'0*#+
8$%'>4$/&$J+<*4*+SH+6*"+%$6$%"0*+'&%H#J+L2'&%*+62%*#+,*%+,>'<'N+7+$O$<2()*+0$#&$#+62%*#+G+24'+*,$%'()*+
L2$+ %$L2$%+ 42"&'+ ,%$<"#)*+ $+ G+ <*/#"0$%'0'+ 24'+ *,$%'()*+ .'#&'/&$+ 0$>"<'0'+ 0$+ #$+ 6'?$%+ $4+ *.%'N+ pH+
,*%&'/&*+L2$4+%$<*4$/0$+tbiu+L2$+$#&$#+62%*#+#$S'4+6$"&*#+/'+6H.%"<'+*/0$+'#+,$0%'#+#)*+&'>D'0'#+$+
L2$+ '#+ ,$0%'#+ SH+ C$/D'4+ ,%$,'%'0'#+ ,'%'+ *.%'N+ W'+ 6H.%"<'+ 0$+ <*%&$+ 0$+ ,$0%'#+ $O"#&$4+ 4HL2"/'#+
,%:,%"'#+ */0$+ '#+ ,$0%'#+ #)*+ 6"O'#+ $+ *#+ 62%*#+ #)*+ $O$<2&'0*#+ '2&*4'&"<'4$/&$+ <*4+ &*0'+ '+ ,%$<"#)*+ $+
#$82%'/('N++
W*+ $/&'/&*J+ $+ ',:#+ *.&$%+ '+ *,"/")*+ 0$+ '>824'#+ $4,%$#'#+ <*>*<'0*%'#+ 0$#&$+ &",*+ 0$+ %$C$#&"4$/&*J+
',$%<$.$4*T/*#+ L2$J+ $4+ *.%'J+ %'%'4$/&$+ G+ ,*##PC$>+ 0"#,$/#'%+ '+ %$'>"?'()*+ 0$+ 62%*#N+ W'+ %$'>"0'0$J+
'L2'/0*+ 0'+ 4*/&'8$4+ 0*+ %$C$#&"4$/&*+ 0'+ 6'<D'0'J+ ,*0$+ #$%+ /$<$##H%"*+ 6'?$%+ 'S2#&'4$/&*#+ '*+
,*#"<"*/'4$/&*+ 0'#+ ,$0%'+ *2+ %$'>"?'%+ <*%&$#+ /*#+ $>$4$/&*#+ ,G&%$*#+ $+ <*/#$L2$/&$4$/&$+ '>&$%'%+ '+
0"#,*#"()*+0*#+62%*#+/'#+,$0%'#N+Z'4.G4+/)*+G+%'%*+&$%+0$+'>&$%'%+'+?*/'+*/0$+*#+62%*#+,'%'+*#+'8%'6*#+
#)*+6$"&*#+/*+#2,*%&$J+0$C"0*+I+$O"#&K/<"'+0$+,">'%$#J+&2.*#+*2+*2&%'#+?*/'#+L2$+/)*+#$S'4+,'##PC$"#+0$+
#$%$4+62%'0'#N+5*%+$##$+4*&"C*+*#+"/#&'>'0*%$#+#$%)*+#$4,%$+*.%"8'0*#+'+6'?$%+'>82/#+62%*#+/'#+,$0%'#+
$4+*.%'N+@*4*+$#&'+&'%$6'+G+.'#&'/&$+0$>"<'0'J+0$C$%H+#$4,%$+#$%+<*/C$/"$/&$4$/&$+6"#<'>"?'0'+,'%'+
C$%"6"<'%+'+,%*62/0"0'0$+$+>*<'>"?'()*+0*#+62%*#+tauN+
-#+ 62%*#+ 0$C$4+ #$%+ 6$"&*#+ 0$+ 6*%4'+ '+ L2$+ *+ #$2+ $"O*+ <*"/<"0'+ <*4+ *+ $"O*+ 0'+ $#,$##2%'+ 0'+ ,>'<'+ ,'%'+
,>'<'#+ <*4+ 4$/*#+ 0$+ dc+ 44+ 0$+ $#,$##2%'N+ A2'/0*+ #$+ $#&)*+ '+ 2#'%+ ,>'<'#+ <*4+ 4'"#+ 0$+ dc+ 44+ 0$+
$#,$##2%'+'+62%'()*+0$C$%+#$%+$O$<2&'0'+'+bxd+0'+$#,$##2%'+<*/&'0'+'+,'%&"%+0*+,'%'4$/&*+$O&$%"*%N+-#+
62%*#+&K4+0$+&$%+24+0"_4$&%*+#2,$%"*%+$4+<$%<'+0$+b44+'*+0*+0"_4$&%*+/$<$##H%"*+,'%'+*+'8%'6*N+7+
,%*62/0"0'0$+0*#+62%*#+0$C$+#$%+0$+g+44+#2,$%"*%+'*+<*4,%"4$/&*+0$+"/#$%()*+0*#+'8%'6*#J+<*4+24+
4P/"4*+ 0$+ dc+ 44+ 0$+ ,%*62/0"0'0$N+ -#+ '8%'6*#+ ,$/$&%'4J+ ,*%&'/&*J+ ,$>*+ 4$/*#+ ag+ 44+ /*#+ 62%*#+
$6$<&2'0*#+ /*#+ &*,*#+ 0'#+ ,>'<'#+ 0$+ ,$0%'N+ 7+ 0"#&_/<"'+ %$<*4$/0HC$>+ $/&%$+ *#+ '8%'6*#+ $+ *#+ &*,*#+ 0'#+
,>'<'#+G+0$+€+'+bxg+0*+<*4,%"4$/&*+&*&'>+0'+,>'<'+tbiuN+
!$,*"#+0$+#$+&$%$4+6$"&*+*#+62%*#+r$4+*.%'+*2+/'+6H.%"<'s+<*4+'#+0"4$/#M$#+$O"8"0'#J+$#&$#+0$C$4+#$%+
>"4,*#+0'+,*$"%'+$+$/<D"0*#+<*4+<'>0'+0$+<"4$/&*J+<*>'+*2+4H#&"L2$+,'%'+$C"&'%+L2$+'#+,>'<'#+'.'/$4N+
A2'/0*+#$+2&">"?'+<'>0'+0$+<"4$/&*+,'%'+*+,%$$/<D"4$/&*+0*#+62%*#J+*#+62%*#+0$C$4+#$%+D24$0$<"0*#+
,'%'+ 24'+ 4$>D*%+ '0$%K/<"'+ 0'+ <'>0'N+ !$,*"#+ 0$+ *#+ 62%*#+ $#&'%$4+ ,%$$/<D"0*#+ "/#$%$T#$+ *+ '8%'6*+ /'+
,$0%'N++
+
&A$7C.+;)012$3)4$C'3*)4$
7/&$#+0$+',>"<'%+'#+,$0%'#+G+/$<$##H%"*+D24$0$<$%+'#+?*/'#+0'+,$0%'+L2$+6"<'%)*+$4+<*/&'<&*+<*4+*#+
,*/&*#+ 0$+ '%8'4'##'+ ,'%'+ 4$>D*%'%+ '+ '0$%K/<"'N+ !$,*"#J+ .'#&'+ $/<*#&'%+ $+ <*4,%"4"%+ '#+ ,$0%'#+ 0$+
$/<*/&%*+ I+ 6'<D'0'J+ &$/0*+ *+ <2"0'0*+ 0$+ '>"/D'%+ *#+ '8%'6*#+ <*4+ '#+ ?*/'#+ */0$+ $#&H+ '+ '%8'4'##'+ ,'%'+
L2$+$#&$#+,$/$&%$4+/*#+<D24.'0*2%*#+$+C$%"6"<'%+L2$+*#+,*/&*#+0$+'%8'4'##'+6"<'4+$4+<*/&'<&*+<*4+
ff+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+dV+3G&*0*#+@*/#&%2&"C*#+
'+,$0%'N+5'%'+8'%'/&"%+L2$+#$+%$#,$"&'4+'#+4$0"0'#+0'#+S2/&'#+0$6"/"0'#+$4+,%*S$<&*J+*+'>"/D'4$/&*+0'#+
,>'<'#+ $+ *+ #$2+ ',%24*+ ,*0$4+ #$%+ 2#'0'#+ %G82'#+ 0$+ 4'0$"%'+ *2+ <2/D'#+ 0$+ 4'0$"%'+ *2+ 5=@+ L2$+ #$+
<*>*<'4+$/&%$+'#+,$0%'#N+F#&'#+%G82'#+$+<2/D'#+#)*+0$,*"#+%$&"%'0'#+',:#+'+'%8'4'##'+0*#+,*/&*#+$+0*#+
<D24.'0*2%*#+ &$%+ 8'/D*+ ,%$#'+ $+ '/&$#+ 0*+ $/<D"4$/&*+ 0'#+ S2/&'#J+ L2'/0*+ '#+ ,$0%'#+ SH+ $#&"C$%$4+
#26"<"$/&$4$/&$+,%$#'#+I+6'<D'0'+,'%'+L2$+/)*+<*%%'4+*+%"#<*+0$+0$#<'"%J+&','/0*+'+S2/&'N+
+
(A$B*''%;(+@'%/2$3)4$E5%/)4$'%/*'$C'3*)4$
!$,*"#+0$+#$+ &$%$4+',>"<'0*+ '#+ ,$0%'#+ /'+6'<D'0'+$+',:#+#$<'8$4+0'#+'%8'4'##'#+,*0$T#$+,%*<$0$%J+
<'#*+$#&$S'+$#,$<"6"<'0*+/*+,%*S$<&*J+'*+,%$$/<D"4$/&*+0'#+S2/&'#+$/&%$+,$0%'#N+F#&'#+,*0$4+#$%+<D$"'#+
<*4+ 4H#&"L2$#+ *2+ <*4+ '%8'4'##'#+ 6>$OPC$"#+ ,%:,%"'#+ ,'%'+ *+ $6$"&*N+ 7/&$#+ 0$+ ',>"<'%+ 4H#&"L2$#+ /'#+
S2/&'#+<*/CG4+6'?$%+24+&$#&$+/24'+,$0%'+0$+"82'"#+<'%'<&$%P#&"<'#+I#+L2$+6*%'4+$4,%$82$#+/'+6'<D'0'+
,'%'+ C$%"6"<'%+ #$+ *+ 4H#&"L2$+ /)*+ 4'/<D'+ '+ ,$0%'N+ F#&$+ &$#&$+ G+ "82'>+ '*+ L2$+ 6*"+ 0$#<%"&*+ /'+ ,'%&$+ 0*#+
%$C$#&"4$/&*#+<*>'0*#N+
A2'/0*+ #$+ *,&'+ ,$>*+ ,%$$/<D"4$/&*+ 0'#+ S2/&'#+ <*4+ '%8'4'##'#+ "/0"<'0'#+ ,'%'+ S2/&'#+ ,*0$T#$+
"/<*%,*%'%+ ,:+ 0$+ ,$0%'+ 0'+ 4$#4'+ /'&2%$?'+ 0'+ ,$0%'+ ',>"<'0'+ /'+ 6'<D'0'J+ 0$#0$+ L2$+ $##$+ ,:+ #$S'+
,$/$"%'0*+,$>*+,$/$"%*+0$+4'>D'+0$+bf44+tbiuN+
\$+'#+S2/&'#+&"C$%$4+#"0*+,%$$/<D"0'#J+0$,*"#+0'+%$'>"?'()*+0*+&%'.'>D*+0$C$+,%*<$0$%T#$+I+>"4,$?'+0*+
$O<$##*+0$+4'&$%"'>+0$+,%$$/<D"4$/&*+L2$+,*##'+&$%+6"<'0*+/'#+,>'<'#+,G&%$'#J+$/L2'/&*+$#&$+'"/0'+#$+
$/<*/&%'+6%$#<*N+
+
QN=N=&g"+*2&3(+_%.5*2&
5'%'+#$+%$'>"?'%+24+%$C$#&"4$/&*+,G&%$*+<*4+%$<2%#*+'*+#"#&$4'+0$+6"O'()*+<*4+<D24.'0*2%*#+0$+8'&*#+
4$&H>"<*#+G+/$<$##H%"*+#$82"%+24'+#G%"$+0$+,%*<$0"4$/&*#J+42"&*+#$4$>D'/&$+$4+<$%&*#+,*/&*#+'*#+SH+
%$6$%"0*#+,'%'+'+6"O'()*+2#'/0*+*+#"#&$4'+0$+'8%'6*#+$+,*/&*#+0$+'%8'4'##'J+L2$+#$%)*+$/24$%'0*#+$+
0$#<%"&*#+0$+#$82"0'N+
!$+ "/"<"*+ G+ ,%$<"#*+ 4'%<'%J+ /'+ 6'<D'0'J+ */0$+ #$%)*+ >*<'>"?'0*#+ *#+ <D24.'0*2%*#+ ,'%'+ *#+ 8'&*#+
4$&H>"<*#N+ !$,*"#J+ ,%*<$0$T#$+ I+ '.$%&2%'+ 0*#+ 62%*#+ /'+ 6'<D'0'J+ I+ #2'+ >"4,$?'J+ D24$0$<"4$/&*+ $+
,*#&$%"*%+ ,%$$/<D"4$/&*+ <*4+ '%8'4'##'N+ F4+ #"42>&_/$*+ 0$C$T#$+ &'4.G4+ 62%'%+ *#+ &*,*#+ 0'#+ ,$0%'#N+
!$,*"#+G+/$<$##H%"*+6"O'%+/'+,'%$0$+*+8'&*+"/6$%"*%+0'+,$0%'J+<*4+*+,"/*+0$+#2,*%&$N+7+,$0%'+G+$/&)*+
<*>*<'0'J+ '>"/D'/0*+ *#+ 62%*#+ 0$+ .'"O*+ 0'+ ,$0%'+ <*4+ *+ ,"/*+ "/6$%"*%+ 0$+ #2,*%&$+ $+ *+ 8'&*+ #2,$%"*%+ G+
<*>*<'0*J+ "/&%*02?"/0*T#$+ *+ ,"/*+ #2,$%"*%+ ,'%'+ 6"O'%+ '+ ,$0%'N+ 5*%+ 6"4J+ G+ ,*##PC$>J+ <'#*+ 0$#$S'0*J+
,%$$/<D$%+'#+S2/&'#+$/&%$+,$0%'#+<*4+'%8'4'##'N+
@'0'+ 24+ 0$#&$#+ ,%*<$0"4$/&*#+ G+ '8*%'+ ',%$#$/&'0*+ $4+ 4'"#+ ,*%4$/*%J+ $O<$,&*+ ,'%'+ *+ <'#*+ 0*#+
,%*<$##*#+0$+$O$<2()*+L2$+#)*+"82'"#+'*#+SH+$O,>"<'0*#+/*+4G&*0*+0$+'8%'6*#+$+,*/&*#+0$+'%8'4'##'J+
&'"#+<*4*+*#+<2"0'0*#+/'+%$'>"?'()*+0*#+<D24.'0*2%*#+*2+0*#+62%*#+/'#+,$0%'#N+
+
fg+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
)A$I)*;)012$3)$.2;).+F)012$324$&)/24$@'/M.+;24$
R+ /$<$##H%"*+ <*4$('%+ ,*%+ 4'%<'%+ /'+ ,'%$0$+ *#+ >*<'"#+ */0$+ "%)*+ #$%+ $O$<2&'0*#+ *#+ <D24.'0*2%*#+
r6"82%'#+ dNf+ $+ dNgsN+ Z'>+ <*4*+ /*+ 4G&*0*+ '/&$%"*%4$/&$+ 0$#<%"&*J+ $#&'+ 4'%<'()*+ &$4+ 0$+ >$C'%+ $4+
<*/#"0$%'()*+*+/U4$%*+0$+8'&*#+/$<$##H%"*#+,*%+,$0%'+$+'+#2'+0"#,*#"()*J+*+&'4'/D*+0'#+,$0%'#+$+0'#+
S2/&'#+$/&%$+$>$4$/&*#+,G&%$*#N++
+
9"8+dNf+T+3'%<'+%$'>"?'0'+/'+6'<D'0'+,'%'+#"/'>"?'%+'+D*%"?*/&'>+$+'+'>&2%'+*/0$+#$%)*+<*>*<'0*#+*#+8'&*#+4$&H>"<*#+
+
9"8+dNg+T+3'%<'()*+0*+>*<'>+0$+6"O'()*+0*#+8'&*#+4$&H>"<*#+<*4+24+/PC$>+$+24'+6"&'+4G&%"<'+
+
@*/CG4+ %$>$4.%'%+ L2$+ <'0'+ ,$0%'+ ',$/'#+ ,*0$%H+ #$%+ 6"O'+ /24+ &",*+ #2,*%&$V+ '#+ S2/&'#+ $/&%$+ 0*"#+
#2,*%&$#+0$+4'&$%"'"#+0"6$%$/&$#+*2+'#+S2/&'#+0$+0">'&'()*+0*#+$0"6P<"*#+0$C$4+#$%+%$,>"<'0'#+/'#+,$0%'#+
0$+6*%4'+'+4"/"4"?'%+*#+$#6*%(*#+<'2#'0*#+,$>*#+0"6$%$/&$#+<*4,*%&'4$/&*#+0$+<'0'+24+0*#+#2,*%&$#N+
+
-A$D5%/)4$'%/*'$C'3*)4$
7#+ S2/&'#+ $/&%$+ ,>'<'#J+ L2$+ '.#*%C$4+ '#+ 0">'&'(M$#+ $+ <*/&%'<(M$#+ ,%*C*<'0'#+ ,$>'#+ 0"6$%$/('#+ 0$+
&$4,$%'&2%'#J+'##$/&'4$/&*#+*2+C".%'(M$#+*%"8"/H%"'#+0*+,%:,%"*+$0"6P<"*J+C'%"'4+2#2'>4$/&$+$/&%$+24+
fi+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+dV+3G&*0*#+@*/#&%2&"C*#+
4P/"4*+0$+g+*2+i+44+$+24+4HO"4*+0$+bxd+0'+$#,$##2%'+0'+,>'<'+',>"<'0'N+-+&'4'/D*+0'#+S2/&'#+0$C$+
#$4,%$+ #$%+ 'S2#&'0*+ '*+ &'4'/D*+ $+ L2'>"0'0$+ 0'#+ ,$0%'#J+ C"#&*+ L2$+ L2'/0*+ 4'"*%$#+ 6*%$4+ '#+ ,$0%'#J+
4'"*%$#+&$%)*+0$+#$%+'#+S2/&'#+$/&%$+02'#+,$0%'#+tbiuN+
F4+ 6'<D'0'#+ 0$+ 8%'/0$#+ 0"4$/#M$#+ *2+ L2'/0*+ D'S'+ 02C"0'#+ #*.%$+ '+ $>'#&"<"0'0$+ 0'#+ S2/&'#+ <*%%$/&$#+
$/&%$+ ,>'<'#+ 0$+ ,$0%'+ ,*0$+ #$%+ /$<$##H%"*+ %$<*%%$%+ '+ S2/&'#+ 0$+ $#L2'%&$>'4$/&*+ #2,>$4$/&'%$#+
D*%"?*/&'"#+$+C$%&"<'"#+L2$+0$>"4"&'4+,'"/G"#+0$+H%$'#+4'"#+%$02?"0'#J+&'"#+<*4*+'#+L2$+6*%'4+0$#<%"&'#+
/*+4G&*0*+0$+'8%'6*#+$+,*/&*#+0$+'%8'4'##'+tbiuN+
Z'>+<*4*+/*+4G&*0*+0*#+'8%'6*#J+,*0$4*#+2#'%+<2/D'#+0$+4'0$"%'+*2+0$+5=@+,'%'+8'%'/&"%+'+<*%%$<&'+
0"4$/#)*+ 0'#+ S2/&'#+ $/&%$+ ,$0%'#+ $+ *+ ',%24*+ 0'#+ ,>'<'#+ ,G&%$'#+ $/L2'/&*+ '+ '%8'4'##'+ /)*+ 8'/D'+
,%$#'+ /$<$##H%"'+ ,'%'+ #2,*%&'%+ *#+ 8'&*#N+ W'+ "4'8$4+ '.'"O*+ r6"82%'+ dNisJ+ ,*0$4*#+ C$%+ 24'+ <2/D'+ 0$+
a44+r<2/D'+C$%0$s+$+24'+<2/D'+0$+d+44+r<2/D'+C$%4$>D's+L2$+8'%'/&$4+24+$#,'('4$/&*+0$+g+44+
/'#+S2/&'#N+
+
+
9"8+dNi+T+@2/D'#+0$+5=@+,'%'+8'%'/&"%+*+$#,'('4$/&*+0$+g+44+0'#+S2/&'#++
+
;A$,').+F)012$324$<5*24$C)*)$24$;(5@-)325*24$
!$,*"#+ 0$+ #$+ &$%$4+ 4'%<'0*+ *#+ >*<'"#+ */0$+ C)*+ 6"<'%+ >*<'>"?'0*#+ *#+ <D24.'0*2%*#+ ,'%'+ *#+ 8'&*#+
,*0$4*#+,%*<$0$%+I+%$'>"?'()*+0*#+62%*#+r6"82%'+dNesN+
-#+ 62%*#+ ,'%'+ *#+ <D24.'0*2%*#+ 0$C$4+ &$%+ ,$>*+ 4$/*#+ kc44+ 0$+ ,%*62/0"0'0$+ <*4+ 24+ 0"_4$&%*+ 0$+
<$%<'+0$+fc+44+,'%'+8'%'/&"%+24'+<*%%$<&'+'/<*%'8$4+$+#*>"0'%"?'()*+0*+8'&*+'*+#2,*%&$N+Z'>+<*4*+/*+
4G&*0*+ 0*#+ '8%'6*#J+ *#+ 62%*#+ #)*+ 8$%'>4$/&$+ <">P/0%"<*#+ *2+ $4+ 6*%4'+ 0$+ <'2#'+ 0$+ '/0*%"/D'J+
,$%,$/0"<2>'%$#+ I+ 6'<$+ 0'+ ,'%$0$N+ W'#+ ?*/'#+ <*4+ _/82>*#+ *2+ $4+ <2/D'"#J+ 0$C$4*#+ 6'?$%+ *#+ 62%*#+
,'%'>$>'4$/&$+ '*+ $"O*+ 0'+ ."##$<&%"?+ 0*+ _/82>*+ 6*%4'0'+ ,$>'#+ ,'%$0$#J+ ,'%'+ $C"&'%+ 0$#<*>'4$/&*+ 0$+
,'%&$#+0'+,'%$0$N+-#+62%*#+0$C$4+0$,*"#+#$%+<2"0'0*#'4$/&$+>"4,*#+0'+,*$"%'+*2+'#,"%'0*#+'/&$#+0$+
#$%$4+,%$$/<D"0*#N+
7*+ %$'>"?'%+ *#+ 62%*#+ ,'%'+ *#+ <D24.'0*2%*#+ 0$C$T#$+ C$%"6"<'%+ L2$+ *+ #$2+ &'4'/D*+ /)*+ G+ #2,$%"*%+ '*+
/$<$##H%"*+,*"#+$#&$#+,*0$4+<*/#&"&2"%+24+,*/&*+0$+$/&%'0'+0$+H82'+,*%+<',">'%"0'0$+,'%'+*+"/&$%"*%+0*+
+
fe+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
$0"6P<"*N+ 7>G4+ 0"##*J+ '+ '%8'4'##'+ 0*#+ <D24.'0*2%*#+ ,*0$+ <*/#&"&2"%+ 24'+ ,*/&$+ &G%4"<'J+ 0"4"/2"/0*+
'##"4+'+$6"<H<"'+0*+#"#&$4'+0$+"#*>'4$/&*+taduN+
+
9"8+dNe+T+7.$%&2%'+0*#+62%*#+,'%'+*#+<D24.'0*2%*#+
+
3A$N42.)@'%/2$/O*@+;2$'$;)+J)$3'$)*$
\$4,%$+L2$+,*##PC$>J+0$C$+D'C$%+24+$#,'(*+0$+<'"O'+0$+'%+0$+<$%<'+0$+g+'+e+<4+,'%'+,*0$%+8'%'/&"%+*+
<*%%$<&*+6>2O*+0$+'%+$/&%$+'+,'%$0$+0*+$0"6P<"*+$+'#+,>'<'#+,G&%$'#N+7+0"#&_/<"'+4P/"4'+$O"8PC$>+$/&%$+*+
"#*>'4$/&*+&G%4"<*+$+*#+$>$4$/&*#+,G&%$*#+*2+$/&%$+'#+,$0%'#+$+'+6'<D'0'+0*+$0"6P<"*J+<'#*+/)*+#$+*,&$+
,$>'+<*>*<'()*+0$+"#*>'4$/&*J+G+0$+ac+44+,'%'+8'%'/&"%+24'+C$/&">'()*+'0$L2'0'+0*+&'%0*?+0'#+,$0%'#+
tbhuN+ 5*%+ C$?$#J+ $4+ #2,*%&$#+ 0$+ 6'<D'0'#+ L2$+ /)*+ $#&)*+ 0$C"0'4$/&$+ ',%24'0'#J+ ,'%'+ 8'%'/&"%+ '+
C$%&"<'>"0'0$+$+',%24*+0'+6'<D'0'+6*%4'0'+,$>'#+,>'<'#+0$+,$0%'+,*0$4+$O"#&"%+C'%"'(M$#+0$+&'4'/D*+
0'+<'"O'+0$+'%N+F#&'+#"&2'()*+G+"/$C"&HC$>+4'#+0$C$+#$%+&"0'+$4+<*/&'+,'%'+$C"&'%+L2$+D'S'+?*/'#+*/0$+*+
$#,'(*+$/&%$+*+#2,*%&$+$+*+%$C$#&"4$/&*+#$S'+0$4'#"'0*+,$L2$/*J+"4,$0"/0*+'+<*%%$<&'+<"%<2>'()*+0*+
6>2O*+0$+'%N+5'%'+C$%"6"<'%+*+',%24*+0'#+6'<D'0'#+$+0*#+%$C$#&"4$/&*#+2#'4T#$+/*%4'>4$/&$+0*"#+6"*#+
$#&"<'0*#+ 0$+ <"4'+ '+ .'"O*+ 0'+ 6'<D'0'+ $+ 0$+ 24+ >'0*+ '*+ *2&%*N+ F#&$+ 4G&*0*J+ $4.*%'+ 42"&*+ #"4,>$#J+
,$%4"&$+*.&$%+$%%*#+.'#&'/&$+%$02?"0*#+$+G+2#'0*+,$>'+4'"*%"'+0'#+$4,%$#'#+"/#&'>'0*%'#N+
@'#*+ D'S'+ "#*>'4$/&*+ &G%4"<*+ <*>*<'0*+ ,$>*+ $O&$%"*%+ 0'+ ,'%$0$+ r<*4*+ ,>'<'#+ 0$+ Y'>>4'&$+ *2+
,*>"2%$&'/*+ ,%*S$<&'0*sJ+ G+ /$<$##H%"*+ <*%&HT>*+ $+ %$4*CKT>*+ /'#+ ?*/'#+ ,%$C"#&'#+ ,'%'+ '+ %$'>"?'()*+ 0*#+
62%*#+0*#+<D24.'0*2%*#N+F#&$#+<*%&$#+0$C$4T#$+%$#&%"/8"%+I+0"4$/#)*+0*+8'&*+'+2#'%+,'%'+4"/"4"?'%+'#+
,*/&$#+&G%4"<'#N+-+"#*>'4$/&*+&G%4"<*+0$C$+#$%+#$4,%$+<*>*<'0*+'/&$#+0'+%$'>"?'()*+0*#+&%'.'>D*#+0$+
62%'()*+ 0*#+ <D24.'0*2%*#N+ !$,*"#+ 0$+ #$+ &$%+ <*>*<'0*+ *+ #2,*%&$+ r6"O'()*+ 0$+ <D24.'%+ *2+ 4$<_/"<'s+ '+
?*/'+ */0$+ *+ "#*>'4$/&*+ 6*"+ %$&"%'0*+ 0$C$+ #$%+ /*C'4$/&$+ "#*>'0'J+ ,*%+ $O$4,>*+ <*4+ ,*>"2%$&'/*+
$O,'/#PC$>J+<*4*+#$+">2#&%'+/'+6"82%'+dNkJ+'.'"O*+',%$#$/&'0'+tauN+
fk+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+dV+3G&*0*#+@*/#&%2&"C*#+
+
9"8+dNk+T+l*/'+*/0$+*+"#*>'4$/&*+6*"+<*%&'0*+/'+$/C*>C$/&$+0*+8'&*+4$&H>"<*+0$+6"O'()*+4$<_/"<'+$+,%$$/<D"0*+
<*4+,*>"2%$&'/*+$O,'/#PC$>+
+
'A$B*''%;(+@'%/2$324$;(5@-)325*24$
Z%'0"<"*/'>4$/&$+ *#+ <D24.'0*2%*#+ #)*+ ,%$$/<D"0*#+ <*4+ '%8'4'##'N+ F#&'+ &$4+ *+ 4$#4*+ &%'(*+ 0'+
'%8'4'##'+'<"4'+0$#<%"&'+2#'0'+,'%'+*#+<D24.'0*2%*#+0*#+'8%'6*#J+*2+#$S'+bVa+'+bVd+r<"4$/&*+5*%&>'/0+
$+ '%$"'s+ *2+ bVbVf+ '+ bVbVi+ r<"4$/&*+ 5*%&>'/0J+ <'>+ $+ '%$"'sJ+ <*4+ '%$"'+ >"4,'+ 0$+ 8%'/2>*4$&%"'+ $/&%$+
cNcck44+$+*#+d44N+F#&$+G+24+4G&*0*+L2$+,*0$+#$%+2#'0*+&'/&*+$4+,'%$0$#+0$+.$&)*J+<*4*+0$+&"S*>*+
<$%_4"<*+$+&"S*>*+$4+.>*<*#N+
F4+ C$?+ 0$+ '%8'4'##'+ ,*0$+ &'4.G4+ 2#'%T#$+ <"4$/&*+ 0$+ #$<'8$4+ %H,"0'+ L2$+ &%'?+ 24+ '24$/&*+ 0$+
%$/0".">"0'0$+0*+&%'.'>D*+,*"#+/)*+G+/$<$##H%"*+$#,$%'%+&'/&*+&$4,*+,$>'+#$<'8$4+0*#+<D24.'0*2%*#N+
F#&$+ <"4$/&*+ G+ 2#2'>4$/&$+ 2#'0*+ $4+ '>C$/'%"'#+ ,'%'+ ,%$$/<D$%+ '+ &*&'>"0'0$+ 0*+ .>*<*+ */0$+ #$+ C'"+
,%$/0$%+*+8'&*J+<%"'/0*+0$#&$+4*0*+24+.*4+,*/&*+0$+'/<*%'8$4N+-+<"4$/&*+0$+#$<'8$4+%H,"0'+C$4+
2#2'>4$/&$+$4+#'<*#J+<*4+'+4"#&2%'+SH+0*#$'0'+$+,%*/&'+'+#$%+2#'0'J+#$/0*+',$/'#+/$<$##H%"*+S2/&'%+
H82'N+ A2'/0*+ #$+ 2#'+ <"4$/&*+0$+#$<'8$4+%H,"0'+<*/CG4+,%$,'%'%+,$L2$/'#+L2'/&"0'0$#+0$+ <"4$/&*+
0$+ <'0'+ C$?J+ ,'%'+ 24+ *2+ 0*"#+ <D24.'0*2%*#J+ ,'%'+ 8'%'/&"%+ L2$+ $#&$+ /)*+ #$<'+ '/&$#+ 0'+ #2'+ ',>"<'()*+
r6"82%'+dNhsN+A2'/0*+#$+,%$$/<D$4+*#+62%*#+<*4+'%8'4'##'+*2+<"4$/&*+0$+#$<'8$4+%H,"0'+G+"4,*%&'/&$+
D24$0$<$%+*#+62%*#+'/&$#+0'+<*>*<'()*+0*+>"8'/&$J+<*4*+#$+">2#&%'+/'+6"82%'+dNbcN+
+
9"8+dNh+T+5%$,'%'()*+0$+,$L2$/'+L2'/&"0'0$+0$+<"4$/&*+0$+#$<'8$4+%H,"0'+,'%'+,%$$/<D"4$/&*+0*#+
<D24.'0*2%*#+
+
fh+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
+
9"8+dNbc+T+^"4,$?'+$+4*>D'8$4+0*+62%*+,'%'+*+<D24.'0*2%*+
+
-+<"4$/&*+*2+'+'%8'4'##'+0*+<D24.'0*2%*J+0$,*"#+0$+<*>*<'0*+r6"82%'+dNbbsJ+0$C$+#$%+'>"#'0*+<*4+24'+
&'>*<D'+,'%'+/"C$>'%+*+4'&$%"'>+$4+$O<$##*+r6"82%'+dNbasN+
+
9"8+dNbb+T+@D24.'0*2%*+,%$$/<D"0*+<*4+<"4$/&*+0$+#$<'8$4+%H,"0'+0$,*"#+0$+',>"<'0*+
+
+
9"8+dNba+T+7#,$<&*+6"/'>+0*+<D24.'0*2%*+0$,*"#+0$+'>"#'0*+<*4+24'+&'>*<D'+
gc+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+dV+3G&*0*#+@*/#&%2&"C*#+
<A$:(5@-)325*24$;2@$;)@+4)$C.M4/+;)$'$-5;()4$=5P@+;)4$
-2&%*+4G&*0*+2#'0*+,'%'+<D24.'%+*#+8'&*#+I+,'%$0$+G+'&%'CG#+0$+<'4"#'#+,>H#&"<'#+$+.2<D'#+L2P4"<'#N+
F#&$+ 4G&*0*+ G+ /*%4'>4$/&$+ 2#'0*+ $4+ &"S*>*#+ <$%_4"<*#+ $+ <*/#"#&$+ /'+ "/&%*02()*+ 0$+ 24'+ <'4"#'+
,>H#&"<'+#$4$>D'/&$+H+">2#&%'0'+/'+6"82%'+dNbdJ+<*4+'#+>'&$%'"#+$4+%$0$J+/24+62%*+%$'>"?'0*+/*+#2,*%&$N+
F#&'+ <'4"#'+ ,>H#&"<'+ G+ 0$,*"#+ <D$"'+ <*4+ <*>'J+ L2$+ &%'/#.*%0'+ ,$>*#+ *%"6P<"*#+ 0'+ <'4"#'+ 6*%4'/0*+ 24+
.*>.*+0$/&%*+0*+&"S*>*J+6"O'/0*T'+'##"4+'*+#2,*%&$N+-+8'&*+,*0$+0$,*"#+#$%+"/&%*02?"0*+/'+<*>'+$O"#&$/&$+
0$/&%*+0'+<'4"#'N+
+
+
9"8+dNbd+T+@'4"#'+,>H#&"<'+2#'0'+,'%'+'+%$'>"?'()*+0$+.2<D'#+L2P4"<'#+$4+,'%$0$#+0$+'>C$/'%"'+tdbu+
+
5'%'+%$'>"?'%+24+<D24.'0*2%*+<*4+<'4"#'+,>H#&"<'+G+/$<$##H%"*+#$82"%+CH%"*#+,'##*#J+&'>+<*4*+">2#&%'0*+
/'+ 6"82%'+ dNbfN+ F4+ ,%"4$"%*+ >28'%+ %$'>"?'T#$+ 24+ 62%*+ <*4+ *+ 0"_4$&%*+ $+ ,%*62/0"0'0$+ "/0"<'0*#+ ,$>*+
6'.%"<'/&$+ 0'#+ <'4"#'#+ ,>H#&"<'#+ rbsJ+ L2$+ 0$C$+ #$%+ >"4,*+ 0$+ ,*$"%'#J+ */0$+ #$+ "/#$%$+ 0$+ #$82"0'+ 24'+
<'4"#'+ ,>H#&"<'+ rasN+ !$,*"#+ '+ <'4"#'+ G+ ,%$$/<D"0'+ rds+ <*4+ '+ <*>'+ *2+ '+ %$#"/'+ $#<*>D"0'+ '&%'CG#+ 0$+ 24+
."<*+ 4"#&2%'0*%+ rfs+ L2$+ #$+ <*>*<'+ /'+ $O&%$4"0'0$+ 0*+ %$<","$/&$+ 0'+ %$#"/'J+ <*4+ '+ 'S20'+ 0$+ 24'+
6$%%'4$/&'+,'%'+"/S$<&'%+*+,%*02&*+,'%'+0$/&%*+0'+<'4"#'+rgsN+-+8'&*+4$&H>"<*+,*0$+$/&)*+#$%+"/#$%"0*+
0$/&%*+ 0'+ <'4"#'+ risJ+ #$/0*+ ',$/'#+ ,%$<"#*+ $#,$%'%+ *+ &$4,*+ /$<$##H%"*+ ,'%'+ L2$+ '+ %$#"/'+ 8'/D$+
%$#"#&K/<"'+#26"<"$/&$+'/&$#+0$+<*>*<'%+'#+,$0%'#N+
+
+
+
+
+
gb+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
b
+a
g
+d
+f
+i
+
+
9"8+dNbf+T+!"C$%#*#+,'##*#+$+4'&$%"'>+/$<$##H%"*+,'%'+'+%$'>"?'()*+0$+24+<D24.'0*2%*+<*4+<'4"#'+,>H#&"<'+$4+
'>C$/'%"'+0$+&"S*>*+tdbu+
+
7,%$#$/&'T#$+/'+6"82%'+dNbg+24'+C"#&'+$4+<*%&$+0*+'#,$<&*+0*#+<D24.'0*2%*#+%$'>"?'0*#+<*4+<'4"#'#+
,>H#&"<'#+/24+&"S*>*+0$+'>C$/'%"'N+
+
9"8+dNbg+T+="#&'+$4+<*%&$+0*+'#,$<&*+0*#+<D24.'0*2%*#+%$'>"?'0*#+<*4+<'4"#'#+,>H#&"<'#+/*+&"S*>*+tdau+
+
F#&$+ 4G&*0*+ %$#2>&'+ 4'"#+ <'%*+ 0*+ L2$+ *+ <"4$/&*+ <*>'+ 0$C"0*+ I+ L2'/&"0'0$+ 0$+ <*>'+ /$<$##H%"'Q+
/*%4'>4$/&$+ <'0'+ ."#/'8'+ 0$+ <*>'+ #$%C$+ ,'%'+ $/<D$%+ $/&%$+ i+ '+ k+ <'4"#'#N+ A2'/0*+ #$+ 2#'4+ $#&'#+
<'4"#'#+ ,'%'+ 8'%'/&"%+ '+ 6"O'()*+ 0*#+ 8'&*#J+ '>82/#+ '#,$<&*#+ <*/#&%2&"C*#+ L2$+ ,*0$%"'4+ "/6>2$/<"'%+ '+
L2'>"0'0$+ 0*+ &%'.'>D*+ #)*+ #"4,>"6"<'0*#N+ !$"O'+ 0$+ #$%+ /$<$##H%"*J+ ,*%+ $O$4,>*J+ &$%+ $4+ '&$/()*+ *+
<*4,%"4$/&*+ $+ 0"_4$&%*+ 4P/"4*#+ 0*#+ 62%*#+ ,'%'+ <*>*<'%+ *#+ 8'&*#+ ,*"#+ *+ &'4'/D*+ 0'+ <'4"#'+ ,>H#&"<'+
8'%'/&$+*#+4P/"4*#+$O"8PC$"#V+#$+'+<'4"#'+<*2.$%+/*+62%*+6$"&*+$/&)*+$#&$+&$4+*+&'4'/D*+<*%%$<&*N+
+
ga+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+dV+3G&*0*#+@*/#&%2&"C*#+
&A$:(5@-)325*24$;2@$-5;()4$=5P@+;)4$
-+4G&*0*+0$+6"O'()*+'<"4'+0$#<%"&*+&'4.G4+G+,'##PC$>+0$+#$%+2#'0*+$4+?*/'#+0$+.$&)*J+/)*+#$/0*+/*+
$/&'/&*+/$<$##H%"*+*+2#*+0'+<'4"#'+,>H#&"<'N+
5'%'+ %$'>"?'%+ 24+ <D24.'0*2%*+ <*4+ .2<D'#+ L2P4"<'#+ $4+ .$&)*+ 0$C$4*#+ #$82"%+ 24'+ #$L2K/<"'+ 0$+
,'##*#+">2#&%'0*#+/'+6"82%'+dNbiJ+L2$+#$+',%$#$/&'+0$+#$82"0'N+5%"4$"%*+6'?T#$+24+62%*+/*+.$&)*+<*4+'#+
0"4$/#M$#+%$<*4$/0'0'#+,$>*+6'.%"<'/&$+0'#+.2<D'#+rbsN+F#&$+62%*+0$C$+#$%+.$4+>"4,*+0$+,*$"%'#+'/&$#+
0$+#$%+"/S$<&'0*+<*4+'+%$#"/'+rasN+F#&'+G+0$,*"#+"/S$<&'0'+/*+62%*+<*4+*+'2OP>"*+0$+24+."<*+4"#&2%'0*%+$+
0$+24'+6$%%'4$/&'+0$+"/S$<()*+rdsN+-+8'&*+,*0$+$/&)*+#$%+"/&%*02?"0*+/'+%$#"/'+rfsJ+D'C$/0*+',$/'#+'+
/$<$##"0'0$+0$+$#,$%'%+*+&$4,*+%$<*4$/0'0*+,$>*+6'.%"<'/&$+,'%'+8'%'/&"%+L2$+$#&'+'&"/S'+'+%$#"#&K/<"'+
/$<$##H%"'+,'%'+#2,*%&'%+'#+,>'<'#+,G&%$'#N+
b
+a
+d
+f
+
9"8+dNbi+j+!"C$%#*#+,'##*#+$+4'&$%"'>+/$<$##H%"*+,'%'+'+%$'>"?'()*+0$+24+<D24.'0*2%*+<*4+.2<D'#+L2P4"<'#+$4+
.$&)*+tdbu+
+
(A$K+J)012$@';?%+;)$324$&)/24$@'/M.+;24$)2$45C2*/'$
-+ ,%*<$##*+ 0$+ 6"O'()*+ 0*#+ 8'&*#+ I+ 6'<D'0'+ 0*+ $0"6P<"*+ L2$+ 0$#<%$C$4*#+ "4,>"<'+ '+ %$'>"?'()*+ 0$+
<D24.'0*2%*#+L2$+,*0$4+#$%+0$+'%8'4'##'#J+<"4$/&*+%H,"0*J+<*>'#+*2+%$#"/'#N+W*+$/&'/&*J+&'4.G4+G+
,*##PC$>+ ,%*<$0$%+ I+ 6"O'()*+ 0*#+ 8'&*#+ 2#'/0*+ 24'+ 6"O'()*+ 4$<_/"<'J+ #$4$>D'/&$+ I+ ',%$#$/&'0'+ /'+
6"82%'+dNbeN+F#&'+,*0$+#$%+$#<*>D"0'+L2'/0*+#$+&%'.'>D'+$4+?*/'#+0$+.$&)*+*2+L2'/0*+G+/$<$##H%"*+,q%+
0$+"4$0"'&*+'+6"O'()*+$4+<'%8'N+R+2#'0'+&'4.G4+<*4+6%$L2K/<"'+$4+?*/'#+0$+&$<&*#+*/0$+#$+,%$&$/0$+
#2#,$/0$%+ ,>'<'#J+ ,*"#+ /)*+ G+ /$<$##H%"*+ $#,$%'%+ L2$+ *#+ <D24.'0*2%*#+ #$L2$4+ $+ 8'/D$4+ ,%$#'+
#26"<"$/&$+,'%'+,*0$%+#2,*%&'%+'+&*&'>"0'0$+0*+,$#*+0*+$>$4$/&*+,G&%$*N+
\$+#$+*,&'%+,*%+$#&$+&",*+0$+6"O'()*J+'*+"/CG#+0*#+<D24.'0*2%*#J+*+,%*<$##*+<*/#&%2&"C*+',$/'#+0"6$%$+
/'+ 6"O'()*+ 0*#+ 8'&*#+ '*+ #2,*%&$J+ 4'/&$/0*T#$+ &20*+ *+ %$#&*N+ A2'/0*+ #$+ *,&'+ ,$>'+ 6"O'()*+ 4$<_/"<'+ G+
/$<$##H%"*+$#<*>D$%+8'&*#+4$&H>"<*#+,%$,'%'0*#+,'%'+#$%$4+6"O*#+<*4+$#&$+4G&*0*Q+,'%'+'>G4+0$+&$%$4+
*+4$<'/"#4*+0'+<'C">D'+4$&H>"<'#+0$+$O,'/#)*+&K4+&'4.G4+24'+%*#<'+L2$+,$%4"&$+%$82>'%+'+0"#&_/<"'+
$/&%$+'+6'<D'0'+$+'#+,$0%'#N+W*#+8'&*#+<D24.'0*#J+$##'+0"#&_/<"'+,*0"'+#$%+'S2#&'0'+6'?$/0*+,$/$&%'%+*+
8'&*+4'"#+*2+4$/*#+/*+<D24.'0*2%*+4'#+/$#&$+<'#*+G+/$<$##H%"*+','%'62#'%+*2+0$#','%'62#'%+'+%*#<'+
,'%'+6'?$%+0"4"/2"%+*2+'24$/&'%+$##'+0"#&_/<"'N+
+
gd+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
5'%'+ #$+ ,%*<$0$%+ I+ "/#&'>'()*+ 0$+ 24+ 6"O'0*%+ 4$<_/"<*+ G+ /$<$##H%"*+ 6'?$%+ 24+ 62%*+ /*+ #2,*%&$+ <2S*+
0"_4$&%*+ $+ ,%*62/0"0'0$+ 0$,$/0$4+ 0*+ &",*+ 0$+ 6"O'0*%+ $#<*>D"0*Q+ $#&$#+ 0'0*#+ #)*+ #$4,%$+ 6*%/$<"0*#+
,$>*+6'.%"<'/&$+0*+#"#&$4'+0$+6"O'()*+$+0$C$4+#$%+%$#,$"&'0*#N+-+62%*+0$C$+0$,*"#+#$%+>"4,*+0$+,*$"%'+$+
*+6"O'0*%+0$C$+#$%+"/#$%"0*+/*+62%*N+5*%+6"4+0$C$+',>"<'%T#$+6*%('+/*+',$%&*+0*+,'%'62#*+L2$+6'?+$O,'/0"%+
*+6"O'0*%+,'%'+L2$+$#&$+#$+6"O$+'*+#2,*%&$+tdduN+
+
9"8+dNbe+T+FO$4,>*+0$+24+6"O'0*%+4$<_/"<*+0$+','%'62#'%+,'%'+8'&*#+4$&H>"<*#+tddu+
+
+A$K5*24$%)4$C.);)4$3'$C'3*)$
-#+ 8'&*#+ 4$&H>"<*#+ ,*##2$4+ 0"#,*#"&"C*#+ r<'C">D'#+ *2+ ,"/*#s+ L2$+ ,$%4"&$4+ $#&'.$>$<$%+ '+ >"8'()*+ I#+
,$0%'#J+0$C$/0*+,$/$&%'%+/*#+&*,*#+0'#+,$0%'#+<*4+24+<*4,%"4$/&*+4P/"4*+0$+ag44N+7+4'"*%"'+0*#+
8'&*#+ 0"#,*/".">"?'0*#+ /*+ 4$%<'0*+ ,*##2"+ <'C">D'#+ *2+ ,"/*#+ <">P/0%"<*#J+ L2$+ #)*+ "/#$%"0'#+ $4+ 62%*#+
,%$#$/&$#+ /*#+ &*,*#+ 0'#+ ,>'<'#+ 0$+ ,$0%'N+ -#+ 62%*#+ 0$C$4+ #$%+ %$'>"?'0*#+ 0$+ 6*%4'+ '+ L2$+ *+ #$2+ $"O*+
<*"/<"0'+<*4+*+$"O*+0'+$#,$##2%'+0'+,>'<'+,'%'+,>'<'#+<*4+4$/*#+0$+dc+44+0$+$#,$##2%'+$+'+bxd+0'+
$#,$##2%'+<*/&'0'+'+,'%&"%+0*+,'%'4$/&*+$O&$%"*%+L2'/0*+#$+$#&)*+'+2#'%+,>'<'#+<*4+4'"#+0$+dc+44+0$+
$#,$##2%'+r6"82%'+dNbksN+
-#+62%*#+&K4+0$+&$%+24+0"_4$&%*+#2,$%"*%+$4+<$%<'+0$+b+44+'*+0*+0"_4$&%*+/$<$##H%"*+,'%'+'+<'C">D'+
*2+$#&">$&$+$+24'+,%*62/0"0'0$+g+44+#2,$%"*%+'*+<*4,%"4$/&*+0$+"/#$%()*+0*#+$#&">$&$#N+!$,*"#+0$+#$+
&$%$4+$O$<2&'0*#+*#+62%*#+/*#+&*,*#+0'#+,$0%'#J+$#&$#+0$C$4+#$%+.$4+>"4,*#+0$+,*$"%'#N+
+
9"8+dNbk+T+B$'>"?'()*+0*#+62%*#+C$%&"<'"#+/'#+>'&$%'"#+0'#+,>'<'#+0$+,$0%'+,'%'+*#+,"/*#+0$+#2,*%&$+0*#+8'&*#+
4$&H>"<*#+
$
gf+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+dV+3G&*0*#+@*/#&%2&"C*#+
EA$7C.+;)012$3)4$C'3*)4$'@$F2%)4$;2**'%/'4$
5'%'+ #$+%$'>"?'%+ '+ ,%"4$"%'+ 6"'0'+0$+,$0%'#+<*/CG4+,%$,'%'%+24'+.'#$+ 0$+#2,*%&$+D*%"?*/&'>J+ */0$+ '#+
,$0%'#+#$%)*+,*2#'0'#+$+6"<'%)*+',*"'0'#+'/&$#+0'+#$<'8$4+0*#+<D24.'0*2%*#N+F#&$+$#<*%'4$/&*+,*0$+
#$%+6$"&*+<*4+'/0'"4$#+*2+<*4+&H.2'#J+2#'/0*+<2/D'#+#$+/$<$##H%"*+,'%'+4'/&$%+'+D*%"?*/&'>"0'0$+0'#+
,$0%'#+$+'+'>&2%'+$O'<&'+0$#&'#N+
W*+ $/&'/&*+ ,'%'+ '+ <*>*<'()*+ 0'+ ,%"4$"%'+ 6"'0'+ 0$+ ,$0%'#+ 0$C$T#$+ $#,$%'%+ L2$+ '+ '%8'4'##'+ 0*#+
<D24.'0*2%*#+ &$/D'+ '0L2"%"0*+ %$#"#&K/<"'+ /$<$##H%"'+ *2+ /2/<'+ '/&$#+ 0$+ af+ D*%'#+ ',:#+ '+ '4'##'02%'+
0$#&'N+ @'#*+ #$+ 2#$+ <"4$/&*+ 0$+ #$<'8$4+ %H,"0'+ $#&$+ &$4,*+ ,*0$+ #$%+ .'#&'/&$+ $/<2%&'0*N+ -+
'##$/&'4$/&*+0'#+,>'<'#+0$+,$0%'+0'#+6"'0'#+#2,$%"*%$#+,*0$+#$%+6$"&*+$4+<*/&"/2"0'0$J+/)*+D'C$/0*+'+
/$<$##"0'0$+0$+$#,$%'%+L2$+*#+<D24.'0*2%*#+0'#+,$0%'#+"/6$%"*%$#+#$L2$4+,*%+<*4,>$&*+taduN+
5%"4$"%*+ <*>*<'4T#$+ *#+ ,"/*#+ 4$&H>"<*#+ /*#+ 8'&*#+ "/6$%"*%$#+ ,'%'+ %$<$.$%+ '+ ,>'<'+ 0$+ ,$0%'N+ !$,*"#+ G+
/$<$##H%"*+ ',>"<'%+ '+ ,$0%'J+ 6'?$/0*+ <*"/<"0"%+ *#+ 62%*#+ 0$#&'+ /*#+ ,"/*#+ 4$&H>"<*#+ 0*#+ 8'&*#+ "/6$%"*%$#N+
!$C$T#$+ 8'%'/&"%+ *+ <*%%$<&*+ ,*#"<"*/'4$/&*J+ '>"/D'4$/&*+ $+ /"C$>'4$/&*+ 0'+ ,$0%'J+ <*4+ '+ 'S20'+ 0$+
%G82'#+ 4$&H>"<'#+ $+ 24+ /PC$>J+ <*4*+ #$+ ',%$#$/&'+ /'+ 6"82%'+ dNbhN+ -#+ 8'&*#+ #2,$%"*%$#+ ,*0$4+ $/&)*+ #$%+
<*>*<'0*#J+ 0$+ 6*%4'+ "0K/&"<'+ H+ 0*#+ 8'&*#+ "/6$%"*%$#+ r6"82%'+ dNacsN+ R+ 0$,*"#+ ,*##PC$>+ <*>*<'%+ *#+ ,"/*#+
#2,$%"*%$#+0$/&%*+0*#+*%"6P<"*#+#2,$%"*%$#+0'+,$0%'+,'%'+'+6"O'%+<*%%$<&'4$/&$N+
+
9"8+dNbh+T+9"O'()*+,%*C"#:%"'+0'#+,>'<'#+0$+,$0%'+'/&$#+0$+<*>*<'()*+0*#+,"/*#+#2,$%"*%$#+
+
+
gg+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
+
9"8+dNac+T+E/#$%()*+0*#+,"/*#+/*#+8'&*#+#2,$%"*%$#+0'+,>'<'+0$+,$0%'++
+
R+42"&*+<*424+6'?$%$4T#$+*#+62%*#+"/6$%"*%$#+0'+,$0%'+0$+$#,$##2%'+4'"*%J+<*4+24+0"_4$&%*+0$+<$%<'+
0$+k+'+bc+44J+,'%'+6'<">"&'%+*+'S2#&'4$/&*+0$#&'+'L2'/0*+0'+<*>*<'()*+$+,'%'+<*4,$/#'%+'>824+$%%*+
/'#+4$0"(M$#+*2+/'+$O$<2()*+0*#+62%*#J+&'/&*+/'+,$0%'+<*4*+/'+6'<D'0'N+-#+62%*#+,*0$4+0$,*"#+#$%+
<*>4'&'0*#+<*4+#">"<*/$J+<*>'#+*2+'%8'4'##'N+w#'T#$+,%$6$%$/<"'>4$/&$+<*>'+*2+#">"<*/$+,'%'+,%$$/<D$%+
*#+62%*#+"/6$%"*%$#+0'+,$0%'+$+#*>"0"6"<'T>'+'*+8'&*Q+G+/$<$##H%"*+,%$$/<D$%+*#+62%*#+"/6$%"*%$#+0'+,$0%'+
'/&$#+ 0$+ $#&'+ #$%+ <*>*<'0'J+ ,'%'+ L2$+ L2'/0*+ *#+ ,"/*#+ "/6$%"*%$#+ ,$/$&%$4+ /*#+ 62%*#+ 0'+ ,$0%'+ 6"L2$4+
<*>'0*#N+
W*#+62%*#+#2,$%"*%$#+0'+,$0%'+'<*/#$>D'T#$+#$4,%$+*+2#*+0$+<'4"#'#+,>H#&"<'#+r#$4$>D'/&$#+H+">2#&%'0'+
/'+6"82%'+dNabs+L2$+,*0$4+#$%+<*>'0'#+I+,$0%'+<*4+24+,*2<*+0$+#">"<*/$N+F#&'#+62/<"*/'4+<*4*+24'+
.2<D'+L2$+#$+"/&%*02?+/*+62%*+#2,$%"*%+0'+,$0%'+$+,$%4"&$+>".$%0'0$+0$+4*C"4$/&*+/'+0"%$<()*+,'%'>$>'+
I+0*+,"/*N+@*/CG4+#$4,%$+0$"O'%+24'+0"#&_/<"'+4P/"4'+0$+a44+$/&%$+'+,'%&$+'<D'&'0'+0*+#2,*%&$+0$+
6"O'()*+ $+ '+ ,'%&$+ #2,$%"*%+ 0'+ ,$0%'+ "/6$%"*%N+ F#&'+ 6*>8'+ ,$%4"&$+ '>824'+ 4*C"4$/&'()*+ 0'#+ ,$0%'#+ $4+
<'#*+0$+0$6*%4'()*+0*+#2,*%&$+,*"#+'+<'4"#'+,>H#&"<'+,*0$+<*%%$%+/*+,"/*+4$&H>"<*+tbhuN+
+
9"8+dNab+T+5"/*+4$&H>"<*+<">P/0%"<*+#$4+.'&$/&$+$+<'4"#'+,>H#&"<'+,'%'+,$%4"&"%+>".$%0'0$+0$+4*C"4$/&*#+I+,>'<'+0$+
,$0%'+
gi+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+dV+3G&*0*#+@*/#&%2&"C*#+
@*4+ $#&$+ ,%*<$0"4$/&*+ &$4T#$+ '+ 8'%'/&"'+ L2$+ '#+ ,$0%'#+ ,*##".">"&'4+ '+ '.#*%()*+ 0'#+ 0$6*%4'(M$#+
0"6$%$/<"'"#+'*+/PC$>+0$+<'0'+,>'<'J+*2+#$S'+L2$+'#+,$0%'#+#$+,*0$4+'S2#&'%+'+'>824'#+0$6*%4'(M$#+L2$+
,*##'4+'<*/&$<$%J+&'/&*+/*+$0"6P<"*+<*4*+/*#+#2,*%&$#J+#$4+,'%&"%+*2+%'<D'%J+C"#&*+L2$J+,*%+24+>'0*J+'+
<*>'+ *2+ #">"<*/$+ 2#'0*#+ &$4+ '>824'+ $>'#&"<"0'0$+ $J+ ,*%+ *2&%*J+ '+ >"8'()*+ 0'+ <'4"#'+ ,>H#&"<'+ <*4+ *+ ,"/*+
/)*+G+<*>'0'+*+L2$+,$%4"&$+4*C"4$/&*N+
@*4*+ SH+ 6*"+ %$6$%"0*+ '&%H#J+ $4+ ?*/'#+ D*%"?*/&'"#+ 0$+ "/P<"*+ *2+ &G%4"/*+ 0*+ %$C$#&"4$/&*+ 0$+ ,$0%'+ ,*0$+
2&">"?'%T#$+ '+ 6"O'()*+ 0'#+ ,$0%'#+ ,$>*#+ &*,*#+ C$%&"<'"#+ ,'%'+ L2$+ *#+ 8'&*#+ /)*+ 6"L2$4+ C"#PC$"#N+ 5'%'+ #$+
%$'>"?'%+ $##'+ 6"O'()*+ *#+ ,%*<$##*#+ <*/#&%2&"C*#+ #)*+ $4+ &20*+ "82'"#+ '*#+ SH+ 0$#<%"&*#N+ R+ /*+ $/&'/&*+
/$<$##H%"*+ %$<*%0'%+ L2$+ 24'+ ,$0%'+ /)*+ ,*0$+ 6"<'%+ 6"O'+ #"42>&'/$'4$/&$+ ,$>*#+ &*,*#+ D*%"?*/&'"#+ $+
C$%&"<'"#N+ 5*%+ $##$+ 4*0*J+ #$4,%$+ L2$+ $O"#&'+ '+ 420'/('+ 0$+ 6"O'()*+ 0*#+ &*,*#+ C$%&"<'"#+ ,'%'+ *#+
D*%"?*/&'"#+G+/$<$##H%"*+&$%+$4+'&$/()*+L2$+#$+0$C$4+2#'%+,"/*#+'0',&'0*#+,'%'+$##'+#"&2'()*+r4$"*#+
,"/*#s+<*4*+#$+">2#&%*2+/'+6"82%'+aNk+0*+<',P&2>*+aN+
+
.A$7C.+;)012$3)4$C'3*)4$%)4$F2%)4$3'$)%;2*)&'%4$324$)%3)+@'4$
!2%'/&$+ *+ ,%*<$##*+ <*/#&%2&"C*+ 0*+ %$C$#&"4$/&*+ 0'+ 6'<D'0'J+ /'+ 4'"*%"'+ 0'#+ <*/#&%2(M$#+ #)*+ 2#'0*#+
'/0'"4$#+ $O&$%"*%$#+ '*+ $0"6P<"*+ L2$+ $#&)*+ '/<*%'0*#+ $4+ <$%&'#+ ?*/'#+ 0'+ 6'<D'0'N+ W$##'#+ ?*/'#+ /)*+ G+
,*##PC$>+<*>*<'%+'#+,$0%'#+0$+%$C$#&"4$/&*J+#$/0*+<*424+0$"O'%+24'+,$0%'+,*%+<*>*<'%+/'#+?*/'#+*/0$+
*+ '/0'"4$+ #$+ 6"O'+ '*+ ,%G0"*N+ ]+ 4$0"0'+ L2$+ *#+ '/0'"4$#+ C)*+ #$/0*+ 0$#4*/&'0*#J+ /*+ 6"/'>+ 0'+ *.%'J+ G+
,*##PC$>+ "%+ <*>4'&'/0*+ $##'#+ ?*/'#+ */0$+ /)*+ #$+ "/#&'>'%'4+ *#+ $>$4$/&*#+ ,G&%$*#N+ W*+ $/&'/&*J+ /)*+ G+
,*##PC$>+<*>*<'%+'#+,$0%'#+<*4*+#$+&$4+C"/0*+'+6'?$%+'&G+$##'+'>&2%'+,*"#+*#+,"/*#+0'#+,$0%'#+#2,$%"*%$#+
$+ "/6$%"*%$#+ SH+ $#&'%"'4+ "/#&'>'0*#N+ W$#&$+ <'#*+ *+ L2$+ G+ 2#2'>+ 6'?$%+ GJ+ 02%'/&$+ '+ <*/#&%2()*J+ 0$"O'%+ *#+
,"/*#+ "/6$%"*%$#+ ,%*/&*#+ ,'%'+ %$<$.$%+ '+ ,$0%'+ L2$+ /)*+ ,q0$+ #$%+ "/#&'>'0'J+ $/L2'/&*+ L2$+ /'+ ?*/'+
#2,$%"*%+#$+2#'4+4$"*#+,"/*#+*2+,"/*#+0$+'%%'/L2$+,'%'+'+,$0%'+#2,$%"*%+<*4*+#$+">2#&%'+/'+6"82%'+dNaaN+
+
9"8+dNaa+T+F#L2$4'+L2$+">2#&%'+*+4G&*0*+0$+',>"<'()*+0$+,$0%'#+/'#+?*/'#+0$+'/<*%'8$4+0*#+'/0'"4$#+
+
ge+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
A2'/0*+ G+ ,*##PC$>+ "/#&'>'%+ '+ ,$0%'+ $4+ 6'>&'J+ 2#'4T#$+ *#+ ,"/*#+ "/6$%"*%$#+ ,'%'+ ',*"'%+ '+ ,$0%'+ $+
#2.#&"&2$4T#$+ *#+ ,"/*#+ 0$+ #2,*%&$+ #2,$%"*%$#+ ,*%+ 24'+ 6"O'()*+ /*+ &'%0*?+ 0'+ ,$0%'N+ R+ /$<$##H%"*+ 6'?$%+
0*"#+ $/&'>D$#+ /*+ &'%0*?+ 0'+ ,$0%'+ $4+ 6*%4'+ 0$+ <'20'+ 0$+ '/0*%"/D'+ L2$+ #)*+ ,%$$/<D"0*#+ <*4+ <*>'N+
!$,*"#+ .'#&'+ <*>*<'%+ 24+ ,*2<*+ 0$+ <*>'+ /*#+ 62%*#+ "/6$%"*%$#+ 0'+ ,>'<'+ L2$+ #)*+ '>"/D'0*#+ <*4+ *#+ ,"/*#+
"/6$%"*%$#+ $+ $/<*#&'%+ '+ ,'%&$+ #2,$%"*%+ 0'+ ,$0%'+ ,'%'+ L2$+ *#+ 6"O'0*%$#+ ,$/$&%$4+ /'+ <*>'+ ,%$#$/&$+ /*+
%'#8*+6$"&*+/'+,$0%'N+!$#&$+4*0*+G+,*##PC$>+8'%'/&"%+'+6"O'()*+0$+24'+,$0%'+',>"<'0'+,*#&$%"*%4$/&$+'+
4$"*+0'+6'<D'0'+<*4+&*0'+'+#$82%'/('+tbhuN+
+
@A$7C.+;)012$3)4$C'3*)4$'@$F2%)4$2%3'$()E)$;+*;5.)012$3'$C'442)4$25$@M=5+%)4$
A2'/0*+#$+$#&H+'+6'?$%+*+%$C$#&"4$/&*+0$+24'+6'<D'0'+0$+24+$0"6P<"*+/24'+?*/'+*/0$+D'S'+<"%<2>'()*+
0$+,$##*'#J+G+'<*/#$>DHC$>+/)*+2#'%+#"#&$4'#+0$+6'<D'0'+C$/&">'0'+<*4*+8'&*#+4$&H>"<*#+/'#+?*/'#+4'"#+
.'"O'#J+'<$##PC$"#+I#+,$##*'#N+W'+%$'>"0'0$+$#&$+&",*+0$+6'<D'0'+/)*+%$#"#&$+.$4+'+<D*L2$#+*2+,'/<'0'#J+
D'C$/0*+*+%"#<*+0$+'#+,$0%'#+#$+,'%&"%$4N+F4+?*/'#+0$+<"%<2>'()*+0$+,$##*'#J+C$P<2>*#+*2+<'%8'+'#+,>'<'#+
,G&%$'#+6"<'4+#2.#&'/<"'>4$/&$+4'"#+C2>/$%HC$"#+#$/0*+,*%+"##*+,%$6$%PC$>+*,&'%+,*%+24'+6'<D'0'+4'"#+
%$#"#&$/&$+ '+ $#&$+ &",*+ 0$+ '8%$##M$#J+ <*4*+ G+ *+ <'#*+ 024'+ ?*/'+ 0$+ ,$0%'#+ <*>'0'#+ *2+ #$>'0'#N+ F4+
6'<D'0'#+<*4+6"O'()*+0"%$<&'+*+%"#<*+0$+L2$.%'+0'#+,$0%'#+0$C"0*+'+"4,'<&$#+G+4$/*%+C"#&*+L2$+&*0'+'+
H%$'+ 0'+ ,>'<'+ ,G&%$'+ #$+ $/<*/&%'+ ',*"'0'+ /'+ ,'%$0$N+ W$#&$+ <'#*+ 0$C$4+ #$%+ #$82"0'#+ &*0'#+ '#+
%$<*4$/0'(M$#+,'%'+6'<D'0'#+0$+,$0%'+<*4+6"O'()*+0"%$<&'+'<"4'+"/0"<'0'#N+
-2&%'+#*>2()*+L2$+,*0$+#$%+<*/#"0$%'0'+G+%$'>"?'()*+0$+24+%$C$#&"4$/&*+<*4+%$<2%#*+'+8'&*#+4$&H>"<*#+
4'#+ <*4+ 24'+ <'"O'+ 0$+ '%+ ,%$$/<D"0'N+ !$#&$+ 4*0*J+ 8'%'/&$T#$+ 24'+ 4'"*%+ %$#"#&K/<"'+ 0'#+ ,$0%'#+ '*#+
<D*L2$#+ #$4+ #$%+ /$<$##H%"*+ 420'%+ 0$+ #"#&$4'+ 0$+ 6"O'()*+ '*+ >*/8*+ 0'+ *.%'N+ 5'%'+ %$'>"?'%+ $#&$+ &",*+ 0$+
,%$$/<D"4$/&*+0'+<'"O'+0$+'%+<*#&24'+,%*<$0$%T#$+0'+#$82"/&$+6*%4'N+5%"4$"%'4$/&$+<*>*<'T#$+'+,$0%'+
/*+#$2+>*<'>+2#'/0*+*#+8'&*#+4$&H>"<*#+0$+6*%4'+&%'0"<"*/'>J+<*4*+SH+6*"+0$#<%"&*+'/&$%"*%4$/&$N+!$,*"#+
0'#+,$0%'#+"/6$%"*%$#+$#&'%$4+<*>*<'0'#J+.'#&'+,%$$/<D$%+'+<'"O'+0$+'%+<*4+'%8'4'##'J+L2$+G+0$#,$S'0'+
<*4+.'>0$#+*2+<*>D$%$#+0$+*.%'+&$/0*+*+<2"0'0*+0$+/)*+#2S'%+'+#2,$%6P<"$+0'+,$0%'N++
+
%A$B*''%;(+@'%/2$3)4$E5%/)4$'%/*'$C.);)4$3'$C'3*)$
!$,*"#+0$+#$+&$%$4+',>"<'0*+'#+,$0%'#+/'+6'<D'0'+$+',:#+#$<'8$4+0'#+'%8'4'##'#J+<*>'#+$+#">"<*/$#J+#$+
6*%+0$#$S'0*J+,*0$+,%*<$0$%T#$+'*+,%$$/<D"4$/&*+0'#+S2/&'#+$/&%$+,$0%'#N+@*4*+#$+C"2+'/&$%"*%4$/&$J+
*#+ 8'&*#+ ,*##".">"&'4+ '>824'+ '.#*%()*+ 0$+ 4*C"4$/&*#+ 0'#+ ,>'<'#Q+ '#+ S2/&'#+ $/&%$+ ,>'<'#+ 0$C$4+
,*%&'/&*+ #$%+ ,%$$/<D"0'#+ <*4+ 4'&$%"'"#+ $>H#&"<*#+ $+ /2/<'+ <*4+ '%8'4'##'#+ L2$+ "4,$('4+ '#+
0$6*%4'(M$#N+@*4+'+#$>'8$4+0$+&*0'#+'#+S2/&'#+<%"'T#$+24'+6'<D'0'+C$/&">'0'J+*/0$+*+'%+',$/'#+,*0$+
$/&%'%+$+#'"%+,*%+<"4'+$+,*%+.'"O*+$+/)*+'*+>*/8*+0'+6'<D'0'N+F#&$+<*4,*%&'4$/&*+&%'?+.$/$6P<"*#+/*+
L2$+0"?+%$#,$"&*+'*+<*/6*%&*+&G%4"<*+0*+$0"6"<*+$+I+C$/&">'()*+0'+<'"O'+0$+'%+L2$+0"4"/2"+'#+D24"0'0$#N++
@'#*+ #$+ *,&$+ ,$>'+ ',>"<'()*+ 0$+ 4H#&"L2$+ /'#+ S2/&'#J+ <*/CG4+ 6'?$%+ 24+ &$#&$+ /24'+ ,$0%'+ 0$+
<'%'<&$%P#&"<'#+"82'"#+I#+L2$+6*%'4+2#'0'#+/'+6'<D'0'+,'%'+C$%"6"<'%+#$+*+4H#&"L2$+/)*+4'/<D'+'+,$0%'N+
gk+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+dV+3G&*0*#+@*/#&%2&"C*#+
W*+ $/&'/&*J+ %'%'4$/&$+ #$+ ,%*<$0$+ '*+ 6$<D*+ 0'#+ S2/&'#+ ,*%+ $#&'+ *,$%'()*+ %$#2>&'%+ 42"&*+ 0$4*%'0'+ $+
0"#,$/0"*#'N+
\$+ '#+ S2/&'#+ 6*%$4+ ,%$$/<D"0'#J+ 0$,*"#+ 0'+ %$'>"?'()*+ 0*+ &%'.'>D*+ 0$C$4*#+ ,%*<$0$%+ I+ >"4,$?'+ 0*+
$O<$##*+ 0$+ 4'&$%"'>+ 0$+ ,%$$/<D"4$/&*+ L2$+ &$/D'+ $C$/&2'>4$/&$+ 6"<'0*+ /'#+ ,>'<'#+ ,G&%$'#J+ $/L2'/&*+
$#&$+'"/0'+#$+$/<*/&%'+6%$#<*N+
+
QN=NQ&92+,$+$,"&'(&2$/*,+(&.#+(,3]'."&
!$C"0*+'*+8%'/0$+/U4$%*+0$+&",*#+0$+#"#&$4'#+0$+6"O'()*+"/0"%$<&'+0$+,$0%'+$4+6'<D'0'#+%$<*%%$/0*+'+
24'+ $#&%2&2%'+ "/&$%4G0"'+ 0$+ #2,*%&$+ G+ 0"6P<">+ 0$6"/"%+ ,%*<$0"4$/&*#+ 8$%'"#+ ,'%'+ '+ %$'>"?'()*+ 0$#&$+
4G&*0*+ 0$+ %$C$#&"4$/&*+ 0$+ 6'<D'0'#N+ FO"#&$4J+ /*+ $/&'/&*J+ '>82/#+ ,%*<$0"4$/&*#+ <*42/#+ '+ &*0*#+ *#+
4G&*0*#+ $+ I#+ CH%"'#+ 4'%<'#+ 0$+ ,%*02&*#+ L2$+ <*4$%<"'>"?'4+ $#&$#+ #2,*%&$#N+ !$#<%$C$T#$J+ 0$+ #$82"0'J+
0*"#+&",*#+0$+#"#&$4'#N+-+,%"4$"%*+#"#&$4'+G+<*4,*#&*+,*%+d+,'%&$#V+*#+#2,*%&$#+L2$+6"O'4+'+$#&%2&2%'+I+
6'<D'0'J+ *#+ $>$4$/&*#+ C$%&"<'"#+ $+ *#+ $>$4$/&*#+ L2$+ 6"O'4+ '#+ ,$0%'#+ I+ $#&%2&2%'J+ $/L2'/&*+ L2$+ *+
#$82/0*+,*##2"+'>G4+0*#+$>$4$/&*#+SH+%$6$%"0*#+$>$4$/&*#+D*%"?*/&'"#+r6"82%'+dNadsN+
+
+
9"8+dNad+T+FO$4,>*+0$+6'<D'0'+%$C$#&"0'+'+,$0%'+%$'>"?'0'+<*4+$#&%2&2%'+"/&$%4G0"'+0$+#2,*%&$++
+
)A$N%4/).)012$3)$'4/*5/5*)$3'$45C2*/'$
5%"4$"%'4$/&$J+ $+ ,'%'+ L2'>L2$%+ 0*#+ #"#&$4'#J+ G+ /$<$##H%"*+ "/#&'>'%+ &*0'+ '+ $#&%2&2%'+ 0$+ #2,*%&$+ /'+
6'<D'0'+ 0'+ ?*/'+ '+ %$C$#&"%J+ $O$<2&'/0*+ '#+ 6"O'(M$#+ I+ 6'<D'0'+ '&%'CG#+ 0$+ 8'&*#+ <D24.'0*#+ <*4+
'%8'4'##'#J+<"4$/&*#+0$+#$<'8$4+%H,"0'J+<*>'#+*2+'&%'CG#+0$+4G&*0*#+4$<_/"<*#N+
-#+ 4G&*0*#+ 0$+ 6"O'()*+ 4$<_/"<*#+ #)*+ 42"&*+ 2#'0*#+ L2'/0*+ '#+ 6"O'(M$#+ #)*+ $6$<&2'0'#+ $4+ .$&)*+
r,">'%$#J+C"8'#+*2+>'S$#s+*2+,'%'+'>824'#+$#&%2&2%'#+0$+#2,*%&$+"/&$%4G0"*+L2$+',$/'#+,*0$4+#$%+6"O'#+
+
gh+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
%$<*%%$/0*+ '+ 4G&*0*#+ 0$+ 6"O'()*+ 4$<_/"<*#N+ 7/&$#+ 0*+ ,%*<$0$%+ I+ 6"O'()*+ 0*#+ #2,*%&$#+ G+ /$<$##H%"*+
<*%&'%+'#+,>'<'#+0$+"#*>'4$/&*+*2+%$&"%'%+*+"#*>'4$/&*+/'+?*/'+*/0$+#$+C)*+6'?$%+*#+62%*#N+
@*/CG4+ %$>$4.%'%+ L2$J+ &'>+ <*4*+ /*#+ *2&%*#+ 4G&*0*#+ '.*%0'0*#+ '/&$%"*%4$/&$J+ '#+ S2/&'#+ $/&%$+ 0*"#+
#2,*%&$#+ 0$+ 4'&$%"'"#+ 0"6$%$/&$#+ *2+ '#+ S2/&'#+ 0$+ 0">'&'()*+ 0*#+ $0"6P<"*#+ 0$C$4+ #$%+ %$,>"<'0'#+ /'+
$#&%2&2%'+0$+#2,*%&$+0'#+,$0%'#N+!$+*2&%'+6*%4'J+,*0$%"'4+D'C$%+$#6*%(*#+'<%$#<"0*#+/'+$#&%2&2%'+ 0$+
4$&'>+L2$+,*0$%"'+0$#,%$/0$%T#$+0'+6'<D'0'+*2+,'%&"%T#$N+
+
-A$B*2;'3+@'%/24$C)*)$)$+%4/).)012$3'$4+4/'@)4$3'$45C2*/'$+%/'*@O3+2$4'@$'.'@'%/24$(2*+F2%/)+4$
-#+ ,%*<$0"4$/&*#+ #$82"/&$#+ ,'%'+ '+ "/#&'>'()*+ 0*+ ,%"4$"%*+ #"#&$4'+ 0$+ 6"O'()*+ r'L2$>$+ L2$+ /)*+ ,*##2"+
$>$4$/&*#+D*%"?*/&'"#s+#)*+'8*%'+0$#<%"&*#N+!$,*"#+0$+#$+&$%$4+6"O*+*#+#2,*%&$#+/'+6'<D'0'J+G+/$<$##H%"*+
6"O'%+ *#+ $>$4$/&*#+ C$%&"<'"#+ /*#+ #2,*%&$#J+ '&%'CG#+ 0$+ ,'%'62#*#+ *2+ *2&%*#+ $>$4$/&*#+ 6*%/$<"0*#+ ,$>'+
4'%<'+ 0'#+ 6"O'(M$#N+ FO"#&$4+ 4'%<'#+ L2$+ C$/0$4+ $O&$/#M$#+ L2$+ #)*+ 6"O'#+ '*#+ #2,*%&$#+ ,'%'+ 6'?$%+
'24$/&'%+ '+ 0"#&_/<"'+ $/&%$+ *#+ $>$4$/&*#+ C$%&"<'"#+ $+ '+ 6'<D'0'+ 0*+ $0"6P<"*J+ 6'?$/0*+ '##"4+ '24$/&'%+ '+
<'"O'T0$T'%+ $/&%$+ '+ 6'<D'0'+ $+ *#+ $>$4$/&*#+ ,G&%$*#N+ 7+ 0"#&_/<"'+ $/&%$+ *#+ #2,*%&$#+ L2$+ 6"O'4+ *#+
$>$4$/&*#+C$%&"<'"#+&'4.G4+C'%"'+<*/6*%4$+'+4'%<'+$+4'&$%"'>+0*+#"#&$4'+"/#&'>'0*+$+*+&",*J+$#,$##2%'+
$+&'4'/D*+0'#+,$0%'#+2#'0'#J+,*0$/0*+C'%"'%+$/&%$+<*4,%"4$/&*#+0'+*%0$4+0$+b+'+a+4$&%*#N+
R+ /$#&$#+ $>$4$/&*#+ C$%&"<'"#+ L2$+ #$+ C)*+ 6"O'%+ *#+ #2,*%&$#+ ,'%'+ '#+ ,$0%'#J+ L2$+ /*%4'>4$/&$+ #)*+
<*4,*#&*#+ ,*%+ ,"/*#+ 4$&H>"<*#J+ <*4*+ /*+ 4G&*0*+ 0*#+ 8'&*#+ 4$&H>"<*#N+ 7#+ ,$0%'#+ 6"O'4T#$+ '+ $#&$#+
#2,*%&$#J+ 0*+ 4*0*+ SH+ 0$#<%"&*+ /*+ 4G&*0*+ '/&$%"*%J+ '&%'CG#+ 0$+ ,"/*#+ 4$&H>"<*#+ L2$+ ,$/$&%'4+ $4+
.2%'<*#+$O$<2&'0*#+/'#+6'<$#+0'#+,$0%'#J+$+<*>'0*#J+<*4+%$<2%#*+'+#">"<*/$#+$+<'4"#'#+,>H#&"<'#N++
+
+A$N%4/).)012$3)4$C'3*)4$Q$<+J)012$C'.24$/2C24$(2*+F2%/)+4$
@'#*+#$+*,&$+,*%+6'?$%+*#+62%*#+C$%&"<'"#+/'#+6'<$#+D*%"?*/&'"#+0'#+,$0%'#J+#$%H+/$<$##H%"*+"/#&'>'%+0*"#+
$>$4$/&*#+ C$%&"<'"#+ ,'%'+ <'0'+ 6"'0'+ 0$+ ,$0%'#N+ F#&$#+ $#&'%)*+ '6'#&'0*#+ $/&%$+ $>$#+ 0'+ 0"#&_/<"'+ L2$+
<*%%$#,*/0$+'*+<*4,%"4$/&*+&*&'>+0'+,>'<'+0$+,$0%'+'*+L2'>+#2.&%'P4*#+'+0"#&_/<"'+L2$+4$0$"'+$/&%$+
'#+6'<$#+0'+,$0%'+$+'+?*/'+*/0$+#)*+$O$<2&'0*#+*#+62%*#N+@*4*+G+2#2'>+0$"O'%+24'+0"#&_/<"'+0$+<$%<'+0$+
bxg+ 0*+ <*4,%"4$/&*+ 0'+ ,$0%'+ $/&%$+ '+ .*%0'+ 0'+ ,$0%'+ $+ *+ 62%*J+ <*/<>2"T#$+ L2$+ '+ 0"#&_/<"'+ $/&%$+ *#+
#2,*%&$#+C$%&"<'"#+G+0$+',%*O"4'0'4$/&$+dxg+0*+<*4,%"4$/&*+0'+,>'<'+0$+,$0%'+r6"82%'+dNafsN+
ic+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+dV+3G&*0*#+@*/#&%2&"C*#+
+
9"8+dNaf+T+F#L2$4'+0'+"/#&'>'()*+0'#+,$0%'#+<*4+6"O'()*+,$>*#+&*,*#+D*%"?*/&'"#+
+
++A$N%4/).)012$3)4$C'3*)4$Q$<+J)012$C'.24$/2C24$R'*/+;)+4$
Z'4.G4+G+,*##PC$>+6'?$%+*#+62%*#+D*%"?*/&'"#+/'#+6'<$#+C$%&"<'"#+0'#+,$0%'#Q+/$#&$+<'#*J+'+0"#&_/<"'+$/&%$+
*#+$>$4$/&*#+C$%&"<'"#+#$%H+"82'>+'*+<*4,%"4$/&*+0'#+,$0%'#+2#'0'#+r6"82%'+dNagsN+
+
+
9"8+dNag+T+F#L2$4'+0'+"/#&'>'()*+0'#+,$0%'#+<*4+6"O'()*+,$>*#+&*,*#+C$%&"<'"#+
+
+
+
+
+
ib+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
+++A$N%4/).)012$3)4$C'3*)4$
5'%'+ #$+ "/#&'>'%$4+ '#+ ,$0%'#J+ G+ /$<$##H%"*+ <*4$('%+ ,*%+ 6"O'%+ *#+ #2,*%&$#+ "/6$%"*%$#+ 0'#+ ,$0%'#+ 0'+
,%"4$"%'+6"'0'+/*#+$>$4$/&*#+C$%&"<'"#+0'+$#&%2&2%'+0$+#2,*%&$N+7#+,$0%'#+#)*+0$,*"#+"/#$%"0'#+/*#+,"/*#+
4$&H>"<*#+"/6$%"*%$#N+-#+,"/*#+#2,$%"*%$#+$+*#+%$#,$<&"C*#+#2,*%&$#+#)*+<*>*<'0*#+/*#+62%*#+#2,$%"*%$#+
0'+,$0%'+0*+4$#4*+4*0*+$+#$82"/0*+'#+4$#4'#+%$<*4$/0'(M$#+0*+4G&*0*+0$+8'&*#+4$&H>"<*#N++
7+,$0%'+G+$/&)*+$/<*#&'0'+I+$#&%2&2%'+0$+#2,*%&$+$+*#+#2,*%&$#+4$&H>"<*#+#2,$%"*%$#+#)*+','%'62#'0*#+I+
$#&%2&2%'N+Z'>+<*4*+SH+6*"+$O,>"<'0*+/*+4G&*0*+0*#+8'&*#+4$&H>"<*#+G+/$<$##H%"*+2#'%+<'4"#'#+0$+,>H#&"<*+
/*#+*%"6P<"*#+#2,$%"*%$#+0'+,$0%'+$+6'?$%+24+62%*+0$+0"_4$&%*+#2,$%"*%+/'+?*/'+"/6$%"*%+0'+,$0%'+L2$+G+
0$,*"#+<*>4'&'0*+<*4+#">"<*/$#+,'%'+8'%'/&"%+'+,*##".">"0'0$+0'+,$0%'+'.#*%C$%+0$6*%4'(M$#N+@*/CG4+
#$4,%$+ 0$"O'%+ 24'+ 0"#&_/<"'+ 4P/"4'+ 0$+ a44+ $/&%$+ '+ ,'%&$+ '<D'&'0'+ 0*+ #2,*%&$+ 0$+ 6"O'()*+ $+ '+ ,'%&$+
#2,$%"*%+0'+,$0%'+"/6$%"*%J+L2$+#$%C"%H+0$+6*>8'+,'%'+,$%4"&"%+0$6*%4'(M$#+tbhuN+
F#&$+ ,%*<$##*+ G+ %$,$&"0*+ '&G+ #$+ &$%$4+ <*>*<'0*+ &*0'#+ '#+ ,$0%'#+ 0'+ 6'<D'0'N+ 7#+ S2/&'#+ $/&%$+ ,$0%'#+
,*0$4+ #$%+ 6$<D'0'#+ *2+ 0$"O'0'#+ '.$%&'#N+ @'#*+ #$+ 0$<"0'+ ,%$$/<D$%+ '#+ S2/&'#J+ *+ 4'&$%"'>+ 0$+
,%$$/<D"4$/&*+ $#<*>D"0*+ 0$C$+ #$%+ 6>$OPC$>J+ <*4*+ #">"<*/$+ *2+ 4H#&"L2$Q+ /)*+ #$+ ,*0$4+ 2#'%+ 4'&$%"'"#+
%P8"0*#+<*4*+'%8'4'##'#+L2$+"4,$0"%"'4+*#+4*C"4$/&*#+0'#+,$0%'#J+,*0$/0*+<'2#'%+'+%2,&2%'+0$#&'#N+
+
;A$B*2;'3+@'%/24$C)*)$)$+%4/).)012$3'$4+4/'@)4$3'$45C2*/'$+%/'*@O3+2$;2@$'.'@'%/24$(2*+F2%/)+4$'$
R'*/+;)+4$
-+ #$82/0*+ #"#&$4'+ 0$+ 6'<D'0'#+ <*4+ $#&%2&2%'+ "/&$%4G0"'+ "/<>2"+ &*0*#+ *#+ $>$4$/&*#+ 0$#<%"&*#+ ,'%'+ *+
,%"4$"%*+4G&*0*+'*#+L2'"#+#$+'<%$#<$/&'4+$>$4$/&*#+D*%"?*/&'"#J+<*4*+#$+">2#&%'+/'+6"82%'+dNaiN+
Z'>+<*4*+/*+,%"4$"%*+4G&*0*J+*#+$>$4$/&*#+C$%&"<'"#+#)*+6"O*#+'*#+#2,*%&$#+/'+6'<D'0'+<*4+,'%'62#*#+
*2+*2&%'#+,$('#+6*%/$<"0'#N+7+0"#&_/<"'+$/&%$+$>$4$/&*#+C$%&"<'"#+/$#&$+4G&*0*+G+D'."&2'>4$/&$+4'"*%+
,*"#+ SH+ /)*+G+ "/6>2$/<"'0'+ ,$>'+ 4$0"0'+ 0*+<*4,%"4$/&*+0'#+,$0%'#+$+0$,$/0$+ 0'+4'%<'+$+0*+&",*+ 0*+
#"#&$4'+$#<*>D"0*+4'#+G+2#2'>+*,&'%$4+#$+,*%+$#,'('4$/&*#+$/&%$+b+4$&%*+$+bJg+4$&%*#N+
!$,*"#+ 0*#+ $>$4$/&*#+ C$%&"<'"#+ &$%$4+ #"0*+ 6"O*#+ '*#+ #2,*%&$#J+ G+ /$<$##H%"*+ "/#&'>'%+ *#+ $>$4$/&*#+
D*%"?*/&'"#N+ F#&$#+ #)*+ 6"O*#+ '&%'CG#+ 0$+ $/<'"O$#+ ,%:,%"*#+ L2$+ <*%%$4+ $4+ <'>D'#+ $O"#&$/&$#+ /*#+ ,$%6"#+
C$%&"<'"#+ *2+ '&%'CG#+ 0$+ ,'%'62#*#+ /*#+ $>$4$/&*#+ D*%"?*/&'"#J+ <*4+ 24+ '6'#&'4$/&*+ $/&%$+ $>$#+ L2$+
<*%%$#,*/0$+ I+ '>&2%'+ 0'#+ ,$0%'#N+ W$##$#+ ,$%6"#+ #)*+ "/#&'>'0*#+ '<$##:%"*#+ 4$&H>"<*#+ ,'%'+ #$82%'%+ '#+
,>'<'#+0$+,$0%'N+
ia+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+dV+3G&*0*#+@*/#&%2&"C*#+
+
9"8+dNai+T+5*%4$/*%+0$+24'+$#&%2&2%'+"/&$%4G0"'+0$+#2,*%&$+*/0$+#)*+C"#PC$"#+*#+$>$4$/&*#+C$%&"<'"#+$+D*%"?*/&'"#+
L2$+<*4,M$4+*+#"#&$4'+
+
+A$7;'44S*+24$3'$<+J)012$3)4$C'3*)4$
7>824'#+ 4'%<'#+ rF<>'0J+ ,*%+ $O$4,>*s+ *,&'4+ ,$>'+ <*>*<'()*+ 0$+ '<$##:%"*#+ 0$+ %$&$/()*+ 0'#+ ,>'<'#+
,G&%$'#J+',$>"0'0*#+0$+<>",#J+L2$+#$+C)*+$/<'"O'%+$4+%'#8*#+*2+<'>D'#+&'>D'0*#+/'#+,$0%'#N+R+24+4G&*0*+
0"6$%$/&$+0$+%$&$/()*+0'#+,>'<'#+,G&%$'#+0*+4G&*0*+0*#+,"/*#+2#'0*+/*#+8'&*#+4$&H>"<*#J+,*"#+$4+C$?+
0$+ #$+ 6'?$%$4+ f+ 62%*#+ $4+ <'0'+ ,$0%'+ 6'?T#$+ 24+ %'#8*+ /*#+ &*,*#+ D*%"?*/&'"#+ 0'+ ,$0%'+ '+ &*0*+ *+
<*4,%"4$/&*+0$#&'N+
F#&$+<*%&$+G+6$"&'+/'+,$0%$"%'J+'&%'CG#+0$+4HL2"/'#+<*4+0"#<*#+0$+<*%&$Q+'+,$0%'+G+0$"&'0'+/24+&',$&$+
%*>'/&$J+ $+ 24+ 0"#<*+ 0$+ <*%&$+ D*%"?*/&'>+ <*4+ <$%<'+ 0$+ b+ <4+ 0$+ $#,$##2%'+ '.%$+ 24+ %'#8*+ '*+ >*/8*+ 0*#+
&*,*#+ 0'+ ,$0%'+ r6"82%'+ dNaesN+ !$#&$+ 4*0*J+ *.&G4T#$+ 24'+ <'>D'+ <*4+ b+ <4+ 0$+ $#,$##2%'J+ L2$+ &$4+ 0$+
$#&'%+ '>"/D'0'+ <*4+ *+ $"O*+ 0'+ ,$0%'J+ <*4*+ #$+ ,*0$+ C$%+ /'+ 6"82%'+ dNakN+ 5'%'+ ,$0%'#+ <*4+ d+ <4+ 0$+
$#,$##2%'+r'+$#,$##2%'+4P/"4'+,'%'+#$%+',>"<'0'+/$#&$+&",*+0$+6'<D'0'#s+DH+#$4,%$+b+<4+0$+,$0%'+0$+
'4.*#+*#+>'0*#+0*+%'#8*N+F##'+$#,$##2%'+G+#26"<"$/&$+,'%'+8'%'/&"%+L2$+'+,$0%'+/)*+#$+,'%&'+*2+>'#L2$+
/'+?*/'+S2/&*+I#+6"O'(M$#N+
+
id+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
+
9"8+dNae+T+3HL2"/'+,'%'+%$'>"?'%+'#+<'>D'#+/*#+&*,*#+0'#+,>'<'#+0$+,$0%'++
+
+
9"8+dNak+T+!$&'>D$+0'+<'>D'+$6$<&2'0'+/'+,$0%'+,'%'+<*>*<'()*+0*+<>",+0$+#2,*%&$+
+
5'%'+"/#&'>'%+'#+,$0%'#+2#'4T#$+d+&",*#+0"6$%$/&$#+0$+<>",‚#V+*#+<>",‚#+0$+'%%'/L2$+rL2$+,*##2$4+',$/'#+
24+ $>$4$/&*+ 4$&H>"<*+ L2$+ $/&%'+ /'+ <'>D'+ "/6$%"*%+ 0'#+ ,$0%'#J+ ',*"'/0*T'#sJ+ *#+ <>",#+ 0$+ 6$<D*+ rL2$+
,*##2$4+',$/'#+24+$>$4$/&*+4$&H>"<*+L2$+$/&%'+/'+<'>D'+#2,$%"*%+0'#+,$0%'#J+6"O'/0*T'#s+$+*#+<>",#+0$+
#$82"4$/&*+ rL2$+ ,*##2$4+ 0*"#+ $>$4$/&*#+ 4$&H>"<*#+ L2$+ $/&%'4+ /'+ <'>D'+ #2,$%"*%+ 024'+ ,$0%'+ $+ /'+
"/6$%"*%+0'+,$0%'+L2$+$#&H+/'+6"'0'+0$+<"4'+$+L2$+$#&)*+">2#&%'0*#+/'+6"82%'+dNahsN+
if+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+dV+3G&*0*#+@*/#&%2&"C*#+
's
++.s
+
9"8+dNah+T+!$&'>D$+0$+24'+6'<D'0'+<*4+$#&%2&2%'+"/&$%4G0"'+0$+#2,*%&$+*/0$+#$+*.#$%C'+24+<>",#+0$+#$82"4$/&*+
,'%'+6"O'%+'+,>'<'+0$+,$0%'+$+'#+<'>D'#+/'#+,$0%'#V+'s+C"#&'+6%*/&'>+.s+>'&$%'>+
+
++A$N%4/).)012$3)4$C'3*)4$
5'%'+ "/"<"'%+ '+ "/#&'>'()*+ 0'+ ,%"4$"%'+ 6"'0'+ 0$+ ,$0%'#+ 6"O'T#$+ /'+ <'>D'+ D*%"?*/&'>+ <>",#+ 0$+ '%%'/L2$J+
2#2'>4$/&$+0*"#+,*%+,$0%'N+!$,*"#J+',*"'T#$+'+,$0%'+#*.%$+$#&$#+<>",#J+L2$+#$+$/<'"O'4+/'+<'>D'+"/6$%"*%+
0'+ ,$0%'N+ R+ 0$,*"#+ /$<$##H%"*+ <*>*<'%+ *2&%*#+ 0*"#+ <>",#J+ /$#&$+ <'#*+ <>",#+ 0$+ #$82"4$/&*J+ /'+ <'>D'+
#2,$%"*%+ 0'+ ,$0%'+ $+ ,%$##"*/'%+ *+ <*/S2/&*+ ,$0%'+ $+ <>",#+ 0$+ $/<*/&%*+ '*+ #2,*%&$+ D*%"?*/&'>+ #2,$%"*%J+
C"#&*+L2$+$#&$#+<>",#+#)*+6"O*#+,*%+4$"*+0$+$/<'"O$+#*.+,%$##)*+/'#+<'>D'#N+
\$82"/0*+$#&$+,%*<$0"4$/&*J+6"O'T#$+'+,%"4$"%'+,$0%'J+#$/0*+*+,%*<$0"4$/&*+"82'>+,'%'+'+<*/&"/2'()*+
0'+ ,%"4$"%'+ 6"'0'+ 0$+ ,>'<'#+ ,G&%$'#N+ 5'%'+ '+ #$82/0'+ 6"'0'J+ .'#&'+ <*4$('%+ ,*%+ ',*"'%+ >*8*+ '#+ ,$0%'#+
#*.%$+ *#+ <>",#+ 0$+ #$82"4$/&*+ 0'+ 6"'0'+ "/6$%"*%+ L2$+ ,*##2$4+ $/<'"O$#+ ,'%'+ '#+ ,$0%'#+ 0$+ <"4'J+ $+ 0*+
4$#4*+ 4*0*+ 6"O'%+ '+ ,$0%'+ <*4+ *2&%*+ <>",+ 0$+ #$82"4$/&*+ /'+ ,'%&$+ #2,$%"*%+ 0'+ ,$0%'N+ ='"T#$+
<*/&"/2'/0*+<*4+$#&$+,%*<$##*+'&G+#$+&$%+6$"&*+'+6'<D'0'+&*0'Q+/'+U>&"4'+6"'0'+0$+,$0%'#J+*#+<>",#+L2$+
6"O'4+'#+,$0%'#+0$C$%)*+<>",#+0$+6$<D*N+
R+ "4,*%&'/&$+ %$6$%"%+ L2$+ <*/CG4+ ',>"<'%+ #">"<*/$+ /'+ <'>D'+ 0'#+ ,$0%'#+ */0$+ #$%)*+ ',*"'0*#+ $+ 6"O*#+ *#+
#2,*%&$#+ 4$&H>"<*#Q+ 0$#&$+ 4*0*+ 8'%'/&"4*#+ L2$+ '+ ,$0%'+ ,*##'+ '.#*%C$%+ '>824'#+ 0$6*%4'(M$#+ 0$C"0*+
'*+6'<&*+0$+*+#">"<*/$+#$%+6>$OPC$>+4'#+$C"&'4*#+C".%'(M$#+L2$+,*##'4+'<*/&$<$%J+,%*C*<'0'#+,$>*+C$/&*J+
L2$+6'%"'4+<*4+L2$+'+,$0%'+*#<">'##$+0$+$/<*/&%*+'*#+#2,*%&$#N+
+
+
+
+
ig+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
+++A$D5%/)4$'%/*'$)4$C'3*)4$
7#+ S2/&'#+ $/&%$+ '#+ ,$0%'#+ ,*0$4+ #$%+ 0$"O'0'#+ '.$%&'#+ *2+ <*>4'&'0'#+ <*4+ 24+ 4'&$%"'>+ 6>$OPC$>J+ <*4*+
#">"<*/$N+7/&$#+0$+',>"<'%+4H#&"L2$#+/'#+S2/&'#+G+/$<$##H%"*+&$#&'%+/24'+,$0%'+0$+<'%'<&$%P#&"<'#+"82'"#+
I#+L2$+6*%'4+$4,%$82$#+/'+6'<D'0'+#$+*+4H#&"L2$+/)*+4'/<D'+*2+0'/"6"<'+'+,$0%'N+
@'#*+'#+S2/&'#+#$S'4+0$"O'0'#+'.$%&'#+<*/CG4J+'/&$#+0$+<*>*<'%+'#+,$0%'#J+6'?$%+24'+%$$/&%_/<"'+r6"82%'+
dNdcs+/*+4$"*+0'+,'%&$+#2,$%"*%+0'+,$0%'J+/'+?*/'+0'+<'>D'J+,'%'+L2$+'+H82'+L2$+'>"+#$+0$,*#"&$+,*##'+
#'"%N+\$+/)*+6*%+&*4'0'+$#&'+,%$<'2()*J+'+H82'+L2$+,*##'+6"<'%+'<242>'0'+/'+<'>D'+#2,$%"*%+0'#+,$0%'#+
"/6">&%'%T#$TI+ /'+ ,$0%'+ $+ *%"8"/'%"'+ 420'/('#+ 0$+ <*>*%'()*+ $+ <*/&'4"/'()*+ /'+ ,$0%'+ $+ '+ <*/#$L2$/&$+
%H,"0'+0$8%'0'()*+0$#&'N+
+
9"8+dNdc+j+5*%4$/*%+0*+&'%0*?+0$+24'+,>'<'+0$+,$0%'+<*4+24'+%$$/&%_/<"'+,'%'+$#<*'4$/&*+0$+H82'+
+
@'#*+ '#+ S2/&'#+ #$S'4+ ,%$$/<D"0'#J+ 0$,*"#+ 0'+ %$'>"?'()*+ 0*+ &%'.'>D*+ 0$C$T#$+ ,%*<$0$%+ I+ >"4,$?'+ 0*+
$O<$##*+0$+4'&$%"'>+0$+,%$$/<D"4$/&*+L2$+,*##'+&$%+6"<'0*+/'#+,>'<'#+,G&%$'#J+$/L2'/&*+$#&$+'"/0'+#$+
$/<*/&%'+6%$#<*N+
+
+
+
ii+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+fV+7/*4'>"'#+T+5'&*>*8"'#+
T&@#*3"%."2&^&7"+*%*:."2&
7#+ ,'&*>*8"'#+ $4+ 6'<D'0'#+ %$C$#&"0'#+ '+ ,$0%'+ %$,%$#$/&'4J+ '<&2'>4$/&$J+ 24+ 8%'C$+ ,%*.>$4'+ /'#+
<*/#&%2(M$#J+ ,*%+ 24+ >'0*+ 0$C"0*+ '*+ %"#<*+ 0$+ 0$#,%$/0"4$/&*+ $+ L2$0'+ 0$#&'#J+ ,*%+ *2&%*+ ,*%L2$+ 24+
%$C$#&"4$/&*+$4+.*4+$#&'0*+&$4+24+,',$>+"4,*%&'/&$+/'+02%'.">"0'0$+$+,%*&$<()*+0'#+6'<D'0'#N+7>G4+
0"##*J+ <*4*+ *#+ %$C$#&"4$/&*#+ %$,%$#$/&'4+ '+ 6'<$+ C"#PC$>+ 0*#+ $0"6P<"*#J+ '#+ ,'&*>*8"'#+ /$#&$#+ $>$4$/&*#+
'6$<&'4+42"&*+'+$#&G&"<'+024+$0"6P<"*+tdfuN+
F#&'+6'#$+0$+<*/#&%2()*+0$C$+,*"#+#$%+.$4+,>'/$'0'+0$#0$+'+6'#$+0$+,%*S$<&*N+7"/0'+G+%'%*+/*+/*##*+,'P#+
D'C$%+$#,$<"6"<'(M$#+,*%4$/*%"?'0'#+0*#+%$C$#&"4$/&*#+$4+,$0%'J+4'#+&'>+G+"4,%$#<"/0PC$>+,'%'+L2$+'#+
0$<"#M$#+#$S'4+,>'/$'0'#+$4+C$?+0$+#$%$4+&*4'0'#+/*+$#&'>$"%*N+W'+,'%&$+0*+,%*S$<&*+0$+%$C$#&"4$/&*+
0$+6'<D'0'#+0$C$4+#$%+0$6"/"0*#+$+0$&'>D'0*#+'+/'&2%$?'+$+'#+0"4$/#M$#+0'#+,>'<'#+'+"/#&'>'%+"/<>2"/0*+
'+#2'+$#,$##2%'+$+*+<*%&$J+'+>'%82%'+$+4'&$%"'"#+0$+,%$$/<D"4$/&*+0'#+S2/&'#J+*+&",*J+4'&$%"'>J+/U4$%*+$+
>*<'>"?'()*+0'#+6"O'(M$#J+<*4+&*0*#+*#+,*%4$/*%$#+,'%'+24'+<*%%$<&'+"/&$%,%$&'()*+taauN+5*0$+&'4.G4+
#$%+"4,*%&'/&$J+'>G4+0'#+$#,$<"6"<'(M$#+/$<$##H%"'#J+D'C$%+'+0$#<%"()*+0$+<*4*+*+%$C$#&"4$/&*+0$C$+#$%+
%$'>"?'0*+tdfuN+
W'+%$'>"0'0$+8%'/0$+,'%&$+0'#+,'&*>*8"'#+L2$+*<*%%$4+02%'/&$+'+C"0'+U&">+0'#+6'<D'0'#+&K4+*%"8$4+$4+
'/*4'>"'#+ *2+ /)*+ #$82"4$/&*+ 0*#+ ,%*<$0"4$/&*#+ <*%%$<&*#+ 02%'/&$+ '+ 6'#$+ <*/#&%2&"C'N+ !$#&$+ 4*0*J+
24'+ <*%%$<&'+ 6*%4'()*+ 0*#+ ',>"<'0*%$#+ $+ 24'+ <2"0'0'+ 6"#<'>"?'()*+ $+ <24,%"4$/&*+ 0*+ ,>'/*+ 0$+
L2'>"0'0$+02%'/&$+*+&%'.'>D*+G+"4,%$#<"/0PC$>N+
!$#<%$C$4T#$+0$+#$82"0'+'>824'#+0'#+,'&*>*8"'#+4'"#+<*42/#+'##*<"'0'#+'*#+CH%"*#+&",*#+0$+6"O'()*+0$+
,$0%'+$#&20'0*#J+6*<'/0*+$##$/<"'>4$/&$+',$/'#+'#+,'&*>*8"'#+L2$+,*##'4+'0C"%+0$#&$+&",*+0$+6"O'()*N+
\)*+,*%&'/&*+$O<>2P0'#+0$#&'+0$#<%"()*+'#+'/*4'>"'#+0'#+,$0%'#+L2$+/)*+$#&)*+0"%$<&'4$/&$+>"8'0'#+'*+
#"#&$4'+ 0$+ 6"O'()*+ 0$#&'#N+ Z'4.G4+ /)*+ #$%)*+ %$6$%"0*#+ /$#&$+ <',P&2>*+ *#+ 0$6$"&*#+ L2$+ SH+ 6*%'4+
$/24$%'0*#+/'+,'%&$+0$+<*/&%*>*+0$+L2'>"0'0$+r$OV+6'>&'+0$+,>'/$?'+0*#+%$C$#&"4$/&*#J+$&<Ns+
+
TN?&9U(.+*2&'"&_:$"&#"2&/(',"2&
TN?N?&7,*8%(3"2&:(,".2&(&"/%.5"LM*&'(&6.',dU$:*2&
-#+ $6$"&*#+ 0'+ <D2C'J+ '>"'0*#+ I#+ <'%'<&$%P#&"<'#+ 0*+ 4$"*+ 2%.'/*+ */0$+ 42"&*#+ $0"6P<"*#+ #$+ $/<*/&%'4J+
'6$<&'4+&*0*#+*#+%$C$#&"4$/&*#+$4+,$0%'J+,%*C*<'/0*+'+6*%4'()*+0$+24'+<%*#&'+0$+#2>6'&*+0$+<H><"*+I+
#2,$%6P<"$+0'#+,$0%'#+4'"#+$O,*#&'#+L2$+$#&)*+<'%%$8'0'#+0$+'/"0%"0*+#2>62%*#*N+7+H82'+6'<">"&'+&'4.G4+
'+ >"8'()*+ 0'#+ #2S"0'0$#+ '*+ 4'&$%"'>J+ <%"'/0*+ 4'/<D'#+ 0$+ #2S"0'0$J+ 0$+ D24"0'0$+ $+ 0$+ <*/&'4"/'()*+
."*>:8"<'N+
5'%'+ ,%*&$8$%+ *#+ %$C$#&"4$/&*#+ 0'#+ #2S"0'0$#+ ,%*C*<'0'#+ ,$>'+ <D2C'+ $+ ,$>'+ ,*>2"()*+ $O"#&$+ '+
,*##".">"0'0$+0$+',>"<'%+24+D"0%:628*+/'#+#2,$%6P<"$#+tdguN+7+#2'+',>"<'()*+#*.%$+24'+6'<D'0'+%$C$#&"0'+
'+$>$4$/&*#+0$+,$0%'+4$>D*%'+'+#2'+"4,$%4$'.">"0'0$J+#$>'/0*+*#+,*%*#+0'#+,$0%'#Q+6'<">"&'+'##"4+'+#2'+
>"4,$?'J+4$>D*%'+'+#2'+$#&G&"<'+$+'24$/&'+'+#2'+02%'.">"0'0$+tdiuN+
+
ie+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
7+ ',>"<'()*+ 0$+ 24+ D"0%:628*+ /)*+ %$#*>C$J+ /*+ $/&'/&*J+ &*0*#+ *#+ ,%*.>$4'#+ 0'#+ ,$0%'#+ $+ /)*+ 0$C$+ #$%+
2#'0*+ ,'%'+ &$/&'%+ 0"4"/2"%+ *#+ 0'/*#+ <'2#'0*#+ ,*%+ 24'+ 4H+ <*>*<'()*+ 0*+ 4'&$%"'>N+ -+ 2#*+ 0$#&$#+
,%*02&*#+0$C$+#$%+6$"&*+0$+6*%4'+<'2&$>*#'J+,*"#+,'%'+'>G4+0$+"4,$0"%$4+'+$/&%'0'+0$+H82'+0*+$O&$%"*%+
,'%'+*+"/&$%"*%+0'#+,$0%'#J+&'4.G4+0"6"<2>&'4+'+#'P0'+0$+H82'+$+D24"0'0$#+L2$+,*##'4+$#&'%+/*+"/&$%"*%+
0'+,$0%'+tdguN+
W)*+ #)*+ %'%'#+ '#+ C$?$#+ $4+ L2$+ '+ ',>"<'()*+ 0$+ ,%*02&*#+ D"0%:628*#+ '4,>"6"<'+ *2+ ,"*%'+ '#+ ,'&*>*8"'#+
,%$#$/&$#+ /'#+ ,$0%'#J+ /'+ 4'"*%+ ,'%&$+ 0*#+ <'#*#+ 0$C"0*+ I+ 6'>&'+ 0$+ <*/D$<"4$/&*#+ *2+ <2"0'0*#+ /'+
',>"<'()*+0$#&$#N+
+
TN?N=&)$.'"'*2&"&+(,&#"&"/%.5"LM*&'(&6.',dU$:*2&e&/"+*%*:."2&,(2$%+"#+(2&'"&3_&"/%.5"LM*&'(&
6.',dU$:*2&
7/&$#+0$+',>"<'%+*+,%*02&*+D"0%:628*J+0$C$+D'C$%+'+C$%"6"<'()*+0$+L2$+$#&$+G+'0$L2'0*+,'%'+*+&",*+0$+
,$0%'+ L2$+ $#&H+ '+ #$%+ 2&">"?'0'+ $+ #$82"%+ '#+ "/#&%2(M$#+ 6*%/$<"0'#+ ,$>*+ 6'.%"<'/&$N+ W)*+ #$+ 0$C$4+ ',>"<'%+
$#&$+ &",*+ 0$+ ,%*02&*#+ $4+ ,$0%'#+ SH+ '>&$%'0'#N+ -+ #2,*%&$+ 0$C$+ $#&'%+ >"4,*J+ #$4+ ,'%&$#+ 6%"HC$"#J+ $+
0$C$/0*+ #$%+ 0'0'+ $#,$<"'>+ '&$/()*+ '*+ $#&'0*+ 0'#+ S2/&'#+ L2$+ 0$C$4+ $#&'%+ $4+ .*'#+ <*/0"(M$#+ #$4+
6"##2%'#+*2+6'>D'#+tdguN+
W2/<'+#$+0$C$4+',>"<'%+,%*02&*#+D"0%:628*#+/'#+6'<$#+0$+,'%$0$#+L2$+#*6%$4+0$+'#<$/#)*+<',">'%N+-#+
/PC$"#+0$+"/6">&%'()*+0'+H82'+#2."%"'4+'"/0'+4'"#+,$>'+,'%$0$+0$C"0*+I+'<()*+0*+D"0%:628*+L2$+0"6"<2>&'+'+
$C',*%'()*+ 0$##'+ H82'N+ -#+ #'"#+ <*/&"0*#+ /*+ #*>*J+ /*+ #2,*%&$+ *2+ /'#+ '%8'4'##'#+ ,%*C*<'%"'4+
$6>*%$#<K/<"'#+'+<*&'#+#2,$%"*%$#+0$##'#+,'%$0$#J+,*0$/0*+4$#4*+'<*/&$<$%+'+6*%4'()*+0$+.*>D'#+/*+
6">4$+,%*&$<&*%+0$+,%*02&*+$+<*/#$L2$/&$4$/&$+24'+4'"*%+0$8%'0'()*+0'+,$0%'+tdguN+
!*+4$#4*+4*0*J+G+/$<$##H%"*+&$%+$4+'&$/()*+'+2&">"?'()*+0$#&$#+,%*02&*#+$4+?*/'#+0$+"/6">&%'()*+0$+
H82'#+ L2$+ &K4+ *%"8$4+ /'#+ ,'%&$#+ #2,$%"*%$#+ 0*+ $0"6P<"*J+ <*4*+ '#+ <*.$%&2%'#N+ @'#*+ #$+ <*>*L2$4+ $#&$#+
,%*02&*#+$4+6'<D'0'#+<*4+<*&'#+"/6$%"*%$#+I#+?*/'#+*/0$+,*##'4+$O"#&"%+"/6">&%'(M$#+0$+H82'J+$#&'+4"8%'+
,'%'+ $##'#+ ?*/'#+ 4'"#+ .'"O'#+ ,*%+ 8%'C"0'0$+ $+ 6"<'+ ',%"#"*/'0'+ 0$/&%*+ 0'#+ ,$0%'#J+ ,*0$/0*+ <'2#'%+ '+
6*%4'()*+0$+.*>D'#J+$4,*>'4$/&*#J+0$#&'<'4$/&*#+*2+4'/<D'#+/'#+,$0%'#J+,"*%'/0*+'##"4+*+$6$"&*+0'+
$/&%'0'+ 0$+ H82'N+ 5$>*+ 4$#4*+ 4*&"C*J+ '#+ S2/&'#+ 0$C$4+ &$%+ #"0*+ .$4+ &%'&'0'#+ ,'%'+ L2$+ /)*+ D'S'+
,$/$&%'()*+0$+H82'+,$>'#+S2/&'#+L2$+6"<'%"'+0$,*"#+',%"#"*/'0'+0$/&%*+0'#+,$0%'#+tdguN+
7+',>"<'()*+0$#&$+&",*+0$+,%*02&*#+&'4.G4+/2/<'+0$C$+#$%+$O$<2&'0*+"4$0"'&'4$/&$+',:#+'+',>"<'()*+
0'#+,$0%'#+$#,$<"'>4$/&$+/*+<'#*+0$+6'<D'0'#+<*4+6"O'()*+0"%$<&'+0*#+$>$4$/&*#+,G&%$*#N+W$#&$+<'#*+
0$C$+ $#,$%'%T#$+ ,$>*+ 4$/*#+ dc+ 0"'#+ ',:#+ '+ #2'+ <*>*<'()*+ ,'%'+ 8'%'/&"%+ L2$+ &*0'+ '+ H82'+ 2#'0'+ /*#+
,%*02&*#+0$+<*>'8$4+0'#+,$0%'#+SH+&$/D'+$C',*%'0*+$+L2$+/)*+$O"#&'+,*%&'/&*+/$/D24'+D24"0'0$+L2$+
,20$##$+ 6"<'%+ ',%"#"*/'0'+ $/&%$+ *+ D"0%:628*+ $+ *+ #2,*%&$N+ R+ /$<$##H%"*+ &'4.G4+ $#,$%'%+ '>824+ &$4,*+
'/&$#+ 0$+ ',>"<'%+ *#+ ,%*02&*#+ "4,$%4$'.">"?'/&$#+ /'#+ ,$0%'#+ /*+ <'#*+ 0$+ 6'<D'0'#+ C$/&">'0'#J+ ,*"#+ *#+
,%:,%"*#+ <D24.'0*2%*#+ #)*+ %$'>"?'0*#+ <*4+ <"4$/&*+ L2$+ <*/&K4+ H82'N+ 5'%'+ '+ ',>"<'()*+ 0$+ ,%*02&*#+
"4,$%4$'.">"?'/&$#+ /24+ %$C$#&"4$/&*+ $O"#&$/&$+ 0$C$+ &'4.G4+ 8'%'/&"%T#$+ L2$+ *+ #2,*%&$+ #$+ $/<*/&%'+
ik+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+fV+7/*4'>"'#+T+5'&*>*8"'#+
#$<*+$+#$4+D24"0'0$N+5*%+$##$+4*&"C*J+G+#$4,%$+/$<$##H%"*+'##$82%'%+L2$+'+',>"<'()*+',$/'#+*<*%%$+
<$%<'+0$+fk+D*%'#+',:#+L2'>L2$%+,%$<","&'()*+0$+H82'+L2$+,*##'+&$%+4*>D'0*+'#+,$0%'#+tauN+
+
TN=&4.["LM*&'.,(5+"&"*&2$/*,+(`&7"+*%*:."2&"22*5."'"2&
W*+ <'#*+ 0'+ &G</"<'+ 0$+ 6"O'()*+ 0"%$<&'+ '*+ #2,*%&$+ 0*#+ $>$4$/&*#+ ,G&%$*#+ $O"#&$4+ '>82/#+ &",*#+ 0$+
,'&*>*8"'#+ L2$+ ,*0$4+ *<*%%$%+ 4'"#+ 6%$L2$/&$4$/&$N+ W'+ %$'>"0'0$J+ /$#&$+ &",*+ 0$+ 6"O'()*+ G+ .'#&'/&$+
#2#<$,&PC$>+ '<*/&$<$%$4+ 0$#&'<'4$/&*#+ $+ 0$#,%$/0"4$/&*#+ 0$+ ,$0%'#J+ 4'/<D'#+ 0$+ D24"0'0$J+
$6>*%$#<K/<"'#J+0$#<*>*%'(M$#+$/&%$+*2&%'#+'/*4'>"'#N+
+
TN=N?&I(2+"5"3(#+*&*$&'(25*%"3(#+*&'(&/(',"2&
!$#&'#+ ,'&*>*8"'#+ '+ 4'"#+ 8%'C*#'+ $+ '+ L2$+ &$4+ 0$+ #$%+ 4'"#+ &"0'+ $4+ <*/&'+ #$%H+ #$4+ 0UC"0'+ *+
'(2+"5"3(#+*&*$&'(25*%"3(#+*&'(&/(',"2&r6"82%'+fNbsJ+,$>*+%"#<*+0$+L2$0'+0$+$>$4$/&*#+,G&%$*#+0'#+
6'<D'0'#+0*#+$0"6P<"*#N+F#&$+%"#<*+G+&'/&*+4'"#+$>$C'0*+L2'/&*+4'"*%+6*%+*+,$#*+0'#+,>'<'#+0$+,$0%'+$+'+
'>&2%'+'+L2$+$#&'#+,*0$4+$#&'%+<*>*<'0'#N+
+
9"8+fNb+T+9'<D'0'+0$+24+$0"6P<"*+*/0$+G+C"#PC$>+*+0$#&'<'4$/&*+0$+CH%"'#+,>'<'#+0$+,$0%'+tbfu+
+
-+ %"#<*+ 0$+ 0$#<*>'4$/&*+ 0'#+ ,$0%'#+ /2/<'+ ,*0$+ #$%+ $>"4"/'0*J+ 4'#+ <'#*+ #$+ #"8'4+ *#+ ,%*<$##*#+
<*/#&%2&"C*#+ '<"4'+ 0$#<%"&*#+ $+ <'#*+ #$+ 2#$4+ ,%*02&*#+ '0$L2'0*#+ $+ 0$+ L2'>"0'0$+ *+ %"#<*+ 0$+
0$#,%$/0"4$/&*#+ 0'#+ ,$0%'#+ ,*0$+ #$%+ .'#&'/&$+ 4"/*%'0*N+ W*+ $/&'/&*J+ *+ ,%*<$##*+ 0$+ <*>*<'()*+ $4+
*.%'+024'+6'<D'0'+0$#&$+&",*+G+.'#&'/&$+0$>"<'0*+,*"#+$O"#&$4+CH%"*#+6'<&*%$#+L2$+,*0$4+<*/0"<"*/'%+'+
%$#"#&K/<"'+0*+%$C$#&"4$/&*N+@*4*+SH+6*"+C"#&*+'/&$%"*%4$/&$J+'#+#2,$%6P<"$#+0'+6'<D'0'+$+0'#+,>'<'#+0$+
,$0%'+ &K4+ 0$+ $#&'%+ >"4,'#+ $+ #$4+ ,*$"%'#+ ,'%'+ 8'%'/&"%+ 24'+ '0$%K/<"'+ ,$%6$"&'+ 0*+ >"8'/&$N+ -+ &$*%+ $4+
H82'+ &'4.G4+ G+ 42"&*+ "4,*%&'/&$Q+ '#+ #2,$%6P<"$#+ /)*+ ,*0$4+ $#&'%+ /$4+ 0$4'#"'0*+ #$<'#+ /$4+
0$4'#"'0*+ #'&2%'0'#+ $4+ H82'+ ,'%'+ L2$+ /)*+ D'S'+ 24'+ %$02()*+ 0$+ $6"<H<"'+ 0'+ <*>'8$4N+ -+ ,%*02&*+ 0$+
<*>'8$4+&'4.G4+&$4+0$+#$%+'0$L2'0*+,'%'+'#+,$0%'#+L2$+#$+C)*+<*>'%+$+&$4+0$+#$%+<*4,'&PC$>+<*4+*+
+
ih+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
&",*+ 0$+ #2,*%&$+ */0$+ #$%H+ ',>"<'0*+ tdguN+ 7>G4+ 0"##*J+ &$4+ 0$+ $#&'%+ /'#+ 4$>D*%$#+ <*/0"(M$#J+ 0$/&%*+ 0*+
,%'?*+0$+C'>"0'0$+$+/)*+,*0$+#$%+',>"<'0*+6*%'+0*+&$4,*+0$+'.$%&2%'+%$<*4$/0'0*+,$>*+#$2+6'.%"<'/&$+
#*.+ ,$/'+ 0$+ /)*+ %$#"#&"%+ I#+ &$/#M$#+ '/2/<"'0'#N+ F#&$+ <%"&G%"*+ G+ ,'%&"<2>'%4$/&$+ "4,*%&'/&$+ L2'/0*+ #$+
&%'.'>D'+$4+H%$'#+42"&*+$O&$/#'#J+*/0$+*+&$4,*+$/&%$+*+.'%%'4$/&*+0'+<*>'+$+'+',>"<'()*+0'#+,>'<'#+#$+
&*%/'+0$4'#"'0*+$>$C'0*+tahuN+
-#+,%*02&*#+0$+<*>'8$4+&K4J+'>G4+0*#+'#,$<&*#+SH+4$/<"*/'0*#J+0$+<*.%"%+.$4+&*0'+'+6'<$+0'+,$0%'+$+
0*+#2,*%&$Q+,*%+$##$+4*&"C*J+'#+0$6"<"K/<"'#+/'+,>'/$?'+0*+#2,*%&$+L2$+,*0$4+"4,>"<'%+24'+,$%<'+0$+
H%$'+0$+<*>'8$4+&K4+0$+#$%+$C"&'0'#+taauN+-#+$>$4$/&*#+,G&%$*#+&K4+0$+&$%+'>824'+%28*#"0'0$+/*+#$2+
&'%0*?+ ,'%'+ ,$%4"&"%+ .*'+ '0$%K/<"'+ 0'+ ,$0%'J+ #$4+ L2$+ "##*+ "4,>"L2$+ 24'+ 6'>&'+ 0$+ ,>'/$?'+ 0'+ ,%:,%"'+
,>'<'+tahuN+7#+S2/&'#+0$+0">'&'()*+0*+$0"6P<"*+&K4+&'4.G4+0$+#$%+%$,>"<'0'#+/*+%$C$#&"4$/&*+,G&%$*+,'%'+
$C"&'%+ &$/#M$#+ #2,>$4$/&'%$#+ /'L2$>'#+ ?*/'#N+ \$82/0*+ tdgu+ #$+ *+ %$C$#&"4$/&*+ 0$+ ,$0%'+ /)*+ 6*%+
#26"<"$/&$4$/&$+ $>H#&"<*+ ,'%'+ '<*4,'/D'%+ *#+ ,$L2$/*#+ 0$#>*<'4$/&*#+ 0*+ #2,*%&$+ 0$C"0*+ '+ <'%8'#J+
6>2K/<"'#J+ 0">'&'(M$#+ $+ %$&%'<(M$#J+ *#+ 0$#<*>'4$/&*#+ 0$+ ,$0%'#+ #)*+ '+ ,%"/<",'>+ ,'&*>*8"'+ 0$#&$+ &",*+ 0$+
%$C$#&"4$/&*#+tdguN+
-+'##$/&'4$/&*+0*#+$>$4$/&*#+,G&%$*#J+L2$+&K4+$>$C'0*+,$#*+$+.'"O'+%28*#"0'0$+#2,$%6"<"'>+/*+&'%0*?+
0'#+ ,$('#J+ %$L2$%+ 0*+ 4'&$%"'>+ 0$+ '##$/&'4$/&*+ '>&'#+ $O"8K/<"'#+ 0$+ 0$#$4,$/D*J+ 0$C"0*+ '*#+ 8%'/0$#+
$#6*%(*#+'+L2$+$#&$+,*0$+$#&'%+#2S$"&*+tdcuN+
F#&$+,%*<$##*+0$+6"O'()*+0$+,$0%'#+8$%'+&$/#M$#+4'"#+$>$C'0'#+/'#+"/&$%6'<$#+0'+,>'<'J+<*>'+$+#2,*%&$+0*+
L2$+/*#+4G&*0*#+0'#+6"O'(M$#+4$<_/"<'#+0$C"0*+I+4'"*%+%$#&%"()*+0$+4*C"4$/&*#+L2$+<%"'N+7#+&$/#M$#+
0$%"C'0'#+0*+,$#*+0'#+,$0%'#J+0'#+C'%"'(M$#+&G%4"<'#+$+0'#+C'%"'(M$#+D"8%*4G&%"<'#+<%"'4+6%'L2$?'#+/*+
#"#&$4'+0$+6"O'()*N+7>G4+0"##*J+'#+C'%"'(M$#+0"4$/#"*/'"#+0$%"C'0'#+0'#+0"6$%$/('#+0$+&$4,$%'&2%'+$+0'+
D24"0'0$+#)*+<P<>"<'#+'*+>*/8*+0*+0"'+$+0*+'/*+$+<%"'4+24+$6$"&*+0$+6'0"8'+0*#+4'&$%"'"#+L2$+*#+6%'8">"?'+
4'"#N+-#+<"<>*#+0$+0">'&'(M$#+$+<*/&%'<(M$#+8$%'4+&$/#M$#+L2$+6'?$4+,$%0$%+'+$6"<H<"'+0*#+4'&$%"'"#+0$+
<*>'8$4+'*+6"4+0$+,*2<*#+'/*#J+L2$+'##"4+0"6"<">4$/&$+%$#"#&$4+I#+#*>"<"&'(M$#+%$'"#+'+>*/8*+,%'?*+taauN+
A2'/0*+ #$+ 2#'4+ '%8'4'##'#+ 0$+ <"4$/&*+ /*+ '##$/&'4$/&*+ 0*+ %$C$#&"4$/&*J+ '+ %$#"#&K/<"'+ 0$#&'#+ $#&H+
>"8'0'+'*+#$2+&$*%+0$+>"8'/&$N+!$C"0*+'*+,$#*+0'#+,>'<'#+0$+,$0%'+#$%+"4,*%&'/&$J+G+<*424+<*/#"0$%'%+
'%8'4'##'#+.'#&'/&$+%"<'#J+L2$+'*+#$<'%+,%*C*<'4+&$/#M$#+0$+%$&%'<()*+$>$C'0'#J+L2$+#)*+%$#&%"/8"0'#+
,$>'+ '0$%K/<"'+ '*+ #2,*%&$+ $+ I#+ ,>'<'#+ 0$+ %$C$#&"4$/&*N+ !$C"0*+ I+ 4'"#+ .'"O'+ 0$6*%4'.">"0'0$+ 0'#+
'%8'4'##'#+%"<'#J+$#&'#+&$/#M$#+,*0$4+,%*C*<'%+'+#2'+6"##2%'()*+*2+*+#$2+0$#,%$/0"4$/&*+0*+#2,*%&$+
*2+0'+,>'<'+0$+8%'/"&*+tdcuN+
7#+"/6">&%'(M$#+0$+H82'+,$>'#+S2/&'#+$/&%$+'#+,$0%'+*2+,$>*+&*,*+0*+%$C$#&"4$/&*+&'4.G4+<*/&%".2$4+
,'%'+'+0$&$%"*%'()*+0*#+,%*02&*#+0$+<*>'8$4N++
@*4*+SH+6*"+%$6$%"0*J+'#+,%"/<",'"#+<'2#'#+,'%'+*+0$#<*>'4$/&*+0$+,>'<'#+0$+,$0%'+#)*+'#+&$/#M$#+L2$+#$+
"/#&'>'4+ /'#+ "/&$%6'<$#+ $/&%$+ *#+ $>$4$/&*#+ ,G&%$*#J+ '+ <*>'+ $+ *+ #2,*%&$+ 0$C"0'#+ '*+ ,$#*+ 0'#+ ,>'<'#J+ '#+
C'%"'(M$#+&G%4"<'#+$+D"8%*4G&%"<'#J+'#+$C$/&2'"#+C'%"'(M$#+0"4$/#"*/'"#+0*+#2,*%&$+$+'#+"/6">&%'(M$#+0$+
H82'N+F#&'#+&$/#M$#+#)*+'4,>"6"<'0'#+,$>*+2#*+0$+24'+<*>'+L2$+/)*+#$S'+'0$L2'0'+*2+,$>'+<*>'8$4+0'#+
,$0%'#+ 0$+ 24+ 4*0*+ "/<*%%$<&*+ r'2#K/<"'+ 0$+ S2/&'#J+ 6%'<'+ '0$%K/<"'+ 0'#+ <*>'#+ *2+ 0*+ #2,*%&$sN+ @'#*+ #$+
8'%'/&'+L2$+$#&$#+,*/&*#+6*%'4+0$C"0'4$/&$+<*/&%*>'0*#+02%'/&$+'+*.%'+,*0$+#$%+0'0'+'+8'%'/&"'+L2$+
ec+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+fV+7/*4'>"'#+T+5'&*>*8"'#+
*+ %$C$#&"4$/&*+ 6*"+ ',>"<'0*+ <*/6*%4$+ '#+ .*'#+ ,%H&"<'#+ $+ L2$+ *+ #$2+ ,$%P*0*+ 0$+ C"0'+ /)*+ #$%H+
<*/0"<"*/'0*N+
\$+ *<*%%$%+ '>824+ 0$#,%$/0"4$/&*+ 024'+ ,>'<'+ 0$+ ,$0%'+ 024'+ 6'<D'0'J+ '+ '/H>"#$+ 0'+ ,>'<'+ L2$+ #$+
0$#<*>*2+$+0*+#2,*%&$+,$%4"&$+,$%<$.$%+4$>D*%+'+%'?)*+0'+*<*%%K/<"'+0$#&$+6$/:4$/*N+W'+%$'>"0'0$J+
',:#+'+*.#$%C'()*+0*+&'%0*?+0'+,>'<'+0$+,$0%'+0$#<*>'0'+$+0*+#2,*%&$+G+,*##PC$>+>"4"&'%+*#+6$/:4$/*#+
L2$+0$%'4+*%"8$4+'+$#&'+,'&*>*8"'N+\$+'+,>'<'+0$+,$0%'+0$#<*>'0'+/)*+,*##2"%+<*>'+/*+#$2+&'%0*?J+"##*+
"/0"<'+ L2$+ D*2C$+ 24'+ %*&2%'+ '0$#"C'+ /'+ "/&$%6'<$+ $/&%$+ '+ ,>'<'+ $+ '+ <*>'+ 2#'0'+ /'+ #2'+ ',>"<'()*N+ 7+
*%"8$4+0$#&$+6'>&'+0$+'0$%K/<"'+,*0$+#$%+$O,>"<'0'+,$>'+2&">"?'()*+0$+<*>'+/)*+'0$L2'0'+I+,*%*#"0'0$+
0'+ ,$0%'+ *2+ 0$4'#"'0*+ 6%'<'+ ,'%'+ '#+ 0"4$/#M$#+ 0*+ $>$4$/&*+ '+ <*>'%J+ ,$>'+ ',>"<'()*+ 0$+ <*>'+ L2$+ SH+
&"C$##$+2>&%','##'0*+*+#$2+&$4,*+0$+'.$%&2%'+%$<*4$/0'0*+tahuN+@'#*+#$S'+,*##PC$>+C$%+,$0'(*#+0$+<*>'+
&'/&*+/*+&'%0*?+0'+,>'<'+0$+,$0%'+<*4*+/*+#2,*%&$J+"##*+"/0"<'+L2$+D*2C$+24'+%*&2%'+<*$#"C'+0'+<*>'N+
7#+ <'2#'#+ 0$#&$+ &",*+ 0$+ %*&2%'+ ,*0$4+ #$%+ $O,>"<'0'#+ ,$>'+ $#,$##2%'+ $O<$##"C'+ 0$+ <*>'+ *2+ ,$>'+ /)*+
D24"0"6"<'()*+ 0'#+ ,>'<'#+ 0$+ ,$0%'+ '/&$#+ 0'+ #2'+ ',>"<'()*+ tdeuN+ \$+ &"C$%+ D'C"0*+ 24'+ %*&2%'+ '0$#"C'+ /'+
"/&$%6'<$+$/&%$+ '+<*>'+ $+*+ #2,*%&$J+ $#&'+ <'%'<&$%"?'T#$+,$>'+,%$#$/('+0'+&*&'>"0'0$+0'+<*>'+2&">"?'0'+ /'+
6"O'()*+0*+$>$4$/&*+,G&%$*+<*>'0'+'+$#&$N+F#&'+#"&2'()*+,*0$+#$%+*%"8"/'0'+&'/&*+,$>'+<*/&'4"/'()*+0*+
#2,*%&$+ <*4+ ,*$"%'#J+ <*4*+ ,$>'+ #2'+ &$4,$%'&2%'+ $O<$##"C'+ *2+ D24"0'0$+ "/#26"<"$/&$+ L2$+ <'2#'%'4+
24'+#$<'8$4+$O<$##"C'+0$#&$+'L2'/0*+0'+',>"<'()*+0'+<*>'+tdeuN+5*%+U>&"4*J+'+<'2#'+0*+0$#<*>'4$/&*+
0$+ ,$0%'#+ 0$+ 6'<D'0'+ ,*0$+ '"/0'+ #$%+ 0$C"0'+ '+ 24'+ %*&2%'+ <*$#"C'+ 0*+ #2,*%&$N+ W$#&$+ <'#*J+ $#&HT#$+
,$%'/&$+24+#2,*%&$+L2$+/)*+',%$#$/&'+'#+0$C"0'#+<*/0"(M$#+,'%'+%$<$.$%+24+%$C$#&"4$/&*+'0$%$/&$+0*+
,$#*+ $+ 0"4$/#)*+ 0*+ L2$+ 6*"+ ',>"<'0*+ tahuN+ 7,:#+ '+ *.#$%C'()*+ 0*+ $>$4$/&*+ 0$#<*>'0*+ $+ 0'+ '/H>"#$+ 0'+
<*>'+G+'"/0'+,*##PC$>+C$%"6"<'%+#$+02%'/&$+'+',>"<'()*+0'#+,>'<'#+0$+,$0%'+6*"+',>"<'0'+6*%('+#26"<"$/&$+L2$+
,$%4"&"##$+ $#4'8'%+ *#+ <*%0M$#+ 0$+ <*>'Q+ /'+ %$'>"0'0$J+ #$+ $#&$#+ <*%0M$#+ 6*%$4+ C"#PC$"#+ /'+ <*>'J+ G+ #"/'>+
<>'%*+L2$+'+6*%('+',>"<'0'+6*"+"/#26"<"$/&$J+*+L2$+,*0$+&$%+&'4.G4+,%*C*<'0*+$#&'+,'&*>*8"'N+
+
TN=N=&4,"5+$,"LM*&*$&U.22$,"LM*&
-#+6$/:4$/*#+L2$+,*0$4+<'2#'%+*+0$#<*>'4$/&*+*2+0$#,%$/0"4$/&*+0'#+,>'<'#+0$+,$0%'+0*+#2,*%&$+
&'4.G4+ ,*0$4+ *%"8"/'%+ *2&%*+ &",*+ 0$+ ,'&*>*8"'V+ '+ U,"5+$,"LM*& *$& U.22$,"LM*+ 0*+ $>$4$/&*+ ,G&%$*N+ 7#+
,$0%'#+6"##2%'0'#+&$%)*+0$,*"#+4'"#+&$/0K/<"'+,'%'+#$+0$#<*>'%$4+0*+#2,*%&$J+C"#&*+L2$+,*0$4+$O"#&"%+
"/6">&%'(M$#+0$+H82'+,$>'#+6"##2%'#+L2$+0'/"6"<'4+*+#2,*%&$+$+'+<*>'J+<*4*+#$+,*0$+C$%+/'+6"82%'+fNaN+F#&$+
&",*+ 0$+ ,'&*>*8"'+ &'4.G4+ ,*0$+ *<*%%$%+ 0$C"0*+ '+ ,'/<'0'#+ $4+ $4.'&$#+ ,%"/<",'>4$/&$+ #$+ $#&$+ 6*%+
<*>*<'0*+$4+?*/'#+$O,*#&'#+tauN+
+
eb+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
+
9"8+fNa+T+!$&'>D$+0'+6'<D'0'+0$+24+$0"6P<"*+*/0$+G+,*##PC$>+C$%+*+6%'<&2%'()*+0*#+<'/&*#+0$+,>'<'#+0$+,$0%'+
+
TN=NQ&9U%*,(25j#5."2&
-2&%*+&",*+0$+,'&*>*8"'#+L2$+,*0$4+#$%+$/<*/&%'0'#+$4+%$C$#&"4$/&*#+0$+6'<D'0'#+'&%'CG#+0$+6"O'()*+
0"%$<&'+'*+#2,*%&$+#)*+'#+(U%*,(25j#5."2N+F#&$+&",*+0$+,'&*>*8"'+G+/*%4'>4$/&$+<'2#'0*+,$>'+0"##*>2()*+
0*#+ #'"#+ #*>UC$"#+ $O"#&$/&$#+ /*+ #2,*%&$+ *2+ /*#+ $>$4$/&*#+ ,G&%$*#+ ,$>'+ '<()*+ 0'#+ H82'#+ ,>2C"'"#J+ 0$+
D24"0'0$#+ '#<$/0$/&$#+ *2+ 0$+ D24"0'0$#+ ,%$#$/&$+ /*+ #2,*%&$N+ A2'/0*+ $#&'+ H82'+ $+ D24"0'0$+
$C',*%'4+ I+ #2,$%6P<"$J+ *#+ #'"#+ L2$+ $#&'C'4+ 0"##*>C"0*#+ ,%$<","&'4+ I+ 6'<$+ 0'+ ,$0%'+ tbfuN+ -#+ ,%"/<",'"#+
,%*.>$4'#+ %$>'<"*/'0*#+ <*4+ '#+ $6>*%$#<K/<"'#+ $4+ 6'<D'0'#+ #)*+ 0$+ /'&2%$?'+ $#&G&"<'N+ W*+ $/&'/&*J+ *+
,%*<$##*+ 0$+ <%"#&'>"?'()*+ 0$+ #'"#+ I+ #2,$%6P<"$+ 0$+ 4'&$%"'"#+ ,*%*#*#J+ <*4*+ *#+ $>$4$/&*#+ ,G&%$*#J+ ,*0$+
*%"8"/'%+ &$/#M$#+ L2$+ <*/02?$4+ I+ 0$8%'0'()*+ $+ $/C$>D$<"4$/&*+ 0*#+ 4'&$%"'"#+ 0$+ %$C$#&"4$/&*J+ ,*%+
'>&$%'()*+0'#+#2'#+,%*,%"$0'0$#+6P#"<*TL2P4"<'#+$+4$<_/"<'#+tbduN+
5'%'+ ,%$C$/"%+ $#&$+ &",*+ 0$+ ,'&*>*8"'+ $O"#&$4+ CH%"'#+ #*>2(M$#+ L2$+ ,*0$4+ #$%+ #28$%"0'#N+ \$+ #$+ C$%"6"<'%+
L2$+*+','%$<"4$/&*+0$+$6>*%$#<K/<"'#+G+4'"#+C"#PC$>+$4+?*/'#+,$%&*+0*+#*>*J+$+L2$+$#&'#+#)*+0$C"0'#+'+
D24"0'0$#+'#<$/0$/&$#J+G+,*##PC$>+%$'>"?'%+24+<*%&$+DP0%"<*+/$##'#+?*/'#+$4+<*/&'<&*+<*4+*+#*>*+,'%'+
$C"&'%+'+#2."0'+0*+6>2O*+0$+H82'+*2+%$'>"?'%+&%'.'>D*#+,'%'+0%$/'%+*+#*>*+/$##'+?*/'+tbfuN+
\$+*#+0$,:#"&*#+0$+$6>*%$#<K/<"'#+#$+>*<'>"?'%$4+I+#2,$%6P<"$+0'#+,$0%'#+$+<*4+8%'/0$+"/&$/#"0'0$+/'#+
S2/&'#+0$+<*>*<'()*+r6"82%'+fNdsJ+<*/CG4+C$%"6"<'%+'+$#&'/L2"0'0$+0$#&'#+S2/&'#N+5*%+C$?$#J+'#+S2/&'#+0$+
<*>*<'()*+ ,*0$4+ &$%+ #"0*+ 0$"O'0*+ '.$%&'#+ *2+ &$%$4+ #"0*+ 4'>+ ,%$$/<D"0'#J+ *+ L2$+ ,$%4"&$+ L2$+ &*0'+ '+
H82'+ 0'+ <D2C'+ ,*##'+ ,$/$&%'%+ /'+ 6'<D'0'N+ 7+ H82'J+ '*+ "/6">&%'%T#$+ $/&%$+ *#+ ,%*02&*#+ 0$+ <*>'8$4+ $+ '#+
,>'<'#+ ,G&%$'#+ 0*+ %$C$#&"4$/&*J+ ,*0$+ >"O"C"'%+ *+ 4'&$%"'>+ 0$+ <*>'8$4J+ 0"##*>C$/0*+ #'"#+ $+ '%%'#&'/0*T*#+
'&G+I+#2,$%6P<"$J+*%"8"/'/0*+'##"4+'#+$6>*%$#<K/<"'#+C"#PC$"#+tdkuN+7+#2,$%6P<"$+0'#+,>'<'#+,*0$+'"/0'+6"<'%+
0$8%'0'0'J+,*0$/0*+',%$#$/&'%+$6$"&*#+0$+>'#<'8$4+$+4'/<D'#+/'+#2,$%6P<"$+0'+,$0%'+tbduN+
\$+'#+$6>*%$#<K/<"'#+6*%'4+,%*C*<'0'#+,$>'#+H82'#+,>2C"'"#+*2+,*%+"/6">&%'(M$#+0$+H82'+,*0$+,%*<$0$%T#$+
I+ "4,$%4$'.">"?'()*+ 0*#+ &*,*#+ 0'#+ 6'<D'0'#+ ,'%'+ $C"&'%+ "/6">&%'(M$#+ $+ I+ 2&">"?'()*+ 0$+ ,%*02&*#+ L2$+
%$,$>$4+'+H82'+/'#+S2/&'#+$/&%$+,$0%'#+tbfuN+
ea+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+fV+7/*4'>"'#+T+5'&*>*8"'#+
+
9"8+fNd+T+!$&'>D$+0$+24'+6'<D'0'+0$+24+$0"6P<"*+*/0$+#)*+C"#PC$"#+$6>*%$#<K/<"'#+<*4+4'"*%+"/&$/#"0'0$+/'#+S2/&'#+
$/&%$+,$0%'#+tbfu+
+
TN=NT&!"#56"2&#*2&(%(3(#+*2&/]+,(*2&
-#+ 4G&*0*#+ 0$+ 6"O'()*+ 0"%$<&'+ 0$+ ,$0%'#+ $4+ 6'<D'0'#+ #)*+ &'4.G4+ .'#&'/&$+ ,%*,P<"*#+ ,'%'+ *+
','%$<"4$/&*+ 0$+ 3"#56"2& #*2& (%(3(#+*2& /]+,(*2& r6"82%'+ fNfsN+ FO"#&$4+ &%K#+ <'2#'#+ ,*##PC$"#+ ,'%'+ '+
6*%4'()*+ 0$+ 4'/<D'#+ /'#+ ,$0%'#V+ ,*0$+ $O"#&"%+ '+ ,$/$&%'()*+ 0$+ #2.#&_/<"'#+ '+ ,'%&"%+ 0*+ #2,*%&$J+
,$/$&%'()*+ 0$+ #2.#&_/<"'#+ '+ ,'%&"%+ 0'+ #2,$%6P<"$+ $+ '+ 0$#<*>*%'()*+ 0$+ #2.#&_/<"'#+ /*+ "/&$%"*%+ 0'+ ,$0%'+
L2$+6*%4'4+4'/<D'#+C"#PC$"#+,$>*+$O&$%"*%+tbfuN+
+
9"8+fNf+T+!$&'>D$+0$+24'+6'<D'0'+0$+24+$0"6P<"*+*/0$+#)*+C"#PC$"#+4'/<D'#+/'#+,>'<'#+0$+,$0%'+tbfu+
+
)A$B'%'/*)012$3'$45-4/?%;+)4$)$C)*/+*$32$45C2*/'$
7+,$/$&%'()*+0$+#2.#&_/<"'#+'+,'%&"%+0*+#2,*%&$+,*0$+&$%+*%"8$4+/*+,%:,%"*+,%*02&*+0$+<*>'8$4+L2$+#$+
"/6">&%'+,$>*+&'%0*?+0'+,>'<'+0$+,$0%'J+6"<'/0*+0$,*"#+C"#PC$>+I+#2,$%6P<"$+#*.+'+6*%4'+0$+4'/<D'#N+F#&'#+
4'/<D'#+ ,*0$4+ <%"'%T#$+ >*8*+ ',:#+ '+ <*>*<'()*+ 0'#+ ,$0%'#J+ L2'/0*+ *+ ,%*02&*+ 0$+ <*>'8$4+ '"/0'+ #$+
$/<*/&%'+6%$#<*N+FO"#&$+&%'/#,*%&$+0$+#2.#&_/<"'#+L2$+$#&)*+0"##*>C"0'#+/*+$O<$##*+0$+H82'+,%$#$/&$+/'+
<*>'+ $+ L2$+ ,'##'4+ ,'%'+ '+ ,$0%'+ 0$C"0*+ I+ $C',*%'()*+ '&%'CG#+ 0*#+ <',">'%$#+ 0'#+ ,$0%'#+ /'&2%'"#+ $4+
0"%$<()*+ I+ #2,$%6P<"$N+ F#&$+ &",*+ 0$+ ,'&*>*8"'+ G+ "0$/&"6"<HC$>+ ,*%+ #$+ <*/#$82"%+ 0"#&"/82"%+ /'#+ 4'/<D'#+ '#+
?*/'#+ */0$+ '+ <*>'+ 6*"+ ',>"<'0'N+ F#&$+ &",*+ 0$+ 4'/<D'#+ '<*/&$<$J+ <*4+4'"*%+ 6%$L2K/<"'J+ L2'/0*+ /)*+ #$+
+
ed+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
%$#,$"&'4+*#+&$4,*#+0$+$#,$%'+'/&$#+0$+#$+<*>4'&'%$4+'#+S2/&'#+$/&%$+'#+,$0%'#N+W'+%$'>"0'0$J+0$,*"#+
0$+6"O'%+'#+,$0%'#+'*+#2,*%&$J+G+/$<$##H%"*+'82'%0'%+L2$+'#+<*>'#+#$L2$4+,'%'+8'%'/&"%+L2$+'+D24"0'0$+
,%$#$/&$+ /*+ >"8'/&$+ ,*##'+ #$<'%+ '/&$#+ 0$+ #$+ ,%$$/<D$%$4+ '#+ S2/&'#N+ F#&'#+ 6*%4'4+ .'%%$"%'#+
"4,$%4$HC$"#+ I+ H82'+ $+ '*+ C',*%+ L2$+ "4,$0$4+ '+ <*%%$<&'+ #$<'8$4+ 0'#+ <*>'#+ L2$+ *%"8"/'4+ '##"4+ '#+
4'/<D'#+C"#PC$"#+,$>*+$O&$%"*%+tbfuN+F#&'+,'&*>*8"'+*<*%%$+<*4+4'"#+6%$L2K/<"'+L2'/0*+#$+2#'4+<*>'#+I+
.'#$+ 0$+ <"4$/&*+ L2$+ ,*0$4+ ,%*,"<"'%+ <*4+ 4'"#+ 6'<">"0'0$+ 4'/<D'#+ /'#+ ,$0%'#+ 4'"#+ <>'%'#+ tbcuN+ F4+
,$0%'#+42"&*+#$/#PC$"#+*2+0$+<*%$#+4'"#+<>'%'#+r<*4*+'>82/#+&",*#+0$+4H%4*%$#sJ+,*0$4+#$%+2&">"?'0*#+
>"8'/&$#+0$+<"4$/&*+.%'/<*+*2+,%*02&*#+$#,$<"'>4$/&$+$#&20'0*#+,'%'+*+$6$"&*+r"#$/&*#+0$+,"84$/&*#+
L2$+*O"0$4s+<*4,*#&*#+,*%+'8$/&$#+>"8'/&$#+0$+<*%+.%'/<'+*2+>H&$O+0$+.*%%'<D'+#"/&G&"<'J+*2+,*0$T#$+
&'4.G4+,%*<$0$%+I+"4,$%4$'.">"?'()*+0*+&'%0*?+0'#+,>'<'#+tdhuN+
7#+ 4'/<D'#+ &'4.G4+ ,*0$4+ "%+ ','%$<$/0*+ '*+ >*/8*+ 0*+ &$4,*+ 0$C"0*+ I+ "/6">&%'()*+ 0'+ H82'+ 0'+ <D2C'+
,$>'#+S2/&'#+$/&%$+,>'<'#+*2+,$>*+&*,*+0*+%$C$#&"4$/&*+L2$+D24$0$<$4+'+<*>'+>*<'>"?'0'+$/&%$+'+,$0%'+
$+*+#2,*%&$N+F#&'+#"&2'()*+G+4'"#+,'##PC$>+0$+'<*/&$<$%+L2'/&*+/)*+$O"#&$+24+<*%%$<&*+'>"/D'4$/&*+0'#+
,$0%'#+$+L2'/0*+'#+S2/&'#+/)*+$#&)*+0$C"0'4$/&$+,%$$/<D"0'#+tfcuN+@*4*+$#&$+4G&*0*+0$+6"O'()*+0$+
,$0%'#+ /)*+ ,*##".">"&'+ 8%'/0$+ ,$%4$'.">"0'0$+ /$4+ <"%<2>'()*+ 0$+ '%+ $/&%$+ *+ #2,*%&$+ $+ *#+ $>$4$/&*#+
,G&%$*#J+ '+ D24"0'0$+ ,%$#$/&$+ ,*0$+ ,%*C*<'%+ 4'/<D'#+ '*+ 0"##*>C$%+ *+ >"8'/&$+ L2$+ #$+ "4,%$8/'+ /'#+
,$0%'#N+W$#&$+<'#*J+$#&$+&",*+0$+4'/<D'#+G+"0$/&"6"<'0*+,$>'+#2'+>*<'>"?'()*Q+G+<*424+','%$<$%$4+/*#+
<*/&*%/*#+ 0'#+ ,>'<'#+ 0$+ ,$0%'+ *2+ /*#+ <*/&*%/*#+ 024'+ 6'<D'0'J+ L2$+ #)*+ *#+ ,*/&*#+ 4'"#+ #2#<$,&PC$"#+
,'%'+ '#+ "/6">&%'(M$#+ tbfuN+ @*/CG4+ '"/0'+ '##$82%'%+ L2$+ *#+ #"#&$4'#+ 0$+ 0%$/'8$4+ 0'#+ H82'#+ ,>2C"'"#+
'6'#&'4+'+H82'+0'#+6'<D'0'#+$+L2$+$O"#&$+24'+<*%%$<&'+0%$/'8$4+0$+D24"0'0$#+0'+.'#$+0'#+6'<D'0'#+
tdhuN+
7#+ 4'/<D'#+ ,*0$4+ '"/0'+ 0$%"C'%+ 0'+ ,%:,%"'+ D24"0'0$+ L2$+ /)*+ #$<'+ 6'<">4$/&$+ $+ ,%*C*<'J+ '##"4J+
4'/<D'#+ 0$+ D24"0'0$#+ C"#PC$"#+ /'+ #2,$%6P<"$+ $O&$%"*%+ 0'+ ,$0%'+ taauN+ F#&'#+ #)*+ 4'"#+ 6%$L2$/&$#+ #$+ '#+
<*/0"(M$#+ '4."$/&'"#+ 0*+ >*<'>+ 0$+ ',>"<'()*+/)*+6'<">"&'%$4+'+$C'<2'()*+0'+D24"0'0$+r?*/'#+#*4.%"'#+
*2+ <*4+ ,*2<'+ C$/&">'()*sN+ w#2'>4$/&$+ /'#+ %*<D'#+ 4'"#+ "4,$%4$HC$"#+ '+ D24"0'0$+ <*/<$/&%'T#$+ 4'"#+
/'#+?*/'#+,$%&*+0'#+S2/&'#+0'#+,$0%'#J+$/L2'/&*+L2$+'#+%*<D'#+,*%*#'#+'+'.#*%C$4+2/"6*%4$4$/&$+,*%+
&*0'+'+#2,$%6P<"$+tdhuN+
+
-A$B'%'/*)012$3'$45-4/?%;+)4$)$C)*/+*$3)$45C'*<P;+'$$
7#+4'/<D'#+C"#PC$"#+/'#+,$0%'#+,*0$4+&'4.G4+#$%+*%"8"/'0'#+,$>'+,$/$&%'()*+0$+#2.#&_/<"'#+'+,'%&"%+
0'+#2,$%6P<"$N+@*4*+'#+,$0%'#+&K4+'>824+8%'2+0$+,*%*#"0'0$J+G+,*##PC$>+L2$+,%*02&*#+,*##'4+,$/$&%'%+
/*+"/&$%"*%+0'#+,$0%'#N+5'%'+4"/*%'%+'+,$/$&%'()*+0$+>PL2"0*#+/'#+,$0%'#+G+,*##PC$>+"4,%$8/'%+'#+,$0%'#+
',:#+'+#2'+',>"<'()*+<*4+,%*02&*#+L2$J+'*+<*>4'&'%+*#+,*%*#+0'#+,$0%'#J+%$,$>$4+*#+>PL2"0*#+tbfuN+
+
+
+
ef+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+fV+7/*4'>"'#+T+5'&*>*8"'#+
;A$T'4;2.2*)012$3'$45-4/?%;+)4$%2$+%/'*+2*$3)$C'3*)$
-2&%*+ 6'<&*%+ L2$+ ,*0$+ *%"8"/'%+ 4'/<D'#+ /'#+ ,$0%'#+ G+ '+ 0$#<*>*%'()*+ 0$+ #2.#&_/<"'#+ /*+ "/&$%"*%+ 0'+
,%:,%"'+ ,$0%'N+ F4.*%'+ 4'"#+ %'%*+ 0*+ L2$+ '#+ <'2#'#+ '<"4'+ 4$/<"*/'0'#J+ G+ ,*##PC$>+ L2$+ '>824'#+ 0'#+
#2.#&_/<"'#+ L2$+ <*/#&"&2$4+ '#+ ,$0%'#+ /'&2%'"#J+ &'"#+ <*4*+ '+ ,"%"&$+ r,%$#$/&$+ /*#+ 8%'/"&*J+ 4H%4*%$#+ $+
'%0:#"'#sJ+'+."*&"&$+r,%$#$/&$+/*#+8%'/"&*#+$+8/$"##$#s+$+'+8%'/'0'+,*##'4+6*%4'%+4'/<D'#N+F#&$+&",*+0$+
6$/:4$/*+ 0$+ 0$#<*>*%'()*+ /)*+ ,*0$+ #$%+ $C"&'0*+ C"#&*+ L2$+ $#&H+ %$>'<"*/'0*+ <*4+ *+ ,%*<$##*+ 0$+
<>"4'&"?'()*+0'#+,$0%'#+/'&2%'"#+tbfuN+
+
TN=NS&I"#.U.5"LM*&'*&3"+(,."%&'(&/,((#56.3(#+*&'"2&i$#+"2&
w4'+ '/*4'>"'+ L2$+ ,*0$+ *<*%%$%+ $4+ %$C$#&"4$/&*#+ 0$+ 6"O'()*+ 0"%$<&'+ '*+ #2,*%&$+ G+ '+ 0$8%'0'()*+ 0*+
4'&$%"'>+0$+,%$$/<D"4$/&*+0'#+S2/&'#+$/&%$+'#+,$0%'#N+F#&$+4'&$%"'>+,*0$T#$+0$#<*>'%+0'#+,$0%'#J+'.%"%+
6$/0'#+ $+ %'<D'#+ *2+ 420'%+ 0$+ <*%N+ R+ "4,*%&'/&$+ L2$+ '#+ S2/&'#+ $#&$S'4+ .$4+ ,%$$/<D"0'#+ ,'%'+ $C"&'%+ '+
$/&%'0'+0$+H82'+L2$+,*0$%H+,%*C*<'%+'>824'#+0'#+,'&*>*8"'#+SH+0$#<%"&'#+&'"#+<*4*+*+0$#<*>'4$/&*+0'#+
,>'<'#+ 0$+ ,$0%'+ *2+ '+ 6*%4'()*+ 0$+ 4'/<D'#+ /'#+ ,$0%'#N+ F#&'+ ,'&*>*8"'+ &$4+ 4'"*%+ ,%*.'.">"0'0$+ 0$+
*<*%%K/<"'+ $4+ <'#*#+ $4+ L2$+ *+ 4'&$%"'>+ 0$+ ,%$$/<D"4$/&*+ 2#'0*+ /)*+ $%'+ "/0"<'0*+ *2+ /)*+ &"C$##$+ '#+
<'%'<&$%P#&"<'#+/$<$##H%"'#+&'"#+<*4*+$>'#&"<"0'0$+*2+02%'.">"0'0$N++
+
TNQ&4.["LM*&.#'.,(5+"&"*&2$/*,+(`&7"+*%*:."2&"22*5."'"2&
TNQN?&@:,"U*2&(&/*#+*2&'(&",:"3"22"&
7+%$'>"?'()*+0$+24+%$C$#&"4$/&*+0$+6'<D'0'+$4,%$8'/0*+'+&G</"<'+0$+'8%'6*#+$+,*/&*#+0$+'%8'4'##'+
,*0$+ *%"8"/'%+ ,'&*>*8"'#J+ '>824'#+ 0'#+ L2'"#+ #"4">'%$#+ I#+ $/<*/&%'0'#+ /*#+ %$C$#&"4$/&*#+ 0$+ 6"O'()*+
0"%$<&'+'*+#2,*%&$N+
+
TNQN?N?&4.22$,"LM*&#"2&/%"5"2&'(&/(',"&
-#+,*/&*#+0$+'%8'4'##'+L2$+#$%C$4+,'%'+'S20'%+*#+'8%'6*#+'+%$#"#&"%$4+'+6*%('#+0$+6>$O)*J+"/&%*02?$4+
#$4,%$+ '>824'+ %$#&%"()*+ I#+ 0$6*%4'(M$#J+ 8$%'/0*+ '##"4+ &$/#M$#+ L2$+ ,*0$4+ ,%*C*<'%+ U.22$,"LM*& #"2&
/%"5"2+ 0$+ ,$0%'N+ 5'%'+ $C"&'%+ $#&$+ &",*+ 0$+ 0'/*#+ /'#+ ,$0%'#+ G+ /$<$##H%"*J+ <*4*+ SH+ 6*"+ $O,>"<'0*+ '&%H#J+
0$"O'%+S2/&'#+$/&%$+'#+,$0%'#+0$+&'4'/D*+'0$L2'0*+L2$+,*0$4+#$%+,%$$/<D"0'#+<*4+4'&$%"'"#+$>H#&"<*#+
L2$+'.#*%C'4+'#+0$6*%4'(M$#+$+C$%"6"<'%+L2$+/)*+#$+6"O*2+24'+,$0%'+'+CH%"*#+#2,*%&$#+0"6$%$/&$#+taauN+
+
TNQN?N=&!"#56"2&%*5"%.X"'"2&#"2&X*#"2&'*2&/*#+*2&'(&",:"3"22"&
W'#+ ?*/'#+ 0*#+ ,*/&*#+ 0$+ '%8'4'##'+ G+ ,*##PC$>+ L2$+ $O"#&'+ ,$/$&%'()*+ 0$+ #2.#&_/<"'#+ *%"8"/H%"'#+ 0*+
,%*02&*+0$+<*>'8$4+L2$+#$+"/6">&%'+,$>*+&'%0*?+0'+,>'<'+0$+,$0%'J+6"<'/0*+0$,*"#+C"#PC$>+I+#2,$%6P<"$+#*.+
+
eg+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
'+6*%4'+0$+3"#56"2&%*5"%.X"'"2+/'#+?*/'#+0*#+,*/&*#+0$+'%8'4'##'N+5'%'+$C"&'%+$#&$+&",*+0$+,'&*>*8"'#+
'+'%8'4'##'+/)*+0$C$+<*/&$%+$O<$##*+0$+H82'J+,'%'+$C"&'%+L2$+*<*%%'+*+&%'/#,*%&$+0$+#2.#&_/<"'#+,'%'+'+
,$0%'+0$C"0*+I+$C',*%'()*+'&%'CG#+0*#+<',">'%$#+0'#+,$0%'#+/'&2%'"#+$4+0"%$<()*+I+#2,$%6P<"$N+Z'>+<*4*+
/*#+4G&*0*#+0$+6"O'()*+0"%$<&'J+$#&$+&",*+0$+,'&*>*8"'#+,*0$+*<*%%$%+&'4.G4+0$C"0*+'*+/)*+%$#,$"&*+0*+
&$4,*+ 0$+ #$<'8$4+ 0'+ '%8'4'##'+ '/&$#+ 0$+ #$+ ,%$$/<D$%$4+ '#+ S2/&'#+ $/&%$+ ,$0%'#+ tbfuN+ W*+ $/&'/&*J+
<*4*+ DH+ #$4,%$+ <"%<2>'()*+ 0$+ '%+ L2$+ $/&%'+ $+ #'"+ ,$>'+ ,'%&$+ #2,$%"*%+ $+ "/6$%"*%+ 0'+ 6'<D'0'+ 0$C"0*+ '*+
6'<&*+0$+$O"#&"%+24'+<'"O'T0$T'%+6*%4'0'+/*+$#,'(*+$/&%$+'+6'<D'0'+$+*+%$C$#&"4$/&*J+$#&'+,*0$+/)*+#$%+
'+U/"<'+%'?)*+,'%'+*+','%$<"4$/&*+0'#+4'/<D'#N+
-#+,*/&*#+0$+'%8'4'##'+,*0$4+<*/#&"&2"%+.'%%$"%'#+,'%'+'+H82'+L2$+$/&%$+/*+$#,'(*+0'+<'"O'T0$T'%N+W'+
%$'>"0'0$J+<'#*+$O"#&'4+"/6">&%'(M$#+$4+?*/'#+0$+S2/&'#+$/&%$+,>'<'#+0$+,$0%'+*2+,$>*+&*,*+0'+6'<D'0'J+'+
H82'+,*0$+6"<'%+$#&'8/'0'+#*.%$+*#+,*/&*#+0$+'%8'4'##'J+L2$+6"<'4+#'&2%'0*#+0$+H82'N+F##'+D24"0'0$+
0*#+ ,*/&*#+ ,*0$J+ <*4*+ SH+ 6*"+ %$6$%"0*J+ ,%*C*<'%+ 4'/<D'#+ C"#PC$"#+ ,$>*+ $O&$%"*%+ 0'#+ ,$0%'#+ 4'#+ ,*0$+
&'4.G4+ ,%*C*<'%+ "/6">&%'(M$#+ ,'%'+ *+ "/&$%"*%+ 0*+ $0"6P<"*+ taauN+ F#&'+ #"&2'()*+ G+ '8%'C'0'+ ,$>'+ $C$/&2'>+
6'>&'+ 0$+ ,>'/$?'+ 0*+ %$C$#&"4$/&*J+ <*4+ ,$0%'#+ /)*+ '>"/D'0'#+ 24'#+ I#+ *2&%'#J+ <%"'/0*+ '##"4+ 0$#/PC$"#+
$/&%$+'+,$0%'#+*/0$+'+H82'+,*0$+6"<'%+$#&'8/'0'+*2+$/&%'%+,'%'+'+<'"O'+0$+'%N+
+
TNQN?NQ&A"25":(3&'*&3"+(,."%&/]+,(*&#"2&X*#"2&'*2&*,.UR5.*2&'(&U.["LM*&
w4'+ '/*4'>"'+ L2$+ ,*0$+ '<*/&$<$%+ $4+ &*0*#+ *#+ #"#&$4'#+ L2$+ %$<*%%$4+ '+ '8%'6*#+ *2+ 8'&*#+ 4$&H>"<*#+
,'%'+ 6"O'%+ '#+ ,$0%'#+ G+ '+ %"25":(3& '*& 3"+(,."%& /]+,(*& #"2& X*#"2& '*2& *,.UR5.*2& '(& U.["LM*+ /*+ &*,*+ 0'#+
,$0%'#N+F#&'+'/*4'>"'+G+,%*C*<'0'+2#2'>4$/&$+,$>'#+&$/#M$#+$O<$##"C'#+/*#+$>$4$/&*#+0$+,$0%'J+4'#+
&'4.G4+,*0$+#$%+*%"8"/'0'+,$>*+0$#',%24*+0*#+$>$4$/&*#+0$+,$0%'+L2$+<%"'4+&$/#M$#+#2,>$4$/&'%$#+
/*#+ ',*"*#+ 4$&H>"<*#N+ F#&'+ '/*4'>"'+ &$%H+ 4'"#+ ,%*.'.">"0'0$+ 0$+ '<*/&$<$%+ L2'/0*+ /)*+ G+ %$#,$"&'0'+ '+
0"#&_/<"'+4P/"4'+$/&%$+'+6'<$+$O&$%"*%+0'#+,$0%'#+$+*+$"O*+0*#+62%*#+%$'>"?'0*#+,'%'+<*>*<'%+*#+8'&*#+/*#+
$>$4$/&*#+,G&%$*#+tauN+
+
TNQN?NT&-$(8,"&*$&U,"5+$,"LM*&'(&/%"5"2&'(&/(',"&
F#&$+ &",*+ 0$+ %$C$#&"4$/&*+ 6"<'+ #2S$"&*+ I+ O$(8,"& *$& U,"5+$,"LM*+ 0$+ ,>'<'#+ 0$+ ,$0%'+ #$+ 6*%+ ',>"<'0*+ $4+
?*/'#+0$+,'##'8$4+0$+,$##*'#+*2+4HL2"/'#N+Z'>+<*4*+%$6$%"0*+'/&$%"*%4$/&$J+$4+?*/'#+4'"#+.'"O'#+*2+
?*/'#+0$+,'##'8$4+G+%$<*4$/0HC$>+',>"<'%+*+%$C$#&"4$/&*+2&">"?'/0*+24+#"#&$4'+0$+6"O'()*+0"%$<&'+L2$+
%$#"#&$+ 4$>D*%+ '*#+ <D*L2$#N+ Z$/#M$#+ $O<$##"C'#+ /'#+ ,>'<'#+ 0$+ ,$0%'+ L2$J+ <*4*+ 6*"+ %$6$%"0*J+ ,*0$4+
<'2#'%+'+6"##2%'()*+0*+%$C$#&"4$/&*J+&'4.G4+,*0$4+>$C'%+I+6%'<&2%'()*+0$#&$N+
+
TNQN?NS&K#U.%+,"Lc(2&/(%"&5".["&'(&",&
Z'>+ <*4*+ /'#+ %$#&'/&$#+ &G</"<'#+ 0$+ %$C$#&"4$/&*+ 0$+ 6'<D'0'#J+ '+ 4'"*%"'+ 0'#+ ,'&*>*8"'#+ L2$+ *<*%%$4+
02%'/&$+'+C"0'+0'+*.%'+$#&)*J+0$+'>824'+6*%4'J+%$>'<"*/'0'#+<*4+'+H82'+0'+<D2C'N+@'#*+'#+S2/&'#+$/&%$+
ei+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+fV+7/*4'>"'#+T+5'&*>*8"'#+
'#+ ,$0%'#+ &$/D'4+ #"0*+ 0$"O'0*+ '.$%&'#J+ $4+ <'#*#+ 0$+ <D2C'+ $+ C$/&*#+ 6*%&$#J+ '+ H82'+ ,*0$+ '&"/8"%+ *+
,'%'4$/&*+0'+6'<D'0'+0*+$0"6P<"*N+F4+#"&2'(M$#+<*4*+$#&'#+$O"#&$+#$4,%$+*+%"#<*+0$+D'C$%+"/6">&%'(M$#+
0$C"0*+I+'82'+L2$+G+%$&"0'+*2+6"<'+'<242>'0'+/*#+,*/&*#+0$+'%8'4'##'N+
Z'4.G4+ ,*0$4+ *<*%%$%+ "/6">&%'(M$#+ 0$+ H82'+ ,'%'+ '+ <'"O'+ 0$+ '%+ L2$+ $/&%'+ ,$>*+ &*,*+ 0*+ %$C$#&"4$/&*J+
<'#*+/)*+D'S'+/$/D24'+,%*&$<()*+*2+<',$'4$/&*+L2$+"4,$('+$##'+$/&%'0'N+
+
TNQN?NZ&)*,,*2M*&'*2&":,"U*2&3(+_%.5*2&
w4'+ ,'&*>*8"'+ L2$+ &'4.G4+ ,*0$+ *<*%%$%+ /$#&$+ 4G&*0*+ 0$+ %$C$#&"4$/&*+ 0$+ 6'<D'0'#+ L2$+ 2#'+
$>$4$/&*#+ 4$&H>"<*#+ G+ '+ 5*,,*2M*+ 0$#&$#N+ W*+ $/&'/&*J+ 0$C$4*#+ %$6$%"%+ L2$J+ <*4*+ '+ 4'"*%+ ,'%&$+ 0*#+
'8%'6*#+#$+$/<*/&%'+$4.$."0'+/*#+,*/&*#+,$>'+'%8'4'##'+*2+0$/&%*+0*#+62%*#+0'#+,$0%'#J+G+.'#&'/&$+
%'%*+D'C$%+<*%%*#)*+/$#&$+&",*+0$+&G</"<'N+W)*+*.#&'/&$J+G+%$<*4$/0HC$>+$#<*>D$%+#2,*%&$#+%$'>"?'0*#+
$4+ 4'&$%"'>+ "/*O"0HC$>J+ '0',&'0*#+ I#+ <*/0"(M$#+ */0$+ #$%)*+ "/#&'>'0*#J+ $+ %$'>"?'%+ 24'+ "/#,$<()*+ 0*#+
#2,*%&$#+'L2'/0*+0'+<D$8'0'+I+*.%'+$4+.2#<'+0$+<*%%*#)*N+
-+ 4G&*0*+ 0$+ 6"O'()*+ %$<*%%$/0*+ '+ '8%'6*#+ <*4+ ,*/&*#+ 0$+ '%8'4'##'+ ',%$#$/&'+ &'4.G4+ <*4*+
0$#C'/&'8$4+'+0"6"<2>0'0$+$4+0$&$<&'%+'#+#2'#+'/*4'>"'#N+W'+%$'>"0'0$J+<*4*+*#+$>$4$/&*#+4$&H>"<*#+
$#&)*+ $/C*>&*#+ $4+ '%8'4'##'J+ /24'+ $C$/&2'>+ "/#,$<()*J+ 0$6$"&*#+ <*4*+ '+ <*%%*#)*+ 0*#+ $>$4$/&*#+
4$&H>"<*#+,*0$+/)*+#$%+/*&'0'N+@*/CG4J+/*+$/&'/&*J+%$6$%"%+L2$+$#&'#+"/#,$<(M$#J+$4+L2'>L2$%+<'#*J+#:+
#)*+ %$'>"?'0'#+ L2'/0*+ $O"#&$+ '+ #2#,$"&'+ 0$+ '>824'+ '/*4'>"'J+ ,*"#+ ,'%'+ '/'>"#'%+ '#+ 6"O'(M$#+ 0'+ ?*/'+
<*%%$/&$+0'+6'<D'0'+G+/$<$##H%"*+%$4*C$%+'#+,$0%'#+0$+%$C$#&"4$/&*+taauN+
+
TNQN=&g"+*2&!(+_%.5*2&
7+&G</"<'+0$+%$C$#&"4$/&*+,G&%$*+2#'/0*+8'&*#+4$&H>"<*#+,$%4"&$+%$'>"?'%+%$C$#&"4$/&*#+4'"#+6>$OPC$"#J+
L2$+,*0$4+'##"4+'.#*%C$%+4'"#+0$6*%4'(M$#+0*+L2$+*#+'8%'6*#+$+,*/&*#+0$+'%8'4'##'N+!$#&$+4*0*J+
'>824'#+ 0'#+ ,'&*>*8"'#+ L2$+ ,*0$4+ #$%+ '##*<"'0'#+ '*+ %$C$#&"4$/&*+ <*4+ '8%'6*#+ /)*+ #)*+ <*42/#+ $4+
6'<D'0'#+%$C$#&"0'#+2#'/0*+'+&G</"<'+0*#+8'&*#+4$&H>"<*#J+0$#0$+L2$+$#&$#+&$/D'4+#"0*+<*%%$<&'4$/&$+
',>"<'0*#N+
+
TNQN=N?&4.22$,"LM*&#"2&/%"5"2&'(&/(',"&
\$+6*%$4+8$%'0'#+&$/#M$#+$>$C'0'#+/'#+,>'<'#+0$+,$0%'+,*0$4+','%$<$%+U.22$,"2&#"2&/%"5"2k+$#&$+&",*+
0$+ 0'/*#+ <*#&24'+ *<*%%$%+ 6%$L2$/&$4$/&$+ L2'/0*+ '#+ S2/&'#+ $/&%$+ '#+ ,$0%'#+ /)*+ &K4+ *+ &'4'/D*+
'0$L2'0*J+ L2'/0*+ $#&)*+ ,%$$/<D"0'#+ <*4+ 4'&$%"'"#+ /)*+ $>H#&"<*#+ *2+ L2'/0*+ #$+ 6"O*2+ 24'+ ,$0%'+ '+
CH%"*#+#2,*%&$#+0"6$%$/&$#N+@'#*+/)*+#$+,$%4"&'+>".$%0'0$+0$+4*C"4$/&*#+0'+,$0%'+'&%'CG#+0'+<*>*<'()*+
0$+ <'4"#'#+ ,>H#&"<'#+ /*#+ ,"/*#+ #2,$%"*%$#J+ ,*0$4T#$+ 8$%'%+ &'4.G4+ &$/#M$#+ L2$+ <*/02?$4+ '*+
','%$<"4$/&*+0$+6"##2%'#+/'#+,>'<'#+0$+,$0%'+taauN+
+
ee+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
TNQN=N=&A"25":(3&'*&3"+(,."%&/]+,(*&#"2&X*#"2&'*2&*,.UR5.*2&'(&U.["LM*&
w4'+'/*4'>"'+L2$+&'4.G4+,*0$+'<*/&$<$%+$4+#"#&$4'#+0$+6"O'()*+L2$+%$<*%%$4+'+8'&*#+4$&H>"<*#+G+'+
%"25":(3& '*& 3"+(,."%& /]+,(*& #"2& X*#"2& '*2& *,.UR5.*2& '(& U.["LM*+ /*+ &*,*+ 0'#+ ,$0%'#+ r6"82%'+ fNgsN+ 7#+
<'2#'#+ ,'%'+ $#&$+ &",*+ 0$+ '/*4'>"'+ #)*+ "0K/&"<'#+ I#+ SH+ 6*%'4+ 0$#<%"&'#+ /*+ 4G&*0*+ 0*#+ ,*/&*#+ 0$+
'%8'4'##'J+/*+,*/&*+fNdNbNd+tauN+
+
9"8+fNg+T+5*%4$/*%+0'+,>'<'#+0$+,$0%'+*/0$+G+,*##PC$>+C$%+'+>'#<'8$4+S2/&*+'*+8'&*#+0$+#2,*%&$+
+
TNQN=NQ&-$(8,"&*$&U,"5+$,"LM*&'(&/%"5"2&'(&/(',"&
F#&$+ &",*+ 0$+ %$C$#&"4$/&*+ ,*0$+ $#&'%+ #2S$"&*+ I+ O$(8,"& *$& U,"5+$,"LM*+ 0$+ ,>'<'#+ 0$+ ,$0%'J+
$##$/<"'>4$/&$+ ,$>*#+ 4$#4*#+ 4*&"C*#+ 0*#+ L2$+ SH+ 6*%'4+ 0$#<%"&*#+ /*+ ,*/&*+ fNdNbNf+ ,'%'+ *#+ '8%'6*#+ $+
,*/&*#+0$+'%8'4'##'N++
+
TNQN=NT&K#U.%+,"Lc(2&/(%"&5".["&'(&",&
W$#&'+&G</"<'J+*/0$+$O"#&$+24'+<'"O'T0$T'%+$/&%$+*+%$C$#&"4$/&*+,G&%$*+$+'+6'<D'0'J+G+,*##PC$>+%$'>"?'%+
24+"#*>'4$/&*+&G%4"<*+$+<*>*<'%+&$>'#+'#6H>&"<'#+"4,$%4$'.">"?'/&$#N+F#&20*#+0$4*/#&%'4+L2$J+<*4+'#+
S2/&'#+ $/&%$+ '#+ ,$0%'+ '.$%&'#J+ '+ H82'+ 0$+ <D2C'+ ,*0$+ '&"/8"%+ *+ ,'%'4$/&*+ 0'+ 6'<D'0'+ 0*+ $0"6P<"*+ $4+
<'#*#+ 0$+ <D2C'+ $+ C$/&*#+ 6*%&$#J+ $#<*%%$/0*+ ,$>'+ >_4"/'+ 0$+ '%N+ @*4*+ $#&'+ G+ <*/&P/2'J+ #$/0*+ ',$/'#+
"/&$%%*4,"0'+,$>*#+8'&*#+4$&H>"<*#+L2$+%$,%$#$/&'4+24'+#2,$%6P<"$+42"&*+%$02?"0'J+'+H82'+L2$+,*##'+
$#<*%%$%+ ,$>'+ >_4"/'+ 0$+ '%+ /)*+ G+ %$&"0'+ /$4+ 6"<'+ '<242>'0'+ <*4*+ ,*0$+ '<*/&$<$%+ /*#+ ,*/&*#+ 0$+
'%8'4'##'+/'+&G</"<'+'/&$%"*%4$/&$+0$#<%"&'N+W*+$/&'/&*J+4$#4*+/$##$#+<'#*#+$#,*%H0"<*#+*/0$+'+H82'+
,*##'+<D$8'%+I+6'<D'0'J+*+6'<&*+0$+$O"#&"%+*+"#*>'4$/&*+&G%4"<*+$+"4,$%4$'.">"?'()*+0'+6'<D'0'+'S20'+'+
,%*&$8$%+'+,'%$0$+<*/&%'+"/6">&%'(M$#+,'%'+*+"/&$%"*%+0*+$0"6P<"*N+
7#+"/6">&%'(M$#+0$+H82'+,'%'+'+<'"O'+0$+'%+&'4.G4+,*0$4+&$%+*%"8$4+/*+&*,*+0*+%$C$#&"4$/&*J+<'#*+/)*+
$O"#&'+/$/D24'+,%*&$<()*+*2+<',$'4$/&*+L2$+"4,$('+$6"<'?4$/&$+'+#2'+$/&%'0'N+
+
+
ek+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+fV+7/*4'>"'#+T+5'&*>*8"'#+
TNQN=NS&)*,,*2M*&'*2&:"+*2&3(+_%.5*2&
-2&%*+ &",*+ 0$+ ,'&*>*8"'#+ L2$+ ,*0$4+ *<*%%$%+ /$#&$+ 4G&*0*+ 0$+ %$C$#&"4$/&*+ 0$+ 6'<D'0'#+ 2#'/0*+
$>$4$/&*#+ 4$&H>"<*#+ <*4*+ #2,*%&$+ G+ '+ 5*,,*2M*+ 0$#&$#+ r6"82%'+ fNisN+ W*+ $/&'/&*J+ <'#*+ #$+ <24,%'4+ '#+
%$<*4$/0'(M$#+ '<"4'+ 0$#<%"&'#+ j+ <*4*+ '+ $#<*>D'+ '0$L2'0'+ 0*#+ #2,*%&$#+ %$'>"?'0*#+ $4+ 4'&$%"'>+
"/*O"0HC$>+'0',&'0*+I#+<*/0"(M$#+*/0$+#$%H+"/#&'>'0*J+'+"/#,$<()*+0*#+#2,*%&$#+'L2'/0*+0'+<D$8'0'+I+
*.%'+ $4+ .2#<'+ 0$+ <*%%*#)*J+ '+ <*>*<'()*+ 0$+ ,'%'62#*#J+ #2,*%&$#+ $+ 4'&$%"'"#+ 4$&H>"<*#+ 0$+ 4'&$%"'"#+
<*4,'&PC$"#+ $/&%$+ $>$#+ ,'%'+ $C"&'%+ %$'<(M$#+ $/&%$+ *#+ CH%"*#+ &",*#+ 0$+ 4$&'>+ j+ '+ ,%*.'.">"0'0$+ 0$+ D'C$%+
<*%%*#)*+ 0*#+ #2,*%&$#+ G+ .'"O'+ taauN+ F#&$#+ ,*0$4+ #$4,%$+ #$%+ "/#,$<<"*/'0*#J+ $4+ <'#*+ 0$+ 0UC"0'#+ $4+
%$>'()*+'*+#$2+$#&'0*J+,*"#+/)*+#$+$/<*/&%'4+$4.$."0*#+0$/&%*+0$+,*/&*#+0$+'%8'4'##'N+W*+$/&'/&*J+
$#&$+ 8G/$%*+ 0$+ "/#,$<()*+ G+ #$4,%$+ 0"6P<">+ 0$+ %$'>"?'%+ $4+ .*'#+ <*/0"(M$#J+ ,*"#+ "4,>"<'+ '+ %$&"%'0'+ 0$+
,>'<'#+0$+,$0%'N+
+
9"8+fNi+j+5*%4$/*%+0$+24+8'&*+4$&H>"<*+<*%%*P0*+taau+
+
+
F4+ #24'J+ #$+ $#&$+ %$C$#&"4$/&*+ 6*%+ .$4+ 0$#$/D'0*+ $+ $O$<2&'0*+ '##$82%'+ 0$#$4,$/D*#+ .'#&'/&$+
#'&"#6'&:%"*#J+/)*+D'C$/0*+,'&*>*8"'#+<%:/"<'#+'##*<"'0'#+$+$>$N+
+
TNQNQ&92+,$+$,"&.#+(,3]'."&'(&2$/*,+(&
-+ %$C$#&"4$/&*+ 0$+ 24'+ 6'<D'0'+ 2#'/0*+ 24'+ 6"O'()*+ "/0"%$<&'+ <*4+ %$<2%#*+ '+ $#&%2&2%'+ "/&$%4G0"'+ 0$+
#2,*%&$+ G+ 24'+ 6*%4'+ 42"&*+ '0$L2'0'+ 0$+ 6"O'()*+ 0'#+ ,>'<'#+ 0$+ ,$0%'+ '*+ ,'/*+ 0$+ ,'%$0$N+ 7,%$#$/&'+
"/U4$%'#+ C'/&'8$/#+ 4'#J+ #$+ /)*+ 6*%+ <*/C$/"$/&$4$/&$+ ',>"<'0*J+ ,*0$+ <*/&20*+ 0'%+ *%"8$4+ '+ '>824'#+
,'&*>*8"'#J+&'>+<*4*+'#+',%$#$/&'0'#+'.'"O*N+
+
+
+
+
eh+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
TNQNQN?&4.22$,"LM*&#"2&/%"5"2&'(&/(',"&
\$+6*%$4+8$%'0'#+&$/#M$#+$>$C'0'#+/'#+,>'<'#+0$+,$0%'J+,*0$4+','%$<$%+6"##2%'#+/*#+$>$4$/&*#+,G&%$*#+
L2$+,*0$4+#$%+$O,>"<'0'#+,$>*+/)*+%$#,$"&*+0'#+S2/&'#+$/&%$+,$0%'#+*2+,$>'+4H+',>"<'()*+0*+#"#&$4'+0$+
#2,*%&$+0'#+,$0%'#N+
+
TNQNQN=&A"25":(3&'*&3"+(,."%&/]+,(*&#"2&X*#"2&'(&U.["LM*&
Z'>+ <*4*+ /*#+ *2&%*#+ #"#&$4'#+ 0$+ 6"O'()*J+ /'+ &G</"<'+ 0$+ 6"O'()*+ <*4+ $#&%2&2%'+ "/&$%4G0"'+ 0$+ #2,*%&$+
&'4.G4+DH+*+%"#<*+0$+%"25":(3&'*&3"+(,."%&/]+,(*&#"2&X*#"2&'(&U.["LM*+/*+&*,*+0'#+,$0%'#N+F#&$+&",*+
0$+ '/*4'>"'+ ,*0$+ #$%+ ,%*C*<'0*+ ,*%+ 4*&"C*#+ '/H>*8*#+ '*#+ L2$+ SH+ 6*%'4+ 0$#<%"&*#+ /*+ 4G&*0*+ 0*#+
,*/&*#+ 0$+ '%8'4'##'+ rC$%+ fNdNbNdsN+ W$#&$+ <'#*J+ $#&'+ '/*4'>"'+ ,*0$+ &'4.G4+ #$%+ 0$C"0'+ I+ "/<*%%$<&'+
>*<'>"?'()*+0'#+<'>D'#+%$'>"?'0'#+/'#+,$0%'#+*/0$+#)*+',>"<'0*#+*#+<>",#+0$+6"O'()*+tauN+
+
TNQNQNQ&-$(8,"&*$&U,"5+$,"LM*&'(&/%"5"2&'(&/(',"&
Z'>+ <*4*+ /*#+ *2&%*#+ 4G&*0*#+ 0$+ %$C$#&"4$/&*J+ '#+ ,>'<'#+ 0$+ ,$0%'+ $#&)*+ #2S$"&'#+ I& O$(8,"& *$&
U,"5+$,"LM*+ $##$/<"'>4$/&$+ ,$>*#+ + 4*&"C*#+ L2$+ SH+ 6*%'4+ 0$#<%"&*#+ /*+ ,*/&*+ fNdNbNf+ ,'%'+ *#+ '8%'6*#+ $+
,*/&*#+0$+'%8'4'##'N++
+
TNQNQNT&K#U.%+,"Lc(2&/(%"&5".["&'(&",&
]+ #$4$>D'/('+ 0*+ L2$+ ,*0$+ *<*%%$%+ /'+ &G</"<'+ 0*#+ 8'&*#+ 4$&H>"<*#J+ &'4.G4+ 'L2"+ ,*0$4+ $O"#&"%+
"/6">&%'(M$#+0$+H82'+,$>'+<'"O'+0$+'%+<*4+'#+<'2#'#+$+<*/#$L2K/<"'#+#$4$>D'/&$#+I#+0$#<%"&'+$4+fNdNaNfN+
+
TNQNQNS&)*,,*2M*&'*2&(%(3(#+*2&3(+_%.5*2&
W$#&$+4G&*0*+0$+%$C$#&"4$/&*+0$+6'<D'0'#+*/0$+$O"#&$4+$>$4$/&*#+4$&H>"<*#+,*0$+*<*%%$%+'+5*,,*2M*+
0*#+$>$4$/&*#+4$&H>"<*#J+,*%+4*&"C*#+#$4$>D'/&$#+'*#+%$6$%"0*#+,'%'+*#+8'&*#+4$&H>"<*#+$+0$#<%"&*#+$4+
fNdNaNgN+
+
TNT&4.["LM*&.#'.,(5+"&"*&2$/*,+(`&/"+*%*:."2&"22*5."'"2&a&U.["LM*&3(5b#.5"&
W24+#"#&$4'+0$+6"O'()*+0$+,$0%'#+<*4+%$<2%#*+'+6"O'0*%$#+4$<_/"<*#+$O"#&$4+0"C$%#*#+&",*#+0$+6'>D'#+
L2$+,*0$4+'<*/&$<$%+L2'/0*+'#+,$0%'#+#)*+#2.4$&"0'#+'+$/#'"*#+0$+'%%'/<'4$/&*N+7,%$#$/&'4T#$+0$+
#$82"0'+*#+L2'&%*+4*0*#+0$+%2,&2%'+4'"#+2#2'"#+$+'#+#2'#+<'2#'#N+
kc+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+fV+7/*4'>"'#+T+5'&*>*8"'#+
TNTN?&4"%6"&#"&9[/"#2M*&
w4'+0'#+6'>D'#+4'"#+<*42/#+L2$+>$C'+'*+0$#,%$/0"4$/&*+0*+6"O'0*%+4$<_/"<*+0*+#2,*%&$+G+'+U"%6"&#"&
([/"#2M*N+ F#&$+ &",*+ 0$+ 6'>D'+ *<*%%$+ /*%4'>4$/&$+ L2'/0*+ /)*+ #$+ ',>"<'+ 6*%('+ #26"<"$/&$+ /*+ ',$%&*+ 0*+
,'%'62#*+L2$+6'?+$O,'/0"%+*+6"O'0*%N+-+6"O'0*%+4$<_/"<*+#'"+$/&)*+0'+,'%$0$+L2'/0*+G+',>"<'0'+'+<'%8'J+
#$4+D'C$%+%2,&2%'+0$#&$+/$4+0'+,'%$0$+r6"82%'+fNesN+7+6*%('+0$+&%'<()*+',>"<'0'+/*+6"O'0*%+6*"+#2,$%"*%+I+
6*%('+ 0$+ $O,'/#)*+ $/&%$+ *+ <D24.'0*2%*+ $+ *+ 4'&$%"'>+ 0$+ .'#$N+ F#&'+ 6'>D'J+ L2$+ G+ 0$C"0'+ '+ 24+ $%%*+ /'+
4*/&'8$4+0*#+6"O'0*%$#J+,*0$+'<*/&$<$%+$4+#2,*%&$#+0$+.*'#+<'%'<&$%P#&"<'#+$+$4+6"O'0*%$#+'0$L2'0*#+
,'%'+'#+<'%8'#+<*/#"0$%'0'#N++
+
9"8+fNe+T+F#L2$4'+L2$+">2#&%'+*+0$#,%$/0"4$/&*+0*+6"O'0*%+4$&H>"<*+,%*C*<'0*+,$>'+6'>D'+/'+$O,'/#)*+0$#&$+tddu+
+
TNTN=&4"%6"&#*&2$/*,+(&
A2'/0*+#$+<*>*<'4+6"O'0*%$#+/24+#2,*%&$+0$4'#"'0*+6%H8">+,*0$+$O"#&"%+24'+U"%6"&#*&2$/*,+(N+F#&$+&",*+
0$+0'/*#+'<*/&$<$+L2'/0*+'+%$#"#&K/<"'+0*+.$&)*+0*+#2,*%&$+G+"/6$%"*%+I#+<'%8'#+'+L2$+$#&$+6*"+#2S$"&*J+
>$C'/0*+ '*+ '%%'/<'4$/&*+ 0*+ 6"O'0*%+ S2/&'4$/&$+ <*4+ 24'+ ,*%()*+ 0*+ %$C$#&"4$/&*J+ 8$%'>4$/&$+ $4+
6*%4'+ 0$+ <*/$+ r9"82%'+ fNksN+ F#&$+ <*/$+ "/"<"'T#$+ /'+ ?*/'+ */0$+ *+ 6"O'0*%+ 6*"+ "/#&'>'0*J+ I+ ,%*62/0"0'0$+
4HO"4'+0$+$4.2&"4$/&*+0$#&$+$+,%*,'8'T#$+'&G+I+#2,$%6P<"$+0*+%$C$#&"4$/&*+6*%4'/0*+24+<*/$+<*4+
_/82>*#+L2$+C'%"'4+/*%4'>4$/&$+$/&%$+*#+dg+'+fg+8%'2#N+F#&$+&",*+0$+6'>D'+,*0$+*<*%%$%+<*4+6"O'0*%$#+
0$+ .*'+ L2'>"0'0$+ $+ '0',&'0*#+ I#+ <'%8'#+ L2$+ >D$+ #$%)*+ ',>"<'0*#+ $+ $4+ 6"O'0*%$#+ "/#&'>'0*#+ 0$+ 6*%4'+
<*%%$<&'N+
+
9"8+fNk+T+F#L2$4'+L2$+">2#&%'+*+0$#,%$/0"4$/&*+0*+6"O'0*%+4$&H>"<*+,%*C*<'0*+,$>'+6'>D'+/*+#2,*%&$+*/0$+$#&$+6*"+
6"O*+tddu+
+
kb+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
TNTNQ&4"%6"&'*&U.["'*,&
-2&%*+&",*+0$+6'>D'+L2$+,*0$+*<*%%$%+$4+6"O'0*%$#+4$<_/"<*#+G+'+U"%6"&'*&/,d/,.*&U.["'*,N+F#&$+&",*+0$+
6'>D'+ <'%'<&$%"?'T#$+ ,$>'+ %2,&2%'+ 0*+ 6"O'0*%+ r6"82%'+ fNhsJ+ L2$+ /)*+ #$%"'+ *+ '0$L2'0*+ ,'%'+ %$#"#&"%+ I#+
#*>"<"&'(M$#+L2$+>D$+6*%'4+"4,*#&'#N+7+6'>D'+,$>*+6"O'0*%+,*0$+*<*%%$%+$4+#2,*%&$#+0$+.*'+L2'>"0'0$+$+
$4+6"O'0*%$#+<*%%$<&'4$/&$+"/#&'>'0*#N++
+
9"8+fNh+T+F#L2$4'+L2$+">2#&%'+*+0$#,%$/0"4$/&*+0*+6"O'0*%+4$&H>"<*+,%*C*<'0*+,$>'+6'>D'+0*+,%:,%"*+6"O'0*%+tddu+
+
TNTNT&4"%6"&#"&K#2+"%"LM*&
5*0$+ '"/0'+ *<*%%$%+ 24'+ U"%6"& #"& .#2+"%"LM*+ 0$+ 6"O'(M$#+ 4$<_/"<'#+ L2$+ $#&H+ %$>'<"*/'0'+ <*4+ *+ >*<'>+
*/0$+ *#+ 6"O'0*%$#+ 6*%'4+ "/#&'>'0*#N+ F#&$+ &",*+ 0$+ %2,&2%'+ <'%'<&$%"?'T#$+ ,$>'+ '.$%&2%'+ 0$+ 6$/0'#+ *2+
L2$.%'+0*+#2,*%&$+r6"82%'+fNbcsJ+0$C"0*+I#+"/#26"<"$/&$#+0"4$/#M$#+0$#&$+$4+>'%82%'+*2+<*4,%"4$/&*N+
W$#&$+<'#*J+'+$O,'/#)*+0*+6"O'0*%+,%*C*<'+'+'.$%&2%'+0$+6$/0'#+/*+#2,*%&$J+L2$+0"4"/2$4+'+&$/#)*+L2$+
,*0$+ #$%+ ',>"<'0'+ /*#+ 6"O'0*%$#N+ F#&$+ &",*+ 0$+ 6'>D'#+ &'4.G4+ ,*0$+ '<*/&$<$%+ L2'/0*+ #$+ "/#&'>'4+
6"O'(M$#+0$4'#"'0*+,%:O"4'#+0'#+.*%0'#+0*+#2,*%&$N+
+
9"8+fNbc+T+F#L2$4'+L2$+">2#&%'+*+0$#,%$/0"4$/&*+0*+6"O'0*%+4$&H>"<*+,%*C*<'0*+,$>'+$#<*>D'+$%%'0'+0'+>*<'>"?'()*+
,'%'+*+6"O'0*%+tddu+
+
TNTNS&)$.'"'*2&:(,".2&/","&"&"/%.5"LM*&'(&U.["'*,(2&3(5b#.5*2&
7+ ',>"<'()*+ 0$+ 6"O'0*%$#+ 4$<_/"<*#+ $4+ #2,*%&$#+ %$L2$%+ ,*"#+ '>82/#+ <2"0'0*#+ $#,$<"'"#N+ R+ /$<$##H%"*+
C$%"6"<'%+ #$+ *+ #2,*%&$+ &$4+ '+ %$#"#&K/<"'+ #26"<"$/&$+ ,'%'+ '#+ <'%8'#+ '+ ',>"<'%J+ *2+ #$S'+ *+ ,$#*+ 0'#+ ,>'<'#+
,G&%$'#N+ R+ &'4.G4+ "4,*%&'/&$+ #$82"%+ &*0'#+ '#+ "/#&%2(M$#+ 0$+ ',>"<'()*+ 0*#+ 6"O'0*%$#+ 6*%/$<"0'#+ ,$>*+
ka+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+fV+7/*4'>"'#+T+5'&*>*8"'#+
6'.%"<'/&$+0$#&$#J+/*4$'0'4$/&$+'#+L2$+0"?$4+%$#,$"&*+'*+."/H%"*+4P/"4*+0$+',$%&*+0*+,'%'62#*+0$+
$O,'/#)*+$+'+<'%8'+4HO"4'+',>"<HC$>+/*#+6"O'0*%$#N+
-2&%*+'#,$<&*+L2$+/)*+,*0$+#$%+0$#<2%'0*+&$4+'+C$%+<*4+*+>*<'>+0$+,*#"<"*/'4$/&*+0*#+6"O'0*%$#+/*+
#2,*%&$N+R+2#2'>+'<*/#$>D'%+L2$+'+0"#&_/<"'+4P/"4'+$/&%$+24+6"O'0*%+4$<_/"<*+$+'+.*%0'+0'#+,'%$0$#+0$+
.$&)*+#$S'+/*+4P/"4*+"82'>+'+bJg+C$?$#+I+,%*62/0"0'0$+'+L2$+$#&$+6*"+$4.2&"0*N+W*+L2$+0"?+%$#,$"&*+'*+
0"#&'/<"'4$/&*+ $/&%$+ 6"O'0*%$#+ 0$C$+ 0$"O'%T#$+ 24'+ 0"#&_/<"'+ 4P/"4'+ $/&%$+ $>$#+ 0$+ d+ C$?$#+ '+
,%*62/0"0'0$+ 0$+ $4.2&"4$/&*N+ !$#&$+ 4*0*J+ 8'%'/&$T#$+ L2$+ *#+ <*/$#+ 0$+ '%%'/<'4$/&*+ /2/<'+ #$+
"/&$%#$<&'4+$/&%$+$>$#+/$4+"/&$%#$<&'4+'+.*%0'+0*+%$C$#&"4$/&*J+<*4*+#$+,*0$+C$%+/'+6"82%'+fNbb+tdduN+
+
9"8+fNbb+T+F#L2$4'+L2$+S2#&"6"<'+'+0"#&'/<"'+4P/"4'+/$<$##H%"'+$/&%$+6"O'0*%$#+<*4+'+">2#&%'()*+0*#+<*/$#+0$+
'%%'/<'4$/&*+0$+0*"#+6"O'0*%$#+S2#&',*#&*#+tddu+
+
5'%'+ %$'>"?'%+ '+ 6"O'()*+ 0*#+ 8'&*#+ 4$&H>"<*#+ *2+ 0'+ $#&%2&2%'+ 0$+ #2,*%&$+ "/&$%4G0"'+ <*4+ %$<2%#*+ '+
6"O'0*%$#+4$<_/"<*#+G+/$<$##H%"*+<*4$('%+,*%+4'%<'%+'+>*<'>"?'()*+0*#+6"O'0*%$#+%$#,$"&'/0*+'#+%$8%'#+
'<"4'+ 4$/<"*/'0'#J+ /*4$'0'4$/&$+ '#+ L2$+ 0"?$4+ %$#,$"&*+ I+ 0"#&_/<"'+ $/&%$+ 6"O'0*%$#+ $+ I#+ 0"#&_/<"'#+
$/&%$+*#+6"O'0*%$#+$+'#+.*%0'#+0'+,'%$0$N+!$,*"#+0$#&'+4'%<'()*+,%*<$0$T#$+I+%$'>"?'()*+0*#+62%*#N+5'%'+
&'>+ ,*0$T#$+ 2#'%+ 24+ .$%.$L2"4+ <*4+ 24'+ .%*<'+ <*4+ '+ 0"4$/#)*+ "/0"<'0'+ ,$>'+ 4'%<'+ 0$+ 6"O'0*%$#+ '+
2#'%N+7+,%*62/0"0'0$+4P/"4'+0*#+62%*#+&'4.G4+G+"/0"<'0'+$+&$%H+0$+#$%+%$#,$"&'0'N+w4'+C$?+%$'>"?'0*#+
*#+62%*#J+G+/$<$##H%"*+>"4,HT>*#+<2"0'0*#'4$/&$+$+"/&%*02?"%+*+6"O'0*%+&*&'>4$/&$+/*+62%*N+-+,'%'62#*+
0*+6"O'0*%+0$C$%H+#$%+0$+#$82"0'+',$%&'0*+%$#,$"&'/0*+'#+"/0"<'(M$#+0*+6'.%"<'/&$+/*4$'0'4$/&$+/*+
L2$+0"?+%$#,$"&*+'*+/U4$%*+0$+C*>&'#+0$+',$%&*+*2+I+6*%('+4P/"4'+/$<$##H%"'+,'%'+$O,'/0"%+*+6"O'0*%+
8'%'/&"/0*+'##"4+24'+<*%%$<&'+6"O'()*+0$#&$N+
+
5*0$+ '"/0'+ %$6$%"%T#$+ L2$J+ ,'%'+ '24$/&'%+ '+ 02%'.">"0'0$+ 0*#+ %$C$#&"4$/&*#+ $4+ ,$0%'+ '+ %$'>"?'()*+ 0$+
4'/2&$/()*+,%$C$/&"C'+/'#+6'<D'0'#+0*+$0"6P<"*+0$C$+#$4,%$+#$%+,%$C"#&'N+F#&$+&",*+0$+'<(M$#+&'4.G4+
#$%C$+,'%'+0$&$<&'%+'/*4'>"'#+*2+#"/'"#+0$+0$8%'0'()*+L2$J+#$+"0$/&"6"<'0*#+,%$<*<$4$/&$J+6'<">"&'4+'#+
'<(M$#+<*%%$<&"C'#N+F#&'+4'/2&$/()*+<*/#"#&$+$4+>'C'8$/#+<*4+S'<&*#+0$+H82'J+"/#,$<()*+,'%'+0$&$<()*+
0$+6$/0'#+*2+*2&%'#+'/*4'>"'#+/'#+,$0%'#+*2+C$%"6"<'()*+0*+$#&'0*+0*#+4'&$%"'"#+0$+,%$$/<D"4$/&*+0'#+
S2/&'#N+tau+
+
kd+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
+
+
+
+
kf+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+gV+B$,'%'()*+
S&0(/","LM*&
!$,*"#+ 0$+ ',%$#$/&'0'#+ '#+ ,'&*>*8"'#+ 4'"#+ 6%$L2$/&$#+ '##*<"'0'#+ '+ <'0'+ &",*+ 0$+ 4G&*0*+ 0$+
%$C$#&"4$/&*+ 0$+ 6'<D'0'#J+ "4,*%&'+ C$%+ <*4*+ %$,'%'%+ <'0'+ 24'+ 0$##'#+ ,'&*>*8"'#N+ 7,%$#$/&'4T#$+ 0$+
#$82"0'J+ 0$+ 6*%4'+ #"4,>"6"<'0'+ $+ #$4+ 0$#<%"()*+ $O'2#&"C'+ *#+ ,'##*#+ '+ 0'%+ ,'%'+ %$,'%'%+ '#+ ,%"/<",'"#+
,'&*>*8"'#N+
+
SN?&4.["LM*&'.,(5+"&"*&2$/*,+(&
SN?N?&I(2+"5"3(#+*&*$&'(25*%"3(#+*&'(&/(',"2&
7+ %$,'%'()*+ 0*+ 0$#<*>'4$/&*+ 0'#+ ,$0%'#+ ,'##'+ ,$>'+ &*&'>+ %$4*()*+ 0*#+ $>$4$/&*#+ ,G&%$*#+ $+ 0*#+
,%*02&*#+0$+<*>'8$4+/'#+?*/'#+0'/"6"<'0'#+$+,*#&$%"*%+%$',>"<'()*+$4+<*/6*%4"0'0$+<*4+'#+,%"/<P,"*#+
<*/#&%2&"C*#+'<"4'+0$#<%"&'#N+-+#2,*%&$+0$C$+#$%+>"4,*+0$+&*0*#+*#+%$#&*#+0$+,%*02&*#+0$+'##$/&'4$/&*J+
$+&*0'#+'#+,$0%'#+L2$+',%$#$/&$4+%"#<*+0$+0$#<*>'4$/&*+*2+6"##2%'#+0$C$4+#$%+%$&"%'0'#N+7#+$C$/&2'"#+
"/6">&%'(M$#+0$+H82'+0$C$%)*+#$%+#*>2<"*/'0'#+tfbuN+
@'#*+ #$+ <D$82$+ I+ <*/<>2#)*+ L2$+ *+ #2,*%&$+ /)*+ &$4+ %$#"#&K/<"'+ #26"<"$/&$+ ,'%'+ $#&$+ &",*+ 0$+ 6"O'()*+
0"%$<&'J+#$%H+/$<$##H%"*+,%*<$0$%+'*+#$2+%$6*%(*+*2+420'%+*+4G&*0*+0$+6"O'()*+0$+,$0%'#+%$<*%%$/0*+'+
8'&*#+4$&H>"<*#+0$+#2,*%&$J+,*%+$O$4,>*N++
F4+'>&$%/'&"C'+,*0$T#$+$L2'<"*/'%+'+%$'>"?'()*+0$+24'+6"O'()*+4$<_/"<'+<*4,>$4$/&'%+0'#+,>'<'#N+F#&'+
6"O'()*+,*0$+#$%+%$'>"?'0'+'&%'CG#+0$+.2<D'#+L2P4"<'#J+'##*<"'0'#+'+<'4"#'#+4$&H>"<'#+$+,$%/*#+%*#<'0*#+
$4+ '(*+ "/*O+ *2+ '&%'CG#+ 0$+ .2<D'#+ <*/C$/<"*/'"#+ $+ ,'%'62#*#+ $4+ 4'&$%"'>+ "/*O"0HC$>N+ !$,$/0$/0*+ 0'+
0"4$/#)*+ 0'#+ ,>'<'#+ 0$+ ,$0%'+ ,*0$T#$+ *,&'%+ ,$>'+ %$'>"?'()*+ 0$+ a+ *2+ f+ 62%*#+ ,*%+ ,>'<'J+ 0$C$/0*+ '#+
<'.$('#+0*#+,'%'62#*#+#$%+0"#6'%('0'#+<*4+,:+0$+,$0%'+tfbuN+
+
SN?N=&4,"5+$,"LM*&*$&U.22$,"LM*&'"2&/%"5"2&'(&/(',"&
7+ %$,'%'()*+ 0'#+ 6"##2%'#+ /'#+ ,$0%'#+ ,*0$+ #$%+ %$'>"?'0'+ *,&'/0*+ ,$>'+ %$4*()*+ 0'#+ ,$0%'#+ $+ #2'+
%$',>"<'()*+ $4+ <*/6*%4"0'0$+ <*4+ '#+ ,%"/<P,"*#+ <*/#&%2&"C*#+ '<"4'+ 0$#<%"&'#+ *2+ ,$>*+ ,%$$/<D"4$/&*+
0$##'#+6"##2%'#+<*4+4'&$%"'"#+',%*,%"'0*#N+F##$#+4'&$%"'"#+r#">"<*/$#+*2+4H#&"L2$#+,'%'+,%$$/<D"4$/&*+
0$+ S2/&'#+ $4+ ,>'<'#+ 0$+ ,$0%'#s+ 0$C$4+ #$%+ 6>$OPC$"#J+ "4,$%4$HC$"#+ $+ #$%+ ',>"<'0*#+ 0$+ '<*%0*+ <*4+ '#+
"/#&%2(M$#+6*%/$<"0'#+,$>*+#$2+6'.%"<'/&$N+
5*0$+'"/0'+,%$C$%T#$+'+%$'>"?'()*+0$+24'+6"O'()*+4$<_/"<'+<*4,>$4$/&'%+0'#+,>'<'#J+%$'>"?'0'+'&%'CG#+
0$+.2<D'#+L2P4"<'#J+'##*<"'0'#+'+<'4"#'#+4$&H>"<'#+$+,$%/*#+%*#<'0*#+$4+'(*+"/*O+*2+'&%'CG#+0$+.2<D'#+
<*/C$/<"*/'"#+$+,'%'62#*#+$4+4'&$%"'>+"/*O"0HC$>+<'#*+D'S'+02C"0'#+L2'/&*+I+%$#"#&K/<"'+0'+6"O'()*+0'+
,$0%'+'*+#2,*%&$N+!$+#$82"0'J+',%$#$/&'T#$+24+,*%4$/*%+024'+6'<D'0'+%$'>"?'0'+<*4+6"O'()*+0"%$<&'J+
<2S'+ 6"O'()*+ 0'#+ ,$0%'#+ 6*"+ %$6*%('0'+ <*4+ 0*"#+ ,'%'62#*#+ 4$&H>"<*#+ ,*%+ ,$0%'+ r'+ >*<'>"?'()*+ 0$#&$#+ 6*"+
4'%<'0'+'+C$%4$>D*+/'+6"82%'+gNbsN+
+
kg+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
+
9"8+gNb+T+5*%4$/*%+0'+6"O'()*+4$<_/"<'+%$'>"?'0'+<*4+,'%'62#*#+4$&H>"<*#+
+
SN?NQ&9U%*,(25j#5."2&
7#+ %$,'%'(M$#+ ,'%'+ $#&$+ &",*+ 0$+ '/*4'>"'#+ ,'##'4+ ,$>'+ %$4*()*+ 0'#+ ,$0%'#+ 4'"#+ '6$<&'0'#+ $+ ,$>'+
',>"<'()*+ 0$+ /*C'#N+ R+ "4,*%&'/&$+ 0$&$<&'%+ '#+ <'2#'#+ 0'#+ $6>*%$#<K/<"'#+ $+ #*>2<"*/HT>'#+ ,'%'+ L2$+ *+
,%*.>$4'+/)*+%$','%$('N+7#+,$0%'#+L2$+/)*+#$+',%$#$/&$4+0$4'#"'0*+0$&$%"*%'0'#+,*0$4+#$%+>'C'0'#+
<*4+S'<&*#+0$+H82'J+$#<*C'#+0$+<$%0*#+4'<"*#+$+,%*02&*#+'0$L2'0*#+$+,%:,%"*#+,'%'+,$0%'#N+
@'#*+'#+$6>*%$#<K/<"'#+#$S'4+4'"#+C"#PC$>+$4+?*/'#+,$%&*+0*+#*>*+0$C$+%$'>"?'%T#$+24+<*%&$+DP0%"<*+/'#+
?*/'#+$4+<*/&'<&*+<*4+*+#*>*+*2+%$'>"?'%+&%'.'>D*#+,'%'+0%$/'%+*+#*>*+/$##'#+?*/'#+tbfuN+
!$C$T#$+ C$%"6"<'%+ '+ $#&'/L2"0'0$+ 0'#+ S2/&'#+ $/&%$+ ,$0%'#J+ %$/*C'%+ '#+ L2$+ $#&$S'4+ $4+ 4'2+ $#&'0*+ $+
"4,$%4$'.">"?'%+*#+&*,*#+0'#+6'<D'0'#+,'%'+$C"&'%+"/6">&%'(M$#+0$+H82'+tbduN+
+
SN?NT&!"#56"2&#*2&(%(3(#+*2&/]+,(*2&
7+ #*>2()*+ ,'%'+ '+ %$,'%'()*+ 0'#+ 4'/<D'#+ /'#+ ,>'<'#+ 0$+ ,$0%'+ 0$,$/0$+ 0'+ *%"8$4+ 0'#+ 4'/<D'#+ L2$+
$O"#&'4+/'#+,$0%'#N+
\$+'#+4'/<D'#+6*%$4+<'2#'0'#+,$>'+,$/$&%'()*+0$+#2.#&_/<"'#+'+,'%&"%+0*+#2,*%&$J+'+#*>2()*+<*#&24'+
,'##'%+,$>'+#2.#&"&2"()*+0'#+,>'<'#+0$+,$0%'N+W'+4'"*%+,'%&$+0'#+C$?$#+G+"4,*##PC$>+%$&"%'%+'#+4'/<D'#+
,%*C$/"$/&$#+ 0*+ &%'/#,*%&$+ 0$+ #2.#&_/<"'#+ L2$+ $#&)*+ 0"##*>C"0'#+ /'+ H82'+ ,%$#$/&$+ /*#+ ,%*02&*#+ 0$+
<*>'8$4+ tdhuN+ 7/&$#+ 0$+ ',>"<'%+ /*C*#+ %$C$#&"4$/&*#+ 0$C$T#$+ C$%"6"<'%+ L2$+ *+ <',$'4$/&*+ #2,$%"*%+ 0'+
,'%$0$+$#&H+.$4+"4,$%4$'.">"?'0*J+,'%'+$C"&'%+/*C'#+"/6">&%'(M$#+tfcuN+
\$+'#+4'/<D'#+6*%$4+<'2#'0'#+,$>'+,$/$&%'()*+0$+#2.#&_/<"'#+'+,'%&"%+0'+#2,$%6P<"$+0$C$4+#$%+>"4,'#+
<*4+ S'<&*+ 0$+ H82'J+ $#<*C'/0*+ #$+ /$<$##H%"*+ <*4+ 24'+ $#<*C'J+ L2$+ /)*+ 0$C$+ #$%+ 0$4'#"'0*+ '8%$##"C'+
,'%'+/)*+0'/"6"<'%+'#+,$0%'#N+
ki+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+gV+B$,'%'()*+
@'#*+'#+4'/<D'#+&$/D'4+*%"8$4+/'+0$#<*>*%'()*+0$+#2.#&_/<"'#+/*+"/&$%"*%+0'+,%:,%"'+,$0%'J+'+U/"<'+
#*>2()*+,'##'+,$>'+#2.#&"&2"()*+0'#+,$0%'#+0'/"6"<'0'#N+
+
SN?NS&!"+(,."%&'(&/,((#56.3(#+*&'"2&i$#+"2&'"#.U.5"'*&
7+%$,'%'()*+0*+4'&$%"'>+0'#+S2/&'#+$/&%$+,$0%'#+0'/"6"<'0*+%$L2$%+'+#2'+&*&'>+%$4*()*+$+',>"<'()*+0$+
/*C*N+5'%'+%$4*C$%+*+4'&$%"'>+0$+,%$$/<D"4$/&*+L2$+#$+',%$#$/&$+6"##2%'0*+*2+$4+4'2+$#&'0*+,*0$4T
#$+ 2#'%+ 6$%%'4$/&'#+ 4$&H>"<'#+ <*4+ *+ <2"0'0*+ $O"8"0*+ ,'%'+ /)*+ 0'/"6"<'%+ '#+ ,$0%'#+ /'+ %$4*()*+ 0*+
4'&$%"'>N+ -+ /*C*+ ,%*02&*+ $#<*>D"0*+ ,'%'+ *+ ,%$$/<D"4$/&*+ 0$C$+ #$%+ ',>"<'0*+ 0$+ '<*%0*+ <*4+ '#+
"/#&%2(M$#+0*+6'.%"<'/&$+,'%'+8'%'/&"%+24'+.*'+"4,$%4$'.">"?'()*+0'#+S2/&'#N+
+
SN=&4.["LM*&.#'.,(5+"&"*&2$/*,+(&
SN=N?&@:,"U*2&(&/*#+*2&'(&",:"3"22"&
SN=N?N?&4.22$,"LM*&#"2&/%"5"2&'(&/(',"&
A2'/0*+ $O"#&$+ 6"##2%'()*+ /'#+ ,>'<'#+ 0$+ ,$0%'J+ 0$C$4+ #$%+ #2.#&"&2P0'#+ '#+ ,$0%'#+ 0'/"6"<'0'#J+ &$/0*+ *+
<2"0'0*+ 0$+ ',>"<'%+ '#+ /*C'#+ ,$0%'#+ 0$+ '<*%0*+ <*4+ '#+ .*'#+ ,%H&"<'#+ 0$#<%"&'#J+ %$#,$"&'/0*+ *+ &'4'/D*+
0'#+S2/&'#+$/&%$+,>'<'#N++
+
SN=N?N=&!"#56"2&%*5"%.X"'"2&#"2&X*#"2&'*2&/*#+*2&'(&",:"3"22"&
F#&$+&",*+0$+4'/<D'+G+D'."&2'>4$/&$+0"6P<">+0$+%$&"%'%J+,$>*+L2$+'+#*>2()*+,'##'+,$>'+>"4,$?'+0'#+,$0%'#+
*2+ #2.#&"&2"()*+ 0$#&'#+ <'#*+ '+ >"4,$?'+ <*4+ S'<&*+ 0$+ H82'+ $+ ,%*02&*#+ ,%:,%"*#+ /)*+ %$&"%$+ '#+ 4'/<D'#N+
7,:#+'+>"4,$?'+*2+'+#2.#&"&2"()*+0'#+,>'<'#+0$+'<*%0*+<*4+'#+,%H&"<'#+0$#<%"&'#+'<"4'J+0$C$+8'%'/&"%T#$+
L2$+'+<'"O'+0$+'%+$#&H+,%*&$8"0'+0'+$/&%'0'+0$+H82'+$+L2$+,*##2"+C$/&">'()*+#26"<"$/&$+taauN+
+
SN=N?NQ&A"25":(3&'*&3"+(,."%&/]+,(*&#"2&X*#"2&'*2&*,.UR5.*2&'(&U.["LM*&
A2'/0*+ '#+ ,$0%'#+ ',%$#$/&'4+ %"25":(3& #"2& X*#"2& '*2& *,.UR5.*2& '(& U.["LM*+ /*+ &*,*+ 0'#+ ,>'<'#+ G+
/$<$##H%"*+ #2.#&"&2"%+ '#+ ,$0%'#+ 0'/"6"<'0'#N+ 7#+ /*C'#+ ,$0%'#+ 0$C$4+ #$%+ .$4+ ',%24'0'#+ <*4+ '#+ SH+
$O"#&$/&$#+$+&$%$4+S2/&'#+$/&%$+,$0%'#+0$+&'4'/D*+#26"<"$/&$N+5'%'+'+%$'>"?'()*+0*#+*%"6P<"*#+0$+6"O'()*+
0*#+'8%'6*#+4$&H>"<*#+0$C$T#$+%$#,$"&'%+'+0"#&_/<"'+4P/"4'+$/&%$+'+6'<$+$O&$%"*%+0'#+,$0%'#+$+*+$"O*+0*#+
62%*#+%$'>"?'0*#+tauN+
+
+
+
ke+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
SN=N?NT&-$(8,"&*$&U,"5+$,"LM*&'(&/%"5"2&'(&/(',"&
\$+ *<*%%$%+ '+ L2$.%'+ 0'#+ ,>'<'#+ 0$C"0*+ '+ <D*L2$#+ ,%*C*<'0*#+ ,$>'+ <"%<2>'()*+ 0$+ ,$##*'#+ *2+ 0$+
4HL2"/'#J+G+%$<*4$/0HC$>+#2.#&"&2"%+'#+?*/'#+4'"#+.'"O'#+0$+%$C$#&"4$/&*+,*%+24+%$C$#&"4$/&*+<*>'0*+
2&">"?'/0*+24+#"#&$4'+0$+6"O'()*+0"%$<&'+L2$+%$#"#&$+4$>D*%+'*#+<D*L2$#N+
\$+ '+ L2$.%'+ 0'#+ ,$0%'#+ /)*+ ,20$%+ #$%+ '##*<"'0'+ '+ 0'/*#+ <'2#'0*#+ ,*%+ ,$##*'#+ *2+ 4'L2"/'#J+ $/&)*+ '+
<'2#'+ 4'"#+ ,%*CHC$>+ 0'+ #2'+ 6%'<&2%'()*+ G+ 24'+ &$/#)*+ $O<$##"C'+ L2$+ /$>'#+ 6*"+ ',>"<'0'N+ W$##$+ <'#*+ '+
%$,'%'()*+ ,'##'+ ,$>'+ #2.#&"&2"()*+ 0'#+ ,$0%'#+ 0'/"6"<'0'#+ $+ C$%"6"<'()*+ 0*+ $#&'0*+ 0$+ &*0*+ *+
%$C$#&"4$/&*J+"/<>2"/0*+*#+#2,*%&$#+$+S2/&'#+$/&%$+,$0%'#+,'%'+,%*<2%'%+'#+<'2#'#+0$#&'#+'/*4'>"'#N+
+
SN=N?NS&K#U.%+,"Lc(2&/(%"&5".["&'(&",&
\$+ #$+ C$%"6"<'%$4+ "/6">&%'(M$#+ ,$>'+ <'"O'+ 0$+ '%J+ 0$C$T#$+ C$%"6"<'%+ L2$+ *+ &*,*+ 0'+ <'"O'+ 0$+ '%+ $#&H+
0$C"0'4$/&$+ "#*>'0*+ <*/&%'+ '+ $/&%'0'+ 0$+ H82'N+ @'#*+ #$S'+ /$<$##H%"*J+ 0$C$T#$+ ,%*<$0$%+ I#+ <*%%$<(M$#+
/$<$##H%"'#+%$'>"?'/0*+24+<',$'4$/&*+"4,$%4$HC$>+L2$+'6'#&$+'+H82'+0'+<'"O'+0$+'%N+\$+6*%+/$<$##H%"*J+
'#+S2/&'#+$/&%$+,$0%'#+&'4.G4+,*0$%)*+#$%+,%$$/<D"0'#+<*4+4'&$%"'"#+$>H#&"<*#N++
+
SN=N?NZ&)*,,*2M*&'*2&":,"U*2&3(+_%.5*2&
\$+6*%$4+0$&$<&'0*#+$>$4$/&*#+4$&H>"<*#+<*%%*P0*#J+G+/$<$##H%"*+,%*<$0$%+I+#2.#&"&2"()*+0*#+#2,*%&$#+
0'/"6"<'0*#+,*%+*2&%*#N+-#+/*C*#+$>$4$/&*#+0$C$4+#$%+0$+'(*+"/*O"0HC$>+<*4+<>'##$+0$+%$#"#&K/<"'+7a+
*2+ 7f+ r<'#*+ $#&$S'4+ $4+ '4."$/&$#+ '8%$##"C*#sN+ Z*%/'T#$+ &'4.G4+ /$<$##H%"*+ C$%"6"<'%+ L2$+ &*0*#+ *#+
$>$4$/&*#+ 4$&H>"<*#+ #)*+ <*4,'&PC$"#+ $/&%$+ $>$#J+ ,'%'+ $C"&'%+ '+ <*%%*#)*+ ."4$&H>"<'+ L2$+ *<*%%$+ $/&%$+
4$&'"#+<*4+0"6$%$/&$#+,%*,%"$0'0$#+taauN+
+
SN=N=&g"+*2&3(+_%.5*2&
SN=N=N?&4.22$,"LM*&#"2&/%"5"2&'(&/(',"&
A2'/0*+$O"#&$+6"##2%'()*+/'#+,>'<'#+0$+,$0%'+0$C$4T#$+#$82"%+*#+,%*<$0"4$/&*#+SH+0$#<%"&*#+$4+gNaNbNbN+
+
SN=N=N=&A"25":(3&'*&3"+(,."%&/]+,(*&#"2&X*#"2&'*2&*,.UR5.*2&'(&U.["LM*&
\$+ '#+ ,$0%'#+ ',%$#$/&'%$4+ #"/'"#+ 0$+ %"25":(3& #"2& X*#"2& '*2& *,.UR5.*2& '(& U.["LM*l& %$<*4$/0'T#$+ L2$+
#$S'4+ #$82"0*#+ *#+ ,%*<$0"4$/&*#+ 0$+ %$,'%'()*+ $O,>"<'0*#+ ,'%'+ *+ 4G&*0*+ 0*#+ '8%'6*#+ $+ ,*/&*#+ 0$+
'%8'4'##'+$4+gNaNbNdN+
+
kk+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+gV+B$,'%'()*+
SN=N=NQ&-$(8,"&*$&U,"5+$,"LM*&'(&/%"5"2&'(&/(',"&
@'#*+ &$/D'+ *<*%%"0*+ '+ L2$.%'+ *2+ 6%'<&2%'()*+ 0$+ ,>'<'#+ 0$+ ,$0%'J+ #28$%$T#$+ L2$+ #$S'4+ #$82"0*#+ *#+
,%*<$0"4$/&*#+0$+%$,'%'()*+',%$#$/&'0*#++/*+4G&*0*+'/&$%"*%++$4+gNaNbNf+
SN=N=NT&K#U.%+,"Lc(2&/(%"&5".["&'(&",&
W*+ <'#*+ 0$+ #$%$4+ 0$&$<&'0'#+ "/6">&%'(M$#+ ,$>'+ <'"O'+ 0$+ '%J+ 0$C$4+ %$'>"?'%T#$+ *#+ ,%*<$0"4$/&*#+
<*%%$<&"C*#+0$#<%"&*#+,'%'+*+4G&*0*+'/&$%"*%+$4+gNaNbNgN+
+
SN=N=NS&)*,,*2M*&'*2&:"+*2&3(+_%.5*2&
5'%'+*+<'#*+0$+D'C$%+$>$4$/&*#+4$&H>"<*#+<*%%*P0*#J+0$C$4+#$%+'0*,&'0*#+*#+,%*<$0"4$/&*+SH+0$#<%"&*#+
$4+gNaNbNiN+
+
SN=NQ&C$/*,+(2&5*3&(2+,$+$,"&.#+(,3]'."&
SN=NQN?&4.22$,"LM*&#"2&/%"5"2&'(&/(',"&
5'%'+ *+ <'#*+ 0$+ #$+ C$%"6"<'%+ 6"##2%'()*+ /'#+ ,>'<'#+ 0$+ ,$0%'J+ %$<*4$/0'T#$+ L2$+ #$S'4+ #$82"0*#+ *#+
,%*<$0"4$/&*#+SH+0$#<%"&*#+$4+gNaNbNbN+
+
SN=NQN=&A"25":(3&'*&3"+(,."%&/]+,(*&#"2&X*#"2&'*2&*,.UR5.*2&*$&'"2&5"%6"2&'(&U.["LM*&
\$+ 6*%$4+ 0$&$<&'0'#+ %"25":(3& #"2& X*#"2& '*2& *,.UR5.*2& '(& U.["LM*l& *#+ ,%*<$0"4$/&*#+ 0$+ %$,'%'()*+ '+
#$82"%+#)*+*#+SH+$O,>"<'0*#+,'%'+*+4G&*0*+0*#+'8%'6*#+$+,*/&*#+0$+'%8'4'##'+rC$%+gNaNbNdsN+
+
SN=NQNQ&-$(8,"&*$&U,"5+$,"LM*&'(&/%"5"2&'(&/(',"&
@'#*+ &$/D'+ *<*%%"0*+ '+ L2$.%'+ *2+ 6%'<&2%'()*+ 0$+ ,>'<'#+ 0$+ ,$0%'J+ &*%/'T#$+ /$<$##H%"*+ #$82"%+ *#+
,%*<$0"4$/&*#+0$+%$,'%'()*+SH+$O,>"<'0*#+/*+4G&*0*+0*#+'8%'6*#+$+,*/&*#+0$+'%8'4'##'+$4+gNaNbNf+
+
SN=NQNT&K#U.%+,"Lc(2&/(%"&5".["&'(&",&
5'%'+*+<'#*+0$+#$%$4+0$&$<&'0'#+"/6">&%'(M$#+,$>'+<'"O'+0$+'%J+0$C$4+%$'>"?'%T#$+*#+,%*<$0"4$/&*#+,'%'+
'+%$,'%'()*+0$#&'+'/*4'>"'+0$#<%"&*#+,'%'+*+4G&*0*+0*#+'8%'6*#+$+,*/&*#+0$+'%8'4'##'+$4+gNaNbNgN+
+
+
kh+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
SN=NQNS&)*,,*2M*&'"&(2+,$+$,"&'(&2$/*,+(&.#+(,3]'."&
\$+6*%$4+0$&$<&'0*#+$>$4$/&*#+4$&H>"<*#+<*%%*P0*#J+0$C$4+#$%+#$82"0*#+*#+,%*<$0"4$/&*#+&'>+<*4*++SH+
0$#<%"&*#+$4+gNaNbNiN+
+
SN=NT&4.["LM*&3(5b#.5"&
A2'/0*+$O"#&$4+6'>D'#+/*#+#"#&$4'#+0$+6"O'()*+4$<_/"<'J+&'"#+<*4*+6'>D'#+/'+$O,'/#)*J+6'>D'+0*+,%:,%"*+
6"O'0*%+ *2+ 6'>D'#+ /'+ "/#&'>'()*+ 0$#&$#J+ 0$C$4T#$+ "/#&'>'%+ /*C*#+ 6"O'0*%$#J+ <*4+ <'%'<&$%P#&"<'#+
',%*,%"'0'#+I+<'%8'+L2$+"%)*+#2,*%&'%+$+'*+#2,*%&$+*/0$+#$%)*+',>"<'0*#N+F#&'+"/#&'>'()*+0$C$+#$%+6$"&'+
0$+ '<*%0*+ <*4+ '#+ "/#&%2(M$#+ 0*+ 6'.%"<'/&$J+ %$#,$"&'/0*+ '#+ 6*%('#+ 0$+ ',$%&*+ $+ '+ 0"#&_/<"'#+ $/&%$+ *#+
6"O'0*%$#N+
A2'/0*+*+6"O'0*%+6'>D'+0$C"0*+I+L2$.%'+0*+#2,*%&$J+&$4*#+0$+"/#&'>'%+*#+6"O'0*%$#+/*2&%*+>*<'>+*/0$+*+
#2,*%&$+ ',%$#$/&$+ 4$>D*%$#+ <'%'<&$%P#&"<'#+ %$#"#&$/&$#J+ *2+ *,&'%+ ,$>*+ %$6*%(*+ 0$#&$N+ F4+ '>&$%/'&"C'J+
,*0$4*#+ *,&'%+ ,*%+ *2&%*+ 4G&*0*+ 0$+ #2,*%&$+ 0'#+ ,$0%'#J+ &'"#+ <*4*+ 24'+ $#&%2&2%'+ 0$+ #2,*%&$+
"/&$%4G0"'+L2$+%$,'%&'+4$>D*%+'#+<'%8'#+/*+#2,*%&$N+
+
+
+
+
hc+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+iV+3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+
Z&)*#+,*%*&'(&O$"%.'"'(&
@*4*+SH+6*"+'.*%0'0*+/'+0$#<%"()*+0*#+4G&*0*#+<*/#&%2&"C*#+0*#+0"6$%$/&$#+&",*#+0$+6"O'(M$#+0$+,$0%'#J+
$O"#&$4+ CH%"*#+ '#,$<&*#+ L2$+ 0$C$4+ #$%+ <*/#"0$%'0*#+ L2'/0*+ #$+ $O$<2&'4+ %$C$#&"4$/&*#+ 0$+ 6'<D'0'#+
,'%'+'##$82%'%+24+%$#2>&'0*+6"/'>+0$+L2'>"0'0$N+5'%'+#"4,>"6"<'%+$+#"#&$4'&"?'%+'#+C$%"6"<'(M$#J+&*%/'T#$+
/$<$##H%"*+ "4,>$4$/&'%+ 24+ 5>'/*+ 0$+ @*/&%*>*+ 0$+ A2'>"0'0$+ /'+ *.%'N+ F#&$+ C"#'+ 8'%'/&"%+ L2$+ *+
%$C$#&"4$/&*+6*"+',>"<'0*+#$82/0*+*#+,%*<$0"4$/&*#+<*%%$<&*#J+L2$+<24,%$+*+#$2+,',$>+<*4+$6"<H<"'J+
L2$+,*##2"+'#+<*/0"(M$#+0$+#$82%'/('+$O"8PC$"#+$+L2$+8'%'/&$+02%'.">"0'0$+<*4,'&PC$>+<*4+*+&$4,*+0$+
C"0'+,%$C"#&*+,'%'+*+%$C$#&"4$/&*N+
F#&$+ ,>'/*+ 0$C$+ '.%'/8$%+ '#+ 0"6$%$/&$#+ 6'#$#+ 0'+ <*/#&%2()*J+ <*4$('/0*+ ,$>*+ ,%*S$<&*J+ ,'##'/0*+ ,$>'+
',>"<'()*+ 0*+ %$C$#&"4$/&*+ ,%*,%"'4$/&$+ 0"&*+ $+ 6"/'>"?'/0*+ /*#+ <*/&%*>*#+ 0$+ L2'>"0'0$+ 6"/'"#N+ -+ ,>'/*+
/)*+ C"#'J+ /*+ $/&'/&*J+ <*%%"8"%+ *2+ 0$&$<&'%+ '/*4'>"'#+ L2$+ ,*##'4+ &$%+ *<*%%"0*+ /'#+ 6'#$#+ 0$+
0"4$/#"*/'4$/&*+0*+%$C$#&"4$/&*J+%$>'<"*/'0*#+,*%+$O$4,>*+<*4+'+%$#"#&K/<"'+0'#+6"O'(M$#+,%*,*#&'#+N+
R+ #$4,%$+ "4,*%&'/&$+ >$%+ $+ %$#,$"&'%+ *#+ ,%*<$0"4$/&*#+ 0$#<%"&*#+ /*#+ <',P&2>*#+ '/&$%"*%$#J+ .$4+ <*4*+
&*0'#+'#+"/#&%2(M$#+6*%/$<"0'#+,$>*#+6'.%"<'/&$#+0*#+,%*02&*#+',>"<'0*#N+-+#$82"4$/&*+0'#+C$%"6"<'(M$#+
,%*,*#&'#+ /*+ ,>'/*+ #$%C$+ ',$/'#+ <*4*+ 0$#,"#&'8$4+ 0$+ '>82/#+ $%%*#+ L2$+ ,*##'4+ *<*%%$%+ 02%'/&$+ '+
%$'>"?'()*+ 0$+ %$C$#&"4$/&*#N+ -+ 5>'/*+ 0$+ @*/&%*>*+ 0$+ A2'>"0'0$+ /)*+ ,*0$+ 62/<"*/'%+ <*4*+ 24+
,%*<$0"4$/&*J+ C"#&*+ L2$+ /)*+ ,*##2"+ "/6*%4'(M$#+ /$4+ "/#&%2(M$#+ #*.%$+ *#+ ,'##*#+ '+ #$82"%+ ,'%'+ '+
%$'>"?'()*+0*+&%'.'>D*N+
B$6$%$4T#$+ 0$+ #$82"0'+ *#+ ,%"/<",'"#+ '#,$<&*#+ L2$+ 0$C$4+ #$%+ C$%"6"<'0*#+ /'#+ 0"6$%$/&$#+ 6'#$#+ 0$+
<*/#&%2()*N+
7,%$#$/&'4T#$+ "/"<"'>4$/&$+ '#+ C$%"6"<'(M$#+ 8$%'"#+ L2$+ ,*0$4+ #$%+ %$'>"?'0'#+ ,'%'+ '##$82%'%+ L2$+ $#&)*+
%$2/"0'#+'#+<*/0"(M$#+,'%'+L2$+*+&%'.'>D*+0$+6"O'()*+0'#+,$0%'#+,*##'+&$%+"/P<"*J+L2'>L2$%+L2$+#$S'+*+
4G&*0*+0$+6"O'()*+$#<*>D"0*+r<',"&2>*+iNbsN+!$+#$82"0'J+%$6$%$4T#$+'#+C$%"6"<'(M$#+$#,$<P6"<'#+'+<'0'+24+
0*#+ ,*##PC$"#+ 4G&*0*#+ 0$+ 6"O'()*+ r<',P&2>*#+ iNa+ $+ iNdsN+ 9"/'>4$/&$J+ G+ 6$"&'+ %$6$%K/<"'+ I#+ U>&"4'#+
C$%"6"<'(M$#+ L2$+ 0$C$4+ &$%+ >28'%+ ,'%'+8'%'/&"%+ '+ <*%%$<&'+ 6"/'>"?'()*+ 0*#+ &%'.'>D*+ L2'>L2$%+ L2$+ &$/D'+
#"0*+ *+ 4G&*0*+ '0*,&'0*+ r<',"&2>*+ iNfsN+ F4+ '/$O*+ "/<>2$4T#$+ '#+ 9"<D'#+ 0$+ C$%"6"<'()*+ $+ <*/&%*>*+
$>'.*%'0'#+0$+'<*%0*+<*4+$#&$+,>'/*N+
+
ZN?&^&B(,.U.5"Lc(2&:(,".2&/","&+*'*2&*2&+./*2&'(&3]+*'*2&'(&U.["LM*&&
ZN?N?&@%:$#2&"2/(5+*2&"&1(,.U.5",&"#+(2&'*&.#.5.*&'"&*8,"&
7/&$#+0$+0'%+"/"<"*+I+*.%'J+G+/$<$##H%"*+,%*<$0$%+'+'>824'#+C$%"6"<'(M$#J+/*4$'0'4$/&$+'##$82%'%+L2$+
&*0*+*+&%'.'>D*+$#&H+0$C"0'4$/&$+,>'/$'0*+$+0*<24$/&'0*+$+L2$+#$+<24,%$4+&*0'#+'#+%$8%'#+%$>'&"C'#+
I+#$82%'/('+0*#+&%'.'>D'0*%$#N++
+
+
hb+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
)A$G'*+<+;)*$=5'$'J+4/'$5@$C*2E';/2$3'$*'R'4/+@'%/2$3'$<);()3)4$;2@C.'/2$
7/&$#+ 0*+ "/"<"*+ 0'+ *.%'+ G+ "4,*%&'/&$+ C$%"6"<'%+ L2$+ *+ ,%*S$<&*+ 0$+ %$C$#&"4$/&*+ 0$+ 6'<D'0'#+ $#&H+
<*4,>$&*J+ <*4+ '+ 0$#<%"()*+ <*4,>$&'+ 0*#+ 4G&*0*#+ 0$+ %$C$#&"4$/&*+ '0*,&'0*#J+ *+ &",*+ 0$+ 4'&$%"'>+
/$<$##H%"*+$+#2'#+L2'/&"0'0$#J+'#+0"4$/#M$#+0'#+,$0%'#+'+$/<*4$/0'%+$+'+>*<'>"?'()*+0'#+6"O'(M$#+$+0'#+
S2/&'#+$/&%$+,$0%'#N+
W$#&'+'>&2%'+0$C$+&'4.G4+<*/6"%4'%T#$+L2$+'+>*<'>"?'()*+0'#+6"O'(M$#+0'#+,$0%'#J+/*+<'#*+0*#+4G&*0*#+
0$+6"O'()*+"/0"%$<&*#J+/)*+"/&$%6$%$+<*4+'#+'%4'02%'#+,%"/<",'"#+0'+$#&%2&2%'+0*+$0"6P<"*N+
+
-A$G'*+<+;)*$);'44+-+.+3)3'$324$/*)-).()32*'4$'$4'&5*)%0)$324$)%3)+@'4$
-#+ '#,$<&*#+ >"8'0*#+ I#+ <*/0"(M$#+ 0$+ &%'.'>D*+ $+ 0$+ #$82%'/('+ 0*#+ &%'.'>D'0*%$#+ &K4+ &'4.G4+ 0+ #$%+
<*/#"0$%'0*#+'/&$#+0*+"/P<"*+0'+*.%'N+
5'%'+ #$+ $6$<&2'%+ 24+ &%'.'>D*+ <*4+ L2'>"0'0$+ G+ /$<$##H%"*+ L2$+ *#+ &%'.'>D'0*%$#+ &$/D'4+ 24+ '<$##*+
#$82%*+$+0$#"4,$0"0*+'*+$O&$%"*%+0'#+6'<D'0'#N+5'%'+*#+&%'.'>D*#+0$+%$C$#&"4$/&*+0'#+6'<D'0'#J+G+2#2'>+
2#'%$4T#$+ *#+ '/0'"4$#+ L2$+ 6*%'4+ "/#&'>'0*#+ ,'%'+ '+ %$'>"?'()*+ 0'+ *.%'J+ 0*#+ ,'/*#+ 0$+ '>C$/'%"'+ $+ 0'#+
6'<D'0'#+ $4+ .$&)*N+ F#&$#+ 0$C$4+ $#&'%+ #*>"0'4$/&$+ >"8'0*#+ I+ $#&%2&2%'+ 0*+ $0"6P<"*J+ &$%$4+ 0"4$/#M$#+
'0$L2'0'#+$+&$%$4+82'%0'+<*%,*#+0$+#$82%'/('N+R+"4,*%&'/&$+%$6$%"%+L2$+*+&%'/#,*%&$+$+'+<*>*<'()*+0'#+
,$0%'#+/'#+6'<D'0'#+G+24+,%*<$##*+0$>"<'0*+0$C"0*+I+8%'/0$+0"4$/#)*+$+,$#*+$>$C'0*+0$#&'#N+5*%+$##'+
%'?)*J+ ,*%+ C$?$#J+ 24+ '/0'"4$+ L2$+ #$%C"2+ ,'%'+ '+ %$'>"?'()*+ 0'#+ '>C$/'%"'#+ &$4+ 0$+ #$%+ %$6*%('0*+ *2+
'24$/&'0*+,'%'+,$%4"&"%+*+&%'/#,*%&$+$+'+<*>*<'()*+0'#+,$0%'#+$4+#$82%'/('N+
+
;A$G'*+<+;)*$)$'J+4/U%;+)$'$542$324$'=5+C)@'%/24$3'$C*2/';012$
-#+ $L2",'4$/&*#+ 0$+ ,%*&$<()*+ "/0"C"02'"#+ /)*+ ,*0$4+ #$%+ 0$#<2%'0*#+ /$#&'+ 6'#$+ 0*#+ &%'.'>D*#J+
/*4$'0'4$/&$+*#+'%/$#$#+0$+#$82%'/('+L2'/0*+*#+&%'.'>D*#+0$<*%%$4+$4+?*/'#+#$4+,%*&$<(M$#N+-#+
<','<$&$#+ $+ *+<'>('0*+ 0$+ #$82%'/('+&'4.G4+&K4+0$+#$%+#$4,%$+2#'0*+SH+L2$+$O"#&$+#$4,%$+24+ %"#<*+
'<%$#<"0*+L2'/0*+#$+&%'.'>D'4+<*4+,>'<'#+0$+,$0%'+,$#'0'#N+
+
3A$G'*+<+;)*$=5'$24$@)/'*+)+4$%';'44M*+24$<2*)@$'%;2@'%3)324$%)4$=5)%/+3)3'4$)3'=5)3)4$C)*)$)4$<)4'4$
3)$2-*)$'@$;5*42$
7##$82%'%+ '+ $O"#&K/<"'+ 0$+ &*0*#+ *#+ 4'&$%"'"#+ /$<$##H%"*#+ r,>'<'#+ 0$+ ,$0%'J+ '<$##:%"*#+ 0$+ 6"O'()*J+
,%*02&*#+0$+<*>'8$4s+$4+L2'/&"0'0$+#26"<"$/&$+,'%'+'#+6'#$#+0'+*.%'+L2$+#$+C)*+%$'>"?'%+0$C$+&'4.G4+
#$%+ 24'+ ,%$*<2,'()*+ ,%GC"'+ '*+ "/P<"*+ 0*#+ &%'.'>D*#N+ !$C$+ #$%+ &"0*+ $4+ <*/&'J+ /'#+ L2'/&"0'0$#+
$/<*4$/0'0'#J+L2$+$O"#&$+#$4,%$+'>824+0$#,$%0P<"*+0$+4'&$%"'"#+r+<*%&$#J+L2$.%'#+/'+"/#&'>'()*J+$&<NsN+
F#&'+C$%"6"<'()*+G+,'%&"<2>'%4$/&$+"4,*%&'/&$+,'%'+$>"4"/'%+*+%"#<*+0$+*+&%'.'>D*+6"<'%+"/&$%%*4,"0*+*2+
ha+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+iV+3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+
0$+#$%+/$<$##H%"*+$/<*4$/0'%+4'"#+,>'<'#+0$+,$0%'+L2$J+4$#4*+#$/0*+0'+4$#4'+L2'>"0'0$J+,*0$%)*+
#$%+#2.#&'/<"'>4$/&$+0"6$%$/&$#+0'#+SH+',>"<'0'#N+
+
ZN?N=&@%:$#2&"2/(5+*2&"&1(,.U.5",&"O$"#'*&'"&56(:"'"&'*2&3"+(,.".2&a&*8,"&
7/&$#+0*+"/"<"*+0*#+&%'.'>D*#+0$+<*>*<'()*+0*#+%$C$#&"4$/&*#+/'#+6'<D'0'#J+G+"4,%$#<"/0PC$>+6'?$%+24+
<*/&%*>*+0'#+#2'#+<'%'<&$%P#&"<'#+$+'##$82%'%+L2$+$#&)*+$4+<*/6*%4"0'0$+<*4+*+$#,$<"6"<'0*+/*+<'0$%/*+
0$+$/<'%8*#N+
+
VWXW8WX$I)/'*+)+4$CO/*'24$
)A$G'*+<+;)*$=5'$)4$C.);)4$3'$C'3*)$412$)4$'%;2@'%3)3)4$
A2'/0*+ *#+ 4'&$%"'"#+ <D$8'4+ I+ *.%'J+ G+ /$<$##H%"*+ C$%"6"<'%+ '&$/&'4$/&$+ #$+ *+ 4'&$%"'>+ ,G&%$*+ G+ *+
"/0"<'0*+/*#+4','#+0$+'<'.'4$/&*#+$+<'0$%/*#+0$+$/<'%8*#+$J+$C$/&2'>4$/&$J+/*#+,>'/*#+0$+$O$<2()*+
$#,$<"'"#J+ <'#*+ $O"#&'4N+ !$C$T#$+ '##$82%'%+ L2$+ *+ &",*+ 0$+ ,$0%'+ $/&%$82$J+ .$4+ <*4*+ *+ &",*+ 0$+
'<'.'4$/&*J+ #)*+ *#+ L2$+ 6*%'4+ $/<*4$/0'0*#N+ !$C$4+ #$%+ %$S$"&'0*#+ &*0*#+ *#+ L2$+ /)*+ $#&)*+ $4+
<*/6*%4"0'0$+<*4+*#+$#,$<"6"<'0*#+,'%'+'+*.%'+$4+<'2#'N+
+
-A$G'*+<+;)*$=5'$24$@)/'*+)+4$'%/*'&5'4$/U@$)$@)*;)012$:"$'$)$3'%2@+%)012$3)$C'3*)$
Z*0*#+ *#+ 4'&$%"'"#+ %$<$."0*#+ $+ ',>"<'0*#+ $4+ *.%'+ 0$C$4+ &$%+ '+ 4'%<'()*+ @FJ+ L2$+ #"8/"6"<'+ L2$+ *#+
,%*02&*#+ 0$+ <*/#&%2()*+ 6*%'4+ *.S$<&*+ 0$+ 24'+ 0$<>'%'()*+ 0$+ <*/6*%4"0'0$+ @F+ $4"&"0'+ ,$>*+ #$2+
6'.%"<'/&$+ $+ L2$+ $#&)*+ 0$+ '<*%0*+ <*4+ '#+ $#,$<"6"<'(M$#+ &G</"<'#+ /$<$##H%"'#N+ Z*0*#+ *#+ ,%*02&*#+
0$#&"/'0*#+ '+ #$%+ "/<*%,*%'0*#+ *2+ ',>"<'0*#J+ 0$+ 6*%4'+ ,$%4'/$/&$J+ /*#+ $4,%$$/0"4$/&*#+ 0$+
<*/#&%2()*+ $#&)*+ '.%'/8"0*#+ ,$>'+ 4'%<'()*+ @FN+ 7+ /*%4'+ W5+ FW+ bfihTacci+ %$L2$%+ '"/0'+ L2$+ <'0'+
%$4$##'+0$+,$0%'#+&$/D'+'+0$/*4"/'()*+0'#+,$0%'#+0$+'<*%0*+<*4+'+FW+baffc+$+"/6*%4'()*+#*.%$+'+
4'##'+0'#+,>'<'#+$+'#+#2'#+0"4$/#M$#+tdhuN+
+
;A$G'*+<+;)*$=5'$)4$C'3*)4$/U@$)4$3+@'%4H'4$;2**';/)4$3'$);2*32$;2@$)4$/2.'*?%;+)4$)3@+/+3)4$
7#+,$0%'#+0$C$4+&'4.G4+#$%+4$0"0'#+I+<D$8'0'+I+*.%'+$+*#+C'>*%$#+*.&"0*#+<*4,'%'0*#+<*4+*#+L2$+
<*/#&'4+ /*#+ <'0$%/*#+ 0$+ $/<'%8*#+ $+ 4','#+ 0$+ %$C$#&"4$/&*N+ \)*+ '<$"&$#+ '>824'#+ &*>$%_/<"'#+
0"4$/#"*/'"#+ 6'<$+ '*+ $/<*4$/0'0*J+ L2$+ ,*0$4+ #$%+ <*/#2>&'0'#+ /*#+ L2'0%*#+ '.'"O*+ ',%$#$/&'0*#J+
#*.%$+ '+ $#,$##2%'J+ 0"4$/#M$#+ >'&$%'"#J+ $#L2'0%"'#J+ ,>'/$?'J+ >*<'>"?'()*+ $+ 0"4$/#)*+ 0*#+ *%"6P<"*#N+ 7#+
,$0%'#+ L2$+ /)*+ <24,%'4+ '#+ 4$0"0'#+ $#&",2>'0'#+ 0$C$4+ #$%+ 0$C*>C"0'#N+ A2'/0*+ '#+ ,$0%'#+ CK4+
4'%<'0'#+ 0$+ '<*%0*+ <*4+ *#+ 82"'#+ 0$+ $/<*4$/0'+ r/24$%'0'#+ *2+ $4.'>'0'#+ $4+ >*&$#s+ G+ 4'"#+ 6H<">+
,%*<$0$%+'+$#&'#+C$%"6"<'(M$#N+
+
hd+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
!$C"0*+I+<*4,>$O"0'0$+0*#+,%*<$##*#+0$+<*%&$+$+,%$,'%'()*J+.$4+<*4*+I#+<'%'<&$%P#&"<'#+/'&2%'"#+0'#+
,$0%'#J+ #)*+ '<$"&$#+ '>824'#+ &*>$%_/<"'#+ 0"4$/#"*/'"#+ /*+ L2$+ 0"?+ %$#,$"&*+ I#+ 4$0"0'#+ ,%$#$/&$#+ /*+
,%*S$<&*+ 0$+ %$C$#&"4$/&*N+ W*+ $/&'/&*J+ $##'#+ &*>$%_/<"'#+ $#&)*+ &*0'#+ %$82>'4$/&'0'#+ /'+ /*%4'+ FW+
bfihTaccf+ $+ 0$#<%"&'#+ /*+ 3'/2'>+ 0'+ 5$0%'+ W'&2%'>+ ,'%'+ '+ 7%L2"&$<&2%'N+ 5'%'+ <'0'+ >*&$+ 0$+ ,$0%'#J+ G+
/$<$##H%"*+"/#,$<<"*/'%+24'+'4*#&%'+0$+gv+0$+<'0'+>*&$+0$+,$0%'#N+
A2'/&*+I+(2/(22$,"+0'#+,$('#J+G+/$<$##H%"*+6'?$%+'+0"#&"/()*+$/&%$+d+&",*#+0$+$#,$##2%'+/*4"/'>J+C"#&*+
L2$+<'0'+24'+&$%H+*#+#$2#+<%"&G%"*#+0$+&*>$%_/<"'+rC$%+L2'0%*+iNbsN+
F#,$##2%'+/*4"/'>+
Z*>$%_/<"'#+
ba+44+{+$#,$##2%'+{+dc+44+
ƒxT+bcv+
dc+44+{+$#,$##2%'+{+kc+44+
ƒxT+d+44+
$#,$##2%'+|+kc44+
ƒxT+g+44+
A2'0%*+iNbV+Z*>$%_/<"'#+,$%4"&"0'#+%$>'&"C'4$/&$+I+$#,$##2%'+0'#+,>'<'#+0$+,$0%'+
+
7##"4+ ,*%+ $O$4,>*J+ 24'+ ,$0%'+ <*4+ $#,$##2%'+ /*4"/'>+ 0$+ ac+ 44+ ,*0$+ #$%+ '<$"&$+ #$+ '+ #2'+ $#,$##2%'+
$#&"C$%+<*4,%$$/0"0'+$/&%$+bk+44+$+aa+44J+24'+,$0%'+0$+dc+44+#$+$#&"C$%+$/&%$+ae+44+$+dd+44+$+
24'+,$0%'+0$+fc+44+#$+'+#2'+$#,$##2%'+$#&"C$%+<*4,%$$/0"0'+$/&%$+de+44+$+fd+44N+
+
W*+L2$+0"?+%$#,$"&*+I#+'.3(#2c(2&%"+(,".2+0'#+,$('#J+0"#&"/82$T#$+$/&%$+a+&",*#+0$+$#,$##2%'+/*4"/'>+$+
0*"#+ &",*#+ 0$+ 0"4$/#M$#+ 0'#+ ,>'<'#J+ C"#&*+ L2$J+ ,'%'+ <'0'+ 24'+ 0$#&'#+ <*4."/'(M$#J+ D'C$%H+ 0"6$%$/&$#+
<%"&G%"*#+0$+&*>$%_/<"'J+&'>+<*4*+',%$#$/&'0*+/*+L2'0%*+iNaN+
@*4,%"4$/&*+$+^'%82%'+
Z*>$%_/<"'#+
!"4$/#M$#+"/6$%"*%$#+'+icc+
44+
!"4$/#M$#+#2,$%"*%$#+'+icc+44+
F#,$##2%'+0'#+,>'<'#+"/6$%"*%+'+gc+44+
ƒxT+b+44+
ƒxT+bJg+44+
F#,$##2%'+0'#+,>'<'#+#2,$%"*%+'+gc+44+
ƒxT+a+44+
ƒxT+d+44+
A2'0%*+iNaV+Z*>$%_/<"'#+,$%4"&"0'#+%$>'&"C'4$/&$+I#+0"4$/#M$#+>'&$%'"#+0'#+,>'<'#+0$+,$0%'+
+
@*4*+$O$4,>*J+,*0$T#$+<*/#"0$%'%+L2$+,'%'+24'+,>'<'+0$+,$0%'+<*4+fcc+44+m+gcc+44+$+<*4+dc+44+
0$+$#,$##2%'+'#+#2'#+0"4$/#M$#+>'&$%'"#+,*0$4+C'%"'%+$/&%$+dhh+44+m+fhh+44+$+fcb+44+m+gcb+44N+\$+
hf+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+iV+3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+
#$+<*/#"0$%'%+24'+,>'<'+<*4+fcc+44+m+ecc+44+,*0$T#$+'04"&"%+24'+&*>$%_/<"'+L2$+C'%"'+$/&%$+dhkJg+
44+m+ihkJg+44+$+fcbJg+44+m+ecbJg+44N+
A2'/0*+ #$+ &%'&'+ 0$+ ,$('#+ <*4+ 6*%4'#+ "%%$82>'%$#J+ <*4*+ ,*%+ $O$4,>*+ &%',$?*"0'"#J+ 0$C$4+ #$%+
"/#,$<<"*/'0'#+'#+f+4$0"0'#+0'+,$('N+
7#+ (2O$"',."2& '"2& /%"5"2+ 0$+ ,$0%'+ 0$C$4+ &'4.G4+ #$%+ C$%"6"<'0'#+ 0$+ '<*%0*+ <*4+ '#+ &*>$%_/<"'#+
,%$C"#&'#+/'#+/*%4'#J+$+0$6"/"0'#+$4+62/()*+0'+$#,$##2%'+$+0"4$/#M$#+0'+,>'<'J+&'>+<*4*+/*+<'#*+0'#+
0"4$/#M$#+>'&$%'"#+0'#+,>'<'#+rC$%+L2'0%*+iNdsN+
F#L2'0%"'+0'#+,>'<'#+0$+,$0%'+
Z*>$%_/<"'#+
!"4$/#M$#+"/6$%"*%$#+'+icc+
44+
!"4$/#M$#+#2,$%"*%$#+'+icc+44+
F#,$##2%'+0'#+,>'<'#+"/6$%"*%+'+gc+44+
ƒxT+b+44+
ƒxT+bJg+44+
F#,$##2%'+0'#+,>'<'#+#2,$%"*%+'+gc+44+
ƒxT+a+44+
ƒxT+d+44+
A2'0%*+iNdV+Z*>$%_/<"'#+,$%4"&"0'#+%$>'&"C'4$/&$+I+$#L2'0%"'+0'#+,>'<'#+0$+,$0%'+
+
7#+ /*%4'#+ &'4.G4+ 0$6"/$4+ <%"&G%"*#+ /*+ L2$+ 0"?+ %$#,$"&*+ I+ /%"#(X"+ 0'#+ ,>'<'#+ 0$+ ,$0%'+ <*%&'0'#V+ '+
&*>$%_/<"'+/)*+,*0$+$O<$0$%+cJa+v+0*+<*4,%"4$/&*+0'#+,$('#+$+/2/<'+,*0$+#$%+#2,$%"*%+'+d+44N+5*%+
$O$4,>*J+/24'+,$('+<*4+<*4,%"4$/&*+0$+dcc+44J+*#+$%%*#+0$+,>'/$?'+/)*+,*0$4+#$%+#2,$%"*%$#+'+cJi+
44N+
F#&$#+C'>*%$#+,*0$4+#$%+'8%2,'0*#+/24+L2'0%*+rL2'0%*+iNfs+,'%'+6'<">"&'%+'+C$%"6"<'()*+$4+*.%'J+#$4+
#$%+/$<$##H%"*+6'?$%+<H><2>*#N+
+
3'"*%+0"4$/#)*+0'+,>'<'+
Z*>$%_/<"'+4HO"4'+
5>'/$?'+
|•+gcc+44+$+{+icc+44+
b+44+
|•+icc+44+$+{+kcc+44+
bJa+44+
|•+kcc+44+$+{+bccc+44+
bJi+44+
|•+bccc+44+$+{+bacc+44+
a+44+
|•+bacc+44+$+{+bfcc+44+
aJf+44+
|•+bfcc+44+$+{+bgcc+44+
aJk+44+
|•+bgcc+44+
d+44+
A2'0%*+iNfV+Z*>$%_/<"'#+,$%4"&"0'#+%$>'&"C'4$/&$+I+,>'/$?'+0'#+,>'<'#+0$+,$0%'+
+
hg+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
7+ %*5"%.X"LM*& (& '.3(#2M*& '*2& *,.UR5.*2+ 0$+ '/<*%'8$4+ ,'%'+ <*>*<'%+ *#+ ,"/*#+ /'#+ ,$0%'#J+ ,'%'+ 6"O'(M$#+
"/0"%$<&'#+'*+#2,*%&$+&K4+&'4.G4+'#+#2'#+&*>$%_/<"'#+4HO"4'#N+
5'%'+'+>*<'>"?'()*+0*#+*%"6P<"*#+0$+'/<*%'8$4+'*+>*/8*+0*+<*4,%"4$/&*+$+0'+>'%82%'+0'+,>'<'+'<$"&'T#$+
24'+&*>$%_/<"'+0$+a+44N+\$+*#+*%"6P<"*#+6*%$4+/'#+6'<$#+>'&$%'"#+0'#+,>'<'#J+'+&*>$%_/<"'+,'##'+'+#$%+0$+
',$/'#+b44J+<*4*+#$+">2#&%'+/'+6"82%'+iNbN+
W*+L2$+0"?+%$#,$"&*+I+0"4$/#)*+0*#+62%*#J+$#&$+,*0$4+#$%+d+44+4'"#+62/0*#+*2+b+44+4$/*#+62/0*#+0*+
L2$+'#+4$0"0'#+$#&",2>'0'#+/*#+<'0$%/*#+0$+$/<'%8*#N+7<$"&'T#$+&'4.G4+L2$+*+#$2+0"_4$&%*+#$S'+b44+
4'"*%+*2+cJg+44+4$/*%+0*+L2$+*+C'>*%+$#&",2>'0*N++
F#&$#+C'>*%$#+$#&)*+%$<',"&2>'0*#+/*+L2'0%*+iNgV+
Z*>$%_/<"'#+,'%'+*#+62%*#+0'#+'/<*%'8$/#+
3$0"0'#+/*+<*4,%"4$/&*+*2+/'+>'%82%'+
ƒxT+a+44+
3$0"0'#+/'+$#,$##2%'+
ƒxT+b+44+
5%*62/0"0'0$+0*+62%*+
ƒ+d+44J+T+b+44+
!"_4$&%*+0*+62%*+
ƒ+b+44J+T+cJg+44+
A2'0%*+iNgV+Z*>$%_/<"'#+,$%4"&"0'#+%$>'&"C'4$/&$+'*#+62%*#+0'#+'/<*%'8$/#+/'#+,>'<'#+0$+,$0%'+
+
9"8+iNb+j+F#L2$4'+0'#+4$0"0'#+$+&*>$%_/<"'#+,$%4"&"0'#+/*#+*%"6P<"*#+0$+6"O'()*+0'#+,$0%'#+
+
3A$G'*+<+;)*$=5'$24$@)/'*+)+4$'4/12$'@$-2)4$;2%3+0H'4$
-#+4'&$%"'"#+L2$+/)*+$#&$S'4+$4+.*'#+<*/0"(M$#J+*2+#$S'J+L2$+',%$#$/&$4+$4,$/'4$/&*#J+#'>"K/<"'#J+
6$/0'#+*2+<'C"0'0$#J+*2+C'%"'(M$#+0$+&*/'>"0'0$+0$+<*%+/)*+<'%'<&$%P#&"<'#+0'+/'&2%$?'+0'+,$0%'+0$C$4+
hi+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+iV+3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+
#$%+%$S$"&'0*#N+7#+C'%"'(M$#+0$+<*%+,*0$4+#$%+*%"8"/'0'#+,*%+4'/<D'#+0$+,%*02&*#+*<*%%"0'#+02%'/&$+*+
&%'/#,*%&$+ *2+ &%'&'4$/&*+ 0'+ ,$0%'J+ 4'/<D'#+ 0$+ 6$%%28$4J+ $&<N+ 5'%'+ L2'>L2$%+ &",*+ 0$+ ,$0%'J+ /)*+
0$C$%)*+'"/0'+#$%+'<$"&$#+'L2$>'#+L2$+&$/D'4+0$6$"&*#+0"##"42>'0*#+*2+&','0*#+<*4+.$&24$N+
Z*0*#+ *#+ 4'&$%"'"#+ L2$+ /)*+ <24,%'4+ *#+ %$L2"#"&*#+ 0$C$4+ #$%+ %$&"%'0*#+ 0'+ *.%'+ *+ 4'"#+ 0$,%$##'+
,*##PC$>N+ -#+ 4'&$%"'"#+ L2$+ $#,$%'4+ <*>*<'()*+ /'+ *.%'+ 0$C$4+ #$%+ '%4'?$/'0*#+ $4+ >*<'>+ <*.$%&*+ *2+
?*/'#+ ,*2<*+ DU4"0'#J+ $4+ >*<'"#+ ,%:,%"*#+ ,'%'+ $C"&'%+ 0'/*#N+ \$4,%$+ L2$+ *#+ 4'&$%"'"#+ C$/D'4+ $4+
$4.'>'8$/#+ *2+ $4.'>'0*#+ 02%'/&$+ *+ &%'/#,*%&$J+ 0$C$T#$+ $C"&'%+ %$&"%HT>*#+ 0'#+ $4.'>'8$/#J+ ,*"#+ $#&'#+
6*%/$<$4+24'+,%*&$<()*+$O&%'+02%'/&$+*+'%4'?$/'4$/&*+$4+*.%'+tbiuN+
++
FO"#&$4+'"/0'+'>824'#+,'%&"<2>'%"0'0$#+,'%'+<'0'+&",*+0$+,$0%'+L2$+0$C$4+#$%+%$#,$"&'0'#+'L2'/0*+0'+
%$<$,()*+0$#&'#J+<*4*+G+*+<'#*+0*#+8%'/"&*#+$+0*#+4H%4*%$#N+
+
'A$G'*+<+;)0H'4$)$'<';/5)*$=5)%32$4'$)C.+;)@$&*)%+/24$
A2'/0*+'+*.%'+$/C*>C$+'+',>"<'()*+0$+8%'/"&*#J+/)*+0$C$%)*+#$%+'<$"&$#+,$0%'#+L2$+&$/D'4+*#+<%"#&'"#+
0$+6$>0#,'&*+0$4'#"'0*+8%*##*+/$4+4"<'+$4+8%'/0$+L2'/&"0'0$+tbiuN+
+
<A$G'*+<+;)0H'4$)$'<';/5)*$=5)%32$4'$)C.+;)@$@M*@2*'4$
A2'/0*+ '+ *.%'+ $/C*>C$+ '+ 2&">"?'()*+ 0$+ 4H%4*%$#J+ $#&$#+ /)*+ 0$C$4+ ',%$#$/&'%+ 0$6$"&*#J+ 6$/0'#+ *2+
<'C"0'0$#+$+0$C$4+',%$#$/&'%+24'+<*>*%'()*+$+,*>"4$/&*+,$%6$"&*#+/*#+,'%'4$/&*#+L2$+6"<'%)*+I+C"#&'+
tbiuN+
+
VWXW8W8$I)/'*+)+4$3'$<+J)012$
)A$G'*+<+;)*$=5'$24$@)/'*+)+4$3'$<+J)012$412$24$'%;2@'%3)324$
7#+<*>'#+$+4'&$%"'"#+0$+<*>'8$4+0$C$4+&'4.G4+#$%+C$%"6"<'0*#+0$+4*0*+'+8'%'/&"%+L2$+#)*+*#+L2$+$#&)*+
%$6$%$/<"'0*#+/*+,%*S$<&*N+
-#+ 4'&$%"'"#+ 2#'0*#+ ,'%'+ '#+ 6"O'(M$#+ "/0"%$<&'#+ 0$C$4+ &'4.G4+ #$%+ <2"0'0*#'4$/&$+ '/'>"#'0*#+ ,'%'+
'##$82%'%+L2$+$#&)*+$4+<*/6*%4"0'0$+<*4+'+$/<*4$/0'+6$"&'J+/*4$'0'4$/&$+/*+L2$+0"?+%$#,$"&*+'*#+
&",*#+0$+'(*J+4'%<'#+$+4*0$>*#+0*#+6"O'0*%$#+taduN+
+
+
+
+
he+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
-A$G'*+<+;)*$=5'$24$@)/'*+)+4$3'$<+J)012$'4/12$'@$-2@$'4/)32$
7#+ $4.'>'8$/#+ 0'#+ <*>'#+ 0$C$4+ C"%+ 6$<D'0'#+ $+ #$>'0'#J+ 0$/&%*+ 0'#+ $4.'>'8$/#+ 0$+ *%"8$4N+ 7+ 0'&'+ 0$+
C'>"0'0$+0$#&'#+0$C$+&'4.G4+#$%+C$%"6"<'0'+
W*+ <'#*+ 0$+ 6"O'(M$#+ "/0"%$<&'#+ 0$C$+ ,%*<$0$%T#$+ '+ 24'+ '/H>"#$+ C"#2'>+ I#+ #*>0'02%'#+ 0*#+ 8'&*#+ $+ 0'#+
$#&%2&2%'#+0$+#2,*%&$+"/&$%4G0"'+,'%'+C$%"6"<'%+L2$+$#&'#+',%$#$/&'4+24'+'#,$<&*+D*4*8G/$*+$+#$4+
,*%*#"0'0$N+ R+ '"/0'+ "4,*%&'/&$+ + C$%"6"<'%+ L2$+ /$/D24'+ 0'#+ ,$('#+ 4$&H>"<'#+ ',%$#$/&'+ #"/'"#+ 0$+
<*%%*#)*+$#,$<"'>4$/&$+/'#+?*/'#+0$+<*%&$+$+0$+#*>0'02%'+taduN+
+
ZN?NQ&@%:$#2&"2/(5+*2&"&1(,.U.5",&#"2&U"56"'"2&*#'(&"2&/%"5"2&'(&/(',"&1M*&2(,&"/%.5"'"2&
7/&$#+0$+"/"<"'%+'+',>"<'()*+0'#+,$0%'#+/'#+6'<D'0'#J+G+$##$/<"'>+C$%"6"<'%+L2$+*+#2,*%&$+#$+$/<*/&%'+<*4+
'#+<*/0"(M$#+$O"8PC$"#+,'%'+%$<$.$%+*+%$C$#&"4$/&*N+
&
)A$Y4$45C2*/'4$'4/12$.+@C24$'$C*2%/24$)$*';'-'*$24$*'R'4/+@'%/24$
7>824'#+<'%'<&$%P#&"<'#+'+C$%"6"<'%+/'#+6'<D'0'#+*2+?*/'#+*/0$+*#+4'&$%"'"#+,G&%$*#+C)*+#$%+'##$/&$#+#)*+
<*42/#+ '+ &*0*+ *+ &",*+ 0$+ 4G&*0*#+ 0$+ 6"O'()*+ 0'+ ,$0%'J+ '##24"/0*+ /*+ $/&'/&*+ 24'+ 4'"*%+ %$>$C_/<"'+
,'%'+*#+4G&*0*#+0$+6"O'()*+0"%$<&'N+7#+#2,$%6P<"$#+0$C$4+$/<*/&%'%T#$+>"4,'#+0$+8*%02%'#+$+,'%&P<2>'#+
$4+ #2#,$/#)*+ r,*$"%'#sN+ !$C$4+ 4$%$<$%+ $#,$<"'>+ '&$/()*+ '#+ #2,$%6P<"$#+ L2$+ 6*%'4+ 0$#<*6%'0'#J+ ,*"#+
,*0$4+ $O"#&"%+ C$#&P8"*#+ 0$+ :>$*#+ 0$#<*6%'/&$#N+ W$##$+ <'#*+ '#+ #2,$%6P<"$#+ 0$C$4+ #$%+ <2"0'0*#'4$/&$+
>"4,'#+<*4+,%*02&*#+0$#$/8*%02%'/&$#+,%:,%"*#+,'%'+%$4*()*+0*#+:>$*#+$+*2&%*#+<*/&'4"/'/&$#N+
+
-A$G'*+<+;)*$)4$;2%3+0H'4$3)4$<);()3)4$%2$=5'$3+F$*'4C'+/2$L$C.)%'F)$$
Z'>+ <*4*+ $O"#&$4+ &*>$%_/<"'#+ 0"4$/#"*/'"#+ ,'%'+ *+ &'4'/D*+ 0'#+ ,$0%'#J+ &'4.G4+ $O"#&$4+ '>824'#+
&*>$%_/<"'#+4HO"4'#+%$>'&"C'#+I+,>'/$?'+0*#+#2,*%&$#+L2$+,*0$4+#$%+'<$"&$#+'L2'/0*+0*+%$C$#&"4$/&*+
0'#+6'<D'0'#N+5'%'+'+',>"<'()*+0$+24+%$C$#&"4$/&*+G+/$<$##H%"*+C$%"6"<'%+L2$+*+#2,*%&$+#$+$/<*/&%'+#$4+
0$#C"*#+#"8/"6"<'&"C*#+0$+,>'/$?'+$+#$4+0$#/PC$"#+*2+%$$/&%_/<"'#+L2$+,*##'4+0"6"<2>&'%+'+<*>*<'()*+0'#+
,$0%'#+$+#$%$4+>*<'"#+0$+"/6">&%'(M$#+0$+H82'N+7>G4+0"##*J+/)*+0$C$+D'C$%+$>$4$/&*#+#*>&*#+*2+L2$+#$+
,*##'4+0$#&'<'%N+
+
;A$744'&5*)*$=5'$24$.2;)+4$2%3'$412$*').+F)3)4$2C'*)0H'4$=5'$C*235F'@$C2'+*)4$'4/12$)<)4/)324$3)$F2%)$
2%3'$4'$'4/M$)$+%4/).)*$2$*'R'4/+@'%/2$
!$C$+ #$+ $C"&'0*+ *+ $O<$##*+ 0$+ ,:+ S2/&*+ I#+ ,'%$0$#+ */0$+ #$+ C'"+ <*>*<'%+ *+ %$C$#&"4$/&*N+ F#&$+ ,%*.>$4'+
,*0$+ #$%+ 8%'C$+ <'#*+ #$+ 0$<"0'4+ "/#&'>'%+ '#+ 4HL2"/'#+ 0$+ <*%&$+ *2+ 62%'()*+ 0'#+ ,$0%'#+ ,$%&*+ 0'#+ ?*/'#+
*/0$+#$+C'"+',>"<'%+*+%$C$#&"4$/&*+,G&%$*+/'+6'<D'0'N+R+/$<$##H%"*+%$#$%C'%+#$4,%$+24'+H%$'+'6'#&'0'+
hk+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+iV+3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+
,'%'+#$+,%*<$0$%+'+$C$/&2'"#+'S2#&$#+/'#+,$0%'#J+62%*#+/'#+,$0%'#+$+<*%&$#+0$+S2/&'#+<*4+%$.'%.'0*%'#+
*2+*2&%'#+4HL2"/'#N+@'#*+#$S'+"4,*##PC$>+0"#&'/<"'%+'+?*/'+0$+&%'.'>D*+/'#+,$0%'#+0'+?*/'+0$+"/#&'>'()*+
0'#+,$0%'#J+$#&'+U>&"4'+0$C$+#$%+,%*&$8"0'+'&G+$#&$+&",*+0$+&%'.'>D*+$#&'%+&$%4"/'0*N+
!$C$T#$+ ,%*<$0$%+ 0'+ 4$#4'+ 6*%4'J+ ,%*&$8$/0*+ '#+ #2,$%6P<"$#+ SH+ '<'.'0'#J+ ,'%'+ L2$+ '#+ S2/&'#+ $/&%$+
,$0%'#+ /)*+ 6"L2$4+ 4'/<D'0'#+ <*4+ ,:J+ 0$C"0*+ I+ 6'<">"0'0$+ 0$#&$+ ,'%'+ <*/&'4"/'%+ '#+ '%8'4'##'#+
6%$#<'#N+
+
ZN?NT&@%:$#2&"2/(5+*2&"&1(,.U.5",&'$,"#+(&"&([(5$LM*&'"&*8,"&
Z'>+ <*4*+ $O"#&$4+ '#,$<&*#+ "4,*%&'/&$#+ '+ C$%"6"<'%+ '/&$#+ 0$+ #$+ "/"<"'%+ '+ ',>"<'()*+ 0*+ %$C$#&"4$/&*J+
&'4.G4+02%'/&$+*#+&%'.'>D*#+G+/$<$##H%"*+C$%"6"<'%+L2$+*#+,%*<$0"4$/&*#+<*%%$<&*#+#)*+<24,%"0*#N+
)A$Z)*)%/+*$=5'$24$/*)-).(24$412$<+4;).+F)324$
w4'+ '0$L2'0'+ 6"#<'>"?'()*+ G+ "/0"#,$/#HC$>+ ,'%'+ 8'%'/&"%+ L2$+ *+ ,%*S$<&*+ $#&H+ '+ #$%+ %$#,$"&'0*+ $+ '+ '#+
%$8%'#+ 0$+ ',>"<'()*+ 0*#+ #"#&$4'#+ 0$+ 6"O'()*+ $#&)*+ '+ #$%+ <24,%"0'#N+ 5'%'+ L2$+ &'>+ '<*/&$('J+ *#+
#2,$%C"#*%$#+ &K4+ 0$+ $#&'%+ ,%$#$/&$#+ $4+ *.%'+ $+ &K4+ 0$+ <*/D$<$%+ *+ ,%*S$<&*+ 0$+ %$C$#&"4$/&*#J+ .$4+
<*4*+&*0'#+'#+.*'#+,%H&"<'#+,'%'+'+%$'>"?'()*+0$+24+%$C$#&"4$/&*+<*4+L2'>"0'0$N+
+
-A$Z)*)%/+*$=5'$4'$54)@$C*235/24$3'$;2.)&'@$)3'=5)324$L4$C'3*)4$=5'$R12$4'*$54)3)4$
-#+ ,%*02&*#+ 0$+ <*>'8$4+ 2#'0*#+ ,'%'+ <*>*<'%+ '#+ ,$0%'#+ /*#+ 4G&*0*#+ 0$+ 6"O'()*+ 0"%$<&'+ *2+ 0$+
,%$$/<D"4$/&*+ 0*#+ *%"6P<"*#+ 0*#+ ,"/*#+ /'#+ ,$0%'#J+ $4+ 4G&*0*#+ 0$+ 6"O'()*+ "/0"%$<&'J+ 0$C$4+ #$%+
$#<*>D"0*#+0$+4*0*+'+/)*+4'/<D'%+'#+,$0%'#N+F4+,$0%'#+/'&2%'"#+4'"#+#$/#PC$"#+*2+42"&*+<>'%'#+0$C$4T
#$+2#'%+'0$#"C*#+.%'/<*#+0$+#$<'8$4+$+,%$#'+%H,"0'#+r6'#&T0%X"/8+$+6'#&T#$&&"/8s+
+
]#+C$%"6"<'(M$#+8$%'"#+',%$#$/&'0'#J+DH+L2$+'<%$#<$/&'%+'#+C$%"6"<'(M$#+$#,$<"6"<'#+,'%'+<'0'+4G&*0*+0$+
6"O'()*+$#<*>D"0*+$+L2$+0$+#$82"0'+#$+',%$#$/&'4N+
+
ZN=&^&4.["LM*&'.,(5+"`&B(,.U.5"Lc(2&(2/(5RU.5"2&
)A$Y$/'@C2$3'$4';)&'@$32$;+@'%/2$32$45C2*/'$)%/'4$3'$)C.+;)*$2$*'R'4/+@'%/2[$<2+$*'4C'+/)32$
5'%'+ $C"&'%+ %$&%'<(M$#+ $+ 4'/<D'#+ /*#+ $>$4$/&*#+ ,G&%$*#J+ 0$C$T#$+ %$#,$"&'%+ 24+ ,$%P*0*+ 0$+ <2%'+ 0*+
.$&)*+ '/&$#+ 0$+ <*>*<'%+ *+ %$C$#&"4$/&*+ 0$+ <$%<'+ 0$+ a+ 4$#$#+ ,'%'+ '>&2%'#+ "/6$%"*%$#+ '+ aJg+ 4$&%*#+ $+ 0$+
<$%<'+0$+d+4$#$#+,'%'+'>&2%'#+#2,$%"*%$#+L2'/0*+*+#2,*%&$+G+24'+,'%$0$+0$+.$&)*N+A2'/0*+#$+&%'&'+0$+
6'?$%+'+<*>'8$4+#*.%$+24'+,'%$0$+0$+'>C$/'%"'J+*+&$4,*+0$+$#,$%'+,'%'+#$<'8$4+G+0$+d+#$4'/'#N+
+
hh+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
-A$7$C.)%'F)$32$45C2*/'$O$)3'=5)3)$C)*)$)C.+;)*$5@$*'R'4/+@'%/2$C2*$<+J)012$3+*';/)$
F4+'>C$/'%"'+%$.*<'0'+*2+.$&)*J+I#+<*/0"(M$#+0'+6'<D'0'+'<"4'+0$#<%"&'#J+'<%$#<$+'"/0'+'+$O"8K/<"'+0$+
24'+,>'/$?'+8$%'>+<*4+0$#C"*#+4HO"4*#+0$+g+44+'C'>"'0*#+<*4+24'+%G82'+0$+a+4$&%*#+$+24'+,>'/$?'+
>*<'>"?'0'+<*4+0$#C"*#+4HO"4*#+0$+a+44+'C'>"'0*#+<*4+24'+%G82'+0$+cJac+4$&%*#N++
+
;A$Y$45C2*/'$'$2$/)*32F$3)4$C.);)4$3'$C'3*)$/U@$*5&24+3)3'$)3'=5)3)$
w4'+<$%&'+%28*#"0'0$+0*+#2,*%&$+$+0*+&'%0*?+0'#+,>'<'#+0$+,$0%'+'24$/&'+'+'0$%K/<"'+4$<_/"<'+0'#+
<*>'#N+ !$#&$+ 4*0*+ $#&$#+ /)*+ 0$C$4+ $#&'%+ 0$4'#"'0*+ >"#*#+ 4'#+ &'4.G4+ /)*+ 0$4'#"'0*+ %28*#*#+ '*+
,*/&*+0$+/)*+#$+,*0$%$4+2#'%+4'&$%"'"#+0$+'##$/&'4$/&*+$4+<'4'0'+6"/'N+
+
3A$Z)*)%/+*$=5'$5@)$C.);)$3'$C'3*)$O$;2.)3)$)C'%)4$)$5@$/+C2$3'$45C2*/'$
w4'+,>'<'+0$+,$0%'+/)*+,*0$+6"<'%+<*>'0'+'+0*"#+#2,*%&$#+0"6$%$/&$#J+L2$+,*0$4+&$%+<*4,*%&'4$/&*#+
0"6$%$/&$#J+<'2#'/0*+$#6*%(*#+$>$C'0*#+/'+,>'<'+0$+,$0%'N+R+"4,*%&'/&$+,*%&'/&*+8'%'/&"%+L2$+&*0'#+'#+
S2/&'#+0$+0">'&'()*+*2+420'/('#+0$+#2,*%&$+#)*+'<*4,'/D'0'#+,*%+24'+S2/&'+/*+%$C$#&"4$/&*+0$+
,$0%'N+
+
'A$74$+%3+;)0H'4$42-*'$2$'4/)32$32$45C2*/'$'$3)4$C'3*)4$<2*%';+324$C'.2$<)-*+;)%/'$3)4$;2.)4$<2*)@$
;5@C*+3)4$
5'%'+ '+ ',>"<'()*+ 0$+ '>82/#+ 4'&$%"'"#+ 0$+ '##$/&'4$/&*+ G+ %$L2$%"0*+ 24+ #2,*%&$+ #$<*+ r8$%'>4$/&$+ '#+
<*>'#sJ+ ,'%'+ *2&%*#+ '<*/#$>D'T#$+ L2$+ #$+ 4*>D$4+ '#+ #2,$%6P<"$#+ '+ <*>'%+ r8$%'>4$/&$+ '#+ '%8'4'##'#sN+ R+
"4,*%&'/&$+ C$%"6"<'%+ '#+ "/#&%2(M$#+ 0*+ 6'.%"<'/&$+ '/&$#+ 0$+ "/"<"'%+ *+ ,%*<$##*+ 0$+ ',>"<'()*+ $+ <24,%"%+ '#+
#2'#+%$<*4$/0'(M$#N++
+
<A$74$;2%3+0H'4$)/@24<O*+;)4$412$;2@C)/PR'+4$;2@$2$/*)-).(2$)$'<';/5)*$
F#&$+ &",*+ 0$+ %$C$#&"4$/&*+ /)*+ 0$C$+ #$%+ ',>"<'0*+ $4+ <*/0"(M$#+ '&4*#6G%"<'#+ $O&%$4'#J+ L2'/0*+ '+
&$4,$%'&2%'+6*%+0$4'#"'0*+$>$C'0'+r#2,$%"*%+'+dcz@sJ+<*4+/PC$"#+0$+D24"0'0$#+42"&*+'>&*#J+<*4+C$/&*#+
42"&*+ 6*%&$#J+ #*.%$+ '+ "/<"0K/<"'+ 0"%$<&'+ 0$+ %'"*#+ #*>'%$#+ *2+ 0$+ H82'J+ <*4+ &$4,$%'&2%'#+ 0$4'#"'0*+
.'"O'#+r"/6$%"*%+'+gz@s+*2+L2'/0*+$O"#&$+8$>*+/*+#2,*%&$N+
+
+
+
bcc+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+iV+3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+
&A$74$+%3+;)0H'4$42-*'$2$@232$3'$C*'C)*)012$'$/'@C2$3'$)-'*/5*)$324$@)/'*+)+4$3'$;2.)&'@$<2*%';+324$
C'.2$<)-*+;)%/'$412$;5@C*+324$
7#+ "/#&%2(M$#+ 6*%/$<"0'#+ ,$>*+ 6'.%"<'/&$+ ,'%'+ '+ ,%$,'%'()*+ 0*#+ ,%*02&*#+ 0$+ '##$/&'4$/&*J+
/*4$'0'4$/&$+/*+L2$+0"?+%$#,$"&*+I#+0*#'8$/#+$+&$4,*#+$+C$>*<"0'0$+0$+4"#&2%'J+0$C$4+#$4,%$+#$%+
<24,%"0'#N+
!2%'/&$+ '+ ',>"<'()*J+ /)*+ #$+ 0$C$+ &'4.G4+ <*>*<'%+ 4'&$%"'>+ 0$+ '##$/&'4$/&*+ /24'+ ?*/'+ 0$4'#"'0*+
$O&$/#'+ 0$+ 4*0*+ '+ <24,%"%+ *#+ &$4,*#+ 0$+ '.$%&2%'+ $+ &%'.'>D'.">"0'0$+ 0'#+ <*>'#+ 6*%/$<"0*#+ ,$>*+
6'.%"<'/&$#N+
+
(A$G'*+<+;)*$=5'$24$;2*32'4$3'$;2.)$412$'4@)&)324$)=5)%32$3)$)C.+;)012$3)$C'3*)4$
5'%'+<*/&%*>'%+%$82>'%4$/&$+'+L2'>"0'0$+0'+<*>'8$4J+%$&"%'T#$+24'+,>'<'+0$+,$0%'+'<'.'0'+0$+'##$/&'%+
$+ C$%"6"<'T#$+ *+ #$2+ &'%0*?N+ 704"&$T#$+ <*4*+ %$#2>&'0*+ #'&"#6'&:%"*+ 24'+ H%$'+ 4P/"4'+ 0$+ <*%0M$#+
<*4,>$&'4$/&$+$#4'8'0*#+0$+<$%<'+0$+kgv+0'+#2,$%6P<"$+&*&'>+0'+,>'<'N+
+
+A$Z)*)%/+*$=5'$412$3'+J)3)4$E5%/)4$3'$/)@)%(2$)3'=5)32$'%/*'$)4$C'3*)4$
7#+S2/&'#+$/&%$+,$0%'#+&K4+0$+&$%+24'+$#,$##2%'+4P/"4'+0$+f+44N+!$C$4+#$%+%$#,$"&'0'#+'#+S2/&'#+$4+
?*/'#+0$+#"/82>'%"0'0$#J+0$+420'/('+0$+4'&$%"'>+0$+%$C$#&"4$/&*+*2+/'#+S2/&'#+0$+0">'&'()*+0*+$0"6P<"*N+
F4+ ?*/'#+ 0$+ 8%'/0$#+ H%$'#+ %$C$#&"0'#+ */0$+ /)*+ #$+ &$/D'4+ <*/#"0$%'0*+ '+ $O"#&K/<"'+ 0$+ S2/&'#+ 0$+
0">'&'()*+ *2+ 0$+ S2/&'#+ $/&%$+ 4'&$%"'"#J+ G+ /$<$##H%"*+ C$%"6"<'%+ '+ $O"#&K/<"'+ 0$+ S2/&'#+ D*%"?*/&'"#+ 0$+
6%'<<"*/'4$/&*+$#,'('0'#+0$+i+$4+i+4$&%*#+$+S2/&'#+C$%&"<'"#+0$+6%'<<"*/'4$/&*+0$+bc+$+bcN+
+
EA$,'4C'+/)*$24$/'@C24$3'$C*''%;(+@'%/2$3)4$E5%/)4$'%/*'$C'3*)4$
\$+ '#+ S2/&'#+ $/&%$+ '#+ ,$0%'#+ 6*%$4+ ,%$$/<D"0'#J+ $#&'+ *,$%'()*+ ',$/'#+ ,*0$+ #$%+ %$'>"?'0'+ fk+ D*%'#+
0$,*"#+0$+#$+&$%+',>"<'0*+*+%$C$#&"4$/&*N+
+
.A$G'*+<+;)*$=5'$%12$'J+4/'@$'4C)024$R)F+24$'%/*'$2$*'R'4/+@'%/2$'$2$45C2*/'$
$#&'+ C$%"6"<'()*+ ,*0$+ 6'?$%T#$+ 0$+ 24'+ 6*%4'+ 42"&*+ #"4,>$#J+ /'#+ ,$0%'#+ .'&$/0*+ <*4+ 24+ 4'%&$>*+ 0$+
.*%%'<D'+ ,'%'+ *2C"%+ *+ #*4+ 0'+ ,'/<'0'N+ \$+ $#&'+ /)*+ #*'%+ '+ *<*J+ ,%$#24$T#$+ L2$+ /)*+ $O"#&$4+ $#,'(*#+
C'?"*#+$/&%$+*+#2,*%&$+$+*+%$C$#&"4$/&*J+*+L2$+"/0"<'+L2$+$#&$+6*"+.$4+%$'>"?'0*N+
+
+
+
bcb+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
ZNQ&^&4.["LM*&.#'.,(5+"`&B(,.U.5"Lc(2&(2/(5RU.5"2&
)A$G'*+<+;)*$)$;2@C)/+-+.+3)3'$'%/*'$2$C*2E';/2$3'$*'R'4/+@'%/2$'$24$C*2E';/24$3'$25/*)4$'4C';+).+3)3'$
F#&'+C$%"6"<'()*+G+"/0"#,$/#HC$>+,'%'+8'%'/&"%+L2$+/)*+#$+C)*+%$'>"?'%+*#+62%*#+,'%'+*#+<D24.'0*2%*#+*2+
,'%'+'#+6"O'(M$#+4$<_/"<'#+$4+?*/'#+*/0$+,'##$4+&2.*#+*2+'%4'02%'#+,%"/<",'"#N+
+
-A$Z)*)%/+*$=5'$)4$C.);)4$3'$C'3*)4$412$<+J)4$)C'%)4$)$5@$/+C2$3'$45C2*/'$
@'0'+,>'<'+0$+,$0%'+/)*+,*0$+6"<'%+6"O'+'+0*"#+#2,*%&$#+0"6$%$/&$#J+L2$+,*0$4+&$%+<*4,*%&'4$/&*#+
0"6$%$/&$#J+<'2#'/0*+$#6*%(*#+$>$C'0*#+/'+,>'<'+0$+,$0%'N+Z*0*#+*#+'8%'6*#+$+,*/&*#+0$+'%8'4'##'+*2+
8'&*#+024'+,$0%'++0$C$%)*J+,*"#J+#$%+6"O*#+'+',$/'#+24+#2,*%&$+0*+4$#4*+4'&$%"'>+$+#$4+S2/&'#+0$+
0">'&'()*+/'+?*/'+*/0$+'+,$0%'+G+<*>*<'0'N+
+
;A$Y4$<5*24$324$;(5@-)325*24$<2*)@$<'+/24$;2**';/)@'%/'$
F4+?*/'#+<*%%$/&$#J+*#+62%*#+%$'>"?'0*#+,'%'+*#+<D24.'0*2%*#+0$C$4+#$%+,$%,$/0"<2>'%$#+I+6'<D'0'N+
!$C$4T#$+%$#,$"&'%+'#+0"4$/#M$#+6*%/$<"0'#+,$>*#+6'.%"<'/&$#+0*#+4'&$%"'"#+0$+6"O'()*J+/)*+0$C$/0*J+
/*+$/&'/&*J+#$%+0$4'#"'0*+8%'/0$#+,'%'+/)*+<*/#&"&2P%$4+?*/'#+0$+$/&%'0'+0$+H82'+$+24+,*/&$+
&G%4"<'N+
7/&$#+0$+#$%$4+,%$$/<D"0*#+<*4+'%8'4'##'J+0$C$T#$+<*/6"%4'%+L2$+6*%'4+>"4,*#+$+D24$0$<"0*#+<*4+
H82'+,'%'+8'%'/&"%+24'+'0$%K/<"'+,$%6$"&'+0'+'%8'4'##'+'*+#2,*%&$N+
+
3A$74$C'3*)4$'4/12$3'R+3)@'%/'$%+R'.)3)4$$
!$C$T#$+C$%"6"<'%+L2$+'#+,%"4$"%'#+6"'0'#+0$+,$0%'+$#&)*+0$C"0'4$/&$+/"C$>'0'#+/'+D*%"?*/&'>N+F4+<'#*+
0$+ /$<$##"0'0$J+ 0$C$+ #$%+ 6$"&*+ 24+ $#<*%'4$/&*+ <*4+ &H.2'#+ *2+ '/0'"4$#+ ,'%'+ 8'%'/&"%+ '+ #$82%'/('+
0$#&'#+$/L2'/&*+*#+<D24.'0*2%*#+"/6$%"*%$#+/)*+#$L2$4N+
+
ZNQN?&@:,"U*2&(&/*#+*2&'(&@,:"3"22"&
+
)A$Y4$<5*24$324$;(5@-)325*24$/U@$2$/)@)%(2$)3'=5)32$
A2'/&*+'*+&'4'/D*+0*#+62%*#+0*#+<D24.'0*2%*#J+0$C$T#$+C$%"6"<'%+L2$+$#&$#+&K4J+,$>*+4$/*#J+ic44+
0$+,%*62/0"0'0$+$+24+0"_4$&%*+4P/"4*+0$+fc+44N+
+
bca+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+iV+3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+
-A$Y4$<5*24$%)4$C.);)4$3'$C'3*)$/U@$2$/)@)%(2$'$.2;).+F)012$)3'=5)324$
!$C$T#$+'##$82%'%+L2$+*#+62%*#+/'#+,>'<'#+0$+,$0%'+<24,%$4+*#+%$L2"#"&*#+L2'/&*+'*+#$2+&'4'/D*+$+
>*<'>"?'()*N+-+$"O*+0*#+62%*#+/'#+,>'<'#+0$C$+<*"/<"0"%+<*4+*+$"O*+0'+$#,$##2%'+0'+,>'<'J+,'%'+,$0%'#+
<*4+4$/*#+0$+dc+44+0$+$#,$##2%'J+*2+'+bxd+0'+$#,$##2%'+<*/&'0'+'+,'%&"%+0*+,'%'4$/&*+$O&$%"*%J+,'%'+
,>'<'#+4'"#+$#,$##'#N+-#+62%*#+&K4+0$+&$%+24+0"_4$&%*+#2,$%"*%+$4+<$%<'+0$+b44+'*+0*+0"_4$&%*+
/$<$##H%"*+,'%'+*+'8%'6*J+<*4+24'+,%*62/0"0'0$+0$+g+44+#2,$%"*%+'*+<*4,%"4$/&*+0$+"/#$%()*+0*#+
'8%'6*#J+<*4+24+4P/"4*+0$+dc+44+0$+,%*62/0"0'0$N+
+
;A$Y4$<5*24$%)4$C.);)4$3'$C'3*)$<2*)@$3'R+3)@'%/'$C*''%;(+324$
5'%'+ 24+ <*%%$<&*+ ,%$$/<D"4$/&*+ *#+ 62%*#+ /'#+ ,$0%'#+ 0$C$4+ <*4$('%+ ,*%+ #$%+ >"4,*#+ $+ D24$0$<"0*#+
<*4+H82'J+<'#*+#$+2#$+<'>0'+0$+<"4$/&*J+,'%'+8'%'/&"%+24'+'0$%K/<"'+,$%6$"&'+0'+'%8'4'##'+'*+#2,*%&$N+
!$,*"#+ 0'+ "/&%*02()*+ 0*#+ '8%'6*#+ DH+ L2$+ C$%"6"<'%+ L2$+ *#+ 62%*#+ /'#+ ,$0%'#+ 6*%'4+ <*%%$<&'4$/&$+
,%$$/<D"0*#+,'%'+$C"&'%+L2$+,$/$&%$+H82'J+L2$+'#+,$0%'#+'.'/$4+*2+L2$+#$+,*##'4+#*>&'%N+
+
3A$Z)*)%/+*$=5'$412$3'+J)3)4$E5%/)4$3'$/)@)%(2$)3'=5)32$'%/*'$)4$C'3*)4$
7#+S2/&'#+$/&%$+,$0%'#+&K4+0$+&$%+24'+$#,$##2%'+4P/"4'+0$+f+44+$+24+$#,$##2%'+4HO"4*+0$+bxd+0'+
$#,$##2%'+0'+,>'<'+',>"<'0'N+!$C$4+#$%+%$#,$"&'0'#+'#+S2/&'#+$4+?*/'#+0$+#"/82>'%"0'0$#J+0$+420'/('+
0$+4'&$%"'>+0$+%$C$#&"4$/&*+*2+/'#+S2/&'#+0$+0">'&'()*+0*+$0"6P<"*N+
F4+ ?*/'#+ 0$+ 8%'/0$#+ H%$'#+ %$C$#&"0'#+ */0$+ /)*+ #$+ &$/D'4+ <*/#"0$%'0*+ '+ $O"#&K/<"'+ 0$+ S2/&'#+ 0$+
0">'&'()*+ *2+ 0$+ S2/&'#+ $/&%$+ 4'&$%"'"#J+ G+ /$<$##H%"*+ C$%"6"<'%+ '+ $O"#&K/<"'+ 0$+ S2/&'#+ D*%"?*/&'"#+ 0$+
6%'<<"*/'4$/&*+$#,'('0'#+0$+d+$4+d+4$&%*#+$+S2/&'#+C$%&"<'"#+0$+6%'<<"*/'4$/&*+0$+i+$+iN+
+
'A$Y4$/'@C24$3'$4';)&'@$3)4$)*&)@)44)4$412$*'4C'+/)324$
-#+<D24.'0*2%*#+$+*#+,*/&*#+0$+'%8'4'##'+0$C$%)*+$#&'%+0$C"0'4$/&$+#$<*#+'/&$#+0$+,%*##$82"%+<*4+
'+<*>*<'()*+0'#+,$0%'#+/'#+6"'0'#+#2,$%"*%$#J+0$+4*0*+'+'##$82%'%+'+L2'>"0'0$+0'+*.%'N+
+
ZNQN=&&g"+*2&!(+_%.5*2&
)A$Y4$<5*24$324$;(5@-)325*24$/U@$2$/)@)%(2$)3'=5)32$$
!$C$T#$+ C$%"6"<'%+ L2$+ *#+ 62%*#+ &K4+ ,$>*+ 4$/*#+ kc44+ 0$+ ,%*62/0"0'0$+ $+ 24+ 0"_4$&%*+ 4P/"4*+ 0$+ fc+
44N+
+
+
bcd+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
-A$Y4$<5*24$%)4$C.);)4$3'$C'3*)$/U@$2$/)@)%(2$)3'=5)32$$
-+ $"O*+ 0*#+ 62%*#+ 0$C$+ <*"/<"0"%+ <*4+ *+ $"O*+ 0'+ $#,$##2%'+ 0'+ ,>'<'+ ,'%'+ ,>'<'#+ <*4+ 4$/*#+ dc+ 44+ 0$+
$#,$##2%'+*2+'+bxd+0'+$#,$##2%'+<*/&'0'+'+,'%&"%+0*+,'%'4$/&*+$O&$%"*%+,'%'+,>'<'#+4'"#+$#,$##'#N+-#+
62%*#+&K4+0$+&$%+24+0"_4$&%*+#2,$%"*%+$4+<$%<'+0$+b44+'*+0*+0"_4$&%*+/$<$##H%"*+,'%'+*+'8%'6*J+<*4+
24'+,%*62/0"0'0$+0$+g+44+#2,$%"*%+'*+<*4,%"4$/&*+0$+"/#$%()*+0*#+'8%'6*#J+<*4+24+4P/"4*+0$+dc+
44+0$+,%*62/0"0'0$N+
+
;A$Y4$<5*24$%)4$C.);)4$3'$C'3*)$<2*)@$3'R+3)@'%/'$C*''%;(+324$
7/&$#+ 0$+ #$%$4+ ,%$$/<D"0*#+ *#+ 62%*#+ /'#+ ,>'<'#+ 0$+ ,$0%'J+ 0$C$T#$+ <*/6"%4'%+ L2$+ 6*%'4+ >"4,*#+ $+
D24$0$<"0*#+ <*4+ H82'J+ <'#*+ #$+ 2#$+ <'>0'+ 0$+ <"4$/&*J+ ,'%'+ 8'%'/&"%+ 24'+ '0$%K/<"'+ ,$%6$"&'+ 0'+
'%8'4'##'+I+,$0%'N+
!$,*"#+0$+#$+&$%$4+"/&%*02?"0*+*#+,"/*#+0*#+8'&*#+/*#+62%*#+0'#+,$0%'#+0$C$4*#+C$%"6"<'%+L2$+*#+62%*#+
/'#+,$0%'#+6*%'4+<*%%$<&'4$/&$+,%$$/<D"0*#+,'%'+$C"&'%+L2$+,$/$&%$+H82'J+L2$+'#+,$0%'#+'.'/$4+*2+
L2$+#$+,*##'4+#*>&'%N+
!$C$T#$+&$%+'&$/()*+,'%'+8'%'/&"%+L2$+/*#+62%*#+"/6$%"*%$#+#$+',>"<'+<'>0'J+<*>'+*2+#">"<*/$+,'%'+#*>"0"6"<'%+
'#+,$0%'#+'*#+,"/*#N+W*#+62%*#+#2,$%"*%$#+',$/'#+#$+2#'4+<'4"#'#+,>H#&"<'#+,'%'+8'%'/&"%+>".$%0'0$+0$+
4*C"4$/&*#N+
+
3A$Z)*)%/+*$=5'$412$3'+J)3)4$E5%/)4$3'$/)@)%(2$)3'=5)32$'%/*'$)4$C'3*)4$
7#+S2/&'#+$/&%$+'#+,>'<'#+0$+,$0%'+&K4+0$+&$%+24'+$#,$##2%'+4P/"4'+0$+g+'+i+44+$+24'+$#,$##2%'+
4HO"4'+0$+bxd+0'+$#,$##2%'+0'+,>'<'+',>"<'0'N+!$C$4+#$%+%$#,$"&'0'#+'#+S2/&'#+$4+?*/'#+0$+
#"/82>'%"0'0$#J+0$+420'/('+0$+4'&$%"'>+0$+%$C$#&"4$/&*+*2+/'#+S2/&'#+0$+0">'&'()*+0*+$0"6P<"*N+
F4+6'<D'0'#+0$+8%'/0$#+0"4$/#M$#+*2+#$+D*2C$%+0UC"0'#+#*.%$+'+$>'#&"<"0'0$+0'#+S2/&'#+<*%%$/&$#+$/&%$+
,>'<'#+0$+,$0%'J+0$C$+8'%'/&"%T#$+L2$+$O"#&$4+S2/&'#+0$+$#L2'%&$>'4$/&*+#2,>$4$/&'%$#+D*%"?*/&'"#+$+
C$%&"<'"#+L2$+0$>"4"&'4+,'"/G"#+0$+H%$'#+4'"#+%$02?"0'#N+
+
'A$Y4$/'@C24$3'$4';)&'@$32$;+@'%/2$25$3)4$)*&)@)44)4$412$*'4C'+/)324$
!$,*"#+0$+#$+&$%$4+,%$$/<D"0*+*#+<D24.'0*2%*#+<*4+<"4$/&*+*2+'%8'4'##'+$+0$+#$+&$%+"/&%*02?"0*+*+
8'&*J+0$C$T#$+0$"O'%+#$<'%+'&G+L2$+#$S'+#$82%*+<*>*<'%+'#+,$0%'#+
A2'/0*+ #$+ 2#'+ <"4$/&*+ %H,"0*+ 0$C$T#$+ 6'?$%+ '+ '4'##'02%'+ 0$+ ,$L2$/'#+ L2'/&"0'0$#+ 0$+ <"4$/&*+ 0$+
6*%4'+'+L2$+$#&$+/)*+,$%<'+'+&%'.'>D'.">"0'0$+N+
+
bcf+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+iV+3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+
<A$7$;)+J)$3'$)*$O$3'$3+@'%4H'4$)3'=5)3)4$'$'4/M$3'42-4/*5P3)$
R+%$<*4$/0'0*+0$"O'%+24+$#,'(*+0$+<'"O'+0$+'%+0$+<$%<'+0$+g+'+e+<4+$/&%$+'+,'%$0$+0*+$0"6P<"*+$+'#+
,>'<'#+ ,G&%$'#J+ #$/0*+ L2$+ '+ 0"#&_/<"'+ 4P/"4'+ $O"8PC$>+ $/&%$+ *+ "#*>'4$/&*+ &G%4"<*+ $+ *#+ $>$4$/&*#+
,G&%$*#+*2+$/&%$+'#+,$0%'#+$+'+6'<D'0'+0*+$0"6P<"*+<'#*+/)*+#$+*,&$+,$>'+<*>*<'()*+0$+"#*>'4$/&*+G+0$+
ac+44N+
!$C$+&'4.G4+'##$82%'%T#$+L2$+'+?*/'+0$+<'"O'+0$+'%+$#&H+>"4,'+0$+%$#&*#+0$+<"4$/&*+*2+'%8'4'##'N+
+
&A$Y4$&)/24$;2@$<+J)012$@';?%+;)$'4/12$;2**';/)@'%/'$+%4/).)324$
A2'/0*+ #$+ 2#'4+ 6"O'(M$#+ 4$<_/"<'#+ 0$C$T#$+ C$%"6"<'%+ L2$+ $#&'#+ 6*%'4+ <*%%$<&'4$/&$+ "/#&'>'0'#+ 0$+
'<*%0*+<*4+'#+"/#&%2(M$#+6*%/$<"0'#+,$>*+6'.%"<'/&$N+R+$#,$<"'>4$/&$+"4,*%&'/&$+C$%"6"<'%+#$+'+6*%('+0$+
',$%&*+',>"<'0'+/*#+,'%'62#*#+G+'+/$<$##H%"'+,'%'+8'%'/&"%+'+#$82%'/('+0'+6"O'()*N+
7+0"#&_/<"'+4P/"4'+$/&%$+24+6"O'0*%+4$<_/"<*+$+'+.*%0'+0'#+,'%$0$#+0$+.$&)*+&$4+0$+#$%+/*+4P/"4*+
"82'>+ '+ bJg+ C$?$#+ I+ ,%*62/0"0'0$+ '+ L2$+ $#&$+ 6*"+ $4.2&"0*N+ -+ 0"#&'/<"'4$/&*+ $/&%$+ 6"O'0*%$#+ &$4+ 0$+
%$#,$"&'%+24'+0"#&_/<"'+4P/"4'+$/&%$+$>$#+0$+d+C$?$#+'+,%*62/0"0'0$+0$+$4.2&"4$/&*N+
+
ZNQNQ&92+,$+$,"&K#+(,3]'."&'(&C$/*,+(&
)A$Z)*)%/+*$=5'$)$;)3)$C)*/'$3)$'4/*5/5*)$+%/'*@O3+)$O$<+J)$)C'%)4$)$5@$/+C2$3'$45C2*/'$
Z'>+ <*4*+ '#+ ,>'<'#+ 0$+ ,$0%'J+ '+ $#&%2&2%'+ "/&$%4G0"'+ &'4.G4+ &$4+ 0$+ 6"<'%+ 6"O'+ ',$/'#+ '+ 24+ &",*+ 0$+
#2,*%&$N+ R+ ,*%&'/&*+ /$<$##H%"*+ ',>"<'%+ $#&%2&2%'#+ 0$+ #2,*%&$+ "/0$,$/0$/&$#+ $+ %$'>"?'%+ S2/&'#+ /*+
%$C$#&"4$/&*+ ,G&%$*+ <'#*+ $O"#&'4+ 0"6$%$/&$#+ #2,*%&$#+ L2$+ ,*##'4+ &$%+ 0$#>*<'4$/&*#+ %$>'&"C*#+ $/&%$+
$>$#N+
+
-A$Y4$<5*24$324$;(5@-)325*24$/U@$2$/)@)%(2$)3'=5)32$
!$C$T#$+C$%"6"<'%+L2$+*#+62%*#+&K4+'#+0"4$/#M$#+'0$L2'0'#+0$+'<*%0*+<*4+'+$#&%2&2%'+0$+#2,*%&$+L2$+
#$+C'"+"/#&'>'%N+
+
;A$\)4$'4/*5/5*)4$4'@$'.'@'%/24$(2*+F2%/)+4$24$<5*24$25$;).()4$%)4$C.);)4$3'$C'3*)$/U@$2$/)@)%(2$
)3'=5)32$'$<2*)@$<'+/24$;2**';/)@'%/'$
A2'/0*+ '#+ ,>'<'#+ 0$+ ,$0%'+ #)*+ 6"O'#+ <*4+ %$<2%#*+ '+ ,"/*#+ L2$+ ,$/$&%'4+ $4+ 62%*#+ /'#+ ,$0%'#J+ *+ $"O*+
0$#&$#+0$C$+<*"/<"0"%+<*4+*+$"O*+0'+$#,$##2%'+0'+,>'<'J+,'%'+,>'<'#+<*4+4$/*#+dc+44+0$+$#,$##2%'J+*2+
'+bxd+0'+$#,$##2%'+<*/&'0'+'+,'%&"%+0*+,'%'4$/&*+$O&$%"*%J+,'%'+,>'<'#+4'"#+$#,$##'#N+-#+62%*#+&K4+0$+
+
bcg+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
&$%+ 24+ 0"_4$&%*+ #2,$%"*%+ $4+ <$%<'+ 0$+ b44+ '*+ 0"_4$&%*+ /$<$##H%"*+ ,'%'+ *+ '8%'6*J+ <*4+ 24'+
,%*62/0"0'0$+0$+g+44+#2,$%"*%+'*+<*4,%"4$/&*+0$+"/#$%()*+0*#+'8%'6*#J+<*4+24+4P/"4*+0$+dc+44+0$+
,%*62/0"0'0$N++
7/&$#+ 0*#+ 62%*#+ #$%$4+ ,%$$/<D"0*#J+ $+ <'#*+ #$+ 2#$+ <'>0'+ 0$+ <"4$/&*J+ 0$C$T#$+ <*/6"%4'%+ L2$+ *#+ 62%*#+
6*%'4+>"4,*#+$+D24$0$<"0*#+<*4+H82'N+
!$C$T#$+&'4.G4+&$%+'&$/()*+,'%'+8'%'/&"%+L2$J+/*#+62%*#+"/6$%"*%$#J+#$+',>"<'+<'>0'J+<*>'+*2+#">"<*/$+,'%'+
#*>"0"6"<'%+'#+,$0%'#+'*#+,"/*#N+W*+$/&'/&*J+/*#+62%*#+#2,$%"*%$#J+',$/'#+#$+2#'4+<'4"#'#+,>H#&"<'#+,'%'+
8'%'/&"%+>".$%0'0$+0$+4*C"4$/&*#N+
+
3A$\)4$'4/*5/5*)4$;2@$'.'@'%/24$(2*+F2%/)+4$24$<5*24$25$;).()4$%)4$C.);)4$3'$C'3*)$/U@$2$/)@)%(2$
)3'=5)32$'$<2*)@$<'+/24$;2**';/)@'%/'$
A2'/0*+'#+,>'<'#+0$+,$0%'+#)*+6"O'#+<*4+%$<2%#*+'+<>",#+L2$+,$/$&%'4+$4+<'>D'#+/'#+,$0%'#J+*+$"O*+0'#+
<'>D'#+0$C$+<*"/<"0"%+<*4+*+$"O*+0'+$#,$##2%'+0'+,>'<'N+F#&'+<'>D'+&$4+0$+&$%+24'+$#,$##2%'+0$+b+<4N+
F4+?*/'#+*/0$+'#+S2/&'#+#)*+0$"O'0'#+'.$%&'#+G+/$<$##H%"*+C$%"6"<'%+L2$+6*"+$6$<&2'0'+24'+%$$/&%_/<"'+
/*+4$"*+0*+&'%0*?+0'+,'%&$+#2,$%"*%+0'+,$0%'J+/'+?*/'+0'+6$/0'J+,'%'+L2$+'+H82'+L2$+'>"+#$+0$,*#"&$+
,*##'+#'"%N+
+
'A$7$;)+J)$3'$)*$'4/M$3'42-4/*5P3)$
w4'+ C'/&'8$4+ 0$#&$+ &",*+ 0$+ #"#&$4'+ 0$+ 6"O'()*+ 0'#+ ,$0%'#+ G+ '+ *.&$/()*+ 0$+ 24'+ <'"O'+ 0$+ '%+ 0$+
0"4$/#M$#+'0$L2'0'#+L2$+,$%4"&$+24'+<*%%$<&'+C$/&">'()*+0*+$#,'(*+$/&%$+*+%$C$#&"4$/&*+$+'+6'<D'0'+
0*+$0"6P<"*N+5'%'+L2$+#$+,*##'+.$/$6"<"'%+0'+<'"O'+0$+'%+$#&'+&$4J+/*+$/&'/&*J+0$+6"<'%+>"4,'+0$+%$#&*#+0$+
<"4$/&*+ *2+ '%8'4'##'+ L2$+ ,*##'4+ &$%+ <'P0*+ 0'#+ *,$%'(M$#+ 0$+ ,%$$/<D"4$/&*+ 0*#+ 62%*#+ 0*#+
<D24.'0*2%*#N+
+
<A$Y4$/'@C24$3'$4';)&'@$32$;+@'%/2$25$3)4$)*&)@)44)4$3'$C*''%;(+@'%/2$324$;(5@-)325*24$412$
*'4C'+/)324$
!$,*"#+ 0$+ #$+ &$%+ 6"O*+ '+ $#&%2&2%'+ "/&$%4G0"'+ 0$+ #2,*%&$+ I+ 6'<D'0'+ <*4+ %$<2%#*+ '+ <D24.'0*2%*#J+ G+
/$<$##H%"*+$#,$%'%+L2$+$#&$#+#$L2$4+'/&$#+0$+<*4$('%+'+',>"<'%+'#+,$0%'#+/'+$#&%2&2%'N+A2'/0*+#$+2#'+
<"4$/&*+%H,"0*J+'+'4'##'02%'+0$C$+#$%+6$"&'+$4+,$L2$/'#+L2'/&"0'0$#+0$+<"4$/&*+0$+6*%4'+'+L2$+$#&$+
/)*+,$%<'+'+&%'.'>D'.">"0'0$+N+
+
+
bci+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+iV+3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+
&A$Y4$<+J)32*'4$@';?%+;24$3)$'4/*5/5*)$'4/12$;2**';/)@'%/'$+%4/).)324$
W*+<'#*+0$+#$+2&">"?'%$4+6"O'(M$#+4$<_/"<'#+0$C$T#$+C$%"6"<'%+L2$+$#&'#+6*%'4+<*%%$<&'4$/&$+"/#&'>'0'#+
0$+'<*%0*+<*4+'#+"/#&%2(M$#+6*%/$<"0'#+,$>*+6'.%"<'/&$J+/*4$'0'4$/&$+/*+L2$+0"?+%$#,$"&*+I+6*%('+0$+
',$%&*+',>"<'0'+/*#+,'%'62#*#+L2$+&$4+0$+#$%+'+/$<$##H%"'+,'%'+8'%'/&"%+'+#$82%'/('+0'+6"O'()*N+
7+0"#&_/<"'+4P/"4'+$/&%$+24+6"O'0*%+4$<_/"<*+$+'+.*%0'+0'#+,'%$0$#+0$+.$&)*+&$4+0$+#$%J+/*+4P/"4*J+
"82'>+ '+ bJg+ C$?$#+ I+ ,%*62/0"0'0$+ '+ L2$+ $#&$+ 6*"+ $4.2&"0*+ $+ *+ 0"#&'/<"'4$/&*+ $/&%$+ 6"O'0*%$#+ &$4+ 0$+
%$#,$"&'%+24'+0"#&_/<"'+4P/"4'+$/&%$+$>$#+0$+d+C$?$#+'+,%*62/0"0'0$+0$+$4.2&"4$/&*N+\$+*+6'.%"<'/&$+
0'+ $#&%2&2%'+ "/&$%4G0"'+ 0$+ #2,*%&$+ 6*%/$<$%+ "/0"<'(M$#+ 0"6$%$/&$#J+ '+ "/#&'>'()*+ 0*#+ 6"O'0*%$#+ 0$C$+
#$4,%$+%$#,$"&'%+'#+4$0"0'#+4'"#+%$#&%"&"C'#N+
+
(A$7$'4/*5/5*)$3'$45C2*/'$'4/M$3'R+3)@'%/'$%+R'.)3)$
-+/"C$>'4$/&*+0'+$#&%2&2%'+0$+#2,*%&$+"/&$%4G0"'+0$C$+#$%+8'%'/&"0*J+*2+#$S'+*#+$>$4$/&*#+D*%"?*/&'"#+
0$C$%)*+$#&'%+0$+6'<&*+D*%"?*/&'"#+$+*#+$>$4$/&*#+C$%&"<'"#+$4+$#L2'0%"'+<*4+$#&$#N+
+
ZNT&B(,.U.5"Lc(2&U.#".2&:(,".2&"/d2&"&"/%.5"LM*&'*&,(1(2+.3(#+*&
!$,*"#+ 0$+ <*/<>2P0'+ '+ "/#&'>'()*+ 0*+ %$C$#&"4$/&*J+ DH+ CH%"*#+ '#,$<&*#+ L2$+ 0$C$4+ #$%+ C$%"6"<'0*#+ ,'%'+
8'%'/&"%+L2$+$#&$+#$+$/<*/&%'+.$4+',>"<'0*N+
&
)A$Y4$C)*)@'%/24$;5@C*'@[$;2@$)4$/2.'*?%;+)4$C'*@+/+3)4[$2$C*2E';/2$3'$*'R'4/+@'%/24$
-#+,'%'4$/&*#J+0$,*"#+0$+'<'.'0*#J+0$C$4+&$%+24'+&*>$%_/<"'+4HO"4'+/'+"4,>'/&'()*+$+/'#+<*&'#+
,%"/<",'"#+0$+g+44J+24+0$#C"*+0$+$#L2'0%"'+4HO"4*+0$+bc+44J+$+24+0$#C"*+/'+C$%&"<'>"0'0$+4HO"4*+0$+
f+44+/'+'>&2%'+0$+24+'/0'%N+A2'/&*+'*+$4,$/'4$/&*+0*+,'%'4$/&*J+'<$"&'+#$+24+4HO"4*+0$+b+44+
$4+%$>'()*+I+%G82'+0$+cJa+44+$+0$+a+44+$4+%$>'()*+I+%G82'+0$+aJcc+4+$4+L2'>L2$%+0"%$<()*+tbiuN+
+
-A$G'*+<+;)*$=5'$2$'J;'442$3'$@)/'*+).$3'$C*''%;(+@'%/2$3)4$E5%/)4$<2+$.+@C2$
W*#+<'#*#+$4+L2$+'#+S2/&'#+$/&%$+,$0%'#+#)*+,%$$/<D"0'#J+0$C$T#$+'##$82%'%+L2$+*+$O<$##*+0$+4'&$%"'>+
0$+,%$$/<D"4$/&*+L2$+&$/D'+$C$/&2'>4$/&$+6"<'0*+/'#+,>'<'#+,G&%$'#+6*"+>"4,*J+$/L2'/&*+'"/0'+#$+
$/<*/&%'C'+6%$#<*N+
+
+
+
bce+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
;A$G'*+<+;)*$=5'$)4$F2%)4$%2$/2C2$324$*'R'4/+@'%/24$'4/12$+@C'*@')-+.+F)3)4$
7#+?*/'#+/*#+&*,*#+#2,$%"*%$#+0*#+%$C$#&"4$/&*#+0$C$4+$/<*/&%'%T#$+"4,$%4$'.">"?'0'#+,'%'+$C"&'%+'+
$/&%'0'+0$+H82'+L2$+4*>D$+*+4'&$%"'>+0$+'##$/&'4$/&*+0*#+%$C$#&"4$/&*#+<*4+6"O'()*+0"%$<&'+*2+,'%'+
*+"/&$%"*%+0'+<'"O'+0$+'%+$4+%$C$#&"4$/&*#+<*4+6"O'()*+"/0"%$<&'N++
+
+
7,:#+ $#&'+ 0$#<%"()*+ ,*%4$/*%"?'0'+ 0*#+ 4U>&",>*#+ '#,$<&*#+ L2$+ 0$C$4+ #$%+ + C$%"6"<'0*#+ /'#+ 0"6$%$/&$#+
6'#$#+0'+<*/#&%2()*J+G+"4,*%&'/&$+0$#&'<'%J+$4+#P/&$#$J+'L2$>$#+L2$+#$+/*#+'6"82%'4+#$%+*#+$##$/<"'"#+
$4+ L2'>L2$%+ "/#,$<()*+ 0$+ *.%'+ ,$>*+ "4,'<&*+ L2$+ ,*0$4+ &$%+ /'+ L2'>"0'0$+ 0$+ *.%'+ $+ /'+ #2'+
02%'.">"0'0$N++
•
•
•
•
•2/&'#+$/&%$+,$0%'#+&K4+0"4$/#M$#+'0$L2'0'#+
@'0'+,$0%'+G+6"O'+'+',$/'#+24+&",*+0$+#2,*%&$N++
@*%0M$#+ 0$+ <*>'+ #)*+ $#4'8'0*#+ 'L2'/0*+ 0'+ ',>"<'()*+ 0'#+ ,$0%'#+ j+ /*+ <'#*+ 0$+ %$C$#&"4$/&*+
<*4+6"O'()*+0"%$<&'+N++
\2,*%&$#+ 4$&H>"<*#+ #)*+ 6"O*#+ 0$+ 6*%4'+ '0$L2'0'+ I#+ 6'<D'0'#+ $+ '#+ ,>'<'#+ 0$+ ,$0%'+ #)*+
0$C"0'4$/&$+ "/#&'>'0'#+ /*#+ %$#,$<&"C*#+ #2,*%&$#+ T+ + /*+ <'#*+ 0$+ %$C$#&"4$/&*+ <*4+ 6"O'()*+
"/0"%$<&'+N++
+
+
+
+
bck+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+eV+@'#*#+0$+F#&20*+
V&)"2*&'(&(2+$'*&
F4+L2'>L2$%+24'+0'#+&G</"<'#+0$+%$C$#&"4$/&*+0$+6'<D'0'#+L2$+6*%'4+0$#<%"&'#+'&%H#J+,'%'+'+*.&$/()*+
0$+ 24+ %$#2>&'0*+ 6"/'>+ 0$+ .*'+ L2'>"0'0$+ $+ 02%HC$>+ G+ /$<$##H%"*+ #$82"%+ '#+ /*%4'#+ 0*+ 6'.%"<'/&$+ 0*#+
,%*02&*#+ $+ '#+ %$8%'#+ L2$+ 'L2"+ 6*%'4+ $/24$%'0'#N+ W*+ $/&'/&*J+ $#&'#+ /)*+ #)*+ #$82"0'#+ $4+ &*0'#+ '#+
*.%'#J+ L2$%+ ,*%+ 0$#<*/D$<"4$/&*+ 0'#+ 4$#4'#J+ ,*%+ %'?M$#+ $<*/:4"<'#J+ ,*%+ 6'>&'+ 0$+ 6*%4'()*+ 0*#+
',>"<'0*%$#+*2+,*%+6'>&'+0$+6"#<'>"?'()*N+7+',>"<'()*+"/<*%%$<&'+0$+24+%$C$#&"4$/&*+0$+6'<D'0'#+2#'/0*+
24'+ &G</"<'+ 0$+ %$C$#&"4$/&*#+ L2$J+ I+ ,'%&"0'J+ 8'%'/&"%"'+ .*/#+ %$#2>&'0*#J+ <*4*+ '+ &G</"<'+ 0$+ 6"O'()*+
"/0"%$<&'+%$<*%%$/0*+'+8'&*#+4$&H>"<*#+,*%+$O$4,>*J+,*0$+<*4,%*4$&$%+&*0*+*+%$#2>&'0*+6"/'>N+
F%%*#+0$+',>"<'()*+/$#&$+&",*+0$+6'<D'0'#+,*0$4+'/2>'%J+,*%+<*4,>$&*J+'#+C'/&'8$/#+0*#+%$C$#&"4$/&*+
0$+ ,$0%'J+ '<'%%$&'/0*+ "/C$#&"4$/&*#+ "/$#,$%'0*#+ '*+ >*/8*+ 0'+ C"0'+ 0'+ *.%'+ ,'%'+ '+ %$82>'%"?'()*+ 0*#+
0$6$"&*#+*<*%%"0*#+02%'/&$+'+<*/#&%2()*N+
w4+ $O$4,>*+ 0$#&$+ &",*+ 0$+ ,%*.>$4'#+ %$#2>&'/&$#+ 0'+ "/<*%%$<&'+ ',>"<'()*+ 0*#+ 4'&$%"'"#+ *<*%%$2+ /24+
$0"6P<"*+ $4+ ^"#.*'J+ L2$+ ,*##2"+ 6'<D'0'#+ %$C$#&"0'#+ '+ ,>'<'#+ 0$+ <'><H%"*+ 4*>$'/*#J+ 6"O'0'#+ '&%'CG#+ 0$+
8'&*#+4$&H>"<*#+<D24.'0*#N+W$#&$+$0"6P<"*J+42"&*+'/&$#+0*+6"/'>+0'+C"0'+U&">+,%$C"#&'+,'%'+$#&$+&",*+0$+
%$C$#&"4$/&*#J+ D*2C$+ '+ /$<$##"0'0$+ 0$+ ,%*<$0$%+ '+ "4,*%&'/&$#+ *.%'#+ L2$+ ,'##'%'4+ ,$>'+ <*4,>$&'+
%$4*()*+ 0$+ &*0'#+ '#+ ,$0%'#+ $+ 0$+ &*0*+ *+ #"#&$4'+ 0$+ 6"O'()*+ $+ '+ #2'+ #2.#&"&2"()*+ ,*%+ 24+ /*C*N+ F#&'+
/$<$##"0'0$+ 6"<*2+ '+ 0$C$%T#$+ '+ "4,*%&'/&$#+ $%%*#+ 0$+ "/#&'>'()*+ 0*+ #"#&$4'+ L2$+ ,%*C*<'%'4+ *+
0$#,%$/0"4$/&*+0$+,$0%'#+$+/)*+I+0$8%'0'()*+0*#+#2,*%&$#+$4+#"N+
+
VN?&@#*3"%."2&'(+(5+"'"2&
W'#+ *.%'#+ 0$+ %$,'%'()*+ 0*+ %$C$#&"4$/&*+ 0*+ $0"6P<"*+ $4+ <'2#'+ *,&*2T#$+ ,*%+ ',>"<'%+ *+ 4$#4*+ &",*+ 0$+
,$0%'+ <*4+ 24+ #"#&$4'+ 0$+ 6"O'()*+ #$4$>D'/&$V+ 8'&*#+ 4$&H>"<*#+ $4+ '(*+ "/*O"0HC$>+ 6"O*#+ '&%'CG#+ 0$+
<D24.'8$4+$4+?*/'#+0$+'>C$/'%"'+$+<*4+.2<D'#+L2P4"<'#+$4+?*/'#+0$+.$&)*N+
F#&$+$0"6P<"*+6*"+,*%&'/&*+$#<*>D"0*+<*4*+<'#*+0$+$#&20*J+,*%+24+>'0*+,*%L2$+,$%4"&"'+">2#&%'%+'>824'#+
0'#+'/*4'>"'#+L2$+SH+'L2"+6*%'4+',%$#$/&'0'#+$+,*%+*2&%*J+,*%L2$+,$%4"&"'+,q%+$4+,%H&"<'+*+,>'/*+0$+
<*/&%*>*+0$+L2'>"0'0$N+
7#+ C"#"&'#+ I+ *.%'J+ 02%'/&$+ *+ ,$%P*0*+ $4+ L2$+ $#&'C'4+ '+ 0$<*%%$%+ *#+ &%'.'>D*#+ 0$+ %$4*()*+ 0*+ '/&"8*+
%$C$#&"4$/&*J+,$%4"&"%'4+"0$/&"6"<'%+'>82/#+$%%*#+0$+',>"<'()*+0*+%$C$#&"4$/&*+*%"8"/'>+L2$+>$C'%'4+I+
#2'+0$8%'0'()*+$+L2$+0$+#$82"0'+#$+',%$#$/&'4N+
+
)A$"**24$%)$+%4/).)012$324$&)/24$@'/M.+;24$%24$;(5@-)325*24$
W$#&'+*.%'J+/'#+?*/'#+<*%%$/&$#+0$+'>C$/'%"'+6*%'4+"/#&'>'0*#+8'&*#+0$+6"O'()*+0*#+$>$4$/&*#+,G&%$*#+
<*4+<D24.'0*2%*#+%$'>"?'0*#+<*4+<"4$/&*N+F4+42"&*#+0*#+<D24.'0*2%*#J+,'%'+'<$>$%'%+*+,%*<$##*+0$+
"/#&'>'()*+ 0*+ %$C$#&"4$/&*J+ /)*+ #$+ %$#,$"&*2+ *+ &$4,*+ 0$+ $#,$%'+ %$<*4$/0'0*+ ,'%'+ '##$82%'%+ L2$+ *+
+
bch+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
<"4$/&*+ 8'/D'##$+ ,%$#'+ $+ <','<"0'0$+ %$#"#&$/&$+ ,'%'+ '+ "/#&'>'()*+ 0'#+ ,>'<'#+ 0$+ ,$0%'N+ 7*+ "/CG#J+ *#+
"/#&'>'0*%$#+ 0$<"0"%'4+ <*>*<'%+ <2/D'#+ 0$+ 4'0$"%'+ /'+ ,'%&$+ "/6$%"*%+ 0*#+ <D24.'0*2%*#+ ,'%'+ ',*"'%+ *#+
8'&*#+ r6"82%'+ eNbs+ $+ '##"4+ ,*0$%$4+ "/#&'>'%+ 0$+ "4$0"'&*+ '#+ ,$0%'#N+ W*+ $/&'/&*J+ '+ 4'0$"%'+ /)*+ G+ 24+
4'&$%"'>+ 02%HC$>+ ,'%'+ '##$82%'%+ $#&'+ 62/()*+ $J+ ,'##'0*+ ,*2<*+ &$4,*J+ $#&'+ ',*0%$<$2+ 0$"O'/0*+ 24+
$#,'(*+ C'?"*+ /'+ ,'%&$+ "/6$%"*%+ 0*#+ <D24.'0*2%*#N+ -#+ 8'&*#+ 0$"O'%'4+ '##"4+ 0$+ $#&'%+ 0$C"0'4$/&$+
#*>"0'%"?'0*#+ '*+ #2,*%&$+ $+ 0$#,%$/0$%'4T#$+ *2+ 0$#<'P%'4J+ ,*/0*+ $4+ %"#<*+ '+ <*%%$<&'+ 6"O'()*+ 0*+
%$C$#&"4$/&*N++
+
9"8+eNb+T+5*%4$/*%+024+8'&*+4$&H>"<*+6"O*+<*4+<2/D'#+0$+4'0$"%'+
+
F#&$+ ,%*<$0"4$/&*+ /)*+ $#&H+ 0$+ '<*%0*+ <*4+ *+ %$<*4$/0'0*N+ @*4*+ SH+ 6*"+ %$6$%"0*+ *#+ <D24.'0*2%*#+
0$C$4+ #$%+ &*&'>4$/&$+ ,%$$/<D"0*#+ ',$/'#+ <*4+ <"4$/&*J+ <*>'+ *2+ '%8'4'##'+ ,'%'+ 8'%'/&"%+ '+ <*%%$<&'+
#*>"0'%"?'()*+0*#+#2,*%&$#+I+6'<D'0'N+
+
-A$"**24$%2$3+@'%4+2%)@'%/2$3)4$E5%/)4$'%/*'$C'3*)4$$
-2&%*+,%*.>$4'+L2$+6*"+0$&$<&'0*+/$#&$+$0"6P<"*+6*"+'+"/$O"#&K/<"'+*2+*+#2.0"4$/#"*/'4$/&*+0'#+S2/&'#+
$/&%$+,$0%'#N+F4+8%'/0$#+?*/'#+0'#+6'<D'0'#+/)*+$O"#&"'4+S2/&'#+C$%&"<'"#+$/&%$+,$0%'#J+L2$+$#&'C'4+
$/<*#&'0'#+ 24'#+ I#+ *2&%'#J+ <*4*+ #$+ ,*0$+ C$%"6"<'%+ ,$>'+ 6"82%'+ eNaN+ !$#&'+ 6*%4'J+ <'0'+ 6"'0'+ 0$+ ,$0%'#+
<*4,*%&'C'T#$+ 0$+ 6*%4'+ 4*/*>P&"<'J+ ,%*C*<'/0*+ $/*%4$#+ $#6*%(*#+ /'#+ ,$0%'#+ $+ <'2#'/0*+ 8%'/0$#+
0$6*%4'(M$#+/'#+>'&$%'"#+0'#+6"'0'#N+W'#+?*/'#+0$+<'/&*#+0'+6'<D'0'+0*+$0"6P<"*J+'#+0$6*%4'(M$#+024+
,'/*+0*+%$C$#&"4$/&*+,%*C*<'%'4+*+'%%'/<'4$/&*+0'#+,$0%'#+0*+,'/*+'0S'<$/&$N+
F4+'>824'#+?*/'#+0*+$0"6P<"*+6*%'4+<'C'0*#+$/&'>D$#+/*#+&*,*#+0'#+,$0%'#+L2$+,$%4"&"'4+'<*4*0'%+'+
,'%&$+'<D'&'0'+0*#+8'&*#+r">2#&%'0*#+/'+6"82%'+eNdsQ+0$#&$+4*0*+$%'+,*##PC$>+$/<*#&'%+<*4,>$&'4$/&$+'#+
,$0%'#+24'#+ I#+ *2&%'#+#$4+ 0$"O'%+/$/D24'+S2/&'N+Z'>+#*>2()*+%$C$>*2T#$+"/'0$L2'0'+,*"#+"4,$0"'+ '#+
0">'&'(M$#+$+0$6*%4'(M$#+0'#+,$0%'#J+<'2#'/0*+$/*%4$#+&$/#M$#+/'#+,$0%'#+$+/*#+#2,*%&$#N+R+#$4,%$+
"4,%$#<"/0PC$>+0$"O'%+S2/&'#+C$%&"<'"#+$+D*%"?*/&'"#+$/&%$+'#+,$0%'#+0*+%$C$#&"4$/&*+<*4+'#+0"4$/#M$#+SH+
0$#<%"&'#+'<"4'N+
bbc+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+eV+@'#*#+0$+F#&20*+
+
9"8+eNa+T+5*%4$/*%+0'+6'<D'0'+<*4+'#+S2/&'#+$/&%$+,$0%'#+0$+&'4'/D*+"/#26"<"$/&$+
+
+
9"8+eNd+T+5*%4$/*%+0'#+>'&$%'"#+0'#+,$0%'#+<*4+*#+$/&'>D$#+,'%'+'<*4*0'%+*#+8'&*#+
+
;A$"**24$*'.);+2%)324$;2@$)$.2;).+F)012$324$&)/24$@'/M.+;24$
W$#&$+$0"6P<"*+$4+$#&20*+6*"+0$&$<&'0*+'"/0'+*2&%*+,%*.>$4'+"4,*%&'/&$+%$>'<"*/'0*+<*4+*+>*<'>+*/0$+
*#+ #2,*%&$#+ 0'#+ ,$0%'#+ 6*%'4+ "/#&'>'0*#N+ F4+ CH%"*#+ >*<'"#+ $O"#&"'4+ ,$0%'#+ 6"O'#+ '+ 0"6$%$/&$#+ &",*#+ 0$+
#2,*%&$N+W'+6'<D'0'J+'*+/PC$>+0*#+,"#*#+"/6$%"*%$#J+$O"#&"'4+,$%6"#+4$&H>"<*#+','%$/&$#+L2$+6*%'4+2#'0*#+
,'%'+ #2,*%&'%+ ,'%'+ *#+ 8'&*#+ 0$+ #2,*%&$+ 0'#+ ,$0%'#N+ 7>824'#+ ,$0%'#+ $#&'C'4+ ',*"'0'#+ $4+ .'"O*+ ,*%+
8'&*#+ #2,*%&'0*#+ ,$>*#+ ,$%6"#+ 4$&H>"<*#+ $+ $4+ <"4'J+ ,*%+ <D24.'0*2%*#+ %$'>"?'0*#+ /'+ '%8'4'##'+ 0'+
$#&%2&2%'+ r6"82%'#+ eNf+ '+ eNisN+ @*4*+ '+ '>C$/'%"'+ $+ *+ 4$&'>+ &K4+ <*4,*%&'4$/&*#+ .$4+ 0"6$%$/&$#J+
/*4$'0'4$/&$+ /*+ L2$+ 0"?+ %$#,$"&*+ I#+ C'%"'(M$#+ 0"4$/#"*/'"#+ ,%*C*<'0'#+ ,*%+ 420'/('#+ 0$+
&$4,$%'&2%'J+ *#+ 8'&*#+ #2,$%"*%$#+ $+ "/6$%"*%$#+ 0$#&'#+ ,$0%'#+ &"/D'4+ 4*C"4$/&*#+ %$>'&"C*#+ $/&%$+ $>$#N+
F#&$#+ 4*C"4$/&*#+ 0"6$%$/<"'"#+ 0*#+ #2,*%&$#+ $#6*%('C'4+ 0$4'#"'0*+ '#+ ,$0%'#J+ <%"'/0*+ &$/#M$#+
"4,*%&'/&$#+/'#+,$0%'#+$+/*#+#2,*%&$#N+F#&'#+&$/#M$#+,%*C*<'%'4+0'/*#+/'#+,$0%'#+'*+/PC$>+0*#+62%*#+
0*#+,"/*#+4$&H>"<*#+$+0'/*#+/*#+8'&*#+$+<D24.'0*2%*#+L2$+#$+#*>&'%'4+0'+6'<D'0'N+
+
bbb+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
+
9"8+eNf+T+1'&*#+4$&H>"<*#+r<P%<2>*#+'+C$%4$>D*s+#2,*%&'/0*+24'+4$#4'+,$0%'+6"O*#+'+0*"#+&",*#+0$+#2,*%&$#+
0"6$%$/&$#V+'>C$/'%"'+$+$#&%2&2%'+4$&H>"<'+
+
+
9"8+eNg+T+5*%4$/*%+0*+8'&*+4$&H>"<*+#*>0'0*+I+$#&%2&2%'+4$&H>"<'+0*+$0"6P<"*+
+
++
+
+
+
9"8+eNi+T+F#L2$4'+0*+4*0*+"/<*%%$<&*+0$+6"O'()*+0'#+,$0%'#+'+0*"#+#2,*%&$#+0"6$%$/&$#+
+
bba+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+eV+@'#*#+0$+F#&20*+
5'%'+ '+ <*%%$<&'+ ',>"<'()*+ 0'#+ ,$0%'#+ /$#&'+ ?*/'+ 0$C$%T#$T"'4+ &$%+ 2&">"?'0*+ ',$/'#+ <D24.'0*2%*#+ /'+
6'<D'0'+$+#$4+L2'>L2$%+',*"*+/'#+?*/'#+4$&H>"<'#N+@*4*+G+/$<$##H%"*+%$#,$"&'%+24'+0"#&_/<"'+4P/"4'+
$/&%$+*+<D24.'0*2%*+$+*+6"4+0*+,'/*+0$+,'%$0$J+/$#&'+#"&2'()*+,*0$%T#$T"'4+&$%+<*>*<'0*+L2'&%*+8'&*#+
4$&H>"<*#+L2$+6"O'C'4+'#+,$0%'#+,$>'#+6'<$#+C$%&"<'"#J+<*4*+#$+">2#&%'+/'+6"82%'+eNeJ+'.'"O*+',%$#$/&'0'N+
!$#&$+4*0*J+'>G4+0$+#$+8'%'/&"%+L2$+*#+,"/*#+4$&H>"<*#+/)*+6"<'%"'4+C"#PC$"#+,$>'+6'<$+"/6$%"*%+0'+,$0%'J+
#$%"'+,*##PC$>+6'?$%+*#+.2%'<*#+0*#+<D24.'0*2%*#+'+24'+0"#&_/<"'+#$82%'+0*+6"/'>+0*+,'/*+0$+,'%$0$N+
+
+
9"8+eNe+T+F#L2$4'+0'+#*>2()*+,%*,*#&'+,'%'+'+<*>*<'()*+0*#+8'&*#+4$&H>"<*#+$+0'+',>"<'()*+0'#+,$0%'#+
+
3A$"**24$*'.);+2%)324$;2@$+%)3'=5)-+.+3)3'$32$@)/'*+).$54)32$C)*)$24$C+%24$@'/M.+;24$
-2&%'+ '/*4'>"'+ 0$&$<&'0'+ /$#&'+ *.%'+%$6$%$T#$+ '*#+ ,"/*#+ 2#'0*#+ ,'%'+ ,%$/0$%+ '#+ ,>'<'#+ 0$+ ,$0%'+ '*#+
8'&*#+4$&H>"<*#+$+<*4+'+#2'+"/<*%%$<&'+"/#&'>'()*N+w4+0*#+$%%*#+$/<*/&%'0*+6*"+*+%$<2%#*+#"#&$4H&"<*+'+
,"/*#+ #$4+ .'&$/&$J+ <*4,*#&*#+ 2/"<'4$/&$+ ,*%+ ,$0'(*#+ 0$+ 6"*+ 0$+ 6$%%*+ L2$+ 6*%'4+ <*%&'0*#+ $4+ *.%'J+
<*4*+ #$+ ,*0$+ C$%+ /'+ 6"82%'+ eNkN+ 7*+ <*%&'%+ *#+ ,"/*#J+ /)*+ 6*%'4+ &*4'0*#+ *#+ <2"0'0*#+ /$<$##H%"*#+ ,'%'+
8'%'/&"%+L2$+$#&$#+&"/D'4+*+&'4'/D*+<*%%$<&*+$J+42"&*#+0$>$#J+$%'4+0$4'#"'0*+<2%&*#N+F#&'+'/*4'>"'+
6*"+ '"/0'+ '4,>"'0'+ 0$C"0*+ '*#+ 62%*#+ */0$+ *#+ ,"/*#+ ,$/$&%'4+ /'#+ ,$0%'#+ /)*+ &$%$4+ *+ &'4'/D*+
%$82>'4$/&'%N+ 7+ 4'"*%"'+ 0*#+ 62%*#+ ,%$#$/&$#+ /*#+ &*,*#+ 0'#+ ,$0%'#+ #)*+ 4'"#+ ,%*62/0*#+ 0*+ L2$+ *+
/$<$##H%"*Q+'*+2#'%$4T#$+,"/*#+#$4+.'&$/&$J+L2'/0*+#$+<*>*<*2+*+,"/*+/*+62%*J+$#&$+<'"2+,'%'+*+62/0*+
0*+ 62%*N+ F4+ 42"&'#+ 0'#+ ,$0%'#+ *+ &%*(*+ #2,$%"*%+ 0*+ ,"/*+ 0$+ #2,*%&$+ L2$+ #*.%'C'+ $%'+ 0$+ &'>+ 4'/$"%'+
,$L2$/*+L2$+SH+/)*+'##$82%'C'+*+<*%%$<&*+#2,*%&$+0'+,$0%'+#2,$%"*%N+
+
bbd+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
+
9"8+eNk+T+FO$4,>*+0$+24+,"/*+0$4'#"'0*+<2%&*+$+#$4+.'&$/&$+2&">"?'0*+/'+*.%'+
+
'A$"**24$*'.);+2%)324$;2@$)$@M$+%4/).)012$324$C+%24$@'/M.+;24$
7>G4+0*+4'&$%"'>+0*#+,"/*#+/)*+#$%+*+'<*/#$>D'0*J+$#&$#+$#&'C'4+#*>"0'%"?'0*#+I#+,$0%'#+<*4+<"4$/&*+
%H,"0*J+ *+ L2$+ "4,$0"'+ &*0*+ $+ L2'>L2$%+ 4*C"4$/&*+ 0'#+ ,$0%'#N+ W)*+ 6*%'4+ #$L2$%+ 2#'0'#+ <'4"#'#+
,>H#&"<'#J+ /$4+ 4'&$%"'"#+ 0$+ <*>'8$4+ $>H#&"<*#J+ <*4*+ '<*/#$>D'4+ *#+ 6'.%"<'/&$#+ 0$#&$#+ #"#&$4'#+ 0$+
6"O'()*+0$+,$0%'#N+
F4+#"#&$4'#+0$+6"O'()*+0$+,$0%'#+2#'/0*+'+&G</"<'+0*#+8'&*#+4$&H>"<*#+0$C$4*#+#$4,%$+L2$+,*##PC$>+
2#'%+ ,"/*#+ <*4+ .'&$/&$+ L2$+ ,$/$&%'4+ $4+ 62%*#+ /'#+ ,$0%'#+ L2$+ &K4+ 0$+ $#&'%+ .$4+ 0"4$/#"*/'0*#J+ $+
2#'%+<'C">D'#+,>H#&"<'#+$+<*>'#+$>H#&"<'#+,'%'+6"O'%+*+,"/*+0'+6*%4'+L2$+6*"+0$#<%"&'+4'"#+'<"4'N+7,$/'#+
0$#&'+ 6*%4'+ #$+ ,*0$+ 8'%'/&"%+ 24'+ <*%%$<&'+ >".$%0'0$+ 0$+ 4*C"4$/&*#+ 0'#+ ,$0%'#+ L2$+ ,*0$4+ '##"4+
'.#*%C$%+'#+0$6*%4'(M$#+0*+#2,*%&$N+
+
<A$"**24$*'.);+2%)324$;2@$)$)C.+;)012$324$&)/24$@'/M.+;24]$R124$3'$E)%'.)4$
W'+ *.%'+ C"#"&'0'J+ *#+ &G</"<*#+ L2$+ $#&'C'4+ '+ 6'?$%+ '#+ *.%'#+ 0$+ <*/#$%C'()*+ &'4.G4+ 0$&$<&'%'4+
,%*.>$4'#+ S2/&*+ '*#+ C)*#+ 0'#+ S'/$>'#N+ W'+ %$'>"0'0$J+ D'C"'+ ,%*.>$4'#+ '*+ /PC$>+ 0*#+ <D24.'0*2%*#+ L2$+
$#&'C'4+,$%&*+0*#+,$"&*%"#+0'+S'/$>'N+W$#&'+?*/'J+/)*+DH+/$<$##"0'0$+0$+&$%+$#,$<"'>+<2"0'0*#+'>G4+0$+
%$'>"?'%+ *#+ <D24.'0*2%*#+ '+ 24'+ <$%&'+ 0"#&'/<"'+ 0*#+ C)*#+ 0$+ S'/$>'J+ L2$+ ,*0$+ #$%+ "82'>+ I+ 0"#&_/<"'+
4P/"4'+%$<*4$/0HC$>+$/&%$+24+<D24.'0*2%*+$+*+6"/'>+024+,'/*+0$+6'<D'0'N+W*+$/&'/&*J+/$#&'+*.%'+
/)*+6*%'4+6$"&*#+<D24.'0*2%*#+/'#+?*/'#+,$%&*+0*#+C)*#+0$+S'/$>'Q+'*+"/CG#J+*#+8'&*#+6*%'4+<*>*<'0*#+
0"%$<&'4$/&$+#*.%$+*+C)*+$+0$,*"#+6*%'4+&','0*#+<*4+'+'%8'4'##'+L2$+#$%C"%"'+,'%'+'##$/&'%+'#+,$0%'#+
0*#+,$"&*%"#+$+0'#+'02$>'#+0'#+S'/$>'#N+F#&'+6*%4'+0$+,%$/0$%+*#+8'&*#+G+"/<*%%$<&'+,*%L2$J+,*%+24+>'0*J+
/)*+ ',%$#$/&'+ 0$+ 6*%4'+ '>824'+ %$#"#&K/<"'+ #"4">'%+ I+ 0$+ 24+ <D24.'0*2%*+ %$'>"?'0*+ /'+ '>C$/'%"'+ $+
,%$$/<D"0*+<*4+<"4$/&*+%H,"0*N+5*%+*2&%*+>'0*J+$#&'+6*%4'+0$+6"O'()*+0*#+8'&*#J+'>"'0'+I+6'>&'+0$+S2/&'#+
$/&%$+ ,$0%'#+ L2$+ SH+ 6*"+ '/&$%"*%4$/&$+ %$6$%"0'J+ ,%*C*<*2+ '"/0'+ *2&%*+ $#&%'8*N+ @*4*+ /)*+ D'C"'+ S2/&'#+
,'%'+'.#*%C$%+'#+0$6*%4'(M$#+$+0">'&'(M$#+0'#+,$0%'#+'*+/PC$>+0'+<'0'+,>'<'J+'#+0">'&'(M$#+0'#+,$0%'#+
'<*/&$<"'4+ &*0'#+ /*+ 6"/'>+ 0'#+ 6"'0'#J+ /$#&$+ <'#*+ S2/&*+ 0*#+ C)*#+ 0'#+ S'/$>'#N+ @*4*+ *#+ <D24.'0*2%*#+
$%'4+ '+ '%8'4'##'+ 0$+ '##$/&'4$/&*+ 0'#+ ,$0%'#+ 0*#+ C)*#+ 0'#+ S'/$>'#J+ '#+ 0">'&'(M$#+ 0'#+ ,$0%'#+
r,%*C*<'0'#+ ,$>*+ <'>*%+ ,*%+ $O$4,>*s+ ,%*C*<'%'4+ *+ >$C'/&'4$/&*+ $+ 0$#<*>'4$/&*+ 0*#+ ,$"&*%"#+ $+ 0'#+
'02$>'#+0'#+S'/$>'#J+*%"8"/'/0*+'##"4+"/6">&%'(M$#+,'%'+*+"/&$%"*%+0*+$0"6P<"*N+
bbf+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+eV+@'#*#+0$+F#&20*+
&A$"**24$*'.);+2%)324$;2@$)$)C.+;)012$324$&)/24$@'/M.+;24]$$@5*'/'4$3'$R)*)%3)4$'$;)%/'+*24$
F4+ ?*/'#+ ,$%&*+ 0'#+ $O&%$4"0'0$#+ 0*#+ ,'/*#+ 0$+ ,'%$0$J+ /*4$'0'4$/&$+ /*#+ &*,*#+ 0$+ ,'%$0$#+ $+
42%$&$#J+ <*4*+ ,'%$0$#+ 82'%0'+ <*%,*#+ 0'#+ C'%'/0'#+ *2+ /*#+ 42%*#+ 0*#+ <'/&$"%*#J+ D'C"'+ '"/0'+ *2&%'+
#"&2'()*+/)*+'04"##PC$>+0$+6"O'()*+0$+8'&*#N+W$#&'#+?*/'#J+*+%$C$#&"4$/&*+0$C"'+<*.%"%+'#+02'#+6'<$#+0'#+
,'%$0$#J+*2+#$S'J+*+>'0*+"/&$%"*%+$+$O&$%"*%+0*#+82'%0'+<*%,*#+0'#+C'%'/0'#N+5'%'+"/#&'>'%+*#+8'&*#+0$##'#+
,>'<'#+ ,G&%$'#J+ *#+ ',>"<'0*%$#+ 0$+ ,$0%'+ *,&'%'4+ ,*%+ #*>0'%+ *#+ 8'&*#+ L2$+ #2,*%&'C'4+ '#+ ,$0%'#+ 0$+
'4.*#+*#+>'0*#+0'+6'<D'0'+2/#+'*#+*2&%*#J+6"<'/0*+$#&$#+',*"'0*#+/*+&*,*+0*+42%*+r6"82%'#+eNh+$+eNbcsN+
Z'>+ #*>2()*+ /)*+ G+ '0$L2'0'+ ,*"#+ *#+ ,'/*#+ 0$+ ,$0%'+ $O&$%"*%+ $+ "/&$%"*%+ 0'+ ,'%$0$+ /)*+ &K4+ *+ 4$#4*+
<*4,*%&'4$/&*J+ ,*0$/0*+ D'C$%+ 24+ L2$+ &$/D'+ 0$6*%4'(M$#+ 0"6$%$/&$#+ 0*+ *2&%*Q+ '*+ 2/"%$4T#$+ *#+
8'&*#J+<%"'T#$+*2&%*+,*/&*+0$+&$/#M$#+0$#/$<$##H%"*J+L2$+,*0$+,%*C*<'%+0'/*#+/'#+,$0%'#+*2+'+%2,&2%'+
0$+<D24.'0*2%*#+/24+/PC$>+"/6$%"*%N++
+
9"8+eNh+T+1'&*#+L2$+#2,*%&'4+'#+,$0%'#+0*+>'0*+"/&$%"*%+$+$O&$%"*%+0*+42%*+#*>0'0*#+24+'*+*2&%*+
+
+
9"8+eNbc+T+F#L2$4'+0*#+8'&*#+4$&H>"<*#+L2$+#2,*%&'4+'#+,$0%'#+0*+>'0*+"/&$%"*%+$+$O&$%"*%+0*+42%*+#*>0'0*#+24+
'*+*2&%*+
+
+
bbg+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
7+ #*>2()*+ ,'%'+ $#&'+ '/*4'>"'+ ,'##'%"'+ ,$>'+ %$'>"?'()*+ 0$+ <D24.'0*2%*#J+ /*+ >'0*+ "/&$%/*+ 0'+ ,'%$0$J+
,'%'+6"O'%+'#+,$0%'#+<*>*<'0'#+/*+"/&$%"*%+0*+82'%0'+<*%,*#+$J+/*+>'0*+$O&$%/*+0'+,'%$0$J+,'%'+6"O'%+'#+
,$0%'#+<*>*<'0'+/*+$O&$%"*%J+<*4*+#$+,*0$+*.#$%C'%+/'+6"82%'+eNbbJ+'.'"O*+',%$#$/&'0'N+
+
9"8+eNbb+T+F#L2$4'+0'+#*>2()*+,%*,*#&'+,'%'+*+,%*.>$4'+<*4+8'&*#+"/0$,$/0$/&$#+0*+>'0*+$O&$%"*%+$+"/&$%"*%+0*+
42%*+
+
(A$"**24$*'.);+2%)324$;2@$)$)C.+;)012$324$&)/24$@'/M.+;24]$454C'%412$3'$C'3*)4$
W*+$0"6P<"*+C"#"&'0*+$O"#&"'+&'4.G4+24'+?*/'+*/0$+$%'+/$<$##H%"*+<*>*<'%+,>'<'#+0$+,$0%'+#2#,$/#'#+/'+
D*%"?*/&'>N+W$#&'+#"&2'()*+0$C$%T#$T"'4+&$%+2#'0*+#2,*%&$#+$#,$<"'"#+,'%'+%$C$#&"4$/&*#+0$+&$<&*#+L2$+
,*##2$4+0*"#+,*/&*#+0$+6"O'()*+0$+6*%4'+'+0"#&%".2"%+*#+$#6*%(*#+r$OV+1'4'+-4$8'+0'+p'>,D$/s+$+L2$+
2#2'>4$/&$+#$+6"O'4+'*+#2,*%&$+'&%'CG#+0$+4$"*#+4$<_/"<*#+,'%'+,$%4"&"%+24'+"4$0"'&'+<*>*<'()*+0'#+
,$0%'#N+W*+$/&'/&*J+/*+$0"6P<"*+'>C*+0'+"/&$%C$/()*J+*%"8"/'>4$/&$+/)*+#$+2#'%'4+$#&$+&",*+0$+#2,*%&$#+
4'#+<D24.'0*2%*#+&%'0"<"*/'"#+%$'>"?'0*#+/*+&$<&*N+5'%'+6"O'%+'#+,$0%'#+'+$#&$#+%$<*%%$2T#$+'*+2#*+0$+
'%'4$#+L2$+#$+,%$/0"'4+'*#+8'&*#+$+I#+,$0%'#N+F#&'+#*>2()*+/)*+G+0$+&*0*+'04"&"0'+,*"#+/)*+8'%'/&$+'+
#$82%'/('+/$<$##H%"'J+D'C$/0*+*+,$%"8*+0$+,$0%'#+#$+#*>&'%$4+0$+24'+8%'/0$+'>&2%'N+
+
"s+F%%*#+%$>'<"*/'0*#+<*4+'+',>"<'()*+0*+%$C$#&"4$/&*+$4+?*/'#+0$+,'##'8$4+
W$#&$+ $0"6P<"*J+ 6*%'4+ 2#'0*#+ 4G&*0*#+ "/0"%$<&*#+ 0$+ 6"O'()*+ 0$+ ,$0%'#+ /'#+ ?*/'#+ 4'"#+ .'"O'#+ 0'#+
6'<D'0'#N+ W$##'#+ ?*/'#J+ */0$+ $O"#&$+ <"%<2>'()*+ 0$+ ,$##*'#+ $+ 0$+ 4HL2"/'#J+ #$%"'+ 4'"#+ %$<*4$/0HC$>+
2#'%T#$+24+4G&*0*+0$+6"O'()*+0"%$<&*J+4'"#+%$#"#&$/&$+'*#+<D*L2$#J+,'%'+$C"&'%+'+6%'<&2%'()*+0'#+,>'<'#+
0$+,$0%'+r6"8N+eNbasN+
bbi+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+eV+@'#*#+0$+F#&20*+
+
9"8+eNba+T+5*%4$/*%+0$+24'+,>'<'+0$+,$0%'+6%'<&2%'0'+>*<'>"?'0'+/24'+?*/'+0$+,'##'8$4++
+
W$#&'+ *.%'J+ L2'/0*+ #$+ *,&*2+ ,$>'+ 6"O'()*+ 0"%$<&'+ 0'#+ ,$0%'#+ '*+ #2,*%&$+ $4+ ?*/'#+ 4'"#+ .'"O'#J+ *#+
4G&*0*#+$#<*>D"0*#+/)*+6*%'4+&'4.G4+*#+4'"#+'0',&'0*#+*%"8"/'/0*+42"&*#+0$#<*>'4$/&*#+0$+,$0%'#+
r6"8N+eNbdsN+
+
9"8+eNbd+j+FO$4,>*+0$+0$#<*>'4$/&*+0$+,>'<'#+0$+,$0%'+*%"8"/'0*#+,$>'+"/<*%%$<&'+',>"<'()*+0'#+,>'<'#+
+
+A$Y5/*)4$<).()4$3+R'*4)4$
7>G4+ 0$+ &*0'#+ $#&'#+ 6'>D'#+ L2$+ 6*%'4+ ,*##PC$"#+ 0$+ 0$&$<&'%+ 02%'/&$+ '+ 0$#4*/&'8$4+ 0'#+ ,$0%'#+ 0'+
6'<D'0'J+ *#+ *,$%H%"*#+ %$,*%&'%'4+ '"/0'+ *2&%'#+ 6'>D'#+ L2$+ /)*+ ,20$%'4+ #$%+ 0*<24$/&'0'#+ <*4+
6*&*8%'6"'#V+ "/U4$%*#+ <D24.'0*2%*#+ /)*+ &"/D'4+ <"4$/&*+ /*+ #$2+ "/&$%"*%J+ $#&'/0*+ *+ 8'&*+ ',$/'#+
"/#$%"0*+/*+62%*+'.$%&*+/*+#2,*%&$+$+'>82/#+8'&*#+<*%&'0*#+$+#$%%'0*#+#$4+$O,>"<'()*+','%$/&$N+
F#&'+ $/*%4$+ L2'/&"0'0$+ 0$+ $%%*#+ $C"0$/<"'+ 24'+ &*&'>+ 6'>&'+ 0$+ 6*%4'()*+ $+ 0$+ <2"0'0*+ ,$>'+ ,'%&$+ 0*#+
&%'.'>D'0*%$#+ $+ 0$6"<"K/<"'#+ <>'%'#+ /'+ 6"#<'>"?'()*+ L2$+ 0$C$%"'+ &$%+ #"0*+ %$'>"?'0'+ + 02%'/&$+ '+ %$'>"?'()*+
0*#+&%'.'>D*#N+
+
+
bbe+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
VN=&B(,.U.5"LM*&'*&7%"#*&'(&O$"%.'"'(&&
\$82"0'4$/&$J+ $+ 2#'/0*+ '+ *.%'+ $4+ $#&20*J+ C$%"6"<'T#$+ '+ ',>"<'.">"0'0$+ 0*+ 3'/2'>+ 0$+ @*/&%*>*+ 0$+
A2'>"0'0$+',%$#$/&'0*+/*+@',P&2>*+i+$+#$+$#&$+&%'?+%$'"#+.$/$6P<"*#+,'%'+*+'<*4,'/D'4$/&*+0'+*.%'N+
-#+ %$#2>&'0*#+ #$%)*+ 'L2"+ ',%$#$/&'0*#+ $4+ 6*%4'&*+ 0$+ &$O&*+ ,'%'+ ,*##".">"&'%+ '+ "/<>2#)*+ 0$+ '>82/#+
<*4$/&H%"*#N+-+,%$$/<D"4$/&*+0'#+9"<D'#+0$+@*/&%*>*+0$+A2'>"0'0$J+$4+'/$O*J+#$%"'+<*/&20*+#26"<"$/&$+
,'%'+ '+ <*%%$<&'+ ',>"<'()*+ 0*+ ,>'/*N+ 7+ ',%$#$/&'()*+ #$82"%H+ &*0'#+ '#+ 6'#$#+ ,%*,*#&'#+ /*+ ,>'/*+ 0$+
<*/&%*>*+0$+L2'>"0'0$J+#$4,%$+L2$+',>"<HC$"#+I#+<'%'<&$%P#&"<'#+0'+*.%'+$4+$#&20*N+
!$+ /*&'%+ L2$+ '>824'#+ "/6*%4'(M$#+ %$>'&"C'#+ '+ 0'0*#+ #*.%$+ '+ *.%'+ /)*+ ,20$%'4+ #$%+ 6'<2>&'0'#J+ *+ L2$+
"4,$0"2+L2$+#$+C$%"6"<'##$4+'>82/#+,*/&*#+,%$#$/&$#+/*+4'/2'>+0$+<*/&%*>*+0$+L2'>"0'0$N+
+
VN=N?&e&B(,.U.5"Lc(2&:(,".2&/","&+*'*2&*2&+./*2&'(&3]+*'*2&'(&U.["LM*&
VN=N?N?&@%:$#2&"2/(5+*2&"&1(,.U.5",&"#+(2&'*&.#.5.*&'"&*8,"&
)A$G'*+<+;)*$=5'$'J+4/'$5@$C*2E';/2$3'$*'R'4/+@'%/2$3'$<);()3)4$;2@C.'/2$
-#+ ,>'/*#+ 0$+ 4*/&'8$4+ 0*+ %$C$#&"4$/&*+ ,*##2P'4+ "/6*%4'()*+ #*.%$+ *#+ 4G&*0*#+ 0$+ %$C$#&"4$/&*+
'0*,&'0*#J+*+&",*+0$+4'&$%"'>+/$<$##H%"*+$+#2'#+L2'/&"0'0$#N+Z'4.G4+$%'+,*##PC$>+C$%+'#+0"4$/#M$#+0'#+
,$0%'#+ '+ $/<*4$/0'%J+ *+ >*<'>+ */0$+ "%"'4+ #$%+ ',>"<'0'#J+ '+ >*<'>"?'()*+ 0'#+ 6"O'(M$#+ $+ 0'#+ S2/&'#+ $/&%$+
,$0%'#+<*4*+#$+,*0$+<*4,%*C'%+/'+6"82%'+eNbfN+
+
9"8+eNbf+T+5>'/*+0$+4*/&'8$4+0*+%$C$#&"4$/&*+2#'0*+/'+*.%'J+<*4+"/0"<'(M$#+0'#+,$0%'#+'+2#'%+$+>*<'>"?'()*+0*#+
8'&*#+4$&H>"<*#+
+
W)*+ 6*"+ ,*##PC$>+ ',2%'%+ #$+ '+ >*<'>"?'()*+ 0*#+ 8'&*#+ 6*"+ $#<*>D"0'+ &$/0*+ $4+ <*/#"0$%'()*+ '+ ,*#"()*+ 0'#+
'%4'02%'#+,%"/<",'"#+0'+$#&%2&2%'+0*+$0"6P<"*N+
+
+
bbk+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+eV+@'#*#+0$+F#&20*+
-A$G'*+<+;)*$);'44+-+.+3)3'$324$/*)-).()32*'4$'$4'&5*)%0)$324$)%3)+@'4$
-#+ '/0'"4$#+ "/#&'>'0*#+ /'+ *.%'+ <*.%"'4+ &*0'+ '+ #2,$%6P<"$+ 0'#+ 6'<D'0'#+ L2$+ #$%"'4+ "/&$%C$/<"*/'0'#J+
,*##2P'4+ 82'%0'+ <*%,*#+ 0$+ #$82%'/('+ $+ %$0$#+ 0$+ ,%*&$<()*+ ,'%'+ $C"&'%+ '+ L2$0'+ 0$+ *.S$<&*#+ /'+ C"'+
,U.>"<'N+Z"/D'4J+'>G4+0"##*J+24'+0"4$/#)*+<*%%$<&'+,'%'+*+&%'.'>D*J+#$/0*+#26"<"$/&$4$/&$+>'%8*#+,'%'+
*+&%'/#,*%&$+0'#+,$0%'#N+
+
;A$G'*+<+;)*$)$'J+4/U%;+)$'$542$324$'=5+C)@'%/24$3'$C*2/';012$
!2%'/&$+'+*.%'J+<*/#&'&*2T#$+L2$+*#+&%'.'>D'0*%$#+2#'C'4+<','<$&$#+$+<'>('0*+0$+#$82%'/('N+
+
3A$G'*+<+;)*$=5'$24$@)/'*+)+4$%';'44M*+24$<2*)@$'%;2@'%3)32$%)4$=5)%/+3)3'4$)3'=5)3)4$C)*)$)4$<)4'4$
3)$2-*)$'@$;5*42$
7+"/6*%4'()*+%$<*>D"0'+/'+*.%'+'##$82%*2+L2$+*+4'&$%"'>+$/<*4$/0'0*+#$%"'+#26"<"$/&$J+&$/0*+4$#4*+
#"0*+$/<*4$/0'0*+L2'/&"0'0$#+#2,$%"*%$#+0$+4'&$%"'>+,G&%$*+,'%'+,*0$%+<*4,$/#'%+$C$/&2'"#+L2$.%'#+
*2+/)*+<*/6*%4"0'0$#+0$+'>824'#+,>'<'#+0$+,$0%'N+
&
VN=N?N=&&@%:$#2&"2/(5+*2&"&1(,.U.5",&"O$"#'*&'"&56(:"'"&'*2&3"+(,.".2&a&*8,"&
^W8WXW8WX$I)/'*+)+4$CO/*'24$
)A$G'*+<+;)*$=5'$)4$C.);)4$3'$C'3*)$=5'$;('&)@$L$2-*)$412$)4$'%;2@'%3)3)4$
9*"+ C$%"6"<'0*J+ S2/&*+ <*4+ *#+ $/8$/D$"%*#+ %$#,*/#HC$"#J+ L2$+ '#+ ,$0%'#+ L2$+ <D$8'%'4+ I+ *.%'+ $%'4++
#"4">'%$#+I#+'4*#&%'#+6*%/$<"0'#J+$#&'/0*+,*%&'/&*+$4+<*/6*%4"0'0$+<*4+'#+$O,$<&'&"C'#N+
+
-A$G'*+<+;)*$=5'$24$@)/'*+)+4$'%/*'&5'4$/U@$)$@)*;)012$:"$'$)$3'%2@+%)012$3)$C'3*)$
W)*+ &$/0*+ #"0*+ ,*##PC$>+ $#&'%+ ,%$#$/&$+ /*+ >*<'>+ 02%'/&$+ '+ <D$8'0'+ $+ 0$#<'%8'+ 0*#+ 4'&$%"'"#J+ /)*+ 6*"+
,*##PC$>+C$%"6"<'%+#$+$#&$#+,*##2P'4+&*0'+'+0*<24$/&'()*+$O"8"0'N+
+
;A$G'*+<+;)*$=5'$)4$C'3*)4$/U@$)4$3+@'%4H'4$;2**';/)4$3'$);2*32$;2@$)4$/2.'*?%;+)4$)3@+/+3)4$
W)*+&$/0*+#"0*+6'<2>&'0'+&*0'+'+0*<24$/&'()*+%$>'&"C'+I+0"4$/#)*+0'#+,$0%'#+$/<*4$/0'0'#J+/)*+6*"+
,*##PC$>+C$%"6"<'%+L2$+'#+0"4$/#M$#+0*#+4'&$%"'"#+$#&'C'+$4+<*/6*%4"0'0$+<*4+'+$/<*4$/0'N+
+
bbh+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
7+ "/6*%4'()*+ *.&"0'+ /*+ >*<'>+ 0'+ *.%'+ "/0"<'+ L2$+ $#&'+ C$%"6"<'()*+ D'C"'+ #"0*+ 6$"&'+ $+ L2$+ '#+ ,$0%'#+
$#&'C'4+ $4+ <*/6*%4"0'0$J+ %$#,$"&'/0*+ '#+ &*>$%_/<"'#+ ,$%4"&"0'#+ ,'%'+ $#&$+ &",*+ 0$+ 4$0"0'#N+ F#&'#+
4$0"0'#+6*%'4+$6$<&2'0'#+<*4+4'"#+6'<">"0'0$+,*%L2$+&*0'#+'#+,$0%'#+$#&'C'4+/24$%'0'#+0$+'<*%0*+
<*4+*+,%*S$<&*+0$+%$C$#&"4$/&*+0'+6'<D'0'J+<*4*+0*<24$/&'0*+/'+6"82%'+eNbgN+
+
9"8+eNbg+T+5$0%'#+I+<D$8'0'+I+*.%'+/24$%'0'#+$+"0$/&"6"<'0'#+
+
3A$G'*+<+;)*$=5'$24$@)/'*+)+4$'4/12$'@$-2)4$;2%3+0H'4$
7#+ ,>'<'#+ 0$+ ,$0%'+ ',%$#$/&'C'4T#$+ 8>*.'>4$/&$+ $4+ .*'#+ <*/0"(M$#J+ #$4+ 4'/<D'#+ /$4+ #'>"K/<"'#+
,%*62/0'#+$+C"/D'4+.$4+$4.'>'0'#J+$4+,'>$&$#+0$+4'0$"%'J+$/C*>&'#+$4+,>H#&"<*N+7#+,$0%'#+$#&'C'4++
6"O'#+<*4+6"&'+4$&H>"<'+r6"82%'+eNbis+,'%'+"4,$0"%+L2$+#$+,'%&"##$4+02%'/&$+*+&%'/#,*%&$Q+/'#+?*/'#+*/0$+
'+6"&'+$#&'C'+$4+4'"*%+<*/&'<&*+<*4+'#+,>'<'#+0$+,$0%'J+*+4$&'>+6*"+,%*&$8"0*+,*%+,$('#+0$+,>H#&"<*+,'%'+
$C"&'%+ >'#<'%+ '#+ ,$0%'#+ r6"82%'+ eNbesN+ !$,*"#+ 0$+ &$%$4+ #"0*+ 0$#<'%%$8'0*#+ /'+ *.%'J+ *#+ 4'&$%"'"#+ $%'4+
4'/&"0*#+'%4'?$/'0*#+/'#+#2'#+$4.'>'8$/#+0$+&%'/#,*%&$J+#*.+24+&$>D$"%*N+
+
9"8+eNbi+T+5>'<'#+0$+,$0%'+I+<D$8'0'+I+*.%'J+.$4+'<*/0"<"*/'0'#+$+$4+.*'#+<*/0"(M$#+
+
bac+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+eV+@'#*#+0$+F#&20*+
+
9"8+eNbe+T+5*%4$/*%+0'+,%*&$<()*+$4+,>H#&"<*+,'%'+$C"&'%+*+<*/&'<&*+0'#+,$0%'#+<*4+*+4$&'>+
+
'A$G'*+<+;)0H'4$)$'<';/5)*$=5)%32$4'$)C.+;)@$&*)%+/24$
F#&$+<%"&G%"*+/)*+#$+',>"<'+/$#&'+*.%'N+
+
<A$G'*+<+;)0H'4$)$'<';/5)*$=5)%32$4'$)C.+;)@$@M*@2*'4$
F#&$+<%"&G%"*+/)*+#$+',>"<'+/$#&'+*.%'N+
+
^W8WXW8W8$I)/'*+)+4$3'$<+J)012$
)A$G'*+<+;)*$=5'$24$@)/'*+)+4$3'$<+J)012$412$24$'%;2@'%3)324$
\$82/0*+'+"/6*%4'()*+0'0'+,$>*+$/8$/D$"%*+%$#,*/#HC$>J+*#+8'&*#+4$&H>"<*#+.$4+<*4*+*#+4'&$%"'"#+0$+
<*>'8$4+<*%%$#,*/0"'4+'*#+$/<*4$/0'0*#N+
+
-A$G'*+<+;)*$=5'$24$@)/'*+)+4$3'$<+J)012$'4/12$'@$-2@$'4/)32$
-#+8'&*#+4$&H>"<*#+0$+#2,*%&$+0'#+,>'<'#+0$+,$0%'+<D$8'%'4+I+*.%'+0$C"0'4$/&$+'<*/0"<"*/'0*#J+#$4+
4'%<'#+ 0$+ 6$%%28$4N+ 7#+ <*>'#+ $+ *2&%*#+ 4'&$%"'"#+ 0$+ <*>'8$4+ C"/D'4+ &*0'#+ /'#+ #2'#+ $4.'>'8$/#+
*%"8"/'"#N+
+
+
+
+
bab+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
VN=N?NQ&&@%:$#2&"2/(5+*2&"&1(,.U.5",&#"2&U"56"'"2&*#'(&"2&/%"5"2&'(&/(',"&1M*&2(,&"/%.5"'"2&
)A$Y4$45C2*/'4$'4/12$.+@C24$'$C*2%/24$)$*';'-'*$24$*'R'4/+@'%/24$
7+ #2,$%6P<"$+ $/<*/&%'C'T#$+ <*.$%&'+ <*4+ 24'+ <'4'0'+ 0$+ "4,$%4$'.">"?'()*+ <*4,*#&'+ ,*%+ 24'+ &$>'+
'#6H>&"<'+$4+.*'#+<*/0"(M$#N+
+
-A$G'*+<+;)*$)4$;2%3+0H'4$3)4$<);()3)4$%2$=5'$3+F$*'4C'+/2$L$C.)%'F)$
7#+ 6'<D'0'#+ */0$+ #$+ "'4+ "/#&'>'%+ *#+ %$C$#&"4$/&*#+ ',%$#$/&'C'4+ 24'+ ,>'/$?'+ #26"<"$/&$N+ F#&'+ 6*"+
4$0"0'+/'>82/#+,*/&*#+<*4+24'+%G82'+0$+a+4$&%*#+$+*#+0$#C"*#+0$+,>'/$?'+$/<*/&%'0*#+$%'4+,*2<*+
#"8/"6"<'&"C*#J+$+/)*+"%"'4+"/&$%6$%"%+/$4+<*4+'+<*>*<'()*+0*#+8'&*#+4$&H>"<*#+/$4+<*4+'+',>"<'()*+0*+
%$C$#&"4$/&*N+
+
;A$744'&5*)*$=5'$24$.2;)+4$2%3'$412$*').+F)3)4$2C'*)0H'4$=5'$<)F'@$CS$'4/12$)<)4/)324$3)$F2%)$2%3'$4'$
'4/M$)$+%4/).)*$2$*'R'4/+@'%/2$
7#+ ,$0%'#+ L2$+ 6*%'4+ 2#'0'#+ /'+ *.%'+ SH+ C"/D'4+ <*%&'0'#+ /'#+ 4$0"0'#+ <$%&'#J+ D'C$/0*+ 42"&*+ ,*2<*#+
'<$%&*#+'+6'?$%N+W)*+D'C"'J+/'+*.%'J+6*/&$#+"4,*%&'/&$#+0$+,:+L2$+,20$##$4+,q%+$4+<'2#'+'+L2'>"0'0$+
0*#+&%'.'>D*#+0$+<*>*<'()*+0*+%$C$#&"4$/&*N+
+
VN=N?NT&@%:$#2&"2/(5+*2&"&1(,.U.5",&'$,"#+(&"&([(5$LM*&'"&*8,"&
)A$Z)*)%/+*$=5'$24$/*)-).(24$412$<+4;).+F)324$
7+*.%'+<*/&'C'+<*4+'+,$%4'/$/&$+,%$#$/('+0*+$/<'%%$8'0*+0$+*.%'J+L2$+<*/D$<"'+*#+,%*S$<&*#J+$+0'+
$L2",'+ 0$+ $/8$/D$"%*#+ L2$+ 6'?"'+ C"#&*%"'#+ %$82>'%$#+ ,'%'+ C$%"6"<'%+ *#+ &%'.'>D*#+ $+ ,'%'+ '<*4,'/D'%+ '#+
$&','#+4'"#+"4,*%&'/&$#N+
+
-A$Z)*)%/+*$=5'$4'$54)@$C*235/24$3'$;2.)&'@$)3'=5)324$L4$C'3*)4$=5'$R12$4'*$54)3)4$
\$82/0*+"/6*%4'()*+%$<*>D"0'+$4+*.%'J+*+'0$#"C*+2#'0*+,'%'+,%$/0$%+*#+,"/*#+I#+,$0%'#+SH+D'C"'+#"0*+
2#'0*+$4+,$0%'#+#"4">'%$#+/*2&%'#+*.%'#J+<*4+.*/#+%$#2>&'0*#N+
+
VN=N=&e&4.["LM*&'.,(5+"`&B(,.U.5"Lc(2&(2/(5RU.5"2&
F#&$+<%"&G%"*+/)*+#$+',>"<'+/$#&'+*.%'N+
baa+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+eV+@'#*#+0$+F#&20*+
VN=NQ&e&4.["LM*&.#'.,(5+"`&B(,.U.5"Lc(2&(2/(5RU.5"2&
)A$G'*+<+;)*$;2@C)/+-+.+3)3'$'%/*'$C*2E';/2$3'$*'R'4/+@'%/24$'$C*2E';/24$3'$25/*)4$'4C';+).+3)3'4$
@*4*+6*"+%$6$%"0*+/'#+C$%"6"<'(M$#+8$%'"#J+/)*+6*"+,*##PC$>+<*/#2>&'%+*#+,%*S$<&*#+0$+$#,$<"'>"0'0$#+*/0$+
<*/#&'4+ '#+ >*<'>"?'(M$#+ 0'#+ '%4'02%'#+ $+ 0$+ *2&%*#+ $>$4$/&*#+ L2$+ ,*##'4+ $#&'%+ >*<'>"?'0*#+ /'#+
6'<D'0'#+$O&$%"*%$#+r&2.*#+0$+L2$0'+0$+H82'+,>2C"'"#J+$&<NsN+5*%+$##$+4*&"C*J+/)*+6*"+,*##PC$>+',2%'%+#$+'+
>*<'>"?'()*+ 0*#+ 8'&*#+ 6*"+ $#<*>D"0'+ &$/0*+ $4+ <*/#"0$%'()*+ *#+ $C$/&2'"#+ $>$4$/&*#+ ,%$#$/&$#+ /'#+
6'<D'0'#+$O&$%"*%$#N+
+
-A$Z)*)%/+*$=5'$)4$C.);)4$3'$C'3*)4$412$<+J)4$)C'%)4$)$5@$/+C2$3'$45C2*/'$
W$#&'+*.%'+D*2C$+'>824'#+,$0%'#+L2$+6*%'4+<*>*<'0'#+<*4+8'&*#+6"O*#+'+0*"#+#2,*%&$#+0"6$%$/&$#J+
#$,'%'0*#+,*%+24'+S2/&'+0$+0">'&'()*+0*+$0"6P<"*N+F#&$+,%*<$0"4$/&*+'6"82%'T#$+H+,'%&"0'+"/<*%%$<&*+,*"#+
<'0'+,>'<'+0$+,$0%'+/)*+0$C$+6"<'%+6"O'+'+0*"#+#2,*%&$#+0"6$%$/&$#J+L2$+,*0$4+&$%+<*4,*%&'4$/&*#+
0"6$%$/&$#J+<'2#'/0*+$#6*%(*#+$>$C'0*#+/'+,>'<'+0$+,$0%'N+R+,*"#+"4,*%&'/&$+,*%&'/&*+8'%'/&"%+L2$+
&*0*#+*#+8'&*#+L2$+6"O'4+24'+,$0%'++$#&)*+#$82%*#+'+',$/'#+24+#2,*%&$+0*+4$#4*+4'&$%"'>+$+#$4+
S2/&'#+0$+0">'&'()*+/'+?*/'+*/0$+'+,$0%'+G+<*>*<'0'N+
+W*+$/&'/&*J+6*"+/$#&'+*.%'+%$6$%"0*+L2$+/$##$#+<'#*#+*#+.2%'<*#+,'%'+*#+,"/*#+$6$<&2'0*#+/'#+,>'<'#+0$+
,$0%'+$%'4+<*/#"0$%'C$>4$/&$+*C'>"?'0*#+,'%'+,$%4"&"%+*+4*C"4$/&*+0'+,>'<'+0$+,$0%'+/'+0"%$<()*+0'#+
S2/&'#+$O"#&$/&$#+/'+6'<D'0'N+F#&$+#*>2()*+/)*+G+'+L2$+<*/#&'+/*#+4'/2'"#+&G</"<*#+0$+',>"<'()*+0$#&$+
&",*+0$+6'<D'0'#J+*/0$+G+#$4,%$+%$6$%"0*+L2$+/)*+#$+0$C$+',>"<'%+24'+,$0%'+6"O'+'+0*"#+#2,*%&$#+
0"6$%$/&$#+L2$+,*##'4+&$%+0$#>*<'4$/&*#+$/&%$+#"J+<*4*+G+*+<'#*+0$+#2,$%6P<"$#+#$,'%'0'#+,*%+24'+
S2/&'+0$+0">'&'()*N++
F#&$+,%*<$0"4$/&*J+'"/0'+L2$+<*4+$#&'+'0',&'()*J+,*0$+#2#<"&'%+02C"0'#+L2'/&*+H+#2'+'0$L2'()*+,*"#+
4$#4*+<*4+'+%$'>"?'()*+0$+62%*#+0$+&'4'/D*+#2,$%"*%+'*#+,"/*#+,'%'+,$%4"&"%+L2$+'#+,>'<'#+0$+,$0%'+
'<*4,'/D$4+*#+4*C"4$/&*#+0'#+S2/&'#+0$+0">'&'()*+0*+$0"6P<"*J+G+,*##PC$>+L2$+#$+"/#&'>$4+&$/#M$#+
/$##'#+,>'<'#+0$+,$0%'+L2$+,*0$4+>$C'%+I+L2$.%'+0$#&'#+*2+0*#+#$2#+#2,*%&$#N+
;A$Y4$<5*24$324$;(5@-)325*24$<2*)@$<'+/24$;2**';/)@'%/'$
-#+62%*#+6*%'4+6$"&*#+,$%,$/0"<2>'%4$/&$+I+6'<D'0'J+I+$O<$,()*+0*#+%$'>"?'0*#+,%:O"4*#+0'#+$#L2"/'#+
0*+ $0"6P<"*+ L2$+ $%'4+ %$'>"?'0*#+ '+ <$%<'+ 0$+ fgz+ $4+ %$>'()*+ I+ 6'<D'0'J+ <*4*+ %$<*4$/0'0*N+ 7/&$#+ 0$+
#$%$4+ ,%$$/<D"0*#+ <*4+ '%8'4'##'+ *#+ 62%*#+ $%'4+ >"4,*#+ $+ #*,%'0*#+ $+ D24$0$<"0*#+ <*4+ H82'+ ,'%'+
8'%'/&"%+24'+'0$%K/<"'+,$%6$"&'+0'+'%8'4'##'+'*+#2,*%&$N+
3A$74$C'3*)4$'4/12$3'R+3)@'%/'$%+R'.)3)4$$
7*+ ',>"<'%+ '#+ ,$0%'#+ $%'+ C$%"6"<'0*+ *+ #$2+ /"C$>'4$/&*+ <*4+ 24+ /PC$>+ L2$+ $%'+ ,*"#'0*+ $4+ <"4'+ 0$#&'#J+
,'%'+C$%"6"<'%+#$+$#&'C'4+D*%"?*/&'"#+$+<*4+*2&%*+L2$+$%'+<*>*<'0*+/24+0*#+>'0*#+,'%'+C$%"6"<'%+'+#2'+
C$%&"<'>"0'0$N+
+
bad+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
VN=NQN?&@:,"U*2&(&/*#+*2&'(&",:"3"22"&
F#&$+<%"&G%"*+/)*+#$+',>"<'+/$#&'+*.%'N+
+
VN=NQN=&^&g"+*2&3(+_%.5*2&
)A$Y4$<5*24$324$;(5@-)325*24$/U@$2$/)@)%(2$)3'=5)32$
-#+ 62%*#+ ,'%'+ *#+ <D24.'0*2%*#+ $%'4+ %$'>"?'0*#+ <*4+ 24'+ .%*<'+ 0$+ ag+ 44+ 0$+ 0"_4$&%*N+ 7+ 0"4$/#)*+
6"/'>+0*#+62%*#+'<'.*2+,*%+#$%+24+,*2<*+4'"*%+C"#&*+L2$+*+*,$%'0*%+4*C"'+*+4'%&$>*+,$%62%'0*%+,'%'+*#+
>'0*#+02%'/&$+'+%$'>"?'()*+0*#+62%*#N+@*/#&'&*2T#$+L2$+$#&$#+6"<'C'4+<*4+24+0"_4$&%*+$/&%$+*#+dg44+
$+ *#+ fc+ 44J+ >"8$"%'4$/&$+ "/6$%"*%+ '*+ 4P/"4*+ %$<*4$/0'0*+ rfc+ 44sN+ 7+ ,%*62/0"0'0$+ 0$#&$#+ /)*+ $%'+
<*/&%*>'0'+"/0"C"02'>4$/&$+4'#+2>&%','##'C'+*#+kc+44+4P/"4*#+%$<*4$/0'0*#N+
+
-A$Y4$<5*24$%)4$C.);)4$3'$C'3*)$/U@$2$/)@)%(2$)3'=5)32$$
-+$"O*+0*#+62%*#+<*"/<"0"'+<*4+*+$"O*+0'+$#,$##2%'+0'+,>'<'J+$+$#&$#+&"/D'4+24+0"_4$&%*+0$+<$%<'+0$+e+
44N+ !$##$+ 4*0*J+ D'C"'+ 24'+ 6*>8'+ 0$+ + a+ 44+ $/&%$+ *+ &'4'/D*+ 0*#+ 62%*#+ $+ *+ &'4'/D*+ 0*#+ ,"/*#+
4$&H>"<*#+,'%'+8'%'/&"%+L2$+'#+<'4"#'#+,>H#&"<'#+2#'0'#+/*#+#2,*%&$#+#2,$%"*%$#+<*2.$##$4+/*#+62%*#N+
7+,%*62/0"0'0$+0$#&$#+62%*#+/)*+$%'+<*/&%*>'0'+0$+6*%4'+42"&*+,%$<"#'J+D'C$/0*+',$/'#+24'+4'%<'+/'+
.%*<'+ <*4+ L2$+ #$+ %$'>"?'%'4+ *#+ 62%*#+ 0'+ ,%*62/0"0'0$+ 4P/"4'+ 0$#&$#N+ W*+ $/&'/&*J+ <*4*+ *#+ ,"/*#+
2#'0*#+ &"/D'4+ 24+ .'&$/&$+ '+ 4$"*+ L2$+ 6"O'C'+ '+ #2'+ ,*#"()*J+ 4$#4*+ L2$+ '+ ,%*62/0"0'0$+ 0*#+ 62%*#+
$6$<&2'0*#+ 6*##$+ >"8$"%'4$/&$+ #2,$%"*%+ I+ /$<$##H%"'J+ $#&$+ ,%*<$0"4$/&*+ /)*+ ,*0$%"'+ ,q%+ $4+ %"#<*+ '+
L2'>"0'0$+0*+&%'.'>D*N+
+
;A$Y4$<5*24$%)4$C.);)4$3'$C'3*)$<2*)@$3'R+3)@'%/'$C*''%;(+324$
-#+62%*#+%$'>"?'0*#+/'+,$0%'#+$%'4+#*,%'0*#+,'%'+%$&"%'%+'+,*$"%'+'/&$#+0$+#$%$4+,%$$/<D"0*#N+
W*#+62%*#+"/6$%"*%$#+6*"+',>"<'0'+<*>'+,'%'+#*>"0"6"<'%+*#+,"/*#+I#+,$0%'#J+<*4+24'+$#,H&2>'+,'%'+8'%'/&"%+
L2$+'+&*&'>"0'0$+0*+62%*+$%'+,%$$/<D"0*N+W*#+62%*#+#2,$%"*%$#+2#'%'4T#$+',$/'#+<'4"#'#+,>H#&"<'#+,'%'+
8'%'/&"%+>".$%0'0$+0$+4*C"4$/&*#+$+'##"4+'.#*%C$%+$C$/&2'"#+0$#>*<'4$/&*#+$+0">'&'(M$#N+
+
3A$Z)*)%/+*$=5'$412$3'+J)3)4$E5%/)4$3'$/)@)%(2$)3'=5)32$'%/*'$)4$C'3*)4$
W$#&'+*.%'J+*,&*2T#$+,$>'+%$'>"?'()*+0$+S2/&'#+$/&%$+,$0%'#+0$+g+44N+F##'#+S2/&'#+$%'4+%$'>"?'0'#+<*4+
*+%$<2%#*+'+02'#+<2/D'#+,>H#&"<'#+0$+a44+$+0$+d44+#*.%$,*#&'#J+,'%'+8'%'/&"%+'+2/"6*%4"0'0$+0*+
&'4'/D*+0'#+S2/&'#N+F#&$+&",*+0$+,%*<$0"4$/&*+8'%'/&"2+L2$+'#+S2/&'#+0$"O'0'#+%$#,$"&'C'4+'+$#,$##2%'+
baf+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@',"&2>*+eV+@'#*#+0$+F#&20*+
4P/"4'+%$<*4$/0'0'+,'%'+$#&$+&",*+0$+%$C$#&"4$/&*N+W)*+6*"+,*##PC$>+',2%'%+#$+&"/D'4+#"0*+0$"O'0'#+
S2/&'#+#2,>$4$/&'%$#+0$+$#L2'%&$>'4$/&*+,'%'+0$>"4"&'%+,'"/G"#+0$+H%$'#+4'"#+%$02?"0'#+/'#+6'<D'0'#+
0$+4'"*%$#+0"4$/#M$#N+
+
'A$Y4$/'@C24$3'$4';)&'@$32$;+@'%/2$25$3)4$)*&)@)44)4$412$*'4C'+/)324$
!$,*"#+ 0$+ #$+ ,%$$/<D$%$4+ *#+ <D24.'0*2%*#+ <*4+ <"4$/&*+ %H,"0*+ $+ 0$+ #$+ &$%+ "/&%*02?"0*+ *+ 8'&*J+ *+
<"4$/&*+ 8'/D'C'+ ,%$#'+ $4+ ,*2<*#+ 4"/2&*#N+ -+ &$4,*+ /$<$##H%"*+ ,'%'+ 0$#>*<'%+ '+ ,$0%'+ '&G+ I+ ?*/'+ 0$+
',>"<'()*+ $%'+ #26"<"$/&$+ ,'%'+ 8'%'/&"%+ L2$+ *#+ <D24.'0*2%*#+ #$<'C'4+ 0$C"0'4$/&$+ '&G+ #$%+ #$82%*+
<*>*<'%+'#+,$0%'#N+
!2%'/&$+ *+ ,%$$/<D"4$/&*+ 0*#+ 8'&*#+ *+ <"4$/&*+ $%'+ '4'##'0*+ $4+ ,$L2$/'#+ L2'/&"0'0$#+ r',$/'#+ *+
#26"<"$/&$+ ,'%'+ *+ ,%$$/<D"4$/&*+ 0$+ 0*"#+ <D24.'0*2%*#s+ ,'%'+ L2$+ $#&$+ /)*+ ,$%0$##$+ '+ #2'+
&%'.'>D'.">"0'0$N+
+
<A$7$;)+J)$3'$)*$O$3'$3+@'%4H'4$)3'=5)3)4$'$'4/M$3'42-4/*5P3)$
7+<'"O'+0$+'%J+*2+#$S'+*+$#,'(*+$/&%$+*+,'/*+0$+'>C$/'%"'+$+*+&'%0*?+0'#+,>'<'#+0$+,$0%'#++&"/D'+<$%<'+0$+
g+ <4N+ p*2C$+ *+ <2"0'0*J+ &'>+ <*4*+ G+ %$<*4$/0'0*J+ 0$+ '>"#'%+ *+ <"4$/&*+ 0*#+ <D24.'0*2%*#+ 0*#+ 8'&*#+
4$&H>"<*#+,'%'+L2$+'+<'"O'+0$+'%+6"<'##$+0$#*.#&%2P0'N++
+
&A$Y4$&)/24$;2@$<+J)012$@';?%+;)$'4/12$;2**';/)@'%/'$+%4/).)324$
W$#&'+*.%'J+$#&'C'+,%$C"#&'+'+2&">"?'()*+0$+6"O'()*+4$<_/"<'+'##*<"'0'+'+8'&*#+,%:,%"*#+,'%'+'+#2#,$/#)*+
0$+ ,>'<'#+ 0$+ ,$0%'+ /'#+ ?*/'#+ */0$+ $%'+ /$<$##H%"*+ "/#&'>'%+ ,>'<'#+ 0$+ ,$0%'+ /'+ ,'%&$+ "/6$%"*%+ 0$+
#2,$%6P<"$#+D*%"?*/&'"#N+W*+$/&'/&*J+$#&'+6'#$+0'+*.%'+'"/0'+/)*+#$+$/<*/&%'C'+'+0$<*%%$%J+/*+4*4$/&*+
$4+L2$+$#&$+&%'.'>D*+6*"+$>'.*%'0*J+,$>*+L2$+/)*+6*"+,*##PC$>+'/'>"#'%+#$+'#+"/#&%2(M$#+6*%/$<"0'#+,$>*+
6'.%"<'/&$+0'+6"O'()*+4$<_/"<'J+/*4$'0'4$/&$+'#+6*%('+0$+',$%&*J+$#&'C'4+'+#$%+%$#,$"&'0'#N++
+
VN=NQNQ&92+,$+$,"&K#+(,3]'."&'(&C$/*,+(&
F#&$+<%"&G%"*+/)*+#$+',>"<'+/$#&'+*.%'N+
&
&
&
+
bag+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
VN=NT&B(,.U.5"Lc(2&U.#".2&:(,".2&"/d2&"&"/%.5"LM*&'*&,(1(2+.3(#+*&
)A$Y4$C)*)@'%/24$;5@C*'@[$;2@$)4$/2.'*?%;+)4$C'*@+/+3)4[$2$C*2E';/2$3'$*'R'4/+@'%/24$
@*4*J+02%'/&$+'#+C"#"&'#+I+*.%'J+'+"/#&'>'()*+0*+%$C$#&"4$/&*+'"/0'+/)*+&"/D'+#"0*+6"/'>"?'0'J+',$/'#+#$+
,20$%'4+C$%"6"<'%+'>82/#+C'>*%$#N+W*+$/&'/&*J+&'/&*+'+C$%&"<'>"0'0$+0'+?*/'+*.#$%C'0'+<*4*+*+,>'/$?'+
0*+%$C$#&"4$/&*+/$##'+4$#4'+?*/'+$#&'C'4+0$+'<*%0*+<*4+'#+4$0"0'#+$O"8PC$"#N+
+
-A$G'*+<+;)*$=5'$2$'J;'442$3'$@)/'*+).$3'$C*''%;(+@'%/2$3)4$E5%/)4$<2+$.+@C2$
w4'+C$?+L2$+/$#&$+%$C$#&"4$/&*+'#+S2/&'#+6*%'4+0$"O'0'#+'.$%&'#J+$#&'+C$%"6"<'()*+/)*+#$+',>"<'N+
+
;A$G'*+<+;)*$=5'$)4$F2%)4$%2$/2C2$324$*'R'4/+@'%/24$'4/12$+@C'*@')-+.+F)3)4$
!'0*+L2$+02%'/&$+'#+C"#"&'#+I+*.%'J+'+"/#&'>'()*+0*+%$C$#&"4$/&*+/)*+#$+$/<*/&%'C'+6"/'>"?'0'+$+'#+?*/'#+
#2,$%"*%$#+'"/0'+/)*+&"/D'4+#"0*+'>C*+0*#+&%'.'>D*#+0$+%$,'%'()*J+/)*+6*"+,*##PC$>+C$%"6"<'%+$#&$+,*/&*N++
+
+
+
+
bai+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
@*/<>2#)*+
)*#5%$2M*&
+
7*+ >*/8*+ 0$#&$+ &%'.'>D*+ 6*%'4+ "0$/&"6"<'0*#+ $+ 0$#<%"&*#+ *#+ <'4,*#+ 0$+ ',>"<'()*+ 0*#+ 4G&*0*#+ 4'"#+
2#'0*#+'<&2'>4$/&$+/*+%$C$#&"4$/&*+0$+6'<D'0'#+<*4+,>'<'#+0$+,$0%'N+9*%'4J+0$#&$+4*0*J+'.*%0'0*#+
0*"#+ 4G&*0*#+ 0$+ 6"O'()*+ 0"%$<&'+ r<*>'8$4+ $+ #$>'8$4s+ $+ &%K#+ 4G&*0*#+ 0$+ 6"O'()*+ "/0"%$<&'+ 0$+ ,$0%'#+ '+
6'<D'0'#+ r<*4+ '8%'6*#+ $+ ,*/&*#+ 0$+ '%8'4'##'J+ <*4+ 8'&*#+ 4$&H>"<*#+ $+ <*4+ $#&%2&2%'+ 0$+ #2,*%&$+
"/&$%4G0"'sN+9*"+&'4.G4+'.*%0'0'+'+<*4,'&".">"0'0$+0*#+0"6$%$/&$#+&",*#+0$+6"O'()*+<*4+*#+0"6$%$/&$#+
&",*#+ 0$+ 6'<D'0'#J+ .$4+ <*4*+ '#+ 0"6$%$/('#+ $+ ,'%&"<2>'%"0'0$#+ 0*+ 2#*+ 0$+ 6"O'0*%$#+ 0$+ <D24.'%+ *2+
4$<_/"<*#N+
!$,*"#J+,%*<$0$2T#$+H+0$#<%"()*+0*#+,%*<$##*#+<*/#&%2&"C*#+,'%'+24'+'0$L2'0'+<*>*<'()*+0'#+,>'<'#+0$+
,$0%'+2#'/0*+*#+CH%"*#+4G&*0*#+'<"4'+%$6$%"0*#N+Z$/&*2T#$J+0$##'+6*%4'J+%$<*>D$%+"/6*%4'(M$#+,'%'+'+
<%"'()*+ 0$+ 24+ 4'/2'>+ 0$+ ',>"<'()*+ #2<"/&*J+ */0$+ $#&"C$##$4+ '8%2,'0*#+ &*0*#+ *#+ ,'##*#+ $+
%$<*4$/0'(M$#+ /$<$##H%"*#+ ,'%'+ '+ '0$L2'0'+ ',>"<'()*+ 0$+ %$C$#&"4$/&*#+ ,G&%$*#+ 2#'/0*+ *#+ 4G&*0*#+
'.*%0'0*#+/$#&$+&%'.'>D*N+
@*4+ .'#$+ /$##$#+ $>$4$/&*#+ 24+ ,>'/*+ 0$+ <*/&%*>*+ 0$+ L2'>"0'0$+ 6*"+ 0$,*"#+ #28$%"0*J+ L2$+ $/8>*.'+ 24+
&%*/<*+ <*424+ '*#+ CH%"*#+ &",*#+ 0$+ 6"O'()*+ $+ <*/&%*>*#+ '0"<"*/'"#+ $#,$<P6"<*#+ ,'%'+ <'0'+ 4G&*0*+ 0$+
6"O'()*N+
\$82"0'4$/&$+6*%'4+0$#<%"&'#+'#+,%"/<",'"#+,'&*>*8"'#+$+'/*4'>"'#+L2$+*<*%%$4J+<*4+4'"#+6%$L2K/<"'J+
/$#&$+ &",*+ 0$+ %$C$#&"4$/&*+ $+ $/24$%'0'#+ '#+ #2'#+ <'2#'#+ 4'"#+ ,%*CHC$"#J+ D'C$/0*+ '"/0'+ 24'+ .%$C$+
0$#<%"()*+ 0'+ #$L2$/<"'+ 0$+ ,%*<$0"4$/&*#+ L2$+ #)*+ /$<$##H%"*#+ #$82"%+ ,'%'+ '+ %$,'%'()*+ $+ $>"4"/'()*+
0$#&'#+,'&*>*8"'#N+
+7*+ >*/8*+ 0*+ ,%$#$/&$+ &%'.'>D*J+ $+ <*4+ *+ *.S$<&"C*+ 0$+ <*/#$82"%+ 24'+ ,$%#,$<&"C'+ ,%H&"<'+ 0$#&'#+
4$&*0*>*8"'#J+6*%'4+%$'>"?'0'#+CH%"'#+C"#"&'#+'+*.%'#+*/0$+#$+',>"<'%'4+6'<D'0'#+%$C$#&"0'#+'+,>'<'#+0$+
,$0%'N+p*2C$J+/*+$/&'/&*J+24+$0"6P<"*+L2$+$#&'C'+'+#$%+#2S$"&*+'+*.%'#+0$+.$/$6"<"'()*+0'#+6'<D'0'#+L2$+
4$%$<$2+,'%&"<2>'%+'&$/()*+$+L2$+6*"+2#'0*+&'/&*+/'+0$#<%"()*+0$+'>824'#+'/*4'>"'#+<*4*+0$,*"#+,'%'+
'+',>"<'()*+0*+,>'/*+0$+<*/&%*>*+0$+L2'>"0'0$N+
!'+ %$'>"?'()*+ 0$#&$+ &%'.'>D*+ ,*0$+ <*/<>2"%T#$+ L2$J+ 8%'/0$+ ,'%&$+ 0'#+ '/*4'>"'#+ $+ ,'&*>*8"'#+
"0$/&"6"<'0'#J+ %$#2>&'4+ ,%"/<",'>4$/&$+ 0'+ "/<*%%$<&'+ $#<*>D'+ 0*#+ %$C$#&"4$/&*#+ *2+ 0'+ 4H+ ',>"<'()*+
0$#&$#J+ #$S'+ ,*%+ $%%*#+ /'#+ 6'#$#+ 0$+ <*/<$,()*+ *2+ 0$+ $O$<2()*N+ W'+ 6'#$+ 0$+ <*/<$,()*+ *2+ ,%*S$<&*+ G+
"4,%$#<"/0PC$>+ '+ %$'>"?'()*+ 0$+ 24+ ,%*S$<&*+ <*4,>$&*J+ <*4+ *+ $#&20*+ 0*+ 4G&*0*+ 0$+ 6"O'()*+ '+ 2#'%J+ 0*+
&",*+ 0$+ ,$0%'+ '+ $4,%$8'%+ $+ 0*+ #$2+ '<'.'4$/&*J+ 0*+ 0"4$/#"*/'4$/&*+ 0*#+ 6"O'0*%$#+ $+ 0'+ 0$#<%"()*+
,*%4$/*%"?'0'+0*#+4G&*0*#+<*/#&%2&"C*#+'+2#'%J+"/<>2"/0*+'#+0"4$/#M$#+0'#+S2/&'#+$+0'+<'"O'+0'+'%+,*%+
$O$4,>*N+ Z'4.G4+ #$+ %$C$>'+ "4,*%&'/&$+ '##$82%'%+ '+ <*4,'&".">"?'()*+ 0*+ ,%*S$<&*+ $>'.*%'0*+ ,'%'+ *+
%$C$#&"4$/&*+<*4+*#+*2&%*#+,%*S$<&*#+0'+*.%'J+,'%'+$C"&'%+%$'>"?'%+6"O'(M$#+0$+,>'<'#+0$+,$0%'+$4+?*/'#+
*/0$+D'S'4+'%4'02%'#+,%"/<",'"#+*2+&2.'8$/#+$+,'%'+$C"&'%+&'4.G4+<*>*<'%+,>'<'#+0$+,$0%'+#*.%$+'#+
"/&$%6'<$#+0$+0*"#+#2,*%&$#+0$+/'&2%$?'+0"6$%$/&$#+
+
bae+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
5'%'+$C"&'%+$%%*#+/'+6'#$+0$+$O$<2()*J+'+<*%%$<&'+6*%4'()*+0*#+',>"<'0*%$#+$+24'+6"#<'>"?'()*+'&$/&'+0*#+
&%'.'>D*#+ G+ "4,%$#<"/0PC$>N+ 7,$/'#+ 0$##$+ 4*0*+ G+ ,*##PC$>+ 8'%'/&"%+ 24+ <*%%$<&*+ 4'/2#$'4$/&*+ 0*#+
4'&$%"'"#+$+*+#$82"4$/&*+0*#+,%*S$<&*#+$+0*#+<'0$%/*#+0$+$/<'%8*#+,'%'+'+*.&$/()*+0$+&%'.'>D*#+6"/'"#+
0$+L2'>"0'0$N+
5'%'+#"#&$4'&"?'%+$#&'#+C$%"6"<'(M$#+,*0$T#$+2#'%J+$4+*.%'J+&'/&*+/'+6'#$+0$+,%*S$<&*+<*4*+0$+$O$<2()*J+
24+5>'/*+0$+@*/&%*>*+0$+A2'>"0'0$+&'>+<*4*+*+$>'.*%'0*N+W*+$/&'/&*J+$#&$+5>'/*+/)*+,*0$+#$%C"%+0$+
#2.#&"&2&*+'*+,%*S$<&*+/$4+I+0$#<%"()*+0*#+4G&*0*#+<*/#&%2&"C*#N+W*+<'#*+0'+*.%'+$4+$#&20*J+*+,>'/*+
0$+ <*/&%*>*+ 0$+ L2'>"0'0$+ %$C$>*2T#$+ U&">+ ,'%'+ #"#&$4'&"?'%+ &*0'#+ '#+ C$%"6"<'(M$#+ L2$+ 0$C$4+ #$%+
%$'>"?'0'#N+5'%'+'+<*%%$<&'+2&">"?'()*+0*+,>'/*J+'+,$##*'+$/<'%%$82$+0'#+C$%"6"<'(M$#+0$C$+&$%+'<$##*+'+
&*0*#+*#+0*<24$/&*#+$+&$4+0$+$#&'%+,%$#$/&$+/'+*.%'N+E/6$>"?4$/&$J+&'>+/)*+6*"+*+<'#*+/'+C$%"6"<'()*+0*+
,>'/*+ 0$+ <*/&%*>*+ 0$+ L2'>"0'0$+ $6$<&2'0*+ /'+ 0"##$%&'()*V+ ,*%+ L2$#&M$#+ 0$+ <*/6"0$/<"'>"0'0$+ /)*+ 6*"+
,*##PC$>+ &$%+ '<$##*+ '+ &*0*#+ *#+ 0*<24$/&*#+ 0'+ *.%'Q+ ,*%+ *2&%*+ >'0*+ '>824'#+ 6'#$#+ "4,*%&'/&$#+ /)*+
,20$%'4+ #$%+ '<*4,'/D'0'#+ ,*%+ <*"/<"0"%'4+ <*4+ 4*4$/&*#+ $4+ L2$+ /)*+ 6*"+ ,*##PC$>+ + %$'>"?'%+ C"#"&'+
,%$#$/<"'>+I+*.%'+<*4*+,*%+$O$4,>*+*+4*4$/&*+0'+<D$8'0'+0*#+4'&$%"'"#N+
7+ "4,>$4$/&'()*+ 0$+ 24+ ,>'/*+ 0$#&$+ &",*+ G+ 24'+ *,$%'()*+ '>&'4$/&$+ %$<*4$/0HC$>+ ,*"#+ /)*+ $/C*>C$+
<2#&*#+$>$C'0*#+/24'+*.%'+4'#+L2$+,*0$+&%'?$%+"4,*%&'/&$#+.$/$6P<"*#+<*4*+*+'24$/&*+0'+L2'>"0'0$+
0*#+%$C$#&"4$/&*#+$+'+0"4"/2"()*+0$+'/*4'>"'#J+*+L2$+#$+&%'02?+/24+4$/*%+/U4$%*+0$+,'&*>*8"'#+'*+
>*/8*+0'+C"0'+U&">+0'+*.%'N+F##'+%$02()*+0'#+'/*4'>"'#+02%'/&$+*+,$%P*0*+0$+8'%'/&"'+0'+*.%'+&'4.G4+
0"4"/2"+ *#+ &%'.'>D*#+ 0$+ %$,'%'()*+ L2$+ $4,%$"&$"%*+ %$#,*/#HC$>+ ,$>*#+ %$C$#&"4$/&*#+ &$%"'+ 0$+ %$'>"?'%J+
&%'?$/0*T>D$+0$#&$+4*0*+"4,*%&'/&$#+$<*/*4"'#N+
F#&$+ 5>'/*+ 0$+ @*/&%*>*+ 0$+ A2'>"0'0$+ ,*0$+ #$%+ 4'"#+ 0$#$/C*>C"0*+ <*4+ *2&%'#+ C$%"6"<'(M$#+ L2$+ #$+
$/&$/0'4+ /$<$##H%"'#Q+ ',$/'#+ *+ '<*4,'/D'4$/&*+ 0$+ 4'"#+ *.%'#+ $+ *+ >$C'/&'4$/&*+ 0*#+ $%%*#+ $+
'/*4'>"'#+ 4'"#+ <*42/#+ 02%'/&$+ '#+ 6'#$#+ 0$+ ,%*S$<&*+ $+ <*/#&%2()*+ ,$%4"&"%"'+ &$%+ 24'+ C"#)*+ 4'"#+
'.%'/8$/&$+$+'##"4+<*4,>$&'%+*+,>'/*N+-+,>'/*+&'4.G4+,*0$%"'+'"/0'+#$%+'>'%8'0*+'+*2&%*#+4G&*0*#+
0$+%$C$#&"4$/&*+0$+6'<D'0'#+$4+,$0%'+2#'0*#+<*4+4$/*#+6%$L2K/<"'N+
7+4'/2&$/()*+0*#+$0"6P<"*#+$+0'#+#2'#+6'<D'0'#+G+62/0'4$/&'>+,'%'+4'/&$%+'+L2'>"0'0$+0'#+<*/#&%2(M$#+
$+$#&$/0$%+*+,$%P*0*+0$+C"0'+U&">+0$#&'#N+W*+$/&'/&*J+G+C2>8'%+<*/#&'&'%+L2$+'+4'/2&$/()*+0*#+$0"6P<"*#+
/$4+ #$4,%$+ G+ 6$"&'J+ #$S'+ ,*%+ 0$#<*/D$<"4$/&*+ 0*#+ ,%*,%"$&H%"*#+ *2+ ,*%+ %'?*$#+ $<*/:4"<'#N+ !$#&$+
4*0*J+ ,*0$%"'+ #$%+ "/&$%$##'/&$+ %$'>"?'%+ 24+ ,>'/*+ 0$+ 4'/2&$/()*+ 0$+ $0"6P<"*#+ %$C$#&"0*#+ '+ ,$0%'+
/'&2%'>J+*/0$+6*##$4+0$#<%"&*#+'#+*,$%'(M$#+0$+4'/2&$/()*+L2$+0$C$4+#$%+%$'>"?'0*#+$+*#+"/&$%C'>*#+
&$4,*%'"#+0$#&'#J+,'%'+6'<">"&'%+*+,>'/$'4$/&*+0$#&$#+&%'.'>D*#N+
+
+
+
bak+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
;".>"*8%'6"'+
f.8%.*:,"U."&
+
tbu+@'4,*#"/D*#J+B2"+T+0(1(2+.3(#+*2&'(&7(',"&W"+$,"%&5*3&4.["LM*&!(5b#.5"&^&I.3(#2.*#"3(#+*&(&
/,*i(5+*+T+F0"(M$#+\">'.*J+^"#.*'+acch+
tau+ W$&*J+ W'&H>"'+ 3'%8'%"0'+ ^"4'+ T+ C.2+(3"2& '(& "/*.*& a& .#2/(5LM*& (& '.":#*2+.5*& '(& "#*3"%."2& (3&
,(1(2+.3(#+*2& (3& /(',"& #"+$,"%& ^& !"##$%&'()*+ ,'%'+ '+ *.&$/()*+ 0*+ 8%'2+ 0$+ 4$#&%$+ $4+ <*/#&%2()*J+ E#&+
7.%">+0$+acck+
tdu++\">C'J+7/'+9">",'+9$%%$"%'+T+7,(1.2M*&'"&1.'"&<+.%&'(&,(1(2+.3(#+*2&'(&/(',"&#"+$,"%&'(&/",('(2+T+
!"##$%&'()*+,'%'+*.&$/()*+0*+1%'2+0$+3$#&%$+$4+F/8$/D'%"'+@"C">J+^"#.*'+-2&2.%*+0$+acch+
tfu+ ^'.*%'&:%"*+ W'<"*/'>+ 0$+ F/$%8"'+ $+ 1$*>*8"'+ T+ H0W@f@C9& ^& f"2(& '(& I"'*2& '*& )"+_%*:*& '(& 0*56"2&
H,#"3(#+".2& 7*,+$:$(2"2+ T+ 0"#,*/PC$>+ /'+ E/&$%/$&+ $4+ D&&,Vxx$T8$*N"/$&"N,&x.0#x*%/'.'#$x0$6'2>&N'#,O+
<*/#2>&'+%$'>"?'0'+$4+bg+0$+•2>D*+0$+acbc+
tgu+ 5"/&*J+ 7>.$%&*+ @%2?+ B$'$#Q+ 7>D*J+ 7/&:/"*+ 7##2/()*Q+ 3*2%'J+ 7/&:/"*+ 7282#&*+ @'#'>+ 7?$C$0*Q+
@'%C'>D*J+@%"#&"/'+E#'.$>+5'2>*Q+B'4*#J+•*)*+3'/2$>+9'%"/D'Q+7>4$"0'J+W$>#*/+@'>C"/*Q+3$#&%$J+="<&*%+T+
!"#$"%&'"&7(',"&W"+$,"%&/","&"&@,O$.+(5+$,"&e&@$0"/&$<J+acci&
tiu+3H%4*%$#+@%"#&:C)*J+0"#,*/PC$>+/'+E/&$%/$&+$4+D&&,VxxYYYN4<%"#&*C'*N<*4x#"&$xJ+<*/#2>&'+%$'>"?'0'+
$4+ae+0$+78*#&*+0$+acbc+
teu+ 3*>$'/*#+ 0"#,*/PC$>+ /'+ E/&$%/$&+ $4+ + D&&,VxxYYYN4*>$'/*#N<*4x,&x+ <*/#2>&'+ %$'>"?'0'+ $4+ bg+ 0$+
•2>D*+0$+acbc+++
tku+\*2?'J+•U>"*+@G#'%Q+^"%'J+;$>'%4"/*+;'%.*#'+j+P(5#*%*:."&'(&@22(#+"3(#+*&'(&4"56"'"2l&7,*i(+*&(&
9#2".*2&P(5#*%d:.5*2&/","&K#2(,+2&!(+_%.5*2+^&EEE+\"4,:#"*+0$+B*<D'#+-%/'4$/&'"#+0*+W*%0$#&$J+acca&
thu+ @'4,*#"/D*#J+ B2"Q+ 74'%'>J+ 5$0%*+ T+ )"'(,#*& P]5#.5*& '(& "/%.5"LM*l& $2*& (& 3"#$+(#LM*& '(& ,*56"2&
*,#"3(#+".2+j+7##"4'8%'J+•2>D*+0$+acce+
tbcu+@*%%$"'J+@G#'%+j+7"+*%*:."2&K'(#+.U.5"'"2&(&)","5+(,.X"'"2&(3&0(1(2+.3(#+*2&9[+(,.*,(2&'(&7(',"&
W"+$,"%&5*3&4.["LM*&I.,(5+"&e&@%:$3"2&0(5*3(#'"Lc(2&/","&"&2$"&7,(1(#LM*+T+\'"/&T1*.'"/+~$.$%+
@"4$/6"OJ+accd+
tbbu+ @'D"$%#+ 02+ @\Z;+ T+ )"6.(,& '(2& 7,(25,./+.*#2& P(56#.O$(2& 'm([]5$+.*#& ^& 0(1j+(3(#+2& '(& 3$,2&
([+],.($,2&(#&5",,("$[&&5],"3.O$(2&*$&"#"%*:$(2&5*%%]2&"$&3*n(#&&'(&3*,+.(,2^5*%%(2&(#&+,"1"$[&#($U2+
T+*<&*.%$+accc+
tbau+3',$"+T+7,*'$+*2&/","&5(,b3.5"&(&3"+(,.".2&/]+,(*2l&3',$"+
tbdu+@*%%$"'J+@G#'%+T+)","5+(,.X"LM*&'(&(U%*,(25j#5."2l&2$"&#"+$,(X"&(&3(5"#.23*2&'(&U*,3"LM*&(3&
U"56"'"2&,(1(2+.'"2&5*3&5(,b3.5"&(&/(',"&#"+$,"%+T+\'"/&T1*.'"/+~$.$%+@"4$/6"O+\7J+bz+@*/8%$##*+
/'<"*/'>+0$+7%8'4'##'#+0$+@*/#&%2()*J+^"#.*'+accg+
+
bah+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
tbfu+ 7/&2/$#+ 3'%&'Q+ „"4B*#$/.*4+ •N+ 1'%<"'+ @#*3"%."2& #"& )*%":(3& '(& 7(',"2& W"+$,".2& bz+ <*/8%$##*+
/'<"*/'>+0$+'%8'4'##'#J+W*C$4.%*+0$+accg+
tbgu+~$.$%+T+H&g$."&G(8(,J+acbc+
tbiu+12$%%'J+3'%&"/#+T+0(1(2+.3(#+*2&^&)*#'.Lc(2&P]5#.5"2&'(&9[(5$LM*+T+\$%"$+3'&$%"'"#++
tbeu+@*/#&%2>"/[+T+I*22.(,&+]5#.5*^(5*#d3.5*&U"56"'"&1(#+.%"'"&#o=J+-2&2.%*+acci+&
tbku+E/*,>'+j+C.2+(3"2&'(&U.["LM*&(3&.#*[+T+0"#,*/PC$>+/'+E/&$%/$&+$4+
D&&,VxxYYYN"/*,>'N,&x#"&$x"/0$ON,D,+<*/#2>&'+%$'>"?'0'+$4+g+\$&$4.%*+0$+acbc+++
tbhu+p'>,D$/+!$D'+T+4.["Lc(2&!(5b#.5"2&/","&/(',"&^&g$."&+]5#.5*l&p'>,D$/+!$D'++
tacu+ !75@-+ j+ 4.["'*,(2& K#*[.'_1(.2+ 0"#,*/PC$>+ /'+ E/&$%/$&+ $4+ D&&,VxxYYYN0',<*N<*4N.%x+ <*/#2>&'+
%$'>"?'0'+$4+ac+0$+•2>D*+0$+acbc++
tabu+F#<*>'+\2,$%"*%+0$+Z$</*>*8"'+0$+Z*4'%+j+0(1(2+.3(#+*&/","&/","3(#+*2&([+(,.*,(2&'(&/",('(2&^&
7,*5(22*2&:(,".2&'(&5*#2+,$LM*&KK+j+@2%#*+0$+F/8$/D'%"'+@"C">+
taau+=$"8'J+3'%"'+0*+B*#H%"*+j+@5LM*&'(&4*,3"LM*&2*8,(&0(1(2+.3(#+*2&9[+(,.*,(2&'(&/",('(2+T+
@-W\ZBw…†-+accf+az+@*/8%$##*+W'<"*/'>+0'+@*/#&%2()*J+!$?$4.%*+0$+accf+
tadu+^WF@+T+I*5$3(#+*&'(&D*3*%*:"LM*&^&C.2+(3"&'(&4.["LM*&'(&7%"5"2&'(&7(',"&#"+$,"%&/","&
0(1(2+.3(#+*&'(&7",('(2+j+15@++F4,%$#'+0$+1%'/"&*#+5*>"0*#+$+@'/&'%"'#J+^0'NJ+•'/$"%*+0$+acce+
tafu+F<>'0+T+P6(&U$+$,(&*U&#"+$,"%&2+*#(&5%"''.#:+
tagu+!*<24$/&#+Z$<D/"L2$#+w/"6"G#+T+IPh&SSN=&W47&ZS^=>=^?+j+/*%4'#+,2.>"<'0'#+$4+-2&2.%*+0$+accc+
taiu+ ^2<'#J+ •*#G+ 0$+ @'%C'>D*+ T+ )%"22.U.5"LM*& (& '(25,.LM*& :(,"%& '(& ,(1(2+.3(#+*2& /","& /",('(2& '(&
"%1(#",."&*$&'(&8(+M*+j+^WF@J+^"#.*'+bhhc+
taeu+^w@7\J+•N+@'%C'>D*Q+7;BFwJ+3"82$>+j+0(1(2+.3(#+*2&5(,b3.5*2&5*%"'*2&^&0(5*3(#'"Lc(2&/","&"&
3.#.3.X"LM*&&'*&,.25*&'(&'(25*%"3(#+*&j+^WF@J+accd+
taku+1%'/"&+0$+12$%>$#L2"/+T+)*#2(.%2&(+&+(56#.O$(2&'(&/*2(&e&0"#,*/PC$>+/'+E/&$%/$&+$4+
D&&,VxxYYYN8%'/"&0$82$%>$#L2"/N<*4x+<*/#2>&'+%$'>"?'0'+$4+be+0$+•2>D*+0$+acbc+
tahu+\$%%'#L2$"%*J+@">"'+7>$O'/0%'+;'>&'?'%+T+)*3/*,+"3(#+*&'*2&3"+(,.".2&#"2&.#+(,U"5(2&'(&(%(3(#+*2&
5*#2+,$+.1*2&^&2$"&"/%.5"LM*&(3&U"56"'"2+T+!"##$%&'()*+,'%'+'+*.&$/()*+0*+8%'2+0$+4$#&%$+J+E#&+•2/D*+0$+
acce+
tdcu+1%'/'&*J+•*#G+F02'%0*+T+7"+*%*:."&'"2&U"56"'"2&,(1(2+.'"2&'(&5(,b3.5"&(&:,"#.+*+T+@2%#*+#*.%$+
,'&*>*8"'#+$4+*.%'#+0$+<*/#&%2()*+<"C">J+accd+
tdbu+~'>#XY'+T+)"+_%*:*&P]5#.5*&'(&4.["LM*&-$R3.5"&4.["LM*&/","&)*#2+,$LM*&).1.%++
bdc+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
;".>"*8%'6"'+
tdau+p">&"+T+@/%.5"LM*&.%.3.+"'"&(3&O$"%O$(,&C$/(,UR5.(&^&C.2+(3"&'(&.#i(5LM*+
tddu+9).4_`)+T+)"+_%*:*&P]5#.5*&'(&4.["LM*&!(5b#.5"&^&4.["LM*&/","&)*#2+,$LM*&).1.%&+
tdfu+W'['42%'J+•2>"'/'+T+7,*i(+*&'(&U"56"'"2+j+B$C"#&'+ZG<D/$+haJ+W*C$4.%*+0$+accf++
tdgu+3'4">>'/J+3'%<+T+W*1*2&)*#6(5.3(#+*2&/","&"&h+.%.X"LM*&(&/","&"&7,*+(5LM*&'"&/(',"&#"&
)*#2+,$LM*+j+7WW7^F\+0$+>‚E/#&"&2&+Z$<D/"L2$+02+.'&"4$/&+$+0K#+Z%'C'2O+52.>"<#+/z+ddgJ+•'/$"%*+0$+
bhei+
tdiu+\"['+T+g$."&'"&)*#2+,$LM*l&\"['&
tdeu++9>*%$#T@*>$/J+E/K#Q+;%"&*J+•*%8$Q++;%'/<*J+9$%/'/0*+T+@1"%."LM*&.#^2.+$&'"&"'(,j#5."&'(&3"+(,.".2&'(&
,(1(2+.3(#+*+T+az+@*/8%$##*+/'<"*/'>+0$+'%8'4'##'#+0$+<*/#&%2()*J+^"#.*'+acce+
tdku+p$##$>.'%&DJ+9%'/[Q+B*#$/.*4J+„"4Q+1'%<"'J+•*)*Q+7/&2/$#J+3'%&'+j+7(',"&W"+$,"%&^&h3&!"+(,."%&
p#.5*+j+az+F/<*/&%*+#*.%$+5'&*>*8"'+$+B$'.">"&'()*+0$+F0"6P<"*#J+acci+
tdhu+ B$C"#&'+ 0H)D@C& q& 9O$./"3(#+*2J+ 0"#,*/PC$>+ /'+ E/&$%/$&+ $4+ D&&,VxxYYYN%*<D'#T
$L2",N<*4x,*x/*&"<"'#ND&4>J+<*/#2>&'+%$'>"?'0'+$4+e+0$+78*#&*+0$+acbc+
tfcu+5'&*%%$.+j+!"#56"2&#"&4"56"'"&(3&g,"#.+*&'(&$3"&6"8.+"LM*&h#.U"3.%.",++j+5'&*%%$.+9"<D'+fd+
tfbu+5'&*%%$.+j+I(25*%"3(#+*&'*&0(1(2+.3(#+*&(3&7%"5"2&'(&7(',"&@/%.5"'*&(3&4"56"'"2+j+5'&*%%$.+
9"<D'+ke+
+
+
+
+
bdb+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
+
+
+
+
+
bda+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
7/$O*#+
@#([*&
4.56"2&'(&B(,.U.5"LM*&(&)*#+,*%*&
+
+
+
bdd+
3'/2'>+0$+@*/&%*>*+0$+A2'>"0'0$+,'%'+B$C$#&"4$/&*#+0$+9'<D'0'#+$4+5$0%'++
+
+
+
bdf+
!"##$%&'()*+0$+3$#&%'0*+E/&$8%'0*+$4+F/8$/D'%"'+@"C">+
!"#$%&'
!
!"#$%&'(&)(*"+"#%,-.&(&#./0*.1.&
23*%4&
"!#!$%&'(')*+,%-!.%&*'-!/*&*!0121-!1-!0'/1-!2%!340121-!2%!('5*+61!
2*"(/0%,-.&.5&'(6#*",-.&'%&+%#$%'%&)(*"+"#%'%4&
"7"!#!8-/%)01-!*!9%&'(')*&!*:0%-!21!':')'1!2*!1;&*&
!
!
$%&'(')*!
%7& 8(*"+"#%*& 95(& (:"60(& 5;& !
<*.=(#0.& '(& *()(60";(/0.&
'(&+%#$%'%6&#.;<1(0.&
37& 8(*"+"#%*& %#(66"3"1"'%'(& !
'.6&
0*%3%1$%'.*(6&
(&
6(D5*%/,%&'.6&%/'%";(6!
#7& 8(*"+"#%*& %& (:"60E/#"%& (& !
56.& '.6& (95"<%;(/0.6& '(&
<*.0(#,-.!
'7&8(*"+"#%*&95(&.6&;%0>*"%6& !
/(#(66@*".6&
+.*%;&
(/#.;(/'%'.6&
/%6&
95%/0"'%'(6&
%'(95%'%6&
<%*%& %6& +%6(6& '%& .3*%& (;&
#5*6.!
<*0*! =&'04&'1-!2%!*)%'0*+61!
!
2&<*.=(#0.&'(&*()(60";(/0.&'(&+%#$%'%6&#./0>;&%&'(6#*",-.&#.;<1(0%&'.6&;>0.'.6&
'(& *()(60";(/0.& %'.<0%'.6?& .& 0"<.& '(& ;%0(*"%1& /(#(66@*".& (& 65%6& 95%/0"'%'(6?& %6&
'";(/6A(6&'%6&<('*%6&%&(/#.;(/'%*&(&%&1.#%1"B%,-.&'%6&+":%,A(6&(&'%6&=5/0%6&(/0*(&
<('*%6C!
!
26& 0*%3%1$%'.*(6& 0E;& 5;& %#(66.& 6(D5*.& (& '(6";<('"'.& %.& (:0(*".*& '%6& +%#$%'%6?&
#.;&%/'%";(6&6.1"'%;(/0(&1"D%'.6&@&(60*505*%&'.&('"+F#".&(&'";(/6-.&%'(95%'%6&%.&
0*%/6<.*0(&'%6&<('*%6C&
!
26&0*%3%1$%'.*(6&56%;&#%<%#(0(6&(&#%1,%'.&'(&6(D5*%/,%C&
!
>;-%&9*+,%-!
!
!
!
G:"60(& 95%/0"'%'(& 65+"#"(/0(& '(& <1%#%6& '(& <('*%& (& '(& ;%0(*"%"6& '(& +":%,-.& !
/(#(66@*".6&<%*%&%&+%6(&'%&.3*%&(;&#5*6.C&
&
?%-@A0*21!2*!B:-/%)+61!
H./+.*;(&&&&&! &
!
I66C&(&J%0%4&
K-.&H./+.*;(&&&&&! &
I66&(&J%0%4&
!
!
'
()*'
+,"-,.'/#'0%"12%.%'/#'3-,.4/,/#'5,2,'6#7#&148#"1%&'/#'9,:;,/,&'#8'<#/2,''
!
!"#$%&'(&)(*"+"#%,-.&(&#./0*.1.&
23*%4&
"!#!$%&'(')*+,%-!.%&*'-!/*&*!0121-!1-!0'/1-!2%!340121-!2%!('5*+61!
J(6#*",-.&'.&;%0(*"%1&)(*"+"#%'.4&
"7C!#!8-/%)01-!*!9%&'(')*&!*D@*:21!2*!)E%F*2*!21-!3*0%&'*'-!G!1;&*&
&
H*0%&'*'-!/40&%1-!
%7& 8(*"+"#%*& 95(& %6& <1%#%6&
'(&
<('*%&
6-.&
%6&
(/#.;(/'%'%6&
37& 8(*"+"#%*& 95(& .6&
;%0(*"%"6& (/0*(D5(6& 0E;& %&
;%*#%,-.&
HG&
(&
%&
'(/.;"/%,-.&'%&<('*%&
#7& 8(*"+"#%*& 95(& %6& <('*%6&
0E;&
%6&
'";(/6A(6&
#.**(#0%6&'(&%#.*'.&#.;&%6&
0.1(*M/#"%6&%';"0"'%6&
'7& 8(*"+"#%*& 95(& .6&
;%0(*"%"6& (60-.& (;& 3.%6&
#./'",A(6&
(7& 8(*"+"#%,A(6& %& (+(#05%*&
95%/'.&6(&%<1"#%;&D*%/"0.6&
+7& 8(*"+"#%,A(6& %& (+(#05%*&
95%/'.&
6(&
%<1"#%;&
;@*;.*(6&
$%&'(')*!
&
<*0*! =&'04&'1-!2%!*)%'0*+61!
>;-%&9*+,%-!
&
2& ;%0(*"%1& <>0*(.& (& .6& %#%3%;(/0.6& '(60(& 6-.& .6& "/'"#%'.6& /.6& ;%<%6& '(& &
%#%3%;(/0.6&(&/.6&#%'(*/.6&'(&(/#%*D.6C&
&
&
L.'.6& .6& ;%0(*"%"6& <>0*(.6& *(#(3"'.6& (& %<1"#%'.6& (;& .3*%& 0E;& %& ;%*#%,-.& HG?& %& &
'(/.;"/%,-.&'%&<('*%?&%&;%66%&(&%6&'";(/6A(6&'%6&<1%#%6C&
&
&
I6& <('*%6& *(#(3"'%6& 0E;& %6& '";(/6A(6& *(95(*"'%6& '(& %#.*'.& #.;& %6& 0.1(*M/#"%6& &
%';"0"'%6?&/.;(%'%;(/0(&/.&95(&'"B&*(6<("0.&@&65%&(6<(665*%?&'";(/6A(6&1%0(*%"6?&
(695%'*"%?&<1%/(B%&(&@&1.#%1"B%,-.&(&'";(/6-.&'.6&+5*.6&'(&%/#.*%D(;&
&
&
&
&
&
&
I6&<('*%6&/-.&%<*(6(/0%;&(;<(/%;(/0.6?&6%1"E/#"%6?&+(/'%6?&#%)"'%'(6?&)%*"%,A(6& &
'(& 0./%1"'%'(& '(& #.*& /-.& #%*%#0(*F60"#%6& '%& /%05*(B%& '%& <('*%?& '(+("0.6&
'"66";51%'.6&.5&0%<%'.6&#.;&3(05;(&
26&D*%/"0.6&/-.&0E;&.6&#*"60%"6&'(&+(1'6<%0.&'(;%6"%'.&D*.66.&/(;&;"#%&(;&D*%/'(& &
95%/0"'%'(C&
26& ;@*;.*(6& %<*(6(/0%;& 5;%& #.1.*%,-.& (& <.1";(/0.& <(*+("0.6& /%& +%#(& '%& <('*%& &
95(&+"#%*@&N&)"60%C&
!
?%-@A0*21!2*!B:-/%)+61!
H./+.*;(&&&&&! &
!
I66C&(&J%0%4&
K-.&H./+.*;(&&&&&! &
I66&(&J%0%4&
!
()C'
=4&&#21,>?%'/#'+#&12,/%'@"1#A2,/%'#8'B"A#";,24,'0474.'
!"#$%&'
!
!"#$%&'(&)(*"+"#%,-.&(&#./0*.1.&
23*%4&
"!#!$%&'(')*+,%-!.%&*'-!/*&*!0121-!1-!0'/1-!2%!340121-!2%!('5*+61!
J(6#*",-.&'.&;%0(*"%1&)(*"+"#%'.4&
"7C!#!8-/%)01-!*!9%&'(')*&!*D@*:21!2*!)E%F*2*!21-!3*0%&'*'-!G!1;&*&
!
H*0%&'*'-!2%!('5*+61&
$%&'(')*! <*0*! =&'04&'1-!2%!*)%'0*+61!
>;-%&9*+,%-!
%7& 8(*"+"#%*& 95(& .6& &
&
I6& #.1%6& (& ;%0(*"%"6& '(& #.1%D(;& 6-.& .6& 95(& (60-.& *(+(*(/#"%'.6& /.& <*.=(#0.?& (& .6& &
;%0(*"%"6& '(& +":%,-.& 6-.& .6&
;%0(*"%"6& 56%'.6& <%*%& %6& +":%,A(6& "/'"*(#0%6& (60-.& (;& #./+.*;"'%'(& #.;& %&
(/#.;(/'%'.6&
(/#.;(/'%&+("0%&O0"<.&'(&%,.?&;%*#%6&(&;.'(1.6&'.6&+":%'.*(67C&
37& 8(*"+"#%*& 95(& .6& &
&
I6&(;3%1%D(/6&'%6&#.1%6&(60-.&+(#$%'%6&(&6(1%'%6?&'(/0*.&'%6&(;3%1%D(/6&'(&.*"D(;?& &
;%0(*"%"6& '(& +":%,-.& (60-.&
#.;&%&'%0%&'(&)%1"'%'(&)@1"'%C&I6&+":%,A(6&"/'"*(#0%6&/-.&0E;&6"/%"6&'(&#.**.6-.?&(&%6&
(;&3.;&(60%'.&
6.1'%'5*%6&0E;&%6<(#0.&$.;.D>/(.&(&6(;&<.*.6"'%'(C&
&
?%-@A0*21!2*!B:-/%)+61!
H./+.*;(&&&&&! &
&
'
I66C&(&J%0%4&
K-.&H./+.*;(&&&&&! &
I66&(&J%0%4&
()D'
+,"-,.'/#'0%"12%.%'/#'3-,.4/,/#'5,2,'6#7#&148#"1%&'/#'9,:;,/,&'#8'<#/2,''
&
!"#$%&'(&)(*"+"#%,-.&(&#./0*.1.&
23*%4&
"!#!$%&'(')*+,%-!.%&*'-!/*&*!0121-!1-!0'/1-!2%!340121-!2%!('5*+61!
2*"(/0%,-.&.5&'(6#*",-.&'%&+%#$%'%&)(*"+"#%'%4&
"7I!#!8-/%)01-!*!9%&'(')*&!:*-!(*)E*2*-!1:2%!*-!/A*)*-!2%!/%2&*!961!-%&!*/A')*2*-&
!
&
%7&26&65<.*0(6&(60-.&1";<.6&
(& <*./0.6& %& *(#(3(*& .6&
*()(60";(/0.6&
37& 8(*"+"#%*& %6& #./'",A(6&
'%6& +%#$%'%6& /.& 95(& '"B&
*(6<("0.&@&<1%/(B%&
#7& I66(D5*%*& 95(& .6& 1.#%"6&
./'(&
6-.&
*(%1"B%'%6&
.<(*%,A(6& 95(& +%B(;& <P&
(60-.& %+%60%'%6& '%& B./%&
./'(& 6(& (60@& %& "/60%1%*& .&
*()(60";(/0.&
&
$%&'(')*! <*0*! =&'04&'1-!2%!*)%'0*+61!
>;-%&9*+,%-!
&
&
I6& 65<(*+F#"(6& /-.& 0E;& (1(;(/0.6& 6.10.6?& (/#./0*%;& 6(& 1";<%6& '(& D.*'5*%6OP1(.6& &
'(6#.+*%/0(67&(&<%*0F#51%6&(;&656<(/6-.&O<.("*%67C&
&
&
2&65<.*0(&/-.&0(;&'(6)".6&6"D/"+"#%0").6&'(&<1%/(B%?&'(6/F)("6&.5&*((/0*M/#"%6C&
&
&
&
&
K-.&(:"60(;&+./0(6&";<.*0%/0(6&'(&<P&=5/0.&%&+%#$%'%6&/-.&<*.0(D"'%6C&
&
&
?%-@A0*21!2*!B:-/%)+61!
H./+.*;(&&&&&! &
&
()E'
I66C&(&J%0%4&
K-.&H./+.*;(&&&&&! &
I66&(&J%0%4&
=4&&#21,>?%'/#'+#&12,/%'@"1#A2,/%'#8'B"A#";,24,'0474.'
!"#$%&'
&
!"#$%&'(&)(*"+"#%,-.&(&#./0*.1.&
23*%4&
"!#!$%&'(')*+,%-!.%&*'-!/*&*!0121-!1-!0'/1-!2%!340121-!2%!('5*+61!
2*"(/0%,-.&.5&'(6#*",-.&'%&+%#$%'%&)(*"+"#%'%4&
"7J!#!8-/%)01-!*!9%&'(')*&!2@&*:0%!*!%5%)@+61!2*!1;&*&
!
&
$%&'(')*! <*0*! =&'04&'1-!2%!*)%'0*+61!
>;-%&9*+,%-!
%7& Q%*%/0"*& 95(& .6& &
&
G:"60(& 5;%& %'(95%'%& +"6#%1"B%,-.?& #.;& 65<(*)"6.*(6& <*(6(/0(6& (;& .3*%& (& &
0*%3%1$.6&6-.&+"6#%1"B%'.6&
#./$(#('.*(6&'.&<*.=(#0.&'(&*()(60";(/0.6&(&'%6&3.%6&<*@0"#%6&<%*%&%&*(%1"B%,-.&'(&
5;&*()(60";(/0.&#.;&95%1"'%'(C&
37& Q%*%/0"*& 95(& 6(& 56%;& &
&
26& <*.'50.6& '(& #.1%D(;& 56%'.6& /-.& ;%/#$%;& %6& <('*%6O<*.'50.6& <%*%& #.1%*& %6& &
<*.'50.6& '(& #.1%D(;&
<('*%6?&<%*%&.&<*((/#$";(/0.&'.6&.*"+F#".6&'.6&<"/.6&'%6&<('*%6&.5&<%*%&.6&<./0.6&
%'(95%'.6& @6& <('*%6& 95(&
'(&%*D%;%66%7C&
)-.&6(*&56%'%6&
!
?%-@A0*21!2*!B:-/%)+61!
H./+.*;(&&&&&! &
I66C&(&J%0%4&
K-.&H./+.*;(&&&&&! &
I66&(&J%0%4&
!
'
()F'
+,"-,.'/#'0%"12%.%'/#'3-,.4/,/#'5,2,'6#7#&148#"1%&'/#'9,:;,/,&'#8'<#/2,''
!
!
!"#$%&'(&)(*"+"#%,-.&(&#./0*.1.&
23*%4&
!"#"$%&'()*"+%,-./'0"1-,%2%.'(3-4"-45-.62%.'4!
2*"(/0%,-.&.5&'(6#*",-.&'%&+%#$%'%&)(*"+"#%'%4&
!
&
%7& !."& *(6<("0%'.& .& 0(;<.&
'(& 6(#%D(;& '.& #";(/0.& '.&
65<.*0(& %/0(6& '(& %<1"#%*& .&
*()(60";(/0.&
37& I& <1%/(B%& '.& 65<.*0(& >&
%'(95%'%& <%*%& %<1"#%*& 5;&
*()(60";(/0.& <.*& +":%,-.&
'"*(#0%&
#7&2&65<.*0(&(&.&0%*'.B&'%6&
<1%#%6& '(& <('*%& 0(;&
*5D.6"'%'(&%'(95%'%&
'7& Q%*%/0"*& 95(& 5;%& <1%#%&
'(&<('*%&>&#.1%'%&%<(/%6&%&
5;&0"<.&'(&65<.*0(&
(7& I6& "/'"#%,A(6& 6.3*(& .&
(60%'.& '.& 65<.*0(& (& '%6&
<('*%6& +.*/(#"'.6& <(1.&
+%3*"#%/0(& '%6& #.1%6& +.*%;&
#5;<*"'%6&
+7&
I6&
#./'",A(6&
%0;.6+>*"#%6&
6-.&
#.;<%0F)("6&#.;&.&0*%3%1$.&
%&(+(#05%*&
(GH'
$%&'(')*! <*0*! =&'04&'1-!2%!*)%'0*+61!
>;-%&9*+,%-!
&
&
!."&*(6<("0%'.&5;&<(*F.'.&'(&#5*%&'.&3(0-.&%/0(6&'(&#.1.#%*&.&*()(60";(/0.&'(&#(*#%& &
'(&R& ;(6(6&<%*%& %105*%6&"/+(*".*(6& %& R?S&;(0*.6& (& '(& #(*#%& '(& T& ;(6(6& <%*%& %105*%6&
65<(*".*(6&95%/'.&.&65<.*0(&>&5;%&<%*('(&'(&3(0-.&(&'(&T&6(;%/%6&<%*%&<%*('(6&'(&
%1)(/%*"%C&
&
&
U& (:"D"'%& 5;%& <1%/(B%& D(*%1& #.;& '(6)".6& ;@:";.6& '(& S& ;;& %)%1"%'.6& #.;& 5;%& &
*>D5%& '(& R& ;(0*.6& (& 5;%& <1%/(B%& 1.#%1"B%'%& #.;& '(6)".6& ;@:";.6& '(& R& ;;&
%)%1"%'.6&#.;&5;%&*>D5%&'(&V?RV&;(0*.6C&
&
&
2&65<.*0(&(&.&0%*'.B&'%6&<1%#%6&'(&<('*%&%<*(6(/0%;&5;%&*5D.6"'%'(&%'(95%'%?&/-.& &
(60%/'.&'(;%6"%'.&1"6.6&/(;&'(;%6"%'.&*5D.6.6C&
&
&
&
&
H%'%&<1%#%&'(&<('*%&(60@&#.1%'%&%&%<(/%6&5;&65<.*0(6&(&0.'%6&%6&=5/0%6&'(&'"1%0%,-.& &
.5& ;5'%/,%6& '(& 65<.*0(& 6-.& %#.;<%/$%'%6& <.*& 5;%& =5/0%& /.& *()(60";(/0.& '(&
<('*%C&
I6& "/60*5,A(6& '.& +%3*"#%/0(& 6.3*(& .& (60%'.& '.& 65<.*0(& (& '%6& <('*%6& O6(#.& .5& &
$W;"'.67&+.*%;&#5;<*"'%6C&
&
&
K-.&6(&<.'(&%<1"#%*&(60(&0"<.&'(&*()(60";(/0.&95%/'.&%&0(;<(*%05*%&+.*&65<(*".*&%& &
TVXH& .5& "/+(*".*& %& SXH?& 95%/'.& (:"60(& D(1.& /.& 65<.*0(?& #.;& /F)("6& '(& $5;"'%'(6&
;5"0.& %10.6?& #.;& )(/0.6& ;5"0.& +.*0(6& .5& 6.3*(& %& "/#"'E/#"%& '"*(#0%& '(& *%".6& 6.1%*(6&
.5&'(&@D5%C&
=4&&#21,>?%'/#'+#&12,/%'@"1#A2,/%'#8'B"A#";,24,'0474.'
!"#$%&'
D7& I6& "/'"#%,A(6& 6.3*(& .& &
;.'.& '(& <*(<%*%,-.& (&
0(;<.& '(& %3(*05*%& '.6&
;%0(*"%"6& '(& #.1%D(;&
+.*/(#"'.6& <(1.& +%3*"#%/0(&
6-.&#5;<*"'.6&
&
I6& '.6%D(/6& (& 0(;<.6& '(& %3(*05*%& '.6& <*.'50.6& '(& #.1%D(;& (& .6& 0(;<.6& (& &
)(1.#"'%'(&'%6&;"605*%&6-.&#5;<*"'.6C&
$7& 8(*"+"#%*& 95(& .6& #.*'.(6& &
'(& #.1%& 6-.& (6;%D%'.6&
%95%/'.& '%& %<1"#%,-.& '%&
<('*%6&
&
I& @*(%& ;F/";%& '(& #.*'A(6& '(& #.1%& #.;<1(0%;(/0(& (6;%D%'.6& >& 65<(*".*& %& YSZ& '%& &
65<(*+F#"(&0.0%1&'%&<1%#%C&
"7& Q%*%/0"*& 95(& 6-.& &
'(":%'%6& =5/0%6& %'(95%'%6&
(/0*(&%6&<('*%6&
&
I6&=5/0%6&(/0*(&<('*%6&0E;&5;%&(6<(665*%&;F/";%&'(&[&;;?&*(6<("0%;&%6&B./%6&'(& &
6"/D51%*"'%'(6&(&'(&;5'%/,%&'(&;%0(*"%1&'(&*()(60";(/0.&(&%6&=5/0%6&'(&'"1%0%,-.&'.&
('"+F#".C&G:"60(;&=5/0%6&$.*"B./0%"6&'(&+*%##"./%;(/0.&(6<%,%'%6&'(&\&(;&\&;(0*.6&(&
=5/0%6&)(*0"#%"6&'(&+*%##"./%;(/0.&'(&]V&(&]V&(;&B./%6&'(&D*%/'(6&@*(%6&*()(60"'%6&
./'(& /-.& 6(& 0(/$%;& #./6"'(*%'.& %& (:"60E/#"%& '(& =5/0%6& '(& '"1%0%,-.& .5& '(& =5/0%6&
(/0*(&;%0(*"%"6C&
=7& ^(6<("0%*& .6& 0(;<.6& '(& &
<*((/#$";(/0.& '%6& =5/0%6&
(/0*(&<('*%6&
&
2& 0(;<.& (/0*(& %& %<1"#%,-.& '.& *()(60";(/0.& (& .& <*((/#$";(/0.& '%6& =5/0%6& (/0*(& &
<('*%6&>&65<(*".*&%&[YC&
17&8(*"+"#%*&95(&/-.&(:"60(;& &
(6<%,.6& )%B".6& (/0*(& .&
*()(60";(/0.&(&.&65<.*0(&
&
I.&3%0(*&#.;&5;&;%*0(1.&'(&3.**%#$%&/%6&<('*%6?&.&6.;&'%&<%/#%'%&/-.&<.'(&6.%*&%& &
.#.C&
!
?%-@A0*21!2*!B:-/%)+61!
H./+.*;(&&&&&! &
I66C&(&J%0%4&
K-.&H./+.*;(&&&&&! &
I66&(&J%0%4&
"
"
'
(G('
+,"-,.'/#'0%"12%.%'/#'3-,.4/,/#'5,2,'6#7#&148#"1%&'/#'9,:;,/,&'#8'<#/2,''
"
!"#$%&'(&)(*"+"#%,-.&(&#./0*.1.&
23*%4&
7"#"$%&'()*"%8+%,-./'0"1-,%2%.'(3-4"-45-.62%.'4!!
2*"(/0%,-.&.5&'(6#*",-.&'%&+%#$%'%&)(*"+"#%'%4&
!
!
$%&'(')*! <*0*! =&'04&'1-!2%!*)%'0*+61!
>;-%&9*+,%-!
!."&)(*"+"#%'.&95(&/-.&6(&)-.&*(%1"B%*&.6&+5*.6&<%*%&.6&#$5;3%'.5*.6&(;&B./%6&./'(& !
!
!
<%66(;&053.6&.5&%*;%'5*%6&<*"/#"<%"6C&
%7&8(*"+"#%*&
#.;<%0"3"1"'%'(&(/0*(&
<*.=(#0.&'(&*()(60";(/0.&(&
<*.=(#0.6&'(&.50*%6&
(6<(#"%1"'%'(&
#7&
26&
+5*.6&
'.6& !
#$5;3%'.5*.6&+.*%;&+("0.6&
#.**(#0%;(/0(&
'7& I6& <('*%6& (60-.& !
'()"'%;(/0(&/")(1%'%6&&
!
26& +5*.6& 6-.& <(*<(/'"#51%*(6& @& +%#$%'%& (& +.*%;& 1";<.6& (& $5;('(#"'.6& #.;& @D5%& !
%/0(6&'(&6(*(;&<*((/#$"'.6C&
!
I6&+"%'%6&'(&<('*%&(60-.&/")(1%'%6&/%&$.*"B./0%1C&&
!
!
?%-@A0*21!2*!B:-/%)+61!
H./+.*;(&&&&&! &
I66C&(&J%0%4&
K-.&H./+.*;(&&&&&! &
I66&(&J%0%4&
!
!
!
!
!
!
(GI'
=4&&#21,>?%'/#'+#&12,/%'@"1#A2,/%'#8'B"A#";,24,'0474.'
!"#$%&'
!
!"#$%&'(&)(*"+"#%,-.&(&#./0*.1.&
23*%4&
7"#"$%&'()*"%8+%,-./'0"1-,%2%.'(3-4"-45-.62%.'4!!
2*"(/0%,-.&.5&'(6#*",-.&'%&+%#$%'%&)(*"+"#%'%4&
79:"#";<,'2*4"-"5*8/*4"+-";,<'='44'!
!
!
$%&'(')*! <*0*! =&'04&'1-!2%!*)%'0*+61!
%7&
26&
+5*.6&
'.6& !
26&+5*.6&0E;&<(1.&;(/.6&\V;;&'(&<*.+5/'"'%'(&(&5;&'"M;(0*.&;F/";.&'(&[V&;;C&
!
#$5;3%'.5*.6& 0E;& .&
0%;%/$.&%'(95%'.&
37& 26& +5*.6& /%6& <1%#%6& '(& !
2&(":.&'.6&+5*.6&#."/#"'(&#.;&.&(":.&'%&(6<(665*%&'%&<1%#%&<%*%&<1%#%6&#.;&;(/.6&
!
<('*%& 0E;& .& 0%;%/$.& (&
TV&;;&'(&(6<(665*%&.5&%&]_T&'%&(6<(665*%&#./0%'%&%&<%*0"*&'.&<%*%;(/0.&(:0(*".*&
1.#%1"B%,-.&%'(95%'.6&
<%*%&<1%#%6&;%"6&(6<(66%6C&26&+5*.6&0E;&5;&'"M;(0*.&65<(*".*&(;&#(*#%&'(&];;&%.&
'.&'"M;(0*.&/(#(66@*".&<%*%&.&%D*%+.?&#.;&5;%&<*.+5/'"'%'(&'(&S&;;&65<(*".*&%.&
#.;<*";(/0.&'(&"/6(*,-.&'.6&%D*%+.6?&#.;&5;&;F/";.&'(&TV&;;&'(&<*.+5/'"'%'(&
#7& 26& +5*.6& /%6& <1%#%6& '(& !
26& +5*.6& /%6& <('*%6& +.*%;& 1";<.6& O(& $5;('(#"'.6& #.;& @D5%?& #%6.& 6(& 56(& #%1'%& '(&
!
<('*%& +.*%;& '()"'%;(/0(&
#";(/0.7&%/0(6&'(&6(*(;&0.0%1;(/0(&<*((/#$"'.6C&
<*((/#$"'.6&
'7& `-.& '(":%'%6& =5/0%6& !
I6& =5/0%6& (/0*(& <('*%6& 0E;& 5;%& (6<(665*%& ;F/";%& '(& [& ;;& (& 5;%& (6<(665*%&
!
%'(95%'%6&(/0*(&%6&<('*%6&
;@:";%& '(& ]_T& '%& (6<(665*%& '%& <1%#%& %<1"#%'%?& *(6<("0%;& %6& B./%6& '(&
6"/D51%*"'%'(6?&'(&;5'%/,%&'(&;%0(*"%1&'(&*()(60";(/0.&.5&/%6&=5/0%6&'(&'"1%0%,-.&
'.& ('"+F#".C& G:"60(;& =5/0%6& $.*"B./0%"6& '(& +*%##"./%;(/0.& (6<%,%'%6& '(& T& (;& T&
;(0*.6& (& =5/0%6& )(*0"#%"6& '(& +*%##"./%;(/0.& '(& \& (& \& (;& B./%6& '(& D*%/'(6& @*(%6&
*()(60"'%6&./'(&/-.&6(&0(/$%;&#./6"'(*%'.&%&(:"60E/#"%&'(&=5/0%6&'(&'"1%0%,-.&.5&'(&
=5/0%6&(/0*(&;%0(*"%"6C&
(7& 26& 0(;<.6& '(& 6(#%D(;& !
G6<(*.5a6(& .& 0(;<.& /(#(66@*".& <%*%& D%*%/0"*& 95(& .6& #$5;3%'.5*.6& (& .6& <./0.6& '(&
!
'%6&
%*D%;%66%6&
6-.&
%*D%;%66%&(60-.&'()"'%;(/0(&6(#.6&%/0(6&'(&<*.66(D5"*&#.;&%&#.1.#%,-.&'%6&<('*%6&
*(6<("0%'.6&
/%6&+"%'%6&65<(*".*(6C&
&
>;-%&9*+,%-!
!
!
!
!
!
?%-@A0*21!2*!B:-/%)+61!
H./+.*;(&&&&&! &
'
I66C&(&J%0%4&
K-.&H./+.*;(&&&&&! &
I66&(&J%0%4&
(G)'
+,"-,.'/#'0%"12%.%'/#'3-,.4/,/#'5,2,'6#7#&148#"1%&'/#'9,:;,/,&'#8'<#/2,''
&
&
!"#$%&'(&)(*"+"#%,-.&(&#./0*.1.&
23*%4&
7"#"$%&'()*"%8+%,-./'0"1-,%2%.'(3-4"-45-.62%.'4!!
2*"(/0%,-.&.5&'(6#*",-.&'%&+%#$%'%&)(*"+"#%'%4&
79!"#".*01-!H%0KA')1-!
!
!
$%&'(')*! <*0*! =&'04&'1-!2%!*)%'0*+61!
>;-%&9*+,%-!
%7&
26&
+5*.6&
'.6& !
26&+5*.6&'.6&#$5;3%'.5*.6&0E;&<(1.&;(/.6&YV;;&'(&<*.+5/'"'%'(&(&5;&'"M;(0*.&
!
!
#$5;3%'.5*.6& 0(;& .&
;F/";.&'(&[V&;;C&
0%;%/$.&%'(95%'.&
37& 26& +5*.6& /%6& <1%#%6& '(& !
2&(":.&'.6&+5*.6&#."/#"'(&#.;&.&(":.&'%&(6<(665*%&'%&<1%#%&<%*%&<1%#%6&#.;&;(/.6& !
!
<('*%& 0E;& .& 0%;%/$.&
TV&;;&'(&(6<(665*%&.5&%&]_T&'%&(6<(665*%&#./0%'%&%&<%*0"*&'.&<%*%;(/0.&(:0(*".*&
%'(95%'.&&
<%*%&<1%#%6&;%"6&(6<(66%6C&26&+5*.6&0E;&5;&'"M;(0*.&65<(*".*&(;&#(*#%&'(&];;&%.&
'.& '"M;(0*.& /(#(66@*".& <%*%& .& %D*%+.?& 5;%& <*.+5/'"'%'(& '(& S& ;;& 65<(*".*& %.&
#.;<*";(/0.&'(&"/6(*,-.&'.6&%D*%+.6?&#.;&5;&;F/";.&'(&TV&;;&'(&<*.+5/'"'%'(C&
#7& 26& +5*.6& /%6& <1%#%6& '(& !
26&+5*.6&(60-.&1";<.6&O<.("*%67?&+.*%;&$5;('(#"'.6&#.;&@D5%&O#%6.&6(&56(&#%1'%&'(& !
!
<('*%& +.*%;& '()"'%;(/0(&
#";(/0.7?& +.*%;& 0.0%1;(/0(& <*((/#$"'.6C& K.6& +5*.6& "/+(*".*(6& %<1"#.5a6(& #.1%& .5&
<*((/#$"'.6&
6"1"#./(& <%*%& 6.1"'"+"#%*& %6& <('*%6& %.6& <"/.6& (& /.6& +5*.6& 65<(*".*(6& 56%*%;a6(&
#%;"6%6&<1@60"#%6C&
'7& Q%*%/0"*& 95(& 6-.& !
I6& =5/0%6& (/0*(& <('*%6& 0E;& 5;%& (6<(665*%& ;F/";%& '(& S& %& \& ;;& (& 5;%& (6<(665*%& !
!
'(":%'%6&
=5/0%6&
'(&
;@:";%& '(& ]_T& '%& (6<(665*%& '%& <1%#%& %<1"#%'%?& *(6<("0%;& %6& B./%6& '(&
0%;%/$.&%'(95%'.&(/0*(&%6&
6"/D51%*"'%'(6?&'(&;5'%/,%&'(&;%0(*"%1&'(&*()(60";(/0.&.5&/%6&=5/0%6&'(&'"1%0%,-.&
<('*%6&
'.&('"+F#".C&G:"60(;&=5/0%6&$.*"B./0%"6&(&)(*0"#%"6&'(&+*%##"./%;(/0.&95(&'(1";"0%;&
<%"/>"6&'(&@*(%6&;%"6&*('5B"'%6C&
(7& 26& 0(;<.6& '(& 6(#%D(;& !
I& %;%66%'5*%& '.& #";(/0.& *@<"'%& >& +("0%& (;& <(95(/%6& 95%/0"'%'(6C& 2& #";(/0.& .5& !
!
'.& #";(/0.& .5& '%6&
%*D%;%66%6& '.6& #$5;3%'.5*.6& (60@& 65+"#"(/0(;(/0(& 6(#.& /%& %105*%& '(& #.1.#%*& %6&
%*D%;%66%6&6-.&*(6<("0%'.6&
<('*%6C&
+7&I&#%":%&'(&%*&>&'(&
2&(6<%,.&'(&#%":%&'(&%*&(60@&1";<.&'(&*(60.6&'(&#";(/0.&.5&%*D%;%66%?&(&%&'"60M/#"%& !
!
!
'";(/6A(6&%'(95%'%6&(&
;F/";%&(/0*(&.&"6.1%;(/0.&0>*;"#.&(&.6&(1(;(/0.6&<>0*(.6&O.5&(/0*(&%6&<('*%6&(&%&.&
(60@&'(6.360*5F'%&
65<.*0(&'.&('"+F#".&#%6.&/-.&$%=%&"6.1%;(/0.7&>&'(&RV&;;C&
(GG'
=4&&#21,>?%'/#'+#&12,/%'@"1#A2,/%'#8'B"A#";,24,'0474.'
!"#$%&'
D7& 26& D%0.6& #.;& +":%,-.& !
;(#M/"#%&
(60-.&
#.**(#0%;(/0(&"/60%1%'.6&
!
I6& +":%,A(6& ;(#M/"#%6& (60-.& #.**(#0%;(/0(& "/60%1%'%6& '(& %#.*'.& #.;& %6& "/60*5,A(6& !
+.*/(#"'%6& <(1.& +%3*"#%/0(& O+.*,%& '(& %<(*0.& %<1"#%'%& /.6& <%*%+56.6& <.*& (:C7& I&
'"60%/#"%& ;F/";%& (/0*(& 5;& +":%'.*& ;(#M/"#.& (& %& 3.*'%& '%6& <%*('(6& '(& 3(0-.& >& /.&
;F/";.&"D5%1&%&]?S&)(B(6&@&<*.+5/'"'%'(&%&95(&(60(&+."&(;350"'.&(&.&'"60%/#"%;(/0.&
(/0*(&+":%'.*(6&*(6<("0%&5;%&'"60M/#"%&;F/";%&(/0*(&(1(6&'(&T&)(B(6&%&<*.+5/'"'%'(&
'(&(;350";(/0.C&
!
?%-@A0*21!2*!B:-/%)+61!
H./+.*;(&&&&&! &
I66C&(&J%0%4&
K-.&H./+.*;(&&&&&! &
I66&(&J%0%4&
!
'
(G*'
+,"-,.'/#'0%"12%.%'/#'3-,.4/,/#'5,2,'6#7#&148#"1%&'/#'9,:;,/,&'#8'<#/2,''
!
!
!"#$%&'(&)(*"+"#%,-.&(&#./0*.1.&
23*%4&
7"#"$%&'()*"%8+%,-./'0"1-,%2%.'(3-4"-45-.62%.'4!!
2*"(/0%,-.&.5&'(6#*",-.&'%&+%#$%'%&)(*"+"#%'%4&
797"#"L-0&@0@&*!B:0%&342'*!2%!M@/1&0%!
!
&
%7&Q%*%/0"*&95(&%&#%'%&
<%*0(&'%&(60*505*%&
"/0(*;>'"%&>&+":%&%<(/%6&%&
5;&0"<.&'(&65<.*0(&
37&26&+5*.6&'.6&
#$5;3%'.5*.6&0E;&.&
0%;%/$.&%'(95%'.&
#7& K%6& (60*505*%6& 6(;&
(1(;(/0.6& $.*"B./0%"6& .6&
+5*.6& .5& #%1$%6& /%6& <1%#%6&
'(& <('*%& 0E;& .& 0%;%/$.&
%'(95%'.& (& +.*%;& +("0.&
#.**(#0%;(/0(&
$%&'(')*! <*0*! =&'04&'1-!2%!*)%'0*+61!
>;-%&9*+,%-!
&
&
I& (60*505*%& "/0(*;>'"%& '(& 65<.*0(& (60@& +":%& %<(/%6& %& 5;& 65<.*0(& O'.& ;(6;.& &
;%0(*"%1&(&6(;&=5/0%6&'(&'"1%0%,-.7&
&
&
26& +5*.6& 0E;& %6& '";(/6A(6& %'(95%'%6& *(#.;(/'%'%6& <(1.& +%3*"#%/0(& '%& (60*505*%& &
;(0@1"#%&'(&65<.*0(&'%6&<('*%6C&
&
&
'7& K%6& (60*505*%6& #.;& &
(1(;(/0.6& $.*"B./0%"6& .6&
+5*.6& .5& #%1$%6& /%6& <1%#%6&
'(& <('*%& 0E;& .& 0%;%/$.&
%'(95%'.& (& +.*%;& +("0.&
#.**(#0%;(/0(&
&
&
&
G;&<1%#%6&'(&<('*%&+":%6&#.;&*(#5*6.&%&<"/.6?&.&(":.&'(60(6&'()(&#."/#"'"*&#.;&.&(":.& &
'%& (6<(665*%& '%& <1%#%& <%*%& <1%#%6& #.;& ;(/.6& TV& ;;& '(& (6<(665*%& .5& %& ]_T& '%&
(6<(665*%& #./0%'%& %& <%*0"*& '.& <%*%;(/0.& (:0(*".*& <%*%& <1%#%6& ;%"6& (6<(66%6C& 26&
+5*.6&0E;&5;&'"M;(0*.&65<(*".*&(;&#(*#%&'(&];;&%.&'.&'"M;(0*.&/(#(66@*".&<%*%&.&
%D*%+.?& 5;%& <*.+5/'"'%'(& '(& S& ;;& 65<(*".*& %.& #.;<*";(/0.& '(& "/6(*,-.& '.6&
%D*%+.6?&#.;&5;&;F/";.&'(&TV&;;&'(&<*.+5/'"'%'(C&
26&+5*.6&+.*%;&1";<.6&(&$5;('(#"'.6&#.;&@D5%O#%6.&6(&56(&#%1'%&'(&#";(/0.7&%/0(6&
'(& 6(*(;& <*((/#$"'.6C& K.6& +5*.6& "/+(*".*(6& %<1"#.5a6(& #.1%& .5& 6"1"#./(& <%*%&
6.1"'"+"#%*&%6&<('*%6&%.6&<"/.6&(&/.6&+5*.6&65<(*".*(6&56%*%;a6(&#%;"6%6&<1@60"#%6C&
G;&<1%#%6&'(&<('*%&+":%6&#.;&#1"<6&95(&<(/(0*%;&(;&#%1$%6&/%6&<('*%6?&.&(":.&'%6& &
#%1$%6&#."/#"'(&#.;&.&(":.&'%&(6<(665*%&'%&<1%#%&(&%&#%1$%&0(;&5;%&(6<(665*%&'(&]&
#;C&G;&B./%6&'(&=5/0%6&%3(*0%6&+."&(+(#05%'%&5;%&*((/0*M/#"%&/.&;(".&'.&0%*'.B&'%&
<%*0(&65<(*".*&'%&<('*%?&/%&B./%&'%&+(/'%C&
(GC'
=4&&#21,>?%'/#'+#&12,/%'@"1#A2,/%'#8'B"A#";,24,'0474.'
!"#$%&'
(7&I&#%":%&'(&%*&(60@&
&
'(6.360*5F'%&
26&
+5*.6&
'.6&
#$5;3%'.5*.6& 0(;& .&
0%;%/$.&%'(95%'.&(&+.*%;&
+("0.&#.**(#0%;(/0(&
+7&26&0(;<.6&'(&6(#%D(;&'.& &
#";(/0.&.5&'%6&%*D%;%66%6&
'(& <*((/#$";(/0.& '.6&
#$5;3%'.5*.6&
6-.&
*(6<("0%'.6&
D7& 26& +":%'.*(6& ;(#M/"#.6& &
'%&
(60*505*%&
(60-.&
#.**(#0%;(/0(&"/60%1%'.6&
&
I& #%":%& '(& %*& 0(;& '";(/6A(6& %'(95%'%6& (& (60@& 1";<%& '(& *(60.6& '(& #";(/0.& .5& &
%*D%;%66%C&
26&+5*.6&'.6&#$5;3%'.5*.6&0E;&%6&'";(/6A(6&%'(95%'%6&'(&%#.*'.&#.;&%&(60*505*%&
'(&65<.*0(&95(&6(&)%"&"/60%1%*?&+.*%;&1";<.6&(&$5;('(#"'.6&#.;&@D5%&%/0(6&'(&6(*(;&
<*((/#$"'.6C&
&
I& %;%66%'5*%& '.& #";(/0.& *@<"'%& >& +("0%& (;& <(95(/%6& 95%/0"'%'(6C& 2& #";(/0.& .5& &
%*D%;%66%6& '.6& #$5;3%'.5*.6& (60@& 65+"#"(/0(;(/0(& 6(#.& /%& %105*%& '(& #.1.#%*& %6&
<('*%6&/%&(60*505*%C&
&
$7& I& (60*505*%& '(& 65<.*0(& &
(60@&'()"'%;(/0(&/")(1%'%&
&
&
I6& +":%,A(6& ;(#M/"#%6& (60-.& #.**(#0%;(/0(& "/60%1%'%6& '(& %#.*'.& #.;& %6& "/60*5,A(6& &
+.*/(#"'%6& <(1.& +%3*"#%/0(& O+.*,%& '(& %<(*0.& %<1"#%'%& /.6& <%*%+56.6& <.*& (:C7& I&
'"60%/#"%& ;F/";%& (/0*(& 5;& +":%'.*& ;(#M/"#.& (& %& 3.*'%& '%6& <%*('(6& '(& 3(0-.& >& /.&
;F/";.&"D5%1&%&]?S&)(B(6&@&<*.+5/'"'%'(&%&95(&(60(&+."&(;350"'.&(&.&'"60%/#"%;(/0.&
(/0*(&+":%'.*(6&*(6<("0%&5;%&'"60M/#"%&;F/";%&(/0*(&(1(6&'(&T&)(B(6&%&<*.+5/'"'%'(&
'(&(;350";(/0.C&
I& (60*505*%& '(& 65<.*0(& "/0(*;>'"%& (60@& /")(1%'%?& O(1(;(/0.6& $.*"B./0%"6& (60-.& &
/")(1%'.67&(&.6&(1(;(/0.6&)(*0"#%"6&(60-.&(;&(695%'*"%&#.;&.6&$.*"B./0%"6C&
?%-@A0*21!2*!B:-/%)+61!
H./+.*;(&&&&&! &
&
I66C&(&J%0%4&
K-.&H./+.*;(&&&&&! &
I66&(&J%0%4&
&
&
&
&
&
'
(GD'
+,"-,.'/#'0%"12%.%'/#'3-,.4/,/#'5,2,'6#7#&148#"1%&'/#'9,:;,/,&'#8'<#/2,''
"
!"#$%&'(&)(*"+"#%,-.&(&#./0*.1.&
23*%4&
!
>"#"1-,%2%.'(3-4"2%8'%4"<-,'%4"'5?4"'"'5@%.'()*"+*",-A-4/%=-8/*!
2*"(/0%,-.&.5&'(6#*",-.&'%&+%#$%'%&)(*"+"#%'%4&
!
%7&26&<%*%;(/0.6&
#5;<*(;?&#.;&%6&
0.1(*M/#"%6&<(*;"0"'%6?&.&
<*.=(#0.&'(&*()(60";(/0.6&
$%&'(')*! <*0*! =&'04&'1-!2%!*)%'0*+61!
!
!
26&<%*%;(/0.6?&'(<."6&'(&%#%3%'.6?&0E;&5;%&0.1(*M/#"%&;@:";%&/%&";<1%/0%,-.&(&
/%6&#.0%6&<*"/#"<%"6&'(&S&;;?&5;&'(6)".&'(&(695%'*"%&;@:";.&'(&]V&;;?&(&5;&
'(6)".&/%&)(*0"#%1"'%'(&;@:";.&'(&[&;;&/%&%105*%&'(&5;&%/'%*C&2&<%*%;(/0.&0(;&
5;&(;<(/%;(/0.&;@:";.&'(&]&;;&(;&*(1%,-.&@&*>D5%&'(&V?R&;;&(&'(&R&;;&(;&
*(1%,-.&@&*>D5%&'(&R?VV&;&(;&95%195(*&'"*(#,-.C&
!
!
G;&B./%6&./'(&%6&=5/0%6&(/0*(&<('*%6&6-.&<*((/#$"'%6?&.&(:#(66.&'(&;%0(*"%1&'(&
<*((/#$";(/0.&+."&1";<.C&
37&8(*"+"#%*&95(&.&(:#(66.&
'(&;%0(*"%1&'(&
<*((/#$";(/0.&'%6&=5/0%6&
+."&1";<.&
#7&8(*"+"#%*&95(&%6&B./%6&/.& !
0.<.&'.6&*()(60";(/0.6&
(60-.&";<(*;(%3"1"B%'%6&
!
!
I6&B./%6&/.6&0.<.6&65<(*".*(6&'.6&*()(60";(/0.6&(/#./0*%;a6(&";<(*;(%3"1"B%'%6C&
>;-%&9*+,%-!
!
!
!
?%-@A0*21!2*!B:-/%)+61!
H./+.*;(&&&&&! &
!
I66C&(&J%0%4&
K-.&H./+.*;(&&&&&! &
I66&(&J%0%4&
'
'
'
'
(GE'
=4&&#21,>?%'/#'+#&12,/%'@"1#A2,/%'#8'B"A#";,24,'0474.'
Download

Tese 2,3 MB - Técnico Lisboa